Nghien ciDi trao doi
Moi quan he giira clii^nlirilc kinh doanh,
e thdng Aoiirdng hieu qua liinh doanh va anh hiriing tdi hieu qua iiinh doanh cua doanh nghiep san xuat Viet Nam
kThs. Le Hoang Oanh*
Ngdy nay, de co the ton Igi trong moi truang kinh doanh co nhiiu bien dong.
doanh nghiep phdi nhdn dien dugrc vi the cua minh cUng nhu dinh ro muc tiiu chiin lucre vd hoqt dong thuc su hieu qud Hi thong do luang hiiu qud hoat ddng kinh doanh vai viec nhdn manh vdo thuac do phi tdi chinh se giup doanh nghidp dq.t dugc cdc muc tiiu tren. Thong qua vdn dung ly thuyil bdt dinh.
nghiin cuu ndy se kham phd liiu chien lupc kinh doanh vd dinh huong khdch hdng CO phdi Id dpng ca khien doanh nghiep van dung nhieu/it thuac do phi tdi chinh hay khong.
Bang viec khdo sdt 100 doanh nghiep sdn xudt viea vd lan tai TPHCM vd rngtsS tinh Idn cqn trong ndm 2019 cung v&i viic vdn dung mo hinh phucmg trinh cau true dua trin binh phuang toi thieu timg phdn - PLS-SEM, kel qud nghien cuu cho thdy doanh nghiip se dat hi^u qud hoat dpng kinh doanh cao han khi chiin lupc kinh doanh phit hap vai muc do vgn di^ng thuac do phi tdi chinh Cu the, chiin luac tao sv khdc bi4t co quan hi ciing ehiiu. trong khi chien lupc ddn ddu chi phi CO quan hi ngugc vai vi^c vqn di^ng thuac do phi tdi chinh. Ngodi ra.
nghien cicu cUng di din nhdn dinh rdng, dinh huang khdch hdng khong dong vai trd diiu tiet moi quan he giira chiin luac kinh doanh vd viic vdn dung thuac do phi tdi chinh
Tie khoa • Hi thong do luang hiiu qud hogt dong kinh doanh, chien luac kinh doanh, dinh huang thi truang, thuac do phi tdi chinh
Abstract
Today, in order to survive in the voiaiile business environment, firms must iden- tify their position, clearly define strategic goals as well as efficiently operate.
The performance measurement system (PMS) with the emphasis on non-finan- cial measures will help the firms achieve these things Through applying the con- tingency theory, this research will empirically investigate whether business strategies and customer orientation motivate ihe firms to use non-financial measures in order lo improve their performance
With 100 observations from 100 medium and large-sized manufacturers in Ho Chi Minh City and neighbouring provinces in 2019 analyzed by the partial least squares - slruclural equation model (PLS-SEM), regression results confirmed that the firm wilh a high fit between business strategy and the use of non-finan- cial measures attained a significantly high performance. Specifically, consistent with prior studies, there was a positive (negative) relationship between differen- tiation (low-cost) strategy and organisational performance through the use of non-financial measures ofperformance. In addition, the study also stated that customer orientation did not moderate the relationship between differentiation strategy and the use of non-financial measures.
Keywords. Performance measurement system. Business strategy. Customer ori- entation; Non-financial measures
Nhdn- 18/02/2020 Bien tap: 28/02/2020 Duyet dang: 08/03/2020
1. Gioi thieu
He thdng do ludng hieu qua hoat ddng kinh doanh (HQHDKD) la chil de cbinh ma cac nha nghien ciiu ke toan quan trj quan tam tir khi dupe gidi thieu va dua vao van dung trong thdi ky bung nd khoa hpc ky thuat nhihig nam i 960. Tuy nhien, Johnson & Kaplan (1987) cho rang, trong mdi trudng kinh doanh nhieu bien ddng ngay nay, he thdng do ludng HQHDKD trong nhiing nam 1950-1980 cung cap thdng tin qua tre va khdng thich hpp cho nha quan tri hoach dinh va ra cac quyet dinh kiem soat, Cac nha nghien cim giai thich van de tren la do thuc trang qua phu thupc vao cac chi rieu do ludng bieu qua boat ddng ve mat tai chinh cua he thdng do ludng HQHDKD (Atkinson va cdng su, 1997; Itmer & Larcker, 1998; Neely, 1999; Otley, 1999;
Non-eklit, 2000).
Cac nghien ciiu nhiing nam 2000 cho rang, ben canh chi tieu do ludng hieu qua boat ddng ve mat tai chinh, doanh nghiep (DN) nen van dung ca chi tieu phi tai chinh de cung cap cho nha quan tri thdng Hn thich hgp ve tinh hinh chung ciia DN.
Tuy nhien, ly thuyet bat dinh ddi vdi thiet ke be thdng ke toan quan tri (KTQT) ndi chung (he thdng do ludng HQHDKD ndi rieng) cho ring, khdng c6 mdt he thdng KTQT (he thdng do ludng HQHDKD) nao
* Trudng Dai hoc Kinh te TP. Ho Chi Minh
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Nghien ciim trao fldi
thich hgp cho mpi DN trong mpi tinh hudng (Merchant, 1998; Fisher, 1995; Otley, 1999). Vi vay, vin de dat ra d day la lam sao nha quan ly cd the nhan dien dugc loai he thdng do ludng HQHDKD (ching ban, he thdng do ludng chi gdm cac chi tieu tai chinh, hay bao gdm mdt vai bay tham cbl nhieu chi tieu phi tai chinh) phii hgp vdi DN minh. Do dd, can phai nghien ciiu ve mdi quan he giua nhan td bat dmh va viec thiet ke, su dung thude do do ludng HQHDKD va anh hudng ciia mdi quan he nay den HQHDKD tai DN nhu the nao.
Nghien cihi nay thyc hien khao sat miic dp van dung thude do phi tai chinh ciia cac DN san xuat hoat dgng tai Viet Nam, dieu ma chua cd nghien eiru nao thyc bien tinh den tbdi dilm hien tai. Ke den, nghien ciiu di vao kiem dinh 3 mdi quan be.
Thir nhat la kiem dinh tac ddng cua chien luge kinh doanh den viec van dung thude do phi tai cbinh va sau dd, tien hanh kiem tra xem anh hudng cda su tac ddng nay den HQHDKD tai cac DN san xuit Viet Nam nhu thi nao. Day ciing la ngbien ciiu dau tien thuc hien kham pha lieu dinh budng khach hang cd ddng vai trd la tac nhan dieu tiet mdi quan he giiia chien luge kinh doanh va viec van dung thude do phi tai cbinh tai cac DN hay khdng.
