B TR NGă GIÁO D CăVÀă ÀOăT O I H C KINH T TP H CHÍ MINH HỒNG M NH H I M I QUAN H GI A C U TRÚC S H U VÀ GIÁ TR DOANH NGHI P C A CÁC CÔNG TY NIÊM Y T TRÊN SÀN GIAO D CH CH NG KHỐN TP H CHÍ MINH LU NăV NăTH CăS ăKINHăT Tp H Chí Minh ậ N mă2015 B TR NGă GIÁO D CăVÀă ÀOăT O I H C KINH T TP H CHÍ MINH HỒNG M NH H I M I QUAN H GI A C U TRÚC S H U VÀ GIÁ TR DOANH NGHI P C A CÁC CÔNG TY NIÊM Y T TRÊN SÀN GIAO D CH CH NG KHOÁN TP H CHÍ MINH CHUYÊN NGÀNH: TÀI CHÍNH - NGÂN HÀNG MÃ S : 60340201 LU NăV NăTH CăS ăKINHăT NG IăH NG D N KHOA H C: PGS.TS Nguy n Th Liên Hoa Tp H Chí Minh ậ N mă2015 L IăCAMă OAN Tác gi xin cam đoan lu n v n “M i quan h gi a c u trúc s h u giá tr doanh nghi p c a công ty niêm y t sàn giao d ch ch ng khốn Tp H ChíăMinh” cơng trình nghiên c u c a tác gi , d is h ng d n c a PGS.TS Nguy n Th Liên Hoa Các s li u lu n v n có ngu n trích rõ rƠng, đáng tin c y vƠ đ c x lý khách quan, trung th c Các tài li u tham kh o lu n v n đ u đ trích d n rõ ràng TP H Chí Minh, tháng 05 n m β015 H c viên th c hi n Hoàng M nh H i c M cL c Trang ph bìa L i cam đoan M cl c Danh m c ch vi t t t Danh m c b ng Danh m c hình TĨM T T CH NGă1:ăGI I THI U 1.1 Lý ch n đ tài 1.2 M c tiêu câu h i nghiên c u .3 it 1.3 1.4 Ph ng ph m vi nghiên c u ng pháp nghiên c u 1.5 B c c lu n v n CH NGă2: T NG QUAN CÁC NGHIÊN C UăTR 2.1 S h u nhƠ n Că ÂY c giá tr doanh nghi p 2.2 S h u c a c đông t ch c giá tr doanh nghi p .11 2.3 S h u n c giá tr doanh nghi p 17 2.4 Các nghiên c u v c u trúc s h u tác đ ng lên giá tr doanh nghi p t i Vi t Nam 21 CH NGă3:ăPH NGăPHÁPăNGHIÊN C U 24 3.1 D li u 24 3.2 Mô t bi n 25 3.2.1 Bi n ph thu c .25 3.2.1 Bi n đ c l p 25 3.2.1.1 Các bi n v c u trúc s h u 25 3.2.1.2 Các bi n ki m soát .26 3.3 Gi thi t nghiên c u 27 3.4 Mơ hình nghiên c u .29 CH NG K T QU NGHIÊN C U 33 4.1 Th ng kê mô t .33 4.2 Ma tr n t ng quan gi a bi n 36 4.3 K t qu nghiên c u 37 4.γ.1 Tác đ ng c a S h u Nhà n c đ n giá tr công ty .37 4.γ.β Tác đ ng c a s h u c a c đông t ch c lên giá tr c a doanh nghi p 40 4.γ.γ Tác đ ng t ng h p c a s h u nhà n c s h u c đông t ch c lên giá tr c a doanh nghi p 42 4.4 Ki m đ nh tính v ng .43 4.4.1 Hi n t ng n i sinh gi a t l s h u nhà n 4.4.2 Hi n t ng n i sinh gi a t l s h u n c ch s Tobin’s Q 43 c v i Tobin’s Q .46 4.4.3 Hi u ng chu i th i gian 48 4.4.4 Hi u ng ngành 50 4.4.5 Hi u ng theo đ a lí kinh t 51 4.4.6 V n đ đo l ng hi u qu doanh nghi p 53 4.5 Th o lu n k t qu nghiên c u 54 CH NGă5:ăK T LU N 56 5.1 K t lu n v k t qu nghiên c u 56 5.2 H n ch c a đ tài 57 5.3 H ng nghiên c u ti p theo 57 TÀI LI U THAM KH O PH L C DANH M C CÁC CH 2SLS : PH VI T T T NG PHÁP H I QUY HAI GIAI O N DNCP : DOANH NGHI P C PH N H QT : H I NG QU N TR HOSE : S GIAO D CH CH NG KHOÁN THÀNH PH H CHÍ MINH OLS : PH NG PHÁP BỊNH PH ROS : CH S SINH L I TRÊN DOANH THU SID : NGÀNH CHI N L C NG BÉ NH T DANH M C CÁC B NG B ng 4.1: B ng d u k v ng .32 B ng 4.2: Th ng kê mô t 34 B ng 4.3: C u trúc s h u theo ngành 35 B ng 4.4: Ma tr n t ng quan 37 B ng 4.5: M i quan h gi a t l s h u nhƠ n c ch s Tobin’s Q 38 B ng 4.6: M i quan h gi a t l s h u c a c đông t ch c ngoƠi nhƠ n c ch s Tobin’s Q 41 B ng 4.7: M i quan h gi a t l s h u c a c đông t ch c c đông nhƠ n c ch s Tobin’s Q 42 B ng 4.8: cl ng 2SLS v i tr ng h p State bi n ph thu c 44 B ng 4.9: cl ng 2SLS v i tr ng h p Tobin’s Q lƠ bi n ph thu c 45 B ng 4.10: cl ng 2SLS v i bi n ph thu c t l s h u n B ng 4.11: cl ng 2SLS v i bi n ph thu c lƠ Tobin’s Q .48 c 47 B ng 4.12: Ki m đ nh tính v ng (Time-series) 49 B ng 4.13: Ki m đ nh tính v ng (Industries) 50 B ng 4.14: Ki m đ nh tính v ng (Geo-Econ.) 52 B ng 4.15: Ki m đ nh tính v ng (ROS) 53 DANH M C CÁC HÌNH Hình 4.1: M i quan h gi a t l s h u nhƠ n c giá tr doanh nghi p .39 TÓM T T Lu n v n nghiên c u m i quan h gi a c u trúc s h u giá tr doanh nghi p c a công ty phi tài niêm y t S giao d ch