CHƯƠNG 5 : KẾT LUẬN
5.4 Hướng nghiên cứu trong tương lai
Tác giả mong rằng trong tương lai sẽ có nhiều nghiên cứu hơn nữa về vấn đề quản trị vốn luân chuyển. Các nghiên cứu sẽ tập trung về đề tài này với các loại hình cơng ty khác và mở rộng số năm của mẫu.
Bên cạnh đó, phạm vi của bài nghiên cứu bày tỏ có thể được mở rộng thêm các thành phần khác của quản trị vốn luân chuyển như quản trị tiền mặt, các khoản
chứng khốn hóa thị trường, quản trị các khoản phải thu và hàng tồn kho. Hoặc các nghiên cứu trong tương lai có thể thêm các biến thể hiện các yếu tố bên ngồi có
ảnh hưởng đến khả năng sinh lợi của công ty như mức độ hoạt động của nền kinh tế
(thông qua GDP, tốc độ tăng trưởng kinh tế…)để có thể có những kết luận chính xác hơn.
Ngoài ra, những nghiên cứu tiếp theo có thể thu thập dữ liệu đa dạng hơn, bao gồm cả dữ liệu sơ cấp và dữ liệu thứ cấp để kết quả nghiên cứu có những đánh
DANH MỤC TÀI LIỆU THAM KHẢO
Tiếng Việt
Trần Ngọc Thơ, 2007. Tài chính doanh nghiệp hiện đại, Nhà xuất bản Thống kê.
Tiếng Anh
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Financial Management Association, Las Vegas, Nevada.
Blinder, Alan S. and Louis, J. Maccini, 1991. Measuring Bussiness Cycles: Approximate Band-Pass Filters for Economic Times Series, National Bureau of Economic Research Working paper 5022.
Chakraborty, K., 2008. Working Capital and Profitability: An Empirical Analysis of Their Relationship with Reference to Selected Companies in the Indian Pharmaceutical Industry, The IUP Journal of Management Research.
Deloof, M., 2003. Does working capital management affect profitability of Belgian firms? Journal of Business Finance and Accounting, Vol. 30, pp. 573-587.
Eljelly, A. (2004), Liquidity-profitability tradeoff: an empirical investigation in an emerging market. International Journal of Commerce and Management, Vol. 14, pp. 48-61.
Falope, O.I., Ajilore, O.T., 2009. Working capital management and corporate profitability: evidence from panel data analysis of selected quoted companies in Nigeria,Research Journal of Business Management, Vol. 3, pp. 73-84.
Garcia J.F.L., 2011. The Impact of Working Capital Management upon Companies Profitability Evidence from European Companies, FEP Working paper, Vol. 438, pp. 8-32.
Ghosh, S.K., Maji, S.G., 2004. Working capital management efficiency: a study on the Indian cement industry. The Institute of Costand Works Accountants of
IndiaManagement Accountant, Vol. 39, No. 5, pp. 363-372.
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and Economics Journal, Volume 2010: BEJ-10, pp. 1-9.
GOŁAŚ, Z., BIENIASZ, A., và CZERWIŃSKA-KAYZER D., 2013. The
relationship between working capital and profitability in food industry firms in Poland, Journal of Central European Agriculture, Vol. 14(1), pp. 52-63.
Huỳnh Phương Đông, Jyh-tay Su, 2010. The Relationship between Working Capital Management and Profitability: A Vietnam Case. International Research Journal of Finance and Economics, ISSN 1450-2887 Issue 49, pp.59-67.
Lazaridis, I.and Tryfonidis, D., 2006. Relationship between working capital management and profitability of listed companies in the Athens stock exchange.
Journal of Financial Management and Analysis, Vol. 19, pp. 26-35.
Long, M.S., Malitz, I.B., Ravid, S.A., 1993. Trade credit, quality guarantees, and product marketability.Financial Management, Vol. 22, pp. 117-124.
