TRUCJNG DAI HOC DONG THAP Tap chi Khoa hocso 35 (12-2018) CAC YEU TO ANH HTJdNG DEN NO XAU
CUA HE THONG NGAN HANG THUONG MAI VIET NAM
• Nguyin Thanh 0at"
Tom tat
Nghien cuu phdn tich sd lieu cua 23 ngan hdng thuong mai cSphdn Viet Nam tie nam 2009 - 2017, di Idem dinh tdc dong cua cdc yiu td anh huang din ty le no xdu ciia cdc ngan hdng thuong mai co phdn. Su dung phuong phdp hoi quy tdc dong c6 dinh (FE) vd tdc dong ngdu nhien (RE). Nghien ciru thay rang ty le no xdu cua cdc ngan hdng a nam truac cang cao se lam cho ty le no xdu cua ngdn hdng hien tai cang gia tang Dong thoi, ngdn hdng co chi phi trich lap du phong cang cao thi na xdu cang cao Tir kit qua nghien ciru, tdc gid dS xudt mot so y kien nhdm cai thien ty le no xdu cua cdc ngdn hdng thuong mai co phdn
Tie Uioa Dac diim ngdn hdng, kinhtivTmo. no xdu, phuong phdp FE vd RE.
1. Dat van de
He thong ngan hang dong vai tro quan trong doi vcri s\r phat tnen cua nen kinh te, la cau noi cho von duac luan chuyen tir noi thira von den noi eo nhu eau sir dung. Do do, sy on dinh cua nganh ngan hang duoc xem la yeu to then chot doi voi sir phat tnen cua nen kinh te. T i ^ nhien, trong thoi gian gan day, cac ngan hang tra nen th^n trpng hon trong cong tac cho vay do van de np xau Hoat dpng cho vay mang den nii ro tin dung cho ngan hang duoc xem la riu ro nghiem trong nhat khi ma cae khoan no xau true tiep lam giam loi nhuan cua ngan hang vahieu qud hp^t dpng trong dai hgn. Khi no xau gia tang len mpt caeh dang ke trong danh muc cho vay ciia ngan hang thi se gay ra cae anh huong nghiem trpng doi voi qua trinh hoat dpng kinh doanh ciia ngan hang. Mpt miie no xau cang eao eho tiiay su ton tai cua cac han che tai chinh va su anh huong den hoat dpng quan ly ngan hang va co quan quan
Viet Nam, ty le np xau eiia he thong ngan hang thuong mai la duoi 3% tong du no, da dat yeu cau ma Chinh phu dat ra. Tuy nhien, viec xu ly no xau chua CO nhieu trien vpng, chi giam nhe tir 2,9%
nam 2015 xuong 2,8%, Du tiep tuc giam nhe va mpt lupng Ion no duac xit ly nhung Uy ban Giam sat Tai chinh Quoc gia danh gia, np xau eha xir ly va no xau hem an trong tai co cau van lan. Sang nam 2017, no xau lai co xu huong tang. Xuat phat tir thuc tien ve no xau cua ngan hang Viet Nam va anh huong eua no xau doi vai nganh ngan hang, doi vol nen kinh te, bai nghien cuu nay phan tich tae dong ciia cac yeu to kinh te vT mo va dac diem ngan hang den ty le no xau cua eac ngan hang thuong mai CO phan (NHTMCP) Vai ky vong tir ket qua nghien cuu, tae gia de xuat mpt so y kien nham eai thien ty le np xau eua cae NHTMCP Viet Nam
Ket qua nghien cmi ehi ra rang "viec ma rpng tin dung ciing la mot nguyen nhan gay ra no xau ly. Np xau e6n anh huong dang ke den cac ehiic cao, do viec kiem tra va lua chon nguoi vay kem nang cua ngan hang thong qua su suy yeu tai san chdt lupng" [4]. Golden va cong sy da ket luan ngan hang va sy suy giam trong thu nhap khi cac rang, "thong tin tin dung co anh huong d8n viec khoan no khong thu hoi dupe ngay cang Ion. Viec ra quyet dinh cho vay cua ngan hang, nghia la, giai qi^et cae khoan np xau thuong dupe xii ly bed neu ngan hang co nhieu tiiong tm hon ve khach eac doanh nghiep quan ly tai san duac lap ra duoi hang, chat lupng thong tin tot se giup giam nii ro su quan ly cua nha nuoc Nhiem vu ehinh cua cac tin dung, tit do giam cac khoan np xau cua ngan doanh nghiep nay la tiep nhan v a x u l y cac khoan hang" [2] "Nghien ciiu yeu to quyet dinh eho vay np xau eiia eac to chirc tai ehinh Hau qua la nguon (^f^Q ngan hang thuong mai Tay Ban Nha, b§ng each thu ngan sach cua chinh phii se hi giam, viec xir
