KINHTEVAHdINHAP
VAI TRO CUA DAU Tl] XANH DOI V(5l RET QUA HOAT DONG CUA CAC DOANH NGHIEP FDI
Chu Thi Mai Phucmg' Hd Thi Hodi Thuang"
Tom tat
Nghien cieu ndy phdn tich vai trd ciia ddu lu xanh ddi vdi kit qud hogt dpng cua cdc doanh nghiep FDI d Viet Nam tic ndm 2006 -2009. Kel qud nghien cuu cho thdy, hogt ddng ddu tuxanh ciia doanh nghiip cd dnh hudng lich cue den kit qud hogt dpng ciia doanh nghiep FDI. Kit qud Id bang chimg ihuc nghiem quan Irong de nhd qudn ly cd chiin luac tang cudng ddu lu xanh nham mtte lieu Idng tnrdng cho doanh nghiip vdphdt triin bin vimg.
Tir khoa: ddu tuxanh, kit qud hogt ddng, doanh nghiep FDL
Itia sd: 295. Ngdy nhan bdi: 5/8/2016. Ngdy hodn thdnh bien tap: 26/9/2016. Ngdy duyei dang: 28/9/2016.
Abstract
This study analyzes ihe role of green investments lo the performance of FDI enterprises in Vietnam from 2006 to 2009. The results showed that, green investment activities of enterprises have a positive
impact on performance of FDI enterprises. This result provides Ihe empirical evidence to support strategically enhancing green investments in order to achieve business growth and sustainable development
Key words: green investments. Firm's performance, FDI enterprises.
Paper No. 295. Date of receipt: 5/8/2016. Date of revision: 26/9/2016. Date of approval: 28/9/2016.
1. Lffi mo" dau
Nhung nam gan day, tang trudng kinh te ngay cang nhanh khien cho mdi trudng bi anh hudng nang ne, hau qua ngay cang ro rang ddi vdi mdi trudng la bien ddi khi hau, d nhiem ngudn nudc, khdng khi va dat ngay cang nghiem trgng, day la mpt trong nhung thach thirc ldn ddi vdi the gidi ndi chung va Viet Nam ndi rieng.
Mdt trong nhiing nguyen nhan chinh dan den d nhiem mdi trudng va bien ddi khi hau la hoat dgng san xuat ciia con ngudi, khi nen cdng nghiep ngay cang phat trien va cac san
pham san xuat ra tu cac nganh cdng nghiep dang ngay cang de dga mdi trudng sdng. Nhan thiic dugc nhiing dieu tren, viec cac doanh nghiep chuyen dan sang dau tu xanh de nang cao ket qua hoat ddng, hudng tdi su phat trien ben viing dang la mot van de cap bach ttong giai doan hien nay. Dac biet, cac doanh nghiep cd vdn dau tu nudc ngoai cd hoat ddng chii yeu la xuat nhap khau, thi trudng tren the gidi ngay cang canh tranh, ngudi tieu dung hien nay can nhac khdng chi gia ca, chit lugng ma cdn nhiing van de lien quan den mdi trudng.
Ngudi tieu dung cd xu hudng lya chpn nhiing san pham xanh va than thien vdi mdi trudng,
ThS Khoa Kinh ti Quoc te, Trucmg Dai hoc Ngoai thucmg, email: [email protected] ' ThS Khoa Kinh ti Quoc te, Trucmg Dai hgc Ngoai thuong, email: [email protected]
So 88 (12/2016) Tap chi KINH TE DOI NGOAI 15
KINHTEVAHOINHAP
do do cac doanh nghiep cd vdn dau tu nudc ngoai cln phai tang cudng dau tu cho nhttng san pham xanh hoac cac cdng tac than thien vdi mdi trudng hon de nang cao ket qua hoat dpng cua doanh nghiep va tang sue canh tranh vdi cac doanh nghiep tren dau trudng quoc te.
