Tài liệu A study of the factors affecting the capital structure of the companies listed on vietnam stock market

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For the above metioned meaning, there should be am overall INTRODUCTION 1. Relevance of the study assessment of the Vietnamese companies’ capital structure in order The issue of determination of optimal capital structure at a to understand the fundamental features of the firm’s financing certain point of time has been a challenge for any company. In fact, policy. The objective is not to see whether the firm’s existing capital hardly anyone can solve the optimal capital structure problem. structure is optimal or not, but to analyze the factors affecting the Companies often determine a certain level (or a range) of target Vietnamese companies’ capital structure, thereby helping the firm capital structure before making the capital structure decision. In making capital structure policy effectively in the coming time. In order to estimate this target capital structure, the financial managers spite of a number of studies on the firm’s financing policy should specify the determinants of firm’s capital structure, based on undertaken in developing countries such as China, India, Pakistan, that the company’s target capital structure for each particular period Thailand, the Central East European countries etc., few studies have is estimated. been carried out to investigate the factors affecting the firm’s capital During the last decades, there have been many studies on the structure in Vietnam. firm’s capital structure. Most of the studies use modern theory The topic “A study of the factors affecting the capital models to explain the capital structure choice and provide empirical structure of the companies listed on Vietnam stock market” was evidence on the explainability of the models in practice. The object chosen for this PhD thesis and is expected to fill the gaps in the of study is the listed companies in developed countries that have previous studies. much similarity in institutional condition, particularly the US, 2. Research objectives and questions Europe, Japan etc. Previous studies not only analyze the effect of 2.1. firm-specific factors, but also explore the impacts of the economic environment and industry factors on the firm’s capital structure. The negative impacts of the global financial crisis starting Research objectives The overall objective of the thesis is to determine the factors affecting the capital structure of the companies listed on HoChiMinh Stock Exchange and Hanoi Stock Exchane. from 2008 have been the cause of the economic slowdown in The specific objectives of the thesis include: (i) Analyse the Vietnam ever since. Up to the now, the situation hasn’t completely current status, characteristics, trend of changes in Vietnamese listed got over, evidenced by high inventories and difficulties in raising companies’ capital structure, (ii) Identify the company specific funds of the companies. This situation leads to the fact that firm’s factors affecting the capital structure of listed companies; (iii) production is contracted and sunk, a number of companies have to Evaluate the impact of the state ownership factor on the firm’s cease the operation or even collapse. This is the time that companies capital structure; (iv) Assess the impact of the listing of shares on should have a comprehensive evaluation of their financial policy, capital structure policy; (v) Demonstrate the significant differences including the financing policy. in capital structure between manufactoring and non-manufactoring 2 industries; (vi) Analyse the impact of managerial factors of the The thesis focuses on investigating factors affecting the Vietnamese companies on the capital structure; (vii) Propose the capital structure of the companies listed on HoChiMinh Stock solutions for the companies and recommendations to the government Exchange and Hanoi Stock Exchange. and regulatory bodies to improve the capital structure of listed 3.2.2. companies in Vietnam. From the timeline aspect The thesis analyses the impact of factors on the listed Research questions companies’ capital structure over the last 6 years. The secondary data In order to achieve the seven research objectives mentioned was collected for the period from 2007 to 2012. Besides, the thesis above, the thesis focuses on answering the following five research also uses primary data collected from a survey of financial policy of questions: (i) What are the main features of capital structure of Vietnamse companies conducted in 2013. Vietnam listed companies?; (ii) Can the Vietnamese companies’ 4. Structure of the thesis 2.2. capital structure be explained by the capital structure theories?; (iii) In addition to the introduction, conclusion, table of content, How does the state ownership affect the capital structure policy?; list of acronyms, list of tables, list of figures, list of references and (iv) How does the share listing affect the firm’s capital structure?; (v) appendix, the thesis is structured into 4 chapters as follows: Does the companies in manufactoring industries use more debt and others? (vi) How does companies adjust their capital structure policy Chapter 1: Theoretical framework and literature review of factors affecting company’s capital structure since the global financial crisis; (vii) Beside the factors indentified Chapter 2: Research methodology by the theories, how does the managerial factors affect the firm’s Chapter 3: Overview of listed companies and status of capital structure? capital structure of listed companies in Vietnam 3. Object