Nghiên cứu các yếu tố ảnh hưởng đến tính minh bạch của thông tin trên báo cáo tài chính của các doanh nghiệp phi tài chính niêm yết trên thị trường chứng khoán việt nam tt tiếng anh

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INTRODUCTION
1. Urgency of the thesis topic
Financial statements (FS) is a reporting system be established in accordance with
standards and accounting regimes applicable, reflects the economic information financial
summary of the financial situation, business results and cash flows of the business. FS can
be considered a product of the process of preparing and providing information of an
accounting unit. In particular, the disclosure and transparency of information on the
financial statements of listed companies (listed companies) are interested from several
groups different parties, not just the leadership now that the financial statements are also of
particular concern from investors, the analysts, partners, regulatory authorories ....
Disclosure, transparency is an effective means for the parties concerned get recognition,
assess the true state of the business activities, especially financial status when making
economic decisions. However, information on the financial statements are presented and
published as to how to meet the needs of people using the still relatively large gap between
reality and expectations. But, as the transparency of information on the financial
statements depends on the quality of the process of creation, presentation and disclosure of
enterprises, this process is influenced by many factors both inside outside the enterprise.
Therefore, at present in the world and Vietnam, this issue is of interest to many
researchers.
Some works in the world studying the perception of investors about the information
on the financial statements, the results showed that the majority of investors are evaluating
the financial reporting supply critical information for decision making compared with
other sources of information. However, investors also responded that the disclosure and
transparency of the financial statements have been limited by the lack of public
information or public, but very difficult to understand.
In Vietnam, the stock market is growing, according to which the legal provisions
relating increasingly perfect complement. Particularly the provisions relating to the
formulation, presentation and disclosure of information on the financial statements. These
regulations are finalized towards increasingly enhanced disclosure and transparency of
information. However, some regulations are oriented not really specific, clear, no tight

binding legally. This led to the ability to apply the law into practice in every business there
certain differences. Besides, listed companies have consciously complying with the


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provisions of law in the preparation, presentation and published financial statements are
still not at the number of businesses do not pay attention to the disclosure and transparency
of information on SFH. The information published is heavier on the form, just stop at the
disclosure requirements and pay little attention to transparency, is still common conditions
such as: financial statements published promptly, metrics before and after auditing the
difference is relatively large; transactions with related parties have not been fully overs;
indicators presented in the financial statements are incomplete or not the provisions of
accounting standards and some related regulations; some items essential on financial
statements that have not been fully presented, detailed and clear ... to affect the ability to
read out information as well as affect the confidence of the public to use the information
on the financial statements of the listed companies to make economic decisions.
transactions with related parties have not been fully overs; indicators presented in the
financial statements are incomplete or not the provisions of accounting standards and some
related regulations; some items essential on financial statements that have not been fully
presented, detailed and clear ... to affect the ability to read out information as well as affect
the confidence of the public to use the information on the financial statements of the listed
companies to make economic decisions. transactions with related parties have not been
fully overs; indicators presented in the financial statements are incomplete or not the
provisions of accounting standards and some related regulations; some items essential on
financial statements that have not been fully presented, detailed and clear ... to affect the
ability to read out information as well as affect the confidence of the public to use the
information on the financial statements of the listed companies to make economic
decisions.
However, the disclosure and transparency of information on the financial statements
do not easily evaluate and recognize. So far, in Vietnam and in the world did not have any

formal set of indicators used to assess the transparency of information on the financial
statements of listed companies. Therefore, the criteria for evaluating the level of
transparency of information on the financial statements of prior studies remains sporadic,
inconsistent, sync.
To assess the transparency of information on the financial statements is not easy, but
how to know which factors affect the transparency of information on the financial
statements is more difficult. Because, just as understanding, mastery and control of factors


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affecting the transparency of information on SFH new help business managers, the
management agency to identify the appropriate solutions to improve the transparency of
information on the financial statements. Factors affecting the transparency of information
on the financial statements can arise from inside and outside, possibly from the listed
companies as providers of information, from the auditing company in the development and
report on the financial statements of material misstatement, or from the relevant regulatory
environment, or due to any other factor.
In Vietnam so far, according to the understanding of the author, no formal study has
identified factors, as well as to quantify the impact of these factors on the transparency of
information on financial statements listed companies on the stock market in terms of
people of people who provide information, although this issue is receiving attention not
only researchers but also from enterprise management, agency management, investors,
audit firm…. This is considered a method to control the transparency of information on the
financial statements from the original.
From the above reasons, the author chooses the thesis topic: "Research on the
influence of the factors on the transparency of information on the financial statements of
the non-financial enterprises listed on stock market in the Viet Nam” with the desire to
contribute to clarifying issues interest, and is the basis for the authors propose
recommendations to improve the transparency of information on the financial statements
of the non-financial enterprises listed (DNPTCNY) on stock market in the Viet Nam.

