THE EFFECTS OF CAPITAL STRUCTURE ON FIRM PERFORMANCE AND FIRM TRANSPARENCY: A STUDY OF FIRMS LISTED IN HO CHI MINH STOCK EXCHANGE (HOSE) In Partial Fulfillment of the Requirements of the Degree of MASTER OF BUSINESS ADMINISTRATION In Finance By Mr Tran Le Duy ID: MBA06006 International University - Vietnam National University HCMC April 2014 EFFECTS OF CAPITAL STRUCTURE ON FIRM PERFORMANCE AND FIRM TRANSPARENCY: A STUDY OF VIETNAMESE ON-GOING FIRMS LISTED IN HO CHI MINH STOCK EXCHANGE (HOSE) In Partial Fulfillment of the Requirements of the Degree of MASTER OF BUSINESS ADMINISTRATION In Finance by Mr Tran Le Duy ID: MBA06006 International University - Vietnam National University HCMC April 2014 Under the guidance and approval of the committee, and approved by all its members, this thesis has been accepted in partial fulfillment of the requirements for the degree Approved: -Chairperson Committee member -Committee member Committee member -Committee member Committee member Acknowledge To complete this thesis, I have been benefited from the following people: First of all, I would like to express my deepest gratitude to my advisor, Dr Le Vinh Trien, for all his support and guidance without that I could have not been able to complete this thesis I also wish to extend my sincere thanks to the lecturers of the Master of Business Administration program at International University for their passionate sharing and the members of the Examination Committee for taking time and giving valuable comments to improve this study I would like to thank my friends and classmates at MBA06 for having been beside me over the past two years of the program I would also express my gratitude to my managers and colleagues in Treasury Division – Mekong Hosing Bank H.O for facilitating and supporting me during thesis time Last but not least, I dedicate this work to my parents and my brother for their unceasing encouragement and endless support My special thanks to my wife who has always been my source of joy and love in life during the good and hard times Ho Chi Minh City, April 2014 Tran Le Duy -i- - ii - Plagiarism Statements I would like to declare that, apart from the acknowledged references, this thesis either does not use language, ideas, or other original material from anyone; or has not been previously submitted to any other educational and research programs or institutions I fully understand that any writings in this thesis contradicted to the above statement will automatically lead to the rejection from the MBA program at the International University – Vietnam National University Ho Chi Minh City -1- Copyright Statement This copy of the thesis has been supplied on condition that anyone who consults it is understood to recognize that its copyright rests with its author and that no quotation from the thesis and no information derived from it may be published without the author‟s prior consent © Tran Le Duy/ MBA06006/ 2012-2014 -2- Table of Contents CHAPTER - INTRODUCTION Background Problem statement Research Question 11 Research Objectives 11 Research Methodology 12 Limitation and scope of the research 13 Research Significant 14 Research structure 14 CHAPTER – LITERATURE REVIEW 16 Traditional capital structure theories 16 1.1 Trade-off theory .17 1.2 Pecking order theory 17 1.3 Agency cost .18 Previous studies related to capital structure 18 2.1 Positive relationship between capital structure and firm performance 