Anh hadng cua khac biet van hoa den lira chon phuong thOc gia nhqp thj trudng cua cong ty da qu6c gia tqi Viet Nam

Anh hadng cua khac biet van hoa den lira chon phuong thOc gia nhqp thj trudng cua cong ty

da qu6c gia tqi Viet Nam

v 6 V A N D i r r

ai vi^t nghiin cvtu anh hudng cua khac biet van hoa den lUa chon pki/(fng thiic gia nhap thi trUbng cua cac cdng ty da qu6c gid;quad6, cung cdp bang chi^thg thi^e nghiem vi vai trb cua khac biet van hoa trong vi$c lUa chon chien lu<3c gia nhap thi trUbng cua cac cong ty nay tai Viet Nam.

T\i k h o a : t^ng ty con, cdng ty da quoc gia, khac biit vdn hoa, phUdng thij^ gia nhap.

n a y , n g h i e n ctiu dUa r a gia t h u y e t , khac 1. G i d i thi^u

Brouthers (2013) k h a n g dinh, quy^t dinh Itla chon phUdng thiic gia n h a p t h i t n i d n g la quyet dinh m a n g t a m chien Itidc cua cac cong t y da quoc gia. Ben canh cAc y^u t6' quy§'t dinh gom ngu6n Itic va k h a n a n g cua cdng ty, n h u c^u toi t h i e u h o a chi p h i giao dich, cac y^u to v^ ki^n thtic, ky n a n g va k h a nSng nhlin thtic cua n h a q u a n ly... m5t so hoc gia khac cho r a n g chien Itidc cua cong ty ciing p h u thu6c vao d$.c diem cua hoi canh ndi cong t y dang hoat ddng do l a v a n hoa quS^c gia (Hennart va Siangan, 2008).

2. Cd sd l y t h u y e t v a g i a t h u y e t De xem xet tac dong cua khac bi$t v a n hoa d^n phUdng thiic gia nhllp t h i trucing cua c5ng t y da quoc gia t a i Viet N a m , nghien ciiu d u a tr§n Ly t h u y e t chi phi giao dich cua H e n n a r t (1991) diidc v a n dting hcli nhi^u nghien ctiu t n l d c (Brouthers, 2013;

H e n n a r t va Slangen, 2008). Theo 1;? thuyg't nay, chon liia phifdng thiic khac n h a u d^ gia nh$.p t h i t n i d n g nUdc ngoai t h i cac cong ty da qu6c gia phai ganh chiu cac chi phi khac n h a u (Slangen va H e n n a r t , 2008). B§n c a n h yeii to" thufic dac diem chid'n ItJOc cua c6ng ty, viSc Ilia chon phiidng thtic gia n h ^ p t h i trufclngcua n6 c6 t h e chiu a n h htldng b&i dac di^m cua quoc gia ma cac c6ng ty gia n h a p , n§n d i n den chi phi gia nhelp cung k h a c bi$t (Hennart, 1991). D u a t r g n l u a n diem

bi$t v a n h o a gifia Viet N a m v^ nil6c dHu t u cang Idn t h i cac cong t y da quSc gia c6 k h u y n h hUdng t h i c h gia n h ^ p t h i trifdng Vi$t N a m du6i h i n h thtic s a p n h ^ p vk m u a lai (ho^c liSn doanh) h d n la phildng thtic d^u tii mdi. L a p l u a n n a y dtl^c giai thich bdi cac ly do sau:

Thi^ nhat, m6i quoc gia co n ^ n v a n h6a k h a c h i s t n h a u , gia n h a p t h o n g q u a phiidng thtic d^u t\l mdi vao quoc gia co n e n van h o a k h a c bi$t Idn, cac c6ng t y da quSc gia dai m a t vdi n h i ^ u t h a c h thiic h d n . Cti the, cong t y p h a i m ^ t n h i ^ u t h d i gian cho vi$c n g h i e n ctiu cac k h ^ c bi$t v^ v a n h6a, n h a m dap ting cac gia t r i , thSng le cung nhil nhfing sd thich va doi hoi cua k h a c h hang ntfdc sd t a i . Cac t h a c h thtic n a y d i n d^n chi phi gia n h a p t h i trttdng c u a cong t y da quSc gia se t a n g n h i ^ u h d n doi vdi phifdng thiic gia n h a p t h o n g q u a h i n h thtic d i u tif mdi (Slangen va H e n n a r t , 2008). Trong k h i do, gia n h ^ p t h i trUdng h a n g phtfdng thtic sap n h a p va m u a lai se h a n c h ^ ditdc cac chi phi n a y , hdi cong t y da quSc gia co k h a n a n g sfi d u n g nhiing n e n t a n g va n g u 6 n Itic v6 hinh s i n CO ciing nhif m6i q u a n h6 da thifi't l a p tii triJdc do d6i tac t r o n g nUdc da gay dUng trtfdc d6 (Kostova va Zaheer, 1999).

V5 van Diit, TS., Tnldng dai hoc CSn Tha.

12 NghiSn CAJ Kinh t4s611 (462) - ThAig 11/2016,

Anh htforng cua khac biet van hoa..

Th^ hai, cong ty da quoc gia doi m a t vdi kho k h a n trong viec sit dung nguon Idc lao dong va nguon ctmg ting khi gia n h a p h&ng phiidng thitc dau tif mdi vao quoc gia co n e n van hoa khac hiet 16n,bdi cong ty da quoc gia se gap kho k h a n trong tiep ckn cac nguon liic nay do khac biet trong each to chtic, phong each lam viec cung nhii each thtic thoa t h u a n hdp dong cung itng nguon nguyen lieu dau vao. Dieu nay dan den chi phi boat dong tai nil6c n h a n dau tU tang cao. Cti the la, gia nhap b i n g phildng thiic d^u tif mdi, h a u het cac cong ty da quoc gia chiTa am hieu nhieu ve M o h i n h

tay nghe va trinh do cua Itic Itidng lao dong va cac ddn vi cung ting tai n\idc nhkn dica tU co n e n v a n hoa khac biet Idn. Cho nen, k h a nang de cong ty da quoc gia tiep cSn va dat dUdc nguon liic lao dong va chon diidc n h a cung ling phu hdp va nhvl mong ddi la kho k h a n hdn. Trong khi do, gia n h a p bang phifdng thiic sap n h a p va m u a lai se it rui ro hdn (Spencer va Gomez, 2011). Chinh vi vay, khac biet van hoa Idn se lam t a n g chi phi nhieu hdn n§'u cong ty da quoc gia gia n h a p thi trudng thong qua phildng thiic dau tii mdi. B3i cac ly do tren, nghien ciiu nay de nghi gia thuyet sau:

n g h i e n ctjfu Khac biet van hoa

giOa nude Sau tu va nhan iJau tu

Phuang thiJc gia nhap thj tarSng ciia

congty

Cac ySu to lihac

3 . Phiictag p h a p n g h i e n citu 3.1. Nguon da lieu

Nghien ciiu sii dung hai nguon dii lieu de kiem dinh gia thuyet. Nguon thti nhat la so' lieu dieu t r a doanh nghiep n a m 2009 tii Ngan h a n g The gidi (hdp tac v6i Tong cue Tho'ng key. Tong cong c6 1.053 doanh nghiep dUdc dieu tra, trong do c6307 doanh nghiep (cong ty con) c6 vo'n dau tit niidc ngoai nen tong so' quan sat dUdc sii dung trong bai viet la 307. Thong qua ma so' tijf Bo dii lieu, cac cong ty con co cong ty me den tii 32 quo'c gia khac n h a u tren the' gidi difdc xac dinh. Thong tin nay cho phep tac gia xac dinh dUdc khoang each van hoa giila Viet Nam va 32 quo'c gia dau txi.

