Thông tin tài liệu
CAPITAL STRUCTURE AND FIRM PERFORMANCE OF LISTED COMPANIES
IN VIETNAM
In Partial Fulfillment of the Requirements of the Degree of
MASTER OF BUSINESS ADMINISTRATION
In Finance
By
Ms: Nguyen Thi Van Anh
ID: MBA04050
International University - Vietnam National University HCMC
September 2013
CAPITAL STRUCTURE AND FIRM PERFORMANCE OF LISTED COMPANIES
IN VIETNAM
In Partial Fulfillment of the Requirements of the Degree of
MASTER OF BUSINESS ADMINISTRATION
In Fianance
by
Ms: Nguyen Thi Van Anh
ID: MBA04050
International University - Vietnam National University HCMC
September 2013
Under the guidance and approval of the committee, and approved by all its members, this
thesis has been accepted in partial fulfillment of the requirements for the degree.
Approved:
---------------------------------------------Chairperson
--------------------------------------------Advisor
---------------------------------------------Committee member
--------------------------------------------Committee member
---------------------------------------------Committee member
--------------------------------------------Committee member
Acknowledge
This thesis report is about the Capital Structure and Firm Performance would not have
been possible without valuable contribution of all teachers from School of Business.
I would like to thank to the International University, Vietnam National University –
Ho Chi Minh City for giving me a great opportunity to practice and learn more knowledge. I
especially appreciated the School of Business that helped us have good condition to do the
necessary research work and archive the results. I am deeply indebted to my thesis project
advisor Dr. Duong Nhu Hung, for his patience, guidance and advice throughout this semester.
He was always keeping his eyes on my research. This gave me the efforts which proved
valuable for the success of this thesis project. Moreover, my gratitude goes to my beloved
husband Mr. Nguyen Thanh Tung for his love, insightful guidance, assistance, and support
during the entire process of my mater‟s study and the writing of this dissertation.
Finally, I would like to thank my parents, also my friends for supporting and
encouraging me throughout my studies. With their love, I could finish this work.
I hope this will serve as a valuable resource for whose major or carrier related to this
field.
i
Plagiarism Statements
I would like to declare that, apart from the acknowledged references, this thesis either
does not use language, ideas, or other original material from anyone; or has not been
previously submitted to any other educational and research programs or institutions. I fully
understand that any writings in this thesis contradicted to the above statement will
automatically lead to the rejection from the MBA program at the International University –
Vietnam National University Hochiminh City.
ii
Copyright Statement
This copy of the thesis has been supplied on condition that anyone who consults it is
understood to recognize that its copyright rests with its author and that no quotation from the
thesis and no information derived from it may be published without the author‟s prior consent.
© Nguyen Thi Van Anh/ MBA04050/ 2011 - 2013
iii
Table of Contents
Chapter One - Introduction .................................................................................................... 1
1.1.
Background ................................................................................................................. 1
1.2.
Research objective....................................................................................................... 5
1.3.
Data and methodology ................................................................................................ 6
1.4.
Limitation .................................................................................................................... 6
1.5.
Structure of the study .................................................................................................. 6
Chapter Two - Literature Review .......................................................................................... 8
2.1.
Theories on capital structure ....................................................................................... 8
2.1.1.
The Miller and Modigliani Theory ...................................................................... 8
2.1.2.
Static Tradeoff Theory ......................................................................................... 9
2.1.3.
Agency Cost Theory .......................................................................................... 10
2.1.4.
Pecking Order Theory ........................................................................................ 12
2.2.
Previous studies on capital structure and firm performance ..................................... 13
2.2.1.
Internationally empirical findings ...................................................................... 13
2.2.2.
Empirical findings from Vietnamese perspective .............................................. 14
2.3.
Determinants of Capital Structure and Their Hypothesis ......................................... 16
2.3.1.
Dependent Variables .......................................................................................... 16
2.3.2.
Independent Variables ....................................................................................... 16
Chapter Three – Data and Methodology ............................................................................. 24
3.1.
Data collection........................................................................................................... 24
3.2.
Data Analysis Method ............................................................................................... 24
iv
Chapter Four - Empirical Result.......................................................................................... 28
4.1.
Descriptive Statistics ................................................................................................. 28
4.2.
Multi – collineartity................................................................................................... 32
4.3.
Regression results and discussions ............................................................................ 35
4.3.1.
Profitability Firm Performance .......................................................................... 37
4.3.2.
Size..................................................................................................................... 39
4.3.3.
Tangible assets ................................................................................................... 40
4.3.4.
Growth opportunity............................................................................................ 40
4.3.5.
Inflation rate ....................................................................................................... 41
4.3.6.
Asset specificity ................................................................................................. 41
4.3.7.
Parent companies and Their Affiliated Companies ........................................... 42
Chapter Five – Conclusions and Recommendations .......................................................... 45
References ............................................................................................................................... 49
Appendix 1 ........................................................................................................................A1 - 1
Appendix 2 ........................................................................................................................A2 - 1
Appendix 3 ........................................................................................................................A3 - 1
Appendix 4 ........................................................................................................................A4 - 1
Appendix 5 ........................................................................................................................A5 - 1
Appendix 6 ........................................................................................................................A6 - 1
Appendix 7 ........................................................................................................................A7 - 1
Appendix 8 ........................................................................................................................A8 - 1
v
List of Tables
Table 1: Summary the findings of the previous studies ........................................................... 15
Table 2: Summary of the implications of theories and all hypotheses of the study ................ 23
Table 3: Description of Variables ............................................................................................ 26
Table 4: Descriptive statistics of Variables ............................................................................. 29
Table 5: Correlation matrix ...................................................................................................... 33
Table 6: Estimation Results for Panel Data Models Using ROA ............................................ 35
Table 7: Estimation Results for Panel Data Models Using ROE............................................. 36
Table 8: Estimation Results for Panel Data Models Using TOBINQ ..................................... 36
Table 9: Regression Result of Capital Structure ...................................................................... 42
Table 10: Regression Result of Firm Performance .................................................................. 43
vi
Abstract
Capital structure decisions have been the most significant decisions to be taken by any
business organization for maximization of shareholders wealth and sustained growth. The
study examines the relationship between capital structure and firm performance of 200 listed
firms on the HOSE for a period of five years from 2008 to 2012. This study employed panel
data analysis by using fixed-effect estimation. Empirical result shows that the listed firms on
the HOSE employ mostly short-term liabilities to finance their operations. According to the
results, all measures of firm performance are found to have a significant and negative impact
on all measures of firm capital structure. This result is contrary to the predictions of trade-off
theory but consistent with the pecking order theory. The result also reveals that firm size has
a positive and significant impact on the leverage, tangible asset is negative and significantly
related to STDTA and TDTA, growth opportunity variable has a negative and significant
coefficient with LTDTA and TDTA, the inflation rate has a negative effect on TDTE, the
coefficient of asset specificity is negative and significantly related to all measures of leverage
(except STDTA). There appears two interesting findings are that TDTA of the parent
companies has a negative impact on TDTA of their affiliated companies and two measures of
firm performance (ROA and ROE) of the parent companies have a significantly positive
impact on two measures of firm performance (ROA and ROE) of their affiliated companies.
Keywords: capital structure, firm performance, parent company, affiliated company, listed
firm, Ho Chi Minh Stock Exchange, panel data, fix-effect model.
vii
viii
Chapter One - Introduction
1.1.
Background
One of the most important reference theories in enterprises financing policy is the
theory of capital structure. The capital structure of an enterprise is the mix of debt
including preference stock and equity; this is referred to as the firms‟ long term
financing mix (Watson and Head, 2007). Capital structure decision is fundamental for
any business organization. This decision is important because the organizations need
to maximize return to various stake holders and it also has an effect on the value of
the firm. Besides that, the impact from the decision will help the firm‟s ability to deal
with its competitive environment. Capital structure decisions represent another pivotal
financial decision of a business organization apart from investment decisions. It is
important since it involves a huge amount of money and has long- term implications
on the firms. One crucial issue confronting managers today is how to choose the
combination of debt and equity to achieve optimum capital structure that would
minimize the firm‟s cost of capital and improves return to owners of the business.
Even though generally firms have a choice as to how to combine debt and equity,
managers attempt to ascertain a particular combination that will maximize
profitability and the firm‟s market value. The kind of combination of debt and equity
that will minimize the firms cost of capital and hence maximizes the firm‟s
profitability and market value is the optimal capital structure. Unfortunately, financial
managers do not have a clear cut guideline that they can consult when taking decision
in connection with optimal capital structure. The idea of modern theory of capital
structure is originated from the path breaking contribution of Modigliani and Miller
(1958) under the perfect capital market assumption. Modigliani and Miller (1958)
assumed that under condition of no bankruptcy cost and frictionless capital markets
1
without taxes, firm‟s value is independent of its capital structure. Modigliani and
Miller (1963) in considering of the existence of corporate taxes suggested that firms
should use as much debt capital as possible in order to maximize their value by
maximizing the interest tax shield.
Other theories that have been advanced to explain the capital structure of firms
include the static tradeoff theory, the agency cost theory, and pecking order theory.
Pecking order theory suggests that firms will initially rely on internally generated
funds, and then they will turn to debt if additional funds are needed and finally they
will issue equity to cover any remaining. Thus, according to the pecking order
hypothesis, firms that are profitable and therefore generate high earnings are expected
to use less debt capital than those who do not generate high earnings. Hence, internal
funds are used first, and when that is depleted, debt is issued, and when it is not
sensible to issue any more debt, equity is issued (Myers and Majluf, 1984).
Agency costs are the costs that arise from the principal-stakeholder relationship, such
as between shareholders or managers of the firm and debt-holders. Moreover, the
given incentives to the firm will benefit shareholders at the expense of debt-holders.
Thus, debt-holders need to restrict and monitor the firm‟s behaviour. Consequently,
costly monitoring devices of contractual covenants are incorporated into debt
agreements to protect the debt-holders. Hence, it should increase the cost of capital
offered to the firm. Therefore, firms with relatively higher agency costs due to
inherent conflicts between the firm and the debt-holders should have lower levels of
outside debt financing and leverage.
Furthermore, according to Gleason et al. (2000), the utilization of different levels of
debt and equity in the firm‟s capital structure is one such firm-specific strategy used
by managers in the search for improved performance. Hence, most firms have tried to
2
achieve an optimal capital structure in order to minimize the cost of capital or to
maximize the firm value, thereby improving its competitive advantage in the
marketplace through a mixture of debt and equity financing. Thus, selecting the right
type of debt is an equally important issue as opting for an appropriate debt to equity
ratio. However, as noted by Myer (2001), each theory works under its own
assumptions and propositions, hence, none of the theories can give a complete picture
of the practice of capital structure.
Ross (1977), Heinkel (1982) and Noe (1988) suggest that increasing leverage, by
acquiring debt should have positive implications for firm value and performance.
Furthermore, this result is also supported by Hadlock and James (2002) where they
concluded that companies prefer debt (loan) financing because they anticipate a
higher return. According to Champion (1999), the use of leverage is one way to
improve the performance of the firm.
Due to the lack of a consensus about what would qualify as optimal capital structure,
it is pertinent to examine the effect of debt utilization on firms‟ performance. Several
such studies were conducted in European countries and in the United States. They
found contradictory results when Gleason (2000) supported a negative impact of
leverage on the profitability of the firm while Roden and Lewellen (1995) found a
significant positive association between profitability and total debt as a percentage of
the total buyout-financing package in their study on leveraged buyouts. Thus, there is
no universal theory about debt-equity choices and have different views regarding the
financing option.
The contribution of these studies would help the manager of the companies to make
good decisions on the proportions of their capital structure. If they have taken too
much debt in the operations of the company, this can jeopardize the company‟s future,
3
thus can make the companies go bankrupt. Hence, this will provide and add new
knowledge to corporate managers as a benchmark in making their own decision on
the company‟s performance.
In Vietnam, lack of empirical evidence, that investigate the relationship between firm
capital structure and firm performance, is an issue for both academics and
practitioners. Vietnam is also absent in international analyses of capital structure in
emerging markets. In 2008, Tran Hung Son and Tran Viet Hoang tested the
relationship between capital structure and firm performance by using data sample of
50 non-financial companies in Hochiminh Stock Exchange for the period September
2008. The results show that there is a positive correlation between a firm capital
structure and performance, which is measured by average of return on assets and
return on equity. In addition to that, Nguyen Thanh Cuong and Nguyen Thi Canh
tested the panel threshold effect of capital structure on firm value among 92
Vietnam‟s seafood processing enterprises (SEAs) from 2005 to 2010. The result
shows that there exists double thresholds effect between debt ratio and firm value.
However, they have not used market performance measures and have not explored the
optimal capital structure to maximize the performance of the firm. And, the controlled
variables are major specific of business. There has not considered to environmental
variables of business.
Therefore, problem to be contributed in this study is to examine the effect which firm
capital structure has on corporate market performance in both firm accounting
performance and market performance measure, and the effect of firm performance on
firm capital structure combined with other variables such as asset specificity, and
inflation rate on firm capital structure. Besides that, this study also contributes an
interesting finding about parent company which owns or controls another company,
4
known as the subsidiary. The parent company is able to direct the business practices
of the subsidiary because it controls the voting, thus making determinations like who
should sit on the board of the subsidiary. It is not uncommon for a single parent
company to control a large number of subsidiaries. This study considers the effect of
parent companies on their affiliated companies in the field of capital structure and
firm performance. Finally, this study will show solutions or choices to adjust
adequately firm capital structure which may help business overcome economic crisis
with high inflation rate as present and have good firm performance.
1.2.
Research objective
In order to solve the research problems mentioned previously, this study has the
following objectives:
Determine the effect of firm performance, size, tangible asset, growth
opportunity, inflation rate and asset specificity on listed firm‟s capital
structure in Ho Chi Minh Stock Exchange.
Determine the effect of parent companies‟ capital structure and firm
performance on their affiliated companies‟ capital structure and firm
performance.
Research Questions:
Which theories may be best explained capital structure of the listed firms in
HOSE?
What are the factors affecting the capital structure of the listed firms in HOSE?
Has the relationship between the parent companies and their affiliated
companies effected on capital structure and firm performance?
5
1.3.
Data and methodology
The purpose of this research is listed firms on Ho Chi Minh Stock Exchange (HOSE)
in the period from 2008 to 2012. Sample size of this research is top 200 largest firms
listed on HOSE.
Quantitative research based on ordinary least square regression model to estimate the
relationship between firm performance, size, tangible asset, growth opportunity,
inflation rate, asset specificity and firm capital structure, as well as the relationship
between parent companies and their affiliated companies. This model was used in the
studies of Rajan and Zingales (1995), Kuznetsov and Muravyev (2001) Tian & Zeitun
(2007).
The author uses data analysis tools to implement the research such as descriptive
statistics, multiple regression models with Eviews 6 for Windows.
1.4.
Limitation
This study has still existed some limitation for future research. First of all, due to limit
of time, the data was mainly collected from the website that may cause some
inaccurate in uploading data. Therefore, it is necessary to collect data from the audited
hard copy financial statement and balance sheet of the firms. In the second, this study
only chooses 200 listed firms on Ho Chi Minh Stock Exchange. Thus, the results of
this study has not convinced yet. There should have the combination of all listed firms
on Ho Chi Minh Stock Exchange and Hanoi Stock Exchange. In the third, few
measures of capital structure and firm performance have not been used such as debt to
market value (D/MV), price per share to earnings per share (PE), and market value of
equity and book value of liabilities divided by book value of equity (MBVE).
1.5.
Structure of the study
The structure of the study is divided into five chapters:
6
Chapter 1: Introduction
This chapter presents the background of the study, as well as, research objectives,
research questions, research methodology and limitation of this study.
Chapter 2: Literature Review
In this chapter, there has summarized some modern theories about capital structure,
shown previous studies about capital structure and firm performance, mentioned the
essential determinants of capital structure, and made the hypothesis for this empirical
study.
Chapter 3: Data and Methodology
This chapter particularly presents about data and the methodology of this study.
Chapter 4: Empirical Results of the Research
Chapter 4 includes three parts. In the first part, there has used descriptive statistics to
explore the features of explanatory variables, as well as the relationship between each
variable. In the second part, there examines the possible degree of collinearity among
variables. In the final part, the regression analysis is used to explore the relationship
between the capital structure and firm performance of listed companies on Ho Chi
Minh Stock Exchange.
Chapter 5: Conclusions
Chapter 5 presents main conclusions based on the results of the previous chapters.
7
Chapter Two - Literature Review
Chapter 2 summaries the modern theories and mentions to the fundamental ideas on
capital structure, as well as firm performance. This chapter also presents hypothesis of
the study.
2.1.
Theories on capital structure
2.1.1. The Miller and Modigliani Theory
Modigliani and Miller challenge the traditional view as to the effect of leverage on the
cost of capital. They develop a behavioral justification support for the net operating
income approach. Without taxes, the cost of capital and market value of the firm
remain constant throughout all degrees of leverage (Modigliani and Miller, 1958).The
Modigliani and Miller (MM) theory proves that under a very restrictive set of
conditions, a firms value is unaffected by its capital structure which implies that the
financing choice of firms is irrelevant. Modigliani and Miller come to this conclusion
under the following assumptions:
Firms with the same degree of business risk are in a homogenous risk class.
Investors have homogenous expectations about earnings and risks.
There is an existence of perfect capital markets.
Interest rate on debt is the risk-free rate.
All cash flows are perpetuities.
The MM theorem further states that the expected return on equity is positively related
to leverage because the risk of equity increases with leverage.
However, Miller and Modigliani (1963) correct their earlier proposition on capital
structure with the inclusion of corporate taxes. The theory proposes that the value of
the firm is equal to the value of the firm‟s cash flow with no debt tax shield (value of
8
an all equity firm) plus the present value of tax shield in the case of perpetual cash
flows.
The MM model with the corporate taxes was extended by Miller to include personal
taxes (Miller, 1977). Miller introduced a model where leverage affects the firm value
when both corporate and personal taxes are taken into account.
According to this theory, financial distress is generated by the presence of debt in the
capital structure which could lead to bankruptcy. It states that the larger the fixed
interest charges created by the use of leverage, the greater the probability of decline in
earnings and greater the probability of incurrence of costs of financial distress. (Harris
and Raviv, 1991; Riahi-Belkaoni, 1999). Costs of financial distress include the legal
and administrative costs of bankruptcy as well as the subtler agency, moral hazard,
monitoring and contracting costs which could erode firm value even if formal default
is avoided (Myers, 1984).
2.1.2. Static Tradeoff Theory
An important motive of trade-off theory of capital structure is to explain the way in
which firms can typically be financed partly with debt and partly with equity. Tradeoff theory states that there are benefits of financing with debt i.e. tax shield benefit,
agency benefit and there are also costs of funding with debt e.g. costs of financial
distress, agency costs. Therefore the firm that is maximizing its value will focus on
offsetting costs against benefits of debt when making decision about how much debt
and equity to use for financing its business. Ross et al (2008) argue that firm can
optimize its value at a point where marginal costs of debt and marginal benefits of
debt are balanced.
According to Myers (1984), each firm that follows trade-off theory has target debt and
it gradually moves toward its target debt. Target leverage is determined by balancing
9
the cost and benefits of leverage but structure of target leverage is not clear. (Frank &
Goyal, 2009) argue that this target debt can be classified into two ways. First the
target debt may be static which might be identified by single period trade-off between
costs and benefits of debt and is called static trade-off theory. Second the target debt
may be adjusting over time with change in magnitude of costs or benefits of debt.
While examining the US firms, Huang and Ritter, (2009) say that US firms moving
toward their target leverage with moderate speed. US firms take 3.7 years average
period to achieve their targeted capital structure in the condition of any deviation from
the target debt. The UK firms adjust to their target debt ratio relatively quickly. Leary
and Robert (2005) showed the behavior of US firms, in time of market friction,
adjusting their leverage as if they follow dynamic trade-off policy. Consistent with
trade-off model, Cook and Tang, (2010) argue that firms moving faster toward target
debt rate in the country where economic condition are good as compared to country
where economic conditions are bad. Graham and Harvey (2001) indicate that about 80
percent of chief financial officers confirms having target leverage. Antoniou et al
(2008), report that firms have target leverage ratio. Firms that are experiencing higher
market to book value ratio, tend to have low target debt ratio (Hovakimian et al 2004).
2.1.3. Agency Cost Theory
In the modern corporations, there has always a separation of ownership and control
where most firms are managed by managers who act as agents of shareholders. These
managers do not necessarily own shares in the firm and as such this relationship is
fraught with agency problems. The shareholders and managers, consciously or
unconsciously, serve their own interests. While shareholders would want to see the
maximization of firm value, the management wants to maximize their own selfish
interests. Examples of such interests may be to invest in certain projects which yield
10
the best result on net profits in the short-term in order to inflate their bonuses. Also
they may be inclined to misuse company funds by incurring huge on the job expenses
(Gwatidzo, 2008:86).
The investors of a firm are aware of the managers‟ opportunistic behavior and thus
take it into account when valuing the firm‟s shares. They will offer a lower price than
when there is no opportunistic behavior. According to the agency theory, the observed
capital structure of a firm should thus aim to minimize the potential for opportunistic
behavior in the firm. The extent of opportunistic behavior depends on the
environment in which the firm is operating. For example, an efficient legal system
that protects investors‟ rights curbs opportunistic behavior by management. In most
developing economies the legal system is not efficient; therefore there are high
chances for opportunistic behavior by management. Some of the ways of mitigating
the conflict between management and investors (Gwatidzo, 2008:90) are:
Issuing debt - Issuing debt rather than equity forces management to contractually
commit themselves to a given level of payment to investors (lenders), thus reducing
opportunistic behavior;
Issuing short-term debt – Issuing short-term debt forces management to the
negotiation table periodically, thus making the issuance and payment of debt more
like a repeated game in which the management is punished by the creditors if they are
seen to be behaving in any way detrimental to the creditors;
In addition to the above, the conflict of interest between equity holders and debt
holders can be mitigated by designing debt covenants that protect the interests of debt
holders;
In the event that long-term debt is issued, it may be secured with specific assets;
11
Another way is to just increase debt levels in industries where the potential for
opportunistic behavior is high.
2.1.4. Pecking Order Theory
The foremost prediction of the model is that firms will not have a target optimal
capital structure, but will instead follow a pecking order of incremental financing
choices that places internally generated funds at the top of the order, followed by debt
issues, and finally only when the firm reached its “debt capacity” new equity
financing. Myers and Majluf (1984) noted that this theory is based upon costs derived
from asymmetric information between managers and the market and the idea that
trade-off theory costs and benefits to debt financing are of issuing new securities. The
asymmetric information means that the firm managers (insiders) have more
information about their firm compared to the outside investors. The well informed
managers try to send positive information to the market or ill informed investors to
increase the firm value. The cost of equity includes the cost of new issue of shares and
the cost of retained earnings. The cost of debt is cheaper than the cost of both these
sources of equity funds. Considering the cost of new issue and retained earnings, the
latter is cheaper because personal taxes have to be paid by shareholders on distributed
earnings while no taxes are paid on retained earnings as also there is no floatation
costs incurred when the earnings are retained. As a result, between the two sources of
equity funds, retained earnings are preferred. It has been found in practice that firms
prefer internal financing. If the internal funds are not sufficient to meet the investment
outlays, firms go for external finance, issuing the safest security first. They start with
debt, then possible hybrid securities such as convertible debentures, then perhaps
equity as a last resort.
12
2.2.
Previous studies on capital structure and firm performance
2.2.1. Internationally empirical findings
The literature on the relationship between firm performance and capital structure has
produced mixed results. Gleason et al (2000) also found a negative and significant
relation of leverage level with firm performance measured by the ROA (return on
assets) and profit margin in the European countries. Deesomsak (2004) in his study on
the Malaysian firms found a negative relation of leverage level with firm performance
measure by the gross profit margin. Malaysian firms use internally generated source
of funds when profits are high supporting the pecking order theory. Further, the
relation between the leverage and firm performance in Singapore, Taiwan and
Australian firms was negative but insignificant. The effect of firm size on leverage
was positive and significant for all the countries except Singapore with an
insignificant relationship because firms in Singapore have government support and
are less exposed to financial distress costs. Huang and Song (2006) said that although
Chinese market for equity financing are in development phase and firms should have
been dependent on the debt capital from banks. But most of the Chinese companies
are state controlled and prefer equity financing over debt financing because they still
hold the controlling interest and weak laws exist to protect the rights of shareholders.
A negative relation exists between leverage measured by long term debt and total debt
and profitability measured by the return on assets. Further, larger companies employ
more debt and increase in firm size lead to increase in leverage. Majumdar and
Chhibber (1997) and Ghosh (2007) reached that level debt (capital structure)
associated inversely with firms‟ performance. The result refers to the creditors who
are using loans as disciplinary tool on the firm. This tool bases on the restrictions that
impose by creditors on the firm as prevention the firm from distribute the earnings on
13
the shareholders or impose restrictive conditions on the loans by increasing the
interest rates or impose sufficient collaterals on loans. Thus, these restrictions will
lead firm to focus on how pay the debt burden without concerning in achieving
earnings and reflect adversely on firm performance. Abor (2007) evaluated the
relation of capital structure with performance of the firm in small and medium size
firms (SMEs) of South Africa and Ghana. He found a significantly negative relation
between financial leverage measured by ratio of short term debt, long term debt
(significant but positive), total debt to total assets and firm performance measured by
gross profit margin for both South Africa and Ghana. Further a negative relation
existed among the measures of capital structure and firms performance measured by
return on assets in Ghanaian firms. Zeitun and Tian (2007) investigated the effect
which capital structure has had on corporate performance using a panel data sample
representing of 167 Jordanian companies during 1989-2003. Their results showed that a
firm‟s capital structure had a significantly negative impact on the firm‟s performance
measures, in both the accounting and market‟s measures. They also found that the shortterm debt to total assets (STDTA) level has a significantly positive effect on the market
performance measure (Tobin‟s Q). Arbiyan and Safari (2009) investigate the effects of
capital structure on profitability using 100 Iranian listed firms from 2001 to 2007.
They found short-term and total debts are positively related to profitability (ROE)
which indicate a negative relation between long-term debts and ROE.
2.2.2. Empirical findings from Vietnamese perspective
In 2008, Tran Hung Son and Tran Viet Hoang tested the relationship between capital
structure and firm performance by using data sample of 50 non-financial companies in
Hochiminh Stock Exchange for the period September 2008. The results show that
14
there is a positive correlation between a firm capital structure and performance, which
is measured by average of return on assets and return on equity.
Dzung et al (2012) used a panel GMM (generalized method of moments) system
estimator to analyze the determinants of the capital structure of 116 non-financial
listed firms on either the Ho Chi Minh Stock Exchange or the Hanoi Stock Exchange
for the period 2007-2010. The results indicate that profitability negatively affect
leverage.
The following table is to summarize the above studies related to the relationship
between capital structure and firm performance.
Table 1: Summary the findings of the previous studies
Researchers
Data
Findings
Gleason et al Listed firms for
(2000)
European countries
Huang and Song
Chinese companies
(2006)
SMEs of Ghanaian
firms
Abor (2007)
167 Jordanian
Zeitun and Tian
companies during 1989(2007)
2003
Pakistani firms listed
Shah and Khan
on three Stock
(2007)
Exchanges
50 non-financial
Son and Hoang
companies in HOSE for
(2008)
September 2008
Arbiyan
and 100 Iranian listed firms
Safari (2009)
from 2001 to 2007
Dzung
(2012)
et
al
116 non-financial listed
firms for the period
2007-2010
15
There is a negative and significant
relationship between leverage and firm
performance (measured by ROA and
profit margin).
A negative relationship exists between
leverage (measured by LTD and TD)
and profitability (measured by ROA).
A negative relationship exists between
capital structure and firm performance
(measured by ROA).
Capital structure has a negative impact on
all firm performance measures (the
accounting and market measures).
A negative relationship between
leverage and performance.
There is a positive correlation between
firm capital structure and performance,
which is measured by average of ROA
and ROE
STD and TD are positively related to
profitability (ROE), while a negative
relationship between LTD and ROE.
Profitability negatively impacts on
leverage.
2.3.
Determinants of Capital Structure and Their Hypothesis
2.3.1. Dependent Variables
Leverage refers to the use of a relatively small investment or a small amount of debt
to achieve greater profits. That is, leverage is the use of assets and liabilities to boost
profits while balancing the risks involved. There are two types of leverage, operating
and financial. Operating leverage refers to the use of fixed costs in a company's
earnings stream to magnify operating profits. Financial leverage, on the other hand,
results from the use of debt and preferred stock to increase stockholder earnings.
Although both types of leverage involve a certain amount of risk, they can bring about
significant benefits with little investment when successfully implemented.
Leverage ratio is taken as dependent variable while searching for the determinant of
the capital structure. Total debt to total assets (TDTA), total debt to total equity
(TDTE), long-term debt to total assets (LTDTA), short-term debt to total assets
(STDTA) are proxies for firm leverage. These proxies could be easily collected from
the balance sheet. These measures were used by Zeitun and Tian (2007).
2.3.2. Independent Variables
2.3.2.1.
Profitability
Profitability can be main independent variable that determines capital structure and
represent pecking order and trade-off theories quite clearly, which is also the most
important indicator to measure the performance of firms. There are conflicting
theoretical predictions on the effects of profitability on leverage. As mentioned in
literature review that trade-off theory says firms identify the target debt ratio by
comparing benefit from and cost of leverage. Any decrease (increase) in cost (benefit)
allows the firm to readjust target leverage by enhancing debt. Profitable firm are less
risky with frequent cash flow from business decreasing the cost of financial distress
16
such as bankruptcy cost. It is unanimously recognized that more profitability in world
of tax with more leverage can save more tax for shareholder showing benefit from
leverage. More benefit from leverage will disturb cost benefit relationship thus allows
the firm to borrow more. Frank and Goyal (2009) argue that expected cost of financial
distress is low for profitable firms thus finding tax shield more valuable. This reflects
the positive relationship between leverage and profitability. Agency cost perspective
also regarded debt as a disciplinary measure and more valuable for firms with high
profit producing the more free cash flow (Jensen, 1986). It means trade-off theory
suggests positive relationship between profitability and leverage. Margaritis and
Psillaki (2007) argue that profitability has positive effect on leverage of firm. Abor
(2005) also evaluated the relationship of the profitability with capital structure for
firms listed on the Ghana Stock Exchange. He found a positive relation for short term
debt to total assets and return on equity because of low interest rates. Short term
financing represents 85 percent of total debt in Ghanaian firms and is a major
component of financing for them.
Contrary to trade-off theory, pecking order theory suggests that profitable firm prefer
to use retained earnings to finance their current or potential projects. Myers (1984)
argues that firms with no profit or insufficient profit prefer to borrow debt and then
issue equity securities if requirement for the funds is not fulfilled by debt borrowing.
It means pecking order theory predicts negative relationship between profitability and
leverage. Some empirical evidences also validate negative correlation between
profitability and leverage. Shah and Khan (2007) on the Pakistani firms listed on three
Stock Exchanges found a negative and significant relation among leverage levels and
performance. Seppa (2008) found that the Estonian firms follow Peking Order
hypothesis in deciding about the optimal capital structure. Estonian firms first utilize
17
internal funds to finance opportunities then move towards external source of financing.
Hence, the hypothesis to be tested is:
Hypothesis 1: There is a negative relationship between firm performance and
capital structure.
2.3.2.2.
Size
Size can be another important determinant of capital structure. Larger firms are more
diversified, have less default risk, and lower cost of financial distress. Larger firm‟s
diversification advantage reduces bankruptcy (Titman & Wessels, 1988). Therefore
according to trade-off theory any decrease in cost of leverage allows the firm to
increase leverage thus predicts positive relationship between size and leverage
because size of firm diminishes the cost of leverage.
However, pecking order theory is interpreted as it predicts negative relationship
between size and leverage because larger firms are well known and have longer/older
history of adding retained earnings in their capital structure (Frank & Goyal, 2009).
Therefore firm with more retained earnings additions should have less leverage.
Margaritis and Psillaki (2007) find non-monotonic relationship between size and
leverage. They find size is negatively related to low debt ratio and positively related
to mid and high debt ratios. Larger firm generates more profit as compared to small
firm therefore according to pecking order theory profitable firm prefers internal
financing than external one. This suggests that size is negatively related with debt.
The following hypothesis will be tested:
Hypothesis 2: The firm size is expected to have a positive influence on a firm capital
structure.
18
2.3.2.3.
Tangible Asset
A firm with more physical asset can borrow at cheaper cost of debt capital as compare
to company with less physical assets. The tangibility of assets offers the bargaining
power to company. Jensen and Meckling (1976) point out that agency cost between
the creditors and shareholders exists because firm may invest in riskier projects after
borrowing and may transfer the wealth from creditors to shareholder. Companies
having more fixed asset can borrow more by pledging their fixed asset as collateral
and mitigating lenders‟ risk of bearing such agency cost of debt (Ross et al 2008).
Therefore firm with low agency cost can increase the debt it means trade-off theory
predicts positive relationship between tangibility of assets and debt. Margaritis and
Psillaki (2007) argue that tangibility of firm is positively related to leverage. Studies
conducted by Jong, et al (2008) and Huang & Song (2006) also suggest the positive
correlation between fixed asset and leverage. Frank and Goyal (2009) found positive
relationship between tangibility and leverage level. Therefore, the hypothesis to be
tested here is:
Hypothesis 3: There is a positive relationship between tangibility and capital
structure.
2.3.2.4.
Growth opportunities
Growth can be a good independent variable and derived from pecking order theory
and trade-off theory. There are conflicting views found in theories of corporate capital
structure regarding the relationship between growth and leverage of the firm.
According to pecking order theory the company first finances its projects by internal
financing (Ross, et al 2008) that may not sufficient in the condition of growth. So the
company should increase its leverage during growth period. It means pecking order
theory indicates the positive relationship between growth and leverage. Tong and
19
Green (2005) find significant positive relationship between growth and leverage.
Nguyen and Ramachandran (2006) explore the capital structure of 558 Small and
Medium sized Enterprises (SMEs) for the period 1998-2001. They find that firm
growth is positively associated with short-term debt as high growth firms have high
demand for working capital. On the other side growth is increasing cost and
probability of financial distress when the company borrowing more debt to support
growth opportunities. And increasing cost of financial distress may restrict firm from
borrowing more; it means trade-off theory suggests negative relationship between
growth and leverage of firms. Jong et al (2008) and Huang and Song, (2006) showed
out the negative relationship between the growth opportunities and leverage of the
firm. The following hypothesis will be tested:
Hypothesis 4: There is a negative relationship between growth and capital structure.
2.3.2.5.
Inflation rate
Inflation is also one of determinants impacting on the corporate capital structure
because the main source of leverage in developing countries is short term debt (Booth
et al 2001) and any change in inflation promptly change the cost of debt in developing
countries such as Vietnam. In order to confront the inflationary pressure, the State
Bank of Vietnam (SBV) adjusts discount rate that affects cost of debt which usually
borrower is bound to pay at the end of each period. According to the Asian
Development Bank report (2011), while continuous tightening the monetary policy in
responding rising inflation, SBP adjusted the discount rate from 7% in Feb 2011 to
13% in May 2011. We consider general consumer price index (annual) as measure of
inflation and according to official web site of SBP; the inflation has increased almost
many folds from 7.1% in 2009 to 8.9% in 2010 to 18.7 in 2011. This behavior of
inflation shows enormous change in inflation in Vietnam overtime. Frank & Goyal,
20
(2009) found that when firm expected that the inflation rate would be higher in future
or realizing the current rate of inflation was low, the companies was issuing debt
securities. Hatzinikolaou et al (2002) argued that inflation uncertainty put forth a
strong negative effect on capital structure of the firm.
We can derive inflation as variable from trade-off theories of capital structure.
Inflation is macroeconomic variable that has impact on price of debt and equity.
