B GIÁO D O I H C KINH T TP H CHÍ MINH **************** NGUY N TH THANH THÚY NG C A TÍNH THANH KHO N C PHI N C U TRÚC V N CÁC CÔNG TY NIÊM Y T TRÊN TH NG CH NG KHOÁN VI T NAM LU TP H CHÍ MINH - B GIÁO D O I H C KINH T TP H CHÍ MINH **************** NGUY N TH THANH THÚY NG C A TÍNH THANH KHO N C PHI N C U TRÚC V N CÁC CÔNG TY NIÊM Y T TRÊN TH NG CH NG KHỐN VI T NAM Chun ngành: Tài - Ngân hàng Mã s : 60340201 LU i ng d n khoa h c PGS.TS NGUY N TH NG C TRANG TP H CHÍ MINH - L IC Xin g i l i c d n PGS.TS Nguy n Th Ng c Trang, gi n tình ch b ng ý ki Xin g i l i c tơi hồn thành lu n th i h c Kinh t Thành Ph H Chí c bi t th y chun ngành tài doanh nghi c p cho tơi nh ng ki n th c quý giá trình h c t p t Xin g i l i c n bè ki m, x lý d li u t Chân thành c ng d y cung ng ng nghi u ki n h tr th i gian làm lu n t t c th y cô, anh ch b n Nguy n Th Thanh Thúy ng vi c tìm L NH PHI NG C A TÍNH THANH KHO N C N C U TRÚC V N CÁC CÔNG TY NIÊM Y T TRÊN TH CH NG KHOÁN VI T NAM cơng trình nghiên c u c a b ng d n góp ý c a gi nghiên c u c thu th ràng Nguy n Th Thanh Thúy NG i s ng d n PGS.TS Nguy n Th Ng c Trang D li u y Các k t qu tham kh o nghiên c u có trích d n rõ M CL C Trang ph bìa L ic L M cl c Danh m c b ng bi u TÓM T T GI I THI U CÁC B NG CH NG TH C NGHI M TRÊN TH GI I V NH NG C A TÍNH THANH KHO N C PHI N C U TRÚC V N C A DOANH NGHI P 2.1 Tính kho n c phi u 2.3 Các nghiên c u v tính kho n c phi u c u trúc v n LU N VÀ D LI U NGHIÊN C U 12 3.1 Ngu n d li u 12 nghiên c u 13 3.3 Mô hình nghiên c u 14 3.4 Mô t bi n 15 3.4.1 Bi n ph thu c 15 3.4.2 Bi c l p 16 3.4.3 Bi n ki m soát 18 3.5 Gi thuy t nghiên c u 23 N I DUNG VÀ K T QU NGHIÊN C U 25 4.1 Th ng kê mô t 25 4.2 Ki ng n 27 4.3 H i quy theo ph ng pháp Pool, Fixed Effect Random Effect 29 4.3.1 H 29 4.3.2 H 32 4.3.3 H 34 4.4 Ki nh s phù h p gi a ph ng pháp Pool, Fixed Effect Random Effect 38 4.4.1 Th c hi n ki nh F test 38 4.4.2 Th c hi n ki nh Hausman test 41 K T LU N 46 5.1 T ng h p k t qu 46 5.2 H n ch c a lu Tài li u tham kh o Ph l c ng nghiên c u ti p theo 47 DANH M C B NG BI U B ng 1: Tóm t t m u quan sát theo ngành B ng 2: Tóm t t mơ t th ng kê bi n B ng 3: K t qu a bi B ng 4: K t qu h i quy ph bi cl p cl p h s R2 h s VIF B ng 5: K t qu h i quy mơ hình theo B ng 6: K t qu h B ng 7: K t qu h B ng 8: B B ng 9: K t qu ki B ng 10: K t qu ki i quy: Pool nh F test nh Hausman test B ng 11: T ng h p k t qu nghiên c u k v ng Fixed Effect Random Effect TÓM T T Bài vi u công ty niên y t th ng c a tính kho n c phi n c u trúc v n c a ng ch ng khoán Vi t Nam Tác gi s d ng m u nghiên c u c l a ch n s giao d ch ch ng khoán Hà N i s giao d ch ch ng khốn H Chí Minh su n t n 2012 Bài nghiên c u s d ng k t qu nghiên c u c a Amihud th c hi ng tính kho n Mơ hình c a nghiên c u s d ng d li u b ng theo cách Pool, Fixed Effect (hi u ng c dùng ki nh) Random Effect (hi u ng ng u nhiên) Ti nh h ki m tra xem mơ hình phù h p nh t K t qu nghiên c u cho th y s d ng mơ hình nghiên c u v i hi u ng c Fixed Effect cho k t qu y nh t K t lu n rút ch s tính kho n c phi u có m i quan h chi u v kho n c phi nh y tài chính, nói cách khác, ch s c chi y tài Ngồi ra, tác gi th y m i quan h chi u gi a bi n quy mô công ty, t l kh u hao, tính b t n y tài quan h c chi u gi a bi n t l giá tr th giá tr s sách, t su t l i nhu n giá tr th ng c a c phi ng y tài T khóa: tính kho n c phi u, tính kho n c phi chính, d li