NGUY N TH NG C LOAN - CHUYÊN NGÀNH: TÀI CHÍNH NGÂN HÀNG 34.02.01 TS TP 12 I H C KINH T TP H C NG HÒA XÃ H I CH cl p CHÍ MINH T T NAM H nh phúc IH C TPHCM, ngày 28 tháng 11 Nh n xét c ng d n khoa h c H tên h c viên: NGUY N TH NG C LOAN Khóa: 19 Mã ngành: 60340201 tài nghiên c u: Chi i di n c a dòng ti n t do, sách c t c tài tr - Nghiên c u công ty niêm y t t i Vi H ng d n khoa h c : PGS TS NGUY N TH LIÊN HOA Nh n xét: (K t c u lu tài nghiên c u, nh ng n làm vi c c a h c viên) K t lu n: m / 10) a L IC c h t tác gi xin g i l n ng d n khoa h c, PGS TS Nguy n Th Liên Hoa, v nh ng ý ki ng ch d n có giá tr giúp tác gi hoàn thành lu Tác gi , h tr v d li Tác gi xin g i l b t lòng ng h th i gian th c hi n lu n H Quang Thanh L c tác gi th c hi n lu ng nghi p ng viên tác gi su t Tp H H c viên Nguy n Th Ng c Loan L Tác gi c t ngu u c a riêng tác gi v i s giúp ng d n nh i mà tác gi li u th y, n i dung k t qu nghiên c u c a lu c cơng b b t c cơng trình cho t i th m hi n Tp H Chí Minh, ngày 28 tháng 11 Tác gi Nguy n Th Ng c Loan cl y ng M CL C M CL C DANH M C CH VI T T T DANH M C B NG BI U, HÌNH V TĨM T T 1 GI I THI U 2 T NG QUAN CÁC K T QU NGHIÊN C U 18 3.1 18 3.2 18 3.3 19 3.3.1 19 3.3.1.1 19 3.3.1.2 21 3.3.2 23 3.3.2.1 23 3.3.2.2 23 3.3.2.3 24 N I DUNG VÀ CÁC K T QU NGHIÊN C U 28 4.1 K t qu nghiên c u gi thi t 28 4.2 K t qu nghiên c u gi thi t 33 K T LU N C A NGHIÊN C U 41 5.1 Các k t qu nghiên c u 41 5.2 Th o lu 5.3 Nh ng h n ch c a lu xu t 44 ng nghiên c u ti p theo 48 TÀI LI U THAM KH O 50 PH L C 55 DANH M C CH - CTCP: - DIV: Dividend payout ratio - FEM: Fixed Effects Model - GROW: Growth - LEV: Leverage - PRFT: Profitability - REM: Random Effects Model - TMCP: VI T T T DANH M C B NG BI U, HÌNH V Danh m c b ng bi u B ng 2.1: Tóm t t k t qu nghiên c dòng ti n t nhân t i di n c a n sách c t c 14 25 B ng 4.1: K t qu ki nh gi thi i quy bé nh t (Panel Least Squares) 28 B ng 4.2: K t qu ki nh gi thi i quy bé nh t (Panel Least Squares) 29 B ng 4.3: K t qu h ng c i hi u nh c hai bi n công ty th i gian 31 B ng 4.4: K t qu h ng c i hi u nh c hai bi n công ty th i gian 32 B ng 4.5: Th ng kê mô t bi n 33 B ng 4.6: K t qu ki nh Wald 35 B ng 4.7: Ki a bi n mơ hình 36 B ng 4.8: K t qu h ng c i hi u nh c hai bi n công ty th i gian 37 B ng 4.9: T ng h p k t qu ng c a nhân t i di n sách c t c 38 Danh m c hình v Hình 4.1: Mơ hình phân ph i bi n 34 Hình 4.2: th phân tán bi n 34 TÓM T T M c tiêu c a nghiên c u nh m tìm hi u cơng ty Vi t Nam v i dịng ti n t l n có th ki i di n phát sinh t dòng ti n t ng th i nghiên c u ng c i di n t dịng ti n t n sách c t c tài tr b ng n T u kh ng c a sách c t c tài tr c a công ty Vi thi i di n không ki nghiên c u, tác gi s d ng bi n y tài chính, c t nv nh gi thi t liên quan i di n ng i di n công ty i di n cho sách tài tr n m c tiêu c s d ng y tài gi i quy t v i di n Nghiên c u s d ng phân tích h i quy thu th p d li u y t th t i i di n L i nhu n, ng, r i ro, quy mơ dịng ti n t ng m m toán c a 100 cơng ty niêm ng ch ng khốn Vi t Nam kho ng th i gian t 2007 n 2011 K t qu nghiên c u phát hi n m i liên h ngh ch bi n kê gi a dịng ti n t v i sách c t h i quy cho th ch m i liên h y tài Ngồi ra, k t qu ng ngh ch bi chính, l i nhu n r gi n sách c t ng bi ng y tài ng th i k t qu nghiên c ng kê gi a quy mô doanh nghi p v i sách c t c GI I THI U Trong m t qu ng n, quy mô ho cm r ng c a n n kinh t s khơng hịa xu th p ph i ti p t c trì ng s n xu c c nh tranh không ng ng m r ng ho c qu c t h nghi p c n ph i trang tr i r t nhi u chi phí khác cho ho ng s n xu t kinh doanh, chi phí cho ho t ng, ti ph i tiêu t n m t lo i chi phí r p cịn c bi n hình cơng ty c ph i di n i di n gì? T i ph i di n? i di c am th m ng có t ch c H ng g m m i khác nhà qu n lý Trong cơng ty, vi t ng h p chi phí ic i ch thuê i di n làm nhi m v thay th cho nh gi a quy n qu n lý quy n s h u r t c n thi t Tuy nhiên vi nh mang r t nhi u v i s h u m c tiêu c ti m n m c tiêu c a i qu n lý khác C i ích c u ki gi ng L i ích c a c u mong mu n t i t i ích c a hai bên không i ch g n li n v i vi c t công ty H yêu c u nhà qu n lý ho i ích c a nhà qu ng g n li n v i vi c t ng g n tr c ti p v i thu nh p nh n c c a h V i m c tiêu khác nhau, nhà qu ho ng c a doanh nghi p nên h có th th c hi n nh quy nh nh m t i tr c ti tr công ty làm t n h Bên c c i qu u hành ng hay i ích cho cá nhân b qua m c tiêu t n l i ích c a c ph i gánh ch u thêm phí t i xu t hi i di ki m soát ho ng c bi t, cơng ty v i dịng ti n t l n s t i cho nhà qu n lý d dàng tr c l i cho b n thân m t nh ng tác nhân gây khu Liên h i di n n th c ti n Vi t Nam hi n nay, th n nhi ng h p công ty l n ph i di n nghiêm tr ng M t s nhà qu im tv iv i d ng v th c a có nh ng làm thi t h i l n cho doanh nghi p, gây t n h t c c n hình có th th y n l i ích kinh ng