Tác động của cơ cấu vốn đến hiệu quả tài chính tại các doanh nghiệp niêm yết Việt Nam trong bối cảnh Covid-19

Enterprises need to find ways to improve financial efficiency in the current fierce competition context.Therefore, it is necessary to understand the impact of capital structure on the financial performance of enterprises in the COVID-19 pandemic.The article uses quantitative methods with data from the financial statements of 702 businesses listed on the HNX and HOSE stock exchanges from 2015 to 2022 to analyze the influence of independent indicators.Capital structure includes the ratio of debt to total assets (DTA), the ratio of equity to total assets (EQA), the ratio of long-term debt to total assets (LDA) to financial performance indicators are also measured including return on assets (ROA), return on equity (ROE), return on sales (ROS).In addition, the article uses the asset growth rate indicators GROWTH and Size (SIZE) as two control variables in the model.The results show that the capital structure of the enterprise has no impact on ROS.The variables LDA, SIZE and GROWTH have a positive impact on ROA and ROS.There are differences in financial performance for manufacturing and nonmanufacturing industries as well as the negative impact of the Covid-19 pandemic.