The impact of capital structure on business performance of joint stock companies listed on the Vietnamese stock market

CONCLUDE

Competition between businesses is becoming increasingly fierce, along with changes in the economic environment, making all businesses concerned about their business performance and want to improve business performance indicators. Therefore, building an effective capital structure policy to improve business performance is one of the top priorities for business administrators. Recognizing that problem, the author has conducted the thesis "The impact of capital structure on business performance of joint stock companies listed on the Vietnamese stock market" and presented the following results:

1. Clarify the theoretical basis of capital structure and business efficiency in enterprises such as concepts, roles and factors affecting capital structure, and indicators for evaluating business efficiency.

2. Apply the model of determining the average cost of capital in enterprises to analyze and verify the research results of the Thesis. On that basis, the thesis proposes a model to predict the optimal capital structure for listed joint stock companies.

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3. The results of regression analysis on the impact of capital structure on business performance of listed joint stock companies on the Vietnamese stock market in the period of 2011-2017 show that capital structure has a non-linear inverted U-shaped impact on the profitability of enterprises. When using the Tobin's Q index to represent business performance, the study shows that the impact of capital structure on the market price index Tobin's Q is different according to the quantiles of Tobin's Q. The thesis also demonstrates the different impacts of capital structure on business performance during the economic crisis period and the recovery and development period after the economic crisis.

4. Based on the analysis of the current capital structure of enterprises and the results of regression analysis, the thesis proposes some specific recommendations for listed enterprises and some recommendations for the State. This is the basis for adjusting the capital structure to improve business efficiency for listed enterprises in Vietnam.

The thesis still has some limitations such as the number of survey samples for business managers is still small, the regression model according to the percentiles of capital structure variables has not been studied or the impact of capital structure on different business lines has not been studied. In addition, due to limitations in information and data, the measurement of business performance has only stopped at the indicators assessing the ability to generate profits on equity (ROE) and the indicators of market value (Tobin's

Q) and the construction of new regression models only stops at regression methods for panel data, quantile regression and two-step regression with instrumental variables. The above limitations are also suggestions for future research directions.

LIST OF PUBLISHED WORKS RESEARCH RESULTS OF THE THESIS TOPIC

1. Tran Thi Phuong Thao, 2019, The impact of capital structure on firm value of Vietnamese listed companies – a quantitative regression approach , Journal of International Economics and Management, no. 124.

2. Tran Thi Phuong Thao, 2019, Measuring and forecasting average cost of capital in enterprises , Journal of Economics and Forecasting, No. 24/2019.

3. Nguyen Thuy Anh, Tran Thi Phuong Thao, 2019, The impact of capital structure on firm performance of Vietnamese non-financial listed companies based on agency cost theory , VNU Journal of Science: Economics and Business, No. 35 (2), pp. 24-33; Participated in the International Conference "Vietnam International Conference in Finance (VICIF-2018)" and the International Conference "International Conference of the Business and Applied Sciences Academy of North America (BAASANA - 2018)".

4. Dinh Van Son, Tran Thi Phuong Thao, 2018 , The impact of capital structure on business performance of joint stock companies listed on the Vietnamese stock market , Journal of Commercial Science No. 114, pp. 2-14.

5. Tran Thi Kim Anh, Tran Thi Phuong Thao, 2016, The impact of capital structure on business performance of listed joint stock companies in the transportation and warehousing sector , Foreign Economic Journal No. 85, pp. 94-103.

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