Tgp chi Khoa hoc - Cong nghi Thuy sdn So 1/2014
KET QUA NGHIEN CQU DAO TAO SAU DAI HOC
PHAN TICH CAC NHAN TO TAC D O N G LEN CAU TRUC VON CUA DOANH NGHIEP NGANH DET MAY
ANAYZING THE DETERMINANTS OF CAPITAL STRUCTURE OF THE TEXTILE INDUSTRY
Phgm QuSc Phong', Phan Thi Bich Nguyff
Ngay nhanbii: 28/12/2012; Ngay phan bifnthSng qua: 11/7/2013; Ngay duy?t ding: 10/3/2014TbiVf T A T
Nghien cuu ndy phdn tich 7 nhdn to tdc dgng len cdu true vdn cua cdc doanh nghiep ngdnh det may bao gom: thue, quy md doanh nghiep, chi phi ng, chi phi von chu sd kOu, ty sudt sinh lai tren von chu s& huu, ty suat sinh l(n tren tong titi san. Id chdn thue nhd khdu hao. So lieu phdn tich dugc thu thdp tie bdo cdo tdi chinh ndm 2009 cua 28 doanh nghiep ngdnh det may Ket qud phdn tich cho thdy, cdu true von cua cdc doanh nghiep del mayphi^ thugc bdi hai nhdn to Id quy mo doanh nghi4p vd ty sudt sinh lai tren tong tdi sdn. Vi vdy, nghien cuu ndy cung cdp thong tin quan trgng giiip cdc doanh ngkifp CO the ra quyet dinh ve cdu true von phu hgp Se toi da hoa gid tn cda doanh nghiep.
Tit khoa: cdu true von, quy mo doanh nghiep, chi phi ng, chi phi von chu sd hihi, ROA, ROE, Id chdn thue do kh^
hao. det may ABSTRACT
This study analyzes 7 the determinants of textile firms' capital structure including: tax. firm size, debt cost, equity cost, return on equity, return on asset, depreciation tax shield. The data is collected from fincial reports in 2009 of28 lexHh"
firms. The results confirmed that financial structure is decided by firm size and return on asset. Therefore, this study provided important information for the firms in deciding optimal capital structure to maximize the firm value.
Keywords-financial structure, firm size, debtcost, equitycost, ROA, ROE, depreciation taxshield, textilefirms
I . D A T V A N D £ qugn ty CTV (chge nhau vg d i n din nhung hi$u C l u true von (CTV) la sy kit hyp giu-a ny trung, qug khgc nhau, thgm chi lg ngyyc chilu nhau. Ci dgi hgn va v6n co phln, t i t eg dyye diing de tai b'y doanh nghigp thi khai thgc eg higu qug, bao todn cho quylt djnh diu ty cua cong ty [1]. C l u true von dyyc nguIn v6n chO s * hQ'u vg nggy cgng piidl c6 mli lign hg mgt thilt vcri gig trj cong ty, mot eong triln, ngyyc l^i cd doanh nghigp hogt dgng tliua ty cd CTV hyp ly thi gig tri cong ty se tgng Ign va to va ngay cang m l t d i n v6n ehO sl- h&u. Trong ngyyc Igi [7]. Tuy nhien, gia tri e5ng ty khong chT try&ng hyp cgc doanh nghigp Igm gn thua t l do si>
chju tgc dgng cua CTV mg con bj anh iiyfrng boi dyng ny khong hyp ly, mgt mgt se Igm gigm gig tfi chiln lyyc sir dyng cgc nguon v6n trong CTV d l cOa doanh nghigp, mgt kMc se gnh hyfi-ng kti6ng tgi try eho quylt djnh dau ty [16]. Nhy vgy, viee xay tot den toe dg tgng tn/dng cCia nggnh. Hon nOa, dyng mgt CTV hyp ly Ig rlt can thilt va quan trpng trong boi canh khGng hogng tgi chfnh dang diln ra biy'i vi n6 se ngng cao hieu qug sgn xuat kinh doanh hign nay trgn phgm vi togn c l u , vigc xgc djnh nhgn eOa cdng ty [7]. to gnh hycrng den c l u tnic v6n lg mgt ca s * giiip Nghien ciiu ngy sy dung boi eanh nganh dgt eac doanh nghigp dya ra egc chiln tyye si> dyng may Vigt Nam Igm doi tyyng khgo sat vi mgt so ty v6n phCi hyp vd'i dge diem tinh chit nggnh, dge dilm do. Moi doanh nghigp d i u eo myc dg vg chinh sgch eua nIn kinh te vg dgc tinh rigng cOa doanh nghi$p,
' Phgm Qu6c Phong: Cao hyc Quan tn kinh doanti 2010 - Tn/&ng Bgi hpc Nha Trang ' PGS.TS. Phgm Thj Bich Nguy#t: Tnrtng Dgi hgc Kinti te - Tp. H6 Chi IWinh
184 • TRU(>JG OAI HOC NHA TRANG
Tgp chi Khoa hgc - Cong nghe Thuy sdn So 1/2014
dgm bgo nguIn tai ehlnh du can thiet vg I n djnh dgpumg cho muc tieu trt/oc m l t vg Igu dai cua doanh nghigp. TCP ttiye tien h^n, viec phSn tich cae nhan to tae dgng Ign cau true von eac doanh nghiep det may la d n thilt.
