Số 235 | Tháng 10/2025
Tác động của hành vi tránh thuế và kiệt quệ tài chính đến hiệu quả hoạt động: Bằng chứng tại Việt Nam
Nguyễn Duy Sữu, Võ Thị Thức, Lâm Thị Hoàng Hoanh
Tóm tắt:
Mục tiêu nghiên cứu: Bài viết xem xét tác động của hành vi tránh thuế (HVTT) và kiệt quệ tài chính (KQTC) đến hiệu quả hoạt động (HQHĐ) của công ty. Dữ liệu nghiên cứu bao gồm thông tin tài chính của 617 công ty niêm yết tại Việt Nam trong giai đoạn 2010–2022.
Thiết kế nghiên cứu/phương pháp/tiếp cận: Các phương pháp nghiên cứu được sử dụng là Pool-OLS, FEM, REM và cuối cùng là kỹ thuật GMM để khắc phục hiện tượng nội sinh của mô hình.
Kết quả nghiên cứu chính: Kết quả nghiên cứu chỉ ra rằng HVTT và KQTC có tác động cùng chiều đến HQHĐ của doanh nghiệp, được đo bằng cả ROA và Tobin's Q. Ngoài ra, đòn bẩy tài chính và quy mô công ty có tác động ngược chiều đến ROA, nhưng có tác động cùng chiều đến Tobin's Q. Tăng trưởng kinh tế có tác động cùng chiều đến ROA, nhưng có tác động ngược chiều đến Tobin's Q. Mặt khác, liên quan về tương tác giữa tránh thuế và KQTC, kết quả cho thấy biến tương tác có quan hệ ngược chiều đến HQHĐ được đo lường bằng Tobin's Q.
Giá trị đóng góp mới: Tránh thuế có tác động cùng chiều đến HQHĐ của doanh nghiệp. Do đó, các doanh nghiệp nên cân nhắc vấn đề liên quan đến tác động HVTT nhằm mang lại lợi ích tài chính, nhưng vẫn tuân thủ pháp luật về thuế.
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The Impact of Tax Avoidance and Financial Distress on Performance: Evidence from Vietnam
Abstract:
Purpose: The article explores how tax avoidance and financial distress affect firm performance. It analyzes financial data from the reports of publicly listed companies in Vietnam from 2010 to 2022.
Design/methodology/approach: The research employs various methods, including Pool-OLS, Fixed Effects Model (FEM), Random Effects Model (REM), and the Generalized Method of Moments (GMM) to address potential endogeneity issues in the model.
Findings: The findings indicate that both tax avoidance and financial distress have similar effects on firm performance, which is measured using Return on Assets (ROA) and Tobin's Q. Furthermore, the study reveals that financial leverage and company size negatively impact ROA, while positively influencing Tobin's Q. Economic growth is found to have a positive effect on ROA but a negative effect on Tobin's Q. In addition, the paper also examines the interaction between tax avoidance and financial distress, the results show that the moderating variable is negatively related to performance measured by TOBINQ.
Originality/value: Tax avoidance has a positive impact on performance, so businesses should also consider the impact of tax avoidance behavior to benefit the business while still complying with tax laws.