scr DOC LAP CUA HOl DONG QUAN TRI, TAP TRUNG QUYEN SO H 0 U VA HIEU QUA
HOAT DONG DOANH NGHIEP
Le Thi Phuong Vy
Khoa Tdi Chinh, Tnrdng Dai hoc Kinh te Thdnh phd Ho Chi Minh Email- [email protected]
TrSn Hoang Son
Cdng Ty Co Phdn Tu Vdn Ddu Tu Du An Viet Email. tuvanduanviet@gmail. com
Ngay nhan: 29/5/2019 Ngay nh^n bin sira' 03/7/2019 Ngay duyet dang. 05/ i 2/2019
Tom tat:
Nghiin ciru kiem tra tdc dong ciia lap trung quyen sa hu-u den mdi quan hi giira hdi ddng qudn tri ddc lap vd hieu qud hoat ddng cua cdc doanh nghiep niem yet tren thi trud-ng chirng khodn VietNam trong giai doan 2010 den 2017. Bdng cdch sir dung nhiiu phirang phdp hdi guy khac nhau OLS, FEM, REM, FGLS vd GMM de kiem sodt vdn de ndi sinh, nhdm nghien ciru nhdn thdy rdng tinh ddc lap cua hoi ddng qudn tri cd tdc ddng tich cue den hiiu qud hoat ddng doanh nghiep. Dac biet, ldc ddng tich cue cua su ddc lap cua hdi ddng qudn tri doc ldp ddi vai hieu qud hoat ddng doanh nghiip ldng len khi su lap trung quyin sd hiru gidm xudng sau khi kiem sodt cdc yiu id quyet dinh khde dnh hudng den hiiu qud hoat ddng doanh nghiep duac su dung trong cdc nghien cieu truac ddy. Ngodi ra, nghien ciru cung phdt hien ra rdng cdc kit qud ndy cd y nghia thdng ke cao han d nhu-ng doanh nghiip tu nhdn Idem sodt so vai doanh nghiip nhd nuac kiem sodl
Tir khoa: Hdi ddng quan tri ddc lap, lap trung quyen sd hiru, hieu qua hoai dpng doanh nghiep.
Ma JEL: G30
Independence board, ownership concentration and tirm performance Abstract.
This study is conducted lo examine the impact of ownership concentration -on the relationship between independent hoard and firm performance in listed firms on Vietnam Stock Exchange during the period 2010 lo 2017. Using OLS, FEM, REM. FGLS regression methods and GMM lo control endogenous problems, the research finds out a positive impact of independent Board of Directors (BOD) on firm performance. In addition, the resuh reveals that ownership concentration decreases the positive effect of independent Board of Directors on firm performance. Furthermore, these results have high level of statistical significance in private firms, compared to state-owned firms.
Keywords: Independent Board of Directors, ownership concentration, firm performance.
JEL code: G30
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kiiilileiliiit trien
1. Giffi thieu
v i n dg vg quan tn doanh nghiep co phin hda doanh nghiep nha nudc. thu hut vdn dau tu nudc ngoai nham nang cao hieu qua boat dpng trong doanb nghigp la mot Uong nhirng chii dg dugc qua lam nhigu nhit hien tai. Tuy nhien, qua trinh co phan hda, thu hilt von dau tu nudc ngoai va su phat tngn ciia thi trudng chung khoan Viet Nam con nhigu van de lien quan den cong tac quan tri trong doanh nghigp. Trong thi tnrdng chung khoan Vigt Nam, van con ton tai van de tieu cue Idn nhu giao dich npi gian. cong b6 thdng tin hay phuang an phat hanh co phan dieu do dan den doanh nghiep van hanh khdng hieu qua lam cho cac nha dau tu va nha tai tro khong yen lam khi dau tu vao doanh nghiep. Viec quan tri doanh nghiep minh bach va hieu qua se tao ra tam la chan dot vdi cac hanh vi gian lan tir do tao mgm tin cho cac nha dau tu va nang cao hicu qua hoat dpng ciia doanh nghiep.
Viec quan tri doanh nghiep ro rang cd lign quan dgn hot ddng quan iri (hdi dong quan tri) va tap irung quygn sd hthi doanh nghiep. Mot hdi ddng quan tn ddc lap se boat ddng vi lgi ich cd dong gdp phan tang gia tn doanh nghiep bang each thiet kg muc tigu va chign lugc hieu qua cho doanh nghiep. Mgt ngudi nam giii' quygn sd hiru ldn cd the vi loi ich doanh nghiep phuc vu nhu mgt nha quan Iy giam sat tdt nhung ciing cd thg vi lgi ich rieng ma lam giam gia tri doanh nghiep. Mgi chien lugc cua doanh nghiep deu dugc phe duyet bdi hoi dong quan tri, ngn mgt hgi ddng quan tri hoat dpng vi igi ich doanh nghiep se cd duoc hieu qua tot. Nhu vay mpt doanh nghiep boat ddng cd hieu qua hay khdng phu thuoc rit nhigu vao quan tri doanh nghiep dac biet la hpi d6ng quan tri dgc lap va sir kigm soat ciia cac co dong idn.
Muc lieu bai nghien ciru nay nham nghien ciru mdi quan he giiia hdi ddng quan tri, tap trung quygn sd huu \a hieu qua boat ddng cua doanh nghiep Cu thg, bai nghign cim tap trung tra Idi cac cau hdi sau: (1) hdi ddng quan trj ddc lap va tap trung sd hiru CO tac ddng dgn hieu qua hoat dpng cua doanh nghiep hay khong'' (2) Tap trung sd huu co tac dong dgn moi quan he giira hdi ddng quan tri dpc lap va hieu qua hoat dpng doanh nghiep hay khong? (3) Tac dpng cua tap trung quygn so hiiT.i den hpi ddng quan tri dpc lap va hieu qua hoat ddng cua doanh nghigp cd khac nhau giira doanh nghiep do tir nhan
kigm soat va doanh nghiep do nha nudc kiem s ^ hay khdng? Cac phin tigp theo cua bai nghien cuu bao gdm: phin 2 lugc khao cac nghign ciru truac day, phin 3 phucmg phap nghign cuu, phin 4 kgt qua thuc nghigm va phan 5 kgl luan.
