Luận văn Thạc sĩ Kinh tế: Tác động của những đặc tính công ty đến quản trị vốn luân chuyển ở các công ty phi tài chính niêm yết tại Việt Nam
2,461
447
96
- PL18-
Phụ lục 5. Ma trận tương quan năm 2010.
CCC
AR
INV
AP
ROA
GRO
CR
QR
OCF
SIZE
DEBT
CCC
Pearson Correlation
1
.739
**
.888
**
.510
**
-.135
-.192
*
.152
.046
-.226
**
-.053
-.093
Sig. (2-tailed)
.000
.000
.000
.115
.025
.076
.591
.008
.539
.279
N
137
137
137
137
137
137
137
137
137
137
137
AR
Pearson Correlation
.739
**
1
.510
**
.629
**
-.257
**
-.168
.230
**
.244
**
-.199
*
-.152
-.120
Sig. (2-tailed)
.000
.000
.000
.002
.050
.007
.004
.020
.077
.164
N
137
137
137
137
137
137
137
137
137
137
137
INV
Pearson Correlation
.888
**
.510
**
1
.686
**
-.096
-.152
.006
-.118
-.196
*
-.017
.033
Sig. (2-tailed)
.000
.000
.000
.264
.075
.943
.169
.021
.840
.702
N
137
137
137
137
137
137
137
137
137
137
137
AP
Pearson Correlation
.510
**
.629
**
.686
**
1
-.206
*
-.094
-.032
-.036
-.144
-.102
.114
Sig. (2-tailed)
.000
.000
.000
.016
.276
.714
.679
.093
.235
.186
N
137
137
137
137
137
137
137
137
137
137
137
ROA
Pearson Correlation
-.135
-.257
**
-.096
-.206
*
1
-.211
*
.217
*
.181
*
.335
**
.068
-.365
**
Sig. (2-tailed)
.115
.002
.264
.016
.013
.011
.034
.000
.427
.000
N
137
137
137
137
137
137
137
137
137
137
137
GRO
Pearson Correlation
-.192
*
-.168
-.152
-.094
-.211
*
1
-.142
-.136
-.178
*
.121
.022
Sig. (2-tailed)
.025
.050
.075
.276
.013
.099
.113
.037
.158
.794
N
137
137
137
137
137
137
137
137
137
137
137
CR
Pearson Correlation
.152
.230
**
.006
-.032
.217
*
-.142
1
.958
**
.062
-.312
**
-.704
**
Sig. (2-tailed)
.076
.007
.943
.714
.011
.099
.000
.470
.000
.000
N
137
137
137
137
137
137
137
137
137
137
137
QR
Pearson Correlation
.046
.244
**
-.118
-.036
.181
*
-.136
.958
**
1
.091
-.279
**
-.628
**
Sig. (2-tailed)
.591
.004
.169
.679
.034
.113
.000
.288
.001
.000
N
137
137
137
137
137
137
137
137
137
137
137
OCF
Pearson Correlation
-.226
**
-.199
*
-.196
*
-.144
.335
**
-.178
*
.062
.091
1
-.064
-.118
Sig. (2-tailed)
.008
.020
.021
.093
.000
.037
.470
.288
.460
.169
N
137
137
137
137
137
137
137
137
137
137
137
SIZE
Pearson Correlation
-.053
-.152
-.017
-.102
.068
.121
-.312
**
-.279
**
-.064
1
.362
**
Sig. (2-tailed)
.539
.077
.840
.235
.427
.158
.000
.001
.460
.000
N
137
137
137
137
137
137
137
137
137
137
137
DEBT
Pearson Correlation
-.093
-.120
.033
.114
-.365
**
.022
-.704
**
-.628
**
-.118
.362
**
1
Sig. (2-tailed)
.279
.164
.702
.186
.000
.794
.000
.000
.169
.000
N
137
137
137
137
137
137
137
137
137
137
137
**. Correlation is significant at the 0.01 level (2-tailed).
*. Correlation is significant at the 0.05 level (2-tailed).
- PL19-
Phụ lục 6. Ma trận tương quan năm 2011.
