Khóa luận tốt nghiệp: Các nhân tố ảnh hưởng đến cấu trúc vốn trong thực tiễn doanh nghiệp Việt Nam hiện nay

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NHẬN XÉT CỦA GIÁO VIÊN HƯỚNG DẪN
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E:8F:=G:=5KL2M8N:=L2:HIL22
Giáo viên hướng dẫn
66
NHẬN XÉT CỦA ĐƠN VỊ THỰC TẬP
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E:8F:=G:=5KL2M8N:=L22:HIL22
Giám đốc
9MO:
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LỜI CẢM ƠN
PF:=QRSMTS::HI8U7MV6PWX:=V6U7YRF:=GZI[\[W]7^R_
M8`K7a:b678R:=c57N7M8`K7a8FdeFN:f5689:8f=g:5:=:b6P6O:=
[\MPRKh:[VM78FZI:8i:=j6e:M8k7j8Fd8U77l:=cm6j6e:M8k778RKO::=5:8
ca7l:=^R_=6Nc5:8i:=jn:H:=7`:M86eMo5I85:8MPd:==6pq78FZIo5Ic6r7
c5M6eqM<78U7MsqMPF:=M8X6[V68t6:8sq:8W86r::dK2

m6MuM7vow:=Ma:j9:8GZIx6:=Y6[e:^R_M8`K7aPWX:=V6U7
YRF:=7l:=cm6M8`K7a8FdeFN:5689:8=g:5:=ow:=T6eMy:QgR
Qz7G[{7T6rMZIx6:78g:M85:87vIy:7aO8|d:8[\Ms:M}:88Wm:=;~:ZI
c5=6pq[•ZIMPF:=QRSM^RNMP}:8:=86O:7kR[€=6pqZI8F5:M85:8j8bdoRs:MSM
:=86rq7•dI}:82
‚:=M8X6GZIx6:[W]7=Y6oX67vIy:78g:M85:8[e:d:o\:8[VFc5
7N77aG78pGd:8G78|MPF:==g:5:=a:==86rq5#8NMP6€:a:=8a:86
8N:885:8#8SE:8F:=G[{7T6rMƒq8w:=9:;<:=[\:86rMM}:8=6pq[•ZI
MVFIU6[6hRj6r:[€7bM8€86€RM8OIch:=86rqc<7„:=:8WQgRQNMM8…7Me[bo5
j6e:M8k7^R_TNF=6pqZI8F5:M85:8j8bdoRs:MSM:=86rqc5M8…7Me7a:=c6r7QdR
:5K2
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78|q8w:=9:;<:=7•d=g:5:=a:==86rq5#8NMP6€:a:=8a:86
8N:885:8#8SE:8F:=7l:=7aO8|d:8[W]7;w6;5FQk7j8†ZG7a:=MN7
MSMc5oRa:oRa:8V:8q8p72
‡6::8s::y6ZIoX6T6eMy:GMPg:MPU:=j9:8785F2
‡6:78g:M85:87vIy:ˆ
/6:8c6O:M8…786r:
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CÁC TỪ VIẾT TẮT SỬ DỤNG

 %8|MPWX:=78k:=j8FN:
 %]6:8Rs:Pw:=MPO:MŠ:=M56Qv:
‹ %]6:8Rs:Pw:=MPO:cS:7Šq8`:
/ %]6:8Rs:Pw:=MPO:;Fd:8M8RM8R`:
#2. %85:8q8S‚89.6:8
Œ %86q89QY;<:=cS:T}:8^Rg:
/ %S:78•Qƒ8iR
# %6r:=6NM8R`:

 %Fd:8:=86rq
 %8|MPWX:=q86MsqMPR:=
# %8R:8sq^RS7;g:
# %  8•  QS  =6N  M6OR  ;l:=
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DANH SÁCH CÁC BẢNG SỬ DỤNG

v:=J2>%v:=M8S:=jOQSo6rR7•d>ŽA7a:=MK:6OIKeMMPO:6rMdI22222222222222JŽ
v:=J2J%v:=M8S:=jOIaMvQSo6rR222222222222222222222222222222222222222222222222222222222222222222222222222222222JŽ
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v:=J2B%.dMPs:MWy:=^Rd:Ia8}:88‚6^R6MŠ:=:]MPO:cS:7Šq8`:22222222222222222222222222J@
v:=J2Ž%.a8}:88‚6^R67•dT6e:M•QRuM:];568V:•cS:7Šq8`:22222222222222222222222222222222222CŽ
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v:=J2’%v:=j6€I78k:=T6e:MPF:=Ia8}:8MŠ:=:]MPO:cS:7Šq8`:222222222222222CD
v:=J2D%v:=j6€I78k:=T6e:‹MPF:=Ia8}:8MŠ:=:]MPO:cS:7Šq8`:222222222222222BA
v:=J2@%v:=j6€I78k:=T6e:/MPF:=Ia8}:8MŠ:=:]MPO:cS:7Šq8`:2222222222222222BA
v:=J2>A%v:=j6€I78k:=T6e:PF“M8MPF:=Ia8}:8MŠ:=:]MPO:cS:7Šq8`:222222222B>
v:=J2>>%v:=j6€I78k:=T6e::Md:=6ToZ”6xZ;dQQZMMPF:=Ia8}:8MŠ:=:]MPO:cS:7Š
q8`:22222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222BJ
v:=J2>J%v:=j6€I78k:=T6e:d:=6ToZ”6xZ;dQQZMMPF:=Ia8}:8MŠ:=:]MPO:cS:7Š
q8`:22222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222BC
v:=J2>C%v:=j6€I78k:=T6e:dxMPF:=Ia8}:8MŠ:=:]MPO:cS:7Šq8`:222222222222222BB
v:=J2>B%v:=j6€I78k:=T6e:6^R6;6MKMPF:=Ia8}:8MŠ:=:]MPO:cS:7Šq8`:2222222BŽ
v:=J2>Ž%v:=Ia8}:8MŠ:=:]MPO:cS:78•Qƒ8iRq8l8]q22222222222222222222222222222222222222222B‘
v:=J2>‘%v:=j6€I78k:=T6e:MPF:=Ia8}:8:];568V:MPO:cS:7Šq8`:22222222BD
v:=J2>’%v:=j6€I78k:=T6e:‹MPF:=Ia8}:8:];568V:MPO:cS:7Šq8`:222222222B@
v:=J2>D%v:=j6€I78k:=T6e:/MPF:=Ia8}:8:];568V:MPO:cS:7Šq8`:222222222ŽA
v:=J2>@%v:=j6€I78k:=T6e:PF“M8MPF:=Ia8}:8:];568V:MPO:cS:7Šq8`:22222Ž>
v:=J2JA%v:=j6€I78k:=T6e::Md:=6ToZ”6xZ;dQQZMMPF:=Ia8}:8:];568V:MPO:cS:
7Šq8`:222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222ŽJ

