NHÂN TỐ ẢNH HƯỞNG ĐẾN MỨC ĐỘ CÔNG BỐ THÔNG TIN KẾ TOÁN MÔI TRƯỜNG: TRƯỜNG HỢP NGHIÊN CỨU TẠI CÁC CÔNG TY KHAI KHOÁNG NIÊM YẾT TRÊN THỊ TRƯỜNG CHỨNG KHOÁN VIỆT NAM

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NHAN TO ANH HlTOfNG DEN MU^C D Q CONG BO T H 6 N G TIN KE TOAN MOI TRlTOfNG: TRlTOfNG HOfP NGHIEN CtTU TAI CAC CONG TY KHAI K H O A N G NIEM YET T R £ N THI TRlTOfNG

CHITNG KHOAN VIET NAM

<b>Nguyen La Soa </b>

<i>Truang Dgi hgc Cong nghiep Hd Noi Email: soanguyen310383@gmail com </i>

<b>Nguydn Thi Kim Hu'dng </b>

<i>Dgi hoc Cong nghiip Hd Noi Email: </i>

<b>Tran Thi Thu Huydn </b>

<i>Tru&ng Dgi hoc Cong nghiip Hd Ngi Email: lranthithuhuyen(^haui.edu. vn </i>

<small>Ngay nhan: 04/01/2019 Ngay nh^n ban siia: 20/02/2019 Ngay duyft dang, 05/3/2019 </small>

<b>Tdm tdt: </b>

<i>Nghien cicu ndy nhdm ddnh gid nhdn to dnh hu&ng den mice do cong bo thong tin ki todn moi truang. Dd lieu duac thu thdp tic 57 cong ty khai khodng niem yit trin thi tru&ng chimg khodn Viit Nam tic 2013 din 2017. Phuang phdp nghien ciru dinh luang duac su dung nhdm khdm phd cdc nhdn to dnh hu&ng vd ddnh gid muc dp dnh hu&ng cua timg nhdn to din cong bo thong tin ki todn moi trudng. Kit qud cho thdy mirc do cong bo thong tin ke todn moi tru&ng chiu dnh hu&ng b&i cdc yiu to: Khd nang sinh lai, don bdy tdi chinh, qui mo doanh nghiep, so ndm niem yit vd kiim todn doc lap. Tii' do. nhom tdc gid dua ra nhitng khuyin nghi nhdm hodn thiin cong tdc ke todn moi tru&ng cho cdc cong ty khai khodng Viet Nam. tdng khd ndng cgnh tranh cho cong ty trong dieu kien hoi nhdp todn cdu. </i>

<b>Tir khda: Kd tadn mdi trudng, thdng tin, cdng bd thdng lin. cdng ty khai khoang. Ma JEL: M40. </b>

<b>Factors influencing the disclosure level of environmental accounting information: The case studies of listed mining Arms on Vietnam Stock Exchange </b>

<i>Abstract-This research is to evaluate determinants infiuencing the disclosure level of environmental accounting information. Data were collected from 57 mining firms listed on the Vietnam Stock Exchange for five consecutive years from 2013 to 2017. Quantitative research methods are used to explore the impact factors and assess the influence level of each factor to publishing environmental accounting information. The results indicate that the level of environmental accounting information disclosure is influenced by factors of profitability, financial leverage, firm size, number of listed years and independent auditing. Basing on the results, the authors make recommendations to improve the environmental accounting activities of Vietnamese mining firms to increase the competitiveness in the context of global integration. </i>

<i>Keywords: Environment accounting, information, information disclosure, mining firm JEL code: M40 </i>

<i><b>Sd 261 thdng 3/2019 81 kiiiiilrJ'liiillrlen </b></i>

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Nganh khai khodng d Viet Nam dd cd nhiing ddng gdp quan trpng cho sy phdt triln ciia dat nudc trong thdi gian qua. Tuy nhien, do dde thu hogt ddng cua ngdnh, boat dgng cdc cdng ly khai khoang da vd dang ed nhixng dnh hudng dang ke den cdng ddng; khdi bui, d nhiem ngudn nudc, khdng khi, chd d... khien van de trdeh nhidm xa hpi ciia doanh nghiep khai khodng dang ngay mdt ndng len. Trudc tinh hinh dd. viec hgch todn, cdng bd vd minh bach cac thdng tin ve kd todn mdi trudng cua cdc doanb nghiep khai khoang Id thuc sy cdn thiet, la bien phdp de cdc edng ty khai khoang nang eao uy tin, hinh anb ciia cdng ty vdi cdc ddi tac trong va ngodi nudc. Nhdn thire dugc tam quan hpng cua hoat ddng nay, cac cdng ty khai khoang Viet Nam da va dang chii hpng ban cho viec thye tbi kl lodn mdi trudng. Tuy nhien, miic dp cdng bd thdng tin ke toan mdi Irudng cua cdc cdng ty khai khoang niem yet tren thj trudng chimg khodn Viet Nam van chua thye su dap iing dugc mong dgi ciia cdc ben lien quan. Vi vay, nhdm nghien ciiu thuc hien de tdi vdi myc dich xem xel, ddnh gid cac nhdn td dnh hudng den miic do cdng bd thdng tin ke todn mdi trudng d cdc cdng ty khai khodng niem yet hen thi tnrdng cbiing khoan Viet Nam. Nghien ciiu gdp phan de xudt djnh hudng vd gidi phdp hiru bieu de thiic day cac cdng ty khai khoang tbyc thi va minh bgch thdng lin ke todn mdi trudng trong Ihdi gian tdi.

