(Luận văn thạc sĩ) capital structure and firm performance case study listed companies in hochiminh stock exchage

MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HOCHIMINH CITY - oOo - HUỲNH ANH KIỆT CAPITAL STRUCTURE AND FIRM PERFORMANCE: CASE STUDY: LISTED COMPANIES IN HOCHIMINH STOCK EXCHANGE MASTER THESIS Ho Chi Minh City – 2010 MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HOCHIMINH CITY - oOo - HUỲNH ANH KIỆT CAPITAL STRUCTURE AND FIRM PERFORMANCE: CASE STUDY: LISTED COMPANIES IN HOCHIMINH STOCK EXCHANGE MAJOR: BUSINESS ADMINISTRATION MAJOR CODE: 60.34.05 MASTER THESIS INSTRUCTOR : PROFESSOR NGUYỄN ĐÔNG PHONG Ho Chi Minh City – 2010 ACKNOWLEDGEMENT I would like to express my deepest gratitude to my research Instructor, Professor Nguyen Dong Phong for his intensive support, valuable suggestions, guidance and encouragement during the course of my study My sincere thanks are also due to Dr Vo Thi Quy and Dr Tran Ha Minh Quan for their valuable time as the members of the proposal examination committee Their comments and constructive suggestions were of great help in my completing this study My sincere thanks is extended to Assistant Professor Nguyen Dinh Tho, Dr Tran Ha Minh Quan, Dr Truong Tan Thanh, Dr Pham Huu Hong Thai, Dr Bui Thanh Trang for their valuable time as members of examination committee Their comments and suggestions were of great value for my study I would like to express my sincere gratitude to all of my teachers at Faculty of Business Administration and Postgraduate Faculty, University of Econimics Hochiminh City for their teaching and guidance during my MBA course I would like to specially express my thanks to all of my classmates, my friends from www.caohockinhte.vn for their support and encouragement I would also like to avail this opportunity to express my appreciation to Professor Nguyen Dong Phong, UEH Board of Directors for creating MBA program in English and Dr Tran Ha Minh Quan for his support during the course Finally, I heartily dedicate this study to my beloved parents and my wife, Vu Thi Huyen who have always sacrificed to encourage and support me during my study i ABSTRACT This study investigates the relationship between firm capital structure and firm performance The author explores both the effect of firm performance on firm captial structure as well as the effect of capital structure on firm market performance using cross-sectional data representing of 162 Vietnamese companies in Hochiminh Stock Exchange for 2008 According to the results, a firm profitability is found to have a significant and negative impact on all firm capital structure This finding support pecking order theory of Myers and Majluf (1984) An interesting finding is that firm size has a positive and significant impact on the leverage, which consistent with a previous study of Rajan and Zingales (1995), and indicating that a firm size is an important determinant of corporate capital structure Firm capital structure is confirmed to have positive and significant impacts on firm market performance which is measured by Tobin’s Q The author also finds that firm growth opportunities have a positive and significant impact on the firm value Tobin’s Q Keywords: Capital structure, corporate performance, Vietnam, HOSE ii TABLE OF CONTENTS ACKNOWLEDGEMENT .i ABSTRACT ii TABLE OF CONTENTS iii LIST OF FIGURES v LIST OF TABLES vi ABBREVIATIONS vii CHAPTER 1: INTRODUCTION 1.1 BACKGROUND 1.2 RESEARCH PROBLEMS 1.3 RESEARCH OBJECTIVES 1.4 RESEARCH METHODOLOGY AND SCOPE 1.5 STRUCTURE OF THE STUDY CHAPTER 2: LITERATURE REVIEW 2.1 INTRODUCTION 2.2 CAPITAL STRUCTURE 2.3 FIRM PERFORMANCE 11 2.4 HYPOTHESIS AND EMPIRICAL MODEL 12 2.4.1 Model 1: The Leverage Model 12 2.4.2 Model 2: The Firm Value Model .15 CHAPTER 3: RESEARCH DESIGN 18 3.1 INTRODUCTION 18 3.2 DATA 18 3.3 RESEARCH DESIGN 18 3.3.1 Research Sample 19 3.3.2 Data Analysis Method 20 3.4 VARIABLES MEASUREMENT FOR MODEL 20 3.4.1 Dependent Variables 20 3.4.2 Independent Variables 21 3.5 VARIABLES MEASUREMENT FOR MODEL 21 3.5.1 Dependent Variables 21 3.5.2 Independent Variables 22 3.6 FRAMEWORK OF THE STUDY 23 3.7 SUMMARY 24 CHAPTER 4: EMPIRICAL RESULTS OF THE RESEARCH 25 4.1 INTRODUCTION 25 4.2 CHARACTERISTICS OF RESEARCH SAMPLES 25 4.3 DESCRIPTIVE STATISTICS 26 4.4 REGRESSION ANALYSIS 29 4.4.1 Model 1: The Leverage Model 29 4.4.2 Model 2: The Firm Value Model 32 CHAPTER 5: CONCLUSIONS, RECOMMENDATIONS AND LIMITATIONS 38 5.1 INTRODUCTION 38 5.2 CONCLUSIONS 38 iii 5.3 RECOMMENDATIONS 39 5.4 LIMITATIONS 40 REFERENCES 41 APPENDIX A .44 APPENDIX B 45 APPENDIX C 51 iv LIST OF FIGURES Figure 1: The Leverage Model 14 Figure 2: The Firm Value Model 17 Figure 3: Research Process 19 Figure 4: Framework of the study 23 v LIST OF TABLES Table 1: Dependent variables