Tgp chi Khoa hpc Trudng Dgi hpc Can Tha Tdp 54 So 6D (2018). 196-205
Tap chi Khoa hpc Tru'dng Dai hpc Can Thd
PhBn D: Kinh t e v d Phdp luat website: sj.ctu.edu.vn
DOLl0.22144/clujvn 2018.112 CAC NHAN T O ANH HlTdNG DEN THU L A O T O N G GIAM D 6 C CUA
CAC CONG TY NIEM YET TREN THI T R l / d N G CHtTNG KHOAN VIET NAM Ngo M y Tran'*, Biii V a n T r i n h ' v a G i a n g M i n h Tien^
'Khoa Kinh ti, Trudng Dgi hgc Cdn Tho
^Ngdn hdng Agribank Chi nhanh Cdn Tho II
'Ngudi chiu trdch nhiem vi bdi viif Ngo My Trdn (email. tutrinh@ctu edu vn) ABSTRACT
This research investigated Ihe determinants on CEO compensation oj jirms listed on Ihe Vietnamese stock market. The data included 187 non — financial companies listed in the period from 2012 to 2015 The main analysis method of this research was Generalized Method of Moment. The results showed a significant positive relationship between firm performance and CEO compensation. The results also showed a significantly positive relationship between company size and CEO compensation Other factors were also found to have a positive impact on CEO compensation such as foreign ownership, CEO tenure and CEO education However, there was no evidence on the effect of private ownership, state ownership, CEO age, CEO ownership and CEO duality on CEO compensation
TOM TAT
Bdi viit nghien ciru cdc nhdn to dnh hudng din thii lao cho Tong gidm doc (CEO) cua cdc cong ty niem yet tren thi trudng chimg khodn Viet Nam.
Bdi viet sir dung so liiu thir cdp dugc thu thdp trong giai dogn nam 2012 -2015 ciia 187 cong ty phi tdi chinh niim yet tren thi trudng chimg khodn Vtet Nam. Phucmg phdp nghien ciru chinh dugc sir dung Id phuong phdp Gernaltzed Method of Moment (GMM). Kit qud nghiin cuu cho thdy hieu qud cong ty the hien thong qua loi nhuan trin moi co phdn vd gid tri thi trudng cua cong ty c6 moi lucmg quan thudn vdi thii lao cua TSng gidm doc cong ly (CEO). Ben canh do, quy mo cong ty vd ty li sd hiru co phdn cua nude ngodi cUng co moi tuong quan thudn vdi thii lao cua CEO. Tuy nhiin, nghiin ciru chua tim thdy bdng chung ve moi quan he cua cdc nhdn to nhu ty li sd hihi co phdn cua tu nhdn. ly li sd hihi co phdn cua Nhd nude, luoi cua CEO. ly li sd hihi co phdn cua CEO, quyin nam giir chuc vu kip vd thif lao cua CEO.
Trich d i n : Ngd My Tran, Biii Van Tnnh va Giang Mmh Tign, 2018. Cac nhan td anh hudng dgn thii lao Tdng giara ddc ciia cac cdng ty niem ygt tren thi trudng chung khoan Viet Nam. Tap chi Khoa hpc Trudng Dai hgc Cm Tha. 54(6D); 196-205.
Thong tin chung:
Ngdy nhdn bdi: 10/12/2017 Ngdy nhdn bdi sira. 20/01/2018 Ngdy duyil ddng. 31/08/2018 Title:
The determinants of CEO compensation oj listed firms in Vietnam
Tif khoa:
CEO, GMM, hieu qud cong ty, tha lao
Keywords:
CEO, company performance, compensation, GMM
1 GIOITHIEU
Trong ndn kinh t l thi tnrdng hien nay, ngudn nhan luc ludn la ylu td quan trong cho sir thanh cdng
ciia radi cdng ty De dua cdng ty cua minh phat trign cac nha quan tri can phai tao dpng luc cho nhan vien cua mmh thdng qua nhu can, sd thich, dara rag, long nhiet tinh... Van dg quan trpng nhat dg thitc day dpng
Tgp chi Khoa hpc Tntdng Dgi hpc Cdn Tlia luc la thii lao (compensation) cho ngudi lao dpng va ban dieu hanh cdng ty. Trong dd, tdng giara ddc (chief executive officer - CEO) ciing la mgt lao dong lam thue, nhung giir vai trd dac biet trong cdng ty nhu digu hanh cdng ty, giai quyet cac van dg ndi bd va bgn ngoai mdt each tdt nhat dg mang lai loi ich cho cdng ty cua minh. Vi CEO cd vai trd dac biet quan trgng ddi vdi hoat dpng ciia cdng ty nen viec chi tra thu lao cho CEO nhu the nao la hop ly khdng don gian nhu ddi vdi cac nhSn vien binh thudng khac. Trgn thuc te, viec tra luong cho CEO thg nao cho hpp ly ludn la vdn dg thach thiic ciia cac cdng ty-
Thii lao ciia CEO da va dang thu hiit su chii y ciia ca gidi tmydn thdng va gidi nghien ciiu. Gidi truyen thdng da phan chi trich nhiing CEO gat hai vd tu nhiing khoan thu nhap khdng Id trong khi nhirng cd ddng cua ho khdng hai Idng vdi nhirng khoan loi ich thu lai. Ve phia cac hgc gia, hg cho rang sir cd san ciia cac thdng tin thii lao cho CEO dupe dem dgn bdi he thdng ca sd dii lieu thii lao cho CEO da nay sinh ra mgt sd lugng Idn nhiing nghien ciiu vg linh vuc nay. Cac chu de thao luan nhieu nhat vg thii lao cho Giara ddc dieu hanh la phan tich cac nhan td anh hudng den thii lao cho CEO. Van de nay da duoc thao luan trong han bay thap ky qua vdi hon 300 bai nghign ciiu Cac nha nghign ciiu cho rang cd nhigu nhan td anh hudng dgn thii lao cho CEO, chang han nhu hieu qua hoat dong (Ghosh, 2006;
Kato and Long, 2006; Girma et al., 2007; Pan et al, 2009; Conyon and He, 2011; Ozkan, 2011); nii ro cdng ty (Agganval and Sarawick, 1999; Conyon and Murphy, 2000, Gregg et al, 2005); quy md cdng ty (Zhou, 2000; Gregg et al, 2005; Ghosh 2006;
Parthasarathy el al, 2006; Girraa et al. 2007); clu tnic sd hiiu (Kato and Long, 2006; Firth et al, 2007;
Conyon and He, 2011; Ozkan, 2011); tudi va nhiem ky ciia CEO (Conyon and Murphy, 2000; McKnight et al, 2000, Nourayi and Mintz, 2008; Ozkan, 2011), trinh do hgc vkn ciia CEO (Jalbert et al, 2002; Jalbert et al, 2011); quyen nara giii cd phan ciia CEO va viec nam giii chiic vu kep (Elhagrasey elal, 1998/1999; Core eM/., 1999).
