MOI QUAN HE GIIJ'A LOl THE THU'CfNG MAI VA GIA TRI THI TRirOfNG CUA CAC DOANH NGHIEP
NIEM YET TREN THI TRlTOOVG CHUTVG KHOAN VIET NAM
Doan Tb| Hong Nhung
Khoa Kinh te - Qudn ly, Tru&ng dgi hgc Thdng Long Email: [email protected]
Ngay nhan: 19/11/2018 Ng^y nhan ban sira. 28/12/2018 Ngay duy?t dang: 25/02/2019
Tom tkt:
Lgi thi thuang mgi la mgt chu di gdy tranh cdi trong giai nghiin ciru vd ki todn. Cdc chuyen gia ki todn cho rang lgi thi thuang mgi Id tdi sdn vo hinh md cdc doanh nghiep khong the do lu&ng vd ghi nhgn no mgt cdch riing re. Di kiim tra xem lgi the thuang mgi co phdi Id tdi sdn dugc cdc nhd ddu tu dinh gid khi mua doanh nghiep, nhieu nhd nghien ciru da kiim tra thuc chimg moi quan hi giua lgi thi thucmg mgi vd gid tri thi truang cda doanh nghigp. Tuy nhien, hdu hit cdc nghien cuu chi duac thuc hien tgi cdc nuac co nin kinh te phdt trien nhu Anh vd My. Nghien ciru ndy duac thuc hien nhdm kiem chung moi quan hg trin trong boi cdnh m&i Id Viet Nam, mgt nen kinh te dang phdt trien. Kit qud nghien ciru cho thdy ton tgi moi quan he duang giica len the thuang mgi vd gid tri thi tru&ng cda doanh nghiip. Nhu vgy, diiu ndy chung to nhd ddu tu coi lgi thi thuong mgi la mgt tdi sdn khi dinh gid doanh nghiip.
Tir khda: Gia tri thi trudng, Lgi thd thuang mai, Tai san cd dinh vd hinh Ma JEL: M41
Relationship between goodwill and market value of listed firms on Vietnam Stock Exchange
Abstract:
Goodwill is a controversial topic among researchers and accountants. Accounting experts believe that goodwill is an intangible asset that businesses cannot measure and record it separately To test whether goodwill is an asset valuated by investors when purchasing an enterprise, many researchers have examined the relationship between goodwill and the market value of the business. However, most studies are only conducted in developed countries such as the United Kingdom and the United States. This study was conducted to examine the relationship in the new context of Vietnam, a developing economy. The results show that there is a positive relationship between goodwill and the market value of the business. Thus, this proves that investors consider goodwill as an asset when valuing enterprises.
Keywords: Market Value. Goodwill. Intangible Assets JEL Code: M4I
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l.Giditbi|u
Lgi thd thuang mai mua dugc khi hop nhat kinh doanh la mdt chii de gay nhidu tranh cai trong nghien ciiu. Viec do ludng va ghi nhan Igi the thuang mai la rat phiic tap va khac nhau giiia cac qude gia.
Trudc nam 1970, mdt sd phuang phap kd toan lpi the thuong mai dugc ap dung: phuang phap thii nhat ghi nhan Igi thd thuang mai nhu mdt tai san tren bao cao tai chinh; phuang phap thii hai ghi nhan ngay lgi thd thuang mai vao chi phi hoac thu nhap tren bao cao tai chinh ciia nam mua; phuang phap thii ba vdn hoa lgi thd thuang mai, ghi nhan no nhu mgt tai san cd dinh vd hinh va phan bd dan vao chi phi cho cac ky ke toan tuang lai. Nam 1970, phuang phap ke toan lgi the thuang mai d My dugc thuc hidn theo Quan didm hdi ddng nguyen tac ke toan sd 17 (Accounting Principles Board Opmion No 17) - Tdi sdn co dinh vo hinh. Theo do, lgi the thuang mai dugc quy dinh thdng nhat each ghi nhan nhu ia tai san cd dinh vd hinh va phan bd vao chi phi vdi thdi han tdi da khdng qua 40 nam. Phuang phap ke toan nay dugc duy tri cho tdi nam 1995 khi Chuan myrc ke toan tai chinh sd 121 (Financial Accounting Standards No 12\) - Ke todn su suy gidm ciia cdc tdi sdn CO vong d&i ddi dugc ban hanh. Tat ca cac tai san cd vdng ddi dai, bao gdm ca ipi thi thuong mai deu phai dugc danh gia suy giam hang nam.
