PHÂN TÍCH các NHÂN tố ẢNH HƯỞNG đến HIỆU QUẢ tài CHÍNH NGHIÊN cứu điển HÌNH tại các CÔNG TY cổ PHẦN NGÀNH CÔNG NGHỆ THÔNG TIN được NIÊM yết TRÊN sàn CHỨNG KHOÁN

COMPANY LISTED INFORMATION TECHNOLOGY ON VIETNAM STOCKEXCHANGE ABSTRACT: The objective of the study is to examine the factors that affect the financial performance of the companies from

TỔNG LIÊN ĐOÀN LAO ĐỘNG VIỆT NAMTRƯỜNG ĐẠI HỌC TÔN ĐỨC THẮNG KHOA TÀI CHÍNH NGÂN HÀNG

BÀI NGHIÊM CỨU NHÓM MÔN: THỰC HÀNH MÔ HÌNH TOÁN KINH TẾ

ĐỀ TÀI:

PHÂN TÍCH CÁC NHÂN TỐ ẢNH HƯỞNG ĐẾN HIỆU QUẢ TÀI CHÍNH: NGHIÊN CỨU ĐIỂN HÌNH TẠI CÁC CÔNG TY CỔ PHẦN NGÀNH CÔNG NGHỆ THÔNG TIN ĐƯỢC NIÊM YẾT TRÊN SÀN CHỨNG KHOÁN VIỆT NAM

Giảng viên hướng dẫn: PHÙNG QUANG HƯNG Lớp: MÔ HÌNH TOÁN KINH TẾ (Ca 3, Thứ ba) – Nhóm: 03 Danh sách Sinh viên thực hiện:

VÕ HOÀNG NHÂN (B19H0263) PHAN THANH HIẾU (B19H0195)

HỒ THỊ TUYẾT ĐOAN (B19H0177)

TỪ LÊ MINH NGÂN (B19H0247)

ANALYSIS OF FACTORS AFFECTING FINANCIAL

PERFORMANCE: TYPICAL STUDY AT THE JOINT STOCK

COMPANY LISTED INFORMATION TECHNOLOGY ON VIETNAM STOCK

EXCHANGE

ABSTRACT:

The objective of the study is to examine the factors that affect the financial performance of the companies from which to make some suggestions for managers to improve financial performance The study used data from 22 companies that share the information technology sector listed on stock exchanges in Vietnam period 2007-2018 in the field of information technology The research results have shown that the effectiveness main (ROA) of companies significantly affected by the ratio of the state capital (STATE), the management capacity (MC), firm size (SIZE), and the company's business cycle (BS) On the other hand, the study also pointed out the positive impact (+) of ROA on the profitability ratio on equity (ROE).

Keywords: Production cycle business, financial performance, the company shares listed

information technology industry.

1 INTRODUCTION:

Today, technology is proliferating,

especially in information technology

have an important role in bringing a new

era of modern advanced technologies

Therefore, need to understand the factors

affecting financial performance and this

will be the baggage to participate in the

market in this area, most notably as ROA,

ROE, MC, SIZE, STATE, BS, CR, QR,

and DFL Vietnam's stock market in the

period 2011-2013 continuously fluctuated

strongly, seriously affecting companies

Two factors may explain this, which is

endogenous and exogenous in which one

of the endogenous factors is very

important that the financial performance

of companies When analyzing the

research and data companies in the

information technology industry, we

discovered that there are companies with

negative profits after tax during 2011,

2012, and 2013 For

example, the company technical ServicesJoint-stock Telecommunications (TST),JSC Telecommunications (UNI), JSC

This leads to the question: What factors

affect the financial performance of thecompany shares listed on the stockexchange in Vietnam? If so, how manyfactors? In addition, the level of impactlike?

The research focused on studying thefactors that affect the financialperformance of the listed joint-stock

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Table 0 The previous related research

Author Research method and sample Research results

Investigate the factors affecting the Factors such as the

performance due topoorly controlled oreven corruption

Liargovas and

Skandalis (2008)

Based on the disclosure of timely

Factors affecting theannual reports to confirm and modify

their expectations about the current financialperformance of the

the company

Factors affecting theBased on the disclosure of timely financial

S.H and Al-Soub, Y.Z their expectations about the current insurance companies

Exchangecompanies listed on Vietnam's stockexchanges, more precisely CorporationInformation Technology The team usedthe method of correlation analysis and

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multiple regression analysis Strictly

research also indicates factors the state

capital ratios, company size, ratio of

capacity management, business cycle

strong impact on financial performance

Moreover, the group is strictly between

the ROA and ROE depth

The layout of the study will include:

I Introduction II Basic theory

a The previous related research

b The concept and meaning of each

financial indicators used in the study

III Data and research methods

IV Research model, research hypotheses

V Research results

VI Conclusions and recommendations

VII References

a The previous related research

Financial performance important role for

businesses in particular and the economy

in general There are many studies on

financial performance and the factors

affecting it Search gives different figures

on financial performance but the main

index was ROA, ROE, MC, SIZE,

STATE, BS, CR, QR, and DFL, the

popularity index for measuring the

competitiveness of the company's ROA

and ROE

Table 0 The previous related research

b The concept and meaning of each financial indicators used in the study

If the financial performance measures are

a common and important concept andmeaning of each financial indicators used

in this study is what? And why they need

to analyze the company sharesinformation technology financialperformance on the stock market

i Return on Asset (ROA)

ROA (Return on Assets) - it is the return

on assets, an indicator showing thecorrelation between the profitability of acompany compared to its main assets.ROA gives to know the effectiveness ofthe company is using assets to generateearnings

ROA =

ROA shows that a business has investedhow much profit on assets The higher theROA, the use of corporate assets moreeffectively

ii Return On Equity (ROE)

ROE (Return On Equity) - it is the return

on equity, and return on equity also If theanalysis, there will be a lot of interestinginformation about the business results aswell as the financial picture of thebusiness behind this indicator

ROE =

ROE shows one pile of equity which nowspent to serve activity, how much profit.The higher the ROE, the use of corporatefunds as efficiently

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iii The size of business (SIZE)

Large companies can exploit economies

of scale and therefore more efficient than

small companies The size of a business

can be evaluated based on criteria such as

the total number of employees, total

revenue, or total assets

Company size is calculated by total

assets is measured

Moreover, small companies may have

less energy than large companies can

because they are difficult to compete

with larger companies, especially in a

highly competitive market On the other

hand, when companies become larger,

they may be ineffective, leading to

reduced financial performance

iv Management competence in an

index (MC)

Management competence in an index

(MC) is an indicator of leadership and

supervision of the management level in

the company

MC =

It may include the ability to plan and

divide the work efficiently, respond

quickly to solve the problem, have

in-depth knowledge and skills necessary

software

v Business cycle (BS)

Business cycle (BS) is the period from

when the raw materials are put into

production until the finished product

fabrication, inspection, and storage of

finished products It includes the time to

complete the work in process

technology; time to deliver; technicaltesting time; work in progress stops atwork, in the intermediate repository, andnon-production shifts

BS = Turnaround time inventory + Turnaround time accounts receivables

Shorter production cycles, whichindicates how efficient the use ofmachinery and production areas.Production cycles affect working capitalneeds and the effective use of workingcapital in production In competitivemarkets, production cycles shorterchange the ability of the productionsystem as possible to respond to thechanges Moreover, trade receivablesfaster turnaround, the company recoverthe debt faster, increasing capitalturnover, reduce costs related to accountsreceivable The dual impact of theshortened business cycles increasesprofitability

vi Degree Of Financial Leverage (DFL)

Degree Of Financial Leverage (DFL) is acombination between liabilities andequity in the management of the financialpolicy of the enterprise

vii Quick raito (QR)

Quick ratio (QR) is an indicator of the short-term liquidity position of the

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company and measures the ability to

meet the short-term obligations of the

company with its liquid assets

QR =

It shows the ability of the company to

immediately use assets almost his cash

(assets that can be converted quickly into

cash) to pay the debts of your current, it

is also known as the acid test ratio

viii Current ratio (CR)

Current ratio (CR) is the ratio of liquidity

solvency measure short-term obligations

of the company or the obligations due

within one year

CR =

It gives investors and analysts to know

how a company can maximize existing

assets on the balance sheet accounting to

meet its current liabilities and other

payables

3 DATAAND RESEARCH

METHODS

Research samples are 22 joint-stock

companies in the information technology

sector listed on stock exchanges period

2007 - 2018 Group uses the information

gathered from the report prospectus,

financial reports, and information on the

companies on the website of the

company and the site CafeF, Vietstock,

cophieu68

The data analysis method used in the

study is the ratio method Analyzing

financial ratios is the use of various

techniques to analyze the financial

statements of the enterprise to grasp the

situation of the financial realities of thebusiness, which made plans forproduction and business most effectivefor calculating the ratios measuring thefinancial performance (ROA, ROE),business cycle (BS) Degree of FinancialLeverage (DFL) and the proportion of thestate capital (state) and the percentagemeasure the impact of factors such assolvency (QR, CR), capacitymanagement committee (MC)

+ Advantages: it evaluates the efficiency

and performance of the company'sbusiness operations, evaluates theefficiency of the use of companyresources The ratio of financial structure:reflects the extent to which businesses use

to paying off debt reflects the degree offinancial autonomy of enterprises.Moreover, it also guides the forecast andplans production and business activities,investment decisions and funding to dealwith the financial markets determine therisks and profits

