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：75-84
出版社：European Journals Inc.
摘要：The paper evaluates the impacts of equitization on firm performance. Besides pre- and postprivatization comparison method of Megginson (1994), this study uses propensity score matching and difference-in-difference methods in order to overcome the selection bias and the inadequateness to pick out the equitization effect from the coexisting effects of other economic factors. We find that equitization can consistently enhance the firm performance in terms of profitability and sales efficiency in exchange for employment security. This strong evidence of profitability and sales efficiency increase is also found in our subsamples of equitized SMEs and large businesses despite some dissimilarities in net income efficiency and output. Our findings imply that equitization plays a vital role in enhancing the performance of Vietnamese state-owned enterprises.
