TAC DONG CUA QUAN TRI VON L U U DONG D £ N KHA NANG SINH LOI;
BANG CHUTVG Tl/ CAC CONG Tl NIEM Y £ T TREN SAN CHUTVG KHOAN HO CHI MINH
IVan Manh Dung
Vien Ke todn—Kiim todn, Truang Dgi hge Kinh ti qudc ddn Email: [email protected]
Nguyin Huy C u ^ g
Dgi hoc Kinh ti vd Lugt, Berlin, Cdng hda Lien bang Due Email: [email protected] Ngay nhan: 7/7/2016
Ngay nhan ban sua: 28/7/2016 Ngay duyet d5ng: 25/12/2016
Tom tat:
Nghiin ctru ndy duac thirc hien nhdm ddnh gid su tdc ddng cda "qudn tri vdn liru ddng" lin
"khd ndng sinh ldi" cua cdng ty niem yet tren sdn chimg khodn Ho Chi Minh. Dit lieu duac thu thap tic bdo cdo tdi chinh da duac kiim todn cda cdc cdng ty cd phdn niim yit trin sdn giao dich chimg khodn thdnh phd Hd Chi Minh tir ndm 2006 din 2014. Kit qud cho thdy qudn tri vdn luu ddng giup cdng ty gidi quyet nhimg gdnh ndng vi tdi chinh trong ngdn hgn vd tdng cudng tinh hiiu qud bdng viic cdi thien chudi cung ung hogc chinh sdch tin dung, nhimg chung lgi khdng dnh hudng den "khd ndng sinh ldi" cua cdng ty trong mdu.
Tir khoa: Quan tri von Iiru dpng; kha nang sinh loi; thi tnrang chirng khoan Ho Chi Minh Impacts of working capital management on firms' profitability: Evidence from listed firms in Ho Chi Minh's stock exchange
Abstract:
This paper is conducted to evaluate the effects of "working capital management" on
"profitability " of listed firms on Ho Chi Minh's Stock Exchange. Data were collected from audited financial statements of the listed firms in the Ho Chi Minh 's Stock Exchange fi-om 2006 to 2014. The results show that "working capital management" helps listed firms solve the short- term obligations and improve the efficiency by improving the supply chain and credit policies, however there is no correlation between working capital management and firms 'profitability.
Keywords • Working capital management, firms 'profitability, Flo Chi Minh 's stock exchange
1. Giifi thieu ty phuc hoi lai nang suat cho ca cong ty.
Theo nghTa chung, von luu dong (hay von hoat Bang viec phan tich cong tac quan tn von tiru dong) la sir khac biet giiia tai san ngan han va no dpng cua doanli nghiep, ngu'di sir dung bao cao tai ngSn han hay don gian la mot thiroc do cho tinh chinh c6 the biet ve kha nang thanh toan no trong thanh khoan. Tuy nhien, niu xem xet ky lu'ong hon ngin han, hieu qua cua chu6i cung irng, va chinh thi v6n liru dgng la khai niera de do khong chi tinh sach tin dung ciia cong ty do. Vi du de nhan ra nhit thanh khoan, ma no con la thuoc do cho tinh hieu do chinh la khi cong ty mu6n bat dku kinh doanh, qua trong san xu5t kinh doanh cua doanh nghiep. hau het sc phai bat dau bang viec mua sam tai san c6 Do vay. khi c^n phai dua ra cac quyfit dinh lien quan djnh (TSCD) va TSCD Iuon di kem vai nhieu v4n di din dhu tu ci\n su dung cac chi so tai chinh, trong do, can phai iuu tam nhu trong qua trinh sir dung chung, cac chi s6 \^"- - ot-^ lyu dong dong vai tro quan trong sau khi cong ty nhan tai san se phai lap dat, chay mang ' '•'••''' chot trong viec dua ra quyet dinh. thu, va tiip theo la hang loat cac chi phi cho viec van J.J0T1,, iiuii von luu dpng con CO the giiip cong hanh tai san nhu chi phi nguyen vat heu, cac chi phi
'••".? o'/^o'^ 1^ kinll Iivl'liiil tri™
c6 dinh CO lien quan... Hem nii^, de co the dat dugc cac chi ti6u vi lgi nhuan va yeu cau cua khach hang, mcit s6 lupng nhdt dinh cua nguyen Ueu dau vao va san phSm phai Iuon can duac luu trij de hoat dpng kinh doanh khong hi gian doan. Vi vay, tien dong vai tro r4t quan trpng bao dam cho hoat dpng kinh doanh dugc dien ra binh thudng.
