Tác động của trao quyền cho phụ nữ đến hiệu quả hoạt động của các tổ chức tài chính vi mô việt nam

NGUYEN NGOC TAN Tac dong cua trao quyen cho phu nQ den hieu qua hoat dong cua cac to chCrc tai chfnh vi mo Viet Nam Nguyen Ngoc Tan"' Ngay nhan bai: 03/4/2020 ; | Bien tap xong: 04/5/2020 | Ngay duyet: 10/5/2020 TOM TAT: Trong nhij'ng nam viTa qua, cacto chu'ctai chmh vi mo (TCVM)tai Viet Nam da cung iJng dich vu tai chi'nh U'U dai cho phu nu' co thu nhap thap, dac biet la phu nu" ngheo Viec trao quyen cho phu nQ" thong qua cac hoat dong cung u'ng dich vu tai chi'nh se tac dpng den thu nhap va rui ro tin dung, tij* anh hu'cing den kha nang sinh Idi cung nhu" hieu qua hoat dpng cua cac to chu'c TCVM (D'Espallier, Guerin, & Mersland, 2013; Abdulai & Tewari, 2017; Lopatta & ctg, 2017) Tuy nhien, viec cho vay ddi vdi cac khach hang ia phu nu" CO thu'c si/dem lai hieu qua cho cac to chu'c TCVM hay khong la mpt van de can du'dc quan tam nghien cu'u Nghien cu'u du'Pc thu'c hien nham muc tieu xac dinh tac dpng cua viec trao quyen cho phu nu' den hieu qua hoat dpng cua cac to chu'c TCVM Viet Nam Nghien cu'u su' dung phu'dng phap GMM he thdng (SGMM) vdi dLJ lieu 26 to chu'c TCVM Viet Nam giai doan 2013-2017 Ket qua nghien cu'u cho thay, viec trao quyen cho phu nu' cd tac dpng ti'ch ci/c den hieu qua hoat dpng cua cac td chu'c TCVM, the hien qua khi'a canh kha nang sinh Idi (ROA, ROE), kha nang tiJ ben vCTng hoat dpng (OSS) va hieu qua phan bd (SE) Tren cd sd ket qua nghien cu'u, tac gia de xuat cac ham y chi'nh sach nham nang cao hieu qua hoat dpng cua cac td chu'c TCVM Viet Nam TifKHOA: To chu'c tai chmh vi mo, hieu qua hoat dong, trao quyen cho phu nCT Ma phan loai JEL: D02, DU, D24 Oat van de nghien cu'u nam 2010 la 0,0197 va d d n g t h i l 31 tong Theo so lieu bao cao cua ChUflng trinh Phat trien Lien Hdp quoc (UNDP) diia tai buoi cong bo Cap nhat so lieu thong ke cua so 105 niidc (UNDP, 2010) Ty le ngheo da chieu cua Viet Nam la 5%, cao hon hau het cac ; ^ ——^ V i - XT - nn.n "•• • ' i , ' ' u ' - " Viet Nam nam 2010 ve cac chi so phat trien ,„ Nguyen Ngoc Tan ' Van phong Uy ban Nhan ^ ^ ^^^^^_ gg Le Thanh Ton, Phadng Ben ngUcfi va so lieu thong ke ngheo da chieu [^g^^^ Quan 1, Thanh Ho Chf Minh; Email: toan cau, chi so ngheo da chieu cua Viet N a m tanvpubtp@gmail.com So170 I Thang 5.2020 I TAPCHIKINHTEVANGANHANGCHAUA TNAM TAC DONG CUA TRAO QUYEN CHO PHU N Q D E N HtEU Q nii6c khu viic Dong A va Thai Binh Dilong, chi sau Thai Lan va Trung Quoc Mac du, Viet Nam da co nhieu tien bg giam ngheo da chieu d cap quoc gia, nhien v5n chenh lech Idn gifia cac viing mien va cac nhom dan cii dtioc chia theo gidi Trong do, nhiing ngifdi ngheo thUtfng la nhiing ngif6i phai ganh chiu nhiing ton that tham hpa, thien tai va chinh ngiidi gay ra, phu nii va tre em vtn luon la doi tiidng de ton thiiong Phu nii ciing thildng gap idio khan tiep can dich vu tin dung tren thi triidng gicfi han ve thu nhap va tai san the chap Viec thieu tiep can doi vdi cac dich vu tai chinh ccf ban da lam giam cd hoi cua phu nQ viec cai thien thu nhap, dam bao cho sii ton tai va diidng dau vcfi nhiJng tnidng hdp khan cap (Vo Thi Ngoc Ha, 2019) NhCng phu nfi ngheo can dich vu tai chinh va cac dich vu xa hoi cd ban de the hien vai tro tich ciic nen kinh te, dong thcfi nang cao vi the ciia ho cong dong cua minh den cac td chflc TCVM thdng qua thu nhap va rui