ch ng khốn Thành ph H Chí Minh (HOSE) giai đo n 2008-2013 K th a nghiên c u c a Zuabao Wei, Feixue Xie, & Shaorong Zhang (2005), Loderer & Martin (1997) xây d ng ki m đ nh mơ hình B ng nghiên c u th c nghi m d a h n 1300 quan sát, k t qu cho th y c u trúc s h u th t s có nh h Nam C th , s h u nhƠ n c s h u n ng lên giá tr doanh nghi p Vi t c ngoƠi tác đ ng tích c c lên giá tr doanh nghi p, tác gi khơng tìm th y b ng ch ng s h u c a c đông t ch c tác đ ng lên giá tr doanh nghi p M i quan h gi a s h u nhƠ n nghi p có d ng đ ng cong ch U ng Hoàng Th Ph ng Th o (2013) v v n đ c u trúc s h u T khóa: S h u nhà n c, s h u n c giá tr doanh c gi ng v i nghiên c u c a Phùng c Nam c ngoài, s h u t ch c, giá tr doanh nghi p CH Lý ch năđ tài 1.1 Th tr S l v NGă1: GI I THI U ng ch ng khoán Vi t Nam đư vƠ phát tri n t n m 1998 đ n ng doanh nghi p niêm y t Sàn giao d ch ch ng khoán TP.HCM đư t qua s 300 M t nh ng v n đ đ c quan tâm b i nhƠ đ u t , nhà l p pháp h c gi v n đ c u trúc s h u hi u qu ho t đ ng c a doanh nghi p Các nhóm c đơng khác có nh ng quy n l i l i ích khác nhau, có nh ng quan h khác v i ph , v i ngân hàng, v i đ i tác chi n l c nên c c u s h u có nh h ng l n đ n nh ng quy t đ nh c a doanh nghi p tác đ ng đ n hi u qu ho t đ ng c ng nh giá tr doanh nghi p khác M i quan h gi a c c u s h u giá tr công ty ch đ c a nhi u nghiên c u, đ c đánh d u b i nghiên c u c a Berle & Means (1932) Nhi u nghiên c u xem xét tác đ ng c a c c u s h u lên hi u qu ho t đ ng c a doanh nghi p (Belkhir, 2009; Fauzi & Locke, 2012; Jones, Kalmi & Mygind, 2005; La Porta & đ ng s , 2000; Lin & đ ng s , 2011; Margaritis & Psillaki, 2010; Porta, Lopez- de-Silanes & Shleifer, 1999; Yu, 2005) M t s nghiên c u khác nghiên c u c u trúc s h u liên quan đ n chi phí đ i di n, kéo theo lƠ giá tr doanh nghi p (Lee Zang, 2011; Turki & Sedrine, 2012; Ryu & Yoo, 2011;ầ) Tuy nhiên nhi u k t qu ch a th ng nh t Bên c nh đó, sách kinh t hi n t i c a n h ng tích c c M t là, ch tr h u c a nhƠ đ u t n ng thu hút đ u t n c th tr ph n hóa doanh nghi p nhƠ n c ta thay đ i nhi u theo c b ng vi c nâng tr n s ng ch ng khoán Hai là, ch tr ng c c thoái v n b t t i doanh nghi p Ba là, vi c khuy n khích nhƠ đ u t t ch c bao g m qu đ u t , doanh nghi p l n có l i th v tài chính, kinh nghi m qu n tr , u hƠnh tham gia đ u t vƠo doanh nghi p, đ c bi t doanh nghi p c ph n hóa nâng cao hi u qu ho t đ ng c a doanh nghi p K t qu h iăquyăn mă2013 reg q logta rich Source SS df MS Model Residual 1.12969983 31.2605909 272 564849917 114928643 Total 32.3902907 274 11821274 q Coef logta rich _cons 055332 0329061 -.5778789 Std Err t 0178488 0508504 4985485 3.10 0.65 -1.16 Number of obs F( 2, 272) Prob > F R-squared Adj R-squared Root MSE P>|t| 0.002 0.518 0.247 = = = = = = 275 4.91 0.0080 0.0349 0.0278 33901 [95% Conf Interval] 0201927 -.0672044 -1.559383 0904713 1330165 4036255 predict q_hat (option xb assumed; fitted values) reg foreign q_hat logta Source SS df MS Model Residual 641083004 4.7147956 272 320541502 017333807 Total 5.35587861 274 019547002 foreign Coef q_hat logta _cons 1.089316 -.0193788 -.4177013 Std Err .6001382 0335272 3730174 t 1.82 -0.58 -1.12 Number of obs F( 2, 272) Prob > F R-squared Adj R-squared Root MSE P>|t| 0.071 0.564 0.264 = = = = = = 275 18.49 0.0000 0.1197 0.1132 13166 [95% Conf Interval] -.0921904 -.0853846 -1.15207 2.270822 0466269 3166669 ivregress 2sls foreign logta (q = rich) Instrumental variables (2SLS) regression foreign Coef q logta _cons 1.089318 -.0193789 -.4177002 Instrumented: Instruments: q logta rich Std Err 1.622494 0906419 1.008465 Number of obs Wald chi2(2) Prob > chi2 R-squared Root MSE z 0.67 -0.21 -0.41 P>|z| 0.502 0.831 0.679 = = = = = 275 5.06 0.0797 35594 [95% Conf Interval] -2.090712 -.1970337 -2.394256 4.269348 1582758 1.558856 K t qu h i quy m uăđ yăđ reg q logta rich Source