Tác động của quản trị vốn lưu động đến dòng tiền hoạt động kinh doanh của các doanh nghiệp niêm yết tại việt nam

TRƯỜNG ĐẠI HỌC NGÂN HÀNG TP HỒ CHÍ MINH TRẦN VŨ VIẾT TRƯỜNG TÁC ĐỘNG CỦA QUẢN TRỊ VỐN LƯU ĐỘNG ĐẾN DÕNG TIỀN HOẠT ĐỘNG KINH DOANH CỦA CÁC DOANH NGHIỆP NIÊM YẾT TẠI VIỆT NAM KHÓA LUẬN TỐT NGHIỆP ĐẠI HỌC Chuyên ngành: Tài - Ngân hàng Mã số: 7.34.02.01 Người hướng dẫn khoa học: TS LÊ HỒNG VINH TP Hồ Chí Minh - Năm 2020 i ABSTRACT Reason to choose a topic Cash flow is one of the business finance issues that is of great interest to entities, because cash flows provide more useful information for both internal and external entities ( Le Hoang Vinh, 2016) Through the cash flow approach, entities are able to identify the ability to generate cash, investment trends as well as the need to mobilize external funding, and thereby assess financial aspects of the enterprises such as the situation of using money and money sources, the ability to repay principal and interest to creditors by generating from business activities, the ability to divide interest by money generated from business activities to owners, financial autonomy and other financial issues ” According to the general theory of enterprises financial analysis and management, the effective working capital management of an enterprise is shown by shortening the working capital cycle - the money cycle in business bring various benefits to the enterprise, namely, the improvement of capital profit efficiency, the increase of net cash flow from operating activities and the saving of capital use costs General research objectives Access to information from financial statements and other relevant documents of non-financial enterprises listed on Ho Chi Minh City Stock Exchange (HOSE) and Ha Noi Stock Exchange (HNX) in the period of 20162019, thereby identifying the impact of working capital management on business operating cash flow of enterprises; The research results provide a useful suggestion to increase business cash flow for non-financial enterprises in Vietnam Research questions • What is the impact of working capital management on business cash flow of enterprises? ii • What enterprises need to when working capital management aims to increase operating cash flow? Research subjects The research focuses on the impact of working capital management on cash flow of business activities of non-financial enterprises in Vietnam Scope of research The research of the impact of working capital management on cash flow of business activities of enterprises over a period of years, from 2014 to 2019 Research methods To accomplish the research objectives as well as answer the research questions mentioned above, the topic mainly uses the following research methods: Firstly, Descriptive Statistics is used to study working capital management situation as measured by working capital cycle and research the current cash flow situation of enterprises through combining all observations of research sample Secondly, Correlation analysis is used to determine the strong or weak correlation, the same or opposite direction among the variables in the research model of the impact of working capital management on operating cash flow of enterprises Thirdly, Regression analysis of table data to identify the impact of working capital management on the operating cash flow of non-financial enterprises listed in Vietnam, using the pooled OLS model, the model fixed effect factors (FEM) and models of random effects (REM) After testing the violations of the regression model, if there is a serious multicollinearity phenomenon, the Pooled OLS estimation method is not used and vice versa, if self-correlation or variance occurs If the error changes, the final regression result will be determined by the general least squares method (GLS); otherwise, the final regression result will be determined according to Pooled OLS, or FEM, or REM according to the test result selected above Research content iii With data from 422 enterprises in the period of 2014 - 2019, the topic uses descriptive statistical methods, correlation analysis and multivariate regression analysis with table data, summarizing the following issues: First, working capital management has the same directional impact on the operating flow of business, explained on the basis of the inverse relationship between the working capital cycle and the ratio of operating cash flow to total assets Thus, enterprises need to find appropriate measures to shorten the working capital cycle in the production and business process, show better working capital management efficiency, contribute to increase the efficiency of capital savings mobilization and lead to an increase in business cash flow, demonstrating the ability to generate cash from better business activities and contribute to ensuring solvency, proceeding to increase enterprise value Secondly, inventory turnover time are inversely related to the ratio of net cash flow from operating activities to total assets, implies that inventory management is in the same direction as the ability to generate cash through operating cash flow Thus, the enterprises effectively manage inventories by shortening the period of inventory rotation, which will contribute to shortening the working capital cycle in production and business, thereby increasing the efficiency of working capital savings and increase cash flow of business activities Thirdly, the time for collecting sales proceeds has the opposite impact on the operating cash flow shown by the inverse relationship between the time of collecting money from sales and the ratio of operating cash