NGUYEN NGOC TAN
Tac dong cua trao quyen cho phu nQ den hieu qua hoat dong cua cac to chCrc tai chfnh vi mo Viet Nam
Nguyen Ngoc Tan"'
Ngay nhan bai: 03/4/2020 | Bien tap xong: 04/5/2020 | Ngay duyet: 10/5/2020
; TOM TAT: Trong nhij'ng nam viTa qua, cacto chu'ctai chmh vi mo (TCVM)tai Viet Nam da cung iJng dich vu tai chi'nh U'U dai cho phu nu' co thu nhap thap, dac biet la phu nu" ngheo. Viec trao quyen cho phu nQ" thong qua cac hoat dong cung u'ng dich vu tai chi'nh nay se tac dpng den thu nhap va rui ro tin dung, tij*
do anh hu'cing den kha nang sinh Idi cung nhu" hieu qua hoat dpng cua cac to chu'c TCVM (D'Espallier, Guerin, & Mersland, 2013; Abdulai & Tewari, 2017;
Lopatta & ctg, 2017). Tuy nhien, viec cho vay ddi vdi cac khach hang ia phu nu"
CO thu'c si/dem lai hieu qua cho cac to chu'c TCVM hay khong la mpt van de can du'dc quan tam nghien cu'u. Nghien cu'u nay du'Pc thu'c hien nham muc tieu xac dinh tac dpng cua viec trao quyen cho phu nu' den hieu qua hoat dpng cua cac to chu'c TCVM Viet Nam. Nghien cu'u su' dung phu'dng phap GMM he thdng (SGMM) vdi dLJ lieu 26 to chu'c TCVM Viet Nam trong giai doan 2013-2017. Ket qua nghien cu'u cho thay, viec trao quyen cho phu nu' cd tac dpng ti'ch ci/c den hieu qua hoat dpng cua cac td chu'c TCVM, the hien qua khi'a canh kha nang sinh Idi (ROA, ROE), kha nang tiJ ben vCTng trong hoat dpng (OSS) va hieu qua phan bd (SE). Tren cd sd ket qua nghien cu'u, tac gia de xuat cac ham y chi'nh sach nham nang cao hieu qua hoat dpng cua cac td chu'c TCVM Viet Nam.
TifKHOA: To chu'c tai chmh vi mo, hieu qua hoat dong, trao quyen cho phu nCT.
Ma phan loai JEL: D02, DU, D24.
1. Oat van de nghien cu'u nam 2010 la 0,0197 va d d n g t h i l 31 trong tong Theo so lieu bao cao cua ChUflng trinh so 105 niidc (UNDP, 2010). Ty le ngheo da Phat trien Lien Hdp quoc (UNDP) diia ra tai chieu cua Viet Nam la 5%, cao hon hau het cac buoi cong bo Cap nhat so lieu thong ke cua ; ^ ——^
V i - . XT - nn.n "•• • ' i , ' ' u ' . . - " ,„ Nguyen Ngoc Tan ' Van phong Uy ban Nhan Viet Nam nam 2010 ve cac chi so phat trien ^ . ^ ^^^^^_ gg Le Thanh Ton, Phadng Ben con ngUcfi va so lieu thong ke ngheo da chieu [^g^^^ Quan 1, Thanh pho Ho Chf Minh; Email:
toan cau, chi so ngheo da chieu cua Viet N a m [email protected].
So170 I Thang 5.2020 I TAPCHIKINHTEVANGANHANGCHAUA
TAC DONG CUA TRAO QUYEN CHO PHU N Q D E N HtEU Q
nii6c trong khu viic Dong A va Thai Binh Dilong, chi sau Thai Lan va Trung Quoc. Mac du, Viet Nam da co nhieu tien bg trong giam ngheo da chieu d cap quoc gia, tuy nhien v5n con chenh lech Idn gifia cac viing mien va cac nhom dan cii dtioc chia theo gidi. Trong do, nhiing ngifdi ngheo thUtfng la nhiing ngif6i phai ganh chiu nhiing ton that do tham hpa, thien tai va chinh con ngiidi gay ra, trong do phu nii va tre em vtn luon la doi tiidng de ton thiiong. Phu nii ciing thildng gap idio khan trong tiep can dich vu tin dung tren thi triidng do gicfi han ve thu nhap va tai san the chap.
Viec thieu tiep can doi vdi cac dich vu tai chinh ccf ban da lam giam cd hoi cua phu nQ trong viec cai thien thu nhap, dam bao cho sii ton tai va diidng dau vcfi nhiJng tnidng hdp khan cap (Vo Thi Ngoc Ha, 2019). NhCng phu nfi ngheo can dich vu tai chinh va cac dich vu xa hoi cd ban de the hien vai tro tich ciic trong nen kinh te, dong thcfi nang cao vi the ciia ho trong cong dong cua minh.
Tai Viet Nam, cac to chiic TCVM cung ling dich vu tai chinh ifu tien cho phu nfl co thu nhap thap, dac biet i£u tien phu nfl ngheo.
Cac san pham cua to chflc TCVM dfldc thiet ke ban dau dfla tren phfldng thflc dfldc dieu chinh phu hop vdi cac doi tflong khach hang nay nhfl: khong can tai san the chap; hoan tra dan theo tuan, thang; thu tuc vay, tra don gian va duy tri ky luat tin dung. Hau het, khach hang nfl gidi cua to chflc TCVM vay von de phat trien kinh te, danh cho cac hoat dpng kinh doanh nhfl nong nghiep, chan nudi, ngii nghiep, lam nghiep va buon ban nho. Mot so khach hang nil vay von nham dap flng nhu cau tieu dung, sfla chiia nha cfla vdi cac loai san pham vay ngSn ban, trung han. Hoat dpng cho vay doi tflpng khach hang nay mpt mat mang lai thu nhap cho cac to chflc TCVM, mat khac ciing mang lai rui ro cho cac to chflc nay. Nhfl vay, viec trao quyen cho phu nfl se tac dpng
TNAM
den cac td chflc TCVM thdng qua thu nhap va rui ro tin dung, tfl do anh hfldng den kha nang sinh Idi, hieu qua hoat dpng cfla cac to chflc TCVM (D'EspaUier & ctg, 2013; Abdulai &
ctg, 2017; Lopatta &ctg, 2017). Tuy nhien, viec cho vay ddi vdi cac khach hang la phn nfl co thflc sfl mang lai hieu qua cho cac td chflc TCVM hay khdng la mot van de can dfldc quan tam nghien cflu.
Xu£t phat tfl thflc te do, nghiSn cflu nay xem xet tac dong cua viec trao quyen cho phu nfl d^n hieu qua hoat dong cua cac to chflc TCVM tai Viet Nam trong giai doan 2013- 2017. Ket qua nghien cflu se la cd s6 khoa hpc va thflc tien quan trpng cho viec xay dflng cac chinh sach nham dinh hfldng boat dong cho vay vdi ddi tflpng la khach hang phu nii, dong thdi dam bao phat trien ben \'flng, hieu qua cac td chflc TCVM tai Viet Nam.