h p nhà qu n lý có nh thái làm l i cho b n thân làm t i thi u giá tr doanh nghi ng a CTCP FullPower ( FPC), CTCP V n t i Hà Tiên (HTV), CTCP Bông B ch Tuy t (BBT), Ngân hàng TMCP Á Châu (ACB), o doanh nghi p cl ho c v n vi c nhà lãnh Vinashin, Vinalines c nh c a pháp lu t v qu n lý kinh t gây h u qu nghiêm tr ng c n c quan h n ch thi t h i cho doanh nghi p cho n n kinh t c a qu c gia Do nv t i thi u hóa i di n làm m c tiêu nghiên c u c a v v Vi t Nam, tác gi ti n hành th c hi c u c a tác gi i di n ki i di n t i tài nghiên c u, ng d ng mơ hình nghiên c ngồi vào Vi t Nam Theo nghiên c nh ng gi h n ch i di n vi u ch nh dòng ti n t u t p trung vào gi i quy t v u ch nh dòng ti n t Chính sách c t c tài tr h ki m sốt dịng ti n t hay nói cách khác công c i di n c a dịng ti n t Ngồi ra, lu ng y u t t i di n thông qua vi c c xem cơng c ki m sốt chi 66 Ph l c 12: B d li u nghiên c u c a 100 công ty niêm y t th ng ch ng khoán Vi t Nam kho ng th i gian 2007 - 2011 MÃ CK ABT ABT ABT ABT ABT ACL ACL ACL ACL ACL AGF AGF AGF AGF AGF ALP ALP ALP ALP ALP ANV ANV ANV ANV TC 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 DIV FCF GROW LEV PRFT RISK SIZE 0.48270 1.29285 0.49881 0.00000 0.00000 0.75015 0.44081 0.26844 0.55372 0.72072 0.00000 0.91236 0.93422 0.30483 0.41543 0.00000 1.02361 1.28033 1.27573 0.00000 0.21386 1.07389 0.15385 0.83623 0.04734 -0.15157 -0.12332 0.19173 0.17806 -0.11537 0.24190 -0.06049 0.01955 0.07395 -0.19212 0.01859 0.04912 -0.02523 0.00391 -0.15984 0.04820 0.05054 -0.09563 0.15037 -0.19536 0.12194 -0.01336 -0.01001 1.72433 0.57081 1.28841 1.23171 1.00055 3.90577 1.10767 1.13667 1.09157 1.02549 1.45609 0.68510 0.85815 0.76460 0.76956 2.40829 0.71212 0.88945 0.95622 0.76873 2.81214 0.86654 0.88811 0.73923 0.44704 0.12543 0.21920 0.35484 0.21871 0.65301 1.62368 2.61369 2.18024 1.66149 0.49849 1.14580 1.57113 1.17212 1.61967 0.36576 0.36824 0.71999 0.95286 0.70314 0.38500 0.66087 0.03998 0.02652 0.13718 0.06582 0.20646 0.21130 0.25435 0.30212 0.50874 0.29601 0.26103 0.38539 0.06402 0.02000 0.02257 0.06764 0.09446 0.17516 0.03439 0.06240 0.09416 0.01824 0.21883 0.06104 -0.13015 0.04918 0.07526 0.03010 0.07838 0.00946 0.03729 0.05628 0.00042 0.07090 0.00012 0.04435 0.04086 0.02304 0.00157 0.01396 0.00348 0.02497 0.06884 0.00732 0.00706 0.02429 0.02856 0.08574 0.08631 0.08615 27.06362 25.90162 27.11238 27.09274 26.69598 27.35724 25.93111 26.25981 26.40956 26.48631 27.68892 25.99203 26.80663 26.44281 26.28301 28.30129 26.68774 26.98670 27.21806 26.90614 29.41273 27.85136 27.78049 27.56016 ANV BBC BBC BBC 2011 2007 2008 2009 0.80413 0.75410 0.73956 0.43065 0.06206 0.22744 -0.43959 -0.02549 0.55359 3.27196 0.54049 0.89051 0.44988 0.83179 0.22599 0.40813 0.05075 0.11809 0.04217 0.10949 0.00172 0.01025 0.02126 0.03066 26.90840 27.69724 26.09804 26.81588 67 BBC BBC BHS BHS BHS BHS BHS BMP BMP BMP BMP BMP BPC BPC BPC BPC BPC BT6 BT6 BT6 BT6 BT6 CAN CAN CAN CAN CAN CII CII CII CII CII COM COM COM 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 0.36911 0.39908 0.56543 0.00000 0.54012 0.44465 0.71310 0.14624 0.35353 0.10434 0.25259 0.35633 0.53889 0.62563 0.38900 0.55986 0.55409 0.23455 0.45674 0.25409 0.35730 0.54521 0.59693 0.58077 1.21047 0.49370 0.31013 0.66793 0.48200 0.31688 0.35843 0.87189 0.77888 0.64199 0.26449 0.05480 0.05208 0.00707 0.07241 0.11800 0.11649 0.08436 0.10011 0.06390 0.07612 0.20378 0.07126 0.08889 0.09558 0.03944 0.05604 0.01982 0.06127 0.18465 0.10324 -0.02982 -0.03056 -0.18865 0.08751 0.04908 0.00039 0.05233 0.02577 0.00168 0.00295 0.32845 0.03683 -0.57058 0.04372 0.01832 0.69797 0.48723 1.68763 0.95437 1.13564 1.10767 0.97695 4.80745 1.04189 1.55751 1.81357 1.15010 1.81916 0.63758 0.97627 0.78105 0.61822 1.48806 1.49883 1.32428 1.24699 0.86533 1.43976 0.81457 0.90588 1.16786 1.01871 2.03014 1.14740 1.69452 1.36099 1.08314 1.52149 1.02504 1.32118 0.38636 0.36895 0.75987 0.80698 1.06458 1.04398 1.33681 0.18063 0.15901 0.21674 0.15210 0.11165 0.19795 0.20258 0.25923 0.57073 0.81767 1.25285 0.97726 0.97361 1.59556 2.94925 0.53723 0.97711 0.92845 1.09570 1.21488 1.18656 1.46447 1.05988 1.47991 3.08350 0.16655 0.13549 0.37194 0.07533 0.08074 0.14100 -0.13065 0.28023 0.29369 0.26843 0.22773 0.19642 0.36893 0.32293 0.28068 0.14905 0.13526 0.18337 0.11548 0.10622 0.11955 0.10982 0.19147 0.20917 0.06838 0.12596 0.15253 0.14484 0.16170 0.27984 0.12385 0.16946 0.26133 0.26873 0.12769 0.05331 0.06693 0.18432 0.01605 0.00277 0.00020 0.10778 0.14710 0.00563 0.02038 0.00403 0.01656 0.09457 0.01620 0.01966 0.01867 0.00845 0.02344 0.05099 0.01066 0.00105 0.00175 0.02702 0.01171 0.04264 0.01168 0.00268 0.00144 0.00154 0.03478 0.00871 0.00708 0.04252 0.01385 0.05341 0.02701 0.00937 0.05332 26.50825 25.86593 27.45750 26.44003 27.03052 27.13012 