TABLE OF CONTENTS Table of Contents INTRODUCTION 1 Rationale of the research Purposes of the research 3 Research methodology 4 Research subject and scope 5 Research gap Research structure CHAPTER 1: LITERATURE REVIEW 1.1 Overview of Debt Maturity 1.1.1 Definition of Debt Maturity 1.1.2 The Debt Maturity Theory 1.2 Factors affecting Debt Maturity – Theory Developing 1.2.1 Trade-Off Model 1.2.2 Agency Cost 11 1.2.3 Leverage Cost 12 1.2.4 Signaling 13 1.2.5 Information asymmetry 15 1.2.6 Macroeconomics factors 18 CHAPTER 2: DATA AND METHODOLOGY 21 2.1 Data 21 2.2 Empirical models 21 2.2.1 Regression methods: 21 2.2.2 Dependent variables 22 2.2.3 Independent variables 24 2.3 Theoretical hypothesis 29 CHAPTER 3: EMPIRICAL RESULTS OF DEBT MATURITY IN VIETNAMESE FIRMS LISTED ON VIETNAM STOCK MARKET 32 3.1 Overview of firms on the Vietnam Stock Market 32 3.1.1 Introduction of Vietnamese Stock Market 32 3.1.2 Current situation of Vietnamese Stock Market 33 3.2 Empirical results 40 3.3 Robustness checks 47 3.4 Limitation 47 CHAPTER 4: RECOMMENDATIONS OF THE STUDY 51 4.1 Recommendations for firms 51 4.1.1 Direct recommendations 51 4.1.2 Indirect recommendations 55 CONCLUSION 61 REFERENCES 62 ABBREVATIONS Abbreviation Meaning FDI Foreign Direct Investment HOSE Ho Chi Minh Stock Exchange VNINDEX Vietnam Stock Index MSCI Morgan Stanley Capital International FTSE Financial Times and Stock Exchange HNX Hanoi Stock Exchange OLS Ordinary Least Squares regression EPS Earnings per share FEM Fixed Effects Model regression GDP Gross domestic product USD The United States dollar NPV Net Present Value REM Random Effects Model regression LIST OF FIGURES Figure 1.1: The trade-off theory…………………………………………………….10 Figure 3.1: Dramatic fluctuations of Vietnamese Market Example…………… 35 Figure 3.2: Inflation Rate of Vietnam 2012 - 2021 39 LIST OF TABLES Table 1: Variables and Formulation 29 Table 2.1: Statistics of the mean of variables 37 Table 3.1: Descriptive statistical results of the research variable 40 Table 3.2: Correlation coefficient matrix between variables 41 Table 3.3: Debit Maturity Regression Results 43 INTRODUCTION Rationale of the research The choice of debt maturity structure is critical for firms Companies must appropriately balance debt structure, is contingent upon this option The significance of researching a company's debt maturity structure is in developing models that can summarize and forecast the most significant aspects influencing the choice to attain an "optimal" capital structure that enables efficient resource utilization Also, companies can finance themselves through debt or equity, which can be either internal money or stock When they choose debt, they must choose the average weighted maturity of the debt carefully, because making the wrong choice could hurt the market value of the company or put its market position at risk In 1958, Modigliani and Miller developed the first theory of capital structure, demonstrating that in a perfect market, the value of the firm is unrelated to its capital structure, and that taxes, capital costs, information asymmetry, and bankruptcy costs have no effect, but that its value is determined by the value of the assets it possesses However, the problem with Modigliani and Miller's hypotheses is that they are based on unrealistic circumstances According to a recent study by Serrasqueiro, Matias, & Salsa (2016), the tax benefits associated with the use of debt brought significant value to companies, primarily through tax savings Additionally, Miller (1977) analyzed the effect of taxes and concluded that taxes have an influence solely at the macro level, not on individual companies Previously, various theories focused on this choice, expanding into new views and examining the costs and benefits of each, since these new perspectives included taxes, bankruptcy costs, market flaws, and agency costs, among others Among the theories that developed following 1958, two theories on capital structure decisions stood out: the Static Trade-off theory and the Pecking Order theory The Static Trade-off theory (Myers and Robichek, 1965) argues that there is a trade-off when it comes to debt structure selection because while increasing debt increases tax benefits, it also increases bankruptcy costs, and vice versa As a result, there is an optimal capital ratio that maximizes firm value On the other hand, the Pecking Order (Myers, 1984) argues that when information asymmetry exists, enterprises should avoid searching for the best capital structure and instead adhere to a tight order of funding Internal funds are used first, followed by debt issuance and convertible bonds, and finally, stock issuance, implying that more profitable corporations utilize less leverage Following that, Jensen and Meckling (1976) formalized the theory of agency costs, and Myers (1977) demonstrates how debt structure can mitigate them and the resulting problems, such as underinvestment and asset substitution, can be remedied by lowering the average debt maturity This is complemented by Hart and Moore's (1994) theory of maturity matching, with a focus on asset and liability matching Flannery (1986) established the notion of signaling, demonstrating that corporations employ debt maturity to communicate their financial health to the market through the use of short-term debt Taxes were also a significant determinant affecting debt maturity in academic studies, as Brick and Ravid (1985) argued that long-term debt benefited companies through its associated benefits Rollover risk is also a significant factor, as the premise behind it is that corporations with wider yield spreads will avoid issuing long term debt (Gopalan et al., 2014) Leland and Toft (1996) showed that a company's debt weight and its maturity tend to go up together as its leverage goes up Similar to the prior firm-level determinants, the country-level determinants were put to the test, with macroeconomic indicators and the financial and legal systems