Cấu trúc sở hữu và hiệu quả hoạt động của các ngân hàng thương mại tại việt nam

B GIO DC V O TO TRNG I HC KINH T TP H CH MINH NGUYN TAM HONG PHNG CU TRC S HU V HIU QU HOT NG CA CC NGN HNG THNG MI TI VIT NAM LUN VN THC S KINH T Tp H Chớ Minh Nm 2016 B GIO DC V O TO TRNG I HC KINH T TP.H CH MINH NGUYN TAM HONG PHNG CU TRC S HU V HIU QU HOT NG CA CC NGN HNG THNG MI TI VIT NAM Chuyờn ngnh: Ti chớnh Ngõn hng Mó s: 60340201 LUN VN THC S KINH T NGI HNG DN KHOA HC TS Lấ TN PHC Tp H Chớ Minh Nm 2016 MC LC TRANG PH BèA LI CAM OAN MC LC DANH MC CC BNG DANH MC CC HèNH CHNG 1: GII THIU 1.1 t 1.2 Mc tiờu nghiờn cu 1.3 i tng nghiờn cu .2 1.4 Phng phỏp nghiờn cu 1.5 í ngha thc tin ca ti .2 CHNG 2: C S Lí THUYT V CU TRC S HU V HIU QU HOT NG CA NGN HNG THNG MI 2.1 C s lý lun v hiu qu hot ng ca cỏc ngõn hng thng mi 2.1.1 Tng quan v ngõn hng thng mi 2.1.2.1 Nhúm ch tiờu phn ỏnh kh nng sinh li 2.1.2.2 Nhúm ch tiờu phn ỏnh thu nhp v chi phớ 2.1.2.3 Nhúm ch tiờu phn ỏnh ri ro ti chớnh 2.1.2 Cỏc nhõn t nh hng n hiu qu hot ng ca cỏc ngõn hng thng mi 11 2.1.2.1 Nhúm nhõn t khỏch quan 11 2.1.2.2 Nhúm nhõn t ch quan .13 2.2 Lý thuyt v cu trỳc s hu v hiu qu hot ng ca ngõn hng thng mi 15 2.2.1 Khỏi nim cu trỳc s hu .15 2.2.2 S hu nh nc v hiu qu hot ng ngõn hng thng mi 16 2.2.3 S hu nc ngoi v hiu qu hot ng ca ngõn hng 18 2.3 Bng chng thc nghim v mi quan h gia cu trỳc s hu v hiu qu hot ng ca ngõn hng 19 2.3.1 S hu nh nc v hiu qu hot ng ca ngõn hng 19 2.3.2 S hu nc ngoi v hiu qu hot ng ngõn hng .22 CHNG 3: THC TRNG V CU TRC S HU V HIU QU HOT NG CA NGNH NGN HNG VIT NAM 27 3.1 Tng quan ngnh ngõn hng ti cỏc nc ụng Nam 27 3.2 Thc trng cu trỳc s hu v hiu qu hot ng ca h thng ngõn hng Vit Nam .31 3.2.1 Tng quan hot ng h thng Ngõn hng Vit Nam .31 3.2.1.1 V quy mụ 31 3.2.1.2 V hiu qu hot ng 33 3.2.2 Hin trng cu trỳc s hu h thng ngõn hng Vit Nam 35 3.2.2.1 Ngõn hng thng mi nh nc 35 3.2.2.2 S hu nc ngoi ti cỏc ngõn hng thng mi Vit Nam 37 3.2.3 Cỏc quy nh phỏp lut cú liờn quan nh hng n cu trỳc s hu h thng ngõn hng thng mi Vit Nam 39 3.2.3.1 Quy nh v t l s hu ngõn hng thng mi 39 3.2.3.2 Quy nh v vic s hu c phn ca nh u t nc ngoi ti cỏc ngõn hng thng mi Vit Nam 40 CHNG 4: PHNG PHP V KT QU NGHIấN CU 44 4.1 Phng phỏp nghiờn cu: .44 4.1.1 Xõy dng gi thuyt nghiờn cu .44 4.1.1.1 S hu nh nc v hiu qu hot ng ca ngõn hng 44 4.1.1.2 S hu nc ngoi v hiu qu hot ng ca ngõn hng 44 4.1.2 D liu .45 4.1.3 