TAP CHi KHOA HCX: TRL/ONG DAI HOC MOTP.HCM - S6 4 (37) 2014 37 SQ
YEU TO QUYET DINH TY LE AN T O A N VON: 6^ 56 i J BANG CHlTNG THU^C NGHIEM TlTHE THONG
NGAN HANG THU^O^NG MAI VIET NAM
Ngay nhan bai: 12/04/2014 Vd Hdng Buc' Ngay nh^n laj: 15/06/2014 Nguyin Minh Vuffng^
Ngay duyft dang: 07/07/2014 B6 Thdnh Trun^
TOM TAT
Nghien ciru ndy dugc tien hdnh nhdm muc dich xac dinh vd lugng hoa tdc dgng cita cdc nhdn to lieu bieu din ty le an todn vdn cua cdc Ngdn hdng Thuang Mgi (NHTM) tgi Viet Nam.
Nghien cuu sir dung ky thudt hoi quy bdng (Panel Regi-ession) de phdn tich cdc yiu to dnh huang din ty li an todn vdn (CAR) cua 28 NHTM Viet Nam trong giai dogn 2007 din 2012. Kit qud nghien ciru chi ra rdng gia ldng ly le tdi sdn cd khd ndng thanh khodn (LIQ) vd ty le du phong rui ro tin d{ing (LLR) co ldc dong tich cue din ty le an todn von. Trong khi do, quy mo Ngdn hdng (SIZE), vd ty li huy ddng von (DEP). ty sudt lgi nhudn tren vdn chu sd hiru (ROE) cd tdc ddng tieu cue din ty le an todn vdn. Nghien cuu ndy chua tim thdy dugc bdng chung dinh lugng tir idc dgng cua hi sd ddn bdy (LEV) vd ly le cho vay (LOA) den ly li an todn von.
Tur khoa: Ty le an todn von, Basel, FGLS, Ngdn hang Thucmg Mai, Viet Nam.
This empirical study is conducted to define and quantify the effects of factors on the capital adequacy ratio (CAR) of Vietnam s commercial banks. The study employs the FGLS technique on panel data for 28 commercial banks in Vietnam for the period from 2007 to 2012. Key findings from this study indicate that liquid assets (LIQ), loan loss reserves (LLR) are positively related to banks' capital adequacy ratio. In addition. Bank size (SIZE), deposit ratio (DEP), return on equity (ROE) negatively affect banks' capital adequacy ratio. This study fails to provide empirical evidence to support a relationship between leverage (LEV), loan ratio (LOA) and banks' capital adequacy ratio.
Keywords: Capital adequacy ratio; Basel; FGLS; Commercial banks, Vietnam.
' TS. Uy ban Qudn ly Kinh le. Perth, Australia. Trudng Dai hoc Md Tp.HCM. Email duc.vo^erawa.com.au
• Tnidng Dgi hoc Md Tp.HCM. Email' vuongnguyen'S.vietnamairlines.com ' Trudng Dgi hoc Md TP.HCM. Email: Trungdi.sg^mbbank.com.vn
KINHT^
1. Giffi thieu
Ty le an toan vdn (CAR Capital Adequacy Ratio) dupc nghien ciiu rat nhieu tren pham vi toan thS gidi. Trong nhiing nam gdn day, viec xac dinh mpt t\ Ie an todn vdn hop Iy cho cdc NHTM nhdn dupc su quan tdm cua nhieu nhd nghien cuu cua Viet Nam. Ty le an todn vdn la mpt chi tieu an toan Uong hoat dpng cua ngdn hdng, dupc quy dinh rd trong cae quy dinh ciia cdc ngdn hang quoc te (chudn Basel). O Viet Nam, ty Id an todn vdn tdi thieu Id 9%, theo quy dinh tai Thdng tu 13/2010 ciia Ngdn hang Nhd nudc (NHNH).
T> le an todn vdn dupc sir dung nhu mpt chi sd de ngdn hang vd nha ddu tu nhan bidt miic dp rui ro cua timg ngdn hang. Ty le nay thucmg dupc su dung dd bdo hi?u cho ngudi giri tien trudc riii ro ciia ngdn hang vd cung nhdm muc dich tang tinh dn dinh cung nhu hieu qua ciia he thdng NHTM. Vdi ty le an todn vdn ndy, nhd ddu tu cd the xac dinh dupc khd nang cua ngdn hang trong vide thuc hien thanh toan cdc khodn np cd thdi ban va cdc nii ro. Trong thuc te. khi ngdn hang dam bao dupc ty Id an todn vdn na\', ngdn hang da c6 dupc kha nang chdng lai nhiing cii sdc v^ tai ehinh, vira tu bao vd minh, vira bao ve khdch hang cua ngan hang minh.
Trong nghidn ciru nay, cdc nhdn td chii ydu tdc dpng den ty le an toan von ciia cac ngdn hang thuang mai Viet Nam, giai doan 2007-2012. se dupc tap trung nghien ciru. Tren ca sd cua cdc ket qua dat dupc tir nghien cuu, mpt sd giai phdp ve mat vi md (ddnh cho cac Ngdn hang Thuang Mai) va vT md (danh cho Ngan hang Nhd nudc) dupc d^ xudt nh§m gdp phan vdo su phdt trien dn dinh cua Ngdn hang Thuong Mai ndi ridng vd he thong ngdn hang Viet Nam ndi chung.
2. Cac nghien cuu thuc nghiem \h tj' le an toan von
Ly thuyet \ e t> Id an toan vdn rdt phong phu vd tdn tai nhieu hudng tiSp can khac nhau.
Chang han nhu cd rdt n h i k nghien cim dupc thuc hidn nham tim hieu ve moi quan he gi&a ty le an todn vdn vai hieu qua hoat dpng vd danh rnuc ddu tu ciia ngdn hdng; giiJa ty le an todn vdn vdi cae t>- sd tdi chinh va cac nhdn td
cd Hen quan ddn boat ddng cua ngan hang;
giira ty Id an todn vdn vdi bao hidm edc khoan huy dpng vdn; giiia ty Id an todn vdn vdi sir sup do vd rui ro ciia ngdn hdng. Trong nghidn CLTU nay, cac ydu td anh hudng (bao gdm cac ty sd tdi chinh vd cdc chi sd phi tdi chinh cd lien quan den ngdn hang) ddn ty Id an toan v6n d c ^ Ngdn hdng Thuang Mai dupc quan tdm.
