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According to the theory of business administration, it is stockholders who use their power to govern the personnel composition (and thus, operation) of Board of Directors - the body of persons who on behalf of stockholders deal with important issues of stock company at their annu- al meetings on the development strategies, high-level personnel... in order to guarantee the optimal efficiency of the company's operation.
Nevertheless, in some cases, there can appear inconsistencies in bene- l fits between stockholders and members of board of directors, leading to conflicts between two parties.
In Vietnam so far, there does not exist any quantitative study to cidr- j , ify the correlation between quality of board of directors dnd operational i efficiency of stock companies. Finding out positive factors in characters of board of directors would signify a highly valuable contribution to the theory and practice of business administration in general and adminis-
tration of equitized SOEs in particular. r In order to have deeper understanding about above mentioned m
issue, the article below will present an in-depth study on the correlation I between operational efficiency of stock companies and characters of ^ board of directors with resedrch scope being limited to companies list- ed on Hochiminh City Stock Exchange (HOSE) in the time period from January of 2007 to June of 2008.
J
T
heo ly thuyet ve q u a n tri c d n g ty, e d d d n g se d u n g q u y e n Ipc eua m i n h d e c h i p h d i n h a n sd (vd t d d d de'n boat ddng) cua H d i dong q u a n trj ( H D Q T ) - ngadi d a i d i e n c h o lpi i c h eua m i n h . H D Q T se thay m a t c h o e d d d n g g i a i quye't n h d n g v a n d e q u a n trong eua cdng ty cd' p h a n (CTCP) t a i c a c p h i e n h p p t h a d n g n i e n ve c h i e n lifpe phat trie'n c d n g ty, n h a n sa cao ca'p (ban g i d m dd'c)...n h d m d d m bdo hieu qud boat d d n g c u a CTCP d m d c td'i du.
Tuy n h i e n , Irong mdt sd I n f d n g h p p , q u y e n Ipi eua ngPdi d a i d i e n ndy leii k h d n g d d n g nhd't v d i q u y e n lpi eua c d d d n g . D i d u ndy x d y ra khi t h a n h v i e n eua H D Q T theo d u d i lpi i c h cua e h i n h m i n h , gdy ra mdu thuan vdi lpi ich cua c d d d n g .
De' g i a i quye't v a n d e ngPdi d a i d i e n , Luat C d n g ty tai n h i e u qud'c gia c h o p h e p c d d d n g cdc CTCP Ipa c h o n t h d n h v i e n d d c lap (khdng sd hdu c d p h a n trong e d n g ty) n h p Id m d t b i e n p h d p I d m g i d m m d u t h u a n ve Ipi i c h gida H D Q T vd c d d d n g .
O V i e t N a m h i e n nay, chPa ed m d t n g h i e n c d u d i n h lapng ndo kie'm Ira md'i IPOng quan gida chd't lifpng cua H D Q T v d i hieu qud hoeil d d n g c i j a CTCP. V i e c t i m ra cdc n h d n Id' l i c h cPc trong d d c t i n h eua H D Q T se ed d d n g g d p Idn de'n ly ludn vd thpe t i d n ve q u d n trj e d n g ty ndi c h u n g vd d o a n h n g h i e p nhd nPde c d p h a n hod ndi r i e n g .
N h d m t i m hie'u rd hon ve v a n de n d y , b d i v i e l difdi d d y se di v d o n g h i e n c d u m d i tPPng quan gida h i e u qua boat d d n g cua CTCP va cdc d a c t i n h eua H D Q T , n h d m kie'm tra b d n gia t h i e t n g h i e n c d u : mdt la, ly le sd hdu cua N h d nifde do t h d n h v i e n H D Q T I d m d a i d i e n k h d n g d n h h i f d n g de'n h i e u qua hoeil d d n g eua c d n g ty n i e m ye'l; hai la, sd hdu eua
So 40 (4.2009) THONG TIN & DO BAO KINH TE - XA HQI
43
DIEN DANTRAODOI
nhd ddu IP nPdc ngodi vd ta nhdn Idn trong nPde do thdnh vien H D Q T Idm deli dien dnh hifdng den hieu c|ua lioeil ddng eua edng ty niem yet; ba la, SP ed mat eua thdnh vien doe lap Irong H D Q T giup Idm lang hieu qud hoeil ddng cua edng ty niem yet; bdn la. Chu Ijeh HIOQT kiem nhiem Tong Ciieim ddc giu[3 Idm tang hieu c|iia boat ddng eua edng ly niem yet.