Ben canh do, cliinh sach tin dimg ciing la mfit phSn quan trpng khi no quyet dinh so lugng cac khoan phai fliu ma cong ty can phai diu hdi. Neu cong ty CO chinh sach tin dung chat che va huu hieu thi cac khoan phai thu se dugc thu hoi nhanh chong, va tranh khoi viec vuong vao cac khoan phai thu kho doi hay khong co kha nang thu hoi, nhung chinh dilu do lai co die khien cho lugng hang ban ra bi han che. Ngoai ra, khoang thai gian ma cong ty tra cac khoan ng ciing quan trpng khdng kem trong hoat dpng san xuat kinh doanh; n6u cong ty tri hoan viec tra ng trong mot khoang thoi gian vijca dii, thi dieu nay se khien cho cong ty co them nhiSu ngu6n lire hon de tao ra nhieu hang hoa, co the dan tdi tang doanh thu va lgi nhuan. Nhung voi tinh hai mat ciia mpt van de, nha cung cap se khong thich khi hp ban hang ma mai khong thu dugc tien, dac biet la khi khoang thai gian do vugt qua giai han chiu dirag cua hp; dieu do co the anh hucmg ldn tai chudi cung cap hang hoa sau nay. dan tdi su gian doan trong hoat dpng kinh doanh. Do do phai that than trpng trong viec chiem dung von ciia doi tac de lam lgi cho hoat dong kinh doanh ciia chinh minh. Vi le do, quan tri von lim dpng (von hoat dpng) cd the anh hudng khong nho tdi "kha nang sinh ldi" ciia doanh nghiep, thong qua nhirng tac dong ciia no tdi viec giai quyet ganh nang tai chinh trong ngan han va hieu qua hoat dong ciia cdng t\'. Do do ma nhdm tac gia thuc hien nghien cuu xem lieu quan trj von luu dpng co anh hudng nhu the nao tdi "kha nang sinh Idi" ciia doanh nghiep. Theo do. nghien ciiu nay sir dung du lieu tir cac cong ty dai chiing, dugc niem yet tren san chimg khoan thanh pho Hd Chi Minh de xac dinh ro mdi quan he giira "quan tri von Imi dpng " va "kha nang sinh ldi •• cua cac doanh nghiep.
Ngoai ra. nhieu nghien ciju trudc da chimg minh duoc rang cac yeu to khac nhu la: "don biy tai chinh",
"tdc dp tang tnrdng", "tai san cd dinh", "quy mo",
"nganh cdng nghiep" \ a 'Veu t6 \T mo" cd anh hudng true tiep tdi "kha nang sinh ldi" cua doanh nghiep. Vi
\"a\, se la rapt diieu sot Idn niu nghien ciiu khdng tap hpp cac >eu to nay ben canh "quan hi vdn lim ddng".
Do dd, cac bien dai dien cho cac chi tieu nay da dugc diem \-ao ciing \ di dai dien ciia "quan ni v6n luu dpng"
de tang them dp tm cay ciia ket qua nghien cuu.
2. Tong quan nghiSn cuu
Nhieu nghien cuu da chi ra ring "kha nSng sinh ldi" bi anh huong bdi rdt nhieu y^u to khac nhau, va vdn luu ddng ciing d3 dugc chiing minh la co anh hudng nhat dinh den "kha nSng sinh ldi". Vdn lira ddng la khai niem de do ludng tinh thanh khoan va hieu qua hoat dgng ciia cdng ty. Noi each khac, no khdng chi la thudc do cho siic khoe ve tai chinh trong ngan han, ma cdn la cau tra ldi cho cau hdi v^
hieu qua trong hoat ddng cua cong ty.
Da cd nhi6u nghien cuu dugc thuc hien de tim ra anh hudng ciia "quan tri von lira d^ng" tdi "kha nang sinh ldi" ciia cdng ty, va hdu h6t deu ket luan rSng cd tdn tai mdi quan he giira "quan tri vdn luu ddng"
va "kha nang sinh ldi" ciia cdng ty. Tuy nhien, mdi quan he nay lai the hien khac nhau vdi cac ngft canh qudc gia khac nhau va cac thi trudng khac nhau.
Cd nhieu nghien ciiu chi ra "quan tri vdn luu dpng"
anh hudng tich cue tdi "kha nang sinh ldi" nhu trong nghien ciiu cua Asaduzzaman (2014) d Bangladesh.