ro tin dung, tfl anh hfldng den kha nang sinh Idi, hieu qua hoat dpng cfla cac to chflc TCVM (D'EspaUier & ctg, 2013; Abdulai & ctg, 2017; Lopatta &ctg, 2017) Tuy nhien, viec cho vay ddi vdi cac khach hang la phn nfl co thflc sfl mang lai hieu qua cho cac td chflc TCVM hay khdng la mot van de can dfldc quan tam nghien cflu Xu£t phat tfl thflc te do, nghiSn cflu xem xet tac dong cua viec trao quyen cho phu nfl d^n hieu qua hoat dong cua cac to chflc TCVM tai Viet Nam giai doan 20132017 Ket qua nghien cflu se la cd s6 khoa hpc va thflc tien quan trpng cho viec xay dflng cac chinh sach nham dinh hfldng boat dong cho vay vdi ddi tflpng la khach hang phu nii, dong thdi dam bao phat trien ben \'flng, hieu qua cac td chflc TCVM tai Viet Nam Tai Viet Nam, cac to chiic TCVM cung ling dich vu tai chinh ifu tien cho phu nfl co thu nhap thap, dac biet i£u tien phu nfl ngheo Cac san pham cua to chflc TCVM dfldc thiet ke ban dau dfla tren phfldng thflc dfldc dieu chinh phu hop vdi cac doi tflong khach hang nhfl: khong can tai san the chap; hoan tra dan theo tuan, thang; thu tuc vay, tra don gian va tri ky luat tin dung Hau het, khach hang nfl gidi cua to chflc TCVM vay von de phat trien kinh te, danh cho cac hoat dpng kinh doanh nhfl nong nghiep, chan nudi, ngii nghiep, lam nghiep va buon ban nho Mot so khach hang nil vay von nham dapflngnhu cau tieu dung, sfla chiia nha cfla vdi cac loai san pham vay ngSn ban, trung han Hoat dpng cho vay doi tflpng khach hang mpt mat mang lai thu nhap cho cac to chflc TCVM, mat khac ciing mang lai rui ro cho cac to chflc Nhfl vay, viec trao quyen cho phu nfl se tac dpng 2.1 Khai niem trao quyen cho phu nfl TAPCHIKINHTEVANGANHANGCHAUA I T h a n g Ctf sdly thuyet Mdt nhflng yeu to quan trpng ma nhieu chuyen gia ve giam ngheo quan tam thao luan la trao quyen (ndng cao vi the) Khai niem nhin chung de cap den sfl md rpng ve kha nang cua ca nhan de tao nhflng Ifla chpn chien lUpc chd cuoc song (Ibrahim & Alkire, 2007) Khi ngfldi bi tfldc quyen, hp thfldng lam vao tinh trang ngheo ddi (Maes & Foose, 2006) Ngfldi ngheo khong bi tfldc quyen hp cd it cdng viec, vi vay ho cd xu hfldng chap nhan lam bat cfl viec gi hay bat dau cac boat dong kinh doanh nho de suih tdn Do dd, trao quyen cung dfldc xem la viec gia tang tai san va kha nang cua ngddi ngheo de tham gia giao dich, thfldng Iiidng va gay anh hfldng vdi cac dinh che cd anh hiidng den cudc sdng cua hp Trong nhflng ngfldi ngheo thi phu nfl ngheo la ddi tflpng can cd du tai san va kha nang de gia tang sfl sung tuc va sfl dam NGUYEN NGOCTAN bao cung nhfl sfl tii tin cua minh Do do, nghien cflu nay, trao quyen cho phu nfl dflpc hieu la viec gia tang tai san, nang va sfl tii tin cua ngfldi phu nfl de tham gia giao dich, thfldng Ifldng, va gay anh hiidng vdi cac dinh che cd tac ddng den cudc sdng cua ho 2.2 Cd sd ly thuyet v^ tac dpng cua trao quy^n cho phu nCt den hi^u qua ho?t ddng c6a cdc to chflc tai chinh vi mo To chflc TCVM hd trd phu nfl dfla tren viec khuyen khich hoat dpng tap the, giup phu nfl thoat khdi cac rao can ve gidi cac hoat ddng kinh te, md rdng tam nhin cho sfl phat trien cua hp vdi tfl each la ca nhan, vien cua mpt gia dinh, nhdm va cpng dong Theo each nay, cac to chflc TCVM ap dung cac dich vu tai chinh hfldng tdi lpi ich kinh te thdng qua cac doanh nghidp cfla phu nfl Co th^ ndi, phu nfl la cot loi boat dong phat trien cua cac