Pham vi nghien cdu cua bdi viel Id ede edng ly ed ed phieu niem yet Iren Sd Giao djch ehdng khodn Thdnh phd Ho Chi Minh (HOSE) trong khodng thdi gian Id thdng 01/2007-6/2008.
Theo nghia rdng, hieu c|ud Id ty sd gida ke'l c|iia ddu ra so vdi chi phi ngudn Ipe dau vdo dd sd dpng. Hoat ddng eua mdt CTCP cd the cd nhdng ddu ra khde nhau nhif doanh ihu, lpi nhudn, ddng lien rdng... eung nhif dau vdo khde nhau nhp vdn, lao ddng, edng nghe... Tuy nhien, ed ddng thifdng c]iian Idm den viec td'i da hd.i gid trj lai sdn ehu sd hdu nen hp ddc biet quan Idm den dau vdo Id vd'n chu sd hdu vd dau ra tPPng dng Id Idi CP bdn tren ed pbicii (EPS) bode Ipi nhucin sau ihiie cidnh eho ed ddng ihifdng. Do dd, edng ihde linh hieu qud phu hpp cho cd ddng thifdng Id ROE (ly sua! loi nhuein tren vd'n chu sd hdu) = Ipi nhuan sau tbue/vcMi ehu sd hdu.
Ceiu true qudn Irj cua CTCP mang tinh dele ihu lifpng dd'i. Dtii hdi ddng ed ddng Id ca quan c|uyen Ipc cao nhdl trong edng ty, cd c|uyen beiu ra CP quan deii dien thifdng IrPe eho minh Id H D Q T . Vdi IP edeh Id deii didn ehu sd hdu, H D Q T sc ehi djnh Ban Giam ddc de' dieu hdnh boeit ddng hdng ngdy cua cdng ty. De' ddm
bdo viec gidm sdt ho<it ddng cua Ban G i d m dd'c vd H D Q T , Deii hoi ddng cd ddng Lii bau ra Ban Kie'm sodt.
Sp tach biet gida quydn sd bdu (cd ddng) vd quyen qudn ly (Ban Gidm dd'c) dd gdy ra mau thudn tidm tang gida cd' ddng va HDQT.
Do vdy, phaong phdp gidm mdu thudn chinh Id khuye'n khich nha qudn trj sd hdu cd phan. Tuy nhien, phaong phdp ndy cd the gay ra hai hieu dng: hieu dng bdi lu (cd lifpng cjuan difpng gida vdn hda edng ly vd ty trpng sd hdu cua nhd qudn tri) bode hieu dng ngdn chdn (ed lifpng C|uan dm vi ly trpng sd hdu Idn eua nha cjudn Irj ngan chdn viee kiem soat edng ly Id thi Infdng (cdc ben cd quan lam)).
Ci Viet Nam hien nay, cd ddng Idn Id nhdng cd ddng sd hdu tren 57o sd ed phan ed quyen bie'u quye't trong CTCP, dape chia thdnh 3 nhdm chinh: cd ddng nhd nifdc, ed ddng IP nhdn Idn trong nifde va cd ddng mfdc ngodi. Co ddng nhd nifdc ehi Id ngifdi deii dien phan vd'n nhd nPdc l.ii cdng ly, trong khi c|uycn vd lpi ich khdng thpe sif gein bd vdi edng ly.
Do vdy, gid djnh thd nhd't eho rdng, cd ddng nhd nifde khdng gay ra Idc ddng tich cpc d(?n bieu qud boeil ddng eua CTCP. Tuy nhien, ddi vdi nhd dau IP IP nhdn trong nifdc vd ddu tif mfdc ngodi bd vdn vdo edng ly nhe^m tim kie'm Ipi nhudn, vd trong mdt ehdng mpe nao eld, ed the ed Pdc vpng ndm quyen C|udn ly cdng ly (thdng qua hoeil ddng mua dii so' lifpng ed phan chi phdi), thi leii cd edeh hdnh xi'f khde. Dieu ndy ed nghia la ne'u hieu qud boat dpng eua edng ty khdng td'l, hp cd the sc thodi vd'n vd chuyen sang ede kenh dau ta thay the khde.
