Sở hữu nước ngoài và nắm giữ tiền: Bằng chứng phi tuyến từ các công ty thuộc nhóm ngành hàng tiêu dùng tại Việt Nam trước, trong và sau COVID-19

Trang Hoàng Cẩm

doi:10.24311/jabes/2026.37.01.2

Các tác giả

Hoàng Cẩm Trang Đại học Kinh tế Thành phố Hồ Chí Minh Tác giả

DOI:

https://doi.org/10.24311/jabes/2026.37.01.2

Từ khóa:

Sở hữu nước ngoài

Tóm tắt

Nghiên cứu hiện tại xem xét tác động phi tuyến của sở hữu nước ngoài đến mức nắm giữ tiền của các công ty ngành hàng tiêu dùng niêm yết tại Việt Nam, đồng thời xem xét sự thay đổi của mối quan hệ này trước, trong và sau đại dịch COVID-19. Sử dụng 688 quan sát từ 86 công ty giai đoạn 2017–2024, kết quả cho thấy mối quan hệ hình chữ U ngược giữa sở hữu nước ngoài và nắm giữ tiền. Mối quan hệ này duy trì qua ba giai đoạn nhưng điểm cực đại khác nhau: ở mức 28,5% trước COVID-19, giảm còn 11,4% trong đại dịch, và tăng lên 18,2% sau đại dịch. Sự suy giảm mạnh trong giai đoạn COVID-19 cho thấy doanh nghiệp điều chỉnh chính sách thanh khoản trong bối cảnh bất ổn. Kết quả nhấn mạnh vai trò của sở hữu nước ngoài trong quyết định nắm giữ tiền và cung cấp hàm ý quản trị cho doanh nghiệp cũng như cơ quan hoạch định chính sách.

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