Tóm tắt:
Đại dịch Covid-19 đã và đang gây ra những ảnh hưởng ngược chiều đến nhiều nền kinh tế của các quốc gia trên thế giới, trong đó có Việt Nam. Bài nghiên cứu này được thực hiện với mục đích xem xét tác động của đại dịch Covid-19 đến thay đổi trong tỷ lệ tiền mặt nắm giữ (TMNG) của các công ty niêm yết Việt Nam. Ngoài ra, nhóm tác giả cũng tiến hành phân tích ảnh hưởng của lợi thế thương mại và tình trạng hạn chế tài chính đến tương quan giữa đại dịch Covid-19 và thay đổi trong tỷ lệ TMNG của các công ty. Bằng việc sử dụng phương pháp hồi quy GMM hệ thống (GMM-SYS) cùng mẫu dữ liệu được thu thập giai đoạn 2011–2021, nghiên cứu đã tìm được câu trả lời cho các vấn đề trên. Kết quả nghiên cứu chỉ ra rằng các công ty niêm yết Việt Nam có xu hướng nắm giữ nhiều tiền mặt hơn trong giai đoạn bùng phát đại dịch Covid-19. Đồng thời, công ty có lợi thế thương mại có khuynh hướng hướng nắm giữ tiền mặt nhiều hơn so với công ty không có lợi thế thương mại dưới tác động của đại dịch. Cuối cùng, những công ty rơi vào trạng thái hạn chế tài chính sẽ ít nắm giữ tiền mặt hơn so với công ty không rơi vào trạng thái hạn chế tài chính dưới tác động của Covid-19.
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Abstract:
The Covid-19 pandemic has been continuing to negatively impact the economies of many countries worldwide, including Vietnam. This study examines the impact of the Covid-19 pandemic on the changes in cash holdings of listed companies in Vietnam. Additionally, the author analyzes the influence of goodwill and financial constraints on the relationship between the Covid-19 pandemic and changes in cash holdings of these companies. The study employs the robust System Generalized Method of Moments (GMM-SYS) regression method with a dataset collected from 2011 to 2021, ensuring the reliability of the findings. The results indicate that Vietnamese listed companies tend to hold more cash during the Covid-19 outbreak. Moreover, companies with goodwill tend to hold more cash than companies without goodwill under the impact of the pandemic. Finally, companies facing financial constraints tend to hold less cash than those not facing financial constraints under the impact of Covid-19.