Các yếu tố ảnh hưởng đến chiến lược quản lý tiền mặt của các ngân hàng thương mại Việt Nam
Nội dung chính của bài viết
Tóm tắt
Nghiên cứu này nhằm mục đích khám phá các nhân tố ảnh hưởng đến việc quản lý tiền mặt tại các ngân hàng thương mại Việt Nam, sử dụng dữ liệu thứ cấp từ 29 ngân hàng tại Việt Nam trong giai đoạn 2010 - 2021. Tác giả sử dụng phương pháp định lượng – hồi quy đa biến với nhiều mô hình và chọn ra mô hình hiệu quả nhất (cụ thể là GMM). Dựa trên kết quả mô hình GMM, tác giả nhấn mạnh tầm quan trọng của các yếu tố như Tỷ lệ cho vay trên tiền gửi (LDR), Khả năng cho vay (LA), Tỷ lệ tiền gửi của khách hàng (DEP) và mối tương quan nghịch chiều với tỷ lệ nắm giữ tiền mặt, hàm ý các quyết định thận trọng về cho vay hoặc khi có lượng tiền gửi lớn thì xem xét kỹ về lượng tiền mặt nắm giữ. Mối tương quan giữa tỷ suất sinh lời trên tài sản (ROA) và việc nắm giữ tiền mặt cho thấy các ngân hàng ưu tiên nắm giữ tiến mặt khi có nhiều lãi hơn. Hơn nữa, kết quả chỉ ra các ngân hàng lớn có xu hướng nắm giữ nhiều tiền mặt hơn, có thể quản lý hiệu quả các hoạt động tài chính quy mô lớn. Nghiên cứu cũng xem xét lạm phát (INF) và các giai đoạn phát triển kinh tế. Các ngân hàng tăng nắm giữ tiền mặt trong thời kỳ lạm phát để đáp ứng nhu cầu giao dịch và quản lý rủi ro.
Chi tiết bài viết
Từ khóa
Chiến lược, NHTM Việt Nam, Quản lý tiền mặt
Tài liệu tham khảo
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Akhtar, M., Ali, K., & Sadaqat, S., 2011. Liquidity risk Management: A comparitive study between Conventional and Islamic Banks of Pakistan. Interdisciplinary Journal of Research in Business, 1: 35-44.
Ali, S., Ullah, M., & Ullah, N. (2016). Determinants of Corporate Cash Holdings: “A Case of Textile Sector in Pakistan.” SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2728200
Almeida, H. (2021). Liquidity management during the Covid‐19 pandemic. Asia‐Pacific Journal of Financial Studies, 50(1), 7-24.
Al-Najjar, B. (2013). The financial determinants of corporate cash holdings: Evidence from some emerging markets. International Business Review, 22(1), 77–88. https://doi.org/10.1016/j.ibusrev.2012.02.004
Anand, L., Thenmozhi, M., Varaiya, N., & Bhadhuri, S. (2018). Impact of Macroeconomic Factors on Cash Holdings? A Dynamic Panel Model. Journal of Emerging Market Finance, 17(1_suppl), S27–S53. https://doi.org/10.1177/0972652717751536
Ashraf, B. N. (2020). Policy Uncertainty and Bank Liquidity Hoarding: International Evidence (SSRN Scholarly Paper 3574193). https://doi.org/10.2139/ssrn.3574193
Âu Thùy Linh (2019). Những yếu tố tài chính ảnh hưởng đến việc nắm giữ tiền mặt của các doanh nghiệp niêm yết tại Việt Nam. https://digital.lib.ueh.edu.vn/handle/UEH/59546
Azmat, Q. (2014). Firm value and optimal cash level: Evidence from Pakistan. International Journal of Emerging Markets, 9(4), 488–504. https://doi.org/10.1108/IJoEM-11-2011-0104
Bates, T. W., Kahle, K. M., & Stulz, R. M. (2009). Why Do U.S. Firms Hold So Much More Cash than They Used To? The Journal of Finance, 64(5), 1985–2021. https://doi.org/10.1111/j.1540-6261.2009.01492.x
Berger, A. N., Chen, R. (Ryan), El Ghoul, S., & Guedhami, O. (2020). Who wins and who loses from bank geographic deregulation? Analysis of financially constrained and unconstrained firms. Journal of Corporate Finance, 65, 101775. https://doi.org/10.1016/j.jcorpfin.2020.101775
Bigelli, M., & Sánchez-Vidal, J. (2012). Cash holdings in private firms. Journal of Banking & Finance, 36(1), 26–35. https://doi.org/10.1016/j.jbankfin.2011.06.004
Bindseil, U., Camba-Mendez, G., Hirsch, A., & Weller, B. (2006). Excess reserves and the implementation of monetary policy of the ECB. Journal of Policy Modeling, 28(5), 491–510. https://doi.org/10.1016/j.jpolmod.2006.02.006
Chen, N., & Mahajan, A. (2010). Effects of Macroeconomic Conditions on Corporate Liquidity—International Evidence. Nternational Research Journal of Finance and Economics, 35(35), 112–129.
