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\title{Whether Different Changing Tax Rates Cause the Risk Level of Viet Nam Construction Firms Increase or Decrease so Much?}
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             \author[1]{Dinh Tran Ngoc  Huy}

             \affil[1]{  International University of Japan}

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\date{\small \em Received: 9 December 2012 Accepted: 31 December 2012 Published: 15 January 2013}

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\begin{abstract}
        


The emerging stock market in Viet Nam has been affected by the financial crisis 2007-2009.   This study analyzes the impacts of tax policy on market risk for the listed firms in the construction industry as it becomes necessary.First, by using quantitative and analytical methods to estimate asset and equity beta of total 104 listed companies in Viet Nam construction 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, estimated at 1,008, 1,106 and 1,014.These values are higher than those of the listed VN real estate firms.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 levels of tax rate.Finally, this paper provides some outcomes that could provide companies and government more evidence in establishing their policies in governance.

\end{abstract}


\keywords{equity beta, financial structure, financial crisis, risk, tax rate real estate industry.}

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\let\tabcellsep& 	 	 		 
\section[{Introduction}]{Introduction}\par
ogether with the development of real estate industry, throughout many recent years, Viet Nam construction industry is considered as one of active economic sectors, which has certain positive effect for the economy.\par
This paper is organized as follow. The research issues and literature review will be covered in next sessions 2 and 3, for a short summary. Then, methodology and conceptual theories are introduced in session 4 and 5. Session 6 describes the data in empirical analysis. Session 7 presents empirical results and findings. Next, session 8 covers the analytical results. Then, session 9 presents analysis of risk. Lastly, session 10 will conclude with some policy suggestions. This paper also supports readers with references, exhibits and relevant web sources. 
\section[{II.}]{II.} 
\section[{Research Issues}]{Research Issues}\par
We mention some issues on the estimating of impacts of tax rates on beta for listed construction companies in Viet Nam stock exchange as following: 
\section[{Issue}]{Issue}\par
Whether the risk level of construction firms under the different changing scenarios of tax rates increase or decrease so much.\par
Issue 2 : Whether the disperse distribution of beta values become large in the different changing scenarios of tax rates estimated in the construction industry.\par
III. 
\section[{Literature Review}]{Literature Review}\par
Smith (2004) mentions in Chicago, properties located in a designated TIF (tax increment financing) district will exhibit higher rates of appreciation after the area is designated a qualifying TIF district when compared to those properties selling outside TIF districts, and when compared to properties that sell within TIF district boundaries prior to designation.\par
Robert et all (2011) recognized a significant positive relation between changes in intercorporate investment and changes in corporate marginal tax rates on ordinary income.\par
George and Jot Yau (2012) found that there is a positive relationship between transaction cost and price volatility, suggesting that the imposition of a transaction tax could increase financial market fragility, increasing the likelihood of a financial crisis rather than reducing it.\par
Next, Ruud et all (2013) said that greater tax bias is associated with significantly higher aggregate bank leverage, and this in turn is associated with a significantly greater chance of crisis.\par
Then, Sung, Mark and Laura (2013) also indicated that business property values are more responsive to changes in tax rates as compared to residential property.\par
Finally, tax rate can be considered as one among many factors that affect business risk of real estate firms. IV. 
\section[{Conceptual Theories}]{Conceptual Theories}\par
a) The impact of fiscal policy on the economy Tax policy is one among major fiscal policies. If the government changes the tax or expenditure policy, the economy will be affected because the aggregate demand fluctuates, level of economic activities fluctuates, level of income changes and the allocation of economic resources in the public sector in relative to private sector changes.\par
In a specific industry such as construction industry, on the one hand, using tax policy with a decrease or increase in tax rate could affect tax revenues, profit after tax and financial results and compensation and jobs of the industry. On the other hand, using tax policies could increase the financial results of this industry and therefore, affect the tax revenues, compensation and jobs.\par
During and after financial crises such as the 2007-2009 crisis, there raises concerns about fiscal policies or public policies of many countries, in both developed and developing markets.\par
V. 
\section[{Methodology}]{Methodology}\par
Because the period 2007-2011 is the time the local economy experienced impacts from financial crisis, in this study, we use the live data from the stock exchange market in Viet Nam (HOSE and HNX) during the four or five years period to estimate systemic risk results and tax impacts.\par
In this research, analytical research method is used and specially, tax rate scenario analysis method is used. Analytical data is from the situation of listed construction firms in VN stock exchange and cuurent tax rate is 25\%.\par
Finally, we use the results to suggest policy for both these enterprises, relevant organizations and government. 
\section[{VI.}]{VI.} 
\section[{General Data Analysis}]{General Data Analysis}\par
The research sample has 104 listed firms in the construction market with the live data from the stock exchange.\par
Firstly, we estimate equity beta values of these firms and use financial leverage to estimate asset beta values of them. Secondly, we change the tax rate from 25\% to 28\% and 20\% to see the sensitivity of beta values. In 3 cases (rate = 20\%, 25\%, and 28\%), asset beta mean is estimated at 0,306, 0,307 and 0,308. Also in 3 scenarios, we find out var of asset beta estimated at 0,064 (almost the same) which shows small risk dispersion. Tax rate changes almost has no effect on asset beta var under financial leverage. 
