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Facebook: @Dethivaonganhang www.facebook.com/dethivaonganhang TABLE OF CONTENTS LIST OF TABLE AND FIGURE ...............................................................................5 LIST OF ABBREVIATIONS .....................................................................................5 ABSTRACT ................................................................................................................7 Chapter I: INTRODUCTION .....................................................................................8 1.1. Rationale: .........................................................................................................8 1.2. Research objectives and scope:........................................................................9 1.3. Research questions:........................................................................................10 1.4. Research methodology...................................................................................10 1.4.1. Sample.....................................................................................................10 1.4.2. Methodology ...........................................................................................10 1.5. Research Structure .........................................................................................10 Chapter II: LITERATURE REVIEW .......................................................................12 2.1. Review of theoretical concepts: .....................................................................12 2.1.1. Delisting: .................................................................................................12 2.1.2. Involuntary Delisting ..............................................................................13 2.1.3. Voluntary Delisting:................................................................................15 2.2. The incentives to go private: ..........................................................................16 2.2.1. Traditional incentives..............................................................................16 2.2.2. Incentives derived from agency theory...................................................17 2.2.3. Incentives related to financial structure ..................................................18 2.3. Previous researches related to delisting phenomenon: ..................................18 2.3.1. Researches on foreign markets: ..............................................................18 2.3.2. Researches on Vietnamese stock markets: .............................................19 2.4. Previous researches about determinants of delisting: ....................................21 2.4.1. Financial performance: ...........................................................................21 2.4.1.1. Involuntary delisting: .......................................................................21 2.4.1.2. Voluntary delisting:..........................................................................22 www.ThiNganHang.com S Á C H – T À I L I Ệ U T H I T U Y Ể N Trang 1
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Facebook: @Dethivaonganhang www.facebook.com/dethivaonganhang 2.4.1.3. General Delisting: ............................................................................22 2.4.2. Corporate Governance: ...........................................................................23 2.4.2.1. Involuntary delisting: .......................................................................23 2.4.2.2. Voluntary delisting:..........................................................................23 2.4.3. Previous research in Vietnam: ................................................................24 Chapter III: OVERVIEW OF VIETNAM STOCK MARKET AND ITS DELISTING PHENOMENON IN RECENT YEARS...................................................................26 3.1. Vietnam Stock Market Overview: .................................................................26 3.1.1. Period 2000 - 2005:.................................................................................26 3.1.2. Period 2006-2007: Period of stock market explosion.............................27 3.1.3. Period of year 2008: The stock market closed with sharp decline .........28 3.1.4. Period of year 2009: Unexpected and impressive growth ......................28 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:...................................................................................29 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 ..................................................................................33 3.2.2.1. Voluntary delisting:..........................................................................33 3.2.2.2. Involuntary delisting on HOSE and HNX: ......................................33 3.3. Delisting phenomenon ...................................................................................33 Chapter IV: RESEARCH METHODOLOGY..........................................................38 4.1. Research data: ................................................................................................38 4.1.1 Research objectives and scope:................................................................38 4.1.1.1. Research objectives:.........................................................................38 4.1.1.2. Research scope:................................................................................38 4.1.2. Research methodology:...........................................................................39 4.2. Research model: .............................................................................................39 www.ThiNganHang.com S Á C H – T À I L I Ệ U T H I T U Y Ể N Trang 2
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Facebook: @Dethivaonganhang www.facebook.com/dethivaonganhang 4.2.1. Measurement of the dependent variable (delisting rate):........................39 4.2.2 Measurement of the independent variables: ............................................39 4.2.2.1 Financial factors:...............................................................................39 4.2.2.2. Corporate Governance factors: ........................................................41 Chapter V: EMPIRICAL FINDINGS.......................................................................43 5.1. Descriptive statistics: .....................................................................................43 5.1.1. Financial ratios: (See Table 1, Appendix) ..............................................43 5.1.2. Corporate Governance: (See Table 2, Appendix)...................................43 5.2. Modeling findings: .........................................................................................44 5.2.1. Finance model: ........................................................................................44 5.2.1.1. Delisting results: (See Table 3, Appendix) ......................................44 5.2.1.2. Involuntary delisting results: (See Table 4, Appendix) ...................45 5.2.1.3. Voluntary delisting results: (See Table 5, Appendix)......................46 5.2.2. Corporate governance model: .................................................................47 5.2.2.1. Delisting results: (See Table 6, Appendix) ......................................47 5.2.2.2. Involuntary delisting results: (See Table 7, Appendix) ...................48 5.2.2.3. Voluntary delisting model: (See Table 8, Appendix) ......................49 5.2.3. Results summary: ....................................................................................50 