Tạp chí đã xuất bản
2004
ISSN
ISSN 2615-9813
ISSN (số cũ) 1859-3682

Số 222 | Tháng 9/2024

Ảnh hưởng của chính sách bán chịu đến khả năng sinh lợi của các công ty niêm yết Việt Nam

Nguyễn Thị Uyên Uyên, Hồ Thu Hoài, Tô Thị Song Ngân

Tóm tắt:

Nghiên cứu này được thực hiện nhằm phân tích ảnh hưởng của chính sách bán chịu (CSBC) đến khả năng sinh lợi (KNSL) của các công ty niêm yết Việt Nam. Nghiên cứu sử dụng dữ liệu của 633 công ty phi tài chính được niêm yết trên Sở Giao dịch Chứng khoán Thành phố Hồ Chí Minh (HOSE) và Sở Giao dịch Chứng khoán Hà Nội (HNX) ở Việt Nam trong giai đoạn 2009–2019. Bằng việc sử dụng các mô hình hồi quy dữ liệu bảng với cách tiếp cận theo mô hình hiệu ứng cố định, hiệu ứng ngẫu nhiên và hồi quy biến công cụ (IV), nghiên cứu chỉ ra rằng CSBC có ảnh hưởng đến KNSL của các công ty niêm yết Việt Nam. Cụ thể, khi các công ty gia tăng sử dụng CSBC làm gia tăng KNSL của công ty. Nghiên cứu cũng tìm thấy mối quan hệ hình chữ U đảo ngược giữa tín dụng thương mại và KNSL của các công ty, chứng tỏ có tồn tại mức khoản phải thu tối ưu làm tối đa hóa KNSL của công ty, đồng thời có sự khác biệt khi thực hiện CSBC của các nhóm ngành ở Việt Nam.

 

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Impacts of Credit Sales Policies on Profitability of Listed Vietnamese Stocks

Abstract:

This study examines the effect of credit policy on the profitability of listed companies in Vietnam. The study uses data from 633 non-financial companies listed on the Ho Chi Minh City Stock Exchange and the Hanoi Stock Exchange in Vietnam from 2009 to 2019. Based on panel data regression models with fixed effects, random effects and instrumental variable (IV) regression, the study shows that trade credit influences the profitability of Vietnamese listed companies. Specifically, when companies increase the use of credit policy, it will increase the company's profitability. In addition, the study also found an inverted U-shaped relationship between trade credit and profitability, leading to the existence of an optimal level of receivables that maximizes the profitability of the company, and there was a difference when implementing trade credit among industry groups in Vietnam.

 

DOI: https://doi.org/10.63065/ajeb.vn.2024.222.102815.

Liên hệ
  • Cơ quan chủ quản: Trường Đại học Ngân hàng Thành phố Hồ Chí Minh

    Cơ quan xuất bản: Tạp chí Kinh tế và Ngân hàng châu Á

  • Địa chỉ Tòa soạn: 36 Tôn Thất Đạm, Phường Nguyễn Thái Bình, Quận 1, TP.HCM, Việt Nam
  • Điện thoại: 028.38210238|Email: ajeb.vn@hub.edu.vn
  • Giấy phép trang thông tin điện tử: Số 201/GP-TTĐT do Cục Phát thanh, Truyền hình và Thông tin điện tử cấp ngày 11/11/2016
  • Giấy phép Hoạt động Tạp chí in: 388/GP-BTTTT ngày 02/11/2018 in tại Công ty TNHH Một Thành viên In Kinh tế
  • Tổng Biên tập: ..........................................................
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