2. Ly thuyet va tdng quan nghien ciiu 2.1. Cff s& \-i/thuykt
2.2 ! Ly thuyit dai dien (Agency theoty) Ly thuygt dai dien dugc ra ddi bdi Alchian &
Demsetz (1972) va dugc phat trign them bdi Jensen
& Meckling (1976). Theo ly thuygt nay, co ddng la ngudi chu sd him doanh nghiep Ihue nhung ngudi khac dg thuc hien cdng viec digu hanh doanh nghiep, do do vigc quan tri doanh nghiep tdn tai cac van dg hgn quan giira Igi ich cd ddng va eac dai dien (giam d6c digu hanh). Nhimg ngudi dung dau giao cho cac giam d6c, ngudi quan ly hp chinh la nhiing dai dien thuc hien cac hoat dpng trong doanh nghiep. Cac ed dong ky vong nhirng ngudi quan ly se dua ra quyet dinh hgp ly vi Igi ich cua hg Nguge lai cac dai dien dua ra cac quyel dinh lai khdng vi Igi cd ddng. Nhu vay muc lieu ciia ly thuygt dai dien nham thigt lap ragt hpi dong quan tri sao cho boat dgng vi Igi ich tot nhat cho co ddng.
2.2.2 Ly thuyet nhd qudn ly (Stewardship) Ly thuyet dai dien khdng giai thich dugc nhirng tinh hudng ma d dd klidng cd xung ddt giira ngudi quan ly va chii sd hiru hay trong cac tinh huong ma ngudi quan ly xem Igi ich ciia hg va chu sd hiru di cimg nhau Trong tmdng hgp nay nha quan ly se thuc hign cac hoat dpng vi loi ich doanh nghigp, tii' dd ly thuygt nha quan ly dugc ra ddi bdi Davis & cdng sir (1997), nhu mot d6i trgng ddi vdi ly thuygt dai dien, bac bd nha quan ly tu lgi, hoat ddng cua nha quan ly se phuc vu c!io doanh nghiep. Ly thuygt nha quan ly dua ra gia thuygt ring, nha quan ly khdng bi tac dgng bdi loi ich ca nhan, hp hoat dpng vi muc tieu cua to chuc. Ngu muc tigu nha quan ly nhu ly thuygt Ihi viec trao quygn cho nha quan ly la digu phii hgp.
2-2 3 Ly thuyet cdc ben lien qucm (Stakeholder theory)
Ly thuygt cac ben lien quan Friedman & Miles (2006) cho rang, co nhiing thanh phSn c6 loi ieh lien quan khac nhu chu no, tS chuc eong doan, nha nuae, cac nhom chinh tri, hiep hgi thuong ma,. t6 ehuc tai ch.nh, eac nhi cung eap va cud, eung la khieh hang So 270 thdng 12/2019
mill
llrii
va nhan vien. Trong do cd ddng chi la mdt trong cae ben lign quan va lgi ich ciia ngudi lao dgng, chii ng va cac ben khac ngn dugc tinh vao khi ra quygt dinh. Do vay, cae nha quan ly doanh nghiep ngn can bing lgi ich cac bgn lign quan trong khi van toi da hoa gia tri doanh nghiep. Theo thuyet cac ben lien quan, doanh nghiep tac dgng den rat nhieu bgn trong do CO ngudi lao ddng, cd ddng, chii ng Ngudi lao dong c6 the mat cdng viec hien tai, cd ddng cd thg mit tring khoan lien dau lu. Ngu doanh nghigp hoat dpng dua trgn gia tri ed ddng khdng thg giai quygt dugc nhung van dg nay. Vi vay, mudn nang cao gia tri doanh nghiep can xem xet dgn lai ich ciia cac ben lign quan.
2.2. Tdng quan nghien cu-u
2.2.1. Anh hudng cua cd ddng kiem sodt den hoi ddng qudn tri doc lap vd hieu qua hogt dong doanh nghiep
Nghign cuu cua Dahya & cgng su (2008) rim ra moi quan he lich cue giira ly le thanh vign dgc lap va gia tri doanh nghiep tren 22 qudc gia, dac biet d nhung quoc gia cd co chg bao ve tdt cbo cd ddng thigu s6. Nghign cuu d Han Qudc trong viee cai each tinh dpc lap ciia hgi ddng quan tri vdi cd ddng kigm scat va su bao ve cd ddng Ihieu sd cho thay mot tac dpng tich cue cua hdi ddng quan tri ddc lap den gia tri doanh nghigp Black & Kim (2012). Nhieu bai nghien cuu da dugc tign hanh d Trung Quoc nam 2001 de xem xet lac ddng ciia vigc cai each tinh dgc lap trong hpi dong quan tri va hau hgt dgu cho kgt qua lac dpng lich cue dgn gia tri doanh nghiep nhu nghien ciiu ciia Liu & cdng su (2014). Hieu qua hoat dpng ciia hdi dong quan tri cpn quyet dinh bai trach nhiem ciia thanh vign thdng qua chi phi bd ra va Igi ich dat dupc cho viec theo dot, tu van, dac tinh rieng cua timg doanh nghigp va higu bigt ciia cac thanh vien trong hgi ddng vg cd dong chi phdi (Adams &
Fen-eira, 2007; Duchin & cdng sir, 2010; Ferreira &
cpng sir, 2011). hdi ddng quan tri hieu qua khdng chi chiu anh hudng ciia muc dp kigm soat ma cdn chiu anh hudng cua loai hinh sd hiru va su bao ve cd dong thigu sd d moi quoc gia (Claesscns & Yurtoglu, 2013; Denis & cdngsu, 2003).