doanh nghiep Tfl lau, vai trd cua doanh nghiep nhd xda ddi giam ngheo da dflpc cong nhan la quan trong, dd viec thflc day cac doanh nghiep cua phu nii la chia khda de tang phuc loi xa hpi ndi chung va gia dinh ndi rieng Dau nhflng nam 1980, cac nha nghien cflu bat diu nghi ngd ve cac ly thuyet cho rang thu nhap cao hdn cua nam gidi se lam gia tang thu nhap cho gia dinh cua hp (Kabasakal, Boyacigiller & Erden, 1994) Sau dd, cac to chflc phi chinh phu, td chflc TCVM da thflc hi^n nhi^m vu trao quyen cho phu nfl thdng qua doanh nghiep sieu nhd vdi boat ddng kinh doanh dfldc dieu hanh bdi phu nii Do dd, de xem xet tac ddng cua trao quyen cho phu nii doi vdi hieu qua boat ddng cua to chflc TCVM, dieu quan trpng la danh gia dfldc nhiing Idi the va bat Idi cua phu nfl so vdi nam ^di trpng viec dieu hanh cac hoat ddng kinh doanh, kha nang flng phd vdi rui ro Thiinhdt.phu nUlgi thetrongkinh doanh nhd vdo khd ndng tu nhien Phu nfl ddng vai tro quan trpng sfl phat trien va tang trfldng kinh te cua mdt qudc gia vi hp cd tai nang va kha nang tfl nhien de trd mot doanh nhan cong, tfl dd tao nhieu viec lam cho ngfldi khac (Kabasakal, 1998) Uyin chuyen, kheo leo, kien tri va dam chap nhan that bai la mdt so net khac biet, ddng thdi cung la Idi the tfl nhien cua phu nfl lam kinh doanh Tuy nhien, van cdn khdng it dieu thfl vi ve nang Iflc cua ngfldi phu nfl chfla dfldc giai thich bet Mpt sd la phu nfl dfldng nhfl trd nen manh me hon nam gidi giai quyet khung hoang Vdi kha nang kinh doanh nay, phu nfl ddng vai trd quan trpng de thuc day nen kinh te cua mpt quoc gia Sarfaraz & ctg (2018) da lap luan cd sfl dong thuan cao gifla cac hpc gia rang phu nfl cd the ddng vai trd quan trpng doanh nghiep Verheul (2003) cung cap bang chflng thflc nghiem cho thay cac qudc gia cd tdng ty le hieu qua hoat ddng kinh doanh cao cung cd lien quan den ty le boat dpng kinh doanh cua phu nfl cao Ngoai ra, Abu Bakar & ctg (2007) da dieu tra cac yeu td anh hfldng den sfl tham gia cua phu nfl vao viec kinh doanh d Johor Nghien cflu thflc hien khao sat tren 215 doanh nhan nfl va ket qua cho thay, ve CO ban cd ba yeu td chinh anh hfldng den sii cong cua phu nfl la sfl quan tam, tham vpng va sfl ddc lap Theo dd, phu nfl mudn dfldc coi la ddc lap va Ididng phai ganh nang cho chdng viec kiem sdng hoac cho ngfldi than Thd hai, phu na co mUc phong ngUa rui ro cao hdn do nhom khdch hdng ndy co miic rui ro tin dung thap hdn nam gidi tai cdc to chiic TCVM Cac nghien cflu dong quan diem rang hieu qua hoat dpng cfla cac to chflc TCVM phu thupc vao mflc dp rui ro cua khach hang S I T h a n g 2 I TAPCHIKINHTEVANGANHANGCHAUA TAC DONG CUA TRAO QUYEN CHO PHU NCTOEN HIEU QUA - (TCVM, 1990) Cac td chflc TCVMflutien doi vdi ngfldi vay phu nfl thfldng xuat phat tfl hai ly do: ngfldi vay la phu nfl dang tin cay hdn va cd tac ddng xa hdi Idn hdn Cd mdt quy luat dfldc due ket nganh tai chinh, dd la phu nfl gioi hdn dan dng viec quan ly cac danh muc dau tfl dai han, nhflng lai kem hdn cac giao dich Ifldt sdng, nguyen nhan la tinh can trpng nen phu nfl thfldng chpn giai phap dau tfl dn dinh va quan lyriJuro tdt hdn, nhflng cung chinh dieu khien ho cham hdn viec chdp cd hdi dau tfl, kinh ddanh Ben canh do, mgt so quan diem khac cho rdng phu na co hieu qud kinh doanh thdp hdn, it moi quan he vd kinh nghiem qudn ly so vdi nam gidi Phu nfl it cd cd hdi lam viec hdn va khd khan hdn