Dong tien tu" do
va hieu qua tai chmh cua cac cong ty niem yet tai Viet Nam
LE TAN L0I- NGUYEN VAN TOAN"
Tom t^t
Bdi vii't sff dung phuang phdp nghien cUu dinh lugng vdi su ket hgp cua md hinh gdp (Pooled OLS), md hinh tdc dgng cd dinh (FEM), md hinh tdc dgng ngdu nhien (REM) cho phdn tich dff lieu bdo cdo ldi chinh cua 350 cdng ty phi tdi chinh niim yet tgi Viet Nam trong giai dogn 2012-2018, de chi ra mdi quan hi giffa ddng lien iff do vd hiiu qud ldi chinh cua cdc cdng ty niem yi'l tgi Viet Nam. Trong gid dinh sU hiin dien cua bd't cdn xUng thdng lin trong thi trUdng tdi chinh d cdc nin kinh ti dang phdt triin co thi ldm hgn che khd ndng tii'p can cdc ngudn ldi chinh bin ngodi. Kit qud nghien cffu cho thdy: (i) Ddng lien lU do co ldc dgng tiiu cue din hiiu qud ldi chinh cua cdc cdng ty niim yi'l tgi thi trudng Viit Nam; (ii) Cdc cdng ty tdng trudng lot se dugc hudng loi nhieu hon iff su linh hogt dugc cung cdp bdi ddng tiin lU do.
Tit khoa: dong lien tu do. hiiu qud tdi chinh, cdng ty niim yet Summay
This paper uses quantitative method with the combination of Pooled OLS, fixed effects model (FEM), random effects model (REM) lo analyze financial reports of 350 non-financial companies listed in Vietnam over the period 2012-2018 so as to point out the relationship between free cashflow and financial efficiency of these companies. Assuming the presence of information asymmetry in financial markets in developing economies could limit access lo external financial sources, the results show that (i) Free cashflow has a negative impact on the financial performance of lisied companies in Vietnam; (ii) Companies generating strong growth will obtain more benefit from the flexibility provided by free cashflow.
Keywords:/ree cashflow, financial efficiency, listed companies GIOI THIEU
Cd rd't nhieu chi tidu difdc sif dung de do lu'dng hidu qua hoat dpng cua doanh nghidp. Difdi gdc dp tai chinh, ddng tien tif do (sd'tien mat tiJf hoat dpng kinh doanh ma doanh nghiep tao ra sau khi da tinh loan cdc khoan chi tieu) cd dnh hifdng de'n hieu qua tai chinh cua cac cdng ty nidm ye't, dac biel, tai Viet Nam khi dau tif cua doanh nghiep bi han che' va phan ldn difdc tdi trd bdi cac nguon vd'n npi bp. Nghien cij\i ve md'i quan he giffa dong tien iif do va hidu qud tai chinh cua doanh nghiep trong bd'i canh Viet Nam hien nay se giiip cdc nha dau tif hieu rd hdn xu hifdng tai chinh cua doanh nghiep de difa ra cac quye't dinh dau tti sdng sud't, dong thdi.
giiip cho nha quan tri doanh nghidp cd nhu'ng danh gid bao quat ve hieu qua tai chinh trong qua khu" cung nhif tiem nang ldi nhuan va tang tnfdng lu'dng lai.
