1 INTRODUCTION Urgency of the thesis topic Financial statements (FS) is a reporting system be established in accordance with standards and accounting regimes applicable, reflects the economic information financial summary of the financial situation, business results and cash flows of the business FS can be considered a product of the process of preparing and providing information of an accounting unit In particular, the disclosure and transparency of information on the financial statements of listed companies (listed companies) are interested from several groups different parties, not just the leadership now that the financial statements are also of particular concern from investors, the analysts, partners, regulatory authorories Disclosure, transparency is an effective means for the parties concerned get recognition, assess the true state of the business activities, especially financial status when making economic decisions However, information on the financial statements are presented and published as to how to meet the needs of people using the still relatively large gap between reality and expectations But, as the transparency of information on the financial statements depends on the quality of the process of creation, presentation and disclosure of enterprises, this process is influenced by many factors both inside outside the enterprise Therefore, at present in the world and Vietnam, this issue is of interest to many researchers Some works in the world studying the perception of investors about the information on the financial statements, the results showed that the majority of investors are evaluating the financial reporting supply critical information for decision making compared with other sources of information However, investors also responded that the disclosure and transparency of the financial statements have been limited by the lack of public information or public, but very difficult to understand In Vietnam, the stock market is growing, according to which the legal provisions relating increasingly perfect complement Particularly the provisions relating to the formulation, presentation and disclosure of information on the financial statements These regulations are finalized towards increasingly enhanced disclosure and transparency of information However, some regulations are oriented not really specific, clear, no tight binding legally This led to the ability to apply the law into practice in every business there certain differences Besides, listed companies have consciously complying with the provisions of law in the preparation, presentation and published financial statements are still not at the number of businesses not pay attention to the disclosure and transparency of information on SFH The information published is heavier on the form, just stop at the disclosure requirements and pay little attention to transparency, is still common conditions such as: financial statements published promptly, metrics before and after auditing the difference is relatively large; transactions with related parties have not been fully overs; indicators presented in the financial statements are incomplete or not the provisions of accounting standards and some related regulations; some items essential on financial statements that have not been fully presented, detailed and clear to affect the ability to read out information as well as affect the confidence of the public to use the information on the financial statements of the listed companies to make economic decisions transactions with related parties have not been fully overs; indicators presented in the financial statements are incomplete or not the provisions of accounting standards and some related regulations; some items essential on financial statements that have not been fully presented, detailed and clear to affect the ability to read out information as well as affect the confidence of the public to use the information on the financial statements of the listed companies to make economic decisions transactions with related parties have not been fully overs; indicators presented in the financial statements are incomplete or not the provisions of accounting standards and some related regulations; some items essential on financial statements that have not been fully presented, detailed and clear to affect the ability to read out information as well as affect the confidence of the public to use the information on the financial statements of the listed companies to make economic decisions However, the disclosure and transparency of information on the financial statements not easily evaluate and recognize So far, in Vietnam and in the world did not have any formal set of indicators used to assess the transparency of information on the financial statements of listed companies Therefore, the criteria for evaluating the level of transparency of information on the financial statements of prior studies remains sporadic, inconsistent, sync To assess the transparency of information on the financial statements is not easy, but how to know which factors affect the transparency of information on the financial statements is more difficult Because, just as understanding, mastery and control of factors affecting the transparency of information on SFH new help business managers, the management agency to identify the appropriate solutions to improve the transparency of information on the financial statements Factors affecting the transparency of information on the financial statements can arise from inside and outside, possibly from the listed companies as providers of information, from the auditing company in the development and report on the financial statements of material misstatement, or from the relevant regulatory environment, or due to any other factor In Vietnam so far, according to the understanding of the author, no formal study has identified factors, as well as to quantify the impact of these factors on the transparency of information on financial statements listed companies on the stock market in terms of people of people who provide information, although this issue is receiving