Trang chủ / Chứng Khoán

Minh bạch và công bố thông tin của các công ty niêm yết trên thị trường chứng khoán Việt Nam - 38

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

Instrumented: CS_CBTT

Instruments: HDQT KTGD SHQT DBTC CTKT SGDCK L.CS_CBTT TVDL QMCT


. estimates store GMM_A


. estat endogenous


Test of endogeneity (orthogonality conditions) Ho: variables are exogenous


GMM C statistic chi2(1) = .15369 (p = 0.6950)


. estat overid


Test of overidentifying restriction: Hansen's J chi2(2) = .591955 (p = 0.7438)

. esttab REM_A FEM_A SLS_A GMM_A, r2 star(* 0.1 ** 0.05 *** 0.01) brackets nogap compress


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

(1)

(2)

(3)

(4)

ROA

ROA

ROA

ROA

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

CS_CBTT

0.00145***

0.0000689

0.00272***

0.00282***


[3.51]

[0.12]

[3.40]

[3.77]

HDQT

0.000952

0.00321

0.00103

0.000707


[0.57]

[1.38]

[0.55]

[0.39]

KTGD

-0.00824

-0.0174*

-0.00643

-0.00588


[-1.46]

[-1.90]

[-0.76]

[-0.82]

TVDL

-0.000535

0.000454




[-0.22]

[0.11]



SHQT

0.000190

0.0000512

0.000224*

0.000229**


[1.36]

[0.20]

[1.86]

[2.00]

QMCT

0.00345 0.0288***


[1.43]

[3.20]



DBTC

-0.123***

-0.154***

-0.112***

-0.109***


[-9.38]

[-5.28]

[-8.90]

[-9.13]

CTKT

-0.00687

-0.0112

-0.00123

-0.00163


[-0.99]

[-0.73]

[-0.15]

[-0.23]

SGDCK

0.0106

.

0.0116**

0.0109**


[1.54]

.

[2.23]

[2.15]

_cons

-0.0829

-0.677***

-0.0791

-0.0844*


[-1.36]

[-2.81]

[-1.63]

[-1.85]

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

N

1452

1452

968

968

R-sq


0.040

0.117

0.117

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

Có thể bạn quan tâm!

Xem toàn bộ 319 trang tài liệu này.

Minh bạch và công bố thông tin của các công ty niêm yết trên thị trường chứng khoán Việt Nam - 38

t statistics in brackets

* p<0.1, ** p<0.05, *** p<0.01


.

(R)

/ // //

/ / // / // 12.0 Copyright 1985-2011 StataCorp LP Statistics/Data Analysis StataCorp

4905 Lakeway Drive

Special Edition College Station, Texas 77845 USA

800-STATA-PC http://www.stata.com 979-696-4600 stata@stata.com

979-696-4601 (fax)


Single-user Stata network perpetual license: Serial number: 93611859953

Licensed to: STATAforAll

STATA


Notes:

1. (/v# option or -set maxvar-) 5000 maximum variables


. use "E:LUAN ANCHUONG LUAN ANKET QUATTCK_VN_506_cb.dta", clear


.

. xtset CONGTY NAM

panel variable: CONGTY (strongly balanced) time variable: NAM, 2014 to 2016

delta: 1 unit


.

. ivregress 2sls ROE (CS_CBTT=l.CS_CBTT TVDL QMCT) HDQT KTGD SHQT SHNN DBTC CTKT SGDCK,

vce(robust)


Instrumental variables (2SLS) regression


Number of obs


=


968


Wald chi2(8)

=

60.67


Prob > chi2

=

0.0000


R-squared

=

0.0585


Root MSE

=

.18891


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

|

ROE |


Coef.

