Joumal ofScience-2016 Vol 10(2). 20 -31 Part B: Political Sciences, Economics andLaw
^^h. Tap chi Khoa hoc Tru'dng Dai hpc An Giang
% ^ J ISSN 0866 - 8086
M 6 I QUAN HE GICA CAU TRUC V 6 N VA HIEU QUA KINH DOANH: VAI TRO
TlTONG TAC CUA Sd HUtJ NHA NlTdC
Doan Vinh Thing Tru&ng Dqi hgc An Giang ThSng tin chung:
Ngdy nhgn bdi. 31/03/2016 Ngdy nhgn ket qud binh duyet:
05/05/2016
Ngdy chap nhdn ddng: 06/2016 TUU:
Relationship between capital structure and firm performance: interactive role of state ownership Tit khda:
Cau true von. hieu qud kmh doanh, vai tro tuang tdc. so huu nhd nudc. VietNam Keywords:
Capital structure, firm performance, interactive role.
State ownership. Vietnam
ABSTRACT
This study investigates the impact of capital structure on the performance of 2.888 Vietnamese State-owned corporations. The OIS regression model indicates that capital structure and firm performance, proxied by ROA and ROE ratio, has an inverted U-shape relationship. In addition, die result also shows the interactive effect of state ownership on the association between capital structure and firm performance, there in, die effect of the debt over asset ratio (capital structure) on business performance is weaker in die case of State- controlled corporations
TOMTAT
Nghien cuu ndy xem xet dnh hudng ciia cdu true von len hieu qud kinh doanh cua 2.888 cdng ty co phdn co von nhd nudc tgi Viet Nam. Ket qud udc lugng bdng mo hinh hoi quy iheo phuang phdp OLS cho thdy rdng, cdu true von vd hieu qua kinh doanh. dgi di^n bdi ti sdROA vd ROE, co mdi quan he hinh chit U ngugc. Ben canh dd, nghiSn cuu ndy con cho thdy dnh hudng lucmg tdc cua sd huu nhd nu&c len moi quan h^ giOa cdu triic vdn vd hieu qua kinh doanh, trong do. dnh hucmg cua ti le ng tren long tdi sdn (cdu tnic vdn) len hifU qud kinh doanh cdng yeu han ti-ong trudng hop cdc doanh nghiep bi chi phoi bdi nhd nucrc.
1. DATVANflfi
Cau tnic von la hdn hgp ghia ng va vdn co pfain ma cdng ty sii dung dl tai trg cho cic faogt ddng diu tu va kmh doanh (Nguyin Minh Kieu, 2009).
Ly tiiuyet ve ciu tnic vin dugc dl xuat dSu tien bdi Modigliani va Mdler (1958) cfao ring, ciu tinic vdn kfaong c6 anh hudng Ien gii tri cdng ty.
Ly fliuylt nay dugc xay dung dua tren nfaung gia dinh phi tiiuc t l vl su hoan hao cua tiii trudng nhu khdng CO fliue va chi phi giao dich, cdng ty cd flie vay vdi cimg mpt miic Iai suit, tii5ng tm cd sin cho tat ca cac nhi diu tu. Trong fliuc tl, nhimg gia dinh nay khdng ton tai (Modigliani va Miller,
1958; Ahmad, Abdullah & Roslan, 2012). Do do, khi xem xet lgi dieu Iden tfauc te ciia thi trudng nhu cd su tdn tai ciia tfaue, Modigham v i Milter (1963) da ket luan rang, cdng ty nen sir dyng cang nfaieu no cang tdt de gia tang gia tri cong ty nhd tic dyng ciia la efaan fliue. Tuy nMen, neu cong ty sit dyng ng vay qua nMeu se lam ting nguy co phi san (Tiuang Ddng Ldc & Vd Kieu Trang, 2008). Trong khi do, Auerback (1987, din flieo Majumdar & Chhibber, 1999) eho ring, tii tig cho cic hogt ddng ciia cdng ty bang von vay se tim tang c i nii ro cung nhu tgi nfauan.
Joumal ofScience-2016, Vol 10(2). 20 -31 Vfiy, miic dg su dung ng vay nhu the nio la hgp ty de gia tang tic dyng cua ng vay nfau l i l i efain tfaue, tii dd giup gia tang Meu qui kinfa doanfa hoac gia tri cdng ty? Van dl nay nfaan dugc su quan tim ciia khi nMeu hgc gii (San & Heng, 2011). Ti^ nMen, nhitng Icit qui ngMen cuu cho din tfadi diem Mgn tgi cdn c^ua tfadng nfait.
