Kiiihtc
Moi quan he giu'a cau true von va nang li/c canh tranh
tai cac doanh nghiep nganh thep Viet Nam
D 6 KIJVI DCf*
Tom tat
Trong nghien cdu ndy, tdc gid tie'n hdnh phdn tich md'i quan he giiia cdu trdc vd'n vd ndng lUc cqnh tranh cdc doanh nghiep ngdnh thep. Bdng cdc ky thudt phdn tich hoi quy dit lieu bdng, ke't qud cho thdy, viec huy dgng vd'n vay de ddu tu tdng them dd ldm cho thi phdn cda cdng ty cung gidm di. Tuy nhien, khi dqt tdi gid tri nhdt dinh, thi viec tdng ty le ng lai thdc day thi phdn doanh nghiep tdng theo.
Tuf khoa: cdu trdc vdn, ndng lytc cqnh tranh, ngdnh thep Summary
In this study, the author analyzes the relationship between capital structure and competitive capacity of steel enterprises. By using panel data regression analysis techniques, the results show that the borrowing for additional investment has reduced the market share of the company. However, when it reaches a certain value, the increase in the debt ratio boosts the market share of enterprises.
Keyvyords: capital structure, competitive capacity, steel industry
^ GIOI THIEU lai hieu qua nhff mong mud'n. Chinh vi vay, tac gia
thffc hien nghien cffu nham danh gia mdi quan he giffa San xua't thep la nganh cdng nghiep ca'u true vd'n va nang life canh tranh cua doanh nghiep mui nhgn, la nen tang ndng cd't cho sif nganh thep vdi muc dich: (1) Tim ra tac ddng qua lai phat trien ben vffng cua mdi qud'c gia, dac giffa hai ye'u to' ca'u true vd'n va canh tranh trong nganh biet la cac nffdc dang trong qua trinh cdng nghep nhff the nao; (2) Giup cac doanh nghiep nganh nghiep hda, hien dai hda nhff Viet Nam. thep cd tham khao nghien cffu, nham dffa ra chinh sach
Trong mdi trffdng kinh te' canh tranh ca'u true vd'n phu hdp tinh hinh thffc te cua cdng ty.
gay gat, viec md rdng dau tff cho hoat
dong cdng ty se giup doanh nghiep dam CO^SOf LY THUYET VA PHU'ONG PHAP bao dffdc hieu qua boat ddng kinh doanh NGHIEN CUU
(Moeinaddin va cdng sff, 2013). De thffc
hien dffdc cac ke hoach nay, viec dau tff Casd ly thuyet
thu hut vd'n cung nhff chinh sach ve vd'n Theo Ross va cdng sif (2008), ca'u true vd'n cua la yeu td'quan trgng bffdc dau trong viec mdt doanh nghiep la sff ke't hdp giffa viec sff dung thffc thi chien Iffdc. vd'n nd va vd'n chu sd hffu theo mdt ty le nha't dinh de
Tuy nhien, nhin lai sff phat trien cua tai trd cho boat ddng san xua't, kinh doanh. Mdt ca'u nganh thep Viet Nam nhffng nam qua, thi true vd'n hdp ly ke't hdp hai hda giffa nd vay va vd'n hoat dgng dau tff trong nganh nay dang chu sd hffu sao cho chi phi su" dung vd'n cua doanh raft kem hieu qua, gay that thoat ngudn nghiep la nhd nha't, rui ro cd the chap nhan dffdc va vdn nha nffdc. Viec md rgng dau tff vdi gia tri tai san cua chu sd hffu dffdc td'i da hda trong muc tieu nang cao nang life canh tranh dieu kien kinh doanh cu the cua doanh nghiep. Viec cho doanh nghiep, nhat la cac doanh xac lap cac cd ca'u vd'n td'i ffu se dem lai hieu qua boat nghiep nha nffdc hau nhff khdng mang ddng tai chinh cho doanh nghiep, cung nhff nang cao 'ThS., Trffdng Dai hoc Kinh te va Quan trj kinh doanh Thai Nguyen I Email: [email protected] Ngdy nhdn bdi: 09/10/2018; Ngdy phdn bien: 10/11/2018; Ngdy duyet ddng: 21/11/2018
Econon and Forecast Review •] ] 7
B A N G 1: GIAI THlCH CAC BIEN TRONG MO HINH DT.
ll
QTOBIN.^
HHl
It
SIZE, CVA,„
cy^.,
GRTA.
