TAI CHINH-NGAN HANG-BAO HIEM
CAU TRUC VON CUA CAC DOANH NGHIEP PHI TAI CHINH
NIEM YET TREN THI TRlJOfNG CHlfNG KHOAN VIET NAM
* NGUYEN THANH CUdNG - BUI MANH CUCJNG - PHAM DINH TUAN
TOIW TAT:
Muc tidu cua bai vid't nay la phan tich thtfc trang can true vdn cua 306 doanh nghidp phi tai ehinh niem yet iren thi trtfdng chffng khodn Viet Nam giai doan 2008 - 2017. Bang phtfdng phap phan tich md ta, so sanh cau true vdn qua cac nam va giffa cdc nganh, kdt qua nghien cffu cho tha'y, ty sd' nd binh quan eae doanh nghiep giao ddng trong khoang tff 48% de'n 50%
va thien ve sff dung no ngan ban. Ben canh dd, kd't qua phdn tich cdn eho tha'y, eS'u triic vd'n cua doanh nghiep ed sff khae nhau ddng ke giffa cac nganh. Tff kd't qua phan tieh nay, bai vie't dffa ra mot so giai phap giup cdc doanh nghiepxay dffng ca'u tnic vdn hop ly, hffdng dd'n ndng cao gia trj doanh nghidp trong thdi gian tdi.
Tit khda: Ca'u true vd'n, ty sd nd, doanh nghiep phi tai chinh, thi trffdng chtfng khoan.
1. Dgt van de
Ly thuyd't ca'u true vd'n bat dau bdi nghidn cffu Franco Modigliani va Merton Miller (1958). Vdi gid dinh thi trffdng vdn la hoan hao, nhff: khdng cd thud', Ihdng tin can xffng giffa cae ben, khdng cd rui ro pha san, khdng cd cdc chi phi giao djeh....
Franco Modigliani va Merlon Miller (1958) dd di den ket ludn "gia tri thi trffdng cua mdt doanh nghidp ddc lap dd'i vdi ea'u tnic von cua doanh nghiep do trong thj trffdng hoan hao khdng cd thue' thu nhdp doanh nghidp ". Vdi viee Ioai bd gia thiel ve thud'thu nhap doanh nghidp. Franco Modigliani vd Merton Miller (1963) da dtfa ra mdt nghidn cffu tid'p theo. Ke't qua nghien effu cho thay, "cd'u trijc vdn cd hdn quan de'n gia tri cua doanh nghiep.
Doanh nghiep sff dung nd eang cao tbi gid tri doanh nghidp eang tang va gia tang de'n ldi da khi doanh nghidp dffdc lai trd 100% nd". Thuye't danh doi, hay thuyd't ca'u triic vo'n td'i ffu dtfdc Myers (1977) xay dtfng bang cdch cdng thdm vao md
hinh Modilligani va Miler (1958) cdc ydu td phi hoan hao khac nhau, bao gom thud', chi phi pha san vd chi phi trung gian, song vdn khdng md't di cac gia dinh tinh hidu qua cua tbi trtfdng va thdng tin edn bang. Myers (1977) cho rang, "cd'u true vd'n cd lien quan de'n gia trj cua doanh nghidp".
Ca'u true vd'n td'i tfu eua mdt cdng ty dtfde xac dinh bdi mot sff danh ddi giffa Idi ich la'm chdn thue' eiia nd va edc chi phi Hen quan dd'n vide vay nd.
Thuyd't trat tff phdn hang dtfdc nghien cffu bdi Myers va Majluf (1984). Tieu diem eua thuye't nay khdng tap trung vao cd'u true von td'i ffu, nhffng tap trung vao sff quye't dinh tai ehinh sap tdi.
Xu the' hdi nhdp, lien kd't phat tnen kinh td' irong khu vffe va tid'n tdi loan eau hda ngay eang d mffe do cao la td't yd'u khaeh quan, tao ed hdi cho cac doanh nghiep (DN) Viet Nam, nhffng dong thdi cung la mot thaeh thffe ldn. Trtfdc cd hpi va nhffng thach thffc ldn nhtf hien nay, cac DN Viet Nam da ed nhieu nd Itfc trong vide khai thac
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TAPGHiCONGTHUtfNG
cde nguon life ciia xa hdi de phdt trid'n hoat ddng ciia nganh, tffng DN. Mpt trong nhffng ngu6n life dd la nguon life lai ehinh tff ben ngoai DN. Thffc le' eho tha'y, mdi mot DN deu cd mffc dp va chinh sach khai thac cde nguon Iffc tai ehinh ben ngoai khac nhau va ddn de'n nhffng hieu qua khac nhau, tham chi ngffdc chieu nhau. Tff ly thuyd't va thffc tidn neu trdn cho thd'y, vide dffa ra quyd't dinh ca'u true vd'n la can thie't dd'i vdi cac DN Viet Nam trong bd'i eanh hidn nay.
