TAi CHINH-NGAN HANG-BAO HIEM
NHtfNG YEU TO TAI CHINH QUYET DINH DEN VIEC NAM GltJ TIEN MAT CUA CAC
CONG TY NIEM YET TREN HOSE
• NGO MINH PHl/dNG
TOM TAT:
Bai nghien cffu nay xem xet cac yd'u to' tac ddng dd'n vide nam giff tien mat cua cac cdng ly nidm ye't tf-en thi trffdng chffng khodn thanh phd' Ho Chi Minh (TP.HCM). Mdu gom 1710 quan sat nghien cffu dff lidu cua 190 cdng ty trong giai doan 2010 - 2018. Md hinh nghien cffu dffdc xay dffng bdi 8 nhan td' anh htfdng: quy mo cdng ty, vd'n ltfu dgng rdng, ddng tien, ddn bd'y tai chinh, chi tieu vd'n, ldi nhuan, tudi cdng ty, chi tra co tffc. Ba Iy thuyd't lidn quan dd'n cac nhSn tonamgiff denmatia md hinh danh ddi, ly thuyd't trdt ttf phdn hang va dongtien ttf do.Md hinh nghien cffu dffdc thffc hien hdi quy bang ph£n mem Eview. Ke't qua nghidn cffu cho thS'y rang, t^ Id nam giff tien mat trung binh cua cdc cdng ty la 14,18%. Bid'n tudi cdng ty, dong tidn, don bay tai chinh, vd'n ltfu ddng rong, cd tffc tac ddng ciing chieu vdi bie'n nara giff tien mat (CASH) CO md'i ttfdng quan dtfdng dd'n vide nam giff tien mat cdn ty Id ldi nhuan trdn tdng tai s^n, chi tidu vd'n, quy md cdng ty khdng cd mdi tffdng quan dd'n vide nam giff tien mat Tff kd't qua nghidn cffu nay, tdc gia dffa ra mdt so giai phap dd'n vide nam giff tien matcuacdccdngty niera yd't trdn thi trtfdng chffng khoan TP.HCM nhtf quan tr; vd'n ltfu ddng rdng, xdc dinh cd cd'u ddn bay tai chinh hdp ly, nam giff tien raat cua cdc cdng ty cd thdi gian hoat dong lau, quan tri dong tiln, xdy dtfng chinh sach chi tra cd tffc.
Tiif khoa: Nam giff tien mat, md hinh ddnh ddi, ly thuye't trat ttf phan hang, ly thuyd't dong tiln ttf do
1. Gidi thidu
Nam giff den mat la mdt phan c^n thid't cho sff ton tai va phdt trien cua cdng ty va nhan dffdc sff quan tSm ddng ke tff cac nha dau tff va cdc nha phan tich tai chinh. Quyd't dinh ndm giff mdt Iffdng lien mat thffa cd tiid' cd hdu qua xd'u ne'u nd dffdc su" dung khdng hidu qua. Vide tich liiy tidn mat cd Ihe an ma't hieu qua va cd hdi dau tff. Trffdc khi sem xet tdc ddng cua viec nam giff tien ra:)t de'n gia tri cdng ty thi viec xdc dmh cac ye'u to' lai chinh lac dgng dd'n ndm giff tien mat la dieu can thie't.
Dd la ly do tdc gia chon de tai nghidn cffu "Cdc ye'u to' tai chinh tac ddng de'n vide nam giff tien mat cua cac cdng ty niem yd't trdn HOSE". Cdc ye'u to' tai chinh nay bao gdm cdc bie'n sd' lien quan de'n ca'u true vd'n va chinh sdch cd tffc cua doanh nghidp, quy rad doanh nghiep, chang ban nhff ly le nd tren tdng tai san, ty le chi tra cd tffc, suS't sinh Idi trdn vd'n cd ph^n, ty le thanh khoan, quy rad cdng ty.
