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13 (1) 2018

Đa dạng hóa kinh doanh, hiệu quả và rủi ro


Tác giả - Nơi làm việc:
Vũ Hữu Thành - Trường Đại học Mở Thành phố Hồ Chí Minh , Việt Nam
Nguyễn Minh Hà - Trường Đại học Mở Thành phố Hồ Chí Minh , Việt Nam
Nguyễn Minh Kiều - Trường Đại học Mở Thành phố Hồ Chí Minh , Việt Nam
Tác giả liên hệ, Email: Vũ Hữu Thành - thanh.vh@ou.edu.vn

Tóm tắt
Đa dạng hóa kinh doanh trong nghiên cứu này được chia làm hai loại là đa dạng hóa kinh doanh ngành có liên quan và đa dạng hóa kinh doanh ngành không liên quan. Hai loại đa dạng hóa kinh doanh vừa nêu có những đặc điểm khác nhau nên tác động của chúng tới hiệu quả và rủi ro là không đồng nhất. Mục tiêu của nghiên cứu là xem xét tác động của đa dạng hóa kinh doanh đến hiệu quả và rủi ro của các doanh nghiệp trên sàn chứng khoán Việt Nam. Đa dạng hóa kinh doanh ngành có liên quan được giả định là tác động dương tới hiệu quả và rủi ro; trong khi đó, đa dạng hóa kinh doanh ngành không liên quan được giả định ngược lại. Khi đó, mô hình lý thuyết được đề xuất là “mô hình dường như không liên quan” (SUR) và đây được coi là một dạng của mô hình cấu trúc tuyến tính (SEM). Dữ liệu nghiên cứu là những doanh nghiệp phi tài chính niêm yết trên thị trường chứng khoán Việt Nam từ 2008 tới 2015 với tổng số 3760 quan sát. Kết quả cho thấy các biến trên đã tác động đúng như kỳ vọng. Tuy nhiên, mức tác động biên tới rủi ro của biến đa dạng hóa kinh doanh ngành có liên quan và không liên quan là rất thấp. Ngoài ra, mức tác động biên tới hiệu quả của biến đa dạng hóa kinh doanh ngành có liên quan cao hơn biến đa dạng hóa kinh doanh ngành không liên quan.

Từ khóa
đa dạng hóa kinh doanh ngành không liên quan; đa dạng hóa kinh doanh ngành có liên quan; đa dạng hóa kinh doanh; hiệu quả; rủi ro phá sản

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