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\n<\/div>\n\u1ea2nh h\u01b0\u1edfng c\u1ee7a c\u1ea1nh tranh \u0111\u1ebfn \u1ed5n \u0111\u1ecbnh h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng<\/a> l\u00e0 ch\u1ee7 \u0111\u1ec1 thu h\u00fat \u0111\u01b0\u1ee3c s\u1ef1 quan t\u00e2m c\u1ee7a nhi\u1ec1u h\u1ecdc gi\u1ea3 v\u00e0 c\u00e1c nh\u00e0 ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch trong h\u01a1n hai th\u1eadp k\u1ef7 v\u1eeba qua, \u0111\u1eb7c bi\u1ec7t sau cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u n\u0103m 2007 – 2008.<\/strong><\/div>\n<\/blockquote>\nHi\u1ec7n nay, trong gi\u1edbi h\u1ecdc thu\u1eadt n\u1ed5i l\u00ean hai quan \u0111i\u1ec3m ch\u00ednh: (i) quan \u0111i\u1ec3m c\u1ea1nh tranh c\u00f3 \u1ea3nh h\u01b0\u1edfng ti\u00eau c\u1ef1c \u0111\u1ebfn \u1ed5n \u0111\u1ecbnh h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng (c\u1ea1nh tranh – b\u1ea5t \u1ed5n), v\u00e0 (ii) quan \u0111i\u1ec3m c\u1ea1nh tranh c\u00f3 \u1ea3nh h\u01b0\u1edfng t\u00edch c\u1ef1c \u0111\u1ebfn \u1ed5n \u0111\u1ecbnh h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng (c\u1ea1nh tranh – \u1ed5n \u0111\u1ecbnh). Nhi\u1ec1u h\u1ecdc gi\u1ea3 \u0111\u00e3 ki\u1ec3m \u0111\u1ecbnh m\u1ed1i li\u00ean h\u1ec7 n\u00e0y t\u1ea1i nhi\u1ec1u qu\u1ed1c gia v\u00e0 v\u00f9ng l\u00e3nh th\u1ed5 tr\u00ean th\u1ebf gi\u1edbi, tuy nhi\u00ean, k\u1ebft qu\u1ea3 thu \u0111\u01b0\u1ee3c l\u1ea1i r\u1ea5t kh\u00e1c nhau. M\u1ee5c ti\u00eau c\u1ee7a b\u00e0i nghi\u00ean c\u1ee9u n\u00e0y l\u00e0 xem x\u00e9t m\u1ed1i quan h\u1ec7 gi\u1eefa c\u1ea1nh tranh v\u00e0 \u1ed5n \u0111\u1ecbnh h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng t\u1ea1i Vi\u1ec7t Nam trong giai \u0111o\u1ea1n t\u1eeb n\u0103m 2006 – 2017. S\u1eed d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p h\u1ed3i quy tuy\u1ebfn t\u00ednh GMM (Generalised Methods of Moments) \u0111\u1ec3 \u01b0\u1edbc l\u01b0\u1ee3ng m\u1ed1i quan h\u1ec7 gi\u1eefa c\u00e1c bi\u1ebfn v\u1ec1 \u1ed5n \u0111\u1ecbnh h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng (ch\u1ec9 s\u1ed1 Z-score, t\u1ef7 l\u1ec7 n\u1ee3 x\u1ea5u v\u00e0 t\u1ef7 l\u1ec7 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu tr\u00ean t\u1ed5ng t\u00e0i s\u1ea3n) v\u00e0 c\u1ea1nh tranh (ch\u1ec9 s\u1ed1 Lerner, HHI ti\u1ec1n g\u1eedi v\u00e0 HHI cho vay), k\u1ebft qu\u1ea3 th\u1ef1c nghi\u1ec7m cho th\u1ea5y, c\u1ea1nh tranh c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn b\u1ea5t \u1ed5n. \u0110\u00e2y l\u00e0 m\u1ed9t k\u1ebft qu\u1ea3 ph\u00f9 h\u1ee3p v\u1edbi \u0111i\u1ec1u ki\u1ec7n c\u1ee7a Vi\u1ec7t Nam c\u0169ng nh\u01b0 m\u1ed9t s\u1ed1 n\u01b0\u1edbc c\u00f3 h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh ng\u00e2n h\u00e0ng \u0111ang ph\u00e1t tri\u1ec3n. C\u1ea1nh tranh qu\u00e1 m\u1ee9c trong khi lu\u1eadt ph\u00e1p ch\u01b0a \u0111\u1ee7 ch\u1eb7t ch\u1ebd \u0111\u1ec3 ki\u1ec3m so\u00e1t, \u0111i\u1ec1u ch\u1ec9nh s\u1ebd d\u1ec5 d\u1eabn \u0111\u1ebfn c\u00e1c v\u1ea5n \u0111\u1ec1 c\u1ea1nh tranh kh\u00f4ng l\u00e0nh m\u1ea1nh, l\u00e0m suy gi\u1ea3m s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng.<\/div>\n<\/div>\n1. \u0110\u1eb7t v\u1ea5n \u0111\u1ec1<\/strong><\/div>\nH\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng \u0111\u00f3ng vai tr\u00f2 quan tr\u1ecdng trong vi\u1ec7c ph\u00e2n b\u1ed5 c\u00e1c ngu\u1ed3n l\u1ef1c t\u00e0i ch\u00ednh m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3 t\u1edbi c\u00e1c \u0111\u1ed1i t\u01b0\u1ee3ng c\u00f3 nhu c\u1ea7u. Tuy nhi\u00ean, h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng c\u0169ng ch\u00ednh l\u00e0 k\u00eanh truy\u1ec1n d\u1eabn b\u1ea5t \u1ed5n \u0111\u1ebfn c\u00e1c khu v\u1ef1c kh\u00e1c c\u1ee7a n\u1ec1n kinh t\u1ebf qua s\u1ef1 s\u1ee5p \u0111\u1ed5 c\u1ee7a th\u1ecb tr\u01b0\u1eddng li\u00ean ng\u00e2n h\u00e0ng v\u00e0 c\u00e1c c\u01a1 ch\u1ebf thanh to\u00e1n c\u0169ng nh\u01b0 s\u1ef1 s\u1ee5t gi\u1ea3m ngu\u1ed3n cung t\u00edn d\u1ee5ng v\u00e0 t\u00ecnh tr\u1ea1ng \u0111\u00f3ng b\u0103ng ti\u1ec1n g\u1eedi (Berger v\u00e0 c\u00e1c c\u1ed9ng s\u1ef1, 2009), t\u1eeb \u0111\u00f3 g\u00e2y ra c\u00e1c t\u00e1c \u0111\u1ed9ng ti\u00eau c\u1ef1c k\u00e9o d\u00e0i \u0111\u1ed1i v\u1edbi n\u1ec1n kinh t\u1ebf th\u1ef1c v\u00e0 chi ph\u00ed t\u1ed1n k\u00e9m cho vi\u1ec7c kh\u1eafc ph\u1ee5c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh. \u0110\u00e2y l\u00e0 m\u1ed9t trong nh\u1eefng l\u00fd do khi\u1ebfn c\u00e1c nh\u00e0 ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch \u0111\u1eb7c bi\u1ec7t ch\u00fa tr\u1ecdng \u0111\u1ebfn vi\u1ec7c thi\u1ebft l\u1eadp c\u00e1c quy \u0111\u1ecbnh, ch\u00ednh s\u00e1ch nh\u1eb1m \u0111\u1ea3m b\u1ea3o an to\u00e0n ho\u1ea1t \u0111\u1ed9ng c\u1ee7a khu v\u1ef1c ng\u00e2n h\u00e0ng.<\/div>\nM\u1ed9t trong nh\u1eefng y\u1ebfu t\u1ed1 quan tr\u1ecdng c\u00f3 th\u1ec3 g\u00e2y ra r\u1ee7i ro cho khu v\u1ef1c ng\u00e2n h\u00e0ng l\u00e0 s\u1ef1 c\u1ea1nh tranh gi\u1eefa c\u00e1c ng\u00e2n h\u00e0ng. L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 qu\u1ea3n l\u00fd, gi\u00e1m s\u00e1t ng\u00e2n h\u00e0ng theo h\u01b0\u1edbng v\u1eeba \u0111\u1ea3m b\u1ea3o c\u1ea1nh tranh l\u00e0nh m\u1ea1nh v\u1eeba duy tr\u00ec \u1ed5n \u0111\u1ecbnh h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng l\u00e0 v\u1ea5n \u0111\u1ec1 \u0111\u01b0\u1ee3c quan t\u00e2m h\u01a1n bao gi\u1edd h\u1ebft. Theo Beck (2008), c\u1ea7n ph\u1ea3i c\u00f3 s\u1ef1 ph\u00e1t tri\u1ec3n h\u00e0i h\u00f2a m\u1ed1i quan h\u1ec7 gi\u1eefa c\u1ea1nh tranh v\u00e0 qu\u1ea3n l\u00fd, gi\u00e1m s\u00e1t ng\u00e2n h\u00e0ng nh\u1eb1m \u1ed5n \u0111\u1ecbnh h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng. N\u1ebfu c\u1ea1nh tranh \u0111i \u0111\u00f4i v\u1edbi c\u00e1c quy \u0111\u1ecbnh, ch\u00ednh s\u00e1ch kh\u00f4ng ph\u00f9 h\u1ee3p th\u00ec s\u1ebd t\u1ea1o n\u00ean m\u1ed9t s\u1ef1 k\u1ebft h\u1ee3p r\u1ea5t nguy h\u1ea1i cho n\u1ec1n kinh t\u1ebf. Tuy nhi\u00ean, vi\u1ec7c x\u00e1c \u0111\u1ecbnh v\u1ea5n \u0111\u1ec1 c\u1ea1nh tranh ng\u00e2n h\u00e0ng \u1ea3nh h\u01b0\u1edfng nh\u01b0 th\u1ebf n\u00e0o \u0111\u1ebfn \u1ed5n \u0111\u1ecbnh h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng nh\u1eb1m \u0111\u01b0a ra c\u00e1c ch\u00ednh s\u00e1ch tho\u1ea3 \u0111\u00e1ng \u0111\u1ebfn nay v\u1eabn l\u00e0 m\u1ed9t v\u1ea5n \u0111\u1ec1 g\u00e2y nhi\u1ec1u tranh c\u00e3i.<\/div>\nV\u1ec1 v\u1ea5n \u0111\u1ec1 n\u00e0y, hi\u1ec7n nay, trong gi\u1edbi h\u1ecdc thu\u1eadt, n\u1ed5i l\u00ean hai quan \u0111i\u1ec3m ch\u00ednh: (i) quan \u0111i\u1ec3m c\u1ea1nh tranh c\u00f3 \u1ea3nh h\u01b0\u1edfng ti\u00eau c\u1ef1c \u0111\u1ebfn \u1ed5n \u0111\u1ecbnh h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng (c\u1ea1nh tranh – b\u1ea5t \u1ed5n); v\u00e0 (ii) quan \u0111i\u1ec3m c\u1ea1nh tranh c\u00f3 \u1ea3nh h\u01b0\u1edfng t\u00edch c\u1ef1c \u0111\u1ebfn \u1ed5n \u0111\u1ecbnh h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng (c\u1ea1nh tranh – \u1ed5n \u0111\u1ecbnh). Nhi\u1ec1u h\u1ecdc gi\u1ea3 \u0111\u00e3 ki\u1ec3m \u0111\u1ecbnh m\u1ed1i li\u00ean h\u1ec7 n\u00e0y t\u1ea1i nhi\u1ec1u qu\u1ed1c gia v\u00e0 v\u00f9ng l\u00e3nh th\u1ed5 tr\u00ean th\u1ebf gi\u1edbi, tuy nhi\u00ean k\u1ebft qu\u1ea3 thu \u0111\u01b0\u1ee3c l\u1ea1i r\u1ea5t kh\u00e1c nhau. C\u00e1c k\u1ebft qu\u1ea3 tr\u00e1i ng\u01b0\u1ee3c n\u00e0y g\u00e2y kh\u00f3 kh\u0103n cho vi\u1ec7c \u0111\u01b0a ra ch\u00ednh s\u00e1ch v\u1ec1 c\u1ea1nh tranh ph\u00f9 h\u1ee3p v\u00e0 t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn vi\u1ec7c thi\u1ebft k\u1ebf h\u1ec7 th\u1ed1ng qu\u1ea3n l\u00fd, gi\u00e1m s\u00e1t ng\u00e2n h\u00e0ng hi\u1ec7u qu\u1ea3. Nh\u1eadn th\u1ea5y s\u1ef1 c\u1ea7n thi\u1ebft v\u00e0 vai tr\u00f2 quan tr\u1ecdng trong vi\u1ec7c cung c\u1ea5p c\u00e1c b\u1eb1ng ch\u1ee9ng th\u1ef1c nghi\u1ec7m v\u1ec1 m\u1ed1i quan h\u1ec7 gi\u1eefa c\u1ea1nh tranh v\u00e0 \u1ed5n \u0111\u1ecbnh h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng Vi\u1ec7t Nam l\u00e0m th\u00f4ng tin tham kh\u1ea3o cho c\u00e1c c\u01a1 quan qu\u1ea3n l\u00fd c\u00f3 th\u1ea9m quy\u1ec1n, b\u00e0i vi\u1ebft n\u00e0y nghi\u00ean c\u1ee9u m\u1ed1i quan h\u1ec7 gi\u1eefa c\u00e1c nh\u00e2n t\u1ed1 c\u1ea1nh tranh v\u00e0 t\u00ednh \u1ed5n \u0111\u1ecbnh c\u1ee7a h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng, t\u1eeb \u0111\u00f3 \u0111\u1ec1 xu\u1ea5t c\u00e1c gi\u1ea3i ph\u00e1p nh\u1eb1m \u0111\u1ea3m b\u1ea3o s\u1ef1 ph\u00e1t tri\u1ec3n h\u00e0i ho\u00e0 gi\u1eefa c\u1ea1nh tranh v\u00e0 \u1ed5n \u0111\u1ecbnh h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng.<\/div>\n<\/div>\n2. T\u1ed5ng quan l\u00fd thuy\u1ebft v\u00e0 c\u00e1c nghi\u00ean c\u1ee9u tr\u01b0\u1edbc \u0111\u00e2y<\/strong><\/div>\n2.1. C\u01a1 s\u1edf l\u00fd thuy\u1ebft<\/em><\/div>\nQuan \u0111i\u1ec3m c\u1ea1nh tranh – b\u1ea5t \u1ed5n theo m\u00f4 h\u00ecnh c\u1ee7a Keeley (1990) v\u00e0 Marcus (1984) cho r\u1eb1ng, c\u1ea1nh tranh l\u00e0m suy y\u1ebfu \u1ed5n \u0111\u1ecbnh h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng. M\u1ed1i quan h\u1ec7 n\u00e0y \u0111\u01b0\u1ee3c th\u1ec3 hi\u1ec7n th\u00f4ng qua k\u00eanh truy\u1ec1n d\u1eabn v\u1ec1 gi\u00e1 tr\u1ecb th\u01b0\u01a1ng hi\u1ec7u [1] (franchise value). M\u1ee9c \u0111\u1ed9 c\u1ea1nh tranh t\u0103ng l\u00ean s\u1ebd l\u00e0m quy\u1ec1n l\u1ef1c \u1ea3nh h\u01b0\u1edfng th\u1ecb tr\u01b0\u1eddng c\u1ee7a ng\u00e2n h\u00e0ng gi\u1ea3m \u0111i (Berger, Klapper and Turk-Ariss, 2008), qua \u0111\u00f3 l\u00e0m gi\u1ea3m gi\u00e1 tr\u1ecb th\u01b0\u01a1ng hi\u1ec7u c\u1ee7a ng\u00e2n h\u00e0ng (Keeley, 1990). Gi\u00e1 tr\u1ecb th\u01b0\u01a1ng hi\u1ec7u c\u1ee7a ng\u00e2n h\u00e0ng c\u00e0ng th\u1ea5p th\u00ec chi ph\u00ed ph\u00e1 s\u1ea3n c\u1ee7a ng\u00e2n h\u00e0ng c\u00e0ng th\u1ea5p. Do \u0111\u00f3, c\u00e1c ng\u00e2n h\u00e0ng c\u00f3 \u0111\u1ed9ng c\u01a1 ch\u1ea5p nh\u1eadn r\u1ee7i ro cao h\u01a1n, qua \u0111\u00f3 t\u0103ng nguy c\u01a1 ph\u00e1 s\u1ea3n. Ngo\u00e0i k\u00eanh truy\u1ec1n d\u1eabn gi\u00e1 tr\u1ecb \u0111i\u1ec1u l\u1ec7, Allen v\u00e0 Gale (2000) ph\u00e1t hi\u1ec7n ra r\u1eb1ng, c\u1ea1nh tranh v\u1edbi s\u1ef1 tham gia c\u1ee7a nhi\u1ec1u ng\u00e2n h\u00e0ng l\u00e0 \u0111i\u1ec1u ki\u1ec7n l\u00fd t\u01b0\u1edfng cho s\u1ef1 lan truy\u1ec1n c\u00e1c c\u00fa s\u1ed1c t\u00e0i ch\u00ednh. B\u00ean c\u1ea1nh nh\u1eefng \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp, c\u1ea1nh tranh trong l\u0129nh v\u1ef1c ng\u00e2n h\u00e0ng v\u00e0 c\u1ea5u tr\u00fac th\u1ecb tr\u01b0\u1eddng c\u00f2n c\u00f3 th\u1ec3 gi\u00e1n ti\u1ebfp gia t\u0103ng h\u00e0nh vi ch\u1ea5p nh\u1eadn r\u1ee7i ro c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng. C\u1ea1nh tranh ng\u00e2n h\u00e0ng c\u00f3 th\u1ec3 t\u1ea1o ra b\u1ea5t \u1ed5n v\u00e0 h\u1ec7 qu\u1ea3 l\u00e0 s\u1ef1 th\u00e1o ch\u1ea1y c\u1ee7a ng\u01b0\u1eddi g\u1eedi ti\u1ec1n\/nh\u00e0 \u0111\u1ea7u t\u01b0. T\u1ef1 do h\u00f3a t\u00e0i ch\u00ednh d\u01b0\u1edbi h\u00ecnh th\u1ee9c chuy\u1ec3n \u0111\u1ed5i d\u1ea7n t\u1eeb tr\u1ea1ng th\u00e1i \u0111\u1ed9c quy\u1ec1n sang c\u1ea1nh tranh c\u00f3 th\u1ec3 gia t\u0103ng t\u1ed5n th\u01b0\u01a1ng (Chang v\u00e0 Velasco, 2001). Khi c\u1ea1nh tranh tr\u1edf n\u00ean gay g\u1eaft, c\u00e1c ng\u00e2n h\u00e0ng ch\u1ea1y \u0111ua v\u1ec1 l\u00e3i su\u1ea5t. \u0110i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 mang l\u1ea1i l\u1ee3i \u00edch cho kh\u00e1ch h\u00e0ng, tuy nhi\u00ean, l\u1ea1i khi\u1ebfn c\u00e1c ng\u00e2n h\u00e0ng \u0111\u1ed1i m\u1eb7t v\u1edbi nguy c\u01a1 r\u1ee7i ro.<\/div>\nTuy nhi\u00ean, theo quan \u0111i\u1ec3m c\u1ea1nh tranh – \u1ed5n \u0111\u1ecbnh, c\u1ea1nh tranh kh\u00f4ng ph\u1ea3i l\u00e0 y\u1ebfu t\u1ed1 g\u00e2y t\u1ed5n th\u01b0\u01a1ng (v\u1ec1 m\u1eb7t c\u1ea5u tr\u00fac) cho h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng. X\u00e9t v\u1ec1 m\u1ed9t kh\u00eda c\u1ea1nh n\u00e0o \u0111\u00f3, n\u1ebfu ng\u00e2n h\u00e0ng g\u1eb7p ph\u1ea3i nh\u1eefng v\u1ea5n \u0111\u1ec1 li\u00ean quan \u0111\u1ebfn r\u1ee7i ro \u0111\u1ea1o \u0111\u1ee9c d\u1eabn t\u1edbi ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi r\u1ee7i ro v\u1ec1 thanh kho\u1ea3n th\u00ec vi\u1ec7c ng\u00e2n h\u00e0ng \u0111\u00f3 \u0111\u1ee9ng tr\u01b0\u1edbc nguy c\u01a1 ph\u00e1 s\u1ea3n trong m\u1ed9t m\u00f4i tr\u01b0\u1eddng \u0111\u1ea7y t\u00ednh c\u1ea1nh tranh l\u00e0 c\u1ea7n thi\u1ebft \u0111\u1ec3 ng\u00e2n h\u00e0ng \u0111i\u1ec1u ch\u1ec9nh h\u00e0nh vi v\u00e0 c\u00e1ch th\u1ee9c ho\u1ea1t \u0111\u1ed9ng ph\u00f9 h\u1ee3p h\u01a1n. C\u1ea1nh tranh l\u00e0 c\u1ea7n thi\u1ebft \u0111\u1ec3 t\u0103ng c\u01b0\u1eddng \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh do kh\u1eafc ph\u1ee5c \u0111\u01b0\u1ee3c nh\u1eefng h\u1ea1n ch\u1ebf c\u1ee7a th\u1ecb tr\u01b0\u1eddng \u0111\u1ed9c quy\u1ec1n (Caminal and Matute, 2002). H\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng c\u00f3 m\u1ee9c \u0111\u1ed9 t\u1eadp trung th\u1ea5p h\u1ea1n ch\u1ebf nguy c\u01a1 kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh. Theo Boyd v\u00e0 Runkle (1993) v\u00e0 Mishkin (1999), quan \u0111i\u1ec3m n\u00e0y d\u1ef1a tr\u00ean hai l\u1eadp lu\u1eadn ch\u00ednh – v\u1ea5n \u0111\u1ec1 qu\u00e1 l\u1edbn \u0111\u1ec3 s\u1ee5p \u0111\u1ed5 v\u00e0 v\u1ea5n \u0111\u1ec1 qu\u00e1 l\u1edbn \u0111\u1ec3 gi\u00e1m s\u00e1t. L\u1eadp lu\u1eadn \u0111\u1ea7u ti\u00ean b\u1eaft ngu\u1ed3n t\u1eeb th\u1ef1c t\u1ebf c\u00e1c ng\u00e2n h\u00e0ng ho\u1ea1t \u0111\u1ed9ng trong m\u1ed9t th\u1ecb tr\u01b0\u1eddng qu\u00e1 t\u1eadp trung c\u00f3 th\u1ec3 tr\u1edf n\u00ean qu\u00e1 l\u1edbn, qu\u00e1 tr\u1ecdng y\u1ebfu \u0111\u1ed1i v\u1edbi n\u1ec1n kinh t\u1ebf v\u00e0 qu\u00e1 li\u00ean k\u1ebft v\u1edbi nhau \u0111\u1ebfn n\u1ed7i s\u1ef1 s\u1ee5p \u0111\u1ed5 c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng n\u00e0y c\u00f3 khuynh h\u01b0\u1edbng g\u00e2y ra t\u00e1c \u0111\u1ed9ng k\u00e9o d\u00e0i \u0111\u1ed1i v\u1edbi n\u1ec1n kinh t\u1ebf th\u1ef1c v\u00e0 chi ph\u00ed x\u00e3 h\u1ed9i t\u1ed1n k\u00e9m, do \u0111\u00f3 bu\u1ed9c ch\u00ednh ph\u1ee7 ph\u1ea3i c\u1ee9u tr\u1ee3 khi c\u00e1c ng\u00e2n h\u00e0ng n\u00e0y \u0111\u1ed1i m\u1eb7t v\u1edbi nguy c\u01a1 ph\u00e1 s\u1ea3n. Kh\u1ea3 n\u0103ng c\u00e1c ng\u00e2n h\u00e0ng l\u1edbn s\u1ebd \u0111\u01b0\u1ee3c c\u1ee9u tr\u1ee3 c\u00f3 th\u1ec3 t\u1ea1o ra v\u1ea5n \u0111\u1ec1 r\u1ee7i ro \u0111\u1ea1o \u0111\u1ee9c v\u00ec c\u00e1c ng\u00e2n h\u00e0ng n\u00e0y s\u1eb5n s\u00e0ng ch\u1ea5p nh\u1eadn r\u1ee7i ro qu\u00e1 m\u1ee9c khi bi\u1ebft r\u1eb1ng s\u1ebd \u0111\u01b0\u1ee3c ch\u00ednh ph\u1ee7 c\u1ee9u tr\u1ee3 n\u1ebfu th\u1ea5t b\u1ea1i. \u0110i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 khi\u1ebfn cho s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a h\u1ec7 th\u1ed1ng tr\u1edf n\u00ean mong manh. L\u1eadp lu\u1eadn th\u1ee9 hai cho r\u1eb1ng, quy m\u00f4 c\u1ee7a m\u1ed9t ng\u00e2n h\u00e0ng t\u1ef7 l\u1ec7 thu\u1eadn v\u1edbi m\u1ee9c \u0111\u1ed9 ph\u1ee9c t\u1ea1p, do \u0111\u00f3, c\u00e1c ng\u00e2n h\u00e0ng nh\u1ecf s\u1ebd d\u1ec5 qu\u1ea3n l\u00fd v\u00e0 gi\u00e1m s\u00e1t h\u01a1n l\u00e0 c\u00e1c ng\u00e2n h\u00e0ng l\u1edbn. C\u00e1c ng\u00e2n h\u00e0ng l\u1edbn c\u0169ng th\u01b0\u1eddng \u0111i li\u1ec1n v\u1edbi v\u1ea5n \u0111\u1ec1 qu\u00e1 l\u1edbn \u0111\u1ec3 gi\u00e1m s\u00e1t. Th\u1ef1c t\u1ebf n\u00e0y c\u00f3 th\u1ec3 khuy\u1ebfn kh\u00edch c\u00e1c ng\u00e2n h\u00e0ng ch\u1ea5p nh\u1eadn r\u1ee7i ro qu\u00e1 m\u1ee9c v\u00ec h\u1ecd bi\u1ebft r\u1eb1ng c\u00e1c c\u01a1 quan qu\u1ea3n l\u00fd c\u00f3 th\u1ec3 kh\u00f4ng ph\u00e1t hi\u1ec7n \u0111\u01b0\u1ee3c r\u1ee7i ro m\u00e0 ng\u00e2n h\u00e0ng \u0111ang g\u1eb7p ph\u1ea3i. Nh\u01b0 v\u1eady, s\u1ef1 t\u1eadp trung, \u0111\u1ed9c quy\u1ec1n trong ng\u00e0nh Ng\u00e2n h\u00e0ng c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng ti\u00eau c\u1ef1c \u0111\u1ebfn s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng, hay c\u1ea1nh tranh s\u1ebd gi\u00fap t\u0103ng c\u01b0\u1eddng s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng.<\/div>\n2.2. T\u1ed5ng quan c\u00e1c nghi\u00ean c\u1ee9u th\u1ef1c nghi\u1ec7m<\/em><\/div>\nNhi\u1ec1u nghi\u00ean c\u1ee9u \u0111\u00e3 t\u00ecm ra b\u1eb1ng ch\u1ee9ng \u1ee7ng h\u1ed9 cho quan \u0111i\u1ec3m c\u1ea1nh tranh – b\u1ea5t \u1ed5n. Keeley (1990) s\u1eed d\u1ee5ng s\u1ed1 li\u1ec7u c\u1ee7a h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng M\u1ef9 giai \u0111o\u1ea1n 1970 – 1986 \u0111\u1ec3 nghi\u00ean c\u1ee9u m\u1ed1i quan h\u1ec7 gi\u1eefa c\u1ea1nh tranh v\u00e0 gi\u00e1 tr\u1ecb \u0111i\u1ec1u l\u1ec7 v\u00e0 ph\u00e1t hi\u1ec7n ra r\u1eb1ng, m\u1ee9c \u0111\u1ed9 t\u1eadp trung t\u1ef7 l\u1ec7 thu\u1eadn v\u1edbi m\u1ee9c \u0111\u1ed9 \u1ed5n \u0111\u1ecbnh. Saunders v\u00e0 Wilson (1996) c\u0169ng s\u1eed d\u1ee5ng d\u1eef li\u1ec7u c\u1ee7a h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng M\u1ef9 nh\u01b0ng trong kho\u1ea3ng th\u1eddi gian d\u00e0i h\u01a1n v\u00e0 t\u00ecm th\u1ea5y b\u1eb1ng ch\u1ee9ng l\u00e0m v\u1eefng th\u00eam l\u1eadp lu\u1eadn c\u1ee7a Keeley. Hellman v\u00e0 c\u00e1c c\u1ed9ng s\u1ef1 (2000) cho r\u1eb1ng, m\u1ee9c \u0111\u1ed9 c\u1ea1nh tranh ng\u00e0y c\u00e0ng t\u0103ng c\u1ee7a khu v\u1ef1c t\u00e0i ch\u00ednh Nh\u1eadt B\u1ea3n (ch\u1ee7 y\u1ebfu do qu\u00e1 tr\u00ecnh t\u1ef1 do h\u00f3a t\u00e0i ch\u00ednh v\u00e0o nh\u1eefng n\u0103m 1990) l\u00e0 nh\u00e2n t\u1ed1 \u0111\u00e3 khi\u1ebfn cho \u1ed5n \u0111\u1ecbnh h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng suy y\u1ebfu v\u00e0 c\u00f3 th\u1ec3 g\u00f3p ph\u1ea7n g\u00e2y ra kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh \u0110\u00f4ng \u00c1 (Jimenez v\u00e0 c\u00e1c c\u1ed9ng s\u1ef1, 2010). Allen v\u00e0 Gale (2000) t\u00ecm \u0111\u01b0\u1ee3c nhi\u1ec1u k\u1ebft qu\u1ea3 cho th\u1ea5y h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng<\/a> t\u1eadp trung nhi\u1ec1u kh\u1ea3 n\u0103ng c\u00f3 t\u00ednh \u1ed5n \u0111\u1ecbnh cao h\u01a1n do c\u00e1c ng\u00e2n h\u00e0ng thu \u0111\u01b0\u1ee3c nhi\u1ec1u l\u1ee3i nhu\u1eadn h\u01a1n, \u0111a d\u1ea1ng h\u01a1n v\u00e0 d\u1ec5 ki\u1ec3m so\u00e1t h\u01a1n. Nghi\u00ean c\u1ee9u c\u1ee7a Besanko v\u00e0 Thakor (2004) \u1ee7ng h\u1ed9 quan \u0111i\u1ec3m cho r\u1eb1ng, c\u1ea1nh tranh gay g\u1eaft h\u01a1n khi\u1ebfn cho c\u00e1c ng\u00e2n h\u00e0ng l\u1ef1a ch\u1ecdn c\u00e1c chi\u1ebfn l\u01b0\u1ee3c r\u1ee7i ro h\u01a1n. Edwards v\u00e0 Miskin (1995) c\u0169ng l\u1eadp lu\u1eadn r\u1eb1ng, c\u1ea1nh tranh c\u00f3 khuynh h\u01b0\u1edbng gi\u1ea3m l\u1ee3i th\u1ebf chi ph\u00ed khi huy \u0111\u1ed9ng v\u1ed1n v\u00e0 l\u00e0m suy y\u1ebfu v\u1ecb th\u1ebf c\u1ee7a ng\u00e2n h\u00e0ng tr\u00ean th\u1ecb tr\u01b0\u1eddng cho vay. Carletti v\u00e0 Vives (2009) k\u1ebft lu\u1eadn r\u1eb1ng quy\u1ec1n l\u1ef1c \u1ea3nh h\u01b0\u1edfng th\u1ecb tr\u01b0\u1eddng ti\u1ebft ch\u1ebf h\u00e0nh vi ch\u1ea5p nh\u1eadn r\u1ee7i ro c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng. Sau khi ph\u00e2n t\u00edch m\u1eabu g\u1ed3m 821 ng\u00e2n h\u00e0ng \u0111\u1ebfn t\u1eeb 60 qu\u1ed1c gia \u0111ang ph\u00e1t tri\u1ec3n, Turk-Ariss (2010) t\u00ecm th\u1ea5y m\u1ed1i t\u01b0\u01a1ng quan thu\u1eadn gi\u1eefa quy\u1ec1n l\u1ef1c \u1ea3nh h\u01b0\u1edfng th\u1ecb tr\u01b0\u1eddng v\u00e0 \u1ed5n \u0111\u1ecbnh h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng, \u0111i\u1ec1u n\u00e0y ng\u1ee5 \u00fd quy\u1ec1n l\u1ef1c \u1ea3nh h\u01b0\u1edfng th\u1ecb tr\u01b0\u1eddng t\u0103ng c\u00f3 th\u1ec3 t\u0103ng c\u01b0\u1eddng an to\u00e0n ho\u1ea1t \u0111\u1ed9ng ng\u00e2n h\u00e0ng v\u00e0 g\u00f3p ph\u1ea7n \u1ed5n \u0111\u1ecbnh kinh t\u1ebf.<\/div>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row widthopt=”” fixedbg=”” footerrow=””][vc_column][vc_empty_space][vc_single_image image=”6244996″ img_size=”full” alignment=”center”][vc_column_text]<\/p>\n
\nC\u1ea7n ph\u1ea3i c\u00f3 s\u1ef1 ph\u00e1t tri\u1ec3n h\u00e0i ho\u00e0 m\u1ed1i quan h\u1ec7 gi\u1eefa c\u1ea1nh tranh v\u00e0 qu\u1ea3n l\u00fd, gi\u00e1m
\ns\u00e1t ng\u00e2n h\u00e0ng nh\u1eb1m \u1ed5n \u0111\u1ecbnh h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng<\/em><\/div>\n<\/div>\n<\/div>\nTrong khi \u0111\u00f3, nghi\u00ean c\u1ee9u c\u1ee7a c\u00e1c t\u00e1c gi\u1ea3 nh\u01b0 Boyd v\u00e0 c\u00e1c c\u1ed9ng s\u1ef1 (2006), De Nicolo v\u00e0 Loukoianova (2007), v\u00e0 Uhde v\u00e0 Heimeshoff (2009) t\u00ecm th\u1ea5y b\u1eb1ng ch\u1ee9ng \u1ee7ng h\u1ed9 cho quan \u0111i\u1ec3m c\u1ea1nh tranh – \u1ed5n \u0111\u1ecbnh. Boyd v\u00e0 c\u00e1c c\u1ed9ng s\u1ef1 (2006) \u0111\u00e3 s\u1eed d\u1ee5ng hai h\u1ec7 th\u1ed1ng d\u1eef li\u1ec7u \u0111\u1ed9c l\u1eadp (bao g\u1ed3m m\u1ed9t h\u1ec7 th\u1ed1ng d\u1eef li\u1ec7u v\u1ec1 c\u00e1c ng\u00e2n h\u00e0ng t\u1ea1i M\u1ef9 v\u00e0 m\u1ed9t h\u1ec7 th\u1ed1ng d\u1eef li\u1ec7u v\u1ec1 c\u00e1c ng\u00e2n h\u00e0ng t\u1ea1i h\u01a1n 100 qu\u1ed1c gia) \u0111\u1ec3 nghi\u00ean c\u1ee9u m\u1ed1i li\u00ean h\u1ec7 gi\u1eefa \u1ed5n \u0111\u1ecbnh h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng<\/a> v\u00e0 c\u1ea5u tr\u00fac th\u1ecb tr\u01b0\u1eddng v\u00e0 ph\u00e1t hi\u1ec7n th\u1ea5y m\u1ed1i quan h\u1ec7 ng\u01b0\u1ee3c chi\u1ec1u gi\u1eefa Z-score (th\u01b0\u1edbc \u0111o v\u1ec1 \u1ed5n \u0111\u1ecbnh h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng) v\u00e0 HHI (th\u01b0\u1edbc \u0111o v\u1ec1 quy\u1ec1n l\u1ef1c \u1ea3nh h\u01b0\u1edfng th\u1ecb tr\u01b0\u1eddng), \u0111i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a l\u00e0 quy\u1ec1n l\u1ef1c \u1ea3nh h\u01b0\u1edfng th\u1ecb tr\u01b0\u1eddng t\u0103ng c\u00f3 khuynh h\u01b0\u1edbng khi\u1ebfn cho \u1ed5n \u0111\u1ecbnh khu v\u1ef1c t\u00e0i ch\u00ednh gi\u1ea3m. Nh\u1eadn \u0111\u1ecbnh n\u00e0y ti\u1ebfp t\u1ee5c nh\u1eadn \u0111\u01b0\u1ee3c s\u1ef1 \u1ee7ng h\u1ed9 t\u1eeb Uhde v\u00e0 Heimishoff (2009) sau khi ph\u00e2n t\u00edch 2600 ng\u00e2n h\u00e0ng ho\u1ea1t \u0111\u1ed9ng t\u1ea1i khu v\u1ef1c \u0111\u1ed3ng euro trong giai \u0111o\u1ea1n 1997 – 2005. De Nicolo v\u00e0 c\u00e1c c\u1ed9ng s\u1ef1 c\u0169ng t\u00ecm th\u1ea5y c\u00e1c k\u1ebft lu\u1eadn t\u01b0\u01a1ng t\u1ef1. De Nicolo v\u00e0 c\u00e1c c\u1ed9ng s\u1ef1 (2004) s\u1eed d\u1ee5ng d\u1eef li\u1ec7u t\u1eeb 500 t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh l\u1edbn nh\u1ea5t trong giai \u0111o\u1ea1n 1993 – 2000 \u0111\u1ec3 nghi\u00ean c\u1ee9u t\u00e1c \u0111\u1ed9ng c\u1ee7a vi\u1ec7c c\u1ee7ng c\u1ed1 ng\u00e2n h\u00e0ng \u0111\u1ed1i v\u1edbi \u1ed5n \u0111\u1ecbnh h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng v\u00e0 ph\u00e1t hi\u1ec7n ra r\u1eb1ng, c\u00e1c h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng t\u1eadp trung h\u01a1n th\u01b0\u1eddng c\u00f3 m\u1ee9c \u0111\u1ed9 r\u1ee7i ro h\u1ec7 th\u1ed1ng cao h\u01a1n c\u00e1c h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng \u00edt t\u1eadp trung h\u01a1n. De Nicolo v\u00e0 Loakoianova (2007) s\u1eed d\u1ee5ng d\u1eef li\u1ec7u ng\u00e2n h\u00e0ng t\u1eeb 133 qu\u1ed1c gia ch\u01b0a c\u00f4ng nghi\u1ec7p ho\u00e1 trong giai \u0111o\u1ea1n 1993 – 2004 \u0111\u1ec3 nghi\u00ean c\u1ee9u m\u1ed1i quan h\u1ec7 gi\u1eefa ph\u00e1 s\u1ea3n ng\u00e2n h\u00e0ng v\u00e0 c\u1ea5u tr\u00fac th\u1ecb tr\u01b0\u1eddng. H\u1ecd \u0111\u00e3 t\u00ecm th\u1ea5y m\u1ed1i t\u01b0\u01a1ng quan c\u00f9ng chi\u1ec1u gi\u1eefa t\u1eadp trung v\u00e0 ph\u00e1 s\u1ea3n ng\u00e2n h\u00e0ng.<\/div>\n3. Ph\u01b0\u01a1ng ph\u00e1p nghi\u00ean c\u1ee9u<\/strong><\/div>\n3.1. M\u00f4 t\u1ea3 d\u1eef li\u1ec7u<\/em><\/div>\nD\u1eef li\u1ec7u nghi\u00ean c\u1ee9u \u0111\u01b0\u1ee3c thu th\u1eadp t\u1eeb s\u1ed1 li\u1ec7u th\u1ed1ng k\u00ea c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c trong n\u01b0\u1edbc (nh\u01b0 Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc Vi\u1ec7t Nam, T\u1ed5ng c\u1ee5c Th\u1ed1ng k\u00ea, S\u1edf Giao d\u1ecbch ch\u1ee9ng kho\u00e1n Tp.HCM v\u00e0 H\u00e0 N\u1ed9i, c\u00e1c NHTM) v\u00e0 qu\u1ed1c t\u1ebf (nh\u01b0 IMF, Worldbank, Heritage Foundation) trong giai \u0111o\u1ea1n t\u1eeb n\u0103m 2006 – 2017. C\u00e1c ng\u00e2n h\u00e0ng trong m\u1eabu bao g\u1ed3m 7 ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i<\/a> c\u00f3 v\u1ed1n nh\u00e0 n\u01b0\u1edbc, 32 ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i c\u1ed5 ph\u1ea7n v\u00e0 6 ng\u00e2n h\u00e0ng c\u00f3 100% v\u1ed1n n\u01b0\u1edbc ngo\u00e0i. D\u1eef li\u1ec7u c\u00f3 c\u1ea5u tr\u00fac d\u1eef li\u1ec7u b\u1ea3ng kh\u00f4ng c\u00e2n b\u1eb1ng.