Nghien GIUI irao ddi
Quan tri cong ty cua doanh nghien niem yet
^
Ths. Vo Van Cifdng*Nghien cuu ndy dupc Ihuc hiin nhdm ddnh gid thuc trang qudn tri cong ty cua doanh nghiep Vtel Nam. Iren ca sd dit lieu thic cdp Id ihong tin qudn tri cong ty cua 601 doanh nghiip niim yet a Viit Nam ndm 2017 duac cong bd tren website http.//hsx vn vd http://hnx.vn.
Vdt hy thudt thong ke mo td, nghiin ciru cho thdy, ihuc trang qudn tri cong ty cua cdc doanh nghiep niim yet d Viet Nam cdn nhiiu ton tai, han che vd chdt luang qudn Iri khong dong diu d cdc ngdnh nghi. Tren ca sa do, tdc gid di xudt cdc kiin nghi nham cdi thien qudn tri cdng ty cda cdc doanh nghiip niem yet a Viit Nam.
Tit khoa: Qudn tri cong ty: dac diem qudn tri cdng ty, chdt lucmg qudn tri cong ty; doanh nghiip niem yet.
1. Dat v4n dl
Su sup dd ciia eae de che kinh tg mdt thdi nhu Enron, WorldCom, Tyco va Global Crossing tai Hoa Ky (My), HIH d Ue, Parmalat d Y va APP d chau A rd rang la tieng chudng eanh bao cho van dg quan tri edng ty (Anandarajah, 2004).
Quan tri cdng ty da trd thanh trpng tSm chinh trong cac chuang trinh nghi sir ve kinh doanh qudc tg, khdng chi cua cac tap doan ma cdn ciia chinh phii va cac qudc gia.
Ngan hang Thg gidi da dua van de quan tri cdng ty vao chuang trinh nghi su quan trpng nhu dn dinh tai chinh qudc tg; md rdng tiep can vdn; nang cao hieu qua; chdng tham nhiing va that chat tigt kiem...
O chau A, quan tn cdng ty da duae quan tarn han kg tir khi cudc khung hoang tai chmh 1997. Cac nghien ciiu chi ra van de quan tri cdng ty ygu kem chinh la mdt trong nhiing tac nhan gay ra cuoc khiing hoang tai chinh nay (Alba, Clasessens va Djankov, 1998, Keong, 2002; Claessens, Djankov va Lang, 2000). Nhigu tae gia (Kaplan va Minton, 1994;
Limpaphayom va Connelly, 2004;
Iskander va Chamlou, 2000; Nam
va Lum, 2005; Claessens, Djankov va Lang, 2000) eho rang, quan tri cdng ty tdt cd thg do nhd cac co ehe quan tri npi bd dupc cai thien va nang cao cac tieu chuan ke toan, cong bd thdng tin va kidm toan.
Ngoai ra, ket qua eiia mot sd nghign ciiu (Limpaphayom va Connelly, 2004; Nam va Lum, 2005) cbo thay, quan tri cdng ty mang lai Ipi ich cho cac doanh nghiep (DN) nhu tang dau tu dai ban va tang dp tin cay ciia thdng tin dua ra.
Tai Viet Nam, ngay 6/6/2017, Chinh phli da ban hanh Nghi dinh sd 71/2017/ND-CP hudng d§n vd quan tri ap dung vdi cdng ty dai chiing, bao gdm: dai hdi ddng cd ddng; Hdi ddng quan tn (HDQT);
ban kigm soat; giao die h vdi ngudi cd Hgn quan; bao cao va cdng bd thdng tin. Nhung trudc dd, da cd nhieu cdng trinh nghign ciiu vg quan tri cdng ty (Lg Minh Toan va Gordon Walker, 2008; Nguyin Tnrdng Son, 2010; Due Vo va Thuy Phan, 2013; Doan Ngpc Phiic va Lg Van Thdng, 20l4...).Tuy nhien, cac nghien ciiu nay dgu tap trung vao mot sd dac diem cua
Nhan' 08/7/2019 Bien tap: 15/7/2019 Duyet dang'22/7/2019
quan tri cdng ty, chua cd mpt nghign ciiu todn dien gin vdi chat lugng quan tn edng ty. Bai vigt nay se nghien ciiu cu the quan tri edng ty cua eac DN niem yet d Viet Nam 2. Phirffng phap nghien cihi 2.1. Bo lir&ng cdc bien - Do ludng dac digm quan tri cdng ty: Dua trdn cac nghien ciiu trudc day va Nghi dinh so 71/2017/ND-CP ngay 06/6/2017 cua Chinh phu hudng dan vg quan tri ap dung vdi cdng ty dai chiing, tac gia do ludng cac bidn nhu sau:
- Do ludng chat lupng quan tri edng ty.Cd nhidu phuang phap do Iudng chat lugng quan tri cdng ty, tuy nhien phuang phap su dung chi sd Gov-Score la cd nhigu uu digm hem va kha dung trong digu kien ngn kinh te ehuyen ddi ciia Viet Nam. Trong ngbien ciru nay, tac gia sii dung chi sd Gov-Score dg do ludng chat lugng quan tri cdng ty nhu nghign ciiu cua Brown va Caylor (2006).
