Phan tich tac dong cua cau true von den hieu qua hoat dong kinh doanh cua cac doanh nghiep nho va vu'a of tmh Thai Nguyen^
*^ ' HA THI THANH NGA"
LETHU HOAr*
NGavEN HOAl CClCfNG'*"
Tom tat
Nghiin cdu sd dimg bd sd lieu tif bdo cdo tdi chinh cda 205 doanh nghiip nhd vd vi/a (DNNW) trong giai dogn 2013-2017 nham tii'n hdnh phdn tich tdc ddng cda cdu true vd'n di'n hiiu qud hogt dgng kinh doanh cua cdc DNNW trin dia bdn dnh Thdi Nguyen. Kit qud cho thdy, cd mdi quan he Cling chieu giffa cdu trdc vdn vd lai nhudn rdng trin vd'n chu sd hffu (ROE) cua doanh nghiep, cdu triic vd'n cd md'i quan hi ngUgc chiiu vdi lai nhudn rong trin tdi sdn (ROA). Trin ca sd k^t qud nghien cffu, nhdm tdc gid dua ra mot sd'de xudt nham hodn thien cdu trdc vdn, tff do ndng caa kliu qud hogt dong kinh doanh c&a cdc DNNW trin dia bdn tinh Thai Nguyin trong thdi gian tdi.
Tuf khda: cdu true vdn, doanh nghiip nhd vd vffa, hiiu qud hogt ddng kinh doanh, ROA, ROE Summary
The study utilizes data set of financial statements of 205 SMEs in the period 2013-2017 to assess the impact of capital structure on the performance of Thai Nguyen-based SMEs. The output reveals a positive relationship between capital structure and return on equity (ROE), and a negative relationship between capital structure and return on assets (ROA). Based on the findings, the authors provide a number of proposals to improve capital structure so as to enhance the performance of Thai Nguyen-based SMEs in the future.
Keywords: capital structure, SMEs, performance, ROA, ROE
GIOI THIEU ra cac khuyen nghi nham hoan thien cd'u true vd'n vd ndng cao hidu qua kinh doanh cho cac DNNVV tren Stf phat tridn ciia cdc DNNVV la het dia ban tinh Thai Nguyen la hdt stfe can thiel.
stfe can thiet va cd nhieu ddng gdp rd't
ldn cho kinh teed ntfde ndi chung va tinh CCf_ Sd _LY THUYET VA PHl/aNG PHAP Thai Nguyen ndi rieng. Tuy nhien, thdi NGHIEN CUU
gian qua, quan Iy va van hanh tdi chinh
lat cac DNNVV tren dia ban tinh Thai Casdly thuyet
Nguyen cdn ton lai nhieu bd't cdp, ddc Cd nhieu nghien ctfu lien quan phdn tich anh htfdng bidt Id nhffng bd't hdp ly trong ca'u true ciia cd'u true vdn ddn hieu qua kinh doanh ciia cac doanh vd'n. Viec dam bao rapt ca'u true vd'n an nghidp da dtfdc cdng bd. Tren the gidi, Abor (2005) sff loan vdi ty le nd vay hdp ly phii hdp dac dung dtf lieu tren bao cdo tai chinh cua 20 cong ty niem thii cua cdc DNNVV dtfdc xem la giai yet d Ghana, phdt hien co mdi quan he ciing chieu gitfa phap quan trgng de ndng cao hieu qua nd ngan ban vdi hieu qua hoat dgng (dtfdc do bang ROE), hoat ddng kinh doanh cua cac doanh mdi quan he ngtfdc chieu giffa nd dai han va hieu qua nghiep hien nay. Do do, viec ddnh gid hoatdpng. Tongndcd radi quan he ciing chieu vdi ROE.
sff tdc dpng ciia cd'u true vd'n de'n hieu Stf gia tdng quy md nd cd hen quan den stf gia tang Idi qua kinh doanh ciia DNNVV, ttf do dtfa nhudn, do dd n(i cao hdn thi kha ndng sinh ldi se cao hdn.