II. Md HiNH VA PHU'aNG P H A P NGHIEN CLTU 1. Md hlnh nghien CCRJ
C l u tnje von trong nghien eCru nay dyyc do tyirng bfi-i biln he s6 ny (DR) [1]. Dgy la chi s6 do lyong quy mg tgi ehinh eua mgt doanh nghiep eho bilt trong ting nguIn von eua no thi ny chiem bao nhigu phln trgm [1], Ny cua dognh nghiep bao gIm eg ny ngin hgn vg ny dgi han. Cau tnJe von dyye d l xuat chju sy tgc dgng eua cgc biln doe tgp: Thul suit thul thu nhgp doanh nghigp (TAX), Qui mo doanh nghigp (SIZE), Chi phi ny (R^), Chi phi von ehu so hifu (R^, Ty suit sinh to-i tren v6n ehu so hOu (ROE), Tf suit sinh Igri trgn tong tai sgn (ROA), Lg ehin thul do khIu hao (TSE)
Thul suit t h u l ttiu nhgp doanh nghigp (TAX):
Tge dpng cOa t h u l ddi vd'i ea cau v i n lg chG d l ehinh trong nghien CLPU d i u tign cua Modigliani va Miller (1958) [7]. Cgc nhg nghign CLPU tin ring thue ddng vai trg quan tnpng d l i v(t\ c l u trOc v6n eua eae doanh nghigp (DN) vg cac DN cd t h u l suit cao han s€ sir dyng nhilu ny d l tSng phln tilt kigm t h u l [9].
IWacKie-Mason (1990) [11] binh tugn rang IjJ^ do nhilu nghign eyu thit bgi trong vige tim ra nhyng gnh htrdmg chinh xgc va hyp iy eua ttiul d l i voi cae quylt djnh tai try, da dyye d l cgp d i n trong ly thuyit eCia Modigliani va Miller, la do tt tg ny/von e l phln lg k i t qug tich luy tCf eae quylt djnh tai chinh mgt cg(^ dge Igp qua cae nam, va lyi ieh cua t i m chin ttiul eg gnh hydng khong dang ke tai t h u l suit eua eae DN. Trgi ngyyc vd'i egc nhg nghien eyu khgc, MaeKie-Mason giai thich cho cgc quylt djnh tgj tn? bdi ny bing vigc sy dyng eac phgn tich lya diyn rigng re. Ong dgc bigt nhin manh tdi gnh hydng cCia ttiul (do k i t ehuyin l5 d l gigm t h u l vg ttiul dyye hogn Igi do d i u ty) d& vdi lya ehyn ny hay von c6 phln cd dilu kien ra e6ng ehung, vg ntign thiy ring sy mong dyi tgi try bing ny tl tg ttiugn vdi ttiul suit ttiul ttiu nhgp DN, dieu ngy cung phu hyp vdi ly" thuyit cua MM. Vi vgy, trong nghign et>u ngy, biln ttiul dyyc gig djnh cd tge dgng nghjeh biln Ign biln c l u tnic v6n
H1: BiSn Oiu4 c6 tic dgng Sm I6n bien ciu tnicvdn.
