Factors Influencing Debt Maturity Structure of Real Estate Companies Listed on the Ho Chi Minh Stock Exchange

• 발행기관: 한국유통과학회
• 저자명: Thanh Nha NGUYEN
• 간행물 정보: 『The Journal of Asian Finance, Economics and Business(JAFEB)』The Journal of Asian Finance, Economics, and Business Vol. 9 No.5, 355~363쪽, 전체 9쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2022.05.30

영문 초록

The debt maturity structure has a significant impact on a company’s financial situation. Any debt maturity structure decisions substantially impact investment decisions due to changes in capital cost and dividend decisions due to cash flow consequences. This study used the system generalized method of moment (Sys-GMM) to investigate the debt maturity structure of real estate companies listed on the Ho Chi Minh Stock Exchange (HOSE) in the duration from 2008 to 20019. It found that the firm size, liquidity, and tangible assets affected the decision on debt maturity structure. The tangible asset had the most significant impact on the possibility for companies to access long-term loans. This finding revealed that the majority of the real estate companies listed on HOSE borrowed money from banks. Such decisions are most likely affected by the collateral. Another finding of the study is that financial institutions had a major impact on loan maturity structure, whereas the effects of the financial market were negligible. Besides, the real estate companies listed on HOSE seemed not to pay attention to changes in inflation, economic growth, and institutional qualities when deciding on the debt maturity structure.

목차

1. Introduction

2. Theoretical Framework and Literature Review

3. Research Method

4. Results and Discussion

5. Conclusion

References

키워드

Debt Maturity Structure Financial Development Financial Institutions Institutional Quality