Nghien cilu trao doi
Cac nhan to anii hiriiing ilen kha nang sinh lai Gua cac doanh nghiep xay dirng thuoc Tong Cong ty Song Da
Factors affecting profitability ratio of construction companies In Song Da Corporation
=^ Ngiiy£n BIch Phirong*
PGS.TS. Tran Manh Dung"
Nahien ciiv nay 6iigc thi/c hien, r)ham dan/i gia anh hi/dng cOa cac nhan to 6en liha nang sinh Idi cOa cac doanh nghiep (DN) xay di/ng thuoc Tong Cong ty Song Ba Diflieu difoc thu thap tir bao cao tai chinh (BCTC) cua cac DN xay diing tren Thi tnrang Chimg khoan Viet Nam cho giai doan tir 2011 den 2015 Ket qua cho thay doanh thu, toe do tang trudng, vong quay phai thu co tac dong cung chieu vcri kha nang sinh Idi; T^ le na/von chij sd hifu, ty le na/tai san. ty trong tai san co dinh CO tac dgng ngifac chieu. Diia vao ket qua nghien ciru nay, mot so khuyen nghi dugc dua ra, nhBm tang kha nang sinh lai cOa cac DN trong mau nghien cihj.
Tir khoa: DN xay dung, kha nang sinh Idi, Tong Cong ty Song Da Abstract
This research is conducted for evaluating impacts of factors affecting profitability ratio of constnjction companies in Song Da corporation. Data were collected from financial statements of listed construction companies in Vietnam Securities Exchange for the period from 2011 to 2015. The results show that revenue, growth rate, receivable turnover have positive relationship with profitability whereas ratio of debt per equity, ratio of debt per assets, ratio of fixed assets have negative rela- tionship. Basing on these findings, some recommendations have been given for improving profitability of sample companies.
Keywords:ConstructJon company, profitability, Song Da corporation hgp de giam chi phi, tdi uu hoa Igi nhuan, nhdm nang cao kha nang sinh Idi cua DN, hinh thanh cac chien luoc, chinh sach nham dam bao tinh dn dmh, ben vUng trong hoat dong KD cua DN.
Dac biet, vdi' nganh xay dung la mot nganh mui nhgn cua nen kinh te, dong vai trd quan trong, trong su phat then cua nen kinh te, thi viec nghien cifu cac nhan td anh hudng den kha nang smh 1. Gidi thieu
Khi tien hanh hoat ddng san xuat kinh doanh (KD), edc nha quan tri deu phai huy ddng vd su dung ngudn luc de CO ket qua cao, nhdm dap irng muc tieu de ra. Trong tUng giai doan, co nhieu muc tieu khac nhau nhung muc tieu cudi cung Id tdi da hoa Igi nhuan cua DN Thong qua viec tinh toan, de dua ra kha nang sinh Idi tdi uu nhat cdn giup nha quan tn phan tich va tim ra nhung nhan td tac ddng den kha nang sinh Idi, Tg dd, dua ra giai phap dieu chinh thich
Nhan: 11/5/2017 Bien tap: 15/6/2017 Duyet dang: 23/6/2017 Idi lai cang trd nen quan trong.
Tdng Cong ty Sflng Da Id mflt DN Nha nudc, true thudc Bo Xdy dung, vdi hoat dong KD da nganh nghe, bao gdm:
Xay dimg, dau tu, van hanh nha may thuy dien, phat tnen do thj vd nha d, san xua't vat lieu xdy dung va cac nganh KD khac.
Can cU vao cac chi tieu tai chinh quan trong nhu: Vdn chu sd hOu (VCSH), tai san, Igi nhudn trudc thud, Igi nhuan sau thue, ty sudt loi nhuan tren doanh thu, ty suat smh Idi tren tai san, ty suat sinh idi tren VCSH, vong quay vdn, kha nang thanh toan,. . thi tiem luc tai chinh cua cac DN xdy dung, thudc Tdng Cflng ty Sdng Oa cdn han che, rui ro tai chinh cao vd hieu qua KD cdn tha'p so vdi cac DN cung nganh
Xuat phat tU thuc trang tren, nghien cUu cac nhan to anh hudng den kha nang sinh Idi cfla cac DN xdy dung, thuflc Tdng Cong ty Sdng Da la mot va'n de co tinh cap thiet. Ket qua cua nghien cdu nay, se giup cho cac DN xay dung thuflc biet dugc mirc dd anh hudng cua cac nhdn td den kha nang sinh Idi. De qua do, co cac giai phap tai chinh hop ly, gop phan nang cao hieu qua KD,
•Ngan hang Nong nghiep & Phat trien Nong thon - Chi nhanh huyen Thuan Thanh
"Tnicmg Dai hoc Kinh te qudc dan
•y*?// r/n' .'Ke kail '<-' /Hii'iH k.aii W'(hdn^ (;/J()/7 I
Nghien ciilu trao n6\
ndng cao tam anh hudng cfla DN ddi vdi ca nen kinh te.
