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t to CERTIFICATION ng hi ep I hereby declare that the substance of this thesis is my own work and knowledge This dissertation has not been submitted for any other degree or w diploma of the university or higher degree I certify that its contain has not been n lo published or written by another person ad ju y th yi pl ua al CAO THI TUYET MAI n 27 November 2012 n va ll fu oi m at nh z z k jm ht vb om l.c gm n a Lu n va y te re th i t to ACKNOWLEDGEMENTS ng hi ep During the time of studying in Vietnam – Netherlands programme for Master of Arts in Developing Economics, I have learned so much useful knowledge w Therefore, I would like to thank to Programme and all the teachers that have taught n lo me in this time ad y th I want to express my deepest gratitude to my academic supervisor, Dr ju Truong Tan Thanh, for his guidance and valuable comments in writing and yi pl finishing my M.A thesis His enthusiastic and encouraging has supported me n ua al during the process of this thesis to finish it on time va Besides my supervisor, I want to acknowledge the tremendous support that I n received from Prof Dr Nguyen Trong Hoai – Dean of Vietnam – Netherlands fu ll Programme and Dr Pham Khanh Nam – Academic Director of Vietnam – m oi Netherlands Programme for their assistance and great encouragement nh at I also would like to appreciate Master Nguyen Thanh Hai, Director of z Finance Advisory Department of Saigonbank Berjaya Securities Joint Stock z ht vb Company His encourage and knowledge has supported me a lot during my thesis k jm writing process gm My grateful thanks to my friends, Nguyen Thi Tuyet Van and Phan Bui Gia Thuy who help me overcome the difficulties to finish my thesis l.c om Last but not least, I am truly grateful to my family: my parents, my parents in n a Lu law, my husband and my brothers for their love and spiritual support in my life n va y te re th ii t to ABSTRACT ng hi ep The thesis determines which factors that affected the operations of the companies listed on Ho Chi Minh Stock Exchange during the period 2007-2011 and w measures the level of the variables such as growth, leverage, leverage^2, risk, CEO n lo duality and size that impacted on performance of listed companies It utilizes a ad panel data of 93 Vietnamese listed companies and two methods accounting (ROA) y th ju and market (Tobin’s Q) to estimate the performance of firms It employs many yi models in panel data such as Pool regression, Random Effects Model (REM) and pl Fixed Effects Models (FEM) to control unobserved effects Three kinds of models al n ua are applied to find the most appropriate model and Fixed Effects Model is va considered the most suitable model for further discussions and recommendations n The findings of this thesis show the support for not only the results of empirical fu ll studies but also the trade off theory and stewardship theory Size factor is the most m oi significant support for two metrics of firm performance ROA and Tobin’s Q at 1% nh level The thesis also finds that there is existence of the optimal capital structure at z because of a non linear relationship between leverage and firm performance In z vb particular, at 22.77% value of the optimal capital structure, the performance of firm jm ht (measured by ROA) will get maximum value, or at 72.30% value of the optimal capital structure, the performance of firm (measured by Tobin’s Q) will get k gm maximum value Besides that, Growth and Risk are found to have effect at 1% significant level to ROA only Moreover, CEO duality just has effect to Tobin’s Q l.c om at 1% level of significance It is suitable in Vietnam condition because most of a Lu firms in Vietnam are family firms, therefore, there