TAI CHINH-NGAN HANG-BAO HIEM
TAC DONG CUA QUAN TRI VON Ll/U D O N G
DEN KHA NANG SINH LCfl CUA CAC DOANH NGHIEP NIEM YET TREN THI TRlJCfNG CHtfNG KHOAN VIET NAM
• NGUYIN THI HUONG TRA - PHAM THANH VAN
TOM TAT:
Bdi viet nghien ciJu tdc ddng cua qudn tri vdn Itfu ddng dd'n kha nang sinh Idi effa cdc doanh nghiep niem yd't trdn thi trtfdng chffng khodn Vidt Nam. Tde gia sff dung phtfdng phdp hdi quy Pool OLS, FEM, REM, GMM vdi dff lidu tff 130 doanh nghidp niem ye't tren thi trtfdng chffng khodn Viet Nam trong giai doan 2013-2016. Thdng qua kd't qua hdi quy, nghien cffu tim thay stf tac ddng cd y nghia cua ede yd'u td sd ngdy cua cdc khoan phai thu, sd ngay ton kho, sd' ngdy eiia cdc khodn phdi trd, chu kl chuyd'n ddi tien mat, qui md cua doanh nghidp, ty Id nd de'n kha nang smh Idi cua doanh nghiep.
Tiif khoa: Quan tri vdn Itfu ddng, kha nang sinh Idi, doanh nghidp, thi trtfdng chffng khodn.
1. Gidi thieu
Vdi xu htfdng todn eau hda kinh te' thd' gidi, md cffa vd hdi nhap nen kinh td' qud'c gia vd khu vtfc, quan tri tdi chinh ngay cang trd nen quan trpng va cde quye'l dinh ddu ttf vd'n ngay nay cd anh htfdng den hoat ddng kinh doanh cua doanh nghidp. Cac nghidn cffu trong linh vffc tai chinh doanh nghidp chu yeu tdp trung vdo cic quyd't dinh lai chinh dai han nhff ca'u true vdn, chinh sdeh ed' tffc hoac djnh gia doanh nghidp. Tuy nhien, cdc khoan dau tff vdo tdi san ngan ban lai chie'm phdn Idn cde khoan mue tren bang cdn dd'i kd' toan cua doanh nghidp, Do do, quan tri vdn Iffu ddng la mdt va'n de rd't quan trpng ddi vdi hau h^t cde doanh nghidp, dae bidt la d cdc doanh nghidp vffa vd nhd vi phan Idn tdi sdn cua cac doanh nghidp nay la tai san ngan ban.
Cac nghidn ctfu ve tdc ddng cua quan tri von
Itfu ddng dd'n kha nang sinh Idi cua doanh nghiep ngdy cang dtfdc nghien cffu d nhieu nffde trdn the' gidi. Dac biet, trong thdi die'm hidn nay vide qudn tri vd'n Itfu ddng dang dffde cde nha quan tri quan tam ra't nhieu nham tang kha nang sinh Idi cho doanh nghidp.
2. Cd sd ly thuye't
Vd'n Iffu dpng ciia doanh nghidp la sd' vd'n ffng ra de' hinh thanh nen tdi sdn Iffu ddng nham dam bao cho qud trinh kinh doanh cua doanh nghidp dtfdc thtfe hien thtfdng xuyen, lidn tue. Vd'n Itfu ddng chuyd'n loan bp gid in cua chung vao Itfu thdng vd ttf trong luXi thdng todn bd gid tri eua chung d\X(3c hodn lai mdt lan sau mdt chu ky kinh doanh. Trong qua trinh san xud't, vd'n Itfu ddng dtfdc chuyen qua nhieu hinh thai khac nhau qua ttfng giai doan. Cae giai doan cua vdng tuan hoan
TAP CHl CONC THIfltllC
do ludn dan xen vdi nhau ma khdng tach bidt ridng re. Vi vdy trong qua trtnh san xud't kinh doanh, quan ly vdn Itfu dpng cd mdt vai trd quan trpng.