\section[{VII.}]{VII.} 
\section[{Empirical Research Findings and Discussion}]{Empirical Research Findings and Discussion}\par
In the below section, data used are from total 104 listed construction companies on VN stock exchange (HOSE and HNX mainly). In the scenario 1, current tax rate is 25\% which is used to calculate market risk (beta). Then, two (2) tax rate scenarios are changed up to 28\% and down to 20\%, compared to the current corporate tax rate.\par
Market risk (beta) under the impact of tax rate, includes: 1) equity beta; and 2) asset beta.\par
? Scenario 1: current tax rate is 25\%\par
In the case of tax rate of 25\%, all beta values of 104 listed firms on VN construction market as following:  Equity beta mean values in all 3 scenarios are little high (> 1) but asset beta mean values are small. In the case of current tax rate of 25\%, equity beta value fluctuates in a wide range from 0,115 (min) up to 2,884 (max) and asset beta fluctuates from 0,008 (min) up to 1,458 (max). If corporate tax rate increases to 28\%, equity beta moves from 0,105 (min) up to 2,884 (max) and asset beta moves from 0,008 (min) up to 1,458 (max). Hence, we note that there is a change in equity beta min value if corporate tax increases. When tax rate decreases down to 20\%, equity beta value changes from 0,091 (min) up to 2,884 (max) and asset beta changes from 0,007 (min) up to 1,458 (max). So, there is small changes in equity/asset beta min values when tax decreases In scenario 3.\par
Beside, Exhibit 7 informs us that in the case 28\% tax rate, average equity beta value of 104 listed firms decreases up to 0,0924 while average asset beta value of these 104 firms increase slightly up to 0,0008. Then, when tax rate reduces to 20\%, average equity beta value of 104 listed firms reduce to 0,0983 and average asset beta value of 104 firms down to 0,0013.\par
The below chart 1 shows us : when tax rate decreases down to 20\%, average equity and asset beta values decrease slightly (1,008 và 0,306) compared to those at the initial rate of 25\% (1,106 và 0,307). At the same time, when tax rate increases up to 28\%, average equity beta decreases slightly whereas average asset beta value increases slightly (to 1,014 và 0,308). However, the fluctuation of equity and asset beta values (0,303 và 0,064) in the case of 20\% tax rate is higher than or equal to (>=) the results in the rest 2 tax rate cases.\par
Chart 1 : Comparing statistical results of three (3) scenarios of changing tax rate IX. 
\section[{Risk Analysis}]{Risk Analysis}\par
In the case of decreasing tax rate, (20\%), the market and companies can receive more benefits such as generating more jobs and compensation, but the government budget can have deficit and the government has to cut expenses. Changes in tax rates can have both positive and negative impacts on the local market.\par
In the case of increasing tax rate (28\%), the government will have budget to finance public expenditures but the tax could reduce both demand and supply.  
\section[{Conclusion and Policy Suggestion}]{Conclusion and Policy Suggestion}\par
In summary, the government continues to increase the effectiveness of building the legal system and regulation and macro policies supporting the plan of developing both the construction together with the real estate market. The Ministry of Finance Continue to increase the effectiveness of fiscal policies and tax policies which are needed to combine with other macro policies at the same time, although we could note that in this study when tax rate is going to increase up to 28\%, the value of equity beta mean decreases down to 1,014, from 1,106.\par
The State Bank of Viet Nam continues to increase the effectiveness of capital providing channels for both construction and real estate companies.\par