v:=J2J>%v:=j6€I78k:=T6e:d:=6ToZ”6xZ;dQQZMMPF:=Ia8}:8:];568V:MPO:cS:
7Šq8`:222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222ŽC
v:=J2JJ%v:=j6€I78k:=T6e:dxMPF:=Ia8}:8:];568V:MPO:cS:7Šq8`:22222222222ŽB
v:=J2JC%v:=j6€I78k:=T6e:6^R6;6MKMPF:=Ia8}:8:];568V:MPO:cS:7Šq8`:2 2ŽŽ
v:=J2JB%v:=Ia8}:8:];568V:MPO:cS:78•Qƒ8iRq8l8]q222222222222222222222222222222222222Ž‘
v:=J2JŽ%v:=Ia8}:88‚6^R6MŠ:=:]MPO:cS:78•Qƒ8iR78FT6e:7NT6rM2222222222222222Ž’
v:=J2J‘%v:=;…TNF78FIa8}:8MŠ:=:]MPO:cS:78•Qƒ8iR222222222222222222222222222222222222Ž’
v:=J2J’%v:=Ia8}:88‚6^R6:];568V:MPO:cS:78•Qƒ8iR78FT6e:7NT6rM222222222222ŽD
v:=J2JD%v:=;…TNF78FIa8}:8:];568V:MPO:cS:78•Qƒ8iR2222222222222222222222222222222Ž@
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MỤC LỤC
{Mcu:[h:=86O:7kR%22222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222>
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#8VIc6:=86O:7kR%222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222J
#8Wy:=q8Nq:=86O:7kR%2222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222J
eM7uR[hM56%=‚IC78Wy:=%22222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222J
•>%–($•&$()!
"#!&'()!
"#22222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222C
>2>2—˜$()!"#2222222222222222222222C
>2>2>28N6:6rI222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222C
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>2C2’28RKeMMPsMM…q8g:8V:=•8a:=M6:TuM7g:xk:=ž222222222222222222222222222222222222222>Ž
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C2>2&##/!!"#2 ‘Ž
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C2J2,0222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222‘‘
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LỜI NÓI ĐẦU
 Đặt vấn đề nghiên cứu:
S6WR8bd7uRMPp7cS:7•d7N7a:=MKo5:86rIc<^Rd:MPU:=7•d:85
˜Rv:MP|M56789:82b:86hRo_M8RKeM86r:[V6ch7uRMPp7cS:7a:=MK[€=6v6M8978Q…
j8N7T6rMMPF:=c6r7o…d78U:7uRMPp7cS:7•d7N77a:=MK2RK:86O:GƒMPF:=TS67v:8
j6:8Mec5Ia6MPWX:=M8€78e7•d6rMdI[\7b:8i:=MN7[t:=[e:c6r7o…d78U:
7uRMPp7cS:MV67N77a:=MK2hM56:5KMsqMPR:=q8g:M9787uRMPp7cS:7•d7N77a:=MK
:6OIKeMMPO:Q5:=6dF;|7878k:=j8FN:5t6c5#2.[€M}I86€Rc5q8g:M978
:8i:=:8g:MSMN7[t:=[e:c6r7o…d78U::=R‚:M56MP]cS:78F7a:=MKItM7N78MS6
WR.6r::dKxR8Wm:=xgK;…:=7uRMPp7cS:7•d7N7;Fd:8:=86rq6rMdIc~:7w:
o5ItMcu:[hT†:=†G[d:=[W]77N7:85^Rv:o_[6hR85:8;Fd:8:=86rqPuM^Rd:MgI
[€M}I7N78o5IMH:==6NMP|7•d;Fd:8:=86rqI}:8oO:2}M8eG[gKo5ItMcu:[hId:=
M9:8M8…7M6‰:PuM7dFG=6pq[6hR78•:886rR^Rv[6hR85:88FVM[t:=M56789:87•d;Fd:8
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7kR[hM56%¡Các nhân tố ảnh hưởng đến cấu trúc vốn trong thực tiễn doanh nghiệp
Việt Nam hiện nay”
 Mục tiêu nghiên cứu:
.<7M6OR78R:=%b[W]7ItM[N:8=6NQyTtch:8i:=:8g:MS:5Fv:8
8Wƒ:=[e:7uRMPp7cS:;Fd:8:=86rqGv:88Wƒ:=:8WM8e:5Fc5ƒIk7[t:5FGM}I
86€R:=RKO::8g:v:88Wƒ:=[b2PO:7yQƒq8g:M9787N7QSo6rR7uRMPp7cS:7•d7N7
7a:=MK7Šq8`:MV66rMdIMPF:=:HIJA>>c¢d^RdGZI[\;l:=q8`:IhI‹c6Z“
[€M6e:85:878VK8‚6^RKc5[WdPd[W]77N7jeM^Rv7•dT56:=86O:7kR2
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^RKeM[|:87uRMPp7cS:7•d;Fd:8:=86rq:8W%
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…dc5FMN7[t:=7•d7N7:8g:MSv:88Wƒ:=[e:7uRMPp7cS:GZI[\M6e:
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 Phạm vi nghiên cứu:
#8VI  c6  ch  M8X6  =6d:%  8X6  =6d:  :=86O:  7kR  M¢  :=5K  >C•AJ•JA>J  [e:
J>•AB•JA>J2
#8VIc6chj8a:==6d:%TNF7NFM56789:87•d>ŽA7a:=MK7Šq8`:[W]7:6OI
KeMMPO:JQ5:=6dF;|7878k:=j8FN:#2.c55:t6GxYo_c5q8g:M978QSo6rR
:HIJA>>
 Phương pháp nghiên cứu:
Ÿ:=q8Wy:=q8NqQFQN:8GM8RM8sqQSo6rRTNF7NFM56789:8:HIJA>>7•d
>ŽA7a:=MK7Šq8`:MPF:=MuM7v7N7:=5:8:8W%M8•KQv:Gcs:Mv6GTvF86€IG7yj89GxgK
;…:=G85:=M6OR;l:=L2[W]7:6OIKeMMPO:Q5:78k:=j8FN:#2.GM¢[b;…dMPO:
7N778•M6ORM56789:8[€78VKIa8}:88‚6^RKTŸ:=‹c6Z“Ž2>[€xgK;…:=Ia8}:8
7uRMPp7cS:78F7N7;Fd:8:=86rq6rMdI86r::dK2
 Kết cấu đề tài: =‚IC78Wy:=%
8Wy:=>%8i:=cu:[h7yTv:ch7uRMPp7cS:MPF:=;Fd:8:=86rqc57N7
:8g:MSv:88Wƒ:=[e:7uRMPp7cS:MPF:=M8…7M6‰:;Fd:8:=86rq2
8Wy:=J%‡N7[|:8Ia8}:87N7:8g:MSv:88Wƒ:=[e:7uRMPp7cS:MPF:=
M8…7M6‰:;Fd:8:=86rq6rMdI86r::dK2
8Wy:=C%8RKe::=8|
SVTH: Nguyễn Triệu Phú J
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CHƯƠNG 1: NHỮNG VẤN ĐỀ CƠ BẢN VỀ CẤU TRÚC VỐN TRONG
DOANH NGHIỆP VÀ CÁC NHÂN TỐ ẢNH HƯỞNG ĐẾN CẤU TRÚC
VỐN TRONG DOANH NGHIỆP

1.1. TỔNG QUAN VỀ CẤU TRÚC VỐN TRONG DOANH NGHIỆP
1.1.1. Khái niệm
uRMPp7cS:o5M8RsM:=iM56789:8:8ŸIIaMv:=R‚:=S7c5q8Wy:=q8Nq
8}:8M85:8:O::=R‚:cS:[€;Fd:8:=86rq7bM8€QY;<:=IRdQzIM56Qv:Gq8Wy:=
M6r:csM78uMc58FVM[t:=j6:8;Fd:82
uRMPp7cS:o5Q…jeM8]q:]:=z:8V:M8WX:=xRKO:G:];568V:G7Šq8`:
WR[\6G7Šq8`:M8WX:=[W]7;l:=[€M56MP]^RKeM[|:8[`RMW7•dItM;Fd:8:=86rq2
uRMPp7cS:[h7sqMm67N78M8k7;Fd:8:=86rqM}Ij6eI:=R‚:M56789:8
M8a:=^Rd7N7q8Wy:=N:jeM8]q=6idTN:7Šq8`:G^RKh:78U:IRd7Šq8`:Gq8NM
85:8MPN6q86eRc5[6cdK2uRMPp7cS:MS6WRo5q8Wy:=N:GM8ZF[b;Fd:8:=86rq7b
786q89cS::8†:8uMc57b=6N7Šq86eR7dF:8uM2
.tM7uRMPp7cS:q8l8]qo5^RKeM[|:8^Rd:MPU:=cm6IU6;Fd:8:=86rq
j8a:=78•Tƒ6:8R7`RMS6[do]6978M8R[W]7M¢7N77N:8g:c5MŠ78k7o6O:^Rd:Mm6
;Fd:8:=86rqc58FVM[t:=7•d;Fd:8:=86rqI57w:Tƒ6MN7[t:=7•d^RKeM[|:8:5K
Mm6:H:=o…7j6:8;Fd:87•d;Fd:8:=86rqMPF:=Ia6MPWX:=7V:8MPd:82
uRMPp7cS:MS6WRo6O:^Rd:Mm6c6r7[N:8[Š6=6id786q89c5o]69787•d
;Fd:8:=86rq256MP]TŸ:=cS:cdK:]MVFPd¡oN78z:M8Re£78F;Fd:8:=86rqG[‚:=
M8X6=6vIIk7[tq8g:MN:7N7^RKeM[|:8^Rv:o_•[{7T6rMcm6QSoW]:=8V:78e7y8t6
j6:8;Fd:8c5[`RMWž2N:8:{:=:]GI{Mj8N7MVFNqo…7cm6;Fd:8:=86rq286q89
cdK:]7bMN7[t:=[N:=j€Mm6cs:85:8j6:8;Fd:8GM8sI789G;~:Mm6[b:=7Yd;Fd:8
:=86rq256MP]M¢cS:=bq7Šq8`:j8a:=MVFPd786q89QY;<:=cS:78F;Fd:8:=86rq2
RK:86O:G7N77Š[a:=7bM8€7d:M86rqc5F8FVM[t:=[6hR85:8;Fd:8:=86rq2™
cU:=7dFc5F86rR^RvQv:xRuMj6:8;Fd:87•d7N7:85[`RMW7„:=MVFQk7¤q[N:=j€
78F[t6:=„^Rv:o_2
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1.1.2. Đặc điểm
1.1.2.1 Nguồn vốn vay
PF:=:h:j6:8MeM8|MPWX:=8`R:8Wj8a:=ItM;Fd:8:=86rq:5F8FVM[t:=
Qv:xRuMj6:8;Fd:878•TŸ:=:=R‚:cS:M…7bI5q8v68FVM[t:=TŸ:=:86hR:=R‚:

cS:GMPF:=[b:=R‚:cS:cdKQY;<:=[N:=j€2
=R‚:cS:cdKo5:=R‚:cS:M56MP]M¢TO::=F56;Fd:8:=86rqc5;Fd:8
:=86rqq8v6M8d:8MFN:7N7j8Fv:cdKM8ZFM8X68V:7dIjeMc5[‚:=M8X6MPvM6h:o\6cdK
M8ZFo\6QRuMM8†dM8Rs:2=R‚:cS:cdKId:=_:=8Ed^Rd:MPU:=[S6cm6c6r7IƒPt:=
c5q8NMMP6€:Qv:xRuMj6:8;Fd:87•d;Fd:8:=86rq2PF:=7uRMPk7cS:Md78•xeM[e:
:=R‚:cS:cdKMPR:=c5;568V:
d•dK:=z:8V:%
8X6=6d:[NF8V::=z:8y:ItM:HI
\6QRuM7•d:=R‚:cS:cdK:=z:8V:M8WX:=M8uq8y:o\6QRuMcdKMPR:=c5
;568V:;FP•6PFM9:;<:=M8uq8y:
8WX:=[W]7;l:=[€TŠQR:=cS:oWR[t:=
T•dKMPR:=c5;568V:%
- Thời gian đáo hạn dài hơn 1 năm
\6QRuMcdKMPR:=c5;568V:M8}7dF8y:o\6QRuMcdK:=z:8V:;FP•6PF7dF
8y:2
8WX:=[W]7;l:=[€TŠQR:=78FcS:xgK;…:=7yTv:8dKIRdQzIM56
Qv:7S[|:8
=R‚:cS:cdK:5K7bM8€[W]78RK[t:=M¢7N7MŠ78k7M56789:8G:=g:
85:=8dKc6r7q8NM85:8MPN6q86eR26r7;Fd:8:=86rqQY;<:=oFV6:=R‚:cS:cdK:5K
:86hR8dK9MM8}7w:MlKM8Rt7c5F[{7[6€I7•d;Fd:8:=86rq[d:=ƒMPF:==6d6[FV:
:5FMPF:=78Rj™Qv:xRuMj6:8;Fd:82
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1.1.2.2. Nguồn vốn chủ sở hữu
S:78•Qƒ8iRo57N7:=R‚:cS:M8Rt7Qƒ8iR7•d78•;Fd:8:=86rqc57N7
M85:8c6O:MPF:=7a:=MKo6O:;Fd:88F{77N77Š[a:=MPF:=7N77a:=MK7Šq8`:2
bC:=R‚:MVF:O:cS:78•Qƒ8iR%QSM6h:=bqcS:7•d7N7:85[`RMWGMŠ:=
QSM6h:MVFPdM¢jeM^Rv8FVM[t:=Qv:xRuMj6:8;Fd:8•o]6:8Rs:78Wdq8g:q8S6žc5
78O:8or78[N:8=6NoV6M56Qv:2
S:78•Qƒ8iRTdF=‚I%cS:j6:8;Fd:8•cS:=bqc5o]6:8Rs:78Wd786džG

78O:8or78[N:8=6NoV6M56Qv:G7N7^Rn7•d;Fd:8:=86rq:8W%^Rnq8NMMP6€:G^Rn;…
MPiG^Rnj8Z:M8Wƒ:=q8p7o]6222=F56PdcS:78•Qƒ8iR7w:=‚IcS:[`RMWxgK;…:=
7yTv:c5j6:8q89Q…:=86rq•j6:8q89;F:=g:QN7885:Wm77uqq8NMj8a:=8F5:
oV6222ž
8WcsKGj86:b6[e::=R‚:cS:78•Qƒ8iRo5:b6[e::=R‚:cS:[`RM6O:
I5;Fd:8:=86rq8RK[t:=[W]72ƒ6c}GItM;Fd:8:=86rqMPWm7j86[6c5F8FVM[t:=
Qv:xRuMj6:8;Fd:8M8};Fd:8:=86rqq8v67bcS:[6hRor•cS:=bq:eR7a:=MK7Šq8`:
8F{7o5cS:M¢:=g:QN78:85:Wm77uq:eRo5;Fd:8:=86rq:85:Wm7ž2•MPU:=:=R‚:
cS:78•Qƒ8iRMPF:=MŠ:=M56Qv:q8v:N:8M}:88}:878•[t:=chM56789:87•d;Fd:8
:=86rq
1.2. CÁC NHÂN TỐ ẢNH HƯỞNG ĐẾN CẤU TRÚC VỐN TRONG DOANH
NGHIỆP.
1.2.1. Nhân tố bên trong doanh nghiệp
1.2.1.1. Qui mô doanh nghiệp
W]7[FoWX:=TŸ:==6NMP|oF=dP6M87•dMŠ:=M56Qv:28ZF_M8RKeM[N:8[Š6
M8}^RKIa7•d7a:=MK7bIS6^Rd:8rM•orM8Rs:•¥žcm6:]cdKGTƒ6c}7N77a:=MKom:
M8WX:=7bP•6PFq8NQv:M8uqc57b786q89q8NQv:M8uq2=F56PdG7N77a:=MKom:7b
786q89cu:[h:=WX6[V6;6r:7•d:]cdKM8uqG786q89j6€IQFNMM8uqG9M78O:8or78
M8a:=M6:8y:QFcm67N77a:=MK:8†8y:G;w:=M6h:9MT6e:[t:=G;‰[d:=M6eq7s:M8|
MPWX:=M9:;<:=Gc5QY;<:=:86hR:]cdK8y:[€7bo]6:86hR8y:M¢MuI78z:M8Re2N7
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:=86O:7kR7•dŒ6“dMM:djd:Md:=•>@@@žGRd:=c5/F:=•JAAJžc58Z:•JAABžƒ7N7
:Wm7[d:=q8NMMP6€:¦:=86O:7kR7•d6MId:c5ŒZQQZoQ•>@DDžc5d§d:c5¨6:=doZQ
•>@@Žžƒ7N7:Wm7q8NMMP6€:78FM8uK^RKIa7•d7a:=MKc5[w:TšKM56789:87bIS6
^Rd:8rM•orM8Rs:•¥ž2.{Mj8N7G:=86O:7kR7•dZcZ:c5d:TFoM•JAAJžoV678FM8uK
^RKIa7a:=MK7b^Rd:8rM•or:=8|78cm6:]:=z:8V:c5M•orM8Rs:cm6:];568V:2
1.2.1.2. Khả năng thanh toán của doanh nghiệp
W]7[FoWX:=TŸ:=M•orM56Qv:oWR[t:=MPO:MŠ:=:]:=z:8V:29:8M8d:8
j8Fv::5K7bMN7[t:=•¥žc5•ž[e:^RKeM[|:87y7uRcS:28k:8uMG7N77a:=MK7bM•

