(Luận văn) the impact of loans to small and medium enterprises, the case study of vietnam

t to UNIVERSITY OF ECONOMICS HO CHI MINH CITY VIETNAM ERASMUS UNVERSITY ROTTERDAM INSTITUTE OF SOCIAL STUDIES THE NETHERLANDS ng hi ep w VIETNAM – NETHERLANDS n lo ad PROGRAMME FOR M.A IN DEVELOPMENT ECONOMICS yi u yj th pl n ua al THE IMPACT OF LOANS TO va n SMALL AND MEDIUM ENTERPRISES: m ll fu t n oi THE CASE STUDY OF VIET NAM z z ht vb By k jm BUI THI HONG CHINH gm l m co an Lu MASTER OF ARTS IN DEVELOPMENT ECONOMICS n va te re y Ho Chi Minh City, January 2018 i t to UNIVERSITY OF ECONOMICS HO CHI MINH CITY VIETNAM ERASMUS UNVERSITY ROTTERDAM INSTITUTE OF SOCIAL STUDIES THE NETHERLANDS ng hi ep w n VIETNAM – NETHERLANDS lo ad PROGRAMME FOR M.A IN DEVELOPMENT ECONOMICS yi u yj th pl n ua al THE IMPACT OF LOANS TO SMALL AND MEDIUM ENTERPRISES: n va m ll fu THE CASE STUDY OF VIET NAM t n oi By z z ht vb BUI THI HONG CHINH k jm gm l an Lu Dr NGUYEN THI THUY LINH m co Supervisor n va te re y Ho Chi Minh City, January 2018 ii t to ng ACKNOWLEDGEMENT hi ep This process of writing a thesis is a collaborative experience involving the w support and helps from many people I want to express my gratitude to those who n ad lo give me the tremendous support to complete this thesis u yj th First of all, I would like to thank gratefully to my supervisor Dr Nguyen Thi Thuy Linh I cannot finish my thesis if not get the support and the advice from yi pl her n ua al Beside that, I want to thank to Dr Pham Khanh Nam who give me many n va useful and important advice that help me very much through the time I the thesis questions when I need it m ll fu Moreover, I want to thank Dr Truong Dang Thuy who helps me answer n oi And I want to thank the professors and the teacher staff of Viet Nam – Neth- t erlands Program that gave many supports to me to have the knowledge, to solve the z z difficult problems in my studying process vb ht Last, I want to thank my closet friends and my family k jm gm l m co an Lu n va te re y iii ABBREVIATIONS t to ng hi ep w n SME Small and Medium Enterprise RD Regression Discontinuity Design PSM Propensity Score Matching Method DD Difference in difference ad lo VIF Variance inflation factor n ua al SOE Heteroscedasticity pl HET Instrumental variable yi u yj th IV State Owned Enterprise Organization for Economic Co-operation and Development DNNN State enterprises NHNN State Bank NHTM Commercial Bank n va OECD m ll fu t n oi z z ht vb k jm gm l m co an Lu n va te re y iv ABSTRACT t to ng After a period of growth and affected by the crisis, Vietnam's economy has de- hi creased Hundreds of thousands of small and medium-sized enterprises went bank- ep rupt and shut down Loan is a solution for business to expand scale, increase sales w and profits, but it can create jobs, increase salaries to improve social welfare or not? n ad lo To verify that argument, the author uses the PSM method and combines with DD on the SME data set from 2009 to 2013 to more accurately assess the impact of the u yj th loans yi The results show that loans not have the effect of improving employee in- pl n ua al comes, as well as creating more jobs In addition, the loans from informal sources with low cost not help enterprises to expand their operations because of the small n va scale Loans from official sources are large scale, but the high costs overwhelm m ll fu profits Moreover, the impact of formal loans also causes businesses to reduce their jobs The topic also shows other factors such as export, type of ownership, scale, n oi production technique, entrepreneurial qualification that affects to employment and t wage z z ht vb k jm gm l m co an Lu n va te re y v (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam TABLE OF CONTENTS t to ng ACKNOWLEDGEMENT III hi ep ABBREVIATIONS .IV ABSTRACT V w n CHAPTER 1: INTRODUCTION lo ad 1.1 PROBLEM STATEMENT u yj th 1.2.1 Research objectives 1.2.2 Main research question yi pl CHAPTER 2: LITERATURE REVIEW n ua al 2.1 REVIEW OF THEORY Definition of small and medium enterprises and types of credits va 2.1.1 n 2.1.2 The impact of loans to employee from producer theory fu m ll 2.1.3 Factors affecting the operation of the business n oi 2.2 REVIEW OF EMPIRICAL STUDIES 10 t 2.2.1 Impact of loan to SMEs in Viet Nam 10 2.2.2 Previous researches 12 z z 2.3 SUMMARY 13 vb ht