After a decade of reforming policy, building and developing the multi-sector market economy, Small and Medium Enterprises (SMEs) in Vietnam have developed strongly and contributed to creating employment, increasing GDP, and raising the nation’s volume of exports. However, SMEs have found difficulties on the way to development due to lack of management experience and financial resources, and due to uncertainty within the business environment. As a result, SMEs often faced obstacles during their operations. This thesis examines the relationship between financial management and profitability of SMEs to determine whether financial management practices and financial characteristics impact on SME profitability. Objectives of the thesis are (1) to investigate and describe features of financial management practices and financial characteristics of SMEs in Vietnam, (2) to develop and test a model of SME profitability, and (3) to contribute knowledge of the relationships between financial management and characteristics to improve SME profitability by using tools of efficient financial management. In terms of structure, the thesis has six chapters. The thesis begins by defining the research problem and questions, and providing a justification for the research study. Chapter one also reviews the research background, and presents definitions of terms, significance and scope of the study. Chapter two examines the economic background, business structure and the development of SMEs in Vietnam. This chapter also reviews previous research related to financial management for SMEs in Vietnam to identify gaps between financial management for SMEs in Vietnam and financial management for SMEs worldwide. Chapter three reviews financial management including financial management practices, financial characteristics and profitability of SMEs around the world, especially in the developed economies such as the United States of America (USA), the United Kingdom (UK), Australia and Canada. This review emphasizes profitability and the impact of financial management practices and financial characteristics on SME profitability. Objectives of this chapter are to review previous research related to the areas of financial management practices, financial characteristics, and profitability of SMEs and to build a model of the impact of financial management practices and financial characteristics on SME profitability. Chapter four discusses aspects of the research methodology including research design, data collection and data analysis methods, and hypothesis testing to support the model. Objectives of this chapter are: (1) to justify the research methodology of this study, (2) to explain research methodology used in the study, and (3) to demonstrate how research design, and data collection and analysis can be utilized in this study to answer the research questions outlined in the chapter 1. Data analysis and findings are presented in chapter five. This chapter presents descriptive findings of financial management practices, financial characteristics and SME profitability and findings of the research study related to testing the model of SME profitability. Objectives of this chapter are (1) to systematically present the descriptive findings of the research study, (2) to interpret significance of these findings based on data analysis, (3) to present the results of testing the model of SME profitability, and (4) to explain how the model, developed from a literature review, was supported by data analysis. Finally, the thesis ends with chapter six where conclusions are summarized and applications of the research findings are indicated for the financial management practitioners. The thesis provides descriptive findings of financial management practices and financial characteristics and demonstrates the simultaneous impact of financial management practices and financial characteristics on SME profitability. In addition, the research study provides a model of SME profitability, in which profitability was found to be related to financial management practices and financial characteristics. With the exception of debt ratios, all other variables including current ratio, total asset turnover, working capital management and short-term planning practices, fixed asset management and long-term planning practices, and financial and accounting information systems were found to be significantly related to SME profitability. With the findings as presented above, this research study provides many implications for financial management practices and contributes to knowledge of financial management of SMEs. The model of SME profitability can be used as guidance for actions to improve the profitability of SMEs in Vietnam.

本研究以2002年至2010年4底前辦理私募增資之上市（櫃）公司為研究對象，探討公司財務特性對私募折價幅度之影響。研究結果顯示， 私募金額占公司市值比例與無形資產價值愈高，象徵公司價值的衡量愈複雜，私募應募人在衡量私募公司價值時需付出的較高成本，折價幅度將較高。再者，當私募目的指出私募公司有新的投資機會時，私募之折價幅度將較小；另外，私募公司股東權益報酬率愈高，代表私募公司利用現有資源效率較高，折價幅度愈低；而私募公司負債對股東權益比愈大，其長期償債能力較差，營運風險也會提升，所以應募人會要求較高折價幅度以補償此風險；當私募公司有發生財務危機可能時，應募人也會要求較高折價補償其所承受之風險。因此，私募折價幅度與公司資訊成本、投資機會及營運風險程度有密切關聯。 / This study examines the effects of financial characteristics on price discounts in private placement. Based on the Market Observation Post System, the sample includes private placements of all listed and OTC firms in Taiwan during 2002 to April of 2010. The empirical evidence shows that discounts will be larger when private placement size is large relative to firm size. Intangible assets are difficult to value and therefore private placement investors will require larger discounts as compensation. If the issuer’s purposes of private placement indicate the availability of positive NPV investment opportunity to the firm then the discount will be smaller. In addition, the ROE variable has significant and negative association with discounts. This is consistent with the expectation that investors will assess the quality of the firm’s existing assets to form an opinion on risk and expected return of their private equity investment. On the other hand, high debt levels as measured by debt to equity result in higher discounts. Moreover, the existence of financial crisis is positively associated with discounts. In a word, the size of the discount to current market price is strongly related to proxies for the quality of the firm’s financial characteristics, future prospects and risk.

