Các nhân tố ảnh hưởng đến cấu trúc vốn của doanh nghiệp bất động sản niêm yết tại sở giao dịch chứng khoán Thành phố Hồ Chí Minh

Abstract

The article "Factors affecting the capital structure of real estate enterprises listed on the Ho Chi Minh City Stock Exchange" makes based on M&M Theory, Trade-off Theory, and The pecking order theory. The research's purpose is to evaluate the factors affecting the capital structure of real estate businesses. From there, we give recommendations and solutions to improve the efficiency of capital use of businesses. The data is collected through the financial statements of 60 real estate companies listed on HOSE in the period 2017 - 2021. The data is processed through descriptive statistics, correlation matrix, and regression models. The results obtained from 297 observations show that size, profitability and liquidity are important factors affecting the capital structure of real estate enterprises. However, asset structure does not affect capital structure. This finding is important evidence affirming that the majority of debt from bond issuance of real estate enterprises does not increase fixed assets like manufacturing enterprises. This can put lenders at risk. Therefore, the government needs to control and strictly regulate the issuance of corporate bonds by real estate companies.