Tác động của chính sách tiền tệ đến xu hướng tài chính hoá trong hoạt động đầu tư của doanh nghiệp niêm yết tại Việt Nam
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Ngày xuất bản Online:
25/08/2026
Chuyên mục:
Tài chính, Ngân hàng, Kế toán, Kiểm toán
Nội dung chính của bài viết
Tóm tắt
Nghiên cứu này đánh giá tác động của chính sách tiền tệ đến xu hướng tài chính hoá trong hoạt động đầu tư của các doanh nghiệp niêm yết tại Việt Nam. Cụ thể, nghiên cứu xem xét ảnh hưởng của lãi suất đến đầu tư tài chính ngắn hạn và dài hạn, cũng như sự dịch chuyển giữa đầu tư tài chính và đầu tư tài sản cố định. Dữ liệu gồm 545 doanh nghiệp phi tài chính niêm yết trên HOSE và HNX trong giai đoạn 2007–2024, và phương pháp ước lượng GMM được sử dụng nhằm kiểm soát vấn đề nội sinh. Kết quả cho thấy, chính sách tiền tệ nới lỏng làm gia tăng đầu tư tài chính, đặc biệt là đầu tư ngắn hạn, trong khi đầu tư dài hạn không bị ảnh hưởng đáng kể. Đồng thời, doanh nghiệp có xu hướng tăng tỷ trọng đầu tư tài chính so với đầu tư tài sản cố định khi lãi suất giảm, cho thấy sự dịch chuyển nguồn lực khỏi hoạt động sản xuất trong bối cảnh lãi suất thấp. Kết quả này gợi ý rằng chính sách tiền tệ không chỉ ảnh hưởng đến quy mô mà còn định hình cơ cấu đầu tư của doanh nghiệp, từ đó đặt ra yêu cầu về sự phối hợp chính sách để đảm bảo mục tiêu tăng trưởng bền vững.
Chi tiết bài viết
Lĩnh vực kinh tế (JEL Codes)
Tài liệu tham khảo
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/10.2307/2297968
Barker, T., & Üngör, M. (2019). Vietnam: The next asian Tiger? The North American Journal of Economics and Finance, 47, 96–118. https://doi.org/10.1016/J.NAJEF.2018.11.010
Bernanke, B. S., & Blinder, A. S. (1992). The federal funds rate and the channels of monetary transmission. The American Economic Review, 82(4), 901–921. https://www.jstor.org/stable/2117350
Bernanke, B. S., & Gertler, M. (1995). Inside the black box: The credit channel of monetary policy transmission. Journal of Economic Perspectives, 9(4), 27–48. https://doi.org/10.1257/jep.9.4.27
Bernanke, B. S., Gertler, M., & Gilchrist, S. (1999). The financial accelerator in a quantitative business cycle framework. In Handbook of Macroeconomics (Vol. 1, Issue PART C, pp. 1341–1393). Elsevier. https://doi.org/10.1016/S1574-0048(99)10034-X
Bernanke, B. S., & Mihov, I. (1998). Measuring monetary policy. Quarterly Journal of Economics, 113(3), 868–902. https://doi.org/10.1162/003355398555775
Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115–143. https://doi.org/10.1016/S0304-4076(98)00009-8
Chen, Q., & Chen, Z. (2024). Mandatory internal control audit and corporate financialization. Finance Research Letters, 62, 105085. https://doi.org/10.1016/J.FRL.2024.105085
Chen, Y., & Sun, R. (2023). Corporate financialization and the long-term use of short-term debt: Evidence from China. Finance Research Letters, 58, 104602. https://doi.org/10.1016/J.FRL.2023.104602
Cheng, Z., & Masron, T. A. (2024). Does economic policy uncertainty exacerbate corporate financialization? Evidence from China. Applied Economics Letters, 31(11), 1028–1036. https://doi.org/10.1080/13504851.2023.2168605
de la Horra, L. P., Perote, J., & de la Fuente, G. (2021). Monetary policy and corporate investment: A panel-data analysis of transmission mechanisms in contexts of high uncertainty. International Review of Economics & Finance, 75, 609–624. https://doi.org/10.1016/J.IREF.2021.04.035
Demir, F. (2009). Financial liberalization, private investment and portfolio choice: Financialization of real sectors in emerging markets. Journal of Development Economics, 88(2), 314–324. https://doi.org/10.1016/J.JDEVECO.2008.04.002
Fang, X., & Ju, C. (2024). Digital transformation and corporate financialization in emerging markets: Evidence from China. Heliyon, 10(2), e24616. https://doi.org/10.1016/j.heliyon.2024.e24616
Fu, X., Wang, S., & Jia, J. (2024). Equity incentives and dynamic adjustments to corporate financialization: Evidence from Chinese A-share listed companies. International Review of Economics & Finance, 92, 948–966. https://doi.org/10.1016/J.IREF.2024.02.039
Ho, A., & Baxter, R. A. (2011). Banking reform in Vietnam. In Asia Focus.