always has a phenomenon one person wears two hats It leads the firm operate more efficiently and effectively n n va when the chairman serves as the CEO y te re th iii t to TABLE OF CONTENTS ng hi ep Certification i Acknowledgements ii w iii n Abstract lo ad List of Tables vii y th List of Figures viii ju yi Abbreviations ix pl INTRODUCTION ua al CHAPTER Problem statement 1.2 Research questions 1.3 Research rationale 1.4 Research objectives 1.5 Research scope 1.6 Structure of the research n 1.1 n va ll fu oi m at nh z z LITERATURE REVIEW AND EMPIRICAL STUDIES k gm 2.1 jm ht vb CHAPTER Theoretical relation between firm performance, corporate governance and om l.c capital structure Firm performance 2.1.2 M-M theory 2.1.3 Trade off theory 2.1.4 Agency theory 2.1.5 Stewardship theory n a Lu 2.1.1 n va th iv y Empirical evidence 10 te re 2.2 t to ng hi 2.3 Corporate governance in Vietnam 14 2.4 Chapter remarks 16 ep CHAPTER w n 3.1 RESEARCH METHODOLOGY 17 Variables 17 lo ad 3.1.1 y th Explanatory variables 18 ju 3.1.2 Dependent variable 17 yi The description of variables use in this research 24 3.3 Estimation strategy 25 3.4 Hypothesis statement and model specification 25 pl 3.2 n ua al n va Hypothesis 25 3.4.2 Specified model 29 ll fu 3.4.1 oi m nh Data description 29 3.6 Chapter remarks 30 at 3.5 z z vb EMPIRICAL ANALYSIS RESULTS 31 jm ht CHAPTER The statistic descriptions of variables 31 4.2 The empirical analysis 32 k 4.1 l.c gm om 4.2.1 Correlation matrix 32 a Lu 4.2.2 Regression result 33 n n va 4.2.2.1Results of model robustness 33 v th Conclusion 42 y 4.3 te re 4.2.2.2Analysis result 37 t to CHAPTER SUMMARY AND RECOMMENDATION 43 ng hi ep w n 5.1 Conclusion 43 5.2 Recommendations 44 5.3 Limitations 45 lo ad REFERENCE 47 y th ju APPENDIX I 93 LISTED FIRMS IN DATA SAMPLE 51 yi APPENDIX II REGRESSION RESULTS 55 pl n ua al APPENDIX III GENERAL INFORMATION RELATED TO LISTED FIRMS 66 n va ll fu oi m at nh z z k jm ht vb om l.c gm n a Lu n va y te re th vi t to LIST OF TABLES ng hi ep Table 01 The description of variables use in the thesis 24 Table 02 The descriptive statistics of data sample 31 w n lo Table 03 The correlation matrix between ROA, TOBIN’s Q and variables 33 ad ju y th Table 04 The White and Breusch-Godfrey test for Model 1A and 1B 34 yi Table 05 The Hausman test for Model 2A and 2B 34 pl ua al Table 06 The Redundant Fixed Effects test for Model 3A and 3B 35 n Table 07 The estimated coefficients of six regression models 36 n va Table 08 The Wald test for Model 3A and 3B 40 ll fu oi m at nh z z k jm ht vb om l.c gm n a Lu n va y te re th vii t to LIST OF FIGURES ng hi ep Figure 01 The optimal amount of debt and the value of firm 07 w Figure 02 Number of listed firms in the period 2006-2012 66 n lo Figure 03 Number of new listed firms in the period 2006-2012 66 ad Figure 04 Market Capitalization 67 ju y th yi pl n ua al n va ll fu oi m at nh z z k jm ht vb om l.c gm n a Lu n va y te re th viii t to ABBREVIATIONS ng hi ep w CEO Chief Executive Officer n lo D/E Debt to Equity ad y th EBIT Earnings before Interest and Tax ju FEM Fixed Effects Model yi pl HOSE Ho Chi Minh Stock Exchange al n ua HNX Hanoi Stock Exchange n va MBVE Market Value of Equity and Book Value of Liabilities Divided by Book Value of Equity fu ll MBVR Market Value of Equity to Book Value of Equity m oi MNC Multinational Company nh at OLS Ordinary Least Square z z P/E Price per Share to the Earnings per Share vb ROA Return on Total Assets om n a Lu ROI Return on Investment l.c ROE Return on Equity gm REM Random Effects Model k jm ht PROF Earnings before Interest and Tax plus Depreciation to Total Assets n VND Viet Nam Dong va SWOT Strengths, Weaknesses, Opportunities and Treats y te re th ix t to ng CHAPTER