B GIÁO D O I H C KINH T TP H CHÍ MINH - BÙI TH TRÀ MI NGHIÊN C U L I T C B T HO NG NG IPO C A CÁC CÔNG TY NIÊM Y T VI T NAM LU Thành ph H m 2013 B GIÁO D O I H C KINH T TP H CHÍ MINH - BÙI TH TRÀ MI NGHIÊN C U L I T C B T HO NG NG IPO C A CÁC CÔNG TY NIÊM Y T 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 Thành ph H L u c a tơi, có s h tr t ng d n khoa h c PGS.TS Tr n Th Thùy Linh Các n i dung nghiên c u k t qu tài trung th c công b b t c cơng trình khoa h c S li u s d ng vi c ch c tác gi thu th p ghi ngu n g c rõ ràng, s li u khác ph c v cho vi c phân tích, nh c thu th p t ngu n tài li u tham kh o N u phát hi n có b t k s gian l n nào, tơi xin hồn toàn ch u trách nhi m ch ng TP H BÙI TH TRÀ MI M CL C Trang TRANG PH BÌA L M CL C DANH M C CH VI T T T DANH M C B NG BI U DANH M C HÌNH TĨM T T CH NG 1: T NG QUAN CÁC N I DUNG C A LU 1.1 Lý ch tài: 1.2 M c tiêu nghiên c u câu h i nghiên c u: 1.2.1 M c tiêu nghiên c u: 1.2.2 Câu h i nghiên c u: it ng ph m vi nghiên c u: it ng nghiên c u: 1.3.2 Ph m vi nghiên c u: 1.4 Ph ng pháp nghiên c u: 1.5 B c c nghiên c u: CH NG 2: T NG QUAN CÁC K T QU NGHIÊN C U TR 2.1 Khung lý thuy t v IPO: 2.1.1 Lý thuy t b t cân x ng thông tin (Asymmetric Informartion): 2.1.2 Lý thuy t ng 2.1.3 Lý thuy i di n (Agency theory) nh giá th m th tr ng (Market timing): 2.1.4 Gi thuy t tín hi u (Signaling Hypothsis): 2.2 Các nghiên c u th c nghi m: 2.2.1 Nghiên c u th c nghi nh giá th p ng n h n: 2.2.2 Nghiên c u th c nghi m hi u qu th p dài h n: 11 2.2.3 Nghiên c u th c nghi m lý thuy t th tr 2.3 Nh ng nhân t nh h ng hi u qu : 12 n l i t c IPO: 14 2.3.1 Qui mô công ty: 14 2.3.2 Tu i công ty IPO: 14 2.3.3 Kh i l ng giao d u tiên/c phi u chào bán: 15 2.3.4 Kh i l ng c phi u giao d u tiên: 16 2.3.5 Ch s P/E: 16 CH NG 3: PH NG PHÁP NGHIÊN C U 20 3.1 D li u nghiên c u: 20 3.2 Mô t bi n k v ng nghiên c u: 21 3.2.1 Mô t bi n: 21 3.2.2 K v ng nghiên c u: 22 3.3 Mơ hình nghiên c u: 22 3.4 Ph ng pháp ki nh: 24 3.4.1 H i quy ki nh v i mơ hình FEM: 24 3.4.2 H i quy ki nh v i mơ hình REM: 25 3.4.3 Ki CH nh k t qu phân tích 26 NG 4: CÁC K T QU NGHIÊN C U 28 4.1 Di n bi n th tr ng ch t IPO c a doanh nghi p Vi t Nam: 28 4.1.1 Di n bi n th tr 4.1.2 Di n bi ng ch ng khoán: 28 t IPO: 29 4.2 Mô t di n bi n IPO c a doanh nghi p niêm y t m u nghiên c u: 34 4.2.1 Phân tích chi ti t v doanh nghi p m u: 34 4.2.1.1 Mô t d li u thu th p c a 100 doanh nghi p niêm y t HOSE: 36 4.2.1.2 Mô t d li u thu th p c a 100 doanh nghi p niêm y t HNX: 39 4.2.2 So sánh ch tiêu trung bình c a doanh nghi p t i hai S giao d ch ch ng khoán: 42 4.2.3 Phân tích t ng quan bi n: 43 4.2.4 Ki ng n: 47 4.3.Phân tích b ng v m i quan h gi a l i nhu n b t th y ut ng t IPO ng: 49 4.3.1 Phân tích theo ph ng c nh (FEM) 49 ng ng n h n 50 ng dài h n: 52 4.3.2 Phân tích theo ph ng ng u nhiên (REM) 54 ng ng n h n 54 ng dài h n: 57 4.3.3 Ki nh, so sánh ph ng