Whenever the inflation is increasing the creditors demand more interest rate on the
funds, they have furnished to organization in order to balance the opposite effect of
inflation that diminishes purchasing power of currency of particular country. It means
there is positive relationship between the inflation and cost of debt. Issuing debt at
higher cost may increase the costs of financial distress. Therefore trade-off theory
suggests the negative relationship between inflation rate and leverage. Hence, the
hypothesis to be tested here is:
Hypothesis 5: There is a negative relationship between inflation and capital
structure.
2.3.2.6.
Asset Specificity
The more specific the asset, the lower will be its liquidation value. In this context,
debt acts as a straitjacket for investment opportunities. Lenders will not lend to very
specific projects since, in the event of failure (liquidation), the amount realized will be
very low. Thus, leverage should decrease as the degree of asset specificity rises.
Balakrishnan and Fox (1993) argue that asset specificity creates problems for debt
financing due to the non-redeploy ability characteristics of specific assets. More
specifically, asset specificity adversely affects a firm‟s ability to borrow. Balakrishnan
and Fox (1993) suggest that examples of firm-specific assets are intangible assets
such as brand names, research and development expenditure and other reputational
21
investments. The intangible asset variable may also capture a firm‟s discretionary
investment opportunities. Myers (1977) argues that agency costs associated with
intangibles assets are higher than those associated with tangible assets did. The extent
that intangible asset picks up this effect; it will be negatively related to the D/E ratio.
Hence, the hypothesis to be tested here is:
Hypothesis 6: There is a negative relationship between asset specificity and capital
structure.
2.3.2.7.
Parent Companies and Their Affiliated Companies
Parent company is a company which controls other companies by owning an
influential amount of voting stock or control. Parent companies will typically be
larger firms that exhibit control over one or more small subsidiaries in either the same
industry or other industries. Parent companies can be either hands-on or hands-off
with subsidiaries, depending on the amount of managerial control given to subsidiary
managers. Affiliated companies are companies that is owned and controlled by the
same parent company. Parent company only possesses a minority stake in the
ownership of affiliated companies.
A research King and Santor (2008) had been done to examine the linkage between
family ownership, firm performance and capital structure on Canadian firms. Based
on Tobin‟s ratios, the result shows that self- supporting family who owned firms with
a single share class has similar market performance compared to other firms.
Comparatively, family owned firms with dual- class shares have similar ROA and
financial leverage. According to this research, there expects that parent company and
its affiliated companies have also same leverage and firm performance. Hence, the
hypothesis to be tested here is:
22
Hypothesis 7a: There is a positive relationship between the leverages of parent
company and its affiliated company.
Hypothesis 7b: There is a positive relationship between the firm performance of
parent company and its affiliated company.
Table 2: Summary of the implications of theories and all hypotheses of the study
Potential determinants
Expected sign by theories
+ (trade off)
Profitability
˗ ( pecking order)
+ (trade off)
Size
˗ ( pecking order)
Tangible Assets
+ (trade off)
˗ (trade off)
Growth
+ ( pecking order)
Inflation Rate
˗ (trade off)
Asset Specificity
˗ (trade off)
23
Chapter Three – Data and Methodology
3.1.
Data collection
Vietnam is a developing country and has a very thin capital market. This study
includes 200 listed firms on the Ho Chi Minh Stock Exchange during the period from
2008 to 2012. The data for the research is taken from secondary source from “Balance
Sheet Analysis of Joint Stock Companies listed on the HOSE” on the websites
http://www.cophieu68.vn, http://finance.tvsi.com.vn, and http://vietstock.vn/. Besides,
some
information
and
data
for
inflation
rate
is
provided
by
http://data.worldbank.org/indicator.
3.2.
Data Analysis Method
Data was analyzed using quantitative approach. In the quantitative approach,
descriptive statistics was used to compare variables numerically and to ascertain a
pattern in the data set. According to Saunder et al (2007), every statistics to describe a
data is usually summarizes the information in the data by disclosing the average
indicators of the variables used in the study.
For the quantitative analysis, following (Booth et al 2001), (Shah and Khan, 2007)
and (Shah and Hijazi, 2004) this study is using the panel data. Panel data takes into
consideration both time series features and cross section features. This means panel
data considers multiple variables for multiple periods of times to draw the true picture
of relationship between variables. Panel data has many advantages over time series
and cross sectional sets of data. It provides large number observations; enhances the
level of freedom and decreases level of co-linearity among independent variables.
This study has used the fixed effect model put forth by panel data analysis in order to
capture the individual firm effect on leverage. To control for omitted variables that are
different among firms but are constant over time this study take into consideration the
24
individuality of each firm belonging to an industry thus the intercept for each firm
will be different as mention by with in formula given below:
LEVit = β0i + β Xit + uit
Where,
LEVit = the measure of leverage of firm at time
β0i = the intercept of equation for firm
β = Coefficient for Xit
Xit = independent variables for leverage
u=error term
i = number of firms i.e. = 1, 2, 3……N
t1 = the time period i.e. = 1, 2, 3…… T
The specification of formula to analyze the panel data in this study is as following
(Tong & Green, 2005) and (Frank & Goyal, 2009) respectively.
LEVit = β0i + β1 PROF it + β2 SIZE it + β3 TANG it + β4 GROW it + β5INFit
+ β6 INTA it + uit
Where,
LEV1it = leverage (measured by STDTA, LTDTA, TDTA, TDTE)
PROF it = profitability (measured by ROA, ROE, or TOBINQ)
SIZE it = firm size
1
Panel data is also called time series cross sectional data therefore in these models “t” is used only for
showing that data is used for multiple periods of time but we did not run the “t” in models
25
TANG it = tangible asset
GROW it = growth opportunity
INF it = inflation rate
INTA it = asset specificity
uit = error term of a firm at time
Table 3: Description of Variables
Notation
Variables
Measurement (proxy)
Measurement in other
selected studies
TD/TA, TD/TE, LTD/TA,
LEV (TDTA,
TDTE,
Leverage
LTDTA,
Ratio
STDTA )
Total Debt / Total Assets,
STD/TA, TD/MVTA,
Total Debt / Total Equity,
LTD/MVTA
Long-term Debt / Total
(Booth et al, 2001), (Shah &
Assets, Short-term Debt /
Hijazi, 2004), (Shah & Khan,
Total Assets
2007), (Jong, et al 2008), and
(Frank & Goyal, 2009)
Net Income / Total Assets
ROA
Return on
Assets
(Tong & Green, 2005), (Huang
Net Income / Total Assets
& Song, 2006), (Margaritis &
Psillaki, 2007), and (Frank &
Goyal, 2009).
Net income / Shareholder‟s
ROE
Return on
Equity
Net income / Shareholder‟s
equity
equity (Tong & Green, 2005),
(Huang
&
Song,
2006),
(Margaritis & Psillaki, 2007),
and (Frank & Goyal, 2009).
TOBINQ
Tobin‟s Q
Market Capitalization / Total
Assets
Market Capitalization / Total
Assets
(Dadson & Jamil, 2012)
26
SIZE
TANG
GROW
INF
INTA
Size
Tangible
Assets
Growth
Inflation
Rate
Asset
Specificity
Natural logarithm of total
assets
Net Fixed Assets / Total
Assets
Natural logarithm of total assets
(Zeitun & Tian, 2007), (Abdul
2012), (Zuraiah, et al 2012),
Net Fixed Assets / Total Assets
(Jong et al 2008), (Huang &
Song, 2006), and (Antoniou et
al, 2008)
Total Intangibles / Total
(BVTAt – BVTAt-1) / BVTAt-1
(Shah & Hijazi, 2004), (Shah &
Khan, 2007), and (Eldomiaty &
Ismail, 2009)
Consumer price index
(Huang & Ritter, 2009), and
(Frank & Goyal, 2009)
Total Intangibles / Total Assets
Assets
(Ari 2008)
Change in the total assets
Consumer price index
Note: Total Debt = TD, Total Assets = TA, Total Equity = TE, LTD = Long-term Debt, STD = Shortterm Debt, TDTA = Total Debt to Total Assets, TDTE = Total Debt to Total Equity, LTDTA = Longterm Debt to Total Assets, STDTA = Short-term Debt to Total Assets, TD/MVTA = Total Debt to
Market Value of Total Assets, LTD/MVTA = Long-term Debt to Market Value of Total Assets, BVTAt =
Book Value of Total Assets at time t, BVTAt-1 = Book Value of Total Assets at time t-1.
27
Chapter Four - Empirical Result
This chapter examines the data analysis and interpretation of results. First of all, the
descriptive analysis results for the dependent variables and explanatory variables
reveal various issues that are fully expatiated under Table 4. The correlation matrix
for the variables is reported in table 5. It examines the correlation that exists among
variables. The regression results for the panel data for each of leverage measures and
for the full sample of observations for the period 2008 to 2012 are displayed in Table
6 to Table 8 and fully discussed so that meaningful conclusions are drawn. The
analyses are used to test the above formulated hypotheses to establish the relationship
which exists among the variables expressed.
4.1.
Descriptive Statistics
Table 4 presents the descriptive statistics of the dependent variables and independent
variables for the whole sample firms of the study, as well as the relationship between
each variable.
28
Table 4: Descriptive statistics of Variables
Mean
Median
Maximum
Minimum
Std. Dev.
Skewness
Kurtosis
Jarque-Bera
Probability
LTDTA
0.1171
0.0500
0.6900
0.0000
0.1479
1.5939
4.9001
573.2970
0
STDTA
0.3628
0.3300
0.9600
0.0000
0.2073
0.4446
2.3070
52.9087
0
TDTA
0.4799
0.5100
0.9600
0.0000
0.2165
-0.1362
2.0761
38.6165
0
TDTE
1.5344
1.0700
26.830
0.0000
2.1009
6.0824
58.1588
132803.8
0
ROA
0.0964
0.0747
0.9521
-0.1618
0.0977
2.2059
13.4633
5367.353
0
ROE
0.1841
0.16320
1.2537
-0.9092
0.1679
1.2803
10.9101
2877.391
0
TOBINQ
0.6362
0.4100
8.5000
0.0200
0.8594
4.6873
33.5883
42604.31
0
SIZE
5.9997
5.9500
7.7500
3.5000
0.5049
0.3509
4.0158
63.45721
0
TANG
0.1892
0.1303
0.9617
0.0000
0.1893
1.6854
5.9144
826.5478
0
GROW
0.6080
0.1465
359.93
-0.6054
11.390
31.472
993.309
40987082
0
INF
0.1337
0.0910
0.2310
0.0700
0.0633
0.0051
0.0149
1.384665
0
INTA
0.0264
0.0085
0.5801
0.0000
0.0545
5.4022
43.3736
72709.20
0
Note: Long-term Debt to Total Assets (LTDTA = Long-term Debt / Total Assets), Short-term Debt to Total Assets (STDTA = Short-term Debt / Total Assets), Total Debt to
Total Assets (TDTA = Total Debt / Total Assets), Total Debt to Total Equity (TDTE = Total Debt / Total Equity), Return on Assets (ROA = Net Income / Total Assets), Return
on Equity (ROE = Net Income / Shareholder’s equity), Tobin’s Q (TOBINQ = (Market Capitalization) / Total Assets), Firm Size (SIZE = Natural Logarithm of Total Asset),
Tangible Assets (TANG = Net Fixed Assets / Total Assets), Growth opportunity (GROW = Change in the total assets), Inflation Rate (INF = Consumer Price Index), Asset
Specificity (INTA = Total Intangibles / Total Assets).
29
The results in the Table 4 show a summary of the descriptive statistics for all the
variables including the dependent variables and independent variables. Dependent
variables are LTDTA, STDTA, TDTA and TDTE while independent variables are
ROA, ROE, TOBINQ, SIZE, TANG, GROW, INF and INTA. The above table shows
that all of the variables have a positive mean. Moreover, mean statistics provide some
interesting evidence. It is also observed that all values for variables are positively
skewed except the value for TDTA. All of the kurtosis value is also positive. First of
all, the mean (median) of the short term debts is 36.28 (33) % of the total assets. The
mean STDTA of Vietnamese companies is lower than the mean STDTA ratio of
Chinese companies (43.21%) (Wei Xu, et al, 2005). Examining the second measure of
leverage that is long term debt to total assets (LTDTA), the reported mean value is
11.71% for Vietnamese firms. This ratio is higher than the mean LTDTA ratio of
Chinese companies (6.62%) (Wei Xu, et al, 2005). However, in order to compare to
the G7 countries data in Rajan and Zingales (1995), ratio of Vietnamese companies
LTDTA was relatively low (i.e., 11.71% versus 33% (United States); 25% (Japan and
France); 42% (Germany); 24% (Italy); 18% (United Kingdom); 37.2% (Canada)).
Based on the low mean value of the long term debt to assets (11.71%), it can be stated
that listed companies in Vietnam do not use much long-term debt in their respective
capital structure choice. This supports earlier studies that have been conducted on
Vietnamese firms (see Nguyen and Ramachandran, 2006). The result also suggests
that large and small firms have particular difficulty in accessing long-term finance
with low and declining leverage ratios. This could also be attributed to the low return
on assets recorded because long-term finance is needed for capital projects. The mean
(median) of the total debt is about 48 (51) % of the total assets during the period. This
result shows that about 48% of the total assets of listed companies in HOSE are
30
financed by debt. This ratio is lower than the mean TDTA ratio of East Asia
companies (54%) and nearly equaled to the mean Chinese companies on Shenzhen
listed market and Shanghai listed market (49.83%) (Wei Xu, et al, 2005). The mean
TDTA ratio of Latin America companies (45%) is slightly lower than Vietnamese
companies in Hochiminh Stock Exchange (Dilip Ratha, et al, 2003). In addition to
that, if we compared to the international data in Rajan and Zingales (1995),
Vietnamese companies can be regarded as relatively high in term of TDTA (i.e., 48%
versus 31% (United States); 35% (Japan); 20% (Germany); 26% (France); 28% (Italy);
21% (United Kingdom); 36% (Canada)). Analyzing the final measure of leverage that
is the mean (median) total debt to total equity (TDTE) is about 153.44 (107) %. If we
compared to the international data in Rajan and Zingales (1995) , Vietnamese
companies could be assessed as lower than G7 countries in term of TDTE (i.e.,
153.44% versus 194% (United States); 201% (Japan); 257% (Germany); 220%
(France); 206% (Italy); 136% (United Kingdom); 151% (Canada)).
In general, the descriptive data of leverage indicated that the ratio of short term debt is
36.28 percent of total assets while the ratio of long term debt is just 11.71 percent of
total assets. It shows that the listed companies in Ho Chi Minh Stock Exchange
mainly use short term debt to finance their operations and are less dependent on long
term debt. This significant dependence of listed companies in HOSE on the short term
debt instead of long term debt may be the absence of proper or an established public
debt markets (bond markets and mutual funds markets). The only option for listed
companies to obtain long term financing is to directly borrow from the banks but they
are attached with a lot of restrictive debt covenants that have to be fulfilled. For this
reason, the listed companies make less favorable decision for using this source of
financing (Sheikh and Wang, 2011). As a result, it is consistent to the pecking order
31
theory. The firm often preferred owner‟s equity and accounts payable (short-term
debt).
The mean return to assets (ROA) for the sample as a whole is 9.65% and the mean
return to equity (ROE) is 18.41%. The first accounting measure of performance (ROA
and ROE) shows that poor performance during the period from 2008 to 2012. The
mean value of Tobin‟s Q is 63.63%, minimum is 2%, and maximum is 850%. This
market performance measure was lower than the mean Tobin‟s Q (170.1%) of
Jordanian companies on Amman Stock Exchange (Tian & Zeitun, 2007). The
measure of market performance (Tobin‟s Q) shows high percentage of performance
when compared with the accounting measure. This high ratio for the market
performance measure could be as a result of the increase in firms‟ share prices and
equity without any increase in the real activities performance of the firms.
For SIZE which is measured by Ln (Total Asset), the mean reported is 5.99 and the
range is from a low 3.5 to the highest 7.75. The standard deviation for size is 0.504.
For tangible asset (TANG), the average is 0.189 and standard deviation is 0.189. The
highest value of TANG is 0.961 and the lowest value is 0. The mean of assets growth
(GROW) is 0.608 and also has a standard deviation of 11.39. The value ranges from 0.605 to 359.937. Asset Specificity (INTA), measured by Total Intangibles over Total
Assets has a mean value of 0.026, standard deviation of 0.056, and maximum value of
0.58 and the minimum value of 0.
4.2.
Multi – collineartity
To examine the possible degree of collinearity among variables, table 5 indicates the
correlation matrix of dependent and independent variables.
32
Table 5: Correlation matrix
LTDTA
STDTA
TDTA
TDTE
ROA
ROE
TOBINQ
SIZE
TANG
GROW
INF
LTDTA
1
STDTA
-0.293
1
TDTA
0.402
0.757
1
TDTE
0.178
0.572
0.669
1
ROA
-0.284
-0.306
-0.487
-0.320
1
ROE
-0.170
0.019
-0.098
-0.089
0.809
1
TOBINQ
-0.181
-0.347
-0.455
-0.262
0.488
0.240
1
SIZE
0.374
0.097
0.348
0.227
-0.228
-0.108
-0.091
1
TANG
0.388
-0.303
-0.026
-0.066
0.001
-0.044
0.052
-0.022
1
GROW
0.004
-0.007
-0.004
-0.006
-0.019
-0.019
-0.014
0.004
-0.020
1
INF
-0.008
-0.005
-0.010
0.019
-0.076
-0.080
0.013
-0.103
0.016
-0.032
1
INTA
0.025
-0.058
-0.038
-0.048
-0.044
-0.076
-0.009
-0.014
-0.021
0.136
0.022
INTA
1
Note: Long Term Debt to Total Assets (LTDTA = Long-term Debt / Total Assets), Short Term Debt to Total Assets (STDTA = Short-term Debt / Total Assets), Total Debt to
Total Assets (TDTA = Total Debt / Total Assets), Total Debt to Total Equity (TDTE = Total Debt / Total Equity), Return on Assets (ROA = Net Income / Total Assets), Return
on Equity (ROE = Net Income / Shareholder’s equity), Tobin’s Q (TOBINQ = (Market Capitalization) / Total Assets), Firm Size (SIZE = Natural Logarithm of Total Asset),
Tangible Assets (TANG = Net Fixed Assets / Total Assets), Growth opportunity (GROW = Change in the total assets), Inflation Rate (INF = Consumer Price Index), Asset
Specificity (INTA = Total Intangibles / Total Assets).
33
The correlation matrix for the variables is reported in Table 4 in order to examine the
correlation that exists among variables. The result shows three issues. First of all, four
measures of leverage are variously correlated with each other. The high correlation
between TDTA and STDTA is 75.7%, while the low correlation between TDTA and
LTDTA is 40.2%. Moreover, the correlation between STDTA and LTDTA is
negatively 29%. In addition to that, the correlation between TDTE and LTDTA,
STDTA, TDTA is in turn positively 17.8%, 57.2%, and 66.9%.
Secondly, the results show that there is a negative relationship between four measures
of leverage and three variables of firm performance i.e. ROA, ROE, and TOBINQ
which ranges from 8.9% to 48.7%. This negative coefficient is consistent with the
pecking order hypothesis of Myers (1977) and Myers & Majluf (1984), and the
empirical results of Titman and Wessels (1988), Friend and Lang (1988), Chiarella et
al. (1992), Allen (1993) and Wald (1995). The pecking order hypothesis also suggests
that profitable firms will demand less debt because internal funds are available for
financing projects.
Finally, the correlation matrix for the variables also examines the correlation between
the explanatory variables. The result show that there is a negative relationship
between size and three measures of firm performance (ROA, ROE, and TOBINQ)
while size has a positive relationship with all leverage ratios and growth. This implies
that larger companies tend to have a higher leverage ratio and higher growth
opportunities. Besides, asset specificity (INTA) is found negatively correlated to all
proxies of capital structure and firm performance except LTDTA which is positive. It
implies that leverage would decrease as the degree of asset specificity rises. In
addition to that, the more specific the asset, the lower will be its liquidation value. It
may affect adversely on profitability.
34
4.3.
Regression results and discussions
This part includes the empirical results gained by doing a regression to the
independent variables and dependent variables in the model. These results will be
followed by a clear analysis for each independent variable‟s influence on dependent
variable that is used to test the hypotheses.
No. Observations are total number of observation that this study obtained from
multiplication of number of firms and number of years (Total observations = n x t).
For concluding whole study, there has applied fixed effect model of panel analysis on
all firms. Adjusted R-squared in tables 6, 7, and 8 is to show that the percentage of
variance in leverage can be predicted by combination of independent variables. The
higher the R-squared, the more the variability of dependent variable is being
explained by variation of independent variables. Coefficient in columns for
independent variables can be interpreted as each of value in independents variables‟
columns tell us the average change we can expect in leverage given one unit change
in independent variable while all the other independent variables are held constant.
Table 6: Estimation Results for Panel Data Models Using ROA
Dependent Variables
Constant
ROA
Prob.
SIZE
Prob.
TANG
Prob.
GROW
Prob.
INF
Prob.
INTA
Prob.
Independent Variables
LTDTA
-0.393942
-0.000409
0.0733
0.085236
0
0.047821
0.2425
-0.00012
0.0001
-0.000484
0.196
-0.244927
0
35
STDTA
-1.444924
-0.001812
0
0.30436
0
-0.070271
0.0652
-0.000429
0.2623
-0.000814
0.158
-0.058858
0.4655
TDTA
-1.940195
-0.002278
0
0.405768
0
-0.019986
0.0125
-0.000634
0.0962
-0.001232
0.1619
-0.303244
0
TDTE
-7.815857
-0.015561
0
1.597735
0.0024
0.10169
0.3578
0.000385
0.7775
-0.013135
0.0713
-3.104552
0
No. observations
R-squared
Adjusted R-squared
F-statistic
Prob(F-statistic)
Durbin-Watson stat
1000
0.887544
0.848479
22.71938
0
2.058396
1000
0.902738
0.868951
26.71815
0
2.372404
1000
0.934798
0.912109
41.20103
0
2.536209
1000
0.919389
0.891386
32.83177
0
2.259438
Table 7: Estimation Results for Panel Data Models Using ROE
Dependent Variables
Constant
ROE
Prob.
SIZE
Prob.
TANG
Prob.
GROW
Prob.
INF
Prob.
INTA
Prob.
No. observations
R-squared
Adjusted R-squared
F-statistic
Prob(F-statistic)
Durbin-Watson stat
Independent Variables
LTDTA
-0.410149
0.00292
0.7872
0.086841
0
0.053851
0.1738
-0.000125
0.0003
-0.000403
0.2037
-0.240025
0
1000
0.887317
0.848172
22.66772
0
2.050895
STDTA
-1.463292
-0.042603
0.0222
0.305163
0
-0.057738
0.1562
-0.000424
0.2965
-0.000692
0.1483
-0.037425
0.5462
1000
0.900927
0.86651
26.17712
0
2.368191
TDTA
-1.927377
-0.0443
0.0055
0.400618
0
-0.002086
0.8438
-0.000602
0.1441
-0.001047
0.1502
-0.27906
0
1000
0.93187
0.908162
39.30696
0
2.498192
TDTE
-8.517384
-0.327784
0.4297
1.692551
0.0007
0.217295
0.0021
0.000156
0.9225
-0.01215
0.04
-3.010992
0
1000
0.918128
0.889687
32.28164
0
2.263066
Table 8: Estimation Results for Panel Data Models Using TOBINQ
Dependent Variables
Constant
TOBINQ
Prob.
SIZE
Prob.
TANG
t-Statistic
Independent Variables
LTDTA
-0.336609
-0.01103
0.0002
0.075926
0
0.054379
1.441338
36
STDTA
-1.3905
-0.010528
0.0333
0.292308
0
-0.043009
-1.074227
TDTA
-1.759186
-0.021801
0
0.373224
0
0.013654
0.811249
TDTE
-8.160495
-0.098359
0.01
1.62827
0.0062
0.32653
2.192754
Prob.
GROW
Prob.
INF
Prob.
INTA
Prob.
No. observations
R-squared
Adjusted R-squared
F-statistic
Prob(F-statistic)
Durbin-Watson stat
0.15
-0.000104
0.0018
-0.000401
0.1721
-0.239749
0
1000
0.88774
0.848743
22.764
0
2.04435
0.2832
-0.000375
0.3619
-0.000517
0.2059
-0.016175
0.779
1000
0.900622
0.8661
26.08804
0
2.360256
0.4175
-0.000519
0.181
-0.00086
0.1773
-0.265283
0
1000
0.932182
0.908583
39.50109
0
2.473928
0.0287
0.000281
0.8483
-0.010789
0.0474
-2.94002
0
1000
0.918018
0.889538
32.23438
0
2.235624
4.3.1. Profitability Firm Performance
From Hypothesis 1, the firm performance is expected to influence its capital structure.
Three firm performance measures are used (ROA, ROE, and TOBINQ). From the
regression results in Table 6, Table 7, and Table 8, as expected the coefficients of
those variables are significantly and negatively related all leverage variables (LTDTA,
STDTA, TDTA, and TDTE). This result is contrary to the predictions of trade-off
theory but consistent with the pecking order theory. According to this theory,
companies prioritized their sources of financing (from internal financing to equity)
according to the law of least effort, or of least resistance, preferring to raise equity as
a financing means of last resort. Hence, internal funds were used first, and when that
was depleted, debt was issued, and when it was not sensible to issue any more debt,
equity was issued. The negative sign of coefficient for profitability is similar to many
previous studies. Fama and French (2002) in their study also agreed that the negative
effect of profitability on leverage was consistent with the pecking order model. Baner
(2004) examined the capital structure of listed companies in Visegrad countries
(Czech Republic, Hungary, Poland and Slovak Republic) during the period from 2000
to 2001 and found that leverage of listed firms in these countries was negatively
37
correlated with profitability. This finding was consistent with the pecking order
hypothesis. Chen (2004) using panel data, explores the determinants of capital
structure of Chinese listed companies for the period 1995-2000 applying the tradeoff
and pecking order models. He concluded that the capital structure choices of Chinese
companies follow a Pecking Order model – retained earnings, followed by equity
before long term debt- due to the unique institutional, legal and financial constraints
in the Chinese banking sector. He found that Chinese companies relied heavily on
short term financing, and managers preferred equity to debt financing. De Miguel and
Pindado (2001) also supported the pecking order theory when they examined the
determinants of capital structure of Spanish companies.
The results indicate a negative relationship between ROA and all leverage measures
(LTDTA, STDTA, TDTA, and TDTE) at 10% level. It also shows the same
relationship between TOBINQ and all leverage measures at 5% level. And, there also
show a negative relationship between ROE and two leverage measures (STDTA and
TDTA) at 5% level.
The results obtained from the fixed effect models indicate that the overall coefficient
of determination (R-squared) shows that the equation has a good fit with 0.89 for
LTDTA, 0.90 for STDTA, 0.93 for TDTA and 0.92 for TDTE. It means that 89%,
90%, 93% and 92% change in the dependent variables (ROA) and (ROE) are caused
by the independent variables (ROA, ROE, TOBINQ, SIZE, TANG, GROW, INF, and
INTA). The higher the R-squared is the higher the goodness of fit, and the higher the
goodness of fit is the higher the reliability of the model. As the adjusted R-squared
tends to purge the influence of the number of included explanatory variables, the
adjusted R-squared of 0.85 for LTDTA, 0.87 for STDTA, 0.91 for TDTA and 0.89 for
TDTE show that having removed the influence of the explanatory variables, the
38
model is still of good fit, hence, in terms of the goodness of fit we can say that the test
is fair.
The Durbin Watson statistics of 2.05, 2.36, 2.49 and 2.26 for four leverage measures
LTDTA, STDTA, TDTA, and TDTE respectively; as it is significantly within the
bench mark, we can conclude that there is no auto- correlation or serial correlation in
the model specification.
In summary, the relationship between profitability and leverage is positive if the
market of corporate control is effective. On the contrary, if it is ineffective, managers
of profitable firms prefer to avoid the disciplinary role of debt, which would lead to a
negative correlation between profitability and debt (Jensen 1986). Finally, the result
indicated that corporate control of Vietnamese firms is ineffective, and the
profitability was negatively correlated with leverage. Therefore, based on the result, I
accept the Hypothesis 1: There has a negative relationship between firm performance
and capital structure.
4.3.2. Size
All the statistically significant results for size in tables 6, 7 and 8 show that size has a
positive and significant effect on the four leverage measures LTDTA, STDTA, TDTA
and TDTE. All the above results are consistent with trade-off prediction and (Titman
& Wessels, 1988) view that larger firm diversification advantage reduces bankruptcy
therefore relationship between the size and leverage is positively correlated. Based
positive coefficient for size in tables 6,7 and 8 we can say that larger Vietnamese
firms tend to borrow more leverage and vice versa. Abor (2005) also noted that the
effect of firm size on leverage was positive and significant for the countries of Taiwan
and Australia except Singapore with an insignificant relationship because firms in
Singapore have government support and are less exposed to financial distress costs.
39
All the significant positive results for size are not to confirm (Rajan & Zingales, 1995)
view that larger firms are well known which decreases the chance of undervaluation
of new equity. This result for size is also contradicting with those of (Shah & Hijazi,
2004) and (Shah & Khan, 2007) because they find negative and no relationship
between size and leverage respectively. According to the above result, I accept the
Hypothesis 2: The firm size is expected to have a positive influence on a firm capital
structure.
4.3.3. Tangible assets
Hypothesis 3 predicted that tangible assets are expected to be positively related to
corporate leverage. From the regression results in Table 6 to 8, the coefficient of
tangible assets is negative and significantly related to STDTA and TDTA. This result
showed that if the listed firm on HOSE with tangible assets were high, the ratio of
STDTA and TDTA would be low. The negative association of TANG to STDTA is
consistent with prior Vietnamese studies (Nguyen and Ramachandran, 2006; Biger et
al., 2008). One interpretation of this relationship is that firms with few tangible assets
tend to rely more on short-term liabilities such as trade credit. This significant
negative coefficient for tangible assets is also consistent with (Booth et al 2001)
because they found negative relationship between tangibility and leverage in
developing countries. This result is not consistent with the trade-off theory and a
number of previous studies of Margaritis and Psillaki (2007), Jong et al (2008) and
Frank and Goyal (2009). The above hypothesis for tangible asset variable is to reject.
4.3.4. Growth opportunity
GROW variable has a negative and significant coefficient with LTDTA and TDTA at
10% level (but insignificant to STDTA). It means that firms with high debt levels
sometimes ignore of an investment project in spite of expectations of high returns
40
because of the reluctance of creditors to finance the project. In other words, other
appropriate and more important factors may have come into play into the decision to
use equity versus debt in pursuing growth projects, such as interest rates, the tedious
legal and regulatory hurdles required to list and issue new shares, domestic appetite
for new share issuances in the local stock market, etc. In addition, banks in general set
leverage ratio limits to borrowers in line with the need to curtail excessive liabilities
to within prudent levels and to avoid financial distress to the firm. This practice
therefore restricts higher debt exposure. The results are consistent with the above
hypothesis and previous studies of (Huang & Song, 2006), (Shah & Hijazi, 2004)
(Qureshi, 2009) and (Shah & Khan, 2007) because all of them found significant
negative relationship between growth and leverage.
4.3.5. Inflation rate
All the statistically significant results for size in tables 6 to 8 show that the inflation
rate has a negative effect on TDTE at 10% level. It is consistent with the trade-off
theory and the study of Hatzinikolaou et al (2002) argued that inflation uncertainty
put forth a strong negative effect on capital structure of the firm. However, this result
is not consistent with the study of Frank and Goyal (2009). They found a significantly
positive relation between inflation and leverage because the companies would issue
debt securities when the inflation rate was higher in future.
4.3.6. Asset specificity
Hypothesis 6 predicted that asset specificity is expected to be negatively related to
corporate leverage. From the regression results in Table 6 to 8, the coefficient of asset
specificity is negative and significantly related to all measures of leverage (except
STDTA). This result is also consistent to Williamson (1988) who argued that the
financial structure of a firm was affected by the asset specificity of the different types
41
of assets that it owns. Specificity concerns the extent to which assets can be
redeployed in different investment projects, with only limited modifications.
Evidently, the more specific the asset, the lower will be its liquidation value. Lenders
will not lend to very specific projects since, in the event of failure (liquidation), the
amount realized will be very low. As a result, leverage would decrease as the degree
of asset specificity rose. This conclusion is also foreshadowed by trade-off theory.
4.3.7. Parent companies and Their Affiliated Companies
4.3.7.1.
Capital structure
Table 9: Regression Result of Capital Structure
(The relationship between Parent Companies and Affiliated Companies)
LTDTA_SON TDTA_SON STDTA_SON TDTE_SON
Constant
LTDTA_MO
Prob.
-0.783381
0.068988
0.1223
1.053247
1.541255
-0.143945
0.0709
TDTA_MO
Prob.
-0.052813
0.5261
STDTA_MO
Prob.
0.053363
0.0225
0.123972
0.0037
-0.008204
0.8698
-0.058056
0.2287
-0.023059
0.7549
-0.151362
0.0199
0.186725
0.1511
-9.124365
0.125
1.866993
0.4999
228
0.855883
228
0.936613
228
0.904907
228
0.472086
0.804105
0.913839
0.870742
0.282417
16.5297
0
41.12661
0
26.4862
0
2.488994
0.000003
2.148404
1.973326
2.051263
1.79864
TDTE_MO
Prob.
ROE_MO
Prob.
SIZE_MO
Prob.
No. observations
R-squared
Adjusted Rsquared
F-statistic
Prob(F-statistic)
Durbin-Watson
stat
-9.939718
42
From the results in table 9, TDTA of the parent companies has a negative impact on
TDTA of their affiliated companies at 10% level. On the contrary, TDTE of the parent
companies has a positive impact on TDTE of their affiliated companies.
The R-squared which ranges from 0.4389 and 0.9371 is satisfactory in the case of
TDTA and TDTE. This indicates that about 44% to 94% of the variation in the
leverage measure TDTA of affiliated companies has been explained by the variation
in leverage measure TDTA of parent companies. The F-statistics and Durbin-Watson
statistics also indicate that the regression equation and estimates are significant. The
Durbin-Watson obtained i.e. 1.9741 and 1.7878 further indicate that the regression
equation is free from the problem of auto correlation. Hence, the results can be used
to make valid inference. From the above results, it makes a conclusion that when the
parent companies has high leverage ratio, the affiliated companies should limit to use
debt. Because if the affiliated companies have also high leverage ratio likes the parent
companies, they will not have enough of the ability for debt payment.
4.3.7.2.
Firm Performance
Table 10: Regression Result of Firm Performance
(The relationship between Parent Companies and Affiliated Companies)
ROA_SON
-0.047368
Constant
0.22666
ROA_MO
t-Statistic
10.90624
Prob.
0
285
No. observations
R-squared
Adjusted Rsquared
S.E. of regression
F-statistic
Prob(F-statistic)
Mean dependent
ROE_SON
1.935546
Constant
0.539202
ROE_MO
t-Statistic
34.13435
Prob.
0
285
No. observations
0.864502
R-squared
Adjusted Rsquared
S.E. of regression
F-statistic
Prob(F-statistic)
Mean dependent
0.818
0.045518
18.59059
0
0.107557
43
0.824542
0.764326
0.13971
13.69304
0
0.265713
var
S.D. dependent var
Sum squared resid
Durbin-Watson
stat
var
S.D. dependent var
Sum squared resid
Durbin-Watson
stat
0.129552
0.350157
1.846405
0.308843
3.298709
1.890605
From the results in table 10, two measures of firm performance (ROA and ROE) of
the parent companies have a significantly positive impact on two measures of firm
performance (ROA and ROE) of their affiliated companies. The R-squared which
ranges from 0.8245 to 0.8645 is satisfactory in all cases of two measures of firm
performance. This indicates that about 83% to 87% of the variation in the firm
performance measure ROA and ROE of affiliated companies has been explained by
the variation in firm performance measure ROA and ROE of parent companies. The
F-statistics and Durbin-Watson statistics also indicate that the regression equation and
estimates are significant. The Durbin-Watson obtained i.e. 1.8464 and 1.8906 further
indicate that the regression equation is free from the problem of auto correlation.
