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B TR GIÁO D C VÀ ÀO T O NG I H C KINH T TP.HCM o0o NGUY N MINH H NG QU N TR CƠNG TY VÀ CHÍNH SÁCH C T C VI T NAM LU N V N TH C S KINH T TP.H Chí Minh – N m 2013 B TR GIÁO D C VÀ ÀO T O NG I H C KINH T TP.HCM o0o NGUY N MINH H NG QU N TR CƠNG TY VÀ CHÍNH SÁCH C T C VI T NAM Chuyên ngành: Tài – Ngân hàng Mã s : 60340201 LU N V N TH C S KINH T NG I H NG D N KHOA H C P.GS – TS LÊ TH LANH TP.H Chí Minh – N m 2013 L I CAM OAN Tôi xin cam oan lu n v n ‘‘QU N TR CƠNG TY VÀ CHÍNH SÁCH C T C VI T NAM’’ cơng trình nghiên c u c a tác gi , n i dung c úc k t t trình h c t p k t qu nghiên c u th c ti n th i gian qua, s li u s d ng trung th c có ngu n g c trích d n rõ ràng Lu n v n c th c hi n dư i s hư ng d n khoa h c c a PGS TS Lê Th Lanh Tác gi lu n v n Nguy n Minh H ng M CL C TRANG PH BÌA L I CAM OAN M CL C DANH M C KÝ HI U, CH VI T T T DANH M C B NG BI U, HÌNH V , TH TÓM T T Ch ng GI I THI U Ch ng T NG QUAN CÁC K T QU NGHIÊN C U TR C ÂY 2.1 Các lý thuy t nghiên c u v sách c t c 2.2 T ng quan v qu n tr công ty 11 2.2.1 Khái ni m vai trò c a qu n tr công ty 11 2.2.2 Qu n tr công ty công ty niêm y t t i Vi t Nam 18 2.2.3 Ch s minh b ch công khai (TDI) 22 2.3 Ch Ch Lý thuy t v m i quan h c a qu n tr cơng ty sách c t c 27 ng D LI U VÀ PH ƠNG PHÁP NGHIÊN C U 30 3.1 D li u nghiên c u 30 3.2 Xây d ng bi n s phương pháp nghiên c u 31 ng K T QU NGHIÊN C U 36 4.1 Th ng kê d li u 36 4.2 K t qu h i quy 39 4.2.1 K t qu h i quy c a ph ơng trình 39 4.2.2 K t qu h i quy c a ph ơng trình 43 Ch ng K T LU N 48 TÀI LI U THAM KH O PH L C DANH M C KÝ HI U, CH VI T T T BKS: Ban ki!m soát C": C ông "H"C": "#i h i H"QT: H i ng c ông ng qu n tr HNX: sàn giao d ch ch ng khoán Hà N i HSX : sàn giao d ch ch ng khốn thành ph H Chí Minh IFC: T ch c Tài Qu c t IMF: Qu$ ti n t qu c t OECD: T ch c H p tác Phát tri!n Kinh t QTCT: Qu n tr công ty SGDCK: S% giao d ch ch ng khoán TG": T ng giám c TDI: Ch& s minh b#ch công khai UBCKNN: U' ban ch ng khoán Nhà nư c WB: Ngân hàng th gi i DANH M C CÁC B NG BI U B ng 2.1 K t qu chung v QTCT qua n m B ng 2.2 C(u trúc c a ch& s Minh b#ch Công khai (TDI) B ng 3.1 Các bi n k) v ng v d(u tương quan B ng 4.1 Ch& s Minh b#ch công khai (TDI) % Vi t Nam qua n m B ng 4.2 M t s th ng kê v m u t ng quát B ng 4.3 H s tương quan gi a bi n B ng 4.4 H i quy v i bi n ph thu c CD/CF bi n gi i thích ngồi TDI B ng 4.5 K t qu ki!m nh Likelihood-ratio cho mơ hình B ng 4.6 K t qu ki!m nh Wald c a mơ hình B ng 4.7 K t qu ki!m nh tương quan c*p gi a bi n B ng 4.8 K t qu h i quy v i bi n ph thu c CD/CF bi n B ng 4.9 K t qu ki!m c l p mơ hình c l p TDI nh Likelihood-ratio c a mơ hình B ng 4.10 K t qu ki!m nh Wald c a mơ hình B ng 4.11: K t qu ki!m nh tương quan c*p gi a bi n B ng 4.12: H i quy v i bi n ph thu c CD/CF ch& s c l p mơ hình ơn v c a TDI DANH M C HÌNH V , Hình 2.1: Các c(p Hình 3.1: M t TH l i ích ti m n ng c a QTCT hi u qu phân b c a bi n ph thu c CD/CF TÓM T T Nghiên c u nh+m làm sáng t, s nh hư%ng c a qu n tr công ty y u t khác (quy mô, l i su(t tài s n, tobin’s q, ịn b-y tài chính, v.v…) lên sách c t c c a doanh nghi p niêm y t sàn Ch ng khoán TP H Chí Minh Tác gi lư ng m c ã s d ng ch& s Minh B#ch Công Khai (TDI) ! o qu n tr cơng ty, sau ó ki!m nh s tương quan gi a ch& s sách c t c c a doanh nghi p M u quan sát bao g m 100 công ty niêm y t Sàn ch ng khốn TP.H Chí Minh th i gian quan sát n m (t n m 2008 n 2012) K t qu cho th(y có s tương quan thu n k! gi a qu n tr cơng ty sách c t c c a doanh nghi p m u quan sát Nói cách khác, nghiên c u ã ch& r+ng, % Vi t Nam, sách c t c minh ch ng cho vi c quy n l i c a c nghiên c u c.ng cho th(y tác ông c m b o Ngoài ra, k t qu c a ng thu n chi u c a ch& s tobin’s q, ngh ch chi u c a t' su(t sinh l i tài s n c a òn b-y tài lên quy t nh chi tr c t c c a doanh nghi p M*t khác, nghiên c u khơng tìm c b+ng ch ng th c nghi m cho vi c doanh nghi p Vi t Nam có xu hư ng trì m t t' l c t c n nh qua n m m t s lý thuy t v c t c ã c p CH ƠNG GI I THI U Vi t Nam ã th c “m% c a” t cu i th p k' 80 c a th k' XX T ó n nay, v n kiên trì i theo ng l i phát tri!n kinh t theo mơ hình n n kinh t th trư ng theo nh hư ng xã h i ch ngh/a Theo ó, Vi t Nam ã th a nh n s% h u tư nhân t#o i u ki n cho kinh t tư nhân phát tri!n Bên c#nh ó, c.ng ang tích c c hịa nh p vào n n kinh t th gi i b+ng vi c tham gia vào T ch c Thương M#i th gi i (WTO) ng th i tham gia vào Khu v c m u d ch t qu c t (AFTA, ASEAN, v.v….) Các t ch c kinh t qu c t (IMF, WB, v.v…) ã xem Vi t Nam m t n n kinh t m i n i % Châu Á, v i n n kinh t khác Trung Qu c, 0n " , Malaysia, Thailand, Philippines Indonesia Tuy v y, n n kinh t th trư ng v i th trư ng ch ng khoán % Vi t nam v n ang giai o#n sơ khai v i nh ng h#n ch t n t#i bên c#nh nh ng thành t u #t c Qu n tr công ty m t thu t ng ang ngày tr% nên quen thu c t#i Vi t Nam v i s phát tri!n c a n n kinh t th trư ng, s gia nh p ngày sâu r ng vào n n kinh t th gi i Các doanh nghi p c a Vi t Nam, *c bi t doanh nghi p tư nhân, ang tích c c c i thi n nâng cao ch(t lư ng qu n tr công ty Tuy nhiên, v n giai o#n 1u c a s phát tri!n, ph1n l n nhà qu n lý c(p cao v n chưa th c s hi!u rõ quy t2c l i ích qu n tr công ty, *c bi t nh ng ngun t2c v s cơng b+ng, tính minh b#ch, tính gi i trình tính trách nhi m Chính sách c t c m t y u t r(t quan tr ng q trình cơng ty, v n m t v(n nh giá m i m3 chưa c nghiên c u 1y % Vi t Nam "*c bi t, v n chưa có nghiên c u th c nghi m v tác ng s4 ưa chu ng công ty gi l#i l i nhu n ! 