Current Status Of Listed Companies On   Vietnam  Stock Market

Factors affecting the ability to access bank credit of enterprises listed on the stock market - 3

To reduce the unobserved heterogeneity in the credit distribution mechanism, Constantine. Drakos and Nicholas Giannakopoulos (2011) introduced control variables including: (1) cash flow, (2) trade credit, and (3) number of competitors.

In addition, they also consider: (1) the rate of turnover in the domestic market, (2) the companies that are members of a business association or chamber of commerce, (3) the company's habitual frequent use of the Internet in dealing with customers and suppliers, (4) education level of the workforce. These variables may provide useful information for firms with unobserved structural characteristics, related to management quality.

The author uses probit model to study, the test results show that the higher the ability to 1

The author uses probit model to study, the test results show that the higher the ability to access bank credit for: (1) companies with growth in revenue; (2) profitable company  ; (3) large-scale companies; (4) the company has a relationship with the bank. Factors that do not affect credit access include age of the company, use of independent auditors, use of international auditing standards, medium-sized companies, and gender of female owners.

1.3. Current status of listed companies on   Vietnam stock market

1.3.1. Overview Introduction

After more than 12 years of operation, Vietnam's stock market has made significant progress. According to the report of the State Securities Commission (SSC), the number of intermediaries on the stock market has increased from 7 securities companies and 1 fund management company to 106 securities companies and 47 management companies. fund. From 5 companies in 2000 to now, there have been nearly 600 listed companies and organizations, market capitalization accounted for 42% of GDP. In addition, banks, financial companies, securities companies, fund management companies, insurance companies, investment funds participating in the market have contributed to the formation of a system of specialized investors. industry (State Securities Commission, 2013).

In 2009, Vietnam's stock market grew strongly thanks to the government's economic stimulus policies, especially the policy of interest rate support, exemption, reduction and deferral of income tax. The high credit growth rate in 2009 contributed to growth on the one hand, but also helped the stock market rebound strongly. In addition, the decrease in inflation this year also creates more confidence about macroeconomic stability.

In 2010, due to the pressure of inflation and high interest rates, the trade deficit was high, while credit growth and money supply decreased compared to 2009, so the VNIndex decreased by 2.04%. However, Vietnam's stock market continued to achieve very positive results in important aspects: market capitalization reached 39% of GDP, an increase of 17.1% compared to 2009; actual capital mobilization reached 98.7 trillion dong, 3 times higher than 2009; average trading value per session reached 2,480 billion dong; net foreign capital inflows over 1 billion USD; the number of investor accounts increased by 38%…(State Securities Commission, 2012).

Market size compared to GDP narrowed when the market capitalization as of December 31, 2011 decreased significantly, reaching only VND 539,000 billion, down VND 187,000 billion (26%) compared to VND 726,000 billion at the end of the year. 2010. Vietnam's stock market was one of the world's biggest decliners in 2011. Vietnam's stock market is affected by and reflects macroeconomic difficulties and uncertainties such as high inflation, The banking system faced liquidity difficulties, most businesses failed to achieve the set revenue and profit targets. The downtrend clearly dominated with HNX-Index down 48.6%, VN Index down 27.5%. 62% of stocks on both exchanges have market prices below par value. Market liquidity dropped sharply with the total trading value of both exchanges in many sessions below 1,000 billion dong.The average trading value and volume per session for both HNX and HOSE (by order matching method) in 2011 was VND 790.72 billion and 53.25 million shares, down 65% and 30% compared to the previous year. (State Securities Commission, 2012).