Theo do, chat luang quan tri cdng ty bao gdm 51 chi muc, dupe ehia thanh 8 nhdm la kiem toan (4 chi muc); HDQT (17 chi muc); digu le cdng ly (7 chi muc); trinh dp HDQT (1 chi muc); thii Iao HDQT (10 chi muc); sd huu HDQT (4 chi muc);
diuc thi tign bd (7 chi muc); tinh trang sat nhap (1 cbi muc).
Viec do Iudng chat lugng quan trj cdng ty dugc xac dinh nhu cdng thitc nhu sau:
Gov - Scorei = ^ Yij I n
" Kiem toan Nha niidc khu virc VIII
.y«// f/i/ J/S'/Min %' ''A'/'/n/ /m'/ Ad'///fin^ 7/20J9 \
Nghien cihi trao ddi
Trong dd, Gov-Scorei: Chi sd chat lugng quan tri cong ty ciia DN i.
Yij = 1 ngu chi myc quan tri cdng ty phu hpp;
Yij == 0 ngu chi muc quan tri cdng ty khdng phu hop.
2.2. Phirang phdp xu- ly dir lieu Dua trgn danh sach eac DN dupc lua chpn nglu nhign (601 DN nigm ygt d Viet Nara nam 2017 vdi 376 DN thudc ITnh vuc san xuat, 108 DN thudc ITnh vuc thuang mai va 117 DN thudc ITnh vuc dich vu), tien hanh thu thap cac tai lieu dupc cae DN cdng bd trong bao cao tai chinh, bao cao thudng nien hoac bao cao quan trj cdng ty, tae gia diing phuang phap thdng ke md ta dg so sanh, danh gia quan tri cdng ty d Viet Nam. Ddng thdi, ap dung phuang phap phan tieh phuang sai dg thay rd sir khae biet ve timg dac digm quan tri cdng ty theo cac loai hinh DN.
3. Ket qua nghien ciru 3.1. Dac diem qudn tri cong ty (1) Quy md HDQT: So lugng thanh vign cua HDQT tuy thude vao nhu cau ciia cdng ty va khdng cd mpt md hinh HDQT chung va biiu hieu cho mpi DN (Sd Giao dich chiing khoan TP.HCM, 2017).
Theo Digu 150, Luat DN Viet Nam nam 2014, quy md HDQT cd tir 3 - 11 thanh vidn, digu le cdng ty quy dinh cu thg sd lupng thanh vign HDQT. Thuc te khao sat cho tb§y, sd lugng thanh vien HDQT binb quan ciia cac DN la 5,52 ngudi/DN (xem Bang 1).
Kgt qua kiem dinh ANOVA (xem bang 1), cd su khac biet giiia cac loai hinh DN ddi vdi quy md HDQT (sig = 0,030 > 5%). DN dich vu ed quy md HDQT eao nhat (5,69 ngudi/DN), tiep den la DN san xak (5,54 ngudi/DN), cuoi ciing la DN thuang mai (5,26 ngudi/DN).
B^ng 1: Ket qua kiem djnh ANOVA v l quy mo hpi dong quan tri
Loai DN SA quan sdt 376 iae
Quy mo hoi a6ng
5.2S93
06l^ch Gia tri be 2,00 3,00 4.00
nhit
d( = 598, F = 3.512. sia = 0,030 1 B^ng 2: Ket qua kiem djnh Post Hoc ve quy mo hpi dong quin trj
(1) Ng^nh
DNsan xuk jNlhuffng mai
DNdich vu
(J) Nganh
DNlhwong mai DNdrch vu DNsan xuat DNdich vu DNsan xuat DNthLrang mai
DlfFerence (l-J) 0,28329' -0,14975 -0,23329' -0,43305' 0,14975 0.43305'
Std.