Nguon dii h e u thii hai la t h u t h a p tii trang web cua Hofstede, cung cap eae chieu hiidng van hoa cua cac quo'c gia^. Diia vao t r a n g web nay, so' lieu ve sau chieu hildng van hoa cua Viet Nam va 32 quo'c gia dau tu tai Viet Nam dUde t h u thap.

3.2. Dinh nghia vd do lilting cac bien trong mo hinh nghien cituBien phu thugc (Y)

Khai niem phUdng thtic gia n h a p thi trUdng eua cong ty da quo'e gia dUdc dinh

nghia: ''mot sii dong y ve ca'u t n i c doanh nghiep (thanh lap mdi hoan toan h a y MvaA) giUa ddn vi n h a n dau tU va eong ty da quoc gia, ma d do cho phep mot cong ty (m6i) thiic hien nhUng chien lUdc san pham, nhUng hoat dong ban hang, quang ba... tai thi trUdng nU6c n h a n dau tit vdi eae doanh nghiep trong nUdc hoac cac doanh nghiep nUdc ngoai tai nude n h a n dau tU" (Sharma va Erramilli, 2004). Ke thUa nghien ciiu cua Slangen va H e n n a r t (2008), bien nay dUdc do lUdng bdi bien gia. Cu the la neu cong ty con dUdc t h a n h lap tai Viet Nam vdi phUdng thiie sap n h a p va m u a lai (hoac lien doanh) n h a n gia tri 1; ngUdc lai, gia tri 0 cho nhQng cong ty con dUdc t h a n h lap vdi phUdng thUc dau tU mdi (100% vo'n nudc ngoai).

Bien doc lap (X^

Khae hiet van hoa: dudedinh nghia la sii khac n h a u ve van hoa giQa nUdc nhan dau tU (Viet Nam, host country) va nUdc dau tU (cac nUdc dang dau t u tai Viet Nam, home country). Bien nay dUdc do lUdng bdi sii khac

1. http://www.worldbaiik.org.

2. Hofstede. 1980.

http://www.geerthofstede.com/research-vsm

Nghien ciiu Kinh teso 11 (462) - Thing 11/2016

1 3

Anh htfdng cua khdc MX van hoa .

biet ve van hoa diia t r e n 6 khia canh ve van hoa cua Hofstede (1980), do la: quyen Itic (Power), chu nghia ca n h a n (Individualism), n a m quyen (Masculinity), t i n h ngai rui ro (Uncertainty avoidance), dinh hUdng dai h a n (Pragmatism long-term) va sU thoai mai hay go bo (Indulgence). Sau khia canh nay dUdc Hofstede cho diem tU 0 den 100. Sau khia canh cua mot quo'c gia co gia tri cang Idn nghia la quo'c gia do the hien miic do ve quyen lUc, chu nghia ca n h a n , n a m quyen, tinh ngai rui ro, dinh hUdng lau dai, sU thoai mai hay go bd se cang cao. Diia vao phUdng phap cua Kogut va Singh (1988) de t i n h chi so' khoang each van hoa giufa Viet Nam va cac nUdc dau tU. Chi so' khoang each van hoa quo'e gia dUdc xae dinh dua vao c6ng thUc:

C D , = - (1) trong do:

CD^^: chi so khoang each van hoa giUa Viet Nam va nude dau tU.

Iij: chi so'khia canh van hoa thU i ciia nUdc dau t u thU j .

l,v: chi so khia canh van hoa thti i cua Viet Nam, ky hieu v la Viet Nam.

V ; la phUdng sai cua chi so khia canh van hoa thii i.

Diia vao cong thUc (1) va dU lieu thii ca'p ve van hoa quoc gia tU website ciia Hofstede (1980) da de cap d muc 3.1, ehi so khoang each van hoa dUdc tinh. Chi so' nay cang Idn the hien khae biet van hoa giUa Viet Nam va eae nUdc dau t u cang Idn.

