SỐ 201 | THÁNG 12/2022
Tác động của các bất ổn vĩ mô đến kết quả hoạt động của các doanh nghiệp nội thất tại Việt Nam
Lê Hoàng Anh, Nguyễn Thị Hoài Thương
Tóm tắt:
Trong những năm qua, ngành nội thất tại Việt Nam đã có những bước phát triển vượt bậc. Tuy nhiên, các bất ổn của môi trường vĩ mô như chiến tranh thương mại (CTTM) Mỹ - Trung, sự bùng phát của đại dịch Covid-19 đã tạo ra các tác động không nhỏ đến kết quả hoạt động của các doanh nghiệp nội thất (DNNT) tại Việt Nam. Bằng phương pháp ước lượng GMM hệ thống (SGMM) với dữ liệu của 13 DNNT được niêm yết trên thị trường chứng khoán Việt Nam trong giai đoạn 2011–2021, kết quả ước lượng các mô hình đã cho thấy các DNNT Việt Nam đã thực sự hưởng lợi từ CTTM Mỹ - Trung trong thời gian qua. Tuy nhiên, kết quả nghiên cứu cũng cho thấy đại dịch Covid-19 đã có những tác động tiêu cực đến tỷ suất sinh lợi của các DNNT. Trên cơ sở kết quả nghiên cứu, nhóm tác giả đã đề xuất các hàm ý chính sách nhằm gia tăng kết quả hoạt động của các DNNT tại Việt Nam trong tương lai.
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The Impact of Macroeconomic Instability on Businesses Performance of Furniture Industry Enterprises in Vietnam
Abstract:
Vietnam has made remarkable development progress in the furniture industry. However, the macroeconomic instability, such as the US-China trade war and the outbreak of the Covid-19 pandemic, have had a significant impact on Vietnam's furniture enterprises. Using a system generalized method of moments (SGMM) and data from 13 furniture enterprises listed on the Vietnamese stock market between 2011 and 2021, the model estimation results revealed that Vietnamese furniture enterprises had benefited significantly from the US-China trade war in recent years. However, the findings indicate that the Covid-19 pandemic has harmed the return on equity (ROE) of Vietnamese furniture enterprises. We propose some policy implications based on the research findings to improve the future business performance of Vietnamese furniture enterprises.