B GIO DC V O TO TRNG I HC KINH T TP.

HCM

TRN TH NH CHU

NHNG NHN T NH HNG N CHT LNG DCH V MI GII CHNG KHAN

Chuyn ngnh: Qun Tr Kinh Doanh M s : 60.34.05 LUN VN THC S KINH T NGI HNG DN KHOA HC TS T TH KIU AN

TP. H CH MINH NM 2009

LI CM N

Trc tin ti xin chn thnh cm n C T Th Kiu An tn tnh ch bo, gp v ng vin ti trong sut qu trnh thc hin lun vn tt nghip ny. c th hon thnh chng trnh sau i hc ti trng i hc Kinh t thnh ph H Ch Minh vi lun vn tt nghip nh gi cht lng dch v cc Cng ty chng khon ti khu vc Tp HCM ngoi nhng n lc, phn u ca chnh bn thn trong sut qu trnh hc tp, ti xin gi li tri n trc ht n ba m, nhng ngi thn lun ng vin, gip . Nhn y ti cng xin gi li cm n n qu Thy C, nhng ngi tn tnh truyn t kin thc cho ti trong hai nm hc cao hc va qua. Sau cng, tc gi xin chn thnh cm n n cc bn b thn thit ca lp cao hc QTKD-m 1 v cc cng tc vin gip ti c s liu hon thnh tt lun vn ny.

Trn Th Nh Chu

LI CAM OAN
Tc gi xin cam oan tt c cc ni dung chi tit ca bi lun vn ny c trnh by theo kt cu v dn ca tc gi vi s dy cng nghin cu, thu thp v phn tch cc ti liu c lin quan, ng thi c s gp hng dn ca Tin s T Th Kiu An hon tt lun vn. Tc gi xin hon ton chu trch nhim vi cam kt trn.

Hc vin: Trn Th Nh Chu Lp: Qun tr Kinh doanh, K15

MC LC
LI CM N LI CAM OAN M U
I. II. III. IV. V. VI. L do chn ti .............................................................................................. 1 Mc tiu nghin cu.......................................................................................... 3 i tng nghin cu v phm vi nghin cu .................................................. 3 Phng php nghin cu................................................................................... 4 ngha thc tin ca ti............................................................................... 5 Kt cu ca ti .............................................................................................. 6

Chng 1 : C s l lun ca ti
1.1 Dch v, cht lng dch v v s tho mn ca khch hng ......................... 6

1.1.1 Sn phm dch v .............................................................................................. 6 1.1.2 Cht lng dch v .......................................................................................... 7 1.1.3 S tha mn ca khch hng ............................................................................. 8 1.2 1.3 1.4 1.5 1.6 Quan h gia cht lng dch v v s tha mn ca khch hng M hnh l thuyt cht lng dch v Thang o SERVQUAL ................ 9 ............................................................ 10

................................................................................ 12 ................................................. 15 ...................................................... 15 ...................................... 15

M hnh nghin cu v cc gi thuyt 13 Mt s l thuyt v th trng chng khon

1.6.1 Khi nim v th trng chng khon

1.6.2 Thnh phn tham gia th trng chng khon

1.6.3 Cng ty chng khon ...................................................................................... 17 1.6.4 Mi gii chng khon ...................................................................................... 18

Chng 2 : nh gi cht lng dch v cc cng ty chng khon trn th trng chng khon TPHCM
2.1. 2.2 S lc v th trng chng khon Tp HCM .............................. ..................... 20 Tnh hnh hot ng ca cc CTCK trn TTCK TP HCM ................................. 24 ...................................................................................... 32 .......................................................................................... 32

2.3 Thc trng cht lng dch v ca cc CTCK trn TTCK TP HCM .................. 32 2.3.1 Thit k nghin cu 2.3.1.1 Nghin cu s b

2.3.1.2 Nghin cu chnh thc .................................................................................... 34 2.3.1.3 Thang o ........................................................................................................... 34 2.3.2 Mu v thng tin mu ............................................................................. 35 ..................... 37 37 2.3.3 Phng php x l s liu ................................................................................ 36 2.3.4 Kim nh thang o bng h s tin cy Cronbach Alpha 2.3.4.2 Thang o cc thnh phn ca CLDV cc CTCK 2.3.5 Phn tch nhn t khm ph EAF 2.3.5.1 Thang o s tho mn ca khch hng 2.3.5.2 Thang o CLDV cc CTCK 2.3.7 Phn tch tng quan 2.4 2.3.4.1 Thang o S tho mn ca khch hng khi s dng dch v ca cc CTCK

......................................... 37

.............................................................. 39 ......................................................... 39 39 41 41 ....................................

..................................................................

2.3.6 Hiu chnh m hnh nghin cu v cc gi thuyt 2.3.8 Phn tch hi quy tuyn tnh

.................................................................................

......................................................................... 42

nh gi chung v cht lng dch v cc CTCK trn th trng chng khon Tp HCM thng qua cuc kho st .......................................................... 44 ........................................................... 45 ...................................... 47 ............................... 48 .................................................................. 46

2.4.1 Phng tin hu hnh ca cc CTCK 2.4.2 Nng lc phc v ca cc CTCK

2.4.3 Mc tin cy ca nh u t i vi cc CTCK 2.4.4 Mc ng cm ca CTCK i vi nh u t

2.4.5 nh gi cht lng dch v ca cc CTCK thng qua s tho mn ca khch hng ................................................................................................................... 50

Chng 3 : Cc gii php nng cao cht lng dch v cc cng ty chng khon
3.1 Mc tiu phng hng pht trin cc CTCK trn th trng chng khon Vit Nam ................................................................................................................... 52 3.2 Cc gii php nng cao cht lng dch v cc CTCK trn th trng chng khon Tp HCM thng qua cuc kho st .................................................................. 53 3.2.1 Gii php nng cao nng lc phc v, mc tin cy v s ng cm ........ 53 3.2.2 Gii php nng cao cng ngh thng tin 3.3 3.4 3.5 ...................................................... 55 Mt s gi chnh sch nhm nng cao cht lng dch v cc CTCK ........ 56 Kt qu chnh v ng gp ca nghin cu ................................................... 59 Hn ch ca nghin cu v hng nghin cu tip theo ................................ 60

TI LIU THAM KHO PH LC Ph lc 1 Ph lc 1.1 : Bng cu hi nghin cu s b Ph lc 1.2 : Cc bin o lng CLDV v s tha mn ca khch hng ln 1 Ph lc 1.3 : Bng cu hi nghin cu chnh thc vi cc bin o lng CLDV ln 2 sau khi chnh sa Ph lc 1.4 : Cc thnh phn cu thnh thang o CLDV ca CTCK v S tha mn ca khch hng Ph lc 2 Ph lc 3 Bng 4.1 : Danh sch i ch cc CTCK c chn kho st : Phn tch Cronbach Alpha : tin cy Cronbach Alpha S hi long 5 bin

Bng 4.2 : H s Cronbach Alpha ca cc thnh phn thang o CLDV cc CTCK ban u Bng 4.3 : Thng k s lng bin quan st v h s Cronbach alpha ca cc thnh phn thang do cht lng dch v cc CTCK sau khi iu chnh Ph lc 5 : Phn tch nhn t khm ph EAF Ph lc 5.1 : Phn tch EFA cho thang o CLDV ban u Ph lc 5.2 : Phn tch EFA cho thang o CLDV sau khi b bin REL-4 Ph lc 5.3 : Phn tch EFA cho thang o CLDV sau khi loi b REL-5

Ph lc 5.4 : Phn tch EAF thang o CLDV sau khi b REL-6 Bng 5.1 Bng 5.2 Ph lc 6 Bng 6.1 Ph lc 7 Bng 7.1 Bng 7.2 : Kt qu phn tch EAF ca thang o cht lng dch v cc CTCK : Phn tch nhn t S hi lng (SAT ) : Phn tch tng quan : Ma trn tng quan gia SAT TAN,REL,ASS,EMP : Phn tch hi quy tuyn tnh : Hi quy a bin : SAT = f( REL, ASS, TAN, EMP) : Thng k phn tch cc h s hi quy tng phn Ph lc 5. 6 : Phn tch EAF cho thang o s tho mn ca khch hng

DANH MC CC BNG
Bng 2.1 v Biu : So snh gi tr tuyt i theo cc nm gia GTVHTT, CTNY,CTCK .......................................................................................................... 25 Bng 2.2 Thng k hot ng bo lnh ca CTCK ................................................. 29 Bng 2.3 Hi quy a bin : SAT = f( REL, ASS, TAN, EMP) .......................... 44 Bng 2.4 Thng k phn tch cc h s hi quy tng phn .................................... 44

DANH MC CC HNH
Hnh 1.1 : M hnh cht lng dch v ..................................................................... 10 Hnh 1.2 : M hnh nghin cu ................................................................................ 13 Hnh 2.1: VNIndex v Lnh giao dch t 28/07/2000 - 25/06/2001 ........................ 21 Hnh 2.2: VNIndex v Lnh giao dch t 25/06/2001 - 23/10/2003 ....................... 22 Hnh 2.3: VNIndex v Lnh giao dch t 23/10/2003 - 25/04/2006 ....................... 22 Hnh 2.4: VNIndex v Lnh giao dch t 25/04/2006 - 13/03/2007 ....................... 23 Hnh 2.5: VNIndex v Lnh giao dch t 13/03/2007 n 31/12/2008 ................. 23 39 Hnh 2.6: Quy trnh nghin cu da theo Nguyn nh Th & ctg (2003) ............ 34 Hnh 2.7: M hnh l thuyt hiu chnh ..........................................................

DANH MC T VIT TT
CLDV CTCK CTNY GTVHTT SGDCK TPHCM TTGDCK TTCK MGCK

DIN GII
Cht lng dch v Cng ty chng khon Cng ty nim yt Gi tr vn ho th trng S giao dch chng khon Thnh ph H Ch Minh Trung tm giao dch chng khon Th trng chng khon Mi gii chng khon

M U
I. L DO CHN TI
Ngy nay tt c cc quc gia pht trin v hu ht cc nc ang pht trin u c th trng chng khon, mt th trng khng th thiu vi mi nn kinh t mun pht trin vng mnh v cc l do sau: Th nht, th trng chng khon l mt trong nhng knh huy ng vn quan trng nht ca cc cng ty, gip cc cng ty c th nim yt cng khai, tng thm vn m rng hot ng kinh doanh. Sn giao dch m th trng chng khon to ra cho php cc nh u t nhanh chng v d dng bn cc loi chng khon khi c nhu cu. chnh l mt nt hp dn ca vic u t vo c phiu so vi cc hnh thc u t km thanh khon khc nh u t vo bt ng sn chng hn. Th hai, th trng chng khon c coi l mt chic phong v biu ca nn kinh t. Lch s ch ra rng, gi c phiu v cc loi tri phiu khc l mt phn quan trng ca hot ng kinh t v n c th gy nh hng hoc l mt thc o nh gi k vng ca x hi. Gi c phiu tng thng lin quan n vic tng lng vn u t vo cc hot ng kinh doanh v ngc li. Vo nm 2000, y ban chng khon Nh nc a Trung tm Giao dch chng khon Thnh ph H Ch Minh (nay l S Giao dch Chng khon Thnh ph H Ch Minh) vo hot ng, nh du s ra i ca th trng chng khon Vit Nam. Nm 2005, TTGDCK H Ni ln u tin t chc bn u gi c phiu ca cc cng ty quc doanh cho cc nh u t. n nay trn th trng chng khon c 168 c phiu nim yt trn TTGDCK H Ni; c 174 c phiu, chng ch qu nim yt trn SGDCK

TPHCM. Hin c 31 cng ty ang np n xin nim yt trn TTGDCK H Ni v cha thng k c s cng ty hin ang xin nim yt trn SGDCK TPHCM. Nh vy tng s c phiu, chng ch qu nim yt trn 2 sn l 342. Ngoi ra, cn c 1084 cng ty i chng ng k vi y ban Chng khon nh nc tnh ti ngy 12/12/2008. V n ht thng 12/2008, s lng cng ty chng khon l 102 cng ty, trong c 24 cng ty c cp php trong nm 2008. Trong thi gian qua, cng vi s pht trin khng ngng v quy m ca th trng chng khon Vit Nam, l s ln mnh ca cc t chc ti chnh trung gian, c bit l cc cng ty chng khon. S trng thnh ca cc cng ty chng khon Vit Nam khng ch th hin v s tng trng s lng v quy m vn m cn th hin r nt qua phng thc v cht lng cung cp dch v cho khch hng. Cht lng dch v ca cc cng ty chng khon gp phn khng nh gip th trng chng khon TP HCM ni ring v th trng chng khon Vit Nam ni chung pht trin bn vng. Khng ch ring th trng chng khon m mi ngnh, mi lnh vc, mi doanh nghip nht l ngnh dch v u mun nng cao cht lng dch v em li s tha mn ti a cho khch hng. Thng thng vic nh gi , o lng cht lng dch v ca cc cng ty, cc ngnh, cc lnh vc ch dng li dng cc bi bo m t, cc con s thng k thun ty, cha c nghin cu mt cch khoa hc v c c s. Do , cng tc nh gi cht lng sn phm dch v v s tha mn khch hng khng mang tnh h thng, ton din v khch quan. Vi th trng chng khon Vit Nam cn non tr th vn ny cng tr nn cp thit, nht l trong thi gian qua xy ra cc s c nhm room, h thng phn mm, thao tc nhn, t lnh sai, c s h tng phc v cha p ng nhu cu pht trin ca th trng gy thit hi khng nh cho cc nh u t. l l do ti chn ti o lng cht lng dch v v s tha mn ca khch hng i vi cc cng ty chng khon trn th trng chng khon TP

HCM lm lun vn tt nghip, nhm gip cc nh qun l trn th trng chng khon c ci nhn r hn, c th hn v cht lng dch v ca mnh. T nng cao cht lng dch v em li s tha mn ti a cho cc nh u t trn th trng cng l lm cho th trng chng khon ngy mt hiu qu v hot ng tt hn. Vic tc gi chn th trng chng khon TP HCM nghin cu v hin Vit Nam ch c 2 th trng chng khon l th trng chng khon ti TP HCM v th trng chng khon ti H Ni. Th trng chng khon ti Tp HCM ra i sm hn, phin giao dch u tin vo ngy 28/07/2000, mi n 08/03/2005 th trng chng khon ti TP H Ni mi c phin giao dch u tin. V th a s cc nghin cu phn tch hin nay u chn th trng chng khon TP HCM lm i din phn tch.

II. MC TIU NGHIN CU

Mc tiu nghin cu ca ti bao gm cc vn sau: Kim nh cc thnh phn ca cht lng dch v cc cng ty chng khon tc ng n s hi lng ca khch hng ti khu vc TP HCM. nh gi s tho mn ca khch hng khi s dng cc dch v trn th trng chng khon TP HCM. ng gp mt s kin nhm nng cao cht lng dch v cc CTCK v s tho mn ca khch hng khi s dng dch v trn th trng chng khon TP HCM

III. I TNG NGHIN CU V PHM VI NGHIN CU 3.1 i tng nghin cu

i tng nghin cu ca lun vn:

+ Thc trng cht lng ca cc dch v trn th trng chng khon TP HCM. + S tho mn ca khch hng khi s dng dch v mi gii chng khon trn th trng chng khon TP HCM. i tng kho st : cc khch hng ( nh u t c nhn) tham gia giao dch trn th trng chng khon TP HCM.

3.2 Phm vi nghin cu

Nhm gii hn phm vi nghin cu theo nh mc tiu ra, ti tp trung xem xt, phn tch, nh gi cc yu t nm trong phm vi sau: Th trng chng khon c nghin cu l th trng chng khon TP HCM. Vic o lng cht lng dch v da trn dch v mi gii chng khon ca cc cng ty giao dch chng khon ti TP HCM. o lng cht lng dch v thng qua s tha mn ca khch hng. Khch hng trn th trng chng khon TP HCM trong phm vi nghin cu ca ti l cc nh u t c nhn.

IV. PHNG PHP NGHIN CU

Nhm gip cho ni dung nghin cu phong ph , st thc t, ngi vit kt hp nhiu phng php nghin cu nh: phng php quan st thc tin, phng php thu thp, c ti liu v tng hp. Ngoi ra xc nh cc thnh phn cht lng dch v ca cc CTCK ngi vit s dng phng php nghin cu nh lng vi tin trnh sau:

Th nht,s dng phng php nghin cu nh tnh phng vn cu hi (m) mt s bn b , ng nghip c tham gia giao dch trn th trng chng khon. Ni dung phng vn s c ghi nhn, tng hp v l c s khm ph cc yu t cht lng dch v cc CTCK. Th hai, thng qua bng cu hi (ng) chnh thc cc khch hng xy dng v kim nh thang o cht lng dch v cc CTCK, nh gi s tho mn ca khch hng i vi cc dch v ca CTCK.

V. NGHA THC TIN CA TI

- Kt qu ca ti gip cc nh qun l th trng chng khon ti TP HCM thy c hin trng v cht lng dch v ca cc nh cung cp dch v trn th trng chng khon TP HCM v l c s cc nh qun l ci tin dch v. - Gp phn cung cp thng tin v cc yu t o lng cht lng dch v m khch hng mong mun nhn c t cc cng ty chng khon trn th trng chng khon TP HCM. - V mt l lun v phng php , ti ng vai tr vai tr nh mt nghin cu khm ph lm tin cho cc nghin cu tip theo trong vic o lng v nh gi cht lng dch v trn th trng chng khon Vit Nam.

VI. KT CU CA TI
- Chng 1: C s l lun ca ti - Chng 2: nh gi cht lng dch v ca cc cng ty chng khon trn th trng chng khon TP HCM. - Chng 3: Cc gii php nng cao cht lng dch v cc CTCK

CHNG 1 C S L LUN CA TI

1.1 Dch v, cht lng dch v v s tho mn ca khch hng 1.1.1 Sn phm dch v [ 2 ]
Theo l thuyt marketing mt sn phm c th l hng ha vt cht (physical good) hoc dch v (service) hoc s kt hp c hai. Tuy nhin c th phn bit gia hng ha v dch v cn c vo bn im khc bit sau : (1) Mc hu hnh-v hnh (tangibility intangibility): Hng ha l mt hng hu hnh c th thy, ng chm cn c gi l sn phm vt cht, sn phm hu hnh. Dch v l mt hot ng, mt vic thc hin bi mt bn ny cho bn kia. Dch v khng vt cht nhng v hnh v rt kh xc nh chnh xc mua ci g. Theo quan im marketing c: dch v l mt chc nng sau khi bn hng; theo quan im mi : dch v bao gm cc mi quan h tng tc gia khch hng vi bt k ngi no trong doanh nghip. (2) Tnh cht sn xut ng thi ( simultaneous production) : hng ha thng c sn xut nh my, sau d tr kho hoc ca hng, ch i khch hng trc khi c bn. Dch v thng c bn trc v sn xut sau. Hn na, dch v cn c sn xut v tiu th cng mt lc.Ngi sn xut hng ha xa ngi tiu dng nhng ngi to ra dch v thng c mt cng vi khch hng.

(3) Tnh cht khng tn kho (Perishability): dch v khng th tn kho c nn kh cn i gia cung v cu dch v. (4) Tnh cht hay thay i (variability): cht lng v kt qu ca dch v khc nhau ty thi im ni, ch, ngi to ra dch v.

1.1.2 Cht lng dch v

T cc im khc bit gia sn phm v dch v m khi nim cht lng dch v tr nn rt phc tp. c im ni bt l khch hng ch c th nh gi c ton b cht lng ca nhng dch v sau khi mua v s dng chng. Do , ti liu xc nh cht lng dch v da theo: ch quan, thi , v kh nng nhn bit. Zeithaml (1987) gii thch: Cht lng dch v l s nh gi ca khch hng v tnh siu vit v s tuyt vi ni chung ca mt thc th. N l mt dng ca thi v cc h qu t mt s so snh gia nhng g c mong i v nhn thc v nhng th ta nhn c. [ 5 ] Lewis v Booms pht biu: Dch v l mt s o lng mc dch v c a n khch hng tng xng vi mong i ca khch hng tt n u. Vic to ra mt dch v cht lng ngha l p ng mong i ca khch hng mt cch ng nht.[ 5 ] Parasuraman. V.A Zeithaml v L.L Berry ( Parasuraman v ctg.; dn theo Nguyn nh Th v ctg.,2003) nh ngha cht lng dch v l khong cch mong i v sn phm dch v ca khch hng v nhn thc, cm nhn ca h khi s dng qua sn phm dch v
[ 6 ]

. Parasuraman (1991) gii

thch rng bit c s d on ca khch hng th tt nht l nhn dng v thu hiu nhng mong i ca h. Vic pht trin mt h thng xc nh c nhng mong i ca khch hng l cn thit. V ngay sau ta mi c mt chin lc cht lng cho dch v c hiu qu.y c th xem l mt khi

nim tng qut nht, bao hm y ngha ca dch v ng thi cng chnh xc nht khi xem xt cht lng dch v ng trn quan im khch hng, xem khch hng l trung tm. Mt s l thuyt khc nh Lehinen & Lehinen (1982) cho l cht lng dch v phi c nh gi trn hai kha cnh : (1) qu trnh cung cp dch v (2) kt qu ca dch v. Gronroos (1984) cng ngh hai lnh vc ca cht lng dch v , l (1) cht lng k thut v (2) cht lng chc nng. Cht lng k thut lin quan n nhng g c phc v v cht lng chc nng ni ln chng c phc v nh th no( Nguyn nh Th & ctg.,2003) [ 6 ].

