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Ảnh hưởng của sở hữu Nhà nước và các khoản vay ngân hàng đến quyết định đầu tư của các công ty tại Việt Nam - 15



qt1

|

.1675972

.0275273

6.09

0.000

.1136188

.2215755

director

|

-.2158084

.1903628

-1.13

0.257

-.5890905

.1574738

Indepen

|

-.3706755

.8146393

-0.46

0.649

-1.968101

1.22675

ceoage

|

.6438084

.6016863

1.07

0.285

-.5360375

1.823654

ceotenure

|

-.3695403

.1081903

-3.42

0.001

-.5816906

-.15739

ceoshare

|

1.354209

1.233505

1.10

0.272

-1.064569

3.772986

cf

|

-.0291792

.0065169

-4.48

0.000

-.0419582

-.0164002

salest1

|

.0826557

.0026217

31.53

0.000

.0775148

.0877965

roa

|

-2.303286

1.050753

-2.19

0.028

-4.363707

-.2428653

size

|

.173168

.0670657

2.58

0.010

.0416591

.304677

liq

|

-.0065273

.0126664

-0.52

0.606

-.0313648

.0183102

_cons

|

-5.888939

2.90584

-2.03

0.043

-11.587

-.1908815

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Ảnh hưởng của sở hữu Nhà nước và các khoản vay ngân hàng đến quyết định đầu tư của các công ty tại Việt Nam - 15


Cột (2): hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng


Source | SS df MS

Number of obs

=

2552

-------------+------------------------------

F( 13, 2538)

=

84.67

Model | 20710.0473 13 1593.08056

Prob > F

=

0.0000

Residual | 47753.346 2538 18.8153451

R-squared

=

0.3025

-------------+------------------------------

Adj R-squared

=

0.2989

Total | 68463.3933 2551 26.8378649

Root MSE

=

4.3377


------------------------------------------------------------------------------

Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

debtt1

|

-.4024373

.4771814

-0.84

0.399

-1.338142

.5332673

DebtDqt

|

-.0428219

.7929573

-0.05

0.957

-1.597731

1.512087

qt1

|

.167724

.0276328

6.07

0.000

.1135389

.2219092

director

|

-.2157312

.1904055

-1.13

0.257

-.5890972

.1576349

Indepen

|

-.3705326

.8148036

-0.45

0.649

-1.96828

1.227215

ceoage

|

.6449771

.6021934

1.07

0.284

-.5358635

1.825818

ceotenure

|

-.3698061

.1083235

-3.41

0.001

-.5822176

-.1573947

ceoshare

|

1.361674

1.241467

1.10

0.273

-1.072718

3.796066

cf

|

-.029185

.0065191

-4.48

0.000

-.0419682

-.0164017

salest1

|

.0826591

.002623

31.51

0.000

.0775157

.0878025

roa

|

-2.289462

1.081686

-2.12

0.034

-4.410539

-.1683852

size

|

.1729659

.0671832

2.57

0.010

.0412264

.3047054

liq

|

-.0065221

.0126692

-0.51

0.607

-.0313652

.018321

_cons

|

-5.890607

2.906575

-2.03

0.043

-11.59011

-.1911073


Cột (3): hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng


Source | SS df MS

Number of obs

=

2552

-------------+------------------------------

F( 14, 2537)