u b ng y tài GI I THI U L a ch n c u trúc v n m t nh ng v nh ng quy quan tr ng, có tính ch t s ng cịn nh tài c a doanh nghi p Xây d ng c u trúc v n th n k t qu chi phí s d ng v n th p nh t giá tr doanh nghi m t nh ng m t l n nh t u c a nhà qu n tr tài M t c u trúc v n phù h p s c kinh doanh c a doanh nghi p môi ng c nh tranh Quy nh l a ch n c u trúc v n c a doanh nghi p ph thu c vào r t nhi u y u t khác Khung lý thuy s m v i nhi n quy nh l a ch n c u trúc v n r t m, b hoàn ch o thành n n t ng v ng ch c cho nhi u nghiên c u kh m truy n th ng v c u trúc v (M&M), lý thuy c i di n c a Jenshen Merkling, lý thuy t tr t t phân h ng ng c a y u t T u trung l i, m t k t qu n quy u ã nhi u qu c gia th gi i nghiên c u nh l a ch n c u trúc v n c a doanh nghi p c ch p nh n r ng rãi nh l a ch n c u trúc v n có th k Vi thuy khung lý thuy t n n t c th c hi n thu , quy mô công ty, kh Các tác gi i v c u trúc v ng, thuy t h th ng qu có r t nhi u nghiên c n quy gi i T nh ng quan n lý thuy t c u trúc v n c a Modilligani Miller n nh ng lý thuy t hi ch nh th r t n kh n y u t ng i, r i ro kinh doanh, ng, tính kho n, n d ng k t qu c a tác gi th gi i, ti p c n theo nh ng c a y u t n c u trúc v n t i th ng Vi t Nam Nhìn chung, k t qu nghiên c u phù h p v i lý thuy t phù h p v i b ng ch ng th c nghi m c ch p nh n r ng rãi M t nh ng nhân t n quy nh l a ch n c u trúc v n ph i k tính kho n c phi u Ph n l n nghiên c u v nghi p ch quan tâm nhi kh i, quy mô công ty, c u v tính kho n c phi u ng l i có nghiên c Nghiên n c u trúc v n c a doanh nghi p nghiên ng G t s tác gi th gi nghiên c u th c nghi m v c a doanh nghi p Có th k tài c u trúc v n c a doanh ny ut ng y u t thu c v th c u v y u t th n ti n hành nh ng ng c a tính kho n c phi n c u trúc v n n nghiên c u c a Frieder Martell (2006) v nh ng c a tính kho n c phi u lên c u trúc v n c a công ty niêm y t n 1988-1998; nghiên c u c a Lipson Mortal (2009) v ng c a tính kho n c phi u lên c u trúc v n c a công ty niêm y t nh M ; nghiên c u c a Udomsirikul, Jamreornvong Jiraporn (2011) v tính kho n c phi u c u trúc v n công ty Thái Lan; nghiên c u c a Arabzaded Maghaminejad (2011) v thính kho n c phi u c u trúc v n công ty niêm y t sàn ch ng khoán Tehran; nghiên c u c a Bahman Khalaj, Salman Farisian Seyed Mohammadreza Karbalaee (2013) v tính kho n c phi u c u trúc v n c a 100 công ty niêm y t sàn ch Ph n l n, nh ng b ng ch ng th c nghi m cho th y có m t m i quan h kho n c phi c chi u gi a tính n c u trúc v n c a công ty ng cơng ty có c phi u có tính kho n cao s có t l vay n th Câu h t li u k t qu nghiên c Trong h i th ng Vi t Nam i Vi t Nam, dù có r t nhi u nghiên c u khác v y u t n c u trúc v n, y u t tính kho n c phi c Xu t phát t th c t c tiêu c a nghiên c u tìm m i quan h gi a tính kho n c phi u c u trúc v n c a công ty niêm y t t i Vi t Nam c m c tiêu nghiên c u này, nghiên c t tr l i câu h i có liên quan: c th c hi n l n PH L C TH NG KÊ MÔ T CÁC BI N LEV ILLIQ M_B PROFIT_ ABILITY SIZE TANG OWN NDTS PRC VOLA_ TILITY Mean 0.4706 0.2219 0.9963 0.1009 27.6546 0.2340 0.5934 0.0344 10.3890 0.5246 Median 0.4926 0.1066 0.8209 0.0784 27.6123 0.1837 0.6098 0.0271 10.3839 0.3156 Maximum 0.8632 5.6066 3.4924 0.5010 31.6532 0.9382 0.9987 0.2079 12.8164 7.9560 Minimum 0.0508 0.0001 0.0313 -0.0168 24.6854 0.0007 0.0010 0.0000 8.4105 0.0015 Std Dev 0.2100 0.3948 0.7275 0.0810 1.2522 0.1948 0.1750 0.0308 