2. Literature review and research gaps
2.1. The studies assessed the transparency of financial information and transparency
of information on the financial statements.
Assessing the overall transparency of information, transparency of information on
particular financial statement is a not an easy job. So far, the studies on transparency in
financial reporting information can be divided in two different approaches as follows:
With the research that transparent information on financial statements synonymous
with the level of information disclosure, usually comes from the perspective of the use of
information especially from perceived by investors to assess transparency of information
on the financial statements. In this study, to evaluate the level of transparency of
information, researchers oftenbased on the evaluation criteria of transparency of
organizations reputed as the OECD, the S & P, CIFAR. Typical for this approach is the


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study ofRobert Bushman et al (2001); Aksu and Arman Kosedag Mine (2005);Chueng et
al (2005); Yu-Chih Lin et al (2007). Tyeah the overview of the research above, shows that
while standing on the perspective of people who use the information to assess the level of
transparency of information on the financial statements focus only assess whether the
announcement information on the financial statements, rather than focus on evaluating the
level of transparency of information in a comprehensive, fully led to the case is the
information published, but not necessarily ensure transparency and vice versa with the
information to ensure transparency but not published.
Some works have overarching approach and complete transparency of information
on the financial statements. The authors suggest that transparent information on financial
statements is not only the level of disclosure and also including the quality of information
disclosed. Typical approach is the study ofTara Vishwanath and Daniel Kaufmann (2001);
S.Kulzick Raymond (2003), Blanchet (2002) & Prickett (2002); Bert J. Zarb (2006);
Gheorghe, Mironela (2009); Ferdy van Beest and GB, 'Suzanne Boelens (2009), Nguyen
Dinh Hung (2010);QI Xuan Dan LIU (2012); MarianaMan, Maria ciurea (2016); Nguyen

Trong Nguyen (2016) andPham Quoc Thuan (2016).Through a review of the research on,
the transparency of information on the financial statements under review from the process
of drafting, presentation and provides perspective information-information provider. With
this approach, the transparency of information on the financial statements are evaluated
through the basic features: Full, timely, reliable, comparable, understandable and
accessible.
2.2. The study of factors affecting the transparency of information on finance
statement.
Through the review, may codify the elements affecting the transparency of
information on the group financial statements according to the following factors:
The factors of the financial characteristics
Scale enterprises; Financial leverage; Efficient use of assets; Profit; Collateral
The factors of the corporate governance
Scale of the board; The part-time between the Chairman and Managing Director;
The proportion of independent directors; Supervisory Board; Board of Directors; internal
control system; The accountants


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The external factors
Independent audit; Legal environment of accounting, the disclosure rules, sanctions
2.3. Research gaps
From a review of the research projects and abroad. So far there is not any formal set
of criteria to assess the transparency of information on applicable financial statements are
published in Vietnam in terms of people who provide information.
On the factors affecting the transparency of information on the financial statements,
most of the research has focused on the study of the elements of the characteristics of
financial and governance characteristics of businesses to assess photos affect the
transparency of information on the financial statements, very few studies of factors
affecting the preparation and publication of information on the financial statements.

Research methodology: Few studies of factors affecting the transparency of
information in terms of persons providing information in quantitative methods.
Regarding the scope of the study, the majority of foreign works often research on
national scope. Also works in Viet Nam just stopped in scope each transaction basis as the
stock exchanges in Hanoi or Ho Chi Minh Stock Exchange.
3. Objectives of the study
General objects
The general objective of the thesis: Studies of factors affecting the transparency of
information on the financial statements of enterprises nonfinancial listed (DNPTCNY) and
propose recommendations to improve the transparency of information on finance report of
DNPTCNY
Detail objects
- Formalized, complement and contribute to improving the theoretical basis of
transparent information on financial statements and factors affecting the transparency of
information on the financial statements from the perspective of people to provide
information
- Determine the level of transparency of information on the financial statements and
the factors that influence as well as to quantify the impact of these factors to the
transparency of information on the financial statements of the DNPTCNY.


