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NHẬN XÉT CỦA GIÁO VIÊN HƯỚNG DẪN



m6MuM7vow:=Ma:j9:8GZIx6:=Y6[e:^R_M8`K7aPWX:=V6U7
YRF:=7l:=cm6M8`K7a8FdeFN:5689:8=g:5:=ow:=T6eMy:QgR
Qz7G[{7T6rMZIx6:78g:M85:87vIy:7aO8|d:8[\Ms:M}:88Wm:=;~:ZI
c5=6pq[•ZIMPF:=QRSM^RNMP}:8:=86O:7kR[€=6pqZI8F5:M85:8j8bdoRs:MSM
:=86rq7•dI}:82
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7N77aG78pGd:8G78|MPF:==g:5:=a:==86rq5#8NMP6€:a:=8a:86
8N:885:8#8SE:8F:=G[{7T6rMƒq8w:=9:;<:=[\:86rMM}:8=6pq[•ZI
MVFIU6[6hRj6r:[€7bM8€86€RM8OIch:=86rqc<7„:=:8WQgRQNMM8…7Me[bo5
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:5K2
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‡6:78g:M85:87vIy:ˆ
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CÁC TỪ VIẾT TẮT SỬ DỤNG

 %8|MPWX:=78k:=j8FN:
 %]6:8Rs:Pw:=MPO:MŠ:=M56Qv:
‹ %]6:8Rs:Pw:=MPO:cS:7Šq8`:
/ %]6:8Rs:Pw:=MPO:;Fd:8M8RM8R`:
#2. %85:8q8S‚89.6:8
Œ %86q89QY;<:=cS:T}:8^Rg:
/ %S:78•Qƒ8iR
# %6r:=6NM8R`:

v:=J2J>%v:=j6€I78k:=T6e:d:=6ToZ”6xZ;dQQZMMPF:=Ia8}:8:];568V:MPO:cS:
7Šq8`:222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222ŽC
v:=J2JJ%v:=j6€I78k:=T6e:dxMPF:=Ia8}:8:];568V:MPO:cS:7Šq8`:22222222222ŽB
v:=J2JC%v:=j6€I78k:=T6e:6^R6;6MKMPF:=Ia8}:8:];568V:MPO:cS:7Šq8`:2 2ŽŽ
v:=J2JB%v:=Ia8}:8:];568V:MPO:cS:78•Qƒ8iRq8l8]q222222222222222222222222222222222222Ž‘
v:=J2JŽ%v:=Ia8}:88‚6^R6MŠ:=:]MPO:cS:78•Qƒ8iR78FT6e:7NT6rM2222222222222222Ž’
v:=J2J‘%v:=;…TNF78FIa8}:8MŠ:=:]MPO:cS:78•Qƒ8iR222222222222222222222222222222222222Ž’
v:=J2J’%v:=Ia8}:88‚6^R6:];568V:MPO:cS:78•Qƒ8iR78FT6e:7NT6rM222222222222ŽD
v:=J2JD%v:=;…TNF78FIa8}:8:];568V:MPO:cS:78•Qƒ8iR2222222222222222222222222222222Ž@
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MỤC LỤC
{Mcu:[h:=86O:7kR%22222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222>
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#8Wy:=q8Nq:=86O:7kR%2222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222J
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>2>2>28N6:6rI222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222C
>2>2J2{7[6€I22222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222B
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>2J2!&'()!