CHAPTER 3: RESEARCH METHODOLOGY 14 jm k 3.1 ANALYTICAL FRAMEWORK 14 gm 3.2 ECONOMETRICS MODELS 15 l 3.2.1 Impact assessment methodology 15 m co 3.2.2 Research proposal and select model 18 an Lu 3.2.3 Dependent variables 21 3.2.4 Independent variables 21 (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam vi y 4.2 DESCRIPTIVE STATISTICS 28 te 4.1 OVERVIEW OF THE RESEARCH TOPIC 25 re CHAPTER 4: RESEARCH RESULTS 25 n va 3.3 DATA 24 (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam 4.3 REGRESSION RESULTS 30 t to 4.3.1 OLS regression results 30 ng 4.3.2 PSM combined with DD results 32 hi ep 4.3.3 Verification of model stability 41 4.4 DICUSSIONS 42 w CHAPTER 5: CONCLUSIONS AND POLICY IMPLICATIONS 47 n lo ad 5.1 CONCLUSIONS 47 u yj th 5.2 POLICY IMPLICATIONS 48 5.3 LIMITS OF THE STUDY 49 yi pl REFERENCES 50 n ua al APPENDICES 55 va APPENDICES 1: DIVIDE THE SIZE OF THE BUSINESS 55 n APPENDICES INFLATION AND PRICE INDEX VND (1994=1) 56 fu m ll APPENDICES INFLATION AND PRICE INDEX VND (1994=1) (CONT) 56 n oi APPENDICES IMPACT ASSESSMENT BY MATHEMATICAL METHOD 57 t APPENDICES GROUPS WERE DEVIDED BY PSM METHOD 58 z APPENDICES REGRESSION DISCONTINUITY DESIGN - RD 59 z APPENDICES INSTRUMENTAL VARIABLE - IV 60 vb ht APPENDICES DEFINITION OF SOME VARIABLES 61 jm APPENDICES DESCRIPTIVE STATISTICS 62 k gm APPENDICES 10 ANALYSIS OF CORRELATION BETWEEN QUANTITATIVE VARIABLES 64 l m co an Lu n va te re y vii (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam LIST OF TABLE t to ng hi TABLE 3.1 DESCRIPTION AND MEASUREMENT VARIABLES 22 ep TABLE 4.1 DATA STATISTICS 25 w TABLE 4.2 STATISTICS DESCRIBE THE PARTICIPANTS AND THE CONTROL GROUPS n ad lo BEFORE THE LOAN 28 TABLE 4.3 IMPACT OF LOAN TO SMALL AND MEDIUM ENTERPRISES- BASIC MODEL 31 u yj th TABLE 4.4 REGRESSION MODEL OF THE LOANS TO SME 32 yi TABLE 4.5 TREND POINT OF GENERAL SUPPORT AREA 34 pl TABLE 4.6 IMPACT OF LOANS TO SME ON THE LABOUR COSTS 35 n ua al TABLE 4.7 IMPACT OF LOANS TO SME ON THE NUMBER OF EMPLOYEES 37 n va TABLE 4.8 IMPACT OF EACH TYPE TO SME ON THE LABOUR COSTS 38 fu TABLE 4.9 IMPACT OF EACH TYPE TO SME ON THE NUMBER OF EMPLOYEES 40 m ll TABLE 4.10 INVESTMENT AND LABOUR 42 t n oi TABLE 4.11 THE SCALE OF THE MOST IMPORTANT LOAN 43 z z ht vb k jm gm l m co an Lu n va te re y (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam viii (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam LIST OF FIGURE t to ng hi ep Figure 2.1 Illustration of the impact of loan to SMEs………………………………5 Figure 2.2 Optimal coordination of production factors when loan increases…….…6 w n Figure 3.1 Impact of loans to SMEs when enterprises participate and not join in loans………………………………………………………………………….…….15 ad lo u yj th Figure 3.2 Impact assessment by DD method……………………………… … 18 yi Figure 3.3 Illustrate the general support area and the observation area discarded with PSM…………………………………………………………………… ……19 pl n ua al Figure 4.1 The supply of formal credit………………………………………….…26 Figure 4.2 The supply of informal credit………………………………………….27 n va Figure 4.3 The biggest difficulties prevent the development of SMEs……………44 m ll fu t n oi z z ht vb k jm gm l m co an Lu n va te re y ix (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam t to ng hi ep w n ad lo yi u yj th pl n ua al n va m ll fu t n oi z z ht vb k jm gm l m co an Lu n va te re y (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam REFERENCES t to ng Acevedo, G L., & Tan, H W (Eds.) 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Papers, Vol.4, No.1 n va Kokko, A and Sjoholm, F (2004), “The Internationalization of Vietnamese y 51 (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam Ministry of Planning and Investment (2015), Circular No 13/2015/TT-BKHDT t to promulgating List of priority areas for support and criteria for selection of priority ng beneficiaries of the Enterprise Development Fund Small and medium hi ep Nguyen Kim Anh (2011), Microfinance for Poverty Reduction in Viet Nam - Accreditation and Comparison, Statistical Publishing House, Hanoi w n ad lo Nguyen Xuan Thanh (2016), "Should money support 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encroached?", Cafef, ac- Lu 52 y (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam te enterprises", Financial Journal, No 11, page 15-20 re Phan Thi Linh (2015), "Solutions to access bank capital for small and medium n va sector-being-encroached-?