Tập trung quyền sở hữu, thanh khoản và định giá doanh nghiệp trong thị trường vốn cổ phần Việt Nam
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Tóm tắt
Nghiên cứu này xem xét mối quan hệ giữa tập trung quyền sở hữu và thanh khoản với định giá doanh nghiệp đối với trường hợp các công ty niêm yết trên thị trường vốn cổ phần Việt Nam giai đoạn 2008-2015. Các tác giả tìm thấy bằng chứng cho thấy tập trung quyền sở hữu đóng vai trò như một cơ chế quản trị hiệu quả làm tăng giá trị doanh nghiệp. Hiệu ứng của tập trung quyền sở hữu lên giá trị công ty là trực tiếp thông qua nhận thức định giá bởi các nhà đầu tư thị trường. Kênh tác động giá thông qua chi phí giao dịch (kênh thanh khoản) đến nay chưa đóng vai trò truyền dẫn hiệu ứng định giá của tập trung quyền sở hữu trong một thị trường vốn cận biên như Việt Nam
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Từ khóa
tập trung quyền sở hữu, thanh khoản, giá trị doanh nghiệp, Việt Nam
Tài liệu tham khảo
Al-Jaifi, H. A. (2017). Ownership concentration, earnings management and stock market liquidity: evidence from Malaysia. Corporate Governance: The International Journal of Business in Society, 17(3), 490-510.
Amihud, Y. (2002). Illiquidity and stock returns: cross-section and time-series effects. Journal of Financial Markets, 5(1), 31-56.
Amihud, Y., & Mendelson, H. (1986). Asset pricing and the bid-ask spread. Journal of Financial Economics, 17(2), 223-249.
Baker, M., & Stein, J. C. (2004). Market liquidity as a sentiment indicator. Journal of financial Markets, 7(3), 271-299.
Batten, J., & Vo, X. V. (2018). Liquidity and firm value in an emerging market. The Singapore Economic Review.
Berger, D., Pukthuanthong, K., and Yang, J. J. (2011). International diversification with frontier markets. The Journal of Financial Economics, 101(1), 227-242.
Bhide, A. (1993). The hidden costs of stock market liquidity. Journal of Financial Economics, 34(1), 31-51.
Brockman, P., Chung, D. Y., & Yan, X. S. (2009). Block ownership, trading activity, and market liquidity. Journal of Financial and Quantitative Analysis, 44(6), 1403-1426.
Claessens, S., & Yurtoglu, B.B. (2013). Corporate governance in emerging markets: a survey.
Emerging Markets Review, 15, 1-33.
Claessens, S., Djankov, S., Fan, J. P., & Lang, L. H. (2002). Disentangling the incentive and entrenchment effects of large shareholdings. The Journal of Finance, 57(6), 2741-2771.
Coffee, J. C. (1991). Liquidity versus control: The institutional investor as corporate monitor.
Columbia Law Review, 91(6), 1277-1368.
Demsetz, H., & Villalonga, B. (2001). Ownership structure and corporate performance. Journal of Corporate Finance 7(3), 209-233.
Fang, V. W., Noe, T. H., & Tice, S. (2009). Stock market liquidity and firm value. Journal of Financial Economics, 94(1), 150-169.
Goldstein, I., & Guembel, A. (2008). Manipulation and the allocational role of prices. The Review of Economic Studies, 75(1), 133-164.
Gunasekarage, A., Hess, K., & Hu, A. J. (2007). The influence of the degree of state ownership and the ownership concentration on the performance of listed Chinese companies. Research in International Business and Finance 21(3), 379-395.
Heflin, F., & Shaw, K. W. (2000). Blockholder ownership and market liquidity. Journal of Financial and Quantitative Analysis, 35(4), 621-633.
Heugens, P. P., Van Essen, M., & van Oosterhout, J. H. (2009). Meta-analyzing ownership concentration and firm performance in Asia: Towards a more fine-grained understanding. Asia Pacific Journal of Management, 26(3), 481-512.
Holderness, C. G., & Sheehan, D. P. (1988). The role of majority shareholders in publicly held corporations: An exploratory analysis. Journal of Financial Economics, 20, 317-346.
Holmström, B., & Tirole, J. (1993). Market liquidity and performance monitoring. Journal of Political Economy, 101(4), 678-709.
Holmström, B., & Tirole, J. (2001). LAPM: A liquidity based asset pricing model. The Journal of finance, 56(5), 1837-1867.
Jacoby, G., & Zheng, S. X. (2010). Ownership dispersion and market liquidity. International Review of Financial Analysis, 19(2), 81-88.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
Kahn, C., & Winton, A. (1998). Ownership structure, speculation, and shareholder intervention.
