TÁC ĐỘNG CỦA QUẢN TRỊ CÔNG TY ĐẠI CHÚNG VỚI CHÍNH SÁCH DỰ TRỮ TIỀN MẶT TẠI CÁC CÔNG TY NIÊM YẾT TRÊN SỞ GIAO DỊCH CHỨNG KHOÁN TPHCM (HOSE).PDF

B O I H C KINH T TP.H ****************************** DI NG C A QU N TR IV TR T S TI N M T T GIAO D CH CH LU B O I H C KINH T TP.H ****************************** DI NG C A QU N TR IV TR T S TI N M T T GIAO D CH CH : 60340201 LU NG D N KHOA H C: TS TR N TH H L c hi n li c, n i dung c a lu b t k mv u khoa h c c a lu n TPHCM, n Di M CL C Trang ph L M cl c Danh m Danh m vi t t t ng i thi u 1.1 S c n thi t c a 1.2 M u 1.3 u t u 11 3.1 u 11 3.1.1 Bi n ph thu c 11 3.1.2 Bi 3.1.3 Bi n ki 3.2 c l p 11 13 p d li t qu 4.1 Th y m u 15 u 16 16 4.2 n 19 4.3 c nghi m 23 4.3.1 a 173 doanh nghi p 2012) 23 4.3.2 a 124 doanh nghi h 2012) 31 4.3.3 a 49 doanh nghi s h 4.4 ns n 2012) 39 Th o lu n k t qu c nghi m 47 4.4.1 n t l d tr ti n m t 47 4.4.2 n t l d tr ti n m t 51 t lu n 60 T u tham kh o Ph l c DANH M U, CH VI T T T u/ Di n gi i Ch vi t t t * i di n cho m ** i di n cho m *** i di n cho m AC ng qu n tr BODSIZE CD S CEO m gi a Ch t ch h (T p nt CF ng qu n tr n CH T l d tr ti n m t c a doanh nghi p D C t c t c DIV p FS G-index Ch s qu n tr c a Gompers GOV Doanh nghi HOSE S giao d ch ch ns h I LOGBODSIZE LR ng qu n tr c NASDAQ National Association of Securities Dealers Automated Quotation System (Hi p H i Qu c gia c i Mua ) NOD T l doanh nghi p Q T VIF Thu DANH M NG B ng b ng, bi u d li u th B ng 4.1 B ng 4.2 at tc H s i quy s d ng m 173 m u doanh nghi 2012) m 124 m u doanh nghi B ng 4.4 i quy s d ng ns h 2012) m 49 m u doanh nghi p B ng 4.3 H s i quy s d ng ns h u 2012) H s B ng 4.5 K t qu m d ng hi u ng ng i quy cho bi n ph thu (1 l d tr ti n B ng 4.6 K t qu m d ng hi u ng c i quy cho bi n ph thu (1 nh (Fixed effects) l d tr ti n B ng 4.7 K t qu ki B ng 4.8 K t qu m OLS i quy cho bi n ph thu l d tr ti n B ng 4.9 K t qu ki nh Redudant Fixed Effects Tests B ng 4.10 K t qu ki m tra Wald(fixed effects) 1) B ng 4.11 K t qu B ng 4.12 K t qu m d ng hi u ng c i quy cho bi n ph thu (2 nh l d tr ti n d ng hi u ng ng B ng 4.13 K t qu m d ng hi u ng c B ng 4.14 K t qu ki B ng 4.15 K t qu m OLS B ng 4.16 K t qu ki B ng 4.17 K t qu ki m tra Wald(fixed effects) 2) B ng 4.18 K t qu B ng 4.19 K t qu m d ng hi u ng ng i quy cho bi n ph thu (3 l d tr ti n B ng 4.20 K t qu m d ng hi u ng c i quy cho bi n ph thu (3 nh (Fixed effects) l d tr ti n B ng 4.21 K t qu ki B ng 4.22 K t qu m OLS B ng 4.23 K t qu ki B ng 4.24 K t qu ki m tra Wald(fixed effects) 3) B ng 4.25 K t qu B ng 4.26 i quy cho bi n ph thu (2 nh (Fixed effects) nh Hausman l d tr ti n 2) i quy cho bi n ph thu l d tr ti n nh Redudant Fixed Effects Tests 2) d ng hi u ng c nh 2) nh Hausman 3) i quy cho bi n ph thu l d tr ti n nh Redudant Fixed Effects Tests 3) d ng hi u ng c 3) s i quy nh GI I THI U: 1.1 S c n thi t c Kh t nh ng y u t quan tr ch c x p h danh m ng doanh nghi p n c a doanh nghi i nm t n cao nh t Do m cx ph s u Trong c xem nm ng tr c ti n ng c a doanh nghi ng vi c n m b th c t vi c n m gi g Th u ti n m nh ng quy n tr i hi u qu cao ho c s nh ng kho ng x n kh i c a doanh nghi p V tr u ti n m