This
research paper evaluates the impacts of external financing (one factor model)
on market risk for the listed firms in the Viet nam medical industry as it
becomes necessary, esp. after the financial crisis 2007-2009. First, by using quantitative and analytical
methods to estimate asset and equity beta of total 10 listed companies in Viet
Nam medical industry with a proper traditional model, we found out that the
beta values, in general, for many institutions are acceptable. Second, under 3
different scenarios of changing leverage (in 2011 financial reports, 30% up and
20% down), we recognized that the risk level, measured by equity and asset beta
mean, decreases when leverage increases to 30% and it increases in case
leverage down to 20%. Third, by changing leverage in 3 scenarios, we recognized
the dispersion of risk level, measured by equity beta var, increases if the
leverage increases to 30%. Compared to the results of other industries, we see
that asset beta var in here increases when leverage up to 30% as well as that in consumer good industry. Finally, this
paper provides some outcomes that could provide companies and government more
evidence in establishing their policies in governance.
Author(s) Details
Dinh Tran Ngoc Huy
Banking University Ho Chi Minh City, Vietnam and Graduate School of
International Management, International University of Japan, Niigata, Japan.
Nguyen Thi Phuong Thanh
Thai Nguyen University of Information Technology and Communications,
Vietnam.
Luong MInh Lan
Van Lang University, Ho Chi Minh City, Vietnam
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The
Viet Nam economy and especially, the stock exchange has been influenced by the
global crisis during the period 2007-2011. For specific industries, such as
consumer good and wholesale/retail industries, the risk re-analysis and
estimation for the listed firms in these industries become necessary. First, by using quantitative and analytical
methods to estimate asset and equity beta of three (3) groups of sub-trading
listed companies in Viet Nam material, consumer good, wholesale and retail
industries with a proper traditional model, we found out that the beta values,
in general, for most companies are acceptable, excluding a few cases. There are
72% of listed firms with lower risk, among total 229 firms, whose beta values
lower than (<) 1. Second, through
comparison of beta values among three (3) above industries, we recognized there
are still 26% of total listed firms in the above group companies with beta
values higher than (>) 1 and have stock returns fluctuating more than the
market index. Finally, this paper generates some outcomes that could provides
both internal and external investors, financial institutions, companies and
government more evidence in establishing their policies in investments and in
governance.
Author(s) Details
Le Thi Viet Nga
Thuongmai University, Hanoi, Vietnam
Dinh Tran Ngoc Huy
Banking University, HCMC – GSIM, International University of Japan, Japan
and The National Economics University, Hanoi, Vietnam.
Ly Thu Trang
Thai Nguyen University of Information Technology and Communications, Thai Nguyen,
Vietnam.
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After
the financial crisis 2007-2009, this paper evaluates the impacts of external
financing on market risk for the listed firms in the Viet nam construction
material industry. First, by using
quantitative and analytical methods to estimate asset and equity beta of total
57 listed companies in Viet Nam construction material industry with a proper
traditional model, we found out that the beta values, in general, for many
institutions are acceptable. Second, under 3 different scenarios of changing
leverage (in 2011 financial reports, 30% up and 20% down), we recognized that
the risk level, measured by equity and asset beta mean, decreases (0,259) when
leverage increases to 30% and it increases (0,544) if leverage decreases down
to 20%. Third, by changing leverage in 3 scenarios, we recognized the
dispersion of risk level, measured by equity beta var, increases if the
leverage increases to 30%. And the asset beta var value is quite small, showing
leverage efficiency. Finally, this paper provides some outcomes that could
provide companies and government more evidence in establishing their policies
in governance.
Author(s) Details
Nguyen Thi Thanh Phuong
Thuongmai University, Hanoi, Vietnam
Dinh Tran Ngoc Huy
Banking University, HCMC – GSIM, International University of Japan, Japan
Le Ngoc Nuong
Faculty of Management - Economic Law, University of Economics and Business
Administration (TUEBA), Vietnam.
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The
global crisis 2007-2011 has wide effect on many economies including Viet Nam;
hence, this study analyzes the impacts of tax policy on market risk for the
listed firms in the Viet Nam hardware and software industry as it becomes
necessary. First, by using quantitative
and analytical methods to estimate asset and equity beta of total 22 listed
companies in Viet Nam hardware and software industry with a proper traditional
model, we found out that the beta values, in general, for many companies are
acceptable. Second, under 3 different scenarios of changing tax rates (20%, 25%
and 28%), we recognized that there is not large disperse in equity beta values,
estimated at 0,740, 0,725 and 0,746 (minimum at the rate 25%).These values are
lower than those of the listed VN construction firms. Third, by changing tax
rates in 3 scenarios (25%, 20% and 28%), we recognized equity beta mean
decreases if tax rate increases from 20% to 25%, then goes up if tax rate goes
up to 28% while asset beta mean value increases if tax rate increases from 20%
to 25%, then goes down if tax rate goes up to 28%. Finally, this paper provides
some outcomes that could provide companies and government more evidence in
establishing their policies in governance.
Author(s) Details
Pham Tuan Anh
Thuongmai University, Hanoi, Vietnam.
Dinh Tran Ngoc Huy
Banking University, HCMC – GSIM, International University of Japan, Japan.
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