Cac nhan to tac dong den hieu qua su* dung von
tai cac cong ty thu'dng mai niem yet tai Viet Nam
va QUANG KET*
Torn tat
Bdi viel ndy nghien cffu ddnh gid cdc nhdn id ldc dgng de'n hiiu qud sff dung vdn cua cdc doanh nghiep fhUOng mgi niim yet (TMNY) tgi Viet Nam. Ket qud nghien cffu 62 cdng ty TMNY trong khodng thdi gian tff ndm 2009 din 2018 cho thdy: 2 nhdn td Tdc do tdng trudng vd Vdng quay tdi sdn co ldc dgng tich cffc de'n hiiu qud sff dung vdn. Cdc nhdn id tdc dong tiiu Cffc, gdm: Hdng ton kho; Cdc khodn phdi thu; Don bdy tdi chinh. Hai nhdn tdQuy md tdi sdn vd Hdng tdn kho cd tdc dgng, nhung khong du do tin cdy. Trong do, nhdn td Ddn bdy tdi chinh vd Tang irUdng doanh thu cd tdc dgng mgnh nhd't.
TH khda: doanh nghiep thuang mgi, hieu qud sff dung vdn Summary
This paper focuses on the assessment of factors influencing the efficiency of capital usage of listed commercial companies in Vielnam. Through the study of 62 listed commercial companies during the period 2009-2018, it is indicated that Revenue growth and Asset turnover have a positive impact on the efficiency of capital usage whereas Inventory, Account receivables and Financial leverage create negative effects. Specifically, Financial leverage and Revenue growth create the largest impact.
Keywords: commercial company, efficiency of capital usage
GlCfl THIEU CO sd LY THUYET VA PHl/ONG PHAP N G H I E N CLfU
^ Md'i quan tam hang dau cua cac nha
dau tff tren thi trffdng ehffng khodn la Hieu qua la mdt pham trii dffde xde dinh bdng ly hidu qua boat ddng san xual, kinh doanh le giffa hai chi tieu la ke'l qua (dau ra) va chi phi (cac cua cac edng ty niem yet. Vi the', mud'n ngudn Iffc dau vao) hay phan dnh trinh do sff dung cac Ihu hut cdc nha dau iff, cae edng ty phai ngudn Iffc. Trinh dd sff dung cdc ngudn Iffc khdng the nang eao hieu qua hoat dpng cua minh. do bang cdc ddn vi hien vat hay gia tri ma chi la mdt Hieu qua su" dung vd'n kinh doanh cde pham tru tffdng dd'i, dffdc phan dnh bang sd'tffdng dd'i doanh nghiep TMNY cua Viet Nam la ty sd'giffa ke't qud va hao phi ngudn Iffc.
trong nhffng nam gan day cd nhieu bie'n Tren gde do tai chinh, hieu qud dffdc do Iffdng bang dpng. Tff thffc le do, viec lim hieu cac nhieu thffde do khde nhau luy vao muc dich nghien nhan to' nao anh hffdng de'n hieu qua cffu. Tuy nhien, cac thffdc do phd bie'n thffdng dffde hoat ddng san xua'l, kinh doanh eua ede eae nha nghien cffu sff dung la: Ty sua'l sinh Idi tren doanh nghiep nay la rat can thie't, nham Doanh ihu - ROS;Ty sua'l sinh ldi tren Vd'n kinh doanh dm kie'm giai phdp nang eao hieu qua sff (hay tdng lai san) - ROA; va Ty sua'l sinh ldi tren vd'n dung vd'n. chu sd hffu - ROE .. Day la eac thffdc do phd bie'n trdn
"TS., Hoc vien Cong nghe B\iu chinh Vidn thong
Ngdy nlidn bdi: 23/10/2019; Ngdy phdn bien: 15/11/2019; Ngdy duyel dang 22/11/2019
49
BANC li JVIO TA CAc BIEN TRONG |vl6 HlNH VA GlA THdVET NGHIEN Cfla la sai so ciia
Kyhi$u Tgn big'n Cdng thiJc tinh
Bien pfiif thuoc: Hifu qua sff dune von ROA
ROE
Ty sua'l sLnh ldi tren tong von kinh doanh Ty suat sinh 16i tren von chu s6 hiju
Ldi nhuan sau thue'/Tong tai san binh quan
Lcfi nhuan sau thue/Von chii sd hu'u binh quan
Bien dOc Iqp: CTTC SIZE GROWTH TURN TANG INVE RECE DFL
Quy mo cong ly Tang tru'Sng cfing ty Vong quay von kinh doanh Ty trong tai san co'dmh Ty trpng hang ion kho Ty trong cac khoan phai ihu Ty Irong nd vay
Tong tai san
[Doanh tbu ky t - Doanh thu ky (t-l)j/Doanh thuky (t-l) Doanh ihu/Tong tai san binh quan Tai san co'dinh/Tong taisan Hang ton kho/Tong tai san Cac khoan phai thu/T^ng tai san Tong nd/tfing tSi san
Giai thuyg't tac d$ng
+ + +
+/- Ghi chu: I'+J tuc dong tich ciic. (-) ldc ddng lieu cite
Ngu< c qia tonq hdp tif toni] q i j j n nqhie
the' gidi dffde sff dung trong nhieu nghien cffu thffc nghiem ve hieu qua sff dung vo'n trong va ngoai nffde.