It
UNIQ.^
CR
tl
Cafu triic vo'n Chi so'Tobin's Q Chi so HHl
Quy mo doanh nghiep Tai san bao dam 1 Tai san bao dam 2 Toe do tang trufdng tai san Dac diem cua tai san
Kha nang thanh toan hien thdi
Tong nd/Tong tai san
(Gia tri so sach cua tong nd phai tra + Gia tri thi trtfcfng cua von cd phan)/Tdng gia tri sd sach cua tdng tai san
HHl. = s- vdi s- la thi phan cac doanh nghiep trong nganh.
Ln (tdng tai san)
(Hang tdn kho + Tai san hiifu hinh)/Tdng tai san (Tdng tai san - Tai san vo hinh)/Tdng tai san (Tong tai san nam t - Tdng tai san nam t-1)/
Tdng tai san nam t-1
Tdng chi phi hoat dong/Tdng doanh thu Tai san ngan han/Nd ngan han
Ngudn: Nghien ciai cua tac gia BANG 2: KET QUA TAC DONG CUA CAC TRUC VON LEN CANH TRANH
Cac big'n dpc Idp DT
DT2 SIZE GRTA UNIQ CR Constant
HHl 0.0299*
(0.0167) -6.96e-05*
(3.85e-05) 0.744***
(0.0983) -0.0555*
(0.0291) -0.0240 (0.0316) 0.00314 (0.00445)
Q 87"^***
(0.887)
TOBINSQ -0.0691 (0.0463) 0.000637 (0.000435) 0.155***
(0.0278) -0.0162 (0.0176) -0.00268 (0.0159) -0.00836 (0.00526) 0.397 (0.796) Ghi chu: (*); (**); (***) co y nghia thd'ng Ice vdi mdc y nghia
Mguon:
70%, 5% va 1%
Tinh toan cua tac gia
nang Iffc canh tranh cho doanh nghiep (Modigliani va Miller, 1958).
Nghien cffu cua Moeinaddin va cdng sff (2013) cho rang, mdt nganh dffdc coi la cd nang life canh tranh cao, khi thi phan cang phan tan va ngffdc lai. Nhdm tac gia binh luan ve hai chi so' HHl (Herfindahl Hirschmann Index) va Tobin's Q thffdng dffdc diing trong do Iffdng nang life canh tranh cua doanh nghiep hay cua nganh.
Theo dd, chi so'HHl la mdt chi sd'ra't manh de do Iffdng nang life canh tranh theo nganh va nhan gia tri tff 0 den 1. Chi so nay cang ldn, thi thi phan cua nganh cang tap trung vao mdt sd' doanh nghiep, nghia la sff canh tranh cua thi trffdng nganh cang giam.
Guney va cdng sff (2011) thifc hien nghien cffu tren thi trffdng Trung Qud'c da nhan thay, tdn tai md'i quan he tuye'n tinh, cung nhff phi tuye'n giffa yeu to canh
tranh (Tobin's Q va HHl) va cau tnic vdn cua doanh nghiep (ty le nd). Cdn nghien cffu cua Sumitra va Malabika (2011) tim tha'y sff anh hffdng cua quy md canh tranh tren thi trffdng san pham, ma mot cdng ty phai dd'i mat^trong mdt da't nffdc dang phat trien nhff An Do de'n cac quyet dinh eau true vd'n cua cdng ty dd.