CO s d LY THUYET VA PHl/aNG PHAP NGHIEN CLfU
Crf soT ly thuyd't Khdi ni^m dong tien Uido
Ddng tien tff do (Free Cash Flow - FCF) cua doanh nghidp la mdt trong nhffng tieu chua'n de phan tich, so sdnh va dinh gid mdt doanh nghiep. Theo Jensen (1986), ddng tien tif do dffdc dinh nghia la sd'tien mat tff hoat ddng kinh doanh ma doanh nghiep tao ra sau khi da tinh loan cac khoan chi Udu vd'n, chi phi cho xay dffng hoac chi cho trang thid't bi, mdy mdc. Mpt each khac, ddng lien iff do la sff xua't hien dffdi mdt tdn goi khac ciia long ddng tien, la ddng tien hoat ddng ' Cong ty Truyen tai dien 3
"TS., Trifdng D^i hpc Da Lgt
Ngay nhgn bai: 31/7/2020; Ngay phdn tie : 07/8/2020; Ngav duyft ddng: 20/8/2020
du'dc tinh dd'n dieu chinh cho ca chi lieu vd'n va bo sung vd'n luan chuydn. Ddng lien tff do cd vai tro quan trpng, vi nd giiip cho doanh nghidp cd cd hdi theo du6i cac dff an cd ldi nhuan cd anh hffdng lich cu'c den gid tri doanh nghiep. Khdng cd tien mat, se rat khd d^
mdt to chffc thffc hien mua lai, phdt tri^n san pham mdi, trd cd tffc.
Quan ni^m vi hi?u qud tdi chinh doanh nghiep Hieu qua la sff so sanh giffa nguon lffc dau vao khan hie'm (lao ddng, vdt tff, mdy mdc thiet bi...) vdi kei qua trung gian hay kd't qua cuo'i ciing. Hieu theo nghTa rpng, hieu qud the hidn md'i iffdng quan giffa cdc bid'n sd' diu ra thu dffdc so vdi cac bid'n so' dau vao da difdc s^ dung de lao ra nhffng kd't qua dau ra dd.
Hidn tai cd ra't nhieu cac chi tieu do Iffdng hieu qua tai chinh doanh nghiep, nhiftig cd the chia thanh hai nhdm:
ThU nhd't, cac chi tidu khd nang smh ldi dffdc diing nhieu nha'l, bao gom: Ldi nhudn trdn tdng lai san (ROA); Ldi nhuan trdn vd'n chu sd hifu (ROE); Ty sud't cd tffc tren gia cd phieu (DY); Ldi nhudn tren doanh thu (ROS) hoac Ldi nhuan tren von dau tU(ROI). Kd'l qua ciia cac chi lieu nay lai phu thudc vao cdch tinh ldi nhuan, nhff: ldi nhuan trffdc thue' va tai vay (EBIT), ldi nhudn thuan cdng vdi tai vay (trffdc hoac sau thud'), tdi nhuan thuan, ldi nhuan trffdc thue'vdi lai vay vd khd'u hao tai sdn (EBITDA). Cdc he sd ROA. ROE, ROS, ROI Id nhi?ng chi bao kha nang sinh Idi, ma doanh nghiep da dat dffdc trong cdc ky ke' toSn da qua va dif bdo trong ngan ban ciia doanh nghidp.
Thff hai, cac hd sd'gid thi trudng dffdc do Iffdng bang hai he sd' Marris va Tobin's Q - cdng cu ddnh gid td't ve hidu qua tai chinh doanh nghiep. Theo dd, he sd' Marris dffdc tinh bang tdng gia tri thi trffdng cua von chii sd hffti so vdi gid tri so sach ciia vd'n chu sd hffu;
He sd'Tobin's Q la sff ke't hdp gia tri thi trffdng vdi gid tri ke' loan, difdc tinti bang ^ia tri thi trffdng cua vd'n chu sd hi?u cdng vdi gia tri sd sdch cac khoan nd so vdi gia tri so sach cua tdng tdi san (Zeitun va Tian, 2007).
Cac hd so'Marris va Tobin's Q cd the cho bie'l hidu qua tffdng lai cua cdng ly bdi chung phan anh dffdc danh gid ciia thi trffdng ca ve tiem ndng ldi nhuan ciia doanh nghiep trong tffdng lai.
