^ . , . . „ ^ „ . .G CUA TIEP CAN TAI CHINH DEN HIEU QUA TAI CHINH CUA DOANH NGHIEP TU NHAN NHO VA V I T A
Hoang TrSn Hau
Tru&ng Dgi hgc Tdi chinh - Ngdn hdng Hd Ndi Email: [email protected]
BiJi Xuan Bien
Truong Dgi hgc Tdi chinh - Ngdn hdng Hd Ngi Email: [email protected]
Nguyen Thi Thiiy Nga Truang Dgi hgc Tdi chinh - Ngdn hdng Hd Ngi
Email: nganguyen [email protected] com Ngay nhan'26/12/2019
Ngay nhan ban sua. 22/3/2020 Ngay duyet dang- 05/5/2020
Tom tat:
Nghien cuu ndy tien hdnh mdt cuoc diiu tra thuc nghiim vi tac dgng cua viec tiip can tdi chinh ddi v&i hieu qua tdi chinh cua cdc doanh nghiip nho vd viea (SMEs) tu nhdn tai Viet Nam. Van dung mo hinh u&c lucmg GMM dgng doi v&i bg du- liiu cap doanh nghiip nhd vd vira tu nhdn 2009-2015, nghiin ciru chi ra rdng, trong khi tiip cdn tdi chinh chinh thuc cd dnh huang tich cue din hiiu qud tdi chinh cua doanh nghiip, cd mdt moi quan hi khdngy nghia thong ki giii-a tiep can tdi chinh phi chinh thuc vd hiiu qud doanh nghiep. Nhung kit qud ndy hdm y cdc doanh nghiep tu nhdn muon phdt triin phdi vugt qua cdc hgn che tin dung.
Tix khoa' Tigp can tai chinh, hieu qua tai chinh, SMEs Ma JEL: B23, COI, C33, D24, E61, G3.
The impact of access to finance on the financial performance of small and medium-sized private enterprises
Abstract:
This study conducts an empirical investigation of the role of access to finance on the financial performance of private SMEs in Vietnam. Applying the dynamic GMM estimations for private SMEs for the period from 2009 to 2015, the study found that while access to formal finance has a positive effect on firm's financial performance, there is insignificant linkage between informal finance and firm performance These results imply that relaxingfinancial restrictions is vital for the development of the Vietnamese private SMEs
Keywords: Access to finance, financial performance, SMEs JEL code: B23. COI, C33, D24, E61, G3.
\. Gioi thigu
Mdt loat cac nghign da thao luan vg tac ddng ciia cac ygu td ddi vdi tang trudng ciia doanh nghiep, nhu cac loai hinh sd hiiu (Beck & cdng su, 2006), dau vao phi tai chinh (Levy, 1993; Galindo &
chg (Beck & Demirguc-Kunt, 2006). Tuy nhign, tac ddng ciia viec khong duac tigp can tai chinli doi vdi tang trudng doanh nghiep nidi dugc thu hut su chu y gSn day ciia cac nghign ciiu tai cac nudc dang phat trign (Fowowe, 2017, Wang, 2016). Su khong mong mudn cho vay ciia cac ngan hang cd thg klugn cho Schiantarelli, 2003; Berger
Si 275 thdng 5/2020
8L Udell, 1998), va the cac 115
doanh nghiep vira va nhd khdng phat trign dgn
KiiiliteJ'liiilLrieii
kich cd tdi uu. Lee (2014) cho rang viec tigp can tai ehinh giup cac cdng ty nhd d Anh tang trudng nhanh chdng, do do khang dinh tam quan trong ciia tigp can tai chinh ddi vdi sir phat trign ciia cac doanh nghigp nho va vira.
Tuy nhien, nhigu nghien cini kliac lai cho rang khong cd mdt su ro rang vg tam quan trong cita tigp can tai chinh ddi vdi hieu qua hoat dong cua cdng ty, dac biet tai cac ngn kinh tg dang phat trien (Chavis & cdng sir, 2010; Beck & cpng su, 2008).
Cu thg, Vu,V.H. & cpng su (2018) chi ra rang tham nhiing la kha phd bien tai cac nudc dang phat tnen.
Vi vay, de tigp can dugc cac khoan vay cac doanii nghigp thudng pbai tra cac khoan phi phi chinh thiic, va dieu nay dan tdi tac dpng ngugc cua tigp can tai chinh den hieu qua ciia doanh nghiep.
