2008-LA Phan Tich Cac Nhan To Anh Hương Toi Hieu Qua Hoat Dong Cac NHTM

B GIO DC V O TO
Trng
Trng i hc kinh t quc dn
----------
-----------
Nguyn Vit Hng
Phn tch cc nhn t nh hng n

hiu qu hot ng ca cc ngn hng
thng mi Vit Nam
Chuyn ngnh: Kinh t, Qun l & K hoch ha KTQD
M s
: 5.02.05
Ngi hng dn khoa hc:

1. PGS. TS. Nguyn Khc Minh
2. TS. L Xun Ngha
H ni - 2008
B GIO DC O TO
TRNG I HC KINH T QUC DN
******
NGUYN VIT HNG
PHN TCH CC NHN T NH HNG N

HIU QU HOT NG CA CC NGN
HNG THNG MI VIT NAM
Chuyn ngnh: Kinh t hc (Kinh t V m)
M s: 62.34.03.01
LUN N TIN S KINH T
Ngi hng dn khoa hc:

1. GS.TS NGUYN KHC MINH
2. TS. L XUN NGHA
H Ni, 2008
ii
LI CAM OAN
Ti xin cam oan y l cng trnh nghin

cu ca ring ti. Cc s liu, kt qu nu trong
lun n l trung thc v c ngun gc r rng.
Tc gi lun n
NGUYN VIT HNG
iii
MC LC
TRANG PH BA ................................................................................................... i
LI CAM OAN.................................................................................................... ii
MC LC ............................................................................................................. iii
DANH MC CC CH VIT TT ..................................................................... iv
DANH MC CC BNG ................................................................................... viii
DANH MC CC TH .................................................................................... x
DANH MC CC S ................................................................................... xv
LI M U ......................................................................................................... 1
Chng 1. NHNG VN L LUN V THC TIN NGHIN CU
HIU QU HOT NG CA CC NGN HNG THNG MI ................. 9
1.1. C s l lun v nh gi cc nhn t nh hng n hiu qu hot ng
ca cc ngn hng thng mi ............................................................................. 9
1.2. Tnh hnh nghin cu trong nc v kinh nghim v nh gi hiu qu
hot ng ca ngn hng thng mi cc nc: tip cn phn tch nh
lng ................................................................................................................. 58
Chng 2. PHN TCH CC NHN T NH HNG N HIU QU
HOT NG CA CC NGN HNG THNG MI VIT NAM ........... 66
2.1. Thc trng hot ng ca h thng ngn hng Vit Nam ............................ 67
2.2. Nhng hn ch v nguyn nhn yu km ca h thng ngn hng Vit
Nam hin nay..................................................................................................... 79
2.3. o lng hiu qu v cc nhn t nh hng n hiu qu hot ng
ca cc ngn hng thng mi Vit Nam: cch tip cn tham s (SFA) v
phi tham s (DEA)............................................................................................. 97
Chng 3. NH HNG V GII PHP NNG CAO HIU QU HOT
NG CA CC NGN HNG THNG MI VIT NAM......................125
3.1. nh hng pht trin ca h thng ngn hng Vit Nam ..........................125
3.2. Cc gii php nhm nng cao hiu qu hot ng ca h thng ngn
hng Vit Nam trong thi gian ti.....................................................................130
3.3. Kin ngh v vic h tr cc gii php nng cao hiu qu hot ng ca
cc ngn hng thng mi Vit Nam .............................................................145
KT LUN..........................................................................................................147
CNG TRNH CA TC GI CNG B ..................................................150
DANH MC TI LIU THAM KHO ..............................................................151
PH LC ............................................................................................................163
iv
DANH MC CC CH VIT TT
Vit tt
VBARD
VCB
BIDV
ICB
ACB
STB
MHB
EIB
TCB
VIB
EAB
MB
HBB
MSB
Vit y ting vit
Vit y ting Anh
Ngn hng Nng nghip v Pht

trin Nng thn Vit Nam
Ngn hng Ngoi thng
Vit Nam
Ngn hng u t v Pht trin
Vit Nam
Ngn hng Cng thng
Vit Nam
Ngn hng thng mi c phn
Chu
Si gn Thng tn
Ngn hng Pht trin nh
ng bng sng Cu Long
xut nhp khu
K thng
Quc t
ng
Qun i
Nh H Ni
Hng hi
Vietnam Bank for Agriculure

and Rural Development
Bank for Foreign Trade of
Vietnam
Bank for Investment and
Development of Vietnam
Industrial and Commercial
Bank of Vietnam
Asia Commercial Bank
Saigon Thuong Tin
Commercial Joint Stock Bank
Housing Bank of
Mekong Delta
Vietnam Export Import
Vietnam Technological and
Vietnam International Bank
Eastern Asia Commercial
Bank
Military Commercial
Joint Stock Bank
Hanoi Building Commercial
Joint Stock Bank
Vietnam Maritime
VPB
OCB
IVB
VSB
SGB
VID
PNB
WB
CVB
HDB
NAB
ABB
GPB
NASB
DAB
RKB

Ngoi quc doanh
Phng ng
Ngn hng lin doanh
INDOVINA BANK
Ngn hng lin doanh
VINASIAM BANK
Si gn Cng thng
Ngn hng lin doanh
VID PUBLIC BANK
Phng Nam
nng thn Min ty
Ngn hng lin doanh
SHINHANVINA BANK
pht trin nh TPHCM
Vietnam Joint Stock

Commercial Bank for Private
Enterprises
Orient Commercial
Joint Stock Bank
Indovina Bank Ltd.
VinaSiam Bank
Saigon Bank for
Industry and Trade
VID Public Bank
Southern Commercial
Joint Stock Bank
WESTERN Rural Joint Stock
Commercial Bank
Shinhanvina Bank
Housing Development

Nam
Nam A Commercial
Joint Stock Bank

An Bnh
Du kh ton cu
Bc
nng thn i
nng thn Rch Kin
An Binh Commercial
Joint Stock Bank
Global Petro Commercial
Joint Stock Bank
North Asia Commercial
Joint Stock Bank
Dai A Rural Joint Stock
Commercial Bank
Rach Kien Rural Joint Stock
Commercial Bank
vi

nng thn M Xuyn
Si Gn
My Xuyen Rural Joint Stock

Commercial Bank
SaiGon Commercial Joint
Stock Bank
effch
Thay i hiu qu k thut
Technical efficiency change
techch
Thay i tin b cng ngh
Technological change
pech
Thay i hiu qu thun
Pure technical efficiency

change
sech
Thay i hiu qu quy m
Scale efficiency change
tfpch
Thay i nng sut nhn t

tng hp
Total factor productivity
TE
Hiu qu k thut
Technical efficiency
AE
Hiu qu phn b
Allocative efficiency
CE
Hiu qu chi ph
Cost efficiency
PE
Hiu qu thun
Pure technical efficiency
SE
Hiu qu quy m
Scale efficiency
irs
Tng theo quy m
Increasing returns to scale
drs
Gim theo quy m
Decreasing returns to scale
cons
Khng i theo quy m
Constant returns to scale
EPS
H s thu nhp /c phiu
Earnings Per Share
ROA
Thu nhp rng /tng ti sn
Return On Assets ratio
ROE
Thu nhp rng /vn ch s hu
Return On Equity ratio
DEA
Phn tch bao d liu
Data envelopment Analysis
SFA
Phn tch bin ngu nhin
Stochastic frontier Appoach
MXB
SCB
vii
NIM
Thu li bin rng
NOM
Thu ngoi li bin rng
TNHB Thu nhp hot ng bin

NHTM
Ngn hng thng mi
NHTMNN Ngn hng thng mi nh nc

NHTMCP Ngn hng thng mi c phn
NHLD
Ngn hng lin doanh
NHNN
Ngn hng Nh nc Vit Nam
TCTD
T chc tn dng
DNNN
Doanh nghip nh nc
NHCS
Ngn hng Chnh sch X hi
BSCL
Ngn hng nh ng bng

Sng Cu Long
viii
DANH MC CC BNG
Bng 2.1. C cu h thng ngn hng thng mi Vit Nam

thi k 1991 - 1997 .............................................................................. 71
Bng 2.2. Th phn cc ngn hng thng mi Vit Nam
giai on 1993-1996 ............................................................................. 71
Bng 2.3. D n tn dng ca h thng ngn hng thng mi i vi nn
kinh t thi k 1991-1999..................................................................... 73
thi k 2001 -2005 ............................................................................... 75
Bng 2.5. D n tn dng ca h thng ngn hng i vi nn kinh t
thi k 2000-2005 ................................................................................ 75
Bng 2.6. Th phn cc ngn hng thng mi Vit Nam ( %) ........................... 76
Bng 2.7. Vn t c ca cc ngn hng thng mi Vit Nam ........................... 83
Bng 2.8. Tng quan th trng dch v th ca cc ngn hng thng mi
Vit Nam n ngy 31/12/2006 ......................................................... 86
Bng 2.8. Mt s ch tiu phn nh hiu qu hot ng ca khu vc ngn hng
mt s nc trong khu vc v Vit Nam............................................ 93
Bng 2.9. Thng k tm tt cc bin s dng trong m hnh DEA v SFA ...........100
Bng 2.10. Kt qu phn tch la chn cc bin u vo, u ra ...........................103
Bng 2.11. Kim nh t s hp l tng qut cho tham s ca m hnh
hm sn xut bin ngu nhin (SFA) ...................................................106
Bng 2.12. Hiu qu ton b, hiu qu k thut thun v hiu qu qui m
ca cc loi hnh ngn hng trung bnh thi k 2001-2005 ..................108
Bng 2.14. Ch s Malmquist bnh qun thi k 2001-2005 .................................113
ix
Bng 2.15. Kt qu c lng effch, techch, pech, sech v tfpch cho 32

ngn hng thng mi trung bnh thi k 2001-2005...........................114
Bng 2.16. Hiu qu k thut (TE) thi k 2001-2005 c lng theo m hnh
hm sn xut bin ngu nhin (SFA) v (DEA) ...................................115
Bng 2.17. Kt qu c lng m hnh Tobit phn tch cc yu t tc ng n
hiu qu hot ng ca cc ngn hng thng mi Vit Nam ...........117
Bng 3.1. Mt s ch tiu tin t v hot ng ngn hng giai on 2006-10 ........127
DANH MC CC TH
th 1.1. Hm sn xut bin ngu nhin ............................................................. 33

th 1.2. Hiu qu k thut v Hiu qu phn phi............................................. 43
th 1.3. ng ng lng li tuyn tnh tng khc......................................... 44
th 1.4. ng bin CRS (OC), VRS (VBV') v NIRS (OBV') ........................ 47
th 2.1. N qu hn/tng d n ca h thng ngn hng thng mi
Vit Nam thi k 1992-1999 ............................................................. 73
th 2.2. Tc tng trng tn dng (CRED) v huy ng vn (DEPO)
ca h thng ngn hng thng mi Vit Nam 2001-05..................... 77
th 2.3. N qu hn/tng d n ca h thng ngn hng Vit Nam................... 77
th 2.4. N qu hn/tng d n ca h thng ngn hng mt s nc
trong khu vc v Vit Nam................................................................... 78
th 2.5. Cho vay theo ch nh so vi tng d n cho vay nn kinh t............... 91
th 2.6. Xu hng bin ng ca thu li v thu ngoi li .................................101
xi
DANH MC CC S
S 1.1. Khi qut hot ng kinh doanh c bn ca NHTM ............................. 11
S 2.1. T chc h thng ngn hng thng mi Vit Nam
giai on 1987-1990 ............................................................................. 68
S 2.2. T chc h thng ngn hng thng mi Vit Nam theo
Php lnh v ngn hng nm 1990........................................................ 70
S 2.3. T chc h thng ngn hng thng mi Vit Nam hin nay ............. 72
LI M U
1. Tnh cp thit ca ti lun n

Tc ton cu ho v t do ho thng mi nhanh chng trong nhng
nm va qua to ra nhiu thay i to ln v mi trng kinh t quc t.
Cc Cng ty a quc gia v xuyn quc gia m rng lnh th hot ng
ca mnh v ngy cng c nhiu nh hng n cc quc gia trn th gii,
ng thi dng vn quc t cng v ang ngy cng gia tng mnh.
Cng nh cc th trng khc, th trng ti chnh gi y cng phi
chu nhng sc p ln ca qu trnh hi nhp. c bit cc ngn hng thng
mi l t chc trung gian ti chnh c vai tr quan trng trong vic kt ni
gia khu vc tit kim v u t ca nn kinh t ngy cng b cnh tranh bi
cc trung gian ti chnh phi ngn hng v cc ngn hng nc ngoi. Tuy
nhin s gia tng sc p cnh tranh s tc ng n ngnh ngn hng nh th
no cn ph thuc mt phn vo kh nng thch nghi v hiu qu hot ng
ca chnh cc ngn hng trong mi trng mi ny. Cc ngn hng khng c
kh nng cnh tranh s c thay th bng cc ngn hng c hiu qu hn,
iu ny cho thy ch c cc ngn hng c hiu qu nht mi c li th v
cnh tranh. Nh vy, hiu qu tr thnh mt tiu ch quan trng nh gi
s tn ti ca mt ngn hng trong mt mi trng cnh tranh quc t ngy
cng gia tng.
Mc d, qu trnh thc hin n c cu li h thng ngn hng t cui
nhng nm 1990 n nay, tuy to ra cho ngnh ngn hng nhiu thay i
ln c v s lng, quy m v cht lng, nhng tin c bn ban u p
ng nhng cam kt k trong l trnh hi nhp ca khu vc ngn hng
c to lp. To iu kin thun li cho h thng ngn hng bc vo thi
k hi nhp kinh t quc theo xu hng ca thi i. Tuy nhin, hot ng
ca h thng ngn hng hin nay vn cn c nhiu tn ti v tr thnh cc

thch thc ln i ngnh ngn hng Vit Nam trong thi k hi nhp. Trong
mi trng cnh tranh v i hi ca hi nhp nh hin nay, h thng ngn
hng khng nhng phi duy tr c s n nh trong hot ng ca mnh m
cn phi c kh nng gia tng cnh tranh i vi cc t chc ti chnh phi
ngn hng v cc nh ch ti chnh khc. lm c iu ny i hi cc
ngn hng thng mi khng ngng phi tng cng hiu qu hot ng ca
mnh.
Vi mc tiu lm tng hiu qu hot ng ca cc trung gian ti chnh
bng vic y mnh kh nng cnh trnh gia cc ngn hng, tho b cc ro
cn v th trng, li sut, t gi hi oi...i hi Vit Nam phi tip tc ci
cch su rng, ton din hn na nhm nng cao hiu qu hot ng ca c h
thng ngn hng. y thc s l vn cn c quan tm nhiu hn na.
Xut pht t tm quan trng ca vic cn phi y mnh kh nng cnh
tranh v nng cao hiu qu hot ng ca cc ngn hng thng mi thi k
hi nhp, trong thi gian qua c mt s tc gi trong nc quan tm nghin
cu v vn ny, nhng rt ng tit nhng nghin cu ny ch yu tip cn
theo phng php phn tch nh tnh truyn thng nh: nghin cu ca L
Th Hng (2002) [9], hay nghin cu ca L Dn (2004) [4], hoc nghin
cu gn y ca Phm Thanh Bnh (2005) [2] cng ch ch yu dng li
phn tch nh tnh v phm vi nghin cu ch tp trung phn tch vo nhm
cc ngn hng thng mi nh nc.
Cc nghin cu nh lng v o lng hiu qu hot ng ca cc
ngn hng thng mi nhn chung trong nc l cn t, mc d gn y c
nghin cu ca Bi Duy Ph (2002) [20] nh gi hiu qu ca ngn hng
thng mi qua hm sn xut v hm chi ph, tuy nhin hn ch c bn ca
nghin cu l (i) ch n thun dng li vic xc nh hm chi ph v
c lng trc tip hm chi ph ny tm cc tham s ca m hnh, do vy

m khng th tch c phn phi hiu qu trong hot ng ca ngn hng; v
(ii) phm vi nghin cu ch gii hn trong phn tch cho Ngn hng Nng
nghip Pht trin Nng thn (VBARD). Nguyn Th Vit Anh (2004) [1] tuy
c p dng phng php hm bin ngu nhin v c lng hiu qu k thut
di dng hm chi ph Cobb-Douglas, nhng hn ch chnh ca nghin cu l
ch nh dng hm v nghin cu cng ch dng li nh gi cho mt ngn
hng thng mi nh nc (VBARD).
Nh vy, mc d vn nh gi hiu qu hot ng ca cc ngn
hng thng mi trong nc c quan tm nghin cu. Tuy nhin, a
phn cc nghin cu ny u tip cn theo phng php phn tch nh tnh
truyn thng v phm vi nghin cu ch b hp trong phn tch cho mt hoc
mt vi ngn hng thng mi nh nc. Trong khi cc nghin cu nh
lng cn t v hn ch nhiu v phng php tip cn.
nc ngoi, phng php phn tch nh lng c s dng trong
mt s cc nghin cu nh ca Berger, Hanweck v Humphrey (1987) [18]
p dng phng php tham s xem xt tnh kinh t nh quy m ca 413
chi nhnh ngn hng nh nc v 241 ngn hng thng mi nh nc, tip
Berger et al (1993) [21], Berger v Humphrey (1997) [19] a ra nhng
nh gi v tng kt ca hn 130 nghin cu v hiu qu hot ng ca cc t
chc ti chnh, Fukuyama (1993) [50] li p dng phng php phn tch bao
d liu (DEA) nghin cu hiu qu quy m ca 143 ngn hng thng mi
Nht v gn y l nghin cu ca Leigh Drake & Maximilian J.B. Hall
(2000) [76] cng xem xt nh gi hiu qu ca h thng Ngn hng Nht
Bn. Trong khi nghin cu ca Zaim (1995) [91] s dng phng php DEA
nh gi hiu qu ca cc ngn hng thng mi trc v sau thi k t do
ha ca Th Nh K th Adnan Kasman (2002) [2] tp trung nghin cu vo
hiu qu chi ph, tnh kinh t nh quy m v tin b cng ngh ca h thng
ngn hng Th Nh K. Abid A.Burki v Ghulam Shabbir Khan Niazi (2003)
[1] cng thc hin nghin cu nh gi hiu qu chi ph, hiu qu quy m v
tin b cng ngh cho cc ngn hng Pakistan...tuy cc nghin cu ny hoc
l p dng phng php tham s hoc phng php phi tham s nh gi
hiu qu hot ng ca cc ngn hng, nhng cng ch yu tp trung vo
phn tch v nh gi hiu qu k thut, hiu qu chi ph, hiu qu phn b,
tnh knh t nh quy m v tin b cng ngh ca cc ngn hng. Cc nghin
cu nh gi cc nhn t nh hng n cc o hiu qu ny th cn cha
nhiu, gn y c mt s cc nghin cu v vn ny nh ca Xiaoqing Fu
v Shelagh Hefferman (2005) [90] s dng tip cn tham s vi m hnh hi
quy 2 bc xc nh nh hng ca mt s bin s quan trng n hiu
qu hot ng ca khu vc ngn hng ca Trung Quc, cn Ji-Li Hu, ChiangPing Chen v Yi-Yuan Su (2006) [65] li s dng phng php phi tham s
nghin cu v hiu qu hot ng v nh gi mt s nhn t ch yu
c la chn xem xt nh hng ca n n hiu qu hot ng ca ngn
hng Trung Quc. Nghin cu ca Donsyah Yudistira (2003) [40] p dng
phng php DEA v s dng m hnh hi quy OLS xem xt cc bin mi
trng nh hng n hiu qu k thut ca 18 ngn hng thng mi ca
Islamic. Nghin cu ca Tser-yieth Chen (2005) [89] s dng m hnh DEA
nh gi s thay i ca hiu qu k thut v nhn t nng sut tng hp;
v cng s dng m hnh hi quy nh gi cc nhn t nh hng n hiu
qu hot ng ca cc ngn hng thng mi ca i Loan thi k khng
hong ti chnh Chu ...tuy nhin nhng bin s c s dng trong m
hnh hi quy, phn tch nh hng ca cc nhn t n hiu qu hot ng
ca cc ngn hng trong cc nghin cu ny, li ch ch yu tp trung mt
s ch tiu chnh nh: loi hnh s hu, quy m, v xem xt nh hng ca
mt s ch tiu khc nh ROA, ROE.
Nh vy, qua phn tch trn c th ni, hin nay vic xem xt mt
cch tng th v xc nh nhng nhn t nh hng n hiu qu hot ng
ca cc ngn hng thng mi Vit Nam l ht sc quan trng v c gi tr.
Bi v, n s h tr cho cc nh qun l, cc nh hoch nh chnh chnh sch,
cc nh qun tr ngn hng v cc nh u t trong vic ra quyt nh. Qua
n cng l c s hon thin c mt khung chnh sch hp l trong qu
trnh qun l hot ng ca cc ngn hng Vit Nam thi k hi nhp.
Xut pht t nhng i hi mang tnh thc tin v nhu cu bc thit
Vit Nam, c bit trong bi cnh hi nhp khu vc v ton cu ho, xu th
pht trin ca nn kinh t c s qun l ca chnh ph mt cch gin tip
thng qua cc chnh sch kinh t, vi mong mun b sung thm nhng hiu
bit v ng dng i vi vic a ra chnh sch qun l h thng ngn hng
Vit Nam, ti la chn ti: Phn tch cc nhn t nh hng n
hiu qu hot ng ca cc ngn hng thng mi Vit Nam. ti
nghin cu t n hm cha ngha khoa hc v thc tin to ln i vi
Vit Nam.
2. Mc ch nghin cu ca lun n
- Nghin cu c s l lun v vic o lng hiu qu hot ng ca
NHTM, v m hnh phn tch cc nhn t nh hng n hiu qu hot ng
ca cc ngn hng thng mi.
- nh gi thc trng hiu qu hot ng ca cc ngn hng thng
mi, v lm r cc nguyn nhn nh hng n hiu qu hot ng ca cc
ngn hng thng mi Vit Nam trong thi gian qua da trn c s cc m
hnh phn tch nh lng.
- xut mt s gii php nhm ci thin, nng cao hiu qu hot ng
v tng kh nng cnh tranh ca cc ngn hng thng mi Vit Nam, gp
phn phc v cho cc mc tiu pht trin ca ngnh ngn hng v lm cho
nn ti chnh quc gia pht trin n nh trong nhng nm ti.
3. i tng v phm vi nghin cu
- i tng nghin cu ca lun n l hiu qu hot ng ca cc ngn
hng thng mi (NHTM) Vit Nam. Tuy nhin, hiu qu hot ng l mt
phm tr rng v phc tp do lun n tp trung vo nghin cu hiu qu
theo quan im l: kh nng bin cc u vo thnh cc u ra v phn
tch nh lng cc nhn t nh hng n hiu qu ny ca cc ngn hng
ngn hng thng mi Vit Nam.
- Phm vi nghin cu: khng ch tp trung vo mt vi ngn hng
thng mi nh nc nh cc nghin cu trc y, phm vi nghin cu
ca lun n c m rng phn tch cho 32 ngn hng thng mi Vit
Nam, gm c 3 loi hnh: ngn hng thng mi nh nc (NHTMNN), ngn
hng thng mi c phn (NHTMCP) v ngn hng lin doanh (NHLD). S
lng cc ngn hng thng mi Vit Nam c xem xt, phn tch trong
cc m hnh nh lng gm c: 5 NHTMNN, 23 NHTMCP, 4 NHLD v thi
k nghin cu l 5 nm t nm 2001 n nm 2005.
Lun n la chn phm vi nghin cu ny v (1) y l thi k Vit
Nam ang y nhanh qu trnh hi nhp kinh t quc t. Bi vy, i hi h
thng ngn hng tip tc y nhanh qu trnh ci cch, vai tr ca n thc
s tr thnh nhn t thc y nhanh qu trnh chuyn i kinh t Vit Nam,
v chun b cho qu trnh t do ho ti chnh nhm nng cao nng lc hot
ng v kh nng cnh tranh ca cc ngn hng thng mi Vit Nam thi k
hu hi nhp WTO. ng thi cng cn hon thin khung chnh sch cho
ngnh ngn hng trong thi k ny. (2) Hn na, ngun s liu ca thi k
nghin cu ny bo m tnh ng b hn, y hn, c tin cy cao hn,
v phn nh tt vic nh gi hiu qu hot ng ca cc ngn hng thng

mi Vit Nam.
4. Phng php nghin cu
ph hp vi ni dung, yu cu v mc ch m lun n ra,
phng php phn tch nh tnh c kt hp vi phng php phn tch
nh lng gm tip cn phn tch hiu qu bin [phn tch bin ngu nhin
(SFA) v phn tch bao d liu (DEA)] v m hnh kinh t lng (Tobit)
nh gi hiu qu hot ng v phn tch cc nhn t nh hng n hiu qu
hot ng ca cc ngn hng thng mi Vit Nam.
Ngun s liu c s dng trong cc phn tch da trn c s d liu
thu thp c t cc bo co ca Ngn hng Nh nc v cc bng cn i k
ton, bo co l li trong cc bo co thng nin ca cc ngn hng thng
mi Vit Nam thi k 2001-2005.
5. ngha khoa hc v thc tin ca lun n nghin cu
- Hnh thnh c s l lun, hon thin phng php nghin cu, cc m
hnh nh gi hiu qu (m hnh bin ngu nhin SFA v m hnh bao d
liu DEA) trn c s a ra cch tip cn ph hp cho Vit Nam trong
vic nh gi hiu qu hot ng v phn tch cc nhn t nh hng n hiu
qu hot ng ca cc ngn hng thng mi.
- Phn tch thc trng v nh gi hot ng ca cc ngn hng thng
mi Vit Nam da trn phng php phn tch nh tnh v nh lng nh
phn tch bin ngu nhin (SFA) hay phng php phn tch tham s,
phng php phn tch phi tham s (DEA) v m hnh kinh t lng (Tobit)
thy c nhng mt yu km, khim khuyt trong iu hnh, qun l v
qun tr ngn hng thng mi Vit Nam.
- xut cc gii php hon thin khung chnh sch trong vic qun
l v iu hnh h thng ngn hng thng mi Vit Nam c kha cnh v
m (c quan qun l) v gc vi m (qun tr ngn hng) nhm mc tiu
nng cao hiu qu v ci thin nng lc cnh tranh cho h thng ngn hng
thng mi hin nay Vit Nam.
6. B cc ca lun n
Ngoi li m u, kt lun v danh mc ti liu tham kho, lun n
gm 3 chng:
Chng 1. Nhng vn l lun v thc tin nghin cu hiu qu hot ng
ca cc ngn hng thng mi.
Chng 2. Phn tch cc nhn t nh hng n hiu qu hot ng ca cc
Chng 3. nh hng v gii php nng cao hiu qu hot ng ca cc
Chng 1
NHNG VN L LUN V THC TIN NGHIN CU HIU
QU HOT NG CA CC NGN HNG THNG MI
1.1. C s l lun v nh gi cc nhn t nh hng n hiu qu hot

ng ca cc ngn hng thng mi
1.1.1. Tng quan v ngn hng thng mi
1.1.1.1. Ngn hng thng mi v vai tr ca ngn hng thng mi trong
nn kinh t.
Lch s pht trin ca h thng ngn hng gn lin vi s pht trin ca
nn kinh t hng ha, v s pht trin nhanh chng ca nn kinh t th trng
lm bin i mnh m h thng ngn hng thng mi t nhng h thng
ngn hng gin n, s khai ban u nay tr thnh nhng ngn hng hin
i, nhng tp on ti chnh khng l, a quc gia. Cng vi s pht trin
ca nn kinh t hng ha, cc t tng kinh t, s a dng ha ca cc sn
phm dch v v c th hon cnh thc t ca tng quc gia, tng o lut
m khi nim ngn hng thng mi c th c nhn nhn di gc ny
hay gc khc nhng tu chung u nht qun vi nhau l: Ngn hng
thng mi l mt t chc trung gian ti chnh lm cu ni gi khu vc tit
kim vi khu vc u t ca nn kinh t hay ni c th hn th Ngn hng
thng mi l mt t chc kinh doanh tin t, nhn tin gi t cc tc nhn
trong nn kinh t, sau thc hin cc nghip v cho vay v u t vo cc
ti sn c kh nng sinh li khc, ng thi thc hin cung cp a dng cc
danh mc dch v ti chnh, tn dng, thanh ton cho cc tc nhn trong nn
kinh t.
10
Nh vy, r rng ngn hng thng mi l mt trong nhng t chc ti

chnh c vai tr quan trng ca nn kinh t. Trc ht, vi vi tr trung gian
ti chnh, ngn hng thng mi thc hin vic chuyn cc khon tit kim
(ch yu t h gia nh) thnh cc khon tn dng cho cc t chc kinh doanh
v cc tc nhn khc thc hin cc hot ng u t. ng thi, ngn hng
thng mi l ngi cung cp cc khon tn dng cho ngi tiu dng vi
quy m ln nht, l mt trong nhng thnh vin quan trong nht ca th
trng tn phiu v tri phiu do chnh quyn trung ng v a phng pht
hnh ti tr cho cc chng trnh cng cng. Ngn hng thng mi cng
l mt trong nhng t chc cung cp vn lu ng, vn trung hn v di hn
quan trng cho cc doanh nghip.
- Vi vai tr thanh ton, ngn hng thng mi thay mt khch hng
thc hin thanh ton cho vic mua hng ha v dch v nh bng cch pht
hnh v b tr sc, cung cp mng li thanh ton in t...
- Vi vai tr ngi bo lnh, ngn hng thng mi cam kt tr n cho
khch hng khi khch hng mt kh nng thanh ton.
- Vi vai tr i l, cc ngn hng thng mi thay mt khch hng
qun l v bo lnh pht hnh hoc chuc li chng khon.
- Cui cng vi vai tr thc hin chnh sch, cc ngn hng thng mi
cn l mt knh quan trng thc thi chnh sch v m ca chnh ph, gp
phn iu tit s tng trng kinh t vo theo ui cc mc tiu x hi.
1.1.1.2. Cc hot ng c bn ca ngn hng thng mi
Ngn hng thng mi l loi hnh t chc chuyn nghip trong lnh
vc to lp v cung cp cc dch v ti chnh, tin t cho cng chng cng
nh thc hin nhiu vai tr khc trong nn kinh t. Thnh cng trong hot
ng kinh doanh ca ngn hng hon ton ph thuc vo nng lc, kh nng
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cung cp cc dch v cho cng chng theo gi cnh tranh trn th trng. Da
trn chc nng ca ngn hng thng mi, chng ta c th phn chia cc hot
ng kinh doanh c bn ca cc ngn hng thng mi nh c m t tm
tt trong S 1.1 di y.
Cc hot ng kinh doanh

c bn ca NHTM
Chc nng lun chuyn ti sn
Hot ng huy ng
vn
Hot ng s dng
vn
Chc nng cung cp

dch v
- Dch v thanh ton v

ngn qu.
- Bo lnh
- Kinh doanh ngoi t
- Vn ch s hu
- Hot ng tn dng
- Tin gi tit kim
- Hot ng u t
- Tin gi giao dch
- U thc, i l
- Kinh doanh chng
khon....
- Pht hnh C. Khon

- Vay cc NH khc
- Hot ng khc
S 1.1. Khi qut hot ng kinh doanh c bn ca NHTM

a) Chc nng lun chuyn ti sn: phn theo chc nng ny ngn hng
thng mi ng thi thc hin hai hot ng sau:
* Hot ng huy ng vn: l hot ng mang tnh cht tin nhm
to lp ngun vn hot ng ca ngn hng. Bi vy, m bo ngun vn
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trong hot ng kinh doanh ca mnh, cc ngn hng thng mi c th thc

hin cc hot ng huy ng vn t:
- Vn ch s hu: y l ngun vn khi u v c b sung trong
qu trnh hot ng. Ngun vn ny tuy chim t trng khng ln, thng
thng khong 10% tng s vn, nhng c vai tr ht sc quan trng trong
hot ng ca ngn hng, c th n l iu kin cho php cc ngn hng c
th m rng mng li kinh doanh, quy m huy ng, mua sn ti sn c
nh, gp vn lin doanh, cp vn cho cc cng ty con v cc hot ng kinh
doanh khc, ng thi n cng l thc o nng lc ti chnh ca mi ngn
hng v kh nng phng v ri ro trong qu trnh hot ng kinh doanh ca
ngn hng. Ngun vn ch s hu gm c vn iu l, cc qu ca ngn hng
hnh thnh trong qu trnh kinh doanh v cc ti sn khc theo quy nh ca
Nh nc.
- Tin gi tit kim v tin gi giao dch: trong tin gi tit kim
ca dn c chim t trng kh ln trong tng vn huy ng ca ngn hng
thng mi. Ngoi ra cn c cc khon tin gi c k hn ca doanh nghip
v cc t chc x hi, cc khon tin gi ny c th l cc khon phi tr
xc nh thi hn chi hoc cc khon tch ly ca doanh nghip. Bn cnh cc
khon tin gi c k hn, ngn hng thng mi cn huy ng cc khon tin
gi khng k hn, y l nhng khon tin m ngi gi c th rt bt k lc
no. Cc khon tin gi khng k hn ny c th bao gm tin gi thanh ton
v tin gi bo m an ton ti sn ca khch hng. im ni bt ca loi
tin gi ny l c chi ph huy ng thp nhng bin ng mnh, tnh cht
vn ng phc tp v c nhiu ri ro
- Pht hnh chng khon: thng qua th trng ti chnh, hin nay cc
ngn hng thng mi c th huy ng vn bng cch pht hnh cc chng
ch tin gi, tri phiu, k phiu, v cc giy t c gi khc vi nhiu loi k
13
hn, li sut khc nhau, c ghi danh hoc khng ghi danh nhm a dng ha
cc hnh thc huy ng vn v p ng nhu cu nm gi cc ti sn khc
nhau ca khch hng, ng thi thng qua cc hot ng ny ngn hng c
th nng cao kh nng cnh tranh ca mnh trn th trng.
- Vay t ngn hng thng mi khc: trong qu trnh hot ng kinh
doanh ca mnh nu cc ngn hng thng mi nhn thy nhu cu vay vn
ca khch hng gia tng mnh hoc ngn qu b thiu ht do c nhiu dng
tin rt ra, th cc ngn hng thng mi c th vay n ti cc ngn hng khc
nh Ngn hng Nh nc thng qua hnh thc chit khu, ti chit khu cc
giy t c gi, cc hp ng tn dng cp cho khch hng; hoc vay ca
cc t chc ti chnh khc trn th trng tin t nhm b sung cho thiu ht
tm thi v vn.
* Hot ng s dng vn: chc nng th hai trong hot ng lun
chuyn ti sn ca cc ngn hng thng mi l thc hin cc hot ng tn
dng v u t. y l cc hot ng em li ngun thu cho ngn hng v b
p cc chi ph trong hot ng.
- Hot ng tn dng: hin nay vn l mt trong nhng hot ng c
bn, truyn thng v ng vai tr quan trng nht trong cc hot ng to ra
thu nhp ca ngn hng thng mi (hot ng ny thng chim 60%-80%
ti sn ca ngn hng). Mc d, hot ng tn dng l hot ng mang li li
nhun ch yu cho cc NHTM, quyt nh s tn ti v pht trin ca ngn
hng, tuy nhin n cng cha ng nhiu ri ro (ri ro thanh khon, ri ro li
sut, ri ro chnh tr v ri ro o c) khi nhng ri ro ny xy ra s gy nh
hng ln n ngn hng v phn ln vn ca ngn hng l c huy ng t
nn kinh t.
- Hot ng u t: a dng ha vic s dng ngun vn, gim ri ro
trong hot ng, tng thu nhp v h tr thanh khon khi cn thit, ngoi hot
ng tn dng cc ngn hng thng mi cn thc hin cc hot u t nh:
14
hot ng u t gin tip (cc hot ng u t trn th trng chng khon

thng qua vic mua bn cc chng khon do chnh ph, cng ty pht hnh),
hoc cc hot ng u t trc tip (gp vn vo cc doanh nghip, cc cng
ty ti chnh...)
b) Chc nng cung cp dch v
Cng vi s pht trin kinh t, cc hot ng cung cp dch v ngy
cng ng vai tr quan trng trong vic a dng ha cc hot ng ca ngn
hng, ng thi cng mang li cho ngn hng nhng khon thu nhp khng
nh. Cc hot ng dch v ny bao gm cc hot ng nh dch v thanh
ton v ngn qu, bo lnh, kinh doanh ngoi t, u thc, i l, kinh doanh
chng khon... Ngoi ra, trc s pht trin bng n ca cng ngh thng tin,
hin nay cc ngn hng cn pht trin v cung cp cc dch v mi nh cc
dch v th, Internet Banking, Phonebanking... cng nh pht trin mnh cc
dch v ngn hng quc t.
1.1.1.3. Xu hng pht trin hin nay i vi hot ng ca cc ngn hng
thng mi
Tc ng ca qu trnh m ca nn kinh t, t do ha khu vc ti
chnh v c bit l nhng thay i to ln ca cuc cch mng khoa hc cng
ngh hin nay, lm cc ngn hng thng mi ang phi tr qua nhng
thay i ln v cu trc, chc nng, loi hnh t chc... Nhng thay i ny
c nhng nh hng khng nh n hot ng kinh doanh ca cc ngn
hng thng mi. Nhng xu hng nh hng ny tc ng n hot ng
ca ngn hng nh:
- Sc p cung cp a dng ha cc sn phm dch v: trong thi gian
qua trc sc p cnh tranh t cc t chc ti chnh ph ngn hng cng nh
nhng i hi cao hn t pha khch hng v s thay i ca cng ngh ngn
hng, y cc ngn hng thng mi phi nhanh chng gia tng vic m
15
rng cc hot ng dch v ti chnh cung cp cho cc khch hng. Chnh

iu ny lm tng chi ph hot ng ca ngn hng thng mi. Tuy nhin,
nhng dch v mi ny cng to ra nhng ngun thu mi cho ngn hng, v
hin nay ngun thu t mt s hot ng ca cc dch v ny c xu hng tng
trng nhanh so vi cc ngun thu truyn thng t li cho vay.
- Cnh tranh ngy cng gia tng: sc p cnh tranh i vi cc ngn
hng thng mi khng ch gia tng sn phm dch v truyn thng m gi
cn gia tng mnh m cc hot ng dch v ti chnh. Nhng hot ng
dch v ny ang phi i mt cnh tranh trc tip t cc ngn hng thng
mi khc v cc t chc tn dng phi ngn hng khc nh: cc cng ty ti
chnh, cng ty chng khon, cc t chc bo him...y thc s l nhng
ng lc thc y s pht trin ca cc dch v trong tng li. Mt khc, sc
p gia tng ca cnh tranh cn th hin ch, cc ngn hng ang phi i
mt vi cc khch hng ngy cng "thng thi" hn v nhy cm hn vi li
sut. Bi vy, cc khon tin gi "trung thnh" ca ngn hng d dng b li
ko bi nhng i th cnh tranh. Do vy, ngn hng thng mi lun phi
nng cao kh nng cnh tranh c th duy tr c cc khch hng truyn
thng cng nh qua thu ht thm c nhiu khch hng mi.
- S gia tng chi ph vn: s gia tng cnh tranh cng vi qu trnh
tin t ha din ra nhanh chng v qu trnh t do ha khu vc ti chnh
lm tng chi ph bnh qun ca cc ti khon tin gi v cc ngn hng phi
tr li sut do th trng cnh tranh quyt nh. ng thi, m bo tnh n
nh v pht trin bn vng ca h thng ngn hng, Chnh ph cng yu cu
cc ngn hng phi s dng vn ch s hu ca mnh nhiu hn ti tr cho
cc ti sn ca ngn hng. iu ny, lm chi ph vn ca cc ngn hng gia
tng ng k v nng cao c kh nng canh tranh ca mnh buc cc
16
ngn hng lun phi tm cch ct gim chi ph hot ng v tm ngun vn

mi nh chng khon ha mt s ti sn.
- Tin b cng ngh ngn hng: trc sc p cnh tranh, phc v
khch hng ngy tt hn i hi cc ngn hng ngy phi cung cp nhiu dch
v mi trn nn tng pht trin ca cng ngh thng tin nh s dng cc h
thng ngn hng t ng v in t thay th cho cc h thng da trn
cng ngh s dng nhiu lao ng, v d nh cc hot ng nhn tin gi,
thanh ton b tr v cp tn dng. c bit pht trin h thng my rt tin t
ng (ATM) cho php khch hng truy nhp ti khon tin gi ca h 24/24,
hay h thng my thanh ton POT c t ti cc siu th, trung tm thng
mi, nh hng, khch sn...ang dn c th thay th cho phng thc thanh
ton truyn thng bng tin mt.
- Xu hng m rng hot ng v mt a l: khai thc hiu qu h
thng ngn hng t ng trn nn tng ca tin b cng ngh ngn hng, hin
nay cc ngn hng c xu hng m rng phm vi hot ng v mt a l
gia tng s lng khch hng bng vic thnh lp nhiu chi nhnh mi. Ngoi
ra, xu hng t chc xy dng m hnh tp on kinh t s hu ngn hng
hay mua li cc ngn hng nh v a chng thnh b phn ca cc ngn
hng a tr s ang din ra ngy cng ph bin. S lng cc ngn hng c
phn ngy cng gia tng v s lng cc ngn hng nh c xu hng gim
dn.
- Qu trnh ton cu ha: ton cu ha v hi nhp kinh t quc t
ngy cng din ra mnh m v su sc hn bao gi ht, s m rng v mt a
l v hp nht ca cc ngn hng ln trn th gii vt ra khi ranh gii
lnh th ca mt quc gia, v cc ngn hng ny khng nhng tr thnh cc
i th cnh trnh ca nhau trn hu tt c cc lnh th m cn tr thnh i
th trnh cnh ht sc ln ca cc ngn hng ni a. Chnh qu trnh ny
17
v ang buc cc ngn hng ni a phi tm cch gim thiu chi ph hot
ng, nng cao kh nng cnh tranh, hin i ha cng ngh ngn hng
nng cao hiu qu hot ng ca mnh.
1.1.2. Hiu qu v cc nhn t nh hng n hiu qu hot ng ca cc
ngn hng thng mi
1.1.2.1. Hiu qu v bn cht ca hiu qu hot ng ca cc ngn hng
thng mi
Trong hot ng ca ngn hng thng mi (NHTM), theo l thuyt h
thng th hiu qu c th c hiu hai kha cnh nh sau:
(i) Kh nng bin i cc u vo thnh cc u ra hay kh nng sinh
li hoc gim thiu chi ph tng kh nng cnh tranh vi cc nh ch ti
chnh khc.
(ii) Xc sut hot ng an ton ca ngn hng.
S lnh mnh ca h thng ngn hng thng mi quan h cht ch vi
s n nh v pht trin ca nn kinh t v ngn hng thng mi l t chc
trung gian ti chnh kt ni khu vc tit kim vi khu vc u t ca nn kinh
t. Do s bin ng ca n s nh hng rt mnh n cc ngnh kinh t
quc dn khc.
Theo Perter S.Rose gio s kinh t hc v ti chnh trng i hc Yale
th v bn cht ngn hng thng mi cng c th c coi nh mt tp on
kinh doanh v hot ng vi mc tiu ti a ha li nhun vi mc ri ro
cho php. Tuy nhin, kh nng sinh li l mc tiu c cc ngn hng quan
tm hn c v thu nhp cao s gip cc ngn hng c th bo ton vn, tng
kh nng m rng th phn, thu ht vn u t.
Theo nh ngha trong cun "T in Ton kinh t, Thng k, kinh t
lng Anh- Vit" trang 255 ca PGS.TS Nguyn Khc Minh th "hiu qu -
18
efficiency" trong kinh t c nh ngha l "mi tng quan gia u vo

cc yu t khan him vi u ra hng ha v dch v" v "khi nim hiu qu
c dng xem xt cc ti nguyn c cc th trng phn phi tt nh
th no." Nh vy, c th hiu hiu qu l mc thnh cng m cc doanh
nghip hoc ngn hng t c trong vic phn b cc u vo c th s
dng v cc u ra m h sn xut, nhm p ng mt mc tiu no .
Mc tiu ca cc nh sn xut c th n gin l c gng trnh lng
ph, bng cch t c u ra cc i t cc u vo gii hn hoc bng vic
cc tiu ho s dng u vo trong sn xut cc u ra cho. Trong trng
hp ny khi nim hiu qu tng ng vi ci m ta gi l hiu qu k thut
(kh nng cc tiu ho s dng u vo sn xut mt vc t u ra cho
trc, hoc kh nng thu c u ra cc i t mt vc t u vo cho
trc), v mc tiu trnh lng ph ca cc nh sn xut tr thnh mc tiu t
c mc hiu qu k thut cao. mc cao hn, mc tiu ca cc nh sn
xut c th i hi sn xut cc u ra cho vi chi ph cc tiu, hoc s
dng cc u vo cho sao cho cc i ho doanh thu, hoc phn b cc u
vo v u ra sao cho cc i ho li nhun. Trong cc trng hp ny hiu
qu tng ng c gi l hiu qu kinh t (kh nng cho bit kt hp cc
u vo nhn t cho php ti thiu ha chi ph sn xut ra mt mc sn
lng nht nh), v mc tiu ca cc nh sn xut tr thnh mc tiu t
mc hiu qu kinh t cao (tnh theo cc ch tiu nh chi ph, doanh thu hoc
li nhun).
Nh vy, hiu qu l phm tr phn nh s thay i cng ngh, s kt
hp v phn b hp l cc ngun lc, trnh lnh ngh ca lao ng, trnh
qun l...n phn nh quan h so snh c gia kt qu kinh t v chi ph
b ra t c kt qu .
19
nh gi hiu qu hot ng ca cc ngn hng thng mi c th

