臺灣博碩士論文加值系統

本研究主要是探討影響資本結構決策的因素。資料來源2009年至2014年的31個越南商業銀行的槓桿比率，他們在越南經濟發展中扮演著重要關鍵的金融催化劑角色。此研究方法採多元線性回歸模型、一般最小平方法(OLS)、固定效應(FE)、隨機效應(RE)。這項研究檢驗五個因素(即：規模、盈利能力、增長率，稅收和經營風險)和三個金融市場及經濟變量(即：股市狀況、經濟、通貨膨脹)來看影響資產負債率作為因變量的資本結構。OLS模型和FE模型都一致認為越南銀行的規模對槓桿比會有正面的影響，也就是說當銀行越大會有更多的債務將會發生。這二者模型也決定了股市和經濟狀況的負面影響，這意味著在良好的市場條件下銀行會減少債務負擔。越南的商業銀行根據註冊資本劃分為三類(即：大型、中型和小型銀行)，OLS模型和RE模型都一致認為銀行的規模大小是槓桿比的正面影響因素。然而，與大型銀行不同的中型和小型銀行，這二者往往比較傾向攜帶著相對較高債務金額，因為這二者一般會忽略由股市非流動性和不穩定性的原因，推動他們需要依靠借貸資金甚至要有更高的利率。本研究的假設是在一個良好的金融市場和經濟狀況下，小型銀行可以獲得比平時更高的利潤，除此之外他們更喜歡使用內部資金勝過於向外界融資，因為由經驗顯示比較高的債務來源都是來自於小型的越南銀行。本文的研究結果使用二種回歸模型，這可以幫助越南銀行的管理者對資本結構的決定因素有普遍性觀點。本研究也提供了見解，去創造出適當的策略來控制銀行的槓桿去實施目標資本結構，並最大限度地減少資金成本和最大化盈利能力。

This paper investigates the important factors influencing capital structure decisions. The study focuses on the bank leverage of thirty-one Vietnamese commercial banks from 2009 to 2014, because they play a key role as financial catalysts in the growing economy of Vietnam. The analysis employs multiple linear panel regression models, namely, Ordinary Least Squares (OLS), Fixed Effects (FE), and Random Effects (RE). This research examines five bank-specific factors (i.e., size, profitability, growth rate, taxation and business risk), and three financial market and economic variables (i.e., stock market condition, economy, and inflation) influencing capital structure with debt ratio as the dependent variable. Both the OLS and FE models agree that a Vietnamese bank’s size positively affects leverage, which means that the larger the bank, the more debt is incurred. Both models also determine that stock market and economic conditions have negative effects, which implies that in good market conditions, banks lessen their debt loads. In dividing Vietnamese commercial banks into three groups of sizes (i.e., large, medium-sized and small banks) based on chartered capital, both the OLS and RE models agree that size is a positively contributing factor to leverage. However, unlike large Vietnamese banks, medium-sized and small-sized banks tend to still carry a relatively high amount of debt because they are commonly ignored by the equity markets for reasons of illiquidity and instability, pushing them to rely on borrowing funds even to the point of having higher interest rates. Another interesting finding of this paper is that, only small-sized Vietnamese banks’ leverage is negatively affected by stock market and economic conditions. The paper posits that in a good financial market and economic conditions, small banks get higher than usual profits and they prefer using internal source of financing instead of borrowing from external sources, because of the obvious reason of experience a higher cost of debt for small Vietnamese banks. Findings of this paper are robust in using two panel regression models, and can help Vietnamese banks’ managers have a general perspective regarding capital structure determinants. This study also offers insights in creating appropriate strategies to controlling factors affecting banks’ leverage to achieve the target capital structure that minimizes the cost of capital and maximizes profitability.

