Nghien ciTU trao liii
Cac nhan to anh huong den hien tupng 'cumg nhac chi phi" tai doanh nghiep niem yet
><gv Dang Thj Huyen HirOng* • Iran Tu Uyen*
b cUu cac nhk to anh hi/dng Sen hm tumg dng nhk chi phi ban hang ra guan ly doanh nghiep tai cac doanh nghiep nm yet tren thi tmdng chiing iihoan Viet Hatn giai doan 2008- 2017. Het gua nghien a}u cho thay don hay no iihong anh hudng den mdc do c^ng nhk chi phi, nhung m the ve tai san vs dong tien thuin td host dong tvnfi doanh anh tiudng cung chieu den wUc do cdng nhk.
Het Qua nay ddng quan dm vdi mot so nghien cUu cho rkgj Chi phi diiu chinh va chi phi dai dien la nguyen nhan chu yen anh hudng den hien tuang cdng nhk chi phi ban hang va quan ly doanh nghiep tai cac doanh nghiep
Jii khoa-. Hm tuong cdng nhk chi phi, chi phi ban hang va puan ly doanh nghiep, chi phi hit can xdng doanh nghiep nm yet tren san chUng Ichoan Mt Nam.
MaJel mi Abstract:
The paper investigates factors which affect the sticky costs of selling and administration (SGA) of list- ed companies m Vietnam m the period of 2008 - 2011 The results reveal that leverage ratio does not affect the SGA sticky cost while asset intensity and free cash flow impact positively the SGA sticky cost w listed companies in Vietnam These results enhance the hypotheses that agency cost and
Keyv/ords Sticky cost, selling and administration cost, asymmetric cost, listed companies in Vietnam
Jel code- M41.
Ldi md dau
Ly thuyet ke toin quin tri truyen thong cho rang, chi phi gom hai loai, dd la chi pbi co dinb va chi phi bien ddi vl chi phi ty le vdi quy md san xuat. Cbi phi cd djnh khdng thay ddi trong mdt gidi han quy mo nhit dinh, ttong kbi dd, chi phi bien ddi ty le thuan vdi sin lugng san xuat (Hilton & cgng su, 2008).
Tuy nhien, nhirng nghign cuu gin diy ciia Anderson vl edng su (2003), Weiss (2010), Cannon (2014), Roodzant (2012), Abu- Serdaneb (2014) lai cbo thiy tdn tai bien tugng chi pbi bien ddi khdng ty le vdi san luang sin xuat bay cdn ggi la hien tugng bit can xiing cbi pbi. Anderson & cdng su (2003) dl nghien cuu thirc nghiem
7.629 doanh nghiep (DN) My ttong vdng 20 nam cho thiy, chi pbi ban bang va quan ly DN (SGA) tang trung binh 0,55% vdi 1% tang doanh tbu, nhung chi giim 0,35%
khi giam 1 % doanh thu. Cic tic gii lan dau tien goi hien tugng nay la hien tugng ciing nhac chi pbi.
Ke tli sau ket luan ciia Anderson
& cgng su (2003), hien tugng cung nhac cbi phi dl dugc nhigu nba khoa bgc quan tam trong sudt gin hai thip ky vita qua. Cac nghien ciiu da kiem chiing bien tugng
Nhan: 01/7/2019 Biin tap: 10/7/2019 Duyet dang:16/7/2019
vg su Inh budng ciia ciing nhac chi pbi dgn boat ddng cua DN. Weiss (2010) cho ring, ciing nhac chi phi Inh budng dgn viec du bao lgi nhuan khi digu kien thi trudng thay ddi va sue ciu tten tbi trudng giim Slit. Van dung md hinh cua Weiss (2010), Warganegara & Tamara (2014) dl kigm dinh Inh hudng eiia chi phi ciing nhlc tdi bieu qui boat ddng kinh doanh tai Indonesia va cho thiy, hien tugng ciing nhac chl pbi da de doa kbl nang smh ldi ciia DN.
