Nghien cuu trao iai
Nhan to anh hifdng Aen hieu qua kinh doanh ciia cac cong ty niem yet nganh thuy san tai Viet Nam
^ ^ TS. Nguygn Anh Hien*
Ills. D6'ng Hiifu Phu"
Nghien cOu nay nham muc dich xem xet cac nhSn to tac dgng d$n hi$u qua hoat dgng cOa cac DN nhom nganh thdy san niem yet tai Viet Nam. l-iieu qua kinh doanh dugc do tudng bang t}
suat sinh ldi tren tong tai san, t^ suat sinh ldi tr&n v6n chO sd hdH va t^ su^t sinh ldi tren doanh thu. SfJ dung phugng phap nghien cdu dinh Ittgng thong qua vi$c udc lugng mo hinh hoi quy tuyen tinh dua tren diy lieu 16 cong ty thdy san thdi gian tCfnam 2010 d^n nSm 2016, kdt qui nghien cdu cho thd'y cac nhin t6 anh hifdng den hidu qua kinh doanh cOa DN thdy san, gom: quy mo DN, he so' chi phi, ky thu tien binh quan, so vdng quay hang ton kho, fj? le tai san co dinh, t^ le ng.
TCr khoa: Hi$u qua kinh doanh, DN thdy sin, cdng ty ni§m yet.
Summary:
This research aims to test the factors affecting the business per- formance of listed aquaculture firms in Vietnam. Business per- formance is measured by the return on assets (ROA), return on equity (ROE), and return on sales (ROS). Using the quantitative approach by estimating the linear regression model based on data from 16 aquatic firms from 2010 to 2016, the research results show that the factors affecting the business performance of aquaculture firms, including firm size, expenses revenue ratio, days of sale outstanding, Inventory turnover, fixed asset ratio, debt ratio.
Keywords: Business performance, Aquaculture firm, Listed firm.
N
ganh thuy san co vi tri quan trgng trong chien lugc phat tridn kinh te cua Vipt Nam. Trong di^u kien h6i nhap kinh ii qudc t€sau rflng, nganh thiay san chiu nhi^u canh tranh vcd cac doanh nghiep (DN) nudc ngoai vdi ntn kinh ti Ion manh v^ vdn va nang luc quan Iy. Trong thdi gian qua.
mot s6' DN thuy san kinh doanh khflng hiSu qua da tam ngimg hoat d6ng, giai thd, pha san hoac sap nhap. Co nhi^u nguyen nhan dan da'n v&n di trfin tii chia quan da'n khach quan nhu thi trucaig xuat khdu ngay c ^ g canh tranh, tieu
Nhin: 22/11/2018 Bien tap: 08/12/2018 Duyet dSng: 18/12/2018 chu^n chS't Iugng mat hang d^ xu^t kh^u, gi^ ca... Tuy nhi6n, dd cac DN thuy san hoat ddng ngay ckng hipu qua, bfin canh cac chien lugc gia ca, chai; lugng san p h ^ , thi mdi quan tam hang dSu hiSn nay cua cac DN thuy san Ik kha nang sinh lgi. Danh gia cdc ydu td tac ddng ddn kha nang sinh lgi dd tii do phat hien nhflng kha nang ti^m tang trong hoat ddng san xua't kinh doanh, cai tidn trong cdng tac quan ly de phat hien va phong ngfla rui ro, dua ra nhOng chien lugc phdt trien kinh doanh hidu qua. Do do, viec xem xet mdt cdch tdng thd v&
xac dinh nhflng nhdn td tac ddng hidu qua kinh doanh (HQKD) cua cac DN nhdm nganh thiiy san co vai tro quan trgng trong su tdn tai ciJa cac DN nay trong bdi canh canh tranh khdc liet hipn nay nham giiip cac DN nay co cac giai phap gia tang HQKD dd giai quydt cdc khd khan trong hoat ddng san xua't kmh doanh hipn nay.
Co stf ly thuyet va mo hinh nghien curu
HQKD trong nghlSn cUu nay dugc do ludng bang ty suSt sinh lgi (TSSL). Cd nhidu cdch dd xdc diidi TSSL, trong dd ba loai TSSL dugc nhidu nha phan tich su dung 1^: (i) (*) Dai hpc Sai Gon
(•*) Cong ty TNHH Tifvan thue Tin Phu t^ffi^. c/ifMe'/odu W Mmn /cdn, Ho /Amm
Nghien cuTu trao M
TSSL tren tdng tai san (ROA); (ii) TSSL trdn vdn chu so huu (ROE);
(iii) TSSL trdn doanh thu (ROS).