18 2.2 Negative relationship between capital structure and firm performance 19 2.3 Mixed results of capital structure and firm performance 20 Role of financial transparency 20 Econometric model and Hypotheses of the study 21 4.1 Variables of the study 21 4.1.1 Performance variables .21 4.1.2 Independent variables 22 4.2 Hypotheses of the study 23 -3- 4.3 Econometric model 23 CHAPTER – DATA AND METHODOLOGY 25 Data 25 Model and Variables 26 Research method 27 3.1 Descriptive Statistics 28 3.2 Correlation Analysis 28 3.3 Regression Analysis 29 CHAPTER – FINDINGS AND DISCUSSION 30 Descriptive statistics 30 1.1 Descriptive statistics for the whole data set .30 1.2 Descriptive statistics per industries 31 1.3 General look of year by year .33 Correlation statistics 34 OLS regression analysis 36 CHAPTER – CONCLUSION 40 Summary 40 Implications 43 Limitations and further researches 45 References 47 Appendix 51 -4- -5- 11 Are the company shares Dispersed shareholding structure leads to easier broadly held? protection of minority shareholders; shareholdings of major shareholders reported 12 13 In the Annual Report is BOD and SB members‟ name, background, board member experience skills/education, experience, BOD/SB committee disclosed? appointments, other board appointments In the Annual Report, are Non-executive directors identified non-executive directors specifically identified? 14 Does the Annual Report BOD and SB independent directors information specifically identify available (name, background, skills/education, „independent‟ directors? board experience, committee appointments); explanation for independence available 15 16 Does the Annual Report BOD and SB individual board attendance disclose BOD/SB meeting summary provided; attendance style options attendance of individual disclosed (in person, telephone, video director? conference) Is the basis (level and mix) BOD and SB remuneration policy information of board remuneration available; remuneration broken down for disclosed in the Annual attendance at board meetings, link to long-term Report? performance, related to extra duties and accountabilities 17 Does the latest Annual Names; qualifications; positions; responsibilities Report identify the company‟s main executives and their responsibilities? - 53 - 18 Does the latest Annual Individual executives identified; link between Report disclose the company long-term performance and remuneration of key remuneration (including stock bonus / options / executives? warrants) mentioned (if stock bonus, stock transferability should be limited for a period); total remuneration for 12 months for key individuals evident; remuneration includes termination and retirement benefits 19 Does the company show Evidence of policy in place; disclosure includes evidence of a policy name, relationship with counter-party, requiring disclosure of transaction amount; threshold for disclosure of related party transactions? RPT transactions low (e.g.0.1% of Owners Equity) 20 Are statements requesting If there is a request, directors are not being directors to report their voluntarily transparent regarding their transactions in company shareholding shares evident? 