Cac bien kiem scat

Kinh nghiem quoc te cua cong ty (X^: sU thieu kinh nghiem trong hoat dong kinh doanh quoc te cua cong ty anh hUdng ra't Idn den chon lUa phUdng thiie gia n h a p thi trUdng, bcii nhieu kinh nghiem quo'e te giam dUde nhUng riii ro. Kinh nghiem quo'c te ctia mot cong ty da quoc gia dUdc do lUdng bdi so' nam boat dong d nUdc ngoai cua cong ty da

quoc gia t i n h dgh n a m 2009. Gia t r i c a n g Idn t h e hien kinh nghiem quoc ti cua cong t y da quo'c gia cang nhi^u, cong ty da quoc gia co k h u y n h hUdng gia n h a p t h i trUdng t h o n g qua phUdng thtic d^u t u mdi.

Nghien cihi vd phdt trien (R&D) (X^:d\iCc do ludng b a n g % k h a n a n g t h i e t kS' cho hoat dong nghien cUu va cai tien dUdc sti dung; ty le nay cang t a n g thi doi mdi cang t a n g .

Quy mo cua cong ty con (X4): nghien ciiu kiem soat bien quy mo cua cong ty con co k h a n a n g a n h hudng den lua chon phUdng thitc gia n h a p thi trUdng cua cong ty da quo'c gia, vi quy mo cang Idn t h i n h u c^u md rong thi trudng cang nhieu. Trong nghien cUu nay quy mo cua cong ty con dUdc do ludng bang so' lUdng n h a n vien dang lam viec tai cong ty con (De J o n g va cong sti, 2015); gia tri cang Idn t h e hien quy mo ctia cong ty con cang Idn.

Xudt khau cua cong ty con (Xs): dUdc do lUdng bdi % san p h ^ m san xua't dUdc xua't k h a u r a nude ngoai so vdi tong doanh t h u cua cong ty con; ty le nay cang Idn nghia la ty le xua't k h a u chiem trong tong doanh t h u cua cong ty con cang cao thi k h a n a n g eong ty da quo'c gia thich chon lUa phUdng thUc sap n h a p va m u a lai hdn la d a u tU mdi bdi muc dich gia n h a p la k h a i t h a c t h i trUdng.

Ngdnh cong nghiep (X^: nin eong nghiep trong hoat dong san xua't h a n g hoa dUdc p h a n t h a n h 3 nhom dUa t r e n 6 nhom nganh san xua't (theo Tong cue Thong ke) bao gom:

nhom 1 (nganh cong nghigp su! dung it lao dong, sii dung cong nghe cao bao gom: san p h a m khoang san phi kim loai; kim loai va che tao), nhom 2 (nganh cong nghiep tham dung lao dong bao gom: thUc p h a m , det may va may mac) va nhom 3 la san xua't khac.

Bien nay dUdc do lUdng bdi bien gia, nhom 1 n h a n gia tri la 1 va 0 la nhom 2 va 3. Cac cong ty thuoc nhom 1 thudng doi hoi cong nghe cao tap t r u n g vao khai thae Idi the vi tri va nguon Itie ctia nUdc n h a n dau tu, trong khi nhom 2 va 3 thUdng chu trong den viec k h a i t h a c thi trUdng. Do vay, n h o m 2 va Z

14 NghiSn ciiu Kinh t4s6 ^ 1 (462) - Thi^^^Tl^^

All Hiig cia Uic met rii lia..

dildc kf vmis se chon Iv^ phildng thiic gia nhap bang phiidng thulc sap nhap va mua lai ^ thuan Idi tzvng ti^p can tAd tnldag, trong khi do nhom 1 thi ngttdc lai.

