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BNG CHNG THC NGHIEM TI

USTRLI VE THU LO DNH CHO
GIM OC TI CHINH (CFO)
ABSTRACT
Chng ti iu tra mc m l thuyt lin kt khuyn khch (the incentive
alignmen theory) v l thuyt quyn lc nh qun l (managerial power theory) gii
thch s thay i trong th lao ca CFO ti Australia. Qua tm thy mi tng
quan dng gia mc th lao cho CFO v cc thc o o lng s phc tp trong
cng vic v hiu qu hot ng ca cc doanh nghip nim yt. Tuy nhin, chng
ti khng tm c s lin h no gia th lao vi hiu qu hot ng khi hiu qu
c o lng mc ring ca CFO. Cc CFO thc cht nhn c mt phn
thng khng bng tin mt ln hn khi cht lng bo co l thp hn, cho thy
mt s tng phn sc nt vi d bo ca cc phng php lin kt khuyn khch.
Ngc li, chng ti thy rng vi cc CFO c nhiu quyn lc qun l hn (CFO
nm trong Hi ng qun tr, hoc s hu mt lng ln c phn, hoc ng
nhim v tr trong thi gian di) th s nhn c mc tin thng ln hn mt cch
ng k. V d, mt CFO l thnh vin Hi ng qun tr nhn c trung bnh
$323,590 nhiu hn trong tng th lao so vi mt CFO khc khng nm trong Hi
ng qun tr. Tng qut c hai l thuyt u cho thy tm quan trng ca vic xc
nh mc th lao cho cc CFO ti Australia, nhng l thuyt v quyn lc qun l
gii thch c nhiu hn s thay i trong chi tr cho CFO so vi quan im lin kt
khuyn khch.

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Mc lc
1. Gii thiu ..............................................................................................................1
2. Tng quan nghin cu ..........................................................................................4
3. Phng php v cch thc thu thp d liu ..........................................................7
3.1 Phng php nghin cu .................................................................................7
3.2 Cu trc mu..................................................................................................10
3.3 Thng k m t ..............................................................................................11
4. Th lao cho CFO - phn tch thc nghim .........................................................15
4. 1 Phn tch b sung..........................................................................................21
4.1.1. nh hng ca cuc khng hong ti chnh ton cu (GFC) ................21
4.1.2. TSSL c phiu c iu chnh theo ngnh cng nghip .....................22
4.1.3. M hnh k ton dn tch thay th..........................................................22
4.1.4. Qun l thu nhp thc t ........................................................................22
5. Kt lun ...............................................................................................................23

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1. Gii thiu
Gim c ti chnh (CFO) l ngi qun l ti chnh ca cng ty v cc vai tr
chnh ca h l chun b cc bo co ti chnh, hoch nh chin lc v h tr s
pht trin ca cc chnh sch cng ty1. S ch ca c quan lp php v phng tin
truyn thng gn y chuyn hng v CFO v vai tr ca h trong vic to lp v
ph bin cc thng tin ti chnh. Trong bi cnh cc gian ln ti chnh v s sp
lin tip ca mt s tp on ni ting, cc nh lp php v cc phng tin truyn
thng ang tp trung quy trch nhim ny khng ch v pha cc Gim c iu hnh
(CEO) - nhng ngi c thm quyn gim st chnh thc cho cng ty, m cn ln cc
CFO. Kt qu l, Quc hi M ban hnh o lut Sarbanes-Oxley (SOX) nm 2002,
v c th l Mc 302 ca o Lut ny yu cu c CEO v CFO u phi xc nhn
tnh chnh xc v y cn thit ca cc thng tin ti chnh v thuyt minh thng tin
ca cng ty. Vai tr php l cng nh trch nhim gim st ti chnh ca cc CFO
vt qua cc nh iu hnh khc ca cng ty2 .
Australia c mt s trng hp ni ting, chng hn nh One.Tel, HIH
Insurance v Centro, tp trung s ch v qun tr doanh nghip v cht lng bo
co. Chnh ph Australia cng tch cc tham gia vo cc n lc tng cng cc
khun kh thuyt minh ca cng ty v cc bo co ti chnh. Mc 295A ca o
Lut Doanh nghip Australia i hi c CEO v CFO ca cc ch th c lit k
k tt trn ti khon hng nm cng ty ca h v tuyn b rng cc bo co ti
chnh ca cng ty hin ti trung thc v hp l theo chun mc k ton c lin
quan. Nh mt kt qu t vai tr php l ca cc CFO, y ban chng khon M
(SEC) yu cu cng b thng tin v th lao cho CFO k t thng 12 nm 20023.
Australia, Lut Cng ty v Chng trnh ci cch kinh t (Ci cch kim ton v
cng b thng tin doanh nghip) nm 2004 (cn c gi l CLERP 9) c hiu lc t
1 thng 7 nm 2004. V d, CLERP 9 yu cu cng b thng tin m rng v th lao
ca cc nh iu hnh bng cch a ra mt bo co th lao nm trong bo co ti
chnh cng ty. Vi s nhn thc ngy cng tng v tm quan trng ca chc nng
gim c ti chnh i vi mt t chc, th cn thit phi gii quyt c vn th
lao c tr cho mt CFO.
C hai trng phi cnh tranh v t tng trong cc ti liu v tng thng
cho cc gim c iu hnh cng ty. Mt quan im (phng php quyn lc nh
qun l hoc bn rt tin thu) cho rng quyn lc nh qun l c quyn lc nh
1

Nghin cu gn y ch ra rng cc CFO khng ch thc hin vai tr truyn thng ca h trong vic chun b cc
ti khon theo lut nh, m cn chuyn sang mt v tr "s hai" trong h thng phn cp cng ty khi hoch nh
chin lc (Zorn, 2004;. Copeland et al, 2005; Heibl et al. nm 2013).
2
C bng chng trong cc ti liu nhn thy cc CFO c thng tin vt tri do vai tr ca h trong cc chnh sch
ti chnh v quy trnh bo co ti chnh ca cng ty (Geiger v Bc, nm 2006; Jiang et al, 2010).. Wang et al.
(2012) thy rng CFO c c nhiu thng tin hn v t sut sinh li c phiu trong tng lai hn l CEO. C th,
h ghi nhn CFO kim c t sut sinh li bt thng cao hn ng k sau sau khi mua c phn cng ty so vi cc
CEO.
3
Mt s nghin cu gn y ca M cung cp bng chng thc nghim h tr yu cu cng b thng tin mi
ca SEC v th lao ca CFO thng qua dn chng cc CFO nh hng ln hiu qu hot ng ti chnh doanh
nghip c th l mnh hn so vi cc CEO. V d, trong mt nghin cu tm nh hng ca CEO v CFO trong
qun l thu nhp, Giang et al. (2010) pht hin rng qun l thu nhp l ln hn ng k vi cc u i vn c phn
cho CFO hn u i c phn cho CEO. Tng t nh vy, Chava v Purnanandam (2010) lu rng u i vn c
phn i vi CFO c nng lc tng i mnh hn trong vic gii thch cu trc n cng ty v qun l cc khon k
ton dn tch so vi cc CEO.

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hng n Hi ng qun tr trong vic tr cho h mt khon th lao cao vi rt t

hoc khng c ngha v km theo (v d CORE et al., 1999,Bebchuk et al., 2002).
Mt quan im khc (l thuyt truyn thng hoc lin kt khuyn khch) tranh lun
gim c iu hnh c khen thng cho cc k nng, n lc v hiu qu cng vic.
(v d Jensen v Meckling, 1976, Jensen v Murphy, 1990).
C mt vi nghin cu thc nghim kim tra kh nng gii thch ca mi l
thuyt lin quan n th lao cho Gim c iu hnh (v d Gristein v Hribar, 2004;
Chalmers et al, 2006;. Coakley v Iliopoulou, 2006; Bugejaet al., 2012). Tuy nhin,
ch c mt s rt t cc nghin cu hc thut c thc hin kim tra tc ng
tng i ca mi l thuyt i vi th lao cho CFO. Mc d mt s nghin cu xem
xt cc yu t quyt nh th lao cho cc CFO c tham kho n mt trong cc quan
im ni trn (v d Indjejikian v Matejka, 2009; Balsamet al, 2012. Bedard et al.,
2014), nhng li khng c cng trnh no nh gi c nng lc gii thch tng i
ca mi l thuyt v th lao ca CFO.
Mi quan h gia th lao, c im qun tr v hiu qu cng vic ni chung
c hiu r v ghi chp li. Theo ngh ca CLERP 9, th lao ca gim c
iu hnh nn cng khai lin tc v c gim st bi cc ngnh cng nghip c lin
quan v cc c quan chuyn mn, c nhn thc cao hn th lao tr cho CFO v
khong trng v cc yu t quyt nh c bn ca mc th lao ny. Cng vi hai l
thuyt cnh tranh nhau, nghin cu ca chng ti gii quyt hai cu hi. Th nht,
th lao cho CFO nn c chi tr n mc no lin kt nhng khuyn khch
dnh cho CFO vi vic ti a ha gi tr? V cu hi th hai l n mc no th
CFO quyn lc s bn rt tin thu thng qua chi tr vt mc? Nghin cu ca
chng ti ng gp vo cc ti liu bng cch kim nh nng lc gii thch tng
i ca l thuyt lin kt khuyn khch v l thuyt quyn lc qun l trong vic tr
th lao cho CFO. Bng cch lm ny, nghin cu ca chng ti p ng cc khuyn
ngh ca CLERP 9 i hi phi gim st cht ch th lao ca gim c iu hnh. D
liu v th lao cho gim c ti chnh v qun tr doanh nghip ca chng ti c
ly t Capital IQ v cc bo co thng nin, v c thu thp trong giai on 20062010.4
Bng cch kim tra cc yu t quyt nh n th lao cho CFO Australia,
chng ti nhn thy rng cc pht hin M cng c p dng i vi Australia.
C th tha nhn rng c hai nc c mt s c im tng t bao gm c vn ha
doanh nghip theo nh hng ca c ng v mt khun kh php l i hi CFO
tun theo xc thc bo co ti chnh cng ty. Ngoi ra, sau cuc khng hong ti
chnh ton cu (GFC), c hai nc ban hnh quy nh thu hi i hi nh qun tr
hon tr li tin th lao trong trng hp c mt sai st trng yu c tm thy sau
trong bo co ti chnh ca cng ty. Tuy nhin, c mt s khc bit gia Australia
v M trong c cu qun tr doanh nghip v trong cch cc CFO c tr cng. Mt
s khc bit c th quan st c l trong thnh phn ca hi ng qun tr . Cu trc
ca hi ng qun tr ca cc cng ty Australia khc bit r rt so vi cc i tc
M ca h. Hi ng qun tr Australia ph hp hn thc hnh tt nht - best
4

C s d liu Capital IQ c d liu v th lao v c im ca CFO, tuy nhin, c mt s quan st thiu, c bit
l trong nhng nm trc . V d, tn ca cc cng ty v CFO c trong c s d liu nhng khng c th lao,mc
s hu c phn v ngy b nhim. Do , chng ti t trch xut d liu b mt t cc bo co ti chnh cng ty.