2. Tong quan cac nghien CIJU lien quan The gidi dang bj mat cdn bang nghiem trgng giira phat tiien kinh te va bdo ve mdi trudng. Vi vdy, vide doanh nghiep edng bd thdng tin lien quan den mdi trudng tiong bdo cdo thudng nien dd, dang vd se nhan dugc sy quan tdra cdc ben lien quan, cung nhu eac nha nghien cim ndi rieng. Trdn the gidi cd kha nhilu eac nghien ciiu vl thuc hanh ke todn mdi trudng, ciing nbu cdng bd thdng tin ke todn mdi trudng (Ting, 2017). Cac nghien cuu lien quan dupc tdng hgp nhu sau:

Nghien cuu vd nhdn Id dnh hudng den muc dp cdng bd thdng tin ty nguyen lien quan den mdi trudng va xa hpi tiong cdc bao cdo tiiudng nien cua cdc loai hinh doanh nghiep khde nhau nhu: Ngdn hang, doanh nghiep vira vd nhd. cdng ly niem yet.

ke den nhu nghien cim ciia Arif & Tuhin (2013), Barakat & cdng sy (2015), Yang & Liang, (2017). Kdt qua nghien ciiu cho thdy eac ydu td nhu: nam cdng tdc, mirc Igi nhugn hdng nam, qui md doanh nghiep, kha ndng sinh ldi, he sd qudn Iy ng va chiing chi ISO 14001 cd anh hudng dang kd den miic dg cdng bd thdng tin ty nguyen lien quan den mdi trudng vd xd hdi eua doanb nghiep,

Nghien ciiu vl ydu Id va rao can anh hudng den vide thuc hanb vd cdng bd thdng tin ke toan mdi trudng ciia (Jamil & cdng sy, 2015) dd chi ra rang tinh cudng che Id nhan td chii dao ddn den vipe tbyc hdnh ke loan mdi trudng. Han che ve ldi chinh va thidu hudng dan la nhixng rdo can chinh anb hudng den miic dp thye hien kd loan mdi trudng tgi cdc doanh nghiep.

Nghien ciiu so sdnh ve mirc dp cdng bd thdng tin trach nhidm mdi trudng va xa hgi giiia cac nhdm cdng ty khac nhau. Nghien cixu cua Barakat & cgng su(20l5)dagidi thich rang sy khac nhau ve miic dd cdng bd thdng tin giiia cdc cdng ly Id do he thdng phdp ludt, dac diem hogt dgng ciia cdng ty, ddc diem ciia cdng ty kiem todn dpc lap, ddc diem ciia ban qudn tri doanh nghiep.

Cdc nghien cixu d Viet Nam lien quan den ke todn mdi trudng gdn ddy chu yeu Id cdc nghien ciiu ve gidi phdp dp dyng kd toan mdi trudng vao cac loai hinh doanh nghiep khde nhau, nhu: nghien cuu cua Ld Thj T (2017) chi ra rang mixc do dp dung ke loan mdi trudng trong cdc doanh nghipp sdn xudt gach la tuang ddi thdp vd cd mdi quan he mat thiet giixa miic dp tbyc hien kd loan qudn trj cbi phi mdi trudng vdi hidu qud boat dgng kinh doanh ciia doanh nghi?p, Tuy nhien, ngbien ciru chi dimg Igi d ket qud ddnh gia muc dp dp dyng ma chua di sdu phan lich nhdn td dnh hudng.

Nghien ciiu cua Nguyen La S & Tran Thj Minh T (2017) ve ddnh gia tac ddng cua mirc dp bach loan va cdng bd tbdng tin ke loan mdi irudng din khd ndng tidp can ngudn lai chinh nudc ngaai ciia cdc doanb nghi?p Viet Nam cho Ihdy viec edng bd thdng tin ke toan mdi trudng cd tac dpng kha manh ddn quyet djnh cua nhd ddu tu nudc ngoai. Tir dd tdc ddng den khd nang ticp can ngudn vdn ngoai cua cac 82

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Nghien ciiu ciia Doan Phi Ngpc A & Trdn Thj Thai B (2017) da xac djnh cac nhan td anh hudng den mirc do edng bd thdng tin trdeh nhiem xd hpi doanh nghiep gdm: Qui md doanh nghiep, ddn bay tai chinb, qui md ban giam ddc, sy dpc lap ciia gidm ddc didu hanh va kiem loan dgc lap. Tuy nhien, nghien ciiu dugc tbyc hien chung cho tdt cd cdc doanh nghiep thupc cac Iinh vyc khac nhau md khdng tinh de anb hudng cua nganh nghd kinh doanh. Han the niia, nghien cim chua dd cap nhilu

<i>den thdng tin kd loan mdi trudng dd dh xudl cdc kiln </i>

nghi hoan ihien trong tuang lai.

Nguydn La S & cdng sy (2017) da chi ra dugc cdc nhdn td anh hudng den kd loan mdi trudng d cac doanh nghiep xay lap niem yet tren thj Irudng chiing khoan Viet nam, hay nghidn ciiu Nguydn La S & cpng su (2018) da cbi ra cdc nhan td dnh hudng den ke loan mdi tnrdng ciia cac doanh nghiep mem yet dugc td chirc theo md hinh cdng ty me - cdng ty con. Tuy nhien, cdc nghien ciru ndy dugc tbyc hien cho cac loai hinh doanh doanh nghiep khac nhau vl nganh nghd, ve ddc diem td chiic so vdi cac cdng ty khai khoang. Cdc cdng ty khai khodng d Viet Nam vdi nhirng ddc thii rieng vd dac diem td chiic quan ly, ve dac diem td chirc sdn xuat kinh doanh, ve mixc do tdc dgng den mdi trudng trong qua trinh doanh nghiep, boat ddng san xuat kinh doanh va vdi dgc thii hogt ddng kinh doanh cua cac cdng ty khai khoang dnh hudng den mdi trudng rdt ldn. Vi vay, viec hodn thidn ke loan mdi Irudng d cac doanh nghiep nay Id thye sy cap bach. Do do, nghidn cuu nay la tbyc sy cdn thiet nham nang cao mirc dp minh bgch thdng tin kd loan mdi Irudng ciia cdng ty trong thdi gian tdi va hoan loan khdng triing lap vdi cdc nghien cim trudc.

