Anh hiTofng
cua dac diem chu scf hull den ket qua hoat dong
cua doanh nghiep tai Viet Nam
HA NGaY|N M[MH QOAN- M G U Y I N K H A C HIEO"
Tdm tat
Bdi vii't sddung phuang phdp phdn tich dfnh luc/ng nhdm nghien cdu mdi quan hi gida cdc ddc diem cua chu sd hdu vd ket qud hoat ddng kinh doanh cua doanh nghiip duac do ludng thdng qua chl sd'sudt sinh ldi tren tdi sdn (ROA) vd sud't sinh ldi tren vdn chu sd hdu (ROE). Ki't qud nghien cdu cho thdy, cdc ddc diim cua chii sd hdu, nhu: Dd tudi; Ddn tgc; Trinh do hgc vd'n cd dnh hudng ddng ki de'n hieu qud hoat dgng cua doanh nghiep.
Tuf khda: doanh nghiip nho vd vda, ki't qud hogt dgng, ROA, ROE Summary
Through qualitative method, this paper aims to investigate the relationship between the owner's characteristics and business performance measured by Return on Assets (ROA) and Return on Equity (ROE). The output shows that characteristics of owners such as Age, Ethnicity, Education create a significant impact on business performance.
Keywords: small and medium enterprises, performance, ROA, ROE
GIOI THIEU nang cao hieu qua hoat ddng ciia doanh nghidp. Ngoai ra, nghidn ctfu cung cd y nghTa dd'i vdi cac ca nhan cd Kel qua boat ddng cua doanh nghidp y dinh khdi nghiep, giup ho xdc dinh nhtfng ddc diem Id vd'n de dtfdc lat ca gidi dau ttf vd ndo giup chu doanh nghidp thdnh cdng hdn trdn con doanh nhan quan tdm, Kd't qua hoat ddng dtfdng ldnh doanh cua minh.
kinh doanh dtfdc giai thich bdi nhieu ye'u
td khde nhau trong dd cd ddc diem cua CO^SCf IY THUYET VA PHU'ONG PHAP ngtfdi chu sd hffu. Barbieri va Mshenga NGHIEN CU'U
(2008) cho rang, dd ludi cua chu sd hifu
cd anh htfdng de'n kd't qua boat ddng cua Cdsd ly thuyet
doanh nghidp. Fairlie va Robb (2009); Cd nhieu nghidn ctfu chi ra rang, cd md'i lidn he Blackburn va cdng stf (2013) thi cho giffa dac diem cua chii sd htfu vdi kd't qua boat ddng rang, gidi tinh va trinh do hoc va'n cua ciia doanh nghidp. Nhtfng nghidn ctfu khac nhau sff chii doanh nghiep cd anh htfdng dd'n kd't dung phtfdng phdp khde nhau va ddi ttfdng khao sdt qua hoat ddng ctia doanh nghiep. Vdy cung khac nhau, do do kd't qua nghien ctfu vl chu de lai Viet Nam, cdc dac die'm cd nhan ndo nay cung khac nhau giffa cac nghien ctfu va giffa cdc cd anh htfdng dd'n kd't qua boat dgng ciia qud'c gia.
doanh nghiep? Nghidn ctfu nham khdm Barbieri va Mshenga (2008) da nghien ctfu anh phd nhffng dac did'm cua chu sd hifu cd htfdng cua ddcdiemcua chii sdhffu dd'n vide kinh doanh anh htfdng dd'n ke't qua hoat ddng kinh du lich sinh thdi tai cdc ntfde chdu Au. Kd't qua nghien doanh ciia cac doanh nghidp nhd va vffa ciiXi cho thd'y, chu doanh nghidp la ngtfdi da trdng cd lai Viet Nam. Tff dd, dtfa ra nhffng kie'n ke't qua kinh doanh lot hdn cac chu doanh nghiep cd nghi ddi vdi cdc chii doanh nghiep nham mau da khde, Ttfdng ttf, chii doanh nghidp la nam gidi ', ", Trtfdng Dai hpc Stf pham Ky thuat TP. Ho Chl Mmh I Ennail: hieunk@hcmute,edu.vn Ngay nhgn bai: 15/02/2019; Ngay phdn bien. 10/03/2019; Ngay duyei dang: 19/03/2019
V and Forecasi Review
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HINH: H O HINH E4GHIEN C d O
CO kd't qua boat ddng kinh doanh td't hdn nff gidi, chii doanh nghidp cd do tud'i cang cao ke't qua kinh doanh cang gidm va irinli do hgc va'n ciia chu doanh nghiep khdng anh htfdng dd'n kd't qua kinh doanh trong ITnh vifc nay.
