Nhfl vay, viec trao quyen cho phu nfl se tac dpng den cac td chflc TCVM thdng qua thu nhap va rui ro tin dung, tfl do anh hfldng den kha nang sinh Idi, hieu qua hoat dpng cfla cac to chf
Trang 1Tac dong cua trao quyen cho phu nQ
den hieu qua hoat dong cua cac to chCrc tai chfnh vi mo Viet Nam
Nguyen Ngoc Tan"'
Ngay nhan bai: 03/4/2020 | Bien tap xong: 04/5/2020 | Ngay duyet: 10/5/2020
; TOM TAT: Trong nhij'ng nam viTa qua, cacto chu'ctai chmh vi mo (TCVM)tai Viet
Nam da cung iJng dich vu tai chi'nh U'U dai cho phu nu' co thu nhap thap, dac biet la phu nu" ngheo Viec trao quyen cho phu nQ" thong qua cac hoat dong cung u'ng dich vu tai chi'nh nay se tac dpng den thu nhap va rui ro tin dung, tij*
do anh hu'cing den kha nang sinh Idi cung nhu" hieu qua hoat dpng cua cac to chu'c TCVM (D'Espallier, Guerin, & Mersland, 2013; Abdulai & Tewari, 2017; Lopatta & ctg, 2017) Tuy nhien, viec cho vay ddi vdi cac khach hang ia phu nu"
CO thu'c si/dem lai hieu qua cho cac to chu'c TCVM hay khong la mpt van de can du'dc quan tam nghien cu'u Nghien cu'u nay du'Pc thu'c hien nham muc tieu xac dinh tac dpng cua viec trao quyen cho phu nu' den hieu qua hoat dpng cua cac
to chu'c TCVM Viet Nam Nghien cu'u su' dung phu'dng phap GMM he thdng (SGMM) vdi dLJ lieu 26 to chu'c TCVM Viet Nam trong giai doan 2013-2017 Ket qua nghien cu'u cho thay, viec trao quyen cho phu nu' cd tac dpng ti'ch ci/c den hieu qua hoat dpng cua cac td chu'c TCVM, the hien qua khi'a canh kha nang
sinh Idi (ROA, ROE), kha nang tiJ ben vCTng trong hoat dpng (OSS) va hieu qua
phan bd (SE) Tren cd sd ket qua nghien cu'u, tac gia de xuat cac ham y chi'nh sach nham nang cao hieu qua hoat dpng cua cac td chu'c TCVM Viet Nam
TifKHOA: To chu'c tai chmh vi mo, hieu qua hoat dong, trao quyen cho phu nCT
Ma phan loai JEL: D02, DU, D24
1 Oat van de nghien cu'u nam 2010 la 0,0197 va d d n g t h i l 31 trong tong
Theo so lieu bao cao cua ChUflng trinh so 105 niidc (UNDP, 2010) Ty le ngheo da Phat trien Lien Hdp quoc (UNDP) diia ra tai chieu cua Viet Nam la 5%, cao hon hau het cac
buoi cong bo Cap nhat so lieu thong ke cua ; ^ ——^
V i - XT - nn.n "•• • ' i , ' ' u ' - " ,„ Nguyen Ngoc Tan ' Van phong Uy ban Nhan
Viet Nam nam 2010 ve cac chi so phat trien ^ ^ ^^^^^_ gg Le Thanh Ton, Phadng Ben
con ngUcfi va so lieu thong ke ngheo da chieu [^g^^^ Quan 1, Thanh pho Ho Chf Minh; Email: toan cau, chi so ngheo da chieu cua Viet N a m tanvpubtp@gmail.com
Trang 2TAC DONG CUA TRAO QUYEN CHO PHU N Q D E N HtEU Q
nii6c trong khu viic Dong A va Thai Binh
Dilong, chi sau Thai Lan va Trung Quoc Mac
du, Viet Nam da co nhieu tien bg trong giam
ngheo da chieu d cap quoc gia, tuy nhien v5n
con chenh lech Idn gifia cac viing mien va cac
nhom dan cii dtioc chia theo gidi Trong do,
nhiing ngifdi ngheo thUtfng la nhiing ngif6i
phai ganh chiu nhiing ton that do tham hpa,
thien tai va chinh con ngiidi gay ra, trong do
phu nii va tre em vtn luon la doi tiidng de ton
thiiong Phu nii ciing thildng gap idio khan
trong tiep can dich vu tin dung tren thi triidng
do gicfi han ve thu nhap va tai san the chap
Viec thieu tiep can doi vdi cac dich vu tai
chinh ccf ban da lam giam cd hoi cua phu nQ
trong viec cai thien thu nhap, dam bao cho sii
ton tai va diidng dau vcfi nhiJng tnidng hdp
khan cap (Vo Thi Ngoc Ha, 2019) NhCng phu
nfi ngheo can dich vu tai chinh va cac dich vu
xa hoi cd ban de the hien vai tro tich ciic trong
nen kinh te, dong thcfi nang cao vi the ciia ho
trong cong dong cua minh
Tai Viet Nam, cac to chiic TCVM cung
ling dich vu tai chinh ifu tien cho phu nfl co
thu nhap thap, dac biet i£u tien phu nfl ngheo
Cac san pham cua to chflc TCVM dfldc thiet
ke ban dau dfla tren phfldng thflc dfldc dieu
chinh phu hop vdi cac doi tflong khach hang
nay nhfl: khong can tai san the chap; hoan tra
dan theo tuan, thang; thu tuc vay, tra don gian