21 Does the Annual Report Language is easily comprehended; information explain foreseeable business comprehensive (for example, risks described – risks? related to industry, geography, financial market risks); risk management policy in place; risk management practices evident; risk reporting in place 22 Does the Annual Report Separate CG Report available (separate section include a separate, quality in AR); CG Report comprehensive and includes corporate governance mention of corporate governance code and how report? it is implemented; CG Report includes mention of CG structures in the company - 54 - 23 Does the company have an Annual external audit; auditor authorised; annual external audit auditor firm name stated undertaken by an authorized auditor? 24 Do AGM and/or company Discussion and references to the independence documents refer to the of the external auditor „independence‟ of the external auditor? 25 If a change of auditor is Reasons for change disclosed; (reappointment of noted in the past two years, same auditor/same audit firm is not a change of were the reasons for the auditor) change disclosed? 26 Is there a policy that reviews Company policy that prevents auditor the external auditor when undertaking non-audit services without approval undertaking non-audit services? 27 Is the external auditor‟s In Annual Report and on the website opinion publicly disclosed? 28 Has there been any Audit qualification; accounting re-statement accounting / audit changes, required; SSC/SX inquiry qualifications or queries related to the financial statements in the past two years? - 55 - 29 30 Does the company provide a Annual Report; website, analyst briefings, press variety of communication releases; And current information available and methods? accessible Is the information on the Downloadable Annual Report; Company group company website structure; Current financial information; current comprehensive and business operations information; strategy; CG accessible? report; shareholding structure; organizational structure; in Vietnamese and English 31 Does the company have a Policy in place; persons nominated to be policy and process to ensure accountable; website and clear processes (e.g continuous ad hoc company information updated) disclosure of important matters? 32 Does the company provide Available; name/unit details provided; email and easy public access to and phone contacts; disclosure policy in place contact details for the Investor Relations person or unit? - 56 - Appendix 2: DESCRIPTIVE STATISTICS OF SAMPLE Table 1: Descriptive statistics of 106 non-financial listed firms (2008-2012) Variables ROE LEV TRANS* TAN FSIZE FGRO Mean 0.14 0.45 17.89 0.31 13.75 0.10 Median 0.13 0.49 18.30 0.26 13.57 0.10 Std Dev 0.21 0.22 3.60 0.20 1.20 0.21 Max 2.34 1.10 25.00 0.94 17.84 0.70 Min -1.87 0.03 7.80 0.01 11.56 -2.07 (Source: Author, *Trans index for 2012 only) Table 2: Descriptive statistics of 106 non-financial listed firms (2008-2012) breakdown by industries Group1 Manufacturing 41 firms Group2 Aquaculture 23 firms Group3 Real estate, Transportation 16 firms Group4 Mining, medicine, energy, service, retail, oil-gas 26 firms Variables ROE LEV TRANS* TAN FSIZE FGRO Mean 0.15 0.43 18.26 0.28 13.59 9.50% Median 0.16 0.44 18.80 0.25 13.47 12.11% Std Dev 0.28 0.23 3.70 0.15 1.09 25.39% Max 2.34 1.10 24.80 0.75 16.80 62.22% Min -1.87 0.03 7.80 0.04 11.56 -206.96% Variables ROE LEV TRANS* TAN FSIZE FGRO Mean 0.09 0.50 17.64 0.29 13.69 9.15% Median 0.08 0.52 17.70 0.26 13.52 7.39% Std Dev 0.11 0.21 3.87 0.20 1.13 17.01% Max 0.51 0.86 25.00 0.86 16.40 57.95% Min -0.31 0.07 9.60 0.01 11.88 -25.90% Variables ROE LEV TRANS* TAN FSIZE FGRO Mean 0.12 0.46 