Hahn (1966) phdn tich cac ylu td anh hudng ddn ty le an todn vdn vdi 3 nhan td la quy md, miic tang trudng vd khd nang sinh Icri eiia cac ngdn hang d Hoa Ky giai doan 1953- 1962 cd ve sd lupng vd chdt lupng ciia vda Vide phan tich dupe tidn hanh ldm hai budc. 6 budc ddu tien, ty Id an toan vdn la bidn sd phu thuoc va edc yeu td nhu quy md, muc tang trudng va kha nang sinh ldi la cdc bien doc lap. Ci bude thii 2. md hinh dupc xay dimg theo hudng ngupe lai md hinh d budc ddu tiea Ket qud ciia nghien ciiu nay thd hidn rang anh hudng cd vd sd lupng va chdt Iupng deu co y nghia d hai budc phdn tich. Qua nghidn ciru nay, ket ludn dupc nit ra la cdc thay doi ve chi don thudn la thay ddi vd von chii khong phai thay doi trong sd du tien giri vd tdi sdn.
Santomero va Watson (1977) cho thiy rang viec qud khdt khe vk vdn khidn cac ngan hdng gidm eung tin dung eiia ngdn hdng val^
qua Id hieu qud ddu tu se gidm. Cdc tac gia cho rang, theo quan didm xd hgi, miic vdn tdi BD cho he thdng ngdn hdng ndn dupe xde djnh tai diem md Ipi nhuan bien vh vdn ngdn hang (giam nguy co thdt bai va gidm su gidn doai cua he thong thanh todn) bdng chi phi vdo blot cua ngdn hang (chi phi ca hdi eho vide chuyfii mpe dich sii dung vdn). Tuy nhidn, tiiy mdi nudc, cdc quy dinh khdng xem xet din dii phi xa hpi se yeu cdu vd vdn nhidu ban so voi xa hpi ydu cdu. Marcus (1983) ket ludn rdngs?
giam sut dang ke trong ty le vdn tren tai san^
cdc Ngdn hdng Thuong Mai Hoa Ky trong ^ thap ky. Marcus dua ra gia thuydt rdng sir gii tang trong Iai sudt danh nghTa co thd lam gian t>* Id an todn vdn.
Jeff (1990) kdt ludn ting kh^^g (.Q khac biet Uong cdc tidu chudn vk v6n cho ngfi hang vd cae td chiic tdi chinh. Jeff khdng ffpi rang ty Id an toan vdn dupc phan anh tho of quy md tm sdn nhu mpt chi sd dang tjj, - 1
TAP CHl KHOA HOC TRL/ONG DAI HOC MOTP.HCM - S6 4 (37) 2014
hidn rang edc ngdn hang dupe qudn ly tdt. Didu ndy da mang lai lpi ich ddi vdi cdc ngdn hdng manh vd vdn khi cac ngan hang ylu kem vdn se phdi bdn tdi sdn de huy ddng thdm ngudn von.
Ty Id an todn vdn vdo nhiing ndm cua thdp nien 90 da trd thanh chudn muc chinh cho cdc td chiic tdi chinh. Ty Id an toan vdn dupc coi nhu mpt edng cu chu Iuc cho su an toan vd ldnh manh cua ngan hang. Jeff ciing dd cap din ty sudt lpi nhudn tren tai sdn la mot cdng cu chinh ciia mpt ngdn hang dupe qudn Iy tdt.
Yu (2000) nghien ciiu cau tnic vdn vdi tai sdn cd kha nang thanh khodn d Dai Loan giai doan 1986-1996. Tdc gid kit ludn rdng he sd thanh khodn, quy md ngdn hdng va khd nang sinh ldi la edc yeu td chinh anh hudng den ty Id an todn vdn. Cdc ngan hang Idn cd ty Id an todn von thdp ban cdc ngdn hang nhd.
Cdc ngan hang cd Ipi nhudn cao thi ty Id an todn vdn cao ban cdc ngdn hang cd lpi nhudn thap vi ngdn hang dimg Ipi nhuan de tang vdn.
Ddi vdi cdc ngdn bang nhd thi ty Id vdn chu sd h&u tren tdi sdn cd quan he ciing chidu vdi he so thanh khoan, cdn cdc ngdn hang vdi quy md trung binh thi mdi quan he nay la ngupe chieu.
Reynolds va edc tac gid (2000) da nghien cuu edu tnie tai chinh vd hieu qua hoat ddng cua 8 ngdn hang d cac nudc Ddng A vd Ddng Nam A hi nam 1987-1997. Cdc ty Id tai ehinh dupc dimg nhu cac bidn ddc lap (ty Id an todn vdn, thanh khodn, khd ndng sinh lpi va chi phi du phdng) va cac bien cdu tnic (quy md ngdn hang, thu nhdp rdng, chi phi hanh ehinh vd thdi gian). Nhdm nghien cuu phat hidn rdng khd nang sinh ldi va chi phi du phdng cd mdi quan he cimg chidu vdi quy md ngdn hdng,
;rong khi ty Id an todn vdn ngupe chidu vdi quy md ngdn hang. Vi vdy, cac ngdn hang nhd fd ty Id an toan vdn cao ban cac ngdn hang jdn, vd Ipi nhudn cd mdi quan he mat thidt ddi /di ty Id an todn vdn. Ndu xet vd phuong didn judn tri. chi phi hdnh chinh tang Idn cimg vdi ,|uy md ngdn hdng, ty Id an toan von tang dan heo quy md ngdn hdng.
Rime (2001) nghien ciiu vd vdn ciia cac gdn hang Thuy ST vd hdnh vi ddi vdi riii ro.
'Jme dp dung nhidu phuong phdp phdn lich 'di cdc rdng budc tir don gidn ddn phirc tap de jcm edc ngdn hang Thuy ST tang ty Id vdn nhu
thi ndo. Rime cho rdng cae rang budc tang len se thay ddi cimg chieu vdi ty Id vdn. Tuy nhien, khdng cd bdt ky bang chiing ndo thd hien rang cdc rang budc ve vdn dnh hudng manh den hdnh vi chap nhdn riii ro cua cdc ngdn hang.
Navapan va Tiipe (2003) nghien ciiu ehuydn sdu mdi quan he giiia ty le an toan vdn vd Ipi nhudn trdn vdn chu sd hiru cua cac ngdn hdng d Uc vd New Zealand tir nam 1996 ddn 2002. Ket qua thuc nghiem cho thdy cd mdi quan he ngupe chidu giua ty Id an toan vdn vd lpi nhuan d cdc ngdn hdng New Zealand. Cdn d Uc, mdi quan he giiia ty le an toan vdn vd lpi nhudn trdn vdn chu sd buu khdng ro rdng, cd sir khdc bidt Idn giira ede ngan hang Idn vd cac ngan hang nhd.