Mụ hỡnh thc nghim 45 4.2 Kt qu nghiờn cu 48 4.2.1 Thng kờ mụ t 48 4.2.2 Kt qu hi quy 51 CHNG 5: KT LUN V KHUYN NGH 62 5.1 Kt lun 62 5.2 Khuyn ngh 62 Ti liu tham kho DANH MC CC BNG Bng 2.1 Túm tt cỏc nghiờn cu v cu trỳc s hu v hiu qu hot ng ca ngõn hng thng mi 24 Bng 3.1 Quy mụ ca cỏc loi hỡnh t chc tớn dng tớnh n thỏng 6/2016 31 Bng 3.2 Thng kờ t sut sinh li theo nhúm t chc tớn dng 33 Bng 3.3 Danh sỏch cỏc ngõn hng thng mi Nh Nc nm gi trờn 50% iu l (n 31/12/2015) 36 Bng 3.4: u t ca cỏc t chc nc ngoi vo h thng ngõn hng Vit Nam n thỏng nm 2016 38 Bng 3.5 T l s hu c phn cỏc T chc tớn dng ti Vit Nam 40 Bng 3.6 T l s hu c phn i vi nh u t nc ngoi ngõn hng thng mi c phn ca Vit Nam 41 Bng 4.1 Cỏch thc o lng cỏc bin .46 Bng 4.2 Mụ t mu 49 Bng 4.3 Thng kờ mụ t 49 Bng 4.4 Ma trn h s tng quan 51 Bng 4.5 Kim nh phng sai thay i 52 Bng 4.6 Kim nh nhõn t Lagrange v Hausman 53 Bng 4.7 Kt qu hi quy trờn ton mu 54 Bng 4.8 Kt qu hi quy cho cỏc ngõn hng Vit Nam 55 Bng 4.9 Kt qu hi quy cho Thỏi Lan 57 Bng 4.10 Kt qu hi quy cho Indonesia 57 Bng 4.11 Kt qu c lng cho Malaysia .58 Bng 4.12 Kt qu c lng cho Philippines 59 DANH MC CC HèNH Hỡnh 3.1 Ch s ngnh ngõn hng Vit Nam v khu vc 27 Hỡnh Ch s ngnh ngõn hng cỏc quc gia ụng Nam v khu vc 28 Hỡnh 3.3 Quy mụ tng ti sn h thng ngõn hng cỏc nc 29 Hỡnh 3.4 T l n xu h thng ngõn hng cỏc nc 29 Hỡnh 3.5 Kh nng sinh li h thng ngõn hng cỏc nc .30 Hỡnh 3.6 Quy mụ ti sn cỏc t chc tớn dng Vit Nam t thỏng 1/2015 n thỏng 6/2016 32 Hỡnh 3.7 Quy mụ t cú ca cỏc t chc tớn dng t thỏng 7/2015 n thỏng 6/2016 32 Hỡnh 3.8 So sỏnh t sut sinh li trờn tng ti sn v t sut tớnh li trờn ch s hu .35 Hỡnh 3.9 Cỏc ngõn hng thng mi nh nc s hu trờn 51% ti Vit Nam .35 CHNG 1: GII THIU 1.1 t Tỏi cu trỳc h thng ngõn hng ang l nhn c nhiu s quan tõm t phớa cỏc nh hoch nh chớnh sỏch phỏt trin th trng, t cỏc nh u t v t c phớa cỏc ngõn hng K t thi im bt u trin khai ỏn tỏi c cu vo nm 2011, tri qua gn nm, quỏ trỡnh tỏi c cu ó ghi nhn c mt s kt qu nht nh Trong quỏ trỡnh tỏi c cu, mt ni tri c bit c chỳ ý l c cu s hu h thng cỏc ngõn hng thng mi hin Cỏc lý thuyt, bng chng thc nghim trờn th gii cng nh thc tin ti Vit Nam ó cho thy tm quan trng ca c cu s hu i vi hiu qu hot ng ca cỏc ngõn hng Nghiờn cu mi quan h gia cỏc hỡnh thc s hu v hiu qu hot ng ca h thng ngõn hng ti Vit Nam cú ý ngha thc tin ln lao vỡ ba nguyờn nhõn Mt l, nn kinh t Vit Nam l mt nn kinh t da vo h thng ngõn