TAP GHiCONGIHKiNt
TAC DONG CUA CAU TRUC VON DEN GIA TRI DOANH NGHIEP:
TRl/CfNG HOP DOANH NGHIEP NIEM YET TREN SAN GIAO DICH CHlfNG KHOAN
THANH PHO HO CHI MINH
• N G U Y I N THI THUY UNH - N G U Y I N TRAN THAI HA
TOM TAT:
Bdi vid't nghidn cffu tdc ddng cua cd'u trffc vdn (CTV) den gid tri doanh nghiep (GTDN) vdi cac doanh nghiep (DN) nidm ydi tren san giao dich chffng khodn TP. Ho Chi Minh (HOSE). Kdl qua nghidn cffu ehi ra rang, CTV d mffc hdp ly tbi se cdi thidn GTDN ciing nhff phdt huy gid hi ciia ddn bay tdi cbinb, nhffng lam dung qua mffc t^ le nd vay dd cd nguy cd din dd'n md't kha nang chi tra va mang lai nhieu nil ro cho boat ddng cua DN.
Tit khoa: Cd'u tnic vdn, gid tri doanh nghidp, HOSE, ly thuyet ddnh ddi.
1. Gidi thi^u
CTV cua DN Id sff kd't hdp cua nd va vdn ehu sd bffu (VCSH) cua DN. Trong nen kinh td hidn nay, vdi hdng loat Hiep dinh thffdng mai tff do da, dang ky kd'l vdi nhieu dd'i tde thffdng mai Idn, DN Viet Nam dffdc hifdng nhffng u\i dai thffdng mai, cd bdi md rdng thj trifdng, dae biet la md ra nhieu ed hdi tid'p cdn vdn dau tff... Bdn canh nhffng thudn ldi, hpi nhdp sau rdng cung dat ra nhffng thdch tbffe kbdng nhd cho cdc DN Viet Nam, trong dd cd vd'n de quan tri vdn DN, vi quan tri vdn hieu qua la yd'u to' edt ldi trong quan tri DN va quye't dinb thanh cdng eua DN. Ddy la "nut thdt" Idn nhieu DN vffdng phai khi gia nhdp tbi irffdng loan cau vdi vd sd ddi hdi khdt khe. Tuy nhien, mdi linh vffc cd nhffng net dac thu rieng trong hoat ddng kinh doanh cung nhff quan tri ngudn vd'n, nen mffc tac ddng cung khac nhau.
Nhieu nghien cffu da chffng minh sff lde ddng cua CTV cd dnh hffdng tdi GTDN. Mdt CTV hdp ly se giup DN gia tang hidu qud hoat ddng, tff do giup DN phdt trien, trffdng thanh, gia tang gid tri eua minh trdn thi trffdng tai chinh. Chinh vi vay, bai vie't di sau nghidn cffu md'i quan he giffa CTV va GTDN, dac biet ddi vdi cdc DN niem yet tren HOSE. Qua dd, cung cap them bang chffng khoa hpe ve md'i quan hd giffa CTV dd'n GTDN nham giup cho nha quan tri trong qud trinh hoach dinh CTV dd nang cao GTDN, thu but them ngudn vd'n tff ede nhd dau tff trong vd ngoai nffdc.
2. Ctf sd ly thuyd't va cac nghidn crfu thifc nghidm
2.1. Cd sd Iy thuyi't
Vide lffa chpn mdt CTV nhff thd nao de td'i da hda gid tri cua DN vd td'i thieu hda chi phi sff dung vd'n la van de dffdc tranh ludn qua nhieu thap ky
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TAI GHINH-NGAN HANG-BAO HIEM
ve ly thuyd't. Modigliani va cdng sff (1958) ldp ludn rang: GTDN ddc lap vdi sff lffa chpn cua CTV trong "gia dinh" eua thi trffdng hodn bdo. Trffdc lap luan dd cua Modigliani vd cdng sff, nhieu sff tranh ludn tap trung vao tinb thi^c td' cua cdc "gia dinh", trong dd bao gdm sfftbid'u vang cua cdc loai thue, chi phi phd san, va mdt sd' ibid'u sdt so vdi the gidi thffc. Dodd, cac nhd nghien cffu eho rang:
Vi sff khdng hoan hao cua tbi trffdng, sff lifa chpn CTV cua I DN ed the dnh hffdng ddn GTDN.
