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  Sci. Res. Impact.  

  5(2): 72-89, April 2019

 

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Scientific Research and Impact, Vol. 5(2), pp  72-89 April 2019

doi:1014412/SRI2019.94

(ISSN 2315-5396) 2019 Science Park Journals

Full Length Research Paper

 

 

 

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

Dinh Tran Ngoc Huy

Banking University HCMC Viet Nam – GSIM, International University of Japan, Japan.

 

 Abstract

 

ABSTRACT: This paperwork evaluates the impacts of external financing on market risk for the listed firms in the Viet nam real estate 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 45 listed companies in Viet Nam real estate 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 0,219 to 0,316 if the leverage increases to 30% whereas decreases to 0,166 if leverage decreases to 20%. But the dispersion measured by asset beta var decreases to 0,082 (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.

 

keyword: equity beta, financial structure, financial crisis, risk, external financing, real estate industry

 


 

 

                                                                                                       

 

 

            

This is an open access article published under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

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