ANH Hl/OfNG CUA SlT HIEU BIET T A I CHINH DEN QUAN TRI RUI RO TAI CHINH TRONG
VIEC CAI THIEN HIEU QUA TAI CHINH CUA CAC DOANH NGHIEP NHO VA Vt/A
d TINH BINH DlJOfNG
• PHAM CONG Dp - N G U Y I N THANH VU
TOM TAT:
Stf hieu bi^t vd tdi ehinh cung ca'p stf hieu bid't vd cdc khdi niem va nhffng ky nang tdi chinh de thtfc hien cdc quye't dinh tdi ehinh hieu qua va eai thidn td't tai chinh cho doanh nghidp nhd vd vffa (DNNVV). Nghien cffu nay kid'm tra dnh hffdng cua sff hid'u bid't tdi ehinh dd'n qudn tri rui ro lai ehinh trong vide cdi thien hieu qud lai chinh cua cdc DNNVV d tinh Binh Dtfdng. Kd't qud nghien cffu cho tha'y, hieu bid't v l tdi chinh cd anh htfdng dang ke dd'n qudn tri rui ro tai chinh trong vide cai thien hieu qua lai chinh cua cic DNNVV d tinh Binh Dtfdng.
Tiif khda: Stf hieu bid't lai chfnh, quan tri rui ro tdi chinh, hidu qua tai chinh, doanh nghidp nhd va vffa, tinh Binh Dtfdng.
1. Gidi thi^u
Theo UBND tinh Binh Dtfdng (2017), 97%
doanh nghidp (DN) trong ntfdc Id DN cd quy md nhd vd vtfa, giai quye't vide lam cho hdn 386.000 lao ddng, ehid'm khoang 40% sd lao ddng dang lam vide trong cdc DN trdn dia bdn linh. Tuy nhidn, theo so lidu thdng kd tff Cue Thue' tinh Binh Dffdng (2017), nam 2016 chi ed khoang 49% DNNVV dang hoat ddng cd kd't qua kinh doanh lai, cdn lai 51% DN cd kd't qua kinh doanh Id. Sd DN cd kd't qua kinh doanh Id chu yd'u d nhffng DN sidu nhd cd nganh nghd thffdng mai vd dieh vu, cd ndng Iffe qudn tri tha'p, chid'm khoang 60%.
Theo Verbano va Venturini (2013), rui ro la vd'n cd trong ta't ca cac chffc nang kinh doanh va trong mpi loai boat ddng. Bie't each nhan dang rui ro, gan mdt gid tri va mdt thang do tfu tidn.
thie't kd' nhffng hdnh ddng vd nhffng ed ehd' de giam thieu riii ro vd theo ddi lidn tue, la dieu can thid't de dam bdo stf sd'ng cdn cua cdng ty vd tao ra gid tri ben vtfng.
Cdn theo VCCI ( 2017), phan Idn chu DNNVV d Viet Nam chtfa dpc hieu dtfdc bdo cao tai chinh, da phdn suy nghT vide lam kd' todn, bdo cdo thud' chi phuc vu cho muc dich ddi phd vdi cdc ed quan Nha ntfdc la chinh. Nhffng rui ro tiem ^n xuat phdt tff nguydn nhan quan tri yd'u kem cua DN Viet Nam, xay dtfng mdt he thd'ng qudn tri rui ro se giup DN nhdn didn kip thdi rui ro, ddnh gid dtfdc mffc dp va pham vi dnh htfdng cua rui ro vd chu ddng de ra cde giai phap de han ehd' chung.
Hien tai chtfa cd nghien effu nao ve quan tri rui ro tdi ehinh eua cac DNNVV d tinh Binh Dtfdng. Do vdy, trong nghien ctfu nay, tac gia lap
So 12-Thdng 9/2018 337
TAP CHi CONG THIflfNG
trung vao vide kiem tra anh htfdng cua stf hid'u bie't tai chinh de'n quan tri rui ro lai chinh trong viec cai thien hieu qua tdi chinh cua cde DNNVV d tinh Binh Dtfdng.
2. T^ng quan nghidn ci}u
Theo OECD (2006), DNNVV vd nha DN da dtfdc cdng nhan tren loan thd' gidi la mdt ngudn quan trpng cua stf nang dpng, sdng tao va linh boat d cac ntfdc cdng nghidp tidn tid'n, cung nhtf trong cdc nen kinh te' mdi noi va dang phdt trie'n. O Vidt Nam hidn nay, dinh nghTa DNNVV dtfdc ndu trong Ludt hd trd DNNVV sd 04/2017/QH14 ngay 14/7/2017 cua Qud'c hdi ve hd trd DNNVV. Theo Luat nay, DNNVV bao gdm DN sidu nhd, DN nhd va DN vffa, cd so lao ddng tham gia bao hid'm xa hdi binh qudn nam khdng qua 200 ngffdi va ddp ffng mdt trong hai tieu chi sau: Tong ngudn vdn khdng qua 100 ty ddng hoac tdng doanh thu cua nam trffdc lien ke khdng qua 300 ty ddng.
