Nghitn ciru tno l<i
Anh hirolng cua cdng bd thong tin vd mdi trirdng ddn chi phi vdn cua cac cdng ty nidm vdt
trdn thj trirdng ChOhg iihoan Viet Nam
^ L « Xuan Quynh*
Nguyen Ngpc Tlc^n*
U Thy Hd van*
Nguygn Trd Nggc Vy*
Muc dich cda nghien cOv Id do luang dnh hu^g cOa cdng bo thong tin mdi tfu&ng din c/j/ phi von cda cdc cong ty trdn thj tru&ng chung khodn Vi$t Nam. B&i chi phi vdn co lidn quan tich ctro v&i rOI ro thanh todn vd s y bit cdn xdng thdng tin gida nguai cho vay va nguai vay. SO" dyng miu gdm 92 cdng ty trong thdn gian tCr 2017 -2018, nghidn cuv cho thay, cdng b6 thdng tin ve mdi truing co tdc d^ng tich ci/c din chi phi v6n, gdm cd chi phi n g vay va chi phi vin chu sa hChi cua cac cdng ty phi tai chinh nidm yit trdn thi tneang chOng khoan Vi$t Nam.
TO'khda: cong bi thdng tin, trdch nhi$m mdi tru&ng, chi phi von, nidm yit.
1. Gidi thifu
Cflng bfl thfing tin (CBTT) v l ttich nhifm xa hgi dugc hilu Ii cich cic cflng ty ticb hgp cic mfli quan tim vl x i bgi, mfli trudng va kinh tfl vio cic gii tri, van hda, chiln luge ra quylt dinb v i hogt dfng. Tbeo Gray v i cdng su (1995), trong bfln khfa cgnh cua trich nhiem xa hgi (mfii truflmg, cfing nhin vifln, cfng ding v i sin phim) thi khia cgnh vdi moi truflmg nhin dugc ddng dio sy quan tim cua cic chu thi kinh t l ciing nhu cic nhi nghifln cdu, dgc bift ia k l tii khi thdng qua Nghi dinh thu Kyoto nim 1997.
Theo Cormier (2007), thflng tin mfli ttudng dugc cfing bfi bfli cic cfing ty nham cung cip sy hilu biflt chung vfl cac van dh mfli trudng va nii ro von cfl cua chiing, nhu l i mflt dau hifu ve nhiing thinh qui cua doanh nghifp (DN) ttong linh vye mfli trudng.
Tgi Vift Nam, tinh hinb fl nhilm mfii truflmg ngiy cing dien bien
phuc tgp v i giy buc xuc du luin co xu budng gia tang tbeo thdi gian.
Trudc tinb hinb nay, Bfl Tii chinh da ban hanh Thflng tu I55/2015/TT- BTC, vfl budng din cic cflng ty niflm yet phii CBTT ve mdi trudng v i xa hfi (thflng tin phi tii chinh).
Tuy nhien, mdc dfl CBTT v l mdi truomg phy thugc phin Idn vio quyet djnh cda nhi quin ly cong ty, thfl hifn qua sy khic bift ttong muc df CBTT vfl mfli truomg cua cic cflng ty. Sy ton tai ciia cic bio cio phit trien bfln vihig chi nhim tang cudng khia cgnh tu nguyfn ciia CBTT ve mfii truomg, m i gid diy dugc xem nhu la mgt cfing cy ttong cbinh sich truyfln thflng cua cong ty.
Cau hdi dat ra l i vifc CBTT vfl mdi trudng cd inh huomg nhu thi n i o dfln thinh qui tii chinh, chi phi vfln, rdi ro bay gii tri DN? Hiu hit cic ngbien cuu thyc nghiem ve thyc hinh ttich nhifm vdi moi trudng da dugc thyc hifn d Hoa Ky, Vuong
Nhdn: 13/3/2020 Bien tdp: 30/3/2020 Duyftdang: 15/4/2020 quoc Anh, tic va mgt sd lugng hgn chfl hon tgi cac quflc gia khic bao gflm Canada, Diic, Nh§t Bin, New Zealand, Malaysia v i Singapore.