Tai thdi didm dd, lgi the thuang mai vira phai thuc hien phan bd lai vira phai danh gia suy giam. Qua trinh thye hien song song hai phuong phap ddi vdi lgi the thuang mai ket thiic khi Chuan muc ke toan tai chinh sd 142 dupc ban hanh vao nam 2001. Theo Chuan muc kd toan tai chinh sd 142, Igi the thuang mai khdng cdn dugc phan bd ddu niia ma chi thuc hien danh gia suy giam hang nam (Kintzele va cdng su, 2005).
Theo tidu chuan bao caa tai chinh quoc td 3 - Hpp nhat kinh doanh (IFRS 3- Business Combination), lgi the thuang mai la tai san thd hien lgi ich kinh te trong tuang lai phat sinh tir cac tai san khac dugc mua trong hpp nhSt kinh doanh ma khdng the xae dinh va ghi nhan mdt each ridng re (International, 2008). Theo ChuSn muc ke toan Viet Nam so 11 (VAS I I ) - Hgp nhat kinh doanh, lai the thuang mai la nhirng lgi ich kinh te trong tuang lai phat sinh tir cac tai san khdng xac dinh dugc va khdng ghi nhan dugc mdt each ridng biel (Bd Tai Chinh, 2005). Bg
Tai Chinh (2014) quy djnh Igi thd thuang mai phai dugc ghi nhan nhu mgt tai san cd dinh vd hinh, phan bd deu vao chi phi vdi thdi gian tdi da la 10 nam va thuc hien danh gia su suy giam Igi the thuang mai hang nam. Ndu sd Igi thd thuong mai bi suy giam hang nam do danh gia suy giam Idn han sd phan bd thi kd toan phai ghi nhan sd suy giam. Nhu vay, cd thd thay phuang phap kd toan Igi the thuang mai hien nay tai Viet Nam cd nhimg diem tuang ddng vdi phuang phap ke toan lgi thd thuong mai tai My giai doan 1995-2001.
Neu ke toan ghi nhan Igi the thuang mai la mdt tai san, thi lieu tai san dd cd mang lai igi ich kinh te thuc su trong tuang lai cho doanh nghiep va cac nha dau tu cd coi lgi the thuang mai la tai san va xem xet chiing khi dinh gia doanh nghiep.
2. Tong quan nghien cihi
Ly thuyet thi trudng hoan hao la ca sd ciia nhieu nghien euu ve phan img ciia gia cd phieu cua cac cdng ty trdn thi trudng ddi vdi cac thdng tin tai chinh ma cac cdng ty nay cdng bd. Khi thi trudng hoan hao thi thdng tin lan truyen nhanh va ngay lap tiic gia ca phan anh thdng tin mdi cdng bd. Su hieu qua ngu y rang gia ca phan anh su hieu bidt va ky vpng cua tat ca cac nha dau tu. Theo ly thuyet thj trudng hoan hao, khdng cd ca nhan nao cd thdng tin ve bat ky mdt chiing khoan nao nhieu hon cac ca nhan khac trong thj trudng. Ly thuyet nay ciang la ca sd viing chac de cac nha nghien ciiu kiem chiing phan iing cua cac nha dau tu ddi vdi cdng bd thdng tin lgi the thuang mai la tai san tren bao cao tai chinh ciia cac cdng ty,
Tren the gidi da cd nhieu nghien ciiu kicm chiing mdi quan he giira lgi the thuang mai va gia trj thj trudng ciia doanh nghiep. Hau het cac nghidn cim deu phat hien ra mdi quan he ciing chieu giu'a lgi the thucmg mat va gia tn thi trudng ciia doanh nghiep (Chauvin & Mark, 1994; McCarthy & Schneider, 1995; Jennings & cdng sir, 1996; Qureshi & Ashraf, 2013).
