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

TỔNG LIÊN ĐỒN LAO ĐỘNG VIỆT NAM

TRƯỜNG ĐẠI HỌC TƠN ĐỨC THẮNG
KHOA TÀI CHÍNH NGÂN HÀNG

BÀI NGHIÊM CỨU NHĨM
MƠN: THỰC HÀNH MƠ HÌNH TỐN 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: MƠ HÌNH TỐN
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

0

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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
worldwide, including Vietnam. 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 Services
Joint-stock Telecommunications (TST),
JSC Telecommunications (UNI), JSC
VITECO
Telecommunications
technology (VIE) ... However, there are
companies with profits after higher taxes
or even flourished during that period. For
example,
Van
Lang
Technology
Development and Investment Joint Stock
Company (VLA), Vietnam Electronics
and Informatics Corporation (VEC), ...
This leads to the question: What factors
affect the financial performance of the
company shares listed on the stock
exchange in Vietnam? If so, how many
factors? In addition, the level of impact
like?

The research focused on studying the
factors that affect the financial
performance of the listed joint-stock

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Table 0. The previous related research
Author

Agiomirgiannakis, G.,
Voulgaris, F. and
Papadogonas, T. (2006)

Yuqi, L. (2008)

Liargovas and
Skandalis (2008)

Based on the disclosure of timely
annual reports to confirm and modify
their expectations about the current
economic outlook and the future of
the company

Almajali, Y.A, Alamro,
S.H. and Al-Soub, Y.Z.
(2012)

companies listed on Vietnam's stock
exchanges, more precisely Corporation
Information Technology. The team used
the 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

b. The concept and meaning of each

financial indicators used in the study
If the financial performance measures are
a common and important concept and
meaning of each financial indicators used
in this study is what? And why they need

to analyze the company shares
information
technology
financial
performance on the stock market.
Return on Asset (ROA)
ROA (Return on Assets) - it is the return
on assets, an indicator showing the
correlation between the profitability of a
company compared to its main assets.
ROA gives to know the effectiveness of
the company is using assets to generate
earnings.
i.

ROA =

V. Research results
VI. Conclusions and recommendations
VII. References
2. BASIC THEORY

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

ROA shows that a business has invested
how much profit on assets. The higher the
ROA, the use of corporate assets more
effectively.
Return On Equity (ROE)
ROE (Return On Equity) - it is the return
on equity, and return on equity also. If the
analysis, there will be a lot of interesting
information about the business results as
well as the financial picture of the
business behind this indicator.
ii.

ROE =
ROE shows one pile of equity which now
spent to serve activity, how much profit.
The higher the ROE, the use of corporate
funds as efficiently.
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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.

iii.

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.
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.

iv.

MC =
It may include the ability to plan and

divide the work efficiently, respond
quickly to solve the problem, have indepth knowledge and skills necessary
software.
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

v.

technology; time to deliver; technical
testing time; work in progress stops at
work, in the intermediate repository, and
non-production shifts.
BS = Turnaround time inventory +
Turnaround time accounts receivables
Shorter production cycles, which
indicates how efficient the use of
machinery
and
production
areas.
Production cycles affect working capital
needs and the effective use of working
capital in production. In competitive
markets, production cycles shorter
change the ability of the production

system as possible to respond to the
changes. Moreover, trade receivables
faster turnaround, the company recover
the debt faster, increasing capital
turnover, reduce costs related to accounts
receivable. The dual impact of the
shortened business cycles increases
profitability.
Degree Of Financial Leverage
(DFL)
Degree Of Financial Leverage (DFL) is a
combination between liabilities and
equity in the management of the financial
policy of the enterprise.
vi.

DFL=
Degree Of Financial Leverage is the
degree of use of loans in the total capital
of a company in the hope of increasing
return on equity (ROE), or earnings per
ordinary share (EPS).
Quick raito (QR)
Quick ratio (QR) is an indicator of the
short-term liquidity position of the
vii.

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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.
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.

viii.

