TAP CHi CONG THIfMe
ANH HlJdNG CUA QUAN TRI
TAI CHINH DEN HIEU QUA TAI CHINH CUA CAC DOANH NGHIEP NHO VA VIJA
d TINH BINH DUONG
PHAM CONG DO - MAI VAN LUONG
TOM TAT:
Quan tri tai chinh rat quan trpng dd'i vdi stt tdn tai va tang trttdng cua cae doanh ngbigp nho va vtta (DNNVV). Vi vay, nghien cttu xem xet anh httdng eua quan tri tai chinh de'n hieu qua tai chinh cua cac DNNVV d tinh Binh Dttdng, tap trung vao 4 ndi dung cua quan tri tai chinh:
He thd'ng thdng tin ke toan, quan ly tien mat, quan ly cac khoan phai thu va hang tdn kho, quan ly tai san cd' dinh. Ke't qua cho tha'y, hieu qua tai chinh hi anh httdng dang ke bdi nhttng noi dung cua quan tri tai ehinh nhtt he thd'ng thdng tin ke toan, quan ly tien mat, quan ly cac khoan phai thu va hang tdn kho, quan ly tai san cd dinh.
Tuf khoa: Quan tri tai chinh, hieu qua tai chinh, doanh nghiep nhd va vtta, tinh Binh Dttdng.
1. Gidi thieu
Theo sd lieu bao cao cua UBND tinh Binh Dttdng (2017), td'ng san pham toan tinh (GRDP) nam 2017 tang khoang 9,5% so vdi nam trttdc, thu ngan sach khoang 40.000 ty ddng, luy ke de'n nam 2017 tinh Binh Dttdng da thu hut 30.100 doanh nghiep trong nttdc vdi tdng sd vd'n dang ky la 231.691 ty ddng, chie'm hdn 90% tdng sd doanh nghiep cua toan tinh. 97% doanh nghiep trong nttdc d tinh Binh Dttdng la DNNVV. cd nganh nghi chu ye'u la thttdng mai va dich vu. Cac doanh nghiep trong nttdc dang giai quyet viec lam cho hdn 386.000 lao ddng, chiem khoang 40% sd lao ddng dang lam viec trong cac doanh nghiep tren dia ban tinh.
Theo Cue Thue Binh Dttdng (2017), tinh de'n cud'i nam 2016 chi cd khoang 49% DNNVV dang boat ddng cd ke't qua kinh doanh lai, 51% doanh nghiep cd ke't qua kinh doanh Id. Sd doanh nghiep
cd ke't qua kinh doanh Id ehu ye'u d nhttng doanh nghiep sieu nhd cd nganh nghi thttdng mai va dich vu, cac doanh nghiep nay cd nang life canh tranh tha'p (chie'm khoang 60%).
Hall va Young (1991), do stt thieu hieu qua trong viec quan tri tai chinh cac DNNVV co the gap phai nhttng thach thttc ldn ddi vdi cachoaj ddng tai chinh va cac boat ddng tdng the, hau het cac DNNVV that bai do quan tri tai chinh kem.
Nham giup cae DNNVV d tinh Binh Dttdng nang cao hieu qua quan tri tai chinh de cai thien hieu qua tai chinh, tac gia tap trung vao viec nghien cttu anh httdng cua quan tri tai chinh den hieu qua tai chinh cua cac DNNVV d tinh Binh Dffdng.
2. Mo hinh va phifomg phap nghifen ctfu 2.1. Mo hinh nghien cdu
Dtta tren eac nghien cttu thifc nghiem trffde day cua cac tac gia MeMahon va cdng stt (1993).
Nguyen (2001), Asuquo va cdng stt (2016).
TAI CHINH - NGAN HANG - BAO HIEM
>}thenge va Ringera (2017) ve quan tri tai chinh
;ua DNNVV, tac gia xay dttng md hinh anh httdng
|;ua quan tri tai ehinh de'n hieu qua tai ehinh eua
;ac DNNVV d tinh Binh Dttdng. Trong dd, bie'n l)hu thupc la hieu qua tai chinh, bien ddc lap la }uan tri tai chinh dttdc xac dinh thdng qua 4 ndi lung cua quan tri tai chinh: He thd'ng thdng tin ke can, quan ly tiln mat, quan ly eac khoan phai thu /a hang tdn kho, quan ly tai san cd dinh.
