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Phụ lục 2: Thống kê mô tả dữ liệu

Variable

Obs	Mean	Std. Dev	Min	Max
nplt	248	.0232906	.0206667	0008351	. 244579
nplt1	248	.0224088	.0212498	.0003546	.244579
llp	248	.0065308	.0035132	0	.0192124
lev	248	.8903345	.0035132	.0669973	.982498
size	248	7.796653	.5430975	6.308867	9.002772
roat1	248	.0096631	.0075058	-.0551175	.0472891
lg	248	.4789714	1.162384	-.5581332	11.31725
inf	248	.0901927	.0666174	.006	.4397441
gdp	248	.0603613	.0058	.0525	.0713

Phụ lục 3: Ma trận hệ số tương quan

nplt	nplt1	llp	lev	size	roat1	lg	inf	gdp
nplt	1.0000
nplt1	0.2924	1.0000
llp	0.3898	0.3058	1.0000
lev	-0.0186	0.0847	0.1522	1.0000
size	0.0642	0.1571	0.4522	0.6106	1.0000
roat1	-0.0725	-0.1299	-0.0191	-0.1441	-0.1836	1.0000
lg	-0.1686	-0.1059	-0.2884	-0.0471	-0.2408	0.1754	1.0000
inf	-0.0594	-0.2261	-0.0909	-0.1143	-0.2511	0.3449	0.0509	1.0000

gdp

-0.2397

-0.1151

-0.2225

0.0721

-0.0388

0.0135

0.2129

0.1091

1.0000

Phụ lục 4: Nhân tử phóng đại phương sai VIF

Variable

VIF	1/VIF
nplt1	2.20	0.455309
llp	1.68	0.594062
lev	1.51	0.660843
size	1.25	0.799271
roat1	1.20	0.834692
lg	1.19	0.841485
inf	1.16	0.859409
gdp	1.11	0.900411
Mean VIF	1.41

Phụ lục 5: Kiểm định mô hình

Kiểm định Pooled OLS với FEM

F test that all u_i=0: F(24, 215) = 1.57 Prob > F = 0.0497

Kiểm định Pooled OLS với REM

Breusch and Pagan Lagrangian multiplier test for random effects nplt[NH,t] = Xb + u[NH] + e[NH,t]

Estimated results:

Var	sd = sqrt(Var)
nplt	.0004271	.0206667
e	.0003226	.0179621
u	0	0

Test: Var(u) = 0

chibar2(01) = 0.00 Prob > chibar2 = 1.0000

Kiểm định FEM với REM

---- Coefficients ----

(b)	(B)	(b-B)	sqrt(diag(V_b-V_B))
	fe	re	Difference	S.E.
nplt1	.0640367	.1755874	-.1115507	.0165025
llp	3.7199140	2.1245520	1.5953630	.3760353
lev	.0039862	.0015412	.0024450	.0113639
size	.0014794	-.0058818	.0073612	.0050616
roat1	-.1965281	-.1814664	-.0150617	.0947685
lg	.0000419	-.0007528	.0007947	.0005325
inf	.0288595	.0049421	.0239174	.0116679
gdp	-.3592396	-.4873099	.1280703	.0231310

b = consistent under Ho and Ha; obtained from xtreg

B = inconsistent under Ha, efficient under Ho; obtained from xtreg Test: Ho: difference in coefficients not systematic

chi2(8) = (b-B)'[(V_b-V_B)^(-1)](b-B)

= 57.51

Prob>chi2 = 0.0000

(V_b-V_B is not positive definite)

Phụ lục 6: Kiểm định hiện tượng phương sai thay đổi

Modified Wald test for groupwise heteroskedasticity in fixed effect regression model

H0: sigma(i)^2 = sigma^2 for all i chi2 (25) = 11672.29

Prob>chi2 = 0.0000

Phụ lục 7: Kiểm định hiện tượng tự tương quan

Wooldridge test for autocorrelation in panel data H0: no first-order autocorrelation

F( 1, 24) = 12.967 Prob > F = 0.0014

Phụ lục 8: Kết quả mô hình hồi quy

Mô hình Pooled OLS

Number of obs = 248

Source	SS	dF	MS
Model	.023977612	8	.002997202
Residual	.081518739	239	.000341083
Total	.105496351	247	.000427111

F(8, 215) = 8.79

Prob > F = 0.0000

R-squared = 0.2273 Adj R-squared = 0.2014 Root MSE = .01847

nplt

Coef.	Std. Err.	t	P>\|t\|	[95% Conf.	Interval]
nplt1	.1755874	.0596522	2.94	0.004	.058076	.293099
llp	2.124552	.411461	5.16	0.000	1.313998	2.935105
lev	.0015412	.0198994	0.08	0.938	-.03766	.040742
size	-.0058818	.0032066	-1.83	0.068	-.0122	.000435
roat1	-.1814664	.1713651	-1.06	0.291	-.51905	.156113
lg	-.0007528	.0011021	-0.68	0.495	-.00292	.001418
inf	.0049421	.0197309	0.25	0.802	-.03393	.043811
gdp	-.4873099	.2135166	-2.28	0.023	-.90792	-.0667
_cons	.0810504	.022548	3.59	0.000	.036632	0125469