26.97509 28.47116 26.96172 27.75937 28.13273 27.83349 25.66918 24.36085 25.07380 24.67566 23.93007 27.21364 27.20526 27.24000 27.36229 26.02787 25.62483 24.63526 24.97174 25.56745 25.51076 28.56161 27.70798 28.71221 28.61698 28.11994 26.85070 26.42338 26.92609 68 COM COM DCT DCT DCT DCT DCT DHA DHA DHA DHA DHA DHG DHG DHG DHG DHG DIC DIC DIC DIC DIC DMC DMC DMC DMC DMC DNP DNP DNP DNP DNP DPC DPC DPC 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 0.55870 0.74392 0.81954 0.72224 0.81759 0.97775 0.00000 0.37234 0.53677 0.44363 0.55814 0.78121 0.43423 0.38788 0.22068 0.28072 0.31366 0.39972 0.38829 0.67479 0.54774 0.92145 0.38618 0.43213 0.45843 0.46512 0.48912 0.57306 0.68530 0.50215 0.61918 0.44417 0.00000 0.63348 0.37130 0.06435 0.07261 -0.25094 0.23280 -0.30431 -0.20855 -0.02249 0.12949 -0.08097 0.07749 0.19167 0.08456 -0.32926 0.09206 0.02417 0.04231 0.14197 0.14348 0.12052 -0.05573 -0.07026 -0.01116 -0.26495 0.18356 0.05371 0.04185 0.02629 0.14693 -0.21828 0.08945 -0.03017 0.05048 -0.27804 -0.15987 0.03040 1.37082 1.02383 1.49823 0.57541 0.94259 0.85867 0.77003 1.82671 1.53606 1.39674 1.01372 0.49584 5.25931 2.45623 2.33456 2.03649 2.12653 1.61766 0.93685 1.13872 1.12940 0.81292 4.05950 1.29524 1.77229 0.99265 0.75635 1.52530 0.75376 1.03858 0.89386 0.84059 2.01221 0.71457 1.24816 0.29981 0.25352 0.24285 0.17791 1.31038 1.40793 2.10018 0.13890 0.76573 0.08943 0.18335 0.20233 0.47587 0.54984 0.48737 0.41450 0.43592 2.56158 2.27033 2.28558 1.91826 1.92575 0.30488 0.28813 0.41457 0.40315 0.44937 2.38174 1.11670 1.38407 1.93308 1.84561 0.83014 0.13401 0.33017 0.10335 0.09298 0.10816 0.12684 0.10680 0.07102 0.08260 0.17381 1.34914 0.21240 0.16937 0.12148 0.18036 0.18516 0.35592 0.29941 0.30077 0.25305 0.15110 0.14720 0.14591 0.07536 0.13892 0.13199 0.15215 0.15150 0.13921 0.15300 0.11391 0.13881 0.10703 0.14712 0.14132 0.10784 0.19539 0.03878 0.00377 0.05566 0.01383 0.04268 0.01183 0.00202 0.02480 0.01930 0.04924 0.03665 0.02977 0.04130 0.00196 0.08411 0.01939 0.00173 0.01250 0.01626 0.00005 0.00365 0.01709 0.01510 0.00282 0.00360 0.00029 0.00843 0.04902 0.00606 0.00312 0.01568 0.03617 0.00056 0.01264 0.03663 26.99503 26.63277 26.93226 25.71375 26.32325 26.27864 25.43834 26.72069 25.95847 26.84986 26.50345 25.55165 29.17047 28.45136 28.74590 28.78364 28.92019 26.06556 25.04128 25.91840 26.27910 25.29539 28.46674 27.21063 27.68001 27.01642 26.64274 25.27714 24.17068 25.10848 24.69232 24.83628 24.84885 23.82106 24.61957 69 DPC DPC DPM DPM DPM DPM DPM DPR DPR DPR DPR DPR DRC DRC DRC DRC DRC DTT DTT DTT DTT DTT DXP DXP DXP DXP DXP FMC FMC FMC FMC FMC FPT FPT FPT 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 0.51959 0.59057 0.66584 0.54814 0.56552 0.44346 0.42575 0.51715 0.34182 0.37959 0.32732 0.26792 0.55195 0.56442 0.05868 0.15684 0.00000 0.88728 0.89603 0.00000 0.00914 0.00000 0.34286 0.54910 0.42946 0.39231 0.48178 0.51703 0.75031 0.61880 0.61956 0.63618 0.44861 0.43831 0.33750 0.10621 0.00085 0.37844 0.21525 0.08022 0.14378 0.14113 0.14212 0.25670 0.10158 0.00188 0.05662 0.03866 0.10649 0.12904 0.04192 -0.05909 0.38137 0.05985 0.48325 0.17974 0.02225 0.16352 0.21594 0.18853 0.25521 0.18945 -0.02580 0.06745 0.01347 0.01433 0.01760 0.08243 0.06469 -0.10495 1.01160 0.68916 5.07783 2.66958 2.20635 2.09952 1.08179 3.40989 1.49675 2.26396 1.99946 1.03324 3.37623 1.07406 2.69080 1.46922 0.94267 1.67479 0.53825 0.40876 0.38219 0.50860 2.02760 1.27955 2.39760 1.51510 0.99702 1.61562 0.81314 0.94764 0.85298 0.87208 4.39362 1.68150 1.79824 0.33450 0.49996 0.31102 0.09555 0.14526 0.19186 0.10735 0.69668 0.53046 0.48296 0.34335 0.25708 1.80246 1.84462 0.40657 0.45464 0.84760 0.06265 0.05194 0.40922 0.45451 0.12799 0.61122 0.52917 0.19060 0.20994 0.15693 1.35147 1.17908 3.15602 2.02057 3.53011 1.36782 1.06956 2.22620 0.16470 0.13319 0.13038 0.29323 0.24251 0.27498 0.37733 0.34730 0.34376 0.25432 0.32110 0.42013 0.33984 0.23973 0.70574 0.26822 0.22523 0.04068 0.05797 0.70595 0.26814 -0.00574 0.23956 0.37472 0.48844 0.47019 0.25856 0.16874 0.07901 0.09308 0.16123 0.16526 0.32602 0.28257 0.35451 0.01660 0.02448 0.05287 0.11814 0.03924 0.01312 0.07381 0.08153 0.01361 0.03878 0.04670 0.06724 0.00877 0.02615 0.29464 0.22387 0.04417 0.08764 0.01190 0.31526 0.22387 0.13395 0.02468 0.06814 0.11681 0.01530 0.11675 0.05177 0.02510 0.00980 0.02191 0.01195 0.03789 0.00081 0.02422 24.40773 23.77982 30.95527 30.22542 30.21042 30.29481 29.82684 28.85480 27.81334 28.50816 28.69659 28.31961 28.09929 26.28985 28.26475 27.83866 27.38846 25.87748 24.66446 25.25512 25.02978 24.64606 25.85759 25.47202 26.53253 26.26099 25.96501 26.71179 25.23600 25.48851 25.24924 25.00307 30.64844 29.59583 30.05560 70 FPT FPT GIL GIL GIL GIL GIL GMC GMC GMC GMC GMC GMD GMD GMD GMD GMD