hng (bank-oriented) thay vỡ da vo th trng (market-oriented), ú h thng ngõn hng chim vai trũ chi phi vic phõn b ngun ca nn kinh t Hai l, mt c thự ni tri ca nn kinh t Vit Nam l vai trũ ch o ca s hu nh nc nhiu lnh vc, k c ngõn hng Ba l Vit Nam hin ti ang t nhng gii hn v t l s hu nc ngoi lnh vc ti chớnh ngõn hng Do ú, nghiờn cu v tỏc ng ca cu trỳc s hu núi chung v tỏc ng ca s hu nh nc núi riờng n hiu qu hot ng ca h thng ngõn hng s giỳp a cỏc hm ý chớnh sỏch v vic gii hn hay khuyn khớch cỏc hỡnh thc s hu khỏc vi mc tiờu l iu chnh cu trỳc s hu ca h thng ngõn hng hng ti cu trỳc s hu ti u, gia tng hiu qu hot ng ca ton h thng, qua ú giỳp phỏt trin th trng ti chớnh cng nh nn kinh t Bờn cnh ú, ó cú rt nhiu nghiờn cu trung vo vai trũ ca cu trỳc s hu i vi hiu quhot ng ca cỏc cụng ty Vit Nam nhng cỏc nghiờn cu ny ch yu xem xột trng hp cỏc cụng ty phi ti chớnh rt ớt cỏc nghiờn cu khai thỏc ny khớa cnh h thng ngõn hng Do ú, ti ny nghiờn cu vai trũ ca cu trỳc s hu i vi hiu qu hot ng ca cỏc ngõn hng trờn th trng Vit Nam v mt s quc gia ụng Nam s úng gúp thờm vo kho tng hc thut bng chng thc nghim v ny cỏc quc gia mi ni vi nhng c thự riờng, t ú giỳp m rng thờm hiu bit v vai trũ ca cu trỳc s hu cỏc th trng mi ni v a cỏc hm ý hu dng v mt chớnh sỏch 1.2 Mc tiờu nghiờn cu Xut phỏt t tớnh cp thit ca mi quan h gia cu trỳc s hu v hiu qu hot ng ca h thng ngõn hng, lun ny s trung nghiờn cu mi quan h gia cu trỳc s hu v hiu qu hot ng ca cỏc ngõn hng ti Vit Nam cng nh mt s quc gia ụng Nam Mc tiờu nghiờn cu s c c th húa thnh cỏc cõu hi nghiờn cu sau: 1) S hu nh nc cú tỏc ng nh th no n hiu qu hot ng ca cỏc ngõn hng? 2) S hu nc ngoi cú tỏc ng nh th no n hiu qu hot ng ca cỏc ngõn hng? 1.3 i tng nghiờn cu Nghiờn cu ny c thc hin trờn mu cỏc ngõn hng ó niờm yt ti Vit Nam cng nh mt s quc gia ụng Nam giai on t nm 2007 n 2015 nhm cng c tớnh vng ca nghiờn cu D liu nghiờn cu c thu thp t c s d liu Datastream ca Thomson Reuters 1.4 Phng phỏp nghiờn cu Trong nghiờn cu ny, tỏc gi s dng phng phỏp phõn tớch hi quy a bin trờn d liu bng vi vic la chn gia hai phng phỏp hiu ng c nh v hiu ng ngu nhiờn Bờn cnh ú, tỏc gi cng s dng cỏc phng phỏp kim nh v phõn tớch thng kờ khỏc 1.5 í ngha thc tin ca ti Nh ó cp trờn, ti Vit Nam, cu trỳc s hu núi chung v hai loi hỡnh s hu c th l s hu nh nc v s hu nc ngoi úng vai trũ quan trng i vi h thng ngõn hng, v ú, cú th tỏc ng n ton b nn kinh t Vỡ vy, nghiờn cu v