c chia lm hai nhm l hiu qu tuyt i v hiu qu tng i:
- Cc ch tiu phn nh hiu qu tuyt i (hiu qu hot ng = kt
qu kinh t - chi ph b ra t c kt qu ) cho php nh gi hiu qu
hot ng ca ngn hng thng mi theo c chiu su v chiu rng. Tuy
nhin loi ch tiu ny trong mt s trng hp li kh c th thc hin so
snh c. V d, nhng ngn hng c ngun lc ln th to ra li nhun ln
hn nhng ngn hng c ngun lc nh, nhng khng c ngha l cc ngn
hng quy m ln li c hiu qu ln hn cc ngn hng c quy m nh hn.
Nh vy, hiu qu tuyt i khng cho bit kh nng s dng tit kim hay
lng ph cc u vo.
- Cc ch tiu phn nh hiu qu tng i c th c th hin di
dng tnh (hiu qu hot ng = kt qu kinh t/chi ph b ra t c kt
qu hoc dng nghch hiu qu hot ng = chi ph/ kt qu kinh t) hoc
di dng ng hay dng cn bin (hiu qu hot ng = mc tng kt qu
kinh t/mc tng chi ph). Nhng ch tiu ny rt thun tin so snh theo thi
gian v khng gian nh cho php so snh hiu qu gia cc ngn hng c quy
m khc nhau, cc thi k khc nhau.
Tm li, quan im v hiu qu l a dng, ty theo mc ch nghin
cu c th xt hiu qu theo nhng kha cnh khc nhau. Tuy nhin, xut pht
t nhng hn ch v thi gian v ngun s liu, do vy quan im v hiu qu
m lun n s dng nh gi hiu qu hot ng ca cc ngn hng thng
mi l da trn tiu chun nh gi hiu qu kinh t, th hin mi quan h ti
u gia kt qu kinh t t c v chi ph b ra t c kt qu , hay
ni mt cch khc hiu qu m lun n tp trung nghin cu trong nh gi
hot ng ca ngn hng thng mi c hiu l kh nng bin cc u vo
thnh cc u ra trong hot ng kinh doanh ca NHTM.
20
1.1.2.2. Cc nhn t nh hng n hiu qu hot ng ca cc ngn hng

thng mi
Hiu qu l iu kin quyt nh s sng cn v pht trin ca mt
ngn hng, bi vy nng cao hiu qu cng c ngha l tng cng nng lc
ti chnh, nng lc iu hnh to ra tch ly v c iu kin m rng cc
hot ng kinh doanh gp phn cng c v nng cao thng hiu ca cc
ngn hng thng mi. Tuy nhin, NHTM hot ng c hiu qu hn, i
hi phi xc nh c cc nhn t nh hng ti hiu qu hot ng ca cc
ngn hng thng mi nhm hn ch c cc hot ng mang tnh cht ri
ro, bo ton vn, nng cao thu nhp v li nhun t cc hot ng kinh doanh
ca NHTM. Cc nhn t ny c th c chia lm hai nhm: nhm nhn t
khch quan v nhm nhn t ch quan, ty theo iu kin c th ca tng
ngn hng m hai nhm nhn t ny c nhng nh hng khc nhau n hiu
qu hot ng ca chnh cc ngn hng thng mi.
(1) Nhm nhn t khch quan
a) Mi trng v kinh t, chnh tr v x hi trong v ngoi nc:
Ngn hng thng mi l mt t chc trung gian ti chnh lm cu ni
gia khu vc tit kim vi khu vc u t ca nn kinh t, do vy nhng bin
ng ca mi trng kinh t, chnh tr v x hi c nhng nh hng khng
nh n hot ng ca cc ngn hng. Nu mi trng kinh t, chnh tr v x
hi n nh s to iu kin thun li cho hot ng ca cc ngn hng
thng mi, v y cng l iu kin lm cho qu trnh sn xut ca nn kinh
t c din ra bnh thng, m bo kh nng hp th vn v hon tr vn
ca cc doanh nghip trong nn kinh t. Khi nn kinh t c tng trng cao v
n nh, cc khu vc trong nn kinh t u c nhu cu m rng hot ng sn
xut, kinh doanh do nhu cu vay vn tng lm cho cc ngn hng thng
21
mi d dng m rng hot ng tn dng ca mnh ng thi kh nng n xu

c th gim v nng lc ti chnh ca cc doanh nghip cng c nng cao.
Ngc li, khi mi trng kinh t, chnh tr v x hi tr nn bt n th li l
nhng nhn t bt li cho hot ng ca cc ngn hng thng mi nh nhu
cu vay vn gim; nguy c n qu hn, n xu gia tng lm gim hiu qu
hot ng ca cc ngn hng thng mi.
Hn na, hin nay qu trnh hi nhp kinh t quc t ang din ra mnh
m trn th gii. Cc nn kinh t ca cc nc trn th gii ngy cng ph
thuc vo nhau, lung vn quc t v ang dn vo khu vc Chu mnh
m, iu ny ang to ra nhiu c hi cho Vit Nam ni chung v h thng
ngn hng ni ring nhiu c hi mi nh c th tranh th c cc ngun
vn, cng ngh, kinh nghim qun l t cc nn kinh t pht trin...tuy nhin,
bn cnh ngnh ngn hng cng phi i mt vi nhiu thch thc t qu
trnh hi nhp, nh phi cnh tranh vi nhng tp on ti chnh y tim lc
(v vn, cng ngh, nng lc qun l...). Trong khi thc t hin nay cho thy
cc ngn hng thng mi Vit Nam cn yu v mi mt t nng lc ti
chnh, kinh nghim qun tr ngn hng, cng ngh n ngun nhn lc.
Ngoi ra, vi qu trnh hi nhp kinh t quc ngy cng su rng, th s
bin ng ca tnh hnh kinh t, chnh tr v x hi ca cc nc trn th gii
m nht l cc bn hng ca Vit Nam cng c nhng nh hng khng nh
n hiu qu hot ng ca cc ngn hng thng mi.
b) Mi trng php l
Mi trng php l bao gm tnh ng b v y ca h thng lut,
cc vn bn di lut, vic chp hnh lut v trnh dn tr.
Thc tin cho thy s pht trin ca cc nn kinh t th trng trn th
gii hng trm nm qua minh chng cho tm quan trng ca h thng lut
trong vic iu hnh nn kinh t th trng. Nu h thng lut php c xy
22
dng khng ph hp vi yu cu pht trin ca nn kinh t th s l mt ro

cn ln cho qu trnh pht trin kinh t. Khc vi cc nc c nn kinh t th
trng pht trin, khi m h c mt h thng lut kh y v c sa i
v b sung nhiu ln trong qu trnh pht trin ca mnh th Vit Nam do
mi chuyn i nn kinh t t c ch k hoch ha sang vn hnh theo nn
kinh t th trng hn 20 nm, do h thng lut cn thiu v cha y
v y cng thc s l mt tr ngi i vi hot ng ca cc NHTM.
ng thi, qu trnh tin t ha din ra nhanh trong thi gian gn y
i hi Vit Nam phi sm thng qua cc b lut mi v sa i cc iu lut
khng cn ph hp vi tnh hnh kinh t, c nh vy h thng lut php mi
thc s to lp c mt mi trng php l hon chnh lm c s gii
quyt cc tranh chp, khiu ni ny sinh trong hot ng kinh t, x hi. Nh
vy, r rng mi trng lut php c vai tr ht sc quan trng i vi cc
hot ng kinh t ni chung v i vi hot ng ca cc ngn hng thng
mi ni ring, l c s tin cho ngnh ngn hng pht trin nhanh v bn
vng.
(2). Nhm nhn t ch quan
Nhm nhn t ch quan c bn n chnh l cc nhn t bn trong
ni b ca chnh cc ngn hng thng mi nh cc nhn t v nng lc ti
chnh, kh nng qun tr iu hnh, ng dng tin b cng ngh, trnh v
cht lng ca lao ng...
- Nng lc ti chnh ca mt ngn hng thng mi thng c biu
hin trc ht l qua kh nng m rng ngun vn ch s hu, v vn ch s
hu th hin sc mnh ti chnh ca mt ngn hng. Tim lc v vn ch s
hu nh hng ti quy m kinh doanh ca ngn hng nh: kh nng huy ng
v cho vay vn, kh nng u t ti chnh v trnh trang b cng ngh. Th
hai, kh nng sinh li cng l mt nhn t phn nh v nng lc ti chnh ca
23
mt ngn hng v n th hin tnh hiu qu ca mt ng vn kinh doanh.

Th ba l kh nng phng nga v chng ri ro ca mt ngn hng cng l
nhn t phn nh nng lc ti chnh. Nu n xu tng th d phng ri ro cng
phi tng b p ri ro, c ngha l kh nng ti chnh cho php s dng
b p tn tht c th xy ra. Ngc li, nu n xu tng nhng d phng ri
ro khng b p c ngha l tnh trng ti chnh xu v nng lc ti
chnh b p cho cc khon chi ph ny b thu hp.
- Nng lc qun tr, iu hnh l nhn t tip theo nh hng n hiu
qu hot ng ca cc ngn hng. Nng lc qun tr iu hnh trc ht l
ph thuc vo c cu t chc b my qun l, trnh lao ng v tnh hu
hiu ca c ch iu hnh c th ng ph tt trc nhng din bin ca th
trng. Tip theo nng lc qun tr, iu hnh cn c th c phn nh bng
kh nng gim thiu chi ph hot ng, nng cao nng sut s dng cc u
vo c th to ra c mt tp hp u ra cc i.
- Kh nng ng dng tin b cng ngh: chnh l phn nh nng lc
cng ngh thng tin ca mt ngn hng. Trc s pht trin mnh m ca
khoa hc cng ngh v ng dng su rng ca n vo cuc sng x hi nh
ngy nay, th ngnh ngn hng kh c th duy tr kh nng cnh tranh ca
mnh nu vn cung ng cc dch v truyn thng. Nng lc cng ngh ca
ngn hng th hin kh nng trang b cng ngh mi gm thit b v con
ngi, tnh lin kt cng ngh gia cc ngn hng v tch c o v cng
ngh ca mi ngn hng
- Trnh , cht lng ca ngi lao ng: nhn t con ngi l yu t
quyt nh quan trng n s thnh bi trong bt k hot ng no ca cc
ngn hng thng mi. X hi cng pht trin th cng i hi cc ngn hng
cng phi cung cp nhiu dch v mi v c cht lng. Chnh iu ny i
hi cht lng ca ngun nhn lc cng phi c nng cao p ng kp
24
thi i vi nhng thay i ca th trng, x hi. Vic s dng nhn lc c

o c ngh nghip, gii v chuyn mn s gip cho ngn hng to lp c
nhng khch hng trung thnh, ngn nga c nhng ri ro c th xy ra
trong cc hot ng kinh doanh, u t v y cng l nhn t gip cc ngn
hng gim thiu c cc chi ph hot ng. Tuy nhin, trong qu trnh pht
trin ngun nhn lc lun phi ch trng vic gn pht trin nhn lc vi
cng ngh mi.
1.1.3. Cc phng php nh gi hiu qu hot ng ca NHTM
1.1.3.1. Phng php nh gi truyn thng
Cc h s ti chnh l cng c c s dng ph bin nht trong nh
gi, phn tch v phn nh hiu qu hot ng ca cc ngn hng thng mi
cp ngnh v cp qun l ca chnh ph.
Mi h s cho bit mi quan h gia hai bin s ti chnh qua cho
php phn tch v so snh gia cc chi nhnh, gia cc ngn hng v phn
tch xu hng bin ng ca cc bin s ny theo thi gian. C nhiu loi h
s ti chnh c s dng nh gi cc kha cnh hot ng khc nhau ca
mt ngn hng, cc h s ti chnh ny bao gm cc t s phn nh kh nng
sinh li, cc t s phn nh hiu qu hot ng v cc t s phn nh ri ro ti
chnh ca mt ngn hng.
Nhm ch tiu phn nh kh nng sinh li phn nh tnh hiu qu
ca mt ng vn kinh doanh theo thng l quc t thng c phn nh
thng qua cc ch tiu sau: thu li bin rng (NIM), thu ngoi li bin rng
(NOM), thu nhp hot ng bin (TNHB), h s thu nhp trn c phiu
(EPS), thu nhp rng trn tng ti sn (ROA) v thu nhp rng trn tng vn
ch s hu (ROE).
NIM =
Tng thu nhp tng chi ph

Tng ti sn c sinh li (hoc tng ti sn c)
(1)
25
NOM =
TNHB =
EPS =
Tng thu nhp ngoi li tng chi ph ngoi li

(2)
Tng ti sn c
Tng thu hot ng tng chi ph hot ng
Tng ti sn c
(3)
Li nhun sau thu

Tng s c phiu thng hin hnh
(4)
ROA =
Li nhun sau thu

Tng ti sn c
(5)
ROE =
Li nhun sau thu

Vn ch s hu
(6)
T l thu li bin rng (NIM), thu ngoi li bin rng (NOM), thu nhp
hot ng bin (TNHB) phn nh nng lc ca hi ng qun tr v nhn
vin ngn hng trong vic duy tr s tng trng ca cc ngun thu (ch yu
t cc khon cho vay, u t v ph dch v) so vi mc tng ca chi ph (ch
yu l chi tr li tin gi, nhng khon vay trn th trng tin t, tin lng
nhn vin v phc li). T l thu nhp li bin rng o lng mc chnh lch
gia thu t li v chi tr li m ngn hng c th t c thng qua hot
ng kim sot cht ch ti sn sinh li v theo ui cc ngun vn c chi ph
thp. Tri li t l thu ngoi li bin rng o lng mc chnh lch gia
ngun thu ngoi li, ch yu l ngun thu ph t cc dch v vi cc chi ph
ngoi li m ngn hng phi chu (gm tin lng, chi ph sa cha, bo hnh
thit b v chi ph tn tht tn dng). Cn thu nhp trn c phiu (EPS) o
lng trc tip thu nhp ca cc c ng tnh trn mi c phiu hin hnh
ang lu hnh.
ROA l mt ch tiu ch yu phn nh tnh hiu qu qun l. N ch ra
rng kh nng ca hi ng qun tr ngn hng trong qu trnh chuyn ti sn
26
ca ngn hng thnh thu nhp rng. ROA c s dng rng ri trong phn
tch hiu qu hot ng v nh gi tnh hnh ti chnh ca ngn hng, nu
mc ROA thp c th l kt qu ca mt chnh sch u t hay cho vay
khng nng ng hoc c th chi ph hot ng ca ngn hng qu mc.
Ngc li, mc ROA cao thng phn nh kt qu ca hot ng hu hiu,
ngn hng c c cu ti sn hp l, c s iu ng linh hot gia cc hng
mc trn ti sn trc nhng bin ng ca nn kinh t.
ROE l mt ch tiu o lng t l thu nhp cho cc c ng ca ngn
hng. N th hin thu nhp m cc c ng nhn c t vic u t vo
ngn hng (tc l chp nhn ri ro hy vng c c thu nhp mc hp
l). Ch tiu ny cng c s kh ph bin trong phn tch hiu qu hot
ng nhm phn nh hiu qu s dng vn ch s hu.
Ngoi ra, trong nh gi hiu qu hot ng ca ngn hng, cc nh
qun tr ngn hng cn xem xt mi quan h gia ch tiu ROA v ROE v
trn thc t hai ch tiu ny phn nh s nh i c bn gia ri ro v thu
nhp. Chnh iu ny cho thy mt ngn hng c th c ROA thp nhng vn
c th t c ROE kh cao do h s dng n by ti chnh ln.
Nhm ch tiu phn nh thu nhp, chi ph
Vi chin lc ti a ha li nhun, cc ngn hng thng mi thng
nng cao hiu qu hot ng ca mnh bng cch gim chi ph hot ng,
tng nng sut lao ng trn c s t ng ha v nng cao trnh nhn
vin. Bi vy, cc thc o phn nh tnh hiu qu trong hot ng ca ngn
hng v nng sut lao ng ca nhn vin gm cc ch tiu sau:
* Tng chi ph hot ng/tng thu t hot ng: l mt thc o phn
nh mi quan gia u vo (t s) v u ra (mu s) hay ni cch khc n
phn nh kh nng b p chi ph trong hot ng ca ngn hng.
27
* Nng sut lao ng (Thu nhp hot ng/S nhn vin lm vic y
thi gian): phn nh hiu qu s dng lao ng ca ngn hng.
* Tng thu hot ng/tng ti sn: phn nh hiu qu s dng ti sn.
Nu h s ny ln phn nh ngn hng phn b ti sn (danh mc u t)
mt cch hp l nhm nng cao li nhun ca ngn hng.
Nhm ch tiu phn nh ri ro ti chnh
Ngoi vic quan tm n vic nng cao gi tr c phiu v y mnh
kh nng sinh li, thng thng trong hot ng ca mnh cc ngn hng
thng mi cng thc hin vic kim sot cht ch nhng ri ro m h phi
i mt. Trong mt nn kinh t c nhiu bin ng nh hin nay, khin cc
nh qun tr ngn hng tp trung nhiu hn vo cng vic kim sot v o
lng ri ro trong hot ng ca ngn hng, l: ri ro tn dng, ri ro thanh
khon, ri ro li sut, ri ro ph sn v ri ro thu nhp.
* T l n xu (n xu/tng cho vay v cho thu): ch tiu phn nh
cht lng ca tn dng, ch s ny cng nh th hin cht lng tn dng
cng cao.
* T l cho vay (cho vay rng/tng ti sn): phn nh phn ti sn c
c phn b vo nhng loi ti sn c tnh thanh khon km. Nh vy t l
ny cho thy, vic tng cng s dng ngun vn vay rt c th gy ra ri ro
thanh khon nu nh nhu cu rt tin ca cng chng tng v cht lng ca
cc khon cho vay gim.
* T l gia ti sn nhy cm vi li sut v ngun vn nhy cm vi
li sut: khi quy m ti sn nhy cm vi li sut vt qu ngun vn nhy
cm vi li sut trong mt thi k nht nh, mt ngn hng c th s ri vo
tnh trng bt li v thua l c th xy ra nu li sut gim. Ngc li, khi quy
28
m vn nhy cm vi li sut vt qu ti sn nhy cm vi li sut, thua l

chc chn xy ra nu li sut tng.
* T l n by ti chnh (tng ti sn/tng vn ch s hu): ch tiu
ny phn nh bao nhiu ng gi tr ti sn c to ra trn c s 1 ng vn
ch s hu v ngn hng phi da vo ngun vay n l bao nhiu. Trn thc
t cho thy t l ny trung bnh khong trn 15 ln, nhng v vn ch c chc
nng b p thua l nn t l ny cng ln th ri ro ph sn ca ngn hng
cng cao.
Ngoi cc nhm ch tiu trn, trong phn tch hiu qu hot ng ca
cc ngn hng, cc nh qun tr ngn hng cn s dng nhiu h s ti chnh
khc nh: tng d n/vn huy ng (phn nh hiu qu u t ca mt ng
vn huy ng) hay ch tiu vn huy ng/vn t c (phn nh kh nng v
quy m thu ht vn t nn kinh t)...
Nh vy, ti a ha li nhun v en li hiu qu trong hot ng
kinh doanh ca mnh cc ngn hng thng mi cn ch v kim sot hp
l cc ch tiu nh: quy m ngn hng (ROA v ROE); kim sot chi ph (chi
ph hot ng/ tng thu hot ng); c cu tin gi; n by ti chnh; m
rng cc dch v thu ph; tng trng v ti sn, tin gi v cc khon cho
vay. Tuy nhin khng nn coi tiu ch tng trng v ti sn, tin gi v cc
khon cho vay nh l mt ch tiu tt cho li nhun v s tng trng qu
mc c th dn ti tnh trng mt kh nng kim sot, lm chi ph hot ng
nhanh hn tng ngun thu.
Tm li, trong phn tch hot ng kinh doanh ca cc ngn hng
thng mi hin nay, th cc t s ti chnh vn c s dng kh ph bin v
chng kh n gin v tng i d hiu trong phn tch, tuy nhin chnh
mc n gin ca n c th tr thnh vn kh phc tp nu cc nh
qun l c gng a ra mt bc tranh tng th khi kt hp nhiu mt, nhiu
29
kha cnh hot ng khc nhau ca ngn hng. V mi t s ch cho bit hay
nh gi mi quan h t l gia hai bin s c th, khng c mt t s no
cho chng ta cc kt lun tng qut v tnh trng ca mt ngn hng, do ,
trong vic nh gi tng quan thc trng ca mt ngn hng cn phi xem xt
mt lot cc ch s. Vic xem xt ng thi hoc vic tng hp cc kt qu
phn tch t cc t s khc nhau c th a n nguy c nhm ln trong vic
nh gi hot ng ca cc ngn hng v cc ch s ny ch l nhng ch s
phn tch n.
khc phc cc nhc im trong phn tch ca cc h s ti chnh
ny gn y cc nh kinh t ng dng phng php phn tch hiu qu
bin nh gi hiu qu hot ng ca cc ngn hng, y l mt phng
php mi v hin i n gip chng ta c th nhn thy mt bc tranh tng th
trong hot ng ca cc ngn hng. Phn tip theo s trnh by cc phng
php ny.
1.1.3.2. Phng php phn tch hiu qu bin: tip cn tham s (SFA) v
tip cn phi tham s (DEA)
Bn cnh cnh tip cn truyn thng, hin nay trn th gii cn s dng
phng php tip cn phn tch hiu qu bin trong vic nh gi hiu qu
hot ng ca ngn hng. Cc ngn hng cung ng mt tp hp phong ph
cc sn phm v dch v ti chnh nhng hiu qu thc s hot ng ca h
thng ny nh th no th li khng bit. nh gi c hiu qu hot
ng ca cc ngn hng cc nh phn tch s dng phng php phn tch
hiu qu bin. Phng php ny tnh ton ch s hiu qu tng i da trn
vic so snh khong cch ca cc n v (ngn hng) vi mt n v thc
hin hot ng tt nht trn bin (bin ny c tnh t tp s liu v trn thc
t bin hin qu ton b theo l thuyt l khng bit). Cng c ny cho php
ta tnh c ch s hiu qu chung ca tng ngn hng da trn hot ng ca
30
chng v cho php xp hng hiu qu hot ng ca cc ngn hng. Hn na,

cch tip cn ny cn cho php cc nh qun l xc nh c thc t hot
ng tt nht hin ti trong nh gi h thng ca ngn hng mnh v ng
thi cho php cc nh qun l m rng kh nng hot ng thc t tt nht
nhng ni c th p dng c v qua ci thin c hiu qu hot ng
ton b ca ngn hng.
Phng php phn tch hiu qu bin c th c chia lm hai nhm
l cch tip cn tham s v cch tip cn phi tham s. Cch tip cn tham s
i hi phi ch nh mt dng hm c th i vi ng bin hiu qu, v c
ch nh ca phn phi phi hiu qu hoc sai s ngu nhin. Tuy nhin nu
vic ch nh dng hm sai th kt qu tnh ton s nh hng ngc chiu
n cc ch s hiu qu. Cch tip cn phi tham s khng i hi cc rng
buc v hnh dng ca ng bin thc hin tt nht, cng nh khng i hi
cc rng buc v phn phi ca cc nhn t phi hiu qu trong s liu nh
cch tip cn tham s, tr rng buc cc ch s hiu qu phi nm gia 0 v 1,
v gi s khng c sai s ngu nhin hoc sai s php o trong s liu. Bi
vy, y cng chnh l hn ch ca ca phng php phi tham s v phng
php ny rt nhy cho nn nu c sai s ngu nhin tn ti trong s liu th
chng s nh hng n cc kt qu o lng hiu qu.
(1). Phn tch bin ngu nhin (SFA)_Tip cn tham s
(a). c lng hiu qu k thut
Nm 1957, Farell [44] a ra mt o hiu qu k thut phn
nh kh nng ca mt n v ra quyt nh (hay mt ngn hng) t c u
ra cc i t mt tp hp u vo cho. V thc t ta khng bit c hm
sn xut, do vy Farell gi c lng hm ny t s liu mu s dng hoc
bng cng ngh tuyn tnh tng khc phi tham s hoc tip cn theo mt hm
s. Charnes, Cooper v Rhodes (1978) [34] tip cn theo gi th nht
31
ca Farell v pht trin thnh m hnh DEA . Da trn gi th 2 ca Farell,

Aigner v Chu (1968) [4] tip cn phng php tham s bng vic c
lng mt hm sn xut ng bin tham s dng Cobb-Douglas s dng s
liu trn mt mu N n v ra quyt nh (hay ngn hng). M hnh c nh
ngha bi:
ln(yi) =xi - ui ;
i = 1, 2, , N
(7)
Trong ln(yi) l logarit ca u ra (v hng) i vi n v th i; xi

l mt vc t hng (K+1) chiu, phn t th nht ca n bng "1" v cc phn
t cn li l nhng logarit ca lng K u vo s dng bi n v th i; =
(0, 1, , K)T l vc t ct (K+1) chiu cc tham s cha bit m ta cn c
lng; v ui l bin ngu nhin khng m, phn nh phn phi hiu qu k
thut trong sn xut ca cc n v trong ngnh.
T s ca u ra quan st i vi n v th i so vi u ra tim nng
xc nh bi hm ng bin vi vct u vo xi cho c dng nh
ngha hiu qu k thut ca n v th i:
TEi =
yi
exp( xi ui )
=
= exp( ui )
exp( xi )
exp( xi )
(8)
o ny c gi tr gia 0 v 1. N cho thy ln tng i ca u

ra ca n v th i so vi u ra m mt n v hon ton hiu qu c th sn
xut vi cng vc t u vo . Hiu qu k thut c th c c lng
bng t s ca u ra quan st yi trn gi tr c lng ca u ra ng bin
exp(xi).
Tuy nhin m hnh hm sn xut bin ni trn khng xt n nh
hng c th c ca cc sai s o v cc nhiu khc i vi ng bin.
Tt c nhng im chch khi ng bin c gi thit l do hiu qu k
32
thut khng t c. gii quyt vn "nhiu" cc nh kinh t s dng

cch tip cn ng bin ngu nhin.
Vi gi nh hm sn xut dng Cobb-Douglas Aigner, Lovell, v
Schmidt (1977) [1]; Meeusen v Van den Broeck (1997) [82]; Battese v
Corra (1977) l nhng ngi u tin a ra cch tip cn bin ngu nhin
xc nh s ng gp ca tng nhn t u vo trong qu trnh sn xut. Mt
trong nhng hn ch ca cch tip cn bin l gi nh rng cc ngnh u s
dng mt loi cng ngh v cng ng bin sn xut. V th, s khc bit
trong sn xut ca cc ngnh ch yu l do vn con ngi trong qun l
hoc do s khc bit v cng ngh. Aigner v cng s (1977) lp lun
rng, c th c mt s nhn t phi hiu qu k thut mang tnh ngu nhin tc
ng n mc sn lng, v d chnh sch ca chnh quyn trung ng v a
phng, hoc yu t thi tit. Do vy, b phn sai s ca m hnh c th c
tch thnh hai: mt phn i din cho phn phi ngu nhin i xng nhng
khng quan st c (v), v b phn kia l nhiu ngu nhin do phi hiu qu
k thut (u) gy ra. Nh vy, m hnh hm sn xut bin nhiu ngu nhin
c vit nh sau: Ln(y) = xi + vi - ui
(9)
Trong vi c phn phi ng nht vi trung bnh bng khng v

phng sai 2v, ui c phn phi ng nht vi trung bnh bng khng v
phng sai 2u, ui v vi c lp vi nhau v c lp vi cc bin hi quy.
Nhng nt c bn ca m hnh ng bin ngu nhin c minh ho
trong khng gian hai chiu trong th 1.1. Cc u vo c biu din trn
trc honh v cc u ra trn trc tung. Thnh phn tt nh ca m hnh
ng bin, y = exp(xi), c v vi gi thit c hiu xut gim dn theo
quy m. Cc u ra v u vo quan st i vi hai ngn hng i v j c biu
din trn th. Ngn hng i s dng mc u vo xi sn xut u ra yi.
Gi tr u vo-u ra quan st c ch ra bi im c nh du pha
33
trn gi tr ca xi. Gi tr ca u ra ng bin ngu nhin yi exp( xi + vi )

c nh du bi im pha trn hm sn xut bi v sai s ngu nhin l
dng. Tng t, ngn hng j s dng mc u vo xj v sn xut mc u ra
yj. Tuy nhin, u ra ng bin y *j exp( x j + v j ) pha di hm sn xut
bi v sai s ngu nhin vj m. Tt nhin, cc u ra ng bin ngu nhin
yi v y j khng quan st c v cc sai s ngu nhin khng th quan st
c.
bin u ra
exp(xi+vi), nu vi > 0
hm sn xut,
y=exp(x)
bin u ra
exp(xj+vj), nu vj < 0
yj
yi
xi
xj
th 1.1. Hm sn xut bin ngu nhin

Tuy nhin, ta thy phn tt nh ca m hnh ng bin ngu nhin
nm gia cc u ra ng bin ngu nhin. Cc u ra quan st c th ln
hn phn tt nh ca ng bin nu cc sai s ngu nhin ln hn nhng
nh hng khng hiu qu tng ng (ngha l yi > exp(xi) nu vi > ui).
M hnh ng bin ngu nhin ny cho php c lng cc sai s tiu
chun v kim nh cc gi thit s dng cc phng php hp l cc i
truyn thng, m cc m hm sn xut bin khng th thc hin. Li gii c
34
th ca bi ton c lng hiu qu k thut cho mi ngn hng c trnh

by trong ph lc 1, v sau khi gii bi ton ny kt qu c lng hiu qu
k thut cho mi ngn hng thu c di dng:
1 ( * *i * )
1 2
TEi = E ( exp {ui } i ) =

.exp *i + *
2
1 ( *i * )
(10)
Cc kim nh la chn dng hm, phn phi nhiu, c hoc khng c phi hiu
qu k thut
Kim nh t s hp l tng qut mt pha
thc hin cc kim nh thng k nhm la chn m hnh c

lng hiu qu bin ngu nhin ph hp vi tp s liu chng ta s dng cc
gi tr ca cc t s hp l thu c t vic c lng cc m hnh kim
nh. Sau khi xc nh c dng hm, bc tip theo l thc hin mt s
kim nh khc nh dng hm va xc nh c tnh hiu qu khng i theo
quy m hay khng, phn phi ca nhiu phi hiu qu...
Thng k kim nh c s dng l Kim nh t s hp l tng qut:
LR (hoc)= -2{ln[L(H0)/L(H1)]} = -2{ln[L(H0)] - ln[L(H1)]}
(11)
Trong L(H0) l gi tr lga hp l trong m hnh b rng buc, v n

c coi l gi thuyt gc H0; v L= (H1) l gi tr lga ca hm hp l trong
m hnh bin tng qut, v c coi l gi thuyt i H1. Thng k kim nh
ny thng c gi thit l c phn phi tim cn 2 vi bc t do bng s
rng buc lin quan hoc bng chnh lch gia cc tham s tng ng trong
gi thuyt gc v gi thuyt i. Nu gi tr ca thng k kim nh LR ln
hn gi tr ti hn1 th bc b H0.
Gi tr ti hn c ly t bng ca Kodde v Palm (1986). Xem ph lc 3.
35
Kim nh dng hm
Trong vic la chn hm sn xut bin ngu nhin thng c 3 dng
hm c a vo tp hp cc dng hm la chn l hm sn xut bin ngu
nhin dng Cobb-Douglas, CES v lga siu vit. Th d trong trng hp c
1 u ra yit l gi tr gia tng hoc doanh thu ca ngn hng i thi gian t , Lit
v Kit l lao ng v vn ca ca ngn hng i nm t tng ng th:
Hm sn xut bin Cobb-Douglas c dng:
ln yit = 0 + L ln Lit + K ln Kit + ( vit uit )
(12)
Hm sn xut bin lga siu vit c dng:

1
1
2
2
ln yit = 0 + L ln Lit + K ln Kit + LL ( ln Lit ) + KK ( ln Kit )
2
2
+ LK ( ln Lit )( ln Kit ) + ( vit uit )
(13)
Trong : Lnyit l lga t nhin ca gi tr gia tng hoc doanh thu ca

ngn hng i nm t; LnKit l lga t nhin ca vn rng ca ngn hng i nm t;
(LnKit)2 l bnh phng lga t nhin ca vn rng ca ngn hng i nm t;
LnLit l lga t nhin ca lao ng ca ngn hng i nm t; (LnLit)2 l bnh
phng ca lga t nhin ca lao ng ca ngn hng i nm t; (LnLit)(LnKit)
l tch lga t nhin ca lao ng v vn ca ngn hng i nm t. Trc ht
chng ta phi thc hin kim nh la chn dng hm, th tc ln lt nh
sau:
Gi thit H0 l Hm sn xut Cobb-Douglas l thch hp vi tp s liu,
ngha l H0: LL=KK =LK =0. Thng k kim nh l thng k tun theo
phn phi Khi bnh phng hn hp (2) vi 3 bc t do. Nu ln hn cc
gi tr ti hn vi mc ngha mong mun (1% hoc 5%) th gi thit H0 b
bc b. Ngc li ta chp nhn hm lga siu vit.
36
Gi thit H0: khng c phi hiu qu k thut

Gi thit H0 th hai l gi thit rng khng c phi hiu qu k thut.
y cn lu vic xc nh gi tr ca L(H0), gi tr ca hm hp l tng
ng di gi thit H0. L(H0) chnh l gi tr ca hm hp l ng vi c
lng OLS. Thng k kim nh l thng k tun theo phn phi Khi bnh
phng hn hp (2) vi 3 bc t do. Nu ln hn cc gi tr ti hn vi c
mc ngha mong mun (1% hoc 5%) th gi thit H0 b bc b ngha l c
tn ti phi hiu qu k thut do nu s dng OLS c lng s chch.
Ngc li ta chp nhn khng c phi hiu qu k thut, khi th tc c
lng OLS l ph hp.
Gi thit H0: phn phi ca nhiu phi hiu qu
Gi thit H0 th ba l gi thit rng nhiu tun theo bn chun. Thng
k kim nh l thng k tun theo phn phi Khi bnh phng hn hp (2)
vi 1 bc t do. Nu ln hn cc gi tr ti hn vi mc ngha mong mun
(1% hoc 5%) th thit H0 b bc b ngha l phn phi ca nhiu phi hiu qu
khng c dng bn chun. Ngc li ta chp nhn nhiu phi hiu qu c dng
bn chun.
Gi thit H0: phi hiu qu k thut khng bt bin theo thi gian
Gi thit H0 th su l gi thit rng phi hiu qu k thut khng bt
bin theo thi gian. Thng k kim nh l thng k tun theo phn phi
Khi bnh phng hn hp (2) vi 1 bc t do. Nu ln hn cc gi tr ti
hn vi c mc ngha mong mun (1% hoc 5%) th thit H0 b bc b
ngha phi hiu qu k thut bt bin theo thi gian. Ngc li ta chp nhn
nhiu phi hiu qu k thut khng bt bin theo thi gian..
37
(b). c lng hiu qu chi ph

Thc t hm chi ph v hm sn xut biu hin cng mt cng ngh. Do
cng c th c lng cc o hiu qu ca cc ngn hng bng vic s
dng m hnh hm chi ph bin ngu nhin:
LnCi = LnC(yi, wi, ) + i
i = 1, ..., n
i = vi + ui
(14)
(15)
Trong Ci l tng chi ph ca ngn hng i, yi l vc t u ra ca ngn

hng i, wi l vc t gi u vo, l cc tham s c c lng, vi phn nh
nhng tc ng ca cc nhn t nm ngoi tm kim sot ca ngn hng,
trong khi ui phn nh nhng tc ng nhiu do chnh hot ng bn trong ca
ngn hng gy ra v y chnh l b phn phn nh nhng tc ng ca phi
hiu qu k thut.
Nh vy, hm chi ph bin ngu nhin c dng C(yi, wi,)exp(vi) c
bin i t m hnh hm chi ph bin ban u C(yi, wi, ) c tnh cht l nhiu
ui i din cho b phn phi hiu qu k thut lm gia tng chi ph sn xut,
trong khi nhiu t sai s thng k vi khng nh hng n chi ph sn xut.
V vy cng ging nh hm sn xut bin, ui c gi tr tuyt i v c phn
phi chun vi trung bnh bng 0 v phng sai l 2u ; vi c phn phi chun
vi trung bnh bng khng v phng sai 2v ; vi v ui c gi nh l c lp
vi nhau. Li gii ca bi ton c lng hiu qu chi ph cho mi ngn hng
xem ph lc 2, sau khi gii bi ton ny th hiu qu chi ph c lng c
cho mi ngn hng thu c di dng:
1 F * ( * *i * )
1 2
CEi = E ( exp {ui } i ) =

.exp *i + *
*
2
1 F ( *i * )
(16)
38
Ch nh m hnh hm chi ph bin ngu nhin

Vic la chn dng hm chi ph bin lnC(yi, wi, ) c da trn
nguyn l ca kinh t vi m l chi ph sn xut ph thuc vo gi u vo
mc sn lng u ra. o lng hiu qu ca cc ngn hng, hm chi ph
bin ngu nhin l ga siu vit l dng hm c lu chn nhiu nht
(Christensen, Jorgenson, v Lau, 1973 [36]). Dng hm ny thng c la
chn bi v n l mt dng hm kh mm do do n khng nht thit phi a
ra cc rng buc i vi cc kh nng c th thay th trong s cc nhn t sn
xut v v vy n cho php xc nh c tnh kinh t theo quy m v tnh phi
kinh t theo quy m cc mc sn lng khc nhau. iu ny c ngha l,
dng hm siu vit c th c lng ng chi ph c dng ch U nu mt
khi chng ta c s liu bi v trong hm siu vit c nhng phn t phn nh
mi quan h ca sn lng vi chi ph l bc nht, ging nh hm CobbDouglas, nhng cng c nhng phn t phn nh quan h ca sn lng vi
chi ph l bc hai. Nu ng chi ph c dng ch U c c lng th n s
cho bit tnh kinh t nh quy m cc ngn hng nh hn v tnh phi kinh t
nh quy m cc ngn hng ln hn. Tuy nhin, khng ging hm hm
Cobb-Douglas, dng hm ton phng ny cn cho bit s bin thin ca tnh
kinh t theo quy m gia cc quy m khc nhau ca cc ngn hng .
Hm chi ph l ga siu vit ca n u ra (yi), v m u vo (wi) c th
biu din nh sau :
n
i =1
j =1
ln C = 0 + i ln yi + b j ln w j +
+
1 n n
sik ln yi ln yk
2 i k
n m
1 m m
g
ln
w
ln
w
+
dij ln y j ln w j + u + v
jl j l
2 j l
i
j
(17)
39
Trong : lnC l lga ca tng chi ph, lnyi l lga ca u ra th i

(i=1,...,n) ; lnwj l lga ca gi u vo th j (j=1,...,m); v N(0, v2 ) v u
N(0, u2 ) ; , b, s, g v d l cc h s c lng c.
Trc khi tnh ton bt k mt o hiu qu no da trn hm cho
ph bin ngu nhin trn i hi chng ta phi kim nh y cc rng
buc ca hm chi ph (1) n iu tng, (2) thun nht bc mt v (3) lm.
m bo tnh n iu tng ca hm chi ph th tnh i xng phi c tha

mn l sik = ski vi mi i v k v gjl = glj vi mi j v l. Tuy nhin vi cc
hm chi ph cn i hi tnh thun nht bc mt theo gi ca cc u vo
m bo i ngu vi hm sn xut. Nu gi ca tt c cc u vo tng gp

i th gi ca cc u ra cng tng gp i. V mt ton hc chng c
biu din bng tng cc h s co gin ca tng chi ph vi gi ca tng nhn
t v tng ny phi bng 1 :
ln C ln C
ln C
+
+ ... +
=1
ln w1 ln w2
ln wm
(18)
Nh vy, iu kin cn v hm chi ph l thun nht bc mt theo

gi nhn t l :
m
bj = 1 ,
g jl = 0 vi mi l v
ij
= 0 vi mi i
(19)
Nhng rng buc ny gip gim s cc h s cn phi c lng xung

cn (n+m+1)(n+m)/2. V d nu xt m hnh hm chi ph bin ngu nhin
vi 2 u ra v 3 u vo th cc rng buc ca m hnh l:
- n iu tng:
s12 = s21,
g12 = g21,
- Thun nht tuyn tnh:
g13 = g31
(20)
40
b1 + b2 + b3 = 1
g11 + g12 + g13 = 0,
g21 + g22 + g23 = 0,
d11 + d12 + d13 = 0,
d21 + d22 + d23 = 0,
g31 + g32 + g33 = 0, (21)

d31 + d32 + d33 = 0,
Tnh kinh t theo quy m v phi hiu qu k thut

Da trn m hnh c lng c, tnh kinh t theo quy m v phi hiu
qu k thut s c tnh ton. Tnh kinh t theo quy m trong cc ngn hng
c tnh bng nghch o ca h s co gin ca chi ph i vi u ra. i

vi hm chi ph bin ngu nhin siu vit th cc h s co gin l :
n
m
ln C ( y, w)
= i + sik ln yk + sij ln w j
ln yi
k
j
(22)
V chng ta s biu din tnh kinh t nh quy m nh sau:

n ln C ( y, w)
SC ( y, w) =
ln yi
1
(23)
Nh vy, tng theo quy m (tnh kinh t theo quy m) xut hin nu
SE>1, gim theo quy m (tnh phi kinh t theo quy m) nu SE<1 v khng
i theo quy m nu SE=1. V d, ng chi ph c dng ch U s c SE>1
ti mc sn lng thp, sau gi tr s gim xung SE=1 ti mc sn lng

c chi ph ti thiu thp nht v tip tc gim n SE<1 khi tnh phi kinh t
theo quy m xy ra.
Cn phi hiu qu k thut c tnh thng qua phn d ca m hnh
c lng c. Th nht, phi hiu qu k thut u vo bnh qun c th
c tnh nh trung bnh ca (u), m gi tr ca u chnh l gi tr c lng
trung bnh c ca ( i ), trong i l phn d c lng c i vi ngn

hng i khi u c lp vi v v E(v)=0. Khi phi hiu qu k thut u vo
trung bnh c xc nh bng E(u), i vi trng hp phn phi bn chun
41
l (2/)1/2u v y chnh l gi tr c lng c (2/)1/2 u , trong u l

c lng ca u. Khi phn phi ca c lng hp l cc i c bit
chng ta c th tnh sai s chun xp x ca (2/)1/2 u . Theo Jondron, Lovell,