va duy tri ky luat tin dung Hau het, khach
hang nfl gidi cua to chflc TCVM vay von de
phat trien kinh te, danh cho cac hoat dpng
kinh doanh nhfl nong nghiep, chan nudi, ngii
nghiep, lam nghiep va buon ban nho Mot so
khach hang nil vay von nham dap flng nhu cau
tieu dung, sfla chiia nha cfla vdi cac loai san
pham vay ngSn ban, trung han Hoat dpng cho
vay doi tflpng khach hang nay mpt mat mang
lai thu nhap cho cac to chflc TCVM, mat khac
ciing mang lai rui ro cho cac to chflc nay Nhfl
vay, viec trao quyen cho phu nfl se tac dpng
den cac td chflc TCVM thdng qua thu nhap va rui ro tin dung, tfl do anh hfldng den kha nang sinh Idi, hieu qua hoat dpng cfla cac to chflc TCVM (D'EspaUier & ctg, 2013; Abdulai & ctg, 2017; Lopatta &ctg, 2017) Tuy nhien, viec cho vay ddi vdi cac khach hang la phn nfl co thflc sfl mang lai hieu qua cho cac td chflc TCVM hay khdng la mot van de can dfldc quan tam nghien cflu
Xu£t phat tfl thflc te do, nghiSn cflu nay xem xet tac dong cua viec trao quyen cho phu nfl d^n hieu qua hoat dong cua cac to chflc TCVM tai Viet Nam trong giai doan
2013-2017 Ket qua nghien cflu se la cd s6 khoa hpc
va thflc tien quan trpng cho viec xay dflng cac chinh sach nham dinh hfldng boat dong cho vay vdi ddi tflpng la khach hang phu nii, dong thdi dam bao phat trien ben \'flng, hieu qua cac td chflc TCVM tai Viet Nam
2 Ctf sdly thuyet
2.1 Khai niem trao quyen cho phu nfl
Mdt trong nhflng yeu to quan trpng ma nhieu chuyen gia ve giam ngheo quan tam thao luan la trao quyen (ndng cao vi the) Khai niem nay nhin chung de cap den sfl md rpng
ve kha nang cua ca nhan de tao ra nhflng Ifla chpn chien lUpc chd cuoc song (Ibrahim & Alkire, 2007) Khi con ngfldi bi tfldc quyen, hp thfldng lam vao tinh trang ngheo ddi (Maes & Foose, 2006) Ngfldi ngheo khong bi tfldc quyen khi hp cd it cdng viec, vi vay ho cd xu hfldng chap nhan lam bat cfl viec gi hay bat dau cac boat dong kinh doanh nho de suih tdn Do dd, trao quyen cung dfldc xem la viec gia tang tai san va kha nang cua ngddi ngheo
de tham gia giao dich, thfldng Iiidng va gay anh hfldng vdi cac dinh che cd anh hiidng den cudc sdng cua hp Trong nhflng ngfldi ngheo thi phu nfl ngheo la ddi tflpng can cd du tai san
va kha nang de gia tang sfl sung tuc va sfl dam
Trang 3bao cung nhfl sfl tii tin cua minh
Do do, trong nghien cflu nay, trao quyen
cho phu nfl dflpc hieu la viec gia tang tai san,
khi nang va sfl tii tin cua ngfldi phu nfl de
tham gia giao dich, thfldng Ifldng, va gay anh
hiidng vdi cac dinh che cd tac ddng den cudc
sdng cua ho
2.2 Cd sd ly thuyet v^ tac dpng cua trao
quy^n cho phu nCt den hi^u qua ho?t ddng
c6a cdc to chflc tai chinh vi mo
To chflc TCVM hd trd phu nfl dfla tren
viec khuyen khich hoat dpng tap the, giup phu
nfl thoat ra khdi cac rao can ve gidi trong cac
hoat ddng kinh te, md rdng tam nhin cho sfl
phat trien cua hp vdi tfl each la ca nhan, thanh
vien cua mpt gia dinh, nhdm va cpng dong
Theo each nay, cac to chflc TCVM ap dung cac
dich vu tai chinh hfldng tdi lpi ich kinh te
thdng qua cac doanh nghidp cfla phu nfl Co
th^ ndi, phu nfl la cot loi trong boat dong phat
trien cua cac doanh nghiep nay Tfl lau, vai trd
cua doanh nghiep nhd trong xda ddi giam
ngheo da dflpc cong nhan la quan trong, do dd
viec thflc day cac doanh nghiep nay cua phu
nii la chia khda de tang phuc loi xa hpi ndi
chung va gia dinh ndi rieng
Dau nhflng nam 1980, cac nha nghien cflu
bat diu nghi ngd ve cac ly thuyet cho rang thu
nhap cao hdn cua nam gidi se lam gia tang thu
nhap cho gia dinh cua hp (Kabasakal,
Boyacigiller & Erden, 1994) Sau dd, cac to
chflc phi chinh phu, td chflc TCVM da thflc
hi^n nhi^m vu trao quyen cho phu nfl thdng
qua doanh nghiep sieu nhd vdi boat ddng kinh
doanh dfldc dieu hanh bdi phu nii Do dd, de
xem xet tac ddng cua trao quyen cho phu nii
doi vdi hieu qua boat ddng cua to chflc