2. Tong quan nghien ciiu, mo hinh va gia thuyit nghien cihi
Ly thuyet bat dinh cho rang, nlu DN thilt kl he thdng kilm soat quan ly ndi chung (he thdng do ludng HQHDKD ndi rieng) phii hgp vdi nhan td (dac diem) ngir canh ciia DN (gdm moi trudng boat ddng ben trong - nhu ca cau td chiic, chien lupc kinh doanh, quy md DN, van hoa DN, iing dung cdng nghe thdng dn... va mdi trudng boat ddng ben ngoai - nhu miic dp canh tranh, quy dinh ve thud,.,.) se lam cho HQHDKD gia tang. Trong tap cac nhan td ngir canh (cdn ggi la nhan td bat dinh) cd kha nang tac ddng den viec thiet ke
he thdng do ludng HQHDKD, bai viet nay chi gidi ban d viec xem xet tac ddng ciia hai nhan td gdm cbiln lupc kinb doanh va dinh hudng khach hang ciia DN. Dilu nay bdi le, ngay nay cimg vdi su toan cau hoa kinh te, mdi trudng kinh doanh cd nhieu bien ddng va tinh hinh canh tranh giiia cac DN trd nen gay gat ban. Vi vay, mudn tdn tai va phat trien trong mdi trudng kinh doanh nay, chien lupc kinh doanh ma DN theo dudi phai thuc su phat huy hieu qua, cd the nhd sy hd trp dac lyc ciia he thdng do ludng HQHDKD va dinh hudng khach hang cua DN. Ndi dung ben dudi se trinb bay ca sd xay dung cac gia thuyet nghien eiiu.
2.1 Chien lirffc kinh doanh, vifc van diing thu&c do phi tdi chinh vd HQHDKD
Tuang ty ChenhaH (2005) va Van Veen-Dirks (2010), bai nghien ciru nay dya tren hai loai chien luge kinh doanh theo nghien cim cua Porter (1980), gom Chiin lupc
"Din diu chi phi" va Chiln lupc
"Tao sy khac biet". Chiln lupc "din dau chi phi" tap trung d cac DN kinh doanh sd lugng san pham ban hep, theo dudi chi phi thip va viec phat trien thi trudng khdng dugc cbii n-png. Trong khi chiln lupc "t^o su khac biet" tap trung vao cimg cap san pham, djch vu vdi nhieu ddi mdi va da dang de cd the trd thanh DN diu tien cung cap san pham, dich vu tren thi trudng. Cac san phim, dicb vu cua cac DN theo dudi chien lupc nay dupe khach bang danh gia la ddc nhat do dac diem san phim vupt trdi, hinh anh nhan hieu va tinh ddi mdi. Cac nghien ciiu trudc day (chang ban ngbien ciiu ciia Ittner & Larcker, 2001) cho ring, chiln luge DN lya chgn cd dnh da chieu, dao dpng tir chien luge "din dau chi pbi" den chien luge "tao su khac biet", tiiy thupc vao mirc dp uu tien tap trung vao chien luge nao.
Cac ly thuyit kinh t l ciing chi ra ring, viec thilt kl he tbdng do
ludng HQHDKD la mdt chiic nang chiln lupc kinh doanh cua DN (Brickley, Coles & JarreU, 1997), bdi vi thude do HQHDKD ddng vai trd quan trgng trong thuc hien chien luge kinh doanh cua DN (Gmfton, Liilis & Widener, 2010; Van Veen- Dirks 2010; Van, Chow & Lin, 2006; Itmer, Larcker, & Randall, 2003). Vi vay, nhieu nghien ciiu dira tren ly thuyet bat dinh nhan manh he thdng do ludng HQHDKD nen gin kit vdi chien luge ciia DN (ChehaH, 2003; Langfield-Smith, 1997). Ndi each khac, chiln luge DN lua ehpn se anh hudng den loai thdng tin va miic dp cung cap thdng rin ciia h? thdng do ludng HQHDKD (Itmer & cdng sy, 1997).
Chinh vi vay, ket qua nghien ciiu dinh lugng cua nhilu nghien ciiu cho thiy, DN chi cd the dat dugc HQHDKD cao ban khi he thdng do ludng hieu qua phii hgp vdi chien lupc kinh doanh ma DN theo dudi (Venkatraman, Henderson &
Oldach, 1993; Miles & Snow, 1978;
Olson & Slater, 2002). Cu thi, HQHDKD cua DN se gia tang khi khoang each giiia chien lupc va cac thude do HQHDKD dupe nit ngin.
Ndi each khac, HQHDKD cua DN se thap khi cac thude do hieu qua qua nhieu hoac qua it so vdi yen cau can cd ciia chien lupc kinh doanh (Venkatraman & cdng su, 1993;
Miles & Snow, 1978).
Nhimg DN uu tien budng den chien luge "dan dau cbi phi" thudng tap trung vao giam chi phi thdng qua cai tien quy trinh boat ddng va vi vay tap trung vao khai thac cac dir lieu tai chinh. Do dd, cac DN nay thiet ke be thdng do ludng hieu qua chil yeu la cac thude do tai chinh (Simon, 1987; Govindarajan
& Fisher, 1990) va it nhan m?nh vao thude do ddi mdi va khach bang (Olson & Slater, 2002).
Trong kbi dd, thude do pbi tai cbinh lai thich hgp hon d DN theo dudi chien luge tao sy khac bi?t (Guenther & Gruening, 2002), chang ban thude do ddi mdi va
13
ketoan &'Wimifx)dn SO thdng 3/ 2020Ngiiien ciKkj trao iloi khach hang (Olson & Slater, 2002).
Ddi vdi cac DN theo dudi chiln lupc "ngudi tham dd" (la chiln luge cd dac diem tuong ty nhu chiln luge "tao sy khac biet", Langfield- Smith, 1997), viec su dung nhieu thude do phi tai chinh trong danh gia hieu qua boat dgng se giiip hp nang cao HQHDKD. Giai thich cho dieu nay, Hoque (2004) cho rang, cac thude do tai chinh se lam nha quan tri theo dudi chien luge "ngudi tham dd" mat tap trung vao nhimg yeu td dan den sy thanh cdng cua DN Cling nhu nhirng yeu td tao nen nen tang c ^ h tranh ciia hp nhu chat lugng, su tin cay, dich vy, su ddi radi, hay tbdi gian cung cap san pham dich vu. Dieu nay bdi le, tdng quan nhiing nghien ciiu trudc day (Itmer va cpng su, 1997; Miles &
Snow, 1978; Simons, 1987, 1990) khang dinh rang, neu nha quan tri quan tam den viec lam the nao nang cao hieu qua trong nhiing hoat ddng nhu ddi mdi, nang cao kha nang dap iing nhu cau khach hang hay nang cao kha nang sinh Idi thi he thdng kiem soat, be tbdng KTQT ndi chung, he thdng do ludng HQHDKD ndi rieng phai dugc thiet ke hd trg de dat dugc nhirng mdi quan tam nay. Tir do, Hoque (2004) cho rang, nhiing thude do ma nha quan tri DN van dyng chien luge
"ngudi tham dd" nen quan tam la nhirng thude do ed the giiip xac dinh dugc cai khacb hang mong dcfi ciing nhu nhiing thude do phi tai chinh khac nhu miic dp tham gia cua nhan vien, trong nhiing hoat ddng sang tao va kha nang DN cd the san xuat va dua ra ngoai tbi trudng nhung san pham mdi.