Materov v Schmidt (1982) [66], c lng phi hiu qu k thut (u) ca mt
ngn hng c th c th c tnh bng vic s dng phn phi ca s hng
phi hiu qu (ui) di iu kin c lng s hng sai s tng th c hnh
thnh ( i ). Chng ta c th s dng hoc gi tr trung bnh hoc gi tr mt
ca phn phi c iu kin nh l mt c lng ca ui.
Tm li, vi cch tip cn bin ngu nhin cho php xc nh c
hiu qu k thut v phi hiu qu k thut cho tng ngn hng bng cch
phn r b phn sai s ca m hnh bin thnh nhiu ngu nhin khng quan
st c v b phn nhiu ngu nhin do phi hiu qu k thut gy ra. Tuy
nhin, cch tip cn ny i hi phi ch nh c mt dng hm c th v
phn phi ca nhiu phi hiu qu, nu vic ch nh dng hm ny khng
ng s nh hng n cc ch s hiu qu c lng c. ng thi, cch
tip cn ny i hi ngi s dng phi c mt s kin thc nht nh v ton

hc, bi vy mc d y l mt phng php phn tch hin i nhng hu
nh cn t c s dng trong phn tch Vit Nam ni chung v p dng
trong phn tch ni ring cho h thng ngn hng.
(2). Phn tch bao d liu (DEA)_ Tip cn phi tham s
DEA (Data Envelopment Analysis) l mt k thut quy hoch tuyn

tnh nh gi mt n v ra quyt nh (DMU, hoc ngn hng) hot ng
tng i so vi cc ngn hng khc trong mu nh th no. K thut ny to
ra mt tp hp bin cc ngn hng hiu qu v so snh n vi cc ngn hng
khng hiu qu o c o hiu qu. Khc vi SFA th DEA khng i
42
hi xc nh dng hm i vi bin hiu qu v cho php kt hp nhiu u

vo v nhiu u ra trong vic tnh cc o hiu qu.
Trong cc ngnh hot ng dch v phc tp nh ngnh ngn hng c
rt nhiu mi quan h gia cc u vo- u ra l khng xc nh, c bit khi
chng ta xem xt mi quan h ng thi ca nhiu u vo, nhiu u ra.
Trong khi phng php tip cn tham s i hi phi ch nh c th mi
quan h hay dng hm gia u vo-u ra, v iu ny c th cho nhng kt
lun sai nu vic ch nh dng hm l khng ng.
DEA cho php xc nh hiu qu tng i ca cc n v hot ng
trong mt h thng phc tp. Theo DEA th mt n v hot ng tt nht s
c ch s hiu qu l 1, trong khi ch s ca cc n v phi hiu qu c
tnh bng vic chiu cc n v phi hiu qu ln trn bin hiu qu. i vi
mi n v phi hiu qu, DEA u a ra mt tp cc im chun ca cc n
v khc gi tr ca n v c nh gi c th so snh c, bi vy
nhng thng tin thu c qua phn tch DEA rt c ch cho cc nh qun l
trong vic nhn din c thc t hot ng ca n v mnh nh th no so
vi cc n v khc, t tp trung vo ci thin hot ng ca cc n v phi
hiu qu, v xc lp cc mc tiu cn phi ci thin.
a) Cc o hiu qu k thut (TE), hiu qu phn b (AE) v hiu
qu chi ph (CE)hay hiu qu kinh t
o hiu qu u tin c Farell gii thiu vo nm 1957, ng
da trn nghin cu ca Debreu (1951) v Kopmans (1951) nh ngha

mt o n gin hiu qu ca ngn hng c th tnh n nhiu u vo.
ng cho rng hiu qu ca mt ngn hng gm hai thnh phn: hiu qu k
thut (TE) v hiu qu phn b [(AE), phn nh kh nng ca ngn hng s
dng cc u vo theo cc t l ti u, khi gi c tng ng ca chng
bit]. Khi kt hp hai o ny cho ta o hiu qu kinh t (CE).
43
Farell minh ha nhng tng ca mnh bng vic s dng mt v d

n gin bao gm cc ngn hng s dng hai u vo (x1 v x2) sn xut
mt u ra (y), vi gi thit hiu qu khng i theo quy m. ng ng

lng n v ca ngn hng hiu qu ton b, c biu din bng ng SS
trong th 1.2, cho php o hiu qu k thut.
x2/y
S
P
A
Q
R
S
A
x1/y
th 1.2. Hiu qu k thut v Hiu qu phn phi
Nu mt ngn hng cho s dng cc lng u vo, xc nh ti

im P, sn xut mt n v u ra, th phi hiu qu k thut ca ngn
hng c xc nh bi khong cch QP, l lng m tt c cc u vo c

th gim i mt cch t l m khng lm gim u ra. Mc khng hiu qu
ny thng c biu din theo phn trm v bng t s QP/0P, biu th t l
phn trm m tt c cc u vo c th gim. Hiu qu k thut (TE) ca ngn
hng thng c o bng t s:
TEi = 0Q/0P,
(24)
N bng 1 tr i QP/0P. N s nhn mt gi tr gia 0 v 1, v v vy

cho ta mt o v mc khng hiu qu k thut ca ngn hng. Khi TE
c gi tr bng 1 ch rng ngn hng hiu qu k thut ton b. Th d, im Q
l hiu qu k thut v n nm trn ng ng lng hiu qu.
44
T s gi u vo c biu th bng ng ng ph AA, cho php

chng ta tnh c hiu qu phn b. Hiu qu phn b (AE) ca ngn hng
hot ng ti P c nh ngha bi t s: AEi = 0R/0Q
(25)
Khong cch RQ biu th lng gim trong chi ph sn xut, nu sn

xut din ra ti im hiu qu phn b (v hiu qu k thut) Q, thay v ti
im hiu qu k thut, nhng khng hiu qu phn b Q.
Hiu qu kinh t ton phn (CE) c nh ngha l t s: CEi = 0R/0P

y khong cch RP cng c th c din gii v mt gim chi ph. Lu
rng tch ca hiu qu k thut v hiu qu phn b cho hiu qu kinh t

chung: TEiAEi = (0Q/0P)(0R/0Q) = (0R/0P) = CEi
(26)
Ch rng tt c ba o b chn gia 0 v 1. Tuy nhin trn thc t,

chng ta khng th c ng ng lng hiu qu nh th 1.2. Bi v,
c c ng ng lng hiu qu chng ta phi c lng t s liu mu,
do Farell gi s dng mt ng ng lng li tuyn tnh tng khc
phi tham s nh th 1.3 c xy dng sao cho khng c im quan st
no nm bn tri hoc pha di n
x2/y
S
0
x1/y
th 1.3. ng ng lng li tuyn tnh tng khc
45
b) Hiu qu quy m
Vic p dng k thut quy hoch tuyn tnh xc nh hiu qu k

thut c bt ngun t Charnes, Cooper v Rhodes (1978) [34]. Fare,
Grosskopf v Lowell (1985) [43] phn r hiu qu k thut thnh hiu qu
theo quy m v cc thnh phn khc. c c nhng kt qu c tnh
ring bit v hiu qu quy m, cc thc o hiu qu k thut nh hng u
vo tho mn ba loi hnh vi quy m khc nhau c xc nh r l: hiu
qu khng i theo quy m (CRS), hiu qu khng tng theo quy m (NRS),
v hiu qu bin i theo quy m (VRS). Ba loi bi ton quy hoch tuyn
tnh ny c ch nh di y. Mi bi ton quy hoch tuyn tnh phi
c gii mt cch ring r vi mi ngn hng sn xut trong c s d liu.
Vi gi thit l c N ngn hng trong h thng ngn hng, m u ra, n

u vo th ch s hiu qu ca mi ngn hng c tnh nh sau:
m
i =1
j =1
es = ui yis / v j x js ,
i = 1,...m; j = 1,..., n.
(27)
Trong yis l lng u ra th i ca ngn hng th s, xjs l lng u

vo th j c ngn hng th s s dng, ui l trng s ca u ra v vj l trng
s ca u vo. T l (es) sau c cc i ha la chn cc trng s ti
u, vi rng buc:
m
i =1
j =1
ui yir / v j x jr 1,
r = 1,..., N .
ui 0; vi 0
(28)
Rng buc th nht bo m o hiu qu ln nht bng 1 v rng

buc th hai m bo cc trng ca u vo, u ra khng m. Tuy nhin
vn gp phi ca bi ton trn l n tn ti v s nghim.
46
khc phc vn ny Charnes, Cooper v Rhodes (1978) [34]

a thm rng buc:
n
v x
j
j =1
js
=1
(29)
Nh vy bi ton trn c th bin i thnh bi ton quy hoch tuyn

tnh nh sau:
m
Max es = ui yis
u,v
(30)
i =1
Vi rng buc:
n
v x
j =1
=1
js
u y v x
i =1
is
j =1
jr
0,
r = 1,..., N
(31)
ui 0; vi 0; i, j
Tng t, bi ton trn cng th bin i thnh
Min s
(32)
Vi rng buc:
N
y
r =1
ir
yis ,
i = 1,..., m
s x js r xir 0, j = 1,..., n
r =1
(33)
r 0; r
Trong s l o hiu qu k thut ton b ca ngn hng th s, vi
gi tr bng 1 khi n nm trn ng bin. Bi ton (30) v (32) gi nh c
hiu qu khng i theo quy m (CRS), m li gii chnh l bin OC c
47
minh ha trong th 1.4 v v vy, theo nh ngha ca Farrell v mt l

thuyt cc ngn hng nm trn ng bin l hiu qu ngha l vi tp hp
quan st hin ti cho trc, khng th ci thin i vi kt qu hot ng ny
ca cc ngn hng . Gi s ngn hng th s nm bn phi ng bin ti
im S th ngn hng ny hot ng l khng hiu qu iu ny ng rng
mt ngn hng ang hot ng khng hiu qu v vi tp hp quan st c

hin ti cho trc, cc ngn hng ny c th ci thin nng sut cc yu t u
vo so vi ngn hng hot ng hiu qu nht (nm trn ng bin). Hiu
qu k thut ton b (s) c xc nh bng t l AQ/AS v v vy ngn
hng th s c th gim (1-s) u ra c th t c im hiu qu Q.
C
V
S'
B
Q
A
0
th 1.4. ng bin CRS (OC), VRS (VBV') v NIRS (OBV')
Do gi nh CRS ch ph hp vi iu kin khi tt c cc ngn hng

trong mu ang hot ng mt quy m ti u. Tuy nhin trn thc t cho
thy, i khi s cnh tranh l khng hon ho, cc ngn hng b rng buc v
mt ti chnh...c th lm cho cc ngn hng hot ng khng mc quy m
ti u. Do khi bi ton (30) v (32) c gii vi rng buc:
N
r =1
=1
(34)
48
Th ta c thm ch tiu o hiu qu na l hiu qu bin i theo quy

m VRS [10] (ng VV) v hiu qu k thut thun, vi ngn hng th s
v ti im S th hiu qu thun c tnh bng AR/AS= s v hiu qu quy
m c tnh bng s=s/s. Nu gi tr ny bng 1, th ngn hng c hiu qu
v quy m. iu ny c ngha l ngn hng hot ng vi quy m ti u ca
n v do nng sut ca cc u vo khng th c ci thin bng cch
tng hoc gim quy m sn xut. Nu gi tr ca t s ny nh hn 1, th kt
qu ch ra rng ngn hng ang hot ng vi quy m khng ti u. Nh vy,
t l u ra mt i do phi hiu qu quy m c th xc nh bng: (1-s).
Hiu qu quy m bng 1 khi v ch khi cng ngh biu th l CRS hoc
t im B trong th 1.4 Tuy nhin, phi hiu qu v mt quy m c th tn
ti trong iu kin hiu sut tng (IRS) hoc gim (DRS) theo quy m. c
c 2 kt qu ny, i hi phi gii bi ton (30) v (32) vi rng buc:
N
r =1
(35)
Lc ny li gii ca bi ton chnh l ng OBV c biu din

trong th 1.4 cn c gi l hiu qu khng tng theo quy m (NIRS).
Nh vy, hiu qu NIRS TE ca ngn hng th s ti im S l s =AQ/AS =
s. Do DRS tn ti khi s = s (nh trng hp S') iu ny ng rng quy
m ca ngn hng qu ln v ngn hng c th ci thin nng sut cc yu t
u vo v theo gim cc chi ph n v bng cch gim quy m. IRS xut
hin khi s s (nh trng hp im S), iu ny c ngha l bng cch tng

quy m hot ng, ngn hng c th ci thin nng sut cc yu t u vo v
do gim cc chi ph n v. Hiu qu ton b t c khi s = s = s = 1.
Nh vy, qua m hnh DEA cho thy c hai ngun gy ra tnh khng
hiu qu v mt k thut. Th nht l tnh khng hiu qu v quy m. Th hai
49
l tnh khng hiu qu v k thut thun. Nu khng c nhng khc bit v

mi trng v cc sai s trong vic xc nh cc yu t u vo v cc sn
phm u ra, tnh khng hiu qu v k thut thun s phn nh s chch
hng khi vic qun l so vi ngn hng hiu qu tt nht. Do kt qu
ca DEA bao gm cc thc o hiu qu quy m ca mi ngn hng, hiu
qu k thut thun, hiu qu k thut ton b v xc nh mc chun thc t
hot ng tt nht trong nh gi hiu qu ngn hng.
c) Ch s Malmquist v o lng thay i nng sut nhn t tng hp
K thut quy hoch trong phng php tip cn phi tham s l mt

trong nhng cng c kh mnh c s dng o lng cc ch s
Malmquist l cc ch s phn nh s thay i ca cc o hiu qu k
thut, tin b cng ngh, hiu qu thun, hiu qu quy m v nng sut nhn
t tng hp.
xc nh ch s Malmquist v thay i nng sut theo u ra, chng
ta gi thit rng tng ng vi mi thi k t = 1,, T c cng ngh sn xut

Ht biu th cch kt hp tt c u ra yt c th c sn xut bng cch s
dng u vo xt, tc l:
Ht = [(xt, yt):xt c th sn xut yt]
(36)
Gi nh rng Ht tho mn mt s tiu chun nht nh xc nh hm

khong cch u ra. Hm khong cch u ra c xc nh theo Ht trong
thi k t nh sau:
D0t ( x t , y t ) = inf { :(x , y /) H }
t
(37)
Hm khong cch D0t ( x t , y t ) 1 khi v ch khi (x,y) H. Hn na

D0t ( x t , y t ) = 1 khi v ch khi (x, y) nm trong bin ca cng ngh. xc nh
ch s Malmquist, chng ta cn m t bn hm khong cch nh sau:
50
D0t ( x t , y t ) v D0t +1 ( x t +1 , y t +1 ) tng ng l hm khong cch theo cc
im sn xut c so snh vi cng ngh bin ti thi im t v t+1.

D0t ( x t +1 , y t +1 ) v D0t +1 ( xt , y t ) l hm khong cch u ra theo im sn
xut c so snh vi cng ngh bin ti cc thi im khc nhau.

Theo Caves, Christensen v Diewert (1982) [29], ch s nng sut
Malmquist theo u ra c xc nh nh sau:
M 0t =
D0t ( x t +1 , y t +1 )
D0t ( xt , y t )
(38)
Trong M0t o s thay i nng sut bt ngun t s thay i trong

hiu qu k thut trong thi k t ti t+1 vi cng ngh thi k t+1 c cho
nh sau:
M
t +1
0
D0t +1 ( xt +1 , y t +1 )
=
D0t +1 ( x t , y t )
(39)
trnh chn ngng chun mt cch tu tin, chng ta s ch nh ch
s thay i nng sut Malmquist theo u ra l gi tr trung bnh nhn ca hai

loi ch s nng sut Malmquist ni trn:
D t ( x t +1 , y t +1 ) D t +1 ( xt +1 , y t +1 )
M 0 ( x t +1 , y t +1 , x t , y t ) = 0 t t t 0 t +1 t t
D0 ( x , y ) D0 ( x , y )
(40)
Ch s thay i nng sut Malmquist theo u ra c th c phn r

thnh:
D t +1 ( xt +1 , y t +1 ) D0t ( x t +1 , y t +1 ) D0t ( xt , y t )
M 0 ( x t +1 , y t +1 , x t , y t ) = 0 t t t
t +1 t +1 t +1 t +1 t t
D0 ( x , y ) D0 ( x , y ) D0 ( x , y )
(41)
D t +1 ( x t +1 , y t +1 )
Trong , s hng th nht v phi 0 t t t o s thay i

D0 ( x , y )
hiu qu tng i gia nm t v t+1 trong iu kin hiu qu khng i theo
51
quy m. S hng th hai v phi l
D0t ( x t +1 , y t +1 ) D0t ( x t , y t )
t +1 t +1 t +1 t +1 t t th hin
D0 ( x , y ) D0 ( x , y )
ch s thay i k thut, tc l s thay i cng ngh bin gia hai thi k t

v t+1, c nh gi ti xt v xt+1, nh vy ta c:
D0t +1 ( xt +1 , y t +1 )
TE =
D0t ( x t , y t )
D0t ( xt +1 , y t +1 ) D0t ( x t , y t )
t +1
t +1
t +1
t +1
t
t
D0 ( x , y ) D0 ( x , y )
TC =
(42)
(43)
Tng nng sut s biu th bng ch s Malmquist ln hn 1. Nng sut

gim s gn vi vic ch s Malmquist nh hn 1. Ngoi ra, vic tng ln
trong mi b phn ca ch s Malmquist s dn ti vic gi tr ca b phn
ln hn 1. Theo nh ngha, tch s ca thay i hiu qu v thay i k thut
s bng ch s Malmquist, nhng thnh phn ny c th thay i ngc chiu
nhau.
d) La chn cc bin u vo, u vo c lng cc o hiu
qu cho cc Ngn hng thng mi trong m hnh DEA
c im ni bt trong hot ng ca ngnh ngn hng l ngnh
dch v c nhiu u vo v nhiu u ra, bi vy iu quan tm l lm th

no ch nh c cc u ra v cc u vo ca cc ngn hng mt cch hp
l. Trn thc t hin nay cho thy cng cha c mt l thuyt hoc mt nh
ngha no hon chnh, r rng v vic xc nh cc u vo v u ra ca
ngn hng. Chnh iu ny lm ny sinh hai vn ln trong nhiu nghin
cu l lin quan n vai tr ca tin gi khi no n l u vo khi no n
l u ra v cc u vo, u ra nn c o bng lng hay n v tin t.
Kt qu l trong cc nghin cu v hiu qu hot ng ca cc ngn hng
hin nay trn th gii ngi ta a ra nm cch tip cn trong vic xc
nh cc bin u vo v u ra ca mt ngn hng, c th l:
52
Cch tip cn sn xut: ch nhiu n hiu qu k thut ca cc t

chc ti chnh, coi hot ng ca ngn hng vi t cch l nh cung cp cc
dch v. Bi vy, tin gi c coi nh l u ra v chi tr li tin gi khng
nm trong tng chi ph ca ngn hng (Ferrier v Lovell, 1990 [46]). Theo
cch tip cn ny u vo v u ra c ly l n v lng (s lng ti
khon, quy trnh giao dch...).
Cch tip cn trung gian: da trn quan im cho rng cc ngn hng
l cc t chc ti chnh huy ng v phn b cc ngun vn cho vay v cc ti
sn khc; bi vy cc khon tin gi c coi nh l u vo v chi tr li l
mt b phn ca tng chi ph hot ng ca ngn hng.
Cch tip cn ti sn: khc bit vi cch tip cn trung gian l ch n
coi cc ti sn n l u vo v cc ti sn c l u ra.
Cch tip cn gi tr gia tng: coi bt k khon mc no trong bng
cn i k ton l u ra nu n thu ht tng ng phn ng gp ca lao
ng v t bn, ngc li th n c coi l u vo. Theo cch tip cn ny
tin gi c coi l u ra bi v hm rng n to ra gi tr gia tng

Cch tip cn chi ph s dng coi s ng gp rng vo doanh thu ca
ngn hng c nh ngha l cc u ra v u vo; do trong trng hp
ny tin gi li c coi l u ra.
Tm li, cn c theo s liu thu thp c v thc t hot ng ca
ngn hng m la chn cch tip cn ph hp chn c cc bin u vo
v cc bin u ra tt nht, ph hp nht cho vic o lng cc o hiu
qu hot ng ca NHTM,
53
1.1.3.3. M hnh phn tch cc nhn t nh hng n hiu qu hot ng

ca ngn hng thng mi
Sau khi c lng c cc do hiu qu, m hnh hi quy Tobit

c s dng phn tch cc nhn t tc ng n cc o hiu qu ny
(v nu s dng hi quy OLS - c lng bnh phng b nht - c th lm

cho cc c lng ca cc tham s b chch).
M hnh hi quy Tobit c Tobin gii thiu ln u tin vo nm
1958, v m hnh ny cn c gi l m hnh Tobin probit hoc m hnh hi
quy chun b ct ct. y l mt m hnh hi quy tuyn tnh vi bin ph
thuc l mt bin ngm lng phn m trong mt s quan st ca bin
ngm b mt khi bin ngm trn hoc di mt ngng nht nh, bin nh
vy gi l bin ct ct v hi quy vi nhng bin nh vy gi l hi quy ct
ct. V mt l thuyt, m hnh Tobin chun c th c nh ngha vi mt
mu gm i ngn hng nh sau:
yi* = ' xi + i
(44)
yi = yi* nu yi* = ' xi + i > 0 , v
(45)
yi = 0 nu yi* = ' xi + i 0
(46)
Trong xi v l vct cc bin gii thch v cc tham s cha bit

*
cn tm, yi l bin ngm hay bin ct ct, yi l o hiu qu ca ngn hng
th i (b gii hn trong on ln hn 0 v nh hn v bng 1).

Da trn gi tr yi v xi ca cc quan st gm i ngn hng, hm hp l
(L) c cc i ha tm gi tr ca v nh sau:
L = (1 Fi )
yi = 0
yi > 0
1
(2 2 )1/ 2
e [1/(2
)](y i xi )2
(47)
54
xi /
Trong Fi =
1
t2 / 2
e
dt
(2 )1/ 2
(48)
S hng th nht ca hm L l s cc quan st phn nh cc ngn hng

l t hiu qu ton b v s hng th hai l s cc quan st phn nh cc
ngn hng c phi hiu qu v Fi l hm phn phi ca gi tr c chun
'
chun ha ti xi / .
Tuy nhin, v mt thc nghim m hnh Tobit c th c vit li n

gin nh phng trnh di y:
n
j =1
j =1
it = 0 + j D jit + j Z jit
(49)
Trong , it l hiu qu k thut ca ngn hng i ti nm t c c

lng c bng phng php DEA hoc SFA; Djit l bin gi (nh loi hnh
ngn hng...) v Zjit l cc bin phn nh: quy m, loi hnh s hu, s nm
quan st, sc mnh th trng, phn chia th trng, tnh n nh ca cc mn
tin gi... Vic la chn cc bin ny thng c a trn cc ch s nh
gi theo tiu chun CAMEL gm mc an ton vn (C), cht lng ti sn (A),
kh nng qun l (M), thu nhp (E) v tnh thanh khon (L). Ngoi ra s la
chn cc bin ny cn a da trn cc kho st thc t cng nh yu cu
xem xt v i hi ca c quan qun l cng nh cc nh qun tr ngn hng
trong phn tch ti chnh ni chung v phn tch tnh hnh hot ng ca ngn
hng ni ring. Hn na, sau khi tng kt cc nghin cu nh ca Xiaoqing
Fu v Shelagh Hefferman (2005) [90], Ji-Li Hu, Chiang-Ping Chen v YiYuan Su (2006) [65], Donsyah Yudistira (2003) [40], Tser-yieth Chen (2005)
[89], Berger v Master (1997) [17], Berger v ng nghip (1993) [21],
Master (1993) [83] ...v yu cu ca qu trnh qun l, gim st v qun tr
ngn hng thng mi, cc bin c th c la chn trong m hnh hi quy
Tobit nh gi mc tc ng ca n n cc o hiu qu l:
55
Hin nay, cc ngn hng Vit Nam so vi cc ngn hng cc nc

trong khu vc v trn th gii th c xp vo loi va v nh. Nh vy,
chng ta k vng rng hot qu hot ng ca ngn hng s c ci thin
nu quy m ca ngn hng tng. Do bin BANKSIZE bng logarit c s t
nhin ca tng ti sn c ly lm bin i din cho quy m ca mt ngn
hng thng mi.
OWNERNN v OWNERCP l hai bin gi c a vo nhm kim
nh s khc bit v hiu qu c th c gia cc loi hnh ngn hng. V vy,
OWNERNN nhn gi tr bng 1 nu ngn hng l NHTMNN v nhn gi tr

bng 0 nu l loi hnh NHTM khc v OWNERCP nhn gi tr bng 1 nu
ngn hng l NHTMCP v nhn gi tr bng 0 nu l loi hnh NHTM khc.
TCTR: tng chi ph/tng doanh thu phn nh kh nng iu chnh
mi quan h gia t l u ra u vo t c mc hiu qu. Bi vy, t
l ny cng nh s cho ch s hiu qu cao hn.
DLR l t l tin gi - cho vay - nhm xem xt nh hng ca t l
ny n phi hiu qu ca t l u vo so vi u ra. Mt khc, chng ta cng
bit rng li nhun ch yu ca cc ngn hng thng mi chnh l chnh
lch gia thu v li v chi v li. V vy, mt trong nhng cch thc lm tng
hiu qu hot ng ca ngn hng l phi s dng tt ngun vn huy ng,
bng vic cho vay ra to ra thu nhp t li. Nh vy, nu t l DLR cao
iu ny c ngha l ngn hng khng s dng tt ngun vn huy ng ca
n v ngc li th ngn hng s dng tt vn huy ng ca n. Mt ngn

s dng tt vn ca n tt s c s thu v li ln hn v hiu qu hot ng
tt hn, v vy mi quan h gia bin s ny vi o hiu qu c du k
vng l m. Bin ny gn c Chin S.Ou, Chia Ling Lee v Chaur-Shiuh
Young a vo nh gi nh hng ca n ti hiu qu hot ng ca ngn
hng i Loan [35].
56
ETA: vn ch s hu/ tng ti sn c nu h s ny ln th s lm li

nhun trn vn t c tng ng thi n cho bit vic ti tr cho ti sn bng
vn ch s hu tng lm gim ri ro cho cc c ng v cc tri ch ca ngn
hng. V mt l thuyt t l ny c th nh hng tch cc cng nh tiu cc
n mc hiu qu ng thi n c s dng phn nh nhng iu kin
quy nh qun l i vi ngn hng. Theo Berger v DeYoung (1997) kh

nng thanh khon v t l an ton vn ca ngn hng cng cao th cc khon
n xu cng thp v bi vy khng cn thit phi tng chi ph b p cho
cc khon cho vay ny. Ngc li, nu t l an ton vn thp c th to ra cc
hnh vi ri ro v o c, bi v, khi bit ngn hng mnh c vn trong kh
nng thanh khon nhng v li nhun h vn c th thc hin cc hot ng
kinh doanh v thc hin cc khon u t c ri ro v d nhin trong ngn hn
c th cc hot ng ny em li hiu qu cho ngn hng mc d c th trong
di hn h phi tr gi cho nhng hu qu v cc hnh vi mo hin ca mnh.
MARKSHARE c a vo m hnh hi quy Tobit kim nh
phn chia th trng v c tnh bng tng ti sn ca tng ngn hng/ tng
ti sn ca tt c cc ngn hng. Bin ny c Isik v Hassan 2003a [63]
xem xt trong nghin cu cc nhn t nh hng n hiu qu hot ng ca
cc ngn hng Th Nh K.
LOANTA l t l vn cho vay so vi tng ti sn c l ch tiu phn
nh ri ro thanh khon trong hot ng ca ngn hng, n cho bit phn ti
sn c c phn b vo nhng loi ti sn c tnh thanh khon km nht. Bi
vy, bin ny phn no cho bit nng lc qun tr ngn hng ca cc nh
qun l, theo theo Isik v Hassan 2003a [63] l gii th nu mt ngn hng
thc hin c nhiu khon cho vay hp l s lm cho chi ph hot ng thp
hn v cho php ngn hng ny c th dn dn tng phn chia th trng cho
vay ln hn.
57
NPL = n qu hn/tng d n cho vay, l ch tiu phn nh ri ro tn

dng trong hot ng ca ngn hng, nu t l ny cao c th y ngn hng
n tnh trng ph sn. Nh vy, du tc ng ca NPL n hiu qu hot
ng ca ngn hng c k vng l m.
FATA l t l t bn hin vt trn tng ti sn c s dng phn

tch mi quan h gia hiu qu v nguy c ri ro nu t l ny cng cao th
nguy c ri ro cng ln.
KL t l ca gia K v L, bin ny c a vo m hnh nhm xem
xt mi nh hng ca mc trang b vn trn lao ng n hiu qu hot ng
ton b ca ngn hng.
Ngy nay, do sc p ca qu trnh hi nhp, cc ngn hng thng mi
khng nhng b cnh tranh bi cc ngn hng trong v ngoi nc m cn b
cnh tranh bi cc t chc ti chnh khc, chnh v vy bin li sut c xu
hng gim v lm cho thu nhp t cc hot ng dch v ngn hng truyn
thng s gim xung. Khi r rng c th d bo c rng ch c cc ngn
hng pht trin cc hot ng ngn hng hin i da trn nn tng ca tin
b cng ngh, mi c th lm tng hiu qu ton b ca ngn hng. o
bin TRAD = t l gia thu v li/thu v hot ng c a vo m hnh
nhm nm bt cc xu hng thay i ny trong chin lc pht trin ca cc
ngn hng.
Ngoi ra, nm bt c nhng thay i ca m trng v m, cng
nh nhng thay i cng ngh sn xut ca ngn hng trong thi k nghin
cu cc bin thi gian c a vo m hnh, cc bin ny c nh
ngha nh sau: Y02 =1 nu nm xem xt l nm 2002 v cc nm khc bng
0, Y03 =1 nu nm xem xt l nm 2003 v cc nm khc bng 0, Y04 =1
nu nm xem xt l nm 2004 v cc nm khc bng 0, v Y05 =1 nu nm
xem xt l nm 2005 v cc nm khc bng 0.
58
1.2. Tnh hnh nghin cu trong nc v kinh nghim v nh gi hiu

qu hot ng ca ngn hng thng mi cc nc: tip cn phn tch
nh lng
Cc nghin cu v hiu qu hot ng ca cc ngn hng s dng

nhiu phng php khc nhau v k thut nh gi v tp s liu. Nhng
phn ln cc nghin cu ny tp trung cc nc pht trin. Phn ny s
tng quan cc kt qu nghin cu Vit Nam v cc kt qu nghin cu
mt s nc theo cch tip cn phn tch hiu qu bin.
1.2.1. Tnh hnh nghin cu Vit Nam
Cc nghin cu trong nc v hiu qu hot ng ca h thng ngn

hng thng mi gn y c mt s tc gi quan tm, tuy nhin a phn
nhng nghin cu ny ch dng li cc nghin cu nh tnh nh: nghin
cu ca nghin cu sinh L Th Hng nm 2002 v "nng cao hiu qu hot
ng u t ca ngn hng thng mi Vit Nam", hay nghin cu ca
nghin cu sinh L Dn (2004) "vn dng phng php thng k phn tch
hiu qu hot ng ca ngn hng thng mi Vit Nam" tuy c phn no
tip cn theo cch thc phn tch nh lng nhng vn ch dng li ch yu
cc ch tiu mang tnh cht thng k, hoc nghin cu ca TS Phm Thanh
Bnh (2005) vi ti "nng cao nng lc cnh tranh ca h thng ngn

hng thng mi Vit Nam trong iu kin hi nhp kinh t khu vc v quc
t" cng ch ch yu dng li phn tch nh tnh.
Cn cc nghin cu nh lng v o lng hiu qu hot ng ca cc
ngn hng thng mi nhn chung l cn t, gn y c nghin cu ca Bi
Duy Ph (2002) l nh gi hiu qu ca ngn hng thng mi qua hm
sn xut v hm chi ph, tuy nhin hn ch ca nghin cu l ch n thun
dng li vic xc nh hm chi ph v c lng trc tip hm chi ph ny
tm cc tham s ca m hnh, do vy m khng th tch c phn phi
59
hiu qu trong hot ng ca ngn hng. Nguyn Th Vit Anh (2004) c

lng cc nhn t phi hiu qu cho ngn hng Nng nghip & Pht trin
Nng thn Vit Nam c p dng phng php hm bin ngu nhin v c
lng di dng hm chi ph Cobb-Douglas, tuy nhin hn ch c bn ca
nghin cu l vic ch nh dng hm.
Nh vy, c th ni vic vn dng nhng phng php phn tch nh
lng trong nghin cu hiu qu hot ng ca ngnh ngn hng Vit Nam
cn rt hn ch, thc t cng cho thy hin nay trong phn tch hot ng ca
ngnh ngn hng t cp ngn hng n cp ngnh cc nh phn tch vn quen
s dng cc cch tip cn truyn thng, bi v, hin nay y vn l mt cch
tip cn d hiu v d tnh.
1.2.2. Tnh hnh nghin cu cc nc
Cc nghin cu v nh gi hiu qu hot ng ca cc ngn hng,

tip cn theo phng php phn tch nh lng, c s dng trong cc
nghin cu nh ca Nathan v Neave (1992) [85] p dng phng php bin
ngu nhin phn tch hiu qu hot ng cc ngn hng Canada trong thi
k 1983-1987. Cc tc gi s dng cch tip cn gi tr gia tng v cch
tip cn trung gian c tnh hm chi ph. Trong , c lng hm chi
ph tc gi s dng 3 u vo (lao ng, vn v cc qu) v c 4 u ra
(cho vay thng mi v cng nghip, cc loi cho vay khc, tin gi c k
hn v tin gi khng k hn) theo cch tip cn gi tr gia tng, cn i vi
cch tip cn trung gian cc tc gi s dng 3 u vo tng t nh cch tip
trn v 3 u ra (cho vay thng mi v cng nghip, cc loi cho vay khc,
chng khon v u t). Cc kt qu nghin cu cho thy cc ngn hng ln
khng c li th v chi ph hn hn cc ngn hng nh iu ny cng tng
ng i vi nghin cu M l tnh kinh t nh quy m u quan st
thy c cc ngn hng nh v ln.
60
Berger, Hanweck v Humphrey (1987) [18] cng p dng phng php

tham s xem xt tnh kinh t nh quy m ca 413 chi nhnh Ngn hng
Nh nc v 241 ngn hng thng mi nh nc c tng ti sn c di 1 t
La vo nm 1983. Bng vic s dng 2 u vo: vn v lao ng v 5 u
ra: tin gi khng k hn, tin gi tit kim v tin gi c k hn, cho vay bt
ng sn, cho vay thng mi, cho vay tr gp, cc tc gi tnh c hiu
qu kinh t bnh qun l 0,96 i vi cc ngn hng thng mi nh nc v

0,98 i vi chi nhnh ca Ngn hng Nh nc. Tnh phi kinh t theo quy
m xut hin cc ngn hng thng mi nh nc c ti sn c trn 100
triu la, nhng iu ny li khng quan st thy cc chi nhnh ca Ngn
hng Nh nc.
Miller v Noulas (1996) [84] ng dng phng php phn tch bao s
liu (DEA) c tnh hiu qu ca 201 ngn hng ln ca M (cc ngn
hng c ti sn c trn 1 t la M thi k 1984-90. Bng vic s dng 4
u vo: Tng tin gi thanh ton, tng tin gi c k hn, tng chi li v
tng chi phi li v 6 u ra: cho vay cng nghip v cho vay thng mi, cho
vay tiu dng, cho vay bt ng sn, u t chng khon, thu li, thu phi li.
Theo hai tc gi th phi hiu qu trung bnh (bao gm phi hiu qu thun v
phi hiu qu quy m) ca 201 ngn hng khong trn 5%. ng thi kt qu
nghin cu ch ra rng a s cc ngn hng c quy m qu ln v ang ri
vo vng hiu qu gim dn theo quy m.
Fukuyama (1993) [50] cng p dng phng php phn tch bao s
liu (DEA) c tnh hiu qu 143 ngn hng thng mi Nht bn vo
nm 1991. Fukuyama s dng 3 u vo: Lao ng, t bn (bao gm tr s
v bt ng sn ngn hng, ti sn v hnh...), vn huy ng t khch hng
(gm tin gi, chng ch tin gi, chng t chit khu, tin vay, ngoi t v
cc khon khc) v hai u ra: thu li t vn cho vay, v cc khon thu t cc
61
hot ng ngn hng khc. Fukuyama kt lun rng nguyn nhn chnh ca
phi hiu qu k thut ton b chnh l do phi hiu qu thun ch khng phi
phi hiu qu quy m gy ra. Kt qu ca nghin cu cng cho thy phn ln
cc ngn hng ang hot ng trong iu kin hiu qu tng theo quy m.
Cui cng, nhm cc ngn hng ln c ti sn c trn 8 t yn hot ng hiu
qu nht.
Zaim (1995) [91] p dng phng php phn tch bao s liu (DEA)
c tnh hiu qu hot ng ca 42 Ngn hng thng mi Th Nh K trc
thi k t do ha v 56 Ngn hng sau thi k t do ha da trn s liu ca

nm 1981 v 1990. Bn u vo (Lao ng, tr li vay, chi khu hao v chi
ph nguyn vt liu) v 4 u ra (tin gi khng k hn, tin gi c k hn,
cho vay ngn hn v cho vay di hn) c s dng c lng hiu qu
hot ng ca cc ngn hng ny. Kt qu cho thy, trung bnh cc ngun lc
s dng lng ph khong 75% trn mc chi ph ti thiu vo thi k trc t
do ha v 38% trn mc ti thiu vo thi k sau t do ha. Trong khi phn
ln ph hiu qu kinh t trong cc ngn hng Nh nc l do phi hiu qu
phn b gy ra, th yu t chnh gy ra phi hiu qu kinh t trong cc ngn
hng t nhn li l phi hiu qu k thut. Cui cng, khi so snh cc ch s
hiu qu, tc gi thy rng cc ngn hng nh nc c hiu qu ln hn cc
ngn hng t nhn.
Ferrier & Lovel (1990) [46] s dng c phng php phn tch bin
ngu nhin (SFA) v phng php phn tch bao s liu (DEA) nh gi
hiu qu ca 575 ngn hng hot ng trong nm 1984, tc gi s dng 3
u vo (tng s nhn vin; chi cho nhn vin, chi v trang thit b my mc,
v chi mua nguyn, vt liu) v 5 u ra (s lng ti khon tin gi khng k

hn, s lng cc mn cho vay bt ng sn, s lng cc mn cho vay tr
gp v s lng cc cc mn cho vay cng nghip). Theo phng php DEA
62
th phi hiu qu k thut ca cc ngn hng khong 21,6%, cn theo phng

php tip cn hm chi ph bin ngu nhin th phi hiu qu k thut l 26.4%.
Tuy nhin khc vi cc nghin cu trn, cc tc gi trong nghin cu ny li
cho thy cc ngn hng nh vi tng ti sn c di 25 triu la l nhng
ngn hng hot ng hiu qu nht.
Kaparakis, Miller v Noulas (1994) [67] s dng hm bin ngu nhin
nh gi hiu qu ca 5548 ngn hng c tng ti sn c trn 50 triu la
hot ng trong nm 1986. Cc khon tin gi; cc qu (bao gm cc chng

ch tin gi trn 100.000$ ; hi phiu khng k hn v cc khon tin vay
khc...), lao ng v t bn (gm ti sn c nh v tr s ca ngn hng)
c s dng l cc u trong m hnh v 4 u ra bao gm cc khon cho
vay tiu dng, cho vay bt ng sn, cho vay cng nghip v thng mi, cc
khon tri phiu lin bang c bn, tng chng khon v ti sn c cn nm
ti khon giao dch. Qua nghin cu cc tc gi kt lun rng phi hiu qu
k thut l 9,8%. Cc kt qu ny phn no ph hp vi cc kt qu ca

Ferrier & Lovel nghin cu vo 1990 l phi hiu qu k thut tng theo
quy m ca ngn hng. V d, i vi cc ngn hng c ti sn c trn 10 t
la, th phi hiu qu k thut trung bnh l 17%.
Kwan & Eisenbeis (1996) [74] cng s dng hm bin ngu nhin
nghin cu hiu qu ngn hng cho mt mu gm 254 ngn hng thi k
1986 n 1991. Ba u vo c s dng trong m hnh gm: lao ng, cc
qu v t bn v 5 u ra gm u t chng khon, cho vay bt ng sn, cho
vay cng nghip v thng mi, cho vay tiu dng, cc khon mc ngoi
bng v pht sinh. Cc tc gi ch ra rng phi hiu qu tn ti cc ngn hng
vo khong 10-20% tng chi ph. Xt v mt quy m th cc ngn hng nh
km hiu qu hn cc ngn hng ln.
63
Xiaoqing Fu v Shelagh Hefferman (2005) [90] s dng tip cn tham

s vi m hnh hi quy 2 bc xem xt nh hng ca loi hnh s hu v
hot ng ci cch h thng ngn hng n hiu qu hot ng ca khu vc
ngn hng ca Trung Quc thi k 1985-2002. Kt qu ca nghin cu cho
thy cc ngn hng ca Trung Quc ang hot ng di ng bin vi
hiu qu t c khong 50-60%. ng thi kt qu nghin cu cng cho
thy cc ngn hng thng mi c phn c hiu qu ln hn cc ngn hng
thng mi nh nc v hiu qu k thut ca khu vc ngn hng cao hn
giai on u ca thi k ci cch khu vc ny.
Ji-Li Hu, Chiang-Ping Chen v Yi-Yuan Su (2006) [65] p dng
phng php phi tham s nghin cu hiu qu hot ng v xem xt mt
s nhn t nh hng n hiu qu hot ng ca cc 12 ngn hng Trung
Quc thi k 1996 n 2003. Trong m hnh DEA c lng cc o
hiu qu cc tc gi la chon ba bin u vo gm c tin gi, s nhn
vin v ti sn c nh rng; hai bin u ra gm u t v cho vay. Da trn
kt qu ca cc o hiu qu c lng c cc tc gi s dng m
hnh hi quy Tobit xem xt nh hng ca cc bin: loi hnh s hu, quy
m, cc bin gi phn nh nhng nh hng ca qu trnh tham gia WTO,
khng hong ti chnh Chu n hiu qu hot ng ca 12 ngn hng c
la chn trong nghin cu.
Nghin cu ca Donsyah Yudistira (2003) [40] p dng phng php
DEA v s dng m hnh hi quy OLS xem xt cc bin mi trng nh
hng n hiu qu k thut ca 18 ngn hng thng mi ca Islamic thi
k 1997-2000. Trong m hnh DEA ba bin u vo c la chn l chi ph
nhn vin, ti sn c nh v tng tin gi; v ba bin u ra gm tng cho
vay, thu nhp ngoi li v ti sn c khng sinh li. Cn cc bin c lp
c la chn trong m hnh OLS xem xt nh hng ca chng n hiu
64
qu ton b ca cc ngn hng bao gm cc bin phn nh quy m, kh nng

sinh li, bin phn nh gia hiu qu v ri ro, v mt s cc bin gi phn
nh loi hnh s hu, v tr a l. Tuy nhin, hn ch chnh ca nghin cu
l s dng m hnh OLS c lng cc nhn t mi trng nh hng n
hiu qu k thut, khi m ch s hiu qu k thut c lng c b chn
gia 0 v 1.
Nghin cu ca Tser-yieth Chen (2005) [89] s dng m hnh DEA
nh gi s thay i ca hiu qu k thut v nhn t nng sut tng hp;
v cng s dng m hnh hi quy nh gi cc nhn t nh hng n

hiu qu hot ng ca cc ngn hng thng mi ca i Loan thi k
khng hong ti chnh Chu ... tuy nhin nhng bin s c s dng trong
m hnh hi quy xem xt nh hng ca cc nhn t n hiu qu hot ng
ca cc ngn hng trong cc nghin cu ny li ch ch yu tp trung mt s
ch tiu chnh nh loi hnh s hu, quy m, v xem xt nh hng ca mt
s ch tiu khc nh ROA, ROE.
Nh vy, qua phn tng kt cc nghin cu trn, cho thy hu ht cc
nghin cu v hiu qu ca ngn hng tp trung ch yu cc cc nc pht
trin. Ch s phi hiu qu u vo v u ra c c lng t phng php
bin ngu nhin nhn chung thp hn so vi phng php DEA v hiu qu
u vo ca cc ngn hng c c ch yu l do ng gp ca hiu qu k
thut thun.
Hn na, qua thc tin tng kt cc nghin cu nc ngoi v hiu
qu hot ng v phn tch cc bin s nh hng n hiu qu hot ng ca
cc ngn hng thng mi c th rt cho lun n mt s gi trong vic la
cc bin u vo, u ra trong m hnh nh gi hiu qu ca ngnh ngn
hng v to c s cho vic xy dng m hnh Tobit nh gi cc nhn t nh
hng n hiu qu k thut, c th l:
65
- V mt l thuyt: qua tng kt cc nghin cu i trc, lun n

thy c nhng im mnh ca cc cch tip cn phn tch nh lng, cng
nh mt s hn ch ca phng php ny. ng thi qua cng l c s
nhn thc l thuyt mt cch hon thin, y trong lnh vc nghin cu.
- V mt thc nghim: chnh vic tng kt cc nghin cu trn th gii
v phn tch hiu qu bin gip lun n khng nhng hiu su sc v mt
l thuyt m cn qua c th vn dng mt cch nhun nhuyn cc m hnh
SFA v DEA vo phn tch hiu qu bin ti Vit Nam. c bit l trong vic
hnh thnh nhng kim nh thng k trong vic la chn cc bin u vo,
u ra ca cc ngn hng cho ph hp nht vi nghin cu ca lun n c
th thu c cc kt qu thc nghim c ngha.

