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Danh mục các trang web:

http://fia.mpi.gov.vn/

http://finance.vietstock.vn



PHỤ LỤC

Ký hiệu các biến trong mô hình hồi quy:

DONBAY: Đòn bẩy

QUYMO: Quy mô

TUOI: Thời gian hoạt động

SOHUU: Biến giả cơ cấu sở hữu

TSHH: Giá trị tài sản có thể thế chấp

RRKD: Rủi ro kinh doanh

ROA : Khả năng sinh lợi

NDTS: Lá chắn thuế phi nợ

CHTT: Cơ hội tăng trưởng

NUOCNGOAI: Sự hiện diện của nước ngoài (đo lường bằng tỷ lệ tài sản)

NUOCNGOAI1: Sự hiện diện của nước ngoài (đo lường bằng tỷ lệ số lượng công ty)

QUYMO1: Quy mô ( đo lường bằng số lượng nhân viên)



Bảng 1: Thống kê mô tả cho toàn bộ mẫu

Date: 10/18/15 Time:

12:25

Sample: 2005 2014

DONBAY



QUYMO



TUOI



SOHUU



TSHH



RRKD



ROA



NDTS



CHTT



NUOCNGOAI



Mean

Median

Maximum

Minimum

Std. Dev.

Skewness

Kurtosis



0.079524

0.031711

0.654757

0.000000

0.115076

2.153232

7.889689



26.31149

26.18358

30.21987

23.16620

1.357829

0.259353

2.581603



23.22027

18.00000

65.00000

1.000000

15.15952

0.728740

2.427223



0.782160

1.000000

1.000000

0.000000

0.412903

-1.367128

2.869040



0.239647

0.197402

0.829561

0.005174

0.167895

1.122346

3.899117



0.059457

0.044347

0.295160

0.005727

0.045683

1.967497

8.092868



0.061160

0.053678

0.488382

-0.746363

0.091457

-1.319306

15.31719



0.039429

0.032459

0.531294

0.000149

0.032206

4.200250

45.35906



0.223681

0.101972

39.26577

-0.783820

1.051896

31.30082

1153.705



0.318251

0.281175

0.876224

0.000000

0.216533

0.196031

1.955812



Jarque-Bera

Probability



2915.222

0.000000



30.49567

0.000000



168.3925

0.000000



514.5406

0.000000



401.4975

0.000000



2844.274

0.000000



10895.72

0.000000



128053.6

0.000000



91192076

0.000000



85.42424

0.000000



Sum

Sum Sq. Dev.



131.0557

21.81028



43361.33

3036.573



38267.00

378499.0



1289.000

280.7955



394.9384

46.42695



97.98496

3.437118



100.7920

13.77606



64.97940

1.708338



368.6268

1822.381



524.4780

77.22183



Observations



1648



1648



1648



1648



1648



1648



1648



1648



1648



1648



Bảng 2: Ma trận tƣơng quan của các biến (nhóm ngành Công nghiệp sản xuất)



QUYMO

TUOI

SOHUU

TSHH

RRKD

ROA

NDTS

CHTT

NUOCNGOAI



QUYMO



TUOI



SOHUU



TSHH



RRKD



ROA



NDTS



CHTT



NUOCNGOAI



1.000000

0.019653

-0.077669

-0.099793

-0.171892

-0.145229

-0.269798

0.070001

0.154588



0.019653

1.000000

-0.165960

0.048887

-0.050466

0.053124

0.091904

-0.054308

0.035230



-0.077669

-0.165960

1.000000

-0.131918

0.100617

-0.071160

-0.136191

-0.009433

0.143858



-0.099793

0.048887

-0.131918

1.000000

0.021362

-0.062075

0.490758

-0.012023

-0.009663



-0.171892

-0.050466

0.100617

0.021362

1.000000

-0.155655

-0.032777

-0.032989

0.008674



-0.145229

0.053124

-0.071160

-0.062075

-0.155655

1.000000

0.153426

0.071574

0.015764



-0.269798

0.091904

-0.136191

0.490758

-0.032777

0.153426

1.000000

-0.041525

-0.033596



0.070001

-0.054308

-0.009433

-0.012023

-0.032989

0.071574

-0.041525

1.000000

-0.004970



0.154588

0.035230

0.143858

-0.009663

0.008674

0.015764

-0.033596

-0.004970

1.000000



Bảng 3.1: Kết quả kiểm định ngành Công nghiệp sản xuất - Ƣớc lƣợng OLS

Dependent Variable: DONBAY

Method: Panel Least Squares

Date: 10/21/15 Time: 22:39

Sample: 2005 2014

Periods included: 10

Cross-sections included: 196

Total panel (unbalanced) observations: 1648

Variable



Coefficient



Std. Error



t-Statistic



Prob.



C

QUYMO

TUOI

SOHUU

TSHH

RRKD

ROA

NDTS

CHTT

NUOCNGOAI



-0.445122

0.018225

0.000526

0.004678

0.290028

-0.202039

-0.187958

-0.260429

0.004760

-0.023764



0.054862

0.001991

0.000166

0.006287

0.017175

0.056140

0.028473

0.093350

0.002368

0.011740



-8.113445

9.151612

3.163461

0.744142

16.88621

-3.598827

-6.601231

-2.789818

2.010704

-2.024119



0.0000

0.0000

0.0016

0.4569

0.0000

0.0003

0.0000

0.0053

0.0445

0.0431



R-squared

Adjusted R-squared

S.E. of regression

Sum squared resid

Log likelihood

F-statistic

Prob(F-statistic)



0.245956

0.241813

0.100201

16.44591

1457.956

59.36533

0.000000



Mean dependent var

S.D. dependent var

Akaike info criterion

Schwarz criterion

Hannan-Quinn criter.

Durbin-Watson stat



0.079524

0.115076

-1.757228

-1.724417

-1.745062

0.699207



Bảng 3.2: Kết quả kiểm định ngành Công nghiệp sản xuất - Ƣớc lƣợng Tobit

Dependent Variable: DONBAY

Method: ML - Censored Normal (TOBIT) (Quadratic hill climbing)

Date: 10/21/15 Time: 22:38

Sample: 2005 2014

Included observations: 1648

Left censoring (value) series: 0

Right censoring (value) series: 1

Convergence achieved after 4 iterations

QML (Huber/White) standard errors & covariance

Variable



Coefficient



Std. Error



z-Statistic



Prob.



C

QUYMO

TUOI

SOHUU

TSHH

RRKD

ROA

NDTS

CHTT

NUOCNGOAI



-0.536986

0.021322

0.000561

0.003028

0.308947

-0.214143

-0.190272

-0.277813

0.005531

-0.024622



0.067527

0.002526

0.000194

0.006656

0.021851

0.051010

0.034113

0.092671

0.004885

0.012379



-7.952126

8.440237

2.887615

0.454864

14.13858

-4.198024

-5.577767

-2.997831

1.132315

-1.988982



0.0000

0.0000

0.0039

0.6492

0.0000

0.0000

0.0000

0.0027

0.2575

0.0467



0.003711



29.02539



0.0000



Error Distribution

SCALE:C(11)

Mean dependent var

S.E. of regression

Sum squared resid

Log likelihood

Avg. log likelihood

Left censored obs

Uncensored obs



0.107709

0.079524

0.100170

16.42574

1039.432

0.630724

178

1470



S.D. dependent var

Akaike info criterion

Schwarz criterion

Hannan-Quinn criter.



Right censored obs

Total obs



0.115076

-1.248097

-1.212005

-1.234715



0

1648