flow to total assets, The implication is that the receivables management is inversely related to the ability to generate cash expressed through operating cash flow Thus, enterprises manage receivables more effectively as the shortening of time for collecting money from sales will contribute to shortening the working capital cycle in production and business, thereby increasing the efficiency of savings working capital and increasing operating cash flow Fourthly, the time to pay for goods has the opposite impact on the operating cash flow shown by the inverse relationship between the time paid for iv purchases and the ratio of net operating cash flow to total assets, implying that the enterprises manage payables in the direction of making payments sooner to suppliers will contribute to the increase of business cash flow, which may be due to the fact that businesses can reduce money spent on buying goods through increasing the payment discount is enjoyed, purchased at a lower price by increasing the credit position, reputation in the relationship with suppliers Fifth, the topic also found that the size of the business has an opposite impact on the operating cash flow and the growth ability has a inverse impact on the operating cash flow Enterprises should control to maintain a reasonable scale, or may even have to cut down the scale of operations if they fall into the shortage of money due to scaling on a selling basis but encounter difficulties in recovering or failing to recover receivables, or overspending for inventories; At the same time, adjusting the size of the business will bring an opportunity to increase operating cash flow In addition, if enterprises can find opportunities and measures to create good growth, then the position of the business in the market is more appreciated and the business can increase sales and save operating costs, which can have a positive impact on operating cash flow Empirical research for non-financial enterprises in Vietnam by regression analysis of table data shows that working capital management has a positive impact on operating cash flow Enterprises should actively implement measures to shorten the working capital cycle in order to increase the efficiency of working capital savings, thereby increasing the net cash flow of business activities; In particular, enterprises need to focus primarily on measures to ensure effective management of receivables and payables In addition, the research results also show that the larger the size of the enterprise, the smaller the cash flow of business, suggesting that enterprises need to strictly control the scale, expanding the scale too quickly can cause a shortage of money due to spending a lot of money on inventory reserve or increasing selling on credit; and need to find ways to ensure the ability of business growth, according to the research results, the v greater the likelihood of growth, the greater the cash flow of business activities for enterprises i TÓM TẮT Đề tài nghiên cứu tác động quản trị vốn lưu động đo lường chu kỳ vốn lưu động đến dòng tiền hoạt động kinh doanh doanh nghiệp phi tài niêm yết Việt Nam Mẫu nghiên cứu 422 doanh nghiệp giai đoạn 20142019, liệu tiếp cận từ báo cáo tài kiểm tốn Phân tích hồi quy cho thấy quản trị vốn lưu động tác động chiều đến dòng tiền hoạt động kinh doanh thể qua mối quan hệ trái chiều chu kỳ vốn lưu động với tỷ lệ dòng tiền ròng hoạt động kinh doanh tổng tài sản; tiếp cận chi tiết thành phần chu kỳ vốn lưu động, đề tài cịn tìm thấy tác động ngược chiều thời gian luân chuyển tồn kho, thời gian thu tiền bán hàng thời gian trả tiền mua hàng đến dịng tiền hoạt động kinh doanh Ngồi ra, đề tài cịn tìm thấy tác động ngược chiều quy mơ doanh nghiệp đến dịng tiền hoạt động kinh doanh tác động chiều khả tăng trưởng đến dòng tiền hoạt động kinh doanh Dựa vào kết nghiên cứu, đề tài đưa gợi ý liên quan định quản trị khoản phải thu, quản trị khoản phải trả, quản trị tồn kho vấn đề khác nhằm gia tăng dòng tiền hoạt động kinh doanh ii ABSTRACT This thesis studies the impact of working capital management on operating cash flows of the non-financial firms listed in Vietnam Research data is collected from audited financial statements of 422 non-financial firms listed in Viet Nam, in the period of 2014-2019 Regression analysis shows that working capital management positively affects operating cash flows of the non-financial firms by using the negative relationship between cash cycle and net operating cash flow to total assets ratio; approach to three components of cash cycle, in which firms can reduce inventory days, receivable days and payable days This thesis also show that firm size negatively affects operating cash flows and growth ability positively affects operating cash flows Approach to research results, this thesis provides some recommendations related to receivable account management, payable account management, inventory management and other problems with expecting increasing operating cash flows iii LỜI CAM ĐOAN Tôi Trần Vũ Viết Trường, cam đoan đề tài “Tác động quản trị vốn lưu động đến dòng tiền hoạt động kinh doanh doanh nghiệp niêm yết Việt Nam" cơng trình nghiên cứu cá nhân tơi, hồn thành từ trình làm việc nghiêm túc hướng dẫn TS Lê Hoàng Vinh Kết nghiên cứu trung thực, không chép tài liệu chưa cơng bố tồn nội dung đâu Các số liệu, trích dẫn khóa luận thích nguồn gốc rõ ràng, minh bạch Tơi hồn tồn chịu trách nhiệm lời cam đoan TP HCM, ngày 20 tháng 04 năm 2020 Sinh viên Trần Vũ Viết Trường iv LỜI CẢM ƠN Đầu tiên, trân trọng cảm ơn Ban Giám hiệu Trường Đại học Ngân hàng TP HCM tổ chức tạo nhiều điều kiện thuận lợi cho