tailieunhanh - Investigating factors affecting capital structure of equitized state owned enterprises in Ho Chi Minh city
Using panel data along with the application of Pooled OLS, FEM, and REM estimates, this study conducts an investigation into the effects of a series of factors, namely state ownership, size, tangible assets, growth, return on assets (ROA), effective tax rate, and liquidity, on capital structure of 165 HCMC-based equitized state-owned enterprises (SOEs), categorized into three groups over the 2008–2012 period. | 92 Tran Thi Thuy Linh / Journal of Economic Development. 22(4), 92-116 Investigating Factors Affecting Capital Structure of Equitized State-Owned Enterprises in Ho Chi Minh City TRAN THI THUY LINH University of Economics HCMC – linhtcdn@ ARTICLE INFO ABSTRACT Article history: Using panel data along with the application of Pooled OLS, FEM, and REM estimates, this study conducts an investigation into the effects of a series of factors, namely state ownership, size, tangible assets, growth, return on assets (ROA), effective tax rate, and liquidity, on capital structure of 165 HCMC-based equitized state-owned enterprises (SOEs), categorized into three groups over the 2008–2012 period. As suggested by the findings, tangible assets, ROA, and liquidity are negatively related to leverage ratio and short-term debt ratio for the three groups of enterprises. In terms of firm size, there exists a positive correlation with leverage ratio and short-term debt ratio for Group 1 and 2 but a negative correlation with short-term debt ratio for the case of Group 3. Received: Aug. 27 2014 Received in revised form: Jan. 30 2015 Accepted: Sep. 15 2015 Keywords: Capital structure, state ownership, financial leverage, equitized SOEs. Tran Thi Thuy Linh / Journal of Economic Development. 22(4), 92-116 93 1. Introduction As one of the most common measures during the process of restructuring state-owned enterprises (hereafter referred to as SOEs), equitization is believed to promote high economic efficiency, foster the diversification of ownership, thereby changing capital structure as well as uplifting capital efficiency among SOEs. Decision No. 929/QD-TTg issued by the Government on July 17, 2012, approved the scheme on restructuring SOEs with a focus on economic groups and state-owned corporations between 2011 and 2015. As planned by 2015, there are 531 enterprises equitized, 25 merged/acquired, 10 sold, and 16 dissolved and/or bankrupted. The reform progress, however,
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