Tai Viet Nam, cac SME gap nhigu van dg trong tiep can tai chinh. Mot trong nhiing ly do quan trgng lam cho SMEs tir nhan kho khan trong tiep can cac khoan vay chinh thiic, la do thit tuc vay von va nliiing ygu can vg tai san the chap (Bach Nggc Thang, 2018). Qua trinh phg duyet ciing ia nhumg ly do chinh gay trd ngai cho su phat trign va tigp can tai chinh ciia SMEs. Trong bdi canli dd, viec tigp can tai chinh cd thuc su mang lai higu qua, va cac loai ngudn lue tai chinh cd vai trd nhu thg nao dgn hieu qua la cac cau hdi cdn bo ngo. Vi vay, nghign ciai ddng gop vao tdng quan bang viec cung cap nhung bang chung mdi vg vai trd cua tiep can cac loai ngudn tai chinh dgn hieu qua tai chinh cua doanh nghiep.
Nghign ciiu eiing chi ra nhirng ca chg tac ddng ma qua dd tiep can tai ehinh cd the anh hudng dgn hieu qua tai chinh cua doanh nghiep nhu the nao.
Bai nghien ciiu cua chimg tdi bao gom cac phSn nhu sau. Phan tiep theo: (i) Trinh bay ve tgng quan cac nghign cini trgn thg gidi va trong nirdc vg v5n dg tigp can tai chinh tdi phat trien doanh nghiep; (ii) Phuang phap nghien ciru va thu thap dir lieu; (iii) Kgt qua thao luan va (iv) Tom tat nhung phat hien quan trgng dua tren kgt qua thuc nghiera qua do dua ra mgt sd ham y chinh sach.
2. Tong quan tai lieu
Tai chinh la mdt trong nliiing kliia canh dac biet quan trgng doi vdi phat trign doanh nghiep. Dieu nay dugc dg cap dgn nhieu trong cac tai lieu nghien ciiu. theo dd. thigu tigp can tai chinh la van de ldn phai ddi mat dg doanh nghiep co thg tdn tai va phat trign (IPC. 2010). Thigu tai chinh la mdt trong nhihig rao can den sir phat trien cua doanh nghiep dugc
chiing minh tii rat sdm tren me gioi I,ACILI L^-— '''' Weder, 2001) va tai Viet Nam (Worid Bank, 201^6).
Do dd, cae nghign ciiu vg su cdn thigt cua boat dgng md rdng tai chinh gdm: tai chinh chinh thirc, ho trg tai chinh chinh phu, tai chinh phi chinh thirc va cac ngudn khac dugc nghien ciiu rk phd bien (Tran, V.
& cdng su, 2019). Lign quan dgn rao can tai chinli, nghien cim cua Schiffer & Weder (2001) su dung mlu 10.090 doanh nghiep tir 80 qu6c gia da chi ra r5ng: 38-38,8% so doanii nghiep vira va nhd cho rang tai chinh la van dg quan trgng nhat vdi doanh nghiep cua hg. Trong khi con sd nay chua dgn 20%
so vai cac doanii nghiep ldn.
Ddng quan digm vdi viec nay, Beck & cdng sir (2002) cho rang cac doanh nghiep nho gap nhigu kho khan hon so vdi cac doanh nghiep ldn, dac biet la rigp can ngudn vdn chinh thiic do uy tin, chat lugng san pham thap trong khi cac ngudn tin dung phi chinh thiic bi han che bdi mdi quan he vdi doi tac va chinh quyen. Nghign ciiu gan day cua Wang (2016) ciing khang dinh cac doanh nghiep vira va nhd nhan thay viec tigp can tai chinh la trd ngai dang kg nhat can trd sir phat trien cua hg. Ngoai ra, cac ygu td khac lign quan den dac digm doanh nghiep nhu quy mo, tudi tac ciing anh hudng dgn su phat tngn cua hg.
