B GIÁO D O I H C KINH T TP H - CHÍ MINH - C HÀ C U TRÚC S H U, QU N TR CÔNG TY VÀ QUY NH TÀI TR C A CÁC CÔNG TY NIÊM Y T T I VI T NAM LU TP H Chí Minh B GIÁO D O I H C KINH T TP H - CHÍ MINH - C HÀ C U TRÚC S H U, QU N TR CÔNG TY VÀ QUY NH TÀI TR C A CÁC CÔNG TY NIÊM Y T T I VI T NAM Chuyên ngành: Tài Ngân hàng Mã s : 60340201 LU NG D N KHOA H C: PGS.TS TR N TH THÙY LINH TP H Chí Minh L C u trúc s h u, qu n tr công ty quy tr c a công ty niêm y t t i Vi is li u s d ng lu nh tài công trình nghiên c u th c s c a ng d n khoa h c c a PGS.TS Tr n Th Thùy Linh Các s ng quan, trung th c Các tài li u tham kh o lu c x lý khách c trích d n rõ ràng Thành ph H H c viên th c hi n c Hà Trang .1 1.1 1.2 1.2.1 .2 1.2.2 1.3 1.3.1 .2 1.3.2 1.4 .3 1.5 1.6 .5 2.1 .5 2.1.1 Miller: 2.1.2 -off theory) 2.1.3 2.1.4 2.2 2.3 13 16 3.1 16 3.2 16 3.2.1 3.2.2 17 3.2.3 18 3.2.4 19 3.2.5 20 3.2.6 3.3 17 21 22 3.3.1 .22 3.3.2 23 3.4 27 3.4.1 27 3.4.2 32 37 4.1 37 4.2 44 4.3 48 4.3.1 .48 4.3.2 52 4.4 .56 .61 5.1 61 5.2 .61 5.3 62 Tài li u tham kh o Ph l c DANH M C T VI T T T BCB: B n cáo b ch BCTC: Báo cáo tài ng niên u hành EBIT: L i nhu c thu lãi vay ng qu n tr FEM: Mơ hình ng c nh HOSE: Sàn giao d ch ch ng khốn thành ph H Chí Minh quy ih ic pháp h REM: Mơ hình t ng ng u nhiên TNDN: Thu nh p doanh nghi p nc nh h u hình DANH M C B NG BI U B ng 2.1: T ng h p nghiên c B ng 3.1: B ng tóm t t cách tính ngu n l y d li u bi n mơ hình nghiên c u B ng 4.1: Th ng kê mô t B ng 4.2: Ma tr n h s B ng 4.3: Tóm t t k t qu h i quy Pooled OLS B ng 4.4: K t qu h i quy IO theo SO B ng 4.5: Tóm t t k t qu ki nh t B ng 4.6: Tóm t t k t qu ki m nh p B ng 4.8: Tóm t t k t qu h i quy theo REM B ng 4.8: Tóm t t k t qu h i quy theo FEM B ng 4.9: Tóm t t k t qu ki nh Hausman i DANH M C HÌNH V th mơ t th ng kê bi n t s n th mô t th ng kê bi n t s n ng n h n v n ch s h u th mô t th ng kê bi n t s n dài h n v n ch s h u th mô t th ng kê bi n s h u n i b th mô t th ng kê bi n s h th mô t th ng kê bi n s h u n c c ngồi th mơ t th ng kê bi th mô t th ng kê bi n t l cl p th mô t th ng kê bi n tính kiêm nhi m CEO ch t TÓM T T Lu ng c a c u trúc s h u thông qua bi n s h u n ib ,s h c, s h c ngồi, qu n tr cơng ty thơng qua bi n l lên quy c l p, tính kiêm nhiêm CEO ch t ch nh tài tr c a doanh nghi p niêm y t sàn giao d ch ch ng khốn thành ph H Chí Minh n 2008-2013 Trong nghiên c u này, tác gi s d ng s li c a công ty phi tài niêm y t sàn HOSE kho ng th i gian t 2013 M u nghiên c u kh o sát 96 công ty phi tài niêm y t HOSE n 2008-2013 K th a nghiên c u c a Bokpin Arko (2009) Pooled OLS, REM, FEM K t qu nghiên c u cho th y s h c ngồi có tác c chi u lên t s n t s n ng n h n v n ch s h u, s h u nhà u v i t s n dài h n v n ch s h u, quy mô c chi u v i t s n , t s n ng n h n v n ch s h u t s n dài h n v n ch s h u, t l c l p có c chi u v i t s n dài h n v n ch s h u Các bi n s h u n i b , tính kiêm nhi m CEO ch t n ch s n T khóa: C u trúc s h u, qu n tr công ty, quy nh tài tr , c u trúc v n PH L C 4: K T QU H I QUY THEO REM 4.1 K t qu h i quy REM Bi n ph thu c DR