TCVM, dieu quan trpng la danh gia dfldc
nhiing Idi the va bat Idi cua phu nfl so vdi nam
^di trpng viec dieu hanh cac hoat ddng kinh
doanh, kha nang flng phd vdi rui ro
Thiinhdt.phu nUlgi thetrongkinh doanh nhd vdo khd ndng tu nhien
Phu nfl ddng vai tro quan trpng trong sfl phat trien va tang trfldng kinh te cua mdt qudc gia vi hp cd tai nang va kha nang tfl nhien de trd thanh mot doanh nhan thanh cong, tfl dd tao ra nhieu viec lam cho ngfldi khac
(Kabasakal, 1998) Uyin chuyen, kheo leo,
kien tri va dam chap nhan that bai la mdt so net khac biet, ddng thdi cung la Idi the tfl nhien cua phu nfl khi lam kinh doanh Tuy nhien, van cdn khdng it dieu thfl vi ve nang Iflc cua ngfldi phu nfl chfla dfldc giai thich bet Mpt trong sd do la phu nfl dfldng nhfl trd nen manh me hon nam gidi trong giai quyet khung hoang Vdi kha nang kinh doanh nay, phu nfl ddng vai trd quan trpng de thuc day nen kinh
te cua mpt quoc gia Sarfaraz & ctg (2018) da lap luan cd sfl dong thuan cao gifla cac hpc gia rang phu nfl cd the ddng vai trd quan trpng trong doanh nghiep Verheul (2003) cung cap bang chflng thflc nghiem cho thay cac qudc gia
cd tdng ty le hieu qua hoat ddng kinh doanh cao cung cd lien quan den ty le boat dpng kinh doanh cua phu nfl cao Ngoai ra, Abu Bakar & ctg (2007) da dieu tra cac yeu td anh hfldng den sfl tham gia cua phu nfl vao viec kinh doanh d Johor Nghien cflu thflc hien khao sat tren 215 doanh nhan nfl va ket qua cho thay,
ve CO ban cd ba yeu td chinh anh hfldng den sii thanh cong cua phu nfl do la sfl quan tam, tham vpng va sfl ddc lap Theo dd, phu nfl mudn dfldc coi la ddc lap va Ididng phai ganh nang cho chdng trong viec kiem sdng hoac cho ngfldi than
Thd hai, phu na co mUc do phong ngUa rui
ro cao hdn do do nhom khdch hdng ndy co miic
do rui ro tin dung thap hdn nam gidi tai cdc to chiic TCVM
Cac nghien cflu dong quan diem rang hieu qua hoat dpng cfla cac to chflc TCVM phu thupc vao mflc dp rui ro cua khach hang
Trang 4(TCVM, 1990) Cac td chflc TCVM flu tien doi
vdi ngfldi vay phu nfl thfldng xuat phat tfl hai
ly do: ngfldi vay la phu nfl dang tin cay hdn va
cd tac ddng xa hdi Idn hdn Cd mdt quy luat
dfldc due ket trong nganh tai chinh, dd la phu
nfl gioi hdn dan dng trong viec quan ly cac
danh muc dau tfl dai han, nhflng lai kem hdn
trong cac giao dich Ifldt sdng, nguyen nhan la
do tinh can trpng nen phu nfl thfldng chpn
giai phap dau tfl dn dinh va quan ly riJu ro tdt
hdn, nhflng cung chinh dieu nay khien ho
cham hdn trong viec chdp cd hdi dau tfl, kinh
ddanh
Ben canh do, mgt so quan diem khac cho
rdng phu na co hieu qud kinh doanh thdp hdn,
it moi quan he vd kinh nghiem trong qudn ly so
vdi nam gidi
Phu nfl it cd cd hdi lam viec hdn va khd
khan hdn Bhatt & Tang (2005) cho thay, phu
nfl phai doi mat vdi tinh trang thieu viec lam
va tinh chat cong viec khd khan do thieu ky
nang, thieu kinh nghiem Idnh doanh; di
chuyen it hdn, trach nhiem gia dinh nang ne
hdn Thflc tien xa hdi cho thay tai nhieu qudc
gia, phu nfl van bi danh gia thap, va thieu kha
nang tiep can vdi cac cdng nghe, cdng cu va
phfldng tien san xuat hdn sd vdi nam gidi Vi
khdng cd du cd hdi viec lam chd phu nfl, it
dflpc hd trp chd viec tfl lam chu Do dd, phu
nfl gap nhieu khd khan trong viec tao ra thu
nhap, tfl chu tai chinh, giai phong tiem nang
kinh te hdn so vdi nam gidi Vao gifla nhflng
nam 1980, nhieu nghien cflu d cac vimg mien
khac nhau d An Dp da dflpc thflc hien bdi cac
to chflc phi chinh phii, ngan hang va cac cfl
quan tai trp qudc te khac nhau, cd lien quan
den viec cung cap tin dung cho cac nhdm phu
nfl Ket qua cho thay, ngfldi phu nfl thanh
cdng tren thfldng trfldng lan trong cudc sdng
phai tra gia bang hanh phuc va hp thfldng gap
khd khan trong chpn Ifla nay Do dd, ngfldi
phu nfl mudn thanh cdng trong sfl nghiep se