2. Tong quan nghien ciAi 2.1. Nghien c&u quoc te Chfl dd vd kha nang sinh Idi va cdc nhdn td anh hudng dugc nhieu hoc gia tren the giiS quan tdm. Zeitunvd Tian (2007) thuc hidn nghidn cuxi cdc nhdn td tac ddng ddn hidu qua KD vd gid thi tn/dng cfla DN. DO lieu nghien c(su dugc thuc hien td 1989 den 2003 cfla 167 cong ty nidm ydt tren sdn giao djch chCrng khoan Jordan, thuflc 16 nganh nghd KD khac nhau trong Iinh vuc phi tdi chinh. Cdc bien yeu doc lap dugc dua vdo mfl hinh gdm: Cau tnjc vdn (ty le ddn bay tdi chinh); Quy mfl DN (theo tai san hoac doanh thu); Rfli ro KD; Ty suat thud thu nhap; Ty trong tdi san cd djnh; ngdnh nghe KD. Kdt qua cho thay, ty Id ng cdc tac ddng manh nhat, tdc do tang trudng cfla tfl'ng tdi san, quy md cdng ty vd thue suat tdc dflng cung chieu vdi hidu qua KD. Cdng ty cd ty trong tai san cd djnh (TSCO) ma khflng cai tien dugc hieu qua KD. Yeu td nganh nghe KD cd tac ddng manh den hieu qua hoat dong d mdt sd ITnh vuc:
Bat dflng san, djch vu giao due, hfla hoc vd dau md, thudc Id, Ngoai ra, nghien cUu cung chi ra rang, hieu qua KD cua cac DN tai Jordan bj anh hudng nhieu bdi ndn kinh te vT mfl, mdi trudng khu vue.
Onaolapo va Kajola (2010) nghien cu\i cac yeu td tdc dong den hieu qua hoat dflng dudi gdc dfl tdi chinh, dugc dai dien bdi chi sd ROA, ROE. DL; lieu nghien cUu gom 30 cong ty phi tai chinh niem yet tren san giao dich chung khoan Nigena, tU 2001 den 2007. Ket qua nghien cCru cho thay, Ty le ngva ty trong TSCD tac dgng nguoc chieu vdi hieu qua KD, trong khi vOng quay tai san tac dong cung chieu. Nganh nghe KD trong do nganh ruou bia, thuc phim va do udng, nganh hoa hoc, nganh in an va xuat ban, nganh thudc la, nganh may tinh va thiet bi van phong cd anh hudng dang ke den kha nang sinh Idi cua DN.
2.2. Nghien citu trong nudc Mdt sd nhd nghidn aJu trong nudc cung da quan tdm den chu de kh^ nang sinh Icn* vd cdc nhdn td anh hudng, Cd t h i k l den:
+ 0dm Thanh Tu (2015) vdi dd tdi
"Van dung md hinh kinh te lugng dd phdn tich cae nhdn td anh hudng ddn kha nang sinh Idi cfla cac cdng ty niem yet tren Thj trudng Chimg khoan Viet Nam". Nghien cdu ndy da Id rd ly luan CO ban ve kha nang sinh Icn vd ddnh gid kha nang sinh Idi cfla cae cflng ty nidm ydt. Ket qua chi ra rang, cd 4 bidn anh hudng den den kha nang sinh Idi cfla cdc cflng ty niem ydt Id he sd chi phi, sd vdng quay hang tdn kho, ky thu tien binh qudn, hd sd tu tai tro Trong khi dd, tdc dd tang trudng cfla tdng tdi sSn va thdi gian hoat ddng khflng anh hudng nhieu den kha nang sinh Idi cua cdc cdng ty trong mdu.
