SUMMARY OUTPUT

Regression Statistics
Multiple R 0.5915005598054
R Square 0.3498729122501
Adjusted R Square 0.2900911110777
Standard Error 0.5034330737651
Observations 96

ANOVA
df SS MS F Significance F
Regression 8 11.86629 1.483286 5.852499 5.6E-06
Residual 87 22.0497 0.253445
Total 95 33.91599

Coefficients Standard Error t Stat P-value Lower 95%Upper 95%

Intercept 1.2111500961431 0.5763 2.101597 0.03848 0.065692 2.356609
Interest Coverage Ratio -0.02020213996 0.010511 -1.922009 0.057878 -0.041094 0.00069
Debt to EBITDA 6.019079002E-05 1.962E-05 3.067682 0.002875 2.119E-05 9.919E-05
Effective tax rate 1.7617208825515 1.705442 1.032999 0.304467 -1.628031 5.151472
Institutional Holdings -1.224216278003 0.93792 -1.305246 0.195251 -3.088434 0.640002
Std dev in Stock Prices -0.830785094512 1.054686 -0.787709 0.433008 -2.927087 1.265517
EBITDA/EV -1.763424515525 1.560934 -1.129724 0.261698 -4.86595 1.339101
Net PP&E/Total Assets 0.3561853602759 0.465575 0.765043 0.446316 -0.569196 1.281567
Capital Spending/Total Assets -6.847702143112 3.674206 -1.863723 0.065734 -14.15058 0.45518
Lower 95.0%
Upper 95.0%
0.065692 2.356609
-0.041094 0.00069
2.119E-05 9.919E-05
-1.628031 5.151472
-3.088434 0.640002
-2.927087 1.265517
-4.86595 1.339101
-0.569196 1.281567
-14.15058 0.45518
SUMMARY OUTPUT

Regression Statistics
Multiple R 0.499563252424074
R Square 0.249563443172519
Adjusted R Square 0.216577220894388
Standard Error 0.528857337520024
Observations 96

ANOVA
df SS MS F
Regression 4 8.46419085618781 2.11604771404695 7.565687
Residual 91 25.4517975938379 0.279690083448768
Total 95 33.9159884500257

Coefficients Standard Error t Stat P-value

Intercept 1.08547852237211 0.446227199487385 2.4325691567414 0.016948
Interest Coverage -0.0303670134093647 0.0102677627855085 -2.95751022337832 0.003951
Effective tax rate 2.25803511113199 1.62557783463123 1.3890661296106 0.168203
Std dev in Stock Pr -1.14422262664532 0.930130897246425 -1.23017376374949 0.221803
EBITDA/EV -3.61955961968432 1.42509037425359 -2.53988075779412 0.012785
 Significance F
2.6220063622E-05

Lower 95% Upper 95% Lower 95.0% Upper 95.0%

0.1991030076302 1.971854037114 0.19910300763016 1.97185403711405
-0.0507626628335 -0.009971363985 -0.05076266283349 -0.009971363985241
-0.9709755623088 5.487045784573 -0.97097556230878 5.48704578457275
-2.9918133915545 0.703368138264 -2.99181339155451 0.70336813826387
-6.4503265820835 -0.788792657285 -6.45032658208353 -0.7887926572851
Data updated : 5 - Jan- 24
Phạm vị date: thị trường các ngành nghề toàn cầu
DỮ LIỆU VỀ TỶ LỆ NỢ TRÊN NGUỒN VỐN VÀ NỢ TRÊN VỐN CH