0.7945 0.8222 Skewness -0.0994 7.1735 1.2798 1.4298 0.3217 1.4894 -0.5014 2.1604 0.0741 5.5821 Kurtosis 1.8861 82.0095 4.3632 5.4835 3.0049 5.0753 3.7262 9.7191 2.9184 43.7002 26.5647 133802.9000 174.5128 297.6572 Jarque-Bera Probability 0.0000 Sum Sum Sq Dev 234.3794 21.9193 Observations 498 Ngu n: tính tốn t 0.0000 0.0000 110.5239 496.1338 77.4497 263.0674 498 498 0.0000 8.5893 273.4857 0.0000 0.0000 50.2568 13771.9700 116.5391 3.2648 779.3485 18.8608 295.5048 15.2292 498 0.0136 31.8062 1324.1630 498 498 498 0.0000 0.5942 36958.7500 0.7430 0.0000 17.1523 5173.7150 0.4713 313.7079 261.2389 335.9761 498 498 498 PH L C H I QUY PH CÁC BI H i quy ph bi CL P c l p ILLIQ Dependent Variable: ILLIQ Method: Panel Least Squares Date: 09/20/13 Time: 17:16 Sample: 2007 2012 Periods included: Cross-sections included: 83 Total panel (balanced) observations: 498 Variable Coefficient Std Error t-Statistic Prob C M_B PROFITABILITY SIZE TANG OWN NDTS PRC VOLATILITY 1.411666 -0.051285 -0.754130 -0.047011 -0.085679 0.274606 -0.277366 0.011446 -0.028044 0.538291 0.037347 0.257600 0.014670 0.117676 0.102143 0.734006 0.035086 0.021693 2.622496 -1.373198 -2.927522 -3.204686 -0.728092 2.688463 -0.377880 0.326233 -1.292719 0.0090 0.1703 0.0036 0.0014 0.4669 0.0074 0.7057 0.7444 0.1967 R-squared 0.059121 Adjusted R-squared 0.043729 S.E of regression 0.386031 Sum squared resid 72.87079 Log likelihood -228.0753 F-statistic 3.840876 Prob(F-statistic) 0.000213 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.221936 0.394759 0.952110 1.028205 0.981974 1.157846 H i quy ph bi c l p M/B Dependent Variable: M_B Method: Panel Least Squares Date: 09/20/13 Time: 17:18 Sample: 2007 2012 Periods included: Cross-sections included: 83 Total panel (balanced) observations: 498 Variable Coefficient Std Error t-Statistic Prob C ILLIQ PROFITABILITY SIZE TANG OWN NDTS PRC VOLATILITY 7.303206 -0.074902 -0.971674 0.027288 -0.149732 -0.239193 -0.892628 -0.645509 -0.062924 0.565750 0.054546 0.310941 0.017871 0.142130 0.123879 0.886269 0.030761 0.026107 12.90890 -1.373198 -3.124950 1.526937 -1.053485 -1.930866 -1.007174 -20.98469 -2.410243 0.0000 0.1703 0.0019 0.1274 0.2926 0.0541 0.3143 0.0000 0.0163 R-squared 0.595432 Adjusted R-squared 0.588813 S.E of regression 0.466525 Sum squared resid 106.4287 Log likelihood -322.3933 F-statistic 89.96198 Prob(F-statistic) 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.996253 0.727537 1.330897 1.406992 1.360762 1.462292 H i quy ph bi c l p PROFITABILITY Dependent Variable: PROFITABILITY Method: Panel Least Squares Date: 09/20/13 Time: 17:20 Sample: 2007 2012 Periods included: Cross-sections included: 83 Total panel (balanced) observations: 498 Variable Coefficient Std Error t-Statistic Prob C ILLIQ M_B SIZE TANG OWN NDTS PRC VOLATILITY 0.173993 -0.022840 -0.020150 -0.013441 -0.048426 0.036264 0.581337 0.027804 0.008956 0.094007 0.007802 0.006448 0.002507 0.020373 0.017832 0.125025 0.005976 0.003760 1.850847 -2.927522 -3.124950 -5.361233 -2.376945 2.033709 4.649786 4.652685 2.381812 0.0648 0.0036 0.0019 0.0000 0.0178 0.0425 0.0000 0.0000 0.0176 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.323992 0.312933 0.067181 2.207025 642.6883 29.29557 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.100917 0.081049 -2.544933 -2.468838 -2.515068 0.680972 H i quy ph bi c l p SIZE Dependent Variable: SIZE Method: Panel Least Squares Date: 09/20/13 Time: 17:52 Sample: 2007 2012 Periods included: Cross-sections included: 83 Total panel (balanced) observations: 498 Variable Coefficient C 24.48458 ILLIQ -0.437554 M_B 0.173898 PROFITABILITY -4.130427 TANG 1.293677 OWN 0.614325 NDTS -5.819892 PRC 0.287523 VOLATILITY 0.108244 R-squared 0.129738 Adjusted R-squared 0.115500 S.E of regression 1.177705 Sum squared resid 678.2376 Log likelihood -783.5469 F-statistic 9.112450 Prob(F-statistic) 0.000000 Std Error t-Statistic 1.228355 19.93283 0.136536 -3.204686 0.113887 1.526937 0.770425 -5.361233 0.354406 3.650270 0.312680 1.964711 2.224118 -2.616719 0.106260 2.705837 0.066114 1.637219 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat Prob 0.0000 0.0014 0.1274 0.0000 0.0003 0.0500 0.0092 0.0071 0.1022 27.65456 1.252240 3.182919 3.259014 3.212784 0.136298 H i quy ph bi c l p TANG Dependent Variable: TANG Method: Panel Least Squares Date: 09/20/13 Time: 17:53 Sample: 2007 2012 Periods included: Cross-sections included: 83 Total panel (balanced) observations: 498 Variable Coefficient Std Error t-Statistic Prob C ILLIQ M_B PROFITABILITY SIZE OWN NDTS PRC VOLATILITY 0.229893 -0.012639 -0.015123 -0.235866 0.020504 -0.058415 3.641431 -0.059069 0.003189 0.207936 0.017359 0.014356 0.099231 0.005617 0.039431 0.228875 0.013210 0.008345 1.105598 -0.728092 -1.053485 -2.376945 3.650270 -1.481426 15.91015 -4.471516 0.382162 0.2694 0.4669 0.2926 0.0178 0.0003 0.1391 0.0000 0.0000 0.7025 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.430050 0.420726 0.148267 10.74969 248.4637 46.12124 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.234014 0.194806 -0.961702 -0.885607 -0.931837 0.383603 H i quy ph bi c l p OWN Dependent Variable: OWN Method: Panel Least Squares Date: 09/20/13 Time: 17:54 Sample: 2007 2012 Periods included: Cross-sections included: 83 Total panel (balanced) observations: 498 Variable Coefficient Std Error t-Statistic Prob C ILLIQ M_B PROFITABILITY SIZE TANG NDTS PRC VOLATILITY 0.614524 0.053042 -0.031634 0.231276 0.012749 -0.076487 -0.893101 -0.031487 -0.002907 0.236607 0.019729 0.016383 0.113722 0.006489 0.051630 0.320101 0.015356 0.009550 2.597236 2.688463 -1.930866 2.033709 1.964711 -1.481426 -2.790064 -2.050488 -0.304389 0.0097 0.0074 0.0541 0.0425 0.0500 0.1391 0.0055 0.0408 0.7610 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.075766 0.060645 0.169658 14.07535 181.3462 5.010828 0.000005 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.593383 0.175049 -0.692153 -0.616058 -0.662289 0.103682 H i quy ph bi c l p NDTS Dependent Variable: NDTS Method: Panel Least Squares Date: 09/20/13 Time: 18:01 Sample: 2007 2012 Periods included: Cross-sections included: 83 Total panel (balanced) observations: 498 Variable Coefficient Std Error t-Statistic Prob C ILLIQ M_B PROFITABILITY SIZE TANG OWN PRC VOLATILITY 0.090824 -0.001052 -0.002319 0.072835 -0.002373 0.093669 -0.017545 -0.000479 -0.004005 0.033138 0.002785 0.002303 0.015664 0.000907 0.005887 0.006288 0.002161 0.001326 2.740801 -0.377880 -1.007174 4.649786 -2.616719 15.91015 -2.790064 -0.221686 -3.020029 0.0064 0.7057 0.3143 0.0000 0.0092 0.0000 0.0055 0.8247 0.0027 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.413294 0.403695 0.023780 0.276515 1159.895 43.05827 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.034442 0.030794 -4.622069 -4.545974 -4.592204 0.381996 H i quy ph bi c l p PRC Dependent Variable: PRC Method: Panel Least Squares Date: 09/20/13 Time: 18:03 Sample: 2007 2012 Periods included: Cross-sections included: 83 Total panel (balanced) observations: 498 Variable Coefficient Std Error t-Statistic Prob C ILLIQ M_B PROFITABILITY SIZE TANG OWN NDTS VOLATILITY 9.882029 0.019010 -0.734041 1.524676 0.051306 -0.665026 -0.270740 -0.209721 -0.028936 0.536936 0.058272 0.034980 0.327698 0.018961 0.148725 0.132037 0.946025 0.027974 18.40447 0.326233 -20.98469 4.652685 2.705837 -4.471516 -2.050488 -0.221686 -1.034395 0.0000 0.7444 0.0000 0.0000 0.0071 0.0000 0.0408 0.8247 0.3015 R-squared 0.614210 Adjusted R-squared 0.607898 S.E of regression 0.497489 Sum squared resid 121.0254 Log likelihood -354.3961 F-statistic 97.31609 Prob(F-statistic) 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 10.38899 0.794483 1.459422 1.535517 1.489287 0.840681 H i quy ph bi c l p VOLATILITY Dependent Variable: VOLATILITY Method: Panel Least Squares Date: 09/20/13 Time: 18:05 Sample: 2007 2012 Periods included: Cross-sections included: 83 Total panel (balanced) observations: 498 Variable Coefficient Std Error t-Statistic Prob C ILLIQ M_B PROFITABILITY SIZE TANG OWN NDTS PRC 0.173443 -0.121447 -0.186580 1.280554 0.050365 0.093623 -0.065171 -4.571280 -0.075452 1.128017 0.093947 0.077411 0.537639 0.030762 0.244983 0.214106 1.513654 0.072943 0.153759 -1.292719 -2.410243 2.381812 1.637219 0.382162 -0.304389 -3.020029 -1.034395 0.8779 0.1967 0.0163 0.0176 0.1022 0.7025 0.7610 0.0027 0.3015 R-squared 0.060714 Adjusted R-squared 0.045347 S.E of regression 0.803339 Sum squared resid 315.5778 Log likelihood -593.0388 F-statistic 3.951000 Prob(F-statistic) 0.000152 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.524576 0.822197 2.417827 2.493922 2.447691 1.861580 PH L C 3: KI M 1.Bi n NH TÍNH D NG y tài LEV Null Hypothesis: Unit root (common unit root process) Series: LEV Date: 09/20/13 Time: 21:08 Sample: 2007 2012 Exogenous variables: None User-specified lags: Newey-West automatic bandwidth selection and Bartlett kernel Total (balanced) observations: 196 Cross-sections included: 49 (34 dropped) Method Levin, Lin & Chu t* Statistic -7.77385 Prob.** 0.0000 ** Probabilities are computed assuming asympotic normality 2.Bi n tính kho n y u ILLIQ Null Hypothesis: Unit root (common unit root process) Series: ILLIQ Date: 09/20/13 Time: 21:10 Sample: 2007 2012 Exogenous variables: None User-specified lags: Newey-West automatic bandwidth selection and Bartlett kernel Total (balanced) observations: 64 Cross-sections included: 16 (67 dropped) Method Levin, Lin & Chu t* Statistic -2.24101 ** Probabilities are computed assuming asympotic normality Prob.** 0.0125 Bi n M/B Null Hypothesis: Unit root (common unit root process) Series: M_B Date: 09/20/13 Time: 21:12 Sample: 2007 2012 Exogenous variables: None User-specified lags: Newey-West automatic bandwidth selection and Bartlett kernel Total (balanced) observations: 196 Cross-sections included: 49 (34 dropped) Method Levin, Lin & Chu t* Statistic -2.13684 Prob.