SỐ 202+203 | THÁNG 01+02/2023
Tác động của quản trị công ty và quản trị thu nhập lên cấu trúc vốn của các doanh nghiệp niêm yết tại Việt Nam
Nguyễn Thị Đoan Trang, Nguyễn Thị Loan, Đỗ Thị Hương
Tóm tắt:
Bài viết này xem xét mức độ ảnh hưởng của quản trị công ty, quản trị thu nhập lên cấu trúc vốn (CTV) của các doanh nghiệp tại Việt Nam. Dữ liệu gồm 393 công ty được niêm yết tại Sở Giao dịch Chứng khoán Thành phố Hồ Chí Minh (HOSE) và Sở Giao dịch Chứng khoán Hà Nội (HNX) giai đoạn 2015–2020. Bằng việc sử dụng phương pháp OLS, FEM, REM và GLS, kết quả cho thấy tồn tại mối quan hệ giữa quản trị công ty, quản trị thu nhập và CTV tại Việt Nam. Trong đó, quy mô hội đồng quản trị (HĐQT) và tỷ lệ nữ giới trong HĐQT có tác động tích cực lên CTV, ngược lại tính độc lập của HĐQT, sự kiêm nhiệm CEO – chủ tịch HĐQT và quản trị thu nhập có tác động ngược chiều. Do đó, các doanh nghiệp cần cải thiện chất lượng quản trị công ty và quản trị thu nhập để có cơ cấu vốn phù hợp nhằm giúp doanh nghiệp phát triển bền vững.
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The Effect of Corporate Governance and Earnings Management on The Capital Structure of Listed Enterprises in Vietnam
Abstract:
This article examines the effect of corporate governance and earnings management on the capital structure of enterprises in Vietnam. The data includes 393 companies listed on Ho Chi Minh City Stock Exchange (HOSE) and Hanoi Stock Exchange (HNX), period 2015–2020. Using OLS, FEM, REM and GLS methods, the results show that there is a relationship between corporate governance, earnings management and capital structure in Vietnam, in which the size of the board of management (BOM) and the proportion of women in BOM has a positive effect on capital structure. Meanwhile, the independence of BOM, the duality of CEO - Chairman of BOM and earnings management have opposite effects. Therefore, enterprises need to improve the quality of corporate governance and earnings management to have an appropriate capital structure to develop sustainably.