Ket qua kilm dinh bang mo hinh kinh te lUOng cho thdy, co ca'u vd'n cua cdc CTNY tren thi trUdng chdng khodn VN bi tdc ddng bdi nhieu nhan to, de'n lugt minh, co ca'u vdn lai tdc ddng[r]
Trang 1>OJC-:J<ICIMWTO
mis!'iig^-iL?^ t'.)i^.^~r~V
NGHIEN Cdu & TRAO E>di
PHAN TICH TAC DpNG CUA Ctf CAU VON DEN KHA NANG SINH LOfI CUA CAC CONG TY NIEM YET
TREN THI TRlfCfNG CHUfNG KHOAN VIET NAM
TS TRAN THI THANH TU*
w |ay ddng co cdu vd'n muc tieu va budng tdi
CO ca'u vd^n to'i Uu la mgt trong nhdng ndi iung quan trgng trong k l hoach tdi ehinh cua bat ky doanh nghiep ndo Viec phan tieh dinh
tinb vd dinh lugng cae nhdn to anh budng de'n eo
eau vd^n se giup cho eac doanh nghiep chu ddng
ddi phd vdi sd thay ddi eua eac nban to nay Den
lugt minh, cO ca'u vdn lai I n h hUdng de'n kha ndng
sinh ldi vd gid tri cua doanh nghiep Dac biet, ddi
vdi cdc cong ty niem yet, gid cd phieu bi tdc ddng
manh bdi nhieu ye'u to tren thi trUdng, trong dd,
gid tri doanh nghiep la mgt trong nhdng ye'u to
quan trgng nhdt Bdi viet ndy nghien cdu mo hinh
kilm dinh cdc nhdn td tdc dgng d i n co cdu vdn
cua cdc cong ty niem y i t tren Sd Giao dich Chdng
khodn TP.HCM (HOSE), ddng thdi kiem chdng
tdc dgng tich cUc hay tieu cdc cua viec suf dung ddn
bay tai chinb cua cdc cdng ty ndy
1 Xdy difng md hmh phdn tich tdc ddng cua ctf
cdii vdin d^n It ha ndng sinh loi cua cdc cdng ty
nidm y^t trdn thj trildng chdng Ithoan VN
1.1 So lieu vd liia chgn bie'n cua md hinh
Sd lieu ve eac chi tieu tdi chinb cua ede doanh
nghiep niem yet tren Sd Giao dich Chdng khodn
TP.HCM (HOSE) theo nam (td 2005 den 2008)
Bg sd lieu bao gdm hon 400 quan sat bao gdm cae
cbi tieu tdi chinb cua cdc cdng ty niem yet (CTNY)
trong 4 ndm
1.2 Xdy diing md hinh gid dinh
Ldp mo binh 1: Phdn tich eac yeu to tdc ddng
den CO cau von ciia doanh nghiep
Nhdng ylu td I n h hudng de'n co eau vd'n cua
d c doanh nghiep (co ca'u vdn cua doanh nghiep
se dugc dai dien bdng cbi tieu Ng/Tdng Vd'n bode
Ng ddi han/Tdng Vdn)
DR = F( PoverTR, FAoverTA, ER, ROA, Di, Yj)
LTDR = G( PoverTR, FAoverTA, ER, ROA, Di, Yj)
LUa chgn bie'n 1
Ten bie'n
Bie'n phu thupc
LTDR
DR
Bien dgc lap
PoverTR
FAoverTA
ER
Di
ROE
Yj
Gill thfch
Oo ludng cd cau vdn ciia cdc cong ty niem yet
Nd Dai han/(ng vay ngdn hang ddi han vd phat hdnh trdi phie'u) tren tdng vdn
He sd no (bao gdm c l ng ngin vd ddi han) tren tdng vdn Do cac CTNY tren HOSE sd dung ng ddi han rdt it nen he sd ndy dUdc sd dung bd sung cho he sd Nd ddi han/Tong vdn
Gid vdn hdng bdn/Doanh thu Cdc doanh nghiep kinh doanh 6 nhOng ngdnh nghe khde nhau thi he sd nay rat khac nhau do ddc diem kinh doanh khde nhau, bie'n ndy dugc sd dung nhu bien gia cho rui ro kinh doanh Tdi san co djnh/ Tong tdi san Vdn chu sd hOu nhd nUdc/Tong vdn
Nganh thd i, i chay td 1 de'n
11 do cdc cdng ty niem yet dugc chia thdnh 11 nhom ngdnh
Thu nhap sau thue/Tong vdn chu sd hOu
j chay td 2005 -2008 de kiem dinh xem cdc nam khde nhau thi he sd ng ciia cdc CTNY CO tiiay ddi khong
Quan he vdi bie'n phu thuoc
