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ISSN 2615-9813
ISSN (số cũ) 1859-3682

SỐ 178+179 | THÁNG 01+02/2021

Ảnh hưởng của việc nắm giữ tiền mặt đến mối quan hệ giữa chính sách thắt chặt tiền tệ và hoạt động đầu tư của các công ty niêm yết Việt Nam

Nguyễn Thị Uyên Uyên, Nguyễn Hoàng Minh Huy, Tô Công Nguyên Bảo

Tóm tắt:

Nghiên cứu này phân tích ảnh hưởng của việc nắm giữ tiền mặt (NGTM) đến mối quan hệ giữa chính sách tiền tệ (CSTT) thắt chặt và hoạt động đầu tư của các công ty niêm yết Việt Nam trong giai đoạn 2008–2018. Kết quả nghiên cứu cho thấy, tác động của CSTT thắt chặt đã làm giảm đầu tư của các công ty. Tuy nhiên, nếu các công ty gia tăng lượng tiền mặt nắm giữ thì sẽ làm giảm thiểu được những tác động bất lợi của thắt chặt tiền tệ lên hoạt động đầu tư, đặc biệt là ở những công ty bị hạn chế tài chính (HCTC) và công ty không thuộc sở hữu nhà nước (SHNN), khi mà những công ty này thường phụ thuộc nhiều hơn vào nguồn tài trợ nội bộ để chi đầu tư. Trong bối cảnh CSTT thắt chặt, các công ty có xu hướng gia tăng lượng tiền mặt nắm giữ nhiều hơn, từ đó giúp duy trì hoạt động đầu tư của công ty. Cuối cùng, việc NGTM sẽ giúp công ty ổn định và cải thiện được hiệu quả đầu tư.


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The Effect of Cash Holding to the Relationship between Tightening Monetary Policy and Investment Activities of Vietnamese Listed Companies


The aim of this study is to analyze the effect of holding cash on the relationship between tight monetary policy and investment activity of Vietnamese listed companies during 2008–2018. The findings show that the impact of tightening monetary policy reduces corporate investment. However, the companies may increase the amount of cash holding to minimize the adverse effects of monetary tightening on investment activities, especially in financial constrained companies and non state-owned companies which are more dependent on internal funding to finance investment. In the context of tightening monetary policy, the companies tend to increase cash holdings mostly, which helps maintain their investment activities. Finally, cash holdings will help the company stabilize and improve the efficiency of investment.