With an increase of 40% in the first 5 months of the year and then a sharp decline in the remaining 7 months, Vietnam's stock market closed the 2012 trading year with many ups and downs and fluctuations. Despite many difficulties, 2012 still had a pretty good ending when the last session of the year (December 28, 2012) closed in green on both exchanges. VN Index closed the year at 413.73 points, up 3.76 points (equivalent to 0.92%), the total trading volume of this session reached 84,321,540 units, equivalent to 1,157,572 billion dong; HNX Index closed the year at 57.09 points, up 0.94 points (equivalent to 1.67%), the total trading volume reached 74,725,130 units, equivalent to 473,465 billion dong. For the whole year of 2012, VN Index increased a total of 62.18 points, HNX Index decreased by 1.65 points compared to the end of 2011. But compared to the peak reached by the market in May 2012,VNIndex and HNX-Index lost 74.34 points, respectively (compared to May 8, 2012) and 26.70 points (compared to May 7, 2012). The average trading size per session in 2012 reached VND 1,316 billion, up 28% compared to 2011 thanks to the extension of afternoon trading time.

Looking back at 2012, Vietnam's stock market is still quite unstable due to both objective and subjective reasons. Although there were economic bright spots recorded in 2012 such as relatively low inflation, stable exchange rate, falling interest rates, strong export growth and trade balance surplus, the trend of capital divestment of large corporations has not been confirmed. unions and corporations, plus the restructuring of not only credit institutions but also SOEs, makes it difficult for the market to see significant improvements in the medium term.

1.3.2. Business situation

Through the survey of audited financial statements of 648 enterprises listed on the Vietnam stock market from 2010 to 2012, the business situation of listed companies is as follows:

Table 1.1 Revenues of listed companies

Unit: Million VND

STT Industry group 2010 2011 2012 2011/2010 2012/2011
first Communication technology 1,375,224 1,401,756 1,164,379 102% 83%
2 Professional services – Science
– Technology
111,487 151,353 177,629 136% 117%
3 Support services – Waste
treatment and recycling services
160,869 238,345 256,311 148% 108%
4 Accommodation and food services 118,618 86.621 112,558 seventy three% 130%
5 Education and training 2.164 2,007 3.049 ninety three% 152%
6 Extractive 5.248,044 7,767,276 10,492,011 148% 135%
7 Arts and
entertainment services
31,583 34,041 43,201 108% 127%
8 Manufacture 29.539,801 43,863,393 45,995,846 148% 105%
9 Agriculture - Forestry - Fishery
production
674.375 1,811,173 1,507,428 269% 83%
ten Commercial (Wholesale and
Retail)
21,245,159 28,635,772 25,926,551 135% 91%
11 Community Utilities 4,389,290 6,248,219 25,806.795 142% 413%
twelfth Transportation and Warehousing 2,097,373 2,735.687 3,418,591 130% 125%
13 Construction and real estate 6,014,263 6,061,796 5,605,817 101% 92%
14 Finance and insurance 23,398,409 46,186,340 54,303,080 197% 118%
15 Other services 141,627 46.763 252.029 33% 539%
  Add 94,548,286 145,270,542 175,065,275 154% 121%

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Source: http://www.chungkhoanphuongnam.com.vn

The above table shows that, in 2011 the revenue of listed companies had a significant growth (up 54% compared to 2010). However, in 2012, the business situation started to be difficult, revenue only increased by 21% compared to 2011. In which, the Technology - Communication and Agriculture - Forestry - Fisheries industry saw the biggest decrease in revenue. (17%), followed by Trade (wholesale and retail (down 9%), Construction and real estate (down 8%)… Particularly, the Community Utilities industry saw a significant revenue growth (down by 8%). 313%), Education and training (52%), mining, accommodation and catering services also saw significant revenue growth.

Table 1.2 Situation of profit after tax of listed companies

Unit: Million VND

STT Industry group 2010 2011 2012 2011/2010 2012/2011
first Communication technology 47,570 47.742 (1,235) 100% -3%
2 Professional services –
Science – Technology
8,348 17,706 13.953 212% 79%
3 Support services – Waste
treatment and recycling services
15,310 3,010 17,148 20% 570%
4 Accommodation and food services 9,751 16.518 15,227 169% 92%
5 Education and training 38 42 ten 111% 24%
6 Extractive 417.832 584,995 818,745 140% 140%
7 Arts and
entertainment services
11,067 13.317 16.552 120% 124%
8 Manufacture 3,074.759 3,385,887 2,908.892 110% eighty six%
9 Agriculture - Forestry - Fishery
production
199,806 533,282 405,882 267% 76%
ten Commercial (Wholesale and
Retail)
650,320 874,961 682,229 135% 78%
11 Community Utilities 431,219 604.812 2,821,572 140% 467%
twelfth Transportation and Warehousing 107.466 161,928 201,647 151% 125%
13 Construction and real estate 1,544,256 1,124,295 433.957 seventy three% 39%
14 Finance and insurance 4,525,713 5,422.797 6,941,412 120% 128%
15 Other services 2.929 3.011 4.234 103% 141%
  Add 11,046,384 12,794,303 15,280,225 116% 119%

