Tài liệu hạn chế xem trước, để xem đầy đủ mời bạn chọn Tải xuống
1
/ 104 trang
THÔNG TIN TÀI LIỆU
Nội dung
MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HOCHIMINH CITY t to o0o - ng hi ep w n lo ad ju y th yi pl VĂNG NGUYỄN PHƯƠNG THẢO n ua al n va ll fu DETERMINANTS OF CAPITAL STRUCTURE m oi EVIDENCE FROM LISTED COMPANIES ON nh at HOCHIMINH STOCK EXCHANGE z z k jm ht vb MASTER THESIS om l.c gm n a Lu n va y te re th Ho Chi Minh City - 2011 MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HOCHIMINH CITY t to o0o - ng hi ep w n lo ad ju y th yi VĂNG NGUYỄN PHƯƠNG THẢO pl ua al n DETERMINANTS OF CAPITAL STRUCTURE n va ll fu EVIDENCE FROM LISTED COMPANIES ON m oi HOCHIMINH STOCK EXCHANGE at nh z z MAJOR CODE : 60.31.12 k jm ht vb MAJOR: BANKING AND FINANCE om l.c gm MASTER THESIS n a Lu INSTRUCTOR : ASSOC PROF – DR PHẠM VĂN NĂNG n va y te re th Ho Chi Minh City - 2011 t to ng ACKNOWLEDGEMENT hi ep w n I would like to express my deepest gratitude to my research Instructor, Associate Professor – Doctor Pham Van Nang for his intensive support, valuable suggestions, guidance and encouragement during the course of my study lo ad My sincere gratitude are also due to Doctor Vo Xuan Vinh for his valuable feedback on the problems of the study ju y th yi I would like to express my thanks to all of my lecturers at Banking and Finance Faculty, University of Economics Hochiminh City for their teaching and guidance during my Master of Banking and Finance course pl n ua al n va Moreover, I would like to specially express my thanks to all of my classmates, my friends for their support and encouragement ll fu oi m My final and greatest thanks are sent to my family including my parents, my brothers, my husband and my baby who are the greatest encouragement for me to overcome all difficulties in my life at nh z z k jm ht vb om l.c gm n a Lu n va y te re th i t to ng ABSTRACT hi ep This thesis research the explanatory power of some of the literary theories w that have been propounded to explain variations in capital structures across firms n lo In specific, this thesis investigates capital structure determinants of firms listed on ad Hochiminh Stock Exchange based on a panel data set from 2006 to 2010 y th comprising 77 companies Main characteristic of Vietnamese firms, including ju yi firms listed on Hochiminh Stock Exchange, is short-term debt comprises a pl considerable part of firms’ total debt An analysis of determinants of leverage al ua based on total debt ratios may hide significant differences in the determinants of n long and short-term forms of debt Therefore, this thesis studies determinants of va n total debt ratios as well as determinants of short-term and long-term debt ratios fu ll The thesis consider the impact of those ratios on capital structure during period m 2006-2010 to consider whether there was any different from before, in and after oi nh the financial crisis The thesis also tests the different choice of capital structure of at eleven groups of industries And the last answer should be find out is the z z difference of capital structure of firms with different size k jm ht vb om l.c gm Keywords: Capital structure, Vietnam, HOSE n a Lu n va y te re th ii t to ng CONTENTS hi ep Acknowledgement i w Abstract ii n lo Contents .iii ad List of Tables vi y th Abbreviations vii ju yi pl CHAPTER 1: INTRODUCTION al n ua 1.1 Introduction va n 1.2 Research objectives fu ll 1.3 Research methodology oi m at nh 1.4 The structure of the research z CHAPTER 2: LITERATURE REVIEW z vb k jm ht 2.1 Introduction gm 2.2 Theoretical and Empirical Findings om l.c 2.3 Potential determinants of capital structure n a Lu 2.3.1 Profitability (PROF) 2.3.2 Firm size (SIZE) n va iii th 2.3.5 Non-debt tax shield (NDTS) 11 y 2.3.4 Growth opportunities (GRO) 10 te re 2.3.3 Assets tangibility (TANG) 10 t to ng 2.3.6 Income variability (INVAR) 12 hi ep 2.3.7 Time dummies 12 w n 2.3.8 Industry Dummies 13 lo ad 2.4 Measures of capital structure/financial leverage 13 y th ju 2.4.1 Financial leverage of firms 13 yi pl ua al 2.4.2 Decomposition of total debt into short-term and long-term debt ratios 16 n 2.5 Conclusion 19 n va ll fu CHAPTER 3: RESEARCH METHODOLOGY 21 m oi 3.1 Introduction 21 nh at 3.2 Data specifications 21 z z jm ht vb 3.2.1 Research sample description 21 3.2.2 Explanatory variables 22 k gm 3.2.3 Dependent variables 22 l.c om 3.3 Empirical model specifications 22 a Lu 3.3.1 Model 23 n n y te re 3.3.3 Model 24 va 3.3.2 Model 24 iv th CHAPTER 4: DATA ANALYSIS AND FINDINGS 26 t to ng 4.1 Introduction 26 hi ep 4.2 Descriptive statistics 26 w n 4.3 Correlation matrix of explanatory variables 29 lo ad 4.4 Results of Model 30 y th ju 4.5 Results of Model 33 yi pl ua al 4.6 Results of Model 35 n 4.7 Robustness tests 38 n va ll fu CHAPTER 5: CONCLUSION 42 m oi 5.1 Introduction 42 nh at 5.2 Conclusion 42 z z jm ht vb 5.3 Limitations 44 5.4 Recommendations 45 k gm References 47 l.c om Appendix A – Regression results of models 52 a Lu Appendix B – Research data set (2006 – 2010) 76 n n va y te re th v t to ng LIST OF TABLES hi ep w Table 2.1 Short-term vs long-term debt 17 n lo ad Table 2.2 Short-term debt ratios and firm sizes 19 y th ju Table 2.3 Long-term debt ratios and firm sizes .19 yi pl Table 3.1 Potential determinants of capital structure, corresponding measures, ua al n and expected effect on financial leverage .23 va n Table 4.1 Summary of the industry structure 27 ll fu oi m Table 4.2 Descriptive statistics of the variables used in the study for the non- nh at financial firms listed on HOSE for the period 2006 to 2010 28 z z Table 4.3 