18.13 0.33 14.18 11.93% Median 0.10 0.48 18.50 0.29 14.31 09.55% Std Dev 0.17 0.20 4.00 0.28 1.45 20.19% Max 0.95 0.81 24.00 0.94 17.84 70.02% Min -0.46 0.04 8.20 0.01 11.82 -62.50% Variables ROE LEV TRANS* TAN FSIZE FGRO Mean 0.16 0.44 17.39 0.36 13.78 10.19% Median 0.15 0.49 17.00 0.28 13.61 8.91% Std Dev 0.17 0.22 2.79 0.23 1.21 16.64% Max 1.24 0.75 22.40 0.94 16.76 56.18% Min -0.54 0.04 8.40 0.01 11.79 -51.62% (Source: Author,*Trans index for 2012 only) - 57 - Appendix 3: PEARSON CORRELATION COEFFICIENTS Table 1: Pearson correlation coefficients of 106 firms listed on HOSE (2008-2012) Covariance Analysis: Ordinary Date: 07/30/14 Time: 21:26 Sample: 2008 2012 Included observations: 530 Correlation ROE LEV TAN FSIZE FGRO ROE 1.000000 -0.081985 -0.111175 0.096986 0.434817 Probability ROE LEV TAN FSIZE FGRO ROE 0.0593 0.0104 0.0256 0.0000 LEV TAN FSIZE FGRO 1.000000 0.029914 0.275083 0.129751 1.000000 0.096866 -0.038369 1.000000 0.236805 1.000000 LEV TAN FSIZE FGRO 0.4920 0.0000 0.0028 0.0257 0.3780 0.0000 - Table 2: Pearson correlation coefficients of 106 firms listed on HOSE in 2012 with transparency index Covariance Analysis: Ordinary Date: 07/30/14 Time: 21:29 Sample: 106 Included observations: 106 Correlation ROE TRANS LEV TAN FSIZE FGRO Probability ROE TRANS LEV TAN FSIZE FGRO ROE TRANS 1.000000 0.063125 1.000000 0.001405 -0.048609 0.058205 -0.012584 0.091736 0.132856 0.553804 0.006153 ROE 0.5203 0.9886 0.5534 0.3497 0.0000 LEV TAN FSIZE FGRO 1.000000 -0.046226 1.000000 0.269963 0.095975 -0.101297 -0.031651 1.000000 0.264669 1.000000 TRANS LEV TAN FSIZE FGRO 0.6207 0.8981 0.1746 0.9501 0.6380 0.0051 0.3015 0.3277 0.7474 0.0061 - - 58 - Appendix 4: OLS REGRESSION MODEL OLS regression for ROE – LEV Dependent Variable: ROE Method: Panel Least Squares Date: 07/30/14 Time: 21:37 Sample: 2008 2012 Periods included: Cross-sections included: 106 Total panel (balanced) observations: 530 Variable Coefficient Std Error t-Statistic Prob C LEV TAN FSIZE FGRO 0.085021 -0.141421 -0.096323 0.007418 0.440978 0.095095 0.038446 0.039824 0.007202 0.039954 0.894068 -3.678472 -2.418706 1.030084 11.03723 0.3717 0.0003 0.0159 0.3034 0.0000 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.218176 0.212219 0.185767 18.11742 142.6034 36.62664 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.136860 0.209298 -0.519258 -0.478948 -0.503480 1.885794 OLS regression for TRANS – LEV Dependent Variable: TRANS Method: Least Squares Date: 07/30/14 Time: 21:39 Sample: 106 Included observations: 106 Variable Coefficient Std Error t-Statistic Prob C LEV TAN FSIZE FGRO 12.62558 -1.505220 -0.599119 0.455158 -0.627186 3.662122 1.509661 1.641571 0.275340 1.235466 3.447613 -0.997058 -0.364967 1.653078 -0.507651 0.0008 0.3211 0.7159 0.1014 0.6128 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.028859 -0.009602 3.274877 1083.207 -273.5923 0.750346 0.560050 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 18.07547 3.259267 5.256459 5.382093 5.307379 1.700338 - 59 - OLS regression for ROE – TRANS Dependent Variable: ROE Method: Least Squares Date: 07/30/14 Time: 21:30 Sample: 106 Included observations: 106 Variable Coefficient Std Error t-Statistic Prob C TRANS TAN FSIZE FGRO 0.206846 0.006991 0.138357 -0.019719 0.675425 0.317125 0.008140 0.134471 0.021675 0.099734 0.652255 0.858886 1.028900 -0.909775 6.772293 0.5157 0.3924 0.3060 0.3651 0.0000 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.321679 