文章基本信息

标题：The Risk Level of Viet Nam Construction Material Industry Under Financial Leverage During and After The Global Crisis 2009-2011
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作者：Dinh Tran Ngoc Huy
期刊名称：European Journal of Economic Studies
印刷版ISSN：2304-9669
电子版ISSN：2305-6282
出版年度：2014
卷号：4 (10)
期号：2668
页码：211-224
语种：
出版社：Academic Publishing House Researcher
摘要：This paperwork evaluates the impacts of external financing on market risk for the listed firms in the Viet nam construction material industry, esp. during and after the financial crisis 2009-2011. First of all, 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 when leverage increases to 30 % but increases more 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 from 0,326 to 0,337 if the leverage increases to 30 % whereas decreases to 0,321 if leverage decreases to 20 %. But the dispersion measured by asset beta var increases to 0,118 (leverage down 20 %), showing leverage impact. Finally, this paper provides some outcomes that could provide companies and government more evidence in establishing their policies in governance.