"#2222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222Ž
>2J2>28g:MSTO:MPF:=;Fd:8:=86rq2222222222222222222222222222222222222222222222222222222222222222222222Ž
>2J2>2>2˜R6Ia;Fd:8:=86rq22222222222222222222222222222222222222222222222222222222222222222222222222222222Ž
>2J2>2J28v:H:=M8d:8MFN:7•d;Fd:8:=86rq22222222222222222222222222222222222222222222222222222‘
>2J2>2C2S7[tMH:=MPWƒ:=7•d;Fd:8:=86rq2222222222222222222222222222222222222222222222222222222‘

>2B2>A2];568V:MPO:cS:7Šq8`:2222222222222222222222222222222222222222222222222222222222222222222222222JJ
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J2>2J2‡N7[|:8Ia8}:87N7:8g:MSv:88Wƒ:=[e:7uRMPp7cS:22222222222222222222222222JB
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J2>2J2J2.a8}:88‚6^R6MŠ:=:]MPO:cS:7Šq8`:2222222222222222222222222222222222222222222222J’
J2>2J2C2.a8}:88‚6^R6:];568V:MPO:cS:7Šq8`:222222222222222222222222222222222222222222CB
J2>2C26€I78k:=7N7T6e:j8a:=7b_:=8EdMPF:=Ia8}:82222222222222222222222222222222222CD
J2>2C2>26€I78k:=7N7T6e:j8a:=7b_:=8EdMPF:=Ia8}:88‚6^R6MŠ:=:]
MPO:cS:7Šq8`:222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222CD
J2>2C2J26€I78k:=7N7T6e:j8a:=7b_:=8EdMPF:=Ia8}:88‚6^R6:];568V:
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J2>2B2…TNF78FIa8}:8222222222222222222222222222222222222222222222222222222222222222222222222222222222222222Ž’
J2>2B2>2…TNF78FIa8}:88‚6^R6MŠ:=:]MPO:cS:7Šq8`:222222222222222222222222222Ž’
J2>2B2J2…TNF78FIa8}:88‚6^R6:];568V:MPO:cS:7Šq8`:2222222222222222222222ŽD
J2J2*.+›04-1#2222222222222Ž@
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eMoRs:78Wy:=J%22222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222‘B
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C2>2&##/!!"#2 ‘Ž
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56o6rRM8dIj8vF222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222’A

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…dc5FMN7[t:=7•d7N7:8g:MSv:88Wƒ:=[e:7uRMPp7cS:GZI[\M6e:
85:8xN7[|:8MS7[t[6hR78•:87uRMPp7cS:MV66rMdI2
 Phạm vi nghiên cứu:
#8VI  c6  ch  M8X6  =6d:%  8X6  =6d:  :=86O:  7kR  M¢  :=5K  >C•AJ•JA>J  [e:
J>•AB•JA>J2
#8VIc6chj8a:==6d:%TNF7NFM56789:87•d>ŽA7a:=MK7Šq8`:[W]7:6OI
KeMMPO:JQ5:=6dF;|7878k:=j8FN:#2.c55:t6GxYo_c5q8g:M978QSo6rR
:HIJA>>
 Phương pháp nghiên cứu:
