Tac dong cua sd huU quan trj den kha nang sinh lofi trong cac doanh nghiep niem yet d Viet Nam
NGOYIN TIEN THANH'
Tom tat , , . , , , , , , Ban qudn tri cdng ty sd hffu cophdn cdng ty Id tot hay xau? Cd hay chang mgt ty le sa hffu
tdi uu ditdi da hda khd ndng sinh ldi cua doanh nghiep? Bdng cdch sff dung md Mnh hot quy binh phuang nhd nhdt (OLS - Ordinary Least Squares) vdi dff lieu tff 104 doanh nghiep Viet Nam niem yit tren Sd Giao dich chffng khodn Thdnh phd Ho Chi Minh (HOSE) trongg giai dogn 2011-2015, bdi viit se tim ra cdc mdi quan he giffa sd hffu qudn tri vd hieu sudt cdng^ty. Kit qud se ggi y di cdc cdng ty tu tim cho minh mgt ty le sd hffu qudn tri phu hgp nhdm tdi Uu Igl ich c&a cdc ben vd lgi nhudn cua cdng ty.
Tfl khoa: khd ndng sinh ldi, qudn ly, sd hffu qudn tri Summary
Is it good or bad for the board to own the shares of a company? Should an optimal percentage of ownership be formed to maximize the profitability of a business? By OLS - Ordinary Least Squares with data from 104 Vietnamese enterprises listed on Ho Chi Minh City Stock Exchange (HOSE) in the period 2011-2015, the article will clarify the relationship between ownership administration and performance in a company. The result Is a basis for companies to formulate a proper percentage of ownership so as to maximize benefit of involved parties and themselves.
Keywords: profitability, management, ownership administration J GlCfl THIEU
Hien trang eae cdng ty dtfdc quan ly bdi nhttng ngtfdi khdng phai la chu sd huii da khdng edn xa la. Cae ed ddng ed the mud'n td'i da hda gia tri, hoac hieu qua hoat dpng cua cdng ty, nhtfng nha quan ly ed the khdng quan tam nhieu ve dieu dd, vi hp khdng sd hiiu, hoac sd hiiu rat it cd phieu eiia cdng ty. Tren the gidi, cd rat nhieu nghien ctfu da dtfpc tien hanh de kiem tra tac dpng cua sd httu quan tri den hieu qua hoat dpng ciia eae cdng ty.
Tuy nhien, trong mot thi trtfdng la cae nen kinh te mdi ndi nhtf Viet Nam, day la mdt de tai dtfdc xem xet rat han che. Ttt nhffng ly do nay, nghien cifu dffdc thffc hien de giai thich tae ddng cua sd hiiu quan tri den boat dpng cdng ty cua cac doanh nghiep Viet Nam, tim ra ty le sd hffu quan tri hdp ly cho thi trtfdng Viet Nam cung nhtf eung cap them bang chtfng thifc nghiem.
CO s d LY THUYET VA MO HINH NGHIEN CU'U
Quyen sd httu quan tri la ty le ed phan dtfdc nam gitt bdi hdi ddng quan tri va ban dieu hanh. Morck va
eae cdng stf (1988) da tien hanh kiem tra mtfc dp nSm quyen sd huii ctia hoi ddng quan tri va anh htfdng ciia nd den boat ddng eua edng ty bang each chpn mau nghien ettu la ty le ed phan ciia cac ed ddng Idn ttt 456 edng ty trong Fortune 500 (bang xep hang 500 cong ty Idn nha't Hoa Ky) vao nam 1980 va su!
dung Tobin's Q (la ty sd gitta gia tri thi trtfdng va gia tri thay the eua mdt tai san httu hinh dttdc James Tobin va William Brainard gidi thieu nam 1968) nhtf la mdt bien bieu thi gia tri eua edng ty.
Cac thtfe nghiem da chffng minh rang, Tobin's Q tang khi ty le sd hffu quan tri tang ttt 0% len 5% va khi vffdt qua 25%, ddng thdi tao ra mpt mdi quan he tich ctfc gitta ty le sd huii quan tri va hieu sua't cdng ty. Khi ty le nay dat 25%, Tobin's Q giam, mdt mdi quan he tieu ctfc tdn tai vdi nguyen nhan la do anh htfdng cua hien ttfdng "tham quyen co vi" eua ngtfdi quan ly.
