TAP CHi CONG THirOfNG
TAC DONG CUA sd H C U GIA DINH DEN KET QUA TAI CHINH CUA CAC
CONG TY GIA DINH Of VIET NAM
CAO THI VAN ANH
TOM TAT:
Bai vie't nghien cttu md'i quan he gitta sd httu gia dinh va ke't qua tai chinh cua cac cong tv mem yet sd httu gia dinh d Viet Nam (gpi chung la cac cdng ty gia dinh). Dtt heu nghien cttu dttdc thu thap ttt 57 cong ty thda man cac tieu chi nhan dien edng ty gia dinh tren San Giao dich chttng khoan Ha Ndi (HNX) va Thanh phd Hd Chi Minh (HOsI) t r L g giai d o L t i ^ n t 2012 2017. Stt dung mo hinh tac ddng cd dinh (FEM), ke't qua nghien cttu da cung ca'p mdt bkg ROE) theo phttdng tnnh tuyen tinh bac hai cd dang hinh chtt "U ngttdc"
Tuf khda: Doanh nghiep gia dinh, sd httu gia dinh, ke't qua tai ehinh.
1. Gidri thieu
Tren the' gidi, doanh nghiep gia dinh (DNGD) la loai hinh doanh nghiep tdn tai lau ddi va chie'm sd lu'dng ddng ddo nha't. Cac doanh nghiep gia dinh bao gdm tat ca cac loai binb cdng ty ttt quy md nhd, va vtta cho de'n cac tap doan kinh te'hoat ddng da dang d nhiiu nganh nghi khac nhau va d nhieu nttdc khac nhau. Cd ca'u sd httu ciia cac cdng ty mem yet tai My cd de'n 47,9% la cac cdng ty cd sd httu gia dinh nhttng la sd bttu phan tan trong khi quyen sd httu cua cac cdng ty Ddng A la sd httu tap trung den hdn 50% la cdng ty gia dinh (Claesens va cdng Stt, 2000).
6 Viet Nam, vai trd cua DNGD da dttdc Ddng va Nha mrdc ngay cang coi trpng vdi nhiiu ehl trttdng va quyet sach quan trpng trong viec phat trien doanh nghiep ttt nhan, trong dd DNGD la mdt bp pha> quan trpng ciia thanh phIn kinh te' ttt nhan. Theo so lieu irdc tinh cua VCCI, de'n cud'i nam 2016, ca nttdc cd 95% doanh nghiep hoat
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ddng theo md hinh cdng ty gia dinh va 100 doanh nghiep gia dinh ldn nha't Viet Nam dong gop 1/4 GDP ca nttdc ndi bat la cac tap doan gia dinh, nhi/:
Vingroup, Phu Thai, Thanh Thanh Cong, Doji, Lien Thai Binh Dttdng, Vietjet Air, Kinh Do...
Nghien cttu ve md'i quan be gitta sd hffu gia dinh va ke't qua tai chinh cung nhtt hieu qua hoat ddng cua cdng ty la rapt chu de dttdc ban luan trong nhieu nghien cttu tren the gidi ve chu de DNGD dac biet la dd'i vdi cac cdng ty niem yet scl httu gia dinh. Cac nghien cttu d Viet Nam va tren the gidi cho tha'y cac ke't qua khac nhau. Vi vay, mdt lan ntta tac gia bai vie't tiep tuc di sau nghien cttu de tim cau tra ldi cho cau hdi: Moi quan he gitta sd httu gia dinh va ke't qua tai chinh trong cac cdng ty gia dinh d Viet Nam hien nay nhtt the nao dtta tren bd dtt lieu gan day nha't ve cac cong ty gia dinh niem ye't tren 2 san giao dich chttng khoan Ha Ndi (HNX) va thanh phoHd Chi Minh (HOSE) trong giai doan ttt nam 2012 2017.