Dang, V. D. (2022). Cash holdings and bank profits in periods of uncertainty. Journal of Economic Studies, 50(2), 343–356. https://doi.org/10.1108/JES-01-2022-0034
Dittmar, A., Mahrt-Smith, J., & Servaes, H. (2003). International Corporate Governance and Corporate Cash Holdings. Journal of Financial and Quantitative Analysis, 38(1), 111–133. https://doi.org/10.2307/4126766
Dobetz, W., & Grüninger, M. C. (2006). Corporate cash holdings: Evidence from a different institutional setting. WWZ Discussion Paper, 2006(06) 1-29.
Faulkender, M., & Wang, R. (2006). Corporate Financial Policy and the Value of Cash. The Journal of Finance, 61(4), 1957–1990. https://doi.org/10.1111/j.1540-6261.2006.00894.x
Fernandes, G., Mendes, L. dos S., & Leite, R. de O. (2021). Cash holdings and profitability of banks in developed and emerging markets. International Review of Economics & Finance, 71, 880–895. https://doi.org/10.1016/j.iref.2020.10.018
Ferreira, M. A., & Vilela, A. S. (2004). Why Do Firms Hold Cash? Evidence from EMU Countries. European Financial Management, 10(2), 295–319. https://doi.org/10.1111/j.1354-7798.2004.00251.x
Frank, M. Z., & Goyal, V. K. (2007). Corporate Leverage: How Much Do Managers Really Matter? (SSRN Scholarly Paper 971082). https://doi.org/10.2139/ssrn.971082
Gao, H., Harford, J., & Li, K. (2013). Determinants of corporate cash policy: Insights from private firms. Journal of Financial Economics, 109(3), 623–639. https://doi.org/10.1016/j.jfineco.2013.04.008
García‐Teruel, P. J., & Martínez‐Solano, P. (2008). On the determinants of SME cash holdings: Evidence from Spain. Journal of Business Finance & Accounting, 35(1‐2), 127-149.
Gill, A., & Shah, C. (2012). Determinants of Corporate Cash Holdings: Evidence from Canada. International Journal of Economics and Finance, 4. https://doi.org/10.5539/ijef.v4n1p70
Phạm Hà và Hà P., & Phan Đinh Quế Trân (2018). Ảnh hưởng hạn chế tài chính đến quyết định nắm giữ tiền mặt của các doanh nghiệp niêm yết tại Việt Nam. Tạp chí khoa học Đại học Mở Thành phố Hồ Chí Minh - Kinh tế và Quản trị kinh doanh, 13(2), 205–218. https://doi.org/10.46223/HCMCOUJS.econ.vi.13.2.519.2018
Hardin III, W. G., Highfield, M. J., Hill, M. D., & Kelly, G. W. (2009). The Determinants of REIT Cash Holdings. The Journal of Real Estate Finance and Economics, 39(1), 39–57. https://doi.org/10.1007/s11146-007-9103-1
Iskandar-Datta, M. E., & Jia, Y. (2012). Cross-country analysis of secular cash trends. Journal of Banking & Finance, 36(3), 898–912. https://doi.org/10.1016/j.jbankfin.2011.10.003
Jensen, M. C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. The American Economic Review, 76(2), 323–329.
Keynes, J. M. (1937). Alternative Theories of the Rate of Interest. The Economic Journal, 47(186), 241–252. https://doi.org/10.2307/2225525
Kusnadi, Y., & Wei, K. C. J. (2011). The determinants of corporate cash management policies: Evidence from around the world. Journal of Corporate Finance, 17(3), 725–740. https://doi.org/10.1016/j.jcorpfin.2010.12.002
La Rocca, M., & Cambrea, D. R. (2019). The effect of cash holdings on firm performance in large Italian companies. Journal of International Financial Management & Accounting, 30(1), 30–59. https://doi.org/10.1111/jifm.12090
Lại Thị Phương Nga (2014). Những yếu tố tác động đến việc nắm giữ tiền mặt của doanh nghiệp tại Việt Nam. https://digital.lib.ueh.edu.vn/handle/UEH/49576
Mesfin, E. A. (2016). The factors affecting cash holding decisions of manufacturing share companies in Ethiopia. International Journal of Advanced Research in Management and Social Sciences, 5(3).