ThS. rirdng Dai hoc Kinh te Dai h(?c Qudc gia Ha Npi I Email: [email protected] Vjtji' nlid) bdi 20/09/2016: Vgdyphdn Men: 07/11/2016; Ngdy duyet ddng: 25/11/2016
26
Kiiih (£ ^ .a Dirbao
R.Chen va cac edng stt (2002) nghien cuii 123 edng ty Nhat Ban niem yet tren thi trttdng chttng khoan Tokyo giai doan 1987-1995 va tim thay mdi quan he nghich bien giffa sd hffu quan tri va hieu sua't cdng ty khi ty le ed phan ciia hdi ddng quan tri ttt 0% den 4% va ddng bidn khi ty le nay vttdt qua 4%.
O Viet Nam, ehi cd mdt trtfdng hdp tien hanh nghien cuii ve mdi quan he giffa sd huii quan tri va hieu qua hoat ddng cua cdng ty dd la nghien cuii cua Vd Xuan Vinh (2014). Tae gia hinh thanh quan diem phu hdp vdi cac nghien cttu qud'c te trffdc dd rang ty le sd huii cua eae ed ddng lien quan den gia tri edng ty va eac cdng ty cd mffe dp sd huii td chttc Idn se cd hieu sua't cao hdn eung nhtt cd gia tri hdn tren thi trtfdng.
Difa tren eac nghien cuii di trtfdc, trong nghien ctfu nay, tac gia tien hanh xem xet cu the hdn trtfdng hpp eua Vidt Nctm, tim xem tae ddng cua sd httu quan tri cd tac ddng the nao tdi kha nang sinh ldi eua cdng ty.
Dtt lieu nghien effu dffdc thu thap tff 104 cdng ty Viet Nam niem yet tren san chffng khoan HOSE giai doan 2011-2015.
Bp mau nay tffdng dffdng vdi 520 quan sat, toy nhien, trong qua trinh ehay md hinh, thi phat hidn ra mdt vai quan sat khdng theo xu hffdng ehung lam anh hffdng den ket qua nghien effu. Do dd, tac gia loai bd cac quan sat gay nhieu, cud'i cung cdn 453 quan sat eua 104 cdng ty. Ta't ea cac dff heu deu la dtt lieu thtt cap va dffdc thu thap ttt cae bao eao tai chinh cua eae cdng ty dtfde ilia chpn trong nghien cifu.
Bien dpe lap dtfdc sff dung trong md hinh hdi quy dai dien cho hieu qua boat ddng ciia cdng ty thffdng la ROE, ROA va Tobin's Q. Tuy nhien, thi trffdng Viet Nam vin tdn tai mdt vai han ehe' trong viec thu thap dtt lieu, dieu nay khien cho viee xae dinh gia tri thi trffdng cua doanh nghiep khdng dtfdc chinh xae. Do dd, nghien cttu quyet dinh stt dung md hinh hdi quy vdi chi mdt bien phu thude la ROE. Phtfdng phap hdi quy OLS dffdc ap dung trong nghien ettu nay de chay md hinh. Ddng thdi, de kiem tra mffe dd tffdng quan gitta eac bien ddc lap eung nhff sti ttfdng quan trong eac gia tri eua cung mpt bien theo thdi gian va khdng gian, nghien ciiu eung sff dung eac phffdng phap kiem dinh da cdng tuyen va tff ttfdng quan (Bdi viit sff dt^ng cdch viit sd' thdp phdn theo chudn qud'c te).