and scope of the research 3.1. Chapter 4: Analysis of factors affecting capital structure of listed companies in Vietnam Object of the research Object of the thesis is the firm’s capital structure and factors Chapter 5: Solutions and recommendations to improve affecting capital structure of the companies listed on the Vietnam capital structure of listed companies in Vietnam stock market. The listed companies are chosen as object of the study 5. New contribution of the thesis because they represent the companies across different industries, The thesis has new contribution to the literature of the sectors in the economy and have the best environment to implement factors affecting the capital structure of listed companies from both the financial policy. theoretical and practical perspectives, specifically: 3.2. Scope of the research From the theoretical perspective: 3.2.1. From the geographical aspect Previous studies mostly focus on the financing policy of companies in developed countries. Recently, researchers tend to 3 4 expand the topic to the companies in developing countries, ussually in big economies such as China, India, Thailand or transitional CHAPTER 1 countries in Central East Europe. In general, the research results are THEORETICAL FRAMEWORK AND LITERATURE inconsitent. Due to the limitation in data collection, there still few REVIEW OF FACTORS AFFECTING COMPANY’S studies on firm’s capital structure policy are undertaken in Vietnam, CAPITAL STRUCTURE Most of these studies uses the financial data of listed companies over 1.1. Basic concept of capital structure a short time period. This thesis expect to provide an addtional 1.1.1. Company’s source of capital empirical evidence on the capital structure policy of Vietnamese Borrowings companies, using both financial and non-financial data collected Owner’s equities from the listed company database and primary source of data 1.1.2. collected through company survey. In addition, the research model Definition Company’s capital structure also supplements dummy variables that allow to evaluate the capital Stephen A. Ross, Randolph W. Westerfield and Bradford D. structure of companies with different ownership structures, stock Jordan (2003) in “Fundamental of Corporate Finance” states that the trading exchanges, business sectors, evaluate changes in the firm’s capital structure or financial leverage is the specific mixture companies’ capital structure before and after the financial crisis. The of debt and equity that the firm uses to finance its business thesis also analyses the impact of the managerial factors, including operation. management strategy, psychology, human resources and relationship Capital structure measurement network, which few earlier studies in developing countries account a. Company’s capital structure measures for. b. The book value based and market based capital structure From the practical perspective: Optimal capital structure This thesis provides an overall assessment on the financing The optimal capital structure is the mix of debt and equity policy of the listed companies in Vietnam, thereby allowing the that minimize the firm’s cost of capital, thereby maximizing its value. policy maker to indentify the type of companies that need to be The company’s capital structure, however, is affected by a supported by the government, seeking for the solutions to help number of factors which are not easy to indentify. Therefore, companies undertaking their financing policy more effectively. determination of optimal capital structure at a specific point of time is still a challenge for companies as well as researchers. In fact it is difficult to estimate a specific optimal capital structure and companies ussually estimate a range of optimal capital structure called target capital structure, based on that they make the capital 5 6 struture policy. At a certain point of time, a company has its own Secondary analysis of firm-level data target capital structure level and the target level may change from time to time. Factors affecting the company’s capital structure a. Company specific factors Factors affecting capital structure as predicted by financial theories b. Industry factors In-depth interview c. Economic environment factors 1.2. Verification of existing findings Development of survey instrument Capital structure theories Empirical testing of the impact of managerial factors on capital structure 1.2.1. Modigliani and Miller’s Capital Theory (M&M) 1.2.2. Trade-off Theory 1.2.3. Agency Costs Theory 1.2.4. Signalling Theory 1.2.5. Pecking Order Theory 1.2.5. Market-timing Theory Diagram 2.1: Analytical framework 1.3. Literature review of factors affecting capital structure Source: Author 1.3.1. Review of empirical studies around the world 2.2. 1.3.2. Review of empirical studies in Vietnam Empirical testing of impact of firm-specific factors on capital structure 2.2.1. Hypothesis development (1) Factors relating to M&M Theory (1963) and Trade-off CHAPTER 2 Theory RESEARCH METHODOLOGY 2.1. Company survey (2) Factors relating to Agency Cost Research design (3) Influences of other factors 2.2.2. Data and sample To test for the impact of the aboved mentioned factors on the the capital structure of listed companies, the thesis uses balanced panel data of companies listed on HoChiMinh Stock Exchange and Hanoi Stock Exchange during the period from 2007 to 2012. These companies are at different asset size, operating in different businesses, and therefore are able to represent the whole companies 7 8 in the economy. The total research sample is 193 non-financial Data are collected through online survey questionare. Of