Ảnh hưởng của cổ phần hóa đến hiệu quả hoạt động của các doanh nghiệp ở Việt Nam
DOI:
https://doi.org/10.24311/jabes/2016.27.4.798Keywords:
Equitization, firm performance, PSM and DIDAbstract
The main objective of this study is to measure the impact of equitization on firm performance in Vietnam. The dataset, retrieved from the survey on enterprises conducted by the General Statistics Office of Vietnam (GSO), consist of 301 equitized state-owned firms and 127 unequitized state-owned firms during the period from 2007 to 2010. By using propensity score matching (PSM) combined with difference in differences (DID) approach, the results show that equitization has positive impacts on the ratio of income before tax to total assets and the ratio of income before tax to firm sales. Moreover, this study reveals that leverage (measured by total debts/total assets), total asset turnover, and the number of employees have significantly decreased after equitization. However, no evidence is found regarding the effect of equization on productivit (measured by revenues as a ratio to number of employees) of equitized firms
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