Hence, the results can be used to make valid inference. From the above results, it
shows that when the parent companies have high profitability, the affiliated
companies also make a high profitability like their parent companies.
44
Chapter Five – Conclusions and Recommendations
Chapter 4 particularly discussed about the results of the research. Chapter 5 presents
main conclusions and recommendations based on the results of the previous chapters.
This research was attempted to explore the relationship of capital structure decisions
with the firm performance of 200 listed firms on the HOSE for the period 2008 –
2012. The analysis was performed by using panel data technique called Ordinary
Least Square regression. Theoretical literature of capital structures, specifically the
Modigliani-Miller theorem, trade-off theory and pecking order theory is reviewed to
provide a sufficient understanding for the relationship between capital structure and
firm performance. Extensive amount of related empirical literature was reviewed to
identify the proxies and measurements for capital structure and firm performance and
several control variables to be the relationship. As a result, in this study Return on
Assets (ROA), Return on Equity (ROE) and TOBIN‟s Q (TOBINQ) were used as the
measures for firm performance. Capital structure is represented by Short-term Debt to
Total Assets (STDTA), Long-term Debt to Total Assets (LTDTA), total debt to total
asset (TDTA) and total debt to total equity (TDTE). Five variables found by most
literature to have an influence on capital structure, namely, size, tangible assets,
growth opportunity, inflation rate and asset specificity are used in this study as control
variables. The result obtained from the study is following:
First of all, firm performance measures in both the accounting and market was found
to have a significantly and negative impact on the measures a firm‟s capital structure.
This finding is not consistent with Champion (1999), Gosh et al. (2000), Hadlock and
James (2002), Frank and Goyal (2003) and Berger and Bonaccors di Patti (2006) who
revealed a positive relation between firm performance and capital structure. It is not to
encourage the trade-off theory; more profitable firms use more debt to take advantage
45
of tax shield. However, the result is consistent to Rajan and Zingales (1995), Zeitun
and Tian (2007) and Abor (2007) who indicate firm performance is negatively related
to capital structure. The implication from the result of firm performance variables is
that the capital structure decision of listed firm on HOSE is consistent with the
pecking order theory. These firms prefer to use retained earnings; external financing
is costly and avoided by them. For these reasons, firms with high profitability should
use less debt.
Secondly, size has the positive correlation with all measures of capital structure. The
result implies that the larger firms approach borrowing resources more easily than
smaller firms.
Thirdly, tangible asset has the negative correlation with STDTA and TDTA. This is
due to the dominance of short-term debt in total debt, which does not necessarily
require collateral. In addition to that, Vietnamese banks pay more attention to
liquidity than tangibility because they are mainly granting short-term loans. They are
reasons why tangibility had a negative relationship with capital structure.
Fourthly, growth opportunity is negatively correlated to LTDTA and TDTA but
insignificant STDTA. The result implies that the firm's capital structure may depend
upon the enterprise's current growth. Companies in the initial growth stages may tend
to take on more debt in order to facilitate growth. However, many times firms may
grow too rapidly, which causes their growth to be unstable. Firms that are more stable
usually require less debt, due to more stable revenue streams.
With respect to the determinants of capital structure, commonly observed factors in
the international empirical literature like profitability and size are applicable to
Vietnam. However, the impact of tangibility and growth raised some contrasting
evidence.
46
Fifthly, the inflation rate has the negative relationship with TDTE. The higher inflation
causes an increase in the tax rates on real returns to debt. This increases the leverage risk
of the firms which are heavily dependent on debt and thus demand a premium over firms
which rely less on external debt.
Sixthly, there has a negative relationship between asset specificity and all measures of
leverage (except LTDTA). The implication of this result is that intangible assets such
as brand names, research and development expenditure and other reputational
investments are not liquidation value. Thus, leverage should decrease as the degree of
asset specificity rises.
Lastly, TDTA of parent companies was found to have a negative impact on TDTA of
their affiliated companies. And, ROA and ROE of parent companies was also found
to have a significant positive impact on ROA and ROE of their affiliated companies.
The descriptive statistics results showed that 36.29 percent of the firm assets are
financed with short term debt and only 11.71 percent with the long term debt. A
remarkable difference between the capital structure of Vietnamese firms and firms in
developed economies is that Vietnamese firms presumably prefer short term finance
and have substantially lower amounts of long term debt. This reveals that Vietnamese
firms rely heavily on short term financing rather than long term finance. A reason for
explaining this problem is that the bond market of Vietnam has not developed yet.
The bank is main external financing for most firms. This result makes the firms must
depend on much other financing such as owner‟s equity and accounts payable (shortterm debt). This difference in long-versus short-term debt, to an extent, might limit
the explanatory power of the capital structure theories in Vietnam. It suggests that the
theoretical underpinnings of the observed correlations are still largely unresolved.
47
In general, the result of this study supports not only trade off theory but also pecking
order theory. In the short-term, the pecking order theory is preferred in financing
decisions. On the contrary, the trade-off theory is appropriate in the long-term.
48
References
Abor, J. (2005). “The effect of capital structure on profitability: an empirical analysis
of listed firms in Ghana”, Journal of Risk Finance, Vol. 6, pp. 438-47.
Abor, J. (2007). “Debt policy and performance of SMEs: evidence from Ghanaian and
South Africa firms”, Journal of Risk Finance, Vol. 8, pp. 364-79.
Akintoye, I. (2008). Effect of capital structure on firms‟ performance: the Nigerian
experience. European J. Economics, Finance and Administrative Sciences,
10:233-43.
Allen, D. 1993. The pecking order hypothesis: Australian evidence. Applied Financial
Economics, Vol. 3 (2), pp. 101-112.
Antoniou, A., Guney, Y., & Paudyal, K. (2008). The determinants of capital structure:
Capital market-oriented versus bank-oriented institutions. Journal of Financial
and Quantitative Analysis , 43, 59-92.
Balakrishnan, S. and Fox, I. 1993. Asset specificity, firm heterogeneity and capital
structure. Strategic Management Journal, Vol. 14, pp. 3-16.
Biger, N., Nguyen, N., and Hoang, Q. 2008. Chapter 15 - The determinants of capital
structure: Evidence from Vietnam, in: Kim, S.J. and Mckenzie, M.D. (Eds.),
Asia-Pacific Financial Markets: Integration, Innovation and Challenges
(International Finance Review, Volume 8). Emerald Group Publishing Limited,
pp. 307-326.
Booth, L., Demirguc-Kunt, A., and Maksimovic, V. (2001). Capital structures in
developing countries. Journal of Finance , 56, 87-130.
Champion, D. 1999, „Finance: the joy of leverage‟, Harvard Business Review, vol. 77,
no. 4, pp.19-22.
49
Cook, D., and Tang, T. (2010). Macroeconomic conditions and capital structure
adjustment speed. Journal of Corporate Finance , 16, 73-87.
Deesomsak, R., Paudyal, K ., and Pescetto, G . (2004), “The determinantso f capital
structure: evidence from the Asia Pacific region”, Journal of Multinational
Financial Management, Vol. 14 No. 4/5, pp. 3 87-405.
Diamond, D. (1984), Financial Intermediation and Delegated Monitoring, Review of
Economic Studies, 51, 447-663.
Dzung, N., Ivan, D. and Andros Gregoriou (2012), “Financial Development and the
Determinants of Capital Structure in Vietnam,” SSRN Feb 2012, URL:
http://ssrn.com/abstract=2014834.
Frank, M., and Goyal, V. (2009). Capital structure decisions: Which factors are
reliabiy important? Financial Management , 38, 1-38.
Friend, I. and Lang, L. 1988. An empirical test of the impact of managerial selfinterest on corporate capital structure. Journal of Finance, Vol. 43 (2), pp. 271281.
Gleason, K., Mathur, L., and Mathur. I. 2000, „The interrelationship between cultures,
capital structure, and performance: Evidence from European retailers‟, Journals
of Business Research, vol.50, pp.185-91.
Graham, J., & Harvey, C. (2001). The theory and practice of corporate finance:
Evidence from the field. Journal of Financial Economics , 60, 187-243.
Gwatidzo, T. 2008. The determinants of capital structure among select Sub-Saharan
African countries. Doctoral Thesis. University of the Witwatersrand. [Online].
Available
from:
http://wiredspace.wits.ac.za/bitstream/handle/10539/6627/Tendai
2010-07-28].
50
[Accessed:
Hadlock CJ and James CM 2002, „Do banks provide financial slack?‟, Journal of
Finance, vol. 57, pp.1383-420.
Heinkel R 1982, „A theory of capital structure relevance under imperfect information‟,
Journal of Finance, vol. 37, pp.1141-50.
Hovakimian, A., Hovakimian, G., & Tehranian, H. (2004). Determinants of target
capital structure: The case of dual debt and equity issues. Journal of Financial
Economics , 71, 517-540.
Huang, G., & Song, F. (2006). The determinants of capital structure: Evidence from
China. China Economic Review , 17, pp. 14-36.
Huang, R., & Ritter, J. R. (2009). Testing Theories of Capital Structure and
Estimating the Speed of Adjustment. Journal of Financial and Quantitative
Analysis , 44, 237-272.
Jensen, M. (1986). Agency costs of free cash flow, corporate finance and takeovers.
American Economic Review, Vol. 76 no.2, pp.323-329.
Jensen M. and Meckling W. (1976). Theory of the Firm: Managerial Behavior,
Agency costs and Ownership Structure. Journal of Financial Economics 3, 305360.
Kuznnetsov, P. & Muravyev, A. (2001). Ownership structure and Firm Performance
in Russia, the case of Blue Chips of the Stock Market. Economic Education and
Research Consortium Working Paper Series. No. 01/10.
Jong, A. d., Kabir, R., & Nguyen, T. T. (2008). Capital structure around the world :
The roles of firm- and country-specific determinants. Journal of Banking &
Finance , 32, 1954-1969.
Leary, M., & Roberts., M. (2005). Do firms rebalance their capital structure? Journal
of Finance, 60, 2575-2619.
51
Mackie- Mason, J (1990): “Do taxes affect corporate financing decisions?” Journal of
Finance, 45, pp 1471- 1494.
Margaritis, D., & Psillaki, M. (2007). capital structure and firm efficiency. Journal of
Business Finance and Accounting, , 34, 1447-1469.
Modigliani, F. and Miller, M. (1958), “The Cost of Capital, Corporation Finance and
the Theory of Investment”, The American Economic Review, Vol. 48, 261–297.
Modigliani, F and Miller, M 1963, „Corporate income taxes and the cost of capital: A
correction‟, American Economic Review, vol. 53, pp. 443-53.
Myers, S. 1977. Determinants of corporate borrowing. Journal of Financial
Economics 5 (2), 147-175.
Myers, SC and Majluf, NS 1984, „Corporate financing and investment decisions when
firms have information that investors do not have‟, Journal of Financial
Economics, vol. 12, pp. 187-221.
Myers, SC 2001, „Capital structure‟, Journal of Economic Perspectives, vol. 15, no.5,
pp. 81-102.
Nguyen, T.D.K., Ramachandran, N., 2006. Capital structure in Small and
Mediumsized Enterprises: The case of Vietnam. ASEAN Economic Bulletin.
23(2), 192-211.
Noe, T 1988, „Capital structure and signaling game equilibria‟, Review of Financial
Studies, vol. 1, pp. 331-55.
Penrose, E.T (1959): The Theory of the Growth of the Firm. New York, Wiley.
Qureshi, M. A. (2009). Does pecking order theory explain leverage behaviour in
Pakistan? Applied Financial Economics , 19, 1365-1370.
52
Rajan, R.G. and L. Zingales (1995). What Do We Know About Capital Structure?
Some Evidence from International Data. Journal of Finance, Vol. L, No. 5, pp.
1421–60.
Ratha, D., Mohapatra, S. and Suttle, P. (2003). Capital structure and performance in
Developing countries. Global Development Finance, 109-122.
Roden, DM and Lewellen, WG 1995, „Corporate capital structure decisions: evidence
from leveraged buyouts,‟ Financial Management, vol. 24, pp. 76-87.
Ross, S 1977, „The determination of financial structure: The incentive signaling
approach,‟ Bell Journal of Economics, vol. 8, pp. 23-40.
Ross, S. A., Westerfield, R. W., Jaffe, J. F., & Jordan, B. D. (2008). Modern financial
management. McGraw-Hill.
Saunders, M., Lewis P. and Thornhill, A., (2007), Research Methods for Business
Students, 4th ed., Prentice Hall, UK.
Seppa, R. (2008), “Capital structure decisions: research in Estonian non-financial
companies”, Baltic Journal of Management, Vol. 3 No. 1, pp. 55-70.
Shah, A., & Hijazi, T. (2004). The determinants of capital structure of stock
exchange-listed non-financial firms in Pakistan. Pakistan Development Review ,
43, 605-617.
Shah, A. and Khan, S. (2007), “Determinants of Capital Structure: Evidence from
Pakistani Panel Data”, International Review of Business Research Papers, Vol.
3 No. 4, pp. 265-282.
Shehu U. H. (2011). Determinants of Capital Structure in the Nigerian Listed
Insurance Firms, International Journal of China – USA Business Review, 10(12):
81-98.
53
Sheikh, N. A. and Wang, Z. (2011), “Determinants of capital structure: An empirical
study of firms in manufacturing industry of Pakistan”, Managerial Finance, Vol.
37 No. 2, pp. 117-133.
Shephard R, (1970) Theory of Cost and Production Functions. Princeton University
Press, Princeton.
Stinchcombe AL (1965) Social structure and organizations, in March, J.G (ed)
Handbook of Organizations. Chicago, Rand McNally.
Titman, S., & Wessels, R. (1988). The determinants of capital struture choice. Journal
of Finance , 43, 1-19.
Tong, G., & Green, C. J. (2005). Pecking order or trade-off hypothesis? Evidence on
the capital structure of Chinese companies. Applied Economics , 37, 2179-2189.
Wald, J. 1995. How firm characteristics affect capital structure: An international
comparison.
Unpublished Working Papers, Department of Economics, U. C. Berkeley, Berkeley,
CA.
Watson, D. and Head, A. (2007), Corporate Finance – Principles and Practices, 4th
ed., FT Prentice Hall, UK.
Wei Xu, Xiangzhen Xu, Shoufeng Zhang (2005). An Empirical Study on Relationship
between Corporation Performance and Capital Structure. China-USA Business
Review 4(4), 49-53.
Williamson, O. (1988). Corporate-Finance and corporate governance. Journal of
Finance , 43, 567-591.
Zeitun R, Tian GG (2007) Capital structure and corporate performance: Evidence
from Jordan. Australasian Accounting, Business & Finance Journal, 1(4):40-61.
54
Appendix 1
Top 200 Listed Companies and Data
ROA
ROE
TOBINQ
SIZE
TANG
GROW
INTA
INF
7
TDTE
6
TDTA
5
LTDTA
4
STDTA
3
Year
2
Comp.
No.
1
VNM
08
0.16
0.03
0.19
0.24
0.219
0.2748
3.70
6.78
0.2563
0.0999
0.0085
23.1
VNM
09
0.18
0.03
0.21
0.27
0.3288
0.4168
5.10
6.93
0.2164
0.4215
0.0046
7.1
VNM
10
0.25
0.01
0.26
0.35
0.3756
0.4953
4.15
7.03
0.2404
0.2701
0.0161
8.9
VNM
11
0.19
0.01
0.20
0.25
0.3201
0.4127
4.43
7.19
0.2242
0.4465
0.0164
18.7
VNM
12
0.21
0.00
0.21
0.27
0.3299
0.4161
5.29
7.29
0.2144
0.2641
0.0129
9.1
GAS
08
0.13
0.53
0.66
1.95
0.2605
0.6728
1.02
7.22
0.3807
1.0488
0.0001
23.1
GAS
09
0.30
0.35
0.65
1.94
0.1749
0.4992
1.14
7.34
0.4327
0.3263
0.0006
7.1
GAS
10
0.25
0.18
0.43
0.77
0.1542
0.3229
1.39
7.60
0.4473
0.8123
0.0044
8.9
GAS
11
0.23
0.22
0.45
0.88
0.1386
0.2597
2.20
7.66
0.3701
0.1495
0.0058
18.7
GAS
12
0.18
0.18
0.36
0.60
0.2161
0.3871
2.23
7.65
0.3394
-0.0102
0.0076
9.1
MSN
08
0.42
0.03
0.45
1.49
0.1335
0.4458
0.24
6.20
0.1278
0.5408
0.0278
23.1
MSN
09
0.17
0.11
0.28
0.41
0.097
0.1592
8.30
6.85
0.0663
3.4542
0.0104
7.1
MSN
10
0.15
0.28
0.43
0.85
0.1622
0.2968
2.69
7.32
0.0266
2.0112
0.0034
8.9
MSN
11
0.11
0.25
0.36
0.76
0.0721
0.1489
1.80
7.53
0.0262
0.5889
0.0293
18.7
MSN
12
0.12
0.37
0.49
1.37
0.0349
0.0847
1.95
7.59
0.0400
0.1527
0.0223
9.1
VIC
08
0.18
0.55
0.73
2.94
0.0271
0.0747
1.32
6.78
0.0045
0.8937
0.0165
23.1
VIC
09
0.10
0.65
0.75
5.17
0.0884
0.5042
0.86
7.16
0.0027
1.3770
0.0370
7.1
VIC
10
0.20
0.43
0.63
2.42
0.114
0.5178
0.93
7.42
0.0063
0.8267
0.0069
8.9
VIC
11
0.61
0.16
0.77
4.19
0.0266
0.1231
0.72
7.55
0.0499
0.3582
0.0048
18.7
VIC
12
0.46
0.35
0.81
4.26
0.0344
0.1842
0.79
7.75
0.0815
0.5720
0.0104
9.1
DPM
08
0.08
0.01
0.09
0.10
0.3355
0.3043
3.13
6.72
0.3241
-0.0952
0.0102
23.1
DPM
09
0.09
0.04
0.13
0.14
0.2913
0.263
2.56
6.80
0.1470
0.2232
0.0135
7.1
DPM
10
0.12
0.04
0.16
0.19
0.3143
0.2904
2.19
6.87
0.1212
0.1681
0.0129
8.9
DPM
11
0.09
0.01
0.10
0.11
0.4741
0.4305
1.72
6.97
0.1310
0.2530
0.0769
18.7
DPM
12
0.13
0.00
0.13
0.16
0.4023
0.3511
1.53
7.02
0.1106
0.1383
0.0729
9.1
HAG
08
0.29
0.24
0.53
1.25
0.0921
0.1959
0.45
6.95
0.0691
0.4004
0.0126
23.1
HAG
09
0.35
0.23
0.58
1.50
0.1129
0.2811
0.49
7.09
0.0551
0.3748
0.0077
7.1
HAG
10
0.37
0.17
0.54
1.25
0.1159
0.2805
0.36
7.28
0.0736
0.5614
0.0061
8.9
HAG
11
0.27
0.34
0.61
1.65
0.0524
0.1328
0.40
7.41
0.0753
0.3431
0.0047
18.7
HAG
12
0.21
0.44
0.65
2.10
0.0123
0.0365
0.38
7.50
0.0929
0.2232
0.0058
9.1
HPG
08
0.22
0.01
0.23
0.31
0.1643
0.2355
1.01
6.75
0.1556
0.1855
0.0469
23.1
HPG
09
0.45
0.05
0.50
1.04
0.1602
0.2823
0.56
7.01
0.0856
0.8164
0.0268
7.1
HPG
10
0.41
0.14
0.55
1.28
0.1073
0.2389
0.62
7.17
0.2670
0.4550
0.0082
8.9
HPG
11
0.38
0.17
0.55
1.29
0.0763
0.179
0.52
7.24
0.2506
0.1759
0.0094
18.7
HPG
12
0.39
0.16
0.55
1.29
0.0544
0.1283
0.64
7.28
0.2259
0.0851
0.0087
9.1
A1 - 1
8
9
10
11
12
13
14
15
16
FPT
08
0.52
0.00
0.52
1.30
0.1457
0.379
0.86
6.79
0.1134
0.1435
0.0073
23.1
FPT
09
0.43
0.20
0.63
2.13
0.1287
0.3852
0.51
7.02
0.0985
0.6973
0.0223
7.1
FPT
10
0.44
0.15
0.59
1.82
0.1114
0.3576
0.58
7.09
0.1165
0.1837
0.0198
8.9
FPT
11
0.57
0.01
0.58
1.58
0.1234
0.3539
0.54
7.17
0.0976
0.2144
0.0180
18.7
FPT
12
0.48
0.02
0.50
1.15
0.1057
0.2632
0.72
7.15
0.1272
-0.0491
0.0189
9.1
PVD
08
0.46
0.24
0.70
2.89
0.1376
0.4511
0.61
6.94
0.2331
0.9938
0.0170
23.1
PVD
09
0.20
0.46
0.66
1.92
0.0776
0.2577
0.68
7.09
0.7466
0.4327
0.0118
7.1
PVD
10
0.27
0.37
0.64
1.80
0.0653
0.1865
0.57
7.17
0.6395
0.1836
0.0101
8.9
PVD
11
0.27
0.39
0.66
1.99
0.0643
0.1867
0.46
7.27
0.7512
0.2661
0.0086
18.7
PVD
12
0.30
0.33
0.63
1.73
0.077
0.2194
0.44
7.28
0.6841
0.0296
0.0075
9.1
KDC
08
0.22
0.06
0.28
0.40
-0.028
-0.038
0.91
6.47
0.1169
-0.0274
0.0420
23.1
KDC
09
0.38
0.04
0.42
0.73
0.1329
0.2139
0.88
6.63
0.1112
0.4237
0.0233
7.1
KDC
10
0.21
0.02
0.23
0.31
0.1131
0.1705
1.14
6.70
0.1539
0.1846
0.0916
8.9
KDC
11
0.31
0.03
0.34
0.51
0.0504
0.0722
0.98
6.77
0.1423
0.1591
0.0819
18.7
KDC
12
0.25
0.02
0.27
0.37
0.0624
0.0902
1.37
6.74
0.1708
-0.0545
0.0747
9.1
PPC
08
0.09
0.59
0.68
2.14
-0.021
-0.059
0.64
7.03
0.4737
0.1152
0.0041
23.1
PPC
09
0.08
0.55
0.63
1.72
0.0791
0.23
0.59
7.07
0.3602
0.0877
0.0033
7.1
PPC
10
0.08
0.60
0.68
2.10
0.0004
0.001
0.59
7.06
0.2977
-0.0172
0.0028
8.9
PPC
11
0.10
0.65
0.75
2.99
0.0003
0.0012
0.59
7.07
0.2368
0.0220
0.0023
18.7
PPC
12
0.12
0.53
0.65
1.90
0.0423
0.142
0.57
7.08
0.1744
0.0235
0.0018
9.1
VCF
08
0.10
0.02
0.12
0.14
0.2692
0.3075
8.50
5.59
0.0909
0.0303
0.0443
23.1
VCF
09
0.06
0.03
0.09
0.10
0.3082
0.3446
6.70
5.69
0.0628
0.2591
0.0352
7.1
VCF
10
0.17
0.04
0.21
0.26
0.2646
0.3148
8.50
5.86
0.0452
0.4823
0.0238
8.9
VCF
11
0.11
0.00
0.11
0.13
0.2729
0.3237
7.46
5.91
0.0414
0.1218
0.0212
18.7
VCF
12
0.15
0.01
0.16
0.18
0.3057
0.3546
5.40
6.05
0.1282
0.3852
0.0149
9.1
SSI
08
0.17
0.14
0.31
0.44
0.0334
0.063
0.50
6.75
0.0068
-0.3996
0.0222
23.1
SSI
09
0.26
0.05
0.31
0.46
0.1266
0.1839
0.37
6.85
0.0048
0.2591
0.0182
7.1
SSI
10
0.35
0.02
0.37
0.60
0.0868
0.1336
0.68
6.94
0.0046
0.2425
0.0147
8.9
SSI
11
0.18
0.03
0.21
0.27
0.0103
0.015
0.93
6.81
0.0055
-0.2599
0.0198
18.7
SSI
12
0.34
0.00
0.34
0.52
0.0641
0.0904
0.76
6.90
0.0030
0.2264
0.0152
9.1
DHG
08
0.34
0.01
0.35
0.55
0.1273
0.1913
1.51
6.03
0.0987
0.1481
0.1083
23.1
DHG
09
0.29
0.04
0.33
0.49
0.2743
0.4167
1.42
6.18
0.0781
0.4069
0.0742
7.1
DHG
10
0.28
0.01
0.29
0.41
0.2281
0.3317
1.19
6.26
0.0922
0.1956
0.0703
8.9
DHG
11
0.27
0.03
0.30
0.44
0.2178
0.3122
2.62
6.30
0.1279
0.0967
0.0789
18.7
DHG
12
0.27
0.01
0.28
0.40
0.2222
0.3166
2.21
6.38
0.1176
0.1917
0.0702
9.1
REE
08
0.15
0.05
0.20
0.24
-0.056
-0.071
0.62
6.42
0.0076
-0.0978
0.0046
23.1
REE
09
0.23
0.03
0.26
0.36
0.1443
0.1899
0.47
6.53
0.0053
0.2966
0.0042
7.1
REE
10
0.39
0.02
0.41
0.70
0.0868
0.1351
0.73
6.70
0.0032