Cac nghidn clhi trudc cung da tim ra cdc nhan td anh hudng ddn TSSL gdm:
- Ty le tdi sdn codinh (TSCD) Nghien ciJu cua R.Zeitun and G.G.Tian (2007), Abbasali Pouraghajan et al (2012) cho thd^y ty Id TSCD cd tac ddng ddn TSSL.
Cac DN ddu c6 gdng sao cho TSCD dugc dua vao six dung hgp ly dd dat dugc lgi nhuan cao nhSft ddng thdi ludn tim cac ngudn tai trg, tang TSCD hiSn c6 dd mo rdng san xua't kinh doanh. Vipc duy tii ty Id ddu ni TSCD d mflc hgp ly va khai thac tdi da cdng sud't cd anh hudng tich cue ddn TSSL cua DN va ngugc lai se l^m giam kha nang sinh Igi cua DN.
- Ty le nff
T.A.N.RJayaralhnea (2014), Mahfuzah Salim & Dr.Raj Yadav (2012), R.Zeitun, G.G.Tian (2007), Alexander Klingensj# &
Caroline Kihlgren (2015), Md.
Imran Hossain (2016) da tim ra mdi quan hp gifla ty Ip ng vdi TSSL. Ty Ip ng phan anh mflc dd sir dung ddn b^y tai chinh cua DN.
Kha nang tu chu tai chinh ciaa DN quydt dinh su thanh cflng cac chidn lugc kinh doanh. Ngoai ra, kha nang tu chii tai chinh cang cao thi kha nang thdnh cdng cua kd hoach kinh doanh cang Idn.
- Tdc dp tdng trudng tdng tdi sdn (quy md DN)
Nghien cUu ciaa R.Zeitun, G.G.Tian (2007), Mahfuzah SaHm& Dr.Raj Yadav (2012), Md.
Imran Hossain (2016) cho thdy quy md DN cd anh hudng ddn TSSL. Lgi thd kinh td theo quy md cd dugc bdi cac Iy do nhu giam thieu chi phi cd djnh, hidu qua ciaa chuyen mdn hda, mua nguydn vdt lidu va phu tung vdi sd Iugng Idn...
Tuy nhiSn, cdc doanh nghiep quy md Idn, ca cdu ciia doanh nghidp se cdng kdnh hon, ft linh hoat ban tii dd lam giam hieu qua hoat ddng
cua doanh nghipp. Trong nghidn cdu nay, nhdm tac gia ehgn qui md DN dugc do ludng bang tdc dd tdng trudng tdng tai san.
- Sdvdng quay hdng Ton kho Tac ddng tfch cue cua viec duy tri tdn kho la giiip cho cdng ty chu ddng hon trong san xud't tieu thu san ph&n, didu dd giiip cdng ty dap ling kip thdi nhu cdu san xudt kinh doanh tranh nguy co md't khdch hang va ngung san xudt.
Tuy nhien, duy tri tdn kho nhidu cung lam phdt sinh chi phf kho bai, bao quan nSn anh hudng den lgi nhudn cua doanh nghidp. Mdt sd nha nghien cflu cho thdy cd su tac ddng cua sd vdng quay hang tdn kho ddn TSSL nhu Pedro Juan Garcia-Teruel, Pedro Martinez- Solano (2007), Deloof(2003), T.A.N.R. Jayarathnea (2014)...
- Ky thu tidn binh qudn Kdt qua nghien cflu cua Deloof (2003), Pedro Juan Garcia- Teruel and Pedro Martinez- Solano (2007), TA.N.R.Jayarathnea (2014) cho thdy ky thu tien binh qudn ciia DN cd mdi quan hp vol TSSL. Neu kh6ng ban chiu hang hoa thi se md't co hdi ban hang, do dd mdt di mdt khoan lgi nhupn.