', " , Trtfdng Dai hoc Kinh te va Quan trj kinh doanh Thai Nguyen I Email: [email protected] '"Trtfdng Cao dang Kinh te tai chinh Thai (Nguyen
Ngdy nhdn bdi: 07/03/2019: Ngdy phdn bi$n: 19/03/2019; Ngdy duyet ddng: 22/03/2019 ' Bai bao la san pliam cua De tai NCKH cap ccf sd Ma s6'- CS2018-BF-13
Economv and Forecasi Review
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Gill va cpng stf (2011) nghien ctfu tac dpng ciia cd'u triic vdn vdi hieu qua kinh doanh ciia cac doanh nghiep tai My, su" dung dff lieu cua 272 cdng ty boat dpng trong ngdnh dich vu, ngdnh san xud't nidm ydt tren thi trtfdng chtfng khodn New York giat doan 2005-2007. Nghien cffu cung cho thd'y, tdn tai md'i quan he ciing chieu giffa nd ngan ban, tdng nd den kha ndng sinh Idi ddi vdi cdc doanh nghiep ngdnh dich vu, nganh san xud't.
Ahmad vd cgng stf (2012) nghien ctfu anh htfdng cua cd'u true vd'n tdi hieu qua hoat dgng cua cdc doanh nghifep tai Malaysia. Mdu nghien ctfu la dtf lieu tdi chinh cua 58 doanh nghiep ngdnh cdng nghiep vd tieu dung tren thi trtfdng chtfng khodn d Malaysia giai doan 2005^-2010. Ket qua cho tha'y, nd ngdn han, nd ddi han va tdng nd cd tdc dgng ngtfdc chieu tdi hieu qud boat ddng cua doanh nghiep dtfdc do bang ROA, ROE.
Tai Viet Nam dd co mdt sd nghien ctfu ve mo'i quan hd giffa ca'u true vd'n vd hieu qua kinh doanh ciia doanh nghiep. Theo dd, Doan Ngpc Phuc (2014) nghien ctfu anh htfdng ciia ca'u true vd'n den hieu qua boat dpng ciia cdc doanh nghiep sau cd phan hda d Vigt Nam.
Kdt qua nghien ctfu cho thd'y, nd ddi han cd tdc dgng cung chieu vdi ROA, ROE, trong khi nd ngan han va tdng nd cd tdc ddng ngtfdc chieu vdi ROA, ROE.
Pham Thi Hdng Trang (2015) phdn tich dnh htfdng ciia ca'u true vd'n den hieu qud boat dpng ciia doanh nghiep nganh cdng nghiep che bien, che tao niem ydt trdn Sd Giao dich Chffng khoan TP. Hd Chi Minh. Kdt qua nghien ctfu phu hdp vdi Iy thuyet trdt ttf phdn hang cua Myer va Majluf (1984). Ca'^u true vd'n cd anh htfdng nghich bidn de'n hieu qua boat ddng theo so sach ke toan ciia doanh nghiep. Ttfdng ttf, ty le nd ngan ban tren tdng tai san va ty le tdng nd tren tdng tdi san cung cd md'i ttfdng quan nghich bidn vdi hidu qua hoat dgng theo gid tri thi trtfdng ciia doanh nghiep,
Tran Thi Kim Oanh va cOng sff (2017) nghien ctJu tdc ddng cua cd'u tnic vd'n den hieu qua hoat ddng ctia doanh nghiep, thdng qua phdn tich so lieu ciia 60 doanh nghiep nganh cdng nghiep che bien niem yet tren Sd Giao dich Chtfng khodn TP. Hd Chi Minh giai doan 2009-2015 vdi ky thuat xff Iy dff hdu bang va hdi quy phan vi. Ket qua nghien cda cho tha'y, hieu qua hoat ddng ciia doanh nghiepchiusfftdcdgngcuaca'u true, cd cd'u tai san, thue thu nhdp doanh nghiep, rui ro kinh doanh va kha nang thanh todn vdi mffc do tac dpng khac nhau.
Le Thi My Phffdng (2017) ddnh gia tdc dOng cua cd'u tnic vdn den hieu qua hoat dpng ciia cdc doanb nghiep nganh ddu khi niem ydt ttdn thi hiidng chiftig khodn.
Nghien ctfu sff dung dff lieu bdng cho giai doan 5 nam va 30 doanh nghiep dffdc nidm yet. Cdc ket qua cuamd hinh hdi quy cho tha'y, tdn tai mdt md'i quan he hen ket va mdi quan he tieu ctfe ddng ke gitfa ty Ie nd tren vd'n chu sd hiJu vdi hieu qua boat dpng khi do Itfdng bang ROE.
