YEUTOTACfiONGDEN HIEU QUA KINH DOANH:
THI/CTIEN CAC CONG TY C'HIJNG K H O A N VIET NAM
N G U Y I N LE CirffNG, N G U Y I N PHl/ONG ANH
Bdi viei nghien cdu cdcyiu to tde dgng den hieu qud hogt ddng kinh doanh cda 71 cong ty ehUng khodn thdnh viin Sdglao dich chdng khodn d Viit Nam trong giai dogn 2013-2019, vdi 497 quan sdt. Hiiu qud hogt ddng kinh doanh duge do ludng bdng thudc do ty sudt lgi nhuan tren tdi sdn (ROA). Cde biin doe lap trong nghiin cdu gom SIZE, CS, TANG, GROWTH, COI, GDP, CPI. Nghien cdu sddung phdn mem STATA 13 dephdn tich ddiieu. Kit qud nghien cdu cho thdy, cdc biin SIZE vd GROWTH CO tde dpng cung chieu vdl ROA cdn ede biin CS, TANG, COI eo tde ddng ngUffc chieu vdl ROA. Hai biin GDP vd CPI khdng co y nghia thong ke.
Tit kboa- Hieu gud hoat ddng Idnh doanb, cong ty chdng khodn. tysudt lgi nhudn
FACTORS AFFECTING THE EFFICIENCY OF BUSINESS
\
ACTIVITIES OF ENTERPRISES - PRACTICE OF VIETNAM SECURITIES COMPANIES
Nguyen Le Cuong, Nguyen Phuang Anh The paper examines the factors affecting business performance of 71 securities companies
|, of Stock Exchanges in Vietnam in the period of
• 2013-2039, with 497 observations. Business ' performance is measured by return on assets (ROA). The independent variables included in the study are SIZE, CS, TANG. GROWTH, COI. GDP. and CPI. STATA 13 software is used to analyze data. The results of the study showed that the SIZE and GROWTH variables had a positive impact on the ROA while the ' CS, TJiNG and COI variables had the opposite effect with the ROA. The two variables GDP and CPI are not statistically significant.
Keywords: Business performance, securities companies, profitability
•N
Ngdy nhgn bai-23/4/2020 Ngdy hoan thien biin tdp: 4/5/2020 Hgdy duyet ddng: 11/5/2020
D
en nay, thi trudng chung khoan (TTCK) Viet Nam da hoat dpng dupe 20 nam. Trai qua eac giai dpan thang ttam cua TTCK Viet Nam, hieu qua hoat dpng kinh doanh a i a eae eong ty chting khoan (CTCK) theo dd ciing bi anh hudng. Tuy nhien, tir nam2013 den nay, thuc hien tai cau tiiic cac CTCK, ho?t dbng kinh doanh a i a eac CTCK da dan on dinh va hi^u qua hon. Trudc xu thehgi nh^p, canh ttanh gay gat, vi^c nang cao iiieu qua hoat dgng kinh doanh cua eac CTCK la can thiet, giiip cac CTCK cd the ton tai va phat trien lau dai.
Do dd, viec nghien ciiu cae yeii to anh h u d n g deh hieu qua hoat dgng kmh doanh a i a cae CTCK thanh vien Sd Giao didi Chting khoan d Viet N a m la het siic can thiet.
Ca sd ly luan va gia thuyet nghien cuU Casdlylugn
Hieu qua hoat dpng kinh doanh ciia doanh nghiep (DN) chiu anh hudng a i a nliieu yeu to, bao gom ca eac yeu tb ben ttong va yeu to ben ngoai DN. Trong dd, cd nhiing yeu tb tac dbng cung chieu vdi hieu qua hoat dpng kinh doanh va nhiing yeu tb tac d g n g ngugc chieu.
Theo Taam vaBanykhaled (2011), Adekunle va ICajola (2010), Rami Zeitun va Gary Gang Tian (2007), yeu to quy mo ciia DN cd tac dbng eimg clueu vdi ROA; Fozia Memon, Niaz Ahmed Bhutto va Ghulam Abbas (2012) cho rang, cau true vbn cd tae dpng ngupe chieu vdi ROA.
Theo E>udng Thi Thanh Hai (2019), ty 1| chi phi tten thu nhap hoat dpng tac dpng nguerc chieu den ROA; Pham Anh Tuyet (2017), lam phat, GDP tang trudng kinh te cd tac dgng ciing chieu vdi ROA.
