Tác động của tính linh hoạt tài chính đến hiệu quả đầu tư: Trường hợp các công ty sản xuất và xây dựng niêm yết tại Việt Nam
Ngày xuất bản:
21/07/2026
Ngày xuất bản Online:
25/04/2026
Chuyên mục:
Tài chính, Ngân hàng, Kế toán, Kiểm toán
Nội dung chính của bài viết
Tóm tắt
Bài viết này nhằm mục đích khám phá tác động của Linh hoạt tài chính (Financial Flexibility - FF) đến hiệu quả đầu tư của các doanh nghiệp tại thị trường Việt Nam. Kết quả nghiên cứu thực nghiệm bằng ước lượng GMM, dựa trên bộ dữ liệu của 80 doanh nghiệp sản xuất và xây dựng trong giai đoạn 2014-2023 cho thấy, tác động tích cực của FF lên hiệu quả đầu tư của các doanh nghiệp. Cụ thể, các doanh nghiệp có mức độ FF cao thường đạt hiệu quả đầu tư tốt hơn. Ngay cả trong trường hợp doanh nghiệp có xu hướng đầu tư quá mức tác động này vẫn được duy trì tích cực cho thấy, vai trò của FF không chỉ nằm ở việc hỗ trợ đầu tư đúng thời điểm, mà còn giúp giảm thiểu rủi ro từ các quyết định đầu tư không tối ưu.
Abstract
This paper aims to explore the impact of financial flexibility on the investment efficiency of enterprises in the Vietnamese market. The empirical results using GMM estimation, based on a dataset of 80 manufacturing and construction firms in the period 2014-2023, show a positive impact of financial flexibility on investment efficiency of enterprises. Specifically, firms with high levels of financial flexibility often achieve better investment efficiency. Even in the case of firms tending to overinvest, this impact is still maintained positively, showing that the role of financial flexibility is not only in supporting timely investment but also in helping to minimize risks from suboptimal investment decisions.
Từ khóa
Doanh nghiệp sản xuất và xây dựng; Hiệu quả đầu tư; Linh hoạt tài chính
Chi tiết bài viết
Lĩnh vực kinh tế (JEL Codes)
G31 - Capital Budgeting • Fixed Investment and Inventory Studies • Capacity - G32 - Financing Policy • Financial Risk and Risk Management • Capital and Ownership Structure • Value of Firms • Goodwill - Corporate Finance and Governance, O16 - Financial Markets • Saving and Capital Investment • Corporate Finance and Governance - Economic Development
Tài liệu tham khảo
Almeida, H., & Campello, M. (2007). Financial constraints, asset tangibility, and corporate investment. The Review of Financial Studies, 20(3), 1429–1460. https://doi.org/10.1093/rfs/hhm019
Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277–297. https://doi.org/https://doi.org/10.2307/2297968
Asuero, A. G., Sayago, A., & González, A. G. (2007). The Correlation Coefficient: An Overview. Critical Reviews in Analytical Chemistry, 36(1), 41-59. https://doi.org/10.1080/10408340500526766
Bancel, F., & Mittoo, U. R. (2011). Financial flexibility and the impact of the global financial crisis: Evidence from France. International Journal of Managerial Finance, 7(2), 179-216. https://doi.org/10.1108/17439131111122157
Banerjee, S., Mitra, A., & Mohanti, D. (2023). Leverage and corporate investment – a cross country analysis. Investment Management and Financial Innovations, 20(3), 126-136. https://doi.org/10.21511/imfi.20(3).2023.11
Byoun, S. (2011). Financial flexibility and capital structure decision. Journal of Economic Literature. https://doi.org/10.2139/ssrn.1108850
Case, J. (2025). Waiting for the boom: Embattled construction companies need nuanced capital strategies. RAM Group Holdings. https://www.monitordaily.com/opinion/waiting-for-the-boom-embattled-construction-companies-need-nuanced-capital-strategies/
Chen, L. J., & Chen, S. Y. (2011). How the pecking-order theory explain capital structure. Journal of International Management Studies, 6(3), 92-100.
