B GIÁO D O I H C KINH T TP HCM o0o NGUY N TH THU H NG NG C A MINH B CH THÔNG TIN VÀ K H N N LÊN HI U QU U C A CÁC CÔNG TY NIÊM Y T VI T NAM LU TP H Chí Minh - B GIÁO D O I H C KINH T TP HCM o0o NGUY N TH THU H NG NH NG C A MINH B CH THÔNG TIN VÀ K H N N LÊN HI U QU U A CÁC CÔNG TY NIÊM Y T VI T NAM Chuyên ngành: Tài Ngân hàng Mã s : 60340201 LU NG D N KHOA H C: TS NGUY N TH UYÊN UYÊN TP H Chí Minh - L ng c a minh b ch thông tin k h n n lên hi u qu vi c c Gi a công ty niêm y t Vi t Nam k t qu làm is ng d n c a Ti i h c Kinh t Thành ph H Chí Minh Tp H Chí Minh, ngày 30 TÁC GI Nguy n Th Thu H ng n Th Uyên Uyên M CL C TRANG PH BÌA L 1.1 Lý ch tài 1.2 M c tiêu nghiên c u v nghiên c u 1.3 u 1.4 tài 1.5 K tc uc tài 2.1 Các y u t quy nh hi u qu a doanh nghi p 2.2 Hi u qu ch thông tin 2.3 Hi u qu h n n 2.4 Minh b ch thông tin k h n n v i hi u qu 15 17 3.1 M p s li u 17 ng nghiên c u 17 y m u 18 3.1.3 Thu th p d li u 18 3.2 Các mơ hình nghiên c u 19 3.2.1 Mơ hình nghiên c u n lên hi u qu 19 3.2.2 Mơ hình nghiên c qu ng riêng bi t c a minh b ch thông tin k h n ng th i c a minh b ch thông tin k h n n lên hi u 20 3.2.3 Mơ hình hi u qu 21 3.3 Các gi thuy t c a nghiên c u 22 3.3.1 Gi thuy t v ng c a minh b ch thông tin lên hi u qu a doanh nghi p Vi t Nam 22 3.3.2 Gi thuy t v ng c a k h n n lên hi u qu a doanh nghi p Vi t Nam .22 3.3.3 Gi thuy t v ng c a minh b ch thông tin lên hi u qu m i liên h v i k h n n c a doanh nghi p Vi t Nam .23 ng bi n 23 ng bi n ph thu c hi u qu ng bi n gi i thích 23 i di n cho minh b ch thông tin c a doanh nghi p .25 ng bi n gi i thích k h n n bi n ki m soát 27 u 33 3.5.1 Th ng kê mô t 33 3.5.2 Mơ hình h i quy Pooled OLS h i quy k t h p t t c quan sát 33 3.5.3 Ki nh gi thi t v h s h i quy 33 3.5.4 Ki ng n 34 3.5.5 Ki sai s Ki i 34 3.5.6 Ki nh t nh Durbin Watson 35 3.5.7 Ki nh n i sinh 36 38 40 4.1 Th ng kê mô t 40 4.1.1 Th ng kê mô t bi n 40 42 4.2 K t qu h i quy 45 4.2.1 K t qu ki nh ng c a FRQ STDebt lên hi u qu doanh nghi p t i Vi t Nam theo mơ hình M1 45 4.2.2 K t qu ki nh a FRQ STDebt lên hi u qu u p t i Vi t Nam theo mơ hình M2 .51 4.2.3 K t qu hi nh hi u qu ng c a FRQ STDebt lên InvEff theo mơ hình 54 4.3 Ki m tra tính v ng ch c 56 4.3.1 Mơ hình hi u qu 4.3.2 Ki m tra v 4.4 Tóm t i th p phân v 25 75 c a STDebt 56 n i sinh 60 i chi u k t qu nghiên c c v i nghiên c u g c t i Tây Ban Nha 62 65 66 5.1 K t lu n v k t qu nghiên c u 66 5.2 H n ch c a nghiên c u 67 5.3 Nh ng g ng nghiên c u ti p theo 67 DANH M C CÁC CH VI T T T CFO_ATA Dòng tiên ho ng t ng tài s n bình qn FRQ Minh b ch thơng tin InvEff Hi u qu LnAge T LnSales Q Loss S hi n hi n c a t n th t NPV Hi n giá thu n Opercycle dài chu k kinh doanh StdCFO bi STDebt K h nn StdSales bi ng c a dòng ti n ho ng c a doanh thu Tang Ch s TobinQ Z Ch s s c m nh tài ng B ng 3-1: Ngành ngh ho ng c a công ty m u nghiên c u 17 3-2 29 B ng 3-3 : B ng t ng h p bi n ki m soát 32 B ng 4-1: Th ng kê mô t 41 B ng 4-2: Ma tr 44 -3 FRQ, STDebt theo mơ hình M1 45 B ng 4-4: ng c a FRQ STDebt lên hi u qu im c -5 a u theo mơ hình M1 49 51 -6 (2011) 54 -7 57 B ng 4-8: K t qu h a FRQ STDebt (III) 59 B ng 4-9: K t qu h i quy 2SLS ng c a FRQ, STDebt lên InvEff 61 -10 Tây Ban Nha 64 Bài nghiên c u xem xét vai trò c a tính minh b ch thơng tin k h n n lên hi u qu a công ty niêm y t t i m t th nghiên c u s d ng ng m i n i Vi t Nam Bài t g p v i d li u c a 276 công ty niêm y t hai sàn ch ng khoán Vi n 2009 - 2012, k quan sát u có nh