Chauvin & Mark (1994) da nghidn ciiu mdi quan he giira Igi the thucmg mai va gia tri thi trudng ciia doanh nghiep vdi mau nghien cuu gdm 2693 quan sat trong thdi gian 3 nam tu 1989 ddn 1991 lay tir ca sd dir lieu Compustat. Ket qua nghien ciru da cho thay lgi the thuang mai cd mdi quan he duong vdi
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gia tri thi tnrdng ciia cac doanh nghi?p phi san xuit va cd y nghia thdng ke, nhung khdng cd y nghta thdng kd ddi vdi cac doanh nghi?p san xuat.
McCarthy & Schneider (1995) nghien ciiu moi quan he giua Igi thd thuang mai va gia hi thi hirdng cua doanh nghiep ciing vdi eac bien ddc lap khac trong md hmh nhu gia txi ghi sd ciia tai san tru Igi the thuang mai, ng phai tra va thu nhap da cho thiy cac nha d^u tu cd xem xet lgi thd thuang mai khi dinh gia cdng ty va anh hudng cua ipi thd thuang mai tdi viee dinh gia cdng ty it nhit ciing ngang bang vdi cac tai san khac.
Jennings & cdng su (1996) da hdi quy gia trj thi trudng cua cac doanh nghiep My theo nha xudng, may mdc, thiet bj, lgi thd thuang mai, tai san khac va ng phai tra gdm 259 quan sat tii nam 1982 ddn 1988. Kdt qua cho thay thi trudng djnh gia lgi thd thuang mai cao ban so vdi nha xudng, may mdc, thiet bi va eac tai san khac.
Qureshi & Ashraf (2013) da thu thap du lieu eiia cac cdng ty cua Anh thupc 84 nganh khac nhau tir nam 1998 ddn 2003. Nghidn cihi sit dyng md hinh dinh gia eiia Ohlson de hdi quy gia tri thi trudng ciia doanh nghidp theo Igi the thuang mai, cac tai san khae trir lgi the thuang mai, chi phi nghien ciiu phat trien, chi phi quang cao tuong tu nhu nghien cuu ciia Chauvin & cdng su (1994). Tuy nhien, nghien ciiu nay dua them 3 bidn mdi la lgi nhuan, cd bic va anh hudng tieu cue ciia tang vdn khi mua. Ket qua nghien cdu chi ra rang lgi the thuang mai cd anh hudng dang ke ddi vdi gia tri thi trudng ciia doanh nghiep. Didu nay ggi y rang cac nha dau tu coi Igi the thuang mai nhu la mdt ngudn Igc kinh te.
Trai ngupc vdi cac nghien ciiu trdn, Kathleen &
Ayres (2000) da sir dung phuang phap nghien ciiu su kien ddi vdi cac giao dich mua cua cac cdng ty My xay ra tu 1984 den 1990 de danh gia anh hudng cua sy thay ddi lgi the thuang mai ddi vdi thu nhap bat thudng hen thi hirdng chung khoan. Nghien ciiu nay tap trung vao sy thay ddi gia trj thj trudng eua doanh nghiep hudc va sau sy kien mua ban, sap nhap cd Igi thi thuang mai phat sinh. Nhdm nghien ciiu da diing md hinh thj tnrdng de tinh toan thu nhap bit thudng hung binh tich luy (CAAR- Cumulative Average Abnormal Rehims) xung quanh ngay sy kien. Ngay sy kien dugc lya chpn trong nghidn eiiu la ngay bao cao lgi nhuan quy dau tien sau khi giao
dich mua thanh cdng. Nhu vay, khi ^ dung phuang phap hoan toan khac vdi cac nghidn ciiu d nhdm 1 vdi Cling du lieu la cac cdng ty My da cho mgt kdt qua nghien cim hoan toan trai ngugc Nghien ciiu da chi ra mdi quan h? khdng cung chidu giira Igi the thuang mai va gia tri thi tnrdng cua doanh nghidp.