0.294815 0.269208 7.319761 -8.745831 11.97425 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.102997 0.320580 0.259355 0.384989 0.310275 2.093532 - 60 - Appendix 5: DESCRIPTIVE STATISTICS OF 106 NON-FINANCIAL LISTED FIRMS (2008-2012) BY YEAR 2008 ROE 0.108024 0.113291 0.506009 -1.336652 0.210035 -3.368844 23.60227 LEV 0.429401 0.449541 0.841907 0.030922 0.227722 -0.047423 1.813694 TAN 0.329481 0.293075 0.939054 0.006717 0.205918 0.725719 3.049138 FSIZE 13.44529 13.31411 16.19481 11.56459 1.094447 0.585321 2.582625 FGRO 0.106628 0.103308 0.700228 -0.516237 0.220069 0.042706 3.110238 Jarque-Bera Probability 2075.171 0.000000 6.255401 0.043818 9.315123 0.009490 6.822014 0.033008 0.085893 0.957962 Sum Sum Sq Dev 11.45050 4.632058 45.51646 5.444998 34.92493 4.452251 1425.201 125.7706 11.30252 5.085190 Observations 106 106 106 106 106 ROE 0.178063 0.160266 0.950938 -0.241722 0.153484 1.440462 9.608324 LEV 0.440214 0.458823 0.839547 0.039251 0.215525 0.000434 1.933953 TAN 0.319754 0.273708 0.927477 0.010227 0.205383 0.975084 3.534511 FSIZE 13.64038 13.48377 16.47670 11.73783 1.137048 0.650462 2.803910 FGRO 0.156853 0.150098 0.579305 -0.732958 0.186738 -0.806191 6.980918 Jarque-Bera Probability 229.5327 0.000000 5.019351 0.081295 18.05912 0.000120 7.644602 0.021877 81.47637 0.000000 Sum Sum Sq Dev 18.87467 2.473513 46.66267 4.877380 33.89397 4.429145 1445.881 135.7523 16.62641 3.661460 Observations 106 106 106 106 106 ROE 0.167358 0.146084 1.244468 -0.455461 0.161819 2.573761 21.99043 LEV 0.449672 0.491662 0.845354 0.064984 0.205453 -0.067012 1.803661 TAN 0.308123 0.270788 0.909500 0.012375 0.209358 0.999427 3.506495 FSIZE 13.79776 13.60188 17.07924 11.85211 1.200844 0.642326 2.814258 FGRO 0.130865 0.145876 0.452578 -0.625033 0.164459 -0.876324 5.852475 Jarque-Bera Probability 1709.840 0.000000 6.400589 0.040750 18.77945 0.000084 7.441336 0.024218 49.50373 0.000000 Sum Sum Sq Dev 17.73992 2.749452 47.66525 4.432157 32.66100 4.602230 1462.562 151.4128 13.87171 2.839915 Observations 106 106 106 106 106 Mean Median Maximum Minimum Std Dev Skewness Kurtosis 2009 Mean Median Maximum Minimum Std Dev Skewness Kurtosis 2010 Mean Median Maximum Minimum Std Dev Skewness Kurtosis - 61 - 2011 ROE 0.127861 0.122405 0.486060 -0.679249 0.139059 -1.334067 12.66853 LEV 0.472238 0.538376 0.880083 0.047942 0.221506 -0.177226 1.751134 TAN 0.299970 0.252702 0.876019 0.006581 0.205269 1.105728 3.704515 FSIZE 13.91547 13.71502 17.38540 11.75909 1.231107 0.615193 2.892000 FGRO 0.097637 0.086497 0.622230 -0.258973 0.146782 0.592089 4.148994 Jarque-Bera Probability 444.3138 0.000000 7.443419 0.024193 23.79204 0.000007 6.737685 0.034429 12.02422 0.002449 Sum Sum Sq Dev 13.55323 2.030428 50.05720 5.151808 31.79683 4.424205 1475.040 159.1406 10.34956 2.262226 Observations 106 106 106 106 106 ROE 0.102997 0.102631 2.339999 -1.866972 0.320580 0.962662 36.68864 LEV 0.476895 0.532624 1.095645 0.039012 0.224642 -0.049367 2.123983 TAN 0.295102 0.249628 0.862046 0.006417 0.196701 1.087044 3.914128 FSIZE 13.94730 13.70789 17.83773 11.77943 1.276599 0.651550 2.951632 FGRO 0.005905 0.030395 0.531404 -2.069562 0.273787 -4.455389 33.32002 Jarque-Bera Probability 5028.956 0.000000 3.432433 0.179745 24.56678 0.000005 7.510149 0.023399 4410.950 0.000000 Sum Sum Sq Dev 10.91773 10.79100 50.55083 5.298719 31.28077 4.062599 1478.414 171.1191 0.625884 7.870710 Observations 106 106 106 106 106 Mean Median Maximum Minimum Std Dev Skewness