Robust

Std. Err.


z


P>|z|


[95% Conf. Interval]

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

CS_CBTT

|

.0041014

.0015176

2.70

0.007

.001127

.0070759

HDQT

|

-.0007454

.0039078

-0.19

0.849

-.0084045

.0069138

KTGD

|

-.0269817

.0178578

-1.51

0.131

-.0619824

.0080191

SHQT

|

.0007443

.0002478

3.00

0.003

.0002586

.00123

SHNN

|

.0013153

.0004448

2.96

0.003

.0004434

.0021872

DBTC

|

-.0906027

.0340135

-2.66

0.008

-.1572679

-.0239374

CTKT

|

.0065976

.0130144

0.51

0.612

-.0189101

.0321053

SGDCK

|

.0152292

.0124323

1.22

0.221

-.0091376

.039596

_cons

|

-.1491066

.0963493

-1.55

0.122

-.3379478

.0397346

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

Instrumented: CS_CBTT

Instruments: HDQT KTGD SHQT SHNN DBTC CTKT SGDCK L.CS_CBTT TVDL QMCT

.

. estimates store SLS_E


.

. ivreg2 ROE (CS_CBTT=l.CS_CBTT TVDL QMCT) HDQT KTGD SHQT SHNN DBTC CTKT SGDCK,

endogtest(CS_CBTT) robust


IV (2SLS) regression with robust standard errors

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

Number of obs = 968

F( 8, 959) = 7.51

Prob > F = 0.0000

Total (centered) SS = 36.69344374 Centered R2 = 0.0585

Total (uncentered) SS = 44.64018252 Uncentered R2 = 0.2261

Residual SS = 34.54657251 Root MSE = .19


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

| Robust

ROE | Coef. Std. Err. z P>|z| [95% Conf. Interval]

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

CS_CBTT

|

.0041014

.0015176

2.70

0.007

.001127

.0070759

HDQT

|

-.0007454

.0039078

-0.19

0.849

-.0084045

.0069138

KTGD

|

-.0269817

.0178578

-1.51

0.131

-.0619824

.0080191

SHQT

|

.0007443

.0002478

3.00

0.003

.0002586

.00123

SHNN

|

.0013153

.0004448

2.96

0.003

.0004434

.0021872

DBTC

|

-.0906027

.0340135

-2.66

0.008

-.1572679

-.0239374

CTKT

|

.0065976

.0130144

0.51

0.612

-.0189101

.0321053

SGDCK

|

.0152292

.0124323

1.22

0.221

-.0091376

.039596

_cons

|

-.1491066

.0963493

-1.55

0.122

-.3379478

.0397346

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

Hansen J statistic (overidentification test of all instruments): 4.140

Chi-sq(2) P-val = 0.12616

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

Instrumented: CS_CBTT

Instruments: L.CS_CBTT TVDL QMCT HDQT KTGD SHQT SHNN DBTC CTKT SGDCK

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


.

. estimates store IV_E


.

. ivreg2 ROE (CS_CBTT=l.CS_CBTT TVDL QMCT) HDQT KTGD SHQT SHNN DBTC CTKT SGDCK NGANH_PTC,

endogtest(CS_CBTT) robust


IV (2SLS) regression with robust standard errors

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


Number of obs = 968

F( 9, 958) = 7.11

Prob > F = 0.0000

Total (centered) SS = 36.69344374 Centered R2 = 0.0609

= 44.64018252

Uncentered R2 =

0.2281

Residual SS

= 34.45837194

Root MSE =

.19

Total (uncentered) SS


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

| Robust

ROE | Coef. Std. Err. z P>|z| [95% Conf. Interval]

-------------+---------------------------------------------------------------- CS_CBTT | .0043914 .0015117 2.90 0.004 .0014286 .0073543

HDQT | .0004049 .0041595 0.10 0.922 -.0077476 .0085574

KTGD | -.0278099 .0177625 -1.57 0.117 -.0626238 .007004

SHQT | .0006934 .000252 2.75 0.006 .0001995 .0011873

SHNN | .0012989 .0004426 2.93 0.003 .0004314 .0021665

DBTC | -.08689 .0339871 -2.56 0.011 -.1535034 -.0202766

CTKT | .0097959 .0132085 0.74 0.458 -.0160924 .0356841

SGDCK | .0121587 .0127018 0.96 0.338 -.0127364 .0370537

NGANH_PTC | .0368052 .0223027 1.65 0.099 -.0069073 .0805177

_cons | -.2078334 .1022232 -2.03 0.042 -.4081872 -.0074796

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

Hansen J statistic (overidentification test of all instruments): 6.300

Chi-sq(2) P-val = 0.04285

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

Instrumented: CS_CBTT

Instruments: L.CS_CBTT TVDL QMCT HDQT KTGD SHQT SHNN DBTC CTKT SGDCK NGANH_PTC

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


.

