TAI CHiNH-TIEN TE
Nhan dien hanh vi quan trj Ipi nhuqn nham tranh Id va giam lei nhuqn cua cac doanh nghiep niem yet tren thj trudng chtrng khoan Viet Nam
T R A N KY H A N D i r d N G N G U Y E N HlTNG di viet cung cdp bdng chting ve hdnh vi qudn tri ldi nhuqn nham trdnh 16 vd tranh gidm Iqi nhuqn cda cdc doanh nghiip niitn yi't tren thi triidng chiing khodn Viet Nam. Bdng phucfng phdp phdn phoi Iqi nhuqn (Earnings Distribution Approach - EDA) vdi mdt tap da lieu gom 2.950 quan sdt cua 295 doanh nghiep trong khodng thdi gian tii 2007 - 2016, bdi viii chiing minh rang cdc doanh nghiep tren thi triidng chiing khodn Viet Nam co thUc hien hdnh vi qudn tri Iqi nhuan nhdm trdnh 16 nhiing khong thiic hien hdnh vi qudn tri ldi nhuan nhdm trdnh gidm ldi nhuqn; dong thdi, phdt hien ra sii thay ddi voh liiu dgng Id cdc cdng c«
pho bien de nhd qudn tri thiic hiin hdnh vi qudn tri Iqi nhuqn trdnh 16.
Tii khda: qudn tri Iqi nhuqn, qudn tri Iqi nhuqn trdnh 16, thi triibng chiing khodn.
1. Gidi t h i e u
Quan tri ldi n h u a n (QTLN) thUdng dUdc thUc Men gan lien vdi mot dong cd nha't dinh nao do cua n h a quan tri nhu: p h a t h a n h cl' phid'u, trai phid'u; moi quan he gifla QTLN v6i quan tri doanh nghiep; QTLN n h a m t r a n h lo va t r a n h giam ldi n h u a n . . . trong do dong cd t r a n h lo va t r a n h giam ldi n h u a n co the noi la mot dong cd thucing trUc cua cac nha quan tri khi n h i c dd'n QTLN.
Tren the' gidi da eo n h i i u tac gia nghien eflu v l h a n h vi QTLN n h i m t r a n h lo va t r a n h giam ldi n h u a n n h u David Burgstahler va Ilia Dichev (1997), Kazuyuki Suda va Akinobu Shuto (2003), Holland va Ramsay (2003)... H i u nhu k i t qua ciia cac nghien eflu nay deu cho rling cae doanh nghidp niem ye't cd ton tai h a n h vi QTLN n h a m t r a n h lo va t r a n h giam ldi nhuan. Tai Viet Nam, mot so tac gia da nghien cflu v l h a n h vi QTLN noi chung ma khong t a p t r u n g vao viee n h a n didn h a n h vi QTLN n h a m t r a n h lo va t r a n h giam ldi n h u a n cua eae doanh nghidp t r e n thi trfldng chflng khoan (TTCK) Viet Nam. Nguyen Thi PhUdng Loan va Nguyen Minh Thao (2016) cung ap dung phUdng p h a p xem xet
p h a n phoi mUc ldi n h u a n tUdng tu nhu nghien ciiu nay dd p h u c vu viee n h a n dien n h a n dien h a n h vi QTLN n h a m t r a n h lo tuy nhien do khdng p h a i la phUdng phap nghidn cUu trong t a m cila Nguydn Thi PhUdng Loan va Nguyen Minh Thao (2016). PhUdng phap nghien etfu chinh eua Nguyen Thi Phudng Loan va Nguyen Minh Thao (2016) la ap dung cac mo h i n h n h a n dien QTLN dua tren eac giao dich thUc (real earnings management), trong khi nghidn eutu n a y ap dung phUdng p h a p khao s a t p h a n phoi ldi n h u a n d^ nhan dien va Mdc t i n h so t r u d n g hdp QTLN.
2. T o n g q u a n n g h i e n cijfu, cd soT ly t h u y e t v a phittfng p h a p n g h i e n ciiM 2,1. Tdng quan nghien cvtu T h u a t ngfl q u a n tri ldi n h u a n mang ham;?
ra't rong do do cung co n h i i u khai nidm, dinh nghia khac n h a u ve QTLN. Theo nghien cdu dUdc n h i i u tac gia trich dan thi Healy va Wahlen (1999) cho r a n g QTLN xay r a khi cac n h a quan ly sxi d u n g eac xdt doan trong viec l a p bao cao t a i c h i n h va t r o n g cac giao dieh Tr&i KJ Han, ThS., Tnicmg dai hoc Quang Tnmg;
Ducmg Nguyen Hung, PGS.TS., Tnrdng dai hoc Kinh t^, Dai hoc Da Nang.
10 Nghien cOuKinh tesd'6(431) - Thing6/2018
pn dien hdnh vl quan tri
npi bo de t h a y doi bao cao tai chinh hoac la d a n h lUa m o t so' b e n lidn q u a n ve eae h o a t dong kinh td' cd b a n cua cdng ty, hoac gay a n h hudng dd'n k i t q u a cua cac hdp d i n g p h u thuoc vao so'lieu bao eao cua ke' toan.
De chiing minh cac cong ty niem ye't c6 thue hidn h a n h vi QTLN t r a n h lo va t r a n h giam ldi n h u a n trdn eac TTCK, cae n h a nghien ciiu thuSng s\i dung phUdng p h a p p h a n phd'i ldi n h u a n (Earnings Distribution Approach - EDA). Theo phUdng p h a p nay, ho se xay dUng bieu do p h a n phoi mUc ldi n h u a n va mdc t h a y doi ldi n h u a n . Thong qua sU t a p t r u n g eua eac quan sat xung q u a n h miie 0 va mUc t h a y doi ldi n h u a n b a n g 0 d l di de'n ket luan, eae eong ty c6 hay khong viee thue hidn h a n h vi QTLN n h a m t r a n h lo va t r a n h giam ldi n h u a n .