Comparative means for different size of firms 28 ht vb k jm Table 4.4 Correlation coefficients among the explanatory variables 29 l.c gm Table 4.5 The reported results of Model 31 om Table 4.6 The reported results of Model 34 a Lu Table 4.7 The reported results of Model 36 n n va Table 4.8 Results of Model : Fixed Effects versus Random Effects 39 y te re Table 4.9 Results of Model : Fixed Effects versus Random Effects 41 th vi t to ng ABBREVIATIONS hi ep w PROF Profitability Firm size n Hochiminh Stock Exchange y th HOSE lo ad ju SIZE yi Asset tangibility pl TANG Growth opportunities n ua al GRO va Non-debt tax shield INVAR Income variability TDTA Total debt to total assets SDTA Short-term debt to total assets LDTA Long-term debt to total assets n NDTS ll fu oi m at nh z z k jm ht vb om l.c gm n a Lu n va y te re th vii Determinants of Capital Structure t to ng hi CHAPTER 1: INTRODUCTION ep 1.1 Introduction w n lo One of the tough challenges that firms face is the choice of capital structure ad Capital structure decision is important because it affects the financial performance y th of the firm The capital structure of a firm is defined by Abor J (2005, p.438-45) as ju yi specific mix of debt and equity that a firm uses to finance its operations pl ua al The modern theory of capital structure was firstly established by Modigliani and n Miller (1958) Thirty-seven years later, Rajan and Zingales (1995, p 1421) stated: va “Theory has clearly made some progress on the subject We now understand the n ll fu most important departures from the Modigliani and Miller assumptions that make oi m capital structure relevant to a firm’s value However, very little is known about the empirical relevance of the different theories” Similarly, Harris and Raviv (1991, p nh at 299) in their survey of capital structure theories claimed: “The models surveyed z have identified a large number of potential determinants of capital structure The z ht vb empirical work so far has not, however, sorted out which of these are important in jm various contexts.” Thus, several conditional theories of capital structure exist (none k is universal), but very little is known about their empirical relevance Moreover, the gm existing empirical evidence is based mainly on data from developed countries (G7 om l.c countries) Findings based on data from developing countries have not appeared until recently – for example Booth et al (2001) or Huang and Song (2002) So far, a Lu no study has been published based on data from Vietnam (especially the n Hochiminh Stock Exchange (HOSE)), at least to the extent of this author’s n va knowledge The main goal of this thesis is to fill this gap, exploring the case of the te re listed firms in HOSE y chapter provides general introduction about the research objectives, research methodology and the structure of the research th The remainder of this n lo ad ju y th yi Determinants of Capital Structure pl Company 26 HAX Hang Xanh Motors Service JSC 27 HBC Hoa Binh Construction & Real Estate Corp 28 HMC 29 30 TDTA LDTA SDTA PROF SIZE TANG GRO NDTS INVAR Construction & Materials 0.4830 0.0135 0.4695 0.0923 11.1819 0.1060 1.6399 0.0273 0.1380 Transportation 0.0000 0.6866 0.2159 11.6838 0.2022 2.0810 0.1085 0.4638 0.4346 0.0679 0.3666 0.0464 11.6584 0.3204 2.1291 0.0150 0.0437 Hochiminh City Metal Corp Basis Materials 0.5778 0.0105 0.5673 0.0983 12.4474 0.3345 2.0461 0.0157 0.0888 HRC Hoa Binh Rubber JSC Basis Materials 0.1651 0.0090 0.1561 0.4244 11.4713 0.2024 7.2896 0.0979 0.1010 HTV Ha Tien Transport JSC Transportation 0.0585 0.0005 0.0580 0.2424 10.8813 0.1299 2.0909 0.1550 0.1997 31 IFS Interfood Shareholdings Co Consumer Staples 0.5457 0.0017 0.5440 0.2192 11.8797 0.2426 1.7915 0.1368 0.0469 32 IMP Imexpharm Pharmaceutical JSC Consumer Staples 0.1247 0.0012 0.1235 0.2359 11.6575 0.0780 3.9605 0.1246 0.0723 33 ITA Tan Tao Industrial Park Corp Real Estate 0.2908 0.0691 0.2217 0.1015 11.9806 0.1469 2.8975 0.0032 0.0087 34 KDC Kinh Do Corp Consumer Staples 0.1935 35 KHA Khanh Hoi Import - Export JSC Consumer Discretionary 36 KHP Khanh Hoa Power JSC Utilities 37 LAF Long An Food Processing & Export JSC Consumer Staples 0.4455 38 LBM Lam Dong Building Materials JSC Construction & Materials 0.4474 39 LGC Lu Gia Mechanical Electric JSC Industrials 0.6940 0.2020 40 MCP My Chau Printing & Packaging Holdings Co Basis Materials 0.7153 0.2245 41 MCV Cavico Vietnam Mining & Contrucstion JSC Industrials 0.7048 0.1239 42 MHC Hanoi Maritime Holding Co Transportation 0.4905 43 NAV Nam Viet JSC Construction & Materials 44 NSC National Seed JSC Consumer Staples 45 PAC Dry Cell & Storage Battery JSC 46 PGC 47 PJT 48 49 m ll fu 0.6866 Construction & Materials oi Ha Noi Post Construction & Installation Co n HAS Industry va 25 n ua al Ticker at nh z z 0.1525 0.1198 12.0928 0.1426 3.1659 0.0473 0.0134 0.0996 0.2445 0.0828 10.8740 0.0576 1.4463 0.0365 0.1147 0.5423 0.1622 0.3801 0.7958 11.8802 0.4316 2.0242 0.6968 0.0877 0.0033 0.4422 0.2555 11.7970 0.1200 2.3343 0.1032 0.2526 0.1480 0.2994 2.5280 10.7604 0.2782 1.9550 0.2461 0.3793 0.4920 0.0364 10.7703 0.6189 1.8689 0.0200 0.1521 k jm ht vb 0.0410 0.3441 l.c gm 0.4908 11.2202 0.3614 1.2932 0.3515 0.1812 0.2862 11.1056 0.2873 1.2287 0.2427 0.1491 0.1636 0.3269 0.5796 11.3844 0.4928 2.2223 0.4372 0.1516 0.3724 0.0008 0.3716 0.3429 11.3273 0.1397 5.1867 0.1423 0.2868 0.3987 0.0102 0.3885 0.1720 11.1699 0.0981 1.9555 0.0586 0.3451 Industrials 0.5576 0.0043 0.5533 0.4394 0.1495 2.4023 0.3213 0.0929 Gas Petrolimex JSC Utilities 0.3509 0.0748 0.2760 0.2189 12.1751 0.2213 1.8335 0.1547 0.0488 Petrolimex JS Tanker Co Oil/Gas 0.5757 0.0016 0.5741 0.2059 11.8650 0.2156 2.4529 0.1022 0.3172 PNC Phuong Nam Cultural JSC Consumer Discretionary 0.4214 0.0121 0.4093 0.1806 11.3348 0.1576 1.5304 0.1313 0.1885 PVD Petrovietnam Drilling & Well Services JSC Oil/Gas 0.4547 0.2994 0.1552 0.1851 12.4375 4.3211 0.0512 0.0095 om 0.4039 0.5809 an Lu va 11.9956 n y te re ac th 0.5854 si eg cd 81 jg hg n lo ad ju y th yi Determinants of Capital Structure pl Company n ua al Ticker Industry SAM Saigon Cables & Telecommunications Material JSC 53 SAV Savimex Economic Cooperation and Imp.