Tunneling Effect and Dividend policy of listed companies on Vietnamese securities market

中原大學

國際商學碩士學位學程

碩士學位論文

股利政策之利益輸送效果—以越南股票市

場為例

Tunneling Effect and Dividend policy of listed companies on

Vietnamese securities market

指導教授：陳怡珮

研究生：鄧中堅(Dang Trung Kien)

中華民國 105 年 7 月

中

原

大

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國

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股

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鄧

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摘 要

本研究中，利益輸送效果(Tunneling effect)被認為是一種控股股東可以藉由高股利

政策將公司資本轉為私有利益的現象，這種現象可能會為公司的未來發展和少數股東之利

益帶來風險。

利益輸送(Tunneling) 在新興市場中頗為普遍，尤其是政府常扮演著控制股東的重要

角色。越南的股票市場發展至今二十餘年，已成為新興市場代表之一。股票市場已經成為

顯著的資本籌資渠道，有助於推動國民經濟和發展。

本研究的主要目的是要探討在越南上市公司股利政策的利益輸送效果。實證研究結

果證明，政府控制的公司、所有權集中較高的公司、近期進行新股發行或認購權發行的公

司，皆會有較高的股息收益率。這些結果表明，控制股東可以使用股利來達到利益輸送效

果。

此外，國有企業往往喜歡在越南市場投資，因為這對經濟增長有好處。這項本研究

也試圖檢測政府控制公司是否會犧牲投資機會，並藉由高股利政策來達到賺取私有利益的

目的。研究結果顯示政府似乎想要控制利益輸送效果在一定水準，亦即在不影響公司成長

性及企業長期利益之下，控制股東可藉由高股利政策來達到賺取私有利益。

關鍵字：利益輸送效果、股利政策、越南股票市場

ii

ABSTRACT

In this research, tunneling effect is identified as a phenomenon that the controlling

shareholders may extract the firm’s capital into their own pocket through high dividend payout

policy, which may risk the company future growth as well as the benefit of minority shareholders.

Tunneling has been revealed as a common practice in those Emerging markets where the

government plays an important role on controlling the business. Today, Vietnam is the emerging

market, with the securities market has been introduced to public for almost two decades. As

expectation, securities market has become remarkable capital mobilization channel to push up

their national economic and maintain a high development speed.

This research aims to investigate the existence of tunneling practice on the dividend

payout policy of Vietnamese listed companies. The empirical findings show that the government￾controlled companies, the companies with high concentrated ownership or with recent IPO or

right issues activity will have higher dividend yield. These findings indicate that the dividends

may be used by controlling shareholders as a means of tunneling.

In addition, as recognition the advantage on investment and growth which state-owned

organizations often enjoy in Vietnam market, this study also tries to find out if the government￾controlled companies may sacrifice their investment opportunities by using the high-dividend

policy to earn cash which then serves for other purposes. The outcome documents that the

government seems to keep their tunneling practice under the control, in order to avoid the

harmful effect on company’s growth as well as their long-term benefits from the business.

Keywords: Tunneling effect, dividend policy, Vietnamese securities market, government￾controlled.