In terms of production and business efficiency, enterprises listed on Vietnam's stock market have increased efficiency gradually from 2010 to 2012 (in 2011 increased by 16% compared to 2010; in 2012 increased by 19% compared to 2011). In which, profit after tax in 2012 compared to 2011 of a number of industries increased significantly such as supporting services - waste treatment and recycling services (up 470%), utilities - community (up 367%). %)… However, in 2012 there were also a number of industries with a sharp decrease in profit after tax such as the technology-communication industry (only negative 3% compared to 2011); followed by Education and Training (24% compared to 2010), Construction and real estate (39% compared to 2011)… Therefore, special timely support solutions are needed. is about capital so that these enterprises can overcome difficulties in the current period.

1.3.3. Financial situation and capital structure

1.3.3.1. Total Assets Table

1.3 Situation of total assets of listed companies

Unit: Million VND

STT Industry group 2010 2011 2012 2011/2010 2012/2011
first Technology - Media
information
6,070,018 8,061,337 8,428,199 133% 105%
2 Professional services
- Science - Technology
Art
396.255 702.235 919.993 177% 131%
3 Support services –
Waste treatment and recycling
services
505,470 822.848 737,428 163% 90%
4 Lodging and dining
drink
463.073 543,369 586.501 117% 108%
5 Education and training 66.284 89,079 88,650 134% 100%
6 Extractive 32,030,070 42,340,688 54,012,112 132% 128%
7 Arts and
entertainment services
122.007 126,408 104%  
8 Manufacture 111,979,875 154,658,669 193,690,503 138% 125%
9 Agriculture - Forestry
- Fishery production
4,746,204 6,759,829 7,971,610 142% 118%
ten Commercial (Wholesale
and Retail)
28,552,745 41,968,828 46,648,311 147% 111%
11 Community Utilities 25,669,866 29,289,910 83.418,411 114% 285%
twelfth Transportation and Warehousing 23,603.907 20,881,768 22,737.804 88% 109%
13 Construction and real
estate
66,668,188 103,326,970 117,341,632 155% 114%
14 Finance and
insurance
1,022,954.655 1,476,008,903 1,784,079,832 144% 121%
15 Other services 1,661,165 2,699,229 162%  
  Add 1,323,706,610 1,887,237,605 2,323,486.623 143% 123%

Source: http://www.chungkhoanphuongnam.com.vn

In 2012, the consolidated report on total assets of 648 enterprises listed on the Vietnam stock market was VND 2,323,486,623 million, an increase of 23% compared to 2011. In which, total assets of a number of industries in 2012 compared to 2011. 2011 increased sharply such as: Community utilities (up 185%), other services (up 62%), professional - scientific - technical services (up 31%). Particularly, the supporting services - waste treatment and recycling services in 2012 had a 10% decrease in total assets compared to 2011.

In the structure of assets, the average proportion of fixed assets in 2012 was 44.9%. Depending on the specific characteristics of each industry group, the proportion of fixed assets will vary between industry groups, specifically the order of the proportion of fixed assets from low to high is as follows: Arts and entertainment services (accounting for 14.3% of total assets), Trade (accounting for 29.2% of total assets), Professional services - Science - Technology (accounting for 31.3% of total assets), Support services – Waste treatment and recycling services (accounting for 34.9% of total assets), Construction and real estate (accounting for 40.7% of total assets), Technology - Communication (accounting for 46.1). % of total assets), Production (accounting for 47.8% of total assets), Agriculture - Forestry - Fishery (accounting for 51.0% of total assets), Community utilities (accounting for 52.5 % of total assets), Mining (accounting for 57.0% of total assets),Transportation and warehousing (accounting for 61.7% of total assets), Education and training (accounting for 68.1% of total assets), Accommodation and catering services (accounting for 78.3% of total assets). produce).