-Exp JSC 54 SCD 55 56 GRO NDTS INVAR 0.2627 11.8968 0.1861 1.9196 0.1957 0.0512 0.2198 0.0361 0.1837 0.1416 11.9980 0.0186 2.9452 0.0060 0.0142 Industrials 0.2096 0.0020 0.2077 0.1435 12.2313 0.0413 2.6355 0.0714 0.0134 Consumer Discretionary 0.4625 0.0122 0.4503 0.1174 11.6642 0.1068 1.4027 0.0773 0.0768 Chuong Duong Beverages Co Consumer Staples 0.2182 0.0095 0.2087 0.3566 11.3810 0.1738 2.3980 0.1874 0.2637 SFC Saigon Fuel JSC Oil/Gas 0.4756 0.0002 0.4753 0.2177 11.9037 0.4060 1.9111 0.1508 0.2868 SFI Sea & Air Freight International Transportation 0.7665 0.1108 0.6557 0.1550 10.9930 0.3243 1.2607 0.0450 0.1512 57 SJD Can Don Hydroelectric JSC Utilities 0.7206 0.5965 0.1241 0.3985 11.3834 0.9382 1.5567 0.1908 0.0339 58 SJS Song Da Urban & Industrial Zone Inv & Dev JSC Real Estate 0.1786 0.0207 0.1579 0.2547 11.8501 0.5158 6.6417 0.0225 0.0266 59 SMC SMC Trading Investment JSC Basis Materials 0.6547 0.0291 0.6256 0.0797 12.4771 0.0693 1.7089 0.0088 0.0722 60 SSC Southern Seed JSC Consumer Staples 0.1981 0.0442 0.1538 0.2682 11.2261 0.3252 4.2297 0.1117 0.2630 61 TAC Tuong An Vegetable Oil JSC Consumer Staples 0.5682 0.1236 0.4446 0.2956 12.4075 0.2694 3.3572 0.1466 0.0491 62 TCR Taicera Enterprise Co Construction & Materials 0.4937 0.2270 0.2666 0.3769 12.0606 0.4455 1.3218 0.3079 0.0354 63 TDH Thu Duc Housing Development Corp Construction & Materials 0.3050 0.1317 0.1733 0.1826 11.2770 0.0436 2.4188 0.0141 0.0370 64 TMS Transforwarding & Warehousing JSC Transportation 0.1531 0.0474 0.1057 0.3599 11.1310 0.5112 2.5945 0.2522 0.1928 65 TNA Thien Nam Import & Export JSC Consumer Discretionary 0.4744 0.0075 0.4670 0.0986 11.6725 0.0259 1.4885 0.0115 0.2383 66 TRI Saigon Food & Beverage JSC Consumer Staples 0.7429 0.2937 0.4492 0.0463 11.5996 0.4121 1.2546 0.0148 0.0612 67 TS4 Seafood Import Export JSC No Consumer Staples 0.2196 0.0610 0.1585 11.2391 0.5274 1.8231 0.0694 0.2853 68 TTP Tan Tien Plastic Packaging JSC Basis Materials 0.1980 0.0006 0.1974 0.5959 11.9338 0.2724 3.3787 0.4728 0.0839 69 TYA Taya Vietnam Electric Wire & Cable JSC Industrials 0.6939 0.0384 0.6555 0.1664 12.1391 0.2565 1.5691 0.1591 0.0410 70 VFC Vinafico JS Corp Transportation 0.5685 0.1178 0.4507 0.3339 11.7752 0.3777 2.1619 0.2716 0.1443 71 VID Vien Dong Paper JSC Basis Materials 0.4269 0.0905 0.3363 0.1663 re 52 TANG 0.4479 11.6441 0.2837 1.9373 0.1055 0.0953 72 VIP Vietnam Petrolium Transport JSC Oil/Gas 0.4925 0.4183 0.0742 0.3551 12.0216 0.6441 2.5704 0.2601 0.0264 73 VIS Vietnam - Italy Steel JSC Basis Materials 0.7798 0.1566 0.6232 0.1835 12.1703 0.2799 1.9767 0.1511 0.0521 74 VNM Vietnam Dairy Corp Consumer Staples 0.1978 0.0258 0.1720 0.3529 12.8245 0.3036 5.5610 0.1768 0.0076 fu at Refrigeration & Electrical Engineering Corp SIZE 0.0676 nh REE PROF 0.5155 oi 51 SDTA Industrials Multi-Scope Business and Group m ll Rang Dong Light Sources & Vacuum Flask JSC n RAL LDTA jm va 50 TDTA z z ht vb k om l.c gm Lu 0.1224 an va n y te ac th si eg cd 82 jg hg n lo ad ju y th yi Determinants of Capital Structure pl Company VSH Vinh Son Song Hinh Hydropower JSC 77 VTB Viettronics Tan Binh JSC LDTA SDTA PROF SIZE TANG GRO NDTS INVAR Basis Materials 0.4838 0.2286 0.2552 0.1517 11.2161 0.5391 1.4870 0.0859 0.2260 Utilities 0.1777 0.1277 0.0501 0.6427 11.5684 0.6565 2.7885 0.5385 0.0167 0.3528 0.0037 0.3491 0.1871 11.7138 0.0149 1.7044 0.0981 0.1231 Industrials oi m ll 76 TDTA fu Vegetable Oil Packing JSC n VPK Industry va 75 n ua al Ticker at nh z z k jm ht vb om l.c gm an Lu va n y te re ac th si eg cd 83 jg hg n lo ad ju y th yi Determinants of Capital Structure pl ua al Company va Ticker n 3/ Year 2008 Industry n TDTA LDTA SDTA PROF SIZE TANG GRO NDTS INVAR Consumer Staples 0.1115 0.0000 0.1115 Consumer Staples 0.5260 0.0349 0.4911 0.1304 11.6753 0.1281 0.5708 0.0679 0.1064 0.0912 12.0956 0.3909 0.6691 0.0592 0.0305 Consumer Staples 0.1950 0.0173 0.1778 0.2490 11.7366 0.2828 0.5515 0.2132 0.0669 ABT Ben Tre Aquaproduct Import & Export JSC AGF An Giang Fisheries Import & Export JSC BBC Bien Hoa Confectionary Corp BHS Bien Hoa Sugar JSC 0.4466 0.2613 0.1853 0.4286 11.8989 0.4711 0.9637 0.3566 0.0687 BMC Binh Dinh Minerals JSC Basis Materials 0.0579 0.0016 0.0563 0.5204 11.1145 0.5014 4.3892 0.1311 0.3123 BMP Binh Minh Plastics JSC Basis Materials 0.1372 0.0013 0.1359 0.5524 11.9199 0.3844 1.0479 0.3508 0.0726 BT6 620 Chau Thoi Concrete JSC Construction & Materials 0.4943 0.1282 0.3660 0.2020 11.9265 0.1344 1.4921 0.1294 0.0632 CII Hochiminh City Infrastructure Investment JSC Real Estate 0.5705 0.4559 0.1146 0.3718 11.3599 0.3143 1.1075 0.2991 0.0204 0.5742 0.0004 0.5737 0.9022 11.9655 0.1850 1.1035 0.7608 0.1107 0.1193 0.0196 0.0997 0.1693 12.4874 0.2986 1.0666 0.0901 0.1245 0.6304 0.3191 0.3113 0.3849 11.4364 0.4295 0.8904 0.3339 0.1243 0.1495 0.0415 0.1080 0.3602 11.2945 0.1892 0.5652 0.2345 0.1162 0.0711 0.0057 0.0654 0.2627 11.2007 0.3880 0.7034 0.1001 0.1377 0.3397 0.2129 12.1814 0.2089 2.5538 0.0788 0.0380 oi m ll fu Consumer Staples at nh z z Industrials Materials - Petrolium JSC Oil/Gas 11 CYC Chang Yih Ceramic JSC