+ Vo Thj Tuydt Hang (2015) vdi cdng trinh "Nghidn cfl"u cdc nhdn td anh hudng ddn hieu qua KD cua cac DN nganh xay dung niem yet tren san chimg khoan Viet Nam". Trong nghien cdu nay, cdc nhdn td anh hudng ddn ty suat sinh Idi trdn tdi san (ROA) md nd dai dien cho hieu qua KD efla 107 DN trong ngdnh Xdy dung nidm yet trdn thj trudng chirng khodn Vidt Nam, trong thdi gian tCr 2010 den 2013. Ket qua nghien ciXi cho thay, ty le ng tren VCSH va ky thu tien binh qudn tdc dflng ngugc chieu vdi ROA quy md vd tdc dp tang tn/dng tai san tac dflng cung chieu vdi ty suat ROA, ty Id no ngan han vd ty trong TSCD khflng c6 lac dflng.
3. Thu thap dO" lieu vd phUdng phap nghien cdu
3.1. Thu thap di? lieu DO lieu dugc thu thap bao gdm BCTC da duoc kiem toan cua cac DN xay dung co quy mo Idn thudc Tfl'ng Cong ty Song Oa, cho giai doan tU 2011 den 2015 Cac DN nay, duoc mem yet tren Thi trudng Chu-ng khoan Viet Nam, Nhdm tac gia sir dung chu yeu cac dd lieu tren Bang can ddi ke toan, Bao cao
ket qua hoat ddng KD vd Ban thuydt minh BCTC vd eac ban edo bach, bdo cao kd toan quan tri cfla cdc DN trong mdu d l phdn tich dac didm chung, thuc trang tinh hinh tai chinh vd ket qua KD cua cdc DN xay dung thudc Tdng Cflng ty Sflng Da, dac bidt Id xac djnh cdc (^I tidu tdi chinh (bien phu thudc vd cac bidn ddc lap) de Idm dd Iidu ddu vao cho md hinh nghidn cflxi
3.2. Phirong phiip nghien a^
Nghien ciiu ndy dugc thuc hidn nham ddnh gia mu"c dd anh hudng cfla cac nhdn td den kha nang sinh Idi ciia cac DN xdy dung thudc Tdng Cdng ty Sflng Dd.
Dua vdo cac nhdn td inh hudng ddn kha nang sinh Idi cfla cdc nghien ciJu trudc ddy, ca trong nude va qudc td, nhdm tdc gia xay dung md hinh hdi quy vS cdc bidn ddc lap va phu thudc sau:
Yj=Po + P i X i +P2X2 + P3X3+
P 4 > < 4 + 3 5 V P 6 V U i Trong do:
Y: Ty sudt sinh Idi trdn tdi san (ROA); bidn ndy dai didn cho kha nang sinh Idi.
PQ: Hd sd tu do (hd sd Chan) Xi :Ty Id ng tren VCSH X2: Ty le ng tren tdng tdi san X3: Quy md doanh thu X4: Ty trong tai san cd djnh (TSCD/Tdng tai san)
X5: Tdc dd tang trudng doanh thu [xac djnh = (Doanh thu nam N •- Doanh thu nam N-1)/Doanh thu nam N]
X6: Vong quay phai thu khach hang (Doanh thu thuan/Phai thu binh qudn)
P^ (i = 1 -> 6): He sd hfli quy rieng cfla cae bien doc lapX, (i = 1 -> 5)
Uj: Sai sdngdu nhidn 4. Ket qua va thao luan De kilm djnh cae khuyet tat cfla mfl hinh, nhdm tac gia lua chqn phuong phap kiem djnh nhu- Kilm djnh mfl hinh cd y nghia thdng ke hay khflng thflng qua viec danh gia gia trj thdng kd Prob (F - Statistic), sir dung hd sd phong dai phuong sai (Variance Inflation Factors_V)F) de kiem dinh da cflng
•/ff/ cf,{ ,J{fi'f(,/ni '/•' ,'J{{^Ui ka,, {^d'l^dHf^ (i/2fJ/7
Nghien CIJEU trao dof
tuydn, kidm djnh Breusch-Pagan- Godfrey d l kilm dinh \iS tuong quan, kilm dinh Durbin-Watson dd kidm dinh phuong sai sal sd thay ddi.