Vide quan ly vd'n Itfu ddng ddi hdi phai thtfdng xuyen nam sat tinh hinh luan chuydn vdn, kip thdi khac phuc nhffng ach tdc san xua't, dam bdo ddng vd'n dffde Iffu chuyen lidn tuc vd nhip nhang.
Theo nghidn ctfu cua Dong va Su (2010), quan ly vd'n Itfu ddng la mdt trong nhffng thanh phan quan trpng trong quan ly lai chinh. Qudn ly vd'n Itfu ddng la vide quan ly lai san ngan han va cdc khoan nd ngan ban. Nd ngdn ban bao gdm cdc khoan vay ngan hang ngan ban, thud' phai nop va ehi phi Itfdng (Bernstein va Wild, 1998). Cde khoan phai thu, ton kho va lien mat la cic thanh phan quan trong cua vdn Itfu ddng (Abuzayed, 2012; Lazaridis & Tryfonidis, 2006; Naser, Nu- seibeh vd Al-Hadeya, 2013).
Tong quan nghien ctfu trddc
Theo nghien cffu cua Imran Omer Chhapra vd Nousheen Abbas Naqvi (2010) da kham phd md'i quan he giffa mffc hidu qua qudn ly vd'n Itfu ddng va kha nang sinh Idi eua cdc doanh nghidp trong nganh ddt may Pakistan. Quy md mau cua 55 doanh nghiep det may d Pakistan da dtfdc ltfa ehpn trong thdi gian sau nam, ttf nam 2003 de'n 2008.
Md'i quan he giffa hidu qua WCM va kha nang sinh Idi dtfdc kie'm tra bdng cdch sff dung phdn tieh hdi quy, phan tfch hdi quy va ANOVA (Phan lieh phtfdng sai). Kd't qud eho thd'y mdt mdi quan he manh me cd y nghia tich etfc gitfa qudn tri vd'n Itfu ddng vd Idi nhuan cua doanh nghidp trong ITnh vffe ddt may cua Pakistan. Trong trffdng hdp eua cac bie'n kie'm sodt, nd dffde tim tha'y rang cd mot md'i quan he dang kd' giffa vd'n Itfu ddng, chi phi cua tai san cd dinh, ehi phi san xua't va quy md (vd'n) va Idi nhudn. Tuy nhidn, kd'l qua cho thd'y mdt md'i quan he tieu etfc giffa nd dffde sff dung bdi ede doanh nghidp va Idi nhuan eua nd.
O Malaysia, Ebrahim Mansoori & Datin Tid'n sT Joriah Muhammad (2012) da sff dung phan tich dff lieu bang, long hdp OLS va FEM, eho mdt mdu cua cac doanh nghiep Singapore tff nam 2004 dd'n nam 2011, hp tha'y rang cac nhd qudn ly ed the tang Idi nhudn bang each quan ly vd'n Iffu ddng hidu qua. Hdn nffa, cdc nha qudn ly cd the eai thidn Idi nhuan eua doanh nghiep bang cdeh rut ngan thdi gian chuyd'n ddi phdi thu va khoang thdi
gian chuyen ddi hang tdn kho. Phan tich dffde dp dung d mffc dp day du mdu cung nhrf cde nganh kinh td'. Tuy nhidn, kd't qud phan tich nganh eho tha'y dnh hrfdng eua ngdnh kinh te' ddi vdi mo'i quan hd giffa qudn ly vd'n Itfu ddng vd khd nang sinh Idi.
