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ISSN 2615-9813
ISSN (số cũ) 1859-3682

SỐ 177 | THÁNG 12/2020

Ảnh hưởng của chất lượng lợi nhuận đến chi phí vốn cổ phần của các doanh nghiệp niêm yết trên thị trường chứng khoán Việt Nam

Nguyễn Thị Thu Huyền, Nguyễn Việt Dũng

Tóm tắt:

Nghiên cứu phân tích ảnh hưởng của chất lượng lợi nhuận (CLLN) đến chi phí vốn cổ phần của các doanh nghiệp phi tài chính niêm yết trên thị trường chứng khoán Việt Nam. Nghiên cứu sử dụng phương pháp hồi quy đa biến với các phương pháp ước lượng khác nhau (OLS, FEM, GLS), đồng thời thước đo chất lượng dồn tích của McNichols (2002) được sử dụng làm đại diện cho CLLN. Kết quả nghiên cứu chỉ ra rằng, CLLN có ảnh hưởng ngược chiều đến chi phí vốn cổ phần; doanh nghiệp cung cấp những thông tin báo cáo tài chính có chất lượng cao càng giúp giảm chi phí vốn cổ phần. Kết quả này được xem như một động cơ giúp doanh nghiệp công bố thông tin chất lượng hơn, nâng cao tính hiệu quả của các giải pháp về minh bạch thông tin trên thị trường chứng khoán Việt Nam.


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The Impact of Earnings Quality on the Cost of Equity Capital of Listed Firms in Vietnam


This paper analyses the impact of earnings quality on the cost of equity capital of non-financial firms listed in Vietnam using multivariate regressions with different estimation methods for panel data (OLS, FEM, GLS). Measurement of accruals quality by McNichols (2002) is used as a proxy for earnings quality. The research findings indicate that the earnings quality harms the cost of equity capital while the higher quality of firms’ financial statements leads to a lower cost of equity capital. This result is an important incentive for firms to disclose better quality information, and improve the efficiency of information transparency solutions in Vietnam’s stock market.