Van dg tigp can tai chinh cang klid khan ddi vdi cac quoc gia dang phat trign do chien lugc ddi pho riti ro cua cac ngan hang da han chg viec cho vay ddi vdi cac hang, dac biet doanh nghiep vira va nho (OECD, 2006). Bang chiing thuc nghiem cua Gelb
& cgng su (2007), cac doanh nghiep thudc cac nudc dang phat trign, mau tai cac nudc Chau Phi nhiing nam 2002-2006, bgn canli nhiing khd khan vg dien, tham nhiing, su bat dn vT md, he thdng phap luat chua hoan thien, thi tigp can tai chinh la rao can ldn nhat CLia doanh nghigp. Dethier & cgng sir (2011) nghien cuu trgn 100.000 doanh nghiep tren 123 quoc gia tren toan thg gidi cung dua ra kgt qua tuong tu. Giai thich cho viec nay, tigp can tai chinh chiu sir trd ngai vg bat ddi ximg thong tin ldn han tai cac quoc gia dang phat trign (nghien cim tai Viet Nam xem Nguyen & cdng su, 2006; Mai. H G & cgng su 2019). Viee thuan tien hon trong tigp can tai chinli doi hoi cae mdi quan he xa hdi (thong qua su uy tin tren dii tnrang hoac cae ygu tg khae), trong khi cac doanh nghiep vua va nhd tai Vigt Nam lai bi han chg trong viec nay (Tenev & cgng su, 2003- Le N ' T R
& Nguyen, T.V. 2009; Tran V & cdng su,'2019) So 275 thdng 5/2020
Bang] BSng chirng thyc nghiem chiing to tac dong cua tiip can tai chinh tdi phat trien doanh nghiep - tigp can vi mo
Nghien ciin Pham vi, thoi gian Fowowe
(2017)
30 quoc gia Chau Phi, 2006-2012.
Ket qua Beck & cong
su (2005)
4.000 doanh nghigp tai 54 qudc gia Dinh. H.T &
congsu (2012)
39.538 doanh nghiep qua 98 quoe gia(2006-2010)
"Tdi chinh, mdt rdng budc rdng budc nhdt gida cdc ngdnh vd qudc gia, ddi hdi nhdng cdi cdch di ed thi mang lgi lai ich rdng lan. bao gdm cd su chu y den trung gian edn thieu a cde nu-ac dang phdt trien "
"Cde edng ly nhd dug-c hu-dng lai nhiiu Aterido & 56.000 doanh nhdt tic viee tiip cdn tdi chinh, ddc biet Id cong sir (2011) nghiep 90 quoc gia cdc ngudn tdi chinh lien quan den dau tu
•I tdng trudng"
Mohammad (2011)
Cac doanh nghiep tai My va Ireland giai doan 1991-2001
Mai. H. G &
cpng sir (2019)
2500 doanh nghiep vira va nhd tai Viet Nam giai doan 2013-2015
Tac ddng tiep can tai chuih thong qua nang cao nang suat tong hcfp (TFP) Patrick (2019)
Dii heu khao sat 42 doanh nghiep tai Ghana, 2018 Dereje & cgng
sir (2017)
1.492 doanh nghiep Ethiopia giai doan 2011-2015
Mgt dong gop quan trong ciia nghien cuu nay la ''giai thieu mdt bien cdng cu moi, cdi ind kiem sodt dug-e su bien thien tdi chinh tgi khu vuc dia phuang"
Ngudn: Tac gid tdng hap.
Co nhigu ca chg dg ly giai tac ddng cua dgp can tai chinh tdi van hanh doanh nghiep, trong dd, ndi bat la nghign ciiu cua OECD (2006) cho rang: tai chinh la ygu td quan trong giiip md rgng su van hanh, cai tien san pham, dau tu chudi san xuat va nang cao chat lugng nhan vign. Trong khi dd, cai thien cong nghe nang cao chat lugng san pham lai giiip md rgng tai chinh (Chen & Matousek, 2020;
Ullah, 2019). Vg mat ly thuygt, he thong tai chinh ben virng cQiig tao ra nhieu ca hgi dau tu' va phan bo nguon lire hgp ly mang iai hieu qua tai chinh cho doanh nghiep (Levine, 2005). CGng ddng y vdi quan diem cho rang, tigp can tai chinh tdt ban dam bao cac cong nghe dac biet giiip phan tan rui ro, cung cap cac quy trinh ky thuat, cac thigt bi mdi nham anh hudng tich cue den hieu qua doanh nghiep thong qua cac bang chimg thuc nghiem cua Gomis
& Khatiwada (2016); Galasso & cgng su (2018);
Krishnan & cgng su (2015).
Cac bang chiing thuc nghiem chimg td tac ddng tich cue cua tigp can tai chinh tdi tang trudng cac doanh nghiep dugc tim thay rgng rai. Trong do, mdt sd nghign ciiu danh gia d cap do vi mo ndi bat nham cimg CO bai nghign ciiu duac trinh bay tai Bang 1.
Tai Viet Nam, cac nghign ciru d cap do vT mo vg chii dg nay dua trgn co sd dii lieu cap tinh ndi bat la Anwar & Nguyen (2011). Nghign cim su dung dii lieu bang giai doan 1997-2006 tim ra bang chimg ling: phat hign tai chinh dia phuang gop phan nang cao tang trudng kinh tg cac ttnh/thanli. Mot nghign ciru khac kgt hgp dii lieu khao sat doanh nghiep va ho trg tai chinh cap tinh cua Tran, V. & cgng su (2019) chi ra rSng phat ttien tai chinh dia phuang Eac ddng tich cue tdi hieu qua boat dgng ciia 40.000 doanh nghiep Viet Nam giai doan 2009-2013 ben canh each ygu td dac tinh doanh nghiep khac.
