C H I N H S A C H & T H I
T R U C I M GT A I CHIIMH - T I E M T E
Cae nhao to anb bildiis den chf nb sacb chi tra co tutc cua cac cong ty nmc niem yet tren tb} trOdng cbitos kiioan Vilt Nam
NCS. BUI TH! HA LINH
Chinh sdch chi trd co tiic Id mot trong nhitng chinh sdch tdi chinh quan trong nhdt co tdc dong den lgi ich ciia cdc co dong trong cong ty CO phdn. Chinh sdch chi trd co tuc chiu tdc dong cua nhieu nhdn to nhu khd ndng sinh lai ciia tdi sdn, thu nhgp mot co phdn thudng a hien tgi vd trong qud khic. Nghien cim ndy tap trung lam ro nhitng nhdn to tdc dong den chinh sdch chi trd co tiec cita cdc cong ty Dugc niem yet tren thi truang chimg khodn (TTCK) Viet Nam. Tdc gid sie dimg die lieu bdng diea tren so lieu tie bdo cdo tdi chinh cita 16 cong ty dugc niem yet tren TTCK Viet Nam trong giai dogn 2010- 2014 (80 quan sdt). Nghien cieu ndy chi ra rdng nhdn to khd ndng sinh lai, thu nhgp tren mot co phdn thutmg a cd hien tgi vd qud khie co dnh huang ro ret den viec chi trd co tiec ciia cdc doanh nghiep ngdnh dugc, trong khi cdc nhdn to nhu don bay tdi chinh, ty le tdng truang co dnh huang khong ddng ke.
Tit khda: Chinh sdch chi trd cd titc, Ty li chi trd cd titc, Thu nhgp mot cd phdn
1. Gidi thieu
hfnh sach chi tra cd tu'c la mdt trong ba chfnh sach tai chinh dai ban quan trgng
bac nhat trong cdng tac quan tri tai chinh doanh nghiep (ben canh chfnh sach dau tu va chfnh sach tai trg). Chfnh sach chi tra cd titc the hien quylt dinh giu-a viec tra lgi nhuan cho cd ddng so vdi viec gill lai lgi nhuan dl tai diu tu. Mdt chfnh sach chi tra cd tii'c hgp ly la chfnh sach cd the tdi da hda dugc gia tri cho cac chu sd
huu, tiic la vira thda man nhu clu tieu dung hien tai (thdng qua cd tiic tiln mat) lai vira dap ling dugc nhu cau dau tu trong tuong lai (thdng qua ty le giu- lai dl tai diu tu). Tuy nhien, viec dua ra mot chinh sach chi tra cl tiic hgp ly lai khdng hi don gian bdi nd chiu tac ddng cila rit nhilu nhan td. Chfnh vi vay, cac nha quan tri phai can nhlc xem xet cac nhan td nay mdt each hgp ly dl phii hgp vdi tinh hinh va xu thi phat triln cua cdng ty.
Nghien cuu nay tap trung phan tfch mdt so nhan td anh hudng din chinh sach chi tra cd tlie cua cac cdng ty Dugc niem yIt tren TTCK Viet Nam.
Chfnh sach Sthj truong Tai chfnh - Tien te
A2. Tong quan nghien ciru
Tren the gidi da cd nhieu nghien ciiu ve chfnh sach cd tiic. Tit nhung nghien cuu kinh dien cua Litner (1956), Miller & Modigliani (1961), Gordon (1963), den nhung nghien ciiu gan day da di sau xem xet nhiing nhan td anh hudng den chfnh sach cd tiic.