Page |3

practice (Kiel v Nicholson, 2003). C th, Hi ng qun tr Australia v trung

bnh nh hn v c t l cc nh qun l c lp thp hn (Bugeja et al., 2012). Hn
na, t l cc CFO Australia l thnh vin ca hi ng qun tr cao hn nhiu sao
vi M. C khong 43% cc cng ty nim yt Australia c cc CFO l thnh vin
ca hi ng qun tr, nhng t l ny thp hn nhiu ti th trng M vi t l
nm trong khong 8,6% (Bedard et al., 2014) n 15,1% (Balsam et al., 2012) . S
khc bit ny cng vi s khc bit ca t l khng phi l gim c iu hnh c
trch dn trc thp hn dn n cc CFO Australia c vai tr chin lc nhiu
hn. Mt khc bit na l trong cch CFO ang c tr th lao. Tng t nh th
lao gim c iu hnh (v d nh Ferreira et al., 2013), d liu ca chng ti cho
thy rng cc th lao bng tin mt (tin lng v tin thng) tr cho cc CFO
Australia chim mt t l cao hn, trong khi i vi cc ng nghip ti M, khon
thng ny di dng th lao khng bng tin c t trng cao hn v d nh c phiu
v quyn chn (Balsam et al, 2012;.. Bedard et al, 2014). iu ny mt phn l do,
i vi khung thu ca Australia ni c phiu, quyn chn v cc quyn khc b nh
thu khi nhn c. Mt trong nhng khc bit phn bit gia hai nc l
Australia vo thng 7 nm 2011 iu lut "two-strikes c ban hnh cho php cc
c ng trao quyn nhiu hn trong vic chi tr th lao cho gim c iu hnh. Theo
lut mi5, nu bo co th lao ca mt cng ty ghi nhn c l 25% hoc nhiu
phiu chng trong hai nm lin tip (two-strickes"), th hi ng qun tr, tr cc
CEO c th phi i mt vi mt cuc bu c li.
Theo bi nghin cu, chng ti ly mu 563 quan st cng ty - nm trong giai
on 2006-2010 v iu tra xem liu l thuyt no (lin kt khuyn khch hay quyn
lc nh qun l) gii thch tt nht s thay i trong vic tr th lao cho CFO
Australia. Theo , chng ti pht hin rng hai l thuyt ny khng loi tr ln nhau
v c hai u c kh nng gii thch v th lao cho CFO. Ph hp vi quan im lin
kt khuyn khch, chng ti thy rng cc thc o o lng mc phc tp ca
cng vic v hiu qu hot ng th trng ca chng khon cng ty c tng quan
dng i vi mc th lao cho CFO, cho thy CFO c tr da trn cc k nng, n
lc ca h v hiu qu hot ng ca ton cng ty. Tuy nhin, thc o hiu qu hot
ng ca ring CFO, tc l gi tr tuyt i ca cc khon k ton dn tch, khng
gii thch c cho s thay i trong th lao ca CFO. Trong thc t, bin k ton
dn tch c tng quan dng i vi khon th lao khng bng tin. iu ny th
khng ph hp vi d bo ca cc quan im truyn thng. Pht hin ny l biu
hin ca vic cc CFO thc s nhn c th lao khng bng tin cao hn khi cung
cp cht lng bo co thp hn. Mt khc, chng ti khng tm thy kt qu mu
thun vi l thuyt bn rt tin thu. Tt c cc thc o v quyn lc qun tr th
gii thch ng k s thay i trong mc th lao cho CFO. Cc CFO c cng nhiu
quyn lc, v d nh l thnh vin ca hi ng qun tr, mc s hu c phn ca
cng ty, nhim k v quy m ca hi ng qun tr, th cng c kh nng bn rt tin
thu nhiu thng qua th lao . Nhng pht hin ca chng ti h tr nhiu cho
phng php quyn lc nh qun l hn l quan im lin kt khuyn khch i vi
vic tr th lao cho CFO.

Lut mi ca Australia, quy tc "two - strikes " trong Lut Doanh nghip (Ci thin trch nhim trong th lao cc
nh qun l v gim c) sa i nm 2011.

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Phn cn li ca bi vit ny l nh sau. Phn 2 xem li cc l thuyt v th

lao cho CFO, kt ni vi nhng cu hi nghin cu v cung cp mt nn tng ngn
gn da trn hai l thuyt c bn. Phn 3 m t cc m hnh hi quy v cc quy trnh
ly mu d liu. phn 4, kt qu thc nghim s c trnh by v tho lun. Cui
cng, kin kt lun c trnh by ti phn 5

2. Tng quan nghin cu

Quan im truyn thng hay quan im lin kt khuyn khch tranh lun rng, hi
ng qun tr nn ngh cc gi th lao khuyn khch nhm ti a ha gi tr ca c
ng (Jensen v Meckling,1976; Haugen v Senbet, 1981). L thuyt lin kt khuyn
khch gi nh rng cc gi th lao ti u c th gim thiu vn chi ph i din
(Jensen v Meckling, 1976; Jensen v Murphy, 1990). ng thi, n cng xc thc rng
cc khon th lao dnh cho gim c iu hnh l mt hm s ca cung v cu i vi
cc k nng, n lc v hiu qu cng vic ca cc nh qun l. i lp vi quan im trn
l phng php quyn lc nh qun l v l thuyt bn rt tin thu. Theo nh ngha ca
Finkelstein (1992), quyn lc ca nh qun l l kh nng cc gim c nh hng hoc
c gng p t ch ca mnh ln cc quyt nh th lao ca hi ng qun tr. Vi cch
tip cn ny, quyn lc nh qun l to ra kh nng cho hot ng qun tr nhm t
c mt gi th lao tng thm, dn n vic gim i s giu c ca c ng (Core et al.,
1999; Bebchuk et al., 2002).
Mt s bng chng trong phn tng quan ny l quan im truyn thng ch yu
da vo vn ri ro o c.V d nh, Mirrlees (1976), Grosman v Hart (1983) ch ra
rng cc gim c thy khng cn thit ti a ha li ch cho c ng bi v cc c ng
khng th gim st c cc hot ng ca h v cc gim c thng c ng c ti a
ha li ch chnh mnh.Vi s hin din ca ri ro o c, hi ng qun tr cn thit lp
gi th lao nhm gn kt ng c ca nh qun l vi cc thc o gim st nh t sut
sinh li c phn cng ty, kh nng sinh li nhm ti a ha gi tr c ng v cng ty. C
nhiu nghin cu Australia ( Chalmers et al., 2006; Schultz et al., 2013) v quc t
(Mcconnell v Servaes,1990; Jensen v Murphy, 1990; Ozkan,2011) ng h s lin h
gia chi tr cho CEO vi hiu qu hot ng. Nghin cu v th lao cho CEO Australia,
Bugeja et al., (2012) khng ch tm thy mi tng quan dng gia khon th lao cho
CEO v hiu qu hot ng ca doanh nghip m cn chng minh mi tng quan
dng gia th lao ca CEO v mt s thc o v k nng v n lc ca h trong vic
hon thnh cng vic. Kt qu ny ng h cho l thuyt lin kt khuyn khch. c bit
trong vi thp k qua, vi trch nhim v tm quan trng ngy cng gia tng v vai tr
ca cc CFO lm gia tng mi quan tm trong vic thc hin li cc nghin cu v th
lao ca CEO p dng cho CFO nhm hiu r hn v cc nhn t quyt nh n th
lao v hiu qu cng vic ca CFO.
Thng nht vi quan im truyn thng, nhiu nghin cu cung cp bng chng
cho rng CFO c thng v hiu qu cng vic, n lc v k nng ca h. Zamora
(2009) pht hin ra cc CFO- nhng ngi c xem l chuyn gia d bo cao cp, th
c nhn tin thng cao hn v c chi tr c phn nhiu hn. Gore et al.,(2011)
kim nh s nh hng ca cc quy trnh qun tr doanh nghip tc ng ln th lao
khuyn khch CFO, cho rng cc doanh nghip s dng cng nhiu chuyn gia ti chnh
th c cng t phn thng khch l. Loyeung v Matolcsy (2015) chng minh CFO