Hinh 1: Mo hinh anh hudng cua quan tri tai chfnh den iii$u qua tai chfnh cda cac DNNW
Bong 1. NhCrng dqc diem cua cdc DNNVV trd Id! bdng cdu hoi khdo sdt
Quan tn tai chfnh cua cac DNNW 1. He thong thong tin l<e toan
'. 2. Quan ly tien mat 1 3. Quan ly cac khoan
phai thu va hang ton kho 4. Quan ly tai san co dmh
Hi$u qua tai chfnh cua DNNW - Tang trudng doanh so
- Ty suat loi nhuan tren doanh so - Ty suat loi nhuan tren tai san
Nguon: Tdc gid tu tdng hpp
Cac bie'n phu thupc va bien ddc lap dttdc do ffdng thdng qua thang do likert. Pham vi cua thang lo dttdc stt dung ttt gia tri 1 cho phan hdi hoan toan chong ddng y len de'n gia tri 5 cho phan hdi hoan oan ddng y. 4 ndi dung cua quan tri tai chinh dttdc io Ittdng thdng qua 14 bien quan sat. Bie'n phu hupc bieu qua tai chinh dttdc do Ittdng thdng qua i bie'n quan sat.
2.2. Phuang phdp chpn mdu/thu nhap ddlieu ' Theo ngudn so' lieu quan ly DN cua Cue Thue inh Binh Dttdng thi tinh den cud'i nam 2016 tinh Binh Dttdng cd 13.573 DNNVV (trong dd td'ng sd )NNVV hoat ddng tren 3 dia ban gdm cd: TP.
Thu Dau Mdt, Thi xa Thuan An, Thi xa Di An la '.955 DN, chie'm 73%). Phttdng phap chpn mau
;ua nghien cttu nay xac dinh cac bttdc theo
"Jguyen Dinh Thp (2013). Tae gia stt dung bang au hdi ca'u true de tien hanh khao sat 600 )NNVV d 3 dia ban theo hinh thttc thdng qua cac
"hi cue Thue de gtti trttc tie'p de'n DN dttdc thttc lien ttt thang 10 de'n thang 12/2017. Ke't qua bao sat cd 400 DNNVV tra ldi (dat 67%), nhttng tac diem cua cac DNNVV tra ldi phie'u khao sat
ffdc the hien d Bang 1.
SolUOng DN
Phan tram Loai hinh DN
Cong ty CP Congty TNHH DNTN
24 348 28
5,8 87,2 7,0 Nganh nghe
Thaong mai va dich vu Cong nghiep va xay dung Nong, lam, thuy san
252 145 3
63,4 36,3 0,8 Quy mo DN theo doanh so
TL/ 10 ty dong trd xuo'ng
Tren 10 ty dong den 100 ty dong Tren 100 ty dong den 300 ty dong
292 93 15
72,9 23,3 3,8 Tudi DN
TCf 5 nam trd xuong Tren 5 nam den 10 nam Tren 10 nam
237 112 51
59,1 28,1 12,8 Trinh dip giao due cua ngudi chu
Trung cap, cao dang Dai hpc
Sau dai hpc
long cOng
142 243 15 400
35,3 60,9 3.8 100
Nguon: Sd lieu tho'ng ke td sdlieu dieu tra, ndm 2017
3. Ke't qua ngliidn cufu
3.1. Thd'ng ke mo td ket qud kinh doanh theo loai hinh DN
Thdng ke ke't qua kinh doanh d Bang 2 cho tha'y, trong 400 doanh nghiep tra ldi khao sat thi cbi cd 49% doanh nghiep cd ke't qua kinh doanh lai trong nam 2016, cdn lai 51% doanh nghiep cd ke't qua kinh doanh Id. So doanh nghiep Id chu ye'u d nhttng doanh nghiep sieu nhd, trong sd' 292 doanh nghiep sieu nhd thi chi cd 116 doanh nghiep (40%) cd lai, cdn 176 doanh nghiep (60%) cd ke't qua kinh doanh Id.