0.4672
0.0027
8.9
REE
11
0.24
0.03
0.27
0.37
0.1001
0.1518
0.90
6.72
0.0027
0.0676
0.0024
18.7
REE
12
0.24
0.12
0.36
0.56
0.1107
0.1625
0.73
6.82
0.0034
0.2411
0.0025
9.1
HSG
08
0.47
0.16
0.63
1.70
0.0458
0.1154
1.20
6.28
0.4187
0.1123
0.0887
23.1
HSG
09
0.50
0.16
0.66
1.91
0.1818
0.514
0.71
6.50
0.2385
0.6894
0.0582
7.1
A1 - 2
17
18
19
20
21
22
23
24
HSG
10
0.51
0.12
0.63
1.69
0.0232
0.0643
0.86
6.67
0.2647
0.4682
0.0578
8.9
HSG
11
0.54
0.15
0.69
2.21
0.0429
0.127
0.66
6.78
0.3775
0.2926
0.0401
18.7
HSG
12
0.48
0.14
0.62
1.61
0.0692
0.2007
0.75
6.73
0.4020
-0.1198
0.0445
9.1
GMD
08
0.17
0.26
0.43
0.79
0.0086
0.0141
0.33
6.62
0.3168
0.2600
0.0027
23.1
GMD
09
0.18
0.23
0.41
0.75
0.0747
0.1373
0.30
6.65
0.3371
0.0894
0.0064
7.1
GMD
10
0.16
0.21
0.37
0.60
0.0374
0.0642
0.44
6.82
0.2866
0.4504
0.0072
8.9
GMD
11
0.20
0.15
0.35
0.56
0.0009
0.0015
0.46
6.84
0.2653
0.0498
0.0067
18.7
GMD
12
0.16
0.16
0.32
0.50
0.0152
0.024
0.46
6.83
0.2558
-0.0068
0.0130
9.1
DRC
08
0.49
0.16
0.65
1.84
0.0864
0.244
1.02
5.79
0.2546
0.0515
0.0053
23.1
DRC
09
0.23
0.06
0.29
0.41
0.562
1.0155
0.80
5.89
0.2646
0.2775
0.0042
7.1
DRC
10
0.27
0.04
0.31
0.45
0.2122
0.3041
1.18
6.03
0.1737
0.3556
0.0025
8.9
DRC
11
0.34
0.12
0.46
0.85
0.1472
0.2456
1.17
6.21
0.0951
0.5238
0.0013
18.7
DRC
12
0.22
0.31
0.53
1.12
0.1523
0.3049
1.16
6.39
0.0712
0.5282
0.0006
9.1
VSH
08
0.05
0.09
0.14
0.16
0.1501
0.1781
0.70
6.40
0.5726
0.0097
0.0000
23.1
VSH
09
0.03
0.09
0.12
0.14
0.1479
0.17
1.00
6.41
0.4957
0.0393
0.0000
7.1
VSH
10
0.09
0.11
0.20
0.25
0.1078
0.1288
0.88
6.48
0.3769
0.1735
0.0000
8.9
VSH
11
0.22
0.08
0.30
0.43
0.1032
0.1378
0.76
6.52
0.3171
0.1046
0.0000
18.7
VSH
12
0.21
0.07
0.28
0.38
0.0696
0.0976
0.76
6.53
0.2914
0.0110
0.0000
9.1
PHR
08
0.55
0.07
0.62
1.65
0.1077
0.2564
1.39
6.26
0.3415
0.1778
0.0000
23.1
PHR
09
0.43
0.29
0.72
2.58
0.1065
0.3368
1.36
6.27
0.2869
0.0249
0.0000
7.1
PHR
10
0.33
0.17
0.50
1.00
0.1668
0.4063
1.10
6.36
0.2287
0.2334
0.0000
8.9
PHR
11
0.42
0.15
0.57
1.33
0.0896
0.1946
0.82
6.49
0.1855
0.3396
0.0000
18.7
PHR
12
0.40
0.02
0.42
0.72
0.0642
0.1269
0.82
6.49
0.1766
0.0041
0.0000
9.1
DPR
08
0.31
0.04
0.35
0.53
0.2148
0.347
2.11
6.02
0.3983
-0.0781
0.0000
23.1
DPR
09
0.26
0.03
0.29
0.42
0.184
0.2722
1.79
6.10
0.3072
0.1925
0.0000
7.1
DPR
10
0.22
0.03
0.25
0.34
0.2697
0.3762
1.43
6.22
0.2189
0.3448
0.0000
8.9
DPR
11
0.14
0.06
0.20
0.26
0.3909
0.5116
0.97
6.39
0.1602
0.4499
0.0000
18.7
DPR
12
0.13
0.07
0.20
0.26
0.2056
0.2639
0.85
6.45
0.1834
0.1609
0.0000
9.1
IJC
08
0.28
0.14
0.42
0.73
0.1072
0.1682
0.47
6.00
0.6214
0.2668
0.0012
23.1
IJC
09
0.18
0.17
0.35
0.55
0.0956
0.1563
0.48
6.02
0.5843
0.0291
0.0011
7.1
IJC
10
0.63
0.17
0.80
4.02
0.0843
0.2895
0.12
6.60
0.1460
2.8575
0.0003
8.9
IJC
11
0.14
0.14
0.28
0.40
0.0758
0.1614
0.55
6.64
0.1398
0.0979
0.0002
18.7
IJC
12
0.21
0.14
0.35
0.53
0.0408
0.0596
0.63
6.66
0.1338
0.0511
0.0001
9.1
POM
08
0.66
0.02
0.68
2.15
0.2872
1.2537
0.38
6.23
0.1662
0.1892
0.0000
23.1
POM
09
0.47
0.16
0.63
1.90
0.1313
0.4001
0.35
6.78
0.2734
2.5658
0.0000
7.1
POM
10
0.53
0.10
0.63
1.71
0.0963
0.2736
0.32
6.88
0.2142
0.2764
0.0016
8.9
POM
11
0.49
0.18
0.67
2.04
0.0495
0.1424
0.28
6.94
0.1802
0.1317
0.0109
18.7
POM
12
0.54
0.17
0.71
2.40
0.0005
0.0017
0.27
6.94
0.3985
0.0152
0.0106
9.1
BMP
08
0.14
0.00
0.14
0.16
0.1803
0.2108
1.99
5.75
0.3297
0.1372
0.0546
23.1
BMP
09
0.18
0.00
0.18
0.22
0.3595
0.4288
2.81
5.92
0.2832
0.4562
0.0390
7.1
BMP
10
0.13
0.00
0.13
0.15
0.3048
0.3599
2.37
5.99
0.2324
0.1916
0.0319
8.9
BMP
11
0.10
0.00
0.10
0.11
0.2742
0.3097
1.99
6.07
0.2174
0.1877
0.0262
18.7
A1 - 3
25
26
27
28
29
30
31
32
33
BMP
12
0.10
0.00
0.10
0.12
0.2785
0.3103
1.63
6.15
0.1717
0.2196
0.0210
9.1
HVG
08
0.43
0.00
0.43
0.78
0.077
0.1222
0.56
6.43
0.0878
0.7389
0.0299
23.1
HVG
09
0.51
0.02
0.53
1.17
0.0994
0.2006
0.49
6.58
0.1325
0.3929
0.0215
7.1
HVG
10
0.57
0.02
0.59
1.74
0.0477
0.1237
0.38
6.73
0.1670
0.4243
0.0283
8.9
HVG
11
0.59
0.01
0.60
1.81
0.0715
0.2137
0.32
6.80
0.1274
0.1683
0.0224
18.7
HVG
12
0.59
0.01
0.60
1.75
0.0411
0.1221
0.38
6.81
0.1181
0.0152
0.0251
9.1
CII
08
0.11
0.46
0.57
1.46
0.0713
0.1705
0.41
6.30
0.0011
0.1757
0.2001
23.1
CII
09
0.09
0.42
0.51
1.06
0.1399
0.3171
0.40
6.40
0.0278
0.2451
0.1294
7.1
CII
10
0.15
0.44
0.59
1.48
0.1248
0.2887
0.43
6.55
0.0007
0.4130
0.0828
8.9
CII
11
0.18
0.57
0.75
3.08
0.0363
0.1185
0.31
6.70
0.0019
0.4130
0.0396
18.7
CII
12
0.27
0.48
0.75
3.37
0.0716
0.3096
0.36
6.82
0.0119
0.3276
0.0280
9.1
SBT
08
0.16
0.02
0.18
0.22
0.0468
0.0533
1.23
6.25
0.4316
0.0294
0.0021
23.1
SBT
09
0.09
0.02
0.11
0.12
0.1163
0.1357
1.16
6.27
0.3766
0.0453
0.0013
7.1
SBT
10
0.07
0.02
0.09
0.09
0.1816
0.2008
1.09
6.29
0.3189
0.0601
0.0011
8.9
SBT
11
0.21
0.01
0.22
0.29
0.2595
0.3086
0.93
6.36
0.2484
0.1783
0.0188
18.7
SBT
12
0.34
0.02
0.36
0.55
0.1498
0.2121
0.81
6.42
0.2050
0.1425
0.0162
9.1
HCM
08
0.10
0.01
0.11
0.12
0.0168
0.0239
0.72
6.17
0.0053
0.1188
0.0048
23.1
HCM
09
0.26
0.00
0.26
0.35
0.1559
0.1937
0.41
6.32
0.0039
0.4126
0.0038
7.1
HCM
10
0.37
0.00
0.37
0.59
0.079
0.1162
0.52
6.40
0.0063
0.2084
0.0033
8.9
HCM
11
0.15
0.08
0.23
0.30
0.0755
0.1075
0.83
6.42
0.0046
0.0409
0.0014
18.7
HCM
12
0.29
0.03
0.32
0.48
0.0846
0.1176
0.70
6.51
0.0031
0.2172
0.0006
9.1
MPC
08
0.47
0.09
0.56
1.36
-0.019
-0.041
0.88
6.36
0.1094
0.0689
0.0044
23.1
MPC
09
0.38
0.11
0.49
1.00
0.1066
0.2359
0.90
6.35
0.1329
-0.0196
0.0046
7.1
MPC
10
0.45
0.19
0.64
1.86
0.1001
0.2525
0.51
6.59
0.0902
0.7525
0.0057
8.9
MPC
11
0.56
0.18
0.74
3.06
0.0539
0.1915
0.32
6.80
0.2092
0.6241
0.0090
18.7
MPC
12
0.65
0.13
0.78
3.73
0.0027
0.0118
0.32
6.80
0.2060
-0.0088
0.0158
9.1
KBC
08
0.36
0.05
0.41
0.72
0.07
0.1145
0.34
6.68
0.0019
0.4770
0.0000
23.1
KBC
09
0.24
0.36
0.60
1.57
0.0898
0.1996
0.17
6.93
0.0060
0.7975
0.0000
7.1
KBC
10
0.21
0.33
0.54
1.42
0.1094
0.2859
0.19
7.06
0.0078
0.3311
0.0000
8.9
KBC
11
0.24
0.32
0.56
1.50
0.0031
0.0081
0.18
7.08
0.0126
0.0445
0.0000
18.7
KBC
12
0.23
0.36
0.59
1.75
-0.037
-0.104
0.18
7.07
0.0125
-0.0141
0.0000
9.1
PNJ
08
0.38
0.05
0.43
0.79
0.081
0.1357
0.49
6.23
0.0512
0.1888
0.1191
23.1
PNJ
09
0.43
0.06
0.49
1.00
0.1103
0.2147
0.54
6.31
0.0506
0.2035
0.1038
7.1
PNJ
10
0.50
0.06
0.56
1.33
0.0944
0.208
0.66
6.39
0.0393
0.2165
0.0784
8.9
PNJ
11
0.33
0.27
0.60
1.57
0.0954
0.2362
0.56
6.47
0.0391
0.1883
0.0954
18.7
PNJ
12
0.44
0.07
0.51
1.05
0.093
0.2145
0.78
6.41
0.0556
-0.1315
0.1099
9.1
CSM
08
0.63
0.13
0.76
3.23
0.0084
0.0333
0.55
6.06
0.2551
0.1714
0.0113
23.1
CSM
09
0.44
0.08
0.52
1.09
0.2513
0.7026
0.69
6.07
0.2517
0.0097
0.0100
7.1
CSM
10
0.39
0.04
0.43
0.75
0.1202
0.229
1.14
6.07
0.2254
0.0163
0.0090
8.9
CSM
11
0.49
0.10
0.59
1.46
0.029
0.0607
0.89
6.18
0.1570
0.2892
0.0063
18.7
CSM
12
0.37
0.11
0.48
0.91
0.1507
0.3202
1.02
6.27
0.0984
0.2129
0.0861
9.1
DIG
08
0.63
0.11
0.74
3.04
0.0974
0.4008
0.17
6.43
0.0770
0.1568
0.0086
23.1
A1 - 4
34
35
36
37
38
39
40
41
DIG
09
0.23
0.12
0.35
0.55
0.1823
0.3896
0.23
6.56
0.0583
0.3438
0.0063
7.1
DIG
10
0.23
0.18
0.41
0.72
0.1147
0.1903
0.28
6.63
0.0551
0.1725
0.0023
8.9
DIG
11
0.26
0.22
0.48
0.96
0.0282
0.0528
0.32
6.68
0.0910
0.1393
0.0020
18.7
DIG
12
0.25
0.25
0.50
1.03
0.0049
0.01
0.30
6.71
0.0831
0.0571
0.0019
9.1
TRA
08
0.27
0.01
0.28
0.40
0.1207
0.1846
2.91
5.56
0.0980
-0.1102
0.0355
23.1
TRA
09
0.34
0.01
0.35
0.54
0.1334
0.1958
3.31
5.61
0.1059
0.1303
0.0377
7.1
TRA
10
0.39
0.01
0.40
0.66
0.1345
0.2161
2.78
5.76
0.0995
0.4252
0.0289
8.9
TRA
11
0.44
0.04
0.48
1.01
0.1251
0.2367
1.94
5.92
0.1835
0.4484
0.0354
18.7
TRA
12
0.47
0.00
0.47
1.01
0.1288
0.2733
1.67
5.99
0.1747
0.1551
0.0294
9.1
SJS
08
0.20
0.08
0.28
0.39
0.0729
0.0947
0.39
6.20
0.0116
0.0284
0.0018
23.1
SJS
09
0.25
0.16
0.41
0.70
0.3073
0.4856
0.42
6.48
0.0081
0.8845
0.0008
7.1
SJS
10
0.37
0.14
0.51
1.05
0.1224
0.2324
0.36
6.65
0.0067
0.4899
0.0000
8.9
SJS
11
0.25
0.38
0.63
1.71
-0.017
-0.041
0.31
6.70
0.0200
0.1268
0.0024
18.7
SJS
12
0.41
0.31
0.72
2.59
-0.057
-0.18
0.32
6.74
0.0149
0.0953
0.0021
9.1
TRC
08
0.19
0.05
0.24
0.31
0.2683
0.4067
2.25
5.82
0.3881
-0.1915
0.0000
23.1
TRC
09
0.15
0.06
0.21
0.26
0.225
0.2883
1.92
5.90
0.3285
0.1970
0.0000
7.1
TRC
10
0.25
0.02
0.27
0.37
0.2975
0.3935
1.41
6.02
0.2443
0.3339
0.0017
8.9
TRC
11
0.22
0.01
0.23
0.31
0.4078
0.5438
1.02
6.17
0.1759
0.3946
0.0000
18.7
TRC
12
0.12
0.01
0.13
0.14
0.2313
0.282
1.01
6.17
0.1650
0.0141
0.0012
9.1
PDR
08
0.14
0.47
0.61
1.56
0.0048
0.0129
0.53
6.53
0.0019
1.0402
0.0640
23.1
PDR
09
0.49
0.12
0.61
1.54
0.041
0.1045
0.40
6.57
0.0016
0.1015
0.0608
7.1
PDR
10
0.26
0.33
0.59
1.45
0.0869
0.2168
0.40
6.58
0.0018
0.0230
0.0588
8.9
PDR
11
0.15
0.54
0.69
2.26
0.0016
0.0045
0.34
6.67
0.0008
0.2117
0.0255
18.7
PDR
12
0.20
0.53
0.73
2.64
0.001
0.0035
0.29
6.71
0.0006
0.1184
0.0228
9.1
CTD
08
0.22
0.00
0.22
0.29
0.1357
0.1701
0.38
6.06
0.0360
0.1935
0.0150
23.1
CTD
09
0.38
0.00
0.38
0.61
0.1558
0.2288
0.38
6.25
0.0535
0.5327
0.0096
7.1
CTD
10
0.37
0.00
0.37
0.59
0.1268
0.2031
0.55
6.30
0.0869
0.1385
0.0401
8.9
CTD
11
0.41
0.01
0.42
0.71
0.0943
0.156
0.47
6.39
0.0678
0.2192
0.0364
18.7
CTD
12
0.42
0.00
0.42
0.74
0.072
0.1243
0.42
6.56
0.0384
0.4689
0.0244
9.1
DVP
08
0.12
0.23
0.35
0.54
0.1373
0.1921
4.18
5.52
0.6996
0.2561
0.0001
23.1
DVP
09
0.15
0.20
0.35
0.54
0.214
0.33
3.02
5.66
0.4609
0.3883
0.0001
7.1
DVP
10
0.10
0.12
0.22
0.28
0.2934
0.4088
2.71
5.70
0.3582
0.0936
0.0000
8.9
DVP
11
0.19
0.17
0.36
0.57
0.252
0.3613
1.99
5.84
0.2037
0.3865
0.0000
18.7
DVP
12
0.16
0.15
0.31
0.44
0.2527
0.379
1.72
5.90
0.3497
0.1290
0.0026
9.1
VHC
08
0.48
0.18
0.66
2.04
0.0846
0.2037
0.66
6.08
0.3713
0.7963
0.0290
23.1
VHC
09
0.41
0.14
0.55
1.28
0.1415
0.3705
0.58
6.18
0.3395
0.2478
0.0230
7.1
VHC
10
0.41
0.05
0.46
0.89
0.1282
0.2697
0.69
6.26
0.2896
0.2017
0.0265
8.9
VHC
11
0.43
0.03
0.46
0.89
0.1865
0.3619
0.52
6.38
0.2028
0.3214
0.0261
18.7
VHC
12
0.54
0.00
0.54
1.26
0.0768
0.1636
0.41
6.49
0.1709
0.2766
0.0257
9.1
PGD
08
0.30
0.00
0.30
0.43
0.3289
0.5566
1.56
5.80
0.1278
-0.1370
0.0001
23.1
PGD
09
0.33
0.00
0.33
0.49
0.2841
0.4149
1.28
5.88
0.0951
0.2183
0.0000
7.1
PGD
10
0.27
0.00
0.27
0.36
0.249
0.3523
1.30
5.99
0.0645
0.2782
0.0001
8.9
A1 - 5
42
43
44
45
46
47
48
49
PGD
11
0.49
0.00
0.49
0.97
0.2245
0.3806
0.74
6.24
0.0325
0.7680
0.0006
18.7
PGD
12
0.51
0.00
0.51
1.06
0.1207
0.2434
0.62
6.31
0.1352
0.1857
0.0224
9.1
PET
08
0.64
0.01
0.65
1.83
0.0524
0.1313
0.57
6.20
0.0615
0.3576
0.0643
23.1
PET
09
0.71
0.02
0.73
3.06
0.0491
0.1771
0.33
6.49
0.0447
0.9363
0.0331
7.1
PET
10
0.73
0.01
0.74
2.96
0.0499
0.2027
0.29
6.64
0.0347
0.4161
0.0271
8.9
PET
11
0.67
0.02
0.69
2.33
0.0672
0.2465
0.32
6.61
0.0561
-0.0618
0.0287
18.7
PET
12
0.68
0.01
0.69
2.37
0.0448
0.1531
0.30
6.63
0.0404
0.0380
0.0280
9.1
BCI
08
0.35
0.13
0.48
1.11
0.0507
0.1169
0.34
6.39
0.0175
-0.0022
0.0001
23.1
BCI
09
0.21
0.34
0.55
1.39
0.0755
0.1829
0.28
6.48
0.0140
0.2244
0.0001
7.1
BCI
10
0.21
0.29
0.50
1.12
0.0822
0.1936
0.29
6.59
0.0094
0.2734
0.0001
8.9
BCI
11
0.28
0.27
0.55
1.37
0.0202
0.0475
0.27
6.63
0.0071
0.1149
0.0001
18.7
BCI
12
0.15
0.32
0.47
0.94
0.044
0.0981
0.31
6.55
0.0067
-0.1685
0.0001
9.1
VNS
08
0.07
0.36
0.43
0.76
0.0686
0.1035
0.65
5.97
0.5594
0.3806
0.0000
23.1
VNS
09
0.04
0.42
0.46
0.84
0.0954
0.1723
0.54
6.12
0.6326
0.3880
0.0000
7.1
VNS
10
0.10
0.43
0.53
1.14
0.1169
0.2343
0.61
6.25
0.8312
0.3452
0.0001
8.9
VNS
11
0.10
0.42
0.52
1.08
0.075
0.1588
0.60
6.25
0.7832
0.0149
0.0000
18.7
VNS
12
0.10
0.37
0.47
0.90
0.0847
0.1688
0.60
6.25
0.8296
-0.0032
0.0004
9.1
ELC
08
0.71
0.01
0.72
2.55
0.0941
0.3789
0.54
5.64
0.0444
0.2405
0.0063
23.1
ELC
09
0.69
0.03
0.72
2.55
0.1598
0.5675
0.46
5.84
0.0196
0.5703
0.0145
7.1
ELC
10
0.50
0.02
0.52
1.08
0.1845
0.4536
0.66
6.06
0.0167
0.6770
0.0093
8.9
ELC
11
0.46
0.02
0.48
0.93
0.0998
0.1996
0.67
6.06
0.0295
-0.0133
0.0088
18.7
ELC
12
0.27
0.01
0.28
0.39
0.1117
0.1836
1.02
5.97
0.1069
-0.1758
0.0119
9.1
PVT
08
0.41
0.32
0.73
5.73
0.0181
0.0916
0.06
6.77
0.4315
2.3359
0.4315
23.1
PVT
09
0.24
0.43
0.67
2.96
0.0014
0.008
0.10
6.81
0.5801
0.0872
0.5801
7.1
PVT
10
0.19
0.41
0.60
1.99
0.0106
0.0397
0.13
6.89
0.5799
0.2150
0.5799
8.9
PVT
11
0.19
0.44
0.63
2.21
0.0032
0.011
0.13
6.90
0.5174
0.0345
0.5174
18.7
PVT
12
0.20
0.38
0.58
1.78
0.0137
0.0449
0.13
6.90
0.4412
-0.0121
0.4412
9.1
VSC
08
0.30
0.04
0.34
0.52
0.2625
0.3874
0.91
5.64
0.3301
0.2293
0.0005
23.1
VSC
09
0.28
0.05
0.33
0.50
0.2857
0.4307
0.77
5.81
0.3766
0.4772
0.0002
7.1
VSC
10
0.32
0.01
0.33
0.50
0.2464
0.3699
0.61
5.91
0.2945
0.2537
0.0065
8.9
VSC
11
0.25
0.00
0.25
0.33
0.2289
0.3228
1.16
5.93
0.2153
0.0559
0.0061
18.7
VSC
12
0.25
0.03
0.28
0.39
0.2392
0.3265
0.95
6.02
0.3236
0.2306
0.0100
9.1
HT1
08
0.30
0.53
0.83
4.79
0.0193
0.0802
0.08
6.75
0.0626
1.3778
0.0152
23.1
HT1
09
0.18
0.66
0.84
5.22
0.0249
0.1498
0.08
6.86
0.1908
0.2864
0.0118
7.1
HT1
10
0.27
0.58
0.85
5.46
0.0063
0.0403
0.09
7.07
0.6642
0.6260
0.0099
8.9
HT1
11
0.36
0.50
0.86
6.27
-7E-04
-0.005
0.08
7.11
0.5723
0.0939
0.0090
18.7
HT1
12
0.30
0.56
0.86
6.06
0.0007
0.005
0.08
7.12
0.7564
0.0304
0.0085
9.1
SAM
08
0.03
0.00
0.03
0.03
-0.028
-0.033
0.21
6.36
0.0497
-0.2595
0.0055
23.1
SAM
09
0.07
0.00
0.07
0.08
0.0937
0.0992
0.18
6.43
0.0379
0.1704
0.0045
7.1
SAM
10
0.06
0.00
0.06
0.07
0.0447
0.0482
0.18
6.42
0.0405
-0.0193
0.0008
8.9
SAM
11
0.14
0.00
0.14
0.16
-0.07
-0.079
0.36
6.42
0.0366
0.0083
0.0007
18.7
SAM
12
0.12
0.01
0.13
0.16
0.0391
0.0462
0.35
6.44
0.0617
0.0449
0.0006
9.1
A1 - 6
50
51
52
53
54
55
56
57
58
TDC
08
0.83
0.00
0.83
4.86
0.081
0.451
0.11
5.93
0.0018
0.9361
0.0105
23.1
TDC
09
0.72
0.00
0.72
2.59
0.0756
0.3307
0.19
6.00
0.0005
0.1592
0.0089
7.1
TDC
10
0.70
0.09
0.79
3.80
0.0692
0.2951
0.11
6.23
0.0892
0.6902
0.0068
8.9
TDC
11
0.48
0.05
0.53
1.15
0.0863
0.2365
0.35
6.43
0.0582
0.6037
0.0030
18.7
TDC
12
0.58
0.06
0.64
1.87
0.0518
0.1307
0.29
6.54
0.0680
0.2926
0.0028
9.1
ALP
08
0.25
0.01
0.26
0.37
0.0242
0.0349
0.17
5.98
0.0816
0.0243
0.0050
23.1
ALP
09
0.38
0.01
0.39
0.71
0.0382
0.0619
0.16
6.08
0.0796
0.2545
0.0087
7.1
ALP
10
0.37
0.08
0.45
0.95
0.05
0.0988
0.12
6.19
0.0580
0.2975
0.0066
8.9
ALP
11
0.35
0.03
0.38
0.70
0.0114
0.0225
0.18
6.19
0.0229
-0.0025
0.0035
18.7
ALP
12
0.36
0.02
0.38
0.67
-0.058
-0.103
0.23
6.54
0.0338
1.2512
0.0431
9.1
TMP
08
0.15
0.36
0.51
1.04
0.0448
0.0614
0.58
6.20
0.7340
0.0689
0.0000
23.1
TMP
09
0.10
0.33
0.43
0.75
0.1133
0.2139
0.62
6.17
0.6983
-0.0638
0.0067
7.1
TMP
10
0.09
0.32
0.41
0.69
0.0168
0.0289
0.70
6.12
0.6913
-0.1149
0.0076
8.9
TMP
11
0.13
0.26
0.39
0.63
0.0564
0.0937
0.69
6.12
0.5929
0.0020
0.0074
18.7
TMP
12
0.14
0.23
0.37
0.60
0.105
0.1715
0.63
6.17
0.5713
0.1078
0.0091
9.1
TBC
08
0.07
0.00
0.07
0.07
0.2018
0.2166
1.03
5.93
0.6092
0.1241
0.0235
23.1
TBC
09
0.05
0.04
0.09
0.10
0.1513
0.1644
1.01
5.94
0.5530
0.0146
0.0231
7.1
TBC
10
0.07
0.03
0.10
0.11
0.0623
0.0688
1.00
5.94
0.5032
-0.0008
0.0229
8.9
TBC
11
0.04
0.01
0.05
0.05
0.0885
0.0956
1.03
5.93
0.6523
-0.0160
0.0235
18.7
TBC
12
0.04
0.00
0.04
0.04
0.1454
0.152
0.94
5.96
0.5890
0.0682
0.0215
9.1
OPC
08
0.07
0.00
0.07
0.08
0.1252
0.1357
2.25
5.41
0.2551
0.0583
0.0492
23.1
OPC
09
0.26
0.04
0.30
0.43
0.1539
0.1944
1.49
5.59
0.1522
0.5017
0.0328
7.1
OPC
10
0.15
0.12
0.27
0.36
0.1285
0.1791
1.43
5.60
0.1351
0.0406
0.0317
8.9
OPC
11
0.20
0.14
0.34
0.53
0.1163
0.1682
1.83
5.67
0.4122
0.1644
0.0267
18.7
OPC
12
0.27
0.05
0.32
0.46
0.1155
0.1725
1.81
5.70
0.4149
0.0669
0.0245
9.1
QCG
08
0.67
0.03
0.70
2.39
0.005
0.0182
0.11
6.33
0.0075
0.3464
0.0223
23.1
QCG
09
0.63
0.08
0.71
2.52
0.0517
0.1804
0.09
6.42
0.0067
0.2341
0.0181
7.1
QCG
10
0.33
0.19
0.52
1.13
0.0691
0.1745
0.16
6.71
0.0051
0.9484
0.0093
8.9
QCG
11
0.23
0.31
0.54
1.33
-0.008
-0.018
0.15
6.74
0.0035
0.0720
0.0087
18.7
QCG
12
0.29
0.30
0.59
1.64
0.0013
0.0034
0.14
6.80
0.0482
0.1517
0.0075
9.1
HRC
08
0.16
0.01
0.17
0.20
0.2215
0.266
2.14
5.59
0.1333
-0.0476
0.0037
23.1
HRC
09
0.13
0.02
0.15
0.18
0.1591
0.1898
1.93
5.64
0.0907
0.1266
0.0035
7.1
HRC
10
0.16
0.02
0.18
0.22
0.2028
0.2442
1.67
5.70
0.0649
0.1497
0.0029
8.9
HRC
11
0.21
0.05
0.26
0.36
0.2283
0.2955
1.35
5.79
0.0513
0.2357
0.0022
18.7
HRC
12
0.14
0.12
0.26
0.36
0.1391
0.1888
1.28
5.82
0.0653
0.0586
0.0020
9.1
NTL
08
0.73
0.00
0.73
2.72
0.076
0.2233
0.23
5.98
0.0061
0.4627
0.0006
23.1
NTL
09
0.48
0.04
0.52
1.10
0.3677
0.9617
0.19
6.07
0.0071
0.2127
0.0005
7.1
NTL
10
0.53
0.02
0.55
1.26
0.3488
0.7764
0.20
6.33
0.0121
0.8226
0.0002
8.9
NTL
11
0.57
0.01
0.58
1.45
0.0458
0.1098
0.41
6.31
0.0183
-0.0401
0.0002
18.7
NTL
12
0.44
0.02
0.46
0.88
0.0379
0.083
0.50
6.23
0.0285
-0.1757
0.0003
9.1
BTP
08
0.14
0.44
0.58
1.41
0.0833
0.2295
0.41
6.32
0.4763
-0.0573
0.0006
23.1
BTP
09
0.18
0.43
0.61
1.56
0.025
0.0619
0.41
6.32
0.4006
-0.0091
0.0005
7.1
A1 - 7
59
60
61
62
63
64
65
66
BTP
10
0.18
0.41
0.59
1.44
0.0108
0.027
0.41
6.32
0.3250
-0.0043
0.0003
8.9
BTP
11
0.15
0.41
0.56
1.27
0.0307
0.0723
0.42
6.30
0.2578
-0.0249
0.0002
18.7
BTP
12
0.23
0.33
0.56
1.28
0.0643
0.1461
0.38
6.34
0.1631
0.0905
0.0001
9.1
TAC
08
0.44
0.11
0.55
1.22
0.0155
0.0353
1.06
5.84
0.1969
-0.1793
0.0301
23.1
TAC
09
0.43
0.12
0.55
1.21
0.0346
0.0765
1.12
5.81
0.3386
-0.0579
0.0304
7.1
TAC
10
0.55
0.06
0.61
1.55
0.1102
0.2645
0.76
5.98
0.2402
0.4589
0.0194
8.9
TAC
11
0.63
0.03
0.66
1.93
0.0255
0.0699
0.70
6.01
0.2110
0.0920
0.0256
18.7
TAC
12
0.62
0.00
0.62
1.65
0.0628
0.1748
0.72
6.00
0.2088
-0.0283
0.0251
9.1
NSC
08
0.28
0.01
0.29
0.40
0.1759
0.262
2.07
5.31
0.0594
0.7069
0.0062
23.1
NSC
09
0.30
0.00
0.30
0.43
0.1482
0.2101
2.45
5.39
0.1509
0.2148
0.0038
7.1
NSC
10
0.32
0.00
0.32
0.47
0.1572
0.2286
1.98
5.48
0.1479
0.2270
0.0100
8.9
NSC
11
0.40
0.00
0.40
0.67
0.1846
0.2927
1.69
5.56
0.1283
0.1966
0.0105
18.7
NSC
12
0.31
0.00
0.31
0.45
0.2054
0.322
1.95
5.59
0.1458
0.0844
0.0127
9.1
VFG
08
0.37
0.08
0.45
0.82
0.1004
0.1811
0.68
5.75
0.0210
0.3305
0.0266
23.1
VFG
09
0.32
0.07
0.39
0.64
0.1704
0.2933
0.65
5.81
0.0305
0.1341
0.0231
7.1
VFG
10
0.34
0.06
0.40
0.66
0.1396
0.231
0.71
5.85
0.0488
0.1172
0.0234
8.9
VFG
11
0.50
0.04
0.54
1.16
0.1383
0.2672
0.62
6.04
0.0462
0.5266
0.0162
18.7
VFG
12
0.48
0.04
0.52
1.07
0.0811
0.1712
0.58
6.06
0.0506
0.0621
0.0341
9.1
BMC
08
0.06
0.00
0.06
0.06
0.4123
0.4638
4.12
5.12
0.1480
0.3928
0.0001
23.1
BMC
09
0.14
0.07
0.21
0.26
0.1525
0.1769
3.53
5.18
0.3754
0.1544
0.0000
7.1
BMC
10
0.22
0.07
0.29
0.40
0.1447
0.1928
3.18
5.23
0.3109
0.1162
0.0000
8.9
BMC
11
0.24
0.03
0.27
0.37
0.4279
0.5916
2.09
5.41
0.1753
0.5186
0.0000
18.7
BMC
12
0.22
0.03
0.25
0.33
0.3269
0.4412
3.03
5.43
0.3906
0.0524
0.0000
9.1
HBC
08
0.40
0.09
0.49
1.07
0.0075
0.0148
0.21
6.07
0.1108
0.2375
0.0049
23.1
HBC
09
0.51
0.01
0.52
1.20
0.0387
0.0865
0.19
6.13
0.1646
0.1477
0.0043
7.1
HBC
10
0.62
0.02
0.64
1.83
0.0857
0.2233
0.14
6.28
0.1703
0.4328
0.0032
8.9
HBC
11
0.75
0.03
0.78
3.54
0.0573
0.2149
0.10
6.52
0.1288
0.7174
0.0018
18.7
HBC
12
0.78
0.05
0.83
4.93
0.0336
0.1769
0.15
6.66
0.0992
0.3942
0.0020
9.1
DTL
08
0.49
0.05
0.54
1.16
0.1383
0.4003
0.45
5.86
0.0476
0.0334
0.0820
23.1
DTL
09
0.54
0.01
0.55
1.20
0.1128
0.2468
0.34
6.17
0.0444
1.0233
0.0404
7.1
DTL
10
0.59
0.01
0.60
1.50
0.1091
0.2577
0.32
6.29
0.0335
0.3347
0.0321
8.9
DTL
11
0.53
0.05
0.58
1.37
0.086
0.2095
0.36
6.26
0.0365
-0.0803
0.0339
18.7
DTL
12
0.52
0.10
0.62
1.64
0.0071
0.0177
0.34
6.28
0.2473
0.0571
0.0313
9.1
DQC
08
0.45
0.12
0.57
1.33
0.0008
0.0018
0.29
6.20
0.0741
-0.0632
0.0164
23.1
DQC
09
0.54
0.01
0.55
1.25
0.0026
0.006
0.29
6.21
0.0656
0.0181
0.0172
7.1
DQC
10
0.54
0.01
0.55
1.23
0.026
0.0587
0.35
6.24
0.0482
0.0811
0.0156
8.9
DQC
11
0.53
0.03
0.56
1.31
0.0221
0.0506
0.33
6.26
0.0351
0.0570
0.0146
18.7
DQC
12
0.50
0.04
0.54
1.20
0.0276
0.0627
0.35
6.23
0.0306
-0.0633
0.0154
9.1
LSS
08
0.23
0.09
0.32
0.48
0.0756
0.1181
0.45
5.94
0.2524
-0.1233
0.0482
23.1
LSS
09
0.27
0.02
0.29
0.41
0.1698
0.2492
0.39
6.00
0.1932
0.1506
0.0028
7.1
LSS
10
0.19
0.04
0.23
0.31
0.2351
0.3195
0.33
6.19
0.1360
0.5531
0.0011
8.9
LSS
11
0.23
0.13
0.36
0.57
0.2198
0.3211
0.29
6.34
0.1088
0.4141
0.0047
18.7
A1 - 8
67
68
69
70
71
72
73
74
75
LSS
12
0.39
0.13
0.52
1.11
0.0148
0.0272
0.24
6.43
0.4124
0.2210
0.0068
9.1
CNG
08
0.15
0.22
0.37
0.60
-0.081
-0.123
2.02
4.99
0.6450
6.6988
0.0003
23.1
CNG
09
0.29
0.29
0.58
1.37
0.0902
0.1821
1.12
5.24
0.5971
0.7849
0.0001
7.1
CNG
10
0.24
0.11
0.35
0.54
0.3948
0.6873
1.00
5.56
0.4392
1.0679
0.0000
8.9
CNG
11
0.29
0.16
0.45
0.82
0.3821
0.6553
0.83
5.85
0.3530
0.9614
0.0000
18.7
CNG
12
0.27
0.12
0.39
0.64
0.1775
0.307
0.99
5.79
0.3074
-0.1156
0.0002
9.1
LIX
08
0.41
0.02
0.43
0.77
0.1782
0.3447
0.47
5.26
0.1015
0.2029
0.0046
23.1
LIX
09
0.32
0.01
0.33
0.49
0.4149
0.6572
0.51
5.47
0.0391
0.6173
0.0028
7.1
LIX
10
0.32
0.01
0.33
0.50
0.2226
0.3324
0.62
5.54
0.0233
0.1826
0.0023
8.9
LIX
11
0.38
0.01
0.39
0.64
0.171
0.2687
0.60
5.61
0.1719
0.1617
0.0020
18.7
LIX
12
0.38
0.01
0.39
0.65
0.1384
0.2278
0.58
5.66
0.1792
0.1243
0.0761
9.1
TLG
08
0.23
0.12
0.35
0.57
0.1541
0.2547
0.89
5.73
0.3189
0.4647
0.0438
23.1
TLG
09
0.30
0.07
0.37
0.62
0.1027
0.1704
0.78
5.78
0.2839
0.1185
0.0392
7.1
TLG
10
0.41
0.05
0.46
0.88
0.105
0.1888
0.63
5.88
0.2292
0.2477
0.0309
8.9
TLG
11
0.46
0.04
0.50
0.99
0.0946
0.1852
0.57
5.98
0.2209
0.2630
0.0237
18.7
TLG
12
0.40
0.03
0.43
0.74
0.1047
0.1945
0.68
5.98
0.1966
0.0134
