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

- 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