3.2. Kiem dinh dp tin cay cua thang do
Ke't qua kie'm dinh thang do d Bang 3 cho tha'y, 19 bie'n quan sat diu cd he so tttdng quan bien tdng
So 13 Thang 10/2018 335
TAP CHi CONG THIfOlNG
I
Bdng 2. Thdng ke md td ket qud kinh doanh
Phan loai DN
Doanh nghiep sieu nho Doanh nghiep nho Doanh nghiep wiia
COng
Tieu chfnh doanh thu
< 10 ty dong
Tren 10 ty dong den 100 ty dong Tren 100 ty dong den 300 ty dong
400
So DN
292 93 15 100%
Ty trong
73%
23%
4%
197
Trong do S o D N lai
116 69 12 49%
ty trong 40%
74%
80%
203
SoDN lo
176 24
51%
tytrpng
20%
Nguon: Sdlieu thd'ng ke qudn ly doanh nghiep cua Cue Thue Binh Duong, ndm 2017 Bdng 3. Kiem djnh do tin cqy cua thang do
Ky hi§u
AIS1 AIS2 AIS3
CM1 CM2 CMS CM4
RIM1 RIM2 RIMS RIM4
INV1 INV2 INV3
FP1 FP2 FP3 FP4 FP5
Khoan muc
H$ Viong thong tin ketoan
DN CO mot nhan vien ke toan ohm trach nhiem ghi chep lai tat ca cac giao djoh hang ngay
DN thudng xuyen chuan h\ cac bao cao tai chinh
DN thudng xuyen sd dung thong tin ke toan de thuc hien cac quyet dmh
Quan ly tien m0t
DN thudng xuyen chuan b\ ngan sach tien mat DN cd thuc hien ddi chieu tien mat hang ngay DN cd su duy tri han mUc ve so dU tien mat DN thudng cd su thang dU tien mat
Quan ly cac khoan phai thu va hang ton kho DN thudng xuyen ban ohm djch vu/hang hda cho KH DN thudng xuyen thiet lap chinh sach ban ch|u oho KH DN thudng xuyen xem xet lai mUc ton kho
DN thudng xuyen chuan bj ngan sach ton kho Quan ty tai san cddinh
DN cd du nguon vdn de dau tU
DN thudng xuyen danh gia Ipi fch cua tai san trudc khi thuc hien quyet dmh dau tu
DN thudng xuyen xem xet lai hieu qua sQ dung tai san sau mdt khoang thdi gian nhat dmh
Hi$u qua tai chfnh
MUc nang suat hoat dpng trong DN tUOng ddi cao
DN dang tiep tuc chUng td ty suat Ipi nhuan tren doanh thu cao DN cd mdt ty suat ipi nhuan tren tai san cao
Doanh thu trong DN da tang len qua nhieu nam
Ty suat Ipi nhuan tren tai san va ty sua't Ipi nhuan tren doanh thu cao hon da lam tang loi nhuan cua DN
He so tUOng quan bien tong
H$ so Cfonliach's Alpha neu bien b| loai Cronbach's Alpha = 0,847 0,729
0,800 0,636
0,779 0,702 0,860 Cronbach's Alpha = 0,852 0,651
0,752 0,661 0,716
0,830 0,786 0,825 0,803 Cronbach'sAlpha = 0,876 0,770
0,745 0,676 0,748
0,827 0,838 0,863 0,836 Cronbach's Alpha = 0,908 0,770
0,848
0,832
0,905 0,840
0,854 Cronbach's Alpha = 0^772^^____
0,477 0,548 0,567 0,570 0,561
0,752 0,729 0,722 0,721 0,725
Nguon: Ke't qud kiem dinh Cronbach's Alpha td sd lieu dieu tra, ndm20l7
T A I CHINH - N G A N HANG - BAO HIEM
ldn hdn 0,3, cac thang do deu cd he sd Cronbach's Alpha nam trong khoang (0,7 : 0,9). Diiu nay cho : thay rang cac eau hdi dttdc stt dung trong bang cau
hoi khao sat dam bao do tin cay eao.
