Ảnh hưởng của đòn bẩy tài chính và lao động tới hiệu quả kinh doanh của các công ty vật liệu xây dựng niêm yết tại Việt Nam

Abstract

Research construction material companies to measure the influence of financial leverage and labor on business performance of companies. From the collected data of 216 financial statements of 18 building material companies that have been listed for 12 years or more on the Vietnam stock exchange. Using a descriptive statistical analysis method, the research has shown that the revenue and expenses of companies increased continuously in the period 2010 - 2021, however, the growth rate of revenue was faster, so the profits of the companies increased. The company grew rapidly over time. Labor of companies also increased steadily, but financial leverage tended to decrease during the study period. The business performance indicators ROA, ROE and ROCE of the industry have large fluctuations over time, at a decade level from 2011 - 2013 and 2018 - 2019, at a high level from 2015 - 2017, at a high level. average in 2010; 2014 and 2020 – 2021. Male companies serving as Chairman of the Board of Directors have better business performance than women serving as Chairman of the Board of Directors, whereas female companies serving as chief accountants have better business performance than men serving as chief accountants. By analyzing panel data FEM (fixed effect model) and REM (random effect model), the results show that the variable financial leverage and labor variable positively affect ROA, ROE and ROCE. On the other hand, the employee salary, gender of the chairman of the Management Board and the accountant also positively affect business performance. In contrast, the variable debt-to-equity ratio and the variable fixed asset ratio negatively affect business performance. Therefore, under conducive conditions, construction material companies need to increase capital utilization to enhance financial leverage, thereby positively impacting business efficiency.