NMeu ngMen cim cfao fliiy can tnic vdn va Meu qua ldnh doanfa cua cdng ty cd mdi quan fae ngugc cMeu (Alalade, Oguntodu & Adelakun, 2015;
Doin Ngoc Pfauc, 2014; Afamad, Abdullah &
Roslan, 2012; Pratiieepkanfli, 2011; Cfaeng, 2009;
Zeitim & Tian, 2007; Hammes & Cfaen, 2004;
Agaiwal & Etston, 2001; Gleason, Malfaur &
Matiiur, 2000; Majumdar & ChMbber, 1999;
Krishnan & Moyer, 1997; Harris & Raviv, 1991).
Ket qui ngMen ciiu cua Abor (2005); Beiger vi Di Patti (2006); AMntoye (2007); Akmtoye (2008) Igi cho t h ^ ti le ng tren tdng tii sin vi Men qua kinfa doanfa cua cdng ty cd mdi quan fap ddng bien. Trong kM dd, Margaritis v i Psitlaki (2010); Shdz (1990) lai bio cio \g mdi quan he pM tuyen tuih ngugc giua ti te ng tren tdng tii san v i Meu qui kinfa doanh.
Nguyen nfaan eua nfaiing ket Man kfaac bipt nay la do hau faet cic ngMen ciiu tiudc day cM xem xet infa faudng cua cau tnic vdn ten Meu qui kinfa doanh dya tren mdi quan he tuyin tinfa tfadng thudng mi kfadng xem xet heu iing IcM cdng ty su dung ng cpii it faogc qui nMeu se anfa faudng ticfa cyc hay tieu cyc tgn Men cjui ldnh doanfa, nfau kgt tuan cua Jensen (1986), Madan (2007), Tian vi Zeitun (2007) kM cho rang cd mpt cau triic vdn tMcfa fagp, va neu ng vay vugt qua miic dd se lim giam lgi icfa ciia ng bdi ^i su gia tang cM pM dgi dien ciia ng va nii ro tii cliinfa. Ngoai la, mdi quan fae giua ciu tnic vdn vi Meu qui Icinfa doanfa ciia cdng ty cdn bi infa faudng tuong t ^ cua nhiing yeu td khic nhu khimg faoang (Zeitun & Tian, 2007; Deesomsak, Paudyat & Pescetto, 2004) faoac ciu tiuc sd faihi (Cfaaganti & Damanpour, 1991; Chai-Hui Chao, 2012). Do \a>. ngfaien ciiu n ^ dugc tfayc Men de mang tai cai nhin smi sac
Part B: Political Sciences, Economics arul Law hon vl moi quan hp giua cau true vdn v i Mpu qui kinh doanh Clia cdng ty, trong dd cd xem xet den mdi cjuan hp pM tuyen tinh ciing nhu anh faudng tuong tic cua cau true sd faihi Ien mdi quan fae nay.
2. T O N G QUAN T A I L I | : U V A GLi THUYDT NGHIEN CUtJ
Mdi quan fae giua ciu tiuc vdn va Meu ^la kinfa doanfa Clia edng ty la mdt vin de nhan duge sy quan tim dang ke ciia cac nfaa ngMen ciiu cung nfau nfaung ngucri quin ly cdng ty (San & Heng, 2011). Tuy nMen, nfaimg kit qua ngMen ciru cfao
^ n tfadi diem Men tai cdn chua tfadng nfaat.
Kit qua udc lugng ciia Abor (2005) cAo t h ^ , anh faudng ddng bign ciia ti le ng tren tong tii sin 1 ^ ti sd ROE ciia 20 cdng ty mem yet tgi Gfaana trong giai dogn 1998 - 2002 IJng hg cho kit lugn cua Abor (2005), Gill, Biger vi Mafliur (2011) cimg cpian sit tfal^ mdi c|uan fae cimg cMeu giua ti te ng vi hp sd ROE trong man gom 272 cdng ty dicfa vy vi sin xuit mem yet tai New Yorit giai doan 2005 - 2007. Ben egnfa dd, ngMgn ciiu cua Berger v i Di Patti (2006) cM ra rang, ti trgng cua ng trong CO ciu tii sin gia ting 1% se Iam cho kha nang sinfa Igi cnia cdng ty tang 6%, tfaam cM trong tiudng hgp ng d miic rit cao. Nguyen nhan dan din kgt Man nay li do Berger v i Di Patti (2006) dua tren miu quan sit ti cic ngan tting tai Hoa Ky.