pháp (FEM REM) 59 K T LU N: 60 CH NG 5: K T LU N 64 5.1 K t lu n: 64 5.2 H n ch h ng m r ng c tài: 65 5.2.1 H n ch : 65 5.2.2 H ng m r ng c tài: 65 TÀI LI U THAM KH O: PH L C PH L C : 100 CÔNG TY NIÊM Y T HOSE PH L C : 100 CÔNG TY NIÊM Y T HNX PH L C 3: CÁC K T QU H I QUY FEM REM PH L C 4: KI NH HAUSMAN PH L C 5: PH NG SAI SAI S PH L I NG TUY N PH L C 7: H I QUY FEM, REM V I CAR_S, CAR_L TÍNH THEO GIÁ IPO CHU N DANH M C CH VI T T T Age: Tu i c a công ty IPO CAR_L: Là l i nhu n dài h n c a CAR_S: Là l i nhu n ng n h n c a IPO FEM: Fixed effect model ng c HNX: Ha Noi stock exchange nh S giao d ch ch ng khoán Hà N i HOSE: Ho Chi Minh city stock exchange S giao d ch ch ng khốn thành ph H Chí Minh IPO: Initial Public Offerings IPO_Rate: T l kh Phát hành l ng c phi u giao d u công chúng u tiên/ C phi u chào bán PE: T s giá thu nh p v n c ph n REM: Random effect model ng ng u nhiên Size: quy mô c a công ty IPO Vo_Trans: Kh ng c phi u niêm y t t u tiên giao d ch DANH M C B NG BI U B ng 2.1 Tóm t t nghiên c 17 B ng 4.1: Th ng kê mô t doanh nghi p t i HOSE 36 B ng 4.2: Th ng kê mô t doanh nghi p t i HNX 39 B ng 4.3: So sánh thu c tính doanh nghi p niêm y t t i HOSE HNX 42 B n doanh nghi p IPO niêm y t HOSE 45 B n doanh nghi p IPO niêm y t HNX 46 B ng 4.6: K t qu ng theo FEM doanh nghi p IPO niêm y t HOSE HNX ng n h n 50 B B ng 4.8: K t qu ng c a y u t t 51 ng theo FEM doanh nghi p IPO niêm y t HOSE HNX dài h n 52 B ng c a y u t t 53 B ng 4.10: K t qu ng theo REM doanh nghi p IPO niêm y t HOSE HNX ng n h n 54 B ng c a y u t t 56 B ng 4.12: K t qu ng theo REM doanh nghi p IPO niêm y t HOSE HNX dài h n 57 B ng c a y u t t 58 B ng 4.14: Ki nh Hausman 59 DANH M C HÌNH Hình 4.1: Di n bi n VN Index t n 28 Hình 4.2: T tr ng (%) doanh nghi p niêm y t t i s giao d ch ch ng khốn 29 Hình 4.3: S ng cơng ty niêm y n 2007 - 2012 30 Hình 4.4: Di n bi n l i nhu n ng n dài h n (%) t IPO c a doanh nghi p niêm y t HOSE 38 Hình 4.5: Di n bi n l i nhu n ng n dài h n (%) t IPO c a doanh nghi p niêm y t HNX 41 TÓ Lu ul it cb u cơng chúng ng ch ng khốn Vi t Nam, nhân t (IPO) th ng phát hành l nl it c qui mô, th i gian t công ty thành l phi u niêm y t t i n tiên/ kh u tiên giao d ch, kh n IPO, kh ng c ng c phi u giao d u ng c phi u chào bán, ch s P/E Tham kh o t nghiên c u c a Gholamreza Zamanian, Saber Khodaparati, Mohammad Mirbagherijam (2013) tác gi n hành nghiên c u công ty niêm y t th Nam t ng ch ng khoán Vi t , ng n h n (sau 30 ngày niêm y t) dài h n t) K t qu nghiên c u cho th y, (1) ng n h n y u t th i gian t công ty thành l n IPO, kh i ng c phi u giao d ng c phi u chào bán u tiên/ kh i ng t i l i nhu n b ng doanh nghi p IPO niêm y t HOSE HNX phù h p v i nghiên c u a Gholamreza Zamanian, Mirbagherijam (2013) (2) dài h n kh tiên/ kh Saber Khodaparati, Mohammad ng c phi u giao d ng c phi u chào bán u ng t i l i nhu n b ng doanh nghi p IPO