phai no liic rat nhieu Khia canh nay ma^g tinh khach quan tfl moi trfldng kinh doanh phu nfl kinh doanh luon thiet thdi hdn so vdi nam gidi bdi cd hpi kinh doanh le thupc vao cac moi quan he Cac nghien cflu da cho thay sau gid lam viec nam gidi van co the giao tiep
ngoai xa hpi, thn kiem cd hdi kinh doanh thi
trai lai phan idn phu nfl phai trd ve nha Thien chflc bam sinh cua phu nfl da thu hep kha
nang hp tiep can vdi nhieu cd hdi
Ve kmh nghiem quan ly, cac nghien cflu cho thay phu nfl thfldng chat che d giai doan
dau nhflng lai sd hd d doan sau Phu nfl
thfldng xem xet tflng chi tiet nho khi dam phan hdp dong nhiing khi di vao thflc hien hp Iai lang phi khdng it Diem yeu nay thfldng diay d nfl doanh nhan trong linh viic cdng nghe va xay dflng Nam gidi cd the manh la tdi flu hda cdng nghe, biet tim hieu trien khai nhieu giai phap cdng nghe khac nhau Trong khi dd, phu nfl von dflOc cho la gidi xfl ly tinh hudng nhflng dflng trfldc nhflng bai toan ve cdng nghe, ho thfldng nhfl chap nhan dflng sau nam gidi (Kariv, 2010)
Mac du, cd nhflng Ipi the nhat dinh trong thflc hien cac boat dpng kinh te nhflng phu nfl cung gap phai nhieu bat Idi Nhflng rao can tren lam cho phu nfl gap khd khan hdn so vdi nam gidi trong van de tao thu nhap, tii chu tai
chinh de xda ddi giam ngheo du deu cd cd hdi
binh dang trong tiep can nguon von Nhflng Idi the va bat Ifli nay cua ddi tfldng khach hang phu nfl chinh la cP sd ly giai cho tac ddng cua viec trad quyen cho phu nfl den hieu qua hoat dpng cua cac to chflc TCVM
2.3 Cac nghien cflu ve tac ddng cua trao quyen cho phu nfl den hieu qua hoat dong cua cac to chflc tai chinh vi md
Cd nhieu nghien cflu dfldc thiic hien de danh gia thanh cdng cua hoat dpng TCVM trong viec dat dfldc cac muc tieu giam ngheo
Trang 5va nang cao vi the cho phu nfl ngheo (Cohen
& Sebstad 2001; Goyal, 2004; Somasekhar &
Bapuji, 2005; George, 2014) Nhflng nghien
cflu nay thay ddi dang ke ve mat chi tieu co
ban, nhflng con so do Ifldng viec tiep can tin
dung cua phu nfl (sd phu nfl vay tren tong so
ngfldi vay) va hieu qua tai chinh cua cac to
chflc TCVM Somasekhar & Bapuji (2005) da
tien hanh dieu tra ve viec nang cao vi the cua
phu nfl thdng qua cac nhdm tfl Iflc (SHG) tai
Andhra Pradesh Nhflng phat hien chi ra rang
sii tham gia cua phu nfl ngheo d ndng thdn vao
cac SHG khdng chi cho phep nhflng phu nfl
nay tiep can von tin dung ma cdn dan den viec
ndng cao nhan thflc, sfl tfl tin va sfl can dam
ma cd the dflpc coi la nang cao vi the Nhfl vay,
mang Ifldi tin dung vi md da thuc day xay
ditng kha nang, tinh than lam chu doanh
nghiep vi md va sfl cai thien ve kinh te-xa hdi
ciia ngfldi phu nfl
Mayoux (1999) da bien luan rang, cac dich
vu TCVM da dan den nang cao vi the ve kinh
te ciia phu nfl thdng qua viec kich thich sfl
phat trien hoat ddng kinh doanh cua phu nfl,
dan den tang thu nhap trong mflc dp Idem
soat cua hp Nghien cflu nay cho r^ng, cac dich
vu TCVM da chd phep phu nfl tao ra thu nhap
bang tien thdng qua cac loai boat ddng lam
chil doanh nghiep khac nhau Nhflng boat
dpng lam chu doanh nghiep nay da giup tang
vai trd cfla phu nfl trong viec dfla ra quyet dinh
trong gia dinh
Mayoux (2002, 2005) da trd thanh nha
nghien cflu tien phong ve TCVM va nang cao
vi the cua phu nfl Ong da dfla ra mpt loat bang
chflng tfl Nam A va chau Phi chflng minh cho
cac anh hfldng (bao gdm ca tich cflc va tieu
ciic) ve vai trd cua phu nfl trong cac mdi quan
he vdi gia dinh, cdng ddng va xa hpi Ong cho
rang, phu nfl chu ddng ve mat kinh te, cd cac
khoan tiet Idem dpc lap rieng va chia se thu
nhap Idn hdn trdng pham vi gia dinh, cd
quyen han ve kinh te Idn hdn giup hp cung cd dia vi mac ca trong pham vi gia dinh, tfl dd hp
cd the dfla ra cac quyet dinh dpc lap hdn cung nhfl ddng vai trd quyet dinh hdn va nang cao
vi the hdn
