B B   G G I I   O O D D   C C V V       O O T T   O O T T R R     N N G G     I I H H   C C K K I I N N H H T T   T T P P . . H H C C M M PHAN B NG CA CN T SUT SINH LP T L L U U   N N V V   N N T T H H   C C S S       TP. H -  B B   G G I I   O O D D   C C V V       O O T T   O O T T R R     N N G G     I I H H   C C K K I I N N H H T T   T T P P . . H H C C M M PHAN B NG CA CN T SUT SINH LP T    : 60340201 L L U U   N N V V   N N T T H H   C C S S        PGS.TS NGUYN NGNH TP. H -         27  11    L         c bit tn Ngnh  t ng dc hi .                .  TP. 02 13    Trang   Li c    Danh mc  t vit tt  I THIU 1.1.  1 1.2.  6 1.3.  7 1.4.   8  2.1.  10 2.2. Tng quan mt s u thc nghim 14  3.1.  26 3.2u 30 3.3.  30 3.4.  32 3.4 32 3.4 32 3.5. G 33 3.5.1. t 33 3.5n   34 3.5 tr 38 T QU U 4.1.  39 4.2.  41 4.2.1.  41 4.2 46 4.2 49  5.1.  54 5.2.  57      DANH MC BNG, BIU 4.  Bng 4.3: Kt qu hi bin ph thu Bng 4. s nh bi cu 4. Bng 4.6: Kt qu hi bin ph thu Bng 4.7: Kt qu  s nh hi quy bi R 2 4. t  t-1 4.5.8), (3.55 OE 4. t  t-1 4.5.8), (3.55  DANH MC  V TH 3.1: T l n t   4.1  Parabol biu di 0.386LEV 2  DANH MC T VIT TT D/A H s n n HOSE S giao dch ch ROE T sut sinh ln ch s hu ROA T sut sinh ln T                              ng ca c sut sinh li, l    c. Hai bic lp  lt nh bin bc nht  n bin t sut sinh li,    2011.   (LEV 2  ng biu din mi quan h u ca . i kt qu c   s nh bi R 2 n cu vi mu thu thp ti th ng Vit Nam, h s R 2 rt thng dng thc tin cho th ng Vit Nam.     Trang 1  1: GII THIU -- Cn  l phi h bng n n c phn. t ct quan tr c  Liu cn tn ti hay  ng th phc tp nht trong p. 1.1. i K t   u ca h u n tr  p d cu xut s bin r i ct trt t ng. i cn ti mt cn ti  t ra mt t l n m u chnh dn v cu n tt qu ca vic gi ng ca thu thu nhp doanh nghip, thu thu nhn i din. Mt trt t  xut cho rt cn mng [...]... ho doanh nghi p v qu s u v n Trong kho ng t n hi u qu ho l n hi u ng doanh nghi p T ct l i cho doanh nghi p u c a Wei Xu (2005) cho th qu ho ng c a doanh nghi (1) hi u qu ho v ng ch c v hi u ng b ng ROE) v ng doanh nghi i t l n ; (2) khi t l n n m trong kho ho ho v u qu i quan h c ba v i t l n u c a Margaritis qu gi ng uv Psillaki (2007 u qu ho ng c a doanh nghi p n hi u qu ho ) v m i quan h ng doanh. .. Hi u qu ho ng c a doanh nghi u v n c a doanh nghi p khi t l ng c a doanh nghi i u v n khi t l n /v n ch s h u l doanh nghi p c u qu ho ng c a u v n khi t l n /v n ch s n m trong kho pv Masulis, Wei Xu i Shyan- uc a -Hsun Tr nh Th H ng (2011) th c hi nghi tt ng th i gian t 2007 ut s d ng n u th c nghi nc n m hi u qu ho ng kinh doanh c tin c y l n trong gi n k t qu ho d ng n ng kinh doanh c Lu a Hu nh... kinh doanh c Lu a Hu nh Anh Ki t (2010) doanh nghi ki n u d li t nh m i quan h gi a c i d li t qu Trang 23 doanh nghi p K t qu m i quan h u cho th y t su t sinh l i c c chi u v i c n, n ng n h n/t ng t l t ng n / t ng n, n n/t uc n) c Phi Anh (2010 s s li u t -2009) c a 428 doanh nghi ng ch nc nghi u qu pc ra r ng c Hi u qu ho a doanh ng d n K t qu u ch ng kinh doanh (ROA) c 90% s bi n ng c a ROE y,... quan h gi a t su t