Error
0,13666 0,13251 0,13666 0,16703 0,13251 0,16703 '. Tlie mean difference is significant al the 0 1 level
Sig
0,039 0,259 0,039 0,010 0,259 0,010
90% Confidence Interval Lower Bound 0,0582 -0,3631 -0,5084 -0,7082 -0,0685 0,1579
Upper Bound 0,5084 0.0685 -0,0582 -0,1579 0,3681 0,7082
Bang 3: Tong htfp s^ liitfng thanh vien hgi dong qu^n trj S6 iiro'nq thanh vi^n hdi d6nq quan tri 2
3 4 5 6 7 8 9 10 11 13
SO Iiro'nq DN 1 10 41 363 72 71 21 15 4 2
Ket qua kiem dinh tai Bang 2 cho thay:
- Cd su khae biet ve quy md HDQT giita DN san xu5t va DN thucmg mai, giiia DN thuong mai va DN dich vu (sig nhd ban 0,1 (tuc nhd ban 10%). Cu thd, quy md HDQT binh quan ciia cae DN san xuSt cao ban quy md HDQT binh quan ciia cac DN thuang mai (5,54
> 5,26). Quy md HDQT binh quan cua cac DN thuang mai thSp han quy md HDQT binh quan cua cac DN dich vu (5,26 < 5,69),
- Khdng cd su khac biet ve quy md HDQT giiia DN san xuit va DN dich vu, (sig = 0,259 ldn ban 0,1 (tire ldn han 10%).
Ngudn: Kit qud phdn tich SPSS HSu hdt, cac DN chap hanh theo dung quy dinh ve quy md HDQT. Tuy nhien, cd 1 DN HDQT chi cd 2 thanh vien (Cdng ty ed pban Gang rau qua), cd 1 DN HDQT ed 13 thanb vien (Cdng ty cd phin Thd gidi sd Trin Anh), khong chip hanh dung theo LuSt DN nam 2014 (xem Bang 3).
(2) HDQT dde lap: Cac thinh vien HDQT ddc lap cd thd cd ddng gdp ldn vao nhiing quygt dinh quan trpng cua DN, dac biet la trong viec danh gia thanh tich didu hanh DN. Cac thanh vien HDQT ddc lap dem lai cho ed ddng nigm tin rSng nhimg quyet dinh ma HDQT dua ra la vd Ur va khdng thien vi (Cam nang quan tn edng ty cua TQ chiic
^ Q -/ff/ f///r'/{e'/ram 7/2049
Nghl6n ciHU trao ddi
Tai chinh Qude td, 2010). Theo quy djnh t^i Khoan 5, Dieu 13, Nghi dinh 71/2017/ND-CP hudng din ve quin tri cdng ty dai chung:
"Ca ciu thanh vien fIDQT cua cdng ty niem yet phai dam bao toi thiSu 1/3 tong sd thanh vien la thanh vien ddc lap".
Qua tdng hgp sd Ueu 601 DN niem yet d Vi^t Nam, cd tai 365 DN (chiem 60,74%) khong dat ty 1^ thanh vien HDQT dpc lap la 1/3 va 161 DN khdng cd thanh vien HDQT dpc lap (xem Bang 4).
Theo ket qua kiem dinh tai Bang 5 cho thay:
- Cd s\r khac biet ve ty le thanh vien HDQT ddc lap giiia DN san xuat va DN dich vu, (sig = 0,098 nhd han 0,1 (tuc nhd ban 10%i)).
Cu the, ty le thanh vien dpc lap bmh quan eua cac DN san xuat nhd han ty le thanh vien HDQT ddc lap binh quan eiia cac DN dich vu (29,51% < 34,26%).
- Khdng cd sir khac biet ve ty le thanh vien HDQT ddc lap giiia DN san xuit va DN thuang mai, giiia DN thuang mai va DN dich vu (sig ldn han 0,1 (tire lan han 10%).
(3) Thanh vien HDQT nude ngoai: Mdi qudc gia cd nen van hda khae nhau, trinh dp va phong each quan tri DN ciing khac nhau. Thanh vi6n nude ngoai xuat hien trong HDQT se tan dung dupc kinh nghiem quan ly tir ca nhan thupc nen qude gia khac. Dac biet, vdi nen kinh te eon dang phat tridn nhu Viet Nam thi kinh nghiem nude ngoai trong quan tri la het sue quan trpng.