Trong vai thap ky qua, tten the gidi nhieu nghien ciiu dinh lugng va dinh tinh da kiem dinh mdi quan he giua dau tu xanh va tinh hinh hoat cua cdng ty. Cac nghien ciiu cho nhieu ket qua khac nhau. Mgt sd cho rang dau tu xanh cd anh hudng tich cyc den tu tich cyc den hoat dgng cua doanh nghiep, dd la nghien Cliu cua Bragdon va Marlin (1972), Spicer (1978), tilp theo la Barth va cdng sy (1997), Hassel va cdng sy (2005) hay Aerts va cdng sy (2008), Cormier va Magnan (2007), Ambec and Lanoie (2008), Guenster va cdng sy (2011), Griffin va Sun (2012), Oba va cpng sy (2012) va Roberto (2013). Mdt sl nghien ciiu lai cho rang dau tu xanh mang lai anh hudng tieu cyc den hoat ddng ctia doanh nghiep nhu nghien ciiu cua Barth va McNiehols (1994), Blacconiere va Northeut (1997), Cormier va Magnan (1997), Hassel va cpng sy (2005), Brammer va cgng sy (2006), Roy va Ghosh (2011). Ngoai ra, mdt sd nghien ciiu lai cho rang dlu tu xanh khdng anh hudng din hoat dpng ciia doanh nghiep nhu Deegan (2004) Gonzalez va cpng sy (2005), Plumlee va cdng sy (2010). Dac biet, Lankoshi (2000) lai cho rang dlu tu xanh va hoat ddng cua doanh nghiep cd mdi quan he hinh chtt U ngugc.
Trong khi dd, d Viet Nam cac nghien cuu cua Tran (2003) va Nham va cdng sy (2012) mdi chi de cap den trach nhiem mdi trudng cua cac doanh nghiep. Hay, nghien ciiu cua Dinh Diic Trudng (2015) vl quan ly mdi trudng tai cac doanh nghiep dlu tu nudc ngoai tai Viet Nam. Nghien ciiu nay, mdi chi dung
lai d phan tich thyc trang quan ly mdi trudng tai cac doanh nghiep FDI va khdng dl cap den hanh vi dau tu xanh ciia cac doanh nghiep FDI. Cac doanh nghiep FDI dang ngay cang ddng vai trd quan trgng trong sy nghiep phat trien ciia Viet Nam tren nhieu phuang dien nhu vdn, cdng nghe, phat trien xult khiu, tham gia vao cac thi trudng qudc tl va nang cao kha nang thanh toan qudc te. Tuy nhien, ben canh nhttng ddng gdp tich cue, khu vuc FDI cung da va dang tao ra nhieu anh hudng tieu cyc den sy phat trien ben virng ciia dit nudc, ma ndi bat nhat la tac dgng tieu cyc din mdi trudng sinh thai gay thiet hai to ldn den tai san va siic khde ciia cdng ddng. Nhieu vu d nhiem mdi trudng tram trgng ciia cac dy an FDI da lam giam tinh ben vung cua tang trudng kinh te. Nhung d Viet Nam cdn thilu cac nghien ciiu hanh vi dau tu xanh cua cac doanh nghiep FDI.
Nhu vay, tren the gidi da cd nhieu nghien Cliu ve vai trd ciia dau tu xanh dli vdi kit qua hoat dgng cua doanh nghiep. Tuy nhien, d Viet Nam cdn thieu cac nghien ciiu cho moi quan he tren. Do dd, nghien ciiu nay su dung bp s6 lieu dieu tra doanh nghiep se cl ging tra ldi cau hdi: Dau tu xanh anh hudng nhu thl nao den ket qua hoat ddng ciia cac doanh nghiep FDI? Ket qua phan tich thyc nghiem se la co sd quan trpng dl cac doanh nghiep FDI noi rieng va cac doanh nghiep ndi chung cd chien lugc thyc hien dlu tu xanh nhim nang cao kit qua hoat ddng, tang kha nang canh teanh va hudng din phat ttien bin vttng.
2. Cff Sff ly thuyet va phuffug phap nghien ciea
2.1. Casdly thuyet
Tranh luan vl tac dpng ciia bao ve moi trudng tdi hoat ddng kinh tl ngay cang tang.