for model 20 Table 2: Independent variables for model 21 Table 3: Dependent variables for model 22 Table 4: Independent variables for model 22 Table 5: Summary Statistics of the Explanatory Variables 26 Table 6: Correlation Matrix of the Explanatory Variables for Model 28 Table 7: Correlation Matrix of the Explanatory Variables for Model 28 Table 8: Estimate Results for Model 29 Table 9: Estimate Results for Model Using TDTA 32 Table 10: Estimate Results for Model Using TDTE 33 Table 11: Estimate Results for Model Using LTDTA 34 Table 12: Estimate Results for Model Using STDTA 35 vi ABBREVIATIONS HOSE Hochiminh Stock Exchange GROWTH Growth opportunities LTDTA Long-term debt to total assets PE Price-to-Earnings Ratio PROF Profitability ROA Return on assets ROE Return on equity ROI Return on investment SIZE Firm Size STDTA Short-term debt to total assets TA Asset tangibility TDTE Total debt to total equity TDTA Total debt to total assets TOBIN Tobin’s Q vii Capital Structure and Firm Performance CHAPTER 1: INTRODUCTION 1.1 BACKGROUND The theory of the capital structure is an important reference theory in firm's financing policy The capital structure refers to firm includes mixture of debt and equity financing The topic of optimal capital structure has been the subject of many studies The modern theory of the capital structure originate from the contribution of Modigliani and Miller in 1958, under the perfect capital market assumption that if there is no bankrupt cost and capital markets are frictionless, if without taxes, the firm value is independent with the structure of the capital In 1963, under considering the corporate taxes, Modigliani and Miller modified the conclusion to recognize tax shield Because debt can reduce the tax to pay, so the best capital structure of enterprises should be 100% of the debt But this seems to be unreasonable in the real world Jensen and Meckling (1976) introduce the concept of agency costs and investigate the nature of the agency costs generated by the existence of debt and outside equity When considering corporation tax, bankrupt costs and agency costs at the same time, trade-off theory can be introduced to derive the existence of the optimum capital structure Leland (1994) extends the results of Merton (1974) and Black and Cox (1976) to include taxes, bankruptcy costs to derive the optimal capital structure Deangelo and Masulis (1980) argue that the existence of non-debt corporate tax shields such as depreciation deductions is sufficient to overturn the leverages irrelevancy theorem Hovakimian, Opler, and Titman (2001) test the hypothesis that firms tend to a target ratio when they either raise new capital or retire or repurchase existing capital They found firms should use relatively more debt to finance assets in place and relatively more equity to finance growth opportunities It has also been argued that profitable firms are less likely to depend on debt in their capital structure than less profitable ones It has been argued that firms with a high growth rate have a high debt to equity ratio Bankruptcy costs (proxied by firm size) are also found to be an important effect on capital structure (Kraus and Perfect capital markets means that the following assumptions hold: (a) there are no taxes, (b) there are no transaction costs, (c) there is symmetrical information, (d) there are homogenous expectations, and (e) investors can borrow at the same rate as corporations Page Capital Structure and Firm Performance APPENDIX A Variable definitions The Variables are defined as the following formulas: Price-to-Earnings Ratio (PE) Market Price of Common Stock Earnings Per Share = Tobin’s Q = ( Equity Market Value + Liabilities Book Value ) ( Equity Book Value + Liabilities Book Value ) Profitability (PROF) = EBIT + Depreciation Total Assets Total Debt to Total Assets (TDTA) = Total Debt Total Assets Total Debt to Total Equity (TDTE) = Total Debt Total Equity Long-term Debt to Total Assets (LTDTA) = Long-term Debt Total Assets Short-term Debt to Total Equity (STDTA) = Short-term Debt Total Assets Growth opportunities = (GROWTH) Size (SIZE) Total Assets – Book value of Equity + Market value of Equity Total Assets = ln (Sales) Asset Tangibility (TA) = Fixed Tangible Assets Total Assets Page 44 Capital Structure and Firm Performance APPENDIX B Multiple Regression Results Dependent Variable: TDTA Method: Least Squares Date: 11/03/09 Time: 10:25 Sample: 162 Included observations: 162 Variable Coefficient Std Error t-Statistic Prob C PROF GROWTH SIZE TA -0.873102 -0.005438 0.022092 0.048965 0.178830 0.379030 0.001494 0.030388 0.013938 0.080815 -2.303516 -3.640823 0.726986 3.512934 2.212831 0.0226 0.0004 0.4683 0.0006 0.0284 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.162133 