Anh hirdhg cua tmh so sanh dutfc cua bao cao tai chinh
den caii true ky han ntf doanh nghiep niem yet Viet Nam^
NGaYgN THANH LIEM*
CAO TH[ MIEN THUY"
NGUYfiN VINH KHCfdiMG—
Tom tat
Nghiin cffu ndy sff dung mdu gom cdc doanh nghiip niim yit phi tdi chinh tgi Viet Nam trong giai dogn 2010-2018 nham ddnh gid ldc dgng cda tinh dd'i sdnh kitodn din cd'u trdc ky hgn ng. Kit qud cho thdy, yi'u tondy cd tdc dgng tich cUc, ldm tang khd ndng tiip can ng ddt hgn, pha hgp vdi gid thuyit tinh so sdnh dugc trong kitodn giiip xff l-y chi phi ngudi dgi dien vd bdt cdn xffng thdng tin trong cdc nghiin cffu trudc. Ngodi ra, tuang tdc cua ye'u to ndy vd vdng quay tdi sdn (nham kiim dinh ly thuyet phdt tin hiiu) co hi so'dm vd cd y nghia thd'ng ke, ggi y rdng cdc doanh nghiep cd bdo edo tdi chinh (BCTC) cd tinh so sdnh cao sdn long phdt tin hieu nhiiu han, nin sff dung nhiiu ng ngdn hgn han cho muc tieu ndy.
Tii kboa: tinh so sdnh dugc, cd'u triic ky hgn ng, doanh nghiip niim yet Summary
This study uses a sample of Vietnamese non-financial listed companies in the period of 2010-2018 to assess the impact of accounting comparable capacity on debt period structure. The results show thai this factor has a positive impact and makes an increase of the ability to access long-term debt, consistent with the comparable capacity hypothesis in accounting to handle agency costs and asymmetry of informalionin previous studies. In addition, the interaction of this factor and the asset turnover (to test the signal detection theory) has a negative coefficient and statistically significance, suggesting that enterprises with financial statements have high comparable capacity are willing to show more signals, so more short-term debts should be used for this purpose.
Keywords: comparable capacity, debt period structure, listed companies
GICJI THIEU CO sd LY THUYET VA PHU'DNG PHAP NGHIEN CLfU
Tinh so sdnh ke'todn Id mot khai niem
da du'dc bie't de'n tff lau, mang Iai ldi ich Cd sof ly thuyet
rd't ldn cho cae dd'i tffdng siJ dung BCTC Tinh so sanh ke' todn rtf Idu da la mot tinh chd't can doanh nghiep. Tuy nliien, gan nhif ehffa thie't trong viec lap BCTC, ede to ehffc qud'c te' deu CO nghien cuff nao tai Viet Nam xem xet khang dinh vai trd ctia ye'u td ndy trong vide hd Hd phdn tacd6ngcuaHnh so sanh ke'toan de'n cdc bd vd'n va eho vay. Theo De Franco va cdng sir (2011), chien Iffdc ctia doanh nghiep, dae biet la Hnh so sdnh dffdc dinh nghia la sff gan gui (closeness) hoat dpng tai trd bang nd. Cho dd'n nay, cua he thd'ng ke' todn cua hai doanh nghiep trong viec cau true ky han nd cua cac doanh nghiep phan dnh cdc sff kien kinh te'vdo cdc BCTC. Cdc tae gia Viet Nam nhin ehung vdn khd thap, va da lap ludn rang, he thd'ng ke' todn la ed ehe' bao eao cae sff s6' s& dung kha nhidu nd ngan han. Do dd, kien kinh te vao cdc ban BCTC, vi the' ne'u cilng mot tap viec tim hi^u lieu tinh so sdnh ke'todn cd cac sff kien, hai doanh nghiep dffdc eho Id cd he thd'ng lam tang kha ndng tie'p can vd'n dai han cd ke' toan so sdnh nhau difcfe ne'u cdc doanh nghiep nay ed nhieu y nghia thffc tidn tai Viet Nam. cdc ban BCTC vdi eae sd lieu dong dang nhau.
