NQHIEN CUO - T R A O DOI
Danh gia hieu qua tai chmh cua doanh nghiep nha nu'dc sau CO phan hoa
TS. PH^M HCfu HONG THAI Trifdng Dai hoc Tai chinh • Marketing
Co phan hoa la rndt trong nhfi'ng nhi^m vu trong t§m cua tid'n trinh tai ctf cS'u doanh nghidp nha nu'dc (DNNN). NhiAig, v§'n d^ la sau c^ p h i n hoa, li6u DNNN CO cat thidn htAi khdng? Bang nghidn ci^u md'i quan he giffa c^u true scT hffu va hieu qua tai chinh cua cac doanh nghifp sau co phan hoa, bai vid't se gop p h i n tra Icfi cSu hoi nay.
NHQNG NGHIEN cull TIEN DE
Mpt trong nhffng phffdng phdp dffdc nhieu ngffdi su' dung dd ddnh gid ve hidu qua doanh nghidp sau cd phan hda la dffa tren nghien cffu eua Megginson va cdng sff (1994). Kd't qua cua nghidn cffu nay eho thd'y, cac cdng ty sau khi co phan hda se gia tang ve doanh so' thffc, dat nhieu ldi nhuan hdn, gia tang mffc chi tidu dau tff vd'n nhieu hdn, hieu qua boat dpng dffdc nang cao va gia tang them Iffc Iffdng lao ddng. Hdn nffa, cdc doanh nghiep giam dan sff diing nd, gia tang viec cbi tra cd tffc sau CO phan bda.
Tai Viet Nam, da cd nbieu nghien cffu ddnh gid ve hidu qua cua DNNN sau cd phan hda. CLI the nhff bdi nghien cffu cua Truong Dong Loc (2006) cung chi ra
BANG 1: KET Q G A H 6 I QUY Cac biS'n
doanhthu sohuu nhan vien taisan VCSH R Square Adjusted K Square
Mo hinh ROE Mo hinh ROA i Mo hinh ROS 1 0,1**
Sl!! (11,1101 1 (} (169 Sig (0.314)
2,242E-5 Sig (0.134)
-0,137**
Sig (0,003) 0,073 Sig (0,091)
0,292 0,257 Sig.(0,000)
0-031="- -0,03(S Sie 10.049) Sig (0.3791
0.064 Sig (0,093) 2.i25E-5**
Sig (0,011) -0,163 Sig (0,000)***
0.146 Sig (0,000)***
0.402 0.372 Sig.(0,000)
0,146 - Sig (0,022) 2,860E-5**
Sig (0,038) -0.131 Sig (0,002)**
0,156 Sig (0,000)***
0.232 0,194 Sig.(0.000)
rang, ldi nhudn, hidu qua sOf dting, dau ra cua cac doanh nghiep tdng ddng k^
sau khi cd phan hda, vd cd sff suy giam ddn ba'y tdi cbinb cua cac cdng ty trong giai doan sau cd phan hda. Ddng chii J la nghien cffu khdng tim thd'y bang chffng eua sff suy giam trong vide lam, nhiBig cd sff gia tang dang ke trong thu nhdp eua nhan vien sau cd phin hda. Nh|n dinh nay cung trung vdi ket qua nghidn cffu ctja Megginson va cpng sff (1994).
HIEUQUA JHE NAO SAU CO PHAN HOA?
Nghien cffu da su" dtang phffdng phap bdi quy bdi de tim ra md'i quan he giffa cac ye'u td: doanh thu hoat dpng (doanhthu), so Iffdng nhan vien (nhanvien), ty le sd hiJu nhd nffdc cHa cdng ty sau khi cd phin hda (sohuu), tM san (taisan), vd'n chu s6 hffu (VCSH) vfli cac chi so' do Iffdng hidu qud tdi chinh (bao gdm: ROA - ldi nhuan tren tdng tai san; ROE - ldi nhuan tren vdn chi sd hiru; ROS - ldi nhuan tren doanh thu) cua cac DNNN sau ed phan hda. Mau bao gdm 112 doanh nghiep da dffdc co phan boa va niem yd't tren thj Uff9i^
chffng khodn Viet Nam vdo ndm 2011.
