Nghiên cứu các nhân tố vĩ mô tác động đến cấu trúc vốn các doanh nghiệp niêm yết trên thị trường chứng khoán việt nam tt tiếng anh

0121345689

41822451212
24182
82801
3
21
53146
 



452412
82
34
6820
58
82801
9
485399
412
14345
4
5
89134

24
5513
3
821
420 !"

3



0#$%&'(2)12*9122

%+,'-./0102





3
0056894
313









281*1010

01240567849

20260

08

29

8945824807
!!"#$
%"&$6%$56571

'()'*'%+,

'()'*'%-,
'()'*'%-,
0.'/.'!)!)!0'&'10'0)1&%"1/"&/.'0.'!)!2(2342/)"1
9"55)//''2/2/)"1232#"1"5)#!51)('%!)/6
788889:;:;

<=><
?2/)"123
)@%2%6
A
)@%2%6"&2/)"1232#"1"5)#!51)('%!)/6




123467869
3
123

469

  !"#$%&'()**+,-*.)*,*(/0()(,*
/+,..)*(1(*(-)()2(*3'0(4(5+6,(&2."&7))(
8&"#$
"  92:;<!"##$%&'0()(,,(.*=(*5
((*(3,(,3,)1(*(3*)1*(,-*.)*,*(+.)*(1(*(-)()
2(*3>))*,?3?(*'0(4(5+6,(&2."&7))(8&"#$
8  1< < @ ,!"#"#%&'((++(,*+.=.
+,.1)*()),-*.)*,*(+2(*3()(.)*(1,3-()'0(4(5+
6,(&2.8&7))(&"#"#
A  !"#$%&'2(*3>))*,?3?(**(4(..-,*(
+*()*,?3?(*+B)((,3()'C.+D,3,)16(,)*&
2."E&F(-*(3=("#$
E  12:;<!"#$%&'F*1;*(,(.*
=(*5(( 3,(,3,+,*)1 ,-*.)*,*(+.)*(1 (*(-)()
2(*3>))*,?3?(*'C.+D,3,)16(,)*&2."A&B)*
"#$
G  !"#$%&'F**+,-*.)*,*(+/+,.
(*(-)().)*(12(*3>))*,?3?(*'&C.+D,3,)16(,)*&
2."H&F(-*(3=("#$
H  !"#$%&'2(*3>))*,?3?(**(4(..-,*(
+*( )*,? 3?(*+B)( (,3()',((1)+@*.F,(,(
I+((,('F**J/(.)-(,*)+,.. +4()*3(*'@*.D,3,)
J4()*;&K,*=("#$