\ ", '", Tri/dng Dai hoc Kmh te - Luat, Dai hoc Qudc gia TP. Hd Chi Minh Ngdy nhdn bdi: 20/03/2019; Ngdy phdn hien: 20/04/2019, Ngdy duyil ddng: 22/04/2019
'Nghien ciJu nay difdc tai trd b5i TriTdng Dai hoc Kinh Ee - Luat. Dai hoc Quo'c gia TP. Ho Chi Minh trong nhiem vu ma soCS/2018-OI
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Mdt so' nghien cffu da kiem dinh Heu sff dung cdc chuan mffe ke'toan qud'e te'thd'ng nhd't ed Idm tang tinh so sdnh diroc cua cac ban BCTC cua doanh nghiep, Lang va cpng sff (2010) xem xet tinh so sanh BCTC khi van dung Chuan mffc bao cdo tai chinh qud'c te' (IFRS), ke't qua cho tha'y dp dting IFRS mac du lam tang bie'n ddng cimg chieu ve thu nhap giffa cac qudc gia, nhffng khdng lam tdng Hnh dd'i sanh ke'toan so vdi nhdm khdng ap dung IFRS. Francis va cdng sff (2014) chi ra, ne'u 2 doanh nghiep dffdc kiem todn bdi cCing 1 edng ty kiem todn thudc nhdm Big 4, thi kha nang cao la se ed BCTC mang tinh so sdnh cao.
Ve vai trd, tde ddng eua Hnh so sanh ke' toan. Tmh of va epng sir (2017) cho rang, Hnh so sdnh ke todn td't hdn giup doanh nghiep cd ehi phi vd'n chu sd hffu thd'p hdn va dieu nay van tdn tai sau khi da kiem soat cdc \'d'n de quan trong khde cua doanh nghiep. Ben eanh do, cdc nha ddu tff dffde hirdng ldi nhieu hdn. doanh nghiep giao dich trong thi trffdng ba't hoan hao cd gia tri ed phieu cao hdn.
Nghien cffu cua Fang va edng sff (2016) ki^'m dinh tae dpng eua tinh so sdnh kS'toan dd'n ede dieu khoan trong hdp dong vay ngan hang syndicate cua cdc doanh nghiep My. Ke't qua cho thd'y, Hnh so sanh ke'toan hd trd doanh nghiep nhan diTdc cac khoan vay cd cdc dilu kien it nghiem ngat hdn; khdng ddi hoi tai san the' chd'p, cd Idi sud't vay thd'p hdn va cd ky han nd dai hdn.
Gia thuyet va md hinh nghien ciiu
Theo FASB (2010). thdng Hn tff BCTC cang so sdnh du'dc, thi se cang hffu ich trong boat ddng cho vay, nhd vao kha nang lam giam chi phi thu thdp vd xff Iy thdng Hn ve doanh nghiep di vay, Theo Iy thuyet ngffdi dai dien Myers (1977), eac doanh nghiep cd chi phi ngu'di dai dien eao cd the sff dung nd ngan ban de xff ly chi phi nay. Ly thuyet phdt tin hieu (Flannery, 1986) cung nhd'n manh vai tro eua nd ngdn ban trong vide phat tin hieu ve eha't Iffdng cua doanh nghiep di vay ttong mdi trffdng cd nhieu bd't can xffng thdng tin.
Cac nghien cffu cua Zhao (2014), Tran Thi Thuy Linh va Nguydn Thanh Nha (2017) cung cho Hia'y, eae doanh nghiep cd bd't can xffng thdng tin cao thi cd khuynh hffdng sff dung nd ngan han nhieu. Hay ndi cdch khac. nhu cau sff dung nd ngdn han ciing se giam dd'i vdi eac doanh nghiep co tinh dd'i sanh ke'todn td't.
Vl vay, gia diuyd't HI dffde dat ra nhff sau:
HI: Cdc yiu tdkhdc khdng thay doi, doanh nghiip di vay cd BCTC cd tinh so sdnh cao han cd thi sff dung nhieu na ddi hgn hem.