=

78.78

Model | 20744.7153 14 1481.76538

Prob > F

=

0.0000

Residual | 47718.678 2537 18.8090966

R-squared

=

0.3030

-------------+------------------------------

Adj R-squared

=

0.2992

Total | 68463.3933 2551 26.8378649

Root MSE

=

4.3369


------------------------------------------------------------------------------

Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

debtt1

|

-.5266018

.4322813

-1.22

0.223

-1.374262

.3210583

DebtNature

|

.5459221

.81493

0.67

0.503

-1.052074

2.143918

nature

|

-.3563175

.2700345

-1.32

0.187

-.885828

.173193

qt1

|

.1672614

.0275375

6.07

0.000

.1132631

.2212597

director

|

-.2298411

.1910548

-1.20

0.229

-.6044804

.1447983

Indepen

|

-.3791804

.8154872

-0.46

0.642

-1.978269

1.219908

ceoage

|

.6316415

.6030326

1.05

0.295

-.5508449

1.814128

ceotenure

|

-.3734207

.1085266

-3.44

0.001

-.5862305

-.1606109

ceoshare

|

1.340974

1.236186

1.08

0.278

-1.083062

3.765009

cf

|

-.0293854

.0065189

-4.51

0.000

-.0421683

-.0166025

salest1

|

.0825967

.0026231

31.49

0.000

.0774531

.0877403



roa

| -2.196756

1.054235

-2.08

0.037

-4.264004

-.1295077


size

| .1756301

.0674703

2.60

0.009

.0433276

.3079325

liq

| -.0066504

.0126681

-0.52

0.600

-.0314914

.0181905

_cons

| -5.809229

2.924189

-1.99

0.047

-11.54327

-.0751874


Cột 4: hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng, nature =1

Source | SS df MS Number of obs = 688

-------------+------------------------------ F( 12, 675) = 2.92

Model | 23.5769583 12 1.96474653 Prob > F = 0.0006

Residual | 454.72145 675 .673661408 R-squared = 0.0493

-------------+------------------------------ Adj R-squared = 0.0324

Total | 478.298409 687 .696213113 Root MSE = .82077


------------------------------------------------------------------------------

Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

debtt1

|

-.3005678

.1890569

-1.59

0.112

-.6717782

.0706426

qt1

|

-.1086219

.0765056

-1.42

0.156

-.2588395

.0415957

director

|

-.1026439

.0730746

-1.40

0.161

-.2461249

.040837

Indepen

|

.1305912

.2529306

0.52

0.606

-.3660342

.6272165

ceoage

|

-.1404227

.2512494

-0.56

0.576

-.633747

.3529016

ceotenure

|

.017147

.0422779

0.41

0.685

-.0658651

.1001591

ceoshare

|

.0329242

.5189502

0.06

0.949

-.9860265

1.051875

cf

|

.1957719

.0515067

3.80

0.000

.0946392

.2969045

salest1

|

.0013423

.0017622

0.76

0.447

-.0021178

.0048023

roa

|

-1.283586

.5212601

-2.46

0.014

-2.307073

-.2601001

size

|

.0582614

.0278303

2.09

0.037

.0036171

.1129057

liq

|

-.0038736

.0049184

-0.79

0.431

-.0135308

.0057836

_cons

|

.1955204

1.167161

0.17

0.867

-2.096183

2.487223


Cột 5: hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng, nature =1, có thêm biến Debt*Dqt


Source | SS df MS

Number of obs

=

688

-------------+------------------------------

F( 13, 674)

=

3.00

Model | 26.142855 13 2.01098884

Prob > F

=

0.0003

Residual | 452.155554 674 .670853937

R-squared

=

0.0547

-------------+------------------------------

Adj R-squared

=

0.0364

Total | 478.298409 687 .696213113

Root MSE

=

.81906


------------------------------------------------------------------------------

Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

debtt1

|

-.372022

.1921678

-1.94

0.053

-.7493416

.0052975

DebtDqt

|

.711141

.363622

1.96

0.051

-.0028271

1.425109

qt1

|

-.1432492

.0783722

-1.83

0.068

-.2971323

.0106339

director

|

-.0989538

.0729466

-1.36

0.175

-.2421838

.0442762

Indepen

|

.1493914

.252586

0.59

0.554

-.3465586

.6453415

ceoage

|

-.1246705

.2508546

-0.50

0.619

-.617221

.3678801

ceotenure

|

.0083302

.0424299

0.20

0.844

-.0749805

.091641

ceoshare

|

.0854228

.5185629

0.16

0.869

-.9327703

1.103616

cf

|

.1971442

.0514041

3.84

0.000

.0962128

.2980756

salest1

|

.0012775

.0017588

0.73

0.468

-.002176

.004731

roa

|

-1.367061

.521921

-2.62

0.009

-2.391847

-.3422742

size

|

.0576026

.0277743

2.07

0.038

.0030681

.1121371

liq

|

-.0039509

.0049083

-0.80

0.421

-.0135882

.0056865

_cons

|

.2034453

1.164734

0.17

0.861

-2.083497

2.490388


Cột 6: hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng, nature =0


Source | SS df MS Number of obs = 1864



-------------+------------------------------

F( 12, 1851)

