Số 228 | Tháng 3/2025
Tác động của giới hạn tài chính đến nắm giữ tiền mặt của các doanh nghiệp phi tài chính
Võ Minh Long, Lê Ngọc Yến Ngân, Phạm Hoàng Thạch
Tóm tắt:
Bài viết xem xét tác động của giới hạn tài chính (GHTC) đến nhu cầu nắm giữ tiền mặt (NGTM) của 383 doanh nghiệp niêm yết ở Sở Giao dịch Chứng khoán Hà Nội (HNX) và Sở Giao dịch Chứng khoán Thành phố Hồ Chí Minh (HSX) giai đoạn 2010-2022. Nghiên cứu tiếp cận GHTC theo chỉ số KZ của Kaplan & Zingales (1997) và chỉ số WW của Whited & Wu (2006). Nghiên cứu sử dụng phương pháp hồi quy FGLS với kết quả cho rằng, các doanh nghiệp đối mặt với vấn đề GHTC lại ít NGTM hơn. Bên cạnh đó, bài viết cũng cho thấy rằng: Các đặc điểm tài chính và đặc điểm quản trị doanh nghiệp đều có tác động đáng kể đến việc NGTM. Cụ thể, các doanh nghiệp có quy mô lớn và đòn bẩy tài chính cao thì sẽ có mức NGTM thấp hơn nhưng các doanh nghiệp có lợi nhuận cao, dòng tiền thặng dư, vòng quay tài sản cao, quy mô HĐQT lớn và HĐQT độc lập cao thì sẽ có mức NGTM cao hơn. Từ kết quả nghiên cứu đó, bài viết đưa ra các hàm ý chính sách dành cho các nhà quản lý và các nhà đầu tư bên ngoài doanh nghiệp liên quan đến NGTM của doanh nghiệp.
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The Impact of Financial Constraints on Cash Holdings of Non-Financial Enterprises
Abstract:
The article examines the impact of financial constraints on the need to hold cash of 383 businesses listed on the HNX and HSX from 2010 to 2022. Research approaches financial constraints according to the KZ index of Kaplan and Zingales (1997) and the WW index of Whited and Wu (2006). The study uses the FGLS regression method with the results that: Businesses facing financial constraints hold less cash. Besides, the article also shows that: Financial characteristics and corporate governance characteristics both have a significant impact on cash holdings. Specifically, businesses with large scale and high financial leverage will have lower levels of cash holdings but businesses with high profits, surplus cash flow, high asset turnover, large Board size and highly independent Board of Directors will have higher levels of cash holdings. From the results of that research, the article provides policy implications for managers and investors outside the enterprise regarding corporate cash holdings.