Phan tich rui ro hoat dong trong ngan hang thiftfng mai
Viet Nam
DAO THI THANH BINH*T o m t a t , . . , , , 7 ' rf -
Rui ro hoat dong la mot trong ba rui ro duqc Basel II (Basel II la phien ban thU hai cua Hiep Udc Basel, trong do dua ra cdc nguyen tdc chung vd cdc luat ngan hdng cua Uy ban Basel ve gidm sdt ngdn hdng) yeu cdu qudn ly vd du trff vo'n. Tuy nhien, cdn it ngdn hdng thuong mgi
Viet Nam chu y den viec ket hap giita qudn ly rui ro hogt dong vdi qudn ly rui ro tin dung- Tit do, nghien cdu ndy duac thUc Men nhdm muc dich xdy dung mo hinh dinh luqng de xem xet cdc yeu tdcua ngdn hdng vd cdc Men kinh tevTmo co vai trd quan trong nhU the ndo doi vdi rui ro hogt dong cua ngdn hdng.
TH khoa: Basel II, rui ro hogt dong, he soan todn von, ty le chi phi/thu nhap
Summary
Operational risk is one ofthe three risks that Basel II (the second version of Basel Convention that lays down general principles and banking rules of Basel Committee on banking supervision) requires to manage and reserve capital However, few Vietnamese commercial banks pay close attention to the combination of operational risk management and credit risk management.
That's why this research is conducted to develop a quantitative model to examine how bank's factors and macroeconomic variables play an important role in the bank's operational risk.
Keywords: Basel II, operational risk, capital adequacy ratio, cost/income ratio
GlCfl THIEU
Basel II dtfdc de xua't bdi Uy ban Basel ve giam sat ngan hang (BCBS) - chia cac rui ro hoat ddng thanh 07 loai, bao gdm: "Gian lan ndi bp, Gian lan ben ngoai, Cach thtfc lam viec va an toan ndi lam viec, Khach hang, San pham va thtfc tiln kinh doanh, Thiet hai ddi vdi tai san vat ly, Gian doan kinh doanh va that bai he thdng va quan ly thtfc hien, giao hang va quan ly quy trinh" (BIS, 2014). Mdi loai rui ro nay deu nen dtfdc chd y de^n chi phi hoat ddng phat sinh trong qua trinh hoat ddng cua ngan hang. Cac thanh phan cua chi phi hoat ddng bao gdm toan bd ehi phi khdng ed lai sua't lien quan den bdi thtfdng eho nhan vien, chi phi bao tri, quan ly va dtf phdng tdn that.
Da cd nhieu nghien effu thffe nghiem ve rui ro hoat ddng vdi y tffdng cai tie'n va hoan thien cae phffdng phap do Iffdng. Basel II dffa ra 3 each tie'p can de tinh toan vd'n cho rui ro hoat ddng: Phffdng phap chi sd' cd ban (BIA); Phtfdng phap tie'p can chuan hda (SA) va Phtfdng phap tiep can do Itfdng nang cao (AMA) (BIS, 2014).
Ngoai ra, eac bang chtfng tff eac nghien ctfu thtfc nghiem cung da tim each xac nhan anh htfdng cua cac bien eua ngan hang va mdi trtfdng vi md dd'i vdi cac nil ro tdn that hoat ddng, nhtf: Chemobai va cdng stf (2011), Li va Moosa (2015), Prokop va Pakhehanyan (2013). Mac du cd nhieu quan diem khac nhau ve rui ro hoat ddng, hp sff dung khai niem stf kien tdn that de xac dinh rui ro nay. Tuy nhien, thiet hai ttf hoat ddng rat khd de tfdc tinh ddi vdi nganh ngan hang do thie'u dff Ueu ve tdn that hoat ddng.
Nghien effu nay xac dinh yeu cau ve vd'n cho rui ro hoat ddng dd'i vdi he sd an toan vd'n (CAR) cua cac ngan hang va dffa ra md hinh dinh Iffdng, nghien ciiu cac ye'u to anh hffdng tdi rui ro hoat ddng trong ngan hang Viet Nam.
