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  • TRNG I HC CN TH

    KHOA KINH T

    BI TUN ANH

    NH HNG CA TN DNG NGN HNG

    V TN DNG THNG MI N TNG TRNG

    V HIU QU CA CC DOANH NGHIP

    NNG NGHIP VIT NAM

    LUN N TIN S KINH T

    CHUYN NGANH: KINH T NNG NGHIP

    MA NGANH: 62 62 01 15

    Cn Th, thng 6 nm 2017

  • TRNG I HC CN TH

    KHOA KINH T

    BI TUN ANH

    NH HNG CA TN DNG NGN HNG

    V TN DNG THNG MI N TNG TRNG

    V HIU QU CA CC DOANH NGHIP

    NNG NGHIP VIT NAM

    LUN N TIN S KINH T

    CHUYN NGANH: KINH T NNG NGHIP

    MA NGANH: 62 62 01 15

    HNG DN KHOA HOC

    PGS.TS. L KHNG NINH

    Cn Th, thng 6 nm 2017

  • i

    LI CM N

    Trong qu trnh hon thnh lun n ny, ti nhn c s gip , h

    tr v ng vin chn thnh v qu bu ca rt nhiu ngi. Ti xin chn

    thnh cm n tt c.

    PGS.TS. L Khng Ninh tn tnh hng dn, ng vin v truyn

    t nhiu kin thc hu ch cho ti trong sut thi gian thc hin lun n ny.

    Qu Thy C Khoa Kinh t v Khoa Sau i hc, cc Khoa, Trung tm v

    Vin ca Trng i hc Cn Th ging dy v gip ti trong sut thi

    gian hc tp.

    Cc bn hc vin Lp Nghin cu sinh Kinh t Nng nghip Kha 2

    (20122016) ng h ti trong qu trnh hc tp v thc hin lun n ny.

    Cui cng l gia nh to mi iu kin cho ti hon thnh lun n ny.

    Knh chc tt c nhiu sc khe v thnh cng.

    Cn Th, ngy thng 6 nm 2017

    Ngi thc hin

    Bi Tun Anh

  • ii

    TM TT

    Lun n s dng d liu ca 130 doanh nghip nng nghip nim yt

    trn sn giao dch chng khon H Ni (HNX) v thnh ph H Ch Minh

    (HOSE) xc nh nh hng ca tn dng ngn hng v tn dng thng

    mi n tng trng v hiu qu hot ng ca cc doanh nghip ny. Lun n

    s dng phng php c lng hiu ng c nh (FE) v hiu ng ngu

    nhin (RE) c lng nh hng ca tn dng tn dng ngn hng v tn

    dng thng mi n tng trng doanh thu v hiu qu hot ng (ROE) ca

    cc doanh nghip nng nghip c kho st. Tuy nhin, phng php c

    lng hiu ng c nh (FE) v hiu ng ngu nhin (RE) khng khc phc

    c hin tng ni sinh trong m hnh nghin cu, do vy lun n s dng

    phng php c lng GMM (Generalized Method of Moments) c pht

    trin bi Arellano & Bond (1991) v c s dng rng ri trong nhiu nghin

    cu thc nghim.

