摘要：Asymmetric infomation has caused difficulties for investors in the financial market when the enterprises have high competitiveness in the market but there are acts of using unusual capital structure. Investment decisions on the stock market of investors will be negatively affected by asymmetric information. In particular, the manufacturing enterprises have made an important contribution to Vietnam’s economic structure. Therefore, the authors conduct research to assess the impact of product market competition on the capital structure of manufacturing enterprises listed in the Vietnam stock market from 2010 to 2018. By analyzing panel data through the Generalized Method of Moments (GMM), the research results indicate: Competitiveness factors HHI has a negative impact on debt ratio (DR)—the results support the predation theory. When businesses are highly competitive, there will be a tendency to reduce the debt ratio. At the same time, the research results also show the variables ROA and CGIR have negative effects on DR. GRTA and NDTS variables do not affect the DR of manufacturing enterprises. The results of this study will help investors to make their decisions more wisely.
关键词：capital structure; competion market; GMM model; panel data