Tac ddng cua viec trao quyen chd phu nfl den hieu qua boat dpng cua cac td chflc TCVM the hien rd net nhat thong qua anh hfldng den thu nhap va rui ro tin dung Tfl dd, trao quyen cho phu nfl se anh hfldng gian tiep den kha nang sinh loi, hieu qua boat ddng cua cac td chflc TCVM (D'Espallier & ctg, 2013; Abdulai & ctg, 2017; Lopatta & ctg, 2017)
O khia canh anh hfldng den thu nhap, theo D'EspaUier & ctg (2013), cac to chflc TCVM cd nhieu Ifla chpn khac nhau de gia tang thu nhap, chang ban nhfl md rdng thi phan bang each md rpng khach hang cfla hp hoac da dang hda danh muc cho vay bang each phuc vu khach hang vdi nhieu khoan vay nhd hon Cull, Demigu c-Kunt, & Morduch (2008) chi ra rang, phu nfl dfldng nhfl nhan dfldc cac khdan vay nhd hdn chinh vi vay viec gia tang trao quyen cho phu nfl se giup gia tang sd Ifldng khach hang, da dang hda danh muc cho vay, gia tang thu nhap, gia tang hieu qua boat ddng cua cac to chflc TCVM
d khia canh rui ro, viec trao quyen cho phu nfl se lam giam rui ro tin dung cfla cac td chflc TCVM, tfl dd giflp gia tang hieu qua boat ddng Mdt tien de cfla lap luan nay la phu nfl thflc sfl la nhflng ngfldi kiem soat cac khoan vay tdt (Goetz & Gupta, 1996; Rahman, 1999; Kabeer, 2001; Mayoux, 2001) Xuat phat tfl sfl
lo sd cfla ngfldi phu nfl ve cac bien phap triing
phat xa hdi va ap Iflc xa hdi, vdn la mdt cd che
thu hdi nd thfldng dfldc sfl dung bdi cac td chflc TCVM Cac nghien cflu phan tam hpc cho rang, nhd chflc nang sinh hpc ciia phu nfl nen hp da phat trien mot y thflc cu the ve cdng
ly va dao dflc dfla tren cac quy tac phap ly (Gilligan, 1982) Cac nha nhan chung hpc va
Trang 6cac nha xa hdi hoc cho rang, cac qua trinh xa
hdi va cac nguyen tac cua chuan mflc xa hdi
ddng vai trd quan trpng trong viec xay dflng
dao dflc nfl tinh Trong nhieu nen van hda va
cac xa boi gia trfldng ndi rieng da cho thay,
phu nfl la nhuiig ngfldi bao ve danh dfl cua gia
dinh, cua ddng ddi va cua ca gia tdc Do dd, ho
cung la nhflng ngfldi cd y thflc hdn trong viec
dap flng cac nghia vu np Mdt sd nghien cflu d
Bangladesh cho thay cac td chflc TCVM da
giam thieu rui ro tin dung bang each cho vay
nhieu hon ddi vdi phu nfl tren cd sd tan dung
cac chuan mflc danh dfl xa hdi dia phfldng va
xau hd cua ddi tfldng nay (Rahman, 1999;
Karim, 2011) Nghien cflu cfla Johnson (2004)
d Kenya cho thay, cac bien phap trflng phat
khdng chinh thflc khong cd hieu qua ddi vdi
dan dng, trong khi con nd la phu nfl phan flng
nhanh hdn vdi ap Iflc xa hdi va dao dflc
Nhfl vay, cd the thay nhieu bang chflng ve
tac dpng cua trao quyen cho phu nfl den hieu
qua boat dong cua cac td chflc TCVM Muc
tieu cua nghien cflu nay la tien hanh danh gia
moi lien ket gifla viec trao quyen cho phu nfl
va hieu qua cua cac to chflc TCVM tai Viet
Nam trong giai doan 2013-2017
3 Pliu'tfng phap nghien cu'u
3.1 Md hinh nghien cflu
Tren cd sd md hinh nghien cflu chinh cua
Abdulai & ctg (2017) va Lopatta & ctg (2017),
va dong thdi ket hpp vdi cac nghien cflu cua
Dao Lan PhflPng & Le Thanh Tam (2017) va
Ngo (2015), md hinh nghien cflu tdng quat
cua de tai cd dang nhfl sau:
Md hinh 1:
OSS,, - jio + PiOSS.M + P2AGE,, + I33CPB,,
+ I34OEA,, + PsDERi, + p6PAR30„ + p7NAB„ +
psGLP,, + PsPFB,, + v, + u„
Md hinh 1:
ROA„ - po + piROA,,., + p.AGE,, + pjCPB,,
+ p,OEA., + PsDER,, + P6PAR30, + PTNABU ^
psGLP,, + pgPFB,, + Vi + u„
Md hinh 3:
ROE., = fi„ + (3,R0E„, + PJAGE, + PaCPB + |3,0EA„ + (53DER,, + P^PARSO,, + PiNAB,, + (3,GLP„ + P9PFB1, + V, + u,i
Mo hinh 4:
TE, = 130 + (3,TE„-, + I32AGE + PBCPB, + I34OEA,, + PsDERi, + P6PAR30., + P7NABit + psGLP„ + p9PEB,t + v,+ u„
Md hinh 5:
SE„ - pc + PiSE,,- + P2AGE,, + P3CPB, + p.OEAi, + PsDER + P6PAR30,, + p7NABi, + p8GLP„ + P9PFB„ + v, + u„
Trong dd: cac bien phu thudc OSS - mflc
dp tfl ben vflng ve boat ddng, ROA - thu nhap rdng tren tdng tai san, ROE - thu nhap rdng tren vdn chu sd hflu, TE - chi so the hien hieu qua ky thuat va SE - chi so th^ hien hieu qua quy md Day la cac chi tieu dfldc sfl dung de danh gia tinh hieu qua cua cac td chflc TCVM trong nghien cflu nay Cac chi tieu nay thfldng