Tuy nhien, ket qua nghien ciiu mdi quan he giiia chien luge kinh doanh va miic dp van dung thude do phi tai chinh van ehua nhat quan.
Mdt sd nghien ciiu di den kit lu?n ring, nhiing DN theo dudi chien lupc tao su khac biet/chien luge ngudi tham dd, chien luge san xuat tap tnmg vao khach hang, chien luge nhin manh vao chat lugng san
pham cd xu hudng sir dung nhieu thude do phi tai chinh trong he thdng do ludng HQHDKD va ngugc lai cho nhiing DN theo dudi chien luge dan diu chi phi/chiln lupc ngudi bao ve, chiln lupc it tap trung vao khach hang ciing nhu chit lugng san pham lai cd xu hudng it su dung thude do phi tai chinh (Chenhall & Langfield-Smith, 1998, Hoque, 2004; Perera, Ham- son & Poole, 1997; Spencer, Joiner
& Salmon, 2009; Van der Stede, Chow & Lin, 2006). Trong khi dd, Barnes and Langfield-Smith (2003) lai cho rang, DN theo dudi chiln luge tao su khac biet khdng cd mdi quan he vdi viec van dung thude do;
PTC va Jusob (2008) cho ring DN theo dudi chien luge ngudi bao ve (la chien luge tuang ddng vdi chiln luge din dau chi phi) lai khdng cd mdi quan be ngugc chieu vdi viec van dung thude do phi tin cbinh.
Tli nhirng phan tich tren, tac gia nhan thay rang anh hudng ciia mdi quan he giira chien luge kinh doanh va viec van dung thude do phi tai chinb van cdn chua nhat quan. Can phai thuc hien nhieu nghien ciiu dinh lugng hon nira de co ket qua rd rang ban. Do vay, tac gia dua ra gia thuyet nghien ciiu sau:
Hl-a Chien lupc dan dau cbi phi tac ddng ngupc chieu den viec van dung thude do phi tai cbinh trong he thdng do ludng HQHDKD.
Hl-b: Chien lupc tao su khac biet tac ddng cimg chieu den viec van dung thude do phi tai chinh trong he thdng do ludng HQHDKD Ben canh dd, tdng quan nghien ciiu dupe trinh bay ben tren cdn ebo thiy, hien cd mdt sd nghien ciiu khing dinh he thdng do ludng HQHDKD nen dugc thilt kl phii hop vdi chien lupc ciia DN de giiip DN nang cao HQHDKD. Tuy vay, kit qua nghien ciiu van chua nhat quan. Cu the, mdt vai nghien ciiu di din kit luan ring, nhiing DN tbeo dudi chien lupc tao su khac biet/chiln luge ngudi tham dd, chien luge san xuit tap trung vao
khach hang, chien lupc nhin manh vao chat lugng san xuat cd xu hudng van dung nhilu thude do phi tai chinh trong he thdng do ludng HQHDKD nham giiip gia tang HQHDKD (Chenhall &Langfield- Smith, 1998, Hoque, 2004; Perera, Harrison & Poole, 1997; Spencer, Joiner & Salmon, 2009). Trong kbi dd. Van der Stede, Chow & Lin (2006) va Baines & Langfield- Smith (2003) lai phat hien ring, viec van dung nhieu thude do phi tai chinh se giup DN gia tang HQHDKD bit ky chiln lupc DN theo dudi la gi
Qua dd, tac gia nhan thay rang anh hudng cua mdi quan he giira 3 nhan td gdm chien luge kinh doanh, viec van dung thude do pbi tai chinh va HQHDKD van cdn nhieu mau thuan. Vi vay, de cd ket qua ro rang hon, van de nghien ciiu nay can dugc thuc bien nhieu hem niia. Dieu nay ciing phu hgp vdi nhan dinh ciia mdt sd tac gia cho rang anh hudng ciia chien luge kinb doanh tren viec thiet ke he thdng kiem soat quan ly van cdn nhieu dieu tranh cai (Otley
& Wilkinson, 1988; Langfield- Smith, 1997). Do vay, tac gia dua ra gia thuyet nghien cim sau;
H2-a: Chien luge dan dau chi phi tac ddng ngupc chieu den HQHDKD thdng qua van dung thude do phi tai chinh
H2-b: Chien lupc tao su khac biet tac ddng ciing chieu den HQHDKD, thdng qua van dung thude do pbi tai chinh.
2.2 Chien lugtc idnh doanh, dinh hird'ng khdch hdng vd viec van dung thir&c do phi tdi chinh
Dinh hudng khach hang la mgt trong 3 khia canh ciia djnh hudng thi trudng, DN theo dudi dinh hudng khach hang la DN mong mudn dap img tdt nhat mong dgi ciia khach hiing thdng qua xac lap cac tieu chuan ve nhiing thupc tinh san pham diing vdi nhu cau ciia khach hang va sau dd, nd lyc de dat cac tieu chuan dat ra. Vi vay, nhiing tieu chuan phi tai chinb nay can dugc xac lap trong
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giai doan len ke hoach, thyc hien cac quyet dinh san pham thdng qua viec xac lap nhieu phuong an vdi nhiing tieu chuan ve dac tinh san pham (vi dy chat lugng dat yeu cau khach hang), quy trinh san xuat, quy ninh boat ddng, phucmg thirc giao hang (dam bao giao hang diing thdi han khach hang yeu cau). Tir dd, ke toan cd the xac dinh chi phi udc tinh iing vdi timg phuang an; nhd vay, nha quan ly cd the lua ehpn phuang an tdt nhat (Goebel, Marshall, & Lo- cander, 1998).
Ngoai ra, khi phuang an da dugc lua chon va di vao boat ddng, nhiing chi tieu pbi tai chinh nay se giup DN danh gia mirc do hieu qua ciia quy trinh hoat dgng ciing nhu miic dp dap irng mong dgi ciia khach himg. Nhiing thdng rin nay sau dd cd the giiip DN nghien ciiu mdt phuang an khac cd the mang lai cho khach hang gia tri Idn hon thdng qua giam chi phi, nhung van tao ra cac thupc tinh san pham khach hang yeu eau bay nang cao hieu qua phuc vu khach bang. Vi vay, mdt sd nghien ciiu khang dinh rang nhiing DN theo dudi dinh hudng thi trudng (bao gdm thanh phan djnh hudng khach hang) cd xu hudng van dung nhieu thude do phi tai chinh (Bangchokdee, Mia &
Runglertkrengkrai, 2013; Lansilu- oto, Joensuu, Varamaki, Viljamaa
&Sorama, 2015)
Nbu da phan tich d Muc 2.1, cac DN theo duoi chien luge tao su khac biet cd xu hudng van dung nhieu thude do phi tin chinh (Chen- hall & Langfield- Smith, 1998, Hoque, 2004; Perera, Harrison &
Poole, 1997; Spencer, Joiner &
Sahnon, 2009; Van der Stede, Chow
& Lin, 2006) vi nhiing dac dnh ciia cac yeu td phi tai chinh giiip DN khac biet vdi ddi thii canh tranh ciing nhu tao nen nen tang canh tranh cua hp, chang ban nhu dac tinh ve chat lupng san pham- dich vu, su tin cay, sy ddi mdi, hay thdi gian cung cap san pham- dich vu nhanh chdng. Nhu vay, khi DN theo
dudi dinh hudng khacb hang se cang giiip DN thilt kl san phim - dich vu kbac biet vdi ddi tbii canh tranh, ddng tbdi sy khac biet nay theo dimg nhung gi khach hang thyc su mong mudn va quan tam.