After a decade of reforming policy, building and developing the multi-sector market economy, Small and Medium Enterprises (SMEs) in Vietnam have developed strongly and contributed to creating employment, increasing GDP, and raising the nation’s volume of exports. However, SMEs have found difficulties on the way to development due to lack of management experience and financial resources, and due to uncertainty within the business environment. As a result, SMEs often faced obstacles during their operations. This thesis examines the relationship between financial management and profitability of SMEs to determine whether financial management practices and financial characteristics impact on SME profitability. Objectives of the thesis are (1) to investigate and describe features of financial management practices and financial characteristics of SMEs in Vietnam, (2) to develop and test a model of SME profitability, and (3) to contribute knowledge of the relationships between financial management and characteristics to improve SME profitability by using tools of efficient financial management. In terms of structure, the thesis has six chapters. The thesis begins by defining the research problem and questions, and providing a justification for the research study. Chapter one also reviews the research background, and presents definitions of terms, significance and scope of the study. Chapter two examines the economic background, business structure and the development of SMEs in Vietnam. This chapter also reviews previous research related to financial management for SMEs in Vietnam to identify gaps between financial management for SMEs in Vietnam and financial management for SMEs worldwide. Chapter three reviews financial management including financial management practices, financial characteristics and profitability of SMEs around the world, especially in the developed economies such as the United States of America (USA), the United Kingdom (UK), Australia and Canada. This review emphasizes profitability and the impact of financial management practices and financial characteristics on SME profitability. Objectives of this chapter are to review previous research related to the areas of financial management practices, financial characteristics, and profitability of SMEs and to build a model of the impact of financial management practices and financial characteristics on SME profitability. Chapter four discusses aspects of the research methodology including research design, data collection and data analysis methods, and hypothesis testing to support the model. Objectives of this chapter are: (1) to justify the research methodology of this study, (2) to explain research methodology used in the study, and (3) to demonstrate how research design, and data collection and analysis can be utilized in this study to answer the research questions outlined in the chapter 1. Data analysis and findings are presented in chapter five. This chapter presents descriptive findings of financial management practices, financial characteristics and SME profitability and findings of the research study related to testing the model of SME profitability. Objectives of this chapter are (1) to systematically present the descriptive findings of the research study, (2) to interpret significance of these findings based on data analysis, (3) to present the results of testing the model of SME profitability, and (4) to explain how the model, developed from a literature review, was supported by data analysis. Finally, the thesis ends with chapter six where conclusions are summarized and applications of the research findings are indicated for the financial management practitioners. The thesis provides descriptive findings of financial management practices and financial characteristics and demonstrates the simultaneous impact of financial management practices and financial characteristics on SME profitability. In addition, the research study provides a model of SME profitability, in which profitability was found to be related to financial management practices and financial characteristics. With the exception of debt ratios, all other variables including current ratio, total asset turnover, working capital management and short-term planning practices, fixed asset management and long-term planning practices, and financial and accounting information systems were found to be significantly related to SME profitability. With the findings as presented above, this research study provides many implications for financial management practices and contributes to knowledge of financial management of SMEs. The model of SME profitability can be used as guidance for actions to improve the profitability of SMEs in Vietnam.