2. Ctf sdly thuyet
2.1. Khai niem trao quyen cho phu nfl Mdt trong nhflng yeu to quan trpng ma nhieu chuyen gia ve giam ngheo quan tam thao luan la trao quyen (ndng cao vi the). Khai niem nay nhin chung de cap den sfl md rpng ve kha nang cua ca nhan de tao ra nhflng Ifla chpn chien lUpc chd cuoc song (Ibrahim &
Alkire, 2007). Khi con ngfldi bi tfldc quyen, hp thfldng lam vao tinh trang ngheo ddi (Maes &
Foose, 2006). Ngfldi ngheo khong bi tfldc quyen khi hp cd it cdng viec, vi vay ho cd xu hfldng chap nhan lam bat cfl viec gi hay bat dau cac boat dong kinh doanh nho de suih tdn. Do dd, trao quyen cung dfldc xem la viec gia tang tai san va kha nang cua ngddi ngheo de tham gia giao dich, thfldng Iiidng va gay anh hfldng vdi cac dinh che cd anh hiidng den cudc sdng cua hp. Trong nhflng ngfldi ngheo thi phu nfl ngheo la ddi tflpng can cd du tai san va kha nang de gia tang sfl sung tuc va sfl dam
4 0 TAPCHIKINHTEVANGANHANGCHAUA I T h a n g 5.
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bao cung nhfl sfl tii tin cua minh.
Do do, trong nghien cflu nay, trao quyen cho phu nfl dflpc hieu la viec gia tang tai san, khi nang va sfl tii tin cua ngfldi phu nfl de tham gia giao dich, thfldng Ifldng, va gay anh hiidng vdi cac dinh che cd tac ddng den cudc sdng cua ho.
2.2. Cd sd ly thuyet v^ tac dpng cua trao quy^n cho phu nCt den hi^u qua ho?t ddng c6a cdc to chflc tai chinh vi mo
To chflc TCVM hd trd phu nfl dfla tren viec khuyen khich hoat dpng tap the, giup phu nfl thoat ra khdi cac rao can ve gidi trong cac hoat ddng kinh te, md rdng tam nhin cho sfl phat trien cua hp vdi tfl each la ca nhan, thanh vien cua mpt gia dinh, nhdm va cpng dong.
Theo each nay, cac to chflc TCVM ap dung cac dich vu tai chinh hfldng tdi lpi ich kinh te thdng qua cac doanh nghidp cfla phu nfl. Co th^ ndi, phu nfl la cot loi trong boat dong phat trien cua cac doanh nghiep nay. Tfl lau, vai trd cua doanh nghiep nhd trong xda ddi giam ngheo da dflpc cong nhan la quan trong, do dd viec thflc day cac doanh nghiep nay cua phu nii la chia khda de tang phuc loi xa hpi ndi chung va gia dinh ndi rieng.
Dau nhflng nam 1980, cac nha nghien cflu bat diu nghi ngd ve cac ly thuyet cho rang thu nhap cao hdn cua nam gidi se lam gia tang thu nhap cho gia dinh cua hp (Kabasakal, Boyacigiller & Erden, 1994). Sau dd, cac to chflc phi chinh phu, td chflc TCVM da thflc hi^n nhi^m vu trao quyen cho phu nfl thdng qua doanh nghiep sieu nhd vdi boat ddng kinh doanh dfldc dieu hanh bdi phu nii. Do dd, de xem xet tac ddng cua trao quyen cho phu nii doi vdi hieu qua boat ddng cua to chflc TCVM, dieu quan trpng la danh gia dfldc nhiing Idi the va bat Idi cua phu nfl so vdi nam
^di trpng viec dieu hanh cac hoat ddng kinh doanh, kha nang flng phd vdi rui ro.
Thiinhdt.phu nUlgi thetrongkinh doanh nhd vdo khd ndng tu nhien
Phu nfl ddng vai tro quan trpng trong sfl phat trien va tang trfldng kinh te cua mdt qudc gia vi hp cd tai nang va kha nang tfl nhien de trd thanh mot doanh nhan thanh cong, tfl dd tao ra nhieu viec lam cho ngfldi khac (Kabasakal, 1998). Uyin chuyen, kheo leo, kien tri va dam chap nhan that bai la mdt so net khac biet, ddng thdi cung la Idi the tfl nhien cua phu nfl khi lam kinh doanh. Tuy nhien, van cdn khdng it dieu thfl vi ve nang Iflc cua ngfldi phu nfl chfla dfldc giai thich bet.
Mpt trong sd do la phu nfl dfldng nhfl trd nen manh me hon nam gidi trong giai quyet khung hoang. Vdi kha nang kinh doanh nay, phu nfl ddng vai trd quan trpng de thuc day nen kinh te cua mpt quoc gia. Sarfaraz & ctg (2018) da lap luan cd sfl dong thuan cao gifla cac hpc gia rang phu nfl cd the ddng vai trd quan trpng trong doanh nghiep. Verheul (2003) cung cap bang chflng thflc nghiem cho thay cac qudc gia cd tdng ty le hieu qua hoat ddng kinh doanh cao cung cd lien quan den ty le boat dpng kinh doanh cua phu nfl cao. Ngoai ra, Abu Bakar &
ctg (2007) da dieu tra cac yeu td anh hfldng den sfl tham gia cua phu nfl vao viec kinh doanh d Johor. Nghien cflu thflc hien khao sat tren 215 doanh nhan nfl va ket qua cho thay, ve CO ban cd ba yeu td chinh anh hfldng den sii thanh cong cua phu nfl do la sfl quan tam, tham vpng va sfl ddc lap. Theo dd, phu nfl mudn dfldc coi la ddc lap va Ididng phai ganh nang cho chdng trong viec kiem sdng hoac cho ngfldi than.
Thd hai, phu na co mUc do phong ngUa rui ro cao hdn do do nhom khdch hdng ndy co miic do rui ro tin dung thap hdn nam gidi tai cdc to chiic TCVM.
Cac nghien cflu dong quan diem rang hieu qua hoat dpng cfla cac to chflc TCVM phu thupc vao mflc dp rui ro cua khach hang
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(TCVM, 1990). Cac td chflc TCVM flu tien doi vdi ngfldi vay phu nfl thfldng xuat phat tfl hai ly do: ngfldi vay la phu nfl dang tin cay hdn va cd tac ddng xa hdi Idn hdn. Cd mdt quy luat dfldc due ket trong nganh tai chinh, dd la phu nfl gioi hdn dan dng trong viec quan ly cac danh muc dau tfl dai han, nhflng lai kem hdn trong cac giao dich Ifldt sdng, nguyen nhan la do tinh can trpng nen phu nfl thfldng chpn giai phap dau tfl dn dinh va quan ly riJu ro tdt hdn, nhflng cung chinh dieu nay khien ho cham hdn trong viec chdp cd hdi dau tfl, kinh ddanh.
Ben canh do, mgt so quan diem khac cho rdng phu na co hieu qud kinh doanh thdp hdn, it moi quan he vd kinh nghiem trong qudn ly so vdi nam gidi.