Dependent Variable: DR Method: Panel EGLS (Cross-section random effects) Date: 09/22/14 Time: 00:20 Sample: 2008 2013 Periods included: Cross-sections included: 100 Total panel (unbalanced) observations: 576 Swamy and Arora estimator of component variances Variable Coefficient Std Error t-Statistic Prob IO SO FO BSIZE NED CEOD ROA SIZE TANG RISK TAX DY AGE C 0.017041 0.034367 -0.234128 -0.008196 -0.032347 0.009143 -0.574535 0.167325 0.143859 -0.179698 -0.030295 -0.078571 -0.000958 -1.584895 0.066912 0.055962 0.047233 0.004696 0.031602 0.012111 0.061060 0.019820 0.040392 0.143198 0.031849 0.059287 0.000728 0.235101 0.254679 0.614110 -4.956841 -1.745333 -1.023599 0.754947 -9.409324 8.442181 3.561582 -1.254893 -0.951200 -1.325274 -1.315313 -6.741332 0.7991 0.5394 0.0000 0.0815 0.3065 0.4506 0.0000 0.0000 0.0004 0.2100 0.3419 0.1856 0.1889 0.0000 Effects Specification S.D Cross-section random Idiosyncratic random 0.118871 0.082370 Rho 0.6756 0.3244 Weighted Statistics R-squared Adjusted R-squared S.E of regression F-statistic Prob(F-statistic) 0.296239 0.279960 0.086733 18.19743 0.000000 Mean dependent var S.D dependent var Sum squared resid Durbin-Watson stat 0.080511 0.102662 4.227693 1.336286 Unweighted Statistics R-squared Sum squared resid 0.375844 15.14358 Mean dependent var Durbin-Watson stat 0.292168 0.373771 4.2 K t qu h i quy REM Bi n ph thu c SD Dependent Variable: SD Method: Panel EGLS (Cross-section random effects) Date: 09/22/14 Time: 20:39 Sample: 2008 2013 Periods included: Cross-sections included: 100 Total panel (unbalanced) observations: 576 Swamy and Arora estimator of component variances Variable Coefficient Std Error t-Statistic Prob IO SO FO BSIZE NED CEOD ROA SIZE TANG RISK TAX DY AGE C -0.339032 -0.350659 -0.610273 -0.046465 0.169014 0.067975 -2.120755 0.621684 -0.236871 0.175135 0.152410 -0.197610 0.001214 -6.262697 0.320026 0.269853 0.222962 0.021970 0.148281 0.056570 0.284439 0.094913 0.190156 0.667116 0.147636 0.275586 0.003582 1.125555 -1.059389 -1.299446 -2.737120 -2.114961 1.139826 1.201611 -7.455923 6.550045 -1.245671 0.262526 1.032337 -0.717054 0.338735 -5.564099 0.2899 0.1943 0.0064 0.0349 0.2548 0.2300 0.0000 0.0000 0.2134 0.7930 0.3024 0.4736 0.7349 0.0000 Effects Specification S.D Cross-section random Idiosyncratic random 0.593075 0.381181 Rho 0.7077 0.2923 Weighted Statistics R-squared Adjusted R-squared S.E of regression F-statistic Prob(F-statistic) 0.175678 0.156610 0.395787 9.213255 0.000000 Mean dependent var S.D dependent var Sum squared resid Durbin-Watson stat 0.161105 0.431468 88.03585 1.267282 Unweighted Statistics R-squared Sum squared resid 0.125330 354.9149 Mean dependent var Durbin-Watson stat 0.626693 0.314675 4.3 K t qu h i quy REM Bi n ph thu c LD Dependent Variable: LD Method: Panel EGLS (Cross-section random effects) Date: 09/22/14 Time: 00:21 Sample: 2008 2013 Periods included: Cross-sections included: 100 Total panel (unbalanced) observations: 576 Swamy and Arora estimator of component variances Variable Coefficient Std Error