Ảnh hưởng của thể chế đến quyết định đầu tư và kết quả hoạt động của các doanh nghiệp ở Việt Nam

23456789


7

 !"#$%&'(!

%")*+,-./

0..1!234"5##!
$%6#).789:;#"
$%0<=!234>
'<4!!2?@1A?"!4B
C%D!>!"#!EF !"#

H!=IJKLM


123523
567389


569


123523


12333


1233387


12333!"7#!!$!

%
&'
()*9+,

&'
(/*0+51! 2#!3!45 67!78 39
!3#:7!#;7<75 2#=>
&,?='@AB#!5 8
CD=E39C7FG

H
I
-
JKLMNOPQRSOTUOVWXYUOPZXPS[\POS]^_`QRSa]bcd]efag
h[SO`QiPjka]l\mXYUnjU\P\mPop

H
qrsrsrtuvwuxyz{uvwux|}~u{xrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr
{ux{yy}{w{uvwux|}~u{x}y}x
x{uĂ~ÂwÊ~u~Âu}ÔƠrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrsƯ
I
I
!Đ\m`QU\Oă\PPă\P\mPâ\XêQTicddgL\mXYUOPZXPS[\POS]S\
`QRSa]bcd]efagôơưSO`QiPjka]l\mXYUnjU\P\mPop

-đ
qrqrsrw~Âu}~wy~Âw{uvwux|}~u{xx~|x{u{
Ă~ÂwÊ~u~Âu}ÔƠrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrs
qrqrqrw~Âu}~wy~Âw{uvwux|}~u{xx~x~u
àÊ~u~Âu}ÔƠrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrqƯ
I
ả
:PQ\mpPã\OáXPhmiOPQRSO\mPâ\XêQ

Iạ
&'
(º*=&»3!7D6!3#:7!#¼5 2#=>

&,
='@AB#!5 8CD=E39C7FG+7F!1











ảả
-
!PẵXOVk\mTOPZXPSpPắpMQO[\POSLoOU

ảrsrsr}wwuuÔ{u~ÂƠuƠ{|}~u{x}Ô{rrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrs
ặầẩẫấẩậ~Âw}wwu{~ÂuÔ{u~ÂƠuƠ{|}~u{x}Ô{rrrrrrrrrrrrrrr
ả

I
!PẵXOVkcèẻẽaégẹ\m[\PnjU\PXềpOể\PLoOU



























ễI

ả
ả
!PẵXOVk\mT`QRSa]bcd]efagôơưSO`QiPjka]l\mXYUnjU\P
\mPopLoOU

ễH


1232426789


7
7!"#$%!"
&'22222222222222222222()

1232326789

*
+7
,
9
7
7!"#$%!"
&'2222222222222222222-.
/012346789304:9;3001<=>@ABCDE@DFGH=DCF8F=
IJKFL8M308NOL1PQRFCIJ;DSTL8U=> @AB@V@
WSB=D=>DHXY^\_\@`abcdefdghidjkli\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\]^
mnononpqrstus+$
9
7v97*!
7

*
+7


,
9
7
7!"#22222222222222222222222222222222222222222222222222222222222222222222222222222222.(
mnonwnpqrstus+$
9
7v97*!
7




7
7!"#2222222222222222222222222222222222222222222222222222222222222222222222222222222222222..
^\x\Wygz{j|}~zlf\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\]
(23242&
!"222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222.
(23232!"2222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222.
(23212!
222222222222222222222222222222222222222222222222222222222222222222222222222222222222.
^\\[ciidĂlf\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\Â
(21242ÊÔ
+
7
*Ơ9Ư9Đ!
2222222222222222222222222222222222222222222222222222222222222222222222222222222)
(21232ÊÔ
+ătâêsôu
22222222222222222222222222222222222222222222222222222222222222222222222224
^\^\Gliơjưđf|}idgjf\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\_
(2(242
+à
ảã
7+ á
ảạ+$
9
7v97*!
7



*
+7
,
99¦9
7
7!"#$%!"
&'22222222222222222222222222ƒ4
(2(232³
+Œ´µ
¶·
7+ ‚¸
¶¹+$
9
7v97*!
7



9¦9
7
7!"#$%!"
&'22222222222222222222222224º3
(2(212³
+Œ´µ
¶·
7+ ‚¸
¶¹+$
9
7v97*!