16 Tap chl KINH TE DOI NGOAI S5'88 (12/2016)
$ KINH TEVA HOI NHAP
Trai ngugc vdi suy nghT thdng thudng cho rang muc tieu mdi trudng khdng anh hudng den hoat ddng kinh te, mgt nghien ciiu thiic day y tudng ve sy ddng hanh cua hieu qua kinh te va mdi trudng (Porter, 1991; Porter va Van der Liimde, 1995). Quan diem nay, thudng dugc md ta nhu la gia thuyet Porter (PH) thach thiic y tudng ve mgt sy danh ddi giua lgi ich xa hdi va chi phi rieng va xem bao ve mdi trudng la mdt ganh nang cho nganh cdng nghiep. Tap tnmg dac biet vao cac quy dinh ve mdi trudng. Porter va Van der Liimde (1995) cho rang: "tieu chuan mdi trudng dugc thiet ke diing each se gay ra sy ddi mdi dd la cd the mdt phan hoac day dii chi phi tuan thu chiing". Ddng gdp khac dugc cung cap de cai tien gia thuyet PH la xem xet cac mdi quan he cd the cd gitta quy dinh, ddi mdi va nang luc canh ttanh (Jaffe and Palmer, 1997;
Constantini and Mazzanti, 2012).
Trong khudn khd gia thuyet PH, mdi quan he giua quy dinh ve mdi trudng, bao ve mdi trudng va kha nang canh tranh kinh t l da dugc nghien cuu ttong nhieu nghien cuu thyc nghiem (Iraldo va cdng sy, 2011). Mac du hg khdng dat dugc sy ddng thuan, do hg xem xet cac loai hieu iing khac nhau bao gdm ca cac tac dgng den nang suat va kha nang canh tranh qudc te. Ddi vdi nang suat, dau tien phai ke din la (Jaffe va cdng sy, 1995), gin day cd nghien ciiu ciia Gray va Shadbegian (2003) hay Shadbegian va Gray (2005); Borberg va cpng su (2010). Nhung nghien ciiu nay chi ra ring quy dinh mdi trudng anh hudng rat it hoac, khdng anh hudng hoac tham chi anh hudng tieu cue tdi nang suat, ttong khi mdt sd nghien ciiu khac lai tim thay sy ddng thuan cho gia thuylt PH. Miic do ddng thuan la khac nhau gitta cac nganh cdng nghiep va bdi canh dia ly, cd the ke den nhu cdng nghiep lpc dau d My (Berman va Bui, 2001); Cdng nghiep san
xuat lucmg thyc d Mexico (Alpay va cdng sy, 2002); nganh cdng nghiep dau khi ttong Vinh Mexico (Managi va cdng sy, 2005); nganh san xuat gay d nhiem cao d Nhat (Humamoto, 2006); cac nganh san xuat d Quebec (Lanoie va cgng sy, 2008) va Dai Loan (Yang va cdng sy, 2012).
Ben canh dd, viec ap dung bao ve mdi trudng vao hoat ddng kinh te cd the tryc tiep lam giam chi phi nguyen lieu, nang lugng su dung, tai san cd dinh va dau vao lao ddng (Ambec va Lanoie, 2008). Theo quan diem nay, dau tu bao ve mdi trudng cd the dan den ket qua hoat ddng kinh te cao hon va cac hieu ling tdt cd the xuat hien tren nang suat cflng nhu kha nang canh tranh qudc te ciia cac doanh nghiep.
Xuat phat tii quan diem tren, tac gia khdng tap trung vao tac dgng ciia quy dinh ve mdi trudng, ma xem xet cac tac ddng cua dau tu xanh, nham giam thieu anh hudng tieu cyc den mdi trudng ttong hoat ddng san xuat kinh doanh ciia doanh nghiep. Tac gia bat dau tu y tudng rang, dau tu xanh dugc xem nhu la mdt phan cua toan bp danh muc dau tu cua doanh nghiep va lien quan den dau tu vao cdng nghe san xuat khac.
