BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC KINH TẾ TP.HỒ CHÍ MINH - NGUYỄN TIẾN THÀNH ẢNH HƯỞNG CỦA VIỆC NẮM GIỮ TIỀN MẶT, QUẢN TRỊ VỐN LUÂN CHUYỂN ĐẾN GIÁ TRỊ CÔNG TY LUẬN VĂN THẠC SĨ KINH TẾ TP Hồ Chí Minh - Năm 2013 BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC KINH TẾ TP.HỒ CHÍ MINH - NGUYỄN TIẾN THÀNH ẢNH HƯỞNG CỦA VIỆC NẮM GIỮ TIỀN MẶT, QUẢN TRỊ VỐN LUÂN CHUYỂN ĐẾN GIÁ TRỊ CÔNG TY LUẬN VĂN THẠC SĨ KINH TẾ CHUYÊN NGÀNH : TÀI CHÍNH – NGÂN HÀNG MÃ SỐ : 60340201 NGƯỜI HƯỚNG DẪN KHOA HỌC: TS NGUYỄN THỊ UYÊN UYÊN TP Hồ Chí Minh - Năm 2013 LỜI CAM ĐOAN Tôi xin cam đoan luận văn ‘‘ẢNH HƯỞNG CỦA VIỆC NẮM GIỮ TIỀN MẶT, QUẢN TRỊ VỐN LN CHUYỂN ĐẾN GIÁ TRỊ CƠNG TY’’ cơng trình nghiên cứu tác giả, nội dung đúc kết từ trình học tập kết nghiên cứu thực tiễn thời gian qua, số liệu sử dụng trung thực có nguồn gốc trích dẫn rõ ràng Luận văn thực hướng dẫn khoa học TS Nguyễn Thị Uyên Uyên Tác giả luận văn Nguyễn Tiến Thành MỤC LỤC TRANG PHỤ BÌA LỜI CAM ĐOAN MỤC LỤC DANH MỤC CÁC BẢNG TÓM TẮT CHƯƠNG 1: GIỚI THIỆU .1 1.1 Lý chọn đề tài 1.2 Mục tiêu nghiên cứu 1.3 Dữ liệu Phương pháp nghiên cứu .2 1.4 Đóng góp luận văn 1.5 Bố cục luận văn CHƯƠNG 2: BẰNG CHỨNG THỰC NGHIỆM TRÊN THẾ GIỚI VỀ ẢNH HƯỞNG CỦA VIỆC NẮM GIỮ TIỀN MẶT, QUẢN TRỊ VỐN LUÂN CHUYỂN ĐẾN GIÁ TRỊ CÔNG TY CHƯƠNG 3: DỮ LIỆU VÀ PHƯƠNG PHÁP NGHIÊN CỨU 24 3.1 Phương pháp mơ hình nghiên cứu 24 3.2 Cơ sở liệu .36 CHƯƠNG 4: KẾT QUẢ NGHIÊN CỨU .37 4.1 Thống kê mô tả 37 4.2 Phân tích tương quan 40 4.3 Kiểm định giả thiết nghiên cứu 41 CHƯƠNG 5: KẾT LUẬN .59 5.1 Kết nghiên cứu kiến nghị .59 5.2 Hạn chế đề tài hướng nghiên cứu .60 DANH MỤC TÀI LIỆU THAM KHẢO PHỤ LỤC DANH MỤC CÁC BẢNG Bảng 3.1: Mô tả biến cách đo lường biến nghiên cứu Bảng 4.1: Thống kê mô tả biến nghiên cứu Bảng 4.2: Ma trận tương quan biến nghiên cứu Bảng 4.3: Kết ước lượng mô hình 1a, 1b, 1c Bảng 4.4: Kết ước lượng mơ hình 2a, 2b, 2c Bảng 4.5: Kiểm định phương sai thay đổi mơ hình 1a, 1b, 1c Bảng 4.6: Kiểm định phương sai thay đổi mơ hình 2a, 2b, 2c Bảng 4.7: Kết khắc phục mơ hình 1a, 1b, 1c GLS Bảng 4.8: Kết khắc phục mơ hình 2a, 2b, 2c GLS 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 GMC GMD GMD GMD GMD GTA GTA GTA GTA HAP HAP HAP HAP HAS HAS HAS HAS HAX HAX HAX HAX HBC HBC HBC HBC HDC HDC HDC HDC HDG HDG HDG HDG HLA HLA HLA HLA 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.4504 1.6071 (0.4315) (0.4608) 0.0112 0.1650 (0.2250) (0.3011) 0.1077 0.6118 (0.2774) (0.7071) 0.6897 0.6625 (0.2782) (0.5417) 0.1364 1.2182 (0.1721) (0.5248) (0.2917) 0.0600 0.3962 (0.1216) 2.5116 (0.0033) (0.4983) (0.0530) 0.9800 (0.5808) 0.5301 1.3232 (0.4826) (0.6471) 0.2143 0.6 0.92 1.03 0.8 1.37 0.95 0.85 0.9 0.6 0.95 0.85 0.9 0.6 1.38 1.04 0.9 0.68 1.38 1.04 0.9 0.68 1.21 1.77 1.2 0.76 1.45 1.57 1.24 0.85 1.45 1.57 1.24 0.85 1.06 0.89 0.8 0.96 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.1432 0.5388 (0.0480) (0.1936) 0.1833 0.5539 (0.0211) (0.2310) 0.1432 0.5539 (0.0211) (0.2310) 0.1432 0.7708 (0.0495) (0.2310) 0.1474 0.7708 (0.0495) (0.2310) 0.1474 0.6850 (0.1587) (0.3433) 0.1515 0.8061 (0.1288) (0.3583) 0.1562 0.8061 (0.1288) (0.3583) 0.1562 0.6094 (0.0271) (0.1936) 0.1619 0.3072 1.0683 (0.3835) (0.2673) (0.1721) (0.3889) (0.2039) (0.0701) (0.0355) 0.0578 (0.2562) (0.4761) 0.5464 (0.1083) (0.2287) (0.3107) (0.0110) 0.4474 (0.1226) (0.2937) (0.4390) (0.6250) 0.5549 0.3433 (0.2732) 1.7056 0.1255 (0.1400) (0.2092) (0.8061) 1.1088 (0.2225) 0.3739 0.7138 (0.4555) (0.4535) 0.0524 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 HLG HLG HLG HLG HMC HMC HMC HMC HOT HOT HOT HOT HPG HPG HPG HPG HRC HRC HRC HRC HQC HQC HQC HQC HSG HSG HSG HSG HSI HSI HSI HSI HT1 HT1 HT1 HT1 HTI 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 0.5900 (0.2704) (0.0948) (0.1619) 0.6333 (0.2143) (0.4286) (0.0795) 0.9200 0.3490 0.8618 (0.0071) (0.5480) 0.6535 0.5328 0.6043 (0.2383) (0.1904) 1.5700 (0.8794) 0.5161 1.6412 (0.4335) (0.5765) 1.3133 (0.0342) (0.0265) (0.1818) (0.2222) (0.0783) (0.2680) (0.7411) 0.4138 - 1.07 1.45 1.05 0.77 1.06 0.89 0.8 0.96 1.36 1.2 1.19 1.39 1.38 1.04 0.9 0.68 1.13 1.25 0.67 0.85 1.45 1.57 1.24 0.85 1.06 0.89 0.8 0.96 1.38 1.04 0.9 0.68 1.09 1.01 0.9 0.82 1.21 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.6144 (0.1109) (0.2872) 0.1521 0.6094 (0.0271) (0.1936) 0.1619 0.7607 (0.0735) (0.3396) 0.1843 0.7708 (0.0495) (0.2310) 0.1474 0.6447 (0.0809) (0.1449) 0.1562 0.8061 (0.1288) (0.3583) 0.1562 0.6094 (0.0271) (0.1936) 0.1619 0.7708 (0.0495) (0.2310) 0.1474 0.6245 (0.0451) (0.2310) 0.1547 0.6850 (0.0244) (0.1596) 0.1924 (0.3140) 0.0239 (0.1872) (0.2350) (0.2415) (0.7607) 0.0735 1.2596 0.1647 0.0911 0.0425 (0.3170) 0.5062 (0.1119) 0.6852 (0.0934) (0.3466) (0.8061) 1.6988 (0.5211) 0.3599 1.0318 (0.4064) (0.3830) 1.1513 (0.8049) 0.0230 0.0492 (0.3696) (0.7028) (0.2229) (0.5101) 0.2591 (0.6850) 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 HTI HTI HTI HTL HTL HTL HTL HTV HTV HTV HTV HU1 HU1 HU1 HU1 HVG HVG HVG HVG ICF ICF ICF ICF IJC IJC IJC IJC IMP IMP IMP IMP ITA ITA ITA ITA ITC ITC 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) 0.4000 (0.4929) 0.0845 (0.1600) (0.5000) 1.4333 (0.3059) (0.5855) 1.0317 (0.2400) 0.0395 2.8900 (0.5013) (0.1649) 0.4383 0.9079 (0.3517) (0.4894) (0.3125) 0.2300 (0.3171) 0.0952 0.1278 (0.1798) (0.3702) 0.0322 0.9535 (0.2381) (0.6094) (0.0600) 2.2500 (0.2369) 1.77 1.2 0.76 1.38 1.04 0.9 0.68 0.92 1.03 0.8 1.37 1.21 1.77 1.2 0.76 1.04 1.13 0.64 0.57 1.04 1.13 0.64 0.57 1.45 1.57 1.24 0.85 0.95 0.56 0.52 0.81 1.45 1.57 1.24 0.85 1.45 1.57 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 (0.1587) (0.3433) 0.1515 0.7708 (0.0495) (0.2310) 0.1474 0.5388 (0.0480) (0.1936) 0.1833 0.6850 (0.1587) (0.3433) 0.1515 0.5993 (0.0630) (0.1337) 0.1416 0.5993 (0.0630) (0.1337) 0.1416 0.8061 (0.1288) (0.3583) 0.1562 0.5539 0.0222 (0.0887) 0.1541 0.8061 (0.1288) (0.3583) 0.1562 0.8061 (0.1288) 0.5587 (0.1495) (0.0670) (0.7708) 0.0495 0.0710 (0.6474) 0.8945 (0.2579) (0.3920) 0.8485 (0.6850) 0.1587 0.1033 (0.1121) 2.2907 (0.4383) (0.0313) 0.2966 0.3086 (0.2887) (0.3557) (0.4541) (0.8061) 0.3588 0.0413 (0.0610) (0.4262) (0.2020) (0.2814) (0.1220) 0.1474 (0.1093) (0.2511) (0.2162) 1.4439 (0.1081) 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 ITC ITC KAC KAC KAC KAC KBC KBC KBC KBC KDC KDC KDC KDC KDH KDH KDH KDH KHA KHA KHA KHA KMR KMR KMR KMR KHP KHP KHP KHP KSA KSA KSA KSA KSH KSH KSH 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) (0.7056) 0.1096 1.9400 (0.5238) (0.3000) 2.8700 (0.1214) (0.7029) (0.4158) 1.8182 0.0645 (0.4942) 0.8433 2.9000 (0.5487) (0.4886) 1.0763 (0.2816) (0.5284) 0.6145 1.3409 (0.2621) (0.6316) 0.1071 1.2059 (0.3200) (0.3333) 0.2059 2.7500 (0.8933) 1.5750 1.7558 (0.1624) (0.8312) 1.24 0.85 1.45 1.57 1.24 0.85 1.45 1.57 1.24 0.85 0.96 1.89 0.76 0.56 1.45 1.57 1.24 0.85 1.07 1.45 1.05 0.77 0.95 0.85 0.9 0.6 0.88 0.84 0.79 0.51 1.23 1.28 0.95 1.13 1.23 1.28 0.95 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 (0.3583) 0.1562 0.8061 (0.1288) (0.3583) 0.1562 0.8061 (0.1288) (0.3583) 0.1562 0.5590 (0.1767) (0.1786) 0.1411 0.8061 (0.1288) (0.3583) 0.1562 0.6144 (0.1109) (0.2872) 0.1521 0.5539 (0.0211) (0.2310) 0.1432 0.5186 (0.0196) (0.1898) 0.1385 0.6951 (0.0854) (0.2497) 0.1708 0.6951 (0.0854) (0.2497) (0.3473) (0.0466) (0.8061) 2.0688 (0.1655) (0.4562) 2.0639 0.0074 (0.3446) (0.5721) 1.2592 0.2412 (0.3156) 0.7022 (0.8061) 3.0288 (0.1904) (0.6448) 0.4618 (0.1708) (0.2412) 0.4624 0.7870 (0.2410) (0.4006) (0.0361) 0.6872 (0.3004) (0.1435) 0.0674 (0.6951) 2.8354 (0.6436) 1.4042 1.0607 (0.0770) (0.5815) 404 405 406 407 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 KSH KSS KSS KSS KSS KTB KTB KTB KTB L10 L10 L10 L10 LAF LAF LAF LAF LBM LBM LBM LBM LCG LCG LCG LCG LGC LGC LGC LGC LGL LGL LGL LGL LHG LHG LHG LHG 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.0149 1.8000 (0.7643) 0.0758 1.5000 (0.2840) (0.6034) 0.6639 0.1111 (0.7409) 0.3158 1.5714 0.5397 (0.2577) (0.7292) 0.1594 (0.2750) (0.3879) 0.3521 1.7258 (0.3225) (0.6332) (0.0595) 0.5625 (0.0831) (0.1477) (0.5669) 1.4500 (0.1673) (0.6716) (0.4627) 2.3600 (0.5625) (0.0476) 1.13 1.23 1.28 0.95 1.13 1.23 1.28 0.95 1.13 1.21 1.77 1.2 0.76 0.96 1.89 0.76 0.56 1.23 1.28 0.95 1.13 1.45 1.57 1.24 0.85 1.38 1.04 0.9 0.68 1.45 1.57 1.24 0.85 1.45 1.57 1.24 0.85 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.1708 0.6951 (0.0854) (0.2497) 0.1708 0.6951 (0.0854) (0.2497) 0.1708 0.6850 (0.1587) (0.3433) 0.1515 0.5590 (0.1767) (0.1786) 0.1411 0.6951 (0.0854) (0.2497) 0.1708 0.8061 (0.1288) (0.3583) 0.1562 0.7708 (0.0495) (0.2310) 0.1474 0.8061 (0.1288) (0.3583) 0.1562 0.8061 (0.1288) (0.3583) 0.1562 (0.1559) (0.6951) 1.8854 (0.5146) (0.0950) (0.6951) 1.5854 (0.0343) (0.7741) (0.0212) 0.2698 (0.3976) 0.1643 1.0125 0.7163 (0.0791) (0.8703) (0.5357) (0.1896) (0.1382) 0.1813 0.9198 (0.1937) (0.2749) (0.2157) (0.2083) (0.0335) 0.0834 (0.7143) 0.6439 (0.0385) (0.3132) (0.6189) (0.8061) 2.4888 (0.2042) (0.2038) 