Md hinh nghien cdu
Vdi viec tham khao md hinh nghien effu eua Guney va cdng sff (2011);
Moeinaddin va cdng sff (2013); Mitani (2013)... danh gia ve ca'u true vd'n va thj trffdng canh tranh trong cac doanh nghiep, tac gia dffa ra md hinh gia thuye't nhff sau:
DT =P^ + dCA+ yg, CA'., + d CVA,.
It '^0 f^l ^2 u " 4 111
+ fi^CVA, -^ -^P^ROA.^-^p^
CA^, = ' > , +P^im, + fifiRTA^, +
^^UNIQ^, + ^fR,+M,
Trong do: CA: Canh tranh bao gom HHl va Tobin's Q eac bien edn lai dffdc giai thich nhff trong Bang 1.
PhUOngphdp nghien cdu
Tac gia tie'n hanh thu thap bao cao tai chinh cua cac doanh nghiep nganh thep niem yet tren 2 san giao dich chffng khoan Viet Nam (HNX va HOSE) tif nam 2008 de'n nam 2017 thdng qua cac kenh cung cap, nhff: CafeF, Vietstock va FiinPro cua StoxPlus. Sau dd, dff lieu dffdc dffa vao phan mem STATA de phan tieh (Bdi vie't sd dung cdch viet sd thdp phdn theo chudn qud'c te).
KET QUA NGHIEN CLfU
Ket qud ddnh gid tdc dgng cda cdu triic vdn tdi cqnh tranh
Ket qua hdi quy vdi dff lieu bang cho tha'y, Ca'u true vd'n (DT) cd tac dgng tich cffc len HHL Tuy nhien, tdi 1 gia tri nao eifc dai, thi viec tang DT se lam cho HHl giam xud'ng (theo dang ham chff U ngffdc). Trong khi dd, DT khdng tac ddng len Tobin's Q (p-vlaue cua DT deu ldn hdn 0.1)
Ket qud ddnh gid tdc dgng cua cqnh tranh len cdu trdc vd'n
Ket qua Bang 3 da chi ra, Tobin's Q chi cd tac dgng tuye'n tinh va ngffdc chieu len ca'u true vd'n (p-value nhd hdn 0.05 va he sd beta am). Ddng thdi, tac gia phat hien ra, khdng tdn tai md'i quan he phi tuyen (bac 2) tac dgng ciia Tobin's Q len ca'u true vd'n (p-value cua Tobin's Q2 ldn hdn 0.05). Ye'u td thi phan HHl khdng cd tac dgng tuye^n tinh len eau tnic vd'n, nhffng cd tac dgng ham bae 2 tdi cau
118
Kinh te \a Di/bioKinhte
true vd'n (p-value cua HHI2 nhd hdn 0.05 vahe so beta am).
Ngoai ra, tac gia ed tim ra ye'u td quy mo (SIZE) cd tac dgng cung chieu len Ca'u true vd'n (he sd beta dffdng va p-value nhd hdn 0.05). Ben canh dd, ye'u to Dac diem tai san UNIQ va Kha nang thanh toan hien thdi (CR) cd tac ddng ngffdc chieu len Ca'u true vd'n (p-value nhd hdn 0.05 va he sd beta am). Cac bie'n edn lai trong md hinh deu khdng cd tac ddng len Ca'u true vd'n (p-value ldn hdn 0.05).
Thdo luan vd hdm y nghien cdu Ye'u td' canh tranh the hien qua Tobin's Q cd tac ddng ngffdc chieu va tuyen tinh len Ca'u true vd'n cho tha'y, gia tri cd phie'u hay sd' Iffdng ed phieu doanh nghiep tang len se lam giam ty le nd cua doanh nghiep xudng. Doanh nghiep boat ddng hieu qua lam cho gia cd phie'u ciing tang len, dieu nay dem lai nhieu ldi nhuan cho doanh nghiep hdn. Tff dd, viec sff dung md rdng hoat ddng kinh doanh hoan toan chu ye'u dffa tren Iffdng tien dff trff cd dffdc tff ldi nhuan thu ve, Iffdng vdn vay ben ngoai da dffdc ban che hdn.