Ve cdc nhdn id'tac ddng tdi hieu qua sff dung vd'n, cac cdng trinh nghien cffu trong va ngoai nffde xem xet cac nhan to' tdc ddng ldi bidu qua sff dung vd'n dffdi nhieu gde do khde nhau. Cae nhan id' thffdng dffdc sff dung trong eac nghien effu nay gdm: quy md cdng ty, td'c dp tang trffdng, thdi gian hoai ddng cua doanh nghidp, he sd' nd (cd ih^ d\idc chia thanh hd sd' np ngdn han va hd sd' np dai han), ly trgng tai san (gdm:
ly trgng lai san lim ddng, ty trgng lai san cd dinh, ly trong cac khoan phai thu, ty trpng hang ton kho). ty trgng vd'n chu sd hffu, ty le chi ira eo tffc...
Tff cd sd ly thuyd't va long quan nghidn cffu vdi ngudn tham khao cua cae tdc gia Sheikh va edng sff (2013); Zeitun va Tian (2007); Le Thi Nhu (2016)...
tdc gia de xua't md hinh nghien cffu vdi cdc bie'n phu thudc phdn anh hieu qua sff dung vd'n la ROA va ROE.
Cdc nMn Id'tde ddng bie'n dde lap bao gom 7 bie'n la:
Quy md lai san; Td'e dd lang irffdng; Vdng quay lai san;Ty trgng lai san cd dinh; Ty trgng cae khoan phai thu; Ty trpng hang ton kho; va Mffc dp sff dung nd vay (ddn bd'y lai chlnh). Ky hidu, thffdc do, cd sd ngudn tham khao va gia thuyel dffdc trinh bay tai Bang 1.
Md hinh nghien cffu dffpc lac gia de xua't md hmh hdi quy cd dang sau:
Phuang trinh T. Hoi quy ede nhan to tdc ddng den ROA - Ty sua't sinh Idi tren tdng vo'n kinh doanh
ROA = /?„ + /?,*5/Z£ + ^/-GROWTH + ^/TURN + /^/INVE + p.WFL + fi/RECE + ^^*TANG + s (I) Phuang trinh 2: Cac nhan tdtac ddng de'n ROE - Ty sua't sinh ldi tren tdng tai san
ROE = a„ + a*ROA + e (2)
Trong dd. p^ la hdng so' cua mo hinh, p^ de'n P, la gia tri he sd' ffng vdi cdc bid'n ddc lap cua md hinh (1); a , Uj, 1^ hang so'va gid tri he sd'ffng vdi cde bie'n
50
ipso Iiau cac ,c phan loai
•Man Ha NOi iLi-ng khoan O't hep vcli - .han ioai tiif doc lap ^
mo hinh.
Tac gia ticn cong ty Ihuong ra cua Sd Giao dich L.