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 472 473 474 475 476 477 LIX LIX LIX LIX LSS LSS LSS LSS MCG MCG MCG MCG MCP MCP MCP MCP MDG MDG MDG MDG MHC MHC MHC MHC MTG MTG MTG MTG NAV NAV NAV NAV NBB NBB NBB NBB NHS 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 1.4700 (0.0081) (0.5102) 0.2083 1.6639 (0.1546) (0.2425) (0.2167) 0.5800 (0.5633) (0.4493) 0.4889 (0.2687) 0.3878 (0.0735) (0.4600) (0.2593) 0.4412 (0.1837) (0.7125) 0.2174 (0.0800) (0.6848) 0.0690 0.4845 (0.0833) (0.4470) (0.0411) 0.8444 1.6506 (0.4443) (0.4703) - 0.95 0.85 0.9 0.6 0.96 1.89 0.76 0.56 1.21 1.77 1.2 0.76 1.02 1.4 1.36 0.9 1.21 1.77 1.2 0.76 0.92 1.03 0.8 1.37 1.38 1.04 0.9 0.68 1.09 1.01 0.9 0.82 1.45 1.57 1.24 0.85 0.96 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.5539 (0.0211) (0.2310) 0.1432 0.5590 (0.1767) (0.1786) 0.1411 0.6850 (0.1587) (0.3433) 0.1515 0.5892 (0.1034) (0.4033) 0.1588 0.6850 (0.1587) (0.3433) 0.1515 0.5388 (0.0480) (0.1936) 0.1833 0.7708 (0.0495) (0.2310) 0.1474 0.6245 (0.0451) (0.2310) 0.1547 0.8061 (0.1288) (0.3583) 0.1562 0.5590 0.9161 0.0130 (0.2792) 0.0651 1.1049 0.0221 (0.0640) (0.3579) (0.6850) 0.7387 (0.2199) (0.6008) (0.1003) (0.1653) 0.7910 (0.2323) (0.6850) 0.1587 (0.1167) (0.4108) (0.0976) (0.1356) (0.5189) 0.0341 (0.7708) (0.0305) (0.4538) (0.0784) (0.1400) (0.0383) (0.2160) (0.1957) 0.0384 1.7794 (0.0860) (0.6266) (0.5590) 478 479 480 481 482 483 484 485 486 487 488 489 490 491 492 493 494 495 496 497 498 499 500 501 502 503 504 505 506 507 508 509 510 511 512 513 514 NHS NHS NHS NHW NHW NHW NHW NKG NKG NKG NKG NNC NNC NNC NNC NSC NSC NSC NSC NTL NTL NTL NTL NVN NVN NVN NVN NVT NVT NVT NVT OPC OPC OPC OPC PAC PAC 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) 0.7800 (0.1404) (0.0850) 0.5900 (0.1761) (0.2901) 0.3700 (0.2993) 3.1000 (0.2610) 0.1815 1.3459 (0.0673) 0.2062 0.2963 1.4150 (0.0986) (0.6031) 0.2756 1.1000 (0.5524) (0.5213) 0.3900 (0.8633) 1.7895 1.0847 (0.3144) 0.0593 0.4179 1.7304 (0.1921) 1.89 0.76 0.56 1.38 1.04 0.9 0.68 1.21 1.77 1.2 0.76 1.09 1.01 0.9 0.82 0.95 0.85 0.9 0.6 1.45 1.57 1.24 0.85 1.45 1.57 1.24 0.85 1.45 1.57 1.24 0.85 0.95 0.56 0.52 0.81 0.95 0.85 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 (0.1767) (0.1786) 0.1411 0.7708 (0.0495) (0.2310) 0.1474 0.6850 (0.1587) (0.3433) 0.1515 0.6245 (0.0451) (0.2310) 0.1547 0.5539 (0.0211) (0.2310) 0.1432 0.8061 (0.1288) (0.3583) 0.1562 0.8061 (0.1288) (0.3583) 0.1562 0.8061 (0.1288) (0.3583) 0.1562 0.5539 0.0222 (0.0887) 0.1541 0.5539 (0.0211) 0.9567 0.0381 (0.2261) (0.7708) 0.6395 0.0549 (0.4374) (0.6850) 0.1587 0.7133 (0.4508) (0.6245) 3.1451 (0.0300) 0.0269 0.7919 (0.0462) 0.4372 0.1531 0.6089 0.0302 (0.2448) 0.1194 (0.8061) 1.2288 (0.1941) (0.6775) (0.8061) 0.5188 (0.5050) 1.6333 0.5308 (0.3366) 0.1480 0.2638 1.1765 (0.1710) 515 516 517 518 519 520 521 522 523 524 525 526 527 528 529 530 531 532 533 534 535 536 537 538 539 540 541 542 543 544 545 546 547 548 549 550 551 PAC PAC PAN PAN PAN PAN PDR PDR PDR PDR PET PET PET