orM8d:8j8Fv:7dF7bM8€QY;<:=:86hR:]cdK;F7a:=MK7bM8€MPv7N7j8Fv::]cdK
:=z:8V:j86[e:8V:28WcsK7b:=8Edo5M9:8M8d:8j8Fv:7•d7a:=MK7b^Rd:8rM•
orM8Rs:•¥žcm6:]cdK2.{Mj8N7G7N77a:=MK7b:86hRM56Qv:M8d:8j8Fv:7bM8€QY
;<:=7N7M56Qv::5KM56MP]78F7N7j8Fv:[`RMW7•dI}:82FcsKGM9:8M8d:8j8Fv:
7•d7a:=MK7b^Rd:8rM•or:=8|78•žcm6[w:TšKM56789:8.
1.2.1.3. Tốc độ tăng trưởng của doanh nghiệp
8g:MSj8N7I5v:88Wƒ:=[e:7uRMPp7cS:o5M6hI:H:=MH:=MPWƒ:=2.S6
^Rd:8r;Wy:==6id7y8t6MH:=MPWƒ:=c5:]78FM8uK7b7l:=IS6^Rd:8rcm67N7
:Wm7q8NMMP6€:8gRR28ZFM8RKeM[N:8[Š67uRMPp7cS:G7N77a:=MK[d:=:zI=6i
7y8t6MH:=MPWƒ:=MPF:=MWy:=od6M8}QY;<:=9M:]QFcm67N77a:=MK7b:86hRM56Qv:
8iR8}:8Gc}7y8t6MH:=MPWƒ:=o5ItMM56Qv:ca8}:82
8WX:=[W]7[FoWX:=TŸ:=78•QSFT6:©Q˜•M•or=6NMP|M8|MPWX:=MPO:=6N
MP| QŠQN787•dMŠ:=M56Qv:ž2N77a:=MK7bMP6€:cU:=MH:=MPWƒ:=MPF:=MWy:=od6
M8WX:=;…dc5FM56MP]TŸ:=cS:78•Qƒ8iR26hR:5K7bM8€=6v6M8978TŸ:=M8RKeM786
q89cu:[h:=WX6[V6;6r:•d=Z:7K7FQMQž28ZF.KZPQ•>@DBžG:eRItM7a:=MK7b[w:
TšKM56789:87dFM8}7N77Š[a:=7•d7a:=MK7bj8RK:88Wm:=j8a:=[`RMW:86hRc5F
7N7;…N:7•d7a:=MKTƒ6c}o]6:8Rs:M¢7N7j8Fv:[`RMW:5KQª7bo]678F7N778•:]
8y:o578F7N77Š[a:=28i:=786q89:8WcsKPuM[N:=j€c5:eR:8WcsK7N77a:=MK
MH:=MPWƒ:=7dFcm6:86hR;…N:Q6:8oX6M8WX:=;…dc5FcS:78•Qƒ8iR:86hR8y::]
cdK2FcsKG[w:TšKM56789:87bIS6^Rd:8rM•or:=8|78•žcm67y8t6MH:=MPWƒ:=2
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1.2.1.4. Tấm chắn thuế của doanh nghiệp
PF:=M8…7Mej6:8;Fd:8GItMo]6M8e7•dc6r7QY;<:=cS:cdKo5M6eM=6vI
[W]7M8ReM8R:8sq;Fd:8:=86rq2=WX6Md:b6PŸ:=cS:cdK[\MVFPdItM¡uI78z:
M8Re£78F;Fd:8:=86rqG:8X[bMVF:O:86rR^Rvj6:8;Fd:8:b678R:=o57dF8y:QF
cm678•QY;<:=cS:7•d789:8;Fd:8:=86rqG8dK7w:=U6o5cS:78•Qƒ8iR2RK:86O:G
j8Fv:=M8Re[W]7=6vIM¢j8uR8dF[W]7=U6o5MuI78z:M8Rej8a:=q8v6M¢:]2
Z:=ZoFc5.dQRo6Q•>@DAžMPd:87\6PŸ:=MuI78z:M8Rej8a:=q8v6M¢j8uR8dFQª
M8dKM8e78Fo]6978M8ReM¢c6r7M56MP]:]c5;Fd:8:=86rqcm6MuI78z:M8Rej8a:=

q8v6M¢:]om:8y:QªQY;<:=9M:]8y:2\7b:86hRTŸ:=78k:=M8…7:=86rIxN7:8s:
=6v[|:8:5K2
1.2.1.5. Chính sách quản lý của lãnh đạo công ty
_M8RKeMMPsMM…q8g:8V:=7•d.KZPQ[\78FPŸ:=j8a:=7bM8€j8a:=7b
ItM7uRMPp7cS:I<7M6ORP6O:=2_M8RKeM:5K85I_PŸ:=7N7;Fd:8:=86rqM8978M56
MP]:t6Tt8y:2]M8WX:=Qª[W]7WRM6O:q8NM85:8[`RM6O:c5cS:7Šq8`:TN:Pd
TO::=F56o5o…d78U:7RS67l:=2ƒ6c}GM56MP]:t6Tt=6pq7N7;Fd:8:=86rqQªj8a:=
q8v67a:=TSM8a:=M6:c578|RQ…=6NIQNMM8ZFoRsM:8Wj86TN:78k:=j8FN:Im62
6r77uq^Rv:o_7bQ«:ow:=78uq:8s:P•6PF8dKj8a:=M8WX:=7bMN7[t:=
om:[e:7uRMPp7cS:I5;Fd:8:=86rqo…d78U:2.tMc56=6NI[S778uq:8s:7uRMPp7
cS:7b:86hRP•6PFc57b:8i:==6NI[S7oV6j8a:=M8978P•6PF2Fd:8:=86rqQªT|
78|R786q89q8NQv:j86QY;<:=cS:j8a:=86rR^Rv2
8•Qƒ8iRc57N7M85:8c6O:=bqcS:j8a:=IRS:q8NM85:8M8OI7Šq86eR
c}Q]IuM[6ItMq8`:8dKMF5:Tt^RKh:j6€IQFNMc6r7[6hR85:8;Fd:8:=86rq2eR
7Šq8`:M8WX:=7•d;Fd:8:=86rq7bQ«::=F567a:=78p:=GItM;Fd:8:=86rqom:7b
M8€IRd^RKh:j6€IQFNM;Fd:8:=86rqItM7N7MWy:=[S6;‰;5:=2}csKG7N778•Qƒ
8iR[hR=6i7Šq8`:7•dI}:8c5M56MP]MH:=MPWƒ:=TŸ:=:]G7Šq8`:WR[\68dKo]6
:8Rs:=6ioV68y:QFcm6q8NM85:8M8OI7Šq8`:M8WX:=2=dK7vj86T6r:q8Nq:5K
o5I78FMS7[tMH:=MPWƒ:=T|78sIoV67w:8y:o578•;Fd:8:=86rqT|IuM^RKh:j6€I
QFNM2
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1.2.1.6. Nhân tố tài sản hữu hình của doanh nghiệp
{7[6€IP6O:=7•dM56Qv:7bM8€[FoWX:=TŸ:=M•or=6NcS:85:=TN:MPO:
MŠ:=;Fd:8M8RM8R`:8F{7M•or786q89¬MPO:MŠ:=;Fd:8M8R2N77a:=MK7b7N7
Qv:q8šI[t7[NFM8WX:=7b[w:TšKM56789:8M8uqTƒ6c}:eR7a:=MKT|q8NQv:GM8|
MPWX:=M8k7uq7bM9:87V:8MPd:878F85:=M‚:j8Fc57N7M86eMT|Qv:xRuM7•d7a:=MK
7bM8€j8a:=7b2FcsKG[{7[6€IP6O:=7•dM56Qv:7a:=MKM•or:=8|78•žcm6[w:TšK
M56789:82
1.2.2. Nhân tố bên ngoài doanh nghiệp

1.2.2.1. Thuế suất thuế thu nhập doanh nghiệp
W]7[FoWX:=TŸ:=j8Fv:M8Re7a:=MKq8v6:tqMPO:M8R:8sqMPWm7M8Rec5
o\6cdK•‹ž7•d7a:=MKGMk7o5Ik7M8ReM8…7Q…I57a:=MKq8v6:tq2N77a:=MK
7bIk7M8ReM8…7:tq7dFQªQY;<:=:86hR:]cdK[€Ms:;<:=MuI78z:M8ReG;FcsK
M8Re7b^Rd:8rM•orM8Rs:•¥žcm6[w:TšKM56789:826NMP|7•dMuI78z:M8ReMVF
:86hRMPd:8oRs:26eMj6rIM8RePw:=M¢:]cdKQªTŸ:=M8ReQRuMT6O:MeM8ReM8R:8sq
;Fd:8:=86rq:8g:cm6786MPvo\6M¢78k:=j8FN::]2`R8eM7N7:85j6:8Me[hRM6:
MWƒ:=c5Fo]69787•dMuI78z:M8Re2RK:86O:GMPF:=M8…7Me7bPuM:86hR;Fd:8:=86rq
7bo]6:8Rs:7dF:8W:=:]M8}=`::8Wj8a:=7b28W:=:]cdK7bM8€o5o]6M8ecm6
;Fd:8:=86rq:5K:8W:=MPN6oV6cm67N77a:=MKj8N7j86I5o]6:8Rs:M8Rchj8a:=[•
Tl[zq78F7N7786q89o\6cdK2
1.2.2.2. Lãi suất kỳ vọng thị trường
eRo\6QRuMcdKQªMH:=c5c6r7cdK:]QªMPƒoO:j8bj8H:M8}:=dKop7:5K
q8v6MH:=[t:=86O:=7•d[w:TšKM56789:825:=W]7oV6:eR;…[FN:o\6QRuMQª=6vI
M8}q8v67bje8FV78=6vI8dK8F\:c6r7cdK:]86r:MV62\6QRuMj™cU:=M8|MPWX:=
75:=7dFo5I78F7N7:85[`RMWj™cU:=c5Fo]6:8Rs:7•d;Fd:8:=86rq7dFo5I78F
7N7;Fd:8:=86rq={q:86hRj8bj8H:MPF:=c6r7M6eq7s::=R‚:cS:MPF:=j868FVM
[t:=Qv:xRuMj6:8;Fd:8:=5K75:=7V:8MPd:8:=5K75:=j8b7j6rMj6:8;Fd:8:=5K
75:=j8bj8H:o5I78F;Fd:8:=86rq[{MI<7M6ORo]6:8Rs:MH:=oO:2
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1.2.2.3. Đánh giá xếp hạng doanh nghiệp
N7:8578FcdKc57y^Rd:xeq8V:=MPN6q86eRM8WX:=[|:8Pd7N7=6m68V:
78Fc6r7o…d78U:7uRMPp7cS:7•d;Fd:8:=86rq:8Wo5ItM[6hRj6r:[€7R:=7uqM9:
;<:=8dKMP}xeq8V:=7•dMPN6q86eR8F{77Šq8`:WR[\62 Đánh giá tín dụng ước
tính giá trị tín dụng của ItM7N:8g:GMsq[F5:G8F{7M8sI789o5ItM^RS7=6d2
‡eq8V:=M9:;<:=[W]7M9:8MFN:M¢o|78QYM}:88}:8M56789:8c5:8i:=M56Qv:86r:
MV6GMPN78:86rIq8Nqo_28a:=M8WX:=GItM[N:8=6NM9:;<:=7R:=7uqM8a:=M6:ItM
:85[`RMW8F{7:=WX678FcdKj8v:H:=7•d78•M8€I57bM8€M8d:8MFN:M6h:cdK2
1.2.2.4. Chính sách quản lý của nhà nước