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 the
business, which made plans for
production and business most effective
for calculating the ratios measuring the
financial performance (ROA, ROE),
business cycle (BS) Degree of Financial
Leverage (DFL) and the proportion of the
state capital (state) and the percentage
measure the impact of factors such as
solvency
(QR,
CR),
capacity
management committee (MC).
+ Advantages: it evaluates the efficiency

and performance of the company's
business operations, evaluates the
efficiency of the use of company
resources. The ratio of financial structure:
reflects the extent to which businesses
use to paying off debt reflects the degree
of financial autonomy of enterprises.
Moreover, it also guides the forecast and
plans production and business activities,
investment decisions and funding to deal
with the financial markets determine the
risks and profits.
+ Disadvantages: we cannot recognize

inaccurate financial statements. The time
element is not mentioned and is difficult
to conclude the financial situation good
or bad. Moreover, the planning could not
feasible for the business's
multidisciplinary activities.
Besides, the group also uses statistical
analysis methods. Statistics is a system of
methods (collecting, synthesizing, and
presenting data, and calculate the
characteristics of the object of study) to
cater for the analysis, prediction, and
decision 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
autocorrelation
(Durbin-Watson),
multiple regression method and multicollinearity test.
4. RESEARCH MODELAND

RESEARCH HYPOTHESES
a. Research model
Based on research and the reality of
Vietnam, offering theoretical models are:
ROA = β0 + β1*STATE+ β2*CR+
β3*DFL+ β4*MC+ β5*SIZE+
β6*BS+ β8*QR+ ε (1)
ROE = β0 + β1*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. Overall
ROS, ROA, ROE is a measure used the
three most popular in assessing the
financial performance of the business. In
this study, the group will mainly use ROA
and ROE to assess the financial
performance of the companies that share
industry information technology listed on
Vietnam's stock by these indicators may
reflect how to look past, shows the
operation of the enterprise business-like.
Besides, these indicators also help us
have a look at easy ways to compare
businesses together. Moreover, the final
objective of financial management is to

maximize the benefit of the owner so that
after examining the factors affecting the
ROA, the authors examine the impact of
ROA over ROE.
Short-term solvency (QR & CR)
To measure the short-term solvency of
researchers usually use the current ratio
(CR) and quick ratio (QR). Solvency
impacts on financial performance in
detail: According to Almajali et al (2012),
Maleya and Muturi (2013), the solvency
relationship the same way with financial
performance. But conversely, Khalifa and
Zurina (2013) indicate solvency opposite
impact on financial performance. So the
research hypothesis pair is given as:
ii.

H01: Short-term solvency does not affect
financial performance
H11: Short-term solvency affects
financial performance

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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:

iii.

H02: Degree of financial leverage has no
impact on financial performance
H12: Degree of financial leverage has an
impact on financial performance
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

iv.

and efficiency finance. These studies
present conflicting views on the
relationship between size and financial
performance. However, the opposite view
that the scale has a relationship inversely
to the financial performance due to some
problems with corruption and several
other reasons: operating inefficiencies
due to poor control. The hypothesis is
given as:
H03: Company size does not affect
financial performance
H13: Company size has an impact on
financial performance
Business cycle (BS)
A company's business is the period from
when a company buys goods to when the
company sells goods and collects money.

The company's business cycle shorter,
shorten the turnaround time and
inventory turnaround time, the accounts
receivable
increasing
financial
performance. The main reason due to
goods sold faster, less storage time,
increasing sales, reducing costs of
inventory investment. Moreover, trade
receivables faster turnaround, the
company recover the debt faster,
increasing capital turnover, reduce costs
related to accounts receivable. The dual
impact of the shortened business cycles
increases profitability. So the hypothesis
is given as:
v.

H04: Business cycle has no impact on
financial performance
H14: Business has an impact on financial
performance
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State capital ratio (STATE)
The state capital ratio is measured by the

percentage of state capital in total equity.
The joint-stock company listed on the
stock market and have long years of
operation of most of the large-scale
capital mainly been equitized. So the
hypothesis is given as:

vi.

H05: The ratio of state capital has no
impact on financial performance
H15: The ratio of state capital has an
impact on financial performance
Management competence index
(MC)
According to Timmons (1994), successful
companies have a significant contribution
to the skills and creativity of managers.
Bird (1995) also pointed out that the
capacity to manage a strong impact on
the financial performance and operational
efficiency of the company. These
successful
companies
are
those
companies that have managers capable of
"core" - the ability to combine the
knowledge, experience, expertise, and
skills to the executive management team

to achieve the objectives of Co. (Coyne,
Hall and Clifford, 1997). According to
MaMerikas et al. (2006), “professionals”
are managers who meet the following two
criteria: (1) Have a university degree and
(2) Direct management or be part of the
management team. (management team).
According to Liargovas and Skandalis
(2008), a company has a management
team when it satisfies at least three of the
following five conditions: (1) The
average managerial

vii.

