越南中小企业的财务杠杆与绩效:来自后危机时期的证据

IF 0.9 Q3 ECONOMICS

Economics and Business Letters Pub Date : 2021-01-01 DOI:10.17811/ebl.10.3.2021.229-239

Tung Bui, H. Nguyen, V. Ngo

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引用次数: 4

摘要

本研究考察了资本结构与公司绩效之间的联系(以ROA和ROE衡量)，重点研究了危机后时期(2008-2016年)越南中小企业的大样本。各种面板数据模型的实证结果证实了债务融资与企业盈利能力之间的非线性关系。这种关系呈倒u形。企业盈利能力只有在杠杆达到一定水平时才会增加。当负债率过高时，企业绩效开始下降。这些结果突出了财务困境成本在中小企业债务融资中的作用。此外，本文还证实了国有企业与民营企业之间的异质性。本文还讨论了政策影响。

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Financial leverage and performance of SMEs in Vietnam: Evidence from the post-crisis period

This study examines the link between capital structure and firm performance (measured by ROA and ROE), focusing on a large sample of SMEs in Vietnam during the postcrisis period (2008-2016). Empirical results from various panel data models confirm the nonlinear relationship between debt financing and firm profitability. This relationship takes the form of an inverted-U shape. Firm profitability only increases to a certain level of leverage. When the debt ratio becomes too high, firm performance starts to decrease. These results highlight the role of financial distress costs in debt financing for SMEs. Furthermore, the paper also confirms the heterogeneity between state-owned firms and private ones. Policy implications are also discussed.

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来源期刊

Economics and Business Letters ECONOMICS-

CiteScore

1.80

自引率

11.10%

发文量

期刊介绍： Economics and Business Letters is an open access journal that publishes both theoretical and empirical quality original papers in all economics and business fields. In addition, relevant discussions on current policy issues will be considered for the Policy Watch section. As general strategy of EBL, the journal will launch calls for papers for special issues on topics of interest, generally with invited guest editors. The maximum length of the letters is limited to 2,500 words.