Số 237 | Tháng 12/2025
Tác động của quy mô hoạt động tự doanh đến lợi nhuận và rủi ro tài chính của các công ty chứng khoán tại Việt Nam
Vũ Thế Hưng, Lê Thanh Tâm, Trương Quang Hiếu, Nguyễn Ngọc Linh Chi, Nguyễn Phương Anh, Lê Minh Hằng
Tóm tắt:
Mục tiêu nghiên cứu: Nghiên cứu tập trung phân tích ảnh hưởng của quy mô hoạt động tự doanh (HĐTD), cùng một số yếu tố liên quan đến lợi nhuận và rủi ro tài chính thuộc 36 công ty chứng khoán (CTCK) tại Việt Nam trong giai đoạn 2015–2024.
Thiết kế nghiên cứu/phương pháp/tiếp cận: Dựa trên dữ liệu bảng gồm 360 quan sát từ 36 CTCK trong giai đoạn 2015–2024, nghiên cứu sử dụng phương pháp ước lượng FGLS nhằm khắc phục hiện tượng phương sai sai số thay đổi và tự tương quan.
Kết quả nghiên cứu chính: Quy mô HĐTD, quy mô công ty (QMCT) và tăng trưởng thị trường chứng khoán (TTCK) có tác động cùng chiều đến lợi nhuận, trong khi đòn bẩy tài chính (ĐBTC) có ảnh hưởng ngược lại. Đối với rủi ro tài chính (RRTC), chỉ hai yếu tố có ảnh hưởng, bao gồm tăng trưởng và thanh khoản TTCK.
Giá trị đóng góp mới: Nghiên cứu cung cấp những bằng chứng thực nghiệm mới về ảnh hưởng của quy mô HĐTD, góp phần hỗ trợ xây dựng các chiến lược sinh lời và kiểm soát rủi ro một cách hiệu quả.
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The Impact of Proprietary Trading Scale on Profitability and Financial Risk of Securities Companies in Vietnam
Abstract:
Purpose: This study focuses on analyzing the impact of proprietary trading scale and several related factors on the profitability and financial risk of 36 securities companies in Vietnam during the period 2015 to 2024.
Design/methodology/approach: Based on a panel dataset of 360 observations from 36 securities companies over the period 2015 to 2024, the study employs the Feasible Generalized Least Squares (FGLS) estimation method to address issues of heteroskedasticity and autocorrelation.
Findings: The proprietary trading scale, company size, and stock market growth positively affect profitability, while financial leverage has a negative effect. Regarding financial risk, only two factors, stock market growth and liquidity, are found to have significant impacts.
Originality/value: This study provides new empirical evidence on the influence of proprietary trading scale, contributing to the development of effective strategies for improving profitability and managing financial risk.