Charitou, M.S., Elfani, M., Lois, P., 2010. The Effect Of Working Capital Management On Firm’s Profitability: Empirical Evidence From An Emerging Market, Journal of Business & Economics Research, Vol. 8, No. 12, pp. 63-68.
Mathuva, D., 2009. The influence of working capital management components on corporate profitability: a survey on Kenyanlisted firms. Research Journal of Business Management, Vol.3, pp. 1-11.
Mousavi, Z. và Jari, A., 2012. The Relationship between Working Capital Management and Firm Performance, Evidence from Iran, International Journal of Humanities and Social Science, Vol. 2, pp. 141-146.
Nazir, M. S. and Afza,T., 2009.Impact of Aggressive Working CapitalManagement Policy on Firms’ Profitability, The IUP Journal of Applied Finance, Vol. 15, No. 8, pp. 19-30.
Ng, C.K., Smith, J.K., Smith, R.L., 1999. Evidence on the Determinants of Credit Terms Used in Interfirm Trade, The Journal of Finance, Vol. 54, Issue 3, pp. 1109-1129.
Ngwenya, S., 2012. The Relationship Between Working Capital Management and Profitability of Companies Listed on the Johannesburg Stock Exchange, Journal of Modern Accounting and Auditing, Vol. 8, No. 8, pp. 1204-
1213.
Raheman A., Nasr M., 2007. Working capital management and profitability – case of Pakistani firms. International Review of Business Research Papers, Vol.
3, pp. 279-300.
Sarbapriya Ray, S. S. M., 2012. Evaluating the Impact of Working Capital Management Components on Corporate Profitability: Evidence from Indian Manufacturing Firms, International Journal of Economic Practices and Theories,
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Singh J.P. và Pandey S., 2008. Impact of working Capital Management in the Profitability of Hindalco Industries Limited, Icfai University Journal of Financial Economics, Vol. 6(4), pp. 62-72.
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Zariyawati M.A., Annuar M.N., Taufiq H., Abdul Rahim A.S., 2009. Working capital management and corporate performance: Case of Malaysia,
PHỤ LỤC
1. Kết quả chạy hồi quy theo phương pháp pool OLS và kiểm định
Histogram-Normality
Kết quả chạy hồi quy pool OLS các biến AR, LnS, FD, FA (mơ hình 1)
Dependent Variable: GOP Method: Panel Least Squares
Sample: 2006 2012 - Periods included: 7 Cross-sections included: 305
Total panel (balanced) observations: 2135
Variable Coefficient Std. Error t-Statistic Prob.
AR -0,000470 4,14E-05 -11,36397 0,0000 LNS 0,032325 0,004930 6,556913 0,0000 FD -0,228652 0,013942 -16,39978 0,0000 FA -0,101764 0,033013 -3,082572 0,0021 C -0,009768 0,056058 -0,174256 0,8617
R-squared 0,184676 Mean dependent var 0,213618 Adjusted R-squared 0,183145 S.D. dependent var 0,150589 S.E. of regression 0,136102 Akaike info criterion -1,148481 Sum squared resid 39,45577 Schwarz criterion -1,135211 Log likelihood 1231,003 Hannan-Quinn criter. -1,143624 F-statistic 120,6149 Durbin-Watson stat 0,495025 Prob(F-statistic) 0,000000 0 100 200 300 400 500 600 700 800 900 -0.5 -0.0 0.5 1.0
Series: Standardized Residuals Sample 2006 2012 Observations 2135 Mean 2.84e-16 Median -0.024102 Maximum 1.362266 Minimum -0.623882 Std. Dev. 0.135975 Skewness 1.636509 Kurtosis 10.96677 Jarque-Bera 6599.108 Probability 0.000000
Kết quả chạy hồi quy pool OLS các biến AP, LnS, FD, FA (mơ hình 2)
Dependent Variable: GOP Method: Panel Least Squares Date: 08/20/13 Time: 16:38 Sample: 2006 2012
Periods included: 7
Cross-sections included: 305
Total panel (balanced) observations: 2135
Variable Coefficient Std. Error t-Statistic Prob.
