In this section we develop testable

In this section we develop testable hypotheses on characteristics determining the debt
ratios of Vietnamese firms. We do so by exploring universally observed and
frequently researched determinants (i.e profitability, tangibility, size, growth
opportunity and liquidity) (see Frank and Goyal 2009; Welch, 2011) and a country-specific factor (i.e state-ownership).Theoretical predictions about relationship between profitability and leverage are inconsistent. For instance, according to trade-off theory, profitable firms should borrow more as they need to shield income from tax. Pecking order theory anticipates a negative relationship. As internal financing is the most favoured source of finance,profitable firms with available retained earnings will borrow less. Despite the theoretical dispute, most empirical evidence including Kester (1986) and Fama and French (2002) confirm the negative relationship between profitability and leverage. More notably, international studies such as Rajan and Zingales (1995) for the G7 economies and Wald (1999) for some developed economies confirm the negative impact of profitability across countries.

Results (Vietnamese) 3:

在本节中我们开发的可检验的假设，确定越南公司的债务
比特性。我们这样做是通过探索普遍遵守和
经常研究的决定因素（即有形性，盈利能力，规模，增长
机会和流动性）（见弗兰克和Goyal 2009；韦尔奇，2011）和一个国家的特定因素（即国家所有制）。理论预测的盈利能力和杠杆之间的关系是不一致的。例如，根据权衡理论，盈利的公司要借更多他们需要的收入税盾。啄食顺序理论预测的负相关关系。内部融资是最有利的融资来源，盈利的公司可以保留盈余会减少贷款。尽管理论上的争议，大多数实证证据包括凯斯特（1986）和Fama和法国（2002）确认收益和杠杆之间的负相关关系。更值得注意的是，国际研究如Rajan和Zingales（1995）为G7经济体和Wald（1999）对一些发达国家在国家确定盈利的负面影响。