Hn na, trong qu trnh nghin cu cc cng trnh ca cc tc gi i
trc, lun n cng hnh thnh ln c mt s ch tiu nh gi cc nhn
t nh hng n hiu qu hot ng ton b ca ngn hng thng mi
Vit Nam, cng nh la chn c m hnh c lng thch hp nht (m
hnh Tobit) phn tch nh hng ca cc nhn t ny n hiu qu hot
ng ton b ca 32 ngn hng thng mi Vit Nam thi k 2001-2005 .
Nhng kt qu ca qu trnh phn tch thng k la chn bin, la chn

m hnh phn tch bin, v la chn m hnh phn tch cc nhn t nh hng
n hot qu hot ng ton b ca cc ngn hng thng mi Vit Nam,
cng nh kt qu phn tch nh lng ca cc m hnh SFA, DEA v m

hnh Tobit c tc gi trnh c th trong chng 2.
66
Chng 2
PHN TCH CC NHN T NH HNG N HIU QU HOT
NG CA CC NGN HNG THNG MI VIT NAM
hu ht cc nc, ngnh ngn hng c coi l mt khu vc then
cht m bo cho nn kinh t quc gia hot ng mt cch nhp nhng, v vy

khu vc ny c chnh ph cc nc c bit quan tm, v l mt trong
nhng ngnh c gim st cht ch nht trong nn kinh t, c bit l ti cc
nc ang pht trin. Tuy nhin, hot ng ca cc ngn hng ti cc nc
ny thng b ch trch mnh m l thiu sc cnh tranh v cn th ng
trong hot ng. Ngoi ra, c ch v b my qun l quan liu nhng nc
ang pht trin cng lm cho hot ng ca cc ngn hng thng mi cn
nhiu hn ch. K nng qun tr ngn hng cng cn yu lm cho cc ngn

hng thng mi khng t c hiu qu chi ph, v d, cc khon cho vay
khng c kh nng thu hi lm tng chi ph v dn n mt kh nng thanh
ton ca ngn hng.
Hn 20 nm qua, nh c i mi v hi nhp, Vit Nam kim sot
c lm pht, n nh kinh t v m, to ra cc iu kin thun li cho tng
trng kinh t cao v dn dn chuyn i c cu kinh t theo hng hin i

ho v cng nghip ho, thu c nhiu thnh tu to ln trong vic xo i
gim ngho, n nh v nng cao i sng nhn dn. Cng nh chnh sch i
mi kinh t trong 20 nm qua, ngnh ngn hng Vit Nam c nhng thay
i to ln v Vit Nam xy dng c cc c s quan trng v tin t v
h thng ngn hng ph hp hn vi nn kinh t th trng.
67
Hin nay, trong qu trnh c cu li h thng ngn hng, Vit Nam

t c nhiu thay i trong ngnh ngn hng. Tuy nhin, hot ng ca cc
Ngn hng thng mi Vit Nam vn cn nhiu bt cp v cha c quan

tm ng mc. c th xy dng c mt h thng ngn hng hin i c
nng lc cnh tranh trong thi k hi nhp, chng ta cn nh gi li hot
ng ca ngn hng thng Vit Nam trong thi gian qua mt cch khch
quan. Qua gip chng ta nhn thy bc tranh ton cnh ca h thng ngn
hng Vit Nam im mnh l g v im yu l g? C nh vy mi gip cho
vic hoch nh chnh sch cng nh qun tr ngn hng thng mi ngy
cng tr ln c hiu qu hot hn v nh m nng cao hot ng ngn
hng, ng gp vo tng trng kinh t.
2.1.
Thc trng hot ng ca h thng ngn hng Vit Nam
2.1.1. H thng ngn hng Vit Nam trc 1990
Trc nhng nm 1988, h thng ngn hng Vit Nam c t chc l

h thng ngn hng mt cp bao gm Ngn hng Nh nc Vit Nam v h
thng chi nhnh t trung ng n a phng phn b theo a gii hnh
chnh. H thng ny va m nhn chc nng qun l Nh nc v cc mt
hot ng tin t, ngn hng, tn dng v thanh ton va thc hin chc nng
kinh doanh ca mt ngn hng thng mi. H thng ngn hng theo m hnh
ny n thun ch l cng c thc hin cc ch th, mnh lnh, cc ch tiu
k hoch tin t ca chnh ph giao cho ngn hng. Tnh cht hot ng ca
ngn hng gn ging nh c quan ti chnh th 2 bn cnh B ti chnh
cp pht vn cho nn kinh t.
Sau nm 1988 l thi k thc hin th im h thng ngn hng hai cp
theo Ngh nh 53 ca Hi ng B trng. T chc h thng Ngn hng theo
Ngh nh 53 c thc hin trong thi k 1988-1990 c u im l tch
c chc nng kinh doanh khi chc nng qun l ca Ngn hng Nh nc
68
v trao chc nng kinh doanh cho cc ngn hng chuyn doanh. S 2.1 m
t khi qut c cu t chc ca h thng ngn hng Vit Nam giai on 19881990 theo Ngh nh 53.
H thng Ngn hng Vit Nam
NH NT VN
Chi nhnh NH NT
Chi nhnh NH Nh nc VN
NH T XD VN
NH PT NN VN
Chi nhnh NH PTNN
Chi nhnh NH T XD
NH CT VN
Chi nhnh NH CT
Ngn hng Chuyn doanh

giai on 1987-1990
Vi m hnh t chc mi ny cc ngn hng bc u ch n hiu

qu hot ng bi vy thc y tng trng tn dng c bit l tn dng
ngn hn, trong cho vay vn lu ng chin t 90 n 95% tng d n cho
vay nn kinh t. Tn dng theo nh mc vn lu ng c xa b, tn
dng trong thi k ny ch nhm b sung nhu cu vn vt qu vn cn thit
ca doanh nghip. iu ny pht huy c n by tn dng, chng bao
cp, thu hp dn phm vi cp pht vn ca ngn sch Nh nc thng qua tn
dng. Bng vic cho vay trong v ngoi hn mc tn dng bc u gn
c hot ng tn dng ca cc ngn hng vi hot ng kinh doanh ca cc
doanh nghip v buc cc doanh nghip phi s dng vn hiu qu hn. Tuy
69
nhin hot ng ca cc ngn hng trong giai on ny vn cn rt nhiu hn

ch nh:
- Cc ngn hng lun b ng trong hot ng ca mnh do khng nm
c nhu cu vn ca cc n v theo t l trn c s nh mc. iu ny lm
cho nhu cu v vn lun cng thng, p lc in tin phc v sn xut v lu

thng lun cao hn hn mc tn dng ca nn kinh t.
- Tn dng ngn sch tng mnh v chim t trong ln nu nm 1986
cho vay ngn sch ch chim 22% th n nm 1990 ln ti 74,4%. iu
ny gn cng vi t l lm pht gia tng trong thi k ny.
- Hot ng tn dng ca ngn hng khng theo c ch hoch ton kinh
t th hin mc li nh: li sut cho vay < li sut huy ng < t l lm pht
v bnh qun li sut tin gi giai on 1987-1990 l 72% nm, li sut cho
vay 51,6% v t l lm pht l 183,8%.
Nguyn nhn ch yu ca nhng yu km k trn l cc ngn hng
Vit Nam cn b chu nh hng nng n ca c ch qun l c v y l giai
on nn kinh t Vit Nam bt u bc nhng bc i u tin sang c ch
th trng c s qun l v m ca Nh nc, c ch qun l mi cha hon

chnh, cha mnh thot ra khi c ch c.
2.1.2. H thng ngn hng Vit Nam giai on 1991-1999
Giai on ny phn nh nhiu chuyn bin tch cc i vi hot ng

ca h thng ngn hng hai cp Vit Nam. Hot ng ca cc ngn hng
tng bc p ng tt hn nhu cu vn ca nn kinh t. Ngn hng duy tr
c mc li sut dng v tin dn n mc li sut th trng, tng bc
a dng ha cc hot ng tn dng v pht trin cc dch v ngn hng mi.
Nhng thnh tu m h thng ngn hng Vit Nam t c trong giai

on i mi cn bn v ton din trong thp k 90 bt u c nh du
70
bng vic s ra i ca php lnh v Ngn hng Nh nc v php lnh v

cc t chc tn dng vo nm 1990. Vi hai php lnh ny h thng ngn
hng Vit Nam c t chc tng t nh h thng ngn hng cc nc c
nn kinh t th trng. S 2.2 di y m t t chc h thng ngn hng
Vit Nam theo tinh thn php lnh nm 1990.
Ngn hng thng mi
NHTM Nh nc
NHTM c phn
NHTM lin doanh
Chi nhnh NHTM NN

theo php lnh v ngn hng nm 1990
H thng ngn hng theo php lnh nm 1990 l xo b c tnh

cht c quyn Nh nc trong hot ng ngn hng bng vic cho php
thnh lp ngn hng thng mi thuc nhiu loi hnh s hu khc nhau. Mt
khc, vi vic chnh ph cho php thnh lp cc ngn hng lin doanh v chi
nhnh ngn hng nc ngoi gp phn h tr cho vic thu ht vn u t
nc ngoi cng nh nhanh chng chuyn giao cng ngh ngn hng hin i
vo Vit Nam.
Hn na vic ci cch h thng ngn hng ln ny ch trng n vai
tr ngn hng trung ng ca Ngn hng Nh nc th hin thng qua cc
quy nh v qun l d tr bt buc i vi cc ngn hng thng mi nhm
bo m an ton cho c h thng ngn hng thng mi hot ng mt cch
lnh mnh, trnh c s c v nh tng xy ra trc khi c php lnh.
71
Ci cnh h thng ngn hng nm 1990 gp phn a dng ho hot

ng ngn hng v mt hnh thc s hu cng nh s lng ngn hng. Bng
2.1 cho thy s pht trin ca s lng v hnh thc s hu ngn hng thng
mi t 1991 n 1997.
thi k 1991 - 1997
Loi hnh ngn hng
1991
1993
1995
1997
1999
Ngn hng thng mi Nh nc
Ngn hng c phn
41
48
51
48
Ngn hng lin doanh
Chi nhnh ngn hng nc ngoi
18
24
26
56
74
84
83
Tng cng
Ngun: Bo co ca Ngn hng Nh nc
Tuy nhin cc ngn hng thng mi nh nc vn nm gi mt t

trng th phn chi phi ton h thng. Bng 2.2 cho bit th phn ca cc ngn
hng thng mi t nm 1993 n nm 1996.
Bng 2.2. Th phn cc ngn hng thng mi Vit Nam
giai on 1993-1996
n v: %
Nm/loi hnh
Tng th phn tin gi

1993
1994
Tng th phn tn dng
1995 1996
1993
1994
1995
1996
1. NHTM NN
91
88
80
76
89
85
75
74
2. NHTMCP
10
11
15
14
3. NH LD
4. CN NH nc ngoi
11
Ngun: Hideto Saito thi bo kinh t Vit Nam s 69, 28/8/1999
72
c bit khi Lut Ngn Hng Nh Nc Vit Nam v Lut Cc T
Chc Tn Dng c Quc Hi thng qua ngy 2/12/1997 v c hiu lc thi

hnh vo ngy 1/10/1998 thc s to ra mt sn chi bnh ng v mt nn
tng php l vng chc cho hot ng ca cc ngn hng Vit Nam. C cu
t chc h thng ngn hng Vit Nam theo Lut ngn hng nm 1997 c th
c m t khi qut trong S 2.3.
Cc ngn hng thng mi
NHLD & NH NN
NH TMCP
NH TM NN
NHNT
NHCP th
NH LD
NHNo
NHCP nng thn
Chi nhnh NHNN
NH T&PT
NHCT
NHPT nh BSCL
S 2.3. T chc h thng ngn hng thng mi Vit Nam hin nay
Chnh s hon thin v khun kh php l trong thi k ny y

nhanh tc gia tng d n tn dng cho nn kinh t v ngy cng chin mt
t trng kh ln trong tng d n cho vay. iu ny cho thy vai tr ca h
thng ngn hng thng mi ngy cng ng vai tr tch cc hn trong
73
vic to vn cho nn kinh t v thng qua ng gp mt phn khng nh

vo vic thc y tng trng kinh t Vit Nam trong thp nin 1990.
Bng 2.3. D n tn dng ca h thng ngn hng thng mi
i vi nn kinh t thi k 1991-1999
n v: t ng
Ch tiu
1991
1992
1993
1994
1995
1996
1997
1998
1999
76.701
110.528
140.257
178.534
228.892
272.038
313.617
361.024
399.938
Cho vay
nn kinh t
9.505
13.868
22.467
32.283
43.670
54.393
67.013
83.310
98.891
% so vi
GDP
12,4%
12,5%
16,0%
18,1%
19,1%
20,0%
21,4%
23,1%
24,7%
GDP
Ngun: Nin gim thng k, Ngn hng Nh nc, % so vi GDP tc gi t tnh.
Tuy cc ngn hng Vit Nam c nhiu n lc trong vic hon thin
c ch qun l, a dang ha cc loi hnh cho vay v huy ng vn nhng
hot ng chnh ca cc ngn hng vn da ch yu vo hot ng cho vay
chnh iu ny y cc ngn hng thng mi phi gnh chu nhiu ri ro nh
khng thu hi c n hoc kh thu hi n v y cng l thi k n xu gia
tng mnh ti tt c cc ngn hng.
14
13.7
12.4
12
11.1
10
13.2
12
9.3
7.8
8
6
6
4
2
0
1992
1993
1994
1995
1996
1997
1998
1999
th 2.1. N qu hn/tng d n ca h thng ngn hng thng mi

Vit Nam thi k 1992-1999
Ngun: Thi bo Kinh t VN 2/1998, v thng k ca Ngn hng th gii 2001.
74
Nh vy, giai on ny chng kin thy s thay i mnh m cha

tng thy t trc ti nay v s thay i ca h thng ngn hng Vit Nam c
v s lng v cht lng. Nhng tin c bn ban u p ng nhng cam
kt k trong qu trnh hi nhp ca khu vc ngn hng c to lp.
To iu kin thun li cho h thng ngn hng vng bc hi nhp kinh t
quc theo xu hng ca nn kinh t v thi i.
Tuy nhin, hot ng ca h thng ngn hng hin nay vn cn c
nhiu tn ti v tr thnh cc thch thc ln i ngnh ngn hng Vit Nam
trong thi k hi nhp nh: hu qu ca c ch c li, h thng php lut
cn nhiu hn ch, nn kinh t pht trin cha n nh, trnh ca i ng
cn b ngn hng cn nhiu bt cp.
2.1.3. H thng ngn hng Vit Nam giai on 2000-2005
y l giai on cc ngn hng thng mi nh nc y mnh tin
trnh ti c cu li ton din h thng ngn hng theo n ti c cu li ngn

hng thng mi nh nc c chnh ph ph duyt 10/2001 nhm c cu
li t chc b my, tng cng nng lc hot ng, qun l kinh doanh, nng
lc ti chnh, phn bit chc nng cho vay ca ngn hng chnh sch vi chc
nng kinh doanh tin t ca ngn hng thng mi.
Cn i vi cc ngn hng thng mi c phn c cng c v
pht trin theo hng tng cng nng lc qun l v ti chnh, ng thi gii
th, st nhp, hp nht hoc bn li cc ngn hng thng mi c phn yu
km v hiu qu kinh doanh. Bo m quyn kinh doanh ca cc ngn hng
v t chc ti chnh nc ngoi theo cc cam kt k trc ht l hip nh
thng mi Vit-M, hip nh khung v thng mi dch v (AFAS) ca
ASEAN. Thi k ny s lng cc ngn hng c phn c gim xung mt
cht so vi nhng nm cui ca thp k 1990, tuy nhin s cc chi nhnh v
i din ca cc ngn hng nc ngoi c xu hng gia tng (xem bng 2.4).
75

thi k 2001 -2005
Loi hnh ngn hng
2001
2003
Ngn hng thng mi Nh nc2
Ngn hng c phn
39
37
37
Ngn hng lin doanh
Chi nhnh ngn hng nc ngoi
26
27
31
74
73
78
Tng cng
2005
Ngun: Bo co ca Ngn hng Nh nc
D vy, trong giai on ny cc ngn hng Vit Nam t r vai tr

quan trng i vi nn kinh t. Hin ngn hng ang l knh huy ng, cung
ng vn chnh cho nn kinh t vi 30% vn u t pht trin hng nm v
40% tng nhu cu vn ca cc doanh nghip c ti tr bi tn dng ngn

hng. Tuy cn thp hn so vi mt s nc khc, nhng tng d n tn dng
qua h thng ngn hng u tng v n cui nm 2005 t 65,6% GDP,
cao hn mc bnh qun chung ca cc nc c thu nhp thp.
Bng 2.5. D n tn dng ca h thng ngn hng i vi
nn kinh t thi k 2000-2005
n v: T ng
Nm
2000
2001
2002
2003
2004
2005
GDP
441.646
481.295
535.762
613.443
715.307
839.211
Tng tn dng
155.720
189.103
231.078
296.737
420.335
550.673
% so vi GDP
35,3%
39,3%
43,1%
48,4%
58,8%
65,6%
Ngun: Ngn hng Nh Nc, % so vi GDP tc gi t tnh
Ngn hng Ngoi thng, Ngn hng Cng thng, Ngn hng u t v Pht trin, Ngn hng Nng
nghip v Pht trin Nng thn, Ngn hng Nh ng bng sng Cu long.
76
Ngoi ra, cc sn phm dch v, nht l dch v ngn hng bn l, ngy

cng a dng v phong ph hn. S cnh tranh gia cc ngn hng ngy cng
gia tng, cc ngn hng thng mi c phn, ngn hng nc ngoi ngy cng
ng vai tr tch cc hn trong ngnh.
Bng 2.6. Th phn cc ngn hng thng mi Vit Nam ( %)
2000
2001
2002
2003
2004
2005
2006
1. NHTM NN
76,0
74,0
72,7
75,3
78,7
75,5
67,7
2. NHTMCP
18,0
20,5
20,1
13,4
12,0
14,6
21,6
3. CN NH NNg v LD
6,0
B. Tng th phn tn dng
5,5
7,3
11,3
9,3
9,9
10,7
1. NHTM NN
75,3
75,4
73,0
72,1
72,0
73,1
70.7
2. NHTMCP
18,7
18,1
18,0
15,8
15,8
16,5
19,6
3. CN NH NNg v LD
6,0
6,5
9,0
12,1
12,2
10,4
9,7
A. Tng th phn tin gi
Ngun: tnh ton ca tc gi trn ngun s liu thu thp c t ti cp b, m

s B2005.38.129 i hc KTQD v Ngn hng Nh nc.
Bng 2.6 cho thy th phn ca NHTM NN c xu hng gim nh

nhng vn chim mt t trng cao n thng 12/2006 th phn tin gi ca
cc NHTM NN (gm 5 ngn hng thng mi v ngn hng chnh sch) l
67,72% v th phn tn dng l 70,7%. Th phn tin gi v tn dng ca cc
NHTM CP c xu hng gia tng tnh n thng 12/2006 th phn ca cc loi
hnh ngn hng ny tng ng l 21,6%; 19,6% cn i vi cc NHTM
Nc Ngoi v Lin Doanh c th phn tng ng l 10,7%; 9,7%.
V c bn cc ngn hng trang b mi kin thc v hot ng ngn
hng trong c ch th trng cho hu ht cn b ch cht v chuyn vin ngn
hng, trn c s mt qu trnh chuyn ti cng ngh mi v iu hnh v
hot ng kinh doanh ngn hng c trin khai kh ng b, to ra mt
77
im xut pht mi v t duy v trnh hot ng ngn hng trong qu trnh
tin t ho nn kinh t v thng mi ho cc ngun vn Vit Nam.
50.0%
40.0%
30.0%
20.0%
DEPO
CRED
10.0%
0.0%
2001
2002
2003
2004
2005
th 2.2. Tc tng trng tn dng (CRED) v huy ng vn

(DEPO) ca h thng ngn hng thng mi Vit Nam 2001-05
Ngun: Tc gi t tnh da trn s liu ca Ngn hng Nh nc
Tc tng trng ngun vn huy ng ca cc ngn hng qua cc

nm kh cao v c cu huy ng cng a dng hn t cc hnh thc huy ng
nh tit kim, chng ch tin gi, tin gi thanh ton n vic pht hnh k
phiu, tri phiu.
2005
2004
2003
2002
2001
2000
0 .0 0 %
2 .0 0 %
4 .0 0 %
6 .0 0 %
8 .0 0 %
10 .0 0 %
12 .0 0 %
th 2.3. N qu hn/tng d n ca h thng ngn hng Vit Nam

Ngun: Ngn hng nh nc.
78
Tuy nhin, t l n qu hn vn cn cao, th 2.3 cho thy trong thi

gian qua t l phn trm n qu hn c xu hng gim, song tnh s tuyt i
th y l khon n qu hn kh ln ca nn kinh t. Nu s n ny tr thnh
n kh i, n xu th s nh hng khng nh n hot ng ca ngn hng
thng mi v hot ng kinh doanh ca cc doanh nghip vay vn trong nn
kinh t.
th 2.4 di y kho st n qu hn ca 6 nc trong khi ASIAN
v Vit Nam cho thy, n thi im 2005 ch c 3 trong 6 nc l

Hongkong, Singapore, i loan c mc n xu di 5%, cc nc cn li c
n qu hn u trn 5% trong n qu hn ca h thng ngn hng Thi
Lan l ln nht trong 7 nc c kho st (10,2%). Nh vy, n qu hn ca
h thng ngn hng thng mi Vit Nam n thi im 2005 cng ch l
mc trung bnh so vi cc nc trong khu vc.
18
16
14
12
10
8
6
4
2
0
2003
HONGKONG
2004
INDONESIA
MALAYSIA
SINGAPORE
2005
TAIWAN
THAILAND
VIETNAM
th 2.4. N qu hn/tng d n ca h thng ngn hng mt s nc

trong khu vc v Vit Nam
79
2.2.
Nhng hn ch v nguyn nhn yu km ca h thng ngn hng

Vit Nam hin nay
Trong thi gian qua qu trnh ton cu ha v khu vc ha ang din ra

nhanh chng v phc tp, mc d ngnh ngn hng ch ng v tch cc
m rng cc hot ng hp tc v hi nhp quc t trong lnh vc ngn hng,
cng vi cc ngnh khc bc vo tin trnh hi nhp chung ca nn kinh t.
Tuy nhin, cng vi tin trnh ny ngnh Ngn hng Vit Nam ngy cng
phi i mt vi nhiu yu cu kh khn hn c v khch quan v ch quan
trong qu trnh m ca v t do ha nn kinh t.
2.2.1. Nguyn nhn khch quan.
Trong bo co pht trin gn y ca Ngn hng Th gii, lnh vc ci

cch chm nht trong nn kinh t Vit Nam thi gian qua chnh l hot ng
ca ngnh ngn hng. Mc d, khng hn ng tnh vi nhn nh ny nhng
NHNN cng tha nhn rng hot ng dch v ngn hng ca Vit Nam xut
pht im cn thp v trnh pht trin th trng, tim lc v vn yu, cng
ngh v t chc ngn hng lc hu v trnh qun l thp hn so vi nhiu
nc trong khu vc cng nh trn th gii.
- Mt phn nhng yu km trn l do nn kinh t Vit Nam c xut
pht im thp, c cu kinh t khng hp l, th hng cnh tranh thp theo
bng xp hng nng lc cnh tranh ton cu do din n kinh t th gii
(World Economic Forum_WEF) tin hnh nm trong nhng nm gn y cho
thy v tr cnh ca nn kinh t Vit Nam lun b tt hng: nu nm 2002 v
tr cnh tranh ca nn kinh t Vit Nam l 65 (trong ch s chin lc v
hot ng kinh doanh ca doanh nghip 67, ch s v tham nhng 71) th
sang cc nm 2003, 2004, 2005 v tr cnh tranh ca nn kinh t Vit Nam
vn tip tc khng c ci thin. Theo cng b mi nht ca WEF ngy
26/9/2006 th nng lc cnh tranh ca nn kinh t vit Nam ng th 77 tt 3
80
bc so vi nm 2005, trong khi ASEAN Vit Nam ch xp trn Cambodia

(103). Mi trng php l cho hot ng kinh doanh ni chung ca Vit Nam
v ni ring cho hot ng ca ngn hng thng mi cha hon thin (theo
cng b ca WEF nm 2006 th ch s v th ch ca Vit Nam c xp th
74) . Bi vy, trong iu kin ton cu ho v nn kinh t th gii c nhiu
bin ng nh hin nay, lm cho ri ro ca cc doanh nghip ngy cng
gia tng v h thng NHTM Vit Nam cng khng nm ngoi bi cnh ny.
Hiu qu hot ng ngn hng phn nh hiu qu hot ng ca cc doanh
nghip, ca nn kinh t: s thnh t ca khch hng l s thnh t ca
ngn hng. iu ny ng ngha vi ri ro ca NHTM tng ln gp bi do
tnh bt n nh, kh d on ca th trng v tnh lan truyn ri ro ca thi
i cng ngh thng tin.
- Hn na, hot ng ca cc ngn hng Vit Nam nm trong bi cnh

ca mt nn kinh t pht trin t c ch tp trung chuyn sang c ch th
trng vi nhng c ch chnh sch cha hon chnh v ng b, cha nht
qun v thch hp vi cc quy nh v chun mc quc t; cc th trng pht
trin cn dng s khai nh th trng chng khon, th trng lao ng, th
trng bt ng sn...
- C s h tng cng ngh v k thut cn nhiu hn ch, c bit l h
thng cng ngh thng tin v vin thng quc gia c nhng nh hng kh
nhiu n hiu qu hot ng ca h thng ngn hng Vit Nam.
- Khun kh php l trong hot ng ca ngn hng ni chung v hot
ng thanh ton ngn hng ni ring cha ph hp v ng b, nhiu quy
nh v chnh sch trong lnh vc ngn hng cha ph hp vi nguyn tc th
trng.
81
2.2.2. Nguyn nhn ch quan: nhng yu km ny sinh t ni ti h

thng NHTM Vit Nam
Xut pht im hi nhp ca h thng ngn hng Vit Nam l thp

thiu chin lc pht trin tng th di hn cng vi l trnh v cc gii php
trin khai c th, cng vi tc ci cch th ch, cng ngh, qun l iu
hnh h thng ngn hng din ra chm, theo kiu ln m, thiu quyt sch
mang tnh t ph. Cho n nay, nh hng pht trin NHNN v NHTM ch
yu mang tnh i ph. Nhng chnh sch bin php iu chnh ca ngn
hng Nh nc ph bin mang tnh tnh th v ngn hn trong khi mi trng
tin t, ngn hng lun b tc ng bi qu trnh ci cch hi nhp quc t.
Hn na s yu km ca h thng ngn hng Vit Nam cn xut pht
t nhng yu km ny sinh trong hot ng ca h thng NHTM nh: tim
lc v vn cn yu, cng ngh v t chc ngn hng lc hu, trnh qun l
thp...phn di y s nh gi mt cch y nhng yu km hin nay m
cc NHTM Vit Nam ang phi i mt.
2.2.2.1. T chc b my cn nhiu bt cp
M hnh t chc hin nay ca hu ht cc NHTM VN c t chc

theo kiu truyn thng l cn c vo loi hnh nghip v phn nh
chc nng cc phng, ban. Trong khi cc ngn hng tin tin, cc hot ng
hng ti khch hng ca h li c phn theo tiu thc i tng khch
hng - sn phm nhm p ng tt hn cc yu cu ca khch hng v nng
cao cht lng phc v khch hng. Trong iu kin cc NHTM hot ng
vi quy m nh, tnh cht n gin nh hin nay th m hnh trn vn t ra
ph hp vi mc tp trung quyn lc cao. Song khi ngn hng pht trin
vi quy m ngy cng ln, vi s lng chi nhnh ngy cng m rng, khi
lng v tnh cht cng vic ngy cng nhiu v phc tp th m hnh trn s
bc l nhng im bt hp l.
82
2.2.2.2. Nng lc qun l, iu hnh cn nhiu hn ch so vi yu cu

ca NHTM hin i
Cc cng c v cch thc qun l iu hnh ca NHTM VN cn cha

theo kp vi yu cu ca NHTM hin i. Chin lc kinh doanh ca cc
NHTM VN hin tp trung ch yu u t theo chiu rng ch khng phi
cht lng theo tiu chun quc t.
H thng thng tin, theo di n, qun l ri ro khng kp thi chnh
xc, dn ti s thiu minh bch trong hot ng ti chnh ngn hng. Cc
NHTM VN ch yu vn coi ti sn th chp l c s m bo tin cho vay, k
c i vi tn dng ngn hn. Cc ngn hng cn xem nh bo m theo d
n, trong khi vic x l ti sn th chp thu hi n l vn kh khn do
vng mc v mt php l, v vy kh thu hi c vn vay. Kh nng chi tr
ca cc NHTM VN rt thp (t l gia ti sn C c th thanh ton v ti sn
N phi thanh ton ngay ca nhiu NHTM VN thng nh hn 1, thp xa so
vi t l ny cc nc trong khu vc v th gii).
2.2.2.3. Vn iu l, vn t c v t l an ton vn cn thp
Vn iu l l mt ch tiu phn nh tim lc ti chnh, m bo an

ton trong hot ng ti chnh ca NHTM v to lng tin vi cng chng.
Tuy nhin, hin nay vn iu l ca NHTM VN cn nh b, k c cc NHTM
nh nc.
Mc d trong qu trnh thc hin n c cu li cc ngn hng thng
mi nh nc, Nh nc "bm" vn cho cc ngn hng ny ti 4 ln,
nhng tng vn iu l ca cc ngn hng thng mi nh nc gm 5 ngn
hng thng mi nh nc v mt ngn hng chnh sch x hi tnh n nm
2005 mi t khong 22.394 t ng, lm hn ch kh nng huy ng v cung
ng tn dng cho ton nn kinh t.
83
Bng 2.7. Vn t c ca cc ngn hng thng mi Vit Nam

n v: T ng
Nm
4 Ngn hng
Nh nc
NHCS v NH
nh BSCL
Cc t chc
tn dng khc
Tng c h
thng
2000
5.414
1.115
10.1340
16.668
2001
5.421
1.515
10.953
17.889
2002
10.061
1.715
11.153
22.929
2003
14.517
2.269
12.398
29.185
2004
17.363
3.076
14.860
35.299
2005
18.430
3.964
19.355
41.749
Ngun: Ngn hng Nh nc Vit Nam
Nng lc tn dng cung ng cho nn kinh t ch t 35,3% GDP vo

nm 2000 (cc ngn hng cc nc trong khu vc 60%) mc d t l ny c
gia tng qua cc nm nhng n nm 2005 t l d n tn dng cng ch bng
65,6% GDP, thp xa so vi mc trn 80% ca cc nc trong khu vc. Bnh
qun mc vn t c ca cc ngn hng thng mi nh nc n 8/2006
khong 6.231 t ng hay xp x 390 triu USD (trong hin nay Ngn
hng Nng nghip v Ngn hng Ngoi thng c mc vn cao nht cng ch
khong 9,4 nghn t hay 590 triu USD v 8 nghn t hay 500 triu USD), ch
bng mt ngn hng c trung bnh trong khu vc; cn li hu ht cc ngn
hng c phn (tnh c ngn hng c phn th v nng thn) th mc vn t
c bnh qun ch khong t 500 t ng hay xp x 32 triu USD (trong c
3 ngn hng thng mi c phn th hin nay c s vn ln nht l Ngn
hng Si gn Thng tn (2,4 nghn t hay 151 triu USD), Ngn hng
Chu (1,4 nghn t hay 86 triu USD) v Ngn hng Nh H Ni (1,2 nghn t
hay 74 triu USD).
84
Nng lc ti chnh v qui m hot ng ca cc t chc tn dng nhn

chung thp so vi ngn hng trong khu vc v thng l quc t. Do vn t c
thp, nn t l an ton vn thp, theo thng l quc t th t l vn t c so
vi tng ti sn c ri ro ti thiu l 8% . Tuy nhin hin nay trong thc t,
nu s dng tng vn ch s hu/ tng ti sn c phn nh t l an ton
vn th hu ht cc ngn hng Vit Nam, nht l h thng cc NHTM NN, ch
p ng c t l khong 5% (nm 2001 t l ny bnh qun ca 4 NHTM
NN l 4,2% v nm 2005 l 5,6%), thp xa so vi yu cu ca chun mc

quc t l 8%. Tnh trng ny ca cc ngn hng c phn kh hn, nhng vo
thi im cui 12/2003 cng c n 16/37 ngn hng c phn c t l ny
di 7% v vo nm 2005 l 11/37. Nu ly vn t c xc nh th t l
ny cn thp hn na (vi 4 NHTM NN th trung bnh t l ny nm 2001 ch
l 2,7% v nm 2005 l 3,1%). Vi vn t c thp, vn c php huy ng
cng s thp, do hn ch hot ng u t, nht l u t vo cc d n
ln, nguy c ri ro, nht l i vi cc t chc tn dng loi nh ang chim
a s v s lng. Mc vn t c nh cn lm hn ch kh nng m rng cho
vay bo lnh i vi cc d n ln ca cc NHTM v theo ca Lut cc t

chc tn dng (iu 79) quy nh tng d n cho vay i vi mt khch hng
khng c qu 15% vn t c ca t chc tn dng.
Hn na, t l vn an ton ti thiu khng nhng phn nh nng lc
vn ca cc ngn hng dng tnh m cn th hin nng lc ny trong mi
quan h vi hiu qu ca qu trnh s dng vn.
Hin nay, b phn vn di hn (ln hn 5 nm) chim mt t trng cn
nh trong c cu ngun vn ca h thng Ngn hng Vit Nam. la ho kt
hp vi tm l s ri ro xut pht t s thiu tin tng vo h thng ngn
hng v nhng bin ng v m trong thi gian qua khin cho phn ln ngi
tit kim ch quan tm ti loi tin gi c k hn di 12 thng. B phn
85
ngun vn huy ng qua pht hnh tri phiu trung v di hn c tng ln

nhng thi hn ch yu khong t 1 - 2 nm v t trng ni chung cn nh.
T l ny cc ngn hng ngoi thng mi nh nc cn thp hn na,
khong 1-2%.
2.2.2.4. Trnh cn b nhn vin ngn hng cha p ng c yu cu
ca c ch th trng
Hin nay cht lng v trnh cn b c cc NHTM VN c bit

quan tm v coi l mt yu t quan trng ca vic nng cao nng lc cnh
tranh. Trong thi gian qua do cc ngn hng m rng mng li hot ng
qu nhanh do vy c nhu cu cn tuyn dng thm cn b tng rt mnh tuy
nhin vic tuyn dng i ng cn b, nhn vin mi vn theo truyn thng
kiu c, trnh hn ch v mi mt, lm cho chi ph hot ng tng v nh
hng n hiu qu hot ng ca h thng NHTM VN. Nh c nhiu cn b
ngn hng khng c trnh ngoi ng hay kh nng s dng cng ngh
thng tin. Nhiu cn b ngn hng cha hnh dung c nhng dch v ngn
hng tin tin trn th gii c gii thiu qua bo, i. Tim n ri ro tn
dng cao l mt minh chng cho s cha thnh tho nghip v tn dng. S
ngi hiu bit tng tn lut quc t, cc quy nh chung ca t chc th
gii khng nhiu.
2.2.2.5. My mc, cng ngh ngn hng cn lc hu
My mc, cng ngh l nhng yu t cn bn thuc v lc lng sn

xut ca hot ng ngn hng, hin nay cn yu km, cc cng ngh ch yu
vn cn da v k nng truyn thng, cc tin ch ngn hng cn ngho nn.
Mc d trong thi gian qua, cc ngn hng y mnh u t vo
cng ngh thng tin, trang thit b my mc. Song nhiu NHTM, my mc
trang b vn cn lc hu so vi mt bng chung ca th gii. Nhiu my mc
c trang b t cc nm trc y cng tr nn lc hu, trong khi cc
86
ngn hng nc ngoi ang trang b nhng h thng hin i nht. Loi my
ATM cho php nhn c tin mt t ng, giao dch nh mt ngn hng t
ng c pht trin kh lu cc nc trn th gii th gn y mi c
mt mt s ngn hng Vit Nam, m hu ht l cc chi nhnh ngn hng

nc ngoi t ti Vit Nam.
Nm 2005 cc ngn hng thng mi Vit Nam pht hnh tng
ng c 2,5 triu th ni a v 134,7 nghn th quc t nhng mi ch c
1.738 my ATM c lp t trn ton quc.

Bng 2.8. Tng quan th trng dch v th ca cc ngn hng thng
mi Vit Nam n ngy 31/12/2006
TT
Ngn hng
S lng th
Th
Th ni a
quc t
1.550.000
72.500
1.
NH Ngoi thng Vit Nam
2.
NH Cng thng Vit Nam
487.575
3.
NH NN&PTNT Vit Nam
4.
My
ATM
POS
740
4.500
3.895
400
800
625.878
602
139
NH u t & PT Vit Nam
580.000
400
5.
NH TMCP Si Gn Cng thng
100.000
53
300
6.
NH TMCP ng
600.000
250
500
7.
NH TMCP Chu
23.423
199.678
60
6.251
8.
NH TMCP Si Gn (*)
9.
NH TMCP Xut nhp khu
2.235
20.233
16.710
20
10. NHTMCP K thng
150.000
12.200
165
11. NHTM CP Qun i
19.821
24
12. NHTMCP Ngoi Quc Doanh
252
2.300
13. NHTMCP Si Gn Thng Tn (*)
46.450
600
58
123
14. NH TMCP Quc t
85.000
2.100
60
500
15. NHTMCP Vit
534
16. NH TMCP Phng ng
7.861
17. Tng cng ton h thng
4.298.875
242.531
2.782
11.282
Ngun: Hip hi Ngn hng. Ghi ch (*) : S liu n ngy 30/06/2006
87
n cui nm 2006 s lng th l 4,2 triu th ni a v 242,5
nghn th quc t. Tuy nhin, mi ngn hng li pht trin h thng ATM
theo cch ring ca mnh, mc d hin nay c 4 lin minh th gm: lin
minh th ca Ngn hng ngoi thng Vit Nam; Cng ty c phn chuyn
mch ti chnh quc gia (Banknet VN); Lin minh th NHTMCP ng ,
NHTMCP Si Gn Cng thng v NHPT nh BSCL; Lin minh th
NHTMCP Si Gn Thng tn v ANZ. Chnh v vy cha to s lin kt
mnh gia cc ngn hng trong pht trin dch v nht l cc dch v v thanh
ton th c th pht huy c hiu qu ca h thng my mc thit b,
nng cao sc cnh tranh, tit kim chi ph... ng thi vic ng dng cng
ngh ca cc ngn hng cc mc khc nhau, to s chnh lch kh cao
v trnh cng ngh mt s ngn hng.
Mt s ngn hng do cha iu kin v vn nn ng dng cng
ngh (chi ph thp khong 100 n 200 ngn USD) vn ch mc phn nh,
ghi chp, qun l cc hot ng nghip v trong phm vi ca mt n v; cc
nghip v lin chi nhnh cha c x l tc thi. Bi vy, vic qun tr ti
chnh, qun tr kinh doanh ngn hng, thc hin cc modul nghip v bng
cng ngh mi khng th thc hin c. Ngc li, mt s ngn hng khc
iu kin v vn, ng dng cng ngh mc cao, thc hin knh phn
phi dch v, h thng thng tin qun l, h tr tc nghip, qun tr d liu v

cc quy trnh nghip v, thc hin cc modul nghip v, qun tr ti sn n ti sn sn c, qun tr ri ro, qun tr thanh khon,.Cng ngh ny gip
cho ngn hng nng cao nng lc hot ng, nng lc qun tr NH, pht trin
nhiu dch v tin ch, hin i. Tuy nhin, hin nay mt s quy trnh, chun
mc nghip v cha c ban hnh y nn cc ngn hng ny cha s
dng khai thc, ng dng ht cc cng ngh ngn hng hin i.
88
2.2.2.6. Nng lc cnh tranh ca cc NHTM Vit Nam cn yu
Vit Nam ang theo ui qu trnh hi nhp kinh t quc t, trong

c hi nhp ti chnh-ngn hng. Hi nhp ti chnh-ngn hng li i hi t
do ha ti chnh. T do ha ti chnh cng ng ngha vi vic m rng cnh
tranh trong cc hot ng ti chnh mang tnh cht trung gian. iu ny ng
ngha vi vic xa b s phn bit i x v php l gia cc loi hnh hot
ng khc nhau.
Theo Hip nh thng mi Vit M. Cam kt l trnh 9 nm vi 7

ct mc tho d mi hn ch i vi cc ngn hng ca M c bi b hon
ton. Cho n thng 12/2004, cc nh cung cp dch v M (tr ngn hng v
cng ty thu mua ti chnh) ch c hot ng ti Vit Nam di hnh thc
lin doanh vi i tc Vit Nam, sau thi gian nhng hn ch ny b bi
b. Sau 9 nm tc l t thng 12/2010, cc ngn hng M c php thnh
lp ngn hng con 100% vn ca M ti Vit Nam. Trong thi gian 9 nm ,
cc ngn hng M c th thnh lp ngn hng lin doanh vi i tc Vit
Nam theo t l gp vn 30-49% vn iu l ca ngn hng lin doanh. Theo
cc nh cung cp dch v ti chnh M c php cung cp 12 phn ngnh
dch v ngn hng theo l trnh vi 7 ct mc. L trnh ny xc nh r mc

tham gia cc loi hnh dch v ngn hng v hnh thc php l m cc nh
cung cp dch v M c php hot ng ti Vit Nam, iu ny cng ng

ngha vi yu cu ct gim bo h v kinh doanh dch v ngn hng i vi
cc NHTM trong nc, phi loi b dn nhng hn ch i vi cc ngn hng
ca M, cho php h c tham gia vi mc tng dn vo mi hot ng
ngn hng ti Vit Nam.
Nh vy, trong thi gian ti cc hn ch i vi cc ngn hng nc
ngoi hot ng trn lnh th Vit Nam s c loi b v cc ngn hng
nc ngoi s tng bc tham gia vo lnh vc hot ng ngn hng ti nc
89
ta. iu ny c ngha l s to ra sc p cnh tranh trong ngnh Ngn hng v

buc cc ngn hng Vit Nam phi tng thm vn, u t k thut, ci tin
phng thc qun tr v hin i ho h thng thanh ton nng cao hiu
qu hot ng v nng lc cnh tranh.
Thch thc v cnh tranh i vi cc ngn hng Vit Nam trong thi
gian ti l kh ln, c bit trong phm vi hot ng kinh doanh ca cc lnh
vc m cc ngn hng nc ngoi c u th nh: thanh ton quc t, ti tr
thng mi, u t d n v cc khch hng chin lc nh cc doanh nghip
c vn u t nc ngoi, cc doanh nghip xut khu hn th na cc
ngn hng nc ngoi cn hn hn chng ta v vn, cng ngh, nng lc t
chc qun l cng nh kinh nghim... Trong khi im mnh ca cc ngn
hng nc ngoi l dch v (chim ti trn 40% tng thu nhp) th tnh trng
"c canh tn dng vn cn ph bin hu ht cc ngn hng Vit Nam, thu
li cho vay ca ton b h thng ngn hng thng mi Vit Nam vo nm
2005 chim 88% (vi ngn hng ngoi thng th t trng ny cng chim
n 79,8%) v ti thi im 8/2006 l 89%, thu v hot ng dch v ch
chim t trong nh 12% nm 2005 v 11% vo thi im 8/2006. R rng cc

sn phm dch v cn ngho nn, thiu cc nh ch qun l theo tiu chun
quc t nh qun tr ri ro, qun tr ti sn n, ti sn c, nhm khch hng,
loi sn phm, kim ton ni b.
Hn na, tnh trng cc ngn hng Vit Nam (c bit l cc ngn hng
thng mi nh nc) u t tp trung qu nhiu vo cc DNNN m phn ln
cc doanh nghip ny u c th bc xp hng ti chnh thp thuc cc ngnh
c kh nng cnh tranh yu. y l nguy c ri ro rt ln i vi cc NHTM
ni chung v cc NHTM nh nc ni ring
Ngoi ra, hi nhp quc t lm tng cc giao dch vn v ri ro ca h
thng ngn hng, trong khi c ch qun l v h thng thng tin gim st
90
ngn hng cn rt n gin, cha ph hp vi thng l quc t, Lut hot

ng ca cc t chc tn dng hin hnh cn c mt s im cha ph hp
vi ni dung ca GATS v Hip nh Thng mi Vit - M, cha c hiu

lc bo m vic tun th nghim php lut v ngn hng v s an ton
ca h thng ngn hng, nht l trong vic ngn chn v cnh bo sm cc ri
ro trong hot ng ngn hng.
2.2.2.7. C ch v th ch qun l cn nhiu hn ch
Lut Ngn hng nh nc v Lut cc t chc tn dng cn nhiu ni

dung bt cp vi xu hng pht trin hot ng ngn hng - c bit l nhng
ni dung v v th ca Ngn hng Nh nc, chc nng, nhim v ca Thng
c v mt s quan h gia ngn hng vi cc cp ngnh trong nn kinh t
quc dn cn b g b v l thuc rt ln. Theo , vic t chc, iu hnh

cn b chng cho, cng knh, cn nhiu hin tng ln ln gia lut vi
lnh, gia hot ng kinh doanh vi hot ng chnh sch, cc t chc tn
dng phi ngn hng hoc nhiu hot ng ngn hng phi chnh thc cn tip
tc tn ti ngoi vng kim sot ca ngnh. Cu trc h thng ngn hng tuy
pht trin mnh m v chiu rng (c khu vc qun l ln khu vc kinh
doanh) nhng hiu qu v cht lng hot ng km.
Cc chi nhnh Ngn hng Nh nc ti cc tnh, thnh ph hin hot
ng nh l S ngn hng ca chnh quyn a phng hn l chi nhnh
ca NHT v vy lm cho hiu qu qun l NHT b hn ch. M hnh kinh

doanh ca cc t chc tn dng Vit Nam hin nay vn mang tnh cht c
canh, khoanh vng vi mt cu trc s hu cn cha khuyn khch qu trnh
cnh tranh bnh ng gia cc thnh phn kinh t c php kinh doanh trong
lnh vc ngn hng. Hn na, trong qun tr ngn hng cha lm r c mi
quan h gia ngi s hu v ngi iu hnh (principal - agent), nu vn gi
nguyn m hnh s hu nh nc 100%. Quyn hn ca mt gim c ngn
91
hng thng mi nh nc l qu ln, trong khi trch nhim rt kh xc nh,

dn n tnh trng cc khon tn dng mi lin tc tng nhng chng my ai
quan tm n n xu.
2.2.2.8. C cu khch hng khng cn i
Hin nay dch v ngn hng ca cc NHTM Vit Nam cn n iu,

ngho nn, tnh tin li cha cao, cha to thun li v c hi bnh ng cho
cc khch hng thuc cc thnh phn kinh t trong vic tip cn v s dng
dch v ngn hng. Tn dng vn l hot ng kinh doanh ch yu to thu
nhp cho cc ngn hng, cc nghip v mi nh dch v thanh ton qua ngn
hng, mi gii kinh doanh, t vn d n cha pht trin. Cho vay theo ch
nh ca Nh nc vn chim t trng ln trong c cu tn dng ca cc
NHTM nh nc Vit Nam (xem th 2.5).