2.2. Phuang phdp nghiin curu 2.2.1. MP hinh nghien cieu
Md hinh ly thuyet va nghien ciiu su dung la ham san xuat Cobb-Douglas cd dang nhu sau:
Y,=Aj{x;) = h,x';, (1)
Trong do: 7 la san lugng dlu ra cua doanh nghiep i, A^ dugc coi la nang lye cdng nghe cua doanh nghiep i hay cdn ggi la nang suat nhan io,X la yeu td dlu vao. N I U gia sii rang de san xuat san lugng Z doanh nghiep i ket hgp hai dau vao chinh la lao ddng, L, va vdn, K^, thi ta cd thl vilt lai ham san xult
86'88 (12/2016) Tap chi KINH TE DOI NGOAI 17
KINHTEVAHdINHAP
Cobb-Douglas cho doanh nghiep nay va bilu dien dang tuyen tinh nhu sau:
Y,=A,K^L'^
hoac \nY^=]nA,+p^\nK, +P^ InL, + v,, (2) Trong do, P^ va P^ lln lugt dugc ggi la do co dan ciia san lugng dau ra vdi yeu td dau vao vin va lao dgng; v, la sai sd ngau nhien trong md hinh, dugc gia dinh cd trung binh bang khdng va phucmg sai cd dinh. A^ dugc md ta theo phuang trinh sau:
In^ = fl„ + a, C + a fii +e , (3)
/ 0 I J' 2 JI / ' '^ '
Trong do, C ^ la vec-ta cac bien sd kiem soat anh hudng ciia cac nhan td quan che va dac diem cua doanh nghiep (vi du, quy md doanh nghiep), Gf la vec-ta dai dien cho bien sd dau tu xanh - dau tu cho may mdc- thiet bi nham giam thieu tac ddng xau den mdi ttudng ciia hoat dgng san xuat kinh doanh; cudi cung, e_ la sai sd do ludng va dugc xem nhu la tac ddng cua cac cii sdc nang suat ngau nhien cd phan phdi dgc lap va chuan hda vdi trung binh bang khdng vd phuang sai khdng ddi. Ket hgp (2) va (3), chiing ta thu dugc md hinh tdng gpp va dugc bieu dien gpn nhu sau:
hiZ = y5„ + p^+p^^ + a,C^ + afil+ e. (4) Phuang trinh (4) cd the udc lugng vdi hdi quy do lieu cheo (cross-section regression).
Tuy nhien, viec su dung phuang phap nay cd the dan tdi ket qua sai lech mac du chiing ta cd the cai thien ket qua neu xii ly tit md hinh hoac cd quy md mau ldn. Do vay, su dung phuang phap hdi quy dtt lieu mang (panel), uu viet hon, cd dang nhu sau:
I n y / , ; - P o , / + Plln/!:,V + P2ln.^;,/ + alCHV -*-a2GIji,i + <iT +v/ + (0;V (5) Trong dd, T bilu thj hieu ung cd dinh theo thdi gian va v, dai dien cho hieu iing cl
dinh theo khdng gian khdng quan sat dugc.
Tuong tu J, va e, co^, la sai sd cua md hinh dugc gia dinh cd phan phdi ddc lap. Phuang trinh (5) cd the dugc udc lugng vdd md hinh hon hgp (Pooled OLS), hieu iing cd dinh (FE), hoac hieu ung ngiu nhien (RE). Dl lua chgn gitta Pooled OLS vdi RE sir dung kilm dinh XttestO, de lya chpn gitta FE hay RE su dung kiem dinh Hausman. Tuy nhien, bat ke kit qua kiem dinh Hausman nhu the nao, dli vdi dy lieu bang khdng can bang va T nho, N ldn thi mo hinh hieu iing ngau nhien hieu qua hon md hinh hieu ung cd dinh (Judge va cdng sy ,1980; Taylor, 1980 va Johnston va DiNardo,1997).
Cudi cung, md hinh dugc lya chgn se su dyng hdi quy robust de kiem soat cac vi pham vl phuang sai thay ddi va ty tuong quan cua sai sd ngiu nhien (Greene, 2002; Wooldridge, 2002)
2.2.2 Die lieu vd bien sd
Du lieu ve doanh nghiep dugc chiet xuat tir bd Dieu tra Doanh nghiep (GES) thyc hien bdi Tdng cue Thdng ke (GSO) trong giai doan 2006-2009. Vdi cac bien sd su dung ttong mo hinh bao gdm:
i) Bien phu thugc. Cd rit nhilu chi so khac nhau de thl hien kit qua hoat ddng kinh doanh cua doanh nghiep. Vi du nhu Nakao et al (2007) su dung chi sd ROA va Tobin's Q; Brammer et al (2006) lai su dung chi sl lgi nhuan cd philu hay Cormier va Magnan nam 2007 lai quan tam din gia tri thi ttudng cd phieu cua doanh nghiep... Tren thyc tl, qua cac nghien ciiu dugc tac gia phan tich d phia tren, cd rit nhieu nha kinh tl hgc trudc dd da sit dung chi sl vl doanh thu dl bilu hien ket qua hoat dgng kinh doanh ciia doanh nghiep. Tu dd ma do ludng tac ddng ciia dlu
18 Tap chi KINH TE DOI NGOAI So'88 (12/2016)
KINHTEVAHOINHAP
tu xanh den doanh thu ma doanh nghiep thu ve dugc (theo Porter vander Linde, 1995;
Hart va Ahuja; 1996; Klassen va McLaughlin;
1996 va Hassel 2005). Nhu vay, k l thua kit qua nghien cuu cac cdng trinh di trudc, tac gia quyet dinh chgn doanh thu la bien phu thugc cua md hinh.