Trong nghien ciiu cua Lintner (1956) va Brittain (1964) tren thi trudng My giai doan 1919-1960 da cho kit luan la ROA, ROE anh hudng cung chieu vdi miic chi tra cd tiic. Cac nghien ciiu thyc nghiem sau nay cflng chi ra ket luan tuong ty, nhu nghien ciiu cua Naeem & Nasr (2007) tai Pakistan; ciia Bose & Husain (2011) tai An Do. Nghien ciru cua Milton (2004) chi them ra dugc cd nhan td hieu qua quan tri va ty le tang trudng cd anh hudng den ty le chi tra cd titc tren 19 thi trucrng mdi ndi. De Angelo va cac cdng sy (2004) da chi ra mdi lien he giiia chinh sach cd titc va ty le sd huu, quy md, kha nang sinh ldi, ty le tang trudng, ddn bay tai chinh, tien mat va cd titc trong qua kbit. Tuy nhien, trong nghien cira cua Franklin & Muthusamy (2010) lai phil nhan mdi quan he thuan chieu giu:a thu nhap tren mdt cd phan, ty suat sinh ldi den chfnh sach cd titc. Nghien ciiu cua Bistrova & Lace (2012) tren cac thi trucmg Ddng Au da cho ra hai nhan td quan trpng nhat anh hudng den chfnh sach cd titc la lgi nhuan can bien va cau tnic tai chinh cua doanh nghiep. Tai Viet Nam, nghien cira cua Dinh Bao Ngge & Nguyen Chf Cudng (2014) da tim ra nhung nhan td anh hudng tdi ty suat cd titc cua cac cdng ty niem yet tren TTCK Viet Nam la thu nhap tren mdt cd phan, ty suat sinh ldi cua tai san, cd tlie trong qua khii va nhan td vl md nhu tdc do tang trudng kinh te va lai suat ngan hang. Nghien cira cua Nguyen Thi Minh Hue va cac cdng sy (2014) vdi mau la 75 cdng ty niem yet tren TTCK Viet Nam cung chi ra rang cd 2 nhan td co ban la thu nhap tren mdt cd phan va ty suat sinh ldi cua tai san cd anh hudng tdi mirc chi tra cd tire song miic dp phu hgp cua md hinh la chua cao.
Nhu vay, cac nghien ciiu trudc day da chi ra cd rit nhieu nhan td anh hudng den chfnh sach cd tuc. Cac nghien ciiu dugc tien hanh d nhiing khdng gian va thdi gian khac nhau da cho ra nhirng ket luan thu vi, tham chi trai chieu nhau. Dieu dd de thiy ring chfnh sach cd hie qua thyc la van de phitc tap. Nghien
cira nay cua tac gia di sau xem xet nhung nhan td anh hudng din chinh sach cd tiic ddi vdi mdt nganh ngbl dl loai bdt mdt nhan td cd kha nang anh hudng tdi quylt dinh chi tra cd tiic la dac thii hoat ddng kinh doanh.
3. Phuong phap va dir lieu nghign cmi 3.1. Phifongphdp nghien cieu
D I phan tich anh hudng cua cac nhan td tdi quyet dinh chi tra cd tire ciia cac cdng ty Dugc niem yet tren TTCK Viet Nam, nghien ciiu nay su dung phuong phap udc lupng hdi quy da bien. Cac bien trong nghien cira nay dugc chpn lya tren ca sd cac nghien cira ly thuyet va thuc nghiem trudc day (tdng quan nghien cira), ddng thdi cd sy dieu chinh de phu hgp vdi tinh hinh thyc te va dac diem rieng cd ciia cac cdng ty Dugc niem yet tren TTCK Viet Nam.
Mo hinh nghien cihi Biin phu thudc:
Nghien cira nay lay Ty le chi tra cd hie (PAY) lam bien phy thudc vdi Ty le chi tra cd tiic dupe xac dirih tren ca sd cd tiic tien mat cua mpt cd phan thudng tren thu nhap mdt cd phan thucmg. Bien phu thupc dugc chgn nhu vay la bdi Ty le chi tra nay
•vita cho thay phan lgi nhuan danh tra cho cd ddng lai vita cho thay phan cdn lai dung de tai dau tu (= 1- Ty le chi tra cd tiic).
