外文翻譯--中小企業(yè)的資本結構——以越南為例

1、<p><b>　　中文5077字</b></p><p>　　出處：ASEAN Economic bulletin, 2006, 23(2): 197-211 </p><p>　譯文： 中小企業(yè)的資本結構——以越南為例Tran Dinh Khoi Nguyen and Neelakantan Ramachandran摘要：

2、這篇文章的目的，是要找出影響中小企業(yè)資本結構的決定因素。實證結果顯示，中小企業(yè)大多采用短期負債融資的運作。一個企業(yè)的所有權也影響中小企業(yè)其營運資金的方式。在越南中小企業(yè)的資本結構中，企業(yè)的規(guī)模、財務風險、關系網(wǎng)絡呈正相關的增長，銀行呈顯著負相關的關系。盈利能力似乎沒有顯著的影響越南中小企業(yè)的資本結構。作為對公司資本結構主要的影響，所有權，企業(yè)規(guī)模，與銀行的關系，反映了越南經(jīng)濟的非對稱資金籌措過程中的一個過渡性的功能。關鍵詞：中小企業(yè)；資

3、本結構；充分利用；與銀行的關系1 說明越南已轉(zhuǎn)變?yōu)槭袌鰧蚪?jīng)濟。在過去18年中，人們?nèi)找嬲J識到中小企業(yè)的重要經(jīng)濟轉(zhuǎn)型。因此，政府已推出多項政策為了支持這一重要的業(yè)務部門。根據(jù)最近的統(tǒng)計，96％的被歸類為小型和注冊公司中型公司，其中民營中小企業(yè)占近82％。小企業(yè)在越南的部門也產(chǎn)生25％的全年國內(nèi)生產(chǎn)總值。然而，中小企業(yè)仍然面臨著未來獲取資本難的發(fā)展問題（Doanh和Pentley1</p><p><b>

4、;　　原文：</b></p><p>　　Capital Structure in Small and</p><p>　　Medium-sized Enterprises</p><p>　　The Case of Vietnam</p><p>　　Tran Dinh Khoi Nguyen and Neelakantan R

5、amachandran</p><p>　　Abstract: The objective of this article is to identify the determinants influencing the capital structure of small and medium-sized enterprises (SMEs) in Vietnam. Empirical results show

6、that SMEs employ mostly short-term liabilities to finance their operations. A firm’s ownership also affects the way a SME finances its operations. The capital structure of SMEs in Vietnam is positively related to growth,

7、 business risk, firm size, networking, and relationships with banks; but negatively related to</p><p>　　Key words: SMEs, capital structure, leverage, banking relationships</p><p>　　1 Introductio

8、n</p><p>　　Vietnam has been changing to a market-oriented economy over the past eighteen years, and there is growing recognition of SMEs’ importance in the transitional economy. Consequently, the Government

9、has introduced numerous policies in order to support this important business sector. According to recent statistics, 96 per cent of registered firms are classified as small and medium-sized firms, of which private SMEs

10、account for nearly 82 per cent. The small business sector in Vietnam also generates </p><p>　　As for similar studies in other countries, most empirical evidence on capital structure tends to focus on large f

11、irms in developed countries Only in recent years have a few studies examined these issues either in developing countries or among small firms A review of empirical studies on the capital structure of SMEs helped us to i

12、dentify some key issues. Not all determinants are consistent with those predictions advanced by theories of finance. Indeed, there are some contrary results on the rel</p><p>　　2 Literature Review and Hypoth

13、eses</p><p>　　Capital structure is defined as the relative amount of debt and equity used to finance a firm. Theories explaining capital structure and the variation of debt ratios across firms range from the

14、 irrelevance of capital structure, proposed by Modigliani and Miller (1958), to a host of relevance theories. If leverage can increase a firm’s value in the MM tax model (Modigliani and Miller 1963; Miller 1977), firms

15、have to trade off between the costs of financial distress, agency costs (Jensen and Mec</p><p>　　2.1 Firm Growth</p><p>　　We think that this proposition is more relevant in the context of the sm

16、all business sector in Vietnam, where there was a scarcity of long-term credits in the period 1998–2001 (ADB 2002). In addition, as most SMEs in Vietnam operate in the trading and service sectors, demand for new investme

17、nt in fixed assets are relatively low. Doanh and Pentley (1999) also argued that Vietnamese SMEs often look for short-term bank loans or other resources from relatives, friends or suppliers to finance their o</p>

18、<p>　　2.2 Business Risk</p><p>　　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

19、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 busi

20、ness risk, relative to large firms. Therefore, we propose the hypothesis:Business risk will be negatively relat</p><p>　　2. 3 Firm Ownership</p><p>　　The role of state ownership is still a contr

21、oversial topic in Vietnam’s reform process. As noted above, the Vietnamese financial system is characterized by a bank-based system where SOCBs1 dominate and provide the bulk of loans in the economy (ADB 2002). Soo (1999

22、) also pointed out that most SOCB credits are channeled to SOEs. It can be validly argued that state-owned SMEs have their own advantages over private SMEs in accessing credit from SOCBs. The plausible explanation for th

23、is argument is t</p><p>　　2.4 Firm Size</p><p>　　Many studies suggest that there is a positive relationship between leverage and size. Marsh (1982) finds that large firms more often choose long-

24、term 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

25、 and equity is negatively related to firm size. In addition, larger firms are often diversified and have more stable cash flows, and so</p><p>　　3 Methodology and Measurement</p><p>　　3.1 Data C

26、ollection</p><p>　　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, r

27、espectively. Stratified random sampling drew a sample of 558 SMEs, of which 176 are state-owned and 382 are private. Based on the chosen sample, we conducted direct interviews with the SMEs’ financial managers, in order