1u tư vào nh ng d án m i mang l#i dòng ti n l i nhu n t t tương lai, cho dù s4 d n n vi c h#n ch chi tr c t c ti n m*t hi n t#i "i u ó có ngh/a là, t#i Vi t Nam, nhà 1u tư có v3 r(t ý n l i t c hi n t#i n t c t c c chi tr vào dòng ti n tương lai t nh ng d án "ây có th! “kh-u v ” v r i ro c a nhà 1u tư nư c, c.ng có th! xu(t phát t nh ng h#n ch qu n tr công ty (công c th! ! b o v quy n l i c 1u tư ánh giá c t c m t ngu n thu nh p n ông) ã n cho nhà nh, ch2c ch2n r i ro l i nhu n k) v ng t d án mà doanh nghi p h a h5n Tóm l#i, nghiên c u ã cung c(p b+ng ch ng th c nghi m cho th(y quan h thu n chi u gi a qu n tr cơng ty sách c t c Ngh/a c ơng có nhi u quy n hơn, h s4 s d ng quy n l c nh+m tác ng n sách c t c c a doanh nghi p trư ng h p c a Vi t Nam nhà 1u tư s4 có khuynh hư ng ưa chu ng c t c ti n m*t cao "ây m t nhân t quan tâm cho doanh nghi p xây d ng m t sách c t c nh+m thu hút nhà 1u tư, ng th i g i ý cho nhà 1u tư ánh giá quy t nh 1u tư vào doanh nghi p "i u c.ng cho th(y qu n tr công ty ang ngày tr% thành m t y u t quan tr ng c1n c hoàn thi n t t tương lai Trong nh ng n m g1n ây, doanh nghi p Vi t Nam ã có s c i thi n k! th c hành qu n tr công ty theo nh ng tiêu chu-n c a qu c t nh ng quy nh chung c a lu t pháp Vi t Nam Tuy v y, v n nhi u vi c ph i làm n u doanh nghi p nư c mu n kh2c ph c nh ng h#n ch hi n t#i hoàn thi n quy chu-n v qu n tr cơng ty c a nh+m #t c nh ng l i ích mà m t h th ng QTCT hi u qu có th! mang thân doanh nghi p, c ông c i tư ng liên quan khác n cho b n H"n ch# c'a nghiên c!u Vi c s d ng Ch& s Minh B#ch Công Khai (TDI) ! o lư ng qu n tr công ty % Vi t Nam m i m3 ó s4 có nh ng h#n ch nh(t nh B%i l4 ch& s không th! ánh giá c h t m c th c hành qu n tr công ty c a doanh nghi p mà ch y u ánh giá m c công khai thông tin nc ơng c a cơng ty Ngồi ra, cách tính i!m b+ng cách ghi nh n thơng tin (Có/Khơng) xu(t hi n v n b n làm ngu n d li u mà không c1n ưa nh ng ánh giá v m c T t hay Không t t, 1y hay không 1y c a thông tin c ưa c.ng m t h#n ch c a ch& s H#n ch th hai s h#n ch v m*t d li u ch& ch n m u g m 100 công ty niêm y t làm #i di n ch& gi i h#n th i gian quan sát n m n m (2008-2012) H#n ch th ba chưa th c hi n 1y ki!m nh ! ki!m ch ng k t qu c a mơ hình gi i h#n v nh n th c th i gian Nh ng h#n ch ây nên c kh2c ph c t t m% r ng nghiên c u ti p theo TÀI LI U THAM KH O Ti#ng Vi*t B Tài chính, 2007 Quy t nh V vi c ban hành Quy ch qu n tr công ty áp d ng cho công ty niêm y t S Giao d ch Ch ng khoán/ Trung tâm Giao d ch Ch ng khoán / t nh s 12/2007/Q"-BTC Dương Th Phư ng, 2009 Qu n tr công ty Erik Berglof – Stijn Claessens, 2006 Th c thi qu n tr công ty t t n i chúng c ang phát tri n n n kinh t chuy n Nguy n Trư ng Sơn, 2010 V n i qu n tr công ty doanh nghi p Vi t Nam T#p chí Khoa h c Công ngh , "#i h c "à N9ng S 5 T ch c Tài Qu c t , 2010 Các Nguyên t c qu n tr công ty c a OECD T ch c Tài Qu c t ;y Ban ch ng khoán Nhà nư c, 2010 C m nang qu n tr cơng ty T ch c Tài Qu c t , Di n àn Qu n tr công ty Tồn c1u ;y Ban ch ng khốn Nhà nư c, 2012 Báo cáo th i m qu n tr công ty c a Vi t Nam Tr1n Th H i Lý, 2012 Quan i m c a nhà qu n lý doanh nghi p Vi t Nam v sách c t c v i giá tr doanh nghi p T#p chí Phát tri!n h i nh p, S 4(14) Tr1n Th Xuân Mai, 2011 M i t ơng quan gi a qu n tr công ty qua t l s h u v i hi u qu ho t ng c a công ty niêm y t Vi t Nam Lu n v n th#c s/ "#i h c Kinh t TP H Chí Minh Ti#ng Anh 10 Ayub Mehar, 2002 Corporate governance and dividend policy Pakistan Economic and Social Review, Vol XLIII, No 1, pp 115-128 11 Bebczuk, R., 2005 Corporate governance and ownership: measurement and impact on corporate performance and dividend policies in Argentina Center for Financial Stability, Working Paper 12 Black F., 1976 The dividend puzzle Journal of Portfolio Management 2, pp 5-8 13 Black B H Jang, and W Kim, 2006 Predicting firms' corporate governance choices: Evidence from Korea Journal of Corporate Finance 12, pp 660-691 14 Easterbrook F H., 1984 Two agency-cost explanations of dividends American Economic Review 74, pp 650-659 15 Facio et al., 2001 Dividend and expropriation American Economic Review 74 16 Fama, E.F and K.R.French, 2001 Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay?.Journal of Financial Economics 60, pp 3-40 17 Gillan S, J Hartzell and L Starks, 2003 Explaining corporate governance: boards, by laws, and charter provisions Weinberg Center for Corporate Governance Working Paper 18 Gompers P., J L Ishii, and A Metrick, 2003 Corporate governance and equity prices Quarterly Journal of Economics 118,pp 107-155 19 Gordon Myron, 1963 Optimal Investment and Financing Policy Journal of Finance, 18(May l963), pp 264-272 20 Grossman S and O Hart, 1980 Disclosure laws and take-over bids Journal of Finance 35, pp 323-334 21 % 22 0)1 2−3 Gujarati, 2004" " Jensen M., 1986 Agency costs of free cash flow, corporate finance, and takeovers American Economic Review 76, pp 323-329 23 Jiraporn P and Ning Yixi, 2006 Dividend Policy, Shareholder Rights, and Corporate Governance Journal of Applied Finance 16,pp 24-36 24 Khalil Nimer (2012), The Effect of Audit Committee’s Effectiveness on Dividend 25 Payout Policy: 9: Evidence from the Jordanian Firms " Klaus Gugler and B.Burcin Yurtoglu, 2002 Corporate governance and dividend pay-out policy in Germany European Economic Review 47, pp 731 – 758 26 Kowalewski O et al., 2007 Corporate Governance and dividend policy in Poland Post-Communist Economies 20 (2), 2008, pp 203-218 27 La Porta R., F Lopez-de-Silanes, A Shleifer, and R Vishny, 2000 Investor protection and corporate governance Journal of Financial Economics 58 28 La Porta R., F Lopez-de-Silanes, A Shleifer and R Vishny, 2002 Agency problems and dividend policies around the world Journal of Finance 55(1), pp 1-33 29 Leora F Klapper, 2002 Corporate Governance, Investor Protection and Performance in Emerging Markets Policy Research Working Paper Series 2818, The World Bank 30 Lintner J., 1956 Distribution of Incomes of Corporations amont dividends, retained earnings and taxes American Economic Review 46, pp 97-113 31 Miller, M.H and Modigliani, 1961 Dividend policy, growth and the valuation of share Journal of Business 34 32 + #" #) " ;ividend announcements, security performance, and capital market efficiency The Journal of Finance 27 33 Shleifer A and R Vishny, 1986 Large shareholders and corporate control Journal of Political Economy 94, pp 461-488 34 $ , # < %) " )& " " PH= L=C M U D> LI?U No 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 Year 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2009 2009 Ticker ABT ACL AGF ALP ANV BBC BHS BMC BMP CII COM DHG DMC DPM DPR DQC DRC FPT GIL GMD HAG HBC HDC HPG HRC HSG HT1 IMP ITA KHP LCG LSS MPC NSC NTL OPC PAC PET PGC PPC PVD PVT RAL REE SAM SBT SJD SJS SMC SSC TAC TCM TDH TMS TNC TRA TRC TTP VHC VIC VIP VNE VNM VNS VSC VSH VTO AAM ABT Industry PR PR PR IN PR IN PR PR IN IN IN SV SV IN PR IN IN SV IN IN IN IN IN IN PR IN IN SV SV SV IN PR PR PR IN IN IN IN SV IN IN SV IN IN IN PR IN IN IN PR IN IN IN SV PR SV PR IN PR IN SV SV IN SV SV IN SV PR PR CD/CF 0.67 0.38 0.10 0.45 0.50 0.10 0.00 0.45 0.12 0.47 0.27 0.23 0.23 0.11 0.19 0.04 0.07 0.16 0.54 0.00 0.34 0.00 0.24 0.42 0.38 0.17 0.11 0.17 0.00 0.03 0.24 0.05 0.00 0.24 0.63 0.22 0.17 0.29 0.00 0.00 0.25 0.00 0.10 0.00 0.00 0.08 0.07 0.47 0.27 0.30 0.25 0.00 0.35 0.10 0.12 0.19 0.25 0.14 0.31 0.45 0.08 0.00 0.22 0.20 0.24 0.13 0.04 0.37 0.18 TDI_B 0.46 0.23 0.31 0.23 0.23 0.46 0.38 0.38 0.23 0.23 0.38 0.46 0.38 0.31 0.23 0.23 0.23 0.31 0.31 0.15 0.31 0.38 0.38 0.46 0.46 0.54 0.31 0.46 0.31 0.38 0.62 0.31 0.31 0.38 0.31 0.23 0.38 0.38 0.31 0.38 0.31 0.38 0.15 0.31 0.23 0.31 0.46 0.23 0.38 0.54 0.46 0.38 0.46 0.54 0.31 0.54 0.38 0.38 0.38 0.38 0.54 0.38 0.31 0.38 0.31 0.54 0.38 0.38 0.38 TDI_Dis 0.54 0.62 0.54 0.62 0.62 0.54 0.46 0.62 0.46 0.54 0.54 0.77 0.54 0.69 0.46 0.54 0.69 0.62 0.54 0.46 0.62 0.54 0.54 0.62 0.54 0.62 0.62 0.62 0.54 0.69 0.54 0.38 0.62 0.69 0.54 0.62 0.69 0.69 0.54 0.62 0.62 0.54 0.62 0.46 0.62 0.62 0.46 0.46 0.69 0.54 0.46 0.62 0.62 0.62 0.38 0.62 0.54 0.62 0.46 0.62 0.54 0.62 0.62 0.54 0.62 0.54 0.54 0.46 0.62 TDI_S 0.67 0.50 0.33 0.67 0.50 0.67 0.50 0.67 0.67 0.67 0.50 0.67 0.50 0.33 0.67 0.67 0.50 0.50 0.67 0.33 0.67 0.50 0.67 0.50 0.67 0.83 0.83 0.67 0.50 0.67 0.67 0.33 0.50 0.67 0.67 0.67 0.67 0.67 0.50 0.67 0.50 0.50 0.50 0.33 0.33 0.67 0.67 0.50 0.50 0.83 0.67 0.50 0.67 0.67 0.50 0.83 0.67 0.67 0.83 0.67 0.67 0.83 0.67 0.67 0.83 0.67 0.50 0.67 0.50 TDI 0.56 0.45 0.39 0.50 0.45 0.56 0.45 0.56 0.45 0.48 0.47 0.63 0.47 0.44 0.45 0.48 0.47 0.47 0.50 0.32 0.53 0.47 0.53 0.53 0.56 0.66 0.59 0.58 0.45 0.58 0.61 0.34 0.47 0.58 0.50 0.50 0.58 0.58 0.45 0.56 0.47 0.47 0.42 0.37 0.39 0.53 0.53 0.40 0.53 0.64 0.53 0.50 0.58 0.61 0.40 0.66 0.53 0.56 0.56 0.56 0.58 0.61 0.53 0.53 0.59 0.58 0.47 0.50 0.50 ROA 0.07 0.24 0.05 0.04 0.04 0.05 -0.03 0.39 0.22 0.09 0.08 0.14 0.13 0.29 0.23 0.03 0.16 0.18 0.11 -0.02 0.12 0.02 0.08 0.19 0.23 0.14 0.02 0.12 0.07 