【正文】 債比率。如果杠桿作用可以增加公司的價(jià)值在 MM 理論模型（莫迪利亞尼和米勒 1963，米勒 1977），企業(yè)必須權(quán)衡之間的成本、財(cái)務(wù)成本、代理成本（ Jensen和麥克林 1976 年）和稅收優(yōu)惠，從而有一個(gè)最佳的資本結(jié)構(gòu)。在定性 研究這一塊， Michaelas，Chittenden， Pitziouris（ 1998）認(rèn)為，業(yè)主的行為，并結(jié)合內(nèi)部和外部因素，將決定資本結(jié)構(gòu)決策。這也提出了一個(gè)問(wèn)題，哪些因素影響越南中小企業(yè)的資本結(jié)構(gòu)。盈利能力似乎沒(méi)有顯著的影響越南中小企業(yè)的資本結(jié)構(gòu)。在越南中小企業(yè)的資本結(jié)構(gòu)中，企業(yè)的規(guī)模、財(cái)務(wù)風(fēng)險(xiǎn)、關(guān)系 網(wǎng)絡(luò)呈正相關(guān)的增長(zhǎng)，銀行呈顯著負(fù)相關(guān)的關(guān)系。然而，中小企業(yè)仍然面臨著未來(lái)獲取資本難的發(fā)展問(wèn)題（ Doanh和 Pentley1999）。 大多數(shù)實(shí)證研究中心往往是是該公司的特點(diǎn)，而經(jīng)理人的行為影響很少檢驗(yàn)。莫迪利亞尼和米勒（ 1958）提出的理論，闡述資本結(jié)構(gòu)的變化與市場(chǎng)價(jià)值無(wú)關(guān)。 Doanh 和 Pentley 也認(rèn)為，越南中小型企業(yè)往往尋找短期銀行貸款或其他資源例如他們的親戚，朋友或供應(yīng)商來(lái)進(jìn)行短期的運(yùn)營(yíng)。 Soo（ 1999）指出，大多數(shù)國(guó)有商業(yè)銀行信貸渠道只對(duì)國(guó)有企業(yè)。大型企業(yè)可能會(huì)采取發(fā)行長(zhǎng)期規(guī)模經(jīng)濟(jì)的優(yōu)勢(shì)債務(wù)，甚至可能有議價(jià)能力以上的債權(quán)人。 3 方法與測(cè)量 數(shù)據(jù)采集 抽樣調(diào)查在數(shù)據(jù)收集過(guò)程中是另一個(gè)重要的程序。這三個(gè)因變量分別為： ?資產(chǎn)負(fù)債率 =總負(fù)債對(duì)總資產(chǎn) ?短期負(fù)債比率 =短期負(fù)債與總資產(chǎn) ?其他短期負(fù)債比率 =其他短期負(fù)債與總資產(chǎn)作為獨(dú)立變量，我們選擇了幾個(gè)實(shí)證文獻(xiàn)中出現(xiàn)過(guò)的。 分析過(guò)程如下三個(gè)階段。平均短期負(fù)債比率約為 ％，而長(zhǎng)期債務(wù)比率僅為 ％。 t 檢驗(yàn)分析 結(jié)果顯示，有 顯著 差異的杠桿水平為 的國(guó)有和民營(yíng)中小企業(yè)之間的所有措施。我們的結(jié)果是相似的與黃宋（ 2020）在中國(guó)的調(diào)查結(jié)果報(bào)告。 在 研究中小企業(yè)的資本結(jié)構(gòu)決定因素時(shí) ， 企業(yè)所有權(quán)被認(rèn)為是一種特殊的因素。這些公司的所有者權(quán)益中除未分配利潤(rùn)，來(lái)自國(guó)家預(yù)算。短期負(fù)債占資本結(jié)構(gòu)的一個(gè) 顯著 比例，而 在越南 中小型企業(yè)很少采用長(zhǎng)期債務(wù)。也揭示了一個(gè)積極的業(yè)務(wù)風(fēng)險(xiǎn)和債務(wù)比率之間的關(guān)系，政府應(yīng)放寬利率，其目的不僅是創(chuàng)造一個(gè)安全的銀行系統(tǒng)，也迫使中小企業(yè)設(shè)立融資結(jié)構(gòu)，是適合他們的具體業(yè)務(wù)的風(fēng)險(xiǎn)程度。在未來(lái)，公司的財(cái)務(wù)數(shù)據(jù)變得更加可靠和容易獲得的，以后可以用較長(zhǎng)的時(shí)間進(jìn)行 研究，以考察越南中小企業(yè)的資本結(jié)構(gòu)在經(jīng)濟(jì)周期的不同階段。 Pandey 2020). ? Size = Natural logarithm of the number of employees (Heshmati 2020). Methods of Analysis This study utilized multiple regression analysis to test the hypotheses formulated above. We calculated fouryear mean values of dependent and independent variables, except for the cases of firm growth and profitability. For determinants related to managers’ behaviour, we also employed factor analysis, through the Principal Component technique, Next, the factor scores are estimated and utilized for further multivariate analysis. Since the factor scores are generated through an orthogonal transformation, they do not pose any multicollinearity problems for the regression equation. The analysis process follows three stages. In the first stage, we conduct regressions of all determinants related to a firm’s characteristics(growth, business risk and size) on various measures of capital structure. In the second stage, we add a dummy variable to consider the effect of firm ownership on capital structure. In the last stage, we examine the influence of all determinants on capital structure. 13 4 Result and discussion Descriptive Statistics Table 1 reports the descriptive statistics of dependent and explanatory variables. Over the period ， SMEs in Vietnam had an average debt ratio about per cent. However, the debt ratio variation across the sample was large, ranging from a maximum debt ratio of per cent and a minimum of per cent. With respect to debt maturity, we find that most SMEs employ more shortterm liabilities than longterm debt to finance their operations. The average shortterm liabilities ratio was approximately per cent, and the longterm debt ratio was just per cent. Shortterm liabilities employed by SMEs are highly varied, such as mercial bank loans, trade credits from suppliers, advance payments from clients, borrowing from friends or relatives, and some other sources. The other shortterm liabilities ratio, representing mostly financing from works, account for a relatively high proportion ( per cent) of total assets. Clearly,financial sources from works play a relatively important role in SMEs’ capital structure. To see the variation of capital structure in SMEs, it is necessary to consider leverage by firm ownership. Stateowned SMEs have more debt than private SMEs, with debt ratios of per cent and per cent, respectively. Among private SMEs, jointstock panies employ more debt than limited or proprietary firms, the debt ratios being per cent, per cent and per cent, respectively. The differences in capital structure are also found in other measures of leverage. The results of ttest analysis show that there are significant differences in 14 all measures of leverage between stateowned and private SMEs at level. This result supports the notion of ownership structure as a determinant of a firm’s capital structure. Empirical Analysis and Result Discussion Our results also indicate that SMEs with higher operating risk tend to use more debt in general, and shortterm liabilities in particular. These findings do not support hypothesis 3 and conflict with theory of financial distress. Why is the theory of financial distress not useful in explaining the association between risk and capital structure in Vietnam’s SMEs? During the period 1998–2020, the credit market was still regulated, and interest rates were contained within a band set by the State Bank of Vietnam, rather than by market forces. Commercial banks were only allowed to offer interest rates within the confines of that band. As a result, panies with high business risk could still get bank loans at interest rates that were lower than if interest rates were not fixed by the central bank. This is the main reason explaining why Vietnamese SMEs with high risk can also maintain a high debt ratio. Our results are similar with findings reported by Huang and Song (2020) in China. A mechanism of controlled interest rates will negati