Tgp ehi Khoa hgc TrvangD^ hgc Can Tho Phdn D: Khoa hgc Chinh tri. Kinh ti va Phdp higl: 35 (2014): 127-134
Tap chf Khoa hoc Tn/dng Dai hoc Can Thd website: sj.ctu.edu.vn
TAC DONG CUA PHU'ONG THU'C GIA NHAP THJ TRU*6fNG OEN KHA N X N G T H A M N H ^ TAI SAN DIA PHU'ONG
CUA CONG TY DA Q u 6 c GIA
Vo Van Dut'
' Khoa Kinh ti & Qudn tri Kinh doanh, Trudng Ggi hgc Cdn Tha Thong tin chung:
Ngdy nhdn: 04/08/2014 Ngdy ch^ nhgn: 31/12/2014 rate:
The impact of entry mode on the likelihood of multinational enierj^ise 's access lo local complementary assets
Tir khda:
Phucmg thuc gia nhgp ihi trudng, ldi sdn dia phuar^
cdng ty con, cdng ty da qudc gia
Keyworils:
Entry mode, complementary local asset, sut^idUd^J4NEz..
A T T R A C T
This study investigates the effect of multinational enterprise (MNE) 's entry mode on the likelihood of MNE subsidiary's access to complementary local assets in the MeKong Delta. Using the framework of Hertnart, so- called the asset-bidndlingframeuork, we hypothesize that the likelihood oj
\{SE stdisidiary's access to complementary local asset through M&A is higher than throu^ Greei^eld. The study uses the survey data extracted from the data set of Vietnam Statistics Office at 36 subsidiaries locating in the MeKong Delta arui applies OLS regression to test the hypothesis. The empirical results strongly support our hypothesis under controlling the characteristics of parent firm arui of home and host countries.
TOM TAT
Nghiin ciru ndy diiu tra su dnh hudng cua phuong thuc gia nhgp tht trudng cua cdng ty da quoc gia den khd ndng ihdm nhgp tdi sdn dia phuang tgi Ddng Bdng Song Cuu Long (DBSCL). Su dimg ly tht^t cua Hetmart - ggi Id "Ly thuyet hgp nhdl tdi sdn ", nghiin cuu ndy gid thuyit rdng cdc cdng ty con thugc cdng ty da qudc gia duoc thdnh lap theo phuang thuc sdp nhgp vd mua lgi (M&A) cd khd r^ng thdm nhgp tdi sdn W^<Spiudmg cao hem so vdi thanh lap theo phuang thdc ddu tu mdi (Greer0eldf Nghien cdu su dung dO- lieu duac trich lu Bg die lieu diiu tra cua Tdng cue Thdng ki lgi 36 cong ty con thugc cdng ty da qudc gia dang hogt dong lgi DB^L vd iing thing md hinh hdi quy tuyin dnh di kiim dinh gid ihuyeL Kit qud ihuc tiin ung hd hodn todn gid thuyit nghien cuu sau khi kiim sodt dgc diim cda cdng ty me vd dgc diim cua mrdc ddu lu vd nude nhgn ddu tu.
1 GIOI THIEU
Trong nfairng nam qua, ddu tu tryc tiip nude ngoii (FDI) tai Vilt Nam Id Imfa vyc thu faut dugc nhieu sy quan tdm l>di nliilu tigc gia, nfaung ntid ldm cfainfa sdch vd tiao gjdi. Ttieo tfadng kl ciia Cue Ddu tu nude i^oai (Bd Kl faogch vd £>iu tirX tinh din thdng 7/2014, tdi^ VOT ddu FDI vdo Vilt Nam la 9^3 t>' USD, vdi klioii^ hon 500 dy dn diu tu dugc cap mdi, ndng tdng sd vdn diu tu tryc tiip
nude i^odi FDI liiy k i tai Viet Nam len 81,076 ly USD. Trong sd do cd din 52,411 ty USD (ttrong duong 64,64%) dugc ddu tir tfaeo huifa tfaiic cdi^ ty 100% v6n nude ngoai md jAdn Idn l i tir boat dM^ diu ttr, phdt tiiin ciia cac cdng ty da qudc gia tai Viet Nara (vi du nhu Samsung, Honda, Uniiiver, P&G, Coca-cola, PqKico, Intel Frieslandcampina,...). Diiu nay ndi ten ring s6 lugng cdc cdng ty con dugc thinh lap bdi cac cdng
Top chi Khoa hge Trudng Dgi hgc Cdn Tho Phdn D: Khoa hoc Chinh Iri, Kinh ti vd Phdp lugt: 35 (2014): 127-134
ty da quoc gia tai Viet Nam tdng rat manfa ttong tiidi g)sn qua, Diu vgy, dau tu ciia cdc cdng ly da quic gia vdo Viet Nam cioi^ di ddi vdi nfaiiu lgi ich rieng ciia chiing. Cu tfal la hp tan dung cac ngudn lyc lao ddng ddi ddo sin cd, nfadn cdng, co sd faa ting vd cic ngudn lyc ty nhiin khdc tai nude nhdn diu tu'. Qud thit, nhiing nguyin nhin, cdc thinh cdng vd nfaiing faan che vl hoat dgng cua cdng ty da qudc ^ a tgi Vilt Nara da dugc dl c|p rdt nfaiiu ttong nfaiing bdi viet ding tdi ttin cdc tgp chi, sich, bdo... (Nguyen Thi Ngpc Dung, 2012;
Vii Anfa Dung vd Pfaiing Xudn Nhg, 2011; Vii Anfa Diing vd Biii Gia Tudn, 2012; Ll Van Chiin, 2011;
Nguyin Ngpc Lan, 2012; Luong Mgnh Ha, 2010).