1.1.3 S tha mn ca khch hng

C nhiu quan im khc nhau v s tha mn ca khch hng : - S tha mn ca khch hng l mt phn ng mang tnh cm xc ca khch hng, p li vi kinh nghim ca h vi mt sn phm hoc dch v ( Bachelet -1995:81, dn theo Nguyn nh Th &ctg.,2003) [ 6] - S tha mn ca khch hng li l mc ca trng thi cm gic ca mt ngi bt ngun t vic so snh kt qu thu c t mt sn phm vi nhng k vng ca ngi (Kotler 2001) - S tha mn ca khch hng l s phn ng ca ngi tiu dng i vi vic c lng s khc nhau gia nhng mong mun trc ( hoc nhng tiu chun cho s th hin) v s th hin thc s ca sn phm nh l mt s chp nhn sau khi dng n ( Tse v Wilton 1988, dn theo Bi Th Hong Phng, 2005) Nh vy c kh nhiu nh ngha v s tha mn ca khch hng cng nh kh nhiu tranh ci v n, chnh v vy vic nh ngha chnh xc s tha mn tr nn kh khn. Tuy nhin chng ta c th hiu s tha mn khch hng theo

nh ngha sau y l s phn ng ca ngi tiu dng i vi vic c p ng nhng mong mun (Oliver 1997,13). nh ngha ny c hm rng s tha mn chnh l s hi lng ca ngi tiu dng trong vic tiu dng sn phm hoc dch v do n p ng nhng mong mun ca h, bao gm c mc p ng trn mc mong mun, bng mc mong mun v cng c th l di mc mong mun. T cc nh ngha v s tha mn ca khch hng nu trn, chng ta c th suy ra rng : s tha mn ca khch hng i vi mt dch v l s phn ng ca khch hng i vi vic c dch v p ng nhng mong mun ca h. Ni khc i s tha mn khch hng l phn cht lng cm nhn v phng thc, mc sn phm tha mn cc c mun ca khch hng trong qu trnh tiu dng sn phm. Thc t s tho mn ca khch hng mang tnh quyt nh n thnh cng v tht bi ca mt t chc kinh doanh.

1.2 Quan h gia cht lng dch v v s tha mn ca khch hng

Thng cc nh kinh doanh dch v v nhng tc gi trong cc n phm ph bin c khuynh hng dng cm t s tha mn khch hng v cht lng dch v theo ngha c th thay th nhau nhng vi cc nh nghin cu th hai khi nim ny hon ton c th phn bit v o lng chng ( Zeithaml & Bitner, 2000,dn theo Nguyn nh Th & ctg.,2003) [ 6 ]. S tha mn ca khch hng l mt khi nim tng qut ni ln s hi lng ca h khi tiu dng mt dch v. Trong khi cht lng dch v ch tp trung vo cc thnh phn c th ca dch v ( Zeithaml & Bitner 2000,dn theo Nguyn nh Th & ctg.,2003) [ 6 ]. Cht lng dch v l khi nim khch quan, mang tnh lng gi v nhn thc, trong khi , s hi lng l s kt hp ca cc thnh phn ch quan, da vo cm gic v cm xc (Shemwell & ctg.,1998, dn theo Thongsamak,2001)

10

Mc tiu hng u ca cc Cng ty dch v l phi tha mn nhu cu ca khch hng nu mun c c li nhun. H s tip tc s dng dch v v s dng nhiu hn nu c tha mn nhu cu ( Bitner & Hubbert, 1994) [19]. Trong thc t c nhiu nh nghin cu thit lp mi quan h gia cht lng dch v v s tha mn khch hng nh : Cronin & Tayler 1992, Spreng & Mackoy 1996, Nguyn nh Th 2003Tuy nhin rt t cc nghin cu tp trung vo kim nghim mc gii thch ca cc thnh phn ca cht lng dch v i vi s tha mn ca khch hng.

1.3 M hnh l thuyt cht lng dch v [

6 ]

Parasuraman & ctg (dn theo Nguyn nh Th v ctg.,2003) nhng ngi tin phong trong nghin cu cht lng dch v mt cch c th v chi tit a ra m hnh 5 khong cch cht lng dch v : Khong cch [1] l sai bit gia k vng ca khch hng v cm nhn ca nh cung cp dch v v k vng . S din dch k vng ca khch hng khi khng hiu thu o cc c trng cht lng dch v , c trng khch hng to ra sai bit ny. Khong cch [2] c to ra khi nh cung cp gp kh khn , tr ngi khch quan ln ch quan khi chuyn cc k vng c cm nhn sang cc tiu ch cht lng c th v chuyn giao chng ng nh k vng. Cc tiu ch ny tr thnh cc thng tin tip th n khch hng. Khong cch [3] hnh thnh khi nhn vin chuyn giao dch v cho khch hng khng ng cc tiu ch nh. Vai tr nhn vin giao dch trc tip rt quan trng trong vic to ra cht lng dch v.

11

Dch v k vng Khong cch [5] Dch v cm nhn KHCH HNG Thng tin n khch hng NH TIP TH

Khong cch [1]

Khong cch [4] Dch v chuyn giao Khong cch [3]

Chuyn i cm nhn ca cng ty thnh tiu ch cht lng

Khong cch [2]

Nhn thc ca cng ty v k vng ca khch hng

Ngun: Nguyn nh Th 2003, Trch t Parasuraman & ctg.(1985:44)

Hnh 1.1: M HNH CHT LNG DCH V

Khong cch [4] l sai bit gia dch v chuyn giao v thng tin m khch hng nhn c. Thng tin ny c th lm tng k vng nhng c th lm gim cht lng dch v cm nhn khi khch hng khng nhn ng nhng g cam kt. Khong cch [5] hnh thnh t s khc bit gia cht lng cm nhn v cht lng k vng khi khch hng tiu th dch v. Parasuraman & ctg.(1985)(dn theo Nguyn nh Th & ctg.. 2003) cho rng cht lng dch

12

v chnh l khong cch th 5. Khong cch ny li ph thuc vo bn khong cch trc. Theo cc nh nghin cu ny , m hnh cht lng dch v c biu din bi hm s : CLDV = F { KC5 = f(KC1,KC2,KC3,KC4)} Trong : CLDV : cht lng dch v KC1,KC2,KC3,KC4,KC5 : khong cch th 1,2,3,4,5

1.4 Thang o SERVQUAL

Da trn nh ngha truyn thng v cht lng dch v, Parasuraman xy dng thang o SERVQUAL nh gi cht lng dch v gm 21 bin thuc 5 thnh phn o lng cht lng k vng v dch v cm nhn. l : (1) mc tin cy, (2) mc p ng, (3) nng lc phc v, (4) mc ng cm, (5) v phng tin hu hnh. M hnh o lng ny c gi l m hnh phi khng nh (disconfirmation model). Sau nhiu nghin cu kim nh cng nh ng dng , SERVQUAL c tha nhn nh mt thang o c gi tr l thuyt cng nh thc tin. Tuy vy, vn cn nhiu tranh lun, ph phn, t vn v thang o ny, nht l v tnh tng qut v hiu lc o lng cht lng. Mt iu na c th thy l th tc o lng SERVQUAL kh di dng. Do vy, xut hin mt bin th ca SERVQUAL l SERVPERF. M hnh SERVPERF c cu trc vng chc hn v hiu qu hn m hnh SERVQUAL (Crossley &Xu, 1996,p.4). Thang o ny c Cronin & Taylor (1992, dn theo Thongsamak, 2001) [ 19 ] gii thiu, xc nh cht lng dch v bng cch ch o lng cht lng dch

13

v cm nhn (thay v o c cht lng cm nhn ln k vng nh SERVQUAL). Hai ng cho rng cht lng dch v c phn nh tt nht bi cht lng cm nhn m khng cn c cht lng k vng. cng nh nh gi trng s ca 5 thnh phn. Lu rng do c xut x t thang o SERVQUAL, cc thnh phn v bin quan st ca thang o SERVPERF ny gi nh SERVQUAL. M hnh o lng ny c gi l m hnh cm nhn (perception model). C hai m hnh phi khng nh v m hnh cm nhn u c nhng nghin cu tip sau s dng. iu ng ni l kt qu ca cc nghin cu trn cho thy kh c th kt lun m hnh no l khng ng n hoc thm ch ng n hn.

1.5 M hnh nghin cu v cc gi thuyt

M hnh ca Parasuraman & ctg. trn m t khi qut v cht lng dch v. c th nh gi cht lng dch v c cm nhn bi khch hng mt cch c th, vo gia nhng nm 1980, Parasuraman, Zeithaml & Berry sau nhiu ln nghin cu v kim nh xy dng thang o Servqual mt thang o lng cht lng dch v a hng gm 5 thnh phn sau: M hnh s c dng kim nh cc nhm gi thuyt : Nhm gi thuyt v quan h gia cc thnh phn cht lng dch v vi mc tho mn ca khch hng:

14

Mc p ng RES

Nng lc phc v ASS

Mc tin cy REL

S tha mn ca khch hng SAT

Mc ng cm EMP

Cng ngh thng tin TAN

Hnh 1.2 : M HNH NGHIN CU H1: Phng tin hu hnh quan h dng vi s hi lng ca khch hng ngha l phng tin hu hnh ca dch v c khch hng nh gi cao th mc hi lng ca khch hng cng ln v ngc li. H2: Tin cy quan h dng vi s hi lng H3: p ng quan h dng vi s hi lng H4: Nng lc phc v quan h dng vi s hi lng H5: Cm thng quan h dng vi s hi lng.

15

1.6 Mt s l thuyt v th trng chng khon 1.6.1 Khi nim v th trng chng khon [
3 ]

L Vn T v cng s (2005, 139) c ni rng Th trng chng khon l ni giao dch chng khon. Ngha l u c giao dch mua bn chng khon th l hot ng ca th trng chng khon. Tuy nhin, c th l th trng chng khon c t chc hoc khng c t chc, tp trung hay khng tp trung. Th trng tp trung l cc S giao dch chng khon hay Trung tm giao dch chng khan. Ti S giao dch chng khon, cc giao dch c tp trung ti mt a im; cc lnh c chuyn ti sn giao dch v tham gia vo qu trnh ghp lnh hnh thnh nn gi giao dch. Th trng chng khon phi tp trung cn gi l th trng OTC (over the counter). Trn th trng OTC, cc giao dch c tin hnh qua mng li cc cng ty chng khon phn tn trn khp quc gia v c ni vi nhau bng mng in t. Gi trn th trng ny c hnh thnh theo phng thc tha thun (Ngun: Cng ty chng khon ngn hng ngoi thng). Th trng chng khon TP.HCM l th trng tp trung, cc lnh giao dch c khp ti S giao dch chng khon.

1.6.2 Thnh phn tham gia th trng chng khon [ 3 ]

Theo L Vn T v cng s (2005) thnh phn tham gia th trng chng khon c 6 thnh phn nh sau: Cc doanh nghip, cc nh u t ring l, cc t chc ti chnh, nh mi gii kinh doanh chng khon, ngi t chc th trng v Nh nc. Cc doanh nghip: tham gia th trng vi t cch l ch th to ra hng ha cung cp cho th trng. Cc doanh nghip ny cng c th c gi l cc cng ty nim yt hay nh pht hnh theo cch gi thng thng. Ngoi chc

16

nng chnh to ra hng ha (c phiu) huy ng vn, cc doanh nghip cng c th mua i bn li cc chng khon do cc cng ty khc pht hnh. Nh u t ring l v cc t chc ti chnh: hai thnh phn ny ta c th gi chung l nh u t. Trong nh u t ring l l nhng ngi c vn nh nhn ri tm thi, tham gia mua bn trn th trng chng khon vi mc ch kim li. Cc t chc ti chnh bao gm cng ty u t qun l qu, cng ty bo him, cng ty ti chnh, ngn hng, cc cng ty chng khontham gia th trng c t cch ngi mua v ngi bn. Thng thng cc t chc ti chnh c thi gian u t v khi lng giao dch trn th trng di v ln hn nh u t ring l. Tuy nhin, s lng cc t chc trn th trng th rt t so vi s lng nh u t ring l. Nh mi gii kinh doanh chng khon: c th l t chc hoc c nhn. a phn cc hot ng mi gii hin nay l nhng cng ty chng khon. Ngoi nghip v mi gii cc cng ty ny c th thc hin nhiu chc nng khc nh t doanh, qun l qu u t, bo lnh pht hnh, t vn u t chng khon Ngi t chc th trng: chim vai tr ch yu ca ngi t chc th trng l cc Trung tm giao dch chng khon hay S giao dch chng khon. Cc Trung tm, S ny cung cp a im v phng tin thc hin vic mua bn chng khon cho cc ch th tham gia giao dch, iu hnh th trng cc giao dch din ra cng bng v minh bch. Ngoi cc Trung tm v S giao dch, Trung tm lu k, cng ty dch v my tnh chng khon,... cng c chc nng khng km phn quan trng lm cho th trng hot ng hiu qu. Nh nc : gp phn m bo cho th trng hot ng theo ng cc qui nh ca php lut nhm bo v li ch hp php ca ngi u t, m bo th trng hot ng bn vng v hiu qu. Ngoi ra Nh nc cng c th tham gia th trng vi t cch l nh pht hnh. l thng qua Chnh ph hoc cc chnh quyn a phng pht hnh cc tri phiu nhm huy ng vn trn

17

th trng chng khon vay n hoc ti tr cc d n cng. Nh nc cng c th bn hoc mua cc chng khon ca cc doanh nghip nhm kim sot quyn chi phi cc doanh nghip theo mc ch.

1.6.3 Cng ty chng khon [ 14 ]

Cc cng ty mi gii chng khon hin nay trn th gii c chia thnh hai nhm chnh: full-service brokerage firms (tm dch l cng ty tng hp) v discount firms (cng ty chuyn doanh). Cng ty chuyn doanh cung cp hai loi dch v duy nht l : thc hin lnh v thanh ton. Trong khi cc cng ty tng hp ngoi vic cung cp hai dch v k trn cn cung cp cc dch v khc nh : pht hnh cc bn nghin cu tnh hnh u t, cung cp dch v qun l ti sn, t vn u t, gip lp cc d ton ti chnh, t vn cc bin php gim hoc trnh thu cho khch hng. Cc cng ty tng hp ny c chia thnh nhiu loi nh sau: Wire house: l cc cng ty cung cp rt nhiu loi hnh cng c u t cho khch hng v i tng ch yu ca cc cng ty ny l nhng nh u t c nhn. Mc d vy h cng phc v cc nh u t t chc v tin hnh mua bn c phiu cho chnh mnh. Merrill Lynch, Dean Witter Reynolds, Shearson/Hutton, Prudential Bache, Smith Barney l nhng cng ty thuc loi ny. Specialized firms: l nhng cng ty ch chuyn cung cp dch v lin quan n mt hoc mt s rt t cc cng c u t. Lebenthal & Co. l mt cng ty rt ni ting chuyn cung cp cc dch v lin quan n tri phiu th Carriage trade houses: y l t chuyn dng ch cc cng ty ng ti thnh ph New York (New York-based firms). Khch hng ca cc cng ty ny u c la chn k cng v u l khch sp. Mun m ti khon ti y, nh u t nht thit phi c s gii thiu ca cc khch hng hin ti .

18

Dch v do cc cng ty ny cung cp u c c nhn ha cao ph hp vi tng khch hng. Cc tn tui ln nh Morgan Stanley, Donaldson Lufkin , Bear Stearns u thuc dng ny. Boutique firms: y l t dng ch cc cng ty va c c im ca mt carriage trade firm va c c im ca mt wire house. Dch v do cc cng ty ny cung cp cng mang tnh cht c nhn ha nh cc carriage trade houses. i tng ca cc cng ty ny l nhng nh u t c thu nhp trung bnh. Mi m hnh cng ty chng khon u c nhng u nhc im ring. Hiu qu t c ch cc nh u t vn dng cc m hnh ny nh th no vo tnh hnh thc t ca ca cng ty mnh . C l ti th trng chng khon Vit Nam hu ht cc cng ty chng khon u l nhng cng ty chuyn doanh. Mt s cng ty c th xem l m hnh cng ty tng hp nh : cng ty chng khon Si Gn ( SSI), cng ty chng khon Hi Phng (HPC), cng ty chng khon Bo Vit, cng ty chng khon Vietcombank 1.6.4 Mi gii chng khon Mi gii chng khon (MGCK) l ngi i din, bo v quyn li cho khch hng, c th l t chc, cng ty hay c nhn, thng qua vic t vn, thc hin cc giao dch. V vy, cng vic ca ngi MGCK bao gm thu thp v thm nh thng tin v th trng c phiu trong hoc ngoi nc, chng khon v tri phiu chnh ph; trn c s a ra li khuyn thch hp cho khch hng... Hiu mt cch n gin rng mi gii chng khon l vic cng ty chng khon lm trung gian thc hin mua bn chng khon cho khch hng. Theo ngha rng, hot ng mi gii trong lnh vc chng khon bao gm mt s hot ng nh tip th, t vn u t chng khon, k kt hp ng cung cp

19

dch v cho khch hng, m ti khon chng khon cho khch hng, nhn cc lnh mua bn ca khch hng, thanh v quyt ton cc giao dch, cung cp cc giy chng nhn chng khon. Theo ngha hp, mi gii chng khon l hot ng kinh doanh chng khon trong CTCK ng ra lm i din cho khch hng tin hnh giao dch thng qua c ch giao dch trn SGDCK, hoc th trng OTC m chnh khch hng s phi chu trch nhim i vi kt qu giao dch . Ngi mi gii ch thc hin giao dch theo lnh ca khch hng hng ph dch v, h khng phi chu ri ro t hot ng giao dch . Nghip v mi gii cn c hiu l lm i din c y quyn thay mt khch hng mua bn mt hoc mt s loi chng khon. Tuy nhin, hot ng mi gii chng khon ti Vit Nam l ngnh ngh kinh doanh c iu kin c qun l cht ch. Cc t chc, c nhn mun hot ng mi gii chng khon th phi thnh lp cng ty chng khon v phi c y ban chng khon nh nc cp php. iu kin vn ti thiu i vi cng ty c hot ng mi gii chng khon l 10 t ng. Ty theo qui nh ca mi nc, cch thc hot ng ca tng S giao dch chng khon m ngi ta c th phn chia thnh nhiu loi nh mi gii khc nhau nh sau : Mi gii dch v ( Full Service Broker) : L loi mi gii c th cung cp y dch v nh mua bn chng khon, gi h c phiu, thu c tc, cho khch hng vay tin, cho vay c phiu bn trc, mua sau v nht l c th cung cp ti liu, cho kin c vn trong vic u t . Mi gii chit khu ( Discount Broker) : L loi mi gii ch cung cp mt s dch v nh mua bn h chng khon. i vi mi gii loi ny th

20

khon ph v hoa hng nh hn mi gii ton dch v v khng c t vn, nghin cu th trng. Mi gii y nhim hay mi gii tha hnh y l nhng nhn vin ca mt cng ty chng khon thnh vin ca mt S giao dch, lm vic hng lng ca mt cng ty chng khon v c b tr thc hin cc lnh mua bn cho cc cng ty chng khon hay cho khch hng ca cng ty trn sn giao dch. V th h c tn chung l mi gii trn sn (Floor Broker). Cc lnh mua bn c chuyn n cho cc nh mi gii tha hnh ny c th t vn phng cng ty, cng c th t cc mi gii i din (Registered Representative). Mi gii c lp Mi gii c lp (Independent Broker) chnh l cc mi gii lm vic cho chnh h v hng hoa hng hay th lao theo dch v. H l mt thnh vin t b tin ra thu ch ti S giao dch (sn giao dch) ging nh cc cng ty chng khon thnh vin. H chuyn thc thi cc lnh cho cc cng ty thnh vin khc ca S giao dch. S d c iu ny l ti cc S giao dch nhn nhp, lng lnh phi gii quyt cho khch hng ca cc cng ty chng khon i khi rt nhiu, cc nhn vin mi gii ca cc cng ty ny khng th lm xu hoc v mt l do no vng mt. Lc cc cng ty chng khon s hp ng vi cc nh mi gii c lp thc hin lnh cho khch hng ca mnh v tr cho ngi mi gii ny mt khon tin nht nh. Mi gii c lp cng c gi l mi gii trn sn (floor broker), h ng vai tr khng khc g mt mi gii tha hnh, ch khc l h c t cch c lp tc h khng i din cho bt k mt cng ty chng khon no c.