Trong bai vie't nay, nhdm lac gia mud'n tim hieu 2 vd'n de chinh: (i) Thffe trang cd'u true vd'n cua eae DN phi tai chinh nidm ye't trdn ihj trffdng chtfng khodn Viet Nam trong nhffng nam qua nhtf ihe' nao; (ii) Bien phap nao cd the giup cac DN xay dtfng ca'u tnic vd'n hdp ly htfdng de'n nang cao gia tri doanh nghiep trong thdi gian tdi.
2. DiX li^u va phifdng phap nghien cu'u Nguon dff lieu nghidn cffu dffdc thu thap eho phdn tich la eae bao eao tai chinh da dffdc ki^m loan cua 306 DN phi lai chinh niem yd't tren Ihi Irtfdng ehffng khoan Vidt Nam giai doan 2008 - 2017. Sd' lffdng edc DN irong mau nghien ctfu phan theo nhdm nganh th^ hien qua Bang 1 dffdi day.
Bang 1. So li/dng cac doanh nghiep trong mdu phdn theo ntiom nganh
Nganh
Ndng nghiep (AGR) Hang tieu diing (CON) Cdng nghiep (IND) Nguyen vat lieu (MAT) Y te (MDC) Bat ddng san va xay dung (REC)
Dich vu (SER) Cong nghS (TEC)
long cOng
So luong doanh nghi$p
24 33 53 46 7
75
59 10 306
Ty trong
(%)
7,84%
10,78%
17,32%
14,71%
2.29%
24,51%
19,28%
3,27%
100%
Ngudn: Tinh todn cua tdc gid tdmau nghien cdu Cd nhieu quan diem khac nhau ve khdi niem ca'u tnic vd'n ciia DN. Chang han, Ross (2006) dinh nghia: "Ca'u true vd'n la sff ke't hdp giffa nd dai ban va vd'n chu sd hffu dffdc sii dung de tdi trd
cho boat ddng cua DN ". Theo Moyer va cdng sir (2012) dinh nghrn: "Ca'u true vd'n la sff k^t hcfp giffa nd ngan ban thffdng xuydn, nd dai han, von CO phan tfu dai, va vd'n cd' phan thffdng dtfdc sil dung de tdi trd cho boat ddng eua DN". Theo Firerva cdng sif (2012) dinh nghTa: "Cd'u true vd'n de cap de'n stf pha trdn giffa nd va vd'n ehu sd hihi ma mdt DN sff dung de tdi trd eho cdc boat dpng cua DN dd".
Trong bai vie't nay, de danh gia thtfc trang ca'u ti-ffe vd'n eiia eac DN phi tai chinh nidm ydl trdn thi trtfdng chffng khodn Viet Nam, nhdm lde gid ^\i dung chi lieu ty so' nd (DA), ly so' nd nga'n han (SDA) va ty so' nd dai han (LDA). Cae chi tidu nay dffdc do Iffdng nhff sau.
T ' -- ^ / n ^ 1 ^(f phdi trd Ty so na (DA) = „ / .. ,- , , ,
Tong tat san (I) Trong dd, nd'u xet trong cd cd'u nd thi 2 chi tieu sau day phan anh dac trffng ca'u tnic vd'n ciia DN:
Ty sd na ngan han (SDA) = " ^ ^ ,. •„ ,^,
•^ * . I / Tdng tdi sin (2) Ty so'no ddi han (SDA) Na ddi han
Tong tdi sdn (3) De dat dffdc muc tidu nghidn cffu dat ra, bai vie't nay ap dung phffdng phap phdn tich md ta, so sanh cd'u true vd'n qua eae nam va giffa edc nganh.
3. Thtfc tr^ng c3'u true vd'n cua cac doanh nghiep phi tai chinh nidm ye't trdn thj trffdng cho'ng khoan Viet Nam giai doan 2008 - 2017
Hinh 1 sau day phan dnh thffc trang ca'u triic vd'n ciia cae DN phi tdi chinh nidm yet trdn thi trtfdng chffng khoan Viet Nam giai doan 2008 - 2017.