Mac dii cd nhigu nghign cim phan tich cac nhan td anh hudng den thii lao cho CEO trdn pham vi toan cau, tuy nhign, hien nay chua cd cdng trinh khoa hgc chinh thiic nao nghien ciiu van dd cac nhan td anh hudng ddn thii lao clio CEO trdn thi trudng chiing khoan Viet Nara. Do do, viec thuc hien dd tai
"Nghiin ciru cdc nhdn to dnh hudng din Ihu lao cho Tong gidm doc ciia cdc cong ty niem yit tren thi trudng chung khodn Viit Nam " la rit cha thigt.
2 GIA T H U Y E T VE CAC MOI QUAN H E T R O N G M O HINH NGHIEN CUU
Tgp 54 Sd 6D (2018): 196-205 2.1 Moi q u a n he giira hieu q u a hoat d^ng va thu lao cho C E O
Tu quan digra ly thuyet chi phi dai dien, ni6i quan he giiia hieu qua hoat dpng cdng ty va thii lao cho CEO nen xem la mdt ca che khuygn khich quan trgng cho sir thanh cdng ciia cdng ty. Tuy nhign, nghign ciiu ve mdi quan he nay da mang lai nhimg kgt qua khac nhau. Mgt sd nghign ciiu cho thay co mdi tuong quan thuan va nianh me giiia higu qua hoat ddng va thii lao cho CEO (Murphy, 1985;
Ghosh, 2006; Kato and Long, 2006; Pan et al, 2009;
Conyon and He, 2011; Ozkan, 2011). Trong khi do, cd nghien ciru tim thay mdi tuang quan cimg chigu giira hieu qua hoat ddng va thii lao cho CEO nhung d raiic thap (Jensen and Murphy, 1990, Yermack, 1995; Maine/a/., 1996, Conyon, 1997;Gregge(a/., 2005; Girma et al, 2007) hay cd mdi quan he nhimg khdng cd y nghia thdng ke (McKnight and Tomkins, 1999; Parthasarathy el al, 2006). Thi tnidng chihig khoan Vidt Nam la mdt thi trudng mdi ndi Thdng tin cdng bd trdn thi tnrdng Viet Nam cho thay nhung cdng ty lam an bigu qua thudng tra luong thudng cho cac CEO kha cao vao cudi radi nam Tir do gia thuygt H| dugc de ra nhu sau;
HI: Hieu qud hoat dgng cong ty co moi tucmg quan thugn vdi thii lao cua CEO.
1.1 Moi q u a n he giira riii ro cong ty va thii lao cho C E O
Nhigu nghien ciru da phan tich radi quan he cua nil ro cdng ty va thu lao cho CEO. Riii ro cdng ty thudng duoc do ludng bang dg bidn dgng ciia \if\
nhuan cdng ty dudi dang dd lech chuan gid co phieu cdng ty trong nam/gia cd phidu trung binh trong nam do. Mdt sd nghign ciiu cho thay nii ro cd lac dgng tigu cue dgn dp nhay hieu qua hoat ddng - thii lao (Agganval and Samwick, 1999). Bgn c?nh do, Conyon and Murphy (2000) cho r^ng nii ro cd anh hudng dang ke Ign tdng miic thii lao. Dua tren ca scf dd, gia thuygt H2 dupe dg xudt nhu sau:
H2: Rui ro cong ty co moi tucmg quan nghich vdi Ihu lao cho CEO.
2.3 Moi q u a n he giira quy mo cong ty va thii lao cho C E O
Tam quan trgng ciia quy rad cdng ty trong viec tao anh hudng Idn mdi quan he hieu qua ho^t dgng - thii lao dugc nhdn manh: Theo Rosen (1992),
"Trong trgng thdi cdn bdng ctia thi trudng, cdc gidm doc diiu hanh tdi ndng nhdl chiem vi tri hdng ddu trong cdc cong ty idn nhdt, noi md hiiu qud hoift dgng cdn bien do sudiiu hanh cua hg dirge phdn§
dgi rdt nhiiu do cdc cdp dudi co lien h^ mdt thiet vdi ho" (Rosen, 1992, p. 182). Didu nay, trdn thuc te cung cap giai thich mang tinh ly thuygt cho mdt moi
Tgp chiKhoa hpc Trudng Dgi hpc Can Tha quan he ty le thuan giira quy md va thu lao. Khi chuygn sang nghien cihi thuc nghiem vg mdi quan hg giiia quy md cdng ty va thu lao cho CEO, mdt sd nghien ciiu da cd nhiing phat hien gidng nhau va ghi nhan bang chiing vg mdi quan he ty le thuan giiia thii lao - quy md rat meinh (Roberts, 1956; Murphy, 1985; Jensen and Murphy, 1990; Conyon, 1997;
Elhagrasey et al, 1998,1999; Gregg et al, 2005;
Ghosh 2006; Parthasarathy et al, 2006; Girma et al.
2007) Ben canh do, nghign ciiu cua Zhou (2000) cho thay rang thu lao cho CEO tang Ign theo quy md cong ty va tdng raiic thu lao dupe gan lign vdi hieu qua hoat ddng ciia cdng ty. Tii dd gia thuygt H3 dupe d|t ra nhu sau:
H3. Quy mo cong ty CO moi tuong quan thudn vdi thu lao ciia CEO.
2.4 Moi quan he giira cau triic sd hiru va thii lao cho CEO
Mdt sd nghign ciiu duac thuc hien nham kiem chiing mdi quan he giiia cau tnic sd hiru, hieu qua hoat ddng va thu lao cho CEO tix nhiing quan diem khac nhau. Vai trd ciia cau true sd hiiu trong giam sat ban quan tri cd thg cai thien hieu qua hoat ddng cdng ty (McConnell and Servaes, 1990). Tac ddng nay cung da dupe kiem chimg thuc nghiem trong nhigu nghign ciiu vg quan tri cdng ty, chang han nhu nghien ciiu cua Mehran (1995) cho thay cdng ty cd miic dp tap tnmg sd hiru do cac cd ddng ben ngoai nam giu cang cao cd xu hudng it sir dung bien phap thudng cd phigu. Han niia. Core et al. (1999) cung cap bang chirng cho thay mirc dp tap trung sd hiiu cd phan cua CEO hay cac cdng ty ben ngoai lam giam chiic nang cua thii lao cho CEO. Gan day, Ozkan (2011) xera xet anh hudng cua ca chg quan tri cdng ty len miic thii lao cho CEO d Vuong Qudc Anh va thay rang hieu qua boat ddng ciia cdng ty khdng cd tac ddng dang kg len thii lao cho CEO, trong khi ca cau hgi ddng quan tri va sd huu ly giai dang ke raiic do da dang cua dii lieu vg tdng raiic thu lao cho CEO, thii lao bang tidn mat va thii lao bang cd phidu.