Nghign cdu gSn day nh^t vg tac ddng tigp can tai chinh tdi hieu qua SMEs tu nhan la cua Mai. H. G &
Sd 275 thdng 5/2020
kinliK'J'li
cdng sir (2019). Theo do. nghign cuu sir dung bg dii lieu doanh nghiep giai doan 2013-2015 ciing vdi ky thuat DID (difFerence-in-differences) da danh gia tac ddng tich cue cua mdi quan he nay thong qua kgnh nang cao nang suat tdng hgp. Nghign cuu ciing chi ra rang can thigt phai cd nhirng hanh ddng can thiep ciia chinh phu nham ho trg tai chinh chinh thuc, dac biet thong qua cac du an thdng qua hoat dgng tu' ngan hang tai SMEs tu nhan tai Viet Nam nham dam bao tang trudng va phat tngn ben vdng.
Dau vay, cac nghign ciiu tai Viet Nam chua cd nghien ciiu nao danh gia dinh lugng tac dgng ciia tiep can tai chinh, ca chinh thiic va phi chinh thuc, tdi hieu qua doanh nghiep d eap do vi mo. Do do, nghign ciiu se bd sung khoang trong nghign cim nay.
Hon niia, nghign cim dong gop vao tdng quan bang viec cung cap nhirng bang ehimg mdi vg vai trd ciia tigp can cac loai ngudn tai chinh dgn hieu qua tai chinh cua doanh nghiep. Nghign cuu cung chi ra nliii'ng CO chg tac ddng ma qua dd tiep can tai chinh CO thg anh hud'ng dgn hieu qua tai chinh cua doanh nghigp nhu the nao.
3. Phuo'ng phap nghien cuu 3.1. Phuffng phdp ludn
Dg lugng hda tac ddng cua tiep can tai chinh den hieu qua tai chinh cua SMEs tai Viet Nam, nghien ciai van dung each tigp can md hinh ddng kha ph6 bien trong cac nghign ciiu trudc day (vi du Wintoki
& cdng su, 2012). Trong chi dinh cua md hinh nay, bien tre ciia bien phu thudc dugc xem xgt nhu mdt bien dgc lap de loai bo tac ddng cua cac ygu td bgn ngoai khdng quan sat dugc trong qua kliir va giai quygt van dg ndi sinh ciia bign (Wooldridge, 2009).
Cu the, mo hinh dugc trinh bay nhu sau.
Y„ = a,, + a, * >;,_, + a. * TCTC + a, * X„ + a , * PCf, + a, * Z„ + s^, Bign phu thudc ciia chung toi (K^) dg do ludne hieu qua tai ehinh la ROA hoac ROE danh gia tinh hinh tai chinh cua doanh nghigp i trong nam t. a la he so udc tinh eho cac bien phu thudc trg. Z la mot bd eae ygu td ciia cac bign giai thich bao gdm quy mo cdng ty, mdi cdng ty, chi phi khong chinh thirc, ddn bay tai chinh. Md hinh ciing kiem soat chat luang mdi trudng kinh doanh (PCI ) dua trgn su that rang chat lugng mdi tnrdng kinh doanh giira cac tinh/thanh ciia Viet Nam c6 nhihig anh hudng
khac nhau dgn hieu qua tai cnmn cua uvj^.^. -^ ^- Cudi ciing, cac ygu td dac digm nganh cong nghiep va ygu td vT md (2^^) cung dugc xem xet trong mo hinli
Lign quan dgn ky thuat udc lugng. cac phuong phap truygn thgng nhu OLS, FE va IV cd le khdng phai la nhirng ky thuat thich hgp dg irdc lugng cac md hinh ddng nhu chi dinli trong bai nghign cuu nay. Dilu nay bSt ngudn hi thuc tg rang cac bien dgc lap trong md binh dgu cd nguy ca la ngi sinh. Trong b6i canh do Flannery & Hankins (2013) va Zhou &
cdng su (2014) da chimg minh rang udc lugng he thdng GMM la mot udc lugng hieu qua nhat cho cac tap du lieu bang ddng. Phuang phap nay da dugc irng dung trong mgt sd nghign cim gan day (Chen, 2014; Munisi & Randoy, 2013; Nguyen, T. & cgng su, 2014, 2015; Wintoki & cong sir, 2012). Do vay, nghien cuu nay ciing se sd dung udc lugng GMM he thdng nham kigm soat cac quan ngai ngi sinh an chua trong mdi quan he tigp can tai chinh chinh thiic (TCTC) (bign gia do viec doanh nghiep cd hay khdng vay dugc vdn tir ngan hang hoac cac to chiic tai chinh khac) va hieu qua tai chinh doanh nghigp.