Tuy vic m rng tn dng cho khu vc kinh t ngoi quc doanh c
chuyn bin tch cc nhng vn cn nhiu vng mc. Hu ht cc ch trang
tri v cng ty t nhn kh tip cn c ngun vn ngn hng v vn phi
huy ng vn bng cc hnh thc khc.
11.5%
12.0%
10.6%
10.0%
8.6%
7.6%
8.0%
6.0%
5.3%
5.4%
4.0%
2.0%
0.0%
2000
2001
2002
2003
2004
2005
th 2.5. Cho vay theo ch nh so vi tng d n cho vay nn kinh t

Ngun: Tnh ton ca tc gi d trn s liu ca Ngn hng nh nc
92
Theo iu tra mi nht ca Tng cc thng k hin ti c nc c hn

200.000 doanh nghip va v nh, ng gp 40% GDP, to trn 12 triu vic
lm cho x hi. Tc tng trng tn dng dnh cho khi doanh nghip va
v nh c xu hng tng nh: nm 2004 l 20,18% v nm 2005 l 22%.
Ring hai nm gn y, s vn m cc ngn hng thng mi cho cc doanh
nghip va v nh vay chim bnh qun 40% tng d n. Thm ch c nhng
trng hp chim t 50-60% tng d n nh Ngn hng Cng thng Vit
Nam. Tuy nhin, Cc Pht trin doanh nghip (B K hoch - u t) cng
b mi y cho thy, ch c 32,38% s doanh nghip cho bit c kh nng
tip cn c ngun vn cc ngn hng thng mi, khong 35,24% s doanh
nghip khng tip cn c.
Hn na, nhng khon tn dng c vn tp trung ch yu cc
doanh nghip nh nc, c bit cc ngnh ch bin nng phm v cng
nghip nng da vo ti nguyn nh xi mng, st, thp, ng, phn bn,
l nhng ngnh m i vi cc doanh nghip Vit Nam (a s thuc cc
doanh nghip nh nc ln, cc tng cng ty 90-91) hon ton khng c
nhiu li th cnh tranh trn th trng quc t v ang c Nh nc bo
h thu quan. Bi vy, trong c cu n xu chim hn 90% tp trung khi
doanh nghip th n xu ca cc doanh nghip nh nc chim ti 60%. Nh
vy, hi nhp kinh t quc t t cc doanh nghip Vit Nam, m c bit l
cc doanh nghip nh nc ln, cc ngn hng thng mi nh nc Vit
Nam trc nhng bt li to ln. Khi kt qu ti chnh ca cc doanh nghip
tr nn yu km do hu qu ca cnh tranh, th cc khon cho vay khng thu
hi c ca cc ngn hng thng mi nh nc s chc chn tng trong
thi gian ti.
93
2.2.2.9. N kh ng ca h thng ngn hng thng mi
Thng thng, mt ngn hng c coi l hot ng c hiu qu khi t

sut sinh li trn tng ti sn (ROA) ti thiu phi t t 0,9-1% v c coi
l vn khi h s vn (CAR) phi t ti thiu 8%. Th nhng, nm
2003, ROA ca bn ngn hng thng mi nh nc ch khong 0,3%; nm
2004 l 0,61% v nm 2005 l 0,71%, h s vn vo cui nm 2005 mi
t 5,6%. Nu trch d phng ri ro y th hai ch s ny chc chn cn
nh na. Bng 2.8 di y cho thy, cc ch tiu ROE, ROA v CAR ngn
hng cc nc trong khu vc u t hoc vt mc chun quc t. Nh vy,
phn no cho thy cc ngn hng thng mi Vit Nam hot ng hin nay
cn c hiu qu v nng lc tranh thp so vi cc nc trong khu vc.
Bng 2.8. Mt s ch tiu phn nh hiu qu hot ng ca khu vc ngn
hng mt s nc trong khu vc v Vit Nam.
n v tnh: %
Ch tiu/Nc
HONGKONG
INDONESIA
MALAYSIA
SINGAPORE
TAIWAN
THI LAN
VIT NAM
Ch tiu/Nc
HONGKONG
INDONESIA
MALAYSIA
SINGAPORE
TAIWAN
THAILAND
VIETNAM*
2003
16,7
23,6
13,2
10,2
12,3
5,4
6,54
12,9
27,6
16,6
16,3
11,5
15,3
-
ROE
2004 2005e
18,4
16,6
26,1
21,9
9,8
11,7
11,6
11,4
14,2
13
22,8
18,8
6,53
6,5
CAR
12,9
26,9
15,6
16,4
12,3
13,8
-
12,6
23
15,4
16,9
13
13,4
-
2003
1,07
2,18
1,08
1,15
0,98
0,91
0,38
ROA
2004
1,2
2,74
0,85
1,36
1,07
1,45
0,41
2005e
1,16
2,4
1,05
1,1
1,08
1,44
0,42
3,17
7,65
8,89
6,57
2,78
17,17
5,01
NPL
2,02
3,87
8,43
4,98
2,02
13,96
4,98
2,12
6,37
7,65
4,25
1,9
10,22
5,25
Ngun: Material Prepared for Vietcombank, Credit Suisse first Boston v NHNN
94
Khng nhng hot ng km hiu qu, vn cht lng tn dng v

n xu cng l iu ng bo ng. Tuy t l n xu trong bo co thng
nin nm 2004 ca Ngn hng Nh nc Vit Nam khong 4,98% v so vi
cc nc trong khu vc th n qu hn cng ch mc trung bnh, nhng theo
nh gi ca IMF v WB ti Vit Nam, cng nh cc chuyn gia nghin cu
c lp th t l n xu ca cc ngn hng Vit Nam phi chim t 15-30%
(con s tuyt i t 45.000-90.000 t ng), cao hn vn iu l ca cc ngn

hng rt nhiu.
y thc s l thch thc i vi cc NHTM VN, nht l cc NHTM
NN trong qu trnh ci thin tnh trng t l an ton vn ti thiu. Tnh trng

v c cu n qu hn i khi khng hon ton ph thuc vo bn thn cc
NHTM m n cn ph thuc vo mc ri ro h thng ca nn kinh t. n
lt n, yu t ny li lin quan n nhng vn mang tch cht th ch v
khng th iu chnh trong ngn hn.
Theo s liu ca Ngn hng Nh nc, ri ro tn dng hin chim t
trng 70% trong c cu ri ro ca cc ngn hng thng mi ti Vit Nam.
Con s ny cao hn nhiu so vi thng l quc t (ch c 52%). iu ny cho
thy mt thc trng l hin nay vic cung cp cc dch v ngn hng Vit
Nam cn hn ch.
S d c hin tng ny l do c cu tin gi ca cc ngn hng
thng mi cha vng chc, phn ln vn s dng cho vay ca cc ngn
hng l t ngun tin gi ca cc t chc v tin gi tit kim ca dn c.
Hin nay, 55,4% vn huy ng ca cc ngn hng thng mi H Ni l
ca cc t chc kinh t-x hi v cc nh ch ti chnh (khng phi cc t
chc tn dng). T l ny TP HCM l 51%. c bit, tin gi ca cc doanh
nghip l cc tng cng ty ln (t hng chc n hng ngn t ng) u l
ngun vn khng k hn hoc ngn hn, bt c lc no cng b rt t ngt,
95
lm tng nguy c mt cn i vn trong hot ng ca ngn hng thng
mi.
Theo phn nh ca mt s ngn hng, cc khon cho vay i vi doanh
nghip nh nc ang c du hiu tip tc tng do khi xy dng, giao thng
ht thi hn c cu li n nhng vn khng thanh ton c n. N xu
cng xut hin mt s doanh nghip xut khu nhy cm vi nhng bin ng
ca th trng. Bn cnh n ng trong cho vay lnh vc bt ng sn
cng khng phi l t...
Theo bo co thc hin phn loi n ca cc ngn hng thng mi cho
thy tnh hnh n xu ca hu ht cc ngn hng thng mi n thi im
31-12-2005 kh thp. T l n xu trn tng d n ca khi ngn hng
thng mi CP ch yu di 2%, trong khi t l ny i vi cc ngn hng
thng mi nh nc bnh qun l 5,4%. Tuy nhin hot ng tn dng ca
cc ngn hng thng mi hin nay cn tim n nhiu ri ro v tnh hnh cht
lng ti sn c ca cc ngn hng c th xu hn s liu bo co.
Mc d c nhng c gng nhng trn thc t cc ngn hng thng mi
nh nc vn yu km hn so vi mc c tha nhn cng khai. Theo
c tnh ca Ngn hng Th gii, n tn ng chim trn 15% tng d n ca
nn kinh t, hay hn 8% GDP. Trong tng s n xu ca cc NHTM nh

nc c n 60% l n khng tr c ca cc doanh nghip nh nc. Cc
khon n ny c thm tra v nu xc nh do nguyn nhn bt kh
khng th c Nh nc cho khoanh hoc xa n. Do cha c ngun thu nn
d a ra khi d n tn dng, nhng cc NHTM vn hch ton khon
n phi thu v vn l ti sn c ca NHTM. Hoc nhng khon n qu hn
c xt cho tm khoanh nhng vn cn hch ton ti khon n qu hn v
nh vy vn cn nm trong d n tn dng. C th ni rng y l s ti sn
96
khng c thc nhng NHTM phi theo di, phi hch ton vo trong bng cn
i cho n khi no c ngun x l.
Hn na, hin nay cc ngn hng thng mi ang phi i mt vi

nguy c gia tng t l n xu do c ri ro trong th trng bt ng sn. c
tnh d n cho vay mua sm nh v kinh doanh bt ng sn ang mc
50.000 t VND, chim 10% tng d n cho vay ca nn kinh t (mua sm
nh chim 50%). Trong 80% d n c thi hn cho vay t 1-5 nm, 20%
cn li c thi hn trn 5 nm. Tuy n xu trong cho vay bt ng sn hin ti
mc thp, chim khong 2%, t l ny c nguy c gia tng nu th trng
bt ng sn (BS) tip tc trm lng khi cc khon vay n thi k tr n.

Theo mt chuyn gia Vin khoa hc Ti chnh, ti TP HCM, t l n xu cho
vay BS ca cc ngn hng nm 2003 l 0,32%, nm 2004 l 0,67% v n
2005 tng vt ln 1,25%.
Nh vy, qua phn tch trn chng ta thy hin nay hot ng ca h
thng ngn hng thng mi ca Vit Nam cn kh nhiu bt cp v tr thnh
nhng thch thc ln i vi h thng ngn hng Vit Nam trong thi hi
nhp kinh t quc t. gia tng hiu qu hot ng ca cc ngn hng
thng mi t lm tng nng lc cnh tranh ca cc ngn hng i hi
phi cc c quan qun l nh nc nht l Ngn hng Nh nc phi c
nhng nh hng v gii php ng b cho h thng ngn hng Vit Nam,
ng thi bn thn cc ngn hng thng mi cng phi pht huy ni lc, tch
cc c cu v i mi hot ng ca ngn hng mnh theo hng chun ha

quc t.
97
2.3.
o lng hiu qu v cc nhn t nh hng n hiu qu hot
ng ca cc ngn hng thng mi Vit Nam: cch tip cn tham s

(SFA) v phi tham s (DEA)
Hin nay nh gi hiu qu hot ng ni chung ca cc ngn hng

thng mi Vit Nam, cc nh qun l vn ch yu tip cn theo phng
php nh gi truyn thng l nh gi hot ng ca cc ngn hng qua
cc ch tiu ti chnh. Hn na, trong qu trnh tm hiu thc t v thu thp s
liu v cc ngn hng thng mi Vit Nam, ti nhn thy h thng cc ch
tiu ti chnh c s dng ph bin trong phn tch nh gi hot ng ca
cc ngn hng thng mi Vit Nam c th chia thnh 3 nhm nh sau: (1)
nhm ch tiu phn nh chi ph, (2) nhm ch tiu phn nh kt qu hot ng
v (3) nhm ch tiu phn nh hiu qu. Tuy nhin, cc ch tiu ny c
dng y ch yu l cc ch tiu tuyt i, v c bn n phn nh quy m s
dng cc u vo to ra cc u ra trong hot ng ca cc ngn hng v
ch yu l cc ch tiu mang tnh cht thi im. ng thi y cng ch l
cc ch tiu n mc d c cc ch tiu phn nh hot ng ton b ca ngn
hng nhng cng ch cho php so snh hai bin s vi nhau.
Hn na, do cc ch tiu phn nh cn qu n iu v ht sc chung,
kh gip cho cc nh qun l c th a ra c cc quyt nh ng thi
im v hu nh cc ch tiu ny ch yu nghing v mc tiu bo co ti
chnh hn l i su phn tch kt qu hot ng ca ngn hng. Chnh v vy

hin nay i vi cc nh qun tr ngn hng, khi ra quyt nh h phi da
ch yu vo nng lc v s nhy bn ca bn thn mnh l ch yu.
Ngoi ra hin nay cc nh qun tr ngn hng cng quan tm hn n
cc ch tiu theo chun mc quc t nh CAMELS m bo n nh cho
ngn hng pht trin. Tuy nhin, do mt s ch tiu ca CAMELS kh lng
ha c Vit Nam v th gy ra s lng tng cho cc ngn hng thng
98
mi khi phi tnh ton cc ch tiu theo chun mc quc t bi vy cc ngn

hng hin nay cng ch s dng mt s cc ch tiu c bn.
b sung cho nhng phn hn ch ca phng php phn tch truyn
thng, hin nay trn th gii cn s dng cch tip cn tham s (SFA) v phi
tham s (DEA) o lng hiu qu v lng ha cc nhn t nh hng n
hiu qu hot ng ca cc ngn hng thng mi. Tuy nhin, mi phng
php u c nhng nhc im ring ca mnh, nng cao mc tin cy
trong phn tch v hn ch cc nhc im ca chng, trong phn ny ti s
dng c hai cch tip cn o lng hiu qu v phn tch cc nhn t nh
hng n hiu qu ca cc ngn hng. Kt qu phn tch nh lng ny s
l mt knh cung cp thng tin b sung gip cc nh qun tr ngn hng nhn
thy mt bc tranh ton cnh hn v thc trng hot ng ca ngn hng,
ng thi qua thy c nhng nhn t nh hng mnh n hiu qu hot
ng v t c th xut nhng gii php kh thi nhm nng cao hiu qu
hot ng ca cc ngn hng.

Tuy nhin, mt trong nhng vn phc tp v gy nhiu tranh ci
trong phn tch nh lng l vic xc nh cc u vo v u ra ca cc
ngn hng thng mi, m c bit l lin quan n vai tr ca tin gi: khi
no n c coi l u vo v khi no n c coi l u ra? Hin nay, c 5
quan im khc nhau v vic x l vn ny (nh trnh by trang 52
ca lun n). Tuy nhin, theo Berger v Humphrey (1997) mc d khng c
cch tip cn hon ho trong vic xc nh cc u ra v u vo ca ngn
hng v khng cch tip cn no c th phn nh c tt c cc hot ng,
vi tr ca cc ngn hng vi t cch l ngi cp cp cc dch v trung gian
ti chnh. Theo hai ng cch tip cn trung gian c th l ph hp nht i vi
vic nh hiu qu hot ng ca cc t chc ti chnh v cch tip cn ny
quan tm n c cc khon chi tr li, khi m cc khon chi ph ny thng
99
chim n 1/3 tng chi ph hot ng ca ngn hng. Hn na cch tip cn

trung gian ph hn cho vic nh gi hiu qu bin v n quan tm nhiu n
kh nng sinh li ca t chc ti chnh, vi mt trit l n gin l ti
thiu ha chi ph l iu kin cn ti a ha li nhun. Chnh vy, trong
phn tch nh lng cc phn di y, ti da trn c s ca cnh tip cn
trung gian coi cc ngn hng l cc trung gian ti chnh, ngi kt ni khu
vc tit kim vi khu vc u t ca nn kinh t, phn tch v nh gi
hiu qu hot ng ca cc ngn hng. Theo cnh tip cn ny th cc khon
tin gi c x l nh mt u vo trong qu trnh to ra cc u ra nh cho
vay, u t, thu t li, thu ngoi li...trong hot ng ca ngn hng.
2.3.1. M t thng k s liu mu nghin cu
Ngun s liu c s dng trong cc m hnh c lng cc o

hiu qu c thu thp t bng cn i ti sn v bo co thu nhp v chi ph
ca 32 ngn hng thng mi Vit Nam (bao gm 5 ngn hng thng mi
nh nc, 23 ngn hng thng mi c phn v 4 ngn hng lin doanh) thi
k 2001-2005. Da trn ngun s liu hin c v nhng gi t kt qu
nghin cu ca cc tc gi trn th gii v lnh vc m lun n nghin cu,
cng nh thc t hot ng ca cc ngn hng thng mi Vit Nam, lun
n la chn cc bin u vo gm: tng ti sn c nh rng (K) tnh bng
triu ng, c ly xp x bng tng ti sn tr i cc khon cho vay v cc
khon u t [89], chi cho nhn vin (L) tnh bng triu ng [30, 40, 57,
88...]; tng vn huy ng t khch hng (DEPO) tnh bng triu ng v cc
u ra bao gm: thu v li v cc khon tng ng (Y1) tnh bng triu
ng, thu ngoi li v cc khon tng ng (Y2) tnh bng triu ng; hai
bin u ra ny c la chn trong nghin cu ca Cevdet A. Denizer

and Mustafa Dinc (2000) [30], Matthews, C. and Tripe, D (2002) [81],
Richard S. Barr, Kory A. Killgo, and Thomas F. Siems (1999) [87], Thomas,
100
F Siems. and Richard, S Barr (1998) [88]... Ngoi ra tnh c hiu qu

chi ph, hiu qu phn b chng ta cn bit gi ca cc u vo. Gi ca cc
u vo c xp x nh sau: gi ca t bn (W1) = Chi v ti sn/tng ti
sn c nh rng, gi ca lao ng (W2) = Chi cho nhn vin/tng s nhn

vin v gi ca vn huy ng (W3) = chi tr li v cc khon chi tng
ng/DEPO. Tt c s liu c s dng trong nghin cu c iu
chnh theo ch s gi iu chnh GDP ly nm 1994 lm gc.

Bng 2.9. Thng k tm tt cc bin s dng trong m hnh DEA v SFA
Tn bin
2005
2004
2003
2002
2001
nh ngha bin
Trung bnh
Gi tr ln nht
Gi tr nh nht
lch chun
S quan st
Trung bnh
Gi tr ln nht
Gi tr nh nht
lch chun
S quan st
Trung bnh
Gi tr ln nht
Gi tr nh nht
lch chun
S quan st
Trung bnh
Gi tr ln nht
Gi tr nh nht
lch chun
S quan st
Trung bnh
Gi tr ln nht
Gi tr nh nht
lch chun
S quan st
Thu li
Thu
ngoi li
Y1
Y2
Thu nhp hot

ng
361154
3080591
222
849699
32
382625
3749438
887
894080
32
486993
4951115
2871
1129342
32
567406
6279030
5006
1328162
32
723823
7596765
9430
1600037
32
35205
297535
14
74068
32
42439
366545
44
90561
32
56739
439595
37
122367
32
63462
552234
84
137295
32
81161
604949
102
169316
32
Lao
ng
T bn
Tin gi
Gi ca gi ca gi ca tin
lao ng T bn
gi
L
K
DEPO
W1
W2
W3
Chi cho Ti sn tin gi
L/tng s chi ngoi chi tr
nhn
c nh
khch
lao ng li/K li/DEPO
vin
rng
hng
27506
52042 4097891 23,372
1,431
0,115
415320 634541 34336644 96,041
5,333
1,968
67
72
833
5,061
0,160
0,019
79312 126732 9450621 22,225
1,166
0,339
32
32
32
32
32
32
30689
61569 5073031 24,479
1,298
0,068
413161 752382 41608147 97,170
5,192
0,423
261
242
4276
7,624
0,192
0,020
81392 147356 11707822 22,127
1,179
0,069
32
32
32
32
32
32
38792
73619 5892473 23,787
1,227
0,078
530202 926864 50647249 94,787
3,744
0,227
391
263
5391
8,315
0,202
0,024
102907 178485 13584780 17,943
0,904
0,044
32
32
32
32
32
32
45118
97133 6606251 24,584
1,184
0,075
622839 1115301 59156193 88,319
3,733
0,246
483
544
40327
7,768
0,060
0,026
117705 223541 14871775 16,818
0,918
0,043
32
32
32
32
32
32
63608 113737 7548178 26,480
1,032
0,091
801391 1185509 60069385 81,492
6,243
0,280
825
1050
23252
9,144
0,066
0,028
156966 240256 16197358 15,385
1,097
0,055
32
32
32
32
32
32
Ngun: tc gi t tnh t s liu thu thp c trn cc bo co thng nin

v bo co l li ca 32 ngn hng thng mi Vit Nam
101
Bng 2.9 trnh by tm tt kt qu thng k gi tr ln nht, nh nht,

trung bnh v lch chun ca cc bin s c s dng lm u vo v u
ra trong trong cc m hnh c lng cc o hiu qu.
Qua Bng 2.9 v th 2.6 cho ta thy xu hng bin ng ca thu li
v thu ngoi li. C th thy phn thu t li ca 32 ngn hng trong mu
nghin cu hin vn l phn thu nhp ch yu ca cc ngn hng.
800000
700000
600000
500000
400000
300000
200000
100000
0
2001
2002
2003
Y1
2004
2005
Y2
th 2.6. Xu hng bin ng ca thu li v thu ngoi li
Thu ngoi li v cc khon tng ng mc d c xu hng tng theo

thi gian tuy nhin so vi thu t li th hin nay thu ngoi li vn ch chim
mt t trng nh. Nh vy, r rng hot ng cc ngn hng c nghin cu
trong mu vn ch yu da vo cc hot ng cung cp tn dng truyn thng
v iu ny c nguy c khng nh dn n ri ro v mt h thng.
Cc bin u vo L, K, DEPO cng c xu hng tng theo thi gian,
tuy nhin bin DEPO tng mnh vo nhng nm cui thi k 2001-2005, iu
ny c th gii thch mt phn nh vo s tng trng ca nn kinh t Vit
Nam n nh trong thi k ny (tng trng bnh qun thi k 2001-2005 l
7,5%) lm tng xu hng tit kim trong dn c, mt phn cng do ni lng
102
qun l ca NHNN trong hot ng tn dng v phn quan trng l do bn

thn s i mi v ln mnh ca h thng ngn hng thng mi Vit Nam
c bit l cc ngn hng thng mi c phn vo nm 2005.
2.3.2. Ch nh m hnh, la chn cc bin u ra v u vo
2.3.2.1. Ch nh m hnh DEA
la chn cc u ra v cc u vo trong m hnh c lng hiu
qu ca cc ngn hng, ti s dng cch tip cn trung gian l cch tip

cn coi cc ngn hng thng mi l cc t chc trung gian ti chnh thc
hin chc nng huy ng vn t cc tc nhn trong nn kinh t sau cho cc
tc nhn kinh t khc vay. Theo cch tip cn ny, cc u ra ca cc ngn
hng c th c o bng: tng cho vay (thng bao gm cho vay cc t chc
kinh t v c nhn), cc hot ng u t v cung cp cc dch v ngn hng.
Trn thc t, trong qun tr ngn hng c hai bin s khc l thu v li v
thu ngoi li cng c coi nh cc u ra, tuy nhin do thu t li l phn thu
ch yu ca cc mn cho vay v u t, s dng kim nh tng quan cng
cho chng ta h s tng quan gia cc bin s ny kh cao (0,9776), bi vy
khi a cc bin ny vo m hnh trnh hin tng a cng tuyn chng ta
ch la chn 2 trong 3 bin ny.
Cn cc u vo c la chn trong m hnh c th bao gm s nhn
vin hoc chi cho nhin vin (L), t bn hin vt (K), tin gi (D) v chi tr
li. Trong tin gi bao gm c tin gi khng k hn, tin gi c k hn v
tin gi tit kim. T bn hin vt (K) ca ngn hng ch yu c phn nh
bng ti sn c nh rng hoc c xp x bng tng ti sn tr i cc khon
cho vay v u t. Chi tr li l chi ph ca vn vay m trong tin gi l
mt b phn ch yu. Nh vy, khi a cc bin ny vo m hnh c lng
DEA trnh a cng tuyn chng ta ch c chn mt trong hai bin s .
Kt qu phn tch tng quan gia hai bin s ny cng cho ta h s tng
103
quan l 0,944 nh vy n hon ton minh chng cho vic quyt nh la chn
bin l ng n.
Hn na, xc nh xem cc u vo v u ra ph hp vi b s liu
ca cc ngn hng thu thp c, ti s dng kim nh tng quan hng
Spearman. Th tc c thc hin nh sau, trc ht chng ta tnh hiu qu
k thut cho 4 m hnh bng vic s dng b s liu ca nm 2005 bao gm
32 ngn hng. Trong , m hnh 1 l m hnh c la chn lm m hnh
gc v 3 m hnh cn li c s dng phn tch nhy thy c s
khc bit trong hiu qu k thut.
Bng 2.10. Kt qu phn tch la chn cc bin u vo, u ra
Cc ch tiu
M hnh 1 M hnh 2 M hnh 3 M hnh 4
u ra
Tng d n cho vay
Thu li
Thu ngoi li
Chi cho nhn vin
T bn
Tng vn huy ng
*
*
0,949
0,752
0,908
u vo
S lng lao ng
Kt qu c lng
H s tng quan Spearman (SCC)
kim nh mc ngha 5%
Hiu qu trung bnh (Mean)
0,820
0,854
0,815
0,844
lch chun (Std. Dev.)
0,152
0,139
0,151
0,154
Hiu qu nh nht (Minimum)
0,495
0,497
0,462
0,530
S ngn hng t hiu qu ton b
Ngun: Tc gi t tnh ton da trn kt qu t cc m hnh c lng c
104
Kt qu kim nh tng quan hng Spearman ca m hnh 2 vi m

hnh 1, m hnh 3 vi m hnh 1 v m hnh 4 so vi m hnh 1 bng 2.10
cho thy h s tng quan vi m hnh 1 kh cao ln lt bng 0,949; 0,752
v 0,908 nh vy m hnh 1 l m hnh thch hp nht i vi b s liu thu
thp c. Nh vy, da trn kt qu phn tch trn, m hnh DEA c la
chn trong vic c lng hiu qu k thut bao gm 2 bin u ra v 3 bin
u vo. Trong cc bin s u vo v u ra c nh ngha nh sau:
Cc u vo bao gm:
o Tng ti sn c nh rng (K)
o Tng chi cho nhn vin (L)
o Tng vn huy ng (DEPO)
Cc u ra:
o Thu v li v cc khon tng ng (Y1)
o Thu phi li v cc khon tng ng (Y2)
c th tnh c hiu qu chi ph, hiu qu phn b v hiu qu quy
m chng ta cn bit thm cc thng tin v gi ca cc u vo. Thng

thng gi ca 3 u vo ny c tnh xp x nh sau:
o Gi ca t bn (W1) = Chi v ti sn/Tng ti sn c nh rng.
o Gi ca lao ng (W2) = Chi cho nhn vin/tng s nhn vin
o Gi ca vn huy ng (W3) = chi tr li v cc khon chi
tng ng/DEPO
2.3.2.2. Ch nh m hnh SFA
Vi cch tip cn tham s, chng ta cn gi nh mt hm sn xut c

th v mang tnh c trng cho hot ng ca ngnh. Bi vy, cc hm sn
105
xut Cobb-Douglas; v lga siu vit ln lt c kim nh bng t s hp

l la chn dng hm thch hp nht vi tp s liu. Th tc kim nh la
chn v dng hm nh sau:
- Trc ht l: (i) c lng hm c lng hm lga siu vit dng:
ln Yi = 0 + 1 ln Li + 2 ln K i + 3 ln Di + 1 ln L2i 2 ln K i2 + 3 ln Di2
+ 4 ln Li ln K i + 5 ln Li ln Di + 6 ln K i ln Di + vi ui
(50)
- (ii) c lng hm Cobb-Douglas dng lga tuyn tnh:
ln Yi = 0 + 1 ln Li + 2 ln K i + 3 ln Di + vi ui
(51)
S dng cc gi tr ca cc t s hp l thu c t vic c lng cc

m hnh trn kim nh dng hm. Thng k kim nh l:
LR = 2[ L( H 0 ) L( H1 )] , Trong L(H0) l gi tr lga hp l trong m hnh b
rng buc, v n c coi l gi thuyt gc H0; v L(H1) l gi tr lga ca

hm hp l trong m hnh bin tng qut, v c coi l gi thuyt i H1,
Kim nh thng k ny c phn phi xp x Khi-bnh phng (2) hoc Khibnh phng hn hp vi bc t do bng chnh lch gia cc tham s tng
ng trong gi thuyt gc v gi thuyt i.
Kt qu ca kim nh cho cc tham s ca m hnh hm sn xut bin

ngu nhiu (SFA) c trnh by tm tt trong bng 2.11 gm:
(1). Kim nh dng hm: la chn gia hm Cobb-Douglas v hm
lga siu vit. Gi thuyt H0 l hm sn xut Cobb-Douglas l thch hp vi
tp s liu, ngha l H0: 1=2 =3 =4=5 =6 = 0. Thng k kim nh l
thng k LR tun theo phn phi Khi bnh phng hn hp vi 6 bc t do.
Nh ch ra trong bng LR =55,199 ln hn cc gi tr ti hn vi c mc
ngha 1% v 5% v vy gi thuyt H0 b bc b. Hm c chn cho nghin
cu ny l hm lga siu vit.
106
(2) Gi thuyt H0: Hm lga siu vit c hiu qu khng i theo quy
m v gi thit i l bin i theo quy m, iu ny tng ng vi gi
thit: H0: 1 + 2 + 3 =1 v 1 + 2 + 3 + 4 +5 +6 = 0. Thng k kim
nh l thng k LR tun theo phn phi Khi bnh phng hn hp vi 2 bc
t do bng 6,389 ln hn cc gi tr ti hn vi c mc ngha 5% nhng nh

hn mc ngha 1%. Nh vy gi thuyt H0 b bc b mc ngha 5%
nhng khng bc b mc ngha 1%.
Bng 2.11. Kim nh t s hp l tng qut cho tham s ca m hnh
hm sn xut bin ngu nhin (SFA)
Gi thuyt H0
Gi tr ca
thng k kim
nh (LR)
Gi tr ti hn
1%
Quyt nh
5%
1. La chn gia hm Cobb-Douglas v hm lga siu vit (bc t do: df = 6)

H0: 1 =2 =3 =4 =5 =6 = 0
55,199
16,074
12,590
8,237
5,138
Bc b
2. hiu qu khng i theo quy m (bc t do: df = 2)

H0: 1 + 2 + 3 =1 v
1 + 2 + 3 + 4 +5 +6 = 0
6,389
Khng bc b
mc ngha 1%
3. Phn phi nhiu phi hiu qu l phn phi bn chun (bc t do: df = 1)
H0: = 0
0,023
5,412
2,706
Khng bc b
4. Kim nh xem c tn ti phi hiu qu k thut khng (bc t do df = 2)

H0: khng tn ti Phi hiu qu k
thut
107,146
8,237
5,138
Bc b
5. Kim nh xem phi hiu qu k thut c bt bin theo thi gian khng (bc t do df = 1)
H0: = 0
40,671
5,412
2,706
Bc b
* Gi tr ti hn thu c t bng 1 ca Kodde & Palm (1986).
Ngun: Tc gi tnh da trn kt qu c lng c.
(3) Gi thuyt H0: l nhiu tun theo bn chun v gi thuyt i l

nhiu tun theo phn phi chun ct. Theo bng 2.11, gi tr ca thng k
kim nh LR l 0,023 nh hn gi tr ti hn tt c cc mc ngha. Do
107
chng ta khng t b gi thuyt H0, nhiu ca m hnh tun theo phn phi
bn chun.
(4) Gi thuyt H0: l khng c phi hiu qu k thut hay khng tn ti
phi hiu qu k thut, Kt qu kim nh cho thy gi thuyt H0 b bc b. D
nhin nu gi thuyt H0 ng th s khng c tham s bin trong phng trnh
hi quy v c lng tr thnh c lng OLS. Kt qu kim nh ny gi
rng hm sn xut trung bnh khng th biu th cho cng ngh ca cc ngnh
trong thi k mu v nu s dng hm sn xut trung bnh s c lng thp
ng bin thc t v c nh hng ca phi hiu qu k thut.
(5) Gi thuyt H0: phi hiu qu k thut khng bin i theo thi gian,
Gi thuyt ny cng b bc b c mc ngha thng k 1% v 5%.
Nh vy m hnh chng ta xem xt l m hnh hm sn xut lga siu
vit vi phi hiu qu k thut bin i theo thi gian v nhiu phi hiu qu c
dng bn chun.
2.3.3. Kt qu c lng hiu qu k thut v ch s Malmquist bng DEA
Kt qu c lng hiu qu thc hin
Sau khi la chn c cc bin i din u vo, u ra cho mu

nghin cu gm 32 ngn hng thng mi Vit Nam thi k 2001-2005, theo
cch tip cn phi tham s (DEA) vi s h tr ca phn mn DEAP 2.1, ti
thc hin c lng hiu qu ton b, hiu qu thun v hiu qu quy m
cho tng ngn hng (xem ph lc 13) v kt qu thng k m t c trnh

by tm tt bng 2.12 di y cho ton b mu v tng loi hnh ngn
hng.
Bng 2.12 cho kt qu thng k m t ca cc ch tiu hiu qu ca
ton b mu nghin cu cng nh c chia ra thnh cc nhm ngn hng
thuc cc loi hnh s hu khc nhau.
108

ca cc loi hnh ngn hng trung bnh thi k 2001-2005
2002
2001
Nm
Tiu ch
Ton b mu
TE
PE
SE
NHTMQD
TE
PE
SE
NHLD
TE
PE
SE
NHTMCP
TE
PE
SE
Ton b mu
TE
PE
SE
NHTMQD
TE
PE
SE
NHLD
TE
PE
SE
NHTMCP
TE
PE
SE
Trung
bnh
(Mean)
lch
chun
(Std. Dev)
Gi tr
ln nht
(Maximum)
Gi tr
nh nht
(Minimum)
S
quan st
(Obs)
0,735
0,841
0,886
0,216
0,196
0,179
1,000
1,000
1,000
0,253
0,437
0,253
32
32
32
0,794
0,993
0,798
1,000
1,000
1,000
0,588
0,967
0,608
0,197
0,015
0,191
5
5
5
0,514
0,567
0,917
0,671
0,706
1,000
0,417
0,437
0,762
0,111
0,139
0,105
4
4
4
0,760
0,855
0,899
1,000
1,000
1,000
0,253
0,463
0,253
0,216
0,180
0,186
23
23
23
0,751
0,847
0,894
0,210
0,192
0,159
1,000
1,000
1,000
0,345
0,416
0,345
32
32
32
0,775
1,000
0,775
1,000
1,000
1,000
0,612
1,000
0,612
0,206
0,000
0,206
5
5
5
0,512
0,595
0,882
0,649
0,840
0,978
0,407
0,416
0,773
0,101
0,181
0,107
4
4
4
0,787
0,858
0,923
1,000
1,000
1,000
0,345
0,452
0,345
0,203
0,174
0,149
23
23
23
(...cn tip)
109

ca cc loi hnh ngn hng trung bnh thi k 2001-2005 (tip theo...)
2004
2003
Nm
Tiu ch
Ton b mu
TE
PE
SE
NHTMQD
TE
PE
SE
NHLD
TE
PE
SE
NHTMCP
TE
PE
SE
Ton b mu
TE
PE
SE
NHTMQD
TE
PE
SE
NHLD
TE
PE
SE
NHTMCP
TE
PE
SE
Trung
bnh
(Mean)
lch
chun
(Std. Dev)
Gi tr
ln nht
(Maximum)
Gi tr
nh nht
(Minimum)
S
quan st
(Obs)
0,834
0,909
0,919
0,159
0,141
0,103
1,000
1,000
1,000
0,522
0,525
0,663
32
32
32
0,727
0,970
0,747
0,851
1,000
0,851
0,585
0,852
0,663
0,109
0,066
0,082
5
5
5
0,750
0,751
0,998
1,000
1,000
1,000
0,522
0,525
0,995
0,249
0,248
0,002
4
4
4
0,872
0,924
0,942
1,000
1,000
1,000
0,554
0,559
0,770
0,140
0,115
0,072
23
23
23
0,815
0,883
0,928
0,180
0,167
0,125
1,000
1,000
1,000
0,405
0,406
0,562
32
32
32
0,861
1,000
0,861
1,000
1,000
1,000
0,703
1,000
0,703
0,134
0,000
0,134
5
5
5
0,703
0,710
0,990
1,000
1,000
1,000
0,405
0,406
0,977
0,247
0,248
0,010
4
4
4
0,824
0,888
0,931
1,000
1,000
1,000
0,467
0,485
0,562
0,177
0,150
0,131
23
23
23
(...cn tip)
110

ca cc loi hnh ngn hng trung bnh thi k 2001-2005 (tip theo...)
2001-2005
2005
Nm
Tiu ch
Ton b mu
TE
PE
SE
NHTMQD
TE
PE
SE
NHLD
TE
PE
SE
NHTMCP
TE
PE
SE
Trung
bnh
(Mean)
lch
chun
(Std. Dev)
Gi tr
ln nht
(Maximum)
Gi tr
nh nht
(Minimum)
S
quan st
(Obs)
0,820
0,922
0,889
0,152
0,119
0,111
1,000
1,000
1,000
0,495
0,605
0,596
32
32
32
0,732
0,989
0,738
0,865
1,000
0,865
0,564
0,947
0,596
0,108
0,024
0,096
5
5
5
0,852
0,866
0,979
1,000
1,000
1,000
0,565
0,605
0,934
0,205
0,186
0,031
4
4
4
0,834
0,917
0,906
1,000
1,000
1,000
0,495
0,650
0,656
0,150
0,116
0,092
23
23
23
Ton b mu
TE
PE
SE
0,791
0,880
0,903
0,137
0,138
0,099
1,000
1,000
1,000
0,477
0,487
0,622
32
32
32
NHTMQD
TE
PE
SE
0,778
0,991
0,784
0,921
1,000
0,921
0,650
0,970
0,660
0,106
0,014
0,105
5
5
5
NHLD
TE
PE
SE
0,666
0,698
0,953
0,832
0,862
0,981
0,477
0,487
0,899
0,150
0,156
0,038
4
4
4
NHTMCP
TE
PE
SE
0,816
0,888
0,920
1,000
1,000
1,000
0,516
0,525
0,622
0,133
0,120
0,088
23
23
23
Ngun: Tc gi t tnh da trn kt qu c lng c
111
Hiu qu ton b bnh qun ca c mu thi k nghin cu 2001-2005

t 0,791 iu ny cho thy cc ngn hng thng mi Vit Nam to ra
cng mt mc sn lng u ra nh nhau th hin mi ch s dng c

79,1% cc u vo hay ni mt cch khc cc ngn hng cn s dng lng ph
cc u vo khong 26,4%3.
Xt v loi hnh s hu th kt qu cho thy hiu qu bnh qun thi k
2001-2005 c lng c gp ca c cc ngn hng thng mi c phn (23
ngn hng) v ngn hng lin doanh (4 ngn hng) l 0,741 thp hn cc ngn
hng thng mi nh nc (0,778). Tuy nhin nu ch tnh bnh qun cho 23
ngn hng thng mi c phn th hiu qu bnh qun ca khi ngn hng ny
(0,816) li ln hn khi ngn hng thng mi nh nc. iu ny cho thy
trong thi k nghin cu cc ngn hng thng mi c phn dn dn s dng
c hiu qu cc ngun lc.
i vi cc ngn hng khi lin doanh th hiu qu ton b trung bnh
thi k nghin cu l thp nht mc d t nm 2003 n 2005 hiu qu c

tng nhng do hiu qu bnh qun ca 2 nm 2001 v 2002 thp do tnh
chung c thi k nghin cu ch t c 66,6%. Nu tnh theo tin trnh thi
gian t 2001 n 2005 th kt qu c cho thy cc ngn hng lin doanh
ngy cng s dng c hiu qu cc u vo, gim thiu chi ph hot ng v
gia tng hiu qu cc u ra. Tuy cc NHLD hin ti c quy m nh, kh
nng cung cp a dng cc loi hnh dch v bn bun hn ch, nhng trong
thi gian qua cc ngn hng lin doanh ch trng hn n cc nghip v
bn l, khai thc tt cc sn phm hin c v hon thin b my qun tr theo
hng gn nh do lm tng c hiu qu quy m v hiu qu thun.
Hn na v hiu qu ton b l tch ca hiu qu k thut thun vi
hiu qu quy m, bi vy ln ca cc ch tiu hiu qu ny s phn nh
3
Mi quan h gia hiu qu (OTE) v phi hiu qu (IOTE) l OTE = 1/(1+IOTE)
112
ngun phi hot qu trong hot ng ca cc ngn hng. Ta thy hiu qu k

thut thun trung bnh ca mu thi k nghin cu l 0,88 nh hn so vi
hiu qu quy m bnh qun (0,903). Nh vy, c th thy trong thi k mu
nghin cu th cc nhn t phn nh quy m hot ng ca ngn hng ng
gp vo hiu qu ton b l ln hn so vi hiu qu k thut thun. Nhng
ring i vi khu vc ngn hng thng mi nh nc th bng trn cho thy
hiu qu k thut thun trung bnh (0,991) li ln hn hiu qu quy m trung
bnh (0,784). Cc ch s ny cho ta kt lun rng cc nhn t phn nh quy
m hot ng ca ngn hng thng mi nh nc l nhn t gy ra ngun
phi hiu qu ln hn so vi cc nhn t v mt k thut.
Bng 2.13 tm tt kt qu c lng c ca m hnh DEA cho bit
c th s lng cc ngn hng thng mi Vit Nam ang hot ng di
iu kin hiu sut gim theo quy m, hiu sut tng theo quy m v hiu sut
khng i theo quy m (xem ph lc 13).