t-Statistic Prob IO SO FO BSIZE NED CEOD ROA SIZE TANG RISK TAX DY AGE C -0.102350 0.191892 -0.301799 -0.014185 -0.197380 -0.015833 -0.397121 0.305536 0.921741 -0.089842 0.041134 -0.373398 -0.002683 -3.260450 0.220580 0.183825 0.156664 0.015644 0.105118 0.040378 0.203854 0.065307 0.134141 0.478041 0.106589 0.198140 0.002371 0.774692 -0.464003 1.043883 -1.926412 -0.906730 -1.877694 -0.392117 -1.948064 4.678467 6.871418 -0.187938 0.385912 -1.884512 -1.131226 -4.208707 0.6428 0.2970 0.0546 0.3649 0.0609 0.6951 0.0519 0.0000 0.0000 0.8510 0.6997 0.0600 0.2584 0.0000 Effects Specification S.D Cross-section random Idiosyncratic random 0.384407 0.275900 Rho 0.6600 0.3400 Weighted Statistics R-squared Adjusted R-squared S.E of regression F-statistic Prob(F-statistic) 0.149474 0.129800 0.290678 7.597518 0.000000 Mean dependent var S.D dependent var Sum squared resid Durbin-Watson stat 0.088179 0.312362 47.48562 1.189208 Unweighted Statistics R-squared Sum squared resid 0.306962 148.5035 Mean dependent var Durbin-Watson stat 0.305194 0.415222 PH L C 5: K T QU H I QUY THEO FEM 5.1 K t qu h i quy FEM Bi n ph thu c DR Dependent Variable: DR Method: Panel Least Squares Date: 09/22/14 Time: 00:21 Sample: 2008 2013 Periods included: Cross-sections included: 100 Total panel (unbalanced) observations: 576 Variable Coefficient Std Error t-Statistic Prob IO SO FO BSIZE NED CEOD ROA SIZE TANG RISK TAX DY AGE C 0.183207 0.136678 -0.179126 -0.013508 -0.047667 0.009897 -0.494253 0.301143 0.139092 -0.081292 -0.013921 -0.067326 -0.013186 -2.913072 0.101040 0.111306 0.057290 0.005200 0.035610 0.013129 0.065963 0.036744 0.047106 0.152250 0.032306 0.061938 0.002875 0.396022 1.813207 1.227949 -3.126660 -2.597957 -1.338570 0.753819 -7.492855 8.195670 2.952759 -0.533939 -0.430906 -1.086980 -4.586134 -7.355834 0.1704 0.2201 0.0019 0.0097 0.1814 0.4513 0.0000 0.0000 0.0033 0.5936 0.6667 0.2776 0.0000 0.0000 Effects Specification Cross-section fixed (dummy variables) R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.870526 0.839206 0.082370 3.141360 683.5895 27.79476 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.292168 0.205416 -1.981214 -1.126630 -1.647936 1.639474 5.2 K t qu h i quy FEM Bi n ph thu c SD Dependent Variable: SD Method: Panel Least Squares Date: 09/22/14 Time: 00:22 Sample: 2008 2013 Periods included: Cross-sections included: 100 Total panel (unbalanced) observations: 576 Variable Coefficient Std Error t-Statistic Prob IO SO FO BSIZE NED CEOD ROA SIZE TANG RISK TAX DY AGE C -0.203581 -0.058643 -0.696899 -0.040655 0.124315 0.064180 -1.694678 1.169515 0.000499 0.969778 0.225984 -0.250984 -0.015189 -12.63949 0.467581 0.515087 0.265119 0.024062 0.164792 0.060755 0.305257 0.170040 0.217991 0.704562 0.149500 0.286630 0.013305 1.832663 -0.435392 -0.113851 -2.628631 -1.689577 0.754375 1.056387 -5.551644 6.877878 0.002287 1.376426 1.511597 -0.875636 -1.141620 -6.896790 0.6635 0.9094 0.0089 0.0918 0.4510 0.2913 0.0000 0.0000 0.9982 0.1694 0.1313 0.3817 0.2542 0.0000 Effects Specification Cross-section fixed (dummy variables) R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.834208 0.794102 0.381181 67.27355 -198.8745 20.80046 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.626693 0.840052 1.082898 1.937481 1.416175 1.568301 5.3 K t qu h i quy FEM Bi n ph thu c LD Dependent Variable: LD Method: Panel Least Squares Date: 09/22/14 Time: 00:22 Sample: 2008 2013 Periods included: Cross-sections included: 100 Total panel (unbalanced) observations: 576 Variable Coefficient Std Error t-Statistic Prob IO SO FO BSIZE NED CEOD ROA SIZE TANG RISK TAX DY AGE C 0.325857 0.670328 -0.101414 -0.044619 -0.206061 -0.005437 -0.465763 0.308749 0.875061 -0.258413 0.065769 -0.258364 -0.042316 -1.987838 0.338436 0.372821 0.191893 0.017416 0.119277 0.043974 0.220946 0.123075 0.157782 0.509964 0.108208 0.207464 0.009630 1.326486 0.962831 -1.797989 -0.528489 -2.561914 -1.727584 -0.123635 -2.108043 2.508616 5.546009 -0.506728 0.607802 -1.245347 -4.394105 -1.498575 0.3361 0.0728 0.5974 0.0107 0.0847 0.9017 0.0356 0.0125 0.0000 0.6126 0.5436 0.2136 0.0000 0.1347 Effects Specification Cross-section fixed (dummy variables) R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.835523 0.795736 0.275900 35.24392 -12.68995 20.99990 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.305194 0.610458 0.436423 1.291007 0.769701 1.553516 PH L C 6: K T QU KI 6.1 K t qu ki nh Hausman NH HAUSMAN Bi n ph thu c DR Correlated Random Effects - Hausman Test Equation: Untitled Test cross-section random effects Chi-Sq Statistic Chi-Sq d.f Prob 76.462649 13 0.0000 Random Var(Diff.) Prob 0.017041 0.034367 -0.234128 -0.008196 -0.032347 0.009143 -0.574535 0.167325 0.143859 -0.179698 -0.030295 -0.078571 -0.000958 0.005732 0.009257 0.001051 0.000005 0.000269 0.000026 0.000623 0.000957 0.000587 0.002674 0.000029 0.000321 0.000008 0.0282 0.2876 0.0898 0.0173 0.3507 0.8818 0.0013 0.0000 0.8441 0.0571 0.0025 0.5305 0.0000 Test Summary Cross-section random Cross-section random effects test comparisons: Variable IO SO FO BSIZE NED CEOD ROA SIZE TANG RISK TAX DY AGE Fixed 0.183207 0.136678 -0.179126 -0.013508 -0.047667 0.009897 -0.494253 0.301143 0.139092 -0.081292 -0.013921 -0.067326 -0.013186 Cross-section random effects test equation: Dependent Variable: DR Method: Panel Least Squares Date: 09/22/14 Time: 00:23 Sample: 2008 2013 Periods included: Cross-sections included: 100 Total panel (unbalanced) observations: 576 Variable Coefficient Std Error t-Statistic Prob C IO SO FO BSIZE NED CEOD ROA SIZE TANG RISK TAX -2.913072 0.183207 0.136678 -0.179126 -0.013508 -0.047667 0.009897 -0.494253 0.301143 0.139092 -0.081292 -0.013921 0.396022 0.101040 0.111306 0.057290 0.005200 0.035610 0.013129 0.065963 0.036744 0.047106 0.152250 0.032306 -7.355834 1.813207 1.227949 -3.126660 -2.597957 -1.338570 0.753819 -7.492855 8.195670 2.952759 -0.533939 -0.430906 0.0000 0.1704 0.2201 0.0019 0.0097 0.1814 0.4513 0.0000 0.0000 0.0033 0.5936 0.6667 DY AGE -0.067326 -0.013186 0.061938 0.002875 -1.086980 -4.586134 0.2776 0.0000 Effects Specification Cross-section