Tiến Sĩ Financial management system of vietnam posts and telecommunications group and its effects on financi

Luận án tiến sĩ năm 2013
Đề tài: FINANCIAL MANAGEMENT SYSTEM OF VIETNAM POSTS AND TELECOMMUNICATIONS GROUP AND ITS EFFECTS ON FINANCIAL EFFICIENCY OF THE COMPANY
Hệ thống quản lý tài chính của Tập đoàn bưu chính viễn thông Việt Nam (VNPT) và ảnh hưởng của nó đến hiệu quả tài chính của Tập đoàn
Luận án được trình bày bằng tiếng Anh


TABLE OF CONTENTS
CHAPTER I: 1
INTRODUCTION 1
1.1. Statement of the objectives . 3
1.2. Significance of the Study 4
1.3. Scope and limitation of the Study 5
1.4. Definition of terms 6
CHAPTER II: . 9
RELATED LITERATURE . 9
2.1. Review of related studies 9
2.1.1. Foreign studies . 9
2.1.2. Local studies . 10
2.2. Theoretical and conceptual framework 12
2.2.1. Enterprise finance . 12
2.2.2. Financial management system . 16
2.2.3. Financial efficiency 23
2.3. Research Paradigm . 24
CHAPTER III: . 28
METHODOLOGY 28
3.1. Research Design 28
3.2. Time and Place of Study . 28
3.3. Data collection method . 28
3.4. Population, Sample and sampling technique . 29
3.5. Research instrument . 29
3.6. Data gathering procedure 30
vi
3.7. Data processing method . 30
3.8. Statistical treatment 31
CHAPTER IV: . 33
PRESENTATION, ANALYSIS AND INTERPRETATION OF DATA 33
4.1. Profile of VNPT . 33
4.1.1. Type of company 33
4.1.2. Size of company . 34
4.2. Current status of financial management system of VNPT from 2010 to 2012
37
4.2.1. Capital mobilization in VNPT 37
4.2.2. Capital management and use in VNPT 47
4.2.3. Asset management in VNPT 59
4.2.4. Management of revenues, expenses and profit distribution in VNPT . 71
4.3. Effects of financial management system on financial efficiency of the VNPT.
80
4.3.1. Assess the financial efficiency of VNPT . 80
4.3.2. Effects of the financial management system to the financial efficiency of
VNPT . 81
4.4. Problem encountered by financial management system of VNPT . 82
CHAPTER V: . 83
CONCLUSIONS AND RECOMMENDATIONS . 83
5.1. Summary of the findings 83
5.2. Conclusions . 87
5.3. Recommendations . 88


ABSTRACT
In the background of deeper and wider regional and international economic
integration, enterprises have to face with more formidable competition from big
multinational economic organizations in the world. In order to adapt to that situation,
meeting to demands for economic development and market expansion out of boundary
of countries, many countries are incessantly increase scales of businesses, establishing
and developing economic groups. Vietnamese enterprises are not out of that trend.
The establishment and development of Vietnamese economic groups both
ensure the suitability to the development tendency of global economy and exploit
inherent competitive advantages of the country, speeding economic growth of the
country. In order to ensure the high efficiency of those economic groups and State
owned enterprises, it is necessary to improve efficiency of financial management
system of economic groups. Although this system has taken much progress which has
some certain effects on raising financial efficiency of the economic groups, many
troubles and constraints still exist; for example, Financial management policies and
measures of the groups are collectivistic, not closing to the actual situation of each
State owned group, which has no small constraint on the financial effectiveness of
economic groups in VietNam.
To contribute to the enhancement of financial efficiency of economic groups in
VietNam in the new situation, it is compulsory to research, innovate financial
management system of economic groups.
In expectation of contributing some ideas about perfecting financial
management system of State owned economic groups, I, the author would like to
choose the subject:
“FINANCIAL MANAGEMENT SYSTEM OF VIETNAM POSTS AND
TELECOMMUNICATIONS GROUP (VNPT) AND ITS EFFECTS ON
FINANCIAL EFFICIENCY OF THE COMPANY” for this dissertation.
With such an approach to issues, the main objectives of dissertation is study
the current status of system financial management of VNPT and its effect on financial
efficiency of company. The specific objectives of this study are: (1) To identify the
profile of the company in terms of the following: Type of the company and Size of the
company; (2) To determine the current status of financial management system of
VNPT in terms of the following: Capital mobilization, Capital management and use,
Asset management, Revenue, expense and profit distribution management; (3) To
assess the financial efficiency of VNPT in terms of the following financial ratios: the
asset turnover ratio and the debtor days ratio; (4) To determine the effects of the
financial management system to the financial efficiency of VNPT; (5) To identify the
problems encountered in carrying out the financial management system of VNPT; (6)
To propose actions that will respond to the problems encountered in carrying out the
financial management system of VNPT.
In order to obtain main objectives of study, the researcher used the descriptive
method to get data which includes: Primary data was collected by sending
questionnaires to 169 respondents (CFO of VNPT, director of financial department of
VNPT, deputy director of financial department of VNPT, CFO of VNPT’s
subsidiaries) working in VNPT and its subsidiaries and secondary data: From the
annual financial reports of VNPT from 2010 to 2012. For assessing the current status
of VNPT’s financial management system, the dissertation focuses on studying the
profile and the formation and development process of VNPT as well as VNPT’s
regulations on capital mobilization, management and use of capital and assets,
ix
management of revenues, expenses and profit distribution, thereby assessing financial
management system and its effects on VNPT’s financial efficiency from 2010 to
2012. All this proves that the financial management system of VNPT effects
positively to financial efficiency of the Group.