có hội tham gia lớp cử nhân, chuyên ngành Tài - Ngân hàng niên khố 2016 - 2020 Trường; đồng thời chân thành cảm ơn đến tồn thể Q Thầy Cơ, người truyền đạt kiến thức cho suốt thời gian tham gia lớp học Tôi trân trọng gửi lời cảm ơn sâu sắc đến thầy hướng dẫn khoa học, TS Lê Hoàng Vinh hướng dẫn bảo tận tình lời động viên khích lệ thầy suốt thời gian thực khóa luận Sau cùng, tơi trân trọng gởi lời cảm ơn đến gia đình tơi, người thân bên cạnh động viên, hỗ trợ thường xuyên, cho tinh thần làm việc suốt q trình học tập hồn thành khóa luận Kính chúc sức khỏe thành cơng đến với tất người! Trần Vũ Viết Trường 94 231 231 232 232 232 232 232 232 233 233 233 233 233 233 234 234 234 234 234 234 235 235 235 235 235 235 236 236 236 236 236 236 237 237 237 237 237 237 238 238 238 238 238 238 239 239 239 239 239 239 240 240 240 240 240 240 241 241 241 241 241 241 242 242 242 242 242 242 243 243 243 243 243 243 244 244 244 244 244 244 245 2015 2018 2019 2015 2016 2014 2018 2017 2015 2016 2014 2019 2018 2017 2015 2016 2019 2014 2018 2017 2015 2016 2019 2018 2014 2017 2015 2019 2018 2016 2017 2014 2017 2018 2014 2016 2019 2015 2015 2014 2018 2016 2019 2017 2019 2018 2016 2017 2015 2014 2015 2014 2016 2019 2018 2017 2015 2014 2019 2018 2016 2017 2016 2019 2015 2017 2014 2018 2015 2016 2019 2014 2017 2018 2019 2016 2014 2017 2015 2018 2014 0.74 0.76 0.69 0.72 0.72 0.76 0.72 0.73 0.69 0.66 0.68 0.57 0.62 0.64 0.61 0.52 0.51 0.64 0.50 0.52 0.62 0.58 0.58 0.60 0.63 0.58 0.24 0.29 0.30 0.27 0.30 0.23 0.24 0.24 0.32 0.27 0.24 0.28 0.33 0.34 0.46 0.37 0.52 0.42 0.66 0.74 0.75 0.74 0.74 0.71 0.47 0.45 0.49 0.60 0.58 0.52 0.55 0.53 0.53 0.47 0.51 0.49 0.67 0.72 0.71 0.63 0.66 0.69 0.71 0.62 0.58 0.74 0.60 0.61 0.24 0.19 0.27 0.17 0.20 0.20 0.23 5.52 5.53 6.72 6.74 6.75 6.78 6.77 6.79 6.31 6.30 6.31 6.30 6.33 6.33 6.49 6.44 6.45 6.48 6.45 6.46 6.47 6.39 6.37 6.38 6.50 6.36 5.08 5.15 5.16 5.10 5.14 5.03 6.71 6.73 6.63 6.72 6.75 6.73 6.53 6.53 6.67 6.55 6.74 6.61 5.54 5.70 5.88 5.82 5.86 5.81 5.19 5.15 5.25 5.44 5.39 5.31 5.46 5.42 5.67 5.61 5.45 5.54 6.58 6.67 6.59 6.56 6.52 6.64 7.73 7.72 7.77 7.75 7.76 7.77 5.28 5.29 5.30 5.26 5.28 5.27 5.35 0.96 1.24 1.23 1.30 1.23 1.21 1.19 1.15 0.89 0.89 1.10 1.28 1.17 1.11 1.39 1.56 1.51 1.36 1.48 1.52 0.98 0.98 0.93 0.93 1.04 0.99 2.82 2.24 2.24 2.42 2.21 2.82 3.85 3.83 2.18 2.96 3.86 2.60 1.31 1.40 1.31 1.16 1.81 1.08 1.03 1.03 1.13 1.10 1.13 1.17 0.99 1.03 0.94 0.46 0.54 0.80 1.40 1.50 0.74 1.21 1.61 1.48 1.20 1.10 1.16 1.25 1.25 1.15 0.94 1.08 1.13 0.96 1.16 1.13 3.68 4.63 3.27 5.19 4.21 4.37 3.63 0.26 0.39 (0.10) (0.08) (0.07) 0.01 0.04 0.08 (0.15) (0.07) (0.03) (0.03) 0.10 0.24 (0.29) (0.05) (0.02) 0.08 0.20 0.44 (0.20) (0.17) (0.03) 0.08 0.08 0.23 (0.06) (0.05) 0.04 0.09 0.13 0.45 (0.14) (0.01) 0.01 0.02 0.03 0.20 (0.24) (0.15) (0.06) (0.04) 0.05 0.40 (0.40) (0.28) (0.23) (0.18) (0.12) 0.64 (0.22) (0.12) (0.10) (0.04) 0.14 0.28 0.01 0.05 0.08 0.11 0.19 0.27 (0.31) (0.04) 0.02 0.05 0.10 0.27 (0.29) (0.16) (0.01) 0.06 0.25 0.25 (0.09) (0.09) (0.08) (0.02) 0.14 0.20 0.02 237.99 160.83 50.80 52.90 45.56 55.72 48.89 44.53 40.63 37.33 29.20 34.78 33.21 32.47 (66.91) (43.31) (17.20) (39.91) (16.49) (27.72) (19.67) (5.77) (16.81) (15.85) (15.46) (1.07) 96.56 93.84 88.35 95.66 89.83 79.95 26.89 52.59 57.90 20.94 27.33 32.47 84.46 105.99 115.37 81.07 120.22 80.03 64.85 67.99 69.65 73.55 43.08 25.75 8.68 6.96 11.58 2.12 (0.57) 7.90 21.06 26.90 13.56 25.25 16.53 20.82 119.52 92.95 76.23 111.49 64.26 103.31 15.88 14.71 11.42 17.36 11.41 9.33 19.48 9.26 14.04 3.77 14.63 11.57 145.58 116.11 39.23 40.75 51.67 44.31 57.11 30.73 31.54 20.72 25.36 17.86 23.43 20.84 20.99 1.53 1.91 3.11 0.77 2.26 1.59 12.32 11.91 8.54 10.02 11.02 10.01 66.11 67.23 65.34 74.15 68.00 52.01 10.24 11.80 9.00 8.96 13.73 8.12 61.84 72.75 79.37 57.44 88.91 57.19 36.97 42.44 49.72 51.34 32.91 20.77 3.99 2.67 6.10 3.64 3.22 4.27 18.67 16.35 19.53 19.22 16.22 14.78 74.49 71.53 61.96 63.75 58.67 61.99 23.87 26.85 22.66 22.93 27.36 23.42 10.54 8.63 14.61 1.84 12.25 7.50 121.72 159.83 168.53 59.32 44.67 54.03 40.58 66.15 64.93 37.11 40.59 33.95 38.05 35.25 36.72 55.34 37.20 33.25 55.97 29.19 29.40 48.04 44.13 32.89 34.18 42.03 35.64 36.28 33.60 29.99 30.31 29.79 32.17 57.50 59.92 61.45 51.89 55.20 60.12 31.56 38.45 59.53 40.83 57.57 41.19 34.91 31.10 25.65 28.01 17.27 12.48 10.82 9.20 13.05 13.47 12.74 12.23 29.29 28.13 12.71 19.45 24.94 22.15 85.21 101.12 54.47 98.35 53.27 96.37 21.86 20.44 15.06 19.68 16.84 14.01 10.54 3.31 5.73 4.19 5.64 5.80 37.98 37.95 46.93 49.27 43.43 52.78 41.97 47.99 51.94 17.21 28.63 22.61 26.71 22.88 25.24 123.77 82.42 53.56 96.64 47.94 58.71 80.03 61.81 58.24 60.05 68.51 46.72 5.84 7.00 6.98 8.80 7.95 4.23 40.85 19.12 12.56 39.91 41.60 35.77 8.94 5.21 23.53 17.20 26.26 18.35 7.03 5.55 5.72 5.80 7.11 7.51 6.13 4.91 7.57 14.99 16.53 8.60 26.90 17.58 18.68 13.42 24.64 16.11 40.18 79.70 40.19 50.61 47.67 55.05 29.85 32.58 26.29 25.25 32.79 28.10 1.60 2.68 6.30 2.27 3.27 1.73 14.11 (0.02) 0.00 0.03 0.04 0.02 0.04 0.02 0.00 0.09 0.05 (0.04) 0.07 0.01 0.04 (0.07) 0.09 0.07 0.15 (0.00) 0.07 0.02 0.02 (0.07) 0.09 0.07 0.02 0.06 0.08 0.06 0.06 0.06 0.03 0.32 0.36 0.32 0.36 0.35 0.43 0.20 0.05 0.30 0.23 0.39 0.07 0.07 0.09 (0.00) 0.04 (0.04) (0.01) 0.04 0.03 0.05 0.03 0.05 0.06 0.16 0.10 0.13 0.12 0.10 0.09 0.13 0.13 (0.04) (0.01) 0.09 (0.02) 0.04 0.04 0.04 0.04 0.01 0.02 0.02 0.05 (0.01) (0.01) 0.02 (0.02) 0.15 95 245 245 245 245 245 246 246 246 246 246 246 247 247 247 247 247 247 248 248 248 248 248 248 249 249 249 249 249 249 250 250 250 250 250 250 251 251 251 251 251 251 252 252 252 252 252 252 253 253 253 253 253 253 254 254 254 254 254 254 255 255 