Cu the ban, khi DN theo duoi dinh hudng khach bang, cbiln luge tao sy khac biet ciia DN se cang dugc cu the hoa hon, ching ban dac tinb chat lugng nao ciia san pham-dich vu, su ddi mdi nao ciia san phim- dich vu, thdi gian giao hang bao lau,... se khien san pham-dich vu cung cap cho khach hang trd nen khac biet. Dieu nay se cang lam cho DN theo dudi chien luge tao sy khac biet phat sinh nhu cau can, dong, do, dem nhirng dac tinh khac biet do, ma hau bet la cac dac tinh phi tai chinh,
Nhiing lap luan tren da tbdi thiic tac gia lap gia thuyet nghien ciiu sau:
H3: Dinh hudng khach hang cd vai trd dieu liet tich cue den mdi quan he giiia chien lupc tao sy khac biet va viec van dung thuoc do phi tai chinh.
Md binh nghien cim va cac gia thuyet nghien ciiu dupe trinh bay nhu binh 1.
3. Phuong phap nghiin cihi 3.1 Mdu vd phiecfng phdp thu thdp dir lieu
Dan vi phan tich ciia nghien ciiu nay lit DN. Ndi each khac, mdi DN se cd mgt dai dien tra Idi bang cau hdi khao sat. Ddi tugng tra Idi khao sat la nhiing ngudi am hieu ve he Hinh 1: Mo hinh nghj§n cu-u
thdng do ludng HQHDKD tai cac DN san xuit vira va Idn boat ddng tai Viet Nam (vdi quy md DN dat it nhit la 100 nhan vien va cd tdng gia hi tai san it nhat la 20 ty ddng), cu the la nha quan tri cap cao, nha quan tri cip trung, trudng/phd phdng ke toan, kl toan vien/KTQT vien lam nhiem vu cung cap thdng tin cho nba quan tri, kiem soat vien, phan tich vien, hoac kiem toan ndi bd.
Viec thu thap dii Heu duge thuc bien dudi bai hinh thiic phat phieu khao sat tryc tiep va gui phieu khao sat qua email. Ddi vdi hinh thiic tra Idi tryc tiep, tac gia thu ve 52 pbilu trong tong sd 65 philu, dat ty le phan hdi 80%. Tuy nhien, philu tra Idi hgp le thu ve chi cd 34 vi cd 18 phieu khdng hgp le do bd qua nhilu cau hdi, tra Idi qua loa hoac khdng thugc ddi tupng phdng viin. Ddi vdi hinh thiic tra Idi qua email, ty le phan hdi chi dat 9,7%, cy the clii tiiu hdi ve dugc 97 phieu trong tdng so 1.000 phieu giii di. Tuy nhien, tac gia da Ipc bd 31 phieu vi khdng dam bao dp tin cay trong tra Idi bang cau hdi (tra Idi nhanh, dudi 10 phiit), bd trdng vai phan cudi, khdng diing ddi tupng khao sat. Nhu vay, tac gia thu ve dugc 66 phieu hgp le, gdp phin nang tdng mau nghien ciiu len dirng 100, den tir 100 DN san xuit vua va Idn. Tae gia chgn khao sat tai DN san xuat vira va Idn, vi DN san xuat nhd thudng khdng van hanh he tbdng do ludng HQHDKD phiic tap vdi nhieu thude do phi tai chinh.
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miic do cao nhit, cho thiy ngudi dugc phdng vin hoan toan ddng y nhan dinh tren, Khai niem "viec van dung thude do phi tai chinb" dupe xac dinh la tmng binh cua 6 nhdm 3.2 Mo td ve mdu 3.3.2 Thang do viec van dung mirc do, tuang img vdi 7 mirc do Mau su dyng trong nghien ciiu thir&c do phi tdi chinh ddng y. Mirc dp 1 (hoan toan phan deu la DN san xuat vdi 57% DN Idn Thang do cho khai niem "viec ddi) cho tiiiy, mtic dp ddng y la thip va 43% DN vira. 65% DN tham gia van dyng thude do pbi tai chinli" nhit vl viec su dung timg nhdm khao sat ed sd nhan vien brong trong nghien cihi nay dupe do ludng thude do thanh qua trong he thong khoang tir 101 din 500 nhan vien va thdng qua mdt bg thang do theo do ludng HQHDKD. Miic dd 7 la hon 50% DN cd gia tri tai san tu 21 hinh thiic Likeri, bao gdm 6 biln
- 300 ty ddng. Ngoai ra, doi tugng quan sat tucmg iing vdi 6 nhdm khao sat chiem ty le cao nhit la nba thude do thanh qua, gdm thude do quan tri cap trung (56%), ke din la khia canh khach hang, nhan vien, nhimg ngudi din tu phdng ke toan nha cung cip, van hanh, chit lupng
(27%), nha quan tt-i cap eao (14%), san pham - dich vu va sy ddi mdi thude do thanh qua Hong bd diang va kilm soat vi6n/kiem toan ngi bd san phim - dich vu (liter, Larcker do nay. Thong ke md ta tirng loai (3%). Sd nam kinh nghiem lam viec & Randall, 2003). Cae iing vien se thude do phi tai ehinh dugc trinh ciia dap viSn tai DN khao siit trung ha Idi cho moi biln quan sat tbeo 7 bay d Phu luc 1, trang 66.
bmh la 8 nam va khdng cd dap vien _ . ., - . * , . . , >. , ' 1 1 . u - J • 1 - T- Bang 1: Thong ke mo ta ve mau nao CO kinh nghiem duai 2 nam. Tu *' do cho thay kdt qua khao sat ciia
nghien ciiu ehinh thire dat dp tin cay vi eac dap vi6n deu giii ciic vi tri dam bao am hieu ve he thdng do ludng HQHDKD, ddng thdi so nam lam viec ciia bp tai DN khao sat kha lau. Thdng ke md ta ve mau dugc trinh bay qua bang 1.
