• 한국경제지리학회지
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• 제18권4호
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• pp.415-430
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• 2015

1990년대 후반 이후 베트남 커피총공사인 비나카페는 커피 다국적기업 진입의 증가, 친환경 인증 커피에 대한 글로벌 수요의 증가, 커피나무 수령의 고령화, 기후 변화에 따른 커피 생산 환경 조건의 저하 등으로 위기에 직면하고 있다. 비나카페는 주식회사화(co phan hoa, equitization)를 통해 이와 같은 위기에 조응하고 있다. 따라서 본 연구의 목적은 비나카페의 주식회사화에 따른 지배구조와 생산 및 유통과정의 변화 분석을 통해 베트남 커피 산업 경쟁력 제고를 위한 전략을 고찰하는데 있다. 비나카페의 주식회사화는 두 가지 측면에서 베트남 커피산업의 경쟁력을 제고시키고 있는 것으로 나타났다. 첫째, 비나카페의 주식회사화는 모기업에 집중되었던 의사 결정 권한을 분산시켜, 자회사는 자체적으로 커피 인증기관, 바이어 등과 협력하여 신기술을 도입하고 원두의 품질을 개선하고 있을 뿐만 아니라 기존의 커피 생산 과정에서 발생하였던 환경오염 문제를 감소시키기 위한 친환경 농법의 도입하여 경쟁력을 재고시키고 있다. 둘째, 주식회사화에 따른 자회사에 의한 농가 계약의 유연성 확대와 공급망 및 판매망의 다각화와 같은 생산과 유통 과정의 변화를 통해 커피 경영의 다각화와 효율화가 나타나고 있다.

• 수완나부미
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• 제6권2호
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• pp.37-63
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• 2014

The economic renovation in Vietnam has shown promising achievements. The process of reforming and equitizing state-owned enterprises, and reducing subsidies from the government have made significant progress since 1986. However, this policy has not received the adequate valuation from leaders. Big companies have not been equitized, and are still managed and subsidized by the government, resulted in budget losses. Corporations have been dominated by political interests. This has led to arguments for better and more feasible measures which could save national budget. Corruption in Vietnam mostly originates from state-owned enterprises, for the monopoly was given by government to those enterprises as foreign partners continue to compete under market-oriented mechanism and transparent supervision. Therefore, renovation of the business mechanism, as well as speeding up equitization and minimizing people's properties, have become crucial in the regional integration trend. This is entirely a vital factor in the renovation process. This study explores plans, as well as the merits of the renovation process in Vietnam, ultimately envisioning to overcome current consequences and motivate Vietnam's economy.

• The Journal of Asian Finance, Economics and Business
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• 제9권5호
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• pp.409-419
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• 2022

This paper examines the post-IPO price volatility in the first trading days after the IPO of SOEs that carry out equitization, on a sample of 76 IPOs on the Hanoi Stock Exchange (Vietnam) in the period 2013-2018. Oversubscription rate, firm size, issuance size, internal equity ownership, and listing delay are all factors that influence IPO price volatility in a primitive stock market. The results showed that the average initial market-adjusted return for the first three trading days was -11.95%; -9.58% and -7.29% and the level of price volatility is related to the rate of oversubscription and company size. Issuance price, issuance size, internal equity holdings, and listing delay do not seem to contribute significantly to post-IPO share prices. Individual investors based their valuation on information released during and after the IPO. In general, the number of IPOs that yield positive and negative returns in the first trading days is about the same, indicating that the two phenomena of undervaluation and overvaluation still occur in the process of valuing shares of Vietnamese SOEs for IPOs.