3. Cff SO" ly thuyet va cac gia thuyet nghien cuii

<i>3.1. Ca s& ly thuyet </i>

Cac quan diem nghien ciiu vd kd loan mdi trudng deu cho rdng ke todn mdi trudng dugc danh gia dudi hai gdc dg, ve cdng tac ke loan va cdng tdc quan ly mdi trudng. Ben canh chirc ndng hd hg vide ra quydt djnh ndi bg trong boat dpng kinh doanh cua doanh nghipp nhdm hudng muc tieu cdi thien hieu qua hoai dgng lai chinh va hicu qua hoai ddng ve mdi trudng.

tin ra ben ngodi pham vi doanh nghiep din cdc bdn lien quan nhu: Cdc ngdn hdng, to chiic tai chinh, cdc ca quan qudn ly mdi tiixdng, cgng ddng dan cu,... Tir do giiip doanh nghiep (I) tdng khd nang cgnh tranh do xu hudng tidu dimg sdn phdm xanh, sach; (2) tiiay ddi va tdng cudng miic do nhdn thirc, hdnh dgng cua cac td chiic, cdc ben lien quan ddi vdi vdn de mdi trudng trong mdi doanh nghiep va loan bg ndn kinh te, Nhu vay, vide cac doanh nghidp xay Idp niem ydt tren thj trudng chiing khoan Viet Nam cdng bd ddy du, kjp thai va chinh xdc thdng tin kd todn mdi trudng cd vai trd quan tipng khdng chi doi vdi doanh nghiep, nha ddu tu ma cdn ddi vdi ca quan quan ly nhd nude, De gidi thich cho vide edng bd Ihdng tin kd todn mdi trudng cua cdc doanh nghiep, nghien ciiu van dung cac ly thuyet sau:

Ly thuyet hgp phap hda vd Irdch nhidm cdng

<i>bd thdng tin ke loan mdi trudng - Ly thuyet hap </i>

<i>phdp hoa (Legitimacy theory) dugc dinh nghTa bdi </i>

Dowling & Pfeflfer (1975) nhu sau: "Mpt thuc thd ed the tdn tgi khi md he thdng gia tri cua nd phii hgp vdi he thdng gia tri cua he tbdng xd hdi ldn ban md Ihyc thd do nam trong". Kd thira vd phdt trien ihuyll hap phdp hda, Guthrie & Parker (1989) cbo rang ly thuyet hpp phdp boa lien quan den siic manh ciia xd hdi. Cac tdc gid cho rang doanh nghidp kinb doanh trong xd hpi phdi ky ket mdt hgp ddng xa hpi md nhd quan ly ddng y thye bien. Cac dieu khodn ciia hop ddng nay cd the duge the hien rd, do cbinb Id nhixng qui dinh cua ludt phdp, hogc cd nhiing dieu khoan chua dugc the hien rd md phu thudc vdo ky vpng cua cdng ddng xa hdi. Ly thuyet hop phdp boa giai Ihich trdeh nhidm tbyc hien ke loan mdi Irudng cua cac doanh nghiep nhu sau: (I) Cdn thidt phdi thye hidn ke loan mdi irudng xuat pbdt tir xa hdi. tir sy khdng hdi Idng cua Chinh pbu, nhirng ap lyc tir yeu cdu ciia ngudi lao dpng, ngudi lieu diing va cdc ben lien quan (Spasic & Slojanovic, 2013), (2) Cdng bd thdng tin vd mdi trudng Id ddng lyc de doanh nghiep dat dugc mong mudn hgp phdp hda cae hoat dgng, thdng qua do de quang bd hinh anh doanh nghiep nhdm mang lai Igi ich cho doanh nghidp (Guthne & Parker. 1989). Nbu vdy. cdng bd tbdng tin mdi Irudng cdng khai trong bdo cao thucmg nien Id mdt cdch the hien chien luge eiia doanh nghiep. Chien

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Gid thuyet Mo ta Ky vpng ve dau Hi Quy md cdng ty va miic dp cdng bd tbdng tin ke todn mdi trudng

H2 Kha nang sinh ldi vd mirc dp cdng bd tbdng tin ke loan mdi trudng H3 Ddn bdy tdi chinh va miic do cdng bd thdng tin ke todn mdi trudng H4 Thdi gian niem ydt vd muc dp cdng bd thdng tin ke todn mdi trudng H5 Kilm loan ddc Idp va miic do cdng bd tbdng tin ke loan mdi trudng

<i>Nguon: Tong hgp cda nhom nghien ciru. </i>

luge nay ngu y rdng doanh nghiep dang hogt ddng hpp phap va cd trach nhiem vdi xa hgi.