AP -0,000180 5,58E-05 -3,232978 0,0012 LNS 0,039873 0,005179 7,699353 0,0000 FD -0,235417 0,014833 -15,87121 0,0000 FA -0,104756 0,034000 -3,081091 0,0021 C -0,114235 0,058591 -1,949710 0,0513
R-squared 0,139467 Mean dependent var 0,213618 Adjusted R-squared 0,137851 S.D. dependent var 0,150589 S.E. of regression 0,139825 Akaike info criterion -1,094514 Sum squared resid 41,64358 Schwarz criterion -1,081244 Log likelihood 1173,393 Hannan-Quinn criter. -1,089657 F-statistic 86,30248 Durbin-Watson stat 0,486059 Prob(F-statistic) 0,000000 Kiểm định Histogram-Normality 0 100 200 300 400 500 600 700 800 900 -0.5 -0.0 0.5 1.0 1.5
Series: Standardized Residuals Sample 2006 2012 Observations 2135 Mean 3.02e-16 Median -0.025757 Maximum 1.494314 Minimum -0.609374 Std. Dev. 0.139694 Skewness 1.749113 Kurtosis 12.27104 Jarque-Bera 8734.798 Probability 0.000000
Kết quả chạy hồi quy OLS các biến INV, LnS, FD, FA (mơ hình 3)
Dependent Variable: GOP Method: Panel Least Squares Date: 10/04/13 Time: 16:45 Sample: 2006 2012
Periods included: 7
Cross-sections included: 305
Total panel (balanced) observations: 2135
Variable Coefficient Std. Error t-Statistic Prob.
INV -0,000196 3,16E-05 -6,188270 0,0000 LNS 0,037187 0,005061 7,348223 0,0000 FD -0,226790 0,014570 -15,56544 0,0000 FA -0,113891 0,033682 -3,381382 0,0007 C -0,076592 0,057470 -1,332711 0,1828
R-squared 0,150517 Mean dependent var 0,213618 Adjusted R-squared 0,148922 S.D. dependent var 0,150589 S.E. of regression 0,138924 Akaike info criterion -1,107438 Sum squared resid 41,10885 Schwarz criterion -1,094168 Log likelihood 1187,190 Hannan-Quinn criter. -1,102581 F-statistic 94,35173 Durbin-Watson stat 0,479444 Prob(F-statistic) 0,000000 Kiểm định Histogram-Normality 0 100 200 300 400 500 -0.50 -0.25 -0.00 0.25 0.50 0.75 1.00 1.25
Series: Standardized Residuals Sample 2006 2012 Observations 2135 Mean 2.58e-16 Median -0.024663 Maximum 1.356379 Minimum -0.598031 Std. Dev. 0.138794 Skewness 1.621893 Kurtosis 10.45981 Jarque-Bera 5886.448 Probability 0.000000
Kết quả chạy hồi quy OLS các biến CCC, LnS, FD, FA (mơ hình 4)
Dependent Variable: PROFIT Method: Panel Least Squares Date: 10/04/13 Time: 16:56 Sample: 2006 2012
Periods included: 7
Cross-sections included: 305
Total panel (balanced) observations: 2135
Variable Coefficient Std. Error t-Statistic Prob.
CCC -0,000228 2,36E-05 -9,677946 0,0000 LNS 0,036203 0,004925 7,351138 0,0000 FD -0,230574 0,014067 -16,39128 0,0000 FA -0,119117 0,033265 -3,580809 0,0004 C -0,056036 0,055938 -1,001756 0,3166
R-squared 0,171668 Mean dependent var 0,213618 Adjusted R-squared 0,170113 S.D. dependent var 0,150589 S.E. of regression 0,137184 Akaike info criterion -1,132652 Sum squared resid 40,08526 Schwarz criterion -1,119382 Log likelihood 1214,106 Hannan-Quinn criter. -1,127796 F-statistic 110,3585 Durbin-Watson stat 0,477912 Prob(F-statistic) 0,000000 Kiểm định Histogram-Normality 0 100 200 300 400 500 -0.50 -0.25 -0.00 0.25 0.50 0.75 1.00
Series: Standardized Residuals Sample 2006 2012 Observations 2135 Mean 2.38e-16 Median -0.023596 Maximum 1.199064 Minimum -0.598574 Std. Dev. 0.137055 Skewness 1.504675 Kurtosis 9.044542 Jarque-Bera 4055.848 Probability 0.000000
2. Kết quả kiểm định Hausman
Kết quả chạy kiểm định Hausman mơ hình 1
Correlated Random Effects - Hausman Test Equation: Mohinh1
Test cross-section random effects
Test Summary Chi-Sq.statistic Chi-Sq. d.f. Prob.
