- THE IMPACT OF ACCESS TO LOANS ON BUSINESS’S INVESTMENT IN DIEN BIEN PROVINCE – BUILDING A SCALE. - Investment is one of the important decisions of financial management in an enterprise, so it is really necessary to measure the impact of factors on the investment of the business, especially with qualitative factors. - By a combination of quantitative and qualitative methods, the article has built a complete scale with indicators measuring the impact of the group of factors on the ability to access loans on enterprises’ investment based on surveyed data at 107 enterprises in Dien Bien province.. - Although at present, many government policies are trying to help enterprises improve ac- cess to loans to encourage enterprises to expand investment, especially in fields and industries that benefit the economy, specific regions and localities with many incentives such as the North- western subregion, including Dien Bien province. - However, the situation shows that there are still many enterprises that have the need to invest in expanding the scale of production and en- terprises’s activities, but the scale of capital is still limited, the access to loans is still difficult, enterprises had to limit investment and even had to cut their portfolios.. - Up to now, the previous researches on investment by enterprises in Vietnam are quite lim- ited in terms of quantity, content and research methods. - Especially the studies that clarify the im- pact of factors affecting investment of enterprises are mainly done by qualitative research methods. - Moreover, although the research on the ability of enterprises to access loans has been mentioned a lot in international studies, it is still relatively new to enterprises in Vietnam.. - Meanwhile, although not a direct factor, the ability to access loans plays an important role in your investment decisions. - Measuring the impact of this factor on business’s investment will help managers have a clear, multidimensional view in investment decisions, local authorities and ministerial authorities will have the basis to refer, propose and develop policies to support busi- nesses.. - However, the factor of the ability to access loans affecting business investment is accurately measured, completely depending on the scale and measurement indicators. - With that in mind, the article uses quantitative research methods to build a set of scales with indicators to accurately measure the impact of access to loans on enterprises’ investments, research in Dien Bien province.. - A qualitative factor related to the characteristics of enterprises (not about the macro envi- ronment) studied by the authors is the ability to access loans or financial barriers. - There have been a number of studies using quantitative methods to build scales and research on the impact of this factor. - Although not the main topic of research, the Wit (1996) survey also pointed out the impact of the loan barrier factor on the real estate investment of pension funds and insurance companies in the Netherlands. - Not only Wit (1996), but also many other studies also recognize the impact of risks and barriers to debt although that is not their main research topic. - Vladimir and Bartlett (2003) based on a sample survey of small businesses in Slovenia to study the financial barriers of enterprises affecting the growth of enterprises. - The main barriers identified in the study include factors related to the institutional environment such as the bureau- cracy of local government, external financial constraints such as the very high cost of capital.. - Research has shown that the growth of enterprises is negatively related to the size of enterprises and that the growth of enterprises has decreased when there are financial barriers.. - However, the study of the authors only clarifies the impact on business performance of these enterprises, not investment activities of enterprises.. - In 2007, research by Galan et al in Spain demonstrated that input costs affect the choice of investment positions and there is a negative relationship between this factor and the investment of enterprises. - Previous studies have shown the impact of factors of financial risks, barriers to loans on businesses and business results in general, but research results have not been consistent about the impact of this factor. - That also shows that, although studies on investment topics, risks and financial barriers of enterprises have been mentioned by many authors, there are still “gaps” that need to be supplemented and clarified. - Moreover, there are no studies to measure the impact of the ability to access loans on enterprises’ investment, especially businesses in Vietnam.. - On the other hand, the measurement of qualitative factors in financial economics is not really popular, especially the measurement of qualitative factors on the ability or capacity of bu- siness activities to affect the investment of enterprises is quite new. - Therefore, an in-depth study of the impact of firm’s access to loans on investment is essential.. - Research is done on the basis of a combination of both quantitative and qualitative research methods. - Qualitative research methods are done by research techniques at the table to identify the temporary scales and indicators, then conduct in-depth interviews with the goal to complete the preliminary scale. - In-depth interview technique was performed with 10 enterprises, the intervie- wees were directors or deputy directors of enterprises. - Due to limited time and the interview de- pends on the coordination of the interviewees, the interview process is conducted under two forms of direct communication and by phone. - The objective of the in-depth interview is to collect opinions, modify the scale of wording, avoid the situation where the interviewee understands not enough, misunderstands the question or the question is not suitable to the actual situation of enterprises in Dien Bien province. - At the end of the in-depth interview process, the survey questionnaire will be completed and used to distribute the questionnaire on a large scale.. - (1998), Cronbach’s alpha coeffi- cient of 0.6 or more is a qualified scale, above 0.8 to nearly 1 represents a very good scale. - If the indicator has a correlation coefficient with the total variable greater than 0.3, it is