MỐI QUAN HỆ GIỮA SỰ TỰ DO HÓA KINH TẾ VÀ SỰ MONG MANH VỀ TÀI CHÍNH CỦA CÁC CÔNG TY NIÊM YẾT VIỆT NAM
Nội dung chính của bài viết
Tóm tắt
Bài báo này xem xét mối quan hệ giữa mức độ tự do hóa kinh tế và sự mong manh về tài chính của các công ty niêm yết phi tài chính Việt Nam, trong đó, tự do hóa kinh tế được xem xét dựa trên bốn khía cạnh: pháp quyền, quy mô chính phủ, hiệu quả điều tiết, và độ mở thị trường. Kết quả ước lượng mô hình bảng động bằng phương pháp khoảng khắc tổng quát hệ thống, cho thấy rằng, sự gia tăng của chỉ số tự do hóa kinh tế tổng hợp, pháp quyền và độ mở thị trường giúp giảm thiểu sự mong manh về tài chính của các doanh nghiệp Việt Nam. Ngược lại, quy mô chính phủ và hiệu quả điều tiết làm tăng sự mong manh về tài chính. Kết quả đạt được từ nghiên cứu này sẽ cung cấp cơ sở khoa học cho việc ra quyết định đối với các bên liên quan như: các nhà đầu tư, nhà quản lý doanh nghiệp, nhà hoạch định chính sách trong việc ra quyết định đầu tư, xây dựng chính sách rủi ro, chính sách tự do hóa kinh tế.
Abstract
This paper examines the relationship between the degree of economic liberalization and financial fragility of Vietnamese non-financial listed companies, in which economic liberalization is considered based on four aspects: the rule of law, government size, regulatory efficiency, and market openness. The results of estimating a dynamic panel model using the system generalized moment method show that the increase in the aggregate economic liberalization index, rule of law, and market openness helps reduce the financial fragility of Vietnamese enterprises. On the contrary, government size and regulatory efficiency increase financial fragility. The results obtained from this study will provide a scientific basis for decision-making for stakeholders such as investors, business managers, and policymakers in making investment decisions, building risk policies, and economic liberalization policies.
Chi tiết bài viết
Lĩnh vực kinh tế (JEL Codes)
G00 - General - General
Tài liệu tham khảo
Aguilera, R., Duran, P., Heugens, P. P. M. A. R., Sauerwald, S., Turturea, R., & VanEssen, M. (2021). State ownership, political ideology, and firm performance around the world. Journal of World Business, 56(1), 101113. https://doi.org/10.1016/j.jwb.2020.101113.
Alfaro, L., Asis, G., Chari, A., & Panizza, U. (2019). Corporate debt, firm size, and financial fragility in emerging markets. Journal of International Economics, 118, 1-19. https://doi.org/10.1016/j.jinteco.2019.01.002.
Altman, E. I. (1968). Financial ratios, discriminant analysis, and the prediction of corporate bankruptcy. The Journal of Finance, 23(4), 589-609. https://doi.org/10.2307/2978933.
Andrade, G., & Kaplan, S. N. (1998). How costly is financial (not economic) distress? Evidence from highly leveraged transactions that became distressed. The Journal of Finance, 53(5), 1443-1493. https://doi.org/10.1111/0022-1082.00062.
Baltagi, B. H. (2008). Forecasting with panel data. Journal of Forecasting, 27(2), 153-173. https://doi.org/10.1002/for.1047.
Bruneau, C., de Bandt, O., & El Amri, W. (2012). Macroeconomic fluctuations and corporate financial fragility. Journal of Financial Stability, 8(4), 219-235. https://doi.org/10.1016/j.jfs.2012.02.002.
Doan, A. T. (2024). Economic Freedom, Ownership Structure, and SME Financial Fragility: Evidence from an Emerging Economy. Asia-Pacific Financial Markets, 1-32. https://doi.org/10.1007/s10690-023-09438-3.
Doan, A. T., Khan, A., Holmes, S., & Tran, T. (2023). SMEs’ efficiency in a transitional economy: do innovation and public support schemes matter? Journal of the Asia Pacific Economy, 28(3), 1029-1060. https://doi.org/10.1080/13547860.2021.1940693.
Friedman, J. H., Bentley, J. L., & Finkel, R. A. (1977). An algorithm for finding best matches in logarithmic expected time. ACM Transactions on Mathematical Software (TOMS), 3(3), 209-226. https://dl.acm.org/doi/pdf/10.1145/355744.355745.
Gwartney, J., Lawson, R., Hall, J., & Murphy, R. (2021). Economic Freedom of the World 2021 annual report. Institute of Economic Affairs Monographs, Forthcoming. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3924422.
Herrera-Echeverri, H., Haar, J., & Estévez-Bretón, J. B. (2014). Foreign direct investment, institutional quality, economic freedom, and entrepreneurship in emerging markets. Journal of Business Research, 67(9), 1921–1932. https://doi.org/10.1016/j.jbusres.2013.11.020.