Tidn phong cho viec nghidn ciiu h a n h vi QTLN n h a m t r a n h 16 va t r a n h giam ldi n h u a n la h a i tac gia Burgstahler va Dichev (1997). Thong qua vide t h u t h a p so' lieu cua cac cong ty tai My tU n a m 1976 den 1994 va sii dung phUdng p h a p EDA, cac tac gia da chiing minh dUdc cac doanh nghiep tai thi trudng My co thUc hidn h a n h vi QTLN n h a m t r a n h lo va t r a n h giam ldi n h u a n . Ben canh dd, eae tac gia da p h a t hidn h a i t h a n h p h a n ciia ldi n h u a n do la dong t i l n tii hoat dpng kinh doanh (CFO) va sU t h a y doi vd'n lUu dong (CWC) dUdc sxt dung de t a n g ldi n h u a n . Ke't qua nay dong nhtft vdi nghidn cUu cua Saler, I s k a n d a r va R a h m a t (2005) nghien ciiu tai thi trUdng Malaixia, David Holland va Alan Ramsay (2003) thUe hien trdn thi trUdng chiing khoan Oxtraylia.
P h a t tridn hudng nghien cUu ciia Burgstahler va Dichev, Kazujmki Suda va Akinobu Shuto (2003) da nghien ciiu tUdng t u tai N h a t Ban. Trong nghien ciiu nay, cac tac gia mot mat chUng minh cae doanh nghiep tai N h a t Ban co thuc hien h a n h vi QTLN t r a n h lo va t r a n h giam ldi n h u a n bang phUdng p h a p EDA. Dong thdi, bang mo hinh don tich CO t h e d i l u chinh, cac tac gia eho tha'y so' trudng hdp thuc hidn h a n h vi QTLN
CO lien quan dd'n chi phi thUc hien h a n h vi QTLN, cu the la cac cong ty co t h i QTLN vdi chi phi tha'p CO nhieu k h a nang QTLN d l chuyen tU ldi nhuftn a m sang dUdng. Nghien cUu ciia Finn Sh0ler (2005) eung cho k i t qua tUdng tu.
Tai Vidt Nam, mdt so' tac gia cung da co nhiing nghien cUu v l QTLN noi chung va QTLN t r a n h lo noi rieng. De tim r a md hinh quan tri ldi n h u a n phii hdp eua eac eong ty nidm yet t r e n TTCK Viet Nam, Nguyen Anh H i i n va P h a m T h a n h Trung (2015) da phan tich ba md hinh quan tri ldi n h u a n cua Jones (1991), Modified Jones (1995) va Kothari va eong su (2005). Cac tac gia da phan tieh so' lidu dUdc t h u thap trong nam 2014 bang phUdng phap binh phUdng be nha't va kiem dinh hoi quy boi ciia 380 cong ty niem yet tren TTCK Viet Nam d ca hai san chiing khoan.
Ke't qua nghien ciiu cho thay, trong bw canh tai Viet Nam, hai md hinh Modified Jones (1995) va mo hinh Kothari va cong sU (2005) la CO the ap dung (co y nghia tho'ng ke), trong do mo hinh Kothari va eong sU (2005) la mo lunh phii hdp nha't.
Nguydn Thi PhUdng Loan va Nguyen Minh Thao (2016) da p h a n tieh dd hdu ciia 610 doanh nghidp nidm yd't trong giai doan 2008 de'n 2015 vdi tong cong 3.572 quan sat tai Sd Giao dich chUng khoan Ha Noi va Sd Giao dich ehiing khoan t h a n h pho' Ho Chi Minh.
Trong nghien ciiu nay, bieu do p h a n phoi miic ldi n h u a n dUde sii dung de n h a n didn cac cdng ty nidm yd't t r e n TTCK Vidt Nam nghi ngd thuc hidn h a n h vi QTLN t r a n h 16. Txi dd, thong qua mo hinh n h a n dien quan tri ldi n h u a n dUa trdn giao dich thUc, cac tae gia ket luan rang cac cong ty niem ye't trdn TTCK Viet Nam co thUc hien h a n h vi QTLN thue t l . Nghien ciiu cua Nguyen Thi PhUdng Loan va Nguyin Minh Thao (2016) khong di vao van dung phUdng phap khao sat phan phdi ldi n h u a n de n h a n didn va udc tinh cac trudng hdp doanh nghidp quan tri ldi n h u a n de t r a n h 16 va t r a n h giam ldi n h u a n , ciing nhU cung ca'p bang chUng ve cac phUdng phap ma
Nghien ciJu Kinh l4s66(481) • Thing 6/2018
XI
Nhdn dien hdnh vl quan t r j ,
doanh nghidp co the van dung dd thUc hien h a n h vi quan tri ldi nhuan.
2.2. Cdc ly thuyet lien quan qudn tri Iqi nhuqn trdnh lo vd trdnh gidm ldi nhuqn
Ly thuyet chi phi giao dich
Theo If thuye't nay, cac cong ty la mdt hinh thUc to chUc cu t h i de quan ly, trao ddi hoac "giao dieh" giiia mpt ben nay va mot ben khac (Coase, 1937). Theo Bowen va cdng sU (1995), ly thuye't nay gia dinh r a n g cac doanh nghiep ed ldi n h u a n tha'p hdn se doi mat v6i chi phi cao hdn trong cac giao dich vdi eac bdn lidn quan va do do ton tai dpng ed de cong ty bao cao ldi n h u a n eao hdn, nhU:
Khaeh h a n g san sang t r a gia eao hdn cho hang hoa bSi vi cong ty dUde gia dinh c6 nhieu k h a nang de thUe hien cac nghia vu va cam kd't.
Cac n h a cung ca'p se cung ca'p cac d i l u khoan tot hdn bdi vi cong t y eo n h i e u k h a nang t h a n h toan do m u a h a n g hien tai va cong ty CO n h i i u k h a n a n g m u a h a n g ldn hdn trong tUdng lai.
Cac n h a cho vay cung ca'p cac dieu khoan to't hdn vi cong ty eo it k h a nang bi vd nd hoac tri hoan vide t r a nd.
- Kha nang cac n h a n vien co gia tri rdi khdi eong ty hoac doi hdi miic lUdng cao hdn de 6 lai la tha'p hdn.