<\/div>\n3.2. M\u00f4 h\u00ecnh nghi\u00ean c\u1ee9u<\/em><\/div>\nB\u00e0i nghi\u00ean c\u1ee9u n\u00e0y s\u1ebd s\u1eed d\u1ee5ng m\u00f4 h\u00ecnh \u0111\u1ecbnh l\u01b0\u1ee3ng \u0111\u1ec3 t\u00ecm hi\u1ec3u t\u00e1c \u0111\u1ed9ng c\u1ee7a c\u1ea1nh tranh l\u00ean h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng t\u1ea1i Vi\u1ec7t Nam. V\u1ec1 m\u00f4 h\u00ecnh nghi\u00ean c\u1ee9u \u0111\u1ecbnh l\u01b0\u1ee3ng, \u0111\u00e3 c\u00f3 kh\u00e1 nhi\u1ec1u nghi\u00ean c\u1ee9u h\u1ecdc thu\u1eadt s\u1eed d\u1ee5ng m\u00f4 h\u00ecnh h\u1ed3i quy GMM \u0111\u1ec3 nghi\u00ean c\u1ee9u s\u1ef1 t\u00e1c \u0111\u1ed9ng n\u00e0y nh\u01b0 Berger v\u00e0 c\u1ed9ng s\u1ef1 (2009), Liu v\u00e0 Wilson (2011), Liu v\u00e0 c\u1ed9ng s\u1ef1 (2013), Hope v\u00e0 c\u1ed9ng s\u1ef1 (2013), Iskenderoglu v\u00e0 Tomak (2013), Tomaliwan (2013), Maghyereh v\u00e0 Awartani (2015), Kim (2017) v\u1edbi k\u1ebft qu\u1ea3 c\u00f3 \u0111\u1ed9 tin c\u1eady cao. T\u1ea1i Vi\u1ec7t Nam, Ho\u00e0ng Th\u1ecb Ph\u01b0\u01a1ng Anh v\u00e0 c\u1ed9ng s\u1ef1 (2018) \u0111\u00e3 s\u1eed d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p h\u1ed3i quy d\u1eef li\u1ec7u b\u1ea3ng v\u1edbi hi\u1ec7u \u1ee9ng c\u1ed1 \u0111\u1ecbnh chu\u1ea9n v\u1edbi k\u1ebft qu\u1ea3 l\u00e0 c\u1ea1nh tranh c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng kh\u00f4ng t\u1ed1t t\u1edbi s\u1ef1 \u1ed5n \u0111\u1ecbnh h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng.<\/div>\n\u0110\u1ec3 ki\u1ec3m nghi\u1ec7m k\u1ebft qu\u1ea3 nghi\u00ean c\u1ee9u tr\u00ean, nghi\u00ean c\u1ee9u n\u00e0y k\u1ebf th\u1eeba ph\u01b0\u01a1ng ph\u00e1p c\u1ee7a Berger v\u00e0 c\u1ed9ng s\u1ef1 (2009) v\u00e0 \u00e1p d\u1ee5ng m\u00f4 h\u00ecnh h\u1ed3i quy System GMM \u0111\u1ed1i v\u1edbi d\u1eef li\u1ec7u b\u1ea3ng g\u1ed3m 45 ng\u00e2n h\u00e0ng trong giai \u0111o\u1ea1n 12 n\u0103m t\u1eeb 2006 \u0111\u1ebfn 2017. Ph\u01b0\u01a1ng ph\u00e1p System GMM k\u1ebft h\u1ee3p ph\u01b0\u01a1ng ph\u00e1p difference GMM c\u1ee7a Arellano and Bond (1991) v\u00e0 ph\u01b0\u01a1ng ph\u00e1p level GMM c\u1ee7a Blundell and Bond (1998) v\u1edbi m\u1ed9t l\u1ee3i th\u1ebf l\u00e0 c\u00f3 th\u1ec3 t\u00ecm c\u00e1c bi\u1ebfn c\u00f4ng c\u1ee5 ngay trong b\u1ea3ng d\u1eef li\u1ec7u b\u1eb1ng c\u00e1ch l\u1ea5y c\u00e1c bi\u1ebfn tr\u1ec5 c\u1ee7a c\u00e1c bi\u1ebfn li\u00ean quan. \u0110\u00e2y l\u00e0 ph\u01b0\u01a1ng ph\u00e1p r\u1ea5t ph\u1ed5 bi\u1ebfn trong x\u1eed l\u00fd d\u1eef li\u1ec7u b\u1ea3ng, \u0111\u1eb7c bi\u1ec7t l\u00e0 nh\u1eefng d\u1eef li\u1ec7u b\u1ea3ng c\u00f3 t\u00ednh \u0111\u1ed9ng, nghi ng\u1edd c\u00f3 m\u1ed1i quan h\u1ec7 n\u1ed9i sinh. Ph\u01b0\u01a1ng ph\u00e1p n\u00e0y r\u1ea5t ph\u00f9 h\u1ee3p v\u1edbi tr\u01b0\u1eddng h\u1ee3p c\u00f3 nhi\u1ec1u \u0111\u1ed1i t\u01b0\u1ee3ng quan s\u00e1t nh\u01b0ng qu\u00e3ng th\u1eddi gian quan s\u00e1t l\u1ea1i ng\u1eafn, bi\u1ebfn ph\u1ee5 thu\u1ed9c c\u00f3 th\u1ec3 c\u00f3 hi\u1ec7n t\u01b0\u1ee3ng t\u1ef1 t\u01b0\u01a1ng quan, c\u00e1c bi\u1ebfn \u0111\u1ed9c l\u1eadp c\u0169ng kh\u00f4ng ph\u1ea3i ho\u00e0n to\u00e0n c\u00f3 t\u00ednh ch\u1ea5t ngo\u1ea1i sinh.<\/div>\nV\u1ec1 \u0111\u1ecbnh t\u00ednh, m\u1ed1i quan h\u1ec7 gi\u1eefa c\u1ea1nh tranh v\u00e0 \u1ed5n \u0111\u1ecbnh \u0111\u01b0\u1ee3c th\u1ec3 hi\u1ec7n b\u1edfi h\u00e0m s\u1ed1 sau:<\/div>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row widthopt=”” fixedbg=”” footerrow=””][vc_column][vc_empty_space][vc_single_image image=”6245004″ img_size=”full” alignment=”center”][vc_column_text]<\/p>\n
\u1ed4n \u0111\u1ecbnh h\u1ec7 th\u1ed1ng = f(C\u00e1c bi\u1ebfn c\u1ea5u tr\u00fac th\u1ecb tr\u01b0\u1eddng, C\u00e1c bi\u1ebfn ki\u1ec3m so\u00e1t h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng<\/a>, C\u00e1c bi\u1ebfn v\u1ec1 m\u00f4i tr\u01b0\u1eddng kinh doanh).<\/div>\n\u0110\u1ec3 \u01b0\u1edbc l\u01b0\u1ee3ng h\u00e0m tr\u00ean, nghi\u00ean c\u1ee9u s\u1ebd ti\u1ebfn h\u00e0nh ba b\u01b0\u1edbc t\u00ednh to\u00e1n g\u1ed3m (i) l\u01b0\u1ee3ng h\u00f3a t\u00ednh \u1ed5n \u0111\u1ecbnh c\u1ee7a h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng; (ii) l\u01b0\u1ee3ng h\u00f3a c\u1ea1nh tranh; v\u00e0 (iii) \u01b0\u1edbc l\u01b0\u1ee3ng h\u1ed3i quy m\u1ed1i quan h\u1ec7 gi\u1eefa c\u00e1c bi\u1ebfn v\u1ec1 \u1ed5n \u0111\u1ecbnh h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng v\u00e0 c\u1ea1nh tranh s\u1eed d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p system GMM.<\/div>\nV\u1ec1 \u01b0\u1edbc l\u01b0\u1ee3ng c\u00e1c bi\u1ebfn v\u1ec1 \u1ed5n \u0111\u1ecbnh h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng, nghi\u00ean c\u1ee9u s\u1ebd s\u1eed d\u1ee5ng Z-index, t\u1ef7 l\u1ec7 n\u1ee3 x\u1ea5u (NPL) v\u00e0 t\u1ef7 l\u1ec7 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu tr\u00ean t\u1ed5ng t\u00e0i s\u1ea3n (EA). C\u1ee5 th\u1ec3, ch\u1ec9 s\u1ed1 Z-index l\u00e0 th\u01b0\u1edbc \u0111o k\u1ebft h\u1ee3p v\u1ec1 kh\u1ea3 n\u0103ng sinh l\u1eddi, t\u1ef7 s\u1ed1 v\u1ed1n vay v\u00e0 bi\u1ebfn \u0111\u1ed9ng l\u1ee3i nhu\u1eadn. Ch\u1ec9 s\u1ed1 n\u00e0y \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n nh\u01b0 sau:<\/div>\n<\/div>\nTheo \u0111\u00f3, Zit l\u00e0 bi\u1ebfn \u0111\u1ea3o ngh\u1ecbch x\u00e1c xu\u1ea5t ph\u00e1 s\u1ea3n c\u1ee7a ng\u00e2n h\u00e0ng i, ROAi l\u00e0 h\u1ec7 s\u1ed1 thu nh\u1eadp tr\u00ean t\u00e0i s\u1ea3n trung b\u00ecnh k\u1ef3 c\u1ee7a ng\u00e2n h\u00e0ng i, EAi l\u00e0 t\u1ef7 l\u1ec7 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu tr\u00ean t\u00e0i s\u1ea3n c\u1ee7a Ng\u00e2n h\u00e0ng i v\u00e0 l\u00e0 \u0111\u1ed9 l\u1ec7ch chu\u1ea9n trung b\u00ecnh k\u1ef3 c\u1ee7a t\u1ef7 l\u1ec7 ROA c\u1ee7a ng\u00e2n h\u00e0ng i. Ch\u1ec9 s\u1ed1 Z-index t\u0103ng khi kh\u1ea3 n\u0103ng sinh l\u1eddi v\u00e0 m\u1ee9c \u0111\u1ed9 v\u1ed1n ho\u00e1 t\u0103ng; ch\u1ec9 s\u1ed1 n\u00e0y gi\u1ea3m khi l\u1ee3i nhu\u1eadn kh\u00f4ng \u1ed5n \u0111\u1ecbnh (ph\u1ea3n \u00e1nh \u0111\u1ed9 l\u1ec7ch chu\u1ea9n c\u1ee7a ROA t\u0103ng).<\/div>\nNgo\u00e0i ra, t\u1ef7 l\u1ec7 n\u1ee3 x\u1ea5u c\u0169ng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 \u01b0\u1edbc l\u01b0\u1ee3ng ch\u1ea5t l\u01b0\u1ee3ng t\u00edn d\u1ee5ng v\u00e0 r\u1ee7i ro c\u1ee7a danh m\u1ee5c cho vay. T\u1ef7 l\u1ec7 n\u00e0y c\u00e0ng cao c\u00f3 ngh\u0129a l\u00e0 r\u1ee7i ro ng\u00e0y c\u00e0ng t\u0103ng l\u00ean.<\/div>\nV\u1ec1 ch\u1ec9 s\u1ed1 c\u1ea1nh tranh, nghi\u00ean c\u1ee9u s\u1ebd \u01b0\u1edbc l\u01b0\u1ee3ng h\u1ec7 s\u1ed1 Lerner Index l\u00e0 h\u1ec7 s\u1ed1 \u0111\u1ea1i di\u1ec7n cho chi ph\u00ed gi\u00e1 v\u1ed1n c\u1ed9ng l\u00e3i \u0111\u1ed1i v\u1edbi chi ph\u00ed bi\u00ean v\u00e0 l\u00e0 m\u1ed9t ch\u1ec9 s\u1ed1 \u0111\u1ea1i di\u1ec7n cho s\u1ee9c m\u1ea1nh c\u1ea1nh tranh \u0111\u1ed9c quy\u1ec1n tr\u00ean th\u1ecb tr\u01b0\u1eddng:<\/div>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row widthopt=”” fixedbg=”” footerrow=””][vc_column][vc_empty_space][vc_single_image image=”6244998″ img_size=”full” alignment=”center”][vc_column_text]<\/p>\n