+/-
-(-+
+/
-
+/-90 Phat trien kinh te - Thang Sau nam 2010 Dai hoc Kinh te Qudc dan
Trang 2NGHIEN C 0 U & TRAO Doi
Ca hai bie'n phu thuge Id he sd nO tren tdng
vd'n vd no ddi ban tren tdng vdn deu dugc k i l m
dinh trong 2 mo hinh de phdn tich Ndi cdch khde,
md hinh F se k i l m
dinh xem viee sd
dung no ddi ban hay
tdng no eua doanh
nghiep bi dnh hudng
bdi nhdng yeu td'
ndo, cd phu hgp vdi
ly thuyet khong, cdn
md binh G phdn
tich nhdng ye'u td'
tdc dgng de'n ty so
tdng no t r e n tdng
vd'n cua doanh
nghiep Vl Iy
thuye't, CO edu vd'n
ehi nghien cdu cdc
ngudn vdn ddi ban,
dn dinh eua doanh
nghiep, khong d l
cap d i n vdn ngdn
han Song, d VN, cdc
doanh nghiep sd
dung rd't nhilu vdn
ngan ban, thdm cbi
lam dung vd'n ngdn
ban de tdi trg cho
du an ddi ban Vi
vdy, c l hai bien phu
thudc la he so' no va
ng ddi ban diu duge
dua vdo md hinh
Ldp mo hinh 2:
Phdn tich tdc ddng
cua CO eau vd'n de'n
kha ndng sinh ldi
tren vd'n chu sd hufu
ciia cdc CTNY
Dinh lugng mdc
do I n h hudng cua co cau vdn den kha ndng sinh
ldi ciia doanh nghiep (khi ndng sinh ldi ciia doanh
nghiep se dugc dai dien bang cdc ehi tieu ROE vd
EPS) Qua dd kiem tra Iai gid thuye't kinh te':
Trong nen kinh te dn dinb thi khi doanh nghiep
suf dung nhieu no thi cac ehi sd ROE vd EPS tdng,
ddn bay tdi chinh co tdc ddng tich cUc
ROE = F D R , LTDR)
EPS = E OR' LTDR)
2 Kdi qua md hinh
2.1 Ke't qud md hinh
Bang 1 Phan tfch cac nhan to tac dgng de'n cd cau von cua CTNY tren HOSE
Dependent variable Is DOVERTE
461 observations used for estimation from 1 to 461 Regressor
INPT POVERTR FAOVERTA
ER D4 D7 PTRY2005 PTRY2006 OETEY2005 OETEY2006 OETEY2007
Coefficient
0,25957 0,12757 0,089425 0,57820 0,12619 0,15462 0,14668 0,10256 -0,53353 -0,47633 -0,52596 R-Squared 0,20253 S.E of Regression 0,23891 Mean of Dependent Variable 0,47556
Residual Sum of Squares 25,6843 Akaike Info Criterion 0,44253 DW-statistic 2,0493
Standard Error
0,048479 0,056498 0,048317 0,083258 0,039396 0,036687 0,045691 0,039447 0,18263 0,17379 0,14613
T-Ratio[Prob]
5,3543[0,000]
2,2579[0,024]
1,8508[0,065]
6,9447[0,000]
3,2032[0,001]
4,2146[0,000]
3,2103[0,001]
2,6000[0,010]
-2,9214(0,004]
-2,7409(0,006]
-3,5993(0,000]
R-Bar-Squared 0,18481 F-stat F( 10,450) 11,4285[0,000]
S.D of Dependent Variable 0,26460 Equation Log-likelihood 11,4425 Schwarz Bayesian Criterion -22,2912
Diagnostic Tests Test Statistics
A:Serial Correlation B:Functional Form C:Normality D:Heteroscedasticity
LM Version
CHSQ(1)= 0,31170[0,577]
CHSQ(1)= 21,0994[0,000]
CHSQ(2)= 1.113,1 [0,000]
CHSQ(1)= 1,8983[0,168]
F Version
F(1,449)=0,30379[0,582]
F(1,449)=21,5358[0,000]
Not applicable F(1,459)=1,8979[0,169]
2.2 Phdn tich ke't qud md hinh 2.2.1 Phdn tich cdc nhdn td tdc dgng den ca cdu vdn
He so no ngan ban trung binh cua cdc CTNY tren HOSE Id 47%, trong khi dd, be so no dai ban tren tdng vd'n k h o i n g 12% Dieu nay cbo tha'y cdc CTNY tren HOSE, da dung mdt ty le rat ldn vd'n ngan ban de tdi trg dU an dai ban Do vay, rui ro