t V y, d tr ti n m t a doanh nghi p ng th n quy n l i c n tr c n ph i ho tv nh m c n gi i quy t tr ti n m t h ph uc ng s doanh nghi n tr m gi ti n m t nhi d ng ti n m t ac so v i vi c chuy cho l i cs s i ph c v nh ng l ng s ,1992) mc nghi p th c hi quy d tr nhi u ti n m vi c d th nghi p vi n doanh nghi p c u qu c a vi c qu n tr t s nh t nt ic doanh a doanh quan tr i di n m i quan h gi a c ng 54 Theo quy n c nhi u ti n m iv l s h u c cao, t l s h u c th i th c us nh b qua nh c hi nc ac tr nhi u ti n m tho vi c th c hi s ki m so m ch c a c v ns h n c i di n cho th ns h iv p ng c a bi s ng m c 0.0004 t r t nh k Q ng bi n v c a doanh nghi tin ng ch p nh tr nhi u ti n m t c n K t qu nh ng doanh nghi p i quy cho th iv i doanh nghi p m m ns h th y m i quan h gi a t l d tr ti n m t c a doanh nghi ng bi n m c 10% u Th c v p v i k v ng v d u ban ns h u ng qu n tr doanh nghi p ps i di n y s hi n di n c a Ban ki ph h n ch b ng ch p nh Trong i ch i di n T tin tr nhi u ti n m t c a doanh nghi p m i quan h c ti n m t c a doanh nghi p i v i t d tr ns h c ch bi n 55 cho th l d tr ti n m t c a doanh nghi p ng c a quy nt n doanh nghi p (CF): i quy cho th y m i quan h gi a t l ng thu nh p v i t l d tr ti n m c t o ng bi n K t qu n iv n nt doanh nghi p ho qu i nghi s m gi ti n m t nhi s ng kinh doanh hi u p nh m b o kh nt t p nh gia i quan h gi a hai bi n m c ih s ch ng t il ng c ng m c kho ng 0.2 i v i t l d tr ti n m K t qu pv th c nghi i l n t qu u u c a A O pt u c a J c n 1984 ng s pt iM n 1993 2004 R Chen, W T Chuang (2009) u u c a Y p n 2003 l d tr ti n m t c a doanh nghi p theo k v ng ngh ch bi n cho th iv h gi a hai bi doanh nghi ch bi n t qu ns h i quy i quan p v i k v ng i v i p 56 ns h i quan h l d tr ti n m ng bi n gi a t ih s m t qu u i quan h gi a hai bi k t qu cv i u c a A O c ng s (2008), Y R Chen, W T Chuang (2008) m u tl l i gi ng v i k t qu u c a Y R Chen, W T Chuang (2009) m u u tl (b ng 5, trang 1205) c thu th p cl sau Vi u n 2009 n ng ho i th p t l d tr ti n m t, s d ng ti tr n vay tr nhi u ti n m t, ys cs i cho doanh nghi p n ch ng c a tr nn p hi ng l c s d ng ti ch a c a doanh nghi sau tr n m ch nl gi u th c hi i mang l p p (FS): c k v ng s ng bi n v i t l d tr ti n m t c a doanh nghi p theo k t qu c a Y R Chen ( cho k t qu W T Chuang (2009), t qu u th c nghi m ng s , i quy cho th y c c l i v i k v ng, t c m i quan h gi a t l d tr u 57 ti n m ch bi n, v i m ng 0% K t qu ng v i k t qu u c a A Ozkan va N nghi p t n 1984 i bi n l d tr ti n m t c a doanh nghi p 5, trang 2127) V th i k t (b ng p m u ng u il p p s n xu n ch y t nc ng v n l n l n m gi ti n m nc n, nh u Vi ng b ng s p kh ng ho th ng ch v N cho r c doanh nghi p l n n mc u kh kh ng ho b m t kho n g p kh ng ho V p nh s d tr ti n m t th c hi so v i l n Do t qu p v i lu n c a doanh nghi p (Q): c a doanh nghi m i quan h ng bi ng th pv ik v p v i k t qu Chuang (2009), uc u u c a Y R Chen, W T u c a u c nghi p l d tr ti n m t c a doanh nghi ng s (2008) Ozkan (2004) Th c v th s p 58 ng t o l i nhu n c doanh nghi p h s p nh n doanh nghi p d tr nhi u ti n m t ph c v cho ho ng kinh doanh sinh l i t s phi u c a doanh