Phiftfng phap nghidn ctfu va md Mnh de xuS't Tinh de'n nay, ve cd ban cdc phffdng ph^p phan tich anh hffdng ciia ddng lien tff do de'n hieu qua lai chinh cua cac cdng ty nidm yd't deu ke' thffa va phat trien tff md hinh phan tich tai chinh Dupont, tffc la sii* dung dang hdm hidu qua gian ddn hay md rpng ket hdp vdi bid'n the cua nd.
Tren cd sd ke' thffa va van dung cdc nghien cifu trffdc day, trong nghidn cffu ndy, vdi gia dinh sff hien dien cua bd't can xffng thdng tin trong thi tnfdng tai chinh d cac nen kinh te'dang phat trien cd the ldm h^n chd' kha nang tid'p can cac ngudn tai chinh ben ngoai, md hinh de xua't cd dang:
Yit = BO + plFCFi.i-1 + fi2GR0WTHii + fiiDAit + p4SIZEit + pSTANGit + ^60PERii + ^7 CAPEXP +
Trong do: Bie'i • lupc (^J^°
1 ..-, u - ' , r,nc tv dffdc lffdng hieu qua t • •. ons '•',. ; L ^ ' 'T- I • 1 . rren tai san chon gom' T\ ^ '>• '^eu i« __ ^, (ROA)r^ - - • • ' o a n ; H j s o TobinNwJu. ,re... . thi tnfdng;
FCF se la bie'n trd 1 mim '' cac bien cdn lai. , , . , .^
Mpt sd bid'n ki^m sodt dffdc biet den cd anh hffdng de'n hieu qua idi chinh cong t^ dffdc chpn de dffa vao md hinh.
the- GROWTH, DA SIZE, TANG, OPER, CAPEXT.
Cac gia thuye't nghien cffu dffdc de xua't nhif sau:
Gid thuyet HI- Ddng lien Iff do cd tdc ddng tich cffc de'n hidu qud lai chinh cong ty. Tang tnfdng doanh thu dffdc ky hieu la GROWTH.
Gid ihuyi'i H2: Tdng trffdng doanh thu cd md'i quan hd ddng bid'n vdi hieu qua tai chinh cua doanh nghidp. Ty le nd dffdc ky hieu la DA.
Gid thuyet H3: Ty le nd cd tac ddng lieu cffc de'n hieu qua tai chinh cong ty.
Quy md cdng ty dffdc ky hieu la SIZE.
Gid thuyet H4: Quy mo cong ty cd tic ddng tich cifc de'n hieu qua tai chinh cdng ty. Tai san hffu hinh dffdc ky hieu Id TANG.
Gid thuyi't H5: Thi san hffu hmh cd tdc ddng lieu cffc de'n hieu qua tai chinh cdng ty. Chi phi hoat dong difdc ky hieu Id OPER.
Gid thuyi't H6: Chi phi hoat dpng cd tdc dpng tidu cffc de'n hieu qua tai chinh cdng ly. Chi tieu vdn dUdc ky hieu la CAPEXT.
Gid thuyet H7: Chi Ueu vdn co tdc dpng tich cffc den hieu qua tai chinh cdng ty
Ve dff lieu tinh todn: Sd lieu cho ffdc Irfdng mo hinh la dff lieu bang can doi trong dd, su dung bao cao tai chinh ciia 350 cong ty phi iai chinh mem yd't tai Viet Nam trong giai doan 2012 2018 Md hinh hoi quy dit lidu bang dffdc thffc hien trong nghien cffu
"ay difdc tinh todn dffa trdn sff ke't hdp kem iheo ciia md hinh gdp (Pooled OLS) mft K u "
d p n g c d - d i n h ( F E M , . m 6 h i r i a ' " ^ ^ ' ' ngju nhidn (REM >(Bdi v,e^, ..dung^J^l Viet so thap phan theo chudn qu&c %)
KET QUA NGHIEN COU PhSn ti'ch tffdng quan Ke'l qua phan tich do lUfj^p (Bang 1) cho thay. (n Md', lut,^/*"^"
tich cffc giffa ddng tien lu do vrti 1^"^"
"' ^OA d -^^^iihifvii.
