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, BO• GIAO DUC VA DAO TAO • • TRUONG DAI HOC MO THANH PHO HO CHI MINH NGUYEN THI BANG AN ·' ' / ' K K~ K ~ ~ ~ UAU YEU TO ANH HUfJNG DEN SU THOA MAN ' CUA KHA UH HANG SU DUNG DIUH VU MOI mm UHUNG KHOAN "' TAI UONG TY UO PHAN CHUNG KHOAN MHB ~ • ~ / • • ~ ~ / • / • - _, ,,.,,, ' , A ' LUAN VAN THAC SI TAI CHINH- NGAN HANG • • TP L=h HB Chi Minh - Nam 2012 LOI CAM DOAN D~ tai "Cac y~u ta anh htrO'ng d~n S\f thoa man cua khach hang sfr d\mg djch vy moi gi6i chung khoan t,i Cong ty CB phin Ch rng khoan MHB" la k~t qua ctia qua trinh nghien c(ru khoa h9c d{>c l~p, nghiem tuc ctia chinh tac gia th\l'c hi~n ·' ' Cac sf> li~u d~ tai la trung th\l'C, c6 ngu6n gl>c ro rang, duqc trich d~n va c6 tinh k~ thira, phat tri~n tir cac tai li~u, t~p chi, cac cong trinh nghien c(ru da duqc cong bl> Cac gqi y giai phap neu d~ tai duqc rut tir nhfrng CO' s& ly lu~n va k~t qua qua trinh nghien c(ru th\l'c ti€n Toi xin cam doan nhfrng I Chi Minh da t~n tinh giang d~y va truy€n d~t cho toi nhilng ki€n thuc vo cimg quy bau thai gian qua D~c bi~t, toi xin chan cam on d€n Thdy Nguy~n Minh Ki€u da danh nhi€u thai gian d~ hu&ng d~n toi suf>t qua trinh thgc hi~n lu~ van Kinh chuc Thdy va gia dinh th~t nhi€u sue khoe Sau cimg toi xin gui lai cam on d€n gia dinh, b~n be, dbng nghi~p - nhtlng nguai da d{mg vien, img h(>, giup da toi subt qua trinh h9c t~p, thu th~p du li~u, nghien cll'u va hoan tAt lu~ van tbt nghi~p Tp H6 Chi Minh, 20 thang nam 2012 Nguai thgc hi~n d€ tai Nguy~n Thi Bing An MUCLUC Trang " xet ' cua G1ao v1en huang ' d';an ;' i• N hi;i.n ' cam d oan 11 L en '1 •, •A Lai cam an iii Mvc Ive iv Danh mvc bang viii Danh mvc hinh ix" CHUONG I GIOI THIE:U DE TAI 1.1 LY DO NGHIEN cuu l 1.2 xAc DJNH VAN DE NGHIEN CUD cAY H61 v A MlJC TIEU NGHIEN cuu 1.3 1.4 1.5 PHUONG PHAP NGHIEN CUD NOi DUNG NGHIEN c(JD 1.6 y NGHiA NGHIEN CUD - A CHUONG2 ca so LY' THUYET ca so Ly THUYET Dich V\1 Chdt luqng djch V\l · Mo hinh chftt luqng dich V\l Sg thoa man cua khach hang 14 Mbi quan h~ giua chfit luqng di ch vv va them man cua khach hang 15 DJCH VlJ MOI GIOI CHUNG KHOAN 16 Moi gi&i chung khoan 16 Cac loi;i.i moi gi&i chtrng khoan 19 iv 2.3 GidI THIEU CONG TY CHUNG KHOAN MHB VA DlCH VlJ MOI GidI CHUNG KHOAN .19 2.3.1 Gi6i thi~u Cong ty 2.3.2 Dich V\l moi giai 21 Cb phfut Chilng khoan MHB 19 2.3.2.1 Tai khoan giao dich .