The Risk Level of Viet Nam Tourism Industry Under Financial Leverage During and After The Global Crisis 2009-2011

• 발행기관: KINFORMS
• 저자명: Dinh Tran Ngoc Huy
• 간행물 정보: 『Management Review: An International Journal』Vol.8 No.2, 85~108쪽, 전체 24쪽
• 주제분류: 사회과학 > 사회과학일반
• 파일형태: PDF
• 발행일자: 2013.12.30

영문 초록

This paper evaluates the impacts of external financing on market risk for the listed firms in the Viet nam tourism industry, esp. during and after the financial crisis 2007-2009. First of all, by using quantitative and analytical methods to estimate asset and equity beta of total 10 listed companies in Viet Nam tourism 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 decreases much 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 of 0,767, increases if the leverage increases to 30% whereas decreases to 0,038 if leverage decreases to 20%. But the dispersion measured by asste beta var decreases to 0,473 (leverage up 30%), showing leverage efficiency. Finally, this paper provides some outcomes that could provide companies and government more evidence in establishing their policies in governance.

목차

INTRODUCTION

THEORETICAL BACKGROUND

EMPIRICAL ANALYSIS

CONCLUSION

REFERENCES

키워드

Equity Beta Financial Structure Financial Crisis Risk External Financing Tourism Industry