T A I CHiNH - N G A N H A N G - BAO HIEM
2. Tong quan nghien cufu va gia thuyd't
Nghien cttu ve md'i quan he gitta ty le sd httu gia dinh va ke't qua tai ehinh la mdt chu de dttdc ban luan trong rat nhieu cac nghien cttu trong va ngoai nttdc. Ty le sd httu gia dinh dttdc xac dinh hang sd Ittdng cd phie'u do eac thanh vien gia dinh nam gitt tren tdng sd Ittdng cd phie'u dang Ittu banh ciia cdng ty. Dd'i vdi cae edng ty gia dinh, ty le nay CO the tinh theo ty le sd' Ittdng cd phie'u cua cac thanh vien HDQT va nhttng ngttdi cd lien quan trong gia dinh. Cau hdi nghien cttu thttdng dttdc dat ra la ty le sd httu nay cd rad'i quan he tuye'n tinh bay phi tuye'n tinh den ke't qua tai chinh cua cac cong ty gia dinh.
Nghien cttu ve rad'i quan he gitta sd httu gia dinh va ke't qua boat ddng cua cdng ty dtta tren nen tang ly thuye't ngttdi dai dien (Jensen & Meckling, 1976) khi cho rang tdn tai xung dot ve raat ldi Ich giffa ngttdi uy quyen dan de'n ngttdi uy quyen phai ddi mat vdi hanh vi cd hdi va rui ro dao dttc cua ngttdi dai dien. Van de dai dien va kiem soat trong cac cdng ty gia dinh dttdc the hien qua sd' Ittdng cac thanh vien gia dinh va ty le sd httu cua thanh vien HDQT va ngttdi cd lien quan. Cac ke't qua nghien cttu khac nhau tuy thupc vao bd'i canh va thdi gian nghien cttu. Tuy nhien, da phan cac nghien cttu tap trung vao anh httdng cua ty le sd hffu gia dinh de'n ke't qua tai chinh va md'i quan he noi sinh gitta 2 ye'u td' dd.
Mpt trong nhttng dac diem cua edng ty gia dinh la tinh cbi phdi d\X0c the hien d mttc dp tap trung cao quyen sd httu cua cac thanh vien gia dinh trong HDQT. Viec tap trung sd httu se trao quyen cho cac thanh vien gia dinh giup thttc hien td't hdn muc tieu cua minh so vdi cac cd ddng thieu sd'. Va do do stt kiera soat cua gia dinh cd the lam giam thieu hoac loai bd cac van de dai dien xuat phat ttt mau thuan cua cac cd ddng va nha quan ly giiip cho viec chu ddng kiem soat boat ddng cua cdng ty, tac ddng tich cttc de'n ke't qua tai chinh (Maury, 2006). Tuy nhien, cung cd nhttng quan diem cho rang sd httu gia dinh lam giam hieu qua boat ddng ciia cdng ty do tinh chat gia dinh tri mang nang ttt tttdng bao thu, quan tri dde doan xara hai de'n ldi ich cua cd ddng thieu sd va ldi ich cua cdng ty.
Mat khac, ngoai viec sd httu gia dinh anh httdng den hieu qua boat ddng cua edng ty thi hieu qua cong ty cung cd the anh httdng ngttdc lai dd'i vdi sd
httu gia dinh va tdn tai md'i quan he phi tuye'n tinh bac hai cd dang dttdng cong hinh chtt "U ngttdc"
(Anderson & Reeb, 2003; Villalonga & Amit, 2004; Pham Qud'c Viet & Tran Dttc MSn, 2015).
O Viet Nam, do cd che' bao ve cd ddng thieu so' van dang trong qua trinh hoan thien, nen tac gia ung hd gia thuye't nghien cttu ve stt tdn tai ddng thdi 2 tac ddng tieu cttc va tich cttc cua sd httu gia dinh den ke't qua tai chinh cua edng ty gia dinh.
Gia thuye't nghien cttu:
"Ty le sd httu cua HDQT va nhttng ngttdi cd md'i quan he phi tuye'n tinh bac hai theo hinh chtt
"U ngttdc" anh httdng de'n ke't qua tai chinh cua eac cdng ty gia dinh".