0.08 0.17 0.16 0.06 0.14 0.08 0.14 0.19 0.11 0.01 -0.04 0.11 0.03 0.10 -0.05 -0.03 0.05 0.12 0.11 0.14 0.20 0.07 0.06 0.19 0.10 0.13 0.18 0.21 0.18 0.05 0.10 0.05 0.10 0.32 0.14 0.27 0.15 0.06 0.18 0.19 Tnq 0.72 1.31 0.75 0.77 1.82 0.99 1.08 2.57 1.64 1.05 0.92 3.46 2.78 3.39 2.26 0.57 1.59 1.51 0.74 1.11 0.53 1.09 1.36 1.54 2.60 0.62 0.87 2.54 1.50 1.06 0.54 0.99 1.18 0.70 1.05 0.07 1.34 1.10 0.86 1.67 1.72 0.97 0.97 1.04 0.71 0.18 1.13 2.06 1.08 1.88 3.06 0.97 1.20 1.85 1.28 0.28 3.30 1.38 1.32 1.79 1.35 1.10 3.66 0.43 1.32 1.77 1.02 1.14 0.96 Asset 26.68 26.65 27.82 27.58 28.61 27.14 27.12 25.60 27.06 28.33 26.52 27.71 27.14 29.28 27.68 28.09 27.14 29.44 26.65 28.90 29.81 27.78 27.06 29.36 26.68 28.40 29.61 27.11 29.37 27.41 27.75 27.49 28.45 26.04 27.60 26.27 26.95 28.10 27.34 30.01 29.79 29.40 27.52 28.59 28.45 28.20 27.76 28.10 27.35 25.86 27.26 27.90 27.99 26.14 26.31 26.61 27.22 26.91 27.83 29.43 28.00 28.34 29.42 27.57 26.81 28.54 28.86 26.62 27.01 Lev 0.11 0.63 0.48 0.26 0.40 0.20 0.45 0.06 0.14 0.57 0.12 0.35 0.22 0.09 0.35 0.57 0.65 0.52 0.16 0.42 0.53 0.62 0.78 0.23 0.17 0.62 0.64 0.14 0.19 0.71 0.54 0.32 0.56 0.29 0.73 0.07 0.39 0.64 0.32 0.68 0.70 0.73 0.53 0.20 0.03 0.18 0.67 0.28 0.65 0.18 0.55 0.71 0.29 0.14 0.17 0.28 0.24 0.14 0.66 0.73 0.45 0.81 0.19 0.43 0.34 0.14 0.77 0.14 0.18 Lag_D 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 No 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 Year 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 Ticker ACL AGF ALP ANV BBC BCI BHS BMC BMP BTP CII COM CSM DHG DIG DMC DPM DPR DQC DRC DVP FPT GIL GMD HAG HBC HDC HLG HPG HRC HSG HT1 HVG IMP ITA ITC KBC KHP LCG LIX LSS MPC NBB NSC NTL OPC PAC PET PGC PGD PHR PNJ PPC PVD PVT RAL REE SAM SBT SJD SJS SMC SSC SVC TAC TBC TCM TDH TIX TMP TMS Industry PR PR IN PR IN IN PR PR IN IN IN IN IN SV IN SV IN PR IN IN SV SV IN IN IN IN IN PR IN PR IN IN PR SV SV IN SV SV IN IN PR PR IN PR IN IN IN IN SV SV PR IN IN IN SV IN IN IN PR IN IN IN PR SV IN IN IN IN IN IN SV CD/CF 0.39 0.09 0.33 0.31 0.12 0.40 0.13 0.53 0.11 0.00 0.30 0.18 0.00 0.17 0.44 0.27 0.12 0.19 0.09 0.03 0.22 0.20 0.27 0.08 0.21 0.19 0.08 0.21 0.10 0.29 0.00 0.19 0.14 0.15 0.00 0.24 0.00 0.03 0.22 0.56 0.07 0.27 0.22 0.34 0.09 0.16 0.13 0.29 0.07 0.52 0.19 0.43 0.05 0.29 0.00 0.09 0.12 0.34 0.17 0.00 0.22 0.41 0.20 0.39 0.14 0.12 0.04 0.35 0.14 0.08 0.28 TDI_B 0.31 0.38 0.46 0.23 0.54 0.46 0.38 0.46 0.31 0.31 0.15 0.46 0.46 0.46 0.38 0.38 0.23 0.23 0.23 0.38 0.38 0.31 0.38 0.31 0.38 0.46 0.46 0.31 0.46 0.54 0.46 0.38 0.38 0.46 0.31 0.46 0.23 0.38 0.54 0.38 0.31 0.46 0.31 0.38 0.46 0.23 0.23 0.46 0.46 0.46 0.23 0.46 0.38 0.31 0.38 0.31 0.38 0.31 0.54 0.46 0.31 0.46 0.54 0.38 0.46 0.46 0.31 0.46 0.54 0.46 0.38 TDI_Dis 0.62 0.69 0.54 0.46 0.69 0.54 0.38 0.62 0.62 0.54 0.62 0.54 0.69 0.69 0.46 0.62 0.54 0.62 0.31 0.62 0.38 0.62 0.46 0.46 0.54 0.54 0.62 0.54 0.62 0.62 0.69 0.62 0.62 0.62 0.54 0.54 0.46 0.69 0.62 0.62 0.46 0.62 0.69 0.62 0.62 0.54 0.54 0.69 0.46 0.69 0.69 0.62 0.62 0.62 0.54 0.62 0.54 0.69 0.62 0.46 0.62 0.69 0.54 0.62 0.38 0.54 0.54 0.77 0.62 0.62 0.46 TDI_S 0.67 0.67 0.50 0.67 0.67 0.80 0.83 0.67 0.67 0.50 0.67 0.67 0.67 0.67 0.67 0.67 0.33 0.67 0.33 0.50 0.67 0.67 0.67 0.33 0.50 0.67 0.67 0.67 0.67 0.67 0.50 0.83 0.83 0.50 0.50 0.67 0.67 0.67 0.67 0.67 0.50 0.50 0.67 0.67 0.67 0.67 0.67 0.67 0.50 1.00 0.67 0.67 0.67 0.67 0.50 0.67 0.83 0.67 0.67 0.67 0.83 0.67 0.67 0.83 0.83 0.67 0.67 0.67 0.50 0.50 0.67 TDI 0.53 0.58 0.50 0.45 0.63 0.60 0.53 0.58 0.53 0.45 0.48 0.56 0.61 0.61 0.50 0.56 0.37 0.50 0.29 0.50 0.48 0.53 0.50 0.37 0.47 0.56 0.58 0.50 0.58 0.61 0.55 0.61 0.61 0.53 0.45 0.56 0.45 0.58 0.61 0.56 0.42 0.53 0.56 0.56 0.58 0.48 0.48 0.61 0.47 0.72 0.53 0.58 0.56 0.53 0.47 0.53 0.59 0.56 0.61 0.53 0.59 0.61 0.58 0.61 0.56 0.56 0.50 0.63 0.55 0.53 0.50 ROA 0.12 0.04 0.05 -0.06 0.09 0.08 0.18 0.17 0.35 0.02 0.16 0.18 0.33 0.38 0.19 0.17 0.24 0.19 0.04 0.52 0.21 0.14 0.16 0.09 0.15 0.06 0.13 0.10 0.15 0.16 0.12 0.02 0.11 0.11 0.07 0.06 0.08 0.09 0.16 0.12 0.22 0.11 0.07 0.16 0.61 0.16 0.27 0.08 0.07 0.31 0.19 0.13 0.08 0.08 0.02 0.08 0.15 0.10 0.13 0.15 0.29 0.07 0.23 0.04 0.07 0.16 0.06 0.19 0.06 0.19 0.10 Tnq 1.12 0.85 0.80 0.85 0.89 1.64 1.12 3.88 1.51 0.99 1.69 1.39 2.10 3.27 1.82 1.80 2.16 2.15 0.94 2.68 2.13 1.72 1.04 1.24 2.31 1.28 1.37 1.13 1.62 1.63 1.78 0.66 1.37 1.61 1.29 1.17 1.89 1.06 1.50 2.21 1.55 1.53 1.27 1.52 2.51 1.51 2.65 1.14 1.00 2.68 2.08 1.66 1.16 1.52 1.02 0.90 1.33 0.79 0.38 1.12 2.54 1.09 2.53 1.01 1.25 1.52 1.07 1.21 1.31 1.30 0.98 Asset 27.14 27.93 27.81 28.42 27.33 28.74 27.51 25.75 27.44 28.36 28.55 26.88 27.78 27.71 28.91 27.29 29.48 27.85 28.10 27.39 26.86 29.97 26.81 29.14 30.13 27.94 27.39 27.85 29.96 26.80 28.52 30.10 28.96 27.32 29.61 28.71 29.84 27.47 28.17 26.41 27.63 28.43 28.15 26.23 