Tuy nfailn, cic cong ty da qudc gia dd gia nhap vao thi trudng Viet Nam bdng cdc pfauong thirc ndo?
Cdc phuong tfaiic ndy dnfa hudng nfau thi nio din kfai ning sii dung tdi sdn dia phuang ciia cong ty da quic gia tgi Vilt Nam. Cdc cau hdi ndy vin chua dugc giii dip boi cic cfauyen gia, hpc gii.-.Vi viiy, n ^ i l n cOru nay rage tiiu Id xdc dinfa tdc ddng ciia phuong thiic gia nhdp thj trudng din kha ndng sir dung tdi san dia phuang ciia cdc cong ty da quoc gia. Dieu nay ed y nghia fait siic quan ttpng ci ve ragt hoc thugt vd thyc tien failn nay.
Phan con lai ciia bai viet dugc td chiic nhu sau:
Phin 2 ttinh bay ly thuyet vd phat ttiin gii thuylt liln quan din van de nghien ctiu; Pfadn 3 rad t i phuang p h ^ ngfailn cihi v i sd lieu dugc su dung di kiim dinh gid thuyit nghien ciiu; Phdn 4 thdo luin kit qud nghiin ciiu; vd cuii ciing, kit ludn cua bdi viit dugc tong kit d Phin 5.
2 LV THUYET VA GIA THUYET Di tim hiiu moi quan hi giiia phuang thiic gia nhdp vd khd ndn^ thdm nhdp tii sin dia phuang ciia c6ng ty da qudc gia tai nude nfain diu tu, nfaiiu ly tiiuyit da dugc phit ttiin bdi nhiiu hpc gia ttin thi gidi (vi du Broutiiers, 2002, 2013; Hennart, 1991; Hennart vd Park, 1993; Slangen, 2011). Mgt trong nhihig ly thuyit ndi trdi diing dk gidi thich cdc vin di nay Id ly tiiuyit cua Hennart (2009) (mpt ttong nhOng hpc gia di dau ttong vile phdt ttiin Ly thuyit chi phi giao dich - ttansaction cost tiieory). Hennart dya ttin nin tdng cua ly tiiuyit cfai phi giao djch di phat ttiin m^t ly tiiuyit radi cho muc dich chi ra nhiing lgi ich mang lai tir cac phuong tiiiic gia nh|ip cua cdc cdng ty da qudc gia.
Ly thuyet niy la ''tiie asset-bundluig fi^amework"
' Ve m§t ly tiiuyit, cac yiu nay dugc dinh nghTa la tai san dja phuong (xem chi tiit Hennart, 2009).
(tgra dich la Ly tiiuyit hgp nfadt tii sin). Tfaeo ly tiiuyet niy, phuong tinic gia nhdp tiii trudng ciia cac cdng ty da qudc gia se quyit dinfa sy de dang ttong viec sii dung tii sin vi kit ligp til sin cua nude nfadn diu tir (ggi li tdi sdn dia phuong - complementary local assets) vdi tdi sdn vin c6 (tii chinh, uy tin, nhan hi|u...) ciia cdng ty da qudc gia. Diiu nay hdra y ring, sy lya chgn phuong tiiiic gia nh§p tiii trudng cua cdng ty da qudc gia cd tfii tic ddng den khd nang tiiim nhip nhOng tdi sdn dia phuang tgi nude tilp nhin diu tii. Vdi mdi phuang thiic gia nhdp thi ttudng, failu qud sir dung eac tii sin dia phuoiig, raiic dd phan tin kiln tinic, sy hpc hdi va trao ddi kiin thiic giiia cing ty da quoc gia vd cdng ly ndi dia si khdc nhau. Kit qud la sy gia nhdp v i phuang thiic gia nhdp thi trudng cila cae cdng ty da qudc gia ed thi nang cao failu qud sii dung ngudn luc ciia cac cdng ty ngi dia, tao cdng an viec ldm tgi nude nhdn ddu tu, tang cudng klid nang hpc hdi ciia cic cdng ty ndi dia. Bdi sy phin tan kiin thiic vd kinh ngliiem lim kinfa doanh qudc te ciia cdc cdng ty da qudc gia din cdc cdng ty ndi dia va nang cao khi nang ty cii tiin ciia d6i tdc ttong nude (Hennart, 2009; Slangen, 2011). Cho nin, tang lgi the canfa ttanfa cua cdc cdng ty npi dia.