De tai gdp phan cung cap cai nhin tdng quan ve dnh hinh ndm giff den mat cua cdc cdng ty d
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TAP CHl CONG THKONG
Viet Nam. Dong ihdi, de tai cho thay cdc ye'u td' tdc ddng anh hffdng nhtf the' nao dd'n Itfdng tien mat nam giff ciia cdng ty. Ben canh do, thdng qua vide nghien cffu thtfc nghidm tff so' Heu thtfc te thu thdp dtfdc, bai nghidn cffu ky vong se chi ro dffdc md'i quan he ciia cac ye'u to' tai chinh, lam ro stf tdc ddng cua cdc yd'u td' tai chinh de'n ty le nam giff tien mat cua cdng ty qua cdc giai doan khac nhau. Nhffng kd't qua dtfdc thtfc hidn bdi de tai nay se giup cho ban quan tri cdng ty cd cdng cu de kiem soat va duy tri ty Je tien mat cua cdng ty tai mdi thdi diem klidc nhau, duy tri dtfdc ty Id tien mat hdp ly, cdn bang giffa loi ich va chi phi, tff do se chu trgng nhieu hdn dd'n vide quan tri tien mat cdng ty, mdt trong nhffng ye'u td' gdp phan quan trong trong vide quan tri tai chinh doanh nghidp.
2. Cd scf Iy thuye't va phffrfng phap nghidn cffu 2.1. Casd ly thuyet vd khung phdn tich De tai se ffng dung nhffng kd't qua nghidn cffu ttf nhffng md hinh khde nhau, trong dd tac gia ke't hop hai nghidn cffu thffc nghidm ve cac yd'u td' anh hffdng de'n vide nam giff den mat lam nghidn cffu gd'c. Nghidn cffu thff nha't cua nhdm nghidn cffu:
Nghidn cffu nam 1999 cua nhdm tdc gia Opler va cdc cdng stf nghidn cffu vd cac nh§n to' quye't dinh va nhffng tac dpng cua vide nam giff tien raat cua cdng ty. Vdi bd dff lidu nghidn cffu tff nam 1971 - 1994 vdi 1048 cdng ty My cd nidra yd't.
Thdng qua kiem tra dff lieu thdi gian va dff iieu cheo vdi md hinh cua Farama - MacBeth. Opler va cac cdng stf (1999) da tim ra kd't qua nghien cffu nhff sau:
Cdc cdng ty cd nhieu cd hoi tang trtfdng manh va cd ddng lu\i chuyen tidn td rui ro hdn se cd ty Id cua tien trdn tdng tai san khdng phai bang den ttfdng do'i cao.
Cac cdng ty cd dieu kien tid'p can vdi thi trtfdng vd'n cao hdn cd xu htfdng giff ty Id tien mat trdn tdng tai san khong phai bang tien tha'p hdn.
Cac cdng ty hoat dong td't cd xu hffdng tich luy tien mat nhieu hdn.
Trong nam 2013, nghidn cffu cua Gao va cong sff, nghidn cffu cac nhan to' quye't dinh chinh sach den mat cua cdng ty: cdi nhin tff cdng ty ttf nhan.
Vdi bd dff lieu quan sat theo nara gdm 54 404 cdng ty cdng va 10.595 cdng ty ttf nhan trong giai doan tff nam 1995 dd'n 2011 d My, la'y tff Capital
IQ database. Thdng qua phffdng phdp thd'ng kd hoi quy, Gao va cdng sff dm ra rang: Vide na'm giff tien mat d cdng ty ttf nhan chi bang phan nffa so vdi vide nam giff tien mat d cac cdng ty cdng.
Bang viec thie't lap chinh sach ddn mat cho moi nhdra, Gao va cdng sff cho rang sff khac nhau ddn dd'n chi phi dai dien cao hdn ra't nhieu trong cac cdng ty cdng.
Tdc gia chi ra rang mau thuIn cua cd quan anh hffdng de'n mffe muc deu cua ca ngffdi quan ly va tien bac cua ho nhff thd'nao dd'i vdi denmatthifa.
Cdc cdng ty dtfdc quan Iy td't tiiffc hidn cdc bien phap bao thu nham giam ddn bay, trong khi cac cdng ty cd quyen quan ly kem hdn cd khuynh hffdng dau ttf, dSn dd'n hidu qua thd'p hdn. Do dd, cac cdng ty dtfdc quan ly tdt phan phd'i mot phln denmat chocacnhad^u ttf (chu nd), trong khi cac cdng ly kem dtfdc quan ly chi ddn gian la mua ban tien mat cho cdc tai san khde thdng qua d^u ttf, duy tri quy rad cua cdng ty.