Cac DN trong khao sat lai cho thay da sd khdng cd thanh vien HDQT la ngudi nude ngoai (530/600 DN, chigm ty Ie 88,2%).
Nhung ca biet cd 1 DN cd thanh vign HDQT hoan toan la ngudi nude ngoai, chiem ty le 0,2%
(bang 6).
Bdng 4. Ty le thanh vien doc lap trong HBQT T ^ l e % thdnh ViSn
dociap 0,00%
Ti> 0,00% den 20.00%
Ti> 20% den 33.33%
Nho h<m 33,33%
Sd llfO'tiq
161 153 51 365
%
26,79 25,46 8,49 eo,74
Ty le % thanh vien doc lap rCf 33,33% den 66.
00%
TlJ 66.00% den 99,99%
100%
L O T ho-n 33,33%
Dh 56 159 66 11 236
%
26.45 10,98
1,83 39,26 Bang 5: Ket qua kiem djnh Post Hoc ve ty le thanh vien HDQT doc lap
(1) Nganh
DN San xual DN Thu'ong
DN Djch vu (J) Nganh
DN Thifongmai DN Dich vu DN San xuat DN Drch vu DN San xuat DN Thu-ong mai
Mean Difference
(l-l) 0,00701 -0,04753 -0.00701 -0,05455 0.04753' 0,05455
Std
0,02958 0,02868 0,02958 0,03615 0,02368 0,03615 '. The mean difference is significant at the 0.1 level.
Sig.
0.813 0,093 0,813 0.132 0,093 0,132
90% Confidence Interval Bound -0,0417 -0.0948 -0,0557 -0.1141 0,0003 -0.0050
Upper Bound 0,0557 -0,0003 0,0417 0,0050 0,0948 0,1141
Bang 6. Tong hap so liJtfng thanh vign ngUdi ntfdc ngoai trong HBQT vien NNN
0 1 2 3 4 5 7 9 T6ng
TAn SL 530 40 S 13 5 2
? 1 601
%
88,19 6,66 1,33 2,16 0.83 0.33 0.33 0,17 100,00
SL 329 25 6 9 3 2 3 0 376
%
87,50 6.65 1,60 2,39 0,30 0,53 0,53 0.00 100,00
SL 98 5 2 2 1 0 0 0 108
%
90,74 4,63 1,35 1.85 0.93 3,00 0,00 3,00 100,00
DNdich vu SL 103 10 0 2 1 0 0 1 117
%
88.03 8.55 0,00 1,71 0,85 0,00 0 00 0,85 100,00 Bang 1: Ket qui kiem dmh ANOVA ve ty le ngucii niftc ngoai trong HDQT
Loai DN DN s i n xuSt DN Ihifong mai
DN dich vu So sat 376 108 117 601
Ty le ngu^i nwwc ngoai tronq HDQT 0,0387 0,0283 0.0328 0,0357
Do lech chuin 0,12576 0,10893 0,11772 0,12124
Gia tribe ni)lt 0,00 0.00 0,00 0,00
Gia trj nhat 1.00 0,80 0,90 1,00 df = 596. F = 0,350. sig = 0,705
Kdt qua kigm dinb ANOVA (Bang 7) cho thiy, tdng the Ididng cd su khac biet nhau vg ty le ngudi nude ngoai trong HDQT giiia cac loai hinh DN (san xuSt, thucmg mai, dich vy) ciia cac DN niem yet d Viet Nam (sig = 0,705 > 10%).
Theo kdt qua kiem dinh tai Bang 8, trang 64 cho thay:
- Khdng ed su khac biet ve ty le ngudi nude ngoai trong HDQT
Ngudn: Ket qud phdn dch SPSS giira DN san xuat va DN thucmg mai, giua DN san xuat va DN dich vu, giiia DN thuang mai va DN dich vu (sig Idn han 0,1 (tiic ldn hon 10%).