Biii Thi Thu Loan (2018) nghien ctfu lac ddng ca'u true vdn de'n stf phat tridn cua cdc doanh nghiep mdi thanh lap, nghien cffu trtfdng hdp cac doanh nghiep tren dia ban TP. Ha Noi. Kel qua nghien cffu cho tha'y, ldc ddng thuan chieu cua cau true vd'n den hieu qua kinb
doanh va tang trtfdng cua cac doanh nghiep mdi thanh lap va viec sff dung mffc nd cao trong giai doan khdi stf khong phai la nguyen nhan gdy ra nii ro pha san.
Phuang phdp nghiin cda Nhdra tdc gid tien hdnh nghien cffu vdi so' mdu quan sat la 205 DNNVV tren dia bdn tmh Thai Nguyen trong giai doan 2013-2017, vdi tdng 1.025 quan sdt.
Bdi vidt sff dung dtf heu bang (panel data) can ddi dtfdc hdi quy theo 4 phffdng phap: (Binh phtfdng nho nha't) Pooled OLS; FEM (anh htfdng cd dinh); REM (anh htfdng ngdu nhien); va FEM vdi sai sd' chuan manh theo nhdm. Dd xet xem phtfdng phdp hdi quy nao la phu hdp nha't trong 4 phtfdng phdp tren, nghien ctfu sff dung kiem dinh Hausman.
Can etf vdo cdc nghien cffu thtfc nghiem trtfdc day, md hinh hdi quy da bie'n dtfdc sff dung de nghien cffu lac dgng ciia cd'u true vd'n den hieu qua boat ddng kmh doanh ciia DNNVV tren dia bdn tinh Thdi Nguyen nhtf sau:
Performance^^ = ^„ + /3,LEV^^ + P^Siz.e^^
+ PfTang^^ + 'pprowth^^ +- 'PJiisk^^ i PJ^iquid^^-\- u.^
Trong dd:
- Bien phu thudc: Hieu qua hoat dgng kinh doanh cua DNNVV dtfdc do Itfdng bang ROA^,, ROE,^.
ROA^^: Ldi nhudn trtfdc thud va Iai vay/tdng tai san.
ROE^: Ldi nhudn sau thu^vdn chu sdhiJLi.
- Bien dgc lap:
LEV^^: do Itfdng bang tdng nd/tdng tdi san.
-Bidn kiem sodt:
Sire^^: Quy md doanh nghiep, do bang logarit tdng tdi sdn.
Tang^^: Tdi sdn hffu hinh dtfdc do bang ty so' cua tai san cd dinh htJu hinh trdn tdng tai san cua doanh nghiep.
Growth^i: Td'e do tang trtfdng ciia tdng tdi sdn, do Itfdng bang to'c dong tang trtfdng cua long tai san bang nam.
Risk^: Bien riii ro kinh doanh dtfdc do Itfdng thong qua do Idch chuan cua ldi nhuan \nSdc thue trong 5 ndm (2013-2017).
Liquid^^: Thanh khoan dtfdc do bang tai san ngdn han chia cho nd ngdn han.
e^^; Sai so'cua md hinh.
i: la doanh nghiep thff i; t: la nam thff t.
KET QUA NGHIEN CU'U Ket qua hdi quy sff dung 4 phtfdng phdp tfdc Itfdng la Pooled OLS: FEM,
54
REM; va FEM vdi sai sd chuan manh theo nhdm cho 1.025 quan sdt bang phan mem Stata dtfdc trinh bdy tai Bang 1, Bang 2.
Qua viec sff dung phdn mem Stata da cho ke't qua tfdc Itfdng tac ddng ciia cd'u trtfc vd'n den hieu qua boat dgng kinh doanh theo phtfdng phdp Pooled OLS, FEM, REM, FEM vdi sai sd chuin manh theo nhdm. Cac phtfdng phap khac nhau nen ket qua tfdc Itfdng ciia ttfng md hinh cung khde nhau. Neu dtfa vao ke't qua nay thi rat khd de liJa chpn dtfdc md Mnh phil hdp vdi muc deu ciia bai vid^t.
Do dd, mgt so' kidm dinh lien quan den viec ltfa chgn va sff dung md hinh nghien ctJu dtfdc sff dung nhff sau:
Kiem dinh lUa chgn md hinh Md hinh dd'i vdi bie'n phu thuge ROA Sff dung kiem dinh LM (nhdn tff Lagrange) dffdc thffc hien de ltfa chgn giffa md hinh REM va Pooled OLS, cho ke't qua Prob > chibar 2 = 1,000 > 0,05. Nhtf vay, khdng tdn lai hieu ffng mang, chgn md hinh Pooled OLS phii hdp hdn REM.
