지분제한과 투자자행동 : 베트남 주식시장을 중심으로

초록

This paper examines the change of investor behavior before and after the deregulation of foreign ownership restriction as Vietnamese government abolished foreign ownership’s restriction on September 1 in 2015. The evidence of lower informational asymmetry after the deregulation supports our conjecture that the deregulation on foreign ownership reduces the information asymmetry problem in Vietnamese corporations. After the deregulation from 2014 to 2016, absolute values of coefficient for size, leverage and foreign ownership on big firms decrease while the value of coefficient for foreign ownership on small firms increase from 2014 to 2016. These are evidences for the reduction of information asymmetry after the deregulation. Using event-study method, this paper also examines the impact of the deregulation event in Ho Chi Minh stock market. There is a significant increase of cumulative abnormal returns (CAR) in firms with low foreign ownership level and a decrease of CAR in high foreign ownership level stocks from t-30 to t120 event window. The results show that increase of foreign ownership in emerging markets may reduce the information asymmetry in corporations.

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