SS df MS Model Residual 4.71604231 95.3085425 663 2.35802115 143753458 Total 100.024585 665 15041291 q Coef logta rich _cons 0747895 0477295 -1.045076 Std Err t 013067 0384843 3683877 5.72 1.24 -2.84 Number of obs F( 2, 663) Prob > F R-squared Adj R-squared Root MSE P>|t| 0.000 0.215 0.005 = = = = = = 666 16.40 0.0000 0.0471 0.0443 37915 [95% Conf Interval] 0491319 -.0278364 -1.768423 1004472 1232953 -.3217288 predict q_hat (option xb assumed; fitted values) reg foreign q_hat logta Source SS df MS Model Residual 975699708 13.8199323 663 487849854 020844543 Total 14.795632 665 022249071 foreign Coef q_hat logta _cons -.2609353 0519894 -1.007193 Std Err .3070325 0226073 3148818 t -0.85 2.30 -3.20 Number of obs F( 2, 663) Prob > F R-squared Adj R-squared Root MSE P>|t| 0.396 0.022 0.001 = = = = = = 666 23.40 0.0000 0.0659 0.0631 14438 [95% Conf Interval] -.8638085 0075988 -1.625479 3419378 09638 -.3889071 ivregress 2sls foreign logta (q = rich) Instrumental variables (2SLS) regression foreign Coef q logta _cons -.2609354 0519894 -1.007193 Instrumented: Instruments: q logta rich Std Err .4144252 0305149 4250201 Number of obs Wald chi2(2) Prob > chi2 R-squared Root MSE z -0.63 1.70 -2.37 P>|z| 0.529 0.088 0.018 = = = = = 666 25.69 0.0000 19488 [95% Conf Interval] -1.073194 -.0078186 -1.840217 5513231 1117975 -.1741688 PH L C 10: K T QU H I QUY B NG 4.10 K t qu h iăquyăn mă2008 reg foreign logta state Source SS df MS Model Residual 181002359 2.39835561 116 090501179 020675479 Total 2.57935796 118 021858966 foreign Coef logta state _cons 0271708 -.1303756 -.5425317 Std Err t 012784 0603747 3483354 2.13 -2.16 -1.56 Number of obs F( 2, 116) Prob > F R-squared Adj R-squared Root MSE P>|t| 0.036 0.033 0.122 = = = = = = 119 4.38 0.0147 0.0702 0.0541 14379 [95% Conf Interval] 0018504 -.2499553 -1.232454 0524912 -.0107959 1473905 predict foreign_hat (option xb assumed; fitted values) reg q foreign_hat logta Source SS df MS Model Residual 5.63334581 13.5537716 116 2.8166729 116842859 Total 19.1871175 118 16260269 q Coef foreign_hat logta _cons -3.594693 2788512 -5.963494 Std Err 1.10086 041591 1.018508 t -3.27 6.70 -5.86 Number of obs F( 2, 116) Prob > F R-squared Adj R-squared Root MSE P>|t| 0.001 0.000 0.000 = = = = = = 119 24.11 0.0000 0.2936 0.2814 34182 [95% Conf Interval] -5.775084 1964749 -7.980777 -1.414301 3612275 -3.946211 ivregress 2sls q logta (foreign = state) Instrumental variables (2SLS) regression q Coef foreign logta _cons -3.594693 2788512 -5.963494 Instrumented: Instruments: foreign logta state Std Err 2.147156 0811207 1.986534 Number of obs Wald chi2(2) Prob > chi2 R-squared Root MSE z -1.67 3.44 -3.00 P>|z| 0.094 0.001 0.003 = = = = = 119 12.67 0.0018 6667 [95% Conf Interval] -7.803041 1198576 -9.857028 6136551 4378448 -2.06996 K t qu h iăquyăn mă2009 encode(mack), gen(cty) reg foreign logta state Source SS df MS Model Residual 246701882 2.42084748 155 123350941 015618371 Total 2.66754936 157 01699076 foreign Coef logta state _cons 0362971 -.0574202 -.8567029 Std Err t 0095199 0419971 2610225 3.81 -1.37 -3.28 Number of obs F( 2, 155) Prob > F R-squared Adj R-squared Root MSE P>|t| 0.000 0.174 0.001 = = = = = = 158 7.90 0.0005 0.0925 0.0808 12497 [95% Conf Interval] 0174915 -.1403808 -1.372323 0551026 0255404 -.3410824 predict foreign_hat (option xb assumed; fitted values) reg q foreign_hat logta Source SS df MS Model Residual 2.61941504 42.135228 155 1.30970752 271840181 Total 44.754643 157 285061421 q Coef foreign_hat logta _cons -4.447587 2662933 -5.347942 Std Err 3.051361 1152064 2.80769 t -1.46 2.31 -1.90 Number of obs F( 2, 155) Prob > F R-squared Adj R-squared Root MSE P>|t| 0.147 0.022 0.059 = = = = = = 158 4.82 0.0093 0.0585 0.0464 52138 [95% Conf Interval] -10.47521 0387161 -10.89422 1.580033 4938706 1983327 ivregress 2sls q logta (foreign = state) Instrumental variables (2SLS) regression q Coef foreign logta _cons -4.447587 2662933 -5.347942 Instrumented: Instruments: foreign logta state Std Err 5.037866 1902084 4.63556 Number of obs Wald chi2(2) Prob > chi2 R-squared Root MSE z -0.88 1.40 -1.15 P>|z| 0.377 0.162 0.249 = = = = = 158 3.53 0.1708 86082 [95% Conf Interval] -14.32162 -.1065083 -14.43347 5.42645 6390949 3.737589 K t qu h iăquyăn mă2010 reg foreign logta state Source SS df MS Model Residual 364585852 3.90931373 229 182292926 017071239 Total 4.27389959 231 01850173 foreign Coef logta state _cons 0369831 -.0394686 -.9013063 Std Err t 0082056 0356705 2259788 4.51 -1.11 -3.99 Number of obs F( 2, 229) Prob > F R-squared Adj R-squared Root MSE P>|t| 0.000 0.270 0.000 = = = = = = 232 10.68 0.0000 0.0853 0.0773 13066 [95% Conf Interval] 020815 -.1097529 -1.34657 0531512 0308157 -.4560428 predict foreign_hat (option xb assumed; fitted values) reg q foreign_hat logta Source SS df MS Model Residual 266643719 24.0824933 229 133321859 105163726 Total 24.349137 231 105407519 q Coef foreign_hat logta _cons -1.803028 0943613 -1.244242 Std Err 2.243148 0850466 2.10723 t -0.80 1.11 -0.59 Number of obs F( 2, 229) Prob > F R-squared Adj R-squared Root MSE P>|t| 0.422 0.268 0.555 = = = = = = 232 1.27 0.2834 0.0110 0.0023 32429 [95% Conf Interval] -6.222875 -.0732127 -5.39628 2.616819 2619352 2.907796 ivregress 2sls q logta (foreign = state) Instrumental variables (2SLS) regression q Coef foreign logta _cons -1.803028 0943613 -1.244242 Instrumented: Instruments: foreign logta state Std Err 3.019919 1144971 2.836935 Number of obs Wald chi2(2) Prob > chi2 R-squared Root MSE z -0.60 0.82 -0.44 P>|z| 0.550 0.410 0.661 = = = = = 232 1.40 0.4969 43659 [95% Conf Interval] -7.721961 -.130049 -6.804533 4.115906 3187715 4.316049 K t qu h i quy n mă2011 reg foreign logta state Source SS df MS Model Residual 416662285 4.12488151 253 208331143 016303879 Total 4.54154379 255 017809976 foreign Coef logta state _cons 0348391 -.063734 -.8441663 Std Err t 0074212 0337688 2047602 4.69 -1.89 -4.12 Number of obs F( 2, 253) Prob > F R-squared Adj R-squared Root MSE P>|t| 0.000 0.060 0.000 = = = = = = 256 12.78 0.0000 0.0917 0.0846 12769 [95% Conf Interval] 0202239 -.1302377 -1.247418 0494543 0027697 -.4409147 predict foreign_hat (option xb assumed; fitted values) reg q foreign_hat logta Source SS df MS Model Residual 16928006 16.4825884 253 08464003 065148571 Total 16.6518685 255 065301445 q Coef foreign_hat logta _cons 072134 0213809 2738368 Std Err 1.059134 0397348 9955924 t 0.07 0.54 0.28 Number of obs F( 2, 253) Prob > F R-squared Adj R-squared Root MSE P>|t| 0.946 0.591 0.784 = = = = = = 256 1.30 0.2746 0.0102 0.0023 25524 [95% Conf Interval] -2.013709 -.0568721 -1.686868 2.157977 099634 2.234541 ivregress 2sls q logta (foreign = state) Instrumental variables (2SLS) regression q Coef foreign logta _cons 0721342 0213809 273837 Instrumented: Instruments: foreign logta state Std Err 1.050479 03941 9874564 Number of obs Wald chi2(2) Prob > chi2 R-squared Root MSE z 0.07 0.54 0.28 P>|z| 0.945 0.587 0.782 = = = = = 256 2.64 0.2670 0.0147 25316 [95% Conf Interval] -1.986766 -.0558614 -1.661542 2.131035 0986232 2.209216 K t qu h iăquyăn mă2012 encode(mack), gen(cty) reg foreign logta state Source SS df MS Model Residual 5705961 4.69896671 265 28529805 01773195 Total 5.26956281 267 01973619 foreign Coef logta state _cons 036654 -.0884118 -.8837159 Std Err t 007168 0339036 1980137 5.11 -2.61 -4.46 Number of obs F( 2, 265) Prob > F R-squared Adj R-squared Root MSE P>|t| 0.000 0.010 0.000 = = = = = = 268 16.09 0.0000 0.1083 0.1016 13316 [95% Conf Interval] 0225405 -.1551666 -1.273596 0507675 -.0216571 -.4938355 predict foreign_hat (option xb assumed; fitted values) reg q foreign_hat logta Source SS df MS Model Residual 486088127 