2.2.2. Anh hudng cua sd huu nhd nudc vd sd hihi lu nhdn din hieu qud hoat ddng doanh nghiep
Nghign ciru ciia Li & cdng su (201 i) trong viec tir
nhan hda va chia se rui ro doi vdi cac doanh nghiep thugc sd huu nha nudc d Trung Quoc bang viec cai each ca cau co dong "cd phin hda doanh nghiep nha nudc". Xu hudng tai cau triic duge thiic day gdp phan gia tang tinh thanh khoan cua cd phieu, gia tang su tham gia ciia eac cd dong thieu sd trong viec ra quygt djnh va khuyen khich phat hanh co phan radi dg tang v6n (Li & cgng su, 2011). Cac doanh ngbiep do tu nhan kigm soat se tang tinh higu qua eiia hdi ddng quan tri hon so vdi cac doanh nghigp do nha nudc kiem soat bdi bai ly do. Dau tign, khuyen khich ap dung quan In thuc tien tdt hon ddi vdi cac doanh nghiep tu nhan vi co cau quan tn kem trudc tai cau tnic va se hudng igi tir viec ap dung quan tri tdi hon Chen & cdng sir (2009). Nguoc lai, cac doanh nghiep do nha nudc kigm soat il cd ddng luc de thanh lap mgt boi ddng quan tri doc lap bon vi chil sd hu'u va ngudi quan ly khdng hudng Igi true tiep tir viec gia tang tinh ihanh khoan trong cd phigu eiing nhu viec chia se rin ro Muc tieu ciia cac doanh nghiep do nha nudc kiem soat cd the khac vdi muc tigu doanh nghiep do ca nhan kiem soat. Thdng thudng, nha nude cd anh hudng ldn trong quyet dinh bd nhiem thanh vign hdi dong quan in, thanh vien ban kigm soat cirng nhu cd the anh hudng thdng qua cac kenh khac nhau nhu bo nhiem CEO va cung cap mot chinh sach thue ihuan lai
3. Phuong phap nghien ciiu 3.1. Du- lieu
Dir lieu cua bai nghign ciru trudc inch xuat lir bao cao lai cbinh va bao cao thudng nien ciia 454 cdng ty mem yet trgn san giao dich chiing khoan Thanh phd H6 Chi Minh (HOSE) va san giao dich chirng khoan Ha Ngi (HNX) trong giai doan 2010 dgn 2017 dugc thg hien d dang bang can ximg, gdm 3632 quan sat. Loai khdi miu cac cdng ty thugc linh vuc tai chinh, ngan hang, bat ddng san do dac thii nganh va chg dp kg loan cac cong ly nay khdng phii hgp vdi mau nghign cim.
3.2. Mo hinh
Cac nghign cim trudc nhu (Dahya & cdng su.
2008, Shan & Mclver, 2011) sir dung ca ROA va Tobin Q dg do ludng hieu qua hoat dgng cua doanh nghiep. Theo Shan & Mclver (2011), ROA la mpt phuang phap do ludng kg loan va phan anh ket qua cua qua khu; Tobin Q do ludng dua trgn thi trudng
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va nim bit nhan thiic cac nha diu tu gia tn tuong lai ciia doanh nghiep. Mac dii ca hai bien phap deu dugc sir dung dg do ludng hieu qua ciia cong ty nhung chiing CO thg tao ra cac kgt qua khac nhau, dac biel khi gia tri thi trudng bi anh hudng bdi cac yeu to khac nhu thanh khoan hoac quan tri doanh nghiep.
Morck & cdng su (1988) lap luan ring Tobin Q se phan anh tdt hon gia tri ciia lai san vo hinh ciia rapt doanh nghiep. Do do, chiing tdi ky vpng tac dpng ciia su ddc lap hpi ddng quan tri manh hon den gia tri doanh nghiep do ludng bang Tobin Q so vai ROA.
PER,, = a + plIND,, + p2CR,, + p31ND,, * CR , + p41g(BSlZE),, + p5Ig(SIZE)^, + P61g(LEV)^,+
p7lg(AGE),^ + e,
Bign dai dien cbo hieu qua hoat dgng doanh nghiep dugc do ludng bang ROA tinh bang thu nhap trudc thug va lai vay (EBIT) chia cho long tai san, Tobin's Q tinh bing ty le giira gia tri thi trudng ciia lai san so vdi gia tn sd sach cua tai san, trong do gia tri thi trudng ciia tai san bang t6ng gia tri v6n hoa thj trudng cuoi nam ciia co phieu c6 thg giao dich va tdng sd ng phai tra rdng dai ban va ngan han ciia doanh ngbiep.
IND la ty le sd lugng thanh vign hdi dong quan tn dgc lap trgn long sd thanh vign hpi dong quan tri.
Phan anh tac dgng ca nhan ciia thanh vien hdi dong quan trj ddc lap den hieu qua hoat dgng cong ty.
CR la ty ie tap trung quygn sd hiru. Vdi dmh nghia CR3 va CR5 la ty le cd phan thudc sd hiiu ciia ba va nam cd ddng ldn nhit tren tong sd co phan tuong ung. Phan anh tac ddng ca nhan khi cd su tap Irung quygn sd huu dgn hieu suat hoat ddng cua cdng ly-
1ND*CR la trgng tam phan tich ciia bai nghign cuu dg kigm tra tinh hieu qua cua tinii ddc lap ciia hpi ddng quan tri ddi vdi hieu qua boat dgng doanh nghiep khi cd su tap trung quyen sd hiru.