Ndu ban chiu hang hoa qua nhidu se lam tang chi phi cho khoan phai thu, nguy co phdt sinh cac khoan ng khd ddi, riii ro khdng thu hdi dugc no cung gia tang. Ha thdp tidu chudn ban chiu co the ddn ddn gia tang doanh thu va lgi nhuan, nhung v] ban chiu se lam phdt sinh khoan phai thu va phdt sinh chi phi di kem.
- He sd chi phi
Theo Amelia Burja (2011) thi he so chi phi CO md'i quan hp vdi TSSL cua DN. Khi chi phf cho qua trinh hoat dgng kinh doanh tang se lam giam loi nhudn cua DN va ngugc lai, Vl vdy, cdc DN mudn gia tang lgi nhudn, ndng cao hieu qua kinh doanh ludn ddt ra muc tieu la tim moi cdch di tiet kiem chi phi hoac sit dung chi phi mdt each cd hipu qua nhdt.
Kd thUa cdc nghien cflu neu trudc, nhdm tdc gia de xud't md hinh nghidn cflu cdc nhdn td anh hudng ddn TSSL cua cac DN thiiy san nhu sau:
Yjt = bg + bjTP -1- b2DR + b3'ITS+ b4SWP + bsUSB -i- b5CF + i^it
Trong dd:
Y^ji Bien phu thudc (ROA;
ROE; ROS)
TP: Ty le tai san cd dinh DR: Ty Id no
TTS: Tdc dd tang trudng tdng tai san
SWP: Sd vdng quay hang tdn kho
USB: Ky thu tidn binh qudn CF: He sd chi phi u: Sd hang nhidu (Sai sd ngdu nhidn)
Phuong phap nghidn curu DG lieu trong nghien cflu ndy la 16 DN thuy san nidm ydt tai Vidt Nam, giai doan nghien cflti tii nam 2010 den nam 2016 duoc Idy tir bao cao tai chinh va bao cao thudng nien. Sfl dung phuong phap nghidn cflu dinh lugng, nhdm tac gia sir dung phdn mdm STATAU de udc lugng md hinh nghien cuu theo ba cdch: hoi quy thdng thudng (PooledOLS), md hinh hipu flng ngdu nhien (REM), md hinh hipu flng cd dinh (FEM). Sir dung kiem dinh Hausman nham so sanh md hinh FEM va REM; kidm dinh Redundant fixed Effects nhdm so sanh su phii hgp gifla md hinh PooledOLSva REM. Trudng hop cd hipn tucaig phuong sai thay ddi, tu tuong quan thi khdc phuc bang phuong phap udc lugng binh phuong nhd nhdt tdng quat GLS.
Bidn phu thuoc trong mo hinh gdm: TSSL tren tai san (ROA);
TSSL trdn vdn chii sd hihi (ROE);
TSSL tren doanh thu (ROS). Cac bie'n ddc lap dugc ky hieu va do ludng nhu sau: Ty le TSCD (TP) = Tdng TSa)/T6ng TS; Ty le ng (DR) = Tdng ng phai tra/Tdng tai san; Tdc dd tang trudng long tai san (TTS) = (Tong TSCK - Tdng d/(^i c/u M.^ /cdn V MiStn /ddn. Ao' //n Udn<f J2/20JH
Nghien cihi trao fioi
TSDK)/ Tdng TSDK; Sd vdng quay hang tdn kho (SWP) = Gia vdn hang ban/Hang tdn kho binh qudn;
Ky thu tidn binh qudn (USB) = Cdc khoan phai thu binh qudn/Doanh thu thudn binh qudn 1 ngay; Hd sd chi phi (CF) = Chi phi/Doanh thu.
Ket qua va thao luan
Ket qua phdn tich hdi quy bien phu thudc ROA, ROI va ROS bi anh hudng bdi cdc bidn ddc ldp, sau khi da ki^m tra hien tugng da cdng tuydn vd khdc phuc hipn tugng phuong sai thay ddi, tu tuong quan bang GLS dugc the hidn trong bang I nhu sau:
Kdt qua nghidn cflti tai bang 1 cho thd'y cac bidn dpc lap CO anh hudng den TSSL. Dd thdy rd tac ddng tiing bidn ddn khd ndng sinh Igi cua cdc DN nhdm ng^ih thiay san nitm ydt tai Viet Nam, nhom tdc gia xem xet cu the tiing bidn nhu sau:
- Ty le TSCD
Trong didu kien cac yeu td khac khong ddi, neu ty le TSCD tdng 1 % thi ROS se tang 0.109% va ROE se giam 0.157%. Tuy nhidn, ty Ip TSCD lai khdng cd y nghia thd'ng ke vdi bie'n ROA. Dieu nay la do ty le ddu tu TSCD trung binh trong mdu nghidn cihi nay la 21,75%, d mflc thdp cho thdy cac cdng ty chua chfl trgng ddu tu vao tai san cung nhu cong nghe hoac cd the TSCD cua cac cdng ty chu ydu da sfl dung Idu ndn it anh hudng ddn TSSL.