255 255 255 255 256 256 256 256 256 256 257 257 257 257 257 257 258 258 258 258 2019 2017 2018 2015 2016 2014 2018 2017 2019 2015 2016 2016 2015 2017 2014 2018 2019 2019 2014 2017 2018 2016 2015 2015 2014 2016 2019 2017 2018 2019 2015 2016 2014 2018 2017 2019 2016 2018 2014 2017 2015 2016 2015 2017 2014 2018 2019 2015 2018 2014 2017 2019 2016 2015 2016 2014 2019 2017 2018 2018 2015 2016 2017 2019 2014 2015 2016 2014 2019 2017 2018 2018 2015 2014 2019 2016 2017 2019 2016 2014 2015 0.14 0.19 0.17 0.22 0.20 0.28 0.17 0.18 0.16 0.21 0.19 0.42 0.37 0.47 0.34 0.53 0.55 0.64 0.77 0.88 0.81 0.81 0.79 0.55 0.53 0.57 0.45 0.45 0.39 0.68 0.71 0.64 0.72 0.62 0.59 0.86 0.75 0.84 0.58 0.78 0.72 0.50 0.49 0.41 0.52 0.23 0.18 0.56 0.45 0.65 0.48 0.36 0.49 0.25 0.35 0.41 0.42 0.45 0.46 0.55 0.54 0.57 0.56 0.55 0.52 0.46 0.48 0.46 0.55 0.51 0.53 0.87 0.91 0.93 0.84 0.90 0.89 0.47 0.36 0.47 0.41 5.57 5.50 5.54 5.39 5.45 6.05 6.31 6.25 6.35 6.10 6.18 5.43 5.32 5.49 5.26 5.52 5.53 5.65 5.56 5.72 5.67 5.70 5.62 6.46 6.46 6.52 6.88 6.61 6.74 7.05 6.92 6.85 6.93 6.97 6.87 6.37 6.09 6.32 5.85 6.16 6.04 7.03 7.05 6.96 7.06 6.86 6.85 5.07 5.19 5.06 5.15 5.20 5.10 5.15 5.23 5.22 5.33 5.32 5.33 4.81 4.79 4.84 4.84 4.80 4.75 5.33 5.36 5.32 5.45 5.39 5.42 6.37 6.39 6.47 6.31 6.40 6.41 5.47 5.40 5.49 5.44 5.94 4.31 4.91 3.89 4.14 3.11 5.34 5.18 4.57 4.16 4.58 1.61 2.32 1.07 2.24 0.99 1.00 1.28 1.13 0.72 0.85 0.81 1.00 1.37 1.26 1.49 1.90 1.99 2.23 1.04 1.00 1.05 1.01 1.12 1.17 1.16 1.50 1.34 1.98 1.56 1.48 4.21 4.73 3.12 4.96 2.60 3.11 1.49 1.11 1.90 0.98 1.52 1.10 2.73 1.98 1.81 1.11 1.30 1.04 0.91 1.05 0.91 0.84 0.83 0.96 0.56 0.57 0.60 0.50 0.50 0.49 1.14 1.10 1.07 1.18 1.10 1.11 1.91 2.24 1.75 1.94 0.02 0.04 0.06 0.07 0.07 (0.03) 0.03 0.08 0.10 0.14 0.15 (0.15) 0.01 0.03 0.16 0.17 0.21 (0.04) 0.00 0.12 0.17 0.26 0.29 (0.16) 0.03 0.11 0.17 0.28 0.33 (0.09) (0.09) (0.05) 0.09 0.18 0.22 (0.28) (0.22) (0.05) 0.09 0.36 1.81 (0.22) 0.02 0.04 0.14 0.14 0.15 (0.08) (0.05) 0.07 0.09 0.21 0.22 (0.30) (0.25) (0.15) (0.01) 0.24 0.29 (0.19) (0.18) (0.10) (0.04) 0.05 0.49 (0.21) (0.03) (0.01) 0.06 0.08 0.17 (0.13) (0.10) 0.01 0.02 0.04 0.10 (0.19) (0.19) (0.15) (0.05) 143.37 136.47 139.36 125.47 124.83 312.40 268.29 222.49 267.76 233.07 196.49 44.44 45.15 43.03 45.30 44.91 36.81 72.43 182.49 93.57 69.59 140.60 174.79 99.25 57.72 115.91 151.70 115.31 122.61 164.21 170.58 151.13 147.45 137.20 134.49 174.98 169.41 179.12 232.26 147.60 134.81 164.70 115.53 152.17 108.98 104.03 92.88 44.09 72.61 31.28 46.34 92.24 56.90 18.49 25.99 13.85 9.48 13.02 6.26 37.89 22.44 25.68 25.27 39.29 15.99 1.42 5.85 1.81 7.71 (1.01) (0.38) 61.87 70.08 77.73 65.65 51.53 45.01 13.01 2.68 17.68 9.35 114.50 118.14 116.44 98.73 100.93 218.61 176.24 150.76 170.64 170.57 133.20 31.40 24.00 30.35 20.61 25.82 19.21 198.58 297.88 204.08 191.57 221.85 253.83 104.82 59.77 125.16 159.51 123.92 127.77 84.69 113.36 79.21 98.77 66.44 62.85 93.99 94.82 66.66 105.43 56.21 65.60 40.01 36.67 36.64 42.36 23.77 23.29 70.02 100.38 61.58 75.53 110.51 69.14 7.13 16.31 6.33 4.03 12.93 6.52 9.12 9.51 9.05 7.31 10.37 7.50 2.30 6.65 3.17 3.47 7.20 3.14 34.12 55.11 69.60 45.06 42.30 28.62 19.08 6.51 17.70 13.46 41.22 36.89 33.27 37.75 38.13 127.61 131.24 107.40 131.20 111.23 101.13 32.24 28.91 32.70 30.17 34.32 35.29 25.30 43.82 29.70 21.02 39.34 42.15 2.78 2.90 2.31 3.02 2.42 2.96 96.23 74.06 84.62 62.49 81.56 81.93 214.98 142.52 199.18 169.72 157.55 104.62 148.37 101.88 143.95 85.45 116.92 101.49 54.08 40.63 33.48 48.55 28.57 54.54 12.46 16.30 10.89 11.24 13.65 10.48 59.38 49.38 55.65 48.49 56.24 30.55 20.09 19.25 21.24 18.54 21.16 20.39 59.38 43.61 40.29 53.67 44.64 49.65 15.88 8.31 9.87 8.02 12.36 18.56 10.34 11.01 14.22 33.83 39.19 35.66 34.09 48.73 37.84 19.21 7.76 20.03 5.48 15.22 17.69 151.44 159.21 140.20 143.00 120.60 121.19 8.36 4.94 11.56 10.83 11.02 8.12 16.70 16.84 12.69 13.81 10.79 10.28 133.98 67.93 86.72 42.89 66.15 35.41 23.69 23.02 28.42 18.83 36.65 31.90 80.01 68.41 63.78 77.73 46.84 66.78 1.10 6.62 3.37 5.79 13.56 10.74 30.61 36.46 39.02 30.53 27.32 22.06 20.97 20.05 22.60 14.31 29.37 23.91 31.62 28.64 32.16 33.08 35.41 33.25 21.94 12.14 9.89 12.12 0.05 0.12 0.11 0.15 0.09 0.12 0.04 0.14 0.20 0.27 0.14 (0.05) 0.03 0.00 (0.02) (0.03) 0.07 0.08 0.03 0.03 (0.00) 0.08 (0.10) 0.01 (0.04) (0.00) (0.04) 0.01 (0.02) (0.06) 0.20 0.08 (0.17) (0.02) 0.02 0.10 0.27 0.40 (0.11) (0.11) (0.13) (0.04) 0.27 (0.06) 0.04 0.11 0.03 0.05 0.06 0.08 0.07 0.14 0.07 (0.00) 0.02 0.02 0.00 0.03 0.01 (0.03) 0.06 0.00 0.04 0.06 0.04 0.08 0.08 0.06 0.08 0.09 0.09 (0.01) 0.03 0.09 0.02 0.07 (0.01) (0.01) 0.03 0.01 0.03 96 258 258 259 259 259 259 259 259 260 260 260 260 260 260 261 261 261 261 261 261 262 262 262 262 262 262 263 263 263 263 263 263 264 264 264 264 264 264 265 265 265 265 265 265 266 266 266 266 266 266 267 267 267 267 267 267 268 268 268 268 268 268 269 269 269 269 269 269 270 270 270 270 270 270 271 271 271 271 271 271 272 2017 2018 2019 2016 2014 2017 2015 2018 2017 2014 2019 2018 2016 2015 2018 2016 2015 2017 2014 2019 2015 2016 2017 2014 2019 2018 2018 2015 2016 2019 2017 2014 2016 2015 2017 2019 2014 2018 2015 2019 2016 2014 2018 2017 2015 2016 2018 2017 2019 2014 2017 2019 2014 2015 2016 2018 2018 2019 2017 2016 2015 2014 2017 2016 2018 2019 2014 2015 2014 2017 2015 2019 2016 2018 2014 2018 2016 2017 2019 2015 2015 0.26 0.43 0.23 0.28 0.15 0.30 0.29 0.34 0.57 0.68 0.55 0.54 0.57 0.63 0.80 0.66 0.54 0.74 0.62 0.81 0.39 0.44 0.51 0.42 0.72 0.65 0.55 0.46 0.44 0.52 0.52 0.53 0.44 0.48 0.40 0.34 0.52 0.36 0.71 0.68 0.70 0.72 0.72 0.72 0.57 0.55 0.47 0.52 0.48 0.59 0.51 0.49 0.60 0.56 0.54 0.49 0.57 0.54 0.62 0.66 0.70 0.74 