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http://elartu.tntu.edu.ua/handle/123456789/6277
Назва: | The risk level of Viet Nam human resource and medical equipment industry under financial leverage during and after the global crisis 2009-2011 |
Автори: | Dinh Tran Ngoc Huy |
Приналежність: | Banking University HCMC Viet Nam – GSIM, International University of Japan, Japan, PhD candidate, MBA, e-mail: dtnhuy2010@gmail.com |
Бібліографічний опис: | Huy Dinh Tran Ngoc. The risk level of Viet Nam human resource and medical equipment industry under financial leverage during and after the global crisis 2009-2011 [Електронний ресурс] / Dinh Tran Ngoc Huy // Соціально-економічні проблеми і держава. — 2015. — Вип. 2 (13). — С. 50-58. — Режим доступу до журн.: http://sepd.tntu.edu.ua/images/stories/pdf/2015/15hnttgc.pdf. |
Bibliographic description: | Huy, Dinh Tran Ngoc (2015). The risk level of Viet Nam human resource and medical equipment industry under financial leverage during and after the global crisis 2009-2011. Socio-Economic Problems and the State [online]. 13 (2), p. 50-58. [Accessed November 30, 2015]. Available from: <http://sepd.tntu.edu.ua/images/stories/pdf/2015/15hnttgc.pdf> |
Є частиною видання: | Соціально-економічні проблеми і держава Socio-Economic Problems and the State |
Дата публікації: | 24-лис-2015 |
Дата подання: | вер-2015 |
Дата внесення: | 2-гру-2015 |
Видавництво: | АСУ, ТНТУ ASU, TNTU |
Місце видання, проведення: | Тернопіль Ternopil |
УДК: | 331.923 341.241 |
JEL: | G010 G100 G390 |
Теми: | equity beta financial structure financial crisis risk external financing HR industry |
Діапазон сторінок: | 50-58 |
Короткий огляд (реферат): | This paperwork evaluates the impacts of external financing on market risk for the listed firms in the Viet nam HR and medical equipment 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 6 listed companies in Viet Nam HR and medical equipment 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, decreases from 0,404 to 0,387 if the leverage increases to 30% whereas decreases to 0,388 if leverage decreases to 20%. But the dispersion measured by asset beta var decreases to 0,138 (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. |
URI (Уніфікований ідентифікатор ресурсу): | http://elartu.tntu.edu.ua/handle/123456789/6277 |
ISSN: | 2223-3822 |
Власник авторського права: | © Соціально-економічні проблеми і держава, 2015 |
References: | Alcock J, Baum A, Colley N, Steiner E, The Role of Financial Leverage in the Performance of Private Equity Real Estate Funds, SSRN Working Paper, 2013. Bijlsma MJ, Boone J, Zwart G, Competition for Traders and Risk, CEPR Discussion Paper No.DP8816, 2012. Chen RR, Chidambaran NK, Imerman MB, Sopranzetti BJ, Liquidity, Leverage, and Lehman: A Structural Analysis of Financial Institutions in Crisis, Fordham School of Business Research Paper No.2279686, 2013. Dimitrov V, Jain PC, The Value Relevance of Changes in Financial Leverage, SSRN Working Paper, 2006. Eugene FF, French KR, The Capital Asset Pricing Model: Theory and Evidence, Journal of Economic Perspectives, 2004. Flifel, Kaouther, Financial Markets between Efficiency and Persistence : Empirical Evidence on Daily Data, Asian Journal of Finance and Accounting, Vol.4, No.2, pp.379-400, 2012. Gabrijelcic M, Herman U, and Lenarcic A, Debt Financing and Firm Performance Before and During the Crisis: Micro-Financial Evidence from Slovenia, SSRN Working Paper, 2013. Gunaratha V, The Degree of Financial Leverage as a Determinant of Financial Risk: An Empirical Study of Colombo Stock Exchange in Sri Lanka, 2nd International Conference on Management and Economics Paper, 2013. Huy DTN, Estimating Beta of Viet Nam Listed Public Utilities, Natural Gas and Oil Company Groups During and After The Financial Crisis 2007-2011. Economic and Business Review. (15)1 : 57-71, 2013. Maia MV, Cash-Flow Risks, Financial Leverage and the Cross Section of Equity Returns, SSRN Working Paper, 2010. Mamun MAA, Performance Evaluation of Prime Bank Limited in Terms of Capital Adequacy, Global Journal of Management and Business Research. (13)9: 26-29, 2013. Ovat OO, Liquidity Constraints and Entrepreneurial Financing in Nigeria: The Fate of Fresh Graduate Entrepreneurs, Global Journal of Management and Business Research, (13)9 : 49-57, 2013. Umar, Profits, Financial Leverage and Corporate Governance, SSRN Working Paper, 2011. |
Тип вмісту: | Article |
Розташовується у зібраннях: | Журнал „Соціально-економічні проблеми і держава“, 2015, Випуск 2(13) |
Файли цього матеріалу:
Файл | Опис | Розмір | Формат | |
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15hnttgc.pdf | 854,95 kB | Adobe PDF | Переглянути/відкрити | |
15hnttgc.djvu | 279,04 kB | DjVu | Переглянути/відкрити | |
15hnttgc__COVER.png | 391,19 kB | image/png | Переглянути/відкрити |
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