Nhận diện các nhân tố ảnh hưởng đến cấu trúc vốn, kiểm định tại thị trường Việt Nam

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23,45.(67.,-(./0,*18
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()*&
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7 ;H&3
IA&$&&E%

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L&"4N$J#& &>
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7 ;H&'
IA&$&&E%-
IA&$&J%3
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2*$m9&@A9JDA&A&
;>+&Rf;AA$CAK*;>+;o&
9&@A$o@A9JDA&
2*#%&@AJDA&ILA
,*09&@A9.$RM*@AJDA&
ILA
f;l;AA,&0&JDA&N$J#&;
q,<`,@S,p(7&6#+x&m4t;>
FAj&@Ao.#*@AJDA&y2*.#9&
@A$4R@AJDA&R&oy,/D.;AA
Mx&f&#&D9&@A$<ILA6&FA,/D.
@AJDARR.&ADJ0f&,D_k7C
z_VZY{Mx&62,4;>&Tm;AA92 &FA
#+DJDA&ILA

JB3B@S,p( &>$CJ140C,>o
&,Rl$CJ1404;>&l.D.,F/;>o,F/m
;omK;>2Mx4t+&Rf76&Q.|JQ&462
,4;>&%R+Yr}=
JnL*@*M<1@.e@S,p((oM&Rfl&6~JT&4%
<,*0.#9&@A$@AJDA&
CRR._VZYT:33=33ZA, &>.4k
FrD62,4;>&&6.s$C,F/kFx4
t8.#9&@A$
Q@>(TM@@S,p(w&kM;8&
7;8&w &FA+4
7;8&w#%&@AJDA&ILA
7;8&w*09&@A$JDA&I
LA
7;8&w7,&0&JDA&ILAN$J#&;
!r),=),b./c@S,p(
_&4%48M/lD;>A•FA
j&@A9o.#*@AJDA&(+n&K
&;>$9&@AJDA&
(+n&K2M9&@A9.$
@AJDA&RR.f&,Dg_7l&;>R9
Mx&f&#&f&D9.j+l&
JDA&ILAmR8.<*4"9;
 !"#$

1.1 &'()*+,-(./0,*1
1.1.1 X3@@AL,-(./0,*1
7@AJDA&;>0&iA;4.#,>&1A>zJrM{
 zrF{D& &&kJ%JDA&m*9&;>*
>DJ#;

1.1.2 MBN,-(./0,*1
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zrF{lD&mw
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%J%I24J%R>;>NrN€<$41&,D//
/J%
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 {,D///D%9&zDrA&4AMr.{;,D/J#•&l
J#•&//J%l,D/";>DK4%‚7/A4D%+4
&iAQCJ%4JDA&.s.9J•&+AD&;8&4A
;&o,D///C2JDA&//CD&,,D//
/D%9&4,D/JQ&>,6&C
I21&%D&N0&00;H&@A>R&6~.|JQ&
&0. .@A>D&M&Rf
1,&BNst'(@.6u?AD&kI ;H&lI ;Kl>"&1
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7@A9JDA&F0C.|JQ&M2F$z^W77{
@AJDA&m7C.|JQ&M2F$@AJDA&4ƒ..4>
•p*o„J#;@AJDA&ln&4ƒ.,
*N0&0@AJDA&mI2"lm/;<&4o&
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1.2 3,45.(67.*+,-(./0,*1
1.2.1 5.(67.
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>,6&/;<&&0@AJDA&
"4"mSo1&&2&CA&4o