niêm y t HOSE HNX phù h p v i nghiên c u a Gholamreza Zamanian, Mirbagherijam (2013) mu Saber Khodaparati, Mohammad m phi u c a m t doanh nghi p IPO t i th ng ch ng khốn Vi t Nam T khóa: IPO, l i t c b ng, th ng ch ng khoán Vi t Nam, s giao d ch ch ng khoán Tp HCM (HOSE), s giao d ch ch ng khoán Hà N i (HNX) Variable Coefficient Std Error t-Statistic Prob C -2.193417 0.508299 -4.315208 0.0000 AGE -0.001399 0.005042 -0.277522 0.7822 IPO_RATE -0.008093 0.011835 -0.683843 0.4963 PE_L 0.000562 0.000882 0.636599 0.5264 SIZE 0.816909 0.043253 18.88663 0.0000 Effects Specification Cross-section fixed (dummy variables) Period fixed (dummy variables) R-squared 0.885654 Mean dependent var 7.384281 Adjusted R-squared 0.842774 S.D dependent var 0.428075 S.E of regression 0.169739 Akaike info criterion Sum squared resid 2.074418 Schwarz criterion Log likelihood 51.88063 Hannan-Quinn criter F-statistic 20.65435 Durbin-Watson stat Prob(F-statistic) 0.000000 -0.477613 0.251835 -0.182392 2.310382 Dependent Variable: SIZE Method: Panel Least Squares Date: 11/18/13 Time: 22:38 Sample: 2008 2012 Periods included: Cross-sections included: 20 Total panel (balanced) observations: 100 Variable VO_TRANS Coefficient Std Error t-Statistic Prob 1.018537 0.053929 18.88663 0.0000 C 4.202788 0.400158 10.50283 0.0000 AGE 0.002410 0.005625 0.428367 0.6697 IPO_RATE 0.004303 0.013248 0.324780 0.7463 PE_L -0.000487 0.000986 -0.493667 0.6230 Effects Specification Cross-section fixed (dummy variables) Period fixed (dummy variables) R-squared 0.893350 Mean dependent var 11.73827 Adjusted R-squared 0.853356 S.D dependent var 0.494939 S.E of regression 0.189532 Akaike info criterion Sum squared resid 2.586424 Schwarz criterion 0.472431 Log likelihood 40.85085 Hannan-Quinn criter 0.038204 F-statistic 22.33726 Durbin-Watson stat 2.300735 Prob(F-statistic) 0.000000 -0.257017 ng n Do VIF = 1/ (1-R2) < 10 Dependent Variable: VO_TRANS Method: Panel Least Squares Date: 11/18/13 Time: 22:39 Sample: 2008 2012 Periods included: Cross-sections included: 20 Total panel (balanced) observations: 100 Variable Coefficient Std Error t-Statistic Prob C -2.298290 0.503588 -4.563830 0.0000 AGE -0.004861 0.004138 -1.174669 0.2440 IPO_RATE -0.007561 0.008052 -0.939024 0.3509 PE_L -0.000143 0.000181 -0.789267 0.4325 SIZE 0.827157 0.045605 18.13738 0.0000 Effects Specification Cross-section fixed (dummy variables) Period fixed (dummy variables) R-squared 0.868777 Mean dependent var 6.809915 Adjusted R-squared 0.819569 S.D dependent var S.E of regression 0.198012 Akaike info criterion Sum squared resid 2.823022 Schwarz criterion 0.559963 Log likelihood 36.47426 Hannan-Quinn criter 0.125735 F-statistic 17.65503 Durbin-Watson stat 2.383279 Prob(F-statistic) 0.000000 0.466160 -0.169485 Dependent Variable: SIZE Method: Panel Least Squares Date: 11/18/13 Time: 22:40 Sample: 2008 2012 