Construction & Materials 12 DCT Dong Nai Roofsheet & Construction Matarial JSC Construction & Materials 13 DHA Hoa An Stone Exploitation JSC Construction & Materials 14 DHG Hau Giang Pharmaceutical JSC Consumer Staples 0.3537 15 DIC DIC Investment & Trading JSC Construction & Materials 0.6705 0.6383 0.0912 11.8245 0.2122 0.9062 0.0427 0.1272 16 DMC Domesco Medical Import - Export JSC Consumer Staples 0.2237 0.0027 0.2210 0.2148 11.9737 0.3041 1.3417 0.0932 0.0671 17 DRC Da Nang Rubber JSC Consumer Discretionary 0.6485 0.1551 0.4933 0.7210 12.1196 0.2916 1.0691 0.6367 0.0669 18 DTT Do Thanh Technology Corp Basis Materials 0.0494 0.0002 0.0492 0.1418 11.0503 0.3995 0.5383 0.0786 0.3903 19 FMC Sao Ta Foods JSC Consumer Staples 0.5411 0.0016 0.5395 0.4662 12.0075 0.2414 0.8131 0.4295 0.1226 20 FPT The Corp for Financing & Promoting Technology Information Technology 0.5168 0.0008 0.5160 13.2156 0.1569 1.6677 0.0901 0.0067 21 GIL Binh Thanh Trading JSC Consumer Discretionary 0.1605 0.0035 0.1570 0.1467 11.6603 0.2515 0.5454 0.0432 0.1097 22 GMC Saigon Garment Manufacturing Trade JSC Consumer Discretionary 0.3938 0.0023 0.3915 0.4333 11.6281 0.7501 0.3145 0.2210 23 GMD General Forwarding & Agency Corp Transportation 0.4191 0.2247 0.1944 0.0881 y te 0.4223 12.2817 0.4689 0.8211 0.1291 0.0116 24 HAP Hai Phong Paper JSC Basis Materials 0.3547 0.1120 0.2427 0.0018 11.5065 ac th 0.6841 0.0971 0.0610 k jm gm 0.0140 l.c 0.0322 om an Cat Loi JSC COM ht CLC Lu vb 10 va 0.2926 n re 0.3726 si eg cd 84 jg hg n lo ad ju y th yi Determinants of Capital Structure pl Company n ua al Ticker Industry TANG GRO NDTS INVAR Construction & Materials 0.4047 0.0034 0.4013 0.0983 11.0537 0.0789 0.6437 0.0351 0.1545 Transportation 0.4114 0.0034 Construction & Materials 0.4927 0.0948 0.4080 0.1654 11.7519 0.2347 0.7466 0.0713 0.2356 0.3978 0.0326 11.8426 0.2174 0.7032 0.0234 0.0353 Basis Materials 0.6466 0.0008 0.6457 0.0730 12.6322 0.2436 0.9561 0.0120 0.0505 Ha Noi Post Construction & Installation Co 26 HAX Hang Xanh Motors Service JSC 27 HBC Hoa Binh Construction & Real Estate Corp 28 HMC Hochiminh City Metal Corp 29 HRC Hoa Binh Rubber JSC 0.1693 0.0093 0.1600 0.3523 11.4624 0.2271 1.2495 0.1253 0.1060 30 HTV Ha Tien Transport JSC Transportation 0.0402 0.0010 0.0392 0.2213 10.9354 0.1681 0.5138 0.1917 0.2146 31 IFS Interfood Shareholdings Co Consumer Staples 0.8419 0.0243 0.8176 (0.0383) 11.9624 0.7525 1.0230 0.1420 0.0332 32 IMP Imexpharm Pharmaceutical JSC Consumer Staples 0.1351 0.0032 0.1319 0.2567 11.7551 0.2213 1.6012 0.1380 0.0689 33 ITA Tan Tao Industrial Park Corp Real Estate 0.1901 0.0674 0.1227 0.0701 12.1332 0.0301 0.8141 0.0029 0.0072 34 KDC Kinh Do Corp Consumer Staples 0.2802 0.0577 0.2225 0.0524 12.1662 0.2511 0.8460 0.0731 0.0138 35 KHA Khanh Hoi Import - Export JSC Consumer Discretionary 0.3540 0.0123 0.3417 0.1899 11.3598 0.0808 0.7877 0.0438 0.1185 36 KHP Khanh Hoa Power JSC Utilities 0.7051 0.5346 0.1706 0.7506 11.9257 0.6259 0.9341 0.6848 0.0515 37 LAF Long An Food Processing & Export JSC Consumer Staples 0.5850 0.0016 0.5834 0.1169 11.7537 0.1313 0.8440 0.0941 0.1893 38 LBM Lam Dong Building Materials JSC Construction & Materials 0.5565 0.2627 0.2938 0.4077 11.1185 0.4433 0.8938 0.3259 0.2449 39 LGC Lu Gia Mechanical Electric JSC Industrials 0.5913 0.2379 0.0770 10.9527 0.7142 1.0992 0.0125 0.1210 40 MCP My Chau Printing & Packaging Holdings Co Basis Materials 0.3969 0.1729 0.5445 11.3182 0.4313 0.7809 0.4413 0.2007 41 MCV Cavico Vietnam Mining & Contrucstion JSC Industrials 0.5996 0.0803 0.5193 0.2927 11.1687 0.2378 0.8102 0.2580 0.1269 42 MHC Hanoi Maritime Holding Co Transportation 0.5614 0.2058 0.3556 0.3789 11.3615 0.5324 0.7961 0.3784 0.1049 43 NAV Nam Viet JSC Construction & Materials 0.3537 0.0000 0.3537 0.2958 11.2478 0.1504 0.8912 0.1709 0.2847 44 NSC National Seed JSC Consumer Staples 0.2878 0.0031 0.2847 0.1762 11.3492 0.0781 0.9260 0.0363 0.2022 45 PAC Dry Cell & Storage Battery JSC Industrials 0.3865 0.0029 0.3836 12.0940 0.1501 1.4920 0.3102 0.0812 46 PGC Gas Petrolimex JSC Utilities 0.3162 0.1240 0.1922 0.2051 12.2279 0.3233 0.6501 0.2008 0.0549 47 PJT Petrolimex JS Tanker Co Oil/Gas 0.5021 0.0014 0.5008 0.1316 11.9035 0.3841 0.9707 0.0926 0.2274 48 PNC Phuong Nam Cultural JSC Consumer Discretionary 0.5822 0.0450 0.5372 0.1277 11.4410 0.1778 0.7860 0.1075 0.1416 49 PVD Petrovietnam Drilling & Well Services JSC Oil/Gas 0.6960 0.2452 0.4508 0.1538 12.5716 1.9973 0.0462 0.0048 oi m ll fu Basis Materials nh z z k jm ht gm 0.3534 l.c 0.2240 om an HAS n 25 ac th SIZE y te PROF Lu SDTA vb LDTA at va TDTA va 0.4893 n re 0.7266 si eg cd 85 jg hg n lo ad ju y th yi Determinants of Capital Structure pl Company n ua al Ticker Industry PROF SIZE TANG GRO NDTS INVAR Industrials Multi-Scope Business and Group 0.5340 0.0000 0.5340 0.2531 11.9233 0.2292 0.7858 0.1985 0.0459 0.1951 0.0404 0.1547 (0.0462) 12.0698 0.0174 0.8414 0.0081 0.0158 Industrials 0.0309 Consumer Discretionary 0.4953 0.0002 0.0308 0.0701 12.1128 0.0828 0.4176 0.1034 0.0180 0.0215 0.4738 0.1184 11.7503 0.1143 0.7350 0.0840 0.0714 Consumer Staples 0.2592 0.0023 0.2569 0.3891 11.4385 0.1924 1.0525 0.2106 0.2404 0.3717 0.0013 0.3704 0.3546 12.0808 0.6714 1.5696 0.1887 0.3042 0.5123 0.0006 0.5116 0.1909 11.0838 0.3534 0.8528 0.0499 0.1415 0.6738 0.4519 0.2219 0.2939 11.3810 0.9381 1.0488 0.2628 0.0360 0.2782 0.0819 0.1963 0.1323 11.4971 0.6485 1.6357 0.0234 0.0258 0.6523 0.0383 0.6140 0.1373 12.6248 0.1629 0.9565 0.0269 0.0547 0.1790 0.0279 0.1511 0.3242 11.3270 0.2946 1.2298 0.1252 0.2424 0.5498 0.1142 0.4356 0.2266 12.4761 0.4013 1.2019 0.2057 0.0598 0.4787 0.3271 0.4073 