vai trũ ca cu trỳc s hu i vi hiu qu hot ng ca cỏc ngõn hng l mt mang tớnh cp thit Kt qu n t nghiờn cu ny cú ý ngha trờn c khớa cnh hc thut v thc tin khớa cnh hc thut, ti úng gúp bng chng thc nghim v vai trũ ca s hu nh nc v s hu nc ngoi i vi hiu qu ca cỏc ngõn hng cỏc th trng mi ni Ngoi ra, khớa cnh thc tin, cỏc kt qu t ti giỳp a cỏc c s cho cỏc kin ngh v hm ý v mt chớnh sỏch liờn quan n cu trỳc s hu ca h thng ngõn hng nhm phỏt trin bn vng h thng ti chớnh, t ú thỳc y tng trng kinh t 59 LEV FEE SIZE _cons N R2 -1.114 -0.263** -0.673** -0.037 (-1.340) (-3.421) (-2.552) (-0.036) 0.405** -0.001 -0.090 0.257*** (2.455) (-0.042) (-1.709) (6.473) 0.011 -0.005 0.052* 0.028 (0.283) (-0.395) (2.007) (0.411) 0.777 0.388 -0.520 -0.400 (0.549) (1.082) (-0.768) (-0.187) 60 70 67 72 0.514 0.255 0.745 0.502 ROA l t sut sinh li trờn tng ti sn, ROE l t sut sinh li trờn ch s hu, NPL l t l n xu, COI l t l chi phớ, DFO l bin gi i din cho s hu nc ngoi, DSO l bin gi i din cho s hu nh nc, LEV l t l ũn by, FEE l t l thu nhp ngoi lói, SIZE l quy mụ Giỏ tr ngoc (.) l thng kờ t *,**,***: Cú ý ngha thng kờ mc 10%, 5% v 1% Ngun: Tớnh toỏn ca tỏc gi Nh vy, da trờn kt qu hi quy trờn ton mu v trờn mu ca riờng l nm quc gia khu vc ụng Nam , ti kt lun rng cú bng chng cho thy s hu nc ngoi s giỳp ci thin hiu qu hot ng ca cỏc ngõn hng c hai khớa cnh l gia tng t sut sinh li cng nh ct gim t l n xu v t l chi phớ Kt qu ny thng nht vi lp lun lý thuyt ca Buch (1997) v ng thi cng c cho bng chng thc nghim cỏc nghiờn cu ca Berger cựng cng s (2008) v Rokhim v Susanto (2013) Nh vy, i vi cỏc th trng mi ni, s hin din ca cỏc nh u t nc ngoi lnh vc ngõn hng mang n nhng tớn hiu tớch cc Cỏc nh u t nc ngoivi kinh nghim qun lý v tớnh chuyờn nghip, trỡnh cao s giỳp ci thin hiu qu hot ng ca cỏc ngõn hng Nghiờn cu ny b sung thờm bng chng v hiu ng tớch cc ca s hu ngõn hng t cỏc th trng ụng Nam Bng 4.12 Kt qu c lng cho Philippines 60 ROE DFO DSO LEV FEE SIZE _cons N R2 ROA NPL COI -0.004 0.011 -0.022** 0.004 (-0.361) (0.701) (-2.161) (0.114) -0.016 -0.003 -0.014* -0.014 (-1.488) (-0.335) (-1.938) (-0.791) -0.357 -0.093 -0.015 -0.132 (-0.999) (-0.690) (-0.134) (-0.312) 0.311*** 0.132*** -0.031 0.027 (3.489) (4.499) (-1.088) (0.608) -0.082*** -0.014** 0.017*** 0.019 (-3.420) (-2.888) (3.563) (1.314) 2.227*** 0.356*** -0.274** 0.083 (3.782) (11.654) (-2.505) (0.676) 61 113 94 115 0.637 0.406 0.638 0.551 ROA