Dya ttin nhimg ludn diim ly tfauyit ciia Hennart (2009) d trin, nghiin ciru niy ttanh luin rdng, khd ning thim nhap tdi sdn dia phuang cua cac cdng ty da quoc gia tgi nude tilp nfaan diu tu si thay ddi theo cdc phuang tinic gia nh|p thi trudng khic nhau ciia hp nguyen nhdn la do chi phi giao dicfa. Tranh ludn niy dugc giii thiefa vdi hai ly do. Thii nfait, ehi phi giao dich dl thim nfaip tdi sdn dia phuang theo phuang thttc dau tu mdi (Greenfield) se cao hon so vdi phuong thiic sap nhgp hay raua lgi tir cdng ty khdc (Merger &
Acquisition: M&A) (Dikova, 2012). Bdi vi, khi thinh lip mdi cdng ty da qudc gia phdi ddi m§t vdi mdi ttudng kinh doanh mdi hodn loin. Do vdy, khd ndng tuong tic vdi cdc tic nhin khdc dang hogt ddng tai nude tiip nhan diu tu se gap nhiiu khd khan hem so vdi hinfa thiic M&A, diiu niy ddn din chi phi giao dich tang, din din khd nang ttd ngai khi sii dung cdc ngudn lyc dia phuang se cao.
Thii hai, niu cdng ty da qudc gia mudn kit hc^
nhiiiig tii sdn dia phuong vdi nhthig ngudn lyc vi kien thiic ciia hg di hogt ddng sdn xuit kmh doanh tai nude nh^n diu tir tiiong qua hutii tiiiic diu ttr mdi, fap cfadc cfadn phdi ganh chju nfaimg cfal pfai tang them so vdi hinh tfiiie sap nhdp vd mua lgi (Dikova, 2012; Slangen, 2011). Bdi khi gia nh|p bdng phuong tiiuc ddu ttr mdi, cdng ty da qudc gia phdi dii mdt vdi nhittig diiu 11, quy udc khic bilt
Tgp chi Khoa hgc Trudng Dgi hgc Cdn Tho Phdn D: Khoa hgc Chinh tri. Kinh ti vd Phdp ludt: 35 (2014): 127-134 tgi mdi trudng kinh doanh mdi. Trong khi dd
pfaucmg tfaiic M&A tfai khong, do nhimg cdng ty ndi dia hoac dang faoat ddng tai nude nfadn ddu tu dd quen tfaudc vdi mdi trudng kinfa doanfa nay vd faiiu ro pfaong tuc, tap quan tai ddy (Broutfaers vd Broutiiers, 2000, 2003; Broutiiers, 2002, 2013).Tdm lgi, kfai cdng ty da qudc gia gia nhdp thj trudng di su: dung tai sdn dia phuong tfadng qua hinh thiic ddu tu mdi si tdn kem nhiiu chi phi
han so vdi fauifa tinic M&A. Cfao nin, gia nfaap tiii trudng vdi pfauong tinic M&A co the tdng khd nang sii dung tii san dja phuang ciia cdng ty da qudc gia tgi nude nh|n ddu tu. Do vay, bai viet ndy de ngfai gid tfauylt ciia ngfailn ciiu sau:
Gia thuyit: Cdc cdng ty con tiiugc da quoc gia dugc tiiinh lap theo pfauong thiic ddu w mdi thi kha n&ig thira nfagp tii sin dia phuang tai nude nhin ddu tu se tfadp faon so vdi pfauong thiic M&A.
Phuang thiic gia nhap thi truong
(-)
Vld hinh nghiin ciru Kha nang tham nliap tai san dia phuangCac yeu to khac
3 PHUONG PHAP NGHIEN ClTU 3.1 Ngudn dir lifu
DO li|u diing de kilra dinh gid thuyet tten dugc ttich tir ngudn dii lieu tir Tdng cue thdng kl dilu tta ttin toin qudc tir thdng 6 nara 2009 den thing I ndm 2010. Bd dii lilu ndy Id mpt phdn ciia cudc dieu tra doanh ngfaiep khu vyc Dong A va Thdi Binh Duong nam 2009 ciia Ngin hang Thi gidi.
Tinh den thdi diim hien tai, bp du- lieu nay la bo dii li|u radi nhit vl doanh nghidp vi hogt ddng cua cdc cdng ty da qudc gia tai Vilt Nara. Nhilu hpc gii ttin thi gidi da sur dung bp diJ lieu ttin cho cdc nghiin cuu ciia fap, cdc ngfailn ciiu ctia hp da dugc ding ttin cdc tgp chi chuyin ngdrtii uy ti'n (xem chi tiit, vi du, Badarsi va ctv., 2012; Lee va Ofa, 2010;
Raraadarai va van Witteloostuijn, 2012). Theo Hennart (2009), pfauong tfaiic gia nfaap tfai trudng va sy tfadm nhgp tai sin dia phuang tchdng thay doi theo thdi gian (Hermart, 2009). Vi vdy, nghien ciiu nay sii dung dft lieu chio (cross-sectional) si khdng dnfa faudng din kit qui udc lugng eiia md hinh nghien cuu.
