Sd hull quan ly, hieu qua hoqt dong va gia trj doanh nghiep - nghien cCfu cac cong ty tren thj trudng chCirng Ichoan Viet Nam VO XUAN VINH ghien ciiu ndy xem xet moi quan he giita cdu
Trang 1Sd hull quan ly, hieu qua hoqt dong va gia trj doanh nghiep - nghien cCfu cac cong ty tren
thj trudng chCirng Ichoan Viet Nam
VO XUAN VINH
ghien ciiu ndy xem xet moi quan he giita cdu true sd hOu vd hieu qud hoat dong cua cdc cdng ty niem yet tren sdn giao dich chiing khoan thdnh phd'Ho Chi Minh tit 2007 d^n 2012 Ket qud cho thay cdc cdng ty cd sd hUu quan ly cdng cao thi hiiu qud hoat dong cdng thap Hdn niia, nghien citu cho thay cdc cong ty cd ty le sd hitu quan ly cao thi khdng dUdc thi trudng danh gid cao, thi hien viec cdc nhd ddu tU khdng dinh gid cao viec cdc co dong kiim quan ly diiu hdnh cdng ty Do vay, kit qud nghien citu ung ho sz/ tach bach giita vai tro sd hitu
vd vai tro quan ly doanh nghiep
1 Gidi t h i $ u
C^ng vdi sU p h a t t r i e n cua t h i t r u d n g
chCtng k h o a n , sd'lUdng cae cdng ty niem yet
tang ddn q u a cac n a m Cho de'n cud'i n a m
2012, s d lUdng eac d o a n h n g h i e p n i e m yet
tren s a n giao dich chiing k h o a n Hd Chi
Minh la 314 d o a n h nghiep Mdt trong
nhflng va'n dd d a n g dUdc q u a n t a m txi n h i e u
bdn lidn q u a n , dac bidt la n h a d a u tU, cac
nha lap p h a p va cac hoc gia q u a n t a m la
va'n dd sd hiJu q u a n 1^, hieu q u a hoat ddng
va gia t r i t h i t r u d n g ciia d o a n h nghiep Cac
nhdm cd ddng k h a c n h a u t h i cd nhflng
quydn Idi va Idi ich k h a c n h a u , ed nhflng
quan he k h a c n h a u vdi c h i n h p h u , vdi n g a n
hang, vdi ddi tae chien lUdc, n e n cd ca'u sd
hflu cd a n h h u d n g Idn de'n nhiSng quydt
dinh cua d o a n h n g h i e p va tae ddng ddn
hi^u q u a h o a t dong cua d o a n h n g h i e p khac
nhau T r e n t h e gidi da cd nhidu nghien eflu
xem xdt tac ddng ciia sd hflu q u a n ly den
hi$u qua b o a t ddng va gia t r i cua doanh
nghidp, t u y n h i e n k e t q u a chua thd'ng nha't
(Davies et al 2005; Rose 2005; S m i t h
1990) Hdn nfla, va'n de t a c h bach gifla vai
trd ciia chii sd hflu doanh nghiep va vai trd
cua ngUdi didu h a n h , q u a n ly doanh nghiep
la mdt va'n de t h u b u t sU q u a n t a m eua
nhidu ben, trong do cd cae n h a q u a n ly thi
t r u d n g va cdc n h a lap chinh sach Va'n dd nay ddi hdi dUdc quan t a m ciing vdi sU p h a t trien cua cac nen kinh te, dae biet la eac
n e n k i n h te mdi ndi nhU Viet Nam n h a m
d a m bao doanh nghiep boat ddng minh bach, vi Idi ich eua eac cd ddng va td'i da hda gia tri doanh nghiep
Nghien cUu ndy ed mdt sd h a m y cho chinh sach kinh te hien tai eua chmh phii
Mot la, nghien cUu va hidu bidt ve ca'u trtic
sd hflu, hieu qua boat ddng va gia tri eua doanh nghiep la mdt cdng cu cua chinh phu trong viec dam bao hieu qua boat ddng tot nha't cung nhU td'i da hda gia tri eua doanh
nghiep (Kang & Kim 2012) Hai Id, nghien