Cac kdt qua kilm dinh cho thay, md hinh khdng xay ra hien tugng da cdng tuydn, khdng xay ra hien tugng tu tuong quan, khdng cd khuydl tdt phuong sai sai sd thay ddi, md hinh chi djnh dung.
Do dd, ket qua thu dugc ti!r md hinh la ddng tin cay va khdng vi pham edc gia thiet CO ban cfla phuong phdp binh phuong nhd nhat ddi vdi md hinh da bien (bang 1).
Trong eac bien dua vdo mo hinh XI (Ty Id ng tren VCSH), X2 (Ty le ng trdn tdng tdi san), X3 (Doanh thu), X4 (Dau tu tai san cd djnh), X4 (Tang trudng doanh thu), X5 (Vdng quay phai thu khach hang) thi cac bien deu cfl anh hudng ddn ROA do cd mirc y nghia Prob < 5%, cdc bidn giai thich 75.5418
% (= 0.755418). Trong dd, cac bien ve doanh thu, tdc dd tang trudng doanh thu va vong quay phai thu khach hang cd tac dflng cung chieu v& ROA Nguoc lai, edc bien ty Id ng tren VCSH, ty Id ng trdn tdng tai san vd dau tu TSCD co tac dflng ngugc chieu vdi ROA.
Dl sau vao phan tich tdng nhan td anh hucmg den ROA, ta thay:
- Ty (e ng tren VCSH va ty Id ng trdn tdng tai san cd anh hudng ngugc chieu tdi ROA. Khi ty Id ng tren VCSH tang len 1 Ian, trong dieu kien cac ydu td khac khflng thay dfl'i, thi ROA trung binh giam 0,012653 Ian. Trong khi dd, khi ty Id no tren tdng tai san tang len 1 Ian, trong dieu kien cac yeu td khac khdng ddi, thi ROA trung binh giam 8,811664 Ian. Nhu vdy, ty le no tren tdng tai san Id nhdn td cd tdc ddng manh nha't tdi ROA trong md hinh nghien ciru.
DN cd ty Id ng tren VCSH va ty- Id no tren tdng tai san cang cao thi ROA cang giam, Ket qua nay, tuong ddng vdi mot sd ket qua da de cap trong phan tdng quan nghien ciru. Cd the giai thich dieu nay Id, theo ly tfiuyet ve co cau vdn thi ty le ng gia tang Igi nhudn cua cflng ty bj
anh hudng nhidu bdi thud. Tuy nhidn, ty Id no cd tdc ddng 2 mat, ng la ddn bay tai ehinh d l DN gia tang doanh tiiu, lO do tang Igi nhuan; nhung neu sir dung cdng cu ng khflng hidu qua thi cung rat de day DN vdo tinh trang phd san.
- Quy mfl efla DN cdng Idn thi ROA cdng cao. Khi doanh thu tang 1 ty ddng, trong didu kien cdc ydu td khdc khdng ddi, thi ROA trung binh tang 0,000774 Ian. Ket qua nay, phu hgp vcri ly thuydt va ket qua nghien cu'u cua Zeitun &
Tian (2007), Onaolapo & Kajola (2010).
Cdc DN cd quy mfl Idn hoat ddng Idn thi phdt huy dugc hidu qua sfl dung tai san, Idm Igi nhuan DN tang ddn tdi ROA tang Idn.
- Ty Id TSCD trdn tdng tai san ed anh hudng nguge chieu vdi ROA. Khi ty Id TSCD ti-en tdng tdi san tang 1 ian, trong dieu kien cac yeu td khdc khdng doi, thi ROAtmng binh giam 3,020140 Ian Ket qua nay, khdc vdi kdt qua nghien cdu cua Zeitun & Tian (2007), Onaolapo & Kajola (2010). Dieu nay cfl the xuat phdt td nguyen nhdn: Viec dau tu TSCD chua hidu qua, DN lua chqn cdng nghe, may mdc thiet bi chua phii hc^ v ^ hoat ddng cdng trinh, hoac cdc
TSCD chua dugc sur dung het cdng suat, tinh todn chua hgp ly dd cdn nhac giOa vide mua hay thud dd thue hidn thi cdng, vi trong nhidu trudng hc^ thud may ed ehi phi thap hon va hieu qua hcfn vide mua may rat nhieu.