considered satisfactory (in case of less than 0.3, it must be removed from the scale).. - Scope of the study. - By the convenient sampling method, in-depth interview technique was done with 10 en- terprises in Dien Bien Phu city. - In which, 10 enterprises belong to different types of enterprises with different forms of ownership and operation in different industries.. - (2006), the minimum sample size used for exploratory factor analy- sis should be 100 and the ratio between the number of observations to the number of factors is 5:. - (directors or deputy directors of enterprises) in Dien Bien province by the method of non-prob- ability random sampling. - Results of the survey have obtained 107 satisfactory survey questions that are larger than the minimum sample size (45 observations). - Research results of the table research method and in-depth interviews. - The research process at the table helps the author to build up the preliminary survey to serve the in-depth interview process. - At the end of the in-depth interview, the survey questionnaire was completed with specific, easy-to-understand questions that were consistent with Vietnamese grammar and reality of enterprises in Dien Bien province.. - On the basis of the scales of Stiglitz and Weiss (1981), Wit (1996), Kochar (1997), Bigsten et al (2003) on financial barriers of businesses, the author develops a scale of factors that reflect the access to loans of businesses. - To ensure compliance with the objectives and subjects of the study, some factors have been removed, some elements have changed in words. - Wit (1996) uses the factor “Too high fees and charges of banks” to measure barriers to businesses in the borrowing process, this is also one of the factors that reflect the ability access to loans from businesses, be- cause the reasonable cost of loans will help businesses access more and easier capital.. - However, for the process of processing and interpreting the results from the later research model to be convenient, the scale needs to be neutral, not biased towards good or bad. - In addition to banks, businesses can also mobilize capital with many different methods, but they all have to accept a loan cost, so the author renamed the scale to “The cost of borrowing”. - In addition, the study of Wit (1996) and Kochar (1997) used the scales “Lack of access to equity” and “Lack of access to venture capital” to measure. - However, the results after consulting with experts showed that these 2 scales were not suitable for the purpose of the study, so it was omitted. - Details of the scales are shown in Table 1.. - Scale of enterprises’ access to loans. - Source: Author’s research. - Sign Description of the scale Note. - priority of the banks to small and medium-sized enterprises. - VV6 Number of credit institutions in the area Wit (1996) VV7 Size of credit institutions in the area Dalberg (2011) VV8 The creditworthiness of the business is assessed by the. - The results of analyzing the reliability of the scale. - The study was done with 107 enterprises in Dien Bien province showed that basically, the measure has Cronbach’s Alpha coefficients of 0.713, the correlation coefficient with the total variable of the scales VV5, VV7 and VV8 is less than 0.3, so they were removed. - The results of analyzing the reliability of the scale are presented in Table 2.. - Source: Author’s research 5.3. - The results of the KMO coefficient and Barlett test are presented in Table 3, showing that the KMO coefficient = 0.815>. - 0.5 and the critical value of the Barlett test is 0.000 which is sat- isfactory, it also means the indicators in the model is correlated with each other. - 50% means that the use of factors representing 5 indicators can explain up to 53.247% of explanations of all indicators. - Initial Eigen- values = 3,195 in the first factor and starting less than 1 from the 2nd factor shows that the indi- cators in the model converge to only factor.. - Total Correlation Cronbach’s Alpha if Item. - Deleted Cronbach’s Alpha = 0,713. - Source: Author’s research Factor group scale of access to loans with 6 indicators after testing Cronbach’s Alpha are used to analyze EFA factors.. - In the process of analyzing the exploratory factor, the author chooses factor loading factor of 0.5, so the indicators with load factor less than 0.5 will be disqualified, so they are not displayed on the results table. - Using Varimax Produce rotation method to rotate the original elements to minimize the number of indicators with large coefficients in the same factor. - The Varimax rotating factor matrix shown in Table 5 shows that the load factor of VV6 indicators is less than 0.5 so it is removed, the remaining indicators are above 0.5.. - Source: Author’s research Extraction Method: Principal Component Analysis.. - Thus, from a set of scales of factors reflecting enterprises’ ability to access loans with 9 initial indicators, after analyzing the factor of discovery, EFA has formed a set of scales with 5 indicators to explain 53,247% of enterprises’ investment, and 46,753% investment of enterprises explained by other factors. - Details of the indicators are shown in Table 6. - Research results are really necessary to serve the process of studying the impact of factors’ ability to access loans on enterprises’s investment by quantitative research method.. - Scale of factors of ability to access loans affecting investment of enterprises in Dien Bien province. - Source: Author’s research Although the impact of the factors of access to loans on investment of enterprises in Dien Bien province has not been clearly confirmed, however, with the research results from in-depth interviews, the author also said that the biggest difficulties that make it difficult for businesses to access loans are interest rates and related procedures before borrowing. - At the same time, supporting credit institutions to minimize loan and disbursement procedures to help businesses easily and quickly access loans.. - (2003), “Credit Constraints in Manufacturing Enterprises in Africa”, Journal of African Economies . - Sign Description of the scale. - (1996), “Real estate portfolio management practices of pension funds and insurance companies in the Netherlands: a survey”¸ Journal of Real Estate Research, 11 (2):
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