Phu nfl it cd cd hdi lam viec hdn va khd khan hdn. Bhatt & Tang (2005) cho thay, phu nfl phai doi mat vdi tinh trang thieu viec lam va tinh chat cong viec khd khan do thieu ky nang, thieu kinh nghiem Idnh doanh; di chuyen it hdn, trach nhiem gia dinh nang ne hdn. Thflc tien xa hdi cho thay tai nhieu qudc gia, phu nfl van bi danh gia thap, va thieu kha nang tiep can vdi cac cdng nghe, cdng cu va phfldng tien san xuat hdn sd vdi nam gidi. Vi khdng cd du cd hdi viec lam chd phu nfl, it dflpc hd trp chd viec tfl lam chu. Do dd, phu nfl gap nhieu khd khan trong viec tao ra thu nhap, tfl chu tai chinh, giai phong tiem nang kinh te hdn so vdi nam gidi. Vao gifla nhflng nam 1980, nhieu nghien cflu d cac vimg mien khac nhau d An Dp da dflpc thflc hien bdi cac to chflc phi chinh phii, ngan hang va cac cfl quan tai trp qudc te khac nhau, cd lien quan den viec cung cap tin dung cho cac nhdm phu nfl. Ket qua cho thay, ngfldi phu nfl thanh cdng tren thfldng trfldng lan trong cudc sdng phai tra gia bang hanh phuc va hp thfldng gap khd khan trong chpn Ifla nay. Do dd, ngfldi phu nfl mudn thanh cdng trong sfl nghiep se
phai no liic rat nhieu. Khia canh nay ma^g tinh khach quan tfl moi trfldng kinh doanh.
phu nfl kinh doanh luon thiet thdi hdn so vdi nam gidi bdi cd hpi kinh doanh le thupc vao cac moi quan he. Cac nghien cflu da cho thay.
sau gid lam viec nam gidi van co the giao tiep ngoai xa hpi, thn kiem cd hdi kinh doanh thi trai lai phan idn phu nfl phai trd ve nha. Thien chflc bam sinh cua phu nfl da thu hep kha nang hp tiep can vdi nhieu cd hdi.
Ve kmh nghiem quan ly, cac nghien cflu cho thay phu nfl thfldng chat che d giai doan dau nhflng lai sd hd d doan sau. Phu nfl thfldng xem xet tflng chi tiet nho khi dam phan hdp dong nhiing khi di vao thflc hien hp Iai lang phi khdng it. Diem yeu nay thfldng diay d nfl doanh nhan trong linh viic cdng nghe va xay dflng. Nam gidi cd the manh la tdi flu hda cdng nghe, biet tim hieu trien khai nhieu giai phap cdng nghe khac nhau. Trong khi dd, phu nfl von dflOc cho la gidi xfl ly tinh hudng nhflng dflng trfldc nhflng bai toan ve cdng nghe, ho thfldng nhfl chap nhan dflng sau nam gidi (Kariv, 2010).
Mac du, cd nhflng Ipi the nhat dinh trong thflc hien cac boat dpng kinh te nhflng phu nfl cung gap phai nhieu bat Idi. Nhflng rao can tren lam cho phu nfl gap khd khan hdn so vdi nam gidi trong van de tao thu nhap, tii chu tai chinh de xda ddi giam ngheo du deu cd cd hdi binh dang trong tiep can nguon von. Nhflng Idi the va bat Ifli nay cua ddi tfldng khach hang phu nfl chinh la cP sd ly giai cho tac ddng cua viec trad quyen cho phu nfl den hieu qua hoat dpng cua cac to chflc TCVM.
2.3. Cac nghien cflu ve tac ddng cua trao quyen cho phu nfl den hieu qua hoat dong cua cac to chflc tai chinh vi md
Cd nhieu nghien cflu dfldc thiic hien de danh gia thanh cdng cua hoat dpng TCVM trong viec dat dfldc cac muc tieu giam ngheo
TAPCHIKINHTEVANGANHANGCHAUA I T h a n g 5 . 2 0 '
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va nang cao vi the cho phu nfl ngheo (Cohen
& Sebstad. 2001; Goyal, 2004; Somasekhar &
Bapuji, 2005; George, 2014). Nhflng nghien cflu nay thay ddi dang ke ve mat chi tieu co ban, nhflng con so do Ifldng viec tiep can tin dung cua phu nfl (sd phu nfl vay tren tong so ngfldi vay) va hieu qua tai chinh cua cac to chflc TCVM. Somasekhar & Bapuji (2005) da tien hanh dieu tra ve viec nang cao vi the cua phu nfl thdng qua cac nhdm tfl Iflc (SHG) tai Andhra Pradesh. Nhflng phat hien chi ra rang sii tham gia cua phu nfl ngheo d ndng thdn vao cac SHG khdng chi cho phep nhflng phu nfl nay tiep can von tin dung ma cdn dan den viec ndng cao nhan thflc, sfl tfl tin va sfl can dam ma cd the dflpc coi la nang cao vi the. Nhfl vay, mang Ifldi tin dung vi md da thuc day xay ditng kha nang, tinh than lam chu doanh nghiep vi md va sfl cai thien ve kinh te-xa hdi ciia ngfldi phu nfl.
Mayoux (1999) da bien luan rang, cac dich vu TCVM da dan den nang cao vi the ve kinh te ciia phu nfl thdng qua viec kich thich sfl phat trien hoat ddng kinh doanh cua phu nfl, dan den tang thu nhap trong mflc dp Idem soat cua hp. Nghien cflu nay cho r^ng, cac dich vu TCVM da chd phep phu nfl tao ra thu nhap bang tien thdng qua cac loai boat ddng lam chil doanh nghiep khac nhau. Nhflng boat dpng lam chu doanh nghiep nay da giup tang vai trd cfla phu nfl trong viec dfla ra quyet dinh trong gia dinh.
Mayoux (2002, 2005) da trd thanh nha nghien cflu tien phong ve TCVM va nang cao vi the cua phu nfl. Ong da dfla ra mpt loat bang chflng tfl Nam A va chau Phi chflng minh cho cac anh hfldng (bao gdm ca tich cflc va tieu ciic) ve vai trd cua phu nfl trong cac mdi quan he vdi gia dinh, cdng ddng va xa hpi. Ong cho rang, phu nfl chu ddng ve mat kinh te, cd cac khoan tiet Idem dpc lap rieng va chia se thu nhap Idn hdn trdng pham vi gia dinh, cd
quyen han ve kinh te Idn hdn giup hp cung cd dia vi mac ca trong pham vi gia dinh, tfl dd hp cd the dfla ra cac quyet dinh dpc lap hdn cung nhfl ddng vai trd quyet dinh hdn va nang cao vi the hdn.
Tac ddng cua viec trao quyen chd phu nfl den hieu qua boat dpng cua cac td chflc TCVM the hien rd net nhat thong qua anh hfldng den thu nhap va rui ro tin dung. Tfl dd, trao quyen cho phu nfl se anh hfldng gian tiep den kha nang sinh loi, hieu qua boat ddng cua cac td chflc TCVM (D'Espallier & ctg, 2013;
Abdulai & ctg, 2017; Lopatta & ctg, 2017).