BANG 1: MA TR^M H | SO TadMG QQAN GlflA CAC BIEN TRONG « 0 HINH
ROA TOBIN'S Q FCF GROWTH DA SIZE TANG OPER CAPEXT
R O A ^ 1 000(1 o.sisg*
0.0039 -0.0035 -0.3379*
-0.0323' 0 0399*
-0.0572*
0.1142*
TOBIN'S Q
1 0000 0.0362*
-0.0064 -0.1120*
0.1198*
0.0447*
0.0358*
0 1157*
FCF
1.0000 0.0120 0.0394*
0.0053 0.0274*
0.8953*
0.0263*
GROWTH
1.0000 -0.0133 0.0486*
-0.0661*
-0.0008 -0.0038
^ DA
1 0000 0.3297*
-0.0493*
-0.0018 0.0220*
S I Z E ^ TANG
1 0000 0 0093 -0.0080 0.1082*
1.0000 -0.0057 0.3437*
OPER
1.0000 -0.0014
CAPEXT
1.0000
* Bieu thi mite y nghia d mvtc 5%
mffc 0.0039; (ii) Mdi tffdng quan tich cffc vd cd y nghia thd'ng ke giffa ddng tidn Iff do va "Tobin's Q do cd he so' tffdng quan la 0.0362 vdi mffc y nghTa 5%;
(iii) He so' tffdng quan giffa cdc cSp bie'n khdng vffdt qud 0.9 va cd y nghTa thd'ng kd 6 mffc 5%. Ke't qua phan lich da tao ra sff tin tffdng ban dau dd'i vdi md hinh nghien cffu.
Nghien cffu thffc hien them hdi quy de tinh he sd'phdng dai phffdng sai (VIF) nham dffa ra kd't ludn vd md hinh da cdng tuyd'n. Kd't qua kidm dinh da cdng tuyen cho tha'y, gia tri VIF cao nhat la 1.49 va gia tri trung binh ciia VIF = 1.23 < 2, do dd, khdng cd hien tffdng da cdng tuye'n trong md hinh nghien cffu.
Phdn tich hdi quy
Ky thudt hdi quy dff lieu bang dffdc thffc hidn l^n lffdt vdi 3 md hinh (Pooled OLS, FEM, REM). Kiem dinh Hausman cho kd't qua p-value = 0.0000 < 0.05, cho phep su'dung md hinh tdc dpng cd'dinh se giup gidi thich phu hdp vd hieu qua hdn trong suy luan. Hdn nffa, ke't qua hdi quy trong md hinh Pooled va FEM ciing cho tha'y, R- hieu chinh d md hinh vdi bie'n phu thudc ROA cao hdn gia tri R^ hieu chinh d md hinh bid'n phu thupc Tobin's Q, Vl vay, ROA dffdc xem la thffdc do td't hdn ve hidu qua tai chinh cdng ty tai thj tnfdng Vidt Nam.
