Financial leverage of companies listed on hose and hastc an analysis across industries, over time and in compaision with other countries

000042409 FINANCIAL LEVERAGE F COMPANIES LISTED ON HOSE AND HASTC A N AN ALYSIS ACROSS INDUSTRIES, OVER TIM E A N D IN COMPARISON W ITH OTHER COUNTRIES m TRUNGTÃM THONGĩ!N TKƯVIẺN m h -w h h ỡ c ::s o i •MTV _ Ạ I ậ O £ - Submitted by NGO THI THANH HUYEN A thesis subm itted as a requirem ent for the degree of Bachelor of Business Adm inistration HANOI UNIVERSITY Faculty o f M an ag em en t a n d T o u ris m Hanoỉ November 2008 F in a n cỉa l leverage o f com pan ies lis te d on HOSE a n d HaSTC CONTENTS A B ST R A C T S T A T E M E N T O F A U T H O R S H IP h CKNOVVLEDGEM ENT LIST F F IR G U R E S LIST F T A B L E S LIST F A P P E N D IC E S LIST F A B R E V IA T IO N S 10 IN TR O D U C T IO N 11 1.1 B ackground o f the s tu d y 11 1.2 Statem ent o f p ro b le m s 12 1.3 R esearch signiíicance 13 1.4 T he research .14 1.4.1 Aims o f research 14 1.4.2 Research C o n trib u tio n s 14 1.4.3 O rganization o f th e re s e a rc h 15 LITER A T U R E REVIEVV 16 2.1 2.2 2.3 D eíínition o f Capital structure and MM proposition m o d e l 16 2.1.1 D eíin itio n o f Capital s tr u c tu r e 16 2.1.2 M odigliani and M iller (M & M ) proposition th e o ry .17 2.1.2.1 N o T a x e s 17 2.1.2.2 With T a x e s 19 C apital structure theories re v ie w 21 2.2.1 Pecking order th e o ry 22 2.2.2 Static T rade-off th e o ry 23 F a c to rs affectin g Capital stru c tu re 26 2.3.1 Firm -specific ĩa c to r s 26 Graduation Thesis _ Ngo Thi Thanh Huyen BA3 04 F in a n cĩa l leverage o f com panies lis te d o n HO SE an d HaSTC 1 Firm g ro w th 26 2.3.1.2 T an g ib ility 27 2.3.1.3 B usiness risk 27 2.3.1.4 Proíĩtability 28 2.3.1.5 Firm s iz e 28 2.3.1.6 R elationship with B anks 28 2.3.1.7 N etw orking 29 2.3.2 C ountry-speciíìc facto rs 29 2.3.2.1 Institutional and legal fa c to rs 29 2 Financial m arkets and banking system factors 30 2.3.2.3 M acroeconom ics 30 2.4 Em pirical researches on Capital s tru c tu re 32 2.5 Researches in V ietnam .33 M E T H O D O L O G Y 35 3.1 R esearch questions 35 3.2 R esearch to o ls 35 3.2.1 Industry classiíìcation m e th o d 35 3.2.1.1 Industry classiíication sy stem s 36 3.2.1.2 Industry classiíìcation fo r V ietnam ese listed c o m p an ies .37 3.2.2 R esearch D ata 38 3.2.2.1 D ata collection 38 3.2.2.2 D ata m easurem ent 39 FIN D IN G S A N D D ISC U SSIO N 40 4.1 Capital structure across various industries in V ietnam 40 4.1.1 C apital structure by industries in V ietn am .41 1.2 Short-term debt ratios across Industries 49 4.2 C apital structure across industries through tim e .51 4.2.1 C apital structure o f listed firm s by tim e 52 4.2.2 Short-term debt ratios o f listed íirm s by tim e 53 4.2.3 C apital structure across industries by tim e 53 Graduation Thesis _ Ngo Thi Thanh Huyen BA3 04 Fin a n cia l leverage o f com panies lis te d on HO SE a n d HaSTC 4.2.4 4.3 Short-term debt ratios across industries by tim e .56 C apital structure o f industries in Vietnam vs other countries 60 Vietnam vs C h in a 60 4.3.2 Vietnam vs USA and W estem E urope 62 4.4 R esearch lim itations .68 4.4.1 Industry c la ssiíic a tio n 68 4.4.2 D ata d isto rtio n 68 IM PL IC A T IO N S O N F IN D IN G S 70 5.1 Im plications fo r policy m a k e rs 70 5.2 Im plications fo r m anagers .71 C O N C L U S IO N S 73 6.1 S u m m ary 73 6.2 K ey íĩn d in g s .73 6.3 Future research reco m m en d atio n s 74 6.4 C onclusion statem