Phat hidn ciia nghien cuu da chi ra rang cdng ty cd lpi thd thuong mai cang Idn thi anh hudng xau tdi gia tri thi tmdng ciia doanh nghidp cang eao va cac tae gia da ly giai rang do tam ly ciia cac nha dau tu e ngai viec ghi nhan lgi thd thuang mai cao ddng nghia vdi vide chi phi phan bd lgi the thuang m^i ciing se cao vit anh hudng tdi ket qua hoat dpng kinh doanh.
Tat ca cac nghidn cuu tren deu thuc hidn tai My va Anh, nai ed nen kinh td rit phat trien va nhan thiic ciia nha dau tu ddi vdi Ipi thd thuang mai la day du va rd rang. Tuy nhien, ket qua ciia cac nghidn cim van chua cd sy thdng nhat. Hien nay, tai Viet Nam, chua cd nghien ciiu nao djnh lugng mdi quan he giira lgi thd thuong mai va gia tri thi trudng doanh nghidp. Kinh tl Viet Nam la mdt ndn kinh td dang phat tndn ndn nhan thitc cua cac nha dau tu ddi vdi lgi the thuong mai cd thd chua day dii, ddng thdi ke toan lgi the thuang mai tai Viet Nam cdn rat mdi me ddi vdi cac doanh nghiep ndn qua trinh danh gia va ghi nhan lpi the thuang mai cd the edn chua chinh xac. Dieu nay cd thd anh hudng tdi phan iing cua nha dau tu ddi vdi cdng bd thdng tin Igi the thuang mai. Do dd, trdn co sd ly thuyet thi trudng hoin h^o, nghien cim nay se kiem chumg mdi quan he giira lgi the thuang mai va gia tri thj trudng ciia cac doanh nghiep tai Viet Nam.
3. Phirang phap ngbien cihi 3.1. Thiet ke nghien cuu
Md hinh sii dyng trong nghien ciiu nay dugc phat hiSn tii md hinh cua Landsman. Landsman (1986) sir dung cac khoan muc trong bang can ddi ke toan de giai thich gia tri thi trudng eiia vdn chii. Ndu MA la gia tri thi trudng ciia tai san va ML la gia trj thi trudng cda ng phai tra thi gia tri thj trudng cua vdn chii ME se dupc trinh bay nhu sau:
ME = p,MA + pjML + ji (1) Trong dd, |i la gia tri phan du
Landsman sii dyng md hmh a phuang tnnh 11) dd kiem tra sy chip nh^n ciia thj trudng ddi vdi Lac t^i
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san va ng phai tra ciia cdng ty.
Tuy nhidn, xac dinh gia trj thi trudng ciia cac tai san va ng phai tra cua cdng ty la rit khd khan.
Nghidn ciiu cua Ohlson (1993) da sii dung gia hi ghi so cua lai san va np phai tra thay thd cho gia tri thi h^dng ddng thdi dng da dua thdm bidn thu nhap dd md hmh cd dugc kdt qua giai thich tdt hon (trich din bdi McCarthy va Schneider, 1995).
ME = pj ASSET+P3LIAB + P3 INC+ £ (2) Trong dd:
ME: Gia tri thi trudng ciia vdn chii sd him ASSET: Gia tri ghi sd ciia tai san LIAB: Gia tri ghi sd cua np phai tra INC: Thu nhap thuin
Nghien ciiu nay tap trung vao sy chip nhan ciia thi trudng ddi vdi lgi thd thuang mai. Do dd, bidn ASSET se dugc tach thanh hai bidn sau: ALGW- Gia tn ghi sd ciia tai san trir lgi thd thuang mai va GW- Gia tri ghi sd cua lpi the thuang m^i. Md hinh trdn se dugc bidn ddi thanh md hinh mdi dudi day:
MV,, = Po + P, ALGW, + Pj GW,, + pj LIAB,, + P^ INC , + H,_, (3)
Bidn MV se dugc tinh toan bang each lay sd lugng cd phidu thudng lim hanh tren thi trudng nhan (x) vdi gia ddng cira cua mpt cd phieu tai ngay 01 thang 4 ciia nam tiep theo sau khi ket thiic nam tai chinh (McCarthy & Schneider, 1995)
Nghien cuu sir dung dii lieu mang nen tac gia da tien hanh kiem dinh de lua chgn md hinh thich hgp trong ba md hinh: binh phuang nhd nhat thdng thudng gdp, tac ddng nglu nhidn hoac tac ddng cd djnh. Viec kiem dinh lya chpn md hinh dugc tien hanh qua hai budc. Budc 1 kiem djnh de lya chpn
xem ndn diing md hinh binh phuang nhd nhat thdng thudng gdp hay tac ddng ngiu nhien bang kidm dinh Breusch va Pagan Lagrangian. Ndu he sd p.value <
0,05 thi tdn tai tac dpng ngau nhidn va md hinh binh phuang nhd nhat thdng thudng gpp se khdng dupc sii dung. Ngugc lai, ndu p.value > 0,05 thi md hinh binh phuong nhd nhat thdng thudng gdp se dugc sii dung. Ndu md hinh tac dgng nglu nhien dugc lya chgn ta can tidn hanh budc 2, sir dung kidm djnh Hausman de lua chpn giiia md hirih tac ddng ngau nhidn va md hinh tac ddng ed dinh. Neu p.value <
0,05, lua chpn md hinh tac ddng cd djnh. Neu p.value
> 0,05, lya chpn md hinh tac ddng ngau nhidn.