Tiep theo, nghidn cffu xem xet tiTdng tac eua phdt Hn hieu va tinh so sdnh ke todn ed the ed cdc ldc dpng nao de'n ca'u tnic ky han nd eua cdc doanh nghiep niem yet Viet Nam. Ve ly thuyet. ddng cd phat tin hieu ndi chung se manh hdn khi doanh nghiep trong mdi trffdng bat cdn xffng thdng tin manh. Tuy nhien, khi ed yeu to' tinh so sdnh ke todn, hai kha ndng sau ed the xay ra. Kha nang thff nhd't, khl doanh nghiep cd ehd't Iffdng td't, thi ed nhu cau sff dung nd de phat tin hidu ve chat Iffdng ciia minh nhdm dat dffde eac dieu kien vay td't hdn trong tffdng Iai. BCTC cua doanh nghiep cd tinh so sanh cang cao.
thi doanh nghiep cd the cd it nhu cau phat tin hieu ve chat lffdng thdng tin bang each sff dung nd ngan ban. Dieu nay la do cac chu nd cd the thu thap va xff ly thdng tin
\di ehi phi tha'p hdn nhd tinh so sanh cao hdn cua doanh nghiep. Theo do, cd th^ cd tffdng quan eung chieu giffa Hnh so sanh ke toan va ed'u true ky ban nd.
Kha nang thff hai la khi tinh so sanh ciia BCTC cao, thi doanh nghiep cang co nhu eau phdt rin hieu ve chd't Iffdng tin dung bdng nd ngdn han. Theo De Franco va cdng sff (2011), tfnh so sanh ke' toan lam giam chi phi thu thap va xff ly thong tin, nen nd se Iam tang eha't Iffdng thdng tin ndi chung, tao nen mdt mdi trffdng thdng Hn minh bach. Habib va edng sff (2017) cho rdng. mdi trffdng thdng tin minh bach c6 khuynh hffdng ban che' cdc gidm ddc che gid'u cdc thdng Hn xa'u. Dd'i vdi eac hanh
\ i Hen quan de'n ca'u tnic ky han nd, thdng thffdng cdc doanh nghiep cd the chon tri hoan He't Id cac thdng tin xa'u thdng qua vay nd ddi han. vi nhd dd cde doanh nghiep khdng phai trao doi thdng tin thu'dng xuydn hdn vdi chu nd. Vi \'ay, ne'u kha ndng thi?
hai nay xay ra. se cd tffdng quan ngffdc chieu giffa bien tffdng tac rinh so sdnh ke toan va bien dai dien eho hanh vi phat tin hieu cua doanh nghiep.
Do ed the cd hai kha ndng xay ra, nen nghien effu nay dat ra gia thuye't dd'i, nhir sau:
H2: Tuang tdc cua tinh so sdnh vd chd't lugng tin dung klidng cd tdc ddng din cd'u true ky hgn ng.
Nham kiem dinh 2 gia thuye't tren, tac gia ke'thffa nghien cuff cua Fang va cdng Sff (2016). Cai va cdng sir (2008).
Stephan vd cdng sff (2011) de xay dffng md hinh nghien effu. nhir sau:
debtmat.^^j = ^o + P^debtmat.^ +
^fomp^^ + p/ize.^ -f- fi_growthl + fl^qualily.^ + y5. leverage.^ -I- fl^assetmat^^ +
^gliqiddity^^ -t- Pjerm^ +"e__
Trong dd: bid'n phu thude debtmat dai dien cho ca'u tnic ky han nd ciia doanh nghiep cua doanh nghiep i trong nam t:
comp dai dien cho tinh so sanh kd' toan;
size dai dien cho ye'u td'quy md eua doanh nghiep, do bdng logarithm tff nhien ciia tdng tai san; growth dai didn eho ed hdi tang trffdng eua doanh nghiep. do bang ty le eua tiii gid tren Hnr gid cua vd'n chu sd hiiu: quality dai dien cho yeu td cha't Iffdng Hn dung, do bdng ty fe cua tang tnrdng doanh Hiu tren tang inrdn" cua tdng tai san: leverage (do bdng ion" nd
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tren tong tai san) va hquidity (do bang ty Ie cua tai san ngan han tren nghia vu ngan han) diing de kiem dinh gia thuye't thanh khoan; assetraat (do bang ty le ctia tai san cd dinh rdng tren kiiau hao trong ky) de kiem dinh gia Hiuye't khdp ky ban; term diing di kiem dinh ly thuye't dinh thdi diem, do bang chenh leeh eiia lai sua't vay nii phie'u 1 ndm vdi Iai sua't vay trdi phid'u 10 nam; e la phan dff cua md hinh.
Trong nghian cffu nay, nhdm tae gia chpn md'c kJ' han 1 nam de phan loai nd ngan han va nd ddi han. Thffde do v^ tinh so sdnh ke'todn la H^ng binh ciia cae diem so've tinh so sdnh giffa doanh nghiep i vdi cac doanh nghiep khac irong cung nganh.