Ly thuyei triin vong
Ly thuye't trien vpng dUde p h a t t r i i n bdi Kahneman va Tversky (1979). Ly thuyd't nay cho rang, cac n h a quan t r i ludn dua r a quydt dinh eiia hp dua vao ldi ich hdn la thiet h a i ngay ca khi hp dat dUdc ke't qua va gia tri kinh te la nhU n h a u . Ly thuyd't t r i i n vpng cho rang, ldi ich ldn nha't xay r a khi dich chuyen tU khoan 16 tUdng doi hoac tuyet ddi sang mot khoan lai. Noi mot each khac, cac ldi ich cua ca n h a n n h a q u a n ly se co dp doc cao nha't xung q u a n h cac diem t h a m chieu v l tai san. NhUng ngudi r a quye't dinh khae n h a u se eo didm t h a m ehieu khac nhau. Do do, nd'u mUe ldi n h u a n hoac sU t a n g len
trong ldi n h u a n la mpt diem t h a m chieu trong suy n g h i ciia ho (va cua eac ben c6 lien quan), t h i hp se tim each de gia tSng n6 (gia srI la chi phi q u a n tri ldi n h u a n la khong doi) de t h a y doi n h a n thUc cua cac ben co lidn quan.
2.3. Phitang phdp vd dH lieu nghien ciiu
2.3.1. PhUdngphdp nghiin cUu Trong p h a m vi b a i vie't nay, chiing tdi tap t r u n g p h a n tich QTLN t r a n h lo va tranh giam ldi n h u a n t h e o phUdng p h a p EDA.
PhUdng p h a p n a y n h a m chUng minh sii ton tai cua h a n h vi QTLN n h a m t r a n h lo va t r a n h giam ldi n h u a n . Theo dd, chiing tdi se k h a o sat p h a n ph6i mUc ldi n h u a n va mUc t h a y doi ldi n h u a n ciia 2.950 quan sat eua 295 doanh nghiep t r o n g k h o a n g th6i gian tit 2006 - 2016 n h a m chiing minh cac doanh nghiep co thUc hidn h a n h vi QTLN nham t r a n h lo va t r a n h giam ldi n h u a n . Sau do, thdng qua viec p h a n tich tti p h a n vi cac t h a n h p h i n cua ldi n h u a n n h u CFO, CWC, chiing tdi p h a n tich s a u hdn cac t h a n h phin cua ldi n h u a n dudc cac n h a q u a n tri s^ dung de t h u e hien QTLN.
Thong qua vide k h a o s a t p h a n phoi mxtc t h a y ddi ldi n h u a n va miic ldi n h u a n , chiing tdi d u a r a h a i gia t h u y i t : H^: e6 ton tai QTLN de t r a n h giam ldi n h u a n ; Hg: co ton tai QTLN de t r a n h lo.
De kiem t r a y n g h i a tho'ng kd eua hai gia thuye't nay, chiing tdi dUa t r d n gia thuyd't Ho la khdng ton t a i QTLN n h a m t r a n h lo va t r a n h giam ldi n h u a n . Khi dd hiin do phan phd'i mUc t h a y doi ldi n h u a n va mUc ldi n h u a n la tUdng doi h d n tuc. Ve miic dd tap t r u n g cac q u a n s a t , dinh nghia "phan phoi lidn tue" cua chiing tdi la so' lUdng quan sat k^ vpng t r o n g ba't k^ k h o a n g nao (khoang i) eiia p h a n phoi la t r u n g binh cong cua hai k h o a n g l i i n ke v6i no (khoang i - 1 va i +1).
Theo gia thuyd't Ho t h i chi tidu sU khac biet dUde e h u ^ n hda (FgtatiBtic - se dUdc giai thich sau) dUdc p h a n bo' g^n nhU b i n h thucfng cl xung q u a n h miic 0.
12 NghiSn cOu Kmh t4s6 6(481) • Thing 6/2018
Nhan dien hdnh vi qudn t r j ,
2.3.2. DU lieu nghien cihi
Cae dii lieu dUde sxt dung trong nghien cUu nay deu la dU hdu thii ca'p cua 295 doanh nghiep dUdc nidm yet t r e n san giao dich chiing khoan H a Npi va san giao dieh chiing khoan t h a n h phd' H i Chi Minh giai doan 2006 - 2016. c a e bid'n sd' trong nghien cUu dUde t i n h toan tU bao eao tai chinh cua cac cdng ty trong m l u . Sau khi loai trU cae doanh nghiep thie'u cae chi tidu t i n h toan, tdng cdng c6 2.655 q u a n sat eua 295 doanh nghidp thoa m a n dieu kien de p h a n tieh BANG 1: D o
QTLN t r a n h giam ldi n h u a n va tUdng tU co 2.950 q u a n sat ciia 295 doanh nghiep de p h a n tich v l h a n h vi QTLN nhlim t r a n h lo.
Cac chi tieu p h a n tfeh ve t r a n h lo va t r a n h giam ldi n h u a n dUde chia cho tong tai san cud'i k^. Ldi ich cua vide chia cho tong tai san n h a m tridt tieu sU a n h hudng eua yd'u td' quy md d i n k i t qua nghien ciiu, tU do cho p h I p t a cd so' hdu tUdng d i i de so s a n h cung n h u d a n h gia giUa cac doanh nghiep ed quy md khac n h a u . Bang 1 t h i hidn ro cdng thUc tinh toan cac bien trong nghidn ciiu.
l u d n g c a c b i e n Ten bien
MiJc thay d6i lcri nhufln (SCE)
Mitc loi nhu9n (SE)
Su kh3c biSt duoc chu^ h6a Q'stastlc)
Do lucmg
ITS,.,
LNST.
SE —
Ers,-,
^ F,-Cf,-i+f!tl)/2
Trong do: F,: s6 quan sSt thuc t€ trong khoang i; (F,., + F,+,)/2: a6 quan sat ky vong trong khoang i; N: tdng s6 quan sit; p,: xac suft ma mdt quan sat roi vao khoang i.
C h i t i d u t h d ' n g k d S u k h a c b i e t dUdc chu^n hoa (F^tagtic) dUdc sil d u n g de k i l m dinh gia thuyd't HQ - khdng t i n t a i QTLN n h ^ m t r a n h Id va t r a n h giam ldi n h u a n .