Bng 2.13. S lng cc ngn hng c hiu sut gim (DRS), tng (IRS) v
khng i theo quy (CONS), thi k nghin cu 2001-2005
DRS
IRS
CONS
Tng cng
2001
15
7
10
32
2002
15
6
11
32
2003
16
5
11
32
2004
13
6
13
32
2005
20
5
7
32
Ngun: Tc gi t tnh da trn kt qu c lng c
Bng 2.13 cho thy s lng cc ngn hng i mt vi hiu sut gim
theo quy m tng qua cc nm. Nh vy, nu cc ngn hng ny tip tc tng
quy m hot ng s lm gim hiu qu hot ng ton b.
Cng theo kt qu c lng c t m hnh DEA ny th cc ngn
hng thng mi nh nc hin ang i mt vi hiu sut gim theo quy m
(DRS), nh vy c th tng c hiu qu hot ng ca mnh cc ngn
hng ny khng th tp trung vo m rng quy m ca cc sn phm hin c
113
m nn pht trin cc sn phm mi c th ci thin nng sut cc yu t

u vo. Cn trong nhm cc ngn hng thng mi c phn th cc ngn
hng c phn nng thn vn c th tip tc m rng cc sn phm ang cung

cp cho th trng v nhng ngn hng ny ang hot ng trong iu kin
hiu sut tng theo quy m (IRS).
Kt qu c lng thay i hiu qu v nng sut
Kt qu c lng cc ch s Malmquist bnh qun cho ton b mu,

tng loi hnh ngn hng v tng ngn hng thi k 2001-2005 c trnh
by tm tt trong bng 2.14 v bng 2.15 (chi tit xem ph lc 9).
Bng 2.14. Ch s Malmquist bnh qun thi k 2001-2005
Nm
2001-2002
2002-2003
2003-2004
2004-2005
Trung bnh
2001-2005
Loi hnh
obs
effch
Ton b mu
NHTMQD
NHLD
NHTMCP
Ton b mu
NHTMQD
NHLD
NHTMCP
Ton b mu
NHTMQD
NHLD
NHTMCP
Ton b mu
NHTMQD
NHLD
NHTMCP
Ton b mu
NHTMQD
NHLD
NHTMCP
32
5
4
23
32
5
4
23
32
5
4
23
32
5
4
23
32
5
4
23
1,029
0,973
0,998
1,047
1,137
0,956
1,424
1,135
0,970
1,184
0,930
0,935
1,016
0,850
1,244
1,019
1,036
0,984
1,133
1,032
techch
0,898
0,991
0,898
0,879
0,905
0,976
0,915
0,888
0,904
0,900
1,077
0,878
1,055
1,055
0,858
1,094
0,938
0,979
0,934
0,930
pech
sech
1,009
1,007
1,038
1,005
1,091
0,968
1,251
1,093
0,964
1,032
0,938
0,954
1,057
0,989
1,259
1,040
1,029
0,999
1,113
1,022
1,020
0,966
0,962
1,042
1,042
0,987
1,138
1,038
1,006
1,147
0,992
0,980
0,961
0,859
0,988
0,980
1,007
0,985
1,018
1,010
tfpch
0,924
0,964
0,897
0,920
1,028
0,933
1,304
1,008
0,877
1,066
1,002
0,821
1,071
0,897
1,067
1,114
0,972
0,963
1,057
0,960
Trong : effch:Thay i hiu qu k thut; techch: thay i tin b cng ngh; pech: thay
i hiu qu thun; sech: thay i hiu qu quy m v tfpch l thay i nng sut nhn t
tng hp.
Ngun: kt qu c lng c ca tc gi t ch s Malmquist
114
Bng 2.14 cho thy s thay i ca nng sut nhn t tng hp (tfpch)
trong thi k mu nghin cu nh hn 1 hay ch t 0,972 m nguyn nhn
ch yu l do s thay i ca tin b cng ngh (techch) ch t 0,938 mc d
s thay i ca tin b cng ngh theo kt qu c lng c bng 2.14
cho thy c s gia tng trong cc nm. iu ny c th c gii thch l do
tin b cng ngh cha pht huy c trong thi k ny v nhiu ngn hng
vn nghing v nhng cng ngh s dng nhiu lao ng.
Bng 2.15. Kt qu c lng effch, techch, pech, sech v tfpch cho 32
ngn hng thng mi trung bnh thi k 2001-2005
STT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
Tn Ngn hng
VBARD
VCB
BIDV
ICB
ACB
STB
MHB
EIB
TCB
VIB
EAB
MB
HBB
MSB
VPB
OCB
IVB
VSB
SGB
VID
PNB
WB
CVB
HDB
NAB
ABB
GPB
effch
1,0370
0,9320
1,0370
0,9900
0,9130
1,0460
0,9280
1,2030
0,9950
0,8790
0,9610
0,8920
0,9670
1,0830
1,0610
1,0590
1,1350
1,1050
1,0440
1,0540
0,9850
1,0000
1,2450
1,0860
1,0830
1,3570
1,0860
techch
1,0140
0,9020
0,9590
1,0230
1,0340
0,9720
1,0020
0,8180
1,0560
0,9630
0,9370
0,9110
1,0740
0,9800
0,9360
1,0190
0,9010
1,0520
0,9820
0,9170
0,9900
0,7060
0,8750
0,9950
0,9710
0,9060
0,8970
pech
1,0000
1,0000
1,0000
0,9950
0,9910
1,0440
1,0000
1,0000
1,0470
0,9440
1,0000
0,9270
0,9970
1,0800
1,0770
1,0630
1,0660
1,0910
1,0360
1,0720
0,9970
1,0000
1,2300
1,1110
1,0800
0,9750
1,0000
sech
1,0370
0,9320
1,0370
0,9950
0,9210
1,0020
0,9280
1,2030
0,9510
0,9310
0,9610
0,9630
0,9690
1,0030
0,9850
0,9960
1,0650
1,0120
1,0080
0,9830
0,9880
1,0000
1,0120
0,9770
1,0030
1,3920
1,0860
tfpch
1,0510
0,8410
0,9950
1,0120
0,9440
1,0160
0,9300
0,9840
1,0510
0,8460
0,9010
0,8130
1,0380
1,0610
0,9940
1,0790
1,0230
1,1620
1,0260
0,9660
0,9750
0,7060
1,0890
1,0810
1,0520
1,2290
0,9740
115
28
NASB
29
DAB
30
RKB
31
MXB
32
SCB
Trung bnh 2001-2005
1,0000
0,9410
0,9530
1,0480
1,2020
1.0360
0,9200
0,6950
0,9540
0,8150
0,9950
0,9380
1,0000
0,9620
1,0000
1,0000
1,2100
1,0290
1,0000
0,9780
0,9530
1,0480
0,9940
1,0070
0,9200
0,6540
0,9090
0,8530
1,1960
0,9720
Ngun: kt qu c lng c ca tc gi t ch s Malmquist
2.3.4. Kt qu c lng hiu qu k thut bng SFA
B s liu c s dng trong m hnh SFA cng nh DEA c ly

t bng tng kt ti sn v bo co l li ca 32 ngn hng thng mi Vit
Nam (gm 5 ngn hng thng mi nh nc, 4 ngn hng lin doanh v 23
ngn hng thng mi c phn) thi k 2001-2005. Kt qu c lng hiu
qu k thut trung bnh thi k mu c trnh by tm tt bng 2.16 v
cho tng ngn hng ph lc 10, 11, 12.
Bng 2.16. Hiu qu k thut (TE) thi k 2001-2005 c lng theo m
hnh hm sn xut bin ngu nhin (SFA) v (DEA)
Tiu ch
Trung
bnh
lch
chun
Gi tr
ln nht
Gi tr
nh nht
S
quan st
Ton b mu
TE_CRS (SFA)
TE_VRS (SFA)
TE_CRS (DEA)
0,7404
0,7298
0,7910
0,1591
0,1602
0,1366
0,9553
0,9593
1,0000
0,3757
0,3714
0,4770
32
32
32
NHTMQD
TE_CRS (SFA)
TE_VRS (SFA)
TE_CRS (DEA)
0,8717
0,8808
0,7780
0,0493
0,0461
0,1062
0,9278
0,9332
0,9214
0,8029
0,8164
0,6500
5
5
5
NHLD
TE_CRS (SFA)
TE_VRS (SFA)
TE_CRS (DEA)
0,5187
0,5432
0,6658
0,1072
0,1052
0,1499
0,6191
0,6414
0,8318
0,3941
0,4206
0,4768
4
4
4
NHTMCP
TE_CRS (SFA)
TE_VRS (SFA)
TE_CRS (DEA)
0,7504
0,7657
0,8155
0,1438
0,1372
0,1329
0,9553
0,9587
1,0000
0,3757
0,4021
0,5156
23
23
23
Ngun: Kt qu c lng c ca tc gi t m hnh SFA & DEA
116
Bng 2.16 cho kt qu c lng hiu qu k thut di iu kin CRS

v VRS bng phng php bin ngu nhin (SFA) ln lt l 0,740 v 0,729
nh hn kt qu c lng bng m hnh DEA (0,791). Trong khi ngn hng
thng mi nh nc th VCB hin vn l ngn hng c hiu qu k thut ln
nht. Cn i vi cc ngn hng thng mi c phn c hiu qu k thut trn
70% s dng c hiu qu cc u vo to ra cc u ra tng ng nh
nhau l cc ngn hng ACB, STB, TCB, VIB, EAB, MB, HBB, VPB...
2.3.5. Kt qu c lng m hnh Tobit nh gi cc nhn t nh hng
n hiu qu ca cc ngn hng thng mi
Phn ny tp trung vo phn tch nhng nhn t c kh nng tc ng

ti hiu qu hot ng ton b c lng c t phn trn ca 32 ngn hng
trong mu nghin cu. Vi c trng ca cu trc d liu l b ct ct, do
m hnh ph hp c la chn s dng y l m hnh hi quy Tobit vi
d liu hn hp gm 160 quan st (32 ngn hng thng mi, quan st trong 5
nm 2001-2005).
Cc h s trong m hnh phn tch cc nhn t nh hng n hiu qu
ton b ca cc ngn hng c lng c bng hi quy Tobit (m hnh
c trnh by trong mc 1.1.3.3 ca chng 1) c trnh by bng 2.17
v kt qu c lng m hnh Tobit chi tit c trnh by trong ph lc 15.

Bng 2.17 cho thy h s c lng c ca bin quy m BANKSIZE
c ngha thng k mc ngha 1% v ng vi du c k vng l
dng. iu ny c ngha l tnh chung cho ton b mu nghin cu th hiu
qu hot ng ca cc ngn hng thng mi Vit Nam thi k 2001-2005
tng khi tng ti sn ca cc ngn hng tng. Tuy nhin, d c mi quan h
dng gia BANKSIZE v hiu qu hot ng ca cc ngn hng, nhng h
s ny nh hng n hiu qu k thut khng ln, nh vy mt s ngn hng
cn cn nhc k trc khi quyt nh tng vn m rng quy m hot ng
117
hin ti ca mnh bi v theo kt qu nghin cu trn (bng 2.13) th c kh

nhiu cc ngn hng thng mi Vit Nam hin nay ang i mt vi xu
hng hiu sut gim theo quy m (c bit l i vi cc ngn hng thng
mi c tng ti sn ln nh cc NHTM nh nc - xem ph lc 13), ngha l
nu cc ngn hng ny tng vn qu nhiu c th lm hiu qu ton b gim.
trnh nhng tc ng ca quy lut ny cc ngn hng thng mi Vit
Nam nn u t pht trin theo chiu su v cung cp cc loi hnh dch v

ngn hng mi, trong cc dch v ny cn phi da trn nn tng tin b
cng ngh ngn hng c vy cc ngn hng thng mi Vit Nam mi c
th nng cao nng sut cc yu t u vo.
Bng 2.17. Kt qu c lng m hnh Tobit phn tch cc yu t tc ng
n hiu qu hot ng ca cc ngn hng thng mi Vit Nam
Cc bin
H s
BANKSIZE
NPL
TCTR
DLR
ETA
MARKETSHARE
KL
LOANTA
FATA
OWNERNN
OWNERCP
Y02
Y03
Y04
Y05
TRAD
_CONS
0,0243
-0,2661
-0,2259
-0,0517
0,0928
0,3904
0,0094
-0,1434
-1,1841
0,2989
0,2221
0,0369
0,0525
0,0760
0,0916
-0,0637
0,3909
Sai s
chun
0,0027
0,1475
0,0287
0,0063
0,0380
0,0768
0,0016
0,0241
0,3236
0,0159
0,0091
0,0068
0,0072
0,0076
0,0081
0,0321
0,0682
P>|z|
8,9300
-1,8000
-7,8700
-8,2300
2,4400
5,0900
5,9800
-5,9500
-3,6600
18,7600
24,4200
5,4100
7,3200
10,0300
11,3500
-1,9900
5,7300
0,0000
0,0710
0,0000
0,0000
0,0150
0,0000
0,0000
0,0000
0,0000
0,0000
0,0000
0,0000
0,0000
0,0000
0,0000
0,0470
0,0000
Khong tin cy
95%
0,0190
0,0297
-0,5553
0,0230
-0,2822 -0,1697
-0,0640 -0,0394
0,0184
0,1672
0,2399
0,5408
0,0063
0,0125
-0,1906 -0,0961
-1,8184 -0,5497
0,2677
0,3302
0,2043
0,2399
0,0235
0,0503
0,0385
0,0666
0,0611
0,0908
0,0758
0,1074
-0,1266 -0,0009
0,2572
0,5246
Ngun: Kt qu c lng c ca tc gi t m hnh Tobit
Cc h s c lng c ca hai bin phn nh tc ng ca loi hnh

ngn hng thng mi n hiu qu hot ng OWNERNN phn nh nhng
118
ngn hng thng mi thuc s hu nh nc v OWNERCP i din cho

cc ngn hng thng mi c phn u c ngha thng k mc ngha
1% v c du dng. Kt qu c lng c cho thy, hot ng ca cc
ngn hng thng mi nh nc c nh hng n hiu qu k thut ca
ngnh ln hn l cc loi hnh ngn hng cn li. Nh vy, c th thy h
thng ngn hng thng mi nh nc vn l "ci m" cho c h thng ngn
hng thng mi ca Vit Nam, tuy nhin so vi hiu qu ca cc loi hnh
ngn hng cn li th nhng nm gn y hiu qu ca cc ngn hng thng
mi nh nc c xu hng gim. Chnh nhng kt qu ny cho ta nhng gi
v mt chnh sch l khi ngn hng nh nc l "ci m" vng chc
cho s pht trin cho h thng ti chnh ca Vit Nam, trong thi gian ti i
hi cc ngn hng thng mi nh nc cn i mi mt cch ton din v
mnh m hn t cu trc ngn hng thng qua vic thc hin c phn ha,
cch thc qun tr iu hnh, chin lc v nh hng pht trin th trng,
cung cp cc dch v mi... n vic nng cao trnh nhn vin, tng cng
cng tc o to v tuyn dng nhn lc c nh vy mi c th nng cao hiu
qu hot ng tng kh nng cnh tranh trong thi k hu WTO.
mc ngha thng k 1%, t l tin gi - cho vay (DLR) c nh
hng m n hiu qu k thut c lng c. iu ny c ngha l nu

cc ngn hng s dng tt ngun vn huy ng th c th s lm tng hiu
qu hot ng. Tuy nhin, cc ngn hng cng cn nhn thy c nguy c
tin n b thu hp tin gi nhanh chng khi trn th trng c nhng tnh
hung t xut xy ra nh khch hng rt tin mua chng khon hoc khch
hng vay n ngn hng n hn khng tr c. Ngoi ra, cc khon tin gi
hin nay to ra cc ng cho vay c tnh khng n nh, s khng n nh
ny c th c gii thch thng qua t l s dng ng vn ngn hn cho vay
di hn cha hp l, v s gia tng ca hin tng la ha kh cao trong
nn kinh t, c th nm 2004 t trong vn huy ng ngoi t t khong 30%
119
trong vn huy ng di hn chim 28% nhng cho vay di hn chim 45%

v khong cch ny ngy cng c xu hng gia tng.
H s c lng c ca bin cho vay so vi tng ti sn c
(LOANTA) c tc ng ngc chiu vi hiu qu k thut c lng c
mc ngha 1%, kt qu ny cho thy khng phi ngn hng cho vay cng
nhiu th li hiu qu cng cao. Bi v, s lng tn dng tng th ri ro tn
dng cng gia tng. c bit l cc khon vay trung di hn thng tim n mc
ri ro cao, do cc mn vay ny chu nh hng bi cc bin ng ca th
trng, ca nn kinh t nhiu hn. Thc t cho thy trong thi gian qua do cc
ngn hng thng mi chy ua m rng th trng tn dng nn thng

thong hn trong vic thm nh cc d n vay vn, trong khi kh nng
qun l, kh nng kim sot cht lng tn dng ca cc ngn hng cha cao,
kh nng phn tch v thm nh d n ca cn b tn dng cn hn ch, qun l
ri ro cn km, lm cho cc mn cho vay c nhiu ri ro hn, v lm gim

hiu qu s dng ng vn, tng t l n qu hn v gy ra nguy c ri ro v
mt h thng c bit l khi cc ngn hng thng mi nh nc vn chim
th phn ln cho vay v huy ng vn. Nhng l do trn cng c th c l
gii qua h s c lng c ca TCTR, h s ny l c tc ng m vi
hiu qu k thut mc ngha 1%, iu ny c ngha l nu cc ngn hng
thng mi thc hin cc mn cho vay c nhiu ri ro, th s lm tng chi ph
hot ng tn dng v gim thu t chnh nhng hot ng ny. Nh vy,
tng hiu qu hot ng tn dng ca mnh, cc ngn hng cn phi gim
thiu c chi ph hot ng, ng thi khai thc v pht trin nhng sn mi
trn nn tng cng ngh hin c c th tng doanh thu t cc hot ng
dch v t ri ro ny. Hn na, kt qu h s c lng c ca bin NPL
(n qu hn/ tng d n cho vay) l m v c ngha thng k mc 10%.
H s ny l mt trong nhng h s c c lng c c nh hng kh
ln n hiu qu hot ng ca cc ngn hng, iu ny cho ta thy rng nu
120
cc ngn hng s dng khng tt ngun vn huy ng c v cho vay chy

theo doanh s th nguy c n xu s tng v lm gim hiu qu hot ng ca
cc ngn hng. Nh vy, c th nng cao hiu qu hot ng ca mnh
trong thi gian ti cc ngn hng thng mi cn nng cao hiu qu s mt
ng vn huy ng bng cch thit lp quy trnh nghip v cho vay ng b,
hn ch thp nht kh nng ri ro; nng cao nng lc qun tr ri ro i vi

i ng cn b qun tr, iu hnh cc cp, c bit l nng cao nghip v cho
cn b tn dng; ng thi a cc cng c kim sot ri ro ca ngn hng

hin i vo qun tr nghip v tn dng, cn phn tch cc chc nng nh gi
ti sn, thm nh v tip xc khch hng thnh cc b phn c lp gim
thiu r ro o c trong hot ng tn dng; xy dng s tay tn dng; xy dng
h thng c s d liu khch hng, xp hng tn dng khch hng nhm to ra
c mt h thng thng tin mang tnh cht cnh bo sm, ng thi cc ngn
hng cn phi a ra c cc k hoch tng trng tn dng trong nm v bm
st thc hin theo k hoch ny ch khng nn chy theo doanh s cho vay.
H s ca bin MARKSHARE c s dng trong m hnh kim

nh phn chia th trng hay phn nh sc mnh th trng c lng c
c ngha thng k mc ngha 1% v c du l dng. Nh vy, kt qu

ny cho thy phn chia th trng ca cc ngn hng cng c nh hng kh
ln n hiu qu hot ng ca cc ngn hng. Cc ngn hng c phn chia
th trng ln c th ci thin c hiu qu hot ng ca mnh v phn chia
th trng ln hn s lm cho chi ph hot ng ca cc ngn hng thp hn
v lm li nhun to ra ln hn.
H s ca t l vn ch s hu/tng ti sn c (ETA) c lng c
c tc ng dng ti hiu qu k thut mc ngha 5%, tuy nhin mc
nh hng ca bin ny n hiu qu hot ng ca cc ngn hng l khng
ln. nh hng ca ETA n hiu qu k thut l nh v vn t c ca cc

ngn hng thng mi c xem xt trong thi k nghin cu cn nh so vi
121
quy m ti sn c bit l i vi cc ngn hng thng mi nh nc, khi

cc ngn hng thng mi nh nc c nh gi l nhng ngn hng c
tng ti sn, th phn th trng tin gi (68%) v cho vay (71%) ln nhng
vn khng ghi s chim 1/3 s vn iu l ca cc ngn hng ny, t l an
ton vn c duy tr di mc cho php, kh nng b sung vn t c b hn
ch, do vy nu phn loi v tnh d phng theo tiu chun k ton v
thng l quc t th phn ln cc ngn hng thng mi nh nc khng cn
vn t c hoc vn t c m. Kt qu ny gi cho chng ta thy trong ngn
hn cc ngn hng c th tng vn tng nng lc ti chnh v kh nng
cnh tranh, nhng vic tng vn ca cc ngn hng cn thn trng, v tng
vn ch s hu khng phi l phng thc hu hiu nht lm tng hiu
qu hot ng ca cc ngn hng nu cc ngn hng tng vn ang hot ng
trong iu kin hiu sut gim theo quy m. Tuy nhin, i vi nhng ngn
hng c t l an ton vn nh hn 8% theo chun quc t, th c th tng vn
trc mt nhm tng kh nng thanh khon, cht lng ti sn v m bo
cho cc ngn hng ny pht trin n nh v dn dn tng th phn gp phn
ci thin c hiu qu hot ng. Cn i vi nhng ngn hng c t l vn
ch s hu/tng ti sn qu ln th vic tng vn ch s hu l khng cn
thit bi v vn ch s hu cng tng th hiu qu hot ng cha chc
tng nu cc ngn hng ny ang i mt vi hiu sut gim theo quy m.
Hn na, h s FATA c lng c c tc ng m n hiu qu k thut
mc ngha 1% iu ny c ngha l FATA tng s lm tng phi hiu qu
v mt chi ph, t y cho php chng ta khng nh rng nu cc ngn hng

thng mi tng vn ch thc hin hot ng u t theo chiu rng nh
m rng phm vi v a bn hot ng (m cc chi nhnh v phng giao dch
mi) th vic tng vn ca mt s ngn hng thng mi nh hin nay c th
s lm gim hiu qu hot ng ton b ca cc ngn hng ny, iu ny cng
ng ngha vi ri ro m ngn hng phi gnh chu ngy cng tng. Nh vy,
122
ci thin tnh trng ny th cc ngn hng thng mi c bit l ngn hng
thng mi nh nc cn y nhanh qu trnh c cu li ngun vn nh sm

thc hin c phn ha c th ti cu trc li hot ng ca cc ngn hng
ny nhm to ra mt c ch qun l mi c nh vy mi nng cao c hiu
qu hot ng ca h thng. i vi cc ngn hng thng mi c phn nht
l cc ngn hng thng mi c phn nng thn, nng cao hiu qu hot
ng v kh nng canh tranh ca cc ngn hng ny, NHNN cn cho php h
c cu li vn ch s hu sm chuyn i thnh ngn hng thng mi c

phn th v hin nay a phn cc ngn hng ny ang hot ng trong iu
kin hiu sut tng theo quy m. Cn i vi cc ngn hng thng mi c
phn th c quy m va th trc khi cho php cc ngn hng thng mi
tng vn, NHNN cn xem xt c th vic gii trnh mc ch tng vn ca
NHTM ng thi i hi cc ngn hng phi xy dng mt lch trnh tng
vn c th theo st vi chin lc pht trin ca ngn hng v ph hp vi
nh hng pht trin ca ngnh, trnh trng hp cho php cc ngn hng
ny tng vn t v c th lm cho hiu qu hot ng ca cc ngn hng ny

gim do h ang i mt vi hiu sut gim theo quy m.
H s c lng c ca bin thu v li/thu v hot ng TRAD c
tc ng m ti hiu qu k thut v mc ngha l 5%, iu ny cho thy
qu trnh c cu li hot ng ca cc ngn hng thng mi Vit Nam
to ra mt mi trng cnh tranh hn. Vi vic gim thiu vic can thip
hnh chnh ca NHNN trong vic khng ch bin li sut, th din bin li
sut trn th trng tin t trong thi gian qua gn nh c xc nh bi
quy lut cung cu vn trn th trng, do lm cho bin bin ng ca
li sut cho vay v huy ng vn c xu hng gim. Chnh iu ny lm
cho cc dch v ngn hng truyn thng ngy cng tr nn b cnh tranh mnh
m. Nh vy, vi s cnh tranh trn cc sn phm truyn thng ngy cng
gay gt hn v khch hng ngy cng tr thnh nhng ngi thng thi hn
123
v i hi cc dch v ngn hng tin ch hn, cao hn trong khi nu cc

ngn hng vn theo ui chin lc m rng cc dch v truyn thng th
chnh iu ny s lm tng chi ph hot ng ca cc ngn hng v lm hiu
qu hot ng gim. iu ny cho thy r rng c th nng cao hiu qu
hot ng v kh nng cnh tranh th trong chin lc pht trin ca mnh,
cc ngn hng cn phi ch trng hn vo vic pht trin cc sn phm dch
v mi v tin ch hn cho khch hng
Cc h s ca cc bin thi gian Y02, Y03, Y04 v Y05 c a vo
m hnh xem xt nhng thay i ca mi trng v m, cng nh nhng
thay i ca cng ngh sn xut, c lng c u c du dng v c
mc ngha thng k 1%. Tuy cc h s ny nh nhng u c xu hng
tng theo thi gian, nh vy phn no cng cho thy nhng ci thin trong
mi trng v m Vit Nam trong thi gian qua to ra nhng nhn t
thun li cho hot ng ca cc ngn hng thng mi Vit Nam hay c th
ni nhng cng c c s dng trong iu hnh v qun l ca Chnh ph,
NHNN i vi khu vc ti chnh ngy cng mang tnh cht th trng hn.
ng thi cc h s ny cn phn nh s thay i tin b cng ngh trong
ngnh ngn hng thi k nghin cu, kt hp vi h s c lng c ca

KL c tc ng dng n TE v c ngha thng k 1% cho ta thy tin b
cng ngh gp phn lm tng hiu qu hot ng ca cc ngn hng, tuy
nhin nhng tc ng ca tin b cng ngh ny vn cn nhiu hn ch. Nh
vy, tip tc c th ci thin c hiu qu hot ng ca ngn hng
thng mi th (i) NHNN cn tip tc gim thiu cc cc cng c can thip
mang tnh cht hnh chnh, p dng cc thng l quc t trong kim tra, gim
sot hot ng ca cc ngn hng thng mi. (ii) y mnh khai thc cng
ngh hin c mt cch c hiu qu, b sung c chn lc cc cng ngh mi
ph hp vi iu kin pht trin ca nn kinh t. ng thi khng ngng
124
nng cao trnh nghip v, nm bt v s dng thnh tho cng ngh ngn
hng c trang b cho ngun nhn lc hin ti ca ngn hng.
Qua phn tch trn cho thy trong thi gian ti nng cao hiu qu
hot ng ca cc ngn hng thng mi Vit Nam th cn phi gim thiu ri
ro thanh khon, tng cng nng lc ca cn b qun l, cn b tn dng, s
dng ngun vn vay ngn hn thc hin ti tr cho cc d n u t di
hn mt cch hp l hn, gim t trng cho vay i vi nhng doanh nghip
c bit i vi cc doanh nghip nh nc khng c kh nng ti chnh, lm
n thua l, tip tc tng cng v a dng ha i tng cho vay nh h gia
nh, c nhn cc doanh nghip va v nh. Tng cng khai thc cc hot
ng dch v hin c v cung cp cc dch v mi nhm gia tng kh nng
cnh tranh trn th trng. Hon tt qu trnh c phn ha ha cc ngn hng

thng mi nh nc to ra nhng nhn t mi p ng yu cu pht trin
ca th trng ti chnh trong thi k hu WTO. Cho php cc ngn hng
thng mi c phn nng thn c c cu li vn ch s hu chuyn i
thnh ngn hng thng mi c phn th, tuy nhin Ngn hng Nh nc
cng cn thc hin chnh sch thn trng trong vic cho php cc ngn hng
c phn th tng vn.
125
Chng 3
NH HNG V GII PHP NNG CAO HIU QU HOT NG
CA CC NGN HNG THNG MI VIT NAM
3.1.
nh hng pht trin ca h thng ngn hng Vit Nam
3.1.1. Mc tiu pht trin Ngn hng nh nc Vit Nam n nm 2010

v nh hng n nm 2020
i mi t chc v hot ng ca NHNN hnh thnh b my t
chc tinh gn, chuyn nghip, c ngun lc, nng lc xy dng v thc thi
chnh sch tin t (CSTT) theo nguyn tc th trng da trn c s cng
ngh tin tin, thc hin cc thng l, chun mc quc t v hot ng ngn
hng trung ng, hi nhp vi cng ng ti chnh quc t, thc hin c hiu
qu chc nng qun l nh nc trn lnh vc tin t v hot ng ngn hng,
ng thi to nn tng n sau nm 2010 pht trin NHNN tr thnh ngn
hng trung ng hin i, t trnh tin tin ca cc ngn hng trung ng

trong khu vc.
Xy dng v thc thi c hiu qu CSTT nhm n nh gi tr ng tin,
kim sot lm pht, gp phn n nh kinh t v m, tng trng kinh t v
thc hin thng li cng cuc cng nghip ho, hin i ho t nc. iu
hnh tin t, li sut v t gi hi oi theo c ch th trng thng qua s
dng linh hot, c hiu qu cc cng c CSTT gin tip. ng dng cng ngh
thng tin, m rng nhanh cc hnh thc thanh ton khng dng tin mt v
thanh ton qua ngn hng. Nng dn v tin ti thc hin y tnh chuyn
i ca ng tin Vit Nam. CSTT to iu kin huy ng v phn b c hiu
qu cc ngun lc ti chnh. Kt hp cht ch CSTT vi chnh sch ti kho

nh hng v khuyn khch cng chng tit kim, u t v pht trin sn
xut kinh doanh.
126
3.1.2. Mc tiu pht trin cc t chc tn dng Vit Nam (TCTD) n

nm 2010 v nh hng chin lc n nm 2020
Ci cch cn bn, trit v pht trin ton din h thng cc TCTD

theo hng hin i, hot ng a nng t trnh pht trin trung bnh
tin tin trong khu vc ASEAN vi cu trc a dng v s hu, v loi hnh
TCTD, c quy m hot ng ln hn, ti chnh lnh mnh, ng thi to nn
tng n sau nm 2010 xy dng c h thng cc TCTD hin i, t trnh
tin tin trong khu vc Chu , p ng y cc chun mc quc t v
hot ng ngn hng, c kh nng cnh tranh vi cc ngn hng trong khu
vc v trn th gii. Bo m cc TCTD, k c cc TCTD nh nc hot
ng kinh doanh theo nguyn tc th trng v v mc tiu ch yu l li
nhun. Pht trin h thng TCTD hot ng an ton v hiu qu vng chc
da trn c s cng ngh v trnh qun l tin tin, p dng thng l,
chun mc quc t v hot ng ngn hng thng mi. Pht trin cc TCTD
phi ngn hng gp phn pht trin h thng ti chnh a dng v cn bng
hn. Pht trin v a dng ha cc sn phm, dch v ngn hng, c bit l
huy ng vn, cp tn dng, thanh ton vi cht lng cao v mng li phn
phi pht trin hp l nhm cung ng y , kp thi, thun tin cc dch v,
tin ch ngn hng cho nn kinh t trong thi k y mnh cng nghip ha,
hin i ha. Hnh thnh th trng dch v ngn hng, c bit l th trng
tn dng cnh tranh lnh mnh, bnh ng gia cc loi hnh TCTD, to c hi
cho mi t chc, c nhn c nhu cu hp php, kh nng v iu kin c
tip cn mt cch thun li cc dch v ngn hng. Ngn chn v hn ch mi
tiu cc trong hot ng tn dng.
Tip tc y mnh c cu li h thng ngn hng. Tch bch tn dng
chnh sch v tn dng thng mi trn c s phn bit chc nng cho vay ca
ngn hng chnh sch vi chc nng kinh doanh tin t ca ngn hng thng
127
mi. Bo m quyn t ch, t chu trch nhim ca TCTD trong kinh doanh.
To iu kin cho cc TCTD trong nc nng cao nng lc qun l, trnh
nghip v v kh nng cnh tranh. Bo m quyn kinh doanh ca cc ngn
hng v cc t chc ti chnh nc ngoi theo cc cam kt ca Vit Nam vi
quc t. Gn ci cch ngn hng vi ci cch doanh nghip, c bit l doanh
nghip nh nc. Tip tc cng c, lnh mnh ho v pht trin cc ngn
hng c phn; ngn nga v x l kp thi, khng xy ra v ngn hng
ngoi s kim sot ca NHNN i vi cc TCTD yu km.
Bng 3.1. Mt s ch tiu tin t v hot ng ngn hng giai on 2006-10
Tng trng bnh qun tn dng (%/nm)
T l an ton vn n nm 2010 (%)
T l n xu/tng d n n nm 2010 (%)
Chun mc gim st ngn hng n nm 2010
18 - 20
8%
< 5%
Basel I
Ghi ch: N xu c xc nh theo tiu chun phn loi n ca Vit Nam, ph

hp vi thng l quc t
Mt s NHTM t mc vn t c tng ng 800 - 1.000 triu USD

n nm 2010, c thng hiu mnh v kh nng cnh tranh quc t. Phn
u hnh thnh c t nht mt tp on ti chnh hot ng a nng trn th
trng ti chnh trong v ngoi nc.

a) nh hng chin lc pht trin dch v ngn hng
Pht trin h thng dch v ngn hng a dng, a tin ch c nh
hng theo nhu cu ca nn kinh t trn c s tip tc nng cao cht lng v
hiu qu cc dch v ngn hng truyn thng, ng thi tip cn nhanh hot
ng ngn hng hin i v dch v ti chnh, ngn hng mi c hm lng
cng ngh cao. Nng cao nng lc cnh tranh ca dch v ngn hng ca cc
128
TCTD Vit Nam theo nguyn tc th trng, minh bch, hn ch bao cp v

chng c quyn cung cp dch v ngn hng tng bc pht trin th
trng dch v ngn hng thng thong, cnh tranh lnh mnh, an ton v
hiu qu. Khng hn ch quyn tip cn ca cc t chc, c nhn n th
trng dch v ngn hng, ng thi to iu kin cho mi t chc, c nhn
c nhu cu v p ng cc yu cu v nng lc, th tc, iu kin giao
dch c tip cn cc dch v ngn hng. Tng bc t do ho gia nhp th
trng v khuyn khch cc TCTD cnh tranh bng cht lng dch v, cng
ngh, uy tn, thng hiu thay v da ch yu vo gi c dch v v m rng
mng li. n nm 2010, h thng ngn hng Vit Nam phn u pht trin
c h thng dch v ngn hng ngang tm vi cc nc trong khu vc
ASEAN v chng loi, cht lng v c kh nng cnh tranh quc t mt s

dch v.
b. nh hng pht trin cng ngh v h thng thanh ton ngn hng
n nm 2010
Pht trin h tng cng ngh ngn hng hin i ngang tm vi cc

nc trong khu vc da trn c s ng dng c hiu qu cng ngh thng tin,
in t tin tin v cc chun mc, thng l quc t ph hp vi iu kin
Vit Nam. Hin i ho ton din, ng b cng ngh ngn hng ca NHNN
v cc TCTD trn cc mt v nghip v, qun l v phng tin k thut.
Tip cn nhanh, vn hnh c hiu qu v lm ch c cc ng dng cng
ngh ngn hng tin tin.
Phn u xy dng h thng thanh ton ngn hng an ton, hiu qu v
hin i ngang tm trnh pht trin ca cc nc trong khu vc (v c s
h tng k thut, khun kh th ch v dch v thanh ton). Pht trin h
thng thanh ton in t trong ton quc; hin i ho h thng thanh ton
in t lin ngn hng, thanh ton b tr v h thng thanh ton ni b ca
129
cc NHTM theo hng t ng ho vi cu trc m v c kh nng tch hp

h thng cao i vi cc ng dng. Kt ni h thng thanh ton ca cc
NHTM vi h thng thanh ton in t lin ngn hng. Tng cng vai tr
qun l nh nc v lm dch v thanh ton b tr, lin ngn hng ca
NHNN. Pht trin cng ngh, phng tin thanh ton, cc hnh thc v dch
v thanh ton khng dng tin mt tin tin, an ton, hiu qu.
3.1.3. nh hng chin lc pht trin cc t chc tn dng nc ngoi
hot ng ti Vit Nam
Tun th cc quy nh ca Hip nh thng mi Vit - M, cc tha

thun song phng khc vi Nht Bn, EU, cc quy nh ca WTO v cam
kt quc t v m ca th trng dch v ti chnh - ngn hng. Tip tc ch
ng ni lng cc hn ch v tip cn th trng v hot ng ngn hng ca
cc t chc tn dng nc ngoi ti Vit Nam theo l trnh cam kt. Va

to c hi cho cc t chc tn dng nc ngoi vo hot ng hp php v
theo cam kt quc t, va c phng thc, c ch qun l mm do, ng
php lut v ph hp thng l quc t hn ch s thao tng, cnh tranh
khng lnh mnh hoc thn tnh bt li ca cc t chc tn dng nc ngoi
i vi cc t chc tn dng Vit Nam.
3.1.4. nh hng hon thin h thng php lut v tin t v hot ng
ngn hng n nm 2010
Hnh thnh ng b khun kh php l, p dng y hn cc thit

ch v chun mc quc t v an ton kinh doanh tin t - ngn hng. Xy
dng mi trng php lut trong lnh vc tin t, hot ng ngn hng minh
bch v cng bng nhm thc y cnh tranh v bo m an ton h thng
tin t, ngn hng. Cc chnh sch v quy nh php lut v tin t, hot ng
ngn hng gp phn to mi trng lnh mnh v ng lc cho cc TCTD,
doanh nghip v ngi dn pht trin sn xut kinh doanh. Loi b cc hnh
130
thc bo h, bao cp, u i trong lnh vc ngn hng v phn bit i x

gia cc TCTD. Ban hnh Lut NHNN mi thay th Lut NHNN (nm 1997),
Lut sa i, b sung mt s iu ca Lut NHNN (nm 2003); Lut cc
TCTD mi thay th Lut cc TCTD (nm 1997), Lut sa i, b sung mt s
iu ca Lut cc TCTD (nm 2004) to c s thc y qu trnh ci cch,
pht trin h thng tin t, ngn hng an ton, hin i v hi nhp quc t c
hiu qu. Lut NHNN v Lut cc TCTD hng ti iu chnh mi hot ng
tin t, ngn hng, khng phn bit i tng tin hnh hot ng ngn hng.
Nng cao hiu lc thi hnh php lut trong lnh vc tin t v hot ng ngn
hng. Tng cng hiu lc nhng ch ti php l, kinh t v hnh chnh bo
m thc hin y ngha v tr n ca ngi i vay v bo v quyn li
chnh ng ca cc TCTD.
3.2. Cc gii php nhm nng cao hiu qu hot ng ca h thng ngn
hng Vit Nam trong thi gian ti
T nhng phn tch chng 2 v hiu qu v cc nhn t nh hng

n hiu qu hot ng ca cc ngn hng, ti xin xut mt s gii php t
pha Chnh ph v Ngn hng Nh nc cng nh cc gii php t pha chnh

cc ngn hng thng mi nhm nng cao hiu qu hot ng ca cc ngn
hng thng mi Vit Nam trong thi gian.
3.2.1. Gii php t pha Chnh ph v Ngn hng Nh nc
Kt qu phn tch cc nhn t tc ng n hiu qu ca cc ngn hng,

cho thy th trng ti chnh hin nay Vit Nam mc pht trin thp, mc
cnh tranh trn th trng cn yu v hot ng ca h thng ngn hng
thng mi Vit Nam vn da ch yu vo cc ngn hng thng mi nh

nc. Chnh vy, to ng lc cho th trng ti chnh Vit Nam pht
trin n nh v lnh mnh cn c s quan tm, h tr hn na trc tip t
Chnh ph v Ngn hng Nh nc.
131
3.2.1.1. Cc gii php t Chnh ph
Th nht, ci cch DNNN, to sn chi bnh ng hn cho cc doanh

nghip. Vic bo h cho khu vc DNNN l nguyn nhn chnh khin mc n
kh i, n qu hn ti cc NHTM nh nc cao. V vy, nu khng kin
quyt y mnh tin trnh ci cch DNNN th vic ci thin nng lc cnh
tranh ca nn kinh t ni chung v cc NHTM ni ring l kh thc hin.
Th hai, tip tc hon thin h thng php lut nhm to hnh lang
php l c hiu lc, m bo s bnh ng an ton cho mi t chc hot ng
trn lnh th Vit Nam ni chung v c bit l dch v ngn hng ti chnh
ni ring theo hng m bo s cng bng, tnh minh bch gia cc t chc
tn dng trong nc v nc ngoi khuyn khch cnh tranh lnh mnh
gia cc ngn hng, bo m s an ton v hiu qu ca h thng ngn hng.
ng thi, qua a lut tr thnh cng c Chnh ph kim sot cnh
tranh. Tin hnh r sot, i chiu cc quy nh hin hnh ca php lut Vit
Nam xy dng vn bn php lut cho ph hp vi cc quy nh cam kt
theo yu cu thc hin Hip nh thng mi Vit M v cc cam kt quc t
ca WTO.
Th ba, phi xc nh li mt cch cn bn vai tr ca Ngn hng Nh
nc. Ngn hng Nh nc Vit Nam phi tr thnh mt ngn hng trung
ng thc s, ch khng phi nh hin nay, Ngn hng Nh nc va l
ngi ch, va l ngi cm ci gim st cc ngn hng thng mi nh

nc.
Th t, m ca th trng trong nc trn c s xo b c ch bao cp,
bo h i vi cc NHTM Vit Nam, cng nh xa b cc gii hn v s
lng, loi hnh t chc, phm vi hot ng, t l gp vn ca nc ngoi,
m bo quyn kinh doanh ca cc ngn hng v t chc ti chnh nc ngoi
theo cc cam kt a phng v song phng. Vic c c l trnh hi nhp

ti chnh thch hp s m bo h thng ti chnh hi nhp hiu qu, tng
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nng lc cnh tranh, lnh mnh ho cc NHTM Vit Nam v trnh khng b
ri vo khng hong ti chnh - ngn hng.
3.2.1.2. Cc gii php t Ngn hng Nh nc Vit Nam (NHNN)
Trc ht, nng cao nng lc qun l iu hnh, nng lc xy dng

chnh sch, nng lc d bo ca NHNN, cht lng cn b NHNN v hin
i ha cng ngh ngn hng ca h thng NHNN. C cu li t chc v chc
nng nhim v ca ngn hng nh nc nhm nng cao hiu qu iu hnh v

m theo hng xy dng NHTW hin i ph hp vi thng l chung ca th
gii, m bo tnh c lp ca Ngn hng Nh nc trong iu hnh chnh
sch tin t v qun l Nh nc v hot ng ngn hng. Hn ch s can
thip ca Chnh ph, cc c quan, t chc i vi cc hot ng ca NHNN.
Th hai, NHNN cn nhanh chng y nhanh vic thc hin c phn
ha cc NHTM nh nc, to iu kin cho cc ngn hng ny hot ng an
ton v hiu qu hn. Xy dng v ban hnh cc quy ch qun l v hot
ng ph hp vi chun mc quc t nh: xy dng v hon thin h thng
ch tiu nh gi mc an ton v hiu qu kinh doanh ngn hng; qun tr

ri ro; qun tr ti sn c; qun tr vn; kim tra ni b; xy dng h thng k
ton v thit lp cc ch tiu; bo co ti chnh nhm to ra s minh bch
trong hot ng ca cc ngn hng thng mi.
Th ba, xy dng chin lc pht trin cng ngh ngn hng, nht l h
thng thng tin qun l cho ton b h thng ngn hng phc v cng tc iu
hnh kinh doanh, kim sot hot ng ngn hng, qun l vn, ti sn, qun
l ri ro, qun l cng n v cng tc k ton, h thng thanh ton lin ngn
hng, h thng giao dch in t v gim st t xa. Vi vai tr cp qun l
trc tip v ton b cc hot ng ngn hng, NHNN cn ng ra t vn v
lm u mi tip nhn s gip , t vn ca cc nh ti tr, cc t chc quc
t v cng ngh ngn hng nng cao nng lc cnh tranh ca ton h
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thng, trnh vic u t n l; dn tri km hiu qu nh vic u t vo h

thng thanh ton th ca mt s ngn hng va qua.
Th t, gim thiu nhng can thip bng hnh chnh trong vic qun l
cc ngn hng thng mi, p dng cc thng l quc t trong kim tra, gim
sot hot ng ca cc ngn hng thng mi.
3.2.2. Gii php t pha cc ngn hng thng mi.
Kt qu phn tch chng 2 cng cho thy cc ngn hng thng mi

Vit Nam vn cn s dng lng ph cc ngun lc v mt s ngn hng
ang phi i mt vi hiu sut gim theo quy m. Cc ngn hng thng mi
nh nc tuy chim th phn th trng ln nhng hiu qu s dng cc

ngun lc cn nhiu hn ch, hot ng vn da ch yu vo cc nghip v
truyn thng, c nhiu ri ro.
Nh vy, nng cao hiu qu hot ng, sc mnh cnh tranh trong
xu hng hi nhp quc t i hi cc ngn hng thng mi cn tip tc y
mnh vic chn chnh cng c hot ng ca cc ngn hng theo hng:
3.2.2.1. Nng cao nng lc ti chnh
Nng lc ti chnh ca cc NHTM nc ta nhn chung l km, tt c

cc ch s u cn l thp so vi cc nc trong khu vc. Hn na kt qu
c lng ca m hnh Tobit cng cho thy t l vn ch s hu/ tng ti sn
ETA v BANKSIZE c nh hng dng n hiu qu hot ng ca cc

ngn hng thng mi Vit Nam chnh iu ny cho ta gi nng cao
nng lc ti chnh, cc ngn hng nn thc hin mt s bin php nh: C cu
li vn iu l, vn t c ph hp vi chun mc quc t v x l dt im
n tn ng nhm lnh mnh ho tnh hnh ti chnh, nng cao kh nng cnh
tranh nhm cung cp mt dch v m b p cc ri ro, thua l v cho
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php cc NHTM tip tc tn ti tng bc c c hi nng cao hiu qu

hot ng trong tng lai.
- i vi cc NHTM nh nc, tp trung b sung thm vn n nm
2010 t trn 8%, ph hp vi thng l quc t. Tuy nhin, nu cc NHTM
nh nc ch mong ch vo ngn sch nh nc th khng phi l mt gii
php ng n m gii php c bn l phi c phn ha. Nh vy, phi nhanh
chng hon tt qu trnh c phn ho bn ngn hng thng mi nh nc
cn li sau khi thc hin thnh cng c phn ha Ngn hng Ngoi thng,
nhm tn dng cc ngun lc ti chnh trong v ngoi nc. Bi v, qu trnh
c phn ha s thc hin vic ti c cu li vn cho cc NHTM nh nc t
nng cao nng lc ti chnh, i mi ton b cch thc qun l, tuyn dng
nhn s. Trn c s thay i m hnh qun l t to sc thi mi trong

hot ng kinh doanh, to iu kin cc ngn hng pht hnh tri phiu di
hn nhm thc y th trng vn.
Nghin cu v xem xt tin hnh st nhp cc NHTM nh nc tr
thnh mt ngn hng c tim lc v ti chnh c th cnh tranh vi cc
ngn hng trong khu vc v trn th gii. Hin nay, cc NHTM nh nc
Vit Nam tuy c tn gi khc nhau nhng u c cc chc nng kinh doanh
tin t - tn dng nh nhau v u c vn s hu ca nh nc. Chnh vic
chia nh ngun vn ca nh nc thnh nhiu ngn hng lm cho hot
ng khng hiu qu bi chi ph cho cng tc iu hnh chi ph qun l qu
cao. Sp nhp s to nn quy m v vn ln hn ng thi gim c chi ph

iu hnh, qun l v hn ht l to nn phng thc qun l mi l c hi
s dng vn c hiu qu.