Md hinh hdi quy dtfde xay dtfng nhtf sau:
ROE,^ =a„+ P//0,., + fi,(MO)\ + fi/NST, + PfiOV^, + p / O W , + p^/Z£, -I- p ^ £ y , + \i^GROWTH^ + E,
Trong dd:
- ROE la ehi sd do Itfdng hieu qua hoat dpng eua doanh nghidp, ddde xac dinh bang IcJi nhuan sau thue cua doanh nghiep tren tdng ngudn vd'n eua nd;
- MO la bien sd httu quan tri, tinh bang phan tram eua so ed phieu dtfdc nam giff bdi thanh vien trong hdi ddng quan tri, ban dieu hanh va ban kiem soat cua cdng ty (khdng bao gdm nhttng cd phieu nam gitt bdi nhttng ngttdi lien quan eua hp va nhffng ed phieu dai dien cho vd'n nha nffdc va eac td chtte ben ngoai). Bien MO^ la binh phffdng gia tri eua bien MO, dttdc sff dung vdi hy vpng se tim ra mdt mdi quan he phi tuyen tinh gitta sd httu quan tri va hieu qua boat ddng cua edng ty, ttt dd tim ra mdt ty le phan tram hdp ly cua MO de td'i da hda (hoac td'i thieu hda) ROE cua cdng ty;
- INST do Ittdng ty le sd huii cua cd ddng td ehttc va dtt(?e tinh bang sd' Itfting cd phan sd hiiu bdi cd ddng td ehttc cd sd httu ttt 5% trd len chia cho tdng so ed phan dang ltfu hanh tai thdi diem eud'i nam tai ehinh;
- GOV the hien ty le ed phieu nam gitt bdi nha ntfde, hay ngtfdi dai dien nha ntfdc tren tdng sdcd phieu dang liiu hanh;
FOW la phan tram so' cd phie'u sd httu bdi eae ed ddng nffdc ngoai cua doanh nghiep;
- SIZE dai dien eho quy md cua cdng ty tai thdi diem nam t;
- LEV la ddn bay tai chinh, dtfdc xae djnh bdi phan tram cua tdng nd tren tdng tai san;
- GROWTH the hien tdc dp tang trtfdng doanh thu hang nam eua cdng ty.
KET QUA NGHIEN CLfU
Kiem dinh da egng tuyin vd tff tffcfng quan Ma tran ttfdng quan giffa bien phu thude va cac bien dpe lap dffdc trinh bay 5 Bang 1. He sd ttfdng quan giffa cac bien kha tha'p, dieu dd the hien rang, cae bien khdng cd md'i quan he, hoac cd stf ttfdng quan yeu vdi nhau, phu hdp de dtfa vao md hinh hdi quy.
Md hinh hdi quy OLS dtfdc chay hai lan de tim ra md hinh eudi cung cd y nghia thdng ke eao nhtf trong Bang 2 (bang each loai bd dan cac bien cd p - value Idn hdn 5%).
De khang dinh hdn ve ke't qua chay md hinh hdi quy la ehinh xae, tac gia da tien hanh kiem dinh da edng tuyen va ttf ttfdng quan.
Kiem tra van de da cdng tuyen dtfdc thife hien qua he sd VIF (Variance Inflation Factor - he sd phdng dai phtfdng sai). Khi VIF vtfdt qua 10, dd la da'u hieu cua da cdng tuyen.
Ttt Bang 3 tha'y rang, ta't ca gia tri VIF deu nhd hdn 10, bien cd gia tri VIF Idn nhat eung ehi xa'p xi 8.52.
Dieu dd chl ra rang, md hinh khdng tdn tai hien ttfdng da edng tuyen va md'i quan he giffa cae bien dpe lap la gan nhtf khdng dang ke. Do dd, ket qua md hinh hdi quy OLS la dang tin cay.