ciiu cd h a m y quan trong cho n h a dau tU, cac hoe gia va cac n h a lam chinh sach trong viec
p h a n dinh rd chUe nang quan ly va chUc
n a n g sd hflu trong mot doanh nghiep Ba Id,
nghien eflu nay cd y nghia t h a m khao, lam ed
sd khoa hoe cho viec tai ca'u t n i c thi trudng ehling khoan Viet Nam, dam bao Idi I'ch cho cac n h a dau tU va eac co ddng khi ddu tU
t r e n thi trUdng chUng khoan Viet Nam
V6 Xuan Vinh, TS., Trudng dai hoc Kinh ttf thanh phd H6 Chi Minh
37
Trang 2sd hOu quan ly, hlfiu qua ,
Ngoai ra, nghien eflu ve q u a n hd sd hflu
cua n h a q u a n ly, hieu qua hoat ddng va gia
t r i doanh nghiep d Viet N a m chUa nhieu Do
vay, mdt ddng gdp nfla ve m a t khoa hoc cua
nghidn ciiu nay la lam giau cho kho t a n g hoc
t h u a t vd chu de sd hflu q u a n ly cung nhU
q u a n h e gifla sd hflu q u a n ly va hieu q u a
boat ddng, gia tri doanh nghiep d Vidt N a m
2 Cd sd ly t h u y e t v a gia t h u y e t n g h i e n
ciiu
J e n s e n & Meckling (1976) dat n e n mdng
cho nghidn ciiu vd chu de nay khi cho r a n g
ca'u t n i c sd hflu ed tae ddng ddn hieu q u a
hoat dong cua doanh nghidp Nghien eflu n a y
cho r a n g n e u mdt doanh nghiep ed cac ed
ddng Idn thi se lam t a n g hieu qua boat ddng
va gia tri doanh nghiep Tuy nhien, trong
kho t a n g hoc t h u a t cd nhieu nghien eflu bac
bd q u a n didm nay (La Porta et al 1999)
Nhflng nghien eflu bac bd luan didm nay dUa
t r e n ly thuye't ngUdi dai didn (agency theory)
cho rang, mdt khi doanh nghiep dUdc sd hflu
bdi eac loai eo ddng Idn se ed hidn tUdng cac
ed ddng Idn t h u Idi rieng cho ho, lam cho
doanh nghiep cd hieu qua hoat ddng k e m
hdn Nhfl vay, se ed sfl m a t can bang gifla Idi
ich ciia cd dong quan ly va cae ed ddng khac
De kiem soat dUde su ma't can b a n g Idi ich
nay, cae ed dong ben ngoai se ed cae bidn
p h a p giam sat va phat sinh chi phi dai dien
Can cfl vao ly thuyet nay, sd hflu q u a n ly
cang cao thi hieu qua hoat ddng tha'p va gia
tri thi trudng cdng ty tha'p, trU phi cae cd
dong ben ngoai khac cd t h e kiem scat chi phi
dai dien dd'i vdi q u a n he gifla cac n h a q u a n ly
va CO ddng khac mdt each it ton kem n h a t
Trong thfle te, eac co dong hen ngoai khdng
the kiem soat dUde vdi chi phi tha'p dd, cho
nen xet ve mat t r u n g binh chung, sd hflu
quan ly cang cao se lam giam hieu qua hoat
dong cua doanh nghiep va t h i trUdng d a n h
gia doanh nghiep thd'p hdn Va'n de n a y trd
nen nghiem trong hdn d cac nUdc dang p h a t
trien n h u Viet Nam, do dieu kien va k h a
nang kiem soat eua ludt p h a p chUa h o a n
chinh, ehUa bao ve dUdc cd ddng nhd
J e n s e n & Meckling (1976) cho rang, sfl hflu t a p t r u n g cao tao r a rihiSng eo ddng Idn
va cd nhiJng u u t i e n cho Idi ich rieng eua ho
Ty Id sd hflu cua n h a q u a n ly cang t a n g thi co