    nh hng ca tn dng ngn hng v tn dng thng mi n tng

    trng doanh thu

    Bng phng php GMM, lun n ghi nhn mi quan h phi tuyn c

    dng gia tn dng ngn hng, tn dng thng mi vi tc tng trng

    doanh thu ca cc doanh nghip nng nghip c kho st. Nu t l lng

    tin vay ngn hng trn tng gi tr ti sn ca doanh nghip nh hn 0,4804

    (ngng ti u) th lng tin vay ngn hng tng s thc y tng trng

    doanh thu cho doanh nghip v ngc li. Mi quan h tch cc gia tn dng

    ngn hng v tng trng doanh nghip xut hin l do tn dng ngn hng

    vi u im bt ngun t tnh linh ng ca s lng, k hn v iu khon

    cho vay gip kp thi b sung vn cho doanh nghip khai thc cc c hi

    th trng. c bit, khi ch c th vay c lng tn dng ngn hng t,

    doanh nghip s c xu hng s dng vo cc k hoch kinh doanh hay u t

    vo cc d n c trin vng v ri ro thp nht. Kt qu l doanh nghip c th

    y mnh tc tng trng doanh thu. Tuy nhin, khi d tip cn ngun vn

    tn dng ngn hng v nm gi lng tn dng ngn hng tng i ln, doanh

    nghip c xu hng s dng d di vo cc k hoch kinh doanh hay cc d

    n t trin vng nhng c th ri ro cao (bi cc d n c trin vng v t ri ro

    c khai thc ht). l nguyn nhn l gii tc tng trng doanh thu

  • iii

    ca cc doanh nghip c kho st li gim nu doanh nghip lm dng qu

    mc tn dng ngn hng.

    Tng t, nu t l tn dng thng mi trn tng gi tr ti sn thp

    hn 0,1853 th tn dng thng mi cng gip lm tng tc tng trng

    doanh thu ca doanh nghip v ngc li. Kt qu ny l do nhiu doanh

    nghip s dng hp l tn dng thng mi nn duy tr c ngun nguyn

    liu u vo v tn dng c c hi ca th trng tng doanh thu. Ngc

    li, nhiu doanh nghip s dng qu mc tn dng thng mi nn khng

    kp thi phn ng khi ngi cung cp tn dng thng mi yu cu thanh ton

    ngay hoc ngng cp tn dng thng mi. H qu l kh nng tng trng

    ca doanh nghip nhn tn dng b nh hng tiu cc.

    Lun n cng cho thy nng sut lao ng c tc ng tch cc n tc

    tng trng doanh thu ca cc doanh nghip. Tuy nhin, tc tng trng

    doanh thu trong nm trc dng nh c nhng tc ng tiu cc n tc

    tng trng doanh thu, ngha l s tng trng khng bn vng ca cc cng

    ty theo thi gian c th l hu qu ca s khng chc chn v th trng u ra

    v s cnh tranh t cc i th.

    nh hng ca tn dng ngn hng v tn dng thng mi n hiu

    qu hot ng ca doanh nghip (ROE)

    Bng phng php GMM, lun n ghi nhn quan h phi tuyn c dng

    gia tn dng ngn hng vi hiu qu hot ng (ROE) ca doanh nghip

    nng nghip. Nu t l lng tin vay ngn hng trn tng gi tr ti sn ca

    doanh nghip nh hn 0,4173 (ngng ti u) th lng tin vay ngn hng

    tng s gip doanh nghip ci thin hiu qu hot ng (hay lm tng ROE )

    v ngc li. Mi quan h phi tuyn gia tn dng ngn hng v hiu qu hot

    ng ca doanh nghip c l gii da trn li ch tm chn thu v cc lun

    im v quyt nh u t ca doanh nghip trong iu kin khng chc chn

    ca th trng u ra. Nh m bo mc tn dng ngn hng hp l, doanh

    nghip c th t c li ch t l chn thu ca tn dng ngn hng do vy

    c c li nhun cao hn. Tuy nhin, khi t l n vay trn tng gi tr ti sn

    vt mc 0,4173 th mi n v t l n tng thm s khin cho hin gi li

    ch t tm chn thu thp dn so vi chi ph kit qu ti chnh, do vic vay

    n khng cn mang li li ch cho doanh nghip.