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- Propose a set of recommendations to improve the transparency of information on
the financial statements of listed companies DNPTCNY in the stock Viet Nam market.
4. Research questions
To achieve the research objectives, focuses on analyzing topics and answer the
following questions:
(1) Transparent information on financial statements and factors affecting the
transparency of information on the financial statements from the perspective of people to
provide information?

(2) The reality of the level of transparency of information on financial statements
from listed companies and the impact of these factors to the transparency of information
on how the financial statements?
(3) Recommendations to improve the transparency of information on the financial
statements of listed companies in the stock market?
5. Object and scope of research
Research subjects:
Transparent information on financial statements and factors affecting the
transparency of information on the financial statements DNPTCNY on Vietnam stock
market.
Research scope:
Scope of space: The author conducted data collection and surveys at non-financial
firms listed (DNPTCNY) on Vietnam stock market. The author does not perform a survey
of financial institutions such as banks, credit institutions, securities business, the insurance
business ...
Scope of time: Time studying the content related to the thesis was carried out from
2015 to 2019.
6. Research Methodology.
Research methods used in the thesis is a qualitative research method combined with
quantitative research methods
7. The contribution of the thesis
The theoretical contributions
First, based on the research predecessor thesis systematized, aggregated and


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categorized approach to transparency of information on the financial statements and
factors affecting the transparency of information on the financial statements in two
direction access: (1) From the perspective of the user information and (2) the perspective
of people who provide information.

Second, the thesis specifies the role and basis of the application of the theoretical
foundation for the study of information transparency and factors affecting the transparency
of information on the financial statements.
Third, the research methods, the thesis use combines two research methods:
qualitative and quantitative modeling study and verify the suitability of the model
research.
Practical contributions
First, based on stereotypes about the characteristics of the information on the
financial statements of the organization elaborating and previous studies, the thesis has
built a set of criteria to measure assess the level of transparency of information on
financial statements of DNPTCNY the 5 characteristics (suitable, reliable, comparable,
timely and convenient) with 21 criteria
Second, empirical research results show that, in terms of who provides information
that 7/8 positively influencing factors with statistical significance to the transparency of
information on finance report with the 29 criteria.
Third, on the basis of the results of quantitative research was presented in reality, the
thesis also presents a number of recommendations and solutions to enhance the
transparency of information on the financial statements of the DNPTCNY.
8. Thesis Structure
Besides the introduction, conclusion, list of tables, appendices and references, the
thesis consists of 5 chapters, namely:
Chapter 1: Rationale for transparent information on financial statements and factors
affecting the transparency of information on financial statements
Chapter 2: The financial statements of non-financial companies listed on Vietnam's
stock market


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Chapter 3: Research Methodology
Chapter 4: Results of study on factors affecting the transparency of information on

the financial statements of non-financial companies listed on Vietnam's stock market
Chapter 5: A number of recommendations to improve the transparency of
information on financial report of non-financial companies listed on Vietnam's stock
market
CHAPTER 1: RATIONALE OF TRANSPARENCY INFORMATION IN
FINANCIAL STATEMENTS AND FACTORS AFFECTING THE
TRANSPARENCY OF THE INFORMATION ON THE FINANCIAL
STATEMENTS
1.1. Overview of transparent information on the financial statements.
1.1.1. Transparency information
Transparency of information is a very abstract concept. The transparency
information does not stop at the review level of disclosure and also including the quality of
information published. In fact, the quality of information published could only be
controlled from the process of preparation, presentation and disclosure of information.
Thus, to recognize a most comprehensive, most complete transparency of information, as
well as factors affecting the transparency of information from the point of providing
information to users.
1.1.2. Information on financial statements
Standpoint of providing information, the information on the financial statements as
a result of the process of creation, presentation and disclosure of the accounting unit,
including financial information (assets, resources capital, revenues, expenses and cash
flow) and non-financial information (opportunities, risks, staffing structure and
characteristics of production and business activities, accounting policies ...).
1.1.3. Transparent information on financial statements
From the perspective of people providing information: Transparency of information
on financial reporting is a process for the preparation, presentation and announced publicly
and ensure the quality of all information related to the financial situation , results of
operations, cash flows and other additional information on the financial statement