en t 75 A P P E N D IC E S 76 R E FE R E N C E 90 Graduation Thesis _ Ngo Thi Thanh Huyen BA3 04 F in a n cia l leverage o f com panies lis te d on HO SE and HaSTC ABSTRACT The 8-year deveìopment ofVietnam Capital market since 2000 has provided fim is usẹỷủỉ tooỉs in raising and mobilizing their sources o f funds Hovvever, Vietnam Capital markeís stiỉl show evidence o f the weaknesses in credit systems, organìiation and alỉocation o f sources o f funcỉs amongỷirms Therefore, the issues on effective Capital strucíure become essential and headache decisions for firm s ’ managers in order to best ilize thr Capital sỉructure fo r fu tu re developments For thai reasorì, this research ìs conducted to investigate the current situation o f Capital strucíure o f alỉ ỉisted Jìrm s across Industries in Vietnam Data used in this research are secondary informaiỉon taken from offìcỉal websites o f ÍM'Ũ stock exchanges in Vietnam, HOSE and HASTC The sample invesiiged ìndudesỉ-year fìnancial data o f totơl 295 ỉisted companies in Vietnam The fìndings show that ỉisted companies in Vỉnam generally use more ciebí compared to equiíy in íheir Capital strucíure (D/E = 1.33) in which aboui 68 per cent o f toíaỉ debís employed are short-term maturity Capital structures vaty across nine iììdustries in Vietnam O f alì, fìrm s in Financiaỉs industry utilize highesí debt to equiíy ratios (D/E = 2.0) w hile/inns in Healthcare industry employ the least level o f debí in iheir capitưỉ structure (D/E = 0.37) Capital structures aỉso vary across countries Lisíed companỉes in Vietnam employ lower leveỉ o f debt compared ío lisíedfìrm s in developed markets (D/E = 1.33; 2.86 and 4.04 in Vietnam, USA and Westem Europe, respecíively) In addiỉion, ỉisted companies in Vietnam and China reìy more on shorí-term debt compared to those in USA and Wesíern Europe Imptìcations f o r poìicy makers and managers to improve the situations as weỉỉ as future research recommendations are also mentioned This íhesis consists o f about 17,170 Mords and 74 pages, excluding appendices Graduation Thesis _ Ngo Thi Thanh Huyen BA3 04 F in a n ã a l leverage o f com panies lis te d on HO SE and HaSTC STATEMENT 0F AUTHORSHIP "Except w h ere reíerence is m ade in the text o f the thesis, this thesis contains no material published elsew here o r extracted in vvhole o r in part from a thesis o r any o th er degree or diploma N o other person's w ork has been used w ithout due acknow ledgm ent in th e main text o f the thesis This thesis has not been subm itted for th e aw ard o f any degree o r dipỉom a in any other tertiary institution” Student signature Ngo T h i Thanh Huyen Date: * N ovem ber 2008 Graduation Thesis _ Ngo Thi Thanh Huyen BA3 04 F in a n cia l leverage o f com panies lis te d on HO SE a n d HaSTC ACKNOVVLEDGEMENT This thesis vvould not have been com pleted vvithout the enthusiasm , valuable guidance, and vvillingness to answ er all the questions o f m y supervisor, Mrs N guyen H oai Phuong I would like to give m y greatest thanks to her for alw ays giving me supports, m otivations and useíùl inform ation during th esis' com pletion progress It is her to discuss w ith m e for ideas generations, helping me to get back to the right track w henever I got lost It is m y honor to send a warm gratitude to all o f m y teachers in th e Faculty o f M anagem ent and Tourism w ho have been w ith m e for m ore than four years, teaching me to becom e not only a successĩul but also a kind-hearted person I want to