'GHI6N cuu TRflO DOI
C.iC YEl TO A^H Hl'ONG TO'! HOAT DONG CONG B 6 THONG TIN CUA CAC CONG TV NIEM YET TREN TH! TRUONG CHl'NG KHOAN \1ET NAM
Ngo Thu Giang*, Dang Anh Tuan*
Bin bdo phdn lich cdc yiu td anh hinmg tdi hocit ddng cdng bd thdng lin (CBTT) cua cdng ly mem yet Ud Thi tnrdng Chimg Idiodn Viel Num. Kit qua nghien ciru eho thdy mdi luong quan cd nghTa giira ddc diem cdng ly Idi hogi ddng CBTT cua cdng ty niem yil. Tuy nhien. mire do vd chiiu tdc ddng giua cdc dele diim Id khdc nhau Hogt ddng CBTT tdt hon tai cdc cdng ly cd .so hiru nude ngodi. cd kit qud kinh doanh kha c/iian irong ky nghien cim. cd site sinh Idi vdn chii .so hiru eao vd cd sir ddc Idp trong quan ly giua BGD vd HDQT. Cdc via td khdc Id nhu ly trgng ^"
him ndi hd. ndng lire san xudl vd .sir phu thugc trong cpian ly giua BGD vd HDQT lai ed idc ddng lam lieu circ loi hoat ddng CBTT ciia cdng ly niem yet. Riiiig dge diem niem yet khdng cd tc'ic • dgng ddng ki den hogt dgng CBTT cua cdng ty mini yel
Til' khtia: Cdng bd Ihdng tin. cdng ty niem yet. Ihj trudng chirng khoan, yeu td tae ddng I. Gidi thieu
Tir khi bai dau hoat ddng vdi 5 cdng ly niem yel 1.11 Trung lam glao djch Chirng khoan Thanh phd Hd Chi Minh, sau han 10 nam hogi dpng, sd lupng cd phieu niem yet iren thi trirdng Chung khoan Viet Nam da phat trien vdi sd lupng ma niem yet ngay cang kVn Ben cgnh dd, 1 fCK Viel Nam da da dang ciic cdng eu huy ddng vdn; thu hiit dirpc sd lupng Idn lai khoan glao dich ciia nha dau lu; va eae ehii iliO tham gia cung cap dich vu kinh doanh mdi gidi giao djch ehinig khoan.
Tuy \a\. nham hoan thien mdi tnrdng hoat ddng rd rang, minh bach cho ihi inrii'ng, ca quan quan ly nha nude eung da va dang khdng ngirng nang eao chat lupng dich \ u ciia cac Sd glao djch, hoan thien khinm phap ly ihdng qua viec ban hanh mpt he thong van ban luat va hudng dan cu the (Vu Thj Kim Lien. 2012) Trong qua trinh hoat dpng, cdng lac id chirc va giain sal ihj irudng ludn dirpc .xae dmh la nhiem \ u hang dau ma ca quan quan ly nha nude can phai ihuc hien nham phat irien Ihi trudng Chung khoan Viet Nam Mdi trong nhti-ng hoai ddng trong tam trong nhleni vu giam sat cita UBCK NN la hoai dpng CBTT cua cdng ly niem yet.
\'iec man ihii CBTT la hanh \ i ciia cdng ly niem
yet- Hoai ddng cdng bo thdng lin eliui anh hudng boi cac yeu td ben ngoai va yeu td ben tiong doanh nghiep. Vdi gia ihuyel la hoat ddng cdiig bo thdng tin ciia cac cdng ly niem yel deu ehju cimg anh hudng lir eae yeu id ben ngoai, do dd, trong pham vi nghien ciru nay. chiing tdi ehi xem \et nhom yen to ben trong. la cac dac diem ciia cdng ty niem yel ve quan ly. Id chirc. qui md, loai hinh va ket qua kinh doanh ciia cdng ty.
Theo qui dinh, cac cdng ty niem yet phai tuan Ihii viec CBTT day dit. kip thdi va ehinh xae tdi eaquan quan ly nha nude, iren trang thdng tin ciia cdng ty
\ a idi cac kenh thdng tin eiia cpng ddng nha dau tu.
Tuy nhien, irong phgm vi bai nghien ciiu nay, chimg loi chi lap trung danh gia tinh day dii ciia hoai dpng CBTT thdng qua sd lupng cac loai ihdng tin dupe cdng bd.