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disclosures to comply with the relevant legal regulations and meet the demand for
information of the parties used.
1.2. The role of information transparency in financial report
Transparent information on financial statements very important role not only for the
audience but also to use information important for businesses themselves to provide
information in making decisions related.
1.3. Criteria for evaluating and measuring the level of transparency of
information on finance report
1.3.1. Criteria for evaluating the level of transparency of information on
finance report
From the viewpoint of transparency of information on the financial statements in
terms of who provides refined, to offer criteria for evaluating the level of transparency of
information on the financial statements, the thesis will examine the transparency of
information on finance report according to two criteria: (1) the quality of information on
financial statements and (2) the level of disclosure of information (access to information of
users)
1.3.2. Measuring the level of transparency of information on finance report
In view of the supplier information, the level of transparency of information on the
financial statements will be measured through the features: Full, as appropriate; reliable;
timely; comparable; understandable and accessible.
1.4. Factors affecting the transparency of information on finance report
1.4.1. Some theoretical foundation
The fundamental theory can be used to study the transparency of information on the
financial statements and factors affecting the transparency of information on the financial
statements of listed companies, including: Theory of useful information; Theory of
information asymmetry; Representation theory; Behavior management theory;
Institutional theory; Information processing theory.
1.4.2. Identify factors affecting the transparency of information on finance report

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Factors effect to transparency of information on the financial statements and the
impact of factors that govern the process of forming the financial statements and
information on the characteristics representing the transparency information. Such factors
include the factors within and outside the enterprise.
The elements within the enterprise, including: Internal control, the Board of
Management, Board of Directors, Supervisory Board, the accounting staff.
Factors outside the enterprise, including: Independent Audit, Legal Environment.
CHAPTER CONCLUSIONS first
Chapter 1 of the thesis presented the basic contents related to the transparency of
information on the financial statements from the perspective of people providing
information. In particular, information on financial reporting processes are formed from
the creation, presentation and disclosure of information. Criteria for evaluating the level of
transparency of information on the quality of financial reporting information and public
information. To measure the level of transparency on the financial statements, the thesis is
based on the quality characteristics of the information in the mold of the FASB, IASB and
legacy measurements from studies predecessor to develop an elevator measuring the
properties representing the transparency of information on the financial statements as: full
appropriate, timely, truthful, comparable, understandable, accessible.
CHAPTER 2: THE FINANCIAL STATEMENTS OF NON-FINANCIAL
ENTERPRISES LISTED ON THE STOCK MARKET IN VIETNAM
2.1. Listed enterprises and non-financial enterprises listed
2.1.1. Listed enterprises
2.1.1.1. Overview of listed enterprises
2.1.1.2. Features of corporate governance (CG) of the listed companies
2.1.2. Non-financial enterprises listed
2.1.2.1. Essential non-financial enterprises listed
2.1.2.2. Characteristics of non-financial enterprises listed
2.2. Overview of financial statements of non-financial firms listed

2.2.1. System of Financial Statement
Financial report system, including:
(1)
(2)

Accounting balance sheet
Income statement


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(3) Statements of cash flows
(4) Notes to Financial Statements
2.2.2. Features of the financial statements of non-financial firms listed
- Financial Statement of the DNPTCNY require high reliability and very sensitive.
- Financial Statement of the DNPTCNY track and reflect many specific indicators.
- Financial statements reflect the volume DNPTCNY large and complex operations.
- DNPTCNY financial statements must comply with the more stringent regulations
of the stock market, which require mandatory audit.
2.2.3. Provisions on the preparation, presentation and disclosure of information
on the financial statements of Vietnam DNPTCNY in the stock market
2.2.3.1. Regulations on the preparation and presentation of financial statements
2.2.3.2. Regulations on information disclosure on the Stock Exchange of DNPTCNY
CONCLUSION CHAPTER 2
In Chapter 2, the NCS had generalized the content related to the financial statements
of listed companies on the stock market in Viet Nam, including the content of the concept,
the characteristics of the DNPTCNY and characteristics of the financial statements of the
DNPTCNY on the stock market.
Besides, the thesis also presents the legal regulations on the preparation,
presentation and disclosure of information on financial statements and regulations on
corporate governance of listed companies on the stock market of Vietnam. The contents of

chapter 2 is one of the legal bases for the construction of criteria measuring the level of
transparency of information on the financial statements as well as identifying factors
affecting the level of transparency of information on the financial statements of the
DNPTCNY in the stock market in the chapter 3.