Tlii ngugc hoin toan vdi rJiung kit Man d tren, Majumdar \a CliMbbei (1999) tim tfa^ bing chiing cd y ngMa tfadng ke ve mdi quan fae ngugc cMgu giua can true vdn vi fliinfa qui kinh doanfa dua tren mdt mau cpian sit gdm 1.000 cdng ty tai An Do trong giai doan 1988 - 1994. NgMgn ciiu cua Gleason va Matfaur (2000) cung cfao tfa^ anfa faudng tigu cyc ciia ti te ng tten tong tai sin ten he sd ROA cua cic cdng t> Hong nganh bin le tai 14 qudc gia d Chau Au. Gleason va cs. (2000) giai tMcfa ling, cic nfai bin le tai Chau Au cd miic sii dung ng \a\ nfaieu han miic tMch fapp va do dd anfa faudng xiu den tfaanh ciua cdng ty
Joumal ofScience - 2016. Vol 10 (2), 20 - 31 Zeitim vi Tian (2007) kM xem xet moi quan fap giua ciu tiuc vin (dgi di§n bdi ti 1? ng ti^n tdng tii san) va Meu qui kinh doanh (dai dipn bdi h§ so ROA va ROE) ciia 167 cang ty tgi Jordan toong giai dogn 1989 - 2003 da kit lugn ring, cau tiiic von va hi§u qui kmh doanh co moi quan fae ngugc cfailu. Kit Man ciia Zeihm va Tian (2007) dugc ho tig bdi phat Mpn cua Harris va Raviv (1991);
Krishnan va Moyer (1997); Agarwal vi Elston (2001).
Ket qui ngMen ciiu cua Ahmad, Abdullah va Roslan (2012), dya t:en mlu quan sat gom 58 cdng ty mem yit tgi Mah^sia trong giai doan 2005 - 2010 ciing da cho tiiiy ring, ROA va ROE cua cac cdng ty se giim kM miic sii dyng ng vay tang cao. Pratiieepkanfli (2011) giai tiilch ring, cdng ty phy thugc qui nMgu vio vdn vay se phii cM toa nMiu lai vay vi do dd lam giam Meu qui kinh doanfa. Alalade, Oguntodu vi Adelakun (2015) khuyen ring, ngucri quin ly cdng ty nen giam miic sii dyng ng vay de gia tang thinfa qui cong ty dya lien ngMen ciiu mgt nfadm cac cdng ty nganfa thyc pfaam tgi Nigieria giai doan 2009 - 2013.
Pfaan ldn nhung ngMgn cuu trudc day cho tiiay ring cau true von va Mpu qua kinh doanfa cua cong ty cd mdi quan fae ngugc cMgu. Du ly tfauyet M&M (Modigfaani & Miller, 1963) giii tMcfa ring sir dyng nMeu ng vay se cd loi cfao cdng ty nhd tac dyng eiia la chin tfaue, hay Jensen va Meckling (1976) va Jensen (1986) tranh Man rang ng v ^ cd tac dyng lam giam chi pM dai dien cua von cfau sd faitu, tii dd giiip gia tang faieu qua kmfa doanfa. Tuy nfaien, Jensen vi Meckhng (1976) va Jensen (1986) cung cM ra ring, neu sir dung ng qua cao se lam cfao Icri icfa cua ng vay vuot qua cM pU sit dung ng, bao gim cfai pM dai dien cua ng vay va nii ro tai cfamh, va do dd, anh faudng tieu cue din Meu qua kuih doanh Ben canh do, toong giai doan 2008 - 2009, nin kmh tl Viet Nam ciing chiu anh hudng nang ne cua cupc kfaung faoang kinfa tl tfae gidi (Ngan faang Nhi nudc, 2010), Iam phat va Iai suit cho vay tang cao
Part B: Political Sciences. Economics and Law trong nam 2008. Dii sang nam 2009, lgm phit vi lai suit cho vay da giim ding kl (Theo Bio cio thudng nifin 2009 cua Ngan faang Nhi nudc (2010), lgm phat toong nam 2008 v i 2009 lin lugt l i 22,97% va 6,88%), nfaung do dgc thi cua flii tiudng tiln tp Vipt Nam, vipc dilu chinh giam lai suit cfao v ^ tfaudng cd dg tri khoang 6 thing, do do, cic doanh ngMpp nio v ^ ng nMeu trong nam 2008, die bipt la ng dii hgn, se anh hudng kfaa tflulu din cM pM lai vay ciia nam 2009, v i do dd se inh faudng tieu cyc den Mpu qui faogt dpng kinfa doanfa. Tir nfaung phin tich d tren, gia thuylt HI dugc de xuat nfau sau:
HI: Hiiu qud kinh doanh cda cdc cong ty cdphdn c6 vdn nhd nudc a Viit Nmn segidm trong trttdng hap ti li na tren tong tdi sdn tdng cao trin mdc tdi tm.