Qui md doanh ngtiigp (SIZE): Nhilu nghign eyu chi ra rang eo mgt m l i quan hg ta* Ig ttiugn giira he sd ny vg qui md doanh nghigp. Marsh (1982) [12] nhgn thay cac DN Idn thudng lya c^yn vay ny dai hgn, tnsng khi cgc DN nhd Igi chpn ny ngin hgn. Cgc DN Idn ed the tgn dyng lyi t h i v l qui m6 tnang phgt hgnh ny dai han, va thgm ehi cd the I h y a n g lyyng' d l i vdi eae diu ny. Do do chi phi phat hgnh ny va von CO phan se ti Ig nghjeh vdi qui md ON Mat khac, qui md cung the hien thong tin ma cac nhg d i u ty ben ngoai co. Fama vg Jensen (1983) [8], Rajan vg Zingates (1995) [17] tgp lugn ring cac DN Idn han ed xu hydng eung elp nhilu thgng tin eho chO ny hon la cac DN nhd. Tdm lai, cgc DN Idn eo it van d l hon v l ttidng tin khdng tyang xdng se cd xu hydng sO dyng nhieu von chu sd hu-u hon ny, vg do dd hg s6 ny thip han. Tuy nhien, eac DN tdn thydng da dgng hoa han va cd cac ddng tien mgt I n djnh hon;
khi egc dilu kien l^ae khong thay d l i , khg nang pha sgn cua cgc DN Idn ciing thip hon so vdi eac DN nhd. T i t ca cgc Igp lugn deu eho rang qui md ti Ig thugn vdi he sd ny. Ngogi ra, nhieu nghien eyu v l ly ttiuylt bao gom Hams and Raviv (1991) [13], Narayanan (1988) [14], Noe (1988) [19], Poitevin (1989) [15], va Stulz (1990) [18], cho rang hg sd ny tang theo gig tri cua cong ty.
cac nghien eCru dya hen ttiyc t l nhy Booth va cgng sy (2001) [15], Marsh (1982) [12], Rajan vg Zingales (1995) [16], vg Wald (1999) [20], ttiydng chi ra ring hg so ny ti ig thugn vdi qui md DN. Trong khi dd ca Rajan vg Zingales (1995) [17] vg Wald (1999) [20] deu nhgn ttiay ring eac DN d OCre cd xu hydng vay ny it han. Wald (1999) [20] phat hign ra rang, tgt Oire, myt sd nhd nhg qugn ly ehuyen nghigp nlm giir mgt ti Ig cd philu khg cao cOa ege DN Idn trong nggnh (vi dy nhy Siemens vg Daimler- Benz) vg cA the ap dat vigc qugn ly ddi vdi lyi ich cua cae cd dfing. Can cy tren cac If thuyit bude dd, trong nghien cdu nay biln quy md doanh nghigp cd tgc dyng dyang ISn biln c l u trOc vdn.
H2: Biin quy md doanh nghi$p c6 tic d^ng duong len biin ciu trOc vdn.
Chi phi ny (R^): Lai vay dyyc sir dyng Igm ehi phi ny vi tat ca cgc DN nghign cdu deu khdng phgt hgnh ttai philu [7]. Ve ly thuyit, lai vay cang cao ttil vigc su* dyng ny se giam vi khi chi phi ny tgng Ign [2], DN se chuyin sang sy d^ng vdn ehCi sd hiru. Quan hg ngyyc chilu nay se dyye l<iem nghigm bing sd ligu. Hon nura, bang phgn tich ttiyc nghigm, se djnh lyyng dyye mire dg gnh hirdng eua lai vay d i n vigc
TRUONG OAI HOC NHA TRANG • 185
Tgp chi Khoa hgc - Cong nghe Thuy sdn So 1/2014 I
sir dyng ny eiia DN [7]. Nhy vgy, biln chi phi ny dyye gig djnh ed tae ddng nghjeh biln len biln clu triieny.
H3: Biin chi phi na cd (ac dgng am ISn bien ciu true vin.
Chi phi vdn chu sd hiru (R,): Chi phi vdn chCi sd huu dyye do lydng bing ty Ig lai suit yeu cau cua chu sd hyu ddi vdi vdn dau ty vao DN [12]. Day la chi phf rat quan trpng anh hydng din ea eau vdn cua DN [7]. Do vgy, ve ty thuyet thi ehi phi vdn chu sd hiru se biln dong cung chilu vdi ca d u vdn, ehi phi vdn chO sd hiru tgng se hgn ehe DN sir dyng vdn ehu sd hQ'u ma chuyin sang dimg ny [12].
H4: Biin chi phi von chO sd hCPu co t^c d^ng duong l&n biin ciu true v6n.