(4) Sd lucmg cudc bop cua HDQT: Trong 601 DN khao sat, cd 17 DN khdng cdng bo sd cude hop HDQT trong nam. Theo quy dinh tai Khoan 1, Dieu 16, Nghi dinh 71/2017/ND-CP hudng dan
.yf/// fh{-y(e/cmi ^•' .'Himn /odm, AS'ffidn^ 7/20-/9 \
Nghidn cihi trao fldi
ve quan tri cdng ty dai chung:
"HDQT phai td chuc hop it nhit moi quy 1 Ian theo trinh tu duge quy dinh tai Digu le cdng ty va Quy che ndi bd vg quan tn cdng ty cua cdng ty". Tiic la moi nam it nbat cac DN phai hpp HDQT 4 lan. Tuy nhien, qua khao sat, cd 38 DN td chiic it hon 4 cudc hop/nam, ehiem 6,5% sd lucmg DN cd cdng bd sd luang cudc hop HDQT trong nam. So cudc hop binh quan cua cac DN la 11,30 lan/nam. Cd 3 DN trong nam hpp HDQT tren 100 lin (Cdng ty cd pban Tap doan FLC hpp 112 lan, Cdng ty cd phan Tap doan Hoa Sen hpp 141 lan va Tdng edng ty Viglacera hpp 156 lan).
Kgt qua kiem dinh tai Bang 9 cho thay:
- Khdng ed sy khae biet ve sd luang cudc bgp eua HDQT giiia DN san xuat va DN thuang mai, giiia DN thucmg mai va DN dich vu va giiia DN dich vu vdi DN san xuit (sd Sig deu Idn ban 10%)).
(5) Cbu tich HDQT kigm nhiem giam ddc dieu hanh: Vai trd cua Chii tjch HDQT va giam ddc digu hanh khac nhau ve ban chat va tuy vao trudng hap, DN can xem xet tach bach bai ehiic danh nay (Cac cau hdi thudng gap vg quan tri cdng ty, IFC).
Chii tich HDQT dieu hanh HDQT dg thuc hien cac nghTa vu ve giam sat, tra thu lao va thay the/bd nhiem ban digu hanh. Ngu chu tich HDQT ddng thdi la giam ddc dieu hanh se xay ra tinh hudng
"viia da bdng, vira thdi cdi".
Mpt iy do khac la van dg thdi gian, giam ddc digu banb thudng la nhiing ngudi het siic ban rdn vi cdng viee dieu hanh hang ngay va trach nhiem ciia hp thudng dugc uu tien thuc hien trudc traeh nhiem cua chu tjch HDQT. HDQT la mdt
Bing 8: Ket qua kiem dmh Post Hoc ve ngirdi ngt/tfc ngoai trong HDQT
N Thcfgna rr IS significant al th
0,00531 3,012B£ 0,646 3,01325 0,433
•0.00591 3,0128S 0,646 D,0162C 0,782
"90% Confidence Interval .
Upper Bound
"0,0322 0,0271
Bang 9: Ket qua kiem djnh Post Hoc ve so liTtfng cuoc hop hgi dong quan trj
{l)Nh6m
DNSarn DN Thucrng DN Dich vu
(J) Nhom nganh DN Thi/cnq mai DN Dich vu DN San xual DN Dich vu ON Sin xu^t DN Thirong mai
Difference (l-J) 1,52909 0,99515 -1,52909 -0,53394 -0,99515 0,53394
Std.
Error 1,4521;
1,37745 1 45213 l,756dC 1,37746 1,7564C
Sig.
0,293 0,470 0,293 0,761 0,470 0,761
90% Confidence Interval Bound -0,8633 -1,2742 -3,9215 -3,4276
•3,2645 -2,3597
Bound 3,9215 3.2645 0.8633 2,3597 1.2742 3.4276 ' The mean difference is significant al Ihe 0,10 level
Ngudn. Kel qud phdn tich SPSS
Bang 10: Kit qua kiem djnh Post Hoc ve Chu tjch HSQT kiem giam doc dilu hanh
(1) Nhom nganh DNSan DN Thij-ffng DN Dich vu
(J) Nhom nganh DN Thjonq mai ON Dich vu DN San xual DN Dich vu DN San xuat DN Thuonq mai
Difference (l-J) -0.01852 0,01923 0,01852 0,03775 -0,01923 -0.03775
Std.
0,04735 0,04591 0,04735 0,05787 0 04591 0,05737
Sig.
0,596 0,675 0.696 0,514 0 675 0,514
90% Confidence Interval Lower Bound -0,0965 -0,0564 -0,0595 -0,0576 -0,0949 -0,1331
Upper Bound 0.0595 0.0949 0,0965 0,1331 0,0554 0.0576 ' The mean difference is significant at the 0,10 level.
bd phan quan trpng trong mdt he thdng quan tri cd td chiie tdt va yeu cau tinh than lanh dao va cam ket ma chi nhiing thanb vien HDQT khdng tham gia dieu banh mdi cd the thuc hien, Viec phan chia vai trd rd rang trong timg Idp lanh dao DN la mdt tieu chi quan trpng de quan tri cdng ty hieu qua, do dd Bd quy tae ve quan tri cong ty ciia cac nude hau nhu khuyen kbich su tach bach hai vai trd nay (Cac cau hdi thudng gap ve quan tri cdng ty, IFC).
