越南企业资本结构的影响因素研究——基于越南在HOSE上市公司的证据.pdf

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1、长性与资本结构有负相关，而企业规模和固定资产比率与资本结构之间存在正相关。虽然非债务税盾与资本结构正相关但是对越南企业资本结构影响不大。良好的企业资本结构不仅是企业发展的决定因素，还是带来竞争优势的成分，本文希望可以调整越南企业对资本结构的重要性与影响企业资本结构的因素的认知，从而促进越南企业构建最优资本结构。关键词：资本结构，影响因素，越南，上市公司，实证研宄ABSTRACTThetheoryofthecapitalstructureisthehotpointofthefinancialmanagementandthefinan

2、cialeconomicsresearch.TheCapitalstructurewillnotonlyafectthecompany'sperformanceandmarketvalue,butalsohasasignificantimpactonthegovernancestructureofthecompany,aswellascontrolsthecorecompetitivenessofthecompany.Althoughwesternscholarswidelyresearchedonthefactorswhichm

3、adethecapitalstructure,becauseofthecomplicatedcharacteristicsoftherealeconomyandthecharacteristicsofeachcountry'seconomy,theresultoftheresearchwasnotabsolutelyexact.TheresearchpointedoutthattheVietnamesecompanieshaven'tpaidalotofattentiontodevelopappropriatecapitalstr

4、ucturewhichdecidesthesurvivalandthedevelopmentofthebusiness.Accordingtotheglobaltrendofeconomicintegrationintheworld,establishinganoptimalcapitalstructureistheimperativeproblemwhichhelpsVietnamesecompaniesbeabletogetalongwiththeworldeconomy.However,toestablishanoptima

5、lcapitalstructuretheentrepreneurshavetoknowwhattheirstatementare,otherwise,theyalsoneedtoknowtheimpactofelementsoftheircapitalstructure.ThestudyusedthedataofthelistedcompaniesontheHoChiMinhStockExchange(HOSE)toanalyzethefactorswhichaffectthecapitalstructure.Themaincon

6、tentincludesfiveparts.Thefirstpartistheintroduction.Itmainlyintroducesthebackground,thetheoreticalreview,basicframework,theresearchmethods,theresearchpointsandthelimitofthisresearch.Thesecondpartisaboutanalyzingthetheory:thefactorsaffectthecapitalstructureoftheVietnam

7、esecompanies.Besidethatitalsoshowsthenotionofthecapitalstructure.ThethirdpartisthesimpleintroductionofthestatementoftheVietnamstockmarketandthecapitalstructureofthelistedcompaniesontheVietnamstockmarket.Thefourthpartisthesubstantialcontentofthispaper.Firstly,theresear

8、chpresentstheresearchdesignwhichincludesthechoiceofvariablesandtheresearchtheoretic.Otherwise,italsointroducesthedatabases,t