CCC
AR
INV
AP
ROA
GRO
CR
QR
OCF
SIZE
DEBT
CCC
Pearson Correlation
1
.772
**
.865
**
.496
**
-.134
-.219
*
.038
-.010
-.176
*
-.051
-.069
Sig. (2-tailed)
.000
.000
.000
.120
.010
.660
.906
.039
.556
.423
N
137
137
137
137
137
137
137
137
137
137
137
AR
Pearson Correlation
.772
**
1
.498
**
.563
**
-.269
**
-.227
**
.120
.146
-.248
**
-.165
-.078
Sig. (2-tailed)
.000
.000
.000
.001
.008
.162
.088
.003
.054
.364
N
137
137
137
137
137
137
137
137
137
137
137
INV
Pearson Correlation
.865
**
.498
**
1
.702
**
-.100
-.218
*
-.109
-.181
*
-.124
.014
.101
Sig. (2-tailed)
.000
.000
.000
.247
.011
.205
.035
.149
.874
.240
N
137
137
137
137
137
137
137
137
137
137
137
AP
Pearson Correlation
.496
**
.563
**
.702
**
1
-.244
**
-.237
**
-.141
-.142
-.173
*
-.072
.245
**
Sig. (2-tailed)
.000
.000
.000
.004
.005
.101
.097
.043
.402
.004
N
137
137
137
137
137
137
137
137
137
137
137
ROA
Pearson Correlation
-.134
-.269
**
-.100
-.244
**
1
.259
**
.199
*
.149
.240
**
.135
-.325
**
Sig. (2-tailed)
.120
.001
.247
.004
.002
.020
.082
.005
.115
.000
N
137
137
137
137
137
137
137
137
137
137
137
GRO
Pearson Correlation
-.219
*
-.227
**
-.218
*
-.237
**
.259
**
1
.064
.078
.008
.293
**
.006
Sig. (2-tailed)
.010
.008
.011
.005
.002
.460
.367
.924
.001
.942
N
137
137
137
137
137
137
137
137
137
137
137
CR
Pearson Correlation
.038
.120
-.109
-.141
.199
*
.064
1
.980
**
-.090
-.271
**
-.602
**
Sig. (2-tailed)
.660
.162
.205
.101
.020
.460
.000
.298
.001
.000
N
137
137
137
137
137
137
137
137
137
137
137
QR
Pearson Correlation
-.010
.146
-.181
*
-.142
.149
.078
.980
**
1
-.101
-.250
**
-.549
**
Sig. (2-tailed)
.906
.088
.035
.097
.082
.367
.000
.239
.003
.000
N
137
137
137
137
137
137
137
137
137
137
137
OCF
Pearson Correlation
-.176
*
-.248
**
-.124
-.173
*
.240
**
.008
-.090
-.101
1
-.048
-.057
Sig. (2-tailed)
.039
.003
.149
.043
.005
.924
.298
.239
.574
.509
N
137
137
137
137
137
137
137
137
137
137
137
SIZE
Pearson Correlation
-.051
-.165
.014
-.072
.135
.293
**
-.271
**
-.250
**
-.048
1
.378
**
Sig. (2-tailed)
.556
.054
.874
.402
.115
.001
.001
.003
.574
.000
N
137
137
137
137
137
137
137
137
137
137
137
DEBT
Pearson Correlation
-.069
-.078
.101
.245
**
-.325
**
.006
-.602
**
-.549
**
-.057
.378
**
1
Sig. (2-tailed)
.423
.364
.240
.004
.000
.942
.000
.000
.509
.000
N
137
137
137
137
137
137
137
137
137
137
137
**. Correlation is significant at the 0.01 level (2-tailed).
*. Correlation is significant at the 0.05 level (2-tailed).
- PL20-
Phụ lục 7. Ma trận tương quan theo ngành.