Cic kflt qui nghifln ciiu niy phin lom cho ring, vifc CBTT vl mfli trudng se giup cic cflng ty cii thifn thinh qui tii cbinh, tilt kifm cbi phi vfln va nang cao gii tri DN.
Tgi Vift Nam, chu d l ttich nhifm xa bgi ndi chung v i ttach nhifm vdi mdi truflmg nfli riflng ciing nhin dugc ddng dio sy quan tim cua cic nhi ngbien cuu. Cic nghien curu niy xem xet vifc tbyc bifn CBTT v l mfli truflmg, hay inb huflmg cua CBTT vfl mfli truflmg dfln thinh qui tii chinh v i gii tti DN. Tuy nhifln, danh gii inh hudng cda CBTT ve moi trudng dfln cbi pbi vdn vin con ban che d Vift Nam. Do viy, nghifln cuu niy dugc thyc hifn dfl cung cip bing chiing tbyc nghifm vfl inh hudng cua CBTT vfl mfli trudng din chi phi vfln cua cic cflng ty niem yet tai Vift Nam, ttong hai nam 2017 va2018.
2. T^ng quan nghifln cihi v i p h i t triln gia thuyit nghifln cihi
Ly thuyet the chl v i ly thuyflt bgp phip cho rang, dfng lyc cbinh dfl cic cflng ty tham gia vao cic boat dgng vdi xa hgi vi mfli trudng Trudng B^i hgc Quy Nhan
'^(M^4tom&mwitoms6thmg^2020 { ^
Ngtildn Gihi trao diii
l i cac tfl chuc tang cuomg hoac bio vf tinh hgp phip cua bg, bing each tuin theo sy mong dgi cua cic tfl chuc va cic bfln lifln quan. Tbeo ly thuyflt cic ben lien quan, mgt cflng ty cd trich nhifm x i hfii ddi hfli phii chu y dflng thoi dfln lgi ich hgp phip cua tat ci cic bfln lien quan v i phii cin bing nhiflu Igi ich, chu khflng chi lgi ich cda cic cfi dflng.
Dennis v i Mullineaux (2000) cho thiy, ngin bang tu chdi cho vay dfii voi cic cfing ty khflng cong bfl diy dd thflng tin. Ben cgnh dd, Nandy va Lodh (2012) chdng minh ring, nhflng cfing ty thuc hifn tfit ttach nhiem vdi xa bgi v i mdi tnrdng se cd duge quy md cho vay cao hon so voi cac cong ty thyc bifn ttich nhiem vdi xa bgi v i mfli trudng kflm.
Ngan bing Nbi nudc Vift Nam da ban binh Chi thi 01/2017, Quylt dinh sfl 986/QD-TTg, ngiy 8/8/2018; Quyflt dinh sfl 1604/QD-NHNN, ngiy 7/8/2018, vdi myc tiflu ting cudng nhgn thdc v i trich nhifm xa hfli ciia bf tbong ngin bing doi vdi vifc bio vf mfli trudng, chong bifln ddi khi biu, tung budc xanh hda hogt dflng ngin hing, huomg ddng vdn tin dyng vao vifc tii ttg dy in thin thien vdi moi trudng, thuc diy cic nginh sin xuit, dich vy v i tieu dung xanh, nang lugng sgch v i ning Iugng tii tao, gop phin tich cue thiic diy tang truflmg xanh v i phit triln ben viing.
Do dd, cic ngin bing thuong mgi ap lai suit thip hon ddi va cung cip ban mdc tin dyag cao hon cho cic cflng ty thin thifn vdi mfli tiudng. Nhgn thiy ring, hgn muc sfl tiln vay tgi cic ngin bing thuomg mgi cda cac cflng ty cfl mfii quan hf thugn chieu voi chi pbi lai vay, bic li chi phi lai vay pbii tra ting tbeo sy gia ting cua sfi tifln vay. Tuy nhifln, do vifc ip dyng uu dai mdc lai suit thip vi
hgn mdc tin dung cao cua cic ngin hing thuong mgi dfli voi cic cong ty thin thien voi mfii trucmg, nhdm tic gii ciing phat hifn cflng bd thdng tin vfl mfii trudng c6 diu bifu tic dgng Ifln so tifln vay v i chi phi Iai vay theo cic xu budng ngugc nhau. Tii nhflng lip luin tten, chung tfli dfl xuit gii thuyit:
Gid thuyit Hj: CBTT ve moi tnrcmg cd mdi quan hf cung chiiu vdi sd tien vay md cdc cong ty nhan duac tie ngan hdng.