Cac bign kigm soat gdm cd Ig(BSIZE) la logarit tu nhign ciia tfing sd thanh vien hgi dong quan tri, he sd h6i quy ciia nd co the am. Khi sd lugng thanh vign hpi d6ng quan tri tang len, chi phi dai dien ciia hpi d6ng quan tri tang len va hieu qua cua nd giam xu6ng, va do do hieu suat ciia cdng ly giam.
Ig(SIZE) la logant lu nhign cua tdng tai san, he sd hdi quy cd thg am bdi vi cac cdng ty ldn thudng chiu "hieu img sinh Igi giam dan" se c6 tdc dp lang trudng thip ban ngn gap klid khan trong viec dat dugc hieu suit cao hon. lg{AGE) la logarit tu nbien cua so nam ke tir khi cdng ly dugc thanh lap. He s6 hgi quy co thg am vi cac doanh nghiep trudng thanh co xu budng cd tdc do tang trudng thap hon va gap kho khan trong viec dat dugc hieu suat cao hem. LEV ddn bay la ty le tdng ng phai tra trgn long tai san. Dau hieu dg du doan ve tac ddng ciia ddn bay khong rd rang. Don bay caa hem cd Ihg khueeh dai
Bang 1: Thong ke mo ta bien Ten bien
ROA Tobin Q
IND CR3 CR5 SIZE (t>
VND) BSIZE LEV AGE Nguon: Tdc gid
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sdt
long hap 3632 3632 3632 3632 3632 3632
3632 3632 3632
Trung binii 0,1698 1,0115 0,3569 0,2467 0,3668 1630
6,3796 0,4995 22,9576
44 Do lech
chuan 0,1406 0,4832 0,2527 0,1610 0,1832 4157
2,4025 0,2245 14,2370
Gia trj nho nhat
-0,4747 0,0023 0 0,0001 0,0017 7,8215
3 0,0020 1
Gia trj Ion nhat 0,9003 9,0450 0,9563 0.9636 0,9849 61889
11 0,9706 63
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Bang 2: Ma tran he s6 tirong quan giua cac bijn doc lap va biSn phu thuoc
ROA Tobin's Q
IND
CR3
CR5
lg(BSIZE
)
ig{SIZE)
LEV
Ig(AGE) ROA 1 0,4057 0,0000 0,0128 0,4418 0,0859 0,0000 0,0827 0,0000 -0,0236 0,1542 -0,1187 0,0000 -0,2798 0,0000 0,1199 0,0000
Tobin Q
1
0,1178 0,0000 0.1115 0,0000 0.0615 0,0002 0,0920 0,0000 0,1770 0,0000 -0,1023 0,0000 0,1621 0,0000
IND
1
0,0064 0,0987 -0,0012 0,9439 0,4114 0,0000 0,1270 0,0000 -0,1897 0.0000 0,1149 0,0000
CR3
1
-0,0367 0,0270 0,1321 0,0000 0,1817 0,0000 0,1116 0,0000 0,1112 0,0000
CR5
1
0,1288 0,0000 0,0170 0,3065 -0,0008 0,9594 -0,0407 0,0141
BSIZE
1
0,3236 0,0000 0,0277 0.0946 0,0993 0,0000
SIZE
1
0,3320 0,0000 0,1633 0,0000
LEV AGE
1
0,1071 1 0,0000 Ngudn: Tdc gid tdng hap
mirc thu nhap ciia cdng ty nhung cung lam tang tinh bien ddng cua tbu nhap.
4. Ket qua nghien cu'u 4.1. Thdng ke md td bien
Kgt qua cho thay ty suat sinh Igi trgn long tai san (ROA) cua cac doanh nghiep phi tai chinh nigm ygt trgn thi trudng chung khoan Viet Nam cd gia tn tmng binh 16,98%. Tuy nhign, vg hieu qua sinh lai dugc do ludng Ihdng qua phuong phap kg loan van CO su chenh lech Idn giu cac doanh nghiep. Gia tri trung binh Tobin Q la 1,0115 phan anh tin hieu thi tnidng cho thay sy phat tnen tdt ciia cae doanh nghiep niem ygt Viet Nam trong giai doan 2010 den 2017. Day ciing la giai doan sau khung hoang, ngn kinh tg hoi phuc tot thiic day ca hdi tang trudng ciia doanh nghiep. Ty le trung binh cua thanh vien hdi dong quan tri ddc lap trgn tdng sd thanh vicn hpi d6ng quan tn (IND) la 35,69% trong dd cd nhirng doanh nghiep khdng cd sd thanh vien hdi dong quan tn dpc lap thg hien qua gia In nhd nhal thong kc dugc
ciia IND la 0%. Dieu nay phan anh thuc trang doanh nghigp Viet Nam trong giai doan 2010 dgn 2017 thanh vien hgi ddng quan tri thudng kiem nhiem ludn cac chirc vu nhu long giam ddc, pho tdng giam doc, ke loan tru'dng va nhung can bp quan ly khac do hgi ddng quan tri bd nhiem. Ngoai ra, ly le sd hihi top 3 (CR3) va top 5 (CR5) cd dong ldn nhat cd gia tri trung binh lan luac la 24,67% va 36,68%, vdi miic do lech chuan tuong irng 16,10% va 18,32%.