attention not only researchers but also from enterprise management, agency management, investors, audit firm… This is considered a method to control the transparency of information on the financial statements from the original From the above reasons, the author chooses the thesis topic: "Research on the influence of the factors on the transparency of information on the financial statements of the non-financial enterprises listed on stock market in the Viet Nam” with the desire to contribute to clarifying issues interest, and is the basis for the authors propose recommendations to improve the transparency of information on the financial statements of the non-financial enterprises listed (DNPTCNY) on stock market in the Viet Nam Literature review and research gaps 2.1 The studies assessed the transparency of financial information and transparency of information on the financial statements Assessing the overall transparency of information, transparency of information on particular financial statement is a not an easy job So far, the studies on transparency in financial reporting information can be divided in two different approaches as follows: With the research that transparent information on financial statements synonymous with the level of information disclosure, usually comes from the perspective of the use of information especially from perceived by investors to assess transparency of information on the financial statements In this study, to evaluate the level of transparency of information, researchers oftenbased on the evaluation criteria of transparency of organizations reputed as the OECD, the S & P, CIFAR Typical for this approach is the study ofRobert Bushman et al (2001); Aksu and Arman Kosedag Mine (2005);Chueng et al (2005); Yu-Chih Lin et al (2007) Tyeah the overview of the research above, shows that while standing on the perspective of people who use the information to assess the level of transparency of information on the financial statements focus only assess whether the announcement information on the financial statements, rather than focus on evaluating the level of transparency of information in a comprehensive, fully led to the case is the information published, but not necessarily ensure transparency and vice versa with the information to ensure transparency but not published Some works have overarching approach and complete transparency of information on the financial statements The authors suggest that transparent information on financial statements is not only the level of disclosure and also including the quality of information disclosed Typical approach is the study ofTara Vishwanath and Daniel Kaufmann (2001); S.Kulzick Raymond (2003), Blanchet (2002) & Prickett (2002); Bert J Zarb (2006); Gheorghe, Mironela (2009); Ferdy van Beest and GB, 'Suzanne Boelens (2009), Nguyen Dinh Hung (2010);QI Xuan Dan LIU (2012); MarianaMan, Maria ciurea (2016); Nguyen Trong Nguyen (2016) andPham Quoc Thuan (2016).Through a review of the research on, the transparency of information on the financial statements under review from the process of drafting, presentation and provides perspective information-information provider With this approach, the transparency of information on the financial statements are evaluated through the basic features: Full, timely, reliable, comparable, understandable and accessible 2.2 The study of factors affecting the transparency of information on finance statement Through the review, may codify the elements affecting the transparency of information on the group financial statements according to the following factors: The factors of the financial characteristics Scale enterprises; Financial leverage; Efficient use of assets; Profit; Collateral The factors of the corporate governance Scale of the board; The part-time between the Chairman and Managing Director; The proportion of independent directors; Supervisory Board; Board of Directors; internal control system; The accountants The external factors Independent audit; Legal environment of accounting, the disclosure rules, sanctions 2.3 Research gaps From a review of the research projects and abroad So far there is not any formal set of criteria to assess the transparency of information on applicable financial statements are published in Vietnam in terms of people who provide information On the factors affecting the transparency of information on the financial statements, most of the research has focused on the study of the elements of the characteristics of financial and governance characteristics of businesses to assess photos affect the transparency of information on the financial statements, very few studies of factors affecting the preparation and publication of information on the financial statements Research methodology: Few studies of factors affecting the transparency of information in terms of persons providing information in quantitative methods Regarding the scope of the study, the majority of foreign works often research on national scope Also works in Viet Nam just stopped in scope each transaction basis as the stock exchanges in Hanoi or Ho Chi Minh Stock Exchange Objectives of the study General objects The general objective of the thesis: Studies of factors affecting the transparency of information on the financial statements of enterprises nonfinancial listed (DNPTCNY) and propose recommendations to improve the transparency of information on finance report of DNPTCNY Detail objects - Formalized, complement and contribute to improving the theoretical basis of transparent information on financial statements and factors affecting the transparency of information on the financial statements from the perspective of people to provide information - Determine the level of transparency of information on the financial statements and the factors that influence as well as to quantify the impact of these factors to the transparency of information on the financial statements of the DNPTCNY 6 - Propose a set of recommendations to improve the transparency of information on the financial statements of listed companies DNPTCNY in the stock Viet Nam market