Theo h\u00e0m tr\u00ean, Lernerit l\u00e0 Lerner Index c\u1ee7a Ng\u00e2n h\u00e0ng i t\u1ea1i th\u1eddi \u0111i\u1ec3m t, Pit l\u00e0 t\u1ef7 l\u1ec7 gi\u1eefa t\u1ed5ng doanh thu v\u00e0 t\u1ed5ng t\u00e0i s\u1ea3n c\u1ee7a ng\u00e2n h\u00e0ng i, do \u0111\u00f3, \u0111\u1ea1i di\u1ec7n cho gi\u00e1 b\u00e1n, v\u00e0 MCit l\u00e0 chi ph\u00ed bi\u00ean c\u1ee7a t\u1ed5ng t\u00e0i s\u1ea3n c\u1ee7a ng\u00e2n h\u00e0ng i t\u1ea1i th\u1eddi \u0111i\u1ec3m t. Khi c\u1ea1nh tranh ho\u00e0n h\u1ea3o th\u00ec Pit b\u1eb1ng MCit v\u00e0 Lernerit = 0. Khi gi\u00e1 c\u1ea3 l\u1edbn h\u01a1n chi ph\u00ed bi\u00ean th\u00ec Lernerit t\u0103ng l\u00ean cho th\u1ea5y m\u1ee9c \u0111\u1ed9 \u0111\u1ed9c quy\u1ec1n c\u1ee7a ng\u00e2n h\u00e0ng i t\u1ea1i th\u1eddi \u0111i\u1ec3m t.<\/div>\n\u0110\u1ec3 t\u00ednh chi ph\u00ed bi\u00ean, b\u00e0i nghi\u00ean c\u1ee9u ti\u1ebfp t\u1ee5c \u00e1p d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p Berger v\u00e0 c\u1ed9ng s\u1ef1 (2009) v\u00e0 Beck v\u00e0 c\u1ed9ng s\u1ef1 (2012) \u0111\u00e3 s\u1eed d\u1ee5ng. Ph\u01b0\u01a1ng ph\u00e1p n\u00e0y gi\u1ea3 \u0111\u1ecbnh m\u1ed9t ng\u00e2n h\u00e0ng t\u1ea1o ra t\u1ed5ng t\u00e0i s\u1ea3n Qit t\u1eeb ba y\u1ebfu t\u1ed1 \u0111\u1ea7u v\u00e0o l\u00e0 gi\u00e1 v\u1ed1n ti\u1ec1n\u00a0 g\u1eedi w1it, gi\u00e1 v\u1ed1n v\u1eadt ch\u1ea5t w2it, v\u00e0 gi\u00e1 lao \u0111\u1ed9ng w3it. Theo ph\u01b0\u01a1ng ph\u00e1p \u01b0\u1edbc l\u01b0\u1ee3ng c\u1ee7a Berger v\u00e0 c\u1ed9ng s\u1ef1 (2009) v\u00e0 Beck v\u00e0 c\u1ed9ng s\u1ef1 (2012), chi ph\u00ed c\u1eadn bi\u00ean MC \u0111\u01b0\u1ee3c t\u00ednh nh\u01b0 sau:<\/div>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row widthopt=”” fixedbg=”” footerrow=””][vc_column][vc_empty_space][vc_single_image image=”6245000″ img_size=”full” alignment=”center”][vc_column_text]Trong \u0111\u00f3, c\u00e1c h\u1ec7 s\u1ed1 \u0111\u01b0\u1ee3c \u01b0\u1edbc l\u01b0\u1ee3ng t\u1eeb h\u00e0m sau:[\/vc_column_text][vc_empty_space][vc_single_image image=”6245001″ img_size=”full” alignment=”center”][vc_empty_space][vc_column_text]Sau khi \u01b0\u1edbc l\u01b0\u1ee3ng c\u00e1c bi\u1ebfn \u0111\u1ea1i di\u1ec7n cho t\u00ednh \u1ed5n \u0111\u1ecbnh v\u00e0 t\u00ednh c\u1ea1nh tranh c\u1ee7a h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng, b\u01b0\u1edbc ti\u1ebfp theo, b\u00e0i nghi\u00ean c\u1ee9u s\u1ebd xem x\u00e9t m\u1ed1i quan h\u1ec7 gi\u1eefa c\u00e1c bi\u1ebfn n\u00e0y. H\u00e0m s\u1ed1 s\u1ebd \u0111\u01b0\u1ee3c \u01b0\u1edbc l\u01b0\u1ee3ng c\u00f3 d\u1ea1ng nh\u01b0 sau:[\/vc_column_text][vc_empty_space][vc_single_image image=”6245005″ img_size=”full” alignment=”center”][vc_empty_space][vc_column_text]<\/p>\n
Trong \u0111\u00f3:<\/div>\n– Sit l\u00e0 ch\u1ec9 s\u1ed1 \u1ed5n \u0111\u1ecbnh h\u1ec7 th\u1ed1ng g\u1ed3m ch\u1ec9 s\u1ed1 Z-index, N\u1ee3 x\u1ea5u (NPL) v\u00e0 T\u1ef7 l\u1ec7 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu tr\u00ean T\u1ed5ng t\u00e0i s\u1ea3n (EA);<\/div>\n– MPit l\u00e0 ch\u1ec9 s\u1ed1 v\u1ec1 t\u00ednh c\u1ea1nh tranh trong h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng bao g\u1ed3m Lerner Index, HHI Cho vay (l\u00e0 t\u1ef7 l\u1ec7 gi\u1eefa l\u01b0\u1ee3ng cho vay c\u1ee7a ng\u00e2n h\u00e0ng v\u00e0 t\u1ed5ng cho vay to\u00e0n th\u1ecb tr\u01b0\u1eddng) v\u00e0 HHI Ti\u1ec1n g\u1eedi (l\u00e0 t\u1ed5ng ti\u1ec1n g\u1eedi t\u1ea1i ng\u00e2n h\u00e0ng tr\u00ean t\u1ed5ng ti\u1ec1n g\u1eedi to\u00e0n th\u1ecb tr\u01b0\u1eddng), \u0111\u1ea1i di\u1ec7n cho s\u1ee9c m\u1ea1nh th\u1ecb ph\u1ea7n c\u1ee7a m\u1ed7i ng\u00e2n h\u00e0ng;<\/div>\n– Xit l\u00e0 ma tr\u1eadn c\u00e1c bi\u1ebfn ki\u1ec3m so\u00e1t g\u1ed3m LnQit, LTAit, FATit, State_own_bank v\u00e0 Foreign_bank l\u1ea7n l\u01b0\u1ee3t l\u00e0 Logarit c\u1ee7a T\u1ed5ng t\u00e0i s\u1ea3n ng\u00e2n h\u00e0ng, T\u1ef7 l\u1ec7 cho vay tr\u00ean T\u1ed5ng t\u00e0i s\u1ea3n, T\u1ef7 l\u1ec7 t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh tr\u00ean T\u1ed5ng t\u00e0i s\u1ea3n, T\u1ef7 l\u1ec7 c\u00e1c ng\u00e2n h\u00e0ng c\u00f3 v\u1ed1n c\u1ee7a nh\u00e0 n\u01b0\u1edbc v\u00e0 c\u1ee7a n\u01b0\u1edbc ngo\u00e0i tr\u00ean t\u1ed5ng s\u1ed1 c\u00e1c ng\u00e2n h\u00e0ng trong nghi\u00ean c\u1ee9u. C\u00e1c bi\u1ebfn n\u00e0y th\u1ec3 hi\u1ec7n th\u00e0nh ph\u1ea7n c\u1ea5u th\u00e0nh t\u00e0i s\u1ea3n m\u1ed7i ng\u00e2n h\u00e0ng, quy m\u00f4 c\u1ee7a ng\u00e2n h\u00e0ng c\u0169ng nh\u01b0 \u0111\u1eb7c \u0111i\u1ec3m c\u1ea1nh tranh qua c\u00f4ng ngh\u1ec7 m\u1edbi c\u1ee7a n\u01b0\u1edbc ngo\u00e0i.<\/div>\nL\u01b0u \u00fd l\u00e0 so v\u1edbi m\u00f4 h\u00ecnh c\u1ee7a Berger v\u00e0 c\u1ed9ng s\u1ef1 (2009), m\u00f4 h\u00ecnh trong b\u00e0i nghi\u00ean c\u1ee9u lo\u1ea1i b\u1ecf bi\u1ebfn GDP tr\u00ean \u0111\u1ea7u ng\u01b0\u1eddi do t\u00e1c \u0111\u1ed9ng \u0111a c\u1ed9ng tuy\u1ebfn. Trong \u0111i\u1ec1u ki\u1ec7n th\u00f4ng th\u01b0\u1eddng, m\u1ed7i c\u00e1 nh\u00e2n c\u00f3 thu nh\u1eadp h\u00e0ng n\u0103m \u1ed5n \u0111\u1ecbnh v\u00e0 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng cho c\u00e1c kho\u1ea3n chi ti\u00eau c\u1ed1 \u0111\u1ecbnh nh\u01b0 ti\u1ec1n thu\u00ea nh\u00e0, ti\u1ec1n h\u1ecdc, ti\u1ec1n sinh ho\u1ea1t, \u0111i\u1ec7n, n\u01b0\u1edbc… n\u00ean c\u00f3 m\u1ed9t t\u1ef7 l\u1ec7 ti\u1ebft ki\u1ec7m \u1ed5n \u0111\u1ecbnh. V\u1edbi d\u1ecbch v\u1ee5 t\u00e0i ch\u00ednh ng\u00e2n h\u00e0ng t\u1ea1i Vi\u1ec7t Nam ch\u1ee7 y\u1ebfu v\u1eabn l\u00e0 c\u00e1c d\u1ecbch v\u1ee5 ng\u00e2n h\u00e0ng truy\u1ec1n th\u1ed1ng, ng\u01b0\u1eddi d\u00e2n th\u01b0\u1eddng l\u1ef1a ch\u1ecdn g\u1eedi ti\u1ec1n ti\u1ebft ki\u1ec7m v\u00e0o ng\u00e2n h\u00e0ng. Ng\u00e2n h\u00e0ng l\u1ea1i s\u1eed d\u1ee5ng m\u1ed9t ph\u1ea7n s\u1ed1 ti\u1ec1n tr\u00ean \u0111\u1ec3 cho vay sau khi \u0111\u1ec3 l\u1ea1i d\u1ef1 tr\u1eef b\u1eaft bu\u1ed9c theo quy \u0111\u1ecbnh c\u1ee7a Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc. Nh\u01b0 v\u1eady, c\u00f3 th\u1ec3 th\u1ea5y m\u1ed1i quan h\u1ec7 ch\u1eb7t ch\u1ebd gi\u1eefa GDP tr\u00ean \u0111\u1ea7u ng\u01b0\u1eddi v\u00e0 t\u00e0i s\u1ea3n ng\u00e2n h\u00e0ng t\u1ea1i Vi\u1ec7t Nam. Trong nghi\u00ean c\u1ee9u c\u1ee7a Berger v\u00e0 c\u1ed9ng s\u1ef1 (2009) v\u1edbi tr\u00ean 7.500 ng\u00e2n h\u00e0ng, vi\u1ec7c \u0111\u01b0a c\u1ea3 hai bi\u1ebfn l\u00e0 t\u00e0i s\u1ea3n ng\u00e2n h\u00e0ng v\u00e0 GDP tr\u00ean \u0111\u1ea7u ng\u01b0\u1eddi v\u00e0o m\u00f4 h\u00ecnh c\u00f3 th\u1ec3 kh\u00f4ng ph\u1ea3i l\u00e0 v\u1ea5n \u0111\u1ec1 do lu\u1eadt s\u1ed1 l\u1edbn trong x\u00e1c su\u1ea5t th\u1ed1ng k\u00ea, tuy nhi\u00ean, trong nghi\u00ean c\u1ee9u v\u1ec1 Vi\u1ec7t Nam v\u1edbi c\u00e1c s\u1ea3n ph\u1ea9m ng\u00e2n h\u00e0ng truy\u1ec1n th\u1ed1ng v\u00e0 ch\u1ec9 c\u00f3 45 ng\u00e2n h\u00e0ng th\u00ec ph\u1ea3i c\u00e2n nh\u1eafc t\u00e1c \u0111\u1ed9ng \u0111a c\u1ed9ng tuy\u1ebfn.<\/div>\n<\/div>\n4. K\u1ebft qu\u1ea3 nghi\u00ean c\u1ee9u v\u00e0 th\u1ea3o lu\u1eadn<\/strong><\/div>\n4.1. K\u1ebft qu\u1ea3 h\u1ed3i quy gi\u1eefa bi\u1ebfn ph\u1ee5 thu\u1ed9c l\u00e0 t\u00ednh \u1ed5n \u0111\u1ecbnh h\u1ec7 th\u1ed1ng v\u1edbi bi\u1ebfn \u0111\u1ed9c l\u1eadp l\u00e0 t\u00ednh c\u1ea1nh tranh c\u1ee7a h\u1ec7 th\u1ed1ng<\/em><\/div>\n\nK\u1ebft qu\u1ea3 h\u1ed3i quy system GMM cho th\u1ea5y, h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng \u1edf Vi\u1ec7t Nam c\u00f3 th\u1ec3 h\u01b0\u1edbng theo lu\u1ed3ng quan \u0111i\u1ec3m c\u1ea1nh tranh qu\u00e1 gay g\u1eaft s\u1ebd d\u1eabn t\u1edbi b\u1ea5t \u1ed5n h\u1ec7 th\u1ed1ng, \u0111\u00fang nh\u01b0 k\u1ebft qu\u1ea3 b\u00e0i nghi\u00ean c\u1ee9u c\u1ee7a Berger v\u00e0 c\u1ed9ng s\u1ef1 (2009) v\u00e0 Ho\u00e0ng Th\u1ecb Ph\u01b0\u01a1ng Anh v\u00e0 c\u1ed9ng s\u1ef1 (2018) \u0111\u00e3 t\u00ecm ra. Theo k\u1ebft qu\u1ea3 h\u1ed3i quy t\u1ea1i c\u1ed9t (1) B\u1ea3ng 1, bi\u1ebfn Lerner Index c\u00f3 h\u1ec7 s\u1ed1 t\u01b0\u01a1ng quan d\u01b0\u01a1ng v\u00e0 c\u00f3 \u00fd ngh\u0129a th\u1ed1ng k\u00ea \u1edf m\u1ee9c 10% cho th\u1ea5y ch\u1ec9 s\u1ed1 Lerner Index c\u00e0ng cao, t\u1ee9c l\u00e0 c\u00e0ng \u00edt c\u1ea1nh tranh th\u00ec h\u1ec7 th\u1ed1ng c\u00e0ng v\u1eefng m\u1ea1nh. K\u1ebft qu\u1ea3 t\u1ea1i B\u1ea3ng 2 c\u0169ng cho h\u1ec7 s\u1ed1 t\u01b0\u01a1ng quan d\u01b0\u01a1ng v\u1edbi \u00fd ngh\u0129a th\u1ed1ng k\u00ea c\u00f3 \u00fd ngh\u0129a r\u1ea5t cao \u1edf m\u1ee9c 1% gi\u1eefa bi\u1ebfn EA \u0111\u1ea1i di\u1ec7n cho t\u00ednh l\u00e0nh m\u1ea1nh c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng v\u00e0 c\u00e1c bi\u1ebfn Lerner Index \u0111\u1ea1i di\u1ec7n cho t\u00ednh c\u1ea1nh tranh h\u1ec7 th\u1ed1ng, HHI_deposit \u0111\u1ea1i di\u1ec7n cho th\u1ecb ph\u1ea7n huy \u0111\u1ed9ng ti\u1ec1n g\u1eedi, HHI_loan \u0111\u1ea1i di\u1ec7n cho th\u1ecb ph\u1ea7n cho vay. \u0110i\u1ec1u n\u00e0y cho th\u1ea5y, c\u00e1c ng\u00e2n h\u00e0ng c\u00e0ng \u00edt c\u1ea1nh tranh, c\u00f3 th\u1ecb ph\u1ea7n l\u1edbn th\u00ec c\u00f3 t\u1ef7 l\u1ec7 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu tr\u00ean t\u00e0i s\u1ea3n c\u00e0ng cao v\u00e0 c\u00e0ng l\u00e0nh m\u1ea1nh. Theo k\u1ebft qu\u1ea3 t\u1ea1i c\u1ed9t (2) v\u00e0 (3) B\u1ea3ng 3, t\u1ef7 l\u1ec7 n\u1ee3 x\u1ea5u c\u00f3 h\u1ec7 s\u1ed1 t\u01b0\u01a1ng quan \u00e2m v\u1edbi \u00fd ngh\u0129a th\u1ed1ng k\u00ea \u1edf m\u1ee9c 10% \u0111\u1ed1i v\u1edbi bi\u1ebfn HHI_deposit v\u00e0 \u1edf m\u1ee9c 5% \u0111\u1ed1i v\u1edbi bi\u1ebfn HHI_loan. \u0110i\u1ec1u n\u00e0y cho th\u1ea5y, c\u00e1c ng\u00e2n h\u00e0ng c\u00f3 th\u1ecb ph\u1ea7n l\u1edbn h\u01a1n th\u00ec c\u00f3 t\u1ef7 l\u1ec7 n\u1ee3 x\u1ea5u th\u1ea5p h\u01a1n. K\u1ebft qu\u1ea3 n\u00e0y ph\u00f9 h\u1ee3p v\u1edbi k\u1ebft qu\u1ea3 h\u1ed3i quy t\u1ea1i B\u1ea3ng 1 v\u00e0 B\u1ea3ng 2 l\u00e0 c\u00e1c ng\u00e2n h\u00e0ng \u00edt b\u1ecb c\u1ea1nh tranh h\u01a1n v\u00e0 c\u00f3 th\u1ecb ph\u1ea7n l\u1edbn h\u01a1n th\u00ec c\u00f3 ho\u1ea1t \u0111\u1ed9ng ng\u00e2n h\u00e0ng l\u00e0nh m\u1ea1nh h\u01a1n.<\/p>\n<\/div>\n