Theo COSO (2004), rui ro la mdt kha nang ma mdt stf kidn cd the' xdy ra va dnh htfdng xd'u dd'n viec dat dtfdc nhflng muc tidu dtfdc ndu trong bdo cdo tdi chinh. Rui ro dtfde ehia thdnh 4 nhdm, bao gdm: rui ro chie'n Itfdc, rui ro boat ddng, rui ro ve bao cao tai chinh vd rui ro tudn thu. Verbano va Venturini (2013), theo to chffc Casualty Actualty Society thi rui ro dffde chia thanh 4 nhdm, bao gdm: Rui ro nguy hid'm, rui ro hoat ddng, rui ro chie'n Iffdc va rui ro lai chinh nhtf rui ro gia, rui ro tai sdn, rui ro lien te, ruiro thanh khoan va rui ro trd nd. Theo COSO (2004), quan tri rui ro Id mdt qua trinh chiu sff tdc ddng cua hdi ddng quan tri, ban dieu hanh vd nhffng ngtfdi khac cua doanh nghiep, dtfdc dp dung trong qua trinh xde dinh chie'n Itfdc vd xuydn sud't trong id chffc, dffde thid't ke' de nhdn dien nhtfng stf kien tiem a'n cd th^
gay anh htfdng dd'n td chtfc va de quan tri rdi ro trong khau vi rui ro cua id chffc dd' dam bdo an loan mot each hdp ly Hen quan de'n vide thffc hidn nhffng nhidm vu muc tieu cua td ehffc. Verbano va Venturini (2013), quan tri rui ro tdi chinh la mot qua trinh tao ra gia tri kinh td' trong doanh nghiep bdng edch sff dung cac ky thuat va cac phffdng phdp tdi chinh de quan tri rui ro lai chinh (tin dung, ty gid hdi dodi, lam phdt, lai sud't, gia ca va rui ro thanh khoan).
Theo USAID (2009), dinh nghia mdt chu/gidm dd'c DNNVV hi^u bid't ve lai chinh nhff mdt ngffdi
hieu ve nhffng khdi niem tai chinh cd bdn, biet ve ngudn tai trd phu hdp nha't va nhffng cdng eu qudn tri tai chinh cho vide kinh doanh cua minh d cdc giai doan phdt trien khde nhau. Kimunduu vd cdng sff (2018), ed mdt mdi quan he Hch ctfe manh me ddng ke' giffa stf hieu bid't tai chinh va hidu qud tdi chfnh cua cde DNNVV. Chepkemoi vd cdng stf (2017), stf hi^u bid't tdi chinh la mot trong nhffng yd'u Id' giup tdng cffdng sff tang trtfdng va kha nang sinh Idi cua nhieu cdng ty thanh cdng. Bongomin vd cpng sff (2017), sff hieu bie't tai chinh gidp cdc ehu sd hffu va ngtfdi quan ly DNNVV cd dtfdc ki^n thtfc va ky nang tdi chinh can thie't dd' hp ldp k^
hoach kinh doanh, lap ke' hoach tie't kidm vd dtfa ra cac quyd^t dinh dau ttf chie'n Itfde. Adomako vd cpng stf (2015), cdc nhd qudn ly chu sd hffu cua DNNVV khdng cd kid'n thffe v l tdi chinh cd thi bo qua cdc rui ro cdn thid't hoac neu hp nhan ra rui ro, cd the khdng giai tbfeb chfnh xac hoac khdng hanh ddng mdt cdeh kip thdi. Yang va cdng sff (2018), quan tri nii ro doanh nghiep cd anh hffdng tich etfc dd'n hieu qua kinh doanh, cde DNNVV can t^p trung vao cae phffdng phdp gidm rui ro de dat dffde hidu sud't cao. Madembu vd cdng sff (2015), qudn ly rui ro Id mot ddng gdp quan trpng cho hidu qud tai chfnh cua cdc DNNVV. VCCI (2017), cd mdi tffdng quan giffa viec cai thien chat Iffdng qudn tri vdi gia tang nang sua't, kha nang sinh Idi va tSng trffdng cua doanh nghidp Viet Nam. Do vdy, tdc gid d l xud't cde gid thuyd't:
Gia thuyd't 1 (HI): Sff hieu bid't tai chfnh dnh hffdng dang ke de'n hidu qud tai chinh cua DNNVV d tinh Binh Dtfdng.