Ty suit sinh tdi tren vdn chu sd hiJu (ROE):
Bang mgt s l ty Uiuylt da nghign eCru va kiem ehdng bing thye nghigm, Ivo Welch (20{)4 [10] eho ring, ty Ig sinh Idi trSn ed phieu ed gnh hydng ngyyc ehilu din hg sd ny. Vi nlu DN cd tf Ig sinh tdi trdn cd philu eao, eac cd ddng san sang dong y giir Igi lyi nhugn d l tgi diu ty mg khgng nhgn cd tde [1]. Khi dd, DN se chuyin tir vigc huy dgng ny sang sir dgng vdn ehu sd hiru tir nguon lyi nhugn tgi diu ty [1].
H5: Blin t^ suit sinh Itri trSn vin chu sa hOv cd t^c d^ng duong ISn biin ciu tnic vin.
Tf suit sinh tdi tren tong tgJ sgn (ROA). Ben cgnh ROE, hg so sinh tdi trdn tdng tai san eung dyyc sy dyng v) hign tgi vige ddnh gig higu qug hogt dpng va khg nang smh tdi eua cgc DN Nha nyde dyye xem x6t ta^n tong tgi san ma DN sy dyng [1].
Dgy lg chi tiSu bd sung eho ROE vi ROE ehi hdu feh tnang trydng hyp la DN ed phln, khi kha nang sinh Idi tren vdn ehu sd hdu dyye quan tgm han [1].
ROA eung cd quan hg ngyyc chieu vdi ea d u vdn [13]. Mire dg gnh hudng cOa ROA den ea d u vdn se dyye yde lyyng bang mg hinh kinh t l tyyng [13], Tuy nhign, cd the hai biln ROA va ROE se ed mdi quan hg vdi nhau, vi ttieo ty ttiuylt, nlu DN dgt tf Ig sinh tdl ttgn tdng tai san cao ttii tf tg sinh Idi trgn vdn chu sd hiru se cao. Bang cae kilm nghigm trong md hinh, mgt taxing hai biln se dyyc logi ra de lya chpn bien cd f nghTa han trong md hinh
H6: Biin ty suit sinh loi tr§n tSng tai sin cd (ge dgng g/n ISn blin ciu tnic vin.
IA chin ttiul do khIu hao (TSE): Lg chin thul do khIu hao dyye gpi la cac khoan tilt kigm ttiul khdng phai ny [9]. DeAngeto va Masulis (1980) [6]
cho rang khoan talt kiem thue khong phai ny dyye diing d l thay thi eho phan tilt kigm ttiue do tai try
186 • TRI/6NG OAI HOC NHA TRANG
bang ny, va khi eae dieu kign khac khong doi thi mpt DN CO cae khoan tilt kiem thue khong phai no dyyc dy doan la se vay no it hon. Cac nghien ci>u dya tren kiem dmh thydng khlng djnh dy doan tren Bradley va cong sy (1984) [3] si> dung phep tinh tong chi phi khau hao hang nam va hoan ttiue tir diu ty chia cho tong thu nhap hang nam truec khau hao, tai vay va thue (EBIT) de tinh cac khoan tilt kigm thue khong phai ny. Hy nhan thay ring ti$
sd no li te thuan vai cac khoan tiet kiem thue tthOng phai ny. Wald (1999) [20] sd dung ti le khau tiao tren tdng tai san, Chaplinsky va Niehaus (1993) [5]
sir dyng ti te chi phi khau hao cgng vdi hoan thue do diu l y try di long lai san de tinh cac khoan li^t kigm Ihue khong phai ny. Tat ca cac nghien cdu fl^u nhgn thay ring he sd ny li te nghjch vdi cac khoan tiet kiem Ihue khong phai no. La chAn thue nhcf khau hao dyyc hilu ta khoan lyi nhuan tiet kigm thue do viec sd dung tai san cd djnh nen dyyc trich khIu hao (ngoai viec tiet ktgm Ihue nhd sd dyng n^
nhy da trinh bay d Iren).
H7: Bien la chin thue do khau hao c6 tac dOng am len bien cSu true v6n.
2. Phyang phap nghien cdu
Mau: Nghien cdu sd dung phyong phap nghien edu thd eap, so lieu dyyc thu Ihap tic bao cdo tSi ehinh nam 2009 i
may theo quf cuarf ThO tyc phan tfcjj va phan tich hoi \ djnh mdi quan h g i Ign d u true vdn. •
doanh nghigp nggnh d^t i chlnh,
Jy lieu Phan tieh tyong quan bien dyyc sC? dyng d l ki^m eac bien dpc lap co lac dgng
tien, phan tfch lyang quan dyye thye hign de kilm tra dyyc sy phii hyp cua tdng bien dya vgo|
xay ra hign hjyng dq phgn tfch hdi quf quan tig tyang quarj
Oo lydng cael Clu triie vdn ••
Thul = Hg sd ctj lyi nhugn tn/dc thuei
Quy md doanh|
bgn hgng vg eungl^
Chiphiny = Lai|
Chi phi vdn chu ; cua chiJ sd hCru ddi|
ROA=Lai_nhugri ROE = " ' Lg chan 1 tdng tgi sgn.