0.0514
9.1
SJD
08
0.22
0.45
0.67
2.07
0.0301
0.0997
0.41
6.06
0.9381
-0.0598
0.0000
23.1
SJD
09
0.26
0.31
0.57
1.33
0.1012
0.2694
0.45
6.03
0.9275
-0.0659
0.0000
7.1
SJD
10
0.28
0.22
0.50
0.98
0.0674
0.1446
0.56
6.01
0.9095
-0.0288
0.0000
8.9
SJD
11
0.27
0.18
0.45
0.82
0.0882
0.1676
0.57
6.00
0.8760
-0.0271
0.0000
18.7
SJD
12
0.15
0.20
0.35
0.54
0.1533
0.2561
0.57
6.01
0.7866
0.0081
0.0000
9.1
HDG
08
0.67
0.01
0.68
2.39
0.0461
0.149
0.22
5.83
0.0344
0.5364
0.0000
23.1
HDG
09
0.63
0.01
0.64
1.95
0.2176
0.6946
0.13
6.08
0.0339
0.7648
0.0000
7.1
HDG
10
0.52
0.03
0.55
1.31
0.2029
0.538
0.16
6.17
0.0455
0.2274
0.0000
8.9
HDG
11
0.49
0.05
0.54
1.30
0.0726
0.1748
0.29
6.21
0.0470
0.1028
0.0000
18.7
HDG
12
0.54
0.07
0.61
1.71
0.0135
0.0351
0.33
6.26
0.0402
0.1251
0.0000
9.1
SSC
08
0.15
0.03
0.18
0.22
0.1861
0.2293
2.36
5.23
0.1250
0.0853
0.1686
23.1
SSC
09
0.23
0.02
0.25
0.33
0.2516
0.3226
1.78
5.37
0.0893
0.3734
0.1342
7.1
SSC
10
0.19
0.01
0.20
0.25
0.2021
0.2617
2.37
5.42
0.0938
0.1169
0.1193
8.9
SSC
11
0.27
0.00
0.27
0.38
0.2006
0.2659
1.93
5.50
0.1028
0.2133
0.1206
18.7
SSC
12
0.36
0.01
0.37
0.58
0.1843
0.2749
1.43
5.63
0.0722
0.3436
0.0890
9.1
EVE
08
0.30
0.00
0.30
0.43
0.2357
0.3714
0.71
5.36
0.2466
0.1412
0.1102
23.1
EVE
09
0.19
0.00
0.19
0.24
0.2646
0.3454
0.51
5.62
0.1555
0.8098
0.0501
7.1
EVE
10
0.12
0.02
0.14
0.17
0.1882
0.2251
0.46
5.83
0.1738
0.6063
0.0349
8.9
EVE
11
0.16
0.02
0.18
0.23
0.1985
0.2386
0.55
5.93
0.1595
0.2692
0.0251
18.7
EVE
12
0.18
0.02
0.20
0.25
0.0855
0.1059
0.62
5.95
0.3029
0.0584
0.0209
9.1
ABT
08
0.11
0.00
0.11
0.13
0.0563
0.0718
0.81
5.59
0.1035
-0.0709
0.0191
23.1
ABT
09
0.18
0.00
0.18
0.22
0.197
0.2321
0.81
5.73
0.0833
0.3906
0.0142
7.1
ABT
10
0.26
0.00
0.26
0.35
0.1649
0.2122
0.87
5.78
0.0714
0.1209
0.0123
8.9
ABT
11
0.18
0.00
0.18
0.22
0.1848
0.2385
1.09
5.68
0.0831
-0.2057
0.0150
18.7
ABT
12
0.26
0.00
0.26
0.34
0.1592
0.2038
1.02
5.71
0.0745
0.0795
0.0135
9.1
IMP
08
0.13
0.01
0.14
0.16
0.1
0.115
0.63
5.78
0.0757
0.0492
0.1211
23.1
A1 - 9
76
77
78
79
80
81
82
83
IMP
09
0.24
0.02
0.26
0.35
0.099
0.1241
0.51
5.86
0.0571
0.2265
0.0753
7.1
IMP
10
0.21
0.01
0.22
0.27
0.1086
0.1421
0.49
5.88
0.1928
0.0267
0.0743
8.9
IMP
11
0.14
0.00
0.14
0.17
0.0983
0.1196
0.58
5.92
0.1817
0.1021
0.0700
18.7
IMP
12
0.16
0.01
0.17
0.21
0.0919
0.1091
0.62
5.94
0.2173
0.0410
0.0705
9.1
TMS
08
0.11
0.03
0.14
0.16
0.1246
0.1456
0.67
5.35
0.4032
0.0612
0.0121
23.1
TMS
09
0.08
0.18
0.26
0.35
0.1093
0.1396
0.53
5.66
0.2775
1.0295
0.0060
7.1
TMS
10
0.05
0.28
0.33
0.50
0.0866
0.1237
0.53
5.78
0.3295
0.3034
0.0046
8.9
TMS
11
0.06
0.20
0.26
0.34
0.0712
0.1008
0.70
5.79
0.3798
0.0415
0.0047
18.7
TMS
12
0.16
0.08
0.24
0.31
0.1198
0.1591
0.74
5.88
0.2784
0.2122
0.0046
9.1
DMC
08
0.22
0.00
0.22
0.29
0.1033
0.1339
0.67
5.79
0.1605
0.0167
0.0357
23.1
DMC
09
0.27
0.02
0.29
0.41
0.1154
0.1562
0.75
5.85
0.1837
0.1583
0.0535
7.1
DMC
10
0.25
0.04
0.29
0.40
0.1121
0.1579
0.74
5.88
0.2364
0.0801
0.0498
8.9
DMC
11
0.29
0.02
0.31
0.45
0.1001
0.1428
0.67
5.92
0.2637
0.0876
0.0452
18.7
DMC
12
0.32
0.01
0.33
0.49
0.1072
0.1575
0.68
5.93
0.2658
0.0179
0.0450
9.1
VIS
08
0.33
0.32
0.65
2.46
0.1448
0.592
0.17
6.01
0.1453
0.2948
0.0000
23.1
VIS
09
0.34
0.37
0.71
2.41
0.1789
0.6364
0.11
6.18
0.0928
0.4647
0.0000
7.1
VIS
10
0.65
0.00
0.65
1.85
0.07
0.2164
0.20
6.22
0.0732
0.1071
0.0000
8.9
VIS
11
0.60
0.00
0.60
1.52
0.0183
0.0493
0.26
6.12
0.0661
-0.2047
0.0133
18.7
VIS
12
0.60
0.17
0.77
3.28
-0.009
-0.03
0.20
6.45
0.3194
1.1340
0.0094
9.1
BHS
08
0.19
0.26
0.45
0.81
-0.068
-0.122
0.52
5.78
0.2962
-0.1059
0.0135
23.1
BHS
09
0.38
0.14
0.52
1.06
0.1619
0.3161
0.35
5.95
0.2675
0.4782
0.0105
7.1
BHS
10
0.40
0.11
0.51
1.04
0.1536
0.3153
0.30
6.01
0.2172
0.1474
0.0134
8.9
BHS
11
0.49
0.08
0.57
1.34
0.1282
0.2817
0.39
6.11
0.1569
0.2626
0.0096
18.7
BHS
12
0.68
0.05
0.73
2.68
0.0703
0.2126
0.25
6.32
0.1465
0.6445
0.0050
9.1
ITC
08
0.55
0.06
0.61
1.57
0.0154
0.0393
0.06
6.50
0.0087
0.0330
0.0000
23.1
ITC
09
0.49
0.06
0.55
1.24
0.0358
0.086
0.06
6.47
0.0192
-0.0664
0.0000
7.1
ITC
10
0.22
0.07
0.29
0.42
0.0708
0.1238
0.19
6.44
0.0198
-0.0593
0.0000
8.9
ITC
11
0.28
0.07
0.35
0.53
-0.05
-0.073
0.20
6.44
0.0185
-0.0055
0.0000
18.7
ITC
12
0.24
0.09
0.33
0.50
0.0026
0.0039
0.20
6.43
0.0177
-0.0361
0.0000
9.1
DSN
08
0.06
0.00
0.06
0.07
0.2479
0.2655
4.84
4.99
0.2030
0.0164
0.1234
23.1
DSN
09
0.03
0.01
0.04
0.04
0.262
0.2764
5.10
4.98
0.1389
-0.0244
0.1119
7.1
DSN
10
0.11
0.00
0.11
0.12
0.3516
0.3818
4.00
5.07
0.0932
0.2229
0.0795
8.9
DSN
11
0.06
0.00
0.06
0.07
0.4159
0.4535
3.09
5.19
0.0437
0.3281
0.0509
18.7
DSN
12
0.07
0.00
0.07
0.08
0.3956
0.4235
2.75
5.24
0.0296
0.1107
0.0377
9.1
FDC
08
0.48
0.22
0.70
2.38
0.014
0.0619
0.35
5.90
0.0189
0.0459
0.0329
23.1
FDC
09
0.43
0.22
0.65
1.88
0.069
0.2153
0.40
5.89
0.0173
-0.0276
0.0338
7.1
FDC
10
0.41
0.19
0.60
1.55
0.0917
0.249
0.42
5.90
0.0504
0.0334
0.0332
8.9
FDC
11
0.29
0.14
0.43
0.77
0.0377
0.0804
0.64
5.83
0.0085
-0.1534
0.0185
18.7
FDC
12
0.18
0.22
0.40
0.66
0.0446
0.0768
0.65
5.82
0.0140
-0.0115
0.0190
9.1
KHP
08
0.17
0.54
0.71
2.39
0.0706
0.1987
0.25
5.90
0.6142
0.7030
0.0003
23.1
KHP
09
0.35
0.35
0.70
2.32
0.0611
0.205
0.29
5.93
0.4801
0.0631
0.0001
7.1
KHP
10
0.24
0.29
0.53
1.14
0.0932
0.2376
0.46
6.03
0.4168
0.2536
0.0001
8.9
A1 - 10
84
85
86
87
88
89
90
91
KHP
11
0.25
0.25
0.50
0.99
0.0709
0.1472
0.49
6.00
0.5249
-0.0647
0.0001
18.7
KHP
12
0.30
0.19
0.49
0.98
0.1066
0.2121
0.45
6.03
0.4193
0.0856
0.0000
9.1
PAC
08
0.38
0.01
0.39
0.63
0.164
0.3073
0.58
5.70
0.1153
0.1437
0.0032
23.1
PAC
09
0.34
0.04
0.38
0.61
0.2513
0.4069
0.55
5.83
0.1380
0.3241
0.0017
7.1
PAC
10
0.52
0.04
0.56
1.30
0.1469
0.2905
0.37
6.04
0.1023
0.6472
0.0269
8.9
PAC
11
0.53
0.01
0.54
1.16
0.0846
0.188
0.41
6.07
0.2399
0.0758
0.0244
18.7
PAC
12
0.54
0.00
0.54
1.16
0.055
0.1188
0.41
6.06
0.3218
-0.0350
0.0254
9.1
VTF
08
0.66
0.07
0.73
2.71
0.003
0.0093
0.58
5.57
0.3517
0.1652
0.0216
23.1
VTF
09
0.51
0.03
0.54
1.16
0.0804
0.2049
0.64
5.81
0.2062
0.7317
0.0121
7.1
VTF
10
0.62
0.00
0.62
1.66
0.0706
0.1711
0.47
5.94
0.1560
0.3735
0.0098
8.9
VTF
11
0.48
0.00
0.48
0.92
0.2005
0.4488
0.48
5.94
0.2284
-0.0214
0.0015
18.7
VTF
12
0.52
0.00
0.52
1.08
0.1365
0.2746
0.39
6.11
0.1889
0.4837
0.0009
9.1
SPM
08
0.43
0.10
0.53
1.14
0.1681
0.3101
0.72
5.63
0.0767
0.9477
0.0144
23.1
SPM
09
0.49
0.00
0.49
0.97
0.1378
0.2824
0.66
5.68
0.3115
0.1203
0.0127
7.1
SPM
10
0.39
0.00
0.39
0.63
0.1794
0.3106
0.45
5.99
0.1386
1.0582
0.0068
8.9
SPM
11
0.43
0.00
0.43
0.77
0.0588
0.1
0.44
6.02
0.1176
0.0595
0.0062
18.7
SPM
12
0.41
0.00
0.41
0.70
0.06
0.1039
0.38
6.05
0.0969
0.0695
0.0056
9.1
PGC
08
0.19
0.13
0.32
0.47
0.0017
0.0026
0.30
5.87
0.1823
-0.1120
0.0046
23.1
PGC
09
0.32
0.12
0.44
0.81
0.0728
0.1219
0.24
6.00
0.2131
0.3412
0.0185
7.1
PGC
10
0.42
0.12
0.54
1.18
0.0432
0.0874
0.20
6.09
0.1871
0.2164
0.0155
8.9
PGC
11
0.35
0.14
0.49
0.98
0.0264
0.0556
0.26
6.06
0.2159
-0.0649
0.0105
18.7
PGC
12
0.48
0.11
0.59
1.46
0.0574
0.1292
0.20
6.18
0.1876
0.3208
0.0088
9.1
VIP
08
0.05
0.40
0.45
0.83
0.0499
0.0955
0.30
6.16
0.5927
-0.0688
0.0014
23.1
VIP
09
0.14
0.49
0.63
1.71
0.028
0.064
0.20
6.35
0.7479
0.5433
0.0025
7.1
VIP
10
0.14
0.46
0.60
1.53
0.035
0.0919
0.20
6.34
0.7513
-0.0311
0.0072
8.9
VIP
11
0.19
0.41
0.60
1.50
0.0249
0.0628
0.20
6.33
0.6410
-0.0098
0.0072
18.7
VIP
12
0.21
0.34
0.55
1.23
0.0265
0.0629
0.22
6.29
0.6259
-0.0870
0.0078
9.1
ANV
08
0.37
0.03
0.40
0.66
0.0391
0.0594
0.16
6.42
0.1835
0.1348
0.0061
23.1
ANV
09
0.32
0.02
0.34
0.52
-0.076
-0.121
0.21
6.33
0.2023
-0.1968
0.0084
7.1
ANV
10
0.20
0.02
0.22
0.29
0.0347
0.0498
0.22
6.29
0.1830
-0.0951
0.0092
8.9
ANV
11
0.29
0.01
0.30
0.45
0.0359
0.0509
0.20
6.33
0.2118
0.1141
0.0121
18.7
ANV
12
0.41
0.01
0.42
0.72
0.0149
0.0239
0.18
6.39
0.1110
0.1322
0.0447
9.1
RAL
08
0.48
0.05
0.53
1.15
0.0576
0.1213
0.45
5.95
0.1974
0.1153
0.0052
23.1
RAL
09
0.54
0.04
0.58
1.41
0.0437
0.0996
0.38
6.02
0.2391
0.1744
0.0044
7.1
RAL
10
0.57
0.06
0.63
1.70
0.0331
0.0845
0.36
6.07
0.2222
0.1129
0.0038
8.9
RAL
11
0.63
0.04
0.67
2.06
0.0467
0.1347
0.30
6.15
0.1933
0.1965
0.0031
18.7
RAL
12
0.68
0.00
0.68
2.14
0.0508
0.1575
0.27
6.19
0.1488
0.0938
0.0028
9.1
TTP
08
0.14
0.00
0.14
0.16
0.1378
0.1655
0.82
5.69
0.2130
-0.0112
0.0208
23.1
TTP
09
0.15
0.00
0.15
0.17
0.1642
0.1914
0.74
5.73
0.2132
0.1093
0.0184
7.1
TTP
10
0.24
0.00
0.24
0.31
0.1432
0.1782
0.61
5.82
0.1640
0.2197
0.0147
8.9
TTP
11
0.19
0.00
0.19
0.24
0.1005
0.1281
0.62
5.81
0.2007
-0.0134
0.0146
18.7
TTP
12
0.21
0.00
0.21
0.27
0.0619
0.0776
0.60
5.83
0.1959
0.0345
0.0146
9.1
A1 - 11
92
93
94
95
96
97
98
99
100
TIX
08
0.13
0.53
0.66
1.94
0.0446
0.1695
0.19
6.07
0.1220
0.0282
0.0275
23.1
TIX
09
0.16
0.42
0.58
1.36
0.0632
0.1665
0.21
6.01
0.1353
-0.1191
0.0325
7.1
TIX
10
0.12
0.46
0.58
1.37
0.0684
0.1618
0.19
6.07
0.1664
0.1358
0.0235
8.9
TIX
11
0.14
0.36
0.50
1.01
0.1083
0.2357
0.39
6.06
0.0610
-0.0232
0.1038
18.7
TIX
12
0.08
0.36
0.44
0.79
0.0495
0.0942
0.44
6.00
0.0663
-0.1252
0.1208
9.1
TCL
08
0.18
0.03
0.21
0.28
0.2444
0.3332
1.18
5.47
0.4276
0.5218
0.0000
23.1
TCL
09
0.25
0.06
0.31
0.46
0.2334
0.3318
0.77
5.65
0.2792
0.5313
0.0000
7.1
TCL
10
0.30
0.09
0.39
0.71
0.1816
0.3037
0.62
5.79
0.2327
0.3685
0.0000
8.9
TCL
11
0.26
0.23
0.49
1.06
0.1209
0.245
0.47
5.96
0.4400
0.4755
0.0001
18.7
TCL
12
0.28
0.21
0.49
1.03
0.08
0.1707
0.53
5.91
0.3889
-0.1067
0.0000
9.1
SMC
08
0.61
0.04
0.65
1.89
0.108
0.3079
0.22
5.88
0.0626
0.2905
0.0481
23.1
SMC
09
0.78
0.02
0.80
4.01
0.0626
0.2538
0.15
6.19
0.0355
1.0807
0.0351
7.1
SMC
10
0.75
0.03
0.78
3.53
0.0405
0.191
0.16
6.39
0.0514
0.5767
0.0227
8.9
SMC
11
0.74
0.02
0.76
3.15
0.0299
0.13
0.20
6.38
0.0762
-0.0363
0.0233
18.7
SMC
12
0.66
0.06
0.72
2.66
0.0304
0.1188
0.22
6.33
0.0932
-0.0989
0.0255
9.1
COM
08
0.10
0.02
0.12
0.14
0.0587
0.0676
0.73
5.52
0.0546
-0.0071
0.0347
23.1
COM
09
0.25
0.01
0.26
0.36
0.1579
0.1985
0.52
5.67
0.0441
0.4259
0.0238
7.1
COM
10
0.22
0.01
0.23
0.30
0.079
0.105
0.85
5.67
0.2351
-0.0133
0.0439
8.9
COM
11
0.19
0.01
0.20
0.25
0.0729
0.0931
0.88
5.65
0.2472
-0.0340
0.0442
18.7
COM
12
0.41
0.00
0.41
0.70
0.0465
0.0686
0.65
5.78
0.1942
0.3524
0.0546
9.1
NNC
08
0.15
0.00
0.15
0.18
0.808
0.9945
1.78
5.01
0.1192
0.5631
0.0002
23.1
NNC
09
0.20
0.00
0.20
0.25
0.598
0.7323
2.59
5.21
0.1030
0.6018
0.0001
7.1
NNC
10
0.22
0.00
0.22
0.29
0.4883
0.6203
2.61
5.20
0.0964
-0.0220
0.0001
8.9
NNC
11
0.25
0.00
0.25
0.34
0.461
0.6074
1.85
5.35
0.0979
0.4212
0.0000
18.7
NNC
12
0.24
0.00
0.24
0.31
0.3478
0.4616
1.90
5.34
0.0916
-0.0267
0.0068
9.1
HDC
08
0.59
0.19
0.78
3.53
0.0593
0.2792
0.21
5.75
0.0324
-0.0224
0.0127
23.1
HDC
09
0.58
0.16
0.74
2.87
0.1147
0.4732
0.17
5.89
0.0305
0.3859
0.0092
7.1
HDC
10
0.43
0.14
0.57
1.33
0.1063
0.2964
0.26
6.05
0.0372
0.4267
0.0064
8.9
HDC
11
0.39
0.15
0.54
1.21
0.0701
0.1599
0.28
6.10
0.0372
0.1233
0.0057
18.7
HDC
12
0.42
0.13
0.55
1.26
0.0323
0.073
0.31
6.11
0.0332
0.0354
0.0053
9.1
NHS
08
0.19
0.02
0.21
0.27
0.2437
0.3103
0.65
5.13
0.4591
0.1087
0.0008
23.1
NHS
09
0.20
0.05
0.25
0.33
0.3712
0.4841
0.41
5.32
0.3838
0.5589
0.0005
7.1
NHS
10
0.19
0.25
0.44
0.79
0.28
0.4495
0.25
5.63
0.4220
1.0029
0.0115
8.9
NHS
11
0.35
0.19
0.54
1.19
0.1577
0.3167
0.18
5.78
0.3382
0.4146
0.0261
18.7
NHS
12
0.29
0.11
0.40
0.67
0.108
0.1998
0.43
5.96
0.2792
0.5291
0.0172
9.1
GIL
08
0.16
0.00
0.16
0.19
0.081
0.095
0.75
5.57
0.0556
-0.0248
0.0394
23.1
GIL
09
0.22
0.00
0.22
0.29
0.1381
0.1715
0.64
5.64
0.0745
0.1735
0.0329
7.1
GIL
10
0.33
0.00
0.33
0.50
0.0743
0.1041
0.64
5.74
0.1518
0.2480
0.0258
8.9
GIL
11
0.55
0.02
0.57
1.31
0.1024
0.1931
0.46
5.88
0.1237
0.3883
0.0053
18.7
GIL
12
0.58
0.04
0.62
1.81
0.0435
0.1128
0.43
5.95
0.1629
0.1665
0.0166
9.1
KSB
08
0.56
0.01
0.57
1.32
0.236
0.4729
0.36
5.61
0.1400
0.9394
0.0036
23.1
KSB
09
0.37
0.00
0.37
0.60
0.2087
0.3888
0.46
5.68
0.1610
0.1928
0.0032
7.1
A1 - 12
101
102
103
104
105
106
107
108
KSB
10
0.16
0.21
0.37
0.58
0.2336
0.3704
0.37
5.78
0.1380
0.2366
0.0024
8.9
KSB
11
0.13
0.22
0.35
0.55
0.1917
0.299
0.34
5.82
0.1460
0.1007
0.0021
18.7
KSB
12
0.12
0.23
0.35
0.55
0.1342
0.2075
0.55
5.84
0.1438
0.0529
0.0018
9.1
PAN
08
0.09
0.01
0.10
0.11
0.0791
0.0994
1.12
5.33
0.0292
-0.2913
0.0002
23.1
PAN
09
0.11
0.00
0.11
0.12
0.1538
0.172
1.03
5.37
0.0863
0.0956
0.0001
7.1
PAN
10
0.12
0.00
0.12
0.14
0.0754
0.0858
1.33
5.47
0.0689
0.2707
0.0000
8.9
PAN
11
0.13
0.00
0.13
0.15
0.044
0.0506
1.35
5.47
0.0676
-0.0129
0.0000
18.7
PAN
12
0.11
0.00
0.11
0.13
0.2443
0.279
1.07
5.57
0.0487
0.2593
0.0000
9.1
HAI
08
0.39
0.00
0.39
0.65
0.0464
0.0849
0.56
5.75
0.0177
0.4109
0.0130
23.1
HAI
09
0.37
0.00
0.37
0.59
0.1227
0.1987
0.57
5.74
0.0224
-0.0107
0.0939
7.1
HAI
10
0.41
0.02
0.43
0.75
0.1125
0.1879
0.49
5.79
0.0237
0.1162
0.0842
8.9
HAI
11
0.44
0.02
0.46
0.86
0.0717
0.1293
0.55
5.82
0.0243
0.0744
0.0793
18.7
HAI
12
0.41
0.02
0.43
0.74
0.0697
0.1251
0.51
5.86
0.0245
0.0783
0.0730
9.1
SBA
08
0.04
0.49
0.53
1.12
0.0028
0.0052
0.34
5.87
0.2398
0.7856
0.0070
23.1
SBA
09
0.13
0.52
0.65
1.89
0.0038
0.0097
0.23
6.12
0.1303
0.7622
0.0040
7.1
SBA
10
0.15
0.50
0.65
1.89
0.0238
0.0688
0.23
6.19
0.9342
0.1656
0.0034
8.9
SBA
11
0.16
0.48
0.64
1.79
0.0212
0.0602
0.23
6.18
0.9425
-0.0120
0.0035
18.7
SBA
12
0.19
0.45
0.64
1.74
0.0125
0.0345
0.24
6.17
0.9617
-0.0301
0.0036
9.1
SVI
08
0.50
0.14
0.64
1.78
0.0828
0.2499
1.00
5.15
0.1936
-0.0820
0.0023
23.1
SVI
09
0.61
0.04
0.65
1.85
0.1402
0.3952
0.77
5.26
0.2188
0.2984
0.0000
7.1
SVI
10
0.70
0.02
0.72
2.63
0.1672
0.5494
0.48
5.46
0.1916
0.5960
0.0002
8.9
SVI
11
0.57
0.06
0.63
1.72
0.1485
0.4496
0.74
5.64
0.1087
0.4974
0.0000
18.7
SVI
12
0.52
0.13
0.65
1.87
0.1219
0.3417
0.58
5.74
0.3755
0.2636
0.0000
9.1
TCM
08
0.48
0.23
0.71
2.69
0.0024
0.0091
0.15
6.12
0.2935
0.1817
0.1296
23.1
TCM
09
0.41
0.26
0.67
2.18
0.03
0.1038
0.21
6.23
0.4133
0.3041
0.0983
7.1
TCM
10
0.45
0.19
0.64
1.81
0.1103
0.3315
0.19
6.28
0.3358
0.1221
0.0421
8.9
TCM
11
0.43
0.22
0.65
1.83
0.0565
0.1599
0.18
6.31
0.2988
0.0729
0.0389
18.7
TCM
12
0.50
0.18
0.68
2.15
-0.01
-0.03
0.19
6.29
0.2892
-0.0426
0.0423
9.1
AGM
08
0.59
0.01
0.60
1.50
0.4508
1.1757
0.17
5.80
0.0632
1.6484
0.0177
23.1
AGM
09
0.67
0.00
0.67
2.06
0.0918
0.258
0.11
5.99
0.0382
0.5549
0.0131
7.1
AGM
10
0.70
0.01
0.71
2.39
0.0706
0.2285
0.09
6.09
0.0363
0.2523
0.0105
8.9
AGM
11
0.62
0.00
0.62
1.61
0.0653
0.1966
0.36
5.96
0.0685
-0.2561
0.0248
18.7
AGM
12
0.69
0.00
0.69
2.24
0.0491
0.1438
0.28
6.07
0.0879
0.2749
0.0306
9.1
PTB
08
0.71
0.10
0.81
4.52
0.038
0.1762
0.33
5.74
0.2742
0.4557
0.0081
23.1
PTB
09
0.68
0.08
0.76
3.43
0.0322
0.1615
0.37
5.69
0.3131
-0.1041
0.0088
7.1
PTB
10
0.72
0.04
0.76
3.36
0.0715
0.318
0.43
5.78
0.2322
0.2342
0.0087
8.9
PTB
11
0.66
0.04
0.70
2.43
0.0916
0.355
0.58
5.80
0.2411
0.0384
0.0077
18.7
PTB
12
0.69
0.03
0.72
2.63
0.0986
0.3527
0.49
5.87
0.2088
0.1865
0.0069
9.1
SEC
08
0.08
0.01
0.09
0.09
0.2716
0.2971
1.51
5.21
0.5212
0.1177
0.0116
23.1
SEC
09
0.23
0.17
0.40
0.66
0.1847
0.256
0.93
5.42
0.3221
0.6162
0.0067
7.1
SEC
10
0.26
0.28
0.54
1.17
0.1631
0.3162
0.67
5.62
0.6336
0.5841
0.0006
8.9
SEC
11
0.33
0.32
0.65
1.84
0.1916
0.4834
0.55
5.79
0.3967
0.4684
0.0003
18.7
A1 - 13
109
110
111
112
113
114
115
116
117
SEC
12
0.46
0.20
0.66
1.95
0.0997
0.2889
0.51
5.83
0.4953
0.0903
0.0001
9.1
VNE
08
0.33
0.48
0.81
5.19
0.0014
0.0075
0.09
6.31
0.2554
-0.0214
0.0158
23.1
VNE
09
0.31
0.45
0.76
3.68
0.0439
0.2432
0.09
6.29
0.1129
-0.0339
0.0476
7.1
VNE
10
0.20
0.41
0.61
1.71
0.0099
0.0357
0.19
6.26
0.1298
-0.0727
0.0513
8.9
VNE
11
0.28
0.35
0.63
1.91
0.0119
0.0348
0.18
6.28
0.1088
0.0562
0.0494
18.7
VNE
12
0.32
0.29
0.61
1.66
0.0067
0.0191
0.19
6.26
0.1098
-0.0581
0.0635
9.1
DXG
08
0.61
0.01
0.62
2.09
0.037
0.1169
0.21
5.48
0.0075
3.7915
0.0006
23.1
DXG
09
0.71
0.02
0.73
3.22
0.0895
0.3566
0.12
5.74
0.0144
0.7938
0.0003
7.1
DXG
10
0.55
0.03
0.58
1.64
0.1167
0.3929
0.19
5.84
0.0179
0.2561
0.0001
8.9
DXG
11
0.47
0.01
0.48
1.07
0.0312
0.0763
0.29
5.95
0.0141
0.2886
0.0002
18.7
DXG
12
0.29
0.00
0.29
0.43
0.068
0.1209
0.42
5.91
0.0135
-0.0788
0.0003
9.1
VTO
08
0.08
0.69
0.77
3.38
0.014
0.0514
0.07
6.53
0.9356
0.9599
0.0034
23.1
VTO
09
0.20
0.56
0.76
3.18
0.0102
0.0438
0.08
6.52
0.8901
-0.0384
0.0036
7.1
VTO
10
0.15
0.51
0.66
1.97
0.0262
0.0915
0.11
6.49
0.8653
-0.0656
0.0038
8.9
VTO
11
0.17
0.47
0.64
1.74
0.0223
0.0637
0.12
6.46
0.8399
-0.0683
0.0041
18.7
VTO
12
0.21
0.39
0.60
1.49
0.0181
0.0474
0.13
6.41
0.8282
-0.0938
0.0045
9.1
TNC
08
0.17
0.00
0.17
0.20
0.0309
0.0382
1.29
5.42
0.3390
-0.0372
0.0000
23.1
TNC
09
0.09
0.00
0.09
0.10
0.1107
0.1271
1.28
5.43
0.3126
0.0094
0.0000
7.1
TNC
10
0.11
0.01
0.12
0.13
0.1798
0.2009
1.11
5.49
0.2445
0.1484
0.0000
8.9
TNC
11
0.10
0.00
0.10
0.11
0.221
0.248
1.00
5.54
0.2244
0.1143
0.0000
18.7
TNC
12
0.13
0.00
0.13
0.15
0.1944
0.2203
0.90
5.58
0.1672
0.1055
0.0000
9.1
NBB
08
0.16
0.38
0.54
1.19
0.0671
0.1363
0.38
5.97
0.0256
0.3191
0.0018
23.1
NBB
09
0.08
0.55
0.63
1.73
0.0695
0.1753
0.21
6.23
0.0187
0.8023
0.0010
7.1
NBB
10
0.26
0.41
0.67
2.07
0.0574
0.1688
0.15
6.37
0.0490
0.3920
0.0139
8.9
NBB
11
0.46
0.14
0.60
1.52
0.0284
0.0791
0.17
6.41
0.0745
0.0823
0.0154
18.7
NBB
12
0.37
0.20
0.57
1.32
0.063
0.1527
0.16
6.46
0.0630
0.1431
0.0141
9.1
C21
08
0.13
0.14
0.27
0.37
0.1125
0.162
0.49
5.53
0.1758
-0.0480
0.0341
23.1
C21
09
0.11
0.17
0.28
0.40
0.1186
0.1655
0.51
5.65
0.1238
0.3240
0.0332
7.1
C21
10
0.05
0.09
0.14
0.17
0.1265
0.1604
0.56
5.76
0.0853
0.3010
0.0250
8.9
C21
11
0.07
0.10
0.17
0.20
0.1024
0.1224
0.52
5.78
0.0735
0.0484
0.0235
18.7
C21
12
0.06
0.11
0.17
0.20
0.1013
0.1232
0.51
5.80
0.0647
0.0400
0.0221
9.1
LCG
08
0.44
0.10
0.54
1.19
0.1761
0.3865
0.08
6.05
0.0136
1.7002
0.0009
23.1
LCG
09
0.30
0.09
0.39
0.63
0.1541
0.2793
0.09
6.23
0.0118
0.5250
0.0006
7.1
LCG
10
0.31
0.11
0.42
0.73
0.1267
0.2136
0.12
6.31
0.1031
0.1976
0.0108
8.9
LCG
11
0.45
0.00
0.45
0.88
0.072
0.1318
0.16
6.35
0.0698
0.0895
0.0100
18.7
LCG
12
0.42
0.01
0.43
0.79
-0.017
-0.033
0.18
6.30
0.0511
-0.0965
0.0110
9.1
CMG
08
0.55
-0.55
0.65
0.0664
0.1312
0.19
6.22
0.0265
0.7207
0.0003
23.1
CMG
09
0.54
0.05
0.59
1.47
0.0643
0.1717
0.14
6.34
0.0216
0.2983
0.0003
7.1
CMG
10
0.55
0.09
0.64
1.83
0.0323
0.0941
0.15
6.33
0.0216
-0.0037
0.0007
8.9
CMG
11
0.50
0.16
0.66
1.99
-0.009
-0.024
0.20
6.23
0.2003
-0.2070
0.0010
18.7
CMG
12
0.53
0.06
0.59
1.46
-0.054
-0.146
0.18
6.26
0.2427
0.0683
0.0019
9.1
BBC
08
0.17
0.01
0.18
0.23
0.0423
0.0595
0.56
5.78
0.2301
0.5987
0.0038
23.1
A1 - 14
118
119
120
121
122
123
124
125
BBC
09
0.21
0.08
0.29
0.41
0.0853
0.1126
0.46
5.87
0.2253
0.2155
0.0026
7.1
BBC
10
0.24
0.04
0.28
0.39
0.0559
0.0782
0.45
5.88
0.4801
0.0299
0.0026
8.9
BBC
11
0.27
0.00
0.27
0.37
0.06
0.0829
0.44
5.90
0.3934
0.0361
0.0019
18.7
BBC
12
0.24
0.01
0.25
0.33
0.0333
0.0449
0.45
5.89
0.4241
-0.0227
0.0024
9.1
HLG
08
0.36
0.04
0.40
0.67
0.1172
0.1948
0.29
5.92
0.2959
0.0243
0.0273
23.1
HLG
09
0.31
0.23
0.54
1.18
0.0769
0.1502
0.20
6.09
0.1967
0.5063
0.0212
7.1
HLG
10
0.48
0.18
0.66
1.99
0.0295
0.0767
0.23
6.21
0.1387
0.3158
0.0293
8.9
HLG
11
0.63
0.10
0.73
2.72
0.0333
0.1128
0.18
6.33
0.1252
0.3175
0.0242
18.7
HLG
12
0.77
0.02
0.79
3.87
0.0001
0.0006
0.15
6.40
0.1015
0.1733
0.0206
9.1
SVC
08
0.23
0.35
0.58
1.64
0.0328
0.0946
0.18
6.13
0.0151
0.2699
0.0363
23.1
SVC
09
0.20
0.34
0.54
1.36
0.0456
0.1198
0.17
6.25
0.0221
0.3148
0.0269
7.1
SVC
10
0.38
0.25
0.63
2.02
0.0346
0.0992
0.13
6.37
0.0547
0.3152
0.0204
8.9
SVC
11
0.34
0.33
0.67
2.47
0.0176
0.0606
0.11
6.44
0.0496
0.1558
0.0172
18.7
SVC
12
0.33
0.34
0.67
2.47
0.0165
0.0608
0.11
6.43
0.0504
-0.0037
0.0169
9.1
HQC
08
0.83
0.04
0.87
6.44
0.0018
0.0139
0.07
6.07
0.0091
0.3075
0.0000
23.1
HQC
09
0.55
0.16
0.71
3.36
0.0361
0.1988
0.14
6.28
0.0725
0.6382
0.0025
7.1
HQC
10
0.40
0.26
0.66
2.49
0.1359
0.5599
0.08
6.47
0.0030
0.5379
0.0000
8.9
HQC
11
0.64
0.08
0.72
2.84
0.0045
0.0172
0.09
6.45
0.0021
-0.0523
0.0000
18.7
HQC
12
0.51
0.21
0.72
2.61
0.0069
0.026
0.13
6.43
0.0017
-0.0266
0.0000
9.1
VPK
08
0.37
0.17
0.54
1.15
0.0214
0.0437
1.43
5.28
0.5086
0.0455
0.0378
23.1
VPK
09
0.52
0.05
0.57
1.34
0.0581
0.1297
1.90
5.18
0.6182
-0.2122
0.0497
7.1
VPK
10
0.50
0.02
0.52
1.07
0.0728
0.1596
1.83
5.19
0.5535
0.0381
0.0469
8.9
VPK
11
0.35
0.00
0.35
0.54
0.1663
0.2939
1.83
5.19
0.5054
0.0020
0.0447
18.7
VPK
12
0.27
0.00
0.27
0.36
0.2843
0.4094
1.53
5.27
0.3865
0.2003
0.0355
9.1
SRC
08
0.60
0.14
0.74
2.89
0.0015
0.0053
0.37
5.75
0.3291
0.1803
0.0065
23.1
SRC
09
0.52
0.07
0.59
1.41
0.1797
0.5328
0.35
5.76
0.2963
0.0420
0.0063
7.1
SRC
10
0.54
0.04
0.58
1.40
0.0251
0.0605
0.54
5.76
0.2385
-0.0191
0.0064
8.9
SRC
11
0.64
0.04
0.68
2.09
0.0037
0.01
0.47
5.82
0.1824
0.1576
0.0055
18.7
SRC
12
0.50
0.03
0.53
1.13
0.0796
0.2047
0.58
5.73
0.1679
-0.1921
0.0068
9.1
NVT
08
0.59
0.00
0.59
1.47
0.0808
0.156
0.14
3.50
0.0000
1.2246
0.0000
23.1
NVT
09
0.29
0.13
0.42
0.94
0.0131
0.0293
0.19
6.06
0.0856
359.937
0.2639
7.1
NVT
10
0.11
0.18
0.29
0.57
0.0219
0.045
0.18
6.16
0.0643
0.2571
0.2454
8.9
NVT
11
0.16
0.24
0.40
0.90
-0.052
-0.11
0.17
6.18
0.1771
0.0543
0.2269
18.7
NVT
12
0.17
0.18
0.35
0.71
-0.052
-0.111
0.22
6.07
0.0684
-0.2184
0.2348
9.1
BSI
08
0.95
0.00
0.95
17.56
-0.109
-0.909
0.04
6.71
0.0011
0.1583
0.0001
23.1
BSI
09
0.80
0.00
0.80
4.10
0.0979
0.8539
0.06
6.58
0.0010
-0.2529
