- Tại sao nghiên cứu mối liên hệ này quan trọng ở VN (ít nghiên cứu + information asymmetry

tương đối nghiêm trọng tại VN)

+ Debt financing affects the credit rating of a business. A company with a lower credit rating that
issues bonds typically will have to pay a higher interest rate to attract investors. Companies that
have to pay more in interest may experience a cash flow problem in the future.[ CITATION
Ros19 \l 1033 ]

- lý thuyết người ta đề cập liên quan đến accounting comparability lên debt financing

+ the comparability model of De Franco et al, 2011.

+ Fang et al. (2013) used the data of US listed companies from 1982 to 2009 to examine the
correlation between accounting information comparability and debt capital cost. The study found
that higher accounting information comparability facilitates creditors to process information,
thereby they can reduces the cost of debt capital significantly.

+ Kim et al. (2013) constructed the accounting information comparability model using Moody's
adjusted accounting indicators and examined the impact of accounting information comparability
on credit risk in the bond market. Their empirical results show that the improvement of
accounting information comparability can reduce the transaction cost of negotiable bonds, which
indicates that the comparability of accounting information can reduce the degree of information
asymmetry in the bond market and the uncertainty of credit risk pricing of bond market
participants, and thus reducing the cost of debt capital

References
De Franco, G., S.P. Kothari and R.S. Verdi. (2011). The benefits of financial statement
comparability. Journal of Accounting, 49(4): 895–931.

Fang, X., Y. Li, B. Xin and W. Zhang. (2013). Accounting Comparability and Bank Loan
Contracting. CAAA Annual Conference.

Ha, N. T. (2020, Feburary). Choosing debt or equity to finance your business in Vietnam (Part
2). Retrieved from DMS Law firm in Vietnam: http://dmslawfirm.com.vn/choosing-debt-
or-equity-to-finance-your-business-in-vietnam-part-2-nc412

Kim, S., P. Kraft and S.G. Ryan. (2013). Financial statement comparability and credit risk.
Accounting Studies, 18(3): 783-823. Retrieved from Accounting Studies.

Rose, J. (2019, March 03). The Advantages and Disadvantages of Debt Financing. Retrieved
from bizfluent: https://bizfluent.com/info-8778136-advantages-disadvantages-debt-
financing.html

Toan, L. D. H., Junjie, W. & An, T. D. (June 2020). Information Asymmetry and firm value: Is
Vietnam different? The Journal of Economic Asymmetries.