t h d h u d n g Idi ich eua n h a q u a n ly gidng vffi Idi ich eua ed ddng, k h i dd n h a quan l;y co nhflng ddng lue m a n h me de lam toi da hoa gia tri cdng t y b a n g each t a o r a hidu qua hoat ddng cua doanh nghiep cao hdn Lap luan
n a y dUdc hd trd bdi nhidu nghien eflu sau do (Grossman & H a r t 1986; J e n s e n et al 1992;
J e n s e n & Meckling 1976; Rozeff 1982) NgUdc lai, Demsetz & L e h n (1985) cho r ^ g ,
ty le sd hflu q u a Idn cua n h a q u a n ly cd th^ lam cho ho ludn n g h i ve Idi ich cua minh hdn Idi ich cua co ddng b e n ngoai, do do eac cdng
ty cd sd hflu quan ly thUdng cd hieu qua hoat dpng thdp hdn Lap luan nay dUde hd trd nhieu nghien eflu sau do (Agrawal & Jayaraman 1994; H a r a d a & Nguyen 2011; Jensen et al 1992; Short et al 2002)
Gid thuyet nghien citu Tii ed sd ly thuye't, vdi nhflng lap luan nhU
tren, va ke't q u a eua eac nghien ciiu tnldc, dac biet dfla t r e n hoan canh thfle tiln cua Viet Nam, tac gia dUa r a eac gia thuyet nghidn eflu nhfl sau:
H I : Ty le scf hflu q u a n ly^ cang cao thi hiSu qua hoat ddng cua doanh nghiep cang th^p H2: Ty le sd hflu q u a n ly cang cao thi gia tri doanh nghiep cang tha'p
3 Dfi l i e u , m o h i n h v a p h U d n g phdp
n g h i e n cCfu Chung tdi s^ dung dii lieu cua m a u nghien
eflu la cac doanh nghiep niem ydt tren Bka
giao dich chflng k h o a n t h a n h phd' Hd Cbi Minh Dfl lieu nghien eflu dUdc t h u thap cua
259 cdng ty niem yet t r e n san giao dich chiing k h o a n Ho Chi Minh giai doan tijf 2007 den 2012 tfl cac bao cao tai chinh, bao c^o thudng nien eua cae cdng ty dflde cdng bo va tfl sd giao dich chflng k h o a n HOSE Dfl li^u khdng bao gom eac edng ty sap n h a p , cdng ty
t a i chinh trong giai doan nghidn eflu Dfl li^u
cd ca'u ca'u t n i c dfl lieu bang
Trang 3sfi hiiru qufin ly, hifiu qufi
Tfl cac nghien eflu trUdc eua Rose (2005)
va Li et al (2007), md h i n h nghien eflu dflde
sii dung n h u sau:
PERFORMANCE,! = a + p^MAN^ + p gSIZE^
+ P4DEBT,, + PaGROW.^ + p5TURN,,+ e,t
va
VALUEit = a + p iMAN,t + p gSIZE,! + p 4DEBTit
4- PaGROW^t + P5TURN,t+ 8,,
trong dd;
PERFORMANCE,t la chi so do lUdng
hieu qua boat ddng cua doanh nghidp, dUdc
do ludng bdi h a i chi so E P S va ROA t a i thdi
diem cudi n a m t cua cdng ty i, trong dd chi sd
EPS dai dien cho t h u n h a p ciia mdi cd phieu
(hay dai dien cho k h a n a n g sinh Idi doanh
nghidp ddi vdi mdi cd ddng) va ROA dai dien
cho k h a n a n g sinh Idi h a y hieu qua tao r a
thu n h a p cua tai san E P S dUdc t i n h bang
thu n h a p sau t h u d chia cho sd cd phieu dang
lUu h a n h va ROA dUdc xac dinh bang Idi
nhuan sau thud' d a n h cho ed ddng ciia cdng ty
me tren tong tai san d thdi diem cudi n a m tai
chfnh (Wei & Xiao 2009)
VALUEit la chi sd do ludng gia tri eua
doanh nghidp, dUdc do ludng bdi h a i chi sd'
TobinQ va MTB tai thdi diem cudi n a m t eua
cdng ty i, trong dd chi sd' Tobin Q dai dien cho
gia tri t a i san doanh nghidp dieu chinh theo
thi trudng va MTB dai dien cho gia tri ky
vpng eua n h a d i u t u dd'i vdi doanh nghiep