taking center stage Inflation was one of these, since Wang et al (2010) hypothesized that when inflation rates rise, enterprises will more employ short-term debt to maximize short-term gains According to Jun and Jen (2003), as the yield curve steepens upward, firms will gravitate into short-term debt and vice versa in order to avoid higher yields Even though several theories emerged, and the statistical relevance of additional determinants was established, no unified theory emerged (Terra, 2011) as the empirical results were not consistent The expected results are not exhibiting the expected linear tendencies, with the majority of these theories being tested in the United States of America, with few papers focusing on European countries and even fewer on Asia, Africa, or Oceania, with only China receiving more attention on evaluation Furthermore, these tests are based on periods prior to the 2008 financial crisis and not take into account the changes in the international scene (Correia et al., 2014) In Vietnam, businesses have had many ups and downs over the previous decade Since 2012, Vietnam's economy has risen rapidly and accomplished numerous remarkable feats Companies have had sufficient time to strengthen debt maturity, corporate governance, and debt management Since 2019, however, the Covid-19 outbreak has damaged the global economy badly Since Vietnamese businesses have benefited from extremely cheap interest rates on corporate loans, the structure of debt maturities has changed With the desire to understand the change in debt maturity structure of companies, and at the same time study the investigate the elements influencing debt maturity and the influence of the market on these factors, I decided to choose the topic: "The Determinants of Debt Maturity" case of listed companies in Vietnam Purposes of the research • General objective: This topic aims to study the determinants of debt maturity of the non-financial listed firm on the stock market of Vietnam • Specific objective: - This study will organize and systematize existing theories about the relationship between debt maturity and other variables - This study will assess the current state of the Vietnamese market's performance - This study will illustrate the importance of debt maturity - This study will make recommendations to increase the effectiveness of Vietnamese enterprises' debt usage and the management of debt maturity Research methodology The research uses secondary data The data is collected from Finn Group JSC and consists of 759 non-financial firms listed on the stock market of Vietnam and the General Statistics Office of Vietnam The data used in this research include - Total Assets from 2012-2021 - Total Liabilities from 2012-2021 - Current Assets from 2012-2021 - Earnings Before Interest, Taxes, Depreciation and Amortization from 20122021 - Earnings Before Interest from 2012-2021 - Firm share price from 2012-2021 - Total Tax from 2012-2021 - National Inflation Rate 2012 - 2021 This research uses the following methods: - Descriptive statical analysis - Conducting quantitative research methods to examine financial data, comment on the influence of various variables on firms' debt maturity; statistics, synthesis data and regression according to an econometric model, then analyze and assess the results to clarify the impact in this study Research subject and scope • Research subject: Determinants of debt maturity • Research scope: - Period: from 2012 to 2021 - Scope: Vietnamese non-financial firms listed in HOSE and HNX Research gap The importance of Debt Maturity research has positive effects on the evolution of a company's debt maturity management during economic eras So far, however, there have been no study publications on this topic in Vietnam that cover all companies to provide the most objective perspective In the case of a potential market with a rapid growth rate, such as Vietnam, research on the factors affecting debt maturity is crucial, as it can provide directors with the necessary perspectives during the decision-making process and provide both a theoretical and practical basis for finding solutions for companies In response to this gap in the literature, the author selected the topic "The determinants of debt maturity" for the period 2012-2021, using a sample of 759 non-financial enterprises listed on the Vietnamese market Research structure The research consists of four parts: Chapter 1: Literature review Chapter 2: Data and methodology Chapter 3: Empirical results of debt maturity in Vietnamese firms listed on Vietnam stock market Chapter 4: Recommendations for firms listed on the stock market of Vietnam Due to the limited scope of understanding about finance in general and analytical and statistical skills in particular, some inherent flaws in the implementation of this research are unavoidable I eagerly await all contributions from instructors, professors, and fellows toward the conclusion of the project grow, we discover that the company's liquidity will decrease When the asset maturity grows, it will result in a drop in the loan maturity, which makes sense given that, when it comes to risk, businesses tend to place a greater emphasis on liquidity while reducing asset profitability Administrators should be concerned with the value of a business's fixed assets There is a close relationship between the value of fixed assets, the value of the mortgage, and the value of the loan Long-term debt is more likely if a corporation has more fixed assets and vice versa And the longer the asset is utilized, the greater the need for long-term borrowing At the same time, the management of short-term assets is vitally significant since it affects the liquidity of the company's assets 4.1.2 Indirect recommendations 4.1.2.1 Enhancing project management quality Increasing cash flow, income, and minimizing borrowing costs are crucial for organizations Focus should be placed on project management in terms of both quality and timing