Kidm dinh Wald dffdc thffc hien de Itfa chpn gitfa md hinh FEM va Pooled OLS, ta cd Prob > chi 2 = 0,000 < 0,05.
Nhtf vay, tdn tai hieu ffng mang, chpn mo hinh FEM phu hdp hdn OLS.
Bang phtfdng phap kiem dinh Hausman dtfdc thtfc hien de chpn stf phu hdp giffa md hinh FEM va REM, cd dtfdc gid tri Prob>chi2= 0,0445<0,05 nen lifa chon md hinh FEM.
Md hinh ddi vdi bii'n phu thuge ROE:
thtfc hien 3 kiem dinh ttfdng ttf trdn cho kdt qua Id Itfa chpn md hinh FEM.
Kiem dinh khuye't tdt cua mo hinh FEM (Hien tugng phuang sai sai sdthay doi)
Tien hdnh kidm dinh Bureuch-Pangan hien ttfdng phtfdng sai .sai sd thay ddi trong md hinh hieu tfng co' dinh (FEM) cd dtfdc gid tri Prob>chibar2=0,000 cho thd'y, md hinh FEM da xay ra hien ttfdng phtfdng sai sai so' thay ddi. Mac du md hinh ton tai hidn ttfdng phtfdng sai sai so"
thay ddi vdn cd the cho hd so' tfdc Itfdng dn cdy, nhtfng cdc sai so' chud'n cua he so' khdng cdn nhd nhd't, se ldm cho cdc gid tri thdng ke giam y nghTa tbd'ng ke.
De khac phuc hien ttfdng nay, nhdm ldc gia sff dung phtfdng phdp hdi quy vdi sai so' chuan manh theo nhdm dd phdn tich tdc ddng cua cd'u true vdn ddn hieu qua hoat ddng kinh doanh cua cac DNNVV tren dia bdn linh Thdi Nguydn (the hien ket qua d Bang 1, Bang 2).
BANG 1: KET QUA DO LCfONG T A C DONG COA CAC TRUC VOU DEM Hlfia QUA HOAT DQMG KINH DOAMH <ROA) CQA CAC DNNVV
TREN DIA BAN TINH THAI NGUYEN
Big'n d$c ]|p ^"~"--.^^
He so chan LEV LnSize Tang Growth Risli Liquid He so xdc dmh boi hieu chinh Cm) Gid tri kiem dinh
Pooled OLS
0,2283 -0,8580*^1^*
0,0371 *^
0,7109***
O,J033^^*^
-0,0050**^- 0.1352***
0.9 J F= 1.772.49
FEM
0,0817 -0,8668***
0,0438**
0,7069***
0,1040*"*
-0,0050**'^
0.1339***
0.91 F= 1.455,34
REM
0,2283 -0,8580"**
0,0371**
0,7109^^**
0,1033***
-0,0050***
0,1352***
0.91 Wald =1.063,94
FEM vdi sai so chu^n m^nh
theo nliom 0,0817 -0,8668***
0,0438**
0,7069***
0,1040***
-0,0050***
0,1339***
0,91 F=307,52 hi chii: * **, ***• Titcfng iing vdi mifc y nghTa nho hon 10%, 5%, !%.
BANG 2: KET QuA DO LddNG TAC DQNG CUA CAU TRUC VON DEN HIEU QuA HOAT DQNG KINH DOANH (ROE) CUA CAC DNNVV
TREN DIA BAN TINH THAI NGUYEN
^~^^,^^^Phtf(mg phap
^^-.JiSiquy Bi^ndScISD ^ ~ ~ \
He 1,0 chan LEV LnSize Tails Gmwth Risk Liquid He so xdc dmh boi hieu Gid tri kiem dinh
Pooled OLS -3,3142=*^*-^
1,9983"*- 0,1023***
2.8777***
0,8516***
-0,0095^ **
0.1178^**
0.8S F= 1.279.26
FEM -3.6639***
1,8331***
0,1213***
2,8500***
0,8490***
-0,0092***
0,1192***
0.89 F= 1075.65
REM -3.3438*'=*
1,9851*'^*
0,1039***
2,87 i***
0,8514***
-0,0095^ **
0,1179***
0.89 Wald =7.725.45
FEM vd^i sai s3' chiid^n manli
theo nhom -3,6639**
1.8331***
0.1213***
2,850***
0,8490***
-0,0092***
0,1192***
0.89 F=147,59 Ghi chu: *, '• ^**.- Tuang itng vdl miicy nghta nha hdn 10%, 5%. IVt
riguon Tong hdp cua nhorn tac Q\a tU pha Ttf ket qua hoi quy trong Bang 1 cho tbd'y, cd dd'n 91% stf tbay ddi hieu qua boat ddng kinh doanh cua cac DNNVV hen dia bdn tinh Thdi Nguyen Id do cdc nhdn to' cd trong md hinh quye't dinh. Thd'ng ke F = 307,52, p<a=0,01 bdc bd gia thuyet td't cd cdc he so' tfdc Itfdng trong md hinh hoi quy bang 0. Do dd, ket qua md hinh hoi quy dtfdc xem Id ttfdng dd'i phu hdp, 6 bie'n trong md hinh cd y nghia thd'ng ke.