l t sut sinh li trờn tng ti sn, ROE l t sut sinh li trờn ch s hu, NPL l t l n xu, COI l t l chi phớ, DFO l bin gi i din cho s hu nc ngoi, DSO l bin gi i din cho s hu nh nc, LEV l t l ũn by, FEE l t l thu nhp ngoi lói, SIZE l quy mụ Giỏ tr ngoc (.) l thng kờ t *,**,***: Cú ý ngha thng kờ mc 10%, 5% v 1% Ngun: Tớnh toỏn ca tỏc gi Mc dự cỏc lp lun lý thuyt v vai trũ ca s hu nh nc cỏc th trng mi ni ng h cho mt mi tng quan ngc chiu gia loi hỡnh ny v hiu qu hot ng ca cỏc ngõn hng, nhiờn ti ny ch tỡm thy bng chng mt mc yu V tng quan, ti khụng tỡm thy bng chng rừ rng v tỏc ng bt li ca s hu nh nc lờn hiu qu ngõn hng thụng qua bt cõn xng thụng tin th trng Vit Nam, ti ch tỡm thy bng chng yu v k vng ny Tỏc gi cho rng kt qu ny cú th phự hp vi phn no thc t ti Vit Nam 61 phn phõn tớch tng quan v th trng ngõn hng Vit Nam trờn ó ch rng cỏc ngõn hng thng mi c phn nh nc cú hiu qu hot ng tt hn hn cỏc ngõn hng khỏc iu ny cú th n t nhiu nguyờn nhõn Th nht, cỏc ngõn hng thng mi c phn nh nc ny u l cỏc ngõn hng cú quy mụ ln s cỏc ngõn hng ti Vit Nam Vi li th kinh t theo quy mụ, cỏc ngõn hng ny thng trỡ c t l li nhun biờn t khỏ tt so vi cỏc ngõn hng khỏc Nguyờn nhõn th hai l cỏc ngõn hng thng mi c phn nh nc u l cỏc ngõn hng cú lch s lõu i vi tin thõn l cỏc ngõn hng 100% nh nc, vi uy tớn gy dng nhiu nm, cỏc ngõn hng ny cú li th vic tip cn cỏc khỏch hng hn so vi cỏc ngõn hng thng mi khỏc Nh vy, li ớch n t li th kinh t theo quy mụ cng nh danh ting cú th bự p cho kh nng bt cõn xng thụng tin ngõn hng, dn n vic cỏc ngõn hng cú s hu nh nc cú th cú hiu qu cao hn so vi cỏc ngõn hng khỏc KT LUN CHNG Chng ny trỡnh by phng phỏp nghiờn cu s dng lun cng nh cỏc kt qu nghiờn cu chớnh T phõn tớch trờn mu cỏc ngõn hng ti Vit Nam cng nh mt s cỏc quc gia ụng Nam khỏc, kt qu cho thy s hu nc ngoi giỳp ci thin ỏng k hiu qu hot ng ca cỏc ngõn hng thng mi, xột trờn cỏc thc o t sut sinh li cng nh t l n xu hay cu trỳc chi phớ i vi s hu nh nc, ti ch tỡm thy bng chng yu v tỏc ng tiờu cc ca loi hỡnh s hu ny lờn hiu qu hot ng ca cỏc ngõn hng thng mi 62 CHNG 5: KT LUN V KHUYN NGH 5.1 Kt lun Nghiờn cu ny trung vo vai trũ ca cu trỳc s hu i vi hiu qu hot ng ca cỏc ngõn hng thng mi ti mt s quc gia ụng Nam , ú cú Vit Nam ti phõn tớch tỏc ng ca hai loi hỡnh s hu quan trng ti cỏc th trng mi ni l s hu nh nc v s hu nc ngoi i vi s hu nc ngoi, nht quỏn vi cỏc lp lun lý thuyt v tớnh chuyờn nghip v s tớch cc hot