the companies (including 90 listed on the Hanoi Stock Exchange and 500 email sent, 112 are responded, however 52 of the responded 103 listed on the HoChiMinh Stock Exchange) from 2007 to 2012. results are excluded as the respondents are in unlisted companies, the 2.2.3. Research model remaining 60 responses are valid. Regression model: Based on the research questions, the 2.3.3. thesis use a multiple linear regression model described as follows: yit = αi + βjXjit + γ1GOV + δ1FLOOR + λ1MANU + Research model and variables The analytical method used is the ordinary least square (OLS) for cross sectional data, the estimation function is as follows: ∆1YEARDUM + ɛit yi = αi + βjXi + ɛit Model variables The explained variables are also measured by: total debt, Dependent variable is financial leverage measured by three long-term debt ration and short-term debt ratio; explanatory variables debt ratios: total debt ratio, long-term debt ratio and short-term debt include the management variables and controlling variables. ratio. Explanatory variables include effective tax rate, non-debt tax 2.3.4. Descriptive statistics shield, bankrupcy risk, business scale, profitability, asset tangibility, business growth, liquidity, state ownership dummy, stock exchange dummy, industry dummy and year of observation dummy. CHAPTER 3 OVERVIEW OF LISTED COMPANIES AND STATUS OF Estimation method CAPITAL STRUCTURE OF LISTED COMPANIES IN Pooled Ordinary Least Square- Pooled OLS Fixed Effects Model-FEM 3.1. Overview of listed companies in Vietnam Random Effects Model-REM 3.1.1. Company reform and stock market development in 2.2.4. Descriptive statistics and correlation matrix 2.3. Empirical testing of the impact of the managerial factors 2.3.2. Vietnam Company reform in Vietnam The process of state-owned company reform has experienced on capital structure 2.3.1. VIETNAM Research hypothesis the phases of history and achieved a lot of positive outcomes of (1) Factors relating to management strategy which the most noted one is the synchoronous formation of (2) Factors relating to psychology regulation system creating legal framework for renovating, (3) Factors relating to human resources rearranging and restructuring of state-owned companies as well as (4) Factors relating to relationship network renovating of the government’s controlling mechanism at state- Data and sample owned companies. Stock market development in Vietnam 9 10 Local institutional and individual investors are the major a. Equity market After 13 years of establishment and development, Vietnam’s shareholders of the listed companies, holding approximately 78.19% stock market has achieved significant growth rate. The stock market of total number of shares outstanding. The government’s ownership growth has created a channel for medium and long-term fund is quite significant (14.05%); foreign investors hold nearly 7.78% of mobilization in addition to the traditional form such as bank credit the total number of listed companies’ shares. and commercial credit. c. Operating results The operating results in recent years indicate a positive b. Bond market The Vietnam’s bond market is still immature and small in signal of the economic recovery leading to the improved business size, with total market capitalization account for 15% GDP. The performance of the listed companies. liquidity is low and the secondary market is inactive. 3.2. The capital structure of Vietnamese listed companies 3.1.2. 3.2.1. The status of fundraising structure of listed companies Features of listing companies Listing the shares on stock exchanges allows the companies Statistics show that, compared to listed companies around to be able to raise long-term fund at lower cost, however the listed the world, Vietnamese listed companies use relatively high debt ratio companies must satisfy the information disclosure obligation to with total liabilities account for 55% of the firm’s total assets, of ensure that the investors are provided with sufficient, precise and which debt account from 34-36%. It should be noted that most of the updated information relating to the business operation of the debt used by non-financial companies are short-term debt. companies as well as the changes that may affect the share price. Statistics on capital structure by sectors show different Besides, the corporate governance requirements and standards for fundraising structure across different areas of business. Companies in listed companies are more stringent than that for non-listed the fields of industrials, basic material, comsumer goods, real estate companies, the issue of internal control and external supervision of have highest debt ratio, whereas health care, comsummer service listed companies is also highly regulated. companies have the lowest level of financial leverage. For all the 3.1.3. Overview of listed companies in Vietnam industries, short-term debt dorminates in total debt. a. The number and scale of listed companies 3.2.2. At the end of 2013, the number of listed companies in Advantages Evaluation of fundraising structure of listed companies Vietnam’s stock market is 678, operating in different areas of First, listed companies are able to diversify their sources of business, with total market capitalization of 946 trillions dong, fundraising and have more flexibility in raising funds. Second, listed equivalent to 31% of GDP. companies can raise funds at lower cost than that of the non-listed b. Ownership structure 11 companies. 