Miller, M. H., & Orr, D. (1966). A Model of the Demand for Money by Firms*. The Quarterly Journal of Economics, 80(3), 413–435. https://doi.org/10.2307/1880728
Moolchandani, R. and Kar, S. (2022), "Family control, agency conflicts, corporate cash holdings and firm value". International Journal of Emerging Markets, 17(10), 2636-2654. https://doi.org/10.1108/IJOEM-07-2020-0828
Moussa, M. A. B. (2015). The Determinants of Bank Liquidity: Case of Tunisia. International Journal of Economics and Financial Issues, 5(1), Article 1.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221. https://doi.org/10.1016/0304-405X(84)90023-0
Nguyễn Hoàng Minh Huy (2020). Ảnh hưởng của nắm giữ tiền mặt đến mối quan hệ giữa chính sách thắt chặt tiền tệ và hoạt động đầu tư của các công ty niêm yết Việt Nam. https://digital.lib.ueh.edu.vn/handle/UEH/60347
Ogundipe, S. E., Salawu, R. O., & Ogundipe, L. O. (2012). The determinants of corporate cash holdings in Nigeria: Evidence from general method of moments (GMM). World Academy of Science, Engineering and Technology, 61, 978-984.
Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of Financial Economics, 52(1), 3–46. https://doi.org/10.1016/S0304-405X(99)00003-3
Orlova, S. V. (2020). Cultural and macroeconomic determinants of cash holdings management. Journal of International Financial Management & Accounting, 31(3), e12121. https://doi.org/10.1111/jifm.12121
Ozkan, A., & Ozkan, N. (2004). Corporate cash holdings: An empirical investigation of UK companies. Journal of Banking & Finance, 28(9), 2103–2134. https://doi.org/10.1016/j.jbankfin.2003.08.003
Pettit, L. (1992). Conditioning diagnostics: Collinearity and Weak data in regression. Journal of the Royal Statistical Society Series C, 41(3), 601-601. https://doi.org/10.2307/2348093
Pradhan, P. D. R. S., & Khadka, N. (2017). The Effect of Debt Financing on Profitability of Nepalese Commercial Banks (SSRN Scholarly Paper 3044107). https://doi.org/10.2139/ssrn.3044107
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Shikimi, M. (2019). Bank relationships and corporate cash holdings. Pacific-Basin Finance Journal, 57, 101185. https://doi.org/10.1016/j.pacfin.2019.101185
Silaen, R., & Prasetiono, P. (2017). ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI TINGKAT CASH HOLDING PADA BANK UMUM YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2011-2015. Diponegoro Journal of Management, 6(3), 428–438.
Simanjuntak, S. F., & Wahyudi, A. S. (2017). FAKTOR–FAKTOR YANG MEMPENGARUHI CASH HOLDING PERUSAHAAN. Jurnal Bisnis Dan Akuntansi, 19(1a–1), Article 1a–1. https://doi.org/10.34208/jba.v19i1a-1.138
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Akhtar, M., Ali, K., & Sadaqat, S., 2011. Liquidity risk Management: A comparitive study between Conventional and Islamic Banks of Pakistan. Interdisciplinary Journal of Research in Business, 1: 35-44.
Ali, S., Ullah, M., & Ullah, N. (2016). Determinants of Corporate Cash Holdings: “A Case of Textile Sector in Pakistan.” SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2728200
Almeida, H. (2021). Liquidity management during the Covid‐19 pandemic. Asia‐Pacific Journal of Financial Studies, 50(1), 7-24.
