【導讀】中小企業(yè)大多采用短期負債融資的運作。在越南中小企業(yè)的資本結構中，企業(yè)的規(guī)模、財務風險、關系網絡呈正相關的增長，銀行呈顯著負相關的關系。盈利能力似乎沒有顯著的影響越南中小企業(yè)的資本結構。稱資金籌措過程中的一個過渡性的功能。越南已轉變?yōu)槭袌鰧蚪洕?。在過去18年中，人們日益認識到中小企業(yè)的。因此，政府已推出多項政策為了支持這一重要的業(yè)務部門。小企業(yè)在越南的部門也產生25％的全年國內生產總值?，F(xiàn)在對越南公司之間資。公司的特點，而經理人的行為影響很少檢驗。企業(yè)金融問卷，調查越南中小企業(yè)如何管理探索自己的運營融資。我們認為，在越南的中小企業(yè)，那里缺乏長期信貸。Doanh和Pentley也認為，越南中小型企業(yè)往往尋找短期銀行貸款或。在越南的改革進程中國家所有權的作用仍是一個有爭議主題。大會在1996年召開的黨，正式承認在越南經濟的中小企業(yè)的重要性。

　　

【正文】 he banking system in general, and the business sector in particular. We find that firm size has a significant and positive relationship with all measures of capital structure. In addition, the standardized regression coefficients also have a relatively strong impact among all determinants. This implies that a firm’s size has a strong influence on the way it finances its operations. Relatively larger firms will use more debt to finance their operations, and smaller firms will finance their operations more through their own equity, and employ less debt. Van der Wijst and Thurik (1993) and Chittenden, Hall, and Hutchinson (1996) also report a positive relationship between firm size and the debt ratio. Thus, our findings confirm hypothesis 5. Firm ownership is considered a special factor when studying the determinants of capital structure of SMEs in transitional Vietnam. The results indicate that the regression coefficients for the total debt and shortterm liabilities ratios are positive and statistically significant at the level. However, the regression coefficient for the other shortterm liabilities ratio is insignificant at all levels. Taken together, the findings imply that stateowned SMEs use more debt than 過程管理材料 4： 本科畢業(yè) 論文 外文翻譯 14 private SMEs. In other words, stateowned SMEs find it easier to access bank loans than private SMEs. In general, our findings provide strong evidence to confirm hypothesis . The feature of state ownership in Vietnam is the main explanation for this kind of association. According to the Law on StateOwned Enterprises, the Government is the sole owner of state SMEs. Besides retained earnings, the owner’s equity in these firms es from the State budget. As a result, stateowned SMEs’ financing tends to be inflexible because managers have no rights to raise additional equity when necessary. In most cases of financing new investment and working capital, stateowned SMEs’ look to stateowned mercial banks (SOCBs) for credit. Partly as a result, private SMEs face difficulties in accessing bank loans. Up to 2021, stateowned SMEs generally had privileged access to SOCBs, in terms of collateral, interest rates, guarantees from third parties, or the credit amount. It can be said that firm ownership plays a significant role in the leverage choice of Vietnamese SMEs. 5. Conclusion This study investigated the determinants which influence the capital structure of Vietnamese SMEs. More specifically, First, Vietnamese SMEs employ a debt ratio of about per cent on average. Shortterm liabilities account for a significant proportion of the capital structure, while longterm debts are rarely employed by SMEs in Vietnam. Most apparent is the fact that stateowned SMEs have higher debt ratios than privatelyowned SMEs. Secondly, we found that firm size and level of business risk have a significant and positive relationship with all measures of capital structure. Thirdly, determinants related to management behaviour have a strong impact on a firm’s capital structure. The stronger its relationship with a bank bees, the larger the amount of bank loans an SME can obtain to finance operations. The research offers some important implications for policymakers in Vietnam. It should be recognized that there is an unfair treatment for private SMEs in accessing bank loans, and the challenge is to ensure that all business sectorsenjoy the same opportunity to access credit from mercial banks. A positive relationship between business risk and debt ratios also reveals that the government should deregulate interest rates, with the aim of not only creating a safe banking system, but also forcing SMEs to set up financing structures that are appropriate for their specific degree of business risk. 過程管理材料 4： 本科畢業(yè) 論文 外文翻譯 15 This study also provides some implications for SME managers. Managers in the private sector should recognize that asymmetric information is a main reason for their difficulties in accessing bank loans. Once the asymmetric information between SMEs and lenders is reduced, private SMEs can receive larger levels of credit from works in general, and from mercial banks in particular. Therefore, managers of private SMEs should be aware of the importance of disclosing wellprepared financial statements, with the aim of building up levels of trust by banks, through increased transparency. In addition, SMEs have to build up strong business works through discipline in prompt payment, and maintaining close ties with suppliers. The availability and reliability of financial data was a major limitation for this research. Financial statements of most SMEs in Vietnam are not audited. In the future, as pany financial data bees more reliable and easily available, subsequent studies could cover a longer period in order to examine the capital structure of Vietnamese SMEs in different stages of the economic cycle. Future research could also consider the effect of specific industries and structural models, with the aim of examining the causal effect of such variables in the capital structure of firms in Vietnam.