7


Š‹*
+7
,
99Ư9
7
7!"#


',
ằẳ
7à#222222222222222222222222222222222222222222222222222222222222222222222222222244
/01234ẵ7RFCắJ=\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\_x
\_\Gligjf\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\_x
\x\Gzlffd|}zhadfd`ad\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\__
ẵ8ặặầẩẫgjf`f\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\_Â
\^\Dấfadlaẩẫgjậưffdzèfajbưz\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\_ẻ
WB=D[ẽ@@V@@é=>Cẹề=D@ABCV@>H;8ể/ễ34ếệ\\\\\\\\\\\\\\\\\\\_^_
WB=D[ẽ@CìHắHXJCDB[GD;S\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\_^x


12346788984
34


!"
#$&'()*+ ,-. /. 0 12!3345!36789
#$:;<=>?@>@ABCD /. 0 1CDEF2!3345!36787

##G@ABHIJKLM /. 0 NO+ -P Q(RS 2('T UVVW5!36784
#XY?OD(>FZ[R\/. 0 ]P.^_!3345!3688`
#aY?bOD /. 0 ]P.^_2!3345!3688"
#cY?bODdOD(>FZ[R\/. 0 ]P.^_OEHIJKLM
ePNO+8"
#fY?bODdOD(>FZ[R\/. 0 ]P.^_ePE
N^]P.73
#gY?bODdOD(>F /. 0 ]P.^_ePMhBi76
#jkLMOD(>FZ[RlbODOEmn_>FZ[R[op(qD /. 0
]P.^_2('TUVVW5!3687!
#rkLMOD(>FZ[Rl()ZbODOEmn_>FZ[R[op(qD /. 0
]P.^_ePNO+ 79
#kLMOD(>FZ[Rl()ZbODOEmn_>FZ[R[op(qD /. 0
]P.^_ePEsN^]P.79
#kLMbODdOD(>FZ[Rqt[mn_>FZ[R[op(qD /. 0
]P.^_ePMhBi78
##uD(>FZ[Rvw(;xZy(\/. 0 ]P.^_OE 1CD('()*+ ,
-.KLM /. 0 12!3345!36874
#XY?]P.OEKLM]P. /. 0 ]P.^_2('T
!3345!3687z
#aY?]P.{@>|.OEKLM]P.{@>|. /. 0 ]P.
^_2('TUVVW5!3687`
#cY?]P.}~NOEKLM]P.}~N /. 0
]P.^_2('TUVVW5!3687"
#fY?n€^([oRS ‚OEKLMn€^([oRS ‚ /. 0
]P.^_2('TUVVW5!3687"


12346788984
34


!!"#$%&'()*',-./012),345)*67'8&'()*',-.9:;<#<=>;?
!?"@A$B)(.CDDEFGHIJKH
LMN$OPQ?>R'ST!<:;<#<=>;? !?"@A$?U> !V?W"?$NKI
XYMN$OPQ?>R'ST!<:;<#<=>;? !?"@A$?U>OPZ[\KG
XMN$OPQ?>R'ST!<:;=>;? !?"@A]V^_`ab?OPc $?U>]d!
W"?$NKG


1234678898
3



 !"#$%!"&%%'()*%+'(#!"),-.)/0123"#
4!5.6789
:;<>?@ACDEFGHIE0JK5LMH020FNOPQPRFOSETUPLMH02PVTWXYOVEFEZFX5[0\
E]T^__`ab9c8dddddddddddddddddddddddAAdAAee
fgh)!5$i#!S!.)j)'klm'n"#)!(H0QPLo"#p!q".r"#7s)t")ub
fvws.S.)+"#lxp!q".r"#7s)t")uy
fw.r,E02zEZGHVEZX{p!q".r"#7s)t")|b
ffgq.}$S2~PK2"#SEFF2€"#.))ql!").qLq"‚").)$iƒ!
")$,E012~.)$qi#!.r/0]EZ.)x7'k.Jƒ5#!.r/0]EZ0F„T01„EKVO
Lo"#pt")}$…"‚")"#)!5-|†
f‡gq.}$S2~PK2"#SEFF2€"#.))ql!").qLq"‚").)$"o!
L/i‚").)$ˆ$‰.l)Š$i.Jƒ5‚").)$"oXL/'k.Jƒ5‚").)$
ˆ$‰.l)Š$‚")"#)!5-|e
f‹gq.}$S2~PK2"#SEFF2€"#.))ql!").qLqEŒŽOQEF
#!{ƒ‘!)t")‚")"#)!5-y†
f’gq.}$S2~PK2"#SEFF2€"#.))ql!").qLqEŒŽOQEF