Cac kiem dinh khuye't tat ciia md hinh lan lffdt dffdc tid'n hanh, phat hidn md hinh FEM cd hidn tffdng phffdng sai sai sd' thay ddi, dd khac phuc linh Irang nay, tac gia thffc hidn phffdng phdp hdi quy vdi sai so' chuan manh (Robust standard errors) dffa cac sai sd'
BANG 2: KET QUA HOI QQY CUA 03 HO HINH (POOLED OLS, FEW, REM)
^t
FCF
GROWTH
DA
SIZE
TANG
OPER
CAPEXT
CONS N R-SQ
P O O L S ' OLS ROA -3 893***
1-5.37J 000746 10.09]
-12.16***
-25.06]
0 296***
14.46]
-0.746 1-1.39]
-1.322 1-1.54]
15.62***
[9.13]
4.030**
[2.32]
1.702 0.312
POOLED OLS IPBIN'SQ
-0.104**
1-2.13]
0.00325 10.61]
-0.149***
1-4.58]
0 0410***
[9.181 -0.0143 [-0 40]
0.134**
12.31]
0.664***
[5.76]
-0.0651 [-0.56]
1.702 0.075
*•• - " % FEM ROA -2.182***
1-2.62]
0.140 11.07]
-13 37***
[-8.96]
0.802**
12.08]
-3.898***
1-3.05]
-2.003 1-1.16]
4.324**
12.12]
-8.002 1-0.80]
1.702 0 148
FEM TOBIN'S Q
-0.0253 [-0.50]
0.00855 [1.111 -0.170 1-1.47]
0.122***
1451]
-0.155 1-1 62]
-0.0147 [-0.34]
0.320**
[2.36]
-2.210***
[-3.11]
1,702 0 053
REM ROA -2.696***
1-4.51]
0.0849 11.32]
-12.36***
-18.22]
0.379***
1342]
-1.459**
[-2.03]
-2.199**
[-2.54]
7.821***
[5 17]
2.285 [0.78]
1.702 01406
' ^ R E M ~ | TQIMlllim -0.0489
1-1.21]
0.00661 [1.52] -0146***
[-3.18]
0.0536***
[7.09] -0.0594 1-1.22]
0.00762 [0.131 0.469***
[4.59] -0.377*
[-1.89]
1.702 0.0411 Gid iri Ihong ke I trong ngo^c;
*. **, *** Biiu Ihi mdc y nghia dcdc miic }0%. 5% va 1%
N g u o n Ket qua nghien cUu cu
nay ve gia tri that cua nd, tang hidu qua cho md hinh nghidn cffu.
Phdn tich hoi quy md hinh Pooled OLS, FEM vd REM Ke't qua hdi quy cua 03 md hinh (Pooled OLS, FEM, REM) dffdc trinh bay trong Bang 2 cho tha'y.
bid'n FCF d ca ba md hinh deu la am va cd hd so' hdi quy la -2.182 vdi mffc y nghia 1% trong md hinh FEM.
Dieu nay cd nghTa la ddng tien tff do cd tdc dpng tidu
^ ^ N a m BilfB ^ ^ . . ^ FCF
GROWTH
DA
SIZE
TANG
OPER
CAPEXT
_CONS N R-sq
2012
BANG 3 : KET Q G A PHAM TICH H 6 | Q U Y THEO MAM 2 0 1 3
-1 536| -6 916—
[-0 611 -0 0550 1-0 18]
-17 55-**
-1081]
-0 100 1-0.48]
0182 10.10]
-5.673 [-1.541 15.34*"
[2.90]
18.24***
[3.28]
202 0.448
[-3 08]
1 3 9 3 * * [2 00]
- 1 3 . 5 0 * * * [-8.83]
0 2 2 6 11.15]
-1.227 1-0.79]
1.372 10.41]
2 0 . 7 0 * * * (4.18) 6.239 [1.221 230 0.361
2 0 1 4 -2.503 1-1.09]
- 0 . 4 6 9 * * 1-1.991 - 1 1 . 5 6 * * * 1-9 65]
0 . 4 0 2 * * 12 321 -1.711 1-1.301 4 8 4 4 1 1 4 5 ] 1 9 . 1 1 * * * 13 62]
0.416 [0.09]
253 0.352
2015 ' 2 0 1 6 -2 885 I-USl
0.927 1141]
-13.03***
[-10.94]
0 3 8 0 "
12.32]
-0.223 1-0.17]
2.209 11.02]
16.66***
13.62]
1.767 [041]
230 0.405
-3.236 [-1.601 1.156 11.58]
-12.32***
[-1O05I 0.289*
11.68]
-0 472 [-0 35]
-1.660 [-0 501 14.68***
13.481 4.366
•[0.961 241 0353
2017
1-2 93]
-0 146 [-0 96]
r -11.31*"
1-8 79]
0 307*
11.791 -1 124 1-079]
-5 570*
[-1811 1481"*
[3401 3.830 [0 84]
253 0 281
1 2018
i.092*
. [-1.83]
0.116 [0.97]
-12.42***
1-9.37]
0.628***
[3.60]
-0.784 1-055]
-2 609**
1-2.03]
13.71***
12.84]
-4.681 1-1.01]
246 0.308 trj thong ke t Irong ngodc; ' p<0.1, **p< 0.05.'