3 . K e t q u a v a t h a o l u a n
3.1. Khong ton tqi qudn tri Iqi nhuqn de trdnh gidm Iqi nhuqn
Bang 2-A cho tha'y so lieu thd'ng kd md t a cho gia tri cua bie'n mUc t h a y ddi ldi n h u a n (SCE). Tdng sd' c6 2.655 q u a n s a t cua ciing 295 cdng ty trong k h o a n g th6i gian txi 2008 de'n 2016.
Hinh 1 la bieu do p h a n phoi cua bid'n SCE vdi dp rdng cua khoang la 0,01 cho khoang txi -0,1 den 0,1 (cac khoang SCE qua xa mdc 0 khdng dUdc trinh bay). Chiing tdi cung da phan tich vdi cae khoang khae n h a u nhU 0,005; 0,0075 va dUde cac k i t qua tUdng tu.
Hinh 1 cho tha'y cd mpt su p h a n bd' tUdng ddi
ding d i u cho ca b i i u d l cung nhU nhUng khoang g i n 0. Su t h a y dd'i ldi n h u ^ n ciia cac khoang am g i n 0 va dUdng g i n 0 la tUdng d ^ can bang (mac du eo hdi chech chiit it v l phia ldi n h u a n dUdng), trong dd khoang ngay ben trai cua 0 la 353 quan sat eon khoang ngay ben phai cua 0 la 399 quan sat cho tha'y sU khae biet la khdng dang ke. Chiing tdi so sanh them ba khoang am lien ke g i n 0 (-0,03 : 0) so vdi ba khoang dUdng l i i n k l g i n 0 (0 : 0,03) vdi tdng so'quan sat l i n lUdt la 699 va 801 cho tha'y sU chenh lech la hdn 100 quan sat. Nhin vao con so' nay chiing t a co t h e thtfy su chdnh leeh bat d i u xua't hien. Do do, de phan tieh ke't qua tdt hdn, chiing tdi Idem dinh gia thuye't Ho-khdng ton tai QTLN bang chi tidu tho'ng ke Fgiati^tic- Gia tri cua F„utkticClio khoang ngay ben trai cua 0 va ngay ben phai eiia 0 l i n lUdt la 2,48 va 4,81. Ca hai gia tri deu dudng va chenh lech khdng nhiiu, d i l u d6 la
NghiSn ciiu Kinh tes6 6(481) - Thing 6/2018 13
Nhin dien hinh vi quin trj...
phu hdp vfli gia thuyet khong co QTLN de viec co ton tai QTLN dl tranh giam ldi nhuSln tranh giam ldi nhu&n. Do do gia thuyet Hi ve c6 the bi bac bo.
BANG 2: Thong ke mo ta mijfc thay doi ldi n h u a n va mtfc lcri nhuan
A: Mlic thay doi loi nhuan (SCE) Nam
2008 2009 2010 2011 2012 2013 2014 2015 2016 T6ng c6ng:
N 295 295 295 295 295 295 295 295 295 2.655
Mean 0,010 0,027 0,008 -0,006 -0,005 0,001 0,007 0,006 -0,001
Std. dev 0,237 0,121 0,076 0,094 0,062 0.053 0,070 0,073 0,065
B : Mure loi n h u a n (SE) Nam
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 T6ng cdng;
N 295 295 295 295 295 295 295 295 295 295 2.950
M e a n 0,122 0,078 0,095 0,084 0,054 0,040 0,042 0,050 0,055 0.049
Std. dev 0,167 0,096 0.105 0,091 0,108 0,089 0,074 0,072 0.082 0,076
2555.
-0,041 0,002 -0,014 -0,034 -0,027 -0,012 -0,005 -0,010 -0.019
2 5 % 0,071 0,040 0,052 0,049 0,021 0,011 0,013 0,021 0,018 0,021
5 0 % 0,010 0,027 0,008 -0,006 -0,005 0,001 0,007 0,006 -0,001
5 0 % 0,122 0,078 0.095 0,084 0.054 0,040 0,042 0,050 0,055 0,049
7 5 % 0,051 0,074 0,038 0,017 0,013 0,019 0,027 0,036 0,014
7 5 % 0,187 0,126 0.165 0.137 0,104 0,092 0,092 0,093 0,109 0,093
Ngudn:
HINH 1
Tdc gia ti'nh todn dUa trdn stf lidu duoc C'
Phan phoi vaiic thay doi Itfi ing btf.
nhuan
235
.iijfiiljil
s'' «^ ..* ,.* „ ^ ,.?'' ~ * _iS' ."i^ -S-
Ngu6n: Tac gia tinh toan dua tr^n s6' lifiu duoc cdng btf.
Theo Burgstahler va Dichev (1997), cac hdn dl tranh giam ldi nhuta nS'u nhiing nam doanh nghiep co dong cd QTLN mEinh me ' -tni6c d6 c6 ldi nhuSin tang. Do do, dl tang
14 Nghmn cUu Kinh t4s6 6(481} • Thing 6/201S
Nhdn dlfn hdnh vl qudn t r | ,
tinh thuyet phuc cho ket l u a n tren, chiing tdi chia t a p quan sat r a t h a n h h a i nhominhom 1 bao gom cac q u a n s a t cua bid'n mde t h a y doi ldi n h u a n ddi vdi nhUng q u a n sat ma n a m trudc do CO ldi n h u a n giam (dUdc t h e hidn d h i n h 2); nhom 2 bao gom nhUng quan s a t cua bie'n mdc t h a y doi ldi n h u a n ma mot n a m lien ke hoac h a i n a m l i i n k l trudc d6 co co ldi n h u a n tang (dUdc t h e hidn d h i n h 3). Ne'u HINH 2: P h a n p h o i mijfc t h a y d o i Icfi n h u a n
ddng cd QTLN t r a n h giam ldi n h u a n la m a n h me hdn vdi khoang thdi gian t a n g ldi n h u a n trUde do, chung tdi hy vong bieu d6 d hinh 2 va h i n h 3 se khac n h a u theo hUdng cac quan sat 5 nhdm 2 (hinh 3) se dUdc t a p t r u n g d nhUng khoang dUdng g^n mdc 0 cao hdn so vdi nhom 1 (hinh 2) va ngUde lai, mdc t a p t r u n g ciia cac q u a n sat d nhUng khoang a m g^n mUc 0 se tha'p hdn so v6i nhom 1.
ciia n a m t i e p t h e o n a m c o Idi n h u a n g i a m
3 5 92
llii
NguSn: Tdc gia tinh todn dua trdn sd' lidu duoc cdng h6.