4.2. Ma trdn he sd tirong quan
He sd luong quan ciia cac bien giai thich, bign kigm soat d6i vai bign phu thudc trong md hinh deu nhd hon 0.8 ngn khdng xay ra bien tugng da cdng hiygn hoan hao. Ddi vdi hieu qua boat ddng ctia doanh nghiep duge do ludng dua trgn ROA viec tap trung quygn sd hiru, tu6i ddi cong ly co tac ddng tich cue ddi vdi ROA, nhung quy md hoi ddng quan tri, quy md doanh nghiep va ddn bay lai chinh co lac ddng dgu cue dgn higu qua hoat ddng. Ddi vdi hieu qua hoat dgng cua doanh nghiep dugc do ludng dua
So 270 thdng 12/2019
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tren thi tniong cung cho thjy tac dong tich cue cua hoi d6ng quan tti dpc lap, tap trung quyen so hiiu \a dp m6i cong ty tin hieu qua hoat dpng. Vice cong ty sir dung don bdy tai chinh cao se anh huong tieu cite din hieu qua hoat dpng dupc do luong bang Tobin Q.
4.3. Kit qud hdi quy bing OLS, FE, RE, FGLS OSu tien, h6i quy binh phuong nho nhat (OLS) duoc thire hien dl phan tich ra6i quan he gitta hot d6ng quan trj dpc lap, tap trung quyen so hiiu anh huong d6n hieu qua boat dpng doanh nghiep. Tuy nhien, dp vung va tinh hieu qua cua cac he sp hpi quy trong phuang phap phan tich du lieu bang dua tren uoc luong OLS eo thi khong hieu qua vi phuong phap uoc lupng OLS khong cSn quan tam den cae yiu t6 khong thi thu thap hoae cac yeu to rieng le, dac thu cua timg eong ty. Di xir ly vin di cac yiu t i khong thi quan sat duoc, bat nghien ciiu sii dung phuong phap hii quy tac dong co djnh (FE) va tac dpng nglu nhien (RE). Di xac dinh duoc phuang phap uoc lupng nao dupc xu dung tpt hon, bai nghien cuu thuc hien kiem dinh Likelihood Ratio Test cho phuang phap hoi quy Fixed Effect, kiem dinh Breusch Pargan Lagrange Multiplier (LM) cho phirong phap hoi quy Random Effect va kiem dinh Hausman de lua chon giiia FE va RE. tCet qua kiem djnh cho thdy phuang phap uac lupng FE la tpt nhat.
Dc tang tinh hieu qua ciia phirong phap uoc luang FE kiim djnh tu tuang quan va kiem dinh phirang
sai thay dii dupc thuc hien. Kit qua kiem dji* *=•
chp thjy xudt hien tupng phuang sai thay dm trong hoi quy FE, va kiim dinh Wooldridge chung mmh CO hicn mong tir tuong quan trong tat ca cac phuang trinh hoi quy. B i xir ly cac van di nay, nghien cuu su dung phuang phap uoc lupng binh phuong tot thieu ting quai khi thi (FGLS) di khSc phuc khuyet tat trong du lieu bang ciia mo hinh.
He si hoi quy IND co y nghTa tich cue va co y nghia thing ke dii vcti hii quy Tobin's Q CR3 (CR5) diu CO y nghia tich cue va co y nghia thong ke o ca hai mo hinh hoi quy. Tuy nhien, cac he so rieng le tren IND va CR3 (CR5) chi phan anh nhiing anh huong rieng le eiia chiing din hieu sujt ciia cpng ty.
Di dp luong tac dpng ehung, nghien ciiu tap tnmg vap he s6 IND*CR3 (CR5). Trong cpt (3), nghien ciiu chi ra ring he so IND'CR3 la am (-0,0396) va CO y nghia thing ke o mirc 1 %. Kit qua nay cho thay viec giam ty le tap trung quyen so huu se lara tang tac dpng tich cue ctia viec hpi ding quan trj dpc lap dii voi ROA Cac kit qua tuong tu voi 1ND»CR5 la am (-0.0436) trong cpt (4) CP y nghia a mirc 1 %. Ket qua chp Tpbin's Q dupc trinli bay trong cot (7) va (8) thi hien ring he si ffen 1ND*CR3 (CR5) cung am va CO y nghia thong ke a muc 10%. Xet cot (7), viec giam ty le so huu se tiing hieu qua dpc lap hpi dpng quan tn Icn Tobin Q. Nghien cuu cho eiing ket qua voi nghien ciiu cua (Liu & cpng sir, 2015). Mpt hpi dpng quan tri dpc lap giup giam eac van de thon tinh tir do nang cao hieu qua boat dpng. Tuy nhien hieu Bang 3: Kit qua hoi quy bSng phuo'ng phap FE vii FGLS
FE (1) IND -0.0001 CR3 (MG25"
IMJ'CR.1 -0,0480"
CR5 1ND*CR5 lf.(BSIZE) 0,0069 le(SIZE) 001S9*-*
LE\' -0 1 5 4 ? " ' iBlACE) -0.0662'**