Phat trien kinh te - T h a n g Seu =-t?m 2010
Trang 3NGHIEN CLTU & TRAO DOI
Bang 2 Phan tfch tac dpng ciia cd ca'u von de'n ROE cCia cac CTNY tren HOSE
Dependent variable is ROE
461 observations used for estimation from 1 to 461
Regressor
INPT
DR
Coefficient
0,11917 0,14469
S.E of Regression 0,70106
Mean of Dependent Variable
0,18798 Residual Sum of Squares 225,5939
Akaike Info Criterion -491,4012
DW-statistic 1,9985
Standard Error
0,067211 0,12353
T-Ratio[Prob]
1,7731(0,077]
1,1712(0,242]
F-stat F(1,459) 1,3718(0,242]
S.D of Dependent Variable 0,70135 Equation Log-likelihood -489,4012 Schwarz Bayesian Criterion -495,5346
Diagnostic Tests Test Statistics
A:Serial Correlation
B:Functional Form
C:Normality
D:Heteroscedasticity
LM Version
CHSQ(1)= 0,2094E-3(0,988]
CHSQ(1)= 0,85594(0,355]
CHSQ(2)= 3.540.850(0,000]
CHSQ(1)= 0,62132(0,431]
F Version
F(1,458)=0,2080E-3(0,988]
F(1,458)= 0,85195(0,356]
Not applicable
thanh khoan Id rd't eao
He sd Ng/Tdng vo'n eua cdc CTNY it thay ddi
theo thdi gian td ndm 2005 de'n 2007 (Cdc bie'n
Y2005, Y2006, Y2007 khong cd dnh budng thUe sU
d i n b i l n DoverTE) Ndm 2007, he sd no cd giam
nhung khong ddng ke Tuy nhien, de'n ndm 2008,
he sd ng giam manh do tdc ddng cua lam phdt vd
chi phi ldi vay tdng cao Ddy la mgt trong nhdng
tdc ddng tieu cUc eua chinh sdch t i l n te trong giai
doan nay dnh hudng den khd nang tiep can vd'n
vay cua cdc doanh nghiep noi chung vd cdc CTNY
ndi rieng
Cdc cong ty ed he sd vd'n chu sd hdu nhd nUdc
tren tdng vd'n tdng tbi he sd ng cang tang Dilu
nay cho tha'y, cdc CTNY tren HOSE, Id nhdng
cong ty cd quy md (vd'n nha nUdc, tdng tdi s i n ,
mdc do vdn boa) ldn hon cdc CTNY tren HNX, khi
ty le vd'n chu sd hOfu cua Nhd nUdc ldn se khuye'n
khieh cdc cdng ty nay vay no nhilu bOn de md
rgng dau tU, san xua't Tuy nhien, viec vay no nay
cd hieu qui bay khong cdn phu thuge vdo hieu qui
dau tu ciia cdc du dn Dieu nay se dugc kiem chdng
d mo binh bdi quy thd bai
2.2.2 Phdn tich tdc dgng cua ca cdu von den
khd ndng sinh ldi cua cdc CTNY tren HOSE
K h i ndng sinh ldi cua cdc CTNY tren HOSE la khd cao, ROE
Id 18,4% edn EPS Id 3.081 VND/cd phie'u So vdi cdc loai hinh doanh nghiep khde nhU SOE hay SME thi day Id k i t qua rd't ddng khich le Song, ke't qui chay mo binh lai eho thdy gida
CO cdu vd'n vd k h i ndng sinh ldi tren vd'n chu sd hdu cua eac CTNY tren HOSE cd md'i quan he
ty le nghich
Td ke't qui chay mo hinh hdi quy, ed the tha'y dd'i vdi cdc CTNY
t r e n HOSE, kha ndng sinh ldi (qua ehi tieu ROE) dudng nbu khdng phu thudc vdo cO ca'u no cua cae doanh nghiep (hdi quy vdi d chi tieu Ng/Tdng vdn vd No ddi han/Tdng vo'n deu cho ke't q u i n i y ) Tuy nhien, chi tieu EPS thi lai chiu tdc ddng cua co ca'u vd'n cua doanh nghiep Dieu ndy cd the dUOc giai thich nbd sau: Chinb sdch t r i cd tdc ciia cdc CTNY la mgt yeu td anh hudng de'n EPS cua cdc eong ty ndy Cdng ty se quye't dinh ty le gid lai lgi nhuan de tai d i u tU vd ty le tra cd tdc bang