INTRODUCTION hi ep 1.1 Problem statement w n The stock market is an efficient channel for capital mobilization of the lo ad economy in developed countries as well as developing countries, thus the birth of ju y th the stock market in Vietnam plays a very important role in the attracting of domestic capital, foreign capital and also the socio-economic development yi pl Founded on July 20, 2000 with two listed companies, however, over one al n ua decade of operation at the end of 2011 there were 686 listed companies trading on va the Ho Chi Minh Stock Exchange (HOSE) and Hanoi Stock Exchange (HNX) with n capitalization reached 464,036 billion VND To perform its role as a channel to fu ll mobilize capital for economic efficiency, listed companies on the stock market m oi themselves have to operate efficiently in order to create the trustworthiness from at nh shareholders as well as domestic and foreign investors Therefore, the performance z of listed companies plays an important role to keep the market stabilizing and z developing ht vb jm Determining which variables impacted on and how they affected to the k performance of listed enterprises is important because they will help not only the gm investors make right investing decisions but also the managers can know the and moreover, company can operate more effectively om l.c variables that have more significant influence on firm to manage more efficiently a Lu Currently, most research in Vietnam concentrates on issues affecting of the n th y rate, capitalization, risk and also corporate sectors This means the research subject: te re the internal matters of the business such as corporate governance, debt ratio, growth n research on the internal matters of business In contrast, this thesis only focuses on va macro variables to the performance of the company therefore it has very little ng hi ep w n Nam Viet Joint Stock Company 50 NSC National Seed JSC 51 PAC Dry Cell and Storage Battery Joint Stock Company 52 PET Petrovietnam General Services Js Corporation 53 PGC Petrolimex Gas Joint Stock Company PJT Petrolimex Joint Stock Tanker Company lo NAV ad t to 49 54 y th PNC ju 55 Phuong Nam Cultural Joint Stock Corporation yi PPC Pha Lai Thermal Power Joint Stock Company 57 PVD PetroVietNam Drilling and Well Services Joint Stock Company 58 RAL Rang Dong Light Sources and Vacuum Flask Joint Stock Company 59 REE Refrigeration Electrical Engineering Corporation 60 RIC Royal International Corporation 61 SAM SACOM Development And Investment Corporation 62 SAV Savimex Corporation 63 SC5 Construction Joint Stock Company No 64 SCD Chuong Duong Beverages Company 65 SFC Saigon Fuel Company 66 SFI Sea And Air Freight International 67 SJD Can Don Hydro Power Joint Stocks Company 68 SJS Song Da Urban & Industrial Zone Investment and Development Joint Stock Company 69 SMC SMC Trading- Investment Joint Stock Company 70 SSC Southern Seed Joint-stock Company 71 TAC Tuong An Vegetable Oil Joint Stock Company 72 TCM Thanh Cong Textile Garment Investment Trading Joint Stock Company pl 56 n ua al n va ll fu oi m at nh z z k jm ht vb om l.c gm n a Lu n va y te re th 53 ng hi ep w n TAICERA Enterprise Co., Ltd 74 TDH Thu Duc Housing Development Corporation 75 TNA Thien Nam Trading & Import-Export Corporation 76 TNC Thong Nhat Rubber Joint Stock Company 77 TRC Tay Ninh Rubber Joint Stock Company TRI Sai Gon Beverages Joint Stock Company lo TCR ad t to 73 78 y th TS4 ju 79 Seafood Joint Stock Company No yi TSC Techno – Agricultural Supplying Joint Stock Company 81 TTP Tan Tien Plastic Packaging Joint Stock Company 82 TYA Taya (VIET NAM) Electric Wire and Cable Joint Stock Company 83 VFC Vinafco Joint Stock Corporation 84 VIC VinGroup Joint Stock Company 85 VID Vien Dong Investment