Economy and Forecast Review
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BANG 1: SCf TCfdNG QGAN ROE
MO INST GOV FOW SIZE LEV GROWTH
ROE 1 -0.203 0.0047 0.2862 0.2109 -0.0009 -0.2094 0.3033
MO I -0.2616 -0.534 -0.1369 0.1156 0.1296 -0.0389
INST
I -0.1869 0.0358 0.0889 -0.0193 0.064
GOV
I -0.1369 -0.0798 -0.0351 -0.0257
FOW
1 0.4422 -0.2331 0.0459
SIZE
1 0.3813 0.0016
LEV
1 0.0549
GROWTH
1
BANG 2 Bie'n
MO M0=
INST GOV FOW SIZE LEV GROWTH Constant
So quan .sat R-squared
HOI QGY OLS (1) ROE
-0.271***
(0.0748) 0.465***
(0.0978) 0.00287 (0.0245) 0.103***
(0.0241) 0.151***
(0.0365) -0.00902 (0.0105) -0.0503**
(0.0243) 0.111***
(0.0146) 0.227**
(0.115) 453 0.303
(2) ROE
-0.274***
(0.0667) 0.457***
(0.0931)
0.101***
(0.0207) 0.131***
(0.0279)
-0.0622***
(0.0199) 0.112***
(0.0145) 0.129***
(0.0145) 453 0.301 Do lech chuan nam trong ngoiic
*•** p<0.01, *•« p<0.05, «• p<0.1
BANG 3: HE SO VIF Big'n
MO MO=
GOV FOW LEV GROWTH Gia tri VIF trung binh
VIT 8.52
6.8 1.7 1.15 1.12 l.OI 3.38
irvw
0.117379 0.147106 0.587373 0.872957 0.894139 0.988689
^ g i i o n : Tinh toap cua tac nia
Kiem dinh Durbin Watson dffdc thtfc hien de xem hien to'dng ttf ttfdng quan. Trong trtfdng hdp gia tri Durbin - Watson nam trong khoang ttf 1 den 3, thi md hinh khdng tdn tai hien ttfpng tif ttfdng quan. Theo ket qua tinh toan trong nghien cttu nay, Durbin Watson dat gia tri 1.031249 (nam trong khoang tff 1 den 3), nen khdng ed hien topng ttf ttfdng cjuan. Dieu dd dan den md hinh hdi quy khdng nhttng ed gia tri, ma cdn dang tin cay.
Anh hffdng cua MO den ROE Vdi ket qua hdi quy OLS, anh htfdng eua MO len ROE ddde phan anh qua dtfdng cong hinh chff U (Hinh). Theo dd, nhttng anh httdng tieu etfc xay ra khi phan tram sd huii ed phan cua nha quan tri d mtte tha'p va khi phan tram sd hiiu co piian eua nha quan tri d mtte cao se xuS't hien nhttng anh htfdng tich ctfc. Diem udn xay ra khi phan tram sd huii cua nha quan tri dat mffe 29.91%, ttfdng ttng vdi ldi nhuan tren vd'n ehu sd httu dat gia tri nhd nha't la 8.81%. Mdt dieu quan trpng hdn dd la khi MO tang dang ke, thi din den viec tdi da hda ddde hieu qua hoat ddng eua edng ty. Ttt dd, chttng minh dttdc rang cd mdt md'i quan he phi tuye'n tinh gitta sd httu quan tri va hieu qua hoat ddng eua edng ty.
Ket qua nay ddde coi la mdt sif khae biet so vdi cac nghien cffu thifc nghiem trtfdc day cua Morek (1988) va MeConnell, Servaes (1990). Ly do dtfdc dung de giai thich cho ket qua nay dd la tdn tai "ldi ieh ca nhan" va hien ttfdng
"ddng ldi ieh" trong xu htfdng sd hifu quan trj tai Viet Nam.
Ngoai ra, cdn cd mpt ly do nffa cd the giai thieh cho nhttng anh hffdng tich cifc den hieu qua hoat dpng cua cdng ty khi sd huii quan tri tang do la "ldi the thong tin". Nhff mdt he qua ta't yeu, trong mpt sd trtfdng hdp, thanh vien hdi ddng quan tri, ban giam ddc va ban kiem soat se cd nhieu thdng tin cti the hdn so vdi cac nha dau ttf ben ngoai ve ke hoaeh va tinh hinh boat ddng ciia doanh nghiep.
Anh hffdng cua cdc bien dgc Idp khde din ROE
Ben canh anh htfdng tff MO, qua Bang 4 cd the tha'y nhff sau:
- Bien sd hffu td chttc (INST) cd p - value Idn hdn 5%, dieu dd cd nghia la sd hiiu to ehttc khdng cd y nghia thdng ke trong mo hinh. Ndi each khac, sd hiiu td ehttc khong cd anh hffdng den hieu qua boat ddng cua cac doanh nghiep Viet Nam.
