SỐ 192 | THÁNG 3/2022
Ảnh hưởng của cấu trúc vốn và cấu trúc sở hữu đến lợi nhuận của các doanh nghiệp Việt Nam
Đỗ Nguyễn Hữu Tấn
Tóm tắt:
Nghiên cứu này đánh giá tác động tuyến tính và phi tuyến tính của cấu trúc vốn (CTV) và cấu trúc sở hữu đến lợi nhuận của doanh nghiệp niêm yết tại thị trường chứng khoán Việt Nam trong giai đoạn 2010–2019. Nghiên cứu sử dụng mô hình hồi quy bình phương nhỏ nhất (OLS), tác động cố định (Fixed effect), tác động ngẫu nhiêu (Random effect) và moment tổng quát (GMM) để ước tính kết quả dựa trên dữ liệu bảng được thu thập theo năm của 587 công ty niêm yết. Kết quả nghiên cứu chỉ ra rằng các chỉ số phản ánh CTV có tác động tiêu cực đến lợi nhuận doanh nghiệp. Bên cạnh đó, nghiên cứu còn tìm thấy bằng chứng về mối quan hệ đảo ngược nhân quả của hai đại lượng trên. Ngoài ra, mối quan hệ dạng chữ U giữa CTV và lợi nhuận của doanh nghiệp cũng được tìm thấy. Cuối cùng, nghiên cứu này còn chỉ ra sự tác động tích cực của cấu trúc sở hữu đến lợi nhuận của doanh nghiệp. Từ những phát hiện của nghiên cứu này, các nhà quản trị doanh nghiệp sẽ có cơ sở để quyết định CTV phù hợp và mang lại những giá trị cho doanh nghiệp.
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Influences of Capital Structure and Ownership Structure on Profitability: Evidence from Vietnam
Abstract:
This research investigates both the linear and nonlinear influences of capital structure and ownership structure on the profitability of firms listed on the Vietnamese stock exchanges during the period 2010–2019. The study utilizes three regression analysis models, including Pooled OLS, Fixed Effect, Random Effect, and GMM based on panel data collected from 587 listed companies. The results indicate that debt ratios have negative influences on firm profitability. Besides, this research illustrates the existence of a causal relationship between capital structure and profitability. In addition, the study also demonstrates the U-shaped relationship between capital structure and profitability. Finally, this study also discovers the positive influence of ownership structure on profitability. Based on that, managing boards can make appropriate decisions in the capital structure to bring benefits to the firms.