Luận văn thạc sĩ: Đánh giá hiệu quả đầu tư trong khu vực công tại HIFU

Luận văn thạc sĩ UEH đánh giá hiệu quả đầu tư trong khu vực công, cung cấp cái nhìn sâu sắc về quản lý tài chính và phát triển bền vững.

• Tác giả: Đặng Hải Yến
• Người hướng dẫn: Dr. Nguyễn Minh Kiều
• Trường học: University Of Economics Hochiminh City
• Chuyên ngành: Business Administration
• Đề tài: Evaluating The Performance Of Investments In Public Sector: A Case Study Of Hifu
• Loại tài liệu: Thesis
• Năm xuất bản: 2010
• Địa điểm: Ho Chi Minh City

Mục lục chi tiết

• Acknowledgement
• Abstract
• Contents
• 1. CHAPTER 1: Introduction to the study
• 1.1. Rationale of the study
• 1.2. Research objectives and questions
• 1.3. Scope and Limitations
• 1.4. Implications of research
• 1.5. Structure of the study
• 2. CHAPTER 2: Introduction to HIFU
• 2.1. Introduction
• 2.2. Legal status of HIFU
• 2.3. Main business activities
• 2.4. Trusted Fund management
• 2.5. Authorized municipal bond issuance
• 2.6. Monitoring and evaluation of outcomes/ results
• 3. CHAPTER 3: Literature Review
• 3.1. The performance of the public organizations/funds
• 3.2. Measuring the performance of the public organizations/funds
• 4. CHAPTER 4: Research Methods
• 5. CHAPTER 5: Data Analysis and Findings
• 5.1. Links between data analysis and research objectives and questions
• 5.2. The findings of data analysis
• 5.2.1. The current performance measurement of HIFU in public investments
• 5.2.2. Experiences of performance measurement in public investments
• 5.2.3. Expectations of performance measurement in public investments
• 5.2.4. Objectives used to evaluate performance in public investments
• 6. CHAPTER 6: Conclusions and Recommendations
• 6.1. Conclusions related to research questions
• 6.1.1. Conclusions related to the first question
• 6.1.2. Conclusions related to the second question
• 6.2. Recommendations of the research study
• 6.2.1. Recommendations for HIFU
• 6.2.2. Recommendations for the government
• 6.2.3. Recommendations for funder – HCMC People’s Committee
• 6.3. Limitations and further research
• Guidance for indepth-interviews
• List of interviewees
• Financial statements of 2008 and 2009

Tóm tắt

I. Đánh giá hiệu quả đầu tư trong khu vực công Tổng quan và ý nghĩa

Đánh giá hiệu quả đầu tư trong khu vực công là một chủ đề quan trọng trong quản lý tài chính công. Đặc biệt, trong bối cảnh Việt Nam, việc đánh giá này không chỉ giúp cải thiện hiệu suất của các dự án mà còn nâng cao trách nhiệm giải trình của các tổ chức công. Nghiên cứu trường hợp HIFU (Quỹ Đầu tư Phát triển Đô thị Hồ Chí Minh) sẽ cung cấp cái nhìn sâu sắc về cách thức đánh giá hiệu quả đầu tư trong khu vực công.

1.1. Tại sao cần đánh giá hiệu quả đầu tư công

Đánh giá hiệu quả đầu tư công giúp xác định mức độ thành công của các dự án, từ đó cải thiện quy trình ra quyết định và phân bổ nguồn lực. Việc này cũng giúp tăng cường sự minh bạch và trách nhiệm trong quản lý tài chính công.

1.2. Các tiêu chí đánh giá hiệu quả đầu tư công

Các tiêu chí đánh giá bao gồm hiệu quả tài chính, hiệu quả xã hội và khả năng đạt được các mục tiêu đề ra. Những tiêu chí này giúp cung cấp cái nhìn toàn diện về hiệu suất của các dự án đầu tư công.

II. Vấn đề và thách thức trong đánh giá hiệu quả đầu tư công

Mặc dù việc đánh giá hiệu quả đầu tư công là cần thiết, nhưng vẫn tồn tại nhiều thách thức. Các vấn đề như thiếu dữ liệu, tiêu chí đánh giá không đồng nhất và sự phức tạp trong quản lý dự án là những rào cản lớn.

2.1. Thiếu dữ liệu và thông tin

Nhiều dự án không có hệ thống dữ liệu đầy đủ để phục vụ cho việc đánh giá. Điều này dẫn đến việc khó khăn trong việc xác định hiệu quả thực sự của các khoản đầu tư.