Ngffdc lai, khi doanh nghiep boat ddng khdng hieu qua lam cho gia cd phieu giam, ciing nhff sd' Iffdng cd phie'u giao dich ciing giam di. Dieu nay lam cho tinh hinh boat dgng kinh doanh khdng nhffng can vd'n vay de duy tri boat dgng, ma can tang eau true vd'n nham phat trien boat dong doanh nghiep.
Yeu to' Thi phan doanh nghiep cd tac dong ham bac hai va ngffdc chieu len Cau true vd'n cho tha'y, HHl cd anh hffdng manh tdi Ca'u true vd'n. Khi HHl tang, se lam cho Ca'u true vd'n danh nghiep giam manh hdn so vdi tac ddng cua Tobin's Q.
Thi phan cua doanh nghiep md rdng hdn, thi trffdng cua doanh nghiep ldn hdn, cac doanh nghiep thep cd xu the diing it vd'n vay hdn (ve y nghia gan gid'ng vdi lap luan cho Tobin's Q). Ket qua nghien cffu cua tac gia phu hdp vdi cae nghien cffu khac (Barclay va cdng sif, 1996; Titman va cdng sii, 1988; Rajan va cdng sff, 1995) deu chi ra tac ddng ngffdc chieu cua yeu td canh tranh tdi Cau true vd'n.
Quy md doanh nghiep ed tac ddng cung chieu len Ca'u true vd'n. Dieu nay CO the tha'y, cac doanh nghiep cd xu the md rdng quy md doanh nghiep cung buy dong ngudn vd'n vay ben ngoai nhieu hdn la vijc sff dung ngudn vd'n dif trff trong do;.nh nghiep.
BANG 3: KET QUA TAC DONG CUA CANH TRANH LEN CAU TRUC VON
VARIABLES HHl
HHI2 TOBINSQ TOBINSQ2 SIZE CVAl CVA2 UNIQ CGIR CRt ROA GRTA Constant
(1) 113.4 -192.5 -10.378**
-5.001
20.32***
-5.356 0.0152 -0.0677 -0.382 -0.683 -195.5***
-22.8 0.0202 -0.0477 -9.276***
-2.002 0.197 -0.846 0.00436 -0.0365 -178.2***
-54.38
(2)
-0.0535**
-0.026 0.00012 -0.0001 18.90***
-5.724 0.0133 -0.0661 -0.493 -0.562 -181.0***
-52.96 0.00074 -0.0454 -11.31***
-2.365 0.43 -0.634 0.0447 -0.0514 -151.7**
-64.79 Ghi chii: (*); (**); (***) co y nghia thdng iii vdi mile y nghia 10%, 5% vd 1%
Ngudn: Tinh toan cua tac gia
Yeu to Kha nang thanh toan hien thdi cd tac ddng ngffdc chieu tdi Ca'u true vd'n. Dieu nay cho thay, cae doanh nghiep nganh thep cd kha nang thanh khoan cao, thi ty le nd se ed xu the giam di. Dieu nay cd nghia cac doanh nghiep cd xu the sff dung it vd'n vay, nhffng van de dff trff chffa ddi dao, nen viec vay tin dung vin phd bien dd'i vdi nganh thep.
Dae diem tai san cung tac ddng ngffdc chieu len Ca'u tnic vd'n. Dieu nay eho tha'y, cac hang muc dem lai doanh thu khdng cao, nhffng lai mat chi phi hoat dgng ldn se lam tang ty le nd cho doanh nghiep. Cac hang muc dd gan vdi boat ddng chung cua doanh nghiep, nen sii" dung ngudn vd'n vay tin dung se khdng mang lai hieu qua. Cac doanh nghiep cd cac san pham dac trffng nay (hang muc can thie^t trong hoat ddng cua doanh nghiep, nhffng gia tri mang lai tha'p hdn so vdi doanh thu cd dffdc tff dau tff nay) cd xu hffdng dung tai san dff trff de duy tri boat ddng hdn la viec di vay tin dung ben ngoai.