12 Drawbacks and reasons Choosing the estimated models: OLS, FEM and REM Firstly, compared to other companies around the world, The Breusch and Pagan Lagrangian multiplier (LM test) Vietnamese listed companies currently have high debt ratio; shows that the Pooled OLS model is unsuitable. The Hausman test Secondly,most of company’s borrowings are bank loans, which are indicates that, for all the regression models of the three dependent short-term and unstable, affecting the company’s long-term variables, the Fixed Effect Model (FEM) is more efficient than the investment plan. Thirdly,fundraising activities are basically irrational, not completely based on the company’s fund uses demand. The above mentioned drawbacks are caused by the following Random Effect Model (REM). Tests for model specification Multicollinearity check reasons: First, our economy heavily relies on the banking system Results of this test show that VIF associated with all the which is estimated to account for 80% of total assets of the whole variables are less than 5. Therefore, there is little evidence of financial system, the remainder are shared by the securities market, multicollinearity between variables. insurance companies etc. Second, the bond market is still immature Serial correlation check and unattractive to the investors, therefore, doesn’t play the Using the Lagram- Multiplier test to check the serial significant role in medium and long-term fundraising for the the correlation for panel data, the results indicate the existence of serial listed companies through debt instrument issuance. Third, though correlation in all the three models. stock market has experienced impressive development, the market is Cross-sectional dependence check still highly volatile and of low liquidity, especially after the big drop The Pasaran CD test is employed to check whether the since the global financial crisis. Fourth, due to the rapid increase in residuals are correlated in the FEM. The testing results do recognize the number of listed companies and the rapid growth of the stock the cross-sectional dependence problem in all the three models. market attracted attention, the market contains certain problems Hetroskedasticity check when it faces difficulties such as the listed company’s corporate The Modifed Wald test is implemented to check the governance, information disclosure and risk management. hetroskedasticity problem on the FEM and it is evidenced that there exists the hetroskedasticity problem in all the three models. CHAPTER 4 ANALYSIS OF FACTORS AFFECTING CAPITAL STRUCTURE OF LISTED COMPANIES IN VIETNAM Regression results This section presents the robust standard error estimates (by fixing the model mispecification problems) for the fixed effect 4.1. Testing of factors affecting capital structure models with depedent variables of total leverage (LEV), long-term 4.1.1. Testing of impact of company specific factors on capital leverage (LLEV) and short-term leverage (SLEV) using STATA 11 structure software. 13 14 explanatory power of the modern finance theory for capital structure Robustness check of the results Regression without the non-debt tax shield variable (ndts) policy of Vietnamese listed companies is limited due to the fact that Regression without the bankrupcy risk variable (zscore) the capital structure of companies in Vietnam is remarkably different Regression with interactive variables from those in developed countries in that the short-term financing is Basically, the estimation results support the findings from dorminated and the the long-term debt is substantially low. the initial model although the magnitude of the coefficients is slightly different. 4.1.2. - The trade-off theory is unable to explain the capital structure policy of listed companies in Vietnam. - The pecking-order theory partly explains the listed Testing of impact of managerial factors on capital structure company’s capital structure, unlike the traditional pecking-order This section presents the estimation results of the OLS theory, the priority order when the listed companies raise funds is regression model with dependent varibales of total leverage (LEV), retained earnings- equities-debt. long-term leverage (LLEV) and short-term leverage (SLEV). 4.2. Anslysis of the factors affecting capital structure Table 4.12: Summary of analysis results Factors Sign of impact Sign of impact agrees with proposed hypothesis Size (+) Profitability (-) Bankrupcy risk (-) The value of collateral (+) Liquidity (-) The manager’s profit (+) maximization objective The manager’s risk prospensity (+) Management experience (+) Network tie with banks (+) Network tie with other companies (+) Sign of impact disagrees with proposed hypothesis Business growth (+) Stock exchange (-) - The listed companiess capital structure is affected by the assymetric information between the companies and the lenders (commercial banks). Notes Second, the state-owned companies are loosing their advantages over companies owned by other economic sectors in accessing bank loans. For long-term debt only For short-term debt only For short-term debt only For short-term debt only Third, there is little evidence that more stringent listing standards help to improve the long-term fundraising of the companies listed on the stock exchange. Fourth, the capital structure policy is also affected by the For long-term debt only For short-term debt only managerial factors such as the company’s profit maximization objective, manager’s risk prospensity, manager’s experience and the network tie between the company and the bank and other companies. For short-term debt only 4.3. Policy and managerial implication Source: Stata Regression output Policy implication: First, empirical results of analysis on factors affecting the - The government and regulatory bodies must be aware of capital structure is quite consistent with that of other research the importance of supporting the listed companies to improve their undertaken in other countries around the world, however, the ability to access to formal sources of capital. 