3.2. Gid thuyet nghien cuu
Trong phuang trinh (3) d trdn, he sd P^ cua lgi thd thuang mai la he sd quan tam chinh. Ndu thj trudng djnh gia lgi the thucmg mai thi lgi the thucmg mai se cd anh hudng dang kd, he sd p^ se cd tuang quan duang vdi gia trj thi trudng ciia cdng ty. De kidm tra mdi quan he nay gia thuydt sau dupc kiem tra (Gia thuydt 1):
H,:P, = 0
Thir hai, neu lgi the thuang mai la bidn cd y nghia, can kidm tra them xem thj trudng chap nh^n lpi thd thuang mai nhu thd nao so vdi cac tai san khac. Ndu Igi the thuang mai la cd y nghia, nd cd dugc djnh gia khac vdi cac tai san khac khdng? Dieu nay dugc kiem chiimg bdi gia thuyet sau (Gia thuydt 2):
3.3. Thu thgp du lieu vd lua chgn mdu DH lieu nghien ciiu thu thap tit bao cao tai chinh hgp nhat ciia cac cdng ty niem yet tren thj trudng chirng khoan Viet Nam. Nghidn ciiu nay kiem tra Igi Bang 1: Ket qua kiem tra da
bang l£nh VIF doi voi mo Variable
LEV 1NC2 GW2 InALQW Mean VIF
VIF 1,31 1,18 1,07 1,07 1.16
cong tuyen hinh (4)
lAaF 0,764151 0,845670 0,932055 0,933667
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Bang 2: Ket quS phan tich th6ng k& md ti Variable
LEV QW2 INC2 InMV InALOW
Obs 792 792 792 792 792
Mean 0,5491415 0,0163668 0,0546099 13,3052 14,28333
Std. Dev.
0,195928 0,0371921 0,0701786 1,682895 1,399791
Min 0,0091288
0 -0,286772 9,738797 9,849612
Max 0,9298366 0,3803762 0,7836998 19,08592 18,96423 the thuang mai bao cao ciia cac edng ty trong 8 nam
tii 2009 ddn 2016. Mau se dugc chpn cho cac cdng ty cd phan niem yet trdn Sd giao djch chiing khoan theo cac tidu chi ca ban sau:
- Cac cdng ty nidm yet cd thdi gian niem ydt tdi thidu tir nam 2009 va van tiep tuc dupc niem ydt it nhat den nam 2017;
-Mau dupc chpn gdm cac cdng ty cd cdng bd lgi thd thuang mai trdn bao cao tai chinh hgp nhat trong giai doan tir nam 2009 ddn 2016;
-Cac cdng ty dugc lua chpn theo nhidu nganh nghd kinh doanh phi tai chinh: Nganh Ndng nghiep, lam nghidp va thiiy san; Khai khoang dau khi; Cdng nghidp chd bidn; Xay dyng; Van tai, kho bai; Thuang mai va djch vy; Thdng tin truyen thdng; Hoat ddng chuyen mdn khoa hpc; Kinh doanh bat dpng san.