Page |5

Australia nhn c tin thng cao hn v nng lc k ton ca h. Yu t ny c o

lng bi nghch o t s gi tr tuyt i ca cc sai s k ton trn tng ti sn, theo
nh tiu chun trnh by bt buc ca chun mc bo co ti chnh quc t (IFRS)6.
Tng t, Balsam et al.,(2015) chng minh rng mt s gia tng trong tin thng ca
gim c iu hnh theo sau vic p dng IFRS. Gia tng trong th lao c xem nh
lin quan n gia tng trch nhim v n ng vi trng hp ca CFO hn l CEO. Cc
pht hin ny ng h cho phng php l thuyt lin kt khuyn khch, c th trong ,
cc doanh nghip ngh th lao cao hn thu ht CFO ti nng.
Nhng nghin cu lin quan v th lao CFO, cht lng bo co ti chnh trong
hnh thc kim sot ni b v nhng iu chnh k ton, Wang (2010) cho thy CFO ca
cng ty c kim sot ni b tt nhn c th lao cao hn. Hoitash et al.(2012) chng
minh s thay i trong th lao ca CFO c lin h ng k n vic th hin s yu km
ca kim sot ni b. V khng c bt k mi lin h ngha no gia s yu km kim
sot ni b vi thc o nhng thay i trong th lao CEO, mc d cc CEO c trch
nhim chnh trong chng thc cc bo co kim sot. Kt qu nghin cu t Balsam et
al.(2014) thng nht vi quan im lin kt khuyn khch cho rng tin thng da vo
c phn lm gia tng s khch l nh qun l duy tr cht lng kim sot ni b, v
vic khuyn khch CFO th quan trng hn l khuyn khch cho cc CEO. Ngoi ra,
Collin et al. (2008) v Bedard et al. (2014) chng minh quan h ph nh gia vic iu
chnh k ton, tin thng cho CFO v tng th lao bng tin mt.
Mt s cc nghin cu cng kim nh trc tip lin kt gia hiu qu cng vic
v chi tr cho cc CFO. Indjejikian v Matejka (2009) pht hin tin thng hng nm l
nhn t khch l chung nht cho cc k hoch th lao cho CFO, chim xp x 50% tin
thng cho CFO c chi tr da trn tnh ton n hiu qu ti chnh. Bedard et al.
(2014) ch ra mi tng quan dng gia t sut sinh li ca c phiu cng ty v th lao
cho CFO. Balsam et al. (2012) quan st rng cc CFO th khng nhng c thng da
trn hiu qu hot ng kinh doanh truyn thng (o lng bng t sut sinh li c phiu
v li nhun k ton), m cn c thng da trn cc nhn t khc nh mc phc
tp ca cng vic v hiu qu ring ca CFO. c bit, nghin cu kt lun rng c mc
phc tp cng vic v hiu qu hot ng doanh nghip ni chung c tc ng tch
cc n tin thng v tin lng ca CFO, trong khi hiu qu hot ng ring c
nhn CFO ch tc ng n tin thng m thi.
Mc d th lao dnh cho cc gim c iu hnh thng thng c thit lp da
trn mt danh sch cc nhn t th trng, nhng nhng nhn t ny khng mnh
thAustralia y hiu qu tha thun ti u (optimal contracting) v cc gim c iu
hnh c th vn phi s dng quyn lc ca mnh nh hng n cc tha thun v
thu lao bn rt tin thu (Bebchuk v Fried, 2003). Theo nh tranh lun ca Bebchuk
et al. (2002), mc bn rt tin thu bng 0 l khng th c bi v s gim st v cc
cng c lin kt gia hiu qu hot ng doanh nghip vi khuyn khch tin thng cho
nh qun l th rt tn km. Bebchuk v Fried (2004) ng vi gi thuyt quyn lc nh
qun l cung cp mt l gii hiu qu cho tha thun tin thng hn l cc quan im
truyn thng v tha thun ti u (optimal contracting). Morse et al. (2011) tranh lun
6

Loyeung v Matolcsy (2015) tm thy mt mi tng quan dng gia nng lc ca CFO vi mc th lao ca h
(lng c bn, lng tin mt v tng s tin th lao) trong nm chuyn i IFRS. Ngoi ra, cc CFO ti nng cn
c trao tin thng cao hn trong cc nm tip theo khi sai s trong thc hin IFRS c bo co.

Page |6

rng cu trc ca hp ng tin thng ng vin c th b kim sot bi cc CEO quyn

lc mc d thc o hiu sut cng vic c th thch hp. Trong m hnh ca h, hp
ng chi tr ng vin c thit k bi cc CEO quyn lc bi v CEO khi xng cc
chin lc c mc ch, nhm chuyn dch mc nh hng t thc o hiu qu sang
nhng thc o hiu qu tt hn. Tng t, Adam et al. (2005) nghin cu thc nghim
ch ra rng cc doanh nghip vi cc CEO quyn lc th c kinh nghim linh hot hn
trong hot ng . Theo phng php quyn lc nh qun l, th lao s cao hn i vi
cc gim c cng ty m h c quyn lc cao hn mt cch tng i. Nghin cu
thc nghim v th lao cho CEO M ( Core et al., 1999; Bebchuk et al., 2002; Gristein
v Hribar, 2004), Anh ( Coakly v Iliopoulou, 2006) v Australia ( Chalmer s et al.,
2006) ng h mnh m cho l thuyt quyn lc nh qun l, cho thy c mt mi lin h
trc tip gia quyn lc ca cc CEO v th lao cao hn ca h. Nh cp trc v
mc pht trin v vai tr ca CFO ngy cng gia tng, cn thit phi thm vo ti liu
mi lin h gia quyn lc CFO v tin th lao.
Thng nht vi phng php quyn lc nh qun l, ti liu ny chng minh
cc CFO quyn lc c tim nng bn rt tin thu thng qua khon chi tr vt mc7.
Balsam et al. (2012) v Bedard et al. (2014) ch ra bng chng rng CFO gi mt v tr
trong hi ng qun tr, c nh hng ng k n th lao ca h. Nhng nghin cu ny
cho thy CFO l thnh vin hi ng qun tr c th lao bng tin mt v tng th lao cao
hn so vi cc CFO khng phi l thnh vin hi ng qun tr. Bedard et al. (2014)
tranh lun v tm quan trng ca v tr CFO trong hi ng qun tr th cng tng t nh
i vi v tr ca CEO trong hi ng ny bi v gim c ti chnh cng s biu quyt
nhng quyt sch quan trng bao gm ph duyt s chi tr cho gim c cng nh to ra
s ph thuc ln nhau. Quan im ny c cp ph bin cc ti liu th lao ca
CEO, theo biu th cho quyn lc qun tr l khi cc CEO lm ch tch hi ng qun
tr. (theo Bebchuk et al., 2002; Grisein v Hribar, 2004 Adam et al.,2005).
T tho lun trn, mt s nghin cu trong ti liu t M cho thy tin thng ca
CFO c th c gii thch bi l thuyt lin kt khuyn khch hoc l thuyt quyn lc
nh qun l. Loyeung v Matolcsy (2015) cung cp mt bng chng Australia ng h
cho quan im truyn thng theo CFO c thng v nng lc k ton ca mnh
trong vic p ng c cc chun mc bo co ti chnh quc t. Tuy nhin, khc vi
ti liu v CEO (Gristein v Hribar, 2004; Chalmers et al., 2006; Bugeja et al., 2012) ,
khng mt nghin cu no cung cp mt kim nh trc tip v nhn t ca tin thng
CFO c lin quan n 2 l thuyt ny. Trong bi nghin cu, chng ti vi mc ch
nhm lp y khong trng trn bng vic iu tra nghin cu m rng xt n s n lc,
k nng v hiu qu cng vic ca CFO, cng nh quyn lc c th quyt nh mc th
lao ca h. Mc d chng ti thy rng hai l thuyt ny khng loi tr ln nhau, mc
tiu ca chng ti l xc nh mc m mi l thuyt c th gii thch c s khc
bit trong tin thng CFO. c bit, hai cu hi nghin cu c t ra trong nghin
cu ny. Trc ht, th lao CFO c tr n mc no th c th lin kt hiu qu
cng vic v n lc ca h? Th hai, khi c o lng bng th lao, liu cc CFO
quyn lc c tham quyn c v hn hay khng? Theo nh quan im truyn thng, th
lao ca CFO c tng quan dng vi cc thc o ca s n lc v hiu qu cng vic
ca h. Trong khun kh nghin cu quyn lc nh qun l, tn ti mi tng quan
7

Cng c bng chng v tc ng ca quyn lc CFO trong cc lnh vc khc. V d, Ge et al. (2011) cho thy CFO
kiu cch c phn nh nhiu trong s la chn k ton khi mc iu chnh ca CFO l cao.

Page |7

dng gia mc th lao ca CFO vi mc quyn lc qun tr. K nng v hiu qu

cng vic ca CFO nn ng vai tr th yu gii thch cho th lao CFO.

3. Phng php v cch thc thu thp d liu

3.1 Phng php nghin cu
M hnh di y c lng xc nh mc th lao cho CFO ph hp vi mt
trong hai quan im truyn thng hoc l thuyt quyn lc qun l.

Bin ph thuc trong phng trnh mt l khon th lao phi tr cho cc CFO
trong nm. Thng nht vi cc nghin cu trc y, chng ti xem xt 5 dng ca th
lao cho CFO: ch tin thng, ch ring tin lng, tng th lao bng tin mt (bao gm
tng tin lng, thng v cc loi th lao bng tin khc), tng th lao khng dng tin
mt (tng cc c phiu khen thng hn ch v quyn chn mua c phiu c tr cp
cho cc CFO), v tng th lao (tng ca lng th lao bng tin v khng bng tin). Nu
mt s cng ty khng tr tin thng hoc khng tr th lao bng phn vn c phn th
c hai thnh phn ca th lao cho CFO c gi tr bng 0 l tin thng v tng th lao
khng bng tin. Do chng ti chia th lao cho CFO thnh 2 mu con phn tch hi
quy. Mu con u tin c o bng thang o logarit ( mu khng bao gm th lao c gi
tr 0). Hi quy OLS c chy cho c hai mu con, v mt hi quy Tobit c chy
b sung cho tp mu c gi tr th lao bng 0.
C ba b bin c lp chnh trong hi quy (1) cng nh c mt s bin kim sot
i vi cc c tnh ti chnh ca cng ty c lin quan n th lao cho ngi iu hnh.
Tp cc bin u tin i din cho mc phc tp ca cng vic ca cc CFO. Tp bin
th hai o lng thnh qu hot ng ca c cng ty v ca ring CFO. Tp bin th ba
o lng quyn lc qun l ca CFO.
Bin i din ca mc phc tp ca cng vic.
Cng vi quan im lin kt khuyn khch, cc CFO c tr th lao nhiu hn
khi h n lc hn v ci thin cc k nng trong cng vic. Hp l khi cho rng cc cng
ty ln hn vi cc hot ng phc tp hn s yu cu nng lc ca cc nh qun l cao
hn v cc nh qun l ny s nhn c mc th lao cao hn. V d Smith v Watts
(1992) nhn thy rng cc cng ty ln hn tr cho cc gim c iu hnh nhiu hn
so vi cc cng ty nh do phc tp v trch nhim cng vic ln hn. Chng ti s
dng quy m cng ty (Firm Size) c o lng bi logarit t nhin ca tng ti sn
cng ty trong nm trc lm i din u tin cho mc phc tp cng vic ca
CFO. Mt i din khc cho phc tp cng vic ca CFO l bin Bus.Segment. Bin
ny c o lng bi log ca s lng b phn theo lnh vc kinh doanh m doanh
nghip hot ng. Rose v Shepard (1997) nhn thy cc cng ty tr cho cc CFO mt
khon thng a dng nh l kt qu ca vic trch nhim tng thm lin quan n vic
qun tr s lng b phn theo lnh vc kinh doanh tng thm. Balsam et al (2012) cng
ghi li mt mi tng quan dng gia s a dng cc b phn v mc tr th lao cho
CFO. Khi s lng cc b phn lnh vc kinh doanh tng thm th s lng cc nh qun