3.2. Die lieu thu thap
Ngbien ciru cua chiing tdi cd dugc hai ngudn dir lieu. Ngudn sd lieu dau tign la mdt bg sd lieu ciia cac doanh nghiep nhd va vira trong nudc ngoai qudc doanh nam 2009, 2013, 2013 va 2015. Day la bd sd lieu dugc digu tra bdi Vien Khoa hgc Lao dgng va Xa hdi (ILSSA) phdi hgp vdi Vien Nghign ciru Quan ly Kinh tg Trung uong (CIEM) va Dai hgc Copenhagen, Dan Mach. Bp sd lieu dSu tien cung cap nguon dii lieu phong phii dugc digu tra tir 10 tinh trong ba vung cua Viet Nam: Bac, Trung va Nam. Nd bao gdm tat ca cac ITnh virc san xudt chmh la che bign thirc pham, san phdm gd, san phdm kim loai duge chg tao va cac nganh khac. Cd trgn 2.600 doanh nghigp dugc phdng van hong nam 2009, 2011, 2013 va 2015. Sd lieu nay bao gdm cac thdng tin chinh vg cac dac digm cua cong ^ nhu vdn san xuat, vi tri, chl sd kinh tg, boat dgng tai chinh (ROA, ROE, ROS) eung nhu cac thong tin tigp can tai chinh ma cdng ty su dung.
Ngu6„ d i heu thu ha, dugc liy ,4 , j , , „ j , jjg^
h-a ve Chi so Canh tranh cua Tiri, ( P Q ) , 4 , yiet Nam. Cac cupc d.eu tra nay duoc . . ^ ^anh boi Phong Thuong ,ua, va Cong ngh.ep Vi6t Nam aiai doan 2009-2015 de danh gia chj, luong t h S ^ y c "
cac nnh hoac chiri, quyjn d,a p h u o n g ' ^ e ^ * ^
So 275 thdng 5/2020 118
^jlW'llillllifB
Bang 2: ihong ke mo ta ciia cac bien chinh trong mo hinh
2009 2013
Trung binh
Trung Trung
binh
Trung binh ROA
Tai chinh chinh thuc Tai chinh phi chinh Xuat khau Gioi thieu san pham Cai tien san phaiu san Gioi thieu cong nghe Quy mo doanh nghiep Tuoi cua doanh nghiep Don bay tai chi'nh Tra phi phi chinh thirc PCI
So quan sat
0,27 0,37 0,70 0,06 0,03 0,41 0,14 1,89 2,42 0,10 0,34 58,44 2.559
0,59 0,48 0,46 0,23 0,16 0,49 0,35 1,15 0,73 0,24 0,47 4,02
0,24 0,98 0,64 0,06 0,04 0,38 0,13 1,81 2,38 0,08 0.38 63,34 2.473
0,66 0,14 0,48 0,24 0,20 0,49 0,34 1,16 0,68 0,20 0,49 4,26
0,31 0,98 0,62 0,06 0,01 0,16 0,06 1,73 2,56 0,15 0,44 55,26 2.463
1,74 0,13 0,48 0,24 0,08 0,37 0,25 1,16 0,63 0,35 0,50 2,47
0,36 0,78 0,34 0,07 0,23 0,13 0,05 1,71 2,63 0,09 0,43 59,65 2 575
0,95 0,41 0,47 0,26 0,42 0.34 0.21 1,18 0,63 0,23 0,50 1,23 Ltru y: tdi chinh chinh thuc (vay tli- ngdn hdng vd cdc td chirc ldi chinh khac); tdi chinh phi chinh thuc (vay tir bgn be, ho hdng, nguai eho vay tir nhdn)
Ngudn: Tde gid thuc hien.
cac chi sd phu vg thg chg d cap tinh trong nhigu nam ciia giai doan Cac chi sd nay bao gdm chi phi gia nhap thi trirdng; tiep can vdi dat; su minh bach va tigp can thdng tin; chi phi thai gian; thanh toan khong chinh thirc; uu dai dac quygn cho cac doanh nghigp nha nudc; chuang trinh hd trg khu vuc tu nhan; dao tao lao ddng va cudi cung la thigt chg phap Iy. Cu the, ve cac bien sd va thdng kg md ta ciia cac bign nhu trong Bang 2.