摘要 I
Abstract II
Table of Contents III
List of Figures and Tables IV
1. Introduction 1
1.1. Background: Global Banking Industry 1
1.2. Background: Vietnam Banking Industry 3
1.2.1. History 3
1.2.2. Number and Size of Banks 5
1.2.3. Vietnamese Industry Capital Structure Overview 6
1.3. Research Motivations and Objectives 8
1.4. Research Flow Chart 8
2. Literature Review 11
2.1. Theoretical Literature Review on Capital Structure 11
2.1.1. Trade-off Theory 11
2.1.2. Pecking Order Theory 11
2.1.3. Agency Cost Theory 12
2.1.4. Market Timing Theory 12
2.2. Capital Structure Papers on Global Banking Industry 13
2.3. Capital Structure Papers on Vietnamese Industries 13
3. Variables Definition and Hypotheses 15
4. Data and Methodology 19
5. Empirical Results 22
5.1. Check for Correlation 23
5.2. OLS Model Results and Interpretation 24
5.2.1. All Banks Group 24
5.2.2. Large-sized Banks Group 27
5.2.3. Medium-sized Banks Group 28
5.2.4. Small-sized Banks Group 29
6. Conclusions and Limitations 33
References 35
Appendix 39

Abdullah, A. M., &; Naser, K. (2015). Determinants of capital structure of banking sector in GCC: An empirical investigation. Asia Economic and Financial Review, 5(7), 959-972.
Ali, M. S., Yadav, R., &; Jamal, A. (2013). Theories of capital structure: Analysis of capital structure determinants. International Research Journal of Management Science and Technology, 4(3), 695-704.
Anarfo, E. B. (2015). Determinants of capital structure of banks: Evidence from sub-Sahara Africa. Asian Economic and Financial Review, 5(4), 624.
Anh, D.N.P. (2010). Determinants of capital structure and financial performance: A path analysis approach. Journal of Science and Technology, 5(40), 14-22.
Aremu, M. A., Ekpo, I. C., Mustapha, A. M., &; Adedoyin, S. I. (2013). Determinants of capital structure in Nigerian banking sector. International Journal of Academic Research in Economics and Management Sciences, 2(4), 27-43.
Baker, M. &; Wurgler, J. (2002). Market timing and capital structure. Journal of Finance, 57, 1- 32.
Barclay, M.J., Morellec, E., &; Smith, Jr. C.W. (2006). On the debt capacity of growth options. Journal of Business, 79, 37-59.
Bas, T., Muradoglu, G., &; Phylaktis, K. (2009). Determinants of capital structure in developing countries. Cass Business School, 106.
Basnet, A. (2015). Capital structure choice of financial firms: Evidence from Nepalese commercial banks (Master’s Thesis). Available from Hanken School of Economics Publications.
Canh, N. T., &; Cuong, N. T. (2011). The determinants of capital structure for Vietnam’s seafood processing enterprises. Science &; Technology Development Journal, 14, 28-54.
Chen, L. &; Zhao, X. (2006). On the relation between the market-to-book ratio, growth opportunity, and leverage ratio. Finance Research Letters, 3(4), 253-266.
Chi, L. D. (2013). Factors affecting capital structure decisions of financial managers in Vietnam. Journal of Development and Integration, 9(19), 22-28.
Dincergok, B., &; Yalciner, K. (2011). Capital structure decisions of manufacturing firms in developing countries. Middle Eastern Finance and Economics, 12, 86-100.
Dung, N. T. T., Diaz-Rainey, I., &; Gregoriou, A. (2014). Determinants of the capital structure of listed Vietnamese companies. Journal of Southeast Asian Economies (JSEAE), 31(3), 412-431.
Dung, T. T. T. (2015). Determinants of capital structure: An empirical study of Vietnamese listed firms (Master’s Thesis). Available from Saint Mary’s University Publications.
Frank, M. Z., &; Goyal, V. K. (2009). Capital structure decisions: Which factors are reliably important?. Financial Management, 38(1), 1–37.
Gertler, M., &; Gilchrist, S. (1993). The role of credit market imperfections in the monetary transmission mechanism: Arguments and evidence. Scandinavian Journal of Economics, 95, 43-63.
Gocmen, T., &; Sahin, O. (2014). The determinants of bank capital structure and the global financial crisis: The case of Turkey. Journal of Applied Finance and Banking, 4(5), 55.