3.3 Thang do nghien ciru 3.3.1 Thang do chien lucre kinh doanh
Tac gia sir dung lai bp thang do
"chien lupc kinh doanh" trong nghien ciiu cua Johnson, Whitting- ton & Scholes (2011), gom 6 biln quan sat do ludng chien
luge dan dau chi phi va 5 Bang 2: Thang do va danh gid do tin c$y - gia trj thang do bien quan sat do ludng
chien luge tao su khac biet _ _ „ _ _ _ _ (xem bang 2), theo hinh thiic thang do Likeri. Sd do trong moi thang do dugc phan chia theo 7 miic dp de thiy dugc miic do nhan thiic ciia ngudi dugc phdng van ve chiln luge kinh doanh - chiln luge dan dau chi phi hoac chien luge tao sy khac biSt - ma cdng ty hp lya ehpn. Mirc dp 1 cho thiy ngudi phdng van hoan toan khdng ddng y, miie dp 2 & 3 la phan ddi, miie do 4 la trung dung, miic dp 5 va 6 la ddng y va cudi ciing la miic dp 7 the hien ngudi tra Idi cd hoan toan ddng y.
B$cdi£mDN l.LogihinhDN - San >cuat ion - San xuat vita
2. Number of employees - 101-200 - 201-300 - 301-500 - 5 0 1 - 1 000 - 1,001-2.000 - > 2,000
So
57 43
2S 17 20 9 16 10
'/.
57%
43%
28%
17%
7.(\%
m
16%
10%
Sac dilm DN 3. TdttK tii san (ly Sng) - 21-50 - 51-100 - 101-200 - 201-300 - 301-500 - 501-1.000 - > 1,000 4. CItire vu cao nhAl cua ddp vien
NV ke loan TC (kiem nhi^m v\f euog cap bio c^o cho nha quan tr| ra quyet dmh) Nhan vien KTQT
Trironc/Pho phone Ke toan Nhd quan Iri cap Itung (vi dy, Ttuong/pho cac bp phsn, phone ban khac)
Kiem soal vien (KS TC/ hoat dong, .)/Kiem lo^n npi bp
N h i quan tr| cap cao (vi du CEO, CFO, thanh vien hpi done quaniri)
So
19 15 1' 6 13 IS 20 7 5 11 56 3 14
19% 15% 12% 6% 13% 15% 20% 7% 9% 11% 56% 3% M%
C b i i n tuTE kinb doash
Chiin lime ddn ^ chiphi (CR = 0.899. A VE =0.597,
• D j vucn U^i d6i Ihii, gia bdn san pham/djch vy cua cong i> ongiba Ihap h<m d5i ihu canh Iranh { B S T C I )
• C6nE Ij- ang/ba lap Uung phai trien cac san phim/dich vy c6 chi phi san xuSl Ihap (BST C2)
• Coiig ly 6ng/ba CO kenh phan phoi h i ^ u q u i v d c h i phi l h a p ( S S r _ C 3 )
• Cong l}ong/b^ CO quy mo kinh doanh ISnnSn lim chi phi I don visinphflm/dichvii giam |BSf_C4)
• Cflng ly ong'ba c6 cbi phi sii dyng vSn thdp (l(ic !iuy dyng von viii chi p^i i h S p - Iii ihap, cS liic thap) |BST_C5)
• Cflng ty an&1)d nhjn m^nh ve iko l^o, gido d|ic vfi hpc h6i dJ gidm Ihi^l hgi (vi dy. thiil h^ii am ptijm hbng, hao phi v i ly I? Ihoi vi?c, ) (BS1_C6)
ChiinlinKmosifkhkbifHCR=0,S9S AVE =0.631)
• San pham/d|ch vii cong ty flng/ba c6 Ihj dupe nhin divn dM nhdn hiJii/lhiioiiE liicu ti ring (BSI _D 11
• Cong I) 6ng/bi dau hi vdo d&i miii vd sdng Uio (BS r _ D 2 |
• Chi phi t\ip rhi chifm ty trpng kha cao so VCTI doauli Ihu (BST_D3)
• San pham /d|ch vu cong ty ong/bd co % diSra khdc bijl so v6i iii 11
• Cong ly 6ng/bi co diu luc ki^m soal chSl lupng san pham/dich v^i rai fi]nh h i r t n g khacb hdoglCK = 0,865; A V E - 0 . 5 1 9 )
• Cflng ly oiig/bd Ihuc hi^n cam i.k Idiich hdng cao ( M O P l )
• Cong t)' ong/ba lao nlu&j giS i n khach bang ( M 0 P 2 )
• Cong ly ong'ba hieu nhu c i u khach hdng (M0P31
• M y c l i E u c u a c a n g l y o n g i h a l d l h o a m a n k h d c h h a n g ( M 0 P 4 )
• Cong !>• ong/bd l?ip trong ihyc hipi do luimg sif ihoa mdn khach hong (MOPS)
• C a i g l v o i i g f b d l h u c h i j n d [ c h \ ' v s a u b d j i h a i i B { M O P 6 )
:Unnh(HSl_m) iingSl|GSl_D5)
<^apchl'^etom&'^Mm-tom SO thdng 3/2020 K U
Nghien ciAi trao fldi
3.3.3 Thang do HQHDKD thay ngudi dugc phdng vin hoan tiSm in) cd gia tri tin cay tdng hop Tac gia do ludng HQHDKD toan ddng y nhan dinh vd didu nay. kha cao tii 0,865 den 0,899, thoa flidng qua hai loai hieu qua tai chinh Ngoai ra, dd md hinh phii hgp man didu kien ngudng tdi thieu cho va phi tai chinh theo thang do ciia hem ciing nhu dd gia thuydt dugc P^^p (>0,7) (Hair, Ringle & Sarst- Hoque (2004) - la thang do dugc kidm dinh mang tinh chinh xac han, ^dt, 2011). Ngoai ra, trong sd nhan nghien cuu nay dua vao bidn kidm t^ cua cac bien quan sat do ludng soat la quy md DN (Calantone. ^^^^ ^^m an trong md hinh nam phat trien tir Govindarajan (1984)
vdi viec bd sung them 2 bien quan sat mdi la mdi quan he tai noi lam viec va an toan, sue khoe ciia nhan vien. Cac ung vien se tra Idi 12 bien quan sat (lien quan den 12 loai hieu qua gdm tdc do tang trudng doanh thu, thi phan, lgi nhuan hoat ddng, ddng tien tir hoat ddng, ty suit lgi nhuan tren vdn diu tu, phat trien san pham mdi, R&D, phat trien thi trudng, chucmg trinh giam chi phi, phat ttien nhan su, mdi quan he tai nai lam viec, su an toan - sue khoe nhan vien) theo 7 miic do, tucmg ling vai 7 miic do ddng y. Miic do 1 (hoan toan phan ddi) cho thay miic do ddng y cua hg la thap nhat ve loai hieu qua tai cbinh/phi tai chinh ma DN hg dat dugc. Miic dd 7 la muc do cao nhat cho thay ngudi dugc phdng van hoan toan ddng y nhan dinh tten loai hieu qua dd.
Khai niem "HQHDKD" dugc xac dinh ia trung binh cd trgng sd ciia 12 loai hieu qua ttong bd thang do nay, vdi trgng sd la miic do quan ttgng ma tiing loai hieu qua ddng gdp vao su thanh cdng chung ciia DN.