Qua cac bffdc tinh todn, chung ta c6 kd't qua hdi quy nhff Bang 1. Vdi keiqoi nay, nghien cffu cho tha'y, nhiftig die*
M
khd mdi la dd'i vdi md'i quan hd giffa cau htic sd hihi va bidu qua tai chinh ciia cdc DNNN sau c6 phan hda.
Ne^u nhff cac nghidn cffu trffdc day hau het ddu chi ra r^ng, ed phin hda se cd dnh hffdng tich cffc it nhieu de'n cdc chi lidu hieu qud ctia doanh nghiep, thi trong kd^t qud nghien cffu nay lai eho tha'y, cd phan hda ede DNNN tai Viet Nam (the' hidn d bid'n sohuu) lai khong cd dnh hffdng gi den cdc tieu cbi danh gid hieu qua tdi chinh ciaa doanh nghiep, nhff:
ROA, ROE.
Ket qua nay hodn toan phii hdp vdi bdi eanh cua Viet Nam trong thdi diem hien tai, khi ma qud trinh cd phan hda cac DNNN chi dufdc day manh tff nam 1996 (mdc du da ed chu trffdng tff nam 1992) vd hidn tai, thi 16 trinh nay van chffa dffdc hodn thdnh. Nhieu doanh nghidp dau tdu cua da't nffdc v§n chffa dffdc cd phan hda dung tie'n dp, vin cdn nhieu doanh nghi?p da cd phan, nhtftig vd'n nha nffdc van cdn chie'm ty trpng ra't eao trong ed cd'u vdn ndn cd chd' hoat dpng hau nhff v5n dang Id DNNN chff ichong phdi eong ty cd phan! Day ed the la nguyen nhan chil yd'u khie'n cd phan hoa khong c6 tde ddng ro rdng doi vdi cac chi tieu hieu qud tdi chinh cua doanh nghidp dffdc cd phin. VI the, khdng the phan anh chinh xdc tdc dpng tich cffc dd'n hidu qua nhff d cdc nghidn cffu cua cac tac gia trffdc day.
Tuy nhien, vSn cdn mpt chi tidu quan
trpng trong md hinh la ROS, ehi tidu nay bi tdc dpng bdi qud trinh cd phan hoa cae DNNN. Cu the, vide thay ddi ca'u true sd hffu cua qua trinh cd phan hda cff tang len 14,6%, thi ROS lai tang thdm 1%, day Id mpt chi tieu rdt tieh cffc ciaa qud trinh cd phan hda doanh nghiep.
Bdi, viec cd phan hda se giup cho ban quan trj cd trdch nhiem va y thffc hdn trong vide sff dung ddng vo'n dd nang cao bidu qua dau tuf.
O mdt khia canh khde, ehi tidu ROA vd ROE bj tde ddng bdi ye'u to'doanh thu lan Iffdt la 3,1% vd 10%, lam cho ROA va ROE tang them 1%. Trong khi dd, bie'n doanh thu lai khdng cd y nghTa tho'ng ke do'i vdi ROS. Cd the giai thieh sff khac nhau cd ban nhff vay bdi doanh thu trong bat ky doanh nghidp nao deu Id mdt chi tieu quan trpng khi ddnh gia hieu qua boat dpng, cung nhir hieu qua tai chinh eua doanh nghidp. Chinh vi thd', bid'n doanh thu ed tac dpng dd'n ROA va ROE dd'i vdi cac DNNN da co phan hda Id dieu khdng the tranh khdi. Ngoai ra, nghien cffu cung chi ra rdng, sff tdc dpng cua doanh thu dd'n ROE se nhay cam hdn dot vdi ROA, vi cht can tang doanh thu ldn 10%, thi ROE tang 1 %, trong khi do ROA ehi tang 0,31 %. Sff gia tdng hieu qud tdi chinh giffa ROA va ROE khong ddng nhat, ndn hau he't cac doanh nghiep deu vay vd'n cho hoat dpng san xud't, kinh doanh. Bdi, khi doanh thu tdng Idn, thi lpi nhuan tren vd'n chu sd hffu se tang theo nhanh hdn so vdi chi tidu ROA.