Trong bfli cinh CBTT tai Canada, Richardson v i cflng sy (1999) nhgn ra ring, vifc tham gia cic boat dfng xa hgi v i mfli truomg vi CBTT vl cac boat dgng dfl cd thi tic dfng den hogt dgng cua tbi trudng vfin, dfln dong tien hogt dfng va chi phi von cua DN. Richardson v i Welker (2001) lap luan ring, cd it nhat ba Iy do dfl mong dgi mflt mfli quan bf tich cyc giiia CBTT xi bgi v i moi trudng v i chi pbi vfln chu sd hiiu: (i) Sy nhgn thdc cua nhi diu tu; (ii) Giim sy bit cin xung thfing tin; (iii) Giim rui ro udc tinb. Cic nhi diu tu sing sing chap nhin ty If hoan vfin diu tu thap hon dfl diu tu vao nhung cflng ty tbyc hifn tfit trich nhifm vdi mfli trudng v i xa bfli, phu hgp vdi sy ra doi cua quy xanh v i quy diu tu dgo ddc.
Yiec tham gia vio cic boat dgng xa hfi v i mfli trudng dugc xem li hinb thuc quing cio v i tiflp thi, de hgp phap hda hinh dgng cua cflng ty ttong mit ngudi tiflu dung va gdp phan vio viec tilt kifm cbi phi vfin chd sd hihi. Mgt chufii cic nghien ciiu thuc nghiflm chdng minh rang, vifc bfl sung nbieu cbi sfl ttich nhifm vdi xa hfli v i mdi truflmg ching hgn nhu vifc thyc hifn cic bifn phap khic nhau, de bio tfin nang lugng v i van dfl ngin ngua fl nhilm CO khi nang din den chi phi vfin chii sd hiru thip ban. Vi viy.
theo quan diem cua nhiing nghien ciiu thyc nghifm khic nhau vfl cic mfii quan hf khic nhau giiia CBTT vl moi truomg v i chi phi vdn chu sd hiru, nhdm tic gii de xuit gia thuyflt sau:
Gid thuyet H2: Cd mdi quan h$
ngu^c chieu giira cong bo thdng tin vi mdi trudng vd chi phi von chu s& huu cua cdc cdng ty,
3. Phuomg phap nghien cuu 3.1. Mau nghiin cihi vd thu theipdirlifu
Ngbien cuu niy sd dyng mau gdm 92 cflng ty niflm ylt ttfln sin Sd Giao dich Chiing khoin TRHCM (HOSE) ttong hai nim 2017 v i 2018. Tiflu chi chung ciia vifc chgn mau la cic cong ty cd sd dung vdn vay, cd dy bio lgi nhugn sau thufl duong v i khfing thugc cic nginh ngin hing, tii chinh, bio biflm, du lifu yflu ciu sin cd de thu thip dugc, nghia Ii pbii cdng khai diy du cic thflng tin ttfln bio cio thudng nifln.
Ngoii bio cio thudng nifln, nhflm cung thu thgp thflm dfl lifu cin thiet td HOSE, tu website cua cic cdng ty niem ylt hogc cd truflng hgp tbu thip td trang tin difln td Vi- etstock.
3.2. Do lucmg cdc biin so cua md hinh nghien c&u
3.2.1. Bo luang bien dgc lgp Bing ciu hoi de do luflmg chi so CBTT vfl moi trudng (CED) dugc xiy dung dya vio huflmg din ciia GRI, Thflng ttr I55/TT-BTCvi cic nghien cuu cua Xu v i cgng sy (2014), Cheng v i cfng su (2015) khao sat tinh hinh tbyc tfl ciia cic cfing ty niflm yflt tgi Vift Nam. Ket qui tbu dugc gflm 15 chi myc. Phu hgp vdi cic ngbien ciru trudc dd, vdi moi thfing tin vfl mfii truflmg chi cin ttong bio cio thudng nien ciia cdng ty cd nhic dfln, dii cbi li mgt tu hay cym tu hay co c i cic con sd... minh chdng thi so diem dugc nhan deu bing I; v i ngugc lai la 0 diem.