Qua hinh 1 cho tha'y, trong giai doan 2008 - 2017, ty sd'nd (DA) blnh quan eua edc DN phi tai chinh nidm ye't tren thi irffdng chffng khodn Viet Nam giao ddng trong khodng tff 47,83% den 50,02%. Trong dd, ty so nd nga'n ban (SDA) giao ddng trong khoang tff 38,41% de'n 40,86% va ty sd' nd ddi ban (LDA) giao dpng ti-ong khoang tff 8,44% dd'n 9,91%. Thffc trang nay cho tha'y, vide sff dung nd de lai trd eho cdc hoat dpng cua DN ndi ehung tffdng dd'i dn djnh. Bdn canh dd, ddc trffng ca'u true vd'n ciia ede DN ndi chung thidn ve sff dung nd nga'n ban. Trong cd ca'u nd, nd ngan ban chie'm ty trpng khoang 81%. Ke'l qui nay cd the giai thich la do nguon vd'n vay ciia cac DN van chu ye'u Id vd'n vay ngan han tff he thong ngdn hang. Thffc trang ndy phu hdp vdi nghien cffu cua Leung (2009) khi ma he ihd'ng nganhang
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TAl CHlNH-NGAN HANG-BAD HIEM
Hinh 1: Tht/c trang cau true vd'n cua cdc doanh nghiep phi fdi chinh niem yet tren tta IrUdng chCIng (t/ioon Viet Nam giai dogn 2006 - 2017
60.00%
50.00%
40.00%
30.00%
20.00%
0.00%
48.20% «-58%
8.88% 9-51%
2008 2009 H-Ty s6 na (DA)
47.83%
38.tl%
9.42%
2010 48.62%
39.54%
9.08%
2011
^ ^ T y so no 48.33%
39.re%
8.67%
2012 QgSnhau
48.17%
35.t5»/i
8.44%
2013 (SDA)
48.20%
39.13%
9.07%
2014
^ T y 48.17%
39.03%
9.14%
2015
48.04% 5''-<'2%
8.63% 9.15%
2016 2017 so na dai hau (LDA) Ngudn: Tinh lodn cua tdc gid id mdu nghiin cdu
cung ed'p khoang 93% vd'n eho nen kinh td'. DSng thdi, kd't qua nghien effu eua Thanh va edng sff (2011) cung eho thd'y cdc nguon vd'n ngdn ban tff ngan hang chie'm ty Id khoang 56,82%. Ngoai ra, do thi trffdng irai phie'u eua Viet Nam ebi mdi d giai doan dau phat Irien, quy md cua thi irtfdng trai phie'u DN cdn khidm td'n, do dd, eac DN Viet Nam ndi ehung van phai phu thudc vao nguon vd'nvay ngdn han ciia he thd'ng ngan hang.
Hinh 2, 3 va 4 sau day phan dnh thtfc trang ea'u trdc vd'n c^a DN phi tai chinh nidm ye't tren thi
trtfdng chffng khoan Viet Nam giai doan 2008 - 2017 theo nganh.
Phdn tich ca'u triic vd'n ciia DN Iheo nganh, ed the tha'y ly sd'nd (DA), ty sd'nd ngdn han (SDA) va ty sd'nd dai han (LDA) co stf khae nhau gitfa eac nganh. Cu the', qua Hinh 2, 3 va 4 eho tha'y:
Nganh Bat ddng san va Xdy dtfng cd ly so' nd (DA) binh qudn la 61,78% va giao ddng trong khoang tff 60% de'n 64%, dong thdi cao nha't trong ta't ea ede nganh. Tie'p de'n la nganh Y te' ed ty so nd (DA) binh quan la 52,84% va giao ddng trong Hinh 2: Ty sd nd (DA) bintt qudn cdc ngdnh giai dogn 2008 -2017
Noug Hang tieu Coug Nguyen vgt Y te Bat ddng Dich vii Cong nghe nghiep dui^ nghiep lieu (MAT) (MDC) san va xay (SER) (TEC) (AGR) (CON) (IND) dung
(REC)
• Ty sd ng (DA)
Ngudn: Tinh todn ciia Idc gia id mdu nghien cdu
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TAP CHi CONG THKflNG
Hint) 3: Ty so nd ngdn tign (SDA) binti quan cdc ngdnh giai dogn 2008 -2017
49.45% 48.46%
Ndng Haug tieu Cdng Nguyen nghiep dimg ngliiep vat lieu (AGR) (CON) (IND) (MAT)
Y te Bat ddng Dich vu Cdng nghe (MDC) san va xay (SER) (TEC)
dimg (REC)
• Ty sd np ngan han (SDA)
Ngudn: Tinh todn cda tdc gia Id mdu nghien cihi