Mill quan he giira dac diem eiia cdng ty niem yet tdi hoat ddng CBTT ciia cdng ly niem yel dupe danh gia thdng qua cac du" lieu thyc tc ciia cac cdng ty niem yel iren thi trudng Chirng khoan Viet Nam.
Kit qua nghien ciru se cd y nghTa ddi vdi cac nha quan ly ihj trudng khi hiiu ro han ban chit cua hoat dpng CBTT, gliip cac nha dau tu danh gia hanh vi ciia cdng ty niem yet \a la ddng lyc thiic diy linh minh bgch trong CBIT ciia cae cdng ly niem > el
24 KiiililpJ'iiaii
NGHieN cuu TRflO MS
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2. Cac nghien ciru lien quan
Hoai ddng C B T T cua cac cdng ly niem yet dupe nghien eiru kha phd bleu trong hon 10 nam tgi eae nude iren the gicTi. Cae nghien eiru eua the gidi tap irung vao ba ndi dung chinh eiia boat ddng C B I T la
X u the cdng bd cae nhdm thdng t i n : ihdng lin eong bd theo lual dinh va ihdng lin cdng bd t y nguyen.
Ly giai cac \ e i i Id liic ddng den hoat dong cdng bd cua cdng i\ mem yel.
lac ddng ciia hoat ddng CBT'I"- cac nghien ciru
\eiii \ e t tae ddng trye tiep eua hoat ddng C B T T den ehu the su dung ihong l i n : va lir dd tac ddng guiii tK']i lien ihi iririrng mem yet nhu tinh thanh khoan eua ilii inriTiig, ehi phi huy ddng vdn chii sa hfru eiia cac eong ly niem yel.
Ddnh gid nhimg \iii id Idc ddng den hogt ddng CBTt Iheo hull dmh. K S. Olusegun Wallace and Kaiual Naser (1995), .Stephen Owusu An^ali", (1998). Ignaeio Ruiz A l b e n (2003), \ a Lurgul Curiik (2009) ilii llui'e luen nghien eiru tae ddng cua d.'ic diem cdng t\ niem y el den C B T T trong bao eao thuii'iig iiieii cua eiic eong ty IIICMII yC-l iren ihi tnrdng Chirng khoan. Cae dae diem \ e ea eau iO hfru cua ed ddng ben ngoai. pham \ i niem yet qudc lc. vdn hoa. nganh kinh doanh. qui md cdng ly. co i.aii vdn.
\ a kel qua san xiuil kiiili iloanli da dupe xem \et trong eae nghiiin eiru nay. Phumig phap ughic-n eiru :ip dimg la iiui hinh hdi (.[iii va phan lich luang quan JO diinh gia uie ddng. I ii diOni eua eae nghien eiru iiiiy l;i da eini Irong den dac diem quoe le hda Irong niem yet ciia cae cdng ty niem y e l . va la sy dieu ehiiih plui hop vdi su phat Irien ciia thi iruiTug Chirng klioiin \ a iliirc hien nghien ciru thye chirng
\ d i md llinh lidi qui de kiem djnh cjic gia ihuyCi nghien eiru M o rdng nghien cuu ddi \ d i thdng tin cdng bo III nguyen: A Molul Cilia/ali (2006). Vail Khothidadi. Soliela Khazami; \ a MMMS M l a l o o i i i . (2007). llongxia L i . Ainian Q\. (2008); Gerald Chau. Sidney J Gray. (2010) da xae dinh c.ie yeu td Uie dpng den hogt ddng nay ^'cii Id l u dac diem doanh nghiep dupe cac ngiucii cOru nay chii Irpng md hinh hda md ta Iii co eiiii \ ;i i\ irpng sd hfru. tinh ddc lap gifra ihanh vien eiia Hdi ddng quan Iri va bail giam Joe. i-o eau nha dau ur ben ngoai, dae diem e.i iih;in eua Ban ( i i a m ddc. Ciic nghien ciru llure hivn md hinh hdi qui da bicn \ ; i luyen linh de iiid la moi lirang quan giua nhfrng \ e u id lae ddng d i n hogi ^ow^ C B T L Cung n h u eae nghien eiiu
dupe thue hien v d i hoat ddng C B T T theo luat dinh, hogt dpng cdng bo dupe do ludng dua iren linh day du ciia ihdng l i n cdng bd iheo chi sd thdng tin cdng bd. Nghien ciru se tiep tue ke thira phuang phap nghien eiru nay tai Viet Nam
3. Ciic yeu to tac dpng den C B T T cua cac eong 1> niem yet
M d i tnrdng kinh doanh lac ddng tryc liep 6t\i mpi hoai ddng ra quyel dinh cua doanh nghiep.
trong dd cd quyel dinh liiiii quan den CB'IT. Mdi irudng kinh doanh cua cdng ly bao gdm nidi inrdng
\ I mn, mdi irudng nganh \ a mdi irudiig hogi ddng ndi bd eua doanh nghiep (Mii.heal Porter. 2008).