Ÿ:=q8Wy:=q8NqQFQN:8GM8RM8sqQSo6rRTNF7NFM56789:8:HIJA>>7•d
>ŽA7a:=MK7Šq8`:MPF:=MuM7v7N7:=5:8:8W%M8•KQv:Gcs:Mv6GTvF86€IG7yj89GxgK
;…:=G85:=M6OR;l:=L2[W]7:6OIKeMMPO:Q5:78k:=j8FN:#2.GM¢[b;…dMPO:
7N778•M6ORM56789:8[€78VKIa8}:88‚6^RKTŸ:=‹c6Z“Ž2>[€xgK;…:=Ia8}:8
7uRMPp7cS:78F7N7;Fd:8:=86rq6rMdI86r::dK2
 Kết cấu đề tài: =‚IC78Wy:=%
8Wy:=>%8i:=cu:[h7yTv:ch7uRMPp7cS:MPF:=;Fd:8:=86rqc57N7
:8g:MSv:88Wƒ:=[e:7uRMPp7cS:MPF:=M8…7M6‰:;Fd:8:=86rq2
8Wy:=J%‡N7[|:8Ia8}:87N7:8g:MSv:88Wƒ:=[e:7uRMPp7cS:MPF:=
M8…7M6‰:;Fd:8:=86rq6rMdI86r::dK2
8Wy:=C%8RKe::=8|
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CHƯƠNG 1: NHỮNG VẤN ĐỀ CƠ BẢN VỀ CẤU TRÚC VỐN TRONG
DOANH NGHIỆP VÀ CÁC NHÂN TỐ ẢNH HƯỞNG ĐẾN CẤU TRÚC
VỐN TRONG DOANH NGHIỆP

cS:GMPF:=[b:=R‚:cS:cdKQY;<:=[N:=j€2
=R‚:cS:cdKo5:=R‚:cS:M56MP]M¢TO::=F56;Fd:8:=86rqc5;Fd:8
:=86rqq8v6M8d:8MFN:7N7j8Fv:cdKM8ZFM8X68V:7dIjeMc5[‚:=M8X6MPvM6h:o\6cdK
M8ZFo\6QRuMM8†dM8Rs:2=R‚:cS:cdKId:=_:=8Ed^Rd:MPU:=[S6cm6c6r7IƒPt:=
c5q8NMMP6€:Qv:xRuMj6:8;Fd:87•d;Fd:8:=86rq2PF:=7uRMPk7cS:Md78•xeM[e:
:=R‚:cS:cdKMPR:=c5;568V:
d•dK:=z:8V:%
8X6=6d:[NF8V::=z:8y:ItM:HI
\6QRuM7•d:=R‚:cS:cdK:=z:8V:M8WX:=M8uq8y:o\6QRuMcdKMPR:=c5
;568V:;FP•6PFM9:;<:=M8uq8y:
8WX:=[W]7;l:=[€TŠQR:=cS:oWR[t:=
T•dKMPR:=c5;568V:%
- Thời gian đáo hạn dài hơn 1 năm
\6QRuMcdKMPR:=c5;568V:M8}7dF8y:o\6QRuMcdK:=z:8V:;FP•6PF7dF
8y:2
8WX:=[W]7;l:=[€TŠQR:=78FcS:xgK;…:=7yTv:8dKIRdQzIM56
Qv:7S[|:8
=R‚:cS:cdK:5K7bM8€[W]78RK[t:=M¢7N7MŠ78k7M56789:8G:=g:
85:=8dKc6r7q8NM85:8MPN6q86eR26r7;Fd:8:=86rqQY;<:=oFV6:=R‚:cS:cdK:5K
:86hR8dK9MM8}7w:MlKM8Rt7c5F[{7[6€I7•d;Fd:8:=86rq[d:=ƒMPF:==6d6[FV:
:5FMPF:=78Rj™Qv:xRuMj6:8;Fd:82
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1.1.2.2. Nguồn vốn chủ sở hữu
S:78•Qƒ8iRo57N7:=R‚:cS:M8Rt7Qƒ8iR7•d78•;Fd:8:=86rqc57N7
M85:8c6O:MPF:=7a:=MKo6O:;Fd:88F{77N77Š[a:=MPF:=7N77a:=MK7Šq8`:2
bC:=R‚:MVF:O:cS:78•Qƒ8iR%QSM6h:=bqcS:7•d7N7:85[`RMWGMŠ:=
QSM6h:MVFPdM¢jeM^Rv8FVM[t:=Qv:xRuMj6:8;Fd:8•o]6:8Rs:78Wdq8g:q8S6žc5
78O:8or78[N:8=6NoV6M56Qv:2
S:78•Qƒ8iRTdF=‚I%cS:j6:8;Fd:8•cS:=bqc5o]6:8Rs:78Wd786džG

orM8d:8j8Fv:7dF7bM8€QY;<:=:86hR:]cdK;F7a:=MK7bM8€MPv7N7j8Fv::]cdK
:=z:8V:j86[e:8V:28WcsK7b:=8Edo5M9:8M8d:8j8Fv:7•d7a:=MK7b^Rd:8rM•
orM8Rs:•¥žcm6:]cdK2.{Mj8N7G7N77a:=MK7b:86hRM56Qv:M8d:8j8Fv:7bM8€QY
;<:=7N7M56Qv::5KM56MP]78F7N7j8Fv:[`RMW7•dI}:82FcsKGM9:8M8d:8j8Fv:
7•d7a:=MK7b^Rd:8rM•or:=8|78•žcm6[w:TšKM56789:8.