Bhutta va cOng stf (2008) da nghidn ctfu 651 doanh nghiep nho va vtfa trong ITnh vtfe san xua't tai Pakistan.
Ke't qua nghidn ciitf cho tha'y, mdt so ddc did'm, nhtf:
Giao due, Thd' he thie't ldp doanh nghidp vd So' Itfdng dd'i tdc cd md'i quan he dang ke vdi kd't qua boat ddng ciia cdc doanh nghidp nhd va vtfa, Bdn canh dd, ke't qua boat ddng ciia doanh nghidp cung pbu thudc vao thdi quen ciia chii sd htJu, nhtf: xem ti vi, dgc bdo va sff dung may tinh cho cdng vide vdn phdng. Cdc yd'u Id' khde, nhtf: dang cd'p cua chii sd htfu vd nghe nghidp ciia ngtfdi than ctia chu sd hifu cung dtfdc phan tich, nhtfng khdng cd md'i quan he ddng kd' vdi kd't qua hoat ddng ciia doanh nghiep,
Fairlie va Robb (2009) da nghien cii'u stf khac bidt trong kd't qua kinh doanh cua doanh nghidp cd chii sd hffu la nam vd doanh nghidp cd chii sd htfu la ntf, Hai tdc gia sff dung phtfdng phap hdi quy vdi dtf hdu 14.000 doanh nghidp cd chu sd hifu la nff va 24.000 doanh nghidp cd chu sd htfu la nam. Kd'l qua nghien cffu cho thd'y, kinh nghidm lam viec cd anh htfdng de'n ly Id sd'ng sdt, ldi nhudn va doanh thu ciia cdng ty. Cdng ty cd chii sd hffu ntf cd kd't qua kinh doanh kem hdn cdng ty cd chii sd hffu la nam gidi.
Blackburn va cdng sff (2013) cho rang, ddc diem ciia chu sd hifu khdng quan trgng bdng quy md cdng ly va tudi cua cdng ty trong vide gidi thich cho stf bid'n ddng ciia kd'l qua hoat ddng kmh doanh. Nhdm nghidn ctfu da sff dung phtfdng phap hdi quy logistic vdi 360 doanh nghidp nhd va vtfa. Trong dd, bid'n phu thudc la Tang trtfdng nhdn cdng. Tang trtfdng doanh so va Ldi nhuan.
Han va cgng stf (2017) da nghidn ctfu 172 CEO cua cdc doanh nghidp tai Han Qud'c dd' khao sat md'i lidn hd gitfa 6 yd'u td ca nhan va kd'l qua hoat ddng cua doanh nghiep. Ke't qua cho tha'y, yd'u to' "Stf dd chiu"
(agreeableness) cd anh htfdng dd'n kd't qua boat ddng ciia cdc doanh nghidp tai Han Qud'c.
Ttf cac Itfdc khao trdn, lac gia de xua'l md hinh nghien cifu vdi bid'n phu thudc la kd't qua hoat dgng cua doanh nghidp nhd va vtfa dtfdc do Itfdng thdng qua
hai chl sd la ROA va ROE. Bidn dgc lap gdm cd 9 bid'n, trong dd. cd bdn bif" ^ai didn cho eac dac did'm ciia chu sd htfu, bao gom: Gidi tinh: Dd tud'i; Dan loc; va Giao due. Nam bien ddc lap cdn l?i la:
Chffng nhan tieu chuan qudc te (ISC);
Canh tranh; Loai hinh doanh nghiepj Quy md doanh nghiep; va Mdi quan he cua doanh nghidp. Md hinh nghien ctfu nhtf Hinh.
Phuang piidp nghiin cdu Dd' kid'm dinh lai md hinh nghien c i ^ trdn, bai vid't sff dung phtfdng phdp hdi quy ddn. Trong dd, cac bid'n dtfdc trinh bay cu the' trong phtfdng trinh sau:
Trong dd: Y^'la bie'n phu thudc; X, Id bid'n ddc lap; u^'la sai so; p; va p, la cac he sdhdi quy.