21.0753237 265 243044064 079529523 Total 21.5614118 267 080754351 q Coef foreign_hat logta _cons -1.378244 0770254 -1.068801 Std Err .8121229 0330075 8335565 t -1.70 2.33 -1.28 Number of obs F( 2, 265) Prob > F R-squared Adj R-squared Root MSE P>|t| 0.091 0.020 0.201 = = = = = = 268 3.06 0.0487 0.0225 0.0152 28201 [95% Conf Interval] -2.977278 0120351 -2.710037 2207906 1420156 5724353 ivregress 2sls q logta (foreign = state) Instrumental variables (2SLS) regression q Coef foreign logta _cons -1.378244 0770254 -1.068801 Instrumented: Instruments: foreign logta state Std Err 1.023421 0415954 1.050432 Number of obs Wald chi2(2) Prob > chi2 R-squared Root MSE z -1.35 1.85 -1.02 P>|z| 0.178 0.064 0.309 = = = = = 268 3.85 0.1460 35538 [95% Conf Interval] -3.384113 -.0045001 -3.127609 6276251 1585508 990007 K t qu h iăquyăn mă2013 reg foreign logta state Source SS df MS Model Residual 642517118 4.71336149 272 321258559 017328535 Total 5.35587861 274 019547002 foreign Coef logta state _cons 0401436 -.0610266 -.9845478 Std Err t 006919 0332021 1918658 5.80 -1.84 -5.13 Number of obs F( 2, 272) Prob > F R-squared Adj R-squared Root MSE P>|t| 0.000 0.067 0.000 = = = = = = 275 18.54 0.0000 0.1200 0.1135 13164 [95% Conf Interval] 0265219 -.1263923 -1.362279 0537653 0043391 -.606817 predict foreign_hat (option xb assumed; fitted values) reg q foreign_hat logta Source SS df MS Model Residual 2.68744173 29.702849 272 1.34372087 109201651 Total 32.3902907 274 11821274 q Coef foreign_hat logta _cons -5.237449 2650314 -5.762567 Std Err 1.365776 0575421 1.446117 t -3.83 4.61 -3.98 Number of obs F( 2, 272) Prob > F R-squared Adj R-squared Root MSE P>|t| 0.000 0.000 0.000 = = = = = = 275 12.30 0.0000 0.0830 0.0762 33046 [95% Conf Interval] -7.926284 1517469 -8.609572 -2.548614 378316 -2.915563 ivregress 2sls q logta (foreign = state) Instrumental variables (2SLS) regression q Coef foreign logta _cons -5.23745 2650315 -5.762568 Instrumented: Instruments: foreign logta state Std Err 3.491499 1471019 3.696885 Number of obs Wald chi2(2) Prob > chi2 R-squared Root MSE z -1.50 1.80 -1.56 P>|z| 0.134 0.072 0.119 = = = = = 275 3.77 0.1522 84479 [95% Conf Interval] -12.08066 -.0232831 -13.00833 1.605763 553346 1.483193 K t qu h i quy m uăđ yăđ xtset cty year panel variable: time variable: delta: cty (strongly balanced) year, 2008 to 2013 unit reg foreign logta state Source SS df MS Model Residual 1.22823875 13.5673933 663 614119374 02046364 Total 14.795632 665 022249071 foreign Coef logta state _cons 033087 -.0915751 -.7391514 Std Err t 0048505 0253239 1343768 6.82 -3.62 -5.50 Number of obs F( 2, 663) Prob > F R-squared Adj R-squared Root MSE P>|t| 0.000 0.000 0.000 = = = = = = 666 30.01 0.0000 0.0830 0.0802 14305 [95% Conf Interval] 0235629 -.1412998 -1.003007 0426111 -.0418504 -.4752961 predict foreign_hat (option xb assumed; fitted values) reg q foreign_hat logta Source SS df MS Model Residual 6.78965581 93.234929 663 3.39482791 140625836 Total 100.024585 665 15041291 q Coef foreign_hat logta _cons -2.92838 1692011 -3.167841 Std Err .7249267 0272403 6570761 t -4.04 6.21 -4.82 Number of obs F( 2, 663) Prob > F R-squared Adj R-squared Root MSE P>|t| 0.000 0.000 0.000 = = = = = = 666 24.14 0.0000 0.0679 0.0651 375 [95% Conf Interval] -4.351809 1157135 -4.458042 -1.504951 2226888 -1.87764 ivregress 2sls q logta (foreign = state) Instrumental variables (2SLS) regression q Coef foreign logta _cons -2.92838 1692011 -3.167841 Instrumented: Instruments: foreign logta state Std Err 1.230299 0462305 1.115147 Number of obs Wald chi2(2) Prob > chi2 R-squared Root MSE z -2.38 3.66 -2.84 P>|z| 0.017 0.000 0.005 = = = = = 666 16.76 0.0002 63643 [95% Conf Interval] -5.339721 078591 -5.35349 -.5170388 2598112 -.982193 PH L C 11: K T QU H I QUY B NG 4.11 State Ownership Effect on Firm Value reg q logta foreign