PET PGC PGC PGC PGC PGD PGD PGD PGD PHR PHR PHR PHR PIT PIT PIT PIT PJT PJT PJT PJT PNC PNC PNC 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) (0.6622) (0.0132) 0.7900 (0.2682) 0.5267 2.4000 (0.4471) (0.0691) 0.6197 (0.2522) (0.3023) 0.0417 0.4300 (0.2867) (0.5588) 1.1556 2.6000 (0.1667) (0.0467) 2.9100 (0.0026) (0.3282) 0.0725 0.1687 0.0825 (0.3429) (0.1014) 0.1683 (0.2458) (0.3933) 0.4630 0.3385 (0.0690) (0.5926) 0.9 0.6 0.6 1.07 0.75 0.62 1.45 1.57 1.24 0.85 1.55 1.69 1.63 1.13 0.88 0.84 0.79 0.51 0.88 0.84 0.79 0.51 1.13 1.25 0.67 0.85 1.07 1.45 1.05 0.77 0.92 1.03 0.8 1.37 1.38 1.43 2.01 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 (0.2310) 0.1432 0.3774 (0.0540) (0.1748) 0.1442 0.8061 (0.1288) (0.3583) 0.1562 0.8565 (0.1467) (0.5044) 0.1708 0.5186 (0.0196) (0.1898) 0.1385 0.5186 (0.0196) (0.1898) 0.1385 0.6447 (0.0809) (0.1449) 0.1562 0.6144 (0.1109) (0.2872) 0.1521 0.5388 (0.0480) (0.1936) 0.1833 0.7708 (0.1079) (0.6467) (0.4312) (0.1564) (0.3774) 0.8440 (0.0933) 0.3825 (0.8061) 2.5288 (0.0887) (0.2254) (0.2368) (0.1054) 0.2020 (0.1291) (0.0886) (0.2671) (0.3690) 1.0170 (0.5186) 2.6196 0.0232 (0.1852) 2.2653 0.0784 (0.1833) (0.0837) (0.4458) 0.1933 (0.0557) (0.2535) (0.3705) (0.1977) (0.1997) 0.2797 (0.4323) 0.0389 0.0541 552 553 554 555 556 557 558 559 560 561 562 563 564 565 566 567 568 569 570 571 572 573 574 575 576 577 578 579 580 581 582 583 584 585 586 587 588 PNC PNJ PNJ PNJ PNJ POM POM POM POM PPC PPC PPC PPC PPI PPI PPI PPI PTB PTB PTB PTB PTC PTC PTC PTC PVD PVD PVD PVD PVT PVT PVT PVT PXM PXM PXM PXM 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.1515 2.2200 (0.1025) 0.1280 0.0613 1.8600 (0.6783) 0.3913 0.0107 (0.3810) (0.4017) 0.7000 0.9700 (0.7817) (0.0233) 0.2000 0.0583 0.2927 0.3585 (0.7361) 1.0526 0.0580 (0.2148) (0.3736) 0.1295 0.0408 (0.3333) (0.6961) 0.3226 0.3500 (0.6667) (0.4667) 2.18 1.38 1.04 0.9 0.68 1.06 0.89 0.8 0.96 0.88 0.84 0.79 0.51 1.45 1.57 1.24 0.85 1.38 1.04 0.9 0.68 1.21 1.77 1.2 0.76 1.55 1.69 1.63 1.13 1.55 1.69 1.63 1.13 1.55 1.69 1.63 1.13 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.2254 0.7708 (0.0495) (0.2310) 0.1474 0.6094 (0.0271) (0.1936) 0.1619 0.5186 (0.0196) (0.1898) 0.1385 0.8061 (0.1288) (0.3583) 0.1562 0.7708 (0.0495) (0.2310) 0.1474 0.6850 (0.1587) (0.3433) 0.1515 0.8565 (0.1467) (0.5044) 0.1708 0.8565 (0.1467) (0.5044) 0.1708 0.8565 (0.1467) (0.5044) 0.1708 (0.0739) 1.4492 (0.0529) 0.3590 (0.0860) (0.6094) 1.8871 (0.4848) 0.2294 (0.5079) (0.3613) (0.2119) 0.5615 (0.8061) 1.0988 (0.4234) (0.1795) (0.7708) 0.0495 0.4310 (0.0890) (0.3924) 0.5172 (0.3928) 0.9011 (0.7985) (0.0681) 0.1308 (0.0413) (0.8157) (0.1866) (0.1917) 0.1518 (0.8565) 0.4967 (0.1623) (0.6374) 589 590 591 592 593 594 595 596 597 598 599 600 601 602 603 604 605 606 607 608 609 610 611 612 613 614 615 616 617 618 619 620 621 622 623 624 625 QCG QCG QCG QCG RAL RAL RAL RAL RDP RDP RDP RDP REE REE REE REE SAM SAM SAM SAM SAV SAV SAV SAV SBA SBA SBA SBA SBC SBC SBC SBC SBT SBT