Abstract
The research investigates the influences of financial structure on business performance of listed oil and gas companies in Vietnam via their 145 audited observations (financial statements) in 2016-2020. The results show that the more the short-term debt, the higher the proportion of inventory and fixed assets and the lower the business efficiency - however, the market value on book value increases. At the same time, the older and larger the scale, the higher the proportion of state capital and the better the business performance. In each sub-sector of oil and gas companies, there will be different proportions of components in the financial structure, leading to diversity in business performance. This is the basis for the authors to make some recommendations for oil and gas companies and the State to promote the development of this spearhead industry of Vietnam.
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