Market Debt to
Book Debt to Capital
Industry Name Number of firms Capital (Unadjusted)
Advertising 391 44.69% 23.73%
Aerospace/Defense 289 47.86% 17.04%
Air Transport 155 71.19% 50.72%
Apparel 1152 38.05% 14.47%
Auto & Truck 165 47.95% 35.58%
Auto Parts 761 31.51% 23.49%
Bank (Money Center) 607 71.01% 74.41%
Banks (Regional) 881 65.36% 71.69%
Beverage (Alcoholic) 220 37.16% 15.70%
Beverage (Soft) 100 49.95% 13.82%
Broadcasting 130 39.12% 46.24%
Brokerage & Investment Banking 590 75.67% 71.19%
Building Materials 457 37.79% 17.72%
Business & Consumer Services 980 45.66% 15.96%
Cable TV 48 63.79% 48.54%
Chemical (Basic) 888 38.60% 30.03%
Chemical (Diversified) 64 38.43% 35.77%
Chemical (Specialty) 949 34.71% 17.83%
Coal & Related Energy 215 22.95% 16.53%
Computer Services 1164 35.96% 12.31%
Computers/Peripherals 338 33.91% 7.02%
Construction Supplies 793 38.68% 28.22%
Diversified 326 38.35% 33.70%
Drugs (Biotechnology) 1259 42.03% 12.42%
Drugs (Pharmaceutical) 1299 37.21% 13.25%
Education 260 35.46% 22.02%
Electrical Equipment 1072 33.18% 14.97%
Electronics (Consumer & Office) 127 34.27% 23.24%
Electronics (General) 1486 29.66% 15.66%
Engineering/Construction 1283 49.04% 48.33%
Entertainment 741 35.09% 17.91%
Environmental & Waste Services 383 51.32% 25.88%
Farming/Agriculture 430 51.42% 36.70%
Financial Svcs. (Non-bank & Insura 1113 88.60% 77.51%
Food Processing 1395 42.73% 24.33%
Food Wholesalers 173 54.98% 36.24%
Furn/Home Furnishings 383 36.44% 21.86%
Green & Renewable Energy 253 56.53% 39.26%
Healthcare Products 849 31.93% 11.59%
Healthcare Support Services 463 43.31% 22.56%
Heathcare Information and Techno 443 34.80% 11.94%
Homebuilding 173 28.61% 20.24%
Hospitals/Healthcare Facilities 232 65.52% 31.79%
Hotel/Gaming 650 64.01% 30.99%
Household Products 549 41.23% 12.01%
Information Services 81 53.77% 25.63%
Insurance (General) 202 38.44% 25.95%
Insurance (Life) 137 53.81% 50.87%
Insurance (Prop/Cas.) 228 25.78% 17.93%
Investments & Asset Management 1374 50.36% 42.34%
Machinery 1492 30.88% 13.23%
Metals & Mining 1815 33.71% 21.67%
Office Equipment & Services 137 34.74% 22.43%
Oil/Gas (Integrated) 36 25.55% 14.67%
Oil/Gas (Production and Exploratio 590 29.36% 21.23%
Oil/Gas Distribution 174 54.89% 41.27%
Oilfield Svcs/Equip. 444 38.01% 29.15%
Packaging & Container 426 49.15% 33.10%
Paper/Forest Products 266 40.80% 39.18%
Power 488 56.17% 49.54%
Precious Metals 853 23.52% 15.50%
Publishing & Newspapers 324 25.94% 18.15%
R.E.I.T. 659 54.14% 43.70%
Real Estate (Development) 884 54.20% 71.36%
Real Estate (General/Diversified) 336 43.29% 53.03%
Real Estate (Operations & Services 748 44.92% 47.04%
Recreation 326 44.24% 20.70%
Reinsurance 34 26.60% 21.30%
Restaurant/Dining 394 71.23% 21.22%
Retail (Automotive) 204 66.80% 38.23%
Retail (Building Supply) 120 81.65% 18.34%
Retail (Distributors) 1028 49.21% 36.44%
Retail (General) 256 49.14% 16.81%
Retail (Grocery and Food) 201 55.52% 33.19%
Retail (REITs) 123 47.36% 43.50%
Retail (Special Lines) 639 48.58% 20.90%
Rubber& Tires 89 34.67% 29.80%
Semiconductor 647 28.66% 7.37%
Semiconductor Equip 367 26.95% 5.77%
Shipbuilding & Marine 348 28.91% 29.91%
Shoe 85 37.68% 11.09%
Software (Entertainment) 317 20.66% 4.82%
Software (Internet) 151 46.69% 9.90%
Software (System & Application) 1616 36.02% 5.80%
Steel 718 32.08% 29.22%
Telecom (Wireless) 98 50.68% 40.02%
Telecom. Equipment 453 30.88% 11.45%
Telecom. Services 288 53.70% 45.66%
Tobacco 56 51.06% 24.79%
Transportation 443 51.65% 32.93%
Transportation (Railroads) 49 49.44% 29.25%
Trucking 106 45.01% 22.28%
Utility (General) 50 56.36% 44.43%
Utility (Water) 102 56.13% 46.43%
Total Market 47698 56.57% 38.34%
Total Market (without financials) 42566 43.24% 23.52%
Nguồn: https://pages.stern.nyu.edu/~adamodar/New_Home_
VỚI CÔNG TY VINHOMES

Capital (book value ) 444630675 vnđ

Capital (maket value ) 196169607330165 vnđ
Debt (book value ) 261994369 VNĐ
debt (market value ) 223070370165.351 VNĐ
Equity ( market value ) 195946536960000 VNĐ
EBITDA 30,084,000,000.00 VNĐ
EV 415,852,826,125.35 VNĐ