12.0364 0.4933 0.7189 0.3731 0.0356 RAL Rang Dong Light Sources & Vacuum Flask JSC 51 REE Refrigeration & Electrical Engineering Corp 52 SAM Saigon Cables & Telecommunications Material JSC 53 SAV Savimex Economic Cooperation and Import-Export JSC 54 SCD Chuong Duong Beverages Co 55 SFC Saigon Fuel JSC Oil/Gas 56 SFI Sea & Air Freight International Transportation 57 SJD Can Don Hydroelectric JSC Utilities 58 SJS Song Da Urban & Industrial Zone Inv & Dev JSC Real Estate 59 SMC SMC Trading Investment JSC Basis Materials 60 SSC Southern Seed JSC Consumer Staples 61 TAC Tuong An Vegetable Oil JSC Consumer Staples 62 TCR Taicera Enterprise Co Construction & Materials 0.1517 63 TDH Thu Duc Housing Development Corp Construction & Materials 0.2873 0.1471 0.1402 0.2115 11.7841 0.0535 0.7667 0.0146 0.0287 64 TMS Transforwarding & Warehousing JSC Transportation 0.1357 0.0287 0.1070 0.4636 11.2428 0.7180 1.2523 0.3066 0.1816 65 TNA Thien Nam Import & Export JSC Consumer Discretionary 0.5240 0.0141 0.5099 0.1037 11.8501 0.0619 0.7862 0.0082 0.2016 66 TRI Saigon Food & Beverage JSC Consumer Staples 0.9894 0.2467 0.7427 (0.4138) 11.7790 0.2190 1.1678 0.0312 0.1261 67 TS4 Seafood Import Export JSC No Consumer Staples 0.3564 0.1948 0.0911 11.2635 0.6192 0.6749 0.0486 0.1680 68 TTP Tan Tien Plastic Packaging JSC Basis Materials 0.1368 0.0004 0.1364 0.7038 12.0219 0.2338 0.6663 0.5429 0.0849 69 TYA Taya Vietnam Electric Wire & Cable JSC Industrials 0.6994 0.0315 0.6680 0.4568 12.0742 0.3494 1.1470 0.2858 0.0622 70 VFC Vinafico JS Corp Transportation 0.1921 0.0431 0.1490 0.2803 11.6511 0.1927 0.6169 0.2411 0.1213 71 VID Vien Dong Paper JSC Basis Materials 0.4593 0.1023 0.3570 0.1684 11.7447 0.2516 0.8566 0.1110 0.0819 72 VIP Vietnam Petrolium Transport JSC Oil/Gas 0.4547 0.4060 0.0488 0.3932 12.0970 0.6461 0.8721 0.3410 0.0284 73 VIS Vietnam - Italy Steel JSC Basis Materials 0.6493 0.3145 0.3347 0.2950 12.2346 0.3153 1.0014 0.1468 0.0402 74 VNM Vietnam Dairy Corp Consumer Staples 0.1935 0.0305 0.1630 0.4172 12.9233 0.3246 2.6315 0.1874 0.0069 n 50 y te SDTA Lu LDTA gm va TDTA oi m ll fu at nh z z k jm ht vb om l.c 0.1616 an va n re ac th si eg cd 86 jg hg n lo ad ju y th yi Determinants of Capital Structure pl Company VSH Vinh Son Song Hinh Hydropower JSC 77 VTB Viettronics Tan Binh JSC TDTA LDTA SDTA PROF SIZE TANG GRO NDTS INVAR Basis Materials 0.5351 0.1686 0.3664 0.1434 11.2796 0.5532 0.8749 0.1225 0.2162 Utilities 0.1373 0.0906 Industrials 0.2360 0.0289 0.0466 0.7432 11.6846 0.5952 1.6876 0.5941 0.0166 0.2071 0.2271 11.3406 0.1297 0.8739 0.1295 0.1563 oi m ll 76 fu Vegetable Oil Packing JSC n VPK Industry va 75 n ua al Ticker at nh z z k jm ht vb om l.c gm an Lu va n y te re ac th si eg cd 87 jg hg n lo ad ju y th yi Determinants of Capital Structure pl ua al Company va Ticker n 4/ Year 2009 Industry n TDTA LDTA SDTA Consumer Staples 0.1798 0.0000 0.1798 Consumer Staples 0.4818 0.0068 0.4750 Consumer Staples 0.2898 0.0765 PROF SIZE TANG GRO NDTS INVAR 0.2507 11.7357 0.0977 1.2778 0.0603 0.0765 0.1278 12.1291 0.3298 0.8347 0.1129 0.0340 0.2134 0.2912 11.8007 0.0497 0.8863 0.2040 0.0558 ABT Ben Tre Aquaproduct Import & Export JSC AGF An Giang Fisheries Import & Export JSC BBC Bien Hoa Confectionary Corp BHS Bien Hoa Sugar JSC 0.5156 0.1406 0.3751 0.4216 12.0760 0.2981 1.1231 0.2767 0.0465 BMC Binh Dinh Minerals JSC Basis Materials 0.2075 0.0722 0.1353 0.3350 11.0084 0.3754 3.8780 0.1657 0.2705 BMP Binh Minh Plastics JSC Basis Materials 0.1781 0.0013 0.1769 0.6410 12.0630 0.3222 1.5596 0.2950 0.0499 BT6 620 Chau Thoi Concrete JSC Construction & Materials 0.4768 0.0606 0.4162 0.2895 11.8966 0.2072 1.2973 0.1659 0.0495 CII Hochiminh City Infrastructure Investment JSC Real Estate 0.5116 0.4257 0.0860 0.4194 11.3066 0.2617 1.6909 0.2770 0.0164 0.5910 0.0004 0.5906 0.7704 12.0607 0.0945 1.2941 0.6540 0.0875 0.2641 0.0115 0.2526 0.2515 12.4504 0.2607 1.3934 0.0723 0.0873 0.6573 0.0875 0.5697 0.3890 11.4160 0.3723 0.8885 0.3802 0.1180 0.5606 0.3288 0.2318 0.1860 11.4963 0.6794 0.9360 0.1236 0.0571 0.0821 0.0051 0.0769 0.3275 11.2847 0.4401 1.3506 0.0926 0.1180 0.3166 0.3439 12.2481 0.1557 2.3231 0.0748 0.0270 oi m ll fu Consumer Staples at nh z z Industrials Materials - Petrolium JSC Oil/Gas 11 CYC Chang Yih Ceramic JSC Construction & Materials 12 DCT Dong Nai Roofsheet & Construction Matarial JSC Construction & Materials 13 DHA Hoa An Stone Exploitation JSC Construction & Materials 14 DHG Hau Giang Pharmaceutical JSC Consumer Staples 0.3260 15 DIC DIC Investment & Trading JSC Construction & Materials 0.6858 0.6851 0.0908 11.8662 0.0733 1.1201 0.0391 0.1008 16 DMC Domesco Medical Import - Export JSC Consumer Staples 0.2931 0.0213 0.2717 0.2636 12.0302 0.3128 1.7723 0.1056 0.0579 17 DRC Da Nang Rubber JSC Consumer Discretionary 0.2886 0.0552 0.2334 1.0423 12.2684 0.2973 2.6794 0.5398 0.0524 18 DTT Do Thanh Technology Corp Basis Materials 0.0802 0.0000 0.0802 0.0996 10.9029 0.4854 0.8224 0.0874 0.3282 19 FMC Sao Ta Foods JSC Consumer Staples 0.7561 0.0009 0.7552 0.2790 11.9732 0.1380 0.9409 0.2538 0.0659 20 FPT The Corp for Financing & Promoting Technology Information Technology 0.6423 0.1839 0.4585 13.2653 0.1576 1.7333 0.0733 0.0040 21 GIL Binh Thanh Trading JSC Consumer Discretionary 0.2243 0.0030 0.2213 0.2053 11.7502 0.2841 1.0118 0.0459 0.0934 22 GMC Saigon Garment Manufacturing Trade JSC Consumer Discretionary 0.4206 0.0021 0.4185 0.5196 11.5493 1.6100 0.3188 0.1949 23 GMD General Forwarding & Agency Corp Transportation 0.4100 0.2324 0.1776 0.2166 y te 0.3383 12.2491 0.3956 1.2312 0.1368 0.0091 24 HAP Hai Phong Paper JSC Basis Materials 0.2940 0.0838 