O khia canh anh hfldng den thu nhap, theo D'EspaUier & ctg (2013), cac to chflc TCVM cd nhieu Ifla chpn khac nhau de gia tang thu nhap, chang ban nhfl md rdng thi phan bang each md rpng khach hang cfla hp hoac da dang hda danh muc cho vay bang each phuc vu khach hang vdi nhieu khoan vay nhd hon. Cull, Demigu c-Kunt, & Morduch (2008) chi ra rang, phu nfl dfldng nhfl nhan dfldc cac khdan vay nhd hdn chinh vi vay viec gia tang trao quyen cho phu nfl se giup gia tang sd Ifldng khach hang, da dang hda danh muc cho vay, gia tang thu nhap, gia tang hieu qua boat ddng cua cac to chflc TCVM.
d khia canh rui ro, viec trao quyen cho phu nfl se lam giam rui ro tin dung cfla cac td chflc TCVM, tfl dd giflp gia tang hieu qua boat ddng. Mdt tien de cfla lap luan nay la phu nfl thflc sfl la nhflng ngfldi kiem soat cac khoan vay tdt (Goetz & Gupta, 1996; Rahman, 1999;
Kabeer, 2001; Mayoux, 2001). Xuat phat tfl sfl lo sd cfla ngfldi phu nfl ve cac bien phap triing phat xa hdi va ap Iflc xa hdi, vdn la mdt cd che thu hdi nd thfldng dfldc sfl dung bdi cac td chflc TCVM. Cac nghien cflu phan tam hpc cho rang, nhd chflc nang sinh hpc ciia phu nfl nen hp da phat trien mot y thflc cu the ve cdng ly va dao dflc dfla tren cac quy tac phap ly (Gilligan, 1982). Cac nha nhan chung hpc va
S 6 1 7 0 I T h a n g 5 . 2 0 2 0 I TAPCHIKINHTEVANGANHANGCHAUA
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cac nha xa hdi hoc cho rang, cac qua trinh xa hdi va cac nguyen tac cua chuan mflc xa hdi ddng vai trd quan trpng trong viec xay dflng dao dflc nfl tinh. Trong nhieu nen van hda va cac xa boi gia trfldng ndi rieng da cho thay, phu nfl la nhuiig ngfldi bao ve danh dfl cua gia dinh, cua ddng ddi va cua ca gia tdc. Do dd, ho cung la nhflng ngfldi cd y thflc hdn trong viec dap flng cac nghia vu np. Mdt sd nghien cflu d Bangladesh cho thay cac td chflc TCVM da giam thieu rui ro tin dung bang each cho vay nhieu hon ddi vdi phu nfl tren cd sd tan dung cac chuan mflc danh dfl xa hdi dia phfldng va xau hd cua ddi tfldng nay (Rahman, 1999;
Karim, 2011). Nghien cflu cfla Johnson (2004) d Kenya cho thay, cac bien phap trflng phat khdng chinh thflc khong cd hieu qua ddi vdi dan dng, trong khi con nd la phu nfl phan flng nhanh hdn vdi ap Iflc xa hdi va dao dflc.
Nhfl vay, cd the thay nhieu bang chflng ve tac dpng cua trao quyen cho phu nfl den hieu qua boat dong cua cac td chflc TCVM. Muc tieu cua nghien cflu nay la tien hanh danh gia moi lien ket gifla viec trao quyen cho phu nfl va hieu qua cua cac to chflc TCVM tai Viet Nam trong giai doan 2013-2017.
3. Pliu'tfng phap nghien cu'u 3.1. Md hinh nghien cflu
Tren cd sd md hinh nghien cflu chinh cua Abdulai & ctg (2017) va Lopatta & ctg (2017), va dong thdi ket hpp vdi cac nghien cflu cua Dao Lan PhflPng & Le Thanh Tam (2017) va Ngo (2015), md hinh nghien cflu tdng quat cua de tai cd dang nhfl sau:
Md hinh 1:
OSS,, - jio + PiOSS.M + P2AGE,, + I33CPB,, + I34OEA,, + PsDERi, + p6PAR30„ + p7NAB„ + psGLP,, + PsPFB,, + v, + u„.
Md hinh 1:
ROA„ - po + piROA,,., + p.AGE,, + pjCPB,,
+ p,OEA., + PsDER,, + P6PAR30,. + PTNABU ^ psGLP,, + pgPFB,, + Vi + u„.
Md hinh 3:
ROE., = fi„ + (3,R0E„, + PJAGE, + PaCPB.
+ |3,0EA„ + (53DER,, + P^PARSO,, + PiNAB,, + (3,GLP„ + P9PFB1, + V, + u,i.
Mo hinh 4:
TE, = 130 + (3,TE„-, + I32AGE. + PBCPB, + I34OEA,, + PsDERi, + P6PAR30., + P7NABit + psGLP„ + p9PEB,t + v,+ u„.
Md hinh 5:
SE„ - pc + PiSE,,-. + P2AGE,, + P3CPB, + p.OEAi, + PsDER. + P6PAR30,, + p7NABi, + p8GLP„ + P9PFB„ + v, + u„.
Trong dd: cac bien phu thudc OSS - mflc dp tfl ben vflng ve boat ddng, ROA - thu nhap rdng tren tdng tai san, ROE - thu nhap rdng tren vdn chu sd hflu, TE - chi so the hien hieu qua ky thuat va SE - chi so th^ hien hieu qua quy md. Day la cac chi tieu dfldc sfl dung de danh gia tinh hieu qua cua cac td chflc TCVM trong nghien cflu nay. Cac chi tieu nay thfldng de cap den kha nang cua cac to chflc TCVM de thflc hien Hen tuc cac chfldng trinh TCVM trong viec theo duoi cac muc tieu Idnh te-xa hpi cua minh (Abdulai & ctg, 2017; Dao Lan Phflflng &ctg, 2017; Ngo, 2015).
Bien ddc lap chinh trong md hinh la PFB the hien viec trao quyen cho phu nfl dflpc do Ifldng bang tong sd phu nfl vay tren tong sd ngfldi vay ciia td chflc TCVM.
Cac bien ddc lap khac bao gdm: AGE (td chflc TCVMs' age) - tudi cua cac td chflc TCVM, CPB (Cost per borrower) - chi phi tren mdi ngfldi di vay, OEA (Operating expense to assets ratio) - ty le chi phi boat ddng tren tong tai san, DER (Debt to equity ratio) - ty le vdn chu sd hflu tren tdng tai san, PAR30 (Portfoho at risk) - ty le rui ro cua danh muc dau tfl, NAB (Number of active borrowers) - sd ngfldi di vay thflc va GLP (Gross loan portfolio) - tdng danh muc cho vay.
TAPCHIKINHTEVANGANHANGCHAUA I T h a n g 5 . 2 0
NGUYEN NGOC TAN
Ben c?nh dd, Vi - dac tinh cua to chflc TCVM khdng quan sat dfldc va u,t - sai so dac thii.
Cach thflc do Ifldng cac bien, ky vpng dau a cd sd de xuat cac bien dflpc trinh bay trong angl.
Bang1: Mo ta cac bien du'dc sir dung trong mo hinh
^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ H
Bien phu thUQC T i i ben v S n g ve h o a t dong
Ty suat s i n h Idi t r e n t a i san
Ty suat s i n h Icfi t r e n von chu s d h f l u H i e u q u a ky t h u a t Hieu qua quy m o
OSS
ROA
ROE
TE SE
Thu nkap tir hoat d d n g
^ . . . . • ^ : "^xiooyo Tong cki ph\ hoat aong
Thu nhap rbnq
- ^ -^-^xlOO%
Tong t a i san Thu nh^p rbnq -;f-. . . , " x l O Q % Tong von chu s c hum D f l d c t m h t o a n t f l p h a n ti'ch DEA D f l d c ti'nh t o a n t f l p h a n t i c h DEA
S c h a f e r & F u k a s a w a (2011), D i s s a n a y a k e (2014), Ngo (2015), Dao Lan P h f l d n g & c t g (2017), A b d u l a i a c t g (2017).
