摘要：Under the impact of the global crisis, the Vietnam real estate exchange has become degraded and
frozen for a long time. The solvency is decreased, leading to a high risk of bankruptcy of real estate
companies. Therefore, determining the factors reflecting solvency in real estate companies helps to
give synchronous solutions, to improve performance efficiency, to prevent and to mitigate bankruptcy
risk in the real estate companies listed on Vietnam’s stock exchange. Research data were
collected from 45 out of 55 real estate companies listed on Vietnam’s stock exchanges (accounting
for 81.82% of the sample) with 360 observations. The study proposes a logit model showing the
relationship between solvency and bankruptcy risk and conducts analysis and verification on SPSS
dedicated software (version 25) to find out the variables affecting bankruptcy risk. The results show
that (with a prediction accuracy of 91.4%) in these companies, indicators of solvency influencing
bankruptcy risk include: (1) Operating cash flows to average total liabilities ratio and (2) Net working
capital to total assets ratio. The impact of the remaining factors (a) Owner’s equity to long-term
debt and (b) Current assets to current liabilities was unclear. Based on the research results, specific
recommendations and solutions were proposed to improve solvency, prevent and mitigate bankruptcy
risk in the real estate companies listed on Vietnam’s stock exchange.
关键词：Bankruptcy;
Bankruptcy risk;
Solvency;
Vietnam real estate exchange