#!{}$“7s‚")"#)!5-y8
f”gq.}$S2~PK2"#SEFF2€"#.))ql!").qLqEŒŽP
‚")"#)!5-%%")#!{"#k")y|
f•gq.}$SSEFF2€"#.))ql!").qLqEŒŽOQEFZX{
'–"#l!").qyy
f—gq.}$S2~PK2"#SEFF2€"#.))ql!").qLq"}$“q0L/")
LMH02P‚")"#)!5-c98
fgq.}$S2~PK2"#SEFF2€"#.))ql!").qLq"‚").)$iƒ!
")$,E012~.)$qi#!.r/0]EZ0F„T˜™0Jƒ5#!.r/0]EZ0F„TP
‚")"#)!5[EZO™XEF™E2~cc†
fvgq.}$S2~PK2"#SEFF2€"#.))ql!").qLq"‚").)$
ˆ$‰.l)Š$i‚").)$"oXL/i.Jƒ5‚").)$"oXL/'k.Jƒ5‚")
.)$ˆ$‰.l)Š$‚")"#)!5[EZO™XEF™E2~cc8


1234678898
3



!"#$%&'()+',-.&/00'1-.234#5625"78-5#"9"-$%:";9<-5
9=>;')34?@4-5-.58AB/CDEF/0E/'(2GGH
!"#$%&'()+',-.&/00'1-.234#5625"78-5#"9"-?@4-5#5%IJ,8
-5%K/;L'(2#5%"I.8M#N<;O/C;0PQRE;SJA.8M#N<;O/C;0PQ)34
?@4-5-.58AT-5UVWVX4GGY
Z!"#$%&'()+',-.&/00'1-.234#5625"78-5#"9"-?@4-5#5%
[%\#75]%I?@4-5#5%-^F9<4I#SJA?@4-5#5%-^F9<4VW#SJA?@4-5
#5%[%\#75]%234?@4-5-.58AT-5UVWVX4GG_
`!"#$%&'()+',-.&/00'1-.234#5625"78-5#"9"-$%:";9<-5
9=>;')34?@4-5-.58AT-5UVWVX4GGa

b!"#$%&'()+',-.&/00'1-.234#5625"78-5#"9"-?@4-5#5%IJ,8
-5%K/;L'(2#5%"I.8M#N<;O/C;0PQRE;SJA.8M#N<;O/C;0PQ)34
?@4-5-.58AT-.W-5cM-JdGef
g!"#$%&'()+',-.&/00'1-.234#5625"78-5#"9"-?@4-5#5%
[%\#75]%I?@4-5#5%-^F9<4I#SJA?@4-5#5%-^F9<4VW#SJA?@4-5
#5%[%\#75]%234?@4-5-.58AT-.W-5cM-JdGeG
h!"#$%&'()+',-.&/00'1-.234#5625"78-5#"9"-$%:";9<-5
9=>;')34?@4-5-.58AT-.W-5cM-JdGee
ij!"#$%&'()+',-.&/00'1-.234#5625"78-5#"9"-?@4-5#5%IJ,8
-5%K/;L'(2#5%"I.8M#N<;O/C;0PQRE;SJA.8M#N<;O/C;0PQ)34
?@4-5-.58AT175%Vk2l5W-5T5mnL>/C'o/CGep
i!"#$%&'()+',-.&/00'1-.234#5625"78-5#"9"-?@4-5#5%
[%\#75]%I?@4-5#5%-^F9<4I#SJA?@4-5#5%-^F9<4VW#SJA?@4-5
#5%[%\#75]%234?@4-5-.58AT175%Vk2l5W-5T5mnL>/C'o/CGeH
ii!"#$%&'()+',-.&/00'1-.234#5625"78-5#"9"-$%:";9<-5
9=>;')34?@4-5-.58AT175%Vk2l5W-5T5mnL>/C'o/CGeq