(HNX) va S3 Giao ui._l-, TP. Ho Chi Minh (HSXj doanh muc cac cong ty thei- , 2 trang wehsite chuyen ve cumg khoan la vietstock.vn va cophieu68.vn. Do co nhieu cong ly hoat dong da lmh vtfc. nen tdc gia tien hanh xi ly chi chpn nhiJng cong ty cd ty ttpng doanh thu nganh thiia°ng mai cao. Ket qua thu thap dupc khoang 62 cong ty de thu thap tCl bao cao tai chinh cua cac cong ty til nam 2009 de'n 2018. Tuy nhien, thdi gian niem yet cua cac cong ty nay la khac nhau, n6n se CO mpt so cong ty thdi gian nghien cilu ngan hdn. Tong so quan sat sau khi loai bo quansatngoai lai (ouhers)la 422 quan sat (mdi quan sat la so lieu cua 1 nam). Tac gia sii' dung phan mem SPSS phien ban 20 de xii" ly sp lieu va phfin tich h6i quy vdl day du cac bien trong mo hinh.
KET QUA NGHIEN CLfU
Phdn tich thd'ng ke mo la Phan tich thdng ke mo ta mlu nghien cttu vdi 442 quan sat cho thay, cac bien phan anh hieu qua si dung vdn la ROA, ROE, CO gia tri trung binh (mean), gia tri nho nhat (min) va gia tti ldn nhat (max) chenh nhau vdi khoang each kha ldn.
Gia tri nho nhat cia cac chi heu ROA, RpE, deu am va gia tn cao nha't cung rat Idn. Bieu niiy cho tha'y, hieu qua kinh doanh cua cac doanh nghiep TIVINY CO stf khac bitt ttfdng dd'i nhilu. To'c dp tang trtfdng doanh thu (GROWTH) ' ' ' , " ± * " ' ( ' . " " ' ? ° 8 n t i c tang trtfdng
f,i'i;.°.''°°''^' -"•!*• Mic tSng
trtfOng binh quan 16,34%. Vone auav tni san (TURN) b,„h ,„a„ , „ , „ ; i ^ : ; , - v f T U R N c ™ ; - * - ? - "l^'" GROWTH va TURN CO do lech chu J„ kha Wn a,^„
nay chtfng ,6 cac doanh nghiep TMNY CO toe dp tang trtfdng va v6„. „, I ,- san cost, khac biet M„.Ty™!fj:i'>",="
CO- djnh (TANG) binh quta S „ ! ,"^ ?<?
t6-ngtaisan.Tyle„pTDp\;M'„h . * chiem 58,13%. Ty trong cfc Vh" ''"''."
thu(RECE)vaha„g,6/C(m»E7h 'b quan lan lupt li, 27,67% va 2? OQ? ' " " ' ' so lieu tren the hien dac SiiJZ "^
doanh nghiep thtfdng mai ix ,"""8<:ua '""8 quay
tai san cao, ty trpng tai san cd'dinh kha tha'p, ty le nd, hang tdn kho, eac khoan phai thu cao (Bang 2).
Phdn tich tffOng quan
Su" dung phan lich tffdng quan Pearson de ddnh gia he so' iffdng quan giiTa ede bid'n ddc lap (cdc nhan id lae ddng) vdi bie'n phu thuge (hieu qua su"
dung vd'n dffde do Iffdng bang ROA va ROE). Ke't qua phan lieh tffdng quan Pearson (Bang 3) ihd^ hien ma Iran he so'Iffdng quan. Ke't qua cho tha'y, ngoai trff bi6'n TANG ed Iffdng quan vdi ROA va bie'n SIZE tffpng quan vdi ROE va ROE vdi dp tin cay khoang 82%-85%, ta't ca eac he sd' tffdng quan cua cae bie'n cdn lai ddu cd mffc hd so' Sig. tff 0,01 de'n 0,05 tffc dp tin cay tff 95% de'n 99% sai so' 1% den 5%. Dieu nay eho tha'y, cdc bid'n ddc lap deu tffdng quan vdi bie'n phti thupe. Do vay, md'i quan he giffa eac bie'n cd y nghia va khdng cd da'u hieu bat thffdng.
Kiem tra phan phdi chudn cua cdc bien De ffdc Iffdng hdi quy tuyen linh mgt trong nhffng kiem dmh quan trong la xem xel xem cdc bie'n cd phan phd'i chuan hay khdng. Ke't qud linh todn He ,sd Skewness va Kurtosis cho iha'y, eac bie'n ROA, ROE, SIZE, GROWTH va DFL khdng cd pha n phd'i chua'n do ed gia tn Skewness (dp nghieng) va Kurtosis (do nhpn) kha ldn. Ddc biet la cae bie'n SIZE, GROWTH va DFL. De khac phuc va'n de nay, lac gia da ehuyen eac bie'n nay sang thanh ham Logant Iff nhien.
