ThiNganHang Sách - Tài liệu thi tuyển
30 câu trắc nghiệm Quản trị nguồn nhân lực (Có Đáp án)
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TABLE OF CONTENTS
LIST OF TABLE AND FIGURE.. 1
LIST OF ABBREVIATIONS. 2
ABSTRACT.. 3
Chapter I: INTRODUCTION.. 1
1.1. Rationale: 1
1.2. Research objectives and scope: 3
1.3. Research questions: 3
1.4. Research methodology. 4
1.4.1. Sample. 4
1.4.2. Methodology. 4
1.5. Research Structure. 4
Chapter II: LITERATURE REVIEW... 6
2.1. Review of theoretical concepts: 6
2.1.1. Delisting: 6
2.1.2. Involuntary Delisting. 8
2.1.3. Voluntary Delisting: 10
2.2. The incentives to go private: 12
2.2.1. Traditional incentives. 12
2.2.2. Incentives derived from agency theory. 13
2.2.3. Incentives related to financial structure. 14
2.3. Previous researches related to delisting phenomenon: 15
2.3.1. Researches on foreign markets: 15
2.3.2. Researches on Vietnamese stock markets: 16
2.4. Previous researches about determinants of delisting: 19
2.4.1. Financial performance: 19
2.4.1.1. Involuntary delisting: 19
2.4.1.2. Voluntary delisting: 20
2.4.1.3. General Delisting: 21
2.4.2. Corporate Governance: 21
2.4.2.1. Involuntary delisting: 21
2.4.2.2. Voluntary delisting: 22
2.4.3. Previous research in Vietnam: 23
Chapter III: OVERVIEW OF VIETNAM STOCK MARKET AND ITS DELISTING PHENOMENON IN RECENT YEARS. 25
3.1. Vietnam Stock Market Overview: 25
3.1.1. Period 2000 - 2005: 25
3.1.2. Period 2006-2007: Period of stock market explosion. 26
3.1.3. Period of year 2008: The stock market closed with sharp decline. 27
3.1.4. Period of year 2009: Unexpected and impressive growth. 27
3.1.5. Period of year 2010: The rise and fall of a year of Vietnam’s stock market 28
3.1.6. Period 2011-2012: 28
3.1.7. Period 2013 - July 2014. 29
3.2. Legal framework: 30
3.2.1. Conditions of listing: 30
3.2.2. Delisting securities. 34
3.2.2.1. Voluntary delisting: 34
3.2.2.2. Involuntary delisting on HOSE and HNX: 34
3.3. Delisting phenomenon. 35
Chapter IV: RESEARCH METHODOLOGY.. 40
4.1. Research data: 40
4.1.1 Research objectives and scope: 40
4.1.1.1. Research objectives: 40
4.1.1.2. Research scope: 41
4.1.2. Research methodology: 41
4.2. Research model: 41
4.2.1. Measurement of the dependent variable (delisting rate): 41
4.2.2 Measurement of the independent variables: 42
4.2.2.1 Financial factors: 42
4.2.2.2. Corporate Governance factors: 44
Chapter V: EMPIRICAL FINDINGS. 46
5.1. Descriptive statistics: 46
5.1.1. Financial ratios: (See Table 1, Appendix). 46
5.1.2. Corporate Governance: (See Table 2, Appendix). 47
5.2. Modeling findings: 48
5.2.1. Finance model: 48
5.2.1.1. Delisting results: (See Table 3, Appendix). 48
5.2.1.2. Involuntary delisting results: (See Table 4, Appendix). 50
5.2.1.3. Voluntary delisting results: (See Table 5, Appendix). 51
5.2.2. Corporate governance model: 52
5.2.2.1. Delisting results: (See Table 6, Appendix). 52
5.2.2.2. Involuntary delisting results: (See Table 7, Appendix). 53
5.2.2.3. Voluntary delisting model: (See Table 8, Appendix). 55
5.2.3. Results summary: 56
5.2.3.1. Finance model: 56
Chapter VI: RECOMMENDATIONSAND CONCLUSION.. 61
6.1. Recommendations: 61
6.1.1. Recommendations to investors: 61
6.1.2. Recommendations to the authorities: 61
6.1.3. Recommendations to listing companies: 72
6.1.3.1. Recommendations in term of financial performance for company. 72
6.1.3.2. Recommendations in term of governance factors for company. 72
6.2. Conclusion: 73
REFERENCES. 75