3,3. Phuang phap Udc luang Nghi§n c ^ sii dung md hinh hSi quy Logit de ildc lUdng tac ddng cua khac bl^t van hoa d^n chon lila pfatfdng thiic gia nhap thi trUdi^ cua cong ty da quoc gia tai Viet Nam. Phifdi^ tiinh ildc Iildng diidi dang:

Y = Po + PiXi + P2X2+...+ P6X6 + e (2), tnmg do: Y la bien phu thuoc (phiAmg t h ^ gia nhSip thi t n ^ i ^ cua cdng ty da qu6c gia);po 1^ hg s^chan cua md hinh ^ i a tri cua Y khi tat ca gia tri X bang 0);p i la he so Udc Iildng cua birai doc lap: khac bi§t v ^ boa; Xi la gi& tri cua bl€h dac lap;B2^ iSn lildt la hS so lfdc lildng cac bi^n kiem sd^t; X2.>61^ li^^t la 0k tri cua cac y€u to ki4m soat;e la sai s6 cua md binh hoi quy. Dac di^m cua bien doc lap va cac bi^n ki^m soat trong mo lunh nghien ctiu dildc tSng hdp 5 b a i ^ 1.

BANG 1: Tong htfp khac biSt van hoa va cac yeu to ki&n scat tac dong d^n phtfcfng ULVTC gia nhap thi t n l d n g cua cong ty da quoic gia

K^higD

X,

3 ^

X3

X ,

Xs.

x«

D i g D ^ a i

Khac Inet van hoa

Kinh Q ^ g m qnfic t^cSa cdng Vy da qodc gia Nghien d h i vd p h ^ i n S i (RvID)

Quy md cua cOng ty a m

?&i& kfaiu cua cdng ^ con

Ngkdi cdng n ^ ^

FfaiAmg p h a p d o laitag

Oaiba hodng v ^ boa cua Hofstede (1980) va cdng t h ^ ; cua Kogut \ ^ S n ^ ( 1 9 8 S )

Sd nam hoat dteig b nude ngoai cua cdng ty da tpidc gia tihh d & nam & o tfiflp dfi ^ta

Dooc do h i ^ i g l ^ n g d n ]riii bo ra d^ flHic M ^ n ^ i i ^ c ^ vd I^iat tiiSi so vdi doanh dm

Duoc do h i ^ i g bSng sd hicng nhdn v i ^ lam tai cftog \y coa Duoc do fafitoig b ^ ty le (%) doanh sd cua san i^ilm dooc XU& kh&i so y&i tdng doanh din

D i i a c d o h i £ R i g b 6 i b i ^ g i a ( l : D h ( ^ 1; 0: nhran 2 va 3)

K y VCH^

+

+

+

+ NffiSn: T ^ g h ^ tir ^ gii.

4. E^t qua nghi§n c&a

4.1. Mo id thong ke va ma tran tuang quan

Bang 2 cho bi^t: gia tri t n u ^ binh, do l^ch c h u ^ , h§ so* phildng sai phong dai (VIF: Variance inflation factor) va h§ sd^

tUdng quan giiia cac cap bien trong md hinh nghiSn cutu; he s6 tildng quan giiia cac bi^n doc lap d^u thap (<0,8); mdi tUdng quan giiia xu^t kh^u va R&D cua cong ty con 0,310 la h§ sd" ttldng quan cao nha't.

B€n canh do, bang 2 cung chi ra t^t ca cac bi^n trong mo hinh c6 gia tri VIP dudi

"ngrfSng" gia tri 10,0 nhil Hair va cdng sil

(2006) d l nghi. Cac kSt qua nay hgSm dinh rang, mo hinh khong xay ra hiSn tildi^ da cong tuy^n (multicoUinearity) khi xem xet tat ca cac bien n^y dong thdi trong mdt mo hinh nghien ciiu (Hair va cong sil, 2006).