<i>Ly thuyit cdc bin liin quan vd trach nhiem cong bo thong tin ki todn moi tru&ng: Ly thuyet cdc ben </i>

lien quan (Stakeholder theory) dugc bat ngudn bi quan diem lgi ich kinh td trong mgi hanh dpng ciia nhd kinh t l hpc Freeman (Guthrie & Parker, 1989). Theo do, tat cd cdc ben lien quan bj dnh hudng bdi mpi hdnh vi cua doanh nghiep, bao gdm cd ddng, nha cung cdp, khdch bang, nhdn vien, ddi tbu cgnh tranh, cae nha hpat dpng xa hpi, truyen thdng, cdc nhd lap phdp, cac hpc gia, ngudi ddn bdn dia, td chirc lao dgng, chinh quyln dia phuang vd Chinh phii. Dya trdn ly thuydt ve cdc bdn lien quan, Ullmarm (1985) da gidi thicb: Ndu ben lien quan kiem sodt nguon luc quan trgng cua doanh nghiep, thi doanh nghidp se tim each de thda man nbu cau cua hp. Cdng bd tbdng tin vl mdi trudng dupc xem la chien luge qudn tii bieu qud nhdm giai quyet mdi quan he va thda man nhu eau vdi cdc ben lien quan. Mat khac, nghien ciiu cua Tauehen (1986) vd Chiu & Wang (2014) chi ra rdng ty sudt lgi nhudn Iren vdn chu (ROE) dnh hudng thuan chilu vd ty Id ng tren vdn chii anh hudng ngugc chieu vdi cdng bd thdng tin ve mdi trudng.

<i>Li' thuyet quan he lai ich - chi phi vd muc do cong bo thong tin ki todn moi truang: Ly thuyet quan he </i>

chi phi - lgi ich (Cost benefit theory) ehi ra rdng lgi ich cd duge tir viee cdng bd thdng lin kd todn mdi trudng phdi dugc xem xet trong mdi quan he vdi chi phi dimg de tao ra va cung cdp tbdng tin dd (Yang & Liang, 2017). Nhu vdy, miic dp cdng bd thdng tin kl toan mdi trudng phdi duge xem xet giiia Ipi ich tdng thdm khi thuc hien viec cdng bd thdng tin dd mang lai cho doanh nghiep va xa hpi vd chi phi tang them md doanh nghiep vd xd hdi phai bd ra khi thye bipn nhiem vu nay.

<i>3.2. Xdy dung gid thuyit nghien ciru </i>

Tren ca sd tdng quan cdc nghien ciiu thye nghiem hen the gidi va trong nudc vd cac nhan td dnh hudng den mixc dp cdng bd thdng tin ke loan mdi trudng, ciing phdn ngbien cuu cac ly thuyet ndn lien quan den mirc dd cdng bd thdng tin ke todn mdi trudng. Nhdm nghien da tdng hgp cae nhdn Id dnh hudng den miic dp cdng bd thdng tin kl loan mdi trudng nhu sau:

<i>Quy mo doanh nghiip (SIZE) </i>

Quy md doanh ngbiep eang ldn thi xu hudng edng bd thdng lin ke toan mdi trudng cang nhieu. Cdc doanh nghipp ldn ludn ty tin ve trien vpng ciia minh, do do hp thudng san sdng bd chi phi de thye hidn cdng khai them nhieu thdng lin tu nguyen nhdm tao ra su khac biet so vdi eac doanh nghiep ddi thu va lam gia tang gid trj ciia doanh nghiep (Jamil &

Bdng 2: Cac muc cdng bo thong tin mdi trudng bat bupc

Danh gia nha cung cap ve moi tmong Co che khieu n^i ve moi tnrone

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Mifc dp cong bo thdng tin Piem so

Thdng tin cdng bd vira d dgng dinh lupng vira d dang djnh tinh 4 Chi cdng bd dmh tinh, khdng cdng bd djnh lugng 3 Cd thdng tin dinh lupng cd hien vat va gia tri, khdng cd thdng tin djnh tinh 2

Cd tbdng tin d|nh lupng ve gia trj, khdng cd hien vat va dinh tinh I

Khdng cdng bd thdng tin 0_

<i>Nguon: Tong h<?p cda nhdm nghien ciru. </i>

cpng su, 2015). Mat khde, cdc doanh nghiep eang ldn thi hp cdng mang mudn duy tri vd nang cao hinh dnh, niem tin, uy tin tiong mat cdc nha ddu tu, cac ca quan nhd nudc. Vi vay, hg sdn bd ra chi phi de thuc hidn cdng bd thdng tin dap iing nbu cau ciia eac ben lien quan (Barakat & cpng sy, 2015). Han nira, vdi cdc doanb ngbiep ldn thi bd may ke todn hrang ddi tdt, he thdng Ihdng tin ke loan dap iing tuang ddi nhu cau thdng lin ca ve chat lugng va sd lugng, do do viec edng bd them thdng lin ke loan mdi trudng cung se it tdn kem them so vdi cac doanb nghidp cd qui md nhd.

<i>Khd ndng sinh l&i (PRO) </i>

Theo ly thuylt cdc bdn lien quan Ihi cac doanh nghiep cd khd ndng sinh ldi cdng cao tbi hp cdng cd tham vpng lam hdi Idng va thoa mdn nhu cau thdng tin ciia cac bdn lien quan, ddc bidt la cac bdn lien quan nam quyen kiem soat ngudn lyc quan trpng cua doanh nghiep. Dd la ca hdi de cae daanh nghidp gia ldng gia tii cd phieu ciia minh Iren tbi trudng, Hieu qud tai chinh cang cao thi hp cang sdn sang cdng hien cdc ngudn luc ldi chinh cho sy phat tridn mdt mdi tnrdng ben viiTig md hp dang hogt ddng.