Thampy (2004) eho rang cac quy dinh vd vdn cd tac dpng den miic tang trudng cdc khodn cho vay bdi vi cac khoan cho vay chidm ty Id rui ro cao nhdt. Do vay, ngan hang mudn bdo toan vdn se phai chii tam den vide tdi cau tnic vdn vao cac khoan vay it nii ro ban. Xu th8 nay se tang Ien manh me khi vide bao todn vdn trd thanh dieu bat budc. Tuy nhien, ddi vdi cac ngdn hang cd ty le an toan vdn cao thi cac quy dinh ve ty le an toan vdn it cd su dnh hudng Ien miic tang trudng ciia cac khodn cho vay. Thampy cung chi ra rang trong hoan cdnh cdc ngan hang bi bat budc phdi bao toan vdn thi cdc ngdn hang nay se gidm s6 lupng cho vay lai. Dieu nay ciing gdp phdn gidi thich cho vide tdn tai mpt ty le eao vdn ddu tu bi u dpng lai trong ngdn hang. Viec gidm sd lupng cho vay la mot dieu tot cho cac ngan hang Iam an khdng hieu qua. Anh hudng ciia cdc tidu chudn ve vdn ddi vdi kha nang cap tin dung d cdc nen kinh td cd thi trudng tai chinh phu thupe cao ban so vdi cac nen kinh te thi trudng.
Al-Sabbagh (2004) nghien ciiru cac ylu to anh hudng den ty le an toan vdn vdi sd lieu tir cdc bao cao thudng nidn ciia 17 ngan hdng dupc chpn ldm mau, trong hai giai doan: giai doan 1 tir 1985 ddn 1994 (trudc khi dp dung tidu chudn Basel) va giai doan 2 tir 1995-2001 (sau khi dp dung tieu chuan Basel). Sabbagh su dung md hinh hdi quy ty Id an toan vdn vdi 9 bien ddc lap. Ket qud cua nghien cuu nay cd the tdm tdt nhu sau. Ty le an toan vdn thay doi
KINHlS
JI
nghich chieu vdi quy md ngdn bang vd ciing chidu vdi Ipi nhudn udn tai sdn. Ipi nhudn uen vdn chu sd hiriL, t>' Id cho vay trdn tai sdn, vd vdn chu sd hiru tren tdi sdn. Kdt qua ciia nghidn ciiu ndy cdn the hidn rang tS le an todn vdn cd quan he eiing chidu vdi t> Id tdi san cd riii ro trSn tdng tai san giai doan 1 nhung quan he ngupe chidu d giai doan 2. Tuy nhien, ty Id tidn gui trdn tdng tdi sdn cd mdi quan he ngupe chidu vdi ty le an todn vdn giai doan 1 vd cimg chidu d giai doan 2, Trong khi do, ty Id an todn vdn ngupe chidu vdi ty Id du phdng cho vay khd ddi vd cimg chieu vdi ty 1? chi trd cd tiic trong giai doan 2 (1995 din 2001).
Asarkaya vd Ozcan (2007) phan tich cdc ydu td tdc ddng ddn cdu tnic vdn eiia ngdnh ngan bdng d Thd Nht Ky. Cac tac gid de nghi mdt md hinh thuc nghiem xac dinh cdc nhdn td de cd thd gidi thich ty le an todn von ciia cdc ngdn hdng n g o ^ ydu td ludt djnh. Dii lieu dupc sur dung trong nghidn ciiu Id dQ^ lieu bdng cua Thd Nhl Ky tir ndm 2002 din 2006 va md hinh dp dung la su kdt hpp ciia cdc phuang phdp hidn dang dupe su dung. Ket qua cua nghien CIJU dd cho thdy rang cau tnic vdn. danh muc nii ro, tang trudng kinh td. miic vdn trung binh ciia ngdnh vd lpi nhudn tren vdn chii sd hiru tuang quan cimg chieu voi ty Id an todn vdn.
Toby (2008) nghien cihi tac dpng cua vide qudn tri thanh khoan ngdn hdng ten chat lupng tai sdn, dupc do bang ty Id np khd ddi Uong danh muc cac khoan cho vay. Toby ciing nghidn cuu tdc dpng ciia cae quy dinh vd ty Ie an todn vdn hieu qud va chat Iupng tdi sdn eiia cdc ngdn hang dupc lua chpn. Tdc gid phdt hi?n vide sir dung ty le thanh khoan toi thidu khdng lien quan ddn vide qudn tri cdc khoan cho vay. Ty Id du trii tien mdt la cdng cu hieu qua ban trong vide kiem sodt cdc khoan cho
\ ay khd ddi trong ngdnh ngdn hdng ndi chung
\ a ngdn bang ydu kem noi rieng. Khi ly Id vdn chu sd hiiu tren cdc khoan cho vay trudc dd tdng len. Toby cho rang viec phdn loai cac khodn cho vay se giam xudng vd chdt lupng tdi san se tdng Idn vd ngupe Iai. Khi t}- le vdn chu sd hOu trdn tdng tdi san tang, lac gid kit luan ring cdc khoan du phdng cho vay khd ddi sg gidm vd ngupe lai.
Muthuva (2009) cho rang khd nang sinh
Idi ciia ngdn hdng tuang quan ciin^ chidu vdi ty id an loan vdn ca ban va ty Id vdn dua tren rili ro tdi sdn cdp 1. Nghidn cOru sir dung ly sudt lpi nhudn trdn tai sdn vd ty sudt Ipi nhuan trdn vdn chii sd hiru dai didn cho khd ndng sinh lpi cua cdc ngdn hdng d Kenya trong khoang thdi gian tir 1998 den 2007. Kdt qua cho thdy su tuong quan nghich chieu giira ty le an todn vdn va vdn chu sd hiiu.