Lieu so' lu'png nhan vien cd ty le thuan vdi hieu qua cua DNNN? Cau tra ldi cho hidu qua cila doanh nghiep that ra khong ndm d so'Iffdng nhan vien, ma phta thudc vao nhieu yd'u tdkhdc. nhff: cd cd'u vd'n. tnnh dp quan ly, nang sua't lao dpng... Chinh vi the', khi do Iffdng bie'n nhan vien trong ea ba md hinh deu cho ihdy, sd nhan vidn cd anh hffdng, nhu^g khdng nhieu de'n hidu qua tai
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37
MQHIEN COa - TRAO DOI
ehinh ROA vd ROS, tham chi, bien nhan vien khdng cd y nghTa thd'ng kd dd^i vdi chi tieu ROE.
Ke't qua nghien ctJu cdn the hien dffdc sff tdc dpng ngffdc chieu ciaa bid'n tai san dd'n ROA,^ ROE, ROS.
Dieu nay chffng td cdc DNNN tnidc khi cd phan hda cd mpt khd'i Iffdng tai san cffc ky ldn, nhiftig hieu qua su:
dung lai khong cao. Sff dff thffa ve tai san la do DNNN dffdc ffu ai trong cdc khau dau tff va mua sdm thid't bi.
Chinh sff ffu ai dd Idm cho viec quan ly va su" dung tai san chufa that sff bieu qua. Dong thdi, vi so'tai san dffdc Nha nffdc bao ca'p, nen cd thai dp Id la trong cdng ldc quan ly, xem tai san nba nffdc Id "cua chita", nen
thie'u trach nbiem, gay tha't thoat nhieu.
Vo'n chu sd hffu dffdc bid't de'n nhff mdt thffdc do ve vide bd ra bao nhidu ddng vd'n la hdp ly va ty Id suf dung vd'n vay nhff the' nao la phia hdp nhd't?
Vo'n chu sd hffu cdng cao cung khong phai la tdt. Tuy nhidn, ne'u vd'n chta sd hifu qua tha'p cung anh hffdng i^ rat nghidm trpng dd'n
'-'>qud trinh boat ddng ciaa doanh nghidp trong viec vay ngan hang hay td chffc tin dung khac. Ket qua trong nghidn cffu ndy cho tha'y, vd'n chu sd hffu ed quan hd ddng bid'n vdi ROA, ROS va khdng cd y ngbia thd'ng ke dd'i vdi ROE. Cta the, ndu vo'n ehu sd hffu tdng 10%, tbi ROA va ROS cung lan Iffdt tang la 14,6%. 15.6%. Mpt dieu dd tha'y nha't la vo'n chu sd hffu rd't nhay cam dd'i vdi sff gia tang ciaa ROA hdn dd'i vdi ROS. Dieu nay rut ra kd't ludn la cdc cdng ty cd phan Iff DNNN neu mud'n tang hieu qua boat dpng trong thdi gian tdi can phai tdp trung vao vide danh gia cdc ye'u to' vT md va cd bu:dng di pbCi hop cho 16 tnnh tang them vd'n chta sd hffu de kich thich gia tang them ldi nhudn doanb nghidp. Ben canh dd, cung can tap trung xay dffng ty le va ke hoach chia ed tffc, kd' hoach giff lai de tdi dau tff cho phia hpp, ddng thdi kd't hdp vdi viec si^ dting eae ngudn vd'n vay de nang cao
hieu qua sff dung vdn td'i da nhat cd the cho doanh nghiep.
KET LUAN
Ke't qua nghien eiJti cho tha'y, cac DNNN sau cd phan hda thanh cdng ty dai chting trdn thi trffdng chu^g khodn Viet Nam vdn chffa thffc sff boat dfing hieu qua.
Cac chi sd ROE va ROA v5n phu diuoc phan ldn vao ty le tang trffdng cua doanh thu va ty Id tang len cua vdn chu scf hffu ROS Iai phu thupc vao ty le sd hiJu nha"
nffdc va ty le tang ldn cua vdn chu sd hOU.