ng phát hi n quan tr (1) T n t i m nh v i m a minh b ch thông tin k h n n v i hi u qu b ch thơng tin tài cao s c i thi n n c hi u qu vi c rút ng n k h n u qu (2) Tính minh b ch thông tin giúp c i thi n tình tr i m c (3) Vi c rút ng n k h n n làm gi c i m c (4) Minh b ch thông tin k h n n có th thay th vi c c i thi n hi u qu n t i hi u K t qu nghiên c a hai nhân t t b ng ch ng th c nghi m v s b ch thông tin k h n n lên hi u qu công ty t i Vi t Nam c n tr rút ng n k h n n kh ng c a minh a công ty t i Vi n tính minh b ch thơng tin c a báo cáo tài c i thi n hi u qu giúp t ng tích c c lên i c a cơng ty T khóa: Hi u qu i m c ch thông tin, k h n n c 1.1 Lý ch n Nh tài n kinh t Vi i qua nhi u bi ng cao, suy thoái b th gi i vào nh ng m nghi p c n ph i tr ng ng c a cu c kh ng ho ng kinh t 2009, v i h u qu n hi u qu ng, t n hi n c c a doanh nghi p Vi t Nam Vì v y, doanh n y u t n hi u qu có nhi u h c gi th gi i nghiên c u y u t n hi u qu Juan Manuel Garcia vào K t qu nh ng nghiên c u ng tích c c n hi u qu n y u t minh b ch thơng tin Và g t n u tính minh b ch thông tin k h n n ng lên hi u qu c a công ty niêm y t t i Tây Ban Nha k t qu minh b nghi p c i thi u qu , k h n n ng n giúp doanh c tình tr i m c V i nghiên c u m i tác gi mu n xem xét li u Vi t Nam có t n t i minh b ch thông tin k h n n lên hi u qu nghiên c u ng ng c a Vì v y tác gi ng c a minh b ch thông tin k h n n lên hi u qu c a công ty niêm y t Vi t Nam nt n 2012 cho Lu n c a 1.2 M c tiêu nghiên c u v nghiên c u Nghiên c u nh m m c tiêu ki nh k h n n lên hi u qu a công ty niêm y t t i Vi t Nam Các câu h i nghiên c t là: ng c a minh b ch thông tin tài CFO_ATA OPERCYCLE C 1.433706 0.052415 -165.3430 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.560810 0.531201 534.9173 50932292 -1464.169 18.94095 0.000000 3.381267 0.053314 719.1840 0.424015 0.983146 -0.229904 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.6721 0.3269 0.8184 -357.1529 781.2562 15.46774 15.68910 15.55740 2.959335 Dependent Variable: INVEFF Method: Panel Least Squares Total panel (unbalanced) observations: 191 Variable Coefficient Std Error t-Statistic Prob FRQ STDEBT LNSALE LNAGE TANGV STDCFO STDSALES QTOBIN Z LOSS CFO_ATA OPERCYCLE C 0.696131 3.784446 0.044506 54.77528 -4.885885 -0.410120 -0.112909 -67.11833 1.013685 -148.2712 1.387105 0.035125 -188.7907 0.101586 2.383435 44.48321 55.51249 2.697228 0.153762 0.067699 29.31680 0.685491 247.3396 3.230373 0.049879 685.4929 6.852613 1.587812 0.001001 0.986720 -1.811447 -2.667232 -1.667817 -2.289416 1.478774 -0.599464 0.429395 0.704189 -0.275409 0.0000 0.1141 0.9992 0.3251 0.0718 0.0084 0.0971 0.0232 0.1410 0.5496 0.6682 0.4822 0.7833 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.599044 0.572013 511.1035 46498365 -1455.471 22.16155 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat -357.1529 781.2562 15.37666 15.59802 15.46632 3.709951 Dependent Variable: INVEFF Method: Panel Least Squares Total panel (unbalanced) observations: 913 Variable Coefficient Std Error t-Statistic Prob FRQ_MNST STDEBT LNSALE LNAGE TANGV STDCFO STDSALES QTOBIN Z LOSS CFO_ATA 0.067535 1.696623 -6.059274 14.48588 0.478672 -0.214880 0.004582 1.301716 0.001926 -30.13278 0.010515 0.078982 0.255752 4.275352 6.872461 0.263789 0.045676 0.014190 5.559039 0.019686 21.04039 0.103273 0.855061 6.633849 -1.417257 2.107815 1.814599 -4.704404 0.322889 0.234162 0.097845 -1.432140 0.101822 0.3927 0.0000 0.1568 0.0353 0.0699 