M p l doanh nghiep boat ddng trong nen kinh ic deu chiu tae ddng lir mdi tnrdng vT md. Tac Jong tir mdi tnrirng iigimh \ a nioi irudng hoat ddng iidi bo ed lac ddng mang linh cue bd den doanh nghiep Chinh vi
\ ; i \ . kill xem \ e l ciie \ 0 u id tac ddng den luvii Joiiii CBTT. cac nghien ciru clii lap irung vao tae ddng cua hai mdi tnit)ng nay. Ddi vdi mdi inrirng nganh.
yen td dupe nghien eiru la loai nganh nghe kinh doanh va linh canh iranh irong nganh dd. (Lalen Lakhau. 2007)
Dc)i \ d i mdi Inrdng hoat ddng ndi bd. cac nghien ciru tiip Irung diinh gia eae ulidni yeu td sau.
\'e ddc diim ngudn vdn chu .so him Vice huy ddng ngudn vdn ehii so huu ihdng qua phal hanh ed phieu nham thu hiil ngudn vdn eua cae nha dau l u tren ihi Inrdng chimg khoan ddi hdi eae doanh ngliicp phai Ihyc hlcii hoat ddng CB'IT. Do dd. ca can ngudn \ d n cd lac Jon J. deu boat ddng C B 1 T eua cae eong ly niein y e l . \ a da dirae eae nghnl-n ciru trude day kiem duih \ a khang djnh. (Hongxia L l , Ainian Q i . 2008).
t'e quan ly doanh nghiip K h i nghien ciru Ihanh phan hdi ddng quan i r i , cac nha nghien ciru xem \el v:iu Jc dai dien gii"ia hdi ddiig quan trj va thanh \ ien eua ban giam Jdc. Dae Jicm luu y sy quan lam eiia eae nha nghien eiru ehinh la su dde lap m a ehu lich hpi ddng quan irj vdi ban giam dde. (Gerald Chau.
2010)
Ben canh dd, eae nghien ciru deu chi ra r i n g qui md doanh nghiip la mdt yeu Id quan trong den hogt di?ng CBTT. (Vali KhodadadI va cac tac gia. 2010).
Dgc biel. khi doanh nghiep hogi ddng kinh doanh triin Ihj InriTng qudc li*. se xual hicn ihcm eae nhdm Ipi ieh lien quan va ciic ea quan chu quan lieu quan;
\ i i dieu nay ddi hdi cae doanh nghiep nay eang e i n phai minh bach thdng tin idi ban (Stephen O..
1998).
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iuiihlpikadrien
Qbi HI6N cuu-TRflODOI
Ngoai dgc diem iren. lae dpng ciia dde diem vi mini yel ciia cdng ly tdi hogi ddng CBTT cfmg dupe xem xet. Cac nghien ciru cho rang cd mdi tuang quan giua thi irudng niem yet vdi hogt ddng CBTT.
Neu thi trudng niem yet cd linh quoe te, cac cdng ty niem \0l tren thj trudng se chju ap lyc ve CBTT Idn han so vdi cae thj trudng niem yel cd tinh dia phuang (Falen Lakhan. 2007). Ngoai yeu td Iren, gia In niem yet (mirc vdn hda ihi trudng); Ca cau nha diiu tu ur nhan va nha dau tu cd td ehire Irong long sd nha dau tu (R S Olusegun Wallace, 1995) eung ed lac ddng den boat ddng CBT T
Ngoai cac yen td quan ly tren, cae nghien eiru eung xem xet k'le ddng cua kit qud kinh doanh trong ky nghien cuu tdi hogt ddng CBTT eiia cdng ty mem yel. Kel qua nghien ciru cho Ihay, chi lieu sire sinh Ipi ciia vdn ehii sd hfru (ROE) ed tac dpng tdi hogt ddng CBTT eiia doanh nghiep (Gerald Chau, Sidney J Gray, 2010).
