外文翻译--中小企业的资本结构——以越南为例(编辑修改稿)

外文翻译--中小企业的资本结构——以越南为例(编辑修改稿)内容摘要：

and Miller 1963。 Miller 1977), firms have to trade off between the costs of financial distress, agency costs (Jensen and Meckling 1976) and tax benefits, so as to have an optimal capital structure. However, asymmetric information and the pecking order theory (Myers and Majluf 1984。 Myers 1984) state that there is no well defined target debt ratio. The latter model suggests that there tends to be a hierarchy in firms’ preferences for financing: first using internally available funds, followed by debt, and finally external equity. These theories identify a large number of attributes influencing a firm’s capital structure. Although the theories have not considered firm size, this section will attempt to apply the theories of capital structure in the small business sector, and 10 develop testable hypotheses that examine the determinants of capital structure in Vietnamese SMEs. Firm Growth We think that this proposition is more relevant in the context of the small business sector in Vietnam, where there was a scarcity of longterm credits in the period 1998–2020 (ADB 2020). In addition, as most SMEs in Vietnam operate in the trading and service sectors, demand for new investment in fixed assets are relatively low. Doanh and Pentley (1999) also argued that Vietnamese SMEs often look for shortterm bank loans or other resources from relatives, friends or suppliers to finance their operations. Taking percentage change in total assets as a measure of firm’s growth, we hypothesize that:A firm’s growth will be positively related to debt ratios. Business Risk According to the theory of financial distress, higher business risk increases the probability of financial distress, so firms have to trade off between tax benefits and bankruptcy costs. Thus, it predicts a negative relationship between business risk and leverage. In the context of the small business sector, Queen and Roll (1987) argue that SMEs are likely to have a higher level of business risk, relative to large firms. Therefore, we propose the hypothesis:Business risk will be negatively related to debt ratios. 2. 3 Firm Ownership The role of state ownership is still a controversial topic in Vietnam’s reform process. As noted above, the Vietnamese financial system is characterized by a bankbased system where SOCBs1 dominate and provide the bulk of loans in the economy (ADB 2020). Soo (1999) also pointed out that most SOCB credits are channeled to SOEs. It can be validly argued that stateowned SMEs have their own advantages over private SMEs in accessing credit from SOCBs. The plausible explanation for this argument is that stateowned SMEs have longlasting ties with mercial banks from the prereform era. Because they are stateowned, SOCBs’ policies favour the state business sector, as pared to the private business sector, notably in terms of interest rates, banking procedures, and collateral requirements. Therefore, it could be expected that stateowned SMEs have more opportunities to access bank loans. Based on this argument, we hypothesize that: Stateowned SMEs will employ more debt than private SMEs. 11 Firm Size Many studies suggest that there is a positive relationship between leverage and size. Marsh (1982) finds that large firms more often choose longterm debt, while small firms choose shortterm debt. Large firms may be able to take advantage of economies of scale in issuing longterm debt, and may even have bargaining power over creditors. So the cost of issuing debt and equity is negatively related to firm size. In addition, larger firms are often diversified and have more stable cash flows, and so the probability of bankruptcy for larger firms is less, relative to smaller firms. This suggests that size could be positively related with leverage. The positive relationship between size and leverage is also viewed as support of asymmetric information (Myers and Majluf 1984). Small size is likely to lead to severe information asymmetries between SME owners and potential lenders in Vietnam, where SMEs are unlikely to have adequate and reliable financial statements (Doanh and Pentley 1999). This situation means SMEs face more difficulties in accessing loans from financial institutions. As predicted by many theories, we hypothesize that:Size will be positively related to debt ratios 3 Methodology and Measurement Data Collection The sampling frame is another important procedure during the data collection process. Ho Chi Minh City and Hanoi represent the largest economic centres in the south and north of Vietnam, respectively. Stratified random sampling drew a sample of 558 SMEs, of which 176 are stateowned and 382 are private. Based on the chosen sample, we conducted direct interviews with the SMEs’ financial managers, in order to explore their opinion about debt financing. Financial managers were chosen because they have knowledge of pany finance, and they either consult the firm’s owners and/or have the right to make financial decisions. We continued to gather the SMEs’ financial statements, over the period 1998–。