27.79 26.68 27.23 28.76 27.64 27.36 28.26 28.34 30.09 30.15 29.49 27.68 28.85 28.61 28.24 27.69 28.73 28.08 26.21 28.49 27.20 27.48 28.16 28.24 27.71 28.03 26.85 Lev 0.71 0.54 0.39 0.33 0.29 0.55 0.52 0.21 0.18 0.61 0.51 0.26 0.52 0.46 0.35 0.29 0.13 0.29 0.55 0.29 0.35 0.63 0.22 0.41 0.58 0.90 0.74 0.54 0.50 0.15 0.61 0.52 0.53 0.26 0.30 0.55 0.62 0.69 0.39 0.33 0.29 0.49 0.63 0.30 0.52 0.30 0.38 0.72 0.44 0.33 0.38 0.49 0.63 0.66 0.67 0.59 0.26 0.09 0.11 0.57 0.41 0.80 0.27 0.63 0.54 0.09 0.67 0.29 0.61 0.43 0.26 Lag_D 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 No 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 Year 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 Ticker TNC TRA TRC TTP VFG VHC VIC VIP VNE VNM VNS VSC VSH VTO AAM ABT ACL AGD AGF ALP ANV APC ASM BBC BCI BHS BMC BMP BTP CII COM CSM CTD DHG DIG DMC DPM DPR DQC DRC DTL DVP ELC EVE FDC FPT GIL GMD HAG HBC HDC HLG HPG HRC HSG HT1 HVG IJC IMP ITA ITC KBC KHP LCG LIX LSS MPC NBB NSC NTL Industry PR SV PR IN PR PR IN SV SV IN SV SV IN SV PR PR PR PR PR IN PR SV IN IN IN PR PR IN IN IN IN IN IN SV IN SV IN PR IN IN IN SV SV IN SV SV IN IN IN IN IN PR IN PR IN IN PR IN SV SV IN SV SV IN IN PR PR IN PR IN CD/CF 0.25 0.14 0.18 0.08 0.18 0.29 0.00 0.05 0.00 0.03 0.15 0.13 0.14 0.03 0.44 0.52 0.37 0.00 0.12 0.65 0.15 0.41 0.19 0.08 0.39 0.16 0.33 0.12 0.01 0.35 0.35 0.15 0.20 0.21 0.34 0.25 0.11 0.20 0.11 0.05 0.68 0.17 0.21 0.15 0.18 0.30 0.57 0.06 0.00 0.05 0.14 0.49 0.38 0.28 0.17 0.05 0.34 0.47 0.15 0.00 0.31 0.00 0.06 0.22 0.78 0.12 0.00 0.16 0.43 0.17 TDI_B 0.46 0.54 0.31 0.38 0.54 0.46 0.38 0.46 0.38 0.31 0.38 0.46 0.54 0.46 0.54 0.54 0.46 0.23 0.31 0.46 0.15 0.38 0.31 0.46 0.46 0.54 0.46 0.31 0.31 0.31 0.54 0.38 0.31 0.46 0.31 0.38 0.31 0.23 0.23 0.38 0.54 0.31 0.38 0.38 0.38 0.31 0.46 0.15 0.31 0.46 0.46 0.31 0.46 0.54 0.38 0.31 0.31 0.46 0.54 0.31 0.46 0.23 0.38 0.62 0.38 0.54 0.46 0.46 0.38 0.46 TDI_Dis 0.54 0.62 0.54 0.62 0.62 0.54 0.62 0.62 0.62 0.62 0.62 0.62 0.54 0.54 0.62 0.62 0.69 0.62 0.69 0.62 0.38 0.69 0.69 0.77 0.62 0.54 0.69 0.69 0.62 0.62 0.62 0.62 0.62 0.77 0.54 0.69 0.54 0.69 0.54 0.54 0.62 0.54 0.46 0.46 0.46 0.62 0.54 0.46 0.54 0.69 0.69 0.54 0.69 0.69 0.69 0.62 0.62 0.54 0.62 0.54 0.62 0.46 0.69 0.62 0.69 0.62 0.69 0.69 0.62 0.62 TDI_S 0.50 0.67 0.67 0.67 0.83 0.67 0.50 0.67 0.67 0.67 0.83 0.67 0.50 0.83 0.83 0.67 0.67 0.50 0.67 0.67 0.67 0.83 0.67 0.67 0.50 0.83 0.67 0.67 0.67 0.67 0.67 0.83 0.67 0.67 0.67 0.83 0.33 0.67 0.50 0.33 0.83 0.83 0.67 0.50 0.67 0.67 0.67 0.33 0.33 0.67 0.83 0.67 0.67 0.67 0.67 0.50 0.67 0.83 0.67 0.50 0.67 0.50 0.83 0.67 0.67 0.50 0.67 0.67 0.67 0.67 TDI 0.50 0.61 0.50 0.56 0.66 0.56 0.50 0.58 0.56 0.53 0.61 0.58 0.53 0.61 0.66 0.61 0.61 0.45 0.56 0.58 0.40 0.64 0.56 0.63 0.53 0.64 0.61 0.56 0.53 0.53 0.61 0.61 0.53 0.63 0.50 0.64 0.39 0.53 0.42 0.42 0.66 0.56 0.50 0.45 0.50 0.53 0.56 0.32 0.39 0.61 0.66 0.50 0.61 0.63 0.58 0.47 0.53 0.61 0.61 0.45 0.58 0.40 0.64 0.63 0.58 0.55 0.61 0.61 0.56 0.58 ROA 0.13 0.18 0.21 0.18 0.22 0.05 0.10 0.05 0.10 0.32 0.14 0.27 0.15 0.06 0.15 0.18 0.14 0.12 0.07 0.08 0.05 0.17 0.16 0.07 0.10 0.19 0.18 0.32 0.03 0.16 0.11 0.19 0.16 0.28 0.14 0.17 0.26 0.26 0.06 0.25 0.15 0.30 0.17 0.19 0.12 0.15 0.09 0.05 0.16 0.12 0.12 0.06 0.13 0.21 0.07 0.03 0.08 0.10 0.13 0.09 0.11 0.13 0.11 0.15 0.08 0.26 0.13 0.07 0.19 0.36 Tnq 1.12 1.91 2.41 1.32 1.24 1.62 2.06 1.33 0.99 3.32 1.13 1.54 1.46 1.00 0.93 1.07 1.09 1.12 0.76 0.88 0.70 1.01 1.18 0.72 0.94 1.10 1.51 1.78 0.87 1.35 1.40 1.57 1.44 2.47 1.38 1.02 2.11 2.00 0.82 1.47 1.13 1.83 1.40 1.17 1.17 1.60 0.89 0.87 1.73 1.70 1.31 0.87 1.31 2.25 0.89 0.95 0.88 1.06 1.17 0.99 0.91 1.42 0.93 1.05 1.91 0.92 1.18 1.24 1.24 1.52 Asset 26.32 26.73 27.40 27.01 27.18 28.05 30.29 28.43 28.31 29.77 27.90 27.20 28.58 28.82 26.53 27.12 27.31 26.85 27.93 28.07 28.29 25.83 27.85 27.36 28.98 27.65 25.86 27.61 28.36 28.89 26.86 27.80 28.33 28.05 29.07 27.37 29.64 28.15 28.18 27.69 28.31 26.95 27.77 27.23 27.40 30.14 27.03 29.51 30.56 28.28 27.74 28.12 30.33 26.94 29.15 30.19 29.32 29.02 27.34 29.83 28.65 30.07 27.69 28.35 26.58 28.07 28.99 28.49 26.44 28.41 Lev 0.09 0.35 0.21 0.15 0.39 0.55 0.75 0.63 0.76 0.21 0.46 0.33 0.12 0.76 0.12 0.26 0.69 0.63 0.54 0.45 0.22 0.11 0.68 0.28 0.50 0.51 0.29 0.13 0.59 0.59 0.23 0.43 0.37 0.35 0.41 0.29 0.16 0.25 0.55 0.31 0.60 0.24 0.52 0.14 0.60 0.59 0.33 0.37 0.47 0.65 0.57 0.66 0.55 0.18 0.46 0.77 0.59 0.80 0.22 0.36 0.29 0.54 0.53 0.42 0.33 0.23 0.64 0.67 0.32 0.56 Lag_D 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 No 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 Year 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 Ticker OGC OPC PAC PET PGC PGD PHR PNJ PPC PVD PVT RAL REE SAM SBT SJD SJS SMC SSC SVC TAC TBC TCM TDH TIX TLG TMP TMS TNC TRA TRC TTP VFG VHC VIC VIP VNE VNM VNS