3.3. Phdn tich nhdn to'khdm phd (EFA) Khi tien hanh phan tich nhan to kham pha cua thang do quan tri tai chinh, cac gia tri kiem dinh ' cung diu dttdc dam bao: He sd 0,5 < KMO = 0,870
< 1,0; kiem dinh Bartletts v l stt tttdng quan eua cac bien quan sat (Sig. = 0,000 < 0,05) chttng td cac bien cd hen quan chat che vdi nhau; td'ng phttdng sai trich = 76,428% (> 50%) dat yeu eau va cho 'biet 4 nhdm nhan td giai thich dttdc 76,428% do 'bien thien cua dtt lieu. Dieu nay cho tha'y ke't qua iphan tich EFA cung hoan toan phu hdp.
Ke't qua phan tich ma tran xoay nhan td thang do quan tri tai chinh d Bang 4 cho thay cd 4 nhdm nhan td dttdc hinh thanh la: F_AIS , F_CM, F_RIM, F_INV va cac bie'n quan sat eua tttng nhan td van gitt nguyen nhtt ban dau. Cac he so tai nhan to' cua cac bie'n quan sat diu tttdng dd'i cao (> 0,700).
3.4. Phdn tich hdi quy dnh hUdng cua qudn tri tdi chinh den hieu qud tdi chinh
Bdng 4. Ket qud phdn tich mo trdn xoay nhdn td thong do qudn trj tdi chinh
AIS1 AIS2 AIS3 CM1 CM2 CM3 CM4 RIM1 RIM2 RIM3 RIM4 INV1 INV2 INV3
Nhan to F_RIM
0,860 0,747 0,778 0,779
F_CI\1
0,798 0,738 0,758 0,727
FJNV
0,840 0,871 0,845
F_AIS 0,842 0,818 0,839
Ngudn: Kit qud phdn tich ma trdn xoay nhdn td td sd lieu dieu tra, ndm 2017
Bdng 5. Ket qud phdn tich hoi quy
Khoan muc Hang sd
He thd'ng thdng tin ke toan Quan ly tien mat
Quan ly cac khoan phai thu va hang tdn kho Quan ly tai san cd dmh
He sd R2 dieu chinh He sd Durbin-Watson MUc y nghia (Sig.F)
Ky hi^u
F_AIS F_CM F_RIM F_INV
H^soB 0,006 0,190 0,173 0,203 0,464
H$ so Beta
0,223 0,187 0,220 0,556
HSsoSig.
0,940 0,000 0,000 0,000 0,000
VIF
1,260 1,455 1,325 1,423 0,810 1,732 0,000
Nguon: Ke't qud phdn tich hoi qui ta so lieu dieu tra, ndm 2017
Ke't qua phan tich hoi quy tuye'n tinh d Bang 5 cho thafy, mttc y nghia cua md hinh rat nhd (Sig = 0,000) so vdi mttc y nghia 5% nen md hinh hdi quy thie't lap phu hdp, gia tri R2 dieu chinh = 0,810 CO nghia la 81 % stt bie'n thien eua nhan to hieu qua tai chinh dttdc giai thich bdi cac ndi dung cua quan tri tai chinh dttdc dtta vao md binh, cdn lai la cac nhan td' khac chtta dttdc nghien cttu. He sd' Durbin Watson va he sd' VIF cua md hinh cho
thay, khdng cd hien tttdng ttt tttdng quan va hien tttdng da cdng tuye'n khdng dang ke. Dtta vao mttc y nghia thd'ng ke cua tttng nhan to va ke't qua ttdc Ittdng he sd' tac ddng cua tttng nhan to cho tha'y, ca bd'n ndi dung cua quan tri tai chinh deu cd y nghia thd'ng ke (Sig. < 5%) va ta't ea bd'n ndi dung cua quan tri tai chinh diu tttdng quan thuan vdi hieu qua tai chinh. Trong 4 ndi dung cua quan tri tai chinh, quan ly tai san cd' dinh cd stt anh httdng
So 13 Thang 10/2018 337
TAP CHI CONG THIATNG
