This paper aims to not only investigate the nature of financial security and its measurement, but also to compare financial security level in 629 listed companies divided into four different industries (materials, industrials, health care, and consumer goods) before building a theoretical framework and regression models to examine the determinants of financial security. By gathering 2,167 financial statements published in Vietnamese Stock Exchange during eight years from 2012 to 2019, with the support of STATA, the research results indicate that six different internal factors, which are liquidity, profitability, firm size, debt management ratios, asset management ratios, and cash flows, explain 77.7% the change of financial security ratio and 3.4% the change in sustainable growth ratio. Specifically, while firm size has a positive impact on sustainable growth ratio but a negative impact on financial security ratio, deb management and profitability have an insignificant influence on the financial security level. Furthermore, an increase in asset management ratios would result positively in both two dependent variables whereas a rise in sustainable growth and a decline in financial security ratio are expected to witness if there is an increase in cash flows.

Abstract
1. Introduction
2. Literature Review
3. Empirical Models and Research Methods
    3.1. Hypothesis
    3.2. Empirical Model
    3.3. Research Method
4. Results
    4.1. Descriptive Analysis
    4.2. Correlation Analysis
    4.3. Regression Models
5. Conclusions
References

• Van Cong NGUYEN(School of Accounting and Auditing, The National Economics University (NEU)) Corresponding Author
• Thi Ngoc Lan NGUYEN(School of Economics, Finance and Management, The University of Bristol)