VSC VSH VTF VTO AAM ABT ACL AGD AGF ALP ANV APC ASM BBC BCI BHS BMC BMP BTP CII CNG COM CSM CTD DHG DIG DMC DPM DPR DQC DRC Industry IN IN IN IN SV SV PR IN IN IN SV IN IN IN PR IN IN IN PR SV IN IN IN IN IN SV IN SV PR SV PR IN PR PR IN SV SV IN SV SV IN PR SV PR PR PR PR PR IN PR SV IN IN IN PR PR IN IN IN IN IN IN IN SV IN SV IN PR IN IN CD/CF 0.42 0.18 0.11 0.35 0.11 0.51 0.22 0.53 0.00 0.19 0.00 0.08 0.77 0.26 0.20 0.11 0.43 0.39 0.28 0.37 0.14 0.05 0.12 0.27 0.14 0.35 0.08 0.27 0.27 0.18 0.20 0.07 0.19 0.00 0.94 0.06 0.17 0.21 0.11 0.14 0.10 0.25 0.04 0.47 0.56 0.53 0.13 0.10 0.00 0.12 0.28 0.00 0.07 0.90 0.22 0.29 0.16 0.03 0.84 0.39 0.34 0.00 0.21 0.22 0.40 0.22 0.15 0.20 0.14 0.00 TDI_B 0.54 0.23 0.23 0.46 0.46 0.46 0.46 0.31 0.38 0.23 0.38 0.31 0.38 0.31 0.38 0.46 0.38 0.46 0.54 0.38 0.46 0.54 0.31 0.46 0.54 0.46 0.46 0.38 0.46 0.54 0.23 0.38 0.46 0.38 0.38 0.38 0.54 0.31 0.38 0.46 0.54 0.38 0.46 0.54 0.54 0.38 0.23 0.31 0.38 0.23 0.38 0.31 0.54 0.38 0.46 0.46 0.38 0.31 0.31 0.31 0.54 0.31 0.31 0.46 0.31 0.38 0.31 0.23 0.38 0.46 TDI_Dis 0.62 0.54 0.54 0.69 0.46 0.69 0.69 0.62 0.62 0.69 0.54 0.62 0.69 0.69 0.69 0.54 0.46 0.69 0.62 0.69 0.46 0.62 0.62 0.77 0.69 0.69 0.62 0.54 0.54 0.69 0.54 0.69 0.54 0.62 0.69 0.62 0.69 0.62 0.62 0.62 0.54 0.54 0.62 0.62 0.69 0.69 0.62 0.69 0.54 0.46 0.62 0.69 0.77 0.69 0.54 0.69 0.69 0.54 0.69 0.69 0.62 0.54 0.69 0.69 0.62 0.69 0.62 0.62 0.54 0.54 TDI_S 0.67 0.67 0.67 0.33 0.50 0.67 0.67 0.67 0.67 0.50 0.50 0.67 0.67 0.67 0.67 0.83 0.67 0.67 0.67 0.67 0.83 0.67 0.67 0.67 0.67 0.67 0.50 0.67 0.50 0.67 0.67 0.67 0.67 0.67 0.50 0.67 0.67 0.67 0.67 0.67 0.50 0.67 0.67 0.83 0.50 0.67 0.50 0.67 0.33 0.67 0.67 0.83 0.67 0.67 0.50 0.67 0.83 0.50 0.67 0.67 0.67 0.67 0.67 0.67 0.67 0.83 0.50 0.83 0.67 0.33 TDI 0.61 0.48 0.48 0.50 0.47 0.61 0.61 0.53 0.56 0.47 0.47 0.53 0.58 0.56 0.58 0.61 0.50 0.61 0.61 0.58 0.59 0.61 0.53 0.63 0.63 0.61 0.53 0.53 0.50 0.63 0.48 0.58 0.56 0.56 0.53 0.56 0.63 0.53 0.56 0.58 0.53 0.53 0.58 0.66 0.58 0.58 0.45 0.56 0.42 0.45 0.56 0.61 0.66 0.58 0.50 0.61 0.64 0.45 0.56 0.56 0.61 0.50 0.56 0.61 0.53 0.64 0.47 0.56 0.53 0.44 ROA 0.12 0.17 0.14 0.08 0.05 0.30 0.30 0.11 0.02 0.09 0.03 0.08 0.10 0.05 0.20 0.12 0.14 0.07 0.24 0.04 0.07 0.16 0.06 0.19 0.06 0.10 0.19 0.10 0.13 0.18 0.21 0.18 0.22 0.05 0.10 0.05 0.10 0.32 0.14 0.27 0.15 0.10 0.06 0.24 0.24 0.20 0.23 0.09 0.06 0.06 0.15 0.10 0.08 0.03 0.18 0.45 0.33 -0.06 0.06 0.36 0.11 0.08 0.12 0.27 0.04 0.15 0.38 0.36 0.06 0.17 Tnq 1.32 1.06 1.67 1.02 0.86 1.48 1.81 1.43 1.01 1.39 0.91 0.84 1.05 0.53 0.39 0.95 1.89 1.00 1.64 0.90 1.15 1.22 1.18 0.92 1.07 1.10 0.95 0.97 1.15 1.52 2.29 1.01 1.29 1.03 2.01 0.89 0.98 3.08 1.05 1.27 1.04 0.91 0.90 0.90 1.15 0.87 1.08 0.78 0.70 0.53 1.04 1.16 0.49 0.80 0.82 1.09 1.15 0.65 1.07 1.10 1.05 0.84 0.80 2.34 0.69 0.76 1.07 1.02 0.71 0.95 Asset 29.65 26.72 27.73 29.11 27.83 27.61 28.47 28.53 30.08 30.34 29.68 27.79 29.23 28.59 28.30 27.66 29.13 28.53 26.28 28.63 27.57 27.47 28.28 28.48 27.76 27.35 27.91 27.12 26.45 27.08 27.68 27.21 27.30 28.23 30.89 28.40 28.23 30.01 28.20 27.42 28.74 27.50 28.75 26.52 26.89 27.40 27.24 28.18 28.08 28.41 26.34 27.95 27.39 29.09 27.88 26.27 27.79 28.33 29.24 27.28 26.83 28.05 28.53 28.23 29.20 27.45 29.86 28.52 28.24 28.11 Lev 0.50 0.27 0.56 0.74 0.54 0.27 0.44 0.56 0.68 0.65 0.60 0.63 0.41 0.06 0.09 0.50 0.51 0.78 0.20 0.67 0.61 0.10 0.64 0.36 0.59 0.46 0.41 0.32 0.12 0.40 0.27 0.24 0.40 0.46 0.63 0.60 0.61 0.26 0.53 0.33 0.20 0.62 0.66 0.13 0.18 0.63 0.58 0.62 0.39 0.31 0.44 0.52 0.27 0.55 0.57 0.27 0.10 0.56 0.75 0.45 0.20 0.59 0.42 0.33 0.48 0.31 0.10 0.20 0.56 0.46 Lag_D 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 No 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 Year 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 Ticker DTL DVP ELC EVE FDC FPT GIL GMD HAG HBC HDC HLG HPG HRC HSG HT1 HVG IJC IMP ITA ITC KBC KHP LCG LIX LSS MPC NBB NSC NTL OGC OPC PAC PET PGC PGD PHR PNJ PPC PVD PVT RAL REE SAM SBT SJD SJS SMC SSC SVC TAC TBC TCM TDH TIX TLG TMP TMS TNC TRA TRC TTP VFG VHC VIC VIP VNE VNM VNS VSC Industry IN SV SV IN SV SV IN IN IN IN IN PR IN PR IN IN PR IN SV SV IN SV SV IN IN PR PR IN PR IN IN IN IN IN SV SV PR IN IN IN SV IN IN IN PR IN IN IN PR SV IN IN IN IN IN SV IN SV PR SV PR IN PR PR IN SV SV IN SV SV CD/CF 0.50 0.19 0.41 0.13 0.93 0.18 0.52 0.00 0.00 0.08 0.19 0.33 0.00 0.27 0.14 0.00 0.08 0.63 0.17 0.00 0.00 0.00 0.06 0.06 0.16 0.10 0.00 0.25 0.29 1.51 0.54 0.19 0.19 0.29 0.08 0.37 0.17 0.44 0.00 0.10 0.00 0.10 0.72 0.00 0.28 0.09 0.00 0.20 0.32 0.43 0.12 0.07 0.14 0.00 0.23 0.18 0.04 0.16 0.29 0.12 0.15 0.07 0.28 0.39 0.00 0.04 0.00 0.37 0.06 0.24 TDI_B 0.46 0.38 0.31 0.31 0.38 0.31 0.46 0.15 0.31 0.54 0.46 0.23 0.38 0.54 0.54 0.31 0.31 0.54 0.46 0.31 0.31 0.23 0.38 0.54 0.38 0.54 0.46 0.38 0.38 0.46 