Kato and Long (2006) thay rang cau tnic sd huu cua cac cdng ty niem ydt tai Trung Qudc cd anh hudng quan trpng len mdi quan he hieu qua hoat ddng - fhii lao. Sd hiiu tu nhan dudng nhu cd lign kgt hieu qua hoat ddng - thii lao manh han so vdi sd hihi nha nude va sd huu tap thg. Firth et al. (2007) da kigm chiing mdi quan he giiia cau triic sd hiiu va thii lao cua ban quan ly. Hp cho rang tra thii lao theo hieu qua boat ddng khdng cd nhidu hieu qua trong cac cdng ty do nha nude vacac cdng ty me quan ly.
Conyon and He (2011) da dieu tra thii lao cho CEO va quan tri cdng ty trong cac c d n g t y da dupe nigra ygt d Trung Qudc va phat hien ra rang hieu qua hoat
Tgp 54 So 6D (2018): 196-205 ddng cdng ty tuang quan thuan vdi thu lao cho CEO.
Nghien ciiu cho thay rang tign thu lao va dai ngd ciia CEO la thdp han trong cac cdng ty ma nha nude kiem soat va cac cdng ty cd cau tnic sd hiiu tap hung. Nghign cuu nay ciing cho thay nhiing cdng ty ma cd giam ddc ddc lap vdi hpi ddng quan tri thi se cd mdi lign kgt cao hon giiia thii lao va hieu qua boat dpng. Tir dd, cac gia thuygt H4, H5 va He dugc dat ra nhu sau;
H4: Ty le sd hihi tu nhdn co moi tuong quan thugn vdi thii lao cua CEO.
/ / i Ty 1$ sd him nude ngodi co moi tuong quan thudn v&i thii lao ciia CEO.
Hi' Ty li sd hihi nhd nude co mdi tucmg quan nghich vdi thit lao cua CEO.
2.5 M6i quan he giira tuoi, nhiem k$' va thu lao cho CEO
Conyon and Murphy (2000) da tim dupe ket qua thii vi vg tac ddng ciia dac diem CEO len miic thii lao. Lien quan dgn dac digm cua CEO, hp dg xuat rang mgt do thi 16m ve dp tudi va thu nhap ciia CEO, thu lao bang tien mat va tdng mirc thii lao se giam xudng sau 55 tudi. Lign quan dgn dac diem cua CEO, tudi va nhidra ky cd mdt anh hudng tich circ va y nghia len ca thu lao bang tien mat va tdng raiic thii lao. Cac CEO Idn tudi dupe tra tien nhieu han do kinh nghiem cao han, trong khi cac CEO cd nhiera ky dai cd thg duoc tra nhieu hon do kien thiic cua hp vg cdng ty nhigu han hoac do tham quygn cd vi (entrenchment), hoac ca hai. McKnight et al.
(2000) nghign ciiu anh hudng tudi ciia CEO ddi vdi cac cdng ty mau d Anh, va thay rang thii lao cho CEO tang theo do tudi nhimg tudi thi lai it anh hudng ddn miic tien thudng va hieu qua boat ddng lien quan ddn cac hmh thiic thii lao. Ngupc lai, nghien ciiu cua Nourayi and Mintz (2008) cho thay rang hieu qua boat ddng cua cdng ty la mdt yeu td quygt dinh ddi vdi thii lao bang tidn raat cua CEO trong ba nam dau tai vi nhung lai khdng cd y nghia ddi vdi cac CEO tai vi tir 15 nam trd Ign. Ca hai phuang phap do ludng hieu qua boat ddng dua tren thi trudng va kg toan ty le nghjch vdi thii lao cho CEO bat kg kinh nghiem lau nara. Cudi ciing, trong nghien ciiu ciia Ozkan (2011), ca tudi va nhiem ky cua CEO deu cd anh hudng cimg chieu va cd y nghTa ddn thii lao bang tien mat nhung khdng anh hudng den tdng raitc thii lao. Do dd, cac gia thuyet H? va HR duoc dat ra nhu sau;
H? Tuoi cda CEO cd moi tucmg quan thudn vdi thii lao cua CEO.
Hg: Nhiim ky ciia CEO co moi tuong quan thugn vdi lao ciia CEO.
Tap chi Khoa hpc Trudng Dai hoc Cdn Tha 2.6 M^i q u a n he giira trinh do hoc van cua C E O va thu lao cho C E O
Mdi quan he giira trinh do hpc van ciia CEO va thii lao cua CEO cung dugc cac nha nghign cim quan tam. Jalbert et al. (2002) cho thdy cac tap doan Idn cd cac tieu chi ve trinh dp hpc van khi lira chpn CEO. Cac tac gia ciing da kigm chimg xera thii lao CEO c6 lign quan dgn trudng ma hp da theo hgc haj^
khdng va ho tim ra dupe cd su khac biet dang ke giiia sd lupng sinh vidn dugc bd nhiem vao vi tri CEO va miic thu nhap raa cac sinh vign tdt nghiep nhan duoc trong nhiing vai trd dd. Cac nghign cim cua Ghosh (2006) va Parthasarathy el al. (2006) cho thdy thu lao CEO bi tac dpng tich cue va cd y nghia bdi mirc sinh Idi trgn tdng tai san, nhiem ky cua CEO, tudi tac ciia CEO va thdi gian di hpc. Jalbert et al (2011) trong nghign cihi gan day cua hg da kiem chiing trinh dg hpc van ciia CEO tii cac cdng ty Idn ciia My va tim thay radi tuong quan giiia bang xgp hang cac trudng dai hpc va bang xep hang thii lao. Dua trdn co sd do, gia thuygt tiep theo dugc dat ra nhu sau'
Hp: Trinh do cua CEO co moi tuong quan thugn vdi thd lao cda CEO
2.7 Mdi q u a n he giua quyen so' hiru co p h a n ciia C E O , viec nam giu' chuc vu kep va thii lao cho C E O
Tap 54 So 6D (2018): 196-205 Jensen and Meckling (1976) lap luan rang cac CEO nam giii phan Idn vdn chii sd hiiu cua cdng ty se dan den viec suy giam nhu cau ddi vdi thii lao bang cd phidu. Sd hiiu cd phan ciia CEO dugc do ludng bang ty I? cd phigu nam giir bdi CEO tren tdng sd cd phidu dang luu hanh (%). Elhagrasey c(
al. (1998,1999) cho rang khi CEO ndra giucdphSn cua cdng ty va ddng thai kiem nhiem ghg Chu tich hpi ddng quan tri se cd quygn luc nhigu hon dg ra quygt dinh anh hudng den miic thu lao. Core et al.