Periods included: Cross-sections included: 20 Total panel (balanced) observations: 100 Variable Coefficient Std Error t-Statistic Prob VO_TRANS 0.991871 0.054687 18.13738 0.0000 C 4.258008 0.374512 11.36950 0.0000 AGE 0.006229 0.004516 1.379512 0.1720 IPO_RATE 0.006613 0.008837 0.748300 0.4567 PE_L 0.000266 0.000196 1.358184 0.1786 Effects Specification Cross-section fixed (dummy variables) Period fixed (dummy variables) R-squared 0.885422 Mean dependent var 11.06493 Adjusted R-squared 0.842455 S.D dependent var 0.546289 S.E of regression 0.216833 Akaike info criterion 0.012114 Sum squared resid 3.385180 Schwarz criterion 0.741562 Log likelihood 27.39430 Hannan-Quinn criter 0.307335 F-statistic 20.60712 Durbin-Watson stat 2.530836 Prob(F-statistic) 0.000000 ng n Do VIF = 1/ (1-R2) < 10 Dependent Variable: VO_TRANS Method: Panel Least Squares Date: 11/18/13 Time: 22:41 Sample: 2008 2012 Periods included: Cross-sections included: 20 Total panel (balanced) observations: 100 Variable Coefficient Std Error t-Statistic Prob C -2.504942 0.491903 -5.092352 0.0000 AGE -0.005526 0.004002 -1.380759 0.1716 IPO_RATE -0.008585 0.007734 -1.110050 0.2707 PE_S -0.000136 5.54E-05 -2.456323 0.0164 SIZE 0.847182 0.044620 18.98676 0.0000 Effects Specification Cross-section fixed (dummy variables) Period fixed (dummy variables) R-squared 0.877876 Mean dependent var 6.809915 Adjusted R-squared 0.832079 S.D dependent var 0.466160 S.E of regression 0.191024 Akaike info criterion Sum squared resid 2.627283 Schwarz criterion 0.488105 Log likelihood 40.06714 Hannan-Quinn criter 0.053878 F-statistic 19.16905 Durbin-Watson stat 2.459550 Prob(F-statistic) 0.000000 Dependent Variable: SIZE -0.241343 Method: Panel Least Squares Date: 11/18/13 Time: 22:42 Sample: 2008 2012 Periods included: Cross-sections included: 20 Total panel (balanced) observations: 100 Variable Coefficient Std Error t-Statistic Prob VO_TRANS 0.983879 0.051819 18.98676 0.0000 C 4.295749 0.354858 12.10554 0.0000 AGE 0.006883 0.004293 1.603285 0.1133 IPO_RATE 0.007653 0.008357 0.915756 0.3629 PE_S 0.000184 5.83E-05 3.150774 0.0024 Effects Specification Cross-section fixed (dummy variables) Period fixed (dummy variables) R-squared 0.896726 Mean dependent var 11.06493 Adjusted R-squared 0.857998 S.D dependent var 0.546289 S.E of regression 0.205859 Akaike info criterion Sum squared resid 3.051209 Schwarz criterion 0.637692 Log likelihood 32.58777 Hannan-Quinn criter 0.203465 F-statistic 23.15456 Durbin-Watson stat 2.529649 Prob(F-statistic) 0.000000 -0.091755 1/ HOSE => Mơ hình khơng phù h p y u t ng ho c Prob(F-statistic) > 5% Dependent Variable: CAR_L_IPO Method: Panel Least Squares Date: 11/18/13 Time: 11:16 Sample: 2008 2012 Periods included: Cross-sections included: 20 Total panel (balanced) observations: 100 Variable Coefficient Std Error t-Statistic Prob C -0.801946 1.258161 -0.637396 0.5259 AGE 0.013782 0.011130 1.238322 0.2197 IPO_RATE -0.001061 0.026196 -0.040485 0.9678 PE_L 0.001714 0.001952 0.878266 0.3828 SIZE 0.133013 0.232863 0.571206 0.5697 VO_TRANS -0.164169 0.260017 -0.631379 0.5298 Effects Specification Cross-section fixed (dummy variables) Period fixed (dummy variables) R-squared 0.374351 Mean dependent var -0.360973 Adjusted R-squared 0.127616 S.D dependent var 0.400956 S.E of regression 0.374499 Akaike info criterion 1.111054 Sum squared resid 9.957707 Schwarz criterion 1.866553 Hannan-Quinn criter 1.416818 Durbin-Watson stat 2.449208 Log likelihood -26.55268 F-statistic 1.517220 Prob(F-statistic) 0.081361 Dependent Variable: CAR_L_IPO Method: Panel EGLS (Cross-section random effects) Date: 11/18/13 Time: 11:16 Sample: 2008 2012 Periods included: Cross-sections included: 20 Total panel (balanced) observations: 100 Swamy and Arora estimator of component variances Variable Coefficient Std Error t-Statistic Prob C -0.415279 1.123286 -0.369700 0.7125 AGE 0.007479 0.010206 0.732807 0.4656 IPO_RATE -0.003585 0.024529 -0.146173 0.8841 PE_L -0.000343 0.001770 -0.193793 0.8468 SIZE 0.125205 0.209335 0.598110 0.5513 VO_TRANS -0.196756 0.231396 -0.850300 0.3974 Effects Specification S.D Cross-section random Rho 0.043730 0.0135 0.374499 0.9865 Period fixed (dummy variables) Idiosyncratic random Weighted Statistics R-squared 0.162278 Mean dependent var -0.360973 Adjusted R-squared 0.078506 S.D dependent var 0.398323 S.E of regression 0.382368 Sum squared resid 13.15851 F-statistic 1.937132 Durbin-Watson stat 1.867090 Prob(F-statistic) 0.056413 Unweighted Statistics R-squared 0.160453 Mean dependent var -0.360973 Sum squared resid 13.36206 Durbin-Watson stat 1.838647 Dependent Variable: CAR_S_IPO Method: Panel Least Squares Date: 11/18/13 Time: 11:17 Sample: 2008 2012 Periods included: Cross-sections included: 20 Total panel (balanced) observations: 100 Variable Coefficient Std Error t-Statistic Prob C -0.363225 1.119057 -0.324581 0.7465 AGE -0.008661 0.009934 -0.871766 0.3863 IPO_RATE 0.034544 0.023294 1.482969 0.1425 PE_S 7.29E-05 0.000262 0.278092 0.7817 SIZE -0.139945 0.206980 -0.676130 0.5012 VO_TRANS 0.262904 0.230996 1.138131 0.2589 Effects Specification Cross-section fixed (dummy variables) Period fixed (dummy variables) R-squared 0.531143 Mean dependent var -0.082268 Adjusted R-squared 0.346242 S.D dependent var 0.412122 S.E of regression 0.333222 Akaike info criterion 0.877495 Sum squared resid 7.883629 Schwarz criterion 1.632995 Hannan-Quinn criter 1.183259 Durbin-Watson stat 2.426904 Log likelihood -14.87476 F-statistic 2.872576 Prob(F-statistic) 0.000181 Dependent Variable: CAR_S_IPO Method: Panel EGLS (Cross-section random effects) Date: 11/18/13 Time: 11:18 Sample: 2008 2012 Periods included: Cross-sections included: 20 Total panel (balanced) observations: 100 Swamy