Sau khi sff dung phffdng phap tren, cdc bie'n da chuye'n thanh phan phd'i chua'n vdi ket qua ehiet xua'l tff SPSS trong Bang 4.
Cde bie'n trong Bang 4 se dffde lac gia sff dung de dffa vao md hinh hdi quy da bie'n.
Md hinh hoi quy ROA
Phffdng trinh hdi quy (1) d tren dffdc ddi thanh:
Ln_ROA = Ao + Pi'Ln_S!ZE + (f^UiGROWTH + p^*TURN + /i/lNVE + nmECE I IT^TANG +
^^*LnDFL + £
Ke't gua phan tich hdi quy cdc nhan tdtde ddng de'n ROA (lan 1) eho iha'y, cd 7 bie'n trong mo hinh deu cd tdc ddng de'n ROA, bie'n Ln_SlZE (quy md lai san) ed gid tri Sig. qua ldn dat gia tri 0,893, bie'n INVE (ty trgng hang ton kho) cd h6 sd Sig. la 0,183. Nhff vay, nhan ld'Ln_SIZE va INVE khdng cd y nghia thdng ke.
Gid tri Sig. cua ca 5 bie'n dpc lap cdn lai cd gid tri tff 0,000 dd'n 0,099, tffc do lin cay dat tff 90% de'n 99%
cho tha'y, cdc bie'n nay cua md hinh deu ed y nghia thd'ng ke.
Tie'n hanh loai bd bien Ln_SIZE va INVE chay lai md hinh hdi qny (lan 2) vdi cac bie'n ddc lap con lai ta dffdc md hinh hdi quy mdi the hien d Bang 5. Md hinh hdi quy d Bang 5 cho tha'y, gid tri Sig. eua bie'n dpc lap TURN, RECE, Ln_DFL cd gid iri tff 0,000 de'n 0,03, tffc dd tin cay ra't cao dat tff 97% den 99%. Bie'n TANG cd dp tin eay dat 92,5% (Sig. = 0,075). Rieng bie'n Ln_GROWTH cd dd lin cay tha'p nha'l la 87,5%
(Sig. = 0,127). Tuy nhien, mffc dn eay nay vin ed the cha'p nhan dffdc. Do vay, cd the nhan thay rang, cdc bie'n eua md hinh ddu ed y nghia iho'ng ke. 5 bie'n trong md hinh cd tac dgng de'n hieu qua sff dung vd'n (ROA).
Kiem dinh mffc do phd hgp cua mo htnh ROA Ke't qua thd'ng ke tdm tat tai Bang 6 cho iha'y, tri so' R = 0,712 (> 0,6), cd y nghTa md'i quan he giffa cdc bie'n trong md hinh la kha chat che. Gia tri R- = 0,507, the hien sff phii hdp eua md hinh d mffc trung binh.
Gia dmh ve tinh ddc lap cua phan dff cijng khdng bi vi pham the hien quanhe sd'Dubin- Waison, d=l,163, nam trong khoang (1,3). Do vdy, md hinh khdng ed tff Iffpng quan phan dff.
BAMG 2 ROA ROE SIZE GROWTH TURN TANG RECE INVE DEL
THONG KE mo TA CAC BIEM TROMG MO HINH N
442 442 442 442 442 442 442 442 442
Nlio nhSft -0,56910 -1,91686 0.20420 -0,67118 0.II8I4 0,00100 0,00144 0.00421 0,028.15
L6a nM't 0,.13O06 0,89667 6l7fi906I 6,15604 12,73354 0,89453 0,94203 0,79116 5,44665
Trung binh 0,0616866 0,1478590 2106157,56 0,1634221 3.0599736 0,2740804 0.2767268 0,2599745 0,5813527
D$ l^ch chua^n 0,06428727 0,16575620 6577627.051 0,56686834 2,1893825) 0,18127336 0,1869894]
0.18449377 0.31022964 BAMG 3: PHAM TICH TtTONG QGAN PEARSON
ROE
ROA
Pearson Correlation Sig. (2-iaileti) N
Pear.son Correlation Sig. (2-tailed)
N 1 ROE
1 442 0,754-•
0,000 442
ROA 0,754"
0.000 442 1 442
SIZE -0,013
0,180 442 0.056 0,142 442
GROWTH 0,174"
0,000 442 0.119' 0,012 442
TURN 0,226"
0,000 442 o.ior 0,034 442
TANG -0,055
,151 442 -0,156"
0.001 442
RECEl -,229"
0,000 442 -0.077 0,105 442
INVE 0,1 Ki'
0.015 442 0,L56-"