=

77.71

Model | 22750.1039 12 1895.842

Prob > F

=

0.0000

Residual | 45155.4707 1851 24.395176

R-squared

=

0.3350

-------------+------------------------------

Adj R-squared

=

0.3307

Total | 67905.5747 1863 36.4495838

Root MSE

=

4.9391


------------------------------------------------------------------------------

Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

debtt1

|

-.6926814

.5094706

-1.36

0.174

-1.691879

.3065161

qt1

|

.16453

.0320936

5.13

0.000

.1015865

.2274736

director

|

-.0079673

.2539166

-0.03

0.975

-.5059603

.4900256

Indepen

|

-.3582401

1.177362

-0.30

0.761

-2.667337

1.950857

ceoage

|

.7951997

.7753076

1.03

0.305

-.7253694

2.315769

ceotenure

|

-.5557226

.1446448

-3.84

0.000

-.8394067

-.2720384

ceoshare

|

1.720133

1.60032

1.07

0.283

-1.418489

4.858755

cf

|

-.0325953

.0074724

-4.36

0.000

-.0472505

-.0179402

salest1

|

.0919072

.003162

29.07

0.000

.0857057

.0981087

roa

|

-2.581221

1.375159

-1.88

0.061

-5.278247

.1158058

size

|

.2470783

.0889219

2.78

0.006

.0726805

.4214761

liq

|

-.0092831

.0166153

-0.56

0.576

-.0418697

.0233036

_cons

|

-8.107071

3.823038

-2.12

0.034

-15.60499

-.6091509


Cột 7: hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng, nature =0, có thêm biến Debt*Dqt


Source | SS df MS Number of obs = 1864

-------------+------------------------------ F( 13, 1850) = 71.70

Model | 22750.3172 13 1750.0244 Prob > F = 0.0000

Residual | 45155.2575 1850 24.4082473 R-squared = 0.3350

-------------+------------------------------ Adj R-squared = 0.3304 Total | 67905.5747 1863 36.4495838 Root MSE = 4.9405


------------------------------------------------------------------------------

Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

debtt1

|

-.6573769

.6343307

-1.04

0.300

-1.901456

.5867023

DebtDqt

|

-.097128

1.039179

-0.09

0.926

-2.135215

1.940959

qt1

|

.1647702

.0322049

5.12

0.000

.1016084

.227932

director

|

-.0078479

.2539878

-0.03

0.975

-.5059808

.4902849

Indepen

|

-.3536009

1.178723

-0.30

0.764

-2.665368

1.958166

ceoage

|

.7996756

.7769923

1.03

0.304

-.7241984

2.32355

ceotenure

|

-.5571312

.1454664

-3.83

0.000

-.8424267

-.2718357

ceoshare

|

1.742351

1.618303

1.08

0.282

-1.431541

4.916244

cf

|

-.0326077

.0074755

-4.36

0.000

-.047269

-.0179463

salest1

|

.0919148

.0031639

29.05

0.000

.0857096

.09812

roa

|

-2.551069

1.412851

-1.81

0.071

-5.322018

.2198806

size

|

.2468387

.0889827

2.77

0.006

.0723216

.4213557

liq

|

-.0092578

.0166219

-0.56

0.578

-.0418575

.0233419

_cons

|

-8.123055

3.827884

-2.12

0.034

-15.63048

-.6156279


Kết quả hồi quy theo phương pháp OLS với biến nợ ngắn hạn (Sdebti,t-1)

Cột 1: hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng


Source | SS df MS

Number of obs

=

2552

-------------+------------------------------

F( 12, 2539)