Cross-section random 46,242734 4 0,0000
Cross-section random effects test comparisons:
Variable Fixed Random Var(Diff.) Prob.
AR -0,000358 -0,000394 0,000000 0,0231 LNS 0,039208 0,032307 0,000035 0,2405 FD -0,081131 -0,127783 0,000081 0,0000 FA 0,230958 0,149044 0,000256 0,0000
Cross-section random effects test equation: Dependent Variable: GOP
Method: Panel Least Squares
Sample: 2006 2012 - Periods included: 7 Cross-sections included: 305
Total panel (balanced) observations: 2135
Variable Coefficient Std. Error t-Statistic Prob.
C -0,189323 0,105441 -1,795536 0,0727 AR -0,000358 4,25E-05 -8,426343 0,0000 LNS 0,039208 0,009080 4,317993 0,0000 FD -0,081131 0,018252 -4,444931 0,0000 FA 0,230958 0,038306 6,029349 0,0000 Effects Specification
Cross-section fixed (dummy variables)
R-squared 0,731095 Mean dependent var 0,213618 Adjusted R-squared 0,685737 S,D, dependent var 0,150589 S,E, of regression 0,084419 Akaike info criterion -1,972929 Sum squared resid 13,01307 Schwarz criterion -1,152853 Log likelihood 2415,102 Hannan-Quinn criter. -1,672809 F-statistic 16,11849 Durbin-Watson stat 1,402606 Prob(F-statistic) 0,000000
Kết quả chạy kiểm định Hausman mơ hình 2
Correlated Random Effects - Hausman Test Equation: Mohinh2
Test cross-section random effects
Test Summary Chi-Sq. statistic Chi-Sq. d.f. Prob.
Cross-section random 61,219961 4 0,0000
Cross-section random effects test comparisons:
Variable Fixed Random Var(Diff.) Prob.
AP 0,000064 0,000021 0,000000 0,0022 LNS 0,046346 0,039705 0,000037 0,2741 FD -0,065830 -0,118345 0,000079 0,0000 FA 0,213356 0,132975 0,000263 0,0000
Cross-section random effects test equation: Dependent Variable: GOP
Method: Panel Least Squares Date: 08/20/13 Time: 09:48
Sample: 2006 2012 - Periods included: 7 Cross-sections included: 305
Total panel (balanced) observations: 2135
Variable Coefficient Std. Error t-Statistic Prob.
C -0,303191 0,109051 -2,780253 0,0055 AP 6,44E-05 4,91E-05 1,311744 0,1898 LNS 0,046346 0,009413 4,923815 0,0000 FD -0,065830 0,018759 -3,509159 0,0005 FA 0,213356 0,039014 5,468717 0,0000 Effects Specification
Cross-section fixed (dummy variables)
R-squared 0,720901 Mean dependent var 0,213618 Adjusted R-squared 0,673825 S.D. dependent var 0,150589 S.E. of regression 0,086004 Akaike info criterion -1,935723 Sum squared resid 13,50635 Schwarz criterion -1,115647 Log likelihood 2375,385 Hannan-Quinn criter. -1,635603 F-statistic 15,31328 Durbin-Watson stat 1,374575 Prob(F-statistic) 0,000000
Kết quả chạy kiểm định Hausman mơ hình 3
Correlated Random Effects - Hausman Test Equation: Mohinh3
Test cross-section random effects
Test Summary Chi-Sq. statistic Chi-Sq. d.f. Prob.