1.3.3.2. Capital

- Equity

Table 1.4 Equity situation of listed companies

Unit: Million VND

STT Industry group 2010 2011 2012 2011/2010 2012/2011
first Technology - Media
information
2,457.832 3,337,838 3,319,494 136% 99%
2 Professional services –
Science – Technology
237,940 354,777 482.927 149% 136%
3 Support Services - Services
for treatment and recycling
of waste
272,857 415,851 412.794 152% 99%
4 Lodging and dining
drink
262,894 407,005 412.223 155% 101%
5 Education and training 61,174 86,949 86.785 142% 100%
6 Extractive 10,936.639 15,094,305 18,134,776 138% 120%
7 Arts and
entertainment services
115,280 112.354 97%  
8 Manufacture 57,701,830 74,496,663 85,882,588 129% 115%
9 Agriculture - Forestry
- Fishery production
3,418,904 4,705,834 6,056,820 138% 129%
ten Commercial (Wholesale
and Retail)
9,589,964 13,148,664 15,304,545 137% 116%
11 Community Utilities 11,610,692 12,709,087 38,632,340 109% 304%
twelfth Transportation and Warehousing 8,880,264 8,861,495 9,891,428 100% 112%
13 Construction and Real
Estate
30,088.296 45,668,376 46,848,748 152% 103%
14 Finance and insurance 111,084,270 147,134,303 189,658,359 132% 129%
15 Other services 182,823 184.317 101%  
  Add 246,603.556 326,719,250 415,420,498 132% 127%

Source: http://www.chungkhoanphuongnam.com.vn

In 2012, the total equity of all enterprises listed on the stock exchange of Vietnam was 415,420,498 million, up 27% compared to 2011. If compared to 2010, the equity increased by 80,115,694 million VND (equivalent to 18%). Owner's equity of 648 listed enterprises annually increased mainly from profit after tax.

Some industries have low equity/total capital ratios such as: Other services (7%), finance and insurance (11%), commerce (wholesale and retail) (33%). The rest of the industries have relatively high equity/total capital ratios.

- Liabilities must pay

Table 1.5 Liabilities of listed companies

Unit: Million VND

STT Industry group 2010 2011 2012 2011/2010 2012/2011
first Technology - Media
information
3,580,104 4,610,962 4,924.631 129% 107%
2 Professional services
- Science - Technology
Art
158.315 332,223 417,448 210% 126%
3 Support services –
Waste treatment and recycling
services
232,103 393,881 318,721 170% 81%
4 Lodging and dining
drink
200,179 136,365 174.278 68% 128%
5 Education and training 5.110 2.130 1.865 42% 88%
6 Extractive 20,951,885 26,955,959 34,082,525 129% 126%
7 Arts and
entertainment services
6,727 14,054 209%  
8 Manufacture 53,113,255 75,342,523 100,721.849 142% 134%
9 Agriculture - Forestry
- Fishery production
1,309,931 2,004.817 1,860,762 153% ninety three%
ten Commercial (Wholesale
and Retail)
17,853,857 27,178,061 30,099,745 152% 111%
11 Community Utilities 14,031,722 16,295,546 42,676,878 116% 262%
twelfth Transportation and Warehousing 10,966.224 11,077,325 11,836,586 101% 107%
13 Construction and real
estate
35,135,545 54,459,851 67,755,887 155% 124%
14 Finance and
insurance
901,067,276 1,325,622,269 1,591,286,420 147% 120%
15 Other services 1,478,343 2,514,912 170%  
  Add 1,058,605,506 1,545,896,982 1,888,686,561 146% 122%

Source: http://www.chungkhoanphuongnam.com.vn

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