Theo quy dinh tai Khoan 2, Digu 12, Nghi dinh 71/2017/ND-CP hudng dSn ve
Ngudn: Tdc gtd thu thdp quan tri cdng ty dai chung: "Chii tich HDQT khdng dugc kiem nhiem chiic danh Giam doc (Tdng giam ddc) eua cung mdt cdng ty dai ehiing".
Qua khao khao sat cbo thay, cd tai 451 trgn tdng sd 601 DN cd chu tich HDQT kigm nhiem chiic danh giam ddc didu hanh, chigm ty le 75,04%.
Theo ket qua kigm djnh tai Bang 10 cho thSy:
- Khdng cd su kbac biet vd chii tich HDQT kigm giani ddc didu hanh giira DN san xuat va DN thuang mai, giua DN thuong mai
^a//. f-//t J{S' /odn 1' .^Himri /sdn tf'' //itma 7/20J9
Nghien cihi trao Ui
va DN dieh vu va giiia DN djch vu vdi DN san xuat (sd Sig deu ldn hon 10%).
(6) Dac didm cua cd ddng:
Binh quSn cic cd ddng ldn nim gili 52,74% cd phan ciia cac DN niem yet d Viet Nam. Mot sd DN CO ddng ldn chiem phan ldn (1 DN CO ddng ldn chiem gan 100% vdn, 2 DN ed ddng ldn chiem 99% vdn) nhung ciing ed 4 DN khdng cd cd dong ldn.
Cac DN niem yet d Viet Nam, cd ddng td chiic nam giir binh quan 43,42% cd phan va cd ddng nha nude (cimg la cd ddng td chiic) nam giii 20,33% cd phan. Ty le nam giii cd phan cua cac thanh vien HDQT bmh quan la 15,40%
va ciia ban giam ddc la 5,87%. Cd ddng nude ngoai nam giii binh quan 10,43% cd phan tai eac DN.
Cac DN thupc loai hinh khac nhau thi cd miic nam giii cd phan ciia cd ddng ldn, cd ddng td chiic, CO ddng nha nude, cd ddng la thanh vien HDQT, thanh vign ban giam doc hay cd ddng nude ngoai khac nhau. Hau het cd ddng ldn, eo dong to chiic, cd ddng nha nude, cd ddng la thanh vien HDQT, thanh vign ban giam dde hay ed ddng nude ngoai, cd ddng gia dinh ciia loai hinh DN san xuat thi ty le nam giii cd phieu cao han so vdi DN dieh vu. Ndi each khac, cac cd ddng nhd Ie thudng nam giii sd lupng cd phin cua loai hinh DN dich vu nhieu hem loai hinh san xuat.
Ket qua kiem dinh Post hoc cho thay:
- Cd su khac biet vg ty le sd hihi cua HDQT giira DN san xuSt va DN dich vu, giiia DN thuang m^i va DN dich vu (vi gia tri Sig.
nhd hon 0,1; tuc nho han 10%).
Cy the, ty le sd hiiu ciia HDQT binh quan DN san xuat cao ban DN dich vu (0,1559 > 0,1208). Ty
Bdng 11. Tong htfp quy mo Ban kiem soat Ouy mo
Ban ki^m soat 1 2 3 4 5 6 7 Tong
T i n g cong S L 3 2 2 5 0 3 4 6 1 8 7 1 6 0 0
%
0 . 5 3.7 83,8 7,7 3 , 0 1,2 0 , 2 100,0
DN san x u i t S L 2 1 4 3 0 8 3 3 12 6 1 3 7 6
%
0,5 3,7 81,9 8,6 3 , 2 1,6 0.3 100,0
DN ThiFo^g S L 0 4 9 5 6 2 1 0 1 0 8
%
0,0 3,7 38,0 5,6 1,9 0 , 9 0,0 100,0
DN Dich vu S L 1 4 1 0 0 7 4 0 0 1 1 5
0 , 9 3 . 4 86,2 6,0 3,4 0,0 0,0 100,0 Bang 12: Ket qui kiem Ijnh ANOVA ve chat lucfng QTCT
Loai DN DN san xuat DN IhifCThQ mai DN d|ch vu Chunq
sa quan 3 7 6 1 0 3 1 1 7 6 0 1 df = 598;
ChJ sa c h i t
\\rang QTCT 0.2717 0.2665 0,2531 0.2671
Do lech 0,06835 0,07213 0,08023 0,07172
Gia tribe 0,06 0,06 0,06 0.06
Gia tri lo-n n h i t 0,37 0,33 0,35 0.37
= = 3.033. siq = 0,049 Bang 13: Ket qua kiem djnh Post Hoc ve chat Itftfng QTCT
(1) Nhom nganh DN San xuat DN ThifCTng mai DN Dich vu
(J) Nhom nganh DN Thifcnq m?i DN Dich vu DN San xuat DN Dich vu DN San «uat DN Thi/onq mai
Differenc (l-J) 0,00517 0,01364 -0,00517 0,01346 -0,01864 -0,01346
Std.
