THE STUDY ON THE INFLUENCE OF LIQUIDITY RATIOS ON BUSINESS PERFORMANCE IN LISTED VIETNAMESE ENTERPRISES AMIDST THE COVID-19 CONTEXT

Tóm tắt

The ability to pay and profitability play crucial roles in assisting
enterprises in achieving growth objectives, maximizing profits, and
enhancing shareholder income. Proper liquidity management can ensure
timely debt repayment and bolster profitability. This study aims to analyze the
relationship between liquidity management and business performance of
enterprises. It is conducted using data from 673 listed companies on the HNX
and HOSE stock exchanges from 2015 to 2023, comprising a total of 5905
observations. The analysis is carried out to measure the impact of liquidity
management on business performance (represented by the ROA index) of
these enterprises. The results of the study, based on regression models using
OLS, FEM, REM, and GLS methods, indicate that business performance (ROA,
ROE) is positively influenced by firm size (SIZE), quick liquidity ratio (QR), and
cash ratio (CAR), and negatively affected by the ratio of debt to total assets
(LEV), total liquidity ratio (TL), and short-term debt liquidity ratio (CR).