Chen, T., Harford, J., & Lin, C. (2014). Financial flexibility and corporate cash policy. http://52.76.234.106/media/abfer-events-2014/annual-conference/corporate-finance/financial-flexibility-and-corporate-cash-policy.pdf
Cherkasova, V., & Kuzmin, E. (2018). Financial flexibility as an investment efficiency factor in Asian companies. Gadjah Mada International Journal of Business, 20(2), 137-164. https://doi.org/10.22146/gamaijb.26239
Daoud, I. J. (2017). Multicollinearity and regression analysis. Journal of Physics: Conference Series, 949(1). https://doi.org/10.1088/1742-6596/949/1/012009
de Jong, A., Verbeek, M., & Verwijmeren, P. (2012). Does financial flexibility reduce investment distortions?. Journal of Financial Research, 35(2), 243–259. https://doi.org/10.1111/j.1475-6803.2012.01316.x
Denis, D. J., & McKeon, S. B. (2012). Debt financing and financial flexibility evidence from proactive leverage increases. The Review of Financial Studies, 25(6), 1897-1929. https://doi.org/10.1093/rfs/hhs005
Farrar, E. D., & Glauber, R. R. (1967). Multicollinearity in regression analysis: The problem revisited. The Review of Economic and Statistics, 49(1), 92-107. https://doi.org/10.2307/1937887
Fazzari, S. M., Hubbard, R. G., Petersen, B. C. (1988). Financing constraints and corporate investment. Brookings Papers on Economic Activity, 1988(1), 141–206. https://doi.org/10.2307/2534426
Fabozzi, F. J., Gupta, F., & Markowitz, H. M. (2002). The legacy of modern portfolio theory. The Journal of Investing, 11(3), 7-22.
Frank, M. Z., & Goyal, V. K. (2008). Chapter 12 - Trade-off and pecking order theories of debt. In Handbook of Empirical Corporate Finance (pp. 135-202). Elsevier. https://doi.org/10.1016/b978-0-444-53265-7.50004-4
Gamba, A., & Triantis, A. (2008). The value of financial flexibility. The Journal of Finance, 63(5), 2263-2296. https://doi.org/10.1111/j.1540-6261.2008.01397.x
Graham, J. R., & Harvey, C. R. (2001). The theory and practice of corporate finance: Evidence from the field. Journal of Financial Economics, 60(2–3), 187–243. https://doi.org/10.1016/S0304-405X(01)00044-7
Guariglia, A. (2008). Internal financial constraints, external financial constraints, and investment choice: Evidence from a panel of UK firms. Journal of Banking and Finance, 32(9), 1795-1809. https://doi.org/10.1016/j.jbankfin.2007.12.008
Hall, A. R. (2003). Generalized method of moments. In B. H. Baltagi (Ed.), A companion to theoretical econometrics (pp. 230-255). John Wiley & Sons. https://doi.org/10.1002/9780470996249.ch12
Hall, T. W. (2012). The collateral channel: Evidence on leverage and asset tangibility. Journal of Corporate Finance, 18(3), 570-583. https://doi.org/10.1016/j.jcorpfin.2011.12.003
Harris, M., & Raviv, A. (1991). The theory of capital structure. The Journal of Finance, 46(1), 297-355. https://doi.org/10.1111/j.1540-6261.1991.tb03753.x
Hsiao, C. (2022). Analysis of Panel Data (4th ed.). Cambridge University Press. https://doi.org/10.1017/9781009057745
Islam, M. R., Hossain, M. A., Uddin, M. S., & Bahta, D. T. (2020). Does financial flexibility foster investment efficiency? Evidence from an emerging market. Asian Business Review, 10(2), 121-136. https://doi.org/10.18034/abr.v10i2.476
Jahanzeb, A., Rehman, S. U., Bajuri, N. H., Karami, M., & Ahmadimousaabad, A. (2013). Trade-off theory, pecking order theory and market timing theory: A comprehensive review of capital structure theories. International Journal of Management and Commerce Innovations, 1(1), 11-18.
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American economic review, 76(2), 323-329. https://www.jstor.org/stable/1818789
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
Le, Q. S. (2016). Value of financial flexibility, investment efficiency and adjustment speed of working capital. Southampton Business School, University of Southampton.