:hln ttiue ^ | I
sgn. •
hinh cung nhy dy doan c6
;png tuyen khong, Tiep theo, thyc hien de kiem d]nh m6i jyen linh
ig ny/Tong nguon von, ihi thue TNDN hien hanh/tong
lai vay
ihiep = Doanh Ihu thuan ve djeh vy.
ly.
hdu = Ty te lai suat yeu cSu vdn dau ly vao DN.
'ong lai san tdng ngudn von.
khau hao = Ty te khau hao/
Tgp chi Khoa hgc - Cong nghe Thuy sdn So 1/2014
III. K^T QUA NGHIEN Ct^U VA T H A O L U A N 1. H ^ s d t i r o n g quan
Bgng 1. H$ s6 tirang quan, tmng binh vg sai sd ehuln cua cgc khgi nif m 1.DR
2. TAX 3. SIZE 4.R„
5. R, 6, ROE 7. ROA 8. TSE
1 1.000
2 -.415"
1.000 3 .358*
-.SOS"
1.000 4 - 1 3 0 - -.092'"
-.091- 1.000
5 -.124-
.014- .205- . 0 4 1 - 1.000
6 -.096"
.110- .209- .146- .924"
1000 7 -.534-
.192- .123- .174 .793"
.815"
1.000 8 .422"
.224- .220""
-.181 .085- .126- -.067- 1000 'p<0,1, "p<0,05;'"p<0.01: ns-Khdng c6f nghTa ttidng k6&mi>c 10%
Nhgn xdt: Trong mdi quan hg vdi biln c l u tnic vdn, ed 4 biln mdi tyang quan vdi biln d u true vdn bao gdm biln thue, biln quy mg doanh nghigp, bien tf suit sinh tdl trgn tdng tgi sgn vg biln lg chan t h u l do khIu hao. Cd ba biln khdng tac ddng len d u tide vdn gdm: bien ehi phi ny, bien chi phi vdn chii sd hCru, bien ty suit smh Idi trdn vdn chO sd hiru.
2. K i t qug m6 hinh hdi quy
Hai biln ngy se dyyc logi ra khdi mg hlnh hot quy d l xuat Trong mdi quan hg gida cac biln dgc Igp, biln ehi phf vdn ehu sd hyu va biln tf suit sinh Idi trgn biln ehu sd hiru von d e biln cdn tgi khg eao. Tuy nhien, cac biln ngy da logi khdi md hinh hdi quy.
cac biln dye lap cdn Igi cd tyang quan thip, ndn gig ^ n h da cpng tuyen lg tyang ddi tiilp.
Bgng 2. Kiem djnh cgc gig t h u y i t Cdc quan h^
TAX -> DR SIZE -> DR ROA -> DR TSE -> DR R": 0.43; * p < 0,05,
H$ a6 hAi quy Chira ehuln h6a
-0.705- 3.928*
-1.800"
0,04™
Chuin h6a -0.208 0.342 -0.539 0.132
"p<0,01; ns: Khong c6 f nghTa thong kedn Thing M t
-1.337 2.226 -3.577 0.906 ifc 10%
VIF 1,788 1.159 1,577 1.571
3. Thao lugn
Trong bdn biln dya vgo mo hinh hdi quy, cd liai bien tgc dgng Idn d u tnJc vdn bao gdm bien quy mg doanh nghigp va bien tf suit sinh Idi trgn tdng tai sgn. Qui md doanh nghigp cd quan he eiing chilu vdi d u true vdn. Khi quy md doanh nghigp tgng ign 1% ttii d u tnic vdn se tang 3,928% trong dilu kign cac y l u td khgc khdng ddi. Hay ndi cgch khgc, khi quy mo doanh nghi0p cgng Idn, tf Ig ny trgn ting ngudn vdn se tgng. K i t qug ngy ddng nhat vdi ege nghign edu tnjdc do [19]. Trong khi dd, tf suit sinh idi trgn tdng tgi san cd quan hg ngyyc chilu vdi d u tmc vdn eua doanh nghigp. Khi ty suit sinh Idi trdn tdng tgi sgn tgng Ign 1% thi d u tide vdn giam 1,800% trong dilu kign eac nhgn td khac khdng ddi. Hay n6i each khac, khi lyi nhugn ttiu v l vdi t f suit eao, doanh nghigp se sd dyng ngudn lyi nhugn tang ttidm d l bd sung vao ngudn vdn Idnh doanh. Do dd, ngudn vdn chu sd hu-u tang hay tf lg ny trgn tdng ngudn vdn gtam. K i t qua nay
khang djnh lgi vai trd eua biln ty suit sinh Idi trgn tdng tgi sgn ddi vdi vigc quylt djnh d u true vdn eua doanh nghigp. Giira hai biln biln tf suit sinh Idi tren tdng tgi san cd tam quan ti'png eao hon so vdi biln quy m5 doanh nghiep vdi hg sd hdi quy chuan hda la - 0.539 so vdi 0.342. Nhu vgy, doanh nghigp thydng quylt djnh d u biic vdn egn ed tren tf suit sinh tdi tren tdng tgi sgn.