Tai Viet Nam, Ttf Thi Kim Thoa & NguySn Thi Uyen Uydn (2013) nghidn effu ve md'i quan hfi giffa quan ly vd'n Iffu ddng va kha nang sinh Idi bdng each sff dung OLS vd FEM trdn dtf lieu bang cua 208 doanh nghidp nidm ye't trdn Sd Giao dich chffng khodn thdnh phd' Ho Chi Minh va Sd Giao dieh chtfng khoan Ha Ndi giai doan tff nam 2006 de'n nam 2012. Hp da lim tha'y md'i quan he ngffdc chieu giffa ehu ky chuye'n ddi tien mat, thdi han phdi thu, khoang thdi gian tdn kho va thdi gian phai trd vdi Idi nhudn boat ddng gdp. Dieu nay cd nghia rang doanh nghidp ed the eai thidn Idi nhudn doanh nghiep bdng edch rut ngan thdi gian thu, thdi gian tdn kho hoac ehu ky chuye'n ddi tidn mat dd'n mOt mffc dp td'i tfu.
Td't ca cac nghien cffu tren deu eho thd'y qudn tri vd'n luan chuye'n cd tac ddng Idn kha nang sinh Idi cua doanh nghidp. Bdi nghidn etfu nay, tdc gia kiem ehffng lai lac ddng cua quan tri vd'n Iffii ddng de'n kha nang sinh Idi eua cdc doanh nghidp niem yet tren thi trtfdng chtfng khoan Viet Nam.
3. Phfftfng phap nghidn cu'u
Nghidn effu sff dung dff lieu thff ed'p ttf bdo cdo tai chinh kiem todn eua 130 doanh nghiep nidm ye't trdn thi irtfdng ehffng khodn Viet Nam, giai doan tff nam 2013 - 2016. Nghien ctfu sff dung phan mem Statal2 de thd'ng ke md ta dff lidu nghidn cffu, lap ma Iran hdi quy va ffdc Itfdng hdi quy trong md hinh.
Dffa trdn cdc nghien cffu trffdc ddy, de' phdn tich tdc ddng cua qudn tri vdn Iffu dpng dd'n khd nang sinh Idi cua doanh nghiep, tac gia sff dung chl li6u ti sua't sinh Idi trdn tai san (ROA) lam bid'n phy thupc. Chi tidu ROA phan anh day du khd nang sinh Idi cua todn bd tai san doanh nghiep vi vdy ROA mang tinh bao quat hdn va thtfdng dtfdc sff dung rdng rdi. Dd'i vdi cac bien ddc ldp, tdc gia do Itfdng quan Iy vd'n Itfu ddng bang each sff dung so ngdy phdi thu, so ngdy tdn kho, sdngay phai tra va chu ky chuyen dd'i tien mat. Cung vdi cac bid'n nay, cae bid'n kiem soat gdm qui md, stf tdng trtfdng doanh thu, ty Id nd eua doanh nghidp.
346 So 12-Thang 9/2018
T A I C H J N H - N G A N HANG-BAO HIEM
Bang 1. Mo ta cdc bien s^ dung trong mo hinh Loai bien
Bien phu thupc
Bi^n ddc lap
Bidn kiem soat Ky hi$u
ROA AR INV AP
ccc
Slog
SG
DR
Ten bieh Ty suat sinh Idi tren tai san So ngay cua cac l<hoan phai thu So ngay tdn kho
Sd ngay cua cac khoan phai tra Chu ki chuyen doi tien mat Qui md cua doanh nghiep
Su tang laidng doanh thu
Ty le np
Cach tinh Loi nhuan trtfdc thud va lai vay/Tong tai san (Khoan phai thu binh quan/ Doanh thu) x 365 (Hang tdn kho binh quan/ Gia vd'n hang ban) x 365 (Khoan phai tra binh quan/ Gia von hang ban) x 365 AR + iNV-AP
Ln(Doanh thu)
{Doanh thu nam nay - Doanh thu nam trt/dc)/
Doanh thu nam trudc No phai tra/ "long tai san
Vdi muc tidu tim hieu tdc ddng cua qudn tri vd'n Itfu ddng dd'n kha nang sinh Idi cua doanh nghidp, tac gid dat ra eae gia thuyd't nghien cffu sau:
Gid thuyi't 1; Sd ngay ei3a eae khodn phai thu (AR) cd md'i quan hd ngffdc ehilu vdi ROA.