c 0 . 1 1 7 8 " ' I.R 0 0000 LM 0.0000 H n u j m a n O.ODUO
\<fm'ii ttic -III nr imi' loan ROA
(2) 0.00 IS*
0 . 0 6 5 6 ' "
-0.0767"*
0,0055 o . a i s 4 ' " ' -0.1536"- -0.0577"*
0 . 1 0 % * "
0,0000 O.OOOO 0 . 0 0 0 0 1 V i n m t i c y nghTa
36 270 thdng 12/2019
rcLS (3) 0.0009 0 . 0 4 4 7 " ' -0,0396* *•
-O,00J9"
-0 0 0 5 0 " ' -0.1670"*
0 0536"*
0 . 2 4 8 6 " '
' * . . " . . U , t . „ (4) 0,0014'
0 , 0 5 9 5 ' "
-0.0436*"
-0,0070'"
0.0074*"*
-0.1888"' 0.0439+**
0 . 1 1 0 4 ' "
tn,,vt„r.„V..,
46
FE IS) 0.0685 0 , 3 0 6 2 ' "
-0,2709**
0,0579+
0,1060***
-0,3980"- 0,1864* + - -0,4009-*
0,0000 0,0000 0,0000 10°i,
Tobii
(6) 0,0808"
0 3 8 0 5 * "
-0,4620-"
0,0516 0.1135'-' -0.3865"*
0,2034*
-0,4928-"
0,0000 0.0000 0,0000
iQ
0) 0,1202+' 0.1153*' -0,5007'
-0.0250+
0,0843"
-0,1510*
• " 0,0894"
0,1301*
FGLS («i 0 , 0 7 9 0 " *
0,1247+"' -0,0629' - 0 , 0 1 8 5 * "
0 , 0 8 2 9 " * - 0 , 1 5 7 8 " * 0 . 1 0 6 4 ' "
-0.0903
Killtlt('J1iiillrii>ii
Bang 4: Kit qua hii quy bSng phu-ong phap GMM
1\'(TND) CIU l \ (IVD)*CR3 CRi 1V(IND)*CRS lg(BSIZE) lg{size) LEV le(AGE) c AR(I) AR(2) Sargan test Hans.!, test
Su'sungl
0,0542**
0.2549'**
-0.4955**'
0,0125 -0,0192***
-0.0493*"
0,0034 0,2536***
0.0000 0.5400 0,6610 0.1700
lien (re IND lam 1
0.0420"
0,3144'"
-0,5206***
0,0081 -0,0188+*'
-0.0344"
0,0060 0.2397""
0,0000 0,9290 0,3940 0.1740
bien c6i.{. ey
Tobin Q
0,4962"
2.2962' -4,4021 *
-0,1337
• -0,0317 -0.2415"' -0,3310
0,9299 0.0010 0.3410 0,5200 0.8750
(4) 0.2110***
0.7969""
-1.5391'*
0.0754"- 0,0052***
-0,1335'*' 0,0694**
-0,2126**
0,0000 0,3330 0,5190 0,8650
Sudyng
(5) 0.0660-"
0,2957*"
-0.5261*'
0,0116 -0,0194'*
-0,0604**
-0,0021 0,2554'*
0.0000 0,5210 0 5560 0,4550
hiciniimgl>iTih
ROA (6) ' 0,0726***
0,4402**' -0,8165""
0,0202"
* -0,0188**'
* -0,048 ! * ' • -0,0003
* 0.2317'"
0,0000 0,8310 0,2660 0,7210
iiGiiiihcu:.iNDI .mbiencong
Tobin Q (7) 0,2270'*
0,7550' -1,5102'
0,0393
• 0,0164 -0,2768*'*
0,1307**
" -0,2683***
0,0000 0,4020 0,2330 0,3420
(8) 0,2054*
0,9611' -1,8235-' 0,0595 0,0082 -0,1977*"
0.1180*"
-0,1884 0,0000 0,3620 0,3600 0,7550
qua hoat dong ciia hoi dong quan tn con quyet dinh bdi trach nhiem cua thanh vien hpi dong quan tri va chiu su anh huong ion tii phia cac ciia co dong kiem soat (Raheja & cong su, 2005; Adams & Ferreira, 2007; Duchin & cpng su, 2010; Ferreira & cpng sir, 2011)
4.4. Ket qud hdi quy bdng phifffng phdp GMM Mac du, FGLS xu ly dupc hien tupng phucmg sai thay doi va tu tuong quan trong mo hinh, Li & cong su (2015) cho rang van c6 the ton tai van de npi smh gliia thanh phan hpi dong quan tri va hieu qua hoat dpng ciia doanh nghiep. KJii tinh dpc lap cua hpi dong quan tri la npi smh, ket qua ciia nghien cuu turoc su dung phuong phap Pooled OLS, tac dpng CO dinh Fiexed Effect va tac dpng ngau nhien Random Effect de uac tinh se hi sai lech Cameron (2007).
De giai quyet van de nay, trudc tien bai nghien ciJu thirc hien l4y dp tre ciia bi^n ty le dpc lap trong hpi dong quan tri (IND) nhu la mpt bien cong cu va sir dung h6i quy hai buac {2SLS) de chay iai ket qua hoi quy. Thu hai, nghien ciiu sii dung gia tri trung binh ciia ty ie ph§n tram ciia cac giam doc doc lap trong ciing nganh AB lam bi6n cong cii. Cuoi cimg, nghien ciiu sir dung phucmg phap SYS-GMM ciia Arellano & Bover (1995). Viec sir dung cac bi^n ngoai sinh trong GIVIM a nhung khoan ihdi gian
khac nhau hoac lay dp tre ciia bien hi npi sinh c6 the dugc sir dung nhu bien cong cu cho bien bi noi sinh a thoi diem hien tai. De kiem tra do manh ciia bien cong cu trong phuong phap uoc luong GMM, nghien cuu sii dung kiem dinh Sargan hoac Hansen cho tinli hieu luc ciia bien cong cu. Kiem dinh thii hai sit dung la kiem dinh Arellano-Bond dirge diing de kiem djnh cho su tu tuang quan.