TobinQ dUde t i n h b^ng gia tri thi trUdng cua
tai san va nd t r e n gia tri sd sach eiia tai san
va nd Do Viet N a m chUa cd thi trUdng nd va
khdng cd s d lidu chinh thfle ve nd n e n nghien
ciiu nay gia dinh gia tri thi trudng eua nd
b^ng gia t r i sd sach MTB dUdc t i n h bang gia
tri thi trudng cua doanh nghidp (tinh bang
vdn hda thi trUdng chia chd gia tri sd sach
cua doanh nghiep tai thdi diem cud'i
nam)(Kang & Kim 2012)
- Sd hflu cua ed ddng q u a n ly (MANjt) la
ty le sd hflu cua co ddng q u a n ly trong doanh
nghiep dflde xac dinh bang sd ed p h a n sd hflu
bdi ban giam dd'e, ke toan trfldng va ke ca
p h i n cac t h a n h vien n a y dai didn cho cac ed
ddng khac chia cho tdng sd' ed phieu dang luu
h a n h ciia edng ty d thdi diem cuoi nam tai chinh;
SIZEit la chi sd dai dien cho quy md ciia cdng t y i d n a m t Quy md edng ty do bang logarit t u nhien tong tdi san tai thdi didm cudi n a m tai chinh (Chen et al 2005; Gugler
& Yurtoglu 2003; H a r a d a & Nguyen 2011; Smith & Watts 1992; Wei & Xiao 2009) DEBTjt dai dien cho ty le nd cua cdng ty
i d n a m t Nhidu nghien eflu cho tha'y ty le nd
la ydu t d chinh ed tdc ddng quyet dinh den hieu qua boat ddng cua cdng ty, dac biet la trong giai doan khd k h a n nay eua nen kinh
t e Viet Nam Mdt cdng ty cd ty le nd tha'p thi
cd nhieu k h a nang hoat ddng hidu qua vd
m a t tai chinh cao hdn la cac edng ty ed ty le
nd cao DEBT dflde xac dinh b i n g tdng nd
t r e n tdng tai san tai thdi diem cudi nam tai chinh (Aivazian et al 2003; Jensen et al 1992; Wei & Xiao (2009)
GROW,t la chi sd' dai dien cho cd hdi
t a n g trudng ciia cdng ty i tai thdi diem t TUdng t u n h u Wei & Xiao (2009), chung tdi sfl dung ty le tang trUdng tai san ciia cdng ty
de dai dien cho ed hdi tang trUdng eua edng
ty Cdng ty ed ed hoi tang trUdng cao thi dUde gia dinh la hoat ddng ed hieu qua hdn cae cdng ty khdng cd cd hdi tang trUdng (Smith & Watts 1992)
TUEN,t la ehi sd' doanh thu cua edng ty
va cd tae ddng true tiep de'n Idi n h u a n eua cong ty Khi Udc lUdng md hinh hdi quy thi TURN dUdc tinh bang logarit tfl nhien eua tdng doanh thu cua edng ty (Bhattaeharya & Graham 2009; Himmelberg et al 1999) e,t la phan dfl khdng quan sat cua cdng
ty i d thdi diem t
Phitdng phdp nghien ciiu
Chung tdi sfl dung phUdng phap nghien eflu la phUdng phap Ude lUdng hdi quy cho dfl lieu bang Thdng thUdng, vdi md hinh hdi quy dfl lieu bang thi cd hai flde Ifldng la flde lUdng
ed dinh (fixed effects) va Ude lUdng n g l u nhien (random effects) Nghien eflu nay sfl dung kiem
3 9
Trang 4sfi h&u qudn ly, hlfiu qufi ,
dinh H a u s m a n d l lua chon udc lUdng co^ dinh
h a y Udc lUdng n g l u nhien Ket qua kiem
dinh H a u s m a n cho t h ^ y cae md h i n h hdi quy
sfl d u n g ude lUdng cd dinh dUdc lua chon De
t i n h gon, chung tdi khdng t r i n h bay cae k e t
qua kidm dinh d day Ngoai ra, nghien eflu
nay cdn sfl dung flde Ifldng GMM