Gid thuyi't 2: Sd' ngdy tdn kho (INV) ed md'i quan he ngtfdc chieu vdi ROA.
Gid thuyi't 3: So ngay cua cac khoan phai tra (AP) cd md'i quan he ciJng chieu vdi ROA.
Gid thuyi't 4: Chu ki chuyen ddi tien mat (CCC) cd md'i quan he ngffdc chilu vdi ROA.
Cdc gia thid't trdn dffde nghidn effu qua cac md hinh dinh Iffdng:
Model 1: ROA = a + piAR + [32Slog + p3SG + p4DR + e
Model 2: ROA = a + piINV+ p2Slog + p3 SG + p4DR + e
Model 3: ROA = a + plAP + p2Slog + p3SG + P4DR + e
Model 4: ROA = a + plCCC + P2Siog + P3SG + p4DR + £
4. Ke't qua nghidn cffu
Sau khi tie'n hanh hdi quy va ehpn md hinh phil hdp, nghien etfu se dffa trdn kd't qua hoi quy de thdo luan va dtfa ra nhffng kd't ludn hen quan de'n md hinh:
4.1. Thd'ng ki mo td
Bang 2 minh hpa so' lieu thd'ng kd md ta cho 130 doanh nghidp trong khoang thdi gian bd'n nam, tff 2013 dd'n 2016, tdng cpng 520 quan sdt dtfdc sff dung dd' phan tich dff lieu, li sua't sinh Idi trdn tdi san cho loan bp mlu la 10,02%, trong dd so' thd'p nha't la -52,02% va cao nhd't Id 89%.
So'ngay cua ede khodn phdi thu khd cao, gan
Bang 2. Thong ke mo to Variable
ROA AR INV AP CCC SLOG SG DR
Obs 520 520 520 520 520 520 520 520
Mean 0.1002494
157.8598 136.6056 610.7549 -316.2895 13 47538 0.2923654 0.5450965
Std. Dev.
0.095131 624.7533 259 9026 2417.517 2448.664 1.701489 2.553356 0.205483
Min -0.5202 -1827.62 0 19.68 -34651.6
7.17 -0.994 0.0337
Max 0.89 11506 6 2347.92 34323.5 11307 17.37 51.696 1.3074
TAP CHi CONG THIfdNG
157 ngay. Sd' ngay tdn kho la 136 ngay, trung binh cdc doanh nghidp ma't khoang hdn 5 thdng de ehuyen ddi san phd'm trong kho thanh doanh thu, dieu ndy phu hdp vdi nhffng giai doan hdng hda lieu thu khd khan dan de'n Iffdng hang ton kho eao. Sdngay cdc khodn phdi tra la 610 ngay cho tha'y ede doanh nghiep trong mau nghidn effu da tan dung viec keo dai thdi gian trd nd nham tang kha nang sinh Idi. Chu ki chuyd'n ddi tidn mat Id -316 ngay, hau he't eac doanh nghidp deu cd' gang keo dai thdi gian cua cdc khoan phai tra ndn lam cho gia tri binh quan cua chu ki chuyen ddi lien mat bi am.
4.2. Phdn tich tuang quan
Bang 3 trinh bay ma Iran ttfdng quan cua tat cd cac bid'n dtfde sff dung trong md hinh. Bang nay cho thd'y ROA ttfdng quan vdi AR, INV, AP.
nay chi ra rang ne'u ed giam ngay tdn kho, ngay phai thu va ngay phai tra cd thd' tang Idi nhudn cua doanh nghiep.
4.3. Phdn tich hoi quy
Tuy nhidn, phan tich itfdng quan khdng th^ la cd sd ddng tin cay de dtfa ra ke't luan ve tdc ddng eua qudn tri vd'n Itfu ddng dd'n kha ndng sinh Idi cua doanh nghidp. Do dd, lae gia da tid'n hdnh phdn lieh hdi quy de' kie'm tra mdi quan hd nay.