HINH 3: P h a n pho'i mvfc t h a y d o i Idi n h u a n c u a n a m m a m o t n a m l i e n k e h o a c h a i n a m l i e n k e t r U d c d o co co Idi n h u a n t a n g
4 3 41 •
;r;r;:iilll
81
III iii.:
» • ! ? » * „ #
SJf' SS^ » ^ » ^ »>* E.*' JS*^ O- !i .•?" ^^ s.^^-?" ° = ^ =.•?- = ^ <>^ « ^ « ^ » ^ » ^ ^^
Ngudn: Tic gia ti'nh toin dua trfin s6 li6u duoc c6ng btf.
Theo h i n h 2 va h i n h 3, chi tieu F„.„.„. QTLN t r a n h giam ldi nhuftn giiia nhfing cua k h o a n g ngay b e n t r a i 0 l i n lUdt la 2,17 cong ty hi giam ldi n h u 4 n va nhiing cong ty va 1,44 (so lieu tUdng iing cvia k h o a n g ngay co ldi n h u a n t 4 n g len trudc do.
b e n p h a i 0 la 4,19 va 2,66). Do do, k e t q u a T h e o nhfing k6't q u a t r e n , dii p h a n tfeh cho tha'y khong co sii k h a c bi6t giiia viec t h e o ba't k^ k h i a c a n h n a o t h i ciing co t h e
Nghi6n cAi Kinh lgs66{481i - Thing 6/2018 15
Nhan dien hinh vl quan trj.
k e t lu&n cac d o a n h n g h i e p n i e m yet t r e n TTCK Viet N a m k h o n g thilc h i e n h a n h vi QTLN n h i m t r a n h giam ldi n h u i n . Do do gia thuye't H , ve viec CO t o n t a i QTLN de t r a n h giam ldi nhueln co t h i bi b a c bo.
3.2, SiJ ton tai cua qudn tri ldi nhuan nhdm tranh 16
Bang 2-B t r i n h bay s6' lieu t h o n g ke mo t a cho gia tri ciia bien mUc ldi n h u a n . Tdng so CO 2.9B0 quan sat cua ciing 295 cong ty trong khoang thdi gian til 2007 de'n 2016.
Hinh 4 la bieu do p h a n phdi cila bifo miic ldi n h u a n vdi do rdng cua khoang la 0,005
cho k h o a n g tii -0,07 den 0,17 (cac khoang miic ldi nhuSin qua xa miic 0 khong dudc t r i n h bay). Chiing toi cung da p h a n tich vdi cac k h o a n g k h a c n h a u n h u 0,0075; 0,01 va diidc cac ke't qua t u d n g t u . Khac biet hoan toan vdi h i n h 1, h i n h 4 cho tha'y mot su p h a n bd' lech h a n ve phi'a ldi nhu&n dUdng.
Sii c h e n h lech q u a ldn cua cac quan sat cua cac k h o a n g ngay b e n t r a i ciia 0 va cac k h o a n g ngay b e n p h a i ciia 0 t h i hien dilu do, trong do k h o a n g ngay b e n t r a i cua 0 la 18 q u a n sat cdn k h o a n g ngay ben phai cua 0 la 130 q u a n sat.
H i N H 4: P h a n p h o i m i i c l d i n h u a n
• l . . . l l l l l l l
59
3^ I S JO »10 17
, „ . . . . . - . . . . - . , . J) UT N n C Ul ffl n
o u ^ o ^ D n G p O l f 0 ^ o ^ c a O l I l o d s d = 3 0 c' ==_ d R d = d ?. c 0 d o
• l f l - i " M L- r 1/! ^ L-i U" W. J> L' (S
' '1 c •" rf " s •" c "l d r, 3 *". 0 o = c c o = c Ngudn • Tac gia ti'nh toan dua trfin stf lifiu dudc c6ng b6'.
Chung tdi md rdng r a sau khoang am lien ke g^n 0 (-0,03 : 0) so vdi sau khoang dUdng lien ke g i n 0 (0 : 0,03) vdi tong so' quan sat l i n lUdt la 69 va 639 cho tha'y su chenh leeh la 570 quan sat. Luu y rang khi do rdng cac khoang cang tang thi so' lUdng chenh Idch cua eac phan phdi tap t r u n g ben phai va t r a i cua miie 0 cang ldn. T i m quan trong cua su chenh lech nay se dUde t i n h toan b6i chi tieu Fstatistic trdng dd FgtatiBtic cua khoang ben t r a i lien ke v6i 0 la -7,69 (tUdng d n g v6i khoang
ben phai h e n ke vdi 0 la +5,93). NhU vay, hiu n h u theo ba't k^ tidu c h u ^ n nao thi sU phan phdi b hinh 4 (dac bidt la x u n g quanh khoang mdc 0 cua ldi n h u a n ) la eo y nghia thd'ng kd.
Dieu do eho tha'y, gia t h u y e t ve vide khong ton t a i QTLN d^ t r a n h lo eo thi bi bac bo, gia thuyd't Hg ve viee co ton t a i QTLN nh^m t r a n h lo dUdc cha'p n h a n .
Vi gia thuye't HQ dUde ap dung trong trudng hdp k h o n g co QTLN t r a n h lo, do d6 md h i n h kf vong dUdc sii d u n g de kiem tra
16 NghiSn cOu Kinh t6's6'6(431) • Thing &
Nhan dien hanh vi quan trj,
gia thuye't HQ (so' lUdng q u a n s a t dU kie'n trong mpt k h o a n g thdi gian dUdc Udc lUdng la t r u n g b i n h eua so' q u a n s a t t r o n g h a i k h o a n g li^n ke) la k h d n g p h u hdp de Udc lUdng t i n sua't trUdng hdp QTLN. Do do, c h u n g toi gia dinh r a n g , ne'u khong co QTLN t r a n h Id t h i p h a n phd'i cua bien mUc ldi n h u a n t r o n g h i n h 4 se dd'i xUng x u n g q u a n h k h o a n g 0,03. Do do, so lUdng q u a n s a t ky vong t r o n g mpt k h o a n g ba't ky b e n t r a i ciia 0,03 dUdc gia dinh la so' q u a n sat tUdng d n g do'i xiing ci ben p h a i cua k h o a n g 0,03.