KET LUAN VA HAM Y CHINH SACH
Ke't qua cho tha'y, viec huy ddng vd'n vay de dau tff tang them da lam cho thi phan ciia cdng ty cung giam di. Tuy nhien, khi dat tdi gia tri nha't dinh, thi viec tang ty le nd lai thuc day thi phan doanh nghiep tang
Economy a..-! Forecast Review
119
theo. Ket qua nay tffdng ddng vdi cac nghien cffu khac tai chinh se can cff vao tinh hinh canh (Park va cgng sif, 2013; Ross, 1977). Nguyen nhan din tranh cua doanh nghiep. Cae quye't djnh tdi hieu ffng nay do viec dau tff lien tuc va qua nhieu vay vd'n tin dung, hay sff dung vd'n dff trff tff vdn vay ben ngoai trong ngan han chffa cho tha'y, trong doanh nghiep se trd nen ddn gian doanh nghiep boat ddng chffa hieu qua. Vdi dac thu hdn tff 2 ye'u to Tobin's Q va HHL Trong nganh thep la nganh cdng nghiep nang, nen Iffdng vdn trffdng hdp tinh canh tranh dang cd xu the dau tff can ldn va hen tuc trong dai ban. Vi the, tdi giam, doanh nghiep can cd ddng thai tang mdt gidi ban nha't dinh viec dau tff nay bat dau sinh ldi eau true vdn nham tie'p tuc thuc day boat va dem lai kha nang canh tranh cho doanh nghiep (thi dgng theo ke hoach ciia doanh nghiep.
phan tang len). Ben canh cac chinh sach tff phia Nhffng phat hien cua nghien cffu nay da dffa ra hai doanh nghiep, cac td chffc tin dung cQng ham y ve mat chinh sach, nhff sau: cd the theo ddi tinh hinh hoat dgng di^a Thd nhdt, viec dau tff hay di vay them vd'n la can tren thi phan HHl va Tobin's Q nham thiet nham tang nang life canh tranh cua doanh nghiep. dffa ra cac chinh sach cho vay hdp ly ddi Viec can dd'i ca'u true vd'n can dffdc theo ddi va hieu vdi cac doanh nghiep dang vay vd'n cua chinh phu hdp. Ban dau, vd'n vay chffa lam cho thi phan td chffc minh. Ddng thdi, dffa ra quyet doanh nghiep tang ngay. Tuy nhien, tdi thdi diem thi dinh ve tin dung cho vay dd'i vdi doanh phan tang, thi viec tiep tuc dau tff them vd'n nhieu hdn nghiep cd nhu cau vay mdi. Khi HHl se lam tang kha nang canh tranh td't hdn cho cdng ty cung nhff Tobin's Q cd da'u hieu tang len, nganh thep. to chffc tin dung nen cd chinh sach giam Thd hai, cac doanh nghiep nganh thep tich cffc md tin dung vdi doanh nghiep va ngffdc lai rdng quy md ciia minh nham dem lai ldi the canh tranh nham dam bao boat ddng tin dung ciia td ve mat thi phan. chffc. Ngoai ra, viee kiem soat tin dung Tff ke't qua nghien cffu cung cho tha'y, khi doanh dd'i vdi doanh nghiep dffa tren yeu td nghiep nganh thep cd kha nang canh tranh tang len vdi canh tranh cung theo ddi ludn dffdc cac hai chi tieu Tobin's Q va HHl, cac doanh nghiep cd boat ddng bat thffdng eua doanh nghiep:
xu hffdng giam ca'u true vdn (giam ty le vd'n vay tin khi doanh nghiep boat ddng td't, nhffng dung ben ngoai). Do dd, vdi viec hieu chinh ddn bay ty le nd van tang.Q
TAT T TFTJ THAM KHAO
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