ドイモイ政策の下で進められた積極的な経済改革によって、近年、ベトナム企業は大きな変化を遂げつつある。本論文の目的は、ベトナム企業改革の最終段階に位置付けられるホーチミンおよびハノイ証券取引所上場企業について、その資金調達構造の特徴を明らかにし、内包されている問題点を検討することである。2006 年から2008 年まで３年間のデータを利用した、両証券取引所上場企業の負債比率の推計結果によれば、（1）上場企業の資金調達構造にはエージェンシー･コスト･アプローチが概ね妥当すること、（2）ベトナムを代表する優良企業である上場企業でも長期資金の調達においては担保の提供が重要であること、（3）政府支配企業は外部借入に対する担保の効果が小さいこと、（4）政府支配企業は負債を利用したる節税の意欲が弱いこと、（5）ホーチミン証券取引所上場企業はハノイ証券取引所上場企業よりも借入に対する担保の効果が小さく、負債を利用したる節税の意欲も弱いこと、が観察された。また、（6）Nguyen(2006)およびBiger et al. (2008)によるベトナム中小企業の分析結果と比較すると、上場企業の資金調達構造は、経済理論の予想により合致していることが観察された。これらの観察結果は、（1）市場経済化を目指したベトナム政府の経済改革が企業金融面で既に一定の成果を達成しているが、その一方で、（2）企業情報の開示や債権者保護が一層進められるべきであり、（3）銀行部門の民間開放や競争促進が必要である、という政策上の含意を示唆している。, This study investigates the factors determining the debt-ratios of listed companies in the Hanoi and Ho Chi Minh stock exchange markets. Estimation analysis using panel data covering the three-year period from 2006 to 2008 reveals the following results: (1) the debt-ratios of listed companies may be well explained by adjusted MM theory combined with agency cost theory, (2) in order to borrow outside funds in the long-term, the ability to provide collateral is very important even for qualified and listed companies, (3) the debt-ratios of government controlled companies are less affected by their ability to provide collateral, (4) government controlled companies have weak incentives to save corporate tax payments by using debt financing, (5) the debt-ratios of listed companies at the Ho Chi Minh stock exchange are less affected by the amount of their collaterals as well as their corporate tax ratio, and (6) compared to the fund raising activities of small and medium sized companies analyzed by Nguyen (2006) and Biger et al. (2008), those of listed companies could be better explained by using standardized corporate financing theory. These observations suggest several policy implications. (1) Economic reform (Doi moi) policies have successfully built up market based corporate financing systems for listed companies in Vietnam, however, (2) the protection of outside creditors should be further enhanced, as should be the disclosure of corporate information. (3) The further liberalization and privatization of the banking sector is urgently needed.
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Paper provided by Graduate School of Economics, Hitotsubashi University in its series Discussion Papers with number
2009-10.
Length: 38 p Date of creation: Jul 2009 Date of revision: Handle: RePEc:hit:econdp:2009-10
Note: The Determinants of Fund Raising Structures of Listed Companies in Vietnam: The Distinct Effects of Government Ownership and Differences between the Hanoi and Ho Chi Minh Stock Markets Contact details of provider: Phone: +81-42-580-8000 Web page: http://www.econ.hit-u.ac.jp/ More information through EDIRC
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