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MINISTRY OF EDUCATION STATE BANK OF VIETNAM AND TRAINING HOCHIMINH UNIVERSITY OF BANKING NGUYEN THI MINH NGUYET THE IMPACT OF CAPITAL STRUCTURE ON THE PERFORMANCE OF VIETNAMESE COMMERCIAL BANKS BACHEL[.]
MINISTRY OF EDUCATION STATE BANK OF VIETNAM AND TRAINING HOCHIMINH UNIVERSITY OF BANKING NGUYEN THI MINH NGUYET THE IMPACT OF CAPITAL STRUCTURE ON THE PERFORMANCE OF VIETNAMESE COMMERCIAL BANKS BACHELOR’S DISSERTATION SPECIALIZATION: FINANCE – BANKING CODE: 7340201 HO CHI MINH CITY, 2022 MINISTRY OF EDUCATION STATE BANK OF VIETNAM AND TRAINING HOCHIMINH UNIVERSITY OF BANKING NGUYEN THI MINH NGUYET THE IMPACT OF CAPITAL STRUCTURE ON THE PERFORMANCE OF VIETNAMESE COMMERCIAL BANKS BACHELOR’S DISSERTATION SPECIALIZATION: FINANCE – BANKING CODE: 7340201 INSTRUCTOR PhD VUONG THI HUONG GIANG HO CHI MINH CITY, 2022 i ABSTRACT Summary: Recognizing the importance of capital structure to the business success of banks in general, and commercial banks in particular As a result, the author decided to research "The Impact of Capital Structure on the Performance of Vietnamese Commercial Banks." The study investigates the degree and direction of influence of internal and external factors on commercial bank performance, typically, Capitalization, Size, Loan, Deposit, bank growth, Liquidity, Tangibility, Gross Domestic Product, and Inflation on the performance of Vietnamese Commercial banks (ROE, ROA) The topic's research sample covers 31 commercial banks operating in the Vietnamese market from 2012 to 2021 Using secondary data gathered from audited financial statements of banks available on each bank's official website Following the essay, the researchers applied the following regression methods: Pooled OLS (Pooled Ordinary Least Squares), REM (Random Effect Model), FEM (Fixed Effects Model), and GLS (Generalized Least Squares) The findings indicate that capital structure has a beneficial effect on bank performance Furthermore, the study discovered a significant positive association between the bank’s capitalization, the bank's size, loan ratio, and growth rate on its performance via two metrics, including the ratio of return on equity and return on total assets, while the deposit rate, gross domestic product, and inflation have negative effects According to the study, banks should consider raising equity capital to improve operational efficiency and boost financial capability Keywords: Capital Structure, Performance, Vietnamese commercial banks ii ASSURANCE LETTER The author of the essay has an honorary assurance of his college graduation course, specifically: My name is: Nguyen Thi Minh Nguyet Major: Finance - Banking As an HQ6 – GE05 class student, I am a member of Ho Chi Minh City Banking University's K34 high-quality training program Number of students: 050606180266 “The impact of capital structure on the performance of Vietnamese Commercial banks" is the research that I conducted under the guidance of Dr Vuong Thi Huong Giang This dissertation is my own, the content is independent, does not copy any documents, and has not been published in any previous form The figures in the tables for analysis, comments, and assessments collected from different sources are clearly and transparently stated in the reference section In addition, the dissertation also uses some comments, reviews, and figures from other authors, and other organizations have quotes and annotations of origin If I find out that there is any fraud, I take full responsibility for the content of my essay Ho Chi Minh City, 2022 Author Nguyen Thi Minh Nguyet iii THANK-YOU LETTER There is no success used to the support and assistance of others, whether more or less, directly or indirectly Since I began exploring the subject, I have received a great deal of attending great e from teachers, family, and friends I would like to express