Du vipc sii dyng qui nMiu ng vay cd anh hudng tieu cyc din Meu qua kinh doanh cua cdng ty, ta cting khdng tfal phu nhan vai ttd cua ng vay vdi tic dyng cua la efaan thue (Modigliam & Miller, 1963) hay giiip giam cfai pM dai dien ciia vdn chu sd fauu (Jensen & Meckling, 1976) l i ^ cM pM dgi dipn cua dong tien ty do (Jensen, 1986), tu do giup gia tang Meu qaa kinfa doanfa. Madan (2007) da cfai ra rang, ddn biy cua cong ty d miic 50% - 80% se tao ra ROE cao. Do dd, cac cdng ty muon cai tfaipn he so ROE cd the ting faoac giam don ha:y ciia cdng ty ve miic muc tieu (Madan, 2007).
Nghien ciiu ciia Lin va Chang (2009), dya tren mdt mau quan sat bao gom 196 cdng ty mem yet tai Dii Loan trong giai dogn 1993 - 2005, da phat hien ra ngudng 33,33% la cau tnic von toi uu. Cic doanh ngMep gia ting ti le ng toen tong tii san vugt qua ngudng nay se khdng the gia tang them faieu qua kmfa doanfa, trong tiudng hgp cic ygu to kfaic kfadng ddi. Phit Men niy da img hd cfao ket Man Clia SMIZ (1990) va Margaritis va Psitlaki (2010) kfai cho ring ciu tnic vin va Meu qua kmh doanh cua cong ty cd mdi quan fag theo liinh chu U ngugc (Inverted U-shape)
Dya toen nhirng ttanh tuan ciia eic ly fliuyet gia (Modigliam & Miller, 1963, Jensen & Meckling,
Joumal OfScience-2016. Vol 10(2), 20 -31 1976; Jensen, 1986) cung nhu ket qui tir cic ngMen ciiu thyc ngMpm (Madan, 2007; Lm v i Chang, 2009; Shdz, 1990; Margaritis v i Psillaki, 2010), ta thiy rang cd mpt gidi fagn nfaat dinh, ma trong gidi han do, ti ttgng ciia ng ttong ca ciu ngudn vdn c^ inh hudng tich cue ten Mpu qua ldnh doanfa, va niu c&i true vdn vugt qua gidi hgn dd se infa hudng tieu cyc den hieu qua kinfa doanfa. Do do, gii tfauyet H2 dugc dg xuat nfau sau:
H2: Ti li ng trin tdng tdi sdn va hieu qud kinh (hanh co mdi quan hi phi tuyin theo hinh chit U ngugc (Inverted U-shape), trong dd, mdi guan hi ndy se ddng biin khi ti li ng & dudi mice tdi uu vd se nghich btin khi ti li ng trin mdc tdi uu.
Ngoii la, mgt trong nfaung nguyen nfaan dan den ifaung ket luan trii cMeu ve moi quan fag giua cau tnic von v i Meu qui Idnfa doanfa ta do faau het cic ngMen ciiu trudc day cM xem xet mgt cicfa don le mdi quan hp giua cau true von va Mpu qui kinh doanfa. Trong kM dd, moi quan he giua cau tnic vdn va Mpu qua kinfa doanfa cua cdng ty cdn b;
anfa faudng tucmg tac cua nfaiing ygu td kfaic nfau kfaiing faoang (Zeitun & Tian, 2007; Deesomsak, Paudyat & Pescetto, 2004) hoac ciu tnic sd huu (Cfaaganti & Damanpour, 1991; Chao, 2012).
Cfaaganti va Damanpour (1991) da cM ra rang, ti te sd faihi cua ban lanfa dgo cdng ty cd anfa faudng tucmg tic va bo sung tich eye cfao moi quan hp giira cau true von vi thinfa cpii cdng ty. NgMgn CIIU cua Chao (2012) cimg da ket Man rang, cau tnic sd fauu cd anfa faudng tuang tic Ien mdi quan he giua cau triic vdn va Men qua kinh doanfa cua cic cdng ty nganfa dipn tii mem ygt tai Dai Loan.
Mau quan sat ciia ngMen ciiu niy bao gdm 2 888 cdng ty cd pfaan cd vdn nfaa nudc d Viet Nam. Do fagn cfae cua bd du heu san cd, ngMen ciiu nay cM
PartB: Political Sciences, Economics andLaw xem xet inh hudng tucmg tic cua cau tnic sd hiiu, dgi dipn tidi ti Ip sd hihi nha nudc, len moi quan hp giua c ^ true von va Mpu qui kinfa doanfa.
NgMSn ciiu cua Okuda vi Lai (2010) cfao tiiiy rang, cac cdng ty dugc kiem soat bdi nhi nudc (nha nudc sd huu tren 50% von) it cd dgng lyc trong vipc tilt ki§m tfaue thu n h ^ bing cacfa su dyng ng vay. Bdi vi thue fliu nhgp doanh ngMep cung li mgt khoan tfau ding ke doi vdi nfaa nudc.