28、to explore their opinion about debt financing. Financial managers were chosen because they h</p><p>　　3.2 Measuring Variables</p><p>　　The study uses three different measures of capital structur

29、e, based on book value. The three dependent variables were: </p><p>　　? Debt ratio = Total debt to total</p><p>　　? Short-term liabilities ratio = Short-term liabilities to total assets</p&g

30、t;<p>　　? Other short-term liabilities ratio = Other shortterm liabilities to total assets (mostly financing from networks) Short-term liabilities</p><p>　　As far as independent variables are concerne

31、d, we have selected several proxies that appear in the empirical literature. </p><p>　　? Growth = Percentage change in total assets (Titman and Wessels 1988; Chittenden, Hall, and Hutchinson 1996).</p>

32、;<p>　　? Business risk = Standard deviation of profit before tax (Heshmati 2001; Huang and Song 2001; Pandey 2001).</p><p>　　? Size = Natural logarithm of the number of employees (Heshmati 2001).</

33、p><p>　　3.3 Methods of Analysis</p><p>　　This study utilized multiple regression analysis to test the hypotheses formulated above. We calculated four-year mean values of dependent and independent v

34、ariables, except for the cases of firm growth and profitability. For determinants related to managers’ behaviour, we also employed factor analysis, through the Principal Component technique, Next, the factor scores are e

35、stimated and utilized for further multivariate analysis. Since the factor scores are generated through an orthogonal transfo</p><p>　　The analysis process follows three stages. In the first stage, we conduct

36、 regressions of all determinants related to a firm’s characteristics(growth, business risk and size) on various measures of capital structure. In the second stage, we add a dummy variable to consider the effect of firm o

37、wnership on capital structure. In the last stage, we examine the influence of all determinants on capital structure.</p><p>　　4 Result and discussion</p><p>　　4.1 Descriptive Statistics</p>

38、;<p>　　Table 1 reports the descriptive statistics of dependent and explanatory variables. Over the period ，SMEs in Vietnam had an average debt ratio about 43.91 per cent. However, the debt ratio variation across t

39、he sample was large, ranging from a maximum debt ratio of 97.25 per cent and a minimum of 4.95 per cent. With respect to debt maturity, we find that most SMEs employ more short-term liabilities than long-term debt to fin

40、ance their operations. The average short-term liabilities ratio was approx</p><p>　　4.2 Empirical Analysis and Result Discussion</p><p>　　Our results also indicate that SMEs with higher operatin

41、g risk tend to use more debt in general, and short-term liabilities in particular. These findings do not support hypothesis 3 and conflict with theory of financial distress. Why is the theory of financial distress not us

42、eful in explaining the association between risk and capital structure in Vietnam’s SMEs? During the period 1998–2001, the credit market was still regulated, and interest rates were contained within a band set by the Stat

43、e Ba</p><p>　　We find that firm size has a significant and positive relationship with all measures of capital structure. In addition, the standardized regression coefficients also have a relatively strong im

44、pact among all determinants. This implies that a firm’s size has a strong influence on the way it finances its operations. Relatively larger firms will use more debt to finance their operations, and smaller firms will fi

45、nance their operations more through their own equity, and employ less debt. Van der Wij</p><p>　　Firm ownership is considered a special factor when studying the determinants of capital structure of SMEs in t

46、ransitional Vietnam. The results indicate that the regression coefficients for the total debt and short-term liabilities ratios are positive and statistically significant at the 0.01 level. However, the regression coeffi

47、cient for the other short-term liabilities ratio is insignificant at all levels. Taken together, the findings imply that state-owned SMEs use more debt than private SMEs.</p><p>　　The feature of state owners

48、hip in Vietnam is the main explanation for this kind of association. According to the Law on State-Owned Enterprises, the Government is the sole owner of state SMEs. Besides retained earnings, the owner’s equity in these

49、 firms comes from the State budget. As a result, state-owned SMEs’ financing tends to be inflexible because managers have no rights to raise additional equity when necessary. In most cases of financing new investment and

50、 working capital, state-owned SME</p><p>　　5. Conclusion</p><p>　　This study investigated the determinants which influence the capital structure of Vietnamese SMEs. More specifically, First, Vie

51、tnamese SMEs employ a debt ratio of about 43.9 per cent on average. Short-term liabilities account for a significant proportion of the capital structure, while long-term debts are rarely employed by SMEs in Vietnam. Most

52、 apparent is the fact that state-owned SMEs have higher debt ratios than privately-owned SMEs. Secondly, we found that firm size and level of business r</p><p>　　The research offers some important implicatio

53、ns for policy-makers in Vietnam. It should be recognized that there is an unfair treatment for private SMEs in accessing bank loans, and the challenge is to ensure that all business sectorsenjoy the same opportunity to a

54、ccess credit from commercial banks. A positive relationship between business risk and debt ratios also reveals that the government should deregulate interest rates, with the aim of not only creating a safe banking system

55、, but also forc</p><p>　　This study also provides some implications for SME managers. Managers in the private sector should recognize that asymmetric information is a main reason for their difficulties in ac

56、cessing bank loans. Once the asymmetric information between SMEs and lenders is reduced, private SMEs can receive larger levels of credit from networks in general, and from commercial banks in particular. Therefore, mana

57、gers of private SMEs should be aware of the importance of disclosing well-prepared financial state</p><p>　　The availability and reliability of financial data was a major limitation for this research. Financ

58、ial statements of most SMEs in Vietnam are not audited. In the future, as company financial data becomes more reliable and easily available, subsequent studies could cover a longer period in order to examine the capital