PAY = Cd tire tien mat mdt cd phan thudng/Thu nhap mdt cd phan thudng
Biin dgc lap:
Cac bien ddc lap dupe lya chpn tren co sd cac nghien ciiu trudc day va cd sy dieu chinh cho phu hgp vdi sd lieu thu thap dugc hien cd cua cac cdng ty Dugc niem yet. Nghien cira nay tap trung xem xet 5 nhan td tac ddng den chfnh sach cd tiic cua cac cdng ty Dupe niem yet, dd la: Thu nhap mpt cd phin thudng (EPS), Kha nang sinh ldi (ROA), Ty le tang tntdng (GROWTHSALES), Ddn biy tai chinh (LEV), Thu nhap mdt cd phan thudng trong qua kbit (EPS,,,)._
Gid thuyet 1; Thu nhgp mot cd phdn thucmg quan he ty li nghich/thugn v&i ty le chi trd cd tuc.
Khi thu nhap mpt cd phan tang dilu dd chimg td boat ddng cua cdng ty dang cd hieu qua. Khi hoat ddng cua cdng ty cd hieu qua thi cdng ty cd thi vln IHANG 6.2016-SO 169 AP CHI KHOA HOC & DAO TAO NGAN HAiv 19
Chfnh sach Sthi truong Tai chfnh - Tien te
duy tri mile cd titc nhu nam trudc va danh nhieu hon lgi nhuan de tai diu tu, phuc vu tang trudng.
Kit qua la ty le chi tra cd titc se cd xu hudng giam. Tuy nhien, neu cdng ty khdng cd ca hdi dau tu nao cd kha nang sinh ldi ldn hon chi phi sit dung von thi viec chi tra cd tiic bing tien mat lai la lya chpn tdt hon.
Gid thuyit 2; Khd ndng sinh lai cita tdng tdi sdn cd quan hi ty li nghich/thugn v&i ty li chi trd cd titc.
Cung gilng nhu gia thuyet 1, khi kha nang sinh ldi cua tdng tai san gia tang chung td nang lyc hoat ddng cua cdng ty dang tdt. Nhu vay, cdng ty se cd xu hudng danh phan nhieu hon trong thu nhap de tai dau tu. Tuy nhien, viec danh nhieu hon hay khdng lai cdn phu thugc vao cac du an dau tu trong tuong lai cd phu hgp va hieu qua hay khdng. Dieu nay se dugc kiem chiing vdi cac cdng ty Dugc thdng qua cac phan tfch thyc nghiem dudi day.
Gid thuyet 3: Ty li tdng tru&ng cd quan hi ty li nghich vdi ty li chi trd cd titc
Ty le tang trudng cang cao thi cac cdng ty cang cd nhieu co hgi dau tu. Khi cd nhieu ca hdi dau tu thi cac cdng ty se uu tien danh phan ldn ngudn vdn ndi tai de phuc vu cho cac du an cd trien vpng.
Mdi quan he ty le nghich giiia ty le tang trudng vdi mite cd titc dupe chiing minh trong nghien cira cua Ho (2003) va Al-Yahyaee va cac cdng sy (2006).
Trong nghien cira nay ciia cac tac gia, ty le tang trudng doanh thu se dai dien cho ty le tang trudng ndi chung va tac gia xem xet mdi quan he giua ty le tang trudng doanh thu vdi ty le chi tra cd tiic.
GROWTHSALES = (Doanh thu ky nay- Doanh thu ky trudc)/Doanh thu ky trudc
Gid thuyit 4: Ddn bdy tdi chinh cd quan hi ty li nghich vai ty li chi trd cd tiec
Ddn bay tai chfnh the hien miic dp sit dung np ciia doanh nghiep. Khi doanh nghiep sil dung ng vay nhieu thi cd nghia la doanh nghiep ludn phai chiu ap lyc tra lai va gdc dung han. Ap lyc nay ldn se khien ddng tien de chi tra cd tire cho cac cl ddng trd nen ban che va ty le chi tra cd tiic ciia cac cdng ty se khdng cao. Nghien ciiu gin day cua Asif va cdng su (2011) da cho thiy mdi quan he ty le nghich giu-a
Bang \. Thing ke cac biln trong mo hinh va gia thuyet nghi£n cmi
^ !•" ^ Bien d a f ^ Moi quan he dy Bien doc l ? p . ^ j i g „ • ^oan^
Thu nhap mot co phSn thu-dng Ty su^t sinh Id! cua tai san Ty le tang tru'dng Don bay tai chinh
EPS Ty le nghich/thuan ROA Ty le nghjoh/thuan Grow/sales Ty le nghjch Lev Ty le nghjch Thu nhap mot co phSn trong qua khir EPS(-1) Ty le thuan
Ngudn: Tdc gid tit tdng htyp ddn biy tai chinh va ty le chi tra cd hie.