Ma, C.-A., & Jin, Y. (2016). What drives the relationship between financial flexibility and firm performance: Investment scale or investment efficiency? Evidence from China. Emerging Markets Finance and Trade, 52(9), 2043-2055. https://doi.org/10.1080/1540496x.2015.1098036
Mahmood, Y., Rashid, A., & Rizwan, M. F. (2021). Do corporate financial flexibility, financial sector development and regulatory environment affect corporate investment decisions?. Journal of Economic and Administrative Sciences, 38(3), 485-508. https://doi.org/10.1108/jeas-10-2019-0109
Marchica, M.-T., & Mura, R. (2010). Financial flexibility, investment ability, and firm value: Evidence from firms with spare debt capacity. Financial Management,, 39(34), 1339–1365. https://doi.org/10.1111/j.1755-053x.2010.01115.x
Markowitz, H. (1952). Portfolio selection. The Journal of Finance, 7(1), 77-91. https://doi.org/10.1111/j.1540-6261.1952.tb01525.x
Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: A correction. The American Economic Review, 53(3), 433-443. https://www.jstor.org/stable/1809167
Medlen, C. (2003). Veblen’s Q-Tobin’s Q. Journal of Economic Issues, 37(4), 967–986. https://doi.org/10.1080/00213624.2003.11506638
Mura, R., & Marchica, M. T. (2008). Financial flexibility and investment decisions: Evidence from low-leverage firms. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1108544
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information the investors do not have. Journal of Financial Economics, 13(2), 187–221. https://doi.org/10.1016/0304-405X(84)90023-0
Myers, S. C. (1974). Interactions of corporate financing and investment decisions-implications for capital budgeting. The Journal of finance, 29(1), 1-25. https://doi.org/10.1111/j.1540-6261.1974.tb00021.x
Myers, S. C. (1984). The capital structure puzzle. Journal of Finance 39(3), 575-592. https://doi.org/10.1111/j.1540-6261.1984.tb03646.x
Nguyen, T. N. L., & Nguyen, V. C. (2020). The determinants of profitability in listed enterprises: A study from Vietnamese stock exchange. Journal of Asian Finance, Economics and Business, 7(1), 47-58. https://oak.go.kr/central/journallist/journaldetail.do?article_seq=23369
Omara, M. R., & Rashed, A. (2023). Financial flexibility and investment efficiency: The moderating role of board financial expertise. Investment Management and Financial Innovations, 20(4), 283-296. https://doi.org/10.21511/imfi.20(4).2023.23
Michaud, R. O. (1998). Efficient asset management: A practical guide to stock portfolio optimization and asset allocation. Harvard Business School Press. https://newfrontieradvisors.com/media/1alhzqu0/efficient-asset-management-1998.pdf
Richardson, S. (2006). Over-investment of free cash flow. Review of Accounting Studies, 11, 159‒189. https://doi.org/10.1007/s11142-006-9012-1
Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. The Journal of Finance, 52(2), 737-783. https://doi.org/10.1111/j.1540-6261.1997.tb04820.x
Sun, S., & Chaoqun, G. (2023). Financial flexibility and investment efficiency. Pacific International Journal, 6(1), 98-103. https://doi.org/10.55014/pij.v6i1.316
Teng, X., Chang, B.-G., & Wu, K.-S. (2021). The role of financial flexibility on enterprise sustainable development during the COVID-19 crisis—A consideration of tangible assets. Sustainability, 13(3). https://doi.org/10.3390/su13031245
Wu, W., Le, C., Shi, Y., & Alkaraan, F. (2024). The influence of financial flexibility on firm performance: The moderating effects of investment efficiency and investment scale. Journal of Applied Accounting Research, 25(5), 1183-1202. https://doi.org/10.1108/JAAR-07-2023-0192
Yung, K., Li, D. D., & Jian, Y. (2015). The value of corporate financial flexibility in emerging countries. Journal of Multinational Financial Management, 32-33, 25-41. https://doi.org/10.1016/j.mulfin.2015.07.001
Zhou, X., & Li, J. (2019). Factors influencing financial flexibility of enterprises. In N. Xiong, Z. Xiao, Z. Tong, J. Du, L. Wang, M. Li (Eds.), Advances in Computational Science and Computing (Vol. 877, pp. 69-77). Springer. https://doi.org/10.1007/978-3-030-02116-0_9
Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277–297. https://doi.org/https://doi.org/10.2307/2297968
Asuero, A. G., Sayago, A., & González, A. G. (2007). The Correlation Coefficient: An Overview. Critical Reviews in Analytical Chemistry, 36(1), 41-59. https://doi.org/10.1080/10408340500526766
Bancel, F., & Mittoo, U. R. (2011). Financial flexibility and the impact of the global financial crisis: Evidence from France. International Journal of Managerial Finance, 7(2), 179-216. https://doi.org/10.1108/17439131111122157
Banerjee, S., Mitra, A., & Mohanti, D. (2023). Leverage and corporate investment – a cross country analysis. Investment Management and Financial Innovations, 20(3), 126-136. https://doi.org/10.21511/imfi.20(3).2023.11
Byoun, S. (2011). Financial flexibility and capital structure decision. Journal of Economic Literature. https://doi.org/10.2139/ssrn.1108850
Case, J. (2025). Waiting for the boom: Embattled construction companies need nuanced capital strategies. RAM Group Holdings. https://www.monitordaily.com/opinion/waiting-for-the-boom-embattled-construction-companies-need-nuanced-capital-strategies/
Chen, L. J., & Chen, S. Y. (2011). How the pecking-order theory explain capital structure. Journal of International Management Studies, 6(3), 92-100.
