本研究通過研究外資持股，提供了對越南股票市場的外資投資的見解。 外資持股對越南股票市場的發展做出了重要貢獻，然而，關於外資持股如何影響股票報酬的研究很少。 本研究的對象包括 2010-2020 年期間在胡志明證券交易所上市的公司。 本研究應用 Fama-French 模型找出基於外資持股的不同投資組合的風險溢酬，以及投資組合的風險溢酬與不同風險因素之間的關係。 最後，我們通過時間回歸分析進行股票超額報酬預測，發現外資持股與未來股票超額報酬呈正相關，證實了長期外資投資於越南股市的正確性。

This research provides the insight of foreign investment in Vietnam stock market by studying foreign ownership. Foreign ownership has contributed a critical part into the development of Vietnam stock market, however, there are a few studies on how foreign ownership affects stock return. This research’s object includes firms listed on Ho Chi Minh Stock Exchange over the period 2010-2020. The Fama-French model is applied to find out the risk premium of different portfolio based on foreign ownership and the relationship between portfolio’s risk premium and different risk factors. Finally, we conduct stock excess return prediction by using time regression analysis and find out that foreign ownership and future stock excess return shows a positive correlation, which confirms the rightness of long-term foreign investment in Vietnam stock market.

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