Reassessing theories of capital structure: Empirical insights from companies listed in Vietnam

IF 0.9 Q3 BUSINESS, FINANCE
Ya Dai, Liang Guo, Chang Guo, Hongxian Zhang
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引用次数: 0

Abstract

Over the past decade, the Vietnamese capital market has undergone a remarkable transformation, with a significant focus on its stock market that has displayed substantial expansion since 2012. This research delves into the impact of this market progression on the choices pertaining to capital structure made by companies listed in Vietnam. By analyzing a range of trade-off and pecking order models and amalgamating them into a unified regression framework, we gauge their capacity to elucidate these decisions. Our study outcomes unveil that the trade-off theory offers a more robust rationale for the capital structure determinations of Vietnamese companies, particularly during the post-2012 period. Furthermore, we observe a notable increase in the pace of leverage adjustments made by Vietnamese companies post-2012. Subsequent analysis indicates that this acceleration is primarily driven by overleveraged firms, as opposed to underleveraged ones. This study contributes valuable insights into the relationship between capital market development and capital structure choices within the Vietnamese context. It offers important implications for policymakers, investors, and corporate decision-makers seeking to better understand and navigate the evolving dynamics of the Vietnamese capital market.

重新评估资本结构理论:越南上市公司的经验启示
在过去十年中,越南资本市场经历了显著的转型,其股票市场自 2012 年以来呈现出大幅扩张的态势。本研究探讨了市场发展对越南上市公司资本结构选择的影响。通过分析一系列权衡模型和啄食顺序模型,并将它们整合到一个统一的回归框架中,我们衡量了它们对这些决策的阐释能力。我们的研究结果表明,权衡理论为越南公司的资本结构决策提供了更有力的理论依据,尤其是在 2012 年之后的时期。此外,我们观察到 2012 年后越南企业调整杠杆率的步伐明显加快。随后的分析表明,这种加速主要是由杠杆率过高的公司推动的,而不是杠杆率过低的公司。本研究对越南资本市场发展与资本结构选择之间的关系提出了宝贵的见解。它为政策制定者、投资者和企业决策者更好地了解和驾驭越南资本市场不断变化的动态提供了重要启示。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
2.30
自引率
7.10%
发文量
69
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