【正文】 Miller 1977), firms have to trade off between the costs of financial distress, agency costs (Jensen and Meckling 1976) and tax benefits, so as to have an optimal capital structure. However, asymmetric information and the pecking order theory (Myers and Majluf 1984。因此，民營(yíng)中小企業(yè)的管理者應(yīng)該意識(shí)到重要性的披露以及財(cái)務(wù)報(bào)表 的 編制，與銀行建立的信任度， 以達(dá)到 增加透明度的目的。與銀行的關(guān)系 越親近， 中小企業(yè)獲得金額較大的銀行貸款的 可能性越大 。到 2020 年，國(guó)有中小企業(yè)一般有訪問(wèn)權(quán)限的國(guó)有商業(yè)銀行的抵押物，利率，擔(dān)?；虻谌降男庞妙~度。換句話說(shuō)，國(guó)有中小型企業(yè)比民營(yíng)中小企業(yè)更容易獲得銀行貸款。這意味著，作為其營(yíng)運(yùn)資金的方式上，公司的規(guī)模有很強(qiáng)的影響力。為什么是財(cái)務(wù)困境的理論解釋在越南的中小型企業(yè)的風(fēng)險(xiǎn)和資本結(jié)構(gòu)之間的關(guān)聯(lián)沒(méi)有什么用處呢？在 19982020 年期間，信貸市場(chǎng)仍處于管制狀態(tài)，利率由越南國(guó)家銀行 來(lái)設(shè)定 ，而不是由市場(chǎng)力量。要看到中小企業(yè)資本結(jié)構(gòu)的變化，有必要考慮企業(yè)所有權(quán)的杠桿作用。 4 結(jié)果與討論 統(tǒng)計(jì)性描述 表 1 報(bào)告的 是 解釋變量的描述性統(tǒng)計(jì)。 分析方法 本研究利用多元回歸分析，以檢驗(yàn)上述假設(shè)制定。繼續(xù)收集中小企業(yè)的財(cái)務(wù)報(bào)表。大小正相關(guān)關(guān)系利用也被視為支持非對(duì)稱(chēng)信息（邁爾斯和麥吉羅夫 1984）。因此，可以預(yù)期的是國(guó)有中小型企業(yè)有更多的機(jī)會(huì)獲得銀行貸款。在中小企業(yè)部門(mén)， Queen 和 Roll（ 1987）認(rèn)為，中小企業(yè)很可能有一個(gè)更高的水平的經(jīng)營(yíng)風(fēng)險(xiǎn)，相對(duì)于大型企業(yè)。 這些理論驗(yàn)證了影響一個(gè)公司的資本結(jié)構(gòu)大量的因素。在此期間， 1998 年至 2020 年，研究中小型企業(yè)的資本結(jié)構(gòu)的決定因素具體的影響。只是在最近幾年的一些研究中，關(guān)注了這些問(wèn)題。在過(guò)去 18 年中，人們?nèi)找嬲J(rèn)識(shí)到中小企業(yè)的重要經(jīng)濟(jì)轉(zhuǎn)型。 1 中文 5077 字 出處： ASEAN Economic bulletin, 2020, 23(2): 197211 譯文： 中小企業(yè)的資本結(jié)構(gòu) —— 以越南為例 Tran Dinh Khoi Nguyen and Neelakantan Ramachandran 摘要： 這篇文章的目的，是要找出影響中小企業(yè)資本結(jié)構(gòu)的決定因素。因此，政府已推出多項(xiàng)政策為了支持這一重要的業(yè)務(wù)部門(mén)。在發(fā)展中國(guó)家對(duì)小企業(yè)之間資本結(jié)構(gòu)的實(shí)證研究，能幫助我們找出一些關(guān)鍵性的問(wèn)題。研究合并財(cái)務(wù)報(bào)表中的數(shù)據(jù)，發(fā)放給中小 2 企業(yè) 金融問(wèn)卷，調(diào)查越南中小企業(yè)如何管理探索自己的運(yùn)營(yíng)融資。雖然理論沒(méi)有考慮公司規(guī)模，但是試圖運(yùn)用這部分研究理論研究小企業(yè)的資本結(jié)構(gòu)，運(yùn)用于可檢驗(yàn)的假說(shuō)，檢驗(yàn)在越南的小型企業(yè)資本結(jié)構(gòu)決定因素。因此，我們提出假設(shè)：商業(yè) 風(fēng)險(xiǎn)將受到負(fù)面相關(guān)的負(fù)債比率。根據(jù)這個(gè)論點(diǎn)，我們假設(shè)：國(guó)有中小型企業(yè)將采用民營(yíng)中小企業(yè)更多的債務(wù)。小型很可能會(huì)導(dǎo)致嚴(yán)重的信息不對(duì)稱(chēng)中小企業(yè)業(yè)主和潛在的貸款人越南，中小企業(yè)是不太可能有足夠和可靠的財(cái)務(wù)報(bào)表（ Doanh Pentley1999）。本研究選擇的時(shí)期是顯著的，因?yàn)樵侥瞎伯a(chǎn)黨第八次代表大會(huì)在 1996 年召開(kāi)的黨，正式承認(rèn)在越南經(jīng)濟(jì)的中小企業(yè)的重要性。我們計(jì)算了 4 年平均值的依賴(lài)和獨(dú)立的變量，但公司 的增長(zhǎng)和盈利能力的情況下。在本報(bào)告所述期間，在越南中小型企業(yè)的平均資產(chǎn)負(fù)債率約為 ％。國(guó)有中小型企業(yè) 相 比民營(yíng)中小企業(yè)有更多的債務(wù)，債務(wù)比率為 ％和 ％。商業(yè)銀行只允許 在設(shè)定的 范圍內(nèi)提供利率。相對(duì)規(guī)模較大的公司將使用更多的債務(wù)來(lái)資助他們的業(yè)務(wù)，而規(guī)模較小的公司運(yùn)營(yíng)融資，更多的是通過(guò)自己的權(quán)益，并雇用更少的債務(wù)。在一般情況下，我們的研究結(jié)果提供 了強(qiáng)有力的證據(jù)，以確認(rèn)假設(shè)?？梢哉f(shuō)，越南中小企業(yè)的杠桿選擇企業(yè)所有權(quán) 起到了重要的作用。 越南政策制定者 對(duì) 研究提供了一些重要的影響 。此外，中小型企業(yè)必須建立強(qiáng)大的業(yè)務(wù)網(wǎng)絡(luò)，通過(guò)紀(jì)律，及時(shí)支付，并與供應(yīng)商保持密切的聯(lián)系。 