Cấu trúc vốn và hiệu quả hoạt động của doanh nghiệp: Vai trò của cạnh tranh ngành
DOI:
https://doi.org/10.24311/jabes/2017.28.10.1335Từ khóa:
Cạnh tranh ngành, Cấu trúc vốn, Hiệu quả hoạt động doanh nghiệpTóm tắt
Nghiên cứu xem xét ảnh hưởng của mức độ cạnh tranh ngành, tác động của cấu trúc vốn đến hiệu quả hoạt động của doanh nghiệp. Dữ liệu nghiên cứu được lấy từ báo cáo tài chính của các doanh nghiệp niêm yết trên Sở Giao dịch Chứng khoán TP.HCM trong giai đoạn 2007–2015 và được phân loại thành 13 nhóm ngành. Bằng kĩ thuật ước lượng GMM hai bước với biến công cụ cho dữ liệu bảng không cân bằng, kết quả nghiên cứu phát hiện tác động tích cực của cấu trúc vốn đến hiệu quả hoạt động của doanh nghiệp Việt Nam; quan trọng hơn, tác động này mạnh hơn, tương ứng với cạnh tranh ngành cao hơn. Bên cạnh đó, kết quả nghiên cứu cũng mang nhiều hàm ý quan trọng cho hoạt động đầu tư và hoạch định chính sách doanh nghiệp.
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