Do dd, nghien cffu nay cd muc dich nham hoan thien khoang trdng nghien cffu hien tai bang each rut ra do Itfdng
*TS., Tru'dng Dai hoc Ha Noi I Email: [email protected]
Ngay nhan bai: 06/10/2018; Ngay phdn bien: 19/10/2018; Ngay duyet dang: 22/10/2018
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Kir.h te va Dtf ba(chi phi vdn eho rui ro hoat ddng tinh theo Basel II va tra ldi cau hdi nghien effu cd't ldi lieu cd tdn tai md'i quan he giffa rui ro hoat ddng vdi cac yeu td cua ngan hang va mdi trffdng vi md tai cae ngan hang thffdng mai tai Viet Nam.
CO SOf LY THUYET VA PHUONG PHAP NGHIEN CCu
Co sdly thuyet
Ty le chi phi/thu nhap dgi dien cho rui ro hogt dong
Ty le ehi phi/thu nhap (CTl) eua mdt ngan hang la thffdc do tai chinh thiet yeu, dac biet quan trpng trong dinh gia ngan hang. Ty le nay thffdng dffdc gpi la ehi sd hieu qua bdi cac nha phan tich, vdi mffe dp ehi phi phat sinh trong mdi ddng Dd la thu nhap. Tff sd bao gdm ta't ca cac chi phi (hoat ddng) khdng tinh lai, nhff:
chi phi cho nhan vien, edng sua't, cdng nghe thdng tin, thue, phi phap ly va cae chi phi hoat ddng khac. Mau sdbao gdm thu nhap lai thuan, thu nhap tff thu phi, thu nhap ttf kinh doanh va cac khoan thu nhap khac. Ty le nay ttfdng dd'i nhay cam vdi stf bie^n ddng cua ca chi phi va thu nhap, do dd, can phai dtfdc phan tich mdt each can than.
Cd nhieu nghien effu ve ty le CTl trong nganh tai ehinh. Hau het cac cude thao luan ve ty le CTl la ve tinh nang sua't va hieu qua trong cac ngan hang, bao gdm cac nhan dinh cua eac ed quan danh gia (Hussain, 2014).
Thffdng thi ty le CTl eao dffdc coi la tffdng dffdng vdi nang sua't tha'p cung nhff la hieu qua tha'p va ngffdc lai. Hess &
Francis (2004) nhan tha'y mdt md'i quan he nghich dao giffa ty le chi phi/thu nhap va ldi nhuan cua ngan hang. Asher (1994) de cap rang, CTl nhan dffdc sff chd y cua cae nha phan tich vd'n ngan hang khi ffdc tinh hieu qua tffdng dd'i trong ITnh vffc nay.
Ghosh va cdng sff (2003) cung nhan tha'y mdt md'i quan he trai chieu giffa ty le CTl va tinh hieu qua. Nghien cffu eho tha'y, ty le CTl cd anh htfdng ngtfdc chieu trong ta't ca cae phtfdng tiinh tfdc Itfdng, dieu dd chi ra rang, cac ngan hang hoat ddng hieu qua hdn thi tao ra ldi nhuan cao hdn va chi phi tha'p hdn.
CTl cung cd gia tri trong viee danh gia nhu eau vd'n ngan hang ddi vdi rui ro hoat ddng. Tripe (1998) giai thich stf lien quan cua chi phi vd'n cho rui ro hoat ddng dd'i vdi stf bie'n ddng trong ty le chi
HINH: KHONG NGHIEN CCfO
Loi nhuan
Tang tru-dng
GDP
Quan tri (loanh nghiep
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Yeu to cua _ nganhang ;
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Rui ro hoat (Tons
Moi tnrong VI mo
Qirt' mo ngan hang
/
ngvT
r
Lam phatNgu6n: Dg xuat ciia tac gia
phi/thu nhap bang each sff dung dp lech chuan cua ty le nay.
Cd kha it nghien ctfu da dtfdc thifc hien ve cae ye'u to quye't dinh tdn that hoat ddng tren quan diem cu the eua ngan hang va mdi trtfdng kinh te', cd the la do thieu dff lieu ve tdn that hoat ddng. Vi cac sff kien tdn that phat sinh chi phi cho cac ngan hang va yeu eau phai cd vd'n dff phdng de giam thieu rui ro, nen ehi phi hoat ddng phai tra cho hoat ddng hang ngay eua ngan hang ed the dffdc coi la thffdc do cho rui ro hoat ddng. Nghien effu nay dtfa tren cac khai niem cd ban dtfdc phat trien ttf nghien ctfu thtfc nghiem eua Correa va Raju (2009), Chernobai va cdng sif (2011), Li va Moosa (2015) va Prokop va Pakhehanyan (2013).