Trong khudn khd bdi vilt niy, nghiin cihi tgp trung vio khu vyc Ddng bing sdng Cihi Long (DBSCL). Bdi khu vyc ndy cd nfaiiu tiim ndng phdt triln ca kinh tl vd du lich-dicfa vy bdi i^udn lyc lao ddng kfad ddi dio, dugc thiin nhiin uu dii, quy ddt cho ddu tu van cdn nhiiu, thuan ti|n giao thuang vdi cic viing kfadc va kfau vyc, dgc bi?t la CO sa ha tdng ngdy cdng dugc cliii ttgng ddu tu va ning cip. Hon niia, ttong chuyin lam vile ciia Thii tudng Nguyin Tdn Diing tai khu vyc DBSCL ttong nam 2013, rapt ttong nfaung chi dgo ciia Thii tudng ddi vdi cdc sd, ban, nginh tfaupe cdc tinfa, thinh phd ttong kfau vyc la vimg cin cfaii ttpng phdt ttiln bin vihig, ning cao lgi tfai cgnh
ttanh cfao cac doartii nghiip ttong khu vyc, tdng cuong tfau each uu tiin thu hut vd keu gpi diu tu nude ngoai. Tit cd diiu nay hdi leri nhu cau hgc hdi, ndng cao kha nang cgnfa ttanfa vd duy tri - phit ttiln ben viing eiia cic doanh nghiep ttong viing Id rat ldn. Cho nin vile tan dung nhung ngudn luc sdn cd di tang cuong sy liln kit vd fagp tdc vdi nhiing nha diu ta nuoc ngodi, cy the Id cdc cdng ty da qudc gia Id mgt ttong nfaihig nfau cdu can thilt cho sy phdt triln bin virng cua viing; gdp phdn tfaiic ddy sy phdt ttiln ddng diu so vdi c ^ vimg khdc. Xa hon Id tao nen tdng vimg chac cho cdc cdng ty ttong nude vuon xa din tfaj trudng qudc tl trong tuong lai nfau cdc cdng ty da qudc gia kfadc tten till gidi da tfayc hien tai Viet Nam vd tai cdc nude khdc.
Sd quan sat sii dyng cho ngjiiln ciiu ndy Id sd li|u diiu tra cac doanfa nghiip tir Tdng cyc Tfadng kl. Tdng tfal dilu tta bao gdm tit cd cdc ngdnh sdn xudt phi ndng nRhilp theo ;^in Ig^^ nfapm ciia ISIC Revision 3.1:'(nfidmfD);:irnh^vuc-xiy dyng (nhdm F), khu vyc dich vu (nhdm G va H), v i ITnh vyc giao thdng vin tdi, luu trii, vd truyin thdng (nfadra 1). Dinfa ngfaTa niy kfadng bao gdm cic ITnfa vyc sau: trung gian tdi chinh (nhdm J), bit dgng sin vi hoat ddng cfao thue bit dgng san (nhdm K, ngogi trit rtiidra ngdnfa 72, cdng n ^ l t n ^ i n tfadng, dugc tfalm vdo tong tfai ngjuin ciiu), vd tdt cd cdc ITnh vyc cdng. Trong dd, ITnh vyc sdn xuit bao gdm 5 nhdra, mdi linh vyc phdng vdn tii 120 din 145 doanh n ^ e p . Tong sd quan sat la 1053 doanh ngfaiep, ttong do cd 367 cdng ty con thudc cdng ty da qudc gia din tii 44 qudc gia ddu ttr vdo ngdnh sdn xuat cdng nghiip d Vilt Nam (Bang I). Trong nhdm nginfa sin xudt tfayc pfadra, det may vd may mdc CO sd cdng ty con dugc kfado sat cao nhdt (chilm 52.86% tdng thi diiu tta).
Tgp ehi Khoa hgc TrudngDgi hgc Cdn Tha Phdn D: Khoa hoc Chinh tri, Kinh li vd Phdp lugt: 35 (2014): 127-134 Quy rad doanh nghiip phdn thanh 3 nhdra:
doanh nghiip nhd cd tir 5 din 19 lao dgng, doanh ngfailp vua cd tii 20 din 99 lao dgng va doanfa ngfaiep Ion cd hon 99 Iao dpng (nhdn viin lam vile toin thai gian).
Khu vyc khio sdt bao gdm 14 tuih ttong 5 khu vyc: Ddng bdng song Hdng (Hd Ngi, H i Tay, Hdi Duong vd Hii Phong), Bic Trung B0 (Thanh Hoa Bang 1: Phan bo cong ty con trong mau dieu tra
vd Nghe An), Ddng bdng sdng Ciiu Long (Cdn Tha, Long An vd Tiin Giang), Nam Trung Bd (Khanh Hda va Dd Ning), vd Ddng Nara Bd (tiidnh phd Hd Chi Minh, Binh Duong va Ddng Nai). Sd cdng ty con dugc khao sat tap tiling nhieu nhit d vimg Ddng Nara Bg (chiira 47.41% tdng flii dilu tra). Do vdy, tdng sd quan sdt su dung trong nghien ctru ndy cho khu vuc Ddng bdng sdng Cuu Long Id 36 cdng ty con.
