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Lý thuyết về Ảnh hưởng của vốn lưu động đến cấu trúc vốn, quy mô doanh nghiệp. Thực tế về Ảnh hưởng của vốn lưu động đến cấu trúc vốn, quy mô doanh nghiệp. Giải pháp để nâng cao Ảnh hưởng của vốn lưu động đến cấu trúc vốn, quy mô doanh nghiệp
Topic: Impact of Working Capital on large scale enterprises’ profitability Bachelor of Finance and Banking Thesis Da Nang, year 2016 ACKNOWLEDGEMENT First of all, the group wish to send our heartfelt and deepest gratitude to our supervisor – M.Fin Vo Hoang Diem Trinh Her conscientious instruction, indefatigable assistance and regular encouragement are immense motivation to help us in completing this research We are grateful for the support, enthusiasm and invaluable times she has given us in four-month thesis journey Thanks for accompanying us in this strenuous journey Secondly, we would like to express our sincere thanks to all teachers, lecturers and professors of FPT University, who have taught and guided us from the first days in this school We are very thankful for the knowledge and experiences that they have conveyed to us that help us be more confident and widen our horizon Next, we also would like to thank our friends who are always beside us and support us a lot, not only in learning, but also in our life Thanks for unforgettable time with them, and most importantly, the priceless friendship they have given us Last but not least, we also extend our special thanks to our families We wish to thank our parents who always support, encourage and love us unconditionally, as well as giving us the best condition to accomplish this study ABSTRACT The purpose of this research is analyzing the impact of working capital on profitability of Vietnam large scale enterprises in the period time from 2009 to 2014 In this study, we use multi-regression model to analyze panel data of 24 large scale companies All of data was collected from audited consolidated financial statement Precisely, the multi-regression model was applied between dependent variable represented by Gross Operating Profit; independent variables measured by Day’s Sales in Inventory, Day’s Sales Outstanding, Days Payable Outstanding and Cash Conversion Cycle; and control variables include Current Ratio, Debt Ratio, Financial Assets to Total Assets and Firm’s Size Thereafter, the researchers detection tests to check the credibility of the regression results Through using Stata 12 software to analyze collected data, DSI, DPO, CR, FATA and LOS have positive correlation with GOP, while there are negative impacts of CCC, DSO and DR on GOP Finally, the detection tests namely multicollineary, autocorrelation and Hetoroskedasticity have demonstrated the non-existence of these errors in the models we use Table of contents LIST OF ABBREVIATION ACP AR APP CCC COGS COO CR DR DSI DSO DPO EBIT EBITDA FATA FEM FMCG GDP GOP GSO HNX HOSE ITID JSC LOS NOP NPM NWC NYSE OLS OPM REM ROA ROE S&A SDC SSC USD Vn30 VND WC Average collection period Account receivable Average payment period Cash conversion cycle Cost of goods sold Chief Operating Officer Current ratio Debt ratio Days sales in inventory Days sales outstanding Days payable outstanding Earnings before interest and tax Earnings before interest, tax, depreciation and amortization Financial asset to total asset Fixed effect model Fast Moving Consumer Goods Gross Domestic Product Gross operating profit General Statistics office of Vietnam Hanoi Stock Exchange Ho Chi Minh Stock Exchange Inventory turnover in day Joint Stock Company Firm size Net operating profit Net profit margin Net working capital New York Stock Exchange Ordinary Least squares Operating profit Margin Random effect model Return on assets Return on equity Selling and Administrating Securities Depository Center State Securities Commission US Dollar Vn-index 30 Vietnam Dong Working Capital LIST OF TABLES AND FIGURES CHAPTER 1: INTRODUCTION 1.1 Research background Current of the global economy, also in Viet Nam is uncertainties The crisis, bad debt lead economies such as Europe, America, China, and Japan were unresolved The Viet Nam economic is also continue to be affected and faced with many difficulties Totally in Asia, GDP growth drop to the lowest level since the global financial crisis in 2008 The back drop of the crisis is leading extreme amount of pressure on chief executives to manage the earning effectively and efficiently In point of investor views more concerned about the volatility of the economic climate, it is very important to maximize the liquidity of the company and free cash flow At the economic meltdown, cash has become a very expensive resource to borrow Therefore, each and every company should not forget the fact that most of the cash are tied in the working capital components So it is very important to bring in a new strategy to manage the cash