NGÀNH
CCC
INV
ROA
GRO
CR
QR
OCF
SIZE
DEBT
ROA
GRO
CR
QR
OCF
SIZE
DEBT
CNTT (N=24)
-.231
-.416
.432
.410
-.075
-.345
-.758
-.264
-.335
.184
-.003
.163
.012
-.418
Sig. (2-tailed)
.277
.043
.035
.046
.729
.099
.000
.212
.109
.390
.990
.447
.956
.042
C.Nghiệp (N=164)
-.163
-.194
-.008
-.077
-.251
.018
-.013
-.163
-.152
-.130
-.197
-.195
.043
.189
Sig. (2-tailed)
.037
.013
.918
.330
.001
.817
.869
.036
.052
.096
.011
.012
.589
.015
N.Lượng (N=44)
.052
-.374
.453
.484
.314
-.074
.127
-.075
-.367
.393
.396
.238
.031
.319
Sig. (2-tailed)
.737
.012
.002
.001
.038
.633
.412
.630
.014
.008
.008
.119
.840
.035
D.Vụ (N=48)
.000
-.193
.081
-.131
-.002
-.002
-.029
-.062
-.217
-.047
-.267
-.114
-.010
.038
Sig. (2-tailed)
1.000
.188
.583
.374
.990
.990
.843
.673
.138
.749
.066
.442
.944
.797
HTD (N=132)
-.212
-.163
-.034
-.089
-.115
.062
.200
-.173
-.171
-.064
-.156
-.065
.022
.169
Sig. (2-tailed)
.015
.061
.702
.310
.189
.478
.021
.047
.050
.465
.073
.456
.801
.052
NVL (N=104)
-.150
-.003
.273
.196
-.229
.045
-.280
-.084
.010
.126
.024
-.218
.132
-.177
Sig. (2-tailed)
.128
.976
.005
.046
.019
.652
.004
.395
.919
.203
.808
.026
.181
.072
Y Tế (N=32)
.402
-.367
-.012
-.062
.336
-.155
-.705
.419
-.268
-.195
-.275
.427
.275
-.398
Sig. (2-tailed)
.023
.039
.947
.736
.060
.397
.000
.017
.137
.284
.128
.015
.128
.024
NGÀNH
AR
AP
ROA
GRO
CR
QR
OCF
SIZE
DEBT
ROA
GRO
CR
QR
OCF
SIZE
DEBT
CNTT (N=24)
-.072
-.235
.298
.457
-.223
-.609
-.560
-.086
-.184
.072
.190
-.107
-.638
-.343
Sig. (2-tailed)
.737
.269
.157
.025
.294
.002
.004
.689
.391
.739
.373
.620
.001
.101
C.Nghiệp (N=164)
-.224
-.215
.034
.022
-.324
-.014
-.055
-.218
-.136
-.176
-.183
-.219
.028
.292
Sig. (2-tailed)
.004
.006
.669
.779
.000
.859
.484
.005
.082
.024
.019
.005
.727
.000
N.Lượng (N=44)
.075
-.221
.020
.100
.309
.140
.361
-.059
.216
-.599
-.560
-.076
.337
.405
Sig. (2-tailed)
.628
.149
.897
.517
.041
.364
.016
.701
.159
.000
.000
.623
.025
.006
D.Vụ (N=48)
-.010
-.335
.086
-.062
.085
-.247
.010
-.151
-.335
-.221
-.367
-.186
-.222
.162
Sig. (2-tailed)
.944
.020
.561
.675
.566
.090
.944
.305
.020
.131
.010
.205
.129
.272
HTD (N=132)
-.306
-.103
-.041
.021
-.202
-.060
.098
-.283
-.120
-.139
-.128
-.127
-.234
-.016
Sig. (2-tailed)
.000
.241
.641
.810
.020
.497
.264
.001
.172
.111
.142
.148
.007
.856
NVL (N=104)
-.251
.026
.241
.265
-.156
-.209
-.247
-.202
.086
-.108
-.084
-.120
-.188
-.016
Sig. (2-tailed)
.010
.792
.014
.007
.113
.033
.012
.039
.388
.273
.395
.225
.057
.869
Y Tế (N=32)
-.110
-.273
-.305
-.272
-.013
-.255
-.105
-.397
.150
-.508
-.475
-.163
.414
.833
Sig. (2-tailed)
.549
.130
.090
.132
.942
.159
.568
.025
.413
.003
.006
.373
.018
.000
- PL21-
Phụ lục 8. Kết quả hồi quy biến phụ thuộc CCC với 7 biến độc lập.