0.34 0.34 0.38 0.39 0.44 0.38 0.39 0.52 0.40 0.62 0.42 0.60 0.49 0.49 0.43 0.46 0.46 0.40 0.76 5.34 5.45 5.42 5.48 5.40 5.48 5.48 5.50 6.34 6.00 6.59 6.48 6.18 6.07 5.51 5.32 5.16 5.43 5.10 5.53 5.14 5.19 5.25 5.14 5.51 5.41 6.31 6.34 6.30 6.27 6.32 6.36 7.38 7.38 7.35 7.32 7.35 7.33 6.13 6.14 6.12 6.15 6.16 6.14 7.42 7.41 7.37 7.39 7.39 7.40 6.96 7.03 6.98 6.98 6.97 6.99 6.30 6.24 6.33 6.37 6.30 6.00 5.19 5.18 5.15 5.12 5.04 5.09 4.50 4.62 4.51 4.74 4.53 4.70 4.93 4.96 4.91 4.93 4.92 4.87 6.33 3.19 2.05 3.91 3.01 5.51 2.98 2.88 2.72 1.06 1.08 1.18 1.16 1.13 1.11 1.01 1.25 1.46 1.05 1.41 1.02 1.86 2.13 1.95 1.43 0.49 0.78 1.60 2.02 2.02 1.67 1.67 1.77 1.94 1.52 1.83 2.01 1.25 1.78 0.82 0.81 0.68 0.92 0.75 0.68 1.54 1.59 1.95 1.68 1.90 1.42 1.98 1.64 2.01 1.86 1.81 1.86 1.24 1.20 1.20 1.13 1.05 1.01 1.73 1.78 1.58 1.58 1.37 1.66 0.81 0.50 0.74 0.46 0.61 0.44 1.69 1.53 1.49 1.47 1.68 1.86 1.20 (0.03) 0.14 (0.22) (0.14) (0.12) (0.09) 0.02 0.12 0.08 0.14 0.18 0.19 0.20 0.24 (0.45) 0.04 0.11 0.31 0.37 0.93 (0.23) (0.01) 0.02 0.04 0.12 0.24 (0.26) (0.16) (0.15) (0.08) 0.08 0.19 (0.63) (0.31) (0.27) (0.21) 0.40 0.41 (0.35) (0.14) (0.08) 0.04 0.14 0.41 (0.26) (0.20) (0.13) (0.10) 0.16 0.25 (0.09) 0.03 0.06 0.09 0.17 0.22 (0.37) (0.35) (0.22) 0.28 0.32 0.37 (0.29) (0.05) 0.07 0.08 0.16 0.27 (0.04) 0.02 0.10 0.13 0.15 0.20 (0.21) (0.00) 0.06 0.08 0.10 0.10 0.02 6.87 8.93 29.52 4.96 14.01 13.67 12.81 23.43 91.53 74.47 110.79 102.75 71.58 64.92 65.20 56.59 25.27 43.16 29.01 12.85 34.05 34.30 35.00 30.44 5.10 17.40 168.64 115.24 133.83 179.63 120.96 95.67 69.45 30.11 157.92 70.81 34.45 102.36 5.17 (2.03) (2.29) 7.36 5.11 (0.33) 45.08 63.07 40.82 45.37 32.77 36.01 7.27 7.02 3.65 (1.76) (4.99) 5.69 134.30 167.22 86.27 77.15 66.67 25.16 56.96 35.14 62.19 60.90 58.48 37.42 8.56 4.15 9.16 (1.81) 15.16 (6.56) 175.58 110.79 76.86 90.53 97.11 85.76 194.94 4.24 12.37 20.62 6.93 10.92 12.00 10.90 19.59 68.80 54.24 93.31 80.84 52.53 47.98 55.04 63.77 32.77 33.97 32.80 40.53 31.92 30.59 27.04 21.65 23.62 21.98 49.86 90.83 75.15 56.27 46.47 83.03 71.52 35.67 75.39 73.29 24.37 53.40 6.45 6.30 6.91 7.52 7.74 8.02 15.11 28.57 12.41 23.49 19.75 8.06 6.16 7.63 8.17 7.43 5.69 6.89 19.23 11.59 14.71 16.13 26.41 23.89 89.01 60.33 83.36 69.33 58.74 47.69 32.63 25.22 30.87 20.36 27.65 20.93 50.95 71.36 39.99 47.60 56.10 29.29 185.19 6.50 10.37 16.31 5.78 6.07 7.61 8.66 11.67 43.80 34.44 47.69 47.64 33.70 30.37 99.84 31.92 26.95 47.98 31.83 49.39 41.58 34.57 34.60 37.76 18.31 27.98 154.78 68.61 94.01 150.24 111.82 58.96 143.83 95.52 142.46 145.02 78.38 103.57 59.69 45.96 55.35 50.74 42.55 42.83 104.78 114.18 127.99 123.41 102.19 87.46 44.49 45.30 44.80 46.74 41.52 45.56 140.23 198.04 89.33 79.57 90.99 60.26 52.66 39.53 45.75 45.38 38.09 32.69 19.92 16.09 21.34 14.37 15.30 14.43 150.65 73.77 59.03 65.05 75.79 79.61 29.13 3.88 13.81 7.41 7.75 2.97 5.94 6.76 7.83 21.07 14.21 30.20 25.72 14.66 13.43 89.68 39.09 34.44 38.79 35.62 77.07 39.45 30.86 26.64 28.97 36.83 32.57 36.00 44.20 35.33 26.88 37.33 46.32 145.89 101.07 59.93 147.51 68.30 54.61 60.97 54.29 64.54 50.90 45.18 51.18 74.81 79.68 99.57 101.54 89.17 59.50 43.38 45.91 49.32 55.94 52.20 46.76 25.16 42.42 17.77 18.56 50.73 58.99 84.70 64.72 66.91 53.80 38.35 42.97 43.99 37.16 43.05 36.53 27.79 41.92 26.02 34.34 22.16 22.11 34.78 23.13 19.38 (0.02) 0.01 0.01 0.02 (0.00) (0.03) 0.05 (0.03) 0.05 0.04 0.04 0.03 0.02 0.10 0.26 0.03 0.01 (0.08) (0.02) (0.01) 0.00 0.05 0.06 0.06 0.18 0.08 (0.02) 0.01 (0.06) 0.09 0.03 0.02 0.20 0.19 0.03 (0.02) 0.16 0.03 0.03 0.08 0.05 0.02 0.00 (0.03) 0.06 (0.00) 0.01 0.06 0.11 0.12 0.12 0.15 0.11 0.14 0.18 0.12 0.09 0.05 (0.06) (0.03) (0.14) 0.02 (0.04) 0.15 0.01 0.09 0.10 0.14 0.07 0.09 0.00 0.03 0.02 0.07 0.17 (0.02) 0.06 0.06 0.07 0.24 0.14 97 272 272 272 272 272 273 273 273 273 273 273 274 274 274 274 274 274 275 275 275 275 275 275 276 276 276 276 276 276 277 277 277 277 277 277 278 278 278 278 278 278 279 279 279 279 279 279 280 280 280 280 280 280 281 281 281 281 281 281 282 282 282 282 282 282 283 283 283 283 283 283 284 284 284 284 284 284 285 285 285 285 2016 2018 2017 2014 2019 2014 2016 2015 2017 2018 2019 2019 2015 2018 2014 2017 2016 2017 2019 2016 2015 2014 2018 2018 2017 2019 2016 2014 2015 2015 2019 2016 2014 2018 2017 2014 2016 2017 2019 2015 2018 2014 2018 2019 2015 2017 2016 2019 2017 2014 2018 2015 2016 2016 2019 2018 2017 2015 2014 2018 2015 2014 2019 2016 2017 2014 2019 2018 2015 2016 2017 2018 2019 2014 2017 2016 2015 2019 2016 2015 2014 0.72 0.70 0.70 0.75 0.71 0.66 0.60 0.64 0.64 0.68 0.71 0.40 0.28 0.37 0.25 0.36 0.31 0.21 0.15 0.22 0.24 0.24 0.18 0.45 0.43 0.44 0.37 0.71 0.36 0.66 0.55 0.64 0.69 0.57 0.61 0.64 0.57 0.55 0.51 0.56 0.49 0.43 0.31 0.27 0.39 0.35 0.35 0.36 0.32 0.35 0.33 0.31 0.31 0.32 0.44 0.42 0.36 0.27 0.20 0.45 0.53 0.54 0.40 0.52 0.50 0.45 0.61 0.63 0.55 0.60 0.60 0.29 0.32 0.48 0.28 0.39 0.49 0.81 0.85 0.85 0.84 6.31 6.41 6.35 6.31 6.46 5.83 5.96 5.88 6.12 6.22 6.32 7.24 6.95 7.17 6.89 7.11 7.02 6.10 6.03 6.13 6.11 6.11 6.06 7.02 6.97 7.03 6.80 5.59 6.42 6.11 6.04 6.11 6.13 6.07 6.10 5.64 5.84 5.89 6.02 5.72 5.94 7.31 7.35 7.39 7.34 7.31 7.31 5.31 5.22 5.14 5.26 5.15 5.18 6.56 6.71 6.67 6.60 6.53 6.49 6.13 6.16 6.17 6.11 6.16 6.14 6.52 7.23 7.24 6.68 6.83 7.10 5.81 5.85 5.58 5.79 5.73 5.62 6.26 6.33 6.35 6.33 1.25 1.29 1.30 1.21 1.26 1.01 1.02 1.02 1.05 1.07 1.14 1.90 1.78 1.95 1.86 1.76 1.62 1.52 1.04 1.87 1.00 0.39 1.12 1.33 1.48 1.59 1.54 0.05 0.65 1.41 1.03 1.33 1.14 1.31 1.43 1.43 1.59 1.56 1.57 1.55 1.66 1.26 2.13 2.82 1.53 1.76 1.73 2.21 2.47 2.46 2.34 2.87 2.72 1.50 1.44 2.08 1.91 1.86 2.49 0.81 0.62 0.58 0.68 0.73 0.76 1.37 1.17 1.18 1.31 