D i s s a n a y a k e (2014), A b d u l a i S c t g { 2 0 1 7 ) . D i s s a n a y a k e (2014), A b d u l a i S c t g (2017).
B i l n dgc lap Trao q u y e n c h o p h u n f l
Ty le von c h u s d hQu tren t d n g t a i san Tong d a n h m y c c h o vay
Ty le rui ro cua d a n h m u c d a u t f l
Tang t r d d n g Sd ngflcJi dl v a y t h i / c
Ty le c h i phi' h o a t d o n g tren t o n g t a i s a n Chi p h i ' t r e n m o i n g f l d i di vay
Tudi cua cac t d c h f l c TCVM
PFB
DER
GLP
PAR30
NAB
OEA
CPB
AGE
Tong so phu n i r vay Tong so ngixc/i vay Tong von chu scr kvtu
Tong t a i s a n L n ( T d n g d a n h m u c c h o vay da d i e u c h i n h t y le x d a sd) Cac k h o a n 15 r o n g / T o n g d f l n d c h o v a y
L n ( T d n g s d n g f l d i vay)
Tong chi phi hoat iong Tong tai san L n ( T d n g c h i p h i ' h o a t d d n g / T d n g sdngflcTi vay)
So n a m h o a t d p n g c i i a cac t o c h f l c TCVM t i n h t h d i d i e m n g h i e n c f l u
^
+
+
+
+
A b d u l a i a c t g (2017), L o p a t t a a c t g (2017).
Ngo (2015), Dao Lan P h f l t f n g & c t g ( 2 0 1 7 ) . A b d u l a i a c t g (2017).
S c h a f e r & c t g [ 2 0 1 1 ) , Oao L a n P h u ' d n g & c t g ( 2 0 1 7 ) , A b d u l a i a c t g (2017).
S c h a f e r a c t g (2011), Ngo (2015), A b d u l a i a c t g (2017).
D i s s a n a y a k e (2014), A b d u l a i S c t g (2017).
S c h a f e r a c t g (2011), D i s s a n a y a k e (2014), Ngo ( 2 0 1 5 ) , A b d u l a i a c t g ( 2 0 1 7 ) . Dao Lan P h f l d n g a c t g (2017), A b d u l a i a c t g (2017).
S 6 1 7 0 I T h a n g 5 . 2 0 2 0 I TAP CHi KINH TEVA NGAN HANG CHAU A
TAC D O N G C U A T R A O QUYEN CHO PHU N O B E N H ! E U Q U '
3.2. Phfldng phap fldc Ifldng
De khac phuc hien tfldng ndi sinh thiJdng xay ra trong cac mo hinh kinh te, nghien cflu nay thflc hien hoi quy cac md hinh bang phfldng phap GMM he thdng (System GMM- SGMM) cua BlundeU & Bond (1998). Phfldng phap nay dfldc sfl dung pho bien trong cac fldc Ifldng dfl lieu bang ddng tuyen tinh hoac cac dfl lieu bang cd tdn tai hien tfldng phfldng sai thay ddi va tfl tfldng quan.
Phfldng phap SGMM la phfldng phap thich hdp vdi nghien cflu nay vi nhieu ly do.
Thfl nhat, dfl lieu bang cua nghien cflu cd T nhd {5 nam), N Idn (26 to chflc TCVM), nghia la it mdc thdi gian nhflng cd nhieu quan sat. Thfl hai, phfldng phap nay phu hpp de fldc Ifldng cac md hinh nghien cflu ddng vdi mpt hoac hai ve cua phfldng trinh cd chfla bien tri. Vdi cac md hinh nay cac fldc Iflpng bang tinh nhfl phfldng phap tac ddng c6 dinh (FEM) va phfldng phap tac ddng nglu nhien (REM) khdng cho phep tao ra cac bien cdng cu tfl chinh cac bien trong md hinh. Thfl ba, phfldng phap SGMM cd the dfldc sfl dung khi cac bien ddc lap khdng phai la bien ngoai sinh ngat (strictly extrogenous), nghia la cd tfldng quan vdi phan dfl; hoac tdn tai bien ndi sinh (endogenous variable) trong md hinh, Cudi cung, khi md hinh tdn tai cac tac ddng cd dinh rieng re va phfldng sai thay doi hoac tfl tfldng quan cua sai sd thi phfldng phap nay la phii hpp, do kha nang khfl cac tac dpng cd dinh rieng le va khSc phuc cac khuyet tat cua md hinh.
Cac kiem dinh do tin cay cua md hinh da dfldc tac gia thflc hien bao gdm:
Kiem dinh sfl tfl tflong quan cua phan dfl:
Theo Arellano & Bond (1991), fldc Ifldng GMM yeu cau cd sfl tfldng quan bac 1 va khdng cd sfl tfldng quan bac 2 cua phan dfl.
Dd vay, khi k iem dinh gia thuyet HQ; kh dng cd sfl tfldng quan bac 1 (kiem dinh AR(1)) va
khdng cd sfl tfldng quan bac 2 cua p aji ^ (kiem dinh AR(2)), chung ta bac bd H) ^ i^^
dinh AR(l)va chap nhan Ho a kiem dmh AR(2) thi md hinh dat yeu cau. ^ _
Kiem tra tinh phu hpp cua md hinh va cac bien dai diln: tfldng tfl cac md bmh khac, sfl phfl hop cua md hinh cd the dfldc thflc hien thdng qua kiem dinh F. Kiem dinh F se kiem tra y nghia thdng ke cho cac he sd fldc Ifldng cua bien giai thich vdi gia thuyet Ho: tat ca cac he Sd fldc Ifldng trong phfldng trinh deu bang 0, do dd de md hmh phu hdp thi phai bac bd gia thuyet Ho. Ngoai ra, kiem dinh Sargan/
Hansen cdn dddc sfl dung de kiem tra gia diuyet Ho: cac bien cdng cu la phu hpp. Khi chap nhan gia thuyet Ho nghia la cac bien cdng cu dfldc sfl dung trdng md hinh la phti hdp.
3.3. Dfi lieu nghien cflu
Thed thdng ke cua Ngan hang Nha nfldc Viet Nam den thdi diem 30/6/2019, cd bdn td chflc TCVM chinh thflc la to chflc TCVM TNHH M7, to chflc TCVM TNHH MTV Tinh thUdng, to chflc TCVM TNHH Thanh Hda va to chflc TCVM TNHH MTV chd ngfldi lao ddng ngheo tfl tao viec lam. Ben canh cac to chflc TCVM chinh thflc, cd 30 td chflc TCVM ban chinh thflc thupc cac chflong trinh, dfl an TCVM hdat ddng tai Viet Nam (Danh ba TCVM, 2018). Tuy nhien, thdng tin cua cac td chflc TCVM nay khdng day dfl do dd tac gia thflc hien nghien cflu vdi 26 to chflc TCVM cd day dfl dfl Heu nhat. Dfl lieu nghien cflu la sd lieu bao cao tai chinh hang nam cua 26 to chflc TCVM tai Viet Nam trong giai doan 2013- 2017 dfldc cung cap bdi td chflc MIX Market.