Khung nghien cdu
Dtfa vao cac cd sd ly thuye't ndi tren, tac gia de xua't khung nghien effu nhff Hinh va gia thuyet, bien trong Bang 1.
PhUcfng phdp nghien cdu
Trong nghien cffu nay, tac gia sff dung dff lieu bao eao tai ehinh eu the eua ngan hang tff cd sd dff lieu Vietcombank Security (VCBS) va VnDirect (ed sd dff lieu thtfdng mai dpc quyen) cung nhtf bao cao thtfdng nien lay tru'c tie'p tff 10 ngan hang thffdng mai Viet Nam. Cae bien sd kinh te' vi md dffdc lay tff kho dff Ueu cua Ngan hang The gidi. Tdng cdng mau bao gdm dff lieu tff nam 2008 de'n nam 2014 cua 10 ngan hang thffdng mai Viet Nam, vdi 9 bien ngoai sinh va 1 bie'n ndi sinh tff tinh toan (Bdi viet sddung cdch viet so thap phdn theo chudn qudc te).
KET QUA NGHIEN CLfU
Phdn tich dd lieu
Sd' lieu thd'ng ke md ta chi phi vd'n hoat ddng cua ngan hang thffdng mai Viet Nam va cac bie'n sd de cap d tren dffdc trinh bay trong Bang 2. Gia tri trung binh va trung vi eua ty le CTl eua cac ngan hang lan Iffdt tffdng ffng ia 46.8% va 44.19%. Dieu nay cho tha'y, mpt phan bd' gan nhff binh thffdng cua bien phu thudc - ty le CTl vdi dp nhpn cua phan phdi nay la gan -i-3.
Hdn nffa, Bang 2 eho thay, cac ngan hang thffdng mai Viet Nam trong mau bao eao cd he sd' CAR gan
12%, cao hdn mffe dp an toan eua ty le yeu cau vd'n (9%) do Ngan hang Nha nffdc Viet Nam thie't lap.
Cac ngan hang trong phan tich nay ed trung binh
BANG 1: TOM TAT P H A T TRIEN GIA THO YET vA DO BIEN
Bidn s6' Dinh nghia Cach do WoTng Da'u di^
kig'n Tham khao Bife'n phu thuoc
CTl Ty le chi phi/thu nhap Chi phi van hanh chia cho thu nhap tijr hoat dong Cac bien giai thich Cdc bien ngdn hans LcJi nhuan
Quan tri doanli nghiep npi bo
Quan tri doanh nghiep ben ngoai Quy mo ngan hang
ROE(-l) B_SIZE DUMMY
ADMIN CAR NPM LnTA
ROE cham 1 ky Cac thanh vien hoi dong quan tri Bien gia ngan hang
thuoc sd hiTu nha n\idc Cac thanh vien giam
sat He so an toan vo'n Bien Idi nhuan rong Thay doi trong tong
tai san
Ldi nhuan sau thue'/Tong vo'n chii sd hffu binh quan So lffdng thanh vien hoi dong
quan tri
Ma " 1" ne'u co dai dien cua Nha nffdc giff vi tri trong hpi dong
va ma "0" ne'u ngffdc lai So' Iffdng thanh vien giam sat
trong Uy ban
Tong vo'n dieu le/ Tong tai san co rui ro
Ldi nhuan sau thue'/Thu nhap tff hoat dong
Logarit tff nhien ciia tong tai san
(+/-) (-) (-) (-) (-) (-) (+/-)
Chernobai va cpng sff (2011) (-);
Jin va Myers (2006) (+) Klein (1998) (-);
Coles (2008) (-) Vu (2016) (-)
Okehi (2014) (-) Chemobai va cpng sff (2011) (-);
Li va Moosa (2015) (+) Cdc bien vl mo
GDPG INF
Chi so tang tru'cing GDP Chi so' lam phat
So vdi ciing mpt nam cua moi ngan hang
So vdi cdng mpt nam cua moi ngan hang
(-) (+)
Chernobai va cpng sff (2011) (-);
Li va Moosa (2015) (-);
Prokop va Pakhehanyan (2013) (-) Chemobai va cpng sff (2011) (+);
Li va Moosa (2015) (+);
Prokop va Pakhehanyan (2013) (+)
BANG 2: SO LIEU THONG KE MO TA
CTl ROE(-l) B_SIZE ADMIN CAR NPM TA GDPG
INF n
70 60 70 70 70 70 70 70 70
Trung binh
0.4680 0.1608 7.7714 3.5429 0.1171 0.2834 207,000 0.0576 0.1109
Trung vi 0.4419 0.1611 8.0000 3.5000 0.1115 0.2829 162,000 0.0570 0.0890
Gia tri Id^n nha't
0.7319 0.1579 11.0000 5.0000 0.1943 0.5215 661,000 0.0640 0.2310
Gia tri nho nha't
0.2902 0.0151 4.0000 2.0000 0.0755 0.0200 18,647 0.0520 0.0410
DO l^ch chu^n
0.1148 0.0733 1.8663 0.6298 0.0261 0.1125 161,000 0.0042 0.0655
CV 0.2452 0.4558 0.2402 0.1778 0.2229 0.3970 0.7778 0.0735 0.5907 Nguon: Ket qua tinh toan cua tac gia
tdng tai san la 207,000 ty ddng va trung binh 25 nam hoat ddng.