dang ke' nha't de'n hieu qua tai chinh (he sd Beta = 0,556), tie'p theo la he thd'ng thdng tin ke' toan (he sd' Beta = 0,223), quan ly cac khoan phai thu va hang ton kho (he sd Beta = 0,220), quan ly tien mat cd anh httdng nhd nha't (he soBeta = 0,187)
4. Ke't luan va khuyen nghi
Ket qua nghien cttu cho tha'y quan tri tai chinh cd anh httdng dang ke' de'n hieu qua tai chinh cua cac DNNVV d tinh Binh Dttdng. Quan tri tai chinh dttdc xac dinh thdng qua bd'n ndi dung cua quan tri tai chinh la he thdng thdng tin ketoan, quan ly tien mat, quan ly cac khoan phai thu va hang ton kho, dau ttt. Ca bd'n ndi dung nay diu anh httdng dang ke theo chieu thuan de'n hieu qua tai chinh, trong dd quan ly tai san cd dinh cd stt anh httdng manh nha't. Cac DNNVV ddng vai trd quan trpng ddi vdi Stt phat trie'n kinh te ciia tinh Binh Dttdng. Stt khdng hieu qua trong quan tri tai chinh din de'n hieu qua tai chinh kem va cud'i ciing din den stt that bai ciia cac DNNVV. Stt that bai cua cac DNNVV cd ty le that bai cao cd nhttng tac ddng tieu cttc den nin kinh te'. Do vay, de cac DNNVV cd hieu qua tai chinh td't hdn trong thdi gian tdi, ddi bdi cac DNNVV d tinh Binh Dttdng nen cai thien hoat ddng quan tri tai chinh hieu qua hdn.
Tac gia khuye'n nghi cac giai phap sau:
Mdt Id, nang cao chat lu'dng cua so sach ke toan va bao cao tai chinh, thttdng xuyen stt dung thdng tin ke toan de hd trd cho viec thttc hien cac quye't dinh.
Hai Id, xay dttng ban mttc tiln mat theo dinh ky, kiem soat quan ly tien mat hdp ly, dam bao Ittdng tien mat tdi ttu, stt dung liTdng thang dtt tiln mat hieu qua va an toan se giup cac DNNVV han che dttdc rui ro thanh khoan.
Ba Id, dtta ra nhiiu cac chinh sach lien quan den ban chiu d l lam the' nao thu dttdc cac khoan phai thu ma ban dttdc bang boa dich vu nhiiu hdn CO the biet dttdc khi nao xda nd khd ddi d l gidm thieu thiet hai phat sinh do khach hang khdng
thanh toan. Dong thdi, cung phai no life de dam bao quan ly hang ton kho dttdc cai thien thong qua viec thiet lap mttc dat hang lai cho ca mttc to'i tWe'u va mttc td'i da, de dam bao doanh nghiep khong thie'u hut hang tdn kho va tranh tinh trang'ton dpng von qua nhiiu vao hang ton kho se anh hirdngden vd'n Ittu ddng.
Bdn Id, phan tich danh gia va dtt bao hieu qua cua tai san dau ttt, de dam bao stt dau ttt tai sanco dinh hieu qua hdn.
Ndm Id, tuye'n dung nhan vien tai chinh - ke toan cd du nang Ittc de dap ttng vdi stt phat trien cua cac DNNVV trong mdi trttdng ngay cang canh tranh.
Sdu Id, cac ngan hang thttdng mai tren dia ban tinh Binh Dttdng nen cd cac san pham cho vay dttdc diiu chinh theo yeu cau, hnh boat va de hieu de tao diiu kien thuan ldi giiip cac DNNVV co dttdc nguon vd'n kip thdi phuc vu san xuat - kinh doanh vdi chi phi hdp ly.