Dd' tfdc Itfdng phtfdng trinh hdi quy trdn, nghien ctfn nay sff diing bd dtf hdu khao sdt doanh nghiep nhd va vtfa nam 2015 dtfdc thu thap bdi: Vidn Khoa hpc Lao ddng va Xa hgi (ILSSA) thudc Bd Lao ddng, Thtfdng binh va Xa hdi (MOLISAJ; Vien Nghien ctfu Quan ly Kinh te Trung tfdng (CIEM) thudc Bd Ke' hoach va Dau itf (MPI); va Khoa Kinh td' (DoE) thudc Dai hgc Copenhagen cung Dai stf quan Dan Mach lai Viet Nam. Dff lieu trdn dtfdc lai ve lij; trang ciia United Nations Universily World Institute for Development Economics Research, UNU-WIDER (2018). Trong bd dff lidu nay, 2,628 doanh nghiep da dtfdc khao sat. Nhtfng ngtfdi ira ldi khao sal cd ih^
la chii doanh nghidp hoac ngtfdi quan ly, Trong nghidn ctfu nay, lac gia chi sff dung dtf hdu ma ngtfdi tra ldi la chii sd hffu. Do dd, td'ng sd quan sdt trong nghien ctfu la 1,S38.
Cu the hdn, cdc bid'n sd trong md hinh dtfdc thu thap va ma hda nhff sau;
Gidi tinh la bid'n gia, nhdn gid tri 1, nd'u la nam gidi. Do tudi la bid'n dinh Iffdng.
Dan tdc la bien gia nhdn gia in 1, ne'u chu sd htfu la ngtfdi Kinh, Giao due la bidn gia, nhan gid tri 1, nd'u chii sd hutf cd trinh do dao tao ttf dai hoc trd len Chtfng nhdn tidu chua'n qudc te' (Int. Standard Certificate: ISC) la bid'n gia, nhdn gia tri 1, neu doanh nghidp cd chffng nhdn tieu chudn qudc id (vi du: ISO 9001, 14001) Canh tranh la bien gid, nhdn gia tri 1 nd'u doanh nghidp cd dp Itfc canh tranh Loai hinh doanh nghiep Id bid'n gia, nhdn aid tn 1, neu doanh nghidp la doanh nghidn hd gia dmh. Quy mo doanh nghidp Id
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bid'n dinh Itfdng dtfdc do Itfdng bang so' nhan vidn cua doanh nghiep. Md'i quan he la so' md'i quan he chinh thtfc ciia doanh nghidp dtfdc ghi nhdn irong cuoe khao sdt.
Cdc bie'n dtfdc su" dung trong md hinh dtfdc ldm tat nhtf Bang 1. Cu thd' la, trong 1.838 chu sd htfu dtfdc khao sat, 70,6% la nam gidi, 94,6% la ngtfdi ddn tgc Kinh, 12% cd trinh do dai hgc trd ldn va tud'i trung binh Id 52 luoi. Chu doanh nghiep cd dp tudi tre nha't Id 24 va ldn nha'l la 92. Trung binh, cd 9 nhan vien trong mdi doanh nghidp nhd vd vtfa va mdi doanh nghiep cd 34 md'i quan he vdi cac doanh nghidp khac. Trung binh, cdc doanh nghidp vtfa va nhd ROA la 39,9%
va ROE la 48,8%. Ngoai phtfdng phdp thdng kd, md la, thi phtfdng phdp hdi quy OLS ciing dtfdc sff dung dd' phdn tich bd dtf lieu trdn.
KET QUA NGHIEN CL/U Dd' hieu rd hdn ve anh htfdng ciia cdc ddc diem cffa chu sd htfu dd'i vdi hidu qua kinh doanh, tdc gid sff dung phtfdng phdp hdi quy vdi bie'n phu thudc ROA va ROE.
Ke't qua phan tich vdi bid'n phu thudc la ROA dtfdc trinh bay chi tid't nhtf Bang 2, Kd't qua hdi quy trdn ta thd'y, cdc bie'n: Dd tud'i, Dan ldc, Gido due va Canh tranh anh htfdng dd'n ROA, vdi mffc y nghTa 5%. Kd't qua kid'm dinh Fisher cho tha'y, mffc y nghTa ciia kid'm dinh dffdi 1%, ndn la cd the kd't luan md hinh trdn cd y nghTa. Tffdng ttf nhtf phdn tich trdn, ldc gia di phdn tich hdi quy vdi bid'n phu thudc la ROE (Bang 3).