by companies Project management is an effective method for bringing structure and predictability to complicated situations A multifaceted approach to project management is required to ensure that a stated supply chain activity is completed on time, within budget, and according to specifications The scope of supply chain project management is both inside and external to the organization As a specialization, it caters to the specific needs of projects that involve the dynamic connections of stakeholders located within and outside of organizations 4.1.2.2 Managing debt efficiently with technology In addition to traditional debt management solutions, presently, many firms around the world are employing technology to manage debt 55 Central to analyzing every investment is determining if the benefit received exceeds the cost of the expenditure In the absence of a debt management solution, the debt management process often entails a team member maintaining a spreadsheet, which appears "free." A debt management system is an additional cost, but the company is sure that the value it provides justifies this expenditure A debt management technology solution that incorporates consultancy support to provide a comprehensive solution, including customized implementation, training, continuing maintenance, and live on-call support, eliminates the need for specialized personnel In addition to providing operational and administrative leverage, such consulting support should bring industry best practices for debt management data collecting, reporting, and workflows, and assist you in applying them in a manner that is most suitable for your firm Due to the fact that few firms have a professional debt management specialist on staff, the time and effort required to properly manage debt internally are enormous and, in most cases, not the greatest use of time Extracting information from loan documents and entering it into a spreadsheet, locating loan documents that are difficult to access, searching through loan documents for answers to specific inquiries, and creating reports all require time that is likely better spent elsewhere Consider, when evaluating the cost of a debt management solution, the degree to which it enables organizations to move staff time away from low-value administrative chores and toward key capabilities that drive profitability Technology is the way forward Significant third-party expenses will be incurred by investors that outsource a portion of their debt management process to counsel, such as abstract drafting In a debt management solution, these duties may be executed more efficiently The ability to identify potential errors might result in significant direct cost reductions, such as reconciling interest payments to ensure accurate billing and identifying errors that are not favorable 56 There will be no costly errors in the annual budget Organization, a crucial component of a debt management solution, decreases the likelihood of errors in the debt management procedure No one intends to neglect to notify a lender of a request for an extension or to miss the deadline for submitting financial statements to a lender These errors can result in events of default and fines, as well as missed opportunities, such as the ability to take advantage of potential springing optionality in loans, a spread decrease, or the capacity to draw additional revenues Errors can harm a company's reputation with lenders With improved internal controls to reduce errors, companies can gain tangible benefits Profitability depends on making the best decisions possible in every aspect of the business Taking more educated, timely, and strategic portfolio selections can enhance profitability and investment returns immediately The ability to regularly track prepayment penalties to support decisions regarding the timing of refinances and sales; considering maturity ladders to stagger debt and reduce takeout risk; and comparing terms offered by various lenders across deals to negotiate the most advantageous terms are examples of how access to information provided by a debt management solution enables companies to make the most informed decisions There is a cost associated with establishing a debt management technology system, and companies should assess this cost within the framework of their budget at the parent, investment vehicle, or asset level In exchange for this spending, companies should realize direct cost savings, as well as operational efficiencies and strategic advantages If the optimal option is selected, the expense will pale in contrast to the advantages 4.2 4.2.1 Recommendations for the Government Market upgrading A market upgrade may not be immediately applicable to the maturity of a loan However, market growth will have indirect beneficial effects on the operations and 57 debt levels of businesses Because market growth is a measure of a company's efficiency and market confidence In the past, notably during the Covid-19 era, the stability of debt maturity ratios has plagued Vietnamese businesses with significant issues This is partially attributable to the fact that enterprises face a range of challenges throughout the loan appraisal process, such as those pertaining to transparency, financial reporting, fluctuating market conditions, etc According to MSCI's criteria for upgrading the stock market, Vietnam still has to enhance seven out of seventeen sectors, including foreign ownership restrictions in conditional fields and the impact of foreign room on the Vietnamese stock market Equal international investment rights pertaining to English information and ownership space; The level of foreign exchange market liberalization Registration to start an account must be approved by the VSD; Market regulations and information flows must be in English; and clearing must be conducted without overdrafts or advances Compared to the Kuwait market, which was just upgraded in 2020, Vietnam still has to meet five upgrading conditions