^ So 04 (189)-2m) NGHIEN CUfU TRAO DOI
NGHIEN Ciiu ANH HlTOlNG CUA C0 CAU NGUON VON DEN HIEU QUA HOAT DONG CUA CAC DOANH NGHIEP VAT LIEU XAY DUfNG NIEM YET TREN THj TRIfdNG C H O N G KHOAN VIET NAM
Ths. Pham Minh Dire*
Nghien ciru dinh gii tic d^ng cia ca cau nguon v6n din hiiu qui hoat d^ng kinh doanh cua 25 doanh nghiep nginh vit Mu xiy dimg niim yet trin thi tnrimg chirng khoin Viet Nam trong giai dofn 2009-20*7. Bang phuxmg phip hoi quy v&i da liiu bing, ket qui cho thay vi#c sir dung ddn bay tii chlnh
&mirc cao cd anh /luong tieu cifc den hiiu qui hoat dfng kinh doanh. Bii viet cOng h# thong tong quan cac nghiin ciru lien quan din ca ciu nguon von vi hiiu qui hoat dong kinh doanh cua doanh nghidp.
Bong thirl tiep c$n du^ri gdc dd til chinh, bii viit tien hinh phin tich thirc nghiem de kiem tra, dinh gii inh (iiMng ciia ca cau nguon von din hieu qui hoat d^ng kinh doanh cua cic doanh nghidp 1/LXD mem yet trin thi trucmg chimg khoin Vi^t Nam.
• TO kh6a- CO cau ngudn von, hiiu qui hoat d^ng kinh doanh, doanh nghiip vit liiu xiy dung.
cua Myers va Majluf (1984)... Trong do, ly thuyet Modigliani va Miller (1963) va nhom cac ly thuydt vh cac loi ich bii trtr ciia Kraus va Litzenberger (1973), Jensen & Meckling (1976), Miller (1977), DeAngelo va Masulis (1980), Myer (1977, 1984) v6 chi phi dai dien, chi phi kiet que tai chinh cung da ii cap den anh huang cua ca cSu ngu6n von den hieu qua hoat dong kinh doanh ciia DN.
Anh huang ciia ca cau ngu6n von dSn hieu qua hoat dong kinh doanh cua DN la van de nhan dugc su quan tam dang ke ciia cac nha nghien ciiu cung nhu nhOng nguai quan ly doanh nghiep (San & Heng, 2011). Tuy nhien, nhung kat qua nghien ciru cho den thM diem hien tai con chua thdng nhat. Co th6 kk ra mot so quan di6m nhu sau:
Khong CO anh huang cua ca cau nguon von den hieu qua hoat dong liinh doanh cua doanh nghiep: Trong nghien ciiu nam 1958, trudng hgp gia dinh rSng, khong co thu6 thu nhap doanh nghiep (TNDN), quan diem cua ly thuyet M&M cho ring ca cdu nguon von khong co anh huong gi dSn gia tri cua DN hoac DN khong co each nao d€ gia tang gii tri bing each thay doi co cau ngu6n v6n. Ciing quan diSm nhu vay, Rajhans The research evaluates the impact of capital
stnjcture on business performance of 25 listed constnjction matenals enteiphses on Vietnam stock martiet In the period of 2009-2017. By regiesslon method with panel data, the results show that the high financial leverage negatively affects the business pedormance of listed constnjction matenals enteiprises. The paper also provides a literature review of researches related lo capital structure and business perfonnance of enterpnses.
• Keyv^ords: capital structure, business performance, constniction matenals enterprises.