< ^ cM ^4 torn &^ieni todn sothmg 5/2020
NghlAncdUtraodtil
Chl sd cdng bfl thdng tin
vl mfli truomgi (CED)
ZL'"^-'
Trong do:
«„
mtj:: bing I nflu cflng ty thu i cfl CBTT vl tiflu cbi mfli trudng thd j , ngugc lai bang 0 nflu cdng ty thd i cd CBTT vfl tieu chi moi trudng thu j ;
Uj;: sd Iugng ciu bdi ky vgng vfl tiflu cbi mdi trudng thd j dinh cho cong ty thd i;
3.2.2. Do luang bien phu thuoc
Chi phi n^ vay: Chi phi ng la mflt phin cda chi pbi vfin, the hifn su bdi thuomg cac rdi ro mac dinb do nguoi cbo vay chju. Tuong ty nhu cac nghifln cim trudc, chi phi ng vay dugc nhdm tic gia do lucmg thflng qua bifln dai difn l i logarit ng vay ngin hing.
Chi phi von chu sa hiru: Chi phi von chd sd hiru thucmg dugc dinh nghia l i ty If chilt khiu m i tbi trudng ip dyng cho mgt ddng tifln dy kifln ttong tuomg lai cua cdng ty theo gii cd phiflu hifn tai. Cd bai phucmg phap da dugc su dyng trong tai lieu dl udc tinb cbi pbi vfln chu sd huu, dd l i sd dyng lgi nhugn giu lgi v i su dung mfl hinh ting trudng cfl tdc dl udc lugng chi phi von chu sd hiiu. Tuy nhien, do sy ban chfl vS ngufln du Ufu nen chi phi von chu sd hiiu dugc uflfc tinh theo mfl binh PEG hifu chinh nhu sau:
COEi=(FEPSi.^i)/Pi
Trong dd: FEPSj, j+j: EPS (thu nhgp ttfln mdi cd phin) dy bio cua nam t+1.
Pj: Gia co phieu ddng cua cua cflng ty i sau ngay cfing bfi bio cio thudng nifln hoac bio cio phit trifln ben viing.
3.3. Md hinh nghiin cihi
LOANif = J0O + fi]CEDif_j + P^IZEn + ^sLEVi^
+ P^RE^t + PsMBit + P^coren + £,-, (0 COEi ^ Po^ Pl^^^it-l "^ P2^^^^it + Ps^^^it + p^INDUSif + PsBETAit + p^M^ +pjLIQUIDii + Eit(2)
Trong do:
i = 1, 2, 3,..., 92 (vdi i Ii the bifn cho 92 cflng ty dugc lua chgn nghifln cuu);
t : lithdi gian nghifln cim, nim 2017 va20I8;
LOAN,t: Li logarit ng vay (LOAN) cda cfing ty i vio nam t;
COEj,.: La cbi phi vfln chd sd huu cua cflng ty i vio namt;
CEDjt_i: CBTT v l mfii tiidng cda ciia cflng ty i v i o n i m t - 1 ;
SIZE jj: Quy mfl cflng ty ciia cflng ty i vio nam t, dugc do luomg bing logarit gii tri tiii trudng tflng tii sin;
LEVj^: Don biy tii chinh cda cflng ty i vio nam t, dugc do luomg bing ng pbii tri tten tflng tii sin;
INDUSj^: Nginh cflng n ^ f l p cua cflng ty i vio nam t, dugc do luomg bing toe do tang EPS;
REjj: Sdc sinh lgi kinh tfl cua cflng ty i nam t, dugc do luomg bing EBIT ttfln tflng tii sin;
BMj^: Ty sfl gii thi truomg ttfln gia sd sach cua cflng ty i vio nam t,;