08 li?u nghien cdu
Nghidn cffu nay sff dung nguon dff Hdu vi md va vT md eua Thomson Reuters, bao gdm ta't ca cae doanh nghidp niem yet phi tai chinh trong giai doan 2010- 2018 tai Viet Nam. Vdi dff lieu vl md, nhdm tac gia truy xud't dff lieu ve sua't sinh ldi trai phie'u 1 nam va 10 nam, dai dien cho lai sua't cho vay ngan han va dai han tren th; trffdng. De xff Iy va'n de ve cac gid tri bd't thffdng (outlier), nghidn cu'u Ioai bo cdc gid tri d 1% dau va cud'i trong phdn phd'i cua bid'n phu thudc.
Nhdm tae gia sff dung System GMM de kiem dinh anh hu'dng eua tinh so sdnh ke'toan de'n bien phu thudc. Nghien effu dp dung md hinh dpng vi kha nang cd'u tnic ky han nd ciia doanh nghiep trong nam tru'dc CO th^ giiip dff bdo cd'u trdc ky ban nd trong nam sau; va viee eae bie'n giai thich CO the CO tffdng tae 2 chiSu vdi bie'n phu thudc dan de'n hien tu'dng ndi sinh (Mateus va Terra, 2013; Deesomsak vd cpng sff, 2009). De dam bao cdc bie'n cdng cu phd hdp, nhdm tae gia thiTe hien kiem dinh tff tirong quan bdc 2 (AR2) va ki^m dinh Hnh xdc dinh qud mffc (overidentifieation test) (Bdi viit sff dung cdch vii't so thgp phdn theo chudn qud'c ti).
KET QUA VA THAO LU^N Bang 1 thd' hien ma tran tffdng quan eua cac bie'n. Trong dd, bid'n comparability ed
^ sd dtfdng, phCi hdp vdi gia thuye't HI, nghia la cdc doanh nghiep ed tinh so sanh ke todn cao cd kha nang vay nhieu nd dai han hdn. Tuy nhidn, he sd' HTdng quan chi cung cd'p bdng chffng yeu, nen nhdm tac gia tiep njc thffe hien hoi quy System GMM de cd cde bang chffng thffc nghidm tdt hdn nhara Idem dinh cae gia thuye't ddt ra.
BAMG 1: MA TRAN TCfdNG QGAN COA cAC BIEN TROKG MO HIMH Bien
debtmat quality corap lev asselmai size term mtb liq
debtmat I.OOO -0,009 0 024 0 133 0.133 0.276 -0.062 0 051 0.092
quality
1,000 0010 -0.037 -0.014 -0.012 -0,027 0015 -0.035
comp
1,000 -0.026 -0.021 0.079 -0.212 0,084 0.041
lev
1000 0,081 0.397 -0.015 -0.124 -0.282
assetmat
1,000 0.060 0.009 -0,010 0,001
size
1,000 -0.031 0,147 -0.157
term
1.000 0 067 0 004
mtb
1.000 0.039
BAMG 2: HOI QOY SYSTEM GMM debtmat
Ll.debtmal qualitv comp comp aua I lev assetmat Kize term mtb ha
cons ARl AR2 Hansen test Observation
HesS"
0.5S4 -0 000 0,0 P 0.000 0.239 0.000 0.033 -0 001 -0.006 0,021 -0,915 0.000 0,320 0.344 1884
L Sai s6 0.007 0.000 0.001 0.000 0.013 0,000 0,002 0 001 0 002 0.002 0 058
t 82.360 -6.260 8.920 -7.500 18.720 -16.470 16 110 -0,600 -3.840 11 060 -15,760
P>t 0.000 0 000 0 000 0.000 0 000 0 000 0.000 0.549 0 000 0.000 0.000
hguoiT Tinh ti
Theo ke't qua Bang 2, cac kiem dinh AR(2) va kiem dinh tinh xde dinh qud mffc deu eho kd't qua p-value
> 10%, nhff vdy eae kiem dinh nay deu thda man va cdc bie'n cdng cu sff dung la phu hdp. He sd' debtmat la du'dng (0.584) va cd y nghia thdng ke d mffe 1%, eho thd'y debtmat ky trirdc cd tffdng quan vdi debtmat ky hien tai. He so' eua bid'n comparability la am (-0.000) vd cd y nghia thd'ng ke, chffng to gia thuye't HI dffde ung hd. Ket qua nay thd'ng nhd't vdi eac nghidn cffu trffdc, cho thd'y tinh so sdnh Idm giam bd't can xffng thdng Hn (Fang va cdng sff, 2016) va giam chi phi ngffdi dai dien, nen lam gidm nhu cau sff dung nd ngan han di xff ly cdc va'n d^ nay.