. estimates store IV_P


.

. ivregress gmm ROE (CS_CBTT=l.CS_CBTT TVDL QMCT) HDQT KTGD SHQT SHNN DBTC CTKT SGDCK,

vce(robust)

Instrumental variables (GMM) regression Number of obs = 968

Wald chi2(8) = 58.70

Prob > chi2 = 0.0000

R-squared = 0.0537

GMM weight matrix: Robust Root MSE = .1894


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

| Robust

ROE | Coef. Std. Err. z P>|z| [95% Conf. Interval]

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

CS_CBTT

|

.0042714

.0015018

2.84

0.004

.0013279

.0072148

HDQT

|

-.0020561

.0038201

-0.54

0.590

-.0095433

.005431

KTGD

|

-.0104463

.0158422

-0.66

0.510

-.0414965

.0206038

SHQT

|

.0006001

.0002352

2.55

0.011

.0001392

.0010611

SHNN

|

.0013514

.0004287

3.15

0.002

.0005112

.0021915

DBTC

|

-.0500471

.0274683

-1.82

0.068

-.103884

.0037897

CTKT

|

.0017565

.0127108

0.14

0.890

-.0231562

.0266692

SGDCK

|

.0159923

.0123528

1.29

0.195

-.0082187

.0402034

_cons

|

-.1670966

.0955102

-1.75

0.080

-.3542932

.0201001

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

Instrumented: CS_CBTT

Instruments: HDQT KTGD SHQT SHNN DBTC CTKT SGDCK L.CS_CBTT TVDL QMCT


.

. estimates store GMM_E


.

. ivregress gmm ROE (CS_CBTT=l.CS_CBTT TVDL QMCT) HDQT KTGD SHQT SHNN DBTC CTKT SGDCK

NGANH_PTC, vce(robust)


Instrumental variables (GMM) regression

Number of obs

=

968


Wald chi2(9)

=

61.56


Prob > chi2

=

0.0000


R-squared

=

0.0534

GMM weight matrix: Robust

Root MSE

=

.18942


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

| Robust

ROE | Coef. Std. Err. z P>|z| [95% Conf. Interval]

-------------+---------------------------------------------------------------- CS_CBTT | .0044945 .0015018 2.99 0.003 .001551 .0074381

HDQT | -.0018339 .004022 -0.46 0.648 -.0097169 .0060492

KTGD | -.0091886 .016037 -0.57 0.567 -.0406205 .0222433

SHQT | .0005275 .0002405 2.19 0.028 .000056 .0009989

SHNN | .001363 .0004274 3.19 0.001 .0005253 .0022006

DBTC | -.0362966 .0271809 -1.34 0.182 -.0895701 .016977

CTKT | .0034843 .0128546 0.27 0.786 -.0217103 .0286789

SGDCK | .0146261 .0126222 1.16 0.247 -.0101129 .039365

NGANH_PTC | .0367795 .0218396 1.68 0.092 -.0060253 .0795842

_cons | -.2202543 .1022893 -2.15 0.031 -.4207376 -.0197709

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

Instrumented: CS_CBTT

Instruments: HDQT KTGD SHQT SHNN DBTC CTKT SGDCK NGANH_PTC L.CS_CBTT TVDL QMCT


.

. estimates store GMM_P


.