0.0000 0.7469 0.8149 0.9221 0.1525 0.9189 OPERCYCLE C -0.048386 -170.5931 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.132887 0.121325 134.3606 16247489 -5763.125 11.49388 0.000000 0.015969 60.89913 -3.029913 -2.801240 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.0025 0.0052 -74.71653 143.3368 12.65307 12.72165 12.67925 1.074042 Dependent Variable: INVEFF Method: Panel Least Squares Total panel (unbalanced) observations: 913 Variable Coefficient Std Error t-Statistic Prob FRQ_KASZ STDEBT LNSALE LNAGE TANGV STDCFO STDSALES QTOBIN Z LOSS CFO_ATA OPERCYCLE C 0.353622 1.262231 -6.522582 12.62905 0.397475 -0.041327 0.037815 4.668098 -0.002479 -24.72972 0.065920 -0.042826 -119.6132 0.035255 0.245783 4.038232 6.523027 0.249657 0.045654 0.012415 5.282703 0.018653 19.97000 0.098091 0.015159 57.99437 10.03052 5.135560 -1.615207 1.936073 1.592082 -0.905231 3.045963 0.883657 -0.132893 -1.238344 0.672036 -2.825028 -2.062496 0.0000 0.0000 0.1066 0.0532 0.1117 0.3656 0.0024 0.3771 0.8943 0.2159 0.5017 0.0048 0.0394 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.219441 0.209034 127.4784 14625677 -5715.120 21.08502 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat -74.71653 143.3368 12.54791 12.61649 12.57409 1.153463 Dependent Variable: INVEFF Method: Panel Least Squares Total panel (unbalanced) observations: 913 Variable Coefficient Std Error t-Statistic Prob FRQ_DD STDEBT LNSALE LNAGE TANGV STDCFO STDSALES QTOBIN Z LOSS 0.199612 0.942217 -1.450076 16.31456 0.689449 -0.026021 0.006132 -0.690649 -0.005164 -18.28871 0.016941 0.246030 3.985459 6.400980 0.245372 0.044381 0.011585 5.177911 0.018312 19.61780 11.78308 3.829690 -0.363842 2.548760 2.809808 -0.586321 0.529284 -0.133384 -0.282025 -0.932251 0.0000 0.0001 0.7161 0.0110 0.0051 0.5578 0.5967 0.8939 0.7780 0.3515 CFO_ATA OPERCYCLE C 0.035783 -0.009646 -165.5852 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.248166 0.238142 125.1108 14087448 -5698.004 24.75606 0.000000 0.096128 0.015231 56.70444 0.372247 -0.633329 -2.920145 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.7098 0.5267 0.0036 -74.71653 143.3368 12.51041 12.57900 12.53660 1.064992 Dependent Variable: INVEFF Method: Panel Least Squares Total panel (unbalanced) observations: 913 Variable Coefficient Std Error t-Statistic Prob FRQ STDEBT LNSALE LNAGE TANGV STDCFO STDSALES QTOBIN Z LOSS CFO_ATA OPERCYCLE C 0.486702 0.828713 -1.602172 15.00920 0.564039 0.045674 0.036765 0.919026 -0.008510 -17.92981 0.065236 -0.013591 -144.6746 0.037635 0.243781 3.927724 6.313576 0.241604 0.045583 0.011786 5.105650 0.018075 19.35260 0.094916 0.014916 55.97798 12.93215 3.399413 -0.407914 2.377289 2.334561 1.001997 3.119274 0.180002 -0.470814 -0.926481 0.687303 -0.911171 -2.584491 0.0000 0.0007 0.6834 0.0176 0.0198 0.3166 0.0019 0.8572 0.6379 0.3544 0.4921 0.3624 0.0099 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.268172 0.258415 123.4350 13712578 -5685.692 27.48317 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 9: -74.71653 143.3368 12.48344 12.55203 12.50962 1.094670 4-5 Dependent Variable: INVEFF Method: Panel Least Squares Total panel (balanced) observations: 1104 Variable Coefficient Std Error t-Statistic Prob FRQ STDEBT FRQ*DUMSTDEBT LNSALE LNAGE TANGV STDCFO 0.807701 0.963058 -0.258854 22.84457 28.36297 -1.018062 -0.409574 0.042786 0.451919 0.059394 7.232533 11.71665 0.467035 0.055273 18.87779 2.131044 -4.358232 3.158585 2.420740 -2.179841 -7.410002 0.0000 0.0333 0.0000 0.0016 0.0157 0.0295 0.0000 STDSALES QTOBIN Z LOSS CFO_ATA OPERCYCLE C -0.038047 -19.01544 0.011654 -9.411398 0.035612 0.031871 -394.2813 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.504987 0.499084 258.6458 72918453 -7692.691 85.53570 0.000000 Ki m 0.018916 8.366254 0.037308 38.31077 0.196547 0.017921 107.6338 -2.011394 -2.272873 0.312376 -0.245659 0.181188 1.778422 -3.663174 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.0445 0.0232 0.7548 0.8060 0.8563 0.0756 0.0003 -123.5801 365.4457 13.96140 14.02489 13.98541 2.124433 nh t ng h s (B1+B3) Wald Test: Equation: Untitled Test Statistic t-statistic F-statistic Chi-square Value df Probability 9.023944 81.43157 81.43157 1090 (1, 1090) 0.0000 0.0000 0.0000 Value Std Err 0.548848 0.060821 Null Hypothesis: C(1)+C(3)=0 Null Hypothesis Summary: Normalized Restriction (= 0) C(1) + C(3) Restrictions are linear in coefficients Dependent Variable: INVEFF Method: Panel Least Squares Total panel (unbalanced) observations: 191 Variable Coefficient Std Error t-Statistic Prob FRQ STDEBT FRQ*DUMSTDEBT LNSALE LNAGE TANGV STDCFO STDSALES QTOBIN Z 0.713466 3.360294 -0.164499 2.344774 52.03990 -5.351830 -0.446307 -0.123432 -65.87118 0.985283 0.103235 2.425422 0.172950 44.56081 55.60179 2.742066 0.158439 0.068615 29.35395 0.686324 6.911086 1.385447 -0.951135 0.052620 0.935939 -1.951751 -2.816893 -1.798920 -2.244031 1.435595 0.0000 0.1677 0.3428 0.9581 0.3506 0.0525 0.0054 0.0737 0.0261 0.1529 LOSS CFO_ATA OPERCYCLE C -142.3827 1.530652 0.026315 -160.8048 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.601083 0.571784 511.2404 46261918 -1454.984 20.51545 0.000000 Ki m 247.4834 3.234761 0.050745 686.3076 -0.575322 0.473189 0.518567 -0.234304 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.5658 0.6367 0.6047 0.8150 -357.1529 781.2562 15.38203 15.62042 15.47859 3.754778 nh t ng h s (B1+B3) Wald Test: Equation: Untitled Test Statistic t-statistic F-statistic Chi-square Value df Probability 2.965665 8.795168 8.795168 177 (1, 177) 0.0034 0.0034 0.0030 Value Std Err 0.548967 0.185108 Null Hypothesis: C(1)+C(3)=0 Null Hypothesis Summary: Normalized Restriction (= 0) C(1) + C(3) Restrictions are linear in coefficients Dependent Variable: INVEFF Method: Panel Least Squares Total panel (unbalanced) observations: 913 Variable Coefficient Std Error t-Statistic Prob FRQ STDEBT FRQ*DUMSTDEBT LNSALE LNAGE TANGV STDCFO STDSALES QTOBIN Z LOSS CFO_ATA OPERCYCLE C 0.606321 0.681334 -0.173953 -1.867602 14.23785 0.468735 0.062316 0.042129 1.759552 -0.006769 -17.58523 0.069060 -0.006049 -126.2136 0.049994 0.245602 0.048267 3.902517 6.275592 0.241463 0.045517 0.011803 5.077340 0.017963 19.22522 0.094296 0.014965 55.84425 12.12786 2.774139 -3.603981 -0.478563 2.268767 1.941227 1.369056 3.569371 0.346550 -0.376839 -0.914696 0.732372 -0.404218 -2.260100 0.0000 0.0056 0.0003 0.6324 0.0235 0.0525 0.1713 0.0004 0.7290 0.7064 0.3606 0.4641 0.6861 0.0241 R-squared Adjusted R-squared 0.278595 0.268163 Mean dependent var S.D dependent var -74.71653 143.3368 S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) Ki m 122.6210 13517281 -5679.143 26.70614 0.000000 Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 12.47129 12.54515 12.49948 1.078788 nh t ng h s (B1+B3) Wald Test: Equation: Untitled Test Statistic t-statistic F-statistic Chi-square Value df Probability 10.72551 115.0365 115.0365 899 (1, 