Chính sách chi trả cổ tức, cơ hội đầu tư và quyết định tài trợ nghiên cứu thực nghiệm tại việt nam

BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC KINH TẾ TP HCM Viên Ngọc Bích , LUẬN VĂN THẠC SĨ KINH TẾ TP.Hồ Chí Minh – Năm 2013 BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC KINH TẾ TP HCM Viên Ngọc Bích , Chuyên ngành: Tài – Ngân hàng Mã số: 60340201 LUẬN VĂN THẠC SĨ KINH TẾ NGƯỜI HƯỚNG DẪN KHOA HỌC: PGS.TS PHAN THỊ BÍCH NGUYỆT TP.Hồ Chí Minh – Năm 2013 LỜI CAM ĐOAN Tôi xin cam đoan luận văn thạc sĩ kinh tế “Chính sách chi trả cổ tức, hội đầu tư định tài trợ – Nghiên cứu thực nghiệm Việt Nam” cơng trình nghiên cứu riêng tơi, có hỗ trợ từ người hướng dẫn khoa học PGS.TS Phan Thị Bích Nguyệt, chưa cơng bố trước Các số liệu sử dụng để phân tích, đánh giá luận văn có nguồn gốc rõ ràng tổng hợp từ nguồn thông tin đáng tin cậy Nội dung luận văn đảm bảo không chép cơng trình nghiên cứu khác TP.HCM, ngày 08 tháng 10 năm 2013 Tác giả Viên Ngọc Bích MỤC LỤC Trang DANH MỤC CÁC BẢNG Tổng quan sách cổ tức 2.1.1 2.1.1.1 .8 (The Bird-In-The-Hand 2.1.1 Theory) 10 2.1.1 (the tax preference theory) 11 .13 .16 20 24 24 24 27 .28 3.5 30 30 3.7 Kỳ vọ 31 32 4.1 32 4.2 34 35 36 1: DP=α0 + β1IO + β2Lev + β3Pro + β4Risk 36 4.4.2 2: DP=α0 + β1IO + β2Debt Matu + β3Pro + β4Risk 40 – 44 .46 .48 50 5.1 Hạn chế củ .50 5.2 Kết luận 50 53 PHỤ LỤC 56 Danh sách 76 công ty chọn vào mẫu nghiên cứu 56 PHỤ LỤC 58 Số liệu tính tốn biến đưa vào mơ hình 58 MM HCM HOSE OLS (Ordinary least aquare) - DANH MỤC CÁC BẢNG Trang 32 34 Bảng 4.3 : Kiểm định đa cộng tuyến 35 Bảng 4.4 : Kiểm định đa cộng tuyến 36 4.6: Phân tích ANOVA 37 38 39 41 42 43 47 47 48 49 , Siti Zaleha Trên sở đó, nghiên cứu tiến hành kiểm định mối tương quan hội đầu tư, định tài trợ với sách chi trả cổ tức thơng qua mơ hình nghiên cứu gốc để xem xét mơ hình phù hợp với liệu đặc điểm công ty Việt Nam : (1): DP=α0 + β1IO + β2Lev + β3Pro + β4Risk (2): DP=α0 + β1IO + β2Debt Matu + β3Pro + β4Risk niêm HCM (HOSE) .HCM (HOSE) – doan c : + + + + + + + + + + , , ,t , 77 GTTT cổ phần thường (tr VND) GT sổ sách TS (tr VND) Tỷ số đòn bẩy tài Tobin'sQ Tổng nợ (tr VND) Tổng vốn cổ phần (tr VND) 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 25,000,000.00 26,499,823.00 26,499,823.00 34,446,699.00 34,446,699.00 250,000.00 559,146.27 397,497.35 168,788.83 368,579.68 748,647.70 1,004,075.80 1,221,357.50 1,142,144.70 1,508,558.40 0.65 1.00 0.86 0.64 0.83 236,716.10 442,212.90 655,616.30 558,224.40 889,257.70 511,931.60 561,862.90 565,741.20 583,920.30 619,300.70 0.46 0.79 1.16 7,000,000.00 8,400,000.00 8,400,000.00 8,400,000.00 8,400,000.00 84,700.00 99,120.00 74,760.00 45,360.00 66,360.00 180,765.40 140,203.70 149,329.50 135,698.60 140,638.70 0.97 1.01 0.83 0.60 0.70 90,768.70 42,760.10 49,019.00 36,241.00 31,741.70 89,996.70 97,443.60 100,310.50 99,457.60 108,897.00 1.01 0.44 0.49 6,500,000.00 10,058,906.00 10,058,906.00 10,058,906.00 10,058,906.00 59,150.00 96,565.50 89,524.26 36,212.06 38,223.84 290,159.00 311,243.80 358,049.70 396,838.60 388,153.80 0.79 0.86 0.86 0.75 0.80 168,944.00 170,543.60 219,099.40 263,169.40 271,360.00 121,215.00 140,700.20 138,950.30 133,669.20 116,793.80 1.39 1.21 1.58 326,235,000.00 326,235,000.00 326,235,000.00 326,235,000.00 326,235,000.00 6,100,594.50 6,165,841.50 3,816,949.50 2,283,645.00 3,882,196.50 10,797,309.50 11,743,842.80 11,541,415.80 11,795,135.40 12,072,536.70 1.25 1.16 1.01 0.94 0.97 7,361,025.00 7,424,075.10 7,813,668.80 8,814,396.40 7,881,289.00 3,436,284.50 4,319,767.70 3,727,747.00 2,980,739.00 4,191,247.70 2.14 1.72 2.10 132,167,504.00 210,508,215.00 210,508,215.00 210,508,215.00 210,508,215.00 11,234,237.84 14,209,304.51 11,156,935.40 6,988,872.74 7,894,058.06 8,632,862.70 12,368,345.10 14,639,766.60 18,535,417.80 19,083,618.80 2.00 1.81 1.40 1.04 1.05 6,051,085.10 8,123,016.60 9,396,809.00 12,313,745.40 12,066,474.40 2,581,777.60 4,245,328.50 5,242,957.60 6,221,672.40 7,017,144.40 2.34 1.91 1.79 11,500,000.00 11,500,000.00 11,500,000.00 11,500,000.00 11,500,000.00 225,400.00 328,900.00 247,250.00 243,800.00 290,950.00 895,160.00 1,051,282.40 1,170,009.70 