Cross-section random 48,304269 4 0,0000
Cross-section random effects test comparisons:
Variable Fixed Random Var(Diff.) Prob.
INV -0,000169 -0,000183 0,000000 0,1764 LNS 0,033744 0,030126 0,000036 0,5482 FD -0,054700 -0,104285 0,000075 0,0000 FA 0,210809 0,131300 0,000255 0,0000
Cross-section random effects test equation: Dependent Variable: GOP
Method: Panel Least Squares Date: 08/20/13 Time: 09:50 Sample: 2006 2012
Periods included: 7
Cross-sections included: 305
Total panel (balanced) observations: 2135
Variable Coefficient Std. Error t-Statistic Prob.
C -0,144450 0,108605 -1,330056 0,1837 INV -0,000169 3,03E-05 -5,593218 0,0000 LNS 0,033744 0,009339 3,613266 0,0003 FD -0,054700 0,018331 -2,984054 0,0029 FA 0,210809 0,038678 5,450421 0,0000 Effects Specification
Cross-section fixed (dummy variables)
R-squared 0,725344 Mean dependent var 0,213618 Adjusted R-squared 0,679016 S.D. dependent var 0,150589 S.E. of regression 0,085317 Akaike info criterion -1,951769 Sum squared resid 13,29137 Schwarz criterion -1,131693 Log likelihood 2392,513 Hannan-Quinn criter. -1,651648 F-statistic 15,65687 Durbin-Watson stat 1,393401
Kết quả chạy kiểm định Hausman mơ hình 4
Correlated Random Effects - Hausman Test Equation: Mohinh4
Test cross-section random effects
Test Summary Chi-Sq. Statistic Chi-Sq. d.f. Prob.
Cross-section random 42,776582 4 0,0000
Cross-section random effects test comparisons:
Variable Fixed Random Var(Diff.) Prob.
CCC -0,000219 -0,000229 0,000000 0,2248 LNS 0,036027 0,031583 0,000034 0,4440 FD -0,080250 -0,123983 0,000077 0,0000 FA 0,211650 0,132106 0,000244 0,0000
Cross-section random effects test equation: Dependent Variable: GOP
Method: Panel Least Squares Date: 08/20/13 Time: 09:51
Sample: 2006 2012 - Periods included: 7 Cross-sections included: 305
Total panel (balanced) observations: 2135
Variable Coefficient Std. Error t-Statistic Prob.
C -0,149552 0,105199 -1,421616 0,1553 CCC -0,000219 2,29E-05 -9,578781 0,0000 LNS 0,036027 0,009051 3,980249 0,0001 FD -0,080250 0,018110 -4,431176 0,0000 FA 0,211650 0,038056 5,561510 0,0000 Effects Specification
Cross-section fixed (dummy variables)
R-squared 0,734004 Mean dependent var 0,213618 Adjusted R-squared 0,689137 S,D, dependent var 0,150589 S.E. of regression 0,083961 Akaike info criterion -1,983808 Sum squared resid 12,87227 Schwarz criterion -1,163732 Log likelihood 2426,715 Hannan-Quinn criter. -1,683687 F-statistic 16,35964 Durbin-Watson stat 1,398541 Prob(F-statistic) 0,000000
3. Kết quả chạy hồi quy Hồi quy theo phương pháp Fixed effect Hồi quy theo phương pháp Fixed effect các biến các biến AR, LnS, FD, FA
Dependent Variable: GOP
Method: Panel EGLS (Cross-section weights) Date: 08/20/13 Time: 09:52
Sample: 2006 2012 Periods included: 7
Cross-sections included: 305
Total panel (balanced) observations: 2135
Linear estimation after one-step weighting matrix
Variable Coefficient Std. Error t-Statistic Prob.