- Tdc do tang bvdng cao cd anh hudng tfch cue den ROA. Khi tdc dd tang trudng cfla doanh thu tang 1 t^
ddng, thi ROA binh qudn tang 0,812760 Ian. DN cang tap trung md rdng dau tu dd hoat ddng KD dat hieu qua vd ngay cang phat triln. Kdt qua nay, phu hgp vdi ly thuyet vd kdt qua nghien ciru cua AbbasaliSEsfandiar(2012).
- Vflng quay phai thu khach hang cd anh hudng tich cue den ROA. Khi vdng quay phai thu tdng 1 vdng, thi ROA binh qudn tang 0,397465 Ian. Hidu qua KD ndi chung vd kha nang sinh (di nfli neng, CO chiu anh hudng bdi kha nang thu hdi no vd chinh sach tin dung cfla DN. Kha nang chuyen ddi cac khoan phai thu thanh tien cang cao thi kha nang sinh Idi cang tang. Ket qua phii hap vdi nghidn cdu cua Vd Thj Tuydt Hang (2015). Khi DN quan ly ng phai thu khach hang khdng tdt, thi cong cac du an khdng thu hdi duoc cac khoan phai thu thi DN se Bang 1: Ket qua Udc lugng md hinh hoi quy bdng phuung phap OLS
Van able C X1 X2 X3 X4 X5 X6 R-squared Adjusted R-squared S E of regression SLim squared resid Log likelihood F-slatislic Prob{F-statistic)
Coefficient 7 884847 -0.012653 -8.811664 0.000774 -3.020140 0.812760 0.397476 0 755418 0-721291 0 789829 26 82469 -55 37942 2213507 0 000000
Std. Error 1 378418 0 006203 1 802199 0 000328 1 217288 0 278620 0103257 Mean dependent var S D dependent Akaike info cnlenon Sctiwarz critenon Hannan-Quinn enter Durbin-Watson stat
t-StaUslic 5.720215 -2.039976 -4.689396 2 356686 -2 481040 2,917087 3-649260
Prob 0.0000 0O475 0.0000 0 0231 0 0171 0 0056 0 0004 2422000 1 496089 2 495177 2.762660 2 597112 1 218473
Ngudn: Ket qiui xi'r ly dd lieu cua nhom lac gid .^ftfi rfti-'Jie'fnan V -'Ht^m /f.ati td'f/iana (>/20/J
Nghidn cthi trao doi
phai tim kidm ngudn vdn hd trg ttf bdn ngodi vd chiu dp luc lai vay, tinh ti^ng thidu hut vdn dd dau tu san xual Idm giam hidu qua hoat ddng KD, giam kha ndng sinh Icri cfla DN,
5. Ket luan vd khuydn nghj Nghien cim ndy duoc thuc hidn, nhdm xdc djnh xem mdc dd anh hudng cfla cac nhdn td ddn kha nang sinh Idi, md no dugc ddng ROA Idm dai dien, efla cac DN xdy dung thuflc Tdng Cdng ty Sflng Da, dua trdn cdc BCTC da dugc kiem todn theo chufli thdi gian, td 2011 den 2015, Dua trdn phuong phap nghidn cdu dinh luong qua chay mfl hinh hdi quy, kdt qua eho thay, doanh thu, tdc do tang trudng, vdng quay phai thu cd tac dflng cung chidu vdi kha nang sinh Idi, ty Id noA/CSH, ty le no/tdi san, ty trong tdi san cd djnh cd tdc ddng nguoc chidu.