Md hinh nghien cttu cua bai bao:
PERFORMANCE = C(l) + C(2)*B0D0WN -I- C(3)*B0D0WN^2 -i- C(4)*FIRMSIZE -I- C(5)*GR0WTH -I- C(6)*LNNFOUNDING_Y -t- C(7)*LNNLISTED_Y + u
De loai trtt cac anh httdng vdi ddn vi tinh khac nhau, cac bie'n trong md hinh dttdc logarit de thd'ng nha't ve cung rapt ddn vi tinh do Ittdng (%) anh httdng. Trong dd:
Bie'n phu thupc:
PERFORMANCE: La chi tieu do Ittdng ke't qua tai chinh cua cdng ty dttdc xac dinh bang 2 chi tieu phan anh kha nang sinh ldi la ty sua't ldi nhuan sau thue' tren tdng tai san (ROA) va ty sua't ldi nhuan sau thue' tren vd'n chu sd httu (ROE). So vdi chi tieu phan anh gia tri thi trttdng (Tobins Q) thi ROA va ROE la cdng cu danh gia td't ve ke't qua tai chinh doanh nghiep (Pham Nguyen Hoang, 2013).
Cdc bie'n dpc lap:
BODOWN: Ty le sd httu gia dinh dttdc xac dinh bang ty le sd httu cua cac thanh vien HDQT va nhttng ngttdi cd hen quan trong gia dinh (bd me, vd chdng, con cai, anh chi em...) tinh theo tdng so Ittdng cd phie'u cua hp chia cho sd' Ittdng cd phie'u dang Ittu hanh.
B0D0WN^2: Ty le sd httu gia dinh binh phttdng dttdc tinh bang each lay luy thtta bac hai cua ty le sd httu gia dinh.
Cdc bien kiem sodt:
FIRMSIZE: Quy md cdng ty do Ittdng bang each lay logarit cua tdng tai san. Khi nghien cttu ve hieu qua boat dpng cua cdng ty cd phan, cd rat nhieu nghien cttu chi ra rang quy md cdng ty la mdt ye'u td' quan trpng anh httdng de'n ke't qua tai
TAP CHi CONG THIfdNG
chinh theo quan die'ra ldi Ich nhan dttdc ttt hieu qua kinh te theo quy md (Andres, 2008).
Td'c dd tang trttdng (GROWTH): Tdc dp tang trttdng cua cdng ty dttdc xac dinh theo doanh thu bang (DT nam t/(DT nam t-1).
Ngoai 2 bie'n tren sd nam thanh lap (LNNFOUNDING_Y) va sd nam niem yet (LNNLISTED_Y) cung dttdc xem la 2 bien kiem soat the hien dac diem ben trong cua cdng ty dttdc dtta vao trong md hinh.
3. Phttdng phap nghien cufu Thu thap dd lieu
MSU nghien cttu dttdc thu thap dttdi dang dtt heu bang bao gdm cac cdng ty niem yet cd yeu td sd httu gia dinh tren hai san HNX va HOSE. Trong nghien cttu, tac gia stt dung dinh nghia doanh nghiep gia dinh ne'u dap ttng dttdc mdt trong 2 dac diera sau:
Mdt thanh vien gia dinh la CEO hoac chu tich HDQT hoac cd It nha't 2 thanh vien thara gia vao HDQT hoac ban dieu banh (gia dinh la cd ddng ldn nha't trong cdng ty) va ty le sd httu gia dinh la CEO, CHAIR va nhttng ngttdi cd lien quan (bd me, vd chdng, con cai, anh chi era) chie'm It nha't 5%.
(Marleen Dieleman at al (2013).
- Cd it nha't 1 Thanh vien gia dinh thara gia vao HDQT va Tdng sd httu cua gia dinh (bd me, vd chdng, con cai, anh cbi em) vttdt qua 10% (Shyu, 2011).
Mdt trong nhttng cd ddng hoac cac thanh vien gia dinh nam gitt It nhat 20% cd phan cua rapt cdng ty trd len. So cd phan nay bao gdm cd phan cua
cac thanh vien gia dinh va cac cdng ty con/congty lien ke't. (La Porta et all, 1999).
Dtt heu dttdc thu thap ttt Bao cao quan tri cong ty va Bao cao thttdng nien cua cac cong ty gia dinh. Sau khi thap dtt lieu, mlu lifa chpn bao gom 57 cdng ty gia dinh trong thdi gian 6 nam tiif 2012
2017 vdi tdng sd 352.