(Generahzed Methods of Moments) de udc
BANG 1; T h o n g
lUdng md h i n h n h u la mdt phUdng thfle dam bao do t i n cay cho k e t q u a nghien eflu Udc Ifldng GMM dUdc coi la mot Udc Ifldng ifti vi|t
cd t h e k h a c p h u c h i e n tUdng noi sinh trong
md h i n h dUa r a k e t q u a chinh xac hdn
4 K ^ t q u a
B a n g 1 md t a dae t i n h thd'ng kd cua cac bidn t r o n g nghien eflu
k g m o t a c a c b i e n
Bien
EPS
ROA
TOBIN_Q
MTB
MAN
SIZE
DEBT
GROW
TURN
Gia t r i t r u n g binli
3442.9440
0,0786 1,2077 1,4022 0,1323 13,6982 0,4819 0,2504 13,4640
Gia tri ]<hi n h a t
32507 0,5484 7,2524 9,4350 0,8496 17,6254 0,9575 5,7223 18,0394
Gi^ tri nlio n h a t -10332 -0,6455 0,3403 0,1484 0,0000 11,3920 0,0311
•0,6742 8,2292
Do l^ch chu^n 3460,6980 0,0830 0,7203 1,3175 0,1680 1,1110 0,2103 0,5146 1,2328
tdn: Tinh todn cua tac gia
He so tUdng quan gifla cae bie'n dUde md t a
d bang 2 Ke't qua d b a n g nay t h e hidn eac he
sd tUdng quan gifla cac bid'n nghien eflu
khdng cd cap nao Idn hdn 0.8 Do vay, k h i sfl
dung md hinh hdi quy se it cd k h a n a n g gap
hien tfldng tUdng q u a n gifla cae bien
(multicolinearity) Dieu n a y cung dUde kiem
dinh lai bang each sfl dung he sd V IF k h i
chay hdi quy va ket qua cho tha'y khdng cd
hien tfldng tUdng q u a n (chiing tdi khdng
t r i n h bay eac kiem dinh V I F d day de cho gon)
Ngoai ra, ket qua b a n d a u tfl bang h i sd tfldng q u a n cho tha'y tfldng q u a n am trong
q u a n h e gifla sd hflu q u a n ly vdi cac bidn dai
dien cho hieu q u a hoat ddng (EPS va ROA)
va vdi eac bie'n dai dien cho gia tri doanh nghiep (TOBIN_Q va MTB)
BANG 2: M a t r a n ttftfng q u a n giufa c a e b i e n Bien
EPS
ROA
TOBIN_Q
MTB
MAN
SIZE
DEBT
GROW
TURN
EPS
1
0,783
0,383
0,371
-0,033
0,080
-0,205
0,200
0,229
ROA
1 0,427 0,363 -0,018 -0,090 -0,479 0,160 0,076
TOBDJ_Q
1 0,890 -0,058 0,076 -0,155 0.268 0.112
MTB
1 -0.027 0,116 -0,066 0,299 0,115
MAN
1 0,066 0,094 -0,019 0,044
SIZE
1 0,326 0,093 0,647
DEBT
1 0,038 0,302
GROW
1 0.038 TURN
1
Ngudn: Tinh toan cua tac gia
Trang 5sfi liiifa qufin ly, hlfiu qua ,
B a n g 3 t r i n h b a y k e t q u a hdi quy vdi flde
lUdng CO* d i n h cho dfl lidu b a n g va flde Ifldng
GMM Bien d a i dien cho sd hflu la MAN
c a c h^ so hdi quy cua bien sd hflu q u a n ly
chu yeu la a m va cd y n g h i a thd'ng k e d mfle
5% Do vay, cd thd k h a n g d i n h r a n g , cac
doanh n g h i e p cd sd hflu q u a n ly cang Idn
thi hieu q u a b o a t ddng cang tha'p t r e n t h i
trfldng chiing k h o a n Viet N a m k h i xem xet
ydu t d t h u n h a p t r e n mdi co p h i e u va ty
s u a t sinh Idi t r e n tong t a i san Ndi each
k h a c , kdt q u a cho p h e p b a i bao cha'p n h a n gia thuye't H I Ket l u a n n a y ed h a m y cho cac n h a d a u tfl nhd le khi Ifla ebon d a n h muc d i u t u n e n xem xet cd cau sd hflu dd cd cac quyet dinh d a u tfl Hdn nfla, dieu nay cung gdi y cho cac n h d lap p h a p can bd