After a decade of reforming policy, building and developing the multi-sector market economy, Small and Medium Enterprises (SMEs) in Vietnam have developed strongly and contributed to creating employment, increasing GDP, and raising the nation’s volume of exports. However, SMEs have found difficulties on the way to development due to lack of management experience and financial resources, and due to uncertainty within the business environment. As a result, SMEs often faced obstacles during their operations. This thesis examines the relationship between financial management and profitability of SMEs to determine whether financial management practices and financial characteristics impact on SME profitability. Objectives of the thesis are (1) to investigate and describe features of financial management practices and financial characteristics of SMEs in Vietnam, (2) to develop and test a model of SME profitability, and (3) to contribute knowledge of the relationships between financial management and characteristics to improve SME profitability by using tools of efficient financial management. In terms of structure, the thesis has six chapters. The thesis begins by defining the research problem and questions, and providing a justification for the research study. Chapter one also reviews the research background, and presents definitions of terms, significance and scope of the study. Chapter two examines the economic background, business structure and the development of SMEs in Vietnam. This chapter also reviews previous research related to financial management for SMEs in Vietnam to identify gaps between financial management for SMEs in Vietnam and financial management for SMEs worldwide. Chapter three reviews financial management including financial management practices, financial characteristics and profitability of SMEs around the world, especially in the developed economies such as the United States of America (USA), the United Kingdom (UK), Australia and Canada. This review emphasizes profitability and the impact of financial management practices and financial characteristics on SME profitability. Objectives of this chapter are to review previous research related to the areas of financial management practices, financial characteristics, and profitability of SMEs and to build a model of the impact of financial management practices and financial characteristics on SME profitability. Chapter four discusses aspects of the research methodology including research design, data collection and data analysis methods, and hypothesis testing to support the model. Objectives of this chapter are: (1) to justify the research methodology of this study, (2) to explain research methodology used in the study, and (3) to demonstrate how research design, and data collection and analysis can be utilized in this study to answer the research questions outlined in the chapter 1. Data analysis and findings are presented in chapter five. This chapter presents descriptive findings of financial management practices, financial characteristics and SME profitability and findings of the research study related to testing the model of SME profitability. Objectives of this chapter are (1) to systematically present the descriptive findings of the research study, (2) to interpret significance of these findings based on data analysis, (3) to present the results of testing the model of SME profitability, and (4) to explain how the model, developed from a literature review, was supported by data analysis. Finally, the thesis ends with chapter six where conclusions are summarized and applications of the research findings are indicated for the financial management practitioners. The thesis provides descriptive findings of financial management practices and financial characteristics and demonstrates the simultaneous impact of financial management practices and financial characteristics on SME profitability. In addition, the research study provides a model of SME profitability, in which profitability was found to be related to financial management practices and financial characteristics. With the exception of debt ratios, all other variables including current ratio, total asset turnover, working capital management and short-term planning practices, fixed asset management and long-term planning practices, and financial and accounting information systems were found to be significantly related to SME profitability. With the findings as presented above, this research study provides many implications for financial management practices and contributes to knowledge of financial management of SMEs. The model of SME profitability can be used as guidance for actions to improve the profitability of SMEs in Vietnam.