Bdy Id, cac cdng ty ttt van vl tai chinh - ke toan nen tang cttdng hd trd ttt van vl tai chinh - ke toan cho cac DNNVV vdi chi phi phii hdp, de cac chu DNNVV tha'y dttdc tam quan trpng cua viec ghi chep sd'sach ke toan, lap va phan tich bao cao tai chinh day du, chinh xac va kip thdi. Ngoai ra, ciing nen bd trd dao tao cac ky nang quan tri tai chinh cho cac chu DNNVV de giiip hp van dung vao quan tri tai chinh tai doanh nghiep cua hp tot hdn, nen tap trung vao cac ky nang nhtt: lap ke hoach tai chinh, quan ly vdn Ittu ddng, phan tich tai chinh va danh gia ldi ich eua tai san khi dau ttt.
7am Id, Chinh phu va Uy ban nhan dan tinh Binh Du'dng cung nen cd cac chinh sach va chiidng trinh cu the de hd trd cho cac DNNVV d tinh Binh Dttdng tie'p can nguon vd'n vdi chi phi lai vay help ly. Hd trd dao tao v l quan tri tai chinh cho cac chu DNNVV d tinh Binh Dttdng, nham gop phan nang cao nang lire quan tri tai chinh dd'i vdi cac chu DNNVV d tinh Binh Dttdng •
TAI LIEU THAM KHAO:
ente7plZTinZZ'r^afnleLI!!nSf ''^^TTl''^ ^'^nagement practicces on the profitability of small and medium
_^^P '''"'''''''''^^''^^^lJournalofResearchinIT,ManagementandEngLering,Volume2,Iss^^^^^^
TAI CHiNH - NGAN HANG - BAO HIEM
2. Hall, G. and Young, B. (1991),Factors associated with insolvency amongst smallfirms. International Small Business Journal, Vol. 9 No. 2, pp. 54 - 63.
3. McMahon RGP, Holmes S, Hutchinson PJ Forsaith DM (1993), Small Enterprise Financial Management: Theory and Practice, Sydney, New South Wales: Harcourt Brace.
4. Nguyen (2001), Financial Management and Profitability of Small and Medium Enterprises, DBA Thesis. Southern Cross University, Lismore NSW.
5. Nthenge vd Ringera (2017), Effect Of Financial Management Practices on Financial Performance of Small and Medium Enterprises in Kiambu Town, Kenya, American Based Research Journal, Vol-6-Issue-l.
6. Cue Thue Binh Duang (2017), Sdlieu thdng ke quan ly doanh nghiep.
7. Nguyen Dinh Tho (2013), Gido trinh phuc/ng phdp nghien cUu khoa hoc trong kinh doanh, Nhd xudt ban Tai chinh.
8. UBND tinh Binh Duang (2017), Quyet dinh ve viec phe duyet De dn Day manh cdc hoat ddng ho tra ndng cao ndng luc canh tranh cua doanh nghiep trong nudc tren dia bdn tinh Binh Duong giai doan 2017 - 2020.
Ngay nhan bai: 10/9/2018
Ngay phan bien danh gia va su'a chi?a: 20/9/2018 Ngay chap nhan dang bai: 30/9/2018
Thdng tin tdc gid:
1. ThS. PHAM CONG DQ 2. ThS. MAI VAN LUONG Trtfcfng Dai hoc Thu Dau Mot
IMPACTS OF THE FINANCIAL MANAGEMENT ON THE FINANCIAL PERFORMANCE OF SMES
IN BINH DUONG PROVINCE
• Master. PHAM CONG DO
• Master. MAI VAN LUONG Thu Dau Mot University
ABSTRACT:
The financial management plays a key role in the survival and growth of small and medium- sized enterprises (SMEs). This study is to examnine the impact of the financial management on the financial performance of SMEs in Binh Duong province. The study focuses on four categories of the financial management including: (1) accounting information system, (2) cash management, (3) receivable and inventory management and (4) fix assets management. Results indicate that these categories of the financial management have significant impacts on the financial performance.
Keywords: Financial management, financial performance, small and medium-sized enterprise, Binh Duong province.
So 13 Thang 10/2018 339
