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THAI NGUYEN UNIVERSITY SOUTHERN LUZON STATE UNIVERSITY Socialist Republic of Viet Nam Republic of Philippines TO THI NGOC LAN (ENGLISH NAME: JENNY) FINANCIAL MANAGEMENT SYSTEM OF VIETNAM POSTS AND TELECOMMUNICATIONS GROUP AND ITS EFFECTS ON FINANCIAL EFFICIENCY OF THE COMPANY DOCTORAL DISSERTATION AUGUST, 2013 i THAI NGUYEN UNIVERSITY SOUTHERN LUZON STATE UNIVERSITY Socialist Republic of Viet Nam Republic of Philippines TO THI NGOC LAN (ENGLISH NAME: JENNY) FINANCIAL MANAGEMENT SYSTEM OF VIETNAM POSTS AND TELECOMMUNICATIONS GROUP AND ITS EFFECTS ON FINANCIAL EFFICIENCY OF THE COMPANY DOCTORAL DISSERTATION ADVISER: DR JOANNA PAULA A ELLAGA AUGUST, 2013 ii ACKNOWLEDGMENT I would like to express my gratitude to Dr Joanna Paula A Ellaga and Dr Ooi Pit Tatt for being outstanding advisors and excellent professors Their constant encouragement, support, and invaluable suggestions made this work successful They have been everything that one could want in an advisor I would like to thank them for providing me ideas on the research methodology and valuable insights on financial management system I am deeply indebted to Dr Nguyen Thanh Hai and Ms Trinh Thi Hieu International Training Center, Thai Nguyen University of the Socialist Republic of Vietnam, for their enormous pursuit to provide the Vietnamese people an opportunity to grow through education Aslo, I would like to thank all the lecturers of DBA1 course for helping me to complete this dissertation which I have been their student for three years I would like to acknowledge my best friends in the DBA class for reviewing my dissertation and providing valuable feedback I am grateful to Mr Ngo Anh Cuong and Mr Nguyen Duy Phuong for their help and valuable advice, and for being great friends throughout my program stint I am deeply and forever indebted to my family for their love, support, and encouragement throughout my entire life I would like to thank my husband, Nguyen Trung Kien, who has provided a tremendous amount of love and support throughout this study On a final note with love are for my five-year old son! iii DEED OF DECLARATION I, To Thi Ngoc Lan (English name: Jenny), hereby submit my dissertation for oral examination, entitled “FINANCIAL MANAGEMENT SYSTEM OF VIETNAM POSTS AND TELECOMMUNICATION GROUP AND ITS EFFECTS ON FINANCIAL EFFICIENCY OF THE COMPANY”, truthfully declare that the said paper is a product of my original research investigation Signed this …………………….2013 at Thai Nguyen University TO THI NGOC LAN DBA Candidate iv TABLE OF CONTENTS CHAPTER I: INTRODUCTION 1.1 Statement of the objectives 1.2 Significance of the Study 1.3 Scope and limitation of the Study 1.4 Definition of terms CHAPTER II: .9 RELATED LITERATURE .9 2.1 Review of related studies 2.1.1 Foreign studies 2.1.2 Local studies 10 2.2 Theoretical and conceptual framework 12 2.2.1 Enterprise finance 12 2.2.2 Financial management system .16 2.2.3 Financial efficiency 23 2.3 Research Paradigm 24 CHAPTER III: 28 METHODOLOGY 28 3.1 Research Design 28 3.2 Time and Place of Study 28 3.3 Data collection method .28 3.4 Population, Sample and sampling technique 29 3.5 Research instrument 29 3.6 Data gathering procedure 30 v 3.7 Data processing method .30 3.8 Statistical treatment 31 CHAPTER IV: 33 PRESENTATION, ANALYSIS AND INTERPRETATION OF DATA 33 4.1 Profile of VNPT 33 4.1.1 Type of company 33 4.1.2 Size of company .34 4.2 Current status of financial management system of VNPT from 2010 to 2012 37 4.2.1 Capital mobilization in VNPT 37 4.2.2 Capital management and use in VNPT 47 4.2.3 Asset management in VNPT 59 4.2.4 Management of revenues, expenses and profit distribution in VNPT 71 4.3 Effects of financial management system on financial efficiency of the VNPT 80 4.3.1 Assess the financial efficiency of VNPT .80 4.3.2 Effects of the financial management system to the financial efficiency of VNPT .81 4.4 Problem encountered by financial management system of VNPT 82 CHAPTER V: 83 CONCLUSIONS AND RECOMMENDATIONS 83 5.1 Summary of the findings 83 5.2 Conclusions .87 5.3 Recommendations .88 vi ABSTRACT In the background of deeper and wider regional and international economic integration, enterprises have to face with more formidable competition from big