Htnh 4: Ty sd nd ddi han (LDA) binh qudn cdc ngdnh giai dogn 2008 - 20J7 14 00%
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
12.74% 13 32%
7.69% 7.65%
Ndug Hang tieu Cong Nguyen vat Ytd Bdt ddng Dichvu Cdngnghe nghiep dting nghiep heu (MAT) (MDC) san va xay (SER) (TEC) (AGR) (CON) (IND) dxmg
(REC)
• Ty sd np dai han (LDA)
Nguon. Tinh lodn cua tdc gid tit mdu nghien aiu
k h o a n g iff 4 6 % de'n 6 0 % . Ke'l qua nay h o a n loan phu hdp vdi thtfc te', khi ma cdn sd't bd't ddng san trong giai doan 2008 - 2017 tang irtfdng manh, cung nhtf eae ed sd y le' eung phat tnen manh, nhffng vd'n Nha nffdc tai trd lai bi han chd', dieu nay dan de'n cae DN thude eac nganh nay chu ye'u la dffa vao vd'n vay ngan hang. Dd'i vdi cdc nganh cdn lai, ty sd'nd (DA) binh quan giao dpng trong khoang tff 41% de'n 47%. Dieu nay the hien ehinh
sach vay nd on dinh eiia cdc DN tiiudc edc nhom nganh nay.
Ne'u xet trong cd ca'u nd, nd ngan han cua nganh Y te', Ndng nghiep, nguyen vat lidu va hang tidu dung ehie'm ty trpng khoang tff 86%
dd'n 94% trong td'ng nd. Tid'p de'n la ngdnh Cong nghd va Djch vu cd nd ngan ban chiem khoang tff 82% de'n 83% trong td'ng nd. Cud'i eung la nganh Cdng nghidp, Bd't ddng san va Xay difng
4 3 8 So 11-Thang 6/2019
TAI CHiNH-NGAN HANG-BAO HIEM
CO nd ngan han chid'm khoang tff 72% de'n 78%
trong tdng nd. Kd't qua nay hoan toan phu hdp vdi diffc te', bdi vi do dae did'm cua nganh Cdng nghidp, Bd't ddng san va Xay dffng thffdng dau tff vao tai san cd' dinh nhieu hdn so vdi cae nganh khac, do dd, thdng thtfdng sff dung ngudn vd'n vay dai han nhieu hdn so vdi cdc nganh khac.
4. Ket luan va ham y
Kd't qua phan tich thtfc trang ca'u true vd'n ciia cac DN phi tai ehinh niem yd't trdn ihi trtfdng chffng khoan Vidl Nam giai doan 2008 - 2017 cho thay: dac trtfng cd'u true vd'n eua eae DN ndi chung cd ty so' nd binh qudn giao ddng trong khoang tff 48% de'n 50%, va thidn ve sff dung nd ngan han, dong thdi chii ye'u la vd'n vay ngan ban tif hd Ihd'ng ngan hang. Ben canh do, ke'l qua phan tich edn cho thd'y ed'u true vd'n ciia DN ed stf khae nhau dang ke giffa cdc ngdnh.
Kd't qua nghien effu nay co y nghia vd ciing quan irpng trong viec xem xel, can nhac khi dffa ra quye't dinh xay difng ca'u true vd'n eua eae nhd quan tri lai ehinh DN. De' dtfa ra quye't dmh tai Ircf phu hdp va dung dan, nhdm lae gia eho rang can cd nhffng giai phap Iff phia DN nhtf sau:
Thii nhd't, DN can xdc dinh eac nhan to' tdc dong manh de'n cd'u true vd'n ndi chung va theo
tffng nganh. Ddng thdi, phai ket hpp ede nhdn id lai vdi nhau, tff do lffa chpn ra eho edng ly mdt ea'u true vo^n mue lieu phu hdp trong tffng glai doan phai trien eua DN. Ben canh dd, can ke't hdp ea viec phan tich cac tdc ddng cua mdi trffdng kinh te' de'n boat ddng ciia DN.
Thd hai, vide xdy dffng ed'u true vd'n muc tieu cho eac DN can phai dffdc thffe hidn dffa tren ed sd eac dtf loan tdi chinh. Cac dtf todn dtfdc lap Iren cdsd cac so'lieu ciia DN irong mdt giai doan dai, ede thdng tin lien quan de'n cac bid'n so'kinh td' vT mo va cac md hinh dtf bdo. Dong thdi, can tinh loan ede chi phi va ldi ieh tff cdc nguon tai trd khi xay dtfng ca'u triic vd'n.