4. Ket qua nghign cii'u va thao Iu3n Bang 3 trinh bay ket qua ve tac ddng ciia tigp can tai chinh doi vdi hieu qua tai chinh cua cac doanh nghigp. U'dc tinh dii lieu gdp (cot 1 cua bang 3) cho thay tiep can tai chinh chinh thirc cd anh hudng dang kg vg mat thdng ke ddi vdi ROA. Tuy nhign, ket qua cd thg bj sai lech do khdng cd su kiem soat doi vdi cac dac digm khdng quan sat dugc trong md hinh. Vi vay, nghign ciiu co gang kigm soat cac ygu to khong quan sat va ngi sinh dgng bang he thong GMM ddng hai budc theo hudng dan ciia Wintoki
& cgng sir (2012). Cac kgt qua thu nghiem Durbin- Wu-Hausman dugc thuc hien cho tat ca cac bign ddc lap nhu mdt nhdm neu chiing thuc su la ndi sinh.
Theo Schultz & cgng sir (2010), nghign ciiu nay sir dung gia trj trg ciia cac bien dgc lap dirge coi la cac bign cdng cu, vdi bign gia nam va tudi ciia doanh
nghiep dugc coi la cac bign ngoai sinh. Ket qua kigm tra cho thay gia thuygt Ho bi bac bd d mirc y nghTa truygn thdng (1%). Tinb ngi sinh ciia cac bign giai thich la moi quan tam, do do can phai ap dung he thong GMM trong nghien cuu nay
Thgm nira, rinh hgp le cua udc rinh GMM cua he thdng bdng each ap dung thir nghiem Hansen-J dg xac dinh lai. Kgt qua dugc hign thi d hang cudi cung cua bang 3. Gia tri P cua thu nghigm Hansen-J lan lugt la 0,134 va 0,132. Nhung kgt qua nay cho thdy cac bign cong cu he thgng GMM dugc sir dung trong nghign ciru nay la hgp le.
Nhu da bao cao h-ong cdt 3 va 4 cua bang 3, trong khi tin dung phi chinh thiic (vay tir ban be, hg hang, va ngudi cho vay tu nhan) cd mdt tac ddng khdng y nghTa thdng kg, tin dung chinh thuc (vay tir ngan hang va cac to chuc tai chinh khac) cd anh hu'dng rich circ den hieu qua tai cbinh ciia cac doanh nghigp. Cu thg, he sd riep can tai chinh chinh thiic cua doanh ngbiep cho thay cac doanh nghiep co riep can tai chinh chinh thiic dat dugc higu qua tai chlnh tdt hon ti-gn 3% so vdi cac doanh nghiep khdng cd dugc cac khoan cho vay chinh thirc, trong digu kien cac ygu td khac khdng doi.
Trong khi doanh nghiep cd quy mo ldn cd xu hudng dat dugc hieu qua tai chinh tdt hon so vdi
So 275 thdng 5/2020
kiiiliti'Jtitlmi
Bang 3: Vai tro cua tiep can tai chinh den hieu qua tai chinh ciia doanh nghiep Bien giai thich
lagROA Tai chinh chinh thuc Tai chinh phi chinh thiic
Quy mo doanh nghiep Tuoi ciia doanh nghiep Don bay tai chinh Tra phi phi chinh thiic PCI Hang so So quan sat R-squared Kiem dinh Durbm-Wu-Hausm doi vdi van de ngi smh ciia bien {P value) Kiem dinh Hansen-J ve gia trj cua bien cong cu (P-value) So mang
(1) Pooled OLS
0 . 1 8 6 " * (0,061) 0 , 0 5 6 " « (0,017) -0,000 (0,010) -0,018***
(0,006) -0.021**
(0,009) 0,108**
(0,046) -0,059***
(0,010) -0,007***
(0,002) 0,681***
(0,121) 4,551 0,158
(2) FE -0,055***
(0,015) 0.052***
(0,019) -0,022*
(0,013) 0.040***
(0,013) -0,041 (0,028) 0,085***
(0,025) -0,011 (0,013) 0,002 (0,002) -0,025 (0,156) 4,551 0,059
2.595
(3) G M M 0,094***
(0,011) 0,033*
(0,020) -0,009 (0,009) 0,021**
(0,010) -0,027***
(0,010)
0,000 (0,000)
5,565
0,000
0,134 2.642
(4) G M M . 0,084***
(0,022) 0,033*
(0,018) -0,015 (0,010) 0,015**
(0,008) -0,036***
(0,011) 0.058**
(0,026) -0,054***
(0,009) 0,000 (0,001) 0,000 (0,000) 4,551
0,000
0,132 2.595 Chil y: Sai so chudn U-ong ngodc. Mo hinh cdng kiem sodt bien gid nam vd ngdnh cdng nghiep *** p<0.01, ** p<0,05. * p<0,l. Theo Schultz & cgng su (2010), ludi cua doanh nghiep vd bien gid ndm dupe cho Id ngogi sinh
Ngudn: Tac gid thuc hien.