2.2. Tiêu chí đánh giá không đồng nhất

Sự khác biệt trong các tiêu chí đánh giá giữa các tổ chức có thể dẫn đến kết quả không chính xác và khó so sánh. Cần có một bộ tiêu chí thống nhất để đảm bảo tính nhất quán trong đánh giá.

III. Phương pháp đánh giá hiệu quả đầu tư công Nghiên cứu trường hợp HIFU

Nghiên cứu trường hợp HIFU sẽ áp dụng các phương pháp đánh giá hiệu quả đầu tư công hiện đại, bao gồm phân tích chi phí-lợi ích và các chỉ số tài chính. Những phương pháp này sẽ giúp xác định rõ ràng hơn về hiệu quả của các dự án đầu tư.

3.1. Phân tích chi phí lợi ích

Phân tích chi phí-lợi ích là một công cụ quan trọng trong việc đánh giá hiệu quả đầu tư. Nó giúp so sánh chi phí đầu tư với lợi ích thu được từ dự án, từ đó đưa ra quyết định hợp lý.

3.2. Các chỉ số tài chính trong đánh giá

Sử dụng các chỉ số tài chính như tỷ suất lợi nhuận, tỷ lệ hoàn vốn và chi phí vốn sẽ giúp đánh giá hiệu quả tài chính của các dự án đầu tư công một cách chính xác hơn.

IV. Ứng dụng thực tiễn và kết quả nghiên cứu từ HIFU

Kết quả nghiên cứu từ HIFU cho thấy rằng việc áp dụng các phương pháp đánh giá hiệu quả đầu tư đã mang lại những cải thiện đáng kể trong quản lý dự án. Các dự án đầu tư đã được tối ưu hóa về chi phí và thời gian thực hiện.

4.1. Cải thiện hiệu quả quản lý dự án

Việc áp dụng các phương pháp đánh giá đã giúp HIFU cải thiện quy trình quản lý dự án, từ đó nâng cao hiệu quả sử dụng nguồn lực.

4.2. Tăng cường trách nhiệm giải trình

Kết quả đánh giá đã giúp HIFU tăng cường trách nhiệm giải trình đối với các bên liên quan, từ đó nâng cao niềm tin của công chúng vào các dự án đầu tư công.

V. Kết luận và tương lai của đánh giá hiệu quả đầu tư công

Đánh giá hiệu quả đầu tư công là một quá trình cần thiết để nâng cao hiệu suất và trách nhiệm trong quản lý tài chính công. Tương lai của việc đánh giá này sẽ phụ thuộc vào việc cải thiện hệ thống dữ liệu và tiêu chí đánh giá.

5.1. Hướng đi tương lai cho HIFU

HIFU cần tiếp tục cải thiện các phương pháp đánh giá và mở rộng phạm vi đánh giá để bao quát nhiều lĩnh vực hơn trong đầu tư công.

5.2. Khuyến nghị cho các tổ chức công khác

Các tổ chức công khác cũng nên học hỏi từ kinh nghiệm của HIFU để áp dụng các phương pháp đánh giá hiệu quả đầu tư, từ đó nâng cao hiệu suất và trách nhiệm giải trình.