ng giỏm sỏt v qun tr doanh nghip ca nh u t nc ngoi, nghiờn cu ny tỡm thy rng s hu nc ngoi giỳp ci thin hiu qu ca cỏc ngõn hng ti Vit Nam cng nh mt s nc khu vc Ci thin hiu qu õy c hiu l s gia tng t sut sinh li trờn tng ti sn, tsut sinh li trờn c phn, v s st gim t l n xu cng nh t l chi phớ trờn thu nhp Nh vy, bng chng thc nghim t nghiờn cu ny tip tc ng h cho chớnh sỏch m ca cho nh u t nc ngoi lnh vc ngõn hng i vi s hu nh nc, ti tỡm thy bng chng yu v tỏc ng ngc chiu ca loi hỡnh s hu ny lờn hiu qu ca cỏc ngõn hng Vit Nam Kt qu ny cú th phn ỏnh phn no thc t ti Vit Nam cỏc ngõn hng cú s hu nh nc u l cỏc ngõn hng ln vi danh ting lõu i, chớnh cỏc yu t ny cú th ó bự tr cho tỏc ng bt li lờn tớnh minh bch thụng tin ca s hu nh nc cỏc ngõn hng ti Vit Nam 5.2 Khuyn ngh T cỏc kt qu nghiờn cu ó phõn tớch trờn, ti xut mt s kin ngh sau: - Tng t l s hu (room) cho cỏc nh u t nc ngoi ti cỏc ngõn hng thng mi Vit Nam Bng chng thc nghim chng ó cho thy vai trũ tớch cc ca s hu nc ngoi i vi hiu qu hot ng ca cỏc ngõn hng thng mi Do ú, ti xut vic tng t l s hu nc ngoi h thng ngõn hng Vit Nam õy l mt nhng gii phỏp tng ngun lc ti chớnh cho 63 cỏc ngõn hng thng mi ti Vit Nam iu ny cng s giỳp cho quỏ trỡnh tỏi c cu h thng ngõn hng giai on tip theo, thun li hn cho vic tim cn vi cỏc chun mc, thụng l quc t v an ton hot ng ngõn hng Khi h thng ngõn hng Vit Nam hi nhp sõu hn, thỡ s cú mt ca cỏc nh u t nc ngoi l chuyn bỡnh thng Khụng nhng cỏc i tỏc nc ngoi ny úng gúp v vn, m cũn úng gúp vic nõng cao k nng qun tr; chuyn giao cụng ngh; tng cng, minh bch thụng tin ca ngõn hng Vit Nam Tuy nhiờn, hin nhiu nh u t nc ngoi cha hn thy c sc hp dn i vi th trng Vit Nam, bi t l s hu dnh cho cỏc nh u t nc ngoi ca Vit Nam hin ti a ch mc 30% T l s hu thp, nờn hot ng u t ca nhng i tỏc ny chc chn cú phn hn ch Vỡ th thc t a cho thy cú mt s trng hp sau mt thi gian mua vn, cỏc nh u t nc ngoi ó thoỏi ngõn hng thng mi Vit Nam - Vic m rng t l s hu i vi nh u t nc ngoi ti h thng ngõn hng thng mi Vit Nam dự tt yu, nhng cn l trỡnh phự hp Khi cỏc nh u t nc ngoi chim lnh nhng v th quan trng ti cỏc ngõn hng thng mi nc, rt cú th nh hng ti cỏc chớnh sỏch, hot ng ca ngõn hng Vit Nam V cng khụng loi tr kh nng, h s lỏi thuyn ca ngõn hng ú theo hng cú th khụng phự hp vi mc tiờu phỏt trin ca cỏc ngõn hng ti Vit Nam Do ú, vic dn dp cho ngoi vo ngõn hng, nu khụng cn trng s tỏc ng xu ti mc c lp, cng nh kh nng t ch v ti