fixed (dummy variables) R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.870526 0.839206 0.082370 3.141360 683.5895 27.79476 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.292168 0.205416 -1.981214 -1.126630 -1.647936 1.639474 6.2 K t qu ki nh Hausman Bi n ph thu c SD Correlated Random Effects - Hausman Test Equation: Untitled Test cross-section random effects Chi-Sq Statistic Chi-Sq d.f Prob 60.023845 13 0.0000 Random Var(Diff.) Prob -0.339032 -0.350659 -0.610273 -0.046465 0.169014 0.067975 -2.120755 0.621684 -0.236871 0.175135 0.152410 -0.197610 0.001214 0.116215 0.192494 0.020576 0.000096 0.005169 0.000491 0.012276 0.019905 0.011361 0.051365 0.000554 0.006209 0.000164 0.6911 0.5057 0.5459 0.5538 0.5341 0.8640 0.0001 0.0001 0.0259 0.0005 0.0018 0.4982 0.2005 Test Summary Cross-section random Cross-section random effects test comparisons: Variable IO SO FO BSIZE NED CEOD ROA SIZE TANG RISK TAX DY AGE Fixed -0.203581 -0.058643 -0.696899 -0.040655 0.124315 0.064180 -1.694678 1.169515 0.000499 0.969778 0.225984 -0.250984 -0.015189 Cross-section random effects test equation: Dependent Variable: SD Method: Panel Least Squares Date: 09/22/14 Time: 00:24 Sample: 2008 2013 Periods included: Cross-sections included: 100 Total panel (unbalanced) observations: 576 Variable Coefficient Std Error t-Statistic Prob C IO SO FO BSIZE NED CEOD ROA SIZE TANG RISK TAX DY AGE -12.63949 -0.203581 -0.058643 -0.696899 -0.040655 0.124315 0.064180 -1.694678 1.169515 0.000499 0.969778 0.225984 -0.250984 -0.015189 1.832663 0.467581 0.515087 0.265119 0.024062 0.164792 0.060755 0.305257 0.170040 0.217991 0.704562 0.149500 0.286630 0.013305 -6.896790 -0.435392 -0.113851 -2.628631 -1.689577 0.754375 1.056387 -5.551644 6.877878 0.002287 1.376426 1.511597 -0.875636 -1.141620 0.0000 0.6635 0.9094 0.0089 0.0918 0.4510 0.2913 0.0000 0.0000 0.9982 0.1694 0.1313 0.3817 0.2542 Effects Specification Cross-section fixed (dummy variables) R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.834208 0.794102 0.381181 67.27355 -198.8745 20.80046 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.626693 0.840052 1.082898 1.937481 1.416175 1.568301 6.3 K t qu ki nh Hausman Bi n ph thu c LD Correlated Random Effects - Hausman Test Equation: Untitled Test cross-section random effects Chi-Sq Statistic Chi-Sq d.f Prob 72.070752 13 0.0000 Random Var(Diff.) Prob -0.102350 0.191892 -0.301799 -0.014185 -0.197380 -0.015833 -0.397121 0.305536 0.921741 -0.089842 0.041134 -0.373398 -0.002683 0.065883 0.105204 0.012280 0.000059 0.003177 0.000303 0.007260 0.010883 0.006901 0.031540 0.000348 0.003782 0.000087 0.0953 0.0079 0.0706 0.0001 0.8776 0.5506 0.4205 0.9754 0.5742 0.3425 0.1865 0.0614 0.0000 Test Summary Cross-section random Cross-section random effects test comparisons: Variable IO SO FO BSIZE NED CEOD ROA SIZE TANG RISK TAX DY AGE Fixed 0.325857 0.670328 -0.101414 -0.044619 -0.206061 -0.005437 -0.465763 0.308749 0.875061 -0.258413 0.065769 -0.258364 -0.042316 Cross-section random effects test equation: Dependent