Dan v; tinh: doanh nghiip Nen cong nghiep
Khu vue khdo sdt
San pfaam khoang san phi kim logi; kim lo^i va che tgo
Thyc pham, dit may va may rage
San xuit khae
Tdng
_ Dpng bdng sdng Hong Ding Nam Bd Nam Trung Bp Bic Tmng BO DJng bdng sdng Cuu Long
44 58 6
55 97 10 10 20
17 19 3 5 6
116 174 19 22 36 Tong
Nguon: Bo du lieu dieu Ira eiia Tdng cue thong ke, 2009 3.2 Djnfa nghia vd do lirdng cdc bien trong ml hinh nghiin cmi
Tfadng tin tir bd dii lieu dilu tta eiia Cue thdng kl cho phep nghien cuu nay do ludng cac biln ttong md hinh nghien ciiu nhu sau;
Biin pha thudc (Y): khd ndng thdm nhap tdi sdn dia phuang (the likelihood of access to complementary local asset) cua cdng con thudc cdngty da quoc gia.^ Tdi sin dia phuang dugc dinh EnghTfila^hhOng tdi sdn (sd faiiu bdi cdc cdi^ ty ndi dia) mi d dd cdc cong ty da qudc gia cd the thul, hgp tdc hodc sd faiiu dl hgp nhdt vdi ngudn lyc ctia hp cho sdn xuat va tao ra nfaiing sdn pfaim vd dich v\i tgi dia phuang (nude nhdn ddu tu), nhftng tai san niy bao gira dit dai hogc lao ding hodc dich vy khdc" (Hennart, 2009:1438).
Dya vdo ngfaien ciiu cua Hennart (2009), biln phy thupc dugc do ludng bdng cdch hdi tryc tilp ngudi qudn ly doanh nghiep cd von ddu tu nude ngoai (cdng ty con) ddnh gid kfaa ndng tfadm nfaip 5 yeu to thugc tii sdn dja phuong vdi thang Likert 5 diem gom: i) khd ndng sit dung ddt; ii) khd ndng su
^ Trong b^ viet ndy, cum tir "thSm nhap tii sin dja phuofng" khong c6 su khic biet vi mat y nghTa so vdi cym tir "sii dung tii sin dja phuong", nen dugc dimg dan xen ttong bai viet.
dung ngudn luc lao dgng dfa phuang; iii) khd nang su dung dich vu diin, nude; iv) khd ndng su dung cdng, sdn iay, dudng bd; iv) khd ndng sir dung phucmg tiin thong tin. Moi yiu td niy dugc do ludng bdng cich ngudi qudn l^ cua cdng ty con ttd ldi cau hdi theo thang Likert 5 diira: "Ong/bd hay ddnh gid miic do thira nfadp (sii dung) cdc dicfa vy din hinh thftc thanh l^p cua doanh nghiip theo 5 muc ben dudi" (1: cue ky can ttd -> 5: khdng bao gid cin tto). Sau dd, nghiin ciiu nay si dp dung phuang phip pfaan tich nfaan ti (factor analysis) de nhdn ra cd bao nhilu yiu ti dugc tii tu 5 ylu to liln quan din khd ning tham nhdp tii sin dia pfauong ciia cdng ty con. Kit gui pfain ticfa nhin to lir Stata chi ra ring, cdc ylu to nay cfai tii duy nfaat I yiu to. Bdi chi c6 nhdn td 1 cd "Eigenvalue" ldn faon 1.0 (do Id 3.312), cdc nfadn td con lgi cd
"Eigenvalue" dudi 1.0 (xem chi tiit Bilu dd 1).
Nhan td nay dugc ddt ten li "khd nang thdm nhdp tdi sdn dia phucmg". Vi vdy, bdi vilt ndy sii dung cac diim nhan td (factor scores) tir nfaan td vira dugc tdi tir phin tich nhdn td dk phdn dnh khi nang thara nhip tdi sin dia phuang cua cong ty con tgi DBSCL. Gid tti biin nay tiiay ddi tii -0.96 den 2.40. Gii tri cang ldn tiii hiln khd nang tham nhip tdi san dja phuang ciia cong ty con cang cao tai khu vyc niy.
Tgp chi Khoa hoc Tnrdng Dgi hgc Cdn Tha Phdn D: Khoa hoc Chinh tri, Kinh d vd Ph^ lugl: 35 (2014): 12 7-134 Thu tu, kkodng cdch vdn hda qudc gia giOa Vilt Nam va cic nude diu tu dugc do ludng su khdc bilt tir 6 khia canfa vi van fada ciia Hofetede (1980). Nghiin cuu dya tten phuong ph£?i tuifa cua Kogut va Singfa (1988) dk pfain dnh khoing cdch van hda gifta Viet N M I va cdc nude ddu tu. Chi so khoing cich van hda qudc gia dugc tinh dya vdo cdng tinic:
Biiu dd 1: Kit qua tai nhdn td tir 5 yiu td kfaa nang thdm nhgp tai san dia phirorng Bien ddc ldp (X): la phuong tfauc gia gia nhdp thi truong cua cdng ty da qudc gia (entry mode).