. esttab SLS_E IV_E IV_P GMM_E GMM_P, r2 star(* 0.1 ** 0.05 *** 0.01) brackets nogap compress


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

(1)

(2)

(3)

(4)

(5)

ROE

ROE

ROE

ROE

ROE

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

CS_CBTT

0.00410***

0.00410***

0.00439***

0.00427***

0.00449***


[2.70]

[2.70]

[2.90]

[2.84]

[2.99]

HDQT

-0.000745

-0.000745

0.000405

-0.00206

-0.00183


[-0.19]

[-0.19]

[0.10]

[-0.54]

[-0.46]

KTGD

-0.0270

-0.0270

-0.0278

-0.0104

-0.00919


[-1.51]

[-1.51]

[-1.57]

[-0.66]

[-0.57]

SHQT

0.000744***

0.000744***

0.000693***

0.000600**

0.000527**


[3.00]

[3.00]

[2.75]

[2.55]

[2.19]

SHNN

0.00132***

0.00132***

0.00130***

0.00135***

0.00136***


[2.96]

[2.96]

[2.93]

[3.15]

[3.19]

DBTC

-0.0906***

-0.0906***

-0.0869**

-0.0500*

-0.0363


[-2.66]

[-2.66]

[-2.56]

[-1.82]

[-1.34]

CTKT

0.00660

0.00660

0.00980

0.00176

0.00348


[0.51]

[0.51]

[0.74]

[0.14]

[0.27]

SGDCK

0.0152

0.0152

0.0122

0.0160

0.0146


[1.22]

[1.22]

[0.96]

[1.29]

[1.16]

NGANH_PTC



0.0368*


0.0368*




[1.65]


[1.68]

_cons

-0.149

-0.149

-0.208**

-0.167*

-0.220**


[-1.55]

[-1.55]

[-2.03]

[-1.75]

[-2.15]

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

N

968

968

968

968

968

R-sq

0.059

0.059

0.061

0.054

0.053

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

t statistics in brackets

* p<0.1, ** p<0.05, *** p<0.01


.

. ivregress 2sls ROA ( CS_CBTT=l.CS_CBTT TVDL QMCT) HDQT KTGD SHQT DBTC CTKT SGDCK,

vce(robust)


Instrumental variables (2SLS) regression


Number of obs


=


968


Wald chi2(7)

=

166.00


Prob > chi2

=

0.0000


R-squared

=

0.1173


Root MSE

=

.08799


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

|

ROA |


Coef.

Robust

Std. Err.


z


P>|z|


[95% Conf. Interval]

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

CS_CBTT

|

.0027197

.0008002

3.40

0.001

.0011514

.0042881

HDQT

|

.0010308

.001871

0.55

0.582

-.0026362

.0046978

KTGD

|

-.0064288

.0084715

-0.76

0.448

-.0230328

.0101751

SHQT

|

.0002242

.0001204

1.86

0.063

-.0000117

.00046

|

-.1117455

.0125505

-8.90

0.000

-.1363439

-.087147

CTKT

|

-.0012308

.0080368

-0.15

0.878

-.0169826

.014521

SGDCK

|

.0116214

.0052133

2.23

0.026

.0014035

.0218393

_cons

|

-.0791241

.048681

-1.63

0.104

-.1745372

.0162889

DBTC

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

Instrumented: CS_CBTT

Instruments: HDQT KTGD SHQT DBTC CTKT SGDCK

L.CS_CBTT TVDL QMCT


.

. estimates store SLS_A


.

. ivregress 2sls ROA ( CS_CBTT=l.CS_CBTT TVDL


QMCT) HDQT KTGD SHQT DBTC


CTKT SGDCK

NGANH_PTC, vce(robust)



Instrumental variables (2SLS) regression

Number of obs =

968


Wald chi2(8) =

194.17


Prob > chi2 =

0.0000


R-squared =

0.1255


Root MSE =

.08757


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

| Robust

ROA | Coef. Std. Err. z P>|z| [95% Conf. Interval]

-------------+---------------------------------------------------------------- CS_CBTT | .0029494 .00079 3.73 0.000 .001401 .0044978