Dtfa trdn 2 md hinh gd'c cua Huasheng Gao (2013) va Tim Opler (1999) tdc gia xdy dffng nghien cffu theo md hinh cu the nhff sau:
CASHit = po + plAGEit + p2FSit + p3CFit -I- |i4R0Ait -I- p5LEVit + (idNWCit + |i7CAPEXit + pSDIVit + £ 2.2. Phuang phdp nghien citu
Bai vie't sff dung nguon tai lieu thff cap thu thap ttf bdo cao tai chinh gdra bang can dd'i ke toan, ket qua kinh doanh va Itfu chuyen tien te cua 190 cdng ty niem ye't tff nam 2010 dd'n nam 2018 tf-en Sd Giao dich chffng khodn TP.HCM. Toan bo cdc cdng ty dtfdc chgn mdu trong rad hinh la nhffng cdng ty hoat ddng dn dinh cd sd' lidu bao cao tai chinh qua cac nam, cac cdng ty khong co sd heu bao cao tai chinh deu bi loai ra khdi dff Heu chay mo hinh; nguon lai Heu sd ca'p dtfdc thu thap thdng qua cac giao trinh va cac bai bao khoa hoc da dtfdc cong bd'.
Mdu dff Heu gdra 1.710 quan sat nghidn cffu ti:en 190 cdng ty niem yet tren Sd Giao dich chffng khodn TP.HCM trong giai doan 2010 - 2018.
3. Ke't qua va thao luan 3.1. Ket qud nghien cdu Bang I; 2; 3; 4.
Bai nghidn cffu dtfa ra md hinh hdi quy nhff sau:
CASHit = -0,057453 + 0,007535 AGEji + 0,424017 CFi, + 0,114117 LEV,, + 0,150655 NWCi, + 0, 019261 DIVu
312 So 6-Thang 4/2019
TAP CHi CONG TKlftfNG
Bang 4. Ket qua hoi quy tac dong co djnh co hieu chinh sai so tieu chudn Variables
Within R-squared Constant
AGE FS CF t.EV NWC CAPEX
DIV
Robust Fixed-effect model
0,379170 -0,057453 0,007535*
-0,001914 0,424017*
0,114117*
0,150655"
0,003581 0,019261*
Standard Entire
0,021736 0,003616 0,001234 0,023258 0,010776 0,010232 0,022168 0,005688
Prob.
0,0372 0,1209 0,0000 0,0000 0,0000 0,8717 0,0007 Nguon: Sd lieu tinh todn td Eview ciia tdc gia
3.2. Thdo ludn ket qud nghien citu Ke't quS nghien cffu cho tha'y cdc yd'u td' tdc ddng dd'n nam giff tien mat ciia cac cdng ty niem ye't tren san giao dich chffng khoan TP.HCM la kha gid'ng vdi ly thuye't va thtfc den cua cdc ntfdc.
Tff ke'l qua nghien cffu dd'i vdi tffng bid'n trong md hinh nghien cffu co kd't ludn nhff sau:
Trong sd' 8 bie'n ddc lap tac gia sff dung trong mo hinh thi cd 5 bid'n co kd't qua ttfdng quan vdi nSm giff tien mat d mffe y nghla 1%.
Thd nhdt, ke't qua hdi quy cho thd'y tuoi cdng ty (AGE) tang/giam 1 ddn vi, nam giff tien mat tang/giam 0,0077 ddn vi. Md'i quanhd ddng bie'n chi ra rdng cac cdng ty nidm yd't trdn san gjao dich chffng khodn TP.HCM hoat ddng cang lau thi nam giff tien mat cang nhieu. Ke't qua nay giai thich nhff sau, thdi gian tdn tai cang Idu cho phep cac cdng ty dd't kidm tien va trdnh dffdc vide phai diing nd de tai trd. Nhffng cdng ty non tre cd xu htfdng nhan ngudn tai trd ben ngoai trong khi dd, nhffng cdng ty trffdng thanh hdn cd xu hffdng sff dung nhffng ngudn kid'ra dffdc.
Thd hai, kd't qua hdi quy cho tha'y ddng tien (CF) tang/giara 1 ddn vi, na'm giff den mat tang/
giam 0,4486 ddn vi. Md'i quan he ddng bie'n chi ra rang cac cdng ty nidm yd't tren san giao dich chffng khoan TP.HCM cd ddng tien cang cao thi
nam gitf tien mat cang nhieu. Kd't qua nay giai thich nhff sau, ddng ddn cang cao tffc cdc cdng ty cd cac dtf an dau ttf cang nhieu nen nam giff den mat cang nhieu la giam di kha nang rdi vao khung hoang, kiet que tai chinh, cho phep cdng ty theo dudi cac dff dn dau tff td'i thidu hda chi phi huy dong ngudn vd'n tff cac quy bdn ngoai, thanh ly cac tai san hien hanh.