and Arora estimator of component variances Variable Coefficient Std Error t-Statistic Prob C -0.389994 0.991175 -0.393466 0.6949 AGE -0.011616 0.009035 -1.285716 0.2018 IPO_RATE 0.031329 0.021745 1.440771 0.1531 PE_S 0.000262 0.000234 1.118934 0.2661 SIZE -0.049013 0.185496 -0.264227 0.7922 VO_TRANS 0.124500 0.205565 0.605650 0.5463 Effects Specification S.D Cross-section random Rho 0.000000 0.0000 0.333222 1.0000 Period fixed (dummy variables) Idiosyncratic random Weighted Statistics R-squared 0.411254 Mean dependent var -0.082268 Adjusted R-squared 0.352379 S.D dependent var 0.412122 S.E of regression 0.331654 Sum squared resid 9.899517 F-statistic 6.985247 Durbin-Watson stat 1.965806 Prob(F-statistic) 0.000000 Unweighted Statistics R-squared 0.411254 Mean dependent var -0.082268 Sum squared resid 9.899517 Durbin-Watson stat 1.965806 2/ HNX => Mô hình khơng phù h p Prob(F- m b o tính nh t quán x lý d li u mơ hình ng d ng gi a nhóm doanh nghi p (HOSE, HNX) => Trong ng n h => Tuy nhiên n y u t doanh nghi p IPO niêm y t t i HNX có ng t i l i nhu n b ng tiêu t ng dài h ng tiêu c ng tích c c ng tích c qu dài h n v b n ch t không khác k t qu ph n c m c 10%, yk t lý Dependent Variable: CAR_S_IPO Method: Panel Least Squares Date: 11/18/13 Time: 11:25 Sample: 2008 2012 Periods included: Cross-sections included: 20 Total panel (balanced) observations: 100 Variable Coefficient Std Error t-Statistic Prob C 0.273380 0.660656 0.413800 0.6803 AGE 0.008010 0.004669 1.715539 0.0906 IPO_RATE -0.007196 0.008982 -0.801143 0.4257 PE_S 0.000271 6.64E-05 4.083934 0.0001 SIZE -0.069239 0.125936 -0.549794 0.5842 VO_TRANS 0.046230 0.135717 0.340633 0.7344 Effects Specification Cross-section fixed (dummy variables) Period fixed (dummy variables) R-squared 0.368714 Mean dependent var -0.123650 Adjusted R-squared 0.119757 S.D dependent var 0.234469 S.E of regression 0.219982 Akaike info criterion 0.046969 Sum squared resid 3.435841 Schwarz criterion 0.802468 Log likelihood 26.65157 Hannan-Quinn criter 0.352733 F-statistic 1.481032 Durbin-Watson stat 1.622709 Prob(F-statistic) 0.094091 Dependent Variable: CAR_S_IPO Method: Panel EGLS (Cross-section random effects) Date: 11/18/13 Time: 11:25 Sample: 2008 2012 Periods included: Cross-sections included: 20 Total panel (balanced) observations: 100 Swamy and Arora estimator of component variances Variable Coefficient Std Error t-Statistic Prob C -0.238567 0.553627 -0.430917 0.6676 AGE 0.006402 0.004234 1.511982 0.1340 IPO_RATE 0.001774 0.008346 0.212514 0.8322 PE_S 0.000210 5.82E-05 3.604819 0.0005 SIZE 0.054465 0.104775 0.519827 0.6045 VO_TRANS -0.080043 0.116701 -0.685882 0.4946 Effects Specification S.D Cross-section random Rho 0.000000 0.0000 0.219982 1.0000 Period fixed (dummy variables) Idiosyncratic random Weighted Statistics R-squared 0.179568 Mean dependent var -0.123650 Adjusted R-squared 