de cap den kha nang cua cac to chflc TCVM
de thflc hien Hen tuc cac chfldng trinh TCVM trong viec theo duoi cac muc tieu Idnh te-xa hpi cua minh (Abdulai & ctg, 2017; Dao Lan Phflflng &ctg, 2017; Ngo, 2015)
Bien ddc lap chinh trong md hinh la PFB the hien viec trao quyen cho phu nfl dflpc do Ifldng bang tong sd phu nfl vay tren tong sd ngfldi vay ciia td chflc TCVM
Cac bien ddc lap khac bao gdm: AGE (td chflc TCVMs' age) - tudi cua cac td chflc TCVM, CPB (Cost per borrower) - chi phi tren mdi ngfldi di vay, OEA (Operating expense to assets ratio) - ty le chi phi boat ddng tren tong tai san, DER (Debt to equity ratio)
-ty le vdn chu sd hflu tren tdng tai san, PAR30 (Portfoho at risk) - ty le rui ro cua danh muc dau tfl, NAB (Number of active borrowers)
-sd ngfldi di vay thflc va GLP (Gross loan portfolio) - tdng danh muc cho vay
Trang 7Ben c?nh dd, Vi - dac tinh cua to chflc
TCVM khdng quan sat dfldc va u,t - sai so dac
thii
Cach thflc do Ifldng cac bien, ky vpng dau
a cd sd de xuat cac bien dflpc trinh bay trong angl
Bang1: Mo ta cac bien du'dc sir dung trong mo hinh
^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ H Bien phu thUQC
T i i ben v S n g ve h o a t
dong
Ty suat s i n h Idi t r e n t a i
san
Ty suat s i n h Icfi t r e n
von chu s d h f l u
H i e u q u a ky t h u a t
Hieu qua quy m o
OSS
ROA
ROE
TE
SE
Thu nkap tir hoat d d n g
^ • ^ : "^xiooyo
Tong cki ph\ hoat aong
Thu nhap rbnq
- ^ -^-^xlOO%
Tong t a i san Thu nh^p rbnq -;f- , " x l O Q % Tong von chu s c hum
D f l d c t m h t o a n t f l p h a n ti'ch DEA
D f l d c ti'nh t o a n t f l p h a n t i c h DEA
S c h a f e r & F u k a s a w a (2011), D i s s a n a y a k e (2014), Ngo (2015), Dao Lan P h f l d n g & c t g (2017),
A b d u l a i a c t g (2017)
D i s s a n a y a k e (2014),
A b d u l a i S c t g { 2 0 1 7 )
D i s s a n a y a k e (2014),
A b d u l a i S c t g (2017)
B i l n dgc lap
Trao q u y e n c h o p h u n f l
Ty le von c h u s d hQu
tren t d n g t a i san
Tong d a n h m y c c h o
vay
Ty le rui ro cua d a n h
m u c d a u t f l
Tang t r d d n g Sd ngflcJi
dl v a y t h i / c
Ty le c h i phi' h o a t d o n g
tren t o n g t a i s a n
Chi p h i ' t r e n m o i n g f l d i
di vay
Tudi cua cac t d c h f l c
TCVM
PFB
DER
GLP
PAR30
NAB
OEA
CPB
AGE
Tong so phu n i r vay Tong so ngixc/i vay Tong von chu scr kvtu Tong t a i s a n
L n ( T d n g d a n h m u c c h o vay da
d i e u c h i n h t y le x d a sd) Cac k h o a n 15 r o n g / T o n g d f l n d
c h o v a y
L n ( T d n g s d n g f l d i vay)
Tong chi phi hoat iong Tong tai san
L n ( T d n g c h i p h i ' h o a t d d n g / T d n g sdngflcTi vay)
So n a m h o a t d p n g c i i a cac t o
c h f l c TCVM t i n h t h d i d i e m
n g h i e n c f l u
^
+
+
+
+
A b d u l a i a c t g (2017),
Ngo (2015), Dao Lan
A b d u l a i a c t g (2017)
S c h a f e r & c t g [ 2 0 1 1 ) , Oao
L a n P h u ' d n g & c t g ( 2 0 1 7 ) ,
A b d u l a i a c t g (2017)
S c h a f e r a c t g (2011), Ngo (2015), A b d u l a i a c t g (2017)
D i s s a n a y a k e (2014),
A b d u l a i S c t g (2017)
S c h a f e r a c t g (2011),
D i s s a n a y a k e (2014), Ngo ( 2 0 1 5 ) , A b d u l a i a
c t g ( 2 0 1 7 ) Dao Lan P h f l d n g a c t g (2017), A b d u l a i a c t g (2017)
Trang 83.2 Phfldng phap fldc Ifldng
De khac phuc hien tfldng ndi sinh thiJdng
xay ra trong cac mo hinh kinh te, nghien cflu
nay thflc hien hoi quy cac md hinh bang
phfldng phap GMM he thdng (System
GMM-SGMM) cua BlundeU & Bond (1998) Phfldng
phap nay dfldc sfl dung pho bien trong cac fldc
Ifldng dfl lieu bang ddng tuyen tinh hoac cac
dfl lieu bang cd tdn tai hien tfldng phfldng sai
thay ddi va tfl tfldng quan
Phfldng phap SGMM la phfldng phap
thich hdp vdi nghien cflu nay vi nhieu ly do