(1999) cho rang mpt ca cau hpi dong quan tri yeu co lign quan vdi thii lao cho CEO cao va hieu qua hojit ddng cdng ty thap. Core etai. (1999) phat bieu rang viec nara giii ca hai chirc vu CEO/Chii tich Hgi ddng quan tri (HDQT) dan dgn thu lao cho CEO se cao hon. Tuy nhien, nghien ciiu eiia Conyon (1997) khdng cd bang chiing cho thay ngudi giu chiic vu kep CEO/Chii tich HDQT nhan thu lao cao hon 6 Vuong Qudc Anh. Tir dd, cac gia thuyet sau duoc dua ra;
Hio: Ty le sd hihi cophdn cda CEO co moi luong quan nghich vdi thu. lao cua CEO.
Hu - Neu CEO kiim chu tich hgi dong qudn trj cong ty thi thii lao cho CEO se cao hon.
Dua tren phan bien luan phat trien gia thuygt 6 trgn, md hinh nghidn ciiu duoc dg xuat nhu sau:
(1) HiSu qua hoat Song cong ty (2) Riii ro cdog ty (3) Quj' mo cong ^ (4) Sd hihi tu nhin (5)SiihOTNhifflTtic (6) Sd hdu audc ngoai (7) Tuoi ciia CEO (8) Nhiem ky ciJa CEO (9) Trinh ^ hoc van caa CEO (10) So hiiu c6 phan ciia CEO (11) Chu tich HDQT kiem CEO
Hill lao cho CEO
Hinh 1: Mo hinh nghien ciru de s u a t
Tap chiKhoa hpc Trudng Dgi hpc Can Tha Tap 54 Sd 6D (2018): 196-205
3 PHU"ONG PHAP N G H I E N ClTU 3.1 Phirong phap thu thap s6 li^u Dg tai su dung sd lieu thii cdp dugc thu thap tir bao cao tai chinh, bao cao thudng men duoc cdng bd trong giai doan tir nara 2012 ddn nam 2015 ciia 187 cdng ty phi tai chinh niem ygt tren ca hai san giao dich chiing khoan thanh phd Hd Chi Minh (HOSE) va san giao dich chiing khoan Ha Ndi (HNX) Cu the, sd ligu dupe lay tir trang web chinh thiic ciia HOSE www.hsx.vn, trang web chinh thiic ciia HNX www.hnx.vn va mot so trang web uy tin khac nhu. www.vietstock.vn, www.cafef.vn
3.2 Phuong phap phan tich so lieu Nghien ciiu thuc hien hdi quy Pooled OLS nhu mdt udc lupng can ban nhat. Tuy nhign, theo Baltagi (2005), dd viing va tinh hieu qua ciia cac hg sd trong phan tich dii ligu bang dua tren phuong phap udc luong bmh phuang nhd nhat cd thg khdng nhat quan vi phuang phap Pooled OLS khdng quan tam ddn cac ygu td khdng the thu thap dupe hoac anh hudng rigng lg, dac thu timg doanh nghiep, trong khi van Bang I: Dien giai cdc bien sir dung trong mo hinh
de anh hudng rieng le la mdt trong nhiing hien tugng xay ra thudng xuygn d nhirng nghien ciiu thuc nghigra. Do dd, de xii ly van dg ve cac ygu td khdng quan sat dugc (unobserved heterogeneity), phuong phap phan tich tac ddng co dinh (FEM) va tac dgng ngau nhign (REM) trong dir lieu bang duoc xem xet sii dung.
Bdi vi thu lao tra cho CEO trong linh vuc hoat dgng khac nhau c6 thg khac nhau ngn bign nganh nghg hoat dpng (do ludng bang 9 nhdm bien gia) dupe dua vao mo hinh nhu bign kigra soat. Cac bign nay khdng ddi theo thdi gian Do vay, de xem xet dupe tac dgng cua nhdra bign nganh ddi vdi hieu qua hoat dpng cdng ty, phuong phap tac ddng ngau nhign (REM) se duac lira chpn. Md hinh udc lugng duoc trinh bay cu thg nhu sau;
Pay,, = p(,+ piFP,, + P2FR,, + P3Size„+ p j O n ^ P5SO,, + pftFOii + p7Age,( + psTen,, + pyEdu,, + pioOC„-HpiiDualu-i-Pi2D„-i-e„ (1)
Dien giai cac bign sir dung trong md hinh duoc trinh bay d B a n g 1.
Ky hif u bien Ten bien Cach do ludng Pay Thii lao chi tra cho
CEO Logarit tdng mirc thii lao ciia CEO (bao gdm tien luang, thudng) Lgi nhuan tren mdi cd Logarit (Lgi nhuan sau thug/Tdng sd cd phan thudng dang luu
phan(EPS) hanh)
Chi sd do ludng gia tri (Gia tri thi tnrdng ciia vdn cd phan + Gia tn sd sach ciia Ng)/Tdng thj tnidng (Tobin's Q) tai san binh quan
Riii ro cdng ty Dd bign ddng ciia lpi nhuan = dp lech chuan gia cd phieu cdng ty trong nam/gia cd phieu tmng binh trong nam dd
Quy md cdng ty Logarit tdng tai san ciia cdng ty Ty le sd hiiu cd phan
ciia tu nhan
(Gia tn cd phieu raa tu nhan nara giii/ Tdng gia tri cd phie luu h a n h ) * 100%
Ty lg sd hiru cd phan cua Nha nude
(Gia trj cd phigu ma Nha nude nam giii/ Tdng gia tri cd phigu dang luu hanh) * 100%
Ty le sd hiru cd phan ciia nude ngoai
(Gia tri cd phieu ma td chiic nude ngoai nam giii"/ Tdng gia tri cd phieu dang luu hanh) * 100%
Age Logarit 50 tudi ciia CEO
Trinh do hpc van ciia 1 • ngu CEO cd bang sau dai hgc; 0- khac Nhiem ky cua CEO Logarit sd nam raa CEO nam giir vi tri dd Ty lg sd hiiu cd phan
ciia CEO
(Gia tri cd phigu ma CEO nam giii/ Tdng gia tn cd phidu dang luu hanh) * 100%
Quygn kiem nhiem 1: ngu CEO va Chii tjch HDQT la mdt ngudi 0: ngu CEO va Chii tich HDQT ta ddc lap
Bao gdm cac nganh bat ddng san, cham sdc sire khde, cdng nghe Bign gia nganh nghg thdng tm, cdng nghiep, dich vu tign ich, hang tieu diing khdng hoat ddng thigt ygu, hang tigu dimg thigt yeu, nang lugng va nguyen vat lieu
(nhdm thara khao) Ghi chii: Do gtdi hgn trong viic thu thdp sd
ty li so hiiu cua cdc cd ddng nam giii tu 5%
lieu nin irong nghien c ty li CO phieu Ira lin
tl ndy ty le sd huu duac sir dung di tinh 10 vd SO la
Tap chi Khoa hoc Tnrdng Dai hpc Can Tha Bgn canh dd, phuong phap udc luong md men tdng quat - Generalized Method of Moments (GMM) theo Blundell and Bond (1998) v a A r e l l a n o and Bover (1995) ciing dupe sir dung dd phan tich sd ligu. Phuang phap GMM dugc dg xuat bdi vi rad hinh udc lugng (1) cd kha nang xay ra hien tuong ndi sinh do su tac ddng ddng thdi (nhan qua dao ngugc) giiia bien giai thich va bien phu thugc, cu the lpi nhuan tren raoi cd phan ho$c gia tri cdng ty tang cd thg lam gia tang thii lao cua CEO, tuy nhign thii lao CEO tang cang kich thich nang luc, trach nhiem va su ddng gdp cua CEO ngn cung se lam gia tang lpi nhuan, gia tri ciia cdngty Ozkan (2011). Do vay, ngu nghien cihi chi sir dung phuang phap udc lupng REM cd the dan ddn kgt qua bi chech
Tgp 54 So 6D (2018): 196-205 4 KET QUA NGHlfiN ClTU VA THAO LUAN
4.1 Thong ke m6 ta cac bien su dung trong mo hinh
Bang 2 thd hien kgt qua thdng kg md ta cac biSn trong md hinh cac nhan to tac d^ng ddn thii lao ciia CEO vdi bd dii lieu la 187 cdng ty phi tai chinh giai doan nam 2 0 1 2 - 2 0 1 5 . Mdt each tdng quan cdthS thay rang su sai khac giiia gia tri trung binh va trung vi la khdng qua Idn, do v^y cd the thay rang su phan phdi cua cac quan sat trong mdi bien nghign ciiu hdu het tuan theo luat phan phdi chuan.