Tbng h p p lai ket qua eac nghien ciiu tren n h d m tac gia dua ra cac yeu tb anh h u b n g deh hieu qua hoat dbng kinh doanh o i a DN (Bang 1).
Gid thuyet nghiin cub
Quy m b (SIZE) ciia DN the hien nang luc tai chinh va lgi the eanh ttanh a i a D N tren thi t m d n g . Mgt DN
mmmims.miim- -TAI CHfrmsMi
BANG 1: CAC YEU TO ANH Hl/ONG OEN H i t u QUB HOAT OONG KINH DOANH C O A DOANH NGHIEP Yeu t d PliiAmg pit j p do lildng T^c dong Sen ROA
Ty le t a n g t n i d n g doanh t h u COng chieu
Nguon Taanl v& Banykhaled ( 2 0 T i ) , Adekunle v i Kajola (2010), Rami Zeitun vk Gary Gang Tian (2007) Fozia Memon, Niaz Ahmed Bhutto v& Ghulam Abbas (2012) Rami Zeitun v^ Gary Gang Tian (2007), Fozia Menfion, Niaz Ahmed Bhutto v& Ghulam Abbas (2012) Rami Zeitun va Gary Gang Tian (2007)
e u d n g Thj Thanh HSi (2019)
CPI Ty !6 Igm ph^ t
Pham Anh Tuyet (2017) PharTrAnhTuylt(2017)
Hguon TacgiHangiiap
CO quy mb idn se ed nhieu co hpi d e p h a t trien, m d rgng hoat dpng idnh dpanh va canh ttanh vdi eac dbi Ihii cimg nganh, cimg linh vuc kinh doanh. Theo Taani va Banykhaied (2011), Adekunle va Kajola (2010), Rami Zeitun va Gary Gang Tian (2007), thi yeu to quy m o ciia DN cd tac dpng cimg eiiieu vdi ROA. Do do, gia thuyet H I n h u sau: Quy m b eua eae CTCK cd q u a n he eung chieu vdi hieu qua ho?t d g n g kinh doanh ciia eac CTCK thanh vien Sd giao djch chiing khoan d Vigt Nam iiien nay.
Cau tnic von (CS) the iii^n ty ie n p tien tong nguon vbn aia DN. Theo Fozia Memon, Niaz Ahmed Bhutto va Ghulam Abbas (2012), cau true von cd tac dbng ngupe dueu vdi ROA. Do do, gia thuyet H2 n h u sau: Caii triie vbn a i a cac CTCK cd quan hg ngupe chieu vdi hieu qua hoat dpng kinh doanh oia cac CTCK thanh vien Sd Giao dich Chmig khoan d Vi|t Nam.
Ty le tai san dai han tren tong tai san (TANG) the hien ty le t ^ u t u vao tai san dai han ciia DN. Neii ty Ig nay fliap the hien DN dau t u it vao tai san dai h a n va chu yeii dau tu vao tai san ngan han. Theo Rami Zeitun va Gary Gang Tian (2007), Fozia Memon, Niaz Ahmed Bhutto va Ghulam Abbas (2012), ty le tai san dai h a n tien tbng tai san ed tac dpng ngugc chieu vdi ROA. Do dd, gia thuyet H3 n h u sau: Ty ie tai san dai han tren tong tai san oia cae CTCK cd quan h? ngugc chieu vi^i hieu qua hoat dpng kinh doanh ctia cac CTCK thanh vien Sd Giao djch Chiing khoan d Viet Nam.
Ty le tang trudng dpanh thu the'hien doanh Ihu n a m sau tang bao nhieu phan ttam so vdi doanh thu n a m trude. Doanh thu tang trudng cao va deu dan, chiing tb DN da md rbng hoat dpng ban hang hoac cung cap dich vu va tao dupc nhieu ngupn thu h o n so vdi ky trudc.
Ty le chi phi tten thu nhap hoat dpng (COI) the'hien:
De tao ra mpt d b n g thu nhap hoat dgng thi CTCK phai bd ra bao nhieu dong chi phi? Chi Heu nay cang thap cang chting tb DN da C[uan ly tot ciii piu va hieu qua kinh d p a n h cao. Vi vay, COI cd quan h? nguoc chieu vai ROA (Dudng Thi Thanh Hai, 2019). Do dd, gia thuyet H5 n h u sau: Ty lg ciii pill tien thu nh^p hogt dpng ciia eae CTCK cd quan hg n g u p e chieu vdi hieu qua hoat dpng kinh doanh cua cac CTCK thanh vien Sd Giao dich Chung khoan d Vi^t Nam.