#8`:om:7N77a:=MK7Šq8`:7•d6rMdI86r::dK[W]77Šq8`:8bdM¢
7N7;Fd:8:=86rq:85:Wm7[hR[bo5Iv:88Wƒ:=[e:cS:78•Qƒ8iR7•d7N7;Fd:8
:=86rq2N7789:8QN78^Rv:o_[6hRM6eMcEIa7•d:85:Wm7v:88Wƒ:=[e::=R‚:cS:
cdK7•d;Fd:8:=86rq
6hR:5Ko5Iv:88Wƒ:=[e:^RKeM[|:8M56MP]cS:[`RMW7•d7N7;Fd:8
:=86rq26r::dK789:8q8•[d:=M8…786r:789:8QN78j6hI78eoVIq8NMƒIk78d6
7F:QSTŸ:=789:8QN78M8zM78{MM6h:Mrcm6Ik7o\6QRuM7yTv:7dF•:HIJA>>o5
>B-•:HIžo5I78F7N7;Fd:8:=86rqj86M6eq7s::=R‚:cS:cdK={qPuM:86hRj8b
j8H:MPF:=j86M}:88}:88FVM[t:=j6:8;Fd:8QdR7Rt7j8•:=8Fv:=j6:8Me:HIJAAD
[e::dK[d:=={qPuM:86hRj8bj8H:[€Tl[zq[W]7786q89QY;<:=cS:
1.2.2.5. Các tiêu chuẩn của ngành kinh doanh
uRMPp7cS:=6id7N7:=5:87a:=:=86rqj8N7:8dRPuM:86hR2ZQMZP:=86O:
7kRM8uKPŸ:=7N7:=5:875:=Q6:8o]67dFG75:=7bj8RK:88Wm:=QY;<:=9M:]cdK2
.tMQS:=86O:7kRj8N778FM8uKM•or[w:TšKM56789:8MPF:=7uRMPp7cS:7bMWy:=
^Rd:q8•[|:8cm6M`:QRuMq8NQv:MPF:=:=5:82N7;Fd:8:=86rqq8NMQ6:87N7;w:=
M6h:Š:[|:8^Rd78Rj™j6:8;Fd:8M8WX:=7bj8RK:88Wm:=7bM•or[w:TšKM56789:8
7dF8y:2b678R:=G7N7;Fd:8:=86rq7bj8RK:88Wm:=MsqMPR:=QNMM• or :] 7•d
:=5:8G7bM8€q8v:N:8Q…j6r:o5q8`:om:P•6PFj6:8;Fd:8I5ItM;Fd:8:=86rq={q
q8v6o5;F:=5:88FVM[t:=u:[|:82.tM;Fd:8:=86rq7b7uRMPp7cS:j8N7T6rMom:QF
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cm6Ik7T}:8^Rg::=5:8Qªq8v67bQ…j8N7T6rMchP•6PFQFcm6P•6PFT}:8^Rg:7•d
:=5:82
1.2.2.6. Tác động của tín hiệu thị trường
N7:=86O:7kR78FM8uKGj86;Fd:8:=86rqo…d78U::=R‚:M56MP]cS:78F
;Fd:8:=86rqM¢:]cdK8dKq8NM85:87Šq86eRM8}:bQª78FM8uKc6‰:7v:8MWy:=od6
7•d7a:=MK286;Fd:8:=86rqq8NM85:87Šq86eRM8}=6N7Šq86eRQª=6vI26r7IRd
oV67Šq8`:M8WX:=Qªo5IMH:=M8R:8sqMPO:ItM7Šq86eR2N785:8[t:=o5IMH:=[w:
TšKM56789:8M8}M8R:8sq7Šq86eRo5;Wy:=c5:=W]7oV6j86=6vI[w:TšKM56789:8M8}
M8R:8sq7Šq86eRo5gI2}csKGj86^RKeM[|:8M8dK[Š67uRMPp7cS:M8}7N7;Fd:8

:=86rqq8v678p_[e:M9:86rR7bM8€7bch7N7c6‰:7v:8M8R:8sqMWy:=od6c586r:MV6
7•d;Fd:8:=86rq7„:=:8W7N7;…[|:87•d=6NI[S7I5=6dF;|78[W]7[hxRuMQª
78RK€:[e:M8|MPWX:=2
1.3. CÁC MÔ HÌNH LÝ THUYẾT VỀ CẤU TRÚC VỐN HIỆN ĐẠI
1.3.1. Theo quan điểm truyền thống
˜Rd:[6€Ich7uRMPp7cS:MPRKh:M8S:=78FPŸ:=j86ItM;Fd:8:=86rqTzM
[`RcdKIW]:GM8Rs:o]6cW]MMPt68y:TuMo]6286q89:]M8uqGjeM8]qcm6M8Rs:o]6ch
M8ReQªj86e:Œ•86q89cS:T}:8^Rg:=6d^RKh:ž=6vIj86:]MH:=2
RK:86O:Gj86M•or=6idcS::]c5cS:/MH:=GMN7[t:=7•dM•orcS:cdK
QFcm6MŠ:=cS:TRt77N7/MH:=o]6Mk7KOR7`R7•d8U•:=8Edo5786q89/
MH:=ž2'Ik7M•orcS::]c5/7dFG786q89:]7„:=MH:=Tƒ6c}j8v:H:=;Fd:8
:=86rqj8a:=MPv[W]7:]o57dF8y:•:=RK7yq8NQv:7dF8y:ž2}csKGƒIk7M•QS
=6idcS::]c5/7dF8y:GŒQªMH:=2
u:[h789:87•d^Rd:[6€IMPRKh:M8S:=o5j8a:=7bItMo_M8RKeM7yQƒM8€
86r:786q89/:O:MH:=TdF:86OR;FM•or=6idcS::]c5/8dK786q89:]
:O:MH:=TdF:86OR;F:=RK7yc•:]2
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1.3.2. Lý thuyết cấu trúc vốn của Modilligani và Miller (mô hình MM)
PN6cm6^Rd:[6€IMPRKh:M8S:=G.F;6oo6=d:6c5.6ooZP•>@ŽDž[\M}I86€R
xZI786q89cS:MH:=8dK=6vIj86ItM;Fd:8:=86rqMH:=8dK=6vIcdKIW]:2
€78k:=I6:8ItMo_M8RKeMj8vM86G.F;6oo6=d:6c5.6ooZP• ž[\[WdPd
ItMQS:8i:==6v[|:8[y:=6v:8FNPuMq8ŠT6e:MPF:=o_M8RKeMchM56789:8%8U=6v
[|:8o5M8|MPWX:=cS:o58F5:8vFGc}csKQªj8a:=7b7N7786q89=6dF;|78c5M•orcdK
=6S:=:8WM•or78FcdKc5TŸ:=cm6M•orcdKI6‰:q89¦c6r7[N:8M8Re[W]7T†^Rdc5
:=RK7y[W]7M9:88F5:MF5:TŸ:=M9:8j8a:=Š:[|:87•d7N7oR‚:=M6h:2
eRM8|MPWX:=cS:o58F5:8vFG MPd:8oRs:PŸ:=M8eM8}7N7;Fd:8:=86rq
7b:=RK7yj6:8;Fd:8=6S:=:8dRc5M6h:o\6IF:=[]685:=:HI=6S:=:8dRq8v67b
MŠ:==6NMP|=6S:=:8dRTuM78uq7uRMPp7cS:Tƒ6c}=6NMP|7•dItM;Fd:8:=86rqq8v6
q8<M8Rt7c5F=6NMP|86r:MV67•d7N78FVM[t:=7•d:bGj8a:=q8v6;…dMPO:7N78M8k7