1.38 1.33 2.22 2.05 1.35 2.62 1.93 1.37 1.24 1.34 1.26 1.16 0.11 0.11 0.11 0.13 0.18 0.03 0.05 0.05 0.12 0.17 0.35 (0.04) 0.01 0.02 0.09 0.37 0.38 (0.37) (0.18) 0.15 0.16 0.31 0.48 (0.22) 0.36 0.40 2.36 16.66 74.60 (0.18) (0.16) (0.01) 0.05 0.08 0.27 (0.35) (0.34) (0.07) 0.06 0.10 0.35 0.02 0.05 0.05 0.10 0.12 0.13 0.05 0.06 0.07 0.09 0.11 0.19 (0.17) 0.07 0.20 0.22 0.31 0.69 (0.24) (0.08) (0.05) (0.00) 0.09 0.57 (0.12) 0.08 0.33 0.47 0.51 0.81 (0.10) (0.01) 0.02 0.03 0.10 0.24 (0.14) 0.03 0.03 0.13 148.41 163.02 147.72 198.12 161.11 110.63 113.83 113.22 137.05 143.07 145.17 192.49 231.83 170.62 214.82 179.54 214.94 229.59 41.33 293.82 131.53 67.47 21.94 448.52 220.38 473.12 177.01 (15.63) 149.50 55.36 66.54 71.37 90.62 47.04 55.93 119.59 130.91 121.28 144.97 88.90 135.47 17.42 6.88 5.71 21.02 12.64 19.74 35.21 28.54 38.85 28.54 33.91 33.28 251.40 254.58 256.02 221.96 225.97 217.44 106.46 48.02 33.19 91.94 56.92 46.68 256.60 227.02 254.64 258.61 252.12 260.68 201.72 242.40 136.43 162.72 169.17 148.87 111.46 310.19 310.27 316.87 142.14 117.34 118.75 185.23 110.92 82.98 80.66 78.33 73.30 72.40 73.76 96.64 117.68 117.35 112.59 140.63 129.12 14.82 27.31 18.76 31.30 41.85 23.20 160.63 91.65 168.50 72.98 2.96 66.97 5.28 6.92 6.58 29.91 5.31 6.69 44.47 29.75 48.06 46.57 32.25 58.58 34.50 24.66 24.01 34.65 29.35 32.70 31.70 28.47 33.25 25.27 30.57 30.39 161.29 118.45 119.25 110.73 144.20 153.68 9.01 7.13 6.77 9.24 9.26 6.16 82.76 87.66 100.53 78.19 67.37 91.19 104.70 127.39 47.26 58.54 58.89 57.19 112.47 263.53 270.07 258.43 30.96 75.06 53.39 29.64 87.12 54.14 55.07 56.78 99.13 113.22 113.28 151.06 163.35 109.27 139.15 82.13 123.83 267.01 63.26 292.84 181.98 59.66 59.81 413.58 217.26 367.79 148.96 2.52 107.11 57.24 59.97 68.84 73.74 41.75 50.80 223.57 196.07 192.52 153.23 149.38 137.18 15.41 7.42 6.34 14.26 9.50 12.81 14.02 10.07 18.19 11.10 12.99 10.98 128.25 171.96 159.27 133.10 105.08 94.64 111.26 140.43 120.63 88.67 139.23 75.13 198.19 166.26 181.59 216.02 208.98 188.43 130.15 158.48 102.44 121.92 126.94 103.20 109.43 127.36 108.73 111.81 24.69 29.38 24.42 16.75 36.94 26.49 21.90 21.89 35.38 42.55 41.87 55.21 49.21 56.00 36.91 43.22 38.01 52.24 49.24 17.78 81.76 34.03 61.06 125.69 88.52 63.17 44.93 21.11 24.59 7.16 0.35 4.05 13.04 0.02 1.56 148.45 94.90 119.30 54.84 92.72 60.30 32.50 25.19 24.63 27.89 26.21 25.77 10.52 9.99 12.59 7.83 9.65 8.09 38.15 35.82 22.50 21.87 23.31 30.88 13.80 99.54 94.21 5.98 91.57 34.61 24.36 26.90 27.48 35.60 24.23 18.94 33.12 43.48 13.27 17.74 16.66 11.53 110.43 80.70 68.54 53.37 0.11 (0.01) 0.01 (0.10) 0.02 0.01 0.04 0.08 (0.03) 0.03 (0.12) 0.07 0.29 0.02 0.25 0.20 0.19 0.55 (0.19) 0.31 (0.08) 0.39 0.18 0.03 0.05 (0.02) (0.03) 43.11 (0.13) 0.55 0.64 0.46 0.70 0.53 0.73 0.10 (0.16) 0.24 0.16 0.17 (0.03) 0.12 0.13 0.13 0.08 0.15 0.03 0.03 0.07 0.04 0.02 0.04 0.02 0.23 0.42 0.08 (0.23) (0.03) (0.16) 0.47 0.30 0.56 0.62 0.60 0.57 (0.17) 0.12 (0.03) (0.05) (0.07) 0.19 (0.08) 0.16 0.23 0.18 0.14 (0.01) (0.16) 0.09 0.08 98 285 285 286 286 286 286 286 286 287 287 287 287 287 287 288 288 288 288 288 288 289 289 289 289 289 289 290 290 290 290 290 290 291 291 291 291 291 291 292 292 292 292 292 292 293 293 293 293 293 293 294 294 294 294 294 294 295 295 295 295 295 295 296 296 296 296 296 296 297 297 297 297 297 297 298 298 298 298 298 298 299 2018 2017 2017 2018 2015 2019 2014 2016 2018 2014 2016 2019 2015 2017 2018 2017 2019 2015 2016 2014 2018 2016 2017 2015 2019 2014 2016 2018 2019 2014 2017 2015 2018 2016 2015 2017 2014 2019 2019 2015 2016 2017 2018 2014 2017 2014 2016 2015 2019 2018 2019 2018 2017 2016 2015 2014 2017 2016 2014 2018 2019 2015 2015 2016 2019 2014 2018 2017 2019 2014 2018 2016 2017 2015 2015 2019 2016 2018 2017 2014 2015 0.82 0.83 0.25 0.21 0.33 0.20 0.37 0.29 0.83 0.73 0.73 0.82 0.70 0.80 0.70 0.74 0.70 0.76 0.76 0.73 0.86 0.85 0.86 0.84 0.87 0.82 0.75 0.66 0.68 0.77 0.70 0.75 0.68 0.65 0.62 0.66 0.64 0.68 0.48 0.61 0.59 0.59 0.53 0.68 0.57 0.44 0.57 0.49 0.44 0.50 0.43 0.48 0.52 0.53 0.53 0.52 0.39 0.36 0.41 0.40 0.43 0.37 0.59 0.59 0.31 0.59 0.46 0.58 0.51 0.67 0.53 0.55 0.52 0.60 0.44 0.32 0.37 0.40 0.37 0.50 0.15 6.29 6.30 5.43 5.38 5.46 5.38 5.48 5.46 5.93 5.37 5.67 5.99 5.50 5.82 5.84 5.91 5.82 5.94 5.95 5.91 6.12 6.01 6.07 5.94 6.13 5.87 6.31 6.15 6.17 6.31 6.23 6.31 6.17 6.15 6.13 6.17 6.12 6.17 5.02 5.16 5.12 5.12 5.07 5.24 5.36 5.27 5.33 5.26 5.81 5.65 4.80 4.82 4.83 4.82 4.80 4.76 5.49 5.41 5.32 5.55 5.59 5.35 5.67 5.71 5.44 5.65 5.59 5.70 6.07 6.26 6.09 6.10 6.08 6.17 5.71 5.79 5.71 5.81 5.74 5.72 4.77 1.19 1.25 3.22 3.84 2.43 4.50 2.19 2.82 1.02 1.12 1.16 1.06 1.19 1.05 1.27 1.23 1.40 1.45 1.38 1.50 1.04 1.04 1.03 1.04 1.05 1.01 1.01 1.28 1.35 1.00 1.10 1.02 1.17 1.04 1.20 1.12 1.29 1.17 1.76 1.27 1.59 1.54 1.67 1.08 0.81 1.25 0.87 1.12 0.99 0.88 1.91 1.66 1.46 1.44 1.52 1.57 2.16 2.12 1.66 2.13 1.91 1.92 1.27 1.29 1.74 1.23 1.40 1.28 1.54 1.02 1.54 1.55 1.59 1.24 1.50 1.85 1.80 1.64 1.89 1.31 4.08 0.32 0.34 (0.22) (0.13) (0.12) (0.06) (0.02) 0.18 0.16 0.19 0.22 0.30 0.33 1.44 (0.35) (0.13) (0.10) 0.07 0.17 0.20 (0.09) (0.05) 0.06 0.09 0.18 0.55 (0.42) (0.14) (0.11) (0.01) 0.04 0.26 (0.32) (0.27) (0.04) 0.05 0.12 0.28 (0.31) (0.21) (0.14) 0.17 0.20 0.26 (0.31) (0.05) 0.10 0.11 0.51 2.69 (0.07) 0.01 0.01 0.06 0.14 0.15 0.02 0.07 0.07 0.07 0.09 0.31 (0.45) (0.20) (0.14) 0.05 0.08 0.17 (0.27) (0.15) (0.06) 0.00 0.02 0.04 (0.07) (0.03) (0.00) 0.21 0.28 0.32 (0.10) 143.13 200.99 68.93 56.85 45.34 17.99 25.14 38.39 145.32 232.45 245.62 145.20 232.46 132.75 392.05 227.64 435.66 318.93 271.29 321.97 365.12 281.84 312.96 221.02 315.81 188.06 265.67 251.99 319.85 180.50 213.14 141.47 609.09 277.08 