1.2.1.3. Tốc độ tăng trưởng của doanh nghiệp
8g:MSj8N7I5v:88Wƒ:=[e:7uRMPp7cS:o5M6hI:H:=MH:=MPWƒ:=2.S6
^Rd:8r;Wy:==6id7y8t6MH:=MPWƒ:=c5:]78FM8uK7b7l:=IS6^Rd:8rcm67N7
:Wm7q8NMMP6€:8gRR28ZFM8RKeM[N:8[Š67uRMPp7cS:G7N77a:=MK[d:=:zI=6i
7y8t6MH:=MPWƒ:=MPF:=MWy:=od6M8}QY;<:=9M:]QFcm67N77a:=MK7b:86hRM56Qv:
8iR8}:8Gc}7y8t6MH:=MPWƒ:=o5ItMM56Qv:ca8}:82
8WX:=[W]7[FoWX:=TŸ:=78•QSFT6:©Q˜•M•or=6NMP|M8|MPWX:=MPO:=6N
MP| QŠQN787•dMŠ:=M56Qv:ž2N77a:=MK7bMP6€:cU:=MH:=MPWƒ:=MPF:=MWy:=od6
M8WX:=;…dc5FM56MP]TŸ:=cS:78•Qƒ8iR26hR:5K7bM8€=6v6M8978TŸ:=M8RKeM786
q89cu:[h:=WX6[V6;6r:•d=Z:7K7FQMQž28ZF.KZPQ•>@DBžG:eRItM7a:=MK7b[w:
TšKM56789:87dFM8}7N77Š[a:=7•d7a:=MK7bj8RK:88Wm:=j8a:=[`RMW:86hRc5F
7N7;…N:7•d7a:=MKTƒ6c}o]6:8Rs:M¢7N7j8Fv:[`RMW:5KQª7bo]678F7N778•:]
8y:o578F7N77Š[a:=28i:=786q89:8WcsKPuM[N:=j€c5:eR:8WcsK7N77a:=MK
MH:=MPWƒ:=7dFcm6:86hR;…N:Q6:8oX6M8WX:=;…dc5FcS:78•Qƒ8iR:86hR8y::]
cdK2FcsKG[w:TšKM56789:87bIS6^Rd:8rM•or:=8|78•žcm67y8t6MH:=MPWƒ:=2
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1.2.1.4. Tấm chắn thuế của doanh nghiệp
PF:=M8…7Mej6:8;Fd:8GItMo]6M8e7•dc6r7QY;<:=cS:cdKo5M6eM=6vI
[W]7M8ReM8R:8sq;Fd:8:=86rq2=WX6Md:b6PŸ:=cS:cdK[\MVFPdItM¡uI78z:
M8Re£78F;Fd:8:=86rqG:8X[bMVF:O:86rR^Rvj6:8;Fd:8:b678R:=o57dF8y:QF
cm678•QY;<:=cS:7•d789:8;Fd:8:=86rqG8dK7w:=U6o5cS:78•Qƒ8iR2RK:86O:G
j8Fv:=M8Re[W]7=6vIM¢j8uR8dF[W]7=U6o5MuI78z:M8Rej8a:=q8v6M¢:]2
Z:=ZoFc5.dQRo6Q•>@DAžMPd:87\6PŸ:=MuI78z:M8Rej8a:=q8v6M¢j8uR8dFQª
M8dKM8e78Fo]6978M8ReM¢c6r7M56MP]:]c5;Fd:8:=86rqcm6MuI78z:M8Rej8a:=

1.2.2.1. Thuế suất thuế thu nhập doanh nghiệp
W]7[FoWX:=TŸ:=j8Fv:M8Re7a:=MKq8v6:tqMPO:M8R:8sqMPWm7M8Rec5
o\6cdK•‹ž7•d7a:=MKGMk7o5Ik7M8ReM8…7Q…I57a:=MKq8v6:tq2N77a:=MK
7bIk7M8ReM8…7:tq7dFQªQY;<:=:86hR:]cdK[€Ms:;<:=MuI78z:M8ReG;FcsK
M8Re7b^Rd:8rM•orM8Rs:•¥žcm6[w:TšKM56789:826NMP|7•dMuI78z:M8ReMVF
:86hRMPd:8oRs:26eMj6rIM8RePw:=M¢:]cdKQªTŸ:=M8ReQRuMT6O:MeM8ReM8R:8sq
;Fd:8:=86rq:8g:cm6786MPvo\6M¢78k:=j8FN::]2`R8eM7N7:85j6:8Me[hRM6:
MWƒ:=c5Fo]69787•dMuI78z:M8Re2RK:86O:GMPF:=M8…7Me7bPuM:86hR;Fd:8:=86rq
7bo]6:8Rs:7dF:8W:=:]M8}=`::8Wj8a:=7b28W:=:]cdK7bM8€o5o]6M8ecm6