y mnh lin doanh lin kt trong h thng ngn hng tn dng
vn v k thut cng nh trnh qun l t cc nc tin tin trong khu vc

v th gii. Tuy nhin, khi la chn cc i tc chin lc cc ngn hng
135
thng mi cn phi cn nhc k, bi v c nhng i tc h ch n thun v

mc tiu hng c tc hoc li nhun t chnh lch gi vn trn th trng.
- i vi cc NHTM c phn, cn tng vn iu l thng qua sp nhp,
hp nht, pht hnh b sung c phiu; i vi nhng NHTM hot ng qu
yu km, khng th tng vn iu l v khng khc phc c nhng yu
km v ti chnh th c th thu hi giy php hot ng. ng thi nng gii
hn vn iu l v dn dn chuyn i v xa b loi hnh ngn hng thng
mi c phn nng thn. Tuy nhin NHNN cng cn thn trng khi cho php
cc ngn hng thng c phn th tng vn v mt s ngn hng ny hin
nay ang hot ng vi hiu sut gim theo quy m v t l an ton vn hin
ti qu ln bi vy vic tng vn ch s hu l khng c ngha i vi cc
ngn hng ny.
3.2.2.2. Hin i ho cng ngh, a dng ho v nng cao tin ch cc sn
phm, dch v ngn hng hin i da trn cng ngh k thut tin tin.
Sau khi gia nhp WTO, cc ngn hng Vit Nam phi i mt vi
nhiu thch thc t pha cc ngn hng nc ngoi khi h c nhiu li th v
cng ngh v dch v ngn hng. Mt lot cc sn phm, dch v ngn hng
hin i vn c ph bin v kim chng trn nhiu quc gia khc nhau
s c tung ra trn th trng Vit Nam cho khch hng s dng (v d nh
cc ngn hng ca M, Nht v Singapore). Nhng li th tm thi ca cc
ngn hng Vit Nam s dn mt i. iu ny i hi cc ngn hng Vit Nam
phi sm tin hnh thc hin vic hin i ho, nhanh chng a ra nhng
sn phm dch v ngn hng hin i, nht l h thng thng tin qun l cho
ton h thng ngn hng phc v cng tc iu hnh hot ng kinh doanh,
kim sot hot ng ngn hng, qun l vn ti sn, qun l ri ro, qun l
cng n v cng tc k ton, h thng thanh ton lin ngn hng, h thng
giao dch in t v gim st t xa... nhm nng cao cht lng phc v cho
136
khch hng. Kinh nghim th gii cho thy, cc ngn hng hin i mun duy
tr c h thng h tng c s v ng dng cng ngh thng tin phc v
cho cc hot ng ca mnh th hng nm h phi u t vo cng ngh l
khong t 3% - 5% tng doanh thu hot ng ca ngn hng.
Kt qu t m hnh Tobit cho thy mc d trong thi gian qua cc ngn
hng trong nc ch trng hn u t vo cng ngh thng tin nhng ng
gp ca tin b vo hiu qu hot ng ca cc ngn hng cn nhiu hn ch
v thc trng h thng cng ngh thng ca ngnh ngn hng vn b nh gi
l yu km, manh mn, cc b, v iu ny c khng nh r rng hn khi
ch s Malmquist bnh qun thi k 2001-2005 phn nh s thay i ca tin
b cng ngh c lng c t m hnh DEA ch t 93,8%. Nguyn nhn
l do nhiu ngn hng mc d trin khai cc phn mm hin i vi chc
nng hot ng trc tuyn (Online), to thm nhiu sn phm gia tng cho
khch hng trong qu trnh giao dch vi ngn hng; cc phn mm m mt s
NHTM ang ng dng u l nhng phn mm th h mi c nhiu ngn
hng trn th gii ang s dng. Tuy nhin, cng tc trin khai chm v khi
trin khai xong, mt s b phn li cha to c mt c ch nhm khai thc
hiu qu cng ngh v c bit l ngun nhn lc ca cc ngn hng cha
hon ton lm ch c nhng cng ngh mi ny lm cho vic khai thc
cc h thng cng ngh thng tin thiu hiu qu.
Nh vy, tng hiu qu hot ng ca mnh, trong thi gian ti cc
NHTM cn thc hin hp tc, xy dng i tc chin lc nhm h tr pht
trin v khai thc c s h tng cng ngh ca nhau nhm gim chi ph u
t, chi ph qun l nng cao hiu qu s dng h tng c s hin c c bit l
trong vic cung cp cc dch v v th ni a dn dn c li t nhng hot
ng ny.
137
Kt qu ca m hnh Tobit nh gi tc ng ca cc hot ng dch v

truyn thng ti hiu qu hot ng ca cc ngn hng thng mi cho thy
nu cc ngn hng ch ch pht trin nhng hot ng truyn thng th rt
kh c th lm tng hiu qu hot ng ca mnh, v y l nhng dch v
ang b cnh tranh mnh m trn th trng tin t, tn dng. Chnh s cnh
tranh gay gt ny lm cho bin ng v chnh lch li sut gia u ra v u

vi c xu hng gim mnh, v kt qu l c th lm gim thu nhp ca cc
ngn hng. Nh vy, tng hiu qu hot ca mnh, bn cnh song song duy
tr v nng cao cht lng dch v truyn thng, cc ngn hng cn tip tc
y mnh qu trnh hin i ho cng ngh, ng thi cn c chnh sch khai
thc cng ngh hiu qu thng qua vic pht trin nhng sn phm v nhm
sn phm da trn cng ngh cao nhm nng cao kh nng cnh tranh v sn
phm, dch v, to ra s a dng trong la chn sn phm v tng cng bn
cho (Cross - selling) cho khch hng. ng thi, vic pht trin a dng ho
sn phm dch v cng s gp phn phn tn v hn ch bt ri ro trong qu
trnh hot ng.
y mnh pht trin cc dch v ngn hng, thc hin cc dch v ngn
hng in t nhm phc v cho khch hng 24/24, t gim c vic pht
trin cc chi nhnh tn km trong vic xy dng tr s v lng ph trong s
dng lao ng.
Bn cnh s u t pht trin c s h tng cng ngh v phn cng
cn lu la chn cc phn mm c kh nng m rng cc ng dng dch v.
Nh vy, nu cc ngn hng thng mi lm tt c nhng vic nh
trn s gip cc ngn hng thng mi c th nng cao hot ng ca mnh,
c bit l i vi cc ngn hng ang i mt vi hiu sut gim theo quy
m, h c th ph v c quy lut ny, v dn dn c th tng th phn th

trng, nng cao hiu qu hot ng v kh nng cnh trong thi k hi nhp.
138
3.2.2.3. Xy dng chin lc khch hng, a dng ho sn phm v dch

v cung cp trn th trng theo hng nng cao cht lng dch v
truyn thng v pht trin cc dch v mi
Cc kt qu c lng t m hnh nh lng cho thy kh nng sinh

li v hiu qu s dng vn cn thp v thu nhp hin ti ca cc ngn hng
ch yu l thu nhp t li, hn na kt qu c lng ca m hnh DEA cng
cho thy mt s cc ngn hng thng mi ang ri vo tnh trng hiu sut
gim theo quy m. Nh vy, tng hiu qu hot ng ca mnh th cc
ngn hng cn phi:
- Xy dng chin lc khch hng ng n, ngn hng v khch hng
lun gn b vi nhau, phi to ra, gi vng v pht trin mi quan h lu bn
vi tt c khch hng. Cn nh gi cao khch hng truyn thng v khch
hng c uy tn trong giao dch ngn hng. i vi nhng khch hng ny, khi
xy dng chin lc ngn hng phi ht sc quan tm, gn hot ng ca
ngn hng vi hot ng ca khch hng, thm nh v u t kp thi cc d
n c hiu qu.
- Khi pht trin mng li chi nhnh ca mnh cc ngn hng cn da
trn nguyn tc khng phnh to, cng knh b my t chc v khng tng v
con ngi, iu ny c bit quan trng i vi mt s ngn hng ang phi
i mt vi hiu sut gim theo quy m. Kt hp vi s pht trin mng li
AUTOBANKING da trn nn tng cng ngh hin i ca h thng ATM,

tuy nhin phi km theo cung cp cc dch v gia tng tin ch s dng my
ATM (nh tng chc nng thu nhn tin mt, chi tr thanh ton tin in,
in thoi, cc vin thng, np ph bo him ngay ti my ATM). Vic m
rng chi nhnh ph cp mt, cp hai, phng giao dch phi nng cao c kh
nng tip cn cc dch v ngn hng ca dn c, v c bit l nng cao cht
lng dch v hin c.
139
- Ngoi ra, cc c tnh sn phm t cc ngn hng u c im ging

nhau nn vic to ra s khc bit l ht sc quan trng. V chin lc thu ht
tin gi, cn xy dng mt h thng thanh ton in t rng khp nhm to
cho dn chng thi quen s dng ti khon ngn hng. ng thi, nhng th
tc rc ri cn c ct gim to thun li ti a cho khch hng.
- a dng ha cc hnh thc huy ng vn ca NHTM kt hp vi i
mi cng ngh thanh ton vi nhng dch v mi nh Internet banking, phone
banking..., ci tin chnh sch li sut a dng tng ng vi nhng hnh thc
huy ng, cho php chuyn i d dng gia nhng hnh thc huy ng. Bn
cnh , y mnh tn dng cn pht trin nghip v ngn hng bn l, cn
to c quy trnh cung cp linh hot sn phm ca ngn hng, c bit i
vi khch hng tim nng c th a ra iu kin cho vay v li sut u i
hn theo tho thun gia hai bn.
- Khi m cc dch v truyn thng mt s ngn hng i mt vi hiu
sut gim theo quy m, th cc ngn hng cn tn dng nhng c s h tng
hin c m rng c th trng kinh doanh phc v cc i tng khch
hng trong nc, bao gm cung cp thm cc dch v qun l v chi tr tin
lng ca cc doanh nghip nhm to ra s tin dng cho mi ngi trong chi
tiu, thanh ton, ngn hng c iu kin tng s d trong ti sn n cho
vay, dch v thanh ton tin in, nc, in thoi v cc dch v khc c lin
quan n cc c nhn v h gia nh; dch v ngn hng i ngoi; dch v
pht hnh th tn dng, th bo chi ni - ngoi t bng vn t c ca khch
hng vi nhiu mnh gi v mc u i khc nhau.
3.2.2.4. Nng cao nng lc qun tr iu hnh
Mt trong nhng ch tiu c th c s dng phn nh nng lc

iu hnh, qun tr ngn hng l t l tng chi ph trn tng doanh thu v
t l cho vay trn ti sn c. Tuy nhin theo kt qu c lng c trong m
140
hnh Tobit th cc t l ny hin nay c tc ng ngc chiu n hiu qu

hot ng ca cc ngn hng. Nh vy r rng nng cao hiu qu hot
ng th cc ngn hng thng mi cn ci cch b my qun l iu hnh
theo t duy kinh doanh mi nhm mc tiu gim thiu chi ph hot ng nng
cao hiu qu s dng cc ngun lc. ng thi, xy dng chun ho v vn
bn ho ton b quy trnh nghip v ca cc hot ng ch yu ca NHTM,
v y nhanh vic thc hin ci cch hnh chnh doanh nghip. C th l:
i mi c cu hot ng ca cc NHTM, trc ht l NHTM nh
nc. Mt ni dung quan trng trong n ti c cu l i mi t chc b

my theo hng NHTM hin i. Qu trnh tin hnh c cu li t chc ca
cc NHTM cn theo hng thc hin qun l cc hot ng kinh doanh ca
cc NHTM theo nhm khch hng v loi hnh dch v ca mt ngn hng a
nng, thay th dn cho vic qun l theo chc nng v nghip v hin nay,
ng thi nng cao trnh qun l ri ro, qun l ti sn n - ti sn c, v
kim sot ni b, nhm to tin xy dng mt s tp on ti chnh

mnh, c kh nng hot ng nh mt ngn hng quc t.
Vic p dng phn cp qun l theo m hnh khi c th nng cao cht
lng phc v khch hng ng thi c th p ng c cc yu cu pht
trin ngn hng trong tng lai. y cng l m hnh t chc ang c p
dng ti hu ht cc ngn hng ln hng u th gii. Bng vic pht trin m
hnh khi, hot ng ngn hng s c t chc thnh cc khi c bn nh
khi ngn hng bn l; khi ngn hng phc v doanh nghip, khi cc nh
ch ti chnh v khi qun l vn. H tr cho cc khi hot ng ngn hng l
cc phng ban c nhim v m bo cho cc hot ng ngn hng c vn
hnh thng sut.
Hn na trong qu trnh c cu hot ng ca cc NHTM cn xy dng
c cc qui ch qun l v hot ng ph hp vi chun mc quc t nh
141
qun tr ri ro, qun tr ngun vn, kim tra kim ton ni b, xy dng quy
trnh tn dng hin i v s tay tn dng, xy dng v hon thin h thng ch
tiu nh gi mc ch s an ton v hiu qu kinh doanh ngn hng, trong
c bit ch trng nhng vn sau:
+ i mi c ch qun tr iu hnh theo hng tng quyn t ch cho

n v c s, khuyn khch tnh nng ng, sng to ca cc chi nhnh cp c
s nhng phi thit lp c ch qun tr ri ro cht ch.

+ Qun tr tn dng: qun l tn dng nhm mc ch hng ti khc
hng, p ng cc nhu cu ca khch hng vi cht lng cao nhng vn m
bo mt cch an ton da trn nhng quy nh v nguyn tc v hot ng tn
dng theo chun mc ngn hng quc t.
+ Qun tri ri ro: Cc ngn hng cn thnh lp b phn qun l ri ro
trc thuc hi ng qun tr v xy dng c ch qun l ri ro nhm hn ch
ri ro trong hot ng ngn hng: ri ro tn dng, ri ro thanh khon, ri ro li
sut, ri ro t gi theo thng l quc t.
+ Qun tr ngun vn: qun l vn theo m hnh qun l tp trung ti
tr s chnh, qun l hot ng ca cc ti khon m ngn hng m ti nc
ngoi cng ch chu trch nhim trong vic u t ngun vn ny mang li
li nhun cho ngn hng. ng hoc chuyn quyn qun l cc ti khon
m ti ngn hng nc ngoi cc chi nhnh v qun l ti tr s chnh ca
cc ngn hng nhm qun l v khai thc ti a hiu qu ngun vn, gim chi
ph qun l vn.
3.2.2.5. Xy dng h thng k ton ph hp vi h thng k ton quc t
Trong qu trnh nghin cu v thu thp cc s liu lin quan n hot

ng ca cc ngn hng thng mi Vit Nam, ti nhn thy cc bo co ti
chnh ca cc ngn hng c xy dng da trn c chun mc k ton quc
142
t v Vit Nam do gy kh khn rt nhiu cho ngi thu thp, x l v

phn tch s liu, chnh iu ny lm cho cc bo co ca cc ngn hng
thng mi tr ln m m, thiu s minh bch.
Nh vy, nu chng ta s dng h thng k ton quc t (IAS) trong
cng tc k ton ca cc ngn hng thng mi th s b c quy trnh bo
co theo hai phng thc vi hai phin bn bo co khc nhau nh hin nay,
gim thiu thi gian, cng sc i chiu v iu chnh, ng thi cng gip
cho cc ngn hng minh bch ha tnh hnh hot ng ca mnh theo chun
mc quc t v nhanh chng cng b thng tin i chng v hot ng ca
ngn hng mnh. Bi vy, trong thi gian ti trc mt cn:
- Chuyn i h thng ti khon k ton, ni dung hch ton, ch
chng t k ton v xy dng cc loi bo co k ton, bo co ti chnh ph
hp vi thng l, chun mc ca h thng k ton quc t.
- Vic chuyn i h thng k ton phi c thc hin da trn
nguyn tc c chn lc, ph hp vi nguyn tc v thng l k ton ca cc
nn kinh t pht trin theo quan im ca B ti chnh v Ngn hng nh
nc.
- Thc hin ch kim ton hng nm v mi ngn hng cn la chn
cho mnh mt cng ty kim ton c uy tn, thc hin kim ton theo tiu
chun quc t.
3.2.2.6.
Nng cao cht lng i ng nhn vin ngn hng.
Qua phn tch ca ch s Malmquist c lng c bng m hnh

DEA chng 2 cho thy hin nay cc ngn hng thng mi Vit Nam
vn cha pht huy ti a c cc tin ch t tin b ca cng ngh em li,
do kh nhiu ngn hng vn c thin hng s dng nhiu lao ng, tuy
nhin kt qu phn tch t nm 2001 n 2005 cho thy, hiu qu m rng
143
quy m theo cch thc ny ang c xu hng gim. Nh vy, ci thin

c hiu qu hot ng ca mnh cc ngn hng cn:
- R sot v nh gi li thc lc ngun nhn lc mt cch ng n

chi tit t cn b qun l n nhn vin nghip v, c cu tui v trnh trn
c s phn loi cn b c cch thc o to ph hp, c vy mi c th
gii quyt c "bi ton" ang t ra i vi cc ngn hng thng mi Vit
Nam hin nay, l ngun nhn lc "thiu" nhng vn "tha", c bit l
cc ngn hng thng mi nh nc. C th, i hi cc NHTM phi sp xp,
tinh gim lao ng di d, b sung lao ng chuyn mn nghip v mi, lao
ng k thut, cc chuyn vin gii; chuyn i c cu lao ng nghip v
theo hng gim lao ng gin tip, tr ha i ng nhn vin.

- Coi o to l mt b phn trong chin lc pht trin ngn hng, xy
dng k hoch o to cn b ngay t khi mi c tuyn dng, ch trng
o to c chuyn mn ln o c xy dng c i ng cn b c
phm cht tt, tinh thng ngh nghip. Vic o to ngun nhn lc ca ngn
hng phi kt hp nhiu hnh thc c bit l o to li, bi dng nng cao
ngun lc hin c p ng yu cu mi.
- Trc mt ch ng ngun nhn lc p ng yu cu hot ng
ca mnh cc ngn hng cng nn xy dng cho mnh mt trung tm o
to ring v c k hoch hp tc o to, trao i, nghin cu vi cc
ngn hng, t chc ti chnh c uy tn trn th gii to iu kin cho
i ng cn b c tip cn vi nhng cng ngh hng mi, hc hi
nhng kinh nghim qun tr, iu hnh ca cc t chc ny. V di hn c

th tin ti thnh lp trng i hc, trc ht l p ng nhn lc trnh
cao cho ngn hng mnh, sau l a dng ha cc hot ng kinh
doanh thc hin theo m hnh tp on kinh doanh a nng.
144
- Chng trnh o to cc NHTM phi nhm trau di, nng cao k

nng nghip v ca ngn hng hin i. Hn na, cn tiu chun ho i ng
cn b lm cng tc hi nhp quc t, nht l nhng cn b trc tip tham gia
vo qu trnh m phn, k kt hp ng quc t, cn b thanh tra gim st v
cn b chuyn trch lm cng tc lut quc t, cn b s dng v vn hnh
cng ngh mi. Thng xuyn t chc thi st hch chuyn mn nhm nng
bc, nng lng cho i ng cn b c nh vy mi bt buc ngi lao ng
khng ngng hc hi nng cao nng lc chuyn mn ca mnh. ng thi
cng phi xy dng mt chnh sch i ng hp l thu ht, khuyn khch
ngi lao ng theo hng to ra ng lc thc y.
3.2.2.7.
X l dt im n xu
x l dt im n xu v tng cng nng lc ti chnh cho cc
ngn hng thng mi c bit l cc ngn hng thng mi nh nc. Trc

ht cn h tr ngun ti chnh cho cc ngn hng trch lp d phng c
th b p nhng tn tht c th xy ra khi khch hng khng thc hin ngha
v theo cam kt. Sau thc hin chuyn nhng cc khon n xu cho
doanh nghip, t chc, c nhn c kh nng v quyn lc x l n.
i vi cc khon n xu ca doanh nghip nh nc (k c n cho
vay theo ch nh, k hoch nh nc), ngn hng thng mi nh nc

chuyn sang Cng ty mua bn n v ti sn tn ng - B Ti chnh (DATC)
tip tc theo di x l theo thm quyn. i vi cc khon n xu ca cc
doanh nghip, t chc, c nhn khc, ngn hng thng mi nh nc c

php bn n cho DATC hoc cc doanh nghip, c nhn c nng lc ti
chnh k c t chc, c nhn nc ngoi thng qua t chc u gi cng khai.
i vi cc khon n xu theo ch nh, hoc cc chng trnh k
hoch ca Nh nc nh ma ng, c ph, nh bt xa b... ngh Chnh

ph cho php ngn hng thng mi c th tho thun bn n cho DATC,
145
Qu h tr pht trin, Ngn hng Chnh sch, hoc cc doanh nghip, c nhn
c chc nng mua bn n theo gi th trng.
i vi nhng khon n xu ca cc doanh nghip m ngn hng
khng chuyn giao c cho cng ty mua bn n v t chc, c nhn khc,

th Chnh ph cn c c ch ngn hng c th ch ng p dng cc bin
php c cu li ti chnh v hot ng ca doanh nghip. Thm ch, cho php
ngn hng c tham gia vo qu trnh c cu li doanh nghip nh nc v
cho php chuyn n thnh vn gp v tham gia iu hnh doanh nghip.
3.3. Kin ngh v vic h tr cc gii php nng cao hiu qu hot ng
ca cc ngn hng thng mi Vit Nam
Nhng gii php trn c tnh kh thi hay khng th khng ch ph thuc
vo s n lc ca cc NHTM m cn ph thuc vo s h tr php l v cng
cuc ci cch hnh chnh ca Chnh ph. c th h tr cc gii php nng
cao hiu qu hot ng ca cc ngn hng thng mi Vit Nam, xin c
mt s kin ngh sau:
1. Hon thin mi trng php l nhm thc s to ra mt "sn chi"
bnh ng cho cc ngn hng thng mi cng nh cc doanh nghip hot
ng Vit Nam. c bit m bo tnh c lp ca cc t chc kinh doanh
tin t.
2. Nng cao tnh c lp v t ch cho Ngn hng Nh nc Vit Nam
Ngn hng Nh nc thc s ng vai tr v chc nng ca mt Ngn
hng Trung ng. C nh vy, Ngn hng Nh nc mi c th qun l tt

cc hot ng tin t, tn dng khi m nn kinh t Vit Nam hin nay ang
chuyn i sang c ch th trng vi qu trnh tin t ha din ra mnh m.
146
3. Trit xa b c ch bao cp di mi hnh thc, bi v nu cn c

ch bao cp cho cc ngn hng thng mi th khng th to ng lc cnh
tranh nng cao hiu qu hot ng ca cc ngn hng thng mi.
4. Nhanh chng hp nht v iu chnh cc chun mc ca Vit Nam
cho ph hp vi cc chun mc quc t trong qun l v iu hnh cc ngn
hng thng mi.
5. Cc ngn hng thng mi phi xy dng v hon thin cc chin
lc pht trin di hn cho ring mnh v khng c m hnh chung cho mi
ngn hng, la chn i tc chin lc, tng nng lc ti chnh v qun l, a
dng ha hot ng kinh doanh v khn trng iu chnh cc hot ng kinh
doanh thch ng vi iu kin mi khi m hin nay lung vn lu chuyn
trong nn kinh t ngay cng nhanh v vi quy m ngy cng ln. Chuyn i
m hnh t chc theo hng ngn hng hin i, a dng ha ngnh ngh kinh
doanh
6. y nhanh ng dng cng ngh thng tin trong iu hnh, qun l v
kinh doanh da trn nn tng ca vic ci thin nng lc ti chnh, ch trong
tnh lin kt v gii php cng ngh gia cc ngn hng ng thi phi kt
hp vi vic pht trin ngun nhn lc ch trng c v s lng v cht lng
m c bit l cht lng chuyn mn, xy dng ch i ng tha ng vi
ngi lao ng.
7. Cn mnh dn a phng php phn tch nh lng vo nh gi,
xp hng hiu qu hot ng kinh doanh ca cc NHTM nhm iu chnh
chin lc ca tng ngn hng ni ring v ca c ngnh ni chung cho ph
hp vi nhng bin ng ca th trng v nn kinh t.
8. Pht trin i ng nhn lc chuyn nghip thch ng vi nhng bin
i ca cng ngh ngn hng hin nay.
147
KT LUN
Lun n vi ti: "phn tch cc nhn t nh hng n hiu qu

hot ng ca cc ngn hng thng mi Vit Nam" tp trung nghin
cu nhng vn l lun v thc tin nh gi hiu qu hot ng ca ngn

hng thng mi v p dng vo nh gi cho 32 ngn hng thng mi
Vit Nam bao gm 5 ngn hng thng mi nh nc, 4 ngn hng lin
doanh v 23 ngn hng thng mi c phn trong giai on tin hi nhp
WTO 2001-2005. Trn c s phn tch nh tnh kt hp vi phn tch nh
lng trong vic nh gi hiu qu v xc nh cc nhn t nh hng n
hiu qu hot ng ca ngn hng thng mi Vit Nam, t nghin
cu c th a ra mt s kin ngh nhm nng cao hiu qu hot ng v kh
nng cnh tranh ca h thng ngn hng thng mi hin nay Vit Nam cho
ph hp vi yu cu i mi v i hi ca xu hng hi nhp kinh t quc
t. Bi v, s sng cn ca nn ti chnh quc gia hon ton ph thuc s lnh
mnh ca h thng ngn hng thng mi v h thng ny hin ang l nhn
t thc y nhanh qu trnh chuyn i Vit Nam. Cc ni dung c th m
lun n t c l:
1. H thng cc phng php s dng trong vic nh gi hiu qu hot
ng ca cc ngn hng thng mi t phng php nh gi truyn thng
n nhng phng php nh lng hin i nht m hin nay ang c s
dng kh ph bin trong phn tch khng ch nhng nc c nn ti chnh

pht trin nh M, Nht bn...m cn c p dng nh gi c cc nc
ang pht trin v cc nn kinh t ang chuyn i. Qua ch ra c nhng
u nhc im ca tng phng php xem xt nh gi ton din v cc
phng php nh ny v vn dng mt cch linh hot vo trong qu trnh

nh gi hiu qu hot ng ca cc t chc tn dng c bit l cc ngn
148
hng thng mi. ng thi qua y cng l mt knh chuyn ti cc phng

php nh lng trong vic nh gi hiu qu hot ng ca cc ngn hng
thng mi vo Vit Nam.
2. Trn c s nghin cu kinh nghim ca cc nghin cu nh gi
hiu qu hot ng ca cc ngn hng theo phng php phn tch nh lng
(tham s v phi tham s) c thc hin ti mt s quc gia, lun n rt ra
c nhng bi hc kinh nghim c tnh l lun v thc tin c th vn
dng vo vic la chn v xy dng cc m hnh nh gi hiu qu v m

hnh xc nh cc nhn t nh hng n hiu qu hot ng ca ngn hng
thng mi t a ra mt m hnh ph hp cho Vit Nam.
3. Phn tch, nh gi thc trng hot ng ca h thng ngn hng
Vit Nam Nam t trc n nay, c bit l trong thi gian tin hi nhp
WTO 2001-2005 khi m cc cam kt ca Vit Nam vi th gii trong tin
trnh hi nhp khu vc v hi nhp quc t ang dn dn c thc hin.
Nhng i hi ca qu trnh t do ha ti chnh buc cc ngn hng thng
mi Vit Nam phi t lm "mi" li mnh c vy h thng ngn hng thng
mi Vit Nam mi c th thc s tr thnh nhn t thc y qu trnh chuyn
i nhanh Vit Nam.
Trong vic nh gi thc trng hiu qu hot ng ca ngn hng

thng mi Vit Nam, lun n khng ch dng li phn tch nh tnh m
mnh dn s dng phng php phn tch nh lng vo nghin cu, l
phng php phn tch bin ngu nhin (SFA) v phng php phi tham s
(DEA) trong vic o lng hiu qu v s dng m hnh Tobit vo phn tch
cc nhn t nh hng n hiu qu hot ng ca 32 ngn hng thng mi
Vit Nam thi k 2001-2005. Kt qu nghin cu cho thy h thng ngn
hng thng mi hin nay cn phi ci thin cc nhn t phi hiu qu nh
hng khng tt n hiu qu hot ng ca cc ngn hng thng mi c
149
nh vy h thng ngn hng thng mi Vit Nam mi tr nn c hiu qu

hn v tng kh nng cnh tranh trong thi k hu WTO.
4. Lun n xut mt s gii php ch yu nng cao hiu qu
hot ng ca cc ngn hng thng mi trong thi gian ti, c th l: (1) cc
gii php t pha Chnh ph v Ngn hng Nh nc nh to sn chi bnh
ng cho cc loi hnh ngn hng, tip tc hon thin h thng lut to hnh
lang php l c hiu lc, chuyn i ngn hng nh nc thc s tr thnh

ngn hng trung ng nhm nng cao nng lc qun l trn th trng tin t,
nghin cu thit lp v p dng y cc chun mc quc t nh v ch
hch ton, t l an ton vn...v y thc s l nhm gii php mang tnh cht
tin bo m cho cc ngn hng thc hin thnh cng nhm gii php t
ni b ca chnh cc ngn hng thng mi. (2) nhm gii php t pha cc
ngn hng thng mi nh nng cao nng lc ti chnh, hin i ha cng
ngh ngn hng, pht trin khch hng v mng li bn l, nng cao nng
lc qun tr iu hnh, nng cao cht lng lao ng, hn ch n xu.
Lun n cng xut mt s kin ngh cho vic thc hin tt nhng
nhm gii php a ra nhm to thm tnh hiu qu trong hot ng ca
cc ngn hng thng mi.
150
NHNG CNG TRNH CA TC GI CNG B

LIN QUAN N LUN N
A. ng bi bng ting vit
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k thut, hiu qu phn b v hiu qu chi ph ca Ngn hng Nng
nghip Pht trin nng thn Vit Nam", Tp ch Kinh t & Pht trin,
s c san Khoa ton Kinh t, 10/2006, trang 66 -71.
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3. Nguyn Vit Hng (2007), "o lng hiu qu hot ng ca cc ngn
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163
PH LC
Ph lc 1. o lng hiu qu k thut
Vi gi nh nhiu ngu nhin c phn phi bn chun, hm sn xut

ca ngnh c th c vit nh sau:
y = f(x,)e , trong i = vi - ui vi cc iu kin vi c phn phi ng
nht vi trung bnh bng khng v phng sai 2v, ui c phn phi ng nht
vi trung bnh bng khng v phng sai 2u, ui v vi c lp vi nhau v c
lp vi cc bin hi quy.
Vi cc gi thit cho v s c lp ca ui 0 v vi trong iu kin
phn phi bn chun th hm mt ng thi ca hai bin ngu nhin ny c
dng:
f ( u, v ) =
u2
v2
.exp 2 2
2 u v
2 u 2 v
(52)
V i = vi - ui, nn hm mt ng thi ca ui v i c th biu din

di dng sau:
u 2 ( + u )2
f ( u, ) =
.exp 2
2 u v
2 v2
2 u
2
(53)
Nh vy, hm mt bin ca i chnh l tch phn theo ui ca hm mt

ng thi (u,) :
f ( ) = f ( u , )du =
0
2
2
2 2

. 1 .exp 2 = .

(54)
Trong =(2u+2v)1/2 v =u/v , l hm mt ca i lng

ngu nhin chun ha v l hm tch ly chun ha, () c phn phi
khng i xng vi trung bnh v phng sai c cho nh sau:
164
E ( ) = E ( u ) = u
V ( ) =
2 2
u + v2
(55)
Da trn hm mt bin () trn, chng ta tnh c hm lga hp

l cho mt mu gm n ngn hng nh sau:
1

ln L = c n ln + ln i 2 i2
2 i
i
(56)
Hm hp l trong phng trnh ny c th c cc i ho theo cc

tham s thu c c lng hp l cc i ca tt c cc tham s. Tip
l c lng hiu qu k thut cho mi ngn hng. Cc c lng im ca
hiu qu k thut trong trng hp vi l phn phi chun v ui l phn phi
bn chun chnh l trung bnh ca phn phi c iu kin ca u vi cho
(u|):
f (u ) =
( u * )2
f ( u, )
1
=
.exp
2 *2
f ( )
* 2
*
1
(57)
Trong * = u2 2 v *2 = u2 v2 2 v v vy trung bnh c iu

kin ca ui l:
( *i * )
( i )

i
E ( ui i ) = *i + *
= *
1 ( *i * )
1 ( i )
(58)
Khi thu c c lng im ca ui th c lng hiu qu k thut

ca mi ngn hng thu c di dng:
1 ( * *i * )
1 2
TEi = E ( exp {ui } i ) =

.exp *i + *
2
1 ( *i * )
(59)
165
Ph lc 2. o lng hiu qu chi ph
Hm chi ph bin ngu nhin c dng C(yi, wi,)exp(vi) c bin i

t m hnh hm chi ph bin ban u C(yi, wi, ) c tnh cht l nhiu ui i
din cho b phn phi hiu qu k thut lm gia tng chi ph sn xut, trong
khi nhiu t sai s thng k vi khng nh hng n chi ph sn xut. Vi
cc gi nh ca ui c gi tr tuyt i v c phn phi chun vi trung bnh
bng 0 v phng sai l 2u ; vi c phn phi chun vi trung bnh bng khng
v phng sai 2v ; vi v ui c gi nh l c lp vi nhau, th hm mt
ng thi i ca i l:
1 u 2 u 2
f ( ) =
exp - +
du
2
2
u
v
u
v
f ( ) = =
f ( ) =
2
2
f *

2
(60)
2
*
1F
exp
2
(61)
*
F

(62)
Trong =(2u+2v)1/2 v =u/v , f * v F * l hm mt ca i

lng ngu nhin chun ha v hm tch ly chun ha, f ( ) l phn phi
khng i xng vi trung bnh v phng sai c cho nh sau:
E ( ) = E (u ) = u
2 2
2
V ( ) = V ( u ) + V ( v ) =
u + v

(63)
Nh vy, hm hp l cc i vi mt mu gm N quan st c xy
dng nh sau:
LnL[C ( , , 2 )] =
N 2
1

ln N ln 2 i2 + ln F * i
2
2 i

i =1
(64)
166
c lng phng trnh trn bng phng php hp l cc i cho ta
cc i theo cc tham s t c cc c lng hp l cc i ca tt c

cc tham s , , 2.
Bc tip theo l c lng hiu qu chi ph cho mi ngn hng. Cc
c lng im ca hiu qu chi ph khi ui N+(0, 2u ) chnh l phn phi c
iu kin ca u vi cho (u|):
( u * ) 2
f ( u, )
1
f (u ) =
=
.exp
2 *2
f ( )
* 2
* *
1 F
(65)
Trong * = u2 2 v *2 = u2 v2 2 v v vy trung bnh c iu kin

ca ui l:
f * ( *i * )
f * ( i )

E ( ui i ) = *i + *
+ i
= *
*
*
1 F ( *i * )
1 F ( i )
(66)
Khi thu c c lng im ca ui th c lng hiu qu chi ph

ca mi ngn hng thu c di dng:
1 F * ( * *i * )
1 2
CEi = E ( exp {ui } i ) =

.exp *i + *
*
2
1 F ( *i * )
(67)
167
Ph lc 3. Bng gi tr ti hn ca phn phi 2 hn hp

df
0.25
0.1
0.05
0.025
0.01
0.005
0.001
0,4550
1,6420
2,7060
3,8410
5,4212
6,6350
9,5000
2,0900
3,8080
5,1380
6,4830
8,2730
9,6340
12,8100
3,4750
5,2580
7,0450
8,5420
10,5010
11,9710
15,3570
4,7760
7,0940
8,7610
10,3840
12,4830
14,0450
17,6120
6,0310
8,5740
10,3710
12,1030
14,3250
15,9680
19,6960
7,2570
9,9980
11,9110
13,7420
16,0740
17,7910
21,6660
8,4610
11,3830
13,4010
15,3210
17,7550
19,5400
23,5510
9,6480
12,7370
14,8530
16,8560
19,3840
21,2320
25,3700
10,8230
14,0670
16,2740
18,3540
20,9720
22,8790
27,1330
10
11,9870
15,3770
17,6700
19,8240
22,5250
24,4880
28,8560
11
13,1420
16,6700
19,0450
21,2680
24,0490
26,0650
30,5420
12
14,2890
17,9490
20,4100
22,6910
25,5490
27,6160
32,1960
13
15,4300
19,2610
21,7420
24,0960
27,0260
29,1430
33,8230
14
16,5660
20,4720
23,0690
25,4840
28,4850
30,6490
35,4250
15
17,6960
21,7180
24,3840
26,8560
29,9270
32,1360
37,0050
16
18,8240
22,9560
25,6890
28,2190
31,3530
33,6070
38,5660
17
19,9430
24,1860
26,9380
29,5690
32,7660
35,0630
40,1090
18
21,0600
25,4090
28,2680
30,9080
34,1670
36,5050
41,6360
19
22,1740
26,6250
29,5450
32,2370
35,5560
37,9350
43,1480
20
23,2850
27,8350
30,8140
33,5570
36,9350
39,3530
44,6460
21
24,3940
29,0400
32,0770
34,8690
38,3040
40,7610
46,1330
22
25,4990
30,2400
33,3330
36,1730
39,6640
42,1580
47,6070
23
26,6020
31,4360
34,5830
37,4700
41,0160
43,5470
49,0710
24
27,7030
32,6720
35,8270
38,7610
42,3600
44,9270
50,5240
25
28,8010
33,8130
37,0660
40,0450
43,6960
46,2990
51,9860
26
29,8980
34,9960
38,3010
41,3240
45,0260
47,6630
53,4030
27
30,9920
36,1760
39,5310
42,5970
46,3490
49,0200
54,8300
28
32,0850
37,3520
40,7560
43,8650
47,6670
50,3710
56,2480
29
33,1760
38,5240
41,9770
45,1280
48,9780
51,7150
57,6600
30
34,2660
39,6940
43,1940
46,3870
50,2840
53,0540
59,0640
168
31
35,3540
40,8610
44,4080
47,6410
51,5850
54,3860
60,4610
32
36,4400
42,0250
45,6180
48,8910
52,8810
55,7130
61,8520
33
37,5250
43,1860
46,8250
50,1370
54,1720
57,0350
63,2370
34
38,6090
44,3450
48,0290
51,3790
55,4590
58,3520
64,6160
35
39,6910
45,5010
49,2290
52,6180
56,7420
59,6650
65,9890
36
40,7730
46,6550
50,4270
53,8530
58,0200
60,9730
67,3570
37
41,8530
47,8080
51,6220
55,0850
59,2950
62,2760
68,7200
38
42,9320
48,9570
52,8140
56,3130
60,5660
63,5760
70,0780
39
44,0100
50,1050
54,0030
57,5390
61,8330
64,8710
71,4320
40
45,0870
51,2510
55,1900
58,7620
63,0970
66,1630
72,7800
Ngun: Bng 1 ca Kodde & Palm (1986)
169
Ph lc 4. Kt qu c lng hm sn xut bin ngu nhin

dng Cobb-Douglas
the ols estimates are :
beta 0
beta 1
beta 2
beta 3
sigma-squared
coefficient
standard-error
0,43694288E+00
0,44905112E+00
0,76897026E-01
0,44654571E+00
0,11485545E+00
0,19460434E+00
0,49322443E-01
0,29607192E-01
0,47251119E-01
log likelihood function =
t-ratio
0,22452885E+01
0,91043974E+01
0,25972415E+01
0,94504790E+01
-0,51878266E+02
the final mle estimates are :

coefficient
beta 0
0,16130702E+01
beta 1
0,48657033E+00
beta 2
0,12821648E+00
beta 3
0,31351403E+00
sigma-squared 0,13509022E+00
gamma
0,72468148E+00
mu is restricted to be zero
eta
0,16918606E+00
standard-error
t-ratio
0,21384788E+00
0,38692713E-01
0,27881652E-01
0,37233830E-01
0,36780728E-01
0,80722652E-01
0,75430732E+01
0,12575245E+02
0,45985971E+01
0,84201391E+01
0,36728534E+01
0,89774241E+01
0,30203939E-01
0,56014568E+01
-0,64491166E+00
170
Ph lc 5. Kt qu c lng hm sn xut bin ngu nhin dng siu

vit vi iu kin VRS v phn phi nhiu l bn chun
coefficient
beta 0
beta 1
beta 2
beta 3
beta 4
beta 5
beta 6
beta 7
beta 8
beta 9
sigma-squared
standard-error
0,77185806E+00
0,17767946E+01
0,38131966E+00
-0,80598523E+00
0,19072089E+00
0,60867077E-01
0,14055809E+00
-0,15532516E+00
-0,20864393E+00
-0,41346515E-01
0,86960994E-01
0,75405188E+00
0,25033004E+00
0,26371755E+00
0,26539696E+00
0,52321040E-01
0,18155163E-01
0,45093612E-01
0,61227771E-01
0,81950919E-01
0,58875153E-01
t-ratio
0,10236140E+01
0,70978082E+01
0,14459396E+01
-0,30369045E+01
0,36452045E+01
0,33526042E+01
0,31170289E+01
-0,25368416E+01
-0,25459621E+01
-0,70227443E+00
-0,26483431E+02

coefficient
standard-error
beta 0
0,62946514E+00
beta 1
0,13328457E+01
beta 2
0,56794193E+00
beta 3
-0,56302783E+00
beta 4
0,83472668E-01
beta 5
0,64925359E-01
beta 6
0,14198033E+00
beta 7
-0,43820936E-01
beta 8
-0,13557671E+00
beta 9
-0,12860507E+00
gamma
0,79377211E+00
eta
0,14871544E+00
t-ratio
0,76334311E+00
0,22435518E+00
0,19492647E+00
0,18393225E+00
0,38967098E-01
0,13379303E-01
0,30819489E-01
0,46717279E-01
0,56359354E-01
0,44866078E-01
0,37405985E-01
0,70890536E-01
0,82461627E+00
0,59407843E+01
0,29136214E+01
-0,30610610E+01
0,21421320E+01
0,48526714E+01
0,46068361E+01
-0,93800275E+00
-0,24055760E+01
-0,28664210E+01
0,33052628E+01
0,11197152E+02
0,29317769E-01
0,50725361E+01
0,26956419E+02
LR test of the one-sided error =

0,10687970E+03
with number of restrictions = 2
[note that this statistic has a mixed chi-square distribution]
171

vit di iu kin CRS v phn phi nhiu l chun ct
coefficient
beta 0
beta 1
beta 2
beta 3
beta 4
beta 5
beta 6
beta 7
sigma-squared
standard-error
0,21673687E+01
0,44459116E+00
-0,77867530E+00
0,54204772E-01
0,11687539E+00
-0,14313545E+00
-0,39657416E-01
-0,14225630E+00
0,89462139E-01
0,36880685E+00
0,24872663E+00
0,23680034E+00
0,18013534E-01
0,43918775E-01
0,61905936E-01
0,58441431E-01
0,50115016E-01
t-ratio
0,58767041E+01
0,17874690E+01
-0,32883200E+01
0,30091137E+01
0,26611714E+01
-0,23121443E+01
-0,67858393E+00
-0,28385964E+01
-0,29811516E+02

coefficient
beta 0
beta 1
beta 2
beta 3
beta 4
beta 5
beta 6
beta 7
sigma-squared
gamma
mu
eta
standard-error
0,20220644E+01
0,58590280E+00
-0,51125647E+00
0,63820727E-01
0,14165433E+00
-0,24028415E-01
-0,13845050E+00
-0,13052120E+00
0,11721301E+00
0,77131856E+00
-0,56050656E-01
0,18467537E+00
0,27907147E+00
0,19641181E+00
0,16459326E+00
0,13405994E-01
0,31191476E-01
0,46847552E-01
0,44958312E-01
0,37789337E-01
0,86718608E-01
0,17103454E+00
0,41876672E+00
0,29812398E-01
t-ratio
0,72456866E+01
0,29830324E+01
-0,31061810E+01
0,47606113E+01
0,45414435E+01
-0,51290653E+00
-0,30795307E+01
-0,34539160E+01
0,13516477E+01
0,45097239E+01
-0,13384697E+00
0,61945828E+01
0,23772909E+02

0,10716885E+03
172

vit di iu kin CRS v phn phi nhiu l bn chun v hiu qu
khng i theo thi gian
coefficient
beta 0
beta 1
beta 2
beta 3
beta 4
beta 5
beta 6
beta 7
sigma-squared
standard-error
0,21673687E+01
0,44459116E+00
-0,77867530E+00
0,54204772E-01
0,11687539E+00
-0,14313545E+00
-0,39657416E-01
-0,14225630E+00
0,89462139E-01
0,36880685E+00
0,24872663E+00
0,23680034E+00
0,18013534E-01
0,43918775E-01
0,61905936E-01
0,58441431E-01
0,50115016E-01
t-ratio
0,58767041E+01
0,17874690E+01
-0,32883200E+01
0,30091137E+01
0,26611714E+01
-0,23121443E+01
-0,67858393E+00
-0,28385964E+01
-0,29811516E+02

coefficient
standard-error
beta 0
0,20369652E+01
beta 1
0,64265250E+00
beta 2
-0,75887846E+00
beta 3
0,61275851E-01
beta 4
0,14569438E+00
beta 5
-0,43345266E-01
beta 6
-0,12644873E+00
beta 7
-0,12407284E+00
gamma
0,83757267E+00
eta is restricted to be zero
0,27466260E+00
0,22430874E+00
0,18023821E+00
0,15723607E-01
0,33593573E-01
0,51596353E-01
0,50384123E-01
0,43183647E-01
0,68765981E-01
0,60264759E-01
t-ratio
0,74162451E+01
0,28650355E+01
-0,42104193E+01
0,38970608E+01
0,43369717E+01
-0,84008391E+00
-0,25096939E+01
-0,28731442E+01
0,32533399E+01
0,13898217E+02
0,34258706E+01

