Tạp chí đã xuất bản
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.

DOI: https://doi.org/10.63065/ajeb.vn.2023.209.82981

Tài liệu tham khảo:

  1. https://vjol.info.vn/index.php/DHNHTPHCM/article/view/82981Acharya, V. V., Almeida, H., & Campello, M. (2007). Is cash negative debt? A hedging perspective on corporate financial policies. Journal of financial intermediation, 16(4), 515-554.
  2. Albuquerque, R., Koskinen, Y., Yang, S., & Zhang, C. (2020). Love in the Time of Covid-19: The Resiliency of Environmental and Social Stocks. Review of Corporate Finance Studies, 1-33.
  3. Ali, M., Alam, N., & Rizvi, S. (2020). Coronavirus (Covid-19) - An epidemic or pandemic for financial markets. Journal of Behavioral and Experimental Finance, 27.
  4. Almeida, H., Campello, M., Laranjeira, B., & Weisbenner, S. (2009). Corporate Debt Maturity and the Real Effects of the 2007 Credit Crisis. NBER Working Paper 14990.
  5. Almeida, H., Campello, M., & Weisbach, M. (2004). The Cash Flow Sensitivity of Cash. The Journal of Finance, 59(4), 1777-1804.
  6. Arslan-Ayaydin, Ö., Florackis, C., & Ozkan, A. (2006). The role of cash holdings in reducing investment-cash flow sensitivity: Evidence from a financial crisis period in an emerging market. Emerging Markets Review, 7(4), 320-338.
  7. Arslan-Ayaydin, Ö., Florackis, C., & Ozkan, A. (2014). Financial flexibility, corporate investment and performance: evidence from financial crises. Review of Quantitative Finance and Accounting, 42(2), 211-250.
  8. Baker, S., Bloom, N., Davis, S., Kost, K., Sammon, M., & Viratyosin, T. (2020). The Unprecedented Stock Market Reaction to Covid-19. The Review of Asset Pricing Studies, 10(4), 742-758.
  9. Bazdresch, S. (2013). The role of non-convex costs in firms' investment and financial dynamics. Journal of Economic Dynamics and Control, 37(5), 929-950.
  10. Bloom, N. (2009). The Impact of Uncertainty Shocks. Econometrica Journal of the Econometric Society, 77(3), 623-685..
  11. Boileau, M., & Moyen, N. (2016). Corporate cash holding and Credit line usage. International Economic Review, 57(4), 1481-1506.
  12. Bolton, P., Chen, H., & Wang, N. (2011). A Unified Theory of Tobin's q, Corporate Investment, Financing, and Risk Management. The Journal of Finance, 66(5), 1545-1578.
  13. Bonaime, A., Hankins, K., & Harford, J. (2014). Financial Flexibility, Risk Management, and Payout Choice. Review of Financial Studies, 27(4), 1047-1101.
  14. Byoun, S. (2011). Financial Flexibility and Capital Structure Decision. SSRN Electronic Journal. 10.2139/ssrn.1108850.
  15. Campello, M., Graham, J., & Harvey, C. (2010). The real effects of financial constraints: Evidence from a financial crisis. Journal of Financial Economics, 97(3), 470-487
  16. Coibion, O., Gorodnichenko, Y., & Weber, M. (2020). Labor Markets During the Covid-19 Crisis: A Preliminary View. NBER Working Papers 27017.
  17. Cookson, R., Griffin, S., Norheim, O., & Culyer, A. (2020). Distributional Cost-Effectiveness Analysis: Quantifying Health Equity Impacts and Trade-Offs. Oxford: Oxford University Press.
  18. Costola, M., Matteo, I. & Carlo, S. (2020). Public Concern and the Financial Markets during the Covid-19 outbreak. SSRN Electronic Journal.
  19. Chang, X., Dasgupta, S., Wong, G., & Yao, J. (2014). Cash Flow Sensitivities and the Allocation of Internal Cash Flow. Review of Financial Studies, 1-53.
  20. Denis, D. J. (2011). Financial flexibility and corporate liquidity. Journal of Corporate Finance, 17(3), 667-674.
  21. Denis, D., & McKeon, S. (2018). Persistent Operating Losses and Corporate Financial Policies. SSRN Electronic Journal.
  22. Ding, W., Levine, R., Lin, C., & Xie, W. (2020). Corporate Immunity to the Covid-19 Pandemic. NBER Working Paper 27055.
  23. Dittmar, A., & Mahrt-Smith, J. (2007). Corporate governance and the value of cash holdings. Journal of Financial Economics, 83(3), 599-634.
  24. Duong, H., Nguyen, J., Nguyen, M., & Rhee, S. (2020). Navigating through economic policy uncertainty: The role of corporate cash holdings. Journal of Corporate Finance, 62, 101607.
  25. Eisfeldt, A., & Muir, T. (2012). The Joint Dynamics of Internal and External Finance. Society for Economic Dynamics, 842.
  26. Fahlenbrach, R., Rageth, K., & Stulz, R. (2020). How Valuable is Financial Flexibility When Revenue Stops? Evidence from the Covid-19 Crisis. Swiss Finance Institute Research Paper No. 20-37.
  27. Fu, M., and H. Shen. 2020. Covid-19 and corporate performance in the energy industry -Moderating effect of goodwill impairment. Energy Research Letters, 1(1), 12967.