De xem xei link chinh xae ciia Ihdng liii cdng bd, Ciic nghien eiru eung de cap den vai trd eiia kiem loan ddc lap ciia eae cdng ty niem yet. Vai trd ciia kiem loan ddc lap la nham kiem tra linh lin cay ciia llidng tin phan anh kel qua san xuiil kinh doanh eiia doanh nghiep. V\ tin eiia cac cdng ty kiem loan chinh la tieu chuan danh gia tinh chinh xae cho llidng tin Jirpc kiem loan. Cac nghien ci'ru cho thay Idii lai mdi Men he giua nhan Id tuyen dung kiem loan ddc lap den xu hudng CBTT ciia cac doanh nghiep, (Vali KhodadadI. va cac tac gia, 2010)
Nhu vay, eae nghien eiru deu chi ra rang, cd tdn lai nidi tuang quan cd nghTa gifra dac diem ciia eong ly niem yei den hoat ddng CBTT (Haiyan Jiang.
2011). Tuy nhien. tae ddng eiia yeu Id chat lupng eiia kiem loan dde lap. \a nganh nghe kmh doanh Idl hoat ttdiig CBLT la khdng dang ke (Stephen Ouiisii. 1998). Ddng ihdi, nhu da de cap trong not duiig linh lin cay eua thdng tin alien, tinh ung dung eua \ iec dua chi lieu nay \ ao do ludng tai Viet Nam
la khdng the do thilu cac ngudn du lieu lin cay. Do do. nghien ciru se khdng xem xc'l chi lieu nay irong md hinh nghien eiru. Nghien ciru se lap trung nghien ciru cac yeu Id xual phat iir dgc dilm quan 1>' v.i kinh doanh eiia doanh nghiep. eg thi la:
- Dac diem ve ngudn vdn;
- Dae diem ve td chirc quan tri;
- Ket qua kinh doanh.
Mo hinh nghien ciiu
Dya iren Idng quan nghien ciru o' tren ve eae ylu td ihupe dac diem ciia cdng ty niem yet va tac dpng ciia nhdm yen id nay den hogt ddng CBTT, md hinh nghien ciru dupe the hien irong hinh I.
Gia Ihuyel ve mdi tuang quan gifra dac diem cdng ty niem yet vdi hogt ddng CBTT; va gifra hoai dpng CBTT va kel qua giao djch eiia ed philu dy kien nhu sau:
HO. Dgc diim cua cdng ly niim yet khdng cd lirong quan vdi hogt ddng CBIT
HI. Ddc diim eiia cdng ty niim yet cd iinmg quan vdi hogi ddng CBTT
Nhan to, Bien sd va do lirong
Nhudalriiih bay dphan lien, md hinh nghien eiru bao gdm hai nhdm nhan id. BiC'U sd va thudc do cua cae bien sd dupe the hien trong bang 1.
4. Danh gia tac dpng cua dgc diem cdng ty niem yet den hoat dpng CBTT
4.1. Mdu nghien ciru
Do eae yen Id dac diem cdng ly niem yel dupe xae djnh trong mpl nam lai chinh, do dd hoai dpng cdng bd Ihong lin cung dupe do ludng irong mpl nam. Ve hogi ddng cdng bd ihdng lin, Bd Tai Chinh ed Ihdng tu hudng dan sd 54/2004/TT-BrC; s6 38/2007/TT-BTC. sd 09/2010/TT-BTC va s6 52/2012/TT-BTC. Tinh hieu lyc ciia van ban cap nhat TT 52/2012 la tir thang 6 nam 2012. Nhu \ay nam 2011 duac xae dinh la nam gan iihal linh den Hinh I. Mo hinh tae dong ciia dac diem cdng ty niem yet tdi HO CBTT
Uac diem cdng ly niem yet
- D;)c diem \ e ngudn vdn - Dac diem ve td chirc quan t n - Ket qua kmh doanh
Hoat dong C B T T
Tinh thdng tin
SV< 194 Ihiinji (1/21113
l^inlilpAnrieD
NGHieN CUU - TRflO
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Bang I. Nhan to, bien so va eae do lirdng TT
I
2
Ten nhan to (Bien so) Dac diem cdng ty niem
ngudn vdn ngudn vdn
1 2 Dac diem ve quan in:
Tinh dde lap trong thanh phan HDQT BGD 1 3 Ket quii kinh Joanh
Do ludng yet