Bie'n quality ed hd sd' dm vd ed y nghTa thd'ng kd d mffe 10%, phil hdp vdi gia thuye't ddt ra. Leverage va Hquidity ed he sd' dffdng va cd y nghia thd'ng ke, phij^
hdp vdi gia thuye't ve thanh khoan. Bie'n mtb ed he sd' dm va cd y nghia thd'ng ke, dung vdi Iy thuye't ve chi phi ngffdi dai dien. Bie'n size ed he sd'dffdng cho biet, eac doanh nghiep cd quy md ldn cd dieu kien tie'p can vdi nd dai han td't hdn.
Dac bidt, tffdng tae eua bie'n eomparabiHty va quality cd he sd' dm va cd y nghia thd'ng ke. He sd dm nay thdng nha't vdi gia thuye't H2, ham y rdng mdi trffdng thdng Hn minh baeh nhd cdc ban BCTC cd tinh so sanh cao se han che' hanh vi che gid'u eae thdng tin xd'u (Habib va edng sff, 2017). Tren ly thuye't, cdc thdng tin xd'u cd the dffdc tri hoan tie't Id thdng qua viec han che' cdc chu nd cd cd hdi Hd'p can thffdng xuydn vdi thdng Hn doanh nghidp
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qua \ay nd dai ban. Mdt kha nang khde la cac doanh nghiep khi than trgng bien soan cdc ban BCTC nhdm dat rinh so sanh eao cung mud'n tranh thii cho viee phdt tin hieu \-e chd't Iffdng eiia minh. Trong tnrdng hdp hai kha ndng nay xdy ra, thi bie'n tffdng tac giffa tinh so sanh "
ke'toan va vdng quay tai san \-di bie'n ca'u true k\* ban nd se mang he sd' am.
KET LUAN VA HAM Y
Ket qua cho tha'y. rinh so sdnh ke' toan hd trd doanh nghiep tie^p can ngudn vd'n dai ban id't hdn. ham y rang tinh so sanh tao dieu kien cho doanh nghiep xff ]y diTdc cac vd'n de nhiT chi phi ngffdi dai dien vd bat can xiftig thong tin. Hdn niia. ede doanh nghiep cd tinh so sanh ke loan eao cd the ed ddng Iffc phat rin hieu nhieu hdn.
ham y rang cac doanh nghiep cung nhan thffc dffdc tam quan trpng eua tinh so sdnh trong ke'todn. Do do. thue ddy hd trd sao cho BCTC cua doanh nghiep dai tinh so sanh cao la dieu can thie't.
Tai Viet Xam. eac doanh nghiep niem ye't se la dd'i nrdng diu Hen Hen hanh ap dung chuan IFRS trffdc nam 2025. \'iec dp dung he thd'ng theo ehuan quoc te' nay
la can thiet theo yeu cau tii \\orId Bank, IFC va cdc nha dau tff nffde ngoai. Viec dp dung du'dc mong ddi se Iam tang tinh so sanh ke' toan va tinh minh bach ciia BCTC. nhd do lam tang dau tff nffdc ngoai vd ve dai ban se mang lai ldi ieh nhieu hcJn eac ehi phi ngan han cung nhff cac thil:
thaeh trong thffc thi IFRS.
Chuan myc IFRS cd the se rat khd de dp dung toan bd cung luc. nen can cd Ip tnnh nhff lffa chpn cac chuan mffc IFRS ddn gian de van dung thi diem trffdc, va sau dd cd the trd thanh bdt buoc de tranh bd ngd cho cae doanh nghiep. De chuan bi dp dung IFRS, cac doanh nghiep cln cd cac nhan sff chuven nghiep ve mang ke' toan - kiem toan. Ve phia eae trffdng dai hpc. cln cd ddi mdi •s'e chffdng trinh dao tao theo hffdng tap trung vao ngirdi hpe trong phan dao tao tai chinh va ke toan. Cdc hiep hdi ke toan eung nen tham gia hd trd \ a giam sat qua trinh van dung IFRS ciia doanh nghiep.Q
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