<i>Bon bdy tdi chinh (LEV) </i>

Theo Iy thuyet cac ben bdn quan thi doanh nghiep cd ddn bdy tai chinb cang cao, ty Id ng tren vdn chu cang eao thi cdng gia tdng cac xung dot lgi ieh giira cdc ben lien quan nhu cbu np, cd ddng va ngudi qudn

ly, nhu cau can cung cap thdng tin de thoa man cac bdn lien quan cang cao. Tuy nhien, cac doanh nghiep cd he sd ng cdng cao Ihi thudng gap khd khan trong van de ldi chinh vd khd ndng thanh todn, Vi vdy, theo Iy thuyet lgi ich, chi phi thi hg rdt khd khan trong viec quyet djnh bd ra chi phi vdo cdc vdn dd mdi trudng vd xa hdi. Nghien ciiu tbyc nghiem cua Arif & Tuhin (2013) ciang da chi ra rdng ty le np tren vdn chii sd hiiu anb hudng ngugc chieu vdi mirc do cdng bd thdng lin vd mdi trudng.

<i>Th&i gian niim yit trin thi tru&ng chung khodn (AGE) </i>

Ferrero & cdng sy (2015) da chi ra rang ihdi gian hogt ddng ciia cdng ty khdng dnh hudng den muc dp cdng bd thdng lin kd toan mdi Irudng, Ngugc lai, Jamil & cdng sy (2015) lai cbo ket qud nban td tuoi doanb ngbiep cd dnh hudng dang ke den muc do cdng bd thdng tin bdt budc. Tuy nhien, theo ly thuylt hgp phdp hod thi doanh nghiep niem yet trdn Ibi trudng chiing khodn cang lau thi viec chdp hanh vd luan thii cdc yeu cau ciia viec cdng bd tbdng tin cdng de dang hon. Do dd, de cdng bd them thdng tin vl kl toan mdi trudng tbi phdn chi pbi tdng them md bp phai bd ra khdng nhieu so vdi cac doanb nghiep tre.

<i>Kiim lodn doc lap (A VD) </i>

Cdc doanh nghiep kidm lodn ddc lap cang cd danh tiing thi kha ndng doi hdi muc do cdng bd thong tin

Bang 4: Do lirdng cac bien ddc lap Ma Bien dpc lgp Cach xac djnh SIZE Qui md doanh nghiep

PRO Kbd nang sinh Idi LEV Ddn bdy tdi chinh AGE Thdi gian niem yet AUD Kiem todn dpc lap

<i>Nguon: Tdng hgp cda nhom nghien ciru. </i>

Log(Tdng tai san) Lpi nhuan sau thui chia cho von chii sd him

Tdng np dai han chia cho tdrig tdi san Thdi gian tu khi bdt ddu mem yet den het ndm 2016 = t, nlu kilm todn dpc lap thudc Big 4: = 0, cdn lai

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giai doan 2013-2017 ciia cdc cong ty khai khodn Vi^t Nam

<small>Val li?u Nang Nuoc lu^mg </small>

<small>Da dang Phat 111 at Nuctc ihai Thong tin Tuan thil V|n Tong the Danh gia Co che thai san pham cap ve moi ve moi </small>

<i><small>va djch VI) trucmg trucmg </small></i>

<small>^2013 "2104 •2015 " 2 0 1 6 2017 </small>

<i>Nguon: Tong hap cda nhom nghiin ciru. </i>

CLia khdch hang cdng cao. Do dd, vide cdc doanh nghiep chii ddng lya chgn cac doanh nghiep kidm toan dpc lap cd uy lin dugc xem la tin hidu tdt trong vide dam bdo tinh minh bach, cdng bd thdng tin ciia doanh nghidp.

Tir phan tich hen, tdc gid ldng hpp cdc gia thuyet ve nhdn td tdc ddng den mirc dp cdng bd thdng tin kd lodn mdi Irudng cua cdc cdng ly khai khodng niem yet trdn thi trudng chuTig khoan Viet Nam nhu Bdng I.

4. Phu-ffng phap nghien cihi

<i><b>4.1. Ngudn dir lieu </b></i>

Mau nghien ciiu gdm 57 edng ly kbai khodng niem ydt tren cac sdn Giao djch Chiing khoan Thdnh phd Hd Chi Minh (HOSE), Giao djch Chiing khodn Ha Ndi (HNX), san phi tap hnng (OTC), UPCOM trong tdng sd 78 cdng ty tinh den thdi diem ngdy 31 thdng 12 nam 2017, chilm 73,07% tdng thi. So lieu dugc thu thdp tir 2013-2017. Thdng tin tdi cbinb

<i>ciia cdc edng ly nidm ydt dugc lay tir http //finance, </i>

<i>vietstockvn. Thdng tin ke todn mdi Irudng dugc </i>

cdng bd va lay tii bao cdo thudng nien, bdo cdo ben viing va bdo cdo qudn trj doanh nghiep dupc cdng bo tren Website cua 57 cdng ly trong mdu. Dii lieu dung de phdn tich bao gdm 285 bidn quan sdt thupc 57 cdngty trong 5 nam lien lue 2013-2017.

<i><b>4.2. Bo lu&ng cdc biin nghien ciru </b></i>

<i>Do ludng bien pbu thuoc (ENVl) - Mixc dp cdng </i>

bo thdng tin kl toan mdi ttTxdng

Theo hudng ddn bao cao phat Incn ben viing nam 2013 ldng sd cdc myc cdng bd thdng tin ke loan mdi

trudng bdt huge la 34 muc thudc 12 ITnh vyc lien quan nhu Bang 2.

De danh gia ve miic do cdng bd thdng tin ke toan mdi tudng ciia doanh nghidp, nhdm nghien cixu da dpc cdc bao cdo va tim thdng tin lien quan den cdc cbi tidu trong bang tieu chuan danh gia. Didm sd dugc tinh lai Bang 03.