21

Nh mi gii chuyn mn Cc S giao dch chng khon thng qui nh mi loi chng khon ch c php giao dch ti mt im nht nh gi l quy giao dch (Post), cc quy ny c b tr lin tip quanh sn giao dch (floor). Trong quy giao dch c mt s nh mi gii c gi l nh mi gii chuyn mn hay chuyn gia. Cc chuyn gia ny ch giao dch mt s loi chng khon nht nh. Nh mi gii chuyn mn thc hin 2 chc nng ch yu l thc hin cc lnh giao dch v lnh th trng. Ti Vit Nam cc cng ty chng khon u ng k thc hin nghip v ny v l nghip v quan trng nht trong giai on hin nay. thu ht ngi u t, cc cng ty chng khon u t kh tt c s vt cht cho hot ng mi gii nh xy dng h thng sn giao dch rng ri vi y cc thit b cng b thng tin nh bng giao dch in t, bng cng b thng tin, xy dng website gip ngi u t tip cn thng tin mi lc mi ni. Ngoi ra, cc cng ty chng khon thc hin mt s chnh sch nhm thu ht ngi u t n vi cng ty nh p dng chnh sch thu ph linh hot theo hng khuyn khch giao dch (gim ph mi gii cho khch hng c gi tr giao dch ln theo tng lnh hoc theo cng dn nh k theo khong thi gian ), kt hp vi cc ngn hng thng mi cung cp thm mt s dch v ph tr cho khch hng (cm c chng khon, ng trc tin bn chng khon). Nh , s lng ngi u t n m ti khon giao dch ti cc cng ty chng khon v gi tr giao dch chng khon trong thi gian qua khng ngng tng ln. C th ni, y l nghip v c cc cng ty chng khon thc hin tt nht trong giai on u khi th trng i vo hot ng, cc cng ty chng khon th hin c vai tr trung gian trn TTCK, kt ni gia ngi u t c vn vi cc doanh nghip c nhu cu huy ng vn cho u t pht trin.

22

CHNG 2 NH GI CHT LNG DCH V CC CNG TY CHNG KHON TRN TTCK TP HCM

2.1. S lc v th trng chng khon Tp HCM

Th trng chng khon Vit Nam bt u hot ng k t nm 2000, khi th trng ch c giao dch ti Trung tm giao dch chng khon Tp.HCM, biu th ca th trng l ch s giao dch VNIndex. Khi Trung tm m ca giao dch phin u tin th ch c 2 c phiu REE v SAM c nim yt, mi cho n cui nm 2005 cng ch c 41 cng ty nim yt. V cho n thng 12/2008 theo thng k ca U Ban Chng Khon Nh Nc ton th trng c 174 m c phiu nim yt trn th trng chng khon Tp HCM v 168 m c phiu nim yt trn th trng chng khon H Ni. Tri qua hn 8 nm hnh thnh v pht trin, nhn chung th trng c nhng ng gp rt tch cc. i vi Chnh ph, tnh n ngy 18/02/2008 ch ring trn th trng chng khon TP.HCM c hn 55.85 nghn t ng tri phiu c nim yt, trong hu ht u l tri phiu ca cc ngn hng thng mi nh nc v kho bc trung ng (S giao dch chng khon TP.HCM). Bn cnh Chnh ph cng thu v hng chc ngn t ng t vic c phn ha cc doanh nghip nh nc. C th ni th trng chng khon hin ti tuy khng ln, nhng cng pht huy c vai tr l knh huy ng vn tch cc ca Chnh ph. Ngoi ra, vic hnh thnh th trng chng khon cng lm cn cn li sut trn th trng tn dng iu chnh ngy cng ph hp hn vi tnh hnh pht trin kinh t t nc. Bn cnh nhng thun li gip cho th trng c nhng ng gp to ln nh nh hng pht trin th trng chng khon ca Chnh ph n nm

23

2020, tc pht trin kinh t lun duy tr mc cao, gia nhp cc t chc kinh t ln trong khu vc v trn th gii th hin nay th trng vn cn nhiu kh khn cha c khc phc v nhng thch thc ln c kh nng gp phi trong thi gian ti. Nhng kh khn ln trong thi gian gn y phn no lm cho th trng chm pht trin v cha pht huy c ht vai tr thc th l nhng vn nh h thng lut php cha bao qut, chnh sch iu hnh cn mang tnh mnh lnh hnh chnh, cht lng ca ngi iu hnh v tham gia th trng cn yu, mc thng tin minh bch cha cao th hin qua c s d liu hin nay cn thiu, b che du v chnh xc cha cao, c s h tng phc v cho hot ng ca th trng cn hn ch, t lm cho th trng chng khon Vit Nam trong thi gian qua bin ng kh ln. C th nh t nm 2000 n 2008, xu hng bin ng ca th trng chng khon Tp HCM, biu hin qua ch s VNIndex, tng gim an xen vo nhau: c giai on th trng ch c tng ( t 28/07/2000 n 25/06/2001), xut pht t ch s 100 im, cha y mt nm giao dch ch s VNIndex tng gn 6 ln, t mc nh im l 571 im vo ngy 26/05/2001 u t vo chng khon lc ny c sut sinh li cao nht.
Ch s VNIndex v Lnh giao dch
i m/S lng

[4]

. Tnh trung bnh

mi phin giao dch, ch s VNIndex tng khong 1.3%. y c th ni tin

600,0 500,0 400,0 300,0 200,0 100,0 1 20 39 58 77 96 115 134

VNIndex Lnh giao dch

Phin giao dch

Hnh 2.1: VNIndex v Lnh giao dch t 28/07/2000 - 25/06/2001

24

Giai on II th trng lin tc gim ( t 25/06/2001 n 23/10/2003), ch s VNIndex lin tc i xung v im y l 131 im vo ngy 24/10/2003. Nh vy, ch sau hn 2 nm giai on tng trng cao, th trng gn nh quay v im xut pht, c tnh mi phin giao dch, ch s VNIndex mt khong 0.29%.
Ch s VNIndex v Lnh giao dch
im/S lng

800,0 600,0 400,0 200,0 138 185 233 280 327 375 422 469 516 563 610
Phin giao dch VNIndex Lnh giao dch

Hnh 2.2: VNIndex v Lnh giao dch t 25/06/2001 - 23/10/2003 Giai on III (t 23/10/2003 n 25/04/2006) th trng th ngc li tng lin tc, VNIndex t ct mc cao nht giai on ny l 633 im, nh vy sau hn 4 nm bin ng ch s VNIndex li tin dn n mc cc i ca giai on mt. Tuy nhin, s lng giao dch trung bnh gp khong 7 ln, khi lng gp khong 14 ln, gi tr khp lnh gp khong 10 ln v t gi tr cao nht ca giai on ny l 492 t [4]
Ch s VNIndex v Lnh giao dch
im/S lng

4.000,0 3.000,0 2.000,0 1.000,0 63 5 75 4 86 3 97 2 11 09 11 12 10 25

Phin giao dch
VNIndex Lnh giao dch

Hnh 2.3: VNIndex v Lnh giao dch t 23/10/2003 - 25/04/2006

25

Giai on IV gim lin tc ( t 25/04/2006 n 13/03/2007). y c th coi l giai on th trng chng khon si ng nht, mc d giai on t 26/04/2006-02/08/2006 th trng gim i hn 200 im, nhng k t sau trong vng hn 5 thng th trng tng gn 800 im. S lng, khi lng v gi tr giao dch ti giai on ny u tng gp 2-3 ln so vi giai on III. Gi tr vn ha ca giai on ny khong 19 t USD chim khong 30% GDP ca c nc .
Ch s VNIndex v Lnh giao dch
im/S lng VNIndex Lnh giao dch (10)

2.000,0 1.500,0 1.000,0 500,0 17 27 11 34 15 30 18 38 12 44 16 43 19 49

Phin giao dch

Hnh 2.4: VNIndex v Lnh giao dch t 25/04/2006 - 13/03/2007 V giai on V ( t 13/03/2007 n 31/12/2008) tro lu gim chim u th. Tnh trung bnh th trong hai nm hoc th trng gim lin tc hoc th trng tng lin tc. Th trng khng c chu k ngn hn (vi thng) l tng hoc gim. Nh vy c th nhn nhn rng: th trng chng khon pht trin khng n nh v c nhiu bin ng.
Ch s VNIndex v Lnh giao dch
im/S lng

2.000,0 1.500,0 1.000,0 500,0 1503 1520 1537 1554 1573 1590 1607 1624

VNIndex Lnh giao dch (10)

Phin giao dch

Hnh 2.5: VNIndex v Lnh giao dch t 13/03/2007 n 31/12/2008

26

Qua cc giai on s pht trin nhanh ca th trng chng khon Vit Nam ni chung v TP.HCM ni ring, u tm n nhng yu t cha bn vng, l (1) s dao ng ca cc ch s VNIndex, khi lng giao dch v c gi tr giao dch l rt ln, (2) cung v cu cha hp l, c lc th cung rt ln lm cho cu khng th tiu th ht, lc th cung hn hp lm cho thiu cu, (3) cn qu nhiu hot ng cha minh bch, giao dch ni gin, giao dch khng cng b, thng tin xu khng cng b vv. S bin ng ln (tng mt mch hoc gim mt mch trong vng hai nm) trong tng giai on trn c nhiu nguyn nhn, nhng nhn chung yu t tm l by n vn l nguyn do chnh. V cc ch s kinh t v m, vi m v tnh hnh sn xut ca cc doanh nghip u khng c nhng thay i c bit no (tc tng GDP trung bnh t 2001-2005 l 7%, tc lm pht duy tr mt con s..) nhng gi chng khon li khng phn nh ng vi din bin tnh hnh sn xut kinh doanh ca doanh nghip ni ring v tnh hnh pht trin kinh t t nc ni chung. Cuc khng hong ti chnh ton cu bt u c tc ng ti th trng chng khon Vit Nam t u thng 9/2008. Ch trong ba thng ri, n xa i mi thnh qu phc hi ca th trng trong giai on hai thng ri trc , a th trng v vch xut pht hi gia nm 2008. Nu nh hai nm 20062007, th trng chng khon Vit Nam pht trin bong bng vi tc nht nh th gii th sang nm 2008 cng ng u v tc suy gim. V kt qu l n ngy 31/12/2008, ch s VNIndex t 315.62 im, vn ho th trng ch cn 13 t USD, chim 17% GDP ca c nc. Vn-Index mt gn 70% gi tr. Gi tr vn ha th trng ca nhng c phiu hng u cng st gim mnh. So vi cui nm 2007, u tu VNM gim t 29.400 t ng cn hn 14.500

27

t ng, STB t 28.700 t ng cn hn 9.400 t ng, DPM t 27.500 t ng cn hn 13.000 t ng Trn sn nim yt ch cn li 5 c phiu c vn ha th trng t trn 10.000 t ng (nm 2007 l 12 c phiu), gm VNM, DPM, ACB, HAG v PVD; trong HAG va nim yt cui nm 2008.

2.2 Tnh hnh hot ng ca cc cng ty chng khon trn th trng chng khon TP HCM
Khi quy m th trng c s tng trng mnh m hn so vi cc nm trc , gi tr vn ha th trng nm t trn 43% GDP (xem bng 2.1), cng l lc bng n cc t chc ti chnh trung gian tham gia mnh m vo TTCK. Nu nh ti thi im nm 2001, khi TTCK Vit Nam mi i vo hot ng vi ch 8 cng ty chng khon. Tnh n ht thng 12/2008, s lng cng ty chng khon l 102 cng ty, trong c 24 cng ty c cp php trong nm 2008. Bng 2.1 v Biu : So snh gi tr tuyt i theo cc nm gia GTVHTT,CTNY,CTCK Nm Gi tr vn ha th trng/GDP (%) S lng Cng ty nim yt S lng Cng ty chng khon 2001 2004 2005 2006 2007 2008

1,00 3,80 6,10 22,40 43,00 17,00

5 8

15 13

41 14

193 55

249 280 74 102

28

(Theo Tp ch Chng Khon) Nm 2007, tng trng gi tr giao dch cao hn tng trng s lng cng ty chng khon, bi vy gi tr giao dch / 1 cng ty chng khon tng cao hn, gip cc cng ty chng khon c li hn trong mi gii giao dch. Nm 2008, tng trng gi tr giao dch khng theo kp vi tng trng s lng cc cng ty chng khon, bi vy gi tr giao dch trung bnh / 1 cng ty chng khon ang c xu th gim. Nhn vo bng trn ta thy : Giai on 2001-2005 l giai on cc t chc ti chnh cha c kinh nghim v hiu bit v chng khon v th trng chng khon nn s lng CTCK trn TTCK rt hn ch , n nm 2005 ton TTCK mi ch c 13 CTCK qun l trn 29.000 ti khon ca nh u t trn th trng. Giai on 2005-2006 chng kin s tng trng t bin ca th trng vi s lng cc CTCK tng gp 3 ln so vi nm trc. Gi tr vn ho ca th trng tnh n ht nm 2006 tng hn ln so vi nm 2001, tng gn 3 ln so vi nm 2005. S lng cc cng ty nim yt cng tng gn 4 ln so vi nm 2006 v cc ch tiu tng trng tt. TTCK thu ht c s quan tm ca ng o cng chng u t v cc thnh phn kinh t . Gi c phiu trn th trng lin tc tng trong mt giai on di. Nhiu t chc nhanh chng gia nhp th trng v mong mun c hng mt phn ca chic bnh li nhun t TTCK. Do vy, nhu cu thnh lp CTCK tng mnh l iu d hiu.

29

Giai on 2006-2008 l giai on th trng bin ng n nh hn trc khi xy ra nhng din bin phc tp v kinh t , ti chnh ton cu cui nm 2007 u 2008 khi th trng suy gim lin tc.Trong giai on ny , s lng cc CTCK tng mc cao hn so vi mc tng ca gi tr vn ho th trng/ GDP v s lng cng ty nim yt. Vic phn tch mt cch tng i n gin cc con s nh trn cho thy, s gia tng ca s lng cc CTCK trong thi gian va qua c xu hng ph hp vi xu hng gia tng ca quy m v hng ha trn th trng. Gi tr th trng tng mnh, s lng hng ha ln i hi mt lc lng trung gian th trng mnh c tim lc ti chnh, cng ngh, chuyn mn tt. Mt khc, khi th trng pht trin trong giai on nng, s lng CTCK d tng nhanh vn cha th p ng c i hi giao dch ca nh u t, cng nh nhu cu v t vn c phn ha (CPH), t vn nim yt. Nm 2001 ch c 8.700 ti khon nh u t, nm 2006 tng ln 72.700 ti khon, nm 2007 l 303.980 ti khon v n u nm 2008 l 383.980 ti khon
[15]

. C th thy s qu ti

ca cc CTCK trong giai on 2006-2007 trong vic thc hin cc nghip v mi gii, t vn nim yt. Mt khc, s lng CTCK tuy tng nhng v c bn, s lng chi nhnh vn hn ch (tnh n cui 2007 ch c 45 chi nhnh/78 CTCK). So snh vi cc nc, v d ti Nht Bn hay Hn Quc, cc CTCK thng c chi nhnh, i l nhn lnh ti hu khp cc a phng trong c nc. Tt nhin, l nhng nc c lch s th trng lu di v vn ha u t pht trin. Ni nh vy l thy c phm vi hot ng xt v a bn ca cc CTCK ti Vit Nam hin nay l tng i hn ch, ch yu ch tp trung ti hai thnh ph ln l H Ni v Tp. H Ch Minh. So vi nhu cu giao dch ca nh u t, nhu cu t vn CPH, nim yt v tim nng pht trin ca th trng, thit ngh vi s lng CTCK nh hin nay cha phi l nhiu, nht l trong iu kin th trng pht trin mnh, khng b st gim nh nhng nm 2006 -2007.

30

Cc dch v ca cng ty chng khon trn th trng chng khon Tp HCM bao gm : mi gii chng khon, phn tch v t vn u t, hot ng bo lnh pht hnh, i l pht hnh, hot ng t vn V hot ng mi gii Tnh n ht ngy 31/12/2008, s ti khon giao dch chng khon ti cc cng ty chng khon t khong 400.000 ti khon (tng 144.815 ti khon, tng ng 156% so vi thi im ngy 30/06/2007).[ 11] Nhng cng ty chng khon c doanh s mi gii giao dch ln a s l nhng cng ty c nhiu nm hot ng, c nhiu nh u t m ti khon . n thi im thng 11 nm 2008, thng k mi nht 10 cng ty chng khon dn u nh SSI,VCBS,ACBS,BCVS,SBC chim 57% th phn khch hng, 43% cn li l ca khong 90 cng ty chng khon quy m va v nh. Vi cc cng ty chng khon, khon thu nhp u tin m ai cng thy l ph giao dch ca khch hng. Theo bo co ca CTCK Ngn hng Sacombank, tnh ly k 10 thng u nm 2008, th phn mi gii (khng tnh giao dch t doanh) c phiu v chng ch qu cao nht thuc v CTCK Si Gn - SSI (14,5%), sau l CTCK Bo Vit - BVSC (7,9%), CTCK Ngn hng Chu - ACBS (6,1%); CTCK Ngn hng Ngoi thng -VCBS 5,7%, CTCK Thng Long - TSC (4,8%); CTCK Ngn hng Sacombank - SBS (4,7%) v CTCK TP. HCM - HSC chim 4,4% th phn...[ 11] Thng k tng hp, Top 10 CTCK ln nht chim 57% tng th phn mi gii giao dch chng ch qu v c phiu. Nh vy, th phn ca 88 CTCK ang hot ng cn li ch chim 43%, cho thy sc cnh tranh ngy cng khc lit i vi cc CTCK mi.

31

Tuy nhin, hot ng mi gii v t vn nhiu cng ty chng khon vn cha c thc hin ng chc nng m ch yu vn l cc thao tc nhp lnh th cng hoc cng lm l nhng thng tin nhn xt lp lng khin cho nhiu nh u t khng bit ng no m ln. V hot ng t doanh thc hin nghip v ny thnh cng, ngoi i ng nhn vin phn tch th trng c nghip v gii v nhanh nhy vi nhng bin ng ca th trng, CTCK cn phi c mt ch phn cp qun l v a ra nhng quyt nh u t hp l, trong vic xy dng ch phn cp qun l v ra quyt nh u t... l mt trong nhng vn then cht, quyt nh s sng cn ca CTCK. Nm 2008 l nm kh khn chung ca nn kinh t, i vi cc cng ty chng khon th cng kh khn hn. Nh cng ty Chng khon Kim Long khng nm ngoi lung , kt qu kinh doanh l, n nay d kin l trn 300 t ng - khon l t hot ng kinh doanh ln nht l t doanh.T nhiu nm qua, ni bt trong khi cc CTCK l SSI CTCK Si Gn. Nm 2008, SSI vn ghi nhn mc li 300 t ng, d ch t 60% k hoch ra
[ 12 ]

. Tuy nhin

khon li ny c c cng l nh vo vic mua bn tri phiu, ch khng phi li nhun t mua bn c phiu trn th trng chng khon. Khon thu t doanh lm cho li nhun ca cc cng ty chng khon tng t bin. Tuy nhin, trn thc t phn thu quan trng ny kh c m bo chc chn. i cng vi s suy gim ca th trng, nm 2008, hot ng ca cc cng ty chng khon v qu u t ri vo kh khn v nhiu trng hp l ln. Nguyn nhn l phn ln l do hot ng t doanh ca cc cng ty khi th trng suy gim lin tc. Theo ngun tin t chnh cc CTCK, nhiu cng ty t doanh cn ang m khi lng c phiu khng l vi th gi ch bng 40-

32

50% so vi gi mua trc y nhng v cha bn ra nn cha hch ton l li. Hot ng bo lnh pht hnh, i l pht hnh Hot ng bo lnh pht hnh ca cc cng ty chng khon vn tp trung ch yu l bo lnh pht hnh cc loi tri phiu nh tri phiu chnh ph cho Kho bc Nh nc, tri phiu ngn hng, tri phiu th.Theo s liu su thng u nm 2007 [ 11] Bng 2.2 Thng k hot ng bo lnh ca CTCK

Khi lng bo lnh BVSC ACBS Thng Long 5.314 880.000 108.758

Gi bo lnh (ng) 33.500 67.000 451.000

VCSH ca CtyCK (t ng)

Hnh thc bo lnh

S hp ng bo lnh 1 1 2

Gi tr bo lnh (triu ng) 178 58.960 49.050

150 Chc chn 250Chc chn 120 Chc chn

(Theo Tp ch Chng Khon) Nh vy, cc cng ty chng khon thc hin 4 hp ng bo lnh pht hnh vi hnh thc bo lnh cam kt chc chn. Cc hp ng bo lnh ni trn thc hin theo ng quy nh hin hnh do gi tr chng khon c bo lnh khng vt qu 50% vn iu l ca cng ty chng khon. Tuy nhin, s liu trn cng cho thy, trong thi gian gn y, c rt t cng ty chng khon thc hin vic bo lnh pht hnh v cc cng ty cha ch trng u t tm kim khch hng, o to nhn s, xy dng quy trnh chun trin khai nghip v ny.