state state2 year08 year09 year10 year11 year12 year13 note: year13 omitted because of collinearity SS Source df MS Model Residual 32.9582799 67.066305 656 3.6620311 102235221 Total 100.024585 665 15041291 q Coef logta foreign state state2 year08 year09 year10 year11 year12 year13 _cons 0724155 7033924 7874103 -.8325973 0710426 3785009 1247876 -.1232482 -.0864854 -1.211953 Std Err .0122898 0884912 2237366 3784567 0435936 0431649 0430041 0429404 0429368 (omitted) 3443747 Number of obs F( 9, 656) Prob > F R-squared Adj R-squared Root MSE t P>|t| = = = = = = 666 35.82 0.0000 0.3295 0.3203 31974 [95% Conf Interval] 5.89 7.95 3.52 -2.20 1.63 8.77 2.90 -2.87 -2.01 0.000 0.000 0.000 0.028 0.104 0.000 0.004 0.004 0.044 0482833 5296323 3480841 -1.57573 -.0145571 2937428 0403453 -.2075655 -.1707956 0965476 8771525 1.226736 -.0894648 1566424 4632589 2092299 -.0389309 -.0021753 -3.52 0.000 -1.888163 -.5357436 Institutional Ownership Effect on Firm Value reg q logta foreign institutional institutional2 year08 year09 year10 year11 year12 year13 note: year13 omitted because of collinearity Source SS df MS Model Residual 29.6961385 70.3284463 656 3.29957095 107207997 Total 100.024585 665 15041291 q Coef logta foreign institutional institutional2 year08 year09 year10 year11 year12 year13 _cons 0660473 690724 1848652 -.0897456 0702147 3850814 1300428 -.1245252 -.0904677 -.9446108 Std Err .0117341 0892203 2361007 4596073 0446783 0443192 0440748 0440349 0439638 (omitted) 3261101 Number of obs F( 9, 656) Prob > F R-squared Adj R-squared Root MSE t P>|t| = = = = = = 666 30.78 0.0000 0.2969 0.2872 32743 [95% Conf Interval] 5.63 7.74 0.78 -0.20 1.57 8.69 2.95 -2.83 -2.06 0.000 0.000 0.434 0.845 0.117 0.000 0.003 0.005 0.040 0430064 5155322 -.278739 -.9922244 -.017515 2980569 0434981 -.2109915 -.1767944 0890883 8659159 6484693 8127332 1579444 4721059 2165874 -.0380588 -.004141 -2.90 0.004 -1.584956 -.3042653 State and Institutional Ownership Combined Effect on Firm Value reg q logta foreign stateinstitutional stateinstitutional2 year08 year09 year10 year11 year12 year13 note: year13 omitted because of collinearity Source SS df MS Model Residual 34.2672859 65.7572989 656 3.80747621 100239785 Total 100.024585 665 15041291 q Coef Std Err logta foreign stateinstitutional stateinstitutional2 year08 year09 year10 year11 year12 year13 _cons 0697706 7440278 8332596 -.7286327 0776377 3883783 131149 -.1209852 -.0889324 -1.198205 Number of obs F( 9, 656) Prob > F R-squared Adj R-squared Root MSE t 0114037 0883645 165395 2243503 0433143 0427209 0425714 0425249 0425034 (omitted) 3186459 P>|t| = = = = = = 666 37.98 0.0000 0.3426 0.3336 31661 [95% Conf Interval] 6.12 8.42 5.04 -3.25 1.79 9.09 3.08 -2.85 -2.09 0.000 0.000 0.000 0.001 0.074 0.000 0.002 0.005 0.037 0473785 5705165 5084922 -1.169164 -.0074136 3044922 0475564 -.2044865 -.1723915 0921627 9175392 1.158027 -.2881014 162689 4722644 2147416 -.037484 -.0054733 -3.76 0.000 -1.823894 -.5725162 PH L C 12: K T QU H I QUY B NG 4.12 State Ownership Effect on Firm Value reg q logta foreign state state2 seca secb secc secd secf secg sech secj secl secr note: secb omitted because of collinearity Source SS df MS Model Residual 22.1426575 77.8819274 13 652 1.70328134 119450809 Total 100.024585 665 15041291 q Coef logta foreign state state2 seca secb secc secd secf secg sech secj secl secr _cons 0528941 6440399 8651935 -.9465021 2744818 -.037296 -.1650659 -.0708072 -.1107667 -.1056038 1195499 1493362 -.2890959 -.5769964 Std Err .0146164 1001069 2482365 4259641 1597396 (omitted) 1493648 1568159 1561789 1526207 1553305 2017173 1532521 2045652 4628103 t Number of obs F( 13, 652) Prob > F R-squared Adj R-squared Root MSE P>|t| = = = = = = 666 14.26 0.0000 0.2214 0.2058 34562 [95% Conf Interval] 3.62 6.43 3.49 -2.22 1.72 0.000 0.000 0.001 0.027 0.086 0241932 