', *** Bieu thj miic y nghia d cdc miic 10%. 5% vd
BANG 4: KET QOA PHAN TICH HOI QGY THEO T A N G TRC/dfNG ROA
FCF
G R O W T H
DA
S I Z E
T A N G
O P E R
C A P E X T
_ C O N S
N R-sq Gid Iri thdn
0.552 11.19]
-0 6 4 3 * * [-2.291 - 1 9 . 8 1 * * * -12.951 -0 0 9 2 4 [-0.461 -0 67.1 [-0.451 - 2 9 . 6 3 * * * -12.081 13.28***
13.62!
2 2 . 1 3 * "
14.081 593 0.359
• ke 1 Irong ngodc; *p<
r ^ M f l c t i l D t i f d o t l i f l p 1.904***
[2.93]
- 0 . 2 6 8 * * * [-3 28]
- 1 5 . 2 1 * * * [-11.87) 0 . 3 1 3 * [1.71]
-1.582 [-0.87]
7.367**
[2 29[
2 5 . 0 9 * * * [4 0 9 | 5,947 11.231 628 0 2 5 0 1.1. *'p<0.05. "*p<0
^ j D J ^ t i ^ i i t i ^ d o c a o 0 . 9 1 1 "
[4.21]
14 3 2 " * [6.31]
- 1 6 . 1 6 " * 1-8,44]
0 7 7 1 " * (2.751 - 5 . 5 9 5 " • [-2 601 - I 0 , 5 2 " - [-6 80) 1 1 . 6 4 "
[2 03 -5 049 [-0 67 625 0.244 01;
nogtrifdlie^d^ '
0.0298 [1.42]
9,293***
[7.29]
-13.32***
[-13.13]
0.424**
[2.48]
_ _ _ _ _ _ _ _ ^ 2 £ I 0
__£M8***
10
_^mhtSv I>Uba<,cffc den hieu qud tai chinh cua cdc cdng ly niem yet tai thi trffdng Vidt Nam - ke't qua nay phii hdp vdi md'i quan he lieu cffc dffdc tim thay trong nghien cffu di trffdc (Brush, Bromiley, Hendrickx, 2000; Freund, Prezas, Vasudevan, 2003;
Vd Xuan Vinh, Doan Thi Ld Chi, 2014) va phii hdp vdi 1^ thuyd't ddng ti^n tff do (Jensen, 1986).
Phdn tick hdi quy theo ndm Kd't qud hoi quy theo tffng nam d Bang 3 cho tha'y, mo'i quan he giffa ddng tien Iff do va ldi nhuan cua cac cdng ty nidm yd't tai Viet Nam la tieu cffc trong giai doan nghien cffu va cd y nghTa thd'ng ke d mffc tff 1% trong cdc nSm 2013, 2017, 2018.
Phdn tich hdi quy theo tdng triidng
¥£t qud h6i quy phdn ling cho cdc cdng ly theo ty le tang trffdng dffdc trinh bay trong Bang 4 chi ra rang, md'i quan he giffa ddng ti^n tff do vd hidu qua tai chinh cdng ty Id lich ctfc. Nhtf vdy, cdc cdng ty se dffdc hffdng ldi nhieu hdn tff sff Unh hoat dffdc cung cap bdi ddng lien tff do (Nguyen va Nguyen, 2018). Do'i vdi cac cdng ty cd ty le tang trffdng tha'p, cac nha qudn ly se diing ddng lien Iff do dau tff dff dn Idia thi cd tilm nang, tao ra ldi nhudn tff cac khoan dau iff, ddng lien tff do cd tac dpng tich cffc de'n ldi nhuan cdng ty, Ngffdc lai, dd'i vdi cac cdng ty tang trffdng cao, ddng tien trf do co tdc ddng tich cffc dd'n Idi nhudn cdng ty. Tuy nhien, md'i quan he giffa lang trffdng doanh thu vd ldi nhuan cdng ly Id nghich bid'n.