Trong nghien ciiu nay, tac gia da xay dung nghien ciju dga tren dii lieu thu thap tir cac cdng ty det may tai Bangladesh va hp phat hien thay giiia "quan tri vdn luu ddng" va "kha nang sinh ldi" cd mdi lien he dang tin cay. Cac chi sd dugc sii dung dai dien cho "quan tri vdn luu ddng" la Chu ky thu hdi cac khoan phai thu (DSO: Day of Sales Outstanding), Chu ky quay vdng hang tdn kho (DSI: Day Sales of Inventories), Chu ky thanh toan ng phai tra (DPO:
Day of Payables Outstanding), va Chu ky tien mat (CCC: Cash Conversion Cycle). Trong sd bdn dai dien nay, chi co "DPO" I^ cho thay lien he tieu cue vdi "kha nang sinh ldi", vdi cac dai dien cdn lai la mdi quan he tich cue vdi "kha nang sinh ldi". Tuong tu nhu vay, Osundina (2014) da thuc hien nghien cim dua tren cac cdng ty niem j et trong nganh thuc pham va nuoc giai khat tai Nigeria, va ciing tim ra rang "quan tri vdn luu ddng" cd lien he tich cue vdi
"kha nang sinh ldi". Mot nghien cim khac tir Nigeria dugc thuc hien bdi Lawrence (2015) cimg chi ra mdi Uen he tich cue giira "quan tri vdn luu dpng" va
"kha nang sinh ldi". Ben canh do, Richard & cdng su (2013) ciing da tim hieu ve mdi quan he nay dua tren du lieu tir cac cdng t\ dai chiing d Ghana \a Cling dua ra ket luan cd mdi quan he tich cue giiia
"quan tri vdn luu ddng" den "kha nang sinh ldi"
Ngugc lai, vdi \icc sir dung bdn chi sd dai dien tuang tu cho "quan tri vdn luu ddng" nhu cac nghien cuu tren, Snober & Velontrasina (2014) da tim ra mdi Hen he tieu cue giira "quan tri vdn luu ddng" va
"kha nang sinh idi" trong nghien ciru ciia hp. Tuang
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tu nhu vly, Charles & cpng su (2014) da xay dung mpt nghien cuu dua tren dft Ueu tir cac cdng ty dai chiing d Nigeria v^ nhan dugc k6t qua vi mot mdi quan he ti6u cyc gifta "quan tri vdn luu ddng" va
"kha nang sinh ldi".
Ngoai ra, Rafiu & John (2014) dm thdy nhiing anh hudng khac nhau ciia "quan tri vdn luu dpng"
den "kha nang smh ldi" khi thay ddi dai dien cua
"quan tri vdn Ixm ddng". Mot kdt qua bao gdm nhilu mdi li8n he gifta timg dai didn cua "quan tri vdn luu dpng" vdi "kha nSng sinh ldi" cung dugc tim thdy trong nghi8n ciiu cua John (2014).
Trong nghien cihi ciia Tristan & Huy Cuong (2015), cac y8u td: "ddn bay tai chinh", "tdc dp tang tnidng", "tai san cd dinh", "quy md", "nganh cdng nghi6p" va "y6u td vT md" da dugc tim thdy la cd inh hudng khdng nhd tdi "kha nang sinh ldi". Do vay, se la thieu sdt va giam bdt dp Un cSy cua kit qua nin nghien ciiu khdng bao quat ca nhiing yeu td nay ben canh yeu td "quan tri vdn luu d^ng".
3. Thu thap dir lifu va phuong ph^p nghiSn cihi
Nghien ciiu dugc xay dung dua tren dft lieu ve cac cdng ty niem yet tren san chiing khoan thanh phd Hd Chi Minh trong khoang thdi gian tir 2006 den 2014. Tat ca cac cdng ty trong nghien ciiu deu phai cd bao cdo tai chinh (BCTC) dugc kiem toan bdi cac cdng ty kiem toan dpc lap. Du lieu khdng bao gdm cac cdng ty hoat dpng trong ITnh vuc tai chinh vi nhimg dac diem dac thti khac biet cua nhdm nganh nay vdi cac nhdm nganh khac, dac bi6t la loai hinh kinh doanh ciia cac cdng ty trong nganh tai chinh. Ket qua la cd 127 cong ty niem yet dugc thda man trong mau nghien cim cho chudi thdi gian tren.
Dua vao nghien ciiu ciia Tristan & Huy Cuong (2015), nhdm tac gia xay dung md hinh hdi quy nhu sau:
P = p^+ j3;.7T+ p,.£)5rC+ p^.r5Ce + ^^.QM^
^,.QTVLD+£ ' (1) P = p, + ^,.TT + ^,-DBTC + ^^-TSCD + ^^.QM
+ ^^.QTVLD + YTVM^ SC\' + c (2) Trong d6:
P dai dien cho "Klia nang sinh ldi", dugc danh gia bang ty sudt sinh ldi tren tong tai san (ROA), va ty sudt sinh ldi tren vdn chu sa hiru (ROE) vdi:
Lai nhuan rdng + lai vay ROA = -
Lgi nhuan rdng ROE
Vdn chil sd huu
DBTC dai dien cho "Ddn bdy t^i chmh", dugc danh gia bing chi sd h8 sd ng phai trd vdi:
Tdng ng phai tra DBTC =
Tdng tai san
TSCD dai dien cho 'Tai san cd dinh", dugc danh gia bang chi sd TSCD tren tdng tai san vdi;
Tdng tai san cd dinh thuan TSCD =
Tong tii san
QM d^i dien cho "Quy md" dugc danh gid bdi logarit tu nhien ciia doanh thu.