Al-Najjar, B. (2013). The financial determinants of corporate cash holdings: Evidence from some emerging markets. International Business Review, 22(1), 77–88. https://doi.org/10.1016/j.ibusrev.2012.02.004
Anand, L., Thenmozhi, M., Varaiya, N., & Bhadhuri, S. (2018). Impact of Macroeconomic Factors on Cash Holdings? A Dynamic Panel Model. Journal of Emerging Market Finance, 17(1_suppl), S27–S53. https://doi.org/10.1177/0972652717751536
Ashraf, B. N. (2020). Policy Uncertainty and Bank Liquidity Hoarding: International Evidence (SSRN Scholarly Paper 3574193). https://doi.org/10.2139/ssrn.3574193
Âu Thùy Linh (2019). Những yếu tố tài chính ảnh hưởng đến việc nắm giữ tiền mặt của các doanh nghiệp niêm yết tại Việt Nam. https://digital.lib.ueh.edu.vn/handle/UEH/59546
Azmat, Q. (2014). Firm value and optimal cash level: Evidence from Pakistan. International Journal of Emerging Markets, 9(4), 488–504. https://doi.org/10.1108/IJoEM-11-2011-0104
Bates, T. W., Kahle, K. M., & Stulz, R. M. (2009). Why Do U.S. Firms Hold So Much More Cash than They Used To? The Journal of Finance, 64(5), 1985–2021. https://doi.org/10.1111/j.1540-6261.2009.01492.x
Berger, A. N., Chen, R. (Ryan), El Ghoul, S., & Guedhami, O. (2020). Who wins and who loses from bank geographic deregulation? Analysis of financially constrained and unconstrained firms. Journal of Corporate Finance, 65, 101775. https://doi.org/10.1016/j.jcorpfin.2020.101775
Bigelli, M., & Sánchez-Vidal, J. (2012). Cash holdings in private firms. Journal of Banking & Finance, 36(1), 26–35. https://doi.org/10.1016/j.jbankfin.2011.06.004
Bindseil, U., Camba-Mendez, G., Hirsch, A., & Weller, B. (2006). Excess reserves and the implementation of monetary policy of the ECB. Journal of Policy Modeling, 28(5), 491–510. https://doi.org/10.1016/j.jpolmod.2006.02.006
Chen, N., & Mahajan, A. (2010). Effects of Macroeconomic Conditions on Corporate Liquidity—International Evidence. Nternational Research Journal of Finance and Economics, 35(35), 112–129.
Dang, V. D. (2022). Cash holdings and bank profits in periods of uncertainty. Journal of Economic Studies, 50(2), 343–356. https://doi.org/10.1108/JES-01-2022-0034
Dittmar, A., Mahrt-Smith, J., & Servaes, H. (2003). International Corporate Governance and Corporate Cash Holdings. Journal of Financial and Quantitative Analysis, 38(1), 111–133. https://doi.org/10.2307/4126766
Dobetz, W., & Grüninger, M. C. (2006). Corporate cash holdings: Evidence from a different institutional setting. WWZ Discussion Paper, 2006(06) 1-29.
Faulkender, M., & Wang, R. (2006). Corporate Financial Policy and the Value of Cash. The Journal of Finance, 61(4), 1957–1990. https://doi.org/10.1111/j.1540-6261.2006.00894.x
Fernandes, G., Mendes, L. dos S., & Leite, R. de O. (2021). Cash holdings and profitability of banks in developed and emerging markets. International Review of Economics & Finance, 71, 880–895. https://doi.org/10.1016/j.iref.2020.10.018
Ferreira, M. A., & Vilela, A. S. (2004). Why Do Firms Hold Cash? Evidence from EMU Countries. European Financial Management, 10(2), 295–319. https://doi.org/10.1111/j.1354-7798.2004.00251.x
Frank, M. Z., & Goyal, V. K. (2007). Corporate Leverage: How Much Do Managers Really Matter? (SSRN Scholarly Paper 971082). https://doi.org/10.2139/ssrn.971082
Gao, H., Harford, J., & Li, K. (2013). Determinants of corporate cash policy: Insights from private firms. Journal of Financial Economics, 109(3), 623–639. https://doi.org/10.1016/j.jfineco.2013.04.008
García‐Teruel, P. J., & Martínez‐Solano, P. (2008). On the determinants of SME cash holdings: Evidence from Spain. Journal of Business Finance & Accounting, 35(1‐2), 127-149.