Bang 4.
Sau khi thffc hien cac kiem dinh Pool OLS, FEM, REM, tac gia sff dung kiem dinh Likelihood va kiem dinh Hausman dd' ltfa chpn md hinh phu hdp. Ket qua eho tha'y md hinh hdi quy FEM phu hdp hdn mo hinh Pool OLS vd REM, tie gia ltfa ehpn md FEM dd' thffc hidn hoi quy cho cdc md hinh. Tuy nhidn, vi md hinh xdy ra hidn ttfdng phtfdng sai sai so thay Bdng 3. Phdn tich ti/cjng quan
ROA AR INV AP CCC SLOG
SG DR
ROA 1 -0.0979 -0.1776 -0.0856 0.0407 0 3077 0 0113 -0.2384
AR
1 0.3576 0.0393 0.2543 -0.1527 0.096 0.0072
INV
1 0.2416 -0.0412 -0.1047 0.0379 0.084
AP
1 -0 9516 -0.1988 -0.0103 0.0693
CCC
1 0.1462 0.0387 -0.0576
SLOG
1 -0.0186 0 3132
SG
1 0.0165
DR
1
Tdc gia thay rang ROA ed moi quan he tidu ctfe vdi cdc bie'n giai thich AR, INV. AP. Md'i quan he
ddi va ttf ttfdng quan nen dung phtfdng phap hdi quy GMM dd' khde phuc. (Bang 5)
Bang 5. Ke! qua hoi quy theo mo hinh GMM
AR INV AP CCC SLOG SG DR C Prob
Mo hinh 1 -0.0000138
0.0560546 0.0066137 -0.2785714 -0.5416372 0.0000
Mo hinh 2
-0 0000313
0.0592393 0.0048982 -0.2818207 -0.5796327 0.0000
Mo hinh 3
0.00000633
0.0659739 0.0048386 -0.2890696 -0.6738814 0.0000
Mo hinh 4
-0.00000491 0.064953 0.0054518 -0.283147 -0.6614658 0.000
348 So 12-Thang 9/2018
TAICHlNH-NGAN HANG-BAO HIEM
M6hlnh4 M6 hinh 3 Mo hinh 2 Mo hinh 1 REM FEM OLS REM FEM OLS REM FEM OLS REM FEM OLS Bien (0 17914) (0.63794) (0.13166) (0 18545) (071681) 013068 (0.15349)
CO
(0.11283) (0.16363) (0.47211) (0 12152)
o
0.000001 0.000003 (0.000005)
<
(0.00002) (0.00001) (0.0003) INV 0.000002 0.000007 0.000001
Q.
<
0.000002 (900000 0) (0.000001) CCC 0.02903 0.06534 0.024208 0.02953 0.071206 0 024105 0 02708 0.53015 0 02289 0 02773 0.05315 0 02342 SLOG 0 00187 0.00071 0 00101
o
0.00065 96000 0 0.00173 0.00064 0.001075 0.00166 0.00058 0.00106
Ui (0.20734) (0.26447) (0.17458) (0 20962) (0.27060) (0.17394) (0.19795) (0.26094) (0.16585) (0.20254) (0.26531) (0.17122)
tr a
Bdn md hinh dtfdc vidt lai nhtf sau:
Md hinh 1: ROA = 0.2845683 - 0.0000138*AR + 0.0560546*SLOG + 0.0066137*SG -0.2785714*DR
Md hinh 2: ROA = 0.2782948 - 0.0000313*INV + 0.0592393*SLOG + 0.0048982*SG - 0.2818207*DR
Md hinh 3: ROA = 0.2728308 + 0.00000633*AP + 0.0659739*SLOG + 0.0048386*SG - 0.289069d*DR
Md hinh 4: ROA = 0.2755102 - 0.0000049PCCC + 0.064953*SLOG + 0.0054518*SG -0.283147*DR
Kd't qua hoi quy cho tha'y gid tri p-value < 0.05 ndn eac he so' hoi quy cua cac bid'n ddc lap va cdc bid'n kiem soat that stf cd y nghia trong md hinh.