Cac thd'ng ke nay cung cho biet mtfc dp chenh lech tdn tai giffa cac bie'n dff lieu cheo. Dtfa tren dff lieu mlu, ket qua cho tha'y, ROE td'i thieu (-1) la 1.51%
va td'i da 15.79% tffdng ffng cho nganh, vdi he sd bie'n thien (CV) la 0.4558. He sd CV eho tha'y sff phan tan ehi sdROE(-l) eheo so vdi gia tri trung binh, ffdc tinh la 16.08%. He sd CV cang tha'p, chi sd ROE(-l) cang gan vdi mtfc trung binh cua nganh.
Mdi tumg quan giUa cdc bien gidi thich
Tac gia tie'p tuc phan tich md'i quan he giffa quan ly rui ro hoat ddng va cae ye'u td eu the cua ngan hang va
Ngudn: Nghien cu'u ciia tac gia
cac bien ddi kinh te vT md sau khi xem xet mdi tffdng quan gitta cac bien giai thich.
Ket qua eho tha'y, cac he sd tffdng quan eho ta't ea eac bie'n dffdc sff dung trong mo hinh cd ban. Cd sff tffdng quan cao giii'a LnTA va Dummy*B_SIZE (83.20%), nhtfng he so VIF tinh toan dtfdc cho tha'y, mffe dp da edng tuye'n binh thtfdng dd'i vdi eac bie'n la 3.25, nhd hdn 10. Do dd, nghien ctfu nay khdng loai bd bat ky bie'n nao trtfdc khi tie'n hanh thff nghiem vdi md hinh chung cho mdt bie'n phu thupe (CTl) va 9 bie'n ddc lap: ROE(-l), B_SIZE, B_SIZE*DUMMY, ADMIN, CAR, NPM, LnTA, GDPG, INF.
Mo hinh hoi quy
Phuang trinh hoi quy ban ddu
Bang 3 trinh bay ba phffdng trinh hoi quy vdi cae tfdc Iffdng: (i) md hinh tdng quat (POOL); (ii) md hinh tae ddng co dinh (FEM); (iii) md hinh tac ddng ngiu nhien (REM). De giam thieu sff tdn tai cua cac ffdc Itfdng chech hoac khdng co y nghia cho cac tham so', can dam bao rang, md hinh phu hdp dtfdc chpn de giai thich va phan tich.
De kiem tra xem hieu ffng eheo co dinh cd can thie't cho hdi quy dff lieu bang
10
Kinhte
hay khdng, nghien ctfu nay se kiem tra vdi phep kiem dinh bd bie'n Redundant Fixed Effects Test - Likelihood ratio. Gia thuyet khdng cho rang, tae ddng cd dinh la thtfa, cung ed nghia la khdng can thie't.
Phuang trinh hoi quy cudi cung vd dien gidi
Md hinh cud'i cung da dtfdc xay dtfng sau khi bd eac bie'n khdng y nghia (kiem dinh bd bien), kiem tra cac dang chffc nang, kiem tra ldi nhtf Multicolinearity, Autocorrelation va Heteroskedasticity.
Md hinh cud'i eung la md hinh ed tae ddng cd'dinh (FEM), nhtf sau:
Md hinh hdi quy chinh:
Estimated (CTl) = 1.6825 0.8773 x CAR 0.8905 X NPM 0.0456 x LNTA
Gia tri p-value ttfdng tfng vdi cac bie'n CAR, NPM va LNTA la 0.0089; 0.0000 va 0.0048.