experience is 20 years, (2 The
management group holds an average of
34% of the company shares, (3) Most
managers in the university graduate
group (4) Average age of managers in the
group from 50 to 60 years old, ( 5) All
managers in the group undertake
innovation activities - an innovation that
refers to the introduction of new
products, new production technologies,
new market developments or reforms of
organizational structure. function in the
company. The hypothesis is given:
H07: Management competence index has
no impact on financial performance

H17: Management competence index has
an impact on financial performance

5. RESEARCH RESULTS
a. Descriptive statistics
In Table 1, the Descriptive Statistics
provide data minimum, maximum and
average, the standard deviation of the
independent variables and the dependent
variable of 22 companies share industry
information technology on the Stock
Exchange in the period 2007 to 2018,
with observation is 80. production and
business cycle (BS), an average of about
309 days. The short-term solvency of the
company average (CR) is about 2.79
times. Degree of financial leverage (DFL)
average 0.42 times. The ratio of
management capacity (MC) averaged
about 1,261 billion VND. Quick ratio
averaging time is 2:04. Rate of Return on
total assets (ROA) 3.8% average in 12
years and the profitability ratio on
average equity 7.2%. The average
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company size (SIZE) is about 552,354

billion VND. The proportion of state
ownership (STATE) average about
12.5%.
b. Check correlation
In Table 2, the variables include the
production and business cycles (BS),
ratio management capacity (MC) have a
significant impact on the financial
performance ROA. MC impact the same
way with financial efficiency, while BS
opposite impact financial performance.

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BS
CR
DFL
MC
QR
ROA
ROE
SIZE
STATE
Table 2. Matrix correlation between ROA and the independent variables

ROA

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c. Test of the standard distribution
To estimate the linear regression to
consider the variables have normal
distribution or not. Initially, when
examining several variables such as DFL,
SIZE, MC, BS, QR are not normally
distributed variables so the group moved
into the natural logarithm function. After
using this method, it is almost all the
variables was transformed into a normal
distribution with the data in Table 3 is
located.

multi-collinear when the VIF ratio greater
than 10. In Table 4, the coefficient of
variation from 1,165 VIF to 4114 to
model the phenomenon of no
multi-collinearity
between
the
independent variables.

e. Check autocorrelation
To examine the serious autocorrelation
often used at the Durbin-Watson test, if
the coefficient of Durbin-Waston in the
region from 1 to 3 there will be no selfcorrelation
phenomenon.
Through
Durbin-Watson test data on Eview8

Skewnes
s
Kurtosis
have
the
phenomenon of

LNM
C

d. Multicollinearity
test
Regression
analysis
to
correlate
the
first group will
examine
the
phenomenon of

multi-collinear
with expertise
Collinearity
Statistics. The
independent
variables will


FU
NC
TI
ON

FL
VARIABLE
S HAVE

CONVERTE
D TO
N
A
T
U
R
A
L
L
O
G
A

software with D
= 1.582 (Table
5), the model
has
no
autocorrelation
phenomenon.

VIF

0


Table 5. Test of Anova and Durbin-Watson

R-squared
Adjusted R-squared
S.E of regression
Sum squared resid
Log likelihood
F-statistic
Prob(F-statistic)

0.763673
0.736554
0.024897
0.037812
161.1615
28.15958

0.000000

f. Multiple Regression

i.Inspection of the suitability of the
model ROA
We have R-Square = 0.763 (Table 5) is
the mean of independent variables was
76.3% which explains the change of
financial performance. Besides, through
accreditation
A-nova
on
the
appropriateness of the model and may
find this model perfectly suited to
consider the impact of the independent
variables to effectively finance at (Pvalue = 4.72% <5%).
A multiple regression model of
ROA and explain its meaning
After checking the normal distribution,
the autocorrelation test and multi-

ii.

collinearity test team used multiple
regression analysis to examine the
relationship between the dependent
variable and independent variables.
(Table 6)

- State capital ratio (STATE): P-value =

1.94% <5% can reject the hypothesis H0
or the rate of state capital has an impact
on financial performance and has a
negative impact (-) at a 5% significance
level. Companies with large-scale state
capital will have solid financial
resources, scale, and the protection of the
state of the outputs. In addition, for
companies in the sector telematics with
the proportion of equity capital high state
will have products and services to the