Chi sd cdng bd thdng tin dugc tinh tbeo cdch tiep can theo trpng sd, tuy vao chdt lugng thdng tin dupc cung cap de ddnh gia diem cho timg myc, sau dd tinh trung binh cho tiing Iinb vuc vd tinh chi sd cdng bd thdng tin ke loan mdi trudng, cdng thiic tinh nhu sau: Mirc dp cdng bd tbdng tin cua doanh nghi?p

<i>_m^yi </i>(Yi la didm sd ciia yeu td tiidng tin thir i duge edng bd cua doanh nghiep X) (Yang & Liang, 2017). Tuang ty, nghien cuu tinh lodn dugc miic dp cdng bd tbdng tin theo timg ITnh vyc.

<i><b>Do luang cdc biin doc lap 4.3. Phirffng phdp phdn deh </b></i>

Dd dat dupc muc tieu nghien cuu vd cdc nhan Id dnh hudng den muc dp cdng bd thdng tin ke lodn mdi trudng, nghien ciiu thuc hien kiem djnh cac gia thuyet tir H1 den H5 vdi su hd trg ciia phdn mem phan tich dO lieu Stata. Phucmg phdp hdi qui tuyen tinh da bien dugc dp dung vdi md hinh nhu sau:

ENVI = pO + pi SIZE + p2 PRO + p3 LEV+ p4 AGE + p5 AUD + e

Ben canh dd, cdc kidm djnh Hausman test, kiem djnh F t e s l dugc su dyng de lya chgn kel qud loi tm giua 3 md hinh Fixed-effects, random - effects \a

<b>kiDhteJ'balirieD </b>

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<i>Nguon: Tong hop ciia nhom nghien cdv. </i>

phuang phap binh phuang nhd nhdt. 5. Kit qua va thao ludn

<i><b>S.l. Bdnh gid muc dp cong bd thong tin he todn moi tru&ng cua cdc cong ty khai khodng niem yet tren th} tru&ng chung khodn Viet Nam giai doan 2013-2017 </b></i>

Hinh I md Id miic dp cdng bd Ihdng tin ve kl loan mdi trudng ciia eac cdng ly khai khoang niem yet tren thj trudng chiing khodng giai dogn 2013-2017. Kit qud ndy cho thdy gid tri tnmg binh ciia chi sd cdng bd Ihdng tin ke todn mdi trudng theo timg ITnh vyc dugc tdng dan theo Ihdi gian qua cac ndm 2013-2017. Dd cung la ddu hieu tdt, chimg Id cdc cdng ty khai khoang d Viet Nam dang dan chu hpng ddn viec cdng bd cac thdng lin vd eac chi sd mdi trudng, dac bidt la trong tbdi gian cd sy hudng ddn chi tiet cua thdng tir I55/2015/TT-BTC ngay 06 Ihdng 10 ndm 2015 (Bd Tdi chinh, 2015), dieu dd dupc thd hidn thdng qua gid trj trung binh cua cdc chi sd cdng bo thdng tin kd todn mdi trudng nam 2016, 2017 so vdi cac ndm trudc. Tuy nhien, vdi diem sd cao nhal dupc tinh cho timg muc la 4, nhung gid ti-i trung binh ciia chi sd nay theo lung ITnh vyc chi giao ddng tir 1,287 den cao nhat la 3,447, mdt con sd chua nhu mong dgi. Dieu do eho thdy cdng bd thdng tin ke toan mdi trudng trong thdi gian qua chua thuc sy dugc cac cdng ty khai khodng Viet Nam quan lam

diing vdi tam quan tipng cua nd. Hai nhdm cdc yeu td thdng tin dugc eac doanh nghiep chii tipng cdng bd nhieu nhdt dd Id thdng tin ve ITnh vyc ca che khieu nai ve mdi irudng (3,443 vao nam 2016), tiic la sd lugng khilu nai ve cdc tac dgng mdi trudng da ngp, da xit ly vd gidi quylt thdng qua ca ehe khieu ngi chinh thiic, vd thdng tin ve nhan san phdm vd dicb vu (3,447 vao ndm 2016). Tuy nhien, nhinig ITnh vyc kha quan trpng vd dgc biet nhdn dupc sy quan tam cua cdc ben lien quan nbu: nang lupng chi cd diem sd la 2,774, phdt thai 2,746, nudc thai va chdt thai 2,684 trong nam 2017.

Bang 5 trinh bay cdc thdng sd thdng ke md td ca bdn cua bien ddc lap vd bidn phu thudc. Theo Tauehen (1986), de udc lugng dugc dam bao do tin cay khi thuc bidn phdn tich hdi qui la n > 200. Tbeo Hair & cdng sy (2011), vdi 15 - 20 quan sdt cbo mpt biln cdn udc lugng vi vdy kich thudc mdu tdi thieu cho ngbien ciru la 120. Kel hgp cdc nguydn tac ndy thi kich thudc mdu nen tdc gia lya chpn la 285 quan sdt cua 57 doanh nghiep chilm 73,07% tt-ong tdng the la bgp ly, kdt qua ddm bao dp tin cay. Bdng 5 cho thdy miic didm cdng bd tbdng tin ke loan mdi trudng dat miic trong binh la 2,167, vd giao ddng lir 1,287 ddn 3.447. Qui md doanh nghiep tir 6,165 ddn 17,825, chung td rdng qui md cac doanh nghidp trong mau nghien cim kbd da dang. Thdi gian cac doanh nghiep niem yit tren tbj trudng chiing khodn

Bang 6: Kilm tra tinh tuong quan va da cdng tuyen

<i>Nguon • Tong hap cua nhom nghien cini. </i>

<b>kinh li'.vFbal Irien </b>

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<i>Trong do • Cdc gid tn dons thu I trong moi 6 duac lay tir cpt Coefficient. Cdc gid tri trong ngodc dugc lay tic cglp_value cda bien </i>

<i>Nguon: Tong hiqj cua nhom nghiin cicu. </i>

cd miic trung binh la 10,981 nam va giao ddng tir 8,056 den 17,048. Dieu dd chimg td cac doanh nghiep trong mdu cd thdi gian niem yet tren thj trudng chiing khodn khdng qua non tre. Tir nhiing con sd dd cho thay mlu ngbien ciiu kha ddm bao phd rgng dii de suy cho ket qua cua tdng the.