ii) Bien dgc lap. Hai yeu td dau vao san xuat quan trgng la vdn (K^) va lao ddng (Z,_) dugc dai dien bdi tdng tai san va tdng sd lao ddng ma doanh nghiep su dung cho hoat ddng san xuat kinh doanh. Cac bien sd ddc lap kiem soat anh hudng ciia dac diem ciia doanh nghiep (C J bao gdm: quy md doanh nghiep (doanh nghiep ldn, doanh nghiep vua, doanh nghiep nhd va doanh nghiep sieu nhd)', tudi ciia doanh nghiep, nganh nghe kinh doanh.
Trong do, bien sd dau tien dugc dai dien bdi ba bien gia, cac bien gia dugc gan gia tri 1 neu thugc ddi tugng nghien ciiu va 0 neu khac, trong dd doanh nghiep ldn dugc chpn lam ca sd de so sanh. Tudi doanh nghiep dugc tinh bang hieu sd giua nam dieu tta khao sat vdi nam doanh nghiep thanh lap. Nganh nghe kinh doanh dugc phan loai theo phan nganh cap 5 trong VSIC - 2007 gdm nganh cdng nghiep va san xuat, nganh ndng lam ngu nghiep, nganh khai khoang, nganh xay dyng, nganh ban le, nganh van tai kho van, nganh dich vu lim tni va an udng, nganh thdng tin truyen thdng, nganh tai chinh ngan hang, nganh bat dpng san, nganh khoa hgc & cdng nghe va tdng cac nganh khac, 11 biln gia dugc su dung cho nganh nghe kinh doanh, cac bien gia dugc gan gia tti 1 nlu thugc ddi tugng nghien ciiu va 0 neu khac, trong dd tdng cac nganh khac dugc lay lam nganh chuan de so sanh. Gf la vec-ta
dai dien cho bien sd dau tu xanh bao gdm tdng gia tri thilt bi, cdng trinh xir ly mdi trudng va tdng chi phi cho cdng tac bao ve mdi trudng.
3. Ket qua nghien cuu va thao luan 3.1. Mo td thdng ki
Thing ke md ta cho thly, hom 90% doanh nghiep cd thilt bi, cdng trinh xu ly d nhiem mdi trudng va cd chi phi cho cdng tac bao ve mdi trudng. Nhu vay, phan ldn cac doanh nghiep FDI da chii trpng den cdng tac bao ve mdi trudng trong qua ttinh san xuat kinh doanh. That vay, theo nghien ciiu cua Dinh Dire Trudng (2015), 60% cac doanh nghiep FDI thyc hien nghiem tlie hoat ddng bao ve mdi trudng nham tang hinh anh dep trong mat ngudi tieu dimg, han 15% de tao dyng hinh anh doanh nghiep tdt vdi CO quan chiic nang va hon 15% de bao ve siic khde cua ngudi lao ddng. Binh quan gia tti thiet bi, cdng trinh xir ly d nhiem" mdi trudng va chi phi cho cdng tac bao ve mdi trudng cua cac doanh nghiep FDI qua cac nam dugc the hien trong Bieu do 1 dudi day.
Theo Bieu dd 1: Binh quan gia tri thiet bi xir ly mdi trudng ciia doanh nghiep FDI tang manh tu nam 2006 -2007, sau dd giam manh tu nam 2007 - 2008 va tiep tuc tang dan deu tu nam 2008 -2009. Ddi vdi binh quan chi phi cho cdng tac bao ve mdi trudng ciia cac doanh nghiep FDI cd xu hudng tang dan theo thdi gian.