ly np xau eua cae ngan hang se chiem tir 10% den 20% tong GDP cua quoc gia Trong nam 2016 tai
'> Trucmg Dai hoc Kien Giang
SU dung mot mo hinh dir lieu bang trong giai doan 1985-1997" [10]. Phathiencuanghiencirunay la su thay doi trong np xau cua cae ngan hang duoc giai thich boi cac yeu to nhu: Tang truong GDP, mo rpng tin dung, kich thuoc ngan hang, ty le von 25
TRUCfNG DAI HOC DONG THAP Tap chi Khoa hoc so 35 (12-;j0i8) va sire manh thi trucmg. Trong qua trinh nghien
cim eac yeu to tac dong den ty le np xau ciia cac NHTM a chau Au, "cung da phat hien t6c dp tang trucmg tin dung (credit growth) va np xdu co moi mong quan thuan" [2], Nghien ciru vh cac yeu to anh huong den ty le np xau cua he thong ngan hang tai 16 quoc gia thupc viing can Sahara tir nam 1993 - 2002, "da ehimg mmh rang, ROE co tac dpng trai ehieu den no xau" [ 1 ]. Nghien ciiu vS riii ro ctia he thong ngan hang 6 Italia trong giai d o ^ tu 1985-2002, "da chi ra moi tuong quan thuan giira no xau voi ty le dy phong rui ro tin dung"
[7], Louzis, Vouldis va Metaxas (2010) nghien Bang 1. Co
eiju np xau theo eac khoan vay cua he thong ngan hang 6 Hy \^p da chi ra rSng, "lai suat cho vay c6 tac dong ciing ehieu voi ty le no xau eiia cac ngan hang, cac tac gia cung chi ra r5ng co the nhin vao h 1 eu qua hoat dpng eua ngan hang, thong qua ROA va ROE, de danh gia xu huang np xau trong tuong lai vi chiing co tuong quan nghich voi no xau" [6], Qua lupc khao eac nghien ciru truoc lam nen tang, nghien cim nay tiep can ca khia canh yeu to vT mo va yeu to npi bp tac dpng den np xau eua cae ngan hang thucmg mai Viet Nam giai doan 2009-2017,
2. Phuong phap nghien cihi 2.1. Cff Sff ch9n bien nghien cuu
TEN BIEN ROE LnRISK LnASSETS
AGENT BRANCH INTEREST ICT GDP INF UNEMPLOY
MOTA Suat sinh lin tren von
chu sd huu Dy phong rui ro
Tong tai s ^
Nhan vien-chi nhanh Lai suat CO b ^ IJng diing cong ngh?
cila ngan hang Toe do tang tnrdng
Ty t^ lam phat Tj 1^ that nghiep
CONG THlTC Lyi nhuan sau thue/
von chu sdf hmi (%) Lgi nhugn du phong niiro tin dyng Lo'i nhuan tong tai s ^ ciia ngan hang S6nhanvign/chi nhanh (ngycri/chi
nhanh) Lai su^t CO b ^ (%)
Chi so xep hang img d\mg cong ngh?
trong ngan hang Toe do tang tmdng
(%)
Tyl? lam phat (%) Ty I? that nghiep (%)
DAU TAC DONG
+
+ +
+,- +
NGHIEN CUtJ TRirdC [5]
[7]
[3], [10]
[10]
[6]
[2]
[1], [4], [5], [10]
[1], [9]
[6]
2.2, Mo hinh nghien cuu
Mo hinh nghien cim duac dk xuat dua theo ca sa ly luan va d^c thu cua cac ngan hang thucmg m ^ Viet Nam, ciing nhu tinh phu hop cua du lieu thu thap duoc. Mo hinh nghien cim co dang nhu sau:
Trong do, ;r la bien phu thuoc duac do luong bang ty so N P L , ; la he so chan, a la he so hoi quy, X dai dien cho cac bien dac trung ben trong ngan hang. Ki hieu i dai dien cho thir tu cac ngan hang sau khi loai trii cac NHTMCP khong cong bo day 26
Nguofj • tdc gid tdng hap.