LEV = Tdng np phai fra/Tdng ngudn vdn
Gid thuyit 5: Thu nhgp mot cd phdn trong qud khu cd quan he ty li thugn v&i ty le chi trd co tuc Thu nhap mdt cd phan trong qua khii cao se tao dilu kien cho doanh nghiep duy tri ty le tra cd tiic cua nam sau cao. Khi thu nhap cua cac nam trudc cao, mdt mat nd anh hudng den ty le chi tra cd tuc cua nam dd, mat khac ngudn thu nhap cao nay cdn dugc tich Ifly lai de tai dau tu cho cac nam sau. Neu doanh nghiep tich Ifly thu nhap nay lai nhung chua thiy dy an diu tu nao kha thi thi sd tien nay lai cd thi dugc chi tra cd tiic d nhiing nam sau.
De udc lugng md hinh hdi quy da bien vdi dii- lieu theo thdi gian va khdng gian (gpi la du lieu dang bang), nghien cira tien hanh hdi quy hai md hinh la:
Md hinh nhan td anh hudng cd dinh (FEM) va Md hinh anh hudng nhan td ngau nhien (REM).
Phuang phap hdi quy udc lugng binh phuong nhd nhit (Pooled OLS) khdng phu hgp vdi du lieu dang bang. Md hinh Pooled OLS gia dinh ring tit ca cac he sd udc lupng diu khdng ddi theo thdi gian va theo cac don vi cheo. Trong khi do du- lieu dang bang la du lieu ket hgp cac quan sat giu-a cac don vi khac nhau theo chudi thdi gian nen cd sy khac biet nhat dinh d cac du- lieu cheo quan sat. Khi do cd the xay ra hai trudng hgp, nlu tung dp gdc P,, cd tuong quan vdi cac biln ddc lap trong md hinh thi ta se su: dung md hinh FEM, ngupc lai nlu tung dp gdc Pj, khdng tuong quan vdi cac biln ddc lap trong md hinh ta se su: dung md hinh REM. Kilm dinh Hausman dugc su dung de xem xet md hinh nao se la phu hgp nhit trong hai md hinh FEM va REM.
Kiim dinh Hausman H„: Md hinh REM la phu hgp H,: Md hinh FEM la phu hgp
Neu p-value<a, H bi bac bd. Khi dd md hinh REM
Hhfnh sach Sthj truong Tai chfnh - Tien te
khdng hgp ly, nen md hinh FEM dugc lya chgn.
Ngugc lai, neu chap thuan H^ thi cd nghia la md hinh REM la phii hgp hon.
3.2. Dit lieu nghien citu
Nghien cilu nay sir dung dil lieu thu thap dugc tir bao cao tai chinh cua 16 cdng ty Dugc niem yIt tren 2 san HSX va HNX trong vdng 5 nam tit 2010 din 2014 (80 quan sat). Cac doanh nghiep nay dupe lua chgn vdi tieu chf: Cac sl lieu cdng khai, day du, minh bach phuc vu cho muc dfch nghien ciiu, dac biet la nhung thdng tin lien quan den chinh sach cd tiic.
Nhu vay du: lieu thu thap dugc la dii lieu dang bang can bang (balanced panel) vdi chudi thdi gian la tit nam 2010 den 2014, vdi don vi cheo la cac cdng ty Dugc (16 cdngty).
4. Ket qua nghiSn ciru
4.1. Gid tri thong ke cua cdc bien
Nhu vay cac cdng ty nganh Dugc niem yet binh quan danh hon mdt nira sd thu nhap tren mdi cd phan (~ 55%) de chi tra cd tiic cho cac cd ddng.