Kgt qua hdi quy cac nhan td tac dgng dgn thii lao ciia CEO bang phuong phap GMM dugc trinh bay d Bang 3 '
Bang 2: Thong ke md ta cac bien trong mo hinh nghiin ciru Ten bien
Thu lao CEO Loi nhuan tren moi co phan Gia tri cong ty Rui ro cong ty Quy mo cong ty
Ty le sa hihi co phan cua tu nhan Ty le sa hiru CO phan ciia Nha nuac Ty le sa hihi co phSn ciia nu6c ngoai Tuoi cua CEO
Nhiem ky ciia CEO Trinh dg hoc van ciia CEO Ty le sa huu CO phan cua CEO Quyen kiem nhiem
Bi^n Pay FPI FP2 FR Size IG SO FO Age Ten Edu OC Dual
So quan sat 621 681 721 721 748 721 721 721 743 645 742 721 745
Trung binh 20,07 7,35 1,02 0,00 26,86 0,20 0,29 0,03 3,89 1,46 0,30 0,03 0,29
Trung V!
20,05 7,62 0,94 0,00 26,71 0,13 0,30 0,00 3,93 1,61 0,00 0,00 0,00
Do lech chuan 0,62 1,35 0,41 0,00 1,40 0,22 0,25 0,08 0,16 0,79 0,46 0,06 0,45
Thap nhSt 17,69 1,82 0,29 0,00 23,45 0,00 0,00 0,00 3,18 0,00 0,00 0,00 0,00
L6n nh^t 22,19 10,01 4,55 0,01 30,91 0,97 0,97 0,46 4,26 3,14 1,00 0,41 1,00 Moi quan hi giiia hiiu qud hoat dgng vd thii lao
cua CEO: Kdt qua d Bang 3 cho thdy lpi nhuan cdng ty (FPl)_va gia tri cdng ty (FP2) cd radi quan he ciing chieu vdi thii lao ciia CEO. Cac hg sd hdi quy ciia FPI, FP2 trong cac rad hinh la, lb va Ic ddu duong va cd y nghia thdng kg. Ket qua nay ham y rang khi loi nhuan cdng ty, gia tri cdng ty tang cao rapt phan la nhd bg raay quan ly da hoat dgng rdt hieu qua, dac biet la cdng lao ciia cac CEO da thuc hien tdt cac nhiem vu dugc giao. Do vay, chu doanh nghigp (cd ddng) da gia tang cac khoan luong, phiic Igi va thudng cho CEO nhu la mdt each dgn dap cho sir cdng hign ciia CEO vdi by vgng cac CEO nay se tigp tuc duy tri sir tang tnrdng va hieu qua cho cdng ty trong tuang lai. Cac kdt qua cua nghign ciiu nay tuong ddng vdi cac ket qua ciia cac nghign ciru trudc dd (Murphy, 1985; Ghosh, 2006; Kato and Long,
' Do han chi ve sd Irang nin lac gid khong trinh bdy kit qud u&c lupTig cua md hinh Pooled OLS vd REM Ve ca bdn. cdc uac lugng tir cdc md hinh ndy khdng co nhieu
2006; Pan et al, 2009; Conyon and He, 2011;
Ozkan, 2011).
Moi quan he giiia riii ro cong ly vd thu lao cho CEO: CEO d nhirng cdng ty cd nii ro cao cd thuc sir mang lai cho CEO nhirng khoan thii lao beo bd? Kdt qua trong Bang 3 cho thay rui ro cdng ty cang cao cang lam cho thii lao cua CEO giam. Cac hg sd hdi quy ciia bidn nii ro (FR) trong cac md hinh la, lb va 1 c deu mang gia tn am va cd y nghia thdng kg d mo hinh la va lb Kgt qua nay ham y rang gia cd phieu tren thi trudng ciia cdng ty cang bidn ddng thi co ddng dat nhieu nghi vdn hon d nang luc dieu hanh va quan trj ciia CEO. Thdng thudng, ydu td co ban nhat anh hudng ddn gia cd phigu cdng ty la hi$u qua kinh doanh ciia cdng ty, sir bidn dgng trong hieu qua ho^t dpng kinh doanh se dan dgn nhiing thay ddi trong gia cd phieu. Cac cd ddng that sir khdng sSn long de chi tra chi phi nhidu hon cho su gia tang vg sukhdc biil VOT kit qud u&c lucmg cua md hinh GMM.
Kit qud u&c lugng chi tiet se dugc cung cdp qua email niu nguai dgc ndo cd quan Idm
Tap chiKhoa hpc Tnrdng Dgi hoc C&n Tha Tap 54 So 6D (2018): 196-205 nii ro trong tuong lai. Do vay, thu lao CEO cd chieu
hudng giam khi nii ro gia tang. Kgt qua nay phii hgp vdi ket qua cua nghien ciiu trudc dd ciia Aggarwal and Samwick (1999).
