SỐ 213 | Tháng 12/2023
Tác động của cấu trúc sở hữu đến cấu trúc vốn của các ngân hàng thương mại Việt Nam: Tiếp cận bằng Bayes
Phạm Hải Nam, Lê Hà Diễm Chi
Tóm tắt:
Bài viết đánh giá tác động của cấu trúc sở hữu (ownership structure – OWS) đến cấu trúc vốn (capital structure – CST) của các ngân hàng thương mại (NHTM) Việt Nam giai đoạn 2012–2020. OWS được đại diện bởi hai chỉ tiêu là tỷ lệ sở hữu Nhà nước và tỷ lệ sở hữu nước ngoài, CST vốn đại diện bởi ba yếu tố: đòn bẩy tài chính, tiền gửi khách hàng; nợ phi tiền gửi. Bằng phương pháp hồi quy Bayes thông qua cách lấy mẫu Gibbs, kết quả cho thấy: (i) Sở hữu Nhà nước có ảnh hưởng ngược chiều đến CST, đại diện bởi đòn bẩy tài chính và nợ phi tiền gửi, nhưng có ảnh hưởng cùng chiều đến tiền gửi khách hàng; và (ii) Sở hữu nước ngoài có ảnh hưởng ngược chiều đến CST ở cả ba biến đại diện là đòn bẩy tài chính, tiền gửi khách hàng tiền gửi khách hàng và nợ phi tiền gửi. Dựa trên kết quả nghiên cứu, bài viết đề xuất một số chính sách cho các nhà quản trị NHTM trong việc xác lập CST và OWS phù hợp, nhằm thúc đẩy sự an toàn và hiệu quả trong hoạt động của các NHTM Việt Nam.
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Ownership Structure and Capital Structure of Vietnam Commercial Banks
Abstract:
The article evaluates the dynamic of ownership structure to commercial banks' capital structure in Vietnam from 2012 to 2020. The ownership structure is represented by two indicators: ownership ratio and state and foreign ownership ratio. Capital structure is described by three factors: financial leverage, customer deposits, and non-deposit debt. Using the Bayesian regression method via the Gibbs sampling algorithm, the research results show that first, state ownership has a negative impact on capital structure, represented by financial leverage and non-deposit liabilities; still, it has the same effect on customer deposits. Second, foreign ownership harms capital structure in all three representative variables: financial leverage, customer deposits, and non-deposit debt. From the research results, the authors recommend that bank managers establish appropriate capital and ownership structures to ensure safe, efficient, and sustainable banking operations.