Số 234 | Tháng 9/2025
Tác động của hiệu quả tài chính đến giá trị vốn hóa tại doanh nghiệp phi tài chính Việt Nam
Trần Thị Tuyết Vân
Tóm tắt:
Mục tiêu nghiên cứu: Nghiên cứu này phân tích mối quan hệ giữa quản trị lợi nhuận và giá trị vốn hóa thị trường (VHTT), đồng thời xem xét vai trò điều tiết của hiệu quả tài chính (HQTC) cùng các yếu tố vĩ mô trong bối cảnh đặc thù của nền kinh tế Việt Nam.
Thiết kế nghiên cứu/phương pháp/tiếp cận: Dựa trên dữ liệu bảng gồm 3.589 quan sát từ 513 doanh nghiệp giai đoạn 2016–2023, nghiên cứu áp dụng phương pháp System Generalized Method of Moments (SGMM) với sai số robust cùng các kiểm định Hansen, Sargan, AR(1), AR(2) nhằm kiểm soát nội sinh, độ trễ và phương sai sai số thay đổi.
Kết quả nghiên cứu chính: Kết quả cho thấy lợi nhuận trên mỗi cổ phiếu (EPS) và tỷ lệ giữa giá trị thị trường thuộc một công ty so với giá trị tài sản tái tạo của nó (TOBINQ) có tác động cùng chiều đến giá trị vốn hóa, đồng thời phản ánh xu hướng quán tính trong định giá thị trường. Các biến tương tác với đại dịch cho thấy có tác động điều tiết rõ nét, nhấn mạnh vai trò của ổn định vĩ mô đối với giá trị doanh nghiệp.
Giá trị đóng góp mới: Nghiên cứu góp phần mở rộng nền tảng lý thuyết bằng cách tích hợp bối cảnh đại dịch Covid-19 trong phân tích các yếu tố có ảnh hưởng đến vốn hóa, qua đó cung cấp hàm ý thiết thực trong bức tranh chung thị trường vốn Việt Nam đang chuyển dịch theo hướng minh bạch và hiệu quả hơn.
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The Impact of Financial Performance on Market Capitalization in Vietnamese Non-Financial Firms
Abstract:
Purpose: This study examines the relationship between earnings management and market capitalization (MC), while also exploring the moderating role of financial performance (FP) and macroeconomic factors in the unique context of Vietnam’s emerging economy.
Design/methodology/approach: Using a panel dataset of 3,589 firm-year observations from 513 companies during 2016–2023, the analysis employs the System Generalized Method of Moments (SGMM) with robust errors, alongside Hansen, Sargan, AR(1), and AR(2) tests to address endogeneity, dynamic effects, and heteroskedasticity.
Findings: The results indicate that earnings per share (EPS) and Tobin’s Q positively influence market capitalization, reflecting inertia in market valuation. Interaction terms with the COVID-19 pandemic reveal significant moderating effects, underscoring the role of macroeconomic stability in sustaining firm value.
Originality/value: By incorporating the pandemic context into the analysis, this study extends existing theory on the determinants of market capitalization and provides practical implications for policymakers and investors as Vietnam’s capital market evolves toward greater transparency and efficiency.