=

92.38

Model | 20806.6332 12 1733.8861

Prob > F

=

0.0000

Residual | 47656.7601 2539 18.7698937

R-squared

=

0.3039

-------------+------------------------------

Adj R-squared

=

0.3006

Total | 68463.3933 2551 26.8378649

Root MSE

=

4.3324


------------------------------------------------------------------------------



Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

sdebtt1

|

-1.137429

.4563604

-2.49

0.013

-2.032306

-.242553

qt1

|

.171362

.0274805

6.24

0.000

.1174755

.2252484

director

|

-.2171882

.1901134

-1.14

0.253

-.5899813

.1556048

Indepen

|

-.4251574

.814166

-0.52

0.602

-2.021654

1.17134

ceoage

|

.6170119

.6010913

1.03

0.305

-.5616674

1.795691

ceotenure

|

-.3629862

.1077629

-3.37

0.001

-.5742983

-.151674

ceoshare

|

1.822331

1.240286

1.47

0.142

-.6097437

4.254406

cf

|

-.0287546

.0065067

-4.42

0.000

-.0415136

-.0159956

salest1

|

.0828599

.0026109

31.74

0.000

.0777401

.0879797

roa

|

-2.553911

1.034886

-2.47

0.014

-4.583217

-.5246051

size

|

.1756424

.063998

2.74

0.006

.0501488

.301136

liq

|

-.0081884

.0126293

-0.65

0.517

-.0329532

.0165764

_cons

|

-5.777621

2.865359

-2.02

0.044

-11.3963

-.158942


Source |

SS

df

MS

Number of obs =

2552

Cột 2: hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng



-------------+------------------------------

F( 13, 2538)

=

85.25

Model | 20809.1124 13 1600.70095

Prob > F

=

0.0000

Residual | 47654.2809 2538 18.7763124

R-squared

=

0.3039

-------------+------------------------------

Adj R-squared

=

0.3004

Total | 68463.3933 2551 26.8378649

Root MSE

=

4.3332


------------------------------------------------------------------------------

Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

sdebtt1

|

-1.05368

.5113291

-2.06

0.039

-2.056345

-.0510152

SdebtDqt

|

-.203985

.5613713

-0.36

0.716

-1.304778

.8968075

qt1

|

.1722542

.0275947

6.24

0.000

.1181439

.2263646

director

|

-.2144584

.1902942

-1.13

0.260

-.5876061

.1586894

Indepen

|

-.4243814

.814308

-0.52

0.602

-2.021157

1.172394

ceoage

|

.6255906

.6016575

1.04

0.299

-.5541991

1.80538

ceotenure

|

-.3663458

.1081772

-3.39

0.001

-.5784702

-.1542213

ceoshare

|

1.85774

1.244319

1.49

0.136

-.5822448

4.297724

cf

|

-.0287798

.0065082

-4.42

0.000

-.0415417

-.0160179

salest1

|

.0828683

.0026115

31.73

0.000

.0777474

.0879892

roa

|

-2.446732

1.076269

-2.27

0.023

-4.557187

-.3362782

size

|

.1763639

.0640397

2.75

0.006

.0507885

.3019394

liq

|

-.0083152

.0126363

-0.66

0.511

-.0330937

.0164633

_cons

|

-5.832975

2.869895

-2.03

0.042

-11.46055

-.2054009


Cột 3: hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng, có thêm biến sdebt

*nature và Nature


Source | SS df MS

Number of obs

=

2552

-------------+------------------------------

F( 14, 2537)