1. International papers: 75
2. Vietnamese papers: 80
3. Websites: 82
APPENDIX.. 83
LIST OF TABLE AND FIGURE.. 1
LIST OF ABBREVIATIONS. 2
ABSTRACT.. 3
Chapter I: INTRODUCTION.. 1
1.1. Rationale: 1
1.2. Research objectives and scope: 3
1.3. Research questions: 3
1.4. Research methodology. 4
1.4.1. Sample. 4
1.4.2. Methodology. 4
1.5. Research Structure. 4
Chapter II: LITERATURE REVIEW... 6
2.1. Review of theoretical concepts: 6
2.1.1. Delisting: 6
2.1.2. Involuntary Delisting. 8
2.1.3. Voluntary Delisting: 10
2.2. The incentives to go private: 12
2.2.1. Traditional incentives. 12
2.2.2. Incentives derived from agency theory. 13
2.2.3. Incentives related to financial structure. 14
2.3. Previous researches related to delisting phenomenon: 15
2.3.1. Researches on foreign markets: 15
2.3.2. Researches on Vietnamese stock markets: 16
2.4. Previous researches about determinants of delisting: 19
2.4.1. Financial performance: 19
2.4.1.1. Involuntary delisting: 19
2.4.1.2. Voluntary delisting: 20
2.4.1.3. General Delisting: 21
2.4.2. Corporate Governance: 21
2.4.2.1. Involuntary delisting: 21
2.4.2.2. Voluntary delisting: 22
2.4.3. Previous research in Vietnam: 23
Chapter III: OVERVIEW OF VIETNAM STOCK MARKET AND ITS DELISTING PHENOMENON IN RECENT YEARS. 25
3.1. Vietnam Stock Market Overview: 25
3.1.1. Period 2000 - 2005: 25
3.1.2. Period 2006-2007: Period of stock market explosion. 26
3.1.3. Period of year 2008: The stock market closed with sharp decline. 27
3.1.4. Period of year 2009: Unexpected and impressive growth. 27
3.1.5. Period of year 2010: The rise and fall of a year of Vietnam’s stock market 28
3.1.6. Period 2011-2012: 28
3.1.7. Period 2013 - July 2014. 29
3.2. Legal framework: 30
3.2.1. Conditions of listing: 30
3.2.2. Delisting securities. 34
3.2.2.1. Voluntary delisting: 34
3.2.2.2. Involuntary delisting on HOSE and HNX: 34
3.3. Delisting phenomenon. 35
Chapter IV: RESEARCH METHODOLOGY.. 40
4.1. Research data: 40
4.1.1 Research objectives and scope: 40
4.1.1.1. Research objectives: 40
4.1.1.2. Research scope: 41
4.1.2. Research methodology: 41
4.2. Research model: 41
4.2.1. Measurement of the dependent variable (delisting rate): 41
4.2.2 Measurement of the independent variables: 42
4.2.2.1 Financial factors: 42
4.2.2.2. Corporate Governance factors: 44
Chapter V: EMPIRICAL FINDINGS. 46
5.1. Descriptive statistics: 46
5.1.1. Financial ratios: (See Table 1, Appendix). 46
5.1.2. Corporate Governance: (See Table 2, Appendix). 47
5.2. Modeling findings: 48
5.2.1. Finance model: 48
5.2.1.1. Delisting results: (See Table 3, Appendix). 48
5.2.1.2. Involuntary delisting results: (See Table 4, Appendix). 50
5.2.1.3. Voluntary delisting results: (See Table 5, Appendix). 51
5.2.2. Corporate governance model: 52
5.2.2.1. Delisting results: (See Table 6, Appendix). 52
5.2.2.2. Involuntary delisting results: (See Table 7, Appendix). 53
5.2.2.3. Voluntary delisting model: (See Table 8, Appendix). 55
5.2.3. Results summary: 56
5.2.3.1. Finance model: 56
Chapter VI: RECOMMENDATIONSAND CONCLUSION.. 61
6.1. Recommendations: 61
6.1.1. Recommendations to investors: 61
6.1.2. Recommendations to the authorities: 61
6.1.3. Recommendations to listing companies: 72
6.1.3.1. Recommendations in term of financial performance for company. 72
6.1.3.2. Recommendations in term of governance factors for company. 72
6.2. Conclusion: 73
REFERENCES. 75
1. International papers: 75
2. Vietnamese papers: 80
3. Websites: 82
APPENDIX.. 83