multinational economic organizations in the world In order to adapt to that situation, meeting to demands for economic development and market expansion out of boundary of countries, many countries are incessantly increase scales of businesses, establishing and developing economic groups Vietnamese enterprises are not out of that trend The establishment and development of Vietnamese economic groups both ensure the suitability to the development tendency of global economy and exploit inherent competitive advantages of the country, speeding economic growth of the country In order to ensure the high efficiency of those economic groups and State owned enterprises, it is necessary to improve efficiency of financial management system of economic groups Although this system has taken much progress which has some certain effects on raising financial efficiency of the economic groups, many troubles and constraints still exist; for example, Financial management policies and measures of the groups are collectivistic, not closing to the actual situation of each State owned group, which has no small constraint on the financial effectiveness of economic groups in VietNam To contribute to the enhancement of financial efficiency of economic groups in VietNam in the new situation, it is compulsory to research, innovate financial management system of economic groups In expectation of contributing some ideas about perfecting financial management system of State owned economic groups, I, the author would like to choose the subject: vii “FINANCIAL MANAGEMENT SYSTEM OF VIETNAM POSTS AND TELECOMMUNICATIONS GROUP (VNPT) AND ITS EFFECTS ON FINANCIAL EFFICIENCY OF THE COMPANY” for this dissertation With such an approach to issues, the main objectives of dissertation is study the current status of system financial management of VNPT and its effect on financial efficiency of company The specific objectives of this study are: (1) To identify the profile of the company in terms of the following: Type of the company and Size of the company; (2) To determine the current status of financial management system of VNPT in terms of the following: Capital mobilization, Capital management and use, Asset management, Revenue, expense and profit distribution management; (3) To assess the financial efficiency of VNPT in terms of the following financial ratios: the asset turnover ratio and the debtor days ratio; (4) To determine the effects of the financial management system to the financial efficiency of VNPT; (5) To identify the problems encountered in carrying out the financial management system of VNPT; (6) To propose actions that will respond to the problems encountered in carrying out the financial management system of VNPT In order to obtain main objectives of study, the researcher used the descriptive method to get data which includes: Primary data was collected by sending questionnaires to 169 respondents (CFO of VNPT, director of financial department of VNPT, deputy director of financial department of VNPT, CFO of VNPT’s subsidiaries) working in VNPT and its subsidiaries and secondary data: From the annual financial reports of VNPT from 2010 to 2012 For assessing the current status of VNPT’s financial management system, the dissertation focuses on studying the profile and the formation and development process of VNPT as well as VNPT’s regulations on capital mobilization, management and use of capital and assets, viii management of revenues, expenses and profit distribution, thereby assessing financial management system and its effects on VNPT’s financial efficiency from 2010 to 2012 All this proves that the financial management system of VNPT effects positively to financial efficiency of the Group ix LIST OF TABLES Table Distribution of the respondents 29 Table Verbal interpretation 30 Table The autonomic level of capital mobilization in VNPT 40 Table The safe level in mobilizing capital of VNPT 41 Table Assets and equity of VNPT from 2010 to 2012 42 Table The autonomic level in mobilizing capital of the VNPT’s subsidiaries 43 Table Clarity and fulfilment in harmonizing capital mechanism of VNPT 44 Table Reasonable level regulated the loan limit at the rate payable on capital not exceeding times: 45 Table The level of autonomy and self-responsibility