SỐ 202+203 | THÁNG 01+02/2023
Tác động của cấu trúc vốn đến hiệu quả hoạt động của các ngân hàng thương mại Việt Nam
Vương Thị Hương Giang, Nguyễn Hữu Mạnh, Nguyễn Thị Minh Nguyệt
Tóm tắt:
Nghiên cứu này xem xét ảnh hưởng của các yếu tố bên trong và bên ngoài đến hoạt động ngân hàng thương mại (NHTM) của 31 NHTM Việt Nam giai đoạn 2012–2021 bằng phương pháp hồi quy dữ liệu bảng (Pooled OLS, REM, FEM, GLS). Kết quả của nhóm nghiên cứu chỉ ra rằng cấu trúc vốn (CTV) ảnh hưởng có lợi đến hoạt động ngân hàng. Hơn nữa, nghiên cứu đã phát hiện ra mối liên hệ tích cực đáng kể giữa vốn hóa của ngân hàng, quy mô ngân hàng, tỷ lệ cho vay và tốc độ tăng trưởng về hiệu quả hoạt động của ngân hàng thông qua hai chỉ số, bao gồm tỷ suất lợi nhuận trên vốn chủ sở hữu và tỷ suất sinh lợi trên tổng tài sản hoạt động ngân hàng. Ngược lại, tỷ lệ tiền gửi, tổng sản phẩm trong nước và lạm phát có tác động tiêu cực. Từ kết quả của nhóm nghiên cứu, các ngân hàng nên xem xét việc tăng vốn tự có để nâng cao hiệu quả hoạt động và tăng cường năng lực tài chính.
Tài liệu tham khảo:
- Abbadi, S. M. & Abu-Rub, N. (2012). The effect of capital structure on the performance of Palestinian Financial institutions. British Journal of Economics, Finance, and Management Sciences. 3(2), 92-101.
- Al-Kayed, L. T., Syed, M. Z., Sharifah, R., & Duasa, J. (2014). The relationship between capital structure and performance of Islamic banks”, Journal of Islamic Accounting and Business Research. 5(2), 158-181.
- Alexiou, C., & Sofoklis, V. (2009). Determinants of bank profitability: Evidence from the Greek banking sector. Economic annals, 54(182), 93-118.
- Anarfo, E. B. (2015). Capital structure and bank performance–evidence from Sub-Sahara Africa. European journal of accounting auditing and finance research, 3(3), 1-20.
- Athanasoglou, P. P., Brissimis, S. N., & Delis, M. D. (2008). Bank-specific, industry-specific and macroeconomic determinants of bank profitability. Journal of international financial Markets, Institutions and Money, 18(2), 121-136.
- Baltagi, B. H. (2008). Forecasting with panel data. Journal of forecasting, 27(2), 153-173.
- Bennaceur, S., & Goaied, M. (2008). The determinants of commercial bank interest margin and profitability: evidence from Tunisia. Frontiers in finance and economics, 5(1), 106-130.
- Berger, A. & Bonaccorsi, D. P. E. (2006). Capital structure and firm performance: A new approach to testing agency theory and an application to the banking industry', Journal of Banking & Finance, 30(4), 1065-102.
- Daly, S., & Frikha, M. (2017). Determinants of bank performance: comparative study between conventional and Islamic banking in Bahrain. Journal of the Knowledge Economy, 8, 471-488.
- Diaz, J. F. T., & Tin, T. T. (2017). Determinants of banks’ capital structure: Evidence from Vietnamese commercial banks. Asian journal of finance and accounting, 9(1), 261-284.
- Doğan, M. (2013). Does firm size affect the firm profitability? Evidence from Turkey. Research Journal of Finance and Accounting, 4(4), 53-59.
- Flamini, V., McDonald, C., & Schumacher, L. (2009). The determinants of commercial bank profitability in Sub-Saharan Africa”, Working Paper No. wp/09/15, International Monetary Fund, Washington, DC.
- García-Herrero, A., Gavilá, S., & Santabárbara, D. (2009). What explains the low profitability of Chinese banks? Journal of Banking & Finance, 33(11), 2080-2092.