4474691 3777541 -1.782929 -.0391842 0815949 8406106 1.352633 -.1100752 5881478 -0.25 -1.05 -0.45 -0.73 -0.68 0.59 0.97 -1.41 -1.25 0.803 0.293 0.650 0.468 0.497 0.554 0.330 0.158 0.213 -.33059 -.4729911 -.3774816 -.4104541 -.4106123 -.276544 -.1515911 -.6907819 -1.485775 255998 1428592 2358671 1889207 1994046 5156438 4502635 1125902 3317821 Institutional Ownership Effect on Firm Value reg q logta foreign institutional institutional2 seca secb secc secd secf secg sech secj secl secr note: secb omitted because of collinearity SS Source df MS Model Residual 18.636659 81.3879259 13 652 1.43358915 124828107 Total 100.024585 665 15041291 q Coef logta foreign institutional institutional2 seca secb secc secd secf secg sech secj secl secr _cons 044996 6161817 1088249 -.0860246 2051731 -.1663683 -.2305542 -.2029802 -.2221427 -.2191563 -.0278713 0020207 -.4287418 -.1321506 Std Err .0138037 1000295 2553102 4970643 1619988 (omitted) 150943 1592584 1580111 1548534 157291 2043213 1545744 2076305 4379823 Number of obs F( 13, 652) Prob > F R-squared Adj R-squared Root MSE t P>|t| = = = = = = 666 11.48 0.0000 0.1863 0.1701 35331 [95% Conf Interval] 3.26 6.16 0.43 -0.17 1.27 0.001 0.000 0.670 0.863 0.206 0178909 4197629 -.3925045 -1.062065 -.1129292 072101 8126005 6101543 8900155 5232753 -1.10 -1.45 -1.28 -1.43 -1.39 -0.14 0.01 -2.06 -0.30 0.271 0.148 0.199 0.152 0.164 0.892 0.990 0.039 0.763 -.4627613 -.5432754 -.5132521 -.5262141 -.5280144 -.4290785 -.3015029 -.8364469 -.9921767 1300248 082167 1072918 0819288 0897018 3733358 3055443 -.0210366 7278755 State and Institutional Ownership Combined Effect on Firm Value reg q logta foreign stateinstitutional stateinstitutional2 seca secb secc secd secf secg sech secj secl secr note: secb omitted because of collinearity SS Source df MS Model Residual 22.4367263 77.5878585 13 652 1.72590202 118999783 Total 100.024585 665 15041291 q Coef Std Err logta foreign stateinstitutional stateinstitutional2 seca secb secc secd secf secg sech secj secl secr _cons 0466643 686847 766951 -.6524741 2373485 -.0537944 -.1876819 -.0888193 -.1319725 -.1217303 1283169 1335278 -.304645 -.4264566 0134963 0999725 1831952 2442573 1582509 (omitted) 1485384 1556877 1550312 151785 1543945 2012587 1523337 2037603 4315426 Number of obs F( 13, 652) Prob > F R-squared Adj R-squared Root MSE t P>|t| = = = = = = 666 14.50 0.0000 0.2243 0.2088 34496 [95% Conf Interval] 3.46 6.87 4.19 -2.67 1.50 0.001 0.000 0.000 0.008 0.134 020163 49054 4072273 -1.1321 -.0733945 0731657 8831539 1.126675 -.1728482 5480915 -0.36 -1.21 -0.57 -0.87 -0.79 0.64 0.88 -1.50 -0.99 0.717 0.228 0.567 0.385 0.431 0.524 0.381 0.135 0.323 -.3454656 -.4933917 -.39324 -.4300189 -.4249009 -.2668766 -.165596 -.7047505 -1.273838 2378769 1180278 2156015 1660738 1814402 5235103 4326516 0954606 4209243 PH L C 13: K T QU H I QUY B NG 4.13 State Ownership Effect on Firm Value reg q state state2 foreign logta rich mrich SS Source df MS Model Residual 15.4294993 84.5950856 659 2.57158321 12836887 Total 100.024585 665 15041291 q Coef state state2 foreign logta rich mrich _cons 7102502 -.6661462 7090779 0588446 -.1380164 -.1923459 -.6311413 Std Err .2510073 4238861 099636 0136566 1103273 1146024 3927927 Number of obs F( 6, 659) Prob > F R-squared Adj R-squared Root MSE t P>|t| 2.83 -1.57 7.12 4.31 -1.25 -1.68 -1.61 0.005 0.117 0.000 0.000 0.211 0.094 0.109 = = = = = = 666 20.03 0.0000 0.1543 0.1466 35829 [95% Conf Interval] 2173797 -1.498476 5134356 0320289 -.3546517 -.4173758 -1.402417 1.203121 166184 9047202 0856603 078619 032684 1401348 Institutional Ownership Effect on Firm Value reg q institutional institutional2 foreign logta rich mrich SS Source df MS Model Residual 11.7903198 88.2342651 659 1.96505329 133891146 Total 100.024585 665 15041291 q Coef institutional institutional2 foreign logta rich mrich _cons 