Khi ty Id vd'n chu sd hffu tang thi ROE, ROA va ROS cQng tang theo. Tuy nhidn, khi vd'n chu sd hiJu tdng hdn 100% (nghia la tang hdn gap doi), vdi cae dieu kien khdc khdng ddi, thi cac chi sd ROE, ROA, ROS Iai chi tang dffdc 1%, nhff vay la qua nhd. Con khi sff dung ddn bay tai ehinh de tang tdng tdi san vdi edc didu kidn khac khong ddi, thi cac chi sd ROE va ROA lai bl giam di. Vdi qua tnnh phan tieh ke't qua tren, cd the tha'y muc tidu cd phan hda cac DNNN tai Viet Nam Id de cat thien hieu qua cua cdc ehi sd ROE, ROA, ROS vin chu'a thffc sff cd tae diing.
Ke't qua tren cd the la do s6' lieu chifa thdt sff chinh xac. Khi cd phan hda cdc DNNN, viec dinh gia tri cua cdc doanh nghidp cd the chffa that sff phii hdp do cdc ly do khach quan va ca chu quan. Nhit vay, de viec cd phan hda cdc DNNN thffc sff hidu qua, trffdc hd't can phai thid't lap mpt he thdng kiem tra, giam sat qud trinh dinh gia cac doanh nghidp cd phan hda, dam bao qud trinh ndy phai dffdc tht/c thi boan toan day du, trung thffc, chinh xdc.
Ben canh dd, phai td chffc thanh tra, kiem tra ddc ldp cdc ddn vi cd lidn quan trong qua trinb dinh gid doanh nghiep. Dieu nay se tao cho DNNN sau cd phan hda co day du cdc so' lieu chinh xdc de sit dtjng trong mo hinh nghidn cffu.Q
TAI LIEU THAM KHAO
1. Truong Dong Loc (2006). Equilisalion and stock-market developmenl: The case of Vietnam, Ph.D. dissertation, University of Groningen
2. Boubakri, N. and Cosset, J. (1998). The financial and operating performance of newly privatized firms: Evidence from developing countries, Journal of Finance, 53 (2), 1081-1110
3. Dewenter, K.L., Malatesta, P.H. (2001). State-owned and privately owned firms: an empirical analysis of profitability, leverage, and labor intensity. The America Economic Review, Vol. 91 No.
1. pp. 320-34
4. Megginson, W. & Netter, J.M. (2001). From state to market: A survey of empirical studies on privatization, Journal of Economic Literature, 39, (2001), pp. 321-389
KmhievatWbto
NQHIEN cau - TRAO DOI
chinh ROA va ROS, tham ehi, bien nhan vidn khong cd y nghia tho'ng kd do'i vdi cbi tieu ROE.
Kd't qud nghidn cffu cdn the hien dffdc sii tac dpng ngffdc chieu cua bien tai san de'n ROA, ROE, ROS.
Dieu nay chdhg td cac DNNN trffdc khi cd phan hda cd mpt khdi Iffdng tai san cffc ky ldn, nhffng hieu qua su' dtang lai khong cao. Sff dff thffa ve tdi san la do DNNN dffdc lfu di trong cdc khau dau tff va mua sam thie't bi.
Chinh sff ffu ai do Iam cho vide quan Iy va sff dung tai san chffa that sff hidu qua. Dong thdi, vi sd tdi san dffdc Nha nffdc bao cap, ndn cd thai dp Id Id trong edng tac quan ly, xem tai san nha nufdc la "cua ehiia", nen
tbi^u trach nhiem, gay tha't thodt nhieu.
Vd'n chu sd hffu dffdc bie't dd'n nhff mpt thffdc do ve vide bo ra bao nhidu ddng vo'n la hdp ly va ty le sff dung vd'n vay nhff the' nao la phu hdp nhat?