- Gul, S., Irshad, F., & Zaman, K. (2011). Factors Affecting Bank Profitability in Pakistan. Romanian Economic Journal, 14(39).
- Havrylchyk, O. & Emilia, J. (2006). Profitability of foreign banks in Central and Eastern Europe: Does the entry mode matter? Bank of Finland, BOFIT Discussion Papers 5.
- Hawaldar, I.T., Lokesha, Kumar, Abhaya K., Pinto, P., Sison, Sheila M., (2017). Performance Analysis of Commercial Banks in the Kingdom of Bahrain (2001-2015). International Journal of Economics and Financial Issues, 7(3), 729-737.
- Hoffmann, P. S. 2010. “Capital structure and Performance in the US Banking Industry”, International Journal of Business and Social Science, 2 (22), 225-269.
- Jaouad, E., & Lahsen, O. (2018). Factors affecting bank performance: empirical evidence from Morocco. European Scientific Journal, 14(34), 255-267.
- Le, T. D., & Nguyen, D. T. (2020). Capital structure and bank profitability in Vietnam: A quantile regression approach. Journal of Risk and Financial Management, 13(8), 168.
- Liu, S. (2013). Determinants of the profitability of the US banking industry during the financial crisis (Doctoral dissertation, Clemson University).
- Modigliani, F., & Miller, M. (1958). The cost of capital, corporation finance, and the theory of investment. American Economic Review, 48, 261297.
- Mouna, A., Jianmu, Y., Havidz, S. A. H., & Ali, H. (2017). The impact of capital structure on Firms performance in Morocco. International Journal of Application or Innovation in Engineering & Management, 6(10), 11-16.
- Musah, A. (2018). “The Impact of Capital Structure on Profitability of Commercial Banks in Ghana”. Asian Journal of Economic Modelling, 6(1), 21-36.
- Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of financial economics, 13(2), 187-221.
- Pham, H. N., & Pham, T. H. N. (2021, January). Determinants of Bank Liquidity: Evidence from Vietnam. In International Econometric Conference of Vietnam (pp. 185-196). Springer, Cham.
- Pham, H. N. (2021). How does internal control affect bank credit risk in Vietnam? A Bayesian analysis. The Journal of Asian Finance, Economics and Business, 8(1), 873-880.
- Saeed Muzaffar M, Gull Ali A, & Rasheed Yasran M (2013). Impact of Capital Structure on Banking Performance (A Case Study of Pakistan). Interdisciplinary Journal of Contemporary Research In Business, 4(30), 393-403.
- Salim, M., & Yadav, R. (2012). Capital structure and firm performance: Evidence from Malaysian listed companies. Procedia-Social and Behavioral Sciences, 65, 156-166.
- Trujillo-Ponce, A. (2013). What determines the profitability of banks? Evidence from Spain. Accounting & Finance, 53(2), 561-586.
- Vo Minh Long (2017). The impact of capital structure on the enterprise value of joint-stock companies listed on the Ho Chi Minh Stock Exchange, Ph.D. Thesis, Banking University Ho Chi Minh.
- Vuong, G. T. H., & Nguyen, M. H. (2020). Revenue diversification and banking risk: Does the state ownership matter? Evidence from an emerging market. Annals of Financial Economics, 15(04), 2050019.
- Zeitun, Rami and Tian, Gary Gang, Capital Structure and Corporate Performance: Evidence from Jordan (September 14, 2014). Australasian Accounting Business & Finance Journal, Forthcoming, Available at SSRN: https://ssrn.com/abstract=2496174.
The Impact of Capital Structure on Bank Performance in Vietnamese Commercial Banks
Abstract:
This study examines the influence of internal and external factors on the bank performance of 31 Vietnamese commercial banks from 2012 to 2021. Using the Pooled OLS, REM, FEM, and GLS estimations for a panel model, our findings indicate that capital structure benefits bank performance. Furthermore, the study discovered a significant positive association between bank capitalization, bank size, loan ratio, and growth rate on its performance via two metrics, including the ratio of return on equity and return on total assets. In contrast, the deposit rate, gross domestic product, and inflation have negative effects. From our results, banks should consider raising equity capital to improve operational efficiency and boost financial capability.