0704541 -.0462339 6729492 0547725 -.1340403 -.2104157 -.4156646 Std Err .2640695 5137965 1004486 0130977 1131147 1172794 3749338 Number of obs F( 6, 659) Prob > F R-squared Adj R-squared Root MSE t 0.27 -0.09 6.70 4.18 -1.18 -1.79 -1.11 P>|t| 0.790 0.928 0.000 0.000 0.236 0.073 0.268 = = = = = = 666 14.68 0.0000 0.1179 0.1098 36591 [95% Conf Interval] -.448065 -1.055109 4757114 0290542 -.3561489 -.4407019 -1.151873 5889732 9626416 8701871 0804908 0880684 0198706 3205443 State and Institutional Ownership Combined Effect on Firm Value reg q stateinstitutional stateinstitutional2 foreign logta rich mrich SS Source df MS Model Residual 15.968926 84.0556588 659 2.66148767 127550317 Total 100.024585 665 15041291 q Coef Std Err stateinstitutional stateinstitutional2 foreign logta rich mrich _cons 7647784 -.6565735 7394342 0576738 -.1199481 -.1824344 -.6595863 Number of obs F( 6, 659) Prob > F R-squared Adj R-squared Root MSE t 1857069 2510777 1001349 0128049 1099162 1141661 3672612 4.12 -2.62 7.38 4.50 -1.09 -1.60 -1.80 P>|t| 0.000 0.009 0.000 0.000 0.276 0.111 0.073 = = = = = = 666 20.87 0.0000 0.1597 0.1520 35714 [95% Conf Interval] 4001299 -1.149582 5428123 0325304 -.3357763 -.4066075 -1.380729 1.129427 -.1635648 9360561 0828171 0958801 0417387 0615568 PH L C 13: K T QU H I QUY B NG 4.14 State Ownership Effect on Firm Value reg ros state state2 foreign logta Source SS df MS Model Residual 2.24530062 61.8070029 661 561325154 093505299 Total 64.0523035 665 096319253 ros Coef state state2 foreign logta _cons -.1878907 5525122 3476063 00119 -.0120397 Std Err .213609 3610909 0843459 0115061 3190002 t -0.88 1.53 4.12 0.10 -0.04 Number of obs F( 4, 661) Prob > F R-squared Adj R-squared Root MSE P>|t| 0.379 0.126 0.000 0.918 0.970 = = = = = = 666 6.00 0.0001 0.0351 0.0292 30579 [95% Conf Interval] -.6073247 -.1565112 1819881 -.0214028 -.6384155 2315433 1.261536 5132245 0237829 6143362 Institutional Ownership Effect on Firm Value reg ros institutional institutional2 foreign logta Source SS df MS Model Residual 1.53099636 62.5213072 661 382749089 094585941 Total 64.0523035 665 096319253 ros Coef institutional institutional2 foreign logta _cons -.0393538 1367553 3023994 0083468 -.1897793 Std Err .2207725 4300711 0835873 0108186 2972744 Number of obs F( 4, 661) Prob > F R-squared Adj R-squared Root MSE t P>|t| -0.18 0.32 3.62 0.77 -0.64 0.859 0.751 0.000 0.441 0.523 = = = = = = 666 4.05 0.0030 0.0239 0.0180 30755 [95% Conf Interval] -.4728536 -.7077149 1382709 -.0128962 -.7734952 394146 9812255 4665279 0295898 3939366 State and Institutional Ownership Combined Effect on Firm Value reg ros stateinstitutional stateinstitutional2 foreign logta SS Source df MS Model Residual 2.06986581 61.9824377 661 517466453 093770708 Total 64.0523035 665 096319253 ros Coef Std Err stateinstitutional stateinstitutional2 foreign logta _cons 0560264 0944325 3456562 0081041 -.2229025 1590741 215157 0850634 0107969 2981342 Number of obs F( 4, 661) Prob > F R-squared Adj R-squared Root MSE t 0.35 0.44 4.06 0.75 -0.75 P>|t| 0.725 0.661 0.000 0.453 0.455 = = = = = = 666 5.52 0.0002 0.0323 0.0265 30622 [95% Conf Interval] -.2563251 -.328041 1786292 -.0130964 -.8083067 3683779 516906 5126832 0293045 3625018 ... TR NGă GIÁO D CăVÀă ÀOăT O I H C KINH T TP H CHÍ MINH HỒNG M NH H I M I QUAN H GI A C U TRÚC S H U VÀ GIÁ TR DOANH NGHI P C A CÁC CÔNG TY NIÊM Y T TRÊN SÀN GIAO D CH CH NG KHỐN TP H CHÍ MINH CHUYÊN... u đ n giá tr doanh nghi p Vi t Nam ch a nhi u Do v y, tác gi ch n đ tƠi “M i quan h gi a c u trúc s h u giá tr doanh nghi p c a công ty niêm y t sàn giao d ch ch ng khoán Tp H Chí Minh? ?? nh m góp... h gi a c u trúc s h u giá tr doanh nghi p c a công ty niêm y t sàn giao d ch ch ng khốn Tp H Chí? ?Minh? ?? cơng trình nghiên c u c a tác gi , d is h ng d n c a PGS.TS Nguy n Th Liên Hoa Các s li u