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, Un des aspects qui n'a jamais été étudiés au Vietnam réside dans le lien entre la structure du capital, la vitesse d'ajustement et les cycles de vie de l'entreprise. En fonction de chaque période de son cycle de vie, l'entreprise a des objectifs différents, ce qui conduit à des évolutions importantes sur un plan interne (stratégie d'entreprise, ressources financières
, Avec le troisième article de cette thèse, nous menons la toute première recherche qui fournit un aperçu de la manière dont les entreprises cotées en bourse vietnamiennes adaptent leur structure de, L'entreprise utilise donc différentes ressources et méthodes pour atteindre leurs objectifs
, notre recherche a pour objectif de répondre aux questions suivantes
, La structure de propriété externe (y compris les blocs, la propriété étrangère et publique) a-telle une incidence sur les choix de financement des sociétés vietnamiennes cotées en bourse ?
, Existe-t-il un effet de levier cible ? Dans l'affirmative, avec quelle rapidité les entreprises au Vietnam s'ajustent-elles à l'effet de levier recherché ? Cette vitesse est-elle « homogène
, Est-ce que la question du timing est importante pour les décisions relatives à la structure du capital ? Comment la vitesse d'ajustement en fonction de ratio d
, un des domaines d'étude de la structure du capital qui suscite l'intérêt des chercheurs. Shleifer et Vishny (1986) ont constaté que les principaux actionnaires pouvaient avoir une incidence sur les conflits entre le gestionnaire et les actionnaires car ils étaient fortement incités à surveiller les activités des gestionnaires
, Le gouvernement espère améliorer l'ouverture du marché boursier et éliminer progressivement les obstacles au flux de capitaux
, En effet, les actionnaires minoritaires disposent de droits de vote, de temps et d'intérêts insuffisants, ou n'ont peut-être pas les connaissances et compétences spécifiques pour mener des activités de contrôle de manière efficace par rapport aux détenteurs de blocs. En outre, les grands actionnaires sont susceptibles d'être élus au conseil d'administration (McColgan, 2011). Par conséquent, ils favorisent le financement par emprunt plutôt que par actions, en particulier sur les marchés en développement sur lesquels le mécanisme de protection des investisseurs minoritaires n'est pas encore appliqué. En outre, les grands actionnaires renforcent leur contrôle sur l'entreprise en utilisant de manière excessive les fonds empruntés et en, Lorsqu'on examine la relation entre la propriété de bloc et la structure du capital, certaines études affirment qu'il existe un lien positif, 1988.
, Premièrement, les chercheurs devraient accorder plus d'attention au cycle de vie de l'entreprise lorsqu'ils étudient des questions financières, car la mise en commun de toutes les entreprises qui se trouvent à des stades différents de la vie dans un même échantillon intégré conduira à des biais, voire à des conclusions erronées. Deuxièmement, les dirigeants d'entreprise doivent être conscients de l'effet du cycle de vie afin de prendre des décisions éclairées concernant le financement ou les décisions d'investissement / désinvestissement, ) ont fait valoir que les entreprises ayant d'importants propriétaires de bloc réduisent les coûts d'agence dus à l'asymétrie de l'information, car les actionnaires importantes, 2000.