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ISSN 2615-9813
ISSN (số cũ) 1859-3682

SỐ 209 | Tháng 8/2023

Ảnh hưởng linh hoạt tiền mặt và Covid-19 đến quyết định đầu tư của các công ty niêm yết tại Việt Nam

Nguyễn Thị Liên Hoa, Lê Nguyên, Cao Quang Phụng

Tóm tắt:

Bài nghiên cứu sử dụng dữ liệu bảng cân bằng của 98 công ty niêm yết trên Sở Giao dịch Chứng khoán Thành phố Hồ Chí Minh (HNX) và Sở Giao dịch Chứng khoán Hà Nội (HSX) trong giai đoạn 2010-2021 và phương pháp bình phương tối thiểu tổng quát khả thi (FGLS) nhằm xem xét ảnh hưởng của linh hoạt tiền mặt và dịch Covid-19 đến quyết định đầu tư. Các kết quả nghiên cứu cho thấy, sự bùng phát Covid-19 gây ra sự sụt giảm đáng kể trong đầu tư của công ty, tính linh hoạt của tiền mặt cao làm giảm tác động tiêu cực đến các hoạt động đầu tư của doanh nghiệp trong thời kỳ đại dịch. Kết quả nghiên cứu sẽ giúp các doanh nghiệp có chính sách quản trị tiền mặt tối ưu nhằm thực hiện quyết định đầu tư trong điều kiện gặp phải những cú sốc phi tài chính.


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The Impact of Cash Flow Flexibility and Covid-19 Pandemic on Investment Decisions of Listed Companies in Vietnam


The research paper uses the balance sheet data of 98 companies listed on the Ho Chi Minh Stock Exchange (HNX) and the Hanoi Stock Exchange (HSX) for the period 2010-2021 and the FGLS method to examine the impact of cash flow flexibility and Covid-19 on these companies’ investment decisions. The results show that the Covid-19 outbreak caused a significant decrease in these companies’ investment decisions, and the high cash flow flexibility reduced the negative impact on the companies’ investment activities during the pandemic. The research results will help the companies have optimal policies for cash management to make investment decisions when facing non-financial shocks.