0.0002
7.1
BSI
10
0.49
0.00
0.49
0.96
0.0043
0.0151
0.14
6.18
0.0042
-0.6054
0.0003
8.9
BSI
11
0.79
0.00
0.79
3.81
-0.089
-0.293
0.08
6.50
0.0011
1.1057
0.0001
18.7
BSI
12
0.48
0.00
0.48
0.93
0.0095
0.0317
0.21
6.12
0.0019
-0.5863
0.0001
9.1
AGF
08
0.49
0.04
0.53
1.15
0.0113
0.0199
0.27
6.13
0.2903
0.5958
0.0361
23.1
AGF
09
0.48
0.02
0.50
0.98
0.0108
0.0224
0.30
6.08
0.2984
-0.1033
0.0309
7.1
AGF
10
0.53
0.01
0.54
1.17
0.0329
0.0684
0.27
6.13
0.3062
0.1214
0.0540
8.9
A1 - 15
126
127
128
129
130
131
132
133
AGF
11
0.61
0.01
0.62
1.62
0.0403
0.0968
0.21
6.23
0.2096
0.2675
0.0374
18.7
AGF
12
0.57
0.01
0.58
1.38
0.0207
0.0517
0.23
6.19
0.2096
-0.0885
0.0430
9.1
AAM
08
0.06
0.01
0.07
0.07
0.0079
0.0084
0.62
5.48
0.0579
-0.0336
0.0645
23.1
AAM
09
0.11
0.03
0.14
0.16
0.158
0.1765
0.73
5.56
0.1148
0.2105
0.0523
7.1
AAM
10
0.10
0.02
0.12
0.14
0.1314
0.1508
0.81
5.52
0.1273
-0.0896
0.0561
8.9
AAM
11
0.11
0.02
0.13
0.15
0.1935
0.2211
0.79
5.52
0.1130
-0.0041
0.0842
18.7
AAM
12
0.10
0.01
0.11
0.12
0.0455
0.0516
0.92
5.46
0.1030
-0.1340
0.0837
9.1
BTT
08
0.16
0.13
0.29
0.42
0.0559
0.0769
0.66
5.52
0.1419
0.0452
0.0000
23.1
BTT
09
0.11
0.14
0.25
0.33
0.0829
0.1143
0.65
5.53
0.1768
0.0149
0.0000
7.1
BTT
10
0.11
0.10
0.21
0.28
0.0969
0.1269
0.65
5.53
0.2305
-0.0030
0.0738
8.9
BTT
11
0.15
0.09
0.24
0.32
0.0986
0.1283
0.64
5.54
0.2254
0.0295
0.0717
18.7
BTT
12
0.15
0.07
0.22
0.28
0.1022
0.133
0.63
5.54
0.2073
-0.0013
0.0720
9.1
DLG
08
0.41
0.05
0.46
0.87
0.0063
0.012
0.20
5.78
0.1518
0.3031
0.1602
23.1
DLG
09
0.53
0.07
0.60
1.58
0.0315
0.0715
0.13
5.94
0.1077
0.4665
0.1091
7.1
DLG
10
0.57
0.08
0.65
2.37
0.0568
0.1802
0.08
6.16
0.0677
0.6448
0.0664
8.9
DLG
11
0.51
0.22
0.73
3.34
0.0163
0.067
0.07
6.28
0.0972
0.3384
0.0496
18.7
DLG
12
0.38
0.22
0.60
1.69
0.0031
0.0105
0.12
6.34
0.0758
0.1465
0.0432
9.1
SZL
08
0.67
0.02
0.69
2.21
0.1373
0.4227
0.22
5.81
0.2200
0.0797
0.0313
23.1
SZL
09
0.40
0.00
0.40
0.68
0.0613
0.1309
0.18
5.90
0.1788
0.2200
0.0280
7.1
SZL
10
0.18
0.21
0.39
0.63
0.0711
0.1177
0.36
5.90
0.1966
0.0156
0.0252
8.9
SZL
11
0.16
0.36
0.52
1.10
0.0512
0.0954
0.30
5.99
0.1604
0.2336
0.0003
18.7
SZL
12
0.06
0.47
0.53
1.11
0.0441
0.0929
0.27
6.04
0.1457
0.1002
0.0002
9.1
SRF
08
0.38
0.01
0.39
0.64
0.037
0.0614
0.48
5.68
0.0478
-0.0145
0.0089
23.1
SRF
09
0.53
0.01
0.54
1.16
0.0686
0.1313
0.34
5.83
0.0373
0.4288
0.0062
7.1
SRF
10
0.39
0.09
0.48
0.92
0.0705
0.144
0.39
5.77
0.1385
-0.1314
0.0074
8.9
SRF
11
0.50
0.06
0.56
1.25
0.0806
0.1681
0.32
5.86
0.1130
0.2156
0.0073
18.7
SRF
12
0.52
0.06
0.58
1.35
0.055
0.1265
0.33
5.85
0.1031
-0.0208
0.0070
9.1
ASM
08
0.48
0.22
0.70
2.38
0.0307
0.0912
0.04
5.91
0.0381
0.2913
0.0197
23.1
ASM
09
0.35
0.25
0.60
1.53
0.0766
0.2232
0.08
5.88
0.0378
-0.0725
0.0213
7.1
ASM
10
0.51
0.17
0.68
2.11
0.1568
0.4489
0.05
6.10
0.0270
0.6397
0.0068
8.9
ASM
11
0.43
0.09
0.52
1.07
0.0507
0.1248
0.19
6.14
0.0187
0.1071
0.0031
18.7
ASM
12
0.47
0.10
0.57
1.33
0.009
0.0197
0.18
6.20
0.0164
0.1448
0.0033
9.1
PXL
08
0.19
0.01
0.20
0.25
-0.162
-0.205
0.63
5.52
0.1710
-0.2407
0.0000
23.1
PXL
09
0.10
0.01
0.11
0.12
0.181
0.2137
0.56
5.56
0.1392
0.1143
0.0000
7.1
PXL
10
0.10
0.00
0.10
0.12
0.1035
0.1158
0.65
5.57
0.1127
0.0223
0.0000
8.9
PXL
11
0.50
0.15
0.65
1.86
0.055
0.1102
0.25
6.00
0.0353
1.6471
0.0000
18.7
PXL
12
0.28
0.19
0.47
0.90
0.0373
0.0895
0.40
5.79
0.0758
-0.3810
0.0000
9.1
TPC
08
0.31
0.00
0.31
0.44
0.1128
0.1714
0.47
5.23
0.1034
-0.1525
0.0316
23.1
TPC
09
0.42
0.00
0.42
0.73
0.1236
0.202
0.41
5.59
0.0683
1.2944
0.0135
7.1
TPC
10
0.48
0.00
0.48
0.91
0.1043
0.1898
0.36
5.64
0.0522
0.1150
0.0118
8.9
TPC
11
0.45
0.00
0.45
0.82
0.1008
0.1869
0.35
5.84
0.0341
0.5766
0.0073
18.7
TPC
12
0.49
0.00
0.49
0.97
0.0725
0.1375
0.32
5.87
0.0301
0.0710
0.0067
9.1
A1 - 16
134
135
136
137
138
139
140
141
142
BCE
08
0.12
0.01
0.13
0.15
0.312
0.3704
1.83
4.89
0.6022
0.0827
0.0013
23.1
BCE
09
0.12
0.01
0.13
0.14
0.3196
0.3658
1.38
5.02
0.4874
0.3402
0.0091
7.1
BCE
10
0.10
0.00
0.10
0.11
0.2532
0.2853
1.84
5.10
0.4789
0.2095
0.0044
8.9
BCE
11
0.20
0.00
0.20
0.25
0.2049
0.2427
1.54
5.17
0.5090
0.1746
0.0386
18.7
BCE
12
0.18
0.00
0.18
0.22
0.2303
0.285
1.58
5.16
0.5078
-0.0188
0.0515
9.1
HOT
08
0.56
0.24
0.80
4.03
0.0243
0.1358
0.06
5.96
0.1152
0.3154
0.0000
23.1
HOT
09
0.51
0.29
0.80
3.95
0.0492
0.2454
0.06
6.04
0.1335
0.2110
0.0000
7.1
HOT
10
0.44
0.19
0.63
1.71
0.0291
0.0936
0.11
6.32
0.0576
0.9021
0.0000
8.9
HOT
11
0.54
0.15
0.69
2.19
0.0018
0.0052
0.11
6.35
0.0499
0.0704
0.0000
18.7
HOT
12
0.60
0.13
0.73
2.69
0.0002
0.0007
0.09
6.42
0.0308
0.1560
0.0000
9.1
MCG
08
0.01
0.19
0.20
0.25
0.1075
0.1486
1.12
5.30
0.0157
0.0178
0.0000
23.1
MCG
09
0.03
0.17
0.20
0.25
0.1347
0.1687
0.80
5.34
0.0126
0.0935
0.0000
7.1
MCG
10
0.00
0.00
0.00
0.00
0.0651
0.0719
0.68
5.40
0.0094
0.1658
0.0000
8.9
MCG
11
0.04
0.00
0.04
0.04
0.1149
0.1175
0.84
5.39
0.0082
-0.0295
0.0000
18.7
MCG
12
0.00
0.00
0.00
0.00
0.1253
0.1282
1.14
5.37
0.0071
-0.0497
0.0000
9.1
TIC
08
0.37
0.00
0.37
0.59
0.1201
0.209
0.53
5.13
0.1672
-0.0572
0.4910
23.1
TIC
09
0.45
0.00
0.45
0.82
0.2355
0.408
0.70
5.38
0.0934
0.7956
0.1528
7.1
TIC
10
0.29
0.00
0.29
0.41
0.2321
0.3704
0.94
5.36
0.1027
-0.0513
0.0712
8.9
TIC
11
0.18
0.00
0.18
0.22
0.1334
0.1751
1.02
5.33
0.0553
-0.0771
0.0328
18.7
TIC
12
0.48
0.01
0.49
0.95
0.0712
0.1124
0.65
5.52
0.0303
0.5561
0.0179
9.1
SFC
08
0.71
0.03
0.74
3.06
-0.024
-0.079
0.15
5.98
0.1131
0.4015
0.0774
23.1
SFC
09
0.79
0.02
0.81
4.40
0.0535
0.2589
0.10
6.18
0.0617
0.5650
0.0539
7.1
SFC
10
0.74
0.05
0.79
3.81
0.0081
0.0407
0.12
6.34
0.0454
0.4507
0.0785
8.9
SFC
11
0.77
0.06
0.83
4.99
-0.007
-0.037
0.10
6.44
0.0593
0.2484
0.0706
18.7
SFC
12
0.74
0.05
0.79
3.87
0.019
0.103
0.11
6.38
0.0619
-0.1156
0.0783
9.1
HLA
08
0.12
0.09
0.21
0.27
0.2204
0.3067
0.60
5.29
0.4665
0.9357
0.0023
23.1
HLA
09
0.09
0.15
0.24
0.31
0.1482
0.1917
0.54
5.34
0.4272
0.1222
0.0012
7.1
HLA
10
0.10
0.11
0.21
0.27
0.1288
0.1661
0.67
5.45
0.5434
0.2706
0.0010
8.9
HLA
11
0.09
0.08
0.17
0.20
0.1208
0.1493
0.69
5.44
0.5427
-0.0107
0.0007
18.7
HLA
12
0.23
0.02
0.25
0.33
0.1452
0.1838
0.57
5.53
0.4642
0.2112
0.0005
9.1
PDN
08
0.57
0.00
0.57
1.35
0.1362
0.3305
0.68
5.57
0.1594
0.0599
0.0237
23.1
PDN
09
0.59
0.00
0.59
1.44
0.1207
0.2898
0.54
5.67
0.0750
0.2647
0.0181
7.1
PDN
10
0.67
0.00
0.67
1.99
0.0799
0.2178
0.42
5.78
0.0254
0.2836
0.0135
8.9
PDN
11
0.64
0.00
0.64
1.76
0.0978
0.2807
0.40
5.80
0.0922
0.0387
0.0124
18.7
PDN
12
0.59
0.00
0.59
1.43
0.0808
0.2097
0.44
5.76
0.1011
-0.0736
0.0144
9.1
CLC
08
0.51
0.01
0.52
1.08
0.0045
0.0082
0.37
5.74
0.1122
0.3525
0.0007
23.1
CLC
09
0.52
0.00
0.52
1.08
0.0831
0.173
0.41
5.70
0.1104
-0.0874
0.0003
7.1
CLC
10
0.65
0.00
0.65
1.89
0.0778
0.1943
0.28
5.87
0.0801
0.4855
0.0016
8.9
CLC
11
0.55
0.02
0.57
1.31
0.0625
0.1615
0.31
5.83
0.0850
-0.1000
0.0229
18.7
CLC
12
0.65
0.00
0.65
1.87
0.0421
0.1087
0.26
5.90
0.0848
0.1787
0.0187
9.1
NHW
08
0.79
0.02
0.81
4.24
0.0471
0.2275
0.18
5.79
0.0581
0.1315
0.0473
23.1
NHW
09
0.78
0.01
0.79
3.77
0.0502
0.2504
0.17
5.82
0.0491
0.0622
0.0383
7.1
A1 - 17
143
144
145
146
147
148
149
150
NHW
10
0.65
0.09
0.74
2.89
0.0458
0.1936
0.22
5.94
0.0381
0.3180
0.0248
8.9
NHW
11
0.56
0.24
0.80
3.90
0.0327
0.1449
0.18
6.09
0.0260
0.4350
0.0145
18.7
NHW
12
0.47
0.37
0.84
5.26
0.0213
0.1196
0.14
6.25
0.0181
0.4214
0.0090
9.1
TV1
08
0.48
0.10
0.58
1.62
0.2347
0.5264
0.26
5.59
0.1048
0.8108
0.0000
23.1
TV1
09
0.66
0.05
0.71
2.45
0.1
0.3161
0.16
5.79
0.2069
0.5652
0.0000
7.1
TV1
10
0.66
0.03
0.69
2.18
0.0889
0.2935
0.17
5.86
0.1868
0.1827
0.0623
8.9
TV1
11
0.62
0.00
0.62
1.66
0.1512
0.4365
0.26
5.90
0.1565
0.0927
0.0685
18.7
TV1
12
0.66
0.01
0.67
2.01
0.0188
0.0533
0.25
5.92
0.1450
0.0460
0.0638
9.1
ACL
08
0.76
0.17
0.93
13.46
0.017
0.275
0.34
5.48
0.3775
0.0203
0.0285
23.1
ACL
09
0.77
0.03
0.80
4.05
0.125
0.7574
0.25
5.95
0.1162
1.9080
0.0096
7.1
ACL
10
0.71
0.06
0.77
3.28
0.083
0.3755
0.21
6.21
0.0779
0.8436
0.0403
8.9
ACL
11
0.70
0.10
0.80
4.05
0.0065
0.0303
0.23
6.29
0.0736
0.1897
0.0338
18.7
ACL
12
0.61
0.27
0.88
7.19
-0.05
-0.318
0.19
6.36
0.2797
0.1731
0.0284
9.1
NKG
08
0.37
0.12
0.49
0.98
0.0532
0.1124
0.10
5.81
0.0936
-0.0801
0.0000
23.1
NKG
09
0.41
0.06
0.47
0.98
0.1046
0.2131
0.08
5.92
0.1527
0.2906
0.0664
7.1
NKG
10
0.55
0.04
0.59
1.60
0.0921
0.2227
0.05
6.09
0.0902
0.4784
0.0418
8.9
NKG
11
0.68
0.05
0.73
2.95
0.02
0.0672
0.11
6.25
0.0633
0.4436
0.1085
18.7
NKG
12
0.69
0.02
0.71
2.67
0.0137
0.0534
0.12
6.23
0.0434
-0.0549
0.1127
9.1
BT6
08
0.63
0.21
0.84
5.37
0.0328
0.1961
0.14
6.08
0.0407
0.3259
0.0007
23.1
BT6
09
0.74
0.09
0.83
4.84
0.028
0.1707
0.12
6.15
0.0322
0.1666
0.0005
7.1
BT6
10
0.64
0.21
0.85
5.59
0.0247
0.1551
0.10
6.29
0.0291
0.3724
0.0003
8.9
BT6
11
0.66
0.19
0.85
5.46
0.0097
0.0633
0.11
6.30
0.0362
0.0337
0.0004
18.7
BT6
12
0.62
0.24
0.86
6.31
0.004
0.0277
0.10
6.37
0.0307
0.1599
0.0004
9.1
SC5
08
0.40
0.15
0.55
1.21
0.0081
0.017
0.54
5.52
0.3804
0.0422
0.0005
23.1
SC5
09
0.48
0.09
0.57
1.33
0.031
0.0704
0.46
5.59
0.3537
0.1761
0.0192
7.1
SC5
10
0.52
0.11
0.63
1.68
0.0456
0.1143
0.40
5.65
0.2921
0.1440
0.0164
8.9
SC5
11
0.55
0.09
0.64
1.77
0.037
0.1008
0.36
5.70
0.2797
0.1230
0.0146
18.7
SC5
12
0.57
0.07
0.64
1.82
0.0584
0.1632
0.32
5.75
0.2854
0.1199
0.0126
9.1
RDP
08
0.48
0.06
0.54
1.25
0.0997
0.2517
0.33
5.75
0.0847
0.3418
0.0134
23.1
RDP
09
0.57
0.06
0.63
1.79
0.0771
0.1985
0.24
5.88
0.0940
0.3490
0.0007
7.1
RDP
10
0.33
0.28
0.61
1.65
0.1238
0.3412
0.23
5.92
0.0747
0.0740
0.0001
8.9
RDP
11
0.25
0.29
0.54
1.24
0.0522
0.1294
0.26
5.86
0.0703
-0.1249
0.0000
18.7
RDP
12
0.31
0.29
0.60
1.55
0.0505
0.123
0.22
5.92
0.0106
0.1585
0.0001
9.1
D2D
08
0.29
0.01
0.30
0.43
0.1204
0.1512
1.17
5.21
0.2709
0.0847
0.0564
23.1
D2D
09
0.35
0.04
0.39
0.64
0.1721
0.2641
0.97
5.29
0.2078
0.2076
0.0460
7.1
D2D
10
0.24
0.04
0.28
0.38
0.1732
0.2596
0.99
5.28
0.2089
-0.0165
0.0457
8.9
D2D
11
0.20
0.04
0.24
0.31
0.2144
0.288
0.92
5.31
0.1853
0.0702
0.0429
18.7
D2D
12
0.36
0.01
0.37
0.60
0.1653
0.2409
0.74
5.41
0.1313
0.2465
0.0495
9.1
GDT
08
0.43
0.08
0.51
1.04
0.0238
0.0446
0.68
5.33
0.3618
0.1173
0.0013
23.1
GDT
09
0.55
0.06
0.61
1.56
0.0685
0.1587
0.47
5.49
0.2540
0.4252
0.0006
7.1
GDT
10
0.58
0.10
0.68
2.15
0.0573
0.164
0.37
5.59
0.2053
0.2773
0.0003
8.9
GDT
11
0.64
0.09
0.73
2.77
0.03
0.1048
0.32
5.76
0.2304
0.4482
0.0001
18.7
A1 - 18
151
152
153
154
155
156
157
158
159
GDT
12
0.58
0.15
0.73
2.64
0.0397
0.147
0.31
5.80
0.2098
0.1137
0.0000
9.1
DAG
08
0.03
0.61
0.64
1.77
0.0298
0.1005
0.25
5.88
0.8054
-0.1717
0.0007
23.1
DAG
09
0.03
0.59
0.62
1.66
0.0463
0.1257
0.27
5.84
0.7560
-0.1023
0.0007
7.1
DAG
10
0.04
0.52
0.56
1.26
0.0644
0.158
0.29
5.80
0.7336
-0.0810
0.0006
8.9
DAG
11
0.02
0.38
0.40
0.66
0.0801
0.1559
0.37
5.70
0.8280
-0.1984
0.0008
18.7
DAG
12
0.05
0.50
0.55
1.24
0.0669
0.1303
0.27
5.84
0.5323
0.3539
0.0005
9.1
HTI
08
0.51
0.00
0.51
1.11
0.1239
0.3662
0.21
5.46
0.2999
0.0685
0.0535
23.1
HTI
09
0.47
0.00
0.47
0.93
0.1087
0.2252
0.55
5.51
0.2851
0.1236
0.0034
7.1
HTI
10
0.49
0.00
0.49
1.01
0.0861
0.1758
0.45
5.60
0.2378
0.2185
0.0090
8.9
HTI
11
0.50
0.00
0.50
1.07
0.071
0.1497
0.41
5.65
0.2071
0.1175
0.0211
18.7
HTI
12
0.50
0.00
0.50
1.08
0.081
0.173
0.39
5.69
0.1943
0.1058
0.0455
9.1
SFI
08
0.32
0.00
0.32
0.56
0.1772
0.3314
0.51
5.42
0.0841
0.0444
0.2434
23.1
SFI
09
0.21
0.00
0.21
0.33
0.2127
0.3407
0.48
5.51
0.0750
0.2318
0.1947
7.1
SFI
10
0.25
0.00
0.25
0.39
0.1378
0.2119
0.51
5.55
0.1796
0.0845
0.1795
8.9
SFI
11
0.15
0.01
0.16
0.22
0.1019
0.15
0.55
5.51
0.0988
-0.0765
0.0424
18.7
SFI
12
0.15
0.01
0.16
0.22
0.1489
0.2057
0.56
5.49
0.0940
-0.0483
0.0429
9.1
ST8
08
0.51
0.01
0.52
1.10
0.0764
0.1531
0.34
5.31
0.0100
0.1819
0.0000
23.1
ST8
09
0.63
0.01
0.64
1.77
0.0765
0.1933
0.36
5.67
0.0066
1.2820
0.0000
7.1
ST8
10
0.62
0.01
0.63
1.71
0.1311
0.3591
0.28
5.77
0.0123
0.2764
0.0000
8.9
ST8
11
0.65
0.01
0.66
1.92
0.063
0.1777
0.25
5.83
0.0242
0.1451
0.0371
18.7
ST8
12
0.61
0.01
0.62
1.65
0.057
0.159
0.25
5.82
0.0318
-0.0318
0.0387
9.1
TNA
08
0.81
0.03
0.84
5.32
0.0942
0.6397
0.04
6.14
0.0495
0.7569
0.0130
23.1
TNA
09
0.65
0.03
0.68
2.18
0.0894
0.4014
0.07
6.00
0.0581
-0.2695
0.0174
7.1
TNA
10
0.42
0.06
0.48
0.96
0.0489
0.1253
0.23
5.85
0.0964
-0.2915
0.0239
8.9
TNA
11
0.43
0.04
0.47
0.91
0.0023
0.0046
0.26
5.80
0.0952
-0.1082
0.0262
18.7
TNA
12
0.44
0.02
0.46
0.88
0.0003
0.0006
0.27
5.78
0.0847
-0.0433
0.0267
9.1
TMT
08
0.22
0.03
0.25
0.33
0.0558
0.0782
0.88
5.29
0.5942
-0.1116
0.0014
23.1
TMT
09
0.22
0.09
0.31
0.44
0.0644
0.0895
0.76
5.35
0.5330
0.1545
0.0007
7.1
TMT
10
0.25
0.09
0.34
0.53
0.0813
0.1207
0.68
5.39
0.5274
0.1110
0.0016
8.9
TMT
11
0.27
0.09
0.36
0.55
0.1041
0.1603
0.61
5.44
0.5291
0.1174
0.0037
18.7
TMT
12
0.35
0.07
0.42
0.73
0.0934
0.1536
0.52
5.51
0.5852
0.1674
0.0031
9.1
CLW
08
0.34
0.10
0.44
0.80
0.0564
0.1152
0.10
6.09
0.0394
0.0063
0.0012
23.1
CLW
09
0.31
0.31
0.62
1.69
0.05
0.1141
0.08
6.30
0.0224
0.6557
0.0006
7.1
CLW
10
0.27
0.37
0.64
1.92
0.0149
0.0426
0.10
6.37
0.0175
0.1575
0.0000
8.9
CLW
11
0.44
0.30
0.74
2.75
-0.047
-0.159
0.78
6.39
0.0163
0.0544
0.0000
18.7
CLW
12
0.50
0.30
0.80
3.98
-0.097
-0.411
0.66
6.34
0.0222
-0.1205
0.0000
9.1
SGT
08
0.34
0.01
0.35
0.55
0.109
0.1674
0.63
5.54
0.0356
-0.0320
0.0114
23.1
SGT
09
0.24
0.01
0.25
0.33
0.1302
0.1868
0.56
5.58
0.0525
0.1054
0.0000
7.1
SGT
10
0.26
0.03
0.29
0.42
0.1113
0.1564
0.52
5.63
0.0477
0.1248
0.0001
8.9
SGT
11
0.25
0.01
0.26
0.37
0.0599
0.0863
0.20
5.60
0.0503
-0.0853
0.0002
18.7
SGT
12
0.30
0.01
0.31
0.45
0.0768
0.1116
0.17
5.63
0.0447
0.0728
0.0001
9.1
KHA
08
0.04
0.00
0.04
0.04
0.0212
0.0223
0.15
5.28
0.1366
-0.0693
0.0000
23.1
A1 - 19
160
161
162
163
164
165
166
167
KHA
09
0.08
0.00
0.08
0.09
0.1152
0.123
0.13
5.34
0.1444
0.1403
0.0000
7.1
KHA
10
0.10
0.00
0.10
0.11
0.0719
0.0794
0.15
5.39
0.1080
0.1323
0.0000
8.9
KHA
11
0.10
0.00
0.10
0.11
0.0918
0.1022
0.19
5.41
0.2228
0.0351
0.0000
18.7
KHA
12
0.14
0.00
0.14
0.16
0.1437
0.1633
0.11
5.47
0.3186
0.1590
0.0000
9.1
HTV
08
0.05
0.00
0.05
0.06
0.0296
0.0322
0.10
4.20
0.0664
0.1167
0.0000
23.1
HTV
09
0.04
0.00
0.04
0.05
0.0691
0.0725
0.10
4.74
0.0877
2.4460
0.0000
7.1
HTV
10
0.20
0.00
0.20
0.25
0.9521
1.1629
0.13
5.56
0.0368
5.5829
0.0000
8.9
HTV
11
0.27
0.00
0.27
0.37
0.074
0.0971
0.51
5.60
0.0420
0.1081
0.0000
18.7
HTV
12
0.17
0.00
0.17
0.21
0.1099
0.142
0.47
5.52
0.0404
-0.1714
0.0000
9.1
KTB
08
0.69
0.04
0.73
2.70
0.0103
0.0339
0.41
5.65
0.0056
0.6217
0.0000
23.1
KTB
09
0.25
0.13
0.38
0.61
0.0763
0.1677
0.54
5.69
0.0095
0.1039
0.0000
7.1
KTB
10
0.34
0.10
0.44
0.80
0.0409
0.0697
0.42
5.78
0.0068
0.2233
0.0000
8.9
KTB
11
0.44
0.17
0.61
1.58
0.0009
0.0018
0.75
5.82
0.0055
0.0864
0.0000
18.7
KTB
12
0.22
0.19
0.41
0.68
0.0009
0.0019
0.66
5.61
0.0076
-0.3731
0.0000
9.1
KAC
08
0.64
0.07
0.71
2.48
0.2076
0.8728
0.58
5.83
0.0958
0.2890
0.0070
23.1
KAC
09
0.63
0.10
0.73
3.11
0.0731
0.2821
0.57
5.91
0.1349
0.1959
0.0158
7.1
KAC
10
0.68
0.08
0.76
3.61
0.0625
0.2821
0.49
6.02
0.1458
0.2750
0.0166
8.9
KAC
11
0.73
0.07
0.80
4.71
0.0291
0.1544
0.62
6.08
0.1278
0.1562
0.0140
18.7
KAC
12
0.73
0.11
0.84
5.61
-0.035
-0.216
0.60
5.98
0.0964
-0.2100
0.0096
9.1
FDG
08
0.36
0.05
0.41
0.71
0.0239
0.0558
0.49
5.30
0.1285
0.8069
0.2101
23.1
FDG
09
0.37
0.00
0.37
0.59
0.1528
0.2506
0.44
5.37
0.1117
0.1522
0.2321
7.1
FDG
10
0.33
0.01
0.34
0.51
0.1768
0.2733
0.53
5.38
0.1156
0.0430
0.2232
8.9
FDG
11
0.27
0.10
0.37
0.59
0.2079
0.3229
0.06
5.44
0.1733
0.1230
0.1992
18.7
FDG
12
0.28
0.09
0.37
0.60
0.1526
0.2434
0.28
5.47
0.1418
0.0747
0.1839
9.1
C32
08
0.65
0.00
0.65
1.83
0.0676
0.1786
0.28
5.91
0.0485
0.7593
0.1381
23.1
C32
09
0.62
0.05
0.67
2.03
0.0317
0.0928
0.21
5.97
0.0411
0.1354
0.1214
7.1
C32
10
0.66
0.06
0.72
2.59
0.035
0.1157
0.35
6.04
0.0465
0.1749
0.0841
8.9
C32
11
0.66
0.05
0.71
2.48
0.0718
0.2535
0.10
6.08
0.0513
0.1038
0.0704
18.7
C32
12
0.63
0.04
0.67
2.04
0.0243
0.0793
0.12
6.02
0.0550
-0.1338
0.0812
9.1
HMC
08
0.24
0.35
0.59
1.45
0.0452
0.1243
0.39
5.53
0.0075
0.2570
0.0075
23.1
HMC
09
0.25
0.38
0.63
1.70
0.0763
0.1969
0.35
5.62
0.1694
0.2208
0.1694
7.1
HMC
10
0.28
0.32
0.60
1.48
0.0939
0.243
0.38
5.59
0.1832
-0.0718
0.1832
8.9
HMC
11
0.19
0.40
0.59
1.45
0.0137
0.0338
0.37
5.59
0.1862
0.0180
0.1862
18.7
HMC
12
0.19
0.40
0.59
1.43
0.0021
0.0052
0.37
5.59
0.1759
-0.0038
0.1759
9.1
LGC
08
0.27
0.53
0.80
4.08
0.0807
0.3888
0.05
6.41
0.7037
0.1639
0.0019
23.1
LGC
09
0.23
0.59
0.82
4.68
0.0224
0.1206
0.04
6.45
0.8793
0.0944
0.0010
7.1
LGC
10
0.21
0.57
0.78
3.68
0.0306
0.1558
0.05
6.52
0.8677
0.1885
0.0008
8.9
LGC
11
0.28
0.52
0.80
3.97
0.0003
0.0016
0.05
6.51
0.8372
-0.0211
0.0000
18.7
LGC
12
0.26
0.56
0.82
4.69
-0.04
-0.212
0.06
6.48
0.8808
-0.0726
0.0015
9.1
VST
08
0.56
0.01
0.57
1.31
0.0224
0.0539
0.28
4.93
0.2490
0.2631
0.0063
23.1
VST
09
0.48
0.17
0.65
1.84
0.118
0.3229
0.19
5.63
0.3262
4.0137
0.0013
7.1
VST
10
0.32
0.14
0.46
0.84
0.1148
0.2451
0.25
5.82
0.2930
0.5349
0.0008
8.9
A1 - 20
168
169
170
171
172
173
174
175
VST
11
0.39
0.12
0.51
1.05
0.009
0.0175
0.22
5.87
0.3017
0.1328
0.0007
18.7
VST
12
0.64
0.06
0.70
2.39
0.0026
0.0072
0.14
6.10
0.1695
0.6724
0.0004
9.1
KSS
08
0.31
0.20
0.51
1.02
0.0961
0.179
0.26
5.74
0.3894
0.3521
0.0195
23.1
KSS
09
0.38
0.15
0.53
1.13
0.1156
0.2401
0.22
5.81
0.3905
0.1620
0.0218
7.1
KSS
10
0.57
0.08
0.65
1.83
0.0164
0.0405
0.19
5.90
0.3070
0.2364
0.0216
8.9
KSS
11
0.69
0.04
0.73
2.67
-0.038
-0.121
0.19
5.93
0.2694
0.0626
0.0210
18.7
KSS
12
0.60
0.03
0.63
1.67
0.0254
0.08
0.23
5.82
0.3108
-0.2089
0.0265
9.1
DCL
08
0.24
0.11
0.35
0.58
-0.098
-0.152
0.16
5.83
0.3313
-0.0796
0.0098
23.1
DCL
09
0.21
0.08
0.29
0.44
0.0599
0.0936
0.17
5.84
0.3019
0.0266
0.0090
7.1
DCL
10
0.17
0.00
0.17
0.22
0.0653
0.0902
0.18
5.81
0.2123
-0.0704
0.0091
8.9
DCL
11
0.18
0.04
0.22
0.29
0.0161
0.0207
0.22
5.84
0.2042
0.0693
0.0080
18.7
DCL
12
0.23
0.06
0.29
0.41
0.0146
0.0199
0.23
5.88
0.1699
0.1022
0.0068
9.1
HAP
08
0.27
0.03
0.30
0.52
0.008
0.0119
0.59
4.23
0.1307
1.6792
0.0005
23.1
HAP
09
0.29
0.01
0.30
0.43
0.1383
0.2064
0.76
4.88
0.0540
3.4975
0.0001
7.1
HAP
10
0.34
0.00
0.34
0.55
0.3114
0.4944
0.42
5.50
0.0361
3.2093
0.0578
8.9
HAP
11
0.34
0.00
0.34
0.60
0.0249
0.0421
0.55
5.56
0.0357
0.1269
0.0381
18.7
HAP
12
0.28
0.00
0.28
0.46
0.0321
0.0542
0.55
5.55
0.1405
-0.0229
0.1218
9.1
KSA
08
0.26
0.00
0.26
0.35
0.1563
0.2056
0.90
5.23
0.0503
0.0972
0.0007
23.1
KSA
09
0.26
0.00
0.26
0.36
0.1898
0.2571
0.81
5.29
0.0419
0.1442
0.0004
7.1
KSA
10
0.25
0.00
0.25
0.33
0.1309
0.176
0.78
5.31
0.0350
0.0395
0.0001
8.9
KSA
11
0.27
0.00
0.27
0.37
0.1046
0.1415
0.68
5.37
0.0238
0.1399
0.0004
18.7
KSA
12
0.24
0.00
0.24
0.32
0.108
0.145
0.67
5.37
0.0277
0.0035
0.0003
9.1
SCD
08
0.17
0.23
0.40
0.66
0.0851
0.1954
0.36
5.31
0.4313
-0.0973
0.0000
23.1
SCD
09
0.21
0.18
0.39
0.65
0.0601
0.0993
0.57
5.31
0.3796
-0.0137
0.0000
7.1
SCD
10
0.32
0.11
0.43
0.75
0.0859
0.1461
0.50
5.36
0.3478
0.1293
0.0000
8.9
SCD
11
0.37
0.07
0.44
0.79
0.1294
0.2297
0.48
5.48
0.3479
0.3374
0.0000
18.7
SCD
12
0.37
0.05
0.42
0.73
0.0714
0.126
0.53
5.44
0.3362
-0.0955
0.0000
9.1
MCP
08
0.07
0.00
0.07
0.08
0.14
0.1544
0.29
5.48
0.0424
0.2648
0.0466
23.1
MCP
09
0.08
0.00
0.08
0.09
0.2098
0.2273
0.25
5.54
0.0397
0.1684
0.0383
7.1
MCP
10
0.15
0.00
0.15
0.18
0.1487
0.1689
0.34
5.58
0.0427
0.0809
0.0339
8.9
MCP
11
0.16
0.01
0.17
0.20
0.1016
0.1212
0.34
5.58
0.1143
0.0121
0.2658
18.7
MCP
12
0.15
0.00
0.15
0.17
0.042
0.0499
0.35
5.56
0.1192
-0.0405
0.2556
9.1
DHA
08
0.74
0.16
0.90
9.53
0.0234
0.2216
0.09
5.79
0.3651
0.3907
0.0010
23.1
DHA
09
0.57
0.34
0.91
9.74
0.0316
0.3375
0.07
5.96
0.3415
0.4799
0.0006
7.1
DHA
10
0.63
0.25
0.88
7.45
0.0271
0.2523
0.11
6.09
0.3012
0.3425
0.0003
8.9
DHA
11
0.65
0.23
0.88
7.57
0.0191
0.1624
0.10
6.12
0.2683
0.0642
0.0087
18.7
DHA
12
0.67
0.23
0.90
9.29
0.0147
0.1392
0.08
6.20
0.2502
0.2199
0.0106
9.1
C47
08
0.65
0.03
0.68
2.14
0.0692
0.2041
0.13
5.65
0.0759
0.1779
0.0000
23.1
C47
09
0.65
0.03
0.68
2.10
0.0523
0.163
0.20
5.65
0.0729
-0.0004
0.0081
7.1
C47
10
0.06
0.65
0.71
2.45
0.0502
0.1644
0.18
5.69
0.0685
0.0953
0.0072
8.9
C47
11
0.05
0.67
0.72
2.56
0.0517
0.1812
0.17
5.71
0.0591
0.0336
0.0068
18.7
C47
12
0.05
0.61
0.66
1.91
0.0444
0.1415
0.24
5.74
0.0486
0.0865
0.0061
9.1
A1 - 21
176
177
178
179
180
181
182
183
184
CCI
08
0.49
0.11
0.60
1.81
0.0588
0.1935
0.12
5.96
0.0988
0.0841
0.0969
23.1
CCI
09
0.56
0.02
0.58
1.64
0.0143
0.0416
0.13
6.03
0.0828
0.1673
0.0796
7.1
CCI
10
0.57
0.09
0.66
2.46
0.0175
0.0572
0.10
6.15
0.0868
0.3206
0.0642
8.9
CCI
11
0.57
0.15
0.72
3.29
0.0072
0.0299
0.08
6.23
0.0731
0.2015
0.0524
18.7
CCI
12
0.56
0.17
0.73
3.42
0.0037
0.0173
0.08
6.24
0.0674
0.0252
0.0502
9.1
UDC
08
0.54
0.00
0.54
1.18
0.0338
0.0767
0.26
5.53
0.1858
-0.1254
0.0089
23.1
UDC
09
0.76
0.00
0.76
3.10
0.0291
0.0913
0.14
5.79
0.1076
0.8603
0.0046
7.1
UDC
10
0.67
0.00
0.67
2.02
0.0476
0.1684
0.18
5.70
0.1397
-0.1948
0.0057
8.9
UDC
11
0.78
0.00
0.78
3.53
0.0443
0.168
0.12
5.89
0.0938
0.5500
0.0036
18.7
UDC
12
0.66
0.00
0.66
1.93
0.0099
0.0371
0.20
5.66
0.1975
-0.4101
0.0170
9.1
FMC
08
0.68
0.03
0.71
2.41
0.0742
0.2418
0.12
5.67
0.1960
0.1822
0.0144
23.1
FMC
09
0.81
0.01
0.82
4.51
0.0479
0.2142
0.09
5.88
0.1354
0.6389
0.0018
7.1
FMC
10
0.83
0.02
0.85
5.69
0.0069
0.0422
0.07
6.02
0.1130
0.3594