Zscorcjj: Chi sd dy bio rui ro phi sin (kbi ning thanh toan) cua cflng ty i nam t, Zscore = 1,2A1 + 1,4A2 + 3,3A3 + 0,6A4 + 0,99A5 Vdi: Al = (Tii sin ngin hgn - Ng ngin hgn)/ Tflng tai sin; A2 = Lgi nhuin sau thul/ Ting tii sin; A3= Tflng lgi nhx^ln kl toin trudc thul v i lai vay (EBIT)/ Tfing tii sin; A4 = Vfin hda thi tnrdng/ Ng phii tri; A5 = Doanh thu thuin/
Tflng tii sin;
BETAj^: Beta thi trudng cua cfing ty i nim t;
BMj^: Ty so gii so sach ttfln gii thi trudng cua cflng ty i vio nam t;
LIQUIDi^; Khi nang tiianh khoan cua cflng ty i nam t;
4. Kit qua nghiSn cuu 4.1. Thong ki moid
Bing thflng ke md t i d Bang 1 cho thiy, sfi ng vay_
LOAN trung binh l i 11.6958. Chi pbi vfin chu sd bihi cao nhit l i 0.3127, thip nhit li 0.0003 vi trung bmh ia 0.1182, tuong ung voi muc lgi tuc binh quin m i nhi diu tir nhgn dugc Ii 11,82%. Miic df CBTT vfl mfii trudng (CED) trung bmh la 0.2492, gii hi cao nhit l i 1, gii tri nhfl nhit li 0, cbdng to mdc dg CBTT vfl mfli truomg cua cic cflng ty niem yflt chua cao, chi moi cong bfl khoing 24.95% nfii dung thong tin ttong bing ciu boi m i nhdm tic gii xiy dung.
Bang 1: Ket qud thdng ke mo ta
LOAN LOAN COE CED SIZE LEV RE MB Zscoie BETA BM LIQUID
Mean 11.6958 11.6958 0.1182 0.2492 12.4670 0.5045 0.0702 1.4099 3.5132 0 J 8 3 0 1.4099 1.6954
Maximnm 13.5173 13.5173 0.3127 1 14.4128 0.9651 0.3655 7.9516 15.8124 1.5949 7.9516 S.1567
Minlmiini 8.6393 8.6893 0.0003 0 11.IS80 0. 1738 -0 3342 0.4174 -0 3696 -0.9999 0.4174 0.2909
Std.Dev.
0.6948 0 6948 0.0766 0 . B 0 6 0.6319 0.9651 0 J 6 5 S 7.9516 2.4046 0,4258 10194 10975
(Nguon: Nhdm tdc gid tinh todn tu dir lieu khdo sdt)
^qp chi ^4 torn &^i&n torn sotkdng 5/2020
Nghien eiita trao ddi 4.2. Phdn tich tuang quan
1.0000 -0.0330 0.(031 0.6668 0.4400 -0.1351 -0.135) 0.0777 0.0091 0.4736 0.0380 -0.2749
1.0000 -0.I4S9 -OJ139
ami
0.1290 0.1189 -0J995 -0.0185 0.0337 04280 -0.0IS5
1.0000 0.0803 -03273 0,1201 0.1201 0.1641 -0.0068
•0.0967 -0.1S41 0J798
Bing 2 cho tiiiy, CBTT vS mfli trudng (CED) tuomg quan am vdi so ng vay_ LOAN, 7 " "
ngugc vdi ngbien cdu cua Nandy va Lodh (2012) va cbi ^^^
phi von chu sd buu (COE), ^ phd hgp vfli nghifln cuu cua ^^
Dhaliwal v i cfng su (2011). LEV Cic bifln kilm soat ttong MJUS mo hinh - quy md cfing ty RE (SIZE), don b i ^ tii chinh MB (LEV) v i ty sfi gii tri thi ^j™
trudng tten gii tri so sich (MB), sue sinh Idi kinh tl cita ^^*
tii sin (RE) v i kbi ning thanh ^M
toin (Zscore), Beta (BETA), UQUID -03749 -0.0155 ty sfi gii tri so sich ttfln gii tri
thi tiirdng (BM) v i khi nang thanh khoin (LIQUID) deu CO tuomg quan vdi chi phi lai vay (CV), sd ng vay (LOAN) v i chi phi vfin chu sd hum (COE).