(1) CCC = ß
0
+ ß
1
ROA + ß
2
OCF + ß
3
SIZE + ß
4
GRO + ß
5
CR + ß
6
QR + ß
7
DEBT +
Model Summary
b
Model
R
R Square
Adjusted
R Square
Std. Error of
the Estimate
Durbin-
Watson
1
.656
a
.430
.423
94.489893
1.627
a. Predictors: (Constant), DEBT, OCF, GRO, ROA, SIZE, QR, CR
b. Dependent Variable: CCC
ANOVA
b
Model
Sum of Squares
df
Mean Square
F
Sig.
1
Regression
1056573.701
7
150939.100
58.195
.000
a
Residual
4821303.581
540
8928.340
Total
5877877.282
547
a. Predictors: (Constant), DEBT, OCF, GRO, ROA, SIZE, QR, CR
b. Dependent Variable: CCC
Coefficients
a
Model
Unstandardized
Coefficients
Standardized
Coefficients
t
Sig.
Collinearity
Statistics
B
Std. Error
Beta
Tolerance
VIF
1
(Constant)
109.179
39.510
2.763
.006
ROA
-2.237
.475
-.198
-4.706
.000
.858
1.166
GRO
-.375
.086
-.172
-4.365
.000
.980
1.020
CR
52.990
7.308
1.179
7.250
.000
.057
17.413
QR
-57.421
7.734
-1.151
-7.424
.000
.063
15.833
OCF
-.736
.198
-.147
-3.723
.000
.971
1.030
SIZE
1.801
2.962
.025
.608
.544
.864
1.157
DEBT
-.429
.251
-.095
-1.709
.088
.496
2.017
a. Dependent Variable: CCC
- PL22-
Phụ lục 9. Kết quả hồi quy biến phụ thuộc CCC với 6 biến độc lập (loại biến CR)
(2) CCC = ß
0
+ ß
1
ROA + ß
2
OCF + ß
3
SIZE + ß
4
GRO + ß
5
QR + ß
6
DEBT +
Model Summary
b
Model
R
R Square
Adjusted
R Square
Std. Error of
the Estimate
Durbin-
Watson
1
.592
a
.350
.343
98.890922
1.559
a. Predictors: (Constant), DEBT, OCF, GRO, ROA, SIZE, QR
b. Dependent Variable: CCC
ANOVA
b
Model
Sum of Squares
df
Mean Square
F
Sig.
1
Regression
587214.088
6
97869.015
48.551
.000
a
Residual
5290663.194
541
9779.414
Total
5877877.282
547
a. Predictors: (Constant), DEBT, OCF, GRO, ROA, SIZE, QR
b. Dependent Variable: CCC
Coefficients
a
Model
Unstandardized
Coefficients
Standardized
Coefficients
t
Sig.
Collinearity
Statistics
B
Std. Error
Beta
Tolerance
VIF
1
(Constant)
182.744
39.964
4.573
.000
ROA
-2.034
.497
-.180
-4.096
.000
.861
1.162
GRO
-.397
.090
-.182
-4.421
.000
.982
1.019
QR
-4.105
2.510
-.082
-1.636
.102
.657
1.522
OCF
-.732
.207
-.146
-3.537
.000
.971
1.030
SIZE
.906
3.098
.013
.292
.770
.866
1.155
DEBT
-.943
.252
-.208
-3.740
.000
.539
1.857
a. Dependent Variable: CCC
- PL23-
Phụ lục 10. Kết quả hồi quy biến phụ thuộc AR với 6 biến độc lập (lo ại biến
CR).
(3) AR = ß
0
+ ß
1
ROA + ß
2
OCF + ß
3
SIZE + ß
4
GRO + ß
5
QR + ß
6
DEBT +
Model Summary
b
Model
R
R Square
Adjusted
R Square
Std. Error of
the Estimate
Durbin-
Watson
1
.640
a
.409
.402
60.185356
1.557
a. Predictors: (Constant), DEBT, OCF, GRO, ROA, SIZE, QR
b. Dependent Variable: AR
ANOVA
b
Model
Sum of Squares
df
Mean Square
F
Sig.
1
Regression
370670.953
6
61778.492
62.340
.000
a
Residual
1959651.878
541
3622.277
Total
2330322.831
547
a. Predictors: (Constant), DEBT, OCF, GRO, ROA, SIZE, QR
b. Dependent Variable: AR
Coefficients
a
Model
Unstandardized
Coefficients
Standardized
Coefficients
t
Sig.