@AJDA&2x2,9.#&A:&D&&0JDA&;&
4%&D&1&&/0Q*A6&;AA

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% 7m@.&;HA&;HMR0;H&l2",6&m;R&4S
Dm/;<&4oo&/f&,D
% 7m.…6&4RFAD/;,6&/+
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FAj&@A4Io&/02JDA&,6&•4>8
$;D&.|JQ&•MO1AlJDA&m.|JQ&•MO
A,6&,6&m&2FAj&2$4;Dn&4;>
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&]/09m8.<T&/06&m.…,6&/
+y;"o6&;A&/0/j+m.
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JDA&;)*+,l./012llF6JDA
&l,/:&.4>l89:&;<&.#M9&@A"lD&M
&Rf@A2l_A.UAz {K &,4%x&w•MOC&A
:&q&o./012lE>l89;F6
JDA&y•MO&/q&o.#M9&D&"lCF/&DlN
../l,/:&.4>.#9F+@A./ORlFA
&1A1&$2,6& 0F/&Rf#
&;H&m.#A 6,&;>o4_81Al,.D.
&1AF&A,Al1&,M+*m*/;<&
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 O,<@PL+d@.7
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JDA&/D%09>4?,29CA
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4;1&+.Aw
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A./n&.s&A:&9*j&<9&F6./Nl<9&
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,F/,A
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,E4%l9J#,4K..Q&/m*,,CJDA&%DK
F0A+l;&†/J2.ADDJDA&m,/
:&"&k>9JPJ&8D&;8&4A
(#7C4KA49,D/C;>,Tl99&x
&A:&.JQ&.s4:&D&.|JQ&>.Do4D%,
LmQ*8l,.:&lJDA&.sm,;o&&A:&&k
>>*"JQ&;>4>CTE&;>4%."
$n&9&.|JQ&4>".A@AJDA&7 6&
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2D%9&2./.s,€<(fJDmlm*D&>9;8&
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Nr4%JD.#M$Nf&6&&1A;D&&DJDA

&‘AA•r.rz-B{Dx&JDA&4o&+6&D
;MR&D84JDA&p7C24>CTM$Nf&6&
CRJDA&4om*JPJ&"0;H&>A;>oC
8XDmlJDA&4o;H&A>+8JDA&p
! Q@.w./;
L1&&Rf4Dx&m;8&FA&0&1A89:&;H&
•MOCD&;H&>;J;of;lJDA&m89
:&;<&AD;H&MpFAJ#mLgIJ;8&M<2.#k%@A>;A
/zrDr.l-''{(+4JD4>"m;>T1&J#;".s
;>*D@>84 6&;>;<&4>LF/4rD 
QR:&;<&l24>C@AF/4@A 6&mN;o&q&>
oAoJDA&m+89;4oD&;H&>;
;>f;D&mJDA&1&89;2>.s4
&/C%J@AF/4#JD9&rD@A2I2"l
JDA&:&;<&AD.s,6&Nr>4;R&@A
2JDml89:&;<&m;8&FA$o•MOC
= X:wR@4e@
L1&J#DrD4,6&A&4%1&,4"EED;8&
FA&1A,/:&.4>•MOC Dx&
JDA&m,/:&.4>m&14%4>".A,9
"JDA&AD8RA;>+8D&,ml"#
$%&4%Dx&m;8&FA&0&1A,/:&.4>ƒ4>rD
"#$%&lJDA&;>D4;R.|JQ&&k>9M9
84>TMR&D(+J†oJDA&.s.|JQ&4>"&1
4%;oRko*.A&&k>MR&D,4>"&14%,6&@
*.|JQ&/)o.#4#Aj&1AJq&A l
JDA&.s;R>84 D&;H&>
lJDA&m,/:&.4>AD.sJq&C>8JDA&,
L1&62J#ARC%Jn&;AA1&J#D+;8&FA
&1A,/:&.4>•MO;.AwD&J•&+#JDl•r.rz-B={K