MIX Market la trang web dupe dieu hanh bdi td chflc Chia se Thdng tin TCVM (Microfinance Information Exchange-MIX).
Trang web MIX Market cho phep cac chfldng trinh TCVM dang tui, bao gdm cac ban bao cao tai chinh da dfldc Idem toan va cac chi so boat dpng de nhan dfldc danh gia xep hang
TAPCHIKINHTEVANGANHANGCHAUA 1 T h a n g 5 . ;
dfla tren dd minh bach cua thdng tin. Ve thdi gian nghien cflu, tac gia iiin hanh thflc hien tai 26 td chflc TCVM trong giai doan 2013-2017.
Giai doan nay dfldc tac gia Ifla chpn de thflc hien nghien cflu vi dam bao 26 td chflc TCVM deu cd du sd heu de tinh toan cac bien so trong mo hinh nghien cflu.
4. Ket qua nghien cuTu
K^t qua thong k^ md ta do Ifldng cac dai Ifldng dac trflng ddi vdi cac bien nghien cflu dfldc the hien d Bang 2.
Cac bien phu thupc dai dien cho kha nang sinh Idi ROA, ROE va bien OSS dai dien cho sfl hin vflng ve hoat dpng dflpc tac gia tinh toan tfl bao cao tai chinh hang nam cua 26 to chflc TCVM trong giai doan 2013-2017. Cac chi sd hieu qua ky thuat (TE) va hieu qua quy
NGUYEN NGOCTAN
md (SE) cua 26 td chflc TCVM trong giai doan 2013-2017 dfldc tac gia lay tfl ket qua phan tich bao dfl lieu (DEA).
Ket qua thong ke md ta chd thay, binh quan ROA va ROE cua 26 to chflc TCVM trdng giai doan 2013-2017 lan Iflpt la 4,06%/nam va 12,79%/nam. Sai sd chuan cua ROA va ROE xap xi vdi gia tri binh quan cho thay, ROA va ROE cua cac td chflc TCVM bien ddng kha nhieu. Chi sd OSS binh quan cua 26 to chflc TCVM trong giai doan 2013- 2017 la 1,39 cho thay, binh quan cac td chflc TCVM trong mau nghien cflu dam bao ben vflng ve hoat ddng.
Cac chi sd hi^u qua TE va SE cfla 26 to chflc TCVM trong giai doan 2013-2017 cd gia tri binh quan lan Ifldt la 54,83% va 77,06% cho thay, hau het cac td chflc TCVM trong mau nghien cflu cd hieu qua boat ddng tren mflc Bang 2: Ket qua thong l<e mo ta cac bien trong mo hinli
in sat So quan sat Gia trj trung binh 06 Bien phu t h u o c
ROA ROE OSS TE SE Bien doc lap
130 130 129 130 130
0,04056 0,12794 1,38988 0,54829 0,77055
0,04302 0,16161 0,39783 0,27558 0,22488
-0,17811 -0,51827 0,34367 0,187 0,187
0,14825 1,06924 2,90079 1 1
PFB AGE CPB OEA DER PAR30
GLP NAB
130 130 130 130 130 128 130 130
0,90904 12,76923 13,32789 0,27707 0,48307 0,00727 24,75121 9,19830
0,13401 6,65488 1,04299 1,79711 0,80914 0,02332 2,49879 1,97308
0,51408 2 10,5491 1,11e-09 0,01810 0 21,61813
5,81711 1 27 17,0967 20,57519 9,06658 0,1928 32,68964 15,77561 guon: Ket qua tinh toan ti/phan m§m STATA 15.0.
S 6 1 7 0 I T h a n g 5 . 2 0 2 0 I TAPCHIKINHTEVANGANHANGCHAUA
TAC DONG CUA TRAO QUYEN CHO PHU N Q D E N HIEU QU^ - 0 . ^ ; ••!( iivi-, UUft uv.
binh quan.
Bien trao quyen cho phu nfl cd gia tri binh quan trong giai doan 2013-2017 la 90,9%. Cd the thay khach hang vay cua cac to chflc TCVM chu y^u la phu nfl.
Ddi vdi cac bien dpc lap trong md hinh, Bang 1 cho thay thdi gian hoat ddng binh quin cua cac td chflc TCVM trong giai doan 2013- 2017 la 12 nam, logarit tfl nhien cua chi phi tren mdi ngfldi di vay binh quan la 13,33 lan, chi phi hoat ddng tren tdng tai san binh quan
la 27,71%, tyle von chusdhau tren tiSngta. san binh quan 1448,31%, tfli rui ro cua danhmuc dau tti binh quin la 0,73%, logarit tvl nhien cua so ngucii di vay thricla 9,2 lan, logarit tti nhien cda t6ng danh muc cho vay da di«u chinh ty le xoa so binh quan la 24,75 lan.
sa dung phan mSm STATA vcri dfl heu bang can bSng ciia 26 to chiSc TCVM giai doan 2013-2017 de it*c luong cac m6 hinh da trmh bay a phSn 3. Ket qua ilcfc luclng mo hinh duoc trinh bay trong Bang 3.
Bang 3: Ket qua i/dc It/dng mo hinh vdi bien phu thuoc ROA, ROE, OSS
^^^I^^^^HH^^^^^^I^^^^S^I
R O A ( t - l ) R 0 E { t - 1 ) O S S ( t - l ) PFB AGE CPB OEA DER PAR30 NAB GLP CONS AR(1) p - v a l u e AR(2) p - v a l u e H a n s e n p - v a l u e N u m b e r o f g r o u p s N u m b e r o f i n s t r u m e n t s S e c o n d s t a g e F - t e s t p - v a l u e
0 , 4 9 3 7 2 * * * 1 , 1 7 8 0 2 * * * 0 , 0 0 0 7 6 0 , 0 4 4 2 4 - 4 , 1 7 5 3 7 * * * 0 , 3 5 9 7 8 * * * - 1 , 3 7 5 3 3 - 0 , 0 4 0 8 5 0 , 0 6 6 1 6 - 1 , 9 3 6 3 7 0 , 0 8 8 0 , 3 8 4 0 , 5 7 3 2 6 19 0 , 0 0 0
0 , 3 9 6 1 4 * *
1 , 3 3 3 7 8 * * * 0 , 0 4 4 1 6 * - 0 , 0 9 0 6 0 2 , 0 9 4 0 4 * - 0 , 2 6 1 7 5 * 4 , 5 7 5 1 2 - 0 , 1 2 2 4 8 0 , 0 9 9 0 4 * - 1 , 9 6 5 9 2 0,011 0 , 6 8 3 0 , 8 8 5 2 6 17 0 , 0 0 0
^^^S^
0 , 6 1 7 7 2 * * *0 , 5 3 3 6 8 * * - 0 , 0 0 2 3 2 * * *
0 , 0 0 3 6 8 - 0 , 4 1 8 4 2 * * * 0 , 0 5 2 0 4 * * * - 0 , 2 1 0 2 8 0 , 0 3 3 8 9 * * *
- 0 , 0 0 8 2 7 - 0 , 5 7 2 2 1 0 , 0 6 0 0 , 2 0 2 0 , 3 1 2 2 6 21
0 , 0 0 0 Ket qua ddc Iddng mo hinh vdi cac bien phu thugc ROA, ROE, OSS cua cac to chdc TCVM duac thdc hien vdi phu'dng phap SGMM. AR(1), AR(2) p-value la gia tri p-value cua Kiem dinh sd tddng quan bac 1 va bac 2 ciia phan dd. Hansen p-value ta gia tri p-vatue cua kiem dinh Hansen ve sd phii hdp cua cac bien cong cy trong mo h'mh. Second stage F-test p-value la gia tri p-value cua kiem dinh F ve sd phij hop cua mo hinh. * * * * * v a * the hien cac mdc y nghTa thong ke J%, 5% i/a 10%.