Skully vd cdc lae gia (2009) phdn tich vd phdt hidn ra cdc nhdn td moi tdc ddng din ty I^
an todn vdn d Malaysia. Sd lieu cd dupc tir cdc bdo cdo tdi chinh tu ndm 1995 den 2002 ciia 42 dinh chl tai chinh trong nudc (dupc chia Idm ba loai chinh: ngdn hang thuang mai cd phdn, cdc cdng ty tdi chinh va cdc ngdn hdng ban budn), Cdc tac gid cung sir dung phan tich hdi quy vdi dii lieu bang giira ly Ie an toan vdn vdi 6 bidn ddc lap (cdc khodn cho vay khdng thu hdi dupc, chi sd riii ro cua timg ngdn hang, Idi sudt bidn, ty Ie von chu sd hiiu tren tdng np, ty Id giiia tdi san cd kha nang thanh khoan tren tdng vdn hu\ dpng dupc, quy md ngdn hang) va 3 bien gid (loai ngdn hang, khodng thdi gian, nam). Qua phdn tich, cdc tae gid thdy rang edc khodn cho vay khdng thu hoi dupc, ty le vdn chil sd hiru trdn tdng np, ty Id giiia tai sdn cd kha nang thanh khodn tren tdng von huy dpng dupc cd quan be cimg chieu vdi ty le an todn vdn. Trong khi chi sd rui ro ngdn hdng, lai sudt bien, quy mo ngdn hang bidn thidn ngupe chidu ty Id an todn vdn. Quy md ngdn hdng ngupe chidu vdi ty Id an toan vdn, kit qua ndy khdng phii hop vdi cac kdt qud nghien curu d cdc nudc phdt tridn (Shries va Dhal, 1992 va Rime, 2001). Lai suit bidn vd ty le an loan von cd moi quan he nghich chieu. Kit qua eho thdy su khdng triing khdp vdi edc co sd ly ludn d cdc nudc phdt triln - noi eho rdng khd nang sinh ldi cd tdc ddng manh din ty 1? an todn vdn.
Ahmet vd Hasan (2011) nghien ciiu cac ydu td anh hudng ddn ty le an loan vdn ngdnh ngdn hang cua Thd Nhl Ky. Nghien cihi sir dung du lieu thir cdp vd dtr lieu ndy duac ldy tir cdc bdo cao tdi chinh cua 24 ngdn hdng dupc chpn Idm mau (dupc chpn tir 32 Ngdn hang Thuong Mai) trong khoang thdi gian tir 2006 den 2010. Cdc tdc gid sii dung phuang
TAP CHI KHOA HOC TRUONG DAI HOC MO TP.HCM - SO 4 (37) 2014
phdp phdn tich bdi quy bang giiia ty Id an loan von vdi 9 bidn ddc lap khac nhau, bao gdm:
quy md ngdn hang (SIZE), ty Id tidn guri ciia khdch hang (DEP), ty le cho vay (LOA), ty Id du phdng cho vay khd ddi (LLR). ty Id tdi sdn CO khd nang thanh khodn (LIQ), kha ndng sinh idi (ROA vd ROE), lai rdng bidn (NIM), he sd ddn bay (LEV). Ket qud cua nghien ciru cho thdy rang ty Ie cho vay, ty sudt lpi nhuan trdn vdn ehu sd hiru, he sd ddn bay quan he nguoc chidu vdi ty Id an loan vdn; cdn ty le du phdng cho vay khd ddi vd ty sudt lpi rihudn tren tdi san bien thidn ciing chieu vdi ty le an loan von.
Trong khi do, quy md ngdn hang, ty Ie lien gui eiia khdch hdng, ty le tai san cd kha nang thanh khodn, vd lai rdng bien khdng cd y nghia thdng kd ddi vdi he sd an loan vdn.
3. Xay dung cac gia thuydt nghien cihi 3.1. Ty li an todn von
Ty le an toan vdn (CAR) la ty Id cua vdn chu sd huu tren tdng tai sdn cd nii ro cua ngan hang. Ngdn hang cd ty le an loan vdn cdng cao thi ngdn hang cang viing manh. Bdi vi vdi ty Id an toan vdn cao, ngdn hang cang khd cd kha nang vd np (Mpuga 2002).
Ty Id an toan vdn (CAR) = Vdn chu sd hiiu Tdng tai sdn tinh theo trpng sd rui ro
3.2. Quy mo ngdn hdng
Quy md ngdn hang (SIZE) dupc xac dinh bang each logarit tu nhidn tdng tdi sdn cua ngdn hang. Quy md cua cac ngan hang la mpt yeu td quan trpng vi moi quan he ciia nd vdi dac didm sd hiru ngdn hdng vd vide tidp can vdi vdn ehu sd huu. Vide ngdn hang tidp can vdi vdn chii sd hiiu phan anh tdm quan trpng trong kha nang tranh phd san, nii ro quan ly. Jackson va cdc tac gid (2002) dd nghi cac ngdn hdng Idn ndu mudn giu: viing xdp hang tdt thi cdn phdi cd mot Iupng vdn du trii dang kd vd dupc thj trudng xac nhan. Tuy nhien, Gropp vd Heider (2007) vd trudc do la Shrieves vd Dahl (1992) thay rang cac ngdn hdng Idn ban cd ty le an toan vdn thdp hon.
Didu nay xay ra bdi vi quy md doanh nghidp dupe coi nhu mpt su bdo dam, giiip Idm giam nguy CO nii ro cua ho.
Hi: Cd mdi tuang quan nghich bien giira quy md ngdn hdng vd ty le an todn vdn
3.3. Ty Ii huy dpng von
Ty le huy ddng vdn (DEP) la ty sd giiia tdng vdn huy dpng vdi tdng tai san. Tdng vdn huy ddng dupc xde dinh bang tdng tien giii ciia khach hang; lien guri va vay cdc td ehiic tin dung khdc; cdc khodn no ciia Chi'nh phii va Ngdn hdng Nhd nudc: vdn tdi trp, u\ thdc ddu tu, cho vay cdc td chiic tin dung chju rui ro.
Khi vdn huy ddng tang len ngdn hang phai tang viec kiem soat ddi vdi cac ngudn vdn tang nay 6e dam bao quyen Ipi ciia nhiing ngudi gui tidn cung nhu de dam bao cho chinh ngdn hang. Asarkaya va Ozcan (2007) da tim thdy moi tucmg quan nghich giii'a ty \i huy ddng vdn (DEP) vd ty le an toan vdn (CAR).
H2: Co mdi tuang quan nghich hien giira iy li huy dgng von vd ty le an todn von
3.4. Ty li clio vay cua ngdn hdng Ty Id cho vay (LOA) la ty sd giiia tdng du np cho vay va tdng tdi sdn. Day Id he sd rdt quan trpng vi cho thay moi quan he giiia mot ben la da dang hoa va mot ben la thiel lap cac CO hpi dau tu. Ty Id nay do Iudng tdc dpng ciia cac khoan cho vay vdi danh muc tai san vdn.
Khi nii ro tang Ien ngudi giri tien se dupc bii dap cho nhiing mat mat; vi vay, ly Id an toan vdn ciing tang len. Mpuga (2002) da ket ludn rang giiia ly le cho vay (LOA) vd ty Id an loan vdn (CAR) cd mdi quan he ciing chieu nghia la khi ty le cho vay (LOA) tang Idn thi ty Id an loan vdn (CAR) cung tang len vd ngupe Iai.