Kiem dinh hieu lire bien cong cu thong qua Sargan va Hansen vai cac gia tri p_value deu ldn hon miic y nghTa 10% nen bifin cong cu dugc chpn cho mo hinh khong tuong quan vdi sai so va du dieu kien dupc chgn de lam bien cong cu Cac gia tri p_
value AR( 1) dhu be hon miic y nghia 10%, p_value AR(2) dhu ldn han miic y nghia 10%. Tii cac kifim dinh tren cho thay mo hinh hdi quy vdi bien cdng cu bang phirong phap udc lupng GMM la hoan toan phil hgp, Ddi vdi phuang phap udc lugng thir nhat nghien cim su dung do tri IDN lam biln cong cu IV(1DN)*CR3 va IV(IDN)*CR5 cd he sd am va co y nghia thong ke d miic 1% (md hinh (!)) va 10%
(mo hinh (3)), cd y nghia thdng ke I'mi a mirc 1% va 5%. ((md hinh (2) va (4)). Cac he so ciia IV(IND) va CR3(CR5) vin thl hien moi tuong quan duong va cd y nghTa thdng ke. Nghien cim nhan thay rang trong khi cac he s6 1V(IND)*CR3 va IV(JND)*CR5 van thl hien moi tuong quan am, cd y nghTa thing ke d mirc 1%. ((md hinh (1), (2), (5), (6)), cd y nghia
So 270 thdng 12/2019 li'J'iialliii
Bang 5: Kilm dmh tac dong ciia tap trung sff hiru din hi|u qua hoat dong doanh nghiep ' v ^ su- khac biet hinh thiic so- hiru
Doanh nghiep nha nuoc iii§ni soat Doanh nghiep tu nhSn liilm scat
IND CR3 1ND*CR3 lg( BSIZE) Ig(SIZE) LEV Ig(AGE) C AR(1) AR(2) Sargan test Hansen test
ROA (1) 0,1I31***
0.1767*"
-0,2646"*
-0,0184*«*
-0,0217*"
-0,0581***
0,0130 0,2522***
0,0000 0,8540 0,8180 0,2130
Tobin Q (2) -0,4523 -0,9624 1,7236 -0,0173 0,0667*
-0,0600 0,1213**
-0,3665 0,0020 0.1140 0,1000 0,2840
ROA (3) 0,0443**
0,2906***
-0,5588***
0,0195**
-0,0187***
-0,0384**
0,0044 0,2370***
0,0000 0,3160 0,5760 0,2410
Tobin Q (4) 0.3256'*
1,6173**
-2,8890*
-0,0061 -0,0048 -0,2429**
0,0581*
0,2375 0,0000 0,4940 0,7800 0,2070 Ngudn- Tdc gid u&c lumig. Vdi mircy nghTa *** ^
thong ke o miic 5% (md hinh (4), (8)) va cd y nghTa thdng ke mirc ! 0% (mo hinh (3)),
Ddng ket qua vdi nghien cuu Brennan & Solomon (2008) ve sir chi phdi ciia cac co ddng kiem soat co the lam giam tinh hieu qua cua hgi ddng quan tn.
Phuong trinh hdi quy vdi bien phu thuoc Tobin's Q do ludng diinh gia cua thj trudng ve gia trj tuong lai CLia doanh nghiep co gia tri tuyet doi cua he sl hdi quy IND*CR3(CR5) Idn hon so vdi do ludng bang phuang phap ke toan ROA the hien thi trudng danh gia cao ve viec giam ty le sd hiru co ddng kilm soat lam tang hieu qua hoat dpng doanh nghiep ciing nhu ki vgng vao su gia tang gia tn doanh nghiep Irong tuong lai ddng ket qua vdi nghien cii'u cua Jiang & cdng sir (2010). Nhilu trudng hgp trong doanh nghiep, hoi ddng quan trj dpc lap dugc thanli lap theo quy dinh phap luat tuy nhien quyin quyll dinh lai nam trong tay cac cd ddng kilm soat, Cac cd dong ldn thirdng iing cir cac thanh vien "ddc lap tren phap luat" nhung lai co mdi quan he vao hpi ddng quan tn ddc lap, tir dd cac thanh vien hpi ddng quan tri nay chi dpc lap tren phap luat nhung chju sir kiem soat bdi cd ddng Idn. Vai trd ciia thanh vien hoi
*.* luang img vdi 1%, 5%, 10%.
ddng quan tri ddc lap la dai dien va bao ve lgi ich co dong bi bdp meo do sir chi phoi kiem soat bdi cac CO dong ldn. Viec giam ty Ie sd hiiu cua cd ddng Idn gop phan lam tang tinh dpc lap ciia hpi ddng quan trj tir do nang cao hieu qua hoat dgng doanh nghiep.
4.5. Anh htrdng cua tap trung quyen sff hiru, fwi ddng qudn tri doc lap din hieu qud hogt dpng doanh nghiep v&i su- khde biet ve hinh thu-c s& hihi.
Theo quy dinh tai dilu 60, luat doanh nghiep 2014 chiing tdi dira tren miic anh hudng trong viec phli quyit nghj quyit cua hdi ddng thanh vien khi so huu tren 36% vdn gop se tir dd xip cac cdng ty CO ty le sd hiru cua nha nudc hen 36%, thupc nhdm cac doanh nghiem nha nudc. Cac cong ty dugc kilm soat bdi nha nudc (cpt 1), he sd hdi quy [ND, CR3 va IND*CR3 co y nghTa thdng ke d mirc 1%. Tuy nhien, he sd ciia rND*CR3 trong cot (I) la -0,2646 cogia tn tuyet ddi nhd hon so vdi cdt (3) la (-0 5588) Ddi vd. Tobin's Q la biln phu thudc, nghien ciru nhan thay rang he so IND, CR3, IND*CR3 chi cd y nghTa thong ke d md hinh do tu nJian kilm soat.