1,399,951.00 1,531,241.10 0.79 0.90 0.84 0.85 0.87 477,978.60 614,617.30 736,419.90 942,602.60 1,043,802.60 417,181.40 436,665.10 433,589.80 457,348.40 487,438.50 1.15 1.41 1.70 81,043,131.00 81,043,131.00 186,293,289.00 244,643,385.00 244,643,385.00 1,685,697.12 3,606,419.33 3,297,391.22 2,764,470.25 4,061,080.19 2,608,254.50 3,381,946.30 4,961,927.40 5,297,324.70 6,574,440.60 0.84 1.33 1.07 0.79 0.98 508,968.70 893,842.30 2,032,745.10 1,430,625.90 2,358,488.00 2,099,285.80 2,488,104.00 2,929,182.30 3,866,698.80 4,215,952.60 0.24 0.36 0.69 78 Tỷ số nợ đến hạn Nợ ngắn hạn (tr VND) Tổng nợ (tr VND) ROE Lợi nhuận ròng (tr VND) (tr VND) ROE Beta 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 0.96 1.44 143,917.20 324,539.20 518,010.20 403,556.60 730,379.20 236,716.10 442,212.90 655,616.30 558,224.40 889,257.70 0.61 0.73 0.79 0.72 0.82 1,911.00 70,529.00 50,435.00 33,276.00 78,373.00 511,931.60 561,862.90 565,741.20 583,920.30 619,300.70 0.00 0.13 0.09 0.06 0.13 1.00 0.36 0.29 90,520.60 29,528.70 38,356.90 36,043.30 31,741.70 90,768.70 42,760.10 49,019.00 36,241.00 31,741.70 1.00 0.69 0.78 0.99 1.00 6,052.00 7,934.00 11,200.00 12,557.00 15,383.00 89,996.70 97,443.60 100,310.50 99,457.60 108,897.00 0.07 0.08 0.11 0.13 0.14 0.90 1.97 2.32 155,883.30 153,352.30 203,690.50 243,396.80 248,991.50 168,944.00 170,543.60 219,099.40 263,169.40 271,360.00 0.92 0.90 0.93 0.92 0.92 3,618.00 3,473.00 5,408.00 9.00 -16,875.00 121,215.00 140,700.20 138,950.30 133,669.20 116,793.80 0.03 0.02 0.04 0.00 -0.14 0.90 2.96 1.88 1,006,054.40 901,350.20 902,111.10 1,136,325.20 1,396,403.00 7,361,025.00 7,424,075.10 7,813,668.80 8,814,396.40 7,881,289.00 0.14 0.12 0.12 0.13 0.18 -212,784.00 892,014.00 4,126.00 7,796.00 513,218.00 3,436,284.50 4,319,767.70 3,727,747.00 2,980,739.00 4,191,247.70 -0.06 0.21 0.00 0.00 0.12 1.15 1.98 1.72 3,934,636.50 2,495,123.30 3,991,903.50 5,086,641.90 5,690,763.10 6,051,085.10 8,123,016.60 9,396,809.00 12,313,745.40 12,066,474.40 0.65 0.31 0.42 0.41 0.47 902,864.00 817,661.00 885,542.00 1,072,613.00 1,447,523.00 2,581,777.60 4,245,328.50 5,242,957.60 6,221,672.40 7,017,144.40 0.35 0.19 0.17 0.17 0.21 1.07 2.06 2.14 433,825.80 569,848.20 669,042.60 885,898.60 1,038,392.90 477,978.60 614,617.30 736,419.90 942,602.60 1,043,802.60 0.91 0.93 0.91 0.94 0.99 48,906.00 42,523.00 36,781.00 60,012.00 74,379.00 417,181.40 436,665.10 433,589.80 457,348.40 487,438.50 0.12 0.10 0.08 0.13 0.15 1.01 0.37 0.56 403,533.10 791,108.50 1,946,844.80 1,248,324.40 1,571,902.40 508,968.70 893,842.30 2,032,745.10 1,430,625.90 2,358,488.00 0.79 0.89 0.96 0.87 0.67 -153,827.00 433,802.00 360,514.00 512,811.00 656,842.00 2,099,285.80 2,488,104.00 2,929,182.30 3,866,698.80 4,215,952.60 -0.07 0.17 0.12 0.13 0.16 1.07 79 Hệ số Tobin's Q Tỷ lệ chi trả cổ tức 2009 2010 2011 2012 STT Mã chứng khoán 2008 2009 DPS 2010 (VND) 2011 2012 2008 2009 EPS 2010 (VND) 2011 2012 2008 2009 % 2010 2011 2012 2008 2009 Tổng nợ 2010 (tr VND) 2011 2012 2008 2009 2010 năm 2011 2012 0.50 1.50 1.16 1.50 0.60 1.09 0.53 0.76 50 SAM 0.59 1.00 0.67 0.73 0.43 1.16 0.93 1.06 0.36 0.97 0.95 1.12 0.43 1.46 0.72 0.40 55 SJD 0.62 1.41 1.02 1.27 1,300 1,500 0 3,542 1,806 806 0.0000 0.3670 0.8306 0.0000 0.0000 51 SC5 2,000 1,000 0 3,383 3,572 3,663 1,407 641 0.5912 0.2800 0.0000 0.0000 0.0000 52 SCD 1,500 1,900 1,500 1,500 1,500 3,005 4,093 3,072 2,678 2,950 0.4992 0.4642 0.4883 0.5601 0.5085 53 SFC 1,000 3,000 1,600 1,600 800 4,918 5,485 5,341 2,873 1,881 0.2033 0.5469 0.2996 0.5569 0.4253 54 SFI 1,000 500 1,500 1,500 1,500 12,606 4,043 3,759 3,607 4,355 0.0793 0.1237 0.3990 0.4159 0.3444 56 SJS 800 1,500 1,500 1,185 3,733 1,971 2,508 4,317 0.6751 0.0000 0.7610 0.5981 0.0000 1,500 2,000 500 0 2,860 8,814 4,570 0 0.5245 0.2269 0.1094 0.0000 0.0000 70,477.00 194,367.70 169,571.60 360,058.10 368,956.00 13,900.00 28,600.00 18,700.00 4,300.00 7,400.00 1,021,980.40 1,169,986.50 1,644,786.70 1,699,909.70 2,013,728.30 21,100.00 63,500.00 38,500.00 8,100.00 13,900.00 44,324.20 51,741.20 50,635.10 62,869.40 55,809.90 16,000.00 26,900.00 28,000.00 12,000.00 10,000.00 50,215.10 109,421.00 67,126.80 