Gid djnh thd hai xuei'l phat td gia dinh thd nhd't, nghia Id ton leii md'i lifpng quan cd y nghia gida sd hdu cua Uf nhdn Idn trong mfdc
44
THliJNG TIN & DU BAO KINH TE - XA HQI SO 40 (4.2009)vd ed ddng Idn nade ngoai do thdnh vien H D Q T lam deii dien vdi hieu qua boat ddng cua edng ly ed phan. Ngodi ra, nhdm hPdng hoat ddng eua CTCP phpc vp eho lpi ich eua minh, nhdm ed ddng nay ed xu hPdng kie'm sodt khdng chi chdc danh ehu tjeh H D Q T md ca chdc danh Tdng G i d m dde/Gidm dd'c. Gid dinh thd IP xudl phdt Id ddng Ipc kie'm sodt ndy.
Ne'u trong H D Q T ed mat nhdng thanh vien ddc lap (khdng sd hdu cd phan), khdng bj chi phdi bdi lpi ich rieng eua minh, thi quyen lpi eua ed ddng se difpc bao ve trade lpi ich ed nhan eua mdt so thdnh vien H D Q T . Dd la CO sd cua gid thiet nghien edu thd ba.
De kie'm tra bdn gia thiet nghien ci'fu, tde gid lap 2 md hinh taong quan sau:
IMo hinh 1
ROEji = a,| -I- b, * own1_HD -i- b^ * own2^HD + bj * own3_HD -i- b, * age_HD -f- b, * size_HD -i- b(,
* respon_HD + b; * exp H D H- bj,
* indep_HD -i- bej * d u a L H D -i- b,„
* exp_LB -I- b,| * size_LB -i- b,^ * capLB + b|3 * f i n j n v e s t j j -i- b|4 * finreturnji + b,5 * s i z e f i r m j i -i- bu, * lag_perfj| -i- e
Trong dd:
Nhom bie'n doc lap ve chat lifOng thanh vien HDQT gom:
- Sd hdu nhd nPdc ( o w n l _ H D ) : ty le sd hdu nhd nade do thdnh vien HDQT lam d<ii dien.
Sd hdu nade ngod i (own2_HD): ty le sd hdu nPdc ngoai do thdnh vien HDQT lam dai dien.
- Sd hdu ta nhan trong nade (own3_HD): ty le sd hdu IP nhdn trong nade do thdnh vien H D Q T Idm dai dien.
- Tudi ddi (age HD): tinh bang tudi ddi binh c|udn ede thdnh vien teii thdi die'm tinh todn.
- So ihdnh vien (size_HD): sd' lapng thdnh vien H D Q T .
- Ty le cd ddng Idn ( r e s p o n H D ) : ty le thdnh vien Id co ddng Idn (dai dien eho 5% so cd phdn cd quyen bieu quye't) Irong HDQT.
- Trinh dp ( e x p H D ) : ly le ihdnh vien ed trinh dp chuyen mdn td deii hpc trd len trong HDQT.
- Mdc dp ddc leip (indep_HD): ty le thanh vien ddc lap (khdng sd hdu ed phdn) Irong H D Q T .
- Trung lanh dao ( d u a l H D ) : bang 1 neu Chu tjeh hdi ddng kiem Tong gidm dde/Gidm dd'c va bang 0 ne'u ngppe lai.
Slhom bien kiem soat gom:
- Trinh dd ngPdi lao ddng ( e x p L B ) : ty le ngPdi lao ddng cd trinh do chuyen mdn td dai hoc trd len Irong long sd' lao ddng.
- Quy md lao ddng (size_LB): Idgaril eua so lao ddng lai thdi die'm edng bd bdn cdo bach.
- Mdc dp tap trung tai sdn ed dinh ( c a p L B ) : Idgaril cua ly le tdi sdn CO djnh/sd lao ddng leii thdi die'm cdng bd bdn cdo beich.
- Ty trpng ddu tP tdi ehinh Iren td'ng ldi sdn (finjnvesl): tinh bdng ly le gida td'ng dau IP tdi chinh ngdn h<in vd ddi hein so vdi long ldi sdn vdo eudi mdi nam.
- Thu nheip td hoeit ddng ldi chinh so vdi doanh thu thuan (fin_relurn): tinh bang ly le gida thu nheip td hoeil ddng ldi ehinh vdi doanh thu thudn vdo eud'i mdi nam.
- Quy md edng ly (size_firm): Idgaril cua vd'n hda cdng ty vdo eudi mdi nam.
- Hieu qud qud khd (lagpert): tinh theo ROE nam Infdc.