GTA GTA GTA GTA GTA HAP HAP HAP HAP HAP HAS HAS HAS HAS HAS HAX HAX HAX 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 0.22943 0.25690 0.61640 0.82020 0.34993 0.93843 0.34335 0.44045 0.40880 0.56052 0.50726 0.51262 0.35153 0.00000 0.22053 0.29005 0.00000 0.06987 0.79646 0.77028 0.74485 0.78446 0.00000 0.00000 0.00000 0.00000 0.00000 0.64270 0.70048 1.11344 0.72370 0.00000 0.40834 0.53152 0.77497 0.18138 0.03074 -0.47124 0.13559 0.06956 0.02525 0.15377 -0.21441 0.11065 0.14305 0.07426 0.03870 -0.29772 -0.05739 0.04607 -0.14756 -0.13653 0.82933 -0.21573 0.04939 0.02782 0.08689 -0.39052 0.14092 -0.13333 0.02480 0.01697 -0.21645 0.12056 0.01050 0.03193 0.02192 0.04401 0.07473 -0.21520 1.68249 1.34778 1.42267 0.54274 1.26904 0.89090 1.02648 1.83789 0.74259 1.62683 1.09858 0.91757 2.23459 0.82086 1.28941 0.89870 0.66420 2.02531 0.73078 0.85283 0.68389 0.57712 1.90240 0.72242 0.91774 0.71001 0.30218 1.63149 0.63927 0.81072 0.67983 0.47736 2.25245 0.75405 1.10052 1.82270 1.57972 0.15349 0.19117 0.28917 0.50308 1.30811 0.66788 0.64966 0.72594 1.30866 1.44230 0.42597 0.72942 0.74887 0.60370 0.55660 0.86543 0.23714 0.40456 0.26802 0.39377 0.45157 0.57970 0.57970 0.44081 0.29035 0.93419 0.67984 0.56092 0.57145 0.46536 2.19084 0.69900 1.04417 0.31766 0.30477 0.07962 0.09776 0.16483 0.10064 0.20332 0.14606 0.15188 0.28471 0.26022 0.26497 0.08875 -0.08201 0.13077 0.05207 0.00146 1.46082 0.04878 0.05909 0.07785 0.07247 0.14682 -0.16345 -0.16700 0.08869 0.02025 0.09080 0.08036 0.04653 0.03576 0.00353 0.24087 0.12698 0.13011 0.00034 0.00692 0.03787 0.00922 0.03238 0.04307 0.01494 0.00554 0.00318 0.05154 0.03694 0.00298 0.03564 0.07692 0.08396 0.02829 0.02171 0.49204 0.52585 0.00187 0.01366 0.00664 0.02933 0.14106 0.00154 0.11408 0.03011 0.02794 0.00063 0.01275 0.00499 0.01439 0.02867 0.00053 0.00881 30.14697 30.00268 26.92916 25.68803 26.85345 26.44460 26.58219 26.28787 24.89545 26.26228 25.82854 25.58806 29.47810 27.96839 28.95975 28.82797 28.30351 26.46604 25.37091 25.54020 25.26878 24.88051 27.77676 26.14087 26.60094 26.28701 25.07610 26.55848 24.85667 25.41278 25.03915 24.25899 25.65591 24.81378 25.63104 71 HAX HAX HBC HBC HBC HBC HBC HDC HDC HDC HDC HDC HMC HMC HMC HMC HMC HPG HPG HPG HPG HPG HRC HRC HRC HRC HRC HT1 HT1 HT1 HT1 HT1 HTV HTV HTV 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 0.93415 0.00000 0.65246 0.00000 0.37564 0.06994 0.12724 0.55270 0.42097 0.10511 0.19317 0.28152 0.74401 0.77868 0.83912 0.77583 0.40952 0.20498 0.68546 0.15439 0.70669 0.00000 0.38735 0.58487 0.52435 0.45219 0.40412 0.60694 0.61630 0.68460 0.85570 0.00000 0.77968 1.35804 0.39874 -0.05732 0.00160 -0.38866 -0.10394 0.07659 0.06022 0.05071 -0.11032 0.08258 0.03370 0.03163 -0.02850 0.10074 -0.05005 -0.03172 0.14264 0.01729 -0.37260 -0.03219 0.12649 -0.07714 -0.14867 0.46081 0.29259 0.22957 0.15504 0.10201 -0.16107 -0.38404 -0.24294 -0.22148 0.02127 -0.35470 -0.06290 0.04204 0.97511 0.82837 2.13561 0.75023 0.95303 1.01406 0.91254 2.37864 1.08115 1.38715 1.30632 0.87760 2.03701 0.95612 1.11543 1.01926 0.86297 2.96448 1.37829 1.66957 1.39392 0.85907 7.24828 1.24947 1.64335 2.25711 1.52953 2.29527 1.10133 1.07225 1.03131 0.90733 2.07775 0.47819 1.03314 1.61699 1.82578 0.76955 1.07024 1.25155 1.93745 3.54453 3.89018 3.53418 2.96262 1.33292 1.20784 1.36880 1.82937 2.03155 2.59028 2.47599 0.48794 0.31478 1.07320 1.27627 0.21933 0.19772 0.20382 0.21037 0.22336 0.35817 1.47353 4.79024 5.21849 5.46427 6.29052 0.06937 0.04186 0.09277 0.08885 -0.10875 0.04677 0.01477 0.08334 0.21694 0.20655 0.22147 0.27205 0.39137 0.21084 0.14823 0.19568 0.14997 0.09029 0.11633 0.23791 0.20492 0.20905 0.26360 0.21089 0.18685 0.39110 0.27335 0.18140 0.23192 0.28049 0.10449 0.07955 0.13747 0.03306 -0.00505 0.08061 0.02291 0.11813 0.02043 0.05043 0.02935 0.01387 0.02027 0.02638 0.01939 0.01740 0.00803 0.02741 0.00593 0.01706 0.02263 0.02081 0.01642 0.00185 0.02549 0.02385 0.01203 0.01996 0.02378 0.04434 0.04668 0.07034 0.05459 0.02807 0.01198 0.01562 0.02016 0.00592 0.01202 0.00411 0.05103 0.03775 0.06089 25.41235 24.70028 28.10002 26.22427 26.96855 27.22863 26.79692 27.48002 25.86158 26.93924 27.43370 26.73243 27.23981 26.25269 26.74332 26.50216 25.91955 30.15573 29.46270 30.08921 30.13810 29.32791 28.68987 26.76049 27.18757 27.67183 27.38943 29.02647 28.06782 28.15768 28.41824 27.07600 26.74983 25.15297 26.05669 72 HTV HTV ICF ICF ICF ICF ICF IFS IFS IFS IFS IFS IMP IMP IMP IMP IMP ITA ITA ITA ITA ITA KBC KBC KBC KBC KBC KDC KDC KDC KDC KDC KHA KHA KHA 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 0.60033 0.41811 0.78126 1.45232 0.69346 0.82309 0.58276 0.68292 0.00000 0.00000 0.00000 0.00000 0.42774 0.40018 0.35316 0.31879 0.31621 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.38772 