SỐ 204 | THÁNG 3/2023
Sự nhạy cảm của đầu tư theo dòng tiền tại các nền kinh tế mới nổi
Nguyễn Ngọc Thụy Vy
Tóm tắt:
Nghiên cứu kiểm định sự nhạy cảm của đầu tư theo dòng tiền tại các nền kinh tế mới nổi. Mẫu nghiên cứu gồm các doanh nghiệp thuộc 13 nền kinh tế mới nổi trong giai đoạn 2000-2020. Sau khi kiểm soát sai số đo lường trong q – biến đại diện cho cơ hội đầu tư, nghiên cứu cho thấy đầu tư của doanh nghiệp tại các quốc gia mới nổi phụ thuộc đáng kể vào dòng tiền của doanh nghiệp. Bên cạnh đó, các doanh nghiệp bị hạn chế tài chính có sự nhạy cảm của đầu tư theo dòng tiền cao hơn các doanh nghiệp không bị hạn chế tài chính. Các kết quả này hàm ý rằng, sự phụ thuộc của đầu tư theo dòng tiền là minh chứng về giới hạn tài trợ do các bất hoàn hảo tài chính.
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Investment – Cash Flow Sensitivity in Emerging Countries
Abstract:
This study examines investment-cash flow sensitivity in emerging countries. Our sample comprises non-financial firms from 13 emerging countries from 2000 to 2020. After controlling for the measurement error in q, our study shows that the investment of firms from emerging countries is significantly related to cash flow. Moreover, financially constrained firms to exhibit higher investment-cash flow sensitivities than their unconstrained counterparts. This result implies that investment-cash flow sensitivity is evidence of the financing constraint firms in emerging countries face when operating in imperfect financial markets.