Variable
C
STATE
CR
LNDFL
LNMC
LNSIZE
LNBS
LNQR
ROA = 0.267 – 0.054*STATE – 0.003*CR – 0.008*LNDFL + 0.028*LNMC –
0.026*LNSIZE – 0.011*LNBS + 0.006*LNQR
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public post for mutual interest leads to
profits
is
maximized.
Moreover,
companies with state capital have been
high, the profits also belong to the state,
businesses and just enjoy a fixed rate.
Therefore, the state invested the greater
the profit achieved at low levels.
Management Competency Ratio
(LnMC): P-value is very small and less
than 5% which means is enough to reject
the hypothesis H0 or the ratio of the
capacity of the management of the
company has an impact on performance.
finance. On the other hand, the ratio of
the capacity of the Management Board
with effect positive (+) to the financial
performance, is consistent with severe
early work of Timmons (1994), Bird
(1995), Liargovas and Skandalis (2008),
Almajali et al (2012), ... with companies
in the field of information technology
leaders needed a deep understanding of
technology and creativity they needed for
work, only some very needed in this
field.

-

- Company size (LnSIZE): the size of the

company p-value <5%, company size has
a significant impact on the financial
performance of the company and the
impact
counterclockwise
(-)
for
effectiveness main. This is consistent
with the serious research on the
relationship between the size of Ammar
et al (2003), Amato and Burson (2007),
Lee (2009), ... indicate the financial

performance decreases as firm size
increases. When the size of the company
is enhanced, the control process becomes
complex, difficult to manage, this leads to
corruption and some other reasons. For
the field of information technology, while
increasing the size of the company, the
personnel should raise the level to adapt
to the new equipment and software.
- Business production cycle (LnBS): This

index has a negative impact (-) on

financial performance and is statistically
significant at 5%. Thus, this is fully
consistent with the theory. For companies
in the fields of information technology to
manage two types of mobile assets
(inventories and trade receivables) faster
turnaround will help companies shorten
the production cycle of business because
of business in this area, there are many
electronic devices very fast depreciation
should shorten the production cycle of
business. Since then, the company will
save the investment costs and the cost of
inventories,
trade
receivables
management, and increase profits.
Regression model ROE and ROA
In Table 7, a significant impact ROA
ROE (return rate of equity and earnings
per share) with p-value <5%. Besides, Rsquared is meant 0767 was 76.7% ROA
explains the change in ROE. Moreover,
we can see the positive impact of ROA
iii.

Variable
C
ROA
ROE = 0.011 + 2.085*ROA

0


with ROE. As a result, an increase in
ROA increases ROE.

(

6. CONCLUSIONSAND

RECOMMENDATIONS
Research by the group has shown that
STATE, MC, SIZE, BS have a significant
impact on financial performance. In it,
STATE, SIZE, BS harms financial
performance or companies sector
information technology wants to increase
financial efficiency need to shorten the
production cycle of business by

managing inventory and customer
receivables more efficiently, it will reduce
the turnaround time of two types of
assets. Moreover, to improve the financial
performance of the company should
focus on increasing the capacity of
management. Besides, serious also found
no relationship in the same direction
between the ROA and ROE, to increase
the profitability ratio of equity companies

should adopt strategies to increase their
ability to generate profits of assets.

7. REFERENCES
Agiomirgiannakis, G., Voulgaris, F.
And Papadogonas, T. (2006),
‘Financial factors affecting
profitability and employment
growth: the case of Greek
manufacturing’, Int. J. Financial
Services Management, Issue 1,
volume 2/3, pages 232 - 242.
Amalendu,
Bhunia
(2010),
‘Financial Performance of
Indian
Pharmaceutical
Industry: A Case Study’, Asian
Journal
of
Management
Research, Issue 1, volume 2,
page 427-451.
Ammar, A., Hanna, A.S., Nordheim,
E.V. andRussell, J.S. (2003),
‘Indicator Variables Model of
Firm's
Size-Profitability
Relationship

of
Electrical
Contractors Using Financial
and Economic Data’, Journal of
Construction Engineering and
Management, No. 129, page
192-197.
Amato, L.H. and Burson, T.E.
(2007), ‘The effects of firm size
on profit rates in the financial
services’, Journal of Economics
and
Economic
Education
Research, Issue 8, volume 1,
page 67-81.


Almajali, Y.A, Alamro, S.H. and AlSoub, Y.Z. (2012), 'Factors
Affecting
the
Financial
Performance of Listed Companies
at Amman Jordanian Insurance
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company size (SIZE) is about 552,354
billion VND. The proportion of state
ownership (STATE) average about
12.5%.
b. Check correlation
In Table 2, the variables include the
production and business cycles (BS),
ratio management capacity (MC) have a
significant impact on the financial
performance ROA. MC impact the same
way with financial efficiency, while BS
opposite impact financial performance.

0

0