Thd ba, kd't qua hdi quy cho tha'y ddn bay tai chinh (LEV) tang/giam 1 ddn vi, ndm giff den mat tang/giam 0,1042 ddn vi. Cac nganh kinhte' ludn phai ddi mat vdi nhffng khd khan nhff bidn dong gia, mat bang lai sua't ngan hdng cao va ludn can nhidu vd'n de rad rdng hoat ddng kinh doanh, duy tri hoat dgng cua cdng ty ndn phai sff dung khd nhieu nd vay, dieu nay khid'n cdc cdng ty sd gap khd khan. Dieu nay giai thich dffdc rang, khi cdng ty dd'i dien vdi nd Idn thi cac cdng ty thtfdng cd xu htfdng ndm giff nhidu tien mat hdn de phdng ngffa nguy cd phd san cua cdng ty.
Thd tif, ke't qua hoi quy cho thd'y vd'n ltfu dong rdng (NWC) tang/giam I ddn vi, nam giff tien radt tang/giam 0,1401 ddn vi. Didu nay dffdc giai thich nhff sau: vd'n Iffu ddng rdng la gid tri ciia toan bg tai san ngan han, nhffng tai san gan lien vdi chu ky kinh doanh cua cdng ty. Trong radi chu ky kinh doanh, chung chuyen hda qua ta't ca cac
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TAI CHiNH-NGAN HANG-BAB HIEM
dang, t6n tai tff tien mat den khoan phai thu va lr6 ve hinh thai cd ban ban dau la tidn mat. Khi v^n lu^ adng rdng tang la tang cac khoan phai thu cdng ty se cd nhieu rui ro thanh khoan hdn nen cac cong ty nam giff tidn mat nhidu hdn.
Thil ndm, ke't qua hdi quy cho tha'y c6 tffc (DIV) tang/giam 1 ddn vi, nam giff tien mat tang/giam 0,0235 ddn vi. Md'i quan he ddng bie'n chi ra rang cac cdng ty niera yd't tren san giao dich chffng khodn TP.HCM chi tra cd tffc cang nhieu thi ndm giff tien mat cang nhieu. Kd't qua naygiai thich nhtf sau, cac cdng ty phai cd Itfdng tien mat nhieu hdn de chi tra cd tffc cho cac co dong, do dd chi tra cd tffc cang nhieu thi cang phai na'm giff nhieu tien mat cua cdng ly.
Tuy nhidn, trong sd'cac bie'n dffdc dtfa vao md hinh de kiem nghidra, cd hai bie'n dgc lap la bie'n quy md cdng ty (FS) va bie'n chi tidu vd'n (CAPEX) kd't qua chtfa ttfdng quan vdi ty Id nara giii tien mat (CASH).
4. Ke't luan va khuyd'n nghi giai phap Thdng qua rad hinh danh ddi, cac cdng ty xac dinhlifdng tien mat td'i tfu bang each cdn bang stf ddnh ddi giffa chi phi va ldi ich cua vide nam giff tien mat nhff vay ne'u viecnamgiff den mat raang lai hidu qua cho hoat ddng kinh doanh cua cdng ty thi cdng ty can gia tang vide nam gitf tien mat de thffc hien cho cdc muc tieu kinh doanh ciia cdng ty. Tff ke't qua nghien cffu, tdc gia dffa ra mot sd giai phap gdi y nhff sau:
Quan tri vd'n Iffu dgng rdng vi theo md hinh danh ddi thi vide nam gitf vd'n Iffu dgng rdng dffdc xem nhff radt each thay the'ciia viec na'm giff tien mat. Thay vi nam giff tien mat cang nhieu thi cdng ty nen chuyen Itfdng tien mat thanh cac khoan dau ttf ngan ban, phai thu khach hang, hang ton kho. nhffng cdng ty phai bid't quan ly thi viec luSn chuyen vdn Iffu ddng rdng cua cdng ty se nhanh hdn, sinh Idi nhieu hdn ddn de'n vide nam giff den mdt cung dffdc nhieu hdn va cung dam bao kha ndng thanh loan cua cdng ty.
