Luận văn Financial management and profitability of small and medium enterprises

Table of Contents CERTIFICATE. ii ACKNOWLEDGEMENTS. iii ABSTRACT. v GLOSSARY OF TERMS AND ABBREVIATIONS. vii TABLE OF CONTENTS. ix LIST OF TABLES. xiii LIST OF FIGURES. xvii CHAPTER ONE: INTRODUCTION TO THE STUDY 1.1 INTRODUCTION .1 1.2 RESEARCH BACKGROUND .3 1.3 RESEARCH PROBLEM .4 1.3.1 Research questions .6 1.3.2 Research objectives .6 1.4 METHODOLOGY.7 1.5 JUSTIFICATION FOR THE STUDY .8 1.6 DEFINITIONS OF TERMS USED IN THE STUDY .10 1.7 SIGNIFICANCE AND SCOPE OF THE STUDY.13 1.8 ANALYTICAL MODEL FOR THE STUDY .13 1.9 STRUCTURE OFTHE STUDY .15 1.10 CONCLUSIONS .16 CHAPTER TWO: THE ECONOMIC STRUCTURE AND SMEs IN VIETNAM 2.1 INTRODUCTION .17 2.2 VIETNAM: BACKGROUND INFORMATION.19 2.2.1 Overview ofthe country .19 2.2.2 The Vietnameconomy .23 2.2.3 The Vietnam population and labour.38 2.3 VIETNAM BUSINESS STRUCTURE .40 2.3.1 Types of business in Vietnam.41 2.3.2 Overview of enterprises in Vietnam.43 2.3.3 Small and medium enterprises in Vietnam .44 2.3.4 Policies for supporting SMEs.50 2.4 SMALL AND MEDIUM ENTERPRISE FINANCE INVIETNAM .51 2.4.1 Types offinance.52 2.4.2 Use offinance .53 2.4.3 Financial management for SMEs.54 2.4.4 Problems in financial management.55 2.5 BUSINESS STRUCTURE AND SMEs IN HO CHIMINH CITY .56 2.6 CONCLUSIONS.58 CHAPTER THREE: FINANCIAL MANAGEMENT AND PROFITABILITY OF SMEs 3.1 INTRODUCTION .59 3.2 DEFINITIONS OF SMEs.61 3.2.1 Qualitative definitions.61 3.2.2 Quantitative definitions .64 3.2.3 The forms of ownership of SMEs.65 3.3 FINANCIAL MANAGEMENT FOR SMEs .67 3.3.1 Defining financial management.68 3.3.2 Objectives of financial management.69 3.3.3 Major decisions offinancial management .71 3.3.4 The specific areas offinancial management .72 3.4 FINANCIAL MANAGEMENT PRACTICES.76 3.4.1 The context of financial management practices .76 3.4.2 Accounting information systems .77 3.4.3 Financial reporting and analysis .83 3.4.4 Working capital management .89 3.4.5 Fixed asset management .95 3.4.6 Capital structure management.100 3.5 FINANCIAL CHARACTERISTICS OFSMEs .104 3.5.1 Identifying financial characteristics .104 3.5.2 Measuring financial characteristics.107 3.5.3 Previous findings related to financial characteristics .111 3.6 SME PROFITABILITY.119 3.6.1 Importance ofprofitability.1193.6.2 Defining and measuring profitability.120 3.6.3 Factors influencing profitability .123 3.7 RELATIONSHIPS BETWEEN FINANCIAL MANAGEMENT AND SME PROFITABILITY .126 3.8 MODEL OF THE IMPACT OF FINANCIAL MANAGEMENT ON SME PROFITABBILITY .128 3.9 CONCLUSIONS.131 CHAPTER FOUR: RESEARCH METHODOLOGY 4.1 INTRODUCTION .132 4.2 APPRAISAL OF PRIOR RESEARCH METHODOLOGIES .134 4.3 RESEARCHDESIGN .137 4.3.1 Classification ofresearch design .137 4.3.2 Selecting research design or paradigm .140 4.3.3 Selecting research methods or techniques .141 4.4 VARIABLE DEFINITIONS, SURVEY INSTRUMENT AND MODEL DEVELOPMENT .144 4.4.1 Variable measurements and survey instrument .144 4.4.2 Model development.162 4.4.3 Hypothesis statements .165 4.5 DATA COLLECTION METHODS .168 4.5.1 Secondary data collection.169 4.5.2 Primary data collection .170 4.6 DATA TRANSFORMATION .174 4.7 DATA ANALYSIS METHODS.175 4.7.1 General consideration.175 4.7.2 Descriptive statistics .176 4.7.3 Bivariate analysis .177 4.7.4 Multivariate analysis.178 4.8 CONCLUSIONS.183 CHAPTER FIVE: DATA ANALYSIS AND FINDINGS 5.1 INTRODUCTION .184 5.2 LINKS BETWEEN DATA ANALYSIS AND RESEARCH OBJECTIVES AND QUESTIONS .186 5.3 DESCRIPTIVE FINDINGS OFTHE RESEARCHSTUDY .187 5.3.1 Sample descriptions and SME characteristics .187 5.3.2 Descriptive findings of financial management practices.190 5.3.3 Descriptive findings of financial characteristics .206 5.3.4 Descriptive findings of profitability of SMEs.211 5.4 ASSOCIATIVE ANALYSIS AND FINDINGS OF THE RESEARCH STUDY.215 5.4.1 Factor analysis and principal components of financial management practices .216 5.4.2 Bivariate analysis and findings.221 5.4.3 Multiple regression analysis and findings .225 5.4.4 Test for the difference of average profits between efficient and inefficient financial management groupsof SMEs.234 5.5 CONCLUSIONS.236 CHAPTER SIX: CONCLUSIONS AND IMPLICATIONS 6.1 INTRODUCTION .237 6.2 CONCLUSIONS RELATED TO RESEARCH QUESTIONS AND TESTING THE MODEL.239 6.2.1 Conclusions related to financial managementpractices .239 6.2.2 Conclusions related to financial characteristics.247 6.2.3 Conclusions of SME profitability.249 6.2.4 Summary of research question answers.255 6.3 IMPLICATIONS OF THE RESEARCHSTUDY.258 6.3.1 Implications for financial management practices of SMEs .258 6.3.2 Contributions to knowledge of this research into financial management for SMEs .262 6.4 LIMITATIONS OF THE RESEARCH STUDY.263 6.5 IMPLICATIONS FOR THE FURTHER RESEARCH.264 Bibliography.266

