摘要：Using financial leverage (FL) has a great influence on business performance of enterprises. Therefore,
the determination of the impact of FL on the profitability of enterprises helps to create synchronous
solutions to improve operational efficiency of enterprises which is very important and
necessary. This study aims to identify the impact of FL on Return On Assets (ROA), Return On
Equity (ROE), Return On Sales (ROS), and Return On Capital Employed (ROCE). The study is
conducted based on the data collected from 58 real estate firms listed in Vietnam Stock Exchange
with 464 observations. The study also uses quantitative method combined with multivariable regression
models to examine the hypotheses of the survey with the help of the EVIEW 11.0 software.
Research results indicate that FL has no impact on ROS and ROCE while it has a negative impact
on ROA and a positive impact on ROE. In accordance with the research findings, the authors propose
specific recommendations and solutions to improve profitability in the real estate companies
listed on Vietnam’s stock exchange.
关键词：Financial leverage;
Profitability;
Real estate business;
Vietnam stock exchange
