Số 221 | Tháng 8/2024
Biến động giá dầu thô thế giới và nắm giữ tiền mặt: Bằng chứng từ các doanh nghiệp niêm yết trên thị trường chứng khoán Việt Nam
Nguyễn Hữu Mạnh
Tóm tắt:
Nghiên cứu này điều tra tác động của sự không chắc chắn về giá dầu đối với việc nắm giữ tiền mặt (NGTM) của các công ty niêm yết tại Việt Nam trong giai đoạn 2010–2022 bằng sử dụng mô hình bảng và các thước đo khác nhau của sự bất định giá dầu. Dữ liệu được thu thập từ các công ty niêm yết trên thị trường chứng khoán Việt Nam để kiểm định các giả thuyết. Dựa trên động cơ phòng ngừa và lý thuyết đánh đổi liên quan đến NGTM, nghiên cứu dự đoán rằng sự không chắc chắn về giá dầu có tác động đáng kể đến việc NGTM của doanh nghiệp. Kết quả thực nghiệm cho thấy biến động giá dầu (BĐGD) ảnh hưởng cùng chiều đến việc NGTM của doanh nghiệp. Cụ thể, các công ty có xu hướng nắm giữ nhiều tiền mặt hơn và điều chỉnh lượng tiền mặt nhanh hơn để đáp ứng nhu cầu tài chính và giảm thiểu rủi ro phá sản khi sự bất định giá dầu tăng cao. Những phát hiện này được củng cố thông qua các thử nghiệm sử dụng các thước đo và ước lượng khác nhau. Hàm ý của nghiên cứu cho thấy các công ty cần chú trọng quản lý lượng tiền mặt nắm giữ để đảm bảo khả năng tài chính, từ đó điều chỉnh chiến lược tài chính một cách hiệu quả trong bối cảnh BĐGD.
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Global Crude Oil Price Volatility and Cash Holdings: Evidence from Listed Firms on Vietnamese Stock Markets
Abstract:
This study investigates the impact of oil price uncertainty on the cash holdings of listed companies in Vietnam during the 2010-2022 period by using panel models and various measures of oil price uncertainty. Data were collected from listed firms on the Vietnamese stock market to test the hypotheses. Based on precautionary motives and the trade-off theory related to cash holdings, the study predicts that oil price uncertainty significantly influences corporate cash holdings. The empirical results demonstrate that oil price volatility positively affects corporate cash holdings. Specifically, companies tend to hold more cash and adjust their cash holdings more quickly to meet financial needs and mitigate bankruptcy risks when oil price uncertainty increases. These findings, which are reinforced through experiments using different measures and estimations, have important implications for companies in managing their cash holdings to ensure financial stability. The study's implications underscore the need for companies to focus on managing their cash holdings, thereby effectively adjusting their financial strategies in the context of oil price volatility.