s u n g k h u n g p h a p ly va kiem soat viec thfle
t h i p h a p l u a t d cac doanh nghiep cd sd hflu
n h a q u a n ly dd bao ve cac cd ddng nhd le
BANG 3: K e t q u a h o i q u y v d i b i e n p h u t h u o c l a E P S , ROA; b i e n d o c l a p l a MAN
Bien
C
MAN
SIZE
DEBT
GROW
TURN
R-squared
Adjusted
R-squared
F-statistic
Prob(F-statistic)
Bien phu thuoc EPS TDCD
He so
-1.1686
-0.0455
-0.1021
-0.4781
0.1545
0,2.10')
0.6705
0.5573
5.9258
0.0000
Prob,
0.0034 0,0066 0,0054 0,0000 0,0000 (1,0000
GMM
He so
-0.2559 -0.1040 -0.0285 -0.4559 0.2060 0.0872
Prob,
0.1098 0,0087 0,0437 0,0000 0,3841 0,0000
Bien phu thuoc ROA
TDCD
He so
-0,0639 -0,0100 -0,0223 -0,2194 0,0320 0,0406 0,7491
0,6629
8,6955
0,0000
Prob,
0,4430 0,0076 0,0037 0,0000 0,0000 0,0000
GMM
He so
0,0541 -0,0052 -0,0111 -0,2104 -0,0181 0,0205
Prob,
0,1386 0,0093 0,0006 0,0000 0,7382 0,0000
Ngudn: Tinh toan cua lac g
Bang 4 t r i n h b a y k e t qua hdi quy vdi Udc
lUdng ed dinh cho dfl lieu b a n g va flde lUdng
GMM Bidn dai didn cho sd hflu la MAN
Cae hd so hdi quy c h u ydu la am va ed y
nghia t h d n g ke d mfle 5% Do vay, ed t h e
tha'y r a n g , cac doanh nghiep cd sd hflu
quan 1^ cang Idn dflde t h i trfldng d a n h gia
tha'p dfla t r e n h a i ehi sd la TobinQ va he sd
gia t h i trfldng t r e n gia tri sd sach Ke't qua
nay k h ^ n g dinh r d n g sd hflu q u a n ly cang
cao t h i gia tri thi trUdng tha'p va gia t h u y e t
H2 dUdc cha'p nhan Ket qua nay cd h a m y cho cac n h a d i u tfl nhd le khi ItJa ebon
d a n h muc d i u tU nen xem xet ed ca'u sd hflu
vi n e u doanh nghiep cd sd hflu q u a n ly cdng cao thi thi trfldng danh gia tha'p cd phieu cua doanh nghiep Do vay, dieu nay cung tai k h a n g dinh gdi y cho cac n h a lap p h a p can bd sung k h u n g p h a p ly va kiem soat viec thfle thi p h a p luat d cac doanh nghiep
cd sd hflu n h a quan ly de bao ve cac cd ddng nhd le
Trang 6hiifu quan ly, Mia qui
BANG 4: K e t q u a h o i q u y vcfi b i e n p h u t h u o c l a T O B I N Q , M T B ; b i e n d o c l a p lit MAN
c
MAN
SIZE
DEBT
GROW
TURN
R-squared
Adjusted
R-squared
F-statistic
Prob(F-statistic)
Bien phu thuoc Ii TOBINQ
TDCD
ms6
13,899
-0,469
-1,077
-0,813
0,262
0,114
0,568
0.419
3,822
0,000
Prob, 0,000 0,019 0,000 0,002 0,000 0,052
GMM
He so -0,298 -0,096 0,048 -0,517 0,734 0,060
Prob, 0,164 0,071 0,012 0,000 0,021 0.003
Bien phii t h u ^ la MTB TDCB
m s « 29,017 -0,530 -2,437 -3,114 0,438 0,304 0,600
0,463
4,367
0,000
Prob, 0,000 0,032 0,000 0,000 0,000 0,003
GMM
He so -1,350 -0,125 0,174 -0,810 2,682 0,000
Prob, 0,003 0,054 0,000 0,000 0,000 0,998
Ngudn: Tinh toan cua tac gia
Ngoai ra, ke't qua nghien eflu cung cho
chung t a thSy mdt sd' dac trflng khac cua cae
doanh nghiep tren san giao dich chiing khoan
t h a n h phd' Hd Chi Minh Cu the, cac hd sd hdi
quy cua bidn SIZE d bang 3 p h i n Idn la a m va
ed y nghia thd'ng ke, cho thdy cdng ty cang Idn