chớnh ca ngõn hng Vit Nam Vỡ vy, song song vi cỏc cam kt WTO v m ca hon ton th trng ti chớnh, vic ni room cho nh u t nc ngoi cú th thc hin theo l trỡnh 30% - 35% - 49% l phự hp - Gim t l s hu ti cỏc ngõn hng thng mi nh nc: 64 Kt qu t phõn tớch ca tỏc gi cho thy mc dự ch cú bng chng mt mc no ú, nhiờn s hu nh nc ó th hin tỏc ng tiờu cc lờn hiu qu hot ng ca cỏc ngõn hng thng mi Vỡ vy, tụi kin ngh gim t l s hu nh nc h thng ngõn hng Cu trỳc s hu ca cỏc ngõn hng thng mi c phn hin ti rt phc (s hu chộo, s hu thỏp, s hu ngm) l ngun gc sinh c ch qun tr c quyn cỏ nhõn, li ớch nhúm, bin ngõn hng thng mi c phn i chỳng thnh nhng ngõn hng thc cht phi i chỳng, lm phõn b ngun lc khụng hiu qu v tng ri ro cho h thng ti chớnh S hu ca Nh nc cỏc ngõn hng thng mi bõy gi cho phộp gim n 51% Nhng mụ hỡnh ca cỏc quc gia khỏc trờn th gii cú rt ớt cỏc ngõn hng thng mi m Nh nc li s hu cao n nh Vit Nam Thụng thng, Nh nc ch s hu nhng ngõn hng phỏt trin, cỏc ngõn hng chớnh sỏch, cũn cỏc ngõn hng thng mi thỡ khu vc t nhõn m trỏch Trong ú, Vit Nam l mt nhng quc gia cú t l s hu cao ca Nh nc, cú nhng ngõn hng t l s hu l 95% nh tụi núi trờn iu ny khụng to c s linh hot cnh tranh v hiu qu v qun lý, nờn cn phi nghiờn cu v gim xung thp hn na Tụi cho rng, cỏc ngõn hng thng mi cng ging nh doanh nghip v cú th cú nhng c thự riờng Khi Chớnh ph ó cú ch trng thoỏi nh nc cỏc doanh nghip sn xut, kinh doanh, doanh nghip dch v thỡ khụng cú lý gỡ Chớnh ph li khụng cú nhng bc thoỏi phự hp cỏc ngõn hng thng mi nh nc Nh nc cú th thc hin thoỏi ngõn hng thng mi ln, gim dn t l s hu ca Nh nc v bỏn phn y cho cỏc nh u t nc ngoi v cho khu vc t nhõn tham gia Nh nc dựng tin ú u t vo nhng lnh vc h tng m chỳng ta ang cn (nh giao thụng, in nc, y t, giỏo dc) Nh vy mi th hin ỳng vai trũ ca Nh nc vic a v bo 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CHƢƠNG 2: CƠ SỞ LÝ THUYẾT VỀ CẤU TRÚC SỞ HỮU VÀ HIỆU QUẢ HOẠT ĐỘNG CỦA NGÂN HÀNG THƢƠNG MẠI 2.1 Cơ sở lý luận hiệu hoạt động ngân hàng thƣơng mại 2.1.1 Tổng quan ngân hàng thương mại ... hữu hiệu hoạt động ngân hàng thƣơng mại 15 2.2.1 Khái niệm cấu trúc sở hữu .15 2.2.2 Sở hữu nhà nước hiệu hoạt động ngân hàng thương mại 16 2.2.3 Sở hữu nước hiệu hoạt động ngân. .. CHƢƠNG 2: CƠ SỞ LÝ THUYẾT VỀ CẤU TRÚC SỞ HỮU VÀ HIỆU QUẢ HOẠT ĐỘNG CỦA NGÂN HÀNG THƢƠNG MẠI 2.1 Cơ sở lý luận hiệu hoạt động ngân hàng thƣơng mại 2.1.1 Tổng quan ngân hàng thương mại Lịch sử chứng