To What Extent Changing Tax Policy and External Financing Influence the Risk Level of Viet Nam WaterIndustry During and After the Global Crisis

سال انتشار: 1397
نوع سند: مقاله ژورنالی
زبان: انگلیسی
مشاهده: 121

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شناسه ملی سند علمی:

JR_IJBEMS-6-1_004

تاریخ نمایه سازی: 25 تیر 1400

چکیده مقاله:

Throughout years, water industry in Viet Nam has reached a lot of achievements. Under thevolatility of stock price, and changes in macro factors such as inflation and interest rates, thewell-established electric market in Viet Nam has many efforts to recover and grow from the crisis۲۰۰۸. This study analyzes the impacts of both tax rate policy and leverage on market risk for thelisted firms in the electric power industry as it becomes necessary.First, by using quantitative and analytical methods to estimate asset and equity beta of total ۱۰listed companies in Viet Nam water industry with a proper traditional model, we found out that thebeta values, in general, for many companies are acceptable.Second, under ۳ different scenarios of changing tax rates (۲۰%, ۲۵% and ۲۸%), we recognized thatthere is not large disperse in equity beta values in each scenario of leverage, estimated at ۰,۱۲ forcurrent leverage situation.Third, by changing tax rates in ۳ scenarios (۲۵%, ۲۰% and ۲۸%), we recognized both equity andasset beta mean values have positive relationship with the increasing level of tax rate.Finally, this paper provides some outcomes that could provide companies and government moreevidence in establishing their policies in governance.

نویسندگان

Dinh Tran Ngoc Hry

MBA, PhD candidate, Banking University, Ho Chi Minh, Viet Nam - GSIM, International University of Japan, Japan