t i l n mat, do vay, se anh hudng den eo ca'u vd'n Vi
du, mgt cdng ty theo dudi chinb sdch trd cd tdc bang t i l n mat, se lam giam lgi nhuan giuf Iai dl tai d i u tu, do vay, cO ca'u vd'n se hudng sang viec
sd dung no hay phat hdnh them co phieu mdi Khi Ng/Tdng vdn tdng them 1% thi thu nhap
t r e n mgt cd p h a n se gidm xud'ng 0,49404% vd ngugc Iai (trong dieu kien cdc yeu td khde khdng ddi) Anh hudng eua co cdu vdn tdi chi tieu nay la ngugc chiiu, dilu ndy eo t h i gidi thich Id do d c doanh nghiep niem yet t r e n HOSE boat ddng chUa hieu qui; khi sd dung nhieu ng/tdng vd'n, ehi tieu EPS vdn khong tdng, tham ehi giam, cd nghia
la viec sd dung ddn bay tdi chinh ed tdc ddng tieu cue
3 Khuydh nghf va icdt ludn
3.1 Khuyen nghi
F(1,459)= 0,61946(0,432]
Phat trien kinh te - T h i n g Sau nam 2010
Trang 4NGHIEN C 0 U & TRAO D O I
Bang 3 Phan tfch tac dpng cua cd cau von de'n EPS cCia cac CTNY tren HOSE
Dependent variable is EPS
461 observations used for estimation from 1 to 461
Regressor
INPT
DR
Coefficient
3677,0 -1251,8 R-Squared
S.E of Regression
Mean of Dependent Variable
Residual Sum of Squares
Akaike Info Criterion
DW-statistic
0,083737 3.608,4 3.081,7 5,98E+09 -4.431,2 1,7586
Standard Error
3,459,410 6,358,337
T-Ratio[Prob]
10,6290(0,000]
-1,9688(0,050]
R-Bar-Squared 0,062133 F-stat F(1,459) 3,8760(0,050] S.D of Dependent Variable 3.619,7 Equation Log-likelihood -4.429,2 Schwarz Bayesian Criterion -4.435,3
Diagnostic Tests Test Statistics
A:Serial Correlation
B:Functional Form
C:Normality
D:Heteroscedasticity
LM Version
CHSQ(1)= 6,7682(0,009]
CHSQ(1)=0,057232(,811]
CHSQ(2)= 10.632,2(0,000]
CHSQ(1)= 0,020345(0,887]
F Version
F(1,458)= 6,8243(0,009]
F(1,458)= 0,056866(0,812]
Not applicable F(1,459)= 0,020258(0,887]
- Can giam he sd no cua CTNY tren HOSE
Cd t h i ndi, ede CTNY tren HOSE diu cd he sd
no khd cao vd cd xu hudng gia tdng Tuy nhien,
viec sd dung no Iai cd tdc ddng tieu cdc den khd
ndng sinh Idi cua ede eong ty ndy CI phdn tieh
thdng ke vd ket q u i chay mo hinh hdi quy diu cho
thay he sd no cd tdc ddng ngugc chiiu de'n kha
ndng sinh ldi cua cdc CTNY
Do vdy, trong giai doan phdn tich (2005-2008),
viec sii dung no Id bat Igi, do vdy, cae CTNY can
xem xet viee g i i m no d l g i i m g I n h nang ldi vay
trong thdi gian tdi
- Can giim ty le vd'n cbii sd hdu nha nUde tren
tdng vd'n d l khuye'n khich eac CTNY suf dung no
Cd the thdy, d hau bet cac CTNY diu cd ty le
vd'n chu sd hdu nha nude tren tdng vd'n khd cao,
tha'p nha't II nhdm nganb xdy dung va bat ddng
s i n la 33% vd cao nhd't Id nhdm ngdnh cdng nghe
cung len de'n 67% Hien tugng nay cung gid'ng cdc
CTNY d Trung Qudc, khi ty le vd'n chu sd hdu nbd
nudc n l m gid bie'n ddng td 30%-40%, do vay,
quyin can thiep cua Nhd nUdc (dai dien vdn nbd
nudc) van co y nghia quylt dinh d i n boat ddng
tdi chinl doanh nghiep P h a n tich k i l m dinh
bdng mc nh hdi quy d phan tren eung cbo tha'y
d eac CTNY cd ty le vdn chu sd hdu tren tdng von