nhung doanh nghiep nho, cac udc lugng chi ra rang tuoi cua doanh nghiep cd mdi quan he ngugc chigu vdi hieu qua tai chinh ciia cac doanh nghiep trong giai doan nghien ciiu. Tuy nhign, bien sd tham nhung CO anh hudng am dgn hieu qua tai chinh cua cac doanh nghiep. Ket qua ham y rang cac doanh nghigp budc phai thanh toan cac khoan phi chinh thuc trong kmh doanh ed hieu qua tai chinh thap hem so vdi nhung doanh nghiep khong thuc hien thanh toan cac khoan chi phi nay. Phat hien nay ddng thuan vdi phan ldn cac nghign cuu trudc day (vi du:
Vu,V.H. & cgng su, 2018; Dunne & Hughes, 1994;
Dunne & cgng sir, 1989).
Han nira, mdi quan he tich cue giiia ddn bay tai chinh va hieu qua tai chinh khong bgn quan dgn chi djnh va phucmg phap udc lugng. Kgt qua nay iing
hd kgt luan ciia Gonzalez (2013) va Mohammad (2011) khi tac gia cho rang mdt doanh nghiep vdi ng tai chinh cao han cd thg budc cac giam ddc phai cd nhung quygt dinh manh ban trong viec tdi da hda gia hi doanh nghiep dg ddi phd vdi ap lire ng cao hon.
Do dd, cae banh ddng nhu vay cai thien nang sudt va hieu qua tai chinh ciia doanh nghigp.
Lign quan den tac ddng cua hieu qua tai chinh doanh nghiep trong qua khir, kgt qua udc tinh trong bang 3 cho thdy tac dgng tich cue, dang kg dgn hieu qua hien tai, khi cac ygu td khong quan sat duac kiem soat bang each sir dung he thdng udc luong GMM hai budc. Phat bien nay ddng thuan vdi kgt qua thuc nghiem ciia cac nghien cuu gdn day (vi du Wimoki & cgng su, 2012). Nhung k^t qua nay cho thay tam quan trpng cua vice kiem
So 275 thdng 5/2020 120
soat cac yeu to
wyiiiillriei
Bang 4: Co" che tac aong cua tiep can dgn hieu qua tai chinh ciia doanh nghiep
Bi^n Xuat
khau (I)
Cai tien Cai tign san Doi moi may san phSm pham san moc, cong
moi CO nghe (2) (3) (4)' Nang
suat (5) Tai chinh chinh thiic
Tai chinh phi chinh thuc
Quy mo doanh nghiep Tuoi cua doanh nghiep Don bay tai chinh Tra phi phi chinh thuc PCI
Hang so So quan sat R-squared So mang
0,004 (0,006)
0,002 (0,005) 0,058***
(0,002) 0,002 (0,004)
0,004 (0,006) 0,009*
(0,005) 0,003***
(0,001) 8,499
-0,009 (0,007) -0,008 (0,006) 0,011"*
(0,003) 0,022***
(0,005) 0,015 (0,011) -0,011*
(0,006) 0,001 (0,001)
8,560 0,003 (0,012)
0,011 (0,010) 0,064***
(0,004) -0,022***
(0,007) 0,015 (0,018) 0,027*'*
(0,010) 0,001 (0,001)
8,560
0,018**
(0,008) 0,023***
(0,007) 0,049***
(0,003) -0,014***
(0,005) 0,028***
(0,010) -0,000 (0,007) -0,001 (0,001) 8,541
0,002 (0,022) -0,018 (0,019) 0,024 (0,018) -0,011 (0,026) 0,085**
(0,036) 0,070***
(0,019) 0,013***
(0,003) 1,505***
(0,205) 8,527 0,675 3,898 Chil y- Sai sd chudn trong ngogc, Md hinh edng kiem sodt bien gid n
nghiip ***p<0,01, **p<0.05, *p<0.1.
Ngudn: Tde gid tinh todn.