Gia thuye't 2 (H2): Stf hieu bie't tdi chinh anh hffdng dang ke de'n quan tri rui ro tai chinh c&a DNNVV d tinh Binh Dtfdng.
Gid thuye't 3 (H3): Quan tri rui ro chinh dnh htfdng ddng ke dd'n hidu qud tai chinh eua DNNW d tinh Binh Dtfdng.
3. Phittfng phap nghidn cd'u
Do Itfdng cac bie'n trong nghidn effu nay dffde ap dung tff cac nghien cffu trtfdc day bdi Adomako va edng stf (2015), Bongomin va cdng sff (2017), Noah va cpng stf (2018), Madembu vd cdng stf (2015). Td't ca cdc do Itfdng dtfpc dtfa trdn thang do Likert 5 diem, dtfdc xep hang tff gid tri 1 cho phan hdi hodn loan Ichdng ddng y Idn dd'n gid tri 5 cho phdn hdi hodn todn ddng ^.
338 S6'12-Thong 9/2018
Hinh 1: Mo hinh nghien cdu
SvMea biet tai chmh - ^ Quan tri rni ro tai cfaiah Hien qua tai chinh
Theo ngudn so lieu quan ly DN cua Cue Thud' dnh Binh Dtfdng thi tinh dd'n cudi nam 2016 tinh Binh Dtfdng ed 13.573 DNNVV dang cdn hoat ddng (trong dd tdng so DNNVV boat ddng tren 3 dia ban: TP. Thu Dau Mdt, Thi xa Thudn An, Thi xa DT An la 9.955 DN, chie'm 73%). Phtfdng phdp chpn mlu phan tan cua nghidn cffu nay dtfde xde dinh theo ede btfdc cua Nguydn Dinh Thp (2013). Nghidn cffu sff dung bdng cau hdi ca'u true de tie'n hdnh khdo sat. Dau tien, bang cau hdi ca'u tnic dffde gffi dd'n cde ed quan thud' d^
hd trd khdo sdt, sau dd cde nhdn vidn cua cd quan thud' se gffi trffc tid'p de'n 600 DNNVV d 3 dia ban (Trong do:
TP. Thu Dau Mdt: 196, Thi xa Thudn An: 202, Thi xa DI An: 202), trong thdi gian Iff thdng 12/2017 dd'n thang 4/2018. Kd't qua khdo sdt cd 399 DNNVV trd Idi (Thi xa DT An:
140, Thi xa Thudn An: 130, TP. Thu Dau Mdt:
129), dat 67%.
4. Kd't qua nghidn cti'u va thao luan 4.1. Ke't qua thd'ng ke nhtfng ddc diem DN Kd't qua thd'ng ke nhffng dac diem eua 399 DN d Bang Icho thd'y, ehi ed 34% cdc chu DN dffde dao tao ve kid'n thffe Idi ehinh, 47% DN cd ke't qua kinh doanh lai, cdc DN chtfa quan tam nhieu dd'n quan tri rui ro tai chinh, chi ed 21 % DN ed xdy dtfng chu trinh quan ly rui ro tai chinh. Kd'l qua thd'ng kd cdc loai rui ro tdi chfnh ihtfdng cd d cac DN eung cho thd'y, rui ro gid cd xay ra nhilu nhd't d cdc DN (93%), lid'p theo la rui ro thanh khodn (85%), rui ro nd xa'u la 74%, rui ro chinh sdch la 73%, rui ro lai sua't chi 43% cd thd' do DN khd tid'p can dtfdc tai chinh, rui ro ty gid la 28% cd the do eac DNNVV chu yd'u mua ban trong ntfdc, ehtfa xua't nhap kh^u nhieu nen ft bi dnh htfdng etia ty gid. (Bdng 1)
Bang 1. Ket qua thong ke nhQng d$c diem DN/chO DN KhoSn muc
DN/ Chu DN CO dUdc dao tao ve kien thiic ta chinh
DN dang co ket qua kinh doanh lai DN CO thiet iap chu trinh quan iy rui ro tai chinh chinh thiic
DN thudng cd nhiJng ioai rui ro tai chinh:
- RUI ro gia ca - Rui ro thanh khoan - RLII ro np xau - Riii ro iai suat - RUI ro ty gia
- Rui ro iien quan den thay doi chinh sach (ke toan, tien luong, bao hiem, thue...)
