On the basis of clarifying the general theoretical issues about market risk, methods of identifying, measuring and controlling market risk, the system of market risk management softwares at commercial banks; analyzing and evaluating the status quo of the market risk management in Vietnam Joint Stock Commercial Bank for Industry and Trade; the thesis proposed solutions to improving market risk management ability at Vietnam Joint Stock Commercial Bank for Industry and Trade in accordance with international practices.
DEPARTMENT OF EDUCATION AND TRAINING THE UNIVERSITY OF DANANG BUI NU THANH HA FINANCIAL STRUCTURE OF TEXTILE GARMENT ENTERPRISES IN THE CENTRAL REGION IN THE INTEGRATION PROCESS SPECIALIZE : INDUSTRIAL ECONOMY CODE: 62.31.09.01 PHD THESIS SUMMARY DaNang , 2014 WORKS TO BE DONE IN CATALOGUE OF WORKS PUBLISHED AUTHOR The University of Economics The University of DaNang "Vietnam before shifting trends textile sector - Tendency of Vietnam in the Garment Sector Shifting" The article in the Journal of Science and Technology - UD The scientific guidance: Dr Doan Gia Dung ASS Prof., Dr Nguyen Truong Son Reviewer1: ASS Prof., Dr Nguyen Cong Phuong 04 (65) - 2013 “A research on the capital structure of Textile enterprises in central region in the current period” The article in the Journal of Science and Technology - UD 11 (71) - 2013 Reviewer2: ASS Prof., Dr Thai Thanh Ha Reviewer3: ASS Prof., Dr Phan Thi Minh Ly "The balance of the cost to make strategic business planning - Role of Balance of the contribution margin in making business strategy " The article in the Journal of Finance, 10 (408) - 1998 The thesis will be protected against the council state thesis meeting at the University of DaNang At ……….day month year Thesis can be found at: + The National Library + The Information Resource Center , UDN + The Library of Economics University , UDN 27 PREAMBLE CONCLUSION –š&›— Results achieved The Urgency of thesis Since 01/01/2007, Vietnam officially joined the WTO and - Gather the theory of financial structure of the business Vietnam's garment industry is one of the import and export sector is - To study the factors affecting impact the financial structure of dominated by very large this integration process Therefore, the State the enterprise Central textiles - Develop a relationship between the HSNO factors affecting the financial structure of the enterprise Central textiles - Propose the policy implications for central textile industry in has taken the textile undertakings become one of the key economic sectors in the country In the Central Highlands, in order to put the textile industry became a key economic sectors of the region, researchers and the the design and construction of financial structure authorities have not stopped a comprehensive study of all aspects of Limitations the operation of textile enterprises in Central - The study sample data on financial statements from 2007-2012 should limit accurate results in certain degree Through research, has seen the textile enterprises typically have to borrow money to invest and expand equipment manufacturing - Thread of price on the market yet business Given the increase in debt and interest rates will cause the - Due to the data collection should be limited to research topics central textile enterprises profits shrinking and limited access orders have not the financial structure of the business has had to scale package that Vietnam's garment industry is looking forward to according to the production stage of the textile industry in Central signing with water outside User research and development after the completion of the subject Will study the financial structure of the textile enterprises in So building a financial structure with the rate payable on a reasonable equity has become essential issue for the central enterprises in textile current period terms of scale central coordinating with each stage of the production process of textile industry business Structured finance sectors have generally been much study authors nge in the industry, various sectors but so far the financial structure of the textile industry in Central still left unresolved This is the fundamental reason for the author to choose the topic " Financial structure of the textile garment enterprises in the central region in the integration process " Scope of the Study: The study is an enterprise businesses operating in 5.2.1 For fiber production enterprises But this industry has many problems, but pre-tax profit margin / net sales to be better than the Textile segment (6.8%) While investment in fiber industry, we can apply equation (4) to develop the capital structure and properties suitable for businesses 5.2.2 For textile enterprises The enterprises in the textile and dyeing can apply equation (5) to rebuild capital structure for enterprises towards more reasonable According to this model, the textile enterprises should balance between equipment investment by capital owners to invest in loans 5.2.3 