- Ty trpng vdn ehii sd hiru (%VCSH) - Ty trpng sd hun npi bd /ngudn vdn cd phan (%SH NOI BO)
- Ty irpn^ vdn ciia nha dau tu cd id ehue/
ngudn von cd phan (%SH CUA TO CHUC)
- Ty trpng vdn eua nha dau tu nude ngoai/
ngudn vdn ed phin (%SH NTJOC NGOAI)
- Chii lich HDQT kiem Tdng Giam doc/
Giam ddc (KIEM NHIEM) - Ty trpng thanh vien HDQT tham gia BGD (%TV HDQT/BGD) - Sire sinh Idi cua ngudn vdn chii sd hiru (ROE2010;ROE2011)
Ngudn dir lieu Bao cao thudng men Dulieu veedng ty niem yet iren cac-kenh eong bd qui dinh
Dii: lieu ve eong ty niem yet tren cac kenh cdngbd qui dinh
Bao cao tai chinh Hoat dgng CBTT: do ludng bane hoai dfine CBTT
Mioni thong tin cdng bd
Tinh thdng tin: sd luang thdng tin cdng bd/ long .so thdng tin can cdng bd (thdng tin xuat hien: 1 diem; Idiongxuat hien: Odiem)
(TINH THONG TIN)
Thdng tin cdng bd trong nam nghien cuu Sd muc thdng lin can cung cap bao gdm 28 muc thdng tin dinh ky va 7 muc thdng tin bat thudng
ihdi diem ngluen eiru cd van bfin phap qui (TT 4.2. Tinh ihdng tin trong cdng hd thdng tin 09/2010) cd linh hieu lyc hoan chinh Irong mdt Ket qua cham diem Ihdiig tin cdng bo trong nam nam. Do dd. nghien eiru ihuc hien lya chpn ma cd nghien ciru ciia 30 cdng ty trong miu nghien ciru llil pliic'u nghitin eiVu la eiia eae cdng ty Ihuc hien niem hien trong bang 3.
yet inrdc nam 2011. Sd lupng cdng ly dy kien ihu KII qua nghien ciru eho thiy. ddi vdi ihdng nn Iliiip ihdiig lin de nghien eiru la 30 cdng ty va diroc ^rJ/v ho djnh ki: sd lupng thdng tin trung binh cua lya ehon ngau nhien ircii danh mue cdng ly nleni\C-i niiu nghien ciru 15,83 muc thdng tin. ehilm 56,5%
cdng bd Iren trang lin dien tir ciia Sagiao djch l l \ . \ I trpng Ihdng tin yeu eau. \ d i lupng thdng tin \eu
\a IIS.X. Danh miie ma ed phieu eiia cac cdng ly can la 28 mue thdng tin, cdng ty cdng bd lupng niem yel dupe lya ehon the hien trong Bang 2. thdng tin Idn nhat la 24 thdng lin. ca biet cd hai cdng
Ban); 2, Danh muc nia chuns khoan duffc ehon vao mau u I l N \ ( I S m a )
BBS CBS M I C SW SUB l \ l
C A I ' HJS PGS SDD T I C V C ( i
DAC L I S PVG SGH T H I VKR
ghicncihi HSX (12 ma) A S M
D H G H L G MCG RIC TIX
CLC FMC KDC PGU S R r V C B
\gudii Tdc gia long hgp lir wvh.site ciia I BCKW - :• gov.vn. ndm 2012
S,; IV4 rliiin}i.\2IH3
kiflblej'faat Irien
I ^ f GHI6N CUU TRfiO DOI
Bang 3. Bang du lieu thong kc cAc do lirtfng v£ nhdm thdng tin
Litgng thong tin yeu cau
N Valid
Mibsing Tning binh Tiung vi MM Do lech chuan Gia tri nho nhai Gia trj Ion nhat Tit phan \ i 35
50 75
A 3 30 0 1 73 2.00
3 1.363 0 3 00 2.00 3.00
B 4 30 0 2 47 2.50 2"
1358 0 4 2 00 2.50 4.00
C 4 30 0 2 17 2.00
4 1.621 0 4 .75 2.00 4.00
D 4 30 0 4.00 4.00 4 000 4 4 4.00 4.00 4.00
E 1 30 0 .37 .00 0 .490 0 1 .00 .00 1.00
F 8 30 0 3.77 4 00 6 1.888 0 6 2.00 4.00 5.25
0 4 30 n 1 33 1.00
0"
1.213 0 4 .00 1.00 2.00
TONG DINII KY
28 30 0 I5.S3 17.00 23 6.330 4 24 9.75 17.00 22.25
BAT TIOIONG
7 30 0 3.00 3.00
1.203 1 6 200 3.00 4.00 a. Co nhteii gia trj mril Bang the hien gia tij nho nhat
ty chi cdng bd 4 ihdng lin la cac bao cao lai chinh Tren 50%) cdng ly trong mau nghien eiru cung cap tren mirc ihdng Im irung binh.