express my love to my classm ates in BA 3-04 w ho alw ays care fo r me, encouraging me during my hard time Especially, I am indebted to m y friend, Ms Tran M inh N guyet vvho has helped me a lot with iníịrm ation searching as well as listening to m y troubles when I w as extrem ely worried AI so, m y great appreciation sent to m y colleagues w orking in C B V R esearch Team They gave me assistance in data collection and helped m e to balance the w ork-thesis tim e All o f my stresses w ere rem oved as w e talked and laughed It is im possible for m e to com plete the thesis w ithout supports from m y fam ily and close íriends w ho have given me best regards and been w iíh m e in the m ost nervous m om ents I truly w ant to send them a vvarm hug for their appearance in m y life Pinally, I w ould like to send the m ost faithful and special thanks to my room m ates - m y little sister and a close íriend They have put up w ith me during diữ ìcult tim e w ithout any com plain M oreover they supported m e w ith the best condition to keep going on vvith m y thesis as well as helped me to balance m y life Thanks for alw ays sym pathizing and forgiving m e w hen ỉ w as not being w ith you when you were in need Thank you very much w ith all o f my s\veetest love! Graduation Thesis _ Ngo Thi Thanh Huyen BA3 04 ••• F in a n cia l leverag e o f com panies lis te d o n H O SE an d HaSTC Lisr 0F FIRGURES Figuc 1: M &M Proposition II (W ith T ax ) 20 Figuc : Static T rad e-o ff theory: C ost o f Capital vs Capital stru ctu re 24 Figuc 3: Capital structure o f íĩrm s in nine Industries - 0 46 Figuc : Ranking o f Capital structures across industries in V ietnam - 0 .47 Figue 5: Segm ents o f Pharm aceutical Production Lines - 0 48 Figuc 6: Ranking o f short-term debt ratios by Industries in V ietnam , 0 .49 Figuc 7: Capital structure o f listed íirm s through y e a rs 52 Figuc 8: Short-term d eb t ratios o f listed firm s through years 53 Figuc 9: Trends o f Capital structure across industries through tim e 54 FigUE 10: Inílation rates o f V ietnam , 0 55 Figuc 1: T rends o f short-term debt ratios across Industries through tim e 57 Figuc 12: Short-term debt ratios - N ine industries in V ietnam 59 F iguc 13: R anking o f Capital structure across industries, 2008: Vietnam vs C h in a 61 FiguE 14: C apital structure across industries: V ietnam vs C h in a 62 Figuc 15: R anking o f Capital structure across industries: Vietnam vs USA and Western Europe 63 F iguc 16: C apital structure across industries: V ietnam vs U SA and \V estem E urope .64 F iguc 17: Structure o f V ietnam Listed Bond m arket throughout y e a r s 65 F iguc 18: Bond vs Equity m arket in V ietnam , 0 66 FiguE 19: T u m o v er ratios o f B ond m arkets across em erging countries, 0 66 Figui3 20: Long-term D /E ratios across industries: Vietnam - C hina - U SA - W estem Europe 67 Gradiation Thesis _ Ngo Thi Thanh Huyen BA3 04 ôằã F in a n c ia l leverage o f com panies lĩs te d on HO SE a n d HaSTC LIST 0F TABLES Table 1: Sum m ary o f Capital structure th e o rie s 24 Table 2: Impact o f C ountry-speciíĩc Factors in Capital S tructure 31 Table 3: Sum m ary o f Industries in V ietn am 38 Table 4: Capital structure ratios fo r nine industries in V ietnam , 0 .41 Table 5: Standard deviation and V ariance coeffĩcient for nine industries 46 Table 6: Capital structure across industries through tim e 51 Graduation Thesis _ Ngo Thi Thanh Huyen BA3 04 H ro ơv m Õ o co ơ' Õ co Ó co ư> õ to o> Õ ơ> Õ1 õ ÍN cn ó co r** ị