Tác động của thay đổi các quy định pháp lý về quản trị công ty đến mối quan hệ giữa lợi nhuận và giá cổ phiếu của các công ty niêm yết tại Việt Nam

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Thông tin xuất bản: Tạp chí Kinh tế - Luật và Ngân hàng (Tên cũ: Tạp chí Khoa học và Đào tạo Ngân hàng), 2024

Mô tả vật lý: tr.87-100

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ID: 380392

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Nghiên cứu này tập trung đánh giá tác động của việc thay đổi các quyđịnh pháp lý về quản trị công ty tại Việt Nam đến chất lượng thông tin kế toánở khía cạnh mối quan hệ giữa lợi nhuận và giá cổ phiếu. Sau các vụ gian lậntài chính, nhiều quốc gia thắt chặt các quy định pháp lý về quản trị công ty.Tại Việt Nam, các văn bản pháp lý quan trọng trong quản trị công ty như LuậtDoanh nghiệp, Luật Chứng khoán hay Quy chế Công bố thông tin đã được sửađổi hoặc ban hành mới và có hiệu lực từ 1/1/2021. Tuy nhiên, kết quả hồi quyvới biến giả trên mẫu nghiên cứu gần 300 công ty niêm yết tại Việt Nam trong2 năm 2020-2021, không cho thấy bằng chứng về việc mối quan hệ giữa lợi nhuận kế toán và giá cổ phiếu được củng cố trong giai đoạn sau khi các vănbản pháp quy mới ban hành có hiệu lực. Kết quả này nhất quán với một sốnghiên cứu trước tại các nước đang phát triển, ủng hộ khuyến nghị về cân nhắccác yếu tố môi trường pháp lý và văn hóa khi tiếp nhận các thông lệ quốc tế vềquản trị công ty, đồng thời là một căn cứ tham khảo trong việc đánh giá hiệuquả của các chính sách, quy định mới.This paper examines effect of changes in regulations on corporate governance in Vietnam onaccounting quality in the aspect of relationship between earnings and share prices. After financial scandals,many countries have tightened legal regulations on corporate governance. In Vietnam, important legalregulations on corporate governance, including Security Law, Enterprise Law and Regulations on disclosureof information by listed companies, have been amended or issued in 2019-2020 and being effective fromJanuary 1, 2021. However, with a sample of approximate 300 Vietnamese listed companies in 2 years (2020-2021), regression results reveal that there is no evidence for the changes in value relevance (relationshipbetween earnings and stock price) in the period after the newly issued legal documents took effect. Theevidence provided in this paper is consistent with some previous studies in developing countries andsupports for the recommendation that each country should take consideration of its legal and culturalcharacteristics in adopting Westen corporate governance practices. This result is also useful for evaluatingthe effectiveness of the changes in CG regulations.

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