The Journal of Finance, 53(1), 99-129.
Khanna, N., & Sonti, R. (2004). Value creating stock manipulation: feedback effect of stock prices on firm value. Journal of Financial Markets, 7(3), 237-270.
Konijn, S. J., Kräussl, R., & Lucas, A. (2011). Blockholder dispersion and firm value. Journal of Corporate Finance, 17(5), 1330-1339.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R.W (1998). Law and finance. Journal of Political Economy, 106, 1113-1155.
Lins, K. V. (2003). Equity ownership and firm value in emerging markets. Journal of Financial and Quantitative Analysis, 38(1), 159-184.
Ma, S., Naughton, T., & Tian, G. (2010). Ownership and ownership concentration: which is important in determining the performance of China’s listed firms? Accounting & Finance, 50(4), 871-897.
Maug, E. (1998). Large shareholders as monitors: is there a trade-off between liquidity and control?
The Journal of Finance, 53(1), 65-98.
McConnell, J. J., & Servaes, H. (1990). Additional evidence on equity ownership and corporate value. Journal of Financial Economics, 27(2), 595-612.
Mehran, H. (1995). Executive compensation structure, ownership, and firm performance. Journal of Financial Economics, 38(2), 163-184.
Morck, R., Shleifer, A., & Vishny, R. W. (1988). Management ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20, 293-315.
Nguyen, T., Locke, S., & Reddy, K. (2015). Ownership concentration and corporate performance from a dynamic perspective: Does national governance quality matter? International Review of Financial Analysis, 41, 148-161.
Orbay, H., & Yurtoglu, B. B. (2006). The impact of corporate governance structures on the corporate investment performance in Turkey. Corporate Governance: An International Review, 14(4), 349-363.
Prommin, P., Jumreornvong, S., Jiraporn, P., & Tong, S. (2016). Liquidity, ownership concentration, corporate governance, and firm value: Evidence from Thailand. Global Finance Journal, 31, 73-87.
Rubin, A. (2007). Ownership level, ownership concentration and liquidity. Journal of financial Markets, 10(3), 219-248.
Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. The Journal of Finance, 52(2), 737-783.
Stoll, H. R. (2000). Presidential address: friction. The Journal of finance, 55(4), 1479-1514.
Subrahmanyam, A., & Titman, S. (2001). Feedback from stock prices to cash flows. The Journal of Finance, 56(6), 2389-2413.
Tran, N. H., & Le, D. C. (2017). Ownership concentration, corporate risk-taking and performance: Evidence from Vietnamese listed firms. Working paper. Available at SSRN: https://ssrn.com/ abstract=3030405.
Tran, N. H., & Le, D. C. (2019). Ownership concentration and firm valuation in a typical frontier market. Afro-Asian Journal of Finance and Accounting. (forthcoming).
Uno, J., & Kamiyama, N. (2010). Ownership structure, liquidity, and firm value. Unpublished manuscript, Waseda University.
Amihud, Y. (2002). Illiquidity and stock returns: cross-section and time-series effects. Journal of Financial Markets, 5(1), 31-56.
Amihud, Y., & Mendelson, H. (1986). Asset pricing and the bid-ask spread. Journal of Financial Economics, 17(2), 223-249.
Baker, M., & Stein, J. C. (2004). Market liquidity as a sentiment indicator. Journal of financial Markets, 7(3), 271-299.
Batten, J., & Vo, X. V. (2018). Liquidity and firm value in an emerging market. The Singapore Economic Review.
Berger, D., Pukthuanthong, K., and Yang, J. J. (2011). International diversification with frontier markets. The Journal of Financial Economics, 101(1), 227-242.
Bhide, A. (1993). The hidden costs of stock market liquidity. Journal of Financial Economics, 34(1), 31-51.
Brockman, P., Chung, D. Y., & Yan, X. S. (2009). Block ownership, trading activity, and market liquidity. Journal of Financial and Quantitative Analysis, 44(6), 1403-1426.
Claessens, S., & Yurtoglu, B.B. (2013). Corporate governance in emerging markets: a survey.
Emerging Markets Review, 15, 1-33.
Claessens, S., Djankov, S., Fan, J. P., & Lang, L. H. (2002). Disentangling the incentive and entrenchment effects of large shareholdings. The Journal of Finance, 57(6), 2741-2771.
Coffee, J. C. (1991). Liquidity versus control: The institutional investor as corporate monitor.
Columbia Law Review, 91(6), 1277-1368.
Demsetz, H., & Villalonga, B. (2001). Ownership structure and corporate performance. Journal of Corporate Finance 7(3), 209-233.