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CHAPTER 3
RESEARCH METHODS
3.1. Research design
3.1.1. Research process
The whole process of thesis research are shown in Figure 3.1. as follows:
Research Issues
The transparency of information on the financial statements and the effects of the
elements to the transparency of information on the financial statements of the
Vietnam stock market DNPTCNY

Theoretical Foundations
Overview of the transparency of information on the
financial statements and factors affecting the
transparency of information on finance report

Interviewing with Experts

Survey Test

Draft scales 1st

2nd draft scales

Completed questionnaires and
scales

Official survey

Data processing
Analysis with SPSS tools

Testing and giving results


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3.1.2. Research models.
3.1.2.1. Proposed research model
Thesis using regression models Multilateral dependent variable is the transparency
of information on the financial statements, the independent variable is 8 influencing
factors are: System of internal control (HTKSNB), Administrative Council (HĐQT),
Board of Directors (BGĐ), Control Board (BKS), Accountants, Legal environment
(MTPL), Independent auditing (KTDL) and accounting software (PMKT) (Figure 3.2).
Figure 3.2. Research model proposed
Internal control System
Administrative Council
Board of Directors
Control Board
Acountants

Transparency of information
on Financial Statement

Legal Environment

Independent Audit
Accounting Software
3.1.2.2. Hypotheses
From the research model (Figure 3.2), the research hypothesis is stated as follows:
H1: The more effective the internal control activity, the higher the level of information
transparency on the financial statements.
H2:   The   more   independent   the   Board   of   Directors,   the   more   compliance   with
regulations   is,   the   higher   the   level   of   information   transparency   on   the   financial
statements.


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H3: The more integrity the Board of Directors, the more knowledgeable and compliant
with the regulations on the preparation, presentation and disclosure of information on
the  financial  statements,  the higher   the level  of   transparency  of   information on  the
financial statements.
H4: The more assured the Supervisory Board is in terms of the number, the percentage
of  members,  the  qualification  and  the  performance  of  the  supervisory function, the
higher the level of transparency of information on the financial statements.
H5: The more professional and ethical competence of accountants, the higher the level
of transparency in information on financial statements.
H6:   The   more   complete   the  legal   environment,  the   higher   the   level  of   information
transparency on the financial statements.
H7: The higher the quality of financial statements auditing of independent auditing
companies, the higher the level of transparency of information on financial statements.
H8: The better the accounting software is, the higher the level of transparency on the
financial statements.
3.1.2.3. Building scale models of the variables in study
Construction scale features information transparency on the financial statements of
DNPTCNY.

Construction scale factors affect the transparency of information on the financial
statements of the DNPTCNY.
3.2. Data collection methods and procedures implemented in qualitative research
3.2.1. Data collection
3.2.2. Process of conducting qualitative research
3.3. Methods of collecting and processing data in quantitative research
3.3.1. Data collection
Collect research data includes the contents: Sampling research, design survey
questions and methods of the survey recovery


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3.3.1.1. Sampling in quantitative research
3.3.1.2. Design the survey questionnaire
3.3.1.3. Survey methodology and questionnaire recovery
3.3.2. Method of quantitative data processing
3.3.2.1. Data encrypt
3.3.2.2. Analytical methods to discover factors
3.3.2.3. Regression analysis method
CHAPTER CONCLUSIONS 3
Chapter 3 presented the research methodology, the process of thesis research.
Research methodology is performed in two steps: A qualitative study and quantitative
research.
From the research process, the author has developed a research model proposed on
the impact of these factors to the transparency of information on the financial statements
of the DNPTCNY. In particular, the dependent variable is the transparency of information
on the financial statements is assessed by five characteristics of information (The full
conformity, reliability, convenience, can be compared, timeliness) respectively with 26
criteria measured and 8 independent variables are 8 elements (Internal control system, the
Board of Management, Board of Directors, Supervisory Board, accountant, legal

environment, independent auditing and accounting software) corresponding to 29
measurement criteria, the sample size is 445 DNPTCNY close round. Results research and
discuss research results will be presented in subsequent chapters.