Finally, this paper suggests implications for further research and policy suggestion for the Viet Nam government and relevant organizations, economists and investors from current market conditions. 
\section[{References Références Referencias}]{References Références Referencias}\par
1.  {\ref Ajinkya, Bijal., and Kumar, Mahesh., (2012)} CNT 1,062 0,134 0,0000 0,000 0,000 0,000 2 DCC 1,299 0,578 0,0000 0,000 0,000 0,000 3 DIG 1,772 0,964 0,0000 0,000 0,000 0,000 4 FPC 0,484 0,229 0,0000 0,000 0,000 0,000 5 HBC 1,030 0,277 0,0000 0,000 0,000 0,000 6 L10 0,909 0,193 0,0000 0,000 0,000 0,000 7 MCG 1,595 0,543 0,0000 0,000 0,000 0,000 8 VNE 1,700 0,606 0,0000 0,000 0,000 0,000 9 L35 0,295 0,095 0,0074 0,002 -0,012 -0,004 LM3 0,337 0,040 0,0000 0,000 0,000 0,000 LO5 0,745 0,179 0,0000 0,000 0,000 0,000 L62 0,606 0,171 0,0000 0,000 0,000 0,000 L61 0,856 0,261 0,0000 0,000 0,000 0,000 L43 0,709 0,217 0,0000 0,000 0,000 0,000 L44 1,277 0,252 0,0000 0,000 0,000 0,000 B82 0,860 0,146 0,0000 0,000 0,000 0,000 BCE 0,955 0,515 0,0152 0,008 -0,024 -0,013 C92 0,800 0,121 0,0000 0,000 0,000 0,000 CIC 0,919 0,248 0,0000 0,000 0,000 0,000 CID 0,891 0,423 0,0000 0,000 0,000 0,000 CSC 1,023 0,217 0,0000 0,000 0,000 0,000 CT6 0,435 0,122 0,0118 0,003 -0,018 -0,005 CTD 0,950 0,574 0,0000 0,000 0,000 0,000 CTM 2,869 1,458 0,0000 0,000 0,000 0,000 CVN 0,995 0,605 0,0131 0,008 -0,021 -0,013 CX8 0,180 0,034 0,0057 0,001 -0,009 -0,002 DC2 0,323 0,116 0,0076 0,003 -0,012 -0,004 DLR 0,243 0,064 0,0068 0,002 -0,011 -0,003 HUT 1,084 0,143 0,0000 0,000 0,000 0,000 L18 1,069 0,156 0,0000 0,000 0,000 0,000 LCS 0,141 0,037 0,0079 0,002 -0,012 -0,003 1,410 0,271 0,0000 0,000 0,000 0,000 CTN 0,922 0,160 0,0000 0,000 0,000 0,000 V11 1,148 0,161 0,0000 0,000 0,000 0,000 V12 1,521 0,181 0,0000 0,000 0,000 0,000 V15 1,566 0,582 0,0000 0,000 0,000 0,000 V21 0,971 0,012 -0,8459 0,000 -0,857 -0,001 VC1 1,815 0,525 0,0000 0,000 0,000 0,000 VC2 1,240 0,220 0,0000 0,000 0,000 0,000 96 VC3 1,256 0,195 0,0000 0,000 0,000 0,000 97 VC5 1,266 0,181 0,0000 0,000 0,000 0,000 98 VC6 1,123 0,287 0,0000 0,000 0,000 0,000 99 VC7 1,106 0,252 0,0000 0,000 0,000 0,000 VC9 1,140 0,124 0,0000 0,000 0,000 0,000 VCC 0,971 0,188 0,0000 0,000 0,000 0,000 VCG 1,505 0,186 0,0000 0,000 0,000 0,000 VCH 1,286 0,018 -1,1056 0,001 -1,121 -0,001 VMC 1,503 0,292 0,0000 0,000 0,000 0,000 Average -0,0924 0,0008 -0,0983 -0,0013 \begin{figure}[htbp]
\noindent\textbf{}\includegraphics[]{image-2.png}
\caption{\label{fig_1}}\end{figure}
 \begin{figure}[htbp]
\noindent\textbf{8}\includegraphics[]{image-3.png}
\caption{\label{fig_2}Exhibit 8 :}\end{figure}
  \begin{figure}[htbp]
\noindent\textbf{1} \par 
\begin{longtable}{P{0.09069037656903765\textwidth}P{0.22228033472803346\textwidth}P{0.24895397489539747\textwidth}P{0.2880753138075314\textwidth}}
\tabcellsep \multicolumn{3}{l}{construction market (t = 25\%)}\\
Order\tabcellsep Company\tabcellsep Equity\tabcellsep Asset beta (assume\\
No.\tabcellsep stock code\tabcellsep beta\tabcellsep debt beta = 0)\\
1\tabcellsep CNT\tabcellsep 1,062\tabcellsep 0,134\\
2\tabcellsep DCC\tabcellsep 1,299\tabcellsep 0,578\\
3\tabcellsep DIG\tabcellsep 1,772\tabcellsep 0,964\\
4\tabcellsep FPC\tabcellsep 0,484\tabcellsep 0,229\\
5\tabcellsep HBC\tabcellsep 1,030\tabcellsep 0,277\\
6\tabcellsep L10\tabcellsep 0,909\tabcellsep 0,193\\
7\tabcellsep MCG\tabcellsep 1,595\tabcellsep 0,543\\
8\tabcellsep VNE\tabcellsep 1,700\tabcellsep 0,606\\
9\tabcellsep L35\tabcellsep 0,295\tabcellsep 0,095\\
10\tabcellsep LM3\tabcellsep 0,337\tabcellsep 0,040\\
11\tabcellsep LO5\tabcellsep 0,745\tabcellsep 0,179\\
12\tabcellsep L62\tabcellsep 0,606\tabcellsep 0,171\\
13\tabcellsep L61\tabcellsep 0,856\tabcellsep 0,261\\
14\tabcellsep L43\tabcellsep 0,709\tabcellsep 0,217\\
15\tabcellsep L44\tabcellsep 1,277\tabcellsep 0,252\\
16\tabcellsep B82\tabcellsep 0,860\tabcellsep 0,146\\
17\tabcellsep BCE\tabcellsep 0,955\tabcellsep 0,515\\
18\tabcellsep C92\tabcellsep 0,800\tabcellsep 0,121\\