HDQT | .0020596 .001962 1.05 0.294 -.0017859 .0059051

KTGD | -.0072201 .0084203 -0.86 0.391 -.0237236 .0092833

SHQT | .0001785 .0001222 1.46 0.144 -.000061 .000418

DBTC | -.1082678 .0123197 -8.79 0.000 -.1324141 -.0841216

CTKT | .0015836 .0081515 0.19 0.846 -.0143931 .0175603

SGDCK | .0088045 .0052345 1.68 0.093 -.0014551 .019064

NGANH_PTC | .0333724 .0095331 3.50 0.000 .0146878 .0520569

_cons | -.1303589 .0496892 -2.62 0.009 -.227748 -.0329697

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

Instrumented: CS_CBTT

Instruments: HDQT KTGD SHQT DBTC CTKT

SGDCK NGANH_PTC L.CS_CBTT TVDL

QMCT

.

. estimates store SLS_P



.

. ivregress gmm ROA ( CS_CBTT=l.CS_CBTT


TVDL QMCT) HDQT KTGD SHQT DBTC


CTKT SGDCK,

vce(robust)



Instrumental variables (GMM) regression

Number of obs =

968


Wald chi2(7) =

167.11


Prob > chi2 =

0.0000


R-squared =

0.1171

GMM weight matrix: Robust

Root MSE =

.088

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

| Robust

ROA | Coef. Std. Err. z P>|z| [95% Conf. Interval]

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

CS_CBTT

|

.002819

.0007483

3.77

0.000

.0013523

.0042856

HDQT

|

.0007069

.0018193

0.39

0.698

-.0028588

.0042726

KTGD

|

-.0058822

.007201

-0.82

0.414

-.0199958

.0082315

SHQT

|

.0002285

.0001144

2.00

0.046

4.39e-06

.0004527

DBTC

|

-.1093649

.0119843

-9.13

0.000

-.1328536

-.0858761

CTKT

|

-.0016312

.0072387

-0.23

0.822

-.0158188

.0125564

SGDCK

|

.0108541

.0050448

2.15

0.031

.0009665

.0207417

_cons

|

-.0844453

.0455542

-1.85

0.064

-.1737299

.0048392

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

Instrumented: CS_CBTT

Instruments: HDQT KTGD SHQT DBTC CTKT

SGDCK L.CS_CBTT TVDL QMCT


.

. estimates store GMM_A


.

. ivregress gmm ROA ( CS_CBTT=l.CS_CBTT


TVDL QMCT) HDQT KTGD SHQT DBTC


CTKT SGDCK

NGANH_PTC, vce(robust)



Instrumental variables (GMM) regression

Number of obs =

968


Wald chi2(8) =

190.28


Prob > chi2 =

0.0000


R-squared =

0.1247

GMM weight matrix: Robust

Root MSE =

.08761


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

| Robust

ROA | Coef. Std. Err. z P>|z| [95% Conf. Interval]

-------------+---------------------------------------------------------------- CS_CBTT | .0030453 .0007418 4.11 0.000 .0015915 .0044992

HDQT | .0010199 .0018562 0.55 0.583 -.0026181 .0046579

KTGD | -.0045523 .0072229 -0.63 0.529 -.018709 .0096044

SHQT | .0001828 .0001155 1.58 0.114 -.0000437 .0004093

DBTC | -.1047073 .0118946 -8.80 0.000 -.1280203 -.0813944

CTKT | .0017295 .0072686 0.24 0.812 -.0125167 .0159757

SGDCK | .0077767 .0051262 1.52 0.129 -.0022704 .0178238

NGANH_PTC | .0307297 .0091359 3.36 0.001 .0128236 .0486358

_cons | -.1296478 .0475713 -2.73 0.006 -.2228859 -.0364097

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

Instrumented: CS_CBTT

Instruments: HDQT KTGD SHQT DBTC CTKT SGDCK NGANH_PTC L.CS_CBTT TVDL QMCT


.

. estimates store GMM_C


.

..... Xem trang tiếp theo?
⇦ Trang trước - Trang tiếp theo ⇨

Ngày đăng: 27/01/2023