|
Throughout
the years, hotel industry in Viet Nam has reached a lot of
achievements. Under the volatility of stock price, and
changes in macro factors such as inflation and interest
rates, the well-established hotel market in Viet Nam has
many efforts to recover and grow from the crisis 2008. This
study analyzes the impacts of both tax rate policy and
leverage on market risk for the listed firms in the hotel
industry as it becomes necessary. First, by using
quantitative and analytical methods to estimate asset and
equity beta of total 20 listed companies in Viet Nam hotel
industry with a proper traditional model, we found out that
the beta values, in general, for many companies are
acceptable. Second, under 3 different scenarios of changing
tax rates (20%, 25% and 28%), we recognized that there is
not large disperse in equity beta values, although the risk
dispersion reduces to 0,032 if tax rate down to 20% for
current leverage situation. Third, by changing tax rates in
3 scenarios (25%, 20% and 28%), we recognized both equity
and asset 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 more evidence in establishing their policies in
governance.
Keywords: Risk management, Asset beta, Financial crisis,
Corporate tax, Leverage |