0.00000 0.39214 0.54416 0.41880 0.00000 0.67000 0.00000 -0.04003 0.02947 0.04853 -0.00328 0.05034 0.10410 0.05401 0.46954 -0.34670 -0.05615 -0.02991 -0.02791 -0.28869 0.08526 0.02059 0.05312 -0.05173 -0.27215 0.10174 -0.13439 0.07111 0.02331 -0.29410 -0.11331 0.04254 -0.09956 -0.04858 -0.34324 -0.02575 0.11929 -0.10045 -0.15532 -0.34996 0.23359 0.05750 0.72073 0.33845 1.86376 0.82350 0.99567 0.84035 0.72514 1.73168 1.04693 0.92358 0.88774 0.65207 3.99129 1.60119 1.60045 1.17020 0.65954 2.93622 0.83066 1.32162 0.98156 0.59893 5.38736 2.05765 1.90354 1.47330 0.88038 3.28143 0.87187 1.56566 1.46196 0.86956 1.43532 0.79506 1.17705 0.11445 0.11179 1.31915 1.43901 0.98774 1.10377 1.32908 1.53069 6.23270 0.77137 0.83732 1.03746 0.14244 0.15622 0.36029 0.27448 0.16737 0.41462 0.31377 0.43202 0.55445 0.54533 0.45903 0.71611 1.71939 1.41602 1.50349 0.19578 0.40268 0.73094 0.31712 0.51367 0.52466 0.54804 0.35032 0.07548 0.10041 0.14584 0.08255 0.14996 0.11279 0.06432 0.17912 -1.86333 -0.07873 0.02089 -0.15046 0.10957 0.11296 0.12219 0.13655 0.10946 0.11147 0.06072 0.08389 0.11522 0.01254 0.14800 0.10238 0.19693 0.25009 0.00810 0.08935 -0.04110 0.19873 0.13979 0.07171 0.05648 0.17154 0.16925 0.02854 0.01597 0.01377 0.02053 0.02941 0.01544 0.01838 0.01733 0.23222 0.15659 0.03348 0.06565 0.03030 0.00126 0.00556 0.01224 0.00946 0.01629 0.02257 0.00871 0.01093 0.04662 0.03784 0.02873 0.00903 0.01727 0.06560 0.07729 0.07306 0.10021 0.00668 0.04002 0.03633 0.05216 0.00934 25.75284 24.83262 26.79958 25.30141 25.93352 25.50327 24.84187 27.71440 26.11031 26.33612 26.33612 25.64297 28.41851 27.49679 27.60769 27.29845 26.78057 30.14808 28.91114 29.62884 29.35716 28.42984 30.42657 29.68412 30.07451 29.91278 28.72446 29.83972 28.15792 29.20394 29.43379 28.74841 26.69179 25.75339 26.57768 73 KHA KHA KHP KHP KHP KHP KHP L10 L10 L10 L10 L10 LAF LAF LAF LAF LAF LBM LBM LBM LBM LBM LGC LGC LGC LGC LGC MCP MCP MCP MCP MCP MHC MHC MHC 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 0.62305 0.79854 0.45033 0.55057 0.70266 0.55972 0.68290 0.88440 0.48152 0.55170 0.45998 0.44856 0.00000 0.86950 0.45387 0.31910 0.85548 0.42205 0.53237 0.67327 0.92476 0.74866 1.21832 0.93009 0.43175 0.35323 0.00000 0.20040 0.57431 0.80349 0.70848 0.64700 0.33634 0.00000 0.00000 0.10454 0.07942 0.13084 -0.38393 0.18588 -0.14993 0.14066 -0.15642 0.10353 -0.06170 -0.14738 0.08146 0.17070 -0.02056 0.06647 -0.14213 0.01668 -0.33643 -0.14707 -0.11920 0.05521 0.27619 -0.41942 -0.39088 0.02979 0.13395 0.14176 -0.16751 -0.17804 0.11623 0.09086 -0.00567 0.01034 -0.23547 0.11191 0.89359 0.57078 2.02044 0.94472 1.06318 0.93372 0.77930 2.39828 0.97049 1.10429 1.08065 0.86504 2.32714 0.84404 1.19994 1.13728 0.97197 1.89994 0.93600 1.04705 0.81778 0.65200 1.44804 1.09921 1.29097 1.23596 1.12925 1.32490 0.77570 0.97015 0.80510 0.89955 2.21880 0.80513 1.00068 0.42453 0.37132 1.18505 2.44301 2.26750 1.14420 0.99012 1.65453 2.10089 2.90976 3.52154 3.90142 0.80337 1.40946 1.04118 0.41782 2.11421 0.75277 1.38697 0.54114 0.50033 0.49696 2.26771 1.44708 1.72884 1.47866 1.45150 2.51203 0.65811 0.65327 0.75006 0.79471 0.96288 1.28000 2.17019 0.15396 0.08880 0.21624 0.19405 0.19379 0.18021 0.14662 0.13319 0.19351 0.19331 0.20046 0.16172 0.23861 0.04441 0.20344 0.33576 0.04445 0.09575 0.13342 0.06758 0.08128 0.10410 0.04468 0.09919 0.18945 0.24171 0.03332 0.16223 0.14879 0.09999 0.14172 0.20290 0.24256 0.00047 -0.24515 0.01336 0.02998 0.01811 0.03037 0.00233 0.01727 0.00732 0.02359 0.00865 0.00917 0.00361 0.00802 0.15896 0.08053 0.05744 0.09698 0.15736 0.01593 0.00131 0.00685 0.00730 0.00866 0.01015 0.01899 0.02043 0.01986 0.05935 0.00565 0.03079 0.02069 0.01450 0.02268 0.03022 0.08723 0.05483 26.23878 25.41734 27.26413 25.95050 26.47059 26.77258 26.35230 26.94584 25.36891 25.89500 26.00941 24.63208 26.44745 24.75306 25.72430 26.42232 26.08025 25.82172 24.75919 25.64889 25.29455 24.76811 26.03991 25.87337 26.33101 26.22869 26.07229 25.65269 25.07446 25.47807 25.17620 25.66012 26.87270 25.28222 25.61243 74 MHC MHC MPC MPC MPC MPC MPC NSC NSC NSC NSC NSC NTL NTL NTL NTL NTL PAC PAC PAC PAC PAC PGC PGC PGC PGC PGC PGS PGS PGS PGS PGS PJT PJT PJT 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 0.00000 0.00000 0.49462 0.00000 0.40966 0.00000 0.00000 0.50622 0.44752 0.43253 0.56470 0.26879 0.00000 0.65993 0.09229 0.16222 1.58991 0.40104 0.45819 0.20480 0.59630 0.60479 0.65123 0.00000 0.24917 0.55116 0.66116 0.78849 0.72281 0.71297 0.32590 0.36652 0.42385 0.57833 0.71993 0.07949 0.22602 -0.06921 0.04710 0.06289 -0.14626 -0.03532 0.06896 -0.22760 0.02739 0.14820 0.10076 0.20340 -0.05188 -0.07174 0.22706 0.09590 -0.03966 -0.01283 0.01872 0.01791 -0.03287 -0.09562 -0.01462 0.02539 0.07266 0.02260 -0.08959 -0.11854 0.13955 -0.13581 0.15617 0.04598 -0.16011 -0.09204 1.04857 0.73622 2.26231 0.94034 1.55548 1.19026 0.91718 1.94646 0.91467 1.53411 1.25881 1.36754 4.27304 1.29393 2.52009 1.49145 0.97821 2.40772 1.46855 2.60779 1.65021 0.87789 1.84816 0.66918 1.01395 0.87225 0.64822 1.87214 1.00235 1.14107 1.02627 0.99075 2.45287 0.96295 1.01848 1.67191 1.48062 0.93350 1.36002 1.02311 1.86068 3.05925 0.66308 0.40407 0.43035 0.47463 0.67273 1.63945 1.56697 1.10742 1.26229 1.45281 1.26049 0.62990 0.61104 1.29539 1.15967 0.55573 0.47568 0.81445 1.18460 0.97840 3.68170 4.08634 5.39981 5.48102 3.13253 1.35678 1.00858 0.43992 -0.45547 0.00112 0.17411 -0.04437 0.22242 0.22892 0.18442 0.18869 0.19579 0.19318 0.21032 0.28662 0.52568 0.23827 0.95420 0.62171 0.11706 0.22936 0.25054 0.35534 0.27092 0.17621 0.08653 0.00384 0.11706 0.08686 0.05478 0.06564 0.18625 0.20793 0.64364 0.32351 0.21026 0.06725 0.08148 0.06474 0.11972 0.01052 0.07628 0.08913 0.02051 0.02388 0.02175 0.01837 0.00310 0.00535 0.01896 0.04622 0.09558 0.27491 0.12921 0.15787 0.00309 0.03695 0.04727 0.07251 0.02576 0.00374 0.03683 0.04313 0.01710 0.00848 0.00205 0.01588 0.00285 0.04126 0.01274 0.01736 0.03941 0.01634 25.40949 24.16296 28.95731 27.41411 28.46827 28.36291 27.64591 25.93994 25.57081 26.44206 26.37183 26.57427 28.51132 27.02101 28.47969 28.31242 27.37558 27.43062 27.02857 28.03171 27.81183 26.72646 27.85205 26.24461 27.04949 26.70827 25.85177 27.43501 25.82008 26.62590 26.75381 27.28401 26.21736 25.14571 25.32804 75 PJT PJT POT POT POT POT POT PPC PPC PPC PPC PPC PVD PVD PVD PVD PVD PVI PVI PVI PVI PVI PVS PVS PVS PVS PVS PVT PVT PVT PVT PVT RAL RAL RAL 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 0.75003 0.80300 0.46265 0.59003 0.81823 0.80716 0.65754 0.59180 0.00000 0.54678 0.00000 0.00000 0.38510 0.35827 0.00000 0.47563 0.29453 0.00000 0.60308 0.62654 0.67507 0.80776 0.00000 0.48863 0.00000 0.32391 0.41979 0.76700 0.00000 0.00000 0.00000 0.00000 0.38539 0.47029 0.63108 0.06523 0.18101 -0.07696 0.02911 0.05474 0.05578 -0.02275 0.30804 -0.15066 0.12572 0.12138 -0.03170 -0.33861 0.00604 -0.34539 0.01168 -0.08982 -0.58429 0.42086 0.03700 0.00415 -0.17027 0.04397 -0.22841 -0.11267 -0.02276 0.00273 0.00025 -0.39010 -0.18627 -0.16993 -0.01316 -0.21781 0.03420 0.10231 0.82194 0.60134 2.03275 0.74399 0.93261 0.96162 0.77944 2.60024 1.25733 1.16677 1.00461 0.93585 4.41298 2.03889 1.80224 1.39798 1.03276 2.18781 1.20852 1.06217 0.81337 0.75389 3.28315 1.40906 1.22753 1.03482 0.93478 1.00263 1.07856 1.13552 1.00691 0.80363 1.90955 0.78704 0.90309 0.47342 0.36439 0.66160 0.62210 0.59333 0.71030 1.20295 1.53132 2.14483 1.71973 2.09608 2.98599 1.05600 2.81632 1.91958 1.79777 1.98540 1.58621 1.14961 1.43953 0.78886 0.50052 3.17822 2.51687 2.50828 3.90844 2.82138 1.31655 5.73340 2.95825 1.98609 2.21264 1.06387 1.14573 1.43693 0.11051 0.12625 0.10322 0.06681 0.05615 0.06387 0.03007 0.21552 -0.06200 0.20663 0.00111 0.02121 0.30678 0.43229 0.19250 0.16873 0.17204 0.14346 0.07504 0.08169 0.08223 0.06365 0.27924 0.23904 0.16490 0.26115 0.23993 0.02468 0.09240 0.00607 0.03205 0.01112 0.13811 0.11723 0.08464 0.01302 0.01240 0.02713 0.01480 0.00419 0.00147 0.01675 0.00510 0.07414 0.06764 0.05346 0.00350 0.05553 0.01785 0.02897 0.00397 0.00189 0.01307 0.01444 0.00101 0.00883 0.00251 0.02073 0.00070 0.01469 0.00427 0.00544 0.00618 0.00831 0.00735 0.00587 0.00461 0.02699 0.00869 0.01407 25.03755 24.53790 27.43075 25.86820 26.29221 26.35681 25.73679 30.59211 29.45725 29.46767 28.96099 28.41732 30.44296 30.03815 30.28102 30.03375 29.54932 29.59268 28.82906 28.65916 28.50775 28.86779 30.12670 29.33804 29.47474 29.05053 29.10754 29.31742 27.82131 28.46504 28.50473 27.27120 27.74341 26.14623 26.51902 76 RAL RAL REE REE REE REE REE SAM SAM SAM SAM SAM SAV SAV SAV SAV SAV SCD SCD SCD SCD SCD SJD SJD SJD SJD SJD SJS SJS SJS SJS SJS SSC SSC SSC 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 0.62532 0.57489 0.81891 0.00000 0.13126 0.82267 0.78280 0.69203 0.00000 0.64169 0.89237 0.00000 0.92711 0.69533 0.67676 0.49692 0.63985 0.44958 0.39823 0.46300 0.48706 0.55865 0.00000 0.67500 0.00000 0.76110 0.59806 0.22267 0.50154 0.22690 0.43346 0.00000 0.54519 0.48972 0.29621 0.00116 0.00709 -0.03258 0.08553 0.14377 0.04103 0.02119 -0.23425 0.01179 0.05665 0.09314 -0.09189 -0.12216 0.01611 0.00410 -0.00850 0.00858 0.04571 0.13230 0.11569 0.05891 0.01604 0.07005 0.17969 0.19492 0.02956 0.14711 0.01585 0.10987 -0.10955 0.05459 -0.21107 0.13321 0.05437 0.07988 0.83680 0.84664 2.92894 0.85178 1.37187 1.07633 0.78131 2.58742 0.43265 0.80241 0.55749 0.37146 1.41149 0.74059 1.18844 1.09819 0.81937 2.39798 1.04750 1.42572 1.41609 0.70997 1.42306 1.04359 1.12138 0.94017 0.78959 6.61329 1.63222 2.58710 1.87150 1.08283 4.22330 1.22979 2.57280 1.69843 