- Hieu qua cdng ty (ROEj^): linh bang ly sd (Ipi nhuan IrPdc thue - doanh thu bd't thPdng + chi phi bd't thadng)/vd'n chu sd hdu vdo eud'i mdi ndm, nham loai trd au ddi ve thue' thu nhap doanh nghiep vd tae ddng cua nhdng ye'u td' bat thadng.
Mo hinh 2 ROE
e (2a)
i t = a + b, * o w n 1 _ H D + b^ * (own1_HD)-^-h b j * (own1^HD)'4-
ROEj, = a -I- b, (2b)
ow n2 HD -I- b^ * (own2_HD)-' -i- b, * (own2_HD)' +
ROE|| = a -h b, * own3_HD + b^ * (own3_HD)-^ + b, * (own3_HD)' + e (2e)
Sd lapng edng ty niem ye'l ed edng bd' bdn cdo beich lai HOSE trong 2 nam 2006 vd 2007 bin IPPl Id 49 vd 62 cdng ly, tdng cdng sd mdu quan sat la 111 mdu.
Td hai md hinh tren, ta ed ke't qua nghien edu sau:
So 40 (4.2009) THONG TIN & DO BAO KINH TE - XA HOI 45
DIEN DAN TRAO DOI
^Bang 1: He so hoi quy cua mo hinh 1
S o u r c e | SS d f MS N u m b e r o f o b s = 74"
+ F ( 1 7 , 5 6 ) = 4 . 8 1 M o d e l I . 6 1 2 5 0 8 2 0 8 17 . 0 3 6 0 2 9 8 9 5 P r o b > F = 0 . 0 0 0 0 R e s i d u a l I . 4 1 9 7 8 8 7 8 6 5 6 . 0 0 7 4 9 6 2 2 8 R - s q u a r e d = 0 . 5 9 3 3 + A d ] R - s q u a r e d = 0 . 4 6 9 9 T o t a l I 1 . 0 3 2 2 9 6 9 9 7 3 . 0 1 4 1 4 1 0 5 5 R o o t MSE = . 0 8 6 5 8
r o e I C o e f . S t d . E r r . t P > I t I [95% C o n f . I n t e r v a l ] +
s i z e ^ l b I - . 1 1 2 0 2 0 6 . 0 4 3 4 7 2 9 - 2 . 5 8 0 . 0 1 3 - . 1 9 9 1 0 7 3 - . 0 2 4 9 3 4 c a p _ l b I - . 1 1 1 7 7 4 7 . 0 2 8 8 3 4 - 3 . 8 8 0 . 0 0 0 - . 1 6 9 5 3 6 2 - . 0 5 4 0 1 3 2 o w n 2 _ h d I - . 2 0 9 0 9 3 6 . 1 0 3 8 0 2 3 - 2 . 0 1 0 . 0 4 9 - . 4 1 7 0 3 4 5 - . 0 0 1 1 5 2 7 e x p _ h d I - . 1 6 4 5 0 3 9 . 0 7 8 1 2 2 - 2 . 1 1 0 . 0 4 0 - . 3 2 1 0 0 1 1 - . 0 0 8 0 0 6 7 f i n _ i n v e s t I - . 1 9 3 6 6 2 . 1 0 2 2 8 3 5 - 1 . 8 9 0 . 0 6 3 - . 3 9 8 5 6 0 4 . 0 1 1 2 3 6 4
l a g _ p e r f | . 3 0 4 8 7 3 3 . 0 8 9 0 5 6 7 3 . 4 2 0 . 0 0 1 . 1 2 6 4 7 1 3 . 4 8 3 2 7 5 3 s i z e _ f i r m | . 1 0 6 9 9 3 8 . 0 3 1 4 2 3 2 3 . 4 0 0 . 0 0 1 . 0 4 4 0 4 5 6 . 1 6 9 9 4 2
_ c o n s I . 1 6 8 3 8 6 6 . 2 3 2 7 0 9 5 0 . 7 2 0 . 4 7 2 - . 2 9 7 7 8 6 6 . 6 3 4 5 5 9 8
Mdc dd R-squared (0,5933) chap nhdn difpc dd'i vdi hien tifOng vd qud trinh kinh te - xa hdi.