;Fd:8:=86rq:5K:8W:=MPN6oV6cm67N77a:=MKj8N7j86I5o]6:8Rs:M8Rchj8a:=[•
Tl[zq78F7N7786q89o\6cdK2
1.2.2.2. Lãi suất kỳ vọng thị trường
eRo\6QRuMcdKQªMH:=c5c6r7cdK:]QªMPƒoO:j8bj8H:M8}:=dKop7:5K
q8v6MH:=[t:=86O:=7•d[w:TšKM56789:825:=W]7oV6:eR;…[FN:o\6QRuMQª=6vI
M8}q8v67bje8FV78=6vI8dK8F\:c6r7cdK:]86r:MV62\6QRuMj™cU:=M8|MPWX:=
75:=7dFo5I78F7N7:85[`RMWj™cU:=c5Fo]6:8Rs:7•d;Fd:8:=86rq7dFo5I78F
7N7;Fd:8:=86rq={q:86hRj8bj8H:MPF:=c6r7M6eq7s::=R‚:cS:MPF:=j868FVM
[t:=Qv:xRuMj6:8;Fd:8:=5K75:=7V:8MPd:8:=5K75:=j8b7j6rMj6:8;Fd:8:=5K
75:=j8bj8H:o5I78F;Fd:8:=86rq[{MI<7M6ORo]6:8Rs:MH:=oO:2
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1.2.2.3. Đánh giá xếp hạng doanh nghiệp
N7:8578FcdKc57y^Rd:xeq8V:=MPN6q86eRM8WX:=[|:8Pd7N7=6m68V:
78Fc6r7o…d78U:7uRMPp7cS:7•d;Fd:8:=86rq:8Wo5ItM[6hRj6r:[€7R:=7uqM9:
;<:=8dKMP}xeq8V:=7•dMPN6q86eR8F{77Šq8`:WR[\62 Đánh giá tín dụng ước
tính giá trị tín dụng của ItM7N:8g:GMsq[F5:G8F{7M8sI789o5ItM^RS7=6d2
‡eq8V:=M9:;<:=[W]7M9:8MFN:M¢o|78QYM}:88}:8M56789:8c5:8i:=M56Qv:86r:
MV6GMPN78:86rIq8Nqo_28a:=M8WX:=GItM[N:8=6NM9:;<:=7R:=7uqM8a:=M6:ItM
:85[`RMW8F{7:=WX678FcdKj8v:H:=7•d78•M8€I57bM8€M8d:8MFN:M6h:cdK2
1.2.2.4. Chính sách quản lý của nhà nước

:=86rqq8v678p_[e:M9:86rR7bM8€7bch7N7c6‰:7v:8M8R:8sqMWy:=od6c586r:MV6
7•d;Fd:8:=86rq7„:=:8W7N7;…[|:87•d=6NI[S7I5=6dF;|78[W]7[hxRuMQª
78RK€:[e:M8|MPWX:=2
1.3. CÁC MÔ HÌNH LÝ THUYẾT VỀ CẤU TRÚC VỐN HIỆN ĐẠI
1.3.1. Theo quan điểm truyền thống
˜Rd:[6€Ich7uRMPp7cS:MPRKh:M8S:=78FPŸ:=j86ItM;Fd:8:=86rqTzM
[`RcdKIW]:GM8Rs:o]6cW]MMPt68y:TuMo]6286q89:]M8uqGjeM8]qcm6M8Rs:o]6ch
M8ReQªj86e:Œ•86q89cS:T}:8^Rg:=6d^RKh:ž=6vIj86:]MH:=2
RK:86O:Gj86M•or=6idcS::]c5cS:/MH:=GMN7[t:=7•dM•orcS:cdK
QFcm6MŠ:=cS:TRt77N7/MH:=o]6Mk7KOR7`R7•d8U•:=8Edo5786q89/
MH:=ž2'Ik7M•orcS::]c5/7dFG786q89:]7„:=MH:=Tƒ6c}j8v:H:=;Fd:8
:=86rqj8a:=MPv[W]7:]o57dF8y:•:=RK7yq8NQv:7dF8y:ž2}csKGƒIk7M•QS
=6idcS::]c5/7dF8y:GŒQªMH:=2
u:[h789:87•d^Rd:[6€IMPRKh:M8S:=o5j8a:=7bItMo_M8RKeM7yQƒM8€
86r:786q89/:O:MH:=TdF:86OR;FM•or=6idcS::]c5/8dK786q89:]
:O:MH:=TdF:86OR;F:=RK7yc•:]2