du bao cao tai chinh ciing nhu so lieu ve np xau eua ngan hang trong giai doan xem xet, t la then gian cua cac ngan hang duoc tinh bSng nam Mo hinh nghien cuu ehi tiet nhu sau:
NPL^ = i„i-aflOE„-
^•a,ICT„+a,GDP„*,
a,Ln!USK„ + a^iASSETS^ +
^INF^ + aJJNEMPLOY, -<- s^
.AGENT_BRANCH, +
NPL: Bad debt (%) - bien phu tiiupc. Ty le nf?
xau eiia cae ngan hang dupe neu trong bao cao tai chinh (da kiem toan) hing nam
2.3. Dir lieu va phuffng phap nghien cuu MSu nghien ciiu sau khi da loai trir ra cac ngan hang khong cong bo day du va cac ngan hang da
TRUCfNG DAI HOC D 6 N G THAP Tap chi Khoa hoc so 35(12-2018)
sap nhap, thi m l u nghien eiiu cuoi cung, bao gom 23 ngan hang voi tong cong 207 quan sat tiieo nam chp dii lieu bdng tiong 9 nam tir 2009-2017. Dii lieu nghien cuu dupe thu t h ^ tir bao eao tai ehinh, bang can doi ke toan, bang thuyet minh cua cac ngan hang thuong m ^ Viet Nam tir 2009 - 2017. Chi so GDP, lam phat, tiiat nghiep dupe tiiu t h ^ tir bao cap cua Tong cue thong ke. Chi so lai suat co ban duoc tiiuthiqjtu Ngan hang Nha nuoc Met Nam Rieng chi so ICT thu thap tir hiep hpi tin hpe Viet Nam.
B^ng 2. Th6ng ke mo ta
Ky thuat hoi q i ^ bang dupe sir dung de phan tich tae dpng cua cac bien doi voi NPL. Trong nghien eim nay tae gia se lan luot thue hien hoi quy mo hinh tac dpng co dinh FE, va mp hinh tac dpng ngau nhien RE Tiep theo dimg kiem dinh Hausman giiip lua chpn giiia mo hinh FE va RE, neu gia tn Prob cua kiem dinh Hausman > a = 0,05 thi bae bo gia thuyet H^, tiie mo hinh RE phu hpp, nguoe lai thi FE phii hpp.
3. Ket qua nghien cihi cac bien trong mo hinh
Variable NPL ROE RISK ASSETS AGENTBRANCH ICT GDP INTEREST INF UNEMPLOY
Obs 207 207 207 207 207 207 207 207 207 207
Mean 2,298599 9.591787 921,7571 215,7449 34,94216 7,463768 6,037778 8,77778 6,447053 2,352222
Std,Dev 0,984497 6,869601 2354,093 682,3497 30,05503 7.163648 0,5913412 0,6300631 5,154854 0,304925
Min 0.62 0.07 1.073 7.478 2,42
0 5,25
7 0,6 1,99
Max 8.4 28,79 14847 9467,212
143,55 26 6,81
9 18,13
2,9 Nguon: tdc gtd tc
Ket qua Bang 1 cho thay ty 1? np xau (NPL) binh la 2,29%. Ty le np xau nho nhat la 0,62% va cua cac ngan hang tu 2009-2017 co gia tn trung cao nhat la 8,4%, dp lech chuan la 0,98%.
Bang 3. K^t qua phSn tich htii quy
INDEPENDENT VARIABLES
ROE RISK ASSETS AGENT-BRANCH
ICT GDP INTEREST
INF DNEMPLOY Number of obs
R-squared Prob>F
MODEL REGRESSION FE
Coef. Sta.EiT -0,0450052*** 0,013763 0,0000338 0.0000564 .0.0001342 0,0000962 -0.0065715 0,0075796 -0.0029455 0,0101666 -0,7930547«»« 0.178008
0.3864402* 0,2097428 0.0102158 0.0160136 0.0400027 0.4135736
207 0.3558 0.0000
RE Coef. SlaEiT -0,0374028«»« 0,0100469
0,0000861** 0,0000396 -0,0001181 0.0000879 -0.0059537* 0,0030687 -0,0173229* 0.0089533 -0.7933395*** 0.174301 0,4093099** 0,2074231 0.0024208 0.0152348 0.0329578 0,4114247
207 0,3432 0,0000 Mucynghta: *P<0.1; **P<0,05: ***: P<0.01.