Hj. Ton tgi mdi tuang quan dong biin giiia t}'- li cho vay vd ty le an todn von
3.5. Ty li dtr phong rui ro tin dung Du phdng rili ro tin dung (LLR) dupc dinh nghia la ty so giiia khoan du phdng nii ro
KINHTf
tin dung vd tdng du np cho vay. Khoan du phdng ndy dupc udc tinh du dd bii Id trong danh muc cho \ a \ . Blose (2001) thdy rdng du trii tdn thdt cho \ a} ga\ ra mdt sir suy giam trong t> le an todn vdn. Hassan (1992) vd Choi (2000) ciing kdt ludn mpt mdi quan he nghich chieu giua ty Id an todn vdn vd du phdng rui ro tin dung.
Nghidn ciiu dat gia thuyet cd mdi quan be ngupe chidu giua t) Id du phdng rui ro tin dung vdi ty Id an todn vdn. Khi cdc khodn du phdng nii ro tin dimg tang len thi ngan bdng cd xu hudng cho vay nhieu bon, tiic ngdn hdng cd xu hudng chap nhdn nhieu nii ro trong cdc khodn cho vay.
H4: Cd mdi tuang quan nghich biin giiia ty le du phdng rui ro tin dting vd CAR
3.6. Ty li tdi sdn cd khd nang thanh khodn
Nhirng tdi sdn de dang chuyen ddi thdnh tidn bao gdm tien mat. tidn giri tai ngdn hang Nhd nudc Viet Nam. lien giri tai eae td tiic tin dung khac vd cho vay cdc td chiic tin dung khdc, chimg khoan kinh doanh de chi tra hay tdi trp cho khdch hang thi hien h'nh thanh khoan cua ngdn hdng. Angbazo (1997) cho rdng, khi ty Ie tien mat hay edc khoan tuong duong tidn mdt tang, tinh thanh khodn ciia ngdn hang cdng cao. Vi \dy. khi ty Id tai san cd khd nang thanh khodn ILIQ) tang co thi cd mpt tac dpng cimg chidu den ty Id an toan vdn ciia ngan hang.
H5: Cd moi tuang quan ddng biin giiia tv li ldi sdn khd ndng thanh khodn vd CAR
3.7. Ty suat lgi nhudn trin vdn chu sd hiru
Tv sudt lpi nhudn trdn vdn chu sd hihi dupc xac djnh bang Ipi nhudn sau thud chia cho tdng vdn chii sd hiru. Khi ngdn hang ldm an CO lpi nhuan se diing sd Ipi nhudn nay dh tang vdn vdi muc dich se kiem dupc them nhieu Ipi nhudn Uong tuong Iai. Gropp vd Heider (2007) tun thdy rang cac ngdn hang cd Ipi nhuan thi thudng tang vdn tu cd cua minh.
Vi \ay, cd the cd mpt mdi quan he cimg chidu giiia 1} suat lpi nhudn tren vdn chii sd hiiu (ROE) vd ty le an todn vdn ciia ngdn hdng.
He: Co mdi luang quan ddng biin ty sudt lgi nhudn trin vdn chii sd hiru vd CAR
3.8. Hi so don bay
Trong nghidn ciiu ndy, xy Id ddn bdy (LEV) dupc xac dinh bdng t> sd giira tdng du np tren vdn chu sd hiiu. Theo nghien eiiu ciia Ahmet va Hasan (2011) cd ddng se thdy rdng cae ngdn hang vdi ddn bdy eao se ed nhieu nii ro ban so vdi cdc ngdn hdng khdc. Do do, bp ddi hdi mpt sudt smh Idi cao ban. Ket qud, ngdn hdng cd ddn bdy tai chinh cao se khd tang vdn cua ngan hang minh Idn vi chi phi vdn tang cao. Vi vay cd mdi quan he ngupe chieu giira he sd ddn bay vd t> Id an lodn vdn.
H7: Tdn igi mdi tuang quan nghjch bien giira hi sd ddn bdy vd ty li an todn vdn
4. Du- lidu va phuong p h a p nghien cuu 4.1 Dir lieu nghiin ctru
Nghien ciiu nay dupc tien hanh Uen mdu nghien cuu bao gdm 28 NHTM tai Viet Nam.
Co sd de chpn cac ngdn hang nay Id: (i) cd edng bd ty le an lodn vdn; (ii) cac ngdn hdng cd vdn didu le tren 3000 ly ddng; (iii) 28 ngdn hang nay chiem khoang 83% ve vdn didu Id va 70%
ve sd lupng ngdn hdng tren tdng sd NHTM tai thai diem ngbien ciiu. Vi vay, cd thi kit lu^n rang mdu nghien eiiu dupc chpn cd tinh dai dien cho cac Ngdn hang Thuang Mai.
Sau khi thu tbap dCr lieu 28 NHTM tir nam 2007 den 2012, mdu nghidn cuu bao gdm tdng cdng 149 quan sdt tren ca sd loai bd cdc quan sdt khdng phii hpp. Cdc tidu chi dh mpt NHTM khdng dupc chpn trong mau nghien cuu bao gdm: (i) cdc ngdn hdng khdng cdng bd sd lieu bdo cdo tdi chfnh: (ii) khdng ed dii lieu cdng bd chinh thiic tv le an todn vdn; bode cdc ngdn hang khdng cd dii so vdn didu Id 3000 ty ddng theo Nghi dinh sd I41/2006/ND-CP eua Chinh phil.
4.2. Md htnh nghiin ciru
Nhani muc dich tim hidu tdc ddng ciia cac ydu td, bao gdm: (i) quy md ngdn hdng:
(ii) 0- li buy dgng vdn: (iii) ty li cho vay: (iv) ty le du phdng nii ro tin dung: (v) ly sudt lgi nhuan n-en vdn chu sa hOu; (vi) ty li tdi sdn cd khd nang thanh khodn; vd (vii) hi sd ddn bdy
TAP CHI KHOA HOC TRLTONG DAI HOC MO TP.HCM - SO 4 (37) 2014 43
len n- li an todn vdn; md hinh nghidn cuu dupc xdy dung. Md hinh nghien eiiu dupe sir dung dua Uen edc md hinh nghien cim ciia Yu (2000), Reynold va cdc cpng sir (2000), Blose (2001), Navapan va Tripe (2003), Al-Sabbagh (2004), Skully va cdc tde gia (2009), Ahmet vd Hasan (2011).