Ngoai ra, Alfaraih, Alanezi vi Almujamed (2012) bipn luan ring su kiim soat cua nlii nudc ddi kM vi cic myc dich ehinfa sach faon l i kinb doanfa, va do dd cd kfaa nang infa faudng den tie dyng ciia ng vay ten Meu qua kinfa doanfa. Vi vay, gii tfauyet H3 dugc de xuit nfau sau:
H3: S& hOu nhd nudc c6 dnh hudng tuang tdc lin mdi quan he gida cdu trdc vdn vd hiiu qud ldnh doanh cua cdc cdng ty cd phdn c6 vdn nhd nudc tgi ViitNam.
3. D f LIEU VA PHU'ONG PHAP NGHlfeN
cut;
3,1 Dii-Ii^u
NgMen ciiu nay sii dyng mau quan sat gdm 2.888 cong ty CO pfaan cd von nha nudc tai Vipt Nam, dugc trich tii bg dit fapu Dilu Ira Doanh nghiep 2010 Clia Tdng cyc Tfadng ke Cac tfadt^ tm tong quat vl mau nhu ti so ROA, ROE, tong tai san, ciu tnic von (ti Ie ng tren tdng tai san), ciu true tai sin (ti tp tii sin cd dtnh tren tdng tai san), kfaa ning tfaanfa kfaoin (tien va tuong duong tiln ttgn tong tii sin) dugc tinfa cfao nam tii cfainfa 2009 va dugc trinfa be^ cM tiet tirong Bang 1.
Joumal ofScience-2016, Vol 10(2). 20 -31 Bing 1. M6 t i miu n ^ i e n cdu
PartB: Political Sciences, Economics andLaw
Chi tiSn
(I) So quan sat
ROA (%) ROE(%) Tong tai san (ti dong) Ti le ng/tdng tai san (%) Tai san co dinfa/tong tai san (%) Tien va tnong duong tienAong tai san (%)
Von nh& nird'c
^ 5 0 % ) <S0%
(2) (3) 1.358 1.530 5,23 5,67 12,31 14,33 558,88 412,68
56,49 58,69 38,39 33,92 19,12 19,54
Khic bi|t
(4): = (3)-(2)
0,44 2,02«"
-146,20 2,20»»
^,47»**
0,42 Tong
(5) 2.888
5,47 13,38 481,43 57,65 36,02 19,35 Ghi chu: ***. **, * tuong iJmg vdi mucyn^idl%, 5%, 10%;
(Ngudn: Tinh todn tit 2.888 cong ty cdphdn cd vdn nhd nu&c trong bg dtt lieu Bieu tra doanh nghifp 2010 dia Tdng cue ThSng ki) so ROE, trong dd, cic cdng ty dugc ki&n soit bdi nfaa nudc cd fap so ROE thap faon so vdi nfadm cdn lai. Ngoii ra, fae sd ROA giiia 02 nfadm cdng ty cung cd sy cfaenfa lecfa nfaung kfadng cd y nghia tfaong ke.
Bing I cfao fliay rang, tinfa din hit nam tai chinfa 2009, kfaoang 47% to^ng 2.888 cdng ty cd pfain cd vdn nfai nudc tgi Viet Nam tiong mau quan sit dugc Idem soat bdi nha nudc, tiic li nha nudc sd huu tren 50% von. Quy md tnmg binfa ciia doanfa ngMep (tong tai san) la facm 481 ti ddng vi ciu true von (ti Ip ng tren tong tai sin) li faon 57%, va khdng CO sy kfaac Met cd y ngMa tfaong ke vl quy md cung nhu cau tiuc vdn giiia cdng ty dugc kiim soat bdi nfai nudc ^50%) vi cdng ty ma nfai nudc kfadng nim vdn cM pfadi (<50%). Kit qui tiidng ke cdn cho fliiy sy kfaic biet cd y nghia tiidng ke vg Mpu qua kmfa doanfa, dai dien bdi fag
3.2 Phuong pfaip n ^ i g n cuu
Dg dinfa gii anfa faudng ciia cau triic vdn len Mpu qui tiinfa doanfa eung nfau vai trd tucmg tie ciia sd faihi nfai nudc len mdi quan fap nay, cic md hinh fadi quy dugc udc lugng tfaeo pfauong pfaip OLS de kiem dinfa cac gii tfauyet dugc x ^ dyng nfau sau.