my heartfelt gratitude to the Board of Directors, departments, and faculties in general, and the teachers of the Faculty of Finance and Banking in particular, of Banking University of Ho Chi Minh City, who guided, taught, and created all favorable conditions to assist me throughout the process of studying, researching, and completing this thesis topic I would especially like to thank Ph.D Vuong Thi Huong Giang – the Lecturer, personally directed and dedicatedly advised me to carry out the first steps of studying the topic to complete the entire graduation essay Due to the limited conditions of my competence, the research topic is not immune to weaknesses during the study, therefore I look forward to getting comments from teachers and friends so that I can gain more experience and the research paper will be better developed Sincerely thank you! Ho Chi Minh City, 2022 Author Nguyen Thi Minh Nguyet iv TABLE OF CONTENTS ABSTRACT i ASSURANCE LETTER ii THANK-YOU LETTER iii LIST OF ABBREVIATIONS viii LIST OF TABLES ix LIST OF PICTURE x CHAPTER 1: INTRODUCTION 1.1 REASONABLE FOR RESEARCH 1.2 RESEARCH OBJECTIVES 1.1.1 General objective of the research 1.1.2 Specific objectives of the research 1.3 RESEARCH QUESTIONS 1.4 RESEARCH OBJECTS AND SCOPE 1.4.1 Research subjects 1.4.2 Research scope 1.5 RESEARCH METHODOLOGY 1.6 CONTRIBUTION TO THE TOPIC 1.6.1 Theoretical aspect 1.6.2 Practical aspect 1.7 RESEARCH LAYOUT CONCLUSION CHAPTER v CHAPTER LITERATURE REVIEW 2.1 THEORETICAL FOUNDATIONS OF BANK PERFORMANCE 2.1.1 Bank activities 2.1.2 Bank performance 10 2.2 THEORETICAL BASIS OF THE BANK'S CAPITAL STRUCTURE 12 2.2.1 Capital Structure 12 2.2.2 Theories of Bank capital structure 13 2.2.3 Theories of Corporate capital structure 13 2.2.4 The impact of capital structure on bank performance 16 2.3 EMPIRICAL LITERATURE REVIEW 19 2.3.1 Foreign studies 19 2.3.2 Domestic studies 22 CONCLUSION CHAPTER 31 CHAPTER 3: RESEARCH METHODOLOGY 32 3.1 DATABASE AND RESEARCH MODEL 32 3.1.1 Database 32 3.1.2 Research Model 32 3.2 RESEARCH MODEL 34 3.2.1 Dependent variable 34 3.2.2 Independent variables 34 3.3 RESEARCH DATA SOURCE 42 3.4 RESEARCH METHODS 43 vi 3.4.1 Qualitative research methods 43 3.4.2 Quantitative research methods 43 CONCLUSION CHAPTER 49 CHAPTER 4: ANALYSIS AND RESEARCH RESULTS 50 4.1 DESCRIPTIVE STATISTICS 50 4.2 CORRELATION ANALYSIS 58 4.3 MODEL SELECTION 59 4.3.1 Data regression model results 59 4.3.2 Accreditation model selection 62 4.4 TESTING DEFECTS FOR THE MODEL 63 4.4.1 Multicollinearity phenomenon test 63 4.4.2 Autocorrelation test for ROA and ROE 64 4.4.3 Heteroscedasticity test for ROA and ROE 65 4.5 CORRECTION OF DEFECTS 65 CONCLUSION CHAPTER 74 CHAPTER 5: CONCLUSIONS AND RECOMMENDATIONS 75 5.1 CONCLUSION 75 5.2 RECOMMENDATIONS 79 5.2.1 For Commercial Banks 79 5.2.2 For state leaders 81 5.3 LIMITATIONS OF STUDY 81 CONCLUSION CHAPTER 83 vii REFERENCES APPENDIX viii LIST OF ABBREVIATIONS OLS Ordinary Least Square GLS Generalized Least Squares FEM Fixed Effects Model REM Random Effect Model GMM Generalized Methods of Moments ROA Return on total Assets ROE Return on total Equity CAP The ratio of Equity to total Capital SIZE Bank size TANG Tangibility GDP Gross Domestic Product LIQ Liquidity INF Inflation VIF Variance Inflation Factor PROB P-value ... investigate the impact of capital structure on bank performance, so the author focuses on the topic "The impact of capital structure on the performance of Vietnamese Commercial banks" The study''s... strucutre on the performance of Vietnamese commercial banks during the period 2012 - 2021? Secondly, the degree of influence of capital structure on the performance of the Vietnamese commercial banks. .. 8 CONCLUSION CHAPTER Chapter of the dissertation course presents the reasons for choosing the topic of study of the effect of capital structure on the performance of commercial banks From there,