- Ty le no
Trong didu kiSn cdc ydu td khac khdng ddi, ndu ty le ng tang thdm 1 % thi ROA, ROS se giam tuong flng la 0.0917%, 0.211 % va ROE se tang 0.101%. Didu nay cho thd'y dugc cdc doanh nghipp thuy san da phdn di vay de ddu tu vao kinh doanh mua ban chfl chua Bang 1: Tom tdt ket qua nghien cflu tren mo hinh da kiem djnh
TTS DR TP SWP USB CF _cons
N adi R-sa
R0A(1)M6hinhail 0 030S"' (3 08) -0 0917*"
(-5131 0 0317 (103i 0 000636 (0 37) 0,000188—
13 231 -0 447"'
f-19 011 0124—
(9 31) 112 0558
ROS(2)MotHntiBM 0 0249
(131) -0,211- (-4 62) 0,109*
1167) -0 0207"*
(-4,95) 0 000526"' (3.12) -2 622-**
144 28) 0475***
(12 94) 112 0 969
ROE(3}M61i]nl)LS 00102
(0 26) 0,101—
(2 98) - o i s r
1-1 70) 0 0323—
(816) -0 000403"
1-2 391 0739*"
(8 541 -0,122"*
(-4.60) 112 t statistics in parenlheses
'p<0,1,"p<0.l}5/"p<0.01 (Ghi Jiii. *, * • , * * * ling v6 ri ffllicy nghTa [09 ,5 % v & l % )
(Nguon-sd lieu duac thu thdp tii cdc bdn cdo bach, bdo cdo tdi chinh, hdo cdo thudng nien vd tinh todn tii phdn mem ST AT All)
chfl trgng viec dau tu vdo tai san mdy mdc, thidt bj nen ROA se giam khi ty Ip no tdng. Ngoai ra, theo thdng ke md td, thi ROE cao hon ROA nhidu. DN thuy san da vay ng nhidu hcfn so vdi vdn tu cd nen ROE giam khi ti ip ng tdng len.
- Toe do tdng trudng tong tdi sdn
Kdt qua nghien cflu cho thdy tdc do tdng trudng tai san khdng cd y nghla thd'ng ke vdi bidn ROE, ROS.
Trong khi dd, ndu cdc ye'u td khac khdng ddi, tdc dp tdng trucmg tdi san tang them 1% thi ROA se tang 0.0308%. Didu nay cho thd'y khi cac doanh nghipp ddu tu tai san se lam cho ROA tdng cho nen vipc dSu tu la hgp ly vd cdn thidt.
- Sdvdng quay hdng tdn kho
Bie'n sd vdng quay hang tdn kho cd anh hudng ddn ROS, ROE b mflc y nghia thdng kd la 1% vd co cd hp sd hdi quy Idn lugt la -0.0207, 0.0323. Tuy nhidn, sd vdng quay hang tdn khdng cd y nghia thdng ke vdd bien ROA. So vong quay hdnh tdn kho tang len thi ROE tdng vi khi so' vong quay hang tdn kho tdng thi doanh nghiep ban hang nhanh se gop phdn ndng cao ROE. Trong khi dd, khi sd vdng quay hang tdn kho tdng se lam ROS giam. Di6u ndy cho thdy cac doanh nghidp thuy san tuy ban hang nhanh nhung chi phf cho ngudn nhdn luc quan ly, ban hang tang ldm ROS giam.