7 ngdnh edng
khong quan sat dugc va ciing ngu y rang hieu qua tai chinh cua doanh nghiep trong qua khii la mdt bign sd quan trgng trong viec xem xgt tinh chat nang dong cua cac ygu td anh hudng den hieu qua hien tai. Bo qua bign nay trong md hinh cd the dan dgn viec cac nha nghign ciru khdng danh gia dugc hieu qua thuc su ciia su hd trg cua chinh phu ddi vdi hoat dgng tai chinh ciia doanh nghiep.
Bang 4 cung xem xet nhiing ca che tiem nang thong qua dd viec cac doanh nghiep dugc tigp can tai chlnh cd the cd tac dgng tich cue den hieu qua cua doanh nghiep. Ket qua cho thay, cac doanh nghiep san xuat dugc tigp can tai chinh dugc chung minh la co xac suat tham gia vao hoat ddng xuat khau cao ban so vdi cac ddi tac khdng dugc tigp can cac khoan vay chinh thuc. Tuy thg, su khac biet chua thuc su CO y nghia thdng ke.
Bang 4 cho thay xac suat ddi mdi di cung vdi SIJ thay doi trong tinh trang tiep can tai chinh ciia cdng ty Nhiing kgt qua nay mdt phdn phii hgp vai cac nghign ciiu trudc day (vi du Bellucci & cdng sir, 2014) va cho thay cac doanh nghiep ddi mdi phai doi mat vdi it rang huge ban che tin dung so vdi nhiing doanii nghiep khdng ddi mdi. Ndi each khac.
su ddi mdi dudng nhu cung la mdt ygu td du bao tot vg su thay ddi va hieu qua. Ddi mdi khuygn khich cac cdng ty nang cap cdng nghe va nang suat, mgt ket luan phu hgp vdi Tran, T.Q. & cdng su (2016).
Sir dung dii' lieu bang digu khign cdp cong ty tu nam 2005-2011, kgt qua cua hg cho thay sir ddi mdi cd tac ddng rich cue dgn nang suat cua cdng ty.
5. Kgt luan va ham y chinh sach
Su dung bg du' lieu bang cua SMEs hi nhan trong giai doan 2009-2015, nghien cim cung cap mgt sd ket qua quan trgng.
Thir nhdt, kgt qua cua cbiing tdi da chi ra rdng tai chinh khdng ddy du cd tac dgng kim ham su tang tnrdng ciia cac cong ty tx nhan Viet Nam. Digu nay la hign nhign hi cac udc tinh cho thdy tac ddng tigu cue dang ke cua viec tigp can cac han che tai chinh chinh thiic doi vdi hieu qua tai chinh cua doanh nghiep.
Thil- hai, kgt qua cua nghign cim ciing chi ra rdng tiep can tai chinh giup doanh nghiep cat thien hieu qua thdng qua eac boat ddng thiic day d6i mdi cdng nghe, may mdc va quy trinh quan iy ciing nhu san xudt va digu nay tdi lugt nd nang cao nang suat va
So 275 thdng 5/2020
Kinli (ilJIl
mang lai lgi nhuan cao hon cho cac doanh nghiep. ngoe, may niuu uung mm iiai.5 ^^^ -,-..
Nghign cuu chi ra rang tigp can tai chinh chinh 'V' san xuat
thirc cd y nghTa tich cue, va ed anh hudng duang den Lien quan dgn ho trg tiep can tai chini- ciiinh thuc, bieu qua tai chinh cua doanh nghiep. Y nghia cua chinh phu cd thg tac ddng true tiep thong qua^cac nhiing kgt qua nay la cac doanh nghiep mudn phat chucmg trinh hd trg tin dung ngan bang (vi du ho trg trign phai vugt qua cac han che tin dung. Digu nay lai suat, digu chinh thdi gian cho vay. mo rdng pham ham y rdng chinh phii hoac cac td chirc tai chinh can vi...), hoac cac boat ddng gian tiep riiiu tiidng tin dua ra cac giai phap va hanh dgng cu the ddi vdi cac den eac doanh nghigp vg cac khoan vay chinh thuc doanh nghiep hr nhan nhd va vira dg hd trg cbo ho (Mai. H. G & cdng su, 2019), giam cac thu tuc hanh tigp can dugc cac dieh vu va khoan vay chinh thirc, chinh, thdi gian tigp can cac khoan vay cho SMEs dae biet cac khoan vay Uen quan den ddi mdi cdng tu nhan.
Lo'i thira nhan/cam <ra: Nghien cieu ndy duac ldi trg hdi Quy Phdi trien khoa hgc vd cdng nghe Qudc gia (NAFOSTED) trong di tdi ma so 502.01-2018.310.
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