[\/vc_column_text][\/vc_column][\/vc_row][vc_row widthopt=”” fixedbg=”” footerrow=””][vc_column][vc_empty_space][vc_single_image image=”6245002″ img_size=”full” alignment=”center”][vc_empty_space][vc_column_text]C\u00f3 m\u1ed9t l\u01b0u \u00fd l\u00e0 ph\u01b0\u01a1ng ph\u00e1p l\u1ea5y m\u1eabu \u0111\u1ec3 ti\u1ebfn h\u00e0nh nghi\u00ean c\u1ee9u \u1edf B\u1ea3ng 3 kh\u00e1c v\u1edbi B\u1ea3ng 1 v\u00e0 B\u1ea3ng 2. N\u1ebfu nh\u01b0 \u1edf B\u1ea3ng 1 v\u00e0 B\u1ea3ng 2 ch\u00fang t\u00f4i \u00e1p d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p h\u1ed3i quy system GMM v\u1edbi to\u00e0n b\u1ed9 45 ng\u00e2n h\u00e0ng trong giai \u0111o\u1ea1n 2006 \u0111\u1ebfn 2017 th\u00ec t\u1ea1i B\u1ea3ng 3, ch\u00fang t\u00f4i ch\u1ec9 s\u1eed d\u1ee5ng s\u1ed1 li\u1ec7u t\u1eeb 2013 \u0111\u1ebfn 2017. Nguy\u00ean nh\u00e2n c\u1ee7a s\u1ef1 thay \u0111\u1ed5i n\u00e0y l\u00e0 s\u1ef1 th\u00e0nh l\u1eadp c\u1ee7a VAMC n\u0103m 2013 \u0111\u1ec3 x\u1eed l\u00fd c\u00e1c kho\u1ea3n n\u1ee3 x\u1ea5u b\u1eb1ng c\u00e1ch ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu \u0111\u1eb7c bi\u1ec7t c\u1ee7a VAMC. V\u1edbi vi\u1ec7c th\u00e0nh l\u1eadp c\u1ee7a VAMC, n\u1ee3 x\u1ea5u c\u1ee7a h\u1ec7 th\u1ed1ng \u0111ang \u1edf m\u1ee9c kh\u00e1 cao \u0111\u01b0\u1ee3c x\u1eed l\u00fd t\u01b0\u01a1ng \u0111\u1ed1i hi\u1ec7u qu\u1ea3 v\u00e0 gi\u1ea3m xu\u1ed1ng d\u1eabn \u0111\u1ebfn k\u1ebft qu\u1ea3 nghi\u00ean c\u1ee9u kh\u00f4ng ph\u1ea3n \u00e1nh \u0111\u00fang t\u00e1c \u0111\u1ed9ng c\u1ee7a n\u1ee3 x\u1ea5u \u0111\u1ebfn s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng. B\u00e0i nghi\u00ean c\u1ee9u \u0111\u00e3 \u00e1p d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p h\u1ed3i quy system GMM \u0111\u1ed1i v\u1edbi bi\u1ebfn N\u1ee3 x\u1ea5u (NPL) cho to\u00e0n b\u1ed9 giai \u0111o\u1ea1n 2006-2017 nh\u01b0ng kh\u00f4ng t\u00ecm \u0111\u01b0\u1ee3c b\u1ea5t c\u1ee9 k\u1ebft qu\u1ea3 c\u00f3 \u00fd ngh\u0129a n\u00e0o (K\u1ebft qu\u1ea3 th\u1ec3 hi\u1ec7n t\u1ea1i c\u1ed9t (4), (5), (6)). Tuy nhi\u00ean, khi \u00e1p d\u1ee5ng s\u1ed1 li\u1ec7u giai \u0111o\u1ea1n 2013-2017 sau khi h\u1ec7 th\u1ed1ng \u201creset\u201d th\u00ec k\u1ebft qu\u1ea3 kh\u00e1 kh\u1ea3 quan (C\u1ed9t (1), (2), (3)).[\/vc_column_text][\/vc_column][\/vc_row][vc_row widthopt=”” fixedbg=”” footerrow=””][vc_column][vc_empty_space][vc_single_image image=”6245003″ img_size=”full” alignment=”center”][vc_empty_space][vc_column_text]<\/p>\n
4.2. K\u1ebft qu\u1ea3 h\u1ed3i quy gi\u1eefa bi\u1ebfn ph\u1ee5 thu\u1ed9c l\u00e0 t\u00ednh \u1ed5n \u0111\u1ecbnh h\u1ec7 th\u1ed1ng v\u1edbi bi\u1ebfn \u0111\u1ed9c l\u1eadp l\u00e0 c\u00e1c bi\u1ebfn kh\u00e1c.<\/em><\/div>\nV\u1ec1 t\u00e1c \u0111\u1ed9ng c\u1ee7a T\u00e0i s\u1ea3n ng\u00e2n h\u00e0ng (lnQ) v\u00e0 T\u1ef7 l\u1ec7 cho vay tr\u00ean T\u1ed5ng t\u00e0i s\u1ea3n (LTA) \u0111\u1ed1i v\u1edbi s\u1ef1 \u1ed5n \u0111\u1ecbnh h\u1ec7 th\u1ed1ng, Berger v\u00e0 c\u1ed9ng s\u1ef1 (2009) \u0111\u00e3 kh\u1eb3ng \u0111\u1ecbnh \u0111\u00e2y l\u00e0 m\u1ed1i t\u01b0\u01a1ng quan ngh\u1ecbch. \u0110i\u1ec1u n\u00e0y cho th\u1ea5y \u1edf m\u1ed9t th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh ng\u00e2n h\u00e0ng \u0111\u00e3 b\u00e3o h\u00f2a, c\u1ea1nh tranh kh\u1ed1c li\u1ec7t v\u00e0 t\u1ed3n t\u1ea1i th\u00f4ng tin b\u1ea5t c\u00e2n x\u1ee9ng, s\u1ef1 c\u1ed1 g\u1eafng qu\u00e1 m\u1ee9c c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng trong vi\u1ec7c \u0111\u1ea9y m\u1ea1nh c\u00e1c kho\u1ea3n cho vay hay t\u0103ng t\u00e0i s\u1ea3n b\u1eb1ng m\u1ecdi gi\u00e1 c\u00f3 th\u1ec3 \u0111\u1ec3 l\u1ecdt nh\u1eefng d\u1ef1 \u00e1n r\u1ee7i ro cao l\u00e0m \u1ea3nh h\u01b0\u1edfng s\u1ef1 l\u00e0nh m\u1ea1nh c\u1ee7a ng\u00e2n h\u00e0ng. T\u01b0\u01a1ng t\u1ef1 k\u1ebft qu\u1ea3 nghi\u00ean c\u1ee9u c\u1ee7a Berger v\u00e0 c\u1ed9ng s\u1ef1 (2009), k\u1ebft qu\u1ea3 nghi\u00ean c\u1ee9u c\u1ee7a ch\u00fang t\u00f4i t\u1ea1i c\u1ed9t (3) B\u1ea3ng 1 cho th\u1ea5y quan h\u1ec7 t\u01b0\u01a1ng quan ngh\u1ecbch v\u1edbi \u0111\u1ed9 tin c\u1eady 10% gi\u1eefa T\u1ed5ng t\u00e0i s\u1ea3n ng\u00e2n h\u00e0ng (lnQ) v\u00e0 v\u00e0 Z_index. T\u01b0\u01a1ng t\u1ef1 B\u1ea3ng 1, k\u1ebft qu\u1ea3 h\u1ed3i quy t\u1ea1i B\u1ea3ng 2 c\u0169ng ch\u1ec9 ra quan h\u1ec7 t\u01b0\u01a1ng quan tr\u00e1i chi\u1ec1u v\u1edbi \u0111\u1ed9 tin c\u1eady r\u1ea5t cao \u1edf m\u1ee9c 1% gi\u1eefa T\u1ed5ng t\u00e0i s\u1ea3n ng\u00e2n h\u00e0ng (lnQ) v\u00e0 h\u1ec7 s\u1ed1 V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu tr\u00ean T\u1ed5ng t\u00e0i s\u1ea3n (EA). K\u1ebft qu\u1ea3 tr\u00ean ti\u1ebfp t\u1ee5c \u0111\u01b0\u1ee3c kh\u1eb3ng \u0111\u1ecbnh t\u1ea1i B\u1ea3ng 3 khi hai bi\u1ebfn lnQ v\u00e0 NPL c\u00f3 h\u1ec7 s\u1ed1 t\u01b0\u01a1ng quan d\u01b0\u01a1ng v\u00e0 c\u00f3 \u00fd ngh\u0129a th\u1ed1ng k\u00ea \u1edf m\u1ee9c 5%.<\/div>\nV\u1ec1 quan h\u1ec7 gi\u1eefa T\u1ef7 l\u1ec7 cho vay tr\u00ean T\u1ed5ng t\u00e0i s\u1ea3n v\u1edbi Z_index v\u00e0 T\u1ef7 l\u1ec7 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu tr\u00ean T\u1ed5ng t\u00e0i s\u1ea3n, nghi\u00ean c\u1ee9u kh\u00f4ng mang l\u1ea1i k\u1ebft qu\u1ea3 c\u00f3 \u00fd ngh\u0129a th\u1ed1ng k\u00ea cao nh\u01b0 nghi\u00ean c\u1ee9u c\u1ee7a Berger v\u00e0 c\u1ed9ng s\u1ef1 (2009), tuy nhi\u00ean k\u1ebft qu\u1ea3 h\u1ed3i quy t\u1ea1i c\u1ed9t (2) v\u00e0 (3) B\u1ea3ng 3 l\u1ea1i kh\u1eb3ng \u0111\u1ecbnh trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh ng\u00e2n h\u00e0ng Vi\u1ec7t Nam th\u1eddi gian qua, t\u0103ng T\u1ef7 l\u1ec7 cho vay tr\u00ean T\u1ed5ng t\u00e0i s\u1ea3n s\u1ebd d\u1eabn \u0111\u1ebfn T\u1ef7 l\u1ec7 n\u1ee3 x\u1ea5u cao h\u01a1n. K\u1ebft qu\u1ea3 n\u00e0y c\u00f3 \u00fd ngh\u0129a th\u1ed1ng k\u00ea \u1edf m\u1ee9c r\u1ea5t cao 1%.<\/div>\nV\u1ec1 vi\u1ec7c s\u1ef1 c\u00f3 m\u1eb7t c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng c\u00f3 y\u1ebfu t\u1ed1 n\u01b0\u1edbc ngo\u00e0i t\u00e1c \u0111\u1ed9ng nh\u01b0 th\u1ebf n\u00e0o \u0111\u1ed1i v\u1edbi s\u1ef1 \u1ed5n \u0111\u1ecbnh h\u1ec7 th\u1ed1ng, \u0111\u00e1ng ti\u1ebfc l\u00e0 c\u1ea3 nghi\u00ean c\u1ee9u c\u1ee7a Berge v\u00e0 c\u1ed9ng s\u1ef1 (2009) v\u00e0 c\u1ee7a nh\u00f3m nghi\u00ean c\u1ee9u \u0111\u1ec1u kh\u00f4ng th\u1ec3 \u0111\u01b0a ra m\u1ed9t k\u1ebft lu\u1eadn th\u1ed1ng nh\u1ea5t. N\u1ebfu nh\u01b0 s\u1ef1 tham gia c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng c\u00f3 y\u1ebfu t\u1ed1 n\u01b0\u1edbc ngo\u00e0i l\u00e0m gi\u1ea3m Z_index t\u1ea1i B\u1ea3ng 1 th\u00ec l\u1ea1i l\u00e0m t\u0103ng T\u1ef7 l\u1ec7 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu tr\u00ean T\u1ed5ng t\u00e0i s\u1ea3n t\u1ea1i B\u1ea3ng 2 v\u00e0 gi\u1ea3m t\u1ef7 l\u1ec7 n\u1ee3 x\u1ea5u t\u1ea1i B\u1ea3ng 3. \u0110\u00e2y l\u00e0 hai lu\u1ed3ng t\u00e1c \u0111\u1ed9ng ng\u01b0\u1ee3c chi\u1ec1u nhau ch\u1ee9 kh\u00f4ng th\u1ed1ng nh\u1ea5t nh\u01b0 t\u00e1c \u0111\u1ed9ng c\u1ee7a c\u00e1c bi\u1ebfn \u0111\u1ea1i di\u1ec7n cho c\u1ea1nh tranh, T\u1ed5ng t\u00e0i s\u1ea3n, T\u1ef7 l\u1ec7 cho vay tr\u00ean T\u1ed5ng t\u00e0i s\u1ea3n \u0111\u1ed1i v\u1edbi s\u1ef1 \u1ed5n \u0111\u1ecbnh h\u1ec7 th\u1ed1ng.