An empirical investigation of capital structure and firm value in Vietnam

被引：40

作者：

Xuan Vinh Vo ^{[1
,2
]}

Ellis, Craig ^{[3
,4
]}

机构：

[1] Univ Econ Ho Chi Minh City, Sch Banking, 279 Nguyen Tri Phuong St,Dist 10, Ho Chi Minh City, Vietnam

[2] CFVG Ho Chi Minh City, 279 Nguyen Tri Phuong St,Dist 10, Ho Chi Minh City, Vietnam

[3] Asia Pacific Int Coll, Level 1,55 Regent St, Sydney, NSW 2008, Australia

[4] Western Sydney Univ, Sch Business, Locked Bag 1797, Penrith, NSW 2751, Australia

来源：

FINANCE RESEARCH LETTERS | 2017年 / 22卷

关键词：

Capital structure; Firm value; Abnormal returns; ABNORMAL STOCK RETURNS; STRUCTURE DECISIONS; PROFITABILITY; DETERMINANTS; PERFORMANCE;

D O I：

10.1016/j.frl.2016.10.014

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study investigates the relationship between capital structure and shareholder value in Vietnam. We use accounting and stock market data for firms listed on the Ho Chi Minh City stock exchange during the period 2007-2013. Our analysis shows a negative relation between financial leverage and shareholder value, indicative of a proportionately greater cost to debt financing than benefit for Vietnamese firms. Moreover, we find that only low leveraged firms are likely to create value for shareholders. Our study has implications for Vietnamese firm's preferred capital structure and for investors who contemplate to invest in Vietnamese stock markets. (C) 2016 Elsevier Inc. All rights reserved.

引用

页码：90 / 94

页数：5

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