PHAN TICH Sir KHAC BIET VE 0AU 11/CUA DOANH NGHIEP THEO HINH THUTC SCf H O U B A N G PHl/OfNG PHAP PHAN RA OAXACA-BLINDER
Ngay nh^n: 10/8/2015 Ngay nhltn lai: 28/10/2015 Ng^y duygt dang; 10/01/2016 Ma s&: 01+02-16-03
O&lf^f Le Van Hi/dng (*) Nguyen Minh Hd (**) LS Bdo Lam (***)
Tom tat: Muc tUu cua nghiin ciXu Id phdn tick sU khdc bi$t ddu tU cUa doanh nghiep theo hinh thiXc sd hUu b&ng phuang phdp phdn ra Oaxaca-Blinder (1973).
Vdi da lUu Id 27.472 doanh nghiep thugc 13 tinh, thdnh pho vung Dong bang s6ng Ciiu Long, ket qud cho thdy c6 sU khdc biit vi ddu tU giUa nhom doanh nghiip nhd nude (DNNN) va nhom doanh nghiep ngodi nhd nUdc (DNNNN). Xet trin tdng thi, cdc DNNNN ddu tu nhiiu han cdc DNNN, tuy nhUn c6 tSn tai sU phdn biit doi xd trong ddu tu giUa hat nhom doanh nghiip nay ud cdc DNNN dugc uu dai nhiiu han. Cdc dac diim cua doanh nghiep vi quy md lao ddng, tdng tai sdn, tdi sdn cd dinh, doanh thu vd Igi nhuqn lam tdng khodng cdch chinh lech ddu tUgiiZa hai nhom doanh nghiep. Trong khi do, cdc yi'u td' phdn dnh khu c6ng nghiep, ddu tU d nam trUdc, no phdi trd, tinh trang nhdp khdu, d<}c dUm rieng cua mdt sd tinh da thu hep khodng cdch vi ddu tUgiUa DNNN ud DNNNN.
TiX khoa: Doanh nghiip, ddu tU, Oaxaca-Blinder, nhd nUdc, tU nhan.
GidFi t h i ^ u
Dg'n nay da khong c6 nhieu b^ng chiJng thiic nghi^m ve mo'i quan he true ti^p va kh6ng d6ng n h a t gida hinh thiJc sd hiJu va dau ti/
cua doanh nghi§p. Tr§n thiic t e , nhieu nghien cufu da xac dinh cdc h a n che t a i chinh do h i n h thijc sd hGu d^ gidn tig'p ki^m tra m6'i quan he gifla h i n h thiSc sd hiJu va d^u tU trong doanh nghiep. Hinh thiJc sd hQu cija doanh n g h i i p khac nhau se c6 a n h hudng khdc nhau den ngu6n von dau tU. Noi mot cdch dcfn gian, ngu6n luc s^n c6 d^ c^'p von cho dau tif se thay d^i ng'u quyen sd hiJu cija doanh nghiep thay d6i; do do se thay d6i m6t loat cdc k6' hoach cho cac dU a n dau tif trong doanh nghidp.
Phacfng phdp p h a n ra Oaxaca-Blinder (1973) difcrc sii dung rong r a i trdn thg' gidi de nghien ciJu SLT khdc nhau (khoang each) trong gia t r i trung hinh cua hai nhom, chang h a n ky t h u a t n a y t h a d n g duoc stjf dijng d^ phdn tich sif khdc bi^t ve liicfng theo gidi tinh, dan toe, khu
vUc kinh te.... Tuy nhien, it cd nghign ciJu siJ dung phi/ong phap nay de p h a n tich sii khdc bi§t dau t\i theo hinh thiJc sd hffu cua doanh nghiep, dac biet la d Viet Nam. Nghign ciJu ndy nh^m muc dich xac dinh nhiJng yeu to' tao n6n SLf khdc biSt ve d^u tU cua doanh nghiep giiJa nhom cdc DNNN va nhom cdc DNNNN bdng phUcfng phap phan ra Oaxaca-Blinder.
Cd sof ly thuyfi't v£i c d c n g h i e n ciJu trtfdc Nghien ciJu t r i n h bay ly thuyet dau tU de lam ro cac yeu to' dan den sU khdc biet trong dau t\S giiia cac doanh nghiep. Theo Romer (2012), gia sil mot doanh nghiep c6 t h ^ su"
dung m6t lUffng v6'n vdi gia thue vo'n la r^.
Luc do, Idi nhuan cija doanh nghiep dUdc cho bdi cong thilc:
Lgi nhuan = 7c(K, Xj, X2,..., Xj,) - rj^K (1) Trong do, K la lUtfng v6^n ma doanh nghiep siJ dung va X la cac dau vao khdc dUdc doanh
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nghiep siJ dung cho qud t r i n h san xu^t. Gid sijt khi doanh nghi§p svl dung t h e m von (md rong quy mo) se 1dm cai t h i e n Icfi n h u a n ctia doanh nghiep tuy nhiSn Itfi suat cua vo'n se giam dan, tdc la dao h a m cd'p 1: T^>0 va dao h a m cap 2: rKK<0. D^ xac dinh lUdng von to'i Uu K* md d do loi nhudn ctaa doanh nghiep se dat gid tri cUc dai, tie'n h a n h lay dao hdm bidu thiJc (1) theo K va cho dao h a m n a y bang 0, do do:
7tK(K,Xi,X2,...,X„) = rK (2) Bieu thiJc (2) cho thd'y doanh nghiep se sut dung thgm v6'n d^ sdn xuat kinh doanh den khi doanh thu bi§n cua mot san pham bang vdi gid thue thxic te rj^ cua no. Bi^u thtJc (2) cung ng^m cho tha'y khoi lucfng v6'n md doanh nghiep siJ dung se phu thuoc vdo chi phi su"
dung vo'n rj^ va cac dau vao X trong qua t r i n h san xuat kinh doanh. De xem xet SLT thay doi cua vo'n K khi r^ bode X thay doi, Id'y dao h a m rieng bieu thdc (2) theo r^ hoac X. Trong trUdng hop muo'n xem xet sif thay doi cua chi phi siJ dung vo'n a n h hudng de'n luong vo'n doanh nghi§p sil dung nhiJ the' nao, lay dao h a m bieu thiJc (2) theo r^, bang cdch gia dinh cdc big'n X la ngoai sinh n§n chung se khong thay doi khi r^ thay doi, ta cd:
% K ( K , X „ X J , . . . . X „ ) . 8K(rK.X|.X;,...,X„) (3) Chuyin vg" bieu thd:c (3) thanh hiiu thiic (4) phan dnh sif thay doi cua vo'n K khi rjj thay doi:
aK(rK,X|,X2,...,XJ 1
^TK " J I I C K ( K , X „ X 2 , . . . , X , )
(4)
D o g i a d i n h 7I;KK(K, X ^ , X2,..., X„)<0 n e n b i e u thiifc (4) cho t h a y k h i c h i p h i SLf d u n g vo'n r ^ t a n g t h i d o a n h n g h i e p s e g i a m v i l e SLf d u n g vo'n K.