CoordenaÃÃo de AperfeiÃoamento de Pessoal de NÃvel Superior / O estudo analisa como caracterÃsticas organizacionais e do ambiente institucional no qual as empresas se inserem, podem influenciar no seu desempenho social corporativo (DSC). Segundo a Teoria dos Stakeholders algumas caracterÃsticas das empresas podem ser influenciadas por seus grupos de interesse, de forma que, essa influÃncia pode afetar a predisposiÃÃo que elas tÃm de se engajarem em prÃticas socialmente responsÃveis, refletindo no seu DSC. AlÃm disso, essas prÃticas socialmente responsÃveis tambÃm sofrem influÃncia do ambiente institucional no qual as empresas estÃo inseridas. De acordo com a Teoria do Sistema de NegÃcios, existem alguns aspectos chave que moldam o Sistema Nacional de NegÃcios em um paÃs como o intervencionismo do estado e a corrupÃÃo, o grau com que um paÃs adota um mercado de capitais, seu sistema educacional e de trabalho. Essas caracterÃsticas institucionais acabam moldando as prÃticas gerenciais e, consequentemente, dÃo um padrÃo na forma como as empresas atuam, incluindo aà suas decisÃes acerca de prÃticas socialmente responsÃveis. Para avaliar como essas caracterÃsticas financeiras e institucionais moldam o DSC, realizou-se uma pesquisa descritiva e quantitativa, que utilizou dados secundÃrios de empresas Brasileiras e Canadenses, no perÃodo de 2007 a 2014. As empresas selecionadas foram aquelas dos setores de utilidade pÃblica, petrÃleo e gÃs e materiais bÃsicos, presentes na lista Forbes 2000, no ano de 2008. O DSC foi calculado a partir de informaÃÃes dos relatÃrios de sustentabilidade publicados pelas empresas durante o perÃodo avaliado, enquanto as caracterÃsticas financeiras foram retiradas dos relatÃrios anuais e as caracterÃsticas institucionais foram medidas por meio de indicadores de diversos ÃrgÃos internacionais: Banco Mundial, World Economic Forum (WEF), The Heritage Foundation, Transparency International e Programa das NaÃÃes Unidas para o Desenvolvimento (PNUD). Na anÃlise dos resultados, foram utilizadas tÃcnicas de estatÃstica descritiva, testes de hipÃteses como Teste T e Teste de Wilcoxon, anÃlise de clusters e regressÃo de dados em painel e regressÃo hierÃrquica linear. Os resultados mostram que o ambiente institucional à mais importante do que as caracterÃsticas financeiras das empresas na determinaÃÃo do DSC. AlÃm disso, o ambiente institucional brasileiro à permite que as empresas adotem uma estratÃgia mais orientada para a gestÃo de seus recursos do que o ambiente canadense. Evidenciou-se ainda que as caracterÃsticas do ambiente institucional brasileiro e canadense influenciam de modo oposto o DSC. / The study analyzes how organizational features and the institutional environment in which companies operate, may influence their corporate social performance (CSP). Stakeholder Theory says that some business characteristics can be influenced by their groups of interest, and this may affect their willingness to engange in socially responsible practices, reflecting on their CSP. Moreover, these socially responsible practices are also influenced by the institutional environment they operate. According to the business-system approach, there are some key aspects that shape the national business system of a country like corruption, the degree of state interventionism, the degree to which the country adopts a capital market and its educational and job systems. These institutional features end up shaping management practices and hence standardizes the way companies operate, including their decisions about socially responsible practices. In order to evaluate how these financial and institutional characteristics shape CSP, a descriptive and quantitative research was conducted, using secondary data from Brazilian and Canadian companies that ranged from 2007 to 2014. The companies selected were those of utility, oil and gas operations and materials sectors, that were in the Forbes 2000 list in the year 2008. The CSP was calculated using information from sustainability reports published by those companies during the analyzed period. The financial characteristics were taken from annual reports and the institutional aspects were measured by indicators from several international organizations: World Bank, World Economic Forum (WEF), the Heritage Foundation, Transparency Interational and the United Nations Development Programme (UNDP). In order to analyze the data, it was used descriptive statistics, hypothesis testing such as T test and Wilcoxon test, cluster analysis, panel data regression and hierarchical linear regression. The results show that the institutional environment plays a more important role than financial characteristics in determining the CSP. In addition, Brazilian institutional environment allows companies to adopt a more resource oriented strategy than the Canadian environment. The results also show that the Brazilian and Canadian institutional characteristics influence CSP in an opposite way.