=

79.91

Model | 20951.1045 14 1496.50746

Prob > F

=

0.0000

Residual | 47512.2888 2537 18.7277449

R-squared

=

0.3060

-------------+------------------------------

Adj R-squared

=

0.3022

Total | 68463.3933 2551 26.8378649

Root MSE

=

4.3276


------------------------------------------------------------------------------

Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

sdebtt1

|

-1.041213

.4637303

-2.25

0.025

-1.950542

-.131885

SdebtNature

|

-1.83578

.7730576

-2.37

0.018

-3.351669

-.3198922

nature

|

.3582268

.3345959

1.07

0.284

-.2978821

1.014336

qt1

|

.1709325

.0274513

6.23

0.000

.1171032

.2247618

director

|

-.2275821

.1905867

-1.19

0.233

-.6013035

.1461394

Indepen

|

-.3758839

.813445

-0.46

0.644

-1.970968

1.2192



ceoage

|

.6383567

.6005138

1.06

0.288

-.5391906

1.815904

ceotenure

|

-.3722267

.1078323

-3.45

0.001

-.583675

-.1607784

ceoshare

|

1.696281

1.239727

1.37

0.171

-.7346996

4.127261

cf

|

-.0288047

.0065005

-4.43

0.000

-.0415515

-.0160579

salest1

|

.0830811

.0026125

31.80

0.000

.0779583

.0882039

roa

|

-2.764651

1.03999

-2.66

0.008

-4.803966

-.7253354

size

|

.1676813

.0645624

2.60

0.009

.0410809

.2942817

liq

|

-.0105428

.0126494

-0.83

0.405

-.035347

.0142614

_cons

|

-5.54324

2.869528

-1.93

0.054

-11.1701

.0836161


Cột 4: hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng, nature =1


Source | SS df MS Number of obs = 688

-------------+------------------------------ F( 12, 675) = 2.70

Model | 21.9040205 12 1.82533504 Prob > F = 0.0014

Residual | 456.394388 675 .676139834 R-squared = 0.0458

-------------+------------------------------ Adj R-squared = 0.0288

Total | 478.298409 687 .696213113 Root MSE = .82228


------------------------------------------------------------------------------

Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

sdebtt1

|

.0539638

.2571573

0.21

0.834

-.4509606

.5588882

qt1

|

-.1074689

.076643

-1.40

0.161

-.2579562

.0430183

director

|

-.0972964

.0731341

-1.33

0.184

-.2408941

.0463014

Indepen

|

.1163006

.253294

0.46

0.646

-.3810383

.6136396

ceoage

|

-.1386609

.253732

-0.55

0.585

-.6368597

.3595379

ceotenure

|

.0171975

.042639

0.40

0.687

-.0665235

.1009184

ceoshare

|

-.0033087

.5201685

-0.01

0.995

-1.024652

1.018034

cf

|

.2040697

.0513768

3.97

0.000

.1031922

.3049471

salest1

|

.0015762

.0017597

0.90

0.371

-.001879

.0050313

roa

|

-1.069954

.5123334

-2.09

0.037

-2.075913

-.0639949

size

|

.0354458

.0246187

1.44

0.150

-.0128925

.0837842

liq

|

-.0030811

.0049209

-0.63

0.531

-.0127432

.0065811

_cons

|

.6969085

1.125037

0.62

0.536

-1.512084

2.905901


Cột 5: hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng, nature =1, có thêm biến sdebt *dqt-1


Source | SS df MS

Number of obs

=

688

-------------+------------------------------

F( 13, 674)

=

3.21

Model | 27.8600807 13 2.14308313

Prob > F

=

0.0001

Residual | 450.438328 674 .668306125

R-squared

=

0.0582

-------------+------------------------------

Adj R-squared

=

0.0401

Total | 478.298409 687 .696213113

Root MSE

=

.8175


------------------------------------------------------------------------------

Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

sdebtt1

|

-.028133

.257138

-0.11

0.913

-.5330209

.4767549

SdebtDqt

|

.711578

.2383585

2.99

0.003

.2435634

1.179593

qt1

|

-.1720545

.0792094

-2.17

0.030

-.3275814

-.0165276

director

|

-.1026468

.0727313

-1.41

0.159

-.245454

.0401604

Indepen

|

.1416805

.2519659

0.56

0.574

-.353052

.636413

ceoage

|

-.1100325

.25244

-0.44

0.663

-.605696

.3856309

ceotenure

|

.009126

.0424774

0.21

0.830

-.0742779

.0925299

ceoshare

|

.0279503

.5172524

0.05

0.957

-.9876696

1.04357

cf

|

.1953669

.0511614

3.82

0.000

.0949121

.2958218

salest1

|

.0016553

.0017497

0.95

0.344

-.0017801

.0050908

roa

|

-1.16072

.5102635

-2.27

0.023

-2.162617

-.1588227

size

|

.0330073

.0244893

1.35

0.178

-.0150772

.0810917

liq

|

-.0026476

.0048945

-0.54

0.589

-.0122579

.0069627



_cons | .7088184 1.118507 0.63 0.526 -1.48736 2.904996


Cột 6: hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng, nature =0


Source | SS df MS

Number of obs

=

1864

-------------+------------------------------

F( 12, 1851)