7uqcS:2¢[gKG7bM8€PpMPdPŸ:=:eRMuM7v:8i:=7a:=MK:8WcsK7bM6h:oX6IF:=
[]6=6S:=:8dRc5=6NMP|=6S:=:8dR7„:=q8v67bŒ=6S:=:8dRƒIU6Ik7[tM•
or=6idcS::]c5/2
.{7;l:8i:==6v[|:8chM8|MPWX:=cS:8F5:8vFo5j8a:=7bM8…7GMRK
:86O:G7bJ=6vM86eM7`:[W]7:8u:IV:8c578p:=7bMN7[t:=[N:=j€[e:jeM^Rv
6v[|:8o5j8a:=7bc6r7[N:8M8Re%[gKo5cu:[h^Rd:MPU:=c5ItMMPF:=
:8i:=M8Rs:o]6M8Z:78SM7•d:]o5c6r7=6vI:8®M8Re78F:8i:=786M6ORM6h:o\62
=RK7yMPF:=o_M8RKeM7•d [W]7M9:8MFN:8F5:MF5:Tƒ6M9:8T6e:[Š6
7•d7N7oR‚:=M6h:2UT†^Rdj8v:H:=7N7oR‚:=M6h:7bM8€;¢:=c}c•:]2gKo5ItM
cu:[h[N:=j€j8N7cm6o_M8RKeM:5K:eR:]7dF2
WdPd7N7=6v[|:8:5K7b:=8Ed78•7bItMM8Rs:o]67•dc6r7cdKM6h:•:]P¯
8y:c59MP•6PF78F:85[`RMWžc5ItMTuMo]6•786q89/MH:=7l:=cm6:]c}M•or
cS:cdKQFcm6MŠ:=cS:ž
.F;6=o6d:6c5.6oZP78•Pdo5:8i:=MN7[t:=:5K7g:TŸ:=ItM7N78789:8
xN726r7QY;<:=:]Id:=[e:78F/M•QRuMo]6Mk77dF8y:G:8W:=o]6Mk77dF8y:
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:5K789:8xN7o5:8i:==}8UTl[zq78F:=RK7yMH:=oO:M¢M•orcS:cdKQFcm6MŠ:=
cS:2m67N7=6vM8RKeMMPO:G;~:[e:7N7q8Wy:=MP}:878Fo_M8RKeM7•d
=°R%Š:==6NMP|7•d;Fd:8:=86rqQY;<:=:]TŸ:=MŠ:==6NMP|7•d
;Fd:8:=86rqj8a:=QY;<:=:]2
HI>@‘CG.F;6oo6=d:6c5.6ooZP[WdPdItM:=86O:7kRM6eqM8ZFcm6c6r7
oFV6T†=6vM86eMchM8ReM8R:8sq;Fd:8:=86rq28ZF Gcm6M8ReM8R:8sq;Fd:8
:=86rqGc6r7QY;<:=:]Qªo5IMH:==6NMP|7•d;Fd:8:=86rq2}786q89o\6cdKo5786
q898]qo_[W]7j8uRMP¢j86M9:8M8ReM8R:8sq;Fd:8:=86rqG;F[bI5ItMq8`:M8R
:8sq7•d;Fd:8:=86rq7bQY;<:=:][W]778RK€:[W]778RK€:78F7N7:85[`RMW
M8ZFq8Wy:=MP}:8%=°R¥2%=6NMP|7•d;Fd:8:=86rqQY;<:=:]TŸ:==6NMP|7•d
;Fd:8:=86rqj8a:=QY;<:=:]7t:=cm6j8Fv:o]6M¢c6r7QY;<:=:]2PF:=[bGo5
MŠ:=QS:]QY;<:=Go5M8ReQRuMM8ReM8R:8sq;Fd:8:=86rqG2o5j8Fv:o]6M¢c6r7
QY;<:=:]2

8WcsKGM8ZFIa8}:8M8Re •>@‘Cž7uRMPp7cS:7bo6O:^Rd:[e:=6NMP|
7•d;Fd:8:=86rq2/Y;<:=:]75:=7dFM8}=6NMP|;Fd:8:=86rq75:=MH:=c5=6dMH:=
[e:MS6[dj86;Fd:8:=86rq[W]7M56MP]>AA-:]2
1.3.3. Thuyết quan hệ trung gian
eM7uRcS:7bM8€v:88Wƒ:=[e:7N7cu:[hMPR:==6d:c57N7cu:[hMPR:=
=6d:7boª7„:=v:88Wƒ:=[e:^RKeM[|:8jeM7uRcS:28RKeM:5K[WdPd8d6=6vM8RKeM
7bo6O:^Rd:78{M78ªc5MN7[t:=o~::8dR2bo5jeM7uRcS:v:88Wƒ:=:8WM8e:5F
[e:7N7cu:[hMPR:==6d:c5:=W]7oV6G7N7cu:[hMPR:==6d:v:88Wƒ:=:8WM8e:5F
[e:jeM7uRcS:2
1.3.4. Kết cấu vốn và các vấn đề trung gian
6vM8RKeMPŸ:=oWRoW]:=M6h:I{MM…;F=gK:O:cu:[hMPR:==6d:289:8c}
M8eGQ…=6dMH:=MPF:=Ik7[tcdKIW]:78F7N7;Fd:8:=86rqcm6oWRoW]:=M6h:I{MM…
;F78z778z:Qª=6vI[67N7cu:[hMPR:==6d:c}:bTRt7Td:^Rv:MP|q8v6xRuMPdItM
j8Fv:M6h:I{M^RNIk728RKeM^Rd:8rMPR:==6d:MVFPdo]6:8Rs:j8N7M¢M6h:78F
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cdK:=F56j8Fv:MP]7uq;F[N:8M8Re2N7;Fd:8:=86rqcm67N7cu:[hMPR:==6d:om:
[`KM6hI:H:=•^RKh:Qƒ8iRcS:[`RMWM8uqTƒ6Td:^Rv:MP|GQ…[h:Tl7S[|:878F
Td:^Rv:MP|G7N77a:=MK7bM6h:I{MM8uqžQªMVFPd:86hRo\678F7Š[a:=Tƒ6c6r7MH:=
M6h:cdKIW]:289:8c}csK[\:vKQ6:8IgRM8R~:=6id:85^Rv:o_c57N77Š[a:=2
86cdKIW]:[€[`RMW7b86rR^RvM8}7N7:85^Rv:o_j8a:=[W]78Wƒ:=MF5:Tto]6
:8Rs:M¢8FVM[t:=[b:8W:=8Uq8v678|RMF5:Tt786q8978F8FVM[t:=o5IMH:=o]6
:8Rs::5K2
…TNF%H:=M6h:78FcdKQªo5I=6vIoWRoW]:=M6h:I{MM…;F26vIoWR
oW]:=M6h:M…;FQª=6vI:8i:=Q…[`RMW# M6OR7…726vI:8i:=Q…[`RMW#
M6OR7…7Qªo5IMH:==6NMP|;Fd:8:=86rq•[{7T6rM[S6cm6;Fd:8:=86rqom:7bM6h:
I{Mž2
6€I7SMKeRo57N78FVM[t:=o6O:^Rd:[e:cdKIW]:[W]7xZI:8W[6€I
IuR78SM7•d8FVM[t:=;Fd:8:=86rqG:b[w68†6Td:^Rv:MP|q8v6[6hR85:8;Fd:8
:=86rq7b86rR^Rv:8ŸIMPN:8:8i:=jeM^RvM6OR7…7j8a:=M8€MPvo\67N7j8Fv::]