Jensen, M. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76, 323–329.
Krippner, G. R. (2005). The financialization of the American economy. Socio-Economic Review, 3(2), 173–208. https://doi.org/10.1093/SER/MWI008
Lagoarde-Segot, T. (2017). Financialization: Towards a new research agenda. International Review of Financial Analysis, 51, 113–123. https://doi.org/10.1016/J.IRFA.2016.03.007
Leung, S. (2009). Banking and financial sector reforms in Vietnam. Asean Economic Bulletin, 26(1), 44–57. https://doi.org/10.1355/ae26-1d
Markowitz, H. (1952). Portfolio selection. The Journal of Finance, 7(1), 77–91. https://doi.org/10.1111/j.1540-6261.1952.tb01525.x
Min, Y., & Zhang, X. (2024). Integrating into the global innovation network and non-financial companies financialization——evidence from China-listed companies. Finance Research Letters, 62, 105066. https://doi.org/10.1016/J.FRL.2024.105066
Minor, P., Walmsley, T., & Strutt, A. (2018). State-owned enterprise reform in Vietnam: A dynamic CGE analysis. Journal of Asian Economics, 55, 42–57. https://doi.org/10.1016/J.ASIECO.2017.09.002
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. https://doi.org/10.1016/0304-405X(84)90023-0
Nguyen, T. N., Stewart, C., & Matousek, R. (2018). Market structure in the Vietnamese banking system: a non-structural approach. Journal of Financial Regulation and Compliance, 26(1), 103–119. https://doi.org/10.1108/JFRC-03-2016-0024/FULL/XML
Nguyen, T. P. T., Nghiem, S. H., Roca, E., & Sharma, P. (2016). Bank reforms and efficiency in Vietnamese banks: evidence based on SFA and DEA. Applied Economics, 48(30), 2822–2835. https://doi.org/10.1080/00036846.2015.1130788
Orhangazi, Ö. (2008). Financialisation and capital accumulation in the non-financial corporate sector: A theoretical and empirical investigation on the US economy: 1973–2003. Cambridge Journal of Economics, 32(6), 863–886. https://doi.org/10.1093/CJE/BEN009
Si, D. K., Zhuang, J., Ge, X., & Yu, Y. (2024). The nexus between trade policy uncertainty and corporate financialization: Evidence from China. China Economic Review, 84, 102113. https://doi.org/10.1016/J.CHIECO.2024.102113
Stockhammer, E. (2004). Financialisation and the slowdown of accumulation. Cambridge Journal of Economics, 28(5), 719–741. https://doi.org/10.1093/CJE/BEH032
Tobin, J. (1969). A general equilibrium approach to monetary theory. Journal of Money, Credit and Banking, 1(1), 15–29. https://doi.org/10.2307/1991374
Tudi, T., Wu, J., Chen, M., & Jeon, B. N. (2025). Does foreign demand affect corporate financialization? Some evidence from China. Emerging Markets Review, 65, 101232. https://doi.org/10.1016/J.EMEMAR.2024.101232
Vo, X. V. (2016). Finance in Vietnam-an overview. Afro-Asian Journal of Finance and Accounting, 6(3), 202–209. https://doi.org/10.1504/AAJFA.2016.079311
Vo, X. V. (2018). Do firms with state ownership in transitional economies take more risk? Evidence from Vietnam. Research in International Business and Finance, 46, 251–256. https://doi.org/10.1016/j.ribaf.2018.03.002
Vo, X. V., & Nguyen, P. C. (2017). Monetary policy transmission in Vietnam: Evidence from a VAR approach. Australian Economic Papers, 56(1), 27–38. https://doi.org/10.1111/1467-8454.12074
Wang, T., Xu, J., & Yang, L. (2024). Financial geographic density and corporate financial asset holdings: Evidence from China. Pacific-Basin Finance Journal, 86, 102421. https://doi.org/10.1016/J.PACFIN.2024.102421
Yang, X., Han, L., Li, W., Yin, X., & Tian, L. (2017). Monetary policy, cash holding and corporate investment: Evidence from China. China Economic Review, 46, 110–122. https://doi.org/10.1016/J.CHIECO.2017.09.001