38,394.00 160,753.40 47,600.00 47,500.00 28,000.00 26,600.00 23,000.00 148,788.40 152,273.50 193,723.70 222,984.90 246,970.40 35,800.00 34,500.00 20,400.00 12,000.00 17,000.00 768,290.00 608,276.30 513,235.60 453,773.70 357,569.80 14,300.00 19,500.00 13,000.00 9,700.00 14,000.00 447,158.60 1,238,484.00 2,285,581.40 3,155,374.40 3,953,569.40 54,000.00 80,000.00 61,500.00 22,800.00 21,800.00 80 GTTT cổ phần thường (tr VND) GT sổ sách TS (tr VND) Tỷ số địn bẩy tài Tobin'sQ Tổng nợ (tr VND) Tổng vốn cổ phần (tr VND) 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 65,400,000.00 65,400,000.00 65,399,216.00 130,798,432.00 130,798,432.00 909,060.00 1,870,440.00 1,222,965.34 562,433.26 967,908.40 2,279,145.60 2,667,619.20 2,616,221.30 2,637,822.50 2,756,228.00 0.43 0.77 0.53 0.35 0.49 70,477.00 194,367.70 169,571.60 360,058.10 368,956.00 2,208,668.60 2,473,251.50 2,446,649.70 2,277,764.40 2,387,272.00 0.03 0.08 0.07 10,320,000.00 10,320,000.00 11,352,000.00 13,622,365.00 13,622,365.00 217,752.00 655,320.00 437,052.00 110,341.16 189,350.87 1,215,258.30 1,417,722.40 1,945,678.00 2,011,215.90 2,332,799.00 1.02 1.29 1.07 0.90 0.94 1,021,980.40 1,169,986.50 1,644,786.70 1,699,909.70 2,013,728.30 193,277.90 247,735.90 300,891.30 311,306.20 319,070.70 5.29 4.72 5.47 8,500,000.00 8,500,000.00 8,500,000.00 8,500,000.00 8,500,000.00 136,000.00 228,650.00 238,000.00 102,000.00 85,000.00 170,996.60 195,651.00 203,382.60 231,843.40 232,646.00 1.05 1.43 1.42 0.71 0.61 44,324.20 51,741.20 50,635.10 62,869.40 55,809.90 126,672.40 143,909.80 152,747.50 168,974.00 176,836.10 0.35 0.36 0.33 3,400,000.00 8,108,615.00 10,270,378.00 10,270,378.00 10,270,378.00 161,840.00 385,159.21 287,570.58 273,192.05 236,218.69 135,097.10 242,584.50 230,147.50 212,397.40 330,500.60 1.57 2.04 1.54 1.47 1.20 50,215.10 109,421.00 67,126.80 38,394.00 160,753.40 84,882.00 133,163.50 163,020.70 174,003.40 169,747.20 0.59 0.82 0.41 2,763,328.00 8,289,982.00 8,289,982.00 8,289,982.00 8,704,480.00 98,927.14 286,004.38 169,115.63 99,479.78 147,976.16 290,459.90 326,359.50 397,669.60 444,382.50 491,416.80 0.85 1.34 0.91 0.73 0.80 148,788.40 152,273.50 193,723.70 222,984.90 246,970.40 141,671.50 174,086.00 203,945.90 221,397.60 244,446.40 1.05 0.87 0.95 29,899,629.00 29,899,629.00 35,879,150.00 35,879,150.00 35,879,150.00 427,564.69 583,042.77 466,428.95 348,027.76 502,308.10 1,140,169.60 1,065,034.10 1,034,376.10 1,006,378.80 1,014,481.30 1.05 1.12 0.95 0.80 0.85 768,290.00 608,276.30 513,235.60 453,773.70 357,569.80 371,879.60 456,757.80 521,140.50 552,605.10 656,911.50 2.07 1.33 0.98 40,000,000.00 80,000,000.00 100,000,000.00 100,000,000.00 100,000,000.00 2,160,000.00 6,400,000.00 6,150,000.00 2,280,000.00 2,180,000.00 1,591,150.10 2,998,502.30 4,467,394.00 5,033,730.70 5,513,231.70 1.64 2.55 1.89 1.08 1.11 447,158.60 1,238,484.00 2,285,581.40 3,155,374.40 3,953,569.40 1,143,991.50 1,760,018.30 2,181,812.60 1,878,356.30 1,559,662.30 0.39 0.70 1.05 81 Tỷ số nợ đến hạn Nợ ngắn hạn (tr VND) Tổng nợ (tr VND) ROE Lợi nhuận ròng (tr VND) (tr VND) ROE Beta 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 0.16 0.15 70,120.20 194,091.20 169,128.50 359,419.50 338,031.00 70,477.00 194,367.70 169,571.60 360,058.10 368,956.00 0.99 1.00 1.00 1.00 0.92 -75,898.00 232,254.00 118,452.00 -181,006.00 105,078.00 2,208,668.60 2,473,251.50 2,446,649.70 2,277,764.40 2,387,272.00 -0.03 0.09 0.05 -0.08 0.04 1.17 5.46 6.31 762,216.80 1,055,733.20 1,241,025.30 1,326,174.50 1,446,109.40 1,021,980.40 1,169,986.50 1,644,786.70 1,699,909.70 2,013,728.30 0.75 0.90 0.75 0.78 0.72 34,985.00 37,611.00 42,502.00 19,160.00 8,733.00 193,277.90 247,735.90 300,891.30 311,306.20 319,070.70 0.18 0.15 0.14 0.06 0.03 1.01 0.37 0.32 43,928.60 51,157.70 50,479.40 62,713.70 55,654.20 44,324.20 51,741.20 50,635.10 62,869.40 55,809.90 0.99 0.99 1.00 1.00 1.00 25,546.00 34,790.00 26,109.00 22,763.00 25,074.00 126,672.40 143,909.80 152,747.50 168,974.00 176,836.10 0.20 0.24 0.17 0.13 0.14 0.78 0.22 0.95 50,046.10 108,530.20 66,147.10 38,320.70 158,683.00 50,215.10 109,421.00 67,126.80 38,394.00 160,753.40 1.00 0.99 0.99 1.00 