Q u d t r i n h b i e n Mi t r e n c h o t h d ' y m o i tiTcfng q u a n d m gii?a c h i p h i suf d u n g vo'n v a lufdng v o n K. T u y n h i g n , t h e o R o m e r ( 2 0 1 2 ) , p h a n I d n lu'dng v o n d o a n h n g h i g p su^ d u n g k h o n g p h a i d i t h u e m a l a t h u o c s d hiJu c u a d o a n h n g h i e p , d o d o v i § c x d c d i n h c h i p h i suf d u n g v o n l a k h o n g gid'ng n h a u giOa c d c d o a n h n g h i e p . D e x d c d i n h
chi phi s^ dung vdn ta se xem xet mot doanh nghiep sd hau rngt dan vi von vdi gia d thdi diem t la p(t) vd doanh nghiep c6 th€ b a n dcfn vi von nay hodc ti^p tuc sfl dung no. Neu doanh nghiep bdn dcfn vi von nay va lay so t i l n ban dUcfc de giJi ti^t kidm thi doanh nghigp se thu diiqc p(t).r(t) vdi r(t) la lai suat thi^c. Trong trudng hcfp doanh nghiep sOf dung dcfn vi von nay (giiJ lai de dau tU) thi doanh nghidp se bi m a t khoan Icfi ich p(t).r(t). Thd hai, dcfn vi von khong phai luon c6 gid tri p(t) ma se hi khd'u hao theo thdi gian, do dd n§'u tiep tuc sd dung dcfn vi v6'n ndy thi doanh nghiep se mat di 5.p(t) vdi 5 Id ty 1§ khd'u hao. Thd ba, gia cda mdt dcfn vi vo'n t r e n thi trUdng cd the thay d^i (p(t) dai dign cho su t h a y doi cua gid mot dcfn vi von), chi phi sd: dung v6'n se t a n g khi gid mot dcfn vi vo'n t r e n thi trUdng giam va chi phi sijf dung von se giam neu gia mot dcfn vi von tang. Kd't hcfp 3 yeu to' nay, chi phi sd" dung vo'n CO the dUOc th^ hien qua bieu thdc (5):
TKCO = r(t)PK(t) + 5pK(t) - PK(t) rK(t) = Wt) + 5]pK(t)-pK(t)- rK(t)-[r(t).6-A|_]p^(t)
PK(Q PK(t)
(5)
(6) Bieu thilc (6) chua cd sif h i | n dien cua thue, tuy nhien tr^n thtfc t^ thue' lign quan de'n dau tu vd thu n h a p doanh nghiep cd tdc dgng rat Idn dg'n vi#c su" dung v6'n cua doanh nghiep.
De do ludng tdc dong ciia thug' den quyet dinh sd dung vo'n Romer (2012) da bo sung thue vao bi^u thdc (6) vdi 6 Id thue* suat thu nhdp doanh nghiep. Khi cd su hien dien cua thue thu n h ^ p doanh nghiep, gia cua mot don vi vo'n md doanh nghiep sd hi?u khong con la p(t). Bdi vi, luc b a n dcfn vi von dd, doanh nghiep khong thu ve hoan toan p(t) md phai nop thue thu nhdp doanh nghiep Id 9.p(t). Do do, gia tri cua mdt dffn vi v6'n luc ndy se Id (1-0).p(t). Bieu thdc (6) vdi siJ hign dign cua thue' se bien ddi nhu sau;
rK(t)=[r(t) + 6 - ^ ] ( l - e ) . p ( t ) (7) Bieu thdc (7) cho ta t h a y lai su^t thue tg' vd tf l& khd'u hao cd tuung quan dUcfng vdi chi phi
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siJ dung v6'u rg, trong khi toe dd doi gid t u b a n vd thug" cd tucfng quan dm vdi rK. Trong khi do, bieu thdc (4) lai cho thd'y md'i tUcfng quan a m giQa lUcfng von sd dung vd chi phi sd dung vd'n. TU (4) vd (7) cd t h ^ r u t r a kg't ludn: (i) Lai suat t d n g se khi§'n cho vi#c ddu tU t h e m von cua doanh nghidp giam; (ii) Ty 1§ khau hao cdng cao t h i d^ng luc dau t u t h e m vo'n cang t h ^ p ; (iii) Td'c dp t a n g gid mot ddn vi von cdng n h a n h t h i ddng lUc dau tU cdng cao; (iv) Thu^ cao se khie'n doanh nghi$p t a n g ddu tU.
M6 h i n h ly t h u y e t n a y h d m y' cho cac y^'u td' quye't dinh dau tU, t u y theo t i n h h i n h t h d c sd hffu k h d c n h a u t h i cac yd'u td' a n h h u d n g k h d c n h a u vd t a o n e n sU k h d c b i e t t r o n g dau tu.
Nghien ctJCu thylc nghi$m c6 lien quan K^t qua luac khdo mot so' nghien cdu thuc nghiem cd lien quan cho t h a y cd khd it nghign edu trUc tiep ve sU khdc biet trong d^u tU giiJa DNNN va DNNNN, cung nhU it bang chdng ve mo'i quan hS trUe t i e p gifla dau t u doanh nghiep va cau true sd hilu. Cdc nghien edu chu yeu t^p trung vao tUcfng tdc giiJa hinh thdc sd hflu vdi don b£y tdi chinh, tinh t h a n h khoan, ncf hodc cd hdi d i u tU a n h hUdng d^n ddu tU cua doanh nghiep. Ccf cau sd hflu trd t h d n h y^u td^ 1dm t h a y doi viec xd ly cdc ngu6n tdi chinh vd nhiJng dU dn d^u tU cua doanh nghi$p. Hidenobu vd Lai (2012) nghien edu ve tdc ddng cua c^u trdc vo'n d^n dau tU cua cdc doanh nghiep d Vi^t Nam va cho t h a y ca'u true vdn vd ddu tu cua doanh nghiep tUcfng quan dm vdi nhau. Tdc d^ng n a y se trd n e n m a n h ban dd^i vdi trudng hop ca'u true vd^n dUcfc t i n h bang cdc khoan no vay chd khdng phai nd ndi chung, nhUng lai y^u hcfn trong trUdng hcfp cdc doanh nghiep thuOc sd hiJu nhd nUdc.
Dau t u dUdi mdc hien dang la mot vd^n de khd quan t r o n g dd'i vdi cdc DNNN. NghiSn edu cua P h a n vd P h a n (2013) sd dung bi^n tUOng tdc gifla ddn b^y t a i chinh vd hinh thdc sd hflu cho thd'y n§'u don bay tai chinh eda cdc doanh nghiep t d n g mot lUtfng nhU nhau thi DNNN
se dau tU it hcfn cdc doanh nghiep khdc. Cdc DNNN it khuyen khich dau tU trong khi ho cd t h ^ d§ ddng ti§'p cdn cdc khodn vay hcfn.
Gugler vd Peev (2007) nghien edu v^ sU bien ddng cua dong t i e n tdc dong de'n dau tU cua 25.000 doanh nghi§p d 15 n e n kinh tg' chuyen ddi giai doan 1993-2003. K§'t qua nghien edu cho thd'y do'i vdi cdc DNNN do n h a y cua dau t u va dong tien thdi gian dau chuyen doi la tiSu cue nhUng thdi gian sau chuyen d^i da trd t h d n h tich ciic. Ngodi ra, kg't qua nghi§n cUu c6n cho t h a y khi dUa r a quyg't dinh ddu tu, cdc DNNN it chiu tdc dong td doanh thu hon cdc doanh nghiep khdc. Doanh nghiep tU n h a n ddu tU cd hi$u qud trong ddi h a n hcfn va doanh nghiep nude ngoai thUdng it hi b a n che tdi chinh hcfn cdc doanh nghiep khac. Xu, Wang vd Xin (2010) nghien edu ve tac dong cua hinh thdc sd hflu n h a nude vd sU khong dn dinh dd'n dau t u eda cdc doanh nghiep d Trung Qud'e bdng cdch p h a n tich dQ li^u cua 663 doanh nghiep giai doan 1999-2008. Kit qua nghien edu cho t h a y ddu tU cua doanh nghiep cd tUcfng quan dm vdi SLf khdng ^n dinh eua m6i trUdng sdn xud't kinh doanh. Tuy nhi§n, khi phdn tdch mau nghien edu ra t h d n h nhdm DNNN va DNNNN thi kg't qud hdi quy v^ tdc dgng cua sU khdng 8n dinh den dau tU cua cac DNNN khdng eon y nghia ve mdt thS^ng kg. Cdc DNNN se ddu tU it hon cdc DNNNN, tuy nhign trong cung mOt di^u ki$n khdng 6n dinh thi cdc DNNN cd xu hudng dau tU nhieu hdn cac doanh nghiep khdc. TU cdc k e t qua t r e n cd th^ tha'y DNNN va DNNNN cd nhflng each phdn dng khac nhau trong boat dong ddu tu trude nhflng sU thay ddi v l tinh khdng on dinh. Yuan va Motohashi (2014) nghien edu tdc dgng cua don bdy tdi chinh len ddu tU cua doanh nghigp vd xem xet lieu tdc dOng ndy cd khdc nhau gifla nhflng doanh nghiep cd eo hOi ddu tu khdc nhau hodc hinh thdc sd hflu khdc nhau. Do'i vdi nhdm cac DNNN dia phUOng, ddn bdy tdi chinh ed tac ddng dm m a n h den dau tu cua cdc doanh nghiep t a n g trUdng t h a p hdn la cdc doanh nghiep khdc, cdn do'i vdi cdc DNNN trung uong thi khdng tha'y ed hien tUdng trSn.