33

Hot ng t vn - T vn u t chng khon Mng hot ng ny nhn chung bt u tin trin vi s hp ng t vn u t chng khon ca cc cng ty t 55 hp ng ( ti thi im ngy 1/1/2007 ch c 6 hp ng t vn u t). iu ny cho thy trong s pht trin cc CTCK ang dn chuyn sang hng quan tm, ch trng hn n hot ng chm sc khch hng. Tuy nhin, so vi gn 400.000 ti khon chng khon ti cc CTCK hin nay, s h ng trn l khng ng k v tim nng cc CTCK pht trin mng hot ng ny rt ln. - T vn nim yt Tng s hp ng t vn nim yt ti thi im ngy 30/06/2007 ca cc cng ty chng khon l 100 hp ng, trong c 9 hp ng c k trong thng 6/2007 (so vi 67 hp ng ti thi im 1/1/2007) [ 11]. Nh vy, hot ng t vn nim yt c nhng du hiu kh quan hn so vi thi im u nm. Nhng cng ty chng khon ang thc hin nhiu hp ng t vn nim yt l cng ty chng khon Si Gn (30 hp ng), cng ty chng khon Ngn hng ACB (14 hp ng), cng ty chng khon Ngn hng ng Nam . - T vn khc Tng s hp ng t vn khc ti ngy 30/6/2007 l 305 hp ng, trong c 77 hp ng c k, 42 hp ng c thanh l trong thng 6/2007. Cc hp ng ny ch yu l hp ng t vn c phn ha v bn u gi c phn. Cc cng ty c nhiu hp ng ti thi im ny l SSI (42 hp ng), ACBS (35 hp ng), IBS (32 hp ng)[ 11 ]. Nhn chung, hot ng t vn c nhng pht trin ng k so vi thi gian u nm, cc cng ty chng khon ch trng hn n nghip v t vn. Khng ch nhng cng ty hot ng lu nm m nhng cng ty c cp php trong nm 2006 cng trin khai hot ng ny kh tt.

34

Nu nh nm 2007, cc cng ty chng khon ln trn th trng Vit Nam u t c li nhun ln nh: Li nhun sau thu ca SSI cn ch 864 t, ACBS l 332 t, BVSC 214 t, KLS 126 t Bc sang nm 2008, s st gim ca th trng khin nhng kh khn ca cng ty chng khon bc l. Bo co kt qu hot ng sn xut kinh doanh 9 thng u nm 2008 ca cc cng ty chng khon cho thy, trong s nhng cng ty t li ln va k trn th ch c SSI hon thnh 49,36% k hoch nm vi li nhun sau thu t hn 230 t ng, cn KLS ch t hn 3,6 t ng, BVSC l khong 300 t ng v HPC l 85 t ng. Trn thc t, hin nay vi s lng trn 120 cng ty chng khon c cp php v i vo hot ng nhng phi chia nhau mt th trng qu nh ch vi trn di 400.000 khch hng (l cc nh u t, t chc v c nhn, trong khi cc cng ty chng khon ln v hot ng lu nm nh SSI, VCBS, ACBS, BCVS, SBS... thu tm khong 85% lng khch hng, nhng cng ty chng khon mi v quy m vn nh phi cht vt chia nhau 15% th phn cn li (cha k s cng ty mi ang np h s ch cp php ti UBCK). Nhiu cng ty chng khon phi b ra hng chc t ng mua sm trang thit b, thu mt bng... nhng thc t hot ng trong thi gian gn y s lng khch hng n u t khng ng k, khin nhiu cng ty chng khon b thm ht vn s hu. Nguyn nhn chnh ca tnh trng ny chnh l s suy gim ca th trng chng khon khin nhiu nh u t thoi lui trong khi s lng cc cng ty chng khon vn khng ngng tng ln. Doanh thu t mi gii trung bnh khng ph ht chi ph hot ng. Doanh thu t cc mng hot ng ngoi mi gii v t doanh chim 1 t trng rt nh, v a phn l l. Mt bo co ca Hip hi chng khon Vit Nam mi y a ra cng cho thy, c n 70 80% trong tng s gn 100 cng ty chng khon hin nay ang phi hot ng cm c.

35

Ln u tin trong lch s hn 8 nm hot ng ca th trng chng khon, mt cng ty chng khon chnh thc hp bn tnh vic... gii th. y ch l mt v d v tc ng t s suy gim ca th trng chng khon khin cc cng ty chng khon gp rt nhiu kh khn. T thng 5/2008, y ban Chng khon Nh nc tm ngng nhn mi h s xin cp php cng ty chng khon v ch tp trung thm nh h s cp php i vi nhng cng ty np h s trc thng 5/2008. Hin nay, ph hp vi tnh hnh hin ti, nhiu cng ty chng khon c cc ng thi sp xp, thu gn b my hot ng, t vic ct gim nhn s cho n vic ng ca bt cc chi nhnh nhm gim chi ph hot ng. Hng lot cng ty chng khon mi thnh lp phi thc hin ct gim nhn s hoc tm kim i tc nc ngoi nhm duy tr kh nng tn ti qua cuc khng hong ti chnh v mi trng cnh tranh khc lit.

2.3 Thc trng cht lng dch v ca cc cng ty chng khon trn th trng chng khon TP HCM 2.3.1 Thit k nghin cu
Nghin cu c tin hnh theo hai giai on l nghin cu s b v nghin cu chnh thc, c thc hin nh sau:

2.3.1.1 Nghin cu s b
S dng phng php nghin cu nh tnh phng vn cu hi (m) mt s bn b , ng nghip c tham gia giao dch trn th trng chng khon. Ni dung phng vn s c ghi nhn, tng hp v l c s hiu chnh thang o v c th c m hnh nghin cu. Ngoi ra tc gi cn tham kho kin ca cc chuyn gia trong lnh vc chng khon. M hnh CLDV v thang o cc thnh phn ca n da trn c s l thuyt v CLDV v thang o Servqual ca

36

Parasuraman & ctg (1988). Kt qu nghin cu nh tnh cho thy CLDV ca CTCK bao gm 5 thnh phn ( xem Ph lc 1.2) : Nng lc phc v : 5 bin Mc ng cm : 6 bin Mc p ng: 8 bin Mc tin cy: 9 bin Phng tin hu hnh: 7 bin Nm thnh phn ny tc ng n s tho mn ca khch hng khi s dng dch v ca cc CTCK. T m hnh nghin cu CLDV, nghin cu ny a ra cc gi thuyt v mi quan h gia cc thnh phn CLDV v S tho mn ca khch hng nh sau: H1 : C mi quan h dng gia mc tin cy v s tho mn ca khch hng i vi cc dch v ca cc CTCK . H2 : C mi quan h dng gia mc p ng v s tho mn ca khch hng i vi cc dch v ca cc CTCK. H3 : C mi quan h dng gia nng lc phc v v s tho mn ca khch hng i vi cc dch v ca cc CTCK. H4 : C mi quan h dng gia mc ng cm v s tho mn ca khch hng i vi cc dch v ca cc CTCK. H5 : C mi quan h dng gia phng tin hu hnh v s tho mn ca khch hng i vi cc dch v ca cc CTCK.

37

2.3.1.2 Nghin cu chnh thc

c thc hin bng phng php nghin cu nh lng thng qua bng cu hi (ng) cc khch hng kim nh m hnh l thuyt. u tin, tc gi thc hin iu tra th (vo thng 10/2008) vi 36 nh u t tham gia giao dch ti sn cc CTK khu vc TP HCM. Mc tiu ca ln iu tra ny nh gi xem ngi c hi c hiu ng v nh gi ng cc yu t o lng ca m hnh nghin cu hay khng. Phiu iu tra mt ln na c iu chnh ( xem Ph lc 1.3). Tc gi iu chnh cc bin quan st cho ph hp thc t cu hi ngi iu tra d hiu v lc b mt s cu hi mang yu t nhy cm i vi cc CTCK. Sau , phiu iu tra hon chnh c pht trn din rng (vo thng 11/2008). Ton b d liu hi p s c x l vi s h tr ca phn mm SPSS.

2.3.1.3 Thang o
Tt c cc thang o cc khi nim trong m hnh u l thang o a bin. Thang o CLDV v CTCK bao gm 5 thnh phn c o lng bng 26 bin quan st. Trong , thnh phn Mc tin cy c o lng bng 6 bin quan st; thnh phn Nng lc phc v c 4 bin quan st; thnh phn Mc p ng c 4 bin quan st; thnh phn Mc ng cm c 5 bin quan st v thnh phn Phng tin hu hnh c 7 bin quan st. Thang o S tho mn ca khch hng bao gm 5 bin quan st. C th cc bin quan st ca thang o nh sau ( Xem Ph lc 1.4) Thang o Likert 5 bc c s dng : bc 1 tng ng vi mc Hon ton khng ng v bc 5 tng ng vi mc Hon ton ng . Tng hp bng cu hi iu tra nh gi cht lng dch v cc CTCK ti khu vc Tp HCM c 5 phn. Trong , phn 1 bao gm 31 cu hi nh gi CLDV, cc phn cn li hi v thng tin c nhn.

38

2.3.2 Mu v thng tin mu

Nh nhiu nghin cu tip th khc , nghin cu ny s dng phng php ly mu thun tin (phi xc sut).Ni chung, c mu cng ln th cng tt. Theo Hair &ctg.,1998 (dn theo Nguyn nh Th & ctg., 2003) trong phn tch nhn t EFA, cn 5 quan st cho 1 bin o lng v c mu khng nn t hn 100. Nghin cu ny d kin c 31 bin, vy s mu cn t nht l 155. Sau khi nghin cu s b, cu trc bng cu hi c iu chnh vi 31 bin v tin hnh nghin cu chnh thc. Mu c ly ti mt s cng ty chng khon c sn giao dch, bng in t. Mt s cng tc vin c kinh nghim trong vic tip cn nh u t c mi cng tc trong giai on thu thp d liu. Bng cu hi s c gi n v hi p ti ch. Vic tr li bng cu hi l hon ton t nguyn vi tinh thn cng tc. Thi gian thu thp d liu chnh thc trong thng 11 nm 2008. Sau khi lm sch , tng hi p hp l thu c l 176 t 14 cng ty chng khon ti a bn Tp H Ch Minh, cc s liu thng k theo cc bin phn loi trnh by theo ph lc 3. Trong tng s 176 phiu iu tra c s dng, c 14 cng ty chng khon trn khu vc Tp HCM c kho st. V gii tnh , c 132 ngi iu tra l nam ( chim t l 75%) v 44 ngi l n ( chim t l 25%). V tui, c 15 ngi tui trn 50 tui ( chim 8.5%), c 99 ngi trong tui 30-50 tui (chim 56.3%), c 62 ngi tui di 30 tui ( chim 35.2%). V thi gian u t , c 2 ngi u t trn 3 nm ( chim 1.1%), c 81 ngi u t t 1-3 nm (chim 46%), c 64 ngi u t t 6-12 thng (chim 36.4%), c 29 ngi u t di 6 thng ( chim 16.5%). V s tin (d nh) u t, c 2 ngi u t 1-3 t ( chim 1.15), c 31 ngi u t t 300 triu 1 t ( chim 17.6%), c 96 ngi u t t 50 300 triu ( chim 54.5%), c 47 ngi u t di 50 triu ng ( chim 26.7%). Xem chi tit PL, bng

39

S liu hi p v phn b mu nh trn l v p ng c yu cu cho cc phn tch tip sau.

2.3.3 Phng php x l s liu

Khi u , d liu c m ho v lm sch, sau qua ba bc phn tch chnh sau: Cc thang o c nh gi tin cy qua h s tin cy Cronbach Alpha. Qua cc bin quan st c tng quan bin tng (item-total correlation) nh (<0.4) b loi v thang o c chp nhn khi h s tin cy Cronbach Alpha t yu cu (>0.7). Phng php phn tch nhn t EFA c dng kim nh gi tr phn bit cc khi nim ca thang o. Cc bin c trng s (factor loading) thp (<0.4) s b loi tng bc 1, bin no c gi tr tuyt i thp nht s b loi trc. Phng php trch h s s dng l principal axis factoring vi php quay Promax, nhn t trch c c eigenvalue > 1.0. Thang o ch c chp nhn khi tng phng sai trch ln hn 50% (Gerbing & Anderson, 1988). Kim nh m hnh l thuyt: M hnh l thuyt vi cc gi thuyt t H1 n H5 c kim nh bng phng php hi quy a bin vi mc ngha 5% theo m hnh sau: S hi lng = B0 + B1.Phng tin hu hnh + B2.Tin cy + B3.p ng + B4.Nng lc phc v + B5.Cm thng

40

L thuyt v : Cht lng dch v Thang o SERVQUAL S tha mn ca khch hng

Thang o ban u

Kho st s b v hi kin chuyn gia

Nghiu cu nh lng (n=176)

Thang o s dng

Hiu chnh

nh gi s b thang o : Phn tch tin cy Phn tch nhn t khm ph EFA

- Loi b cc bin c h s tng quan bin - tng nh - Kim tra h s Cronbach alpha - Loi b cc bin c trng s EFA nh - Kim tra cc yu t trch lc - Kim tra phng sai trch lc - Kim tra gi tr hi t, gi tr phn bit

Kim nh gi thuyt

- Kim nh gi thuyt - Phn tch hi quy tuyn tnh

Hnh 2.6 Quy trnh nghin cu da theo Nguyn nh Th & ctg (2003)

2.3.4 Kim nh thang o bng h s tin cy Cronbach Alpha 2.3.4.1 Thang o S tho mn ca khch hng khi s dng dch v ca cc CTCK
H s Cronbach alpha ca thang o khi nim S tho mn ca khch hng vi 5 bin c gi tr alpha kh cao (0.791). Hn na, cc bin ca thang o ny u c h s tng quan bin tng ln hn 0.4 ( nh nht l 0.455), xem Ph

41

lc 4, bng 4.1 . Do cc bin o lng thnh phn ny u c s dng trong phn tch EAF tip theo.

2.3.4.2 Thang o cc thnh phn ca CLDV cc CTCK

Kt qu phn tch Cronbachs alpha cc thnh phn ca thang o cht lng dch v cc cng ty chng khon c trnh by ph lc 4, bng 4.2 vi mt s c im ng lu nh sau: (1) Thnh phn Mc tin cy c Alpha kh ln (0.835), cc bin quan st trong thnh phn ny c h s tng quan bin tng t yu cu ( >0.4). Mc d c s cch bit kh ln gia cc h s tng quan bin tng ca cc bin quan st ( TC-1,TC-2,TC-4,TC-6 so vi TC-3v TC-5) nhng nu loi b cc bin ny u cho gi tr alpha thp hn. y l c s a cc bin ny vo trong phn tch EAF tip theo. (2) Thnh phn Mc p ng c Alpha tng i nh ( 0.65), h s tng quan bin tng ca hai bin RES-3 v RES-4 nh hn tiu chun ra l 0.4. V vy khi loi tng bc hai bin ny ra khi thang o th h s alpha c ci thin r rt, tng t 0.65 ln 0.728 v ln 0.827. Do trong thnh phn Mc p ng ch cn li hai bin RES-1 v RES-2 c a vo phn tch EAF tip theo. (3) Thnh phn Nng lc phc v c Alpha cng kh cao (0.818), cc h s tng quan bin tng ca cc bin u t yu cu ( > 0.4) v s cch bit gia cc h s khng ln. V vy cc bin ny u c a vo bc phn tip EAF tip theo. (4) Thnh phn Mc ng cm c Alpha l 0.839 v cc h s tng quan bin tng u t yu cu (>0.4) . y l c s cc bin ny khng b loi trong phn tch EAF tip theo.

42

(5) Thnh phn Phng tin hu hnh c Alpha l 0.858 v cc h s tng quan bin tng u t yu cu ( >0.4) . Tuy nhin phn tch cho ta thy cc bin TAN-1, TAN 4,TAN-5,TAN-6 mc d c h s tng quan bin tng > 0.4 nn khng b loi trong phn tch ny, nhng thp r rt so vi cc bin khc cng thnh phn tng t 0.702 n 0.799. V vy cc bin ny s b loi trong phn tch EAF tip theo. Khi chy li Cronbach alpha phn tch cho ta thy nu tip tc loi bin quan st TAN-7 s cho gi tr Alpha cao hn. Do TAN-7 cng s b loi trong phn tch EAF tip theo. Lc ny thang o Phng tin hu hnh ch cn hai bin quan st TAN-2, TAN-3 lin quan n yu t cng ngh thng tin. V vy tc gi i tn yu t Phng tin hu hnh thnh Cng ngh thng tin cho ph hp vi thc t. Kt qu sau khi phn tch h s Cronbach alpha v loi b mt s bin rc khng m bo tin cy , thang o cht lng dch v cc CTCK c o lng bng 19 bin quan st cho nm thnh phn ( so vi thit k ban u l 26 bin cho nm thnh phn). S lng bin quan st v h s alpha ca cc thnh phn o lng sau khi loi bin rc c m t nh Ph lc 4, bng 4.3.

2.3.5 Phn tch nhn t khm ph EAF 2.3.5.1 Thang o s tho mn ca khch hng
Phn tch nhn t l kim nh gi tr phn bit gia cc yu t cu thnh thang o. Kt qu phn tch nhn t cng cho thy 5 bin ca S tho mn khch hng cho thy ch trch c 1 nhn t eigenvalue 2.75, phng sai trch 55% (>50%) v cc trng s loading ca cc bin quan st kh cao (0.630.84), xem Ph lc 5.6, bng 5.2.

2.3.5.2 Thang o CLDV cc CTCK

Vi gi thuyt Ho t ra trong phn tch ny l gia 19 bin quan st trong tng th khng c mi tng quan vi nhau. Kim nh KMO v Barletts

43

trong phn tch factor cho thy gi thuyt ny b bc b ( sig = .000). H s KMO ( = 0.852> 0.5) kh cao chng t phn tch nhn t ( EAF) thch hp c s dng trong phn tch ny. Kt qu phn tch EFA ln u cho thy ti mc gi tr eigenvalue = 1.21 cho php trch c bn nhn t t 19 bin quan st v phng sai trch c l 58.62% (> 50%). Nh vy phng sai trch t yu cu. Tuy nhin da trn bng Pattern cho thy cc bin REL-4 , REL-6 c h s loading rt thp (< 0.4) khng t yu cu nn s ln lt b loi khi thang o, bin no c gi tr tuyt i h s loading nh nht s b loi trc. Xem Ph lc 5.1 Kt qu sau khi loi b bin REL-4 th phn tch EAF cng trch c bn factor ti eigenvalue l 1.21 v phng sai trch t 59.56% cao hn phn tch EAF ban u. Kim tra li bng Pattern matrix c hai bin REL-6 v REL-5 c h s loading < 0.4. V vy bin REL-5 tip tc b loi b. Xem Ph lc 5.2 Kt qu sau khi loi b bin REL-5 th phn tch EAF gi nguyn kt qu trch c bn factor ti eigenvalue l 1.20 v phng sai trch t 59.74% cao hn phn tch EAF ln 2 khng ng k. Kim tra bng Pattern mattrix vn cn bin REL-6 c h s loading < 0.4. Sau khi loi b REL-6 , cc h s loading u t yu cu, phng sai trch t 61.41% v trch c bn factor ti eigenvalue = 1.19 vi h s KMO = 0.815. Xem Ph lc 5.3 Kt qu phn tch EAF cui cng cho cc h s loading u t yu cu, phng sai trch t 61.41% v trch c bn factor ti eigenvalue = 1.19 vi h s KMO = 0.815 vi 16 bin quan st cn li. Xem Ph lc 5.4 Kt qu ny cho thy hai thnh phn nng lc phc v v p ng c gp thnh mt, khng t c gi tr phn bit. . Theo Bollen & Hoyle-1991, trng hp ny c th xy ra trong cc nghin cu thuc lnh vc khoa hc x hi. Cc thang o c bin quan st b loi trong cc phn tch trn th h s Cronbach alpha cng b thay i. C th l Cronbach alpha ca thnh phn

44

nng lc phc v l 0.856 v ca thnh phn tin cy l 0.768, hai thnh phn cn li khng thay i. Xem Ph lc 5, bng 5.1 Tm li, thang o cht lng dch v cc CTCK sau khi nh gi s b th n bao gm bn thnh phn c o lng bng 16 bin quan st, sn sng cho s dng cc phn tch tip theo.