Mo hinfa kiim dinh gii thuylt HI:
ROA =fio +fi,*Leverage, +fis*L_asset, + ^4*Fix_asset, +fis*Liguid, +fi6*Profit, + u, (I) ROE =fio ^fi,*Leverage, +fis*L asset, + fi4*Fix asset, +fis*liqutd, +fi6*Profit, + u, (2) Mo hinfa kiim dinh gii thuylt H2:
ROA =fio ^fi,''Leveragerji,*Leverage,' +fis*L_asset, + fi,*Fix^asset, +fis*Liquid, +fie*Profit, + u, (3) ROE ^Jio ^fi,*Leveragerfi2*Leverage,' +fis*L asset, + fi,*Fix^asset, +fis*Liquid, ^fie*Profit, + u. (4) Mo hmh kilra dinfa gia thuylt H3:
24
Joumal ofScience - 2016. Voi 10 (2). 20 - 31 Part B: Political Sciences, Economics andLaw ROA -fio + fi,'Leveragei*fi2'Leveragei''Slate, + J3s'L_assel, + fi,*Ftx_asseti +fis*IJqmd, +fii*Profil,
+ u. (V ROE -fio + fi,*Leverage,* fii*Leverage,*State, + fi,*L_asseU + fit'Flxasseti +fis''Liqwd, * fie'frofit,
+ u, (6) Trong dd:
Biin phu thuoc: Dya tirai ngMen ciiu cua Zeitun
& Tian (2007); Ebaid (2009); San & Heng (2011);
Doan Ngpc Pfaiic (2014), ngMen ciiu nay sii dung ti so ROA va ROE dg danfa gia Meu qui kinh doanfa Clia cac cdng ty co pfaan cd vdn nhi nudc tai Viet Nam bdi vi ROA la mpt trong nfaung tfaude do dugc Sli dyng rgng rai dl dinfa gii tfainh qui tii cfainfa (Rapp^oit, 1986, dan tfaeo SaleM &
Biglar, 2009), trong kM ROE l i mdt trong nhirng ti so quan trgng mi nhi diu tu -xsm xet (Monteuo, 2006, dSn flieo SaleM & Biglai, 2009).
Biin ddc ldp: bien ddc I ^ ttong ngMgn ciiu n ^ la ciu tiuc vdn {leverage), dugc do ludng bang ti I§
ng tren tong tai san (Zeitun & Tian, 2007; Ebaid, 2009; Pratiieepkantii, 2011).
State: l i bien gii de dinfa gii anfa faudng tiiong tic Clia sd fauu nfai nudc lgn moi quan he giua ciu
true von v i Men qui kinfa doanfa. State nfain gia tri 1 niu cong ty do nlii nudc kiem soat (ti Ip sd faini
>50%), v i nhin gia tri 0 ttong trudng hgp kfaic (Okuda & Lai, 2010).
Biin kiim sodt: cac bien kiran soat dugc ^ a vio md hinh ngMen ciiu bao gdm: Quy md cdng ty (Lasset), dugc tinh bSng logarithm cua tdng tii san (Zeihm & Tian, 2007); Cau true tai san (F asset), dugc tinfa bang ti le tai san c('«!inh tren tong tii sin (Zeitim & Tian, 2007); Tmh flianh khoan (Liquid), Ii fap sd giua tien, tuong duong tiln va tong tii sin (Majumdar & CfaMbber, 1999); Kfaa nang sinh Igi {Profit), dugc tinh bing tfau nfa^ trudc fliul vi lai vay cMa doanfa tfau (Maigaritis & Psillaki, 2010).
Tir nfaung trinfa b ^ d tren, kfaung phin ticfa cfao ngMgn Clhi niy dugc x ^ dyng nhu Hinh I:
fihk i m ^ Mha soat voa (Von nka tOf&E > 59%) Okuda & Lai aOlO)
Cau t m c vda i^ttg a^ifft^ tm Sim) Zatiia&BaitaOOT) Elmd (2009)
\
Bilo idem soat Tong M san ^dtiEs &. lim. 2007}
Cau true ^ afe (Edtm & Han, 2907) Tmh thanh tOiit&H (Nfejumdat & Chhibber, i ^ ) She nmtg sinh kd !>teg%riiis & P s t l l ^ 2010>
m^it qps kinh doanb {ROA, ROE^
Ebaid (2009) Saft&Heog<201i) Dcajtj?Jg9cPhHc{2i>i4)
Hinh 1. Khung phan tich vS mli quan h^ giua can true vin va hi^u qui ldnh doanh
4. K i T QUA VA THAO L U A N
Moi quan he giiia ciu tnic von vi Mpu qua kinh doanh cua cac cdng ty CMJ phan cd vdn nhi nudc tai Vipt Nam dugc trinfa bay cM tiet ttong Bang 2.
Ket qui udc lugng cac md hinfa fadi quy trong Bang 2 deu sii dyng sai sd efauin dilu chinfa ciia WMte dg giai quyet Men tugng phuong sai sai so thay dli. Ngoai ra, gii tn tiidng ke da cdng tuyin
Joumal ofScience-2016, Vol 10 (2). 20 ^31 (VIF) dlu nfad hem 10. Do dd, mo hinfa udc tugng duoc dam bao kfadng cfaech.