- 21 2.3.2.2 Moi gi6i giao djch 21 2.3.2.3 Djch V\l h6 trq 22 Ii SO NGHIEN CUu TRlJdC 24 2.4 MQT 2.4.1 Nghien c(ru cua Haksik Lee, Yongki Lee va Dongkeun Yoo 25 ·'2.4.2 Nghien c(ru cua Dayang Nailul Munna Abang Abdullah va Francine Rozario 27 2.4.3 Nghien c(ru cua Nguy€n Huy Phong, Ph~ Ng9c Thuy 27 2.4.4 Nghien cuu cua TrAn Thi Nhu Chau 28 2.5 TOM TAT CHUONG 29 CHUONG3 MO HINH NGHIEN CUu VA PHUONG PHAP NG HIEN CUu 30 3.1 MO HINH NGHIEN CUu 30 1.1 Cac phAn 30 1.2 Cac gia thuy€t nghien c(ru 31 3.2 PHUONG PHAP NGHIEN CUu .32 3.2.1 Nghien c(ru sa b() 32 3.2.2 Nghien c(ru chinh thuc 33 3.2.3 Xay d\ffig thang chfit luqng djch V\l moi giai 34 3.3 PHUONG PHAP PHAN TiCH DU LIEU 36 3 Phan ti ch thf>ng ke mo ta .36 3.3.2 Tinh toan Cronbach alpha 37 3.3.3 Phan tich nhan t6 kham pha (EPA-Exploratory Factor Analysis) 37 3.3.4 Phan tich hbi quy 38 3.4 TOM TAT CHUONG 40 v CHUONG4 PHAN TiCH DU LI:E:U VA KET QUA NGHIEN CUu .41 4.1 PHAN TiCH THONG KE MO TA .41 4.1.1 Thbng ke gi&i tinh 41 4.1.2 Thbng ke d9 tubi : 42 4.1.3 Thbng ke thai gian dAu tu chtmg khoan 42 4.1.4 Thbng ke ti€n da dAu tu vao ch(mg khoan 43 4.1.5 Thbng ke thang chdt luqng djch V\J 44 4.1.6 Thbng ke ·'4.2 Sl,l' thoa man 46 KIEM DJNH DO TIN CAY CUA THANG DO 47 4.2.1 Thang S\l' tin c~y 4.2.2 Thang sv dap (mg 4.2.3 Thang nang Ive ph\lC V\1 4.2.4 Thang S\l' dbng cam 48 4.2.5 Thang phuang ti~n hilu hinh .48 4.2.6 Thang sv thoa man v€ chdt luqng djch V\l moi gi&i ch(mg khoan 48 4.3 PHAN TiCH NHAN TO KHAM PHA 49 4.3 K€t qua phan ti ch nhan tb kham pha cac bi€n d9c l~p 49 4.3.1.1 K€t qua phan tich nhan tb kham pha IAn .49 4.3.1.2 K€t qua phan tich nhan tb kham pha IAn 50 4.3.2 Giai thich cac nhan tb sau phan tich nhan tb kham pha 50 4.3.2.1 Nhan tb -Phuang ti~n hilu hinh 50 4.3.2.2 Nhan tb - Nang Ive ph\lc V\J 51 4.3.2.3 Nhan tb - sv tin c~y 51 4.3.2.4 Nhan tb 4- sv dap tmg 51 4.3.3 K€t qua phan tich nhan tb kham pha cac bi€n ph\l thu{>c 53 4.4 DIED CHiNH MO HiNH 55 4.5 PHAN Ti CH TlfdNG QUAN 56 4.6 PHAN Ti CH HOI QUY 57 Vl "' 4.6.1 Xay d\lllg mo hinh hi>i quy 57 4.6.2 Danh gia d() phu hqp cua mo hinh hi>i quy 57 4.6.3 Ki€m dinh d() phu hqp cua mo hinh hf>i quy 58 4.6.4 y nghia cua cac h~ sb hi>i quy rieng phfut mo hinh 58 4.6.5 Ki€m dinh hi~n tuqng da c()ng tuy€n .' 60 4.6.6 Xac dinh tfim quan trc.mg cua cac bi€n mo hinh 60 4.6.7 Phan tich k€t qua nghien ctru 60 4.7 TOM TAT CHUONG 61 CHUONG5 ·'KET LU4N v A GQl y cAc GIAI PHAP 63 5.1 KET LUA,N 63 5.2 GQI 5.2.l Nh6m cac giai phap lien quan d€n S\l' dap (mg ~5 5.2.2 Nh6m cac giai phap lien quan d€n sv tin c~y 66 5.2.3 Nh6m cac giai phap lien quan d€n phuong ti~n hihl hinh 66 5.2.4 Nh6m cac giai phap lien quan d€n nang Ive phl,1c V\l 67 5 n::ue 5.3 HAN CHE CUA NGHIEN CUu VA HUONG NGHIEN CUu Y Mng ke du li¢u theo gi&i tinh .41 Bang4.2 Thl>ng ke du li¢u theo d() tu6i .42 Bang 4.3 Thl>ng ke du li¢u theo thai gian ddu tu chirng khoan 43 Bang 4.4 Thl>ng ke du li¢u theo sf> ti€n da ddu tu vao chirng khoan 43 Bang 4.5 Thl>ng ke du li¢u theo