Chen, T., Harford, J., & Lin, C. (2014). Financial flexibility and corporate cash policy. http://52.76.234.106/media/abfer-events-2014/annual-conference/corporate-finance/financial-flexibility-and-corporate-cash-policy.pdf
Cherkasova, V., & Kuzmin, E. (2018). Financial flexibility as an investment efficiency factor in Asian companies. Gadjah Mada International Journal of Business, 20(2), 137-164. https://doi.org/10.22146/gamaijb.26239
Daoud, I. J. (2017). Multicollinearity and regression analysis. Journal of Physics: Conference Series, 949(1). https://doi.org/10.1088/1742-6596/949/1/012009
de Jong, A., Verbeek, M., & Verwijmeren, P. (2012). Does financial flexibility reduce investment distortions?. Journal of Financial Research, 35(2), 243–259. https://doi.org/10.1111/j.1475-6803.2012.01316.x
Denis, D. J., & McKeon, S. B. (2012). Debt financing and financial flexibility evidence from proactive leverage increases. The Review of Financial Studies, 25(6), 1897-1929. https://doi.org/10.1093/rfs/hhs005
Farrar, E. D., & Glauber, R. R. (1967). Multicollinearity in regression analysis: The problem revisited. The Review of Economic and Statistics, 49(1), 92-107. https://doi.org/10.2307/1937887
Fazzari, S. M., Hubbard, R. G., Petersen, B. C. (1988). Financing constraints and corporate investment. Brookings Papers on Economic Activity, 1988(1), 141–206. https://doi.org/10.2307/2534426
Fabozzi, F. J., Gupta, F., & Markowitz, H. M. (2002). The legacy of modern portfolio theory. The Journal of Investing, 11(3), 7-22.
Frank, M. Z., & Goyal, V. K. (2008). Chapter 12 - Trade-off and pecking order theories of debt. In Handbook of Empirical Corporate Finance (pp. 135-202). Elsevier. https://doi.org/10.1016/b978-0-444-53265-7.50004-4
Gamba, A., & Triantis, A. (2008). The value of financial flexibility. The Journal of Finance, 63(5), 2263-2296. https://doi.org/10.1111/j.1540-6261.2008.01397.x
Graham, J. R., & Harvey, C. R. (2001). The theory and practice of corporate finance: Evidence from the field. Journal of Financial Economics, 60(2–3), 187–243. https://doi.org/10.1016/S0304-405X(01)00044-7
Guariglia, A. (2008). Internal financial constraints, external financial constraints, and investment choice: Evidence from a panel of UK firms. Journal of Banking and Finance, 32(9), 1795-1809. https://doi.org/10.1016/j.jbankfin.2007.12.008
Hall, A. R. (2003). Generalized method of moments. In B. H. Baltagi (Ed.), A companion to theoretical econometrics (pp. 230-255). John Wiley & Sons. https://doi.org/10.1002/9780470996249.ch12
Hall, T. W. (2012). The collateral channel: Evidence on leverage and asset tangibility. Journal of Corporate Finance, 18(3), 570-583. https://doi.org/10.1016/j.jcorpfin.2011.12.003
Harris, M., & Raviv, A. (1991). The theory of capital structure. The Journal of Finance, 46(1), 297-355. https://doi.org/10.1111/j.1540-6261.1991.tb03753.x
Hsiao, C. (2022). Analysis of Panel Data (4th ed.). Cambridge University Press. https://doi.org/10.1017/9781009057745
Islam, M. R., Hossain, M. A., Uddin, M. S., & Bahta, D. T. (2020). Does financial flexibility foster investment efficiency? Evidence from an emerging market. Asian Business Review, 10(2), 121-136. https://doi.org/10.18034/abr.v10i2.476
Jahanzeb, A., Rehman, S. U., Bajuri, N. H., Karami, M., & Ahmadimousaabad, A. (2013). Trade-off theory, pecking order theory and market timing theory: A comprehensive review of capital structure theories. International Journal of Management and Commerce Innovations, 1(1), 11-18.
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American economic review, 76(2), 323-329. https://www.jstor.org/stable/1818789
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
Le, Q. S. (2016). Value of financial flexibility, investment efficiency and adjustment speed of working capital. Southampton Business School, University of Southampton.