Ttf ke't qua hoi quy cho thd'y, cd'u true vd'n cua doanh nghiep (dtfdc do bang td'ng nd/tdng tdi san) cd quan hd ngtfdc chieu vdi hidu qua kinh doanh do bang ROA va cd y nghia thd'ng ke vdi mtfc y nghia 1%.
Ket qua hdi quy tai Bang 2 cho tha'y, cd dd'n 89%
stf thay ddi hieu qua hoat dpng kinb doanh cua cac DNNVV tren dia ban tmh Thai Nguyen la do cac nhdn td'cd trong md hinh quye'l djnh. Thd'ng ke F= 147,59, p<a=0,01 bdc bd gia thuye't td't ca cac he so' tfdc Itfdng trong mo hinh hdi quy bdng 0. Do do, ke't qua md hinh hot quy dtfdc xem la ttfdng dd'i phu hdp, 6 bie'n trong md hinh cd y nghia thd'ng kd.
Ttf ket qua hoi quy cho thd'y, cd'u Iriic vd'n ciia doanh nghiep (dtfdc do bang tdng nd/tdng lai san) cd quan he
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cung chieu vdi hidu qua kinh doanh do bang ROE va cd y nghTa thd'ng ke vdi mtfc y nghia 1 %.
Ke't qua tff Bang 1 vd Bang 2 cung cho thd'y, quy md cua doanh nghiep, tai san hffu hinh, tdng trtfdng, thanb khoan cua doanh nghidp cd mdi quan he cung chieu vd cd y nghia thd'ng ke vdi hieu qua kinh doanh dtfdc do bang ROA, ROE. Rui ro kinh doanh cd quan he ngtfdc chieu vdi ROA, ROE.
KET LUAN VA MOT SO DE XUAT
Ket qua nghien ctfu cho tha'y, cd s\X tdc dpng cua ca'u bruc vdn de'n hieu qua kinh doanh cua cac DNNVV tren dia ban tinh Thdi Nguyen trong giai doan 2013- 2017. Cu the, mpt sdva'n de chinh dd dtfdc xac dinh vd phdn tich nhtf sau;
Thff nhd't, nghien cihi da phdt hien ra md hinh Pooled OLS, FEM, REM xay ra hien ttfdng phtfdng sai cua sai sd' thay ddi vd de xua't sff dung phtfdng phap hdi quy vdi sai s6' chud'n manh theo nhdra dd khac phiic han chd' cd the lara giam y nghia thd'ng ke.
Thff hai, khi phan tich tdc ddng cua cd'u trdc vd'n de'n hieu qud kinh doanh cua cdc DNNVV tren dia ban tinh Thdi Nguyen, nghien ctfu cho thd'y, cdc nhdn to^ bao gdm: cd'u true vd'n cd quan he cung chieu vdi ROE, quan he ngtfdc chidu vdi ROA; quy md doanh nghiSp, tai san hffu hinh, tang trtfdng, thanh khoan ciia DNNVV cd y nghia thd'ng ke va co md'i quan he ciing chieu vdi ROA, ROE cua doanh nghiep. Rut ro kinh doanh cd md'i quan he ngtfdc chieu vdi ROA, ROE cua doanh nghiep.