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1.3.2. Lý thuyết cấu trúc vốn của Modilligani và Miller (mô hình MM)
PN6cm6^Rd:[6€IMPRKh:M8S:=G.F;6oo6=d:6c5.6ooZP•>@ŽDž[\M}I86€R
xZI786q89cS:MH:=8dK=6vIj86ItM;Fd:8:=86rqMH:=8dK=6vIcdKIW]:2
€78k:=I6:8ItMo_M8RKeMj8vM86G.F;6oo6=d:6c5.6ooZP• ž[\[WdPd
ItMQS:8i:==6v[|:8[y:=6v:8FNPuMq8ŠT6e:MPF:=o_M8RKeMchM56789:8%8U=6v
[|:8o5M8|MPWX:=cS:o58F5:8vFGc}csKQªj8a:=7b7N7786q89=6dF;|78c5M•orcdK
=6S:=:8WM•or78FcdKc5TŸ:=cm6M•orcdKI6‰:q89¦c6r7[N:8M8Re[W]7T†^Rdc5
:=RK7y[W]7M9:88F5:MF5:TŸ:=M9:8j8a:=Š:[|:87•d7N7oR‚:=M6h:2
eRM8|MPWX:=cS:o58F5:8vFG MPd:8oRs:PŸ:=M8eM8}7N7;Fd:8:=86rq
7b:=RK7yj6:8;Fd:8=6S:=:8dRc5M6h:o\6IF:=[]685:=:HI=6S:=:8dRq8v67b
MŠ:==6NMP|=6S:=:8dRTuM78uq7uRMPp7cS:Tƒ6c}=6NMP|7•dItM;Fd:8:=86rqq8v6
q8<M8Rt7c5F=6NMP|86r:MV67•d7N78FVM[t:=7•d:bGj8a:=q8v6;…dMPO:7N78M8k7

8WcsKGM8ZFIa8}:8M8Re •>@‘Cž7uRMPp7cS:7bo6O:^Rd:[e:=6NMP|
7•d;Fd:8:=86rq2/Y;<:=:]75:=7dFM8}=6NMP|;Fd:8:=86rq75:=MH:=c5=6dMH:=
[e:MS6[dj86;Fd:8:=86rq[W]7M56MP]>AA-:]2
1.3.3. Thuyết quan hệ trung gian
eM7uRcS:7bM8€v:88Wƒ:=[e:7N7cu:[hMPR:==6d:c57N7cu:[hMPR:=
=6d:7boª7„:=v:88Wƒ:=[e:^RKeM[|:8jeM7uRcS:28RKeM:5K[WdPd8d6=6vM8RKeM
7bo6O:^Rd:78{M78ªc5MN7[t:=o~::8dR2bo5jeM7uRcS:v:88Wƒ:=:8WM8e:5F
[e:7N7cu:[hMPR:==6d:c5:=W]7oV6G7N7cu:[hMPR:==6d:v:88Wƒ:=:8WM8e:5F
[e:jeM7uRcS:2
1.3.4. Kết cấu vốn và các vấn đề trung gian
6vM8RKeMPŸ:=oWRoW]:=M6h:I{MM…;F=gK:O:cu:[hMPR:==6d:289:8c}
M8eGQ…=6dMH:=MPF:=Ik7[tcdKIW]:78F7N7;Fd:8:=86rqcm6oWRoW]:=M6h:I{MM…
;F78z778z:Qª=6vI[67N7cu:[hMPR:==6d:c}:bTRt7Td:^Rv:MP|q8v6xRuMPdItM
j8Fv:M6h:I{M^RNIk728RKeM^Rd:8rMPR:==6d:MVFPdo]6:8Rs:j8N7M¢M6h:78F
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cdK:=F56j8Fv:MP]7uq;F[N:8M8Re2N7;Fd:8:=86rqcm67N7cu:[hMPR:==6d:om:
[`KM6hI:H:=•^RKh:Qƒ8iRcS:[`RMWM8uqTƒ6Td:^Rv:MP|GQ…[h:Tl7S[|:878F
Td:^Rv:MP|G7N77a:=MK7bM6h:I{MM8uqžQªMVFPd:86hRo\678F7Š[a:=Tƒ6c6r7MH:=
M6h:cdKIW]:289:8c}csK[\:vKQ6:8IgRM8R~:=6id:85^Rv:o_c57N77Š[a:=2
86cdKIW]:[€[`RMW7b86rR^RvM8}7N7:85^Rv:o_j8a:=[W]78Wƒ:=MF5:Tto]6