ty le nghich vdi he sd ng Nlu ty le no tren vd^n chu sd hdu gidm se khuyen khieh cdc CTNY tdng
sd dung ng vd tan dung tdc dgng tich cdc ciia ddn bay tai chinb Do vay, de cdc CTNY ed t b i tu chu trong viec lUa chgn eO ca'u vdn tdi Uu, c i n g i i m bdt ty le sd hdu cua Nhd nUdc tai cdc CTNY
- Cac CTNY can tinb todn va lap ke hoach eo ca'u vdn de ddn bay tdi chinb phat buy tdc dgng tich cUe
Qua khdo sdt cdc CTNY tren d HOSE, hau bet cdc cong ty chUa thUc sU quan tdm den viec xdy dung vd lUa chgn mgt co cdu vdn tdi Uu Viee lap
ke hoacb quan ly vdn chu ylu phu thudc vdo vd'n vay ngdn hdng Viec da dang bod eac ngudn vd'n bang each phat hdnh trai phie'u hay cac cdng cu
no khde ehUa dugc quan tam Do vdy, co eau vdn cua d c cdng ty khong cd nhilu phUOng an de lUa ebon Ddn bay tai chinb cd tac ddng tich cUc hay tieu cdc hodn todn phu thudc vdo b i l n ddng ciia thi trudng, chd khong do cdng ty chu ddng lap ke hoacb trUdc Vi the, trong giai doan n l n kinb te suy thodi (nam 2008), viec sd dung no gia tang lam giim sut kha ndng sinh ldi eiia eac cdng ty;
cdn trong giai doan tbi trUdng chdng khoan phdt
Phat trien kinh te - - i r - i Q
Trang 5NGHIEN QJTU & TRAO D O I
trien manh (2006-2007), cdc CTNY cang suf dung
nhieu no thi kha ndng sinh ldi cang eao
Chinh vi the, cdc CTNY can chii dgng lap ke
hoach xay ddng co cdu vdn tdi Uu trong tdng chu
ky kinh doanh, tdng giai doan phat trien cua n l n
kinh te Cic co sd tinb toan eo edu vdn tdi Uu nbd
chi phi vd'n, chi phi phdt b a n h can phdi duge xem
xet day dd, nham giup cac CTNY cd the chu dgng
lUa chgn co ca'u vd^n tdi Uu nham gia tang khd
ndng sinh ldi, tdi da hod gid tri cho chu sd hdu
3.2 Mgt sd hgn che vd cdc vdn de cdn
nghien cUu tie'p
Trong mo binh tren, cdn mgt so bien rdt cd y
nghia ve ly thuyet, tdc ddng trUe tiep den co cdu
vdn, td dd, tdc dgng den khd ndng sinh ldi eua cdc
CTNY Trong dilu kien chinh sdch tbue' eua VN
hien nay, thue' s u i t thue thu nhap doanh nghiep
g i n nhu la ed' dinh, khong ed sd khde biet gida
ede ngdnh nghe kinb doanh khde nhau hay gida
cdc dia pbuong khde nhau, do vdy, khi dUa bien
thue s u i t thue thu nhdp doanh nghiep vdo mo
hinh se khdng cd nghia Cdn mgt sd b i l n khde (vi
du nhu chi phi vay ng, quy md doanh nghiep bay
rui ro kinh doanh) do chUa thu thap du so' lieu nen
tdc gia chUa the dUa vdo md hinh nghien cdu Tac
gid mong mud'n cdc bie'n sd' ndy se dugc bd sung
nghien cdu trong thdi gian tdi
3.3 Ke't ludn
Ket qua kilm dinh bang mo hinh kinh te lUOng
cho thdy, co ca'u vd'n cua cdc CTNY tren thi trUdng
chdng khodn VN bi tdc ddng bdi nhieu nhan to,
de'n lugt minh, co ca'u vdn lai tdc ddng den k h i
ndng sinh Idi cua cua cdc eong ty Tuy nhien, tdc
dgng ciia co ca'u vdn den khd ndng sinh ldi la khde
nhau gida eac CTNY tren HOSE vd HNX Trong
khi cdc CTNY tren HOSE sd dung ddn bay tdi
ehinh ed tdc dgng tieu cUe thi cac CTNY tren HNX
lai tan dung ddge tdc dgng tich cUc eua ddn bay
tdi ehinh Trong bdi cdnh n l n kinh te tang trUdng
manh vdo ndm 2006-2007, cdc CTNY tan dung
