摘要：This paperwork evaluates the impacts of external financing on market risk for the listed firms in the Viet nam construction material 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 57 listed companies in Viet Nam construction material 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 0,326 to 0,337 if the leverage increases to 30 % whereas decreases to 0,321 if leverage decreases to 20 %. But the dispersion measured by asset beta var increases to 0,118 (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.