Do do, de gia tang hieu qua hoat dpng kinh doanh cffa cac doanh nghidp nay, cac cd quan hffu quan va cdc DNNVV d tinh Thai Nguyen can Itfu y radt so' vd'n de nhff sau:
Mgt la, Chinh phu, Ngan hang Nhd ntfde nen dtfa ra cdc quy dich cu thd va phu hdp ve mtfc Idi sua't, ban ratfc tin dung... vdi muc dich khong chi tao dieu kien cho
hd thd'ng ngan hang hoat ddng an todn va hidu qua, ma cdn tao dieu kien cho cdc DNNVV cd die tie'p cdn dtfdc vd'n vay cua ngan hang de md rpng boat ddng san xud't, kinh doanh nham gia tang ldi nhuan.
Hai Id, cac DNNVV cd the gia tang viec sff dung nd nhdm tdng quy md vd'n cho doanh nghiep boat dpng kinh doanh, dong thdi khac phuc tinh trang thig'u vdn hien nay cua cdc doanh nghiep.
Ba Id, cac DNNVV can cd chid'n Itfdc trong viec huy dong ngudn vo'n va sff dung vd'n hdp ly de mang lai hieu qua hoat dpng kinh doanh cao cho doanh nghiep.
Bd'n la, tdng ty trpng nd trong nguon vd'n cua doanh nghiep. Dd lam dtfdc didu nay, doanh nghidp cd the tdng ctfdng sff dting cac nguon vd'n tff tin dung thtfdng mai, tin dung ngan hang. Khdng ngffng tdng nang sud't lao ddng, det kiem chi phi nham gia tang Idi nhudn cho doanh nghiep. Doanh nghiSp can tich ctfe dam phan vdi nha cung cd'p dd cd thd mua chiu hang hda, dich vu, nham giam cdc khodn vay cua ngan hdng vdi lai sua't cao, dong thdi tim kiem cac ngudn vd'n tdi trd mdi vdi chi phi tha'p va tinh on dinh cao nhff phdt hdnh trai phid'u.
Ndm Id, ndng cao nhan thtfc cua cdc nha quan tri doanh nghidp ve tam quan trpng cua cd'u true vd'n dd'i vdi hieu qua kinh doanh cua doanh nghiep. Tang ctfdng dao tao dd nang cao trinh do cua doi ngu cdc nhd quan tri tai chinh.
Thtfdng xuyen kiem tra boat dOng sff dung vd'n, dam bao hieu qua sff dung vd'n dtfdc ndng cao de gidm thieu rui ro trong kinh doanh cua doanh nghiep.Q
_TAILIEUTHA1VLKHA0_
1. Biii Thi Thu Loan (2018). Tde dgng cda cd'u triic vd'n ddi vdi sU phdt trien cua cdc doanh nghiip mdi thdnh ldp: Nghiin cffu trUdng hcfp cdc doanh nghiip trin dia bdn thdnh phd' Hd Ndi, Luan dn tien sy kinh te', Trtfdng Dai hpc Kinh te'Qud'c ddn
2 Tran Thi Kim Oanh va cdng stf (2017). Ca'u trdc vdn va hidu qua hoat dpng cua doanh ngbidp nganh cdng nghiep che bie'n Viet Nam,^ Tgp chi Cdng nghe ngdn hdng, thdng 03/2017, so' 132,44-47
3. Doan Ngpc Phuc (2014). Anh htfdng cua ca'u true vdn de'n hieu qua kinh doanh cua doanh ngbidp sau cd phan hda d Viet Nam, Tgp chi Nhimg vdn deKinh ti'vd Chlnh tri the gidi, so'7(219), 72-80
4. Le Thi My Phtfdng (2017). Md'i quan hd giffa cd'u trdc vd'n vd hieu qua tdi chinh tai cac doanh nghiep san xua't, Tgp chi khoa hgc vd cdng nghi - Trudng Dgi hgc Qudng Binh, thdng 7/2017
5. Pham Thi Hdng Trang (2015). Phdn tich dnh hudng ciia cdu trdc vo'n den hiiu qud hogt dgng cda doanh nghiip ngdnh cgng nghiip chi'bien, che tgo niem yet tren Sd Giao dich Chffng khodn Thdnh pho Ho ChiMinh, Luan van tdt nghiep chuyen ngdnh lai chinh ngan hang, Trtfdng Dai hpc Kinh te'Hue
6. Abor, J. (2005). The effect of capital structure on profitability: an empirical analysis of listed firms in Ghana, Journal of Risk Finance, 6(5), 438-445
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Evidence from the United States, International Journal of Management, 28(4)