7•d;Fd:8:=86rqG:=F56Pd:b7w:[w68†6Td:^Rv:MP|q8v6;S7Mp6c5FoWRoW]:=M6h:
I{MM…;F[b2}csKG:vKQ6:8IgRM8R~:=6id7N7:85^Rv:o_c578•:]j867N778•
:]oFQ]7N7j8Fv:cS:78FcdK7•dI}:8j8a:=M8€M8R8‚6j86jeM^Rv[`RMWj8a:=
86rR^Rv;FMPN78:86rI8iR8V:7•d7N7j8Fv:[`RMW2F[bG8U[WdPd7N7[6hR
j8Fv:8V:78eMPF:=8]q[‚:=cdK2
Ÿ:=78k:=M8…7:=86rIq8l8]qcm6[6€IM8RKeM:5Kƒ:8i:=[6€IQdR%
>2•QRuM8S6[FN6MH:=•=6vIžM8ZFMN7;<:=[w:TšKQªo5IMH:=•=6vIž=6NMP|7Š
q86eR2
J2N7;Fd:8:=86rq7bM6h:I{Mom:Qª7bM•or•7dF8y:••%]•56Qv:ž
1.3.5. Vấn đề trung gian và kết cấu vốn

6vM8RKeM7•dcu:[h:5K:ŸIMPF:=^RKh:o]6MSM:8uM7•dTd:^Rv:MP|[S6
cm6c6r7[šKM8uqM•QRuMcdK:]7•d;Fd:8:=86rq:8ŸI=6vIM86€Rj8v:H:=q8NQv:
Tƒ6c|MP9j8a:=[d;V:=7•d8U2
…[FN:%N7;Fd:8:=86rqQªT|[šKol6xRS:=Tƒ6cu:[hMPR:==6d:c5Ik7
SVTH: Nguyễn Triệu Phú >C
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[tMN7[t:=7•d[w:TšKQªT|v:88Wƒ:=Tƒ6Ik7[t=6NIQNM7•dTd:^Rv:MP|•7N78t6
[‚:=^Rv:MP|M9787…7•[t7osqG7N7:85[`RMWM9787…7žc5Q…j8RKe:j8978Qª[W]7MVF
Pd78FTd:^Rv:MP|2
Ÿ:=78k:=M8…7:=86rIq8l8]qcm6M8RKeM:5Kƒ[6€IQdR%
8}:78R:=G7N7;Fd:8:=86rq7bo…7[w:TšKM8uq2
•=6N8S6[FN6MH:=•=6vIžM8ZFMN7;<:=[w:TšKQªo5IMH:=•=6vIž=6NMP|2
1.3.6. Mô hình cấu trúc vốn tối ưu (Lý thuyết cân bằng)
V6M8|MPWX:=8F5:8vFc586rR^RvG.F;6oo6=d:6c5.6oZP•>@ŽDž78k:=
I6:8PŸ:=7uRMPp7cS:o5j8a:=M89788]q28W:=M8ZFIa8}:8 •>@‘CžGc6r7[N:8
M8Re7dF8y:c5Fo]6Mk778FM8uK:]:86hR8y:2w:Z:=ZoFc5.dQRo6Q•>@DAžM8}
78FPŸ:=TvFMP]M8Re7dF8y:78FM8uK:]9M8y:2
.a8}:8 =6v[|:8M6h:o\6IF:=[]685:=:HIj8a:=[Š6:O:=6NMP|
o5:8W:8dRTuM78uq7uRMPp7cS:2eRM8…7MeM6h:o\6IF:=[]6[d:=ƒ786hR8Wm:=[6

xRS:=M8}c6r7QY;<:=:]Qª7bMN7[t:=:=W]7oV6c57bM8€;~:[e:78±q8NQv:2
PF:=^RNMP}:8q8NQv:Qªq8NMQ6:87N7j8Fv:786q89:8W786q89q8Nqo_c5786q89
85:8789:8Gc57N7j8Fv:M86rM8V67•d;FM86eRQ…c•:]:O::]om:TRt77N7:85
^Rv:o_T†^Rd7N77N77y8t6[`RMW7boX6 (Myers, 1977)286q89[b=U6o5786q89
j8N:8Ms:M56789:82N7786q89j8N:8Ms:M56789:87dF8y:78FM8uK:86hRcS:7Šq8`:
8y:MPF:=7uRMPp7cS:2
8RKeM786q89MPR:==6d:M8}78FM8uK7N7cu:[hMPR:==6d:7bM8€o5:=RKO:
:8g:78F:86hR8dK9M:]8y:2˜RN:86hRcS:7Šq8`:7bM8€;~:[e:;w:=M6h:I{MM…
;Fc5IgRM8R~:cho\6Go]6978=6id7N7:85^Rv:o_c57Š[a:=•Jensen, 1986ž2]^RN
:86hR7bM8€;~:[e:j_^RnM56Qv:c5IgRM8R~:cho\6Go]6978=6id7N7:85^Rv:o_c5
MPN678• (Fama và Miller, 1972; Jensen và Meckling, 1976)2S6cm6IgRM8R~:=6id
:85^Rv:o_c57Š[a:=GIgRM8R~:q8NMQ6:8:=WX6^Rv:o_Qƒ8iR9M8y:>AA-/2
86[bG8Uj8a:=[W]78Wƒ:=MF5:Tto]6:8Rs:M¢8FVM[t:=[`RMWI58UoV6q8v6
=N:878|RMF5:Tt786q89M¢8FVM[t:=[`RMW[b2}csKG[\q8NMQ6:87N7786q89MPR:=
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=6d:[€=6NIQNM8FVM[t:=c58V:78e7N785:8c6j8a:=IF:=IRS:2S6cm6IgR
M8R~:=6id:85^Rv:o_c5MPN678•q8NMQ6:8j867N7MPN678•oFQ]7N7j8Fv:cS:78F
cdK7•dI}:8j8a:=M8€M8R8‚6j86jeM^Rv[`RMWj8a:=86rR^Rv;FMPN78:86rI8iR
8V:7•d7N7j8Fv:[`RMW2}csKGq8NMQ6:87N7j8Fv:786q89MPR:==6d:7•d:85^Rv:
o_;Wm68}:8M8k7786q89:]cdK7dF:8ŸI=6NIQNM7N7q8v6MRg:M8•7N7[6hR
j8Fv:MPF:=8]q[‚:=cdK2=F56PdG7N7[6hRj8Fv:MPF:=8]q[‚:=cdK7„:=8V:78e
:86hRo]69787•d2
8RKeM7g:TŸ:=xN7[|:8jeM7uRcS:MS6WRTŸ:=7N787t:=M8OIc5FIa
8}:8.F;6oo6=d:6c5.6oZP•>@ŽDž7N7KeRMSq868F5:8vFj8N7:8dRGTdF=‚IM8ReG786
q89j8N:8Ms:M56789:8c5786q89MPR:==6d:GQF:=c~:j8a:=IuM[67N7=6v[|:8M9:8
86rR^Rv7•dM8|MPWX:=c5M8a:=M6:7g:TŸ:=28WcsKGMN7[t:=MŠ:=8]qCKeRMS%
M8ReG786q89j8N:8Ms:M56789:8c5786q89MPR:==6d:j86QY;<:=:]cm6:8i:=MN7
[t:=:=W]7786hR:8dR8}:8M85:8o_M8RKeM7uRMPp7M56789:8MS6WR2
8}:78R:=Gc6r7[Wd786q89j8N:8Ms:M56789:8c5786q89MPR:==6d:c5F

