FACTORS INFLUENCING BOND ISSUANCE OF REAL ESTATE COMPANNIES LISTED ON THE HO CHI MINH CITY STOCK EXCHANGE (HOSE)

Abstract

This study provides a comprehensive analysis of the factors influencing bond issuance activities of enterprises in Vietnam’s real estate sector. Specifically, the authors collected and processed data from 28 real estate companies listed on the Ho Chi Minh City Stock Exchange (HOSE) over the period 2013–2024, employing the Random Effects Model (REM) to examine the relationships among variables. The objective was to identify macroeconomic and microeconomic factors that significantly affect real estate firms’ bond issuance, thereby providing both theoretical and practical foundations for policy formulation and the strategic development of Vietnam’s corporate bond market. The empirical findings reveal seven determinants that significantly influence the value of bond issuance, including firm size, financial leverage, years of operation, inflation rate, interest rate, the scale of the banking system, and the degree of economic openness. These factors reflect the complex interplay between a company’s internal conditions and the macroeconomic environment in the process of raising capital through bonds. Based on the research results, the authors propose several important policy implications and practical solutions to support real estate enterprises in improving their access to, and efficient use of, the bond financing channel. Such recommendations are expected not only to foster the growth of the corporate bond market but also to contribute to the establishment of a more stable, transparent, and sustainable financial system for Vietnam’s economy in the coming period.