Ly thuye't ddnh ddi do Myers (1977) eho rdng cd ton tai mdt CTV "tdi ifu" ma tai dd la sff cdn bang ldi ich tir la chan thue' va chi phi kidt qud tai chinh cua DN, Iff dd cd the lam td'i da hda GTDN.
Ly thuyet ndy cho rdng: Vide sff dung nd nhieu hdn se Idm giam GTDN do tao ra si^ gia tang xac sud't pha san. Nd'u cac DN tie'p tuc tang cac khoan nd thi se phai tra mdt mffc lai suat cao hdn va cd the lam giam LNST trong lu'dng lai, mang lai nhiJng khd khan tai cbinb va cd the ddn dd'n pha san.
Ly thuyd't trdt Iff phdn bang (1984) cho rang: Sff ba't can xffng thdng nn giffa cac nha quan ly vd nha ddu tff tao ra mdt sff ffu tien trong ehinb sdch tai chinh eua DN, thffdng bdt dau vdi quy ndi bd, tie'p theo la nd va sau dd la VCSH gdn lien vdi chi phi sff dung vdn tang dan. Nd la mdt trong nhffng lifa chpn Ibay thd'cd ldi hdn so vdi VCSH cua DN bdi se lam giam cbi phi vd'n va tang ldi nhuan eho ed ddng.
Tuy nhidn, ly thuye't thdi diem tbi tru'dng cua Baker va cdng sff (2002) eho rang; DN thay ddi CTV se phu thudc vao lin hidu cua thi trffdng vd ly thuydt nay cho rang cae DN se phdt bdnh hay mua lai CO phid'u de dieu ehinh ddn bay lai cbinb do bien ddng gid cd phie'u.
2.2. Cdc nghiin cUu thUc nghiem Nghidn cffu "CTV vd GTDN: Bdng chffng tbffe nghiem tff cdc CTCP cua Rumani" do Dranicenu va cdng sff (2013) tbiTc hidn trong giai doan 2003 - 2012 da chi ra CTV ed tdc ddng tich cffc dd'n GTDN, vdi bidn dai didn cho GTDN la chi sd Tobin's Q, bidn dai dien cho CTV la ty sdnd (dffdc do bang tdng nd/tdng tai san). Ngoai ra, nghidn cffu cdn cho biet: Bidn quy md DN (SIZE), td'c dp tang trffdng doanh thu (GROWTH) vd gid tri vdn hda cua VCSH /gid tri sd sdch cua VCSH: tde ddng tich cffc den GTDN.
Cung gid'ng vdi kdt qua eiia Dranicenu va cdng sff (2013), nghien cffu cua Aler (2017) chi khde d bid'n dai didn cho CTV la ty sd nd/VCSH vd nd ddi ban cung cd anh hffdng tich cffc dd'n GTDN.
Hdi kbdc so vdi 2 nghien cffu tren, nghien cffu cua Ld Thi Phifdng Vy va cdng sff (2013) chpn cbi sd'Tobin's Q (gid tri thi trffdng/gid trj sd saeh cua long tai san) dai dien cho GTDN, ty so' nd dai dien eho CTV va cdc bie'n kidm soat vdo md hinh, gdm: Quy md DN, cd hdi tang trifdng, ty Id TSCD HH, TSTTN DN, ty sd kha nang thanh toan ngan ban, kha nang sinh ldi vd vd'n dau tu'.