0,001 442
DFL -0,346**
0.000 442 0,021 0,060 442
** Correlation i.s significant at the 0 01 level (2-taiied).
'. Correlation is significant at the 0.05 level i.2-lHiled).
51
BANG 4: HE SO SKEWNESS VA SAU KHI CHGYEN SANG
Ln_ROA Ln_ROE Ln^SIZE Ln_GROWTH TURN TANG RECE INVE Ln_DFL Valid N (listwise)
N Statistic
432 432 442 310 442 442 442 442 442 306
KURTOSIS CGA CAC BIEN LOGARIT T^r NHIEM Skewness Statistic
-1,167 -1,565 0,619 0,113 1,547 0,655 0,944 0,688 -10,277
Std. Error 0,117 0,117 0,116 0,138 0,116 0,116 0,116 0,116 0,116
Kurtosis Statistic
2,532 4.439 0,624 1,265 2,647 -0,297 0,559 -0,258 3,778
Std. Error 0,234 0,234 0,232 0,276 0,232 0,232 0.232 0.232 0,232
BAMG 5: MO HINH HOl QGY DA BIEN CAC NHAM TO TAC DQNG DEN ROA SAG KHI LOAI BIEN LN.SIZE VA INVE
Coefficients"
Mo hinh
1 (Constant) Ln GROWTH TURN TANG RECE Ln DFL
He s6 chu'a chu^n hoa Beta -3,221
0,176 0,205 -.0,77 -0,959 -0,864
Do lech chuan
0,214 0,050 0,044 0,323 0,318 0,113
HesS"
chuan h6a Beta
0,177 0,419 -0,048 -0,173 -0,702
Giatri
-15.020 1,531 4,701 -1,786 -3 020 -76!6
Mtfcy
0.000 0,127 0,000 0,075 0.003 0,000
Thdng k$
da c6ng tuy^n H6s6'ch^p
nh$n 0.978 0,314 0,835 0,764 0,294
VIF
1,022 3,182 1.197 1,310 3.402 a. Dependent Variable: Ln_ROA
BAMG 6: THONG KE TOM TAT MO HINH ROA Model Summary''
R binh phifdng MiJc sai s^ Durbin binh phu'dng hieu chinh chu^n -Watson a Predictors- (Constant), Ln^DFL, Ln_GROWTH. Ln.SIZE, RECE. INVE b. Dependent Variable: Ln_ROA
BANG 7: P H A N TICH PHCTdNG SAI ANOVA ANOVA"
M& hinh
1 Regression Residual Total
T^ngbinhpliifcrng 87,521 245,093 332,614 df
5 299 304
Binh phutrfng sS" trung binh 17,504 0.820
F 21.354
a Dependent Variable: Ln_ROA
b Predictors: (Constant), Ln DFL. Ln^GROWTH,Ln_SIZE, RECEl, INVE Sig.
0.000''
c DN TMMV-SPSS20
Ke gia dinh ™»
„ ^ h phtfdng phap FN!till '^y' cacgi"
lio phon. VIFMnnl>at h,enM«ng<lac6nj.. • ' •"^''.^'^^^l^-
Ket qni <I4nh gia tn R ..,rc„ cho thay, raohinhhSiquydab.en.;:, xaydtrngla nhu hop.
K A qui pMn tich ,,./dng sai (ANOVA) a Bang 7 cho thay, Sig. - OOOO < 0,01. Dieu nay cho thay, cac bie'n doc lap CO lien quan tuyen tinh vdi bie'n phu thuoc vdi mile do tin_c|y 99%.