Trong cae nhdm Ihdng lin tir A den G, thdng tin thupc nhdm A "'Lieh sir boal dpng eiia cdng ty": cac cdng ty troug mau nghien cuu trinh bay day dii thdng lin ve eae sy kien quan trpng va qua trinh phat irien ciia cdng ty. Tuy nhien, djnh hirdng phat Irien hang nam eiia eong ly la Ihdng tin it dupe trinh bay nhai.
Nhdm ihdng tin B "Bao cao ciia Hdi ddng Quan trf irinh bay kel qua ndi bat Irong nam bao cao, linh hinh Ihue hien ke hoach va nhung thay doi chii yeu trong nam bao cao Tuy nhien. thdng tin ve trien
\oiig va ke hoach Irong nam bao eao van chua dupe eae cdng ly niem yet ehii irong cdng bd,
Nhdm C "Bao cao eua Ban giam ddc" cung khdng edng bd day dii ihdng tin ve kl hoEich phat trien irong tuang lai \a bao cao ve hoat ddng san xuiil kinh doanh. Trong nhdm nay. Ihdng tin chii ylu dupe bao cao la cac thdng Im lien quan din dy an mdi va cac chi sd t.ii chinh dat dupe trong nam bao eao
Nhdm thdng tin D "Bao cao tai chinh" la nhdm dupe cdng bd day dii nhat. Ben canh dd. nhdm Ihdng lin dupe cdng bd It nhai la nhdm D, R. P. G ve
ihdng lin cd ddng, ihanh vien gdp vdn va tinh hinh quan Irj cdng ty. Chi cd 25%i edng ly cdng bd thdng tin ve cac cdng ty lien quan; dii" lieu day dii ve cac ed ddng gdp vdn. Cac edng ly niem yet khdng cdng bd eae thdng tin vl sd hOu va quyen Ipl eua Ban Giam ddc, Ke loan trudng, va Ngudi lao dpng.
Sd lupng thdng lin cdng bd giira cac cdng ty niem yel rat khac nhau. Cd 6.7%i cdng ty niem yet trong mau nghien ciru khdng thyc hien cdng bd bao cao dinh ky; 33,3%» cdng ty chi cdng bd bao cao dinh ky la Nghi quyet hpi ddng cd ddng thudng nien; vk 60%) edng ty nghien cuu cdng bd bao cao djnh ky la bao cao thudng nien. Cac edng ty chi cdng bd Nghi quyel hdi ddng cd ddng thudng nien la cac edng ty ihude Sd GDCK Ha ndi trong khi 100%) cdng ty niem yet tren Sd GDCK Thanh phd HdChI Minh da cdng bo bao cao thudng nien.
Thdng lin cdng bd bdt thirdmg
Do dac tinh bat Ihucmg, khdng the xae dinh dupe sd luong thdng tin can de cdng bd trong 7 muc thdng tin. Do dd. nghien ciru chi cd the kit luan ring, so lupng thdng lin edng bd irung binh trong nhdm ihdng tin nay ciia 30 cdng ty la 3 myc thdng tin trong tdng sd 7 muc ihdng tin yeu cau cdng bd.
Tuy nhien. nghien cuu chi ra rang, so lupng thdng lin cdng bd bit Ihudng ehu yeu la thdng tin \e sy
.s.l fi4tliiisi^K 21113 28 Mfili|pj'ti;i(trii'n
NGHI6N cuu TRflO D«]
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Bang 4. K i t qua kiem d j n h Depenilenl Variable: TINH THONG TIN Method. Least Squares
Date 12/06.12 Thoigian NY: 14 02
Sample 1 30 I Included obser\ations' 30
Vanable C
%VCSI 1 I I S I I C U A T O C I I U C
' l i S l l N O I B O
%SII NUOC NGOAI ROt201l ROK2010 KIEMNIIIF.M KIKMN1IIKM'%TV
HDOT/BOD
•I'uTVIlDOT/BGD R-squared Adiusted R-squared Prob(F-statistic)
Coefficient 20 77836 -9.531442 -8.532827 -19.29777 16.38259 18 82428 -10.34760 12.85254
•21 79644 16.10271 0 707192 0.575429 0 000862
Std EiTot 5.164571 5 501075 3 708613 3 798990 7 565838 7 275991 6 240718 3.223918 6.761700 5 212972 Mean depen
t-Statisuc 4.023251 -1.732651 -2 300813
•5 079709 2 165338 2.587178 -1 658079 3 986620 -3.223515 3.088968 dent var S.D. dependent var
\
Prob. 1 0.0007 0.0986 0.0323 0.0001 0.0426 0.0176 0.1129 0.0007 0.0043 0.0058 15.83333 6.330459
.