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Do d6, nghign culi sU khac biet ve d i u tU cua DNNN vd DNNNN cua nhdm tdc gia la khong triing l^p va hodn toan mdi d Viet Nam hien nay.
Tuy nhi§n, td cac nghign edu trade cd t h i dat gia thuyet v l sU khdc biet vl dau tU gifla loai hinh doanh nghigp vd dUa ra cac yg'u td' anh hudng dg^n dau tu trong phan md hinh nghien edu.
Fhifcfng p h a p n g h i e n cti'u
TrUdc h§'t, nghiSn edu sd dung hdi quy b^ng md hinh Tobit di phan tich cdc n h d n to' tdc dgng dg'n ddu tu cua tdng nhdm DNNN vd DNNNN.
M6 hinh Tobit dUde sd dung di xem xet ddu t u cua doanh nghidp trong hai trUdng hop:
hodc Id bdng 0 (doanh nghiep khdng cd ddu tu), hodc Id gid tri dudng (trudng hdp doanh nghiep quy^t dinh dau tu). Tfl kg't qua hdi quy ed dUde, d^ xdc dinh vd do ludng nhflng ye'u td' gdp p h i n tao n e n sU khdc biet trong dau t u gifla hai nhdm doanh nghiep tren, nghign edu sd dung phUdng phdp phdn r a Oaxaca- Blinder (1973) de p h a n tich. MSu nghien edu dUdc phdn ra 1dm hai nhdm la DNNN (ky hieu Id nhdm S) va DNNNN (ky bieu Id nhdm P), trong dd DNNN la doanh nghiep cd vo'n nhd nUdc trgn 50%. Ky thuat p h a n rd Oaxaca - Blinder dUde thUc hi§n difa trgn mo hinh nghign edu xdc dinh cdc n h a n to tdc ddng de'n dau t u cua DNNN vd DNNNN.
Mo hinh vS cdc nhdn to tdc dgng den ddu tit cua tiCng nhom doanh nghiep P h a n ra Oaxaca-Blinder dfla t r e n ket qua hdi quy Tobit ve cdc yg'u td tdc ddng de'n dau tu cua doanh nghiep. MS hinh Tobit dUde de xud't:
Investit = a(j + a'Xj^ + £j, n^u ve ben phai cua phUdng trinh > 0.
Invest,j = 0, ng'u ngUdc lai.
Trong dd; Invest la big'n phu thugc, do ludng bang ty 1$ vo'n ddu tu t r e n tdi san cd dinh cua doanh nghiep i tai thdi diem t. X,j la t^p hdp cdc big'n doe Idp cua doanh nghigp i tai thdi
diem t vd mdt sd bien t a i thdi diem t - 1 . Tdp h d p cdc bien ddc Idp hao gdm nhU sau:
Bi^n vi vi tri diaphuang: Todn vdng Ddng bang s6ng C^u Long c6 13 tinh ngn sd dung 13 bil'n dummy de dai di$n cho dia diem doanh nghigp boat dgng kinh doanh (trong 13 big'n nhi phdn ndy se Id'y 1 bid'n 1dm big^n t h a m chi^u).
Nhom vi hien ve xuat, nhdp khdu cHa doanh nghiip: Export la bien dummy mang gia tri 1 nd'u doanh nghiep cd xu^t kh^u vd mang gid tri 0 nd^u khdng xud't khau. Import Id bien dummy mang gid tri 1 neu doanh nghiep cd nhdp khdu vd mang gid tri 0 nS'u khdng nh^p khdu.
Nhdm bien vi quy mo cua doanh nghiep:Nghi&ii edu ndy sd" dung 3 chi tieu ve quy md nhU:
Labor la tdng so' lao ddng cua doanh nghiep i trong ndm t (ngUdi) theo Bernanke, Gertler vd Gilchrist (1996); Budina, Garretsen vd De Jong (2000). Assets Id tdng tdi san eda doanh nghigp i trong ndm t (ty ddng) theo Harris, Fabio vd Miranda (1994); Jangili vd Kumar, (2010). Fixed_Assets la tdng tdi san cd dinh cua doanh nghidp i trong ndm t (ty ddng) theo Phan vd P h a n (2013) vd Chyi va Tien (2014).
Nhom bien vi tdi chinh cila doanh nghiip: Lag_
Invest Id bien t r i cua dau tU, dUdc do lUdng bang ty 1% ddu tU trSn tdi sdn cua doanh nghiep i trong nam t-1 (Gnansounou, 2010). Debt Id no phai tra eda doanh nghiep i trong nam t (ty ddng). Aivazian, Ying vd Jiaping (2005);
Soumaya (2012); Badertscher, Shroff vd White (2013); Kannadhasan (2014) sd dung big'n ndy.
Sale la doanh thu cua cua doanh nghi$p i trong nam t (ty dong). Mills vd ctg (1995); Budina va ctg (2000); Aivazian vd ctg (2005); Kannadhasan (2014). ROA Id ty sud:t Igi nhu$n trgn t^ng tdi sdn cua doanh nghiep i trong ndm t vd bi^n nay dUdc cdc nghien edu sd dung nhu Soumaya (2012) vd Badertscher vd ctg (2013).
Bien ca sd vdt chat: Industrial_Park la bien gia mang gia t r i 1 neu doanh nghidp d trong khu cdng nghidp va mang gid tri 0 ne'u doanh
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Cdngnghf H g a i l H a H Q S6'118+lI9»Thangai-)-02/20I6nghigp k h d n g d trong khu cdng nghi#p vd dUde Khoang each ddi vdi nhdm S vd nhdm P trong sd dung bdi Ld Khudng Ninh vd ctg (2008) vd gid t r i trung binh cua big'n phu thuSc, Y (hodc Kumar-Das (2012). ngUdc lai), cd thg dUde vig't:
IJng dung mo hinh Oaxaca-Blinder trong phdn tich si^ khdc hi^t
VI ly thuyet, qua trinh phdn r a ndy dUdc big't d^n tfl qud trinh phdn r a cua Oaxaca-Blinder (Oaxaca, 1973 vd Blinder, 1973) vd su khdc bi$t gifla hai nhdm Id do 2 thdnh phdn tao ra: phdn gidi thich dUde tfl md hinh va phdn gidi thich khong dUdc. Thdnh phfin khdng gidi thich dUOc dUdc sd dung nhu la 1 phUdng phdp d l ndi v l su phdn bigt ddi xd gifla hai nhdm trong thi trUdng lao ddng va trong ly thuyet ve phdn bigt ddi xd.