Nhu vay, mo htah cac nhan to tSc dong de'n hieu qua s i dung von (ROA) phu hdp vdi di! lieu thuc te nghien ciju.
HOi quy mo hinh ROE
Phuong tnnh hoi quy dOn giBa ROE va ROA, trong do ROE la ham so ciia ROA.
De phu hdp vdl yeu cau phan phoi chuan, phuong trinh (2) dUdc bien doi thanh:
ROE = n„ + a*Ln_ROA + t Sir tac dong cua cac bie'n doc lap den hieu qua sii dung von kinh doanh (ROA) dirdc giai thich thong qua cac he so hoi quy. Ke'l qua hoi quy d Bang 5 cho tha'y, cac bien dpc lap trong m6 hinh deu tac dong de'n ROA. Trong do: Bie'n Ln_
GROWTH (tang trUdng doanh thu) co tac dong diTdng (tich cifc) va co y nghia thong ke vdi miJc y nghia Sig. = 0,127 tirong ling vdi miJc do tin cay la 87,3%.
Dieu nay cho tha'y, ttong doanh nghiep TMNY tang trucing doanh thu dong nghia vdi tang ROA. Bie'n TURN (vong quay tai san) cd tac dong tich ctfc de'n ROA va cd y nghia thong ke il miJc Sig. = 1% (dp tin cay 99%). Bie'n TANG (ty trong tai san CO dinh) tac dpng tieu cue de'n ROA d mu'c y nghia Sig. = 7,5%. Nhu vay, cang dau tutai sanco dinh, thi ROA cang giam.
Bien RECE (ty trpng cac khoan phai thu) tac dong^am (ti6u cue) den ROA va co y
"? ' ^ ™ ? ? . ' ' ' *. "">•= Stg. = 3% (do tin T I ™ V '•• ' " "''y' -""""S '^^c c8ng ty TMNY, cong tac thu hk cong no kh6ng tot se anh huang xa„ (,g„ hiju quii s l
"?"? ™":BtenLn_DFL (tJ trong „^a vay) CO y nghia thong ke tai mtfc sTa = 1%
vacd tac dpng am de'n ROA Nhir vay dot Vdl cac doanh nghiep TMNY vav nd cang nhieu, thi ROA cang gii„ ^ •
Vdl mo hinh hoi quv ddn Rr,c , r a n g , R 0 A c 6 t a c y „ g , t ° ? * ? * » J sinh ldi vo'n chii sd hOu vi,".*" ? ™a<
mptcS phie'u thudng vdi P „,„^™P tren tn Sig. eua bien doc lap lit o oo lytcV^-
52
tin cay dat den 99% {Bang 8). Dilu nay cho tha'y, bien cua mo hinh de co y nghTa thong ke. ROA co tac dpng kha ldn dS'n ty suat sinh IcJi von chii sd hiJu (ROE). Ket qua tho'ng ke torn tat tai Bang 8 cho thay, tn so xac dinh R cao (=0,855> 0,6), co y nghia moi quan he giiJa ROA vdi ROE la chat che. Gia tri R- va R- hieu chinh deu bang 0,730, co nghTa la ROA giai thich dudc 73% sir thay doi ROE.
KET LUAN vA KHUYEN NGH!
Ket qua nghien cu'u cho tha'y, trong mo hinh ROA, 5 nhan to': Toe do tang trifdng; Vong quay tai san; Hang ton kho;
va Don bay tai chinh deu tac d6ng de'n ROA. Trong do, nhan to'Ln_DFL (he so' ncf) CO tac dong manh nha't, tuy nhien day la tac dong tieu cifc. Nhan to' tac dong manh thu' 2 la TURN (vong quay tai san). Day la nhan to' tac dpng tich ciic vdl he .so' beta dat 0,176. Vong quay tai san cang cao, thi ROA cang cao. Tac dgng manh thiJ 3 la nhan to' tang trifdng doanh thu {Ln_GROWTH), tang trifdng doanh thu cd tac dong tich cifc de'n ROA vdl he so' beta bang 0,177, Hai nhan to' con lai tac ddng tieu ci/c la (ty trpng cac khoan phai thu (RECE) va ty trpng tai san cd' dinh (TANG). Tuy nhien, tac dong cua TANG la nho nha't vdi he so' beta cd gia tri kh^ nhd la -0,048.