Ve anfa faudng cua can tnic von len Mpu qui kmfa doanh, md tiinfa I va md tiinh 2 (Bang 2) cfao thiy, trong dieu kien cac yeu to kfaic khdng doi, hipu qui kinh doanfa ciia cdng ty se giam kM ti Ip ng togn tong tai san tang cao, vi ket qua n ^ nhit quan d ci hai thudc do ROA va ROE. Do do, gia thuyet HI dugc chap nfaan. Kit lugn nity trai vdi ty thuyet M&M dilu chinfa eiia Modigfaani va Miller (1963) kM cfao rang cdng ty se cd lgi kM sii dung nMeu no nfad tic dyng cua Ii chin tfaul. Tuy
Part B: Political Sciences. Economics and Law nfaien, toong ly thuylt dgi dien, Jensen va Mecklmg (1976) v i Jensen (1986) toanh lugn ling, neu Sli dyng ng vay qua cao se lim cho lgi icfa Clia ng vay vugt qua cM pM sii dung ng, bao gom cM pM dgi dipn cua ng vay va nii ro tai chinfa, vi do do, anfa faudng tieu cyc den Mpu qua kinfa doanfa. Ket qui ciia ngMen ciiu nay duoc iing hp bdi pfaat Men ciia Alalade, Oguntodu va Adelakun (2015); Doan Nggc Pfaiic (2014), Ahmad, Abdullah v i Roslan (2012);
Pratiieepkanfli (2011); Cfaeng (2009); Majumdar viChfaibber(I999).
a, a
Joumal of Science - 2016. Vol 10(2), 20 -31 Ngoai ra, cugc Ichiing hoang kinh te flie gidi nam 2008, vi hau cpii lan sang nam 2009 inh hudng nang ne den nen kinh te Viet Nam, lam cho lgm phat va Iai suat eho vay tang cao. Do do, cM pM lai vay se gia tang dang kg doi vdi cic doanh ngMep sit dung nMeu ng, trong kM faogt dpng kinh doanfa bi dinh brp, tdn kfao gia ting, tii dd anh hudng tieu cyc ten Men qua ldnh doanh cong ty.
Tuy nMen, cic nhi ngMen eiiu cung nhu nfaiing ngudi quin ly doanh ngMep kfadng pfau nfaan faoin toan vai tro cjuan trgng cua ng vay trong co cau nguon von ciia cdng ty. Trong mgt gidi faan nao do, ng vay giiip gia tang Meu qui kinh doanh cua cong ty nfad tac dyng ciia t i chin thue (Myers, 1977; Tharmila and Aiutvet, 2013) hay giim cfai pM dai dien ciia vdn chu sd fauu (Jensen &
Mectding, 1976). Ngoai la, ng vay edn giiip cdng ty md rpng hoat dgng nfaanfa cfadng de tan dung tinh kiah te nhd quy md ma van duy tri quyin Idem soat cong ty do eo phan kfadng bj pha loang (Kyereboah - Coleman, 2007).
Mo hinh 3 va Md hinh 4 toong Bang 2 cM ra rang, ed mdi quan he pM Myen tinfa tfaeo hjnh cfaii U ngugc (Mverted U-shape) giira ciu triic vdn vi Mgu qua kinh doanh ciia cdng ty. Trong do, ROE Clia cdng ty se dugc cii tMen Idii gia tang miic sit dyng ng. Tuy nMen, neu ti le no tten tdng tai sin vugt qui 52,67% (Diem cue dai ciia cau tnic von dli vdi ROE = -b/2a - -0,316/(2*(-0,003) 52,67%) se anh hudng tieu cyc Ien he sl nay. Phat Men nay phu fagp vdi bdi cinfa thyc tl ciia nin kinfa te Viet Nam sau khiing hoing kmh tl ciing nhu duoc ling fad bdt kit luan ciia Stulz (1990) va Margaritis va Psillaki (2010) kM cho ring ciu true von va Meu qua kinh doanh ciia cdng ty cd mdi quan he pM Myen tinh theo fainfa chu U nguge.
Kgt Man nay ham y ring, cdng ty nen can bing giua ti le no vi ti Ie vdn chu sd huu ttong ca ciu nguon von dl hoat dpng kmh doanh mang Iai Meu qua cao nhat.
Ben canh moi quan he dan thuin giiia ciu tnic vdn va Meu qua kmfa doanh, ngfaien ciiu niy cdn xem xet vai tod hrong tie ciia sd hihi nfai nudc len
Part B: Political Sciences, Economics andLaw moi quan fap nay. BClt qui udc lugng (mo hinh 5 vi md hinfa 6 trong Bing 2) cho tiiay ring, inh hudng tieu cuc ciia ciu triic von len Meu qui kinh doanh se ttd nen xiu han ttong trudng hgp cong ty hi kiim soat bdi nha nudc (nfaa nudc sd huu tii 50% von tid ten). Kit lugn n ^ iing hg cho phit hien ciia Cfaao (2012) ring, cau tnic sd faiiu cd anh faudng tuong tic lgn mdi quan fap giua cau tnic vdn va Meu qua kinh doanh ciia cic cdng ty nganh dien tii niem yet tai Dai Loan.