Theo B u r g s t a h l e r va Dichev (1997), sd' t r u d n g hdp Udc t i n h cac cdng ty QTLN la sU khae biet giUa sd'lUdng q u a n s a t k^ vpng va so' lUdng q u a n s a t thUc te'. Do do, chiing tdi udc t i n h ve" t i n sua't QTLN t r a n h Id cho ba v u n g CO dp rdng t a n g dan, tUdng Ung vdi cac k h o a n g dUdc xac dinh ldi n h u a n tU (-0,01 . 0); (-0,02 : 0) va (-0,03 : 0). Cac udc t i n h cho ba vung nay l i n lUdt la 144; 271 va 406.
Chiing tdi dua r a mdt so' cd sd de d a n h gia ve mdc dp cua cac con so' t r e n . Mgt Id, cac eon so' n a y chid'm tU 4,88% den 13,76% cua td'ng so' 2.950 q u a n s a t dUde nghien cUu (so' lieu tUdng Ung t r o n g nghidn cUu cua David B u r g s t a h l e r va I h a Dichev (1997) la 0,9% - 1,7%). Hai Id, cac Udc t i n h n a y chid'm tU 49,6% de'n 73,6% so' q u a n s a t ky vpng c6 ldi n h u a n a m (146 q u a n sat c6 ldi n h u a n a m + so' q u a n s a t Udc t i n h cd QTLN tU a m sang dUdng) (so lieu tUdng d n g t r o n g nghien cUu cua David B u r g s t a h l e r va Ilia Dichev (1997) la 3,0% de'n 5,8%), luu y r a n g k h i dp rdng cang t a n g thi ty le n a y cang ldn. Qua cac p h a n tich trdn co t h e tha'y so' trUdng hdp cac edng ty niem yet t r e n TTCK Viet N a m co thuc hidn h a n h vi QTLN n h a m t r a n h lo la k h a pho bid'n.
3.3. Cdc thdnh phan cua Iqi nhuqn duqc nhd qudn tri si? dung de QTLN trdnh lo
3.3.1. Tdi sdn ngan hqn vd nd ngdn hqn Theo DeFond va J i a m b a l v o (1994), David Burgstahler, Ilia Dichev (1997) thi mot
phUdng p h a p pho' bid'n de QTLN do la t h a o t u n g cac k h o a n don tich cua vd'n lUu dpng.
Cac cdng ty cd t a i s a n n g i n h a n va nd n g a n h a n eao trUdc k h i QTLN cho tha'y, vide QTLN t h d n g q u a t h a y dd'i vd'n luu ddng it td'n k e m hdn so vdi cac edng ty co tai san n g i n b a n va nd n g i n h a n tha'p. Vi du, mdt edng ty e6 cac k h o a n p h a i t h u cao se co t h e tha'y it td'n chi phi hdn de QTLN t h d n g qua vide t h a y ddi cac k h o a n p h a i t h u . Do do, eac cdng ty CO t h e QTLN vdi chi phi tha'p cd n h i i u k h a n a n g se QTLN de chuyen t d ldi n h u a n a m sang ldi n h u a n dUdng. Ne'u mde t a i san n g i n b a n va nd n g a n h a n dong vai tro dai dien cho chi phi QTLN thdng q u a viec t h a y doi vd'n lUu ddng, chiing tdi mong ddi eac mde t a i san n g i n h a n va nd n g a n h a n cho cac q u a n s a t t r o n g khoang ngay ben t r a i 0 tha'p hdn cac q u a n sat cua e h u n g ngay ben p h a i cua 0.
Chung tdi kiem t r a cac p h a n phd'i cua tai san n g i n h a n d i u n a m va nd n g i n h a n d i u n a m , tha'y r i n g , sd' lieu t a i s a n n g i n h a n va nd n g a n b a n d i u n a m i se dUdc sxi d u n g de t h a o t u n g ldi n h u a n cua n a m i. Cac q u a n s a t dUdc s i p xep dUa t r e n bie'n Ipi n h u a n de h i n h t h a n h cac d a n h muc co quy md la 75 q u a n s a t cho moi d a n h muc. So' lUdng eac q u a n sat t r d n g moi d a n h muc cang cao t h i eang m a n g t i n h dai dien, t u y nhidn, do t a p du lieu chi bao gom 146 q u a n s a t co ldi n h u a n a m ndn each p h a n loai n h u thd' la p h u hdp nha't cho t a p dU lieu hien eo. Chung tdi Cling da p h a n tich vdi so' lUdng q u a n s a t khac n h a u t r o n g moi d a n h muc va eiing t h u dUdc cac kd't q u a tUdng t u . D a n h mue thU nha't ben p h a i sd' 0 bao gom 75 q u a n s a t c6 miic ldi n h u a n dUdng nho nha't, d a n h muc t h u h a i b e n p h a i so' 0 bao gom 75 q u a n s a t CO mUc ldi n h u a n dUdng nho tie'p theo...
TUdng t u n h u vky ddi vdi cac d a n h muc ben t r a i so' 0. Trong moi d a n h muc, t r u n g vi cua mUe Idi n h u a n se dUdc t r i n h bay trdn true hoanh, cac gia tri t a i s a n n g i n b a n , nd n g i n h a n dau n a m dUdc chia cho td'ng tai san dudc t r i n h bay t r e n true t u n g .
Nghi4n cOu Kinh tSs6 6(481) - Thing 6/2018
17
Nhdn di^n hdnh vi qudn trj
HINH 5: Tii p h a n v i c u a t a i s a n n g a n h a n
Ngudn: Tac gia linh todn dua trfin sfi lifiu duac c6ng b6.
HINH 6: Tijf p h a n vi c u a ntf n g a n h a n
Ngudn: Tac gia tinh todn dua trfin s6 lita duoc c6ng btf.