For enterprises in the apparel segment The garment enterprises can apply equation (6) to develop the capital structure According to this model, the garment industry is very big pressure on raw materials and less investment in fixed assets 5.2.4 For businesses textile - garment Capital structure of the textile business - unfortunately can apply equation (7) Overall textile enterprises - may have the ability to raise capital by borrowing more favorable than collateral and unsecured ability is also very high because of the reputation of the business can widely in the country and abroad Enhancing technological innovation towards modernization and industrialization 5.3 The policy implications from the study of the financial the Central province by the end of 2012 This is the time now structure of the textile industry in Central operating continuously from 2007 to the present through which the 5.3.1 Guide for businesses to invest according to stages of the author conditional recognition tends financial structure of the textile textile industry in Central enterprises in Central 5.3.2 Other policy implications for the textile industry in Central Research Methodology 5.3.2.1 Creating conditions for textile enterprises in the central area To accomplish the research objectives, methods to reuse system to of small and medium scale development system as well as the theory of empirical research ahead to determine 5.3.2.2 Strengthening macro-management to promote innovation and the theoretical framework and the financial structure factor affect the technological equipment for textile enterprises in Central financial structure Then, subjects using the method of sample Conclusion Chapter Objectives of the study Through the application of the theory of financial structure has been the subject precedes the study, the authors collected information systems financial situation of the textile enterprises to perform central solve the following: - Formalized theoretical and practical financial and structural factors affecting corporate financial structure - Assess the financial structure of the enterprise Central textiles - Identify the factors that affect the financial structure of the textile enterprises in Central - To study the relationship between the factors that influence the financial structure of the textile enterprises in Central - Propose the policy implications for central textile enterprises to finance construction of logical structures Subjects and scope of research Audience research: This research focuses on the study of the financial structure of the textile enterprises in Central and factors affecting the financial structure of the business 25 and balance with the available resources for long-term assets, owners of capital in the direction of reducing the proportion of equity to increase ROE up and down as well as to increase the D/E To this requires the active support of the policy of the local government level for the central textile business 5.1.3 For the Large Enterprise According to equation (3), the textile business operations on a large scale central province needs to increase investment in long-term assets because the density factor for long-term assets / total assets is a factor enjoy the same direction to pay the debt / equity And the way to increase long-term accelerated dissipation of large textile enterprises is enhanced forms of corporate restructuring such as mergers, joint ventures and associates This is another step to help structural shift central textile industry can make the production process from the stage of a closed business Yarn - Textile - Apparel 5.2 User design the financial structure of the textile industry under the central processing stages of textile industry Table 4.5-The performances of the debt relationship with the factors affecting the paragraphs under surveys to identify factors affecting the financial structure The process is divided into stages: Stage 1: in-depth interviews with the director, chief accountant or chief financial officer of typical textile enterprises to suggest factors influence Stage 2: Collect financial data of 202 Chinese textile enterprises included in the research domain; with data sources from 31/12/2007 to 31/12/2012 by GSO offers All the collected data is processed by the thesis appropriate statistical techniques to detect the characteristics of the financial structure and the influential factors The Contributions topic - The theme describes the status of the financial structure of the textile industry in Central and the impact of each factor affects the actual financial structure of the enterprise - Analyze characteristics Vietnam textile technology in relation to the trend of integration and its impact on the financial structure of the enterprise Central textiles - To establish the model factors affecting the financial structure of the textile industry under the criteria central enterprise scale and Business Yarn manufacturing enterprises Textile enterprises Garment