Phttdng phap nghien cttu stt dung phttdng phap u'dc Ittdng hdi quy cho dtt heu bang vdi mo hinh tac ddng cd dinh (FEM), md binb tac dpng nglu nhien (REM) sau dd stt dung kiem dinh stt dung kiem dinh Hausraan de ltta chpn md binh FEM hay REM. De khac phuc hien tttdng ndi sinh suf dung md hinh hdi quy hai giai doan (2SLS).
Ket qud nghien cdu
Bang 1 thd'ng ke md ta cac bie'n trong mo hinh, cac gia tri quan sat dttdc cua cac bie'n dpc lap va bie'n phu thude nhtt sau:
Ty ie sd httu gia dinh (BODOWN) trang hinh la 24,83%, trong dd gia tri nhd nha't la 5,06%, dang chu y nha't la d Cdng ty ed phan Dai Thien Lpc (DTL) ty le sd hi?u gia dinh ldn nhat len den 81,9%
nam 2017; trong dd cdng ty cd 3 thanh vien HDQT thi 2 thanh vien gia dinh (chdng la Chu tich HDQT, vd la Phd chu tich HDQT) va 1 thanh vien khac trong ban dieu hanh (con gai la Tdng giam ddc).
Ke't qua tai chinh cua cac cdng ty gia dinh trung binb ROA la 6%, ROE la 12,25% cho thay ty sua't sinh ldi cua vd'n chu sd httu tdt hdn ty suat sinh ldi cua tdng tai san.
Ke't qua kiem tra hien tttdng da cong tuyen dttdc thttc hien bang ma tran he sd tttdng quan giiia
BODOWN LNNFOUNDING Y
LNNLISTED Y FIRMSIZE
ROA ROE GROWTH
Bong 1. Thong ke m o td c a c bien
Trung binh
24.83269 2.712463 1.740957 12.50394 6.010071 12.25520 142,8893
Gia tri ldn nhat 81.90000 3.850148 2.833213 14.45380 78.37388 117.8479 3055.586
Gia tri nho nhat 5.060000 1.609438 0.000000 11.15338 -35.45591 -96.25357 -3.921232
D$ ISch chuan 17.67246 0.396670 0.524839 0.576317 6.845788 14.09505 231.4034
Nguon: Ke't qud xvt ly dU lieu cua tdc gia
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T A I CHiNH - NGAN HANG - BAO HIEM
cac bien trong md hinh. Ket qua cho tha'y eac he sd tiidng quan cap gitta eac bie'n dpc lap deu nhd, cao nhat la 53% nen khdng cd da edng tuye'n gitta cae bien ddc lap trong rad hinh.
Ke't qua kiera dinh Hausraan de ltta chpn rad hinh ap dung eho tttng bie'n phu thupc cho tha'y stt dung ttdc Ittdng bang md hinh FEM la phu hdp trong ca 2 trttdng hdp bie'n phu thupc la ROA, ROE. (Bang 2).
Md hinh hdi quy khi bie'n phu thude la ROE:
ROE = -5.6810 -I- 1.4868*BODOWN 0.02022*BODOWN^2
2.2586*FIRMSIZE
+ 0.0335*GROWTH
-(- 8.7915*LNNFOUNDING_Y 0.3502*LNNLISTED_Y + ei
Vdi R2 = 94,8% rat ldn, tttdng dd'i ldn, Gia tri P value = 0.00, chttng td rad hinh hdi quy la phu hdp. Ke't qua cho tha'y, BODOWN tac ddng de'n ROE theo hinh U ngttdc. Ban dau khi bodown tang 1% thi lara ROE tang 1.48%o nhttng sau giara 0.02%, ngttdng chuyen ttt tich cttc sang tieu cttc la 36.75%; Td'c dp tang trttdng (GROWTH) tang 1%
thi ROE tang 0.03%; So nara thanh lap tang 1% thi ROE tang 8.79%; cac anh httdng cd' dinh gitta cac cdng ty la khac nhau. (Bang 3).