TT dai dien cho "Tdc dp tang trudng" dugc danh gia bdi ty le thay ddi ciia doanh thu thuSn.
"Quan tri vdn luu ddng" dai dien bdi QTVLD, dugc danh gia bang chu ky thu hdi khoan phai thu (DSO), chu ky vdng quay hang tdn kho (DSI), chu ky thanh toan ng phai tra (DPO), va chu ky tien mat (CCC) vdi:
Cac khoan phai thu DSO = X 365
Tdng doanh thu ban chiu Hang tdn kho binh quan DSI = X 365
Gia vdn hang ban Ng phai tra
DPO = X 365 Gia von hang ban CCC=DSO+DSI-DPO
"Ygu td vT md" (YTVM) tir 2006 din 2014 dugc dai dien bdi 9 bien phan loai, ttr Y^^ den Y|_, lan lugt cho nam 2006 den nam 2014.
"Yeu td nganh cdng nghiep" (NCN) dupe danh gia thdng qua 15 bien phan loai tii'NCN| dgnNCN^^, lan lupt dai dien cho 15 nganh cdng nghiep eiia cac cdng ty trong dfr lieu nghien cim. Gdm c6 cac nganh: Cao su, Cdng nghe cao, KJiai thac ddu khi, Dien, Du lich, Dugc. Giao due, Khai thac md, Cdng nghiep nhua, Che tao-San xuat, Thep, Thuc phdm, Thucmg mai, Thity san. Van chuyin. Cuoi cimg, c la phan sai sd.
Vdi \ lec xay dung nghien ciru dua tren cac nghien ciiu tuoiig tu cua cac qudc gia cd tinh trang kinh ti tucmg ddng vdi Viet Nam. cac tac gia hi vpng se
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BSng 1: Mo ta cdc chi s6 Chi tiSu
ROA ROE BBTC TT TSCD QM CCC DSO DSI DPO
S6 quan sat (*) 1.143 1.143 1.143 1.143 1.143 1.143 1.143 1.143 1.143 1.143
Nhi nhat -0,362 -0,970 0,008 -0,706 0,000 7,809 -358,048 1,356 0,000 1,223
L(hi nhat 0,730 1,780 0,978 6,672 0,939 17,370 2.803,052 993,251 2.683,887 1.530,680
Trung binh 0,112 0,180 0,454 0,227 0,314 13,545 117,731 55,040 101,310 38,637
DO l$ch chuSn 0,082 0,189 0,214 0,529 0,207 1,319 195,285 75,612 171,433 65,905 Nguon: Tdc gid tv tinh todn dua tren BCTC cua cdc cong ty trong mdu.
Chu thich.' (*): 127 quan sdt trong 9 ndm id 1.143 quan sdt
Bing 2: M6 hlnh (1) sit d(ing chu ItJ thu hSi Idioin phM thu (DSO)
ROA ROE
(Hang so) TT DBTC TSCD QM DSO R2 T n s 6 F
0,057
***0,027
•••-0,136
•••-0,036
•••0,010
•••0,000 0,171
•••48,173
0,043
•••0,067
•••-0,102
•••-0,112
•••0,016
•••0,000 0,087
•••22,651 Chu thich: •••/••/* iM hien mitcy nghia tucmg img tgi 1%, 5% vd 10%
tim thiiy Auqc kSt qua nhu (i) ton tai moi quan h8 giiJa "quan tri v6n luu dgng" va "kha nang sinh loi";
(ii) Cac ylu t6 anh hudng khac nhu "t6c d6 tang truong", "quy mo", "don bSy tai chinh", "tai san c6 ditih" va moi Hen he chat che giifa "yeu to vT mo",
"nganh cong nghiSp" va "kha nang sinh loi".
4. Kit qua nghiSn cuu
Bang 1 la th6ng tin tong quan ve cac chi s6 duoc su dung lam dir lieu cho nghien cihi nay. Nhin chung, qua 9 nam chi s6 ROA va ROE trung binh a mirc chSp nhan dugc nhung n6u so sanh chung voi dir lieu v6 gi^ tri s6 sach tr8n gia tri thi truong binh quSn thi ro ring m>ic ROA va ROE nay chua dap ling dugc ky vong cua cac nha dau tu. Trong khi do, ty le tang truong binh quan ciia nhom cac cang ty trong mlu lai dat d miic tk cao voi 22,8%, va ty le ng tren tdng tai san rdt an toan binh quan a 45,5%. Ben canh do, h | s6 TSCD tren tdng tai san
ciia cac cong ty trong mlu a muc 31,5% buih quan, muc 0% nho nhit dugc giai thich trong thuySt minh BCTC cita Hamico rang hg da dimg toan hg TSCD d£ chuy6n thanh khoan dSu tu vio cong ty khdc.