CAR = fl:SIZE,DEP,LOA,LLR,LIQ,ROE,LEV) Trong dd: CAR dai didn cho ty le an todn vdn; SIZE: quy md ngan hang; DEP: ty Id huy dpng vdn; LOA: ty le cho vay; LLR: ty le du phdng rui ro tin dung; LIQ: ty Id tai san cd khd nang thanh khoan; ROE: ty suat Ipi nhudn
tren vdn chii sd huu; va LEV: he so ddn bay 4.3. Bo ludng cdc biin so dugc su dung trong md hinh
De ddm bao tinh thong nhat trong each tinh lodn vd phan tich, nghidn ciiu chi chpn nhiing ngdn hang cd cdng bd ty le an loan vdn trong giai doan nghign ciiu. Sd lieu nay dupe lay chii yeu tir cac bao cao thudng nidn, bdo cdo tai chinh, va bdo cao eua ban kiem sodt cac Ngan hang Thuong Mai. Bang 1 tdm tat chi tidt cac khai nidm cung nhu each do ludng cdc bien nghien ciiu dupc sir dung trong cdc md hinh phdn tich.
Bang 1. Md ta cac bidn do tu'dng dirpe sir dung trong nghien cuu
Tgn bien Bien phu
Bien giai SIZE DEP LOA LLR LIQ ROE LEV
thu$c:
thich:
Djnh nghia
He so an toan von
Ouy mo ngdn hang Ty le huy dong von
Ty l^ cho vay cua ngdn hdng
Ty I? du phong rui ro tin dung Ty le tai san co khd nang
thanh khodn Ty sudt lgi nhudn tren von chu
sd hiru He so don bdy
Cach do lirinig
V6n chii sd hiiu Tong tai san tfnh theo trpng so nli ro
LN(t6ng tai san) Tong von huy dpng
Tong tai sdn Tong du no cho vay
Tong tai san Chi phi dy phong riii ro tin dung
Tong du na cho vay Du triJ thanh khoan
Tong tai san Lgi nhuan sau thue Binh quan von chii sa huu
Tong no Binh quan von chu so him 5. Ket qua nghien cuu
5.1. Thong ki moid
Mau nghidn ciiu dupc tdng hop tir sd lieu bao cdo ciia 28 NHTM Viet Nam trong
giai doan 2007-2012. Tong cdng cd 149 quan sat tren ca sd loai bd cac quan sat khdng phii hpp. Kdt qua thong kd mo ta trong md hinh dupc trinh bay trong bdng dudi ddy.
KINH i f
Bing 2. Bing th6ng ke mo t i cac bien quan sat Bien quan sat
CAR SIZE DEP LIQ LEV ROE LLR LOA
Trung binh 19.4%
17.65 80%
27%
10.79 12%
0.4%
5 1 %
L&n nhat 286%
20.13 93%
60%
32.83 28.5%
2.1%
94%
Nho nhat 5%
14.27 35%
3.4%
1.16 0%
0.5%
11.4%
Do lech chuan 26.9%
1.33 9.3%
10.8%
5.68 5.7%
0.4%
14.9%
Ngudn: Theo tinh todn cua cdc tdc gid
5.2. Ma trgn tirang quan quan be giira bien phu tbudc vd bidn ddc lap He s6 tucmg quan dung dJ chi m6i quan "=""8 nhu giiia cac biln doc lap trong nghien he giira hai bien trong mo hinh. Bang 3 duai *^"^
day se giup ta co cai nhin tong quan ve moi
Bang 3. Bang ma trin tvong quan giira c i c bien
Tuong quan CAR SIZE DEP LIQ LEV ROE LLR LOA VIF CAR 1
SIZE -0.462 1 DEP -0.374 0.413 1 LIQ 0.313 -0.218 0.040 I LEV -0.359 0.630 0.490 -0.109 1 ROE -0.143 0.406 0.039 0.209 0.297 1 LLR -0.173 0.465 0.191 -0.369 0.228 -0.008 1
3.027 1.512 2.713 1.953 1.614 1.815 LOA -0.182 0.066 -0.010 -0.706 0.028 -0.084 0.340 1 2.312 Nguon: Theo tinh toan ciia cdc tdc gid
TAP CHI KHOA HOC TRL/ONG DAI HOC MO TP.HCM - SO 4 (37) 2014
Qua Bdng 3. ta thay cd 2 csip bidn cd kha nang da cpng tuydn. Ddu tien id moi quan he giiia ty- li tai sdn cd khd ndng thanh khodn (LIQ) va ty le cho vay (LOA). He sd tuong quan la -0,706 cho thdy cd mdi tuang quan khd manh giiia hai bidn ndy. Tuy nhidn, mdi tuong quan dm the hien mdi quan he ngupe chidu Do vdy, mdi tucmg quan ndy khdng gdy ra da cdng tuydn ndn chiing ta khdng phai Iuu tdm nhieu. Ngodi ra, mdi tuong quan khd manh giua quy md ngdn hdng (SIZE) va hi sd ddn bay (LEV). Hdi quy phu vdi timg biln ddc lap de kidm tra xem giiia hai bidn cd hien tupng da cpng tuyen hay khdng dupc thuc hien.
Qua phdn tich hdi quy phu, he sd R^ diu dudi 70%. Didu dd cd the kdt ludn giiia cap bidn quy md ngdn hdng (SIZE) vdi hi so ddn bdy (LEV) khdng cd hidn tupng da cpng tuydn nghidm trpng.
5.3. Mpt so kiim dinh cdc khuyet tdt cua mo kinh
Mpt sd kiem dinh sau ddy dupc thuc hien nham kiem dinh cdc khuyet ldt cua md hinh nghien ciiu dupe sir dung:
• Y>e kiem tra hidn tupng da cpng tuyen trong md hinh hoi quy, nghidn ciiu sii dung ma
trdn tuong quan giiia cdc bidn trong md hinh.
nhu da trinh bay. cimg vdi kidm tra he sd phdng dai phuong sai (VIF). Qud trinh ndy da dupe thuc hidn d budc khdo sat mdi tuong quan giiia cdc cap bidn (Bang 3).
• Dd kiem tra hien tupng tu tuang quan ciia cdc phdn du, nghien ciiu su dung gid tri thdng ke Durbin-Watson cd trong bang kdt qud hdi quy ciing vdi vdi kinh nghidm kidm tra dupc trinh bay trong nghien ciru ciia Pham Tri Cao (2010) ket ludn cd hay khdng su tdn tai tu tuong quan trong md hinh hdi quy. Kdt qua kiem dinh se dupe trinh bay d bang 6 ket qud hdi quy.
