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ISSN 2615-9813
ISSN (số cũ) 1859-3682

SỐ 198 | THÁNG 9/2022

Tác động của biến động lợi nhuận cổ phiếu đến lựa chọn cấu trúc vốn: Bằng chứng từ các doanh nghiệp tại Việt Nam

Nguyễn Hữu Mạnh

Tóm tắt:

Nghiên cứu nhằm phân tích ảnh hưởng của biến động lợi nhuận (BĐLN) của cổ phiếu đến đòn bẩy nợ của các doanh nghiệp phi tài chính niêm yết trên Sở Giao dịch Chứng khoán Thành phố Hồ Chí Minh (HSX) trong giai đoạn 2010–2019. Sử dụng phương pháp hồi quy POLS, FEM, REM và GMM, nghiên cứu chỉ ra rằng tồn tại tác động nghịch chiều của biến động lợi tức cổ phiếu đến lựa chọn cấu trúc vốn (CTV) trong cả đòn bẩy tổng thể và đòn bẩy dài hạn trong thời kỳ hậu khủng hoảng. Đồng thời, các yếu tố kinh tế vĩ mô ảnh hưởng đáng kể đến việc lựa chọn CTV. Tuy nhiên, những tác động này thể hiện không đồng nhất giữa các thước đo CTV của công ty.


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The Impact of Stock Return Volatility on Capital Structure Choice: Evidence from Non-Financial Firms Listed on Ho Chi Minh City Stock Exchange


This study investigates the impact of stock returns on leverage of non-financial firms listed on the Ho Chi Minh Stock Exchange (HSX) during the period 2010-2019. Using a variety of quantitative methods, our study finds that stock return volatility has a negative impact on capital structure choice in both overall debt leverage and long-term debt leverage in the post-crisis period. Furthermore, macroeconomic factors significantly influence the choice of capital structure. However, these effects show heterogeneity across the firm's capital structure measures.