Ngoai ra, quy mo binh quan cua cac cong ty o miic 13,545. Cu6i cimg, v8 "quan tri v6n lim dgng": DSO binh quan dat 55,04 ngay, DSI binh quan dat 101,31 ngay, DPO binh quan dat 38,6 ngay, CCC binh quSn dat 117,73 ngay, chi so 0 o DSI thugc vS cgng ty trong ITnh vuc van chuyin, nhung cong ty thugc khoi nganh nay thu6ng khong co hang t6n kho.
Chay m6 hinh cho m6i dai di$n ctia "quan tri von luu dgng" bang each su dyng mo hinh (1) cho DSO, DSI, DPO va CCC. Hon nOa de tang them do tin cay cua kit qua, cac tdc gia da sur dung CCC nhu U dai dien tong quan nhat ve "quan tri von liru dgng"
va ap dgng no vao mo hinh (2) vol them 2 nhan t6 ciia "nganh c6ng nghiep" va "yeu t6 vimd". Bang 2 cung cap thdng tin ve ket qua khi ap dung m6 hinh
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Bang 3; IV16 hinh (1) sir dung chu ky quay vong hing ton kho (DSI)
ROA ROE
(Hang so) TT DBTC TSCD QM DSI R^
TrisdF
0,023
•••0,028
•••-0,138
•••-0,034
•••0,012
•••0,000 0,152
•••42,063
ROA
0,000
•••0,068
•••-0,102
•••-0,114
•••0,019
•••0,000 0,078
•••20,233 Chu thich: ***/•*/* thi; hien mucy nghia luang ung tgi 1%, 5% vd 10%
Bang 4: JVf 6 hinh (1) sir dyng chu ky thanh toan nq phai tra (DPO)
ROE (Hang so)
TT DBTC TSCD QM DPO
R^
Tri so F
0,016
•••0,028 '••-0,136 '••-0,029
•••0,012
•••0,000 0,151
••41,500
ROA
-0,050
•••0,070
•••-0,109
•••-0,097
•••0,022
•••0,000 0,072
•••18,715 Chit thich- • • • / • • / • fhi; hien mucy nghia tuong ung lgi 1%, 5% vd 10%
Bang 5: Mo hinh (1) su dyng chu ky tiln mat (CCC)
ROE (Hang so)
TT DBTC TSCD QM CCC
R- Tri so F
0,035
••0,027 '•-0,138 '•-0,038
••0,011
••0,000 0,158
•43,851
0,026
•••0,067 '••-0,104 '••-0,122
•••0,018
•••0.000 0.084
••21,937 Chu thich. •••/•*/• llie hien mircy ngliia tuang
(1) cho chu ky thu hli cac klioan phai thu (DSO).
Tit kit qua thu dugc tai bang 2, phuong trinh dugc the hien nhu sau:
ROA = 0,057 + (0,027) TT + (-0,I36),DBTC + (-0.036) TSCD + (0.010) Q.\l + (0,000),QTVLD
ROE = 0.043 -•- (0,067).TT + (-0.102) BBTC + (-0.1121 TSCD ^ (0,0l6).O.\l+(0,000) QTVLD
IC^l chi ra rang khong ton tai moi lien he giiia
ung tai 1%>, 5% vd 10%
DSO va "kha nang sinh lai", khi ma he so hen he giUa chiing la 0 voi miic y nghia 1%. Dilu do co y nghia rang su chuyen dong ciia ROA va ROE khong phu thugc vao su di chuyen ciia DSO. Trong khi do, cac nhan to con lai nhan duoc ket qua tuang ty voi cac nghien cim truoc voi mirc y ngliTa tai 1% Ting quan, mo hinh c6 y nghTa tai 1% va giai thich cho 17.1% va 8,7% tat ca cac bien dong ciia ROA va
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Bang 6: Mo fajnh (2) sfr dung chu k5' tien mat (CCQ
(Hang so) TT DBTC TSCD QM CCC NCNi NCN, NCN3 NCN, NCNs NCNs NCN, NCNg NCN, NCN,„
NCN,, NCN ,2 NCN,3 N C N H NCN15 Y06 Y„-
Y09
Yio Yu Y,, Yl3 Yl4 R- Tri sl F
Chil Ihich: ***/**/* tlie hien muc y ngliia tuang ung tgi 1%>, 5%> vd 10%
ROA -0,002
•••0,023
•••-0,128
•••-0,056
•••0,014
•••0,000
•••0,057
•••-0,028 0,009 0,004
••-0,033 -0,005
••-0,051 m'0.044 0,000 -0,006
••-0,022 0,011
•••-0,027 -0,003 -0,002
••0,015
••0,015 -0,005
••0,016 0,007 0,002 -0.009
••-0.016
••-0,026 0.253
•••20,710
ROE -0,027
•••0,056
•••-0,090
•••-0,115
•••0,021
•••0,000
•••0,103
•••0,139
***0,071 -0,004 -0,070 0,000
•••-0,156
•0,045 -0,015 -0,021 -0,027 -0,004
•-0,030 -0,023
•-0,029
••0,059
•••0,038 -0,010
•••0,046 0,000 -0.021
•••-0,034
•••-0.034
•••-0,044 0.193
•••14.592
ROE. Bang 3 cung cap thong tin \ e ket qua khi ap dung md hinh (1) cho DSI.
