国家所有がベトナム上場企業の資本構造と収益性に与える影響

抄録

The Vietnamese government has been consistently promoting institutional reforms to achieve transition to the market economy under Doi Moi. In order to investigate the extent to which companies listed on the Ho Chi Minh Stock Exchange (HOSE) and the Hanoi Stock Exchange (HASE) have achieved corporate behaviors conforming to the market economy, we estimate debt ratios and rates of return of the listed companies using the three-stage least squares method (3SLS). We source the samples for this estimation from the unbalanced panel data of 423 listed companies on the HOSE and the HASE from 2006 to 2010.
The estimation results revealed that, unlike the results of the analysis of Vietnamese SMEs by Nguyen (2006) and Biger et al. (2007), the capital structure of the companies listed on the HOSE and the HASE can be reasonably explained by using standardized corporate financing theory, and as such they correspond to the market economy. For both exchanges, while the procurement of short-term debt funds depends on cash flows, procurement of long-term funds depends heavily on the ability to provide collateral. Additionally, the listed companies face the debt overhang problem, which limits their fund raising capacities. Moreover, at both exchanges, state-controlled companies are less affected by their ability to provide collateral in the procurement of external funds than are other companies. On the HOSE, state-controlled companies enjoy a superior position in terms of profit making, while the companies listed on the HASE have more severe constraints on the use of external funds. Finally, foreign-owned companies, which generally excel in management skills and production technology and disclose information to a considerable extent, have an advantage in funds procurement in the form of capital investment and profitability.
These observations suggest that, despite the Vietnamese government’s persistent effort to achieve transition to a market economy, even in the Ho Chi Minh Stock Exchange, which is credited for having pioneered many institutional reforms in Vietnam, state-controlled companies are still likely to have an advantage over other companies because of the close relationship between state-controlled companies and state-controlled banks. Future reforms for the Vietnamese market should therefore aim at enhancing information disclosure, consolidating corporate governance in state-controlled companies, and continuing banking sector privatization.