899) 0.0000 0.0000 0.0000 Value Std Err 0.432368 0.040312 Null Hypothesis: C(1)+C(3)=0 Null Hypothesis Summary: Normalized Restriction (= 0) C(1) + C(3) Restrictions are linear in coefficients 10: 4-6 Dependent Variable: INVEFF Method: Panel Least Squares Total panel (balanced) observations: 1104 Variable Coefficient Std Error t-Statistic Prob FRQ STDEBT LNSALE LNAGE TANGV STDCFO STDSALES QTOBIN Z LOSS CFO_ATA OPERCYCLE C 0.747126 1.167125 22.67532 30.50333 -0.804932 -0.367852 -0.032915 -21.90459 0.010365 -4.751086 0.047126 0.037798 -415.6750 0.040800 0.453529 7.296488 11.80656 0.468869 0.054833 0.019050 8.412010 0.037637 38.64822 0.198272 0.018018 108.4640 18.31170 2.573430 3.107704 2.583591 -1.716751 -6.708572 -1.727776 -2.603966 0.275388 -0.122932 0.237684 2.097857 -3.832379 0.0000 0.0102 0.0019 0.0099 0.0863 0.0000 0.0843 0.0093 0.7831 0.9022 0.8122 0.0361 0.0001 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.496408 0.490869 260.9381 74284777 -7702.938 89.61974 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat -122.6081 365.6982 13.97815 14.03710 14.00045 2.073150 Dependent Variable: INVEFF Method: Panel Least Squares Total panel (unbalanced) observations: 184 Variable Coefficient Std Error t-Statistic Prob FRQ STDEBT LNSALE LNAGE TANGV STDCFO STDSALES QTOBIN Z LOSS CFO_ATA OPERCYCLE C 0.685604 4.640387 -34.06641 67.32701 -5.129921 -0.393756 -0.083892 -71.55071 0.695879 -168.6452 1.541939 0.054844 217.8756 0.103367 2.479317 52.07426 57.77783 2.808494 0.157806 0.069828 30.41597 0.535968 253.1354 3.376247 0.059554 770.8551 6.632735 1.871639 -0.654189 1.165274 -1.826574 -2.495189 -1.201416 -2.352405 1.298358 -0.666225 0.456702 0.920907 0.282641 0.0000 0.0630 0.5139 0.2455 0.0695 0.0135 0.2313 0.0198 0.1959 0.5062 0.6485 0.3584 0.7778 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.601195 0.573208 518.8961 46042284 -1404.657 21.48171 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat -367.8242 794.2777 15.40932 15.63646 15.50138 3.526202 Dependent Variable: INVEFF Method: Panel Least Squares Total panel (unbalanced) observations: 920 Variable Coefficient Std Error t-Statistic Prob FRQ STDEBT LNSALE LNAGE TANGV STDCFO STDSALES QTOBIN Z LOSS CFO_ATA OPERCYCLE C 0.490288 0.830293 -1.905149 15.63787 0.561864 0.048141 0.037635 0.814372 -0.008305 -18.03424 0.067481 -0.005924 -143.1877 0.037334 0.242524 3.901686 6.263992 0.240300 0.045325 0.011719 5.007823 0.018049 19.29700 0.094637 0.011203 55.72260 13.13262 3.423547 -0.488289 2.496470 2.338177 1.062130 3.211539 0.162620 -0.460132 -0.934562 0.713056 -0.528746 -2.569653 0.0000 0.0006 0.6255 0.0127 0.0196 0.2885 0.0014 0.8709 0.6455 0.3503 0.4760 0.5971 0.0103 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.267869 0.258182 123.1310 13751237 -5727.066 27.65406 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat -73.56484 142.9613 12.47840 12.54657 12.50442 1.156441 11: 4-7 Dependent Variable: INVEFF Method: Panel Least Squares Total panel (balanced) observations: 1104 Variable Coefficient Std Error t-Statistic Prob FRQ STDEBT DUMSTDEBT25*FRQ LNSALE LNAGE TANGV STDCFO STDSALES QTOBIN Z LOSS CFO_ATA OPERCYCLE C -0.029172 -0.177359 0.780290 19.65766 31.96930 -0.669414 -0.482680 -0.089615 -24.71047 0.019310 -15.65918 0.009005 0.031034 -295.6182 0.102073 0.469053 0.094608 7.086898 11.45324 0.455157 0.055045 0.019705 8.166290 0.036525 37.50145 0.192379 0.017500 106.2294 -0.285799 -0.378122 8.247610 