Ngay nhin bii: 10/1/2019 Ngiy chuyen phin biin: 13/1/2019 Ngiy nhin phin biin: 20/1/2019 Ngiy chip nhin ding. 22/1/2019
1. Co sof ly thuyet
Xoay quanh vSn d6 ca cSu nguon von da co rat nhiSu nghien ciru. DiSn hinh nhir Nghien ciru cua Modigliani va Miller (M&M) (1958, 1963), ly thuySt danh doi trong cac nghien ciru cua Kraus va Litzenberger (1973), Jensen va Meckling (1976), ly thuyet trat ttr phan hang
* Hgc vien Tai chinh
T a p chi nghien cflu Tai chinh k^ toan
NGHIEN CLfU TRAO 001 ( So 04 (189)^2019)
va cdng su (2013) thuc hien nghien cuu: Quyet dinh tai chinh tac dgng d6n gia trj DN: BSng ebung tu 16 DN An Do thuoc bdn ITnh vuc:
Luyen kim, hang tieu diing nhanh, cdng nghe thdng tin va cdng nghiep d to dugc niem yet tren Sd Giao dich Chung khoan Bombay (BSE) giai doan tu nam 2002 d6n nam 2011. Kgt qua nghien cuu chi ra rang: Ca cau ngudn vdn va ty le chia cd tire khdng co tac ddng den gia trj DN.
Ca cdu nguon von dnh huang tich cue den hieu qua boat dgng kinh doanh cua doanh nghiep: Ket qua udc lugng cua Abor (2005) cho thay, anh hudng ddng bien ciia ty le ng tren tdng ngudn vdn den ty suat Igi nhuan tren vdn chu so huu (ROE) ciia 20 DN niem yIt tai Ghana trong giai doan 1998 - 2002. Ung hd cho ket luan ciia Abor (2005) thi Gill, Biger va Mathur (2011) cung quan sat thay, moi quan he ciJng chieu giiia ty le ng va he sd ROE trong mdu gdm 272 DN dich vu va san xuat niem yet tai New York giai doan 2005 - 2007.
Ca cdu nguon von co dnh hudng tieu cue den hieu qud hogi dong kinh doanh cua doanh nghiep: Trai ngugc hoan toan vdi nhiJ-ng ket luan tren, Majumdar va Chhibber (1999) tim ihiy bang chirng co y nghTa thong ke ve mdi quan he ngugc chieu giua co cau ngudn vdn va hieu qua hoat ddng dua tren mgt mau quan sat gdm 1.000 DN tai An Do trong giai doan 1988 -1994. Nghien cuu cua Gleason va Mathur (2000) cung cho th§y, anh hudng tieu cue cua ty le ng tren tdng ngudn vdn den he sd ROA ciia cac DN trong nganh ban le tai 14 qudc gia d chau Au. Hay Zeitun va Tian (2007) nghien ciru 167 DN tai Jordan trong giai doan 1989 - 2003 cung cho ket qua tuong tu.
2. Phuffng phap nghien ciiu 2.1. Die lieu nghien ciru
Do dieu kien cdn han che nen de thuc hien nghien ciru, tac gia chii yku sir dung dir lieu thir cSp. Do la cac bao cao tai chinh hang nam da dugc kilm toan. Cac bao cao nay dugc tac gia thu thap tir website hsx.vn, hnx.vn va cdng thdng tin cua cac DN.
Nghien ciru su dung sd lieu cua 25 DN nganh VLXD dugc niem yk tren thj trudng chirng khoan Viet Nam trong khoang thdi gian tir 2009- 2017. Cac DN chiam ph§n ldn thi phSn nganh VLXD tai Viet Nam.