PhUcmg phdp ndy cung dUde sd dung rgng rdi trong nhflng linh vUc kinh t^ khdc de so sdnh sU khdc bi$t gifla hai nhdm vd chua dUdc sd dung phd big^n trong nghien edu v l ddu tU cua doanh nghidp Viet Nam.
Theo md Mnh phdn ra Oaxaca-Blinder, bien phu thugc (Y) dUde hiiu diln theo phUdng trinh sau:
Y = Xp -H 6 (8) Trong dd: X dai didn cho cdc vde td cua cdc
bien giai thich, P la cdc vee td hd sd' hdi quy, vd e Id cdc sai so' p h a n dU.
YS-YP=(pS-pP) + (XSps,xPpP) (13) Sau khi cdng va t r d X^p^, phUOng t r i n h khoang cdch dugc bien ddi t h d n h :
YS.YP=(pS-pP) + [(XS-Xi')ps + XP(pS-pP)] (14) T h d n h p h i n (XS-XP)pS dUde gidi thich nhU la mdt p h I n cua k h o a n g cdch cua bi^n phu thugc do SLf khdc biet trung binh d nhflng ddc t i n h cd thi quan s a t dUde (big'n so' gidi thich) gifla n h d m S va n h d m P. Ne'u cdc t h d n h p h d n trong n h d m S va n h d m P cd ed^p dd gid'ng nhau d big'n sd X, t h d n h p h a n ndy bdng 0.
Thgm vdo dd, t h a n h p h a n khdc, X P ( ^ S . ^ _ dugc coi Id p h d n t h ^ hign sU khdc bi^t trong cdc hg sd' hdi quy dUdc Ude lUdng (phdn biet hodc khdng t h ^ giai thich dUde). Nd'u nhflng he sd n a y la gid'ng nhau gifla cdc t h a n h p h d n n h d m S va nhdm P, t h a n h p h d n ndy bdng 0 (khodng cdch hdu nhu phu thudc vdo sU khdc bigt trong cdc ddc d i i m eda tflng t h d n h p h d n trong nhdm).
Nhu vdy, sii khdc nhau dUde d i l n ta:
PhUdng t r i n h n h d m S (DNNN) dUdc ky hidu
(S) Id Y^ = X^pS -H £« (9) Su khdc nhau tong the (R):
R= (ps + XSpS) - (pP + xPpP) = E + C + U (15) vd nhdm P dUdc ky hieu la (P) cd phUdng trinh
YP = XPpP-HeP (10)
Su khdc nhau do cac dac tinh tao ra (B):
E=(1fS.xP)ps (16) Trong dd: X^ vd X^ dai didn cho cdc big'n giai
thich cua mau nhdm S va nhdm P. p^ va p^
la cdc thdng so yl^c lugng cho mau eua nhdm S vd nhdm P.
Gid tri trung binh eua cdc big'n sd vd cdc thdng sd" dugc ude lugng tai m6i nhdm duge b i l u di§n Ian lugt bang hai phUdng trinh:
YP=pg + XPpP + uP
(11) (12)
Su khdc nhau do sU khdc nhau cua cdc hg sd (C):
C = XP(pS-pP) (17) T h a n h p h a n khSng t h i 1^ giai dUdc (U):
U=(P|-PJ) (18) T h a n h p h d n k h a c b i e t do sU p h d n bigt (D):
D = C+U (19) Cdc budc thuc hien phdn rd doi vdi md hinh
hdi quy tuye'n t i n h nhU sau:
Congnghe tX^BXX \\BX\Q I SS'118+119«Thang01-H02/20I6 I
- Dau tien, chay hdi quy cho tdng mau S va P (phUdng t r i n h 9 vd 10).
- Tjdc lugng gid t r i cua X^ vd X^ (phUOng trinh 11 va 12).
• Tinh sU khdc nhau theo cdc dac tinh vd sU k h a c nhau theo cdc hg sd (phucfng trinh 13 vd 14).
- Tinh su khac nhau do t h d n h phdn khdng the ly giai (phUdng t r i n h 15 dg'n 18).
- Tinh sU khdc bi^t do sU phdn bidt (phUdng t r i n h 19).
DtJt li^u nghien cUu
Dfl li#u n g h i e n edu dUde Id'y tfl cuOc dieu t r a doanh nghiep h a n g ndm cua Tdng cue Thdng kg dd'i vdi 13 t i n h vung Dong b a n g song Cdu Long trong n a m 2011 va 2012. Cu thi: cdc big'n cua md h i n h nghign cflu la lay dfl lieu ndm 2012, rieng dd'i vdi big'n Lag_Sale vd Lag_Invest Idy dfl lieu eua n a m 2011 vdi nhflng t h d n g tin tUdng dng vd sd lugng quan sdt vdn n h u n a m 2012. Tdng sd la 28.738 doanh nghiep khi loai bd cdc quan sdt di biet (do dfl ligu khdng day dd cho cac bie'n hodc dfl ligu bie'n ddng bd^t thUdng) thi cdn 27.472 doanh nghiep thugc 13 tinh, t h d n h phd vung Ddng b^ng sQng Cdu Long.
KS't q u i n g h i e n c i l u M6 td mdu nghien cij£u
Bdng 1 cho big't sd' lugng doanh nghiep cua hai n h d m DNNN va DNNNN, theo dd sd quan sat dugc xe'p vdo n h d m DNNN trong mdu nghien cflu la 1.437 (chie'm 5,23%). Cdc quan sdt thudc n h d m DNNNN Id 26.035 (chie'm 94,77%).
Cdc DNNN trong mau nghign cdu p h a n bd n h i l u nhd't d Ddng T h a p vd Kign Giang (cdng ehig'm 13,57%). So' DNNN d Ben Tre chig'm ty Ig thd'p nhd't trong mau nghign cdu (chiim 4,38%). Ddi vdi cac DNNNN, so' lugng doanh nghiep d Can Tho chiem ty le cao n h a t trong mdu nghign cflu 14,28%, kg' de'n Id Kign Giang 13,03% va Long An 11,83%. Cdc DNNNN d Ca Mau chig'm ty le thd'p nh§it 3,28%; kg' dg'n la Trd Vinh 3,49% vd Hau Giang 3,63%.