Holmström, B., & Tirole, J. (1997). Financial Intermediation, Loanable Funds, and the Real Sector. Quarterly Journal of Economics. https://doi.org/10.1162/003355397555316.
Iona, A., Leonida, L., Limosani, M., Patti, D. M. A., & Navarra, P. (2024). Does economic liberalization foster corporate investment? Theory and evidence from US and Canadian firms. Socio-Economic Planning Sciences, 91, 101776. https://doi.org/10.1016/j.seps.2023.101776.
Jadiyappa, N., Vanga, N. R., & Krishnankutty, R. (2016). Financial liberalisation and capital structuring decisions of corporate firms: Evidence from India. Economics Letters, 149, 33–37. https://doi.org/10.1016/j.econlet.2016.10.004.
Justesen, M. K. (2008). The effect of economic freedom on growth revisited: New evidence on causality from a panel of countries 1970–1999. European Journal of Political Economy, 24(3), 642–660. https://doi.org/10.1016/j.ejpoleco.2008.06.003.
Köves, A., & Marer, P. (2019). Economic liberalization in Eastern Europe and market economies. In Foreign Economic Liberalization (pp. 15-33). Routledge. https://www.taylorfrancis.com/chapters/edit/10.4324/9780429046094-2/economic-liberalization-eastern-europe-market-economies-andr%C3%A1s-k%C3%B6ves-paul-marer.
Liao, M. Y. (2018). International evidence on economic freedom, governance, and firm performance. In International Corporate Governance and Regulation (pp. 85-103). Emerald Publishing Limited. https://doi.org/10.1108/S1569-373220180000020004.
Liu, Q., & Zhang, Y. (2015). Corporate financial fragility and the role of internal governance: Evidence from China. China Journal of Accounting Research, 8(3), 165–181. https://doi.org/10.1016/j.cjar.2015.01.001.
Ma, L., Xu, F., Najaf, I., & Taslima, A. (2020). How Does Increased Private Ownership Affect Financial Leverage, Asset Quality, and Profitability of Chinese SOEs?. Chinese Political Science Review, (2020), 1-34. https://doi.org/10.1007/s41111-020-00158-x.
Manwa, F., & Wijeweera, A. (2016). Trade liberalisation and economic growth link: The case of Southern African Customs Union countries. Economic Analysis and Policy, 51, 12-21. https://doi.org/10.1016/j.eap.2016.05.001.
Miller, T., Kim, A. B., & Roberts, J. M. (2019). 2019 Index of Economic Freedom. The Heritage Foundation. Retrieved from https://www.heritage.org/index.
Pan, H. I., Suriya, K., & Pastpipatkul, P. (2022). An Analysis of Determinants of Foreign Direct Investment in the Banking Industry from Taiwan to ASEAN Countries with the Gravity Model. Asia-Pacific Financial Markets, 29(4), 631-649. https://doi.org/10.1007/s10690-022-09363-x.
Phan, T. D., & Thanh, N. N. T. (2024). Các nhân tố ảnh hưởng đến kiệt quệ tài chính của các doanh nghiệp xây dựng và doanh nghiệp bất động sản niêm yết trên thị trường chứng khoán Việt Nam. Tạp chí Kinh tế và Phát triển, 319 (2), 2-11.
Porta, R. L., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. (1998). Law and finance. Journal of Political Economy, 106(6), 1113-1155. https://www.journals.uchicago.edu/doi/abs/10.1086/250042.
Raheem, M. A., Udoh, N. S., & Gbolahan, A. T. (2019). Choosing appropriate regression model in the presence of multicollinearity. Open Journal of Statistics, 9(02), 159. https://www.scirp.org/html/1-1241187_91564.htm.
Rajan, R. G., & Zingales, L. (1998). Financial dependence and growth. American Economic Review, 88(3), 559–586. https://www.nber.org/papers/w5758.
Shahwan, T. M. (2015). The effects of corporate governance on financial performance and financial distress: evidence from Egypt. Corporate Governance, 15(5), 641-662.
The Heritage Foundation (2024). 2024 Index of Economic Freedom. Truy cập tại < https://www.heritage.org/index/about>, [truy cập ngày 10/02/2025].
VCCI (2024). https://trungtamwto.vn/thong-ke/12065-tong-hop-cac-fta-cua-viet-nam-tinh-den-thang-112018.
Vuong, G. T. H., Van Nguyen, P., Barky, W., & Nguyen, M. H. (2024). Stock return volatility and financial distress: Moderating roles of ownership structure, managerial ability, and financial constraints. International Review of Economics & Finance, 91, 634-652. https://doi.org/10.1016/j.iref.2024.01.054.
Vuong, T. H. G., Nguyen, V. P., & Nguyen, H. M. (2025). Does stock liquidity matter for corporate cash holdings? Insights from a transition economy. Global Finance Journal, 65, 101102. https://doi.org/10.1016/j.gfj.2025.101102.