19\tabcellsep CIC\tabcellsep 0,919\tabcellsep 0,248\\
20\tabcellsep CID\tabcellsep 0,891\tabcellsep 0,423\\
21\tabcellsep CSC\tabcellsep 1,023\tabcellsep 0,217\\
22\tabcellsep CT6\tabcellsep 0,435\tabcellsep 0,122\\
23\tabcellsep CTD\tabcellsep 0,950\tabcellsep 0,574\\
24\tabcellsep CTM\tabcellsep 2,869\tabcellsep 1,458\\
25\tabcellsep CVN\tabcellsep 0,995\tabcellsep 0,605\\
26\tabcellsep CX8\tabcellsep 0,180\tabcellsep 0,034\end{longtable} \par
 
\caption{\label{tab_0}Table 1 :}\end{figure}
 \begin{figure}[htbp]
\noindent\textbf{2} \par 
\begin{longtable}{P{0.07517006802721088\textwidth}P{0.18503401360544217\textwidth}P{0.2602040816326531\textwidth}P{0.32959183673469383\textwidth}}
\tabcellsep \tabcellsep (t = 28\%)\tabcellsep \\
Order\tabcellsep Company\tabcellsep Equity\tabcellsep Asset beta (assume\\
No.\tabcellsep stock code\tabcellsep beta\tabcellsep debt beta = 0)\\
1\tabcellsep CNT\tabcellsep 1,062\tabcellsep 0,134\\
2\tabcellsep DCC\tabcellsep 1,299\tabcellsep 0,578\\
3\tabcellsep DIG\tabcellsep 1,772\tabcellsep 0,964\\
4\tabcellsep FPC\tabcellsep 0,484\tabcellsep 0,229\\
5\tabcellsep HBC\tabcellsep 1,030\tabcellsep 0,277\end{longtable} \par
  {\small\itshape [Note: ? Scenario 3: tax rate decreases down to 20\%If corporate tax rate decreases down to 20\%, all beta values of total 104 listed firms on the construction market in VN as following:]} 
\caption{\label{tab_1}Table 2 :}\end{figure}
 \begin{figure}[htbp]
\noindent\textbf{3} \par 
\begin{longtable}{P{0.08711180124223603\textwidth}P{0.1795031055900621\textwidth}P{0.2745341614906832\textwidth}P{0.30885093167701866\textwidth}}
\tabcellsep \tabcellsep \multicolumn{2}{l}{t = 20\%)}\\
Order\tabcellsep Company\tabcellsep Equity\tabcellsep Asset beta (assume\\
No.\tabcellsep stock code\tabcellsep beta\tabcellsep debt beta = 0)\\
1\tabcellsep CNT\tabcellsep 1,062\tabcellsep 0,134\\
2\tabcellsep DCC\tabcellsep 1,299\tabcellsep 0,578\\
3\tabcellsep DIG\tabcellsep 1,772\tabcellsep 0,964\\
4\tabcellsep FPC\tabcellsep 0,484\tabcellsep 0,229\\
5\tabcellsep HBC\tabcellsep 1,030\tabcellsep 0,277\\
6\tabcellsep L10\tabcellsep 0,909\tabcellsep 0,193\\
7\tabcellsep MCG\tabcellsep 1,595\tabcellsep 0,543\\
8\tabcellsep VNE\tabcellsep 1,700\tabcellsep 0,606\\
9\tabcellsep L35\tabcellsep 0,284\tabcellsep 0,091\\
10\tabcellsep LM3\tabcellsep 0,337\tabcellsep 0,040\\
11\tabcellsep LO5\tabcellsep 0,745\tabcellsep 0,179\\
12\tabcellsep L62\tabcellsep 0,606\tabcellsep 0,171\\
13\tabcellsep L61\tabcellsep 0,856\tabcellsep 0,261\\
14\tabcellsep L43\tabcellsep 0,709\tabcellsep 0,217\\
15\tabcellsep L44\tabcellsep 1,277\tabcellsep 0,252\\
16\tabcellsep B82\tabcellsep 0,860\tabcellsep 0,146\\
17\tabcellsep BCE\tabcellsep 0,931\tabcellsep 0,502\end{longtable} \par
  {\small\itshape [Note: © 2013 Global Journals Inc. (US)]} 
\caption{\label{tab_2}Table 3 :}\end{figure}
 \begin{figure}[htbp]
\noindent\textbf{} \par 
\begin{longtable}{P{0.11463815789473684\textwidth}P{0.38585526315789476\textwidth}P{0.07269736842105264\textwidth}P{0.2768092105263158\textwidth}}
\tabcellsep \tabcellsep \tabcellsep 2013\\
\tabcellsep \tabcellsep \tabcellsep ear\\
\tabcellsep \tabcellsep \tabcellsep Y\\
\tabcellsep \tabcellsep \tabcellsep 13\\
0,400 0,600 0,800 1,000 1,200 0,000 0,200\tabcellsep 1,008 1,106 1,014 0,306 0,307 0,253 0,303 0,308 0,296 0,064 0,064 0,064 Equity Beta Mean Asset Beta Mean Equity Beta VAR Asset Beta VAR X.\tabcellsep t = 20\% t = 25\% t = 28\%\tabcellsep Volume XIII Issue VIII Version I C ( ) Global Journal of Management and Business Research\end{longtable} \par
  {\small\itshape [Note: © 2013 Global Journals Inc. (US)]} 
\caption{\label{tab_3}}\end{figure}
 \begin{figure}[htbp]
\noindent\textbf{} \par 
\begin{longtable}{P{0.004799043062200957\textwidth}P{0.845200956937799\textwidth}}
\tabcellsep Decrease so Much?\\
