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,
evaluates the impacts of external financing on market risk for the
listed firms in the Viet nam real
esp. during and after the financial crisis 2009-2011.
of all, by using quantitative and analytical methods to estimate asset
and equity beta of total
listed companies in Viet Nam real
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%
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
Finally, this paper provides some outcomes that could provide companies
and government more evidence in establishing their policies in
beta, financial structure, financial crisis, risk, external financing, real estate
This is an open access
article published under the terms of the Creative
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provided the original work is properly cited.