  28. Goodell, J. W. (2020). Covid-19 and finance: Agendas for future research. Finance Research Letters, 35, 101512.
  29. Huang, J., Luo, Y., & Peng, Y. (2021). Corporate financial asset holdings under economic policy uncertainty: Precautionary saving or speculating? International Review of Economics & Finance, 76, 1359-1378.
  30. Huo, X., & Qiu, Z. (2020). How does China’s stock market react to the announcement of the Covid-19 pandemic lockdown? Economic and Political Studies, 8(5), 1-26.
  31. Jermann, U. & Quadrini, V. (2012). Macroeconomic Effects of Financial Shocks. American Economic Review, 102(1), 238-71.
  32. Jiang, J., Hou, J., Wang, C., & Liu, H. (2021). Covid-19 impact on firm investment -Evidence from Chinese publicly listed firms. Journal of Asian Economics, 75, 101320.
  33. Joseph, A., Kneer, C., Horen, N., & Saleheen, J. (2019). All You Need Is Cash: Corporate Cash Holdings and Investment after the Financial Crisis. Bank of England Working Paper No. 843. SSRN Electronic Journal.
  34. Kang, W., Lee, K., & Ratti, R. (2014). Economic policy uncertainty and firm-level investment. Journal of Macroeconomics, 39(PA), 42-53.
  35. Kim, H., & Kung, H. (2017). The Asset Redeployability Channel: How Uncertainty Affects Corporate Investment. The Review of Financial Studies, 30(1), 245-280.
  36. Li, X., Lin, P., & Lin, J. (2020). Covid-19, insurer board utility, and capital regulation. Finance Research Letters, 101659.
  37. Lian, Y., Su, Z., & Gu, Y. (2010). Evaluating the Effects of Equity Incentives Using PSM: Evidence from China. Frontiers of Business Research in China, 5(2), 266-290.
  38. Liu, H., Wang, Y., He, D., & Wang, C. (2020). Short term response of Chinese stock markets to the outbreak of COVID - 19. Applied Economics, 52(53), 5859-5872.
  39. Mensi, W., Sensoy, A., Vo, X., & Kang, S. (2020). Impact of Covid-19 outbreak on asymmetric multifractality of gold and oil prices. Resources Policy, 69, 101829.
  40. Nikolov, B., & Whited, T. (2014). Agency Conflicts and Cash: Estimates from a Dynamic Model. The Journal of Finance, 69(5), 1883-1921.
  41. Nikolov, B., Schmid, L., & Steri, R. (2019). The Sources of Financing Constraints. European Corporate Governance Institute - Finance Working Paper, 641.
  42. Pinkowitz, L., Stulz, R., & Williamson, R. (2006). Does the Contribution of Corporate Cash Holdings and Dividends to Firm Value Depend on Governance? A Cross‐country Analysis. Journal of Finance, 61(6), 2725-2751..
  43. Reisz, A. S., & Perlich, C. (2007). A market-based framework for bankruptcy prediction. Journal of financial stability, 3(2), 85-131.
  44. Salisu, A., & Vo, X. (2020). Predicting stock returns in the presence of Covid-19 pandemic: The role of health news. International Review of Financial Analysis, 71(C).
  45. Salisu, A., Ebuh, G., & Usman, N. (2020). Revisiting oil-stock nexus during Covid-19 pandemic: Some preliminary results. International Review of Economics & Finance, 69, 280-294.
  46. Vito, A., & Gómez, J.-P. (2020). Estimating the Covid-19 cash crunch: Global evidence and policy. Journal of Accounting and Public Policy, 39(2), 106741.
  47. WHO (2020). Coronavirus disease 2019 (Covid-19) Situation Report. WHO. Retrieved 4 30, 2023, from https://www.who.int/emergencies/diseases/novel-coronavirus-2019/situation-reports.
  48. Wu, H. L., & Chen, C. H. (2001). An assessment of outward foreign direct investment from China's transitional economy. Europe-Asia Studies, 53(8), 1235-1254.
  49. Xu, Z. (2020). Economic policy uncertainty, cost of capital, and corporate innovation. Journal of Banking & Finance, 111, 105698.
  50. Yoshino, N., Taghizadeh-Hesary, F., & Otsuka, M. (2021). Covid-19 and optimal portfolio selection for investment in sustainable development goals. Finance Research Letters, 38, 101695.
  51. Yung, K., Li, D., & Jian, Y. (2015). The value of corporate financial flexibility in emerging countries. Journal of Multinational Financial Management, 32, 25-41.
  52. Zhang, D., Hu, M., & Ji, Q. (2020). Financial markets under the global pandemic of Covid-19. Finance Research Letters, 36, 101528.

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.


DOI: https://doi.org/10.63065/ajeb.vn.2023.209.82981

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: ..........................................................
Thể lệ tạp chí
Thống kê
  • 1.540 lượt truy cập
  • 29 trực tuyến
  • 202 Tạp chí đã được phát hành
  • 785 Bài viết được phát hành