CHAPTER I:
INTRODUCTION
There are many studies about financial management system in economic
groups under the eyes of theory, situation evaluation as well as summary of
experience in the country and foreign countries. Followings are typical ones:
Firstly, the study, which was published into book, has title:
“Business Groups and financial management system in Business Groups”
published in 2003, by author Pham Quang Trung.
This study shows many basic theoretical matters about financial management
system in economic groups, State owned enterprises as well as descriptions,
summaries, analysis of overall picture of actual situation of applying financial
management system in economic groups, State owned enterprises in Vietnam in the
first period when economic groups, State owned enterprises started to go into
operation.
Nowadays, with profound changes in economic groups, State owned
enterprises under the changes of State’s policies as well as influences of economic
integration on economic groups, the value of those analysis and evaluation may not
keep intact and need to be updated.
Secondly, the study under form of textbook has title “Financial management of
modern enterprises” published in 2009, author Duong Huu Hanh. This study, although
not directly mentioning words “financial management system in economic groups”,
has contents of financial management in modern enterprises under the view of
financial management of enterprises. However, this is study compiled on the
background of studies of American and Australian professors, having color of a
2
textbook, so being more theoretical.
Thirdly, the study “Establishment and management of business Groups in
VietNam” in 1996 and the author Nguyen Dinh Phan. In this study, the author has
written few pages of financial management in business groups; however, to some
extent, the content about this issue is limit and suggestive. From that time, the
operation of the State owned enterprises in VietNam has had many alterations, so does
the financial management system.
The issue of financial management system in the economic groups gets the
attention of not only scholars in the country but also many foreign economists. For
example, Eugene F.Brigham, a German researcher, in his book "Fundamentals of
Financial Management" in 2009 also refers to problems in the financial management
of corporations in terms of general theoretical angles about concepts, characteristics,
connotation and methods of management.
Generally, about financial management system in the economic groups in
Vietnam, there are some works under the form of books which mention different
angles, but all were released from the 2000 onwards. Nowadays under the impact of
regional and international economic integration, and the management of the State for
State economic groups inevitably arises many new issues in the financial management
system of economic groups in VietNam.
Beside that, in recent years, Vietnam economy has gone through a very
difficult period. High inflation and interest rates coupled with global economic
financial crisis and public debt crisis of the European countries have a huge impact on
the business situation of economic groups in Vietnam.
In this economic setting, economic groups that want a firm stand in the marketplace
need to be flexible and ever-innovative. Innovative financial management system is
3
one of the issues of primary concern that directly affects the survival of many
economic groups in Vietnam.
In expectation of contributing some ideas about perfecting financial
management system of State owned economic groups, I would like to conduct this
study.
1.1. Statement of the objectives
This study intended to analysis of financial management system of VNPT and
its effects on financial efficiency of the Group. Specifically, the specific objectives of
this study are:
1. To identify the profile of the company in terms of the following:
1.1. Type of the company
1.2. Size of the company
2. To determine the current status of financial management system of VNPT
in terms of the following:
2.1. Capital mobilization (focus on financing activities)
2.2. Capital management and use (focus on investment activities)
2.3. Asset management
2.4. Management of revenue, expense and profit distribution
3. To assess the financial efficiency of VNPT in terms of the following
financial ratios: the asset turnover ratio and the debtor days ratio.
4. To determine the effects of the financial management system to the
financial efficiency of VNPT.
5. To identify the problems encountered in carrying out the financial
management system of VNPT.


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