15 16 - The government should speed up the process of 5.1.1. rearranging, reorganizing, renovating, developing and increasing the Advantages (1) The macroeconomic condition has been stable since operation efficiency of the privatized companies to improve their 2012, evidenced by the stability of fund mobilization. indicators. - This study also implies the necessity of strengthening listed companies’ information disclosure regulation. (2) The banking system becoming more and more stable with higher liquidity and lower risk. - The stock exchanges should be restructured in the coming time to support the listed companies’ fundraising. Managerial implication: (3) The stock market restructuring process has achieved certain outcomes. 5.1.2. number of listed companies. Second, the state-owned commercial banks account for more transparency and build reliability of the public by satisfying information disclosure requirement. - Companies should evaluate the impact of the risk aversion on firm’s business growth and development. Based on the nature of than 50% of the credit market share, bank loans largely flow to the big companies that have good relatioship with banks, the credit product is not diversified. Third, individual investors are the major participant, whereas the area of business to decide whether they should maintain their risk attitude and how the risk aversion may affect the company’s institutional investors play a limited role on the securities market. Fourth, the insufficient and limited legal framework causes survival. This is especially important to the companies operating in the fast growing and intensively competitive industries. Disadvantages First, the government still holds a significant influence in a - First, managers must be aware of the fact that, in order to minimize the cost of capital, companies should improve corporate price index, interest rate difficulties and problems to fundraising activities. - Companies should be aware of the benefit and importance Fifth, the lack of normativenes in financial management in of building a wide and strong network tie with lenders, business Vietnamese listed companies may affect their capital structure partners when they make capital structure dicision. decision making. CHAPTER 5 5.2. Solutions to improve capital structure of listed companies 5.2.1. Applying capital structure decision making model SOLUTION AND RECOMMENDATION TO IMPROVE CAPITAL STRUCTURE OF LISTED COMPANIES IN VIETNAM 5.1. Advantages and distadvantages to capital structure decision making 17 18 should apply information technology in management, using accounting softwares to update daily data Psychology: risk prospensity, control aversion timerly data accessibility. Factors affecting the willingness to use debt Human resources: management experience to ensure quick and Second, beside the financial statement format as required in Vietnamese Accounting Standard, the listed companies should more clearly explained the “sensitive” indicators on the notes of the Profitability financial statement. Factors affecting the demand to use debt Management strategy: growth/ profit maximization Capital structure decisions Third, the listed companies should norminate information disclosure personel or secretary devision responsible for the following up of the company’s information disclosure rather than Factors affecting the ability to raise debt Network tie assign the chief accountants, chief finance officer or member of board of management to be in charge of this job. Asymmetric information: size, asset tangibility, growth… 5.2.5. Improving the quality of corporate governance - Increase the awareness of the importance of a sound Diagram 5.1. Capital structure decision making model corporate governance principles. Source: Author - Establish the company’s own corporate governance and The thesis develops a model that can be used as a guideline management standard. for making capital structure decision of listed companies in Vietnam. - Strengthen the role of controlling board and internal This model is built based on the results of multi-dimentional analysis auditing division. of the factors affacting the capital structure of listed companies in - previous chapters. 5.2.2. 5.2.3. Establishing the cooperation among the boad of management, the controlling board, the chief finance officer and the a division responsible for capital accounting division in making financial decision in general, capital management structure decision in specific. Diversifying the sources of fundraising and building 5.3. strong credit network tie 5.2.4. Strengthen Improving accounting system and information disclosure Recommendation to the government and regulatory authorities 5.3.1. Improving the legal framework that regulates process fundraising activities of the listed companies First, the listed companies should organize its accounting - Draft on amended Corporate Law should supplement the division suitable to its management structure. In addition, companies following issues : (1) Amend the regulation on joint stock company’s 19 20 Second, the government should quickly issue legal capital to include a detail, clear and consistent definition of joint stock company’s capital; supplement basic concepts of joint stock framework that regulates the operation of the credit rating agency. company’s