Dieu dd cflng cd nghia la danh gan mdt nira sd cdn lai de tai dau tu. Tuy nhi6n, van cd mot sd cdng ty khdng tra cd tiic do lgi nhuan am, cd cdng ty cdn tra cd tiic ldn htm miic thu nhap tren mdi cd phan trong nam dd (cac cdng ty nay da dung lgi nhuan tich Ifly lai tir cac nam trudc de chi tra cd tiic). Cac cdng ty Dugc binh quan cd thu nhap tren mdi cd phan la khoang 3.083 ddng, song sy chenh lech giiia cac nam va cac cdng ty la kha ldn, cd cdng ty EPS am do lam an thua Id, nhimg cung cd cdng ty boat dpng tdt nen mirc thu nhap nay cd nam len tdi gan 10.000 ddng. Ty suat sinh ldi tren tai san trung binh d mirc 10,5%; tuy nhien nd cflng cd sy bien thien giua cac Bang 2. Gia tri thong ke ciia cac hien
Bang 3. Kit qua kiem dinh Hausman Correlated Random Effects - Hausman Test Equation: Untitled
Test cross-section random effects Test Summary Chi-Sq.
Statistic
Chi-Sq.
d.f.
Prob.
Cross-section random 18,194444 5 0,0027
Ten bien PAY (ty le lan) EPS (dong) ROA(%)
GROWSALES (ty le) LEV (ty le lan)
Gia trj trung binh
(Mean) 0,554732 3083,759 10,469 0,144375 46,73385
Do lech chuan -(StdX 0,398119 1958,272 7,638446 0,148401 21,07443
Gia tri nho nhat
(min) -3106 -11,75 13,56
Ngudn: Tdc gid tu long htyp tren phdn mem Eviews tit dU lieu phdn tich
cdng ty. Ty le tang trudng doanh thu binh quan la 14% va cac cdng ty Dugc binh quan sit dung ng vay tdi gin 47%, cd mdt sd cdng ty dung ddn bay tai chfnh qua ldn khi vay ng tdi gan 97%.
4.2. Kit qua if&c lu-ffng
Tit kit qua cua kiem dinh Hausman cho thay thdng ke Chi-square cd Prob= 0,0027 <0,05. Do dd, vdi miic y nghTa 5%, ta bac bd gia thuyet H^, chap nhan ddi thuyet Hj, titc la cd sy tuong quan giu:a cac bien ddc lap va thanh phan ngau nhien. Nhu vay, md hinh REM la khdng phu hgp. Md hinh FEM mdi la md hinh tdi ira.
Ket qua hdi quy xac dinh nhiing nhan td anh hudng den ty le chi tra cd tiic bang tien mat cua cac cdng ty Dugc niem yet tren TTCK Viet Nam dupe the hien thdng qua Bang 4.
Nhan xet cac ket qua udc lugng trong md hinh hdi quy FEM:
Tit cac gia tri prob nhan dugc ta thay vdi miic y nghia 5%, trong 5 bien dugc dua ra de xem xet cac nhan td anh hudng den ty le chi tra cd tiic cua cac cdng ty niem yet nganh Dugc thi 3 nhan td EPS, ROA va EPS(-l) la nhirng nhan td cd y nghia thdng ke (cd cac gia tri prob< 0,05). Cdn cac nhan td nhu GROWTHSALES va LEV khdng cd y nghia thing ke khi gia tri prob> 0,05. Dieu do giai thich ring phan ldn cac doanh nghiep Dupe niem yet dua ra
miic chi tra cd tiic la dya vao thu nhap mdt cd phan cua hien tai va qua khir cung nhu can cir vao ty suit sinh ldi cua tai san. Cac nhan td nhu ty le tang trudng hay ddn biy tai chinh khdng anh hudng din chfnh sach chi tra cd hie cua cdng ty.
Tir he sd dp ddc cua mdi nhan td anh hudng cho thiy, ddi vdi cac doanh nghiep nganh Dugc, ty le chi 0
-0,23 Gia trj
\6tn nhat Xmax).