Ia8}:8 c5Ia8}:8.F;6oo6=d:6c5.6oZP•>@ŽDž;~:[e:o_M8RKeM7g:TŸ:=ch
7uRMPp7cS:28i:=Ia8}:8:5K[hRM8¢d:8s:ItM7uRMPp7cS:MS6WR2
1.3.7. Thuyết trật tự phân hạng (Thông tin bất cân xứng)
8RKeMMPsMM…q8g:8V:=M8|MPWX:=[W]7:=86O:7kRj8ƒ6[`RTƒ6.KZPQc5
.d§oR”•>@DBž;…[FN:j8a:=7b7y7uR:]MPO:cS:7Šq8`:I<7M6ORP²P5:=2
6vM8RKeMPŸ:=Td:^Rv:MP|78FT6eMch8FVM[t:=MWy:=od67•d;Fd:8
:=86rq:86hR8y:7N7:85[`RMWTO::=F56•M8a:=M6:j8a:=7g:xk:=žc5c6r7^RKeM
[|:8M56789:87boª78FT6eMIk7[tj6e:M8k77•d:85^Rv:o_c5Q…j8a:=78z778z:
choWRoW]:=M6h:I{MMWy:=od62
86Td:^Rv:MP|M6:MWƒ:=7Šq86eR[W]7[N:8=6N7dF8y:o5[N:8=6NM8uqG
8U7bM8€q8NM85:878k:=j8FN:•:=R‚:M56789:8TO::=F56ž2}M8eGj86;Fd:8:=86rq
[6M8ZFM8|MPWX:=cS:TO::=F56G:8i:=M8|MPWX:=:5K78uq:8s:7Šq86eR[W]7[N:8
=6N7dF8y:o5[N:8=6NM8uqGc5c}csKG8FVM[t:=:5KQª78RK€:Mv6M8a:=M6:j8a:=
M8Rs:o]678F7N7:85[`RMW2eM^Rvo5Td:^Rv:MP|Qª:±o…7[€MPN:8[6M8ZF7N7M8|
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MPWX:=cS:•:=R‚:M56789:8TO::=F56ž2eRTd:^Rv:MP|[6M8ZF:8i:=M8|MPWX:=cS:
:5KG7bj8v:H:=8Uq8NMQ6:8:]:86hR8y::eR:8W8UM6:o57Šq86eR7•d8U[W]7
[N:8=6NM8uqc5QªQ6:8PdcS:7Šq8`::eR:8W8U78FPŸ:=7Šq86eR7•d8U[W]7[N:8
=6N7dF2
}csKGQ…q8NM85:8cS:7Šq8`:M¢c6r7TN:7Šq86eRQª78RK€:Mv6:86hR
M8a:=M6:j8a:=M8Rs:o]68y:o5Q…q8NM85:8M6h:78FcdK26hR:5Kj86e:7N7:85
^Rv:MP|^Rd:MgI[e:M6h:78FcdK8y:o5cS:7Šq8`:M¢c6r7TN:7Šq86eR2
8i:=^RKeM[|:8chjeM7uRcS:j8a:=;…dMPO:M•or]•56Qv:MS6WRI5
[W]7^RKeM[|:8M¢c6r7q8g:8V:=M8|MPWX:=2PWm78eMG7N7:85^Rv:MP|Qª;…[|:8QY
;<:=:=R‚:M56789:8:t6TtGM6eq[e:7bM8€q8NM85:8M6h:78FcdKGc57RS67l:=o5
q8NM85:8cS:7Šq8`:2
6OR[6€I7•dM8RKeM:5Kj8a:=MsqMPR:=c5FjeM7uRcS:MS6WR:8W:=Msq
MPR:=c5FQ…^RKeM[|:8M56789:886r:85:8QzqMm62
•or]•56Qv:°”³8FVM[t:=j6:8;Fd:8G:8R7`R[`RMW´

8WcsKG.KZPQc5.d§oR”78FPŸ:=Qªj8a:=7bItM7uRMPp7cS:MS6WRcm6
7N7;Fd:8:=86rq2
1.3.8. Thuyết điều chỉnh thị trường
8RKeM[6hR78•:8M8|MPWX:=78FPŸ:=M8RKeM7uRMPp7cS:[W]7;…dMPO:[6hR
78•:8M8|MPWX:=o5oX6=6v6M8978M…:86O::8uM28RKeM:5K[y:=6v:o57uRMPp7cS:q8NM
MP6€::8WItMjeM^Rvo6O:M6eq7•d:8i:=:±o…7MPWm7[gK:8ŸI[6hR78•:8M8|MPWX:=
7Šq86eR2
bJIa8}:8[6hR78•:8M8|MPWX:=7Šq86eR;~:[e:Ia8}:87uRMPp7cS:2
8k:8uMo5Ia8}:87•d.KZPQc5.d§oR”•>@DBžcm67N7:85^Rv:o_c57N7:85[`RMW
[`Ko_MP9c57N7786q89o…d78U:TuMo]6j8N7:8dR=6id7N7;Fd:8:=86rqc5j8Fv:=
M8X6=6d:j8N7:8dR2R7dQc5.7F:do;•>@@Ažc5FPd§7µKjGR7dQGc5.7F:do;
•>@@Jž:=86O:7kRo…d78U:TuMo]6j8N7:8dRM8ZFj8Fv:=M8X6=6d:j8N7:8dR2#8l
8]qcm6:8i:=78RKr::5KGFPd§7µKjc5:8i:=:=WX6j8N7•>@@>ž:8s:M8uKPŸ:=7N7
SVTH: Nguyễn Triệu Phú >‘
Khóa luận tốt nghiệp GVHD: PGS.TS. Lê Thị Lanh
;Fd:8:=86rq7bxR8Wm:=M8a:=TNFc6r7q8NM85:87Šq86eRM8ZFQdRc6r7[H:=M6:G
:8W  M8e  Qª  o5I  =6vI  [6  M9:8  q86  [S6  xk:=  7•d  M8a:=  M6:2  y:  :idG  dKoZQQ  c5
8dqo6:QjK•>@@‘ž:8s:M8uKc6r7q8NM85:87Šq86eRMsqMPR:=c5F=6d6[FV:v:8
8Wƒ:=7•dM8a:=TNF:8†8y:2eR7N7786q89q8NMQ6:8M¢7uRMPp7cS:MS6WR:8†QF
cm6;dF[t:=7RS67l:=MPF:=786q89q8NM85:8G:8i:=;dF[t:=MPWm7[gKMPF:=M•or
=6N7vM8|MPWX:=QFcm6=6N7vMPO:QŠQN78QdR[b7bMN7[t:=ogR;562
.a8}:8M8k8d67•d[6hR78•:8M8|MPWX:=7Šq86eR7bo6O:^Rd:[e:7N7:85
[`RMWj8a:=[•o_MP9•8dK7N7:85^Rv:o_žc5[|:8=6NQd6MPF:=7N7j8Fv:M8X6=6d:
j8N7:8dR•8dKQ…dI86€Rch[|:8=6NQd6ž2N7:85^Rv:o_q8NM85:87Šq86eRj868U
M6:PŸ:==6NMP|7•d:bM8uqc5IRdoV67Šq86eRj868UM6:PŸ:==6NMP|7•d:b7dF2=W]7
oV6=6N7vM8|MPWX:=QFcm6=6N7vMPO:QŠQN78[W]7T6eMPuMP²o57b^Rd:8rcm6M6h:o\6
7Šq86eRMWy:=od6Gc57N7=6NMP|MRKrM[S67•d=6N7vM8|MPWX:=QFcm6=6N7vMPO:QŠ
QN78[W]7o6O:jeMcm6:8i:=IF:=[]6^RNxd7•d7N7:85[`RMW2eR7N7:85^Rv:o_
c~:7Sj8d6:8i:=IF:=[]6^RNxd:8WcsKGc6r7q8NM85:87Šq86eRM8…7MeQª7bo6O:
^Rd:M9787…7cm6=6N7vM8|MPWX:=QFcm6=6N7vMPO:QŠQN78G[gKo5ItMMPWX:=8]q

M8ZFoS6j6:8:=86rI2eRj8a:=7b7uRMPp7cS:MS6WRG7N7:85^Rv:o_Qªj8a:=7`:
M8dK[Š6^RKeM[|:8j86I57N7;Fd:8:=86rq7bc¯:8W[W]7[N:8=6N[p:=c5=6NMP|
7Šq86eRo5T}:8M8WX:=GT†^Rd7N7;dF[t:=MVIM8X6MPF:==6N7vM8|MPWX:=QFcm6=6N
7vMPO:QŠQN78:8ŸI7b:8i:=v:88Wƒ:=cE:8c6‰:oO::]2.a8}:8[6hR78•:8M8|
MPWX:=M8kJj8a:=KOR7`RM8|MPWX:=q8v6M8…7Q…j8a:=86rR^Rv2bj8a:=[w68†6
7N7:85^Rv:o_q8v6;…TNFM85:87a:=o\67•d7Šq86eR2y:=6v:=6vM8RKeM78FPŸ:=
7N7:85^Rv:o_M6:PŸ:=8U7bM8€[6hR78•:8[W]7M8|MPWX:=2
8ZFM8RKeM:5KG7N7;Fd:8:=86rq:]M8uq7bxR8Wm:=MH:=:=R‚:cS:j86
=6NMP|M6h:7•d8U7dFGc5:=W]7oV6:8i:=;Fd:8:=86rq:]7dF7bxR8Wm:=MH:=
:=R‚:cS:j86=6NMP|M6h:7•d8UM8uq2#8`:om:7uRMPp7cS:o5jeM^Rvo6O:M6eq7•d
:8i:=:±o…7[6hR78•:8M8|MPWX:=7Šq86eR2PF:=M8RKeM:5KGj8a:=7b7uRMPp7cS:
MS6WRGc}M8eI57N7^RKeM[|:8M56789:8[6hR78•:8M8|MPWX:=78•:86hRoO:M85:8jeM
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SVTH: Nguyễn Triệu Phú >’