近年來，隨著台灣金融環境自由化，再加上金融創新的趨勢使然，各種不同的對外公開融資工具紛紛出籠，企業可以依照公司之所需及當時經濟環境狀況來決定其要選擇的融資工具，而在這樣的研究背景之下，本研究針對國內電子資訊業上市櫃公司，以民國88年到民國93年為研究期間，探討公司四種對外公開融資選擇與其財務特性差異之間的相關性研究，主研究內容包括選擇負債與權益融資之公司財務特性差異，以及選擇國內與國外融資之公司財務特性差異，利用Panel Logit Model－多項邏輯迴歸模型，在研究資料為連續時間固定樣本的Panel Model形式，加入時間效果或個別企業效果，探討公司財務特性差異與其選擇融資工具及融資地點之間的相關性研究。研究結果如下： / 一、非Panel模型實證結果： 針對公司選擇以負債或權益工具進行融資之財務特性比較，當公司選擇在國內進行融資，規模愈小、成長性愈低、獲利能力愈高、財務風險愈高、及營運風險愈高的公司，會較傾向以國內權益工具進行融資；而當公司選擇在國外進行融資時，規模愈大及獲利能力愈高的公司，會愈傾向以國外權益工具進行融資。 而對於公司融資地點不同之財務特性比較，則不論以負債或權益工具進行融資，只要公司的規模愈大，公司會愈傾向到國外進行融資。 / 二、考慮時間效果的Panel模型實證結果： 有關公司選擇以負債或權益工具進行融資之財務特性比較，當公司選擇在國內進行融資，規模愈大、成長性愈高、財務風險愈低、及營運風險愈低的公司，會較傾向以國內負債工具進行融資；而在時間效果部分，相較於民國88年基期，民國90年到民國93年，公司會更傾向使用國內負債融資工具。而當公司選擇在國外進行融資時，規模愈小的公司，會愈傾向以國外負債工具進行融資，且在民國92年到民國93年，這個現象會更加明顯。 有關公司選擇在國內或國外進行融資之財務特性比較，不論以負債或權益工具進行融資，只要公司的規模愈大，公司會愈傾向到國外進行融資。而在時間效果影響部分，相較於民國88年比較基期，在民國92年，台灣電子資訊產業上市櫃公司會更傾向到國外進行融資。 / 三、考慮個別企業效果的Panel模型實證結果： 有關公司選擇以負債或權益工具進行融資之財務特性比較，當公司選擇在國內進行融資，規模愈小、成長性愈低、獲利能力愈高、財務風險愈高、及營運風險愈高的公司，相較於以國內負債工具融資，會較傾向以國內權益工具進行融資；而當公司選擇在國外進行融資時，規模愈小、獲利能力愈高、及財務風險愈大的公司，相較於以國外負債融資，會愈傾向以國外權益工具進行融資。 有關公司選擇在國內或國外進行融資之財務特性比較，當公司選擇以負債工具進行融資時，規模愈大或是營運風險愈高的公司，相較於選擇在國內融資，公司會愈傾向到國外進行融資；而當公司選擇以權益工具進行融資時，財務風險愈高的公司，相較於選擇在國內融資，公司會愈傾向到國外進行融資。 / In recently years, with the liberalization and innovation trends in financial institutions, there are more and more different kinds of financing instruments that corporations can choose to finance their capital needs. Under such environment, this paper attempts to find out the relationships between corporations’ financial choices and their financial characteristics. Based on the data of Taiwan public issuing firms’ data from 1999 to 2004 and the Panel Logit Model adding time or individual firm effect, this paper not only investigates the differences of financial characteristics between firms choose debt or equity financing instruments, but also analyzes the differences of financial characteristics between firms choose domestic or international financing. The main empirical results are as follows: / 1.Non-Panel Logit Model For the comparisons of firms using different financing instruments, when firms choose domestic financing, the smaller the size, the lower the growth rate, the higher the profitability, financial risk and operational risk, firms will more tend to choose equity instruments for financing. On the other hand, when firms choose international financing, the larger the size and the higher the profitability, firms will more tend to choose equity instruments. As for the comparisons of firms choosing domestic or international financing, firms will be more willing to finance internationally when their size are larger. / 2.Panel Logit Model with Time Effect For the comparisons of firms using different financing instruments, when firms choose to finance domestically, the larger the size, the higher the growth rate, the lower the financial and operational risk, firms will tend to choose debt instruments for financing. As for the time effect, firms will more tend to use domestic debt instrument for financing from 2001 to 2004. On the other side, when firms choose to finance internationally, they will be more willing to choose debt instruments for financing when their size are smaller. Moreover, this tendency is more apparently from 2003 to 2004. As for the comparisons of firms choosing domestic or international financing, firms will tend to finance internationally when their size get larger. Moreover, this effect is more influential in 2003. / 3.Panel Logit Model with Individual Firm Effect For the comparisons of firms using different financing instruments, when firms choose domestic financing, the smaller the size, the lower the growth rate, the higher the profitability, financial risk and operational risk, firms will more tend to use equity instruments for financing. On the other hand, when firms choose international financing, the smaller the size, the higher the profitability and financial risk, they will more tend to choose equity financing instruments. As for the comparisons of firms choosing domestic or international financing, when firms choose debt financing, the larger the size and operational risk, the more willingness of firms to choose international financing. Meanwhile, when firms choose equity financing, they will more tend to finance internationally as their financial risk are higher.