Theo Bang 2, trong sd 1.437 quan sdt dugc xg'p vdo nhdm DNNN cd 53 doanh nghigp ed t h a m gia xu^t khau (chig'm 3,69%), 24 doanh nghigp ed nhdp khdu (chie'm 1,67%) vd 18 doanh nghiep ndm trong khu cdng nghigp (chig'm 1,25%). Ty 1? n a y cung tUdng tU ddi vdi trudng hgp cdc DNNNN. Chi cd 2,61%
DNNNN cd t h a m gia xud!t khau; 1,44% doanh B S n g 1: S6' liC^ng d o a n h n g h i e p p h f i n t h e o t i n h , t h a n h phfi" t r o n g V u n g
^ ^ ^ ^ Stf d o a n h Tinh, ^ ^ . ^ t h a n h phd' ^ ^ ^ An Giang Bac LiSu B§'n Tre Ca Mau C4n Tho D6ng T h a p Hau Giang Long An Ki&n Giang Soc T r a n g Tien Giang T r a Vinh Vinh Long Tong s6'
D N N N Sd' d o a n h
n g h i e p 1 4 6
8 3 6 3 9 1 1 4 9 1 9 5 9 1 6 9 1 9 5
7 7 9 8 8 1 9 9 1.437
Ti 1$ (%) 10,1600
5,7600 4,3800 6,3300 10,3700 13,5700 6,3300 4,8100 13,5700 5,3600 6,8300 5,6400 6,8900 100,0000
D N N N N Sd' d o a n h
nghiep 2.225 2.136 1.640 8 5 5 3.717 1.596 9 4 4 3.080 3.393 1.271 2.719 9 0 9 1.550 26.035
T l 1* (%) 8,5500 8,2000 6,3100 3,2800 14,2800 6,1300 3,6300 11,8300 13,0300 4,8800 10,4400 3,4900 5,9500 100,0000
T g n g sd'
2.371 2.219 1.703 9 4 6 3.866 1.791 1.045 3.149 3.588 1.348 2.817 9 9 0 1.649 27.472 Ngu6n: Tinh todn eda tdc gid di/a vdo dU li^u eda T6ng cue Thong k&
I
CSngngh^ n g d U h S H g Ser 118+119 •Thang 01+02/2016nghigp CO n h a p k h ^ u va 2,09% DNNNN n a m cung cho t h a y so' lao d 6 n g b i n h quSn va cac trong k h u c6ng nghiep. chi t i e u k h d c n h a t d n g t ^ i s a n , t ^ i s a n c6' d i n h , ty le n o , doanh thu... t h i da s6' DNNN B e n c a n h dd, kS't qua t h d n g kg t r o n g B a n g d i u cd gia t r i t r u n g b i n h cao h o n so v d i 3 mo t d csic bie'n t h e o h i n h thiJc sd hBu D N N N N .
B&ng 2: Sd' d o a n h
^^-~,.^^^ So' d o a n h
^^^^^^^ n g h i e p T i n h , ^ - - ^ ^ ^ t h a n h ph£f ^~^^^^
Phdn theo doanh nghiep xudt khdu
C o K h d n g
Phdn theo doanh nghiep nhdp khdu
C 6 K h o n g
Phdn theo doanh nghiep khu cdng nghiip
C d K h o n g
a g h i ^ p ph&n t h e o x u a t , D N N N Sd' d o a n h
n g h i e p 1.437
5 3 1.384 1.437 2 4 1.413 1.437 1 8 1.419
Ti 1« (%)
100,0000 3,6900 96,3100 100,0000 1,6700 98,3300 100,0000 1,2500 98,7500
n h ^ p k h a u v a k h u c d n g D N N N N Sd' d o a n h
n g h i e p 26.035 6 8 0 25.355 26.035 3 7 6 25.659 26.035 5 4 5 25.490
T i li (%) 100,0000
2,6100 97,3900 100,0000 1,4400 98,5600 100,0000 2,0900 97,9100
n g h i e p T o n g s o
d o a n h n g h i e p 27.472 7 3 3 26.739 27.472 4 0 0 27.072 27.472 5 6 3 26.909 Ngudn: Ttnh todn ciZa tdc gid dtfa vdo dQ li&u cua TSng cue Th6ng ke.
B d n g 3: Thd'ng kfe m o t& c a c bifi'n t h e o h i n h thifc sd hi2u d o a n h n g h i e p
^"^"^^....^ K^t qu^
Big'n sd ^ ' ^ ^ - ^ Tiengiang Bentre Travinh Vinhlong Dongthap Angiang Kiengiang Cantho Haugiang Soctrang Baclieu Camau Export Import Labor Asset Fixed Asset Debt Sale Lag Sale Lag Invest Industrial_Park ROA
D N N N (nhdm S) O b s
1.437 1.437 1.437 1.437 1.437 1.437 1.437 1.437 1.437 1.437 1.437 1.437 1.437 1.437 1.437 1.437 1.437 1.437 1.437 1.437 1.437 1.437 1.437
XS 0,0682 0,0438 0,0564 0,0689 0,1357 0,1016 0,1357 0,1037 0,0633 0,0536 0,0578 0,0633 0,0369 0,0167 46,8859 23,1334 8,4270 12,8875 49,9624 29,3392 2,3799 0,0125 0,1932
Std. E r r 0,0067 0,0054 0,0061 0,0067 0,0090 0,0080 0,0090 0,0080 0,0064 0,0059 0,0062 0,0064 0,0050 0,0034 3,7702 1,5697 0,7102 1,0101 6,5020 4,2393 0,4170 0,0029 0,0152
DNNNN (nhdm P) O b s
26.035 26.035 26.035 26.035 26.035 26.035 26.035 26.035 26.035 26.035 26.035 26.035 26.035 26.035 26.035 26.035 26.035 26.035 26.035 26.035 26.035 26.035 26.035
Jcf 0,1044 0,0630 0,0349 0,0595 0,0613 0,0855 0,1303 0,1428 0,0363 0,0488 0,0328 0,0820 0,0261 0,0144 18,8643 10,0992 3,0407 5,3909 16,4500 23,3290 1,7484 0,0209 0,0427
Std. E r r 0,0019 0,0015 0,0011 0,0015 0,0015 0,0017 0,0021 0,0022 0,0012 0,0013 0,0011 0,0017 0,0010 0,0007 0,4655 0,1879 0,0727 0,1301 0,4528 0,8104 0,0677 0,0009 0,0015
C6ngngh# n g d i i H a H g I
Srfll8+119«Thang01+02/20I6 I
B&ng 4:
c u a c a c
. So s a n h g i a t r | t r u n g b i n h b i e n giiJa DNNN v a DNNNN Big'n sd
Tiengiang Bentre Travinh Vinhlong Dongthap Angiang Kiengiang Cantho Haugiang Soctrang Baclieu Camau
XS-X?
-0,0362 -0,0192 0,0215 0,0094 0,0744 0,0161 0,0054 -0,0391 0,0271 0,0048 0,0249 -0,0187
Bie'n s5' Export Import Labor Asset Fixed_Asset Debt Sale Lag_Sale Lag_Inve3t Industrial_
Park ROA
XS-XP 0,0108 0,0023 28,0216 13,0342 6,3864 7,4966 33,5123 6,0103 0,6314 -0,0084 0,1505
Su chgnh l^ch ve cdc gia tri trung binh eda cdc bien sd cho mau DNNN vd DNNNN dUgc t r i n h bdy trong Bdng 4. Kd't qud thd'ng ke cho thd'y su chgnh l#ch vg gid t r i trung biDfc cua cdc big'n sd gifla hai n h d m m l u nghign cflu h^u h e t dIu mang d^u dudng. Dilu ndy thi hi^n edc chi tieu p h a n dnh dac diem cua DNNN cd gid t r i binh qudn cao hdn h^n cdc DNNNN.