2.06102 0.28306 0.24370 0.36352 0.70095 0.37001 0.29081 0.03191 0.10110 0.11672 0.16121 0.85495 0.98008 1.03532 0.83441 1.20448 0.27909 0.34991 0.35954 0.33150 0.37207 2.57887 2.06596 1.33173 0.98483 0.82115 0.21740 0.38543 0.69495 1.04737 1.71377 0.24697 0.21807 0.33346 0.08483 0.13122 0.12963 -0.07366 0.17554 0.12494 0.13284 0.08093 -0.03436 0.10548 0.04547 -0.08205 0.05282 0.04895 0.05061 0.03338 0.03274 0.18605 0.20167 0.24175 0.17093 0.13471 0.20109 0.09529 0.24438 0.13569 0.16285 0.28269 0.10351 0.39860 0.20983 -0.04479 0.17565 0.21780 0.28991 0.00233 0.00808 0.03281 0.11287 0.13207 0.03873 0.01693 0.03765 0.06788 0.09128 0.03895 0.07791 0.01459 0.00265 0.00053 0.00416 0.00232 0.01552 0.00279 0.02010 0.03496 0.02135 0.00407 0.00821 0.05213 0.02577 0.01489 0.07368 0.11136 0.11346 0.09396 0.08392 0.00344 0.02683 0.02730 26.21489 26.21489 29.68791 28.16275 28.94470 28.81847 28.62721 29.63486 27.54285 28.26763 27.81565 27.07853 26.96106 25.67654 26.68422 26.56363 25.87198 26.55139 25.62702 26.14910 26.19290 25.34560 27.64492 26.76729 27.09664 26.85287 26.55471 29.92920 28.39856 29.50712 29.43459 28.44557 27.16730 25.90607 27.01659 77 SSC SSC SSI SSI SSI SSI SSI TAC TAC TAC TAC TAC TCM TCM TCM TCM TCM TCR TCR TCR TCR TCR TCT TCT TCT TCT TCT TDH TDH TDH TDH TDH TMS TMS TMS 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 0.36540 0.49310 0.37415 0.53856 0.40901 0.50990 0.07246 0.30196 0.83330 0.95497 0.43302 0.66070 0.36158 0.00000 0.47927 0.33547 0.59740 0.27664 0.38575 0.31840 0.36988 0.30362 0.24129 0.38608 0.24186 0.52233 0.26777 0.10401 0.36195 0.38598 0.30438 0.00000 0.56070 0.34782 0.28603 0.05986 1.68690 0.25375 0.11798 1.60474 0.37706 0.09353 2.71503 1.30779 0.04250 1.00188 0.44240 -0.01765 2.16498 0.46871 0.03011 1.65547 0.59727 0.19951 0.96066 0.26578 -0.21177 3.37762 1.34417 0.12304 1.20186 1.22131 0.05492 1.25063 1.18912 0.04316 1.14718 1.55384 0.06130 1.05234 1.92726 -0.07591 1.98968 2.49027 -0.10859 0.89770 2.69037 -0.14660 1.16720 2.17737 0.15269 1.19570 1.80063 0.04582 0.82798 1.81987 -0.00152 1.32177 0.97496 0.08776 0.71893 0.91842 0.06905 0.77245 0.97671 0.09461 0.73192 0.74526 -0.10949 0.68880 1.24468 0.16618 10.12346 0.10165 0.10157 1.93709 0.05357 0.10388 2.38703 0.12001 0.10795 1.79557 0.11224 0.10856 1.06734 0.11327 0.20177 2.37455 0.44793 0.05656 0.78081 0.41127 0.03703 1.71391 0.42907 0.07138 0.96764 0.61581 0.08093 0.60618 0.64513 -0.28048 2.60940 0.18082 0.11771 1.21866 0.15707 -0.13395 1.16211 0.34452 0.24168 0.25310 0.21303 0.06429 0.16687 0.12613 0.01557 0.35528 0.03828 0.09343 0.23712 0.07164 0.23056 0.00838 0.08608 0.29207 0.15392 0.12403 0.06126 0.00701 0.09809 0.11456 0.33319 0.35655 0.32890 0.31001 0.36495 0.21626 0.19818 0.23595 0.18053 0.03385 0.09405 0.13999 0.12711 0.01829 0.00605 0.01939 0.03376 0.04883 0.02497 0.04678 0.04717 0.09401 0.01799 0.03547 0.04835 0.02858 0.04514 0.01718 0.05500 0.03515 0.00525 0.02183 0.02007 0.03723 0.00365 0.04768 0.02544 0.03165 0.01056 0.03471 0.03845 0.00624 0.01564 0.03826 0.06134 0.02019 0.02923 0.01870 26.67607 26.76115 30.63234 28.99391 30.20081 30.04897 29.20476 28.48290 26.82791 26.85714 26.95506 26.73005 27.97630 26.07954 27.42081 27.68730 26.65006 27.59032 26.34928 26.50910 26.54829 26.08044 26.99112 25.56683 26.04748 25.94936 25.66967 28.45581 27.25547 28.56968 27.89561 26.77760 26.98420 26.22466 26.81597 78 TMS TMS TSC TSC TSC TSC TSC TTP TTP TTP TTP TTP TYA TYA TYA TYA TYA UNI UNI UNI UNI UNI VGP VGP VGP VGP VGP VHC VHC VHC VHC VHC VIC VIC VIC 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 0.33967 0.21543 0.04730 0.39276 0.57147 0.56797 0.39133 0.50965 0.65704 0.35754 0.35137 0.45851 1.58115 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 1.14709 0.00000 0.60953 0.54072 0.47553 0.60423 0.69872 0.31202 0.63716 0.25282 0.00000 0.29132 0.00000 0.48099 0.00000 -0.00892 0.15766 -0.04300 0.05885 0.02379 0.05027 -0.08285 -0.31082 0.09115 0.08975 0.05823 0.07174 0.02548 0.03668 0.00951 0.00742 -0.00022 -0.04047 -0.38077 -0.11327 -0.31377 0.09149 -0.46728 0.17649 0.04929 0.03990 0.11937 0.06759 -0.05434 -0.03424 0.02542 0.05501 -0.58883 -0.16326 -0.42254 1.13763 1.03649 2.32970 1.10875 1.10273 0.95636 0.90104 3.36073 0.65875 1.36831 1.00654 0.84301 1.56913 1.15121 1.10938 0.94214 0.74970 1.92067 0.72099 1.40858 1.17446 0.63333 2.16846 0.91996 1.05911 0.91273 0.77591 3.21132 1.14656 1.73626 1.23265 1.02576 4.30499 2.33532 2.02962 0.46666 0.37817 1.91283 4.01126 3.82268 3.44556 3.63008 0.24686 0.15843 0.18593 0.31156 0.23985 2.26733 2.32706 2.22102 2.68959 1.75886 1.83784 0.27766 0.24678 0.53763 0.71279 0.05854 0.14250 0.19019 0.27937 0.55249 0.67879 2.04105 1.30677 0.89420 0.88557 0.67655 2.93675 5.16590 0.11876 0.10834 0.44119 0.38613 0.15083 0.07838 0.15397 