Fang, V. W., Noe, T. H., & Tice, S. (2009). Stock market liquidity and firm value. Journal of Financial Economics, 94(1), 150-169.
Goldstein, I., & Guembel, A. (2008). Manipulation and the allocational role of prices. The Review of Economic Studies, 75(1), 133-164.
Gunasekarage, A., Hess, K., & Hu, A. J. (2007). The influence of the degree of state ownership and the ownership concentration on the performance of listed Chinese companies. Research in International Business and Finance 21(3), 379-395.
Heflin, F., & Shaw, K. W. (2000). Blockholder ownership and market liquidity. Journal of Financial and Quantitative Analysis, 35(4), 621-633.
Heugens, P. P., Van Essen, M., & van Oosterhout, J. H. (2009). Meta-analyzing ownership concentration and firm performance in Asia: Towards a more fine-grained understanding. Asia Pacific Journal of Management, 26(3), 481-512.
Holderness, C. G., & Sheehan, D. P. (1988). The role of majority shareholders in publicly held corporations: An exploratory analysis. Journal of Financial Economics, 20, 317-346.
Holmström, B., & Tirole, J. (1993). Market liquidity and performance monitoring. Journal of Political Economy, 101(4), 678-709.
Holmström, B., & Tirole, J. (2001). LAPM: A liquidity based asset pricing model. The Journal of finance, 56(5), 1837-1867.
Jacoby, G., & Zheng, S. X. (2010). Ownership dispersion and market liquidity. International Review of Financial Analysis, 19(2), 81-88.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
Kahn, C., & Winton, A. (1998). Ownership structure, speculation, and shareholder intervention.
The Journal of Finance, 53(1), 99-129.
Khanna, N., & Sonti, R. (2004). Value creating stock manipulation: feedback effect of stock prices on firm value. Journal of Financial Markets, 7(3), 237-270.
Konijn, S. J., Kräussl, R., & Lucas, A. (2011). Blockholder dispersion and firm value. Journal of Corporate Finance, 17(5), 1330-1339.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R.W (1998). Law and finance. Journal of Political Economy, 106, 1113-1155.
Lins, K. V. (2003). Equity ownership and firm value in emerging markets. Journal of Financial and Quantitative Analysis, 38(1), 159-184.
Ma, S., Naughton, T., & Tian, G. (2010). Ownership and ownership concentration: which is important in determining the performance of China’s listed firms? Accounting & Finance, 50(4), 871-897.
Maug, E. (1998). Large shareholders as monitors: is there a trade-off between liquidity and control?
The Journal of Finance, 53(1), 65-98.
McConnell, J. J., & Servaes, H. (1990). Additional evidence on equity ownership and corporate value. Journal of Financial Economics, 27(2), 595-612.
Mehran, H. (1995). Executive compensation structure, ownership, and firm performance. Journal of Financial Economics, 38(2), 163-184.
Morck, R., Shleifer, A., & Vishny, R. W. (1988). Management ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20, 293-315.
Nguyen, T., Locke, S., & Reddy, K. (2015). Ownership concentration and corporate performance from a dynamic perspective: Does national governance quality matter? International Review of Financial Analysis, 41, 148-161.
Orbay, H., & Yurtoglu, B. B. (2006). The impact of corporate governance structures on the corporate investment performance in Turkey. Corporate Governance: An International Review, 14(4), 349-363.
Prommin, P., Jumreornvong, S., Jiraporn, P., & Tong, S. (2016). Liquidity, ownership concentration, corporate governance, and firm value: Evidence from Thailand. Global Finance Journal, 31, 73-87.
Rubin, A. (2007). Ownership level, ownership concentration and liquidity. Journal of financial Markets, 10(3), 219-248.
Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. The Journal of Finance, 52(2), 737-783.
Stoll, H. R. (2000). Presidential address: friction. The Journal of finance, 55(4), 1479-1514.
Subrahmanyam, A., & Titman, S. (2001). Feedback from stock prices to cash flows. The Journal of Finance, 56(6), 2389-2413.
Tran, N. H., & Le, D. C. (2017). Ownership concentration, corporate risk-taking and performance: Evidence from Vietnamese listed firms. Working paper. Available at SSRN: https://ssrn.com/ abstract=3030405.
Tran, N. H., & Le, D. C. (2019). Ownership concentration and firm valuation in a typical frontier market. Afro-Asian Journal of Finance and Accounting. (forthcoming).
Uno, J., & Kamiyama, N. (2010). Ownership structure, liquidity, and firm value. Unpublished manuscript, Waseda University.
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