0.2102 0.1973 11.4601 ac th 0.8126 0.1194 0.0594 k jm gm 0.0094 l.c 0.0006 om an Cat Loi JSC COM ht CLC Lu vb 10 va 0.2366 n re 0.3717 si eg cd 88 jg hg n lo ad ju y th yi Determinants of Capital Structure pl Company n ua al Ticker Industry TANG GRO NDTS INVAR 0.3594 0.0034 0.3559 0.0765 10.9278 0.0918 0.8008 0.0422 0.1705 Transportation 0.4977 0.0030 Construction & Materials 0.5271 0.0310 0.4947 0.1690 12.1185 0.2050 1.0803 0.0789 0.1759 0.4960 0.0826 12.2464 0.2679 0.9110 0.0360 0.0308 Basis Materials 0.6694 0.0528 0.6166 0.0467 12.4489 0.2755 1.1147 0.0140 0.0445 Ha Noi Post Construction & Installation Co 26 HAX Hang Xanh Motors Service JSC 27 HBC Hoa Binh Construction & Real Estate Corp 28 HMC Hochiminh City Metal Corp 29 HRC Hoa Binh Rubber JSC 0.1550 0.0247 0.1303 0.2887 11.3067 0.2254 1.6245 0.1249 0.0941 30 HTV Ha Tien Transport JSC Transportation 0.0846 0.0003 0.0843 0.3282 10.9875 0.1447 1.0952 0.1975 0.1881 31 IFS Interfood Shareholdings Co Consumer Staples 0.8395 0.2180 0.6216 0.2402 12.0182 0.5809 1.2226 0.2785 0.0575 32 IMP Imexpharm Pharmaceutical JSC Consumer Staples 0.2573 0.0148 0.2425 0.2359 11.8219 0.2083 1.6042 0.1258 0.0562 33 ITA Tan Tao Industrial Park Corp Real Estate 0.3017 0.1654 0.1363 0.0743 12.1313 0.0272 1.2989 0.0034 0.0057 34 KDC Kinh Do Corp Consumer Staples 0.4161 0.0317 0.3844 0.1994 12.1873 0.1545 1.5344 0.0647 0.0097 35 KHA Khanh Hoi Import - Export JSC Consumer Discretionary 0.2457 0.0088 0.2369 0.1868 11.2619 0.0628 1.1482 0.0274 0.1072 36 KHP Khanh Hoa Power JSC Utilities 0.6940 0.3502 0.3437 0.8301 12.0112 0.5051 1.0632 0.7581 0.0484 37 LAF Long An Food Processing & Export JSC Consumer Staples 0.5101 0.0022 0.5079 0.2406 11.7230 0.1370 1.1849 0.1138 0.1908 38 LBM Lam Dong Building Materials JSC Construction & Materials 0.3441 0.1210 0.2232 0.4021 11.1824 0.4915 1.0190 0.3397 0.2076 39 LGC Lu Gia Mechanical Electric JSC Industrials 0.6295 0.2480 0.0915 11.1840 0.8030 2.1582 0.0175 0.0991 40 MCP My Chau Printing & Packaging Holdings Co Basis Materials 0.3931 0.2137 0.5956 11.2963 0.3796 0.9721 0.5153 0.2035 41 MCV Cavico Vietnam Mining & Contrucstion JSC Industrials 0.6694 0.2051 0.4643 0.2829 11.1858 0.1544 1.0359 0.2574 0.1027 42 MHC Hanoi Maritime Holding Co Transportation 0.6799 0.1855 0.4944 0.2764 11.2394 0.5623 0.9960 0.3536 0.0978 43 NAV Nam Viet JSC Construction & Materials 0.4163 0.0000 0.4163 0.2603 11.1557 0.2159 1.1293 0.1662 0.2544 44 NSC National Seed JSC Consumer Staples 0.3009 0.0025 0.2983 0.2042 11.4624 0.1608 1.5179 0.0405 0.1664 45 PAC Dry Cell & Storage Battery JSC Industrials 0.3793 0.0358 0.3435 12.1157 0.2051 2.6078 0.2619 0.0614 46 PGC Gas Petrolimex JSC Utilities 0.4421 0.1172 0.3249 0.2454 12.2194 0.2719 0.9990 0.1693 0.0409 47 PJT Petrolimex JS Tanker Co Oil/Gas 0.3050 0.0944 0.2106 0.2526 11.5291 0.4586 1.0120 0.1841 0.2931 48 PNC Phuong Nam Cultural JSC Consumer Discretionary 0.5479 0.0552 0.4927 0.1312 11.4793 0.1885 0.8581 0.1161 0.1321 49 PVD Petrovietnam Drilling & Well Services JSC Oil/Gas 0.6568 0.4550 0.2017 0.1283 12.6124 1.8056 0.0534 0.0033 oi m ll fu Basis Materials nh z z k jm ht gm 0.3815 l.c 0.1794 om an HAS n 25 ac th SIZE y te Construction & Materials PROF Lu SDTA vb LDTA at va TDTA va 0.5269 n re 0.7616 si eg cd 89 jg hg n lo ad ju y th yi Determinants of Capital Structure pl Company n ua al Ticker Industry Industrials Multi-Scope Business and Group 0.5896 0.0427 0.5470 0.2643 0.0304 Industrials 0.0684 Consumer Discretionary 0.4909 Consumer Staples PROF SIZE TANG GRO NDTS INVAR 0.2453 12.0218 0.2495 0.9031 0.1990 0.0392 0.2339 0.1436 12.0726 0.0265 1.3307 0.0004 0.0122 0.0001 0.0683 0.1927 11.6298 0.1530 0.7567 0.0951 0.0154 0.0133 0.4775 0.1294 11.6139 0.1034 1.1551 0.0956 0.0702 0.2645 0.0030 0.2615 0.4075 11.5048 0.1689 1.4300 0.1939 0.2101 0.4511 0.0037 0.4474 0.3364 12.0447 0.2659 2.0388 0.1148 0.1694 0.4666 0.0005 0.4661 0.1765 11.0948 0.3186 1.3429 0.0559 0.1259 0.5711 0.3087 0.2624 0.4639 11.4493 0.9275 1.1186 0.3590 0.0386 0.4100 0.1669 0.2431 0.3020 12.0472 0.5699 2.5444 0.0131 0.0137 0.7990 0.0222 0.7768 0.0753 12.7217 0.1310 1.0850 0.0216 0.0263 0.2501 0.0162 0.2339 0.3502 11.4501 0.2260 2.5900 0.1086 0.1765 0.5432 0.1195 0.4237 0.3065 12.4225 0.4143 1.2535 0.2552 0.0630 0.4941 0.4003 0.4368 11.9695 0.4424 0.7693 0.4322 0.0351 RAL Rang Dong Light Sources & Vacuum Flask JSC 51 REE Refrigeration & Electrical Engineering Corp 52 SAM Saigon Cables & Telecommunications Material JSC 53 SAV Savimex Economic Cooperation and Import-Export JSC 54 SCD Chuong Duong Beverages Co 55 SFC Saigon Fuel JSC Oil/Gas 56 SFI Sea & Air Freight International Transportation 57 SJD Can Don Hydroelectric JSC Utilities 58 SJS Song Da Urban & Industrial Zone Inv & Dev JSC Real Estate 59 SMC SMC Trading Investment JSC Basis Materials 60 SSC Southern Seed JSC Consumer Staples 61 TAC Tuong An Vegetable Oil JSC Consumer Staples 62 TCR Taicera Enterprise Co Construction & Materials 0.0938 63 TDH Thu Duc Housing Development Corp Construction & Materials 0.2920 0.1364 0.1556 0.2097 11.6883 0.1094 1.6761 0.0149 0.0224 64 TMS Transforwarding & Warehousing JSC Transportation 0.2570 0.1769 0.0801 0.2796 11.2311 0.3816 1.2064 0.1838 0.0895 65 TNA Thien Nam Import & Export JSC Consumer Discretionary 0.6390 0.0065 0.6325 0.0708 11.7482 0.0917 0.9916 0.0042 0.0884 66 TRI Saigon Food & Beverage JSC Consumer Staples 0.8222 0.1166 0.7056 (0.1825) 11.7696 0.1715 1.4964 0.0443 0.1082 67 TS4 Seafood Import Export JSC No Consumer Staples 0.5297 0.3888 0.1182 11.4636 0.6175 1.4420 0.0369 0.1121 68 TTP Tan Tien Plastic Packaging JSC Basis Materials 0.1463 0.0000 0.1463 0.7313 12.0222 