Tóm tắt:
Bài nghiên cứu này xem xét sự ảnh hưởng của biến động dòng tiền đến cấu trúc vốn nợ của các doanh nghiệp Việt Nam được niêm yết trên hai sàn chứng khoán HOSE và HNX từ năm 2012 đến năm 2021 trong bối cảnh đại dịch Covid-19. Bằng cách sử dụng phương pháp bình phương tối thiểu tổng quát khả thi, kết quả nghiên cứu cho thấy rằng biến động dòng tiền có sự ảnh hưởng ngược chiều đến cấu trúc vốn nợ nợ của doanh nghiệp trong bối cảnh đại dịch COVID-19. Ngoài ra, bài nghiên cứu còn xem xét các biến động dòng tiền đến cấu trúc vốn nợ đối với các doanh nghiệp có vốn Nhà nước. Kết quả thực nghiệm cho thấy sự biến động về dòng tiền của các doanh nghiệp này có tác động cùng chiều đến cấu trúc vốn nợ nợ.
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Abstract:
This study aims to assess the impact of cash flow volatility (CFV) on the debt structure of enterprises in Vietnam, specifically the total debt to total assets (TDA) ratio and the short-term debt to total assets (SDA) ratio. At the same time, the moderating role of the COVID-19 pandemic in this relationship is examined. By using panel data of 408 listed non-financial enterprises in the period 2012–2021 and applying the GMM estimation method, the results show that CFV hurts enterprises' TDA and a positive impact on SDA. This reflects the tendency of enterprises to adjust their debt structure towards a shorter term when cash flows fluctuate. However, in the context of the pandemic, the impact of CFV on debt structure is significantly weakened, indicating that enterprises tend to be more cautious in borrowing to protect their solvency. The research results contribute to clarifying the role of the COVID-19 pandemic context in adjusting corporate debt structures when facing cash flow fluctuations in developing economies like Vietnam.