Ke't qua cho thay: Ty le vd'n sd hffu nffdc ngoai vd CTV cd md'i quan he tieu cffc dd'n GTDN.
Nghidn cffu cua Vd Minh Long (2017) ve tac dpng cua CTV dd'n GTDN: DN niem yet tren HOSE giai doan 2008 - 2015. Ke't qua cho tiia'y, CTV dffdc do Iffdng bang ty so' nd (nd ngdn ban
& nd dai ban) cd tdc dpng tich cffc dd'n GTDN vdi bie'n dai dien la Tobin's Q. Bdn canh do, nghidn cffu cung cung cap cac bang chffng khoa hpe ve sff tdc ddng cua ede ngdnh; dffdc pham, bat ddng san de'n GTDN Idn hdn so vdi cdc nganh Hdng lieu dung nhifng vdi nganh khde tbi cd kel qua ngffdc lai va deu cd y nghla thd'ng ke.
Can cff vdo cdc nghien cffu trffdc, bdi vie't nghidn cffu md'i quan he giffa CTV va GTDN, sff dung bie'n Tong nd (DA), Nd ngan ban (SDA) vd Nd ddi ban (LDA) va bie'n Tobin's Q lam dai didn cho CTV vd GTDN. Ben canh dd, bdi vid't dffa them vao md hinh cac bien kidm sodt: Ty Id thanh khodn ngan ban (CR), quy md DN (SIZE), ty Id TSCD (TANG), ty sua'l sinh ldi (ROA), tudi ddi DN (AGE), vdng quay tai san (AT), tang trffdng doanh thu (GRTH) de lam rd hdn sff tdc ddng eua CTV dd'n GTDN theo tffng dac diem DN, dam bao tinb vffng cua kd'l qua nghidn crfu.
3. Phu'dng phap nghien crfu 3.1. Mo hinh nghien cUu (xem Mo hinh) 3.2. Phuangphdp nghien cUu
Phffdng phdp nghien cffu djnh Iffdng, phu'dng phdp hdi quy nhff Pooled OLS, REM, FEM, GLS va cae kiem djnh cd lien quan dffdc sff dung nham ddm bdo tinh vffng cua md hinh.
Phan tich thd'ng kd md id vd ma Iran he so' Iffdng quan Pearson de md ta khdi qudt bffc tranh tai ehinb cua DN trong giai doan ndy.
Sol -Thang 1/2019 339
TAP CHi CONG THIfifNG
M6 hinh nghiSn cdu Cdu true von (CS)
Ty sd thanh todn ngdn hgn (CR) Quy mo doanh nghidp (SIZE) Ty trong TSCD hQu hinh (TANG) Tudi ddi doanh nghiep (AGE) Ldi nhuqn tren tdng tdi son (ROA)
Vong quay tdi sdn (AT) Tdng trrfdng (GRTH)
Bong 1. Ket quo he so trfdng quan Pearson DA
SDA LDA CR SIZE TANG ROA AT GRTH
DA 10000 0 7633 0.3890 -0.2682 0 3399 -0.1077 -0.2245 0 0934 0.0051
SDA
1.0000 -0.2982 -0.2540 0.1224 -0.2685 -0 1494
0.3146 -0 0307
LDA
1.0000 -0 0340 0.3276 0.2238 -0.1166 -0 3107 0 0513
CR
1.0000 -01029 -0 0751 0.1296 -0.0843 0.0067
SIZE
1 0000 -0 0847 -0.0935 -0.1794 0 0710
TANG
1.0000 0.0066 -0.0306 -0.0714
ROA
1.0000 0.0498 -0.0126
AT
1.0000 -0.039
GRTH
1.0000
4. Ke't qua va thao luan 4.1. Phdn tich h$ sdtUcfng quan
Ke't qua Bang 1, cho tha'y: Giffa cdc cap bie'n ddc lap cd mdi lifdng quan rat tha'p vd deu cd y nghia thd'ng ke. Tuy nhien, he sd tffdng quan giffa cap bid'n DA vdi SDA va DA vdi LDA tffdng dd'i cao vdi ly do SDA va LDA chinh la mdl phan cua DA nen se xdy ra hidn tffdng da cdng tuyd'n.