0.097525 S.D dependent var 0.234469 S.E of regression 0.222743 Sum squared resid 4.465289 F-statistic 2.188706 Durbin-Watson stat 1.361245 Prob(F-statistic) 0.029918 Unweighted Statistics R-squared 0.179568 Mean dependent var -0.123650 Sum squared resid 4.465289 Durbin-Watson stat 1.361245 Dependent Variable: CAR_L_IPO Method: Panel Least Squares Date: 11/18/13 Time: 11:24 Sample: 2008 2012 Periods included: Cross-sections included: 20 Total panel (balanced) observations: 100 Variable Coefficient Std Error t-Statistic Prob C 0.878764 1.555788 0.564835 0.5740 AGE 0.022215 0.011367 1.954293 0.0546 IPO_RATE -0.017198 0.022042 -0.780247 0.4378 PE_L -0.001586 0.000494 -3.213814 0.0020 SIZE -0.528061 0.292820 -1.803366 0.0756 VO_TRANS 0.680735 0.320652 2.122970 0.0372 Effects Specification Cross-section fixed (dummy variables) Period fixed (dummy variables) R-squared 0.544540 Mean dependent var -0.270654 Adjusted R-squared 0.364921 S.D dependent var 0.676048 S.E of regression 0.538755 Akaike info criterion 1.838398 Sum squared resid 20.60825 Schwarz criterion 2.593898 Hannan-Quinn criter 2.144162 Durbin-Watson stat 1.938235 Log likelihood -62.91991 F-statistic 3.031650 Prob(F-statistic) 0.000088 Dependent Variable: CAR_L_IPO Method: Panel EGLS (Cross-section random effects) Date: 11/18/13 Time: 11:24 Sample: 2008 2012 Periods included: Cross-sections included: 20 Total panel (balanced) observations: 100 Swamy and Arora estimator of component variances Variable Coefficient Std Error t-Statistic Prob C 0.096275 1.318885 0.072997 0.9420 AGE 0.022261 0.010338 2.153391 0.0340 IPO_RATE -0.008805 0.020410 -0.431414 0.6672 PE_L -0.001696 0.000445 -3.811052 0.0003 SIZE -0.394409 0.247152 -1.595814 0.1140 VO_TRANS 0.576370 0.279625 2.061224 0.0422 Effects Specification S.D Cross-section random Rho 0.000000 0.0000 0.538755 1.0000 Period fixed (dummy variables) Idiosyncratic random Weighted Statistics R-squared 0.462649 Mean dependent var -0.270654 Adjusted R-squared 0.408914 S.D dependent var 0.676048 S.E of regression 0.519760 Sum squared resid 24.31357 F-statistic 8.609799 Durbin-Watson stat 1.655218 Prob(F-statistic) 0.000000 Unweighted Statistics R-squared 0.462649 Mean dependent var -0.270654 Sum squared resid 24.31357 Durbin-Watson stat 1.655218 ... cơng ty có giá tr th p dài h n h n ch n c a công ty nh Grompers Lerner (2001) nghiên c u hi u qu IPO c a công ty niêm y t th n 1935 1972; s d ng i qui nhân t c a Fama M u 3.661 công ty niêm. .. 1.3.1 : ng nghiên c u c a l i t c b ng t ho ng IPO c a c phi u công ty niêm y t HOSE HNX nhân t t cb th i gian t công ty thành l ng c phi u niêm y t t u tiên/ kh u tiên giao d ch, kh n IPO, kh i... h gi a nhân t ng IPO T m c tiêu nghiên c u - m công ty l i t c b t cho th y nh ng câu h i nghiên c u c a lu Có t n t i l i t c b ng t ho ng IPO ng n h n dài h n c a công ty niêm y t HOSE HNX