0,66474774E+02
173

vit di iu kin CRS v phn phi nhiu l bn chun v hiu qu
bin i theo thi gian
coefficient
beta 0
beta 1
beta 2
beta 3
beta 4
beta 5
beta 6
beta 7
sigma-squared
standard-error
0,21673687E+01
0,44459116E+00
-0,77867530E+00
0,54204772E-01
0,11687539E+00
-0,14313545E+00
-0,39657416E-01
-0,14225630E+00
0,89462139E-01
0,36880685E+00
0,24872663E+00
0,23680034E+00
0,18013534E-01
0,43918775E-01
0,61905936E-01
0,58441431E-01
0,50115016E-01
t-ratio
0,58767041E+01
0,17874690E+01
-0,32883200E+01
0,30091137E+01
0,26611714E+01
-0,23121443E+01
-0,67858393E+00
-0,28385964E+01
-0,29811516E+02

coefficient
standard-error
beta 0
0,20278896E+01
beta 1
0,58577942E+00
beta 2
-0,51196072E+00
beta 3
0,64024041E-01
beta 4
0,14173234E+00
beta 5
-0,24474761E-01
beta 6
-0,13860379E+00
beta 7
-0,13036140E+00
gamma
0,74880474E+00
eta
0,18336490E+00
t-ratio
0,28700894E+00
0,20049581E+00
0,17302257E+00
0,14042468E-01
0,32353501E-01
0,47074709E-01
0,46030010E-01
0,38848367E-01
0,29767046E-01
0,76794367E-01
0,70655972E+01
0,29216542E+01
-0,29589244E+01
0,45593155E+01
0,43807419E+01
-0,51991317E+00
-0,30111614E+01
-0,33556467E+01
0,35816687E+01
0,97507769E+01
0,28531501E-01
0,64267525E+01
0,23761692E+02

0,10714642E+03
174
Ph lc 9. Kt qu c lng cc ch s Malmquist bng DEA

DISTANCES SUMMARY
year =
firm
no.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
mean
year =
firm
no.
1
2
3
4
5
6
7
8
9
1
crs te rel to tech in yr
************************
t-1
t
t+1
0,000
0,635
0,637
0,000
1,000
1,288
0,000
0,749
0,673
0,000
0,588
0,547
0,000
0,716
0,645
0,000
0,667
0,709
0,000
1,000
0,961
0,000
0,477
1,330
0,000
0,807
0,747
0,000
0,830
1,041
0,000
1,000
1,276
0,000
1,000
1,172
0,000
0,970
0,881
0,000
0,473
0,493
0,000
0,595
0,622
0,000
0,683
0,773
0,000
0,508
0,592
0,000
0,672
0,656
0,000
0,842
0,918
0,000
0,458
0,476
0,000
0,907
1,002
0,000
1,000
7,443
0,000
0,417
0,504
0,000
0,635
0,619
0,000
0,641
0,603
0,000
0,254
0,249
0,000
0,719
0,776
0,000
1,000
4,460
0,000
1,000
1,240
0,000
1,000
1,066
0,000
0,830
0,781
0,000
0,441
0,439
1,000
1,000
1,000
0,967
0,785
0,772
1,000
1,000
0,816
0,832
1,000
1,000
0,980
0,478
0,595
0,784
0,667
0,706
0,867
0,458
1,000
1,000
0,437
0,642
0,655
1,000
1,000
1,000
1,000
1,000
1,000
0,463
0,000
0,841
0,735
1,113
vrs
te
2
************************
t-1
t
t+1
0,632
0,625
0,604
0,779
1,000
1,051
0,630
0,637
0,664
0,636
0,612
0,600
0,593
0,528
0,532
0,628
0,644
0,629
1,171
1,000
1,042
0,481
0,803
0,899
0,966
0,932
0,871
vrs
te
1,000
1,000
1,000
1,000
0,758
0,761
1,000
0,909
1,000
175
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
mean
year =
firm
no.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
0,702
0,901
0,999
0,880
0,413
0,618
0,750
0,570
0,470
0,798
0,378
0,833
1,082
0,388
0,570
0,631
0,344
0,811
1,153
0,850
1,321
1,248
0,517
1,000
1,000
1,000
0,817
0,436
0,667
0,726
0,649
0,488
0,879
0,407
0,779
1,000
0,502
0,555
0,740
0,346
0,787
1,000
0,933
1,000
1,000
0,541
1,349
1,419
1,511
0,813
0,488
0,802
0,695
0,771
0,569
0,901
0,434
0,761
2,237
0,583
0,529
0,882
0,374
0,873
1,063
2,555
1,601
5,338
0,556
1,000
1,000
1,000
0,830
0,452
0,667
0,732
0,840
0,605
0,946
0,416
0,782
1,000
0,517
0,559
0,792
1,000
1,000
1,000
1,000
1,000
1,000
0,541
0,742
0,751
1,062
0,847
3
************************
t-1
t
t+1
0,690
0,721
0,725
0,770
0,851
0,980
0,755
0,816
1,001
0,658
0,663
0,777
0,625
0,625
0,793
0,784
0,777
0,692
0,624
0,585
0,641
0,954
1,000
1,147
0,867
0,802
0,730
0,907
0,915
1,006
1,063
1,000
1,066
0,704
0,754
0,993
0,979
0,970
1,167
0,535
0,554
0,515
0,942
1,000
1,024
0,889
0,840
0,769
0,518
0,522
0,516
1,388
1,000
1,032
1,028
1,000
0,896
0,470
0,549
0,504
0,963
0,967
1,038
1,225
1,000
1,250
0,668
0,927
0,887
0,732
0,713
0,727
0,814
0,813
0,902
0,859
1,000
1,813
0,880
1,000
3,205
1,177
1,000
2,056
1,162
1,000
5,766
vrs
te
1,000
1,000
1,000
1,000
0,811
1,000
0,852
1,000
0,931
0,932
1,000
0,847
1,000
0,559
1,000
1,000
0,525
1,000
1,000
0,550
1,000
1,000
0,927
0,782
0,870
1,000
1,000
1,000
1,000
176
30
31
32
mean
year =
firm
no.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
mean
year =
firm
no.
1
2
3
4
5
6
7
8
9
0,805
0,756
0,729
0,872
0,724
0,724
1,003
0,692
0,664
0,934
0,812
0,763
0,841
0,834
1,156
0,909
4
************************
t-1
t
t+1
0,734
0,781
0,669
1,023
1,000
1,173
0,820
1,000
0,913
0,691
0,823
0,658
0,551
0,643
0,533
0,693
0,631
0,746
0,677
0,703
0,711
1,033
1,000
0,964
0,639
0,619
0,547
0,691
0,693
0,493
0,970
1,000
0,937
0,513
0,855
0,596
0,942
1,000
0,717
0,467
0,467
0,496
1,217
1,000
1,615
0,842
0,838
0,907
0,735
0,646
0,881
1,359
1,000
1,111
1,190
1,000
1,532
0,430
0,405
0,556
0,942
0,963
0,965
0,943
1,000
0,905
0,753
0,760
0,969
0,677
0,694
0,677
0,724
0,815
0,649
0,555
0,562
0,509
0,636
0,608
0,479
0,971
1,000
0,596
0,673
0,778
0,750
0,928
1,000
0,904
0,972
1,000
1,447
0,729
0,788
0,717
1,000
1,000
1,000
1,000
0,667
0,946
1,000
1,000
0,699
0,693
1,000
0,892
1,000
0,485
1,000
0,909
0,655
1,000
1,000
0,406
1,000
1,000
0,778
0,704
0,827
1,000
1,000
1,000
0,779
1,000
1,000
0,822
0,804
0,883
0,815
0,823
vrs
te
5
************************
t-1
t
t+1
0,752
0,735
0,000
0,839
0,756
0,000
0,868
0,865
0,000
0,666
0,564
0,000
0,646
0,497
0,000
0,643
0,798
0,000
0,696
0,740
0,000
1,169
1,000
0,000
0,738
0,792
0,000
vrs
te
1,000
1,000
1,000
0,947
0,757
0,918
1,000
1,000
0,979
177
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
mean
0,697
0,990
0,872
1,139
0,698
0,871
0,978
0,690
1,075
1,197
0,468
0,880
0,930
1,068
0,765
0,908
0,807
1,336
2,262
0,882
0,887
1,063
0,850
0,495
0,854
0,634
0,847
0,649
0,755
0,859
0,842
1,000
1,000
0,565
0,853
0,999
1,000
0,882
0,883
0,860
1,000
1,000
0,784
0,825
1,000
0,921
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,660
1,000
0,738
0,970
0,650
0,802
1,000
0,860
1,000
1,000
0,605
0,987
1,000
1,000
0,979
0,890
0,903
1,000
1,000
0,857
1,000
1,000
0,991
0,917
0,820
0,000
0,922
MALMQUIST INDEX SUMMARY

year =
firm
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
2
effch
0,985
1,000
0,850
1,040
0,738
0,966
1,000
1,684
1,156
1,205
1,000
1,000
0,842
0,922
1,122
1,063
1,277
0,727
1,044
0,887
0,859
1,000
1,205
0,874
1,155
1,362
1,095
1,000
0,933
techch
1,004
0,778
1,050
1,057
1,116
0,958
1,104
0,463
1,058
0,748
0,840
0,923
1,089
0,953
0,942
0,955
0,868
0,993
0,913
0,946
0,984
0,381
0,799
1,026
0,952
1,007
0,977
0,509
0,857
pech
1,000
1,000
1,000
1,034
0,966
0,985
1,000
0,909
1,226
1,202
1,000
1,000
0,847
0,945
1,121
0,934
1,259
0,857
1,091
0,908
0,782
1,000
1,184
0,871
1,209
1,000
1,000
1,000
1,000
sech
0,985
1,000
0,850
1,006
0,764
0,980
1,000
1,852
0,943
1,003
1,000
1,000
0,995
0,976
1,000
1,138
1,014
0,848
0,957
0,978
1,099
1,000
1,018
1,004
0,955
1,362
1,095
1,000
0,933
tfpch
0,989
0,778
0,892
1,099
0,824
0,925
1,104
0,780
1,223
0,902
0,840
0,923
0,917
0,879
1,056
1,015
1,109
0,722
0,953
0,840
0,845
0,381
0,963
0,897
1,100
1,372
1,070
0,509
0,800
178
30
31
32
mean
year =
firm
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
mean
year =
firm
1
2
3
4
5
6
7
8
9
10
11
12
13
1,000
1,204
1,227
1,113
1,151
0,979
1,000
1,000
1,169
1,000
1,204
1,050
1,113
1,387
1,202
1,029
0,898
1,009
1,019
0,924
effch
1,152
0,851
1,282
1,084
1,182
1,207
0,585
1,246
0,860
0,915
1,000
0,754
1,187
1,271
1,499
1,157
0,805
2,050
1,138
1,349
1,242
1,000
1,846
1,285
1,099
2,892
1,271
1,000
1,072
0,872
0,724
1,339
techch
0,996
0,928
0,941
1,006
0,996
1,016
1,011
0,923
1,076
0,857
0,866
0,786
1,007
0,928
0,885
1,052
0,914
1,091
1,001
0,895
1,009
0,740
0,787
1,037
0,916
0,891
0,890
1,052
0,651
0,759
0,442
0,989
pech
1,000
1,000
1,000
1,000
1,070
1,314
0,852
1,100
0,931
0,932
1,000
0,847
1,205
1,239
1,499
1,367
0,625
1,654
1,057
1,323
1,279
1,000
1,792
1,399
1,099
1,000
1,000
1,000
1,000
0,934
0,812
1,410
sech
1,152
0,851
1,282
1,084
1,105
0,918
0,686
1,132
0,924
0,982
1,000
0,891
0,985
1,026
1,000
0,846
1,287
1,239
1,076
1,020
0,971
1,000
1,031
0,918
1,000
2,892
1,271
1,000
1,072
0,934
0,892
0,950
tfpch
1,147
0,790
1,207
1,091
1,178
1,226
0,592
1,150
0,925
0,784
0,866
0,593
1,196
1,180
1,327
1,217
0,736
2,235
1,139
1,208
1,254
0,740
1,454
1,333
1,007
2,577
1,132
1,052
0,698
0,662
0,320
1,324
1,137
0,905
1,091
1,042
1,028
techch
0,967
0,943
0,818
0,846
0,822
1,111
0,938
0,949
1,065
0,953
0,954
0,675
0,885
pech
1,000
1,000
1,000
1,000
0,822
0,946
1,173
1,000
0,751
0,743
1,000
1,053
1,000
sech
1,083
1,175
1,225
1,241
1,251
0,858
1,025
1,000
1,027
1,018
1,000
1,077
1,031
tfpch
1,047
1,107
1,002
1,050
0,845
0,902
1,127
0,949
0,822
0,721
0,954
0,765
0,912
4
effch
1,083
1,175
1,225
1,241
1,029
0,812
1,202
1,000
0,772
0,757
1,000
1,134
1,031
179
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
mean
year =
firm
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
mean
0,843
1,000
0,997
1,237
1,000
1,000
0,738
0,996
1,000
0,820
0,973
1,003
0,562
0,608
1,000
0,778
1,146
1,381
1,088
1,038
1,090
1,048
1,073
1,148
1,152
1,075
0,955
0,868
1,017
0,978
0,895
0,738
0,571
0,687
0,387
0,898
1,009
1,004
0,867
1,000
0,909
1,248
1,000
1,000
0,738
1,000
1,000
0,840
0,900
0,950
1,000
1,000
1,000
0,779
1,071
1,231
1,079
0,973
1,000
1,097
0,991
1,000
1,000
0,999
0,996
1,000
0,977
1,081
1,055
0,562
0,608
1,000
0,999
1,071
1,121
1,009
0,875
1,090
1,045
1,327
1,148
1,152
0,793
0,950
0,868
0,834
0,951
0,897
0,415
0,347
0,687
0,301
1,030
1,393
1,093
0,969
0,905
0,964
1,006
0,877
effch
0,942
0,756
0,865
0,685
0,773
1,266
1,053
1,000
1,279
0,715
0,854
0,741
0,847
1,390
0,755
1,025
1,304
1,000
1,000
1,397
0,885
0,999
1,316
1,272
1,083
1,531
1,645
1,000
1,008
0,825
1,000
1,168
techch
1,092
0,972
1,048
1,216
1,252
0,825
0,964
1,101
1,027
1,407
1,112
1,405
1,369
1,006
0,845
1,026
0,775
0,983
0,884
0,776
1,015
1,014
0,915
0,943
1,137
1,018
1,302
1,947
1,080
1,090
0,857
1,007
pech
1,000
1,000
1,000
0,947
1,135
0,971
1,000
1,000
1,399
0,953
1,000
0,828
0,970
1,340
0,802
1,101
1,312
1,000
1,000
1,489
0,987
1,000
1,285
1,391
1,077
0,903
1,000
1,000
1,100
1,000
1,000
1,204
sech
0,942
0,756
0,865
0,723
0,681
1,303
1,053
1,000
0,914
0,750
0,854
0,895
0,874
1,037
0,941
0,931
0,993
1,000
1,000
0,938
0,897
0,999
1,024
0,915
1,005
1,695
1,645
1,000
0,917
0,825
1,000
0,970
tfpch
1,029
0,735
0,907
0,833
0,968
1,044
1,015
1,101
1,313
1,006
0,950
1,041
1,160
1,399
0,638
1,052
1,011
0,983
0,884
1,084
0,899
1,014
1,204
1,199
1,231
1,558
2,143
1,947
1,089
0,900
0,857
1,177
1,016
1,055
1,057
0,961
1,071
180
MALMQUIST INDEX SUMMARY OF ANNUAL MEANS

year
2
3
4
5
mean
effch
techch
pech
sech
tfpch
1,029
1,137
0,969
1,016
0,898
0,905
0,905
1,055
1,009
1,091
0,964
1,057
1,019
1,042
1,006
0,961
0,924
1,028
0,877
1,071
1,036
0,938
1,029
1,007
0,972
MALMQUIST INDEX SUMMARY OF FIRM MEANS

firm
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
mean
effch
1,037
0,932
1,037
0,990
0,913
1,046
0,928
1,203
0,995
0,879
0,961
0,892
0,967
1,083
1,061
1,059
1,135
1,105
1,044
1,054
0,985
1,000
1,245
1,086
1,083
1,357
1,086
1,000
0,941
0,953
1,048
1,202
1,036
techch
1,014
0,902
0,959
1,023
1,034
0,972
1,002
0,818
1,056
0,963
0,937
0,911
1,074
0,980
0,936
1,019
0,901
1,052
0,982
0,917
0,990
0,706
0,875
0,995
0,971
0,906
0,897
0,920
0,695
0,954
0,815
0,995
0,938
pech
1,000
1,000
1,000
0,995
0,991
1,044
1,000
1,000
1,047
0,944
1,000
0,927
0,997
1,080
1,077
1,063
1,066
1,091
1,036
1,072
0,997
1,000
1,230
1,111
1,080
0,975
1,000
1,000
0,962
1,000
1,000
1,210
1,029
sech
1,037
0,932
1,037
0,995
0,921
1,002
0,928
1,203
0,951
0,931
0,961
0,963
0,969
1,003
0,985
0,996
1,065
1,012
1,008
0,983
0,988
1,000
1,012
0,977
1,003
1,392
1,086
1,000
0,978
0,953
1,048
0,994
1,007
tfpch
1,051
0,841
0,995
1,012
0,944
1,016
0,930
0,984
1,051
0,846
0,901
0,813
1,038
1,061
0,994
1,079
1,023
1,162
1,026
0,966
0,975
0,706
1,089
1,081
1,052
1,229
0,974
0,920
0,654
0,909
0,853
1,196
0,972
[Note that all Malmquist index averages are geometric means]
181
Ph lc 10. Hiu qu k thut (TE) thi k 2001-2005 c lng theo m

hnh hm sn xut bin ngu nhin (SFA) di iu kin CRS
STT
Tn Ngn hng
TE2001
TE2002 TE2003 TE2004 TE2005 TE2001-05
1
VBARD
2
VCB
3
BIDV
4
ICB
5
ACB
6
STB
7
MHB
8
EIB
9
TCB
10
VIB
11
EAB
12
MB
13
HBB
14
MSB
15
VPB
16
OCB
17
IVB
18
VSB
19
SGB
20
VID
21
PNB
22
WB
23
CVB
24
HDB
25
NAB
26
ABB
27
GPB
28
NASB
29
DAB
30
RKB
31
MXB
32
SCB
Trung bnh mu 2001-05
Gi tr ln nht
Gi tr nh nht
lch chun
0,7354
0,9010
0,8579
0,7856
0,6458
0,6794
0,8506
0,5597
0,7739
0,7041
0,9274
0,7659
0,8555
0,3886
0,6191
0,7008
0,5072
0,4807
0,8841
0,2620
0,8924
0,8701
0,3346
0,5475
0,6386
0,2440
0,5129
0,9383
0,5579
0,6376
0,6652
0,4971
0.6632
0.9383
0.2440
0.1942
0,7737
0,9165
0,8798
0,8175
0,6944
0,7243
0,8735
0,6164
0,8073
0,7462
0,9390
0,8004
0,8778
0,4550
0,6704
0,7433
0,5679
0,5431
0,9022
0,3277
0,9092
0,8902
0,4017
0,6052
0,6879
0,3088
0,5732
0,9482
0,6148
0,6871
0,7117
0,5585
0,7054
0,9482
0,3088
0,1767
0,8073
0,9298
0,8986
0,8452
0,7378
0,7642
0,8932
0,6681
0,8364
0,7834
0,9488
0,8304
0,8968
0,5189
0,7165
0,7808
0,6241
0,6013
0,9176
0,3949
0,9236
0,9074
0,4678
0,6581
0,7321
0,3758
0,6289
0,9566
0,6667
0,7313
0,7531
0,6155
0,7441
0,9566
0,3758
0,1589
0,8365
0,9411
0,9146
0,8691
0,7762
0,7992
0,9101
0,7146
0,8616
0,8158
0,9571
0,8564
0,9131
0,5790
0,7574
0,8136
0,6752
0,6546
0,9308
0,4612
0,9358
0,9221
0,5312
0,7056
0,7711
0,4426
0,6795
0,9636
0,7133
0,7704
0,7895
0,6674
0,7790
0,9636
0,4426
0,1414
0,8617
0,9506
0,9282
0,8895
0,8096
0,8296
0,9244
0,7558
0,8832
0,8439
0,9641
0,8788
0,9270
0,6344
0,7934
0,8420
0,7209
0,7026
0,9419
0,5250
0,9462
0,9346
0,5904
0,7479
0,8053
0,5073
0,7248
0,9696
0,7547
0,8047
0,8212
0,7140
0,8102
0,9696
0,5073
0,1246
0.8029
0.9278
0.8958
0.8414
0.7328
0.7593
0.8904
0.6629
0.8325
0.7787
0.9472
0.8264
0.8940
0.5152
0.7114
0.7761
0.6191
0.5964
0.9153
0.3941
0.9214
0.9049
0.4652
0.6529
0.7270
0.3757
0.6239
0.9553
0.6615
0.7262
0.7481
0.6105
0,7404
0,9553
0,3757
0,1591
Ngun: Kt qu c lng c ca tc gi t m hnh SFA_CRS
182
Phc lc 11. Hiu qu k thut (TE) thi k 2001-2005 c lng theo

m hnh hm sn xut bin ngu nhin (SFA) di iu kin VRS
STT Tn Ngn hng TE2001 TE2002 TE2003 TE2004 TE2005 TE2001-05
1
VBARD
2
VCB
3
BIDV
4
ICB
5
ACB
6
STB
7
MHB
8
EIB
9
TCB
10 VIB
11 EAB
12 MB
13 HBB
14 MSB
15 VPB
16 OCB
17 IVB
18 VSB
19 SGB
20 VID
21 PNB
22 WB
23 CVB
24 HDB
25 NAB
26 ABB
27 GPB
28 NASB
29 DAB
30 RKB
31 MXB
32 SCB
Gi tr ln nht
Gi tr nh nht
lch chun
0,8615
0,8974
0,8706
0,8454
0,6052
0,6345
0,7954
0,5249
0,7368
0,6749
0,9007
0,6937
0,8306
0,3720
0,5970
0,6881
0,4730
0,5187
0,8314
0,2638
0,8444
0,9292
0,3310
0,5415
0,6275
0,3318
0,6224
0,9468
0,5484
0,7470
0,7045
0,4996
0.6653
0.9468
0.2638
0.1890
0,8791
0,9106
0,8871
0,8649
0,6483
0,6754
0,8206
0,5735
0,7682
0,7122
0,9135
0,7293
0,8518
0,4263
0,6408
0,7243
0,5243
0,5677
0,8525
0,3170
0,8640
0,9385
0,3855
0,5891
0,6689
0,3863
0,6642
0,9539
0,5955
0,7773
0,7391
0,5496
0,7000
0,9539
0,3170
0,1746
0,8946
0,9223
0,9017
0,8822
0,6881
0,7127
0,8430
0,6191
0,7964
0,7461
0,9248
0,7615
0,8706
0,4794
0,6812
0,7570
0,5730
0,6137
0,8712
0,3714
0,8814
0,9466
0,4396
0,6336
0,7069
0,4404
0,7026
0,9601
0,6395
0,8046
0,7703
0,5968
0,7323
0,9601
0,3714
0,1601
0,9083
0,9325
0,9145
0,8974
0,7244
0,7467
0,8629
0,6613
0,8217
0,7767
0,9347
0,7905
0,8873
0,5305
0,7181
0,7865
0,6187
0,6563
0,8878
0,4258
0,8967
0,9537
0,4923
0,6746
0,7414
0,4931
0,7375
0,9654
0,6801
0,8289
0,7984
0,6408
0,7620
0,9654
0,4258
0,1457
0,9203
0,9414
0,9257
0,9107
0,7572
0,7773
0,8805
0,7001
0,8441
0,8042
0,9434
0,8164
0,9019
0,5790
0,7516
0,8128
0,6610
0,6955
0,9023
0,4790
0,9101
0,9599
0,5429
0,7122
0,7725
0,5436
0,7690
0,9701
0,7172
0,8505
0,8235
0,6813
0,7893
0,9701
0,4790
0,1317
0.8927
0.9209
0.8999
0.8801
0.6846
0.7093
0.8405
0.6158
0.7934
0.7428
0.9234
0.7583
0.8684
0.4774
0.6777
0.7537
0.5700
0.6104
0.8690
0.3714
0.8793
0.9456
0.4383
0.6302
0.7035
0.4390
0.6991
0.9593
0.6361
0.8017
0.7671
0.5936
0,7298
0,9593
0,3714
0,1602
Ngun: Kt qu c lng c ca tc gi t m hnh SFA_VRS
183
Phc lc 12. Hiu qu k thut (TE) thi k 2001-2005 c lng theo

m hnh phi tham s (DEA) di iu kin CRS
STT
Tn Ngn hng
1
VBARD
2
VCB
3
BIDV
4
ICB
5
ACB
6
STB
7
MHB
8
EIB
9
TCB
10
VIB
11
EAB
12
MB
13
HBB
14
MSB
15
VPB
16
OCB
17
IVB
18
VSB
19
SGB
20
VID
21
PNB
22
WB
23
CVB
24
HDB
25
NAB
26
ABB
27
GPB
28
NASB
29
DAB
30
RKB
31
MXB
32
SCB
Gi tr ln nht
Gi tr nh nht
lch chun
TE2001
0,635
1,000
0,749
0,588
0,716
0,667
1,000
0,477
0,807
0,830
1,000
1,000
0,970
0,472
0,595
0,683
0,508
0,671
0,842
0,458
0,907
1,000
0,417
0,635
0,641
0,253
0,719
1,000
1,000
1,000
0,830
0,441
0.735
1.000
0.253
0.216
TE2002 TE2003 TE2004 TE2005 TE2001-05

0,625
1,000
0,637
0,612
0,528
0,644
1,000
0,803
0,932
1,000
1,000
1,000
0,817
0,436
0,667
0,726
0,649
0,488
0,879
0,407
0,779
1,000
0,502
0,555
0,740
0,345
0,786
1,000
0,933
1,000
1,000
0,541
0,751
1,000
0,345
0,210
0,721
0,851
0,816
0,663
0,625
0,777
0,585
1,000
0,802
0,915
1,000
0,754
0,970
0,554
1,000
0,840
0,522
1,000
1,000
0,549
0,967
1,000
0,927
0,713
0,813
1,000
1,000
1,000
1,000
0,872
0,724
0,724
0,834
1,000
0,522
0,159
0,781
1,000
1,000
0,823
0,643
0,631
0,703
1,000
0,619
0,693
1,000
0,855
1,000
0,467
1,000
0,838
0,646
1,000
1,000
0,405
0,963
1,000
0,760
0,693
0,815
0,562
0,608
1,000
0,778
1,000
1,000
0,788
0,815
1,000
0,495
0,152
0,735
0,756
0,865
0,564
0,497
0,798
0,740
1,000
0,792
0,495
0,854
0,634
0,847
0,649
0,755
0,859
0,842
1,000
1,000
0,565
0,853
0,999
1,000
0,882
0,883
0,860
1,000
1,000
0,785
0,825
1,000
0,921
0,820
1,000
0,495
0,152
Ngun: Kt qu c lng c ca tc gi t m hnh DEA_CRS
0.699
0.921
0.813
0.650
0.602
0.703
0.806
0.856
0.790
0.787
0.971
0.849
0.921
0.516
0.803
0.789
0.633
0.832
0.944
0.477
0.894
1.000
0.721
0.696
0.778
0.604
0.823
1.000
0.899
0.939
0.911
0.683
0,791
1,000
0,477
0,137
184
Ph lc 13. Hiu qu ton b (CRSTE), hiu qu k thut (VRSTE) v hiu qu quy m thi k 2001-2005
firm
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
ID
VBARD
VCB
BIDV
ICB
ACB
STB
MHB
EIB
TCB
VIB
EAB
MB
HBB
MSB
VPB
OCB
IVB
VSB
SGB
VID
PNB
WB
CVB
HDB
NAB
ABB
GPB
NASB
DAB
RKB
MXB
SCB
Mean
crste1
0,635
1,000
0,749
0,588
0,716
0,667
1,000
0,477
0,807
0,830
1,000
1,000
0,970
0,472
0,595
0,683
0,508
0,671
0,842
0,458
0,907
1,000
0,417
0,635
0,641
0,253
0,719
1,000
1,000
1,000
0,830
0,441
0,735
2001
vrste1 scale1
1,000 0,635
1,000 1,000
1,000 0,749
0,967 0,608
0,785 0,912
0,773 0,863
1,000 1,000
1,000 0,477
0,816 0,989
0,832 0,997
1,000 1,000
1,000 1,000
0,980 0,990
0,478 0,988
0,595 1,000
0,784 0,872
0,667 0,762
0,706 0,951
0,867 0,970
0,458 1,000
1,000 0,907
1,000 1,000
0,437 0,953
0,642 0,989
0,655 0,979
1,000 0,253
1,000 0,719
1,000 1,000
1,000 1,000
1,000 1,000
1,000 0,830
0,463 0,952
0,841 0,886
drs
drs
drs
drs
drs
drs
drs
irs
irs
drs
drs
drs
drs
drs
drs
drs
irs
irs
irs
irs
drs
irs
crste2
0,625
1,000
0,637
0,612
0,528
0,644
1,000
0,803
0,932
1,000
1,000
1,000
0,817
0,436
0,667
0,726
0,649
0,488
0,879
0,407
0,779
1,000
0,502
0,555
0,740
0,345
0,786
1,000
0,933
1,000
1,000
0,541
0,751
2002
vrste2 scale2
1,000 0,625
1,000 1,000
1,000 0,637
1,000 0,612
0,758 0,697
0,761 0,846
1,000 1,000
0,909 0,883
1,000 0,932
1,000 1,000
1,000 1,000
1,000 1,000
0,830 0,985
0,452 0,965
0,667 1,000
0,732 0,993
0,840 0,773
0,605 0,807
0,946 0,929
0,416 0,978
0,782 0,997
1,000 1,000
0,517 0,970
0,559 0,993
0,792 0,935
1,000 0,345
1,000 0,786
1,000 1,000
1,000 0,933
1,000 1,000
1,000 1,000
0,541 1,000
0,847 0,894
drs
drs
drs
drs
drs
drs
drs
drs
drs
irs
drs
drs
drs
drs
drs
irs
irs
irs
irs
irs
drs
-
crste3
0,721
0,851
0,816
0,663
0,625
0,777
0,585
1,000
0,802
0,915
1,000
0,754
0,970
0,554
1,000
0,840
0,522
1,000
1,000
0,549
0,967
1,000
0,927
0,713
0,813
1,000
1,000
1,000
1,000
0,872
0,724
0,724
0,834
2003
vrste3 scale3
1,000 0,721
1,000 0,851
1,000 0,816
1,000 0,663
0,812 0,770
1,000 0,777
0,852 0,686
1,000 1,000
0,931 0,861
0,932 0,982
1,000 1,000
0,847 0,891
1,000 0,970
0,559 0,990
1,000 1,000
1,000 0,840
0,525 0,995
1,000 1,000
1,000 1,000
0,550 0,997
1,000 0,967
1,000 1,000
0,927 1,000
0,782 0,912
0,870 0,935
1,000 1,000
1,000 1,000
1,000 1,000
1,000 1,000
0,934 0,934
0,812 0,892
0,763 0,950
0,909 0,919
drs
drs
drs
drs
drs
drs
drs
drs
drs
drs
drs
irs
drs
irs
irs
drs
drs
drs
irs
irs
drs
crste4
0,781
1,000
1,000
0,823
0,643
0,631
0,703
1,000
0,619
0,693
1,000
0,855
1,000
0,467
1,000
0,838
0,646
1,000
1,000
0,405
0,963
1,000
0,760
0,693
0,815
0,562
0,608
1,000
0,778
1,000
1,000
0,788
0,815
2004
vrste4 scale4
1,000 0,781
1,000 1,000
1,000 1,000
1,000 0,823
0,667 0,963
0,946 0,667
1,000 0,703
1,000 1,000
0,699 0,885
0,693 1,000
1,000 1,000
0,892 0,959
1,000 1,000
0,485 0,963
1,000 1,000
0,909 0,922
0,655 0,986
1,000 1,000
1,000 1,000
0,406 0,996
1,000 0,963
1,000 1,000
0,778 0,977
0,704 0,985
0,827 0,987
1,000 0,562
1,000 0,608
1,000 1,000
0,779 0,999
1,000 1,000
1,000 1,000
0,822 0,958
0,883 0,928
drs
drs
drs
drs
drs
drs
drs
irs
drs
irs
drs
drs
irs
drs
irs
irs
irs
drs
drs
crste5
0,735
0,756
0,865
0,564
0,497
0,798
0,740
1,000
0,792
0,495
0,854
0,634
0,847
0,649
0,755
0,859
0,842
1,000
1,000
0,565
0,853
0,999
1,000
0,882
0,883
0,860
1,000
1,000
0,785
0,825
1,000
0,921
0,820
2005
vrste5 scale5
1,000 0,735
1,000 0,756
1,000 0,865
0,947 0,596
0,757 0,656
0,918 0,869
1,000 0,740
1,000 1,000
0,979 0,809
0,660 0,750
1,000 0,854
0,738 0,858
0,970 0,874
0,650 0,999
0,802 0,941
1,000 0,859
0,860 0,980
1,000 1,000
1,000 1,000
0,605 0,934
0,987 0,864
1,000 0,999
1,000 1,000
0,979 0,901
0,890 0,992
0,903 0,952
1,000 1,000
1,000 1,000
0,857 0,916
1,000 0,825
1,000 1,000
0,991 0,929
0,922 0,889
drs
drs
drs
drs
drs
drs
drs
drs
drs
drs
drs
drs
irs
drs
drs
irs
drs
drs
irs
drs
drs
drs
irs
irs
drs
185
Ph lc 14. Hiu qu ton b (TE), hiu qu phn b (AE) v hiu qu chi ph (CE) thi k 2001-2005
firm
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
ID
VBARD
VCB
BIDV
ICB
ACB
STB
MHB
EIB
TCB
VIB
EAB
MB
HBB
MSB
VPB
OCB
IVB
VSB
SGB
VID
PNB
WB
CVB
HDB
NAB
ABB
GPB
NASB
DAB
RKB
MXB
SCB
mean
te1
0,635
1,000
0,749
0,588
0,716
0,667
1,000
0,477
0,807
0,830
1,000
1,000
0,970
0,472
0,595
0,683
0,508
0,671
0,842
0,458
0,907
1,000
0,417
0,635
0,641
0,253
0,719
1,000
1,000
1,000
0,830
0,441
0,735
2001
ae1
0,643
1,000
0,975
0,884
0,922
0,768
0,804
0,877
0,883
0,958
0,529
1,000
0,944
0,694
0,855
0,646
0,421
0,314
0,755
0,384
0,867
1,000
0,347
0,701
0,804
0,664
0,933
1,000
0,929
0,977
0,992
0,841
0,791
ce1
te2
0,408
1,000
0,731
0,520
0,660
0,512
0,804
0,418
0,713
0,795
0,528
1,000
0,916
0,328
0,509
0,441
0,214
0,211
0,636
0,176
0,786
1,000
0,145
0,445
0,515
0,168
0,671
1,000
0,929
0,977
0,824
0,371
0,605
0,625
1,000
0,637
0,612
0,528
0,644
1,000
0,803
0,932
1,000
1,000
1,000
0,817
0,436
0,667
0,726
0,649
0,488
0,879
0,407
0,779
1,000
0,502
0,555
0,740
0,345
0,786
1,000
0,933
1,000
1,000
0,541
0,751
2002
ae2
0,717
0,723
0,778
0,869
0,901
0,664
0,948
0,937
0,788
1,000
0,944
0,782
0,855
0,611
0,917
0,796
0,516
0,323
0,769
0,557
0,848
1,000
0,713
0,624
0,973
0,617
0,859
1,000
0,757
1,000
1,000
0,702
0,797
ce2
te3
0,449
0,723
0,495
0,531
0,476
0,427
0,948
0,752
0,735
1,000
0,944
0,782
0,699
0,266
0,612
0,578
0,335
0,158
0,676
0,227
0,660
1,000
0,358
0,346
0,721
0,213
0,676
1,000
0,706
1,000
1,000
0,380
0,621
0,721
0,851
0,816
0,663
0,625
0,777
0,585
1,000
0,802
0,915
1,000
0,754
0,970
0,554
1,000
0,840
0,522
1,000
1,000
0,549
0,967
1,000
0,927
0,713
0,813
1,000
1,000
1,000
1,000
0,872
0,724
0,724
0,834
2003
ae3
0,643
0,888
0,792
0,823
0,882
0,847
0,894
1,000
0,709
0,831
0,886
0,959
0,934
0,712
0,962
0,831
0,662
1,000
0,796
0,685
0,991
1,000
0,594
0,712
0,892
0,473
0,980
1,000
0,753
0,760
0,820
0,778
0,828
ce3
te4
0,463
0,756
0,646
0,545
0,551
0,658
0,523
1,000
0,568
0,760
0,886
0,723
0,906
0,394
0,962
0,698
0,346
1,000
0,796
0,376
0,959
1,000
0,550
0,507
0,725
0,473
0,980
1,000
0,753
0,662
0,594
0,563
0,698
0,781
1,000
1,000
0,823
0,643
0,631
0,703
1,000
0,619
0,693
1,000
0,855
1,000
0,467
1,000
0,838
0,646
1,000
1,000
0,405
0,963
1,000
0,760
0,693
0,815
0,562
0,608
1,000
0,778
1,000
1,000
0,788
0,815
2004
ae4
0,869
1,000
0,876
0,804
0,989
0,994
0,772
0,940
0,989
0,848
0,975
0,816
0,824
0,978
1,000
0,834
0,898
1,000
1,000
0,594
0,819
0,818
0,612
0,856
0,773
0,703
0,837
0,618
0,676
0,865
1,000
0,754
0,854
ce4
Te5
0,678
1,000
0,875
0,662
0,635
0,627
0,543
0,940
0,612
0,587
0,975
0,698
0,824
0,457
1,000
0,699
0,580
1,000
1,000
0,240
0,789
0,818
0,465
0,594
0,630
0,395
0,509
0,618
0,526
0,865
1,000
0,594
0,701
0,735
0,756
0,865
0,564
0,497
0,798
0,740
1,000
0,792
0,495
0,854
0,634
0,847
0,649
0,755
0,859
0,842
1,000
1,000
0,565
0,853
0,999
1,000
0,882
0,883
0,860
1,000
1,000
0,785
0,825
1,000
0,921
0,820
2005
ae5
0,574
0,911
0,750
0,638
0,932
0,649
0,400
1,000
0,635
0,672
0,787
0,940
0,612
0,908
0,561
0,591
0,627
0,778
0,719
0,474
0,601
0,514
0,894
0,475
0,703
0,492
0,875
1,000
0,465
0,563
0,512
0,464
0,679
ce5
te15
0,422
0,688
0,649
0,360
0,463
0,518
0,296
1,000
0,503
0,333
0,673
0,596
0,519
0,590
0,424
0,507
0,528
0,778
0,719
0,268
0,512
0,514
0,894
0,419
0,621
0,423
0,875
1,000
0,365
0,464
0,512
0,427
0,558
0,699
0,921
0,813
0,650
0,602
0,703
0,806
0,856
0,790
0,787
0,971
0,849
0,921
0,516
0,803
0,789
0,633
0,832
0,944
0,477
0,894
1,000
0,721
0,696
0,778
0,604
0,823
1,000
0,899
0,939
0,911
0,683
0,791
2001-2005
ae15
ce15
0,689
0,904
0,834
0,804
0,925
0,784
0,764
0,951
0,801
0,862
0,824
0,899
0,834
0,781
0,859
0,740
0,625
0,683
0,808
0,539
0,825
0,866
0,632
0,674
0,829
0,590
0,897
0,924
0,716
0,833
0,865
0,708
0,790
0,484
0,833
0,679
0,524
0,557
0,548
0,623
0,822
0,626
0,695
0,801
0,760
0,773
0,407
0,701
0,585
0,401
0,629
0,765
0,257
0,741
0,866
0,482
0,462
0,642
0,334
0,742
0,924
0,656
0,794
0,786
0,467
0,637
186
Phc lc 15. Kt qu c lng m hnh Tobit phn tch cc yu t tc

ng n hiu qu hot ng ca ngn hng thng mi Vit Nam
Random-effects tobit regression

Group variable (i): unit
Number of obs
Number of groups
=
=
160
32
Random effects u_i ~ Gaussian
Obs per group: min =

avg =
max =
5
5,0
5
Log likelihood
301,98322
Wald chi2(16)
Prob > chi2
=
=
2104,87
0,0000
-----------------------------------------------------------------------------te
|
Coef,
Std, Err,
z
P>|z|
[95% Conf, Interval]
-------------+---------------------------------------------------------------banksize |
,0243173
,0027245
8,93
0,000
,0189774
,0296571
npl | -,2661307
,1475319
-1,80
0,071
-,555288
,0230265
tctr | -,2259141
,0287045
-7,87
0,000
-,2821739
-,1696543
dlr | -,0516689
,0062812
-8,23
0,000
-,0639799
-,039358
eta |
,0927707
,0379677
2,44
0,015
,0183554
,167186
marketshare |
,3903859
,0767611
5,09
0,000
,2399369
,5408348
kl |
,0093897
,0015689
5,98
0,000
,0063147
,0124647
loanta | -,1433668
,024093
-5,95
0,000
-,1905883
-,0961453
fata |
-1.18406
.3236364
-3.66
0.000
-1.818376
-.5497444
ownernn |
,2989361
,0159381
18,76
0,000
,2676981
,3301741
ownercp |
,2220821
,0090939
24,42
0,000
,2042584
,2399057
y02 |
,0369002
,0068263
5,41
0,000
,0235208
,0502796
y03 |
,0525347
,0071738
7,32
0,000
,0384744
,0665951
y04 |
,0759761
,0075718
10,03
0,000
,0611357
,0908164
y05 |
,0915791
,0080683
11,35
0,000
,0757656
,1073926
trad | -,0637491
,0320636
-1,99
0,047
-,1265925
-,0009057
_cons |
,3909389
,0682109
5,73
0,000
,2572479
,5246298
-------------+---------------------------------------------------------------/sigma_u |
,093451
,0027603
33,86
0,000
,088041
,0988611
/sigma_e |
,0264576
,0014805
17,87
0,000
,0235559
,0293593
-------------+---------------------------------------------------------------rho |
,9257927
,0086935
,907216
,9413847
-----------------------------------------------------------------------------Observation summary:
0 left-censored observations
160 uncensored observations
0 right-censored observations

2008-LA Phan Tich Cac Nhan To Anh Hương Toi Hieu Qua Hoat Dong Cac NHTM

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B GIO DC V O TO

Nguyn Vit Hng

Phn tch cc nhn t nh hng n

Ngi hng dn khoa hc:

NGUYN VIT HNG

PHN TCH CC NHN T NH HNG N

LUN N TIN S KINH T

Ngi hng dn khoa hc:

Ti xin cam oan y l cng trnh nghin

NGUYN VIT HNG

Vit y ting vit

Vit y ting Anh

Ngn hng Nng nghip v Pht

Vietnam Bank for Agriculure

Ngn hng thng mi c phn

Vietnam Joint Stock

Ngn hng thng mi c phn

Ngn hng thng mi c phn

Ngn hng thng mi c phn

My Xuyen Rural Joint Stock

Thay i hiu qu k thut

Technical efficiency change

Thay i tin b cng ngh

Thay i hiu qu thun

Pure technical efficiency

Thay i hiu qu quy m

Scale efficiency change

Thay i nng sut nhn t

Total factor productivity

Pure technical efficiency

Tng theo quy m

Increasing returns to scale

Gim theo quy m

Decreasing returns to scale

Khng i theo quy m

Constant returns to scale

H s thu nhp /c phiu

Earnings Per Share

Thu nhp rng /tng ti sn

Return On Assets ratio

Thu nhp rng /vn ch s hu

Return On Equity ratio

Phn tch bao d liu

Data envelopment Analysis

Phn tch bin ngu nhin

Stochastic frontier Appoach

Thu li bin rng

Thu ngoi li bin rng

TNHB Thu nhp hot ng bin

Ngn hng thng mi

NHTMNN Ngn hng thng mi nh nc

Ngn hng lin doanh

Ngn hng Nh nc Vit Nam

Ngn hng Chnh sch X hi

Ngn hng nh ng bng

Bng 2.1. C cu h thng ngn hng thng mi Vit Nam

Bng 2.15. Kt qu c lng effch, techch, pech, sech v tfpch cho 32

th 1.1. Hm sn xut bin ngu nhin ............................................................. 33