Development Trading Corporation 86 VIP Viet Nam Petroleum Transport Joint Stock Company 87 VIS Vietnam - Itaty Steel JSC 88 VNE Vietnam Electricity Construction Joint-stock Corporation 89 VNM Vietnam Dairy Products Joint Stock Company 90 VPK Vegetable Oil Packing JSC 91 VSH Vinh Son - Song Hinh Hydropower Joint Stock Company 92 VTB Viettronics Tan Binh Joint Stock Company 93 VTO Vietnam Tanker Joint Stock Company pl 80 n ua al n va ll fu oi m at nh z z k jm ht vb om l.c gm n a Lu n va y te re th 54 t to APPENDIX II REGRESSION RESULTS ng hi POOL REGRESSION MODEL ep Model 1A with ROA pool regression model w n lo Dependent Variable: ROA Method: Least Squares Date: 11/09/12 Time: 15:48 Sample: 465 Included observations: 465 ad ju y th yi Coefficient Std Error pl Variable al n ua va 0.082875 0.027947 0.091998 -0.285819 -0.016087 0.028112 0.002456 -0.026344 -0.007279 -0.003792 -0.035951 n ll fu 0.046799 0.007298 0.077750 0.083394 0.004163 0.007659 0.003368 0.012045 0.011954 0.011916 0.011839 oi m at nh z C GROWTH LEVERAGE LEVERAGE^2 RISK DUALITY SIZE Y2011 Y2010 Y2009 Y2008 t-Statistic Prob 1.770874 3.829573 1.183247 -3.427343 -3.864061 3.670192 0.729136 -2.187150 -0.608915 -0.318215 -3.036599 0.0773 0.0001 0.2373 0.0007 0.0001 0.0003 0.4663 0.0292 0.5429 0.7505 0.0025 z Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat k jm ht 0.074267 0.092079 -2.186629 -2.088645 -2.148062 1.102377 om l.c gm 0.258776 0.242449 0.080143 2.916020 519.3912 15.85001 0.000000 vb R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) n a Lu n va y te re th 55 t to Heteroskedasticity Test: White test for Model 1A ng hi F-statistic Obs*R-squared Scaled explained SS ep 6.821183 217.6092 1637.204 Prob F(53,411) Prob Chi-Square(53) Prob Chi-Square(53) 0.0000 0.0000 0.0000 w n lo Breusch-Godfrey Serial Correlation LM Test for Model 1A: ad 59.16007 96.47014 Prob F(2,452) Prob Chi-Square(2) 0.0000 0.0000 ju y th F-statistic Obs*R-squared yi pl n ua al n va ll fu oi m at nh z z k jm ht vb om l.c gm n a Lu n va y te re th 56 t to Model 1B with TOBIN’s Q pool regression model ng hi ep w n Dependent Variable: TOBIN’s Q Method: Least Squares Date: 11/09/12 Time: 16:01 Sample: 465 Included observations: 465 lo ad Variable Coefficient Std Error y th ju yi pl ua al n va 0.238858 0.037247 0.396829 0.425634 0.021249 0.039093 0.017190 0.061476 0.061013 0.060819 0.060426 ll fu Prob -0.051108 0.804274 -0.971603 0.868291 -0.655973 2.140676 3.880842 -17.00603 -12.43368 -9.576447 -14.70969 0.9593 0.4217 0.3318 0.3857 0.5122 0.0328 0.0001 0.0000 0.0000 0.0000 0.0000 oi Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.181697 0.546000 1.073385 1.171368 1.111951 1.132076 at nh z z k jm ht vb 0.450848 0.438752 0.409044 75.96201 -238.5620 37.27296 0.000000 m R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) -0.012208 0.029957 -0.385561 0.369575 -0.013939 0.083686 0.066712 -1.045458 -0.758619 -0.582433 -0.888847 n C GROWTH LEVERAGE LEVERAGE^2 RISK DUALITY SIZE Y2011 Y2010 Y2009 Y2008 t-Statistic om l.c gm n a Lu n va y te re th 57 t to ng Heteroskedasticity Test: White test for Model 1B hi ep F-statistic Obs*R-squared Scaled explained SS 5.340804 189.6430 858.5780 Prob F(53,411) Prob Chi-Square(53) Prob Chi-Square(53) 0.0000 0.0000 0.0000 w n lo ad y th ju Breusch-Godfrey Serial Correlation LM Test for Model 1B yi pl F-statistic Obs*R-squared 57.08658 93.77081 Prob F(2,452) Prob Chi-Square(2) 0.0000 0.0000 n ua al n va ll fu oi m at nh z z k jm ht vb om l.c gm n a Lu n va y te re th 58 t to RANDOM EFFECTS MODEL ng hi Model 2A with ROA Random Effects Model ep w n lo Dependent Variable: ROA Method: Panel EGLS (Cross-section random effects) Date: 11/09/12 Time: 16:05 Sample: 465 Periods included: Cross-sections included: 93 Total panel (balanced) observations: 465 Swamy and Arora estimator of component variances ad ju y th yi pl Coefficient Std Error 0.143325 0.019920 0.065430 -0.216037 -0.012043 0.013465 -0.003194 n n va ll fu 0.066030 0.005734 0.083521 0.086614 0.003270 0.008835 0.004800 oi m C GROWTH LEVERAGE LEVERAGE^2 RISK DUALITY SIZE ua al Variable t-Statistic Prob 2.170611 3.474039 0.783395 -2.494257 -3.683032 1.523994 -0.665298 0.0305 0.0006 0.4338 0.0130 0.0003 0.1282 0.5062 nh at Effects Specification z S.D z 0.053270 0.059014 Weighted Statistics 0.4490 0.5510 k jm ht vb Cross-section random Idiosyncratic random Rho 0.032970 0.064219 1.652703 1.568302 om Mean dependent var S.D dependent var Sum squared resid Durbin-Watson stat l.c 0.136327 0.125012 0.060071 12.04883 0.000000 gm R-squared Adjusted R-squared S.E of regression F-statistic Prob(F-statistic) a Lu 0.074267 0.839366 y te re Mean dependent var Durbin-Watson stat n 0.215068 3.087969 va R-squared Sum squared resid n Unweighted Statistics th 59 t to Model 2B with TOBIN’s Q Random Effects Model ng hi ep w n lo Dependent Variable: TOBIN’s Q Method: Panel EGLS (Cross-section random effects) Date: 11/09/12 Time: 16:07 Sample: 465 Periods included: Cross-sections included: 93 Total panel (balanced) observations: 465 Swamy and Arora estimator of component variances ad ju y th Coefficient Std Error yi Variable pl 0.680786 0.045653 0.588177 -0.454221 -0.002778 0.187049 -0.054572 n ua al n va 0.374744 0.040195 0.532735 0.560315 0.022814 0.055068 0.027112 ll fu Prob 1.816672 1.135797 1.104070 -0.810654 -0.121768 3.396669 -2.012854 0.0699 0.2566 0.2701 0.4180 0.9031 0.0007 0.0447 oi m C GROWTH LEVERAGE LEVERAGE^2 RISK DUALITY SIZE t-Statistic Effects Specification nh at Rho 0.250052 0.420304 0.2614 0.7386 z Cross-section random Idiosyncratic random z jm ht 0.109177 0.478679 103.0890 1.582401 om l.c gm Mean dependent var S.D dependent var Sum squared resid Durbin-Watson stat k 0.030369 0.017666 0.474431 2.390774 0.027626 vb Weighted Statistics R-squared Adjusted R-squared S.E of regression F-statistic Prob(F-statistic) S.D Mean dependent var Durbin-Watson stat 0.181697 1.169449 n va -0.008425 139.4915 n R-squared Sum squared resid a Lu Unweighted Statistics y te re th 60 t to ng Correlated Random Effects - Hausman Test Equation: Model 2A Test cross-section random effects hi ep Test Summary w n Chi-Sq Statistic Chi-Sq d.f Prob 22.548591 0.0010 Chi-Sq d.f Prob 0.0000 Cross-section random lo ad y th ju Correlated Random Effects - Hausman Test Equation: Model 2B Test cross-section random effects yi pl 131.558855 n va Cross-section random Chi-Sq Statistic n ua al Test Summary ll fu oi m at nh z z k jm ht vb om l.c gm n a Lu n va y te re th 61 t to FIXED EFFECTS MODEL ng hi Model 3A with ROA Fixed Effects Model ep w n lo Dependent Variable: ROA Method: Panel EGLS (Cross-section weights) Date: 11/09/12 Time: 16:12 Sample: 465 Periods included: Cross-sections included: 93 Total panel (balanced) observations: 465 Linear estimation after one-step weighting matrix ad ju y th yi pl 0.296489 0.018899 0.078298 -0.171912 -0.006875 0.000454 -0.015706 n n va 0.056556 0.003138 0.046355 0.046850 0.001636 0.004104 0.004247 ll fu oi m C GROWTH LEVERAGE LEVERAGE^2 RISK DUALITY SIZE Coefficient Std Error ua al Variable t-Statistic Prob 5.242359 6.021940 1.689082 -3.669436 -4.201119 0.110624 -3.698268 0.0000 0.0000 0.0921 0.0003 0.0000 0.9120 0.0003 nh at Effects Specification z z Cross-section fixed (dummy variables) jm 0.153855 0.147351 1.233812 2.155527 om l.c gm Mean dependent var S.D dependent var Sum squared resid Durbin-Watson stat k 0.838677 0.795481 0.058061 19.41567 0.000000 ht R-squared Adjusted R-squared S.E of regression F-statistic Prob(F-statistic) vb Weighted Statistics Unweighted