Nr>496&Q*M9F/4/Mo4>"%A.E
./$4K&CI2"lm;8&FA"&1A,/:&.4>•MO
CrDClJDA&m,/:&.4>;>D4.|
JQ&>;9C*4;>&@AJDA&n&J#
D;8&FA"&1A,/:&.4>•MOC
Rl&Rf#&+,‡&0;8&FA&0
&1A,/:&.4>•MOCzrDA^r r4l-BByUA•A
\&A4r.l !y^A4Jl {D&,ml;8&FA"&1A,/:&.4>
•MO2C;>@&9M<&Rf#&
' x@7<Q,=).(lB
?9&@A"A@D,JDA4%JDN.,FC
;H&m;8&FA&0o•MOCXDA&mM9&"
AD2&,/:&)o@D"oN&J;of**m*
#/>&AD(+M9JDA&/,€+C*
m+/>D)4./RlJDA&>Mx&
lJDA&m*MpFA/ fD&.H,G,FC
(+m&iA4JDA&mM9&"AD.sA;>C8;
R.|JQ& 8>,/)o.#4#Aj&k>TMR
&DI2"lm;8&FA&0&1AM9&"•MOC
Rl1&Cm*.D&2%&,FC;H&&/
MoJDA&mFA$o&;HDA
B `.)d?:
rD"#$%&lJDA&;R.|JQ&&k>9M984
MR&DI2"lJDA&m*%DACA,D/D2T.|JQ&
&k4>"&14%L./mCA,D/@*>DJ#
;2JDA&,6&/.|JQ&&k>MR&DXDml
CA,D/•MOCm;8&FA&0
%C-L,y.(7B@e
E>4,D/,6&/4KA;>,T;,ADl
C;D.#*@AJDA&rD&Rf@AXrW&r4D

A.4.z-B3{l,D/>A;>,T.sAD4>CT
@AA>(+mm&iA4E>&AD2JDA&&
CE>l2"l&CA>XDmlE>•
MOCm;8&FA&0
3 Q,'(6+
7mFA*&;>D&;8&FA&1A.#9F+@AJDA&
•MOCrD"#$%&l9F+m;8&FA"o
•MOlM<2C&Rf*@AJDA&9F+AD8
JDA&,Rj.s+&kTMR&D86&FA.|
JQ&>zrDA•4•r.l-B{),lJDA&&mf99
F+AD2./@AmmCA,D/&lJD0;H&RQ@A
1&./,6&9&KmlJDA&4$D2%&./2
&0k;>TA4./JDA&.s,6&@*f&R
@A@>XDmlJDA&mf99F+&AD2A>&CI2
"l9F+•MOCm;8&FA&0zrDA^r r4l33{
%O,<@PLM
9D&1&$9&&,*@A9JDA&C
4)*&&*,JDA@AmrD&Rf@Ar.:-Bl_A.
UA: l1&JDA&9&&+,A;H&m
,AL1&&m+./012;ml
N;<&lA82,/:&A>n&;A>.s4o81&&
m./012C82&$&.s;RDAo1&
JDA&m./0124o8JDCM/D/@A
./012(oJDA&94i#6&&oC
rDqAQR;H&m+>&E%ADlJDA&9&
6&&2m+>J%AD,>o JDC•p
./0AD
%2(dz.w./;
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;<&l.&K.D%„H,G*2@AJDA

&4%m.#A ,ADq>oT&H,G
C, 'D#wJDA&m@D,JDAAD24CJD
;MpDJDA&4M<QR@Aj44KXD"JDA&
o,<.#R;>>Mx& lDD,6&m>>2&

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,<.#;&†•,AD2&k>DJDA&D&&AD%
Q44 
C, #?Fw@D,JDA@AJDA&&/N&f&M2Z#
A D&4;>C@AJDA&4T;>DDMx&
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2&'(),-(./0,*1,=),3,>?)@AB@A.)L
L:33=‹334&AD%f&,+.#M9&@A+,I

LAm&0;H&f&,DILAmR&7C2"
@AJDA&D&0;H&n&m+M9&JD
9&@A+,D&&AD%l@AJDA&C
rD&0. .zƒ4>J%R&0. .@A {2
&JAD9&D&,D/&3Š“!Š.#M9&&1A:,6&F
4oRlCrD&00;H&zƒ4>J%R&0
0;H&@A {m.#M9&4o&1A:/t
€89&@A+,@AJDA&XqC
Mx&&0..A&00;H&22&@AJDA
&ILAmƒ4>J%,6&FADzJ;o!Š{(+D
x&JDA&ILA@.|JQ&&m@A@.<1z
{84A>
;6<=%>3/?@$0