Bieu nay cho thSy ring thj ti-udng danh gia tdt viec So 270 thdng 12/2019
ihliU'liadripn
"giam sir tap hung quyen so hiru gdp phan tang tinh dpc lap hdi ddng quan tri va tao co hdi tang trucmg trong tuang lai. Nghien cim cho cimg kit qua vdi cac nghien ciiu cua (Conyon & He, 2011; Li & cdng su, 2011; Tang & cgng su, 2013) ve tac ddng tich cue ciia viec cai each quan trj doanh nghiep ddi vdi cac doanh nghiep do hr nhan kiem soat. Ket qua nay ngugc lai vdi ket qua ciia Liu & cpng su (2015) da dua ra ket luan hdi ddng quan trj ddc lap tac ddng manh hon ddi vdi cac cdng ty do nha nudc kiem soat so vdi cac cong ty do tu nhan kicm soat. Khac biet do nghien ciru tnrdc chi do ludng hieu qua hoat ddng ciia cong ty chi bang cac bien phap ke toan (ROA va ROE) CO the khong nam bSt dupc day du tac dong lijn ciia thj tradng ddi vdi gia cd phieu, thanli khoan va nii ro khac nhau ddi vdi cd phieu do nha nudc va tu nhan kiem soat Li & cgng su (2011). Thanh vien trong hpi dong quan tri cung nhu hdi ddng quan tn doc lap thudng dupc do cap tren bd nhiem, cung la cong chirc nha nudc. Muc tieu ciia cac doanh nghiep do nha nudc kiem soat khac vdi muc tieu doanh nghiep do tu nhan kiem soat (3 Vict Nam, cac doanh nghiep nha nudc kiem soat ddi khi ganh vac trpng hach cdng cu chinh sach ve nganh, tao ra tinh canh tranh vdi cac doanh nghiep nudc ngoai, cdng cu on djnh nen kinh te vi md va thuc hien cac muc tieu xa hoi cu the, De duy tri muc tieu dd, nha nudc cd anh hudng Idn trong quyet djnh bd nhiem thanh vien hpi dong quan tri, thanh vien ban kiem soat ciing nhu cd the anh hudng thdng qua cac kenh khac nhau nhu bd nhiem giam ddc dieu hanh va cung cap mpt chinh sach thue thuan lai. Cac doanh nghiep do tu nhan kiem soat se tang tinh hieu qua ciia hdi ddng quan tri hon so vdl cac doanh nghiep do nha nudc kiem soat bdi ly do viec khuyen khich ap dung quan trj thirc tiln tdt hon ddi vdi cac doanh nghiep tu nhan vi CO cau quan tn kem tru'dc tai cau tnic va se hudng lai tii viec ap dung quan trj tdt han Chen & cdng su (2009). Sut giam trong tap trung quyen sd hiru dugc thj tru'dng danh gia tot ve co hdi tang trudng trong tirong lai the hien qua kit qua hdi quy Tobin's Q, cac thanh vien dpc lap mang lai niem tin cho cac cd dong, CO dong thilu sd vi nhimg quyet djnh vd tu, y kien phe phan ma khdng co su thien vi. Cac nha dau tu an tam hon vi su hien dien cua hdi ddng quan trj dpc lap lam tang tinh than trach nhiem va tinh minh bach trong hpi ding quan tri. Day cung la cam ket
ve viec cdng ty san sang giai quyit cac mau thuin.
5. Ket luan va ham y
Bai nghien ctiu nhan thiy rang tac dong tich cue cua hdi ddng quan tri dgc lap din hicu qua boat ddng doanh nghiep dac biet tac ddng tich cue cua su dgc lap cua hoi ddng quan tn doc lap ddi vdi hieu qua hoat ddng doanh nghiep tang len khi tap trung quyen sd hiru giam xudng sau khi kilm soat cac ylu td quyet dmh khac anh hudng din hieu qua hoat ddng doanh nghiep dupc su dung trong cac nghien ciru trudc day. Tuy nhien, hieu qua tich circ chi c6 y nghTa thdng ke cao hon ddi vdi cac doanh nghiep do tu nhan kiem soat Doi vdi cac doanh nghiep do nha nudc kiem soat, cac ket qua nay la khdng cd y nghTa thdng ke khi do ludng thanh qua bang Tobin Q.
Tu ket qua tren, bai nghien cuu de xuat mot sd kien nghj sau. Thii' nhat, cac cdng ty nen dam bao ty le thanh vien dpc lap trong hdi ddng quan tri. Nhiing thanh vien nay se nam vai trd nhu trgng tai, dam bao hai hda Igi ich cac ben trong doanh nghiep. Ngoai ra, hp se la nhirng ngudi giam sat, giam nguy ca lam dung quyen han cua nha quan ly, gdp phan bao ve Igi ich ciia cac cd ddng, nhat la cd ddng thieu sd. Mudn vay cac thanh vien nay phai doc lap vdi cdng ty, khdng chiu bat ki su anh hudng nhat la cac cd dong kiem soat. Thu hai, giam tam anh hudng ciia cac cd ddng kiem soat, cd dong chi phoi len hdi ddng quan tn ddc lap. Cac thanh vien hdi ddng quan tri ddc lap d Viet Nam thudng dugc de cir bdi cac cd ddng chi phli, co ddng cd quyen kiem soat hoac cd ddng Idn Vi vay, viec tuyen chpn radi thanh vien trong hpi ddng quan trj ddc lap khdng chi dua tren luat djnh ma cdn phai can cir vao quy trinh gidi thieu cac thanh vien ddc lap vao danh sach de cir Viec chuyin ddi hi kiem soat cua cd ddng ldn sang kiem soat boi hdi ddng quan tri, cd thl la mdt giai phap cho cac cdng ty Viet Nara, day co thl khdng phai la mpt giai phap hoan chinh dl cai thien hieu suat va cSn cai each nhieu hon de thiet lap mdt ca che quan tri doanh nghiep hieu qua. Thu ba, cd phan hoa cac doanh nghiep nha nudc, Viec giam tam anh hudng cua nha nudc trong cac cdng ty niem yet gdp phan gia tiing tinh doc hip trong hoi dong quan tn..
So 270 thdng 12/2019
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