Statistics Mean dependent var Durbin-Watson stat 0.074267 1.994622 n 0.673797 1.283300 a Lu R-squared Sum squared resid n va y te re th 62 t to ng hi Model 3B with TOBIN’s Q Fixed Effects Model ep w n lo Dependent Variable: LNTOBIN_SQ Method: Panel EGLS (Cross-section weights) Date: 11/09/12 Time: 16:14 Sample: 465 Periods included: Cross-sections included: 93 Total panel (balanced) observations: 465 Linear estimation after one-step weighting matrix ad ju y th yi pl 8.481964 -0.015854 2.796161 -1.933664 -0.012345 0.201399 -0.676512 n n va 0.599376 0.037553 0.614479 0.563077 0.017102 0.050873 0.044156 ll fu oi m C GROWTH LEVERAGE LEVERAGE^2 RISK DUALITY SIZE Coefficient Std Error ua al Variable t-Statistic Prob 14.15132 -0.422172 4.550455 -3.434103 -0.721867 3.958822 -15.32101 0.0000 0.6731 0.0000 0.0007 0.4708 0.0001 0.0000 nh at Effects Specification z z Cross-section fixed (dummy variables) jm 0.211537 0.627865 63.95234 2.388180 om l.c gm Mean dependent var S.D dependent var Sum squared resid Durbin-Watson stat k 0.656101 0.564018 0.418011 7.125151 0.000000 ht R-squared Adjusted R-squared S.E of regression F-statistic Prob(F-statistic) vb Weighted Statistics Unweighted Statistics Mean dependent var Durbin-Watson stat 0.181697 2.196356 n 0.529697 65.05517 a Lu R-squared Sum squared resid n va y te re th 63 t to ng Redundant Fixed Effects Tests Equation: Model 3A Test cross-section fixed effects hi ep Effects Test Statistic w n Cross-section F 14.579565 Prob (92,366) 0.0000 d.f Prob (92,366) 0.0000 lo d.f ad ju y th yi pl Redundant Fixed Effects Tests Equation: Model 3B Test cross-section fixed effects Statistic n 7.077989 n va Cross-section F ua al Effects Test ll fu oi m at nh z z k jm ht vb om l.c gm n a Lu n va y te re th 64 t to ng Wald Test: Equation: Model 3A hi ep Test Statistic Value w n F-statistic Chi-square df 28.50726 57.01452 Probability 0.0000 0.0000 Value Std Err lo (2, 366) ad y th Null Hypothesis Summary: ju Normalized Restriction (= 0) yi 0.078298 -0.171912 pl 0.046355 0.046850 ua al C(3) C(4) n Restrictions are linear in coefficients n va ll fu m Value df Probability at 0.0000 0.0000 jm ht vb (2, 366) z 17.74239 35.48478 z F-statistic Chi-square nh Test Statistic oi Wald Test: Equation: Model 3B k Null Hypothesis Summary: n a Lu Restrictions are linear in coefficients 0.614479 0.563077 om 2.796161 -1.933664 Std Err l.c C(3) C(4) Value gm Normalized Restriction (= 0) n va y te re th 65 t to APPENDIX PPENDIX III GENERAL INFORMATION RELATED TO LISTED ng FIRMS hi ep Figure 02 Number of listed firms in the period 2006-2012 2006 w n lo ad 800 705 686 627 700 y th 600 385 356 237 HOSE 395 pl 183 300 95 245 175 271 119 193 147 118 HNX 301 al 310 HOSE+HNX ua 200 322 yi 400 438 ju 500 88 n 100 2007 n 2006 HOSE+HNX va 2008 HOSE fu 2009 2010 ll 2011 2012 oi m at nh Source: http://www.cophieu68.com/stats_market_size.php z z Figure 03 Number of new listed firms in the period 2006-2012 ht vb jm 189 200 150 k 150 87 63 70 56 30 24 29 59 78 46 HNX 2009 2010 2012 n 2011 va 2008 n 2007 HOSE+HNX HNX HOSE a Lu 10 2006 HOSE+HNX 19 29 30 HOSE om 50 111 l.c 54 100 gm 116 85 te re y Source: http://www.cophieu68.com/stats_market_size.php th 66 t to Figure 04 Market Capitalization ng hi ep 700,000 659,271 617,837 w 600,000 586,269 514,145 491,802 464,036 n 477,774 lo 500,000 ad 370,714 400,000 y th 218,708 179,700 300,000 392,666 383,400 HNX 214,694 HOSE ju 169,355 200,000 pl 73,002 HOSE+HNX al - HOSE+HNX yi 100,000 107,060 121,479126,035 39,008 45,339 80,636 HNX 2009 2010 n ua 2006 2007 2008 2011 2012 va Unit: Billion VND n ll fu oi m Source: http://www.cophieu68.com/stats_market_size.php at nh z z k jm ht vb om l.c gm n a Lu n va y te re th 67
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