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Research on fraudulent behavior in Vietnam's stock market - 1


MINISTRY OF EDUCATION AND TRAINING NATIONAL ECONOMICS UNIVERSITY

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NGUYEN THI BICH THUY


Research on fraudulent behavior in Vietnam's stock market - 1

FRAUDULENT BEHAVIOR RESEARCH

ON VIETNAM STOCK MARKET


DOCTORAL THESIS IN BANKING AND FINANCE


HANOI - 2020


MINISTRY OF EDUCATION AND TRAINING NATIONAL ECONOMICS UNIVERSITY

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NGUYEN THI BICH THUY


FRAUDULENT BEHAVIOR RESEARCH

ON VIETNAM STOCK MARKET


Major: FINANCE - BANKING Code: 9340201


DOCTORAL THESIS


Scientific instructor:

1. Assoc.Prof.Dr. NGUYEN HUU TAI

2. DR. NGUYEN DUC HIEN


HANOI - 2020


COMMITMENT


I have read and understand the academic integrity violations. I declare on my personal honor that this research is my own work and does not violate the requirements of academic integrity.


Hanoi, date …… month …… year 2020

Thesis author


Nguyen Thi Bich Thuy


INDEX

COMMITMENT i

TABLE OF CONTENTS ii

LIST OF ABBREVIATIONS vi

LIST OF TABLES vii

LIST OF FIGURES, CHARTS AND DIAGRAMS ix

INTRODUCTION 1

1. Urgency of the topic 1

2. Research objective 3

3. Research question 3

4. Research object and scope 4

5. Research Framework 5

6. New contributions of the thesis 6

7. Structure of the thesis 7

CHAPTER 1 THEORETICAL BASIS AND RESEARCH OVERVIEW 8

1.1 Overview of the stock market 8

1.1.1 Concept, characteristics 8

1.1.2 Types of securities 8

1.2 Fraudulent behavior in the stock market 9

1.2.1 Concept of fraudulent behavior in the stock market 9

1.2.2 Classification of fraudulent behavior in the stock market 11

1.2.3 Impact of fraudulent behavior on the stock market 15

1.3 Theoretical basis of topic 19

1.3.1 Efficient Market Theory 19

1.3.2 Behavioral finance theory 20

1.3.3 Signal Theory 21

1.3.4 Fraud Triangle Theory 22

1.4 State management of fraudulent acts in the stock market 25

1.4.1 Concept 25

1.4.2 Management subject 26

1.4.3 Management content 28

1.4.4 Management methods 30

1.4.5 Management tools 32

1.5 Factors affecting state management of fraudulent acts in the stock market 35

1.5.1. Subjective factors 35

1.5.2. Objective factors 37

1.6 International experience in state management of fraudulent acts in the stock market and lessons for Vietnam 39

1.6.1 Lessons learned on the authority of the management agency 39

1.6.2 Lessons learned in building and perfecting the legal framework 40

1.6.3 Lessons learned from transaction monitoring system 44

1.6.4 Lessons learned on enhancing the responsibility of issuing organizations 48

1.6.5 Lessons learned on improving the responsibility of business organizations

stock 49

1.6.6 Lessons learned from establishing task force 50

1.7 Research overview and research gaps 50

1.7.1 Research works in the world 50

1.7.2 Research works in Vietnam 61

1.7.3 Identifying research gaps 68

Chapter 1 Summary 70

CHAPTER 2 RESEARCH METHODS AND RESEARCH MODELS 71

2.1 Research process 71

2.2 Qualitative research methods 74

2.2.1 Typical case study method 74

2.2.2 In-depth interview method with experts 83

2.3 Quantitative research methods 88

2.3.1 Descriptive statistical methods 89

2.3.2 Survey investigation method 89

Chapter 2 Summary 99

CHAPTER 3 CURRENT SITUATION OF FRAUDULENT BEHAVIORS AND STATE MANAGEMENT OF FRAUDULENT BEHAVIORS IN VIETNAM'S STOCK MARKET 100

3.1 Overview of the development process of Vietnam's stock market 100

3.2 Current status of fraud in Vietnam's stock market 102

3.2.1 Case study of fraudulent behavior in the Vietnamese stock market 102

3.2.2 Factor analysis to explore opportunity factors affecting fraudulent behavior in the Vietnamese stock market 119

3.3 Current status of management of the State Securities Commission on fraudulent acts in the Vietnamese stock market 130

3.3.1 Management agencies in the Vietnamese stock market 130

3.3.2 Current status of content, methods and management tools 131

3.3.3 Statistics of detected and handled fraud 139

3.3.4 Current status of management of some typical fraudulent behaviors 141

3.4 Assessment of the current management status of the State Securities Commission regarding fraudulent acts in the Vietnamese stock market 144

3.4.1 Results 144

3.4.2 Limitations 146

3.4.3 Cause 147

Chapter 3 Summary 154

CHAPTER 4 155 SOLUTIONS TO STRENGTHEN STATE MANAGEMENT OF FRAUDULENT ACTS IN VIETNAM'S STOCK MARKET155

4.1 Viewpoints and goals of strengthening the management of fraudulent acts in the Vietnamese stock market 155

4.1.1 Perspectives on the development of Vietnam's stock market 155

4.1.2 Objectives of strengthening the State Securities Commission's management of fraudulent acts in the Vietnamese stock market 156

4.2 Some solutions to strengthen management of the State Securities Commission

for fraudulent acts in the Vietnamese stock market 157

4.2.1 Perfecting the management process 157

4.2.2 Improving the capacity of the staff 160

4.2.3 Completing the legal framework to meet market management needs 161

4.2.4 Perfecting monitoring methods and techniques 161

4.2.5 Development and application of information technology systems 164

4.2.6 Raising awareness for investors 165

4.2.7 Strengthening the responsibility of the issuing organization 166

4.2.8 Enhancing the responsibility of securities business organizations 167

4.3 Recommendation 168

4.3.1 Recommendations to the Government 168

4.3.2 Recommendations to the Ministry of Finance 171

4.3.3 Recommendations to the Association of Securities Dealers 173

Chapter 4 Summary 174

CONCLUSION 175

LIST OF PUBLISHED SCIENTIFIC WORKS 176

LIST OF REFERENCES 177

APPENDIX 189


LIST OF ABBREVIATIONS


ACFE American Association of Certified Fraud Examiners IOSCO International Organization of Securities Commissions SEC U.S. Securities and Exchange Commission

SOX Sarbanes-Oxley Act

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