flow effectively without affecting key supplier’s relationship Hence working capital management is given higher priority by the managers Working capital is one of the most components of finance affairs such as: cash, inventory, payables and receivables is a fundamental part of the overall corporate strategy to create value and is an important source of competitive advantage in businesses that have a direct effect to liquidity and profitability of a company After the Company Law and Private Enterprise Law were passed in 1990 and 1991 respectively, registrations of domestic private enterprises increased steadily Hence, there are many classifications of enterprise: according sectors such as industry, trade, services, agriculture, forestry and fisheries etc classified from scale production level In the world and in Vietnam also, there are many discussion, debate and opinions, different perspective when evaluating and classifying scale enterprises, but in common often focuses on main criteria such as capital, revenue, labor, profit, and market share Because Viet Nam economy have no a clearly definition about the large scale enterprise, this paper will evaluate and bring more evidence about the problem base on definitions in Viet Nam’s SMEs in research background 1.2 An overview about impact of working capital on large scale enterprise In 2014, current prices are 3,937,856 billion VND, equivalent to 184 billion US dollars According to the exchange rate of Department Exchange State Bank on December 12th, 2014 was 21,400 VND per USD General Statistics Office of Viet Nam (GSO) is said Viet Nam has 748842 companies be established in 2014 Although in 2014, a lot of companies faced with many trouble and change working capital,Forbes Viet Nam ranked 50 large scale companies with the bestbusiness performance on the stock exchange Total market value of these 50 companies reached 741 thousand billion VND, accounting for 65 percent total capitalization of HOSEand HNX (calculated in June, 2014) The Viet Nam population reached 90.73 million people in 2014 In addition, according to The Word Bank, GDP per capita of Vietnam in 2014 is 2,052.3 USD, approximate 169 USD/month According to General Statistics Office of Viet Nam (GSO), output of Vietnam economy grew 5.98 % in 2014, higher than the government’s target was 5.8% 1.3 Research question The purpose of this research is to find out the relationship between Working Capital and profitability of large scale enterprises in Vietnam Authors generates ideas from the research question: “How does Days sale in Inventory impact on large scale enterprises’ profitability? “How does Days sale outstanding impact on large scale enterprises’ profitability? “How does Days payable outstanding impact on large scale enterprises’ profitability?” “How does Cash conversion cycle impact on large scale enterprises’ profitability?” “How does Working Capital impact profitability?” on large scale enterprises’ 1.4 Research objectives This study about the impact of working capital management on large scale companies’ profitability assumes the following specific objectives: To show the overview of large scale enterprises in Vietnam To provide descriptive statistics about Working Capital To identify the factors that effect to Working Capital To investigate the relationship between Working Capital’s determinants and profitability of large scale enterprises To give recommendations and conclusion 1.5 Research scope The scope of this study is analysis all determinants of working capital that impact on the profitability of large scale enterprises The researchers use a database of 24 large scale enterprises, which was public approximately all audited consolidated financial statements on Vietnam Stock Exchange (HOSE& HNX) in the period from 2009 to 2014 1.6 Research approach In order to a research about Impact of Working Capital to enterprises’ performance, because the group just has months to collect information and analyze it, these result the authors have maybe not reasonable or just be accurate for short-term, therefore we cannot choose deductive approach to build the theory We will reversely, based on some available theories, we gather information of these companies, use multi-regression to examine the theories are appropriate in Vietnam or not Research method: In this paper, the method mainly use is quantitative approach because most of data used in this study is numerical data 1.7 Data overview The data we use in this study is secondary data from stock market at some official website, for example HOSE, HNX, etc and audited consolidated financial statements of 24 large scale enterprises Besides, authors also use data from some previous researches and related theory will also be employed to determine the best theoretical framework 10 Adj R-squared 4.4 0.534 0.553 0.534 Robust t-statistics in parentheses *** p