• The Journal of Asian Finance, Economics and Business
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• v.8 no.2
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• pp.1263-1268
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• 2021

This study investigates how dramatic increase of university and college graduates affects labor market outcomes. Using a series of seven repeated cross sections of the Vietnam Household Living Standards Surveys, this paper analyzed the changes in the rate of returns to higher education attainment along with the increased supply of university and college graduates due to the higher education expansion throughout the 2002-2014 period. The study utilized a ratio of number of university and college students to the number of upper-secondary pupils within each province as an instrumental variable to calculate the effects of higher education expansion on the labor wage. The study found that, with the basic equations, the coefficients for higher education attainment are statistically significant and have positive values for the whole period. Our instrumental variables were found to be valid. For instrumental variable estimation, the return to higher education in IV earning equations was quite high. The findings of this study suggested that the expansion of the higher education system in Vietnam during 2002-2014 had positive effects on wages for those who increased their education attainment due to the reforms and there was a declining trend of the returns to higher education toward the end of the period.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.5
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• pp.785-793
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• 2021

The purpose of the research is to assess the factors affecting the liquidity of the commercial banks that are conducting mergers and acquisitions activities in Vietnam during the 2008-2018 period. This study employs samples based on 2-component data sets with cross-section and time-series data collected from the annual report of the State Bank and the audited acquisitions financial statements of nine commercial banks engaged in mergers and acquisitions activities. To carry out the research objectives, the authors conducted quantitative analysis through the Pooled OLS, REM, FEM and GMM models. The results shown that: (i) bank liquidity is positively affected by liquidity lagged, the return on equity (ROE) and economic growth; negatively affected by bank size, non-performing loan, short-run loan to deposit ratio; (ii) there is not enough evidence to conclude about the relationship between net profit margin, equity-to-assets ratio and inflation rate to bank liquidity; (iii) notably, we found evidence that, after the mergers and acquisitions, the liquidity of Vietnamese commercial banks decreased. The findings of this study suggest that bank managers take a more comprehensive view of the results of mergers and acquisitions and implications for banks to improve liquidity in the post-merger and acquisitions conditions.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.835-842
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• 2020

The study aims to investigate the impact of debt on corporate profitability in the context of Vietnam. The paper investigates the impact of debt on corporate profitability in non-finance listed companies on the Vietnam stock market. The panel data of the research sample includes 118 non-financial listed companies on the Vietnam stock market for a period of nine years, from 2009 to 2017. The Generalized Method of Moments (GMM) is employed to address econometric issues and to improve the accuracy of the regression coefficients. In this research, corporate profitability is measured as the return of EBIT on total assets. The debt ratio is a ratio that indicates the proportion of a company's debt to its total assets. Firm sizes, tangible assets, growth rate, and taxes are control variables in the study. The empirical results show that debt has a statistically significant negative effect on corporate profitability. The result also shows this effect is stronger in a non-linear (concave) way, we show that the debt ratio has nonlinear effects on corporate profitability. From this, experimental evidence shows that the optimal debt ratio is 38.87%. This evidence provides a new insight to managers of the non-finance companies on how to improve the firm's profitability with debt.

• IE interfaces
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• v.23 no.4
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• pp.300-310
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• 2010

This paper is about an optimal investment portfolio strategy. Financial data of stocks, bonds, and savings from January 2. 2001 through October 30. 2009 were utilized in order to suggest the optimal portfolio strategies. Fundamental analysis and technical analysis were used in stocks-related strategy, whereas passive investment strategy and active investment strategy were used in bond-related strategy. The score is assigned to each stock index according to the suggested strategies and set trading rules are based on the scores. The simulation has been executed about each 29,400-portfolios and we figured out with the simulation result that 26.75% of 7,864 portfolios are more profitable than average stock market profit (22.6%, Annualized). The outcome of this research is summarized in two parts. First, it's the rebalancing strategy of portfolio. The result shows that value-oriented investment(long-term investment) strategy yields much higher than short-term investment strategies of stocks or active investment of bonds. Second, it's about the rebalancing cycle forming the portfolios. The result shows that the rate of return for the portfolio is the best when rebalancing cycle is 12 or 18 months.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.5
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• pp.287-292
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• 2021

The article analyzes the impact of capital structure on the firm value of chemical companies listed on the stock market of Vietnam. Data was collected from the financial statements of 23 chemical firms listed on the Vietnam stock market from 2012 to 2019. Quantitative research method with regression model according to OLS, FEM, REM method is used; FGLS method is used to overcome the model's defects. In this research, firm value (Tobin's Q) is a dependent variable. Capital structure (DA), Return on assets (ROA), Asset turnover (AT), fixed assets (TANG), Solvency (CR), Firm size (SZ), Firm Age (AGE), and revenue growth rate (GR) are independent variables in the study. The analysis results show that the capital structure of firms in the chemical industry listed on the Vietnam stock market has an inverse correlation with firm value. Besides, firms with greater asset turnover, business size, and number of years of operation have lower firm value. This article helps corporate executives improve corporate value by adjusting their capital structure properly. Chemical firms adjusted their capital structure in the direction of gradually decreasing the debt ratio and gradually increasing equity. Firms use high debt, which has the effect of reducing the firm value of firms in the chemical industry.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.3
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• pp.115-125
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• 2020