Gill, A., & Shah, C. (2012). Determinants of Corporate Cash Holdings: Evidence from Canada. International Journal of Economics and Finance, 4. https://doi.org/10.5539/ijef.v4n1p70
Phạm Hà và Hà P., & Phan Đinh Quế Trân (2018). Ảnh hưởng hạn chế tài chính đến quyết định nắm giữ tiền mặt của các doanh nghiệp niêm yết tại Việt Nam. Tạp chí khoa học Đại học Mở Thành phố Hồ Chí Minh - Kinh tế và Quản trị kinh doanh, 13(2), 205–218. https://doi.org/10.46223/HCMCOUJS.econ.vi.13.2.519.2018
Hardin III, W. G., Highfield, M. J., Hill, M. D., & Kelly, G. W. (2009). The Determinants of REIT Cash Holdings. The Journal of Real Estate Finance and Economics, 39(1), 39–57. https://doi.org/10.1007/s11146-007-9103-1
Iskandar-Datta, M. E., & Jia, Y. (2012). Cross-country analysis of secular cash trends. Journal of Banking & Finance, 36(3), 898–912. https://doi.org/10.1016/j.jbankfin.2011.10.003
Jensen, M. C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. The American Economic Review, 76(2), 323–329.
Keynes, J. M. (1937). Alternative Theories of the Rate of Interest. The Economic Journal, 47(186), 241–252. https://doi.org/10.2307/2225525
Kusnadi, Y., & Wei, K. C. J. (2011). The determinants of corporate cash management policies: Evidence from around the world. Journal of Corporate Finance, 17(3), 725–740. https://doi.org/10.1016/j.jcorpfin.2010.12.002
La Rocca, M., & Cambrea, D. R. (2019). The effect of cash holdings on firm performance in large Italian companies. Journal of International Financial Management & Accounting, 30(1), 30–59. https://doi.org/10.1111/jifm.12090
Lại Thị Phương Nga (2014). Những yếu tố tác động đến việc nắm giữ tiền mặt của doanh nghiệp tại Việt Nam. https://digital.lib.ueh.edu.vn/handle/UEH/49576
Mesfin, E. A. (2016). The factors affecting cash holding decisions of manufacturing share companies in Ethiopia. International Journal of Advanced Research in Management and Social Sciences, 5(3).
Miller, M. H., & Orr, D. (1966). A Model of the Demand for Money by Firms*. The Quarterly Journal of Economics, 80(3), 413–435. https://doi.org/10.2307/1880728
Moolchandani, R. and Kar, S. (2022), "Family control, agency conflicts, corporate cash holdings and firm value". International Journal of Emerging Markets, 17(10), 2636-2654. https://doi.org/10.1108/IJOEM-07-2020-0828
Moussa, M. A. B. (2015). The Determinants of Bank Liquidity: Case of Tunisia. International Journal of Economics and Financial Issues, 5(1), Article 1.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221. https://doi.org/10.1016/0304-405X(84)90023-0
Nguyễn Hoàng Minh Huy (2020). Ảnh hưởng của nắm giữ tiền mặt đến mối quan hệ giữa chính sách thắt chặt tiền tệ và hoạt động đầu tư của các công ty niêm yết Việt Nam. https://digital.lib.ueh.edu.vn/handle/UEH/60347
Ogundipe, S. E., Salawu, R. O., & Ogundipe, L. O. (2012). The determinants of corporate cash holdings in Nigeria: Evidence from general method of moments (GMM). World Academy of Science, Engineering and Technology, 61, 978-984.
Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of Financial Economics, 52(1), 3–46. https://doi.org/10.1016/S0304-405X(99)00003-3
Orlova, S. V. (2020). Cultural and macroeconomic determinants of cash holdings management. Journal of International Financial Management & Accounting, 31(3), e12121. https://doi.org/10.1111/jifm.12121
Ozkan, A., & Ozkan, N. (2004). Corporate cash holdings: An empirical investigation of UK companies. Journal of Banking & Finance, 28(9), 2103–2134. https://doi.org/10.1016/j.jbankfin.2003.08.003
Pettit, L. (1992). Conditioning diagnostics: Collinearity and Weak data in regression. Journal of the Royal Statistical Society Series C, 41(3), 601-601. https://doi.org/10.2307/2348093
Pradhan, P. D. R. S., & Khadka, N. (2017). The Effect of Debt Financing on Profitability of Nepalese Commercial Banks (SSRN Scholarly Paper 3044107). https://doi.org/10.2139/ssrn.3044107
Saddour, K. (2006). The Determinants and the Value of Cash Holdings: Evidence from French firms. Post-Print, Article halshs-00151916. https://ideas.repec.org//p/hal/journl/halshs-00151916.html
Shikimi, M. (2019). Bank relationships and corporate cash holdings. Pacific-Basin Finance Journal, 57, 101185. https://doi.org/10.1016/j.pacfin.2019.101185
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