capital, including charter capital and authorized share 5.3.4. Building credit rating system and developing the credit capital; (2) Supplement current regulation on joint stock company’s guarantee programs private placement to make it more simple and applicable; (3) The government and local authorities should consider to Supplement regulation to protect the right of minor shareholders. - The government should have a decision to accept under the par value share issuance as soon as possible. - The responsible authorities should closely control the establish the rating agency and construct credit guarantee programs to support companies, especially medium and small ones, in fundraising. This measure helps to reduce information asymmetric between the lenders (banks)/investors and companies, therefore listed company’s fundraising activities with more stringent reducing company’s cost of capital. information disclosure requirement and supervise the company’s 5.3.5. Speeding up restructuring to improve performance of the usage of funds etc. privatized state-owned companies 5.3.2. - The key measure at the time being is to improve the Pushing ahead financial liberalization - Continue to liberalize the operation of financial institutions on financial market. transparency of the companies’ corporate governance and financial information. - Speed up the process of commercial bank restructuring to exploit financial potential of the economy. - Accelerate the liberalization of commercial bank’s credit - The government should continue to reduce its holding in the companies operating in the areas that state controlling power is not needed. operation. 5.3.3. - The seperation between ownership function and Accelerating Vietnam’s securities market restructuring management function at state-owned companies is a problem that First, strongly upgrade the stock exchange listing standards. needs to be solved in time to come. Second, reorganize operation of the stock exchanges. 5.3.6. Third, amend regulations on foreign investment on stock market. Strengthening supervision and sanction of information disclosure violation - Clearly define functions, duties of the organizations and To stimulate the development of corporate bond market in the coming time, we should consider the following issues: First, State Bank of Vietnam should maintain a stable level of interest rates. entities responsible for supervision of the listed companies’ information disclosure. - Create a procedure for strong coorporation between the entities resposible for the supervision. - Build the supervising criteria and process. 21 22 - Establish the mechanism of cheking, verifying information before dissemination. to improve their capital structure. On the listed companies’ part, they should establish a good foundation for financial management to - Consider to increase sanction framework to prevent the support the capital structure decision making. Companies should taking advantage of information disclosure violation for personal build their own capital structure decision making model suitable to benefit. their specific condition. Macroeconomic policies by the government and regulatory authorities should aim at (1) improving the legal CONCLUSION environment of the listed company’s fundraising; (2) developing the Results of the thesis indicate that the capital structure of capital markets to provide companies with another channel of companies in Vietnam is remarkably different from those in medium and long term capital mobilization and (3) strengthening developed countries in that the short-term financing is dorminated corporate transparency to reduce cost of funds. and the the long-term debt is substantially low. This difference might Due to the limitation of data collection, this thesis measures limit the explanatory power of capital structure theory in Vietnam. the company’s capital structure using accounting based value of the Tax shield and bankrupcy cost are not the determinants of the capital components rather than a market based value. Besides, there company’s capital structure. Factors relating to the asymmetric could be other factors that affect the capital structure of the information between the company and lenders (banks) have a great companies but are still not accounted for in the model. Therefore, a impact on the listed company’s capital structure policy. Whereas, the larger, comprehensive and detailed database is recommended to company’s agency cost of equity does not significantly affect its design new variables to reflect the effect of other qualitative factors capital structure. In addition, the capital structure is also affected by such as the corporate governance, the institutional and industy the company’s managerial factors. Although the analysis results are, influence. Also, other research methods could be applied that allow a to some extent, consistent with that in other countries, the more detailed evaluation about the capital choice decisions of the explainability of the corporate finance theories for the Vietnamese companies in Vietnam. listed companies is limited due to the subjective reasons from the company’s perspective and the objective reasons from the perspective of the nature of the economic structure in the transitional period and the status of development of Vietnam’s financial market. Based on results from the analysis, the thesis has found the solution to improve capital structure of the listed companies, and moreover, proposes recommendations to the government and regulatory authorities to create a favourable setting for the companies 23 24
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