Theo lunh 5 va hinh 6, diing nhU dU doan, ca hai hinh cho thUfy mdt sU t h a y doi di tii dUdi len khi chuyen txi ldi n h u a n a m sang dUdng, dae biet ddi v6i eac tU phan vi t r e n cua p h a n p h ^ (dp ddc eang luc cang cao). Trong do, cac gia tri txi phan vi cua tai san ngan b a n the hien rd net hdn cac gia tri tUdng Ung eua nd ngan han. Trong hinh 5, eac tU phan vi cang ldn thi CO dp doc cang eao khi ehuyin txi ldi nhuan am sang dUdng. Ben canh dd, khi di tU danh muc thd hai (-0,08) qua danh muc thii nhat (-0,01) ben trai mUc 0 thi cac gia tri tai san ngan h a n di xuohg mot each ro rang. Dieu do chdng td cac doanh nghiep co tai san n g i n ban va nd n g i n h a n d i u nam cao cd k h a n i n g QTLN tir lo sang lai hdn so vdi cae doanh nghidp c6 tai san ngan b a n va nd n g i n ban dau nam tha'p. Dieu nay cho tha'y nhUng thay dd'i trong von luu ddng ddng mot vai trd trong QTLN de tranh thua 16.
3.3.2. Dong tien tii hoat dqng kinh doanh vd
SIX thay doi von lt£u dqng
De phan tich bang chdng cua ket qua hanh vi QTLN, chiing tdi p h a n tieh ldi nhuan thanh ba t h a n h p h i n chinh bao gom: dong tiln tit hoat ddng kinh doanh (CFO), sU thay ddi von luu ddng (CWC) va cac khoan don tich khac.
Ddng tien txi hoat ddng kinh doanh dUdc ISiy tft bao cao tai chinh eua cae cdng ty; sU thay doi vd'n luu ddng = vd'n luu dong cudi nam - voh lUu ddng d i u ndm; cac khoan don tich khac = ldi nhuan sau t h u e — ddng tien tU hoat dpng kinh doanh - su t h a y ddi vd'n lUu ddng. Chiing tdi kiem tra cac p h a n phra, l i n lUdt cua cac thanh p h i n trong ba t h a n h p h i n cua ldi nhuan de tim r a cac bang ehiing ve edng eu QTLN de tranh thua lo. Ne'u cac t h a n h p h i n tren dUdc sxi dung de thuc hien QTLN, chiing tdi k^ vong phan phdi cua cae t h a n h p h i n tren se co sU gia tang dang ke ddi vdi cac trudng hdp co mdc ldi nhuan dUdng ngay t r e n miic 0 so vdi cac trUcIng hdp CO mdc ldi n h u a n a m ngay dUdi miic 0.
18 Nghien cOu Kinh tes6 6(481) • Thing 6/2018
Nhan dien hdnh vi quan t r j . . .
HINH 7: Tii p h a n v i d o n g t i e n tU h o a t d o n g k i n h d o a n h (CFO)
Nguon: Tac gia ti'nh loan dua trfin s6 Yitu duac c6ng b6'.
Hinh 7 phan tich tii p h a n vi eua ddng tien t u hoat dpng kinh doanh. Khdng p h u hdp vdi du doan,ehi eo td p h a n vi phia t r e n cua ddng tien t u boat ddng kinh doanh co xu hUdng di len t u danh muc ngay ben trai dd'n danh muc ngay ben phai cua mdc 0, trong khi do hai td p h a n vi cdn lai co xu hUdng di xud'ng. Dieu nay CO the cho chung t a ke't luan rang, eac n h a QTLN khdng sxi dung ddng tien tU hoat ddng kinh doanh de thUc hien h a n h vi QTLN t r a n h Id. Ke't qua nay khac biet vdi cac nghien cUu trudc dd khi cho rang, cac cdng ty c6 ddng tien t u hoat dpng kinh doanh cao co k h a nang sd dung no de QTLN. Mac du vay, khi p h a n tich ky vao ba t d phan vi t a cd t h e tha'y rang, sU dich chuyen cua tU phan vi 75% la trai ngUde hoan toan vdi hai tU p h a n vi cdn lai. Giai thich cu th^ hdn t a thlly, tU p h a n vi 75% trU6c khi t a n g ldn d khoang ngay ben t r a i va ben phai cua 0 thi trude do lai co xu hudng giam xudng, cdn hai tU p h a n vi edn lai tbi ngUdc lai. Dieu nay ed the dUdc giai thich n h u sau: mgt Id, xet tdng the cac gia tri eua ddng tien tU hoat dpng kinh doanh cua tap quan sat thi scT lUdng cae q u a n sat n h a n gia t r i a m chiem t y Id k h a 16n
HINH 8: Tii p h a n v i ST^ t h a y
f Ri 35,4% I, do do cac quan sat co ddng
\29S0 /
tien tii hoat ddng kinh doanh dUdng (thUdng se t a p trung d p h i n t r e n eua mdi danh muc) chiem ty Id khdng ldn, ma cac cdng ty co ddng tien t u hoat ddng kinh doanh dUdng lai co the QTLN thdng qua no hdn la cac cdng ty co ddng tien tU hoat ddng kinh doanh a m (thudng kho k h a n hdn trong viec t h a y doi dong tiln); hai Id, sU di xud'ng cua tii p h a n vi 75% trudc khi di len chdng to rang, cac quan sat nay (cae quan sat tap trung d phia t r e n trong moi danh muc) CO ddng tien tir hoat ddng kinh doanh trUdc khi QTLN la cao nha't, ngUdc lai, cac doanh nghiep khdng QTLN co xu hu6ng sd hUu lUu ludng tien m a t tha'p hdn va p h a i ddi m a t vdi chi phi eao hdn de dieu chinh ldi n h u a n t a n g len. Mac dii vay, day chi la nhflng y kie'n p h a n tich chii q u a n cua chung tdi va khdng cd mpt k^t luan ro ndt cho n h a n dinh rang, eae doanh nghiep cd ddng tien tfl hoat dong kinh doanh ldn hdn thudng cd t i n sua't QTLN t r a n h lo cao hdn. Nhflng nghien cUu dinh lUdng sau hdn co t h e giai thich can ke hdn ke't luan nay.
d o i v o n l i m d o n g (CWC)
Ngudn: Tac gia tinh loan dua trfen s6 lifiu dUdc c6ng b6.