Ket qua cudi cung thu dupc gdm 99 cdng ty tucmg ling 792 quan sat.
4. Ket qua vik thao luan
Kdt qua kidm tra da cgng tuydn cua md hinh (3) chi ra ring tdn tai hien tugng da cdng tuydn cao giiia cac bidn do tat ca cac he sd VIF ciia cac bien dgc lap ddu Idn ban 2, dac bidt la he sd VIF ciia hai bien LIAB va ALGW ddu rit cao. Dd khic phuc hien tugng nay, cac bien trong md hinh 3 dugc giam phat
bang each chia cho gia trj ghi sd ciia tdng tai san va lay logarit cho hai bidn MVt va ALGW nhu sau;
Su dung bien LEV = LIAB/TA thay cho bien LIAB
Sit dung biln GW2- GW/TA thay cho bidn GW Su dung bidn INC2=INC/TA thay cho bidn INC Trong do, TA la gia tri ghi sd cua tdng tai san Md hinh su dung cac bien dieu chinh dugc viet lai nhu say
InMV , = Po + P, InALGW,, + p^ GW2,, + p^ LEV,, + P^INC2_, + ^i,^(4)
Kiem tra hien tucmg da cdng tuyen ddi vdi md hinh (4) cho kdt qua tat ea cac he sd VIF cua cac bidn deu nhd hon 2. Didu nay cho thay khdng cdn hi^n tugng da cgng tuyen giiia cac bidn hay cac bien dpc lap ciia md hinh khdng bj tac dpng lan nhau. Kdt qua the hien trong Bang I.
Kdt qua phan tich thdng ke md ta d Bang 2 cho thay dugc nhiing dac tinh ca ban cua eac biln nghien ciiu nhu gia hi ldn nhat, gia tri nhd nhit, gia trj trung bmh va sai lech giira gia tri trung binh ctia cac bien vdi gia tri thuc.
Nghien ciiu su dung dii lieu mang ndn tac gia da tbyc hien kilm djnh dl lya chpn md hinh thich
Bang 3: Ket qua kiim dinh Hausman de Iva ch^n mo hinh tac dgng ngau nhien bay tac dgng co dinh Test: Ho difference in coefficients not systematic chi2(4) = (b-B)'[(V>V_B)^(-l )](b-B)
= 54,55 Prob>chi2 = 0,0000
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Bang 4: Kit qua kiem dinh phirong sai sai sd thay ddi Modified Wald test for groupwise heteroskedasticity in fixed effect regression model HO: sigma(i)^2 = sigma^2 for all i
chi2(99)= 1037,51 Prob>chi2 = 0,0000
hgp trong ba md hinh: binh phucmg nhd nhit thdng thudng gdp, tac dgng ngau nhien hoac tac dpng cd dinh. Ket qua kiem tra cho thay tdn tai tac ddng nglu nhidn (p.value <0,05) ndn md hinh binh phuang nhd nhat thdng thuang gpp se khdng dugc sii dyng.
Tiep theo, tac gia thuc hidn kidm tra xem ndn su dung md hinh tac ddng ngau nhien hay md hinh tac dgng cd dinh bang each sir dung kiem dinh Hausman. Kdt qua kidm dinh tai Bang 3 eho thiy p.value < 0,05 nen bac bd H^; vi vay, nghien ciiru lya chgn sir dyng md hinh tac ddng cd dinh.
Tac gia tbyc hien kiem dinh tu tuong quan va phuang sai sai sd thay ddi ddi vdi md hinh tac ddng cd djnh. Ca hai kdt qua kiem dinh deu cho thay su tdn tai ciia hien tugng ty tuang quan va phuang sai sai sd thay ddi trong md hinh. Ket qua dugc trinh bay chi tidt trong Bang 4 va Bang 5.
De khac phuc hai hidn tugng trdn, tac gia da sir dung phuang phap hdi quy binh phuang tdi thidu tdng quat kha thi (FGLS), Ket qua cho thay hien tugng phuang sai sai sd thay ddi va hien tugng tu tuang quan da dugc khac phuc. Kdt qua dugc trinh bay trong bang 6.