Book Debt to Market Debt to

Capital Capital
0.5892404274626 0.0011371301253

Nhìn vào các chỉ số có thể thấy, công ty vinhomes có hệ số nợ / nguồn vốn ( book value ) gần như tương đương với thị trường
N NGUỒN VỐN VÀ NỢ TRÊN VỐN CHỦ SỞ HỮU VÀ CÁC CHỈ SỐ KHÁC LIÊN QUAN ĐẾN CẤU TRÚC VỐN

Market Debt to
Capital Market D/E Interest Std dev
Market D/E (adjusted for (adjusted for Coverag Effective in Stock EBITDA/
(unadjusted) leases) leases) e Ratio tax rate Prices EV
31.12% 23.97% 31.53% 4.15 14.38% 38.89% 7.64%
20.54% 17.20% 20.77% 4.50 9.40% 35.10% 5.22%
102.93% 50.98% 104.01% 2.12 12.18% 30.06% 10.75%
16.92% 14.56% 17.04% 13.07 13.73% 32.72% 7.31%
55.24% 35.61% 55.30% 14.61 9.97% 36.46% 9.30%
30.71% 23.44% 30.62% 5.73 16.10% 30.39% 10.98%
290.82% 74.42% 290.97% 1.52 21.64% 21.28% 0.09%
253.27% 71.76% 254.06% -5.68 18.28% 18.30% 0.14%
18.62% 15.74% 18.68% 9.06 16.22% 27.49% 7.13%
16.04% 14.15% 16.48% 12.71 11.83% 32.24% 5.77%
86.01% 46.66% 87.49% 3.00 14.87% 31.54% 12.14%
247.09% 71.23% 247.60% 5.15 13.19% 31.95% 0.29%
21.54% 17.80% 21.66% 8.68 15.94% 28.00% 8.48%
18.98% 16.02% 19.07% 4.94 16.80% 33.31% 6.19%
94.33% 49.23% 96.97% 3.45 13.47% 30.91% 12.60%
42.92% 30.06% 42.98% 3.00 13.75% 28.88% 7.34%
55.70% 35.78% 55.71% 5.22 22.55% 22.36% 11.68%
21.70% 17.87% 21.77% 7.61 14.22% 31.22% 7.76%
19.80% 16.52% 19.79% 16.05 10.34% 50.42% 23.16%
14.04% 12.39% 14.14% 10.18 16.48% 32.90% 6.58%
7.55% 7.03% 7.56% 12.52 12.19% 32.94% 5.25%
39.31% 28.27% 39.42% 5.89 15.54% 28.48% 9.51%
50.83% 34.01% 51.53% 4.33 13.92% 27.14% 10.96%
14.19% 12.54% 14.34% -0.11 2.04% 53.28% 1.44%
15.27% 13.36% 15.42% 9.12 9.64% 41.51% 6.43%
28.23% 22.38% 28.84% 3.09 12.34% 34.53% 7.41%
17.61% 14.98% 17.62% 6.01 11.83% 35.11% 5.39%
30.28% 23.24% 30.28% 9.65 11.50% 33.86% 8.29%
18.56% 15.71% 18.63% 5.16 11.33% 32.53% 6.39%
93.54% 48.35% 93.59% 3.37 15.88% 30.58% 10.20%
21.81% 18.21% 22.27% 2.77 8.79% 41.35% 5.20%
34.92% 25.93% 35.01% 3.26 13.22% 33.89% 6.38%
57.97% 36.69% 57.95% 5.08 13.52% 34.05% 9.70%
344.67% 77.53% 344.96% 5.08 14.49% 35.21% 1.09%
32.15% 24.37% 32.22% 5.06 15.62% 28.63% 7.71%
56.85% 36.58% 57.68% 2.52 17.70% 30.82% 10.19%
27.97% 21.84% 27.95% 6.94 14.37% 29.72% 9.68%
 64.65% 39.20% 64.49% 2.74 10.48% 33.37% 6.40%
13.11% 11.70% 13.25% 7.06 8.33% 42.34% 4.45%
29.14% 23.00% 29.87% 5.95 14.48% 37.81% 8.60%
13.55% 12.09% 13.75% 5.82 6.13% 44.93% 4.01%
25.38% 23.11% 30.05% 24.96 18.87% 28.97% 12.27%
46.61% 32.21% 47.51% 2.93 17.18% 29.53% 7.63%
44.90% 31.64% 46.29% 2.21 11.83% 33.83% 6.28%
13.65% 12.12% 13.79% 10.13 13.67% 35.41% 5.79%
34.46% 25.72% 34.62% 3.69 16.59% 33.63% 8.68%
35.04% 26.01% 35.15% 6.70 15.24% 24.79% 10.43%
103.56% 50.93% 103.80% 4.67 13.66% 25.29% 11.27%
