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 RECOGNITION OF FINANCIAL CHARACTERISTICS OF VIETNAMESE LISTED COMPANIES BASED ON CASH FLOW STATEMENT PATTERNS
Tác giả hoặc Nhóm tác giả: Tran Thi Nga - Pham Quang Tin
Nơi đăng: International Conference on Accounting and Finance (ICOAF 2017), Danang City – Vietnam ISBN: 978-604-84-2457-2.; Số: 01;Từ->đến trang: 305-326;Năm: 2017
Lĩnh vực: Kinh tế; Loại: Bài báo khoa học; Thể loại: Quốc tế
TÓM TẮT
Cash flow statement is one of four compulsory financial statements for enterprises in Vietnam. It has a vital role in financial analysis. Based on the signal theory, the paper aims to find the financial characteristics of listed companies in Vietnam based on cash flow statement patterns. The paper uses analysis of variance (ANOVA) and Mean different testing to assess the difference
and the variance of financial indicators. Pearson Chi-Square test is also applied to evaluate the relationship between cash flow statement patterns and dividend policies of Vietnamese listed firms.
The study shows that cash flow statement patterns influence on company size, asset growth rate, and debt ratio and dividend policy of Vietnamese listed firms in the period of 2012-2015. Mature companies with positive operating cash flow, negative investing and financing cash flows were the most common pattern in the selected period. Growing companies with positive operating and financing cash flows and negative investing cash flow had the highest value of total assets and asset growth rate. Start-up firms with negative operating and investing cash flow, positive financing cash flow were seen to have the highest debt ratio. Cash dividend was found to be the favorite dividend form of listed firms in Vietnam from 2012 to 2015.
ABSTRACT
Cash flow statement is one of four compulsory financial statements for enterprises in Vietnam. It has a vital role in financial analysis. Based on the signal theory, the paper aims to find the financial characteristics of listed companies in Vietnam based on cash flow statement patterns. The paper uses analysis of variance (ANOVA) and Mean different testing to assess the difference
and the variance of financial indicators. Pearson Chi-Square test is also applied to evaluate the relationship between cash flow statement patterns and dividend policies of Vietnamese listed firms.
The study shows that cash flow statement patterns influence on company size, asset growth rate, and debt ratio and dividend policy of Vietnamese listed firms in the period of 2012-2015. Mature companies with positive operating cash flow, negative investing and financing cash flows were the most common pattern in the selected period. Growing companies with positive operating and financing cash flows and negative investing cash flow had the highest value of total assets and asset growth rate. Start-up firms with negative operating and investing cash flow, positive financing cash flow were seen to have the highest debt ratio. Cash dividend was found to be the favorite dividend form of listed firms in Vietnam from 2012 to 2015.
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