Moi quan hi giiia quy mo cong ty vd thii lao CEO:_ Diing nhu ky vpng ban dau, quy md cdng ty CO mdi quan hg ciing chidu vdi thii lao cua CEO. Kgt qua trong cac md hinh la, lb va Ic d Bdng 3 cho thdy h? sd hdi quy cua bien quy md cdng ty (size) cd gia tri duang va cd y nghia thdng kg d miic 1 %. Mdi quan he ciing chieu giiia quy md va thii lao ciia CEO ham y rang d nhiing cdng ty cd quy rad tai san cang Idn thi raiic chi tra thu lao cho CEO cang cao. Dilu B&ng 3 : Ket qua hoi quy cac nhan to tac d$ng den
nay hoan toan hpp ly bdi nhiing cdng ty Idn cd dii nang lire tai chinh de chidu md cac CEO cd nang luc va kinh nghiem Ddng thdi, cac CEO nay phai ddi mat vdi viec quan tri that tdt cdng ty, nhiem vu dam bao mdt mirc tang trudng lgi nhuan tren tdng tai san Idn phai dugc dam bao. Do vay, thudng cac cdng ty cd quy md tai san Idn chi tra thii lao cho CEO cao han cac cdng ty cd quy md nhd. Kgt qua nghign ciiu nay tuong dong vdi hau het cac nghien ciiu trudc (Roberts, 1956; Murphy, 1985; Jensen and Murphy, 1990; Conyon, 1997; Elhagrasey el al, 1998,1999;
Zhou, 2000; Gregg el al, 2005; Ghosh 2006;
Parthasarathy et al, 2006; Girma el al., 2007) thu lao cua CEO theo phuong phap udc luong GMM T6n bien
('»)
(lb)JicL
Lpi nhuan trdn mdi co phan Gia tri cdng ty Riii ro cdng ty Quy rad cdng ty
Ty le sd hiiu cd phan cua tu nhan Ty le sd hiru cd phan ciia Nha nude Ty le sd hiiu cd phan ctia nude ngoai Tudi cua CEO
Nhigm ky ciia CEO Trinh dg hpc van ciia CEO T^ le sd hihi cd phan ciia CEO Quyen kiera nhiem Nganh bat ddng san Nganh cham sdc siic khde Nganh cdng nghg thdng tin Nganh cdng nghiep Nganh dich vu tien ich
Nganh hang tigu dung khdng thigt ygu Nganh hang tieu dimg thigt ygu Nganh nang lugng He sd gdc Fstat Prob (F statistic) AR(2) Hansen Test (J Test) Sd quan sat
0 , 1 1 0 « "
-145,619*
0 , 1 7 1 " « -0,018 -0,180 1 , 4 3 8 " * -0,240 0,093»*
0,112*
-0,435 0,069 -0,073 0,272 -0,149 -0,016 -0,075 0,288 -0,026 0,001 3,957 11,86 0,000 0,648 0,252 562
0,294»*
-139,592**
0,187***
-0,055 -0,133 1,446*'*
-0,186 0,100***
0,094 -0,650 0,061 -0,060 0,381 -0,073 0,005 -0,064 0,262 0,032 0,000 44,470 10,84 0,000 0,414 0,164 590
0,113*»*
0,199*
-88,619 0,173***
-0,037 -0,168 1,343***
-0,291 0,096***
0,109*
-0,335 0,066 -0,019 0,285 -0,071 0,013 -0,033 0,279 0,026 0,033 21,621 13,25 0,000 0,654 0,611 562 Ghi chii- ***, **vd * the hiin y nghia thdng ke a mirc tuang img Id 1%, 5%vd 10%; Gid In p cita kiim dinh Hansen v, kiim d}nh AR (2) diu lan hem 0,1 Kit qud ndy cho phep chdp nhan cac gid thuyet biin cdng cy: Id ngogi smh vd gid thuyet khdng cd tuang quan chudi hgc 2 trong md hinh udc lugng. Do vdy, mo hinh uac lugng GMM hi thdng da su difng cd the dugc xem Id phii hap
Moi quan higiura cdu triic sdhiht vd thu lao cho CEO: Kgt qua udc lupng mdi quan hg giiia cau tnic sd hiiu va thii lao CEO dugc trinh bay d Bang 3 t^i md hinh la, lb va Ic cho thay chua dil bdng chiing thdng kg vg viec tdn tai mdi quan he giiia ty lg sd hiru c6 phdn cua tu nhan, ty Id sd hihj nha nude va thii lao CEO. Tuy nhien, kgt qua nghien ciiu tim thay bdng chiing thdng ke cd y nghia vg radi quan hg ciing chidu giiia ty le sd hiiu cd phan ciia nude ngoai va thu lao ciia CEO, he sd hdi quy ciia bidn ty le sd
hiiu cd phan ciia nude ngoai (FO) d cac rad hinh 1 a, lb va Ic Bang 3 ddu duong va cd y nghTa thdng kg d raiic 1%. Nhiing cdng ty cd vdn nude ngoai thudng cd chinh sach dai ngd cho ngudi lao dgng ndi chung va CEO tdt hon so vdi nhiing cdng ty cdn lai. Nguygn nhan giai thich cho hien tupng trgn la bdi cac td chiic nude ngoai thudng cd tidra luc tai chinh viing raanh, hg cd m tudng quan tn va dau tu hien dai do vay hg ddi hdi cac CEO phai cd nang luc rat cao ben canh cac ky nang giao tigp qudc tg thuan
Tgp chiKhoa hoc Tnidng Dai hpc Can Tha thuc. Hg ky vgng cac CEO nhu vay de giiip hg dieu hanh tdt cdng viec va lara gia tang gia tri loi ich cho cdng ty. Vi vay, miic luang va cac chinh sach phu cdp theo dd cung rdt cao cho CEO. Tdm lai, su tham gia cang sau vao cau tnic vdn (thg hien qua ty le sd hiiu cd phdn cang cao) ciia nha dau tu nude ngoai cang lam gia tang thii lao cho CEO.
M6i quan he giiia tuoi, nhiem ky vd thit lao cho CEO: CEO idn tudi la nhirng ngudi cd nhigu kmh nghiem ngn dupe ky vgng lam gia tang gia tri cdng ty nhigu hon do vay duoc tra thu lao cao hon. Tuy nhien, kdt qua hdi quy d Bang 3 khdng tira thay bang chiing thdng ke cd y nghia vg mdi quan hg giiia tudi va thii lao CEO (thara chi ket qua nay cd the cdn nguoc lai vdi ky vgng vi cac he sd hoi quy ciia bien tudi CEO (age) d Bang 3 deu cd gia tri Im nhimg khdng cd y nghia thdng ke). Mdt trong nhiing nguygn nhan cd thg ly giai cho kgt qua nay la Viet Nam radi md cira hdi nhap kinh te tir nam 1989 va thuc su hdi nhap sau rdng trong nhiing nam gan day.