012345678


2



!"#!$!%&#%'$(()*+'#%&,!(&-(.)%().
/01230425062672518650948:0;3<=26260440;32>23285<:0443?185<:8638=1=2585@AB8
<132C04;01230453=D;3D=8E244B8418638=1=2585C262C2F8;012304;<5350673B8=89?C0G2C2F8
3B805583>04D8:<=<:3B8;<=878;252<65<:9D526855:2606;204C060H8C863@AB8=8:<=8I;01230453=D;3D=8253B8
;863=043B8C8<:;<=1<=038:2606;204C060H8C863JK=06L067MR<:0=I9<3B740=H8><4DC8<:7<;DC8635@R18;2:2;=8580=;B5D9S8;355106626HCD43214818=518;32>85E23B
C06?72::8=863=8580=;B<9S8;32>850675;<185@R3D7285B0>8:<;D587<6CD4321480518;35
<= E23B 3B8 50C8 0518;3 9826H >28E87 :=<C 72::8=86318=518;32>85 <6 ;012304
53=D;3D=8@TC<6H3B8C8632<687;<638635I553=D;3D=8JV<72H42062067 V2448=IWPXYZ[=0D5067 \23F8698=H8=IWP]^Z_86586 067
V8;L426HIWP]`ZV?8=5IWPYaQZ53D7285=83853<:3B8<=?<:;01230453=D;3D=8Z53D7285<:3B8
26:4D86;8<:;01230453=D;3D=8<6526:4D86;8 <: :0;3<=5<6 ;012304 53=D;3D=8@b3;0698 5303873B03I3B8 C055><4DC8
<:53D7285B051<5232>84?C0789<3B3B8<=832;040678G18=2C86304;<63=29D32<65I;<6530634?
86=2;BBDC06L626;=80526H2C1<=306;8<:;01230453=D;3D=83<3B88G25386;806778>84<1C863<:8638=1=2585I
3B80D3B<=3B26L53B033B83<12;<:;01230453=D;3D=853244B0514863?<:510;8:<==8580=;B8=5
3<8G14<=8I3B8=89?;=80326H<11<=3D623285:<=;<63=29D3868EL6:2606;8@
!"#!$!%&#%'$(()*+'#(!f,&%('$f&%.'%'#'f!%$&%('.'#%&,!(&-
(.)%().
b6:0;3I0C<6H1=8>2EB2;B8>04D0383B82C10;3<::0;3<=5<6;01230453=D;3D=80;;1=<1<=32<6I26EB2;B1=2C0=24?;<65278=3B826:4D86;8<:8638=1=258518;2:2;:0;3<=5E23B3B8
8G3863<:6<6g:2606;2048638=1=2585425387<63B853<;LC0=L83Jh<1L26INOOPQ@i638=1=2585
<::2606;8I906L26H067265D=06;8E8=8<:3868G;4D787:=53=D;3D=8E23B518;2:2;;B0=0;38=2532;5Jj23507SD53C863;06980::8;3879?9<3B2638=6040678G38=604:0;3<=5Jk0S06067l26H0485I

WPPXZeD06H067k2338=INOOPQ@AB8582638=604:0;3<=5<6I0;8=302606H48IE24498;<63=<4487
9? 3B8 C060H8=5I EB248 3B8 8G38=604 :0;3<=5 0=8 <:38626781867863
0677=<11873B=h053<5067n0L0CD=0INOOPQ@T43B53=D;3D=8B0>8988678>84<126HI6<68<:3B8CH<7881263<0604?F26H3B8;<63=29D32<6<:


0123452464072912
43
1213
16435526912
04
49
53574

751942546
57012
4956
53375527972912
43
37!7
4
1"76#
15$1
51

56
746
40123452464072912
43

6
46745
1%
4!553
541
75246
5&
49
5#41524640"1!51
5
356490
71
531
52464072351
7461234016"246
3757635256
"513146#!7

576235176#5#355
4976
5#31
74649
576552
4376
4
5!439761627116524640720135
015

55549377623515!724517#345094335513253'405
7201234

567346056
16#4101234567346056
21664
57#643576
7546217
1

32
35
16# 16 (7

53)431*2+" 16 ,5"
-15 4!6
1

0123452464072912
431"134549.
4/.76
5216#549217
1
32
35766460
976162719730 16
7 31
74 79340 .
4 . 94356
53375 !7
 97616271
246
3176

11376#
510575! !7
)431*2+"16,5"2+
576
476#
355132 76 1 316#5 49  55476# 246
37576 7116
9372113#5
1

50123452464072912
437
5912
43
1
246
37
5
4465
7349
217
1
32
3534541
77
"6912

5605349
7546
559952

490123452464072
912
4346217
1
32
357707
57655476#246
375
645553
75514535146476
4

1

5
"49
559952
490123452464072912
43
46217
1
32
357163#56
35$735056
76
5246
764"216#76#246
5&
49
5

23356
52464072567346056

89:;<=>?=@=AB?A:;C@;D9:;6912

5#41524640722377
1S7
13
76#76%653#465016"15

(47671670
76556257
73
5
556
735976162710135
7604

246
3756
36
55
165$7
"217
194!
4055

5655497655523515
4

76$16
7
"16$17
"
1
4161-,754
53765576
5!43
T75
61055765513564
4
75
524549576#65#1
75"19952
5"
72377
U10315
1