Mac du, miic do cung nblc chi pbi va tic ddng ciia hien tugng niy khdng gidng nhau, nhung cac tic gii dgu tbdng nhit rang, nguyen nhan gay ra hien tugng Cling nhac chi phi xuit phat tu quyet dinh phan bd ngudn luc ciia nbl quan ly. Hanh vi nay cua nha quan tri phu thudc vao mgt sd ygu td. Nbl quin tn cd the duy tri ngudn lyc trong khi cau vg san pham giam do lac quan vg viec phuc hdi ciia tbj trudng trong ngan ban, hole do tam ly mudn duy tri uy tin va vi the d miic sin xuat tdi uu, hoac vi mgt lgi ich khac cua nhi quan ly. Ngu d c nghien eiiu trudc diy chi de cap den quyet dinh ciia nhi quin ly tdi bien tugng Cling nhic chi phi thi
^ 3 .>«//. c/d Md
'JiifCling nhic cbi pbi d nhigu nhom chi nghien ciiu niy di slu lam ro dgng phi khic nhau tai cac nganh, DN va co ciing nhu nhtrng tic dgng bgn cac thdi ky khic nhau. ngoai Inh hudng den hinb vi ciia Cac kgt qua nghien ciiu cdn cho nhi quin tri, cu thg la cac vin dg thiy d c bing chiing thuc nghiem lien quan dgn quin tri cdng ty.
Khoa Ke toan - Kiem todn, Tnffmg Dai hoc Ngoai Thircmg
idt/tdna 7/2049
Nghien ciiU trao ddi
De lam ro eac nban to Inh hudng dgn hien hrgng cumg nhac chi phi, bai viet nay dua vio nghien eihi anh hudng ciia quin tti cdng ty tdi hien tamg ciing nhSc chi phi SGA. Gin diy, do nhu cau c^nh ttanh tang cao, SGA ngay cang ddng vai tto quan trgng ttong cac DN niem yet, digu dd the bien bing ty le chi phi nay chiem ty ttgng ngay cang ldn Theo tic gii Dang Thi Huygn Huong (2018), hien tugng ciing nhae chi phi SGA da Inh hudng den qui ttinh du bao lgi nhuan ciia d c DN mem ygt ttong giai doan 2008-2017.
Mac dii, bien tugng ciing nblc chi phi dl dugc nghien ciiu bdi nhieu tac gia tu cac qudc gia khac nhau nhu: cac nude OECD (Banker
& Chen, 2006), Anh, Pblp va Diic (Calleja & Thomas, 2006), Nb^t Ban (tie & Shunizu, 2010), Hin Quoc (Rhee & cgng su 2012), Thai Lan (Warganegara & Tamara, 2014), Jordan (Abu-Serdaneh, 2014), tuy nhien, tai Viet Nam, diy vln 11 vln de mdi Ngoai d c nghign ciiu cua tac gia Dang Tbi Huyen Huong (2018) ve hien tugng Cling nhac chi phi SGA tai eae DN nigm ygt va van dung md huih CVCS dua tten ly thuyet ve bien tugng ciing nhac chi phi dg du bio lgi nhuan eiia d c DN, dgn nay, chua cd them d c nghien ciiu khic ve vln dg nay tai cac DN Viet Nam.
Van dung md hinh cua Anderson & cong su (2003), Pitcbekun (2014), bai viet cho thay, ddn bay ng khdng anh hudng den sir bat can xiing chi phi. Tuy nhien,cd mdi ben he thuan chigu giira uu thg vg tai sin va ddng tign thuin tir boat ddng kinh doanh den hien tugng ciing nhac SGA tai d c DN niem ygt. Ket qua nghien cuu niy ling hg gia thuygt cbo rang, quan tri cong ty, dac biet 11 ben quan dgn ngudi dai dien va chi phi digu chinh cd anh hudng den hien tugng Cling nhac chi phi.