Bhatt & Tang (2005) cho thay, phu nfl phai doi mat vdi tinh trang thieu viec lam va tinh chat cong viec khd khan thieu ky nang, thieu kinh nghiem Idnh doanh; di chuyen it hdn, trach nhiem gia dinh nang ne hdn Thflc tien xa hdi cho thay tai nhieu qudc gia, phu nfl van bi danh gia thap, va thieu kha nang tiep can vdi cac cdng nghe, cdng cu va phfldng tien san xuat hdn sd vdi nam gidi Vi khdng cd du cd hdi viec lam chd phu nfl, it dflpc hd trp chd viec tfl lam chu Do dd, phu nfl gap nhieu khd khan viec tao thu nhap, tfl chu tai chinh, giai phong tiem nang kinh te hdn so vdi nam gidi Vao gifla nhflng nam 1980, nhieu nghien cflu d cac vimg mien khac d An Dp da dflpc thflc hien bdi cac to chflc phi chinh phii, ngan hang va cac cfl quan tai trp qudc te khac nhau, cd lien quan den viec cung cap tin dung cho cac nhdm phu nfl Ket qua cho thay, ngfldi phu nfl cdng tren thfldng trfldng lan cudc sdng phai tra gia bang hanh phuc va hp thfldng gap khd khan chpn Ifla Do dd, ngfldi phu nfl mudn cdng sfl nghiep se TAPCHIKINHTEVANGANHANGCHAUA I T h a n g ' phai no liic rat nhieu Khia canh ma^g tinh khach quan tfl moi trfldng kinh doanh phu nfl kinh doanh luon thiet thdi hdn so vdi nam gidi bdi cd hpi kinh doanh le thupc vao cac moi quan he Cac nghien cflu da cho thay sau gid lam viec nam gidi van co the giao tiep ngoai xa hpi, thn kiem cd hdi kinh doanh thi trai lai phan idn phu nfl phai trd ve nha Thien chflc bam sinh cua phu nfl da thu hep kha nang hp tiep can vdi nhieu cd hdi Ve kmh nghiem quan ly, cac nghien cflu cho thay phu nfl thfldng chat che d giai doan dau nhflng lai sd hd d doan sau Phu nfl thfldng xem xet tflng chi tiet nho dam phan hdp dong nhiing di vao thflc hien hp Iai lang phi khdng it Diem yeu thfldng diay d nfl doanh nhan linh viic cdng nghe va xay dflng Nam gidi cd the manh la tdi flu hda cdng nghe, biet tim hieu trien khai nhieu giai phap cdng nghe khac Trong dd, phu nfl von dflOc cho la gidi xfl ly tinh hudng nhflng dflng trfldc nhflng bai toan ve cdng nghe, ho thfldng nhfl chap nhan dflng sau nam gidi (Kariv, 2010) Mac du, cd nhflng Ipi the nhat dinh thflc hien cac boat dpng kinh te nhflng phu nfl cung gap phai nhieu bat Idi Nhflng rao can tren lam cho phu nfl gap khd khan hdn so vdi nam gidi van de tao thu nhap, tii chu tai chinh de xda ddi giam ngheo du deu cd cd hdi binh dang tiep can nguon von Nhflng Idi the va bat Ifli cua ddi tfldng khach hang phu nfl chinh la cP sd ly giai cho tac ddng cua viec trad quyen cho phu nfl den hieu qua hoat dpng cua cac to chflc TCVM 2.3 Cac nghien cflu ve tac ddng cua trao quyen cho phu nfl den hieu qua hoat dong cua cac to chflc tai chinh vi md Cd nhieu nghien cflu dfldc thiic hien de danh gia cdng cua hoat dpng TCVM viec dat dfldc cac muc tieu giam ngheo NGUYEN NGOC TAN va nang cao vi the cho phu nfl ngheo (Cohen & Sebstad 2001; Goyal, 2004; Somasekhar & Bapuji, 2005; George, 2014) Nhflng nghien cflu thay ddi dang ke ve mat chi tieu co ban, nhflng so Ifldng viec tiep can tin dung cua phu nfl (sd phu nfl vay tren tong so ngfldi vay) va hieu qua tai chinh cua cac to chflc TCVM Somasekhar & Bapuji (2005) da tien hanh dieu tra ve viec nang cao vi the cua phu nfl thdng qua cac nhdm tfl Iflc (SHG) tai Andhra Pradesh Nhflng phat hien chi rang sii tham gia cua phu nfl ngheo d ndng thdn vao cac SHG khdng chi cho phep nhflng phu nfl tiep can von tin dung ma cdn dan den viec ndng