Do vay, cac CEO Idn tudi van cdn nang kigu quan ly kinh te theo thdi bao cap va chua theo kip vdi ca chg kinh tg thi trudng hien dai. Ben canh dd, cac ky nang giao tiep nude ngoai va cac ling dung cdng nghe cdn kha han chg. Tdm lai, kinh nghiem ciia CEO Idn tudi cd thg cd nhung xet ve nang luc thi chua chac ndi trdi. Do nhiing han che nhu vay, ngn CEO Idn tudi chua chac se dupe tra miic thii lao cao hon cac CEO nhd tudi han khac. Ngugc lai, cac CEO nhd tudi hem cd the cd nhieu ky nang va nang luc ban nhung thieu kinh nghiera va trai nghiem vi thg cilng chua chac lam gia tang tdi da lgi ich cdng ty. Mdt lan nira, cd thg ndi rang thudc do ve nang lire cua CEO la higu qua hoat ddng, dd mdi chinh la yeu td anh hudng quan trgng ddn thu nhap CEO. Ket qua cua nghign ciiu nay khac vdi kgt qua dugc tim t h a y t r o n g n g h i e n c i m t r u d c d d cua Ozkan (2011) la tudi CEO cd mdi quan hg cimg chieu vdi thu lao CEO
Lien quan dgn van de nhiem ky cua CEO, tac gia ciing ky vpng rang cac CEO cd nhiera ky cang keo dai se tan dung dupe cae mdi quan he sin cd cung nhu cang quen han vdi cdng viec, kidn thiic va thdng tm hg cd vg cdng ty nhidu hon. Vi vay, chu doanh nghiep ky vong cac CEO cd nhiera ky keo dai se lam gia tang lgi ich cdng ty do vay cac CEO ximg dang hudng miic thii lao cao hon. Bang chiing thuc nghiem tir kgt qua hdi quy d Bang 3 phii hgp vdi ky vgng dugc dat ra, nhiera ky ciia CEO cd radi quan he ciing chidu vdi thii lao cua CEO, cac hg sd hdi quy ciia bidn nhiem ky (Ten) trong cac rad hinh la, I b va 1 c Bang 3 deu cd y nghia thdng kg d raiic cao.
Ndi each khac, nhiera ky ciia CEO cang keo dai thi thii lao CEO cang cao. Nhu da bien luan d trgn, cac CEO cd nhigm ky cang dai dugc ky vgng se cd
Tap 54 So 6D (2018): 196-205 nhiing ddng gdp tdt han cho su phat trign ciia doanh nghigp vi vay hp dugc nhan miic thii lao tdt hon, Ket qua nay tuong ddng vol nghign ciiu ciia Ozkan (2011).
Moi quan hi giua trinh do hgc vdn cita CEO vd thii lao cho CEO: Mgt trong nhiing ydu td quan trgng anh hudng den hieu qua boat ddng doanh nghigp 1^
nang luc ciia CEO. Cd nhieu each dg danh gia nang lire cua CEO, trong dd trinh dp hgc van la mpt ttong nhiing chi tidu quan trgng nhat. Nhiing CEO dugc dao tao bai ban, dac biet la cac CEO hoan thanh chuong trinh sau dai hpc, dupe ky vpng rang se co nang lire chuygn mdn va quan trj tdt hon so vdi cac CEO cdn lai va tir dd hp se cd miic thii lao cao hon dg tuang ximg vdi nang luc vugt trgi Kel qua hdi quy d Bang 3 cho thay trinh do hgc van cd radi tuong quan duong vdi thii lao CEO, he sd hdi quy ciia biSn trinh dp hgc van d md hinh l a va Ic Bang 3 cd gia tri duong va ed y nghia thdng kg d miic 10%. Tdm lai, cac CEO duac dao tao bai ban, cd kidn thiic chuygn mdn sau thdng qua viec hg dat duoc cac bang cap sau dai hpc se giup hg cd mirc thti lao cao hon cac CEO cdn lai. Ket qua nghien ciiu tuong ddng vdi kgt qua Ghosh (2006) va F al. (2006).
Moi quan he gma quyen sd hdu co phdn ciia CEO. viic nam giii chuc v« kip (kiim nhiim) vd thu lao cho CEO: Xuat phat tir van dg dai dien, chii doanh nghigp thudng lao dieu kien cho CEO nam giir cd phan ciia cdng ty, tit do CEO se ho^t dpng vi loi ich cdng ty nhigu hon. Tuy nhien, theo lap luan ciia Jensen and Meckling (1976), CEO sd hiiu nhieu cd phan se dan den viec suy giam nhu cau ddi vdi thii lao bang cd phigu cua CEO. Tuy nhign, kgt qua thuc nghiem tir Bang 2 cho thay chua cd bang chiing vg mdi quan he giira sd hihi co phan ciia CEO va thu lao CEO, cac he sd hdi quy ciia bign sd hiiu cd phan ciia CEO (OC) trong cac md hinh la, l b va Ic d Bang 3 deu am nhung khdng cd y nghia thdng ke Ham y kmh tg cua ket qua nay cho thay rang, mac dii CEO c6 nam giii cd phdn nhung khdng du de chi phi phdi doanh nghiep hoac chi la radt cd ddng nho thi hieu qua cdng ty van la thudc do quan trong quyet duih dgn thii lao ciia CEO hon la vigc sd htu cd phan.
Ngoai ra, trong nghign ciru nay, viec kiem nhigm chirc vu - CEO vira la chii tich HDQT dupe ky vong dan dgn thii lao cao hon cho cac CEO. Kgt qua hdi quy d Bang 3 cho thay he sd hdi quy cua bidn quyen kiem nhiera (Dual) mac dii duong d cac md hinh la, 1 b va 1 c nhung khdng cd y nghia thdng ke. Ndi each khac, chua ed bang chiing thdng ke cho thay CEO kiem nhiem chiic vu Chii tich HDQT cd thii lao cao han CEO khdng kigm nhiem. Ci Vigt Nam, da phan cac cdng ty chi tra thii lao (chu ygu la miic luong)
Tap chiKhoa hoc TricangDai hoc Cdn Tha cho H D Q T chi raang tinh tugng trung va thudng dugc thdng qua trong chuang trinh dai hdi cd ddng thudng men v i h d u hgt chiic danh Chii tich HDQT thudng dugc gan vdi td chirc hoac ca nh3n cd sd hiiu phan Ion cd phan ciia cdng ty. Ddng thdi, d Viet Nara tdn tai rdt it cdng ty thug chii tich HDQT ddc lap (khdng sd hihi cd phdn). Do vay, cac loi ich ciia chil tich HDQT da phan dupe gan vdi lgi nhuan sau thug ciia cdng ty va cd quyen lgi nhu cac cd ddng gdp vdn khac. Cho ngn, thii lao cua CEO kiem nhiem chu tich HDQT va CEO khdng kiem nhidra cd su chgnh Igch khdng dang ke. Ket qua phat hien trong nghign cuu nay phu hpp vdi kgt qua nghign cim trudc cua Conyon (1997) thuc hign tai Vucmg Qudc Anh.