G?HI3?J
L:33=‹33'4H,G*0;>&@A+,ILAo
9:&;<&]XgM2F$&:44;>4Bl'ŠBlBŠl,i6
0l4K.8M/@AH,G4Bl!Š($4H,G*"
4>@AJDA&D&0;H&ILA()M4D&:
33=33'lm+JDA&[gV6&lM
33Š.4;>& ;>)&J; 4o(+
%DA9&4#4oOJDA&ILAQ*
D&&AD%lJDA&mN;o&.|JQ& +
84>R•MOCmN;o&&/CrD&0. .lƒ4
>J%:33=4lŠ:33'4l''ŠCrD&00
;H&lƒ4>J%:33=33'44;>4-l-ŠBlŠ
ZA&AD%*0;>&l:33BA&D0;H&ILA
+u.m&&mvo.#,@&D/&CD4D&;HJ$
;o%R,DJDA&D&4i#N",O
Rf&(k&Hl4%D&;o&A:&zl-'Š{l4K.8M/2

n&:&rDzŠ‹Š{9:&;<&]Xg&/z=lŠ{XD
;+D0;H&f&,DILAl~.IL‹[LXY’Q
J/%zT~AD433*:33'lIL‹[LXY’KoN&f
B=*:33B{7 &,JDA&,6&*.|JQ&
4>@A n&,6&*A>24K.M9&4RQJD
.#+C.i6@AC@* 0+,
*t€.#&@A R0;H&f&,D4ƒ4
J%CMx&&00;H&ƒ4>J%&M2CMx&&00
;H&:33B:&AD9MD&.:FA.z'l3=Š{L&R
$@A.#:&AD9M4JD &,;
+D0;H&f&,DILAl+;D)M
 MDJ†.#.Q @A0;H&
L:33Bn&K<D&AD%,m,:@A+,ILAD&
1&:.AmL:33-:33lHm&m,C„>4K
.DA@AC@lJDA&ILA#rD
;o&$JQ&>A2$JQ& ;;o$7n&D&
:33-33l0;H&f&,D†;A".#kQDD
;&Km1&M*C#l2"ƒ4>J%CrD&0
0;H&,6&•ADFf;:33B
L2&lD&!:FA.z33=“33{lƒ4>J%CrD&00
;H&468ƒ4>J%CrD&0. .2&00;H&
@A ;H&AD8&0. .@AmJD.#/,Gj&@A
0;H&D;8&4A:&;<&@AJDA&UR&~m:33B4ƒ
4>J%CrD&00;H&AD8&0. .JD:
Q&2.#.Q @A0;H&f&,DILA
ZA$4$C@AJDA&ILA
RR.&ADJ0f&,Dg_k7Cz_VZY{
22&'().MBN,-(./0,*1,=),3,>?)@AB@A.)L
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L2DM*kAlJDA&ILA@.|JQ&/63K
AB? *>DD%9&./N,JDAL&k 
;H&,D/&=l'Š‹!'lB-Š &&k;>.|JQ&
 L&k>rD;>.|JQ&44;>4 /1?L??M  z
,D/&3Š‹Š &&k{l/1?L? z,D/&Š‹
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2(z,D/&Š‹!Š &&k{q&43KA,F
z,D/&Š‹Š &&k{
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&14%&Mx&•@A &>A&$& ;KC
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22&BN.o
 &&0. . ;H&@ABJDA&A&&RfD&:
334&3333ƒIL(z;8&;8&oƒ;H&A&4;
R0;H&{]0. . ;H&@AJDA&mN
;o&&A:&+)FA:o9&A:&M2F$4lBŠ•:
Rlo.#M9&,6&&T&@A+,D&H&A33=“
33l&0. .@A ;H&,6&/t€1&.#A
 FAj&@A+,
;6<=%D@"A/?#E288*/?B+@&$
<C