Page |8

l m CFO phi giao tip cng tng ln. Quan im lin kt khuyn khch a ra gi
thit rng tt c cc bin o lng phc tp cng vic ca CFO c tng quan dng
vi tr th lao cho CFO.
o lng hiu qu hot ng
Chng ti cng o lng hiu qu hot ng mc cng ty v ca ring CFO
bi v phng php o lng trc tip ca s n lc ny khng quan st c. Nghin
cu trc y (Balsam et al., 2012; Bedard et al., 2014) lun cho thy lng tr cho CFO
l mt hm s ca hiu qu hot ng ca cng ty. Chng ti kim sot hiu qu hot
ng ca cng ty bng cch s dng c cc o lng hiu qu hot ng th trng v
hiu qu hot ng k ton. Thc o hiu qu hot ng th trng c chn l t sut
sinh li c phn thng hng nm (Stock Returns) v thc o k ton c chn l t
sut sinh li ca tng ti sn (ROA).
Khi cc CFO c trch nhim bo co cc kt qu ti chnh ca cng ty, chng ti
cng tnh n cc khon k ton dn tch c th iu chnh (bt thng)8 nh l mt
phng php o lng hiu qu ca CFO. Nhiu nghin cu v cht lng ca bo co
ti chnh (Francis et al., 2008; Bedard et al., 2014) thng s dng k ton dn tch c th
iu chnh nh l nghch o ca thc o cht lng k ton dn tch. Trong nghin cu
gn y v cc CFO, Bedard et al (2014) cho rng cc cng ty c cht lng k ton dn
tch cng thp (dn tch bt thng cng cao) th cht lng ca bo co ti chnh cng
thp. Mt s nghin cu cng chng minh rng cc CFO ng mt vai tr tch cc trong
vic kim sot dn tch bt thng. Geiger v North (2006) nhn thy cc khon k ton
dn tch c th iu chnh ca mt cng ty c gim trong giai on b nhim mt CFO
mi. Dejong v Ling (2013) cho thy cc CFO c nh hng ln n dn tch bt thng
hn cc CEO sau khi kim sot cc quyt nh chnh sch cng ty. Geiger v North tip
tc pht hin cc CFO c xu hng y dn tch v 0, iu ny cho thy c cng nhiu
li nhun chc chn c bo co bi cc CFO hn CEO. Bin i din cho cht lng
thu nhp da trn k ton dn tch l gi tr tuyt i ca cc khon k ton dn tch c
th iu chnh theo k vng v c tnh ton bng gi tr tuyt i ca chnh lch gia
tng k ton dn tch v cc khon k ton dn tch9 khng th iu chnh c tnh da
trn m hnh Jones iu chnh c pht trin bi Dechow et al. (2003)
Phng php lin kt khuyn khch d bo cc cng ty c hiu qu hot ng tng
th cao hn s thng nhiu cho cc CFO hn. Hn na, cc CFO s nhn c th lao
cao hn nu h em li cht lng bo co ti chnh tt hn c i din bi cht lng
k ton dn tch tt hn hoc qun l k ton dn tch thp hn. Ni cch khc, gi nh
rng tr th lao cho CFO s c tng quan dng vi bin Stock returns v ROA nhng
li c tng quan m i vi ln ca cc khon k ton dn tch c th iu chnh
di quan im truyn thng.
8

Thng c mt s khc bit gia cc thnh phn khng th iu chnh (normal) v c th iu chnh trong cc
khon k ton dn tch. Trong khi phng php k ton dn tch khng th iu chnh l mc k vng ca khon k
ton dn tch cho mt cng ty da trn cc c im, chng hn nh, loi ngnh cng nghip hot ng, quy m
cng ty v tng trng doanh thu, cc khon k ton dn tch c th iu chnh l nhng thnh phn bt ng (khng
k vng) v ty thuc vo s nh gi ca gim c khi bo co li nhun rng (Jones, 1991; DeFond v Park,
2001).
9
Tng cc khon k ton dn tch c tnh bng chnh lch gia Li nhun Doanh nghip trc cc khon mc
bt thng vi dng tin t hot ng c o lng bng quy m tng ti sn ca nm trc.

Page |9

o lng quyn lc ca CFO

Theo ti liu v quyn lc ca CEO (e.g. Denis et al., 1997; Bebchuk and Fried,
2003; Gristein and Hribar, 2004; Adams et al., 2005), (Balsam et al., 2012; Bedard et al.,
2014), chng ti s dng mt s bin o lng quyn lc qun l ca CFO10. Bin o
lng quyn lc u tin ca CFO s dng khi CFO l thnh vin ca hi ng qun tr
ca cng ty (CFO Board). Bin o lng th hai l phn trm c phn cng ty do CFO s
hu (CFO ownership). Bin o lng th ba l s nm k t khi CFO c b nhim
(CFO Tenure). Cc CFO c thi gian lm vic vi cng ty cng di hoc c t l s hu
vn c phn cng cao hoc l mt thnh vin trong hi ng qun tr c k vng s c
nh hng ln hn trong hi ng qun tr. Do , h c kh nng bn rt tin thu thng
qua th lao.
o lng quyn lc nh qun l ca CFO th cn thit cho vic kim sot cho cc
cu trc khc nhau ca hi ng qun tr. Chng ti s dng s lng nh qun l trong
hi ng qun tr (Board size) v t l nh qun l trong hi ng qun tr (Insider Ratio)
khi o lng cc c trng qun tr hi ng. Rosenstein v Wyatt (1990); Yermack
(1996) cho rng, cc hi ng qun tr cng nh v hi ng qun tr c t l cc nh
qun l bn ngoi cng cao th cng hiu qu v h c th hnh ng hn th lao cho
gim c iu hnh. Do , hp l khi cho rng nu c mt s lng ln hn cc thnh
vin hi ng qun tr v mt t l ngi ni b cao th quyn lc qun tr ca CFO cng
ln. Theo phng php quyn lc nh qun l, chng ti gi nh c mt mi tng quan
dng gia cc bin quyn lc ca CFO v mc th lao cho CFO.
Cc bin kim sot
Ph hp vi cc nghin cu trc y v th lao cho gim c iu hnh, chng
ti thm n by cng ty, c hi tng trng v ri ro cng ty nh cc bin kim sot ti
chnh. n by cng ty c tnh ton bng tng n chia gi tr th trng ca vn c
phn. C hi tng trng ca cng ty c o lng bng t s gi tr th trng trn gi
tr s sch ca vn c phn (M/B ratio), v c lc bt gi tr phn v th 1 v th 99
kim sot cc gi tr ngoi lai trong d liu. Balsam et al. (2012) v Bedard et al.
(2014) thy rng th lao cho CFO l cao hn i vi cc cng ty c cc c hi tng
trng/ u t cao. kim sot ri ro ca cng ty, chng ti s dng lch chun ca
t sut sinh li ca tng ti sn (Std dev (ROA)) v lch chun ca doanh thu chia cho
tng ti sn (Std dev (Sales/TA)), c hai tiu chun ny u c o lng trong 5 nm
trc. Bedard et al (2014) tm thy mt mi tng quan dng gia ri ro cng ty v th
lao cho CFO.
Chng ti cng kim sot nh hng c nh ca thi gian v ngnh cng nghip
bi v c s khc bit trong th lao cho CFO gia cc ngnh cng nghip11 v qua thi
gian. V d, Murphy (2013) cho rng cc gim c iu hnh ti cc cng ty in thu
c th lao t hn ng k so vi cc cng ty hot ng trong lnh vc khc nh dch v
ti chnh. Agarwal (1981) cng cho rng cc nh qun l c th i hi mc th lao cao
10

Chng ti tha nhn rng cc thc o ca quyn lc nh qun l ca CEO / CFO c pht trin thng qua s
la chn c th l ni b tim nng vi c im khc nhau ca tng cng ty.
11
Cc cng ty u c sp xp theo 2 ch s m ngnh ca H thng phn loi ngnh cng nghip ton cu
(GICS) ca h.

P a g e | 10

hn trong mt s ngnh cng nghip ang khan him cc nh qun tr c nng lc v

trong cc chu k th trng khc nhau.
3.2 Cu trc mu
Mu c xy dng da trn s liu t Top 500 doanh nghip vn ha th trng
c nim yt s giao dch chng khon Australia (ASX). Giai on nghin cu l t
2006 n 2010. D liu v th lao cho CFO, cc c trng ca CFO v qun tr doanh
nghip ca mi cng ty c ly t d liu S&P Capital IQ. Thng tin c ly t bo
co hng nm ca doanh nghip khi thng tin t d liu S&P Capital IQ khng c sn.
D liu k ton v d liu ti chnh ca cng ty c ly t d liu Aspect FinAnalysis
v chng ti cng trnh vic s dng mu cc cng ty c s thay i CFO trong bt k
nm no. Mu chng ti s dng bao gm 563 quan st cng ty-nm. Bng 1 tm tt nh
ngha cc bin c s dng trong nghin cu cng vi ngun d liu.
Bng 1 : nh ngha cc bin
Bin
nh ngha
Th lao cho CFO
Salary
Tng lng v tin thng
khi v hu ca CFO trong
nm
Bonus
Tng thng cho CFO
trong nm
Total cash comp
Tng lng, thng v cc
th lao bng tin c tr
cho CFO
Total non-cash comp
Tng gi tr chng khon
khen thng hn ch v
quyn chn mua c phiu
c thng cho CFO nh
mt phn ca gi th lao
Total comp
Tng th lao cho CFO,
c tnh bng tng th
lao bng tin v khng
bng tin
Cc c trng ti chnh
Firm size
Gi tr s sch ca tng ti
sn trong nm trc
Bus.segment
S lng b phn theo lnh
vc kinh doanh ca cng
ty
ROA
Li nhun trc thu chia
tng ti sn
Stock returns
T sut sinh li khng iu
chnh ca c phiu trong
nm, c tnh bng gi c
phiu trong nm chia cho
gi c phiu nm trc,

