流动性对公司业绩的影响:越南案例

Kim Quoc Trung Nguyen, Thi Hang Nga Phan, Nguyen Minh Hang
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摘要

本文旨在估算 COVID-19 爆发期间流动性对越南胡志明市证券交易所(HSX)上市公司盈利能力的影响。利用定量研究方法(可行的广义最小二乘法--FGLS),确定了影响 2012 年至 2021 年公司业绩的六个因素:COVID-19、流动性比率、企业年龄、企业规模、有形资产和国内生产总值增长。本文特别强调了流动性在大流行病期间对企业绩效的负面显著影响。因此,研究结果表明,在 COVID-19 期间,高流动性的制造企业会失去增加收入的机会,原因是根据权衡理论,资金被捆绑在营运资本上,无法用于支持公司的运营。此外,高流动性还会增加公司的机会成本,从而降低公司的盈利能力。然而,研究是在一个政府干预、政治稳定、和平的国家进行的,与乌克兰等处于战争和经济困难时期的国家不同。因此,文章使用了跨国数据库,以获得更具普遍性的结果。
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The effect of liquidity on firm’s performance: Case of Vietnam
This paper aims to estimate the effect of liquidity on the profitability of firms listed on the Ho Chi Minh City Stock Exchange (HSX) in Vietnam during the COVID-19 outbreak. Using a quantitative research method (the feasible generalized least squares method - FGLS), six factors affecting the firms' performance from 2012 to 2021 are identified: COVID-19, the liquidity ratio, firm age, firm size, tangible assets, and gross domestic product growth. This paper has especially highlighted liquidity's negative and significant effect on firms' performance during the pandemic. Therefore, the study findings indicate that manufacturing firms with high liquidity during COVID-19 lose the opportunity to increase revenue due to funds tied to working capital that cannot be used to support the company's operations under the trade-off theory. Besides, high liquidity also increases the company's opportunity cost, which decreases company profitability. However, the study was conducted in a country with government intervention, political stability, and peace, unlike a country in a period of war and economic difficulties, such as Ukraine. Therefore, the article used a cross-country database for more generalizable results.
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