Kurtosis 2012 Mean Median Maximum Minimum Std Dev Skewness Kurtosis - 62 - Appendix 6: SELECTED 106 FIRMS ON HO CHI MINH STOCK EXCHANGE No CODE 10 11 12 13 14 15 16 17 18 19 20 21 22 ABT ACL AGF ANV BBC BHS BMC BMP BT6 CII CLC COM CYC DCT DHA DHG DIC DMC DPM DPR DRC DTT COMPANY NAMES Cty CP Xuất nhập Thuỷ sản Bến Tre Cty CP Xuất nhập Thuỷ sản Cửu Long An Giang Cty CP Xuất nhập Thuỷ sản An Giang Cty CP Nam Việt Cty CP Bibica Cty CP Đường Biên Hồ Cty CP Khống sản Bình Định Cty CP Nhựa Bình Minh Cty CP Beton Cty CP ĐT Hạ Tầng Kỹ thuật TP HCM Cty CP Cát Lợi Cty CP Vật tư Xăng dầu Cty CP Gạch men Chang Yih Cty CP Tấm lợp vật liệu xây dựng Đồng Nai Cty CP Hoá An Cty CP Dược Hậu Giang Cty CP ĐT - TM DIC Cty CP Xuất nhập Y tế Domesco Tổng Cty Phân bón Hố chất Dầu khí - Cty CP Cty CP Cao su Đồng Phú Cty CP Cao su Đà Nẵng Cty CP Kỹ nghệ Đô Thành LISTED DATE 25/12/2006 05/09/2007 02/05/2002 07/12/2007 17/12/2001 20/12/2006 28/12/2006 11/07/2006 18/04/2002 18/05/2006 16/11/2006 07/08/2006 31/07/2006 10/10/2006 14/04/2004 21/12/2006 28/12/2006 25/12/2006 05/11/2007 30/11/2007 29/12/2006 22/12/2006 SECTOR AQUACULTURE AQUACULTURE AQUACULTURE AQUACULTURE MANUFACTURING MANUFACTURING MINING MANUFACTURING CONSTRUCTION CONSTRUCTION MANUFACTURING OIL -GAS CONSTRUCTION CONSTRUCTION CONSTRUCTION MEDICINE CONSTRUCTION MEDICINE MANUFACTURING MANUFACTURING SERVICE MANUFACTURING GROUP 2 2 1 2 2 4 1 -1- 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 FMC FPT GIL GMC GMD GTA HAP HAS HAX HBC HDC HMC HPG HRC HT1 HTV ICF IFS IMP ITA KDC KHA KHP L10 LAF LBM Cty CP Thực Phẩm Sao Ta Cty CP FPT Cty CP SX-KD Xuất nhập Bình Thạnh Cty CP SX-TM May Sài Gòn Cty CP Đại lý Liên hiệp vận chuyển Cty CP Chế biến gỗ Thuận An Cty CP Tập Đoàn HAPACO Cty CP Hacisco Cty CP Dịch vụ Ơ tơ Hàng xanh Cty CP Xây dựng Kinh doanh Địa Ốc Hồ Bình Cty CP Phát triển Nhà Bà Rịa - Vũng Tàu Cty CP Kim khí TP.Hồ Chí Minh Cty CP Tập Đồn Hồ Phát Cty CP Cao su Hồ Bình Cty CP Xi măng Hà Tiên Cty CP Vận tải Hà Tiên Cty CP ĐT - TM Thuỷ Sản Cty CP Thực Phẩm Quốc tế Cty CP Dược phẩm Imexpharm Cty CP Đầu tư Công nghiệp Tân Tạo Cty CP Kinh Đô Cty CP Xuất nhập Khánh Hội Cty CP Điện lực Khánh Hoà Cty CP Lilama 10 Cty CP Chế biến Hàng xuất Long An Cty CP Khoáng sản Vật liệu xây dựng Lâm Đồng 07/12/2006 13/12/2006 02/01/2002 22/12/2006 22/04/2002 04/07/2007 04/08/2000 19/12/2002 26/12/2006 27/12/2006 08/10/2007 21/12/2006 15/11/2007 29/12/2006 13/11/2007 05/01/2006 18/12/2007 17/10/2006 04/12/2006 15/11/2006 12/12/2005 19/08/2002 27/12/2006 25/12/2007 15/12/2000 20/12/2006 MANUFACTURING SERVICE MANUFACTURING MANUFACTURING TRANSPORTATION CONSTRUCTION MANUFACTURING CONSTRUCTION SERVICE CONSTRUCTION REAL ESTATE MANUFACTURING MANUFACTURING MANUFACTURING CONSTRUCTION TRANSPORTATION AQUACULTURE MANUFACTURING MEDICINE REAL ESTATE MANUFACTURING REAL ESTATE ENERGY MANUFACTURING MANUFACTURING CONSTRUCTION 1 2 1 3 1 -2- 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 LGC MCP MHC MPC NAV NSC NTL PAC PAN PET PGC PJT PNC PPC PTC PVD PVT RAL REE RIC SAM SAV SC5 SCD SFC SFI Cty CP Cơ khí - Điện Lữ Gia Cty CP In Bao bì Mỹ Châu Cty CP Hàng hải Hà Nội Cty CP Tập Đoàn Thuỷ Sản Minh Phú Cty CP Nam Việt Cty CP Giống Cây Trồng Trung Ương Cty CP Phát triển Đô thị Từ Liêm Cty CP Pin Ắc Quy Miền Nam Cty CP Xuyên Thái Bình Tổng Cty CP Dịch vụ tổng hợp Dầu Khí Cty CP Gas Petrolimex Cty CP Vận tải Xăng dầu Đường thuỷ Petrolimex Cty CP Văn hoá Phương Nam Cty CP Nhiệt điện Phả Lại Cty