!.- tac gia tong hap tir phdn mem Stata.
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TRUCING DAI HOC DONG THAP Tap chi Khoa hoc s 6 35 (12-2016]
ROE CO gia tri trung binh la 9,5%, dp leeh chuan 6,86%, gia tri lan nhat la 28,79% va nho nhat la 0,07%. Risk c6 gia tri cao nhit la 1,48%
va thap nhat la 1,07%. Assets co gia tii trung binh la215,74, dp leeh chuan 682,34, giatn Ion nhat la 9467,2 va tiiap nhat 7,478. AgentBraneh c6 gia tri trung binh la 35, do leeh chuan 30,1 vagia tn tiiap nhat 2,42 va cao nhat 143,6 let eo gia hi trung binh la 7,46, dp lech chuan 7,16 va gia tri thap nhat la 0 va cao nhat la 26. Ben canh do GDP co gia tri trung bmh 6,03%, gia tn thap nhat la 5,25% va cao nhat la 6,81% voi do lech chuan la 0,5% Lai suat CO gia tri trung binh la 8,7%, gia tri nho nhat la 7%
va Ion nhat la 9% voi dp lech chuan la 0,63%. Lam phat CO gia tn trung binh 6,44%, gia tri thap nhat 0,6%vaeaonhatla 18,13%, dp lech chuan 5,15%
That nghiep co gia tri trung binh la 2,35%, ty le tiiat nghiep thap nhat 1,99% va cao nhat la 2,9%.
Ket qua phan tich hoi quy bien phu thupc (ty le np xau (%) NPL) theo cac bien doc l | p biig phuong phap ude lupng FE, RE.
Tir ket qua hoi quy FE, RE thi ta thay cac bien ROE, GDP, INTEREST luon c6 tae dong den NPL. Mo hinh hoi quy deu eo y nghia thong ke va CO R-square tir 3 4 % tro len. Kiem dinh Hausman de lya chpn giiia mo hinh FE va RE, ket qua kiem dinh eho ra gia tri Prob > Chi 2 = 0,2410 > = 0 , 0 5 . Nen ta bae bo gia thuyet HO, mo hinh RE phii hop hon FE. Kiem dinh Breusch - Pagan cho mo hinh RE eho ket qua Prob > Chi 2 = 1,000 > = 0,05 nen mo hinh khong co xay ra hien tuong phuong sai sai so thay doi Dong thoi kiem dinh ty tuong quan theo Worldridge eho Prob > Chi 2 = 0,0634 > = 0,05 nen mo hinh khong xay ra hipn tuong tu tuong quan Kiem dinh da eong tuyen h5ng ma tran tuong quan.
Bang 4. Ma tran tu* tirong quan giira cac bien
ROE RISK ASSETS AGENTBRAI«:H ICT GDP INTEREST IMF mmJFLOY
ROE RISK
I,DOQ0 0,2110 1^000 0,1696 0.1961 0^299 0,780fi -0,1916 -0,2632 0,0311 0,0695 -0,28B3 -0,00*2 0,3243 .0,0309 0,4136 0,(B33
ASSETS
I^OOD 0,1^72 - 0 , n 4 0 0,1294 0.0709 -0,0948 -0,0703
AGENTBRANCH
1,0000 -ai919 0,0443 0jD434 -a0399 -0,0452
ICT GDP INTEREST
1,0000 0,2316 1,0000 0J)I86 0,4302 I,OD00 -0,2886 -0,1439 -0,0050 0,008S 0,1755 -0,6374
INF UNEMPLOY
I^ODO 0 , 2 ^ 1^000
"He SO tuong quan giua cac cap bien khong CO truong hop nao vuot qua 0,8" [8] "Dp Ion cua eac he so tuong quan chi ra r3ng kha nang xuat hien da cong tuyen tiong mo hinh hoi quy la tiiap" [8]
Kiem dinh sy phii hop cua mo hinh, gia tri kiem dinh F cho ket qua Prob (F-statistie) - 0,000 < = 0,05 nen ta bae bo gia thuyet HO, chap nhan gia tiiuyet HI mo hinh nghien cim la phii hpp. Cac bien doe lap giai thich duoc khoang 34,32% cho sy bien tiiien cua NPL Nhu vay mo hinh khong co khuyet tat dam bao dp tin cay cao.