thi hidu qua boat ddng cang thap Cdng ty ed
ty trong nd cao thi hieu qua hoat ddng tha'p
hdn, the hien d eac he sd' hoi quy dd'i vdi bien
DEBT la am va cd y nghia thd'ng ke Mat
khac, cdng ty ed ed hdi d i u tfl va t a n g trfldng
doanh t h u cao thi hieu qua boat ddng cang
cao the hien d cac he sd' hdi quy dai dien cho
Cd hdi d i u t u la GROW va TURN deu cd da'u
dUdng va CO y nghia thd'ng ke
Bang 4 ciing cho kdt qua tUdng tU, edng ty
cang Idn va cd ty trong nd cao t h i thi trUdng
d a n h gia cang tha'p the hidn d cac he sd' hdi
quy eua bidn SIZE va DEBT cd he sd a m va
CO y nghia thd'ng ke Dieu nay p h a n a n h
dung thUe t r a n g trong thdi gian vfla q u a
trong bdi canh lai sua't vay cao va doanh t h u
tha'p do nen kinh te bi dinh t r e Mat khac,
edng ty ed ed hdi d i u tfl cao, cd t a n g trfldng
doanh t h u cao thi thi trfldng d a n h gia cae
doanh nghiep do cd gia tri cao hdn thd hidn c( cac he sd' hdi quy dai dien cho GROW va TURN cd da'u dUdng va cd y nghia thdng kg Tdm lai, ket qua eua nghien eflu cho cac ket l u a n ddi vdi cae gia thuye't nghien c ^
n h u sau: (i) cha'p n h a n gia thuyet nghifin eflu H I n e u cdng ty ed sd hflu eua eac nha
q u a n ly cang cao t h i hidu qua hoat dong ckag tha'p va ii) chap n h a n gia t h u y e t nghien ata
H2 n e u edng ty ed sd hflu q u a n ly cang cao
t h i gia tri doanh nghiep cang t h a p
5 K ^ t l u a n Nghien eflu nay xem xet mdi quan he giiJa
sd hflu q u a n ly, hidu q u a hoat ddng va gia tri doanh nghiep cua cac edng t y t r e n thi trUdng chiing k h o a n Viet N a m Ket q u a cho th^yj eac doanh nghiep cd sd hflu q u a n ly cang cao thi hieu q u a boat ddng khdng cao va cd J
nghia thd'ng ke Hdn nfla, nghien eflu nky
cung cha'p n h a n gia thuyet: cae doanh ngbi^p
cd sd hflu q u a n ly cang cao thi t h i trfldng dinh gia gia tri eac doanh nghiep cang thSjp
Do vay, cd t h e ket l u a n rang, va'n dd sd hiiu
q u a n ly Idn khdng lam cho doanh nghidp c6 hieu q u a va gia tri cao d a n g dflde p h a n anh
42
Trang 7Siii hfiu qudn If, hieu qua
mdt each ro n e t d cae doanh nghidp t r e n t h i
trudng chiing k h o a n Viet N a m
Nghidn ciiu ed mdt so' h a m y vd m a t chinh
sach n h u sau: thit nhat, cac n h a q u a n ly t h i
trUdng, cac n h a lap p h a p n e n lam rd va sdm
lam rd chiie n a n g quan ly va chflc nang ehu sd
hiiu trong mot doanh nghiep, tao tien de cho
doanh nghiep p h a t trien hdn, cd hidu qua boat
ddng cao hdn v a dflde t h i trfldng d a n h gia cao
hdn Thii hai, trong chien Iflde t a i cau true thi
trfldng chflng khoan, mot trong nhflng viec
ddu tien cdn lam la, ed eac bien p h a p kidm
soat va cac chd' tai phu hdp de didu chinh cho
vide cdng bd thdng t i n eua doanh nghiep, dac
biet la thdng tin cua cac n h a quan ly, dam bao
tinh cdng khai minh bach trong boat ddng eua
doanh nghidp va bao ve n h a d a u tU, n b ^ t la
cae CO ddng thieu so./
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