0.140786 0.207970 6.790464 27.07020 7.595122 0.000013 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.432888 0.224362 -0.272472 -0.177175 -0.233780 1.964366 Dependent Variable: TDTE Method: Least Squares Date: 11/03/09 Time: 10:26 Sample: 162 Included observations: 162 Variable Coefficient Std Error t-Statistic Prob C PROF GROWTH SIZE TA -4.622503 -0.036765 0.421161 0.213809 0.779893 2.340928 0.009225 0.187682 0.086085 0.499122 -1.974646 -3.985310 2.244020 2.483681 1.562532 0.0501 0.0001 0.0262 0.0141 0.1202 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.135869 0.113853 1.284441 259.0166 -267.8810 6.171335 0.000123 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 1.246424 1.364461 3.368901 3.464198 3.407593 1.876261 Page 45 Capital Structure and Firm Performance Dependent Variable: LTDTA Method: Least Squares Date: 11/03/09 Time: 10:27 Sample: 162 Included observations: 162 Variable Coefficient Std Error t-Statistic Prob C PROF GROWTH SIZE TA -0.241070 -0.002539 0.026783 0.009991 0.362726 0.245542 0.000968 0.019686 0.009030 0.052353 -0.981789 -2.623803 1.360481 1.106431 6.928428 0.3277 0.0096 0.1756 0.2702 0.0000 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.252491 0.233446 0.134726 2.849721 97.40235 13.25770 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.104263 0.153879 -1.140770 -1.045474 -1.102078 1.955806 Dependent Variable: STDTA Method: Least Squares Date: 11/03/09 Time: 10:27 Sample: 162 Included observations: 162 Variable Coefficient Std Error t-Statistic Prob C PROF GROWTH SIZE TA -0.632159 -0.002899 -0.004691 0.038979 -0.183887 0.333272 0.001313 0.026720 0.012256 0.071059 -1.896825 -2.207294 -0.175562 3.180438 -2.587811 0.0597 0.0287 0.8609 0.0018 0.0106 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.155863 0.134356 0.182863 5.249888 47.91251 7.247170 0.000022 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.328623 0.196542 -0.529784 -0.434488 -0.491092 2.203875 Page 46 Capital Structure and Firm Performance Dependent Variable: PE Method: Least Squares Date: 11/03/09 Time: 10:35 Sample: 162 Included observations: 162 Variable Coefficient Std Error t-Statistic Prob C TDTA GROWTH SIZE 136.8876 26.45088 4.676144 -4.796432 206.2340 41.26309 14.66740 7.786767 0.663749 0.641030 0.318812 -0.615972 0.5078 0.5224 0.7503 0.5388 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.004436 -0.014467 113.1355 2022342 -993.8739 0.234694 0.872090 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 24.30095 112.3259 12.31943 12.39567 12.35038 2.063560 Dependent Variable: PE Method: Least Squares Date: 11/03/09 Time: 10:36 Sample: 162 Included observations: 162 Variable Coefficient Std Error t-Statistic Prob C TDTE GROWTH SIZE 98.07088 -3.183458 4.387799 -2.769519 205.8325 6.675112 14.66050 7.668298 0.476460 -0.476915 0.299294 -0.361165 0.6344 0.6341 0.7651 0.7185 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.003282 -0.015643 113.2010 2024687 -993.9677 0.173423 0.914242 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 24.30095 112.3259 12.32059 12.39683 12.35154 2.062094 Page 47 Capital Structure and Firm Performance Dependent Variable: PE Method: Least Squares Date: 11/03/09 Time: 10:38 Sample: 162 Included observations: 162 Variable Coefficient Std Error t-Statistic Prob C LTDTA GROWTH SIZE 113.9763 4.967570 3.989722 -3.511319 203.3320 58.16361 14.68251 7.529029 0.560542 0.085407 0.271733 -0.466371 0.5759 0.9320 0.7862 0.6416 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.001893 -0.017058 113.2799 2027508 -994.0805 0.099903 0.959959 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 24.30095 112.3259 12.32198 12.39822 12.35293 2.058518 Dependent Variable: PE Method: Least Squares Date: 11/03/09 Time: 10:38 Sample: 162 Included observations: 162 Variable Coefficient Std Error t-Statistic Prob C STDTA GROWTH SIZE 140.2637 31.71192 5.285529 -4.908051 206.8730 47.48387 14.74833 7.808725 0.678019 0.667846 0.358382 -0.628534 0.4988 0.5052 0.7205 0.5306 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.004657 -0.014242 113.1229 2021894 -993.8559 0.246415 0.863794 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 24.30095 112.3259 12.31921 12.39545 12.35016 2.073206 Page 48 Capital Structure and Firm Performance Dependent Variable: TOBIN Method: Least Squares Date: 11/03/09 Time: 10:30 Sample: 162 Included observations: 162 Variable Coefficient Std Error t-Statistic Prob C TDTA GROWTH SIZE 1.020104 -2.011764 1.005241 -0.000993 0.035688 0.007140 0.002538 0.001347 28.58391 -281.7428 396.0540 -0.737274 0.0000 0.0000 0.0000 0.4620 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.999388 0.999376 0.019578 0.060559 409.3622 85960.14 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 1.205579 0.783774 -5.004471 -4.928234 -4.973518 