PHÂN TÍCH các NHÂN tố ẢNH HƯỞNG đến HIỆU QUẢ tài CHÍNH NGHIÊN cứu điển HÌNH tại các CÔNG TY cổ PHẦN NGÀNH CÔNG NGHỆ THÔNG TIN được NIÊM yết TRÊN sàn CHỨNG KHOÁN

TỔNG LIÊN ĐOÀN LAO ĐỘNG VIỆT NAM TRƯỜNG ĐẠI HỌC TƠN ĐỨC THẮNG KHOA TÀI CHÍNH NGÂN HÀNG BÀI NGHIÊM CỨU NHĨM MƠN: THỰC HÀNH MƠ HÌNH TỐN KINH TẾ ĐỀ TÀI: PHÂN TÍCH CÁC NHÂN TỐ ẢNH HƯỞNG ĐẾN HIỆU QUẢ TÀI CHÍNH: NGHIÊN CỨU ĐIỂN HÌNH TẠI CÁC CÔNG TY CỔ PHẦN NGÀNH CÔNG NGHỆ THÔNG TIN ĐƯỢC NIÊM YẾT TRÊN SÀN CHỨNG KHOÁN VIỆT NAM Giảng viên hướng dẫn: PHÙNG QUANG HƯNG Lớp: MƠ HÌNH TỐN KINH TẾ (Ca 3, Thứ ba) – Nhóm: 03 Danh sách Sinh viên thực hiện: VÕ HOÀNG NHÂN (B19H0263) PHAN THANH HIẾU (B19H0195) HỒ THỊ TUYẾT ĐOAN (B19H0177) TỪ LÊ MINH NGÂN (B19H0247) ANALYSIS OF FACTORS AFFECTING FINANCIAL PERFORMANCE: TYPICAL STUDY AT THE JOINT STOCK 0 COMPANY LISTED INFORMATION TECHNOLOGY ON VIETNAM STOCK EXCHANGE ABSTRACT: The objective of the study is to examine the factors that affect the financial performance of the companies from which to make some suggestions for managers to improve financial performance The study used data from 22 companies that share the information technology sector listed on stock exchanges in Vietnam period 2007-2018 in the field of information technology The research results have shown that the effectiveness main (ROA) of companies significantly affected by the ratio of the state capital (STATE), the management capacity (MC), firm size (SIZE), and the company's business cycle (BS) On the other hand, the study also pointed out the positive impact (+) of ROA on the profitability ratio on equity (ROE) Keywords: Production cycle business, financial performance, the company shares listed information technology industry INTRODUCTION: Today, technology is proliferating, especially in information technology have an important role in bringing a new era of modern advanced technologies worldwide, including Vietnam Therefore, need to understand the factors affecting financial performance and this will be the baggage to participate in the market in this area, most notably as ROA, ROE, MC, SIZE, STATE, BS, CR, QR, and DFL Vietnam's stock market in the period 2011-2013 continuously fluctuated strongly, seriously affecting companies Two factors may explain this, which is endogenous and exogenous in which one of the endogenous factors is very important that the financial performance of companies When analyzing the research and data companies in the information technology industry, we discovered that there are companies with negative profits after tax during 2011, 2012, and 2013 For example, the company technical Services Joint-stock Telecommunications (TST), JSC Telecommunications (UNI), JSC VITECO Telecommunications technology (VIE) However, there are companies with profits after higher taxes or even flourished during that period For example, Van Lang Technology Development and Investment Joint Stock Company (VLA), Vietnam Electronics and Informatics Corporation (VEC), This leads to the question: What factors affect the financial performance of the company shares listed on the stock exchange in Vietnam? If so, how many factors? In addition, the level of impact like? The research focused on studying the factors that affect the financial performance of the listed joint-stock 2|Page 0 3|Page 0 4|Page 0 5|Page 0 Table The previous related research Author Agiomirgiannakis, G., Voulgaris, F and Papadogonas, T (2006) Yuqi, L (2008) Liargovas and Skandalis (2008) Based on the disclosure of timely annual reports to confirm and modify their expectations about the current economic outlook and the future of the company Almajali, Y.A, Alamro, S.H and Al-Soub, Y.Z (2012) companies listed on Vietnam's stock exchanges, more precisely Corporation Information Technology The team used the method of correlation analysis and 6|Page 0 multiple regression analysis Strictly research also indicates factors the state capital ratios, company size, ratio of capacity management, business cycle strong impact on financial performance Moreover, the group is strictly between the ROA and ROE depth The layout of the study will include: I Introduction II Basic theory a The previous related research b The concept and meaning of each financial indicators used in the study III Data and research methods IV Research model, research hypotheses b The concept and meaning of each financial indicators used in the study If the financial performance measures are a common and important concept and meaning of each financial indicators used in this study is what? And why they need to analyze the company shares information technology financial performance on the stock market Return on Asset (ROA) ROA (Return on Assets) - it