0.0010
8.9
FMC
11
0.79
0.03
0.82
4.63
0.0048
0.0292
0.10
5.95
0.1392
-0.1348
0.0033
18.7
FMC
12
0.75
0.02
0.77
3.40
0.0035
0.0176
0.11
5.85
0.1692
-0.2058
0.0039
9.1
CMX
08
0.12
0.49
0.61
1.57
0.0465
0.1035
0.48
5.39
0.4910
0.4167
0.0003
23.1
CMX
09
0.10
0.51
0.61
1.57
0.0394
0.1013
0.44
5.42
0.5338
0.0815
0.0002
7.1
CMX
10
0.15
0.47
0.62
1.64
0.0666
0.1738
0.39
5.48
0.4712
0.1353
0.0001
8.9
CMX
11
0.22
0.42
0.64
1.81
0.0667
0.1819
0.35
5.52
0.5045
0.1155
0.0002
18.7
CMX
12
0.28
0.33
0.61
1.58
0.0619
0.1667
0.36
5.51
0.5333
-0.0282
0.0002
9.1
TDW
08
0.38
0.02
0.40
0.68
0.4097
0.9609
0.19
5.42
0.2777
0.1009
0.0610
23.1
TDW
09
0.63
0.01
0.64
1.74
0.0909
0.2015
0.23
5.64
0.1622
0.6794
0.0393
7.1
TDW
10
0.69
0.00
0.69
2.18
0.0696
0.2068
0.18
5.74
0.1207
0.2517
0.0333
8.9
TDW
11
0.70
0.00
0.70
2.29
0.0634
0.2052
0.17
5.77
0.1400
0.0722
0.0386
18.7
TDW
12
0.83
0.00
0.83
4.71
0.0096
0.0433
0.12
5.99
0.0850
0.6835
0.0228
9.1
VLF
08
0.16
0.02
0.18
0.22
0.0078
0.0092
0.37
5.97
0.3277
0.2039
0.0563
23.1
VLF
09
0.15
0.06
0.21
0.27
0.0354
0.0441
0.37
6.03
0.3327
0.1408
0.0481
7.1
VLF
10
0.16
0.04
0.20
0.25
0.0318
0.04
0.39
6.06
0.3222
0.0674
0.0433
8.9
VLF
11
0.16
0.03
0.19
0.23
0.0196
0.0244
0.36
6.11
0.3009
0.1138
0.0385
18.7
VLF
12
0.18
0.01
0.19
0.24
0.0069
0.0085
0.37
6.11
0.2862
0.0101
0.0339
9.1
RIC
08
0.64
0.23
0.87
6.51
0.0204
0.1448
0.09
6.20
0.0023
0.3376
0.0000
23.1
RIC
09
0.75
0.04
0.79
3.88
0.06
0.3624
0.11
6.11
0.0021
-0.1795
0.0000
7.1
RIC
10
0.53
0.13
0.66
2.15
0.0053
0.0203
0.14
6.18
0.0022
0.1652
0.0000
8.9
RIC
11
0.53
0.16
0.69
2.49
0.0058
0.02
0.13
6.23
0.0133
0.1263
0.0000
18.7
RIC
12
0.60
0.10
0.70
2.63
0.004
0.0148
0.12
6.25
0.0113
0.0522
0.0000
9.1
VPH
08
0.34
0.00
0.34
0.51
0.1655
0.3073
0.81
5.08
0.1874
-0.2231
0.0129
23.1
VPH
09
0.35
0.01
0.36
0.55
0.1879
0.2883
1.02
5.20
0.1121
0.3024
0.0109
7.1
VPH
10
0.30
0.00
0.30
0.43
0.2091
0.3106
0.96
5.23
0.2395
0.0679
0.0101
8.9
VPH
11
0.22
0.01
0.23
0.29
0.1449
0.1967
1.00
5.21
0.2103
-0.0389
0.0097
18.7
VPH
12
0.24
0.00
0.24
0.32
0.1495
0.195
0.96
5.23
0.1750
0.0414
0.0080
9.1
STG
08
0.63
0.14
0.77
3.43
0.031
0.1544
0.11
5.77
0.1755
0.2957
0.0306
23.1
STG
09
0.63
0.10
0.73
2.74
0.0529
0.2122
0.11
5.88
0.2258
0.3026
0.0229
7.1
A1 - 22
185
186
187
188
189
190
191
192
STG
10
0.47
0.14
0.61
1.73
0.0739
0.2318
0.12
6.05
0.1777
0.4594
0.0152
8.9
STG
11
0.62
0.09
0.71
2.81
0.0112
0.0379
0.10
6.17
0.2233
0.3204
0.0337
18.7
STG
12
0.63
0.11
0.74
3.21
0.0073
0.0302
0.09
6.21
0.2217
0.1002
0.0300
9.1
SHI
08
0.12
0.00
0.12
0.14
0.1876
0.2106
0.86
5.09
0.1171
0.0514
0.0000
23.1
SHI
09
0.15
0.00
0.15
0.18
0.1815
0.2099
0.77
5.14
0.1265
0.1156
0.0000
7.1
SHI
10
0.18
0.00
0.18
0.22
0.1618
0.1938
0.76
5.19
0.1223
0.1163
0.0000
8.9
SHI
11
0.25
0.01
0.26
0.34
0.1444
0.185
0.70
5.22
0.0994
0.0871
0.0000
18.7
SHI
12
0.27
0.00
0.27
0.37
0.1498
0.2036
0.64
5.26
0.0754
0.0889
0.0000
9.1
VNL
08
0.93
0.00
0.93
13.18
0.0173
0.2453
0.05
6.19
0.0121
0.1838
0.0001
23.1
VNL
09
0.96
0.00
0.96
26.83
0.014
0.2754
0.04
6.31
0.0086
0.3152
0.0001
7.1
VNL
10
0.94
0.01
0.95
18.08
0.0097
0.2146
0.04
6.43
0.0079
0.3363
0.0002
8.9
VNL
11
0.90
0.06
0.96
22.77
0.0086
0.1867
0.03
6.61
0.0052
0.4865
0.0001
18.7
VNL
12
0.91
0.05
0.96
24.82
0.0036
0.089
0.02
6.65
0.0039
0.1133
0.0012
9.1
VMD
08
0.16
0.00
0.16
0.19
0.1037
0.1454
0.51
5.33
0.0533
-0.2883
0.0034
23.1
VMD
09
0.24
0.00
0.24
0.31
0.1535
0.1923
0.42
5.43
0.0411
0.2535
0.0518
7.1
VMD
10
0.23
0.00
0.23
0.30
0.1295
0.1692
0.37
5.47
0.0380
0.1029
0.0610
8.9
VMD
11
0.19
0.00
0.19
0.24
0.1052
0.1336
0.37
5.47
0.0349
-0.0064
0.0170
18.7
VMD
12
0.18
0.00
0.18
0.23
0.0996
0.1226
0.37
5.48
0.0342
0.0270
0.0179
9.1
TIE
08
0.16
0.20
0.36
0.55
0.0525
0.0756
0.32
5.39
0.1298
0.6983
0.0000
23.1
TIE
09
0.14
0.39
0.53
1.13
0.0878
0.1628
0.21
5.56
0.0813
0.4990
0.0000
7.1
TIE
10
0.33
0.23
0.56
1.27
0.0582
0.1285
0.19
5.74
0.3946
0.4977
0.0344
8.9
TIE
11
0.58
0.08
0.66
1.91
0.0402
0.1041
0.15
5.85
0.3286
0.2876
0.0210
18.7
TIE
12
0.67
0.06
0.73
2.71
0.0184
0.0609
0.12
5.96
0.2670
0.2948
0.0266
9.1
TS4
08
0.57
0.27
0.84
0.84
0.0207
0.1272
0.14
5.80
0.0390
0.1398
0.2449
23.1
TS4
09
0.64
0.13
0.77
0.77
0.0291
0.1522
0.19
5.68
0.1402
-0.2432
0.0073
7.1
TS4
10
0.78
0.07
0.85
0.85
0.0299
0.1622
0.15
5.85
0.0942
0.4688
0.0049
8.9
TS4
11
0.80
0.09
0.89
0.89
0.0238
0.192
0.09
6.05
0.0561
0.5893
0.0077
18.7
TS4
12
0.74
0.12
0.86
0.86
0.035
0.2817
0.09
6.04
0.0549
-0.0184
0.0241
9.1
LM8
08
0.64
0.03
0.67
2.27
0.0559
0.1845
0.12
5.51
0.2122
0.6748
0.0000
23.1
LM8
09
0.69
0.00
0.69
2.29
0.0499
0.1662
0.14
5.61
0.0733
0.2618
0.0000
7.1
LM8
10
0.62
0.03
0.65
1.91
0.0572
0.1756
0.15
5.74
0.0457
0.3469
0.0000
8.9
LM8
11
0.62
0.04
0.66
1.93
0.0274
0.0803
0.16
5.80
0.0367
0.1446
0.0000
18.7
LM8
12
0.66
0.03
0.69
2.19
0.0106
0.0325
0.17
5.81
0.0680
0.0308
0.0000
9.1
DIC
08
0.68
0.04
0.72
2.61
0.0443
0.1377
0.19
5.64
0.1200
0.3405
0.0037
23.1
DIC
09
0.68
0.04
0.72
2.57
0.0395
0.142
0.18
5.66
0.1224
0.0509
0.0033
7.1
DIC
10
0.70
0.03
0.73
2.66
0.0363
0.1314
0.16
5.72
0.0962
0.1293
0.0028
8.9
DIC
11
0.68
0.06
0.74
2.78
0.036
0.1338
0.15
5.76
0.1417
0.0989
0.0023
18.7
DIC
12
0.64
0.03
0.67
2.07
0.0402
0.1375
0.18
5.68
0.1692
-0.1662
0.0026
9.1
UIC
08
0.91
0.00
0.91
9.68
0.0326
0.273
0.07
5.81
0.0080
0.9710
0.0000
23.1
UIC
09
0.89
0.00
0.89
8.47
0.0479
0.4808
0.06
5.87
0.0065
0.1355
0.0000
7.1
UIC
10
0.83
0.01
0.84
5.23
0.0391
0.2909
0.10
5.93
0.0041
0.1531
0.0000
8.9
UIC
11
0.73
0.00
0.73
2.91
0.0636
0.3183
0.13
5.83
0.0058
-0.2141
0.0000
18.7
A1 - 23
193
194
195
196
197
198
199
200
UIC
12
0.76
0.00
0.76
3.28
0.035
0.1457
0.12
5.85
0.0027
0.0593
0.0000
9.1
HU3
08
0.36
0.10
0.46
0.85
0.0541
0.0973
0.18
5.70
0.0755
0.1644
0.1325
23.1
HU3
09
0.36
0.14
0.5
0.99
0.0557
0.107
0.16
5.74
0.0769
0.0994
0.1202
7.1
HU3
10
0.47
0.16
0.63
1.69
0.022
0.0517
0.13
5.89
0.0936
0.4201
0.0828
8.9
HU3
11
0.52
0.13
0.65
1.9
-0.01
-0.027
0.13
5.91
0.1205
0.0338
0.0784
18.7
HU3
12
0.50
0.15
0.65
1.87
-0.032
-0.091
0.14
5.86
0.2335
-0.0979
0.0000
9.1
VID
08
0.32
0.20
0.52
1.13
0.0413
0.0889
0.23
5.47
0.1303
1.7685
0.0000
23.1
VID
09
0.36
0.25
0.61
1.61
0.0469
0.1138
0.17
5.60
0.1073
0.3485
0.0002
7.1
VID
10
0.41
0.18
0.59
1.51
0.0599
0.1557
0.23
5.74
0.0734
0.3676
0.0003
8.9
VID
11
0.53
0.11
0.64
2.06
0.0006
0.0018
0.19
5.82
0.4410
0.1930
0.0002
18.7
VID
12
0.45
0.09
0.54
1.19
-0.005
-0.013
0.29
5.64
0.5419
-0.3334
0.0001
9.1
DHC
08
0.44
0.11
0.55
1.34
0.03
0.0745
0.12
5.75
0.1306
-0.0314
0.0241
23.1
DHC
09
0.44
0.27
0.71
2.6
0.0491
0.1523
0.12
5.99
0.1033
0.7398
0.0148
7.1
DHC
10
0.49
0.27
0.76
3.33
0.0016
0.0064
0.11
6.04
0.0838
0.1013
0.0217
8.9
DHC
11
0.48
0.25
0.73
2.99
-0.016
-0.067
0.13
5.97
0.0748
-0.1363
0.0146
18.7
DHC
12
0.46
0.21
0.67
2.17
0.0286
0.1037
0.15
5.92
0.0533
-0.1189
0.0161
9.1
ASP
08
0.21
0.03
0.24
0.31
0.0821
0.1175
0.51
5.42
0.0136
-0.2123
0.1001
23.1
ASP
09
0.33
0.00
0.33
0.5
0.0945
0.1331
0.42
5.50
0.1708
0.2045
0.0815
7.1
ASP
10
0.23
0.01
0.24
0.32
0.078
0.1105
0.45
5.47
0.1678
-0.0730
0.0857
8.9
ASP
11
0.21
0.01
0.22
0.28
0.057
0.0751
0.47
5.44
0.1603
-0.0511
0.0891
18.7
ASP
12
0.20
0.01
0.21
0.28
0.0409
0.0537
0.50
5.42
0.1545
-0.0467
0.0911
9.1
VTB
08
0.39
0.21
0.6
1.51
0.0604
0.1669
0.21
5.57
0.3463
0.1214
0.1779
23.1
VTB
09
0.41
0.15
0.56
1.29
0.1143
0.2725
0.21
5.66
0.2604
0.2424
0.1245
7.1
VTB
10
0.47
0.11
0.58
1.38
0.0606
0.1418
0.20
5.68
0.2715
0.0381
0.1018
8.9
VTB
11
0.42
0.29
0.71
2.96
0.0111
0.0361
0.12
5.90
0.1514
0.6511
0.0507
18.7
VTB
12
0.41
0.41
0.82
5.53
0.0013
0.0069
0.08
6.07
0.0944
0.4941
0.0266
9.1
CTI
08
0.88
0.00
0.88
7.44
0.0477
0.4644
0.04
5.62
0.0904
1.0923
0.0000
23.1
CTI
09
0.91
0.01
0.92
11.62
0.0262
0.2764
0.03
5.81
0.0497
0.5354
0.0000
7.1
CTI
10
0.67
0.02
0.69
2.29
0.0799
0.3671
0.11
6.02
0.0542
0.6274
0.0412
8.9
CTI
11
0.71
0.01
0.72
2.67
0.0416
0.1462
0.09
6.09
0.0558
0.1774
0.0000
18.7
CTI
12
0.62
0.01
0.63
1.74
0.0078
0.0254
0.12
5.96
0.0772
-0.2578
0.0000
9.1
PXI
08
0.28
0.15
0.43
0.76
0.1948
0.3302
0.44
5.37
0.3542
0.3745
0.0000
23.1
PXI
09
0.30
0.15
0.45
0.83
0.2435
0.4386
0.29
5.55
0.3147
0.5194
0.0000
7.1
PXI
10
0.24
0.19
0.43
0.96
0.1422
0.2865
0.24
5.63
0.2625
0.1897
0.0194
8.9
PXI
11
0.42
0.12
0.54
1.5
-0.006
-0.014
0.24
5.64
0.3212
0.0129
0.0192
18.7
PXI
12
0.49
0.07
0.56
1.62
0.0437
0.1238
0.25
5.62
0.2878
-0.0460
0.0201
9.1
SBC
08
0.13
0.01
0.14
0.16
0.0812
0.11
0.68
5.08
0.2919
0.7218
0.0000
23.1
SBC
09
0.12
0.04
0.16
0.18
0.0662
0.0777
0.59
5.15
0.2416
0.1648
0.0000
7.1
SBC
10
0.19
0.08
0.27
0.38
0.0775
0.0995
0.52
5.24
0.3129
0.2263
0.0000
8.9
SBC
11
0.24
0.08
0.32
0.47
0.0794
0.113
0.50
5.26
0.2668
0.0485
0.0000
18.7
SBC
12
0.25
0.13
0.38
0.62
0.08
0.1241
0.40
5.35
0.1908
0.2422
0.0000
9.1
A1 - 24
Appendix 2
List of Parent and Affiliated Companies Data (Part 1)
No
.
Comp.
Mo
Comp.
Son
1
PGD
2
GSP
3
PGS
GAS
4
PVG
5
PCG
6
PCT
7
NSC
SSI
8
SSC
Year
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
ROA
(son)
0.3289
0.2841
0.249
0.2245
0.1207
0.0792
0.152
0.0946
0.0706
0.0748
0.038
0.0389
0.1214
0.0828
0.0488
0.0098
0.0287
0.0302
0.102
0.0199
0.0574
0.0511
0.0279
0.0197
0.0163
-0.0235
0.0138
0.0151
0.0068
0.022
0.1759
0.1482
0.1572
0.1846
0.2054
0.1861
0.2516
ROA
(mo)
0.2605
0.1749
0.1542
0.1386
0.2161
0.2605
0.1749
0.1542
0.1386
0.2161
0.2605
0.1749
0.1542
0.1386
0.2161
0.2605
0.1749
0.1542
0.1386
0.2161
0.2605
0.1749
0.1542
0.1386
0.2161
0.2605
0.1749
0.1542
0.1386
0.2161
0.0334
0.1266
0.0868
0.0103
0.0641
0.0334
0.1266
A2 - 1
ROE
(son)
0.5566
0.4149
0.3523
0.3806
0.2434
0.0845
0.1657
0.1322
0.119
0.1198
0.1845
0.2232
0.8294
0.4383
0.1955
0.0356
0.088
0.1133
0.3826
0.0654
0.0637
0.0705
0.0441
0.0313
0.0273
-0.0304
0.0185
0.021
0.0098
0.0318
0.262
0.2101
0.2286
0.2927
0.322
0.2293
0.3226
ROE
(mo)
0.6728
0.4992
0.3229
0.2597
0.3871
0.6728
0.4992
0.3229
0.2597
0.3871
0.6728
0.4992
0.3229
0.2597
0.3871
0.6728
0.4992
0.3229
0.2597
0.3871
0.6728
0.4992
0.3229
0.2597
0.3871
0.6728
0.4992
0.3229
0.2597
0.3871
0.063
0.1839
0.1336
0.015
0.0904
0.063
0.1839
Size
(mo)
7.22
7.34
7.6
7.66
7.65
7.22
7.34
7.6
7.66
7.65
7.22
7.34
7.6
7.66
7.65
7.22
7.34
7.6
7.66
7.65
7.22
7.34
7.6
7.66
7.65
7.22
7.34
7.6
7.66
7.65
6.75
6.85
6.94
6.81
6.9
6.75
6.85
Tang
(mo)
0.3807
0.4327
0.4473
0.3701
0.3394
0.3807
0.4327
0.4473
0.3701
0.3394
0.3807
0.4327
0.4473
0.3701
0.3394
0.3807
0.4327
0.4473
0.3701
0.3394
0.3807
0.4327
0.4473
0.3701
0.3394
0.3807
0.4327
0.4473
0.3701
0.3394
0.0068
0.0048
0.0046
0.0055
0.003
0.0068
0.0048
9
ABT
10
HVG
11
PAN
12
GIL
13
ELC
14
TMS
15
HLA
BVS
16
TLG
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
0.2021
0.2006
0.1843
0.0563
0.197
0.1649
0.1848
0.1592
0.077
0.0994
0.0477
0.0715
0.0411
0.0791
0.1538
0.0754
0.044
0.2443
0.081
0.1381
0.0743
0.1024
0.0435
0.0941
0.1598
0.1845
0.0998
0.1117
0.1246
0.1093
0.0866
0.0712
0.1198
-0.0242
0.0535
0.0081
-0.0068
0.019
0.1541
0.1027
0.105
0.0946
0.0868
0.0103
0.0641
0.0334
0.1266
0.0868
0.0103
0.0641
0.0334
0.1266
0.0868
0.0103
0.0641
0.0334
0.1266
0.0868
0.0103
0.0641
0.0334
0.1266
0.0868
0.0103
0.0641
0.0334
0.1266
0.0868
0.0103
0.0641
0.0334
0.1266
0.0868
0.0103
0.0641
-0.2819
0.1086
-0.0546
-0.067
0.0535
-0.2819
0.1086
-0.0546
-0.067
A2 - 2
0.2617
0.2659
0.2749
0.0718
0.2321
0.2122
0.2385
0.2038
0.1222
0.2006
0.1237
0.2137
0.1221
0.0994
0.172
0.0858
0.0506
0.279
0.095
0.1715
0.1041
0.1931
0.1128
0.3789
0.5675
0.4536
0.1996
0.1836
0.1456
0.1396
0.1237
0.1008
0.1591
-0.0785
0.2589
0.0407
-0.0367
0.103
0.2547
0.1704
0.1888
0.1852
0.1336
0.015
0.0904
0.063
0.1839
0.1336
0.015
0.0904
0.063
0.1839
0.1336
0.015
0.0904
0.063
0.1839
0.1336
0.015
0.0904
0.063
0.1839
0.1336
0.015
0.0904
0.063
0.1839
0.1336
0.015
0.0904
0.063
0.1839
0.1336
0.015
0.0904
-0.5413
0.1511
-0.0777
-0.0908
0.0711
-0.5413
0.1511
-0.0777
-0.0908
6.94
6.81
6.9
6.75
6.85
6.94
6.81
6.9
6.75
6.85
6.94
6.81
6.9
6.75
6.85
6.94
6.81
6.9
6.75
6.85
6.94
6.81
6.9
6.75
6.85
6.94
6.81
6.9
6.75
6.85
6.94
6.81
6.9
6.16
6.25
6.21
6.13
6.19
6.16
6.25
6.21
6.13
0.0046
0.0055
0.003
0.0068
0.0048
0.0046
0.0055
0.003
0.0068
0.0048
0.0046
0.0055
0.003
0.0068
0.0048
0.0046
0.0055
0.003
0.0068
0.0048
0.0046
0.0055
0.003
0.0068
0.0048
0.0046
0.0055
0.003
0.0068
0.0048
0.0046
0.0055
0.003
0.009
0.0072
0.0049
0.0087
0.0053
0.009
0.0072
0.0049
0.0087
17
18
TMP
REE
TBC
19
NBP
20
LGC
CII
21
SII
22
DC2
23
DIG
DIH
24
DIC
25
DC4
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
0.1047
0.0448
0.1133
0.0168
0.0564
0.105
0.2018
0.1513
0.0623
0.0885
0.1454
0.2134
0.2245
0.2675
0.1229
0.0824
0.0452
0.0763
0.0939
0.0137
0.0021
0.0004
0.0166
0.0721
0.0129
0.1239
0.0799
0.1174
0.0723
0.0358
0.0064
0.0347
0.0516
0.0626
0.065
0.0575
0.0559
0.0499
0.0572
0.0274
0.0106
0.1357
0.0535
-0.0559
0.1443
0.0868
0.1001
0.1107
-0.0559
0.1443
0.0868
0.1001
0.1107
-0.0559
0.1443
0.0868
0.1001
0.1107
0.0713
0.1399
0.1248
0.0363
0.0716
0.0713
0.1399
0.1248
0.0363
0.0716
0.0974
0.1823
0.1147
0.0282
0.0049
0.0974
0.1823
0.1147
0.0282
0.0049
0.0974
0.1823
0.1147
0.0282
0.0049
0.0974
A2 - 3
0.1945
0.0614
0.2139
0.0289
0.0937
0.1715
0.2166
0.1644
0.0688
0.0956
0.152
0.3496
0.3305
0.3767
0.185
0.1359
0.1243
0.1969
0.243
0.0338
0.0052
0.0007
0.0341
0.131
0.0248
0.2277
0.2218
0.3562
0.214
0.0995
0.0184
0.1479
0.2994
0.2679
0.2345
0.2228
0.1845
0.1662
0.1756
0.0803
0.0325
0.3688
0.0711
-0.071
0.1899
0.1351
0.1518
0.1625
-0.071
0.1899
0.1351
0.1518
0.1625
-0.071
0.1899
0.1351
0.1518
0.1625
0.1705
0.3171
0.2887
0.1185
0.3096
0.1705
0.3171
0.2887
0.1185
0.3096
0.4008
0.3896
0.1903
0.0528
0.01
0.4008
0.3896
0.1903
0.0528
0.01
0.4008
0.3896
0.1903
0.0528
0.01
0.4008
6.19
6.42
6.53
6.7
6.72
6.82
6.42
6.53
6.7
6.72
6.82
6.42
6.53
6.7
6.72
6.82
6.3
6.4
6.55
6.7
6.82
6.3
6.4
6.55
6.7
6.82
6.43
6.56
6.63
6.68
6.71
6.43
6.56
6.63
6.68
6.71
6.43
6.56
6.63
6.68
6.71
6.43
0.0053
0.0076
0.0053
0.0032
0.0027
0.0034
0.0076
0.0053
0.0032
0.0027
0.0034
0.0076
0.0053
0.0032
0.0027
0.0034
0.0011
0.0278
0.0007
0.0019
0.0119
0.0011
0.0278
0.0007
0.0019
0.0119
0.077
0.0583
0.0551
0.091
0.0831
0.077
0.0583
0.0551
0.091
0.0831
0.077
0.0583
0.0551
0.091
0.0831
0.077
26
DID
27
SVS
28
SJS
SJM
29
VSI
30
UNIC
ONS
CTD
31
PHU
HUNG
GIA
32
GSP
PVT
33
PV
TRAN
S
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
0.065
0.0546
0.0373
0.0329
0.1246
0.0343
0.0979
0.054
0.0077
-0.1776
0.1454
-0.0693
-0.198
-0.2563
0.0595
0.0519
0.0006
-0.0498
-0.066
0.0241
0.0339
0.027
0.04
0.0107
0.0687
0.101
0.1462
0.1914
0.2742
0.0436
0.0631
0.0628
0.0356
0.0092
0.0792
0.152
0.0946
0.0706
0.0748
0.0014
0.0165
0.0081
0.1823
0.1147
0.0282
0.0049
0.0974
0.1823
0.1147
0.0282
0.0049
7.29
7.29
7.29
7.29
7.29
7.29
7.29
7.29
7.29
7.29
7.29
7.29
7.29
7.29
7.29
0.1357
0.1558
0.1268
0.0943
0.072
0.1357
0.1558
0.1268
0.0943
0.072
0.0181
0.0014
0.0106
0.0032
0.0137
0.0181
0.0014
0.0106
A2 - 4
0.2361
0.1806
0.1088
0.0972
0.3073
0.0853
0.2028
0.1077
0.0166
-0.2335
0.2318
-0.1141
-0.2415
-0.284
0.1661
0.1674
0.0016
-0.1321
-0.2114
0.107
0.1481
0.1218
0.1833
0.048
0.2036
0.2675
0.3839
0.556
0.6032
0.155
0.2464
0.2182
0.1148
0.026
0.0845
0.1657
0.1322
0.119
0.1198
0.0039
0.0444
0.0228
0.3896
0.1903
0.0528
0.01
0.4008
0.3896
0.1903
0.0528
0.01
0.0947
0.4856
0.2324
-0.0411
-0.1798
0.0947
0.4856
0.2324
-0.0411
-0.1798
0.0947
0.4856
0.2324
-0.0411
-0.1798
0.1701
0.2288
0.2031
0.156
0.1243
0.1701
0.2288
0.2031
0.156
0.1243
0.0916
0.008
0.0397
0.011
0.0449
0.0916
0.008
0.0397
6.56
6.63
6.68
6.71
6.43
6.56
6.63
6.68
6.71
6.2
6.48
6.65
6.7
6.74
6.2
6.48
6.65
6.7
6.74
6.2
6.48
6.65
6.7
6.74
6.06
6.25
6.3
6.39
6.56
6.06
6.25
6.3
6.39
6.56
6.77
6.81
6.89
6.9
6.9
6.77
6.81
6.89
0.0583
0.0551
0.091
0.0831
0.077
0.0583
0.0551
0.091
0.0831
0.0116
0.0081
0.0067
0.02
0.0149
0.0116
0.0081
0.0067
0.02
0.0149
0.0116
0.0081
0.0067
0.02
0.0149
0.036
0.0535
0.0869
0.0678
0.0384
0.036
0.0535
0.0869
0.0678
0.0384
0.4315
0.5801
0.5799
0.5174
0.4412
0.4315
0.5801
0.5799
PACIF
IC
34
PCT
35
NSP
SAM
36
SMT
37
VC1
38
VC2
39
VCG
VC3
40
VC5
41
VC7
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
0.0001
-0.0267
-0.0235
0.0138
0.0151
0.0068
0.022
-0.2203
-0.0272
-0.0534
-0.1116
-0.1317
0.07
0.1121
0.1005
0.0171
0.1048
0.0373
0.0492
0.0814
0.0751
0.0387
0.0761
0.063
0.0428
0.0192
0.0156
0.0365
0.0282
0.0538
0.0374
0.014
0.0322
0.0371
0.0228
0.017
0.0105
0.0399
0.0365
0.0432
0.007
0.0092
0.0032
0.0137
0.0181
0.0014
0.0106
0.0032
0.0137
-0.0283
0.0937
0.0447
-0.0698
0.0391
-0.0283
0.0937
0.0447
-0.0698
0.0391
0.0206
0.0002
0.0067
0.0033
0.003
0.0206
0.0002
0.0067
0.0033
0.003
0.0206
0.0002
0.0067
0.0033
0.003
0.0206
0.0002
0.0067
0.0033
0.003
0.0206
0.0002
0.0067
0.0033
0.003
A2 - 5
0.0003
-0.0776
-0.0304
0.0185
0.021
0.0098
0.0318
-0.2509
-0.0308
-0.0627
-0.1259
-0.1346
0.0888
0.1412
0.1383
0.0244
0.1501
0.1436
0.1893
0.3078
0.2591
0.1202
0.2602
0.2096
0.186
0.1088
0.086
0.1754
0.1637
0.3461
0.2411
0.0914
0.1819
0.207
0.1373
0.1208
0.0776
0.105
0.1359
0.1849
0.0318
0.0453
0.011
0.0449
0.0916
0.008
0.0397
0.011
0.0449
-0.0327
0.0992
0.0482
-0.0785
0.0462
-0.0327
0.0992
0.0482
-0.0785
0.0462
0.2535
0.0026
0.0608
0.0283
0.0198
0.2535
0.0026
0.0608
0.0283
0.0198
0.2535
0.0026
0.0608
0.0283
0.0198
0.2535
0.0026
0.0608
0.0283
0.0198
0.2535
0.0026
0.0608
0.0283
0.0198
6.9
6.9
6.77
6.81
6.89
6.9
6.9
6.36
6.43
6.42
6.42
6.44
6.36
6.43
6.42
6.42
6.44
7.36
7.43
7.5
7.48
7.45
7.36
7.43
7.5
7.48
7.45
7.36
7.43
7.5
7.48
7.45
7.36
7.43
7.5
7.48
7.45
7.36
7.43
7.5
7.48
7.45
0.5174
0.4412
0.4315
0.5801
0.5799
0.5174
0.4412
0.0497
0.0379
0.0405
0.0366
0.0617
0.0497
0.0379
0.0405
0.0366
0.0617
0.1192
0.3241
0.2846
0.2602
0.262
0.1192
0.3241
0.2846
0.2602
0.262
0.1192
0.3241
0.2846
0.2602
0.262
0.1192
0.3241
0.2846
0.2602
0.262
0.1192
0.3241
0.2846
0.2602
0.262
42
VC9
43
V11
44
V12
45
V15
46
VCC
47
VMC
48
VCT
49
XMC
50
VCR
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
0.0163
0.0219
0.0195
0.012
0.0125
0.0201
0.0189
0.0101
-0.0423
-0.0158
0.0305
0.0227
0.0193
0.0153
0.0183
0.0193
0.0356
0.0588
0.0244
-0.0322
0.0394
0.0362
0.0347
0.0318
0.0341
0.0354
0.0369
0.0356
0.023
0.0105
0.0196
0.0696
0.048
0.0345
-0.0414
0.0515
0.0532
0.0501
0.0123
-0.005
0.0007
0.0726
0.0206
0.0002
0.0067
0.0033
0.003
0.0206
0.0002
0.0067
0.0033
0.003
0.0206
0.0002
0.0067
0.0033
0.003
0.0206
0.0002
0.0067
0.0033
0.003
0.0206
0.0002
0.0067
0.0033
0.003
0.0206
0.0002
0.0067
0.0033
0.003
0.0206
0.0002
0.0067
0.0033
0.003
0.0206
0.0002
0.0067
0.0033
0.003
0.0206
0.0002
A2 - 6
0.1315
0.1729
0.1802
0.1097
0.0997
0.1015
0.1258
0.0729
-0.3039
-0.1098
0.2152
0.2077
0.1803
0.1297
0.13
0.1178
0.1827
0.1991
0.0657
-0.0926
0.1539
0.1546
0.1748
0.1639
0.1758
0.2673
0.2494
0.1974
0.119
0.052
0.0758
0.2956
0.2435
0.2041
-0.2829
0.1618
0.2247
0.2527
0.0669
-0.0308
0.0007
0.0825
0.2535
0.0026
0.0608
0.0283
0.0198
0.2535
0.0026
0.0608
0.0283
0.0198
0.2535
0.0026
0.0608
0.0283
0.0198
0.2535
0.0026
0.0608
0.0283
0.0198
0.2535
0.0026
0.0608
0.0283
0.0198
0.2535
0.0026
0.0608
0.0283
0.0198
0.2535
0.0026
0.0608
0.0283
0.0198
0.2535
0.0026
0.0608
0.0283
0.0198
0.2535
0.0026
7.36
7.43
7.5
7.48
7.45
7.36
7.43
7.5
7.48
7.45
7.36
7.43
7.5
7.48
7.45
7.36
7.43
7.5
7.48
7.45
7.36
7.43
7.5
7.48
7.45
7.36
7.43
7.5
7.48
7.45
7.36
7.43
7.5
7.48
7.45
7.36
7.43
7.5
7.48
7.45
7.36
7.43
0.1192
0.3241
0.2846
0.2602
0.262
0.1192
0.3241
0.2846
0.2602
0.262
0.1192
0.3241
0.2846
0.2602
0.262
0.1192
0.3241
0.2846
0.2602
0.262
0.1192
0.3241
0.2846
0.2602
0.262
0.1192
0.3241
0.2846
0.2602
0.262
0.1192
0.3241
0.2846
0.2602
0.262
0.1192
0.3241
0.2846
0.2602
0.262
0.1192
0.3241
51
VCV
52
PSP
53
PVS
PSB
54
PVSY
55
PVA
56
57
PVX
PSG
SDP
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
0.1139
0.0127
-0.0484
-0.0291
0.0141
0.0076
-0.0247
-0.1857
-0.0005
-0.0161
0.0162
-0.0419
0.0018
0.0499
0.0311
0.0333
0.0305
0.0084
-0.0023
-0.0097
0.0239
0.0257
0.0116
0.0334
0.0675
0.0472
-0.001
-0.0781
0.02
0.0203
0.0401
-0.0679
-0.1913
0.0062
0.0192
0.0169
0.0101
0.0081
0.0067
0.0033
0.003
0.0206
0.0002
0.0067
0.0033
0.003
0.084
0.0624
0.0614
0.0691
0.05
0.084
0.0624
0.0614
0.0691
0.05
0.084
0.0624
0.0614
0.0691
0.05
0.035
0.0438
0.0646
-0.0013
-0.0749
0.035
0.0438
0.0646
-0.0013
-0.0749
0.035
0.0438
0.0646
-0.0013
-0.0749
A2 - 7
0.1818
0.0257
-0.1141
-0.0446
0.0375
0.0202
-0.0597
-0.5261
-0.0005
-0.0284
0.0363
-0.0906
0.0036
0.0533
0.0372
0.0456
0.0445
0.0122
-0.0024
-0.0241
0.0864
0.0859
0.0337
0.1256
0.2934
0.3858
-0.0101
-0.8
0.0656
0.0746
0.1239
-0.2705
-1.7686
0.001
0.1593
0.1096
0.0523
0.0398
0.0608
0.0283
0.0198
0.2535
0.0026
0.0608
0.0283
0.0198
0.3065
0.2165
0.2594
0.3006
0.184
0.3065
0.2165
0.2594
0.3006
0.184
0.3065
0.2165
0.2594
0.3006
0.184
0.0911
0.1232
0.2508
-0.0067
-0.4777
0.0911
0.1232
0.2508
-0.0067
-0.4777
0.0911
0.1232
0.2508
-0.0067
-0.4777
7.5
7.48
7.45
7.36
7.43
7.5
7.48
7.45
6.9
7.1
7.24
7.37
7.33
6.9
7.1
7.24
7.37
7.33
6.9
7.1
7.24
7.37
7.33
6.58
6.75
7.1
7.22
7.28
6.58
6.75
7.1
7.22
7.28
6.58
6.75
7.1
7.22
7.28
0.2846
0.2602
0.262
0.1192
0.3241
0.2846
0.2602
0.262
0.135
0.2079
0.3063
0.2433
0.28
0.135
0.2079
0.3063
0.2433
0.28
0.135
0.2079
0.3063
0.2433
0.28
0.1121
0.0855
0.0507
0.0925
0.0973
0.1121
0.0855
0.0507
0.0925
0.0973
0.1121
0.0855
0.0507
0.0925
0.0973
Appendix 3
List of Parent and Affiliated Companies Data (Part 2)
No.
