oOo MAI TÙNG LINH Minh - oOo MAI TÙNG LINH CHÍ MINH Chuyên ngành: TÀI CHÍNH NGÂN HÀNG GS - - - - Mai Tùng Linh 13 13 15 16 17 .19 19 24 29 31 1: .15 2: Q 17 3: 18 4: 19 5: .19 6: .20 2.7: 22 8: 23 9: hình 23 2.10: 24 11: 24 24 13: 25 14: 26 15: 27 16: hình 28 2.17: 28 18: 29 Hình 2.1: 21 Hình 2.2: 22 Hình 2.3: 26 Hình 2.4: 27 Q ROE T và 1.1 công phân tán ng ý N 20 Coefficients(a) Unstandardized Coefficients (Constant) GOV FORG OTHERS SIZE DEBT GROW AGE Standardized Coefficients B Model Std Error Beta -.267 155 -.021 185 059 134 -.003 023 322 299 300 298 019 008 004 016 196 -.016 271 148 778 -.030 057 T Sig Collinearity Statistics Tolerance -.664 -1.004 -3.391 -.354 3.215 16.765 -.775 1.359 508 047 001 024 002 000 440 176 VIF 970 680 958 651 668 972 870 1.031 1.472 1.044 1.535 1.497 1.029 1.149 a Dependent Variable: Tobin's Q OTHERS (0.024), SIZE (0.02), -value GROW (0.44), AGE Watson = 1.938 ( < 1.938 < 3) nên mơ hình FORG(1.472); OTHERS(1.044); SIZE(1.535); LEV (1.497); GROW (1.029); 21 Hình 30 20 10 Std Dev = 98 Mean = 0.00 N = 153.00 50 00 00 0 -.5 0 -1 -1 0 -2 -2 0 -3 -3 Standardized Residual 22 hình Breusch-Godfrey Serial Correlation LM Test: F-statistic Obs*R-squared 1.127152 2.374515 Prob F(2,143) Prob Chi-Square(2) - 0.326815 0.305057 - = 0.3050 >0.05 nên Hình 2 -1 -2 -3 -4 -2 -1 Standardized Predicted Value White Heteroskedasticity 23 White Heteroskedasticity Test: F-statistic Obs*R-squared 13.06275 87.19939 Prob F(14,138) Prob Chi-Square(14) 0.000000 0.000000 - i i i 2 Xi mơ hình Dependent Variable: Q/AGE^(1/2) Method: Least Squares Sample: 153 Included observations: 153 Variable Coefficient Std Error t-Statistic Prob C GOV/AGE^(1/2) FORG/AGE^(1/2) OTHERS/AGE^(1/2) SIZE/AGE^(1/2) DEBT/AGE^(1/2) GROW/AGE^(1/2) AGE^(1/2) 0.862837 -0.329734 -0.248819 -0.424140 -0.054387 -0.015822 -0.003026 0.005395 2.121468 -0.870382 -0.653310 -1.122439 -2.317117 -1.538276 -0.571653 0.263456 0.0356 0.3855 0.5146 0.2635 0.0219 0.1262 0.5684 0.7926 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood 0.183812 0.144409 0.069198 0.694321 195.6397 0.406717 0.378838 0.380860 0.377874 0.023472 0.010285 0.005293 0.020477 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Durbin-Watson stat 0.075230 0.074811 -2.452807 -2.294353 2.195728 24 White Heteroskedasticity Test: F-statistic Obs*R-squared 1.571160 23.86890 Prob F(16,136) Prob Chi-Square(16) 0.084705 0.092407 2.5.2 OTHERS, SIZE, LEV, GROW, AGE) sau: Model Summary(b) Model R R Square Adjusted R Square Std Error of the Estimate 195 156 11057 441(a) DurbinWatson 2.165 a Predictors: (Constant), AGE, LEV, GOV, GROW, FORG, SIZE, OTHERS b Dependent Variable: ROE ANOVA(b) Model Regression Residual Total Sum of Squar es 429 1.773 2.202 Mean Square Df 145 152 061 012 F Sig 5.008 000(a) a Predictors: (Constant), AGE, LEV, GOV, GROW, FORG, SIZE, OTHERS b Dependent Variable: ROE 25 Unstandardized Coefficients Model B (Constant) GOV FORG OTHERS SIZE DEBT GROW AGE 805 -.316 -.267 -.420 -.049 -.017 -.003 013 Std Error 402 373 374 372 023 010 005 020 = 0.195 , F= 5.008 P- Standardized Coefficients T 0.05 Sig Beta -.632 -.321 -.971 -.193 -.157 -.042 050 Collinearity Statistics Tolerance 2.437 2.660 1.915 -.336 -2.088 -1.732 -.564 617 016 009 047 037 039 085 574 538 970 680 958 651 668 972 870 VIF 1.031 1.472 1.044 1.535 1.497 1.029 1.149 - -value LEV (0.085), GROW (0.564), AGE Watson = 2.165 ( < 2.165 < 3) nên mô GOV(1.031); FORG(1.472); OTHERS(1.044); SIZE(1.535); LEV (1.497); GROW 26 Hình 30 20 10 Std Dev = 98 Mean = 0.00 N = 153.00 25 75 25 75 25 5 -.2 -.7 -1 -1 -2 Standardized Residual cá Breusch-Godfrey Serial Correlation LM Test: F-statistic Obs*R-squared 0.573962 1.218418 Prob F(2,143) Prob Chi-Square(2) 0.564581 0.543781 27 - = 0.5437 >0.05 nên - Hình -1 -2 -3 -3 -2 -1 Standardized Predicted Value White Heteroskedasticity White Heteroskedasticity Test: F-statistic Obs*R-squared 2.720506 58.22253 - Prob F(28,124) Prob Chi-Square(28) 0.000083 0.000683 i 28 i i 2 Xi mô hình Dependent Variable: ROE/AGE^(1/2) Method: Least Squares Sample: 153 Included observations: 153 Variable Coefficient Std Error C GOV/AGE^(1/2) FORG/AGE^(1/2) OTHERS/AGE^(1/2) SIZE/AGE^(1/2) DEBT/AGE^(1/2) GROW/AGE^(1/2) AGE^(1/2) 0.672713 -0.041457 0.018530 -0.139899 -0.048744 -0.017468 -0.003074 -0.200044 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood Durbin-Watson stat 0.169488 0.129394 0.069803 0.706506 194.3089 2.198399 0.485208 0.358322 0.366291 0.359617 0.023693 0.010325 0.005344 0.156400 t-Statistic 1.386441 -0.115699 0.050589 -0.389021 -2.057339 -1.691746 -0.575207 -1.279053 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion F-statistic Prob(F-statistic) Prob 0.1677 0.9081 0.9597 0.6978 0.0414 0.0928 0.5660 0.2029 0.075230 0.074811 -2.435410 -2.276956 4.227295 0.000284 White Heteroskedasticity Test: F-statistic Obs*R-squared 1.342147 18.33585 - Prob F(14,138) Prob Chi-Square(14) 0.190576 0.191910 29 2.6 sau: hình Mơ hình (Q) Mơ hình (ROE) GOV -/+ - -/+ + FORG -/+ - -/+ + + + - - SIZE +/- + +/- - LEV +/- + +/- - GROW +/- +/- - - - OTHERS AGE khác (OTHE 30 Rami Zeitun, 2009 31 3 A B Bhatti, BH & Sarwet, A 2012, Financial performance of state owned enterprises in emerging economies International Research Journal of Finance and Economics Boardman, A E, and A R.Vining (1989): "Ownership and Performance in Competitive Environments: A Comparison of the Performance of Private, Mixed, and State-Owned Enterprises", Journal of Economics and Law Daqing Qi, Woody Wu & Hua Zhang, 1999, Shareholding Structure and Coporate Performance of Partially Privatized Firms: Evidence from listed Chinese Companies Faculty of Business Administration The Chinese University of Hong Kong Hu, Y & Izumida, S 2008, Ownership Concentration and Corporate Performance Master Thesis, Semester 2009 Le, TV & Buck, T 2011, State ownership and listed firm performance: a universally negative governance relationship? 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