0.2316 1.3188 0.5502 0.0765 69 TYA Taya Vietnam Electric Wire & Cable JSC Industrials 0.6895 0.0096 0.6799 0.3797 11.8772 0.3293 1.1003 0.3627 0.0672 70 VFC Vinafico JS Corp Transportation 0.2283 0.0236 0.2048 0.3220 11.5606 0.1432 0.8783 0.2555 0.1114 71 VID Vien Dong Paper JSC Basis Materials 0.4955 0.1354 0.3601 0.1794 11.8105 0.2599 0.9929 0.1228 0.0745 72 VIP Vietnam Petrolium Transport JSC Oil/Gas 0.6313 0.4833 0.1480 0.3149 12.0839 0.8051 1.3301 0.2869 0.0184 73 VIS Vietnam - Italy Steel JSC Basis Materials 0.7069 0.3625 0.3444 0.2956 12.3191 0.0928 1.5332 0.1218 0.0274 74 VNM Vietnam Dairy Corp Consumer Staples 0.2348 0.0302 0.2045 0.4804 13.0342 0.2977 3.3406 0.1583 0.0048 n 50 y te SDTA Lu LDTA gm va TDTA oi m ll fu at nh z z k jm ht vb om l.c 0.1410 an va n re ac th si eg cd 90 jg hg n lo ad ju y th yi Determinants of Capital Structure pl Company VSH Vinh Son Song Hinh Hydropower JSC 77 VTB Viettronics Tan Binh JSC TDTA LDTA SDTA Basis Materials 0.5726 0.0484 0.5241 Utilities 0.1226 0.0966 Industrials 0.3277 0.0325 PROF SIZE TANG GRO NDTS INVAR 0.2771 11.2322 0.6679 1.0213 0.2110 0.2745 0.0260 0.7801 11.7140 0.5448 1.4570 0.6301 0.0159 0.2952 0.2072 11.4851 0.2567 0.8915 0.1166 0.1298 oi m ll 76 fu Vegetable Oil Packing JSC n VPK Industry va 75 n ua al Ticker at nh z z k jm ht vb om l.c gm an Lu va n y te re ac th si eg cd 91 jg hg n lo ad ju y th yi Determinants of Capital Structure pl ua al Company va Ticker n 5/ Year 2010 Industry n TDTA LDTA SDTA Consumer Staples 0.2619 0.0000 0.2619 Consumer Staples 0.5396 0.0079 0.5317 Consumer Staples 0.2824 0.0403 PROF SIZE TANG GRO NDTS INVAR 0.2419 11.8361 0.0837 1.2340 0.0644 0.0683 0.1669 12.2337 0.3628 0.7627 0.1290 0.0303 0.2421 0.3045 11.8631 0.5290 0.7233 0.2450 0.0542 ABT Ben Tre Aquaproduct Import & Export JSC AGF An Giang Fisheries Import & Export JSC BBC Bien Hoa Confectionary Corp BHS Bien Hoa Sugar JSC 0.5108 0.1134 0.3973 0.4378 12.3027 0.2733 1.1004 0.2746 0.0405 BMC Binh Dinh Minerals JSC Basis Materials 0.2870 0.0629 0.2241 0.3783 11.0932 0.3113 1.5146 0.2023 0.2423 BMP Binh Minh Plastics JSC Basis Materials 0.1310 0.0014 0.1296 0.6202 12.1589 0.2703 1.8125 0.3008 0.0418 BT6 620 Chau Thoi Concrete JSC Construction & Materials 0.5888 0.0397 0.5491 0.2417 12.0465 0.1617 1.2049 0.1323 0.0331 CII Hochiminh City Infrastructure Investment JSC Real Estate 0.5868 0.4325 0.1543 0.3544 11.2967 0.3550 1.3507 0.2241 0.0116 0.6656 0.0004 0.6652 0.6279 12.0848 0.0500 1.0873 0.5507 0.0682 0.2307 0.0122 0.2184 0.1879 12.5583 0.4193 1.4015 0.0831 0.0885 0.6806 0.3362 0.3443 0.4922 11.4470 0.3843 0.8646 0.4870 0.1267 0.5847 0.3894 0.1953 0.1392 11.5306 0.8130 0.8616 0.1005 0.0435 0.1549 0.0049 0.1500 0.2817 11.3735 0.4807 1.0097 0.0948 0.1090 0.2591 0.3190 12.3122 0.1667 2.0664 0.0804 0.0226 oi m ll fu Consumer Staples at nh z z Industrials Materials - Petrolium JSC Oil/Gas 11 CYC Chang Yih Ceramic JSC Construction & Materials 12 DCT Dong Nai Roofsheet & Construction Matarial JSC Construction & Materials 13 DHA Hoa An Stone Exploitation JSC Construction & Materials 14 DHG Hau Giang Pharmaceutical JSC Consumer Staples 0.2916 15 DIC DIC Investment & Trading JSC Construction & Materials 0.6555 0.6169 0.1089 12.0512 0.0483 1.1221 0.0505 0.0748 16 DMC Domesco Medical Import - Export JSC Consumer Staples 0.2873 0.0330 0.2544 0.2736 12.0465 0.3168 1.0041 0.1257 0.0536 17 DRC Da Nang Rubber JSC Consumer Discretionary 0.3125 0.0399 0.2725 0.6902 12.3460 0.2510 1.4690 0.4449 0.0386 18 DTT Do Thanh Technology Corp Basis Materials 0.1741 0.0333 0.1408 0.1105 11.1424 0.6033 0.7083 0.1025 0.2928 19 FMC Sao Ta Foods JSC Consumer Staples 0.6689 0.0011 0.6679 0.3764 12.1695 0.1872 0.8544 0.3255 0.0819 20 FPT The Corp for Financing & Promoting Technology Information Technology 0.5897 0.1476 0.4420 13.3019 0.1626 1.6035 0.0850 0.0033 21 GIL Binh Thanh Trading JSC Consumer Discretionary 0.3347 0.0024 0.3323 0.1357 11.6191 0.2313 0.8909 0.0441 0.0749 22 GMC Saigon Garment Manufacturing Trade JSC Consumer Discretionary 0.5668 0.0019 0.5649 0.3761 11.7881 1.1014 0.2470 0.1325 23 GMD General Forwarding & Agency Corp Transportation 0.3666 0.2097 0.1569 0.1568 y te 0.2391 12.3322 0.3066 0.8740 0.1211 0.0063 24 HAP Hai Phong Paper JSC Basis Materials 0.1749 0.0016 0.1733 0.2054 11.5602 ac th 0.5775 0.1194 0.0639 k jm gm 0.0325 l.c 0.0386 om an Cat Loi JSC COM ht CLC Lu vb 10 va 0.2494 n re 0.3142 si eg cd 92 jg hg n lo ad ju y th yi Determinants of Capital Structure pl Company n ua al Ticker Industry TANG GRO NDTS INVAR 0.3636 0.0116 0.3520 0.0711 10.9126 0.0850 0.6879 0.0423 0.1736 Transportation 0.6075 0.0099 Construction & Materials 0.6377 0.0213 0.5976 0.1329 12.0403 0.1984 0.9687 0.0771 0.1326 0.6164 0.1411 12.2475 0.2503 0.9941 0.0442 0.0215 Basis Materials 0.7215 0.0657 0.6558 0.0528 12.6399 0.1451 1.0193 0.0157 0.0378 Ha Noi Post Construction & Installation Co 26 HAX Hang Xanh Motors Service JSC 27 HBC Hoa Binh Construction & Real Estate Corp 28 HMC Hochiminh City Metal Corp 29 HRC Hoa Binh Rubber JSC 0.1826 0.0182 0.1644 0.3271 11.6147 0.2484 2.2400 0.1150 0.0819 30 HTV Ha Tien Transport JSC Transportation 0.1027 0.0010 0.1017 0.2781 11.0600 0.1082 0.7221 0.1890 0.1662 31 IFS Interfood Shareholdings Co Consumer Staples 0.8021 0.1528 0.6494 0.4039 12.0224 0.6219 1.2245 0.3859 0.0634 32 IMP Imexpharm Pharmaceutical JSC Consumer Staples 0.2146 0.0023 0.2124 0.2564 11.8845 0.2727 1.1651 0.1257 0.0547 33 ITA Tan Tao Industrial Park Corp Real Estate 0.3563 0.1796 0.1767 0.0910 12.4294 0.0280 0.9856 0.0041 0.0046 34 KDC Kinh Do Corp Consumer Staples 0.2352 0.0301 0.2052 0.2474 12.2884 0.1861 1.4460 