Ngun d liu
Capital IQ

Capital IQ
Capital IQ

Capital IQ

Capital IQ

FinAnalysis
FinAnalysis & Capital IQ

FinAnalysis
FinAnalysis

P a g e | 11

c biu din qua logarit

t nhin
Discret. accruals
Gi tr tuyt i ca chnh
lch gia tng k ton dn
tch (o lng bng chnh
lch gia li nhun cng ty
v dng tin hot ng
kinh doanh c tnh bng
tng ti sn nm trc) v
bin k ton dn tch
khng th iu chnh c
tnh da trn m hnh
Jones iu chnh do
Dechow et al. (2013) pht
trin
Leverage
Tng n chia cho gi tr th
trng ca vn c phn
M/B ratio
Gi tr th trng chia cho
gi tr s sch ca vn c
phn.
Std dev(ROA)
lch chun ca ROA
trong 5 nm trc
Std dev (Sales/TA)
lch chun ca t s
doanh thu chia tng ti sn
trong vng 5 nm trc
Cc c im ca CFO v qun tr
CFO ownership
Phn trm vn c phn do
CFO s hu
CFO Board
Mt bin nh phn c
m ha bng 1 nu CFO l
thnh vin hi ng qun
tr v bng 0 nu ngc li
CFO tenure
S nm m CFO c b
nhim
Board size
S lng gim c trong
hi ng qun tr
Insider ratio
Phn trm s lng cc
nh qun l trong hi ng
qun tr.

FinAnalysis

FinAnalysis
FinAnalysis

FinAnalysis
FinAnalysis

Capital
IQ
database,
boardroom database and
Company annual reports

3.3 Thng k m t
Bng 2 trnh by d liu m t vi th lao cho CFO trong hnh A, d liu ti chnh
cng ty trong hnh B, kt cu ban qun tr v cc thng tin gim c ti chnh trong Bng
C. Nh c th thy t hnh A ca bng 2, CFO ti Australia nhn c tng th lao trung
bnh hng nm l $ 1,16 triu trong cc nm 2006-2010. Mc th lao c tr cho mt
CFO l khong 60% thu nhp mt CEO kim c. Chalmers et al. (2006), trong mt

P a g e | 12

nghin cu ca 200 doanh nghip ln ca Australia trong giai on 1999-2002, thy rng
tng th lao trung bnh tr cho mt CEO l 1.890.000 $. Thu nhp CEO gp i so vi
cc CFO tng t, c bo co trong cc cuc kho st thu nhp ca Capital 2012 c
cng b trong Tp ch Australian Financial Review12. Theo kho st ny tit l rng 10
CEO c tr lng cao nht nhn c khong 8,8 triu $ trong nm ti chnh 20112012 so vi 4.39 $ triu cho 10 CFO c tr lng cao nht. Mc d cc CFO c tr
t hn ng k cc CEO c o lng bng tng s tin th lao,nhng h u nhn c
mc tin thng tng t. D liu ca chng ti cho thy rng tin thng trung bnh tr
cho cc CFO l $ 281,000 trong khi s tin ny cho cc CEO l $ 299,000 (Chalmers et
al., 2006). CFO ti Australia nhn c khong 78% tng s tin th lao bng tin mt,
cn li 22% khng dng tin mt. iu ny cng tng t nh cu trc th lao tr cho
cc CEO ti Australia c th lao hng nhiu n phn bng tin mt (Chalmers et al,
2006;. Bugeja et al, 2012). Hnh B ca Bng 2 m t cc c im ti chnh ca cc
doanh nghip trong mu ca chng ti. Quy m trung bnh ca mt doanh nghip trong
mu l 21 t $ cn trung v l 662.000.000 $. Con s trung v nh hn v lch tiu
chun cao l du hiu rng s phn b trn quy m doanh nghip b chch cao. S lng
b phn trung bnh theo lnh vc kinh doanh ca doanh nghip trong mu ca chng ti
l bn v n by ti chnh trung bnh (t l n trn vn ch s hu) l 1,04 v t l M /
B l 3,44. ROA trung v cho mu cc cng ty l 6,62% v TSSL c phiu trung v l
8.89%. Hn 50% doanh nghip khng c cc khon k ton dn tch bng 0 vi gi tr
tuyt i ca cc khon k ton dn tch iu chnh theo k vng l 0,07. lch chun
trung bnh ca ROA trong 5 nm cui cng ca doanh nghip trong mu l 11,42%, trong
khi lch chun ca doanh thu trn tng ti sn l 21,74%.
Trong hnh C ca bng 2, nhn thy rng nhim k trung bnh ca cc CFO ti
Australia l 5,22 nm (trung v 4,08). R rng l cc CFO ti Australia c nhim k
tng t so vi cc ng nghip M. Theo Indjejikian v Matejka (2009) bo co
nhim k trung bnh (trung v) ca CFO ti M l 5,91 nm (4 nm) cho cc cng ty nim
yt cng khai. Tuy nhin, d liu ca chng ti cho thy mt t l cc CFO c v tr trn
HQT cng ty cao hn nhiu so vi nhng g c bo co ti th trng M. C khong
43% cc cng ty Australia c nim yt c CFO l mt thnh vin ca HQT. Ngc
li, t l ny i vi cc cng ty M ch l 8,6% trong giai on 2004-2007 (Bedard et al.,
2014) hoc 15,1% trong khong 1993-2006 (Balsam et al., 2012). Cc CFO ti Australia
trung bnh gi 0,19% c phn ca cng ty, mt mc s hu c phn thp hn so vi
cc CEO - nm gi 4,48% (Bugeja et al., 2012). Quy m trung bnh HQT cc cng ty
ti Australia l 8 vi a s thnh vin hi ng qun tr (60%) khng l nhng nh qun
l.

12

Top CFOs' pay rises 10pc by S. Durummond and E. Tadros, Australian Financial Review newspaper, 10 December 2012

P a g e | 13

Bng 2: Thng k m t

Bng 2 trnh by thng k m t ca 563 quan st cng ty-nm (hoc 281 cng ty n nht trong tp mu
t nm 2006 2010. Th lao ca CFO c th hin ring bit qua cc bin Bonus, Salary, Total cash compensation,
Total non-cash compensation v Total compensation. Firm size l gi tr s sch ca tng ti sn nm trc , c
x l qua hm logarit t nhin. Bus. Segments l s lng b phn theo lnh vc kinh doanh ca cng ty, c x l
qua hm log. Leverage l n by ti chnh ca cng ty, c tnh ton bng tng n chia gi tr th trng ca vn
c phn. M/B ratio l gi tr th trng chia gi tr s sch ca vn c phn. ROA l t sut sinh li ca ti sn, c
o lng bng li nhun trc thu chia tng ti sn. Stock Returns l t sut sinh li cha iu chnh ca c phiu
trong nm, c tnh ton bng gi ca c phiu nm hin ti chia cho gi c phiu nm trc v c x l
bng hm logarit t nhin. Discret. Accruals l gi tr tuyt i ca cc khon k ton dn tch iu chnh theo k
vng c tnh ton da trn m hnh Jones (1991) chnh sa c pht trin bi Dechow et al. (2003). Std dev
(ROA) l lch chun ca ROA trong vng 5 nm trc. Std dev (Sales/TA) l lch chun ca t s doanh thu
chia tng ti sn. CFO ownership l phn trm vn c phn ca cng ty do CFO s hu. CFO Board l bin nh
phn. CFO Board nhn gi tr l 1 nu CFO l thnh vin ca hi ng qun tr ca cng ty v nhn gi tr 0 nu
CFO khng l thnh vin ca hi ng qun tr. CFO Tenure l s nm k t khi CFO c b nhim, c x l
qua hm logarit t nhin. Board Size l s gim c trong hi ng qun tr. Insider Ratio l phn trm cc gim c
iu hnh trong hi ng qun tr.

P a g e | 14

P a g e | 15

Bng 3 trnh by kt qu hi quy mc th lao cho CFO c o lng bng gi tr ng ($000), mc

th lao cho CFO c chia thnh cc loi: Bonus, Salary, Total cash compensation, Total non-cash compensation v
Total compensation. Mu gm 563 quan st t nm 2006 n nm 2010. Firm size l gi tr s sch ca tng ti sn
nm trc , c th hin qua hm logarit t nhin. Bus. Segments l s lng b phn theo lnh vc kinh doanh
ca cng ty, c x l qua hm log. Leverage l n by ti chnh ca cng ty, c tnh ton bng tng n chia
gi tr th trng ca vn c phn. M/B ratio l gi tr th trng chia gi tr s sch ca vn c phn. ROA l t sut
sinh li ca ti sn, c o lng bng li nhun trc thu chia tng ti sn. Stock Returns l t sut sinh li cha
iu chnh ca c phiu trong nm, c tnh ton bng gi ca c phiu nm hin ti chia cho gi c phiu nm
trc v c x l bng hm logarit t nhin. Discret. Accruals l gi tr tuyt i ca cc khon k ton dn
tch iu chnh theo k vng c tnh ton da trn m hnh Jones (1991) chnh sa c pht trin bi Dechow
et al. (2003). Std dev (ROA) l lch chun ca ROA trong vng 5 nm trc. Std dev (Sales/TA) l lch cun
ca t s doanh thu chia tng ti sn. CFO ownership l phn trm vn c phn ca cng ty do CFO s hu. CFO
Board l bin nh phn. CFO Board nhn gi tr l 1 nu CFO l thnh vin ca hi ng qun tr ca cng ty v
nhn gi tr 0 nu CFO khng l thnh vin ca hi ng qun tr. CFO Tenure l s nm k t khi CFO c b
nhim, c x l qua hm logarit t nhin. Board Size l s gim c trong hi ng qun tr. Insider Ratio l phn
trm cc gim c iu hnh trong hi ng qun tr. Mi hi quy s dng kim nh White heteroskedasticity
kim nh phng sai thay i. Mi hi quy cng bao gm c nhng nh hng c nh ca ring ngnh cng
nghip v ca thi gian kim sot s khc nhau mang tnh h thng ca th lao gia cc ngnh cng nghip v
theo thi gian. Cc s trong du ngoc l thng k t. Cc s c in m ch mc ngha thng k l 10% hoc hn.
Cc du *, **, *** th hin mc ngha ln lt l 10%, 5%, 1%.