Thfl nhat, dfl lieu bang cua nghien cflu cd T
nhd {5 nam), N Idn (26 to chflc TCVM),
nghia la it mdc thdi gian nhflng cd nhieu
quan sat Thfl hai, phfldng phap nay phu hpp
de fldc Ifldng cac md hinh nghien cflu ddng
vdi mpt hoac hai ve cua phfldng trinh cd chfla
bien tri Vdi cac md hinh nay cac fldc Iflpng
bang tinh nhfl phfldng phap tac ddng c6 dinh
(FEM) va phfldng phap tac ddng nglu nhien
(REM) khdng cho phep tao ra cac bien cdng
cu tfl chinh cac bien trong md hinh Thfl ba,
phfldng phap SGMM cd the dfldc sfl dung khi
cac bien ddc lap khdng phai la bien ngoai sinh
ngat (strictly extrogenous), nghia la cd tfldng
quan vdi phan dfl; hoac tdn tai bien ndi sinh
(endogenous variable) trong md hinh, Cudi
cung, khi md hinh tdn tai cac tac ddng cd
dinh rieng re va phfldng sai thay doi hoac tfl
tfldng quan cua sai sd thi phfldng phap nay la
phii hpp, do kha nang khfl cac tac dpng cd
dinh rieng le va khSc phuc cac khuyet tat cua
md hinh
Cac kiem dinh do tin cay cua md hinh da
dfldc tac gia thflc hien bao gdm:
Kiem dinh sfl tfl tflong quan cua phan dfl:
Theo Arellano & Bond (1991), fldc Ifldng
GMM yeu cau cd sfl tfldng quan bac 1 va
khdng cd sfl tfldng quan bac 2 cua phan dfl
Dd vay, khi k iem dinh gia thuyet HQ; kh dng
cd sfl tfldng quan bac 1 (kiem dinh AR(1)) va
khdng cd sfl tfldng quan bac 2 cua p aji ^
(kiem dinh AR(2)), chung ta bac bd H) ^ i^^
dinh AR(l)va chap nhan Ho a kiem dmh AR(2) thi md hinh dat yeu cau ^ _ Kiem tra tinh phu hpp cua md hinh va cac bien dai diln: tfldng tfl cac md bmh khac, sfl phfl hop cua md hinh cd the dfldc thflc hien thdng qua kiem dinh F Kiem dinh F se kiem tra y nghia thdng ke cho cac he sd fldc Ifldng cua bien giai thich vdi gia thuyet Ho: tat ca cac
he Sd fldc Ifldng trong phfldng trinh deu bang
0, do dd de md hmh phu hdp thi phai bac bd gia thuyet Ho Ngoai ra, kiem dinh Sargan/
Hansen cdn dddc sfl dung de kiem tra gia
diuyet Ho: cac bien cdng cu la phu hpp Khi chap nhan gia thuyet Ho nghia la cac bien cdng
cu dfldc sfl dung trdng md hinh la phti hdp 3.3 Dfi lieu nghien cflu
Thed thdng ke cua Ngan hang Nha nfldc Viet Nam den thdi diem 30/6/2019, cd bdn td chflc TCVM chinh thflc la to chflc TCVM TNHH M7, to chflc TCVM TNHH MTV Tinh thUdng, to chflc TCVM TNHH Thanh Hda va
to chflc TCVM TNHH MTV chd ngfldi lao ddng ngheo tfl tao viec lam Ben canh cac to chflc TCVM chinh thflc, cd 30 td chflc TCVM ban chinh thflc thupc cac chflong trinh, dfl an TCVM hdat ddng tai Viet Nam (Danh ba TCVM, 2018) Tuy nhien, thdng tin cua cac td chflc TCVM nay khdng day dfl do dd tac gia thflc hien nghien cflu vdi 26 to chflc TCVM cd day dfl dfl Heu nhat Dfl lieu nghien cflu la sd lieu bao cao tai chinh hang nam cua 26 to chflc TCVM tai Viet Nam trong giai doan
2013-2017 dfldc cung cap bdi td chflc MIX Market MIX Market la trang web dupe dieu hanh bdi td chflc Chia se Thdng tin TCVM (Microfinance Information Exchange-MIX) Trang web MIX Market cho phep cac chfldng trinh TCVM dang tui, bao gdm cac ban bao cao tai chinh da dfldc Idem toan va cac chi so boat dpng de nhan dfldc danh gia xep hang
Trang 9dfla tren dd minh bach cua thdng tin Ve thdi
gian nghien cflu, tac gia iiin hanh thflc hien tai
26 td chflc TCVM trong giai doan 2013-2017
Giai doan nay dfldc tac gia Ifla chpn de thflc
hien nghien cflu vi dam bao 26 td chflc TCVM
deu cd du sd heu de tinh toan cac bien so trong
mo hinh nghien cflu
4 Ket qua nghien cuTu
K^t qua thong k^ md ta do Ifldng cac dai
Ifldng dac trflng ddi vdi cac bien nghien cflu
dfldc the hien d Bang 2
Cac bien phu thupc dai dien cho kha nang
sinh Idi ROA, ROE va bien OSS dai dien cho
sfl hin vflng ve hoat dpng dflpc tac gia tinh
toan tfl bao cao tai chinh hang nam cua 26 to
chflc TCVM trong giai doan 2013-2017 Cac
chi sd hieu qua ky thuat (TE) va hieu qua quy
md (SE) cua 26 td chflc TCVM trong giai doan 2013-2017 dfldc tac gia lay tfl ket qua phan tich bao dfl lieu (DEA)