SoDN 137 189 83
370 339 294 172 113 292
Phan tram 34%
47%
21%
93%
85%
74%
43%
28%
73%
Ngudn: Kel qud ihdng ke id sd'lieu dieu Ira, ndm 2018
4.2. Kiim dinh dg tin edy cua thang do Kd't qua phdn tich Cornbachs Alpha d Bang 2 cho tha'y, thang do thude cdc khdi niem deu ed gid tri Cornbachs Alpha dat ydu eau Idn hdn 0,7. Ben canh dd, he sd' ttfdng quan bie'n tdng cua cdc bien quan sdt deu Idn hdn 0,3. Nhff vay, cac bie'n quan sat dat ydu cau khi thtfc hien kiem dinh dp tin cay thang trong nghien effu nay.
4.3. Phan tich nhdn td' khdm phd (EFA) va phdn tich nhdn td'khang dinh (CFA)
Khi tid'n hanh phdn tieh nhan to' khdm phd, cdc gid tri kid'm dinh deu dtfdc dam bao: He so' KMO: 0,5 < KMO = 0,834 < 1,0; kiem dinh Bartietts ve stf ttfdng quan cua eac bid'n quan sdt (Sig. = 0,000 < 0,05), chtfng td cdc bid'n cd lien quan chat che vdi nhau; td'ng phtfdng sai trich = 56,22% (> 50%) dat ydu cau.
Kd't qua phan tieh ma trdn xoay nhdn Id' d cho tha'y, cd 3 nhdm nhdn td dtfdc hinh thanh. Cde he sd' tai nhdn to cua cdc bid'n quan sdt Idn nhan td' ma nd do Itfdng deu dat ydu cau (>0,5). Do vay, thang do cua cdc khdi niem dat ydu eau va thich
So 12-Thdng 9/2018 3 3 9
TAP CHi CONG THIflfNG
Bang 2. Ket qua kid^m d|nh dd tin c$y cua thang do Kyhi^u
FL FL1 FL2 FI.3 FL4 FRM FRM1 FRM2 FRM3 FRM4 FP FP1 FP2 FP3 FP4 FPS
Khoan muc Si,i hieu biet ve tai chinh
Chu DN CO kha nang phan tich tai chfnh ta bao cao tai chinh Chij DN CO kha nang tinh toan chi phi cija cac khoan vay Chu DN CO kha nang lap ke hoach tai chinh Chu DN CO kha nang lap bao cao tai chinh Quan trj rui ro tai chinh
DN da dang hoa danh muc dau tU cua minh 64 giam rui ro Nguon von duoc sH dung de mua tai san co Idi nhuan ky vong cao nh^t cho mdt miic mm nhat dmh trong DN
Rijl ro va Idi nhuan dUdc giam sat chat che trong DN DN CO kha nang nhan dang va danh gia rOi ro Hieu qua tai chinh
UOc nang suat hoat dpng trong DN tUOng doi cao
DN dang tiep tuc chifng to ty suat loi nhuan tren doanh thu cao DN CO mot ty suat loi nhuan tren lai san cao
Doanh thu trong DN da tang len qua nhieu nam
Ty sual Idi nhu§n tren tai san va ty suat loi nhuan tren doanh thu cao hdn da lam tang Idi nhuan cua DN
H$ sotUdng quan bien tdng
Cronbaehs Alpha = 0,842
0,746 0,698 0,664 0,603 Cronbaehs Alpha = 0,806
0,566 0,667 0,632 0,622 Cronbaehs Alpha = 0,869
0,742 0,760 0,693 0,622 0,648
H$ sfT Cronbach's Alpha neu bi^n b| I09I
0,769 0,791 0,806 0,830
0,783 0,735 0,752 0,757
0,829 0,824 0,841 0,858 0,852 Ngudn- Kel qud kiem djnh Cronbaehs Alpha tif sd Ueu dieu Ira, ndm 2018
hdp sff dung cho nghidn etfu nay. Sau khi phan tich EFA, thffc hien phan tich CFA nham kid'm dinh lai cac gid tri cua thang do (gid tri hdi tu, gid tri phan bidt, gid trj lien he ly thuye't, gid tri ndi dung).
Ke't qua phdn tieh CFA d Hinh 2 cho tha'y, vdi hd sd Cmin/df = 2,839 (< 3), cdc he sd GFI = 0,936; TLI = 0,936; CFI =0,949, dieu ndy cho thd'y dp thich hdp cua dff hdu vdi md hinh nghien cffu la khd td't, bdn canh dd gia tri RMSEA = 0,068 <
0,08. Do vay, thang do cua md hinh nghidn cffu dat dtfpc cdc gid tri kie'm dinh, thang do ra't Ihfch hdp de' sff dung cho nghidn cffu nay.