Ly thuyet nghi&n cihi va cac gia thuyet
Tu d e quan sat thuc te, Noreen
& Stodorm (1997) da phat hien ra chi pbi thay ddi khdng ty le vdi miic do boat dgng (san lu(jng san xuat), hien tugng nay ttii vdi eac nhan dinh ciia kg toan quin tri truyen tbdng, tuy nbign, cac tic gii khdng tim thay d c bang chiing thuc nghiem. Cbo den nghign ciru ciia Anderson & cdng sy (2003), d c tac gia da lan dau tien thay rang: Ty le chi pbi tang len khi tang 1% doanh thu cao hon so vdi ty le chi phi giam khi giam 1% doanh thu (minh boa nhu hinb 1).
Nguyen nhin ciia hien tugng Cling nhac chi phi da dugc mdt sd nha khoa hgc quan tim nghien ciru trong gin hai thap ky vua qua.
Anderson & cdng sy (2003) cbo rang, xuat phit tii sy sut giim tdng cau tten thi trudng, nhi quan tri cd cac hanh vi iing xii vdi hien tuimg niy rit kbic nhau Cic DN gap pbai hien tuimg niy do cac nbl quan ly tri hoan viec digu chinh ngudn luc. Ndi d c h khac, hg tiep tuc duy tri nguon luc nhu ban dau khi siic d u tten tbi trudng giam.
Mgt mat, nha quan ly khdng chic chin ve tuong lai, ed the lac quan do dy bao eau ve sin pham se sdm tang trd lai, Ngoai ra, mgt sd tac gii khac lai cho rang, nbl quin ly
Hinh 1: Do thi bieu diln chi phi cu'ng nh^c
duy tri ngudn luc do lgi ieh ca nban tir viec t6i da hol ngudn iuc, tam ly mudn giii uy tin vl quyen luc.
De lam ro ban ve d c nban dinh nay, Calleja vl cgng sy (2006), Chen & cgng sy (2008, 2012), Anderson & edng sy (2003), Banker (2006) dl nghien ciiu d c nhin td anh budng dgn d c die digm DN nbu im the tli sin, uu thg lao ddng hole ddn bay tai chinh;
Banker & Chen (2006), Dierynck
& Renders (2009), He & cdng sy (2010); Banker & cdng su (2011), Chen & cgng sy(2008) da nghign ciiu va cho thay Inh hudng ciia cae nban td quoc gia nhu tang trudng, thi trudng lao dgng vl the ehe den miie do Cling nhac chi phi.
Theo Pitebetkun (2014), ngoai gdc do anh budng vT md tdi siic cau ve sin phim cua DN, hien tugng ciing nhac chi phi chu yeu phu thudc vao dac digm bgn trong ciia DN. Trong do, uu the tli sin, uu thg lao ddng hoac ddn bay tai chinh deu lien quan den cic ndi dung quin tri cdng ty dudi gdc do chi phi dieu chinb v l chi phi dai dien.
* Chi phi dieu chinh Chi phi dieu chinh la d c chi pbi phat sinh khi khdi pbuc d c ngudn luc phuc vu san xuat - kinh doanh khi thi trudng tang trudng trd lai.
Ly thuyet cbi phi dieu chinh dugc
Chi pbi khi giam mirc do boat ddng
Mirc dd boat ddng
.y«/ rhi Me'too Mieni todn ^'thdnfj 7/2049 \
Nghiin Clhl trao ddi
Chi phi dicH ^ chinh J
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Chi phi >.^
dai th?n /
Quan tn cong ty 1
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Lgi die ve tai san
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D6ng t i ^ thuan tirHDKD
1
ChipM Cling oliSc de cap b d i Lucas ( 1 9 6 7 ) cho r i n g , k h i cu j ^ g$ •^. K|,ung ng^jgn cl^u cac nhan to anh hif^g den hien tiTtfng cihiE nhac chi phi sdc d u xiy ra, cdng ty khdng thg digu
ehinh eac ngudn lyc ml khdng phat sinh chi phi. Cbi pbi digu chinh la d c chi phi khi thay ddi d c nhan td san xuat, chang ban cbi pbi thue va sa thii lao ddng, chi pbi lap dat vl loai bd miy mdc (Cooper
& Haltiwanger, 2006). Do dd, nhi quan tri thudng can nhac ky ludng vg viec cat giam ngudn lyc khi doanh thu giim.
