Mức độ tập trung vốn và hiệu quả hoạt động của các công ty niêm yết trên sở giao dịch chứng khoán Thành phố Hồ Chí Minh

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Tác giả: Thị Trang Lê, Mỹ Trân Ngô

Ngôn ngữ: vie

Ký hiệu phân loại: 658.1 Organization and finance

Thông tin xuất bản: Khoa học (Đại học Cần Thơ), 2018

Mô tả vật lý: 138-145

Bộ sưu tập: Metadata

ID: 492048

Thêm vào giỏ

Bài viết nhằm nghiên cứu ảnh hưởng của mức độ tập trung vốn đến hiệu quả hoạt động công ty, sử dụng số liệu thu thập từ 287 công ty niêm yết trên sở giao dịch chứng khoán thành phố Hồ Chí Minh giai đoạn từ 2011 - 2015. Phương pháp generalized method of moments (GMM) được sử dụng để phân tích số liệu. Kết quả nghiên cứu cho thấy, sự tập trung vốn làm gia tăng giá trị thị trường và hiệu quả hoạt động của các doanh nghiệp phi tài chính, tuy nhiên không có bằng chứng thống kê cho thấy tỷ lệ sở hữu cổ phần của hội đồng quản trị có tác động đến giá thị trường và hiệu quả hoạt động của doanh nghiệp. Bên cạnh đó, tỷ lệ sử dụng nợ vay càng cao càng làm giảm giá trị thị trường cũng như hiệu quả hoạt động của doanh nghiệp. Ngoài ra, có bằng chứng cho thấy các công ty niêm yết có tốc độ tăng trưởng tốt, quy mô lớn và tỷ lệ đầu tư tài sản cố định hàng năm cao có giá trị thị trường và hiệu quả hoạt động tốt hơn.This research was aimed to investigate the impact of ownership concentration and board ownership on the performance of firms listed in Ho Chi Minh stock exchange. The data were collected from 287 non-financial listed firms in the period from 2011 to 2015. The generalized method of moments is used to analyze the data. The results indicated that ownership concentration enhanced the performance of non-financial firms listed in terms of market value as well as accounting performance. However, there was no statistical evidence on the impact of board ownership on firm performance. Besides, the higher leverage was found to reduce the performance of listed firms. In addition, listed firms which had good growth rates, large size and high annual fixed asset investment rate were statistically associated with higher market value and better accounting performance.

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