Xdc dinh si^ khdc bi$t theo phiiomg ph&p phdn rd Oaxaca-Blinder
Su khdc biit vi ddu tU giUa DNNN ud DNNNN: Ke't qua B a n g 5 da cho thd'y gid B&ng 5: tfdtc lif^ng gid t r j d ^ u tii e d a n h o m D N N N
v a si^ k h a c b i $ t g i t t a h a i n h o m s a u k h i h d i
v a D N N N N q u y
^ - ~ > . . , ^ Chi tieu Bidn so' ^ " ^ ^ ^ Tiengiang Bentre Travinh Vinhlong Dongthap Angiang Kiengiang Cantho Haugiang Soctrang Baclieu Camau Export Import Labor Asset Ftxed_Asset Debt Sale Lag_Sale Lag_Invest Industrial_Park ROA _cons Tdng cdng
DNNN XS
( a ) 0,0682 0,0438 0,0564 0,0689 0,1357 0,1016 0,1357 0,1037 0,0633 0,0536 0,0578 0,0633 0,0369 0,0167 46,8859 23,1334 8,4270 12,8875 49,9624 29,3392 2,3799 0,0125 0,1932
ps
( b ) -3,9683 -2,6340 -0,0188 -5,1189 -7,4254 -1,4915 -5,5841 -3,3487 5,7017 -6,8810 -3,3818 -8,1059 15,2571 -8,4824 0,0116 0,1093 0,1338 -0,1230 0,0019 0,0007 -0,0733 8,8300 1,3949 -11,8916
psxs
(c) =(a)*(b) -0,2706 -0,1155 -0,0011 -0,3527 -1,0076 -0,1515 -0,7578 -0,3472 0,3611 -0,3687 -0,1953 -0,5133 0,5627 -0,1417 0,5437 2,5293 1,1275 -1,5852 0,0963 0,0193 -0,1744 0,1106 0,2696 -11,8916
-12,2542
D N N N N X P
( d ) 0,1044 0,0630 0,0349 0,0595 0,0613 0,0855 0,1303 0,1428 0,0363 0,0488 0,0328 0,0820 0,0261 0,0144 18,8643 10,0992 3,0407 5,3909 16,4500 23,3290 1,7484 0,0209 0,0427
PP ( e ) 1,2321 1,5803 5,0989 -1,3833 -1,0182 -0,1158 2,6313 -0,3796 8,3807 1,8216 3,7840 -3,2750 8,7035 -3,8961 0,0079 0,0894 0,1121 -0,0404 0,0070 0,0004 0,0235 2,9741 1,4662 -12,6640
pPXP (t)=(d)»(e)
0,1287 0,0995 0,1780 -0,0824 -0,0624 -0,0099 0,3429 -0,0542 0,3039 0,0889 0,1243 -0,2687 0,2273 -0,0563 0,1483 0,9024 0,3408 -0,2177 0,1151 0,0096 0,0412 0,0623 0,0626 -12,6640
-10,2397 Su khdc biet giaa hai nhom DNNN vd DNNNN: [-12,2542 - (•10,2397) ] = -2,0145 Ghi chd: ^ vd ^Id hs s6 h6i quy Tobit (Coef.) cho m&u DNNN vd DNNNN
M congnghe n Q a i i H a n g
I J s d 118+119'Thang 01+02/2016
t r i t r u n g b i n h d I u tU cua DNNN thd'p hdn DNNNN, c h g n h l^ch n d y la -2,014 (= p^X^
- p^X^). Ke't qua t i n h todn cho thd'y binh qudn D N N N d^u t u it hdn cdc DNNNN cung da tUdng d d n g vdi ke't qua n g h i g n cflu thUc n g h i e m cua Xu vd ctg (2010), Hidenobu vd Lai (2012). Theo phUdng p h d p p h d n rd Oaxaca-Blinder, sU c h g n h l^ch ndy dugc c^u t h d n h tfl sU c h g n h Id eh do ddc t i n h vd sU chgnh lech cua h e so" vd c h | n h lech k h d n g t h ^ ly g i a i (cd t h i do p h d n b i ^ t dd'i xd).
DUa vao h^ sd' hdi quy ude lugng duge tfl hai nhdm doanh nghi$p va gid tri trung binh eda tflng bie'n giai thich (ky higu Id X), tae gid t i n h todn sU khdc bi^t v l ddu tU cua cdc DNNN vd DNNNN. Gid tri trung binh ddu tU eua DNNN thd'p hdn DNNNN, n h u dugc thi hign trong
B a n g 5, hcfn nfla chenh Igch ndy la [-12,2542 - (-10,2397) ] = -2,0145 (p^X^ - p^X^).
Cdc yeu td tao nen sU khdc biet trong ddu tUgiUa nhdm DNNN vd DNNNN: Khi p h d n r a cu t h e theo phUdng p h d p Oaxaca-Blinder cd t h ^ n h d n thd'y su k h d c b i d t t r o n g ddu t u gifla DNNN va DNNNN dg'n tfl 3 n h d m yg'u t d sau: (i) Sg k h d c bigt do ede ddc t i n h cua doanh n g h i d p t a o r a ; (ii) Su k h d c b i e t do h0 sd' hdi quy; (iii) SU k h d c b i ^ t k h d n g thi ly gidi (sU k h d c b i ^ t gifla cdc hllng s d hdi quy):
- Su khdc bi$t do cac dac t i n h tao r a Bang 6 v^ phdn tich phdn rd da cho thdy sU khdc bigt vg ddu tU gifla DNNN vd DNNNN B d n g 6: Sii k h a c b i $ t d o c a c d $ c t i n h t a o ra
'•"•~~--..,.,,^^^ C h i t i e u B i e ' n so' ^"""--^
Tiengiang Bentre Travinh Vinhlong Dongthap Angiang Kiengiang Cantho Haugiang Soctrang Baclieu Camau Export Import Labor Asset Fixed Asset Debt Sale Lag Sale Lag Invest Industrial Park ROA
ps
( a ) -3,9683 -2,6340 -0,0188 -5,1189 -7,4254 -1,4915 -5,5841 -3,3487 5,7017 -6,8810 -3,3818 -8,1059 15,2571 -8,4824 0,0116 0,1093 0,1338 -0,1230 0,0019 0,0007 -0,0733 8,8300 1,3949
X S (b) 0,0682 0,0438 0,0564 0,0689 0,1357 0,1016 0,1357 0,1037 0,0633 0,0536 0,0578 0,0633 0,0369 0,0167 46,8859 23,1334 8,4270 12,8875 49,9624 29,3392 2,3799 0,0125 0.1932
X P (c) 0,1044 0,0630 0,0349 0,0595 0,0613 0,0855 0,1303 0,1428 0,0363 0,0488 0,0328 0,0820 0,0261 0,0144 18,8643 10,0992 3,0407 5,3909 16,4500 23,3290 1,7484 0,0209 0,0427
XS-XP (d) = (b)-(t;)
-0,0362 -0,0192 0,0215 0,0094 0,0744 0,0161 0,0054 -0,0391 0,0271 0,0048 0,0249 -0,0187 0,0108 0,0023 28,0216 13,0342 5,3864 7,4966 33,5123 6,0103 0,6314 -0,0084 0,1505 Tdne khdc biit do d^c tinh tao ra
Kh^c biet do dac t i n h (e) = (a)*(d) 0,1438 0,0504 -0,0004 -0,0479 -0,5524 -0,0241 -0,0300 0,1309 0,1543 -0,0328 -0,0843 0,1517 0,1642 -0,0192 0,3249 1,4251 0,7207 -0,9221 0,0646 0,0039 -0,0463 -0,0742 0,2100 1,7110
Ddng gdp cua timg
bidn 7,14000
(%)
2,5000 -0,0200 -2,3800 -27,4200 -1,1900 -1.4900 6,5000 7,6600 -1,6300 -4,1800 7,5300 8,1500 -0,9500 16,1300 70,7400 35,7700 -45,7700 3,2100 0,2000 -2,3000 -3,6900 10,4200 84,9300 Ghi chd: ^ la h^ sd' hSi quy Tobit (Coef.) cho mdu DNNN
congngh# H g a i i H s n g I
Sdll8+119«Thang 01+02/2016 I
do cdc dac tinh cua doanh nghigp (cdc big'n trong md hinh) tao r a la 1.7110, tdc la DNNN dau t u nhieu hdn DNNNN, trong dd:
Cdc big'n 1dm tdng khoang cdch: Ddc d i l m rieng cua cdc tinh Tign Giang, Bg'n Tre, Can Thd, Hau Giang va Cd Mau dd lam tdng khoang cdch chgnh lech ddu tU gifla hai nhdm DNNN vd DNNNN (tflc la lam DNNN dau tU nhieu hdn DNNNN), Ian lugt ed gid tri la 7,14%; 2,5%;
6,5%; 7,66% va 7,53%. Bien tinh trang xuat k h i u , quy md lao ddng, tdng tdi san, tai san ed dinh, doanh thu, do tre cua doanh thu vd ROA cung gdp p h I n 1dm tang khoang cdch trong dau tu gifla hai nhdm doanh nghiep ndy, ddng gdp cua cdc y^u td nay Ian lugt la 8,15%; 16,13%;
70,74%; 35,77%; 3,21%; 0,2% va 10,42%.