cao nhan thflc, sfl tfl tin va sfl can dam ma cd the dflpc coi la nang cao vi the Nhfl vay, mang Ifldi tin dung vi md da thuc day xay ditng kha nang, tinh than lam chu doanh nghiep vi md va sfl cai thien ve kinh te-xa hdi ciia ngfldi phu nfl Mayoux (1999) da bien luan rang, cac dich vu TCVM da dan den nang cao vi the ve kinh te ciia phu nfl thdng qua viec kich thich sfl phat trien hoat ddng kinh doanh cua phu nfl, dan den tang thu nhap mflc dp Idem soat cua hp Nghien cflu cho r^ng, cac dich vu TCVM da chd phep phu nfl tao thu nhap bang tien thdng qua cac loai boat ddng lam chil doanh nghiep khac Nhflng boat dpng lam chu doanh nghiep da giup tang vai trd cfla phu nfl viec dfla quyet dinh gia dinh Mayoux (2002, 2005) da trd nha nghien cflu tien phong ve TCVM va nang cao vi the cua phu nfl Ong da dfla mpt loat bang chflng tfl Nam A va chau Phi chflng minh cho cac anh hfldng (bao gdm ca tich cflc va tieu ciic) ve vai trd cua phu nfl cac mdi quan he vdi gia dinh, cdng ddng va xa hpi Ong cho rang, phu nfl chu ddng ve mat kinh te, cd cac khoan tiet Idem dpc lap rieng va chia se thu nhap Idn hdn trdng pham vi gia dinh, cd quyen han ve kinh te Idn hdn giup hp cung cd dia vi mac ca pham vi gia dinh, tfl dd hp cd the dfla cac quyet dinh dpc lap hdn cung nhfl ddng vai trd quyet dinh hdn va nang cao vi the hdn Tac ddng cua viec trao quyen chd phu nfl den hieu qua boat dpng cua cac td chflc TCVM the hien rd net nhat thong qua anh hfldng den thu nhap va rui ro tin dung Tfl dd, trao quyen cho phu nfl se anh hfldng gian tiep den kha nang sinh loi, hieu qua boat ddng cua cac td chflc TCVM (D'Espallier & ctg, 2013; Abdulai & ctg, 2017; Lopatta & ctg, 2017) O khia canh anh hfldng den thu nhap, theo D'EspaUier & ctg (2013), cac to chflc TCVM cd nhieu Ifla chpn khac de gia tang thu nhap, chang ban nhfl md rdng thi phan bang each md rpng khach hang cfla hp hoac da dang hda danh muc cho vay bang each phuc vu khach hang vdi nhieu khoan vay nhd hon Cull, Demigu c-Kunt, & Morduch (2008) chi rang, phu nfl dfldng nhfl nhan dfldc cac khdan vay nhd hdn chinh vi vay viec gia tang trao quyen cho phu nfl se giup gia tang sd Ifldng khach hang, da dang hda danh muc cho vay, gia tang thu nhap, gia tang hieu qua boat ddng cua cac to chflc TCVM d khia canh rui ro, viec trao quyen cho phu nfl se lam giam rui ro tin dung cfla cac td chflc TCVM, tfl dd giflp gia tang hieu qua boat ddng Mdt tien de cfla lap luan la phu nfl thflc sfl la nhflng ngfldi kiem soat cac khoan vay tdt (Goetz & Gupta, 1996; Rahman, 1999; Kabeer, 2001; Mayoux, 2001) Xuat phat tfl sfl lo sd cfla ngfldi phu nfl ve cac bien phap triing phat xa hdi va ap Iflc xa hdi, vdn la mdt cd che thu hdi nd thfldng dfldc sfl dung bdi cac td chflc TCVM Cac nghien cflu phan tam hpc cho rang, nhd chflc nang sinh hpc ciia phu nfl nen hp da phat trien mot y thflc cu the ve cdng ly va dao dflc dfla tren cac quy tac phap ly (Gilligan, 1982) Cac nha nhan chung hpc va S I T h a n g 2 I TAPCHIKINHTEVANGANHANGCHAUA TAC QONG CUA TRAO QUYEN CHO PHU N Q O E N HIEU QUA • ""' cac nha xa hdi hoc cho rang, cac qua trinh xa hdi va cac nguyen tac cua chuan mflc xa hdi ddng vai trd quan trpng viec xay dflng dao dflc nfl tinh Trong nhieu nen van hda va cac xa boi gia trfldng ndi rieng da cho thay, phu nfl la nhuiig ngfldi bao ve danh dfl cua gia dinh, cua ddng ddi va cua ca gia tdc Do dd, ho cung la nhflng ngfldi cd