1,95241 9527,5 29,46 0,7 96,74
im 6.2016 - SO 169 AP CHI KHOA HOC & DAO TAO NGAN HAK
21
Chfnh sach Sthj truong Tai chfnh - Tien te
Bang 4. Ket qua hoi quy Method: Panel Least Squares
Date: 09/24/15 Time: 11:31 Sample (adjusted): 2010 2014 Periods included: 5
Cross-sections included: 16
Total panel (balanced) observations: 80
Variable Coefficient Std. Error t-StatistIc Prob.
C EPS ROA GROWTHSALES
LEV EPS(-I)
0.455250 -9.37E-05 0.035413 0.321233 -0.004955 7.36E-05
0.363939 3.77E-05 0.015643 0.355211 0.006332 3.09E-05
1.250896 -2.484405 2.263889 0.904344 -0.782538 2.379938
0.2159 0.0158 0.0273 0.3695 0.4370 0.0206 Effects Specification
Cross-section fixed (dummy variables) R-squared
Adjusted R-squared S.E. of regression Sum squared resid Log likelihood F-statistIc Prob(F-statistic)
0.507410 0.340431 0.326229 6.279093 -11.72304 3.038758 0.000484
Mean dependent var S.D. dependent var Akaike info criterion Schw/arz criterion Hannan-Quinn enter.
Durbin-Watson stat
tra cd tiic cd anh hudng ngugc chieu vdi thu nhap mdi cd phan nam nay, nhung lai thuan chilu vdi thu nhap mdi cd phan trong qua kbit, ty le chi tra c l tlie cd anh hudng thuan chilu vdi ty suit sinh ldi cua tai san. Cu the, neu cac nhan td khac khdng ddi thi khi thu nhap tren mdi cd phan binh quan tang 1 ddng thi he sd chi tra cd tiic binh quan se giam di 0,000094 lin; ham y rang cdng ty se danh phin ty trgng ldn hon trong thu nhap moi cd phin dl tfch luy, muc tfch luy nay lai la ca sd dl ty le chi tra c l tlie cac nam sau cao hon neu cdng ty chua tim dugc nhung ca hdi diu tu thfch hgp. Mat khac, khi cac nhan td khac khdng dii thi ty suit sinh ldi cua tai san binh quan tang se khiln ty le chi tra cl hie binh quan cflng tang. Kit qua nay cho thiy nlu cac doanh nghiep nganh Dugc niem yIt cd hieu qua su: dung vdn la cao thi hp cd xu hudng chi tang ty le chi toa cl titc len cao hon. Kit qua nay phu hgp vdi cac nghien ciiu cua Lintner (1956).
Dua vao gia tri R^= 50,7%, ta thiy vdi cac biln giai thich dua vao md hinh thi da giai thich dugc 50%
nhung gia tri cua biln phu thudc.
He sd R^ nhu vay la kha cao va phu hgp vdi gia thiet dua ra khi xay dung md hinh. Tat nhien viec xay dyng chfnh sach cd tiic cdn do tac ddng cua nhftng nhan td dinh lugng va dinh tfnh khac ma nghien ciiu nay chua thi thu thap hit du- lieu. Nhung nhan td chua dugc xem xet het se la ggi y cho tac gia d nhung nghien cilu tiep theo.
5. Ket luan va ham y chinh sach Nghien cira nay da chi ra rang nhflng nhan td nhu: Thu nhap mdi cd phan hien tai, Ty suat sinh ldi cua tai san, Thu nhap mdi cd phan trong qua khii la nhirng nhan td tac ddng den ty le chi tra cd tiic cua cac cdng ty Dugc niem yet, hay noi each khac cac cdng ty Dugc chi tra cd tlie tien mat cho cac cd ddng la dya vao cac nhan td ke tren.