Ly giai cfao dieu nay, xet d gdc dp Iy tfauyet dgi dipn (Jensen & Mecklmg, 1976), van de dai cfapn, faay xung dot lgi ich giua cfaii sd fauu (Principal) va ngudi dgi dien (Agent) d cac cdng ty co phan ma nhi nudc nam quyen kiem soat cang lid nen tram ttgng do d Viet Nam, chii sd huu tfayc sa ciia pfaan vdn nfaa nudc la nfain din, tiic diudc sd huu toin dan. Trong kM dd, ngudi dai dipn von nha nudc la ngudi dgi dipn (Agent) cho co dong (tuc li dai dien cfao nhan dan). V i do do, chu sd huu vi ngudi dai dien hi tich biet gin nfau faoin toan.
Dieu nay lam gia tang cM pM dgi dipn ciia vdn sd huu. Jensen va Mecklmg (1976) bipn luan ring, de giam cM phi dai dien niy, ng vay dugc xem nhu la mgt cdng cy faiiu Meu. Trong kM dd, phat Mpn cua Olaida va Lai (2010) da cM ra ring, eac cong ty dugc kigm soit bdi nhi nude it co xu hudng sii dyng ng vay lam ti chin tiiul bdi vi tfaue thu nhip doanh ngMep cung la mdt kfaoan thu dang ke ddi vdi nfaa nudc. Do do, vdi cimg mdt ti le ng d miic cao, eie cdng ty dugc Idem soat bdi nhi nudc ddi kM d&i tu vao cic dy an vi cac muc dich chinfa sich faon l i myc dicfa kinh doanh vi lgi nhuan (Alfaraih, Alanezi &
Afanujamed, 2012) hoac ngudi dai dien se lya chpn cac dy an nhim mang lai lgi ich cho ca nhan hem la tgi ich ciia cd ddng vi sy ticfa biet giua sd hihi va quan ly (Fama, 1980), va do dd lam toam ttpng them anh hudng tieu cue ciia vdn vay Ien higu qua kinfa doanh
5. KfeTLU^N
Dua vao miu quan sit gom 2.888 cdng ty cd phSn cd vdn nfaa nudc tai Viet Nam, nghien ciiu nay
Joumal of Science - 2016, Vol 10(2), 20 -31 xan xet mdi quan hp giua can trdc von vi Mpu qua hoat dgng kinfa doanh cung nhu vai ttd tuong tic Clia sd huu nhi nudc Ien moi quan hg n ^ . Ket qui udc lugng cM ra ring, ti le ng trgn tong tai san va Men qua kinfa doanfa cd mdi quan fap pM tuyen tinh ngugc. Cu the, ti sd ROE se gia tang kM ti lg ng tren tong tai san gia tang. Tuy nMen, kM ti trgng cua ng v£ty trong co cau nguon vdn Migt qua ngudng 52,67% se infa hudng tieu cue len Meu qua kinh doanh. Ben cgnh dd, ket qui udc higng cdn cho t h ^ mdi cpian fae giua can true vdn vi Mpu qui kinh doanfa cing trd nen yeu facm bong tmdng fagp cdng ty bi Idem soat bdi nhi nmic. Nfaiing phat Mpn cua ngMen ciiu nay ham y ring, de gia tang Meu qui kinfa doanh, cac cdng ty nen can bang giua ti le ng v i ti le vdn chii sd hihi trong CO can nguon von cua minh. Dgc bipt t i cac edng ty dugc kigm soat bdi nha nudc.
Do ban cfai ciia bd du Upu, ngMgn cuu nay cM su dyng ti te ng tren tdng tii san dl do tudng cau tnic vdn Clia cdng ty. Do do, cac ngMen ciiu sau cd tfal bd sung thSm ttiang do cau true ky faan ciia ng nfau ti le ng ngan faan tren tdng tai sin, ti Ip ng dii faan tien tong tai san. Ngoai ra, do cic cdng ty trong man bao gom cac cdng ty cfaua mem yet v i cic cdng ty da mem yit, nen ngMen cuu nay cM sii dui^ thudc do tfaanh qui dya tren gia tid ke toan.
Cic ngMen cuu bep tfaeo c:d flie sii dyng tfaude do tfainh qui dya tren gia tn tM trudng (Tobm'Q, P/E) bing each tsq) tiung vao cic cdng ty da mem yit tren san giao dicfa chiing kfaoan de cd cii ntim siu sac hon vl moi quan he giua ciu triic von va flianh qui cdng ty.
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