This paper investigates the impact of working capital management on the firm's profitability. The research sample includes 119 non-financial listed companies on Vietnam stock market over a period of 9 years from 2010 to 2018. Two statistical approaches include Ordinary least squares (OLS) and fixed effects model (FEM) are employed to address econometric issues and to improve the accuracy of the regression coefficients. The empirical results show the negative and significant impacts of the working capital management, which measured by cash conversion cycle (CCC) and three components of the CCC including accounts receivable turnover in days (ARD), inventory turnover in days (INVD), and accounts payable turnover in days (APD) on the firm's profitability measured by return on assets (ROA) and Tobin's Q. It implies that firms can increase profitability by keeping the optimization of the working capital management measured by the CCC, which includes shortening the time to collect money from clients, accelerating inventory flow and hold the low payment time to creditors. Besides, the profitability of firms was impacted by the sale growth rate, firm size, leverage, and age. Therefore, this paper provides a new insight to managers on how to improve the firm's profitability with working capital management.

• Korean Management Science Review
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• v.29 no.2
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• pp.53-64
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• 2012

This paper is about the investment strategy in stocks on Fundamental analysis. Financial data of stocks from January 2. 2001 through October 30. 2009 were utilized in order to suggest the investment strategies. Fundamental analysis was used in stocks-related strategy. The portfolios are composed of 3 criteria such as the buying criteria score, exchange cycle and selling conditions. The buying criteria score is determined assigned to each stock index according to the satisfaction condition of 15 parameters selected considering the grue's criteria. The stock buying alternatives has two options with buying stocks over 13 points and over 14 points of buying criteria score. The seven exchange cycles and three selling methods are considered. So total number of portfolios is 42($2{\times}7{\times}3=42$). The simulation has been executed about each 42 portfolios and we figured out with the simulation result that 83.33% of 35 portfolios are more profitable than average stock market profit(203.43%). The outcome of this research is summarized in two parts. First, it's the exchange strategy of portfolio. The result shows that value-oriented investment (long-term investment) strategy yields much higher than short-term investment strategies of stocks. Second, it's about the exchange cycle forming the portfolios. The result shows that the rate of return for the portfolio is the best when exchange cycle is 18 months.

• The Journal of Korean Institute of Communications and Information Sciences
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• v.37C no.12
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• pp.1263-1270
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• 2012

Livestock disease that decreases the farm productivity and income leads to not only financial loss but also national loss from the spread of contagious disease. The purpose of this paper is to propose a livestock disease forecasting system that can diagnose disease of livestock at an early stage based on the livestock activity and body temperature. The proposed livestock disease forecasting system collect data on livestock activity and body temperature using a acceleration sensor and thermal imaging camera and comparing the data with control according to disease. It is expected that, this system can be accurately identify and prevent spread of livestock disease beforehand to minimize damages caused by disease to improve the productivity and the rate of return of livestock farms.

• 한국신재생에너지학회:학술대회논문집
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• 2009.06a
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• pp.857-860
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• 2009

This report examines the economic feasibility of a commercial 50,000 barrel per day direct/indirect coal liquefaction (DCL/ICL) facility to produce commercial-grade diesel and naphtha liquids from medium-sulfur bituminous coal. The scope of the study includes capital and operating cost estimates, sensitivity analysis and a comparative financial analysis. Based on plant capacity of 50,000BPD, employing Illinois #6 bituminous coal as feed coal the total capital cost appeared $3,994,858,000(DCL) and $4,942,976,000(ICL). Also, the internal rate of return of DCL/ICL appeared 13.27% and 12.68% on the base condition. In this case, coal price and sale price of products were the most influence factors. And ICL's payback period(6.8 years) was longer than DCL's (6.6 years). According to sensitivity analyses, the important factors on DCL/ICL processes were product sale price, feed coal price and the capital cost in order.

• Journal of Korean Society of Forest Science
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• v.87 no.4
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• pp.519-527
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• 1998

An economic study of vegetation control to increase production of Songyi (Korean name far pine mushroom, matsutake, Tracholoma matsutake (S. Ito & Imai) Sing.) in red pine (Panes densiflora) stands in Korea was undertaken. In Korea, Songyi grows only in red pine stands. Harvest of this mushroom provides a significant income source to rural people in Korea yielding exports of US$20 million to US$80 million per year. However, hypogeous Songyi colonies and the mushroom production are declining, partly because shade tolerant species are succeeding the shade intolerant red pine. Past research says that it is possible to deep Songyi production increasing by controlling under-story vegetation. But few people are wilting to invest in the necessary control. Our analysis found that the economics of vegetation control appear to be quite favorable, showing an internal rate of return (IRR) of 20.7 percent in 15 years. However, positive returns do not occur for at least eight years and even then, the returns may not appear to the landowner to be a result of vegetation control efforts only because the mushroom production has been greatly variable depending on weather conditions. In a sensitivity analysis, it was found that the number of circular mushroom colonies was critically important for the cash flow. Results of this analysis are also sensitive to assumptions about annual growth length(0.16m radial growth=1.0m/circular length growth) of Songyi colony. However, the primary goal of vegetation control should be to keep the young colonies growing. Further research in the behavior of hypogeous Songyi colonies after vegetation control would help to improve our confidence in the results.