Table of Contents

CERTIFICATE. ii

ACKNOWLEDGEMENTS. iii

ABSTRACT. v

GLOSSARY OF TERMS AND ABBREVIATIONS. vii

TABLE OF CONTENTS. ix

LIST OF TABLES. xiii

LIST OF FIGURES. xvii

CHAPTER ONE: INTRODUCTION TO THE STUDY

1.1 INTRODUCTION .1

1.2 RESEARCH BACKGROUND .3

1.3 RESEARCH PROBLEM .4

1.3.1 Research questions .6

1.3.2 Research objectives .6

1.4 METHODOLOGY.7

1.5 JUSTIFICATION FOR THE STUDY .8

1.6 DEFINITIONS OF TERMS USED IN THE STUDY .10

1.7 SIGNIFICANCE AND SCOPE OF THE STUDY.13

1.8 ANALYTICAL MODEL FOR THE STUDY .13

1.9 STRUCTURE OFTHE STUDY .15

1.10 CONCLUSIONS .16

CHAPTER TWO: THE ECONOMIC STRUCTURE AND SMEs IN VIETNAM

2.1 INTRODUCTION .17

2.2 VIETNAM: BACKGROUND INFORMATION.19

2.2.1 Overview ofthe country .19

2.2.2 The Vietnameconomy .23

2.2.3 The Vietnam population and labour.38

2.3 VIETNAM BUSINESS STRUCTURE .40

2.3.1 Types of business in Vietnam.41

2.3.2 Overview of enterprises in Vietnam.43

2.3.3 Small and medium enterprises in Vietnam .44

2.3.4 Policies for supporting SMEs.50

2.4 SMALL AND MEDIUM ENTERPRISE FINANCE INVIETNAM .51

2.4.1 Types offinance.52

2.4.2 Use offinance .53

2.4.3 Financial management for SMEs.54

2.4.4 Problems in financial management.55

2.5 BUSINESS STRUCTURE AND SMEs IN HO CHIMINH CITY .56

2.6 CONCLUSIONS.58

CHAPTER THREE: FINANCIAL MANAGEMENT AND PROFITABILITY OF SMEs

3.1 INTRODUCTION .59

3.2 DEFINITIONS OF SMEs.61

3.2.1 Qualitative definitions.61

3.2.2 Quantitative definitions .64

3.2.3 The forms of ownership of SMEs.65

3.3 FINANCIAL MANAGEMENT FOR SMEs .67

3.3.1 Defining financial management.68

3.3.2 Objectives of financial management.69

3.3.3 Major decisions offinancial management .71

3.3.4 The specific areas offinancial management .72

3.4 FINANCIAL MANAGEMENT PRACTICES.76

3.4.1 The context of financial management practices .76

3.4.2 Accounting information systems .77

3.4.3 Financial reporting and analysis .83

3.4.4 Working capital management .89

3.4.5 Fixed asset management .95

3.4.6 Capital structure management.100

3.5 FINANCIAL CHARACTERISTICS OFSMEs .104

3.5.1 Identifying financial characteristics .104

3.5.2 Measuring financial characteristics.107

3.5.3 Previous findings related to financial characteristics .111

3.6 SME PROFITABILITY.119

3.6.1 Importance ofprofitability.119

3.6.2 Defining and measuring profitability.120

3.6.3 Factors influencing profitability .123

3.7 RELATIONSHIPS BETWEEN FINANCIAL MANAGEMENT AND SME PROFITABILITY .126

3.8 MODEL OF THE IMPACT OF FINANCIAL MANAGEMENT ON SME PROFITABBILITY .128

3.9 CONCLUSIONS.131

CHAPTER FOUR: RESEARCH METHODOLOGY

4.1 INTRODUCTION .132

4.2 APPRAISAL OF PRIOR RESEARCH METHODOLOGIES .134

4.3 RESEARCHDESIGN .137

4.3.1 Classification ofresearch design .137

4.3.2 Selecting research design or paradigm .140

4.3.3 Selecting research methods or techniques .141

4.4 VARIABLE DEFINITIONS, SURVEY INSTRUMENT AND MODEL DEVELOPMENT .144

4.4.1 Variable measurements and survey instrument .144

4.4.2 Model development.162

4.4.3 Hypothesis statements .165

4.5 DATA COLLECTION METHODS .168

4.5.1 Secondary data collection.169

4.5.2 Primary data collection .170

4.6 DATA TRANSFORMATION .174

4.7 DATA ANALYSIS METHODS.175

4.7.1 General consideration.175

4.7.2 Descriptive statistics .176

4.7.3 Bivariate analysis .177

4.7.4 Multivariate analysis.178

4.8 CONCLUSIONS.183

CHAPTER FIVE: DATA ANALYSIS AND FINDINGS

5.1 INTRODUCTION .184

5.2 LINKS BETWEEN DATA ANALYSIS AND RESEARCH OBJECTIVES AND QUESTIONS .186

5.3 DESCRIPTIVE FINDINGS OFTHE RESEARCHSTUDY .187

5.3.1 Sample descriptions and SME characteristics .187

5.3.2 Descriptive findings of financial management practices.190

5.3.3 Descriptive findings of financial characteristics .206

5.3.4 Descriptive findings of profitability of SMEs.211

5.4 ASSOCIATIVE ANALYSIS AND FINDINGS OF THE RESEARCH STUDY.215

5.4.1 Factor analysis and principal components of financial management practices .216

5.4.2 Bivariate analysis and findings.221

5.4.3 Multiple regression analysis and findings .225

5.4.4 Test for the difference of average profits between efficient and inefficient financial

management groupsof SMEs.234

5.5 CONCLUSIONS.236

CHAPTER SIX: CONCLUSIONS AND IMPLICATIONS

6.1 INTRODUCTION .237

6.2 CONCLUSIONS RELATED TO RESEARCH QUESTIONS AND TESTING THE MODEL.239

6.2.1 Conclusions related to financial managementpractices .239

6.2.2 Conclusions related to financial characteristics.247

6.2.3 Conclusions of SME profitability.249

6.2.4 Summary of research question answers.255

6.3 IMPLICATIONS OF THE RESEARCHSTUDY.258

6.3.1 Implications for financial management practices of SMEs .258

6.3.2 Contributions to knowledge of this research into financial management for SMEs .262

6.4 LIMITATIONS OF THE RESEARCH STUDY.263

6.5 IMPLICATIONS FOR THE FURTHER RESEARCH.264

Bibliography.266

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