Ảnh hưởng của dòng tiền đến độ nhạy cảm tiền mặt nắm giữ trong điều kiện hạn chế tài chính của các công ty Việt Nam
DOI:
https://doi.org/10.24311/jabes/2017.28.11.838Keywords:
Cash holding, Financially constrained company, Financially unconstrained company, Cash flowAbstract
This study examines effect of cash flow on the sensitivity of cash-holding in the case of financial constraint. We use a sample of 4,325 firm-year observations of 533 companies which are listed on Ho Chi Minh Stock Exchange and Hanoi Stock Exchange and 230 unlisted companies which are trading on unlisted public company market (UPCOM) and over the counter (OTC) market for the period of 2008–2014. By using panel regression models such as fixed effect, random effect, system GMM, the results show that unlisted companies tend to have higher cash-to-cash flow ratio than listed companies. Moreover, the study also classify a company as financially constrained by its listing status, such as listed companies considered unconstrained while unlisted companies are constrained.
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