Ke'l qua Bdng 1 eho ihd'y:
- Quy md lao ddng, mdc dd tap trung ldi san ed djnh cd tPOng quan am vdi ROE, dieu can phdi nghien edu them ddi vdi ede ngdnh thdm dung lao ddng hoae tham dpng vd'n;
- Hieu qud c|ud khd (ROE ndm trifde) vd mdc dp vd'n bda cdng ly ed tPOng quan difOng vdi bieu qud hoat ddng eua nam nghien edu;
- Ty Id sd hdu mfdc ngodi do thdnh vien H D Q T Idm d,ii dien cd tPOng quan dm vdi ROE, dieu can phai nghien edu them bdng md hinh 2.
- Ty le thdnh vien cd trinh dp chuyen mdn td deii hoc trd len trong H D Q T ed tifPng quan dm vdi ROE, dieu Cein phdi nghien edu them dd'i vdi ede ngdnh thdm dpng lao ddng hoae thdm dung vd'n.
Bang 2: He so' hoi quy ciia mo hinh 1 ,
vdi mifc do tap trung tai san co djnh cao (cap_lb> 8,196476)
S o u r c e | SS d f MS N u m b e r o f o b s = 42 M o d e l I . 2 2 1 7 0 4 6 7 2 17 . 0 1 3 0 4 1 4 5 1 P r o b > F = 0 . 1 4 1 3 R e s i d u a l | . 1 9 5 2 6 8 0 3 4 24 . 0 0 8 1 3 6 1 6 8 R - s q u a r e d = 0 . 5 3 1 7
^ A d ] R - s q u a r e d = 0 . 2 0 0 0 T o t a l I . 4 1 6 9 7 2 7 0 6 4 1 . 0 1 0 1 7 0 0 6 6 R o o t MSE = . 0 9 0 2
^ ° ^ I C o e f . S t d . E r r . t P > | t | [95% C o n f . I n t e r v a l ] +
exp_lb I .3067203 .1336216 2.30 0.031 .0309388 .5825017 size^lb I -.1185397 .0648443 -1.83 0.080 -.2523718 .0152923 cap_lb I -.1311817 .0541553 -2.42 0.023 -.2429528 -.0194106 own2_hd I -.2631391 .1266564 -2.08 0.049 -.5245451 -.0017332 . size_firm | .1070244 .0495612 2.16 0.041 .0047351 .2093138
_cons I .1677104 .5419295 0.31 0.760 -.950777 1.286198 +
46
THONG TIN S, DU BAO KINH TE - XA HOI So 40 (4.2009)Mdc dp R-squared (0,531 7) chap nhdn dPpe dd'i vdi hien tPpng vd qud trinh kinh te - xa hdi.
Ke't qud Bang 2 eho thd'y, dd'i vdi nhdng cdng ly niem yet tham dung vd'n (ed mdc dp tap trung tdi sdn cd djnh cao);
- Tnnh dp ngifdi lao ddng vd vd'n hda edng ty cd tPPng quan dPPng vdi hieu qud hoeil ddng cua ndm nghien cdu;
- Quy md lao ddng, mdc dp lap Irung ldi san cd dinh ed tifpng c|uan dm vdi ROE (gid'ng ke'l ludn nil ra id Bdng 1);
- Ty le sd hdu mfdc ngodi do thanh vien H D Q T lam dai dien cd tPPng quan dm vdi ROE (gid'ng ke'l ludn rut ra td Bang 1);
- Khdng ed lifpng c|iian ed y nghia gida ty le thdnh vien ed Irinh dp chuyen mdn Id deii hoc trd len irong HDQT cd lifpng quan dm vdi ROE.
Bang 3: He so hoi quy cua mo hinh 1 ,
vdi mdc do tap trung tai san co djnh thap (cap lb >= 8,196476)
S o u r c e I SS d f MS N u m b e r o f o b s = 32 + F( 17^ 14) = 4 . 2 9 M o d e l I . 4 4 7 2 8 0 8 2 2 17 . 0 2 6 3 1 0 6 3 7 P r o b > F = 0 . 0 0 4 3 R e s i d u a l 1 . 0 8 5 7 7 4 1 8 6 14 . 0 0 6 1 2 6 7 2 8 R - s q u a r e d = 0 . 8 3 9 1 + p^(ij R - s q u a r e d = 0 . 6 4 3 7 T o t a l I . 5 3 3 0 5 5 0 0 8 3 1 . 0 1 7 1 9 5 3 2 3 R o o t MSE = . 0 7 8 2 7
r o e I C o e f . S t d . E r r . t P > I t j [95% C o n f . I n t e r v a l ] + .