at VNPT in using and managing capital: 52 Table 10 Level of capital preserve in VNPT 53 Table 11 The level of responsibility in the management and use of the owner’s capital of VNPT 55 Table 12 The effectiveness of investment outsite the sector VNPT 56 Table 13 The transparency of ownership and the right of using assets in VNPT .67 Table 14 The level of conservation of the assets in VNPT .69 Table 15 The level of efficiency in the use of assets in VNPT 70 Table 16 The level of losses and wastage in the use of assets in VNPT 71 Table 17 The clarity and transparency in managing revenues, expenses, and profit distribution in VNPT 75 Table 18 The Level in harmonizing between the interests of the state, corporations and employees in managing revenues, expenses and profits distribution in VNPT 76 x fold respectively in in 2011, 2012 A recent study showed that this rate of world’s big economic corporations was 1-3 folds - The revenue of VNPT had tended to increase over the years from 2010 to 2012 - But the profit of VNPT had tended to decrease over the years from 2010 to 2012 (3) For assessing the financial efficiency and determine the effects of the financial management system to the financial efficiency of VNPT Generally, the financial management system of VNPT is fairly good so it has positive effect on financial efficiency of VNPT (5) For the problem encountered by financial management system of VNPT The arethree problems encountered by financial management system of VNPT: - Capital mobilization of VNPT’s subsidiaries meet many difficult and limited - Investment out of main business operations without efficiency - Revenue of VNPT increase steadily from 2010 – 2012 but profit of VNPT decrease 5.3 Recommendations Firstly, complete capital mobilization of VNPT’s subsidiaries Through studying the financial management system of VNPT, capital mobilization of subsidiaries under VNPT remains limited The extension of capital mobilization regulation for subsidiaries of VNPT parallel with responsibilities and effectiveness of mobilized capital’s use is the correct direction facilitating subsidiaries to hold the chances, expand the production and business and comply with legal foundation of subsidiaries with units having independent legal entity 88 The proposed extension of capital mobilization regulation for subsidiaries of VNPT is based on the following grounds: VNPT comprises many business institutions joining each other in terms of finance, technology, product, market… Relations between members of VNPT mainly depend on firmly economic ground instead of mechanical administrative ground In other hand, it should be acknowledged that the final objectives of financial execution and management are to obtain the effectiveness, profit for the whole Group The effectiveness, profit of the whole Group is not integral to the effectiveness, profit of member companies Strong member units will create the strength of the whole Group The direction and support of the Group play an important role in the strength of member units Furthermore, in the course of socio-economic development in local and international the trend of hierarchy and decentralization develops more and more Above analysis indicates that the extension of capital mobilization regulation for subsidiaries of VNPT is in line with the rule of movement However, in the current condition of VNPT, the extension of capital mobilization regulation for member units of the Group also requires certain conditions including the capacity of financial management system of subsidiaries, the capacity of capital absorption of subsidiaries, the effectiveness of capital usage as well as the supervision of the Group Actually in the pass time, the financial management system of VNPT has not yet motivated the subsidiaries exploit totally the capital source Specifically, VNPT only permitted subsidiaries to have the loan, credit guarantee in certain limitations In other hand, it should be noted that the extension of capital mobilization not only relates to the settlement of internal relations of VNPT but also be attached to relations with banks Generally, because of being familiar with centralization regime, most of 89 State owned banks require VNPT to guarantee in order to increase the reliability, even