is the return on assets, an indicator showing the correlation between the profitability of a company compared to its main assets ROA gives to know the effectiveness of the company is using assets to generate earnings i ROA = V Research results VI Conclusions and recommendations VII References BASIC THEORY a The previous related research Financial performance important role for businesses in particular and the economy in general There are many studies on financial performance and the factors affecting it Search gives different figures on financial performance but the main index was ROA, ROE, MC, SIZE, STATE, BS, CR, QR, and DFL, the popularity index for measuring the competitiveness of the company's ROA and ROE Table The previous related research ROA shows that a business has invested how much profit on assets The higher the ROA, the use of corporate assets more effectively Return On Equity (ROE) ROE (Return On Equity) - it is the return on equity, and return on equity also If the analysis, there will be a lot of interesting information about the business results as well as the financial picture of the business behind this indicator ii ROE = ROE shows one pile of equity which now spent to serve activity, how much profit The higher the ROE, the use of corporate funds as efficiently 7|Page The size of business (SIZE) Large companies can exploit economies of scale and therefore more efficient than small companies The size of a business can be evaluated based on criteria such as the total number of employees, total revenue, or total assets iii Company size is calculated by total assets is measured Moreover, small companies may have less energy than large companies can because they are difficult to compete with larger companies, especially in a highly competitive market On the other hand, when companies become larger, they may be ineffective, leading to reduced financial performance Management competence in an index (MC) Management competence in an index (MC) is an indicator of leadership and supervision of the management level in the company iv MC = It may include the ability to plan and divide the work efficiently, respond quickly to solve the problem, have indepth knowledge and skills necessary software Business cycle (BS) Business cycle (BS) is the period from when the raw materials are put into production until the finished product fabrication, inspection, and storage of finished products It includes the time to complete the work in process v technology; time to deliver; technical testing time; work in progress stops at work, in the intermediate repository, and non-production shifts BS = Turnaround time inventory + Turnaround time accounts receivables Shorter production cycles, which indicates how efficient the use of machinery and production areas Production cycles affect working capital needs and the effective use of working capital in production In competitive markets, production cycles shorter change the ability of the production system as possible to respond to the changes Moreover, trade receivables faster turnaround, the company recover the debt faster, increasing capital turnover, reduce costs related to accounts receivable The dual impact of the shortened business cycles increases profitability Degree Of Financial Leverage (DFL) Degree Of Financial Leverage (DFL) is a combination between liabilities and equity in the management of the financial policy of the enterprise vi DFL= Degree Of Financial Leverage is the degree of use of loans in the total capital of a company in the hope of increasing return on equity (ROE), or earnings per ordinary share (EPS) Quick raito (QR) Quick ratio (QR) is an indicator of the short-term liquidity position of the vii 8|Page company and measures the ability to meet the short-term obligations of the company with its liquid assets QR = It shows the ability of the company to immediately use assets almost his cash (assets that can be converted quickly into cash) to pay the debts of your current, it is also known as the acid test ratio Current ratio (CR) Current ratio (CR) is the ratio of liquidity solvency measure short-term obligations of the company or the obligations due within one year viii CR = It gives investors and analysts to know how a company can maximize existing assets on the balance sheet accounting to meet its current liabilities and other payables DATAAND RESEARCH METHODS Research samples are 22 joint-stock companies in the information technology sector listed on stock exchanges period 2007 - 2018 Group uses the information gathered from the report prospectus, financial reports, and information on the companies on the website of the company and the site