4.3. Phdn tich dnh hudng cda CBTT vi moi trudng din chi phi von
Kiflm dinh Hausman Test dugc su dyng de lya chgn mfi hinh phu hgp. Trong c i hai trudng hgp bien phy thufc l i LOAN v i COE, md hmh phu hgp l i mfl hinh REM (Vl Prob>chi2 cua mfl hinb 1 v i md binh 2 deu Idn ban 0.05). Ket qui Kilm djnh Breusch and Pagan Lagrangian multiplier test thfl bifn Prob > chibar2
=0.0000 nfln cac mfi hinh nghifln cdu tfln tai khuyet tit phuong sai sai sfl thay d^i. Chung toi sd dyng phuong phip FGLS d l khic phyc cic khuylt tit ciia mfi Unh, v i thu dugc kit qui sau (xem Bang 3).
Bing 3 cho thiy, vdi mfl hinh 1 chdng tdi nhgn thay CBTT vl mfli truflmg nam trudc se giup cic cflng ty nhin dugc sfi tiln vay_ LOAN nhilu hon d nam sau vfli mdc y nghia 1%, do do gii thuyflt HI dugc chip nhin. Ket qui niy tuomg tu vfli kit qui cua Nandy vi Lodh (2012) v i Chava (2014).
Nhu ky vgng, kit qui Bing 3 cho thay mfii tuong quan im giua CBTT ve mfii trudng v i chi phi von chd sd huu cua cic cfing ty niem yflt tai \^et Nam. Diflu niy cd nghia li, CBTT vfl mfli trudng se lim chi phi vfin chd sd hiiu giim thflm 1.11%, do vgy gii thuyet H2 dugc chap nhgn.
S . K l t l u ^ n
Nghien cim nay hudng den vifc kiflm tra inh huflmg cda CBTT vl mfii tiudng din chi phi von cua 92 cong ty niem ylt ttfln thi truomg cbdng khoin Vift Nam,
"ttongJiai nim 2017 v i 2018. Kflt qui nghifln cdu cbo My.pbflng cfing ty cd y thuc cing cao trong vifc thyc fiifip-ieh nhifm vfli xa hgi nfli chung vi ttich nhifm
Bang 2: Ket qui phan tich he so tiPo^g quan
LOAN a ) E CED SIZE LEV INDUS R£ ZicOT BETX BM LI(.'U
1.0000 0.0358 10000 0J216 -0,4169 10000 QJ216 -0.4169 10000 10000 0J871 -OJ027 0.4222 0.4222 1.0000 04300 -O.1027 0,6253 0.6253 0J16G 05331 0.0647 0.0329 02062 01422 0.1136 -0.0743 -0.4516 -0,7500 02157 -0.019I -0.6102 0.0569 Oi926 0,0996
1.0000 02090 LOOOO -0,4811 -0,1621 1,0000
0.1337 0.0149 0,1772
Bang 3: Ket qua hoi quy anh hirdng cua CBTT ve m61 tru'dng den chi phi von
c
CED SIZE LEV RE MB Zscore INDUS BETA BM UQUID Observations P value H a m man test Chi-Sq. Statistic Prob>chi2
M o d e l ! (LOAN) 1.9184"
(4.86) 0.9610' •
(7.88) 0.7833"*
(23.41) 0.0130 (1.53) -1.2453 (-1.73) - 0 2 3 4 7 " *
(-6.70) 0.0074 (+0.86)
184 0.0000'"
5.93 0.4314 Breiuch and Pagan Lagningian mnlt^Uer test Chibar2(01)
Prob > chibar2 Note: 0 mucy nghia 10%,
26.80 O.O00O , r}''^ynghla5%v,
Model 2 (COE) 0.4168
(9.14) -0.1712 (-21.56) -O.024S*"
(-6.56) 0.0390*"
(2.92)
3.1?
(0.00) 0.0280""
(628) 0.0382"*
(7JO) 0 . 0 0 7 3 "
(4.80) 184 0 . 0 0 0 0 "
3 2 0 0.8660 28.23 0.0000 if'imiicyngMalii
(Ngudn: Nhom tdc gid tinh todn tir du lieu khdo sdl)
\di mfii truflmg ndi rieng thi cing nhgn dugc sy tin nhifm tu cic tfi chdc tin dung ciing nhu cic nhi diu tv thfing qua vifc dugc hudng Iii suit thap hon cho cic khoin vay ng, gia ting ban mdc tin dyng, v i chi phi huy dgng von chd sd hihi thap.