2.209864 Dependent Variable: TOBIN Method: Least Squares Date: 11/03/09 Time: 10:33 Sample: 162 Included observations: 162 Variable Coefficient Std Error t-Statistic Prob C TDTE GROWTH SIZE 1.421871 -0.274580 1.079370 -0.038535 0.429173 0.013918 0.030568 0.015989 3.313047 -19.72840 35.31043 -2.410103 0.0011 0.0000 0.0000 0.0171 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.911000 0.909311 0.236031 8.802281 6.051375 539.0962 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 1.205579 0.783774 -0.025326 0.050911 0.005628 1.977042 Page 49 Capital Structure and Firm Performance Dependent Variable: TOBIN Method: Least Squares Date: 11/03/09 Time: 10:34 Sample: 162 Included observations: 162 Variable Coefficient Std Error t-Statistic Prob C LTDTA GROWTH SIZE 2.719633 -1.494015 1.074631 -0.093499 0.670071 0.191675 0.048385 0.024812 4.058726 -7.794511 22.20977 -3.768377 0.0001 0.0000 0.0000 0.0002 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.777369 0.773142 0.373308 22.01873 -68.21609 183.8985 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 1.205579 0.783774 0.891557 0.967794 0.922510 2.157704 Dependent Variable: TOBIN Method: Least Squares Date: 11/03/09 Time: 10:34 Sample: 162 Included observations: 162 Variable Coefficient Std Error t-Statistic Prob C STDTA GROWTH SIZE 1.386044 -1.666116 0.987569 -0.025900 0.558382 0.128166 0.039808 0.021077 2.482251 -12.99965 24.80830 -1.228819 0.0141 0.0000 0.0000 0.2210 R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.851062 0.848234 0.305336 14.73036 -35.65551 300.9475 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 1.205579 0.783774 0.489574 0.565811 0.520527 1.967021 Page 50 Capital Structure and Firm Performance APPENDIX C Research Data Set Company name TOBIN'S Q Ticker ABT BenTre Aquaproduct Import & Export JSC Food Producers 8,7353 1,3479 7,8541 0,1115 ACL Cuulong Fish JSC Food Producers 25,6759 0,8650 2,6019 0,6266 AGF An Giang Fisheries Import & Export JSC Food Producers 6,9761 0,6114 15,5980 5,9434 1,1639 5,7385 13,0363 ALP Alphanam JSC ALT ALTA Company ANV Nam Viet Corporation Sector PROF (%) No Industrial Engineering Household Goods Food Producers PE TDTA SIZE (Sales) TA 0,5708 26,8833 0,1035 1,1182 27,2021 0,1085 0,4911 0,6841 28,3736 0,2903 0,0059 0,2506 0,7162 27,9005 0,0816 0,2641 0,0000 0,2089 0,5853 25,9619 0,3654 0,6609 0,0287 0,3692 0,8644 28,8358 0,1835 TDTE LTDTA STDTA GROWTH 0,1254 0,0000 0,1115 1,6780 0,1073 0,5193 0,5260 1,1458 0,0349 17,2308 0,2564 0,3682 1,1674 8,6802 0,2089 1,0686 12,6941 0,3979 ASP AN PHA S.G PETROL JSC Gas, Water & Multiutilities 13,1285 0,6420 6,7131 0,5454 1,3422 0,1040 0,4414 0,7983 27,9921 0,1306 BAS BASACO Food Producers 10,2066 0,8561 559,25 0,5573 1,2591 0,0576 0,4997 0,9708 26,2193 0,1916 7,7031 1,1769 10,5017 0,1843 0,2260 0,0175 0,1668 0,5456 27,0244 0,2301 BBC Bien Hoa Confectionery Corp Food Producers 10 BHS Bien Hoa Sugar JSC Food Producers 11 BMC Binh Dinh Minerals JSC 12 BMP Binh Minh Plastics JSC 13 BPC Bim Son Packaging JSC Mining Household Goods General Industrials 3,3041 1,0705 (7,1512) 0,4466 0,8070 0,2613 0,1853 0,9637 27,3981 0,2962 42,9825 5,2734 12,2302 0,0579 0,0614 0,0016 0,0563 4,3892 25,5921 0,1480 28,2367 1,7735 5,3737 0,1372 0,1590 0,0013 0,1359 1,0479 27,4466 0,3297 18,3364 1,3007 4,1709 0,1685 0,2026 0,0077 0,1608 0,6376 25,9485 0,3239 14 BT6 Chau Thoi Concrete Corporation No.620 Construction & Materials 10,7989 1,5036 17,9650 0,4943 0,9773 0,1282 0,3660 1,4921 27,4617 0,0936 15 CAN Canfoco Halong Canned Food Corporation Food Producers 14,9065 0,8258 4,1484 0,4934 0,9771 0,0888 0,4045 0,8146 26,7611 0,1730 16 CLC Cat Loi JSC Tobacco 24,2976 0,9551 4,0000 0,5742 1,3483 0,0004 0,5737 1,1035 27,5516 0,1594 Materials - Petroleum JSC Gas, Water & Multiutilities 9,0315 1,7965 15,5361 0,1193 0,1355 0,0196 0,0997 1,0351 28,7532 0,0546 Chang Yih Ceramic JSC Construction & Materials 11,7921 0,6296 5,7070 0,6304 1,7056 0,3191 0,3113 0,8903 26,3333 0,3218 17 18 COM CYC Page 51 Capital Structure and Firm Performance No Ticker 19 DCC 20 21 22 23 24 25 26 Company name Sector PE TDTA TDTE LTDTA STDTA GROWTH SIZE (Sales) TA Construction & Materials 5,1190 0,7877 7,9478 0,4690 0,8833 0,0552 0,4138 0,7257 26,8796 0,0159 DCL Cuu Long Pharmaceutical Corp Pharmaceuticals & Biotechnology 14,7503 1,0536 6,6813 0,5051 1,0185 0,1959 0,3091 1,0629 26,9057 0,3894 DCT Dongnai Roofsheet & Construction Material JSC Construction & Materials 14,4630 1,2662 3,9001 0,1495 0,1758 0,0415 0,1080 0,5620 26,0065 0,0820 Dong Do Marine JSC Industrial Transportation 10,1197 0,2419 9,7379 0,8665 6,4898 0,6184 0,2480 0,9749 26,3215 0,6706 Hoa An JSC Construction & Materials 17,1894 1,5612 5,0456 0,0711 0,0766 0,0057 0,0654 0,7034 25,7905 0,0424 Hau Giang Pharmaceutial JSC Pharmaceuticals & Biotechnology 