185.79 304.19 212.15 412.83 348.44 344.05 470.83 369.35 244.33 314.82 124.30 113.86 82.75 88.33 52.55 55.84 93.86 79.39 72.98 68.88 77.23 79.21 127.45 106.69 98.55 131.71 148.01 88.18 (0.52) 2.25 2.44 6.50 (0.13) 1.37 173.96 156.49 134.41 132.96 118.55 141.25 65.65 61.10 65.88 68.71 78.78 64.56 72.17 125.51 175.95 27.81 37.50 26.98 32.38 39.59 17.58 104.01 121.15 165.21 82.28 138.05 93.43 197.19 143.21 262.35 230.44 184.51 247.50 184.82 153.38 164.95 156.82 160.02 169.55 149.54 92.32 94.45 146.56 110.40 96.46 377.04 227.78 154.58 227.40 137.53 297.46 127.47 193.53 215.43 168.42 98.06 154.30 75.27 61.26 45.01 46.60 36.71 38.73 53.38 52.17 52.17 48.21 51.43 53.26 129.28 101.28 108.29 140.72 141.58 87.65 6.47 5.94 5.10 9.08 3.77 5.38 103.99 128.85 84.10 98.66 76.10 118.68 0.33 1.98 0.30 8.09 9.73 0.27 63.53 89.97 121.09 74.54 48.46 73.44 23.42 42.39 58.87 118.40 163.24 149.96 103.57 147.90 96.85 252.91 182.10 286.31 159.81 159.15 143.16 316.78 204.99 242.76 124.10 289.22 76.88 174.07 194.37 265.84 92.50 152.39 89.70 339.15 170.75 126.43 208.09 125.70 241.27 256.54 240.92 324.25 280.60 202.35 250.94 60.86 55.66 45.50 48.56 21.63 24.79 69.70 64.26 58.63 54.98 59.04 61.31 25.24 24.23 24.80 32.47 39.38 20.74 2.63 3.68 2.62 1.92 2.37 3.24 86.59 47.05 65.88 58.29 59.83 43.85 88.78 111.71 102.65 118.47 102.26 76.85 8.64 72.35 96.06 33.42 29.10 55.08 37.81 56.84 38.06 77.10 51.93 69.55 40.65 53.49 57.53 58.06 97.67 113.00 71.31 72.37 68.69 136.48 76.54 94.75 59.89 133.44 58.37 57.94 34.70 40.44 58.56 49.65 44.69 107.10 121.45 95.22 131.30 51.07 125.89 35.57 90.40 68.85 79.67 56.08 90.42 11.83 3.06 7.76 6.83 5.79 7.67 29.22 37.05 37.83 34.31 33.24 35.36 27.06 18.82 34.54 41.48 32.95 20.22 9.63 7.37 5.28 4.50 6.27 7.24 16.63 19.41 15.57 23.99 17.38 21.28 23.46 52.59 37.07 57.85 33.20 12.56 - 0.01 (0.05) (0.09) 0.14 0.11 0.03 (0.21) 0.01 0.03 (0.03) 0.00 (0.03) (0.11) 0.01 0.08 (0.00) 0.18 (0.02) (0.03) (0.09) 0.08 (0.08) (0.09) (0.04) (0.01) (0.03) 0.09 0.34 0.02 0.10 0.01 0.06 0.02 0.00 (0.01) (0.13) (0.01) 0.13 (0.05) (0.18) (0.02) (0.04) 0.09 0.09 0.08 0.04 0.03 0.05 0.03 (0.11) 0.06 0.03 0.01 0.07 0.05 0.05 0.03 0.02 0.01 0.00 0.01 0.05 0.02 0.02 0.01 0.07 0.02 0.02 0.14 0.13 (0.05) 0.09 0.04 0.00 0.05 0.06 0.08 0.10 (0.03) 0.11 0.19 99 299 299 299 299 299 300 300 300 300 300 300 301 301 301 301 301 301 302 302 302 302 302 302 303 303 303 303 303 303 304 304 304 304 304 304 305 305 305 305 305 305 306 306 306 306 306 306 307 307 307 307 307 307 308 308 308 308 308 308 309 309 309 309 309 309 310 310 310 310 310 310 311 311 311 311 311 311 312 312 312 312 2016 2019 2014 2018 2017 2018 2014 2017 2019 2015 2016 2019 2014 2018 2015 2017 2016 2018 2019 2017 2016 2015 2014 2018 2019 2015 2014 2016 2017 2019 2016 2014 2015 2018 2017 2019 2015 2016 2018 2014 2017 2017 2015 2016 2018 2019 2014 2019 2018 2017 2016 2014 2015 2014 2016 2019 2018 2017 2015 2019 2016 2018 2014 2015 2017 2015 2016 2019 2014 2018 2017 2017 2014 2015 2018 2016 2019 2019 2017 2016 2018 0.08 0.08 0.29 0.07 0.07 0.32 0.18 0.28 0.35 0.23 0.27 0.33 0.21 0.32 0.24 0.29 0.25 0.07 0.08 0.05 0.14 0.38 0.30 0.51 0.53 0.50 0.54 0.48 0.48 0.69 0.61 0.74 0.67 0.69 0.66 0.32 0.23 0.24 0.28 0.25 0.23 0.69 0.69 0.70 0.69 0.72 0.70 0.02 0.02 0.02 0.02 0.03 0.03 0.30 0.39 0.56 0.58 0.55 0.28 0.56 0.76 0.61 0.79 0.80 0.68 0.87 0.85 0.74 0.84 0.75 0.80 0.32 0.29 0.27 0.30 0.32 0.24 0.62 0.57 0.55 0.59 4.74 4.76 4.82 4.76 4.75 5.21 5.11 5.22 5.23 5.13 5.19 5.00 4.84 5.01 4.89 4.99 4.95 5.22 5.25 5.19 5.05 4.89 4.82 5.85 5.89 5.52 5.34 5.67 5.77 6.58 6.29 6.19 6.24 6.51 6.41 6.15 6.13 6.15 6.16 6.09 6.15 6.16 6.06 6.15 6.21 6.30 5.96 5.96 5.93 5.89 5.79 5.49 5.64 5.40 5.60 6.04 6.03 5.90 5.40 5.70 5.88 5.74 5.95 5.95 5.80 6.55 6.58 6.71 6.55 6.70 6.69 4.94 4.86 4.88 4.95 4.92 4.94 5.33 5.29 5.22 5.32 8.77 9.88 2.19 10.59 10.09 1.91 2.99 2.32 1.81 2.50 2.35 2.37 3.40 2.42 2.95 2.51 2.70 14.75 12.64 16.65 9.08 2.84 4.05 1.49 1.45 1.37 1.05 1.76 1.68 1.19 1.27 1.08 1.15 1.21 1.27 3.24 4.77 6.13 4.10 3.69 7.45 1.24 1.24 1.13 1.32 1.17 1.28 16.02 16.04 22.65 30.49 15.22 21.05 2.11 2.34 1.14 1.47 1.74 2.34 0.63 1.00 0.88 1.01 1.04 0.97 0.99 0.99 1.04 1.06 1.06 1.05 1.84 2.52 2.37 2.22 1.85 2.85 1.36 1.48 1.55 1.44 (0.10) (0.07) (0.01) (0.00) 0.12 (0.00) 0.05 0.09 0.11 0.11 0.13 (0.08) (0.04) 0.01 0.03 0.26 0.46 0.01 0.11 0.12 0.16 0.38 2.69 (0.10) 0.08 0.14 0.29 0.30 0.35 0.01 0.06 0.10 0.11 0.34 0.51 (0.14) (0.02) (0.02) 0.00 0.26 0.33 (0.28) (0.16) (0.15) (0.12) 0.10 0.54 0.02 0.10 0.13 0.17 0.36 0.36 (0.28) (0.06) 0.14 0.17 0.32 0.34 (0.69) (0.51) (0.10) 0.02 0.02 0.16 (0.08) (0.06) 0.02 0.13 0.30 0.34 0.03 0.04 0.04 0.08 0.13 0.18 (0.50) 0.06 0.13 0.35 61.89 85.31 77.69 76.73 58.44 86.20 83.91 86.48 89.74 84.78 93.60 69.07 88.20 56.06 89.05 46.31 61.68 34.79 59.73 31.83 26.68 (5.95) 73.79 219.55 229.14 61.21 32.54 106.96 146.95 178.34 190.21 128.40 143.51 148.67 158.81 274.54 78.50 202.03 239.65 88.80 191.11 244.33 127.72 153.87 261.17 288.50 96.61 101.13 106.05 81.61 71.31 84.13 84.65 81.04 100.65 132.48 198.77 189.44 70.86 (45.17) 88.33 38.51 92.63 85.44 51.67 39.46 49.99 27.96 42.10 35.53 51.10 24.66 41.96 24.57 28.71 16.11 28.06 223.57 101.11 107.95 91.25 53.81 69.31 67.90 65.94 51.21 46.25 37.80 40.53 54.91 36.69 42.62 53.67 60.83 48.56 62.02 43.76 50.44 8.64 6.60 10.50 10.15 10.12 18.80 152.61 141.90 64.48 50.89 66.55 91.83 89.64 132.44 125.92 119.80 85.88 102.27 11.91 27.93 14.74 13.46 37.60 13.75 99.62 57.96 63.05 113.47 143.53 59.87 28.46 29.22 31.42 29.52 20.32 23.88 52.39 45.46 63.73 66.26 63.79 39.39 32.27 88.43 9.36 59.84 53.79 32.86 30.00 39.81 28.88 39.39 35.18 46.82 26.22 42.63 23.04 