Biin nay dugc dinh n^Ta: '"mot sy dong y ve cdu true doanh nghiep (thanfa lap mdi hodn toan hay M&A) gifta don vj nhgn diu tu vi cdng ty da quoc gia, md d dd cho phep mgt cdi^ ty (mdi) thyc hiln nfaiing cfaiin luge san pfadm, nfaung hogt ddng bdn hing, quing hi... tai thi trudng nude nhdn ddu tu vdi cdc doanh nghiep ttong nude hoac cdc doanh nghiep nude ngodi tai nude nhdn ddu tu" (Sharma vd Erramilli, 2004; Slangen & Hennart, 2008). Ap dung phuang phdp do ludng ciia Slangen vd Hermart (2008), biln dgc lap dugc do luang bdi bien gid (dummy variable); cu tfal la nlu doanh nghiip cd hinh thiic boat ddng tai thi ttudng Id tfaanh ldp mdi hodn toin si nhin gia tti la 1, va 0 cho nhiing doanh n ^ l p vdi lilnh thiic sap nhap hodc mua lai (M&A).
Cdc bien kiim sodt: Bin cgnh yeu td chinh dugc xem xet ttong nghien ciru nay Id phuang thiic gia nfadp thi trudng ciia cong ty da qudc gia (diu tu mdi hay sap nhgp-mua lgi), kha ning tham nhip tai san dia phuong ciia cdng ty da qudc gia cui^ cd thi chiu tdc ddng bdi cdc yeu td khac lien quan din dgc diira ciia cdng ty rae, mdi trudng ctia nude nhdn ddu tu (host coimtry) vi nude ddu tu (horae country) (xem chi tilt Slangen, 2011; Slangen vd Hennart, 2008). Do vay, cic yeu td nay dugc do ludng di xera xet ttong md hinh nghien cftu nhu sau:
Thii nhdt, gidi tinh cua ngudi qudn ly trong md hinh la bien gia, nhan gid tri 1 Ii nam, 0 la nir.
Thii hai, kinh nghiem quoc ti cua cdng ty me till hien sd nam hoat dpng d nude ngodi ciia cong ty da qudc gia tinh din nim 2009. Gia tti ciia biin nay thay ddi tii 3 den 65.
Thii ba, kinh nghiim cda nhd qudn ly dugc do ludng bdng thdi gian tham gia hoat dgng qudc ti ciia ngudi qudn ly cip cao nfait tai cdng ty con din ndm 2009. Gia tri ciia bien niy thay d6i tu 2 din 50.
Trong dd, Iy dgi dien eho chi sd van hda thu i cua quoc gia ddu tu thii j , Vj Id pfauong sai cua cfai s6 van hda tfaiir i va u dai diln cfao nude tilp nhdn diu tu. CDj la sy kfadc biet van hda giua qudc gia j vi quoc gia u. Gia tti cua biln ndy thay ddi tft 0.102 din 3.152. Chi sd nay cdng Idn the hiln kfaoang cdcfa van fada gifta Vilt Nam vd cdc nude ddu tu cdng ldn.
3.3 Phinmg pfaap udc lugng
Vdi phuang phip do ludng cua bien pfau thudc d trin, nghiin ciiu niy su dung md fainfa fadi quy tuyln tinfa (OLS) dl udc lugng tdc dgng cua phuang tinic gia nhgp thi tmong din khd ndng thdm nhdp tai sin dia pfauoi^ ciia cdng ty da qudc gia. Pfauong ttinfa udc lugng dugc tfal hiln nhu sau:
Y = po +PiX, + P2X2 + P3X3 + P4X4 + P5X5 + £ Trong dd, Y Id bien phu thugc, po la he sd cfadn ciia md hinh (gia tti ciia Y khi tat cd gid tri X la 0), pi la he sd udc lugng cua biln dgc lap (phucn^
thiic gia nhdp thi truong ciia cong ty da qudc gia), Xi ti gia tri ciia biin ddc ldp, p2->5 ldn lugt la hi sd udc lugng cic biin kilm sodt (dd trinh bdy d ttin), X2->s ldn lugt la gid tri cua cdc ylu td kiim soat, e li sai sd ciia md hinh hdi quy.
4 KET QUA NGHIEN CUU
4.1 Md ta thong k l va ma tran tirong quan Bang 1 cfao biit gid tii VIF (variance uiflation factor), trung binfa, do lecfa chudn va he sd tuong quan gifta cic bien ttong mo hinh ngtuen cuu.
Truoc kfai pfadn ti'ch dft Ulu, nghien cihi ndy thyc hien nhung Idim dinh cac gii thuyit tfadng ke di xem du lieu cd tfada man dilu kiln gid thuyit faay khdng? Sau khi thyc faien cdc kiim dinh, kit qua kiim dinfa Wfaite cho biit rdng kfadng cd faien tugng "heteroskedasticity" ttong du lieu. Tdt cd cdc hi sd tuong quan frong Bang 1 cfao tiidy, gid tti cao nhdt Id 0.240 - mdi tuong quan giua phuong thiic gia nhdp thi midng va kha nang tiiara nhdp tai sin
T,p chiKhcahdc Trudng But h<^ Can Tha Phdn D- Khoa hpc Chinh trj. Kinh li vci Phdp ludt: 3S (2014): 127-134 dja phuong ciia c6ng ty con thuoc cong ty da quoc co hiSn tu^rng da cong tuy6n khi xem xet tit ca cac gia tai DBSCLBang 1 cung cho biet gid tri VIF biin nay 46ng thM u-ong mo hinh nghien cihi. Cac cua cic biin diu duoi gia tri "nguong" la lO.O kit qui kiim dinh naj; ngu y ring kit qua u4c (Hair va civ., 2006). Biiu niy ham y ring, khong luong khong hi chech vi mat thing kS.
