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標題: A Study of The IPO's Initial Excess Return Under Vietnam's Stock Market
越南證券市場新上市(櫃)股票初期超額報酬 之研究
作者: 阮氏碧幸
Thi, Bich-Hanh Nguyen
關鍵字: IPO;新股上市;Vietnam stock market;underpricing;financial performance;越南股票市場;財務比例
出版社: 財務金融系所
引用: 1. Beatty, R. P. and Ritter, J. R (1986), “Investment Banking, Reputation, and the Underpricing of Initial Public Offerings”, Journal of Financial Economics15, 213-232. 2. Chi, J. and C. Padgett (2002), “Short-Run Underpricing and its Characteristics in Chinese IPO Market'', ISMA Discussion Paper in Finance. 3. Datar, V.,and Mao, D. (1998), “Initial Public Offerings in China: Why is underpricing so severe” , Working paper, Seattle University. 4. Greewald, B., and Stiglitz, J. (1998), “ Examining Alternative Macroeconomic theories”, Brookings Papers on Economic Acitivity 1, 207-270. 5. Hanley(1993),“The underpricing of initial public offerings and the partial adjustment phenomenon”, Journal of Financial Economics 34, p231-250. 6. Hao, Q.M.(2009), “Equitization in Vietnam: Corporate Govermance Perspective”, Vietnam Development Forum, Unpublished. 7. Jain, Bharat A., and Omesh Kini, 1994, “The post-issue operating performance of IPO firms'', Journal of Finance 49, 1699-1726. 8. Levis, M. (1993), “The long-run performance of initial public offerings: The UK experience 1980-1988”, Financial Management, 22, 28-41. 9. Loughran, T., Ritter, J.R. and Rydqvist, K (1994), “ International Public Offerings: international Insights”, Pacific-Basin Finance Journal, 2, 165-199. 10. Levine, R. (2000), “Bank-based or market-based fianancial systems: which is better?”, Unpublished. 11. Liu, C., and Xiu, Shiyu. (2008), “The degree of IPO underpricing in China”, Journal of Modern Accounting and Auditing, 4, 4-35. 12. Ritter, J. R. (1984), “The hot issue market of 1980”, Journal of Business 32, 215-240. 13. Ritter (1991),“The long run performance of initial public offerings”, Journal of Finance46, p3-27. 14. Su, D., & Fleisher, B. (1999), “ An empirical investigation of underpricing in Chinese IPOs”, Pacific-Basin Finance Journal, 7, 173-202. 15. Toan, Nguyen., (2007) “A review of Vietnamese IPO activity”, General introduction of Vietnam stock market, 7- 8. 16. Venkatesh, S., and Neupane, S., (2004), “Does Ownership Structure Effect IPO Underpricing: Evidence from Thai IPOs”, Journal of Corporate Ownership and Control, vol. 3, Issue 2, pp 106-115. 17. Yen, Mei-ying, Yen (1992), “Underwriter Reputation and the Initial Returns of the Newly Listed Issuse in Taiwan'', Unpublished Master's Thesis, National Taiwan University. Website Reference 1. Cophieu68 website 2. Ha noi stock exchange centre website 3. Hochiminh stock exchange centre website 4. Vietnam State Security Comisssion website. 5. BSC website
The study examined the whether finance performance and other ability fator affects the short-run's initial public offerings return under Vietnam stock market. Using the data on 118 on the both Hochiminh and Hanoi Stock Exchange from 1 January 2006 to 30 June 2010. I found that the average initial excess return on the 30 day of trading are over1.92%. Using the OLS regression model to explain the affects on Vietnam stock return. As the result shows that:
i) This research proposes Vietnam stock market consistent underpricing phenomanon. Underpricing of Ho Chi Minh stock exchange center is higher than Hanoi stock exchange's.
ii) From initial exess abnormal return analysis and mean of short-run cumulative excess abnormal return, it proposed Vietnam stock have possitive on short-run IPO return.
iii) Finance performance, IPOs size, the firm of capital had strong signification effects Vietnam short-run IPO stock return.
iv) The IPO cummulative abnormal return not affected by place of IPO, also affect by the year of IPO and industry of IPO.

1. 在胡志明市的新股上市承銷價比在河內市上市的新股承銷價來得高。
2. 在越南上市的新股發行短期內皆有正向報酬。
3. 公司的財務表現、新股發行數量、與公司的資本額將影響該公司新股上市的短期報酬。
4. 依據上市的地點、上市的年份、及新上市所屬之產業的不同,其新股上市的股票累積異常報酬也不同。
其他識別: U0005-2401201123102400
Appears in Collections:財務金融學系所

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