25.55 20.44 16.36 181.00 84.87 67.72 77.87 8.09 16.00 9.79 10.79 7.23 53.31 63.73 58.33 48.66 60.65 60.42 59.30 64.83 47.59 72.18 39.28 49.92 38.53 59.39 31.41 29.40 31.93 97.50 85.46 101.05 48.57 39.86 77.25 72.83 108.49 83.64 55.03 67.19 86.50 81.82 445.22 231.19 303.83 341.23 171.20 272.31 208.42 128.67 138.24 259.10 233.18 110.20 79.93 84.09 54.84 45.20 69.96 65.07 60.53 95.70 107.85 160.86 160.33 61.59 87.90 132.87 52.35 82.58 94.70 70.44 36.15 41.06 32.67 35.04 35.90 42.39 19.27 17.82 20.09 18.66 17.27 19.39 123.75 83.10 84.47 58.93 13.36 17.62 12.38 13.83 12.56 9.45 43.90 37.46 40.10 45.14 36.74 38.67 12.39 6.27 10.07 12.87 48.00 42.51 18.53 13.81 51.84 58.21 36.84 17.70 19.79 25.87 52.54 43.48 23.71 25.29 182.59 180.62 116.54 115.04 119.99 94.95 63.71 58.91 47.43 111.40 88.20 73.47 7.25 7.26 4.65 3.41 6.15 4.30 31.89 40.50 39.11 28.36 34.68 30.12 165.34 132.97 23.20 49.80 63.05 51.63 26.70 30.88 33.59 32.33 35.56 38.11 20.82 18.49 18.56 15.50 21.60 7.69 81.17 66.86 44.24 45.55 0.10 0.14 0.16 (0.02) 0.05 0.04 0.08 0.17 0.13 0.11 0.09 0.07 0.13 0.04 (0.04) (0.02) 0.11 0.29 2.46 0.33 0.26 0.30 (0.22) (0.05) 0.02 (0.06) 0.03 (0.12) (0.12) (0.06) 0.01 (0.00) (0.04) (0.04) (0.08) 0.54 0.47 0.40 0.32 0.73 0.40 (0.01) 0.19 0.03 0.12 (0.05) 0.03 0.29 0.35 0.34 0.60 0.52 0.60 (0.03) 0.28 0.03 0.20 0.01 0.15 0.25 0.37 0.19 0.01 0.00 0.08 0.09 (0.07) 0.03 (0.07) (0.00) 0.05 0.01 0.04 0.06 (0.00) (0.02) (0.00) (0.08) 0.09 (0.04) (0.08) 100 312 312 313 313 313 313 313 313 314 314 314 314 314 314 315 315 315 315 315 315 316 316 316 316 316 316 317 317 317 317 317 317 318 318 318 318 318 318 319 319 319 319 319 319 320 320 320 320 320 320 321 321 321 321 321 321 322 322 322 322 2014 2015 2016 2015 2018 2019 2014 2017 2019 2017 2018 2015 2016 2014 2016 2015 2019 2014 2018 2017 2018 2014 2016 2017 2015 2019 2019 2017 2018 2015 2016 2014 2014 2018 2019 2015 2017 2016 2019 2017 2015 2018 2016 2014 2015 2019 2014 2018 2016 2017 2015 2017 2018 2019 2014 2016 2017 2018 2014 2019 0.57 0.57 0.46 0.38 0.60 0.56 0.41 0.57 0.71 0.69 0.70 0.61 0.65 0.55 0.21 0.29 0.29 0.33 0.27 0.19 0.59 0.51 0.37 0.52 0.46 0.63 0.27 0.23 0.27 0.15 0.16 0.15 0.36 0.27 0.26 0.30 0.26 0.26 0.28 0.42 0.64 0.35 0.52 0.34 0.54 0.52 0.48 0.59 0.63 0.63 0.15 0.17 0.18 0.19 0.17 0.15 0.65 0.65 0.65 0.65 5.02 5.12 5.80 5.72 5.93 5.92 5.72 5.90 6.25 6.18 6.22 6.01 6.09 5.92 5.65 5.72 5.68 5.70 5.64 5.60 5.17 5.23 5.15 5.21 5.20 5.20 5.67 5.64 5.66 5.62 5.63 5.57 5.16 5.18 5.20 5.15 5.17 5.16 6.36 6.38 5.67 6.38 6.17 5.35 6.17 6.32 6.06 6.31 6.27 6.30 5.24 5.26 5.25 5.24 5.26 5.25 6.54 6.60 6.43 6.66 1.50 1.53 2.34 2.35 1.97 2.37 2.03 2.08 1.17 1.21 1.20 1.37 1.28 1.59 3.45 2.59 2.67 2.38 2.85 3.82 1.44 1.66 2.22 1.64 1.81 1.38 2.89 3.11 2.77 4.96 4.41 4.33 1.95 2.45 2.60 2.28 2.38 2.42 2.07 2.26 3.84 2.16 2.78 2.37 1.53 1.00 1.69 0.89 0.98 0.86 4.50 4.45 4.64 4.67 4.03 4.67 0.99 0.94 0.85 0.97 0.37 0.40 (0.05) (0.03) (0.01) 0.00 0.01 0.03 (0.02) 0.10 0.20 0.25 0.26 0.48 (0.15) (0.14) 0.00 0.01 0.11 0.24 (0.36) (0.17) (0.16) 0.18 0.19 1.04 (0.15) 0.05 0.13 0.16 0.20 0.40 (0.03) 0.03 0.06 0.10 0.11 0.14 0.04 0.16 0.16 0.21 0.24 0.32 (0.29) (0.07) 0.00 0.21 0.31 0.46 (0.22) (0.19) (0.07) (0.05) 0.09 0.16 0.01 0.08 0.20 0.23 114.27 95.51 142.17 143.09 140.77 125.72 139.05 133.52 197.48 180.17 180.68 156.55 141.36 169.04 269.70 263.99 149.23 196.81 155.63 173.89 152.48 154.97 154.59 114.46 116.22 119.16 49.44 36.37 36.23 40.63 35.50 41.81 80.75 62.19 60.53 78.94 60.74 66.78 46.87 50.56 17.11 51.44 37.26 15.41 84.12 53.35 28.70 37.91 64.41 31.52 117.77 151.47 190.74 224.20 94.26 120.39 31.15 34.86 24.39 36.33 85.31 63.28 121.87 124.92 126.33 114.85 125.75 115.55 69.75 61.26 61.31 70.24 53.64 92.26 208.68 206.41 89.64 165.56 100.17 106.23 117.28 57.18 80.13 82.27 49.50 98.15 37.42 30.05 29.35 33.47 28.88 31.72 57.14 46.02 40.98 51.72 48.96 48.16 6.50 9.15 1.03 7.96 5.61 0.72 114.52 99.34 56.95 78.95 111.05 81.42 30.47 63.16 71.43 70.23 27.50 37.58 21.57 24.09 16.30 26.35 72.00 75.50 41.96 35.48 42.14 41.60 27.84 40.88 189.45 169.42 172.62 117.43 125.83 103.96 90.92 88.06 63.97 80.40 58.53 79.54 76.53 116.52 89.46 65.35 86.74 42.15 21.71 15.65 16.71 15.85 14.90 17.68 43.89 35.77 33.18 42.60 33.17 36.86 83.61 79.71 41.13 74.77 60.08 38.04 32.32 13.23 26.47 9.59 21.06 13.36 106.26 123.91 152.58 188.67 85.99 102.35 14.95 15.67 13.03 13.76 43.05 43.26 21.67 17.32 27.70 30.74 14.54 22.91 61.73 50.51 53.25 31.12 38.11 27.18 29.90 30.48 4.38 49.15 3.07 11.88 41.33 18.73 15.00 33.17 20.02 21.14 9.69 9.33 9.83 8.68 8.28 7.60 20.28 19.60 13.62 15.37 21.39 18.23 43.24 38.30 25.05 31.29 28.42 23.35 62.72 59.22 54.72 50.64 67.71 63.26 18.97 35.60 33.27 34.70 19.24 19.54 5.37 4.90 4.94 3.78 (0.08) 0.01 0.24 0.08 0.03 0.16 0.10 0.02 (0.01) (0.12) (0.02) 0.04 (0.05) (0.13) 0.30 (0.03) 0.07 0.10 0.29 0.19 (0.03) 0.09 (0.02) (0.01) 0.09 (0.14) (0.00) 0.02 0.01 0.05 0.03 0.01 0.02 0.04 0.06 0.01 0.05 0.05 0.08 0.07 0.03 0.05 0.04 0.01 (0.09) 0.08 0.12 0.10 0.15 0.15 (0.03) 0.04 (0.09) 0.02 0.10 0.03 0.04 (0.01) 0.04 (0.00) ... tỏ tác động quản trị vốn lưu động đến dòng tiền hoạt động kinh doanh doanh nghiệp thông qua trả lời câu hỏi nghiên cứu sau: • Tác động quản trị vốn lưu động đến dòng tiền hoạt động kinh doanh doanh... Nhận diện tác động quản trị vốn lưu động đến dòng tiền hoạt động kinh doanh doanh nghiệp • Gợi ý biện pháp quản trị vốn lưu động hướng đến gia tăng dòng tiền hoạt động kinh doanh cho doanh nghiệp. .. diện cho quản trị vốn lưu động sau: H0: Chu kỳ vốn lưu động không tác động đến dòng tiền hoạt động kinh doanh H1: Chu kỳ vốn lưu động tác động ngược chiều đến dòng tiền hoạt động kinh doanh 3.2.3.2