0.99 16,721.00 44,478.00 54,850.00 29,510.00 19,320.00 84,882.00 133,163.50 163,020.70 174,003.40 169,747.20 0.20 0.33 0.34 0.17 0.11 0.74 1.01 1.01 148,604.00 152,125.70 193,459.40 222,903.20 246,934.90 148,788.40 152,273.50 193,723.70 222,984.90 246,970.40 1.00 1.00 1.00 1.00 1.00 37,526.00 35,171.00 33,139.00 31,169.00 44,373.00 141,671.50 174,086.00 203,945.90 221,397.60 244,446.40 0.26 0.20 0.16 0.14 0.18 1.20 0.82 0.54 253,025.70 279,502.80 293,128.60 270,327.10 153,284.80 768,290.00 608,276.30 513,235.60 453,773.70 357,569.80 0.33 0.46 0.57 0.60 0.43 35,437.00 111,620.00 70,711.00 89,989.00 154,894.00 371,879.60 456,757.80 521,140.50 552,605.10 656,911.50 0.10 0.24 0.14 0.16 0.24 0.92 1.68 2.53 316,901.80 738,062.60 1,646,043.90 1,250,556.60 2,255,171.10 447,158.60 1,238,484.00 2,285,581.40 3,155,374.40 3,953,569.40 0.71 0.60 0.72 0.40 0.57 114,385 705,150 457,800 -79,465 -304,541 1,143,991.50 1,760,018.30 2,181,812.60 1,878,356.30 1,559,662.30 0.10 0.40 0.21 -0.04 -0.20 1.01 82 Hệ số Tobin's Q Tỷ lệ chi trả cổ tức 2009 2010 2011 2012 STT Mã chứng khoán 2008 2009 DPS 2010 (VND) 2011 2012 2008 2009 EPS 2010 (VND) 2011 2012 2008 2009 % 2010 2011 2012 2008 2009 Tổng nợ 2010 (tr VND) 2011 2012 2008 2009 2010 năm 2011 2012 0.53 1.44 1.24 1.57 0.50 1.47 0.03 0.44 0.51 0.22 0.02 0.71 57 SMC 2,000 1,600 1,600 1,000 1,500 6,545 4,940 3,318 2,453 2,323 0.3056 0.3239 0.4822 0.4077 0.6457 58 SSC 1,500 1,500 1,500 2,000 2,000 3,032 5,063 3,323 3,852 4,546 0.4947 0.2963 0.4514 0.5192 0.4399 59 ST8 1,500 1,000 3,000 2,000 3,000 5,077 6,024 3,906 2,891 3,958 0.2955 0.1660 0.7680 0.6918 0.7580 490,015.60 1,249,008.40 1,918,317.80 1,800,009.30 1,551,187.90 20,800.00 30,500.00 22,200.00 7,600.00 12,500.00 30,359.20 58,240.40 52,312.50 86,028.70 155,251.00 18,000.00 54,500.00 25,900.00 28,000.00 33,000.00 85,729.90 69,888.50 89,219.30 51,707.30 48,994.30 19,500.00 34,200.00 23,000.00 11,300.00 12,300.00 0.56 0.52 0.30 0.21 0.78 1.44 1.02 0.93 60 TCM 0.38 0.82 0.63 0.74 0.44 1.43 1.27 1.24 500 1,500 1,500 120 1,041 4,595 2,505 0.0000 0.4803 0.3264 0.5988 0.0000 61 TDH 3,000 3,000 2,000 0 7,857 7,772 6,571 1,178 865 0.3818 0.3860 0.3044 0.0000 0.0000 62 TMS 900 1,000 1,000 600 1,000 4,313 3,708 3,468 2,379 3,580 0.2087 0.2697 0.2884 0.2522 0.2793 63 TNA 1,800 2,300 2,500 2,000 2,000 4,355 3,197 8,676 5,016 4,771 0.4133 0.7194 0.2882 0.3987 0.4192 930,151.60 1,143,654.40 1,230,483.40 1,325,174.70 1,336,428.60 8,700.00 18,000.00 23,500.00 8,400.00 5,800.00 411,688.00 535,327.50 848,921.30 850,426.60 801,045.30 28,700.00 67,000.00 34,500.00 11,400.00 12,100.00 30,715.10 118,014.90 198,961.90 159,344.50 179,743.30 39,800.00 33,000.00 29,800.00 27,000.00 24,200.00 106,817.40 297,270.50 374,335.60 446,713.00 409,324.50 16,200.00 20,500.00 28,300.00 20,000.00 15,200.00 83 GTTT cổ phần thường (tr VND) GT sổ sách TS (tr VND) Tỷ số địn bẩy tài Tobin'sQ Tổng nợ (tr VND) Tổng vốn cổ phần (tr VND) 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 10,996,777.00 14,659,463.00 24,600,105.00 29,518,361.00 29,518,361.00 228,732.96 447,113.62 546,122.33 224,339.54 368,979.51 751,260.90 1,563,123.50 2,464,640.10 2,375,261.90 2,140,287.90 0.96 1.09 1.00 0.85 0.90 490,015.60 1,249,008.40 1,918,317.80 1,800,009.30 1,551,187.90 261,245.30 314,115.10 546,322.30 575,252.60 589,100.00 1.88 3.98 3.51 10,000,000.00 10,000,000.00 14,992,367.00 14,992,367.00 14,992,367.00 180,000.00 545,000.00 388,302.31 419,786.28 494,748.11 169,575.20 232,893.00 260,110.30 315,581.30 424,017.00 1.24 2.59 1.69 1.60 1.53 30,359.20 58,240.40 52,312.50 86,028.70 155,251.00 139,216.00 174,652.60 207,797.80 229,552.60 268,766.00 0.22 0.33 0.25 9,018,267.00 10,406,357.00 11,957,902.00 11,957,902.00 11,957,902.00 175,856.21 355,897.41 275,031.75 135,124.29 147,082.19 264,076.40 325,294.30 352,771.70 325,795.80 310,071.50 0.99 1.31 1.03 0.57 0.63 85,729.90 69,888.50 89,219.30 51,707.30 48,994.30 178,346.50 255,405.80 263,552.40 274,088.50 261,077.20 0.48 0.27 0.34 24,183,920.00 43,438,243.00 43,438,243.00 44,737,486.00 44,737,486.00 210,400.10 781,888.37 1,020,798.71 375,794.88 259,477.42 1,307,859.60 