16,4223 2,8513 18,4649 0,3537 0,5498 0,0140 0,3397 2,5562 28,0487 0,9870 DIC Investment & Trading JSC Construction & Materials 11,0404 0,5498 5,2808 0,6705 2,2703 0,0322 0,6383 0,9403 27,2268 0,2122 Domesco Medical Import & Export JSC Pharmaceuticals & Biotechnology 15,5193 1,8944 10,9113 0,2237 0,2881 0,0027 0,2210 1,3417 27,5704 0,1605 13,5955 0,7011 4,2489 0,5276 1,1167 0,0799 0,4477 0,7562 25,9850 0,2262 16,2710 1,4782 6,2715 0,1182 0,1340 0,0055 0,1127 0,7146 24,9881 0,2137 103,09 3,4436 9,4554 0,0868 0,0956 0,0024 0,0845 2,6111 29,5018 0,3241 25,1025 1,8204 5,1956 0,3456 0,5305 0,0383 0,3072 1,5121 27,3147 0,3983 4,6601 0,6168 235,19 0,5671 1,3265 0,1170 0,4501 0,7584 26,6894 0,0741 DDM DHA DHG DIC DMC DNP DongNai Plastic Construction JSC 28 DPC Da Nang Plastic JSC 29 DPM Petrovietnam Fertilizer and Chemical JSC 30 DPR DONG PHU RUBBER JSC 31 DQC Dien Quang JSC 32 DRC DaNang Rubber JSC Construction & Materials Household Goods Chemicals Chemicals Household Goods Automobiles & Parts DTT DoThanh Technology Corporation General Industrials DXV Da Nang Construction Building Materials And Cement Construction & Materials 35 FBT Ben Tre Forestry And Aquaproduct Import Export Food Producers 36 FMC Sao Ta Foods JSC 37 FPT FPT Corp 34 TOBIN'S Q DESCON Construction Corp 27 33 PROF (%) Food Producers Software & Computer Services 20,3363 0,7721 4,9907 0,6485 1,8446 0,1551 0,4933 1,0691 27,9064 0,2546 8,6368 1,4395 8,8707 0,0494 0,0519 0,0002 0,0492 0,5383 25,4444 0,1689 7,3180 0,4750 9,1269 0,7207 2,5804 0,4926 0,2281 0,9164 27,4807 0,1564 5,3329 0,7724 27,1831 0,5386 1,1675 0,0299 0,5087 0,8497 27,4313 0,2263 13,5105 0,7310 7,5031 0,5411 1,1791 0,0016 0,5395 0,8131 27,6482 0,1858 23,1101 1,6830 8,3578 0,5168 1,3009 0,0008 0,5160 1,7439 30,4301 0,1134 Page 52 Capital Structure and Firm Performance No Ticker 38 GIL 39 Company name Sector Binh Thanh Im-export, production & trade JSC Personal Goods GMC Garmex Saigon JSC Personal Goods 40 GMD General Forwarding & Agency Corporation Industrial Transportation 41 HAP Hapaco Hai Phong Paper JSC Forest & Paper 42 HAX Hangxanh Motors Service JSC General Retailers Hoa Binh Construction& Real Easte Corp Construction & Materials 43 HBC PROF (%) TOBIN'S Q PE TDTA TDTE LTDTA STDTA GROWTH SIZE (Sales) TA 11,9409 1,2244 4,6905 0,1605 0,1912 0,0035 0,1570 0,5454 26,8489 0,0556 15,9135 0,9625 3,8699 0,3938 0,6497 0,0023 0,3915 0,7501 26,7746 0,3012 0,8532 0,9829 (8,5338) 0,4191 0,7294 0,2247 0,1944 0,8276 28,2797 0,3701 (3,8609) 0,9737 (3,2230) 0,3547 0,5797 0,1120 0,2427 0,7174 26,4947 0,3313 13,6694 0,9002 4,1692 0,4114 0,6990 0,0034 0,4080 0,7230 27,0597 0,1679 3,4664 0,7040 30,9616 0,4927 1,0702 0,0948 0,3978 0,7502 27,2686 0,1108 4,4369 0,3303 0,4933 0,0000 0,3303 0,9152 24,7730 0,2153 0,0324 44 HBD Binh Duong PP Pack Marking JSC General Industrials 24,8223 1,2545 45 HDC Ba Ria – Vung Tau House Development JSC Real Estate 9,3617 0,5236 5,0517 0,7795 3,5342 0,1905 0,5890 1,0825 26,4304 46 HLA Asia Huu Lien Industrial Metals 8,5718 0,4991 (12,0312) 0,7423 3,0604 0,0316 0,7107 1,0064 28,2425 0,1131 47 HMC Hochiminh City Metal Corporation General Retailers 11,4129 0,6630 5,8401 0,6466 1,8294 0,0008 0,6457 0,9561 29,0866 0,0485 48 HPG Hoa Phat Group JSC Industrial Metals 22,4451 1,9049 7,2413 0,2295 0,3148 0,0067 0,2228 1,3678 29,7713 0,1556 49 HRC HoaBinh Rubber JSC Chemicals 24,9673 1,9171 4,7847 0,1693 0,2038 0,0093 0,1600 1,2558 26,3932 0,1333 HSI General Materials Biochemistry Fertilizer JSC Chemicals 10,6282 0,2787 5,8858 0,8559 5,9393 0,0006 0,8553 0,9905 27,1753 0,0701 20,1700 0,8273 4,7902 0,5308 0,2965 1,1044 28,5700 0,0626 50 51 HT1 Ha Tien Cement JSC Construction & Materials 2,7380 0,4498 52 ICF Investment Commerce Fisheries Corporation Food Producers 7,5911 0,6349 6,6443 0,5900 1,4390 0,0284 0,5616 0,8149 26,8526 0,1591 53 IFS Interfood Shareholding Co Food Producers (14,572) 0,3235 (1,0172) 0,8419 6,2416 0,0243 0,8176 1,0462 27,5444 0,3498 54 IMP Imexpharm Pharmaceutical JSC Pharmaceuticals & Biotechnology 13,8812 2,3311 15,0086 0,1351 0,1562 0,0032 0,1319 1,6014 27,0672 0,0757 55 ITA Tan Tao Investment Industry Corp Real Estate 6,6436 1,3392 220,83 0,2391 0,3138 0,0634 0,1757 0,8166 27,9376 0,0082 56 KDC Kinh Do JSC Food Producers 2,1341 1,3033 (20,1506) 0,2802 0,4027 0,0577 0,2225 0,8804 28,0137 0,1169 57 KHA Khahomex Khanh Hoi Import Export JSC General Retailers 15,6238 1,0797 3,9139 0,3540 0,5480 0,0123 0,3417 0,7877 26,1568 0,0356 58 KHP Khanh Hoa Power JSC Electricity 35,7012 0,5239 4,0884 0,7051 2,3911 0,5346 0,1706 0,9341 27,4598 0,6142 L10 LILAMA 10 JSC Industrial Engineering 13,2668 0,6205 4,7751 0,6775 2,1009 0,0392 0,6384 0,9755 26,5158 0,0706 LAF Lafooco Long An Food Processing Export JSC Food Producers 9,3893 0,6741 14,0570 0,5850 1,4095 0,0016 