=

78.29

Model | 22862.7033 12 1905.22527

Prob > F

=

0.0000

Residual | 45042.8714 1851 24.3343443

R-squared

=

0.3367

-------------+------------------------------

Adj R-squared

=

0.3324

Total | 67905.5747 1863 36.4495838

Root MSE

=

4.933


------------------------------------------------------------------------------

Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

sdebtt1

|

-1.430272

.5618492

-2.55

0.011

-2.532197

-.3283471

qt1

|

.1683239

.0320291

5.26

0.000

.1055069

.2311408

director

|

-.0206711

.2536548

-0.08

0.935

-.5181507

.4768084

Indepen

|

-.4238889

1.176185

-0.36

0.719

-2.730678

1.8829

ceoage

|

.8223066

.774407

1.06

0.288

-.6964964

2.34111

ceotenure

|

-.5585424

.1441263

-3.88

0.000

-.8412097

-.2758752

ceoshare

|

2.301029

1.610047

1.43

0.153

-.8566695

5.458727

cf

|

-.0321276

.0074608

-4.31

0.000

-.0467601

-.017495

salest1

|

.0921393

.0031508

29.24

0.000

.0859598

.0983188

roa

|

-2.868892

1.364598

-2.10

0.036

-5.545205

-.1925789

size

|

.2515481

.0865378

2.91

0.004

.0818261

.4212701

liq

|

-.0111158

.0165581

-0.67

0.502

-.0435902

.0213587

_cons

|

-8.238678

3.798847

-2.17

0.030

-15.68915

-.7882015


Cột 7: hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng, nature =0, có thêm biến sdebt *dqt-1


Source | SS df MS

Number of obs

=

1864

-------------+------------------------------

F( 13, 1850)

=

72.27

Model | 22870.286 13 1759.25277

Prob > F

=

0.0000

Residual | 45035.2887 1850 24.3433993

R-squared

=

0.3368

-------------+------------------------------

Adj R-squared

=

0.3321

Total | 67905.5747 1863 36.4495838

Root MSE

=

4.9339


------------------------------------------------------------------------------

Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

sdebtt1

|

-1.247989

.6499723

-1.92

0.055

-2.522745

.0267677

SdebtDqt

|

-.4097801

.7342249

-0.56

0.577

-1.849776

1.030216

qt1

|

.169824

.0321476

5.28

0.000

.1067746

.2328735

director

|

-.0139073

.2539913

-0.05

0.956

-.512047

.4842324

Indepen

|

-.4049539

1.176893

-0.34

0.731

-2.713132

1.903225

ceoage

|

.8424443

.7753911

1.09

0.277

-.6782891

2.363178

ceotenure

|

-.5680366

.1451534

-3.91

0.000

-.8527183

-.2833549

ceoshare

|

2.398695

1.619826

1.48

0.139

-.7781849

5.575575

cf

|

-.0321822

.0074629

-4.31

0.000

-.0468188

-.0175457

salest1

|

.0921651

.0031517

29.24

0.000

.0859838

.0983464

roa

|

-2.65517

1.417555

-1.87

0.061

-5.435345

.1250058

size

|

.2529741

.0865916

2.92

0.004

.0831465

.4228017

liq

|

-.0112871

.016564

-0.68

0.496

-.0437732

.0211991

_cons

|

-8.360179

3.805786

-2.20

0.028

-15.82427

-.8960925


Kết quả hồi quy theo phương pháp OLS với biến nợ dài hạn (Ldebti,t-1)

Cột 1: hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng


Source | SS df MS

Number of obs =

2552

-------------+------------------------------

F( 12, 2539) =

92.15



Model | 20771.481 12 1730.95675 Prob > F = 0.0000

Residual | 47691.9123 2539 18.7837386 R-squared = 0.3034

-------------+------------------------------ Adj R-squared = 0.3001 Total | 68463.3933 2551 26.8378649 Root MSE = 4.334