4.2. Ket qud thifc nghiem
Nghidn cffu tbffe hien hdi quy bang cae md hinh dp dung cho dff lieu bang bao gdm: Pooled OLS, FEM va REM va thffc hidn cac kidm dinb nham lffa chpn md binh phu hdp.
Mo hinh hdi quy 1: Bie'n phu ihugc Id Tobin 's Q vd cdc bie'n dgc lap: DA. CR, SIZE, TANG, AGE.
ROA, AT vd GRTH.
Ngudn; Tong hgp tU Stata 13
Ke't qua cho thd'y md hinh FEM la phu hdp bdn.
Bdng 2.
Bdng 3. Kienn tra khuyet tqt cue md hinh 1 Kiem djnh
Phuong sai thay ddi Da cong tuydn Tu tuong
quan
GTDN Prob > chi2 =
0.0000 VIF < 10
Prob > F = 0.0000
KeiquS Cd hien tudng phuong sai thay ddi Khdng cd hien tUdng da cdng tuyd'n Cd hien tffpng tU
tuong quan Vdi kd't qua trdn thi md hinh 1 cd khuyd't tat la hidn tffdng phffdng sai thay ddi va tff tffdng quan nen bai vid't se thffc Men hdi quy bang phffdng
3 4 0 S d i -Thang 1/2019
TAI CHINH-NGAN HANG-BAD HIEM
Bdng 2. Kel qud hoi quy bdng phUdng phdp: Pooled OLS, FEM, REM vd GLS Ten bien
DA CR SIZE TANG AGE ROA AT GRTH _cons Prob>F R-squared
Pooled OLS H^sop -0.8258 -0.0018 0.1662 0.1155 0.0094 0.3733 0.0896 0.0017 -1.2046
P-Value 0.000 0.459 0.000 0.108 0.000 0 000 0.000 0.878 0.0000 0.0000 0.1714
FEM H^sSfi -0.0853 -0.0024 0 0741 -0.0046 0.0506 0.076 0.0519 0.0054 -1.1311
P-Value 0.551 0.205 0.079 0.959 0.000 0.199 0.042 0 482 0.025 0.0000 0.1046
REM H$8op -0.5524 -0 0024 0.180 -0 0226 0.0147 0.126 0.0575 0.0058 -1 5668
P-Value 0.000 0.203 0.000 0.777 0.000 0.033 0.003 0 453 0.000 0 0000 0 0763
GLS H # s 5 p -0.1037 -0.000 0.0784 0.0216 0.0041 0.1632 0.0357 0.001 -0 2393
P-Value 0.013 0.965 0.000 0.396 0.000 0 002 0.000 0.764 0.047
Kiem dinii iLfa chpn mo iiinh F-lest
Hausman test
0.0000
0.0000
phap GLS de khae phuc khuyd't tat ndy. (Bang 3).
M6 hinh hoi quy 2: Biin phu thuoc Id Tobin's Q
Ngudn; Tong hap tif Stata 13 vd cdc bien ddc lap; SDA, LDA, CR, SIZE, TANG, AGE, ROA, AT. GRTH.