y thflc hdn viec dap flng cac nghia vu np Mdt sd nghien cflu d Bangladesh cho thay cac td chflc TCVM da giam thieu rui ro tin dung bang each cho vay nhieu hon ddi vdi phu nfl tren cd sd tan dung cac chuan mflc danh dfl xa hdi dia phfldng va xau hd cua ddi tfldng (Rahman, 1999; Karim, 2011) Nghien cflu cfla Johnson (2004) d Kenya cho thay, cac bien phap trflng phat khdng chinh thflc khong cd hieu qua ddi vdi dan dng, nd la phu nfl phan flng nhanh hdn vdi ap Iflc xa hdi va dao dflc Nhfl vay, cd the thay nhieu bang chflng ve tac dpng cua trao quyen cho phu nfl den hieu qua boat dong cua cac td chflc TCVM Muc tieu cua nghien cflu la tien hanh danh gia moi lien ket gifla viec trao quyen cho phu nfl va hieu qua cua cac to chflc TCVM tai Viet Nam giai doan 2013-2017 Pliu'tfng phap nghien cu'u 3.1 Md hinh nghien cflu Tren cd sd md hinh nghien cflu chinh cua Abdulai & ctg (2017) va Lopatta & ctg (2017), va dong thdi ket hpp vdi cac nghien cflu cua Dao Lan PhflPng & Le Thanh Tam (2017) va Ngo (2015), md hinh nghien cflu tdng quat cua de tai cd dang nhfl sau: Md hinh 1: OSS,, - jio + PiOSS.M + P2AGE,, + I33CPB,, + I34OEA,, + PsDERi, + p6PAR30„ + p7NAB„ + psGLP,, + PsPFB,, + v, + u„ Md hinh 1: ROA„ - po + piROA,,., + p.AGE,, + pjCPB,, TAPCHIKINHTEVANGANHANGCHAUA I T h a n g + p,OEA., + PsDER,, + P6PAR30, + PTNABU ^ psGLP,, + pgPFB,, + Vi + u„ Md hinh 3: ROE., = fi„ + (3,R0E„, + PJAGE, + PaCPB + |3,0EA„ + (53DER,, + P^PARSO,, + PiNAB,, + (3,GLP„ + P9PFB1, + V, + u,i Mo hinh 4: TE, = 130 + (3,TE„-, + I32AGE + PBCPB, + I34OEA,, + PsDERi, + P6PAR30., + P7NABit + psGLP„ + p9PEB,t + v,+ u„ Md hinh 5: SE„ - pc + PiSE,,- + P2AGE,, + P3CPB, + p.OEAi, + PsDER + P6PAR30,, + p7NABi, + p8GLP„ + P9PFB„ + v, + u„ Trong dd: cac bien phu thudc OSS - mflc dp tfl ben vflng ve boat ddng, ROA - thu nhap rdng tren tdng tai san, ROE - thu nhap rdng tren vdn chu sd hflu, TE - chi so the hien hieu qua ky thuat va SE - chi so th^ hien hieu qua quy md Day la cac chi tieu dfldc sfl dung de danh gia tinh hieu qua cua cac td chflc TCVM nghien cflu Cac chi tieu thfldng de cap den kha nang cua cac to chflc TCVM de thflc hien Hen tuc cac chfldng trinh TCVM viec theo duoi cac muc tieu Idnh te-xa hpi cua minh (Abdulai & ctg, 2017; Dao Lan Phflflng &ctg, 2017; Ngo, 2015) Bien ddc lap chinh md hinh la PFB the hien viec trao quyen cho phu nfl dflpc Ifldng bang tong sd phu nfl vay tren tong sd ngfldi vay ciia td chflc TCVM Cac bien ddc lap khac bao gdm: AGE (td chflc TCVMs' age) - tudi cua cac td chflc TCVM, CPB (Cost per borrower) - chi phi tren mdi ngfldi di vay, OEA (Operating expense to assets ratio) - ty le chi phi boat ddng tren tong tai san, DER (Debt to equity ratio) ty le vdn chu sd hflu tren tdng tai san, PAR30 (Portfoho at risk) - ty le rui ro cua danh muc dau tfl, NAB (Number of active borrowers) sd ngfldi di vay thflc va GLP (Gross loan portfolio) - tdng danh muc cho vay NGUYEN NGOC TAN Ben c?nh dd, Vi - dac tinh cua to chflc TCVM khdng quan sat dfldc va u,t - sai so dac thii Cach thflc Ifldng cac bien, ky vpng dau a cd sd de xuat cac bien dflpc trinh bay angl Bang1: Mo ta cac bien du'dc sir dung mo hinh ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ H Bien phu thUQC T i i ben v S n g ve hoat OSS Thu nkap tir hoat d d n g ^ dong Schafer&Fukasawa (2011), Dissanayake (2014), Ngo (2015), Dao Lan P h f l d n g & ctg (2017), A b d u l a i a c t g (2017) • ^ : "^xiooyo Tong cki ph\ hoat aong Ty suat s i n h Idi t r e n t a i san ROA Thu nhap rbnq - ^ -^-^xlOO% Tong t a i san D i s s a n a y a k e (2014), AbdulaiSctg{2017) Ty suat s i n h ROE Thu nh^p rbnq -;f- ., " xlOQ% Tong von chu s c hum Dissanayake (2014), A b d u l a i S c t g (2017) H i e u q u a ky t h u a t TE D f l d c t m h t o a n t f l p h a n ti'ch DEA Hieu qua quy m o SE D f l d c ti'nh t o a n t f l p h a n t i c h DEA PFB Tong so phu n i r vay Icfi t r e n von chu s d h f l u B i l n dgc lap Trao q u y e n cho p h u n f l Tong so ngixc/i Ty le von c h u s d hQu tren t d n g t a i san DER Tong d a n h vay GLP myc cho vay Tong von chu scr kvtu ^ A b d u l a i a c t g (2017), L o p a t t a a c t g (2017) + Ngo (2015), Dao Lan Phfltfng&ctg(2017) + A b d u l a i a c t g (2017) Tong t a i s a n Ty le rui ro cua d a n h PAR30 mucdau t f l Tang t r d d n g Sd ngflcJi dl v a y t h i / c NAB Ty le chi phi' hoat d o n g tren tong t a i s a n OEA Chi p h i ' t r e n m o i n g f l d i di vay CPB Tudi cua cac t d c h f l c TCVM AGE L n ( T d n g d a n h m u c c h o vay da d i e u c h i n h t y le xda sd) S c h a f e r & c t g [ 1 ) , Oao LanPhu'dng&ctg(2017), A b d u l a i a ctg (2017) Cac k h o a n 15 r o n g / T o n g d f l n d cho vay + L n ( T d n g s d n g f l d i vay) Tong chi phi hoat Dissanayake (2014), A b d u l a i S ctg (2017) iong Tong tai san S c h a f e r a c t g (2011), Dissanayake (2014), Ngo (2015),Abdulaia ctg(2017) Ln(Tdngchi phi'hoat ddng/Tdng sdngflcTi vay) So n a m h o a t d p n g c i i a cac t o c h f l c TCVM t i n h t h d i diem nghien cflu S c h a f e r a c t g (2011), Ngo (2015), A b d u l a i a c t g (2017) + Dao Lan P h f l d n g a c t g (2017), A b d u l a i a c t g (2017) S I T h a n g 2 I TAP CHi KINH TEVA NGAN HANG CHAU A TAC D O N G C U A TRAO QUYEN CHO PHU N O B E N H!EU Q U ' 3.2 Phfldng phap fldc Ifldng De khac phuc hien tfldng ndi sinh thiJdng xay cac mo hinh kinh te, nghien cflu thflc hien hoi quy cac md hinh bang phfldng phap GMM he thdng (System GMMSGMM) cua BlundeU & Bond (1998) Phfldng phap dfldc sfl dung bien cac fldc Ifldng dfl lieu bang ddng tuyen tinh hoac cac dfl lieu bang cd tdn tai hien tfldng phfldng sai thay ddi va tfl tfldng quan Phfldng phap SGMM la phfldng phap thich hdp vdi nghien cflu vi nhieu ly Thfl nhat, dfl lieu bang cua nghien cflu cd T nhd {5 nam), N Idn (26 to chflc TCVM), nghia la it mdc thdi gian nhflng cd nhieu quan sat Thfl hai, phfldng phap phu hpp de fldc Ifldng cac md hinh nghien cflu ddng vdi mpt hoac hai ve cua phfldng trinh cd chfla bien tri Vdi cac md hinh cac fldc Iflpng bang tinh nhfl phfldng phap tac ddng c6 dinh (FEM) va phfldng phap tac ddng nglu nhien (REM) khdng cho phep tao cac bien cdng cu tfl chinh cac bien md hinh Thfl ba, phfldng phap SGMM cd the dfldc sfl dung cac bien ddc lap khdng phai la bien ngoai sinh ngat (strictly extrogenous), nghia la cd tfldng quan vdi phan dfl; hoac tdn tai bien ndi sinh (endogenous variable) md hinh, Cudi cung, md hinh tdn tai cac tac ddng cd dinh rieng re va phfldng sai thay doi hoac tfl tfldng quan cua sai sd thi phfldng phap la phii hpp, kha nang khfl cac tac dpng cd dinh rieng le va khSc phuc cac khuyet tat cua md hinh Cac kiem dinh tin cay cua md hinh da dfldc tac gia thflc hien bao gdm: Kiem dinh sfl tfl tflong quan cua phan dfl: Theo Arellano & Bond (1991), fldc Ifldng GMM yeu