Mô hình FEM

Fixed-effects (within) regression

Number of obs		=	224
Group variable: Nh		Number of groups		=	25
R-sq		Obs per group:
Within =	0.2755			min	=	8
Between =	0.0821			avg	=	9.9
Overall =	0.1721			max	=	10
corr(u_i, Xb) =	-0.5715	F(8,215)	Prob > F	=	10.22 =	0.0000

Nplt

Coef.	Std. Err.	t	P>\|t\|	[95% Conf.	Interval]
nplt1	.0640367	.061893	1.03	0.302	-.05796	.186031
Llp	3.719914	.557407	6.67	0.000	2.621232	4.818597
Lev	.0039862	.022916	0.17	0.862	-.04118	.0491542
Size	.0014794	.005992	0.25	0.805	-.01033	.0132897
roat1	-.1965281	.195824	-1.00	0.317	-.58251	.1894527
Lg	.0000419	.001224	0.03	0.973	-.00237	.0024545
Inf	.0288595	.022923	1.26	0.209	-.01632	.0740414
Gdp	-.3592396	.214766	-1.67	0.096	-.78256	.0640767
_cons	.0034387	.042986	0.08	0.936	-.08129	.0881673
sigma_u	.01054451
sigma_e	.01796207
Rho	.25629537		(fraction of variance due to u_i)

F test that all u_i=0: F(24, 215) = 1.57 Prob > F = 0.0497

Mô hình REM

Random-effects GLS regression Number of obs = 248

Group variable: Nh Number of groups = 25

R-sq

		Obs per group:
Within	=	0.2352	min	=	8
Between	=	0.2773	avg	=	9.9
Overall	=	0.2773	max	=	10
			Wald chi2(8)	=	10.30

corr(u_i, X) = 0 (assumed) Prob > chi2 = 0.0000

nplt

Coef.	Std. Err.	z	P>\|z\|	[95% Conf.	Interval]
nplt1	.1755874	.0596522	2.94	0.003	00586712	.2925035
llp	2.124552	.411461	5.16	0.000	1.318103	2.931
lev	.0015412	.0198994	0.08	0.938	-.0374609	.0405432
size	-.0058818	.0032066	-1.83	0.067	-.0121667	.0004031
roat1	-.1814664	.1713651	-1.06	0.290	-.5173358	.154403
lg	-.0007528	.0011021	-0.68	0.495	-.0029128	.0014072
inf	.0049421	.0197309	0.25	0.802	-.0337297	.043614
gdp	-.4873099	.2135166	-2.28	0.022	-.9057948	-.068825
_cons	.0810504	.022548	3.59	0.000	.0368571	.1252437
sigma_u	0
sigma_e	.01796207
rho	.0		(fraction of variance due to u_i)

Phụ lục 9: Kết quả hồi quy mô hình GMM

Mô hình GMM cổ điển

Dynamic panel-data estimation, two-step system GMM

Group variable:

NH	Number of obs		=	224
Time variable:	Năm	Number of groups		=	25
Number of instruments	= 24	Obs per group:	min	=	8
F(8, 24) =	376.55		avg	=	8.96
Prob > F =	0.000		max	=	9

nplt

Coef.	Std. Err.	t	P>\|t\|	[95% Conf.	Interval]
nplt1	.1984373	.0131734	15.06	0.000	.1712487	.225626
llp	2.585793	.2063604	12.53	0.000	2.159886	3.0117
lev	-.0052894	.0025941	-2.04	0.053	-.0106433	.0000645
size	-.0051671	.0011623	-4.45	0.000	-.0075659	-.0027682
roat1	-.1725413	.0228380	-7.56	0.000	-.2196766	-.125406
lg	-.0006784	.0002522	-2.69	0.013	-.001199	-.0001579
inf	.0161068	.0063908	2.52	0.019	.0029169	.0292967
gdp	-.2844862	.0417253	-6.82	0.000	-.370603	-.1983693
_cons	.0639045	.0101789	6.28	0.000	.0428962	.0849128

Warning: Uncorrected two-step standard errors are unreliable. Instruments for first differences equation

Standard

D.(llp lev size roat1lg inf gdp)

GMM-type (missing=0, separate instruments for each period unless collapsed) L.nplt1

Instruments for levels equation Standard

llp lev size roat1lg inf gdp

_cons

GMM-type (missing=0, separate instruments for each period unless collapsed)

D.nplt1

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

Arellano-Bond test for AR(1) in first differences: z = -1.14 Pr > z = 0.253

Arellano-Bond test for AR(2) in first differences: z = 0.10 Pr > z = 0.920

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

Sargan test of overid. restrictions: chi2(17) = 28.52 Prob > chi2 = 0.039 (Not robust, but not weakened by many instruments.)

Hansen test of overid. restrictions: chi2(17) = 18.40 Prob > chi2 = 0.364 (Robust, but weakened by many instruments.)

Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels

Hansen test excluding group: chi2(8) = 10.87 Prob > chi2 = 0.209 Difference (null H = exogenous): chi2(9) = 7.53 Prob > chi2 = 0.582 iv(llp lev size roat1 lg inf gdp)

Hansen test excluding group: chi2(10) = 11.98 Prob > chi2 = 0.287 Difference (null H = exogenous): chi2(7) = 6.42 Prob > chi2 = 0.491