- Ky thu tien binh qudn
Trong dilu kipn cdc ydu td khdc khdng ddi, ndu ky thu tien binh qudn tang thdm i% thi ROA, ROS se tdng them Idn luot tuong ung la 0.000188%, 0.000526% va ROE se giam la 0.000403%. Ky thu tidn binh qudn tdng se lam tang ROA, ROS. Didu nay cho thdy cac doanh nghiep thiiy san ban hang tra chdm la chii ydu. Trong khi dd, ky thu tidn binh qudn tang se lam cho ROE giam cho thdy cdc doanh nghidp thuy san quan tri cdc khoan phai thu chua hipu qua, lam tang chi phf du phdng phai thu khd doi tit do giam ROE.
- He sd chi phi
Trong didu iddn cac ydu td khac khdng ddi, ne'u hfi sd chi phf tang thdm 1% thi ROA, ROS se giam I k lugt tuong ung la 0.447%, 2.622% va ROE se tang 0.739%. Khi he sd chi phf tang thi ROA, ROS se giam. Dilu nay cho thdy cac doanh nghidp thiiy san chua quan ly td't cac khoan chi phi khien ROA, ROS giam. \ i ty sudt smh Igi ROE tang khi chi phi tang len cho thdy cac doanh nghidp thiiy san cd ddu tU vao khdu quan Iy ban hang, gdp phdn lam tang trudng doanh thu.
Ket luan va khuyen nghi
Nghidn cflu nay khao sdt 16 DN nhdm nganh thiiy san niem yet tai Vipt Nam giai doan 2010-2016. MO hinh nghien cuti dd xud't 6 nhdn td anh hucmg de'n TSSL. Sfl dung phuong phap dinh lugng, kdt qua Q 'Tf^i c/if Ms'/f.dn V Miem /odn :tc //idnrf J2/20J8
Nghien ciru trao doi
nghien cdn cho thdy cac nhdn to anh hudng den TSSL cua cdc cdng ty nidm ydt nhdm nganh thuy san gdm:
- Cd 5 ydu td anh hudng ddn ROS, trong dd 3 ye'u td anh hudng ngugc chilu gdm: ty ip ng, Sd vdng quay hang tdn kho, hd sd chi phi, hai ydu td anh hudng ciing chidu la ky thu tiln binh qudn, ly le TSCD.
- Cd 4 ydu td anh hudng ddn ROA trong dd 2 ydu td anh hudng ciing chidu gdm: Tdc dd tang trudng tdng tai san, ky thu tiln binh qudn va 2 ydu td anh hudng ngugc chilu la hp sd chi phf, ty 16 no.
- Cd 5 ydu td anh hudng de'n ROE trong dd 3 yeu td anh hudng cung chieu gdm: Ty Ip ng, Sd vdng quay hdng tdn kho, hd sd chi phi va 2 ydu td anh hudng ngugc chieu la ty le TSCD, Ky thu tiln binh qudn.
Tfl kdt qua nghidn cflu tren, nhdm tac gia d l xudt mdt sd khuyen nghi nhdm tang cudng TSSL ciia cdc DN thuy san nidm yet trdn thj trudng chflng khodn Viet Nam nhu sau:
Mdt Id, doanh nghipp cdn cd ke hoach ddu tu thdm vd cai tao TSCD nhu: cd ke hoach cai tao, ddu tU mdi TSCD; trong qua trinh san xudt kinh doanh tinh hinh sfl dung TSCD cdn dugc theo ddi mdt each thudng xuyen vd cd nhung thay doi kip thdi d^ trdnh lang phf.
Hai la, doanh nghidp cdn quan ly tdt vipc bdn hang tra chdm dd trdnh tinh trang ng khd ddi anh hudng khdng tdt de'n TSSL thdng qua cac bipn phdp nhu: tdng cudng cdng tac thu hdi no; xdy dung chfnh sdch bdn chju hipu qua, tao dilu kidn cho nhilu khdch hang cd th^ mua hang va thflc d^y tang trudng doanh sd ban hang.
Ba Id, DN cdn tinh loan Iai cung nhu hoach dinh chidn lugc Idu dai dd ddu tu vao TSCD mdt cdch hgp ly nhdm tao dugc sflc
canh tranh trong hoat ddng san xudt kinh doanh; thanh ly, nhugng ban cac TS(3) cd hieu qua su dung thdp d l trdnh fl dgng vdn; khai thdc tdi da cdng sudt TSCD.