Nghien cuu thyc nghiem ve cac nhan td tac ddng den chinh sach cd tiic, dac biet la xem xet trong mdt nganh cu thi nhu nganh Dugc, cd y nghia ddi vdi cdng tac quan hi doanh nghiep cflng nhu dua ra dugc nhung thdng tin can thilt dii vdi cac nha diu tu. Kit qua nghien ciiu ham y rang trong cdng tac quan tri, dl cd mdt chfnh sach cd titc hgp ly, hie la vita tang dugc mile chi ha cd hie tuyet ddi, -vita dam bao dugc miic tich Ifly phii hgp, thi dieu quan trgng la phai tang dugc hieu qua hoat ddng san xuat kinh doanh. Cdn ddi vdi cac nha dau tu, viec xem xet nhung nhan t l nao anh hudng den chinh sach chi tra cd tiic cung vd cung quan trpng bdi le nd la mdt ylu td dinh gia chung khoan. Kit qua nghien cira ten khuyin cao cac nha diu tu nen luu y den chi tieu ROA va EPS qua cac nam.
Nghien cuu nay se cd nhilu y nghTa hon nua nlu tang dupe kich thudc miu (tang dugc sd lugng quan sat) cflng nhu khdng bi ban che ve ngudn thdng tin cd the thu thap dugc. Day chfnh la nhung ggi md dl phat trien nhung nghien ciiu sau nay khi tang dugc quy md du lieu ciing nhu cap nhat dugc nhiing ky
0.546157 0.401691 0.818076 1.443358 1.068769 2.271674
thuat hdi quy hien dai ban. i
Hhfnh sach Sthj truong Tai chfnh - Tien te
TAI LIEU THAM KHAO
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?. Al- Malkawi, H. (2007), 'Determinants of Corporate Dividend policy in Jordan: An application of the Tobit model', i. Journal of Economic & Administrative Sciences, Vol. 23, No. 2, pp. 44-70.
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6. Lintner, J. (1956), 'Distribution of Incomes of Corporations Among Dividends, Retained Eamings, and Taxes', TheAmerican Economic Review, Vol. 46, No 2, pp.97-ll3.
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SUMMARY
Factors affecting the dividend policy of the Pharma companies listed on Vietnam's stock market Dividend policy is one of the most important financial policies that affects the interests of shareholders in joint stock companies. Dividend policy is influenced by many factors such as the profitability of assets, eamings per share at present and in the past... This research focuses on elarijying the factors that affect the dividend payments df the pharma companies listed on the stock market in Vietnam. The author used panel data based on data from the financial statements of 16 pharma companies listed on Vietnam's stock market in the period 2010-2014 (80 observations). This study indicates that profitability, earnings per ordinary share in both current and past, have a clear effect to the dividend payment of the pharma companies, while factors as financial leverage, growth rates have insignificant effect.
THONG TIN TAC GIA Bid Thi Ha Linh, Nghien cuu sinh
Nai cdng tdc: Khoa Tai chinh doanh nghiep. Hoc vien Tai chinh
Linh vuc nghien citu chinh: Quan tri Tai chinh doanh nghiep, quan trj rui ro tai chinh, chiing khoan phai sinh, phan tich dinh lugng tai chinh.
Tgp chi tieu bieu da cd bdi viet ddng tdi: Nghien cim tai chinh ke toan, Tai chinh doanh nghiep, Thanh Tra.
Email: [email protected]
tiep theo trang 1 7
thyc hien dieu tiet ddng vdn ngan va trung ban trong ma cdn tir phfa nhimg ngudi lam chinh sach sao cho nen kinh te thdng qua CSTT, ddi hdi khdng chi muc tieu dat ra phu hgp vdi dac thu cua doi tugng nhiing cai thien tit boat ddng cua cac doanh nghiep hudng den cudi cung la doanh nghiep. •
Y d v a b o n g da Giiia vg vd bdng dd cd nhieu diem tuang ddng khd thit vi:
- Ld khai ddu cua sit dam me. Ld tgn ciing cita ndi thdt vgng.
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- Lau lau "lat keo " khien ta chai vdi.
- Dem lgi nhiing giay phiit man nhan, thdng hoa. Ddng thdi khong it phen khiin ta rai vdo trgng thdi trim cam.
- Giup ta ren luyen tu duy dit doan, phdn doan nhanh nhay, chinh xdc.
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(TugiPecuoi)
'm 6.2016 SO 169 ^P CHI' KHOA HOC & DAO TAO NGAN HAK 2 3
