Mức độ tập trung vốn và hiệu quả hoạt động của các công ty niêm yết trên sở giao dịch chứng khoán Thành phố Hồ Chí Minh

Tap chi Khoa hgc 1 rucnig Oai hoc Cdn Tha Tap 54 So ID (2018) • 138-145

Tap chi Khoa hpc Tru'dng Oai hoc Can Thd

Phan D: Kinh te va Phap luat

website: sj.ctu.edu.vn

DOI: 10.22144/clujvn 2018.150

Mir c D p TA P TRUN G VO N V A HIE U QU A HOA T DON G CU A

CAC C6NG TY NIEM YET TREN S 6 GIAO DICH CHITNG KHOAN

THAN H PH O H O CHI MIN H

Ngo My Tran' ' va Le Thi Trang^

'Khoa Kinh le, Truang Dgi hoc Cdn Tha

^Agribank Chi nhdnh Thdnh pho Cdn Tha

*Ngu&i chiu trdch nhiem ve bdi viet: Ngd My Trdn (email. nmlran(^clu.edu.vn)

ABSTRACT

This research was aimed to investigate the impact of ownership

concentration and board ownership on the performance of firms listed in

Ho Chi Minh slock exchange The data were collected from 287 non￾financial listed firms in the period from 2011 to 2015. The generalized

method of moments is used to analyze the data. The results indicated that

ownership concentration enhanced the performance of non-financial firms

listed in terms of market value as well as accounting performance.

However, there was no statistical evidence on the impact of hoard

ownership on firm performance Besides, the higher leverage was found to

reduce the performance of listed firms In addition, listed firms which had

good growth rates, large size and high annual fixed asset investment rate

were statistically associated with higher market value and better

accounting performance

TOM TAT

Bdi Viet nhdm nghien ciru dnh hu&ng cua muc do tdp trung von den hieu

qud hogt dgng cong ty, sir dung so lieu thu thdp tic 287 cong ty niem yet

Iren S& giao dich chimg khodn Thdnh pho Ho Chi Minh giai dogn tir 2011

- 2015. Phuong phdp generalized method of moments (GMM) duac sir

dung de phdn tich so lieu. Kel qud nghien ciru cho thdy su tap trung von

lam gia Idng gid tri thi tru&ng vd hieu qud hogt dgng cua cdc doanh

nghiep phi tdi chinh, luy nhien khong co bdng chimg thong ke cho thdy ty

le s& hiru co phdn cda hgi dong qudn tri co tdc dgng den gid tri thi tnr&ng

vd hieu qud hogt dong ctia doanh nghiep. Ben cgnh do, ty le su dung na

vay cdng cao cdng lam gidm gid tri thi truang cdng nhu hieu qud hogt

dpng cua doanh nghiep Ngodi ra, co bang chirng cho thdy cdc cong ty

niem yet co tdc do tdng Iruong tot, quy mo lan vd ty IS ddu lu tdi sdn co

dinh hdng ndm cao co gtd In thi tru&ng vd hieu qud hogt dong tot hem.

Trich dan; Ngo My Tran va Le Thi Trang, 2018. Miic dp tap trung von va hieu qua boat dong ciia cac cong

ty niem yet tren sa giao dich chiing khoan thanh pho Ho Cbi Minh. Tap chi Kboa hoc Truong Dai

hpc c k Tho. 54(7D). 138-145.

1 GIOT THIEU dang tien trien tot da mo ra nhieu co hgi phat tnen

„ , ,. ,.,;,; , ,x,- . . . cho cac doanh nghiep Viet Nam nhimg done then Cung vai ca hoi the che kinh te thi tmong nuoc , . , ,--. . 'f ,•,, - u.. ifj •• , ^ , , . ' u • L- L- 1 • u .= •: .; buoc ho pbai tang cuong kha nang canh tranh duoi ta ngay cang boan thien, hoi nhap kmh te quoc te i- • c = .

Thong tin chung:

Ngdy nhdn bdi- 23/01/2018

Ngdy nhdn bdi sira: 20/03/2018

Ngdy duyet ddng- 30/10/2018

Title:

The impact of ownership

concentration and board

ownership on the

performance affirms listed in

Ho Chi Minh stock exchange

Tir khda:

Gid tn thi truang, GMM,

hieu qud hogt dpng, muc dp

tap trung von, ty le sa hiru

Keywords:

Board ownership, firm

performance, firm value,

GMM. ownership

concentration

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