Nguon: Ket qua tinh toan tifphan mem STATA 15 n
TAP CHi KINH TEVA NGAN HANG CHAU A | T h a n g 5.1
NGUYEN NGOCTAN
Bang 4: Ket qua ydc Wdng mo hinh vdi bien phu thugc TE, SE
^^^^^^^^•^^E^^H^^K^^H
TE(t-l) SE(t-l) PFB AGE CPB OEA DER PAR30 NAB GLP CONS AR(1) p-valUG AR(2) p-value Hansen p - v a l u e Number of g r o u p s Number of i n s t r u m e n t s Second s t a g e F-test p - v a l u e
0 , 5 8 2 1 7 * * * 2 , 6 4 0 7 0 * - 0 , 0 4 5 6 7 * * *
0 , 4 4 9 4 6 * * * - 9 , 3 9 8 2 2 * * * 1 , 1 3 6 0 8 * * * - 7 , 7 1 1 7 7 * * 0 , 2 8 8 0 2 * * - 0 , 1 1 1 9 4 - 6 , 8 5 1 9 3 0 , 0 3 6 0 , 7 7 4 0 , 6 7 8 26 19 0 , 0 0 0
0 , 1 0 9 0 1 * * *
- 0 , 2 9 6 2 6 - 0 , 0 2 4 4 3 * *
0 , 1 4 1 2 4 * * - 6 , 1 7 6 5 8 * * * 0 , 7 3 5 6 9 * * * - 6 , 8 6 6 7 9 * * * 0 , 2 1 9 4 9 * * * - 0 , 1 1 8 4 3 0 , 5 1 5 8 3 0 , 0 0 7 0 , 4 3 8 0,165 26 20 0 , 0 0 0 Ket qua ddc tddng m o hinh vdi c a c bien phu thugc SE, TE cua cac to chdc TCVtA dddc thdc hien vdi phddng phap SGMM. AR(1), AR(2} p-value la gia tri p-value cua kiem dinh sd tddng quan bac 1 va bac 2 ciia phan dd. Hansen p-value la gia tri p-value cua kiem dinh Hansen vesdphuhdp cua cac bien congcu trong mo hinh. Second stage F-test p-value ia gia tri p-value cua kiem dinh F ve sd phu hdp cua mo hinh.
***,** va * the hien cac mdc y nghia thong ke 1%, 5%va 10%.
Nguon: Ket qua tinh toan tdphan mem STATA 15.0.
Ket qua fldc Iflpng d Bang 3 cho thay, d ca ba md hinh, cac gia tri p-value cua kiem dinh AR(1) deu nho hon mflc y nghia 10% va cac gia tri p-value cua kiem dinh AR(2) deu Idn hfln mflc y nghia 10%. Do dd, cac md hinh cd sii tfl tfltfng quan bac 1 nhflng khdng cd sfl tfl tfldng quan bac 2 cua phan dfl. Dong thdi, kiem dinh Hansen cua cac md hinh cd cac gia tri p-value Idn hdn mflc y nghia 10%, tflc la cac bien cong cu dflac sfl dung trong md hinh la phii hop. Mat khac, cac gia tr| p-value cua kiem dinh F cung nho hon mflc y nghia 5%, cho thay cac md hinh la phu hop. Bang 3 cung cho thay, mpt rang budc khac khi sfl dung
phflflng phap SGMM cung dfldc thda man la sd bien cdng cu khong dfldc vfldt qua so nhdm quan sat. Nhfl vay, cac md hinh dam bao dp tin cay de tien hanh phan tich.
Ket qua fldc Ifldng d Bang 3 cho thay, he sd hdi quy cua bien PFB trong ca ba md hinh deu mang gia tri dfldng va cd y nghia thdng ke d mflc 5%. Nhfl vay, trao quyen cho phu nfl cd tac ddng tich cdc din kha nang sinh Idi ROA, ROE va kha nang tfl ben vflng ve hoat ddng OSS cfla cac to chflc TCVM. Ket qua nay phfl hdp vdi cac nghien cflu cua Abdulai & ctg (2017) va Ldpatta & ctg (2017).
Tac gia tiep tuc ddc Ifldng md hinh tac
S d 1 7 0 I T h a n g 5 . 2 0 2 0 I TAPCHIKINHTEVANGANHANGCHAUA
TAC DONG CUA TRAO QUYEN CHO PHU N Q O E N HIEU Ql... '..::..
ddng cua trao quyen cho phu nfl den hieu qua hoat ddng cua cac td chflc TCVM trong trfldng hdp hieu qua hoat dpng the hien qua khia canh hieu qua phan bd vdi cac chi sd TE, SE. Ket qua fldc Ifldng dfldc trinh bay trong Bang 4.
Ket qua fldc Ifldng d Bang 4 cho thay, d ca hai md hinh, cac gia tri p-value cua kiem dinh AR(1) deu nhd hdn mflc y nghia 10% va cac gia tri p-value cua Idem dinh AR(2) deu Idn hdn mflc y nghia 10%. Do dd, cac md hinh cd sfl tfl tfldng quan bac 1 nhflng khong cd sfl tfl tfldng quan bac 2 cua phan dfl. Ddng thdi, kiem dinh Hansen cua cac md hinh cd cac gia tri p-value Idn hdn mflc y nghia 10%, tflc la cac bien cdng cu dflpc sfl dung trong md hinh la phu hdp. Mat khac, cac gia tri p-value cua kiem dinh F cung nhd hdn mflc y nghia 5%, cho thay cac md hinh la phu hpp. Bang 4 ciing cho thay, mdt rang budc khac khi sfl dung phfldng phap SGMM cung dflpc thda man la sd bien cdng cu khdng dfldc vfldt qua sd nhdm quan sat. Nhfl vay, cac md hinh dam bao dp tin cay de ti^n hanh phan tich.
Ket qua fldc Iflpng mo hinh (Bang 4) cho thay, he sd hdi quy cua bien PFB khdng cd y nghia thdng ke trong md hinh vdi bien phu thudc TE nhflng lai cd y nghia thdng ke trong md hinh vdi bien phu thudc SE. Nhfl vay, trao quyen cho phu nfl khdng cd tac ddng den hieu qua ky thuat cua cac to chflc TCVM nhflng lai cd tac ddng den hieu qua quy md cua cac td chflc TCVM.