Y 2013 ear ( ) C 14 Y 2013 ear ( ) C 16 Y 2013 ear ( ) C 18\tabcellsep , Taxation aspects of Mergers and Acquisitions, Asia-Pacific Tax Bulletin 2. Dutt, Tanuj., and Mark, Humphery -Jenner., (2013), Stock Return Volatility, Operating Performance and Stock Returns: International Evidence on Drivers of the "Low Volatility" Anomaly, Journal of Banking and Finance 3. Eugene, Fama F., and French, Kenneth R., (2004), The Capital Asset Pricing Model: Theory and Evidence, Journal of Economic Perspectives 4. Flifel, Kaouther., (2012), Financial Markets between Efficiency and Persistence : Empirical Evidence on Daily Data, Asian Journal of Finance and Accounting 5. Grullon, Gustavo., Lyandres, Evgeny., and Zhdanov, Alexei., (2012), Real Options, Volatility and Stock Returns, Journal of Finance 6. Hai, Nguyen Minh., Hien, Phan Tat., and Linh, Dang Huyen., (2013), Phân tích tác ? ?ng c?a phá giá ti?n t? ??n t?ng tr??ng kinh t? VN th?i k? 2000-2012, Journal of Economic Development 7. Huy, Dinh T.N., (2012), Estimating Beta of Viet Nam listed construction companies groups during the crisis, Journal of Integration and Development 8. Kimberly, Clausing A., (2012), In Search of Corporate Tax Incidence, Tax Law Review 9. Ling, Amy., (2013), Tax Issues Relating to Intangibles, Asia-Pacific Tax Bulletin 10. Pereiro, Luis E.,(2010), The Beta Dilemma in Emerging Markets, Journal of Applied Corporate Finance 11. Saleem, Kashif., (2011), Time Varying Correlations between Stock and Bond Returns : Empirical Evidence from Russia, Asian Journal of Finance and Accounting Research 1. Ang, A., Chen, J., (2007), CAPM Over the Long Run: 1926-2001, Journal of Empirical Finance 2. Baker, Kent H., Singleton, Clay J., and Veit, Theodore E., (2011), Survey Research in Corporate Finance: Bridging The Gap Between Theory and Practice, Oxford University Press 3. ADB and Viet Nam Fact Sheet, 2010 Other web sources (Source : Bureau Statistic) Order Rank Company name 1 CÃ?"NG TY CP LÂM S?N PISICO QU?NG NAM 2 CÃ?"NG TY CP VÀNG B?C ?Á QUÝ SJC C?N TH? 3 CÃ?"NG TY CP S?I PHÚ NAM 4 CÃ?"NG TY CP VÀNG B?C ?Á QUÝ B?N THÀNH 5 CÃ?"NG TY CP MAY CHI?N TH?NG 6 CÃ?"NG TY TNHH DU L?CH TR?N VI?T 7 N.A 8 CÃ?"NG TY TNHH TRUY?N THÃ?"NG ADT 9 CÃ?"NG TY CP K?T N?I NHÂN TÀI 10 10 CÃ?"NG TY TNHH THI?T L?P 11 11 CÃ?"NG TY TNHH-CH? BI?N TH?Y S?N VÀ XNK TRANG KHANH 12 12 CÃ?"NG TY S?N XU?T TH??NG M?I VÀ ??U T? TAM MINH 13 13 CÃ?"NG TY TNHH TH??NG M?I S?N XU?T HÙNG HUY 14 14 CÃ?"NG TY TNHH TH??NG M?I HOÀNG ??O 15 15 CÃ?"NG TY TNHH TH??NG M?I XÂY D?NG DI?U LONG 16 16 CÃ?"NG TY CP XÂY D?NG NHÀ VÀ PHÁT TRI?N H? T?NG HÀ N?I 17 CÃ?"NG TY CP X?NG D?U TH??NG M?I SÃ?"NG TRÀ 18 CÃ?"NG TY CP S?I PHÚ TH?NH 19 CÃ?"NG TY TNHH DU L?CH VÀ TH??NG M?I SÃ?"NG H?NG 20 CÃ?"NG TY CP D?U TH?C V?T BÌNH ??NH 21 CÃ?"NG TY CP V?T T? M? ??A CH?T 22 CÃ?"NG TY TNHH MTV SÀI GÒN B?N TRE 23 CÃ?"NG TY TNHH H?I VI?T 24 CÃ?"NG TY TNHH MAY PHÙ ?á»?"NG 25 CÃ?"NG TY TNHH TH??NG M?I VÀ D?CH V? K? THU?T TESCO 26 CÃ?"NG TY TNHH TH??NG M?I PHÚC THÁI 27 CÃ?"NG TY TNHH MINH ??NG 28 CÃ?"NG TY TNHH TH??NG M?I VÀ D?CH V? V?N T?I NG?C KHÁNH 29 CÃ?"NG TY TNHH TH??NG M?I D?CH V? VÂN PHÁT 30 CÃ?"NG TY CP V?N T?I VÀ D?CH V? PETROLIMEX NGH? T?NH 31 CÃ?"NG TY TNHH TH??NG M?I S?N XU?T TÂN BÌNH 32 CÃ?"NG TY TNHH NGUYÊN LI?U GI?Y DUNG QU?T 33 CÃ?"NG TY TNHH B?NH VI?N ?A KHOA T? NHÂN AN SINH 34 CÃ?"NG TY TNHH IN L?A NH?T PH??NG 35 CÃ?"NG TY CP D?U KHÍ SÀI GÒN-PHÚ YÊN 36 CÃ?"NG TY CP BÊ TÃ?"NG ??NG H?I 37 CÃ?"NG TY CP GIÀY BÌNH ??NH 38 CÃ?"NG TY CP ??U T? PHÁT TRI?N THIÊN S?N Exhibit 6 : Risk and financial leverage of 104 listed construction firms on VN stock exchange period 2007-2011 Exhibit 3 : Inflation, GDP growth and macroeconomics factors Year Inflation GDP USD/VND rate 2011 18\% 5,89\% 20.670 2010 11,75\% (Estimated at Dec 2010) 6,5\% (expected) 19.495 2009 6,88\% 5,2\% 17.000 2008 22\% 6,23\% 17.700 2007 12,63\% 8,44\% 16.132 2006 6,6\% 8,17\% 2005 8,4\% Note approximately (Source: mics statistical bureau) Viet Nam commercial banks and econo-CEO Tax code Industry Phan V?n C??ng 4000405162 Kinh doanh nông, lâm s?n Lê Phát Vinh 1800636290 Vàng, b?c, ?