\ i?c bat ihudng (nhdm 2) va Ihdng tin chao mua ban edng khai cd phieu (nhdm 7) da neu d Iren.
4.3. Kiim dinh tde dgng ciia dgc dii^ni cdng ty niem yit Idl hogt dgng CBTT
Phuong Irinh ham hdi qui giiJa cac bien de thyc hien kiem djnh nhu sau:
T I N H T H O N G T I N pO + pl*%oVCSH + p2"/oSH C U A T O C H U C + p3*%)SH N O I BO + p 4 * % S H N U O C N G O A I + p 5 * R O E 2 0 l l + p6*ROE20IO + p 7 * K l E M N H I E M + p 8 * K I E M N I 1 I H M * % T V H D Q T / B G D + p9*%oTV H D Q T / B G D + Y
K i t qua xir ly so lieu vdi phuang phap hdi qui Least Squares tren phan m i n i E V I E W 6 the hien d bang 4.
Md hinh la phii hpp. ed y nghTa thdng ke vdi dp lin eiiy la .\ap x l I00%o. Cae bleu dpe lap trong md hinh giai thich dupe 70.7%, b i l n T I N H T H O N G T I N . Mirc dp tae ddng ciia cac do lirdng dupe the hien tren cac he so ky hi?u la p, trong phucmg trinh hdi qui.
5. Kel luan
Iir k l i qua thu dupe d iren, nghien ciru da danh ma dupe tac ddng ciia cae yeu td thudc dac diem cdnu i \ niem yei d i n ho^t dpng cdng bd ihdng tin.
cy the nhu sau:
- Hoan loan ton Ipi moi quan he cd ngliTa giiia cac
\ l u lo Ihiipe dac diem cdng ty niem y I t tdi hoat
ddng C B T T .
Trong nhdm yeu i d ve dac d i l m sd huu, y l u i d ty trpng sd hiru ciia nha dau t u nirdc ngoai la yeu td cd lae ddng manh nhat va tich eye nhai den hoat ddng CBTT.
Y I U td cd tac ddng manh nhung tieu cue thu hai den boat ddng C B T T chinh la t\
trpng sd hiru ciia nha dau l u npi bp.
- V d i nhdm yeu td ve tinh hinh san xuat kinh doanh, yeu Id sire sinh Idi ciia vdn ehii sd huu trong nam cdng bd ed tae ddng tich eye va kha manh tdi linh thdng tin trong C B T T
- Ve nhdm yeu td the hien tinh dpc lap giua H D Q T va B G D , sy Idn lai kiem nhiem v i Iri Chii tjch H D Q T va vj tri Giam ddc/ Tdng Giam ddc ket hop vdi ty trpng tham gia eao ciia cac thanh vien trong H D Q T vao B G D se anh hudng manh va tieu cyc Idl linh thdng tin ciia hoat ddng CBTT,
- Nhdm yeu td ve dac diem niem yet khdng cd tac dpng dang k l d i n boat ddng C B T T ciia cdng ty niem yel.
Ket qua nay cd y nghTa ve ly luan khi xay dyng dupe md hinh va kiem djnh cac gia thuyet nghien ciru Irong dieu kl?n thj trudng Chung khoan Viel Nam. Ddng thai, ket qua nay cung cd y nghTa thyc lien ddi vdi cac nha dau t u . cac nha quan iri thj irudng khi dua ra mot eai nhin rd rang ban ve ihyc trang C B T T eiia cac cdng ty niem yet tren Thj trudng Chirng khoan Viet Nam. cu the la:
- V d i ca cau sd hiru: Can khuyen khich su tham gia ciia nha dau l u nude ngoai vao thj Irudng chung khoan; qui djnh rd ve va han che ty le sd hiru ciia cac nha dau t u npi bp cdng ty. Dieu nay se tao mdi trudng canh tranh cho cac cdng ty niem yet va tang linh minh bach, tir dd tang cudng tinh hieu qua cho thj irudng.