• Vd phuang sai sai sd thay ddi, nghidn curu su dung kiem dinh White de xem xet long qudl ve su dong nhat ciia phuang sai.
Tiep theo, trong Bdng 4, Bang 4.1 trinh bdy kiem dinh White va Bang 4.2 trinh bay kiem dinh Breusch-Godfrey. Chi sd Prob. Chi- Square d Bdng 4.1 nhd hon 5% vd chi sd Chi- Square d Bang 4.2 Idn hon 5%. Ket qua nay cho thay mo hinh cd hifn tupng phuang sai ciia sai sd thay ddi va khdng cd hien tupng tu tuang quan cua sai sd.
Bang 4. Bang kiem dinh phuang sai ciia sai so dong nhat \ a tu- tirong quan cua sai sd Bang 4.1 Kiem dinh White
F-statistic Obs*R-squared
7.496870 104.1480
Prob. F(35,I13) Prob. Chi-Square(35)
0.0000 0.0000 B i n g 4.2 Kilm dinh Breusch-Godfrey
F-statistic Obs*R-squared
0.175347 0.186386
Prob. F( 1,140) Prob. Chi-Square(l)
0.6760 0.6659 Nhu vdy, qua cac kidm djnh ta thdy md
hinh cd mot khuyet tdt la hi phuang sai sai sd thay ddi. Theo Gujarati (2004) cung nhu Pham Tri Cao (2010) each khdc phuc khi phuang sai sai sd thay ddi la chpn md hinh hdi quy binh phirong be nhdt tdng qudt - Generalized Least
Squares (GLS). Phuang phap binh phuang be nhdt tdng qudt (GLS) thuc chdt la phuang phap binh phuong be nhdt thdng thudng (OLS) dp dung cho cac bien dd dupc bien ddi tir mdt md hinh \ i pham cdc gia thidt cd didn thdnh mdt md hinh mdi thda cdc gid thidt co dien. Do
46 KINH TE
do cac tham s6 uoc luong duoc tir mo hinh kiem dinh Hausman de lira chon mo hinh hop moi se dang tin cay hon. ly- K-St qua kiem dinh Hausman nhu trong
Sau khi da ti6n hanh cac kiem dinh can thiet nhu vira trinh bay, nghien cuu tien hanh
Bing 5. Kilm d|nh Hausman d l lira chon mo hinh t i c dong co dinh (FEM) hay mo hinh tie dong ngiu nhien (REM)
Test Summary Chi-Sq. Statistic Chi-Sq. d.f. Prob.
Cross-section random 13.730101 7 0.0562 Qua kit qua, ta thiy Prob Ion hon 5%. vay, de tai se chon mo hinh hoi quy tac dong
Di6u nay co nghia chjp nhan gia thilt Ho, tirc ngiu nhien (REM) d l phan tich kit q u i Va CO ton tai su tuong quan giira yeu to ngau ket qua hoi quy dugc trinh bay trong Bang 6 nhien ciia timg ngan hang va bien dgc lap. Vi duoi day.
Bang 6. Bing kit qui hoi quy (phvong phap FGLS)
B Bien quan sal
Bien phu Ihupc (CAR) He so
Hdng so 1.776 SIZE -0.065 **
DEP -0.931 ' *
LIQ 1.049*' LEV 0.000 ROE -0.489 • •
LLR 8.617 •
LOA 0.115 R' dieu chinh 0.2927 Sai so 0.2056 F-statistic 9.7499
Prob(F-statistic) 0.0000
Durbin-Watson 1.4323
* * p < 0 . 0 5 i * p < 0 . 1 0
Nguon: Theo tinh todn cua cdc tdc gid
TAP CHl KHOA HOC TRLiONG DAI HOC MOTP.HCM - S(3 4 (37) 2014 47
6. Tom tat ket qua va kien nghi 6.1. Tdm tdt ket qud
Mpt sd kdt ludn dupc tim thdy thdng qua kit qua d Ban^ 6 eua nghidn ciiu dinh lupng ndy dupc tdm tdt nhu sau:
Thd nhdt, kdt qud cho thdy ty le tai san cd khd ndng thanh khodn cdng cao tdc dpng cimg chidu vdi ty Id an todn von. Khi ty Id tdi sdn ed khd nang thanh khodn tang 1% khi cdc bidn khdc khdng ddi thi ty le an toan vdn tang 1,049%. Kdt qud nay phu hpp vdi kit qud nghidn ciiu eiia Angbazo (1997) vdi kit ludn rang: khi ty Id tidn mat hoac cdc khoan tuong duong tien mat tang thi tinh thanh khodn ciia ngdn hang cang cao va ngupe lai. Kit qua nay eiing hodn toan phu hpp vdi nghien ciiu cua Ahmet vd Hasan (2011) d Thd NhT Ky.
Du trir thanh khoan bao gdm ca du trii bang tidn (tidn mat tai quy, tidn gui NHNN, tien giri cae td chiic tin dung khdc) va du trii thii cdp (giay td ed gid cd dO dieu kien de tdi cdp vdn/ tai chiet khau va han miic tin dung dupc cap bdi td chiic tai chinh khac). Hien tai, vdn dd thanh khodn ciia cac NHTM d Viet Nam khd tram trpng. Ngdn hang nao cd ty le tdi sdn cd kha ndng thatth khodn cao Ihi kha ndng vd np se giam. Hay ndi each khdc, riii ro ddi vdi ngdn hdng do se giam. Ket qua, ty Ie an lodn vdn eua ngdn hdng se tang Ien.
Thu hai, tdng ldi sdn dupe diing dai dien cho quy mo ngdn hang (SIZE) co tac dpng ngupe chieu vdi ly Id an toan vdn (CAR). Mdi tuong quan dm chi ra rang edc ngan hang Viet Nam cang md rpng quy md thi ty Ie an loan von cdng gidm. Ket qua nghien cuu ndy phii hpp vdi cdc ket qud nghidn ciiu trudc ddy ciia Jim Wong, Ka-fai Choi va Tom Fong (2005) d cac ngdn hang d Hong Kong hay ciia Gropp va Heider (2007); cung nhu cua Shrieves va Dahl (1992). Cdc nghidn ciiu nay cho rang ngdn hdng cdng Idn thi eang nam giii nhieu tai san nii ro ban so vdi ngan hang nhd.