+ Disadvantages: we cannot recognize

inaccurate financial statements The timeelement is not mentioned and is difficult

to conclude the financial situation good orbad Moreover, the planning could notfeasible for the business's

multidisciplinary activities

Besides, the group also uses statisticalanalysis methods Statistics is a system ofmethods (collecting, synthesizing, andpresenting data, and calculate thecharacteristics of the object of study) tocater for the analysis, prediction, anddecision making Purpose cranes Group

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was to examine the relationship between

the dependent variable and the

independent variables, the paper uses the

statistical method described, correlation

matrix, check the phenomenon

Based on research and the reality of

Vietnam, offering theoretical models are:

ROA = β0 + β1*STATE+ β2*CR+STATE+ β2*STATE+ β2*CR+CR+

β3*STATE+ β2*CR+DFL+ β4*STATE+ β2*CR+MC+ β5*STATE+ β2*CR+SIZE+

β6*STATE+ β2*CR+BS+ β8*STATE+ β2*CR+QR+ ε (1)

ROE = β0 + β1*STATE+ β2*CR+ROA+ ε (2)

ROA: Return on total assets

ROE: Return on equity

STATE: State capital ratio

DFL: Degree of Financial Leverage

MC: Management competence index

SIZE: The size of the company

BS: Business cycle

QR, CR: Short-term solvency

b Research hypotheses

i.Financial performance

The business performance of the

enterprise is a general economic indicator

that reflects the level of use of the

elements of the production process

Business performance is also reflected in

the maneuver of the corporate

governance between theory and practice

to make the most of the weakness of the

manufacturing process, such as

machinery and equipment, raw materials,

labor to improve profitability OverallROS, ROA, ROE is a measure used thethree most popular in assessing thefinancial performance of the business Inthis study, the group will mainly useROA and ROE to assess the financialperformance of the companies that shareindustry information technology listed onVietnam's stock by these indicators mayreflect how to look past, shows theoperation of the enterprise business-like.Besides, these indicators also help ushave a look at easy ways to comparebusinesses together Moreover, the finalobjective of financial management is tomaximize the benefit of the owner so thatafter examining the factors affecting theROA, the authors examine the impact ofROA over ROE

ii Short-term solvency (QR & CR)

To measure the short-term solvency ofresearchers usually use the current ratio(CR) and quick ratio (QR) Solvencyimpacts on financial performance indetail: According to Almajali et al(2012), Maleya and Muturi (2013), thesolvency relationship the same way withfinancial performance But conversely,Khalifa and Zurina (2013) indicatesolvency opposite impact on financialperformance So the research hypothesispair is given as:

H01: Short-term solvency does not affect financial performance

H11: Short-term solvency affects financial performance

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iii Degree of Financial Leverage

(DFL)

Degree of Financial Leverage refers to

the use of debt in the capital structure of

the company The Degree of Financial

Leverage is one of the important

decisions of financial managers because

it is a double-edged sword and affects the

benefits and risks of the owner as well as

the market value of the company

Besides, many researchers consider the

impact of the degree of financial leverage

on financial performance in detail:

Ghosh, Nag and Sirmans (2000), Berger

and di Patti (2006) in his study had

indicated the degree of financial leverage

has a positive impact on financial

performance, but on the contrary,

Gleason et al (2000), Simerly and Li

(2000), Maleya and Muturi (2013) in his

study again indicates the negative impact

of the degree of financial leverage to

financial performance The hypothesis is

given as:

H02: Degree of financial leverage has no

impact on financial performance

H12: Degree of financial leverage has an

impact on financial performance

iv The size of the company (SIZE)

Company size has measured the size of total

assets Enterprise-scale is one of the first

criteria to the company affirmed its position

in the sector and attract investments of

investors Ammar et al (2003), Amato and

Burson (2007), Liargovas and Skandalis

(2008), Lee (2009), Amalendu (2010),

Almajali, et al

(2012) showed the impact of firm size

and efficiency finance These studiespresent conflicting views on therelationship between size and financialperformance However, the opposite viewthat the scale has a relationship inversely

to the financial performance due to someproblems with corruption and severalother reasons: operating inefficienciesdue to poor control The hypothesis isgiven as:

H03: Company size does not affectfinancial performance

H13: Company size has an impact onfinancial performance

v Business cycle (BS)

A company's business is the period fromwhen a company buys goods to when thecompany sells goods and collects money.The company's business cycle shorter,shorten the turnaround time andinventory turnaround time, the accounts

performance The main reason due togoods sold faster, less storage time,increasing sales, reducing costs ofinventory investment Moreover, tradereceivables faster turnaround, thecompany recover the debt faster,increasing capital turnover, reduce costsrelated to accounts receivable The dualimpact of the shortened business cyclesincreases profitability So the hypothesis