CafeF, Vietstock, cophieu68 The data analysis method used in the study is the ratio method Analyzing financial ratios is the use of various techniques to analyze the financial statements of the enterprise to grasp the situation of the financial realities of the business, which made plans for production and business most effective for calculating the ratios measuring the financial performance (ROA, ROE), business cycle (BS) Degree of Financial Leverage (DFL) and the proportion of the state capital (state) and the percentage measure the impact of factors such as solvency (QR, CR), capacity management committee (MC) + Advantages: it evaluates the efficiency and performance of the company's business operations, evaluates the efficiency of the use of company resources The ratio of financial structure: reflects the extent to which businesses use to paying off debt reflects the degree of financial autonomy of enterprises Moreover, it also guides the forecast and plans production and business activities, investment decisions and funding to deal with the financial markets determine the risks and profits + Disadvantages: we cannot recognize inaccurate financial statements The time element is not mentioned and is difficult to conclude the financial situation good or bad Moreover, the planning could not feasible for the business's multidisciplinary activities Besides, the group also uses statistical analysis methods Statistics is a system of methods (collecting, synthesizing, and presenting data, and calculate the characteristics of the object of study) to cater for the analysis, prediction, and decision making Purpose cranes Group 9|Page was to examine the relationship between the dependent variable and the independent variables, the paper uses the statistical method described, correlation matrix, check the phenomenon autocorrelation (Durbin-Watson), multiple regression method and multicollinearity test RESEARCH MODELAND RESEARCH HYPOTHESES a Research model Based on research and the reality of Vietnam, offering theoretical models are: ROA = β0 + β1*STATE+ β2*CR+ β3*DFL+ β4*MC+ β5*SIZE+ β6*BS+ β8*QR+ ε (1) ROE = β0 + β1*ROA+ ε (2) ROA: Return on total assets ROE: Return on equity STATE: State capital ratio DFL: Degree of Financial Leverage MC: Management competence index SIZE: The size of the company BS: Business cycle QR, CR: Short-term solvency b Research hypotheses i.Financial performance The business performance of the enterprise is a general economic indicator that reflects the level of use of the elements of the production process Business performance is also reflected in the maneuver of the corporate governance between theory and practice to make the most of the weakness of the manufacturing process, such as machinery and equipment, raw materials, labor to improve profitability Overall ROS, ROA, ROE is a measure used the three most popular in assessing the financial performance of the business In this study, the group will mainly use ROA and ROE to assess the financial performance of the companies that share industry information technology listed on Vietnam's stock by these indicators may reflect how to look past, shows the operation of the enterprise business-like Besides, these indicators also help us have a look at easy ways to compare businesses together Moreover, the final objective of financial management is to maximize the benefit of the owner so that after examining the factors affecting the ROA, the authors examine the impact of ROA over ROE Short-term solvency (QR & CR) To measure the short-term solvency of researchers usually use the current ratio (CR) and quick ratio (QR) Solvency impacts on financial performance in detail: According to Almajali et al (2012), Maleya and Muturi (2013), the solvency relationship the same way with financial performance But conversely, Khalifa and Zurina (2013) indicate solvency opposite impact on financial performance So the research hypothesis pair is given as: ii H01: Short-term solvency does not affect financial performance H11: Short-term solvency affects financial performance 10 | P a g e ... more effectively Return On Equity (ROE) ROE (Return On Equity) - it is the return on equity, and return on equity also If the analysis, there will be a lot of interesting information about the business... management capacity (MC), firm size (SIZE), and the company''s business cycle (BS) On the other hand, the study also pointed out the positive impact (+) of ROA on the profitability ratio on equity (ROE)... equity (ROE), or earnings per ordinary share (EPS) Quick raito (QR) Quick ratio (QR) is an indicator of the short-term liquidity position of the vii 8|Page company and measures the ability to