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Luận văn thạc sĩ UEH factors affecting enterprise fixed asset investment
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UNIVERSITY OF ECONOMICS HO CHI MINH CITY
International School of Business
------------------------------
Huynh Phan Chau Anh
FACTORS AFFECTING
ENTERPRISE FIXED ASSET
INVESTMENT
MASTER OF BUSINESS (Honours)
Ho Chi Minh City – Year 2014
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UNIVERSITY OF ECONOMICS HO CHI MINH CITY
International School of Business
------------------------------
Huynh Phan Chau Anh
FACTORS AFFECTING
ENTERPRISE FIXED ASSET
INVESTMENT
ID: 22110001
MASTER OF BUSINESS (Honours)
SUPERVISOR: Dr. Pham Quoc Hung
Ho Chi Minh City – Year 2014
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i
ACKNOWLEGMENT
This thesis is come out as a result of the conjunction of the effort and inestimable
help, in different areas, of several people. Their contribution, in a way or another, has
allowed me to carry out this work, in which enthusiasm, dedication and, above all, the
desires to learn have been the premises prevailing all this time.
I would like to point out and thank the Supervisor of this thesis, Doctor Pham
Quoc Hung for having given me a chance and confidence to elaborate this research
work. To my supervisor, Doctor Pham Quoc Hung, thank you. Thank you for all your
support, encouragement and feedback and for believing in me and in what I could do.
To my parents, thank you for long phone call, sympathies and encouragement. I
am forever grateful that you are always there for me.
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ii
ABSTRACT
Investment in fixed asset of the enterprise are investment in material facilities ,
technology which enterprise need to make when starting to form and maintain active
and expand production. Therefore, the study of factors affecting the investment of
fixed asset of the enterprise are carried out in this research.
There are many studies conducted in many different countries at different periods,
research on fixed asset investment of enterprises. This research has developed models
to study the factors affecting the investment of fixed asset of enterprises. Based on the
previous studies around the world related to this issue, this research identified the
factors affecting the investment of fixed asset of enterprises: Firm size, Firm age,
Growth, Debt, Own, Tobin’s Q.
The data used in the study were collected from the financial statements, annual
reports of 85 companies listed on HOSE in the period from 2009 to 2012 with 304
observations. Research using SPSS 16 software to conduct Regression to make
research results. The results indicate the significant relationship between firm size,
firm age and fixed asset investment decision of the enterprise.
Keywords: Firm size, Firm age, Growth, Debt, Own, Tobin’s Q.
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iii
TABLE OF CONTENT
ACKNOWLEGMENT ……………………………………………………... i
ABSTRACT ………………………………………………………………... ii
TABLE OF CONTENT ……………………………………………………. iii
LIST OF TABLE …………………………………………………………... v
Chapter 1: Introduction …………………………………………………….. 1
1.1 Research background ……………………………………………. 1
1.2 Statement of problem ……………………………………………. 3
1.3 Research objective and research question………………………... 3
1.4 Scope of the research ……………………………………………. 4
1.5 Research structure ……………………………………………….. 4
Chapter 2: Literature review and hypothesis development…………………. 6
2.1 Fixed asset ……………………………………………………….. 6
2.2 Fixed asset investment …………………………………………... 12
2.3 Firm size …………………………………………………………. 14
2.4 Firm age …………………………………………………………. 15
2.5 Revenue growth …………………………………………………. 17
2.6 Debt ratio ………………………………………………………… 18
2.7 Own ……………………………………………………………… 19
2.8 Tobin’s q ………………………………………………………… 21
2.9 All of the hypotheses discussed above are summarize in the
following model ……………………………………………………………
22
Chapter 3: Research methodology …………………………………………. 24
3.1 Quantitative method ……………………………………………... 24
3.1 Research process ………………………………………………… 24
3.3 Measurement scale ………………………………………………. 26
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