2.2, Cdc bien nghien ci^u
Can cu vao cac nghien cuu trudc do lien quan, tac gia sir dung mgt sd bien nhu sau:
2.2.1. Bien phu thuoc
Theo Behn (2003), hieu qua kinh doanh cd th6 chiu tac ddng bdi nhieu nhan td khac nhau nhu: Muc tieu kinh doanh, quy md hay tudi ddi doanh nghiep... Hien nay, co rat nhieu chi tieu do ludng hieu qua kinh doanh ciia DN nhung cac chi tieu thudng dugc sir dung nhieu nhat trong cac nghien ciru vdi cac he sd gia tri ke toan, cdn ggi la cac be sd ve Igi nhuan nhu: Ty suat Igi nhuan sau thue tren doanh thu thuan (ROS), ty su4t Igi nhuan sau thue tren tdng tai san (ROA) hay ty suat Igi nhuan sau thue tren vdn chu sd hiru (ROE)... Tuy nhien, nghien ciru cua Shah va cdng su (2011), Le va cdng su (2011), Shahid (2003) deu cho rang, chi tieu do ludng hieu qua kinh doanh (ROS hay ROA...) cung gin tuang tu nhu ROE. ROE phan anh, vdi mdt ddng vdn ma chil sd hiJu dau tu se mang ve bao nhieu Igi nhuan tir hoat dgng kinh doanh va day la van de ma chu sd h&u quan tam nhSt khi dau tu. Do dd, bai viet chgn ROE la bien dai dien eho hieu qua kinh doanh. ROE dugc xac djnh nhu sau:
ROE ^ Lgi nhuan sau thue/Vdn chii sd hiru binh quan
2.2 2. Bien doc lap
He so nff (TLEV): Muc do su dung ddn bSy tai chinh trong DN dugc the hien d chi tieu he sd ng. DN cd he sd ng cao Xhi hien muc do sir dung ddn bay tai chinh d muc do cao va ngugc lai. Amarjit Gill (2011) cung nhidu nha khoa hgc khac da sir dung chi tieu he sd ng dd danh gia anh hudng ciia co c4u ngudn vdn dkn hieu qua boat dgng ciia doanh nghiep. He sd ng cua DN dugc xac dinh theo cdng thirc:
He sd ng = Ng phai tra/Tdng ngudn von
3K> Tap chi nghien ciifu Tai chinh k e toan
[~So04(189)-2019)
NGHIEN CUfU TRAO DOI 2.2.3. Bien kiem sodl
Quy mo doanh nghiSp (SIZE). Dugc xem la mgt nhan td anh hudng den hieu qua hoat ddng cua DN. Nghien ciru cua Abor (2005)[80] cho thay cac DN cd quy md ldn thudng hoat ddng hieu qua hon. Ngugc lai, nghien ciru cua Cheng va cdng su (2010) cho thSy cac DN quy md Idn lai hoat ddng kem hieu qua ban. D^ phan anh quy md DN Shumi Akhtar (2005) sir dung chi tieu tdng tai san. Trong khi dd, nghien ciru ciia Titman and Wessels (1998) sir dung chi tieu long doanh thu. Trong pham vi bai viet, tac gia su dung chi tieu tdng tai san (theo gia tn sd sach) de do ludng quy md cua DN.
SIZE = Gia tri sd sach tdng tai san.
Tdc dp luan chuyen vdn (WKD): Cac doanh nghiep cd tdc do luan chuyen vdn nhanh thi doanh Ihu tao ra la Idn hon. Day la ca sd de tang dugc igi nhuan cung nhu hieu qua hoat ddng eiia DN. Tac gia lira chgn tieu chi "Vdng quay vdn kinh doanh"
de xac djnh tdc do luan chuyen von ciia DN.