Research questions To achieve the research objectives, focuses on analyzing topics and answer the following questions: (1) Transparent information on financial statements and factors affecting the transparency of information on the financial statements from the perspective of people to provide information? (2) The reality of the level of transparency of information on financial statements from listed companies and the impact of these factors to the transparency of information on how the financial statements? (3) Recommendations to improve the transparency of information on the financial statements of listed companies in the stock market? Object and scope of research Research subjects: Transparent information on financial statements and factors affecting the transparency of information on the financial statements DNPTCNY on Vietnam stock market Research scope: Scope of space: The author conducted data collection and surveys at non-financial firms listed (DNPTCNY) on Vietnam stock market The author does not perform a survey of financial institutions such as banks, credit institutions, securities business, the insurance business Scope of time: Time studying the content related to the thesis was carried out from 2015 to 2019 Research Methodology Research methods used in the thesis is a qualitative research method combined with quantitative research methods The contribution of the thesis The theoretical contributions First, based on the research predecessor thesis systematized, aggregated and categorized approach to transparency of information on the financial statements and factors affecting the transparency of information on the financial statements in two direction access: (1) From the perspective of the user information and (2) the perspective of people who provide information Second, the thesis specifies the role and basis of the application of the theoretical foundation for the study of information transparency and factors affecting the transparency of information on the financial statements Third, the research methods, the thesis use combines two research methods: qualitative and quantitative modeling study and verify the suitability of the model research Practical contributions First, based on stereotypes about the characteristics of the information on the financial statements of the organization elaborating and previous studies, the thesis has built a set of criteria to measure assess the level of transparency of information on financial statements of DNPTCNY the characteristics (suitable, reliable, comparable, timely and convenient) with 21 criteria Second, empirical research results show that, in terms of who provides information that 7/8 positively influencing factors with statistical significance to the transparency of information on finance report with the 29 criteria Third, on the basis of the results of quantitative research was presented in reality, the thesis also presents a number of recommendations and solutions to enhance the transparency of information on the financial statements of the DNPTCNY Thesis Structure Besides the introduction, conclusion, list of tables, appendices and references, the thesis consists of chapters, namely: Chapter 1: Rationale for transparent information on financial statements and factors affecting the transparency of information on financial statements Chapter 2: The financial statements of non-financial companies listed on Vietnam's stock market Chapter 3: Research Methodology Chapter 4: Results of study on factors affecting the transparency of information on the financial statements of non-financial companies listed on Vietnam's stock market Chapter 5: A number of recommendations to improve the transparency of information on financial report of non-financial companies listed on Vietnam's stock market CHAPTER 1: RATIONALE OF TRANSPARENCY INFORMATION IN FINANCIAL STATEMENTS AND FACTORS AFFECTING THE TRANSPARENCY OF THE INFORMATION ON THE FINANCIAL STATEMENTS 1.1 Overview of transparent information on the financial statements 1.1.1 Transparency information Transparency of information is a very abstract concept The transparency information does not stop at the review level of disclosure and also including the quality of information published In fact, the quality of information published could only be controlled from the process of preparation, presentation and disclosure of information Thus, to recognize a most comprehensive, most complete transparency of information, as well as factors affecting the transparency of information from the point of providing information to users 1.1.2 Information on financial statements Standpoint of providing information, the information on the financial statements as a result of the process of creation, presentation and disclosure of the accounting unit, including financial information (assets, resources capital, revenues, expenses and cash flow) and non-financial information (opportunities, risks, staffing structure and characteristics of production and business activities, accounting policies ) 1.1.3 Transparent information on financial statements From the perspective of people providing information: Transparency of information on financial reporting is a process for the preparation, presentation and announced publicly and ensure the quality of all information related to the financial situation , results of operations, cash flows and other additional information on the financial statement disclosures to comply with the relevant legal regulations and meet the demand for information of the parties used 1.2 The role of information transparency in financial report Transparent information on financial statements very important role not only for the audience but also to use information important for businesses themselves to provide information in making decisions related 1.3 Criteria for evaluating and measuring the level of transparency of information on finance report 1.3.1 Criteria for evaluating the level of transparency of information on finance report From the viewpoint of transparency of information on the financial statements in terms of who provides