This paper aims to explore the capital structure of listed Vietnamese companies in an updated context of financial development (the recent situation of domestic equity and debt capital market). By applying Random Effect model for panel data, we analyze 05 firm-specific and 01 country-specific determinants of capital structure based on the data set of 228 firms listed on Ho Chi Minh Stock Exchange during the period 2010 – 2014. The results indicated that The Pecking Order theory better explains the financing behaviors of Vietnamese listed firms. Accordingly, although in recent years, Vietnam’s equity market and corporate debt capital market have evolved considerably, the capital structure of Vietnamese companies are still dominated by the use of short-term financing sources. High-growth firms or large-sized firms still rely heavily on external debt rather than equity issuance while State-owned enterprises (SOE) are reported to have positive association with the use of long-term financing sources. This study proposed some recommendations to the policymakers in two dimensions: improving the efficiency and role of capital markets to mitigate the reliance on short-term funds and ensuring that bank finance is allocated on a commercial basis.

中文翻译：

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资本结构的决定因素：越南上市公司的实证研究

本文旨在探讨在金融发展的最新背景下（国内股权和债务资本市场的近期情况）越南上市公司的资本结构。通过对面板数据应用随机效应模型，我们基于 2010-2014 年胡志明证券交易所上市的 228 家公司的数据集分析了 05 个公司特定和 01 个国家特定的资本结构决定因素。结果表明：优序理论更好地解释了越南上市公司的融资行为。相应地，尽管近年来越南的股权市场和公司债资本市场有了较大的发展，但越南企业的资本结构仍以使用短期融资渠道为主。高增长企业或大型企业仍然严重依赖外债而非股票发行，而据报道，国有企业（SOE）与长期融资来源的使用呈正相关。本研究从两个维度向政策制定者提出了一些建议：提高资本市场的效率和作用，以减轻对短期资金的依赖，并确保银行融资在商业基础上进行分配。