Ldi nhuan cdng ty cd rad'i tffdng quan dffdng i^en vide nam giff tien mat, vi vdy cac cdng ty can iJifa ra mffe td'i tfu cho viec giff lai ldi nhuan nay.
Cac cong ty cd the giff de dap ffng cho cac ddng cd phong ngffa, ddng cd giao dich va tai trd cho cac dff
an dau tff co gid tri NPV dffdng va nd'u Iffdng den mat trong doanh nghidp cao hdn mffe can thiet, Iffdng den nay nen dtfdc phdn phd'i iai cho cac cd ddng thdng qua cd tffc hoac mua lai c6 ph^n.
Xay dtfng chinh sdch chi tra cd tffc thich hdp cho cac cd ddng. Theo kd't qua nghien cffu chi tra cd tffc cd md'i ttfdng quan dtfdng vdi nam giff tien matcuacdccdngty ndn chi tra co tffc cang nhieu cd the ddn dd'n viecnamgiff tien mat cang nhidu lara han che' kha nang dau tff vao cac dff an co kha nang sinh ldi cao. Do do, cdc cdng ty can cd chinh sach chi tra c6 tffc thich hdp tiiy vao tffng giai doan hoat ddng kinh doanh cua cdng ty de cd mffe nam giff tien mat hdp ly dam bao kha nang chi tra cd tffc cho cac cd ddng ddng thdi kha nang sinh Idi cua cdng ty.
Vide nam giff den mat cua cac cdng ty cd tudi thg cao. Mdt kd't qua nghidn cffu cung dffdc tim tha'y trong bai nay la tuoi cdng ty cd md'i tffdng quan dffdng de'n viec nam giff den mat ciia cdc cdng ty. Nhffng cdng ty cd thdi gian hoat ddng cang lau thi tinb hinh hoat ddng kinh doanh ciia cdng ty tffdng dd'i dn dinh, vide tid'p cdn thi trffdng vd'n ciing dd dang, do dd cdc cdng ty cd thdi gian boat ddng cang lau nen duy tri radt Itfdng ddn mat vffa du de dam bao thanh todn cho cdc hoat ddng thffdng xuydn cua cdng ty la td't nhd't.
Xdc dinh cd ca'u don bay tai chinh hdp Iy se giiip cho vide ndm giff den mat ciia cac cdng ty cung d mffe hdp ly. Theo kd't qua nghien cffu ddn bay tai chinh cd mdi ttfdng quan dtfdng vdi vide nam giff den mat ciia cac cdng ty cho ndn khi sff dung nd nhidu se Iam tang xac sua't phd san, do dd cac cdng ty nam giff tien mat nhieu hdn dd giam xdc sua't kiet que tai chinh. Vide tich luy tien mat nhidu hdn nhtfng sff dung khdng hieu qud, khdng dung muc dich se lam cho hidu qua hoat ddng kinh doanh cua cdng ty ciing bi anh htfdng theo. Vi vdy ne'u sff dung cd ca'u nd hdp ly, vdi mdt ngudn tidn tich luy dffdc, cdc cdng ty nen tap trung vao cac dff an thudc ITnh vffc chuyen mdn ciia minh va de'n hanh rad rdng, dau tff tdi san xua't de mang lai hieu qua cao cho doanh nghiep.
Lap ke'hoaeh ddng tien vi theo ly thuyd't ddng tien tff do vide nam giff tien raat qua nhieu se lam
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cdc nha quan ly cdng ty cd ddng cd tich tu tien mat de thffc hien nhffng rauc tidu ndng theo quye't dinh ciia hg. Vide lap kd' hoach ddng tidn se giiip cho cac nha quan tri dtf bdo dffdc ddng den hien tai ciia cdng ty thffa hay thie'u. Nd'u thtfa den thi cac nha quan tri dung sd'tidn do vdo cac
khoan dau tff ngan han cd the tao ra thu nhap cho cdng ty. Ngffdc lai, ne'u dff doan dffdc se thidu hut ddng tidn thi cdc nha quan tri cd thd len ke hoach tai ngudn tai trd cho ddng tien dd dambao td't cho qua trinh hoat ddng san xua't - kinh doanh cua cdng ty •
TAI LIEU THAM KHAO:
Tieng Viet:
1. Trdn Ngoc Tho va cong sU (2005). Tdi chinh doanh nghiep hien dgi. Tdi l7dn ldn thd 2, Nhd xudt bdn Thd'ng ke.
Tieng Anh:
2. Abbas Ah, Samran Yoiisaf, 2013. Determinants of Cash holding in Gennan Market. lOSR Journal of Business and Management (lOSR-JBM) Volume 12, Issue 6 (Sep. - Oct 2013), PP 28-34. www.iosrjournals.org
3. Muhammad Awais Aslam, Habib Alimad, 2013. Cash Holdings in Pakistani Firm's. International Journal of Management Sciences and Business Research, 2013 ISSN (2226-8235) Vol-3, Issue I.
