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本文旨在找出那些影响越南中小型企业资本结构的决定因素。实证研究的结果表明,中小型企业主要是通过短期债务来筹措营业资金。一家企业的所有权还影响了中小型企业筹措营业资金的方式。越南中小型企业的资本结构与企业(总资产)增长、营业风险、企业规模、企业联网及其与银行的关系呈正相关关系;而与企业的(资产)确实性(Tangibility)呈负相关关系。盈利能力似乎对越南中小型企业的资本结构没有显著的影响。诸如企业所有权、企业规模、企业与银行的关系和企业联网等决定因素所产生的强烈影响,反映了在诸如越南等过渡性经济的资金筹措过程的不对称性。
This article aims to find out the determinants of the capital structure of SMEs in Vietnam. The results of empirical studies show that SMEs mainly raise their working capital through short-term debt. Ownership of a business also affects the way SMEs raise their working capital. The capital structure of SMEs in Vietnam is positively related to the growth of business (total assets), business risk, firm size, enterprise networking and its relationship with banks, and negatively related to the enterprise’s (Tangibility). Profitability seems to have no significant impact on the capital structure of SMEs in Vietnam. The strong influence of determinants such as ownership of enterprises, firm size, business-bank relationships and business networking reflects the asymmetry in the financing of transitional economies such as Vietnam.