<\/div>\nV\u1ec1 t\u00e1c \u0111\u1ed9ng c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng c\u00f3 v\u1ed1n nh\u00e0 n\u01b0\u1edbc l\u00ean s\u1ef1 \u1ed5n \u0111\u1ecbnh h\u1ec7 th\u1ed1ng, k\u1ebft qu\u1ea3 h\u1ed3i quy t\u1ea1i B\u1ea3ng 1 cho th\u1ea5y, s\u1ef1 t\u00e1c \u0111\u1ed9ng n\u00e0y c\u00f3 \u00fd ngh\u0129a th\u1ed1ng k\u00ea v\u00e0 t\u00e1c \u0111\u1ed9ng l\u00e0 tr\u00e1i chi\u1ec1u.<\/div>\n<\/div>\n<\/div>\n5. K\u1ebft lu\u1eadn v\u00e0 khuy\u1ebfn ngh\u1ecb ch\u00ednh s\u00e1ch<\/strong><\/em><\/div>\nC\u1ea1nh tranh l\u00e0 \u0111\u1ed9ng l\u1ef1c \u0111\u1ec3 c\u00e1c ng\u00e2n h\u00e0ng Vi\u1ec7t Nam n\u00e2ng cao n\u0103ng su\u1ea5t lao \u0111\u1ed9ng c\u0169ng nh\u01b0 hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng v\u00e0 t\u0103ng c\u01b0\u1eddng kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn t\u00e0i ch\u00ednh cho ng\u01b0\u1eddi d\u00e2n, g\u00f3p ph\u1ea7n t\u00edch c\u1ef1c cho qu\u00e1 tr\u00ecnh \u0111\u1ed5i m\u1edbi v\u00e0 ph\u00e1t tri\u1ec3n kinh t\u1ebf c\u1ee7a n\u01b0\u1edbc ta trong th\u1eddi gian v\u1eeba qua. C\u1ea1nh tranh kh\u00f4ng ph\u1ea3i l\u00e0 ngu\u1ed3n g\u1ed1c g\u00e2y ra t\u00ednh d\u1ec5 t\u1ed5n th\u01b0\u01a1ng c\u1ee7a ng\u00e2n h\u00e0ng, nh\u01b0ng th\u1ef1c t\u1ebf cho th\u1ea5y, c\u00f3 s\u1ef1 \u0111\u00e1nh \u0111\u1ed5i \u0111\u00e1nh \u0111\u1ed5i gi\u1eefa c\u1ea1nh tranh v\u00e0 \u1ed5n \u0111\u1ecbnh h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng tr\u00ean m\u1ed9t s\u1ed1 kh\u00eda c\u1ea1nh. K\u1ebft qu\u1ea3 th\u1ef1c nghi\u1ec7m 45 NHTM \u1edf Vi\u1ec7t Nam giai \u0111o\u1ea1n t\u1eeb n\u0103m 2006 – 2017 cho th\u1ea5y, m\u1ee9c \u0111\u1ed9 c\u1ea1nh tranh cao gi\u1eefa c\u00e1c ng\u00e2n h\u00e0ng trong h\u1ec7 th\u1ed1ng trong b\u1ed1i c\u1ea3nh lu\u1eadt ph\u00e1p v\u00e0 khu\u00f4n kh\u1ed5 qu\u1ea3n l\u00fd, gi\u00e1m s\u00e1t c\u00f2n ch\u01b0a \u0111\u1ea7y \u0111\u1ee7 g\u00e2y ra s\u1ef1 ph\u00e1t tri\u1ec3n thi\u1ebfu b\u1ec1n v\u1eefng c\u1ee7a h\u1ec7 th\u1ed1ng. V\u1ec1 nguy\u00ean t\u1eafc, s\u1ef1 \u0111\u00e1nh \u0111\u1ed5i n\u00e0y c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u0111i\u1ec1u ti\u1ebft b\u1eb1ng c\u00e1c quy \u0111\u1ecbnh ph\u00e1p l\u00fd, tuy nhi\u00ean trong th\u1ef1c ti\u1ec5n cu\u1ed9c s\u1ed1ng, lu\u1eadt ph\u00e1p l\u1ea1i kh\u00f4ng ho\u00e0n h\u1ea3o. \u0110i\u1ec1u n\u00e0y d\u1eabn \u0111\u1ebfn hai h\u1ec7 qu\u1ea3 quan tr\u1ecdng sau \u0111\u00e2y: Th\u1ee9 nh\u1ea5t, ch\u00ednh s\u00e1ch c\u1ea1nh tranh l\u00e0 c\u1ea7n thi\u1ebft \u0111\u1ed1i v\u1edbi s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a ng\u00e0nh Ng\u00e2n h\u00e0ng, tuy nhi\u00ean, c\u1ea7n t\u00ednh \u0111\u1ebfn nh\u1eefng \u0111\u1eb7c th\u00f9 c\u1ee7a Ng\u00e0nh v\u00e0 c\u00e1c \u0111i\u1ec1u ki\u1ec7n l\u1ecbch s\u1eed th\u1ef1c ti\u1ec5n c\u1ee7a Vi\u1ec7t Nam; Th\u1ee9 hai, c\u1ea7n c\u00f3 s\u1ef1 ph\u1ed1i h\u1ee3p gi\u1eefa ch\u00ednh s\u00e1ch c\u1ea1nh tranh v\u00e0 ch\u00ednh s\u00e1ch an to\u00e0n ho\u1ea1t \u0111\u1ed9ng ng\u00e2n h\u00e0ng. Do \u0111\u00f3, thay v\u00ec h\u1ea1n ch\u1ebf c\u1ea1nh tranh \u0111\u1ec3 t\u0103ng c\u01b0\u1eddng \u1ed5n \u0111\u1ecbnh, Ch\u00ednh ph\u1ee7 n\u00ean x\u00e2y d\u1ef1ng v\u00e0 th\u1ef1c thi c\u00e1c quy \u0111\u1ecbnh, ch\u00ednh s\u00e1ch h\u01b0\u1edbng t\u1edbi c\u00e1c \u0111\u1ed9ng c\u01a1 \u0111\u00fang \u0111\u1eafn nh\u1eb1m \u0111\u1ea3m b\u1ea3o s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng, \u0111\u1ed3ng th\u1eddi khuy\u1ebfn kh\u00edch c\u1ea1nh tranh v\u00e0 n\u00e2ng cao hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng c\u1ee7a Ng\u00e0nh.<\/div>\n<\/div>\nV\u1ec1 ch\u00ednh s\u00e1ch c\u1ea1nh tranh<\/strong><\/em><\/div>\n\u0110\u1ec3 c\u00f3 m\u1ed9t m\u00f4i tr\u01b0\u1eddng c\u1ea1nh tranh l\u00e0nh m\u1ea1nh v\u00e0 ki\u1ec3m so\u00e1t \u0111\u1ed9c quy\u1ec1n c\u00f3 hi\u1ec7u qu\u1ea3 v\u1edbi th\u1ef1c tr\u1ea1ng hi\u1ec7n nay c\u1ee7a n\u01b0\u1edbc ta, c\u00f3 th\u1ec3 xem x\u00e9t m\u1ed9t s\u1ed1 gi\u1ea3i ph\u00e1p sau \u0111\u00e2y:<\/div>\nTh\u1ee9 nh\u1ea5t, r\u00e0 so\u00e1t, gi\u1ea3m thi\u1ec3u c\u00e1c r\u00e0o c\u1ea3n th\u1ec3 ch\u1ebf \u0111\u1ed1i v\u1edbi vi\u1ec7c gia nh\u1eadp th\u1ecb tr\u01b0\u1eddng theo h\u01b0\u1edbng \u0111\u01a1n gi\u1ea3n h\u00f3a t\u1ed1i \u0111a, c\u1eaft gi\u1ea3m c\u00e1c chi ph\u00ed kh\u00f4ng c\u1ea7n thi\u1ebft v\u00e0 t\u1ea1o \u0111i\u1ec1u ki\u1ec7n thu\u1eadn l\u1ee3i cho kh\u00e1ch h\u00e0ng chuy\u1ec3n \u0111\u1ed5i ng\u00e2n h\u00e0ng nh\u01b0 t\u1eebng b\u01b0\u1edbc n\u00e2ng cao hi\u1ec3u bi\u1ebft v\u1ec1 t\u00e0i ch\u00ednh, \u0111\u1eb7c bi\u1ec7t l\u00e0 ki\u1ebfn th\u1ee9c v\u1ec1 nh\u1eefng ph\u01b0\u01a1ng \u00e1n t\u00e0i ch\u00ednh thay th\u1ebf cho ng\u01b0\u1eddi d\u00e2n v\u00e0 h\u1ed7 tr\u1ee3 ph\u00e1t tri\u1ec3n c\u00e1c \u201cg\u00f3i chuy\u1ec3n \u0111\u1ed5i\u201d \u0111\u1ec3 \u0111\u01a1n gi\u1ea3n ho\u00e1 c\u00e1c th\u1ee7 t\u1ee5c h\u00e0nh ch\u00ednh khi chuy\u1ec3n \u0111\u1ed5i ng\u00e2n h\u00e0ng.<\/div>\nTh\u1ee9 hai, duy tr\u00ec ho\u1ea1t \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u00e0 theo d\u00f5i, gi\u00e1m s\u00e1t ch\u1eb7t ch\u1ebd nh\u1eefng m\u00e9o m\u00f3 th\u1ecb tr\u01b0\u1eddng do c\u00e1c bi\u1ec7n ph\u00e1p can thi\u1ec7p, \u0111i\u1ec1u ti\u1ebft c\u1ee7a Ch\u00ednh ph\u1ee7 g\u00e2y ra trong giai \u0111o\u1ea1n t\u00e1i c\u1ea5u tr\u00fac v\u00e0 \u1ed5n \u0111\u1ecbnh h\u1ec7 th\u1ed1ng, x\u00fac ti\u1ebfn vi\u1ec7c x\u1eed l\u00fd c\u00e1c ng\u00e2n h\u00e0ng y\u1ebfu k\u00e9m g\u1eafn v\u1edbi x\u1eed l\u00fd n\u1ee3 x\u1ea5u.<\/div>\nV\u1ec1 qu\u1ea3n l\u00fd, gi\u00e1m s\u00e1t ng\u00e2n h\u00e0ng<\/strong><\/em><\/div>\nNHNN c\u1ea7n x\u00e2y d\u1ef1ng v\u00e0 th\u1ef1c thi m\u1ed9t khu\u00f4n kh\u1ed5 qu\u1ea3n l\u00fd, gi\u00e1m s\u00e1t ng\u00e2n h\u00e0ng ph\u00f9 h\u1ee3p v\u00e0 th\u00fac \u0111\u1ea9y c\u1ea1nh tranh l\u00e0nh m\u1ea1nh, \u0111\u1ea3m b\u1ea3o s\u00e2n ch\u01a1i b\u00ecnh \u0111\u1eb3ng cho t\u1ea5t c\u1ea3 c\u00e1c ng\u00e2n h\u00e0ng. \u0110\u1ec3 th\u1ef1c hi\u1ec7n m\u1ee5c ti\u00eau n\u00e0y, NHNN c\u1ea7n t\u0103ng c\u01b0\u1eddng hi\u1ec7u l\u1ef1c, hi\u1ec7u qu\u1ea3 h\u1ec7 th\u1ed1ng thanh tra, gi\u00e1m s\u00e1t ng\u00e2n h\u00e0ng, ph\u00f9 h\u1ee3p v\u1edbi th\u00f4ng l\u1ec7 v\u00e0 chu\u1ea9n m\u1ef1c qu\u1ed1c t\u1ebf nh\u1eb1m \u0111\u1ea3m b\u1ea3o c\u00e1c ng\u00e2n h\u00e0ng tham gia th\u1ecb tr\u01b0\u1eddng tu\u00e2n th\u1ee7 \u201clu\u1eadt ch\u01a1i\u201d \u0111\u00e3 quy \u0111\u1ecbnh. \u0110\u00e2y l\u00e0 n\u1ec1n t\u1ea3ng quan tr\u1ecdng, \u0111\u1ea3m b\u1ea3o cho n\u1ec1n kinh t\u1ebf v\u00e0 h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng Vi\u1ec7t Nam ph\u00e1t tri\u1ec3n \u1ed5n \u0111\u1ecbnh, c\u1ea1nh tranh l\u00e0nh m\u1ea1nh v\u00e0 h\u1ed9i nh\u1eadp hi\u1ec7u qu\u1ea3. C\u00e1c quy \u0111\u1ecbnh v\u1ec1 qu\u1ea3n l\u00fd, gi\u00e1m s\u00e1t ng\u00e2n h\u00e0ng trong d\u00e0i h\u1ea1n c\u1ea7n c\u00f3 s\u1ef1 k\u1ebft h\u1ee3p gi\u1eefa vi\u1ec7c \u00e1p d\u1ee5ng h\u00ecnh th\u1ee9c b\u1ea3o hi\u1ec3m ti\u1ec1n g\u1eedi tr\u00ean c\u01a1 s\u1edf r\u1ee7i ro [2] v\u00e0 t\u0103ng c\u01b0\u1eddng c\u00e1c y\u00eau c\u1ea7u v\u1ec1 v\u1ed1n (c\u00e1c ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i<\/a>, \u0111\u1eb7c bi\u1ec7t l\u00e0 c\u00e1c ng\u00e2n h\u00e0ng c\u00f3 t\u1ea7m quan tr\u1ecdng h\u1ec7 th\u1ed1ng ph\u1ea3i \u0111\u1ea3m b\u1ea3o duy tr\u00ec t\u1ef7 l\u1ec7 c\u00e1c m\u1ee9c v\u1ed1n mang t\u00ednh h\u1ec7 th\u1ed1ng – l\u00e0 m\u1ee9c v\u1ed1n c\u00f3 t\u00ednh \u0111\u1ebfn chi ph\u00ed x\u00e3 h\u1ed9i khi ng\u00e2n h\u00e0ng \u0111\u1ed5 v\u1ee1 v\u00e0 c\u01b0\u1eddng \u0111\u1ed9 c\u1ea1nh tranh v\u1ec1 huy \u0111\u1ed9ng v\u1ed1n tr\u00ean th\u1ecb tr\u01b0\u1eddng). B\u00ean c\u1ea1nh \u0111\u00f3, NHNN n\u00ean t\u0103ng c\u01b0\u1eddng \u00e1p d\u1ee5ng c\u00e1c bi\u1ec7n ph\u00e1p an to\u00e0n v\u0129 m\u00f4 \u0111\u1ec3 h\u1ea1n ch\u1ebf vi\u1ec7c chuy\u1ec3n \u0111\u1ed5i k\u1ef3 h\u1ea1n c\u00e1c kho\u1ea3n vay, ng\u0103n ng\u1eeba r\u1ee7i ro t\u1eadp trung t\u00edn d\u1ee5ng v\u00e0o m\u1ed9t l\u0129nh v\u1ef1c nh\u1ea5t \u0111\u1ecbnh v\u00e0 ki\u1ec3m so\u00e1t t\u00ecnh tr\u1ea1ng b\u00f9ng n\u1ed5 t\u00edn d\u1ee5ng.