0,00780 0,00757 0,00780 0,00954 0.00757 0,00954
Sig.
0,508 0,014 0.508 0,159 0.014 0,159
90% Confidence Interval Bound -0,0077 0,0062 -0,0180 -0,0022 -0,0311 -0,0292
Upper Bound 0,0180 0,0311 0,0077 0,0292 -0,0062 0.0022 '. The mean difference is siQnificanl al the 0,10 level
le sa hiiu ciia HDQT binh quan DN thuang mai cao ban DN dich vu (0,1832 > 0,1208).
- Co su khac biet ve ty le sa hiiu cua ban giam doc giiia DN san xuat va DN dich vu, giiia DN thuang mai va DN dich vu (vi gia tri Sig.
nho han 0,1; tiic nho ban 10%). Cu the, ty le sa him eiia BCD binh quan DN san xuat cao ban DN dich vu (0,0603 > 0,0410). Ty le sa hiiu cua BCD binh quan DN thuang mai cao han DN dieh vu (0,0723 > 0,0410).
- Co su khac biet vg ty le so hiru ciia CO dong nuac ngoai giiia DN thucmg mai va DN dich vu (vi gia hi Sig. !a 0,028 nho ban 0,1; hic nho hem 10%). Cu thg, ty le sa hiru cua CO dong nuac ngoai binh quan DN thucmg mai thap ban DN dich vu (0,0808 < 0,1256).
Ngudn: Tdc gid ihu thap - Co su khac biet ve ty le so hiiu ciia eo dong gia dinh giiia DN san xuat va DN dich vu, giira DN thuang mai va DN dieh vu (vi gia tri Sig. nho ban 0,1; tiic nho ban 10%).
Cu the, ty le sa hiiu ciia co dong gia dinh binh quan DN san xuat cao han DN dich vu (0,0244 > 0,0118).
Ty le so hiiu ciia c6 dong gia dinh bmh quan DN thuong mai cao ban DN dich vu (0,0251 >0,0118).
- Khong CO su khac biet ve ty le nSm giu co phan giira cac DN khi xem xet den cac ygu to con lai.
(7) Quy mo Ban kigm soat:
Theo quy dinh tai Nghi dinh 71/2017/ND-CP thi "So luang Kigm soat vign it nhat la 03 nguai va nhieu nhat la 05 nguoi". Hau het cac DN niem ygt a Viet Nam co 3 thanh vien BKS (chigm 83,83%
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Nghien cihi trao otii
tuang ling 503/600 DN; 1 DN khong khai bao).
Theo th6ng ke nbu Bang 11, trang 65, CO so lugng ban kiem soat eo duoi 3 nguai la 25 DN (chigm 4,2%), s6 luang ban kigm soat co trgn 5 nguoi la 8 DN (chigm 1,4%). Co t6ng 33 DN vi pham quy djnh nay.
(8) So luang cuoc hpp ban kiem soat: Theo quy dinh tai Nghi dinh 71/2017/ND-CP thi "Ban kigm soat phai hop it nhat 2 lan trong mpt nam". Theo thong ke, cac DN hpp Ban Kiem soat binh quan 3,9 lan/nam va co 40/558 DN hop it han 2 liin, trong do co 9 DN trong nam khong hpp Ban kigm soat, nhung CO DN hpp Ban Kigm soat den 66 lan trong nam (Cong ty co phan Dia 6c Sai Gon Thuang Tin).
(9) Kiem toan dpc lap: Cac DN nigm ygt a Viet Nam chu ygu thue cac cong ty kigm toan khong phai la Big4 thue hien kiSm toan (411/601 DN, chigm 68,4%), bic la ehi eo 3l,6%i DN thug cac cong ty kigm toan Big4 thuc hien kiem toan.