BSng 2: Ma t i thong kC va ma trjn tuang quan giiia cac bien trong ma hinh (n=3«) Cic bien
Kha nang tham nhap tai sin dia phuong
• (diim nhin ti)
Phuong thtrc gia nhlp thi truong (diu tu moi)
3. Gioi tinh cua nguai quin Iy (nam) Kmh nghidm quic te ciia cong ty me (so nuoc hoat d0ng)
5. Kinh nghiem ciia nguoi quan ly (nam) 6. Khoang cich van hoa
VIF 1.02 1.01 I.OI 1.80 1.01 1.04
Trung Do Ifch binh chuin
0 0.24 0.25 30.2 18.7 1.8I~
1 0.41 0.43 13.2 9.13 0.91
1
-0.24*"
0.05 -0.01 -0.03 -0.11»
2
-0.07 -0.01 0.03 -0.05
3
-0.03 0.07 -0.02
4
-0.11 -0.04
5
-0.02
* *'vd *** ldn lugl bieu dien gid trf muc y nghta thdng ke tgi 10%, 5%vd 1%
4.2 Kit qua va thao lu^n
Kit qud udc lugng md hinh hdi quy tuyin tinh vi tic ddng ctia phuang thiic gia nhip din kha ndng tham nhdp tii sin dja phuong ciia cdng ty da quic gia dugc ttinh biy ttong Bang 3.
Md hinh 1 ttong Bdng 3 chi xera xit tdc ddng ciia cac yiu to kiem sodt den kha nang thdm nhap tai san dfia phuang ciia cdng ty con. Gid tti cua R^
Id 46.8%. Diiu niy cd nghTa li cic biin kiim soat ttong ml hinh giii thich dugc 46.8% sy thay dii ciia bien pfau tfaudc (khd ndng tfadm nfadp tai sin dia phuang). HI sd R^ tuong ddi cao cfao tfaiy khd
Bing 3: Anh huihig cua phuong thiic gia nhgp thi trudng din khd nang thdm nhap tai san dia phuung cua cflng ty da quic gia
Cdc biin -^/ j—'^^rT!i'»'^a«iJ@^^M6 hinh 1 Md binh 2 ndng gidi thich ciia cdc biln kiem soat ddi vol bien phu thulc trong mo hinh li khd tdt. Gid tri cua P li 0.001, cd nghTa la rad hinh 1 cd y nghTa thdng kl d rauc 1%. Kit qud udc ttong md hinh 1 cho tfaay ring, gidi ti'nh ciia nguoi quin ly, vd kinfa nghiim quic ti ciia cong ly me, kinh nghiim ciia ngudi quan 1^ ldi6ng cd ^ nghTa vl raat thing kl (liin lugt cho cac biin nay la p = -0.08, p>0.1; P = 0,01, p>0.1; p = 0.004, p>Q. 1). Diiu nay hdm ^ rdi^ cdc yiu to ndy khdng tdc dpng din khi ning tham nh?ip tii sdn dia phuang cua cdng ty con (it nhit vl m|.t thdng kl).
Hdngsd 0.289 (0.253)* 0.418(0.249)*
Cic biin kilm soat
Gidi tinh ciia ngudi qudn ly (nam)
Kinh nghiim quic ti ciia cdng ty me (sd nam boat d^ng d nude ngo^)
Kinh ngfailm cua ngudi qudn Iy (nam) Kfaodng cich van hoa gifta nude diu tu va Viet Nam
-0.080(0.144) 0.010(0.004) 0.004 (0.006) -0.129(0.067)*
-0.070(0.140) 0.001 (0.004) 0.004 (0.006) -0.131(0.065)**
Bjgnflgcljp"
Phuong tfairc gia nfadp thj trudng (ddu tu mdi) -0.518(0.143)*- W' •
R^ diiu chinli Gid tti P
36 0.468 0.001
36 0.485 0.000 '. •*vd *** ldn lugt biiu diin ^d tri micey nghia thong ki tgi 10%, 5%vdl%
Tgp chi Khoa hgc Tnrdng Dgi hgc Cdn Tha Phdn D: Khoa hge Chinh (ri. Kinh ti vd Phdp lugt: 35 (2014): 127-134 hi can ttd kfai su dung tdi sdn dia phuang t ^ day. Dilu nay hodn todn pfaii fagp vdi thyc tien vi khi hogt dgng ttong mdi trudng mdi hodn todn, hg si phdi gap phai nfaiing cdn trd khi tilp can ngudn lyc lao dgng, thyc hien cdc thii tuc liln quan dk sir cac dich vu khdc nhu ddt, diln, CO sd hg tang phuc vu cho hoat dgng kinh doanh h\ hgn chi... (Hennart, 2009).
Tvsy nfailn, kfaoing cdcfa van hda gifta nude ddu tu vd Viet Nam cd radi tirong quan nghich vdi khd ndng tfadm nhdp tdi sin dia phuang cua cdng ty con tai muc y nghia tiidi^ kl 10% (p = -0.129, /T<0.1).