Zhang, C., & Zheng, N. (2020). Monetary policy and financial investments of nonfinancial firms: New evidence from China. China Economic Review, 60, 101420. https://doi.org/10.1016/J.CHIECO.2020.101420
Zhang, H., Feng, Y., Wang, Y., & Ni, J. (2024). Peer effects in corporate financialization: The role of Fintech in financial decision making. International Review of Financial Analysis, 94, 103267. https://doi.org/10.1016/J.IRFA.2024.103267
Zhang, Y., Zhang, H., Yang, L., & Xu, P. (2023). Managerial ownership and corporate financialization. Finance Research Letters, 58, 104682. https://doi.org/10.1016/J.FRL.2023.104682
Zhao, Y., & Su, K. (2022). Economic policy uncertainty and corporate financialization: Evidence from China. International Review of Financial Analysis, 82. https://doi.org/10.1016/J.IRFA.2022.102182
Barker, T., & Üngör, M. (2019). Vietnam: The next asian Tiger? The North American Journal of Economics and Finance, 47, 96–118. https://doi.org/10.1016/J.NAJEF.2018.11.010
Bernanke, B. S., & Blinder, A. S. (1992). The federal funds rate and the channels of monetary transmission. The American Economic Review, 82(4), 901–921. https://www.jstor.org/stable/2117350
Bernanke, B. S., & Gertler, M. (1995). Inside the black box: The credit channel of monetary policy transmission. Journal of Economic Perspectives, 9(4), 27–48. https://doi.org/10.1257/jep.9.4.27
Bernanke, B. S., Gertler, M., & Gilchrist, S. (1999). The financial accelerator in a quantitative business cycle framework. In Handbook of Macroeconomics (Vol. 1, Issue PART C, pp. 1341–1393). Elsevier. https://doi.org/10.1016/S1574-0048(99)10034-X
Bernanke, B. S., & Mihov, I. (1998). Measuring monetary policy. Quarterly Journal of Economics, 113(3), 868–902. https://doi.org/10.1162/003355398555775
Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115–143. https://doi.org/10.1016/S0304-4076(98)00009-8
Chen, Q., & Chen, Z. (2024). Mandatory internal control audit and corporate financialization. Finance Research Letters, 62, 105085. https://doi.org/10.1016/J.FRL.2024.105085
Chen, Y., & Sun, R. (2023). Corporate financialization and the long-term use of short-term debt: Evidence from China. Finance Research Letters, 58, 104602. https://doi.org/10.1016/J.FRL.2023.104602
Cheng, Z., & Masron, T. A. (2024). Does economic policy uncertainty exacerbate corporate financialization? Evidence from China. Applied Economics Letters, 31(11), 1028–1036. https://doi.org/10.1080/13504851.2023.2168605
de la Horra, L. P., Perote, J., & de la Fuente, G. (2021). Monetary policy and corporate investment: A panel-data analysis of transmission mechanisms in contexts of high uncertainty. International Review of Economics & Finance, 75, 609–624. https://doi.org/10.1016/J.IREF.2021.04.035
Demir, F. (2009). Financial liberalization, private investment and portfolio choice: Financialization of real sectors in emerging markets. Journal of Development Economics, 88(2), 314–324. https://doi.org/10.1016/J.JDEVECO.2008.04.002
Fang, X., & Ju, C. (2024). Digital transformation and corporate financialization in emerging markets: Evidence from China. Heliyon, 10(2), e24616. https://doi.org/10.1016/j.heliyon.2024.e24616
Fu, X., Wang, S., & Jia, J. (2024). Equity incentives and dynamic adjustments to corporate financialization: Evidence from Chinese A-share listed companies. International Review of Economics & Finance, 92, 948–966. https://doi.org/10.1016/J.IREF.2024.02.039
Ho, A., & Baxter, R. A. (2011). Banking reform in Vietnam. In Asia Focus.
Jensen, M. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76, 323–329.