SBT SBT SC5 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 1.7100 (0.5055) (0.4552) 0.4592 (0.2483) (0.0140) 0.1934 0.7900 (0.1061) (0.4625) 0.4070 1.1263 (0.1238) (0.3616) 0.4690 1.0429 (0.3497) (0.5376) 0.7209 1.8601 (0.1296) (0.4354) (0.6517) (0.2000) (0.5250) 0.2368 2.5700 (0.6190) (0.1176) 0.3176 0.2054 (0.1037) 0.3223 2.0140 1.45 1.57 1.24 0.85 0.95 0.85 0.9 0.6 1.02 1.4 1.36 0.9 1.45 1.57 1.24 0.85 0.6 1.07 0.75 0.62 0.95 0.85 0.9 0.6 1.38 1.04 0.9 0.68 0.92 1.03 0.8 1.37 0.96 1.89 0.76 0.56 1.38 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.8061 (0.1288) (0.3583) 0.1562 0.5539 (0.0211) (0.2310) 0.1432 0.5892 (0.1034) (0.4033) 0.1588 0.8061 (0.1288) (0.3583) 0.1562 0.3774 (0.0540) (0.1748) 0.1442 0.5539 (0.0211) (0.2310) 0.1432 0.7708 (0.0495) (0.2310) 0.1474 0.5388 (0.0480) (0.1936) 0.1833 0.5590 (0.1767) (0.1786) 0.1411 0.7708 (0.8061) 1.8388 (0.1472) (0.6114) (0.0947) (0.2271) 0.2171 0.0502 0.2008 (0.0028) (0.0592) 0.2482 0.3203 0.0050 (0.0033) 0.3128 0.6654 (0.2956) (0.3628) 0.5767 1.3062 (0.1085) (0.2044) (0.7949) (0.7708) (0.1505) (0.2940) 0.0895 (0.5388) 2.6180 (0.4255) (0.3009) (0.2413) 0.3820 0.0749 0.1812 1.2432 626 627 628 629 630 631 632 633 634 635 636 637 638 639 640 641 642 643 644 645 646 647 648 649 650 651 652 653 654 655 656 657 658 659 660 661 662 SC5 SC5 SC5 SCD SCD SCD SCD SEC SEC SEC SEC SFC SFC SFC SFC SFI SFI SFI SFI SGT SGT SGT SGT SHI SHI SHI SHI SJD SJD SJD SJD SJS SJS SJS SJS SMA SMA 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.3225) (0.7466) 0.8784 0.6813 0.0409 (0.5714) (0.1667) 1.3400 (0.2521) 0.0857 1.2866 (0.2533) (0.0500) (0.1353) 1.8992 (0.4087) (0.4118) 0.4167 0.0682 (0.4809) (0.3689) (0.4156) 1.2100 (0.2986) (0.7032) 0.3043 0.3613 (0.1975) (0.2538) 0.4433 2.5874 (0.2313) (0.6293) (0.0439) 0.1300 1.04 0.9 0.68 0.96 1.89 0.76 0.56 0.88 0.84 0.79 0.51 1.38 1.04 0.9 0.68 0.92 1.03 0.8 1.37 0.6 1.07 0.75 0.62 0.95 0.85 0.9 0.6 0.88 0.84 0.79 0.51 1.38 1.04 0.9 0.68 1.38 1.04 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 (0.0495) (0.2310) 0.1474 0.5590 (0.1767) (0.1786) 0.1411 0.5186 (0.0196) (0.1898) 0.1385 0.7708 (0.0495) (0.2310) 0.1474 0.5388 (0.0480) (0.1936) 0.1833 0.3774 (0.0540) (0.1748) 0.1442 0.5539 (0.0211) (0.2310) 0.1432 0.5186 (0.0196) (0.1898) 0.1385 0.7708 (0.0495) (0.2310) 0.1474 0.7708 (0.0495) (0.2730) (0.5156) 0.7310 0.1223 0.2176 (0.3928) (0.3078) (0.5186) 1.3596 (0.0623) (0.0528) 0.5158 (0.2038) 0.1810 (0.2827) 1.3604 (0.3607) (0.2182) 0.2334 (0.3093) (0.4268) (0.1940) (0.5598) 0.6561 (0.2775) (0.4722) 0.1611 (0.1573) (0.1779) (0.0640) 0.3048 1.8167 (0.1817) (0.3983) (0.1912) (0.7708) 0.1795 663 664 665 666 667 668 669 670 671 672 673 674 675 676 677 678 679 680 681 682 683 684 685 686 687 688 689 690 691 692 693 694 695 696 697 698 699 SMA SMA SMC SMC SMC SMC SPM SPM SPM SPM SRC SRC SRC SRC SRF SRF SRF SRF STG STG STG STG SVC SVC SVC SVC SVI SVI SVI SVI SZL SZL SZL SZL TAC TAC TAC 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) (0.6549) (0.0256) 