enterprises TextileGarment Enterprises Model the correlation between the debt ratio to the factors affecting the paragraphs under production stage criteria textile industry Ln Y = - 3,979 + 0,353 LnX1 + 0,553 LnX2 – 1,349 LnX3 + 1,393 LnX4 – 0,07 LnX5 (4) central textile enterprises choosing an appropriate financial structure Ln Y = - 1,942 - 0,049 LnX1 – 0,450 LnX2 – 1,636 LnX3 + 1,806 LnX4 – 0,355 LnX5 (5) - Propose the policy implications for the direction and support for the with the scale and according to the business segment of the textile industry Ln Y = - 3,671 + 0,301 LnX1 + 0,101LnX2 – 1,352 LnX3 + 1,803 LnX4 – 0,514 LnX5 (6) Ln Y = 1,134 - 0,041 LnX1 + 1,217 LnX2 – 0,524 LnX3 + 1,416 LnX4 – 0,801 LnX5 (7) Structural thesis content Besides the introduction and conclusion, the main content of the thesis is structured into chapters: Chapter 1: Rationale for structured finance business Chapter 2: Study Design Chapter 3: Typical financial structure of the textile enterprises in Central Chapter 4: Factors affecting the financial structure of the textile enterprises in Central 4.3.2 The model results with the HSNO correlation between factors affecting the textile division of the central business of scale ( see Appendix ) Conclusion Chapter : Financial structure of the textile enterprises in Central positively There ROE and ROA opposite relationship and economic characteristics of the technical textile industry Chapter Chapter 5: Policy Implications of the financial structure of the THE POLICY IMPLICATIONS OF FINANCIAL STRUCTURE FOR TEXTILE INDUSTRY CENTRAL textile industry in Central Observe synthesis of research literature To implement the project, the authors looked at 40 studies and foreign material in the theory of financial structure, the influencing factors and the empirical study goes ahead Maybe overview of some typical materials follows: 5.1 User design the financial structure of the textile industry on the scale Central Table 5.1 Model correlation between the debt ratio to the influencing factors according to firm size Business + To build the foundation for the empirical study of the subject, the thesis research and reference Financial Management Lecture of Dr Doan Gia Dung; Financial Management of Dr Nguyen Thanh Liem (2002); Analyze business operations of Dr Ngo Ha Tan, Dr Tran Dinh Khoi Nguyen, Dr Hoang Tung (2009); Syllabus business analysis - Part II of Prof Dr Cheung and Dr Tran Dinh Thanh Khoi Nguyen (2001); Econometrics Lecture by Dr Truong Ba Thanh (2000); Financial Analysis of Dr Truong Ba Thanh (2012) + The problem, studied reference and research abroad Typically, most of these studies are: - Dr Tran Dinh Khoi Nguyen (2006 ) have studied the small and medium enterprises from 1999 to 2001 Results of the study indicated that the financial structure of small and medium enterprises in Vietnam relations in the same direction with the factors: ability to grow and scale the business and bank interest Small sized enterprises Medium-sized enterprises Large sized enterprises Model the correlation between the debt ratio to the influencing factors according to firm size LnY = - 4,204 + 0,384 LnX1+ 0,129 LnX2 – 1,478 LnX3 + 1,985 LnX4 –0,571 LnX5 (1) LnY = - 0,475 - 0,004 LnX1 – 0,049 LnX2 – 1,072 LnX3 + 1,279 LnX4 – 0,213 LnX5 (2) LnY = - 2,275 + 0,178 LnX1 + 0,433 LnX2 – 1,157 LnX3 + 1,385 LnX4 – 0,240 LnX5 (3) 5.1.1 For small businesses So managers should now use equation (1) to calculate the balance of the loan demand, by increasing equity and increase investment in the long-term asset Structure that can bring pre-tax profit margin on net sales of around 5.2%, this rate is quite satisfactory for the textile enterprises are small Central 5.1.2 For medium-sized enterprises Through data calculations can see the textile business central medium scale can apply equation (2) to develop appropriate capital structure 23 - Dr Doan Ngoc Anh Phi (2010 ) studied the factors affecting the 4.2.2 Encryption turns the primary factors affecting 4.2.3 Research assumptions and empirical dimension of the factors financial structure and financial performance of the business The affecting the initial study has shown the financial structure positively correlated with the Table 4.2 Coding financial structure variables and the factors factors, business risks and asset structure influencing Factors affecting Scale Enterprises Asset Structure Operating Efficiency Technical and economic characteristics Corporate financial structure Variable coding How to measure Variable coding Equity Long-term assets / total assets ROA ratio ROE ratio Profit / Revenue Liabilities / Equity size of the business and negatively correlated with effective business LnX1 LnX2 LnX3 ;LnX4 LnX5 LnY - Author Truong Dong Loc and Vo Thi Kieu Trang (2008) conducted a study of factors that affect the capital structure of listed company shares on the stock market in Vietnam - The author Antoniou, Antonios,Yilmaz Guney, Krishan Paudyal (2002) studied the factors affecting