Tir ket qua thu dupe tai bang 3, phuang trinh dudi day dugc chi ra:
ROA = 0.023 + (0,028) TT + (-0.138).DBTC + (-0.034).TSCD + (0.012).QM ^ (O.OOO).OTVLD ROE = 0.000 + (0,068) TT + (-0.102).DBTC ^ (-0.114).TSCD + (0,0}9).QM^ (O.OOO).OTVLD
Ket qua cho thay he so lien he giiia DSI vdi ROA
\ a ROE deu la 0 vdi mirc y nghTa tai 1%. Dieu na>
cho thay rang su thay ddi cua DSI khdng tao ra tac ddng nao dang ke anh hudng cd the ddn den su tlias doi ciia ROA va ROE Tucmg tu nhu bang 2. cac nhan to cdn lai deu nhan dupe mdt ket qua tuang tu va giong vdi cac nghien ciiu trudc do. Cudi ciing, mdhinh cdmiicy nghia l^o \a giai thich cho \5.yo va 7.8% cho c^c su dich chu\en cua ROA \ a ROE.
Bang 4 cung cap thdng rin \ e ket qua klii ap dung md hinh (1) cho DPO.
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kiilpJtill
Tfif k6t qua thu dugc tai bang 4, phucmg trinh dugc diln tA nhu sau:
ROA = 0,016 + (0,028).TT + (-0,136).DBTC + (-0.029fTSCD + (0,012).QM+ (O.OOOfQTVLD
ROE ^ -0,050 + (0.070).TT + (-O.IOPJ.DBTC + (-0.097fTSCD + (0,022).QM+ (O.OOOfQTVLD
Theo nhu ket quA thu dugc, he sd lien he giiJa DPO vdi ROA va.ROE deu li 0 vdi muc y nghia 1%. Di8u nay the hien rang khdng cd mdi lien he nao giiia DPO vdi ROA hay ROE. Ddi vdi cac nhin ti cdn l?i, chung nhSn dugc k6t qua tuang ti^ nhu tai bang 2 va cac nghien cuu trudc day. VS tdng quan, md hinh cd muc y nghia t^i 1% va giai thich cho 15,1% va 7,2% tSt ca su biSn ddng ciia ROA va ROE. Bang 5 cung cap thdng tin ve ket qua khi ap dvmg md hinh (1) cho CCC.
Tir ket qua thu dugc tai bang 5, phuang trinh dugc trinh bay lai nhu sau:
ROA = 0,035 + (0,028).TT + (-O.I38).DBTC + (-0.038).TSCD + (0,011).QM+ (O.OOO).QTVLD
ROE = 0,026 + (0.067).TT + (^0,104).DBTC + (-0,122).TSCD + (0.018).QM+ (O.OOO).QTVLD
Tir kSt qua cd the ket luan rang su thay ddi cua CCC khdng gSy anh hudng tdi su thay ddi cua ROA va ROE, do h8 s6 lien he giiia CCC vdi ROA va ROE deu la 0 vdi miic y nghTa 1%. Vdi cac bien cdn lai, md hinh cho ra k6t qua tucmg tu vdi ket qua tai bang 2 va cac nghien cuu trudc dd. Ve tdng quan, mo hinh giai thich cho 15,8% va 8,4% su dao ddng ciia ROA va ROE vdi miic y nghTa 1%. Bang 6 cung cap thdng tin ve ket qua khi ap dung md hinh (2) su dung CCC.
Bang viec them vao yeu to cua "nganh cdng nghiep" va "ygu td vi md", md hinh da dirge cung cd mot each dang kl. Md hinh gid da chm trach nhiem giai thich cho 25,3% va 19,3% su dao ddng cua ROA va ROE, vdi muc y nghTa tai 1%. Tuy nhien h? s6 lien he giua CCC vdi ROA va ROE vin la 0 vdi mirc y nghTa 1%, vdi cac chi sd con Iai: "TT",
"QM", "TSCD", va "DBTC" v5n nhan kit qua tuang nj nhu tai Bang 2 va cac nghien ciiu trudc dd.