1.0000 (0.2161) (0.5892) 0.6447 4.7500 (0.1739) (0.3284) 3.2300 (0.3806) (0.7672) 1.3443 2.0400 (0.0132) (0.3500) 0.3026 1.5500 (0.3725) 0.0875 1.5000 (0.3000) (0.2229) 1.4900 0.4567 (0.4378) (0.4375) 0.0427 0.0339 0.0984 (0.2015) 0.9 0.68 1.06 0.89 0.8 0.96 1.38 1.04 0.9 0.68 1.13 1.25 0.67 0.85 1.38 1.04 0.9 0.68 1.38 1.04 0.9 0.68 1.07 1.45 1.05 0.77 1.02 1.4 1.36 0.9 1.45 1.57 1.24 0.85 0.96 1.89 0.76 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 (0.2310) 0.1474 0.6094 (0.0271) (0.1936) 0.1619 0.7708 (0.0495) (0.2310) 0.1474 0.6447 (0.0809) (0.1449) 0.1562 0.7708 (0.0495) (0.2310) 0.1474 0.7708 (0.0495) (0.2310) 0.1474 0.6144 (0.1109) (0.2872) 0.1521 0.5892 (0.1034) (0.4033) 0.1588 0.8061 (0.1288) (0.3583) 0.1562 0.5590 (0.1767) (0.1786) (0.4239) (0.1730) 0.3906 (0.1890) (0.3956) 0.4828 (0.7708) 4.7995 0.0571 (0.4758) 2.5853 (0.2997) (0.6223) 1.1881 1.2692 0.0364 (0.1190) 0.1552 (0.7708) 1.5995 (0.1415) (0.0599) (0.6144) 1.6109 (0.0128) (0.3749) (0.5892) 0.1034 0.4033 1.3312 (0.3494) (0.3090) (0.0792) (0.1135) (0.5251) 0.2750 (0.0229) 700 701 702 703 704 705 706 707 708 709 710 711 712 713 714 715 716 717 718 719 720 721 722 723 724 725 726 727 728 729 730 731 732 733 734 735 736 TAC TBC TBC TBC TBC TCL TCL TCL TCL TCM TCM TCM TCM TCR TCR TCR TCR TDC TDC TDC TDC TDH TDH TDH TDH TDW TDW TDW TDW TIC TIC TIC TIC TIE TIE TIE TIE 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.9065 0.5000 (0.3333) 0.1900 2.7100 (0.1725) (0.4593) (0.0904) 1.3333 0.3429 (0.6426) (0.3095) 0.1800 0.1186 (0.3333) 0.2100 (0.3223) 0.0610 2.5079 (0.4851) (0.6696) 0.0614 (0.0100) (0.1010) (0.1461) 1.2632 0.0400 (0.1058) 0.0753 0.9400 (0.0309) (0.6277) 0.5714 0.56 0.88 0.84 0.79 0.51 0.92 1.03 0.8 1.37 0.95 0.85 0.9 0.6 1.38 1.04 0.9 0.68 1.21 1.77 1.2 0.76 1.45 1.57 1.24 0.85 1.38 1.04 0.9 0.68 1.38 1.04 0.9 0.68 1.38 1.04 0.9 0.68 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.1411 0.5186 (0.0196) (0.1898) 0.1385 0.5388 (0.0480) (0.1936) 0.1833 0.5539 (0.0211) (0.2310) 0.1432 0.7708 (0.0495) (0.2310) 0.1474 0.6850 (0.1587) (0.3433) 0.1515 0.8061 (0.1288) (0.3583) 0.1562 0.7708 (0.0495) (0.2310) 0.1474 0.7708 (0.0495) (0.2310) 0.1474 0.7708 (0.0495) (0.2310) 0.1474 0.7654 (0.5186) 0.5196 (0.1435) 0.0515 2.1712 (0.1245) (0.2657) (0.2736) 0.7794 0.3640 (0.4115) (0.4527) (0.5908) 0.1682 (0.1023) (0.1474) (0.6850) 0.3687 0.0210 (0.0906) 1.7018 (0.3563) (0.3112) (0.0948) (0.7808) (0.0515) 0.0849 1.1158 (0.7708) 0.0895 0.1252 (0.0721) 0.1692 0.0186 (0.3967) 0.4241 737 738 739 740 741 742 743 744 745 746 747 748 749 750 751 752 753 754 755 756 757 758 759 760 761 762 763 764 765 766 767 768 769 770 771 772 773 TIX TIX TIX TIX TLG TLG TLG TLG TLH TLH TLH TLH TMP TMP TMP TMP TMS TMS TMS TMS TMT TMT TMT TMT TNA TNA TNA TNA TRA TRA TRA TRA TV1 TV1 TV1 TV1 UDC 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 2.0300 (0.2706) (0.2172) 0.0983 1.5100 (0.5020) 0.4800 0.1600 (0.6466) 0.2439 0.0200 (0.2255) 0.4557 0.1934 0.1304 (0.0944) (0.0656) 0.6200 (0.5741) (0.3188) 0.9340 0.3805 (0.2933) (0.2400) 0.8869 0.0251 (0.3189) 1.4100 (0.2100) (0.4177) 0.6304 - 1.45 1.57 1.24 0.85 0.95 0.85 0.9 0.6 1.06 0.89 0.8 0.96 0.88 0.84 0.79 0.51 0.92 1.03 0.8 1.37 1.38 1.04 0.9 0.68 1.38 1.04 0.9 0.68 1.38 1.04 0.9 0.68 1.04 1.13 0.64 0.57 1.45 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.8061 (0.1288) (0.3583) 0.1562 0.5539 (0.0211) (0.2310) 0.1432 0.6094 (0.0271) (0.1936) 0.1619 0.5186 (0.0196) (0.1898) 0.1385 0.5388 (0.0480) (0.1936) 0.1833 0.7708 (0.0495) (0.2310) 0.1474 0.7708 (0.0495) (0.2310) 0.1474 0.7708 (0.0495) (0.2310) 0.1474 0.5993 (0.0630) (0.1337) 0.1416 0.8061 1.2239 (0.1418) 0.1411 (0.0579) (0.5539) 1.5311 (0.2710) 0.3368 (0.6094) 0.1871 (0.4530) 0.0820 (0.5186) 0.0396 (0.0357) 0.3172 (0.3454) 0.1785 0.0992 (0.2489) (0.7708) 0.6695 (0.3431) (0.4662) 0.1632 0.4300 (0.0623) (0.3874) 0.1161 0.0747 (0.0879) 1.2626 (0.5993) (0.1470) (0.2841) 0.4888 (0.8061) 774 775 776 777 778 779 780 781 782 783 784 785 786 787 788 789 790 791 792 793 794 795 796 797 798 799 800 801 802 803 804 805 806 807 808 UDC UDC UDC VES VES VES VES VHG VHG VHG VHG VRC VRC VRC VRC VSI VSI VSI VSI ST8 ST8 ST8 ST8 VST VST VST VST VTF VTF VTF VTF VTO VTO VTO VTO 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.5791 (0.0436) (0.2685) 0.1640 0.4700 (0.7415) 0.4100 (0.9007) (0.5000) 0.9385 0.2778 (0.7578) (0.1282) 1.2700 (0.6167) (0.3908) 0.7500 (0.7486) 0.7500 1.0204 (0.2256) (0.5087) 0.0885 0.6000 (0.2625) (0.6610) (0.4000) 0.3000 0.3308 0.2139 0.2381 (0.3154) (0.5169) 0.0698 1.57 1.24 0.85 1.06 0.89 0.8 0.96 1.38 1.04 0.9 0.68 1.45 1.57 1.24 0.85 1.21 1.77 1.2 0.76 0.6 1.07 0.75 0.62 0.92 1.03 0.8 1.37 1.04 1.13 0.64 0.57 0.92 1.03 0.8 1.37 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 0.0749 0.1060 0.1060 0.1120 (0.1288) (0.3583) 0.1562 0.6094 (0.0271) (0.1936) 0.1619 0.7708 (0.0495) (0.2310) 0.1474 0.8061 (0.1288) (0.3583) 0.1562 0.6850 (0.1587) (0.3433) 0.1515 0.3774 (0.0540) (0.1748) 0.1442 0.5388 (0.0480) (0.1936) 0.1833 0.5993 (0.0630) (0.1337) 0.1416 0.5388 (0.0480) (0.1936) 0.1833 0.5988 (0.3832) (0.1562) (0.6094) 0.4371 (0.7071) (0.6619) 0.1677 0.3273 (0.5268) (0.2756) (0.8061) 1.3988 (0.2584) (0.5470) (0.6850) 0.9087 (0.4052) 0.5985 0.6430 (0.1716) (0.3339) (0.0558) 0.0612 (0.2145) (0.4675) (0.5833) (0.5993) 0.3630 0.4644 0.0722 (0.3007) (0.2673) (0.3233) (0.1135) ... (2011) tiền mặt, quản trị vốn nắm giữ, vốn luân chuyển ròng luân chuyển đến giá trị tăng giá trị công ty thấp công ty đồng Ảnh hưởng nắm giữ mặt, quản trị vốn luân chuyển giá trị công ty chịu tác... giá trị công ty chuyển làm giảm giá trị công ty Ảnh hưởng quản trị Nhà quản trị muốn tăng giá trị công vốn luân chuyển đến khả ty phải giảm chu kỳ chuyển đổi sinh lợi công ty tiền mặt thấp Ảnh hưởng. .. rịng đến giá trị cơng ty Việt Nam cụ thể đồng tăng thêm tiền mặt vốn luân chuyển mang lại cho công ty giá trị bao nhiêu? Thứ hai, ảnh hưởng việc nắm giữ tiền mặt, quản trị vốn luân chuyển đến giá