Giai thieh them ve phtfdng trinh cud'i cung nhtf sau:
P,=1.6825: He sdchan khoang 1.6825 ehi la mpt chi sd ky thuat, va khdng cd y nghia kinh te. 02=-O-8773 cho tha'y mdi quan he ngtfdc da'u giffa rui ro hoat ddng (CTl) va CAR. Gia tri tfdc tinh bing -0.8773 ngu y rang, khi ty le CAR tang
1%, cac bien khae giff nguyen, chi phi ffdc tinh cho thu nhap se giam xudng trung binh khoang 0.8773%. Tffdng tff nhtf vay, rui ro hoat ddng dtf kien se giam trung binh 0.8905% khi bien ldi nhuan rdng tang 1 % va giam trung binh 0.0456% khi tdng tai san tang 1%.
Gia tri F = 24.5426 cao hdn rat nhieu so vdi gia tri F tdi han ( Fj(5%, 3,66) = 3.3211) tai mtfc 5%.
R2 = 83.78% cd nghia la khoang 83.78% cua stf thay ddi trong CTl (rui ro hoat ddng) cd the dtfdc giai thich bdi mdt stf thay ddi trong CAR, NPM, va LnTA.
Ket qua nay eho tha'y, md hinh hdi quy dtfdc chpn ed tinh giai thieh eao.
Tdm lai, dtfa tren eac btfdc ed ban trong phan tich thd'ng ke, chi cac bie'n Tuan thu quy dinh (CAR), Quan tri doanh nghiep ben ngoai (NPM) va Quy md ngan hang (tdng tai san) cd tac ddng ngtfdc chieu den mtfc dp rui ro hoat ddng cua ngan hang thtfdng mai Viet Nam (CTl).
Ngtfdc lai, Ldi nhuan eua ngan hang, Quy md hdi ddng quan tri, Dae diem sd hffu, Ban kiem soat va cac yeu td' kinh te vl md (Tang trffdng GDP va Lam phat) the hien tac ddng khdng dang ke trong viee giai thieh rui ro hoat ddng trong cac ngan hang thffdng mai Viet Nam.
BANG 3: TOM TAT CAC M 6 HINH HOI QOY DAU TIEN
Cac bien doc l$p
ROE(-l) B_SIZE B_SIZE*DUMMY
ADMIN CAR NPM LNTA GDPG INF
C
Bie'n phu thuOc: CXI Pool
H^ s6' -0.0504 -0.0007 -0.0051 -0.0007 -1.0405**
-0.8763***
-0.0281 -0.2790 0.0782 1.4060**
Gia tri t -0.2871 -0.1198 -1.0361 -0.0420 -2.4402 -7.4018 -0.8791 -0.1287 0.3483 2.5440
FEM H§ s6'
0.0132 -0.0112 0.0184 0.0441**
-0.9895***
-0.9293***
-0.0778***
0.6441 0.0633 2.1624***
Gia tri t 0.0989 -1.6453 1.4235 2.2792 -2.7650 -9.4940 -2.8812 0.3968 0.3923 4.5445
REM H§ so'
-0.0230 -0.0060 0.0038 0.0341*
-0.9377***
-0.9046***
-0.0686**
0.2647 0.0712 2.0336***
Gia tri t -0.1779 -1.0300 0.5930 1.9350 -2.7815 -9.8747 -2.6558 0.1693 0.4447 4.4849
R^
AdjR^
0.714194 0.662749
0.892247 0.844941
0.814336 0.780917 Nguon: Ke't qua tinln toan cua tac gia
Hdn nffa, vdi md hinh hdi quy cud'i ciing cua dff lieu bang, nghien cffu da phat hien ra rang, khdng cd ldi da edng tuyen, tff ttfdng quan va phtfdng sai thay ddi.
KET LUAN VA MOT SO KHUYEN NGHj
Ban chat cua nghien cffu nay la danh gia rui ro hoat ddng trong cac ngan hang thffdng mai Viet Nam thdng qua phan tich viec thffe hien bd sung vd'n cho rui ro hoat ddng theo Hiep tfdc Basel trong cae ngan hang va xac dinh cac ye'u td quyet dinh rui ro hoat ddng trong nganh ngan hang Viet Nam.