refined, to offer criteria for evaluating the level of transparency of information on the financial statements, the thesis will examine the transparency of information on finance report according to two criteria: (1) the quality of information on financial statements and (2) the level of disclosure of information (access to information of users) 1.3.2 Measuring the level of transparency of information on finance report In view of the supplier information, the level of transparency of information on the financial statements will be measured through the features: Full, as appropriate; reliable; timely; comparable; understandable and accessible 1.4 Factors affecting the transparency of information on finance report 1.4.1 Some theoretical foundation The fundamental theory can be used to study the transparency of information on the financial statements and factors affecting the transparency of information on the financial statements of listed companies, including: Theory of useful information; Theory of information asymmetry; Representation theory; Behavior management theory; Institutional theory; Information processing theory 1.4.2 Identify factors affecting the transparency of information on finance report 10 Factors effect to transparency of information on the financial statements and the impact of factors that govern the process of forming the financial statements and information on the characteristics representing the transparency information Such factors include the factors within and outside the enterprise The elements within the enterprise, including: Internal control, the Board of Management, Board of Directors, Supervisory Board, the accounting staff Factors outside the enterprise, including: Independent Audit, Legal Environment CHAPTER CONCLUSIONS first Chapter of the thesis presented the basic contents related to the transparency of information on the financial statements from the perspective of people providing information In particular, information on financial reporting processes are formed from the creation, presentation and disclosure of information Criteria for evaluating the level of transparency of information on the quality of financial reporting information and public information To measure the level of transparency on the financial statements, the thesis is based on the quality characteristics of the information in the mold of the FASB, IASB and legacy measurements from studies predecessor to develop an elevator measuring the properties representing the transparency of information on the financial statements as: full appropriate, timely, truthful, comparable, understandable, accessible CHAPTER 2: THE FINANCIAL STATEMENTS OF NON-FINANCIAL ENTERPRISES LISTED ON THE STOCK MARKET IN VIETNAM 2.1 Listed enterprises and non-financial enterprises listed 2.1.1 Listed enterprises 2.1.1.1 Overview of listed enterprises 2.1.1.2 Features of corporate governance (CG) of the listed companies 2.1.2 Non-financial enterprises listed 2.1.2.1 Essential non-financial enterprises listed 2.1.2.2 Characteristics of non-financial enterprises listed 2.2 Overview of financial statements of non-financial firms listed 2.2.1 System of Financial Statement Financial report system, including: (1) (2) Accounting balance sheet Income statement 11 (3) Statements of cash flows (4) Notes to Financial Statements 2.2.2 Features of the financial statements of non-financial firms listed - Financial Statement of the DNPTCNY require high reliability and very sensitive - Financial Statement of the DNPTCNY track and reflect many specific indicators - Financial statements reflect the volume DNPTCNY large and complex operations - DNPTCNY financial statements must comply with the more stringent regulations of the stock market, which require mandatory audit 2.2.3 Provisions on the preparation, presentation and disclosure of information on the financial statements of Vietnam DNPTCNY in the stock market 2.2.3.1 Regulations on the preparation and presentation of financial statements 2.2.3.2 Regulations on information disclosure on the Stock Exchange of DNPTCNY CONCLUSION CHAPTER In Chapter 2, the NCS had generalized the content related to the financial statements of listed companies on the stock market in Viet Nam, including the content of the concept, the characteristics of the DNPTCNY and characteristics of the financial statements of the DNPTCNY on the stock market Besides, the thesis also presents the legal regulations on the preparation, presentation and disclosure of information on financial statements and regulations on corporate governance of listed companies on the stock market of Vietnam The contents of chapter is one of the legal bases for the construction of criteria measuring the level of transparency of information on the financial statements as well as identifying factors affecting the level of transparency of information on the financial statements of the DNPTCNY in the stock market in the chapter 12 CHAPTER RESEARCH METHODS 3.1 Research design 3.1.1 Research process The whole process of thesis research are shown in Figure 3.1 as follows: Research Issues The transparency of information on the financial statements and the effects of the elements to the transparency of information on the financial statements of the Vietnam stock market DNPTCNY Theoretical Foundations Overview of the transparency of information on the financial statements and factors affecting the transparency of information on finance report Interviewing with Experts Survey Test Draft scales 1st 2nd draft scales Completed questionnaires and scales Official survey Data processing Analysis with SPSS tools Testing and giving results 13 3.1.2 Research models 3.1.2.1 Proposed research model Thesis using regression models Multilateral dependent variable is the transparency of information on the financial statements, the independent variable is influencing factors are: System of internal control (HTKSNB), Administrative Council (HĐQT), Board of Directors (BGĐ), Control Board (BKS), Accountants, Legal environment (MTPL), Independent auditing (KTDL) and accounting software (PMKT) (Figure 