5 KET LUAN VA HAM Y CHINH SACH Dg tai nghien cuu cac nhan td anh hudng den thii lao cho CEO ciia cac cdng ty raera yet trdn thi trudng chiing khoan Viet Nam. Be tai su dung so Hdu thii cap dupe thu thap tii 187 cdng ty phi tai chinh niem yet trong giai doan 2012-2015. Nghign ciiu su dung p h u a n g p h a p G M M t h e o Arellano and Bond (1991) dg khac phuc hien tugng npi sinh cQng nhu kiem soat cac hign tugng khac nhu phuong sai sai sd thay ddi, tu tuang quan cd the xay ra.
Kgt qua nghign ciiu cho thay hieu qua cdng ty thg hien thdng qua loi nhuan tren mdi cd phan va gia In thi trudng ciia cong ty cd radi tuong quan cung chigu vdi thu lao cua CEO. Rin ro cdng ty duoc do ludng bdi bien ddng loi nhuan ciia cd phidu cd mdi hrong quan ngugc chidu vdi thii lao cua CEO. Quy md cdng ty duoc do ludng bdi quy md lai san ciia cdng ty cd mdi quan hd ciing chigu vdi thii lao cila CEO. Ty lg sd hiru cd phan cua nude ngoai dupe do ludng bdi sd cd phan nara giii cua td chitc nude ngoai trgn tdng sd cd phan luu hanh ciia cdng ty cd mdi quan he cung chieu vdi thii lao cua CEO. Nhiem ky ciia CEO cd mdi tuang quan cimg chigu vdi thu lao cua CEO. Trinh dp hpc van cua CEO cung cd anh hudng tich cue den mirc thii lao ciia CEO. Ben canh dd, nghien ciiu chua tim thay bang chiing thdng kg cd y nghia vg mdi quan he cila cac nhan td nhu: Ty le sd hihi cd phan cua tu nhSn, ty lg sd hiru cd phdn cua Nha nude, tudi cua CEO, ty le sd hihi cd phdn ciia CEO va quygn kiem nhiera vdi thii lao cila CEO.
Dua trgn nhiing kgt qua nghign cim duoc tim thdy, nghien ciiu cd nhirng ham y va kidn nghi chinh sach cho cac CEO hien tai va tuong lai, cho cac nha ddu tu vdi tu each ia co ddng va cho co quan quan ly nhu sau:
Doi vdi CEO: Thii nhdt, giai phap dugc dua ra cho cac CEO mudn tang thu nhap la hay tim mgi each dd gia tang gia t n va lpi ich cua doanh nghigp.
Tap 54. Sd 6D (2018) 196-205 khi dd lpi ich cua CEO ciing dugc gia tang theo ty le thuan. Mudn gia tang dugc hieu qua hoat ddng thi ddi hdi CEO phai c6 nang luc va kinh nghiem that tdt, mudn dat dugc didu nay CEO phai tich cue nang cao trinh do hpc van, tigp nhan tich cue chuyen giao cdng nghe nude ngoai cd thg ke den nhu kinh nghiem quan tri qudc tg, cac ky nang lam an da qudc gia va nhiing uu diera khac tir cac nude tien tign.
CEO ngn loai bd dan tu tudng quan tri va dieu hanh trong nude d nhiing nara thdi ky kinh te bao cap vi tu tudng nay khdng cdn phu hgp vdi ngn kinh tg thi trudng hien tai. Thii hai, cac CEO nen lam lot cdng viec d cdng ty do minh dieu hanh va danh thdi gian nhieu hon dg cdng hign vi su phat trign cua cong ty la each giup gia tang thu lao cho CEO. Ngoai ra, thdi gian lam viec d cdng ty cang lau cang giup CEO thuan loi hon trong viec nam bat cac thdng tin va quan tri doanh nghiep theo sir hieu biet sau sac, tir dd, lam gia tang higu qua cdng ty va tat nhign thu lao CEO theo do cilng gia tang. Thir ba, cac CEO can cd chidn lupc de trinh HDQT de lam giam thieu rui ro cdng ty va md rdng hoat ddng san xuat kinh doanh cung la each tot dd gia tang thu lao CEO trong tuang Iai CEO nen cd cac dg xuat trinh HDQT vg cac phuang an, chien lupc md rdng hoat ddng san xuat kinh doanh dua trgn cac thg manh va ngudn luc hien cd de tan dung lot nhung loi ich va khai thac hieu qua ve mat quy rad, tit do, lgi ich doanh nghigp dupe gia tang ddng thai theo sau la thu lao ciia CEO cUng gia tang.
Doi vdi CO dong — chii doanh nghiep: Tdi da hoa lgi ich cdng ty hay ndi each khac gia tang higu qua hoat ddng cdng ty chinh la mong mudn cila cd ddng, Hieu qua doanh nghiep gia tang ddng nghia vdi tiii lien cd ddng Idn han. Dg dat dugc igi ich nhu ky vgng thi trudc hgt chu doanh nghiep phai tu than hoac thug CEO that sir cd nang luc va kinh nghiem thuang trudng du tot. Dua trgn van dg dai dien, giai phap de phat huy tdi da uu diera cua cac CEO gidi la can cd cac chinh sach thu lao gan lign lgi ich cua CEO vdi lgi ich cua cdng ty. Do vay, khi doanh nghiep dat duoc muc tieu lgi nhuan tdt thi cd ddng - chii doanh nghiep ngn cd nhirng chinh sach luong, thudng va phiic lgi phu hpp vdi CEO ndi rieng va ngudi lao ddng ndi chung. Tdm lai, gia tang thii lao, phiic lpi cho CEO la each chu doanh nghiep gia tang hieu qua hoat ddng cdng ty va gia tang muc lpi nhuan vdn tu hoat dgng dau tu ciia minh.
TAI LIEU THAM KHAO Aggarwal, R.K. and Samwick, A.A, 1999. The
Other Side ofthe Trade off The Impact of Risk on Executive Compensation Jouraal of Political Economy, 107(1)'65-105
Arellano, M and Bover, 0 , 1 9 9 5 . Another look at the instmmental variable estimation of error-
Tap chi Khoa hoc Tiirang Dai hoc Can Tha components models. Joumal of Econometncs, 68(1): 29-51.
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