thang chfit luQ'Ilg djch V\l .44 Bang4.6 Thl>ng ke du li¢u theo thang S\l' thoa man .46 Bang4.7 K€t qua ki€m djnh d() tin c~y cua cac thang 48 Bang4.8 K€t qua ki€m djnh d() tin c~y cua thang S\l' thoa man 48 Bang 4.9 KMO va ki€m djnh Bartlett k€t qua EF A ldn 49 Bang 4.10 KMO va ki€m djnh Bartlett k€t qua EFA ldn 50 Bang 4.11 Ma tr~n nhan tf> da xoay k€t qua EF A ldn 52 Bang 4.12 Phuang sai trich k€t qua EFA ldn 53 Bang 4.13 KMO va ki€m djnh Bartlett cac bi€n ph\l thu()c 53 Bang 4.14 Phuang sai trich cac bi€n ph\l thu()c 54 Bang 4.15 K€t qua EF A cac bi€n ph\l thu()c 54 Bang 4.16 Ma tr~ tuang quan (Correlationa) 56 Bang4.17 Danh gia d() phu hqp cua mo hinh hf>i quy (Model Summary) 57 Bang 4.18 Ki€m dinh d() phu hqp cua mo hinh hf>i quy (ANOVAb) 58 Bang 4.19 H¢ sf> hf>i quy (Coefficientsa) 59 Vlll Danh m1,1c hinh DANH Ml)C HINH Trang Hinh 2.1 Mo hinh chfrt luqng di ch V\l 10 Hinh2.2 Mo hinh nghien cfru cac phdn anh hu6ng d~n CLDV 13 Hinh 2.3 Mbi quan h~ gifta CLDV va S\l thoa man khach hang 16 Hinh 3.1 Mbi quan h~ gifra CLDV moi gi6'i va S\l them man cua khach hang theo mo hinh SERVPERF 31 Hinh 3.2 Hinh 4.1 Quy trinh nghien cfru 34 Mo hinh nghien cfru sau di~u chinh 55 ix Chuang 1: Gi&i thi?u iJJ tai CHUONG! GIOI THIEU DE TAI • Chuong gi&i thi~u t6ng quat v€ d€ tai nghien c(ru, bao gbm cac n{>i dung nhu: ly nghien c(ru, xac dinh vdn d€ nghien c(ru, cau h6i va m\lc tieu nghien c(ru, phuong phap nghien c(ru, n{>i dung nghien c(ru va y nghia cua nghien c(ru 1.1 LY DO NGHIEN CUu Trong n€n kinh t€ th€ gi&i n6i chung va n€n kinh t€ m{>t qu6c gia n6i rieng, · vi~c huy d{>ng ngubn v6n va di€u hanh cac ngubn lgc tai chinh cho hi~u qua va mang l~i lqi ich kinh t€ m{>t each t6t nhdt la m{>t nhfrng m\lc tieu cua cac chinh phu Trong cac phuong thuc huy d{>ng v6n thi thi trmmg chirng khoan la m{>t nhfrng kenh huy d{>ng v6n hi~u qua cua cac cong ty hi~n E>~ c6 th~ ti€p c~ duqc cac ngubn v6n nhan r6i thi cac cong ty chung khoan d6ng vai tro quan trQng d~ c6 th~ giup doanh nghi~p huy d{>ng v6n hay giup cac nha dfiu tu c6 th~ c6 nhfrng thong tin hfru ich dfiu tu ngubn v6n cua hQ vao cac cong ty ho~t d{>ng c6 hi~u qua T~i Vi~t Nam, nhfrng nam qua thi truang chirng khoan da phat huy hi~u qua la kenh huy d{>ng v6n cua cac doanh nghi~p Trong d6, phai n6i rAng S& Giao dich Chirng khoan Tp.HCM va S& Giao dich Chirng Khoan Ha N{>i d6ng vai tro tich cgc cac nam qua Phien giao dich chirng khoan dfiu tien t~i Trung tam Giao dich Chirng khoan Thanh ph6 Hf> Chi Minh (nay la S& Giao dich Chung khoan Thanh ph6 Hf> Chi Minh) vao 28/07 /2000 da danh ddu sg dai cua Thi truang Chirng khoan Vi~t Nam Ngay 08/03/2005, Trung tam Giao dich Chirng khoan Ha N{>i lAn dfiu