3.3.4 Thang do dinh hic&ng ichach
Cavusgil, & Zhao, 2002; Luc, Slotegraaf, & Pan, 2006), dugc do ludng bang logarit cua so lugng nhan vien ttong DN (Ahmad &
Zabri, 2016; Hoque & James, 2000) vi quy md DN ciing cd the anh hudng den 2 bien phu thugc - dd la viec van dung thude do phi tai cbinh va HQHDkD.
4. Ket qua nghien cuu 4.1 Kit qud kiem dinh dp tin ccly vd gid tri thang do
Bang 2 cho thay, tat ca cac khai niem nghien cuu truu tugng (bien
ttong khoang tir 0,739 den 0,882, cao ban nguong tdi thieu cho phep (0,7) theo de xuat ciia Hair va cac cgng su (2016) (ngoai tni bien BST_C6, M0P3, M0P4, M0P5) khang dinh cac bien quan sat dfit gia tri hdi tu ve khai niem nghien cihi.
Ben canh dd, miic do hgi tu ciia biln quan sat ve bien tiem an trong nghien ciiu nay cdn dugc minh chiing qua chi sd phuang sai trich trung binh (AVE) cua mdi khai niem nghien cuu deu > 0,5 (Fomell
& Larcker, 1981), cu the dao dgng tir 0,519 ddn 0,631. Ngoai ra, cac Phu luc 1 - Thong ke md ta loai thu>6>c do HQHDKD
Loai tbirfrc do HQHDKD Khia canh khach bans Khia canh ahin VKD KhEi canh nha cuoe cap Kbiacanb van b l o b
Kbia canh cbat linjoig sin pham dicb \u Khia canh sir doi moi san pham, dich vn
C&
too too
100 100 100 100
Toi
1 3 1 3 3
-,
Toi da 6 6 6 6 6 6
Gia tti tmng binh
409 4 42 3 38 4 61 4 8 4.25
O f l ^
1.093 0.94S 1.062 0898 0829 10^8 Bang 3- Ma tr|in tipong quan danh gia gia trj phan bi^t cua thang do
Dinh hudng khach hang dugc do ludng qua thang do dugc sir dung lap lai tir nghien ciiu cua Nar\er &
Slatter (1990). Cac ting vien se tra Idi 6 bien quan sat, (xem bang 2), theo 7 miic do. Miic do 1 (hoan loan phan ddi) cho thay miic do ddng y cua hg la thap nhat ve djnh hudng khach hang ma DN hp theo dudi. Mirc do 7 la mirc do cao nhat cho
mmgbinh Dglech chuan (SD) I. Gtien Iif^c din dau cbi phi
3. Viec sir dimg thiroc do PTC
4. Dinh huoi^ khacb hang
- 0 ^ 3 1 "
0.639 .0,469"
0,482 -0258*
0,iO4 -0,432"
0.441 0,794
0 ^ 5 1 "
0.S7S 0 ^ 1 * 0.2S9 0,460"
04-9 1
0.431"
0.491 0,817*
0.817
Gfecfai. Gia tri thir 1 = He 56 tuong t|uan giOa cat Indn (so phia duoi dunng cheo);
Gia trj Ihu 2 = He s6 HTMT (sa in i^ieng phia dinji duimg cheo);
Giatnlhii3=Canb?chaicua ffaitn^ saj trieh binh quan (AVE) (so in dam
" . Tuong qoan la dang lu 0 mncy ngha 0,01 (Viem ffinh /2 duoi).
•- Tutmg quan la dang keo mirc j n ^ 0,05 (kiem Jjnbf 2 dom).
1 ^ ^p chi-Ketoan &^iei 3 2020
Nghien ciIU trao fldi Men quan sat ciing dam bao gia tri
phan biet giua cac nhan td (khai niem nghien ciiu) vi trgng sd nhan td cua mgt bidn quan sat tai tten cac nhan td cd do lech > 0,3 (Jabnoun &
Al-Tamimi, 2003), ngoai trir bien BST_C6. Cudi ciing, tat ca cac gia tri t bootsttap ciia cac bien quan sat deu cd y nghia thdng ke, vi dam bao muc tdi thieu 1,96 (cu thd n5m trong khoang tir 6,254 ddn 28,447).
Ngoai ra, sau khi loai bd bien M0P3, M0P4 va M0P5, gia tri phan biet cua thang do dugc tiep tyc danh gia qua bang 3, trang 66, thdng qua kidm tra can b|ic hai cua phuang sai trich binh quan nhu de xuat cua Fomell & Larcker (1981).
Cu thd, bang 3 cho thiy can b^ic hai cua phucmg sai trich binh quan (AVE) cua tirag nhan td nam ttong khoang tii 0,773 den 1, thoa man dieu kien cao hon tat ca he sd tucmg quan giiia nhan td do vdi tat ca cac nhan td khac (cu the nam trong khoang tu -0,531 dan 0,817). Gia tti phan biet ciing dugc ciing cd qua didu ki?n ve he so HTMT (<0,9)
h? sd HTMT nam trong khoang tir 0,289 ddn 0,817, thoa man didu kien
< 0,9. Do do, thang do dam bao gia tri phan biet dudi cac cdng cu de xuat cua Fomell & Larcker (1981), Jabnoun & Al-Tamimi (2003) va Henseler & cdng su (2015).
4.2 Kit qud kiim dinh gid thuyet nghien ciru
Cac gia thuyet dugc kiem dinh qua phin mdm SmariPLS3. Thdng qua danh gia do Idn va miic y nghia cua timg dudng dan trong mo hinh cau tnic (dai dien gia thuyet cin kiem djnh), tac gia cd thS cung cip bing chiing de chip chan hoac bac bd gia thuydt nghien ciiu. Cac chi sd dugc liet ke trong bang 4 bao gdm he sd p, gia tri t, he sd R^ cho tiing bien phu thugc. Cac chi sd nay dugc tinh toan tu ddng tren co sd chay 500 lin bootstrap. Ket qua cho thiy, hd sd R^ dieu chinh ciia tat ca cac biSn phu thupc (gdm viec van dung thude do PTC va HQHDKD lin lugt la 0,589 va 0,663 - md hinh nghi6n ciru vdi chien luge dan dau chi phi: 0,647 va 0,66 - md hinh (Henseler & cdng sir, 2015). Cu the.
Bang 4 - Ket qua ki^m djnh giS thuyet trong mo hinh nghien cu>u
CHlfeW l\S<JC DAN OAl) CHI PHI
nghien ciiu vdi chiSn luge tao su khac biet) deu cao hem ngudng tdi thieu 0,! 0 cho phep. Vi vay, md hinh nghien cuu ma tac gia dh xuit phu hgp cao vdi dir lieu thu thap dugc.
Do cac DN thudng lua chgn theo dudi hoac la chien luge tao sir khac biet, hoac la chien luge din dau chi phi nen md hinh ciu true dugc xac lap rieng cho timg loai chien luge. Ngoai ra, ddi vdi mdi loai chien luge, tac gia ciing tach rieng lam 2 md hinh - md hinh bao gdm bien trung gian NFM va md hinh khdng bao gdm bien tmng gian NFM. Muc dich cua viec tach rieng nay la de kiem djnh lieu viec sir dung thude do phi tai chinh (NFM) cd ddng vai ttd trung gian ttong mdi quan he giira chien luge kinh doanh va HQHDKD. Nhu vay, cd tdng cdng 4 md hinh cau tnic.