Trong md hinh hoi quy ROE, Ty sua't sinh ldi tren Tong tai san (ROA) tac dpng tich cifc rat Idn de'n Ty sua't sinh ldi tren Von chu sd hilu. He so' beta chifa chuan hda !a 0,761 va h$ so'beta chuan hda la 0,885. Ke'l qua nay cho tha'y, khoang 88,5% sif bie'n doi cua ROE la do tac dpng cua ROA,
Tlf ke't qua nghien cii'u tren cho tha'y, de nang cao hieu qua sijf dung vo'n, cdc doanh nghiep TMNY can thifc hien mpt so npi dung sau:
BANG 8: MO HINH HOI QUY LM_ROE Coefficients"
Md hinh
1 (Constynl) Ln_ROA
H^ s& ciiifa chuan hoa Beta
0,232 0,761
D$ l^ch chuS'n 0,074 0,022
H^s3'chuS'nh6a Beta
0,855 Gia tri
t 3,137 34,131
Mtfc nghi;
0,{
o.(
a Dependent Vanable: Ln_ROE
BAMG 9: PHAN TICH PHCTCiNG SAI ANOVA - ROE Model Summary
M6 hinh 1
R 0.855^
R binh phtfdng 0,730
R binh phifcAig hi$u chinh 0,730
Mitcsaisd'chuS 0,49C Mguo,,. linh Thff nhd't. cd ca'u lai nguon von. Cac doanh nghiep TMNY hien tai dang cd ty trong nd vay cao. Ke't qua mo hinh chi ra rang, don bay tai chinh la nhan to' tac dpng tidu cifc ldn nha't den hieu qua su" dung vd'n. Cac doanh nghiep TMNY phan ldn co ty trong nd vay ldn dac biet la np vay ngan han Vi vay, cac doanh nghidp nay can cd cau lai ty le vo'n vay, giam ty le nay xuo'ng mlJc phil hdp thdng qua mpt so'hinh thu'c huy dpng vd'n CO phan, nhif: phat hanh them co phan, tang ly le Ipi nhuangiiJlaijhoac tim nguon tai trd tff cac dd'i tac dau tlf d dang li6n doanh, hen ket.
Thff hai, nang cao to'c dd tang tru'dng doanh thu.
Theo ket qua nghien cu'u, chi tieu GROWTH tac ddng tich cu'c va cd y nghTa thd'ng ke de'n hieu qua su' dung von. Vl vay, viec tang doanh thu khdng nhu'ng tac ddng tang vong quay tai san, ma cdn cd tac ddng trifc tie'p de'n kha nang sinh Ipi cua tai san, vd'n chu sd hffu, doanh thu. Do dd, doanh nghiep can md rdng cac md'i quan he, tim kie'm cac cd hpi md rdng thi tru'dng, tang doanh thu cho doanh nghiep. Xay difng chinh sach gia ca hpp ly.
Thff ba, doanh nghiep can tang vdng quay tai san de nang cao hieu qua siJ" dung tai san thdng qua viec khai thac su" dung td'i da cdng sua't cua tai san cd' dinh (he thd'ng nha kho, chudi ciJa hang, van phong...) va cd ke hoach dif trff ton kho hpp ly phia hdp vdi ke hoach tieu thu va day nhanh tid'n dd thu hoi cdng np tranh tinh trang d dong vo'n.Q
TAI LIEU THAM KHAO
1 Le Thi Nhu (2016). Nghien cffu ve khd ndng sinh lai cua cdc doanh nghiep xdy dung niim yi't lai Viel Nam, Ky ye'u Hdi thao qud'c gia: Ke toan kiem toan trong bd'i canh Viet Nam gia nhap TPP va AEC, Trifdng Dai hpc Kinh te Qud'c dan
2. Ong Tze San and Teh Boon Heng (2010). Capital Structure and Corporaie Performance of Malaysian Construction Sector, Centre for Promoting Ideas, USA
3. Sheikh, N. A and Wang, Z. (2011). Determinants of capital structure: An empirical study of firms in manufacturing industry of Pakistan, Managerial Finance, 37(2), 117-133
4. Zeitun and G. G. Tian (2007). Capital structure and corporate performance: evidence from Jordan, Australasian Accounting Business and Finance Journal, I (4)