------------------------------------------------------------------------------

Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

ldebtt1

|

1.497435

.7191209

2.08

0.037

.0873115

2.907558

qt1

|

.1627454

.0273715

5.95

0.000

.1090726

.2164182

director

|

-.1996182

.190231

-1.05

0.294

-.5726419

.1734056

Indepen

|

-.3977277

.8142416

-0.49

0.625

-1.994373

1.198918

ceoage

|

.587449

.6017276

0.98

0.329

-.5924779

1.767376

ceotenure

|

-.3327562

.108647

-3.06

0.002

-.5458019

-.1197105

ceoshare

|

1.105711

1.205149

0.92

0.359

-1.257464

3.468886

cf

|

-.0299693

.006503

-4.61

0.000

-.042721

-.0172176

salest1

|

.0836182

.0026367

31.71

0.000

.078448

.0887884

roa

|

-1.693831

1.024334

-1.65

0.098

-3.702447

.3147844

size

|

.1007619

.0675074

1.49

0.136

-.0316132

.233137

liq

|

-.0036018

.0125849

-0.29

0.775

-.0282796

.021076

_cons

|

-4.080637

2.929447

-1.39

0.164

-9.824985

1.663712


Cột 2: hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng, có thêm biến debt*dqt

Source |

SS

df

MS

Number of obs =

2552

-------------+------------------------------

F( 13, 2538)

=

85.24

Model | 20807.8779 13 1600.60599

Prob > F

=

0.0000

Residual | 47655.5154 2538 18.7767988

R-squared

=

0.3039

-------------+------------------------------

Adj R-squared

=

0.3004

Total | 68463.3933 2551 26.8378649

Root MSE

=

4.3332


------------------------------------------------------------------------------

Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

ldebtt1

|

1.265168

.7380888

1.71

0.087

-.1821497

2.712486

LdebtDqt

|

2.329106

1.672893

1.39

0.164

-.9512673

5.60948

qt1

|

.1610192

.0273945

5.88

0.000

.1073013

.2147371

director

|

-.1967306

.1902072

-1.03

0.301

-.5697077

.1762465

Indepen

|

-.4060157

.814113

-0.50

0.618

-2.002409

1.190378

ceoage

|

.5667335

.6018004

0.94

0.346

-.6133365

1.746803

ceotenure

|

-.3282278

.1086756

-3.02

0.003

-.5413296

-.1151259

ceoshare

|

1.092506

1.204964

0.91

0.365

-1.270306

3.455318

cf

|

-.0298409

.0065024

-4.59

0.000

-.0425915

-.0170903

salest1

|

.0836765

.0026365

31.74

0.000

.0785066

.0888464

roa

|

-1.820482

1.028177

-1.77

0.077

-3.836634

.1956691

size

|

.0919535

.0677908

1.36

0.175

-.0409773

.2248843

liq

|

-.003334

.0125841

-0.26

0.791

-.0280102

.0213421

_cons

|

-3.780829

2.936811

-1.29

0.198

-9.539619

1.977962


Cột 3: hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng, có thêm biến Ldebt*nature và Nature

Source |

SS

df

MS

-------------+------------------------------ Model | 20816.6645 14 1486.9046

Residual | 47646.7288 2537 18.7807366

-------------+------------------------------ Total | 68463.3933 2551 26.8378649

Number of obs = F( 14, 2537) =

Prob > F R-squared

=

=

Adj R-squared =

Root MSE

=

2552

79.17

0.0000

0.3041

0.3002

4.3337

------------------------------------------------------------------------------

Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+---------------------------------------------------------------- ldebtt1 | 1.889995 .8781059 2.15 0.031 .1681171 3.611872