Bdn Id, DN cdn khai thdc tdt cdc khoan ng phai tra, thudng xuydn ldp kd hoach tiln mat, duy tri ty le no phai tra tren tdng tai san b mflc hgp Iy, han che ddu tu mua sam bang ngudn vdn vay ngdn ban, tra bdt ng vay nham tiing budc cdn ddi tai chi'nh; cdn danh gia mflc dd quan trgng va cdp thidt cua tflng khoan ng phai tra tfl bg phdn kd toan de chi Ira theo mflc dd uu tien.
Ndm la, doanh nghipp cfin quan Iy td't hang tdn kho, xdy dung mflc tdn kho hap ly phia hgp vdi dac diem kinh doanh de giam chi phi, trdnh fl dgng vdn, tdng kha ndng sfl dung vd'n, ddng thdi giup doanh nghiep chu dgng trong boat dgng tim kidm ddu vao cho san xudt.
Sdu Id, DN cdn xdy dung djnh mflc chi phi tieu hao va hoach dinh chi phi bang each Idp ra nhflng tieu chudn gdn vdi tiimg trudng hgp hay tflng dilu kipn lam viec cu thi; cdn dinh mflc vl gid Idn ve lugng vi su bie'n ddi ciia hai ydu td nay deu tac dpng ddn su thay ddi cua chi phi.D
Tdi lieu tham khdo I. Abbasali Pouraghajan et al (2012).
The Relationship between Capital
Structure and Firm Performance Evaluation !\4easures. Evidence from the Tehran Stock Exchange. International Journal of Business and Commerce Vol.
I, No 9. May 2012[166-1811 (ISSN:
2225-2436)
2. Amelia Burja (2011). Factors Influencing The Companies Profita bility.Annates Universitatis Apulensis Series Oeconomica, Faculty of Sciences.
3 Alexander Kltngensjd & Caroline Kihlgren .(2015). Capital Structure and Performance in Private Firms Student Umeo School of Business and Economics
4. Deloof M (2003). "Does Working Capital Management Affect Profitability of Belgian Firms?" Journal of Business.
Finance and Accounting 30. 573-587 5. Mahfuzah Salim & Dr.Raj Yadav.
(2012). Capital Structure and Firm Performance .Evidence from Malaysian Listed Companies. Procedia - Social and Behavioral Sciences, Volume 65,3 December 2012, Pages 156-166.
6. Md.Imran Hossain. (2016). Effects of Capital Structure and Managerial Ownership on Profitability. Experience fi-om Bangladesh. InlernationalJournal of Business and Management: Vol. 11.
7. Pedro Juan Garcia, Teruel and Pedro Mariinez-Solano. (2007). Effects off working capital management on SEM prof-itabihty, International Journal of Managerial Finance International Journal of Managerial Finance, 3. 164- 177.
8. RZeilun and GG.Tian. (2007) Capital structure and corporate perform- ance: evidence from Jordan Australasian Accounting Business and Finance Journal, 1(4).38-61.
9- T A.N.R Jayarathnea (2014) Impact of Working Capital Management on Profitability: Evidence From Listed Companies in Sri Lanka. Faculty of Management and Finance, University of Ruhuna, Sn Lanka.
Dinh chinh
Thdng 11/2018, Tap chi Kd todn va Ki^m toan c6 dang bdi viSt "Thuc trang kd todn quan tri chi phi trong cdc doanh nghipp san xudt thep trfin dja ban cac tinh mi^n Trung", ciia tdc gia Duong Thj My Hoang — TrUdng Cao dang Thuong mai Dd NSng. Do so sudt, phdn tfin tac gia da in nhdm thanh Duong Thj Hoang My. Tap chi Kd toan va Kilm todn xin gfli Idi xin I6i tdi tac gia va qu;^ vi dpc gia v l sai s6l nay.
Tap chi Kd todn vii Kilm todn xin dinh chinh: bai viet "Thuc trang kd toan quin tri chi phf trong cac doanh nghipp san xudl thep trfin dia ban cac tinh m i l n Trung", cua tdc gia Duong Thi My Hoang - Trudng Cao ding Thuang mai Da NJng.
Mf/i c/ii Md /can '/' r'JUmri, /od/n, Afi //tdnr/ J2/20J8 I