Cd md'i quan he ttfdng quan nghich bie'n giffa ROA va AR, INV va CCC. Khi sd' ngay cua cde khoan phai thu lang len 1 ngay thi kha nang sinh Idi giam 0.0000138 lan, dieu ndy do thdi gian thu hdi cdc khoan nd cua khdeh hang edng ngan thi doanh nghidp se thu hdi dtfdc vdn nhanh chdng, cd nhidu tien hdn dd' dau ttf sinh Idi ndn kha nang sinh Idi tang.
Khi sd'ngdy tdn kho tang Idn 1 ngay thi kha nang sinh Idi gidm 0.0000313 Idn. Hdng tdn kho Itfu thdng cang nhanh cdng td't. Nd'u hdng tdn kho qud nhieu, chtfng td Itfdng hang ton qua mffc, sdn pham bi tich dpng hoac tidu thu khdng td't se Id mdt bieu hidn xd'u trong kmh doanh. Ngoai ra, hang tdn kho Iffu trff qud nhieu se phdt sinh chi phi nhff ehi phi Itfu kho, chi phi hdng hda bi htf hdng, ma't mdt, chi phi bdo hiem... Dac biet la doanh nghidp se phai ganh ehiu chi phi cd hdi trong vide sff dung vdn, do do ed mdt Itfdng vd'n Idn bi dong lai trong hang tdn kho ttf dd lam giam khd Idi nhuan cua doanh nghiep,
Khi chu kl chuyd'n ddi tiln mat lang len 1 ngdy thi khd nang sinh Idi giam 0.00000491 idn. Theo kd't qud nay, nd'u chu ki ludn chuyen tidn mat tang thi kha nang sinh Idi giam vd ngtfdc lai. Stf gia lang trong nhtfng ngay eiia chu ky ehuyen ddi lien mat ed nghTa la stf ehdm trd trong ddng tien. Do dd, nd ddn dd'n md't can bang cdc vide giff tien mat va tinh thanh khoan. Dieu ndy anh hffdng lieu cffc de'n Idi nhudn.
Sd' ngay phai trd ed tdc ddng cung chieu vdi kha nang sinh Idi cua doanh nghidp. Khi sd ngdy cua cdc
TAP CHi CONG THIftfNG
khodn phai tra tang Idn 1 ngdy thi kha nang sinh Idi lang 0.00000633 lan. So ngay cua cdc khodn phai traphan dnh kha ndng chie'm dung vd'n cua doanh nghidp dd'i vdi nha cung ea'p. Dieu nay cho thd'y cac doanh nghiep cd khd nang sinh Idi eao sd ed' gang keo ddi thdi gian tra nd cua minh, nham muc dich cd nhieu tien mat hdn phue vu eho nhu eau vd'n Itfu ddng eua doanh nghiep.
Dieu nay ngu y rdng cdc doanh nghiep giff khoan thanh todn eua hp eho cdc ehu nd cua ho de' tan dung Idi thd'eua tien mated sdn cho nhu cau vd'n Itfu ddng. Qua dd, eac doanh nghidp cd the dau ttf cdc ngudn vd'n bd' sung vao tai san ngan han de tang Idi nhudn. Kd't qud hdi quy phu hdp vdi quy tdc quan tri vd'n Itfu ddng la doanh nghidp ndn cd' gang keo dai thdi gian thanh loan cho chu nd.
Tuy nhien can phdi chu y, thdi gian keo dai vide thanh toan nd phdi phu hdp khdng lam anh htfdng tdi uy lin tra nd cua doanh nghiep.
