Cơ cấu vốn và giá cổ phiếu của các doanh nghiệp phi tài chính niêm yết tại Việt Nam

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Tác giả: Hoàng Vinh Lê, Thị Minh Thủy Lê

Ngôn ngữ: vie

Ký hiệu phân loại: 915.97 Geography of and travel in Asia

Thông tin xuất bản: Phát triển Khoa học & Công nghệ: Khoa học - Kinh tế - Luật và Khoa học Quản lý (ĐHQG TP. Hồ Chí Minh), 2022

Mô tả vật lý: 2227-2233

Bộ sưu tập: Metadata

ID: 498912

Thêm vào giỏ

Mục tiêu bài viết này là xem xét tác động phi tuyến của cơ cấu vốn đến giá cổ phiếu của các doanh nghiệp phi tài chính niêm yết tại Việt Nam, trong đó cơ cấu vốn được đại diện bởi tỷ số nợ. Mẫu nghiên cứu bao gồm 458 doanh nghiệp, được lựa chọn theo phương pháp chọn mẫu có mục đích. Dữ liệu nghiên cứu được xử lý từ báo cáo tài chính đã kiểm toán của các doanh nghiệp trong suốt giai đoạn từ năm 2015 đến năm 2019, và tương ứng là thống kê giá cổ phiếu từ hệ thống FiinPro. Với dữ liệu bảng, bài viết sử dụng mô hình hồi quy gộp (POLS), mô hình tác động cố định (FEM) và mô hình tác động ngẫu nhiên (REM)
kết quả kiểm định chỉ ra FEM là phù hợp. Tuy nhiên, kiểm định Wald lại chỉ ra sự tồn tại của hiện tượng phương sai thay đổi, vì vậy bài viết khắc phục bằng phương pháp bình phương tối thiểu tổng quát (GLS). Kết quả ước lượng cuối cùng theo GLS xác định cơ cấu vốn tác động cùng chiều đến giá cổ phiếu trong một giới hạn về tỷ số nợ, và sẽ tác động ngược chiều khi vượt quá giới hạn này, khẳng định tồn tại mối quan hệ phi tuyến dạng hình chữ U ngược giữa cơ cấu vốn với giá cổ phiếu, bài viết xác định ngưỡng tỷ số nợ trong cơ cấu vốn là 22.07%. Kết quả nghiên cứu cung cấp thông tin hữu ích cho nhà quản lý tài chính khi đưa ra quyết định tài trợ gắn với mục tiêu gia tăng giá trị tài sản của cổ đông, gợi ý thông tin tham khảo cho nhà đầu tư khi phân tích lựa chọn đầu tư cổ phiếu. Giới hạn của bài nghiên cứu là chưa bao quát tất cả doanh nghiệp phi tài chính niêm yết tại Việt Nam, và mô hình nghiên cứu chưa xem xét quan hệ điều tiết hay can thiệp giữa các biến
theo đó, các nghiên cứu tiếp theo có thể phân tích nội dung này.The aim of our paper is to consider the non-linear effect of the capital structure represented by debt ratio on stock prices of non-financial firms listed in Vietnam. The research sample in this paper is 458 firms, which was selected by the purposive sampling method. Theresearch data has been extracted from audited financial statements of the firms at the end of every year over the period from 2015 to 2019 and processed correspondingly with stock price statistics from FiinPro Data. According to the panel data of our paper, we used Pooled Ordinary Least Squares (POLS), Fixed Effects Model (FEM) and Random Effects Model (REM), but we only selected FEM after using Redundant Fixed Effects test, Breusch-Pagan test and Hausman test. However, the Wald test's result showed that the heteroscedasticity does exist in the model
therefore, we adjusted by using Generalized Least Squares (GLS) method. The final estimation results based on GLS show that capital structure has a positive effect on stock price within a limit of debt ratio and will have a negative effect when this limit has been exceeded. This implies that capital structure has an inverted-U-shaped effect on stock price, and we identify the debt ratio threshold of capital structure of 22.07%. The findings are expected to provide useful information for financial managers when making financing decisions with the expectation of maximizing shareholder value and also for investors when analyzing and investing in stocks. The limitations of this research are that the research sample does not include all non-financial firms listed in Vietnam and the research model has not considered the moderating or intervening relationship between factors
according to that, future studies may consider these.

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