4.4. Phdn tich md hinh cd'u true (SEM) Sau khi thtfc hien phan tich CFA, se tie'n hanh phdn tich SEM, nham kiem dinh cdc gia thuyd't nghien cffu va ffdc Iffdng stf tde ddng cua cac bie'n trong md hinh nghidn etfu. Kd't qua phan
Hinh 2: Ke? qua phan tich CFA
tfch SEM d Hinh 3 cho tha'y, cac gia tri ddnh gia stf thich hdp cija md hinh nhtf CMIN/df = 2,839, CFr= 0,936, TLI = 0,936, CFI = 0,949, RMSEA =
340 So 12-Thdng9/2018
0,068 deu phu hdp, nen dff lidu phu hdp vdi md hinh nghien effu.
Hinh 3: Kit qua phan tfch S E M
GFI= 936
76.044 . df=62 . P= OOO Chi-square/dr- 2 S39 . , T U = 936 . CFI= 949 . RMSEA= 068
Cdc kd't qua ffdc Itfpng d Bang 3 cho tha'y, stf hieu bid't lai ehinh (FL) cd anh htfdng dang ki dd'n hieu qua tdi chfnh (FP) (he so' beta
= 0,106, p < 0,13) hd trd eho gid thuyd't dau tidn (HI) cua nghien ctfu. Anh htfdng cua stf hid'u bie't ve tdi ehinh (FL) de'n quan in nii ro tdi ehinh (FRM) cung dang ke (hd sd' beta = 0,097, p < 0,05), da hd trd cho gid thuyd't thff hai (H2) cua nghien cffu da de xud't. Qudn tri riii ro lai chinh (FRM) cung anh hffdng ddng ke de'n hidu quan ly tai chinh (FP) (he sdbeta = 0,068, p <0,000), da hd trd cho gia thuyd't thff ba (H3) cua nghidn cffu. (Bdng 3)
4.5.1. Kiem dinh phuang sai vd kiem dinh trung binh
Tong hdp kie'm dinh phtfdng sai vd ki^m dinh trung binh d Bang 4 eho thd'y, vdi mffc y nghia thd'ng kd Id 5%
thi cic nhdm loai hinh DN, cac nhdm quy md DN, cac nhdm tudiDN, cde nhdm trinh do hoc van cua chu DN cd stf anh htfdng khde nhau de'n quan tri rui ro tai chfnh cua DNNVV (He so kiem dinh trung binh cd Sig < 0,05). Tuy nhien, cdc nhdm ngdnh nghe khdng cd stf anh htfdng khde nhau dd'n quan tri rui ro lai chinh cua DNNVV (hd so' kid'm dinh trung binh cd Sig = 0,228 > 0,05). (Bdng 4)
4.5.2. Phdn tich sdu /^NOVA Ke't qua phdn tich sdu
Bang 4. Tong hdp kiem d|nh phtfdng sai va Mem dinh trung binh
Bien Loai hinh DN
Nganh nghe Quy mo DN theo
doanh so Tuoi DN Trinh dp hpc van
Kiem djnh phuong sai Lsneve (Sig)
0,107 0,362 0,000 0,002 0,002
Kiem djnh tmng binh nhom (Sig) 0,043 0.228 0,000 0,000 0,000
K€tlu$n Co su \d\ic biet Khong khac diet Co sy khac biet Cd sy khac biet Co sy khac biet
Bang 3. Ket qua Udc \ua%
Cac gia thuyet FRM <— FL FP <— FRM F P < - FL
Udc IU0ng 0,097 0,688 0,106
P 0,003 0,000 0,013 Ngudn: Tinh todn id ket qud phdn tich SEM
4.5. Phdn tich ANOVA mdt chiiu ve stf khde biit gitfa cdc nhdm dac diem DN/Chu DN
Ngudn: Kit qud phdn lich sdu/tNOVA tttso lieu dieu Ira, ndm 2018
ANOVA d Bang 5 cho thay, vdi mffc y nghTa thdng kd la 5% thi nhdm DNTN quan tri rui ro tdi chinh hidu qua hdn nhdm Cdng ty TNHH. Quy md DN cdng Idn, DN boat dpng cang lau, trinh dp hpc vd'n eua ehu DN cang cao sd quan tri riii ro tai chinh cang hieu qua hdn. (Bdng 5)