Cdc bid'n kie'm sodt cung cd y nghia nhff SG, DR, SLOG. Qua dd cho thd'y cd sff tffdng quan ddng bid'n giffa ROA va SG tffc la td'c dp lang irtfdng doanh thu cang cao thi tang kha nang sinh Idi cua doanh nghidp. Nhtf mot he qua, doanh thu cua doanh nghidp tang len thi ke't qua la Idi nhudn
cd th^ tdng. Ddng thdi quy md cua doanh nghiep dtfdc do Itfdng thdng qua doanh thu cd quan he thuan chieu vdi kha nang sinh Idi. Dieu nay cho tha'y, cdc doanh nghiep cd doanh quy md Idn thi cd khd ndng kid'm dtfdc Idi nhudn nhieu hdn ndn kha nang sinh Idi cao hdn. Chi tidu DR ly Id nghich vdi ROA tffc Id doanh nghidp cdng sff dung ddn bay tai chinh nhieu thi khd nang sinh Idi eiia doanh nghiep gidm. Dieu nay phu hdp vdi thtfc id', nhffng doanh nghidp ed ty le nd cao dtfde ddnh gid rui m hdn nhffng doanh nghidp cd ty Id nd tha'p. Ty Id nd tang lam gia tang rui ro cua doanh nghidp va tdc ddng dd'n hidu qua sff dung vd'n Itfu ddng.
5. Kd't luSn
Quan tri vd'n Iffu ddng tdt se cd tdc ddng tich etfc de'n kha nang sinh Idi cua doanh nghidp. Cu the', sd'ngdy cua cde khoan phai thu, sd'ngdy tdn kho cd md'i quan hd ngtfdc chieu vdi kha nang sinh Idi effa doanh nghiep; sd ngdy eua cdc khodn phai tra ed md'i quan he cung ehilu vdi kha nang smh Idi ciia doanh nghiep. Vi vdy, doanh nghiep cd the tang kha nang sinh Idi nd'u giam so' ngdy thu tiln, thdi gian Itfu trff hang tdn kho, kdo ddi thdi gian thanh todn cdc khoan nd ciing nhff gidm ehu ki luan ehuyen tien mat •
TAI LIEU THAM KHAO:
/. Dr Ebrahim Mansoori Sr.andDatin Joriah Muhammad Islamic (2012), TheEffectofWorkingCapilal ManagemenlonFirmsProfilability:EvidencefromStngapore, Interdisciplinary Journal of Contemporary Research in Business, Vol 4, No. 5, September 2012 - Azad University (lAU), Mahabad Branch and Universili Sains Malaysia (USM).
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TAI CHINH - NGAN HANG • BAD HIEM
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Ngay nh$n bai: 9/8/2018
Ngay phan bidn danh gia va su'a chifa: 19/8/2018 Ngay cha'p nh§n dang bai: 29/8/2018
Thdng tin tdc gia;
1. ThS. NGUYEN THI Hl^dNG TRA
Trtfcfng Cao dang Kinh td' - Ky thu§t Vinatex TP. H 6 Chi Minh 2. ThS. PHAM THANH VAN
Trtfcfng D^i hpc Nguydn Tdft Thanh
THE EFFECT OF WORKING CAPITAL MANAGEMEINT ON FIRMS PROFITABILITY
• MA, NGUYEN THI HUONG TRA
Vinatex Economic -Technical Coiiege of Ho Chi IVIinh City
• MA. PHAM THANH VAN Nguyen Tat Thanh University
ABSTRACT:
The paper analyzes the effect of working capital management on the profitability of firms listed on the Vietnamese slock market. The Pool OLS, FEM, REM and GMM regression methods with data from 130 companies hsted on Viemam's slock market in the period of 2013 - 2016 were implemented to carry out this study. The results indicate that the number of days of receivables, the number of days in inventory, the number of days accounts payable, the cash conversion cycle, the size of the business and the debt ratio have significant impact on the firms profitability.
Keyword: Working capital management (WCM), the firms profiiabihty.