5. Ket luan va ham y chi'nh sach 5.1. K a luan
Tren cd sd ke thfla ket qua cfla cac nghien cflu trfldc, tac gia tien hanh de xuat md hinh tac ddng cua trao quyen cho phu nfl den hieu qua hoat ddng cua cac td chflc TCVM. Cu the, hieu qua hoat ddng cua cac to chflc TCVM Viet Nam trong nghien cflu nay dflpc xem xet
dfldi cac khia canh nhfl kha nang smh Ifli (ROA, ROE), kha nang tfl ben vflng trong ho?t ddng (OSS) va hieu qua phdn b6 (TE, SE). Sfl dung dfl heu bang vdi 26 to chflc TCVM Viet Nam trong giai doan 2013-2017, tac gia thilc hiln fldc Ifldng cac md binh bang phfltfng phap GMM he thdng (SGMM). De dam bao dd tin cay cua fldc Ifldng trfldc khi thao luan ket qua. tac gia cung thflc hiln cac kiem dinh can thiet nhfl kilm dinh tfl tfldng quan bac 1 (AR(1)), tfl tfldng quan bac 2 (AR(2)), ki^m dinh Hansen. Ket qua kiem dinh cho thay, cac md hinh deu dam bao dp tin cay de tien hanh phan tich.
Ket qua fldc Iflpng md huih trong trfldng hpp hieu qua boat ddng tb^ hiln d khia canh kha nang sinh Idi vdi cac chi so ROA va ROE cho thay, trao quyen cho phu nfl cd tac ddng tich cflc den kha nang sinh Idi cua cac to chflc TCVM Viet Nam. Ket qua tfldng tfl ve tac ddng tich cflc cua trao quyen cho phu nfl din hieu qua boat ddng cua cac td chflc TCVM ciing thong nhat trong trfldng hpp hieu qua boat ddng the hien d khia canh kha nang tfl ben vflng trong hoat ddng vdi chi sd OSS. Ket qua fldc htpng mo hinh tac dong cua trao quyen cho phu nfl den hieu qua boat dpng cua cac td chflc TCVM, trong trfldng hdp hieu qua boat ddng the hien qua khia canh bleu qua phan bd vdi cac chi so TE, SE, cho thay trao quyen cho phu nfl khdng cd tac ddng den hieu qua ky thuat cua cac td chflc TCVM nhflng lai cd tac dong den hieu qua quy md cua cac to chflc TCVM.
5.2. Cac h i m y chinh sach
Tren cd sd cac ket qua nghien cflu nay, tac gia de xuat cac ham y chinh sach nham nang cao hieu qua boat ddng cua cac td chflc TCVM.
Ve dinh hfldng cho vay doi tflong khach hang phu nfl, cac cd quan chflc nang da ban
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hanh nhieu chinh sach flu dai, hd trd phu nfl nham phat huy moi tiem nang, nang cad vai trd, tang cfldng sfl tham gia cua phu nfl trong tat ca cac linh vflc, dac biet la cdng tac xda doi, giam ngheo. Ve phia Ngan hang Nha nfldc da xay dflng va trien khai cac giai phap de hfldng ddng vdn tin dung thfldng mai cung vdi ddng von tin dung chinh sach giup ddi tfldng la phu nii, dac biet la phu nfl ngheo tiep can de dang htJn vdi ddng vdn tin dung. Tuy nhien, viec tiep c^n ngudn vdn tin dung cija phu nfl ngheo con rat nhieu han che do nguyen nhan tfl nhieu phia. Dd vay, trong thdi gian tdi, cac td chflc TCVM cung cap cac dich vu tin dung, tiet kiem, bao hiem, cac dich vu tai chinh va phi tai chinh khac,... nham giflp ddi tfldng khach hang phu nfl thoat ngheo va phat trien kinh te.
Ve quy md cho vay ddi tfldng khach hang phu nfl, neu chi dfla vao nhflng chinh sach xa hpi vdi ngudn kinh phi tfl ngan sach trung uong, dia phfldng thi se rat khd khan vl quy mo vdn cho phu nfl khi tiep can vdi ngudn von, dac biet la nhflng phu nfl sinh sdng d vung ndng thdn, vung sau, vung xa. Do dd, cac hoat ddng tin dung tfl phia cac td chflc, chflong trmh hay dfl an TCVM cd tinh xa hdi hoa cao la rat can thilt.
Trong thdi gian qua, hoat ddng TCVM tai
Viet Nam da cd nhflng ddng gdp dang ke chd cdng cudc xda ddi giam ngheo ddi vdi phu nfl va thflc hien binh dang gidi. Vdi cac dieu kien vay vdn khdng can phai cd tai san the chap, thu tuc ddn gian, linh ddng cho khach hang trong viec tra np gdc, lai, cung nhfl cdn dfldc tham gia quy tiet Idem dinh ky, cdng cu TCVM dflpc xem nhfl la ddn bay giup phu nfl tfl tin thoat ngheo. Tuy nhien, hoat ddng cua cac to chflc TCVM hien nay chfla nhieu. Vi vay, vl phia cac cap quan ly vi md can quan tam va tao dieu kien, hd trd nang cad sd Iflpng to chflc TCVM trong nen kinh te.
Ben canh do, cac td chflc TCVM can xay dflng cd sd vat chat, md rpng thanh toan diln tfl tao dieu kien de phu nfl dl dang tiep can tai chinh. Cac td chflc TCVM can cai thiln cd sd ha tang he thdng thanh toan de bat kip vdi tdc dp phat tril'n Idnh te qudc gia; sfl dung hieu qua hdn cdng nghi, ddi mdi va tang trfldng mang Ifldi tiep can ban le de truyen thdng tdi cac ddi tfldng khach hang vay la phu nfl chfla dfldc phuc vu. Cach lam nay cflng giup cho cac td chflc TCVM cai thien vile sfl dung va giam chi phi cua cac dich vu thanh toan (ke ca chuyen tien). Dong thdi, tao ra nhflng ddi mdi md rpng nhfl thi trfldng so boa va hinh thanh quan he doi tac hieu qua.
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TAC BONG CUA TRAO QUYEN CHO PHU N O D E N HIEU Q
The Impacts of Empowering W o m e n on the Performance of Vietnam Microfinance Institutions
Nguyen Ngoc Tan'^'
Received: 03 April 2020 | Revised: 04 May 2020 | Accepted: 10 May 2020
ABSTRACT: In the past few years, MFIs in Vietnam have been providing priority financial services to low-income women, especially poor women. Empowering women through these financial service delivery activities will affect income and credit risk, thereby affecting the profitability and performance of MFIs (D' Espallier et al., 2013; Abdulai & Tewari, 2017; Lopatta et al., 2017). However, whether lending to female customers is effective for MFIs or not is an issue that needs attention. This study was conducted to determine the impact of empowering women on the performance of Vietnamese microfinance institutions. Employing system GMM method (SGMM) with data of 26 Vietnamese microfinance institutions in the period of 2013-2017, the result showed that the empowering women have a positive impact on the performance of MFIs, expressed in terms of profitability {ROA, ROE), operational sustalnability (OSS) and allocation efficiency (SE). Based on the research results, the author has proposed policy implications to improve the performance of Vietnamese microfinance institutions.
KEYWORDS: Microfinance institutions, Performance, Empowering women.
JEL classifications: D02, D14, D24.
Nguyen Ngoc Tan Email: [email protected].
(i)Ho Chi Minh City People's Committee Office
86 LeThanii Ton Street, Ben Ngl7eWard, District 1, Ho Chi Minh City.
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