Collinearity
Statistics
B
Std. Error
Beta
Tolerance
VIF
1
(Constant)
151.993
24.322
6.249
.000
ROA
-1.841
.302
-.259
-6.089
.000
.861
1.162
GRO
-.237
.055
-.172
-4.334
.000
.982
1.019
QR
2.837
1.527
.090
1.857
.064
.657
1.522
OCF
-.523
.126
-.166
-4.154
.000
.971
1.030
SIZE
-3.860
1.885
-.087
-2.048
.041
.866
1.155
DEBT
-.275
.153
-.096
-1.794
.073
.539
1.857
a. Dependent Variable: AR
- PL24-
Phụ lục 11. Kết quả hồi quy biến phụ thuộc INV với 6 biến độc lập (loại biến
CR).
(4) INV = ß
0
+ ß
1
ROA + ß
2
OCF + ß
3
SIZE + ß
4
GRO + ß
5
QR + ß
6
DEBT +
Model Summary
b
Model
R
R Square
Adjusted
R Square
Std. Error of
the Estimate
Durbin-
Watson
1
.566
a
.320
.312
90.512422
1.477
a. Predictors: (Constant), DEBT, OCF, GRO, ROA, SIZE, QR
b. Dependent Variable: INV
ANOVA
b
Model
Sum of Squares
df
Mean Square
F
Sig.
1
Regression
333086.941
6
55514.490
42.431
.000
a
Residual
4432141.687
541
8192.498
Total
4765228.627
547
a. Predictors: (Constant), DEBT, OCF, GRO, ROA, SIZE, QR
b. Dependent Variable: INV
Coefficients
a
Model
Unstandardized
Coefficients
Standardized
Coefficients
t
Sig.
Collinearity
Statistics
B
Std. Error
Beta
Tolerance
VIF
1
(Constant)
154.704
36.578
4.229
.000
ROA
-.937
.455
-.092
-2.061
.040
.861
1.162
GRO
-.315
.082
-.160
-3.833
.000
.982
1.019
QR
-8.069
2.297
-.180
-3.513
.000
.657
1.522
OCF
-.533
.189
-.118
-2.816
.005
.971
1.030
SIZE
-1.461
2.835
-.023
-.515
.607
.866
1.155
DEBT
-.246
.231
-.060
-1.067
.287
.539
1.857
a. Dependent Variable: INV
- PL25-
Phụ lục 12. Kết quả hồi quy biến phụ thuộc AP với 6 biến độc lập (loại biến CR).
(5) AP = ß
0
+ ß
1
ROA + ß
2
OCF + ß
3
SIZE + ß
4
GRO + ß
5
QR + ß
6
DEBT +
Model Summary
b
Model
R
R Square
Adjusted
R Square
Std. Error of
the Estimate
Durbin-
Watson
1
.609
a
.371
.364
49.819850
1.527
a. Predictors: (Constant), DEBT, OCF, GRO, ROA, SIZE, QR
b. Dependent Variable: AP
ANOVA
b
Model
Sum of Squares
df
Mean Square
F
Sig.
1
Regression
185017.815
6
30836.303
53.183
.000
a
Residual
1342771.453
541
2482.017
Total
1527789.269
547
a. Predictors: (Constant), DEBT, OCF, GRO, ROA, SIZE, QR
b. Dependent Variable: AP
Coefficients
a
Model
Unstandardized
Coefficients
Standardized
Coefficients
t
Sig.
Collinearity
Statistics
B
Std. Error
Beta
Tolerance
VIF
1
(Constant)
123.954
20.133
6.157
.000
ROA
-.743
.250
-.129
-2.970
.003
.861
1.162
GRO
-.155
.045
-.139
-3.423
.001
.982
1.019
QR
-1.127
1.264
-.044
-.891
.373
.657
1.522
OCF
-.324
.104
-.127
-3.113
.002
.971
1.030
SIZE
-6.226
1.561
-.173
-3.990
.000
.866
1.155
DEBT
.422
.127
.182
3.319
.001
.539
1.857
a. Dependent Variable: AP
- PL26-
Phụ lục 13. Kết quả hồi quy biến phụ thuộc CCC kết hợp với yếu tố thời gian.