2.3.6 Hiu chnh m hnh nghin cu v cc gi thuyt

Nh trnh by phn tch EAF, thnh phn nng lc phc v v mc p ng c gp li thnh mt gi chung l thnh phn nng lc. Do vy m hnh nghin cu cng cn c hiu chnh cho ph hp m bo cho vic thc hin cc kim nh m hnh tip theo.

Hnh 2.7 M hnh l thuyt hiu chnh

2.3.7 Phn tch tng quan

Tip theo nghin cu s dng h s tng quan tuyn tnh r ( Pearson Corelation Coefficient) kim nh s tng quan gia 4 yu t cu thnh

45

nn thang o cht lng dch v ti cc CTCK vi nhau v vi s tho mn ca khch hng. Xem Ph lc 6, bng 6.1. Kt qu kim nh cho thy c mi tng quan dng gia 4 yu t o lng CLDV ca cc CTCK v s tho mn ca khch hng khi s dng dch v. C th l cc gi tr Sig u rt nh (0.000) do vy chng u c ngha v mt thng k. Kim nh cc gi thuyt chng ta c kt qu sau: H1 : C mi quan h dng gia mc tin cy v s tho mn ca khch hng i vi cc dch v ca cc CTCK . H3 : C mi quan h dng gia nng lc phc v v s tho mn ca khch hng i vi cc dch v ca cc CTCK. H4 : C mi quan h dng gia mc ng cm v s tho mn ca khch hng i vi cc dch v ca cc CTCK. H5 : C mi quan h dng gia cng ngh thng tin v s tho mn ca khch hng i vi cc dch v ca cc CTCK.

2.3.8 Phn tch hi quy tuyn tnh

M hnh l thuyt trnh by cho thy c mi quan h gia khi nim cht lng dch v v s tho mn ca nh u t. Vn t ra l c mi quan h tuyn tnh gia cht lng dch v v s tha mn ca khch hng hay khng? V mi quan h nh th no? Vi cc cu hi t ra nh trn , m hnh hi quy tuyn tnh bi c s dng phn tch v gii thch vn . Ma trn tng quan th hin S tha mn ca nh u t c tng quan cht vi bn thnh phn ca cht lng dch v cc CTCK. Lu rng bn thnh phn ny cng c mi tng quan cht vi nhau. Do s tng quan cht ca chnh cc thnh phn ny m cc kim nh a cng tuyn s c ch .

46

Phng php phn tch hi quy bi vi bn thnh phn cht lng dch v c a vo cng mt lc cho thy m hnh hi quy thch hp s dng kim nh m hnh l thuyt ( sig. F =0.000). Mc gii thch mi quan h tuyn tnh gia cc thnh phn bng phng php hi quy ny cho kt qu kh cao ( R2 hiu chnh = 0.799) ngha l 79,9% phng sai ca s hi lng c gii thch bi bn bin c lp trn. Bng 2.3 Hi quy a bin : SAT = f( REL, ASS, TAN, EMP)
R Square Adjusted R Square Std. Error of the Estimate R Square Change Change Statistics F Change Df1 Df2 Sig. F Change DurbinWatson

.897(a)

.804

.799

.25570

.804

175.269 4

171 .000

1.947

Kt qu phn tch hi quy tng phn cho thy c bn yu t : Cng ngh thng tin, mc tin cy, mc ng cm, nng lc phc v c mi tng quan mnh v c ngha thng k khi a vo m hnh phn tch ( sig. t = 0.000). Kh nng gii thch mi quan h tuyn tnh ca m hnh ny cho tng th kh cao vi R2 hiu chnh bng 0.799. Cc kim tra khc (phn phi phn d, cc biu ) cho thy cc gi thuyt cho hi quy khng b vi phm. Hin tng a cng tuyn khng nh hng n kt qu gii thch vi VIF t 1.578 n 1.768. Bng 2.4 trnh by tm tt h s hi quy tng phn ca cc thnh phn khi a vo m hnh hi quy ( Xem chi tit ti Ph lc 7 Vy phng trnh hi quy bi sau y c trng cho m hnh l thuyt ph hp vi d liu th trng : S hi lng = 0.339 cng ngh thng tin + 0.181 mc tin cy + 0.300 mc ng cm + 0.347 nng lc phc v

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Bng 2.4 Thng k phn tch cc h s hi quy tng phn

Unstandardized

Standardized Coefficients Beta t Sig. Collinearity Statistics Tolerance VIF

Thnh phn

Coefficients Std. B Error

(Constant) CN thng tin Mc tin cy Mc ng cm Nng lc phc v

-.017 .241 .152 .288 .344

.140 .030 .038 .036 .045 .339 .181 .300 .347

-.120 7.971 4.033 7.949 7.709

.905 .000 .000 .000 .000 .634 .570 .805 .566 1.578 1.754 1.242 1.768

2.4 nh gi chung v cht lng dch v cc CTCK trn th trng chng khon Tp HCM thng qua kho st
S ra i ca hng lot cc cng ty chng khon gp phn p ng c nhu cu dch v cho s lng ng o nh u t ang ngy mt gia tng, ng thi to ra p lc cnh tranh buc cc cng ty chng khon phi t hon thin mnh, nng cao cht lng dch v khch hng v m bo li ch cho khch hng. V l thuyt, thang o Servqual l a hng vi 5 thnh phn: Phng tin hu hnh ( TAN), Tin cy (REL), p ng (RES), Nng lc phc v (ASS) v Cm thng (EMP) o lng cht lng dch v. Tuy nhin kt qu nghin cu cho thy thy hai thnh phn nng lc phc v v p ng c gp thnh mt, khng t c gi tr phn bit. Sau khi nh gi thang o v phn tch nhn t khm ph EAF, cht lng dch v ca cc CTCK trn th trng TP HCM bao gm bn thnh phn (1) Nng lc phc v,(2) Cng ngh thng tin, (3) Mc tin cy, (4) Mc ng cm.

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2.4.1 Cng ngh thng tin ca cc CTCK

Hin nay, c s h tng phc v th trng tuy c chuyn bin v c nng cp ng k, nhng vn cha p ng c nhu cu pht trin ca th trng. H tng cng ngh thng tin ca a s cc cng ty chng khon hin nay khng ng b v cn nhiu yu km.Khi vo gi cao im, nh u t rt kh truy cp vo nhng trang Web ca cc cng ty chng khon v S GDCK. Ngoi cc s c do ng truyn, h thng phn mm ca S cng thng xuyn b li. Theo Bo in t ca ng cng sn Vit Nam thng k, ch tnh trong khong thi gian t ngy 08/12/2006 n 30/08/2007 c 4 trng hp cc giao dch ti sn gp s c, l s c khin cc nh u t khng th theo di bng gi chng khon, nn phi hy khp lnh t 2 v 3 (08/12/2006); s liu trn bng gi chng khon b sai lch khi mt m chng khon c cp nht hai ln trn bng gi (ngy 26/01/2007); hy phin giao dch thng l, chuyn sang giao dch bui chiu (02/02/2007); bng bo gi t lit t 8g30-9g15, gi tr giao dch ton th trng gim xung 426.5 t ng (30/08/2007)[ 4 ]. Nh vy, nh hng pht trin th trng thng qua vic giao dch v t lnh trc tuyn s gp rt nhiu kh khn trong thi gian ti khi c s vt cht, trnh cng ngh vn cn yu km. n nay sau bn t chy th nghim vi tng s 74 cng ty chng khon trn th trng chng khon Tp HCM , ch c 39 cng ty chng khon iu kin giao dch trc tuyn. lm r hn nhn nh trn, tc gi xin a ra kt qu nghin cu thc t cho thy phng tin hu hnh ca cc cng ty chng khon th hin qua hai yu t chnh : h thng cng ngh v c s vt cht ca cc CTCK s tc ng n s tho mn ca khch hng ( Ph lc 6, bng 6.1). S tng quan ca phng tin hu hnh cng kh mnh n s tho mn ca nh u t ( Pearson Correlation = 0.711), ch ng sau Nng lc phc v ( 0.750) v cao hn hn so vi Mc ng cm (0.610) v Mc tin cy (0.660) ( Ph lc

49

6, bng 6.1). Nh vy yu t cng ngh v trang b c s vt cht hin i phi c cc CTCK ch trng v u t hn na.

2.4.2 Nng lc phc v ca cc CTCK

Nhn chung nng lc phc v ca cc cng ty chng khon trn th trng chng khon Tp HCM tng i tt . Bng phn tch m t vi tp mu thu v cho thy nh u t nh gi yu t nng lc phc v vi mc gi tr trung bnh mean = 3.64. Theo thang o Servqual v kt qu nghin cu thc t, nng lc phc v ca cc cng ty chng khon th hin qua nng lc phc v ca nhn vin l ch yu c o lng bng 6 bin quan st nh : nhn vin CTCK phc v bn nhanh chng, lun sn sng gip bn , lun lch s, n cn, cung cch phc v ca nhn vin CTCK to s tin tng cho nh u t v nhn vin CTCK kin thc t vn cho khch hng. So vi m hnh l thuyt th kt qu nghin cu thc nghim cho thy nng lc phc v ca CTCK bao gm c mc p ng ca CTCK, khng c s phn bit gia nng lc phc v v mc p ng. Nh vy, hai khi nim ny trong ngnh dch v chng khon l mt khi nim, cng c th l v mt l thuyt th phn bit nhng v mt thc tin th n hng. Kt qu ny c th xem mc p ng v nng lc phc v ca nhn vin dch v c nh u t xem nh l mt tiu ch nh gi. Do , chng c gi chung l thnh phn nng lc phc v. Trong su yu t o lng nng lc phc v ca cc CTCK, yu t nhn vin CTCK kin thc t vn cho khch hng c nh u t nh gi thp, c 14.8% nh u t chn mc nh gi khng ng , v 47.7% chn mc nh gi bnh thng.Cc yu t cn li u c t 50% tr ln chn mc nh gi l ng .

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Nguyn nhn l vic ph cp kin thc chng khon ni chung v lut chng khon ni ring cn rt hn ch. Cc c s o to chnh thc v kin thc chng khon cn qu t, nu c ch l hnh thc ngn hn. Do vy m hin nay c nhng lp, ngi u t mun i hc phi ng k trc hng thng. c bit, hin ch c mt c s duy nht c php o to cp chng ch lut l Trung tm nghin cu v o to thuc y Ban chng khon. V vy m i ng lm vic trong cc cng ty chng khon, cng ty qun l qu vn cn nhiu ngi cha c chng ch o to. Bn cnh vn o c ngh nghip ca nhn vin CTCK cng tc ng n nng lc phc v. T khi th trng chng khon Vit Nam ra i nm 2000, hot ng kinh doanh chng khon c coi l mt ngh. Tuy nhin tnh chuyn nghip v o c ngh nghip ca ngi hnh ngh cha cao.C nhiu phn hi v vic nhn vin CTCK i x khng cng bng vi khch hng., chn lnh mua bn cho c nhn, cho ngi thn, nhn vin chn lnh, mua bn khng , lp chng t khng mua bn.Tnh minh bch, cng bng trong hot ng giao dch khng c th hin nng lc phc v ca cc cng ty chng khon cn yu km.

2.4.3 Mc tin cy ca nh u t i vi cc CTCK

S tin cy ca nh u t i vi cc cng ty chng khon th hin qua cc yu t nh: CTCK tun th ng cc quy nh ca php lut,nh u t cm thy an tm v s nhit tnh gip khi s dng dch v ti cng ty chng khon. C 14.2% khch hng chn mc tr li Khng ng v Hon ton khng ng i vi yu t CTCK tun th ng cc quy nh ca php lut; c 5.7% khch hng trong tp mu thu c cm thy khng an tm khi s dng dch v ti cc cng ty chng khon.Thc t l trong nm 2008, Thanh tra chng khon ban hnh 124 quyt nh x pht vi phm hnh chnh i vi cc t chc v c nhn c hnh vi vi phm php lut v chng khon v th trng chng khon. Tng s tin pht np vo ngn sch nh nc trong nm 2008 ln ti 4 t ng. Trong c khng t cc vi phm

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ca cc CTCK: 15,3% (19 trng hp) l nhng vi phm v giao dch chng khon nh giao dch gi to, thao tng th trng; thc hin giao dch chng khon m khng bo co ca cc c ng ni b cng ty nim yt. C n 75,8% (94 trng hp) l v pht hnh v cng b thng tin theo Thng t s 38/2007/TT-BTC ban hnh ngy 18/04/2007 ca B Ti Chnh v vic Hng dn v vic cng b thng tin trn th trng chng khon.V 8,9% (11 trng hp) l nhng vi phm v hot ng kinh doanh chng khon ca cc cng ty chng khon; vi phm quy nh v ch bo v cng b thng tin ca cng ty chng khon. T vn thng tin khng cn xng gia cng ty pht hnh c phiu v nh u t cn rt nhiu bt cp. Hin c rt nhiu thng tin v cng ty nim yt c cng b, nhng tin cy li khng cao hoc c nhng thng tin nh hng ln n quyt nh mua hay bn ca nh u t th rt kh tm kim nh chi ph nghin cu v u t pht trin l bao nhiu, cc bi phn tch cc ch s li nhun, cc yu t u vo d bo cc ch s k hoch, c cu v s lng c ng ni b, cc k hoch hp tc v nh hng di hn vv. mt phn l do cht lng dch v ca cc cng ty chng khon cha chuyn nghip c th dn n thng tin lm n km hiu qu ca cc doanh nghip ny cng b chm tr nh hng n nh u t, n cht lng ca th trng v n mc tin cy ca nh u t i vi cc CTCK.

2.4.4 Mc ng cm ca CTCK i vi nh u t
Mc cnh tranh gia cc cng ty chng khon cng gay gt hn khi mt bo co ca Hip hi chng khon Vit Nam mi y a ra , c n 70-80% trong tng s gn 100 cng ty chng khon hin nay ang phi hot ng cm c. V vy m ngoi vic c mt h thng h tng k thut hin i v n nh, cc CTCK cn c thc nng cao cht lng phc v khch hng, ch nhng cng ty chng khon vi dch v tt mi c th tn ti trong cuc cnh tranh

52

khc lit ny. Dch v tt cn th hin s ng cm ca cc CTCK dnh cho khch hng ca mnh qua cc yu t nh: CTCK th hin s quan tm n c nhn khch hng,lun c nhng li khuyn tt khi khch hng cn t vn, lun quan tm, tm hiu tm t, nguyn vng ca khch hng.C 17% nh u t khng hi lng vi s ng cm t cc CTCK, 58.5% chp nhn mc Bnh thng , iu cho thy cc CTCK cn quan tm hn na n khch hng ca mnh, nht l trong giao on ny, khi th trng chng khon suy gim, tm l hoang mang, chn nn ang p o cc nh u t. Thu ht nh u t bng cc cuc hi tho l mt trong nhng cch lm th hin s ng cm ca cc CTCK dnh cho nh u t ang c p dng rng ri.Thc t, trong thi gian qua cc CTCK cng n lc rt nhiu khi thng xuyn m cc cuc hi tho gia cc chuyn gia v nh u t v th trng chng khon. Nhiu cng ty chng khon lin tc t chc cc hi tho chuyn v ti chnh, chng khon vi mc ch cung cp thng tin , kin thc v u t nhm thu ht khch hng v cng ty mnh v trn an cc nh u t c. C th, t gia thng 4 n nay , CTCK i Vit t chc nhiu hi tho vi cc chuyn khc nhau nh: C nn theo chn cc nh u t ngoi?, Phn tch chin lc u t ca cc t ph ni ting Nhiu cuc hi tho cng din ra cc cng ty chng khon khc nh hi tho "th trng chng khon Vit Nam n im mua di hn?"; "th trng chng khon Vit Nam - C hi v thch thc" ti Nha Trang, Cn Th, Nng ca cng ty chng khon Rng Vit. Cng ty C phn Chng khon Bo Vit va t chc hi tho "Nhn li th trng chng khon Vit Nam trong 6 thng u nm 2008" ti H Ni v hi tho "Phn tch v d bo - th trng chng khon Vit Nam 6 thng cui nm 2008" ti Tp.HCM... Cng ty C phn Chng khon Si Gn cng t chc nh k cc hi tho vo th nm hng tun, gip nh u t nm bt c hi u t hiu qu. Ni bt hn c, Cng ty Chng khon KimEng Vit Nam (KEVS) cn mi c chuyn gia chng

53

khon n t Thi Lan, Tin S Wanchai Thanjasiri, ni chuyn vi chuyn Thu hiu tht bi, sn sng cho tng lai, Nghip v chng khon mi Cc quy nh php l v kinh nghim cho Vit Nam". Mi y, KEVS thng bo s t chc giao lu trc tuyn nh k hng tun vo mi sng th 2 gia cc nh u t vi chuyn gia phn tch t Cng ty Chng khon KimEng Singapore.

2.4.5 nh gi cht lng dch v ca cc CTCK thng qua s tho mn ca khch hng
Nhn chung, cht lng dch v cc cng ty chng khon trn th trng chng khon Tp H Ch Minh c nh gi khng cao. Bn thnh phn ca cht lng dch v u t gi tr trn trung bnh (3.0): Nng lc phc v (3.64), mc ng cm (3.50), mc tin cy ( 3.60) v cng ngh thng tin ( 3.70). Tng t, s tho mn ca nh u t i vi cht lng dch v ca cc cng ty chng khon cng t trn gi tr trung bnh (3.54). Qua thang o, cc thnh phn ca cht lng dch v c s tng quan mnh vi s tha mn ca nh u t. Trong nng lc phc v c s tc ng mnh nht, tip theo l phng tin hu hnh v mc tin cy, cui cng l mc ng cm. Trn c s kt qu ny m cc nh qun tr trn th trng chng khon lu c chnh sch u t, ci thin cht lng dch v ca mnh. Vic phi nng cao hn na nng lc phc v l iu hon ton ng v v cng cp thit, nht l i vi mt th trng chng khon cn non tr nh Vit Nam. i vi c s vt cht, nghin cu ny khng nh cc hn ch v mt cng ngh c tha nhn ca th trng. Cng nh vy, mc tin cy v s ng cm ca cng ty chng khon trn th trng chng khon TP H Ch Minh cn c n lc hn na bi trnh hiu bit ca nh u t cha c cao. Hn na, trong dch v cc tiu ch khch hng yu cu phi t mt phm vi no ,

54

nu nh cung ng t mc cao hn gii hn trn cng khng lm khch hng hi lng hn. Ngc li, nu dch v t thp hn gii hn di, c th gy s tht vng rt ln. Vn c nhiu kha cnh nh gi cht lng dch v cc CTCK m thng qua s tho mn khch hng ch l mt trong nhng tiu ch . Kt qu kho st ch yu o lng s tho mn ca khch hng dch v t vn, mi gii l ch yu.Cc nghip v khc nh : bo lnh pht hnh, phn tch v t vn u t ch tp trung mt s CTCK lu nm v quy m vn ln. Nhn chung, vi s cnh tranh ngy cng khc lit, n nay trn th trng c nhng xo trn ng k v th phn mi gii cng nh cht lng dch v .