4. Ket luan va giai phap 4.1. Ket luan
Phan tich ket qua cho tiiay, tai Viet Nam chi phi trich lap dy phong rui ro tin dung tiie hien tac
Nguon: tdc gid tinh t6ng hap tit phdn mem Stata.
dong cimg ehieu den ty le np xau cua cac ngan hang trong mau nghien ciiu 6 mire y nghTa 5%, ta CP the giai thich cho viec trich 1 ^ dy phong cao ihi lupng von Ion bi giii lai khong dua vao tin truong, Dy phong nii ro dupe hach toan dua vao ehi phi boat dpng de de phong nhiing rui ro. Cho nen cac ngan hang trich lap dy phong cang cao thi np xau eua ngan hang cang Ion.
Roe ciing cho thay moi quan he ngupe ehieu voi ty le n p xau eua cac ngan hang trong mau nghien cim a mire y nghia 1 %. Cae ngan hang cang CO loi nhuan eao se it co dong eo tham gia vao cac boat dong rui ro boi cac ngan hang nay it hi ^ lire viee tao ra Ipi nhuan. Dong thai cae ngan hang co loi nhuan cang cao thi se co eo hpi de lua chpn ra 28
TRUCfNG DAI HOC DONG THAP Tap chi Khoa hoc so 35 (12-2018 cac khach hang c6 khd nang tai chinh t6t va rui ro
thap. Do do, khi Ipi nhuan eua eac ngan hang gia tang, xae suat ma eac nha quan tri ngan hang tham gia vao cac dy an dau tu nil ro khong nhieu, cac khoan vay cua ngan hang chuyen sang np xau ciing giam tuong ling
Nhan vien ehi nhanh co moi quan he ngupe chieu voi ty le np xau cua eac ngan hang voi miic y nghia 10%. Dieu nay trai vdi ky vpng cua Salas va Saurina (2002), nhung ciing c6 the giai thich rSng viec eac ngan hang gia tang chi nhanh va nhan vien se giup ngan hang quan ly dupe tot hon, tir do han che duoc nhiing sai sot tieu cue gop phan lam giam no xau.
Ung dung cong nghe thong tm vao ngan hang qua ket qua nghien ciiu eho thay co moi quan he ngupe chieu vai no xau va eo mire y nghia 10%
Vol kha nang ung dung cong nghe cang cao thi viec quan ly thu th^p thong tin khach hang cang dam bao gop phan han che duoc nil ro tin dung tir do no xau ciing se dupe giam theo.
Toe do tang truong kmh te anh huang ngupe chieu den ty le no xau ciia cac ngan hang trong mau nghien ciru 6 miic y nghia 1%. Dieu nay co nghia khi nen kinh te Viet Nam tang trucmg se giup cac NHTMCP giam thieu no xau trong danh muc du no cho vay Do do, toe dp tang truong kinh te se co tuong quan cimg chieu voi thu nhap ctia eac ca nhan lan to ehire trong nen kinh te, ket qua cai thien kha nang thanh toan lai vay va no cua nguai di vay, do do lam giam ty le no xau cua eac ngan hang. Nguoe lai, khi nen kinh te suy thoai nhiing yeu to nay se lam giam kha nang tra no cua nguoi di vay, va dan den gia tang no xau cua ngan hmig.
Lai suat eo miie y nghia 5% va c6 tac dong
Cling chieu voi no xau. Ket qua nay cho thay khi lai suat tang len se dan den viec tra np eiia nguoi di vay se kho khan Dieu nay dan den mat kha nang tra np cua nguoi di vay va no xau se gia tang.
Ben canh do cac yeu to vT mo khac nhu lam phat va tiiat nghiep trong bai nghien cim khong cho thay CO mire y nghia thong ke.
