TO WHAT EXTENT CHANGING TAX POLICY AND EXTERNAL FINANCING INFLUENCE THE RISK LEVEL OF VIET NAM AIRLINES AND TOURISM INDUSTRY DURING AND AFTER THE GLOBAL CRISIS

Over past few years, the global financial crisis shows certain influence on emerging financial markets including Viet nam. Therefore, this study chooses an analytical approach to give some systematic opinions on how much some certain determinants such as income tax and leverage, affect the level of market risk in listed tourism companies. First, it calculates equity and asset beta values in three (3) different scenarios of changing tax rates and changing the level of financial leverage. 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 0,753 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. Last but not least, this paper covers some ideas and policy suggestions.