G?HI3?J
LNrN€ ;H&@AJDA&D&&AD%33=“33

CMx&&00;H&lAm*"t1&M9&@A+,
9&;D&k>Mx& ;H&@AJDA
&L:33=33'l0;H&f&,Dm.#:&;<&m&l&k
 m&04o]00;H& :33=433333
ƒIL(lNN~&k :33-33D&,ml&00
;H&@A %~*D&:33'o &&04R
3333ƒIL(D&:33BlJD/;<&@A,@&D/&CD
1&M M4>D&6;H&,i6;.#:&AD@A
4K.4%K4D0;H&f&,D.Q l &l
, &&00;H&@A ;H&&/N&~•,D/&
3333ƒk&l%&0D&!:FA.L:33-33lo
.#„4#@AC@M/$JDA&l0;H&f&,D
;>,6Ql;ADDkQ;& &&00;H&@A
 K,/FA8l&of3333ƒIL(

  ;6<=%F&G,$"A/?2<
/?

7C2/;<&@A,@&D/&,.#M9&@A0;H&f&
,Dƒ4 ;H&D& &&k@A0;H&&/JFA
:o9&/&M2&:4!l!Š•:
222)69Myn
L&k>;>.|JQ& M.A ;H&4A&$&&E
%L>A&$&&E%:&;<&Ao9,ADD&&A
D%33=‹33z9:&;<&&M2&:,D/&Bl'BŠ•:{
 &>A&$&&E%D0;H&:33R333ƒIL(
L2&lJDA&ILAA&$&&E%@*>
D4$*f&./N,JDAD&&E%

  ;6<=%HI*J)2*/?B+@&&$

<C

;6<=%K&G,$*J)2<
/?

G?HI3?J
 &0&,D/A&$&&E%&A:&FA:z33=“
33{;&ƒ4A&$&&E%D& &&kmN;o&&/
FA:JD.A,@&D/&,4K.DA:&AD4%
A>@A4oJDA&
22%)69M>M@n
L&k>rD;>.|JQ& M4A&$&J% &
A&$&J%;H&8A&$&&E%L:33-m
.#&A:&9MD&A&$&J%zT=333ƒIL(:33B
:&4R3333ƒIL(D&:33-{(+4JD:33-C@#
&m,C„>4K.DAoJDA&0&ƒaZX
z;8&;8&B333ƒIL(%H*m{K,,CJDA&
A>J%*J2D%9&./N;>FA,@&D/&,L:
33l4K.DA:&ADzŠ‹Š{RA>J%@AJDA
&m.#.Q&/.Do:33-
;6<=%LI*9*)2*/?B+@&$
<C

7q&o.#&A:&D&0&@A,D/A&$&J%lƒ4A&$
&J%D& &&kn&&A:&~*4:33-
3Š &&kJD&m,C„>4K.DA@AC@
Rl.A&:33lƒ4A&$&J%&/N&JD4K.:
:&ADzm44R&3Š•:{,6& 0,DJDA&
,6&JA>2.>,6&/;>4Ko4K.FAD;"


;6<=%M&G,$*9*)2</?

G?HI3?J
228e@(l@W4n@
>"&14%4&k>f;;>;R.|JQ&9:&;<&@A
4>"&14%T33=“33B+)z&M2,D/&=l=Š•:{
Rl4>"&14%@A:33-4D&!:FA.z&333
ƒIL(lŠ &&k{L&R$4JD:33B0/;<&
)&+@A,@&D/&,&oq&o.#&A:&@A4K.4%
,JDA&&)+,m,:R4>"%DA@A:33B
lJ†4>"&14%D:33-n&.Q&/rDRl.A&
:33-lJDA&Am&A 4;>
Cl*.A&C4n4>"&14%*>DD%9&./
N,JDA@AJDA&D&;8&4A(+4JDD&2%&
,@&D/&,Alo.#Qk,€"%@A0
;H&f&,D,D &lq&o.#&A:&@A4K.
DAFAD4D.|JQ& ;H&AA><R
F/XDmlJDA&.|JQ&&k4>"&14%*>
DJDA&@A284.|JQ&&k>TMR&D7C2
+4>"&14%D&:33:&ADf,ƒ4QD&!:
FA.l%B333ƒIL(z3Š &&k{