Di^u nay cui^ c6 nghia rang khong lam cho gia tri udc lildng cac hien s6 trong mo hinb nghien ctiu bi ch^ch khi ildc lUdng cac high dong thdi trong ciing md hinh. Ngoai ra, bang 2 cung cho th^y moi tildng quan giiia khac bi$t van hoa va phUdng thdc gia nhap thi trudng co moi tildng quan kha chat che bdi h§ so tildng quan cua cap yeii to" nay la 0,231 va CO mtic y nghia th6hg ke tai 5%.

NghUa cAiiaiitgs611 (462)-Th^ 11/2016 15

' Anh hiling cua khic biet van hia .

Di^u n a y cho t h a y k h a c biet v a n hoa va phuong thilc gia n h a p t h i t r u d n g co moi tuong q u a n t h u a n . Tuong tu, quy mo cua cong ty cung CO moi q u a n t u o n g q u a n t h u a n

vai p h u o n g thflc gia nh&p t h i trUdng c u a cong t y da quo'c vi hg t u o n g cho h a i cap high n a y la 0,124 vdi c6 mUc y n g h i a t h o n g ke t a i 1%.

BANG 3: Gia tri t r u n g b i n h , d o l e c h c h u a n v a m o i ttfdng q u a n g i i i a c a c bi§'n c u a m o h i n h ( n = 3 0 7 )

1

2

3

4

5

6

7 Cac bi^n

Phuong thiic gia nh^p thi tnlcmg Kinh nghiftm qufic l6 cua Cong ty me Khac biet van h6a Ngiiign ciiu v^ phat irien (R&D) (%) Nganh cOng nghiep Xua't tdldu cua C6ng ty con (%) Quy md ciia c&ng ty con (log)

Trung binh 0,310

3,231

4,371

5,910

0,470

50,44

4,210 DoJech

c h u ^ 0,112

0,240

0,056

2,401

0,025

29,30

2,012 VIF

1,11

2,01

1,41

1,12

1,28

1,67

1,32 1

1,000

-0,092

0,231"

-0,103

0,014

0,102

0 1 2 4 ' "

2

1,000

-0,065

-0,064

-0,067

-0,090

-0,059 3

1,000

-0,053

0,101

-0,063

-0,033 4

1,000

0,068

0,310"

0,043 5

1,000

0,018

0,072

e

1,000

0,142'

* va *** l£n lugt biSu dien gia tri miic y nghia th6ng ke tai 10%, 5% va 1 %.

4.2. Thdo luan ket qua

Ket qua \idc lufdng mo h i n h hoi quy Logit ve tac dong cua k h a c biet v a n hoa den chon liia phitcing t h d c gia n h a p t h i trifdng ciia cong ty da quoc gia diidc t r i n h bay t r o n g b a n g 3. Mo h i n h 1 chi r a a n h hitdng cua cac yeu to' kiem soat den viec chon Ilia phitdng thifc gia n h a p thi tritdng cua cac cong ty da quoc gia t a i Viet N a m . He so Pseudo R- t r o n g mo h i n h 1 la 0,319 va ty le help ly lograrit la -119,06. Ngoai ra, gia t r i p la 0,000, tdc la mo h i n h 1 co y nghia thong ke t a i 1%. Ket qua cua mo hinh 1 cho t h a y rang, phifdng t h d c gia n h a p thi t r u 6 n g cua c6ng ty da quoc gia va kinh nghiem quo'c te ciia cong ty me co mo'i tUdng q u a n nghich tai mdc y n g h i a tho'ng ke 10% {p2=-0,a74; p<0,10). Ket qua h a m y rang, cong ty me c6 k i n h nghiem quo'c te