c a p _ l b I - . 2 5 2 9 7 5 6 . 0 9 2 1 2 3 - 2 . 7 5 0 . 0 1 6 - . 4 5 0 5 5 9 7 - . 0 5 5 3 9 1 4 f i n _ i n v e s t I - . 4 0 3 2 6 4 4 . 1 3 9 9 5 3 3 - 2 . 8 8 0 . 0 1 2 - . 7 0 3 4 3 4 4 - . 1 0 3 0 9 4 4 f i n _ r e t u r n I 2 . 7 9 3 6 2 4 1 . 1 8 5 3 6 6 2 . 3 6 0 . 0 3 4 . 2 5 1 2 6 7 1 5 . 3 3 5 9 8
l a g _ p e r f | . 3 4 2 8 7 1 2 . 1 2 4 3 7 1 7 2 . 7 6 0 . 0 1 5 . 0 7 6 1 2 0 5 . 6 0 9 6 2 1 9 s i z e _ f i r m | . 1 2 0 0 5 9 8 . 0 5 6 7 2 0 4 2 . 1 2 0 . 0 5 3 - . 0 0 1 5 9 3 4 ' . 2 4 1 7 1 3
_ c o n s 1 . 9 7 1 4 6 1 1 . 5 7 5 6 7 8 1 1 . 6 9 0 . 1 1 4 - . 2 6 3 2 4 5 7 2 . 2 0 6 1 6 8 Mdc dp R-squared (0,8391) chdp nhdn dPpe ddi vdi hien tapng va qua trinh kinh te - xd hdi.
Bang 3 cho thd'y, dd'i vdi nhdng J £*• / i ^ j M ^ ^ ' ^ g i ^ E * « • ' • - ' • • • 'iJ^W^- cdng ty niem yet thdm dung lao ddng "" - f ^ r * . ! - « B i ? ' ^ ! ^ ^ •'(''•'vSl^l (ed mdc dd tap trung tdi sdn cd dinh • . • g M f ^ ^ v ' ^ f - M ^ B ' ^' 'WW ' ^' r
- Hieu qua qud khd (ROE nam ^ \ •\ ^ B y ^ ^ ^ . J ^ ^ ^ f f ^ ' j g | trPdc) vd mdc dp vd'n hda cdng ly ed ' I j ! U ^ K I ^ 5 ^
laong quan difpng vdi hieu qud boat ^ J B < t f J B M M i ^ j 8 f e £ XJL^ . B ^ 3 r \ S
dong nam nghien edu (gid'ng ke'l ludn i F , t l ^ f i ^ S p ^ ^ S f c ^ J t ^ j B ^ ^ ' T — T T K • s i ' ' « rut ra Id Bang 1); A ^ i g p ^ r , '^ * ^ ^ * - * - ^ ^ »
- Thu nhdp id ho<il ddng ldi chinh | ^ L J so vdi doanh thu ihuan cd lifpng quan ? I ^ ^ " " " "
daong vdi hieu qua hoeit ddng eua •» / ^ J j g * »«^<^ ^ '~l.^.^Jm . . ^ M R r t S ^ nam nghien edu; l w ^ ^ i . S i M B B N l l i p ' S * * f > ^ 5 ( i P Q K ^
- Ty trong ddu tP tai chinh cd "^'•"^^'^^^^1^^1%, v ^ ' tifong cjuan am vdi hieu qua ho<it M ^ S a f c i - L J ^ ^ ^
SO 40 (4.2009) THIDNG TIN & DLJ BAO KINH TE - XA HOI 4 7
DIEN D A N TRAO DOI
ddng cua nam nghien cdu;
- Khdng ed tifOng quan ed y nghia gida ty le thanh vien ed trinh dp chuyen mdn td deii hoc trd len trong H D Q T ed IPPng quan dm vdi ROE.