VVK.D ^ Doanh thua thuan/Tong tai san binh quan
Khd nang tang tru&ng (GROW): Cac nghien ciru trudc day thudng sir dung ty le tang trudng doanh thu hoac ty le lang trucmg tdng tai san de do ludng kha nang tang trudng ciia
cac DN (theo Myers, 1977). Trong nghien cuu nay, tac gia sir dung ty
le tang trudng tai san de do ludng H°th°r'Fi<Id-!^f kha nang tang irudng ciia DN. B^niriigri '
C(/ cdu tdi san (TANG): Qt xac dinh ca cau tai san, tac gia xac dinh gia tri cua tai san cd djnh (theo gia tri sd sach) iren long tai san (theo gia trj sd sach). Cu the:
TANG ^ Tai san cd dinh/Tdng tai san
Khd ndng thanh todn (LIQ):
De danh gia kha nang thanh loan
ciia doanh nghiep, nghien cuu sii dung chi lieu kha nang thanh loan tdng quat:
LIQ = Tai san ngan han/ Ng ngan han
Quyen sff hiru cua nhd qudn ly (SOE): Theo nghien ciru ciia Kang va Zardkoohi (2005) chi ra rang mgl ngudi khdng nen giQ- ca hai vj tri CEO va chii tjch HDQT vi se lam giam hieu qua quan trj vi su bao ihu ciia CEO va sir giam siit muc do ddc lap ciia HDQT Hay nhu Nguyen Minh Hue va Dang Tiing Lam (2017) da chi ra rSng cac cdng ty niem yk tren thj irudng chirng khoan Viet Nam cang cd su lach biet giira chirc nang sd hu-u va chirc nang quan ly thi hieu qua hoat dgng lai cang cao. Nghien ciru xac dinh quyen sd hifu cua nha quan ly dua Iren ty le sd hiru tinh den cudi nam dugc cdng bo tren bao cao thudng nien ciia cac DN.
2.3. Md hinh nghien ciru:
Md hinh kinh le lugng phan anh tac ddng ciia cac nhan td den co cau ngudn vdn ciia cac doanh nghiep VLXD dugc de xuat de udc lugng va kiem dinh nhu sau:
ROE = p^ + p^. TLEVSIZE + p^. SIZE + p,.
VVK + p^. GROW + p,. TANG + p^. LIQUID + p,. SOE
3. Ket qua nghien cu-u
Sau khi kiem djnh su phiJ hgp ciia md hinh, ket qua cho thay md hinh cd su tu tuang quan va phucmg sai sai sd thay ddi. Kel qua hdi quy sau hieu chinh nhu sau:
M8 hinh hoi quy sau dieu chinh
. g i
';E
c.„. " ; " ' " ; ; " , , . , , , i . , , =.., , . , . „ . , ,
•HE :E:: ii: :B -:;E: ::iiiii;
Ngudn Kef qua luphdn mem STA TA
Tir ket qua md hinh djnh lugng, co the riit ra mdt sd ket luan ve lac dgng ciia cac nhan Id den hieu qua hoat ddng ciia cac DN nganh VLXD niem yk trong giai doan 2009-2017, nhu sau:
Tap chi nghien cufu Tai chinh ice toan
NGHIEN CQU TRAO BOI { So'04 (189)^2019)
Kiem dinh cho ket luan md hinh hoi quy la phil hgp (p-value= 0,000 <0,05). He sd R^ = 0,45 chung Id 4 5 % thay ddi trong hieu qua boat ddng ciia cac doanh nghiep VLXD la do tac dgng cua cac nhan td ke tren. Xem xel cu the cac yeu td giai thich cho hieu qua boat ddng ciia cac doanh nghiep VLXD cho thiy:
Cdc nhan to co quan hi thuan chieu v&i hieu qud hoat dong
Kha nang tang trudng: Bien GROW cd he so hdi quy 0,1202, vdi muc y nghTa thdng ke 1%.
Dieu nay cho thay cac doanh nghiep VLXD cd tdc do lang trudng lai san cang ldn thi hieu qua hoat ddng cang cao.
Tdc do luan chuyen vdn: Bien W K D cd he sd hdi quy la 0,0567 va cd y nghTa thdng ke d mirc 5% cho thay mdi quan he ciing chieu giua tdc do luan chuyen vdn va hieu qua hoat ddng cua DN.
Cac bien: Ca cau tai san (TANG) va kha nang thanh loan (LIQ) cd tac ddng ciing chieu den hieu qua hoat ddng cua DN nhung p-value deu ldn han 5%. Nen khdng cd y nghTa thdng ke trong md hinh tren.