3.2. Thuc trang chdt luang qudn tr{ cdng ty: Kgt qua khao sat eho thay, ehi so ehat lupng quan tri cong ty binh quan ciia cac DN la 0,2671, tiic la miic 26,71% (xem Bang 12, trang 65).
Kgt qua kiem dinh ANOVA (xem Bang 12), co su khac biet giira cac loai hinh DN doi vai chi so chat luong quan tri cong ty (sig = 0,049 < 5%). Chi s6 chix lupng quan tri eong ty giira cac loai hinh DN tucmg doi dong deu nhau.
Theo ket qua kiem dinh Post Hoc tai Bang 13, trang 65 cho thay:
- Co su khac biet vg chi so chat lucmg quan tri cong ty giiia DN san xuat va DN dich vu (sig = 0,014 < 10%). Cu the, DN san xuSt CO chi so chat lupng quan tri cong ty cao ban DN dich vu (0,2717 > 0,2531).
^ 3 -%'' ^/'/'^^'^^" ^" '^'^
- Khong CO su khae biet ve ehi s6 chat lugng quan tri eong ty giiia DN san xuat va DN thuong mai (sig = 0,508 lon ban 0,1 (tue Icm han 10%i)); giiia DN thucmg mai va DN dich vu, (sig = 0,159 lan hon 0,1 (tuc 1cm hon 10%).
4. K^t luan
Tong hgp ket qua nghign ciiu ve quan tri eong ty eiia cac DN niem ygt a Viet Nam nam 2017. Ket qua cbo thay, mot la, mgt so DN eon vi pham cac quy dinh vg quan tri cong ty ciia nha nuac nhu so lugng thanh vien HDQT, ty le thanh vign HDQT doc lap, so lugng cugc hgp HDQT, chii tich HDQT kiem giam doc dieu hanh...
Hai la, yeu to nguai nuac ngoai trong quan tri cong ty cua cae DN kha han che: Ty le thanh vign nguai nuoc ngoai trong HDQT la 3,57%i, trong ban giam doe la 1,87%.
Ba la, CO su khac biet vg ehat lugng quan tri cong ty giUa cac loai hinh DN. DN san xuat co chat lugng quan tri cong ty cao hon so voi DN thuong mai va DN dich vu.
Bon la, ehat luang quan tri eong ty ciia cac DN dat 26,71%, ducri nguang 50%.
Thuc tg nay doi hoi nhiing no luc cai thien chat lugng quan tri cong ty til ca phia DN va eo quan quan ly nha nuac.
Theo do, tac gia khuyen nghi:
Doi voi DN: Can co y tbiic thay doi each nbin nhan vg quan tri, pbai coi quan tri cong ty nhu mgt yeu cau tu than, vi chinh lgi ich cua DN.Phai xem vi?c nang cao nang luc quan tri cong ty nbu mgt trong nhiing yeu to quygt djnh eau thanh nang luc canh tranb eiia DN. Can tuan thii day du quy dinb eua Nba nuac ve quan tri cong ty, dua vSn de quan tri cong ty thanh ngi dung cot loi trong viec thuc hien boat dgng cua DN.
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D6i voi ca quan qua" 'V ^^
nuac, c k tang eucmg cong tac tuyen truygn d6i vai cac DN ve nghia vu va lai ich cua viec thuc hien tot qumi tri cong ty; khuygn khich cac DN thuc hien t6t quan tq cong ty; dong thoi, CO cac bien phap dii manh de xii ly cac DN vi pham.D
Tdi lieu tham khdo
1. Chinh phO Viet Nam, 2017. Ngtifdmh sd ?1i2017/NB-CP M6ng dan vi qu^ tri cdng ty ap dung doi vdi cdng ty dai chdng.
Ha mi.
2. Bo^ Ngoc Phdc va LB Van Thong.
2014. T^c mng cua quan tn DN din hieu qua hoat dong kinh doant! cua DN nha nude sau c6 phan hoa, Tap chi Kinh f l vi Ph^t trien. 203
3. Nguyin Trudng Son, 2010, Vin de quin tri cong ty trong cac DN VIBt Nam. Tap chi Khoa hoc va Cdng nghB • Dai hgc B^
Nang, 5 (40).
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Corporate governance and firm perform- ance: Empirical evidence Irom Vietnam
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Corporate Governance ot Usted Companies in Vietnam. Bond Law Review: Vol 20' Iss.
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