    Lun n cng ghi nhn quan h phi tuyn c dng gia tn dng

    thng mi vi hiu qu hot ng (ROE) ca doanh nghip. Nu t l lng

    tn dng thng mi (gi tr hng ha mua chu) trn tng gi tr ti sn ca

  • iv

    doanh nghip nh hn 0,2425 (ngng ti u) th lng tn dng thng mi

    tng s gip doanh nghip ci thin hiu qu hot ng (hay lm tng ROE )

    v ngc li. Kt qu ny khng nh lp lun v chc nng l cng cu tai tr

    vn ca tn dng thng mi, ti thiu hoa chi phi giao dich, v.v. gip nng

    cao hiu qua hoat ng cua doanh nghip. Ngc li nu doanh nghip lm

    dng qu mc tn dng thng mi s khng phn ng linh hot trc nhng

    bin ng khng chc chn ca th trng v nhu cu v gi c, l nguyn

    nhn lm gim li nhun ca doanh nghip.

    Cng vi vn tn dng ngn hng v tn dng thng mi, doanh nghip

    ng thi s dng vn ch s hu. Kt qu nghin cu ca lun n cn khng

    nh vai tr tch cc ca vn ch s hu n hiu qu hot ng ca doanh

    nghip. R rng, vn ch s hu vi li th chi ph vn thp gip doanh

    nghip ci thin c hiu qu hot ng. Tuy nhin, thm nin hot ng li

    tc ng tiu cc n hiu qu hot ng ca doanh nghip c kho st.

    l do nhiu doanh nghip hot ng qu lu m li chm i mi phng

    thc qun l v cng ngh sn xut nn kh ci thin c hiu qu hot

    ng, nht l trong cc ngnh d b bo ha v mang tnh thi v nh kinh

    doanh nng nghip.

    T kt qu nghin cu, lun n xut cc gii php gip doanh nghip

    s dng hp l tn dng ngn hng v tn dng thng mi nhm ci thin tc

    tng trng v t hiu qu hot ng bn vng. Cc doanh nghip khc c

    th tham kho v vn dng ph hp vi iu kin ca mnh h tr tng

    trng v t hiu qu.

  • v

    ABSTRACT

    This dissertation uses the data of 130 agricultural enterprises listed on

    Hanoi Stock Exchange (HNX) and on Ho Chi Minh City Stock Exchange

    (HOSE) to detect the impact of bank credit and trade credit on their growth

    and performance (measured by return on equity ratio). The dissertation used

    fixed effects (Fixed Effects FE) and random effects (Random Effects RE)

    methods to estimate the impact of bank credit and trade credit on the growth

    rate of the agricultural enterprises. Since the fixedeffect (FE) and random

    effects (RE) models are unable to tackle the endogenous problems in the

    estimated regression equation, the dissertation applies the Generalized Method

    of Moments (GMM) developed by Arellano & Bond (1991) and widely

    applied by a number of empirical studies to estimate.

    The impacts of bank credit and trade credit on firm growth

    By GMM estimation method, the dissertation shows an inverted U-shape

    () relationship between bank credit and trade credit with growths in sales of

    enterprises. More specifically, if the ratio of bank credit over total asset is

    lower than 0.4804, the bank credit boost growth in sales of the enterprises and

    vice versa. Positive relationship between bank credit and growths in sales of

    agricultural enterprises, which could be explained by bank credit with the

    advantages derived from the flexibility of the amount and loan terms

    supplement promptly capital for enterprises to exploit the market

    opportunities. If enterprises can only hold a small amount of loan, they will

    tend to use in the business plans or investment in projects which has prospects

    and lowest risk. As a result, enterprises can boost revenue growth quickly.

    However, these firms can use loans to the business plans or projects may be

    less promising but risky if they hold a larger of loans. This is the reason why

    revenue growth may decrease.

    Similarly, if the ratio of trade credit over total assets is lower than

    0.1853, the trade credit helps to boost growth in sales of the enterprises and

    vice versa. This means that if the ratio of trade credit to total assets is below

    0.1853, trade credit will boost the growth rate of sales of the firms and the

    effect reverses if the ratio goes beyond that benchmark. The reasons are that

    many agricultural enterprises use reasonably trade credit should maintain the

  • vi

    input material and take advantage of market opportuniti