Trích đoạn nội dung tài liệu

MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HOCHIMINH CITY ---------------- ĐẶNG HẢI YẾN EVALUATING THE PERFORMANCE OF INVESTMENTS IN PUBLIC SECTOR: A CASE STUDY OF HIFU MASTER OF BUSINESS ADMINISTRATION THESIS HoChiMinh City - 2010 LUAN VAN CHAT LUONG download : add [e-mail] 1 MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HO CHI MINH CITY ---------------- ĐẶNG HẢI YẾN EVALUATING THE PERFORMANCE OF INVESTMENTS IN PUBLIC SECTOR: A CASE STUDY OF HIFU Major: Business Administration Major Code: 60.05 MASTER OF BUSINESS ADMINISTRATION THESIS Supervisor: Dr. Nguyễn Minh Kiều Ho Chi Minh City - 2010 LUAN VAN CHAT LUONG download : add [e-mail] i Acknowledgement I would like to express my heartfelt gratitude and deepest appreciation to my research Supervisor, Dr. Nguyen Minh Kieu for his precious guidance, share of experience, ceaseless encouragement and highly valuable suggestions throughout the course of my research. I would like to thank to many of my collegues from HIFU, who have helped me during the collection of data as well as support me during doing research: Ms. Ngo Kim Lien, Dr. Vuong Duc Hoang Quan from Board of Director, Ms. Le Thi Tam Tam, Ms. Pham Thi Minh Ngoc, Mr. Nguyen Thanh Tuan, and my other collegues from Departments of Accounting as well as Entrusted Fund Management, Planning, Human Resource Management and Appraisal. My special gratitude is extended to all instructors and staff at Faculty of Business Administration and Postgraduate Faculty, University of Economics HoChiMinh City (UEH) for their support and the valuable knowledge during my study in UEH. I would also like to avail this opportunity to express my appreciation to Professor Nguyen Dong Phong, UEH Board of Directors for creating MBA program in English and Dr. Tran Ha Minh Quan for his support during the course. Specially, my thanks go to Mr. Nguyen Thanh Trung for his valuable and enthusiastic support for this research study and for his comments of English from early draft of my thesis. Last but not least, the deepest and most sincere gratitude goes to my beloved parents, my husband Mr. Nguyen Hung Long, my daughter Bao Tran and my son Duc Huy, for their boundless support, abundant love and encouragement throughout my period of study. I, therefore, dedicate this work as a gift to them all. LUAN VAN CHAT LUONG download : add [e-mail] ii Abstract Evaluating performance in public investment is still an issue in management. There has been greater emphasis placed on performance measurement in public investment. HIFU is an organization operating in public sector. This qualitative research examines HIFU current performance measurement and suggests an effectiveness performance measurement in public investment for HIFU. The new measurement including financial aspect and social aspect is more comprehensive, proper, and complete. The measurement is also applied to evaluate HIFU performance of public investment. Recommendations for related entities such as the Government, HCMC People’s Committee, and HIFU are suggested to improve the management of HIFU and funds like HIFU. Keywords: public investment; performance; performance measurement; public organization; effectiveness; efficiency; and Ho Chi Minh City Investment Fund for Urban Development. LUAN VAN CHAT LUONG download : add [e-mail] iii Contents Acknowledgement . iii List of Tables . v List of Figures. vii Chapter 1: Introduction to the study .1 Rationale of the study : .3 Research objectives and questions:.4 Scope and Limitations.6 Implications of research.7 Structure of the study :. 7 Chapter 2: Introduction to HIFU.2 Legal status of HIFU.4 Main business activities .3 Trusted Fund management .4 Authorized municipal bond issuance.5 Monitoring and evaluation of outcomes/ results. 13 Chapter 3: Literature Review.2 The performance of the public organizations/funds .3 Measuring the performance of the public organizations/funds. 22 Chapter 4: Research Methods . 25 LUAN VAN CHAT LUONG download : add luanvanchat@agmail. 34 Chapter 5: Data Analysis and Findings .2 Links between data analysis and research objectives and questions .3 The findings of data analysis .1 The current performance measurement of HIFU in public investments .2 Experiences of performance measurement in public investments.3 Expectations of performance measurement in public investments.4 Objectives used to evaluate performance in public investments . 53 Chapter 6: Conclusions and Recommendations .2 Conclusions related to research questions .1 Conclusions related to the first question.2 Conclusions related to the second question .3 Recommendations of the research study.1 Recommendations for HIFU.2 Recommendations for the goverment.3 Recommendations for funder – HCMC People’s Committee .4 Limitations and further research . 66 Guidance for indepth-interviews. 66 List of interviewees. 68 Financial statements of 2008 and 2009. 69 LUAN VAN CHAT LUONG download : add [e-mail] v List of Tables Table 4. 1 Questionnaire for interview . 1 The planned and actual lending and direct investment from 2004 to 2009. 2 Liquidity ratios of HIFU from 2004 to 2009 . 3 Leverage ratios of HIFU from 2004 to 2009 . 4 Efficiency ratios of HIFU from 2004 to 2009 . 5 Profitability ratios of HIFU from 2004 to 2009. 6 HIFU return on equity and market return from 2004 to 2009 . 7 The percentage of actual lending and direct investment from 2004 to 2009. 51 LUAN VAN CHAT LUONG download : add [e-mail] vi List of Figures Figure 2. 1 Organization chart of HIFU. 1 The performance of public investment. 1 The framework for evaluating HIFU performance . 2 Liquidity ratios of HIFU from 2004 to 2009. 3 Leverage ratios of HIFU from 2004 to 2009. 4 Efficiency ratios of HIFU from 2004 to 2009 . 5 HIFU ROE , RM, and RB from 2004 to 2009 . 6 The percentage of actual lending and direct investment from 2004 to 2009 . 