Bdng 2. Ket qud hoi quy bdng phifOng phdp: Pooled OLS, FEM, REM vd GLS Ten bien
SDA LDA CR SIZE TANG AGE ROA AT GRTH _cons Prob>F R-squared
Pooled OLS H $ s o p
-0.774 -0.959 -0.00146
0.168 0.148 0 00923
0.372 0.0829 0.00241 -1.253
P-Value 0.000 0.000 0.550 0.000 0.051 0.000 0.0734
0.000 0.024 0.0000 0 0000 0.1714
FEM H^soP 0.0413 -0.372 -0.00212
0.0939 0.0190 0.0496 0.0483 0.0483 0.00535 -1.401
P-Value 0.789 0.058 0.259 0.03 0.832 0.000 0 214 0.059 0.483 0.007 0.0000 0.1080
REM H $ s 5 p
-0.467 -0.762 -0.00215
0.188 0 00330
0.0144 0.124 0.0506 0 00599 -1.68
P-\felue 0.000 0.000 0.254 0.000 0.968 0 000 0.036 0.012 0 437 0 000 0.0000 0 0799
GLS H ^ s o p
-0.111
•0.116 -0.0013 0.0782 0.0131 0 00421 0.0351 0.160 0 000793
-0.228 P-Value
0.01 0.043 0.556 0.000 0.645 0.000 0.002 0.000 0.818 0.071
Kiem djnh lua ciipn mo hinh F-test
Hausman test
0.0000
0.0000 j
Ngudn; Tdng hgp tif Stata 13.0
S o l -Thang 1/2019 341
TAP CHi CONt IHIflNt
Kd'l qua Iff Bang 4 cho tha'y md hinh FEM la phu hdp hdn.
4.3. Thdo ludn kit qud
De ldm rd sff tdc ddng ciia cac bie'n trong md hinh de'n GTDN, bai vid't tach kel qua tbffe nghiem thanh cae nhdm:
Nhom 1: Nhom cdc bie'n cd tdc ddng tiiu cUc de'n GTDN
Bdng 6. Bdng tdng hcfp ket qud cdc bien tdc dpng tieu cUc den GTDN
Bdng 7. Bdng tdng hdp ket qud cdc bien tdc ddng ticti ci/c den GTDN
Ten bien GTDN (vdi bien DA) GTDN (v6i bien SDA, LDA) H^sop
DA SDA LDA
-0.1037"
-0.111"*
-0.116"
Ghi chu: *,** va "* tudng Llttg vdi mile y nghla 10%.
5% va 1%.
Ngudn: Tong hgp cua cdc tdc gid.
CTV: Kd't qua cho thd'y khi DN cang lang DA (bao gdm tang SDA va LDA) se lam giam GTDN.
Dieu nay chffng td: ldi ich cua Id chan thud'tff vide dijng nd (Gom nd ngan ban va nd ddi ban) van thd'p bdn chi phi kidt que lai ehinh. Dd'i vdi DN, nd ngan ban thffdng diing cho TSNH dd thffc bidn hoal ddng san xud'l - kinh doanh vi sau kbi diing nd ngan ban, DN se nhanh chdng trd nd, trdnh ldi phat sinh nhdm tang GTDN, nd dai ban thifdng diing cho TSDH vdi muc dich hien dai hda TSCD nhdm nang cao chat Iffdng sdn pham, tang sff canh Iranh cua DN Irdn thffdng trifdng, nang cao ty sud't sinh ldi cung nhif GTDN.
Nhom 2: Nhom cdc bien cd tdc dong tich cue de'n GTDN
Quy md DN: Quy md DN Idn thi d l thu but du'dc cdc nha dau iff. Vdi each lam nay tbi cdc DN se ed them cdc tdi san (TS), dae biet TSCD cd edng nghd hidn dai de hoat ddng nham ndng hieu qua boat dpng san xud't - kinh doanh. Chinh mdt sd'nhdn td'ndy se gdp phan nang cao GTDN.
Tudi ddi DN: Thdng thffdng ldi nhudn giff lai dffde tieh luy sd tang dan theo thdi gian tffdng ffng
Ten bien GTDN (vdi bien DA) GTDN (vdi bien SDA, LDA) H$sop
SIZE AGE AT ROA
0.0784"*
0.0041*"
0.0357*"
0.1632***
0.0782*"
0.00421*"
0.0351*"
0160*"
Ghi chu: * , " i/a " ' tuong Ong vdi mile y nghla 10%, 5% va 1%.