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CHNG 3 CC GII PHP NNG CAO CHT LNG DCH V CC CNG TY CHNG KHON

3.1 Mc tiu phng hng pht trin cc CTCK trn th trng chng khon Vit Nam [ 9 ]
Hin ti, hot ng kinh doanh ca cc CTCK kh kh khn theo bi cnh chung ca th trng, hng cnh tranh chnh v lu di nht l cc cng ty khng nn qu ch trng ti vic cnh tranh bng ph giao dch , thay vo nn nn u t cng ngh v tng tin ch, nng cao cht lng dch v. Qua t khng hong ny, cc nh u t s c ci nhn kht khe hn v chuyn nghip hn v dch v ca cc cng ty chng khon. Cc gii php nng cao cht lng dch v cc cng ty chng khon cn c s n lc t hai pha : doanh nghip v chnh ph. Theo chin lc pht trin th trng chng khon Vit nam n 2010 c chnh ph ph duyt ngy 05/08/2005, nh hng pht trin cc nh ch ti chnh trung gian cho th trng chng khon Vit Nam th hin nh sau: Tng quy m v phm vi hot ng nghip v kinh doanh, dch v ca cc cng ty chng khon. Pht trin cc cng ty chng khon theo hai loi hnh: Cng ty Chng khon a nghip v v Cng ty Chng khon chuyn doanh, nhm tng cht lng cung cp dch v v kh nng chuyn mn ho hot ng nghip v. Khuyn khch v to iu kin cc t chc thuc mi thnh phn kinh t c iu kin thnh lp cc cng ty chng khon, khuyn khch cc cng ty

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chng khon thnh lp cc chi nhnh, phng giao dch, i l nhn lnh cc tnh, thnh ph ln, cc khu vc ng dn c trong c nc. Pht trin cc cng ty qun l qu u t chng khon c v quy m v cht lng hot ng. a dng ho cc loi hnh s hu i vi cng ty qun l qu u t. Khuyn khch cc cng ty chng khon thc hin nghip v qun l danh mc u t. Thnh lp mt s cng ty nh mc tn nhim nh gi, xp loi ri ro cc loi chng khon nim yt v nh mc tn nhim ca cc doanh nghip Vit Nam.

3.2 Cc gii php nng cao cht lng dch v cc CTCK trn th trng chng khon Tp HCM thng qua cuc kho st 3.2.1 Gii php nng cao nng lc phc v, mc tin cy v s ng cm
Nh phn tch, nng lc phc v ca cc CTCK th hin qua cung cch, thi phc v, kin thc t vn ca i ng nhn vin. Mc tin cy th hin qua cc yu t s nhit tnh ca CTCK v s an tm khi s dng cc dch v ca cc CTCK. V s ng cm th hin qua cc iu kin tt nht m CTCK c th mang li cho nh u t cng nh s quan tm, chia s ca ngi lm dch v l cc CTCK i vi khch hng ca mnh. Tt c cc yu t trn mun thc hin tt u xut pht t yu t con ngi.V vy, theo tc gi gii php u tin m tc gi mun cp nng cao CLDV cc CTCK l phi chuyn nghip ho ngun nhn lc ca mnh.

Nng cao ngun nhn lc: Hu ht cc nh u t trn TTCK Tp HCM u nhn xt rng nng lc t vn ca cc nhn vin mi gii cn rt km, khng to c s tin cy ni khch hng. qua ri khong thi gian cc

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CTCK tuyn nhn s t b qua yu t nng lc cho kp tc tng trng ca gi tr giao dch. Hin nay, cht lng nhn vin thc hin cc nghip v trong cc CTCK cn b ng, s CTCK chp hnh quy nh v s nhn vin c chng ch hnh ngh rt t . Thi im hin nay l lc cc CTCK sng lc, o to v chn ra mt i ng nhn lc c nng lc. Cc CTCK khng th trng ch mt c s duy nht c php o to cp chng ch lut l Trung tm nghin cu v o to thuc y Ban chng khon. Bnh cnh s h tr t UBCK, vi i ng nhn vin hin ti, cc CTCK cn tp trung o to ti ch, c ch chnh sch i ng tt gi chn ngi gii. Bn cnh yu cu v chuyn mn nghip v th vn v o c ngh nghip ca nhn vin CTCK cn c ch trng to s tin cy cho khch hng.

Nng cao nng lc qun l : Nhng vi phm ca ngi hnh ngh chng khon v ang lm xi mn nim tin ca nh u t. V vy, cc CTCK nn thc hin qun tr cng ty theo thng l quc t tt nht. Nng cao kh nng gim st, kim sot ni b v hiu qu tc nghip ca nhn vin.

nh hng chin lc pht trin : Cc cng ty chng khon Vit Nam vn chia dch v cung cp theo nm nhm l mi gii, t vn, t doanh, lu k v bo lnh pht hnh. y l cch phn theo chc nng. Cch phn chia ny c c th hn vi cc yu cu gii hn v vn c th trin khai tng loi dch v. Vd: mun thc hin dch v bo lnh pht hnh, cc CTCK phi c ngun vn l 165 t lm 2/3 cc CTCK xin rt bt dch v ny. Trong chui gi tr ngnh dch v chng khon c nhiu cng on to gi tr. c thi k, Agriseco tm kim phn ln doanh thu ca mnh t cc hot ng lin quan n tri phiu, Cng ty chng khon Bo Vit v Cng ty chng khon Ngn hng Ngoi Thng c ngun thu ln t t cc hot ng t vn, lu k v bo lnh pht hnh, Cng ty chng khon Si Gn li c t trng ngun thu ln t

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mi gii v t doanh. Cc dch v chng khon, bn cht l nhng dch v cao cp , yu cu tnh chuyn mn v uy tn rt cao. V vy cc CTCK cn chn cho mnh mt cng on trong chui gi tr ph hp, chng th t dch v m tt, cn hn nhiu m t. ch cn mt dch v mang ting, s kh c th cung cp mt dch v no khc.

3.2.2 Gii php nng cao cng ngh thng tin

Nng cp v i mi h thng cng ngh thng tin nhm tng cng kh nng tip cn th trng ca nh u t .Giai on thng hoa ca th trng chng khon, cc cng ty ua nhau ra i v nh s "st nng" ca th trng th vic thu ht khch hng, a s ti khon tng ln hng ngn trong thi gian ngn khng phi l qu kh. Nhng th trng c nhng thng trm sng lc, nh u t v lu di cng kh tnh hn... buc cc cng ty phi nng cao cht lng dch v gi khch. Mt trong nhng yu cu u tin nng cao cht lng phc v chnh l u t h tng cng ngh thng tin cng nh cc gii php qun l v dch v hin i. u t vo cng ngh thng tin l mt yu cu tt yu. cc trung tm chng khon ln trn th gii, thi gian quay vng lnh ch di mt giy. Trong khi Vit Nam, cc cng ty rt lnh qu nhiu. Nhng li nh chm v sai st khi nhp lnh hay t chi khch hng v qu ng... s l iu khng cn c chp nhn trong mt th trng pht trin n nh. Thc t, khi Trung tm Giao dch Chng khon TP. H Ch Minh chun b khp lnh lin tc, rt nhiu cng ty sn sng p ng nhng ch v mt vi n v khng sn sng, chuyn khp lnh trc tip buc phi hon li. V khch hng s phn ng nh th no khi danh tnh nhng cng ty nh th c cng khai l iu m ai cng c th bit. V vy, khng cn cch no khc l cc cng ty buc phi dn sc u t cho cng ngh thng tin. Bn cnh yu cu khp lnh lin tc, cc cng ty cn phi cnh tranh nhau trong vic cung cp cc dch v giao dch trc

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tuyn... cng khin cc cng ty phi u t mnh m cho CNTT v mi cng ty c th chn cho mnh mt m hnh ph hp nht. Hin nay, hu ht cc CTCK ang s dng phn mm ca Cng ty h thng thng tin FPT v theo nh gi ca nhiu cng ty th chng trnh ny vn cha hon thin, cha th m rng c cho nhng dch v mi khi th trng pht trin mnh hn. V vy la chn cc phn mm nc ngoi l s la chn ti u nht v nc ngoi c kinh nghim v th trng chng khon nn chng trnh phn mm ca h c nhiu dch v mi m tng lai cc CTCK Vit Nam cng phi thc hin. Th nhng , khng phi bt k cng ty chng khon no cng sn sng chi ra mt s tin ln hng triu u t cho cng ngh thng tin, c bit l nhng CTCK mi ra i , quy m cn nh hoc li nhun cha nhiu. V vy mt gii php quan trng cn c xem xt l cc CTCK phi ci thin quy m vn, nn chuyn sang loi hnh cng ty c phn c nhiu la chn tin hnh mt s gii php tng vn, chng hn nh pht hnh c phiuHoc sp nhp cng l mt gii php tt cho cc CTCK c quy m vn nh. Sau 5 nm k t khi Vit Nam gia nhp WTO, cc cng ty chng khon 100% vn nc ngoi s c thnh lp. Khi , xu hng sp nhp, ku gi vn t cc nh u t nc ngoi s l xu hng tt yu gip cc CTCK gii quyt bi ton ci thin cng ngh v a dng ho dch v. s l nhng cng ty mnh v vn, cng ngh, nhn lc s ngy cng m rng hot ng, chim lnh phn ln mng dch v. V vy UBCK cn hon thin khung php l cho TTCK hot ng.

3.3 Mt s gi chnh sch nhm nng cao CLDV cc CTCK

Chnh ph, c th l U ban chng khon Nh Nc phi c cc gii php cho th trng chng khon ni chung v cc CTCK ni ring chiu rng v chiu su.

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Th nht, th trng chng khon cn mt hnh lang php l r rng hn. Lut chng khon Vit Nam c son tho v ban hnh trong bi cnh ci cch ton din h thng php l kp thi gia nhp T chng thng mi th gii (WTO) nm 2006. V l , cng vo tui i th trng chng khon cn rt tr nn nhiu quy nh trong lut cha thc s r rng v minh bch, kh p dng trong thc t.V d nh trc sc p v vn, cng ngh, kh nng cnh tranh th sp nhp v mua li cc cng ty ( hot ng M & A) chng khon l xu hng tt yu s din ra , nhng hot ng ny cn thiu hnh lang php l r rng. Cc quy nh v hot ng ny c quy nh trong nhiu vn bn khc nhau nh B lut dn s, Lut Doanh Nghip, Lut u T, Lut Cnh tranhnhng tt c ch mi dng li vic xc lp v mt hnh thc. Trong khi , M & A l mt giao dch thng mi, ti chnh. Giao dch ny i hi phi c quy nh c th, c mt c ch th trng cho bn, cho mua doanh nghip, gi c, cung cp thng tin, chuyn giao v xc lp s hu, chuyn dch t cch php nhn, cc ngha v ti chnh, thng hiu.Mt ngh nh v mua bn , sp nhp cc doanh nghip c yu t nc ngoi cn c son tho gp rt. Bn cnh cc tiu ch thnh lp v nh gi hot ng cc cng ty chng khon cn phi r rng v cht ch. V d nh cn nng cao tiu ch thnh lp cng ty chng khon di gc nng cao cht lng nh bt buc cc khi thnh lp cc cng ty chng khon mi cn phi c s tham gia ca cc nh ch ti chnh ln nh ngn hng, bo himv cho php c nh ch trung gian quc t tham gia hn l yu cu v vn 300 t. Th hai, gi chnh sch lin quan n nng cao cng ngh thng tin cc CTCK. Chnh ph phi h tr cho th trng chng khon ni chung v cc cng ty chng khon ni ring v vic xy dng c s h tng nhm gim nhu cu vn u t.V d nh: quy hoch mt bng a l cho cc cng ty to thnh mt ph Wall ca Tp HCM, ca H Ni, h thng bng thng ng truyn rng m bo cho giao dch trc tuyn hot ng tt. Theo quyt nh ph

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duyt chin lc pht trin th trng chng khon Vit Nam n nm 2010 c k ngy 05/08/2003 th cho n nay, tin trnh a h thng giao dch t ng hin i ti Trung tm Giao dch Chng khon thnh ph H Ch Minh vo vn hnh. Kt ni mng din rng gia h thng giao dch ca Trung tm Giao dch Chng khon vi cc cng ty chng khon thnh vin [ ] din ra rt chm. C th thng qua tng cng hp tc quc t, chnh sch h tr vay vn, Chnh ph c th gip cc CTCK u t vo c s h tng nhm nng cao cht lng dch v cc CTCK cng nh nng cao cht lng dch v th trng chng khon Vit Nam. Chnh ph to iu kin cho cc nh ch trung gian quc t tham gia trn th trng chng khon. S tham gia ca cc nh ch trung gian quc t s lm tng tnh cnh tranh trn th trng cung ng dch v ny. Cc nh ch ny s mang theo cc cng ngh qun l lm li cho nh u t qua cnh tranh v cht lng dch v. Th ba, gi chnh sch nng cao nng lc phc v chnh l vn con ngi, ngun nhn lc cho th trng chng khon. Xy dng v pht trin Trung tm Nghin cu v Bi dng nghip v chng khon v th trng chng khon thnh n v c iu kin v kh nng nghin cu v th trng chng khon; o to, bi dng nghip v qun l th trng chng khon, hp tc vi cc trng i hc, cc c s nghin cu trong v ngoi nc trong hot ng nghin cu, o to c bn v nng cao kin thc v th trng vn [] . U Ban Chng Khon khng nn l c s duy nht o to v cp chng ch hnh ngh chng khon. Cn nhn rng cc c s o to c cht lng chuyn su, iu kin hnh ngh chng khon l phi c o to bi bn nh cc ngnh ngh khc thng qua cc trng i Hc v vn o c ngh nghip phi c ch trng. Bn cnh , chnh ph ( c quan qun l ban ngnh) cn phi khuyn khch cc nh u t trang b kin thc chng khon, m rng v khuyn khch cc trng, cc t chc chuyn ngnh o to

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v lnh vc chng khon , ph bin kin thc v chng khon trn nhiu phng tin ( internet, truyn hnh, hi tho) .

3.4 Kt qu chnh v ng gp ca nghin cu

Nghin cu ny ng trn quan im tip th, th trng chng khon l mt th trng cao cp v nh u t l nhng khch hng c bit. Vic phn tch,o lng cht lng dch v cc cng ty chng khon thng qua nh gi ca nh u t l cc thng tin hu ch cho l thuyt tip th v cc nh hng , iu hnh qun l ca cc cng ty chng khon. Nh bit, SERVQUAL nguyn thu l thang o a hng vi nm thnh phn : Phng tin hu hnh, tin cy, ng cm, p ng v nng lc phc v . Cc thnh phn ny c trng cho tng thuc tnh ca cht lng dch v nh mt tng th thng nht. Chng hn : Phng tin hu hnh l s th hin v ngoi ca c s vt cht , nhn vin phc v; Nng lc phc v l kin thc, k nng, phong cch ca nhn vin , s hu dng ca c s vt chtTon b thang o ny c 20 bin quan st. Nghin cu s b cho thy nh u t c nhng cm nhn, nhn nh khng nh nhau i vi nhng i tng h tip xc trong qu trnh giao dch vi cc cng ty chng khon. Do vy 26 bin quan st ban u c ngh a vo bng cu hi v ch c 16 bin c gi li sau khi nh gi thang o nghin cu chnh thc. Qua phn tch o lng, thang o cht lng dch v cc cng ty chng khon trn th trng chng khon TP H Ch Minh vn a hng nhng ch vi bn thnh phn t tin cy v phn bit ( Phn tch nhn t cho phng sai trch t 61.41% v h s tin cy alpha ca tng thnh phn kh cao > 0.7). Hai thnh phn ca thang o Servqual, l mc p ng v nng lc phc v khng t c gi tr phn bit. Nh vy, hai thnh phn ny c th v mt l

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thuyt l hai thnh phn ring bit nhng v mt thc tin i vi cht lng dch v cc cng ty chng khon ti Tp H Ch Minh th chng gp thnh mt v to thnh mt khi nim n hng. Theo kt qu ca nghin cu ny, cht lng dch v cc cng ty chng khon trn th trng chng khon Tp H Ch Minh c o lng bng 16 bin quan st. Trong , mc tin cy c o lng bng 3 bin quan st. Mc ng cm c o lng bng 5 bin quan st. Phng tin hu hnh c o lng bng 2 bin quan st v nng lc phc v c o lng thng qua 6 bin quan st. Vic nh gi theo cu trc ny khng lm bc b hay lm gim i ngha l thuyt ca cht lng dch v cng nh ca thang o servqual v c th thy cc bin theo thnh phn c trng c vn hin din trong cc thnh phn i tng mi. Kt qu ny cho cc ngha v l thuyt nh sau. Mt l nghin cu ny gp phn vo h thng thang o cht lng dch v trn th gii bng cch b sung vo n mt h thng thang o cht lng dch v cho th trng chng khon ti Vit Nam. Hai l vi cc nh qun tr cc doanh nghip kinh doanh trong lnh vc chng khon , cht lng dch v c o lng qua i tng c th cung cp cc thng tin hu ch sau: (1) xc nh vai tr ca cc thnh phn trong ton b hot ng cung ng dch v, (2) o lng mc hi lng ca khch hng vi tng thnh phn. Cc thng tin ny l c s cho nh hng, gii php iu hnh c trng tm.

3.5 Hn ch ca nghin cu v hng nghin cu tip theo

y l mt nghin cu k tha cc nghin cu c, do cc hn ch l khng th trnh khi. Mt l, vic ly mu ch mt s cng ty chng khon ti khu vc Tp HCM lm cho tnh i din ca kt qu khng cao. Hn na, do th trng chng

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khon trn trn suy gim dn n s nhit tnh ca nh u t tham gia bt vn cng gim i. V vy, kch thc mu mc d t yu cu nhng kt qu ca nghin cu s t s tin cy hn nu kch thc mu ln hn. Hai l, trong nghin cu ny ch tp trung nh gi cht lng dch v cc cng ty chng khon ti khu vc TP H Ch Minh. Rt c th c s khc nhau gia hai th trng TP H Ch Minh v H Ni. Nh vy kin ngh th nht l nghin cu cn lp li cho vic o lng th trng chng khon H Ni v c s so snh hai th trng ny. Ba l, nghin cu ch tp trung vo i tng nh gi cht lng dch v l cc nh u t c nhn nn tnh khi qut ho v nh gi cht lng dch v cc cng ty chng khon cha cao. Kin ngh cho nghin cu sau l cn nghin cu thm i tng kho st l cc t chc u t vi cc dch v cao cp hn trn th trng chng khon. Cui cng l nghin cu ny ch xem xt , nh gi cht lng dch v thng qua s tha mn ca khch hng. C nhiu yu t khc gii thch cho s tha mn ca khch hng. Vn ny a ra mt hng nghin cu na cho cc nghin cu tip theo.

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TI LIU THAM KHO

Ti liu tham kho Ting Vit: [1] Hong Trng & Chu Nguyn Mng Ngc (2005), Phn tch d liu nghin cu vi SPSS, Nh xut bn thng k TPHCM. [2] H c Hng (2004), Qun tr Marketing, Bi ging cho hc vin cao hc, i Hc Kinh T TPHCM. [3] L Vn T, Trn c Sinh, v Nguyn Vn H (2005) Th trng chng khon ti Vit Nam. H Ni: Nh xut bn thng k. [4] L An Khang, Thng tin bt cn xng trn th trng CK TPHCM, Trng H Kinh T TPHCM.

[5] Nguyn Hong Chu (2004), Mi quan h gia cht lng o to sau
i hc v s tha mn v o to ca hc vin Vit Nam, i hc Bch Khoa, Thnh ph H Ch Minh.

[6] Nguyn nh Th v cc cng s (2003), o lng cht lng dch v

vui chi gii tr ngoi tri, CS2003-19, Trng i hc Kinh T, TPHCM. [7] Ng Quang Thu v cc cng s (2008), nh gi cht lng dch v vn ti hnh khch cng cng bng xe but v s hi lng ca ngi dn TP s dng xe but trn cc tuyn ni thnh Tp HCM, B2007-09-27 Trng i Hc Kinh T, TPHCM [8] Ngh nh 14/2007/N-CP quy nh chi tit thi hnh mt s iu ca Lut Chng khon v cho bn chng khon ra cng chng, nim yt chng khon, cng ty chng khon, cng ty qun l qu v cng ty u t chng khon.