Cdc bie'n lam giam khoang each: Ngodi cdc dac tinh ke trdn cua doanh nghigp vd ddc di^m cua mdt sd dia phUdng dd 1dm tdng khoang cdch chgnh Igch ddu t u gifla hai nhdm doanh nghiep thi cac yg'u to' 1dm giam khoang cdch gifla ddu tU cua DNNN vd DNNNN (tde Id lam DNNN ddu tu it hdn DNNNN) nhu sau:
Tinh t r a n g n h a p khau, ng phai t r a , ddu tu d ndm trude, khu c6ng nghigp, cac ddc diem rigng cua cdc tinh Tra Vinh, Vinh Long, Ddng Thdp, An Giang, Kign Giang, Sdc Trang, Bae Lieu da gdp p h a n lam giam khoang cdch vg ddu t u gifla DNNN va DNNNN.
- Su khdc bigt do he sd tao r a va sU khdc bi#t khdng the ly giai
Bgn canh su khdc bi$t tfl ddc tinh cua doanh nghiep trong dau tU thi sU khdc bigt cdn ehfla dUng trong cdc hg sd hdi quy \s6c lUdng dUdc vd sU phdn bi|t. Kd^t qua phan ra trong Bang 7 cho tha'y tdng sd ddng gdp cua sU khdc biet tfl cdc hg sd hdi quy xidc lugng duge vd sU phdn bigt Id -3,7254. Trong dd, sU khdc bidt do cdc he sd hdi quy Ude lUdng dugc la -4,4978 (-3,7254 - 0,7724) vd sU khdc bidt do p h a n bi§t gifla DNNN vd DNNNN (khac biet tfl he sd ehdn) la 0,7724 > 0, tflc la ed sU Uu ddi cua nhd nude do'i vdi DNNN ve dau tU.
Kg't qud Ude lugng hdi quy cung cho th^y su khdc bigt trong h0 sd hdi quy cua cac bien xud't kh^u, lao ddng, tdng tdi san, t a i s a n cd dinh, dd t r § doanh thu vd khu cdng nghiep se Idin t a n g khodng each sU ehdnh l^ch trong dIu tif gifla hai n h d m doanh nghiep, ty le ddng g6p eua cac yg'u td n a y vdo khoang cdch chung Idn lugt Id 8,50%; 3,50%; 10,02%; 3,28%; 0,28% v^
6,09% (Bang 7).
Cdc he so' hdi quy 1dm giam khoang cdch gifla dau t u cua DNNN vd DNNNN gdm td't ea cdc hg so eua cdc big'n tinh, bien nhdp khau, big'n ng phai t r a , bien doanh thu va bie'n ROA. Bdc biet sU khdc biet gida hai hdng sd hdi quy cd a n h hudng ddng k l de'n viec gia tdng khodng each trong ddu tU gifla hai nhdm doanh nghiep (38,34%^). Su k h a c bidt trong he sd hdi quy cua cdc bien sd con lai dIu 1dm giam khodng cdch chgnh lech trong ddu tU gifla DNNN v^
DNNNN.
Nhu vdy, mac dd ed sU Uu dai cua nha nfldc dd'i vdi DNNN (sU Uu ddi ndy 1dm cho DNNN cd gia tri ddu tU cao hdn DNNNN la 0,7724), nhUng vg tdng thi DNNN dau tU it hdn DNNNN Id -2,0145. Su khdc Met tdng t h i vl dau tu theo hinh thdc sd hflu gifla DNNN vk DNNNN dugc t h e hidn: R = E + C + U. Khi thay kg't qua phdn r a Oaxaca-Blinder ddi vdi hai nhdm doanh nghigp cu t h i vdo cdng thdc trgn, ta cd dugc kg't qua:
-2,0145 = 1,7110 + (-4,4978) + (0,7724) Tdm lai, ke't qua p h d n r a Oaxaca-Blinder cho ta thd^y cd t d n t a i sU khdc biet v l dIu t u gifla n h d m DNNN va n h d m DNNNN. Xet t r e n tong t h i t h i cdc DNNNN dau tU nhilu hdn cac DNNN, tuy nhign cd tdn t a i sU phdn biet dd'i xd trong dd edc DNNN dUdc Uu dai nhieu hdn DNNNN.
Kg't qua cung cho thdy nhflng khdc bigt trong cdc big'n ddc lap (khdc bigt do cdc ddc tinh) thUc su md rgng khoang cdch chgnh l^ch trong diu tU gifla hai nhdm doanh nghiep bao gdm doanh thu, t a i san cd dinh, tdng tai sdn,
I c^ngn^ nQdii Hang
So'U8+119»Thdng 01+02/2016
B A n g 7: Srf k h a c b i ^ t d o h ^ sd' ho
" - - ^ ^ Chi tiSu Bien so' ^ ^ ^ ^ Tiengiang Bentre Travinh Vinhlong Dongthap Angiang Kiengiang
Cantho Haugiang Soctrang Baclieu Camau Export Import Labor Asset Fixed Asset Debt Sale Lag_Sale Lag Invest Industrial Park ROA
cons
X P ( a ) 0,1044 0,0630 0,0349 0,0595 0,0613 0,0855 0,1303 0,1428 0,0363 0,0488 0,0328 0,0820 0,0261 0,0144 18.8643 10,0992 3,0407 5,3909 16.4500 23.3290 1.7484 0.0209 0,0427
ps
( b ) -3,9683 -2,6340 -0,0188 -5,1189 -7,4254 -1,4915 -5,5841 -3,3487 5,7017 -6,8810 -3,3818 -8,1059 15,2571 -8,4824 0,0116 0,1093 0,1338 -0,1230 0,0019 0,0007 -0,0733 8,8300 1,3949 -11.8916
i q u y dUric tfdrc lUoTng v a d o sif p h 3 P''
(c) 1.2321 1,5803 5,0989 -1,3833 -1,0182 -0,1158 2,6313 -0,3796 8,3807 1,8216 3,7840 -3,2750 8,7035 -3,8961 0,0079 0,0894 0,1121 -0,0404 0,0070 0,0004 0,0235 2,9741 1,4662 -12,6640
KhAc bi$t h§ s^
(d) = (b) - (c) -5,2004 -4,2143 -5,1177 -3,7356 -6,4071 -1,3757 -8,2153 -2,9691 -2,6790 -8,7026 -7,1658 -4,8309 6,5537 -4,5863 0,0037 0,0200 0,0217 -0,0826 -0,0051 0,0002 -0,0968 5,8559 -0,0714 0,7724 Tdng khdc biSt theo he so Ude luang vd phdn bi&t
Khac bigt khdng t h e giai thich (e) = (a)»(d)
-0,5431 -0,2655 -0,1787 -0,2224 -0,3928 -0,1176 -1,0707 -0,4239 -0,0971 -0,4249 -0,2353 -0,3963 0,1712 -0,0662 0,0705 0,2018 0,0660 -0,4454 -0,0834 0,0057 -0,1693 0,1226 -0,0030 0,7724 -3.7254
n b i ^ t Ddng gdp
ciia ttrng bie'n -26,9600
(%)
-13,1800 -8,8700 -11,0400 -19,5000 -5,8400 -53,1500 -21,0400 -4,8200 -21,0900 -11,6800 -19,6700 8,5000 -3,2900 3,5000 10,0200 3,2800 -22,1100
-4,1400 0,2800 -8,4000 6,0900 -0,1500 38,3400 184,9300 Trong do: Sir IthSc biet theo h$ sd ude luong la: -4,4978 (chidm 223,28%); sU k h a c bidt do su p h 4 n biet la: 0,7724 (chidm 38,34%)
Ghi chu: fi^ va ^ la hS sS hSi quy Tobit (Coef.) cho md
lao ddng, xuat kh^u, ROA, ddc d i l m rieng cua cdc t i n h Tien Giang, Ben Tre, C^n Thd, Hdu Giang vd Ca Mau. Su khdc bidt trong edc big'n doe lap thUc sU thu h e p khodng cdch chgnh lech trong dau tU gifla h a i nhdm doanh nghigp bao g i m ede yg'u td* p h a n d n h khu cdng nghigp, ddu t u d n d m trUde, ng phai t r a , t i n h t r a n g nhdp khdu, cdc dac d i l m rieng cua cdc tinh Tra Vinh, Vinh Long, Dong Thap, An Giang, Kien Giang, Sdc Trang, Bac Lieu.