Thdng ke md ta cac bien sd sir dung trong md hinh dugc the hien trong Bang 1. Theo Bangl: Tat ca cac doanh nghiep FDI khao sat deu cd doanh thu va binh quan mdi doanh nghiep cd gan 5 nam hoat ddng san xult kinh doanh.
d Viet Nam,Nghi djnh s6 56/2009/ND-CP cua Chinh phu quy djnh ve quy mo doanh nghiep nhu sau: Doanh nghiep co so lao dong nho hon 10 lao dpng la doanh nghiep sieu nho, tir 10 den 200 Iao dong la doanh nghiep nho, tir 200 den 300 lao dong la doanh nghiep vira va Ion hem 300 lao dong la doanh nghiep Ion.
S6'88 (12/2016) Tap chi KINH TE DOI NGOAI 19
KINHTEVAHOINHAP
Bieu do 1. Binh quan gia tri thiet bi, cong trinh xu ly 6 nhiem moi trucmg va chi phi cho cong tac bao ve moi truong cua cac doanh nghiep FDI
Dan vi: triiu ddng
4500 4000 3500 3000 2500 2000 1500 1000 500 0
-Gia In thiet bi xCr ly moi tru'ong - C h i phi cho cong tac bao ve moi t r u o n g
Ngudn: Tinh todn cua Idc gid Bang 1. Thong ke mo ta cac bien
Bien so Doanh thu So lao dong Tong tai san
Gia tri thiet hi xur ly moi trucmg Chi phi cho cong tac bao ve moi truong
Tuoi doanh nghiep
So quan sat 19177 19557 19535 2335 2554 13865
Trung binh 191300 283.598 272227 1573.38 874.473 4.97
Do lenh chuan 1004005
1512.9 2269181
13209.5 18208.4 10.95
Gia tri nho nhat
0.6 1 1 0 0 1
Gia tri Ion nhat 48100000
84660 236000000
386536 868327
21 Ngudn: Tinh todn cua tdc gid Bang 2. Ma tran tuong quan
Doanh thu So lao dong Tong tai san
Gia tri thiet bi xir ly moi tru&ng Chi phi cho cong tac bao ve moi truong
Tuoi doanh nghiep
Doanh thu
1 0.43 0.51 0.19 0.26 0.10
So Iao dong
1.00 0.23 0.03 0.03 0.02
Tdng tai san
1.00 0.08 0.06 0.06
Gia tri thiet bi xu ly moi
trudng
1.00 0.34 0.07
Chi phi cho cong tac bao ve moi
truong
1.00 0.03
Tu6i doanh nghiep
1.00 Nguon: Tdc gid tu linh todn
20 Tapchi KINH TE DOI NGOAI S6'88 (12/2016)
KINHTEVAHOINHAP
Tucmg quan giQa cac bien dugc the hien trong Bang 2. Theo ma tran nay, tit ca cac bien deu cd quan he tuong quan cung chieu vdi doanh thu va miic do tuomg quan tii 10%
-50%. Trong dd, dau tu xanh cua doanh nghiep cd tucmg quan manh va cimg chieu vdi ket qua hoat ddng cua doanh nghiep. Cu the, gia tri thiet bi xii ly mdi trudng cd tuomg quan duang va miic do tucmg quan la 19% vdi doanh thu, chi phi cho cdng tac bao ve mdi trudng cd tuang quan ducmg va mirc do tuomg quan la 26% vdi doanh thu. Ngoai ra, tuomg quan giiia cac bien ddc lap nhd hon 80%, do dd loai trir dugc kha nang da cgng tuyen hoan hao xult hien trong md hinh.
3.2. Kit qud udc luang vd thdo lugn Ket qua udc lugng anh hudng ctia dau tu xanh den ket qua hoat dgng ctia doanh nghiep FDI dugc the hien trong Bang 3.
Bang 3. Ket qua udc lugng mo hinh Bien so
Ln (Tong tai san) Ln (Lao dong)
Ln (Gia tri thiet hi xu ly moi trucmg)
Ln (Chi phi cho cong viec bao ve moi trudng)
Tuoi doanh nghiep Tuoi doanh nghiep^
Doanh nghiep sieu nho
Ln (Doanh thu)
0.78 (O.OO)""
0.16 (0.00)'"
0.04 (0.02)"
0.03 (0.05)"
0.02 (0.03)"
-0.002 (0.01)"*
-1.59 (0.00)"'
Doanh nghiep nho Doanh nghiep vira He so chan
Bien kiem soat nganh nghe kinh doanh
R2
So quan sat
-0.31 (0.01)"*
-0.36 (0.08)*
0.64 (0.42)