:8Rs:M¢8FVM[t:=[b:8W:=8Uq8v678|RMF5:Tt786q8978F8FVM[t:=o5IMH:=o]6
:8Rs::5K2
…TNF%H:=M6h:78FcdKQªo5I=6vIoWRoW]:=M6h:I{MM…;F26vIoWR
oW]:=M6h:M…;FQª=6vI:8i:=Q…[`RMW# M6OR7…726vI:8i:=Q…[`RMW#
M6OR7…7Qªo5IMH:==6NMP|;Fd:8:=86rq•[{7T6rM[S6cm6;Fd:8:=86rqom:7bM6h:
I{Mž2
6€I7SMKeRo57N78FVM[t:=o6O:^Rd:[e:cdKIW]:[W]7xZI:8W[6€I
IuR78SM7•d8FVM[t:=;Fd:8:=86rqG:b[w68†6Td:^Rv:MP|q8v6[6hR85:8;Fd:8
:=86rq7b86rR^Rv:8ŸIMPN:8:8i:=jeM^RvM6OR7…7j8a:=M8€MPvo\67N7j8Fv::]

xRS:=M8}c6r7QY;<:=:]Qª7bMN7[t:=:=W]7oV6c57bM8€;~:[e:78±q8NQv:2
PF:=^RNMP}:8q8NQv:Qªq8NMQ6:87N7j8Fv:786q89:8W786q89q8Nqo_c5786q89
85:8789:8Gc57N7j8Fv:M86rM8V67•d;FM86eRQ…c•:]:O::]om:TRt77N7:85
^Rv:o_T†^Rd7N77N77y8t6[`RMW7boX6 (Myers, 1977)286q89[b=U6o5786q89
j8N:8Ms:M56789:82N7786q89j8N:8Ms:M56789:87dF8y:78FM8uK:86hRcS:7Šq8`:
8y:MPF:=7uRMPp7cS:2
8RKeM786q89MPR:==6d:M8}78FM8uK7N7cu:[hMPR:==6d:7bM8€o5:=RKO:
:8g:78F:86hR8dK9M:]8y:2˜RN:86hRcS:7Šq8`:7bM8€;~:[e:;w:=M6h:I{MM…
;Fc5IgRM8R~:cho\6Go]6978=6id7N7:85^Rv:o_c57Š[a:=•Jensen, 1986ž2]^RN
:86hR7bM8€;~:[e:j_^RnM56Qv:c5IgRM8R~:cho\6Go]6978=6id7N7:85^Rv:o_c5
MPN678• (Fama và Miller, 1972; Jensen và Meckling, 1976)2S6cm6IgRM8R~:=6id
:85^Rv:o_c57Š[a:=GIgRM8R~:q8NMQ6:8:=WX6^Rv:o_Qƒ8iR9M8y:>AA-/2
86[bG8Uj8a:=[W]78Wƒ:=MF5:Tto]6:8Rs:M¢8FVM[t:=[`RMWI58UoV6q8v6
=N:878|RMF5:Tt786q89M¢8FVM[t:=[`RMW[b2}csKG[\q8NMQ6:87N7786q89MPR:=
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Khóa luận tốt nghiệp GVHD: PGS.TS. Lê Thị Lanh
=6d:[€=6NIQNM8FVM[t:=c58V:78e7N785:8c6j8a:=IF:=IRS:2S6cm6IgR
M8R~:=6id:85^Rv:o_c5MPN678•q8NMQ6:8j867N7MPN678•oFQ]7N7j8Fv:cS:78F
cdK7•dI}:8j8a:=M8€M8R8‚6j86jeM^Rv[`RMWj8a:=86rR^Rv;FMPN78:86rI8iR
8V:7•d7N7j8Fv:[`RMW2}csKGq8NMQ6:87N7j8Fv:786q89MPR:==6d:7•d:85^Rv:
o_;Wm68}:8M8k7786q89:]cdK7dF:8ŸI=6NIQNM7N7q8v6MRg:M8•7N7[6hR
j8Fv:MPF:=8]q[‚:=cdK2=F56PdG7N7[6hRj8Fv:MPF:=8]q[‚:=cdK7„:=8V:78e
:86hRo]69787•d2
8RKeM7g:TŸ:=xN7[|:8jeM7uRcS:MS6WRTŸ:=7N787t:=M8OIc5FIa
8}:8.F;6oo6=d:6c5.6oZP•>@ŽDž7N7KeRMSq868F5:8vFj8N7:8dRGTdF=‚IM8ReG786
q89j8N:8Ms:M56789:8c5786q89MPR:==6d:GQF:=c~:j8a:=IuM[67N7=6v[|:8M9:8
