Cơ cấu nguồn vốn của các doanh nghiệp thủy điện niêm yết tại Việt Nam - Thực trạng và một số khuyến nghị=Capital structure of hydropower enterprises listed in Vietnam

Cơ cấu nguồn vốn của các doanh nghiệp thủy điện niêm yết tại Việt Nam - Thực trạng và một số khuyến nghị=Capital structure of hydropower enterprises listed in Vietnam - Current situation and recommendations

0 Người đánh giá. Xếp hạng trung bình 0

Tác giả: Văn Tùng Ngô

Ngôn ngữ: vie

Ký hiệu phân loại:

Thông tin xuất bản: Nghiên cứu Tài chính Kế toán, 2024

Mô tả vật lý: tr.26-30

Bộ sưu tập: Metadata

ID: 476346

Thêm vào giỏ

Nghiên cứu thực hiện phân tích thực trạng cơ cấu nguồn vốn theo 03 cách tiếp cận (i) Quan hệ sở hữu
(ii) Thời gian huy động và sử dụng vốn và (iii) Phạm vi huy động vốn. Tác giả lựa chọn phạm vi trong giai đoạn 05 năm 2018 - 2023 với mẫu nghiên cứu 20 doanh nghiệp (DN) thủy điện niêm yết trên thị trường. Kết quả nghiên cứu cho thấy quy mô và tỷ trọng nợ vay đang có xu hướng giảm mạnh
quy mô và tỷ trọng vốn chủ sở hữu đang có xu hướng gia tăng. Cùng với đó, nguồn vốn thường xuyên hay vốn dài hạn chiếm tỷ trọng rất cao trong tổng nguồn vốn của các DN thủy điện, mặc dù có xu hướng giảm nhẹ. Về cơ cấu nguồn vốn theo phạm vi huy động, tỷ trọng nguồn vốn bên ngoài có xu hướng giảm dần trong khi tỷ trọng nguồn vốn có xu hướng tăng dần trong giai đoạn nghiên cứu. Trên cơ sở kết quả từ nghiên cứu thực trạng, tác giả đề xuất một số khuyến nghị với các đơn vị: Đa dạng hoá công cụ và hình thức tài trợ
Gia tăng quy mô và tỷ trọng nợ vay
Xây dựng cơ cấu nguồn vốn mục tiêu
Hoàn thiện hệ thống cảnh báo và quản trị rủi ro từ việc sử dụng nợ vay và thực hiện đánh giá định kỳ cơ cấu nguồn vốn tại DN.The study analyzes the current status of capital structure according to 03 approaches: (i) Ownership relations, (ii) Time for raising and using capital, and (iii) scope of capital mobilization. The author selects the scope for 05 years, 2018 - 2023, with a research sample of 20 hydropower enterprises listed on the market. Research results show that the size and proportion of loans tend to decrease sharply
the size and proportion of equity tend to increase. Additionally, regular or long-term capital accounts for a very high proportion of the total capital of hydropower enterprises, although there is a slight downward trend. Regarding the structure of capital sources according to the scope of mobilization, the proportion of external capital tends to decrease gradually. In contrast, the proportion of capital sources increases progressively during the study period. Based on the results from the current situation, the author proposes some recommendations for units: Diversify funding tools and forms
Increase the size and proportion of loans
Build a target capital structure
Complete the warning system and manage risks from the use of loans and conduct periodic assessments of capital structure at enterprises.

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