Cd 0.72
420 Ghi chit: Gid tri trong ngoac dan lap-value.
',",'"cdy nghia dmiec 10%, 5%, 1%
Ngudn: Tinh todn ciia Idc gid vdi sichd tra cua phdn mem Stata 12 Theo ket qua udc lugng, hai yeu td dau vao cd anh hudng tich cue den doanh thu ciia doanh nghiep FDI. Tdng tai san va sd lao dgng cua doanh nghiep FDI tang 1% thi doanh thu cua doanh nghiep FDI tang lan lugt la 0.77%
va 0.23%. Ket qua nay phii hgp vdi ly thuyet kinh te. Ddng thdi, doanh nghiep cang trai nghiem thi doanh thu ciia doanh nghiep cang cao nhung miic gia tang bien giam dan, doanh nghiep FDI cd them 1 nam kinh nghiem thi doanh thu tnmg binh cua doanh nghiep FDI tang khoang 2% {c^°'^= 1.02). Ben canh dd, he sd hdi quy cua tdng gia tri cua cdng trinh, thi6t bi xii ly mdi trudng va chi phi cho cdng viec bao ve ciia mdi trudng cua doanh nghiep FDI deu cd y nghia thdng ke d mirc 5%). Dieu nay ham y, dlu tu xanh ciia doanh nghiep FDI cd anh hudng den doanh thu cua doanh nghiep FDI va anh hudng dd la tich cue. Cu thl, tdng gia tri cua cdng trinh, thiet bi xir ly mdi trudng cua doanh nghiep FDI tang 1% thi doanh thu tang 0.04%. Gia tri ciia cdng trinh, thiSt bi xu ly mdi trudng dugc coi la tai san cua doanh nghiep. Do do, khi ngudn lye cua doanh nghiep tang len se tao kien dg doanh nghiep tao ra nhiSu gia tri. Tuomg ty, chi phi cho cho
So 88 (12/2016) Tap chi KINH TE DOI NGOAI 21
KINH TEUA HOI NHAP
cdng viec bao ve ciia mdi trudng tac ddng tich cue din doanh thu cua doanh nghiep FDI, 1%
tang them cho chi tieu nay se lam doanh thu trung binh ciia doanh nghiep FDI tang 0.03%.
Doanh thu se bing tdng cua cac loai chi phi va lgi nhuan doanh nghiep, dd dd tang chi phi se cd kha nang lam tang doanh thu. Ket qua nay hoan toan phii hgp vdi ly thuyet kinh te.
Ngoai ra, ddi vdi nhdm bien kiem soat quy md doanh nghiep. Ket qua cho thay, doanh thu binh quan cua doanh nghiep sieu nhd, nhd va vira nhd han so vdi doanh nghep ldn lan lugt la 390% (e' ''= 4.90), 36% (e"3'= 1.36) va 43%(e°-^«=1.43).
4. Ket luan va kien nghi
Nghien ciiu nay sii dung bd sd lieu dieu tra doanh nghiep tir nam 2006 -2009 vdi md hinh ham san xult Cobb-Douglas da cho thay, dau
tu xanh cd vai trd quan trpng ddi vdi ket qua hoat ddng cua doanh nghiep. Tang cudng hoat ddng dlu tu xanh se kich thich ket qua hoat dgng cua doanh nghiep FDI gia tang. Cu thS 1% tang cua tdng gia tri ciia cdng trinh, thilt bi xir ly mdi trudng va chi phi cho cdng viec bao ve cua mdi trudng cua doanh nghiep FDI se lam doanh thu ciia doanh nghiep FDI tang lln lugt la 0.04% va 0.03%. K6t qua nay la bing chiing thyc nghiem quan trgng de nha quan ly cd chien lugc tang cudng hoat dpng dlu tu xanh, giiip tang trudng doanh nghiep va hudng din phat trien ben vilng. De thuc hien dugc muc tieu dd, nha nudc can dieu chinh cac chinh sach tm dai va rao can .dau tu phil hgp vdi dinh hudng thu hut FDI theo hudng bao ve mdi trudmg. Khuyen khich, tao dilu kien dl doanh nghiep FDI tang hoat dpng dautu xanh. •
Tai lieu tham khao
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