QUẢN TRỊ TÀI CHÍNH DOANH NGHIỆP TRONG SỰ BIẾN ĐỘNG THỊ TRƯỜNG: CHIẾN LƯỢC PHÒNG NGỪA RỦI RO VÀ HÀM Ý CHÍNH SÁCH ĐỐI VỚI VIỆT NAM

In the context of the global economy undergoing a period of instability with trends of high interest rates, prolonged inflation and unpredictable market f luctuations, corporate financial management faces many strategic challenges. Previous studies mainly consider each factor separately, while a large academic gap still exists in assessing the combined and interactive effects of these three macro variables on core financial decisions. This study aims to quantify the effects of interest rates, inflation and market volatility on capital structure, cash flow management, investment policy, dividend distribution and financial risk-hedging strategies. Based on the dataset of listed enterprises in Vietnam in the period of 2015–2024 and the dynamic panel regression method, the results show that interest rates and inflation have a strong impact on the cost of capital and debt usage behavior, while market volatility mainly influences investment decisions and dividend policies. The study suggests that enterprises need an adaptive financial management framework, while policy makers need to maintain macroeconomic stability to minimize systemic risks and support the sustainable development of the business sector