nghi ng l i t t a doanh nghi p T gi a hai bi th m c 10 (2), i quan h iv iv s i th nghi ng l 3) i 0.012 ch ng t n doanh nghi p m ih c a doanh d tr ti n m t c u c t c (DIV): c t h t bi n gi ng bi n v i t l d tr c a doanh nghi p v i m 10 p v i k t qu (2009) N i quan th u c a Y R Chen, W T Chuang l p so v i k t qu u c a A ng s (2008) v i k t qu u cho r ng t l d tr ti n m t c a doanh nghi p s ngh ch bi n v i t l chia c t c c a doanh nghi p K t qu i v u c t u ch tr c t n t l chi tr c t c c doanh nghi y, k t qu p v i gi t doanh nghi cho c t m th y quy n l i b tr nhi u ti n m u qu nh ban n i kkhi doanh nghi p d t nt 59 c ng c tr ti n m t c a doanh nghi s nh bi t c n t l chia c t c c k t qu ngh ch bi n m i quan h gi a hai 60 K T LU N: Nh ng k t qu h i quy t nt im hi u qu qu n tr tr ti n m t c ty c ph giao d ch ch i quan h gi Tuy i di cs d qu n tr i u th c s ng l tr ti n m t c n S giao d ch ch nt 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CEO/ Board Power, Demographic Similarity, and new Director selection Administrative Science Quaterly, 40: 60-83 Williamson, O E.: 1964 The Economics of Discretionary Behavior: Managerial Objectives in a Theory of the Firm Prentice-Hall Englewood Cliff, NJ PH L C: Ph l c 1: : 496 d li u th a i quy s d ng bao g m 124 m u doanh nghi ns h 2012) Mean Median Maximum Minimum Std Dev Obs CH 0.108174 0.069697 0.637499 0.000241 0.109271 496 CD 0.413306 0.000000 1.000000 0.000000 0.492924 496 0.698970 1.041393 0.477121 0.076667 496 ID 0.407587 0.400000 1.000000 0.000000 0.281590 496 AC 0.481593 0.477121 0.698970 0.301030 0.055247 496 CF 0.109047 0.096250 0.542296 -0.625852 0.090933 496 LR 0.473405 0.501256 0.874658 0.000000 0.209306 496 FS 5.972173 5.919101 7.294419 5.097677 0.475781 496 Q 0.924369 0.864400 3.623105 0.286822 0.327090 496 DIV 0.792339 1.000000 1.000000 0.000000 0.406042 496 LOGBODSIZE 0.743447 (Ngu t t ng h p) Ph l c 2: d li u th a i quy s d ng 196 m 49 m u doanh nghi ns h 2012) Mean Median Maximum Minimum Std Dev Obs CH 0.087301 0.057935 0.404841 0.000445 0.084773 196 CD 0.438776 0.000000 1.000000 0.000000 0.497508 196 0.698970 1.000000 0.000000 0.114330 196 ID 0.373143 0.333333 1.000000 0.000000 0.290475 196 AC 0.486352 0.477121 0.698970 0.000000 0.072665 196 CF 0.087584 0.074171 0.454218 -0.137500 0.083162 196 LR 0.491025 0.524262 0.829735 0.085482 0.200296 196 FS 6.142782 6.094141 7.746828 5.232004 0.559161 196 Q 0.910103 0.846878 2.650272 0.326031 0.359493 196 DIV 0.566327 1.000000 1.000000 0.000000 0.496850 196 LOGBODSIZE 0.730354 (Ngu t t ng h p) ... DI NG C A QU N TR IV TR T S TI N M T T GIAO D CH CH : 60340201 LU NG D N KHOA H C: TS TR N TH H L c hi n li c, n i dung c a lu b t k mv u khoa h c c a lu n TPHCM, n Di M CL C Trang ph L M cl c... p d li y m u: D li c l y t 304 doanh nghi T i b 131 doanh nghi p, o hi m ch h pv i d li u t giao d giao d ch ch 2009 - 2012 T ng h nghi p (panel data) i i m m c thu th p d li u b ng d ng t ng... m t c ph n t i Vi ph u: c th c hi n b a ph (HOSE) h i quy d li u thu th p t doanh nghi p m u g Giao d ch Ch nt H T: Qu n tr quan tr ng n i c a doanh nghi p n c a doanh nghi p Qu n tr tt ph t