-20160129071020078.chn an cessed 29/01/2016, at: http://cafef.vn/business/ pham-chi-lan-how-is-the-private- (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam Rubin, T., Demirguc-Kunt, A and Levine, R (2005), "SMEs, Growth, And t to Poverty: Cross-Country Evidence," Journal of Economic Growth, v 10(3, Sep), ng 195-230 hi ep Ruiz, C., Love, I (2012), “Impact assessment framework: SME finance Wash- ington DC”; World 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Thien et al (2015), "Chapter 7: Developing and liberalizing capital m co markets", Vietnam Development Market Report, Tri Thuc Publish an Lu Tran Hoang Nhi (2016),"Why Small and Medium Enterprises Can’t Grow?",saigonbusinessman,accessed06/04/2016,at:http://www.saigonbusinessman te re Truong Tan Sang (2013), "Five years after the global financial crisis in Vi- n va vn/problem/micro-star-business-industry-king-warehouse/1096384/ y etnam", Vnexpress, dated29/01/2016, at http://business.vnexpress.net/photo/microeconomics/ Five-years-after-the-global-financial-crisis-in-Vietnam-2877946.html 53 (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam t to Shahidur R.Khandker, Gayatri B.Koolwal, Hussain A.Samad (2010), Impact ng hi Assessment Handbook - Quantitative Methods and Practices, The World Bank ep Wang, X (2013), “The Impact of Microfinance on the Development of Small w and Medium Enterprises: The Case of Taizhou, China” Asian journal of business n ad lo and management sciences, 2(9) yi u yj th pl n ua al n va m ll fu t n oi z z ht vb k jm gm l m co an Lu n va te re y (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam 54 (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam APPENDICES t to ng Appendices 1: Divide the size of the business hi Size ep Too small business Small business Medium business w n ad lo u yj th Area yi I Agriculture, forestry and fishery Number of Total capi- Number of employees tal employees Total capital Number of employees Under 20 billion VND From 10 to 200 people From 20 billion to 100 billion VND From 200 to 300 people Under 20 billion VND From 10 to 200 people From 20 billion to 100 billion VND From 200 to 300 people From 10 to 50 people From 10 billion to 50 billion VND From 50 to 100 people pl 10 people or less n ua al II Industry and construction n va 10 people or less Under 20 billion VND m ll t n oi 10 people or less fu III Trade and services Source: Article 1, part 3, Decree 56/2009 / ND-CP dated 30/6/2009 z z ht vb k jm gm l m co an Lu n va te re y 55 (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam t to Appendices Inflation and price index VND (1994=1) Year ng 1994 1995 hi Price index 1997 1998 1999 2000 2001 2002 2003 2004 17.00% 8.72% 6.60% 8.85% 5.76% 3.40% 1.92% 3.95% 6.67% 8.22% ep Inflation 1996 1.000 1.170 1.272 1.356 1.476 1.561 1.614 1.645 1.710 1.824 1.974 w n lo ad Source: Calculated from the Ministry of Finance and CIEM yi u yj th pl Year 2005 2006 n ua al Appendices Inflation and price index VND (1994=1) (cont) 2007 2008 2009 2010 2011 2012 2013 2014 va Inflation 8.16% 7.26% 8.25% 21.70% 5.70% 10.00% 18.68% 9.09% 6.59% 4.09% n 2.290 2.479 3.017 3.189 m ll 2.135 fu Price index 3.508 4.163 4.542 4.841 5.039 n oi t Source: Calculated from the Ministry of Finance and CIEM z z ht vb k jm gm l m co an Lu n va te re y (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam 56 (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam Appendices Impact assessment by mathematical method t to The basic mathematical presentation is as follows: ng hi Yi = αXi + βTi + εi ep Signed for businesses i: w n Ti: is the dummy variable If the ith join, it will get the value of 1; opposite, it ad lo will get the value of u yj th Yi|Ti : the variable that has the result of business activities under condition T yi Average treatment effect – ATE for all business is: pl = E(Yi|Ti=1) – E(Yi|Ti=0) n ua al ATE = E(Yi|Ti=1) – E(Yi0|Ti=1) + E(Yi0|Ti=1) – E(Yi|Ti=0) va n = ATT + Selection Bias fu m ll In practice it is impossible to observe the counter-facto situation Yi0|Ti=1, so it is t n oi impossible to estimate the exact ATE z z ht vb k jm gm l m co an Lu n va te re y 57 (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam Appendices Groups were devided by PSM method t to With attnd command in nearest – neighbor matching method, we