Bong 2. Ket quo ifdc lifOng mo hinh theo ROE
Variable C BODOWN BODOWN'^2
FIRMSIZE GROWTH LNNFOUNDING_Y
LNNLISTED_Y R-squared Adjusted R-squared
F-statistic Prob (F-statlstic)
Coefficient -5.681007 1.486879 -0.020228 -2.258633 0.033528 8.791579 -0.350258
0.948672 0.937226 82.88272 0.000000
Std. Error 21.22704 0.220164 0.002921 1.600064 0.001699 2.720783 0.630666
t-Statistic -0.267631 6.753513 -6.924831 -1.411589 19.73633 3.231268 -0.555378 Mean dependent var
S.D. dependent var Durbin-Watson stat
Prob.
0.7892 0.0000 0.0000 0.1592 0.0000 0.0014 0.5791 12.25520 14.09505 1.060539
Ngudn: Kit qud xa ly da lieu cda tdc gid
Bong 3. Ket quo Udc lifOng mo hinh theo ROA
Variable C BODOWN BODOWN'^2
FIRMSIZE GROWTH LNNFOUNDING_Y
LNNLISTED_Y R-squarfed Adjusted R-squared
F-statistic Prob (F-statistic)
Coefficient 6.099666 0.667597 -0.009093 -1.386913 0.021120 2.315833 -0.107091
0.920576 0.902865 51.97678 0.000000
Std. En-or 12.82465 0.133015 0.001765 0.966704 0.001026 1.643803 0.381026
t-Statistic 0.475621 5.018944 -5.152354 -1.434683 20.57763 1.408826 -0.281060 Mean dependent var
S.D. dependent var Durbin-Watson stat
Prob.
0.6347 0.0000 0.0000 0.1525 0.0000 0.1600 0.7789 6.010071 6.845788 1.998540
Nguon: Ket qud xa ly dU lieu cua tdc gid
TAP CHi C O N G THirUNG
Md binb hdi quy khi bie'n phu thupc la ROA:
ROA = 6.0996 -i- 0.6675*BODOWN
0.0090*BODOWN^2 1.3869*FIRMSIZE + 0.0211*GR0WTH
-1- 2.3158*LNNFOUNDING_Y - 0.1070*LNNLISTED_Y + [CX=F]
Ket qua cho tha'y he sd R^ = 92% rat ldn 92%, Gia tri P - value = 0.00, chttng td md binb hdi quy la phu hdp. Tac ddng trong md binb: Td'c dp tang trttdng (GROWTH) tang 1% thi ROA tang 0.021%.
Ty le sd hffu gia dinh BODOWN tac ddng de'n ROA theo binh "U ngttdc", ban dau khi BODOWN tang 1% thi lam ROA tang 0.66% nhttng sau giam 0.02%, ngttdng chuyen ttt tich cttc sang tieu cttc la 36.75%.
Nhtt vay, khi stt dung phttdng phap ttdc Ittdng bang md binh FEM de do Ittdng tac dpng cua sd httu gia dinh de'n ke't qua tai chinh cua cac cdng ty gia dinh trong ca 2 trttdng hdp bie'n phu thupc la ROA va ROE deu cho tha'y cd md'i quan he phi tuye'n tinh bac hai dang dttdng cong binb chtt "U ngttdc" tttc la ban dau khi ty le sd httu tang thi ke't qua tai chinh tang de'n rapt ngttdng nao do ty le sd httu giam thi ke't qua tai chinh giam. Ngttdng chuyen sang tac ddng ttt tich cttc sang tieu cttc dd'i vdi ROE la 36,75%, dd'i vdi ROA la 36,7% cd ban tttdng dd'i gid'ng nhau.
4. Kdt luan va khuye'n nghi
Ke't qua nghien cttu ve md'i quan he gittu ty le sd bffu cua thanh vien HDQT va nhffng ngttdi cd
lien quan trong gia dinh cua cac cdng ty gia dinh d Viet Nara phu hdp vdi mdt sd' nghien cttu ciia Anderson & Reeb (2003), Shyu (2011), Massis &
cdng stt (2013) va Pham Qud'c Viet & Iran Dtfc Min (2015)... Ke't qua nay da cung cap bang chiJng thttc nghiem eho eac nghien cttu ve mdi quan he gitta sd hffu gia dinh va ket qua tai chinh ciia cac cdng ty niem ye't d Viet Nara. Ke't qua nghien ctfu mdt lan nffa cho tha'y vai trd va tam quan trpng cua cac doanh nghiep gia dinh ddng gdp va tang trtfcing va phat trien kinh te da't nttdc.