The government has been modifying the law to expedite the process of modernizing the stock market This year, the Vietnamese market will be upgraded from frontier to emerging status However, there are still important factors that the government must prioritize in order to achieve this objective: Vietnam must adopt the global standard of Delivery versus Payment It indicates that the transaction time must be changed from T+2 to T0 It signifies that the stock transaction operation, including settlement, payment, and transfer of ownership, must be completed in a single day This is Vietnam's greatest challenge at the moment Circular 120/2020/TT-BTC was implemented on February 15, 2021, allowing investors to engage in intraday trading after completing a contract with a security business The day trading contract must include a clause allowing the securities firm to engage in mandatory borrowing and buying activities to support payment in the event that there 58 are insufficient transferred securities The contract must define fully the risk, losses, and costs that will be borne by the investors As the technology is still in the experimental phase, various rules accompany it For instance, in each securities firm, investors may only open one trading account per day; day trading is not permitted for odd-lot securities transactions and put-through transactions Prior to the final registration date for shareholders to exercise rights relating to securities codes exchanged during the day, day trading activities are prohibited for a period of five business days The SSC may request the suspension of day trading in order to stabilize the market HOSE aims to finish the KRX system by the end of 202, to months behind schedule due to Covid-19 The Securities and Exchange Commission is currently developing the Central Counterparty Clearing system The Vietnamese government should consider increasing the degree of freedom in the foreign exchange market, reducing the state's administrative intrusion into business activities, creating opportunities for foreign investors to invest more in the market, and fostering an enterprise-friendly environment All of these obligations need the participation of the whole political system Alongside globalization, Vietnam must adapt to the international securities market's Fintech development trend It offers several opportunities for the Vietnamese security market to operate more efficiently and sustainably More customers will be served at a cheaper cost Nonetheless, it is accompanied by greater risk and impediments for the market and regulatory agencies, particularly the risk of system, company structure, and network security This necessitates that authorities, market organizers, and businesses have broader scenarios, responses, and aspirations 4.2.2 Diversifying capital sources with FDI Foreign direct investment (FDI) is crucial for all nations around the globe For developing nations, FDI inflows are particularly vital for growth and worldwide economic integration, as they represent an external force that supplements capital, 59 technology, management capability, business acumen, etc to organize and participate in global supply chains In order to attract investment from transnational corporations, particularly from developed nations such as the United States and the European Union, Vietnam must focus on a number of investor requirements, including Openness, transparency, stability, predictability in terms of institutions, policies, and laws; strict and uniform enforcement of the law; and protection of the legitimate rights of investors Second, for established locales that need to entice high-tech projects, future technologies, and contemporary services: Paying close attention to satisfying the time needs of multinational firms for negotiations, agreement signing, and execution Thirdly, domestic companies must aim to increase their capabilities in all areas, including technology, personnel qualifications, and management Then and only then would FDI companies aid in finishing the production process to fulfill their needs Fourth, evaluate the existing use of FDI in order to develop a suitable plan for adjustment and reorganization; give priority to strategic investors; construct a global production chain; prioritize high-tech enterprises; and transfer technology to Vietnamese companies Fifth, severely regulate investment projects that are not suited to Vietnam's development needs or those are in technologically capable local firm sectors To take advantage of this, Vietnam must resolve major outstanding issues in the near future and implement measures to create a healthy business environment; Guaranteed intellectual property, copyright, commercial rights, and administrative reform to create conditions for European companies in particular and FDI enterprises in general to be granted investment licenses 60 CONCLUSION This study investigates the factors influencing the maturity structure of business debt for listed Vietnamese firms In the theoretical part, a summary of the beginning points for determining the suitable and significant criteria for the corporate debt maturity structure has been presented In the chapter on empirical data, it has been established that long-term debt grows with firm size, debt weight, and asset maturity It has been established that the effects of growth decisions, collateralizable assets, the corporate tax rate, and company-level volatility are statistically insignificant In addition, it was shown that these results are typically similar with those of previous studies on this topic that include a variety of economies In conclusion, the limitations of the results in terms of data, variables, and determining factors were noted With the completion of the research, the thesis has added new evidence to the prior research on business debt maturity This has practical implications for companies in the Vietnamese market as a 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