3.2) Figure 3.2 Research model proposed Internal control System Administrative Council Board of Directors Control Board Acountants Transparency of information on Financial Statement Legal Environment Independent Audit Accounting Software 3.1.2.2 Hypotheses From the research model (Figure 3.2), the research hypothesis is stated as follows: H1: The more effective the internal control activity, the higher the level of information transparency on the financial statements H2:   The   more   independent   the   Board   of   Directors,   the   more   compliance   with regulations   is,   the   higher   the   level   of   information   transparency   on   the   financial statements 14 H3: The more integrity the Board of Directors, the more knowledgeable and compliant with the regulations on the preparation, presentation and disclosure of information on the  financial  statements,  the higher   the level  of   transparency  of   information on  the financial statements H4: The more assured the Supervisory Board is in terms of the number, the percentage of  members,  the  qualification  and  the  performance  of  the  supervisory function, the higher the level of transparency of information on the financial statements H5: The more professional and ethical competence of accountants, the higher the level of transparency in information on financial statements H6:   The   more   complete   the  legal   environment,  the   higher   the   level  of   information transparency on the financial statements H7: The higher the quality of financial statements auditing of independent auditing companies, the higher the level of transparency of information on financial statements H8: The better the accounting software is, the higher the level of transparency on the financial statements 3.1.2.3 Building scale models of the variables in study Construction scale features information transparency on the financial statements of DNPTCNY Construction scale factors affect the transparency of information on the financial statements of the DNPTCNY 3.2 Data collection methods and procedures implemented in qualitative research 3.2.1 Data collection 3.2.2 Process of conducting qualitative research 3.3 Methods of collecting and processing data in quantitative research 3.3.1 Data collection Collect research data includes the contents: Sampling research, design survey questions and methods of the survey recovery 15 3.3.1.1 Sampling in quantitative research 3.3.1.2 Design the survey questionnaire 3.3.1.3 Survey methodology and questionnaire recovery 3.3.2 Method of quantitative data processing 3.3.2.1 Data encrypt 3.3.2.2 Analytical methods to discover factors 3.3.2.3 Regression analysis method CHAPTER CONCLUSIONS Chapter presented the research methodology, the process of thesis research Research methodology is performed in two steps: A qualitative study and quantitative research From the research process, the author has developed a research model proposed on the impact of these factors to the transparency of information on the financial statements of the DNPTCNY In particular, the dependent variable is the transparency of information on the financial statements is assessed by five characteristics of information (The full conformity, reliability, convenience, can be compared, timeliness) respectively with 26 criteria measured and independent variables are elements (Internal control system, the Board of Management, Board of Directors, Supervisory Board, accountant, legal environment, independent auditing and accounting software) corresponding to 29 measurement criteria, the sample size is 445 DNPTCNY close round Results research and discuss research results will be presented in subsequent chapters 16 CHAPTER RESULTS AND DISCUSSION ON FACTORS AFFECTING THE TRANSPARENCY INFORMATION ON THE FINANCIAL STATEMENTS OF NON-FINANCIAL ENTERPRISES IN LISTED STOCK MARKET VIETNAM 4.1 Descriptive statistics results 4.1.1 Synthesis of expert opinions on information transparency measurement criteria 4.1.2 Summary of expert opinions on influencing factors 4.2 Quantitative research results 4.2.1 Describe the research sample 4.2.2 Statistical results describe the status of information transparency on the financial statements Table 4:01: The level of transparency of information on the financial statements at the DNPTCNY (Source: NCS survey) Variable symbol N (sample) Minimum (minimum value) Maximum Mean (maximum (average value) value) MB:Transparency of 392 2.73 information on finance report R: Suitable 392 2:25 F: Reliable 392 2.67 U: Understandable and accessible 392 2.60 C: Comparable 392 2:33 T: Timeliness 392 2:33 (Source: Author compiled from research results) Std Deviation (Standard deviation) 4:00 3.4003 28462 4:25 4:17 4:20 4:33 4:33 3.5434 3.3478 3.4388 3.2857 3.3861 42466 37058 38901 39028 40112 4.2.3 Statistical description of the factors affecting the level of transparency of information on the financial statements of the DNPTCNY Table 4:02: The degree of the impact of factors affecting the transparency of financial reporting information at the DN (Source: NCS survey) Descriptive Statistics Variable symbol HTKSNB HDQT BGD BKS N Minimum Maximum Mean Std Deviation 392 392 392 392 1.60 2:00 2:33 2:00 4:00 5:00 4.67 4.75 2.7505 3.7772 3.5349 3.7379 43773 56388 44719 47070 17 NVKT 392 1:00 MTPL 392 2:00 KTDL 392 2:00 PMKT 392 1.67 (Source: Author compiled from research results) 5:00 5:00 4:50 4:33 3.5765 3.2870 3.2940 3.1981 73428 58561 56835 62498 4.2.4 The assessment results of scale reliability Inspection results showed that coefficient Cronbach's alpha of the component measuring the transparency of information on FS and the influencing factors are high value (from 0638 to 0894> 0.6 and a correlation coefficient variation sum of variables are high ( 0316-0862> 0.3) showed that the observed variables have a correlation coefficient of total variation suitable and satisfactory in terms of reliability However, only the observed variables R1 'financial statements have presented information fees financial decisions affecting investors "have correlation coefficients less than 0291 variables total