co os õ IN 00 ơ> ựỵ õ V Ỡ1 Ị rw ó vo lẠ d co H Ọ c* rN K rH r-« m ơỊ «-1 fTỈ H r-i rH Ọ ri 00 •í Õ o s r*j «-* r*Ị rj PM CỌ r>ĩ T-i n> t/> rò tH cn õ ÍY1 o Õ rv r* Õ rt o Õ ơì o Ị o o s Ị r»■< ỏ fN o Ó co ơ' Õ oo 00 õ < to ơ» õ ƠI o% Õ 0 rơ> Ị s rv ơ» Ĩ rg Õ m 03 Õ 03 0> Ơ ví> «> Ị T-i ưì r* Õ < z < < z < z ơ> ưì ó < z < < < z z z z r i pv ' ũ ãôằ PO co •H fN fN rn ơí ro < z Ưì < z < z < z rỡ\ < z < z »-* H d ơ> cn õ < z Ỡ1 ó ơì cn ó < m vọ \Ĩ T -i r•N Õ ơt õ ro K Õ K Ĩ ẵ Ị r** ơ» ó vo ơ> Ó < z ' < z* r i < UD rv Ô rK õ $ d < < z z o ỈN ŨS 'T 00 ro •H m r-* rã 'T CT> -í fn s Ưì m ri < z < z UI rò »T m < z < < z z ' K Õ ơ« * Ị ưì r ' ó < z r* o fN CO < < z ơ> oi Õ ưi co ó T-« ơ' Õ r -í ư> õ m ơ< õ Ơ 00 •í ó H cn ó < z co rj ó cn ữi õ r* ơ\ ó 00 O) rH •H ro ri rfN Õ r* T* Õ < cn ot T -i Ch •N Ị o r t Õ ưì ro f*i < z m ƠI rị CO Ưì rvj Ĩ s Ĩ D r* rj z g r -i s Ĩ Ĩ 'í GO Ĩ T -i s Ơ •H H m io rr> CO r -i rì í fN < s vo ôN CO UI Đ rằj Q < z < «x m - ro Ọ H ư> Õ co c* Ú 00 rH < r>in ỏ n rs õ fx »-« ri r» *-* ị r ' T-H ơ> r>j ưi < z < z í r-v T* ị •I ÍNI Õ < o Ò d g *H o Õ õ H o Õ ó K ị Ĩ ró N rM Ề cr IU 1** ♦» rx b s co fN r*4 ơ< vo Ĩ Õ • f-t 00 Õ 8 Ị c í ÍN m s H Ị ro (£> o o Ó ô Õ Ỏ g d ■ ■ Ơ ct 2Ì ị /ì ã D -« Ọ r-í r* d I /Í *3 rH m r>j r>i N m fơ ow Ị r-1 r í lO N r4 03 H < z 00 ro r i < C7> (M fN < < z ơ» K »ỹ < Ưì Ỡị ưi rf ) CỌ rM m Ị r«< lO d vo 'í o H o Ò Ò Õ ni < H ĨÕ Ỏ iX> Ĩ s Ĩ < < z < o "«r rH H CO < < < z 2 < z VD ơ> ri m oỊ ưÃ ro Õ m 8 Si UI u i ló ư> fị N ib •H s ẳ < z o Ưì o «£> o «H r- IN r*» ro r- s tr> r- ư> r« t I z Ễ a> o 4-1 í B X H •< X a u ẫ z Q ỉ Q- £ c c c» ỉ a Ô z a p K í ư> QX CL t1 X o u -O c z I I z I f» ơ' r-~ o 00 " •5 > o z I "D c a> ■5 oc c s "D £ ÙC c >< _ưj re ■Ú ts -o c t" 1 •< o ọ £ »- t>> T3 c ẫ "ồ — n w s LO ro u —1 ỉ 00 c > b ÍN s o z z ll> X z z u> o Q- X a ẽ Q- d s o Q u LU b —J y> ro *c (0 w f = a o Q o ễ £ i c co ro -tr —i r í tu o (/) a — 10 *s> n *o c TJ c t! 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ư» g j Q UI 00 o X ÍT> in ơ» Ỡ* ơ> 04 rM fN F in a n cia l leverage o f com panies lis te d on HOSE an d HaSTC REFERENCE A dham C hehab, 1995, Essay on determ inants o f C ap ita l structure, D octor o f Philosophy dissertation, U niversity o f N ew Orleans CBV , 2008, ìndiistry cỉassiýìcation, Equity G roup, Financial D atabase o f Bien Viet Securities Joint-stock com pany M ost updated 30 Septem ber 2008 Financial term , Industry classiỳìcation G ICS, [online] A vailable at URL: at URL: http://w w w investopedia.eom /term s/g/gics.asp (A ssessed 10 O ctober 2008) Financial term , Industry classị/ìcation lC B , [online] A vailable http://A vw w investopedia.eom /tenns/i/industrv-classification-benchm ark.asp (A ssessed 10 O ctober 2008) Financial term s, 2008, C apital in Finance, [online] A vailable at URL: http://w w w invcstopedia.eom /tcrm s/c/capital.asp (A ssessed O ctober 2008) H A STC , 2008, OffìciaI vvebsite, [online] A vailable at U R L: http://hastc.org.vn/ (A ssessed 30 Septem ber 2008) H O SE, 2008, O íĩĩcial w ebsite, [online] A vailable at URL: http://w w w hsx.vn/ (Assessed 30 S eptem ber 2008) H ung Son Tran, 2006, Các tá c nh â n tác độ n g đến c cẩu vốn cù a công ty niêm y ế t thị Irư ng chứng khoáng Việt Nam , [online] A vailable http://w w w saga.vn/T aichinh/C autracvon/C autrucvonl/8938-saga at URL: (A ssessed 12 N ovem ber 2008) Jensen, M and M eckling w , “Theory o f th e firm : M anagerial behavior, agency costs, and Capital structure" Journal o f F inancial E conom ics (O ctober 