4. Th lao cho CFO - phn tch thc nghim

Trong phn ny chng ti iu tra mc m cc l thuyt lin kt khuyn khch v
l thuyt quyn lc nh qun l gii thch mc th lao cho CFO . Bng 3 trnh by cc
kt qu hi quy cho cc kiu khc nhau ca th lao cho CFO khi d liu th lao c th
hin bng gi tr ng USD. Trong hnh A ca Bng 3, chng ti hin th cc kt qu
OLS ca nhm u tin (Salary, Total cash comp, v Total comp). i vi nhm th hai
(Bonus v Total non cash comp) c m t trong hnh B, kt qu ca c hi quy OLS
v hi quy Tobit u c trnh by v nhm ny c cha mt s quan st khng c gi
tr.
Nhn chung, cc kt qu trong Bng 3 cng tng t vi tt c cc kiu th lao.
Trong c hai hnh ca Bng 3, h s ca bin Firm Size l dng vi tt c cc thnh
phn ca th lao, ng rng cc cng ty ln hn c xu hng tr th lao cao hn cho
CFO ca h. Kt qu ca chng ti ph hp vi cc nghin cu M gn y v th lao

P a g e | 16

CFO (Indjejikian v Matejka, 2009;. Bedard et al, 2014) cc cng ty ln hn yu cu

CFO cht lng cao hn v sn sng tr cho cht lng nh vy. Tng t nh Balsam al.
(2012), bin Bus.segment c tng quan dng vi hai loi th lao, l Bonus v Total
cash comp. Kt qu ny s ch ra rng s phc tp kinh doanh, c o bng s lng
cc b phn theo lnh vc kinh doanh, nh hng n cc thnh phn ca tin th lao
bng tin mt. Kt qu ca chng ti cho thy c bng chng h tr cho quan im
truyn thng rng th lao cho CFO c lin kt vi mc phc tp ca cng vic.
Nh cp trc trong phn 3.1, thit k cc gi th lao cho gim c iu
hnh lin kt nhng khuyn khch vi li ch ca c ng i hi cc thc o c th
thy c kh nng sinh li ca doanh nghip. Trong phn tch ca hai ch s i din
cho hiu qu hot ng ca doanh nghip (ROA v Stock Returns), ch c bin Stock
Returns c tm thy l tng quan dng vi cc thnh phn th lao cho CFO, ngoi
tr trng hp ca Salary, c tm thy khng c ngha thng k13. Pht hin ca
chng ti v mt mi lin h cng chiu gia th lao CFO v o lng hiu sut c phiu
cng ging nh trong mt s nghin cu ca M (Balsamet al, 2012; Hoitash et al, 2012;.
Bedard et al, 2014), pht hin ny cng ph hp vi nghin cu thc nghim quc t v
th lao cho CEO (v d, Core et al, 1999;. Kato et al, 2007. Unite et al, 2008. Bugeja et
al., 2012) rng th lao cho cc gim c iu hnh c lin kt vi hiu qu hot ng
ca th trng chng khon doanh nghip. i vi thc o o lng hiu qu ring ca
CFO, bin Discrect Accruals, chng ti khng tm thy mi lin h gia hiu qu cng
vic vi s chi tr bi v h s ca bin ny l khng c ngha thng k trn tt c cc
loi th lao ca CFO. iu ny cho thy rng th lao CFO Australia khng lin quan
n cc thc o v hiu qu ca cht lng cc khon k ton dn tch, c bit c
quy ring cho cc CFO. Tm li, chng ta tm thy cc bng chng cho quan im truyn
thng khi hiu qu c o lng theo mc doanh nghip. Cn khi hiu sut c o
cp ring ca CFO, cc quan im truyn thng khng c ng h.
Ph hp vi nhng tin on ca thuyt bn rt tin thu, bn trong s nm bin
quyn qun l (CFO Board, CFO Ownership , CFO Tenure v Board Size) c pht
hin c tng quan dng c ngha vi th lao CFO. Insider Ratio l bin quyn lc
nh qun l duy nht khng c ngha. Vic thiu ngha gia cc bin Insdier Ratio v
th lao cho CFO cng ging nh trong mt s nghin cu trc v th lao CFO (Core et
al , 1999; . Gristein v Hribar , 2004; Chalmers et al , 2006; . Bugeja et al , 2012 . Guthrie
et al . , 2012)

13

Trong phn tch hi quy chng ta, bin hiu qu hot ng ca cng ty ROAt l khng c ngha trong tt c cc
thng s. Chng ti thay th ROAt bi bin c tr ROAt1 kim tra xem liu tr chm tin thng lm suy
gim s lin kt gia lng v hiu qu cng thi im hay khng. Kt qu cng tng t nh bo co trong Bng
3; ROAt1 vn khng c ngha thng k. Chng ti cng s dng bin hiu qu c tr ti thi im t - 1, trong
hi quy v kt qu l vng.

P a g e | 17

Trong s bn bin i din cho quyn lc nh qun l, bin CFO Board c nh

hng quan trng nht trn chi tr th lao ca CFO Australia14. Tht vy, ngoi tr thnh
phn Bonus, bin CFO Board c tm thy c mi tng quan dng c ngha trong
tt c cc loi th lao. iu ny ch ra rng cc CFO ngi c v tr trong hi ng qun
tr nhn c th lao cao hn so vi cc CFO khng l thnh vin. Mc ngha ca bin
CFO Board cng c bo co trong nghin cu M gn y v th lao CFO (Balsamet
al., nm 2012; Bedard et al., 2014). hiu thm v bin CFO Board, chng ti chia
mu gc thnh hai mu con: u tin gm 242 quan st trong CFO l mt thnh vin
ca hi ng qun tr, trong khi mu th hai gm 321 quan st trong cc CFO khng
l thnh vin. Bng 4 trnh by thng k m t cho mi thnh phn th lao ca hai mu
con l kim tra s khc bit trong trung bnh s v trung v ca nhng mu con ny.
Suy lun t Bng 4 l nhng CFO c v tr trong hi ng qun tr kim c thu nhp
nhiu hn ng k so vi cc CFO khc trong tt c cc loi th lao. V d, cc CFO
ngui c mt v tr trong hi ng qun tr th c mc thng trung bnh trong tng s th
lao l 1,4 triu $. Con s ny l khong $ 969,000 cho cc CFO ngi khng l thnh
vin trong hi ng qun tr15. Mt phn tch b sung cho thy s khc bit trong vic tr
th lao ca doanh nghip trong hai mu con khng b nh hng bi quy m doanh
nghip v cc doanh nghip trong cc mu con tng t nhau v kch thc, c o bi
gi tr ti sn theo s sch ca cng ty trong nm trc. Cc thng k kim nh cho s
khc nhau gia trung bnh v trung v ca gi tr ti sn theo s sch ca doanh nghip
khng c ngha thng k cc mc thng thng.
Tng t nh nhng pht hin v bin CFO Board, h s ca CFO Ownership, CFO
Tenure v bin Board Size (xem Bng 3) u dng v c ngha thng k, h tr cc
d bo ca phng php quyn lc nh qun l. Finkelstein v Hambrick (1989) lp lun
rng quyn s hu chng khon cho CEO nhiu hn cho php cc CEO c kh nng
kim sot nhiu hn mc chi cho h v lm tng kh nng tham quyn c v. Chng ti
cng thy rng CFO vi mc s hu c phn cng ty cng cao th cng c thng
nhiu hn, ngoi tr tin thng. Ngoi ra, Hermalin v Weisbach (1998) v Ryan and
Wiggins (2004) thy rng cc CEO tr nn tham quyn c v hn v t c quyn lc
qun l cao hn trong HQT khi nhim k ca h tng ln. Kt qu cho thy rng CFO
cm quyn cng lu, th cng c quyn lc v cng tham quyn c v hn dn n th lao
cao hn trong Bonus v Total cash - comp. iu ny ph hp vi pht hin l c mt mi
tng quan dng gia CFO tenure v CFO Bonus bi Indjejikian v Matejka (2009).
Pht hin ca chng ti trn bin Board Size tng quan dng c ngha vi ba loi th
lao CFO: Salary, Total non - cash comp v total comp, ph hp vi cc nghin cu trc
y v th lao CFO (Yermack, 1996; Core et al, 1999; Bugeja et al, 2012). Ni chung,
HQT cng nh th cng hiu qu hn v s kh khn trong vic gim st s tng ln
cng quy m HQT.

14

Nh trnh by trong Bng 3, tr trng hp thnh phn bonus,cc c lng ca ca bin CFO Board l cao
nht trong s cc bin i din cho quyn lc nh qun l, dao ng trong khong114,16-323,59 v tng ng vi
t-statistics l 1,97-7,05.
15
ngn gn, cc phn tch v s khc bit trong quy m cng ty gia hai mu con khng c bo co. Kt qu
c cung cp da theo yu cu.