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[9] Quyt nh s 163/2003/Q-TTg ngy 5 thng 8 nm 2003 ca Th tng Chnh ph v vic Ph duyt chin lc th trng chng khon Vit Nam n nm 2010. [10] Quyt nh s 898 /Q-BTC ngy 20 thng 02 nm 2006 ca B trng B Ti chnh v vic Ban hnh K hoch pht trin th trng chng khon Vit Nam 2006 2010. [11] Thc trng cng ty chng khon ti Vit Nam - Thc t hot ng v nhng thch thc tim n , http://www.saga.vn
[12] Khng hong trong dch v chng khon , http://vietbao.vn/The-gioi-

giai-tri/Khoang-trong-trong-dich-vu-chung-khoan/50782973/411/ [13] Chng khon trong nn kinh t dch v WTO, http://saga.vn/Cohoigiaothuong/Thitruong1/Thitruongchungkhoan/Chungkhoa nniemyet/7259.saga [14] Tm hiu mt s thut ng v hot ng ca cc cng ty chng khon, http://www.bwportal.com.vn/index.php?cid=4,4&txtid=641
[15] Bn v ch tiu thnh lp cng ty chng khon

http://www.saga.vn/Publics/PrintView.aspx?id=12512

Ti liu bng ting Anh: [16] Bacheket, D. (1995), Measuring Satisfaction; or the Chain, the Tree, and the Nest, trong Customer Satisfaction Research, Brookes, R. (ed.), ESOMAR.
[17] Oliver, R. L. (1997), Satisfaction A Behavioural Perspective on the Consumers, New York : McGraw-Hill

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[18] Parasuraman, A., V.A Zeithaml, & L. L. Berry (1988), SERVQUAL: a multiple-item scale for measuring consumer perceptions of service quality , Journal of Retailing, 64(1): 12-40. [19] Thongsamak, S. 2001. Service Quality: Its mesurement and relationship with customer satisfaction. ISE 5016 March 1th 2001. Available from: www.eng.vt.edu/irs/docs/Thongsamak_ServiceQuality.doc. [Access 11-042005] [20] University of Bradford, Introduction to research & research methods.

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Ph lc 1
Ph lc 1.1 : Bng cu hi nghin cu s b
BNG CU HI NGHIN CU S B

Xin cho anh /ch. Ti l Nh Chu, hc vin ca trng i Hc Kinh T TpHCM, chuyn ngnh Qun tr kinh doanh. Ti ang tin hnh mt chng trnh nghin cu khoa hc v cht lng dch v cc cng ty chng khon trn th trng chng khon TP HCM. Ti rt hn hnh c tho lun vi anh /ch v ch ny. Tt c nhng thng tin, quan im ca anh/ch s gip ch cho chng trnh nghin cu ca ti v phc v cho cc n v kinh doanh trong lnh vc ny hon thin hn na v cht lng dch v ca mnh. Khm ph yu t cht lng 1.Anh /ch m ti khon mua bn chng khon ti cng ty no? V sao anh/ch chn cng ty ? 2.Anh/ch thng giao dch ti sn, in thoi hay qua mng trc tuyn? Hnh thc giao dch no thun tin cho anh/ch? V sao? 3.Theo quan im ca anh /ch, khi ni n cht lng ca cc cng ty chng khon th nhng yu t no l quan trng nht? V sao? 4.Gi nhng yu t cu thnh (5 thnh phn) trong thang o SERQUAL 5.Trong cc yu t ny anh/ch cho bit yu t no l quan trng nht, nh, ba, khng quan trng t no? V sao? 6.Anh/ch cn thy yu t no khc m anh/ch cho l quan trng na kh? V sao? Trn trng cm n anh/ch dnh thi gian tham gia chng trnh nghin cu ny v cung cp nhng kin qu bu.

69

Ph lc 1.2 : Cc bin o lng CLDV v s tho mn ca khch hng ln 1

MC TIN CY 1. CTCK ny tun th ng lut php, quy trnh theo lut chng khon. 2. Khi bn cn gip , CTCK ny nhit tnh gip bn. 3. Bn cm thy an tm khi s dng dch v ti CTCK ny. 4. CTCK ny thng bo kp thi cho bn bit khi c s thay i trong qu trnh thc hin nhng cam kt trong hp ng. 5. CTCK ny lun gii quyt tha ng nhng thc mc, khiu ni ca bn. 6.Nhng hng dn ca nhn vin CTCK ny lm bn an tm. 7.Bn an tm v tnh bo mt thng tin, d liu ca CTCK ny. 8. Bn an tm v mi lin kt gia CTCK ny vi ngn hng. 9. Thng hiu ca CTCK ny lm bn tin tng. MC P NG 10. Nhn vin CTCK ny phc v bn nhanh chng. 11. Nhn vin CTCK ny lun sn sng gip bn. 12. D vo gi cao im bn cng c phc v tn tnh. 13. CTCK ny cung cp nhiu dch v tin ch cho bn. 14. CTCK ny lun cp nht bn tin chng khon kp thi. 15. Th tc ng trc tin bn , cm c ca CTCK ny lun nhanh chng. 16. Quy trnh t lnh ca CTCK ny nhanh chng, tin li. 17. CTCK ny cung cp kt qu khp lnh kp thi. NNG LC PHC V 18. Nhn vin CTCK ny gii p, hng dn r rng cc thc mc ca bn v dch v. 19. Cung cch phc v ca nhn vin trong CTCK ny to s tin tng i vi bn. 20. Nhn vin CTCK ny lun lch s, n cn vi bn. 21. Nhn vin CTCK ny c kin thc t vn cho bn. 22. Nhn vin CTCK ny c thao tc nhp lnh chnh xc. MC NG CM 23. CTCK ny th hin s quan tm n c nhn bn.

70 24. CTCK ny thng m cc lp t vn trn an nh u t khi th trng bin ng. 25. CTCK ny to iu kin tt nht c th cho nh u t. 26.CTCK lun tm cch hiu bit cc yu cu ca bn. 27.Nhn vin CTCK ny lun c nhng li khuyn tt khi bn cn t vn. 28. Nhn vin CTCK ny lun quan tm, tm hiu tm t nguyn vng ca bn. PHNG TIN HU HNH 29. Nhn vin trong CTCK ny c trang phc lch s 30. CTCK ny c h thng cng ngh hin i. 31. C s vt cht ca CTCK ny hin i, thoi mi. 32. Khng gian ca CTCK ny rng ri, mt m. 33. Ch gi xe an ton, thun li cho bn khi lin h giao dch. 34. CTCK c thi gian lm vic thun tin cho bn. 35. CTCK ny c y trang thit b phc v cho nh u t. S THA MN 36. Nhn chung, bn hon ton hi lng vi trang b vt cht ca CTCK ny. 37. Nhn chung, bn hon ton hi lng vi s ng cm ca CTCK ny dnh cho bn. 38. Nhn chung, bn hon ton hi lng vi cung cch phc v ca CTCK ny. 39. Nhn chung, bn hon ton hi lng vi kh nng p ng yu cu khch hng ca CTCK ny. 40. Nhn chung, bn hon ton tin cy CTCK ny.

71

Ph lc 1.3 : Bng cu hi nghin cu chnh thc vi cc bin o lng

CLDV ln 2 sau khi chnh sa.
BNG CU HI NGHIN CU Tn phng vn vin:. Phng vn lc :gi, ngy..thng.nm.. Tn ngi tr li : in thoi lin lc:... Ti cng ty chng khon: a ch cng ty chng khon:. Xin cho anh/ch Ti l Nh Chu, hc vin ca trng i Hc Kinh T TpHCM, chuyn ngnh Qun tr kinh doanh. Ti ang tin hnh mt chng trnh nghin cu khoa hc v cht lng dch v cc cng ty chng khon (CTCK) trn th trng chng khon TP HCM. Knh xin anh/ch dnh cht t thi gian tr li gip ti mt s cu hi sau bng cch nh du (x) vo cc vung sau: Cu 1 : Xin cho bit mc ng ca anh (ch) trong cc pht biu di y : (1: Hon ton khng ng , 2: Khng ng , 3: Bnh thng, 4: ng , 5: Hon ton ng ) 1 1. CTCK ny tun th ng lut chng khon. 2. Khi bn cn gip , CTCK ny nhit tnh gip bn. 3. Bn cm thy an tm khi s dng dch v ti CTCK ny. 4. CTCK ny thng bo kp thi cho bn bit khi c s thay i trong qu trnh thc hin nhng cam kt trong hp ng. 5. CTCK ny lun gii quyt tha ng nhng thc mc, khiu ni ca bn. 6. Thng hiu ca CTCK ny lm bn tin tng. 7. Nhn chung, bn hon ton tin cy CTCK ny. 8. Nhn vin CTCK ny phc v bn nhanh chng. 9. Nhn vin CTCK ny lun sn sng gip bn. 2 3 4 5

72 10. Nhn vin CTCK ny khng bao gi t ra bn rn khi bn cn lin h. 11. CTCK ny cung cp nhiu dch v tin ch cho bn. 12. Nhn chung, bn hon ton hi lng vi kh nng p ng yu cu khch hng ca CTCK ny. 13. Cung cch phc v ca nhn vin trong CTCK ny to s tin tng i vi bn. 14. Nhn vin CTCK ny lun lch s, n cn vi bn. 15. Nhn vin CTCK ny c kin thc t vn cho bn. 16.Nhn vin CTCK ny gii p, hng dn r rng cc thc mc ca bn v dch v. 17. Nhn chung, bn hon ton hi lng vi cung cch phc v ca CTCK ny. 18. CTCK ny th hin s quan tm n c nhn bn. 19. CTCK ny to iu kin tt nht c th cho nh u t. 20.CTCK lun tm cch hiu bit cc yu cu ca bn. 21.Nhn vin CTCK ny lun c nhng li khuyn tt khi bn cn t vn. 22. Nhn vin CTCK ny lun quan tm, tm hiu tm t nguyn vng ca bn. 23. Nhn chung, bn hon ton hi lng vi s ng cm ca CTCK ny dnh cho bn. 24. Nhn vin trong CTCK ny c trang phc lch s 25. CTCK ny c h thng cng ngh hin i. 26. C s vt cht ca CTCK ny hin i, thoi mi. 27. Khng gian ca CTCK ny rng ri, mt m. 28. Ch gi xe an ton, thun li cho bn khi lin h giao dch.

73 29. CTCK c thi gian lm vic thun tin cho bn. 30. CTCK ny c y trang thit b phc v cho nh u t. 31. Nhn chung, bn hon ton hi lng vi trang b vt cht ca CTCK ny. Cu 2: Anh/ch u t chng khon: Di 6 thng T 6 thng n 12 thng T 1 nm n 3 nm Trn 3 nm Cu 3: Anh/ ch (d nh)u t bao nhiu tin vo th trng chng khon: Di 50 triu ng T 50 n 300 triu ng T 300 triu n di 1t T 1 t n 3 t ng Trn 3 t ng Cu 4: Xin vui lng cho bit tui ca anh ch : Di 30 tui T 30 n 50 tui Trn 50 tui Cu 5: Xin vui lng cho bit gii tnh ca anh ch : Nam N

Chn thnh cm n s hp tc ca anh (ch)

74

Ph lc 1.4 : Cc thnh phn cu thnh thang o CLDV ca CTCK v S

tha mn ca khch hng.
MC TIN CY 1. CTCK ny tun th ng lut php, quy trnh theo lut chng khon. 2. Khi bn cn gip , CTCK ny nhit tnh gip bn. 3. Bn cm thy an tm khi s dng dch v ti CTCK ny. 4. CTCK ny thng bo kp thi cho bn bit khi c s thay i trong qu trnh thc hin nhng cam kt trong hp ng. 5. CTCK ny lun gii quyt tha ng nhng thc mc, khiu ni ca bn. 6. Thng hiu ca CTCK ny lm bn tin tng. MC P NG 7. Nhn vin CTCK ny phc v bn nhanh chng. 8. Nhn vin CTCK ny lun sn sng gip bn. 9. CTCK ny cung cp nhiu dch v tin ch cho bn. 10. Nhn vin CTCK ny khng bao gi t ra bn rn khi bn cn lin h. 11. CTCK ny cung cp kt qu khp lnh kp thi. NNG LC PHC V 12. Nhn vin CTCK ny gii p, hng dn r rng cc thc mc ca bn v dch v. 13. Cung cch phc v ca nhn vin trong CTCK ny to s tin tng i vi bn. 14. Nhn vin CTCK ny lun lch s, n cn vi bn. 15. Nhn vin CTCK ny c kin thc t vn cho bn. 16. Nhn vin CTCK ny gii p, hng dn r rng cc thc mc ca bn v dch v. MC NG CM 17. CTCK ny th hin s quan tm n c nhn bn. 18. CTCK ny to iu kin tt nht c th cho nh u t. 19.CTCK lun tm cch hiu bit cc yu cu ca bn. 20.Nhn vin CTCK ny lun c nhng li khuyn tt khi bn cn t vn. 21. Nhn vin CTCK ny lun quan tm, tm hiu tm t nguyn vng ca bn. PHNG TIN HU HNH

75 29. Nhn vin trong CTCK ny c trang phc lch s 30. CTCK ny c h thng cng ngh hin i. 31. C s vt cht ca CTCK ny hin i, thoi mi. 32. Khng gian ca CTCK ny rng ri, mt m. 33. Ch gi xe an ton, thun li cho bn khi lin h giao dch. 34. CTCK c thi gian lm vic thun tin cho bn. 35. CTCK ny c y trang thit b phc v cho nh u t. S THA MN 36. Nhn chung, bn hon ton hi lng vi trang b vt cht ca CTCK ny. 37. Nhn chung, bn hon ton hi lng vi s ng cm ca CTCK ny dnh cho bn. 38. Nhn chung, bn hon ton hi lng vi cung cch phc v ca CTCK ny. 39. Nhn chung, bn hon ton hi lng vi kh nng p ng yu cu khch hng ca CTCK ny. 40. Nhn chung, bn hon ton tin cy CTCK ny.

Ph lc 2 : Danh sch v a ch cc CTCK c chn kho st

STT 1 2 3 4 5 6 7 8 9 Tn cng ty chng khon Cty CP CK Thng Long Cty TNHH CK NH TMCP NT Vit Nam Cty CP CK Phng ng Cty CP CK FPT Cty TNHH CK NH Chu Cty CP CK Bin Vit Cty CP CK ng Dng Cty CP CK u Vit Cty TNHH CK NH T & PT 240 440 430 135 125 360 200 Vn iu l 420 700 02 Tn c Thng, Qun 1, HCM Lu 1, to nh Green Star, s 70 Phm Ngc Thch, P6, Q3, TPHCM 194 Nguyn Cng Tr, P. NTB, Q.1 31 Nguyn Cng Tr, P. NTB, Q.1 30 Mc nh Chi, P. akao,Q.1 51 Hm Nghi, P. NTB, Q.1 148-152 Nguyn Cng Tr, Q.1 Lu 3, 194 Nguyn Cng Tr, Q.1 12-14 NKKN, Q.1 a ch

76 10 11 12 13 14 Cty TNHH CK NH Si Gn Thng Tn Cty CP CK Si Gn Cty CP CK Bo Vit Cty CP CK u Lc ( Ph Hng) Cty TNHH CK NH NN & PTNT 1366 450 100 700 1100 63B Calmette, P.Nguyn Thi Bnh, Q.1, TP.HCM 92-94-96-98 Nguyn Cng Tr, Q.1 11 & 72 Nguyn Cng Tr, Q.1 08- T Xng, P.7,Q.3 207 Nguyn Vn Tri, Q.PN

Ph lc 3 : M t mu
Gii tnh
Gioi tinh
Cumulative Frequency Valid Nam Nu Total 132 44 176 Percent 75.0 25.0 100.0 Valid Percent 75.0 25.0 100.0 Percent 75.0 100.0

tui
Do tuoi
Cumulative Frequency Valid < 30 tuoi 30-50 tuoi > 50 tuoi Total 62 99 15 176 Percent 35.2 56.3 8.5 100.0 Valid Percent 35.2 56.3 8.5 100.0 Percent 35.2 91.5 100.0

77

Cc cng ty chng khon kho st

Cong ty chung khoan
Cumulative Frequency Valid CTCK Phuong Dong CTCK Dong Duong CTCK Bao Viet CTCK Au Lac CTCK Sai Gon SSI CTCK Thang Long CTCK FPT CTCK NH Dau Tu & Phat Trien CTCK NN & PTNT CTCK NH A Chau CTCT NH Sacombank CTCK NH Vietcombank CTCK u Viet CTCK Bien Viet Total 24 24 18 11 3 20 6 18 8 9 10 7 13 5 176 Percent 13.6 13.6 10.2 6.3 1.7 11.4 3.4 10.2 4.5 5.1 5.7 4.0 7.4 2.8 100.0 Valid Percent 13.6 13.6 10.2 6.3 1.7 11.4 3.4 10.2 4.5 5.1 5.7 4.0 7.4 2.8 100.0 Percent 13.6 27.3 37.5 43.8 45.5 56.8 60.2 70.5 75.0 80.1 85.8 89.8 97.2 100.0

Thi gian nh u t tham gia th trng chng khon

Khoang thoi gian nha dau tu tham gia thi truong chung khoan
Cumulative Frequency Valid < 6 thang 6-12 thang 1-3 nam > 3 nam Total 29 64 81 2 176 Percent 16.5 36.4 46.0 1.1 100.0 Valid Percent 16.5 36.4 46.0 1.1 100.0 Percent 16.5 52.8 98.9 100.0

78

S tin ( d nh ) u t
So tien da ( du dinh) dau tu
Cumulative Frequency Valid < 50 trieu dong 50-300 trieu dong 300 - 1ty dong 1-3 ty dong Total 47 96 31 2 176 Percent 26.7 54.5 17.6 1.1 100.0 Valid Percent 26.7 54.5 17.6 1.1 100.0 Percent 26.7 81.3 98.9 100.0

Thng k m t cc thnh phn ca CLDV cc CTCK

Descriptive Statistics

Std. N Statistic nhom1 nhom2 nhom3 nhom4 hailong Valid N (listwise) 176 176 176 176 176 176 Minimum Statistic 2.17 1.20 1.50 1.50 2.00 Maximum Statistic 4.83 5.00 5.00 5.00 4.80 Mean Statistic 3.6449 3.0511 3.7031 3.6051 3.5489 Std. Error .04339 .04477 .05122 .06052 .04303 Deviation Statistic .57570 .59397 .67950 .80287 .57081

79

Ph lc 4 : Phn tch Cronbach Alpha

Bng 4.1 tin cy Cronbach Alpha S hi lng (SAT) 5 bin
Trung bnh loi bin Bn hon ton tin cy CTCK ny( SAT-1) Bn hi lng vi kh nng p ng yu cu ca CTCK ( SAT-2) 14.14 14.63 14.05 0.759 Bn hi lng vi cung cch phc v ca nhn vin CTCK ( SAT-3) Bn hi lng vi s ng cm ca CTCK dnh cho bn ( SAT-4) Bn hi lng vi trang b vt cht ca CTCK (SAT-5) Cronbachs alpha 14.05 14.11 Phng sai loi bin 5.523 5.194 5.300 6.006 5.404 Tng quan bin tng .514 .708 .607 .455 .577 Alpha nu loi bin .771 .708 .740 .786 .750

thang o nu thang o nu

Bng 4.2 H s Cronbach alpha ca cc thnh phn thang o CLDV cc cng ty chng khon ban u
Trung bnh Bin quan st Mc tin cy REL-1 REL-2 REL-3 REL-4 REL-5 REL-6 18.42 18.30 18.22 18.15 18.11 18.63 9.502 10.657 9.782 10.207 10.536 10.749 .560 .538 .774 .590 .702 .560 .826 .822 .777 .812 .795 .818 thang o nu loi bin Phng sai thang o nu loi bin Tng quan bin tng Alpha nu loi bin

80 Alpha = .835 Mc p ng RES-1 RES-2 RES-3 RES-4 Alpha = .650 Nng lc phc v ASS-1 ASS-2 ASS-3 ASS-4 Alpha = .818 Mc ng cm EMP-1 EMP-2 EMP-3 EMP-4 EMP-5 Alpha = .839 Phng tin hu hnh TAN-1 TAN-2 TAN-3 TAN-4 TAN-5 TAN-6 TAN-7 Alpha = .858 20.60 20.98 20.98 21.09 21.51 21.22 21.13 12.093 11.274 11.131 12.220 13.040 12.985 11.931 .554 .702 .799 .649 .446 .475 .781 .849 .826 .812 .835 .862 .858 .819 12.13 12.11 12.25 12.23 12.30 5.539 6.296 5.537 6.145 5.846 .626 .543 .746 .589 .723 .813 .832 .776 .820 .785 10.66 10.83 11.02 10.64 4.030 4.074 3.782 4.094 .694 .616 .605 .656 .748 .781 .792 .764 10.64 10.66 10.85 11.03 2.311 2.329 2.679 2.588 .618 .611 .329 .249 .459 .464 .648 .728

81

Bng 4.3 Thng k s lng bin quan st v h s Cronbach alpha ca cc thnh phn thang o cht lng dch v cc CTCK sau khi iu chnh
Thnh phn thang o 1. Mc tin cy 2. Mc p ng 3. Nng lc phc v 4. Mc ng cm 5. Phng tin hu hnh 6 4 4 5 7 S bin quan st Ban u 6 2 4 5 2 Sau Cronbach alpha Ban u 0.835 0.650 0.818 0.839 0.858 Sau 0.835 0.827 0.818 0.839 0.918

Ph lc 5 : Phn tch nhn t khm ph EAF

Ph lc 5.1 : Phn tch EFA cho thang o CLDV ban u
KMO and Bartlett's Test

Kaiser-Meyer-Olkin Measure of Sampling Adequacy. Bartlett's Test of Sphericity Approx. Chi-Square df Sig. .852 2004.967 171 .000

82
Total Variance Explained

Rotation Sums of Squared Factor Total 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 7.542 2.437 1.443 1.210 .861 .737 .686 .648 .577 .541 .449 .371 .308 .280 .251 .202 .192 .166 .099 Initial Eigenvalues % of Variance 39.693 12.826 7.595 6.370 4.532 3.877 3.612 3.411 3.034 2.849 2.363 1.953 1.621 1.475 1.323 1.063 1.008 .874 .520 Cumulative % 39.693 52.519 60.114 66.484 71.016 74.893 78.505 81.917 84.951 87.800 90.163 92.116 93.737 95.212 96.535 97.597 98.606 99.480 100.000 Extraction Sums of Squared Loadings % of Total 7.141 2.071 1.074 .852 Variance 37.585 10.900 5.651 4.487 Cumulative % 37.585 48.485 54.137 58.623 Total 5.909 4.023 4.930 5.123 Loadings(a)

Extraction Method: Principal Axis Factoring. a When factors are correlated, sums of squared loadings cannot be added to obtain a total variance.