Vdl kd't qua phan lich trdn ta thd'y, Dd tud'i anh htfdng dd'n kd't qua ROE vdi mtfc y nghTa 5%, cac yd'u to' khac khdng anh htfdng dd'n ROE ciia doanh nghidp. Kd't qua kid'm dinh Fisher cho thdy, mffc y nghTa cua kid'm dinh dffdi 1%, nen ta cd the' ke't luan md hinh trdn cd y nghTa.
Ttf kd't qua phan tich hdi quy ta thay, cac dac diem cua chu sd hffu c6 anh htfdng dd'n ke't qua hoat ddng ciia doanh nghidp, bao gom: Dp tudi; Dan ldc; vd Giao due, Cu the hdn, doanh nghidp cd chii sd hffu cang Idn tudi, thi ROA va ROE ciia doanh nghiep cang tha'p.
Dieu nay cd the' dtfdc giai thich la do stf thay ddi nhanh chdng ve cdng nghd trong vide quan tri doanh nghidp. Ngdy nay, cac doanh nghidp dang phdi thay
BANG 1: THONG KE M O TA CAC BIEN SO Sign so
ROA ROE Gidi ttnh Dp tuoi Dan tgc Giao due ISC Canh tranh Loai hinh DN Quy mo DN Network
Trung binh 0,399 0,488 0,706 51,860 0,946 0,120 0,017 0,S60 0,744 8,916 34,006
LdnnhSit 16,241 40,858 1 92 1 I 1 1 I 380 505
Nho nha't -0.644 -16,216 0 24 0 0 0 0 0 1 0
BQ lech chu^n 0,818 1,617 0,456 10,064 0,227 0,325 0,129 0,347 0,436 20,847 32,229
BANG 2: KET QOA HOI QUY VOl BIEN PHQ THUOC LA ROA Bi^n s3'
C Gii3i tfnh Dp tudi Diin t6c Giao diic ISC Canh tranh Loai hinh doanh nghiep Quy mo doanh nghiep Neiwork R- F-statistic Prob(F-statistic)
H&s3'h6iquy 0,6530 -0,0455 -0,0050 0,1809 0,1396 0,0574 -0,1457 0,0479 -0,0762 0,0168
DO l?ch chu^n 0,1769 0,0419 0,0019 0,0841 0,0662 0,1540 0,0558 0,0565 0,0252 0.0257
Xac suS't 0,0002 0,2778 0,0088 0,0315 0,0351 0,7094 0,0091 0,3968 0,0025 0.5123 0,0226 4,6939 0,0000 fSguon T:nh toan cua n h o m tai
dd'i nhanh chdng de' thich tfng vdi cudc Cach mang Cdng nghiep 4.0 va doanh nghiep ndo thich tfng td't, thi doanh nghidp se tdn tai vd phat trie'n. The'he tre cd mdt ldi the' td't hdn trong vide dp dung cdc tid'n bg cdng nghd vao boat ddng san sua't, kinh doanh cua doanh nghiep minh. Do do, cdc doanh nghiep cd chu sd hffu Ire tud'i thtfdng cd kd't qua hoat ddng td't hdn cdc doanh nghidp khde.
Chu sd hffu doanh nghiep la ngtfdi Kinh, ROA se cao hdn cdc doanh nghiep, ma chii sd hffu khdng phaj la ngtfdi Kinh. Tie'p theo, trinh dp hgc vd'n ciia chu sd htfu cdng cao, ROA ciia doanh nghiep cang ca^o.
