The Risk Level of Viet Nam Stock Investment Industry Under Financial Leverage During and After The Global Crisis ۲۰۰۹-۲۰۱۱
عنوان مقاله: The Risk Level of Viet Nam Stock Investment Industry Under Financial Leverage During and After The Global Crisis ۲۰۰۹-۲۰۱۱
شناسه ملی مقاله: JR_IJBEMS-6-2_001
منتشر شده در شماره 2 دوره 6 فصل در سال 1397
شناسه ملی مقاله: JR_IJBEMS-6-2_001
منتشر شده در شماره 2 دوره 6 فصل در سال 1397
مشخصات نویسندگان مقاله:
Dinh Tran Ngoc Hry - Banking University HCMC Viet Nam – GSIM, International University of Japan, Japan
خلاصه مقاله:
Dinh Tran Ngoc Hry - Banking University HCMC Viet Nam – GSIM, International University of Japan, Japan
This paperwork evaluates the impacts of external financing on market risk for the listed firms in the Viet nam stockinvestment industry, esp. during and after the financial crisis ۲۰۰۹-۲۰۱۱.First of all, by using quantitative and analytical methods to estimate asset and equity beta of total ۶ listed companiesin Viet Nam stock investment industry with a proper traditional model, we found out that the beta values, in general,for many institutions are acceptable. Second, under ۳ different scenarios of changing leverage (in ۲۰۱۱ financialreports, ۳۰% up and ۲۰% down), we recognized that the risk level, measured by equity and asset beta mean,decreases when leverage increases to ۳۰% but increases more if leverage decreases down to ۲۰%. Third, bychanging leverage in ۳ scenarios, we recognized the dispersion of risk level, measured by equity beta var, increasesfrom ۰,۰۳۸ to ۰,۰۴۰if the leverage increases to ۳۰% whereas decreases to ۰,۰۳۶ if leverage decreases to ۲۰%. Butthe dispersion measured by asste beta var decreases to ۰,۰۴۶ (leverage down ۲۰%), showing leverage efficiency.Finally, this paper provides some outcomes that could provide companies and government more evidence inestablishing their policies in governance.
کلمات کلیدی: equity beta, financial structure, financial crisis, risk, external financing, stock investment industry
صفحه اختصاصی مقاله و دریافت فایل کامل: https://civilica.com/doc/1241967/