Theo d e b nay, hg tim each t6i thieu hol ehi phi digu chinh.
Anderson & cdng su (2003), Medeiros & Costa (2004), Yang & cdng su (2005), Anderson& cdng su (2003), Banker & Chen (2006), sau ciing 11 Banker & cgng sy (2011) da t^p trung Bangl nghign ciiu va dua cae ehi phi digu ehinh vao ttong nghien ciiu va khang dinh ring, chl phi dieu chinh, mac du II d c ehi pbi khdng the bien ttgn bao d o tli chinh la nguygn nhan chii ygu gay ra hien tugng cung nhac cbi phi. Cac tie gia tten da dua vio nghien cuu mdi quan he giira t6ng tai san va sd nhan vien 11 cae biSn dai dien cho ehi pbi digu chinh.
Rd rang rang, chi phi digu chinh cd the eao hon khi SGA phu thudc nhigu vao tai sin hoac sd lugng lao dgng ciia mdt DN hon la eac nguygn vat lieu vl dich vu mua ngoii.
DN de ding giim quy md mua sim khi ciu sut giam nhung viec loai bd d c tli san rat tdn kem vi pbai tti d c chi phi ban bang vl mat d c khoan dau tu.
De xem xet Inh budng ciia d e cbi pbi digu chinh dgn bien tuong ciing nhac cbi phi SGA ciia cac DN niem ygt, tac gia dua ra gia thuyet ngbien ciiu nbu sau:
Hj! Ty le tli sin ciia DN d n g cao, miic do ciing nhae chi phi d n g Idn.
* Chi phi ngirdi dai dien
Mdt d c h ly giai khac cho hanh vi tri holn cat giim ngudn lyc cita nbl quin ly DN kbi cau giam, dd la tam ly mudn duy tri boat ddng cua DN tai miic cdng suit t6i da nham duy tri vi the, quyen luc vl uy tin (Medeiros & Costa, 2004) Noi d c h khac, nba quan ly hinb ddng vi lgi icb ciia bin thin thay vi boat dgng vi lgi ich ciia cd ddng, ngudi ma hg dai dien. Nguygn nban niy dugc ly gili bdi mdi quan be vl binh vi irng xii giura ebu DN (ed dong) va nha quan ly (ngudi dai dien) theo ly thuygt ngudi dai dien do Jensen&
Meckbng (1976) dg xuit. Nba quan ly tham gia ttong mdt bgp ddng phin quygn vl nbl quan ly boat ddng theo quygn ban va ttach nhiem, cac miic tbii lao quy
Chi plii Mn hing vi quan ly DK Doanh ihu Biin tutmg tac U'u the Iii san Don biy lii chi'nh Dong Hen Ihuan tii boal done l^nli doanh
SGA 1,1 Sale t.i DD,, A.mi„
Debh.
FCF„,
Thi/DYda
Chi phi bdn h&ng vi quan ly doanh nghiep ihu i tai ihtri
Doanh ihu DN i tai thai di§m t
Nhan giS In 1 khi doanh thu giam giSa hai ihoi ky quan sat I va (l-l), nhan gia fri 0 khi doanh Ihu lang giiia hat Tong i.li san IrSn doanh ihu cua DN i tai Ihcri difim I T6nR na Iren doanh thu cua DN i tai thai diem 1 D6ng tien thuin tii hoat dong kinh doanh Iren doanh thu eua DN i lai Ihoj 3iem I
Bang 2: DS lieu thong ke mo ta
Bien so SGA/sale Sale/Sale,,.,, A-;sel/Sales (%) Debl/Sales i%) FCRSales (%)
So quan sit 5069 5,069 5,069 5.069 5,069
Tmng binb 411.730 4,879 95.749 23,578 7 88!
