文章基本信息

标题：The Risk Level of Vietnam Software Industry Under Impacts of a Three Variable Model During and After the Global Crisis
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作者：Dinh Tran Ngoc Huy
期刊名称：International Scientific Journal of Management Information Systems
印刷版ISSN：1452-774X
出版年度：2014
卷号：9
期号：3
页码：21-27
出版社：University of Novi Sad
摘要：Over recent years, software industry in Vietnam has reached a lot of achievements. Under the volatility of stock price, and changes in macro factors such as inflation and interest rates, the well-established software market in Vietnam has many efforts to recover and grow from the crisis 2008. This study analyzes the impacts of 3 factors: competitor size, tax rate policy and leverage on market risk for the listed firms in the software industry as it becomes necessary. First, by using quantitative and analytical methods to estimate asset and equity beta of total 9 listed companies in Vietnam wholesale and retail 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, although the risk dispersion increases to 0,216 if tax rate down to 20% and leverage up 30%. Third, by changing tax rates in 3 scenarios (25%, 20% and 28%), this study identified that the risk dispersion level in this sample study could be minimized in case the financial leverage down 20% and tax rate up 28% or maintaining 25% (measured by equity beta var of 0,214). Finally, this paper provides some outcomes that could provide companies and government more evidence in establishing their policies in governance.
关键词：risk management; asset beta; financial crisis; corporate tax; leverage; competitive firm size