0.13214 0.16052 0.18519 0.17086 0.12546 0.02740 -0.54395 -0.04638 0.10821 0.12563 0.32497 0.01646 0.18130 0.10983 -0.07789 0.10464 0.15431 0.15888 0.16427 0.14583 0.24397 0.20424 0.30083 0.22867 0.31724 0.14617 0.08326 0.43477 0.00968 0.00166 0.07931 0.05262 0.03237 0.00966 0.01009 0.04874 0.02304 0.01243 0.01830 0.02056 0.01385 0.12154 0.10543 0.03092 0.01146 0.01036 0.07186 0.09371 0.05231 0.08266 0.03649 0.02560 0.00111 0.00360 0.02437 0.00403 0.05393 0.04354 0.00705 0.03276 0.30054 0.04525 0.02975 26.92206 26.92468 27.37797 26.32539 26.38782 25.73699 25.36927 28.06888 26.25602 27.20178 26.94584 26.76352 27.49934 26.42185 26.27081 25.84337 25.04486 25.27793 24.71014 25.71918 25.68762 24.33390 26.44193 25.49719 25.76034 25.69411 25.34658 28.26760 27.06890 28.19558 27.93843 27.89726 30.14484 29.88637 30.45266 79 VIC VIC VID VID VID VID VID VIP VIP VIP VIP VIP VIS VIS VIS VIS VIS VNE VNE VNE VNE VNE VNM VNM VNM VNM VNM VNR VNR VNR VNR VNR VPK VPK VPK 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 0.98252 0.00000 0.86470 0.85020 0.80450 0.00000 0.00000 0.47944 0.62641 0.69615 0.54398 0.55302 0.68454 0.28580 0.07985 0.54340 1.10240 0.91579 0.00000 0.00000 1.00216 0.00000 0.52758 0.40660 0.44510 0.48810 0.43900 0.89684 0.75834 0.62112 0.57233 0.65562 0.76291 0.38208 0.00000 -0.00340 0.24794 -0.23855 -0.06585 0.05667 -0.00238 0.03043 -0.38534 0.15261 -0.22686 0.04900 0.12049 -0.01081 -0.23516 0.39149 0.01907 0.00359 -0.30133 -0.08603 0.04930 -0.06432 0.37626 -0.11218 0.16493 0.05732 0.27423 -0.04135 0.07593 -0.38436 0.04250 0.05479 -0.01215 -0.03031 0.06734 0.38046 2.13065 1.91176 1.94181 0.86083 0.99507 0.97034 0.78080 2.54924 0.86820 1.34507 0.90197 0.71798 2.62827 1.02547 0.99570 1.03112 1.08296 1.70892 0.94100 1.03309 1.01951 0.76391 5.55469 2.62828 3.33155 3.07544 3.30990 3.00461 0.98948 0.89865 0.89816 0.71492 1.48696 0.87091 1.03193 2.42497 4.19312 0.74475 0.84928 0.99087 1.69159 1.89701 0.98163 0.83402 1.73295 1.52920 1.49329 3.54166 2.46342 2.43905 1.85148 1.51798 5.19271 4.41180 3.72289 1.70607 1.90877 0.24867 0.24243 0.27252 0.38992 0.22510 0.97965 0.42555 0.53212 0.70213 0.81344 0.93715 1.15089 1.33948 0.33714 0.12633 0.09125 0.09294 0.10593 0.05046 -0.02755 0.19196 0.09494 0.06332 0.09032 0.06325 0.12604 0.48694 0.51769 0.18991 0.05197 0.16374 0.00711 0.21919 0.02897 0.03498 0.22323 0.26252 0.35791 0.45404 0.33807 0.11904 0.08350 0.09792 0.10901 0.10729 0.12736 0.04501 0.15433 0.01799 0.04603 0.00277 0.00144 0.00209 0.02437 0.01998 0.01527 0.03150 0.02029 0.00883 0.00728 0.00692 0.07113 0.01569 0.05935 0.03250 0.01435 0.01720 0.03073 0.02433 0.00094 0.11262 0.02257 0.04991 0.03930 0.04594 0.00636 0.00110 0.00377 0.00009 0.00345 0.00398 0.03169 0.03185 31.22574 31.29151 27.20519 26.02966 26.33840 26.31421 25.34913 28.79034 27.11755 28.09155 27.18465 26.24949 28.00912 26.41193 26.78472 27.17374 27.17374 28.19483 26.21861 26.86571 27.24889 25.94520 30.99920 30.30364 30.90492 31.04294 31.51200 28.74617 28.26342 28.15009 28.20836 27.66882 25.92947 24.87965 24.95439 80 VPK VPK VSH VSH VSH VSH VSH VTB VTB VTB VTB VTB VTO VTO VTO VTO VTO 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 0.00000 0.46355 0.74946 0.66719 0.77095 0.68199 0.62680 0.45538 0.70174 0.60393 0.68612 1.00139 0.29820 0.66236 0.69982 0.57667 0.72608 0.02867 0.01787 -0.13013 0.13678 0.09005 0.01656 0.14720 -0.32406 0.08725 0.04386 -0.02779 0.08650 -0.24436 -0.42254 0.21840 -0.00357 0.11332 0.96962 0.68025 2.78903 1.68256 1.48237 1.04275 0.81131 1.71656 0.83981 0.90422 0.77260 0.47705 1.97268 0.97941 1.00578 0.98938 0.83787 1.06961 0.54221 0.21632 0.15918 0.13990 0.24294 0.42720 0.54700 0.30984 0.49907 0.31634 0.28237 1.79816 3.37817 3.18039 1.97424 2.27310 0.14784 0.25628 0.12709 0.17325 0.16564 0.12456 0.14043 0.11224 0.12232 0.13036 0.10807 0.07613 0.30178 0.04617 0.04368 0.08059 0.08264 0.00386 0.06699 0.02770 0.03178 0.00302 0.03201 0.00106 0.02321 0.01469 0.00476 0.00377 0.01594 0.01883 0.06880 0.00007 0.00544 0.01439 24.97738 24.65893 29.49059 28.97547 28.88553 28.57001 28.16857 26.84251 25.78700 25.91438 25.75753 24.95190 28.47086 27.28746 27.41287 27.28968 26.53871 ... u tài tr t bên ngồi c a cơng ty s h gi m chi tr c t , khuy n khích tránh ch u áp l c t chi phí tài tr bên ngồi Nghiên c u Mollah (2002) k t lu n r ng công ty niêm y t sàn ch ng khoán Dhaka chi. .. vi c quan sát 110 công ty phi tài niêm ng Nghiên c u ch r ng nh ng công ty l n l i nhu n nhi 13 s có t l chi tr c t c nhi s ng công ty có r i ro n nhi ng t i vi c tr c t c th Nghiên c u c a Thanh... it (+) (-) it it (+) it (+) it (-) chi hay Khi công ty tài tr b ng n s ng ti p c n t ngu n tài tr bên ng th i gi m b t ngu n l c n i b công ty M t m t, 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