Graham, J. R. &; Harvey, C. (2001). The theory and practice of corporate finance: Evidence from the field. Journal of Financial Economics, 60, 187-243.
Gropp, R., &; Heider, F. (2010). The determinants of bank capital structure. Review of Finance, 14, 587-622.
Hoa, N., &; Kayani, Z. (2013). Determinants of banks’ capital structure in Asia - A comparison amongst developed and developing countries (Master’s Thesis). Available from Lund University Publications.
Jensen, M. C. (1986). Agency cost of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329.
Jensen, M. C., Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 4, 305-360.
Juca, M. N., De Sousa, A. F., &; Fishlow, A. (2012). Capital structure determinant’s of North American banks and the compensation executive program - An empiric study on the actual systemic crisis. International Journal of Business and Management, 7(17), 13-26.
Linh, H. P. M. (2015). Analysis of dividend policy of insurance and finance companies listed on Ho Chi Minh Stock Exchange (Master’s Thesis). Available from Thang Long University Publications.
MacKinlay, A. (2013). (How) do taxes affect capital structure? (Master’s Thesis). Available from University of Pennsylvania Publications.
Modigliani, F. &; Miller, M. H. (1958). The cost of capital, corporate finance and the theory of investment. American Economic Review, 48, 261-97.
Modigliani, F. &; Miller, M. H. (1963). Corporate income taxes and the cost of capital: A correction. American Economic Review, 53, 433-43.
Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5, 147-175.
Myers, S. C. (1984). The capital structure puzzle. Journal of Finance, 39, 575-592.
Myers, S. C. &; Majluf, N. (1984). Corporate financing and investment when firms have information that investors do not have. Journal of Financial Economics, 11, 187-221.
Nguyen, T. D. K., &; Ramachandran, N. (2006). Capital structure in small and medium sized enterprises: The case of Vietnam. ASEAN Economic Bulletin, 23(2), 192-211.
Octavia, M., &; Brown, R. (2010). Determinants of bank capital structure in developing countries: Regulatory capital requirement versus the standard determinants of capital structure. Journal of Emerging Markets, 15(1), 50-84.
Okuda, H., &; Nhung, L. T. P. (2012). Capital structure and investment behavior of listed companies in Vietnam: An estimation of the influence of government ownership. International Journal of Business and Information, 7(2), 137-164.
Osterberg, W. P., &; Thomson, J. B. (1990). The effect of subordinated debt and surety bonds on banks'' cost of capital and on the value of federal deposit insurance. Federal Reserve Bank of Cleveland, Research Department.
Pandey, I. M. (2001). Capital structure and the firm characteristics: Evidence from an emerging market (IIMA Working Paper). Available from University of Delhi Publications.
Rajan, R. G., &; Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The Journal of Finance, 50(5), 1421-1460.
Scott, J. (1977). Bankruptcy, secured debt, and optimal capital structure. Journal of Finance, 32(1), 1-19.
Shivdasani, A., &; Zenner, M. (2005). How to choose a capital structure: Navigating the debt-equity decision. Journal of Applied Corporate Finance, 17(1), 26-35.
Strebulaev, I. A., &; Kurshev, A. (2006). Firm size and capital structure. In EFA 2005 Moscow Meetings Paper.
Taggart Jr, R. A. (1985). Secular patterns in the financing of US corporations. In Corporate capital structures in the United States (pp. 13-80). University of Chicago Press.
Thu, L. T. K. (2012). Capital structure determinants of real estate firms listed on HOSE (Master’s Thesis). Available from Da Nang University Publications.
Titman, S., &; Wessels, R. (1988). The determinants of capital structure choice. Journal of
Finance, 43, 1-21.
Vatavu, S. (2012). Determinants of capital structure: Evidence from Romanian manufacturing companies. Proceedings in ARSA-Advanced Research in Scientific Areas, (1), 670-673.
Welch, I. (2004). Capital structure and stock returns. Journal of Political Economy, 112(1), 106- 132.
Williamson, O. (1988). Corporate finance and corporate governance. Journal of Finance, 43(3), 567-591.