1,705,543.40 1,913,846.70 2,053,343.70 1,965,796.50 0.87 1.13 1.18 0.83 0.81 930,151.60 1,143,654.40 1,230,483.40 1,325,174.70 1,336,428.60 377,708.00 561,889.00 683,363.30 728,169.00 629,367.90 2.46 2.04 1.80 25,250,000.00 37,875,000.00 37,875,000.00 37,875,000.00 37,875,000.00 724,675.00 2,537,625.00 1,306,687.50 431,775.00 458,287.50 1,432,980.30 1,833,444.00 2,337,891.40 2,265,660.40 2,216,412.70 0.79 1.68 0.92 0.57 0.57 411,688.00 535,327.50 848,921.30 850,426.60 801,045.30 1,021,292.30 1,298,116.50 1,488,970.10 1,415,233.80 1,415,367.40 0.40 0.41 0.57 6,348,000.00 10,102,626.00 13,212,488.00 18,275,870.00 23,073,824.00 252,650.40 333,386.66 393,732.14 493,448.49 558,386.54 226,271.10 459,225.60 598,571.90 623,411.10 755,678.20 1.25 0.98 0.99 1.05 0.98 30,715.10 118,014.90 198,961.90 159,344.50 179,743.30 195,556.00 341,210.70 399,610.00 464,066.60 575,934.90 0.16 0.35 0.50 3,300,000.00 8,000,000.00 8,000,000.00 8,000,000.00 8,000,000.00 53,460.00 164,000.00 226,400.00 160,000.00 121,600.00 203,850.50 465,191.50 593,763.80 679,898.50 658,288.00 0.79 0.99 1.01 0.89 0.81 106,817.40 297,270.50 374,335.60 446,713.00 409,324.50 97,033.10 167,921.00 219,428.20 233,185.50 248,963.50 1.10 1.77 1.71 84 Tỷ số nợ đến hạn Nợ ngắn hạn (tr VND) Tổng nợ (tr VND) ROE Lợi nhuận ròng (tr VND) (tr VND) ROE Beta 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 3.13 2.63 461,271.90 1,214,264.20 1,848,175.60 1,756,203.50 1,406,075.70 490,015.60 1,249,008.40 1,918,317.80 1,800,009.30 1,551,187.90 0.94 0.97 0.96 0.98 0.91 72,081.00 73,061.00 82,230.00 73,123.00 69,336.00 261,245.30 314,115.10 546,322.30 575,252.60 589,100.00 0.28 0.23 0.15 0.13 0.12 1.07 0.37 0.58 25,620.30 54,478.30 50,087.00 84,663.60 152,947.40 30,359.20 58,240.40 52,312.50 86,028.70 155,251.00 0.84 0.94 0.96 0.98 0.99 30,321.00 50,634.00 49,804.00 57,503.00 67,807.00 139,216.00 174,652.60 207,797.80 229,552.60 268,766.00 0.22 0.29 0.24 0.25 0.25 0.98 0.19 0.19 85,616.40 69,888.50 87,671.20 48,873.00 47,312.40 85,729.90 69,888.50 89,219.30 51,707.30 48,994.30 1.00 1.00 0.98 0.95 0.97 54,042.00 70,222.00 49,129.00 36,571.00 46,457.00 178,346.50 255,405.80 263,552.40 274,088.50 261,077.20 0.30 0.27 0.19 0.13 0.18 0.90 1.82 2.12 628,332.90 702,256.20 859,351.60 891,723.60 991,390.00 930,151.60 1,143,654.40 1,230,483.40 1,325,174.70 1,336,428.60 0.68 0.61 0.70 0.67 0.74 5,036.00 47,411.00 198,462.00 112,953.00 -18,885.00 377,708.00 561,889.00 683,363.30 728,169.00 629,367.90 0.01 0.08 0.29 0.16 -0.03 1.03 0.60 0.57 200,874.30 285,269.40 489,485.40 409,994.10 443,155.30 411,688.00 535,327.50 848,921.30 850,426.60 801,045.30 0.49 0.53 0.58 0.48 0.55 212,040.00 299,012.00 248,230.00 30,990.00 27,494.00 1,021,292.30 1,298,116.50 1,488,970.10 1,415,233.80 1,415,367.40 0.21 0.23 0.17 0.02 0.02 1.00 0.34 0.31 24,215.60 36,792.30 28,199.80 40,014.20 117,294.90 30,715.10 118,014.90 198,961.90 159,344.50 179,743.30 0.79 0.31 0.14 0.25 0.65 27,377.00 37,465.00 45,816.00 43,433.00 82,572.00 195,556.00 341,210.70 399,610.00 464,066.60 575,934.90 0.14 0.11 0.11 0.09 0.14 0.52 1.92 1.64 103,952.60 294,246.80 369,726.40 442,034.40 403,984.20 106,817.40 297,270.50 374,335.60 446,713.00 409,324.50 0.97 0.99 0.99 0.99 0.99 14,371.00 25,699.00 69,662.00 40,566.00 38,755.00 97,033.10 167,921.00 219,428.20 233,185.50 248,963.50 0.15 0.15 0.32 0.17 0.16 0.94 85 Hệ số Tobin's Q Tỷ lệ chi trả cổ tức 2009 2010 2011 2012 STT Mã chứng khoán 2008 2009 DPS 2010 (VND) 2011 2012 2008 2009 EPS 2010 (VND) 2011 2012 2008 2009 % 2010 2011 2012 2008 2009 Tổng nợ 2010 (tr VND) 2011 2012 2008 2009 2010 năm 2011 2012 0.53 1.17 0.46 0.50 0.31 0.82 0.42 0.02 64 TNC 0.52 0.54 0.35 0.62 65 TRC 300 1,000 1,500 2,000 2,000 436 1,536 2,695 3,743 3,653 0.6881 0.6510 0.5566 0.5343 0.5475 500 2,000 3,000 3,500 3,500 6,607 5,443 9,154 17,169 11,421 0.0757 0.3674 0.3277 0.2039 0.3065 66 TSC 3,200 2,000 1,000 0 8,148 3,500 1,761 3,695 0.3927 0.5714 0.5679 0.0000 0.0000 44,395.40 24,739.30 35,813.30 35,117.90 50,040.50 8,200.00 14,300.00 16,500.00 12,000.00 15,600.00 156,205.50 162,638.50 287,548.00 344,198.50 188,673.70 24,300.00 