Variable: LD Method: Panel Least Squares Date: 09/22/14 Time: 00:24 Sample: 2008 2013 Periods included: Cross-sections included: 100 Total panel (unbalanced) observations: 576 Variable Coefficient Std Error t-Statistic Prob C IO SO FO BSIZE NED CEOD ROA SIZE TANG RISK TAX DY AGE -1.987838 0.325857 0.670328 -0.101414 -0.044619 -0.206061 -0.005437 -0.465763 0.308749 0.875061 -0.258413 0.065769 -0.258364 -0.042316 1.326486 0.338436 0.372821 0.191893 0.017416 0.119277 0.043974 0.220946 0.123075 0.157782 0.509964 0.108208 0.207464 0.009630 -1.498575 0.962831 -1.797989 -0.528489 -2.561914 -1.727584 -0.123635 -2.108043 2.508616 5.546009 -0.506728 0.607802 -1.245347 -4.394105 0.1347 0.3361 0.0728 0.5974 0.0107 0.0847 0.9017 0.0356 0.0125 0.0000 0.6126 0.5436 0.2136 0.0000 Effects Specification Cross-section fixed (dummy variables) R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.835523 0.795736 0.275900 35.24392 -12.68995 20.99990 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.305194 0.610458 0.436423 1.291007 0.769701 1.553516 PH L C 7: DANH SÁCH CÁC CÔNG TY TRONG M U STT MÃ CK TÊN CTY ABT CTY ACL CTY AGF CTY ALP CTY ANV CTY ASP CTY BBC CTY CP BIBICA BHS CTY BMP CTY 10 BT6 CTY CP BETON 11 CII CTY 12 CLC CTY 13 CNT CTY 14 COM CTY 15 DCT CTY CP T 16 DHA CTY CP HOÁ AN 17 DHG CTY 18 DIC CTY 19 DMC CTY 20 DPM 21 DPR CTY 22 DRC CTY 23 FMC CTY 24 FPT CTY CP FPT 25 GIL CTY 26 GMC CTY 27 HAP CTY 28 HAS CTY CP HACISCO 29 HAX CTY 30 HBC CTY 31 HDC CTY - CTY - 32 HMC CTY 33 HPG CTY 34 HRC CTY CP CAO SU HỊA BÌNH 35 HSG CTY 36 HSI CTY 37 HT1 CTY 38 ICF CTY 39 IMP CTY 40 KBC 41 KHA CTY 42 KHP CTY 43 KMR CTY CP MIRAE 44 L10 CTY CP LILAMA 10 45 LAF CTY 46 LCG CTY CP LICOGI 16 - LCG 47 LGC CTY 48 LSS CTY 49 MCP CTY CP IN VÀ BAO BÌ M 50 MPC CTY 51 NTL CTY 52 PAC CTY 53 PAN CTY CP XUYÊN THÁI BÌNH 54 PGC CTY CP GAS PETROLIMEX 55 PIT CTY 56 PJT CTY 57 PNC CTY 58 PPC CTY 59 PVT 60 RAL CTY 61 SAV CTY 62 SJD CTY 63 SMC CTY 64 SSC CTY SEN CTY -CTCP - CTY 65 ST8 CTY CP SIÊU THANH 66 SVC CTY 67 SVI CTY CP BAO BÌ BIÊN HÒA 68 TAC CTY 69 TBC CTY CP CAO SU HỊA BÌNH 70 TCM CTY 71 TCR CTY 72 TDH CTY 73 TMS CTY 74 TNA CTY 75 TNC CTY CP C 76 TPC CTY 77 TRA CTY CP TRAPHACO 78 TRC CTY CP CAO SU TÂY NINH 79 TSC CTY 80 TTF CTY 81 TYA CTY 82 UIC CTY 83 VHC CTY 84 VHG CTY 85 VIC 86 VID CTY 87 VIP CTY 88 VIS CTY C 89 VNA CTY 90 VNE 91 VNM CTY 92 VPK CTY 93 VSC CTY 94 VSH CTY 95 VTB CTY CP VIETTRONICS TÂN BÌNH 96 VTO CTY - - - HÀN - CTY CP CTY SÔNG HINH ... l i tài s n c a công ty i vào cu SIZEit: Quy mô công ty c a công ty i vào cu TANGit: T l tài s n c nh c a công ty i vào cu RISKit: R i ro kinh doanh c a công ty i TAXit: Thu TNDN c a công ty i... y, tác gi quy TR CÔNG TY VÀ QUY T nh ch NH TÀI TR nh tài tr C U TRÚC S H U, QU N C A CÁC CÔNG TY NIÊM Y T T I VI T NAM qu n tr công ty quy i k v ng tìm m a c u trúc s h u, nh tài tr c a doanh... y tài c a cơng ty i vào cu SDit: T l n ng n h n v n ch s h u c a công ty i vào cu LDit: T l n dài h n v n ch s h u c a công ty i vào cu IOit: t l s h u c a SOit: t l s h u c c a công ty i vào