Ty 1? tang trudng GDP phan anh tbng san pharn quoc npi nam sau tang trudng bao nhieu % so vdi nam trudc.
Mpt nen kinh te tang trudng cao ciing giiip eho eac DN lam an iiieu qua hon. Vi vay, ty le tang trudng kinh te cd quan h | eimg ehieu vdi ROA (Pham Anh Tuyet, 2017).
Do dd, gia thuyet H6 n h u sau: Ty le tang trudng kinh te ed quan h | cimg ehieu vdi hieu qua hoat dgng kinh doanh ciia eac CTCK thanh vien Sd Giao dich Chiing khoan d Viet Nam.
Ty le lam phat (CPI) la su tang miic gia ehung mpt each libn tiic ciia h a n g hda va djch vy theo thdi gian va su mat gia tri a i a mbt loai Hen tg nao dd. Theo Phgm Anh Tuyet (2017), ty le lam phat cd quan he cimg chieu vdi ROA. Do dd, gia thuyet H7 n h u sau: Ty 1? lam phat CO quan hg cimg ciiieu vdi hieu qua hoat dpng kinh doanh a i a eac CTCK thanh vien Sd Giao dich Oiling khoan d Vi^t Nam.
PhUtfng p h a p nghien ciiTu
Dii ligu nghien ciiu dugc thu thap tir 71 CTCK thanh vien Sd Giao dich Chiing khoan tai Viet Nam. Trong thdi gian nghien cuu tir nam 2013 den nam 2019, vdi 71 CTCK thi so quan sat la 497. Vdi dii ligu bang, phan mem STATA 13 dupc sir dung de phan Heh hoi quy. Mb hinh hbi quy tuyen tinh bbi dupe sir dung de phan rich hbi quy. Phuong trinh hbi quy (1) ed dang n h u sau:
R0fl-i=aO+a1*SIZ£i+a2*CSi+a3*TANGi+a4*fiR0 mHi4-a5*C0li+a6*GDPi+ a7*CPIi+ ei (1) Trong dd, ROAi la bi&i phti thugc ttong Ian quan sat thti' i; SIZE, CS, TANG, GROWTH, COI, GDP, CPI la cac bien dgc lap; aO la he sb chan; al, a2..., a7 la eac hg sb gdc hay dp dbc ciia mb lunh; ei la sai so ngau nhien ttong Ian quan sat thii i.
ite
Ket qua phan tich tuong quan cho thay, bioi ROA cd tuong quan vdi tat ca eac bien dpc lap. Trong do, bien TANG, CPI va COI ed quan he ngupe chieu vdi ROA vdi miic tuong quan Ian lupt la -0,1818; -0,0519; -0,3472.
Cac bien cdn lai la SIZE, CS, GROWTH, GDP cb quan hg cimg dhieu vdi ROA vdi miic tuong quan Ian lupt la:
0,3216; 0,0692; 0,0991; 0,0840. Cac bien dgc lap ding cd mbi quan he tuong quan vdi nhau.
Ket qua Idem dinh Hausman cho thay, gia tti P-value bang 0,7884 >0,1 nen mb hinh REM la phii hpp.
Ket qua hbi quy mb hinh theo REM eho tham so hieu chinh R2 oia mb hinh la 0,2349, nghia la ed 23,49%
su bien thien o i a bien phu thugc ROA dupe giai thieh bdi cae bien doe lap SIZE, CS, TANG, GROWTH, COI, GDP, CPI. Gia tti P-value ciia 05 yeu tb SIZE, CS, TANG, GROWTH, COI deu nhb hon 0,05 cho thay, cac bien nay cd y nghia thbng ke vdi mb hinh vdi mtic y ngMa 5%. Trong khi dd, ty le tang truong kinh te (GDP) va ty Ig lam phat (CPI) cd P-value ldn hon 0,05 nen khbng cd y nghia thbng ke vtii mb hinh vdi miie y nghia 5%.
Cae bien SIZE va GROWTH cb quan he eimg diieu vdi ROA; cbn cac bien CS, TANG, COI ed quan he ngupe diieu vdi ROA.
Tiep theo, tac gia tien hanh kiem dinh da cpng tuye'n giiia cac bien ttong mb hinh. Ket qua kiem dinh da cbng tuyen eho thay, eac bien dpc lap cb gia tri VIF <5, chiing td cac bien doc lap khbng cd iiien tugng da cpng tuyen.