sinh l i v i c u Hai chi u quan h t ra nghi v n v m t m i quan h nh m c c tr thu nt i ng quan h gi a bi n ph cl i i: ic t doanh nghi n, t n t i m t c ct nt uc c m r ng ra theo nhi ng c a c v t s bi u qu ho t Trang 24 ng c a doanh nghi cs d ng nh Hai bi n t su t sinh l i di n v m nghi c s d ng ph bi n gi i v m i quan h gi v n n u th c n t su t sinh l i y: - ac su t sinh l i m ts u ts... Tro 2.1 C c hi u ngu n v ng n c a doanh nghi su t n (N ph i tr su t t (V n ch s h n), t n) hay t su t n ph i tr v n ch s h u C b gi nghi id ng gi nh l ts tv c t trong vi c l a ch n c xu a doanh u Trang 11 i sao doanh nghi p s d ng n vay Nh bi n nh t tv i di t ph t tr t ng t MM uc u ki n th thi t c - ch - Doanh nghi - nv T tc ng gi thi t phi th c t u t thu thu nh p doanh nghi k t lu n r ng n kh u tr... ho t t ch n tr chi Hi u qu ho c (Murphy, 1996) ch c Hi u qu ho s n, ng doanh i nhu n, t ac c i nhu u qu c a Trang 15 doanh nghi p i u qu ho t ng b ng ph n Vi ng hi u qu ho b ng b i m n vi c l a ch ho ng c n c a th ng v , n u th ng hi u qu ho t su t sinh l ng s t qu t ng ph bi n su t sinh l i n c ph n ROE hay l i nhu ROI (t su t sinh l theo k ng ch ng ch ng theo th i di n cho hi u qu ho s n ng hi u... +ut , n c nh t, b c ba ng th ng 1.2 M uc su t sinh l i c sinh l p Li ng c a c nt n t su t t chi u hay nhi u chi t qu t nt im tc ng c a c u d ki nt tr l ng Vi i li Trang 7 1.3 1.3.1 Gi i h u ih d ch ch Giao H non tr ng d li doanh nghi thu th c l a ch li c ki u ch bao g m t c ch t n 2011 S ng doanh nghi p p thu c nhi lo i tr p thu m: 1.3.2 u ,c ph thu su t sinh l i ROE bi cl Trang 8 1.4 N t qu u Trang... gi a c , doanh nghi p khi s d ng n ng d t ph n r c san s trong khi l i nhu n k v ng c a c uc thuy i c thu i di u thu c v n M t s nsen (1986), t tr t t ng (pecking order theory) t tr t t ng s s d ng xu t nl cn ib nn r im r ng nh ph n m i nhu cho r i nhu n gi l t tr t t ng s d ng n Trang 14 2.2 T ng quan m t s u th c nghi m u c ti nc nhu a doanh nghi p, bao g m: l i ng c a doanh nghi p, r a doanh nghi... chi su t sinh l h ng m ng s bi u di n m i quan ng cong v i nh m c c tr i chi u qu ho ng c a c n u c a Weixu (2005), n b c hai c a c quan v i hi u qu ho K t qu u i - - ng c a c u u trong m ng kinh doanh v t lu n m uc ng d ng th c ti quan h gi a su t sinh l s D/A (t l n xu n ch s h i n c hai Trang 25 FP Debt 2, Debt 0, 0 Debt 1 0, c bi u di n b ng m c, t cc nt U am i gian c u ch nh d n v m ut sinh l i,... lu Trang 26 3.1 y gi a hi u qu ho ng c a doanh nghi p i quan h th y k t qu r d ng nhi u n ,m c t qu ho ng kinh doanh b i di n cho k t qu ho ng kinh doanh LEV) Margaritis minh h a cho kh chi i t qu d ng n c nh s thay cho v n c ph n c a LEV Shyanc u m m i quan h gi xu l n n b ng Trang 27 v im ng ch c danh m ch t nt ic ac tg d - cc nt nt th c trong th c ti n doanh nghi p m ch n thu c d g ct d ng n t . s n n HOSE S giao dch ch ROE T sut sinh ln ch s hu ROA T sut sinh ln T  . b n ti mt cn tt qu kinh doanh ca doanh nghit ti kt qu Trang 4    i m  . c ng ca cn t sut sinh li cp. Ling ca cn t sut sinh lt chiu hay nhiu chi