P a g e | 18

Trong phn tng quan c mt s gii thch ca ba i din cho quyn lc nh

qun l (CFO Board, CFO Tenure, CFO Ownership). Chng c th c s dng nh l
nhng thc o cho mt trong hai quan im truyn thng hay l thuyt bn rt tin thu.
V d, nu mt CFO c mt v tr trong hi ng qun tr, h c th b phiu trong nhiu
vn quan trng nh lng gim c v b nhim gim c. iu ny to ra ph thuc
ln nhau v tng t s ph thuc ln nhau c to ra khi CEO ch tr cuc hp hi
ng qun tr (Bedard et al., 2014). Ngoi ra, do c mt v trong HQT, cc CFO c th
chia s cc thng tin ti chnh lin quan n cc thnh vin qun tr khc v iu ny c
kh nng gip hi ng trong vai tr c vn ca mnh (Adams v Ferreira, 2007).
Tng t nh vy, khi nhim k ca mt gim c ti chnh tng , h c kh nng tr
tham quyn c v hn v s c quyn lc qun l nhiu hn trong HQT (Hermalin v
Weisbach, 1998; Ryan v Wiggins, 2004). Mt khc, khi cc gim c ti chnh ti v
trong cng ty cng lu, hi ng qun tr c mt c hi ln hn nh gi s ng gp
ca cc gim c ti chnh v s tng thm trong gi tr v nh hng n hiu qu hot
ng cng ty. Trong vic gii thch mc s hu vn c phn, quyn s hu c phn tng
thm c th cung cp cho cc nh qun l nhiu quyn kim sot hn trong cc khon
chi tr ca h v do lm tng kh nng tham quyn c v (Morck et al, 1988;.
Finkelstein v Hambrick, 1989). Ngoi ra, vic cc gim c iu hnh nm gi c phn
mc ti u c th gim chi ph i din pht sinh t vic tch quyn s hu v kim
sot (Jensen v Meckling, 1976). Do , tn ti mt mi tng quan dng gia th lao
cho CFO v ba thc o quyn lc qun l c k vong theo c l thuyt lin kt
khuyn khch v l thuyt bn rt tin thu. Ph bin trong cc ti liu v CEO
compensation, CEO tenure, CEO Ownership v CEO duality c s dng nh cc i
din cho mc tham quyn c v ca CEO (v d Gristein v Hribar, 2004;. Adams et al,
2005;. Bugeja et al, 2012) v iu ny c dng trong phng php tip cn trong
nghin cu ca chng ti.
i vi cc bin kim sot, n by doanh nghip (Leverage) c nhn din c
tng quan m n Salary, Total cash comp. Mt cch gii thch c th l mc gim
st ca cc tri ch, l, tri ch c kh nng gim st cc cng ty c n by cao rt

P a g e | 19

cht ch. Do , i vi cc cng ty c vay n cao, t c kh nng cung cp cc gi

th lao qu mc. Pht hin ny ph hp vi mt ngi cho vay c mt k vng l n
by cng ty cng cao th th lao ca CFO cng thp. Vi bin M/B ratio, kt qu ca
chng ti cho thy mt mi tng quan dng cao vi tt c cc thnh phn ca th lao,
n ch ra rng cc cng ty tng trng cao c xu hng tr th lao cao hn cho CFO ca
h. Pht hin ny l ph hp vi trc nghin cu ca th lao cho CFO ti Hoa K
(.Balsam et al, 2012; Bedard et al, 2014.). i vi cc c tnh ri ro cng ty, c mt
tng quan dng gia Std dev (ROA) v vi th lao CFO. Mi quan h ny c ngha
cho c thnh phn ca Total cash comp. v Total comp. v hm rng cc cng ty ri ro
hn c nhiu kh nng cung cp phn thng cao hn cho cc CFO, ngoi tr th lao
khng dng tin mt.
hiu r thm v ngha kinh t ca cc kt qu hi quy, chng ti kim tra
ln cc h s c ngha thng k ca cc bin i din cho phng php lin kt khuyn
khch v phng php bin s qun l. Nh c th thy t hnh A ca Bng 3, mt s gia
tng 1.000.000 $ trong gi tr s sch ti sn ca cng ty lm tng tng th lao cho CFO
ln 4.820.000 $. Tng t nh vy, 1% gia tng TSSL c phn cng ty c lin quan vi
mt mc tng 221.200 $ trong tng chi tr CFO. Ngoi ra, nu mt gim c ti chnh c
mt v tr trn hi ng qun tr cng ty th s nhn c trung bnh $ 323,590 nhiu hn
trong tng tin thng ca mt gim c ti chnh khng c v tr ny. Hn na, tng 1%
trong quyn s hu c phn CFO ng gp thm mt khon tin ca $ 135,970 trong
tng th lao ca CFO. Cui cng, nu kch thc ca hi ng qun tr cng ty ca gim
c c tng ln thm mt thnh vin, th tng s lng ca gim c ti chnh s tng
$ 100,180.
Nhn chung, kt qu ca chng ti ch ra rng cc yu t c ngha v mt kinh t
quan trng nht trong vic xc nh th lao cho CFO ti Australia l cc thc o o
lng phc tp cng vic, hiu qu hot ng th trng ca c phiu cng ty v
quyn lc nh qun l. Nhng pht hin ny ph hp vi c hai phng php lin kt
khuyn khch v phng php bn rt tin thu ( rent extraction approach). Tuy nhin,
vic khng c ngha ca thc o hiu qu ring ca CFO (v d: bin trch k ton dn
tch c th iu chnh - Discret. Accruals variable) khng ng h cho phng php lin
kt khuyn khch.
Cc phn tch c trnh by trong bng 3 c cha mt s bin b lch phi ( tt c
cc bin CFO Compensation v CFO Ownership) (xem thng k trong Bng 2). gim
thiu nhng vn ny chng ti tin hnh kim nh b sung v bin i cc bin ny
bng cch s dng thang o logarit. Bng 5 trnh by cc kt qu phn tch ca cc bin
c chuyn i. Kt qu bng 5 cng tng t nh trong bng 3, nhng vi mt
pht hin c ngha hn i vi bin CFO Board. Tn ti mi quan h dng c ngha
thng k gia th lao ca CFO v bin CFO board trn tt c cc loi th lao cho CFO,
iu ny ng h l thuyt bn rt tin thu. Tuy nhin, bin k ton dn tch c th iu
chnh a ra bng chng tri ngc vi phng php lin kt khuyn khch v tn ti mi
tng quan dng c ngha di loi tng th lao khng dng tin mt (Total non-cash
comp). iu ny ng rng cc CFO vi cht lng bo co cng ty thp hn s c
thng nhiu hn di dng c phiu v cc quyn chn. Pht hin ny cng tng t
nh nhng g c tm thy bi Chalmers et al. (2006) , cc CEO Australia c th bn rt
tin thu thng qua phn thng cc quyn chn. i vi cc bin kim sot kinh t,

P a g e | 20

M/B Ratio l thc o dng c ngha duy nht i vi thnh phn tng th lao khng
dng tin mt. Pht hin ny c th cho thy rng cc cng ty c c hi tng trng cao
c t tnh thanh khon tng i so vi cc cng ty c hi tng trng thp v c chiu
hng s dng c phiu thng cho cc CFO ca h.
C th hiu rng qun tr cc khon k ton dn tch l mt trong nhng cng c
iu chnh quan trng nht c sn cho cc nh qun l tm thi tng hoc gim thu nhp
c bo co ca cng ty. Nghin cu gn y ch ra rng nh hng ca CFO v
qun l thu nhp ca cng ty c th mnh hn so vi cc CEO. Jiang et al. (2010) thy
rng ln ca cc khon k ton dn tch l nhiu hn ng k tng trong u i vn c
phn ca CFO hn l trong u i vn c phn ca CEO. Chia s quan im ny, Chava
v Purnanandam (2010) lp lun rng mc a thch ri ro ca CFO, ch khng phi CEO,
mi nh hng n cc quyt nh k ton dn tch ca doanh nghip theo nhng cch
quan trng. Lin quan n iu ny, Dejong v Ling (2013) chng minh cc CFO c nh
hng ln hn ln cc khon k ton dn tch bt thng so vi cc CEO sau khi kim
sot cc quyt nh chnh sch ca cng ty. V vy iu ny lin quan n cc khon k
ton dn tch c th iu chnh, i din cho hiu qu ring ca CFO v s dng lin kt
gia th lao ca CFO v cc k ton dn tch bt thng trong vic nh gi gi tr ca
quan im lin kt khuyn khch.
Cc thng tin v kt qu trnh by trong bng 3 v 5 cho thy rng c hai l thuyt
lin kt khuyn khch v l thuyt quyn lc nh qun l c kh nng gii thch trong
vic xc nh th lao cho cc CFO Australia. Tn ti mi tng quan dng gia thc
o phc tp cng vic (bin Firm Size v Bus. Segment) v th lao ca CFO, iu ny
ng h cho l thuyt lin kt khuyn khch. Ngoi ra, nhng pht hin ca chng ti cng
ch ra rng th lao ca cc CFO chu nh hng ca hiu qu th trng ca c phiu
cng ty v kt qu ny l ph hp vi quan im lin kt khuyn khch. Tri ngc vi
d on ca phng php lin kt khuyn khch, chng ti khng tm thy bng chng
v mi quan h gia th lao ca CFO v thc o hiu sut ring lin quan n cc CFO.
H s ca bin Disrect.Accruals l khng c ngha khi th lao c o bng gi tr
ng USD nhng li dng c ngha di loi Total non- cash comp khi th lao theo
thang o logarit. Pht hin ny cho thy cc CFO trong cc cng ty c cht lng bo co
thp hn c khen thng vi nhiu c phiu v cc quyn chn hn, v phm vi ca
pht hin ny l ph hp vi lp lun quyn lc nh qun l. i vi cc bin quyn lc
nh qun l (v d: CFO Board, CFO Ownership, CFO Tenure and Board Size), tt c cc
h s c lng ca chng l dng c ngha ngoi tr bin Insider ratio. iu ny
cung cp h tr mnh m cho lp lun rng quyn lc nh qun l c th cho php cc
CFO quyn lc bn rt tin thu. Hn na, tp hp cc bin quyn lc nh qun l c
ngha v mt kinh t trong vic gii thch s thay i i th lao ca CFO . Nhn chung,
kt qu ca chng ti ch ra rng th lao ca CFO Australia c xc nh nhiu hn
bi mc quyn lc nh qun l ca CFO v cc kt qu ny khng nht qun trn tt
c cc bin i vi l thuyt lin kt khuyn khch.

