The relationship between capital structure and firm value: Event listing Joint Stock Companies on Ho Chi Minh City Stock Exchanges (HSX)

Abstract

This article is to study the effects of experimental capital structure to the firm value of 123 Joint Stock Companies now listed on HSX for the period 2008 -2015. This study uses regression methods such as: Pooled OLS, REM, REM and finally GLS after performing the test data to the table. The study results showed that the capital structure measured by total debt to total assets (DA), short-term debt to total assets (SDA) and long-term debt to total assets (LDA) have significant positive impact on the firm values represented by Tobin's Q. The study also revealed that the variables such as firm size (SIZE), business age (AGE), return on assets (ROA) and asset turnover (AT) have the same capital structure’s result, but revenue growth (GRTH) has the negative impact (in case of the absence of industry dummies). In addition, the study pointed out that there is no evidence of the impact of the current ratio (CR) and the proportion of fixed assets (TANG) on the firm value. Besides, the study also provides the scientific evidence that there is a greater impact on the firm value of sectors such as Medical Pharmaceutical, real estate than of the consumer goods sector, but if compared with other sectors, it shows the opposite effect. However, there is no different impact on the firm vale of sectors such as industry, materials, and public utility sectors compared to consumer product sector

Keywords

• cấu trúc vốn
• giá trị doanh nghiệp
• hồi quy gls
• hsx.