Nhflng khac bigt trong hg so' hdi quy cua cdc b i l n xud^t kh^u, lao ddng, tong t a i san, tdi s a n ed' dinh, dp t r i doanh thu, khu cdng nghiep va nhflng n h d n sd khdng quan sdt dUdc (cdc hang sd) se l a m t a n g khoang cdch su chgnh Igch
J, DNNN vd DNNNN Bi^n LongAn Id bi^n tham chiiu.
trong dau t u gifla hai nhdm DNNN va DNNNN.
Cdn lai sU khac biet trong he sd hdi quy cua cdc big'n doc Idp khdc se lam giam khoang each v l dau tu cua hai nhdm doanh nghiep nay.
Qud trinh hinh t h a n h vd phat t r i l n cua doanh nghigp Viet Nam t r a i qua nhieu giai doan theo dd phat t r i l n kinh tg' cua da't nude, cdng vdi qud t r i n h tdi cau true n i n kinh tg' ndi chung va CO phdn hda doanh nghigp n h a nUde ndi rigng da 1dm cho mdi trUdng dau tU va kinh doanh cua doanh nghigp ngay cdng thdng thodng hoat dgng ngay cdng hieu qua; dac biet la DNNNN, trong do cd doanh nghidp tU n h a n ngay cdng Idn manh v l moi mat. Dieu dd da ndi len rang mdi trUdng phdp ly da tao duge
nganhangi
s d 118+119'Thang 01-1-02/2016 I
C o n g n g h §
sU binh d^ng trong cong ddng doanh nghi$p ndi chung vd ddi vdi tflng hinh thdc sd hflu doanh nghigp ndi rieng. Tuy nhidn, can tha'y rd rang do ddc d i l m lich sd hinh t h d n h doanh nghiep d nUdc ta nen vdn con cd sU Uu dai cao hdn cho DNNN, vi v^y d l cho cgng dong doanh nghiep Viet Nam phdt t r i l n m a n h hdn nfla thi c i n phai rut ngdn khoang cdch bi^t ndy tfl trong moi trUdng phdp ly, Uu ddi ddu tU cho den dia vi xd h6i vd thdi d6 eda chinh quyen binh dang vdi doanh nghiep thugc cdc hinh thfle sd hflu dflde phdp luat thfla nh$n.
K ^ t I u $ n
Nghign cflu xdc dinh sU khdc bigt ve dau tU cua doanh nghigp theo h i n h thflc sd hflu bang phUdng phap phdn ra Oaxaca-Blinder. K i t qua nghien cflu cho tha'y cd sU khac bigt ve dau tU do cdc ddc d i l m cua doanh nghigp tao r a nhU xutft kh^u, quy md lao dOng, tong tdi san, tdi san CO dinh, doanh thu, do t r i cua doanh thu, va ROA cung vdi ddc diem rigng cua cdc tinh T i l n Giang, Ben Tre, Cdn Thd, Hdu Giang va Cd Mau dd 1dm tdng khoang cdch ehenh Igch v l ddu tu gifla hai nhdm doanh nghigp. Ben
canh cdc dae d i l m ke trSn dd gdp phfin Idm tdng khoang cdch chgnh Idch d I u tU gifla hai n h d m doanh nghiep thi cdc y l u t d p h a n dnh khu cdng nghiep, ddu tU d n a m trUdc, ng phSi t r a , t i n h t r a n g n h ^ p khau, ddc diem rigng cua cdc t i n h Bac Ligu, Sdc Trdng, Kign Giang, An Giang, Vinh Long da thu h e p khoang cdch ve ddu t u gifla DNNN vd DNNNN.
Su khdc biet cung cd tfl edc hg sd' hdi quy ude lugng dugc ddi vdi sif p h d n bi?t, tflc la cd sit uu dai ddi vdi DNNN hdn DNNNN v l dIu tu.
Cu t h e , su khdc bi^t trong he sd' hdi quy cua ede b i l n xud't kh^u, lao ddng, tong tdi sdn, t a i san c6' dinh, dp trS doanh thu vd khu c6ng nghigp da lam t a n g k h o a n g cdch chenh l$ch trong dau tU, dae bipt la sU khdc bigt gifla hai h d n g sd hoi quy ed a n h hfldng dang k l din viec gia t a n g khoang cdch trong dau tu gifla hai nhdm doanh nghigp. NhUng sU khdc bi^t trong h$ so' hdi quy cua cac big'n sd' cdn lai deu lam giam khoang chgnh lech trong ddu tU gifla DNNN va DNNNN. NhU vdy, mac du cd sU Uu dai dd'i vdi DNNN hdn DNNNN trong dau tu, nhUng ve tong t h e DNNNN dIu tU nhieu hdn DNNN"
T a i l i ^ u t h a m k h a o
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Thdng tin tac gia:
(V ThS. Le Vdn Hii&ng hiin dang cong tdc tai V&n pkong Uy ban Nhdn d&n ttnh Tien Giang.
Llnh viic nghiin ciiu: Kinh ti, Qudn tri kmh doanh va Tai chink.
Cdc nghi&n ciiu dd ditac dd duac cdng b6 trSn cdc tap chi: Tap chi Khoa hoc. Tap chi NghiSn ciiu Kinh te.
Email: [email protected].
(**) PGS.TS. Nguy&n Minh Hd hien dang cong tdc tai TrUdng Dai hoc Md TP.HCM.
Llnh vUc nghiSn ciiu: Kmh ti vd Tdi chinh - Ngdn hdng.
Cdc nghtSn ciiu da dugc da duac cong bo trin cdc tap chi: International Journal of Economics and Finance, International Business Research, Advances m Management and Applied Economics, TMC Academic Journal, Tap chi NhSng vdn di Kinh tg vd Chinh tri thi gidi, Tg.p chi Phdt triin Kinh te. Tap chi Kink te vd Phdt trien. Tap chi Khoa hoc. Tap chi Cdng nghS Ngdn hdng
Email: [email protected].
(***j PGS.TS. Li Bao Lam hi$n dang cong tdc tai TrUdng Bai hoc Md TP.HCM.
Llnh VUc nghi&n ciiu- Kinh ti.
Cdc nghi&n ciiu dd dugc dd dugc cong hd trin cdc tap chi: Tap chi Khoa hoc, Tgp chi NghiSn ciiu Kmh ti. Tap chi Phdt trien kinh ti. Tap chi Kmh ti vd Phdt tnin.
Email: lam [email protected].
CongngM n y ^ H H a H Q P f l S6'118-fll9«Thdng01-H02/2016 l l i l