5. Kd't luan va khuye'n nghi
Kd't qua nghien cffu cho tha'y, stf hieu bid't ve tai chfnh anh htfdng dang kd' dd'n qudn tri rui ro tdi
So 12-Thang 9/2018 341
TAP CHi CONG THlTdNG
Bang 2. Ket qua kiem d|nh dd tin c$y cua thang do Kylli$u
FL FL1 FL2 FL3 FL4 FRM FRM1 FRM2 FRM3 FRM4 FP FP1 FP2 FP3 FP4 FPS
Khoan muc
Su hieu biet ve tai chinh
Chij DN CO kha nang phan tiet! tai ctiinh tit bao cao tai chi'nh Chu DN CO kha nang tinh toan chi phi cua cac khoan vay Chu DN CO kha nang lap ke hoach tai chinh Chu DN CO kha nang lap bao cao tai chinh Quan tr| riji ro tai chinh
DN da dang hoa danh muc dau tu cua minh de giam rui ro Nguon von dUOc SLI dung de mua tai san co loi nhuan ky vong cao nhat cho mot mOc riii ro nhat dmh trong DN
Rui ro va loi nhuan duoc giam sat chat che trong DN DN CO kha nang nhan dang va danh gia rui ro Hieu qua tai chinh
IVILIC nang suat hoat dpng trong DN tuong 66\ cao DN dang tiep tuc chOng to ty suat loi nhuan tren doanh thu cao DN CO mot ty suat loi nhuan tren tai san cao
Doanh thu trong DN da tang ion qua nhieu nam
Ty suat Ipi nhuan tren tai san va ty suat Ipi nhuan tren doanh thu cao hon da lam t§ng loi nhuan cua DN
H$ so ti/ong quan high tdng
Cronbaehs Alpha = 0.842
0,746 0,698 0,664 0,603 Cronbaehs Alpha = 0,806
0,566 0,667 0,632 0,622 Cronbaehs Alpha = 0,869
0,742 0,760 0,693 0,622 0,648
HJ sff Cronbach's Alpha hffu bieh b| loai
0,769 0,791 0,806 0,830
0,783 0,735 0,752 0,757
0,829 0,824 0,841 0,858 0,852 Nguon: Kit qud kiem dinh Cronbaehs Alpha id so' lieu dieu tra, ndm 2018
hdp sff dung cho nghidn cffu nay. Sau khi phdn tich EFA, thffc hien phan tich CFA nham kid'm dinh lai cac gid tri cua thang do (gid tri hdi tu, gid tri phdn bidt, gid tri lidn he ly thuye't, gid tri ndi dung).
Kd't qua phan tfch CFA d Hinh 2 cho tha'y, vdi he so' Cmin/df = 2,839 (< 3), cac he sd GFI = 0,936; TLI = 0,936; CFI =0.949, dieu nay cho thd'y dp thich hpp cua dff lieu vdi md hinh nghidn cffu la kha td't, bdn eanh dd gid tri RMSEA = 0,068 <
0,08. Do vay, thang do cua md hinh nghien cffu dat dtfdc cac gia tri ki^m dinh, thang do rd't thich hpp de sff dung eho nghidn cffu nay.
4.4. Phdn tich md hinh cd'u true (SEM) Sau khi thtfc hien phan tfch CFA, se tid'n hdnh phdn tfch SEM, nham kie'm dinh cac gia thuyd't nghien ctfu va tfdc Iffdng sff lac ddng cua cae bid'n trong md hinh nghien cffu. Ke't qua phan
Hinh 2: Kei qua phin tich CFA
tich SEM d Hinh 3 cho ihd^y, cae gid tri danh gid sff thich hdp cua md hinh nhtf CMIN/df = 2,839, CF1= 0,936, TLI = 0,936, CFI = 0,949, RMSEA =
340 So 12-Thang 9/2018
0,068 deu phu hdp, ndn dff lieu phu hdp vdi md hinh nghien cffu.