Vo'n chiJ sd hihi cang cao cung khdng phai la tot. Tuy nhien, nd'u vd'n chta sd hiJu qud tha'p cung dnh hffdng s rat nghidm trpng dd'n
qua trinh boat dpng cua doanh nghiep trong viec vay ngan '^'0 hang hay td chffc tin diang khac. Ket qua trong nghidn cffu nay cho thay, vdn chta sd hffu cd quan he ddng bid'n vdi ROA, ROS vd khdng cd y nghTa thd'ng kd dfii vdi ROE. Cti the, neu vo'n chu sd hffu tang 10%, .' thi ROA va ROS cOng \in Iffdt tang Id 14,6%, 15,6%. Mpt dieu de tha'y nha't la vdn chu sd hffu rat nhay cam dd'i vdi sff gia tang cua ROA h(in ddi \di ROS. Dieu nay rut ra ke't luan la cdc edng ty cdphdn tff DNNN ne'u muo'n tang hieu qua hoat dpng trong thdi gian tdi can phai tdp trung vdo vide danh gid cdc yd'u to' vT mo va eo hffdng di phu hdp eho 16 trinh tang them vd'n chu sd hihi de kich thich gia tang thdm ldi nhuan doanh nghiep. Ben canh dd, cung can tap trung xdy dffng ty le va ke hoach chia cd tffc, kd' hoach giff Iai de tdi d^u tff cho phu hdp, ddng thdi kd't hdp vdi viec suf dung cae ngudn vo'n vay de nang cao
hieu qua su* dung vin toi da nh^t cd thd cho doanh nghiep.
KET L U A N
Kd't qua nghien cffu cho tha'y, cac DNNN sau cd phan hda thanh cong ty dai chiing dren dii trffdng chihig khodn Viet Nam vdn chffa thffc sff boat ddng hieu qua.
Cdc chi sd ROE va ROA van phu thufic phan ldn vao ty Id tang trffdng cua doanh thu va ty Id tdng Ien cua vdn chu sd hffu.
ROS Iai phu thupc vao ty le sd hffu nha nffdc va ty Id tdng ldn cua vfi'n chu sd hffu.
Khi ty Id vdn chu sd hffu tang thi ROE, ROA va ROS cung tang tbeo. Tuy nhidn, khi vdn ehu s6 hffu tang hdn 100% (nghia la tang hdn gap doi), vdi edc didu kidn khac khdng ddi, thi edc chi soROE, ROA, ROS lai chi tdng dffdc 1%, nhff vdy la qua nhd. Cdn khi suf dung ddn bay tai chfnh dd tang tdng tai san vdi eac dieu kien khac khong doi, thi cdc chi so'ROE va ROA lai bi giam di. Vdi qua trinh phan tich ke't qua tren, cd the tha'y muc tieu cd phin hda cdc DNNN tai Viet Nam Id de cai thien hieu qua eija cae ehi sd ROE, ROA, ROS van chffa thffe sff eo tdc dung.
Ket qua tren cd the la do sd Heu ehffa that sff chinh xac. Khi cd phdn hda cdc DNNN, viec dinh gia tri cua cdc doanh nghiep cd thd chffa that sff phii hdp do cdc ly do khach quan vd ca chu quan. Nhff vay, de viec cd phan boa cae DNNN thffc sff hieu qua, trffdc hd't cin phai thie't lap mpt he thd'ng kiem tra, giam sat qua trinh dinh gia cac doanh nghiep cd pMn hda, dam bao qud trinh nay phai dffdc thffc thi hoan toan day dta, trung thffc, chinh xae.
Ben canh dd, phdi td chffc thanh tra, kiem tra dpc lap cae ddn vi co hen quan trong qua trinh dinh gid doanh nghidp. Dieu nay se tao cho DNNN sau cd phan hda eo day du edc so' lieu ehinh xac de svi dung trong md hinh nghien cffu.Q
TAI LIEU THAM KHAO
1. Truong Dong Loc (2006). Equilisalion and stock-market development: The case of Vietnam, Ph.D. dissertation. University of Groningen
2. Boubakri, N. and Cosset, J. (1998). The financial and operating performance of newly privatized firms: Evidence from developing countries. Journal of Finance, 53 (2), 1081-1110
3. Dewenter, K.L., Malatesta, P.H. (2001). State-owned and privately owned firms: an empirical analysisof profitability, leverage, and labor intensity, 7/je America Economic Review Vol 91 No.
1, pp. 320-34
4. Megginson, W. & Netter, J.M. (2001). From state to market: A survey of empirical studies on privatization, Journal of Economic Literature, 39, (2001), pp. 321-389