2.773803 2.791288 -1.470732 -8.768824 -4.547940 -3.025912 0.528680 -0.417562 0.046811 1.773378 -2.782828 0.7751 0.7054 0.0000 0.0056 0.0053 0.1417 0.0000 0.0000 0.0025 0.5971 0.6763 0.9627 0.0764 0.0055 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) Ki 0.525945 0.520292 253.1113 69831200 -7668.811 93.02411 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat nh t ng h s (B1+B3) Wald Test: Equation: Untitled Test Statistic t-statistic F-statistic Chi-square Value df Probability 18.97716 360.1326 360.1326 1090 (1, 1090) 0.0000 0.0000 0.0000 Value Std Err 0.751117 0.039580 Null Hypothesis: C(1)+C(3)=0 Null Hypothesis Summary: Normalized Restriction (= 0) C(1) + C(3) Restrictions are linear in coefficients Dependent Variable: INVEFF Method: Panel Least Squares -123.5801 365.4457 13.91814 13.98163 13.94215 2.149228 Total panel (unbalanced) observations: 184 Variable Coefficient Std Error t-Statistic Prob FRQ STDEBT DUMSTDEBT25*FRQ LNSALE LNAGE TANGV STDCFO STDSALES QTOBIN Z LOSS CFO_ATA OPERCYCLE C -0.275284 1.650723 0.942284 -9.083471 60.51004 -4.778582 -0.530331 -0.178856 -75.38369 0.662767 -160.5353 1.642298 0.048862 73.25688 0.312755 2.570285 0.289488 51.04106 56.29679 2.736377 0.159064 0.073656 29.63516 0.521673 246.5841 3.286410 0.058005 750.6168 -0.880190 0.642234 3.255000 -0.177964 1.074840 -1.746317 -3.334074 -2.428270 -2.543725 1.270463 -0.651037 0.499724 0.842367 0.097596 0.3800 0.5216 0.0014 0.8590 0.2840 0.0826 0.0011 0.0162 0.0119 0.2057 0.5159 0.6179 0.4008 0.9224 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) Ki 0.623366 0.594565 505.0291 43359249 -1399.133 21.64359 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat -370.1302 793.1505 15.36015 15.60476 15.45929 3.544035 nh t ng h s (B1+B3) Wald Test: Equation: Untitled Test Statistic t-statistic F-statistic Chi-square Value df Probability 6.615523 43.76514 43.76514 170 (1, 170) 0.0000 0.0000 0.0000 Value Std Err 0.667000 0.100823 Null Hypothesis: C(1)+C(3)=0 Null Hypothesis Summary: Normalized Restriction (= 0) C(1) + C(3) Restrictions are linear in coefficients Dependent Variable: INVEFF Method: Panel Least Squares Total panel (unbalanced) observations: 920 Variable Coefficient Std Error t-Statistic Prob FRQ STDEBT 0.317958 0.515394 0.068261 0.265217 4.657971 1.943292 0.0000 0.0523 DUMSTDEBT25*FRQ LNSALE LNAGE TANGV STDCFO STDSALES QTOBIN Z LOSS CFO_ATA OPERCYCLE C 0.200638 -2.454067 15.12885 0.583594 0.021184 0.026859 0.487000 -0.007329 -19.16103 0.057018 -0.005509 -114.2408 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) Ki 0.275300 0.264902 122.5034 13596409 -5721.857 26.47483 0.000000 0.066823 3.883454 6.232066 0.239154 0.046028 0.012208 4.982558 0.017962 19.20079 0.094215 0.011148 56.15974 3.002531 -0.631929 2.427582 2.440248 0.460249 2.200045 0.097741 -0.408038 -0.997929 0.605192 -0.494162 -2.034212 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.0028 0.5276 0.0154 0.0149 0.6454 0.0281 0.9222 0.6833 0.3186 0.5452 0.6213 0.0422 -74.27003 142.8813 12.46925 12.54267 12.49727 1.146043 nh t ng h s (B1+B3) Wald Test: Equation: Untitled Test Statistic t-statistic F-statistic Chi-square Value df Probability 13.52207 182.8463 182.8463 906 (1, 906) 0.0000 0.0000 0.0000 Value Std Err 0.518596 0.038352 Null Hypothesis: C(1)+C(3)=0 Null Hypothesis Summary: Normalized Restriction (= 0) C(1) + C(3) Restrictions are linear in coefficients 12: 4-8 Dependent Variable: INVEFF Method: Panel Least Squares Total panel (balanced) observations: 1104 Variable Coefficient Std Error t-Statistic Prob FRQ STDEBT DUMSTDEBT75*FRQ LNSALE LNAGE 0.752000 0.931777 -0.301519 22.92309 33.33395 0.040782 0.465678 0.142340 7.281338 11.83877 18.43940 2.000904 -2.118296 3.148198 2.815661 0.0000 0.0457 0.0344 0.0017 0.0050 TANGV STDCFO STDSALES QTOBIN Z LOSS CFO_ATA OPERCYCLE C -0.819943 -0.373307 -0.036438 -23.22335 0.009909 -6.799223 0.036197 0.039334 -409.6321 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.498426 0.492444 260.3543 73884959 -7699.959 83.31998 0.000000 Ki 0.467822 0.054826 0.019069 8.412919 0.037552 38.56398 0.197890 0.017983 108.2723 -1.752681 -6.808915 -1.910809 -2.760439 0.263862 -0.176310 0.182913 2.187256 -3.783352 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.0799 0.0000 0.0563 0.0059 0.7919 0.8601 0.8549 0.0289 0.0002 -123.5801 365.4457 13.97456 14.03805 13.99858 2.086152 nh t ng h s (B1+B3) Wald Test: Equation: Untitled Test Statistic t-statistic F-statistic Chi-square Value df Probability 3.091769 9.559034 9.559034 1090 (1, 1090) 0.0020 0.0020 0.0020 Value Std Err 0.450481 0.145703 Null Hypothesis: C(1)+C(3)=0 Null Hypothesis Summary: Normalized Restriction (= 0) C(1) + C(3) Restrictions are linear in coefficients Dependent Variable: INVEFF Method: Panel Least Squares Total panel (unbalanced) observations: 184 Variable Coefficient Std Error t-Statistic Prob FRQ STDEBT DUMSTDEBT75*FRQ LNSALE LNAGE TANGV STDCFO STDSALES QTOBIN Z LOSS CFO_ATA OPERCYCLE 0.684815 4.140172 -0.389230 -24.71000 72.81534 -5.370373 -0.405954 -0.097841 -75.61723 0.679288 -203.2053 1.391202 0.054908 0.103528 2.518525 0.429590 52.30175 57.95938 2.817510 0.158330 0.071006 30.88019 0.536363 253.5279 3.380066 0.059612 6.614782 1.643887 -0.906050 -0.472451 1.256317 -1.906071 -2.563972 -1.377927 -2.448730 1.266470 -0.801511 0.411590 0.921086 0.0000 0.1020 0.3662 0.6372 0.2107 0.0583 0.0112 0.1700 0.0154 0.2071 0.4240 0.6812 0.3583 C 126.7366 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) Ki 0.601816 0.571366 519.2766 45840195 -1404.252 19.76446 0.000000 771.8162 0.164206 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.8698 -370.1302 793.1505 15.41579 15.66040 15.51493 3.564534 nh t ng h s (B1+B3) Wald Test: Equation: Untitled Test Statistic t-statistic F-statistic Chi-square Value df Probability 0.662805 0.439311 0.439311 170 (1, 170) 0.5084 0.5084 0.5075 Value Std Err 0.295585 0.445961 Null Hypothesis: C(1)+C(3)=0 Null Hypothesis Summary: Normalized Restriction (= 0) C(1) + C(3) Restrictions are linear in coefficients Dependent Variable: INVEFF Method: Panel Least Squares Total panel (unbalanced) observations: 920 Variable Coefficient Std Error t-Statistic Prob FRQ STDEBT DUMSTDEBT75*FRQ LNSALE LNAGE TANGV STDCFO STDSALES QTOBIN Z LOSS CFO_ATA OPERCYCLE C 0.510181 0.642522 -0.252537 -2.113328 16.66773 0.576153 0.049949 0.038356 0.617530 -0.009190 -16.01731 0.059942 -0.002839 -131.6959 0.037918 0.252847 0.092961 3.885273 6.263616 0.239323 0.045136 0.011672 4.986763 0.017975 19.23418 0.094276 0.011181 55.59783 13.45501 2.541146 -2.716582 -0.543933 2.661039 2.407430 1.106620 3.286263 0.123834 -0.511286 -0.832752 0.635811 -0.253874 -2.368724 0.0000 0.0112 0.0067 0.5866 0.0079 0.0163 0.2688 0.0011 0.9015 0.6093 0.4052 0.5251 0.7997 0.0181 R-squared Adjusted R-squared S.E of regression Sum squared resid 0.274003 0.263585 122.6130 13620753 