the financial structure of the Group of the European block The authors pointed out the financial structure is correlated positively with the scale factor of the business and negatively correlated with interest rate factors and stock prices in the market - Bevan , Alan A , Jo Danbolt (2000 ) used a regression approach 4.3 Financial Results structured textile enterprises in Central applying SPSS software ( see Appendix 16 ÷ 22 ) 4.3.1 Analysis of the model results 4.3.1.1 Analysis of partial correlation coefficient r and single linear regression between HSNO and the factors influencing 4.3.1.2 Analysis of multiple linear regression coefficients between HSNO and the factors influencing With data from 01.01.2012 to 31.12.200, the results obtained from the SPSS software have close relationships with each other and significance between the dependent variable and the independent variables In all of the research data set, R2 coefficients are achieved from : 0.789 ÷ 0.991 and Sig < 0.000 a This shows that the linear regression model fit multiple data sets and can be used in this study and draw conclusions for the study to analysis of capital structure than 800 companies in the UK Through research, the authors concluded that the financial structure of the business are negatively related to profitability and growth opportunities - Huang, G.H.Samuel, Frank Song.M (2002)c ollected and studied accounting data and market data of more than 1,000 Chinese companies listed on the stock market, the debt ratio showed total assets of the company be positively related to the size of the company, the tax shield, the proportion of fixed assets to total assets but have negatively related to characteristics profitability and industry - Yu Wen, Kami Rwegasira and Jan Bilderbeek (2002) studied the 3.3.2 Analysis of the structure and growth trend of the textile relationship between the financial structure of the company in China industry in Central from 2007 to the present stage Results of the study showed that the company directors often choose Trend of the basic scale textile enterprises is increasingly central lower debt ratios when they face the strict management policy of the focus more on the enterprise scale and large capital Board of Directors The following is a summary of the research: * Is scaling up the material to increase the autonomy of operations or ODM export FOB, EDM Table - Summary of Domestic Research on the influence of these * The provinces tend to innovate, improve technology to advance the factors to the financial structure of the business implementation of all stages of the textile value chain from fiber The factors that have affected domestic researchers mention Scale Enterprises Asset allocation Growth opportunities Profitability Income tax Risk in business Industry Characteristics Interest expense Business performance 10 Form of ownership 11 The other factor The influence of these factors on the financial structure of the business sector Manufacturing Seafood The Manufacturing Common and processing textile business to all processing industry industry Danang branches seafood in Khanh in Da Seafood exports Hoa Nang fabric production - apparel * The number of textile enterprises is increasing Activities of each business are focused on enhancing both quality and quantity Conclusion Chapter Chapter (+) (+) (-)/(+) (+) (+) FACTORS AFFECTING THE FINANCIAL STRUCTURE OF TEXTILE ENTERPRISES IN CENTRAL REGION (+) (-) (+) k (-) 4.1 Factors affecting the financial structure of the textile (+) (+) k k k enterprises in Central (+) (-) (+) k k k k k k k 4.2 Overall study of factors affecting the financial structure of (-) k k (+) (-) k k k k k k (-) (-) k k k k k (+) (-) k k (-) k k x x x x x 4.2.1 Implementation Process Step : Selection of factors affecting the financial structure of textile enterprises in Central Step : Handling data from the primary data set initially Step : Coding variables Step : Check the data before entering into SPSS software Step : Run the software Step : Correlation analysis between variables Step : Testing and conclusions about the relationship between the ratio of liabilities to the factors influencing studied the textile enterprises in Central 21 Table 3.3 The number of textile enterprises throughout Central by ratio Liabilities / Equity to 01/01/NN Table - Summary of study abroad on the influence of these factors to the financial structure of the business Liabilities / Equity (D/E) The influence of these factors on the financial structure D/E < D/E < Year N0 Augmented Major B 2008 161 2009 233 2010 N0 proportion Augmented Major N0 Augmented proportion Major 10,20 68 proportion Zingales Vidhan Song (+) (-) (+) (+) (+) 55,29 33,59 k (+) (+) (-) k 10,60 126 -4,55 30,36 Growth opportunities Profitability 9,68 127 0,79 24,10 (-) (-) (+) (-) k Income tax k (+) k k k (+) k k k k 27 50,00 6,87 2011 245 4,70 59,04 44 62,96 2012 349 42,45 66,22 51 15,91 Risk in business 349 350 300 245 200 161 132 127 126 85 68 44 D/E