Cdc nhdn to co quan he ngwac chieu v&i hieu qud hogt dpng
He sd ng: Bien TLEV cd he sd hdi quy la -0,9125, vdi mirc y nghTa thdng ke 1%. Vdi ket qua nhu tren, cd the thay rang trong giai doan 2009-2016, cac doanh nghiep VLXD cd he sd ng cao thudng cd hieu qua hoat ddng kinh doanh thap ban. Dieu do cd the ly giai bdi trong giai doan 2009-2016, cac doanh nghiep VLXD van cdn gap phai nhifng khd khan nhat dinh, kha nang lieu thu san pham khdng tdt, chinh vi vay viec sir dung ddn bay tai chinh d muc cao lai cang lam cho ROE ciia cac DN tren giam sut.
Quyen sd hCfu cua nha quan ly: Bien SOE cd he sd hdi quy la -0,2673, vdi miic y nghTa thdng ke 5%. Cho thay cac doanh nghiep VLXD cang cd su lach biet ve chirc nang sd h&u va chirc nang quan iy thi hieu qua hoat ddng la tdt han.
Ket luan: Ket qua nghien ciru mdi quan he giua ca cau ngudn vdn va hieu qua hoat ddng
kinh doanh th^ hien qua chi tieu ROE cho thay CO cau nguon von la mgt trong nhifng nhan lo tae dgng ngugc chi8u d6n hieu qua hoat dgng kinh doanh cua cac DN nganh VLXD. Trong giai doan 2009-2017, cac DN cd he sd ng cao hon thudng cd kha nang sinh Idi thdp han. Dieu nay dugc giai thich do trong giai doan 2009- 2017, hoat ddng san xuk kinh doanh ciia cac doanh nghiep VLXD cdn gap nhieu khd khan, vi vay viec su dung ng phai tra khdng nhtfng khdng phat huy dugc mat tich cue eua ddn bay tai chinh ma cdn Iam giam hieu qua boat ddng ciia doanh nghiep. K6t qua nghien cuu la co sd giup doanh nghiep VLXD xay dung mgt co cau ngudn vdn phii hgp cho tbdi gian tdi. Duy tri he sd ng d mifc thap hem se giup DN giam rui ro tai chinh, nang cao hieu qua boat ddng kinh doanh cung nhu ldi da hoa gia tri DN.
Tai lieu tham khao:
Abor. J (2008) Determinants of ihe capital structure of Ghanaian firms (No. RPI 76). African Economic Research Consortium.
Chen. J. J., 2003. Determinants of capital structure of Chinese-listed companies The Journal of Business Research. 57(12). 1341-1351
Margaritis. D. & Psillaki, M (2007) "Capitalstructure and firm efficiency" Journal of Business Finance dc Accounting 34 9 -10: 1447 • 1469.
Myers, S. C. (1984). The capital structure puzzle. The journal offinance, 39(3). 574-592
Tien, T D. (2014). "The determinant of capital structure: Evidence from Chinese publicly listed firms"
MSc Dissertation of Finance and Accounting Department, the University of Greenwich.
Jensen. MC. (1986). Agency costs of free cashflow, corporate finance and takeovers. Amencan Economic Review 76, 323-339
Vo Minh Long (2017), "Tdc dong ciia cau true von den gia tri doanh nghidp cua cac doanh nghiep co phan niem yet Iren s& giao dich chirng khodn Thanh phd Ho Chi Minh ", Ludn dn Tien si Kinh le, Trucrng Dai hoc Ngdn hang Thanh pho H6 Chi Mmh, TP. Hd Chi Mmh.
VoXudn Vinh (2014), Cdu true so hiru va cdu true von Nghien cvu thuc nghiem tai thi truang chung khodn Vi$t Nam. Top chi cong ngh? Ngdn hang so 101 (thdng 8/2014) Trang 32-27.
4d> Tap chi nghien cuTu Tai chinh ice toan