Thir ba. t\ le tidn giii ciia khach hang (DEP) cd tdc dpng ngupe chidu vdi ty le an toan vdn. Ket qua nay triing vdi ket qua nghien ciiu cua Asarkaya va Ozcan (2007) khi nghidn ciiu cdc ngdn hang Thd NhT Ky. Ket qua nay
hoan toan phii hpp vdi kdt qud nghien ciiu cua Asarkaya vd Ozcan (2007) khi nghien ciiu cdc ngan hang d Tho NhT Ky cho rang ty Ie tien guri ty Id nghich vdi ty Id an toan von. Ngoai ra, ket qua cung phii hpp theo each gidi thich cua Kleff va Weber (2003) khi cho rang tidn gui cua khdch hdng Id ngudn huy ddng tuong ddi re cua ngan hang so vdi huy dpng tien bang each phdt hdnh trdi phieu hay chiing khodn hda cac khoan cho vay. Vi vdy, riii ro ddi vdi cac khoan huy dong lien giri luong ddi thdp. Ket qua ngdn bang gidm lupng vdn du phong nii ro doi vdi khoan huy dpng tren. Qua do, Idm giam ty le an toan vdn cua ngdn hang.
777ii- lu, Irdi vdi ky vpng ban ddu Id ty suat lpi nhudn tren vdn chii sd hun Iai cd tac ddng nguoc chidu vdi ty Id an todn vdn. Kdt qud -0.489 cho thay khi cac yeu td khac khdng ddi, ty suat lpi nhudn tren vdn chii sd hiru tang I % thi ty Ie an loan vdn gidm 0,489%. Kdt qud nd}' trdi ngupc vdi ket qud ma Gropp vd Heider (2007) khi nghien ciiu cac ngan hang d chau Au; ciing nliu cua Al-Sabbagb (2000) khi nghien ciiu cac ngdn hang d Jordan tir ndm 1985 den nam 2001. Kdt qua tir cae nghidn ciiu nay cho rang cac ngdn hang lam an cd Ipi nhuan thudng co xu hudng tang von ciia minh len hie tang ly le an loan vdn. Tuy nhien, ket qua tim thdy dupc trong nghidn ciiu nay cho Viet Nam lai phii hpp vdi ket qua nghien ciiu cac ngan hang d Hdng Kong cua Jim Wong, Ka-fai Choi vd Tom Fong (2005) cung nhu ket
"qua nghien ciru cua Ahmet va Hasan (2011) d Thd Nhl Ky; vdi ket qua cua cdc nghidn ciiu nay ciing cho thdy rang ty suat lpi nhudn Iren vdn chii sd hiru va ty le an toan vdn cd mdi tuong quan nghich chieu.
6.2. Mpt so kien nghi di xudt tir ket qud nghiin ctru
Tini nhal, ket qua nghidn ciiu cho thay rang vide md rpng quy md ngdn hdng lam giam ty le an loan vdn ciia ngan hang. Do do, Ngan hang Nha nudc can kiem soat, giam sat qua trinh md rpng quy mo cua cac ngan hdng thuang mai. Dong thdi, Ngdn hang Nhd nudc cdn linh dpng trong vide yeu cdu vdn phap dinh tdi thieu ciia cac NHTM. Viec bdt budc cdc td chiic tin dung, ngdn hang phai dam bdo ydu cdu vdn phap dinh ldi thieu theo diing Id
48 KINHTf
trinh gdy ra cudc cha\' dua tang vdn. md rpng quy md lam tang riii ro cho cae ngdn hang thuong mai.
Thu hai, nhin vdo ket qua chiing ta cd thd tang ty Id an todn vdn mpt each hieu qua cho cdc ngdn hdng thuong mai cdn bdng each tang ty le tdi sdn cd khd ndng thanh khoan.
Didu nay dd nhdn thdy dupc bdi vi chi khi cac tdi sdn ddu cd khd nang thanh khodn cao thi mdi giiip cho ngdn hang cd thd dam bao tinh thanh khodn. Ndu lam dupc nhu v^y ngdn hang tao ra dupc khd nang bdo loan vdn trong khiing hodng cung nhu ndng cao uy tin cho chinh ngdn hdng minh. Ngodi ra, cac ngan bdng can co cau lai tdi sdn np va tdi sdn cd cho phil hpp, CO cdu Iai nguon vdn huy dpng vd cho vay tren tbi trudng, ca cdu lai du np eho vay ngan hsin vdi cho vay trung han, giiia ngudn huy dpng ngdn ban diing 6e eho vay trung, ddi ban. Dong thdi, thuc hidn vide phdt hdnh gidy td cd gid, dieu chinh co cdu cho vay vdo cdc ITnh vuc nhay cam \ a nii ro nhidu nhu chumg khodn. bdt dpng sdn va tieu diing, vd cdn phdi tien hdnh duy tri ty le du trO: an loan.
Ngan hdng can thuc hien viec qudn ly nii ro ky
ban, nii ro thanh khodn mdt cdeh chuven nghidp bang each chu dpng xdy dung chinh sdch khung vd quan ly riii ro thanh khodn, thilt lap cac quy trinh eu the nhdm xac dinh. do ludng, kiem soat ede riii ro vd thanh khoan co the xay ra.
Tbu ba, cdc ngdn hdng cd thi tang ty le an todn vdn bang each gidm t\' Ie huy dpng vdn hay du^ tri ty sudt Ipi nhuan trdn vdn chii sd hiru. Didu nay cd nghTa la ngdn hang tranh cac cudc chay dua ldi sudt dd tdng ngudn vdn huy dpng. Cdc ngdn hang ciing ndn cdn ddi khoan loi nhudn cd dupe vdo viee tang vdn.
cdi thidn siic manh ndi tai cua ngdn hdng minh len de tang cudng khd nang chdng lai cdc cu sdc trong qud trinh boat dpng.
Thu tu, cac ngdn hdng thuong m^i cdn cd Id trinh phii hpp cho qud trinh md rpng quy md ciia minh. Ngdn hang thuang mai cdn kilm sodt vide md rdng quy md cung nhu than trpng trong viec sir dung ddn bdy vi nd lam gidm ty le an todn vdn cua ngdn hdng, dam bdo cac nii ro gia tdng do viec md rpng quy md ndm trong tam kiem sodt ciia ngdn hang.
TAI LIEU THAM KHAO
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r;z„c\"7srpp.'23t25r"* "•''"^"^' "-^ ^'•^"•'^ '-'-^ "^'-"'--"^^
2 1 , 1 f ? ' v ^ ' 7 " O f o n o m i c implications of regulatory capital adequacy
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8. Gropp R, Heider F 2007, What can corporate finance say about banks capital structures?
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