select the ng hi nearest n observations for each value range Each unit that participates in the policy, ep will be compared to a opposite unit with the nearest trend point (n = commonly used) or uses a non-participating object to collate with different participants w n ad lo With attr command in radius matching method, we choose to observe the given value range In the attnd statement there are very high trend difference points u yj th (the participants are not very close together) This problem makes poor quality yi comparisons and should be avoided by setting thresholds or tolerances above the pl maximum trend point (within range) We only compare there alternatives among n ua al trend points within a certain range However, if the number of participating n va companies is high, it will likely increase the sampling error m ll fu With atts command in stratification matching method, we compare each given value range It divides the support capital into several levels and calculates n oi the impact of the program in each space For example, in each space, the impact of t the program would be the median difference in outcomes between the intervention z z and control observations The weighted average of the estimates which affect this vb ht space will show the overall program impact with the proportion of participants in jm each space that is weighted k gm With attk command in kernel matching method, we use an internal regres- l sion with non-parametric The risk is that there is a small group of non-participants m co that satisfies the criteria within the overall support and results in counter-measures an Lu Without the number of parameters such as the internal kernel and linear comparison, the weighted average of all non-participants is used as a counter-argument for te re with no quantitative number on the results of the comparison group near to each in- n va each participant In contrast, linear regression calculates region-weighted regression y tervential observation (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam 58 (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam Appendices Regression Discontinuity Design - RD t to This method selects program participants based on certain criteria, at which point is ng hi the cut point For example, if you want to get credit for the poor, the participants ep must first earn a poor income Then, select the above and below cut points for com- parison Subjects that are close to the cut point are often assumed to have similar w n characteristics If the policy is effective, the difference will be very clear around the lo ad cut point u yj th Impact assessment using RD yi pl n ua al Y= Labour productivity n va Control group m ll fu + + + ++ + + ++ n oi t z z ht vb ++ + + + ++ + + + + Participating group k jm X= Number of employees gm 20 Labours l Source: Ruiz, Claudia; Love, Inessa (2012) Figure 7, page 27 m co an Lu n va te re y 59 (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam Appendices Instrumental variable - IV t to This method use to overcome the endogenous state, the offense assumption, the ng hi goal is to clean up the correlation between Ti and ei in equation (3.1), meaning cov ep (T, ε) ≠ The reason is that the selection error from the unobserved characteristics will be included in the estimated surplus The remainder will contain variables that w n ad lo have correlations with the dummy variables This will make the normal OLS estimate to be biased (Ramu Ramanathan, 2002) u yj th This way will be done in two steps, called Two-Stage least squares - 2SLS: yi pl Step 1: Regression Ti = αZi + ui to find the probability of participating in the pro- n ua al gram of the business i This variable Zi must be correlated with T (cov (Z, T) ≠ 0) and not correlated with εi (cov (Z, ε) = 0) va n Step 2: Using Ti from step to regression Yi = βTi + εi And β will measure the ef- m ll fu fect of the program n oi Choice of tool variables is a difficult problem, if poor quality variables can increase t the error, or higher than standard OLS calculations So, we need to prepare well be- z fore using method IV z ht vb k jm gm l m co an Lu n va te re y (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam 60 (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam Appendices Definition of some variables t to Number of regular employees: full