<i><b>5.2. Bdnh gid mirc dp tirong quan giu-a cdc bien trong mo hinh </b></i>

Bdng 6 tnnh bay kdt qud kilm tra he sd tuang quan giiia cdc bien vd kiem tra hien tugng da cdng tuyen, Ket qud eho thdy cd sy tugng quan giiia cac bien dpc lap va bien phu thudc eua md hinh, mixc dp cdng bd thdng tin ke loan mdi trudng cd quan he cimg chidu hay Id tuang quan duang vdi cac bien: Qui md doanh ngbiep, khd ndng sinh ldi, thai gian nidm ydt, va kidm loan dpc lap va quan he ngugc chieu (tuang quan dm) vdi bien ddn bay tai chinh. Ddng thdi, cdc cap bien tuong quan deu cd gid trj nhd ban 0,8 vd he sd he sd phdng dgi phuang sai (VIF) ciia cac bidn ddc lap deu < 5, didu dd chirng td giiia cac bien ddc lap khdng xdy ra hien tugng da cgng tuyen.

<i><b>5.3. Thdo lugn kit qud hdi qui </b></i>

Bdng 7 trinh bay kit qua hdi qui khi sii dyng phuang phdp binh phuang nhd nhdt (OLS), md hinh tdc ddng cd djnh (Fixed effects model - FEM) vd md hinh tdc ddng ngdu nhien (Random effects model - REM). Kel qud cho thdy cd su khde biel giiia 3

<i>phuang phdp hen. Do dd, &e cd ket ludn la nen su </i>

dung kel qud ndo, tdc gid da tidn hdnh tbyc hien 2 kiem dinh sau:

Budc I: Su dyng kiem djnh Hausman de dua ra quydt dinh ndn chpn theo phuang phdp FEM hay REM. Kel qud kiem djnh Hausman vdi gid In p = 0,000; do dd, md hinh FEM tbicb bgp han.

Budc 2. Sir dyng kidm dinh F-test de lua chgn ket qua giixa phuang phdp FEM hay OLS. Ket qud kiem dinh F-test vdi gid Irj p = 0,000; do dd, rad hinh FEM thich hgp ban.

Nhu vgy, kdt luan la trong trudng hop nay su dung kit qud hdi quy eua phuang phdp FEM Id phii bgp ban cd. Kdt qua tbeo md hinh ndy cho thdy cdc bien qui md doanh nghidp, khd nang sinh Idi, thdi gian niem yit vd kilm toan dgc lap dlu anh hudng den miic do cdng bd thdng tin kd todn mdi trudng ciia cdc doanh nghipp kbai khoang niem yll tren thj trudng chiing khoan Viet Nam. Sy bidn dpng cua cdc bidn ndy gidi thich dugc 47,154% su bien dpng cua bien phy thudc. Id miic dp cdng bd tbdng tm ke toan mdi trudng, phuang trinh hdi qui dugc viet lai nhu sau:

<b>ENVI = 0,141+ 0,318*SIZE + 0,518*PRO -0,510*LEV+ 0,286*AGE + 0,I98*AUD+e 6. Ket luan va khuyin nghi </b>

Kdt qud nghien ciiu cho thdy nganh khai khoang d Viet Nam da cd nhixng budc chuyen bien tich cyc trong nhdn thiic ve vice thuc hien yach nhipm xa hgi vd cdng bd cac thdng tin ke toan lien quan den mdi trudng. Thye te da chiing minh rang cac doanh nghiep khai khodng dat hipu qua kmh te cao thudng nam trong lop cac doanh nghiep dugc danh gid lot ve trach nhiem vdi mdi trudng, dugc the hien thdng qua viec cdng bd day dii va chi tidt cac thdng tin lien quan den mdi trudng. Cdng bd thdng tin kd todn mdi trudng Id phuang thiic de cdc doanh nghiep khai khodng ndng cao hinh anh, uy tin cua doanh nghidp vdi cdc ben lien quan. Tuy nhien, sd lieu nghien cuu ve mirc dp cdng bd thdng tin ke todn mdi trudng ciia cac doanh nghipp khai khoang lir 2013-2017 cbo thdy miic dp dd chua thye su ddp img dugc nhu

<b>kinh leihai Irien </b>

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thdi gian tdi, cdc doanh nghiep can tang cudng cae gidi phdp hodn thipn kd todn mdi trudng dd hd trg cho viec cdng bd thdng tin lien quan den mdi trudng la thye sy can thiet. Tir ket qua nghien cuu, nhdm nghien cuu dd xuat mpt sd khuyen nghj nhu sau:

<i>Thu nhdt, kit qud nghien cixu cho thay kha nang </i>

sinh ldi va ddn bay tai chinh tdc ddng tuang ddi ldn ddn mirc dp cdng bd thdng tin ke todn mdi h-udng vdi he sd 0,518 vd -0,510. Khd ndng sinh Idi tdc dgng cimg chidu den miie do cdng bd thdng tin ke toan mdi trudng, ddn bdy tai chlnh tdc ddng ngugc chieu den miic dd cdng bd thdng tin kd todn mdi trudng. Dieu nay cho thay mdt trong nhirng bidn phap de thiic ddy cdng bd tbdng tin ke todn mdi trudng la ndng cao khd nang sinh ldi vd gidm ddn bdy tai chinh. Tuy nhien, dd thuc hien dugc ddng thdi ca 2 vipc nay Id khdng dd ddi vdi doanh nghiep. Vi vgy, tuy vao chiln luge kinh doanh cua timg tbdi ky md doanh nghiep nen cd mirc dieu chinh ddn bay tai ehinh sao cho hpp ly, dam bdo kha nang sinh ldi cao nhixng vdn dam bdo phat trien bdn viing, ddng thai can chii trpng den viec danh ngudn lyc cho Ihuc hien va cdng bd thdng tin kd todn mdi Irudng.

<i>Thie hai, qui md doanh nghiep va thdi gian niem </i>

yet tren thj trudng chiing khoan cung idc ddng ciing chieu den mirc dp edng bd thdng tin ke todn mdi trudng. Nhirng doanh nghiep cd qui md cdng ldn, tbdi gian nidm yet tren thj Irudng chiing khodn cang dai thi miic dp cdng bd thdng tin ke loan mdi trudng cdng cao. Dieu nay eung cbo thay rang cac bdn Iidn quan mong dgi va yeu cdu ldn hon ddi vdi cdc doanh nghidp cd qui md ldn va thdi gian niem yet tren thj Irudng chiing khodn dai, day Id ca hdi nhung ciing la dp luc ddi vdi doanh nghiep ndy. Vi vdy, de tbu hiit, duy tri im the vd vj tri cua doanh nghiep, nhd quan trj can chu trgng vdo ddu lu ngudn lyc phii hgp cho cdng tdc hgch todn vd cdng bd Ihdng lin lien quan den ke todn mdi trudng. Dac biel, can tuyen truyen va nang cao y thirc ve bdo ve mdi tnrdng vd tbyc hidn trach nhiem xa hgi ddi vdi nba quan trj cdc cap trong doanh nghiep cung nhu Id lodn thd ngudi lao dgng. Tbyc hien trdeh nhiem vdi xa hdi vd cdng ddng la cdch lot nhdt de doanh nghiep nang cao hinh dnh, uy tin va mang lai hieu qud kinh te cho doanh nghidp.

nao cung dnh hudng ddn miic dp cdng bd thdng tin kd toan mdi trudng cua doanh nghiep. Doanh nghiep dupc kiem loan bdi cac doanh nghiep ldn ndm trong nhdm 4 hang kiem lodn hang ddu thi gidi gom: Pricewaterhouse Cooppers (PwC), Ernst and Young (E&Y), Klynveld Peat Marwick Geordeler (KPMG) va Deloitte Touche Tohmatsu Limited (Deloitte) thudng cd miie do cdng bd thdng tin ke todn mdi Irudng cao ban so vdi cdc doanh nghiep khac. Do dd, lya chgn cdng ty kiem toan dgc lap ndo cung Id mdt yeu id quan trpng md hgi ddng qudn trj vd ban gidm ddc doanh ngbiep cdn xem xet, dd cung Id mpt yet Id ndng cao uy tin, binh anh cdng ty vdi cdc ben lien quan. Ddy ciing dugc coi Id mpt bien phap nhdm gdp phdn hodn thien ke todn mdi trudng trong doanh ngbiep.

Tren ca sd van dung phuang phdp nghien ciiu djnh tinh ket hgp vdi djnh lugng, nhdm nghien ciru da danh gid dugc cdc nhdn td anb budng den miic dp edng bd thdng tin ke lodn mdi trudng. Kel qua cho thay muc dp cdng bd thdng lin ke lodn mdi trudng cd xu hudng tang ddn theo cac nam vd dnh hudng bdi cac nhan td: ddn khd nang sinh ldi, ddn bay tdi chinh, qui md doanh nghiep, thdi gian niem yet vd kiem loan ddc lap. Tir ket qud ndy, nhdm nghien ciru ciing da dua ra mpt sd khuyen nghi nham hodn thuc day miic dp cdng bd tbdng lin kd loan mdi trudng d cdc doanh nghidp khai khoang niem yet trong tuang lai. Bdi Viet gdp phdn phong phu hon cdc nghien curu ve kd loan mdi trudng, cQng nhu gdp phdn thiic day viec cdng bd thdng tin kd loan mdi trudng d doanh nghiep khai khodng trong tuang lai. Tuy nhien, cdn cd mpt sd ban chd nhu: (I) Nghien cuu chua ihyc hien xem xel y nghia cua cdng bd thdng tin ke lodn mdi trudng den hieu qud kinb le ciia doanb nghiep, dl lir do nang cao tinh khoa hgc cua cdc gidi phdp de xudl. (2) Mirc dd cac nhdn td trong md hinh nghien cim gidi tbicb cho sy bien ddng cua miic dp cdng bd thdng lin kd loan mdi trudng la khdng cao, dieu dd chimg Id cdn cac nhdn td khde dnh hudng den mirc dp cdng bd thdng tin kl loan mdi tnrdng. Tuy nhien. cdc tdc gid coi ddy la nhirng ggi md cho cdc nghien ciru liep Iheo trong tuang lai.

<b>kiiilileJIiiill </b>

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<i>Sd 261 thdng 3/2019 ^0 kiHtileAiirieii </i>

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