tien t6 chuc ban ddu gia c6 phi€u cua cac cong ty qubc doanh cho cac nha dfiu tu Trong thO'i gian qua, cimg v&i S\f phat tri~n khong ngirng v€ quy mo cua thi truang chirng khoan Vi~t Nam la sg 16'n m~h cua cac t6 chuc tai chinh trung gian, d~c bi~t la cac cong ty chirng khoan Sg tru&ng cua cac cong ty chirng khoan Vi~t Nam khong chi th~ hi~n v€ S\f tang tru&ng s6 luqng va quy mo v6n ma th~ Tai li?u tham khao [11] Haksik Lee, Yongki Lee and Dongkeun Yoo (2000), "The determinants oi perceived service quality and its relationship with satisfaction", Journal o) Services Marketing, Vol.14 No.3 2000, pp 217-231 [12] Ogunnaike Olaleke (2010), "Assessing The Relationship Between Service Quality And Customer Satisfaction; Evidence From Nigerian Banking Industry", Global Journal of Management and Business Research, Vol.IO Issue (ver 1.0) June 2010, pp 2-5 [13] Parasuraman, A., Zeithaml, V.A and Berry, L.L (1985), "A Conceptual Model of Service Quality and Its Implications for Future Research", Journal of Marketing, Vol 49 (fall), pp 41-50 [14] Parasuraman, A., Zeithaml, V.A and Berry, L.L (1988), "SERVQUAL: a multiple-item scale for measuring consumer perceptions of service quality", Journal ofRetailing, Vol 64, Spring, pp 12-40 [15] Parasuraman, A., Zeithaml, V.A and Berry, L.L (1991), "Refinement and reassessment of the SERVQUAL scale", Journal of Retailing, Vol 67 No 1991, Winter, pp 420-450 [16] Thongsamak S (2001), "Service quality: Its measurement and relationship with customer satisfaction", Journal ofService Marketing, 14/1, pp 9-26 [17] Zeithaml, V.A and Bitner, M.J (2000), Services Marketing: Integrating Customer Focus Across the Firm, New York: McGraw-Hill Inc 70 Ph¥ /tjc 01: Bang cau hoi khao sat PHULUCOl BANG CAU HOI KHAO SAT Xin chao quy anh/chi Toi la Nguy~n Thi Bing An, hQc vien cao hQc cua tru0ng D~i hQc Ma Tp.HCM, chuyen nganh Tai Chinh - Ngan Hang Toi dang ti~n hanh m9t chuong trinh nghien CUu d~ tai "Ctic yiu tf; anh huifng din sfr d(lng djch V(I Slf thiia miin cua khtich hang moi giui chfrng khotin t{li Cong ty CJ phfln Chfrng khotin MHB - MHBS" Rftt mong anh/chi danh chut thai gian tra lai chinh xac cac cau hoi sau day, xin luu y la khong c6 cau tra Iai dilng hay sai, tftt ca cac cau tra lai cua anh/chi d~u giup ich cho nghien cfru cua toi Toan b9 nhfrng thong tin, quan di~m cua anh/chi duqc sir dvng v6i mvc dich phvc V\l cho cong tac nghien cfru khoa hQc, khong mvc dich kinh doanh Toi xin cam doan gifr bi m~t ~6 cac thong tin anh/chi da cung , cap Chan cam on anh/chi Phin 1: Anh/chi vui long cho bi~t mfrc d() dBng y cua minh v~ cac phat bi~u du6i day bing each danh diu (X) vao cac o thich hQ'p tir d~n 5, do: Hoan