86rR^Rv7•dM8|MPWX:=c5M8a:=M6:7g:TŸ:=28WcsKGMN7[t:=MŠ:=8]qCKeRMS%
M8ReG786q89j8N:8Ms:M56789:8c5786q89MPR:==6d:j86QY;<:=:]cm6:8i:=MN7
[t:=:=W]7786hR:8dR8}:8M85:8o_M8RKeM7uRMPp7M56789:8MS6WR2
8}:78R:=Gc6r7[Wd786q89j8N:8Ms:M56789:8c5786q89MPR:==6d:c5F

8WcsKG.KZPQc5.d§oR”78FPŸ:=Qªj8a:=7bItM7uRMPp7cS:MS6WRcm6
7N7;Fd:8:=86rq2
1.3.8. Thuyết điều chỉnh thị trường
8RKeM[6hR78•:8M8|MPWX:=78FPŸ:=M8RKeM7uRMPp7cS:[W]7;…dMPO:[6hR
78•:8M8|MPWX:=o5oX6=6v6M8978M…:86O::8uM28RKeM:5K[y:=6v:o57uRMPp7cS:q8NM
MP6€::8WItMjeM^Rvo6O:M6eq7•d:8i:=:±o…7MPWm7[gK:8ŸI[6hR78•:8M8|MPWX:=
7Šq86eR2
bJIa8}:8[6hR78•:8M8|MPWX:=7Šq86eR;~:[e:Ia8}:87uRMPp7cS:2
8k:8uMo5Ia8}:87•d.KZPQc5.d§oR”•>@DBžcm67N7:85^Rv:o_c57N7:85[`RMW
[`Ko_MP9c57N7786q89o…d78U:TuMo]6j8N7:8dR=6id7N7;Fd:8:=86rqc5j8Fv:=
M8X6=6d:j8N7:8dR2R7dQc5.7F:do;•>@@Ažc5FPd§7µKjGR7dQGc5.7F:do;
•>@@Jž:=86O:7kRo…d78U:TuMo]6j8N7:8dRM8ZFj8Fv:=M8X6=6d:j8N7:8dR2#8l
8]qcm6:8i:=78RKr::5KGFPd§7µKjc5:8i:=:=WX6j8N7•>@@>ž:8s:M8uKPŸ:=7N7
SVTH: Nguyễn Triệu Phú >‘
Khóa luận tốt nghiệp GVHD: PGS.TS. Lê Thị Lanh
;Fd:8:=86rq7bxR8Wm:=M8a:=TNFc6r7q8NM85:87Šq86eRM8ZFQdRc6r7[H:=M6:G
:8W  M8e  Qª  o5I  =6vI  [6  M9:8  q86  [S6  xk:=  7•d  M8a:=  M6:2  y:  :idG  dKoZQQ  c5
8dqo6:QjK•>@@‘ž:8s:M8uKc6r7q8NM85:87Šq86eRMsqMPR:=c5F=6d6[FV:v:8
8Wƒ:=7•dM8a:=TNF:8†8y:2eR7N7786q89q8NMQ6:8M¢7uRMPp7cS:MS6WR:8†QF
cm6;dF[t:=7RS67l:=MPF:=786q89q8NM85:8G:8i:=;dF[t:=MPWm7[gKMPF:=M•or
=6N7vM8|MPWX:=QFcm6=6N7vMPO:QŠQN78QdR[b7bMN7[t:=ogR;562
.a8}:8M8k8d67•d[6hR78•:8M8|MPWX:=7Šq86eR7bo6O:^Rd:[e:7N7:85
[`RMWj8a:=[•o_MP9•8dK7N7:85^Rv:o_žc5[|:8=6NQd6MPF:=7N7j8Fv:M8X6=6d:
j8N7:8dR•8dKQ…dI86€Rch[|:8=6NQd6ž2N7:85^Rv:o_q8NM85:87Šq86eRj868U
M6:PŸ:==6NMP|7•d:bM8uqc5IRdoV67Šq86eRj868UM6:PŸ:==6NMP|7•d:b7dF2=W]7
oV6=6N7vM8|MPWX:=QFcm6=6N7vMPO:QŠQN78[W]7T6eMPuMP²o57b^Rd:8rcm6M6h:o\6
7Šq86eRMWy:=od6Gc57N7=6NMP|MRKrM[S67•d=6N7vM8|MPWX:=QFcm6=6N7vMPO:QŠ
QN78[W]7o6O:jeMcm6:8i:=IF:=[]6^RNxd7•d7N7:85[`RMW2eR7N7:85^Rv:o_
c~:7Sj8d6:8i:=IF:=[]6^RNxd:8WcsKGc6r7q8NM85:87Šq86eRM8…7MeQª7bo6O:
^Rd:M9787…7cm6=6N7vM8|MPWX:=QFcm6=6N7vMPO:QŠQN78G[gKo5ItMMPWX:=8]q