c a n g n h i e u t h i cong t y da quoc gia co k h u y n h h u d n g t h i c h chon liJa phUdng thdc gia n h a p t h i triidng Viet N a m bang phUdng t h d c s a p n h a p va m u a lai hdn la phifdng thiic d a u tif mdi. K e t q u a n a y phu hdp vdi k e t q u a cua k i e m d i n h cua Slangen va H e n n a r t (2008) thiic h i e n t a i cac cong t y ciia H a L a n . Tifdng tii, xua't k h a u cua cong ty cang n h i e u t h i cong ty da quo'c gia gia n h a p t h i trifdng t h o n g q u a phifdng thitc s a p n h a p va m u a lai vi h e so' iJ6c lifdng cua yeu to' n a y co mtic y n g h i a tho'ng k e t a i 1% (p4=0,019; p<0,01). T r o n g k h i do, n g h i e n cdu k h o n g tim tha'y b a n g chiing thiic n g h i e m cac yeu to k i e m s o a t k h a c co mo'i q u a n he v6i q u y e t d i n h lUa chon phiidng t h d c gia n h a p t h i t r u d n g cua cac cong ty da quo'c gia (it nha't ve m a t tho'ng ke).

16 Nghiin ciiu Kinh ies611 (462) - Th^ng 1

Anh hUdng cua khac hiet van hia.,

BANG 3; A n h h i t d n g c u a k h a c b i e t v a n h o a d e n phUttag t h i i c g i a n h a p t h i t n i d n g c u a c o n g t y d a q u o c g i a

Cac bien Hangstf Cac bien doc I$p Khic biet v5n hoa Cac bien Idem soat

Kinh nghiem qu6c le cua cOng ty me Nghien ciiu va phat Ui^n (RvaD) XuCt khiu ciia Cong ty con Quy mO ciia c6ng ty con Ng^nh cOng nghiep S6 quan sSt (N)

Ty le hop ly Logarit (Log likeliliood) He stf Pseudo R-

GiatnP

Mo bjnb 1 He so ink

lucmg 1,142»*

-0,074*

-0,043 0,019**»

0.247 -0,462 307 -119,06

0,319 0,000

Gia tri t 1,998

1,692 1,429 2,811 1,082 1,382

Mo hinh 2 Heso u6c

Iircmg 1,242»*

0J15***

-0,092*

-0,050 0,023***

0,274 -0,405 307 -117,73

0,322 0,000

Gia tri t 2,106 2,620 1,701 1,403 2,898 1,103

Tac dong bien

0,142***

-0,031*

-0,016 0,021***

0,130 -0,401

Nguon: Tdng hop ket qua tu Stata.

n luat bilu difeo gia tri miic y nghia thSng ke tai 10%, 5% va ] %.

M6 hinh 2 trinh bay ket qua ifdc lifdng tac dong ciia khac biet v i n hoa (vdi cac yeu to kiem soat trong mo hinh 1) den liia chon phifdng thiic gia nhap thi trifdng cua cong ty da quo'c gia. Trong mo hinh 2, he so'Pseudo R^

tang khi xem xet a n h hifdng cua khac biet van hoa den phifdng thdc gia nhap thi tnfdng cua cong ty da quo'c gia, he so' Pseudo R^ cua mo hinh 2 la 0,322. He so Pseudo R- khong hoan toan giai thich sii phu hdp cua mo hinh ma dung de so sanh gida cac mo hinh vdi n h a u (Wooldridge, 2002). Trong bai viet nay, Pseudo R^ ciia mo hinh 2 cao hdn so v6i mo hinh 1.

Ben canh do, ty le hdp ly logrant ci mo hinh 2 Cling tang tii -119,06 len -117,73 ci mo hinh 2.

Cac gia tri nay cho biet r i n g , khi xem xet bien doc lap va cac bien kiem soat dong thdi thi mo hinh 2 giai thich tot hdn so vdi mo mo hinh 1 ve mat tho'ng ke.

Mo hinh 2 cho biet rang, tac dong cua cac bien Idem soat den quyet dinh chon liia

phifdng thdc gia nhap thi tnfdng cua cong ty da quoc gia tai Viet Nam khong c6 sii khac biet so vdi ket qua if6c lifting d mo hinh 1 ca ve da'u anh hifSng va miic y nghia thong ke.