Ngudn: Tong hgp cua cdc tdc gid.
vdi tudi ddi eua DN, giiip cho DN boat dgng dn dinh vd phdt trien td't nhat. Ngoai ra, cdc DN thanh lap iru'de thu'dng cd ldi the' hdn ve ihi trffdng, uy tin cung nhff kinh nghiem qudn ly... so vdi DN thanh lap sau, gdp phan lam gia tang GTDN.
Ty sud'i sinh Idi/TS va vdng quay TS: Vdi DN, thdng thffdng hidu suat cung nhff bidu qud boat dpng gan lien vdi GTDN, vl vay, DN nen quan tri chi phi nang eao ldi nhudn cQng nhff ndng cao hieu suat sff dung TS.
Nhom 3: Nhdm cdc bie'n khdng tdc dgng di'n GTDN
Bdng 8. Bang tdng hdp kdt qud cdc bien khong tdc dong den GTDN Ten bleh GTDN (vdi bien DA) GTDN (vdi bien
SDA, LDA) H$sop
CR GRTH TANG Ghi chu.
5% va 1%.
-0.0000 0.001 0.0216
*,** va *'* titang Ong vdi -0.0013 0.000793
0 0131 mOcy nghia 10%,
Nguon: Tong hgp cda cdc tdc gid.
Chua cd bang chffng khoa hpc ve sff lac dpng bid'n CR, TANG va GRTH den GTDN.
342 Sol -Thang 1/2019
TAI CHINH-NGAN HANG-BAD HIEM
5. Ket luan va khuye'n nghi 5.LKetlu4n
Kd't qud nghien cffu da eho thd'y: CTV ndi chung va CTV theo ky ban ndi rieng vdi 3 bie'n dai didn: DA, SDA va LDA cd tac ddng tidu cffc de'n GTDN va deu cd y ngbia ihd'ng ke. Cdc bid'n kiem soat trong md hinh da phan deu tac ddng ticb cifc den GTDN nhff: SIZE, AGE, ROA, AT va phan Idn deu cd dp tin cdy eao vdi bau he't cdc md hinh nghien cffu. Tuy nhien, bid'n kiem sodt CR lai ed lac dpng tidu cifc de'n GTDN va kbdng cd y nghTa thdng ke. Ben canh dd, bie'n TANG, GRTH ed tac ddng tich cffc nhffng khdng cd y nghia ihd'ng kd.
5.2. Khuye'n nghi
Tff kd'l qua nghien cffu, bai vid't de xud't mpt sd' khuye'n nghi nhif sau:
CTV: DN vay d mffc hdp ly thi se phai huy gia tri cua ddn bay lai chinh, nhffng lam dung qud mffc ty Id nd vay dd ddn dd'n nguy cd DN md't khd nang chi tra. Khi quye't dinh tai trd, ngoai viee dffa vdo CTV hdp ly, can xem xet linh hinh thffc td' tai DN vd cac chie'n lu'dc ddi han cua DN de dffa ra CTV hpp ly. Ngoai ra, de tao sff an loan trong hoal ddng cung nhif da dang hda ngudn lai trd tbi DN cd the lim tff cdc quy dau tff mao hiem bay tff thi trffdng chffng khodn.
Md rdng quy md: DN nen md rdng hinh thffc lien doanh, lien ke't vdi cdc dd'i tdc ca trong va ngoai nffdc de cd thdm cac TS, dae biet TSCD ed cdng nghd hidn dai de boat ddng cung nhff tan dung trinh dp quan ly, TS va thj trffdng cua cdc dd'i tdc nham nang eao GTDN.