Bien sd hiiu nha nffdc (GOV) va sd huii nffdc ngoai (FOW) deu cd y nghia thd'ng ke trong model vi p - value nhd hdn 5%. Hai bien nay ed anh htfdng tich cifc den ROE. Cd the giai thieh la khi Nha ntfdc la cd ddng Idn eua doanh nghiep, thi eac doanh nghiep nay cd the dffdc hd trd ve cae ngudn life tai ehinh va chinh tri, do dd giup eai thien hieu qua boat ddng.
Con doanh nghiep cd phan tram sd htJu cd phan Idn bdi nha dau ttf ntfde ngoai
28
Kinhte va DiHiiia
cung_ se cd hieu qua boat dpng td't hdn, do de dang tiep can vdi eae md hinh quan ly tien tien, ed cac ed hpi dtfde chuyen giao nhieu edng nghe mdi. Ttt dd, giup cho doanh nghiep giam ehi phi san xua't, tang nang sua't vii hieu qua boat ddng.
- Quy md cdng ty (SIZE) va hieu qua hoat ddng cd mdi ttfdng quan am. Tuy nhien, bien quy md edng ty khdng ed y nghia thd'ng ke vi p - value Idn hdn 5%.
Tang trtfdng doanh thu (GROWTH) cung cd nhttng anh httdng den hieu qua boat dpng. Dieu nay ed the dtftfc chffng minh bdi sti gia tang doanh thu se keo theo sff gia tang thu nhap rdng. Chinh dieu nay anh htfdng trttc tiep den ROE va lam cho ROE tang len.
He sd eua ddn bay tai ehinh (LEV) la am va bien nay cd y nghia thd'ng ke eho trong md hinh. Do chi phi lai vay tang va ldi nhuan sau thue cung bi anh htfdng. Ddn bay tai ehinh se anh htfdng tieu ctfc den hieu qua hoat ddng eua doanh nghiep.
KET LUAN VA DE XUAT Ket qua nghien cthi nay da cung cap them nhttng bang chttng thttc nghiem ve anh htfdng eua eau true sd huii quan tri, de'n hieu qua hoat ddng cua cdng ty. Tai thi trtfdng Viet Nam, sd hffu quan tri cd anh hffdng tieu etfc khi MO nhd hdn 29.91%
va tieh cttc khi MO Idn hdn 29.91%.
HINH: DO'CiNG CONQ HINH CHtf G
Ghi chii: Cl (Ichodng tin cdy); Fitted values (gid tri tirong hgp)
c
BANG 4: XG HCidtiQ CGA CAC BIEN DOC LAP SAG KHI CHAV MO HINH H 6 I QGY
INST GOV FOW SIZE LEV GROWTH
Da'u cua hS s6'
(-1-)
(-^)
(+)
(-) (-) (-^)
P-value 0.907 0.000 0.000 0.391 0.002 0.000
figuon. Tinh toan cua tac gia
Ket qua nghien cifu da dtfa ra gdi y rang, eae cdng ty cd the tang sd ed phan cua sd hiiu quan tri nham khuyen khich hp trong viee quan tri va kiem soat boat dpng eua edng ty. Do vay, thay vi tap trung vao ldi ich ca nhSn, nha quan tri se lam viee td't hdn cho ldi ich eua ea ea nhan va toan edng ty. Tuy nhien can het stfe lito y van de quyen life ciia nhttng nha quan tri, vl hp cd the dtfa ra nhttng quyet djnh cd ldi eho hp khi hp sd httu cdng ty den mdt mtte dp nao dd.Q
TAILIEU THAM KHAO
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4. Himmelberg, C. P., Hubbard, R. G. <& Palia, D., (1999). Understandingthe determinantsof managerial ownership and the link between ownership and performance. Journal of Financial Economics, Vol 53, pp. 353-384
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An empirical analysis. Journal of Financial Economics, Vol 20, pp. 293-316
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Economy and Forecast Review