(6) CCC = ß
0
+ß
1
ROA +ß
2
OCF +ß
3
SIZE +ß
4
GRO + ß
5
QR +ß
6
DEBT + ß
7
YEAR_1 +
ß
8
YEAR_2 + ß
9
YEAR_3 +
Model Summary
b
Model
R
R Square
Adjusted
R Square
Std. Error of
the Estimate
Durbin-
Watson
1
.593
a
.352
.341
99.077679
1.561
a. Predictors: (Constant), YEAR_3, QR, GRO, ROA, OCF, SIZE, YEAR_2, YEAR_1, DEBT
b. Dependent Variable: CCC
ANOVA
b
Model
Sum of Squares
df
Mean Square
F
Sig.
1
Regression
596661.307
9
66295.701
32.472
.000
a
Residual
5281215.975
538
9816.387
Total
5877877.282
547
a. Predictors: (Constant), YEAR_3, QR, GRO, ROA, OCF, SIZE, YEAR_2, YEAR_1, DEBT
b. Dependent Variable: CCC
Coefficients
a
Model
Unstandardized
Coefficients
Standardized
Coefficients
t
Sig.
Collinearity
Statistics
B
Std. Error
Beta
Tolerance
VIF
1
(Constant)
193.422
41.716
4.637
.000
ROA
-2.019
.503
-.179
-4.010
.000
.841
1.190
GRO
-.385
.092
-.176
-4.188
.000
.941
1.063
QR
-4.080
2.515
-.082
-1.623
.105
.657
1.522
OCF
-.714
.209
-.143
-3.420
.001
.957
1.045
SIZE
.426
3.143
.006
.136
.892
.844
1.185
DEBT
-.935
.253
-.206
-3.690
.000
.536
1.867
YEAR_1
-11.712
12.259
-.049
-.955
.340
.636
1.573
YEAR_2
-6.198
12.171
-.026
-.509
.611
.645
1.550
YEAR_3
-3.717
12.040
-.016
-.309
.758
.659
1.517
a. Dependent Variable: CCC
- PL27-
Phụ lục 14. Kết quả hồi quy biến phụ thuộc AR kết hợp với yếu tố thời gian.
(7) AR = ß
0
+ß
1
ROA +ß
2
OCF +ß
3
SIZE +ß
4
GRO + ß
5
QR +ß
6
DEBT + ß
7
YEAR_1 +
ß
8
YEAR_2 + ß
9
YEAR_3 +
Model Summary
b
Model
R
R Square
Adjusted
R Square
Std. Error of
the Estimate
Durbin-
Watson
1
.640
a
.410
.400
60.305632
1.560
a. Predictors: (Constant), YEAR_3, QR, GRO, ROA, OCF, SIZE, YEAR_2, YEAR_1, DEBT
b. Dependent Variable: AR
ANOVA
b
Model
Sum of Squares
df
Mean Square
F
Sig.
1
Regression
373740.951
9
41526.772
41.540
.000
a
Residual
1956581.881
538
3636.769
Total
2330322.831
547
a. Predictors: (Constant), YEAR_3, QR, GRO, ROA, OCF, SIZE, YEAR_2, YEAR_1, DEBT
b. Dependent Variable: AR
Coefficients
a
Model
Unstandardized
Coefficients
Standardized
Coefficients
t
Sig.
Collinearity
Statistics
B
Std. Error
Beta
Tolerance
VIF
1
(Constant)
152.826
25.391
6.019
.000
ROA
-1.874
.306
-.263
-6.114
.000
.841
1.190
GRO
-.228
.056
-.166
-4.080
.000
.941
1.063
QR
2.847
1.531
.091
1.860
.063
.657
1.522
OCF
-.517
.127
-.164
-4.069
.000
.957
1.045
SIZE
-3.964
1.913
-.089
-2.072
.039
.844
1.185
DEBT
-.280
.154
-.098
-1.812
.070
.536
1.867
YEAR_1
-2.866
7.461
-.019
-.384
.701
.636
1.573
YEAR_2
3.500
7.408
.023
.473
.637
.645
1.550
YEAR_3
2.260
7.329
.015
.308
.758
.659
1.517
a. Dependent Variable: AR