** 0.0163 ** Probabilities are computed assuming asympotic normality Bi n PROFITABILITY Null Hypothesis: Unit root (common unit root process) Series: PROFITABILITY Date: 09/20/13 Time: 21:13 Sample: 2007 2012 Exogenous variables: None User-specified lags: Newey-West automatic bandwidth selection and Bartlett kernel Total (balanced) observations: 64 Cross-sections included: 16 (67 dropped) Method Levin, Lin & Chu t* Statistic -10.2194 ** Probabilities are computed assuming asympotic normality Prob.* * 0.0000 Bi n SIZE Null Hypothesis: Unit root (common unit root process) Series: SIZE Date: 09/20/13 Time: 18:27 Sample: 2007 2012 Exogenous variables: None User-specified lags: Newey-West automatic bandwidth selection and Bartlett kernel Total (balanced) observations: 196 Cross-sections included: 49 (34 dropped) Method Levin, Lin & Chu t* Statistic 17.3968 Prob.** 0.0000 ** Probabilities are computed assuming asympotic normality Bi n TANG Null Hypothesis: Unit root (common unit root process) Series: TANG Date: 09/24/13 Time: 21:19 Sample: 2007 2012 Exogenous variables: None User-specified lags: Newey-West automatic bandwidth selection and Bartlett kernel Total (balanced) observations: 64 Cross-sections included: 16 (67 dropped) Method Levin, Lin & Chu t* Statistic -3.61168 ** Probabilities are computed assuming asympotic normality Prob.** 0.0002 Bi n OWN Null Hypothesis: Unit root (common unit root process) Series: OWN Date: 09/20/13 Time: 18:24 Sample: 2007 2012 Exogenous variables: None User-specified lags: Newey-West automatic bandwidth selection and Bartlett kernel Total (balanced) observations: 196 Cross-sections included: 49 (34 dropped) Method Levin, Lin & Chu t* Statistic 7.90399 Prob.** 0.0000 Bi n NDTS Null Hypothesis: Unit root (common unit root process) Series: NDTS Date: 09/20/13 Time: 21:24 Sample: 2007 2012 Exogenous variables: None User-specified lags: Newey-West automatic bandwidth selection and Bartlett kernel Total (balanced) observations: 196 Cross-sections included: 49 (34 dropped) Method Levin, Lin & Chu t* Statistic -9.14732 ** Probabilities are computed assuming asympotic normality Prob.** 0.0000 Bi n PRC Null Hypothesis: Unit root (common unit root process) Series: PRC Date: 09/20/13 Time: 21:26 Sample: 2007 2012 Exogenous variables: None User-specified lags: Newey-West automatic bandwidth selection and Bartlett kernel Total (balanced) observations: 196 Cross-sections included: 49 (34 dropped) Method Levin, Lin & Chu t* Statistic -6.15615 Prob.** 0.0000 ** Probabilities are computed assuming asympotic normality 10 Bi n VOLATILITY Null Hypothesis: Unit root (common unit root process) Series: VOLATILITY Date: 09/20/13 Time: 21:27 Sample: 2007 2012 Exogenous variables: None User-specified lags: Newey-West automatic bandwidth selection and Bartlett kernel Total (balanced) observations: 64 Cross-sections included: 16 (67 dropped) Method Levin, Lin & Chu t* Statistic -4.76276 ** Probabilities are computed assuming asympotic normality Prob.** 0.0000 ... T TP H CHÍ MINH **************** NGUY N TH THANH THÚY NG C A TÍNH THANH KHO N C PHI N C U TRÚC V N CÁC CÔNG TY NIÊM Y T TRÊN TH NG CH NG KHOÁN VI T NAM Chuyên ngành: Tài - Ngân hàng Mã s : 60340201... c u trúc v n công ty niêm y t sàn ch ng khoán Tehran; nghiên c u c a Bahman Khalaj, Salman Farisian Seyed Mohammadreza Karbalaee (2013) v tính kho n c phi u c u trúc v n c a 100 công ty niêm. .. t c th y cô, anh ch b n Nguy n Th Thanh Thúy ng tơi vi c tìm L NH PHI NG C A TÍNH THANH KHO N C N C U TRÚC V N CÁC CÔNG TY NIÊM Y T TRÊN TH CH NG KHỐN VI T NAM cơng trình nghiên c u c a b ng