Ma, C.-A., & Jin, Y. (2016). What drives the relationship between financial flexibility and firm performance: Investment scale or investment efficiency? Evidence from China. Emerging Markets Finance and Trade, 52(9), 2043-2055. https://doi.org/10.1080/1540496x.2015.1098036
Mahmood, Y., Rashid, A., & Rizwan, M. F. (2021). Do corporate financial flexibility, financial sector development and regulatory environment affect corporate investment decisions?. Journal of Economic and Administrative Sciences, 38(3), 485-508. https://doi.org/10.1108/jeas-10-2019-0109
Marchica, M.-T., & Mura, R. (2010). Financial flexibility, investment ability, and firm value: Evidence from firms with spare debt capacity. Financial Management,, 39(34), 1339–1365. https://doi.org/10.1111/j.1755-053x.2010.01115.x
Markowitz, H. (1952). Portfolio selection. The Journal of Finance, 7(1), 77-91. https://doi.org/10.1111/j.1540-6261.1952.tb01525.x
Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: A correction. The American Economic Review, 53(3), 433-443. https://www.jstor.org/stable/1809167
Medlen, C. (2003). Veblen’s Q-Tobin’s Q. Journal of Economic Issues, 37(4), 967–986. https://doi.org/10.1080/00213624.2003.11506638
Mura, R., & Marchica, M. T. (2008). Financial flexibility and investment decisions: Evidence from low-leverage firms. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1108544
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information the investors do not have. Journal of Financial Economics, 13(2), 187–221. https://doi.org/10.1016/0304-405X(84)90023-0
Myers, S. C. (1974). Interactions of corporate financing and investment decisions-implications for capital budgeting. The Journal of finance, 29(1), 1-25. https://doi.org/10.1111/j.1540-6261.1974.tb00021.x
Myers, S. C. (1984). The capital structure puzzle. Journal of Finance 39(3), 575-592. https://doi.org/10.1111/j.1540-6261.1984.tb03646.x
Nguyen, T. N. L., & Nguyen, V. C. (2020). The determinants of profitability in listed enterprises: A study from Vietnamese stock exchange. Journal of Asian Finance, Economics and Business, 7(1), 47-58. https://oak.go.kr/central/journallist/journaldetail.do?article_seq=23369
Omara, M. R., & Rashed, A. (2023). Financial flexibility and investment efficiency: The moderating role of board financial expertise. Investment Management and Financial Innovations, 20(4), 283-296. https://doi.org/10.21511/imfi.20(4).2023.23
Michaud, R. O. (1998). Efficient asset management: A practical guide to stock portfolio optimization and asset allocation. Harvard Business School Press. https://newfrontieradvisors.com/media/1alhzqu0/efficient-asset-management-1998.pdf
Richardson, S. (2006). Over-investment of free cash flow. Review of Accounting Studies, 11, 159‒189. https://doi.org/10.1007/s11142-006-9012-1
Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. The Journal of Finance, 52(2), 737-783. https://doi.org/10.1111/j.1540-6261.1997.tb04820.x
Sun, S., & Chaoqun, G. (2023). Financial flexibility and investment efficiency. Pacific International Journal, 6(1), 98-103. https://doi.org/10.55014/pij.v6i1.316
Teng, X., Chang, B.-G., & Wu, K.-S. (2021). The role of financial flexibility on enterprise sustainable development during the COVID-19 crisis—A consideration of tangible assets. Sustainability, 13(3). https://doi.org/10.3390/su13031245
Wu, W., Le, C., Shi, Y., & Alkaraan, F. (2024). The influence of financial flexibility on firm performance: The moderating effects of investment efficiency and investment scale. Journal of Applied Accounting Research, 25(5), 1183-1202. https://doi.org/10.1108/JAAR-07-2023-0192
Yung, K., Li, D. D., & Jian, Y. (2015). The value of corporate financial flexibility in emerging countries. Journal of Multinational Financial Management, 32-33, 25-41. https://doi.org/10.1016/j.mulfin.2015.07.001
Zhou, X., & Li, J. (2019). Factors influencing financial flexibility of enterprises. In N. Xiong, Z. Xiao, Z. Tong, J. Du, L. Wang, M. Li (Eds.), Advances in Computational Science and Computing (Vol. 877, pp. 69-77). Springer. https://doi.org/10.1007/978-3-030-02116-0_9
Trích dẫn bài báo
Ngô, T. T., Phạm, T. T., & Điệp, N. V. (2026). Tác động của tính linh hoạt tài chính đến hiệu quả đầu tư: Trường hợp các công ty sản xuất và xây dựng niêm yết tại Việt Nam. Tạp chí Nghiên cứu Tài chính - Marketing, 17(1visp), 97-110. https://doi.org/10.52932/jfmr.v17i1visp.1121
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