Download miễn phí 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.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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vestigator will do from writing the hypotheses and their operational implications
to the final analysis of the data.
4.3.1 Classification of research design
According to Emory (1985) research design is a complex concept that may be viewed
from different perspectives. McMahon (1998) reviewed classifications of research
conducted by Gay and Diehl (1992) in which classifications of research designs are based
on the broad strategy, orientation, emphasis and approach of research. In their
classifications, research designs consisted of the following:
Historical research – which involves studying, understanding and explaining past
events
•
•
•
Descriptive research – which involves collecting and examining data in order to
answer questions concerning the status or condition of the research subject at
some point of time.
Associative research – which attempts to determine whether, and to what degree,
a relationship exist between the status or condition of the research subjects at
some point of time and other factors which cannot be manipulated by the
researchers.
137
Chapter Four: Research Methodology
Causal-comparative (or ex post facto) research – which attempts to establish the
cause of the status or condition of the research subjects at some point of time on
the basis of knowledge of factors which cannot be manipulated by the researchers.
•
•
•
•
Experimental research – which attempts to establish the cause of the status or
condition of the research subjects at some point of time on the basis of knowledge
of factors that can be manipulated by the researchers.
Based on the manipulation of independent variables, Davis and Cosenza (1988) classified
research into ex post facto design and experimental design. In ex post facto design, the
researchers cannot manipulate the independent variables or factors whereas in
experimental design they can. Based on the degree of understanding, ex post facto design
can be classified into two subtypes, field study and survey, whereas experimental design
can be classified into field experiment and laboratory experiment. Based on the degree of
problem crystallization, Emory (1985) classified research as exploratory or formal.
Exploratory studies tend to be loosely structured with an objective of learning what the
major research tasks are to be whereas the goal of a formal research design is to test the
hypotheses or answer the research questions posed.
Because there are a variety of different research approaches, it is helpful to
categorize types of research. This thesis is concerned with types of research applied in
business. Business research can be classified on the basis of either technique or function
(Zikmund, 1997, p. 37). Based on technique, business research can be classified into
three main types: experiments, surveys, and observational studies. Based on the purpose
or function, the business research can be classified into (1) exploratory, (2) descriptive, or
(3) causal research.
Exploratory research is conducted with the expectation that subsequent research
will be required to provide conclusive evidence. Exploratory research could be
used for clarifying ambiguous problems.
Descriptive research seeks to determine the answers to who, what, when, where
and how questions. Its major purpose, as designed, is to describe characteristics of
a population or a phenomenon.
138
Chapter Four: Research Methodology
Causal research is conducted to identify cause-and-effect relationships among
variables where the research problem has already been defined. Its major
objective is to identify the cause-and-effect relationships between variables
(Zikmund, 1997).
•
In summary, there are a number of different design approaches, but unfortunately there is
no simple classification system that defines all the variations to be considered (Emory,
1985). Table 4.1 summarizes classification of research designs based on seven different
perspectives, indicated by Emory (1985), in which (*) represents the type of research
design selected in this study.
Table 4.1: Classification of research designs
Classification criteria Types of research designs
Degree of problem
crystallization
• Exploratory research – to develop hypotheses or questions for
further research
• Formal research *– to test the hypotheses or answer the research
questions posed
The method of data
collection
• Observation – The researcher monitors and records information
about subjects without questioning them.
• Survey *– The researcher interrogates subjects and collects their
responses.
Researcher’s control of
variables
• Experimental design – The researcher attempts to control or
manipulate the variables in the study.
• Ex post facto design *– Investigators have no control over the
variables in sense of being able to manipulate them.
The purpose of the
study
• Descriptive research *– concerned with answering who, what, where,
when or how much questions
• Casual research *– concerned with learning why, i.e., how one
variable affects another
The time dimension • Cross-sectional research* – carried out once
• Longitudinal research – repeated and studied changes over time
The topical scope • Statistical study* – emphasis on breadth of coverage and interested
in the frequency of certain characteristics or instances
• Case study – emphasis on the detailed analysis a limited number of
events or conditions and their relationships
The research
environment
• Field study*
• Laboratory study
Source: Adapted from Emory (1985)
(*) Selected for this research
139
Chapter Four: Research Methodology
Based on the summary of research classifications as presented in Table 4.1 (page
139), subsection 4.3.2 explains how the most appropriate research design was selected for
this study.
4.3.2 Selecting research design or paradigm
Subsection 4.3.1 reviewed the classification of research types. This subsection explains
how the research paradigms are appropriately selected and utilized in this study. There
are two main research paradigms labeled positivist and phenomenological (Hussey and
Hussey, 1997). Selection of research type or paradigm is based on the theoretical
framework of research design and methodological appraisal of prior research examined in
subsection 4.3.1 and section 4.2 (page 134)
As indicated by Zikmund (1997), descriptive research seeks to determine the
answers to who, what, when, where and how questions. Its major purpose, as designed, is
to describe characteristics of a population or a phenomenon. According to Emory (1985),
the essential difference between descriptive and causal studies lies in their objectives. If
the research is concerned with finding out who, what, where, when, or how much, then
the study is descriptive. If it is concerned with learning why, that is, how one variable
affects another, it is causal. Chapter 1 states the main research questions that this study is
seeking to answer include:
• How important are financial management practices and financial characteristics to
SME profitability?
• What are the relationships between financial management practices, financial
characteristics and SME profitability in Vietnam?
• How do financial management practices and financial characteristics affect on
SMEs profitability?
In seeking answer to these questions, the characteristics of financial management
practices and financial characteristics of SMEs in Vietnam has been investigated and
described. As such, descriptive research is more appropriate than exploratory research
140
Chapter Four: Research Methodology
because exploratory research is usually conducted to clarify and define the nature of a
problem whereas descriptive research is designed to describe characteristics of a
population or phenomenon. This study is also seeking to explain how financial
management practices and financial characteristics affect SME profitability. Thus this
study is concerned with learning “why”, that is, how “financial management practices
and financial characteristics” variables affect the “SME profitability variable”. This
concern required a causal design to identify the cause-and-effect relationships between
efficient financial management practices and profitability of SMEs. Thus causal research
is implemented in combination with descriptive research in this study.
4.3.3 Selecting research methods or techniques
Based on the methods of data collection, Emory (1985) classified research into two types:
observation and surveys. However, Zikmund (1997) expands this classification into four
basic typ...

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