thdng du vd'n khi phdt hdnh cd phie'u nen be so'
ng rd't tha'p Nhdng d i n nam 2008, khi lam phdt
gia tang, ehi phi lai vay tang cao thi ngUOc lai, be
sd ng cua cdc cong ty diu giam manh Vd de'n ndm
2009, khi nen kinh te' bat dau roi vdo tinh trang
suy thodi, chinh sdch eho vay HTLS cua Chinh
phii lai khuyen khich eac CTNY sd dung ng nhilu
hon
De cd the chii ddng xdy dUng va lUa chgn cO
ca'u vd'n tdi Uu, cac CTNY c i n nhdn tbde day dii
ve vai trd cung nbu tdc ddng d tich cUe ldn tieu
cUc cua ddn bay tai chinb Ben canh dd, can g i i m
ty Ie sd hdu cua Nhd nUde tai cdc CTNY n h a m
t a n g quyin chu dgng hon nda cho cdc cdng ty trong viec lUa chgn co cd'u vdn tdi Uu Day cung II
xu the chung cua cdc nUdc dang trong giai doan chuyen ddi nhu Trung Qudc hay cdc nUdc Trung Dong, mdt m a t vda thuc day cae doanh nghiep nhd nudc co phan hod thdc hien niem yet, tao dieu kien eho thi trUdng chdng khodn phdt trien, mat khac giup cdc CTNY chu ddng xdy ddng co ca'u vd'n tdi Uu de tdi da hod gid tri cho chu sd hdu"
TAI LIEU THAM KHAO
1 Atman.E (1968), "Financial Ratio, Discriminant Analysis, and the Prediction of Corporate Bankcruptcy",
Journal of Finance 23, pp 589-609
2 M.Aoki, B.Gustaffsson and O.Williamson, Sage Publication, "Capital Structure as Machanism of Control:
a Comparision of Financial Systems", Journal of Political
Economy 32, pp 2 3 4 - 2 4 1
3 Bolton, Patrick and Scharfstein, David (1996),
"Op-timal debt structure and number of creditor", Journal of
Political Economy 24, p p l 04
4 Craig,Ben, Richardson, Christophe (1996), "The reduces form as an empirical tool: A cautinary tale from
the financial veil", Economic Reweiv-Federal Reserve
Bank of Cleveland, First Quarter 1996: Vol.32.Iss 1, p.16
5 Frederick Harris (1994), "Asset Specificity, Capital
Intensity and capital Structure: An Empirical Test", Mana-gehal and Decision Economics, (1986-1988:Nov/Dec
1994,ABI/lnform Research, page 563
6 Ivo Welch (2004), "Capital Structure and Stock
Re-turn", The Journal of Political Economy, Chicago, Vol 112,
Part 1 p 106-131
7 Li.Yinin (1986), "A proposal of Ownership reform
for China", People's Daily, September 26
8 Liu.Li (1996), "An analysis of Capital Structure of
SOEs", Economic Science, Vol 56, p 105-109
9 Perotti, Enrico.C, Spier, Kathryn.E (1993), "Capital Structure as a Bargaining Tool: the role of Leverage in
the contract renegotiation", The American Review
Nashvile, Vol 83, Iss.5, p 1131 ( H p p )
10 Ha Nguyen Son (2000), Lessons learnt for
Viet-nam from Renovation of Chinese SOEs, Thesis, VietViet-nam
Netherland Project, National Economics University
1 1 Rune Stenbacka, Mihkel Tombak (2002), "Invest-ment, Capital Structure, and Complementateries
be-tween Debt and New Equity", Management Science
Linthlcum: Feb 2002.Vol 48, p 257-272 (16pp)
12 Tran Thi Thanh Tu (2006), Ddi mdi ca cau vd'n
ciia cac doanh nghiep nha nudc hien nay, Ludn dn tien
sT, Oai hgc Kinh te Qudc dan
Phat trien kinh te - Thang Sau nam 2010