in the case that guarantee is unnecessary, the bank remains to conduct guarantee regime In addition, the fact that the bank is often familiar with large limit loans, little interest in small limit loans in compliance with requirements of subsidiaries Therefore, the extension of capital mobilization regime requires the combination of both inside and outside of VNPT The extension of capital mobilization regime of subsidiaries VNPT performed not only in relation with banks but also in capital mobilization via the issuance of bonds, stocks of subsidiaries is required to normalize in the direction of strengthening the activeness of subsidiaries joining in capital market To extend the capital mobilization regime of subsidiaries of VNPT, it is required to focus on handling the main problems as follows: - In general, perform the capitalization for VNPT and foster the listing in the security market - For VNPT itself, set the instruction frame including: target, limit, loan procedure… instead of approval for each case in the current time - For the State, consider, adjust the strict regulations on capital mobilization of VNPT, establish the credit regime in the direction of unblocking the capital source for the central companies, economic group based on the happenings of macroeconomic situation - Parallel with the extension of capital mobilization regime for subsidiaries of VNPT, it is required to cooperate synchronously with the strengthening of supervision, administration regime and the system of final criteria on effectiveness, the extension of capital mobilization regime for member units under the Group can become true and obtain the achievement as expected 90 Secondly, complete investment out of main business operations Set target for the completion of State capital and assets management of VNPT is to guarantee the capital and assets (including State capital and assets; mobilized capital of VNPT) to be safe and increase the effectiveness of usage To reach the target, it is required to continuously fulfil the management and usage of capital by the following solutions: Investment in the outside of main business and production, internally investments in VNPT obviously had warnings So, it is required to have clearer and more specific regulations for the investment in the outside of main business lines (which support in main business and production, which not support in main business and production), internal investments in VNPT to mitigate the risks and raise the effectiveness of State capital use in VNPT In addition, it is required to re-define the strategic objectives, missions of VNPT in period of 5-10 next years in which VNPT tends to be a globally competitive corporate in the industry and the distribution of resources will be conducted mainly toward above objectives To correct the limitations of investment in the outside VNPT, it is required to re-assess the capital, assets of VNPT accurately and re-structure the group toward centralized objectives as increasing the financial efficiency of VNPT in new situation Publicize the information, transparency of information at least under existing criteria applied to companies listed in security market at present Annually, VNPT shall draw a report on the degree of strategic achievement’s implementation audited under international standard to submit the National Assembly and publicize the information to whom concerning activities of VNPT Raise the role in advising, moderating, supervising related parties to 91 investment decisions, project sponsorship and distribution polices in inner VNPT Thirdly, complete the management of revenue, expenses, and profit distribution The management of revenue, expenses and profit distribution for VNPT can be regarded as the central point, the core of the whole financial management system of the State for increasing the financial effectiveness To fulfill the management of revenue, expenses and profit distribution for VNPT is required to perform the key solutions as follows: - Re-assess the managerial situation of revenue, expenses and profit distribution in VNPT in recent years Re-assess the managerial situation of revenue, expenses and profit distribution shall be conducted from considering the establishment of limits and plans to the deploying