Nghien ctfu nay giup Ngan hang Nha ntfdc Viet Nam phat hien stf thieu tuan thu CAR ciia cac ngan hang thtfdng mai khi tinh de'n rui ro boat ddng. Viee thay ddi ty le Beta eho tdng thu nhap eua mdi doanh nghiep de phii hdp vdi bd'i canh mdi trtfdng Viet Nam la viec lam can thie't eua Ngan hang Nha ntfdc dd'i vdi cac ngan hang thtfdng mai Viet Nam. Tff dd, cac ngan hang phai danh nhieu vdn hdn cho riii ro hoat ddng de duy tri mdi trffdng kinh doanh an toan va hieu qua.
Ndi chung, ty le an toan vd'n can phai bii dap cho rui ro tdng the trong mdt td chtfc thay vi ehi rieng eho rui ro tin dung. Do dd, dieu chinh chi phi vd'n cho rui ro hoat ddng la hdp ly.
Tuy nhien, sd' lieu CAR sau khi dtfdc dieu ehinh giam mdt each cd y nghia va cd mdt sd' he sd dd d dtfdi mtfc an toan (9%), cd nghia la khdng phai ta't ca eac td chtfc ngan hang trong mlu deu tuan thu he sd CAR td'i thieu nhtf quan sat trtfdc khi dieu chinh rui ro hoat ddng. Do dd, Ngan hang Nha ntfdc can yeu cau eac ngan hang thtfdng mai Viet Nam tang vd'n hdn cho rui ro hoat ddng de duy tri mdi trtfdng kinh doanh an toan
va hieu qua. Hdn nffa, eac nha quan ly ngan hang nen ed sff dieu ehinh va budc eac ngan hang nay tuan thu ehinh sach trong nffdc va Hiep ffdc Basel de dam bao an toan eho he thdng ngan hang trong nffdc.
Nghien cffu nay cung ed the dffdc tham khao trong viec nang cao ky thuat quan ly rui ro hoat ddng hipn ed giup kiem soat toan dien de dam bao sff an toan cua cae ngan hang thtfdng mai. Nd cung giup eac ngan hang trong ntfdc nhin nhan nhffng tae ddng eua viee khdng quan ly rui ro hoat ddng mdt each thieh hdp trong hoat ddng cua hp. Dieu dang chu y la nguyen nhan gdc re cua cac sff kien tdn that hoat ddng trong cac ngan hang thffdng mai Viet Nam cd lien quan den sff khdng tuan thu quy dinh va quan tri doanh nghiep kdm trong hoat ddng thay vi kinh te bat ldi hoac bat ky thay ddi nao ve mdi trtfdng kinh doanh.
Do dd, eac ngan hang thtfdng mai Viet Nam can mdt nen van hda quan ly rui ro hieu qua de thuc day he thd'ng quan ly cua hp, tap trung yao dtf trff bd sung vd'n cho tdn tha't hoat ddng ya kiem soat npi bp cae chi phi phat sinh ttf nhffng tdn that nay. De dat dtfdc dieu kien nay, eac ngan hang dang thtfc hien nhiem vu xay dtfng he thd'ng quan ly ttf tren xud'ng
dtfdi nham tao ra sif quan ly hang ngay dd'i vdi rui ro hoat ddng. Ve tinh an toan vd'n, cac ngan hang thtfdng mai Viet Nam can xay dffng Id tnnh tang vd'n ehi tie't bao gdm vd'n eho rui ro hoat ddng va chie'n Itfdc dau ttf hieu qua de ap dung thanh cdng Hiep dinh Basel va phat trien ben vffng.
Do dd, y nghia cua viec thay doi trong tuan thu quy che, van hda quan tri doanh nghiep va quy md ngan hang sd dif doan ehi phi ma eac ngan hang thtfdng mai trong ntfdc phai ganh chiu do tdn that hoat ddng hoac ddn bay rui ro hoat ddng. Hdn nffa, eac ket qua quan trpng trong nghien effu dffdc sff dung de nhan ra md'i lien ket giffa cae ca'u tnic va hieu qua thife tiin cua chung trong viec loai bd tdn that hoat ddng va tang ctfdng hieu sua't eua eac ngan hang. Nghien cu'u cung se thlic day viec bao ve he thdng tai chinh va ngan hang khdi stf sup dd cd the anh htfdng xau den xa hdi.Q
TAI LIEU THAM KHAQ
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