4. Mirza Muhammad Sohaib Bashir, 2014. Determinants Of Corporate Cash Holdings: Panal Data Analysis:
Pakistan International Journal of Current Research Vol. 6, Issue, 02, pp.5316-5318, Febriiaiy, 2014. Available online at http://www joumalcra com
5. William J. Baumol. 1952. The Transactions demand for cash. An Inventory Theoretic Approach.
6. Amy Dlttmar, Jan Mahrt-Smith and Henri Seiyaes, 2003. International Corporate Governance And Corporate Cash Holdings. Journal of Financial And Quantitative Analysis Vol.38, No. 1, March 2003.
7. Huasheng Gao, Jarrad Harford, Kai Li. 2013 Determinants of corporate cash policy: Insights from private finns.
Journal of Financial Economics 109(2013)623-639. www.el.sevier.com/locate/jfec
8. Amarjit Gill, Charul Shah. 2012. Determinants of Corporate Ca.sh Holdings: Evidence from Canada.
International Jounial of Economics and Finance Vol. 4. No. I; January 2012. www.ccseiiet.org/ijef 9. Sohani Islam (AssLstant Professor), 2012. Manufacturing Finns' Cash Holding Determinants. Evidence from Bangladesh. International Journal of Busine.ss and Management. Available at:< www.ccsenet.org/ijbm>
10. Samuel Nduati Kariuki, Prof Gregoiy S. Namusonge, Dr. George O. Orwa, 2015. Determinants Of Corporate Cash Holdings: Evidence From Private Manufacturing Firms In Kenya. International Journal of Advanced Research in Management and Social Sciences
11. Stewart C. Myers. 1977. Determinants Of Corporate Borrowing. Journal of Financial Economics 5 (1977) 147- 175.
12. Tim Opler, Lee Pinkowitz, Rene Stuiz, Rohan Williamson, 1999. The determinants and implications of corporate cash holdings. Journal OF Financial Economics 52 (1999) 3-46.
Website:
13. Cdc bdo cdo tdi chinh, cdc chi sd tdi chinh tren wwM-.cafefcom. www.cophieu68 com
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TAI CHiNH-NGAN HANG-BAO HIEM
Ngay nh^n bai: 13/3/2019
Ngay phan bien danh gia va su'a chiJa: 23/3/2019 Ngay cha'p nh$n dang bai: 1/4/2019
Thdngtinldcgid:
ThS. NGO MINH P H U O N G
Trtfdng Dai hpc Cong nghiep Thifc phS'm TP. Hd Chi Minh
FINANCIAL FACTORS IMPACTING THE CASH HOLDING OF COMPANIES LISTED ON THE HOSE
• Master. NGO MINH PHUONG Ho Ch\ Minli City University of Food Industry
ABSTRACT:
This paper examines the factors that affect the cash holding of corapanies listed on the Ho Chi Minh City Stock Exchange (HoSE). The study's saraplehad 1710 observations collected from 190 corapanies during 2010 - 2018. The research model is built with eight influencing factors which are the firm size, the net working capital, the cash flow, the financial leverage, the capital expenditure, the profit, the years of operation and the dividend payment. Three theories related to the cash holding of enterprises are the trade-off model, the pecking order theory and the free cash flow theory. The research model of this study is conducted by Eview software. The study's results show that the average cash holding rate of companies is 14.18%
and the years of operadon, the cash flow, the financial leverage, the net working capital and the dividend payment have significant impacts on the cash holding of corapanies.
Meanwhile, the return on total assets ratio, the capital expenditure and ihe corapany size do not correlate with cash holdings. This study proposes some soludons related to the cash holding of companies listed on the HoSE such as the management of net working capital, determining the appropriate financial leverage structure, managing cash flow and developing dividend payment policies.
Keywords: Cash holdings, trade-off model, pecking order theory, free cash flow theory.
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