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

鄧中堅(Dang Trung Kien)

指導教授 ： 陳怡珮

中原大學/商學院/國際商學碩士學位學程/碩士(2016年)

https://doi.org/10.6840/cycu201600279

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

關鍵字

利益輸送效果 ； 股利政策 ； 越南股票市場

並列摘要

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.

並列關鍵字

Tunneling effect ； dividend policy ； Vietnamese securities market ； government-controlled

參考文獻

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