of the measurements in reality On that basis, compare to public documents regulating on management of revenue, expenses, profit distribution, especially in Decree 09/2009/NĐ-CP of the Government, reflect the unsuitability of legal documents to study and adjust - Continue to study and establish the assessment criteria on managerial situation and use of revenue, expenses and profit distribution in VNPT to set as premise for management and use The central of establishing such criteria is to focus on the conservation and increase of capital use effectiveness, guarantee of increasing financial effectiveness of VNPT - Complete the system of economic and technical regulations in compliance with conditions, operating characteristics of VNPT both assuring the scientific and actual requirements, innovation of plan making on revenue, cost for innovating the ways of profit distribution in direction of focusing on long term benefit of VNPT - Correct the course of statistic, accounting, revenue, expenses, profit and 92 profit distribution of VNPT in the direction of assuring the sufficient recording and timely reflection For the management of revenue, expenses and profit distribution, it is required to focus on expense management because of only good management on expenses and cost reduction results in extending the production and business and increasing revenue and profit 93 REFRENCES Books Authur J.Keown, Jonh D Martin, J.William Petty and David F.Scott, Jr, (2005) Financial management principles and application, 10 ed, Pearson Education Eugene F Brigham and Joel F Houston, (2 009 ) Fundamentals of Financial Management, 12 ed, the Dryden Press Erich A Helfert, (2003) Financial analysis: tools and techniques: a guide for managers, Mc-Graw Hill Frank J Fabozzi & Pamela P Peterson, (2003) Financial Management and Analysis, 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thong ke, Ha Noi Nguyen Hai San, (1996), Giao trinh quan tri tai chinh doanh nghiep, Nha xuat ban thong ke, Ha Noi Đang Van Thanh, Le Thi Hoa, (2011), Kiem toan noi bo “Ly luan va huong dan nghiep vu”, Nha xuat ban Tai chinh, Ha Noi Le Van Tam, (2010), Giao trinh Quan tri doanh nghiep, Truong Đai hoc kinh te quoc dan, Nha xuat ban giao duc, Ha Noi Pham Quang Trung, (2003), Tap đoan kinh doanh va co che quan ly tai chinh tap đoan kinh doanh, Nha xuat ban Tai chinh, Ha Noi Internets www.books.google.com www.essay.se www.investopedia.com www.saga.vn www.orcworldwide.com www.vietbao.vn www.en.wikipedia.org Others Bo Tai chinh, (1999), Thong tu so 62/1999/TT-BTC huong dan viec quan ly, su dung von va tai san doanh nghiep Nha nuoc Bo Tai chinh, (1999), Thong tu so 63/1999/TT-BTC huong dan viec quan ly doanh thu, chi phi va gia san pham, dich vu tai cac doanh nghiep Nha nuoc Bo Tai chinh, (1999), Thong tu so 66/1999/TT-BTC huong dan che đo phan phoi loi nhuan sau thue va quan ly cac quy doanh nghiep Nha nuoc 95 Chinh Phu, (1999), Nghi dinh số 27/1999/NĐ-CP sua đoi, bo sung quy che quan ly tai chinh va hach toan kinh doanh đoi voi doanh nghiep Nha nuoc Chinh phu, (1999), Nghi đinh so 199/2004/NĐ-CP ve viec ban hanh quy che quan ly tai chinh cua cong ty nha nuoc va quan ly von nha nuoc dau tu vao doanh nghiep khac Chinh phu, (1999), Nghi dinh so 09/NĐ-CP ve viec ban hanh quy che quan ly tai chinh cua cong ty nha nuoc va quan ly von nha nuoc dau tu vao doanh nghiep khac Dang Cong san Viet Nam, (2006), Nghi quyet Dai hoi dai bieu lan thu X cua Dang Dang Cong san Viet Nam, (2011), Van kien Dai hoi dai bieu toan quoc lan thu XI, Nha xuat ban Chinh tri quoc gia, Ha Noi Dang uy khoi Doanh nghiep Trung uong, (2011), Bao cao ve tinh hinh dau tu ngoai nganh nghe kinh doanh chinh cua cac tap doan, tong cong ty, ngan hang thuoc Dang uy khoi doanh nghiep Trung uong, Hà Nội Financial statement of VNPT from 2010 to 2012 Kieu Minh Nguyen (2011), Financial management and profitability of small and medium enterprises, Southern Cross university, Australia Tap đoan Buu chinh Vien thong Viet Nam, Tong ket mo hinh tap đoan kinh te, Ha Noi, 2011 Tap doan Buu chinh Vien thong Viet Nam, (2006), Quy che tai chinh Vu Anh Tuan, (2012), Financial Management to contribute to increasing the competitiveness of Vietnamese Economic Groups 96 APPENDIX SURVEY QUESTIONNAIRE PART I RESPONDENTS PROFILE