83
Pattern Matrix(a)

Factor 1 Nhan vien CTCK co kien thuc de tu van cho ban ASS-3 Nhan vien CTCK luon lich su, an can voi ban ASS-2 Cung cach phuc vu cua nhan vien tao su tin tuong cho ban ASS-1 Nhan vien CTCK giai dap ro rang cac thac mac cua ban ASS-4 Nhan vien CTCK luon san sang giup do ban RES-4 Nhan vien CTCK phuc vu ban nhanh chong RES-1 CTCK thong bao kip thoi cho ban biet khi co su thay doi REL-4 Nhan vien CTCK luon quan tam, tim hieu nguyen vong cua ban EMP-5 CTCK luon tim cach hieu biet cac yeu cau cua ban EMP-3 Nhan vien CTCK luon co loi khuyen tot khi ban can tu van EMP-4 CTCK the hien su quan tam den ca nhan ban EMP-1 CTCK tao dieu kien tot nhat co the cho nha dau tu EMP-2 Khi ban can giup do, CTCK nhiet tinh giup ban REL-2 Ban cam thay an tam khi su dung dich vu tai CTCK nay REL-3 CTCK tuan thu dung luat chung khoan REL-1 CTCK luon giai quyet thoa dang nhung thac mac cua ban REL-5 CTCK co he thong cong nghe hien dai TAN-2 Co so vat chat cua CTCK nay hien dai, thoai mai TAN-3 Thuong hieu cua CTCK lam ban tin tuong REL-6 Extraction Method: Principal Axis Factoring. Rotation Method: Promax with Kaiser Normalization. a Rotation converged in 6 iterations. .833 .800 .713 .712 .624 .416 .250 -.157 -.095 .222 .092 .132 -.277 .159 -.027 .078 -.051 -.121 .156 2 -.008 .053 .074 -.037 -.135 -.067 .222 .905 .890 .666 .607 .464 -.009 -.020 .048 .120 -.059 .018 -.040 3 -.193 -.079 -.250 .088 .387 .355 .192 .050 -.118 .193 -.061 -.018 1.001 .631 .524 .408 -.052 .100 .203 4 -.051 -.125 .297 .021 -.191 .164 .185 -.063 .102 -.356 .122 .147 -.075 .198 .122 .348 .985 .879 .386

Ph lc 5.2 : Phn tch EFA cho thang o CLDV sau khi b bin REL-4

KMO and Bartlett's Test

Kaiser-Meyer-Olkin Measure of Sampling Adequacy. Bartlett's Test of Sphericity Approx. Chi-Square df Sig. .839 1864.032 153 .000

84

Total Variance Explained

Rotation Sums of Squared Loadings(a Initial Eigenvalues Factor 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Total 7.091 2.435 1.440 1.210 .752 .720 .670 .577 .546 .509 .445 .364 .304 .272 .203 .195 .167 .099 % of Variance 39.393 13.528 8.002 6.724 4.178 4.002 3.725 3.203 3.034 2.828 2.472 2.022 1.690 1.510 1.129 1.082 .930 .549 Cumulative % 39.393 52.920 60.923 67.646 71.824 75.826 79.551 82.754 85.789 88.617 91.089 93.111 94.801 96.311 97.440 98.521 99.451 100.000 Extraction Sums of Squared Loadings Total 6.703 2.070 1.087 .862 % of Variance 37.236 11.501 6.037 4.789 Cumulative % 37.236 48.738 54.775 59.564 ) Total 5.500 3.701 4.532 4.740

Extraction Method: Principal Axis Factoring. a When factors are correlated, sums of squared loadings cannot be added to obtain a total variance.

85
Pattern Matrix(a)

Factor 1 Nhan vien CTCK co kien thuc de tu van cho ban ASS-3 Nhan vien CTCK luon lich su, an can voi ban ASS-2 Nhan vien CTCK giai dap ro rang cac thac mac cua ban ASS-4 Cung cach phuc vu cua nhan vien tao su tin tuong cho ban ASS-1 Nhan vien CTCK luon san sang giup do ban RES-2 Nhan vien CTCK phuc vu ban nhanh chong RES-1 Nhan vien CTCK luon quan tam, tim hieu nguyen vong cua ban EMP-5 CTCK luon tim cach hieu biet cac yeu cau cua ban EMP-3 Nhan vien CTCK luon co loi khuyen tot khi ban can tu van EMP-4 CTCK the hien su quan tam den ca nhan ban EMP-1 CTCK tao dieu kien tot nhat co the cho nha dau tu EMP-2 Khi ban can giup do, CTCK nhiet tinh giup ban REL-2 Ban cam thay an tam khi su dung dich vu tai CTCK nay REL-3 CTCK tuan thu dung luat chung khoan- REL-1 CTCK luon giai quyet thoa dang nhung thac mac cua ban REL-5 CTCK co he thong cong nghe hien dai TAN-2 Co so vat chat cua CTCK nay hien dai, thoai mai TAN-3 Thuong hieu cua CTCK lam ban tin tuong TAN-6 Extraction Method: Principal Axis Factoring. Rotation Method: Promax with Kaiser Normalization. a Rotation converged in 6 iterations. .815 .790 .704 .695 .621 .418 -.151 -.079 .224 .098 .137 -.270 .170 -.014 .092 -.042 -.110 .164 2 .000 .062 -.024 .082 -.120 -.055 .905 .865 .667 .600 .462 .003 -.009 .051 .119 -.041 .036 -.038 3 -.184 -.074 .091 -.232 .383 .348 .060 -.111 .197 -.055 -.012 .996 .618 .508 .391 -.043 .110 .195 4 -.044 -.115 .029 .291 -.177 .170 -.049 .108 -.336 .129 .152 -.063 .206 .129 .343 .981 .874 .376

Ph lc 5.3 : Phn tch EFA cho thang o CLDV sau khi loi b REL-5
KMO and Bartlett's Test

Kaiser-Meyer-Olkin Measure of Sampling Adequacy. Bartlett's Test of Sphericity Approx. Chi-Square df Sig. Total Variance Explained .821 1712.945 136 .000

86

Rotation Sums of Squared Loadings(a Initial Eigenvalues Factor 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Total 6.560 2.416 1.408 1.209 .749 .712 .659 .577 .545 .445 .404 .333 .304 .218 .195 .168 .099 % of Variance 38.585 14.212 8.283 7.109 4.404 4.185 3.879 3.392 3.204 2.618 2.377 1.961 1.789 1.284 1.146 .990 .583 Cumulative % 38.585 52.797 61.080 68.189 72.592 76.778 80.656 84.048 87.252 89.870 92.247 94.208 95.997 97.281 98.427 99.417 100.000 Extraction Sums of Squared Loadings Total 6.173 2.052 1.078 .852 % of Variance 36.312 12.071 6.344 5.014 Cumulative % 36.312 48.384 54.727 59.741 ) Total 5.159 3.520 4.158 3.883

Extraction Method: Principal Axis Factoring. a When factors are correlated, sums of squared loadings cannot be added to obtain a total variance.

87
Pattern Matrix(a)

Factor 1 Nhan vien CTCK co kien thuc de tu van cho ban PV-3 Nhan vien CTCK luon lich su, an can voi ban PV-2 Cung cach phuc vu cua nhan vien tao su tin tuong cho ban PV-1 Nhan vien CTCK giai dap ro rang cac thac mac cua ban PV-4 Nhan vien CTCK luon san sang giup do ban DU-2 Nhan vien CTCK phuc vu ban nhanh chong DU-1 Nhan vien CTCK luon quan tam, tim hieu nguyen vong cua ban DC-5 CTCK luon tim cach hieu biet cac yeu cau cua ban DC-3 Nhan vien CTCK luon co loi khuyen tot khi ban can tu van DC-4 CTCK the hien su quan tam den ca nhan ban DC-1 CTCK tao dieu kien tot nhat co the cho nha dau tu DC-2 CTCK co he thong cong nghe hien dai VC-2 Co so vat chat cua CTCK nay hien dai, thoai mai VC-3 Thuong hieu cua CTCK lam ban tin tuong TC-6 Khi ban can giup do, CTCK nhiet tinh giup ban TC-2 Ban cam thay an tam khi su dung dich vu tai CTCK nay TC-3 CTCK tuan thu dung luat chung khoan- TC-1 Extraction Method: Principal Axis Factoring. Rotation Method: Promax with Kaiser Normalization. a Rotation converged in 6 iterations. .815 .776 .706 .704 .620 .435 -.143 -.080 .221 .102 .134 -.030 -.092 .187 -.254 .194 -.009 2 -.002 .064 .084 -.019 -.112 -.044 .896 .862 .663 .599 .465 -.027 .052 -.028 .020 .006 .064 3 -.052 -.106 .268 .033 -.158 .170 -.042 .107 -.315 .127 .155 .970 .858 .360 -.030 .215 .144 4 -.188 -.063 -.229 .091 .372 .329 .058 -.096 .189 -.048 .002 -.023 .126 .184 .968 .591 .508

Ph lc 5.4 : Phn tch EAF thang o CLDV sau khi b REL-6

KMO and Bartlett's Test

Kaiser-Meyer-Olkin Measure of Sampling Adequacy. Bartlett's Test of Sphericity Approx. Chi-Square df Sig. .815 1611.431 120 .000

88
Total Variance Explained

Rotation Sums of Squared Loadings(a Initial Eigenvalues Factor 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Total 6.235 2.371 1.384 1.198 .713 .693 .578 .545 .477 .441 .334 .306 .249 .197 .179 .099 % of Variance 38.971 14.820 8.651 7.488 4.457 4.329 3.610 3.408 2.980 2.755 2.088 1.912 1.558 1.233 1.120 .620 Cumulative % 38.971 53.791 62.442 69.931 74.388 78.717 82.326 85.734 88.714 91.469 93.558 95.469 97.027 98.261 99.380 100.000 Extraction Sums of Squared Loadings Total 5.862 2.020 1.078 .867 % of Variance 36.639 12.622 6.738 5.420 Cumulative % 36.639 49.261 55.999 61.419 ) Total 4.930 3.497 3.638 3.716

Extraction Method: Principal Axis Factoring. a When factors are correlated, sums of squared loadings cannot be added to obtain a total variance.

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Pattern Matrix(a)

Factor 1 Nhan vien CTCK co kien thuc de tu van cho ban ASS-3 Nhan vien CTCK luon lich su, an can voi ban ASS-2 Nhan vien CTCK giai dap ro rang cac thac mac cua ban ASS-4 Cung cach phuc vu cua nhan vien tao su tin tuong cho ban ASS1 Nhan vien CTCK luon san sang giup do ban RES-2 Nhan vien CTCK phuc vu ban nhanh chong RES-1 Nhan vien CTCK luon quan tam, tim hieu nguyen vong cua ban EMP-5 CTCK luon tim cach hieu biet cac yeu cau cua ban EMP-3 Nhan vien CTCK luon co loi khuyen tot khi ban can tu van EMP-4 CTCK the hien su quan tam den ca nhan ban EMP-1 CTCK tao dieu kien tot nhat co the cho nha dau tu EMP-2 Khi ban can giup do, CTCK nhiet tinh giup ban REL-2 Ban cam thay an tam khi su dung dich vu tai CTCK nay REL-3 CTCK tuan thu dung luat chung khoan- REL-1 CTCK co he thong cong nghe hien dai TAN-2 Co so vat chat cua CTCK nay hien dai, thoai mai TAN-3 Extraction Method: Principal Axis Factoring. Rotation Method: Promax with Kaiser Normalization. a Rotation converged in 6 iterations. .810 .775 .706 .704 .625 .450 -.144 -.080 .218 .101 .135 -.250 .217 .012 -.026 -.050 2 -.005 .062 -.023 .084 -.120 -.046 .893 .874 .663 .593 .464 .016 .004 .066 -.039 .058 3 -.182 -.061 .094 -.210 .362 .328 .054 -.094 .176 -.042 .009 .982 .588 .498 -.007 .154 4 -.051 -.111 .032 .253 -.150 .156 -.035 .082 -.312 .143 .155 -.029 .198 .122 1.006 .789

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Bng 5.1 Kt qu phn tch EAF ca thang o cht lng dch v cc CTCK
Bin quan st 1 ASS-3 ASS-2 ASS-4 ASS-1 RES-2 RES-1 EMP-5 EMP-3 EMP-4 EMP-1 EMP-2 REL-2 REL-3 REL-1 TAN-2 TAN-3 Eigenvalue Phng sai trch Cronbach alpha .810 .775 .706 .704 .625 .450 -.144 -.080 .218 .101 .135 -.250 .217 .012 -.026 -.050 6.253 36.639 0.856 2 -.005 .062 -.023 .084 -.120 -.046 .893 .874 .663 .593 .464 .016 .004 .066 -.039 .058 2.371 12.622 0.839 Yu t 3 -.182 -.061 .094 -.210 .362 .328 .054 -.094 .176 -.042 .009 .982 .588 .498 -.007 .154 1.384 6.738 0.768 4 -.051 -.111 .032 .253 -.150 .156 -.035 .082 -.312 .143 .155 -.029 .198 .122 1.006 .789 1.198 5.420 0.918

Ph lc 5. 6 : Phn tch EAF cho thang o s tho mn ca khch hng

KMO and Bartlett's Test

Kaiser-Meyer-Olkin Measure of Sampling Adequacy. Bartlett's Test of Sphericity Approx. Chi-Square df Sig. .754 273.883 10 .000

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Total Variance Explained

Initial Eigenvalues Factor 1 2 3 4 5 Total 2.750 .874 .621 .452 .303 % of Variance 55.000 17.482 12.422 9.037 6.060 Cumulative % 55.000 72.482 84.903 93.940 100.000

Extraction Sums of Squared Loadings Total 2.240 % of Variance 44.797 Cumulative % 44.797

Extraction Method: Principal Axis Factoring. Component Matrix(a) Component 1 Ban hai long voi kha nang dap ung yeu cau khach hang cua CTCK HL-3 Ban hai long voi cung cach phuc vu cua nhan vien CTCK HL-3 Ban hai long voi trang bi vat chat cua CTCK HL-5 Ban hoan toan tin cay CTCK nay HL-1 Ban hai long voi su dong cam CTCK danh cho ban HL-4 Extraction Method: Principal Component Analysis. .848 .779 .740 .689 .635

Bng 5.2 Phn tch nhn t S hi lng (SAT )

Bin quan st Yu t

1 Bn hi lng vi kh nng p ng yu cu ca CTCK (SAT-2) Bn hi lng vi cung cch phc v ca nhn vin CTCK ( SAT-3) Bn hi lng vi trang b vt cht ca CTCK (SAT-5) Bn hon ton tin cy CTCK ny ( SAT-1) Bn hi lng vi s ng cm ca CTCK dnh cho bn ( SAT-4) Eigenvalue Phng sai trch .848 .779 .740 .689 .635 2.57 55%

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Ph lc 6 : Phn tch tng quan Correlations

Descriptive Statistics

Mean nhom1 nhom2 nhom3 nhom4 hailong 3.6449 3.0511 3.7031 3.6051 3.5489

Std. Deviation .57570 .59397 .67950 .80287 .57081

N 176 176 176 176 176

Correlations

nhom1 nhom1 Pearson Correlation Sig. (2-tailed) N nhom2 Pearson Correlation Sig. (2-tailed) N nhom3 Pearson Correlation Sig. (2-tailed) N nhom4 Pearson Correlation Sig. (2-tailed) N hailong Pearson Correlation Sig. (2-tailed) N 176 .422(**) .000 176 .582(**) .000 176 .504(**) .000 176 .750(**) .000 176 1

nhom2 .422(**) .000 176 1 176 .300(**) .000 176 .324(**) .000 176 .610(**) .000 176

nhom3 .582(**) .000 176 .300(**) .000 176 1 176 .554(**) .000 176 .660(**) .000 176

nhom4 .504(**) .000 176 .324(**) .000 176 .554(**) .000 176 1 176 .711(**) .000 176

hailong .750(**) .000 176 .610(**) .000 176 .660(**) .000 176 .711(**) .000 176 1 176

** Correlation is significant at the 0.01 level (2-tailed).

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Bng 6.1 Ma trn tng quan gia SAT TAN,REL,ASS,EMP

Nng lc phc v Nng lc phc v Pearson Correlation Sig. (2-tailed) N Mc ng cm Pearson Correlation Sig. (2-tailed) N Mc tin cy Pearson Correlation Sig. (2-tailed) N Phng tin hu hnh Pearson Correlation Sig. (2-tailed) N S hi lng Pearson Correlation Sig. (2-tailed) N 176 .422(**) .000 176 .582(**) .000 176 .504(**) .000 176 .750(**) .000 176 1

Mc ng cm .422(**) .000 176 1 176 .300(**) .000 176 .324(**) .000 176 .610(**) .000 176

Mc tin Phng tin cy .582(**) .000 176 .300(**) .000 176 1 176 .554(**) .000 176 .660(**) .000 176 176 .711(**) .000 176 hu hnh .504(**) .000 176 .324(**) .000 176 .554(**) .000 176 1

S hi lng

.750(**) .000 176 .610(**) .000 176 .660(**) .000 176 .711(**) .000 176 1 176

Ph lc 7 : Phn tch hi quy tuyn tnh

Regression
Variables Entered/Removed(b)

Variables Model 1 Entered nhom4, nhom2, nhom3, nhom1(a)

Variables Removed Method

. Enter

a All requested variables entered. b Dependent Variable: hailong

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ANOVA(b)

Sum of Model 1 Regression Residual Total Squares 45.839 11.181 57.020 df 4 171 175 Mean Square 11.460 .065 F 175.269 Sig. .000(a)

a Predictors: (Constant), nhom4, nhom2, nhom3, nhom1 b Dependent Variable: hailong Coefficients(a)

Unstandardized Coefficients Model 1 (Constant) nhom1 nhom2 nhom3 nhom4 a Dependent Variable: hailong B -.017 .344 .288 .152 .241 Std. Error .140 .045 .036 .038 .030

Standardized Coefficients Beta .347 .300 .181 .339 t B -.120 7.709 7.949 4.033 7.971 Sig. Std. Error .905 .000 .000 .000 .000

Bng 7.1 Hi quy a bin : SAT = f( REL, ASS, TAN, EMP)

R Square

Adjusted R Square

Std. Error of the Estimate R Square Change

Change Statistics F Change Df1 Df2 Sig. F Change

DurbinWatson

.897(a)

.804

.799

.25570

.804

175.269 4

171 .000

1.947

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Bng 7.2 Thng k phn tch cc h s hi quy tng phn

Unstandardized Thnh phn Coefficients Std. B (Constant) Phng tin hu hnh Mc tin cy Mc ng cm Nng lc phc v -.017 .241 .152 .288 .344 Error .140 .030 .038 .036 .045 .339 .181 .300 .347 Beta -.120 7.971 4.033 7.949 7.709 .905 .000 .000 .000 .000 .634 .570 .805 .566 1.578 1.754 1.242 1.768 Standardized Coefficients t Sig. Collinearity Statistics Tolerance VIF