4.2. Giai phap
Cae ngan hang thuong mai eo the kiem soat np xau thong qua viee quan li nhieu each khae nhau nhu trich lap dy phong riu ro theo diing quy dinh, sii dung hieu qua thong tin tin dung de eo the kiem soat dupe nhiing nii ro, tu do gop phan dua ra nhiing quyet dinh tin dung phii hop Ben canh do ban than cac ngan hang thuong mai phai chu y cai thien cae tae nhan xuat phat tit dae diem boat dpng cua chinh minh thi moi co the cai thien ty le no xau va khong eho ty le nay gi a tang trong tuong lai. Do chinh laphai tang cuong phong ngira rui ro tin dung, khong chi bang each tang so tien vat chat, tang trich lap du phong riu ro tin dung ma eon phai nang cao y thirc than trpng doi voi cac khoan cho vay cac khaeh hang. Thuc sy quan tam vao cong tac kiem soat cae khoan vay sau khi giai ngan mot each thiet thuc nhu ra soat va cai tien cac quy tnnh giam sat cheo trong noi bp ngan hang doi vai cac khoan cho vay, sir dung tot cong nghe thong tin, til do CO the giup ngan hang nhan dien dupe cac khoan vay co van de
Ngoai ra Chinh phii can duy tri tang truong kinh te on ^ n h Vi tang truong kmh te se giup tao ra thanh qua hoat dong cho doanh nghiep, tao ra sinh loi cho nha dau tu vagia tang thu nhap ca nhan lan to chiic trong nen kinh te, ket qua la eai thien kha nang thanh toan lai vay va no cua nguoi di vay, do do giam ty 16 no xau cua cac ngan hang./.
Tai lieu Tham khao
[1], Fofack, H. (2005), "Non-performmg loans in sub-Saharan Africa Causal Analysis and Macroeconmics Impieation", World Bank Policy Research Working Paper, (3769), p. 17-27,
[2] Golden, S., "Walker, H M (1993), "The Ten Commandments of Commerieal Credit. The Cs of good andhadloans". Journal of Commerial Banking Leading, 9 (13), p 42-46
[3], Hu, J L., Li, Y, & Chiu, Y H. (2004), "Ownership and nonperforming loans: Evidence from Taiwan's banks". The Developing Economies, 42 (3), p 405-420.
[4]. Jimenez, G and Saunna, J. (2006), "Credit Cycles, Credit Risk and Prudenttal Regulation", International Journal of central Banking, 2 (2), p. 65-98.
2 9
TRUONG DAI HOC SONG THAP Tap chl Khoa hoc so 3fa ( I .i-^U18) [5]. Louzis, D., Vouldis, A , & Metaxas, V. (2012), "Macroeconomic and bank -specific deteiminanls of non-performing loans in Greece A comparative study of mortgage, business and consumer loan portfolios". Journal of Banking & Finance, 36 (4), p. 1012-1027.
[6] Louzis, D , Vouldis, A , & Metaxas. V. (2010), "Macroeconomic and bank -specific determinants of non-performing loans in Greece: A comparative study of mortgage, business and consumer loan portlolms". Bank of Greece working paper, (110), p. 1-41
[7]. Mario, Q. (2006), "Bank's Riskiness over the bussmess cycle. A panel Analysis on Intaiai laXeTraeiinnes", Bank of Italy working papers, (559), p. 119-138.
[8]. Mai Van Nam va cong sir (2005), Giao trinh Kinh ti luang, NXB Dai hpc Can Tha, Can Tho.
[9]. Nkusu (2011), "Nonperforming loans and macrofinancial vulnerabilities in advanced economies", International Monetary Fund, 11-161 p. 17-22.
[10]. Salas, V. & Saurina. L (2002), "Credit risk in two institutional regimes Spanish commercial and savings banks". Journal of Financial Services Research, 22 (3), p. 203-224.
DETERMINANTS OF BAD DEBTS AT VIETNAM JOINT-STOCK COMMERCIAL BANKS
Summary
The study analyzed the data of 23 joint stock commercial banks m Vietnam from 2009 to 2017to examine the impact of factors affecting their bad debt rate. The fixed-effect regression (FE) and random effects (RE) were used. The study found that the higher bad debt rate in the previous years, the much higher it was in the current year Also, the higher provisioning fund the bank had, the much higher the bad debt was. Thereby, suggestions are made to deal with bad debts at joint stock commercial banks.
Keywords Bank-specifics, macroeconomy, bad debt, fixed-effects (FE) and random-effects (RE).
Ngay nhan bai: 16/11/2018, Ngdy nhan lai. 03/12/2018, Ngay duyet dang- 12/12/2018.
30