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CHAPTER 4
RESULTS AND DISCUSSION ON FACTORS AFFECTING THE
TRANSPARENCY INFORMATION ON THE FINANCIAL STATEMENTS OF
NON-FINANCIAL ENTERPRISES IN LISTED STOCK MARKET VIETNAM
4.1. Descriptive statistics results
4.1.1. Synthesis of expert opinions on information transparency measurement
criteria
4.1.2 Summary of expert opinions on influencing factors
4.2. Quantitative research results
4.2.1. Describe the research sample
4.2.2. Statistical results describe the status of information transparency on the
financial statements
Table 4:01: The level of transparency of information on the financial
statements at the DNPTCNY (Source: NCS survey)
Variable symbol

N (sample) Minimum
(minimum
value)

Maximum Mean
(maximum (average
value)
value)

MB:Transparency of
392
2.73
information on finance report
R: Suitable
392
2:25
F: Reliable
392
2.67
U: Understandable and accessible
392
2.60
C: Comparable
392
2:33
T: Timeliness
392
2:33
(Source: Author compiled from research results)

Std.
Deviation
(Standard
deviation)

4:00

3.4003

.28462

4:25
4:17
4:20
4:33
4:33

3.5434
3.3478
3.4388
3.2857
3.3861

.42466
.37058
.38901
.39028
.40112

4.2.3. Statistical description of the factors affecting the level of transparency of
information on the financial statements of the DNPTCNY
Table 4:02: The degree of the impact of factors affecting the transparency of financial
reporting information at the DN (Source: NCS survey)
Descriptive Statistics
Variable symbol
HTKSNB
HDQT
BGD

BKS

N

Minimum

Maximum

Mean

Std. Deviation

392
392
392
392

1.60
2:00
2:33
2:00

4:00
5:00
4.67
4.75

2.7505
3.7772
3.5349

3.7379

.43773
.56388
.44719
.47070


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NVKT
392
1:00
MTPL
392
2:00
KTDL
392
2:00
PMKT
392
1.67
(Source: Author compiled from research results)

5:00
5:00
4:50
4:33

3.5765
3.2870

3.2940
3.1981

.73428
.58561
.56835
.62498

4.2.4. The assessment results of scale reliability
Inspection results showed that coefficient Cronbach's alpha of the component
measuring the transparency of information on FS and the influencing factors are high
value (from 0638 to 0894> 0.6 and a correlation coefficient variation sum of variables are
high ( 0316-0862> 0.3) showed that the observed variables have a correlation coefficient
of total variation suitable and satisfactory in terms of reliability. However, only the
observed variables R1 'financial statements have presented information fees financial
decisions affecting investors "have correlation coefficients less than 0291 variables total
<0.3 and Cronbach's alpha coefficient if the variable type R1 will be 0751> 0727
4.2.5. Results of factor analysis to discover EFA
4.2.5.1. The results of factor analysis to discover the independent variables
According to the results of analysis to discover factors for the independent variable,
quality assessment scale and factor analysis to discover the EFA, the author identifies with
8 factors affecting the transparency of information on financial statements 29 listed
companies with táthe observed variables.
4.2.5.2. Explore factor analysis with the dependent variable
After analysis of the 26 variables EFA, the initial observations corresponds to 5
attribute information transparency on Finance Report only 21 observed variables
4.2.6. Results ppleased correlation and regression integrated bumper
4.2.6.1. Analyze the correlation coefficients (Pearson)
4.2.6.2. Regression Analysis
Standardized regression equation as follows:

MB = 0291 + 0220 BGD HDQT BKS + 0372 + 0344 + 0.388 NVKT MTPL +
0.333 KTDL+ 0255 PMKT
Regression model showed that a total of 7 factors affecting the way to the
transparency of financial statements, namely: Factor legal environment has most influence
(β = 0.388), followed by factors NVKT (β = 0.372); BKS (β = 0.344); KTĐL (β = 0.333);
BGĐ(β = 0.291); PMKT (β = 0.255) and lowest HĐQT (β = 0.220)


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4.2.7. Hypothesis Testing Results
Pursuant EFA analysis and regression results showed that the independent variables
BOD, BOM, BOS, NVKT, MTPL, NVKT, PMKT have a statistically significant impact
(Sig = 0.000 <5%) to the transparency of information on the financial statements.
Therefore, the hypothesis H2, H3, H4, H5, H6, H7, H8 accepted. Meanwhile, the
independent variable system of Internal Control with Sig = 0091> 0.05 up with the data
collected, the authors have not found effects statistical significance of the variable system
of internal control to the transparency of information on FS, because How disprove the
hypothesis H1.
4.3. Discuss findings of the factors that influence
4.3.1. Internal control system
4.3.2. Administrative Council
4.3.3. Board of manager
4.3.4. Control Board
4.3.5. Accountants
4.3.6. Regulatory environment
4.3.7. Independent audit
4.3.8. Accounting software
CONCLUSION CHAPTER 4
From the results it shows the extent of the transparency of financial statement on
listed companies on the stock market average was only passable. Scale constructed to