P a g e | 21

Bng 5: Cc hi quy v th lao CFO - Khi th lao di dng logarit t nhin

(Bng ny trnh by cc kt qu hi quy trn th lao ca CFO c th hin theo logarit t nhin, ring bit cho Bonus,
Salary,Totalcash compensation, Total non-cash compensation and Total compensation . Mu l t nm 2006 n nm
2010. Quy m DN l gi tr s sch ca tng ti sn trong nm trc, c th hin theo logarit t nhin. Bus.Segments l s b
phn theo lnh vc kinh doanh ca cng ty, th hin theo thang o logarit.Leverage l n by ti chnh ca cng ty, c tnh
nh tng n chia cho gi tr th trng ca vn ch s hu. M/B Ratio l gi tr th trng chia cho gi tr s sch ca vn c
phn. ROA l TSSL trn ti sn, c tnh bng li nhun trc thu chia cho tng ti sn. Stock returns l TSSL th ca c
phiu cng ty trong nm, c tnh nh gi c phiu trong nm hin ti chia cho gi c phiu nm trc, th hin bng logarit t
nhin. Discret.Accruals l gi tr tuyt i ca cc khon k ton dn tch c th iu chnh mong i t m hnh iu chnh ca
Jones (1991) , pht trin bi Dechow et al. (2003).
Std dev (ROA) l lch chun ca ROA trong 5 nm qua.
Std dev (Sales / TA) l lch chun ca t l doanh thu chia cho tng ti sn. CFO Board l mt bin nh phn c m ho l
1 nu CFO c trong hi ng qun tr,0 nu ngc li. CFO Ownsership l t l c phn cng ty thuc s hu ca gim c ti
chnh, th hin bng logarit t nhin. CFO tenure l s nm k t khi c b nhim lm gim c ti chnh, trnh by bng
logarit t nhin.Board size l s gim c trong hi ng. Insider Ratio l t l phn trm ca cc nh qun l iu hnh trong
hi ng qun tr. Mi hi quy s dng kim nh hip phng sai ph hp White (1980) heteroskedasticity. N cng bao gm
hiu ng c nh ca cc ngnh cng nghip c th v nm c th kim sot s khc bit c h thng trong th lao gia cc
ngnh v theo thi gian. S liu trong ngoc vung l thng k t.Vi *, **, *** ln lt c ngha thng k mc 10%, 5%, 1%.

4. 1 Phn tch b sung

4.1.1. nh hng ca cuc khng hong ti chnh ton cu (GFC)
nghin cu nh hng ca khng hong ti chnh v th lao CFO, chng ti
thay th cc tc ng thi gian c nh bi mt bin, After GFC, kim sot c thi
k trc v sau khng hong trong hi quy (1). Bin ny c ch bo bng 1 nu nm

P a g e | 22

nh gi th lao CFO l sau GFC, l nm 2009 v 2010. Chng ti thy rng tin
thng cho CFO l c ngha thp hn ( mc 1%) trong nhng nm sau cuc khng
hong ti chnh ton cu. Tuy nhin, vic gim tin thng cho CFO c b p bi s
gia tng trong tin lng lm cho tng s tin th lao tng xng vi thi k trc khng
hong ti chnh.
4.1.2. TSSL c phiu c iu chnh theo ngnh cng nghip
Trong bng 3 v 5, TSSL c phn hng nm ca cng ty c s dng i din
cho hiu qu th trng ca cng ty. Nh mt th nghim tnh vng, chng ti thay th
TSSL khng iu chnh bng TSSL c phiu c iu chnh theo ngnh cng nghip
da trn TSSL trong b phn GIC t S&P/ASX 200 index16. Theo phng php lin kt
khuyn khch, k vng rng cc CFO s c thng th lao cao hn nu hiu sut cng
ty ca h trn hiu qu ca ngnh. Kt qu hi quy cho thy h s c lng ca TSSL
c phiu c iu chnh theo ngnh cng nghip tng t nh nhng g th hin trong
bng 3 v 5 v h tr cc phn bnh lun trn.
4.1.3. M hnh k ton dn tch thay th
c tnh cc khon k ton dn tch c th iu chnh, chng ti s dng m
hnh mong i ca Jones c pht trin bi Dechow et al. (2003). M hnh ny l c
s dng rng ri v l mt trong nhng m hnh c th c p dng c tnh cc
khon k ton dn tch bt thng. Do chng ti kim tra xem liu cc kt qu ca
chng ti vn gi c khi s dng cc phng php thay th c tnh cc khon k
ton dn tch hay khng. C th, chng ti s dng m hnh bin t (margin model) pht
trin bi Peasnell et al. (2000) v thy rng kt qu ca chng ti l vng m hnh ny.
4.1.4. Qun l thu nhp thc t
Phn tch ca chng ti da trn cc khon k ton dn tch c th iu chnh
o lng hiu qu ring ca CFO. Ngoi cc thao tng da vo k ton dn tch, cc
doanh nghip cng c th qun l thu nhp bng cch thay i cc hot ng thc t
(Graham et al, 2005;. Roychowdhury, 2006; Cohen et al, 2008). Nh mt th nghim
tnh vng, chng ti thay th cc i din ca cc khon k ton dn tch c th iu
chnh trong hi quy (1) bng mt bin nm bt c cc nh hng ca qun l thu nhp
thc t bng cch s dng phng php Roychowdhury (2006). Roychowdhury (2006)
iu tra s thao tng ca dng tin t hot ng (CF), chi tiu t nh (tng chi ph R &
D, qung co, qun l hnh chnh chung (SG & A) ) v cc chi ph sn xut (tng ca gi
vn hng bn (COGS) v thay i trong hng tn kho). Do cha c s liu v chi ph gi

16

Li nhun trn tt c 10 ngnh cng nghip GIC (tc l tiu dng ty ,tiu dng
n nh, nng lng, ti chnh, t, cng nghip, cng ngh thng tin, vt liu, dch v
vin thng, v tin ch) thu c t trang web ch s Dow Jones S & P v tm kim cc
ch
s
lin
quan
http://au.spindices.com/indices/equity/sp-asx-200-consumerdiscretionary-sector).

P a g e | 23

vn v cc chi ph t nh trong c s d liu DatAnalysis, 17chng ti xem xt thao tng

ca cc hot ng thc t trn CF v chi tiu vn (CAPEX) v cng ty c th gim chi
ph bo co v tng thu nhp bng cch gim chi tiu vn. Theo Roychowdhury (2006),
mc bnh thng ca CF v CAPEX c tnh cho tng ngnh v tng nm s dng
cc phng trnh sau y:
CFt/TAt-1 = 0 + 1(1/TAt-1) + 2(Salest/TAt-1) + 3(Salest/TAt-1) + t

(2)

CAPEXt/TAt-1 = 0 + 1(1/TAt-1) + 2(Salest-1/TAt-1) + t

(3)

Trong : TAt-1 l tng gi tr ti sn cui giai on t-1,

Salest = Salest - Salest-1
Dng tin hot ng CF bt thng v Chi tiu vn CAPEX bt thng ln lt
c o lng bng phn d c tnh c t hi quy (2) v (3). Ph hp vi cc nghin
cu gn y ca Cohen v Zarowin (2010) v Zang (2012), chng ti tp hp cc CF bt
thng v CAPEX bt thng vo mt thc o, REM, nm bt c tng tc ng
ca qun l thu nhp thc t. Chng ti ly gi tr tuyt i ca REM v s tin ny cao
hn cho thy nhiu kh nng rng cng ty ang tham gia vo cc thao tng doanh thu v
chi ph vn. Cc gim c ti chnh cng ty s do nhn c th lao thp hn di
quan im lin kt khuyn khch. Mt khc, theo quan im truyn thng s c mt mi
quan h ngc chiu gia th lao CFO v thc o ca chng ta v qun l thu nhp thc
t, REM.
Chng ti thc hin li cc m hnh hi quy ca bng 3 v 5 vi cc i din ca
qun l thu nhp thc t, gi tr tuyt i ca REM, thay v bin k ton dn tch c th
iu chnh. V pht hin rng h s ca bin REM l dng c ngha vi cc thc o
logarit ca Total cash compensation v Total compensation.18 iu ny ng rng cc
cng ty tham gia vo cc hot ng thao tng thc t thng cho cc CFO ca h mc
th lao cao hn, tri ngc vi phng php lin kt khuyn khch. N cng ch ra rng
kt qu ca chng ti l vng cc thc o khc nhau ca qun l cc thu nhp.

5. Kt lun
Nh gi ca Copeland et al. (2005), vai tr ca gim c ti chnh tr nn
phc tp hn ng k cng vi s khi u ca ton cu ha v cc m hnh kinh doanh
mi v thay i nhanh chng. Cc gim c ti chnh l ngi quyt nh chin lc, nh
vy, vai tr ca CFO v hiu qu ca vai tr ny tr thnh ch cho cc bn lin
quan xem xt k lng. iu ny nng cao nhng hiu bit cng vi yu cu bo co
17

DatAnalysis khng bo co s liu v gi vn hng bn, chi ph R & D v cc chi ph

qung co ring cho cc cng ty Australia.
18
Kt qu l mnh m khi cc i din ca qun l thu nhp thc t c thay i t
thc o tng hp, REM,thnh cc thc o ring, nh gi tr tuyt i ca CF bt
thng hay CAPEX bt thng

P a g e | 24

v th lao lm cho n kp thi ng gp thm s hiu bit ca chng ta v mi lin h

gia cc c im ca CFO, th lao v hiu qu cng vic. Trong nghin cu ny, chng
ti cung cp nhng hiu bit v quyt nh th lao cho CFO ti Australia bng cch xem
xt kh nng gii thch ca l thuyt lin kt khuyn khch v l thuyt quyn lc nh
qun l. Chng ti tin hnh phn tch ny da trn mt mu ca 563 cng ty nim yt
trn sn trn ASX t nm 2006 n nm 2010. V thy rng cc thc o phc tp
cng vic v hiu qu hot ng ca ton b cng ty c lin quan tch cc n mc th
lao ca CFO. Tuy nhin, chng ti khng tm thy mi lin h c ngha no gia th
lao ca CFO v mt thc o hiu qu ring ca CFO, c i din bng gi tr tuyt
i ca cc khon k ton dn tch. H s ca bin k ton dn tch c th iu chnh l
dng v c ngha i vi thnh phn th lao khng dng tin mt ca CFO, cho thy
mt s khc bit t quan im truyn thng. Cc CFO c th bn rt tin thu thng qua
th lao khng dng tin mt cao hn khi h cung cp mt mc thp hn ca cht
lng bo co.
Bn thc o o lng quyn lc nh qun l ca chng ti (CFO Board, CFO
Ownership, CFO Tenure and Board Size) ng mt vai tr quan trng trong vic xc nh
th lao cho CFO, chng cung cp h tr mnh m vi phng php quyn lc nh qun
l. Cc bin quyn lc nh qun l xut hin gii thch thm s thay i trong th lao
ca CFO hn so vi cc thc o o lng phc tp cng vic v hiu qu cng vic.
Tng t, kt qu ca chng ti ng h l thuyt quyn lc nh qun l nhiu hn v
quyn lc ca CFO l mt hng dn quan trng v th lao cho CFO.