AR -0,000298 1,87E-05 -15,98950 0,0000 LNS 0,036283 0,004253 8,530476 0,0000 FD -0,073976 0,009698 -7,628037 0,0000 FA 0,177529 0,020536 8,644791 0,0000 C -0,159758 0,049216 -3,246037 0,0012 Effects Specification
Cross-section fixed (dummy variables)
Weighted Statistics
R-squared 0,883050 Mean dependent var 0,340875 Adjusted R-squared 0,863323 S,D, dependent var 0,244856 S.E. of regression 0,084026 Sum squared resid 12,89226 F-statistic 44,76459 Durbin-Watson stat 1,620716 Prob(F-statistic) 0,000000
Unweighted Statistics
R-squared 0,730470 Mean dependent var 0,213618 Sum squared resid 13,04331 Durbin-Watson stat 1,403000
Phương trình hồi quy:
GOP = -0,000298321986016*AR01 + 0,0362827004222*LNS –
Hồi quy theo phương pháp Fixed effect các biến AP, LnS, FD, FA (mơ hình 2)
Dependent Variable: GOP
Method: Panel EGLS (Cross-section weights) Date: 08/20/13 Time: 09:53
Sample: 2006 2012 Periods included: 7
Cross-sections included: 305
Total panel (balanced) observations: 2135
Linear estimation after one-step weighting matrix
Variable Coefficient Std. Error t-Statistic Prob.
AP -5,08E-05 1,85E-05 -2,739175 0,0062 LNS 0,038343 0,004298 8,920973 0,0000 FD -0,052936 0,009794 -5,405077 0,0000 FA 0,145646 0,021804 6,679782 0,0000 C -0,208336 0,049905 -4,174646 0,0000 Effects Specification
Cross-section fixed (dummy variables)
Weighted Statistics
R-squared 0,886643 Mean dependent var 0,340999 Adjusted R-squared 0,867522 S,D, dependent var 0,256386 S.E. of regression 0,084862 Sum squared resid 13,15016 F-statistic 46,37120 Durbin-Watson stat 1,580295 Prob(F-statistic) 0,000000
Unweighted Statistics
R-squared 0,719441 Mean dependent var 0,213618 Sum squared resid 13,57704 Durbin-Watson stat 1,387606
Phương trình hồi quy:
GOP = -5,07871320619e-05*AP + 0,0383426838243*LNS –
Hồi quy theo phương pháp Fixed effectcác biến INV, LnS, FD, FA (mơ hình 3)
Dependent Variable: GOP
Method: Panel EGLS (Cross-section weights) Date: 08/20/13 Time: 09:53
Sample: 2006 2012 Periods included: 7
Cross-sections included: 305
Total panel (balanced) observations: 2135
Linear estimation after one-step weighting matrix
Variable Coefficient Std. Error t-Statistic Prob.
INV -0,000145 1,29E-05 -11,27470 0,0000 LNS 0,029774 0,004129 7,211308 0,0000 FD -0,049844 0,009495 -5,249543 0,0000 FA 0,155359 0,020594 7,543735 0,0000 C -0,100146 0,047853 -2,092777 0,0365 Effects Specification
Cross-section fixed (dummy variables)
Weighted Statistics
R-squared 0,886644 Mean dependent var 0,347743 Adjusted R-squared 0,867524 S,D, dependent var 0,258067 S.E. of regression 0,085008 Sum squared resid 13,19526 F-statistic 46,37202 Durbin-Watson stat 1,614081 Prob(F-statistic) 0,000000
Unweighted Statistics
R-squared 0,724802 Mean dependent var 0,213618 Sum squared resid 13,31759 Durbin-Watson stat 1,397244
Phương trình hồi quy:
GOP = -0,000145429697499*INV + 0,0297741409736*LNS –
Hồi quy theo phương pháp Fixed effect các biến CCC, LnS, FD, FA (mơ hình 3)
Dependent Variable: GOP
Method: Panel EGLS (Cross-section weights) Date: 08/20/13 Time: 09:54
Sample: 2006 2012 Periods included: 7
Cross-sections included: 305