Vdi yin to "nganh cong nghiep", cac nganh Cao su, Cdng nghe cao, Giao due, Khai thac md, va Thucmg mai cd anh huong quan trong tdi ca ROA va ROE.
Tuy nhien, nganh Khai thac dSu klii, \ a Van chuyen chi cd anh hudng dang ki tdi ROE, trong khi cac nganh Du lich va Thep lai cd anh hudng dang ki tdi ROA. Ben canh do. cac nam 2006, 2007, 2009, 2013 \a 2014 co anh hudng quan trong tdi ca ROA va ROE trong khi nam 2012 lai chi co anh hudng
dang kedgn ROE.
5. Thao lu^n
5.1. Quan tri von lim dpng
K.it qua thu dugc cho thSy mgt khia canh kha thu vi ddi vdi quan tri vdn luu dpng. Tat ca cdc bien dai dien cho quan tri vdn luu dgng deu chi ra ring khdng tdn tai mdi lien he giiia vi6c qudn tri vdn luu ddng va kha nang sinh ldi ddi vdi cac cdng ty trong mlu. K6t qua nay cd th6 dugc ly giai rang: mac du quan tri vdn luu ddng la rSt quan h-png trong doanh nghiep, nhung quan tri vdn liru dpng ciing chi la mdt di6u kien di dap ung cac nghia vu tai chinh trong ngin h ^ , hay la cai thien hieu qua trong hoat dOng cua doanh nghiep thdng qua viec quan ly chudi cung umg hang hda, hay san xuat, hoac thdng qua cac chinh sach ve tin dung trong doanh nghiep. Do vay, cac tac gia cho rang quan tri vdn luu ddng cd thd giup cho doanh nghiep giai quyet cac ganh nSng tai chmh trong ngan hiin, va cai thien hieu qua hoat dgng ciia doanh nghiep, nhung nd khdng he cd tac dpng len kha nang sinh Idi cua doanh nghiep.
5.2. Tdng trudng
Da cd rat nhieu nghien ciiu ve tac ddng cua tang trudng den kha nSng sinh ldi cua doanh nghiep va dua ra ket luan rang tang trudng cd anh hudng tich cijc tdi kha nang sinh ldi cua doanh nghiep. Do kha nang tang trudng d mirc cao cung ddng thdi la thudc do ciia viec su dung hieu qua cac ngudn luc hien cd vdi chi phi bd ra d miic thap. Do dd cd the thay rang ket qua cua nghien ciai nay ddng nhat vdi cac ket qua tir cac nghien ciru trudc vdi mdi quan he tich cue giiia toe dp tang trudng va kha nang sinh ldi.
5.3. Don bay tai chinh
Don bay tai chinh cd anh hudng tieu cue tdi kha nang sinh Idi cua doanh nghiep. Ket qua nay cd the la he qua cua mdi quan he giiia chu sd hiru va ngudi sir dung vdn trong doanh nghiep, dan tdi viec doanh nghiep su dung qua da cac cdng cu tai chinh. Mpt ly do khac cd the la do su yeu kem trong kha nang tham djnh tin dung trong he thdng Ngan hang ciia Viet Nam, khi ma trong thdi diem cac dii lieu ciia cupc nghien ciru dugc chpn, ng xau trong he thdng ngan hang tai Viet Nam dang d miic rat cao.
5.4. Tai sdn co dinh
TSCD the hien mdi quan he tieu cue ddi vdi klia nang sinh Idi trong doanh nghiep. Ly do cd thi la do vice cac doanh nghiep dau tu qua nhieu vao TSCD, nhung vdi klia nang han chS hp da khdng thfi tan dung
\ a su dung hieu qua so tai san nay Mat khac, TSCD cd tdc dp chu chuyen cham, chu yeu qua kh4u hao.
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kinhliU'Iialliii
5.5. Quy md doanh nghifp
Kha nang sinh ldi ciia doanh nghiep cd !ien he tich cyc vdi quy md doanh nghiSp. Ket qua nily ddng nhdt vdi cdc nghiSn ciiu trudc dd. Vi khi quy md cia cong ty cdng ldn thi lgi nhuan hg dat dugc sS ngdy cang cao do hg co ca hdi tiep cSn, sa dung, va thiSt ISp cac phuong phap quan ly t6t hon, cung nhu hg c6 ihk gidm thidu riii ro kinh doanh tdi muc thdp nhdt CO the bdng viSc da dang cdc khodn ddu tu, vd
^ c biSt vdi cac cong ty ldn trong ciing mdt ngdnh, hg ro rang cd nhiSu sttc manh ve kinh te han hdn.