Tu ket qua u d e lupng. ta cd phuong binh hoi quy (2) cae yeu to tac dgng den ROA n h u sau:
R0A=-0,lW+^),0513*SIZE-0,070*^
0 , 0 9 9 8 * T A N G - H 0 , 0 0 3 1 " G R 0 W T H - 0,0244«C0I - h e a ) N h u v | y , ket qua ngliien cuu nay phii h p p vdi ket qua nghien ciiu trudc day nhu: Taani va Banykhaled (2011), Adekunle va Kajola (2010), Odalo va cpng sit (2016); Rami Zeitun va Gary Gang Tian (2007); Fozia Memon, Niaz Ahmed Bhutto va Ghulam Abbas (2012);
D u d n g Thi Thanh Hai (2019). Dbng then, ding chiing
minh rang, cac gia thuye't ngiuen ciiu dat ra ban d a u la phil h p p .
Ket luan
Ket qua nghJen ctiu nay da eung cap thbng tin quan ttpng ve mbi quan he giira cae yeii tb vdi hieu qua hoat dpng kinh doanh o i a 71 CTCK thanh vien Sd giao dich chiing khoan d Vi?t N a m hien nay. Trong so 7 yeu to dupe dua vao m b lunh ed 5 yeu to ed tac dbng den hieu qua hogt dbng kinh doanh a i a cae CTCK. Cy the: Yeu tb quy m b (SIZE) va yeu tb ly le tang trudng doanh thu (GROWTH) cd quan h e cimg chieu vdi hieu qua hoat dpng kinh doanh a i a eae CTCK; cbn lai bien cau tnic von (CS), bien ty le tai san dai han tren tbng tai san (TANG) va bien ty le ehi phi tien thu nhap hoat dpng (COI) cd quan he ngupe chieu vdi hieu qua hoat dpng kinh doanh ciia cae CTCK. Ket qua nay la co sd decac nha quan tri sir dung de hogch dinh eac dTinh sach n h a m nang cao ineu qua hoat dpng Idnh doanh.
Tir ket qua nghien eiiu, ed the thay, m u b n tang ROA, cac CTCK can phai tang quy m b von va ty lg tang trudng doanh thu, bdi hai yeii to nay cb quan he cimg diieu vdi ROA, Ngupe lai, phai giam ty lg tai san dai han Hen tbng tai san, giam ty Ig chi phi tten thu nhap hoat dbng va giam ty le n g tien tong tai san vi cac yeii to nay cd quan hg ngupe chieu vdi ROA. Trong eae yeii to tren tiii yeu to ty le tai san dai han Hen tbng tai san cd anh h u d n g m a n h nhat den ROA, Hep dd la cau tnic vbn, quy m b tai san, ty le d n phi tren thu nhap hogt dbng va cuoi cimg la ty ie tang truong doanh thu.
Tuy nliien, nghien ciiu tten eon mgt so ton tai n h u : So lupng bieh dupc do ludng gidi han d mbt b i a i ROA, bien dbc lap dimg lai d 07 bien, d o dd, miic dp giai thich ciia bien dgc lap ttong mb hinh cd anh h u d n g den ROA, vdi ty le la 23,49%. Nhiing han die neu tten cd the la h u d i g
nghien ctiu tiep theo. ^
Variable GDP CPI CS SIZE TANG COI GROWTH Mean VIF
VIF 2.38 . ^ . ^ ^ 7
1.69 1.62 1.13
^ " ^ " 1 . 0 5 1.03 138 Nguon Ngtiiincdu:
1/VIF 0.419876 0.460397 0.591174 '-"• 0.61553 0 886387 0.956869 0.974817
mtdcgidlrenplionme
Tai lieu tham kliao:
J. Pbam i[nb Tuyet (2017), Phdn ticb cdc nbdn todnb hddng den bieu qud hogt dong kinb doanh cua cdc ngdn bdng tbuong mgi a pban tai Viet Nam, Tap dii Kboa bgc Bai boc Kinh teTP. Hd Oil Minb;
2. Dudng Ihi Tbanb Hdi (2019). Tde ddng dJa cdu true tdi cbinb tdi bieu gtid cua ngan bdng thmg mgi. iudn dn Tien sy, Bai hoc Kinh teguocddn;
3. Abor, J. (200S). The effect of capital structure on prohtc'-"- listed films in Ghana. Joumal ofM Finance, 6(5).
Thong tin tac gia:
PGS.,TS. Nguyen Le Cudng - Chanh Vdn phong Hgc vien Tai chinh ThS. Nguyen PhumgAnh - Tntiffig Bgi hoc Cdng nghiep Ha Moi Email: Cuonghvta^gmaikom