Dieu ndy cd n ^ i a rdng, khi kfaoing cich vin hda gifta Viet Nam vd cdc nude diu tu vdo Viet Nam cang Idn tfal khd nang thdm nhip tdi sdn dia phuong ctia cac cdng ty con cua hg tai DBSCL se bi han chl. VI mat ly thuyet, dieu niy hoan todn phii hgp bdi vdn hda giira cac nude khac biet qud ldn ddn tdi vile dira pfain giiia hai bin se hi can trd do nhftng suy ngtii vd quan dllm khac bilt vl vdn hda (Slangen vd Hennart, 2008). Kit qud ndy khing dinh Igi c i vl thyc tien vi ly thuylt rang, khi khodng each vin hda qudc gia cing ldn thi khd ndng tfaam nhdp tdi sdn dja phuang ciia cdng ty da quoc gia se cing khd khan.
' Md hinh 2 ttinh bay kit qui udc lugng tic dgng ciia pfauong thiic gia nhip thi trudng din khi ning thdm nhap tdi sdn dia phuong ciia cong ty con thuOc cdng ty da quoc gia vdi su kiim sodt cac ylu td khic dd dugc udc lugng ttong md hinh I. Gid tri ciia R^ ttong md hinfa 2 tdng lln din 48.5%, dieu niy cho thdy md hinfa dugc gidi thich bdi cac bien d^c ldp d rad hinh 2 tdt faon kfai xem xet phuang thftc gia nhdp thi trudng ttong ciing md hinh. Dilu niy hira y rdng, tim quan ttgng ciia biin doc ldp - phuong thurc gia nhdp thi trudng cua cdng ty me cin dugc xem xet ttong rad hinh. Ddi vdi cac yeu td kiem sodt, tdc ddng cua khodng each van hda lln khi nang tham nhdp tii sin dia phuang dugc cii tiin tiip tuc cd -^ nghia vi mit thdng kl, t h ^ chi dugc cai thi|n hon vi muc y nghTa dgt tai 5% thay vi 10% d mo fainh I. Trong klii dd, kit qua udc lugng cua cdc yiu td khic khdng cd su khic bilt Jdiuc^yljil so udc lugng cua cac biin vi muc 'y nghia tKong kl. Mdt diiu quan ttgng v i rdt tfaii vi, kit qud thyc tiin cho biit ring phuang thftc gia njiip till trudng co mii tuong quan nghich vdi khi ndng thdm nfagp tdi sdn dia phuong ciia cdng ty con tfaudc cdng ty da qudc ^ a tgi DBSCL va dat miic y nghia tiidng kl Id 1% (p = -0.518, ;7<0.obl). Kit qud ndy iing hd hodn toan gid thuyit dugc phit trien d Phin 2 ciia bii vilt, dd Id cdc cong ty con thugc da qudc gia dugc thdnh lap theo phuang thiic ddu tu mdi cd kbd nang thara nhdp tii sin dia pfauong tgi nude nhgn ddu tu se thdp faon so vdi pfauong tfaiic M&A. Do vdy, gid thuylt ciia nghiin ciiu ndy dugc iing hg rat raanfa ml ci vi m§t Iy tfauylt vd tfayc tiin. Kit qud nay ham y rdng, nhung cdng ty da qudc gia thdnh lap cdng ty con thdng qua hinh thuc xdy dyng mdi hodn todn tai DBSCL hg si gip nhftng khd khdn v i
5 KET LUAN
Lya chgn pfaucmg tfauc gia nfadp tiii truong dl thdm nhip tai sin dia phuang li chiln luge quan ttgng de thyc faien faoat ddng ddng kinh doanh ciia cdng ty da qudc gia tai nude nhdn ddu tu. Ngfaien cftu nay sft dung ly tfauyit ciia Hennart -"Ly thuyit hgp nhdt tdi sdn" dl phdt ttiln nhung tranfa ludn vl radi quan he giiia phuong tfaiic gia nhip tfai trudng vd kfad ndng tham nhap tdi sin CCT^ pfauong ciia cdng ty da qudc gia tai DBSCL. Bdng chiing thyc tien tu 36 cdng ty con dang hogt ddng tai kfau vyc nay cho thdy rang, nhiing cdng ty con dugc thanh lap thdng qua phuang thftc ddu tu mdi cd kfad ndng tham nhip tdi sdn dja phuang t h ^ faon so vdi nfaiing cdng Xy con tfadnh lap thdng qua phuong thiic sip nhgp vd mua lai. Ngodi ra, bdi^ chiing thyc tiin ciia nghien cuu cdn cho thdy rang, khoang cich van hda gifta nude ddu tu va nhdn ddu tu cfing gift vai tro quan ttpng ddi vdi khd ning tlidm nhap tin sdn tai dia phuang, cu tfae Id nd cd mdi quan he nghiefa ddi vdi khi ndng thdm nhdp tii san dia phuang. Hdm y cua nghiin ciiu niy la de thdm nfagp tdi sdn dia phuang tai nude nhgn ddu tu, cdc cdng ty con nen tilp can thi trudng muc tieu thdng qua cdc cdng ty ngi dia hodc dii tic cua hg di quen tfaudc vdi mdi ttudng dd hon Id thanh lap cdng ty mdi tgi kfau vyc ndy.
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