Krippner, G. R. (2005). The financialization of the American economy. Socio-Economic Review, 3(2), 173–208. https://doi.org/10.1093/SER/MWI008
Lagoarde-Segot, T. (2017). Financialization: Towards a new research agenda. International Review of Financial Analysis, 51, 113–123. https://doi.org/10.1016/J.IRFA.2016.03.007
Leung, S. (2009). Banking and financial sector reforms in Vietnam. Asean Economic Bulletin, 26(1), 44–57. https://doi.org/10.1355/ae26-1d
Markowitz, H. (1952). Portfolio selection. The Journal of Finance, 7(1), 77–91. https://doi.org/10.1111/j.1540-6261.1952.tb01525.x
Min, Y., & Zhang, X. (2024). Integrating into the global innovation network and non-financial companies financialization——evidence from China-listed companies. Finance Research Letters, 62, 105066. https://doi.org/10.1016/J.FRL.2024.105066
Minor, P., Walmsley, T., & Strutt, A. (2018). State-owned enterprise reform in Vietnam: A dynamic CGE analysis. Journal of Asian Economics, 55, 42–57. https://doi.org/10.1016/J.ASIECO.2017.09.002
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. https://doi.org/10.1016/0304-405X(84)90023-0
Nguyen, T. N., Stewart, C., & Matousek, R. (2018). Market structure in the Vietnamese banking system: a non-structural approach. Journal of Financial Regulation and Compliance, 26(1), 103–119. https://doi.org/10.1108/JFRC-03-2016-0024/FULL/XML
Nguyen, T. P. T., Nghiem, S. H., Roca, E., & Sharma, P. (2016). Bank reforms and efficiency in Vietnamese banks: evidence based on SFA and DEA. Applied Economics, 48(30), 2822–2835. https://doi.org/10.1080/00036846.2015.1130788
Orhangazi, Ö. (2008). Financialisation and capital accumulation in the non-financial corporate sector: A theoretical and empirical investigation on the US economy: 1973–2003. Cambridge Journal of Economics, 32(6), 863–886. https://doi.org/10.1093/CJE/BEN009
Si, D. K., Zhuang, J., Ge, X., & Yu, Y. (2024). The nexus between trade policy uncertainty and corporate financialization: Evidence from China. China Economic Review, 84, 102113. https://doi.org/10.1016/J.CHIECO.2024.102113
Stockhammer, E. (2004). Financialisation and the slowdown of accumulation. Cambridge Journal of Economics, 28(5), 719–741. https://doi.org/10.1093/CJE/BEH032
Tobin, J. (1969). A general equilibrium approach to monetary theory. Journal of Money, Credit and Banking, 1(1), 15–29. https://doi.org/10.2307/1991374
Tudi, T., Wu, J., Chen, M., & Jeon, B. N. (2025). Does foreign demand affect corporate financialization? Some evidence from China. Emerging Markets Review, 65, 101232. https://doi.org/10.1016/J.EMEMAR.2024.101232
Vo, X. V. (2016). Finance in Vietnam-an overview. Afro-Asian Journal of Finance and Accounting, 6(3), 202–209. https://doi.org/10.1504/AAJFA.2016.079311
Vo, X. V. (2018). Do firms with state ownership in transitional economies take more risk? Evidence from Vietnam. Research in International Business and Finance, 46, 251–256. https://doi.org/10.1016/j.ribaf.2018.03.002
Vo, X. V., & Nguyen, P. C. (2017). Monetary policy transmission in Vietnam: Evidence from a VAR approach. Australian Economic Papers, 56(1), 27–38. https://doi.org/10.1111/1467-8454.12074
Wang, T., Xu, J., & Yang, L. (2024). Financial geographic density and corporate financial asset holdings: Evidence from China. Pacific-Basin Finance Journal, 86, 102421. https://doi.org/10.1016/J.PACFIN.2024.102421
Yang, X., Han, L., Li, W., Yin, X., & Tian, L. (2017). Monetary policy, cash holding and corporate investment: Evidence from China. China Economic Review, 46, 110–122. https://doi.org/10.1016/J.CHIECO.2017.09.001
Zhang, C., & Zheng, N. (2020). Monetary policy and financial investments of nonfinancial firms: New evidence from China. China Economic Review, 60, 101420. https://doi.org/10.1016/J.CHIECO.2020.101420
Zhang, H., Feng, Y., Wang, Y., & Ni, J. (2024). Peer effects in corporate financialization: The role of Fintech in financial decision making. International Review of Financial Analysis, 94, 103267. https://doi.org/10.1016/J.IRFA.2024.103267
Zhang, Y., Zhang, H., Yang, L., & Xu, P. (2023). Managerial ownership and corporate financialization. Finance Research Letters, 58, 104682. https://doi.org/10.1016/J.FRL.2023.104682
Zhao, Y., & Su, K. (2022). Economic policy uncertainty and corporate financialization: Evidence from China. International Review of Financial Analysis, 82. https://doi.org/10.1016/J.IRFA.2022.102182
Trích dẫn bài báo
Lâm, N. H. D., & Nguyễn, H. C. (2026). Tác động của chính sách tiền tệ đến xu hướng tài chính hoá trong hoạt động đầu tư của doanh nghiệp niêm yết tại Việt Nam. Tạp chí Nghiên cứu Tài chính - Marketing, 18(2vn). https://doi.org/10.52932/jfmr.v18i2vn.1142