Toilhlfu 0,990 0,000 0,051 0,000 5,540
Toiaa 2.072,100 9.920386 208,027 366,088 23521,750 B^ng 3: ITdc liitfng cac he so trong mo hinh
Coemdent
Pc Bl 02 03 B4 BS r2 N
Value 0,0687 0,352 -0,039 0,054 0.003 0,015 0.147 i 069
P-value 0,0000 0,IHIUO 0,0051 0,0025 0,7965 0,0984
Nguon: Ket qud chiel sudt tir StochPlu;
/Jntt chi Me tcdn V Mdm i 'thdn^ 7/2049
Ngliien ciiib trao fldi
djnh ttong hgp ddng nay se khuygn khich cae nba quin ly boat ddng fr6n co sd lgi ich cua cd ddng.
Chen & edng svr (2008), Banker & edng su (2011) da nghien ciiu anh hudng cua chi phi ngirdi dai dien (sii dung cbi tieu ddng tign thuin lim bign dai dien) dgn hien tugng ciing nblc chi phi. Ket qua nay cho thiy ring, muc do chi phi ciing nhac se ldn hon ttong cac DN cd ddng tign thuin cao. Mac dii Anderson &
egng su (2003) dg cap anh budng ciia quyet djnh cua nha quan ly ddi vdi hien tugng chi phi cimg nhac, tuy nbifin dgn nay ciing mdi chi ed mot vii nghign eiiu ve ly thuygt chi pbi ngudi dai dign dugc dua vao nghien ciiu dg ly gili bien ttrgng nay.
Hiu hgt cae ket qui nghign eiiu eho thiy, chi phi Cling nhic xay ra tu vai ttd ciia nha quan ly ttong viee digu chinh ngudn luc tuang iing vdi su thay ddi boat dgng. Dg nghien ciiu anh hudng ciia chi pbi dai dien tdi miic do cbi phi ciing nhac, bii viet dit ra gia thuyet ddng tign thuin Inh hudng tdi hien tugng ciing nhac chi phi nbu sau:
H2: Ddng tign thuan tii hoat ddng kinh doanh cua DN cang cao, miie do eiing nhac chi pbi cang ldn.
Ben canh vin de xm thg tai sin, cac nghign ciiu trudc day bao gdm Subramaniam &Weidenmier (2003), Calleja & cgng su (2006) cdn cho rang, ddn biy ng cd mdi quan he thuan chigu vdi tinh cung nhac ciia cbi pbi. Calleja & cdng su (2006) ket luan ring, cac DN vdi ddn bay tai ehinh cao se khdng cd hien tugng ciing nblc chi phi, bdi le eae nba quin tri hi ap
\\fc til phia cic chii ng phai thanh toin cac khoin ng dgn ban. Cac cdng ty vdi ddn biy ng cao thudng cd ca chg quin ly lgi nhuan the bio ve cac Inh hudng ngugc chigu ddi vdi ty le ng (Dey, 2008). Via & Perego (2013) ling hg quan digm niy vl chumg minh elc cdng ty san xuat vdi ty le ng cao cd xu hudng giam chi phi SGA. Dg nghien ciiu anh hudng ciia don biy tli chinb tdi miic do cbi phi ciing nhac, bai viet dat ra gii thuygt nhu sau:
H3: Ddn bay ng ciia DN cang cao, miic do ciing nhae cbi phi cang ldn.
Tu ly thuygt va cac gia thuyet dua ra, khung ngbien ciiu cac nhin td Inh hudng den hien tugng ciing nblc chi phi dugc minh hoa theo so dd I, trang 34.