Ngyyc lgi, hai biln t h u l vg lg d i l n thul nhd khIu hao khdng tgc dgng Idn d u true vdn. Hay ngi cgch ktiae, ddi vdi d c doanh nghigp trong nganh dgt may, y l u td ttiul va la chin t h u l nhd khIu hao khdng phgi la y l u td quylt djnh d i n vigc lya chpn tf le ny.
IV. K £ T L U A N V A K I ^ N NGHj
Nghign edu phgn tieh 7 nhgn td tge ddng Ign d u true vdn cua doanh nghiep bao gdm ttiue, quy md doanh nghigp, hg sd ny, chi phf ny, chi phi vdn chi^
sd hiiai, ty suit sinh Icri tren vdn ehO sd hdu. tf suit
TRUONG OAI HOC NHA TRANG . 187
Tgp chi Khoa hgc - Cong nghe Thuy sdn
So 1/2014 sinh Idi trgn tdng lgi sgn va la chin ttiul nhdJ^hauhao. Tuy nhien, qua phan tich ti/cmg quan va^B quy ehi ed hai bien tae dgng Idn quylt djnh v l d i ^ f f i von eua doanh nghigp bao gdm quy md d o a n h j | B p va tf suit kn nhugn tren tdng tai sgn. Nhy vgy, Irong ttiyc t l hogt dpng eua d e doanh nghigp dgt may, ege doanh nghigp quylt dinh d u tmc vdn hay ty le ny vay can ed trdn quy mo san xult kinhl quy mg tang ty Ig vdn vay se eao han v g l nhugn trgn tdng tgi sgn: khi tf suit cao thir vay se gigm di. K i t qug tren phCi hypl cua cae nghien edu tnrde do v l vidcdog nhgn td quyet djnh d u true vdn tdi yu [19],"[3]7viec xgc djnh cgc nhgn td se gdp phan hd tn? ttidng fl cho d e doanh nghigp khi q u ^ t djnh d u ttdc vdnjham tdi yu hoa gia ttj eua doanh nghigp. Trong n g t i ^ cdu ngy, phgm vi nghign edu chi ddng Igi vdi quy m6 mau nhd vg ehi b'ong phgm vi eua nggnti det m a y j "
kel qua khai qual hon, d n md rpng quy mo mlu dn Ihu va md rpng nhieu fTnh vyc de cd the dat duycsv long quat hoa cua kit qua nghien cdu,
Cac nha quan ly, nha khoa hpc va doanti nghiep det may co the sd dung thong lm nay iJe giup doanh nghiep del may cd dyyc cgu true von tdl yu, dac biet chu trong vao hai nhan id ty suat toi nhuan Iren long tai san vg qui mo doanh nghigp Cy the, cac doanh nghiep can' xem xet dieu chinh co cau cua doanh nghiep; sap nhap, hyp nhat, mua lai nhlm nang eao nang tyc canh Iranh de tai cau tnic vdn; nang cao chat lyyng quan tri tai chinh cong ty, chuyen doi ca cau tgi try hign tgi, Chinh phu c6 ttie try giup cho cac doanh nghiep bang cac bien phap phat tnen Ihi trydng vdn, yu lien thi trydng vdn dai han; phat tnen cac id chdc dinh mde tin nhiem o Vigt Nam; tang cydng kiem tra, giam sat, dam bao linh cong khai, minh bach ciia thong tin
I NXB Tliong ke- TP. Ho Chi Minh.
'g ke nam 2009
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188 • TRUCfNG OAI HOC NHA TRANG