Ket qua thong ke md ta chd thay, binh quan ROA va ROE cua 26 to chflc TCVM trdng giai doan 2013-2017 lan Iflpt la 4,06%/nam va 12,79%/nam Sai sd chuan cua ROA va ROE xap xi vdi gia tri binh quan cho thay, ROA va ROE cua cac td chflc TCVM bien ddng kha nhieu Chi sd OSS binh quan cua 26 to chflc TCVM trong giai doan
2013-2017 la 1,39 cho thay, binh quan cac td chflc TCVM trong mau nghien cflu dam bao ben vflng ve hoat ddng
Cac chi sd hi^u qua TE va SE cfla 26 to chflc TCVM trong giai doan 2013-2017 cd gia tri binh quan lan Ifldt la 54,83% va 77,06% cho thay, hau het cac td chflc TCVM trong mau nghien cflu cd hieu qua boat ddng tren mflc
Bang 2: Ket qua thong l<e mo ta cac bien trong mo hinli
in sat So quan sat Gia trj trung binh 06
Bien phu t h u o c
ROA
ROE
OSS
TE
SE
Bien doc lap
130
130
129
130
130
0,04056 0,12794 1,38988 0,54829 0,77055
0,04302 0,16161 0,39783 0,27558 0,22488
-0,17811 -0,51827 0,34367 0,187 0,187
0,14825 1,06924 2,90079
1
1
PFB
AGE
CPB
OEA
DER
PAR30
GLP
NAB
130
130
130
130
130
128
130
130
0,90904 12,76923 13,32789 0,27707 0,48307 0,00727 24,75121 9,19830
0,13401 6,65488 1,04299 1,79711 0,80914 0,02332 2,49879 1,97308
0,51408
2 10,5491 1,11e-09 0,01810
0 21,61813 5,81711
1
27 17,0967 20,57519 9,06658 0,1928 32,68964 15,77561
guon: Ket qua tinh toan ti/phan m§m STATA 15.0
Trang 10binh quan
Bien trao quyen cho phu nfl cd gia tri binh
quan trong giai doan 2013-2017 la 90,9% Cd
the thay khach hang vay cua cac to chflc
TCVM chu y^u la phu nfl
Ddi vdi cac bien dpc lap trong md hinh,
Bang 1 cho thay thdi gian hoat ddng binh quin
cua cac td chflc TCVM trong giai doan
2013-2017 la 12 nam, logarit tfl nhien cua chi phi
tren mdi ngfldi di vay binh quan la 13,33 lan,
chi phi hoat ddng tren tdng tai san binh quan
la 27,71%, tyle von chusdhau tren tiSngta san
binh quan 1448,31%, tfli rui ro cua danhmuc dau tti binh quin la 0,73%, logarit tvl nhien cua
so ngucii di vay thricla 9,2 lan, logarit tti nhien
cda t6ng danh muc cho vay da di«u chinh ty le xoa so binh quan la 24,75 lan
sa dung phan mSm STATA vcri dfl heu bang can bSng ciia 26 to chiSc TCVM giai doan 2013-2017 de it*c luong cac m6 hinh da trmh bay a phSn 3 Ket qua ilcfc luclng mo hinh duoc trinh bay trong Bang 3
Bang 3: Ket qua i/dc It/dng mo hinh vdi bien phu thuoc ROA, ROE, OSS
^^^I^^^^HH^^^^^^I^^^^S^I
R O A ( t - l )
R 0 E { t - 1 )
O S S ( t - l )
PFB
AGE
CPB
OEA
DER
PAR30
NAB
GLP
CONS
AR(1) p - v a l u e
AR(2) p - v a l u e
H a n s e n p - v a l u e
N u m b e r o f g r o u p s
N u m b e r o f i n s t r u m e n t s
S e c o n d s t a g e F - t e s t p - v a l u e
0 , 4 9 3 7 2 * * *
1 , 1 7 8 0 2 * * *
0 , 0 0 0 7 6
0 , 0 4 4 2 4
- 4 , 1 7 5 3 7 * * *
0 , 3 5 9 7 8 * * *
- 1 , 3 7 5 3 3
- 0 , 0 4 0 8 5
0 , 0 6 6 1 6
- 1 , 9 3 6 3 7
0 , 0 8 8
0 , 3 8 4
0 , 5 7 3
2 6
19
0 , 0 0 0
0 , 3 9 6 1 4 * *
1 , 3 3 3 7 8 * * *
0 , 0 4 4 1 6 *
- 0 , 0 9 0 6 0
2 , 0 9 4 0 4 *
- 0 , 2 6 1 7 5 *
4 , 5 7 5 1 2
- 0 , 1 2 2 4 8
0 , 0 9 9 0 4 *
- 1 , 9 6 5 9 2
0,011
0 , 6 8 3
0 , 8 8 5
2 6
17
0 , 0 0 0
^^^S^ 0 , 6 1 7 7 2 * * *
0 , 5 3 3 6 8 * *
- 0 , 0 0 2 3 2 * * *
0 , 0 0 3 6 8
- 0 , 4 1 8 4 2 * * *
0 , 0 5 2 0 4 * * *
- 0 , 2 1 0 2 8
0 , 0 3 3 8 9 * * *
- 0 , 0 0 8 2 7
- 0 , 5 7 2 2 1
0 , 0 6 0
0 , 2 0 2
0 , 3 1 2
2 6
21
0 , 0 0 0
Ket qua ddc Iddng mo hinh vdi cac bien phu thugc ROA, ROE, OSS cua cac to chdc TCVM duac thdc hien vdi phu'dng phap SGMM AR(1), AR(2) p-value la gia tri p-value cua Kiem dinh sd tddng quan bac 1 va bac
2 ciia phan dd Hansen p-value ta gia tri p-vatue cua kiem dinh Hansen ve sd phii hdp cua cac bien cong
cy trong mo h'mh Second stage F-test p-value la gia tri p-value cua kiem dinh F ve sd phij hop cua mo
hinh * * * * * v a * the hien cac mdc y nghTa thong ke J%, 5% i/a 10%
Nguon: Ket qua tinh toan tifphan mem STATA 15 n