assess the level of transparency of information on the financial statements as required on
the disclosure of information and the characteristic quality of the information presented in
the financial statements from the relevant authorities in the country and internationally to 5
scale and 26 observed variables, following the evaluation process reliability coefficient
Cronbach α and to evaluate the value scale by EFA, the outcome remaining 21 criteria,
satisfy the reliability required as a basis for measuring measuring the level of transparency
of information on the financial statements of listed companies. 5 scale level of
transparency of information on the financial statements of listed companies are: The
complete and consistent (R), Reliance (F), The understandable, accessible (U), A
comparison (C ) and timeliness (T).


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Through qualitative research data, the thesis has analyzed transparency on FS
measurement and factors affecting transparency on FS.The author has analyzed and
included in theoretical models 8 elements of the independent variable. However, based on
the inspection results, the type 1 elements (HTKSNB) out of the model by the authors
have not found a linear relationship with the dependent variable. In the final model has
seven independent factors impacting the transparency of on the financial statements of
listed companies, of which, one factor was identified as particularities of this study
accounting software and two factors (BGĐ and BKS) were tested by both authors
qualitative methods and quantitative studies before a new stop in qualitative research.

CHAPTER 5
CONCLUSIONS AND RECOMMENDATIONS TO IMPROVE TRANSPARENCY
OF INFORMATION ON FINANCIAL REPORT OF NON-LISTED FINANCIAL
COMPANIES ON THE STOCK MARKET
5.1. Conclude
5.1.1. Conclusions about the transparency of information on the financial
statements of non-financial companies listed on the stock market Vietnam

The study results showed that the level of transparency of information on the
financial statements in the DNPTCNY on Vietnam stock market today are rated at above
average levels with a score of 3.4/5 points. Which features properties that constitute the
transparency information that the average score relatively close together and around the
average value of the whole, there is a significant difference, the highest of attributes The
full and appropriate (3,54 / 5 points) and lowest in the properties can be comparable (3,29 /
5 points). This shows the level of transparency of information in the financial statements at
the DNPTCNY on the stock market today is the respondents acknowledged rated 5
features transparent financial reporting at the level of relatively uniform, no properties
have been hit too high and too low prices
5.1.2. Conclusions about the factors affecting the transparency of information
on the financial statements of non-financial companies listed on the stock market
Vietnam


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According to the results of qualitative research, there are 8 factors affecting the
transparency of information on the financial statements, but based on the results of
hypothesis testing studies show that there are 7 factors affecting the transparency of
information on finance report (HĐQT, BGĐ, BKS, NVKT, MTPL, KTĐL, PMKT) and
there is an element of the HTKSNB is no influence significantly to transparency
information on financial reporting transparency.
5.2. Recommendations and solutions to enhance the transparency of
information on the financial statements of non-financial firms listed.
5.2.1. For Non- financial Enterprises líted
5.2.1.1. About the Board
5.2.1.2. About the Board of Directors
5.2.1.3. About the Supervisory Board
5.2.1.4. Regarding the selection of an independent auditing company
5.2.1.5. About choosing accounting software

5.2.1.6. Improve the quality of the enterprise accounting system
5.2.2. For accountants
Improve understanding and ability to apply accounting regulations
Improve understanding of the business process and characteristics of the business
Raising awareness of compliance with professional ethics of accountants
5.2.3. For the State Securities Commission and the Ministry of Finance
5.2.3.1. Perfecting the Legal environment on accounting
5.3.3.2. Improve the legal environment for information disclosure
5.2.3.3. Perfecting the legal environment on sanctions
5.2.4. For Independent Auditors
5.2.5. For professional associations and training institutions
5.2.5.1. From the Career Association
5.2.5.2. On the training facility side
5.2.6. For Investors