0.1137 0.0082 35 KHA Khanh Hoi Import - Export JSC Consumer Discretionary 0.2899 0.0327 0.2572 0.1574 11.1158 0.0480 0.8663 0.0145 0.0953 36 KHP Khanh Hoa Power JSC Utilities 0.5316 0.2920 0.2396 0.7867 12.0820 0.4696 0.9300 0.6868 0.0386 37 LAF Long An Food Processing & Export JSC Consumer Staples 0.2947 0.0016 0.2931 0.3940 11.9604 0.0900 1.1486 0.0832 0.1160 38 LBM Lam Dong Building Materials JSC Construction & Materials 0.3335 0.0988 0.2347 0.4906 11.2327 0.4829 0.8178 0.4099 0.2059 39 LGC Lu Gia Mechanical Electric JSC Industrials 0.5966 0.2828 0.1520 11.3415 0.7615 1.3350 0.0311 0.1068 40 MCP My Chau Printing & Packaging Holdings Co Basis Materials 0.4286 0.3158 0.6228 11.4250 0.3568 0.8051 0.5147 0.1802 41 MCV Cavico Vietnam Mining & Contrucstion JSC Industrials 0.5662 0.0227 0.5435 0.2797 11.2106 0.1173 0.9384 0.2592 0.0863 42 MHC Hanoi Maritime Holding Co Transportation 0.6199 0.2125 0.4074 (0.0119) 11.1162 0.2412 1.0393 0.1564 0.1589 43 NAV Nam Viet JSC Construction & Materials 0.3674 0.0012 0.3662 0.2907 11.2185 0.2224 1.0669 0.1908 0.2722 44 NSC National Seed JSC Consumer Staples 0.3219 0.0019 0.3200 0.2386 11.6099 0.1699 1.2588 0.0484 0.1357 45 PAC Dry Cell & Storage Battery JSC Industrials 0.5643 0.0416 0.5227 12.2216 0.2749 1.6502 0.1810 0.0372 46 PGC Gas Petrolimex JSC Utilities 0.5368 0.1127 0.4241 0.2050 12.3829 0.2417 0.8622 0.1589 0.0337 47 PJT Petrolimex JS Tanker Co Oil/Gas 0.3213 0.0714 0.2499 0.3245 11.5015 0.4636 0.8219 0.2254 0.2752 48 PNC Phuong Nam Cultural JSC Consumer Discretionary 0.6102 0.0432 0.5669 0.1505 11.4875 0.1555 0.8553 0.1229 0.1153 49 PVD Petrovietnam Drilling & Well Services JSC Oil/Gas 0.6419 0.3692 0.2727 0.1587 12.8792 1.4040 0.0891 0.0028 oi m ll fu Basis Materials nh z z k jm ht gm 0.3138 l.c 0.1127 om an HAS n 25 ac th SIZE y te Construction & Materials PROF Lu SDTA vb LDTA at va TDTA va 0.3161 n re 0.7502 si eg cd 93 jg hg n lo ad ju y th yi Determinants of Capital Structure pl Company n ua al Ticker Industry Industrials Multi-Scope Business and Group 0.6294 0.0576 0.5718 0.4097 0.0173 Industrials 0.0648 Consumer Discretionary 0.4529 Consumer Staples PROF SIZE TANG GRO NDTS INVAR 0.2565 12.1367 0.2386 0.8407 0.2145 0.0351 0.3924 0.1002 12.2573 0.0319 1.0742 0.0059 0.0083 0.0002 0.0646 0.1569 11.9050 0.1938 0.5246 0.1036 0.0157 0.0507 0.4022 0.1461 11.6310 0.1122 1.0939 0.1217 0.0766 0.2490 0.0008 0.2482 0.3501 11.5780 0.1588 1.4161 0.1964 0.2021 0.2917 0.0043 0.2874 0.4419 12.1646 0.2894 1.5412 0.1252 0.1786 0.4871 0.0007 0.4865 0.1510 11.2618 0.2713 0.9124 0.0531 0.1034 0.4962 0.2128 0.2834 0.4919 11.3282 0.9095 0.9471 0.4158 0.0397 0.5106 0.1432 0.3675 0.1458 12.0072 0.7024 1.8741 0.0090 0.0092 0.7783 0.0285 0.7499 0.0618 12.8383 0.1161 0.9999 0.0227 0.0167 0.2011 0.0086 0.1926 0.3636 11.5295 0.2179 1.6806 0.1228 0.1580 0.6084 0.0574 0.5510 0.3202 12.5133 0.2771 1.1472 0.2099 0.0435 0.4270 0.3960 0.5771 12.0827 0.4144 0.7354 0.5105 0.0370 RAL Rang Dong Light Sources & Vacuum Flask JSC 51 REE Refrigeration & Electrical Engineering Corp 52 SAM Saigon Cables & Telecommunications Material JSC 53 SAV Savimex Economic Cooperation and Import-Export JSC 54 SCD Chuong Duong Beverages Co 55 SFC Saigon Fuel JSC Oil/Gas 56 SFI Sea & Air Freight International Transportation 57 SJD Can Don Hydroelectric JSC Utilities 58 SJS Song Da Urban & Industrial Zone Inv & Dev JSC Real Estate 59 SMC SMC Trading Investment JSC Basis Materials 60 SSC Southern Seed JSC Consumer Staples 61 TAC Tuong An Vegetable Oil JSC Consumer Staples 62 TCR Taicera Enterprise Co Construction & Materials 0.0310 63 TDH Thu Duc Housing Development Corp Construction & Materials 0.3631 0.1537 0.2094 0.1534 11.7799 0.1056 0.9220 0.0133 0.0176 64 TMS Transforwarding & Warehousing JSC Transportation 0.3177 0.2647 0.0530 0.2663 11.3807 0.4195 1.1361 0.1721 0.0683 65 TNA Thien Nam Import & Export JSC Consumer Discretionary 0.6304 0.0078 0.6227 0.1611 11.9331 0.0132 1.0117 0.0046 0.0692 66 TRI Saigon Food & Beverage JSC Consumer Staples 0.6657 0.0014 0.6643 0.0607 11.8424 0.0722 1.5107 0.0512 0.2067 67 TS4 Seafood Import Export JSC No Consumer Staples 0.5588 0.2284 0.1193 11.5803 0.5235 1.0215 0.0457 0.0748 68 TTP Tan Tien Plastic Packaging JSC Basis Materials 0.2375 0.0000 0.2375 0.6607 12.1280 0.2017 1.0065 0.5097 0.0627 69 TYA Taya Vietnam Electric Wire & Cable JSC Industrials 0.7290 0.0004 0.7285 0.3478 12.0401 0.2259 0.9421 0.3189 0.0524 70 VFC Vinafico JS Corp Transportation 0.4673 0.1434 0.3239 0.2227 11.6248 0.1860 1.2186 0.1807 0.0736 71 VID Vien Dong Paper JSC Basis Materials 0.6285 0.1621 0.4663 0.1220 11.9617 0.3148 0.9671 0.1032 0.0524 72 VIP Vietnam Petrolium Transport JSC Oil/Gas 0.6020 0.4623 0.1397 0.3289 12.1512 0.8044 0.8950 0.2842 0.0190 73 VIS Vietnam - Italy Steel JSC Basis Materials 0.6493 0.0032 0.6461 0.2198 12.4920 0.0732 1.2211 0.1321 0.0248 74 VNM Vietnam Dairy Corp Consumer Staples 0.2607 0.0152 0.2455 0.5444 13.2063 0.3183 3.0792 0.1497 0.0038 n 50 y te SDTA Lu LDTA gm va TDTA oi m ll fu at nh z z k jm ht vb om l.c 0.3304 an va n re ac th si eg cd 94 jg hg n lo ad ju y th yi Determinants of Capital Structure pl Company VSH Vinh Son Song Hinh Hydropower JSC 77 VTB Viettronics Tan Binh JSC TDTA LDTA SDTA Basis Materials 0.5168 0.0214 0.4954 Utilities 0.1977 0.1106 Industrials 0.2374 0.0066 PROF SIZE TANG GRO NDTS INVAR 0.3362 11.3244 0.6003 0.9799 0.2588 0.2644 0.0871 0.6916 11.6279 0.4476 1.0421 0.5844 0.0136 0.2308 0.2289 11.4070 0.2594 0.7568 0.1438 0.1400 oi m ll 76 fu Vegetable Oil Packing JSC n VPK Industry va 75 n ua al Ticker at nh z z k jm ht vb om l.c gm an Lu va n y te re ac th si eg cd 95 jg hg