Ttt ke't qua nghien cttu cd the dtta ra gpi y cho cac cdng ty gia dinh nen tang ty le sd httu gia dinh dat de'n ngttdng sd hffu 36%. De phat huy hieu qua boat ddng eua cdng ty trong giai doan nay, nhffng thanh vien gia dinh cd ty le sd httu cao nen bd' tri vao nhffng vi tri quan trpng trong HDQT va ban dieu hanh cua cdng ty. Mat khac, de HDQT boat ddng rapt each hieu qua can chuyen nghiep hda HDQT trong cac cdng ty gia dinh nhtt van de tach bach gitta Chu tich HDQT va CEO, dam bao stt tham gia cua cac thanh vien HDQT doc lap.
Dong thdi, bd sung vao trong HDQT cac thanh vien HDQT ttt ben ngoai khdng thupc kiem soat cua gia dinh dam bao du nang Ittc, trinh dp, kinh nghiera. Va nhtt vay, mdt HDQT vttng manh, chuyen nghiep va hieu qua la mpt quye't dinh quan trpng ma cac DNGD dang httdng den tnidc stt tac ddng manh rae cua cuoc each mang cong nghiep 4.0 •
TAI LEEU THAM KHAO:
1. Anderson, R. C. and Reeb, D.M., 2003. Founding-family ownership and firm performance: Evidence from the S&P 500. Journal of Finance, 58:1301-27.
2. Andres, C, 2008. Large shareholders and firm performance an empirical examination of founding-family ownership. Journal of Corporate Finance, 14:43145.
3. Claesens, S., Djankov, S and Lang, L.H.P., 200O The separation of ownership and control in East Asia corporations. Journal of Financial Economics, 58:81-112.
4. Jonchi Shyu (2011), "Family ownership and firm performance: Evidence from Taiwanese firms". International Journal of Managerial Finance, Vol 7, No. 4,2011, pp 397-411.
5. Marleen Dieleman at al (2013), "Asian family firms success and succession, A Study of SGX-listed Family Firms " NUS Business School.
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6. Murphy, S. A. and Mclntyre, M. (2007). "Board of Director Performance: A Group Dynamics Perspective".
Corporate Governance, 7(2). 209-224.
7. La Porta, R., Lopez-de-Silanes, F. and Shleifer, A, 1999. Corporate ownership around the world. Journal of Finance, 54:471-517.
8. Phqm Nguyen Hodng, (2013), "Cdu true vd'n doanh nghiep nhin tU hieu qud phdn vd'n nhd nUdc mdt sd ke't qud nghien cUu thUc tiin tren the gidi", Tap chi ChUng khodn, sd3 (173).
9. Pham Qudc Viet & Trdn DUc Mdn (2015), Anh hudng cua sd hUu gia dinh de'n hieu qud hoat ddng cua cdc cdng ty niemyet, Tgp chi Tdi chinh, so 642, thdng 10/2016.
Ngay nhan bai: 15/9/2018
Ngay phan bi6n danh gia va sufa chifa: 25/9/2018 Ngay chafp nhan dang bai: 5/10/2018
Thdng tin tdc gid:
ThS. CAO Tffl VAN ANH Dai hoc Hai Phdng
IMPACTS OF THE FAMILY OWNERSHIP
ON THE FINANCIAL PERFORMANCE OF VIETNAMESE FAMILY-OWNED BUSINESSES
• Master. CAO THI VAN ANH Hai Phong University
ABSTRACT:
The paper is to study the relationship between the family ownership and the financial performance of listed family-owned businesses in Vietnam. The data for this study was collected from 57 companies that satify the identifying criteria of family-owned businesses on Hanoi Stock Exchange (HNX) and Ho Chi Minh City Stock Exchange (HOSE) from 2012 to 2017. By implementing the Fixed effects model (FEM), the study's results indicate that the family ownership has impacts on the financial performance of businesses (including the ROA and ROE) according to a U-shaped linear equation quadratic
Keywords: Family-owned business, family ownership, financial performance.