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5.3. The limitations of the study and further research directions
Discovery, measurement, testing and model of factors affecting the transparency of
information theme is the author studied and implemented in an long time with wanting to
put out a number of recommendations and solutions measures to improve the transparency
of information on the financial statements of the DNPTCNY on Vietnam's stock market.
Although the subject has been done with our best of the author and the enthusiastic
support from the teachers, experts, colleagues, especially with the dedicated guidance of
teacher Le Thi Thanh Hai and Nguyen Tuan Duy but by ability and knowledge is limited,
the topic inevitably limitations, specifically:
- Measure and evaluate the transparency of information on the financial statements
is not an easy job, both in the design of measurement scales and the selection of subjects to
study. In this study, subjects the data collection for quantitative research mainly those
directly related to the process of preparation and disclosure of information in the financial

statements for the reason that these audiences are very savvy the impact factor as well as
the recognition criteria, treatment, financial statement presentation information of their
own enterprises. Moreover, there are many concepts of measurement of this study
(honestly present the financial statements; Integrity of the leadership, the understanding of
legal regulations; accountants ...) can only be measured measured by the parties inside
enterprises. In subsequent studies, the authors are looking approaches, metrology,
- Linear regression model of the thesis have identified coefficient R2 = 07.36
shows that independent variables explain the 73.6% variability of the dependent variable.
Rest unexplained (26.4%) could be errors arising from risks during surveys or qualitative
research portion of undiscovered elements of the model. So the next study to explore,
additional factors.
From the above limitations, the study provides some direction for further research.
-Expand the scope of the study transparency of information: In addition to the
information on the financial statements, can expand the information on the management
report, Annual Report ....
-In addition, extending the group factors influence not only in terms of companies
which can at the national level with the group and cultural factors, economic, political, etc.
Also, you can choose the country other economically equivalent to conduct a comparative


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study with Vietnam on the influence of groups of cultural factors, economic, political, etc.
to the transparency of information on finance report
CONCLUSION CHAPTER 5
In this chapter, the thesis presented the conclusions regarding transparency of
information on financial statements from listed companies and the impact of these factors
to the transparency of information on financial statements from listed companies on the
stock market of Vietnam. Based on the results of inspection of the factors affecting the
transparency of information on the financial statements, the author has made
recommendations for themselves listed companies, accounting firms, investors, the

authorities concerned to enact the legal system ... to enhance the transparency of
information on financial statements from listed companies on the stock market. Besides,
the author also points out the limitations of the thesis and subsequent research in the
future.


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CONCLUDSION
Thesis, partly to clarify the research questions of the thesis
(1) Transparency of information on the financial statements and the factors that
affect the transparency of information on the financial statements from the perspective of
people to provide information?
(2) The reality of the level of transparency of information on financial statements
from listed companies and the impact of factors like?
(3) Recommendations to improve the transparency of information on the financial
statements of listed companies in the stock market?
The content of the thesis refers to the following fundamental issues:
The thesis presents an overview of the work predecessor of transparency of
information and transparency of information on the financial statements as well as factors
affecting the transparency of information on the financial statements of listed companies in
the stock market then find out research gaps and establish research problems "Research the
factors affecting the transparency of information on the financial statements of the
DNPTCNY on Vietnam's stock market" in terms of who provides information.
The thesis presents a theoretical basis for transparent information and transparency
of information on the financial statements as well as factors affecting the transparency of
information on the financial statements of listed companies on the stock market, and be
specific about the role and basis of the application of the theoretical foundation for the
study of information transparency and factors affecting the transparency of information on
the financial statements.
Thesis to use combines two research methods: qualitative and quantitative model

study and verify the suitability of the models studied with 8 independent variable factors
influence and transform dependence is the transparency of information on the financial
statements of the DNPTCNY. Empirical research results show that, in terms of who
provides information that 7/8 positively influencing factors with statistical significance to
the transparency of information on finance report with 29 properties measurement. In
particular, factors Legal Environment level the greatest impact to the transparency of
information on the financial statements at the rate of 38.8%, followed by factors:


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Accountant (NVKT) at a rate of 37.2%, Supervisory Board (BKS) at the rate of 34.4%,
Independent Audit (KTDL) at a rate of 33.3%, the Board of management (HĐQT) at the
rate of 29.1%, accounting software (PMKT) with 25.5% rate and the Board of directors
(BGD) at the rate of 22%. On the basis of the results of quantitative research was
presented in reality, the thesis also presents a number of recommendations and solutions to
enhance the transparency of information on the financial statements of the DNPTCNY
through quantitative studies of factors affecting the transparency of information on. With
the content presented in the thesis, dissertation has accomplished the original goals.
Despite efforts in the research process, besides the results achieved in the thesis can not
avoid certain deficiencies. Author is willing to receive valuable comments from scientists,
managers, professionals for the improvement of thesis.