S o u r c e I SS d f MS N u m b e r o f o b s = 108 + F ( 3 , 1 0 4 ) = 1.39
Model I .054112242 3 .018037414 Prob > F = 0.2491 Residual I 1.34654444 104 .012947543 R-squared = 0.0386
^ Adj R-squared = 0.0109 Total I 1.40065668 107 .013090249 Root MSE = .11379
roe I Coef. Std. Err. t P>It| [95% Conf. Interval]
+
o w n l tid I - . 4 0 5 6 8 2 9 . 3 5 6 3 2 3 4 - 1 . 1 4 0 . 2 5 8 - 1 . 1 1 2 2 8 5 . 3 0 0 9 1 9 7 o w n l _ h d 2 I 1 . 3 6 3 1 8 1 1 . 3 7 1 4 8 7 0 . 9 9 0 . 3 2 3 - 1 . 3 5 6 5 3 4 . 0 8 2 8 9 2 o w n l _ h d 3 1 - . 9 1 1 3 6 9 2 1 . 3 4 2 4 - 0 . 6 8 0 . 4 9 9 - 3 . 5 7 3 3 9 9 1 . 7 5 0 6 6
_ c o n s I . 1 9 0 8 6 3 6 . 0 1 5 7 7 3 9 1 2 . 1 0 0 . 0 0 0 . 1 5 9 5 8 3 4 . 2 2 2 1 4 3 8
Bang 4: He so hoi quy cua mo hinh 2a
Sd lieu bang 4 cho thd'y, khdng cd tPong quan cd y nghia (tuyen tinh bae 3) gida cdc bie'n ve ty ie sd hifu nhd mfdc do thdnh vien H D Q T lam deii dien vdi hieu qua boat ddng eua cdng ty niem yet. Dieu ndy xac nhdn gia thiet 1.
. r e g r e s s r o e own2 h d own2 h d 2 own2 h d 3
S o u r c e | SS d f MS N u m b e r o f o b s = 108 + F ( 3 , 1 0 4 ) = 3.72 M o d e l I . 1 3 5 7 6 3 0 1 3 . 0 4 5 2 5 4 3 3 7 P r o b > F = 0.0138 R e s i d u a l I 1 . 2 6 4 8 9 3 6 7 104 . 0 1 2 1 6 2 4 3 9 R - s q u a r e d = 0.0969 + ;^clj R - s q u a r e d = 0.0709 T o t a l 1 1 . 4 0 0 6 5 6 6 8 1 0 7 . 0 1 3 0 9 0 2 4 9 R o o t MSE = .11028
r o e I C o e f . S t d . E r r . t P> I 11 [95% C o n f . I n t e r v a l ] +
o w n 2 _ t i d I - . 9 4 0 7 7 0 5 . 4 4 1 8 6 1 2 - 2 . 1 3 0 . 0 3 6 - 1 . 8 1 6 9 9 8 - . 0 6 4 5 4 3 2 o w n 2 _ h d 2 I 4 . 5 2 4 7 3 2 1 . 9 3 1 1 5 4 2 . 3 4 0 . 0 2 1 . 6 9 5 1 8 1 7 8.354282 o w n 2 _ h d 3 I - 4 . 7 2 5 5 2 1 . 9 0 8 9 0 8 - 2 . 4 8 0 . 0 1 5 - 8 . 5 1 0 9 5 6 - . 9 4 0 0 8 4 7
_ c o n s I . 2 0 2 4 8 0 6 . 0 1 1 7 4 8 6 1 7 . 2 3 0 . 0 0 0 . 1 7 9 1 8 2 8 .2257785
Bang 5: He so hoi quy cua mo hinh 2b
Sd lieu bang 5 cho tha'y, cd tifPng quan cd y nghia (tuyen tinh bae 3) gida cac bie'n ve ty le sd hdu nifdc ngoai do thdnh vien H D Q T Idm dai dien vdi hieu qua hoeit ddng cua cdng ty n i e m yet.
Ke't luan ddpc rut ra td bang nay Id tdn tai hieu dng hdi tu - ngan chan gida ty le sd hOu nddc ngoai*
thanh vien H D Q T Idm cbii dien vdi hieu qua boat dpng eua cdng ty niem yet, cu the la:
- Ne'u ty le sd hdu thed'p hon 26,187% hoae eao ban 37,78% (dl nhien phai tha'p hon 4 9 % theo qif dinh hien hdnh), thi ton leii hieu dng ngdn chdn;
48
THONG TIN & DL/ BAO KINH IE - XA HOI So' 40 (4.2009)Ne'u ly le sd hdu ndm trong khoang td 26,1 87%-37,78%, thi ton tai hieu dng hdi tu.