Td ket qua nghien ciru nay, ket hgp vdi phdng van cac cdn bd lanh dao cae don vi trong mdu, mflt vdi khuyd'n nghi dugc dua ra nhu sau:
Th&nhat, x§y dung cacau von hgp ly Xdy dung co cau vdn hgp ly, nhdm dam bao cho DN cd co ca'u vdn cdn bang Ifli da giUa rui ro va chi phi vdn, cd the dap Ung dugc nhu cau vdn thudng xuyen cd nhieu bien dflng cua DN. Sir dung vdn co hieu qua hon, qua viec giai quyet tfl't cac cflng viec nhu thu hoi ngtU khach hang, giai phdng hang ton kho tdn dong lau ngay. Da dang hoa cac kenh huy dong no vay nhU' Xem xet huy dflng vdn dudi hinh thirc phat hanh trai phieu, cfl' phieu cho dfli ngu co ddng hien CO, dfli ngu lao dong trong DN, cac ddi tac chien luge
Th& hai, dau tu co trong diem, tang thi phan nh^m tang doanh thu
Dau tu va md rong khach hang bang each, tranh dau tu da nganh, dan trai, kem hieu qua. Danh muc dau tu cua cac DN. can phai dugc thu gon va chi tap trung vao cac du an co tiem nang va von dau tu dam bao Mfli DN xay dung can tai cau true lai san xuat, kip thai
nam bat vd nghidn ciru thi trudng, bao dam gid vdng vd ndng cao chat luong san pham, djch vu ddp Ong nhu cau ngdy cdng cao cfla khdch hdng. D l cai thien nang luc canh tranh, md rdng thj phan, cdc DN xdy dung ed thd lua chgn cdc du an thudc phdn khdc tidm nang dua theo xu hudng thj tn/dng hoac the manh ky thudt.
Th& ba, quan iy tot qua trinh tSng trudng
Cdc DN xdy dung can quan ly tdt qud trinh tang t r u ^ g efla DN minh, hudng ddn su tang trudng ben vijng vd tao mdi trudng tdt cho Iinh vue xdy dung phdt tridn qua (i) Chu trong dau tu vao cae thuy didn nhd; (ii) Tich cue thdm nhap vdo dau tu cac cdng trinh giao; (iii) Phat triln bat ddng san mdt each than trong; (iv) Dau tu ngudn luc, nham thidt lap kenh thdng tin didu tra nhu cau efla khdch hang va thudng xuydn nhan phan hdi tir khdch hdng.
ThiJr tu, chii trong dau tu ddng hudng TSCD va cai tien cong nghe
Dau tu TSCO gdp phan day nhanh tien do thi cdng vd nang cao chat luong eong tnnh, ha gia thdnh san pha'm, idm tang uy tin cho DN, qua dfl gdp phan lam tang doanh thu cfla DN Trong thdi gian tdi, de dau tu dung hudng TSCD, cdc DN xay dung cd thd ap dung (i) Tiep tuc duy tri khai thac todn bfl TSCD hien cd, tan dung tdi da cflng suat TSCD hien cfl. Hoan thien cdng tac bao ducmg, sira chiia du phong theo ke hoach de han che nhdng su cd hdng hoc Idn trong qua trinh sir dung, (li) Thudng xuyfln tien hdnh danh gia lai TSCD hien cd, Ofl'i vdi nhung tai san lac hau, loi thdi khdng con dap irng duoc yeu cau cua cong viec thi can thanh ly ngay de nhanh chong thu hdi sd vdn da dau tu; (lii) Tinh toan, nghien edu, lap kd hoach, dau tu cd lua chon TSCD. TSCD dugc dau tu phai dua tren nhu cau san xuat KD thuc te, phu hop vdi yeu cau thi truOng cung nhu kha nang huy dgng von cua DN.
ThiJT nam. diy manh cdng tac ttu hoi ng
Tang cucmg kilm tra, gidm sat, dcun bao tien dd xdy dung, thi cdng diing thidt ke, dam bao chat lugng vd yeucSu ky thuat. Thudng xuydn ddi chidu cflttg ng, day manh cdng tdc thu hdi cic khoan phai thu ddn han, ddn ddc khdch hdng tra tien dflng han, Cd bidn phdp khuyen khich khdch hang thanh toSn trudc han vd dflng han, Trong hoat dflng KD, DN cijng can chu y ddn vide phdn loai ddi tugng ng, theo ddi, dfln ddc tliu ng vd ddnh gid tinh hinh thanh todn khach hang. Cdng tac thu hdi ng nSn tidn hdnh deu dan, khflng nen ddn ddp vao cudi nam Idm cho vdn bj chidm dung Idu, gay ra Idng phi.D
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"Capital Structure and Firni Performance evidence from Nigeriti'^
European Journal of Economics. Finance and Administraitive Sciences.
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