Hinh 3: Ket qua phan tid) SEM
:hi-square= 176 044 . tif^B2 , P= OOO Cm-square/(«= 2 839 . GFI= 9 3 6 . T L I = sae , CFI= 949
Cdc kel qua ffdc Itfdng d Bang 3 cho tha'y, sff hieu bie't tai ehinh (FL) cd anh htfdng dang ke de'n hidu qua tdi chfnh (FP) (he so beta
= 0,106, p < 0,13) hd trd cho^gia thuye't dau tien (HI) cua nghidn ctfu. Anh htfdng cua stf hieu bie't ve tdi ehinh (FL) de'n quan tri rui ro tai chfnh (FRM) eung ddng ke (he so beta = 0,097, p < 0,05), da hd trd cho gia thuye't thff hai (H2) cua nghidn effu da dl xuat. Qudn tri rui ro tdi chinh (FRM) cijng anh hffdng dang kd' dd'n hidu quan ly tai chfnh (FP) (hd sd beta = 0,068, p <0,000), da hd trd cho gia thuye't thff ba (H3) eua nghidn cffu. (Bdng 3)
4.5. J. Kiem dinh phuang sai vd kiem dinh trung binh
Tong hdp kie'm dinh phffdng sai vd kiem dinh trung binh d Bang 4 cho tha'y, vdi mffc y nghia thd'ng ke Id 5%
thi cac nhdm Ioai hinh DN, eac nhdm quy md DN, cde nhdm tudi DN, ede nhdm trinh do hpc va^n cua ehu DN cd stf anh htfdng khac nhau de'n quan tri rui ro tai chinh ciia DNNVV (He so' kiem dinh trung binh cd Sig < 0,05). Tuy nhien, cdc nhdm nganh nghe khdng cd stf anh htfdng khac nhau dd'n quan tri rui ro tdi chinh ciia DNNVV (he so' kid'm dinh trung binh cd Sig = 0,228 > 0,05). (Bdng 4)
4.5.2. Phdn tich .mu ANOVA Ke't qua phan tieh sau
Bang 4. long hdp kiem d|nh phUdng sai va kiem djnh tmng binh
Bien Loai hinh DN Nganh nghe Quy mo DN theo
doanh sd Tudi DN Trinh dp hpc van
Kiem d|nh phUdng sai Leneve (Sig)
0,107 0,362 0,000 0,002 0,002
Kiem djnh tmng binh nhom (Sig) 0,043 0,228 0,000 0,000 0,000
Ket lu$n Cd su khac biet Khong khac biet Co SL/ i^hac biet Co su ithac biet Co sU khac biet
Bang 3. Kd't qua Udc lupng Cac gia thuye)
FRM < - FL FP < - FRM FP<.- FL
Udc ludng 0,097 0,688 0,106
P 0,003 0,000 0,013 Ngudn: Tinh lodn td ket qud phdn tich SEM
4.5. Phdn tich ANOVA mgt chiiu ve stf khac biet gitfa cdc nhdm dtfc diim DN/Chu DN
Ngudn: Ke't qud phdn tich sdu ANOVA tif sdlieu dieu Ira, ndm 2018
ANOVA d Bang 5 cho thd'y, vdi mtfc y nghia thd'ng kd la 5% thi nhdm DNTN quan tri ruiro tai chfnh hieu qua hdn nhdm Cdng ty TNHH. Quy md DN cdng Idn, DN hoat ddng cang lau, trinh dp hoc va'n cua chu DN cang eao se qudn in rui ro lai chinh cdng hieu qua hdn. (Bdng 5)
5. Kd't luan va khuyd'n nghi
Ke't qud nghidn cffu cho thay, stf hieu bid't ve tai chinh dnh htfdng ddng ke' de'n qudn tri rui ro tdi
So 12-Tl^ang 9/2018 341
TAP CHl CONt THIflfNt
Bang 5. Bang ^ng hdp phan tfdi sau ANOVA
(l)(J)
Khacbi^t tnjng binh
Sai l$ch ctluan
Sig.
Khoang tn c§y 95%
C$n dudi C^nlrtn Loai hinii DN
Cty TNHH
Quy mo doanh so
Tren 10 tj' dong den 100 ty dong
Tuoi DN
Tren 5 den 10 nam
CtyCP DNTN
T010 ly ddng trd xud'ng Tren 100 ty dong den 300 ty ddng
TO 5 nSm trd xud'ng Tren 10
-0,10742 -0,34965
0,47492 -0,90427
0,41493 -0,86270
0,15530 0,14170
0,06133 0,07307
0,06335 0,07646
1,000 0,042
0,000 0,000
0,000 0,000
-0,4808
•0,6903
0,3276
•1,0810
0,2628 -1,0476
0,2660 -0,0090
0,6223
•0,7276
0,5671 -0,6778 Trinh do hpc v^n cija chCi DN
Dai hoc
Trung cap, Cao dang Sau Dai hoc
0,35237 -0,94703
0,07390 0,10941
0,000 0,000
0,1747 -1,2189
0,5301
•0,6751 Nguon: Kel qud phdn tich sdu ANOVA id sdlieu dieu Ira, ndm 2018
ehinh trong viec cai thien hidu qua tdi chinh cua cdc DNNVV d tinh Binh Dtfdng. Ke't qua phdn tfch ANOVA cho tha'y, cd stf anh htfdng khde nhau cua cdc nhdm loai hinh DN, quy md doanh so', tuoi DN vd tdnh do hgc va'n cua ngtfdi chii dd'n qudn tri rui ro tai ehinh. Do vdy, de nang cao hidu qua tdi chinh cua cde DNNVV, tde gid khuyd'n ngh; cac gidi phap sau:
5.1. Cdc gidi phdp cdi thiin stf hiiu bie't tdi chink cua ngiidi chu DN
Mot la, cai thien kha nang phan tich tai chinh se giup chu DN dif bdo dtfdc tinh hinh tdi chinh.Cac ky nang phan tich lai chinh ndn tap trung cai thien nhtf phan tich cac ly sd' thanh khoan, cdc ty so' qudn ly tdi sdn, cdc ty sd' quan ly nd, cde ty sd' khd nang sinh Idi.