Source I SS df MS Number of obs = 108 + F( 3, 104) = 0.88
M o d e l I . 0 3 4 6 4 0 5 5 3 3 . 0 1 1 5 4 6 8 5 1 P r o b > F = 0 . 4 5 4 5 R e s i d u a l I 1 . 3 6 6 0 1 6 1 3 104 . 0 1 3 1 3 4 7 7 R - s q u a r e d = 0 . 0 2 4 7 + A d j R - s q u a r e d = - 0 . 0 0 3 4 T o t a l I 1 . 4 0 0 6 5 6 6 8 1 0 7 . 0 1 3 0 9 0 2 4 9 R o o t MSE = . 1 1 4 6 1r o e I C o e f . S t d . E r r . t P > I t I [95% C o n f . I n t e r v a l ] +
own3_^Tid I . 6 7 0 4 4 6 7 . 4 5 2 9 4 6 3 1 . 4 8 0 . 1 4 2 - . 2 2 7 7 6 2 8 1 . 5 6 8 6 5 6 own3_tid2 I - 2 . 6 9 2 1 5 3 2 . 0 7 7 7 1 5 - 1 . 3 0 0 . 1 9 8 - 6 . 8 1 2 3 4 1 . 4 2 8 0 3 4 o w n 3 _ h d 3 | 2 . 6 4 3 0 4 6 2 . 4 4 8 3 9 9 1 . 0 8 0 . 2 8 3 - 2 . 2 1 2 2 2 7 . 4 9 8 3 1 2 c o n s I . 1 6 9 0 4 3 6 . 0 2 0 7 4 6 8 . 1 5 0 . 0 0 0 . 1 2 7 9 0 3 5 . 2 1 0 1 8 3 8
Bang 6: He so hoi quy cua mo hinh 2c
So lieu bang 6 eho thdy, khdng ed taong quan cd y nghia (tuyen tinh bde 3) gida eae bie'n ve ty le sd hdu Uf nhan trong mfdc do thanh vien H D Q T Idm dai dien vdi hieu qud boat dpng cua cdng ty niem yet.
Td cdc ke't qua nghien cdu ddpc trinh bdy trong cdc bang (td Bang 1-6), ed the' thd'y, cdc nghien edu ve ndi taong quan gida chat Idpng cua quan trj vien cao cap vd hieu qud edng ty cd phan xudl phat td ly thuyet /d quan tri cdng ty va ehi phi ngifdi dai dien.
Qua viec thie'l lap va kiem ehdng phaong trinh hdi quy ve tapng quan gida hieu qua edng ty vd chdl lifpng HDQT eua cae edng ty niem yet tren HOSE, ed the rut ra dPpe mdt sd' ke'l luan: mpf /ei, ty le sd hdu nhd iifdc vd sd hdu IP nhdn trong mfdc do thdnh vien HDQT Idm dai dien khdng cd taong quan cd y nghia vdi lieu qua cdng ly; hai la, ty le sd hdu mfdc ngoai do thdnh vien H D Q T lam dai dien ed IPOng quan bae 3 vdi ieu qud cdng ty, cu the' la hieu dng ngdn chdn - hdi tu - ngdn chdn, vdi cae mdc ddo chieu IPPng dng Id 6,187% vd 37,78%.
Nha vay, gid thie't 1 dd difpe ehdng minh, trong khi gid thiet 2 chi difpc ehdng minh mdt phan (lien quan m sd hdu nPdc ngodi), cdn gid thie't 3 vd 4 khdng dape ehdng minh. Tuy nhien, ke't ludn nay eung mang y
;hla phan bien dd'i vdi cdc co quan quan ly doanh nghiep nhd mfdc Irong viec xac djnh ly le vd'n dau IP dn liep mfdc ngoai td'i Ou trong edng ty niem yet.
Nghien cdu nay cung cdn mdt sd ban che' ndm d khdu dd lieu, cu the la: tinh dai dien cua cdc cdng ty em yet d HOSE cho cae CTCP d Viet Nam chPa eao, vi nhieu edng ty cd quy md Idn vd mdc dp lap trung ( hdu cao chifa niem ye'l; khung thdi gian chPa du Idn de gia tdng mau quan sdt. Day eung Id cP sd eho
fdng nghien edu tiep theo.D
''Tdlll^uthamkhao
So Giao dich Chdng khoein Thanh pho Ho Chi Minh (2006,2007), Ban cdo bqch niem yet cua cdc cdng ty niem
^,, it, Bdn cdo bach phdt hdnh them cua cac cdng fy niem yet, Bdo cdo tdi chfnh dd kiem todn cua cdc cdng niem yet. Website: h t t p : / / w w w , h s x . v n .
So 40 (4.2009) THONG TIN S, DO BAO KINH TE • XA HOI 49