58,000.00 71,000.00 33,900.00 42,200.00 703,606.10 737,365.90 643,356.70 724,140.70 384,800.70 32,600.00 35,000.00 18,200.00 13,000.00 6,500.00 0.52 1.42 1.24 1.29 67 TTP 2,900 2,000 2,000 2,000 2,000 4,475 5,594 5,692 4,362 2,715 0.6480 0.3575 0.3514 0.4585 0.7366 66,243.30 78,619.30 155,690.50 125,083.30 140,174.90 17,100.00 42,000.00 33,600.00 28,000.00 38,000.00 0.49 1.47 1.16 1.57 68 UIC 0.33 0.44 0.31 0.21 0.42 1.15 0.46 0.61 400 1,400 1,500 1,500 1,500 2,119 2,221 2,228 2,456 2,637 0.1888 0.6303 0.6732 0.6107 0.5688 69 VHC 1,200 1,500 2,500 1,000 2,668 5,933 4,539 8,363 4,429 0.4498 0.2528 0.0000 0.2989 0.2258 70 VIC 500 5,880 0 1,040 4,502 6,191 2,100 2,243 0.4808 0.0000 0.9498 0.0000 0.0000 317,125.30 331,764.60 378,003.50 420,398.00 321,294.00 9,600.00 21,800.00 18,900.00 7,900.00 9,300.00 799,898.50 830,556.30 836,972.10 1,100,805.40 1,668,512.40 19,000.00 54,000.00 29,500.00 28,400.00 24,900.00 4,399,063.30 10,677,630.40 16,593,209.10 27,260,458.10 44,951,244.50 79,500.00 94,000.00 97,500.00 99,500.00 80,000.00 86 GTTT cổ phần thường (tr VND) GT sổ sách TS (tr VND) Tỷ số đòn bẩy tài Tobin'sQ Tổng nợ (tr VND) Tổng vốn cổ phần (tr VND) 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 19,250,000.00 19,250,000.00 19,250,000.00 19,250,000.00 19,250,000.00 157,850.00 275,275.00 317,625.00 231,000.00 300,300.00 266,031.10 268,525.70 308,374.60 343,609.10 379,866.60 0.76 1.12 1.15 0.77 0.92 44,395.40 24,739.30 35,813.30 35,117.90 50,040.50 221,635.70 243,786.40 272,561.30 308,491.20 329,826.10 0.20 0.10 0.13 30,000,000.00 30,000,000.00 30,000,000.00 30,000,000.00 30,000,000.00 729,000.00 1,740,000.00 2,130,000.00 1,017,000.00 1,266,000.00 660,673.00 790,847.60 1,054,948.40 1,471,258.40 1,492,005.90 1.34 2.41 2.29 0.93 0.97 156,205.50 162,638.50 287,548.00 344,198.50 188,673.70 504,467.50 628,209.10 767,400.40 1,127,059.90 1,303,332.20 0.31 0.26 0.37 8,312,915.00 8,312,915.00 8,312,915.00 8,312,915.00 8,312,915.00 271,001.03 290,952.03 151,295.05 108,067.90 54,033.95 879,013.70 930,258.40 830,880.70 963,158.80 550,122.90 1.11 1.11 0.96 0.86 0.80 703,606.10 737,365.90 643,356.70 724,140.70 384,800.70 175,407.60 192,892.50 187,524.00 239,018.10 165,322.20 4.01 3.82 3.43 14,999,998.00 14,999,998.00 14,999,998.00 14,999,998.00 14,999,998.00 256,499.97 629,999.92 503,999.93 419,999.94 569,999.92 484,379.70 537,336.90 655,404.40 646,589.70 668,889.80 0.67 1.32 1.01 0.84 1.06 66,243.30 78,619.30 155,690.50 125,083.30 140,174.90 418,136.40 458,717.60 499,713.90 521,506.40 528,714.90 0.16 0.17 0.31 8,000,000.00 8,000,000.00 8,000,000.00 8,000,000.00 8,000,000.00 76,800.00 174,400.00 151,200.00 63,200.00 74,400.00 438,426.40 460,736.50 520,316.70 571,782.10 476,763.60 0.90 1.10 1.02 0.85 0.83 317,125.30 331,764.60 378,003.50 420,398.00 321,294.00 121,301.10 128,971.90 142,313.20 151,384.10 155,469.60 2.61 2.57 2.66 30,000,000.00 32,568,000.00 47,151,273.00 47,151,273.00 47,511,273.00 570,000.00 1,758,672.00 1,390,962.55 1,339,096.15 1,183,030.70 1,215,169.60 1,516,256.70 1,822,086.40 2,407,619.60 3,073,558.30 1.13 1.71 1.22 1.01 0.93 799,898.50 830,556.30 836,972.10 1,100,805.40 1,668,512.40 415,271.10 685,700.40 985,114.30 1,306,814.20 1,405,045.90 1.93 1.21 0.85 119,983,156.00 199,627,238.00 372,625,237.00 391,149,893.00 700,462,055.00 9,538,660.90 18,764,960.37 36,330,960.61 38,919,414.35 56,036,964.40 6,021,566.40 14,313,365.10 26,146,849.20 35,512,635.10 55,824,875.80 2.31 2.06 2.02 1.86 1.81 4,399,063.30 10,677,630.40 16,593,209.10 27,260,458.10 44,951,244.50 1,622,503.10 3,635,734.70 9,553,640.10 8,252,177.00 10,873,631.30 2.71 2.94 1.74 87 Tỷ số nợ đến hạn Nợ ngắn hạn (tr VND) Tổng nợ (tr VND) ROE Lợi nhuận ròng (tr VND) (tr VND) ROE Beta 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 0.11 0.15 44,088.20 24,156.70 35,076.40 34,509.60 50,040.50 44,395.40 24,739.30 35,813.30 35,117.90 50,040.50 0.99 0.98 0.98 0.98 1.00 8,393.00 29,574.00 51,870.00 72,052.00 70,323.00 221,635.70 243,786.40 272,561.30 308,491.20 329,826.10 0.04 0.12 0.19 0.23 0.21 0.94 0.31 0.14 127,093.30 120,635.80 263,788.20 329,903.70 183,681.20 156,205.50 