cau cd sfl tfldng quan bac va khdng cd sfl tfldng quan bac cua phan dfl Dd vay, k iem dinh gia thuyet HQ; kh dng cd sfl tfldng quan bac (kiem dinh AR(1)) va TAPCHIKINHTEVANGANHANGCHAUA T h a n g ; khdng cd sfl tfldng quan bac cua p aji ^ (kiem dinh AR(2)), chung ta bac bd H) ^ i^^ dinh AR(l)va chap nhan Ho a kiem dmh AR(2) thi md hinh dat yeu cau ^_ Kiem tra tinh phu hpp cua md hinh va cac bien dai diln: tfldng tfl cac md bmh khac, sfl phfl hop cua md hinh cd the dfldc thflc hien thdng qua kiem dinh F Kiem dinh F se kiem tra y nghia thdng ke cho cac he sd fldc Ifldng cua bien giai thich vdi gia thuyet Ho: tat ca cac he SdfldcIfldng phfldng trinh deu bang 0, dd de md hmh phu hdp thi phai bac bd gia thuyet Ho Ngoai ra, kiem dinh Sargan/ Hansen cdn dddc sfl dung de kiem tra gia diuyet Ho: cac bien cdng cu la phu hpp Khi chap nhan gia thuyet Ho nghia la cac bien cdng cu dfldc sfl dung trdng md hinh la phti hdp 3.3 Dfi lieu nghien cflu Thed thdng ke cua Ngan hang Nha nfldc Viet Nam den thdi diem 30/6/2019, cd bdn td chflc TCVM chinh thflc la to chflc TCVM TNHH M7, to chflc TCVM TNHH MTV Tinh thUdng, to chflc TCVM TNHH Thanh Hda va to chflc TCVM TNHH MTV chd ngfldi lao ddng ngheo tfl tao viec lam Ben canh cac to chflc TCVM chinh thflc, cd 30 td chflc TCVM ban chinh thflc thupc cac chflong trinh, dfl an TCVM hdat ddng tai Viet Nam (Danh ba TCVM, 2018) Tuy nhien, thdng tin cua cac td chflc TCVM khdng day dfl dd tac gia thflc hien nghien cflu vdi 26 to chflc TCVM cd day dfl dfl Heu nhat Dfl lieu nghien cflu la sd lieu bao cao tai chinh hang nam cua 26 to chflc TCVM tai Viet Nam giai doan 20132017 dfldc cung cap bdi td chflc MIX Market MIX Market la trang web dupe dieu hanh bdi td chflc Chia se Thdng tin TCVM (Microfinance Information Exchange-MIX) Trang web MIX Market cho phep cac chfldng trinh TCVM dang tui, bao gdm cac ban bao cao tai chinh da dfldc Idem toan va cac chi so boat dpng de nhan dfldc danh gia xep hang NGUYEN NGOCTAN dfla tren dd minh bach cua thdng tin Ve thdi gian nghien cflu, tac gia iiin hanh thflc hien tai 26 td chflc TCVM giai doan 2013-2017 Giai doan dfldc tac gia Ifla chpn de thflc hien nghien cflu vi dam bao 26 td chflc TCVM deu cd du sd heu de tinh toan cac bien so mo hinh nghien cflu Ket qua nghien cuTu K^t qua thong k^ md ta Ifldng cac dai Ifldng dac trflng ddi vdi cac bien nghien cflu dfldc the hien d Bang Cac bien phu thupc dai dien cho kha nang sinh Idi ROA, ROE va bien OSS dai dien cho sfl hin vflng ve hoat dpng dflpc tac gia tinh toan tfl bao cao tai chinh hang nam cua 26 to chflc TCVM giai doan 2013-2017 Cac chi sd hieu qua ky thuat (TE) va hieu qua quy md (SE) cua 26 td chflc TCVM giai doan 2013-2017 dfldc tac gia lay tfl ket qua phan tich bao dfl lieu (DEA) Ket qua thong ke md ta chd thay, binh quan ROA va ROE cua 26 to chflc TCVM trdng giai doan 2013-2017 lan Iflpt la 4,06%/nam va 12,79%/nam Sai sd chuan cua ROA va ROE xap xi vdi gia tri binh quan cho thay, ROA va ROE cua cac td chflc TCVM bien ddng kha nhieu Chi sd OSS binh quan cua 26 to chflc TCVM giai doan 20132017 la 1,39 cho thay, binh quan cac td chflc TCVM mau nghien cflu dam bao ben vflng ve hoat ddng Cac chi sd hi^u qua TE va SE cfla 26 to chflc TCVM giai doan 2013-2017 cd gia tri binh quan lan Ifldt la 54,83% va 77,06% cho thay, hau het cac td chflc TCVM mau nghien cflu cd hieu qua boat ddng tren mflc Bang 2: Ket qua thong l