0,5834 0,8440 27,0639 0,0852 59 60 Page 53 Capital Structure and Firm Performance No Ticker 61 LBM Company name Sector PROF (%) TOBIN'S Q PE TDTA TDTE LTDTA STDTA GROWTH SIZE (Sales) TA LamDong Buiding Materials JSC Construction & Materials 27,6272 0,7711 6,2997 0,5565 1,3870 0,2627 0,2938 0,9360 25,6013 0,3098 62 LCG LICOGI 16 Construction & Materials 16,7756 0,9580 4,1504 0,5428 1,1872 0,1057 0,4371 1,0436 26,8204 0,0136 63 LSS Lam Son Sugar JSC Food Producers 17,7897 1,2280 6,6855 0,3183 0,4838 0,0877 0,2306 0,8830 27,7548 0,2524 18,2576 0,9870 4,2786 0,3969 0,6581 0,2240 0,1729 0,7809 26,0611 0,4313 0,1094 64 MCP My Chau Printing& Packing Holdings Co General Industrials 65 MPC MINH PHU SEADFOOD CORP Food Producers 7,5059 0,7865 (19,297) 0,5641 1,3600 0,0945 0,4696 0,9403 28,6969 66 NKD North Kinhdo Food JSC Food Producers 8,9960 0,9096 330,68 0,6282 1,6910 0,0429 0,5853 1,1663 27,2625 0,3226 67 NSC National Seed JSC Food Producers 14,2132 1,3505 4,5769 0,2878 0,4041 0,0031 0,2847 0,9260 26,1324 0,0594 68 NTL TU LIEM URBAN DEVELOPMENT 8,3444 0,8328 8,8166 0,7314 2,7234 0,0003 0,7311 1,2956 26,6403 0,0061 15,7124 1,7997 7,1545 0,0716 0,0772 0,0032 0,0684 0,9429 26,1124 0,2551 22,0431 1,6988 7,0603 0,3865 0,6299 0,0029 0,3836 1,4718 27,8476 0,1153 6,0428 0,7984 7,8641 0,6364 1,7504 0,0066 0,6298 1,0712 29,3175 0,0614 Real Estate Pharmaceuticals & Biotechnology Household Goods General Retailers 69 OPC OPC Pharmaceutial JSC 70 PAC Dry Cell and Storage Battery JSC 71 PET PetroVietnam General Services Js Corporation 72 PGC Petrolimex Gas JSC Gas, Water & Multiutilities 3,9007 1,0180 183,64 0,3162 0,4732 0,1240 0,1922 0,6657 28,1557 0,1823 73 PIT Petrolimex International Trading JSC General Retailers 12,2134 0,8832 8,1074 0,4341 0,7672 0,0000 0,4341 0,7515 28,1658 0,0280 Petrolimex Joint Stock Tanker Com Industrial Transportation 11,6147 0,8843 11,5417 0,5021 1,0086 0,0014 0,5008 0,8885 27,4087 0,3839 0,0487 74 PJT 75 PMS Petroleum Mechanical JSC Gas, Water & Multiutilities 5,5942 1,1625 21,4496 0,4599 0,8515 0,0018 0,4581 1,0823 26,3210 76 PNC Phuong Nam Cultural JSC Media 4,3622 0,6215 16,3408 0,5822 1,3938 0,0450 0,5372 0,7860 26,3438 0,1209 77 PPC PhaLai Thermal Power JSC Electricity 4,1365 0,8815 (28,5800) 0,6817 2,1421 0,5886 0,0932 1,2450 28,9873 0,4737 78 PVD PetroVietnam Drilling and well services JSC Oil Equipment, Services & Distribution 12,8764 1,5366 11,2523 0,6960 2,8163 0,2452 0,4508 1,9550 28,9471 0,2331 PVT PETROVIETNAM TRANSPORTATION CORP Industrial Transportation 6,4536 2,5355 173,95 0,7300 5,7308 0,3210 0,4090 2,9192 27,7345 0,4315 RAL Rangdong Light source and Vacuum flash JSC Household Goods 12,4438 0,7178 4,6089 0,5340 1,1457 0,0493 0,4846 0,7858 27,4544 0,1974 REE Refrigeration Electrical Engineering Corporation Real Estate (4,6172) 1,4530 (10,9638) 0,1951 0,2437 0,0404 0,1547 0,8456 27,7917 0,0076 79 80 81 Page 54 Capital Structure and Firm Performance No Ticker 82 SAF 83 SAM Company name Sector PROF (%) TOBIN'S Q PE TDTA TDTE LTDTA STDTA GROWTH SIZE (Sales) TA SAFOCO Foodstuff JSC Food Producers 21,7201 1,4487 4,2592 0,3216 0,4742 0,0052 0,3164 1,0920 26,7423 0,2826 Sacom Cables & Telecom Materials JSC Electronic & Electrical Equipment (1,8504) 1,3679 (11,9774) 0,0309 0,0319 0,0002 0,0308 0,4298 27,8906 0,0497 6,5588 0,7508 9,9433 0,4953 0,9801 0,0215 0,4738 0,7406 27,0561 0,1048 Household Goods Construction & Materials 84 SAV Im-Export & Economic Co-Operation JSC 85 SC5 Construction Join Stock Company No.5 4,1233 0,3365 6,2375 0,8410 5,3746 0,2138 0,6272 1,0227 27,4479 0,0407 86 SCD Chuong Duong Beverages Co Beverages 21,8353 1,5340 5,3097 0,2592 0,3499 0,0023 0,2569 1,0525 26,3380 0,0503 Dongnai Paint Corporation Construction & Materials 17,4671 1,1719 6,7847 0,5132 1,0541 0,0646 0,4486 1,1982 24,8385 0,0996 Saigon Fuel JSC Gas, Water & Multiutilities 20,7005 1,8263 9,6787 0,3717 0,5916 0,0013 0,3704 1,5696 27,8171 0,1672 3,5293 0,0924 0,1019 0,0644 0,0281 0,6912 25,5451 0,2881 87 88 SDN SFC 89 SFN Saigon Fishing Net JSC General Industrials 27,7094 1,5063 90 SGC Sagiang Import Export Corporation Food Producers 21,5815 1,6191 4,0097 0,0857 0,0938 0,0091 0,0766 0,7906 25,4186 0,2180 91 SGH Saigon Hotel Corporation Travel & Leisure 38,1243 5,3814 17,6978 0,0840 0,0918 0,0063 0,0778 4,5495 24,1191 0,4721 6,2735 1,8921 22,1498 0,4446 0,8045 0,1074 0,3372 1,7817 27,7119 0,0394 17,5475 0,7012 12,0656 0,6738 2,0660 0,4519 0,2219 1,0488 26,2058 0,9381 92 SGT Saigon Telecommunication & Technologies Corp Technology Hardware & Equipment 93 SJD CanDon Hydro Power JSC Electricity 94 SJS Song Da Urban & IZ Investment & Development JSC Real Estate 11,2123 2,0708 18,0555 0,2782 0,3854 0,0819 0,1963 1,6272 26,4731 0,0116 95 SMC SMC Investment- Trading JSC General Retailers 16,4834 0,6464 3,1271 