Ket qua 3 mo hinh 2 ciing cho thay rang, khac biet van hoa co mo'i quan tUdng quan t h u a n vdi phifdng thiic gia nhap thi tnfdng tai miic y nghia thong ke 1% (pi= 0,215, p<0,01).

Ket qua nay dUdc giai thich rang, khi cac quoc gia dau tif tai Viet Nam co nen van hoa khac biet vdi Viet Nam cang Idn thi cac cong ty da quoc gia ciia ho cd khuynh hifdng chon lua phifdng thdc gia nhap thong qua viec t h a n h lap cong ty tai Viet Nam bang phifdng thiic sap nhap va m u a lai thay -vi la dau tif mdi. Ket qua nay phu hdp vdi ky vong ciia gia thuyet nghien edu, dd la khac biet van hda giiia Viet Nam va nifdc dau txf cang Idn thi cong ty da quoc gia se chon phudng thdc sap n h a p va mua lai de dau tif vao thi tnfdng Viet Nam.

Day la bang chiing thiic nghiem de minh

Nghien ciiu Kinh teso 11 (462) - Thing 11/2016 1 7

Anh hirdng cua khdc bi£t vdn hoa ...

chdng cho gia thuyet da dat r a diia t r e n ng'n t a n g cua Ly t h u y e t chi phi giao dich (Hennart, 1991) ve moi quan h e giiia khac biet v a n hda va phifdng thiic gia n h a p t h i tnfdng cua cong ty da quoc gia. Do vay, gia t h u y e t cua nghien cdu nay dildc u n g ho hoan toan ca ve m a t ly thuyet va thiic t i l n . Cot cuoi ciing cua b a n g 3 cho b i l t tac dong bien cua khac biet v a n hoa va cac yeu to' kiem soat den quyet dinh liia chon phiidng thdc gia n h a p thi trU6ng Viet Nam cua cong ty da quo'c gia.

5. K e t l u a n v a m o t so h a m y

De CO t h e ton tai va tang cildng hieu qua hoat dong tai mot thi tnfdng mdi (dac biet la cac nen kinh tS' mdi noi hay dang p h a t trien), cong ty da quoc gia can phai cd quyet dinh liia chon phifdng thiic gia n h a p thi trifdng hdp ly.

Kiem dinh thiic nghiem tai 307 cong ty con dang hoat dong tai tai Viet Nam cho biet, cong ty da quo'c gia den tii n\idc cd nen van hda cang khac biet so vdi Viet Nam thi cang co khuynh hifdng t h a n h lap cong ty con tai Viet Nam thong qua viec chon phifdng thdc sap nhap va m u a lai hdn la phifdng thdc diu tif m6i.

Cac ket qua tren h a m y rang, n h a dau tif nude ngoai tuf cac quo'c gia cd nen van hda khac biet vdi Viet Nam cd kg" hoach tim kiem cd hoi kinh doanh tai thi trifdng Viet Nam nen tiep can va tim hieu cac doi tac trong nifdc de thnc hien cac hdp dong kinh doanh tai giai doan dau, ke den gia n h a p thi tnfbng bang phifdng thdc sap nhap va m u a lai thay vi dau tif mdi. Doi vdi cac doanh nghiep trong nifdc, de tang cifdng t h u hiit dau tU va hdp tac vdi doi tac nifdc ngoai, cac doanh nghi§p trong nifdc can san sang dng phd va dap fing nhiing yeu cau phu hdp t d hoat dong sap n h a p va mua lai cua n h a dau tif. Ben canh do, cac n h a lam chinh sach can tao dieu tot ve mat phap ly de h a n h lang phap ly difdc "thong thoang" de cac cong ty nifdc ngoai co dieu kien hdp tac vdi cac doanh nghiep trong mfdc trifdc boi canh ciia nen kinh te hoi n h a p toan cau dang gia tang./.

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