Những yếu tố tài chính quyết định đến việc nắm giữ tiền mặt của các công ty niêm yết trên HOSE

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Tác giả: Minh Phương Ngô

Ngôn ngữ: Vie

Ký hiệu phân loại:

Thông tin xuất bản: Tạp chí Công thương 2019

Mô tả vật lý: 311-317

Bộ sưu tập: Metadata

ID: 395109

Thêm vào giỏ Liên kết toàn văn

Bài nghiên cứu này xem xét các yếu tố tác động đến việc nắm giữ tiền mặt của các công ty niêm yết trên thị trường chứng khoán thành phố Hồ Chí Minh. Mẫu gồm 1710 quan sát nghiên cứu dữ liệu của 190 công ty trong giai đoạn 2010 - 2018. Mô hình nghiên cứu được xây dựng bởi 8 nhân tố ảnh hưởng: quy mô công ty, vốn lưu động ròng, dòng tiền, đòn bẩy tài chính, chi tiêu vốn, lợi nhuận, tuổi công ty, chi trả cổ tức. Ba lý thuyết liên quan đến các nhân tố nắm giữ tiền mặt là mô hình đánh đổi, lý thuyết trật tự phân hạng và dòng tiền tự do..Mô hình nghiên cứu được thực hiện hồi quy bằng phần mềm Eview. Kết quả nghiên cứu cho thấy rằng, tỷ lệ nắm giữ tiền mặt trung bình của các công ty là 14,18%. Biến tuổi công ty, dòng tiền, đòn bẩy tài chính, vốn lưu động ròng, cổ tức tác động cùng chiều với biến nắm giữ tiền mặt (CASH) có môi tương quan dương đến việc nắm giữ tiền mặt còn tỷ lệ lợi nhuận trên tổng tài sản, chi tiêu vốn, quy mô công ty không có mối tương quan đến việc nắm giữ tiền mặt. Từ kết quả nghiên cứu này, tác giả đưa ra một số giải pháp đến việc nắm giữ tiền mặt của các công ty niêm yết trên thị trường chứng khoán thành phố Hồ Chí Minh như quản trị vốn lưu động ròng, xác định cơ cấu đòn bẩy tài chính hợp lý, nắm giữ tiền mặt của các công ty có thời gian hoạt động lâu, quản trị dòng tiền, xây dựng chính sách chi trả cổ tức., Tóm tắt tiếng anh, This paper examines the factors that affect the holding of cash of companies listed on the Ho Chi Minh City Stock Exchange. The sample consists of 1710 data research observations of 190 companies between 2010 and 2018. The research model was built by eight influential factors: firm size, net working capital, cash flow, financial leverage. Principal, capital expenditure, profits, company age, dividend payments. The three theories related to cash holding factors are the trade-off model, the classification order theory and the free cash flow. The research model was regressed using Eview software. The research results show that the average cash holding ratio of companies is 14.18%. The firm age, cash flow, financial leverage, net working capital, and dividends are positively impacted with the cash holding variable (CASH), which is positively correlated to cash holding and the return on Total assets, capital expenditure, firm size have no correlation with cash holdings. From the results of this study, the author offers a number of solutions to the holding of cash of companies listed on the Ho Chi Minh City Stock Exchange such as net working capital management, determining the financial leverage structure, holding cash of companies with long operating time, cash flow management, policy of paying dividends.

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