Tuy nhifln, nghien cuu niy van cdn tdn tgi mft vii bgn che. Thd nhit, vifc do luflmg chi sfl CBTT vl moi f ^ chi ^Stodn &^iem torn s6 thdng 5/2020
Nghlftn Gilli traa ddi
trudng chi diing Iai d do ludng dinh tinh nen chua dinh gii dugc chit lugng ciia bio cio mdi trudng. Do viy, cic nghien cdu ttong tuong lai cin xem xflt din chit lugng cda thflng tin dugc cong bfi. Thd hai, nghifln cuu dugc thuc hifn voi quy mfl miu nhfl nfln chua mang tinh dgi dien cho thi trudng chdng khoin Vift Nam. Bfln canh dd, thfli gian nghifln ciiu ngin, chi ttong 2 nim, nfln chua dinh gia dugc tifln trinh thyc bien CBTT v l mfli truomg cda cic cfing ty niem ylt. Ngoai ra, nghien cuu chua thyc bifln phin tich miu theo nhom nganh de dinh gii cy the ban inh hudng cua CBTT vfl moi trudng din chi phi ng vay tiieo tdng nganh cy thfl. D
Tdi Iiiu tham khdo Bg Tdi chinh (2015). TT 155/2015/lT- BTC.ve hudng ddn cong bo thong lin tren thi truang chung iJtodn. Thiy cap ngay 20/5/2018 https://lhuvlenphapluat vn/van- ban/chung-khoan/Thong-tu-155-2015-TT- BTC-cong-bo-thong-tin-tren-thi-lruang-chun g-khoan-2015-29301 S.aspx
Chava, S. Environmental Externalities and Cost of Capital, Management Science, 60(9). (2014). pp. 2223-2247.
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Joumal of Management & Governance.
20(3). (2015). pp. 503-523.
Cormier. D., & Magnan. M . The revis- ited contribution of environmental reporting to investors'valuation of a firm's eamings:
An international perspective. Ecological Eco- nomics. 62(3). (2007). pp 613-626.
Dennis, S. A., & Mullineaux, D. J, Syn- dicated Loans, Journal of Financial Interme- diation, 9(4), (2000), pp. 404-426.
Dhaliwal, D„ Hogan, C, Trezevant, R,
& Wilkins, M., Intemal Control Disclosures, Monitoring, and the Cost of Debt, The Ac- counting Review. 86(4). (2011), pp. 1131- 1156
Gray, R., Kouhy, R, & Lovers, S., Corpo- rate social and environrnental reporting: a re- view ofthe literature and a longitudinal study ofUK disclosure, Accounting, Auditing & Ac- countability Joumal, 8(2). (1997).pp. 47-77.
Nandy, M.. & Lodh, S., Do banks value the ecofriendliness affirms in their corporate lending decision? Some empirical evidence.
Intemational Review of Financial Analysis, 25. (2012). pp. 83-93
Richardson, A. J., Welker, M., & Hutchin- son, I. R., Managing Capital Market Reac- tions to Corporate Social Resposibility, Intemational Joumal of Management Re- views. 1(1). (1999), pp 17-43.
Xu, S., Liu, D., & Huang. J., Corporate social responsibility, the cost of equity capital and ownership structure' An analysis of Chi- nese listed firms, Australian Joumal of Man- agement. 40(2). (2014). pp. 245-276 (Tiep theo trang 62)
Thyc te, vifc kilm tra v i d6i chilu gifla cac sfi k l toin thuong chi dugc thyc hifn vao cuoi quy, cuoi nam trudc kbi lap BCTC, hoic chi khi cfl sy vifc gi xiy ra, dom vj mdi thinh l^p doin thanh tta di xic minh giai quyet vy vifc. Vi vgy, cong tic Idem tta ke toin chua dugc dam bio thudng xuyfln, kip thfli.
4. Ket l u i n
Thyc bifn ty chu dfii voi cic DVSN cong lip, ttong do cd cic bfnh vifn khfing chi li mgt doi bdi mang tinh tit ylu, ma cflng l i yflu ciu thyc tifln cda nhflng dcm vi niy de cd sy phit trien bfln vung. Thyc tfl, d i CO nhieu DVSN va bfnh vifn thyc bifn tbi diflm mo hinh ty chu CO nhung thanh cfing budc diu khflng chi tang doanh thu, ting thu nhgp cho ngudi lao dgng, m i cdn giim cic ngudn chi td ngin sich.