Hai Id, cai thien kha nang tinh todn ehi phi cua cac khoan vay se gidp chu DN xde dinh ngudn
tdi trd phu hdp, dam bao tie't kidm dtfde chi phi.
Chu DN ndn hie'u ve lai sud't, lai vay vd phtfdng phdp xac dinh gia tri ddng tien dd' cd the tinh dtfdc chi phi lai vay.
Ba la, cdi thidn khd nang lap ke' hoach tdi chinh sd giup DN thid't lap ngdn sach phii hdp hdn, kie'm sodt dtfdc tinh hinh tdi chinh. Cdc ky nang cdn cd trong ldp ke'hoach tai chinh nhtf khd nang phdn tich, dtf bdo ddng tien, ngudn vd'n, doanh thu, chi phi, Idi nhudn trong mdt ky.
Bd'n la, cai thidn khd nang lap bao cdo tai chinh se giffp chu DN ki€m sodt chat che hdn tinh hinh tai san, ngudn vd'n, doanh thu va chi phi, ddng tien trong DN. Do dd, eae chff DN nen hieu dtfde 5? nghTa cua cdc chi tieu trdn bao cdo tdi chinh.
Ndm la, VCCI, cdc cdng ty tff vd'n tdi chinh va hiep hdi DNNVV d tinh Binh Dffdng ndn tdng
342 So 12-Thang 9/2018
ctfdng hd trd dao tao vd cac kien thffc tai chinh cho cac chu DN, dac bidt Id cac DNNVV mdi thdnh lap.
5.2. Cdc gidi phdp cdi thi^n qudn tri rui ro tdi chinh
Mdt Id, chu doanh nghidp / ngtfdi quan ly DNNVV ndn quan lam nhieu hdn dd'n quan tri riii ro lai chinh. Xem quan tri rui ro tai chinh la mdt phan cua quan tri tai chinh. Thie't lap chu trinh quan tri rui ro tdi chinh cho DN.
Hai la, cic DNNVV ndn thtfdng xuyen theo ddi vd quan ly rui ro tai chinh, ddng thdi trie'n
khai cae bidn phap giam thieu de' han che cdc rui ro dtfdc xae dinh.
Ba Id, cic nguyen tac eiia ly thuyd't danh mue ddu ttf nen dtfdc dp dung trong vide lffa chon cdc khoan dau tff cua cdc DNNVV. Dieu ndy se dam bao td'i da hda Idi nhudn dff kid'n cua danh muc dau tff va do dd eai thien hidu qua tdi chfnh.
Bdn Id, tang cffdng ffng dung cdng nghe thdng tin vao quan tri rui ro tai chinh bdng cdch cdi dat cdc he thd'ng thdng dn cd thd' ddnh gia vd do Itfdng rui ro tai chinh chfnh xae hdn, theo ddi eac chu trinh qudn tri rui ro lai chinh dat hidu qud hdn •
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So 12-Thdng 9/2018 3 4 3
TAP CHi CONG THIfdNG
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Ngaynhan bai: 4/8/2018
Ngay phan bidn danh gia va suTa chu'a: 14/8/2018 Ngay chai^p nhan dang bai: 24/8/2018
Thdng tin tdc gid:
1. ThS. PHAM CONG DQ Truftfng Dai hpc Thu D^u MOt 2. TS. N G U Y I N THANH VU Trtfdng Dai hpc Nguydn Ta't Thanh
THE IMPACT OF THE FINANCIAL LITERACY ON THE FINANCIAL RISK MANAGEMENT IN IMPROVING THE
FINANCLVL PERFORMANCE OF SMES OPERATING IN BINH DUONG PROVINCE
• Master, PHAM CONG DO Thu Dau Mot University
• PH.D. NGUYEN THANH VU Nguyen Tat Thanh University ABSTRACT:
Financial literacy provides financial knowledge and skills to make informed decisions related to financial issues and to effectively improve the financial performance of small and medium-sized enterprises (SMEs). This study examines the impact of the financial Uteracy on the financial risk management in improving the financial performance of SMEs operating in Binh Duong province. Results indicate that the financial literacy has a significant effect on the financial risk management in improving the financial performance of SMEs located in Binh Duong province.
Keywords: Financial literacy, financial risk management, financial performance, small and medium-sized enterprises, Binh Duong province.
3 4 4 So 12-Thdng 9/2018