á quý Hoàng V?n Thám 3300491474 S?n xu?t s?i, d?t T? Trí D?ng 300847936 Vàng, b?c, ?á quý Ninh Th? Ty 100101058 Ngành may Nguy?n M?nh C??ng 301069809 Du l?ch, khách s?n 2012701 ??ng Huy Th?ng 100905796 S?n xu?t khác Tiêu Y?n Trinh 305202145 Kinh doanh t?ng h?p khác Nguy?n Hoàng ?n 1500441413 S?n xu?t, kinh doanh, ch? bi?n g?o, b?t m?, ng? c?c? Tr?n Tu?n Khanh 1900287501 Nuôi trá»?"ng, ch? bi?n, kinh doanh thu? s?n và các s?n ph?m th?t L?u Tu?n Anh 4300327589 S?n xu?t ?á»?" g?, n?i th?t Voòng A Hoa 302259111 S?n xu?t và gia công gi?y, dép Há»?" Hoàng Bách 301434963 S?n xu?t, kinh doanh thu?c lá, nguyên li?u thu?c lá ??ng Th? Linh Ph??ng 302000905 Kinh doanh t?ng h?p khác Ph?m Thanh Nam 101370536 Xây d?ng nhà và các công trình k? thu?t dân d?ng; ho?t ??ng xây d?ng chuyên d?ng Nguy?n Anh 4300334642 Kinh doanh x?ng d?u, khí ??t, nhiên li?u và các s?n ph?m liên quan Nguy?n V?n C??ng 3300471069 S?n xu?t s?i, d?t Lê Công Hoàng 100237411 Kinh doanh x?ng d?u, khí ??t, nhiên li?u và các s?n ph?m liên quan Nguy?n Th? Thùy Giao 4100399995 S?n xu?t th?c ph?m ch? bi?n: s?a, ???ng, cà phê, d?u ?n, bánh k?o? Lê Nh?t Tân 101453768 Kinh doanh t?ng h?p khác Nguy?n Ng?c Minh Hùng 1300419650 Bán l?, kinh doanh siêu th? Nguy?n V?n R? 3700443193 Kinh doanh nông, lâm s?n D??ng ??c Thanh 100598947 Ngành may Tr?n Thanh Bình 101507773 S?n xu?t, kinh doanh ôtô, ph? tùng ôtô Bùi Xuân Huy 600346391 Kinh doanh x?ng d?u, khí ??t, nhiên li?u và các s?n ph?m liên quan Nguy?n Th? C?m Nhung 2200258144 Nuôi trá»?"ng, ch? bi?n, kinh doanh thu? s?n và các s?n ph?m th?t Tr?n Ng?c Huân 4000377194 Kinh doanh x?ng d?u, khí ??t, nhiên li?u và các s?n ph?m liên quan Cao Ng?c Anh 303332212 Kinh doanh t?ng h?p khác Võ V?n Tân 2900428497 Kinh doanh x?ng d?u, khí ??t, nhiên li?u và các s?n ph?m liên quan Tr?n Trí Th?c 3900326063 S?n xu?t ?á»?" g?, n?i th?t Nguy?n N? 4300308498 S?n xu?t ?á»?" g?, n?i th?t Ngô ??ng S?n Anh 302774433 S?n xu?t khác Hu?nh Th? Thanh 301441840 S?n xu?t gi?y, in ?n, xu?t b?n Thu? Tr?n Công Ch??ng 4400344901 Kinh doanh x?ng d?u, khí ??t, nhiên li?u và các s?n ph?m liên quan Phan V?n Khanh 400619838 S?n xu?t, kinh doanh v?t li?u xây d?ng: xi m?ng, g?ch xây, ?á, cát? Võ Ng?c Th?y 4100258761 S?n xu?t và gia công gi?y, dép V? V?n Tuyên 101536301 S?n xu?t, kinh doanh v?t li?u xây d?ng: xi m?ng, g?ch xây, ?á, cát? Order No. Company stock code Equity beta Asset beta (assume debt beta = 0) Note Financial leverage 1 CNT 1,062 0,134 87,4\% 2 DCC 1,299 0,578 55,5\% 3 DIG 1,772 0,964 45,6\% 4 FPC 0,484 0,229 52,6\% 5 HBC 1,030 0,277 73,1\% 6 L10 0,909 0,193 78,8\% 7 MCG 1,595 0,543 66,0\% 8 VNE 1,700 0,606 64,4\% 9 L35 0,295 0,095 SKS as comparable 67,8\% LM3 0,337 0,040 88,1\% LO5 0,745 0,179 76,0\% L62 0,606 0,171 71,8\% L61 0,856 0,261 69,5\% L43 0,709 0,217 69,4\% L44 1,277 0,252 80,3\% B82 0,860 0,146 83,0\% BCE 0,955 0,515 SIC as comparable 46,1\% C92 0,800 0,121 84,9\% CIC 0,919 0,248 73,1\% CID 0,891 0,423 52,5\% CSC 1,023 0,217 78,8\% Global Journal of Management and Business Research Global Journal of Management and Business Research Volume XIII Issue VIII Version I ( ) C Y 2013 ear 15 Volume XIII Issue VIII Version I ( ) C Y 2013 ear 17 39 39 HTX TH??NG M?I ?Ã?" THÀNH Hàng Thanh Dân 302804374 Kinh doanh th?c ph?m ch? bi?n: s?a, ???ng, cà phê, d?u ?n, bánh k?o?? 40 40 CÃ?"NG TY CP XÂY D?NG Tá»?"NG H?P 269 Tr??ng Duy Ni?m 3000244523 Xây d?ng nhà và các công trình k? thu?t dân d?ng; ho?t ??ng xây d?ng chuyên d?ng (source : Vietnamnet and Viet Nam report) CT6 0,435 0,122 L44 as comparable 72,1\% CTD 0,950 0,574 39,6\% CTM 2,869 1,458 49,2\% CVN 0,995 0,605 VE1 as comparable 39,2\% CX8 0,180 0,034 LHC as comparable 81,0\% DC2 0,323 0,116 LHC as comparable 64,0\% DLR 0,243 0,064 MCO as comparable 73,8\% HUT 1,084 0,143 86,8\% L18 1,069 0,156 85,4\% LCS 0,141 0,037 