162,638.50 287,548.00 344,198.50 188,673.70 0.81 0.74 0.92 0.96 0.97 198,220.00 163,290.00 274,606.00 515,082.00 342,644.00 504,467.50 628,209.10 767,400.40 1,127,059.90 1,303,332.20 0.39 0.26 0.36 0.46 0.26 1.04 3.03 2.33 703,501.50 737,259.10 643,256.00 695,655.00 361,500.70 703,606.10 737,365.90 643,356.70 724,140.70 384,800.70 1.00 1.00 1.00 0.96 0.94 67,826.00 29,310.00 14,847.00 31,246.00 -56,947.00 175,407.60 192,892.50 187,524.00 239,018.10 165,322.20 0.39 0.15 0.08 0.13 -0.34 0.97 0.24 0.27 66,060.20 78,619.30 155,690.50 124,932.40 140,174.90 66,243.30 78,619.30 155,690.50 125,083.30 140,174.90 1.00 1.00 1.00 1.00 1.00 67,119.00 83,906.00 85,381.00 65,430.00 40,724.00 418,136.40 458,717.60 499,713.90 521,506.40 528,714.90 0.16 0.18 0.17 0.13 0.08 0.93 2.78 2.07 298,377.80 311,248.60 365,859.60 388,283.10 304,623.40 317,125.30 331,764.60 378,003.50 420,398.00 321,294.00 0.94 0.94 0.97 0.92 0.95 16,952.00 17,768.00 17,825.00 19,651.00 21,096.00 121,301.10 128,971.90 142,313.20 151,384.10 155,469.60 0.14 0.14 0.13 0.13 0.14 0.97 0.84 1.19 586,910.60 619,705.70 746,457.40 1,039,047.30 1,668,512.40 799,898.50 830,556.30 836,972.10 1,100,805.40 1,668,512.40 0.73 0.75 0.89 0.94 1.00 82,245.00 207,981.00 228,576.00 412,974.00 232,743.00 415,271.10 685,700.40 985,114.30 1,306,814.20 1,405,045.90 0.20 0.30 0.23 0.32 0.17 0.79 3.30 4.13 1,102,096.30 1,466,893.10 5,252,364.70 21,630,198.20 25,644,122.10 4,399,063.30 10,677,630.40 16,593,209.10 27,260,458.10 44,951,244.50 0.25 0.14 0.32 0.79 0.57 125,995.00 1,101,737.00 2,432,015.00 1,073,560.00 1,846,668.00 1,622,503.10 3,635,734.70 9,553,640.10 8,252,177.00 10,873,631.30 0.08 0.30 0.25 0.13 0.17 0.91 88 Hệ số Tobin's Q Tỷ lệ chi trả cổ tức 2009 2010 2011 2012 STT Mã chứng khoán 2008 2009 DPS 2010 (VND) 2011 2012 2008 2009 EPS 2010 (VND) 2011 2012 2008 2009 % 2010 2011 2012 2008 2009 Tổng nợ 2010 (tr VND) 2011 2012 2008 2009 2010 năm 2011 2012 0.54 1.41 1.08 1.18 0.52 0.62 0.44 0.82 71 VIP 800 600 700 500 300 1,253 862 1,287 896 909 0.6385 0.6961 0.5439 0.5580 0.3300 72 VNM 1,000 4,000 3,000 4,000 3,800 7,116 6,763 10,242 7,585 6,978 0.1405 0.5915 0.2929 0.5274 0.5446 658,181.80 1,402,012.20 1,303,038.00 1,279,377.00 1,075,658.80 10,100.00 26,100.00 10,600.00 4,200.00 6,200.00 1,154,432.00 1,808,931.00 2,808,595.70 3,105,466.40 4,204,771.80 83,000.00 75,000.00 86,000.00 86,500.00 88,000.00 0.39 1.07 0.93 1.08 0.44 0.79 0.35 0.61 73 VPK 0.60 1.56 1.15 0.67 0.32 0.24 0.28 0.47 0.51 0.99 0.91 0.83 0 1,500 2,000 523 1,235 1,388 3,236 6,090 0.0000 0.0000 0.0000 0.4635 0.3284 74 VSC 5,000 3,000 4,000 4,000 4,000 10,838 12,888 14,937 7,993 9,511 0.4613 0.2328 0.2678 0.5004 0.4206 75 VSH 1,800 1,400 1,000 1,000 600 2,698 1,816 1,466 1,595 1,135 0.6672 0.7709 0.6821 0.6270 0.5286 76 VTO 400 400 600 600 300 600 572 1,040 826 617 0.6667 0.6993 0.5769 0.7264 0.4862 101,714.00 85,743.80 80,347.90 54,765.00 49,974.20 8,500.00 8,400.00 9,000.00 6,500.00 26,000.00 149,470.20 216,135.70 271,040.50 214,005.50 297,166.90 45,700.00 81,000.00 63,000.00 26,300.00 33,600.00 340,832.60 316,335.30 598,825.50 1,000,975.90 931,961.70 28,000.00 16,700.00 12,400.00 8,300.00 10,300.00 2,633,288.90 2,495,765.10 2,035,569.40 1,815,451.00 1,550,219.60 11,800.00 13,000.00 8,900.00 4,300.00 4,600.00 89 GTTT cổ phần thường (tr VND) GT sổ sách TS (tr VND) Tỷ số đòn bẩy tài Tobin'sQ Tổng nợ (tr VND) Tổng vốn cổ phần (tr VND) 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 59,807,785.00 59,807,785.00 59,807,785.00 59,807,785.00 59,807,785.00 604,058.63 1,560,983.19 633,962.52 251,192.70 370,808.27 1,447,352.20 2,233,751.00 2,164,337.00 2,143,197.80 1,956,836.50 0.87 1.33 0.89 0.71 0.74 658,181.80 1,402,012.20 1,303,038.00 1,279,377.00 1,075,658.80 789,170.40 831,738.80 861,299.00 863,820.80 881,177.70 0.83 1.69 1.51 175,275,700.00 351,265,300.00 353,072,120.00 556,114,754.00 833,955,796.00 14,547,883.10 26,344,897.50 30,364,202.32 48,103,926.22 73,388,110.05 5,966,959.00 8,482,036.00 10,773,032.30 15,582,671.60 19,697,868.40 2.63 3.32 3.08 3.29 3.94 1,154,432.00 1,808,931.00 2,808,595.70 3,105,466.40 4,204,771.80 4,812,527.00 