<\/div>\nV\u1ec1 c\u00e1c gi\u1ea3i ph\u00e1p h\u1ed7 tr\u1ee3 kh\u00e1c<\/strong><\/em><\/div>\nTh\u1ee9 nh\u1ea5t, B\u1ed9 T\u00e0i ch\u00ednh ti\u1ebfp t\u1ee5c \u0111\u1ea9y m\u1ea1nh r\u00e0 so\u00e1t, b\u1ed5 sung, ho\u00e0n thi\u1ec7n \u0111\u1ed3ng b\u1ed9 c\u00e1c v\u0103n b\u1ea3n h\u01b0\u1edbng d\u1eabn ch\u1ebf \u0111\u1ed9 k\u1ebf to\u00e1n nh\u00e0 n\u01b0\u1edbc, doanh nghi\u1ec7p, bao g\u1ed3m c\u1ea3 k\u1ebf to\u00e1n TCTD, doanh nghi\u1ec7p b\u1ea3o hi\u1ec3m, c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n, c\u00f4ng ty qu\u1ea3n l\u00fd qu\u1ef9, c\u00e1c qu\u1ef9 t\u00e0i ch\u00ednh nh\u00e0 n\u01b0\u1edbc, c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh c\u00f3 ho\u1ea1t \u0111\u1ed9ng \u0111\u1eb7c th\u00f9; ti\u1ebfp t\u1ee5c x\u00e2y d\u1ef1ng ban h\u00e0nh \u0111\u1ea7y \u0111\u1ee7 c\u00e1c chu\u1ea9n m\u1ef1c k\u1ebf to\u00e1n (ti\u1ec7m c\u1eadn \u0111\u1ebfn IAS\/IFRS), \u0111\u1ed3ng th\u1eddi xem x\u00e9t h\u01b0\u1edbng d\u1eabn vi\u1ec7c \u00e1p d\u1ee5ng chu\u1ea9n m\u1ef1c \u0111\u1ed1i v\u1edbi c\u00e1c doanh nghi\u1ec7p ho\u1ea1t \u0111\u1ed9ng \u0111\u1eb7c th\u00f9; th\u1ef1c thi \u0111\u1ea7y \u0111\u1ee7, gi\u00e1m s\u00e1t th\u1ef1c hi\u1ec7n Ngh\u1ecb \u0111\u1ecbnh s\u1ed1 105\/2013\/N\u0110-CP x\u1eed l\u00fd vi ph\u1ea1m h\u00e0nh ch\u00ednh \u0111\u1ed1i v\u1edbi l\u0129nh v\u1ef1c k\u1ebf to\u00e1n v\u00e0 ki\u1ec3m to\u00e1n \u0111\u1ec3 t\u0103ng c\u01b0\u1eddng k\u1ef7 lu\u1eadt th\u1ecb tr\u01b0\u1eddng \u0111\u1ed1i v\u1edbi l\u0129nh v\u1ef1c n\u00e0y.<\/div>\nTh\u1ee9 hai, B\u1ed9 C\u00f4ng th\u01b0\u01a1ng t\u0103ng c\u01b0\u1eddng ph\u1ed1i h\u1ee3p v\u1edbi NHNN trong vi\u1ec7c x\u00e2y d\u1ef1ng c\u00e1c v\u0103n b\u1ea3n h\u01b0\u1edbng d\u1eabn th\u1ef1c hi\u1ec7n Lu\u1eadt C\u1ea1nh tranh n\u0103m 2018 nh\u1eb1m \u0111\u1ea3m b\u1ea3o s\u1ef1 ph\u1ed1i h\u1ee3p nh\u1ecbp nh\u00e0ng gi\u1eefa ch\u00ednh s\u00e1ch c\u1ea1nh tranh v\u00e0 c\u00e1c quy \u0111\u1ecbnh an to\u00e0n ho\u1ea1t \u0111\u1ed9ng ng\u00e2n h\u00e0ng, h\u01b0\u1edbng \u0111\u1ebfn ph\u00e1t huy hi\u1ec7u qu\u1ea3 cao nh\u1ea5t c\u1ee7a c\u1ea1nh tranh trong khi t\u00ednh \u0111\u1ebfn nh\u1eefng \u0111\u1eb7c th\u00f9 c\u1ee7a ho\u1ea1t \u0111\u1ed9ng ng\u00e2n h\u00e0ng.<\/div>\nTh\u1ee9 ba, c\u00e1c TCTD ho\u00e0n thi\u1ec7n, v\u00e0 \u00e1p d\u1ee5ng c\u00e1c quy \u0111\u1ecbnh v\u1ec1 qu\u1ea3n tr\u1ecb ng\u00e2n h\u00e0ng ph\u00f9 h\u1ee3p v\u1edbi th\u00f4ng l\u1ec7 qu\u1ed1c t\u1ebf; ph\u00e1t tri\u1ec3n \u0111\u1ed9i ng\u0169 c\u00e1n b\u1ed9 qu\u1ea3n l\u00fd v\u00e0 kinh doanh ng\u00e2n h\u00e0ng c\u00f3 tr\u00ecnh \u0111\u1ed9 chuy\u00ean m\u00f4n cao, \u00fd th\u1ee9c tu\u00e2n th\u1ee7 ph\u00e1p lu\u1eadt, c\u00f3 \u0111\u1ea1o \u0111\u1ee9c v\u00e0 tinh th\u1ea7n tr\u00e1ch nhi\u1ec7m ngh\u1ec1 nghi\u1ec7p t\u1ed1t; t\u0103ng c\u01b0\u1eddng \u1ee9ng d\u1ee5ng c\u00f4ng ngh\u1ec7 th\u00f4ng tin v\u00e0o \u0111i\u1ec1u h\u00e0nh v\u00e0 qu\u1ea3n l\u00fd, ph\u00e2n t\u00edch v\u00e0 ph\u00f2ng ng\u1eeba r\u1ee7i ro, t\u1ea1o ti\u1ec1n \u0111\u1ec1 cho vi\u1ec7c x\u00e2y d\u1ef1ng ng\u00e2n h\u00e0ng ho\u1ea1t \u0111\u1ed9ng hi\u1ec7u qu\u1ea3 v\u00e0 c\u00f3 kh\u1ea3 n\u0103ng c\u1ea1nh tranh t\u1ed1t v\u1edbi c\u00e1c ng\u00e2n h\u00e0ng trong khu v\u1ef1c.<\/div>\n<\/div>\n\u00a0[1] Gi\u00e1 tr\u1ecb th\u01b0\u01a1ng hi\u1ec7u l\u00e0 t\u00e0i s\u1ea3n v\u00f4 h\u00ecnh m\u00e0 m\u1ed9t ng\u00e2n h\u00e0ng c\u00f3 th\u1ec3 m\u1ea5t \u0111i n\u1ebfu b\u1ecb ph\u00e1 s\u1ea3n ho\u1eb7c b\u1ecb c\u01a1 quan gi\u00e1m s\u00e1t ra quy\u1ebft \u0111\u1ecbnh \u0111\u00f3ng c\u1eeda\u201d (Acharya, 1996). Gi\u00e1 tr\u1ecb \u0111i\u1ec1u l\u1ec7 c\u00f2n \u0111\u01b0\u1ee3c hi\u1ec3u l\u00e0 gi\u00e1 tr\u1ecb thu nh\u1eadp r\u00f2ng hi\u1ec7n t\u1ea1i hay gi\u00e1 tr\u1ecb chi\u1ebft kh\u1ea5u c\u1ee7a thu nh\u1eadp t\u01b0\u01a1ng lai k\u1ef3 v\u1ecdng c\u1ee7a m\u1ed9t ng\u00e2n h\u00e0ng, d\u1ef1a tr\u00ean uy t\u00edn, th\u1ecb ph\u1ea7n v\u00e0 th\u00f4ng tin kh\u00e1ch h\u00e0ng c\u1ee7a ng\u00e2n h\u00e0ng \u0111\u00f3 (Guttentag v\u00e0 Herring, 1983).<\/div>\n[2] Ph\u00ed b\u1ea3o hi\u1ec3m \u0111\u01b0\u1ee3c quy\u1ebft \u0111\u1ecbnh tr\u00ean c\u01a1 s\u1edf m\u1ee9c l\u00e3i su\u1ea5t ch\u00e0o b\u00e1n v\u00e0 m\u1ee9c \u0111\u1ed9 r\u1ee7i ro c\u1ee7a c\u00e1c t\u00e0i s\u1ea3n c\u1ee7a ng\u00e2n h\u00e0ng \u0111\u1ec3 lo\u1ea1i b\u1ecf ho\u1eb7c gi\u1ea3m \u0111\u1eb7c \u0111i\u1ec3m tr\u00e1ch nhi\u1ec7m h\u1eefu h\u1ea1n c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng.<\/div>\n<\/div>\nT\u00e0i li\u1ec7u tham kh\u1ea3o:<\/div>\n1. Acharya (1996). Charter value, minimum bank capital requirement and deposit insurance pricing in equilibrium. Journal of Banking and Finance 20, 351^375.<\/div>\n2. Allen, F., & Gale, D. (2000). Comparing financial systems. Cambridge, MA and London: MIT Press Books, 1.<\/div>\n3. Arellano, M., and S. Bond. 1991. Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies 58: 277\u2013297.<\/div>\n4. Beck, T. (2008). Bank Competition and Financial Stability: Friends or Foes? Policy Research Working Paper Series 4656, The World Bank.<\/div>\n5. Beck, T., De Jonghe, O. and Schepens, G. (2012). Bank competition and stability: cross-country heterogeneity. Journal of Financial Intermediation.<\/div>\n6. Berger, A. N., Klapper, L. F., & Turk-Ariss, R. (2009). Bank Competition and Financial Stability. Journal of Financial Services Research, 35(2), 99\u2013118.<\/div>\n\n7. Ho\u00e0ng Th\u1ecb Ph\u01b0\u01a1ng Anh v\u00e0 c\u1ed9ng s\u1ef1 (2018). K\u1ef7 y\u1ebfu H\u1ed9i th\u1ea3o Qu\u1ed1c t\u1ebf: Nh\u1eefng thay \u0111\u1ed5i trong khung ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7. Nh\u00e0 xu\u1ea5t b\u1ea3n Lao \u0111\u1ed9ng, trang 399-412.<\/p>\n
TS. Nguy\u1ec5n \u0110\u1ee9c Tr\u01b0\u1eddng<\/strong><\/p>\n<\/div>\n
\nThS. H\u00e0 T\u00fa Anh
\nThS. Nguy\u1ec5n Th\u1ecb Thanh B\u00ecnh<\/strong><\/p>\nNgu\u1ed3n: TCNH s\u1ed1 23\/2018<\/em><\/p>\n<\/div>\n
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[vc_row widthopt=”” fixedbg=”” footerrow=””][vc_column][vc_column_text] \u1ea2nh h\u01b0\u1edfng c\u1ee7a c\u1ea1nh tranh \u0111\u1ebfn \u1ed5n \u0111\u1ecbnh h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng l\u00e0 ch\u1ee7 \u0111\u1ec1 thu h\u00fat \u0111\u01b0\u1ee3c s\u1ef1 quan t\u00e2m c\u1ee7a nhi\u1ec1u h\u1ecdc gi\u1ea3 v\u00e0 c\u00e1c nh\u00e0 ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch trong h\u01a1n hai th\u1eadp k\u1ef7 v\u1eeba qua, \u0111\u1eb7c bi\u1ec7t sau cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u n\u0103m 2007… Xem b\u00e0i vi\u1ebft<\/a><\/p>\n","protected":false},"author":175,"featured_media":6244995,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[2499],"tags":[],"class_list":["post-6244994","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tai-chinh-ngan-hang"],"acf":[],"_links":{"self":[{"href":"https:\/\/yp.vn\/KmOMlj66m\/wp\/v2\/posts\/6244994","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/yp.vn\/KmOMlj66m\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/yp.vn\/KmOMlj66m\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/yp.vn\/KmOMlj66m\/wp\/v2\/users\/175"}],"replies":[{"embeddable":true,"href":"https:\/\/yp.vn\/KmOMlj66m\/wp\/v2\/comments?post=6244994"}],"version-history":[{"count":0,"href":"https:\/\/yp.vn\/KmOMlj66m\/wp\/v2\/posts\/6244994\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/yp.vn\/KmOMlj66m\/wp\/v2\/media\/6244995"}],"wp:attachment":[{"href":"https:\/\/yp.vn\/KmOMlj66m\/wp\/v2\/media?parent=6244994"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/yp.vn\/KmOMlj66m\/wp\/v2\/categories?post=6244994"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/yp.vn\/KmOMlj66m\/wp\/v2\/tags?post=6244994"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}