Myers 1984) state that there is no well defined target debt ratio. The latter model suggests that there tends to be a hierarchy in firms’ preferences for financing: first using internally available funds, followed by debt, and finally external equity. These theories identify a large number of attributes influencing a firm’s capital structure. Although the theories have not considered firm size, this section will attempt to apply the theories of capital structure in the small business sector, and 10 develop testable hypotheses that examine the determinants of capital structure in Vietnamese SMEs. Firm Growth We think that this proposition is more relevant in the context of the small business sector in Vietnam, where there was a scarcity of longterm credits in the period 1998–2020 (ADB 2020). In addition, as most SMEs in Vietnam operate in the trading and service sectors, demand for new investment in fixed assets are relatively low. Doanh and Pentley (1999) also argued that Vietnamese SMEs often look for shortterm bank loans or other resources from relatives, friends or suppliers to finance their operations. Taking percentage change in total assets as a measure of firm’s growth, we hypothesize that:A firm’s growth will be positively related to debt ratios. Business Risk According to the theory of financial distress, higher business risk increases the probability of financial distress, so firms have to trade off between tax benefits and bankruptcy costs. Thus, it predicts a negative relationship between business risk and leverage. In the context of the small business sector, Queen and Roll (1987) argue that SMEs are likely to have a higher level of business risk, relative to large firms. Therefore, we propose the hypothesis:Business risk will be negatively related to debt ratios. 2. 3 Firm Ownership The role of state ownership is still a controversial topic in Vietnam’s reform process. As noted above, the Vietnamese financial system is characterized by a bankbased system where SOCBs1 dominate and provide the bulk of loans in the economy (ADB 2020). Soo (1999) also pointed out that most SOCB credits are channeled to SOEs. It can be validly argued that stateowned SMEs have their own advantages over private SMEs in accessing credit from SOCBs. The plausible explanation for this argument is that stateowned SMEs have longlasting ties with mercial banks from the prereform era. Because they are stateowned, SOCBs’ policies favour the state business sector, as pared to the private business sector, notably in terms of interest rates, banking procedures, and collateral requirements. Therefore, it could be expected that stateowned SMEs have more opportunities to access bank loans. Based on this argument, we hypothesize that: Stateowned SMEs will employ more debt than private SMEs. 11 Firm Size Many studies suggest that there is a positive relationship between leverage and size. Marsh (1982) finds that large firms more often choose longterm debt, while small firms choose shortterm debt. Large firms may be able to take advantage of economies of scale in issuing longterm debt, and may even have bargaining power over creditors. So the cost of i