Thd ba, viee xay dtfng ed'u true vd'n mue lieu cho cac DN can n^m bat va khai thdc eac kdnh huy ddng vd'n mdt each hieu qua. Dieu nay ham y rang, de eung cd' nang Itfc tai chinh, tff dd tae ddng tich cffc tdi cd'u true vo'n, cae DN can khai ihac cac kenh huy ddng vd'n khdc de giam phu thude vdo tin dung ngan hang.
Thd tu, vide xay dtfng ea'u true vd'n mue tieu eho eac DN can dtfa trdn cd sd thdng lin lai ehinh DN dtfdc minh bach. Bdi vi, minh bach thdng tin lai chinh la mpl yeu eau cd'p thid't dd'i vdi cac DN kbi huy ddng vd'n tff ben ngoai •
TAI LIEU THAM KHAO:
1. Firer, C, Ross, S. A., & W. R (2012). Westerfield and Bradford D. Jordan (2012), Fundamentals of Corporate Finance. 5th edition. McGraw - Hill/Irwin
2. Leung, S (2009) Banking and financial sector reforms in Vietnam. ASEAN Economic Bulledn, 26(1). 44-57.
3. Modigliani, F., & Miller. M. H. (1958). The Cost of Capital, Corporate Finance and the Theory of lnve.stment.
The American Economic Review, 48, 261-297.
4. Modigliani, F., & Miller, M. H. (1963) Corporate Income taxes and the cost of capital: a correction. The American Economic Review. 53(3), 433-443.
5. Moyer, R. C, McGuigan, J. R., Rao, R. P.. & Kretlow, W. J. (2012) Contemporary financial management:
Nelson Education.
6. Myers, S. C. (1977). Determinants of corporate borrowing. Journal offinancial economics. 5(2). 147-175.
7 Myers. S. C. (1984). The capital structure puzzle. The Journal of Finance, 39(3). 574-592.
8. Ross, S. (2006). A, Randolph W. Westeifield, dan Bradford D. Jordan. 2006. Corporate Finance Fundamentals.
7th Edition. McGraw-Hill Irwin.
9. Thanh, V, Cuong, T T, Dung, B., & Chieu, T. (2011). Small and medium enterprises access lo finance in Vietnam. Small and Medium Enterprises (SMEs) Access to Finance in Selected East Asian Economies Jakarta:
ERIA, 151-192.
So n -Thang 6/2019 4 3 9
lAP GHi CONG IHtfdNG
Ngay nhan bai: 18/5/2019
Ngay phan bi^n danb gia va sii'a chifa: 28/5/2019 Ngay chap nh^n dang bai: 8/6/2019
Thong tin tdc gia:
1. TS. NGUYEN THANH ClfCiNG
Giang vien chinh Khoa Ke'toan - Tai chinh, Trifcfng Dgi hoc Nha Trang 2. ThS. BUI MANH CUCiNG
Giang vien Khoa KS^toan - Tai chinh, Trtfcfng Dai hoc Nha Trang 3. ThS. PHAM DINH TUAN
Giang vien Khoa Ke'toan - Tai chinh, Trtfcfng Dgi hoc Nha Trang
CAPITAL STRUCTURE OF NON-FINANCIAL COMPANIES LISTED ON VIETNAM'S STOCK MARKET
• PhD NGUYEN THANH CUONG
Major Lecturer, Faculty of Accounting - Finance, Nha Trang University
• Master. BUI MANH CUONG
Lecturer, Faculty of Accounting - Finance, Nho Trang University
• Master. PHAM DINH TUAN
Lecturer, Facult/ of Accounting - Finance, Nha Trang University
ABSTRACT:
This research is to analyze the capital structure of 306 non-financial enterprises listed on Vietnam's stock market in the period of 2008 - 2017. By usmg the descriptive analysis method, and comparing the capital structure over years and across sectors, this research's resuh show that the average debt ratio of these enterprises fluctuates between 48% and 50%
and these enterprises prefer to use short-term debt in their capital structures. In addition, the research's result shows that enterprises which are specialized in different industries have significantly different capital structures. Based on these results, this research proposes some solutions to help enterprises build a reasonable capital structure towards improving their corporate value in the future.
Keywords: Capital structure, debt ratio, non-tinancial enterprises, stock market.
4 4 0 So 11 -Thang 6/2019
