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研究生:范慶芳
研究生(外文):Pham Khanh Phuong
論文名稱:Information Disclosure Mechanism of Stock Market in Vietnam: A Comparison ofCorporations’ and Investors’ Perceptions
論文名稱(外文):Information Disclosure Mechanism of Stock Market in Vietnam: A Comparison ofCorporations’ and Investors’ Perceptions
指導教授:許治文許治文引用關係
學位類別:碩士
校院名稱:樹德科技大學
系所名稱:金融與風險管理系碩士班
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2012
畢業學年度:100
語文別:英文
論文頁數:108
中文關鍵詞:N/A
外文關鍵詞:Stock marketlisted companiesinformation disclosure mechanism.
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The Vietnam securities market is one of the newest in the global financial play ground. Because of being in the early stage, all the market components are still under construction or in shortage, such as the infrastructure, legal framework, kinds of securities, manpower and all other activities, including information disclosure. Information disclosure is the centered activity of the securities market because it is considered fundamental to maintain the integrity of the market.
The purpose of this study is to compare the opinions of two opposite groups of benefit on information disclosure mechanism of Vietnam Stock Market. The two opposite groups are corporations and investors. The corporations are listed in Hochiminh Stock Exchange and investors are participated in Vietnam stock market. The corporations have to disclose information as regulated in Securities Law and under law documents. These regulations on information disclosure established the mechanism on the problem mentioned above.
The research had found out the differences in opinion on information disclosure mechanism of Vietnam Stock Market. Especially the differences happen in point of view to some detail regulations of information disclosure such as the regulation on trading of mass shareholders and extraordinary disclosure. The results of this study are hoped to contribute to the regulators as Government, Ministry of Finance and the State Securities Commission a basic to review all the regulations of information disclosure mechanism. By amendment and supplementary Securities Law and related under law documents, the Vietnam Stock Market in particularly may develop and integrate to global practices.


Table of Contents
ABSTRACT i
ACKNOWLEDGMENTS iii
Table of Contents iv
List of Tables vii
List of Figures viii
ABBREVIATIONS ix
Chapter 1 Introduction 1
1.1. Research Background and Motivation 1
1.1.1. Overview of Vietnam Economy From 1986 to 2010 1
1.1.2. Overview of Vietnam Securities Market 2
1.2. Research Purpose 8
1.3. Research Questions 8
1.4. Research Procedure 8
Chapter 2 Literature Review 10
2.1. Stock Market 10
2.2. Listed Company 11
2.3. Information Disclosure Mechanism in The Stock Exchange 12
2.3.1. Information Disclosure and Its Important Role in The Securities Market 12
2.3.2. The Requirements and Means of Information Disclosure 14
2.3.3. Corporate Disclosure Policy 15
2.4. Some Types of Information to be disclosed 17
Chapter 3 Methodology 21
3.1. Research Framework 21
3.2. Hypothesis Development 23
3.2.1. The Relationship between Corporations, Investors and Periodic Information Disclosure 23
3.2.2. The Relationship between Corporations, Investors and Extraordinary Information Disclosure 24
3.2.3. The Relationship between Corporations, Investors and Required Information Disclosure 25
3.2.4. The Relationship between Corporations, Investors and Trading of Mass Shareholders Information Disclosure 25
3.2.5. The relationship between Corporations, Investors and Treasury Share Trading Information Disclosure 26
3.2.6. The Relationship between Corporations, Investors and Public Offering Information Disclosure 26
3.2.7. The Relationship between Corporations, Investors and Information Disclosure Mechanism 27
3.3. Variable Measurement and Questionnaire Design 27
3.4. Sampling 31
3.5. Methods of Data Analysis 31
3.5.1. Descriptive and Demographic Analysis 32
3.5.2. Independent T Test and One -way Analysis of Variance (ANOVA) 32
Chapter 4 Data analysis and Results 34
4.1. Demographic Characteristics 34
4.2. Descriptive Statistic 36
4.3. Reliability Testing 37
4.4. Independent T Test 40
4.5. Analysis of Variables (ANOVA) 45
4.6. Summary of Hypotheses Testing Results 53
Chapter 5 Conclusion and Recommendations 55
5.1. Research Conclusions: findings and contribution 55
5.2. Managerial Implication 58
5.3. Limitation 58
REFERENCES 60
APPENDIX A: QUESTIONAIRE IN ENGLISH 66
APPENDIX B: THE RESULTS OF T TEST TO FIND THE DIFFERENCES BETWEEN CORPORATIONS AND INVESTORS’ OPINION OF H1 TO H7 73
APPENDIX C: POST HOC TESTS OF TS TO THE AGE GROUP 76
APPENDIX D: POST HOC TESTS OF ED TO THE AGE GROUP 77
APPENDIX E: POST HOC TESTS OF MS TO THE AGE GROUP 78
APPENDIX F: POST HOC TESTS OF ID TO THE AGE GROUP 79
APPENDIX G: POST HOC TESTS OF MS TO THE SALARY GROUP 80
APPENDIX H: POST HOC TESTS OF PD TO THE OCCUPATION GROUP 81
APPENDIX I: POST HOC TESTS OF ED TO THE OCCUPATION GROUP 85
APPENDIX J: POST HOC TESTS OF RD TO THE OCCUPATION GROUP 89
APPENDIX K: POST HOC TESTS OF MS TO THE OCCUPATION GROUP 93
APPENDIX L: POST HOC TESTS OF TS TO THE OCCUPATION GROUP 97
APPENDIX M: POST HOC TESTS OF PO TO THE OCCUPATION GROUP 101
APPENDIX N: POST HOC TESTS OF ID TO THE OCCUPATION GROUP 105


List of Tables
Table 1. The Growth Rate of The Stock Market in HOSE 4
Table 2. Some Protecting Investors Index of Vietnam 7
Table 3. Questionnaire Design 28
Table 4. Characteristics of Respondents 35
Table 5. Descriptive Statistic 36
Table 6. Construct Reliability 38
Table 7. Corrected Item-Total Correlation 39
Table 8. The Results of T Test 41
Table 9. The Results of T Test in Items 43
Table 10. The Results of T Test for Gender 45
Table 11. The Results of ANOVA to The Age Group 46
Table 12. The Results of ANOVA to The Qualification Group 48
Table 13. The Results of ANOVA to The Salary Group 49
Table 14. The Results of ANOVA to The Occupation Group 49
Table 15. Summarized Results of The Testing Hypotheses (from H1 to H7) 53
Table 16. Summarized Results of The Testing Hypothesis 8 54


List of Figures
Figure 1. Chart of VN Index 5
Figure 2. Research Procedure 9
Figure 3. Research Framework 22



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