Trinh do hpc vS'n the hidn kid'n thffc ma chii sd hffu tich luy dtfdc. Khi cdc kie'n thtfc nay difdc dp dung
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BANG 3 : KET QUA HOI QGY VCJl BIEN PHU THUOC L A ROE Bign sS*
C Gii3i tinh Do tudi Dan tgc Giao due ISC Canh tranh Loai hinh doanh nghiep Quy mo doanh nghiep Network R=
F-statistic Prob(F-statistic)
H$ sS* hoi quy 0,7394 0,0622 -0,0104 0,2521 0,0627 -0.4814 -0.0958 0.1141 -0,0806 0,0399
D$ l^ch chuan 0,3512 0,0831 0,0038 0,1668 0,1314 0,3057 0,1107 0.1122 0,0500 0,0509
Xac su^t 0,0354 0,4543 0,0057 0,1309 0,6331 0,1155 0,3871 0,3094 0,1073 0,4332 0,0136 2,7911 0,0030 Mgu(
vao viec quan tri doanh nghidp, thi kdt qua boat ddng ciia doanh nghidp se td't hdn, Ngoai cdc dac did'm ciia chii sd htfu, cac yd'u td'canh iranh va quy md cdng ty cQng anh htfdng dd'n ROA cua doanh nghidp, Doanh nghidp cd quy md cang ldn, thi ROA cua doanh nghidp cdng ihd'p.
Kd't qua phdn tich vdi bie'n phu thudc ROE hdi khde vdi bid'n phu thudc Id ROA. Vdi ROE la bid^n phu thudc, Ddn tdc va Gido due khdng anh htfdng dd'n ROE, nhtfng Dp tudi cd anh htfdng ddng kd' dd'n ROE ciia doanh nghiep.
KET LUAN VA KHUYEN NGH!
Nghien ctfu da phan tich anh htfdng ciia ddc diem chii sd htfu den kdt qua hoat ddng kinh doanh ciia doanh nghiep'nhd va vtfa y6i 2 bien ph^
thudc ROA va ROE. Kd't qua phan tich cho'thd'y, khdng cd stf khac biet ye kd't qua hoat dgng giffa doanh nghiep cd chu sd hffu la nam hoac ntf. Chu sd hffu cang tre va trinh do hoc van cdng cao, kd't qua boat ddng cang cao.
Cud'i cung, chti doanh nghidp la ngtfdi Kinh, ke't qua hoai dgng se lot hdn cdc doanh nghidp khac,
Ttf ke't qua phdn tich d trdn, nhdm ldc gia dtfa ra mdt sd khuyd'n nghi. Cu the Id:
Cdc doanh nghidp mud'n nang cao kdt qua hoat dgng ciia rainh can dau ttf nhieu vao gido due, bdi vi ne'u trinh dp hoc van cua chii sd htfu cao hdn, thi ke't qua hoat ddng cua doanh nghidp se td't hdn,
Cac doanh nghiep ndn chpn nhffng ngffdi tre luoi de dieu hanh vd quan ly doanh nghiep, vi phan tich cho thd'y, chu doanh nghidp cd ngtfdi quan ly cang tre, thi kd't qua hoat ddng kinh doanh se cdng td't.
Ngoai ra, doanh nghiep ndn dau ttf vao nhffng mang sff dung it lao ddng ndn dau ttf vao nhffng mang ttf dgng hda, vi kd't qua phan lich cho tha'y, doanh nghiep sff dung nhieu lao ddng cd kd'l qua hoat ddng khdng td't bang cac doanh nghiep sff dung it lao ddng.Q
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2. Bhutta, M. K., Rana, A. I., & Asad, U. (2008). Owner characteristics and health of SIVIEs in Pakistan, Journal of Small Business and Enterprise Development, 15(1), 130-149
3. Blackburn, R. A., Hart, M., & Wainwright, T. (2013). Small business perfonnance: business, strategy and owner-manager characteristics, Journal of Small Business and Enterprise Development, 20(1), 8-27
4. Fairlie, R. W., & Robb, A. M. (2009). Gender differences in business performance: evidence from the Characteristics of Business Owners survey. Small Business Economics, 33, 375-395
5. Han, M. P., Seok, B. I., & Kim, J. H, (2017). Effects of Six Personality Factors Of CEOs At Small And Medium-Sized Enterprises on Performance in Business Management: Focusing on Learning and Growth, Asian Academy of Management Journal, 22(2), 97-128
6. Kotey, B., & Meredith, G. G. (1997). Relationships among owner/manager personal values, business strategies, and enterprise performance, Journal of Small Business Management, 35(2)' 37-64
7. UNU-WIDER (2018). VietNam SME database, access to https://www.wider.unu.edu/database/
viet-nam-sme-database