toan khong d6ngy Khong d6ngy Thanh phin 1: STT Trung l~p D6ngy Hoan toan d6ngy sv tin c~y Cac phat bi~u Mfrc dq dBngy Ma cau hoi MHBS thgc hi~n dung nhu cam k~t v6i anh/chi STCl MHBS tuan thu dung lu~t phap, quy trinh theo lu~t chirng khoan STC2 71 ' Ph1,1 l1,1c OJ: Bang cau hoi kh tuang quan bi€n tbng ,5544 ,5705 , 4513 ,5501 ,5258 , 6904 Reliability Coefficients 283,0 N of Cases Alpha = N of Items ,6956 78 Cronbach alp n€u loi;ti bi€n Ph1,1l1,1c03: Kit quaphan tich EFA /Jn PHULUC03 • • K~t qua phan tich EFA Iin KMO va ki~m djnh Bartlett KMO and Bartlett's Test Kaiser-Meyer-Olkin Measure of Sampling Adequacy ,877 Approx Chi-Square 2739,028 df 210 Sig ,000 Bartlett's Test of Sphericity Total Variance Explained Component Total 10 11 12 13 14 15 16 17 18 19 20 21 7,184 1,961 1,468 1,238 ,973 ,868 ,837 ,805 ,680 ,635 ,628 ,571 ,523 ,437 ,431 ,414 ,377 ,369 ,318 ,234 ,048 Initial Eigenvalues % of Variance Cumulative % 34,210 9,340 6,992 5,895 4,635 4,134 3,984 3,834 3,237 3,024 2,992 2,717 2,489 2,080 2,054 1,972 1,794 1,757 1,514 34,210 43,550 50,542 56,436 61,071 65,206 69, 190 73,024 76,262 79,286 82,278 84,995 87,484 89,564 91,618 93,590 95,383 97, 141 98,655 1, 116 ,229 99,771 100,000 Rotation Sums of Squared Loadings Total % of Variance Cumulative % 3,419 3,103 2,738 2,592 16,279 14,775 13,039 12,344 16,279 31,053 44,092 56,436 Extraction Method: Principal Component Analysis, 79 ~ - Phl} ll}c 03: Kit qua phan tich EFA ldn Ma trfn nhan ta di xoay Rotated Component Matrix(a) Component PTH_4 ,901 SDC_1 ,901 PTH_2 ,758 PTH_3 ,732 NPV_5 ,683 NPV_3 ,667 SDC_2 ,666 soc_5 ,635 SDC_3 ,588 SDC_4 NPV_2 sou_5 ,776 SDU_4 ,719 SDU_3 ,663 SDU_2 STC_4 STC_5 STC_2 ,753 STC_1 ,692 STC_3 ,644 NPV_4 ,513 ,538 Extraction Method: Principal Component Analysis, Rotation Method: Vanmax with Kaiser Normalization a Rotation converged in iterations 80 PhZJ lZJc 04: Kit qua phan tich EFA ldn PHULUC04 KET QUA PHAN TiCH EFA LAN KMO va ki~m djnh Bartlett KMO and Bartlett's Test Kaiser-Meyer-Olkin Measure of Sampling Adequacy ,851 Approx Chi-Square 2172,691 df 120 Sig ,000 Bartlett's Test of Sphericity ·' Total Variance Explained Component Initial Eigenvalues Total % of Variance Rotation Sums of Squared Loadings Cumulative % Total % of Variance Cumulative % 5,779 36,116 36, 116 3,238 20,236 20,236 1,891 11,820 47,936 2,567 16,046 36,282 1,317 8,233 56,169 2,375 14,846 51,128 1,233 7,705 63,874 2,039 12,746 63,874 ,832 5,201 69,074 ,686 4,289 73,364 ,652 4,076 77,439 ,626 3,914 81,354 ,565 3,528 84,882 10 ,521 3,259 88, 141 11 ,441 2,754 90,895 12 ,419 2,620 93,515 13 ,380 2,377 95,892 14 ,355 2,219 98, 111 15 ,253 1,580 99,691 16 ,049 ,309 Extraction Method: Principal Component Analysis 100,000 81 Ph1:1 l1:1c 04: Kit qua phan tich EFA !dn Ma trin nhan ta da xoay Rotated Component Matrix(a) Component PTH_4 ,908 SDC_1 ,905 PTH_2 ,773 PTH_3 ,743 SDC_2 ,686 NPV_3 ,663 NPV_5 ,643 SDC_3 ,637 SDC_5 ,632 STC_2 ,770 STC_1 ,704 STC_3 ,645 NPV_4 ,578 SDU_5 ,822 SDU_4 ,754 SDU_3 ,669 Extraction Method: Principal Component Analysis Rotation Method: Vanmax with Kaiser Normahzat1on a Rotation converged in iterations 82 Ph1,1 l1,1c 05: Kit qua phan tich EFA bidn ph1,1 thu(jc PHU LUC OS MA TR4N NHAN TO TRONG KET QUA A ~ , - PHAN TICH EFA BIEN PHU THUOC KM va ki~m dinh Bartlett KMO and Bartlett's Test Kaiser-Meyer-Olkin Measure of Sampling Adequacy ,656 Approx Chi-Square 155,257 df Sig ,000 Bartlett's Test of Sphericity Total Variance Explained Initial Eigenvalues Component Total %of Variance Extraction Sums of Squared Loadings Cumulative % 1,881 62,685 62,685 ,648 21,595 84,280 ,472 15,720 100,000 %of Variance Total 1,881 62,685 Extraction Method: Principal Component Analysis Component Matrix(a) Component STM_2 ,825 STM_1 ,813 STM_3 ,734 Extraction Method: Principal Component Analysis a components extracted 83 Cumulative % 62,685 Pht,J /t,Jc 06: Kit qua h&i qu; PHULUC06 • • KET QUA HOI QUY Model Summary(b) R R Model Square Adjusted R Square Std Error of the Estimate R ,782(a) ,612 ,606 DurbinWatson Change Statistics F Square Chanae Change ,612 109,535 ,46066 df1 df2 Sig F Change 278 ,000 2,253 a Predictors: (Constant), F4, F1, F2, F3 b Dependent Variable: STM ANOVA(b) Sum of Squares df Mean Square F Sig Regression 92,978 23,245 109,535 ,OOO(a) Residual 58,994 278 ,212 Total 151,973 282 Model 1-·'·' a Predictors: (Constant), F4, F1, F2, F3 b Dependent Variable: STM Coefficients( a) Unstandardized Coefficients Std Error Model (Constant) -,094 ,148 F1 ,199 ,045 F2 ,565 F3 F4 Standardized Coefficients t Sig Collinearity Statistics Tolerance Beta VIF -,632 ,528 ,200 4,444 ,000 ,692 1,441 ,049 ,516 11,470 ,000 ,690 1,451 '161 ,054 ,142 2,974 ,003 ,613 1,63' ,108 ,038 ,123 2,827 ,005 ,733 1,36• a Dependen!Vanable: STM 84 ... giao dich 2.3 GIOI THitU CONG TY CHUNG KHOAN MHB VA DJCH VV MOI GIOI CHUNG KHOAN 2.3.1 Gi6i thi~u Cong ty ca Phin Chung Khoan MHB Cong ty Cf> Phfrn Chung Khoan MHB dugc l~p theo gidy dang kY... Ca silly thuyit Fax: 08.3824 1572 Website: www.mhbs.vn Email: mhbs@mhbs.vn cf> dong chinh: Ngan hang Phat tri€n nha d6ng bAng song Ctru Long (MHB) MHB la Ngan hang Thmmg m~i Nha nu6c duqc l~p theo... ch9n MHBS la "Sl' lfa ch9n cua nic3m tin" Cong ty Cf> phAn Chung khoan MHB (MHBS) xac dinh nang ll'c c~ tranh c6t loi nhu sau: • Lqi ich cua khach hang la mlc tieu quan tr9ng hang dAu cua MHBS,