time employees, contracted to work or work ng hi more than months, average working 20 days per month or 20 hours per week, or ep 183 days per year Regular and sufficient time reflects the size of the business Regular employees are often self employed or family members w n ad lo Number of employees paid in the enterprise (PaidLabour): are labor chosen from society This shows the ability of the enterprise to create jobs for employment, u yj th contributing to solving the problem of creating jobs for laborers yi pl n ua al n va m ll fu t n oi z z ht vb k jm gm l m co an Lu n va te re y 61 (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam Appendices Descriptive statistics t to Participating groups Number of observations = 574 Mean sd max 25,30 40,11 350 182,2 387,5 5206 989,5 2848 2,221 39148 1773 4103 3,977 42562 15,99 0,798 0,752 0,666 0,0873 0,0422 0,309 0,601 12,03 0,402 0,432 0,472 0,282 0,201 0,462 0,490 0 0 0 55 1 1 1 13,10 0,589 0,592 0,585 0,0383 0,0801 0,277 0,523 9,751 0,492 0,492 0,493 0,192 0,272 0,448 0,500 0 0 0 55 1 1 1 90 1 1 43,96 0,676 0,956 0,636 0,226 9,916 0,468 0,204 0,482 0,419 22 0 0 72 1 1 ng Control group Number of observations = 1042 mean sd max 11,58 22,43 270 71,32 181,3 1942 hi ep Labour (person) Salary (million dong) Total assets (million VND) Business features AGE8 MICRO8 HOUSEHOLD8 OWNLAND8 HAND8 EXPORT8 SOUTH8 LowTech8 Characteristics of the business owner HAge8 HGen8 Kinh8 Edu8 ProEdu8 Economic characteristics NSLD8 (million VND/person/year) ShareDept8 Source: SME 2009 w n ad lo yi u yj th pl n ua al n va m ll fu z z ht vb 20 0 0 t 10,52 0,470 0,277 0,499 0,353 n oi 46,71 0,670 0,917 0,530 0,146 k jm 2,396 0,163 0,346 m co 0,168 2,1e+06 79,426 128,762 6125 1,7e+06 l 0,0689 gm 55,810 94,202 1243 6,092 Lu an Labor: the control group has an average of 11 - 12 laborers, while the participation (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam 62 y that enterprises with loans have a higher number of employees te than 13 to 14 participants in the control group and statistical meaning This shows re viation of 22 The participants were to 350 and 40, respectively, who were more n va group is 25 - 26 people The control group ranged from to 270 with a standard de- (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam Total Assets: The average asset of the participating group was 1.7 billion and 0.9 t to billion of the control group Group assets of the participating group are also higher ng from million to 42 billion The difference in mean total assets was a control group hi ep of 783 million compared to the control group in a statistically significant Salaries: Since the participants have more assets and more labor, the average salary w n for labor to participant group is more than 110 million Average attendance of the lo ad group is VND 182 million between and 5.2 billion; the control group was 71 mil- u yj th lion VND between and 1.9 billion VND yi AGE: the mean of participation group operates 13-14 years, while the control group pl is 15-16 years The control group operated more years than loan group about n ua al years va MICRO: the participants were significantly larger than the other group The control n m ll fu group was over 79% of the control group, while the participants were 58% ticipating group had a lower rate, only 59% t n oi HOUSEHOLD: 75% of the control group was household enterprises, while the par- z HAND, EXPORT and LowTech: The participants in the loan had more points than z ht vb the control group: more exports (more than 3.8%), using hand tools (less than k jm 4.9%), low technology (less than 7.8%) gm Edu: The participation group graduated high school at 63% compared to 53%, and l college qualifications (ProEdu) was at 22% compared with 14% m co HAge: The mean age of participating group was 43-44 years, compared with 46-47 an Lu of the control group NSLD: The participating group was 79 million VND/person/year compared with 55 te re in a statistically significant ShareDept: the participation group was 16% while the n va million VND/person/year of the control group, an average of 24 million/person/year y control group was 6% 63 (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam (Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam(Luận.văn).the.impact.of.loans.to.small.and.medium.enterprises the.case.study.of.vietnam