0,6523 1,8899 0,0383 0,6140 0,9545 29,0697 0,0626 96 SSC Southern Seed JSC Food Producers 22,5885 1,8717 5,8766 0,1790 0,2181 0,0279 0,1511 1,2298 26,0813 0,1250 97 ST8 Sieu Thanh Joint Stock Corp General Retailers 29,8995 1,3772 3,8407 0,3246 0,5595 0,0004 0,3242 1,0857 27,4379 0,0841 98 TAC Tuong An Oil JSC Food Producers 22,9291 1,1022 37,8383 0,5498 1,2213 0,1142 0,4356 1,2019 28,7273 0,1969 0,2935 99 TCM THANH CONG TEXTILE GARMENT Personal Goods 7,5007 0,4359 72,5796 0,7112 2,6904 0,2308 0,4804 0,8965 27,6582 100 TDH Thu Duc House JSC Real Estate 20,0574 1,1948 3,4627 0,2873 0,4113 0,1471 0,1402 0,7808 27,1339 0,0407 101 TMC Thu Duc Trading and Import Export JSC General Retailers 16,7974 0,8659 4,2096 0,5834 1,4005 0,0020 0,5814 1,0327 27,9234 0,0934 102 TMS Trans-Forwarding & Warehousing Corp Industrial Transportation 23,2176 1,9808 9,2287 0,1357 0,1571 0,0287 0,1070 1,2523 25,8875 0,4032 103 TNA Thien Nam Trading Im-Export Corp General Retailers 19,8729 0,7383 3,7201 0,5240 1,1008 0,0141 0,5099 0,7862 27,2859 0,0100 104 TNC Thong Nhat Rubber JSC Chemicals 6,0029 1,4265 18,8083 0,1669 0,2003 0,0012 0,1657 0,7602 25,9261 0,3390 Page 55 Capital Structure and Firm Performance No Ticker 105 TPC Company name Sector PROF (%) TOBIN'S Q PE TDTA TDTE LTDTA STDTA GROWTH SIZE (Sales) TA TAN DAI HUNG PLASTIC JSC General Industrials (14,9823) 1,2504 (2,4111) 0,2015 0,2523 0,0076 0,1939 0,6533 26,8437 0,1710 106 TRA TRAPHACO Pharmaceuticals & Biotechnology 19,3840 1,4906 6,0430 0,2836 0,3960 0,0102 0,2735 1,0579 27,3894 0,0980 107 TRC Tay Ninh Rubber JSC Chemicals 32,8792 1,8670 3,6777 0,2364 0,3096 0,0441 0,1924 1,3399 27,0316 0,3881 108 TSC Techno – Agricultural Supplying JSC General Retailers 20,0334 0,5075 4,0012 0,8004 4,0247 0,0001 0,8003 1,1094 28,6370 0,0347 15,5834 0,6142 5,9526 0,6290 1,6953 0,0278 0,6012 0,8721 26,3739 0,3687 7,1791 0,5046 10,1157 0,6053 1,5818 0,0134 0,5919 0,7332 27,2646 0,0529 22,7404 1,3928 3,8216 0,1368 0,1584 0,0004 0,1364 0,6663 27,6813 0,2130 109 TTC Thanh Thanh JSC 110 TTF Truong Thanh Furniture Corporation 111 TTP Tan Tien Plastic Packaging JSC 112 113 114 TYA UIC VFC Construction & Materials Household Goods General Industrials Taya Electric Wire and Cable JSC Electronic & Electrical Equipment (12,6401) 0,7481 (2,7374) 0,6994 2,3271 0,0315 0,6680 1,1470 27,8018 0,3472 Idico Urban and House Development JSC Construction & Materials 7,8150 0,4518 4,5304 0,7233 2,6144 0,0428 0,6806 0,8985 27,2473 0,1200 VINAFCO JSC Industrial Transportation 6,8069 1,2327 12,0704 0,1921 0,2378 0,0431 0,1490 0,6169 26,8277 0,1583 18,2242 1,6786 5,9480 0,1247 0,1425 0,0005 0,1242 0,9281 25,6844 0,0890 13,2318 0,8071 7,1212 0,6583 2,0411 0,1753 0,4830 1,1466 28,5240 0,3713 115 VGP The Vegetexco Port JSC Industrial Transportation 116 VHC Vinh Hoan Corp Food Producers 117 VHG Viet-Han Corporation Electronic & Electrical Equipment 2,2556 1,2358 (9,3290) 0,0979 0,1085 0,0000 0,0979 0,4316 26,3901 0,2439 118 VIC VINCOM JSC Real Estate 7,3046 1,8716 76,4775 0,7306 2,9368 0,5475 0,1830 2,3353 26,2005 0,0045 119 VID Viendong Paper JSC Forest & Paper 10,8140 0,9381 7,9055 0,4593 0,8493 0,1023 0,3570 0,8566 27,0431 0,0755 13,9978 0,9547 7,9084 0,4547 0,8340 0,4060 0,0488 0,8642 27,8543 0,5927 22,9475 0,6745 2,7437 0,6493 2,4634 0,3145 0,3347 1,0886 28,1713 0,1453 3,9356 0,6946 61,6734 0,4813 0,9279 0,1033 0,3780 0,6572 26,6951 0,1175 23,3389 0,8576 3,6373 0,5677 1,3131 0,2665 0,3012 0,9930 27,5251 0,7092 120 VIP Vietnam Petroleum Transport JSC Industrial Transportation 121 VIS Vietnam - Italy Steel JSC Industrial Metals VIKY PLASTIC Co General Industrials VINASHIP Industrial Transportation 122 123 VKP VNA Page 56 Capital Structure and Firm Performance Company name Sector PROF (%) TOBIN'S Q No Ticker PE TDTA TDTE 124 VNE Vietnam Electricity Construction JSC Construction & Materials 5,1092 0,2854 -436,78 0,8111 125 VNM Vietnam Dairy Products JSC Food Producers 25,6423 3,2638 11,6371 126 VNS Vietnam Sun Corp Travel & Leisure 17,5754 0,8804 5,2951 10,5396 0,8048 16,2386 0,5351 1,1509 0,1686 8,4797 2,5180 158,32 0,6235 1,8478 0,4850 SIZE (Sales) TA 0,9637 26,6348 0,2554 0,1630 2,6400 29,7569 0,2563 0,0717 0,7456 27,4425 0,5594 0,3664 0,8749 25,9722 0,5086 0,1385 2,7446 26,8787 0,3796 LTDTA STDTA GROWTH 5,1927 0,4784 0,3327 0,1935 0,2424 0,0305 0,4326 0,7624 0,3609 127 VPK Vegetable Oil Packing JSC General Industrials 128 VPL Vinpearl Tourism and Trading JSC Travel & Leisure Vietnam container shipping JSC Industrial Transportation 32,0148 1,6522 4,1728 0,3411 0,5176 0,0411 0,2999 1,3344 26,4687 0,3301 11,9570 0,4678 18,8290 0,7199 2,5707 0,5918 0,1281 0,9077 25,6252 0,8663 21,4101 2,4131 10,3785 0,1373 0,1591 0,0906 0,0466 1,6876 26,9047 0,5726 129 VSC 130 VSG Viconship Saigon Industrial Transportation 131 VSH