Tff phan lich hoi quy cho tha'y, ddng tien tff do cd anh hffdng tidu cffc de'n hidu qud tai chinh cua cac cdng ty niem yd't tai thi trffdng Viet Nam. Cac yeu Id' cd dnh hffdng, gdm: FCF (Dong tien Iff do); DA (Ty Id np); SIZE (Quy md cdng ty); TANG (Tai san hffu hinh);
CAPEXT (Chi tidu vdn) va cd y nghTa thd'ng ke d mffc 1% hoac cao hdn. Dilu nay cho thd'y, ludn ton tai mdt md'i quan he cd $ nghTa giffa ddng tien Iff do dd'i vdi hieu qud tai chinh cua doanh nghidp.
KET LUAN VA M O T S6 HAM Y
Ke't qua nghidn cffu thtfc nghidm cho tha'y, ddng tien tff do cd anh hffdng tieu cffc de'n hieu qua tai chinh cua cac cdng ty nidm yd't tai thi trffdng Viet Nam. Nhff vay, cdc cdng ty cd dong lien tff do nhieu hdn mffc can Ihid't dd' dap ffng cho cac hoat dong san xud't, kinh doanh va dau tff td'i ffu, thi se chiu sff chi phd'i cua ly thuye't chi phi dai dien ve ddng lien Iff do. Cac nha qudn ly cd khuynh htfdng lam dung so' tien nay de ddu tff vi muc dich ca nhan, md rdng quyin lffc vd tam anh hffdng cua minh hay dau iff vao cac dff dn cd khd nang sinh ldi thd'p hdn. Do dd, hieu qud tai chinh doanh nghiep cd xu hffdng giam va dd dffdc gpi la vd'n d l ngffdi dai dien tai cac cdng ty cd ddng tien iff do dff thffa.
Dong thdi, nghidn cffu cung tim tha'y md'i quan hd tich cffc cd y nghia thdng ke giffa ddng tien iff do vd hidu qua tdi chinh cdng ty dd'i vdi cac cdng ty cd lang trffdng cao. Dffdng nhff cdc cdng ty tdng trffdng td't se dffdc hffdng lpi nhilu hdn iff stf linh hoat dtfdc cung cap bdi ddng tien Iff do. Dd'i vdi cac cdng ty cd ty Id tfing trrfdng thd'p, cdc nhd quan ly se dung ddng liln Iff do dau trf dtf dn kha thi cd tiem nSng, tao ra ldi nhuan tff cac khoan dau tff, lang trrfdng doanh thu cd tac dong tich crfc de'n hieu qua tdi chinh cdng ty.
Ngrfdc lai, dd'i vdi cdc cdng Iy tang trrfdng cao, ddng tiln Iff do cd lac ddng tich cffc dd'n lpi nhudn tren tai san, tuy nhien, stf tang len cua doanh thu lam cho ldi nhuan cdng ty giam.
Nghien cffu khuye'n cdo cac nha quan tri cdng ty can xem xdt cdc dff lidu qud khff, cGng nhff tilm nang ldi nhuan vd tang trffdng tffdng lai, de xay dffng cac chie'n Iffdc tdi chinh cu the, trong do, phai xac dinh rd ddng liln can thie't du de dam bao thanh khoan, tff dd gidm Ihid'u rui ro phat sinh chi phi ngffdi dai didn vd hidu qua lai chinh.[D
TAILIEU THAMKHAO
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