21.84% 18.25% 22.32% 9.40 17.57% 26.74% 9.90%
73.44% 42.42% 73.69% 3.01 8.62% 29.52% 4.21%
15.24% 13.31% 15.35% 9.05 14.71% 29.76% 6.28%
27.66% 21.73% 27.76% 6.71 3.90% 57.51% 11.79%
28.92% 22.26% 28.63% 5.57 19.43% 27.91% 10.06%
17.20% 14.88% 17.48% 23.40 28.03% 26.84% 18.76%
26.96% 21.37% 27.17% 12.47 8.55% 48.39% 23.19%
70.27% 41.34% 70.49% 4.09 13.26% 29.60% 11.42%
41.15% 29.36% 41.56% 6.17 13.61% 36.10% 14.38%
49.49% 33.20% 49.69% 4.38 15.47% 27.47% 10.91%
64.42% 39.22% 64.53% 3.07 12.25% 29.23% 9.44%
98.18% 49.59% 98.38% 3.41 16.23% 25.34% 10.96%
18.35% 15.54% 18.40% 6.02 4.19% 60.16% 9.96%
22.18% 18.70% 23.01% 5.22 13.88% 30.65% 8.23%
77.63% 43.92% 78.31% 2.49 1.98% 19.51% 4.20%
249.17% 71.34% 248.91% 1.54 14.39% 32.26% 3.64%
112.88% 54.74% 120.93% 2.81 15.45% 25.55% 6.63%
88.81% 47.13% 89.15% 2.66 12.59% 28.97% 5.32%
26.10% 21.27% 27.01% 5.07 13.55% 31.55% 7.79%
27.07% 21.54% 27.45% 10.49 12.88% 23.43% 11.57%
26.94% 21.47% 27.34% 4.81 13.82% 29.86% 5.47%
61.89% 38.45% 62.47% 3.83 17.96% 32.73% 8.22%
22.46% 18.64% 22.92% 8.30 19.92% 30.07% 7.47%
57.34% 36.45% 57.35% 4.42 16.39% 31.08% 8.04%
20.21% 16.81% 20.21% 5.06 16.63% 29.73% 5.97%
49.69% 33.37% 50.09% 4.03 20.39% 25.26% 10.07%
76.98% 43.60% 77.31% 2.57 3.64% 17.43% 4.99%
26.42% 21.09% 26.72% 5.82 15.36% 33.82% 7.86%
42.46% 29.81% 42.46% 5.84 17.23% 26.90% 14.06%
7.96% 7.37% 7.96% 11.76 7.52% 34.38% 4.55%
6.13% 5.80% 6.16% 20.56 12.47% 33.51% 5.08%
42.68% 30.87% 44.64% 7.82 13.69% 29.86% 16.03%
12.47% 11.00% 12.37% 8.93 13.80% 31.72% 5.57%
5.06% 4.78% 5.02% 39.24 11.27% 43.82% 5.50%
 10.99% 9.98% 11.08% -0.04 8.32% 46.98% 1.11%
6.15% 5.85% 6.21% 10.30 8.18% 43.59% 2.95%
41.29% 29.28% 41.41% 6.09 14.05% 32.68% 13.50%
66.73% 40.04% 66.79% 3.76 17.77% 29.27% 13.54%
12.93% 11.42% 12.90% 7.71 7.87% 36.12% 6.26%
84.02% 45.67% 84.07% 3.79 13.31% 30.13% 14.43%
32.96% 24.86% 33.09% 9.64 17.41% 31.22% 10.68%
49.09% 32.99% 49.22% 4.09 15.66% 30.38% 8.69%
41.35% 29.64% 42.12% 6.21 23.20% 19.26% 7.47%
28.66% 22.29% 28.68% 3.99 20.12% 29.12% 9.86%
79.94% 44.49% 80.14% 3.60 16.34% 18.49% 10.10%
86.68% 46.44% 86.71% 2.64 14.06% 23.64% 7.76%
62.17% 38.43% 62.41% 5.72 12.47% 34.38% 6.24%
30.75% 23.66% 30.99% 5.79 12.24% 35.18% 8.01%
n.nyu.edu/~adamodar/New_Home_Page/datacurrent.html

Interest EBITDA/
Market D/E Coverage Ratio Debt to EBITDA EV
0.00113842466229 15.0x 7.414917237247 0.07

ần như tương đương với thị trường. Tuy nhiên, Nợ/ vốn chủ sở hữu ( market value ) lại chỉ có 0.001138, thấp hơn rất nhiều so với mặt bằn
ơn rất nhiều so với mặt bằng chung của thị trường. Vì vậy, qua các dữ liệu thu thập được ta đưa ra kết luận rằng công ty đang nợ ít hơn so
rằng công ty đang nợ ít hơn so với trung bình của thị trường