CT6 as comparable 73,5\% LHC 0,755 0,358 52,5\% LIG 0,436 0,091 SD6 as comparable 79,1\% LUT 1,433 0,730 49,0\% MCO 0,755 0,127 83,2\% NSN 0,115 0,014 MCO as comparable 88,2\% PHC 1,667 0,409 75,5\% QTC 0,259 0,110 57,3\% TV2 0,822 0,207 74,8\% TV4 0,666 0,241 63,9\% VE1 1,475 0,776 47,4\% VE2 0,595 0,358 CID as comparable 39,8\% VE3 0,598 0,403 HPS as comparable 32,7\% VE9 0,704 0,430 38,9\% VHH 0,440 0,226 LHC as comparable 48,8\% SNG 1,264 0,484 61,7\% SSS 1,074 0,385 64,2\% STL 1,634 0,066 96,0\% SJM 1,030 0,389 62,2\% SJE 1,399 0,324 76,8\% SJC 1,103 0,266 75,9\% SIC 1,568 0,365 76,7\% SEL 0,220 0,059 TV4 as comparable 73,1\% SDT 1,406 0,435 69,1\% SDS 0,929 0,071 92,3\% SDJ 1,257 0,249 80,2\% SDH 2,884 1,290 55,3\% SDB 0,214 0,043 L61 as comparable 80,0\% SD9 1,456 0,415 71,5\% SD8 1,210 0,103 91,5\% SD7 1,461 0,243 83,4\% SD6 1,670 0,479 71,3\% SD5 1,332 0,503 62,3\% SD4 1,114 0,233 79,1\% SD3 1,361 0,695 49,0\% SD2 1,386 0,450 67,5\% SD1 0,198 0,034 SDS as comparable 83,1\% S99 1,286 0,800 1,706 0,480 71,9\% S91 1,213 0,386 68,2\% S74 1,250 0,443 64,6\% S64 1,099 0,358 67,5\% S55 1,251 0,476 61,9\% S27 1,213 0,008 comparable 93,1\% S12 1,180 0,202 82,9\% MEC 1,410 0,040 SDP as comparable 85,1\% ICG 1,634 0,795 51,3\% PHH 1,069 0,108 L18 as comparable 71,1\% PIV 0,598 0,325 VE3 as comparable 29,1\% PVA 1,932 0,209 89,2\% PVE 1,580 0,499 68,4\% PVR 1,670 0,440 SD6 as comparable 52,2\% PVV 1,332 0,048 SD5 as comparable 83,1\% PVX 1,304 0,311 76,1\% PXI 1,332 0,029 PVV as comparable 71,2\% PXS 1,406 0,172 SDT as comparable 68,2\% PXT 1,521 0,206 V12 as comparable 66,4\% SDP 1,410 0,271 80,8\% CTN 0,922 0,160 82,7\% V11 1,148 0,161 86,0\% V12 1,521 0,181 88,1\% V15 1,566 0,582 62,8\% V21 0,971 0,012 VCC as comparable 90,4\% VC1 1,815 0,525 71,1\% VC2 1,240 0,220 82,3\% VC3 1,256 0,195 84,5\% Global Journal of Management and Business Research Volume XIII Issue VIII Version I ( ) C Y 2013 ear 19 VC5 1,266 0,181 85,7\% VC6 1,123 0,287 74,4\% VC7 1,106 0,252 77,2\% 100 VC9 1,140 0,124 89,1\% 101 VCC 0,971 0,188 80,6\% 102 VCG 1,505 0,186 87,7\% 103 VCH 1,286 0,018 S99 as comparable 89,5\% 104 VMC 1,503 0,292 80,6\% Average 70,5\% Exhibit : Increase/decrease risk level of listed real estate firms under changing scenarios of tax rates : 25\%, 28\%, 20\% period 2007 -2011 Order No. Company stock code t = 25\% t = 28\% t = 20\% Equity beta Asset beta Increase /Decrease (equity beta) Increase /Decrease (asset beta) Increase /Decrease (equity beta) Increase /Decrease (asset beta) 37,8\% S96 S91 as 1\end{longtable} \par
 
\caption{\label{tab_4}}\end{figure}
 \begin{figure}[htbp]
\noindent\textbf{} \par 
\begin{longtable}{P{0.19999999999999998\textwidth}P{0.04791666666666666\textwidth}P{0.06041666666666666\textwidth}P{0.06041666666666666\textwidth}P{0.07916666666666666\textwidth}P{0.06041666666666666\textwidth}P{0.06875\textwidth}P{0.06875\textwidth}P{0.20416666666666666\textwidth}}
2013\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep 2013\\
Y ear\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep Y ear\\
\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep 21\\
Volume XIII Issue VIII Version I\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep Volume XIII Issue VIII Version I\\
( ) C\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep ( ) C\\
Global Journal of Management and Business Research\tabcellsep PVV PVX PXI PXS PXT SDP\tabcellsep 1,332 1,304 1,332 1,406 1,521\tabcellsep 0,048 0,311 0,029 0,172 0,206\tabcellsep -1,0390 0,0000 -1,2267 -0,8528 -0,8922\tabcellsep 0,002 0,000 0,002 0,004 0,005\tabcellsep -1,062 0,000 -1,242 -0,888 -0,931\tabcellsep -0,002 0,000 -0,003 -0,007 -0,008\tabcellsep Global Journal of Management and Business Research\end{longtable} \par
 
\caption{\label{tab_5}}\end{figure}