Please check mark (x) on the box corresponding to your answer: Name: …………………………………………………………… Position in the Organization: CFO of VNPT Director of financial department of VNPT Deputy director of financial department of VNPT CFO of VNPT’s subsidiaries Age: 20- 30 31- 40 41- 50 51- 60 Number of years in service: Less than year From years to years From years to years More than years 97 PART II QUESTIONNAIRE SURVEY Please place a check (x) mark on the box corresponding to your answer The following number means: 5- Very high; 4- High; – Average; – Low and 1Very low Please answer every item, not leave any blank Scale Verbal description Very low Low Average High Very high 98 Point Item/code A Capital mobilization The autonomic level of capital mobilization in VNPT is: The autonomic level in mobilizing capital of the VNPT’s subsidiaries is: The safe level in mobilizing capital of VNPT is: Clarity and fulfillment in harmonizing capital mechanism of VNPT is: Reasonable level regulated the loan limit at the rate payable on capital not exceeding times is: B Capital management and use The level of autonomy and self-responsibility at VNPT in using and managing capital is: The level of responsibility in the management and use of the owner's capital of VNPT is: The effectiveness of investment outsite the sector VNPT: Level of capital preserve in VNPT is: 99 C Assets management 10 The transparency of ownership and the right of using assets in VNPT is: 11 The level of conservation of the assets in VNPT is: 12 The level of losses and wastage in the use of assets in VNPT is: 13 The level of efficiency in the use of assets in VNPT is: D Management of revenues, expenses and profits distribution 14 The clarity and transparency in managing revenue, expenses, and profit distribution in VNPT are: 15 The Level in harmonizing between the interests of the state, corporations and employees in managing revenue, expenses and profit distribution in VNPT is: 16 The clarity of the regulations on the profit distribution which subsidiaries must contribute to VNPT group is: 100 CURRICULUM VITAE I PERSONAL DATA Full name: To Thi Ngoc Lan Date of birth: May, 23th 1982 Sex/marriage status: Female/married Nationality: Vietnam II EDUCATIONAL BACKGROUND: Institution Date from Degree(s) or Diploma(s) obtained: - Date to The Luzon University 2009 - 2013 Degree of Doctor of Administration (On - going) The National Economics 2005 - 2008 Degree of Master of Economics The Academy of Finance 2000 - 2004 Degree of Bachelor of Economics Ha Noi teacher of teaching 2005 Certificate of teaching 2006 Certificate of training accounting software FAST University colleges number Fast Company 101 III PROFESSIONAL EXPERIENCES Date Company/Project Position Description from to 2004 Up The University of Labor and to Social Affairs (ULSA) Lecturer in Accounting - Teaching in Accounting principles - Teaching in Financial Accounting now - Teaching in Management Accounting - Teaching in Tax Accounting - Teaching in Computer Accounting - Science tasks 2005 Up - The National Economics to University now Part - time Lecturer Accounting - Teaching in Accounting principles in - Teaching in Financial Accounting - Teaching in Management Accounting - Teaching in Tax Accounting - Teaching in Computer Accounting 2007 Up now - Long Hung Laws Firm to Chief - Organizing and controlling Accountant accounting department the - Making and checking monthly tax reports, finalization of the fiscal year, annual financial reports - Making reports submitted to the Board of Directors - Classification and information management - Training staff on accounting skills 102 ... to 169 respondents (CFO of VNPT, director of financial department of VNPT, deputy director of financial department of VNPT, CFO of VNPT? ??s subsidiaries) working in VNPT and its subsidiaries and... to 169 respondents (CFO of VNPT, director of financial department of VNPT, deputy director of financial department of VNPT, CFO of VNPT? ??s subsidiaries) working in VNPT and its subsidiaries -... mobilization in VNPT 40 Table The safe level in mobilizing capital of VNPT 41 Table Assets and equity of VNPT from 2010 to 2012 42 Table The autonomic level in mobilizing capital of the VNPT? ??s
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