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Factors affecting the financial structure of manufacturers listed in Hồ Chí Minh stock exchange

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The paper identifies these factors and introduces a model for measuring their influential level. The research was empirically conducted in 55 enterprises of the manufacturing industry (hereinafter referred to as manufacturers) in Vietnam in the period 2007-2011. | 102 | Võ Thị Thúy Anh & Bùi Phan Nhã Khanh Factors Affecting the Financial Structure Factors Affecting the Financial Structure of Manufacturers Listed in Hochiminh Stock Exchange VÕ THỊ THÚY ANH Doctor of Philosophy, Đà Nẵng University of Economics Email: vothuyanh@yahoo.com BÙI PHAN NHÃ KHANH Đà Nẵng University of Economics ABSTRACT Corporate financial structure and its influential factors have attracted attention of numerous researchers and chief financial officers. The paper identifies these factors and introduces a model for measuring their influential level. The research was empirically conducted in 55 enterprises of the manufacturing industry (hereinafter referred to as manufacturers) in Vietnam in the period 2007-2011. The results show that manufacturers have a tendency to take out huge short-term loans and use them to finance fixed assets. The corporate size, the liquidity ratio, and an increment of fixed assets positively affect the debt ratio, whereas the business performance has negative effects. Therefore, the government and the SBV should develop facilitative policies to enable manufacturers, especially small and medium-sized ones with good performance, to mobilize capital on the stock market, and access medium and longterm loans of commercial banks. Keywords: corporate financial structure, manufacturers, influential factors UEH-JED No.214 October 2012 |103 1. PROBLEM A reasonable financial structure is very crucial in that it not only assures the sufficient liquidity but also utilizes positive impacts of the financial leverage to enhance the enterprise’s value. In the past decade, there have been numerous researches on the financial structure and related influential factors. Specifically, Nguyễn Ngọc Vũ (2003) focuses on listed enterprises; Trần Đình Khôi Nguyên and Ramachandram (2006) researched the case of small and medium-sized enterprises. Yet, empirical results are usually inconsistent depending on the scope of study and ways of estimating