5.6. Nganh nghe
Ngdnh cdng nghiep lien quan dSn khai thdc tai nguyen, Idioang san Id mgt phdn quan trong trong co cdu ngn kinh ti. Do d6 cd thS de hiSu khi thay cdc ngdnh nhu Cao su, Khai thdc md, Ddu khi, deu co Uen h? chat chS vd tich cue tdi khd nang sinh ldi cua doanh nghi?p. Khdng chi vay, cac nganh Cdng nghe cao, Du lich, Thep, Giao due, Thuong mai, va Vdn chuydn d6u cd dnh hudng tich cue va quan trpng dSn kha ndng sinh ldi cua doanh nghiSp.
Cac ndm 2006, 2007 vd 2009 dSu cd dnh hudng quan trong tdi kha nang sinh ldi cua doanh nghiep.
Ly do cho viSc nay cd the Id do cuOc khiing hodng tai chinh toan cdu say ra nam 2008, ciing dl hieu khi cac i^m ndy la thdi diSm trudc vd sau cupc khung hodng tdi chinh, vdi nam 2006 va 2007 Id dieu
thudng xay ra midc cac cugc khiing hodng ^ ^ ^ ^ ^ chinh sach thiic ddy tdng trudng nong, vd ndm 2009 Id nh&ng nd luc, chinh sach ciia chuih phu de hoi phyc lai nin kinh t6. Vao thdi k^^ tir 2012 dSn 2014, Chinh phii dd dua ra cdc thay doi trong chinh sdch phdt Ui^n kinh t6 nhdm hudng tdi mOt a&n kinh te tang trudng 6n dinh bSn viing thay vi tang trudng ndng va bat dn, dieu ndy cd thS Id ly do cho kSt qua ddi vdi thdi ky ndy. Cudi ciing, yeu td "Ngdnh cdng nghiSp" vd "YSu to vT md" cd dnh hUdng quan trpng tdi "khd nang sinh ldi" ciia doanh nghiSp.
D^ra vao kSt qud cua nghiSn curu ndy, mgt sd hdm y cd thS dua ra nhu:
Thu nhdt, qudn tri von luu d§ng mgt cdch ch^t che thdng qua vi§c sir dyng cd hi^u qud tdi sdn ngdn han (ti§n, phdi thu, hdng tdn kho...) vd xem xet d mttc hgp ly trong viec chiSm dung ng ngdn han ciia doanh nghi$p (phdi trd ngudi ban, vay no...).
TTiir hai, tiSt kiem chi phi d miic tdi da vd chi chi nhftng khoan chi cdn thiSt cho hoat dOug san xudt kinh doanh ciia doanh nghiSp. Theo do, chi phi thyc ti cd liSn quan s5 gidm xudng thi keo theo lgi nhudn tdng len.
Thir ba, tiSp tyc tim kiSm thi trudng, ndng cao chdt lugng sdn pham, da dang hda san phdm, tang cudng kSnh phan phdi, chinh sdch tin dung hgp If...
dS ddp ling dugc nhu cdu cua khach hdng.
Tdi li|u tham khdo
Asaduzzaman, T. C. (2014), 'Effect of Working Capital Management on Firm Profitability: Empirical Evidence fiom Textiles Industry of Bangladesh', Research Joumal of Finance and Accounting. 5 (8), 175-184.
Charles, K. Y., Kimi, J. K., & Chepkutto, W. (2014), 'Working Capital Management and Corporate Financial Performance: Evidence from Panel Data Analysis of Selected Quoted Tea Companies in Kenya', Research Joumal of Finance and Accounting, 5(5), 53-62.
John, K. M. M. (2014), 'Working Capital Management and Profitability of Firms: A Study of Listed Manufacturing Firms in Ghana', Research Joumal of Finance and Accounting, 5(22), 122-133.
Lawrence, I. (2015), 'Working Capital Management and Performance of Food and Beverage Industry in Nigeria', Research Journal of Finance and Accounting, 6(4), 196-205.
Osundina, J. A. (2014), 'Working Capital Management and Profitability: Evidence from Quoted Food and Beverages Manufacturing Firms in Nigeria', Research Joumal of Finance and Accounting, 5(4), 101-107.
Rafiu, O. S., & John, n. n.. (2014), 'Working Capital Management and the Performance of Selected Quoted Manufacturing Companies in Nigeria (2000-2009)', Research Joumal of Finance and Accounting, 5(14), 80-92.
Richard, K.A., Dadson, A. v., & Peter, L.A. (2013), 'Working Capital Management and profitability: Evidence from Ghanaian listed manufecturing firms', Joumal of Economics and International Finance, 5(9), 373-379.
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Tristan, N.,& Huy-Cuong, N. (2015), 'Capital Stmcture and Firms' Performance: Evidence from Vietnam's Stock Exchange\ International Journal of Economics and Finance, 7(12), 1-10.
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