7 Assessments on qualitative performance of HIFU. 53 LUAN VAN CHAT LUONG download : add [e-mail] vii Abbreviations AFD: France Development Agency CII: HCMC Infrastructure Investment Joint-stock Company HIFU: Ho Chi Minh Investment Fund for Urban Development HCMC: Ho Chi Minh City HCMC PC: Ho Chi Minh City People’s Committee LCI: Law on Credit Institutions MOF: Ministry of Finance PI: Public Investment SOEs: State Owned Enterprises USTDA: United States Technical Development Aid WB: World Bank WTO: World Trade Organization LUAN VAN CHAT LUONG download : add [e-mail] 1 Chapter 1: Introduction to the study 1.1 Rationale of the study : Public investment is considered as public expenditures that the government adds to the public physical capital stock. They include the building of infrastructure such as roads, ports, schools, hospitals, etc. The issue of whether public investment is effective is still a controversy. In both developed and less developed countries, one can speak of a crisis of the public sector. The main charge is that it is costly for what it delivers. Even though this particular charge is rarely supported by hard evidence it has to be taken seriously because of its impact on both policy makers and public opinion (Pestieau 2009). Private business and foreign organizations often participate in sectors that require less capital, less risk, higher profit, and short payback period because their objective is to get profit from their investment. Thus, fields such as welfare, infrastructure, education, health, etc. which require large capital, more risk, long payback capital are usually invested by the government - through government agents - to avoid the unbalance in the economy’s structure. Moreover, investing in public sector helping to increase the people’s standard of living, stably develop the economic growth and attract foreign investors are the government’s activities. The government has staked its political credibility on delivering significant and noticeable improvements to public services (Crawford et al. However, there has been considerable debate over the delivery of public services and the performance of the public sector organizations that deliver them. According to Micheli (2005), much of this debate has been based on performance information reported in performance league tables and performance targets against which public sector organizations are assessed. These targets and league tables, which are regularly debated by politicians and the media, are often criticized. There are many opinions arguing that investments in public sector don’t result in efficiency in aspect of finance because the projects in this sector need a large amount of capital and take a LUAN VAN CHAT LUONG download : add [e-mail] 2 long time of capital turnover, more risk, although there is no official research of this issue. One is used to hearing harsh statements about inefficient public services. It is not surprising to see public sector performance questioned. What is surprising is that what is meant by performance, and how it is measured, does not seem to matter much to either the critics or the advocates of the public sector (Pestieau 2009). On the other hand, due to globalization and liberalization of world markets, competition faced by the organizations has become more and more intensive and the pressure to perform better is unavoidable (Ong & Teh 2009). According to Greiling (2004), in recent years managing and measuring performance has been one of the key drivers in the reform of the public sector. Performance measurement may provide data on how effectively and efficiently public services are delivered. Evaluation encompasses efficiency (the ability to undertake an activity at the minimum cost possible) and also effectiveness (whether the activity is achieving the objectives which were set for it) (Carin & Good 2004). According to Moeti (2000), the importance of evaluating the performance of public sector goes beyond simply taking “good” evaluation as an end in itself, but rather as a means to an end. The outcome of the evaluation may result in either a change in the goals required of the organization, change in the organization’s procedures and methods, or change in the organization by the way of growth, reorganization, or reduction. In that line, Carin & Good (2004) suggested that evaluation makes an important contribution but not always “the answer”. Evaluation provides government officials, development managers, and civil society with better means for learning from past experience, improving service delivery, planning and allocating resources, and demonstrating results as part of accountability. In Vietnam, the government also issued Decision No. 224/2006/QD- TTg on October 6, 2006 on the monitoring and evaluation of performance of state-owned enterprises, Ministry of Finance issued Circular No. 115/2007/TT- BTC on September 25, 2007 guiding a number of content on monitoring and LUAN VAN CHAT LUONG download : add [e-mail] 3 evaluating the performance of state-owned enterprises, under which "evaluating the performance of business is using criteria to determine the effectiveness and classify business”. Criteria for evaluating is the system of norms and standards used to determine performance and classify businesses comprehensively and objectively. Evaluating the performance of the business intended for classification and incentives to encourage on material and mental for business and management and administration of business operations effectively, handle in time for business and business management weaknesses. Ho Chi Minh City Investment Fund Urban Development (HIFU), a financial institution directly under the Ho Chi Minh City (HCMC) People's Committee, together with other local investment funds were expected to act as the entity oriented trade and attract private capital and invest in infrastructure projects urban-oriented recovery costs. HIFU is responsible for investing in the public sector such as construction of bridges, roads; building hospitals, schools under the objective programs of the city. In the period of integration, the investments in infrastructure, health care, education are the top concerns of the authorities of HCMC, contributing to attracting foreign investment, bettering living conditions, improving environment and upgrading the intellectual standards of the people. Many projects that HIFU finished in the past time contributed to fulfilling objective programs of HCMC. However, to date there has been limited research on evaluating the effectiveness of investments in public sector in Vietnam in general and of HIFU in particular. Conducting such research will enable public organizations not just to enhance efficiency of investments in public sector, but also to encourage private sector and non-state economic sectors to participate in this sector under suitable forms so as to gradually decrease the list of works with 100 percent of state capital.