0.23 0.31 0.38 0.54 0.46 0.38 0.46 0.38 0.38 0.38 0.38 0.31 0.38 0.38 0.46 0.46 0.38 0.38 0.54 0.31 0.38 0.54 0.31 0.46 0.54 0.38 0.31 0.38 0.46 0.38 0.23 0.38 0.46 0.38 0.38 0.38 0.54 0.38 0.38 0.46 TDI_Dis 0.62 0.54 0.38 0.54 0.46 0.69 0.54 0.46 0.54 0.69 0.69 0.62 0.69 0.69 0.69 0.62 0.69 0.62 0.69 0.62 0.69 0.46 0.69 0.62 0.69 0.69 0.69 0.69 0.62 0.62 0.69 0.54 0.54 0.69 0.54 0.69 0.69 0.77 0.62 0.69 0.54 0.69 0.62 0.69 0.69 0.62 0.46 0.69 0.54 0.69 0.54 0.62 0.62 0.77 0.69 0.69 0.62 0.54 0.54 0.69 0.62 0.69 0.69 0.69 0.69 0.62 0.69 0.69 0.62 0.62 TDI_S 0.67 0.50 0.50 0.33 0.67 0.67 0.83 0.33 0.50 0.67 0.67 0.67 0.67 0.67 0.67 0.50 0.67 0.83 0.50 0.50 0.67 0.67 0.67 0.67 0.67 0.50 0.50 0.67 0.50 0.67 0.67 0.67 0.67 0.67 0.50 0.67 0.67 0.67 0.83 0.67 0.33 0.67 0.67 0.50 0.67 0.67 0.33 0.67 0.67 0.67 0.83 0.67 0.67 0.67 0.67 0.67 0.83 0.83 0.50 0.67 0.67 0.67 0.83 0.67 0.50 0.67 0.67 0.67 0.67 0.67 TDI 0.58 0.47 0.40 0.39 0.50 0.56 0.61 0.32 0.45 0.63 0.61 0.50 0.58 0.63 0.63 0.47 0.56 0.66 0.55 0.47 0.56 0.45 0.58 0.61 0.58 0.58 0.55 0.58 0.50 0.58 0.53 0.50 0.53 0.63 0.50 0.58 0.61 0.61 0.61 0.58 0.42 0.56 0.56 0.53 0.61 0.58 0.39 0.58 0.58 0.56 0.59 0.61 0.53 0.63 0.63 0.58 0.59 0.59 0.50 0.58 0.50 0.58 0.66 0.58 0.53 0.56 0.63 0.58 0.56 0.58 ROA 0.14 0.24 0.11 0.23 0.06 0.16 0.13 0.03 0.08 0.10 0.08 0.06 0.13 0.23 0.08 0.06 0.11 0.10 0.13 0.02 -0.04 0.03 0.11 0.13 0.11 0.24 0.05 0.05 0.17 0.06 0.05 0.15 0.12 0.14 0.06 0.23 0.33 0.11 0.02 0.08 0.03 0.13 0.13 -0.06 0.27 0.17 -0.02 0.08 0.23 0.04 0.07 0.16 0.06 0.19 0.06 0.10 0.19 0.10 0.13 0.18 0.21 0.18 0.22 0.05 0.10 0.05 0.10 0.32 0.14 0.27 Tnq 0.99 1.42 1.29 0.67 1.17 1.30 1.09 0.61 0.96 1.30 0.87 0.94 0.86 1.54 0.84 0.88 0.81 0.81 0.85 0.60 0.53 0.81 0.78 0.66 1.05 0.82 0.91 0.90 1.36 0.97 0.77 1.05 0.88 0.89 0.64 1.24 1.11 1.43 0.94 1.04 0.72 0.85 0.77 0.35 0.97 0.80 1.08 0.84 1.60 0.83 1.06 0.80 0.83 0.57 0.92 0.77 0.81 1.04 0.77 1.01 0.88 0.84 1.01 1.01 1.86 0.71 0.73 2.26 0.87 0.98 Asset 28.22 27.27 27.76 27.47 27.24 30.34 27.36 29.56 30.87 28.82 27.86 28.40 30.49 27.15 29.41 30.22 29.47 29.11 27.44 29.84 28.65 30.11 27.63 28.42 26.73 28.42 29.48 28.56 26.62 28.35 29.80 26.87 27.80 29.04 27.76 28.18 28.76 28.71 30.10 30.55 29.71 27.97 29.30 28.60 28.47 27.64 29.25 28.50 26.48 28.63 27.66 27.47 28.35 28.45 27.70 27.58 27.91 27.20 26.56 27.45 28.02 27.19 27.56 28.51 31.20 28.39 28.28 30.38 28.21 27.48 Lev 0.58 0.36 0.48 0.18 0.43 0.58 0.57 0.35 0.61 0.78 0.54 0.73 0.55 0.26 0.70 0.84 0.60 0.28 0.14 0.35 0.35 0.56 0.50 0.45 0.39 0.36 0.74 0.60 0.40 0.58 0.55 0.34 0.54 0.69 0.49 0.49 0.42 0.60 0.75 0.66 0.63 0.67 0.27 0.14 0.23 0.45 0.63 0.76 0.27 0.67 0.66 0.05 0.65 0.38 0.53 0.50 0.39 0.27 0.10 0.48 0.19 0.19 0.47 0.46 0.77 0.60 0.63 0.20 0.52 0.25 Lag_D 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 No 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 367 368 369 370 371 372 373 374 375 376 377 378 379 380 381 382 383 384 385 386 387 388 389 390 391 392 393 394 395 396 397 398 399 400 401 402 403 404 405 406 407 408 409 410 411 412 413 414 415 416 417 418 419 420 Year 2011 2011 2011 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 Ticker VSH VTF VTO AAM ABT ACL AGD AGF ALP ANV APC ASM BBC BCI BHS BMC BMP BTP CII CNG COM CSM CTD DHG DIG DMC DPM DPR DQC DRC DTL DVP ELC EVE FDC FPT GIL GMD HAG HBC HDC HLG HPG HRC HSG HT1 HVG IJC IMP ITA ITC KBC KHP LCG LIX LSS MPC NBB NSC NTL OGC OPC PAC PET PGC PGD PHR PNJ PPC PVD Industry IN PR SV PR PR PR PR PR IN PR SV IN IN IN PR PR IN IN IN IN IN IN IN SV IN SV IN PR IN IN IN SV SV IN SV SV IN IN IN IN IN PR IN PR IN IN PR IN SV SV IN SV SV IN IN PR PR IN PR IN IN IN IN IN SV SV PR IN IN IN CD/CF 0.09 0.22 0.03 0.29 0.64 0.11 0.00 0.05 0.00 0.11 0.00 0.00 0.07 0.60 0.19 0.39 0.18 0.03 0.30 0.28 0.30 0.11 0.24 0.27 0.32 0.19 0.19 0.20 0.13 0.16 0.00 0.11 0.38 0.13 0.00 0.18 0.16 0.09 0.00 0.13 0.31 0.16 0.26 0.35 0.22 0.00 0.20 0.44 0.16 0.00 0.00 0.00 0.05 0.00 0.23 0.02 0.27 0.13 0.27 1.13 0.62 0.18 0.17 0.31 0.04 0.42 0.48 0.48 0.03 0.05 TDI_B 0.54 0.46 0.46 0.62 0.46 0.46 0.31 0.38 0.38 0.38 0.45 0.23 0.62 0.46 0.38 0.54 0.38 0.38 0.31 0.23 0.46 0.46 0.38 0.46 0.38 0.38 0.31 0.38 0.38 0.38 0.38 0.23 0.31 0.46 0.38 0.31 0.38 0.31 0.38 0.46 0.38 0.38 0.54 0.54 0.46 0.38 0.31 0.54 0.46 0.31 0.46 0.31 0.46 0.46 0.31 0.46 0.46 0.46 0.46 0.54 0.31 0.46 0.38 0.54 0.54 0.38 0.46 0.38 0.46 0.38 TDI_Dis 0.54 0.46 0.62 0.62 0.62 0.62 0.69 0.69 0.62 0.54 0.62 0.62 0.62 0.77 0.62 0.69 0.62 0.54 0.62 0.62 0.62 0.69 0.69 0.69 0.62 0.62 0.69 0.62 0.62 0.62 0.54 0.54 0.46 0.46 0.46 0.62 0.46 0.54 0.69 0.69 0.69 0.69 0.77 0.62 0.77 0.62 0.69 0.62 0.77 0.69 0.69 0.38 0.69 0.69 0.69 0.62 0.85 0.69 0.69 0.54 0.62 0.62 0.69 0.69 0.54 0.62 0.77 0.77 0.69 0.69 TDI_S 0.50 0.67 0.67 0.67 0.67 0.33 0.33 0.67 0.50 0.50 0.50 0.50 