Nghien aiu Kinh tBs6 6(481) - Thing 6/2018
19
Nhan dien hanh vi quan t r [ . . .
Trai ngUdc hoan toan vdi hinh 7, hinh 8 eho thay mdt sU di len deu d ca ba tU p h a n vi tU ben trai sang ben phai cua mUc 0. Kdt qua nay phu hdp vdi cae nghien cflu trUdc dd khi cho r i n g , cac doanh nghiep c6 sU thay ddi vd'n lUu ddng cao thudng cd k h a nang QTLN cao hdn cac doanh nghiep con lai. Tudng t u vdi sU dich chuyen cua tfl p h a n vi 75% cua ddng tien tfl hoat ddng kinh doanh, h a i tU phan vi phia tren cua sU t h a y dd'i vd'n lUu dpng cung eho tha'y sfl di xud'ng trudc khi di len d mflc 0. D i l u dd eung cho tha'y r i n g , eae doanh nghiep co sU t h a y doi vd'n luu ddng cao (thfldng tap t r u n g phia t r e n cua cae danh muc) se c6 k h a nang se QTLN de chuyen mflc ldi nhuan tfl am sang dUdng va cae doanh nghiep c6 sfl thay doi vd'n luu ddng tha'p hdn ed the se kho k h a n hdn trong viec QTLN tfl lo sang lai.
TUdng tfl nhu tren, h i n h 9 the hidn bieu do phan phd'i eua cac khoan ddn tich khae. 6 day, eac khoan don tich khac dUdc tinh toan bang each la'y ldi n h u i n sau thud' trU ddng t i l n t u boat ddng kinh doanh va trfl su thay ddi vd'n lUu dpng. Trai ngfldc hoan toan vdi ke't qua cua eae nghidn eUu trude day khi cac khoan ddn tieh khac lai eo xu hudng dich chuyen di len (d eae tfl p h a n vi phia tren) khi di tfl ldi nhuan lo sang lai. Su dieh chuydn cua nd chi ed y nghia khi cac t h a n h p h i n khac cua ldi n h u a n khdng dUdc sfl dung dd HINH 9: Tut p h a n vi c a c
QTLN. T u y nhien, do cac t h a n h p h i n tren da dUdc sfl d u n g de QTLN, n e n sU dich chuyen cua cac k h o a n ddn tich k h a c la do sU tUdng quan gifla no va cac t h a n h p h i n khac cua ldi n h u a n ma thdi. Xem xet sU tUdng quan gifla ddng tien tfl boat ddng k i n h doanh va cac k h o a n ddn tieh k h a c , co t h e giai thich dUdc va'n de nay. Theo cdng thflc tinh toan thi md'i tUdng q u a n n a y la ngUdc n h a u (neu ddng t i l n tfl h o a t ddng k i n h doanh cang ldn t h i eac k h o a n ddn tich khac cang nho va ngfldc lai). Md'i tfldng q u a n a m gifla ddng t i l n tfl hoat dpng k i n h doanh va cae khoan ddn tich k h a c dflde t i n h cho ca hfldng di xud'ng t r u n g b i n h e u a sU t h a y ddi va dp ldn cua mflc t h a y ddi eua cac tfl p h a n vi. Do do, sfl dich chuydn di xud'ng cua tfl p h a n vi 25%
cua cac k h o a n ddn tich k h a e trong hinh 9 b6i vi eae q u a n s a t x u n g q u a n h tfl p h i n vi nay cd xu hfldng dich ehuyen ngfldc lai cua tfl p h a n vi 75% c u a p h a n phdi cua ddng tien tfl hoat ddng k i n h doanh tU h i n h 7). Ngfldc lai, sfl di len eua eae tU p h a n vi phia tren trong cac d a n h muc n g a y b e n t r a i cua mflc ldi n h u d n 0 t r o n g h i n h 9 la ngfldc lai vdi sd dich chuyen cua cac tfl p h a n vi phia dfldi eua h i n h 7). D i l u do chflng to r i n g , sfl dich chuyen cua cac tfl p h a n vi eua eae khoan ddn tich k h a c t r o n g h i n h 9 la binh thfldng, h a y ndi each k h a c la cac k h o a n ddn tich k h a c khdng dUdc sfl d u n g de QTLN.
k h o a n d o n t i c h k h a c
o . ' ^ = ^ " t a ^ .=-5^ . ^ ^
Ngudn: Tac gia tfnh todn dua tr6n stf lifiu duoc c6ng b6'.
20 Nghien ciiu Kinh tesd'6(431) - Thing 6/2018
Nhdn dien hdnh vi quan trj ...
4 . K e t l u a n
Bang vide xay dUng bieu do p h a n phdi ldi n h u a n va mflc t h a y dd'i ldi n h u i n k e t hdp vdi vide p h a n tich tfl p h a n vi cua cac t h a n h p h i n ldi n h u a n ; n g h i e n cflu da cho thlly eac cdng t y niem yet t a i Viet N a m co thfle hidn h a n h vi QTLN de t r a n h lo nhflng k h d n g thUe hidn h a n h vi QTLN de' t r a n h giam ldi n h u a n . Cac b a n g chflng cho tha'y cac cdng ty thfle h i e n QTLN t r a n h 16 chie'm tU 4,88% de'n 13,76%
cua tdng so' 2.950 q u a n s a t dUdc n g h i e n cflu va chidrn tfl 49,6% dd'n 73,6% so' q u a n s a t ky vpng eae edng t y cd ldi n h u a n am. T a p t r u n g vao cac t h a n h p h a n cua ldi n h u a n , chung tdi tim tha'y b a n g chflng eho tha'y sfl t h a y ddi vd'n lflu ddng dflde sfl d u n g de d a t dfldc sfl t a n g len t r o n g ldi n h u a n , cdn sU a n h h u d n g eua ddng t i l n tfl b o a t dpng k i n h doanh dd'n viee QTLN la khdng rd net./.
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Ngky nhan bai:
Ng^y duyet dang:
29-3-2018 11-5-2018
Nghien ciiu Kmh tSs66(481) - Thing 6/2018