CP ĐT Xây Dựng Bưu Điện Cty CP Khoan Dịch vụ Khoan Dầu khí Cty CP Vận tải Dầu khí Cty CP Bóng đèn Phích nước Rạng Đơng Cty CP Cơ Điện Lạnh Cty CP Quốc tế Hoàng Gia Cty CP ĐT - PT SACOM Cty CP Hợp tác Kinh Tế Xuất nhập SAVIMEX Cty CP Xây dựng Số Cty CP Nước giải khát Chương Dương Cty CP Nhiên liệu Sài Gòn Cty CP Đại lý vận tải SAFI 27/12/2006 28/12/2006 21/03/2005 20/12/2007 20/12/2006 21/12/2006 21/12/2007 12/12/2006 22/12/2006 12/09/2007 24/11/2006 28/12/2006 11/07/2005 19/05/2006 25/12/2006 05/12/2006 10/12/2007 06/12/2006 18/07/2000 31/07/2007 28/07/2000 09/05/2002 18/10/2007 25/12/2006 21/09/2004 29/12/2006 ENERGY MANUFACTURING TRANSPORTATION AQUACULTURE CONSTRUCTION MANUFACTURING REAL ESTATE MANUFACTURING SERVICE SERVICE OIL -GAS TRANSPORTATION RETAIL ENERGY CONSTRUCTION OIL -GAS TRANSPORTATION MANUFACTURING CONSTRUCTION SERVICE MANUFACTURING MANUFACTURING CONSTRUCTION MANUFACTURING RETAIL TRANSPORTATION 2 4 4 4 1 -3- 75 76 77 78 79 80 81 83 82 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 SJD SJS SMC SSC ST8 SVC TAC TBC TCM TCR TDH TMS TNA TNC TPC TRC TS4 TSC TTP TYA UIC VHC VIC VID VIP VIS Cty CP Thuỷ điện Cần Đơn Cty CP ĐT Đô thị Khu công nghiệp Sông Đà Cty CP ĐT-TM SMC Cty CP Giống Cây Trồng Miền Nam Cty CP Siêu Thanh Cty CP Dịch vụ tổng hợp Sài Gòn Cty CP Dầu thực vật Tường An Cty CP Thuỷ điện Thác Bà Cty CP Dệt may - ĐT - TM Thành Công Cty CP Công nghiệp Gốm sứ Taicera Cty CP Phát triển Nhà Thủ Đức Cty CP Transimex-Saigon Cty CP TM Xuất nhập Thiên Nam Cty CP Cao su Thống Nhất Cty CP Nhựa Tân Đại Hưng Cty CP Cao su Tây Ninh Cty CP Thuỷ sản số Cty CP Vật tư Kỹ thuật Nơng nghiệp Cần Thơ Cty CP Bao bì nhựa Tân Tiến Cty CP Dây Cáp điện Taya Việt Nam Cty CP ĐT-PT Nhà Đô thị IDICO Cty CP Vĩnh Hoàn Tập đoàn VINGROUP - Cty CP Cty CP ĐT - PT - TM Viễn Đông Cty CP Vận tải Xăng dầu VIPCO Cty CP Thép Việt Ý 25/12/2006 06/07/2006 30/10/2006 01/03/2005 18/12/2007 21/12/2006 26/12/2006 29/08/2006 15/10/2007 29/12/2006 14/12/2006 11/09/2000 20/07/2005 22/08/2007 28/11/2007 24/07/2007 29/08/2002 04/10/2007 05/12/2006 15/02/2006 12/11/2007 24/12/2007 19/09/2007 25/12/2006 09/11/2006 07/12/2006 ENERGY REAL ESTATE MANUFACTURING MANUFACTURING SERVICE SERVICE MANUFACTURING ENERGY MANUFACTURING CONSTRUCTION REAL ESTATE TRANSPORTATION RETAIL MANUFACTURING MANUFACTURING MANUFACTURING MANUFACTURING MANUFACTURING MANUFACTURING ENERGY ENERGY MANUFACTURING REAL ESTATE MANUFACTURING TRANSPORTATION MANUFACTURING 1 4 3 1 1 1 4 3 -4- 101 102 103 104 105 106 VNE VNM VPK VSH VTB VTO Tổng Cty CP Xây dựng Điện Việt Nam Cty CP Sữa Việt Nam Cty CP Bao bì Dầu thực vật Cty CP Thuỷ điện Vĩnh Sơn Sơng Hinh Cty CP Điện tử Tân Bình Cty CP Vận tải Xăng dầu Vitaco 01/08/2007 19/01/2006 21/12/2006 14/07/2005 27/12/2006 09/10/2007 CONSTRUCTION MANUFACTURING MANUFACTURING ENERGY MANUFACTURING TRANSPORTATION 1 -5- .. .EFFECTS OF CAPITAL STRUCTURE ON FIRM PERFORMANCE AND FIRM TRANSPARENCY: A STUDY OF VIETNAMESE ON- GOING FIRMS LISTED IN HO CHI MINH STOCK EXCHANGE (HOSE) In Partial Fulfillment of the Requirements... financial transparency index and firm performance? Research Objectives Generally, this thesis is an empirical study of effects of capital structure on firm value of on- going firms (financial firms. .. on- going firms? ?? capital listed in HOSE and the relationship between capital structure and firm performance - 11 - - To examine the relationship between firm? ??s capital structure and firm? ??s financial