Gia thuyet Hla,b de xuat rang chien luge dan dau chi phi tac ddng ngugc chieu den viec van dung thude do phi tai chinh trong khi chien luge tao su khac biet tac ddng Cling chieu. Ca hai gia thuyet nay
CHltlN L W C T * O S ( r K H A C B l f : T
Mo hinb } (Mm f i m hi^P lrun° gun M ^ ) Ziin nhu thuoc
PER NFM
^ Giainf e G i a t r i ' MHJ|kligiigc6bi«n
Bibph^bugc PER H ^.^^^.^
J) U S ' 2J44 .8.071 o.m
B S T ^ D ^ N F M ^ P E R 0 : J 8 " 3.7H
BST_Di(MOP-»NFM MOP-* NFM MOR -* NFM -» PLR
B.lift* 2.261
O i n m o - i N F M 0 , 6 7 ! "
Quy roi •» NFM •* PER Qii)ina->PER
ihugcJnPTC.PER KQHDKD.BSt I 3 . M 0 P b i i n l u n n n U c a i a a d i o B S T Di^MOP ,
ki ketoan
o
Nghien cilU trao ddi
dugc chap nhan bdi ket qua phan tich dii lieu. Cu the he sd p cho dudng din tir BST_C dgn NFM cd gia tri -0,182, dang ke d mirc y nghia thdng ke 5% (gia tri ; = 2,416) - Md hinh 1; trong khi do, he sd p cho dudng dan tir BST_D den NFM cd gia tri 0,286, dang ke d raiic y nghTa thdng ke 1% (gia tti t = 4,047) -Mdhinh 3.
Tiep den, gia thuyet H2a, b de xuat rang chien luge dan dau chi phi tac ddng ngugc chieu den HQHDKD thdng qua viec van dung thude do phi tai chinh. Trong khi dd, chien luge tag sir khac biet cd tac dgng ciing chieu va dieu nay Cling dugc ling hd bdi ket qua phan tich du lieu d bang 4.
That vay, sd lieu trinh bay d Md hinh 1 - bang 4 cho thay he sd p cho dudng dan tir "BSTC -*NFM" ddn PER cd gia tri -0,155, dang ke d mtic y nghia thdng ke 5% (gia tri t
= 2,344) trong khi d md hinh 3 cua bang nay, he sd p cho dudng dan tir
"BST_D ->NFM" ddn PER c6 gia tti 0,248, dang ke d miic y nghia thdng ke 1% (gia tri t = 3,764).
Ngoai ra, cung tir 2 md hinh nay (md hinh cd bien trung gian), he sd P cho dudng din tir BST^C ddn PER va BST_D ddn PER cd gia tti lin lugt la -0,071 va 0,015, khdng cd y nghia thdng ke (tugng img gia tti t lin lugt = 0,893 va 0,199), cho thiy BST_C va B S T D khdng cd tac ddng true tiep den PER. Tuy nhien, d md hinh khdng cd bien trung gian, he sd p cho dudng dan tir B S T C ddn PER va BST_D d§n PER cd gia tri lin lugt la -0,228 (Md hinh 2) va 0,268 (Md hinh 4), dang ke d miic y nghia thdng ke 1%
(tuong ling gia tri / lan lugt = 2,623 va 3,123), cho thay 2 nhan td nay cd tac ddng true tiep den PER. Qua dd, ta thay mdi quan he giua timg loai chien luge vdi HQHDKD (BST_C
& PER va BST_D & PER) bi ygu di (gia tri p giam tir -0,228 xudng cdn -0,071; gia tri t giam tir 2,623 xudng cdn 0,893 ddi vdi md hinh cd chien luge dan dau chi phi va gia tri p
giam ttr 0,268 xudng cdn 0,015; gia trj t giam tir 3,123 xudng cdn 0,199 ddi vdi md hinh cd chien luge tgo su khac biet) khi dua them biSn trung gian NFM vao md hinh. Didu nay khang dinh, NFM hoan toan ddng vai trong vai ttd trung gian ttong mdi quan h? giiia chien luge kinh doanh ma DN lua chon va HQHDKD.
Cudi ciing, gia thuygt H3 de xuat rang viec dinh hudng khach hang cd vai trd dieu tiet tich cue den mdi quan he giiia chien luge tao sy: khac biet va viec van dung thude do phi tai chinh. Sd li?u thdng ke d Md hinh 3 - bang 4 cho thay, gia thuyet nay khdng dugc iing vi he sd p cua dudng dan tir bien tuang tac BST^D X MOP ddn NFM cd gia tti 0,038, khdng cd y nghia thdng ke (gia tri t = 0,615). Tuy nhien, khi viec dinh hudng khach hang gia tang, cac DN cd xu hudng tang cudng van dung thude do phi tai chinh (he sd p cho dudng dan tu MOP dgn NFM cd gia tri 0,156, c6 y nghia thdng ke vdi gia tri t = 2,261 -Mdhinh 3). Qua dd cho thay, mac dil dinh hudng khach hang khdng ddng vai trd dieu tigt mdi quan he giira chign luge tao su khac biet va viec van dung thude do phi tai chinh, nhung lai la ddng eg cd tac ddng true tiep khien DN van dung nhieu thude do phi tai chinh. Ddng thdi, viec van dung thude do phi tai chinh cung ddng vai trd trung gian ttong mdi quan he giiia dinh hudng khach hang va HQHDKD (gia tri p= 0,135, gia tti t = 2,091).
5. K^t luSn
Kgt qua nghien ciru cho thay, cac DN cang theo dudi chien luge tao sir khac biet cang cd xu hudng van dung nhigu thude do tai chinh (Htb); trong khi digu nay xay ra ngugc lai cho DN theo dudi chign luge dan diu chi phi (HIa). Ket qua nghign ciru nay phii hgp vdi kham pha cua nhigu nghien ciiu nhu Chenhall & Langfield-Smith (1998); Hoque (2004); Perera, Har- rison & Poole (1997); Spencer,
Joiner & Salmon (2009); Van der Stede, Chow & Lin (2006). Ket qua chip nhan gia thuyet Hla,b cd the dugc giai thich qua viec chip nh^in 2 gia thuygt kd tidp la H2a,b.
Ndi each khac, ddng ca khien DN van dung nhieu hay it thude do phi tai chinh la thude do hieu qui phi tai chinh ngu dugc van dung phii hgp vdi chien luge kinh doanh ma DN theo dudi se giiip hg gia tang HQHDKD. Cu the, chign luge tao sy khac biet tac ddng cung chi6u dgn HQHDKD thdng qua van dyng nhieu thude do phi tai chinh (H2b) ttong khi chign luge din dau chi phi tae ddng ngugc chidu (H2a). Gia thuyet nghien ciiu H2a,b dugc chap nhan da giiip thu hep su thieu nhat quan trong ket qua nghien ciiu trudc day.