Kdt qua d bang 6 cho thay cac bien giai thich deu cd y nghTa vdi p.value < 0,05 va dau ciia cac he sd udc lugng deu diing du doan. Nhat quan vdi thao luan d tren, he sd udc lugng ciia GW2, P, = 1,35, ldn ban +1 vdi miirc y nghia 0,008. Bang chimg nay chi ra rang cac nha dau tu chap nhan Igi the thuang mai la tai san va dinh gia lgi thd thuang mai khi dinh gia cdng ty.
Ket qua d bang 6 ciing cho thay dau he sd udc lugng cua LEV la am, p^ = -2,65, vdi miic y nghia
< 0,05. Didu nay cho thay LEV tang thi gia hj thj trudng ciia cdng ty giam. Ket qua nay la phii hgp vdi iy thuyet trong tai chinh ciing nhu thuc tien kinh doanh ciia cac cdng ty tren thj trudng. He sd udc
lugng cua cac tai san khac tni Igi the thuang mai ldn hem +1 vdi miic y nghia p.value < 0,05 cho thay thj trudng ciing dinh gia cac tai san khac khi djnh gia cdng ty. Tuy nhien, so sanh he sd udc lupng cdn cho thay lgi the thuang mai dugc thi trudng dinh gia cao hem so vdi cac tai san khac. Kdt qua nay nhat quan vdi cac nghidn ciru trudc nhu Wang (1995) va Jennings & cdng sy (1996). Hp da phat hien ra rang eac nha dau tu cd xem xet ddn Ipi the thucmg mai khi djnh gia cdng ty va coi trpng lgi thd thuang mai ban cac tai san khac.
Tir ket qua ciia nghien ciiu nay, cd the tranh luan rang thdng tin lgi the thuang mai ddng mdt vai trd quan trpng ddi vdi thj trudng, cac nha dau tu cd the thay lgi the thuang mai nhu la mdt ngudn lyc mang lai lgi ich kinh te trong tuang lai. Ket qua nay cung gdp phan ciing cd them khang dinh cua cac nha xay dung chuan myc kd toan do la lpi thd thucmg mai la mdt tai san va nd nen dugc vdn hda va trinh bay d muc tai san trdn bang can ddi ke toan hgp nhat.
Vide tinh toan gia trj Ipi thd thuang mai la mdt van de phirc tap va cac cdng ty ciia Viet Nam cdn rat ma hd ve dieu nay. Trong thye td, nhidu cdng ty ciia Viet Nam da don gian hda thii tuc tinh toan gia trj lgi the thuong mai bang each lay gia mua trir true tidp cho gia tri ghi sd tai san thuan ciia cdng ty bj mua trong khi chuan myc ke toan quy dinh gia trj lgi thd thuang mai dugc xac djnh bang chenh lech giiia gia mua va gia tri hgp ly tai san thuan cua cdng ty bj mua Tir thye te nay nit ra kdt luan gia tri lpi the thuong mai trinh bay tren bao cao tai chinh ciia nbieu cdng ty cd thd khdng chinh xac va khdng dang tin cay. Tuy nhien, ket qua ciia nghien cim nay lai hoan toan nhat quan vdi ket qua ciia cac nghidn cim thuc hien d nhumg nudc cd nen kinh td phat tnen nhu Anh. My... Nhu vay, dieu nay cho thay nha dau tu van dat ky vgng ldn vao nhirng gia trj ma lgi the thucmg mai mang lai trong tucmg lai, tham chi hg tin
Sd 261 thdng 3/2019
kiiiliyiiiillrjt'n
Bang 5: Ket qua Idem dinh hien tvorng tir tuong quan Wooldndge test for autocorrelation in panel d
HO: no first-order autocorrelation F(I,'
Prob > F = 0,0000 tudng rang nhiing lgi ich nay con ldn hem ca nhiing thidt hai cd the xay ra do ket qua sai lech trong tinh toan gia trj lgi thd thucmg mai. Nha dau tu vin cd nhiing phan ung tich cyc ddi vdi cac cdng ty cdng bd thdng tin lpi the thuang mai tren bao cao tai chinh hgp nhat.