 			\footnote{Decrease so Much?} 			\footnote{© 2013 Global Journals Inc. (US)} 			\footnote{T h g 1 -0 6 T h g 4 -0 6 T h g 7 -0 6 T h g 1 0 -0 6 T h g 1 -0 7 T h g 4 -0 7 T h g 7 -0 7 T h g 1 0 -0 7 T h g 1 -0 8 T h g 4 -0 8 T h g 7 -0 8 T h g 1 0 -0 8 T h g 1 -0 9 T h g 4 -0 9 T h g 7 -0 9 T h g 1 0 -0 9 T h g 1 -1 0 T h g 4 -1 0 T h g 7 -1 0} 		 		\backmatter   			 
\subsection[{20}]{20}\par
LHC 0,755 0,358 0,0000 0,000 0,000 0,000 LIG 0,436 0,091 0,0133 0,003 -0,020 -0,004 LUT 1,433 0,730 0,0000 0,000 0,000 0,000 MCO 0,755 0,127 0,0000 0,000 0,000 0,000 NSN 0,115 0,014 0,0040 0,000 -0,006 -0,001 PHC 1,667 0,409 0,0000 0,000 0,000 0,000 QTC 0,259 0,110 0,0000 0,000 0,000 0,000 TV2 0,822 0,207 0,0000 0,000 0,000 0,000 TV4 0,666 0,241 0,0000 0,000 0,000 0,000 VE1 1,475 0,776 0,0000 0,000 0,000 0,000 VE2 0,595 0,358 0,0080 0,005 -0,013 -0,008 VE3 0,598 0,403 0,0064 0,004 -0,010 -0,007 VE9 0,704 0,430 0,0000 0,000 0,000 0,000\par
Decrease so Much?\par
VHH 0,440 0,226 0,0075 0,004 -0,012 -0,006 SNG 1,264 0,484 0,0000 0,000 0,000 0,000 SSS 1,074 0,385 0,0000 0,000 0,000 0,000 STL 1,634 0,066 0,0000 0,000 0,000 0,000 SJM 1,030 0,389 0,0000 0,000 0,000 0,000 SJE 1,399 0,324 0,0000 0,000 0,000 0,000 SJC 1,103 0,266 0,0000 0,000 0,000 0,000 SIC 1,568 0,365 0,0000 0,000 0,000 0,000 SEL 0,220 0,059 0,0060 0,002 -0,009 -0,003 SDT 1,406 0,435 0,0000 0,000 0,000 0,000 SDS 0,929 0,071 0,0000 0,000 0,000 0,000 SDJ 1,257 0,249 0,0000 0,000 0,000 0,000 SDH 2,884 1,290 0,0000 0,000 0,000 0,000 SDB 0,214 0,043 0,0066 0,001 -0,010 -0,002 SD9 1,456 0,415 0,0000 0,000 0,000 0,000 SD8 1,210 0,103 0,0000 0,000 0,000 0,000 SD7 1,461 0,243 0,0000 0,000 0,000 0,000 SD6 1,670 0,479 0,0000 0,000 0,000 0,000 SD5 1,332 0,503 0,0000 0,000 0,000 0,000 SD4 1,114 0,233 0,0000 0,000 0,000 0,000 SD3 1,361 0,695 0,0000 0,000 0,000 0,000 SD2 1,386 0,450 0,0000 0,000 0,000 0,000 SD1 0,198 0,034 0,0064 0,001 -0,010 -0,002 S99 1,286 0,800 0,0000 0,000 0,000 0,000 S96 1,706 0,480 0,0000 0,000 0,000 0,000 S91 1,213 0,386 0,0000 0,000 0,000 0,000 S74 1,250 0,443 0,0000 0,000 0,000 0,000 S64 1,099 0,358 0,0000 0,000 0,000 0,000 S55 1,251 0,476 0,0000 0,000 0,000 0,000 S27 1,213 0,008 -1,1001 0,000 -1,110 0,000 S12 1,180 0,202 0,0000 0,000 0,000 0,000 MEC 1,410 0,040 -1,1349 0,001 -1,157 -0,002 ICG 1,634 0,795 0,0000 0,000 0,000 0,000 PHH 1,069 0,108 -0,6835 0,003 -0,709 -0,004 PIV 0,598 0,325 -0,1312 0,007 -0,155 -0,011 PVA 1,932 0,209 0,0000 0,000 0,000 0,000 PVE 1,580 0,499 0,0000 0,000 0,000 0,000 PVR 1,670 0,440 -0,7345 0,008 -0,778 -0,013 			  			  				\begin{bibitemlist}{1}
\bibitem[Exhibit Exhibit 1 : Interest rates in banking industry during crisis Year Borrowing Interest rates Deposit Rates Note 18%-22% 13%-14% 2010 19%-20% 13%-14% Approximately ()]{b0}\label{b0} 	 		‘Exhibit Exhibit 1 : Interest rates in banking industry during crisis Year Borrowing Interest rates Deposit Rates Note’.  		 \url{www.sbv.gov.vn}  	 	 		\textit{18\%-22\% 13\%-14\% 2010 19\%-20\% 13\%-14\% Approximately},  				2011. 2007.  	 	 (required reserves ratio at SBV is changed from 5\% to 10\%) (2009: special supporting interest rate is 4\%) 
\bibitem[Approximately ()]{b2}\label{b2} 	 		\textit{Source : State Bank of Viet Nam and Viet Nam economy)},  		 			Approximately 		.  		2000. p. 9.  	 
\bibitem[Source : Viet Nam commercial banks) Exhibit 2 : Basic interest rate changes in Viet Nam Year Basic rate Note 9%-12% 9%-10% 2008 19%-21% 15%-16,5% 2007 12%-15% 9%-11% (2011 9% 2010 8% 2009 7% 2008 8,75%-14% Approximately, fluctuated 2007 8,25% 2006 8,25% 2005 7,8% 2004 7,5% 2003 7,5% 2002 7,44% 2001 7)]{b1}\label{b1} 	 		‘Source : Viet Nam commercial banks) Exhibit 2 : Basic interest rate changes in Viet Nam Year Basic rate Note’.  	 	 		\textit{9\%-12\% 9\%-10\% 2008 19\%-21\% 15\%-16,5\% 2007 12\%-15\% 9\%-11\%},  				2011 9\% 2010 8\% 2009 7\% 2008 8,75\%-14\% Approximately, fluctuated 2007 8,25\% 2006 8,25\% 2005 7,8\% 2004 7,5\% 2003 7,5\% 2002 7,44\% 2001 7. p. 7.  	 
\end{bibitemlist}
 			 		 	 
\end{document}