0.67 0.67 0.67 0.67 0.83 0.33 0.67 0.67 0.83 0.67 0.67 0.83 0.67 0.67 0.33 0.67 0.67 0.50 0.50 0.67 0.50 0.33 0.50 0.67 0.67 0.33 0.50 0.67 0.50 0.50 0.67 0.67 0.50 0.67 0.67 0.67 0.67 0.50 0.50 0.50 0.67 0.67 0.50 0.50 0.67 0.50 0.67 0.83 0.50 1.00 0.83 0.67 0.50 0.67 0.67 0.67 0.67 0.67 TDI 0.53 0.53 0.58 0.63 0.58 0.47 0.44 0.58 0.50 0.47 0.52 0.45 0.63 0.63 0.56 0.63 0.61 0.42 0.53 0.50 0.64 0.61 0.58 0.66 0.56 0.56 0.44 0.56 0.56 0.50 0.47 0.48 0.42 0.42 0.45 0.53 0.50 0.39 0.53 0.61 0.53 0.53 0.66 0.61 0.58 0.56 0.56 0.61 0.63 0.50 0.55 0.40 0.61 0.61 0.50 0.53 0.66 0.55 0.61 0.64 0.47 0.69 0.64 0.63 0.53 0.56 0.63 0.61 0.61 0.58 ROA 0.15 0.10 0.06 0.06 0.17 0.05 0.10 0.07 -0.02 0.04 0.07 0.05 0.04 0.09 0.10 0.41 0.34 0.10 0.11 0.25 0.06 0.22 0.08 0.24 0.02 0.15 0.33 0.21 0.06 0.17 0.05 0.27 0.13 0.11 0.07 0.15 0.09 0.04 0.03 0.07 0.06 0.03 0.09 0.17 0.14 0.06 0.09 0.06 0.12 0.01 0.02 -0.01 0.13 0.02 0.15 0.05 0.11 0.09 0.20 0.06 0.06 0.18 0.09 0.09 0.08 0.15 0.25 0.16 0.08 0.10 Tnq 0.81 0.87 0.76 1.09 1.38 0.84 1.00 0.76 0.49 0.68 0.85 0.79 0.59 0.78 0.87 1.73 1.17 0.73 1.01 1.22 1.07 1.01 0.68 1.12 0.77 0.94 1.42 1.02 0.81 1.01 0.94 1.42 1.13 0.59 1.05 0.98 1.08 0.59 0.98 0.89 0.81 0.95 0.90 1.23 0.98 0.92 0.84 0.89 0.79 0.57 0.54 0.74 0.81 0.57 0.96 0.76 1.16 0.70 1.24 0.78 0.87 0.94 0.83 0.89 0.83 1.11 1.08 1.33 0.97 1.05 Asset 28.84 27.48 28.69 26.38 26.97 27.45 27.87 28.08 28.88 28.52 26.24 28.09 27.37 28.90 28.38 26.33 27.98 28.42 29.52 27.16 27.13 28.24 28.92 28.50 29.26 27.47 29.99 28.67 28.17 28.54 28.28 27.39 27.57 27.52 27.23 30.28 27.51 29.55 31.07 29.15 27.89 28.56 30.58 27.21 29.30 30.22 29.49 29.16 27.48 29.93 28.61 30.10 27.71 28.33 26.85 28.62 29.24 28.70 26.70 28.16 30.07 26.93 27.77 29.08 28.04 28.35 28.76 28.56 30.12 30.58 Lev 0.30 0.48 0.64 0.11 0.26 0.67 0.42 0.58 0.38 0.42 0.38 0.57 0.25 0.47 0.73 0.25 0.10 0.56 0.75 0.39 0.41 0.48 0.42 0.28 0.50 0.33 0.13 0.20 0.54 0.53 0.62 0.31 0.28 0.20 0.40 0.50 0.62 0.32 0.65 0.83 0.55 0.79 0.55 0.26 0.62 0.86 0.60 0.35 0.17 0.41 0.33 0.59 0.49 0.43 0.39 0.52 0.74 0.57 0.31 0.46 0.65 0.32 0.54 0.69 0.59 0.51 0.34 0.51 0.65 0.63 Lag_D 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 No 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 Year 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 Ticker Industry PVT SV RAL IN REE IN SAM IN SBT PR SJD IN SJS IN SMC IN SSC PR SVC SV TAC IN TBC IN TCM IN TDH IN TIX IN TLG SV TMP IN TMS SV TNC PR TRA SV TRC PR TTP IN VFG PR VHC PR VIC IN VIP SV VNE SV VNM IN VNS SV VSC SV VSH IN VTF PR VTO SV CD/CF 0.00 0.08 0.57 0.00 0.20 0.10 0.00 0.22 0.27 0.24 0.10 0.11 0.00 0.59 0.21 0.17 0.07 0.41 0.29 0.10 0.19 0.07 0.23 0.12 0.00 0.02 0.00 0.39 0.04 0.21 0.09 0.08 0.01 TDI_B 0.38 0.38 0.38 0.38 0.31 0.54 0.31 0.46 0.46 0.31 0.46 0.54 0.38 0.54 0.54 0.46 0.38 0.54 0.46 0.38 0.46 0.46 0.46 0.46 0.46 0.38 0.54 0.38 0.38 0.46 0.54 0.54 0.46 TDI_Dis 0.54 0.69 0.62 0.69 0.69 0.62 0.54 0.69 0.69 0.62 0.62 0.46 0.62 0.69 0.69 0.69 0.62 0.69 0.69 0.69 0.62 0.69 0.69 0.69 0.62 0.62 0.69 0.69 0.69 0.62 0.54 0.58 0.46 TDI_S 0.33 0.67 0.67 0.50 0.67 0.67 0.33 0.67 0.67 0.67 0.67 0.83 0.50 0.67 0.67 0.67 0.50 0.67 0.67 0.67 0.67 0.67 0.67 0.67 0.33 0.50 0.67 0.67 0.67 0.67 0.67 0.67 0.67 TDI 0.42 0.58 0.56 0.53 0.56 0.61 0.39 0.61 0.61 0.53 0.58 0.61 0.50 0.63 0.63 0.61 0.50 0.63 0.61 0.58 0.58 0.61 0.61 0.61 0.47 0.50 0.63 0.58 0.58 0.58 0.58 0.60 0.53 ROA 0.03 0.12 0.13 0.06 0.19 0.18 -0.05 0.07 0.19 0.04 0.07 0.16 0.06 0.19 0.06 0.10 0.19 0.10 0.13 0.18 0.21 0.18 0.22 0.05 0.10 0.05 0.10 0.32 0.14 0.27 0.15 0.10 0.06 Tnq 0.70 0.87 0.81 0.31 1.22 0.85 1.11 0.87 1.53 0.79 1.40 0.87 0.81 0.57 0.94 0.77 0.91 0.77 0.92 1.58 0.97 1.06 0.87 0.92 1.37 0.74 0.83 1.87 0.90 0.67 0.90 0.84 0.74 Asset 29.70 28.06 29.51 28.64 28.60 27.65 29.34 28.39 26.77 28.63 27.63 27.53 28.31 28.43 27.63 27.59 28.01 27.35 26.66 27.60 28.03 27.23 27.74 28.75 31.65 28.30 28.22 30.61 28.21 27.68 28.85 27.88 28.58 Lev 0.58 0.68 0.36 0.13 0.36 0.35 0.72 0.72 0.37 0.67 0.62 0.04 0.68 0.36 0.48 0.43 0.37 0.24 0.13 0.47 0.12 0.21 0.52 0.54 0.81 0.55 0.61 0.21 0.47 0.28 0.28 0.52 0.60 Lag_D 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 K@T QUA HBI QUY MƠ HÌNH K@T QUA HBI QUY MƠ HÌNH ... t Nam M c tiêu nghiên c!u: nh hư%ng n sách c t c c a công ty % Vi t - Xác nh y u t - Xác nh m i tương quan gi a qu n tr công ty sách c t c c a Nam công ty % Vi t Nam Ph"m vi nghiên c!u: Các công. .. v sách c t c 2.2 T ng quan v qu n tr công ty 11 2.2.1 Khái ni m vai trò c a qu n tr công ty 11 2.2.2 Qu n tr công ty công ty niêm y t t i Vi t Nam 18 2.2.3 Ch s minh b ch công. .. tr công ty c ưa "áng ý “Các Nguyên t2c Qu n tr Công ty ” (OECD Principles of Corporate Governance) OECD ưa vào n m 1999, ó ã ưa m t nh ngh/a chi ti t v Qu n tr công ty sau: “Qu n tr công ty nh