期刊名称：International Research Journal of Finance and Economics
印刷版ISSN：1450-2887
电子版ISSN：1450-2887
出版年度：2017
期号：164
页码：68-74
出版社：European Journals Inc.
摘要：Privatization has been implemented across the globe as a pill to cure the weakness and inefficiency of state-owned firms. Numerous studies have conducted tests in a bid to examine whether privatization can help improve firm performance. The findings so far are inconclusive, with some indicating a significant benefit for firms in terms of efficiency gain and some arguing that privatization is a worthless economic reform. The equitization (known as partial privatization in other countries) has been part of Vietnamese economic reform since 1992, and is well-nurtured into the short-term future, at least. This paper characterizes the equitization of state-owned firms in Vietnam, and its impact on the stock market and firm performance. Our findings show that the equitization has several merits towards the stock market development, and that firms with state origin have better earnings, profitability and total asset turnover, compared to other firms. However, state-owned firms are valued lower in terms of market value.