- Ve Id chirc quan ly doanh nghiep. Can cd qui djnh qui dinh rd ve td chirc nhan su nham dam bao tinh dpc lap giira Hpi ddng Quan trj va Ban Giam ddc K h i cd sy dpc lap, ca che td chirc nay m d i dam bao dupe tinh minh bach irong cdng bo ihdng l i n . D
kinlili'ihilrit'f
^5»GHI€N cuu-TflflODOI
l a i lii-u tham khau:
B6 Tai chinh, 15/01/2010. •Hudng ddn ve viec CBTT tren thi tnnmg Chunz khoan Viet V,HH '. Thong lu s6 09/2010/TT-BTC
Faten LAKHALa; 2006, ''The Dclerminanls of H'eh-Based Curporale Reporting in France". Inslilul Superieur de Geslion de Sousse; [email protected]. 2006
Gerald Chau. Sidney J Gray. 2010. "Family owner.diip. hoard imlcpenJence and s'olunturv Jt.'iclo.siire evidenci: in Hongkong". Journal of International Accounting. Auditing and Taxation 19 (2010) 93 - 109.
Haiyan jiang. Ahsan Habib. Balding Hu. 2011, "Ownership concenlralion. voluntary disclosure.-' ami information asymmeiry in .\'ew Zeuhind". The Bnslish Accounting Review 43 (2011) 39-53.
Hongxia Li. Ainian Qi. 2008. "Impact ofCG tin voluntary disclosure in Chine.<ie Listed companies". Corporate Own- crbhip and Couiitrol, Vol 5. Issue 2, Winter 2008.
Ismacio Rui7- Albert, 2003. "Fciclors Delermniing Inforiinilion Disclosure". University of Seville Michael Poncr. 2008. "The five compelilive forces t fiat shape slratef^". Harvard Business Piiblishini;
N.i/li A Muhd Ghazali. 2006, "Perpetiuil iraJilional influences I ohinlury disclosure in Malaysia following the ecv- niimn ITI.SM" Journal of Inlernalional Accounting Auditing and Taxation 15 (2006) 226-248.
R S Olusegun Wallace and Kamal Naser, 1995, "Firm specific determinants oflhe comprehensiveness ofmandaio- n disclosure in the Corporate Annual reports of Firms Listed on the slock exchange of Hongkong". Journal of Accounting and Public Policy 13, 311-368(1995)
Sleplicn Ou usu Ansah'. 1998. "The impact of t orporale uitnhiiles on the extent of mandatory Ji.sclosiire unf'reporl- inn /'I 11 \ied companies in Zimhaliwe". The Inlernalional Journal of Accounting 33 No 5 605-631 Ihony tin eong bd cua cac eong ly niem \ei niem yel lien So giao dich chimg khoan HNX va HSX (Cao bgch, Bao
CIO Ihudng men. ihdng lin eong b l k h a c . . ) ihu thap tai trang lin dien tir eua UBCKNN. Sa giao djch va Irang nil Jii-n Ur ciia Cong ly niem yIt va irang ihong lin eong dong nha dau tu (www.vielslock.vn.
v\ww eophieu68 com)
1 iirsiul Curiik. 2009. "An analysis oflhe companies' compliance with ihe EU disclosure reqiiremenis and corporate iliaraclen.slus- influencing il A case .study of liirkey". Critical perspectives on Accounting 20 (2009)635-650.
Vali khodad.idi. Soheia Kh.izami, and Abbas Allalooni. 2007. "ifie effect of corporate governance slnieliire on ihe esient of s'olunUiry disclosure in Iran".
Vii Thi Kini Lii'ii. "PIn'il Inen vii lioiin ihien Thi Inrdng Chirng khoan I'lel Nam Irong Iwi canh tdi ciiii In'ic he ihimg idi chinli". Hoi thao 2012, Uy ban Kinh t l
Deterniinanls of inrormation disclosure of listed c o m p a n i e s in Vietnam stock mnrkel .Ib.slracl.
The paper analyzes facUns nnpueling informal ion disclosure (ID) oflhe listed companies in Vietnam Stock Market The result had shown a significant relation hclwecn the ecmipanies ' allrihutcs and their ID The heller IT) wtis achieved tn the companies which have foreign ownership, good financial performance in ID pcrindand mainigenal independence between Board of managenieni (BoMj and Board of Directors (BoD).
Other alirihiites .such a\ internal ownership, prodiictivilv and dependence between BoM and BoD have negative impact to ID Purliciihirly. listing allnhule has negligible impact to the listed companies' ID.
Tbdiii; tin liie <^ia:
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