6,673,105.00 7,964,436.60 12,477,205.20 15,493,096.60 0.24 0.27 0.35 7,600,000.00 8,000,000.00 8,000,000.00 8,000,000.00 8,000,000.00 64,600.00 67,200.00 72,000.00 52,000.00 208,000.00 190,092.80 149,756.30 155,464.10 155,767.50 186,975.90 0.87 1.02 0.98 0.69 1.38 101,714.00 85,743.80 80,347.90 54,765.00 49,974.20 88,378.80 64,012.50 75,116.20 101,002.50 137,001.70 1.15 1.34 1.07 9,624,628.00 12,030,551.00 12,030,551.00 23,894,502.00 24,038,502.00 439,845.50 974,474.63 757,924.71 628,425.40 807,693.67 438,222.10 647,348.40 811,575.80 856,938.70 1,054,558.80 1.34 1.84 1.27 0.98 1.05 149,470.20 216,135.70 271,040.50 214,005.50 297,166.90 288,751.90 431,212.70 540,535.30 642,933.20 757,391.90 0.52 0.50 0.50 137,494,258.00 206,241,246.00 206,241,246.00 206,241,246.00 206,241,246.00 3,849,839.22 3,444,228.81 2,557,391.45 1,711,802.34 2,124,284.83 2,483,250.30 2,580,949.60 3,028,830.60 3,345,733.10 3,382,412.50 1.69 1.46 1.04 0.81 0.90 340,832.60 316,335.30 598,825.50 1,000,975.90 931,961.70 2,142,417.70 2,264,614.30 2,430,005.10 2,344,757.20 2,450,450.80 0.16 0.14 0.25 60,000,000.00 60,000,000.00 79,866,666.00 79,866,666.00 79,866,666.00 708,000.00 780,000.00 710,813.33 343,426.66 367,386.66 3,412,791.10 3,281,776.40 3,066,635.30 2,857,180.50 2,589,318.10 0.98 1.00 0.90 0.76 0.74 2,633,288.90 2,495,765.10 2,035,569.40 1,815,451.00 1,550,219.60 779,502.20 786,011.30 1,031,065.90 1,041,729.50 1,039,098.50 3.38 3.18 1.97 90 Tỷ số nợ đến hạn Nợ ngắn hạn (tr VND) Tổng nợ (tr VND) ROE Lợi nhuận ròng (tr VND) (tr VND) ROE Beta 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 1.48 1.22 70,594.70 322,332.90 302,433.10 404,280.10 405,174.20 658,181.80 1,402,012.20 1,303,038.00 1,279,377.00 1,075,658.80 0.11 0.23 0.23 0.32 0.38 74,927.00 51,952.00 77,125.00 53,724.00 52,843.00 789,170.40 831,738.80 861,299.00 863,820.80 881,177.70 0.09 0.06 0.09 0.06 0.06 1.05 0.25 0.27 972,502.00 1,552,606.00 2,645,012.30 2,946,537.00 4,144,990.30 1,154,432.00 1,808,931.00 2,808,595.70 3,105,466.40 4,204,771.80 0.84 0.86 0.94 0.95 0.99 1,248,698.00 2,376,067.00 3,615,493.00 4,218,182.00 5,819,455.00 4,812,527.00 6,673,105.00 7,964,436.60 12,477,205.20 15,493,096.60 0.26 0.36 0.45 0.34 0.38 0.97 0.54 0.36 69,658.10 78,494.60 77,019.10 54,716.60 49,974.20 101,714.00 85,743.80 80,347.90 54,765.00 49,974.20 0.68 0.92 0.96 1.00 1.00 3,978.00 9,879.00 11,105.00 25,885.00 48,721.00 88,378.80 64,012.50 75,116.20 101,002.50 137,001.70 0.05 0.15 0.15 0.26 0.36 1.00 0.33 0.39 131,441.40 179,347.40 261,645.50 211,005.40 264,652.80 149,470.20 216,135.70 271,040.50 214,005.50 297,166.90 0.88 0.83 0.97 0.99 0.89 104,312.00 155,049.00 179,705.00 191,000.00 228,629.00 288,751.90 431,212.70 540,535.30 642,933.20 757,391.90 0.36 0.36 0.33 0.30 0.30 1.07 0.43 0.38 115,838.50 67,077.10 263,802.20 742,949.00 720,085.20 340,832.60 316,335.30 598,825.50 1,000,975.90 931,961.70 0.34 0.21 0.44 0.74 0.77 370,945.00 374,523.00 302,413.00 329,036.00 233,998.00 2,142,417.70 2,264,614.30 2,430,005.10 2,344,757.20 2,450,450.80 0.17 0.17 0.12 0.14 0.10 1.08 1.74 1.49 268,165.70 640,723.80 453,836.90 476,001.70 550,483.70 2,633,288.90 2,495,765.10 2,035,569.40 1,815,451.00 1,550,219.60 0.10 0.26 0.22 0.26 0.36 35,993.00 34,294.00 83,098.00 65,998.00 49,292.00 779,502.20 786,011.30 1,031,065.90 1,041,729.50 1,039,098.50 0.05 0.04 0.08 0.06 0.05 1.06 91 2009 2010 2011 2012 0.46 1.50 1.22 1.40 0.29 0.64 0.60 0.57 0.42 0.89 0.59 1.11 0.39 0.62 0.45 0.91 0.43 0.79 0.66 1.10 0.48 1.26 0.94 1.18 ... cam đoan luận văn thạc sĩ kinh tế ? ?Chính sách chi trả cổ tức, hội đầu tư định tài trợ – Nghiên cứu thực nghiệm Việt Nam? ?? cơng trình nghiên cứu riêng tơi, có hỗ trợ từ người hướng dẫn khoa học PGS.TS... + + + , , ,t , : : + ối tư? ?ng quan hội đầu tư sách chi trả cổ tức + ối tư? ?ng quan định tài trợ sách chi trả cổ tức Đối tư? ??ng phạm vi nghiên cứu: Đối tư? ??ng nghiên cứu mối , cụ thể tác động lên... đó, nghiên cứu tiến hành kiểm định mối tư? ?ng quan hội đầu tư, định tài trợ với sách chi trả cổ tức thơng qua mơ hình nghiên cứu gốc để xem xét mơ hình phù hợp với liệu đặc điểm công ty Việt Nam