tailieunhanh - Factors affecting the financial structure of manufacturers listed in Hồ Chí Minh stock exchange

The paper identifies these factors and introduces a model for measuring their influential level. The research was empirically conducted in 55 enterprises of the manufacturing industry (hereinafter referred to as manufacturers) in Vietnam in the period 2007-2011. | 102 | Võ Thị Thúy Anh & Bùi Phan Nhã Khanh Factors Affecting the Financial Structure Factors Affecting the Financial Structure of Manufacturers Listed in Hochiminh Stock Exchange VÕ THỊ THÚY ANH Doctor of Philosophy, Đà Nẵng University of Economics Email: vothuyanh@ BÙI PHAN NHÃ KHANH Đà Nẵng University of Economics ABSTRACT Corporate financial structure and its influential factors have attracted attention of numerous researchers and chief financial officers. The paper identifies these factors and introduces a model for measuring their influential level. The research was empirically conducted in 55 enterprises of the manufacturing industry (hereinafter referred to as manufacturers) in Vietnam in the period 2007-2011. The results show that manufacturers have a tendency to take out huge short-term loans and use them to finance fixed assets. The corporate size, the liquidity ratio, and an increment of fixed assets positively affect the debt ratio, whereas the business performance has negative effects. Therefore, the government and the SBV should develop facilitative policies to enable manufacturers, especially small and medium-sized ones with good performance, to mobilize capital on the stock market, and access medium and longterm loans of commercial banks. Keywords: corporate financial structure, manufacturers, influential factors UEH-JED October 2012 |103 1. PROBLEM A reasonable financial structure is very crucial in that it not only assures the sufficient liquidity but also utilizes positive impacts of the financial leverage to enhance the enterprise’s value. In the past decade, there have been numerous researches on the financial structure and related influential factors. Specifically, Nguyễn Ngọc Vũ (2003) focuses on listed enterprises; Trần Đình Khôi Nguyên and Ramachandram (2006) researched the case of small and medium-sized enterprises. Yet, empirical results are usually inconsistent depending on the scope of study and ways of estimating

• Tài chính doanh nghiệp
• Corporate financial structure
• Manufacturers listed
• Influential factors
• Hồ Chí Minh stock exchange
• Stock exchange market
• Exchange rate
• Interest rate
• Stock return
• Vietnam stock market
• Interest rate on stock return
• Impact of exchange rate
• Diaspora remittances at nairobi securities exchange
• Stock market development at nairobi securities exchange
• The Error Correction Term
• Foreign Investor Participation
• Stock Market Development and Nairobi Securities Exchange
• Stock market
• Stock index
• Stock exchange
• Securities market in Vietnam
• Stock market index
• Dissertation abstract Accounting
• Information of exchange rate differences
• Financial statements on the stock price
• Non fianancal joint stock companies listed
• Vietnam’s stock market
• Stock market volatilities
• Exchange rates
• Financial markets
• Granger causality block exogeneity wald test
• Variance decomposition analysis
• Oil prices
• Gold market
• Evidence from Pakistan stock exchange
• Volatility shifts
• Spillover effects
• Bond market
• Liquidity stock
• Listed stocks
• Micro factors
• Ho Chi Minh Stock Exchange
• Financial market
• Stock market liquidity
• HCMC stock exchange
• Market risk
• Stock prices
• VN Index
• Doctoral dissertation in Finance
• Performance of exchange
• Traded funds tracking
• Tracking Vietnam stock market
• The impact of accounting disclosures on individual investors’ decision making
• The Vietnam stock market
• Vietnam Stock Exchange
• Accounting information groups
• The investors' decision making
• Stock market development
• Business cycle and risk
• Tehran Stock Exchange
• Market development Banks
• Financial market development
• market making
• price fluctuation
• Picking Strategies
• Day of the week
• Zimbabwe stock exchange
• Efficient market hypothesis
• Overall stock market returns
• Establish whether returns
• Price to earnings
• Price to book value
• Market sensitivity to index
• Book to market equity ratio
• Herding behavior
• Sectorial level
• Hanoi stock exchange
• Emerging market
• Macroeconomic factors
• Market factors
• Real estate companies
• Vietnamese stock market
• Capital structure
• Financial leverage on performance
• Listed firms in Ho Chi Minh
• Business financial performance
• Crude oil
• Stock market returns
• CO integration
• Variance decomposition
• State control
• Foreign investment
• State control of Vietnamese stock market
• Economic development
• concept of the stock
• financial
• stock
• bonds
• Rate of return
• On effects of macroeconomic
• Independent directors
• Firm profitability
• Corporate operating performance
• Ho Chi Minh City Stock Exchange
• Conditional volatility
• Exchange rate
• Monetary policy