Tái cấu trúc doanh nghiệp Việt Nam: Phân tích về tái cấu trúc tài sản

Các tác giả

Sử Đình Thành Đại học Kinh tế Thành phố Hồ Chí Minh Tác giả
Đoàn Vũ Nguyên Trường Cao đẳng Tài chính - Hải quan Tác giả
Bùi Thành Trung Đại học Kinh tế Thành phố Hồ Chí Minh Tác giả

DOI:

https://doi.org/10.24311/jabes/2016.27.5.952

Từ khóa:

Tái cấu trúc doanh nghiệp, hiệu quả hoạt động, mô hình GMM, logit và probi

Tóm tắt

Tái cấu trúc doanh nghiệp (DN) được tiếp cận ở nhiều phương diện khác nhau. Nghiên cứu này phân tích tái cấu trúc DN VN qua khía cạnh tái cấu trúc tài sản. Bằng cách sử dụng các chỉ số tài chính và phi tài chính của 226 DN niêm yết trên Sở Giao dịch Chứng khoán TP.HCM (HOSE) và Sở Giao dịch Chứng khoán Hà Nội (HNX) trong giai đoạn 2007–2014, nghiên cứu phân tích hai vấn đề: (1) Các yếu tố quyết định tái cấu trúc DN ở VN; và (2) Tác động của tái cấu trúc DN đến hiệu quả hoạt động của DN. Các kết quả thực nghiệm chỉ ra rằng: (1) Việc tái cấu trúc DN phụ thuộc chủ yếu vào hiệu quả hoạt động của DN, và tập trung quyền sở hữu tác động âm đến quá trình tái cấu trúc; và (2) Sự hiện diện của các cổ đông ngoài DN và cổ phần nước ngoài có ảnh hưởng dương và có ý nghĩa thống kê đối với hiệu quả hoạt động của DN, từ đó tác giả đề xuất một số kiến nghị nhằm cải thiện tình hình hoạt động của DN VN.

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