1976): 305-60 Graduation Thesis _ Ngo Thi Thanh Huyen BA3 04 « * 90 • F in a n cia l leverage o f com panies lis te d on HO SE an d HaSTC 10 Joshua A bor, 2007, ‘in d u stry classiíìcation and the C ap ital s tr u c tu r e o f G hanaian SM Es” , U niversity o f G hana Business School, Legon, G hana 11 Kim Lien, 2008, N gành dược Việt N am trước thềm ỈVTO, [online] A vailable at URL: http://w w w sggp.org.vn/vtesuckhoe/2006/10/67973/ (A ssessed 31 O ctorber 2008) 12 M arsh, p., “T he choice betvveen equity and debt: An em pirical study” Journal o f Fm ance (M arch 1982): 121-44 13 M T, 2007, N ă m 2007: N gành ngân hàng thắng lớn, [online] A vailable at ULR: http://dantri.com vn/kinhdoanh/am -2007-ganh-ngan-hang-thang-lon/2006/12/160094.viD (A ssessed N ovem ber 2008) 14 M yers, s c and N M ajluf., “C orporate íinancing and investm ent decisions when firm s have iníịrm ation that investors not have” J o u m a l o f F inancial E conom ics 13 (June 1984): 187-221 15 M yers, s c , "D eterm inants o f corporate borrovving” Journal o f F inancial Econom ics (N ovem ber 1977): 147-76 ] M yers, s c , “T he Capital structure puzzle” Journal o f Finance 39 (July 1984): 575-92 17 Petersen, M A and R G Rajan, “T he beneíits o f ỉending relationships: Evidence from small business data” Jo u rn a l o f Finance 49 (M arch 1994): 3-37 18 Phuoc H a, 2008, 20% doanh nghiệp đ ứ ng trước nguy c p h ả sàn, [online] Available at URL: http://w w w vnn.vn/kinhte/2008/10/806847/ (A ssessed N ovem ber 2008) 19 R obert A K orajczyk and A m non Levy, 2001, “ Capital structure choice: m acroeconom ic conditions and íìnancial constraints'’, K ellogg School o f M anagem ent, Northvvestem U niversity, Evanston, IL 60208-2001, USA Graduation Thesis _ Ngo Thi Thanh Huyen BA3 04 F in a n cia l leverage o f com panies lis te d on HOSE an d HaSTC 20 R oss, A.s and Thom pson s , 2004, “Leverage and C a p ita l structure policy” F undam ental o f corporate f'trtance, rd edn, p.702-703 Mc G raw -H ill, A ustralia 21 Saga, 2008, s ố liệu tình hình lạm p h t Việt Nam, Ịonline] A vailable at URL: http://w w w saga.vn/V andecuaban/14209.saga (A ssessed N ovem ber 2008) 22 San, N H , 2002, “D eterm inants o f C a p ita l structure for tourism com panies in Thue Thien H ue Province”, Da N ang University, Da Nang 23 Schvveser, 2008, “Capital Structure theory” CFA L eveỉ 2: Study Guide, p 68 24 Sum itra Das, 2003, “ Inter-Industry differences in Capital structure: The Evidence from India” , Jadavpur University, India 25 V iet bao, 2007, 10 kiện kinh tế nỗi bật năm 2007, [online] A vailable at URL: http://vietbao.vn/K inh-te/10-su-kien-kinh-te-noi-bat-nam -2007/70108289/87/ (Assessed N ovem ber 2008) 26 W ikipedia, Capital structure, 2008, [online] A vailable http://en.w ikipedia.org/w iki/C apital_structure (A ssessed O ctober 2008) Graduatiion Thesis _ Ngo Thi Thanh Huyen BA3 04 at URL: .. .FINANCIAL LEVERAGE F COMPANIES LISTED ON HOSE AND HASTC A N AN ALYSIS ACROSS INDUSTRIES, OVER TIM E A N D IN COMPARISON W ITH OTHER COUNTRIES m TRUNGTÃM THONGĩ!N TKƯVIẺN m h... In addiỉion, ỉisted companies in Vietnam and China ry more on shorí-term debt compared to those in USA and Wesíern Europe Imptìcations f o r poìicy makers and managers to improve the situations... bank loans and other short-term liabilities, such as trade credits, tax payables and other account ■ L ong-term liabilities include loans from banks, bonds and other Iiabilities vvith more than

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