5.2.3.1. Finance model: .................................................................................50 Chapter VI: RECOMMENDATIONSAND CONCLUSION ..................................54 6.1. Recommendations:.........................................................................................54 6.1.1. Recommendations to investors: ..............................................................54 6.1.2. Recommendations to the authorities:......................................................54 6.1.3. Recommendations to listing companies: ................................................62 6.1.3.1. Recommendations in term of financial performance for company .62 6.1.3.2. Recommendations in term of governance factors for company ......62 6.2. Conclusion: ....................................................................................................63 REFERENCES..........................................................................................................64 1. International papers:..........................................................................................64 www.ThiNganHang.com S Á C H – T À I L I Ệ U T H I T U Y Ể N Trang 3
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Facebook: @Dethivaonganhang www.facebook.com/dethivaonganhang 2. Vietnamese papers: ...........................................................................................67 3. Websites: ...........................................................................................................69 APPENDIX ...............................................................................................................70 www.ThiNganHang.com S Á C H – T À I L I Ệ U T H I T U Y Ể N Trang 4
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Facebook: @Dethivaonganhang www.facebook.com/dethivaonganhang LIST OF TABLE AND FIGURE Figure and Table Name Page Figure 1 Delisting in Vietnamese stock market 2009-2014 35 Figure 2 Reasons for delisting in Vietnamese stock market 2009-2014 36 Figure 3 Reasons for delisting in HNX 2009-2014 37 Figure 4 Reasons for delisting in HOSE 2009-2014 38 Figure 5 Reasons for delisting in UPCOM 2009-2014 39 Figure 6 Stock exchanges after delisting 39 Table 1 Stock exchanges information summary from 2000-2005 26 Table 2 Finance model variables standard 43 Table 3 Corporate governance model variables standard 45 Table 4 Summary of significant factors in finance model 57 Table 5 Summary of finance indicator causes 57 Table 6 Summary of significant factors in corporate governance model 58 Table 7 Summary of corporate governance indicator causes 59 LIST OF ABBREVIATIONS Abbreviations Full phrases SSC State Securities Commission of Vietnam www.ThiNganHang.com S Á C H – T À I L I Ệ U T H I T U Y Ể N Trang 5
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Facebook: @Dethivaonganhang www.facebook.com/dethivaonganhang HOSE Ho Chi Minh Stock Exchange HNX Hanoi Stock Exchange UPCOM Unlisted Public Companies Stock Exchange M&A Merger and Acquisition IPO Initial Public Offering P/E Price to Earnings Ratio P/B Price to Book ratio ROA Return on Assets ROE Return on Equity VND Vietnam Dong NYSE New York Stock Exchange AMEX American Stock Exchange NASDAQ National Association of Securities Dealers Automated Quotation System www.ThiNganHang.com S Á C H – T À I L I Ệ U T H I T U Y Ể N Trang 6
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Facebook: @Dethivaonganhang www.facebook.com/dethivaonganhang ABSTRACT The number of delisting firms in Vietnam stock market has dramatically increased in recent year. There have been numerous studies in the world concerned with the determinants for delisting and the effect of delisting on the market in general, the company itself and the investors. The main objective of this research is to identify the factors affecting delisting probability of companies listed in three Vietnam stock exchanges: HOSE, HNX and UPCOM over the period of 2009 – 7/2014. More specifically, the research is concerned with these variables that are indicators of firm’s financial ratios and managerial characteristics. Logistic regression model was used to distinguish the difference between delisted and listed firms. After running the model, major findings revealed: (1) the higher Net Income, the greater Total Assets and the lower Debt ratio with the renting of BIG4 as auditor, the less likely a firm will delisted; (2) the smaller the number of Board of Directors, the few number of large shareholders and the lower number of Master Degree and female member in Board of Management, the greater the likelihood the firm will go private. Also, the finding showed that if the shareholders in companies are foreigners and state, the firms will less likely delisted. The results found in this paper have numerous important implications for establishing stock markets in emerging economies. www.ThiNganHang.com S Á C H – T À I L I Ệ U T H I T U Y Ể N Trang 7
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Facebook: @Dethivaonganhang www.facebook.com/dethivaonganhang Chapter I: INTRODUCTION 1.1. Rationale: For more than 14 years of development, Vietnam stock market has achieved some impressive milestones: To begin with, the organizational structure of the market has been more and more completed with three Stock Exchanges. Ho Chi Minh Stock Exchange (HOSE) operated on July 28, 2000, while Hanoi Stock Exchange (HNX) officially launched on March 08, 2005 and Unlisted Public Company Market (UPCOM) was opened on June 24, 2009; Another achievement is that there has been a growth in number of listed companies in Vietnam stock market, including both large-cap and small-cap enterprises. Until July 31, 2014, there are 304 stocks listed in HOSE; 359 stocks in HNX with total market capitalization of more than VND 89,000 billion. Meanwhile, 151 public companies register transactions in UPCOM with total transaction value of VND 21.326 billion; Additionally, the total market capitalization has been developing continuously. Until July 25, 2014, the total capitalization of Vietnam’s stock market is VND 1,100,000 billion, comprising Ho Chi Minh Stock Exchange (89%) and Hanoi Stock Exchange (11%). In particular, this figure of HOSE reached VND 979,000 billion, which is VND 136,895 billion higher than that of the previous year. Whilst, value of capitalization in HNX was VND 121,000 billion, increasing by VND 14,130 billion compared to 2013. Therefore, the stock market has become an important channel of mobilizing capital for enterprises as well as an attractive investment channel for investors. Until July 25, 2014, the total capital of the Vietnam stock market was VND 1,700,000 billion, which is successfully mobilized in 14 years of operation. In particular, Government mobilized about VND 1,000,000 billion through government bonds; businesses did approximatelyVND 700,000 billion through the stock market during this period. 1,300,000 accounts of investors including 1,282,831 domestic investors, 17169 foreign investors were opened on Vietnam’s stock market till July 20, 2014. On the other hand, Vietnam Stock Market has to face up with a serious phenomenon that can hinder and threaten the sustainable development of the market. This is delisting problem in three Stock Exchanges: HOSE, HNX and HOSE. The number of delisting companies in these three Stock Exchanges is increasing annually. From 2009 – 7/2014, there are 161 delisting companies that includes 69 voluntary delisting companies and 92 involuntary delisting companies www.ThiNganHang.com S Á C H – T À I L I Ệ U T H I T U Y Ể N Trang 8
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