Tuy nhien, ttong khi 4 gia thuy^
tten dugc img hd bdi kdt qua phSn tieh dir lieu thi gia thuyet H3 bi bac bd. Cu thg, viec djnh hudng khich hang khdng ddng vai ttd dieu tigt mdi quan he giiia chien luge tao sir khac biet va viec van dung thuoc do phi tai chinh. Dieu nay cd nghia la ddi vdi DN lua chgn chien luge kinh doanh theo hudng tao su khac biet, dii hg ed theo dudi dinh hudng khach hang hay khdng thi viec lua chgn van dung nhieu hay it thude do phi tai chinh se tuy thugc vao miic dp theo dudi chien luge nay ciia hp nhu thd nao. Chinh dac tinh ciia chign luge tao sir khac biet nay sinh nhu cau van dung thude do phi tai chinh, khdng ehiu anh hudng khi co su bd trg thgm vao cua dinh hudng khach hang. Digu nay ed thg dugc giai thich do cac DN theo dudi chien luge tao su khac biet, dae diem san pham- dich vu dugc thiet kg theo tieu chuan DN tu xac lap dg trd nen khac biet vdi ddi thu canh tranh, khong theo yeu eau va mong dgi cu the ciia khach hang.
Do dd, bd thude do do ludng muc tigu de dat dugc sir khac biet khdng ddng nhit vdi bg thude do do ludng dinh hudng khach hang (dmh hudng khaeh hang dugc kham pha
1 ^ mp chimS torn S^Kwm toan so thang 3/2020
Nghien cihi trao n6\
ttong nghidn ciru nay ed tae ddng tieh cue vdi viec van dung thude do phi tai chinh). Day la nghien ciiu dau tien kham pha vai ttd dieu tiet cua dinh hudng khach hang ddi vdi mdi quan he giira ehidn luge tao sy khac biet va viec van dimg thuoc do phi tai chinh. Do do, can phai thuc hien them nhieu nghien eiiu han nua de khang dinh cd hay khdng cd vai trd dieu tiet cua nhan td dinh hudng khaeh hang ttong mdi quan he tren.
Viec chap nhan cae gia thuyet Hla,b va H2a,b la ca sd de tac gia de xuat mgt sd ham y cho nha quan tri nhu sau:
Nha quan tn d DN theo dudi chien luge tao sir khac biet can tan dung van dung nhigu thude do phi tai chinh ben canh thude do tai chinh. Dieu nay bdi vi cac thude do phi tai chinh se lam nha quan tri tap trung vao nhiing ydu td din dgn su thanh cdng ciing nhu nhiing yeu td tao nen nen tang eanh ttanh cua DN nhu chat lugng, su tin cay, dieh vu, sir ddi mdi, thdi gian cung cap san pham dich vu,... Digu nay diing vdi nhan dinh ciia mdt sd tac gia (nhu Ittner va cgng su, 1997; Miles &
Snow, 1978; Simons, 1987, 1990) cho rang he thdng kidm soat ndi ehung, he thdng do ludng HQHDKD ndi rieng can dugc thiet ke nham hd trg DN dat dugc muc tieu chien luge.
Nha quan tri d DN theo dudi chidn luge din diu chi phi nen it van dung thude do phi tai ehinh dg muc tigu ciia hg thudng la tap trung vao giam chi phi thdng qua cai tien quy trinh boat ddng va vi vay ehii yeu tap trung vao khai thac eac dii lieu tai chinh. Viec thiet lap nhieu thude do phi tai chinh se lam nha quan tri mat tap trung vao dieu ma hg can quan tam. Dieu nay la do cac thude dg phi tai chinh chu yeu xoay quanh viee lam thd nao giiip DN tao ra san pham, dich vu dgc nhat vdi dac diem san pham vugt ttgi ve chat lugng, ddi mdi, hinh anh nhan hieu, thdi gian cung cip san pham,...
nhung dieu nay se lam tang chi phi cho DN, dan den muc tieu giam ehi phi khd long dat dugc.
Ngoai ra, gia thuygt H3 mac du khdng duge chip nhan, tiic dinh hudng khaeh hang khdng cd tac dgng dieu tiet den mdi quan he giiia chien luge tao su khac biet va viec van dung thude do phi tai chinh, nhung tac gia cd bing chiing cho thay DN theo dudi dinh hudng khach hang cd xu hudng van dung nhieu thude do phi tai chinh de nang cag HQHDKD. Do vay, nha quan tri ttong eac DN theo dudi djnh hudng khach hang can tang cudng su dung thuoc do phi tai ehinh vi cac thuoc do nay se giiip DN xae lap cac tigu chuan (chi tieu can dat) ma khach hang mong dgi, ehang ban ve thuc hien cam ket vdi khaeh hang nhu giao hang dung hen va chit lugng dat yeu eau. Qua dd, giiip DN danh gia miic dp dap img nhu cau cua khaeh hang.
Dir lieu sir dung trong nghien cuu nay thupc dang dir lieu cat ngang (cross-sectional data), tiic tat ea dii lieu chi dugc thu thap mot lan duy nhat tir cac ddi tugng khao sat;
do vay, se khdng thiy dugc mdi quan he "nguygn nhan - ket qua".
Cu the, khd cd the thay dugc Ipi ich cua viec van dung thude do phi tai chinh phii hgp vdi chien luge kinh doanh cua DN (nguydn nhan) ttgn HQHDKD (ket qua). Do vay nghien ciiu tuong lai cin sir dung du lieu chuoi thdi gian de thay dugc mdi quan he nguygn nhan - ket qua nay. Ngoai ra, nghien ciiu nay chi thuc hien phan tich dir lieu cho cac DN san xuit; ddng thdi, ciing chua thuc hien kiem djnh khac biet ttong kdt qua nghien ciiu giira cdng ty da niem yet va chua niem yet tten thj trudng chiing khoan.
Cac nghien ciiu tuang lai nen dugc thuc hien tren cac DN thugc nhidu nganh nghe (gom san xuit, thuong mai, dich vu) va thuc hien phan tieh rieng cho DN da niem yet va ehua mem ygt. Do cac chi sd R^
trgn cac bidn phu thupc chua dat
muc 100%. Day cd thd dupe xem la han chg cua nghien ciiu nay. Tuy nhien, ydi chi sd R^ dat khoang 60%
cho thay, kha nang du bao cua md hinh nghien ciiu rat cao, chimg td cac nhan td bat dinh dua vao md hinh da du bao phan Idn su bien thien cua dgng ca sit dung thude do phi tai chinh nham giiip nang cao HQHDKD tai cac DN Viet Nam.
Cac nghien ciiu tigp theo can thuc hien dua vao md hinh nghien eiiu nhung nhan to bat djnh khac niia (ngoai 3 nhan td bat dinh gdm chien luge kinh doanh, quy md DN va dinh hudng khach hang).n
Tdi lieu tham khdo
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