Dtt lieu va mo hinh nghien ciiu
Van dung md hinb ciia Anderson & cgng su (2003) vl Abu-Serdaneh (2014), tren co sd khung nghien ciiu vl cac gia thuyet, bai vigt nghien ciiu mo Iiinh nbu sau:
h*DD„
Md hinh:
0 4 „ „ , , Sale,j Debt,,
^^^^'•'- '^^ Sale..,. '-'^ Sale^:
Saku ^, FCF::
Sakui-l) ^^ Sale,,:
Trong dd:
Tit cl elc bien ttong mo hinh dugc tinh toin dudi dang log nham tang cudng tinh phin phoi chuan vl Cling ed y nghla kinh tg ciia cac bien trong md binh (bing 1, trang 34).
De kiem dinb elc gii thuyet, bai viet khai thic eac du lieu cua 2.350 DN nigm ygt ttgn sin HOSE, HNX, UPCOM va OTC tai Viet Nam ni nam 2008 tdi nam 2017, cic du lieu dugc chigt suat tii phin mem StockPlus. Cac tac gii da chgn lgc cic dO: lieu quan sit, loai bd eac quan sit khdng day dii thong tin trudc khi udc lugng mo hinh. Sd quan sat cuoi ciing dua vao mo hinh gdm 5,069 quan sat. Bang 2, trang 34 cung cap cic dii lieu md ta ttong giai doan 2008 - 2017.
Vdi su ho trg cua phan mgm STATA 12 vl kigm dinh Hausman, tac gia da thuc hien hdi quy md binh RE (Random Effect model - md binh Inh hudng ngau nhign) ttgn mlu tbdng ke vl thu dugc kgt qui nhu bang 3, ttang 34. ^
Kgt qua md hinh bdi quy cho thiy, be sd p j do ludng ty le ting len eiia chi phi tuong iing vdi 1% tang doanh thu, p ^ co y nghia thdng ke (p-value = 0,0000) va cd gia tri bing 0,352 phan Inh khi doanh thu tang 1 %, ehi pbi se tang 0,352%. He sd P2 ^o y ngbia tbdng kg (p-value = 0,0051) va nhin gia tti bing -0,039 cbo thiy bing chiing rd net ciia hien tugng eiing nhic chi phi. Gil tri (pj +P2) bing 0,313 pban Inh kbi doanh
±1... _:.;-„ 1 0/ ^u; „t,i ^Ui ni^m (-A n •^ 11"/, l-ii nun nav thu giim I %, chi phi cbi giam cd 0,313%, kgt qui nay cbo thiy su thay ddi ciia cbi phi khong ty le vdi sir thay ddi ciia doanh thu.
He sd P3 CO y ngbia tbdng kg (p-value = 0,0025) va cd gia tri bing 0,054 cbo thiy, uu the vg tai san tic ddng Cling chih den hien ttrgng ciing nhic cbi phi, DN cd uu the tli sin cang cao thi miic do ciing nhac chl phi cang ldn. Digu do cd nghia II, uu tbg tai sin cing Idn lam tang len miic do cimg nhic cbi phi, chap nhan gii thuygt H^, He sd P4 khong co y nghia thong ke'(p-value=0,7965) do do bac bd gii thuygt H2 vg viec anh hudng cua ddn biy tli chinh dgn hien ttigng
.^a/t rhi M/todn f' MiSm todn id'thdny 7/2049 \
Nghien cihi trao adi
cimg nhac. He sd Pg cd y nghla thdng kg (p-value=0,098) tai miic y nghia 10% vl nban gia tri bing 0,015 phin anh mdi quan be cimg chigu giua ddng tign thuin dgn miie do Cling nhic cbi phi, ddng tien thuan cang cao tbi miie do Cling nhac ehi phi cing ldn, tir do cbap nhan gia thuygt H3 vg viec anh hudng ciia ddn biy tai chinh dgn hien tugng cirng nhac chi phi.