Chuyin doi tii ca chfl cip phit kinh phi hogt dgng sang co chfl ty chu dfli hfli phii thay dfli co bin, dfing bf cic chinh sich, gin liln vdi sy thay dfli v l cich thdc quin tii ttong ngi bg don vi. K I toin Ii cong cy quin Iy kinh t l co vj tri die biflt quan trgng ttong mfii don vi, nfln no
ciing cin phii dugc thay dfli c i v l cfing tic to chdc bg miy v i nghiep vu mfli cfl thi dip dng dugc nhirng thay dli tten.
Qua nghien ciiu cong tic kfl toin tai Bfnh vifn Da khoa huyfn Thugn Thinb, tinh Bic Ninh da thay dugc nhung CO ging dfl thay doi vfl tfl chdc bfl miy k l toin, hf thong chting tu, hf thfing tii khoin, hf thfing so sach, hf thflng b i o cio k l toin, dng dyng cflng nghf thflng tin v i kiem tta ke toan. Nhiing thay dfii tten da dip dng mfit phin yen cau sy thay dfii ciia cfing tic quin Iy bfnh vifn noi chung, quin ly tii chinb ndi riflng ttong qui trinb thyc hifn ty chu. Tuy nhien, do cich thdc, CO chl hogt dgng da cd nhiflu thay dfii, nfln ngoii nhumg thay dfii cic ngi dimg trong cfing tic ke toin cda don vi, cin thiflt phii cd su thay dfli mgt sfi ngi dung ttong che do kfl toin hinh chinb sy nghifp cho phu hgp vdi sy chuyfln dfli niy. Dd l i vifc thay dfli nfli dung mgt sfi tai khoin, BCTC,... cho phu hgp vdi thyc te cda DVSN thyc hifn ty chd.
Theo dd, k l toin bfnh vifn phii to chdc tot kfl toin quin tri, dim nhifm tfit vai tro cung cip thong tin
phuc vu cho viec diflu hinh v i ra quyflt dinh cda cic cip quin tri ttong bfnh vifn. D
Tdi U$u tham khdo Bd Tai chinh (2017), "Thong lu 1Q7/2Q17/TT-BTC. ban hdnh ngay 10/10/2017, hu&ng ddn chi dg ki todn hdnh chinh, su nghidp.
Chinh phu (2006). "Nghf dinh 43/2006/ND-CP. ban hdnh ngdy 25/04/2006, quy dink quyen tif chu, tu chju track nhifm ve thjfc kien nhiem vu. to ckuc bo mdy, bien eke vd tdi chinh doi vai BVSN cong lgp "
Nguyin Thf Nguyet (2019), "Ca che tu cku Idi chinh cua nhiing D VSN cong lap ", Tgp chi Cong thucmg di^n tu.
Online:http://www.bipchicongthuong. vn/bai - viet/co-che-tu-chu-tai-ckink-cua-nhung-don- vi-su-nghiep-cong-lap-60970 htm, ngdy truy cap 13/02/2019.
Nguyin Quyet (20J 7). "Mpt sS vdn dS vi triin khai ca che tu cku tdi chink tgi DVSN cong lap", Tgp chl Tdi chinh di^n tu. On- line:kttp://tapchilaickink.vn/tai-chinh-kink- doanh/mot-so-van-de-ve-trien-khai-co-che-tu -cku-tai-chinh-tai-don-vi-su-nghiep-cong- lap-128794 html, ngay truy cgp 13/02/2019.
Nguyin Due Quy (2017), "Mpt so md hinh to chuc bp mdy ke todn tgi cdc DVSN cong lap". Tgp chi Tdi chinh di0n tu. On- line:http //tapchitaichinh. vn/tai-chinh-kink- doanh/mot-so-mo-hink-lo-ckuc-bo-may-ke-to an-tai-cac-don-vi-su-nghiep-cong-lap- 133614.html. ngdy truy cgp 13/02/2019.
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