Comp.
Mo
Comp. Son
1
PGD
2
GSP
3
PGS
GAS
4
PVG
5
PCG
6
PCT
7
NSC
SSI
8
SSC
Year
STDTA
(son)
STDTA
(mo)
TDTA
(son)
TDTA
(mo)
TDTE
(son)
TDTE
(mo)
LTDTA
(son)
LTDTA
(mo)
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
0.3
0.33
0.27
0.49
0.51
0.06
0.1
0.13
0.26
0.13
0.36
0.65
0.54
0.47
0.48
0.28
0.56
0.59
0.53
0.52
0.12
0.36
0.37
0.37
0.44
0.22
0.16
0.2
0.3
0.26
0.28
0.3
0.32
0.4
0.31
0.15
0.23
0.19
0.13
0.3
0.25
0.23
0.18
0.13
0.3
0.25
0.23
0.18
0.13
0.3
0.25
0.23
0.18
0.13
0.3
0.25
0.23
0.18
0.13
0.3
0.25
0.23
0.18
0.13
0.3
0.25
0.23
0.18
0.17
0.26
0.35
0.18
0.34
0.17
0.26
0.35
0.3
0.33
0.27
0.49
0.51
0.06
0.1
0.31
0.38
0.23
0.8
0.84
0.77
0.7
0.65
0.64
0.7
0.76
0.71
0.68
0.12
0.36
0.37
0.37
0.44
0.23
0.27
0.29
0.32
0.3
0.29
0.3
0.32
0.4
0.31
0.18
0.25
0.2
0.66
0.65
0.43
0.45
0.36
0.66
0.65
0.43
0.45
0.36
0.66
0.65
0.43
0.45
0.36
0.66
0.65
0.43
0.45
0.36
0.66
0.65
0.43
0.45
0.36
0.66
0.65
0.43
0.45
0.36
0.31
0.31
0.37
0.21
0.34
0.31
0.31
0.37
0.43
0.49
0.36
0.97
1.06
0.07
0.11
0.49
0.68
0.33
4.01
5.36
5.48
3.13
2.33
1.77
2.35
3.15
2.45
2.12
0.13
0.56
0.6
0.58
0.77
0.29
0.37
0.4
0.46
0.43
0.4
0.43
0.47
0.67
0.45
0.22
0.33
0.25
1.95
1.94
0.77
0.88
0.6
1.95
1.94
0.77
0.88
0.6
1.95
1.94
0.77
0.88
0.6
1.95
1.94
0.77
0.88
0.6
1.95
1.94
0.77
0.88
0.6
1.95
1.94
0.77
0.88
0.6
0.44
0.46
0.6
0.27
0.52
0.44
0.46
0.6
0
0
0
0
0
0
0
0.18
0.12
0.1
0.44
0.19
0.23
0.23
0.17
0.36
0.14
0.17
0.18
0.16
0
0
0
0
0
0.01
0.11
0.09
0.02
0.04
0.01
0
0
0
0
0.03
0.02
0.01
0.53
0.35
0.18
0.22
0.18
0.53
0.35
0.18
0.22
0.18
0.53
0.35
0.18
0.22
0.18
0.53
0.35
0.18
0.22
0.18
0.53
0.35
0.18
0.22
0.18
0.53
0.35
0.18
0.22
0.18
0.14
0.05
0.02
0.03
0
0.14
0.05
0.02
A3 - 1
9
ABT
10
HVG
11
PAN
12
GIL
13
ELC
14
TMS
15
HLA
BVS
16
TLG
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
0.27
0.36
0.11
0.18
0.26
0.18
0.26
0.43
0.51
0.57
0.59
0.59
0.09
0.11
0.12
0.13
0.11
0.16
0.22
0.33
0.55
0.58
0.71
0.69
0.5
0.46
0.27
0.11
0.08
0.05
0.06
0.16
0.71
0.79
0.74
0.77
0.74
0.23
0.3
0.41
0.46
0.4
0.18
0.34
0.17
0.26
0.35
0.18
0.34
0.17
0.26
0.35
0.18
0.34
0.17
0.26
0.35
0.18
0.34
0.17
0.26
0.35
0.18
0.34
0.17
0.26
0.35
0.18
0.34
0.17
0.26
0.35
0.18
0.34
0.26
0.3
0.29
0.23
0.27
0.26
0.3
0.29
0.23
0.27
0.27
0.37
0.11
0.18
0.26
0.18
0.26
0.43
0.53
0.59
0.6
0.6
0.1
0.11
0.12
0.13
0.11
0.16
0.22
0.33
0.57
0.62
0.72
0.72
0.52
0.48
0.28
0.14
0.26
0.33
0.26
0.24
0.74
0.81
0.79
0.83
0.79
0.35
0.37
0.46
0.5
0.43
A3 - 2
0.21
0.34
0.31
0.31
0.37
0.21
0.34
0.31
0.31
0.37
0.21
0.34
0.31
0.31
0.37
0.21
0.34
0.31
0.31
0.37
0.21
0.34
0.31
0.31
0.37
0.21
0.34
0.31
0.31
0.37
0.21
0.34
0.26
0.3
0.29
0.23
0.27
0.26
0.3
0.29
0.23
0.27
0.38
0.58
0.13
0.22
0.35
0.22
0.34
0.78
1.17
1.74
1.81
1.75
0.11
0.12
0.14
0.15
0.13
0.19
0.29
0.5
1.31
1.81
2.55
2.55
1.08
0.93
0.39
0.16
0.35
0.5
0.34
0.31
3.06
4.4
3.81
4.99
3.87
0.57
0.62
0.88
0.99
0.74
0.27
0.52
0.44
0.46
0.6
0.27
0.52
0.44
0.46
0.6
0.27
0.52
0.44
0.46
0.6
0.27
0.52
0.44
0.46
0.6
0.27
0.52
0.44
0.46
0.6
0.27
0.52
0.44
0.46
0.6
0.27
0.52
0.35
0.43
0.41
0.3
0.36
0.35
0.43
0.41
0.3
0.36
0
0.01
0
0
0
0
0
0
0.02
0.02
0.01
0.01
0.01
0
0
0
0
0
0
0
0.02
0.04
0.01
0.03
0.02
0.02
0.01
0.03
0.18
0.28
0.2
0.08
0.03
0.02
0.05
0.06
0.05
0.12
0.07
0.05
0.04
0.03
0.03
0
0.14
0.05
0.02
0.03
0
0.14
0.05
0.02
0.03
0
0.14
0.05
0.02
0.03
0
0.14
0.05
0.02
0.03
0
0.14
0.05
0.02
0.03
0
0.14
0.05
0.02
0.03
0
0
0
0
0
0
0
0
0
0
0
17
18
TMP
REE
TBC
19
NBP
20
LGC
CII
21
SII
22
DC2
23
DIH
DIG
24
DIC
25
DC4
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
0.15
0.1
0.09
0.13
0.14
0.07
0.05
0.07
0.04
0.04
0.37
0.27
0.3
0.35
0.42
0.24
0.25
0.28
0.19
0.19
0.46
0.55
0.33
0.44
0.4
0.64
0.59
0.54
0.6
0.67
0.63
0.77
0.58
0.68
0.7
0.64
0.69
0.62
0.62
0.66
0.6
0.78
0.15
0.23
0.39
0.24
0.24
0.15
0.23
0.39
0.24
0.24
0.15
0.23
0.39
0.24
0.24
0.11
0.09
0.15
0.18
0.27
0.11
0.09
0.15
0.18
0.27
0.63
0.23
0.23
0.26
0.25
0.63
0.23
0.23
0.26
0.25
0.63
0.23
0.23
0.26
0.25
0.63
0.23
0.51
0.43
0.41
0.39
0.37
0.07
0.09
0.1
0.05
0.04
0.37
0.27
0.31
0.36
0.42
0.59
0.63
0.6
0.59
0.59
0.46
0.55
0.45
0.51
0.4
0.64
0.69
0.65
0.63
0.67
0.81
0.84
0.68
0.75
0.73
0.67
0.69
0.65
0.66
0.69
0.6
0.78
A3 - 3
0.2
0.26
0.41
0.27
0.36
0.2
0.26
0.41
0.27
0.36
0.2
0.26
0.41
0.27
0.36
0.57
0.51
0.59
0.75
0.75
0.57
0.51
0.59
0.75
0.75
0.74
0.35
0.41
0.48
0.5
0.74
0.35
0.41
0.48
0.5
0.74
0.35
0.41
0.48
0.5
0.74
0.35
1.04
0.75
0.69
0.63
0.6
0.07
0.1
0.11
0.05
0.04
0.59
0.37
0.44
0.57
0.73
1.45
1.7
1.48
1.45
1.43
0.86
1.23
0.82
1.04
0.68
1.78
2.22
1.83
1.74
2.05
4.14
5.33
2.15
3.05
2.7
2.27
2.29
1.91
1.93
2.19
1.52
3.48
0.24
0.36
0.7
0.37
0.56
0.24
0.36
0.7
0.37
0.56
0.24
0.36
0.7
0.37
0.56
1.46
1.06
1.48
3.08
3.37
1.46
1.06
1.48
3.08
3.37
3.04
0.55
0.72
0.96
1.03
3.04
0.55
0.72
0.96
1.03
3.04
0.55
0.72
0.96
1.03
3.04
0.55
0.36
0.33
0.32
0.26
0.23
0
0.04
0.03
0.01
0
0
0
0.01
0.01
0
0.35
0.38
0.32
0.4
0.4
0
0
0.12
0.07
0
0
0.1
0.11
0.03
0
0.18
0.07
0.1
0.07
0.03
0.03
0
0.03
0.04
0.03
0
0
0.05
0.03
0.02
0.03
0.12
0.05
0.03
0.02
0.03
0.12
0.05
0.03
0.02
0.03
0.12
0.46
0.42
0.44
0.57
0.48
0.46
0.42
0.44
0.57
0.48
0.11
0.12
0.18
0.22
0.25
0.11
0.12
0.18
0.22
0.25
0.11
0.12
0.18
0.22
0.25
0.11
0.12
26
DID
27
SVS
28
SJS
SJM
29
VSI
30
UNICONS
CTD
31
PHU
HUNG
GIA
32
GSP
PVT
33
PV
TRANS
PACIFIC
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
0.64
0.68
0.65
0.53
0.54
0.43
0.49
0.51
0.1
0.5
0.21
0.13
0.05
0.6
0.66
0.5
0.62
0.58
0.28
0.3
0.3
0.36
0.33
0.66
0.66
0.56
0.7
0.56
0.68
0.75
0.65
0.31
0.23
0.06
0.1
0.13
0.26
0.13
0
0.06
0.17
0.16
0.23
0.26
0.25
0.63
0.23
0.23
0.26
0.25
0.2
0.25
0.37
0.25
0.41
0.2
0.25
0.37
0.25
0.41
0.2
0.25
0.37
0.25
0.41
0.22
0.38
0.37
0.41
0.42
0.22
0.38
0.37
0.41
0.42
0.41
0.24
0.19
0.19
0.2
0.41
0.24
0.19
0.19
0.64
0.68
0.65
0.61
0.58
0.48
0.52
0.55
0.1
0.5
0.22
0.13
0.05
0.6
0.74
0.54
0.69
0.69
0.77
0.77
0.79
0.77
0.78
0.66
0.66
0.56
0.7
0.56
0.68
0.76
0.73
0.69
0.69
0.06
0.1
0.31
0.38
0.23
0.64
0.62
0.66
0.67
A3 - 4
0.41
0.48
0.5
0.74
0.35
0.41
0.48
0.5
0.28
0.41
0.51
0.63
0.72
0.28
0.41
0.51
0.63
0.72
0.28
0.41
0.51
0.63
0.72
0.22
0.38
0.37
0.42
0.42
0.22
0.38
0.37
0.42
0.42
0.73
0.67
0.6
0.63
0.58
0.73
0.67
0.6
0.63
1.75
2.09
1.83
1.58
1.39
0.93
1.06
1.23
0.11
0.98
0.27
0.15
0.05
1.53
2.83
1.16
2.2
2.2
3.43
3.3
3.72
3.45
3.49
1.98
1.95
1.27
2.29
1.3
2.08
3.09
2.68
2.25
2.2
0.07
0.11
0.49
0.68
0.33
1.77
1.64
1.98
2.04
0.72
0.96
1.03
3.04
0.55
0.72
0.96
1.03
0.39
0.7
1.05
1.71
2.59
0.39
0.7
1.05
1.71
2.59
0.39
0.7
1.05
1.71
2.59
0.29
0.61
0.59
0.71
0.74
0.29
0.61
0.59
0.71
0.74
5.73
2.96
1.99
2.21
1.78
5.73
2.96
1.99
2.21
0
0
0
0.08
0.04
0.05
0.03
0.04
0
0
0.01
0
0
0
0.08
0.04
0.07
0.11
0.49
0.47
0.49
0.41
0.45
0
0
0
0
0
0
0.01
0.08
0.38
0.46
0
0
0.18
0.12
0.1
0.64
0.56
0.49
0.51
0.18
0.22
0.25
0.11
0.12
0.18
0.22
0.25
0.08
0.16
0.14
0.38
0.31
0.08
0.16
0.14
0.38
0.31
0.08
0.16
0.14
0.38
0.31
0
0
0
0.01
0
0
0
0
0.01
0
0.32
0.43
0.41
0.44
0.38
0.32
0.43
0.41
0.44
34
PCT
35
NSP
SAM
36
SMT
37
VC1
38
VC2
39
VCG
VC3
40
VC5
41
VC7
42
VC9
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
0.17
0.22
0.16
0.2
0.3
0.26
0.12
0.11
0.18
0.02
0.02
0.19
0.22
0.32
0.28
0.32
0.72
0.73
0.73
0.69
0.67
0.68
0.65
0.56
0.72
0.69
0.37
0.45
0.29
0.64
0.73
0.8
0.78
0.81
0.83
0.84
0.65
0.76
0.75
0.8
0.75
0.81
0.2
0.41
0.24
0.19
0.19
0.2
0.03
0.07
0.06
0.14
0.12
0.03
0.07
0.06
0.14
0.12
0.48
0.48
0.48
0.58
0.53
0.48
0.48
0.48
0.58
0.53
0.48
0.48
0.48
0.58
0.53
0.48
0.48
0.48
0.58
0.53
0.48
0.48
0.48
0.58
0.53
0.48
0.64
0.23
0.27
0.29
0.32
0.3
0.12
0.11
0.18
0.02
0.02
0.19
0.22
0.32
0.28
0.32
0.74
0.74
0.73
0.69
0.67
0.69
0.71
0.8
0.83
0.8
0.8
0.85
0.84
0.85
0.85
0.83
0.81
0.84
0.86
0.85
0.66
0.78
0.76
0.8
0.79
0.87
A3 - 5
0.58
0.73
0.67
0.6
0.63
0.58
0.03
0.07
0.06
0.14
0.13
0.03
0.07
0.06
0.14
0.13
0.89
0.84
0.83
0.82
0.76
0.89
0.84
0.83
0.82
0.76
0.89
0.84
0.83
0.82
0.76
0.89
0.84
0.83
0.82
0.76
0.89
0.84
0.83
0.82
0.76
0.89
1.78
0.29
0.37
0.4
0.46
0.43
0.14
0.13
0.22
0.02
0.02
0.23
0.28
0.47
0.39
0.47
2.85
2.84
2.73
2.21
2.01
2.24
2.39
4.21
5.09
3.99
4.04
5.51
5.35
5.55
5.5
4.76
4.38
5.56
6.45
6.17
1.91
3.45
3.15
4.03
3.79
6.75
1.78
5.73
2.96
1.99
2.21
1.78
0.03
0.08
0.07
0.16
0.16
0.03
0.08
0.07
0.16
0.16
12.26
7.79
7.25
6.83
4.14
12.26
7.79
7.25
6.83
4.14
12.26
7.79
7.25
6.83
4.14
12.26
7.79
7.25
6.83
4.14
12.26
7.79
7.25
6.83
4.14
12.26
0.47
0.01
0.11
0.09
0.02
0.04
0
0
0
0
0
0
0
0
0
0
0.02
0.01
0
0
0
0.01
0.06
0.24
0.11
0.11
0.43
0.4
0.55
0.21
0.12
0.03
0.03
0.03
0.03
0.01
0.01
0.02
0.01
0
0.04
0.06
0.38
0.32
0.43
0.41
0.44
0.38
0
0
0
0
0.01
0
0
0
0
0.01
0.41
0.36
0.35
0.24
0.23
0.41
0.36
0.35
0.24
0.23
0.41
0.36
0.35
0.24
0.23
0.41
0.36
0.35
0.24
0.23
0.41
0.36
0.35
0.24
0.23
0.41
43
V11
44
V12
45
V15
46
VCC
47
VMC
48
VCT
49
XMC
50
VCR
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
0.82
0.54
0.59
0.6
0.81
0.84
0.84
0.84
0.85
0.86
0.88
0.81
0.79
0.83
0.81
0.73
0.6
0.63
0.66
0.74
0.77
0.8
0.78
0.8
0.78
0.75
0.72
0.75
0.77
0.65
0.74
0.66
0.76
0.81
0.58
0.65
0.72
0.72
0.76
0.07
0.15
0.4
0.48
0.48
0.58
0.53
0.48
0.48
0.48
0.58
0.53
0.48
0.48
0.48
0.58
0.53
0.48
0.48
0.48
0.58
0.53
0.48
0.48
0.48
0.58
0.53
0.48
0.48
0.48
0.58
0.53
0.48
0.48
0.48
0.58
0.53
0.48
0.48
0.48
0.58
0.53
0.48
0.48
0.48
0.88
0.9
0.87
0.87
0.84
0.86
0.86
0.85
0.85
0.87
0.89
0.87
0.87
0.83
0.84
0.78
0.62
0.64
0.67
0.75
0.78
0.81
0.8
0.81
0.87
0.83
0.8
0.8
0.78
0.7
0.74
0.78
0.81
0.86
0.7
0.77
0.76
0.78
0.82
0.07
0.15
0.48
A3 - 6
0.84
0.83
0.82
0.76
0.89
0.84
0.83
0.82
0.76
0.89
0.84
0.83
0.82
0.76
0.89
0.84
0.83
0.82
0.76
0.89
0.84
0.83
0.82
0.76
0.89
0.84
0.83
0.82
0.76
0.89
0.84
0.83
0.82
0.76
0.89
0.84
0.83
0.82
0.76
0.89
0.84
0.83
7
9.47
7.02
6.83
5.13
6.13
6.23
6.06
5.77
6.67
9.34
7.57
7.25
4.91
5.17
3.59
1.63
1.75
2.02
3.01
3.51
4.42
3.9
4.39
6.75
4.89
4.2
4.11
3.7
2.7
3.39
4.31
5.12
6.59
2.42
3.76
3.92
4.44
5.44
0.07
0.17
0.94
7.79
7.25
6.83
4.14
12.26
7.79
7.25
6.83
4.14
12.26
7.79
7.25
6.83
4.14
12.26
7.79
7.25
6.83
4.14
12.26
7.79
7.25
6.83
4.14
12.26
7.79
7.25
6.83
4.14
12.26
7.79
7.25
6.83
4.14
12.26
7.79
7.25
6.83
4.14
12.26
7.79
7.25
0.06
0.36
0.28
0.27
0.03
0.02
0.02
0.01
0
0.01
0.01
0.06
0.08
0
0.03
0.05
0.02
0.01
0.01
0.01
0.01
0.01
0.02
0.01
0.09
0.08
0.08
0.05
0.01
0.05
0
0.12
0.05
0.05
0.12
0.12
0.04
0.06
0.06
0
0
0.08
0.36
0.35
0.24
0.23
0.41
0.36
0.35
0.24
0.23
0.41
0.36
0.35
0.24
0.23
0.41
0.36
0.35
0.24
0.23
0.41
0.36
0.35
0.24
0.23
0.41
0.36
0.35
0.24
0.23
0.41
0.36
0.35
0.24
0.23
0.41
0.36
0.35
0.24
0.23
0.41
0.36
0.35
51
VCV
52
PSP
53
PVS
PSB
54
PVSY
55
PVA
56
57
PVX
PSG
SDP
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
8
9
10
11
12
0.38
0.44
0.35
0.08
0.18
0.22
0.31
0.03
0.07
0.02
0.11
0.09
0.11
0.21
0.04
0.02
0.02
0.02
0.55
0.47
0.69
0.12
0.77
0.5
0.59
0.43
0.68
0.69
0.74
0.58
0.73
0.87
0.74
0.8
0.67
0.71
0.68
0.58
0.53
0.48
0.48
0.48
0.58
0.53
0.45
0.42
0.47
0.52
0.45
0.45
0.42
0.47
0.52
0.45
0.45
0.42
0.47
0.52
0.45
0.56
0.59
0.54
0.58
0.64
0.56
0.59
0.54
0.58
0.64
0.56
0.59
0.54
0.58
0.64
0.53
0.62
0.35
0.66
0.59
0.58
0.72
0.19
0.55
0.56
0.52
0.49
0.11
0.21
0.32
0.31
0.31
0.02
0.75
0.71
0.69
0.61
0.81
0.75
0.88
0.85
0.9
0.7
0.74
0.64
0.78
0.93
0.87
0.88
0.8
0.82
0.77
A3 - 7
0.82
0.76
0.89
0.84
0.83
0.82
0.76
0.71
0.71
0.79
0.71
0.63
0.71
0.71
0.79
0.71
0.63
0.71
0.71
0.79
0.71
0.63
0.56
0.64
0.61
0.67
0.73
0.56
0.64
0.61
0.67
0.73
0.56
0.64
0.61
0.67
0.73
1.12
1.62
0.54
1.95
1.46
1.38
2.6
0.24
1.22
1.27
1.08
0.98
0.13
0.27
0.47
0.45
0.45
0.02
2.99
2.43
2.25
1.56
4.17
3.01
9.97
7.27
12.85
2.28
2.9
1.79
4.45
62.77
6.75
7.72
3.88
4.47
3.4
6.83
4.14
12.26
7.79
7.25
6.83
4.14
2.43
2.46
3.91
2.82
2.14
2.43
2.46
3.91
2.82
2.14
2.43
2.46
3.91
2.82
2.14
1.33
2.06
2.61
4.1
4.87
1.33
2.06
2.61
4.1
4.87
1.33
2.06
2.61
4.1
4.87
0.15
0.18
0
0.58
0.41
0.36
0.41
0.16
0.48
0.54
0.41
0.4
0
0
0.28
0.29
0.29
0
0.2
0.24
0
0.49
0.04
0.25
0.29
0.42
0.22
0.01
0
0.06
0.05
0.06
0.13
0.08
0.13
0.11
0.09
0.24
0.23
0.41
0.36
0.35
0.24
0.23
0.26
0.29
0.32
0.19
0.18
0.26
0.29
0.32
0.19
0.18
0.26
0.29
0.32
0.19
0.18
0
0.05
0.07
0.09
0.09
0
0.05
0.07
0.09
0.09
0
0.05
0.07
0.09
0.09
Appendix 4
Estimation Results for Panel Data Models Using ROA
Dependent Variables
Constant
ROA
t-Statistic
Prob.
SIZE
t-Statistic
Prob.
TANG
t-Statistic
Prob.
GROW
t-Statistic
Prob.
INF
t-Statistic
Prob.
INTA
t-Statistic
Prob.
No. observations
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
Independent Variables
LTDTA
-0.393942
-0.000409
-1.794403
0.0733
0.085236
6.828838
0
0.047821
1.170019
0.2425
-0.00012
-3.962868
0.0001
-0.000484
-1.294417
0.196
-0.244927
-9.795853
0
1000
0.887544
0.848479
0.057143
1.936328
1274.377
22.71938
0
0.118
0.1468
-2.668441
-1.456298
-2.202791
2.058396
A4 - 1
STDTA
-1.444924
-0.001812
-7.779634
0
0.30436
7.546335
0
-0.070271
-1.847289
0.0652
-0.000429
-1.121932
0.2623
-0.000814
-1.413502
0.158
-0.058858
-0.730327
0.4655
1000
0.902738
0.868951
0.073701
3.221081
1070.807
26.71815
0
0.365088
0.20359
-2.159518
-0.947374
-1.693867
2.372404
TDTA
-1.940195
-0.002278
-5.464765
0
0.405768
7.527001
0
-0.019986
-2.504024
0.0125
-0.000634
-1.666278
0.0962
-0.001232
-1.400477
0.1619
-0.303244
-7.22286
0
1000
0.934798
0.912109
0.062755
2.33142
1198.103
41.20103
0
0.482954
0.211679
-2.480859
-1.267522
-2.014722
2.536209
TDTE
-7.815857
-0.015561
-4.10106
0
1.597735
3.053539
0.0024
0.10169
0.920194
0.3578
0.000385
0.28272
0.7775
-0.013135
-1.807104
0.0713
-3.104552
-5.60756
0
1000
0.919389
0.891386
0.676699
271.5474
-702.9609
32.83177
0
1.509838
2.053304
2.274902
3.487045
2.740553
2.259438
Appendix 5
Estimation Results for Panel Data Models Using ROE
Dependent Variables
Constant
ROE
t-Statistic
Prob.
SIZE
t-Statistic
Prob.
TANG
t-Statistic
Prob.
GROW
t-Statistic
Prob.
INF
t-Statistic
Prob.
INTA
t-Statistic
Prob.
No. observations
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
Independent Variables
LTDTA
-0.410149
0.00292
0.27002
0.7872
0.086841
6.592703
0
0.053851
1.361743
0.1738
-0.000125
-3.676465
0.0003
-0.000403
-1.272436
0.2037
-0.240025
-7.636129
0
1000
0.887317
0.848172
0.057201
1.940243
1273.568
22.66772
0
0.118
0.1468
-2.666421
-1.454278
-2.200771
2.050895
A5 - 1
STDTA
-1.463292
-0.042603
-2.292435
0.0222
0.305163
8.95976
0
-0.057738
-1.419883
0.1562
-0.000424
-1.044917
0.2965
-0.000692
-1.447625
0.1483
-0.037425
-0.603782
0.5462
1000
0.900927
0.86651
0.074384
3.281059
1063.427
26.17712
0
0.365088
0.20359
-2.141068
-0.928925
-1.675418
2.368191
TDTA
-1.927377
-0.0443
-2.786931
0.0055
0.400618
8.498816
0
-0.002086
-0.197182
0.8438
-0.000602
-1.462573
0.1441
-0.001047
-1.440698
0.1502
-0.27906
-9.235591
0
1000
0.93187
0.908162
0.064149
2.436109
1180.555
39.30696
0
0.482954
0.211679
-2.436934
-1.223598
-1.970797
2.498192
TDTE
-8.517384
-0.327784
-0.790313
0.4297
1.692551
3.390295
0.0007
0.217295
3.088246
0.0021
0.000156
0.097307
0.9225
-0.01215
-2.057824
0.04
-3.010992
-6.754208
0
1000
0.918128
0.889687
0.681972
275.7962
-709.171
32.28164
0
1.509838
2.053304
2.290428
3.502571
2.756078
2.263066
Appendix 6
Estimation Results for Panel Data Models Using Tobin’ Q
Dependent Variables
Constant
TOBINQ
t-Statistic
Prob.
SIZE
t-Statistic
Prob.
TANG
t-Statistic
Prob.
GROW
t-Statistic
Prob.
INF
t-Statistic
Prob.
INTA
t-Statistic
Prob.
No. observations
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
Independent Variables
LTDTA
-0.336609
-0.01103
-3.794769
0.0002
0.075926
4.764216
0
0.054379
1.441338
0.15
-0.000104
-3.127417
0.0018
-0.000401
-1.36699
0.1721
-0.239749
-7.672833
0
1000
0.88774
0.848743
0.057093
1.932959
1275.073
22.764
0
0.118
0.1468
-2.670183
-1.45804
-2.204532
2.04435
A6 - 1
STDTA
-1.3905
-0.010528
-2.133194
0.0333
0.292308
9.188663
0
-0.043009
-1.074227
0.2832
-0.000375
-0.91251
0.3619
-0.000517
-1.266236
0.2059
-0.016175
-0.280774
0.779
1000
0.900622
0.8661
0.074498
3.291149
1062.199
26.08804
0
0.365088
0.20359
-2.137998
-0.925855
-1.672347
2.360256
TDTA
-1.759186
-0.021801
-4.779636
0
0.373224
8.015196
0
0.013654
0.811249
0.4175
-0.000519
-1.339159
0.181
-0.00086
-1.350652
0.1773
-0.265283
-11.51793
0
1000
0.932182
0.908583
0.064002
2.424949
1182.39
39.50109
0
0.482954
0.211679
-2.441526
-1.228189
-1.975389
2.473928
TDTE
-8.160495
-0.098359
-2.58466
0.01
1.62827
2.748421
0.0062
0.32653
2.192754
0.0287
0.000281
0.191389
0.8483
-0.010789
-1.986694
0.0474
-2.94002
-8.21662
0
1000
0.918018
0.889538
0.682431
276.1674
-709.709
32.23438
0
1.509838
2.053304
2.291772
3.503916
2.757423
2.235624
Appendix 7
Regression Result for Capital Structure
(The Relationship between Parent Companies and Affiliated Companies)
TDTA_SON
Constant
TDTA_MO
t-Statistic
Prob.
ROE_MO
t-Statistic
Prob.
SIZE_MO
t-Statistic
Prob.
No. observations
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
TDTE_SON
1.053247
-0.143945
-1.817593
0.0709
-0.008204
-0.164113
0.8698
-0.058056
-1.208232
0.2287
228
0.936613
0.913839
0.070852
0.838339
315.5294
41.12661
0
0.560898
0.241377
-2.225282
-1.292741
-1.84903
1.973326
Constant
TDTE_MO
t-Statistic
Prob.
ROE_MO
t-Statistic
Prob.
SIZE_MO
t-Statistic
Prob.
No. observations
R-squared
Adjusted R-squared
S.E. of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
Hannan-Quinn criter.
Durbin-Watson stat
A7 - 1
-9.939718
0.186725
1.442219
0.1511
-9.124365
-1.542023
0.125
1.866993
0.676065
0.4999
228
0.472086
0.282417
3.868405
2499.081
-596.4719
2.488994
0.000003
2.575189
4.56663
5.767298
6.684798
6.137481
1.79864
Appendix 8
Regression Result for Firm Performance
(The Relationship between Parent Companies and Affiliated Companies)
ROA_SON
-0.047368
Constant
0.22666
ROA_MO
t-Statistic
10.90624
Prob.
0
285
No. observations
R-squared
Adjusted Rsquared
S.E. of regression
F-statistic
Prob(F-statistic)
Mean dependent
var
S.D. dependent var
Sum squared resid
Durbin-Watson
stat
ROE_SON
1.935546
Constant
0.539202
ROE_MO
t-Statistic
34.13435
Prob.
0
285
No. observations
0.864502
R-squared
Adjusted Rsquared
S.E. of regression
F-statistic
Prob(F-statistic)
Mean dependent
var
S.D. dependent var
Sum squared resid
Durbin-Watson
stat
0.818
0.045518
18.59059
0
0.107557
0.129552
0.350157
1.846405
A8 - 1
0.824542
0.764326
0.13971
13.69304
0
0.265713
0.308843
3.298709
1.890605
[...]... structure and firm performance on their affiliated companies capital structure and firm performance Research Questions: Which theories may be best explained capital structure of the listed firms in HOSE? What are the factors affecting the capital structure of the listed firms in HOSE? Has the relationship between the parent companies and their affiliated companies effected on capital structure and firm. .. value The kind of combination of debt and equity that will minimize the firms cost of capital and hence maximizes the firm s profitability and market value is the optimal capital structure Unfortunately, financial managers do not have a clear cut guideline that they can consult when taking decision in connection with optimal capital structure The idea of modern theory of capital structure is originated... the performance of the firm And, the controlled variables are major specific of business There has not considered to environmental variables of business Therefore, problem to be contributed in this study is to examine the effect which firm capital structure has on corporate market performance in both firm accounting performance and market performance measure, and the effect of firm performance on firm. .. debt and equity in the firm s capital structure is one such firm- specific strategy used by managers in the search for improved performance Hence, most firms have tried to 2 achieve an optimal capital structure in order to minimize the cost of capital or to maximize the firm value, thereby improving its competitive advantage in the marketplace through a mixture of debt and equity financing Thus, selecting... the combination of all listed firms on Ho Chi Minh Stock Exchange and Hanoi Stock Exchange In the third, few measures of capital structure and firm performance have not been used such as debt to market value (D/MV), price per share to earnings per share (PE), and market value of equity and book value of liabilities divided by book value of equity (MBVE) 1.5 Structure of the study The structure of the... compared to the outside investors The well informed managers try to send positive information to the market or ill informed investors to increase the firm value The cost of equity includes the cost of new issue of shares and the cost of retained earnings The cost of debt is cheaper than the cost of both these sources of equity funds Considering the cost of new issue and retained earnings, the latter is... tangibility and capital structure 2.3.2.4 Growth opportunities Growth can be a good independent variable and derived from pecking order theory and trade-off theory There are conflicting views found in theories of corporate capital structure regarding the relationship between growth and leverage of the firm According to pecking order theory the company first finances its projects by internal financing (Ross,... companies go bankrupt Hence, this will provide and add new knowledge to corporate managers as a benchmark in making their own decision on the company‟s performance In Vietnam, lack of empirical evidence, that investigate the relationship between firm capital structure and firm performance, is an issue for both academics and practitioners Vietnam is also absent in international analyses of capital structure. .. structure in emerging markets In 2008, Tran Hung Son and Tran Viet Hoang tested the relationship between capital structure and firm performance by using data sample of 50 non-financial companies in Hochiminh Stock Exchange for the period September 2008 The results show that there is a positive correlation between a firm capital structure and performance, which is measured by average of return on assets and. ..Chapter One - Introduction 1.1 Background One of the most important reference theories in enterprises financing policy is the theory of capital structure The capital structure of an enterprise is the mix of debt including preference stock and equity; this is referred to as the firms‟ long term financing mix (Watson and Head, 2007) Capital structure decision is fundamental for any business organization .. .CAPITAL STRUCTURE AND FIRM PERFORMANCE OF LISTED COMPANIES IN VIETNAM In Partial Fulfillment of the Requirements of the Degree of MASTER OF BUSINESS ADMINISTRATION In Fianance by... determinants of capital structure of Chinese listed companies for the period 1995-2000 applying the tradeoff and pecking order models He concluded that the capital structure choices of Chinese companies. .. explained capital structure of the listed firms in HOSE? What are the factors affecting the capital structure of the listed firms in HOSE? Has the relationship between the parent companies and
Ngày đăng: 22/10/2015, 13:28
Xem thêm: Capital structure and firm performance of listed companies in vietnam, Capital structure and firm performance of listed companies in vietnam