Ket luain
Trgn ea sd ly luan ciing nhu cac bang chiing thue nghiem cua cic tac gii ttong va ngoai nude vg hien tugng Cling nhac chi phi, bai viet da tdng hgp, kg thira dong thai van dung elc mo binh pbii bgp de ngbien ciiu elc nhin td ngi tai DN anh budng den hien tugng ciing nhac cbi phi cua elc DN ttgn tbi tnidng cbting khoan Viet Nam. Ket qui nghign ciiu ung bd gia thuyet bai viet dat ra rang cic vln dg lign quan dgn quan tri DN, bao gdm cic hinh vi ciia nhi quan ly lien quan dgn cae chi pbi dieu chinb, chi phi ngudi dai dien anh budng dgn bien tugng cimg nhac chi phi.
Dg lim rd Inh hudng ciia cac nhan td nay, bai vigt da dua vao ngbien cim mdt sd chi tieu phin anh tinh hinh tai chinh cua DN nhu ty le tli san phan anb mirc do dau tu tli sin c6 dinh cua DN; don bay tli chinb phan anh ty ttgng ng vay eua DN; ddng tign thuin phin anh lugng tign mat thu dugc tir boat dgng kinh doanh chii yeu ciia DN.
Cac cbi tigu nay eho thiy, ddng co ciing nhu hinb vi ciia nha quan ly.
Mdt DN dau tu ty le ldn tli sin cd dinb thudng rit kho thay ddi chi phi khi thi trudng giam siit, nbl quan ly cin tbdi gian dg cin nhac va xii ly tai san du thira, cac chi pbi dieu chinh phit sinh ngoii du tinh ciia nbl quan ly se dan dgn hien tugng Cling nhic chi phi. Miic do Cling nhac cang ngbigm trgng khi thi trudng lien tuc lao ddc trong khi nbl quan ly van tiep tuc duy tri ngudn lire. Ben canh do, ddng tign
thuin tir boat ddng kinh doanh cang eao tbi ap liic dieu chinh ngudn lire thip hon. BSng chiing thue nghiem ttong nghign ciiu nay dl ling hg ca bai nhan dinb tten.
Kgt qua niy ung hd cac luan diem cua Anderson & cgng su (2003), Subramaniam & Weidenmier (2003), Banker & cgng sir (2011), Via & Perego (2013).
Ngoii ra, mdt DN cd ty le ng vay eao, ap luc tir ng vay kbign cac chii DN khd cd thg tri hoan viec dieu chinh ngudn lire khi thi trudng thay ddi.Cd the ndi cbi tieu ng vay cing cao thi khi nang xay ra hien tuong Cling nhac chi phi cing thap.
Tuy nhien, kgt qui nghign ciiu tai cac DN chua lam ro dugc van de nay. Nguyen nhin niy dugc ly giai do ng vay tten bio clo tli chinh ciia cac DN la mdt chi tigu nhay d m , ngoii viec vay vdn tir cac ngudn chinb thiic nhigu DN cdn tim cac ngudn tli trg khdng chinb thicc nbu vay ca nhan, hoae hgp thiic hoa kboln vay dudi hinh thiic lien doanh lign ket, gdp vdn dau tu ngin va dii ban..., do dd, co thg gia tri ng vay ttgn bao clo tli chinb chua phin Inh bet dugc ngudn vdn ciia DN.
Nbu vay, vdi mau nghien ciiu la cae DN Viet Nam, md hinh danh gii Inb budng cae nhin td dgn hien tugng Cling nhac chi phi mgt lin niia da ciing cd cic gia thuyet cbo rang: Cbi phi cimg nhac xiy ra tir hanh vi va dgng ca ciia nbl quin ly trong viec digu chinb ngudn lire khi thay ddi sin lugng san xuit. Ly thuygt vg ngudi dai dien vl va cae chi phi digu chinh dugc van dung khdng ehi de ly giai cac van de lign quan dgn quin tri DN noi chung, ml cdn la ea sd lim ro cic luan diem ve ke toin bgn quan.D
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