Vinh Son Song Hinh Hydro Power JSC Electricity 132 VTA VITALY JSC Construction & Materials 8,3646 0,3667 (8,2729) 0,7686 3,3214 0,2335 0,5351 0,9039 25,8395 0,4901 133 VTB Viettronics Tanbinh JSC Leisure Goods 11,2223 1,3742 6,5496 0,2360 0,3089 0,0289 0,2071 0,8462 26,1128 0,0136 134 VTC VTC Telecommunications JSC Technology Hardware & Equipment 10,2042 0,8695 11,3716 0,4057 0,8342 0,0741 0,3316 0,8030 25,2535 0,1849 Viet Nam Tanker JSC Industrial Transportation 8,2139 0,4345 19,5395 0,7716 3,3782 0,6930 0,0786 0,9777 27,3475 0,9356 Binh Trieu Construction & Engineering JSC Construction & Materials 8,0921 0,5753 5,3805 0,8339 5,0189 0,0116 0,8223 1,2430 24,8868 0,0107 HCMC Infrastructure Investment JSC - CII Construction & Materials 12,9519 0,9651 8,1338 0,5705 1,4645 0,4559 0,1146 1,1474 26,1572 0,0011 Construction and Materials Trading JSC Construction & Materials 8,8398 0,2131 4,0345 0,8377 6,1404 0,1692 0,6686 0,9347 28,6162 0,0306 40,2218 1,6094 3,8183 0,3243 0,4799 0,1311 0,1932 1,2580 25,3102 0,6676 (4,4671) 1,1734 (8,1362) 0,3397 0,5106 0,0003 0,3394 0,8487 26,8785 0,0682 9,9116 1,3474 13,6726 0,1917 0,2371 0,0001 0,1915 0,7308 25,8206 0,4254 6,8682 0,8343 4,9967 0,4047 0,6798 0,0034 0,4013 0,6437 25,4520 0,0253 135 136 137 138 VTO BTC CII CNT 139 DXP DoanXa Port JSC Industrial Transportation 140 FPC Full Power JSC Electronic & Electrical Equipment 141 GTA Thuan An Wood Processing JSC 142 HAS Hanoi P&T Construction & Installation JSC Household Goods Construction & Materials Page 57 Capital Structure and Firm Performance No Ticker Company name Sector 143 HTV Hatien Transport JSC Industrial Transportation 144 KMR Mirae Personal Goods 145 KSH Ha Nam Mineral JSC Mining 146 LGC LuGia Mechanical Electric JSC Electronic & Electrical Equipment 147 MCV Cavico Vietnam Mining & Construction JSC Mining 148 MHC Hanoi Maritime Holding JSC PROF (%) TOBIN'S Q 5,4960 1,4078 9,5966 10,5764 PE TDTA TDTE LTDTA STDTA GROWTH SIZE (Sales) TA 20,3706 0,0402 0,0419 0,0010 0,0392 0,4881 25,1797 0,1366 0,8383 2,6511 0,3077 0,4445 0,0086 0,2991 0,4538 25,8633 0,4962 1,8561 16,7878 0,2733 0,3760 0,1123 0,1609 1,4026 24,5508 0,5178 6,4476 0,9165 12,5289 0,5913 1,4471 0,3534 0,2379 1,0992 25,2191 0,0075 10,7095 0,6109 7,0595 0,5996 1,4977 0,0803 0,5193 0,8102 25,7168 0,2245 Industrial Transportation 9,5633 0,6733 1.128,5 0,5614 1,2800 0,2058 0,3556 0,7961 26,1609 0,4930 NamViet JSC Construction & Materials 19,3028 1,1837 4,7600 0,3537 0,5474 0,0000 0,3537 0,8912 25,8989 0,1435 NHC Nhi Hiep Brick-Tile JSC Construction & Materials 59,1321 2,1210 3,0910 0,2141 0,2724 0,0023 0,2118 1,5492 24,7393 0,0671 151 PTC Post and Telecommunications Investment and Construction JSC Industrial Transportation 4,9159 0,6638 15,2308 0,4953 0,9812 0,0037 0,4915 0,6543 26,8136 0,1397 152 RHC Ry Ninh II Hydroelectric JSC Electricity 24,5910 1,1096 5,7191 0,4382 0,7801 0,3098 0,1285 0,9861 24,3155 0,7909 149 150 NAV 153 RIC Royal International Corporation Travel & Leisure 3,4319 1,6425 116,24 0,1821 0,2226 0,0178 0,1642 1,0067 25,8491 0,3277 154 SBT Sucrerie De Bourbon Tay Ninh Food Producers 8,8963 1,5016 14,7977 0,1814 0,2216 0,0179 0,1635 0,8645 27,0571 0,4316 Sea & Air Freight International Industrial Transportation 14,8776 0,8238 2,8400 0,5123 1,1089 0,0006 0,5116 0,8786 25,5213 0,2999 155 SFI 156 SHC SaiGon Maritime JS Co.Ltd Industrial Transportation 23,2751 0,6906 4,3314 0,6257 1,6715 0,2855 0,3402 0,9420 25,8873 0,7783 157 SJ1 Seafood JSC No.1 Food Producers 22,6913 1,3014 3,0642 0,1659 0,1988 0,0025 0,1633 0,6331 25,8250 0,0411 Sonadezi Long Thanh Construction & Materials 24,8508 1,1092 6,0338 0,6884 2,2092 0,0153 0,6731 1,4860 26,1493 0,2200 158 SZL 159 TCR TAICERA Enterprise LTD Co Construction & Materials 12,2901 0,7615 7,5221 0,4787 0,9184 0,1517 0,3271 0,7189 27,7148 0,4028 160 TCT Tay Ninh Cable Car Tour Company Travel & Leisure 45,8400 4,7264 11,1613 0,0508 0,0536 0,0090 0,0418 3,8281 24,3286 0,0501 161 TS4 Seapriexco Sea Food JS Company No Food Producers 6,2775 0,9621 7,6343 0,3564 0,5538 0,1948 0,1616 0,6749 25,9351 0,1298 162 UNI Vien Lien JSC General Retailers 1,4786 1,2863 39,0987 0,2173 0,2777 0,0000 0,2173 0,7210 24,9737 0,0369 Page 58 ...MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HOCHIMINH CITY - oOo - HUỲNH ANH KIỆT CAPITAL STRUCTURE AND FIRM PERFORMANCE: CASE STUDY: LISTED COMPANIES IN HOCHIMINH STOCK. .. opportunities and firm market performance of listed firms in Hochiminh Stock Exchange? Two research variables of the topic: • Capital structure • Firm performance Page Capital Structure and Firm Performance. .. effect of capital structure on corporate market performance of listed firms in Hochiminh Stock Exchange This study used the accounting and market data of 171 listed companies in the Hochiminh Stock