Minh bạch và công bố thông tin của các công ty niêm yết trên thị trường chứng khoán Việt Nam

Abstract

The objectives of thesis are to establish a transparency and disclosure index to estimate transparency and disclosure companies of companies listed on the Vietnamese stock market, to determine the effect of corporate governance and finance as determinants on transparency and disclosure of companies, to determine the effect transparency and disclosure index of companies on cost of equity and firm performance of companies listed on the Vietnamese stock market. Data used in the study are panel data that were mainly collected from annual reports, audited financial statements, management reports and related documents taken via on internet of 484 companies listed on Ho Chi Minh Stock Exchange (HOSE) and Ha Noi Stock Exchange (HNX) for the period from 2014 to 2016.

Transparency and disclosure index of this thesis is an applying Standard and Poor’s items of transparency and disclosure score in the Vietnamese stock market, and combining mandatory disclosure based on Circular 155/BTC/2015 as well as voluntary disclosure of companies. Using 2SLS and GMM approaches, results of thesis reveal that firm characteristics such as independent members in board, firm size, firm performance has positive relationship with transparency and disclosure degree of listed companies. Based on the empirical evidences derived from this study, it is concluded that degree of transparency and disclosure of firms in the previous time has positive relation with that in the present. Besides, degree of transparency and disclosure of firms has negative relation with cost of equity. Results reveal that transparency and disclosure index (TDI) of listed firms has positive relationship with ratio of return on equity (ROE) and ratio of return on assets (ROA). Finally, based on the empirical evidences derived from this study, it is concluded that ownership structure (both board structure and foreigner structure) has positive relationship with return on equity of listed firms; in contract, leverage has negative relation with ROE and ROA. New findings of thesis are establishing a transparency and disclosure index to estimate transparency and disclosure companies of companies listed on the Vietnamese stock market based on Standard and Poor’s items and laws of mandatory disclosure of listed companies, the positive relation of transparency and disclosure of firms in the previous time and in the present, the negative relation of degree of transparency and disclosure of firms and cost of equity and the positive relation of transparency and disclosure of firms and firms performance.

Keywords: Cost of equity, firm performance, transparency and disclosure, Vietnam Stock Exchange Market

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Tóm tắt i

Abstract ii

CHƯƠNG 1: GIỚI THIỆU 1