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion -74.27003 142.8813 12.47104 12.54446 Log likelihood F-statistic Prob(F-statistic) Ki -5722.680 26.30295 0.000000 Hannan-Quinn criter Durbin-Watson stat nh t ng h s (B1+B3) Wald Test: Equation: Untitled Test Statistic t-statistic F-statistic Chi-square Value df Probability 2.763421 7.636498 7.636498 906 (1, 906) 0.0058 0.0058 0.0057 Value Std Err 0.257645 0.093234 Null Hypothesis: C(1)+C(3)=0 Null Hypothesis Summary: Normalized Restriction (= 0) C(1) + C(3) Restrictions are linear in coefficients 13: 4-9 12.49906 1.162169 predict stdebts, xb rename frqdummy1 frqdummy reg inveff frq stdebts frqdummy SS Source lnsale lnage tangv stdcfo stdsales qtobin z df MS Model Residual 58048559.9 89257692.3 13 1090 4465273.84 81887.7911 Total 147306252 1103 Number of obs F( 13, 1090) Prob > F R-squared Adj R-squared Root MSE 133550.546 inveff Coef frq stdebts frqdummy lnsale lnage tangv stdcfo stdsales qtobin z loss cfo_ata opercycle _cons 285912 6.092643 4596691 21.24851 31.31551 -2.455245 -.5746528 -.0979697 -38.05834 0386893 1.619686 0770041 0292893 -750.5317 Std Err .0577974 1.946296 3088715 8.27117 13.7082 4447981 058108 0205703 9.481985 0415827 42.27382 2177334 0208254 209.029 test frq+frqdummy=0 ( 1) frq + frqdummy = F( 1, 1090) = Prob > F = 6.22 0.0128 t 4.95 3.13 1.49 2.57 2.28 -5.52 -9.89 -4.76 -4.01 0.93 0.04 0.35 1.41 -3.59 P>|t| 0.000 0.002 0.137 0.010 0.023 0.000 0.000 0.000 0.000 0.352 0.969 0.724 0.160 0.000 = = = = = = 1104 54.53 0.0000 0.3941 0.3868 286.16 [95% Conf Interval] 1725052 2.273731 -.146381 5.019295 4.418051 -3.328003 -.6886691 -.1383316 -56.66335 -.0429018 -81.32759 -.35022 -.0115732 -1160.676 3993188 9.911554 1.065719 37.47773 58.21296 -1.582488 -.4606366 -.0576079 -19.45333 1202804 84.56696 5042282 0701518 -340.3869 egen id=group(code) xtset id namt panel variable: time variable: delta: reg stdebt Source id (strongly balanced) namt, 2009 to 2012 unit frq z z2 qtobin am lnsize lnage tax lev SS df MS Model Residual 91017.9196 415085.735 10 1093 506103.655 1103 Number of obs F( 10, 1093) Prob > F R-squared Adj R-squared Root MSE 9101.79196 379.76737 Total 458.842842 stdebt Coef frq z z2 qtobin am lnsize lnage tax lev stdsales _cons 0170816 -.0497964 -6.03e-06 4023672 -.0080941 -1.954052 2.158597 0727401 -.1246243 0006662 108.7721 Std Err .0028126 1432545 1.40e-06 6485031 0019462 5637572 8806745 1431689 0303551 0011815 7.511619 t 6.07 -0.35 -4.30 0.62 -4.16 -3.47 2.45 0.51 -4.11 0.56 14.48 stdsales P>|t| 0.000 0.728 0.000 0.535 0.000 0.001 0.014 0.612 0.000 0.573 0.000 = = = = = = 1104 23.97 0.0000 0.1798 0.1723 19.488 [95% Conf Interval] 0115628 -.3308814 -8.77e-06 -.8700847 -.0119129 -3.06022 4305936 -.2081769 -.1841852 -.001652 94.03323 0226003 2312885 -3.28e-06 1.674819 -.0042753 -.8478828 3.886601 3536571 -.0650635 0029844 123.5109 ... xét li u Vi t Nam có t n t i minh b ch thông tin k h n n lên hi u qu nghiên c u ng ng c a Vì v y tác gi ng c a minh b ch thông tin k h n n lên hi u qu c a công ty niêm y t Vi t Nam nt n 2012... n lên hi u qu a công ty niêm y t t i Vi t Nam Các câu h i nghiên c t là: ng c a minh b ch thông tin tài M t là: nh ng b ng ch ng th c nghi m th gi i v thông tin k h n n lên hi u qu nh ng c a minh. .. A MINH B CH THÔNG TIN VÀ K H N N LÊN HI U QU U A CÁC CÔNG TY NIÊM Y T VI T NAM Chuyên ngành: Tài Ngân hàng Mã s : 60340201 LU NG D N KHOA H C: TS NGUY N TH UYÊN UYÊN TP H Chí Minh - L ng c a minh