LdebtNature

|

-.5809036

1.173962

-0.49

0.621

-2.882924

1.721117


nature

|

-.2285745

.2352497

-0.97

0.331

-.6898755

.2327266

qt1

|

.1617164

.027379

5.91

0.000

.1080289

.2154038

director

|

-.2229143

.1908092

-1.17

0.243

-.5970719

.1512433

Indepen

|

-.3797036

.8142666

-0.47

0.641

-1.976399

1.216991

ceoage

|

.6268664

.6042966

1.04

0.300

-.5580984

1.811831

ceotenure

|

-.3421148

.1088776

-3.14

0.002

-.5556129

-.1286167

ceoshare

|

1.041072

1.20634

0.86

0.388

-1.324439

3.406583

cf

|

-.0301715

.0065055

-4.64

0.000

-.0429281

-.0174149

salest1

|

.083618

.0026371

31.71

0.000

.0784469

.0887891

roa

|

-1.606307

1.028765

-1.56

0.119

-3.623611

.4109969

size

|

.1038502

.0675447

1.54

0.124

-.0285982

.2362985

liq

|

-.0033372

.0125858

-0.27

0.791

-.0280167

.0213424

_cons

|

-4.240587

2.943107

-1.44

0.150

-10.01172

1.530549


Cột 4: hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng, nature=1

Source | SS df MS Number of obs = 688

-------------+------------------------------ F( 12, 675) = 3.09

Model | 24.9177151 12 2.07647626 Prob > F = 0.0003

Residual | 453.380694 675 .671675102 R-squared = 0.0521

-------------+------------------------------ Adj R-squared = 0.0352

Total | 478.298409 687 .696213113 Root MSE = .81956


------------------------------------------------------------------------------

Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

ldebtt1

|

-.4897973

.2300973

-2.13

0.034

-.9415898

-.0380047

qt1

|

-.1091139

.0763932

-1.43

0.154

-.2591108

.0408831

director

|

-.1053831

.0729887

-1.44

0.149

-.2486954

.0379292

Indepen

|

.1306184

.2524963

0.52

0.605

-.3651542

.6263911

ceoage

|

-.076066

.2529649

-0.30

0.764

-.5727588

.4206267

ceotenure

|

.0070451

.0425362

0.17

0.869

-.0764741

.0905643

ceoshare

|

.0038797

.5178224

0.01

0.994

-1.012857

1.020616

cf

|

.1935645

.0514091

3.77

0.000

.0926236

.2945055

salest1

|

.0010659

.0017699

0.60

0.547

-.0024093

.0045411

roa

|

-1.2687

.5126674

-2.47

0.014

-2.275315

-.2620859

size

|

.0637297

.0273562

2.33

0.020

.0100162

.1174432

liq

|

-.0036127

.0048952

-0.74

0.461

-.0132244

.005999

_cons

|

-.1955312

1.197844

-0.16

0.870

-2.547479

2.156417


Cột 5: hồi quy OLS, tobin Q là biến đại diện cho tăng trưởng, nature=1, có thêm biến Ldebt*dqt-1

Source | SS df MS

Number of obs

=

688

-------------+------------------------------

F( 13, 674)

=

3.67

Model | 31.6321036 13 2.43323874

Prob > F

=

0.0000

Residual | 446.666305 674 .662709652

R-squared

=

0.0661

-------------+------------------------------

Adj R-squared

=

0.0481

Total | 478.298409 687 .696213113

Root MSE

=

.81407


------------------------------------------------------------------------------

Investment | Coef. Std. Err. t P>|t| [95% Conf. Interval]

-------------+----------------------------------------------------------------

ldebtt1

|

-.5558033

.2294953

-2.42

0.016

-1.006415

-.1051916

LdebtDqt

|

1.694798

.5324471

3.18

0.002

.6493439

2.740253

qt1

|

-.1577799

.0774066

-2.04

0.042

-.309767

-.0057927

director

|

-.0993224

.072525

-1.37

0.171

-.2417245

.0430796

Indepen

|

.1649033

.2510367

0.66

0.511

-.3280047

.6578113

ceoage

|

-.0723185

.2512738

-0.29

0.774

-.5656919

.421055

ceotenure

|

.0007543

.0422976

0.02

0.986

-.0822966

.0838052

ceoshare

|

.0476664

.5145388

0.09

0.926

-.9626253

1.057958

cf

|

.2107267

.0513487

4.10

0.000

.1099041

.3115493

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