5. Ket luan
Muc dich cua nghien eiiu nay tim kiem bang chiing thye nghiem ve each ma thj trudng xem xet lpi thd thucmg mai khi djnh gia cdng ty. Kit qua ggi y rang thi trudng coi lgi the thuong mai la tai san khi djnh gia cdng ty, tham chi anh hudng cua lgi thd thuang mai ldn gia tri thi trudng cua doanh nghiep
cdn cao ban so vdi anh hudng ciia cac tai san khac.
Tuy nhidn, cdn tdn tai mdt sd ban che trong nghidn ciiu nay.
Thir nhat la ldi do ludng. Do khdng the quan sat dugc gia tri thi trudng cua tai san va ng phai tra nen nghien cim da phai su dung gia tri ghi sd cita tai san va ng phai tra dd thay the.
Thii hai la miie dp tin cay cua gia trj lgi thd thuang mai cdng bd trdn bao eao tai chinh hop nhat cdn thap. Nghien ciiu thye nghiem cho thay hau het c^e cdng ty nidm yet tren thj trudng chiing khoan Vi?t Nam giai doan tir 2009 den 2016 deu cdng hd lgi the thuang mai la kdt qua chdnh lech cao ban giiia gia Bang 6: Kit qua khac phijc phirong sai sai so thay d6i v^ ty tinrag quan
Cross-sectional time-series FGLS regression Coefficients: generalized least squares Panels: heteroskedastic
Correlation: common AR(I) coefficient for all panels (0,4927) Estimated covariances = 99
Estimated autocorrelations - 1 Estimated coefficients = 5
Number of obs = 792 Number of groups = 99 Time periods = 8 Wald chi2(4) = 3970,17
Prob > chi2 = 0,0000 InMV
InALQW 0W2 LEV INC2 cons
Coef, 1,102755 1,347915 -2,653687 1,134627 -1,066448
Std. Err.
0,0177198 0,5119288 0,1153278 0,2724972 0,2452202
z 62,23 2,63 -23,01 4,16
^.35 P>z 0,000 0,008 0,000 0,000 0,000
[95% Conf.
1,068025 0,3445526 -2,879726 0,6005425 -1,547071
Interval]
1,137486 2,351277 -2.427649 1,668712 -0,5858249
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m u a v a gia trj ghi sd c u a c a c tai san thuan ciia c d n g M a c dii cdn ton tai m d t sd b a n chd n h i m g ket q u a t y bj m u a t r o n g k h i dd t h e o c h u i n m y c k l toan Viet cua n g h i e n ciiu da bd s u n g v a cimg cd t h e m k i t q u a N a m sd 11 c a c tai san t h u i n ciia c d n g ty bi m u a p h a i
d u g c d o l u d n g t h e o gia tri h o p Iy. Didu n a y d i n tdi gia tri lgi t h e t h u a n g m a i c d n g b d trdn b a o c a o tai
ciia c a c n g h i e n ciiu t r u d c tren the gidi. D a c biet, nghidn ciiu n a y d u g c t h u c hidn d Viet N a m , m d t c h i n h h g p n h i t ciia c a c c o n g ty Viet N a m se k h o n g ^^^'^ ^° ^^^ ^^^ ^^ * ' ^ ^ g ^°^ ^^"^^ P*^^^ * " ^ "
p h a n a n h diing b a n c h i t ciia ipi thd t h u a n g m a i n h u ^^y du va lpi the t h u a n g m a i v a n c d n la m d t h o p d e n d a n e u trong C h u a n m u c k e t o a n Viet N a m sd 11. b i i n ddi vdi cac d o a n h n g h i e p .
T M lidu t h a m k h a o :
Bd Tai Chinh (2005), Quyit dinh so IOO/2005/QD-BTC vi viec ban hdnh vd cong bo bon chuan muc ke todn Viet Nam (dgt 5), ban hanh ngay 28 thang 12 nam 2005.
B Q Tai Chinh (2014), Thong tusd 202/2014/TT-BTC hu&ng ddn phuang phdp lap vd trinh bdy bdo cdo tdi chinh hgp nhdt. ban hanh ngay 22 thang 12 nam 2014.
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