Ndng cao bidu qua san xua't kinh doanh cua DN: Ddi hdi eae nha qudn tri DN cdn xdy difng dffdc cdc chinh sach boat dpng DN hdp ly nhff:
Ndng eao hieu sua't sff dung TSCD; Tang doanh thu va kiem sodt chi phi; Ndng cao cha'l lu'dng cae sdn pham va chuyen nghiep hda dpi ngu CBCNV;
Ap dung bidn phdp tai chinh thiic da'y tieu thu san phd'm, ddng thdi ban chd' vd'n bi chid'm dung,.,
Vide tang vdng quay TS cua DN la vd cung quan trpng, ddi hdi nha quan tri DN can kidm soat Iffdng TS eua DN d mffc thd'p hdn, trong khi van duy tri hoac lang doanh thu eua DN. Nha quan Iri DN ndn du'a ra nhffng quyd't dinh trong pham vi DN eua minh de cai thidn sd vdng quay ldng TS nhu': cd ke' hoach thue da'y viec thu hdi cdng nd dd giam cdc khoan phai thu, giam mffc tdn kho nguydn lieu, thdnh phdm, cdng cu, ddng thdi sap xe'p lai ddy chuyen sdn xud't de loai bd bdt may mdc thie't bi khdng can thie't... nhu vdy giam bdt gia tri TS •
TAI LIEU THAM KHAO:
1. Le Thi Phuong Vy & Phung Due Nam (2013), Tdc dgng cua vo'n sd huu nUdc ngodi, CTV vd GTDN: Bang chUng thuc nghiem tU cdc DN mim yet Viet Nam, The JUP Journal of Corporate Governace, Vol. XII, No.2. pp. 40-58.
2. Baker. Malcolm P & Wurgler, Jeffrey A., Market Timing & Capital Structure (December 2011). NYU Working Paper No. 2451/31357; NYU Working Paper No. FIN-11-024.
3. Aler, D. K, (2017), Capital structure and firm value of non-financial firms listed at the Nairobi Securities Exchange. Research Journal of Finance and Accounting ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online), Vol.8.
No.4,pp 18-22.
4 Drdniceanu, S M, and Ciobanu, A., (2013), Capital structure and firm value. Empirical evidence from Romanian listed companies Available at hltps: www.dafi.ase ro/revista/7/slmona_maria pdf
5. Modigliani, F. and Miller. M.H. (1958). The Cost of Capital, Corporation Finance and the Theoiy of Investment.
The American Economic Review, 48. pp. 261 - 297.
6. Myers. S.C (1977) Determinants of Corporate Borrowing Journal of Financial Economics. 5, pp. 147-175.
7. Myers, S.C and Majluf N.S. (1984) Corporate Financing and Investment Decisions When Finns Have Information That Investors Do Not Have. Journal of Financial Economics. 13. 187 - 221.
Sdi -Thdng 1/2019 343
TAP CHJ CONG THiflfNG
Ngay nhan bai: 12/12/2018
Ngay phan bidn danh gia va su'a chiJa: 22/12/2018 Ngay cha'p nhan dang bai: 2/1/2019
Thdng tin tdc gid:
1. ThS. NGUYEN THI THUY LINH 2. ThS. N G U Y I N T R A N THAI HA
Khoa Tai chinh - Kd' toan, Trffdng Dgi hpc Sai Gon
THE IMPACT OF CAPITAL STRUCTURE ON ENTERPISE VALUE:
CASE STUDY OF LISTED COMPANIES ON HO CHI MINH CITY STOCK EXCHANGE
• Master. NGUYEN THI THUY UNH
• Master. NGUYEN TRAN THAI HA Faculty of Finance a n d Accounting, Saigon University ABSTRACT:
This article investigates the impact of the capital structure on the enterprise value of companies listed on Ho Chi Minh City Stock Exchange. The results show that if a company has a reasonable capital structure, the enterprise value of this company will increase and also the financial leverage of this company will be enhanced. However, if a company depends much on debt, it will face with more financial risks including the insolvency.
Keywords: Capital structure, enterprise value, Ho Chi Minh City Stock exchangge, trade-off theory.
344 So 1 -Thdng 1/2019
