• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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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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• 제8권5호
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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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• 제7권11호
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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.

• 산업공학
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• 제23권4호
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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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• 제8권5호
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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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• 제7권3호
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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.

• 경영과학
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• 제29권2호
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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.

• 한국통신학회논문지
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• 제37C권12호
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• pp.1263-1270
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• 2012

가축 질병은 축산농가에 생산성 및 소득 감소로 인한 경제적 손실을 가져올 뿐만 아니라 전염병 확산으로 인한 국가적 손실로 이어진다. 본 논문에서는 가축의 활동량 정보 및 체온 정보를 기반으로 가축 질병상태를 조기에 진단할 수 있는 가축 질병예찰 시스템을 제안하고자 한다. 제안하는 시스템은 가속도센서 및 열화상 카메라 장비로부터 수집된 데이터와 가축의 질병별 활동량 및 체온 정보 데이터를 비교함으로써 가축 질병상태를 조기에 진단할 수 있는 가축 질병예찰 시스템이다. 본 시스템을 통해 가축 질병을 미연에 정확히 판단하고 질병으로 인한 피해를 최소화함으로써 축산농가의 생산성 향상 및 수익률을 높일 수 있을 것으로 기대된다.

• 한국신재생에너지학회:학술대회논문집
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• 한국신재생에너지학회 2009년도 춘계학술대회 논문집
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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.

• 한국산림과학회지
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• 제87권4호
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• pp.519-527
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• 1998

우리 나라에서 송이 (Songyi, pine mushroom, matsutake, Tricholoma matsutake (S. Ito & Imai) Sing.) 생산을 지속(持續) 가능(可能)하게 하기 위한 소나무림의 하층식생 정리작업에 대한 경제성을 분석하였다. 우리 나라에서는 소나무림에서만 발생하고 있는 송이는 일본(日本)에 수출되어 매년 2천만 달러~8천만 달러를 벌어들이는 산촌 농가의 중요한 소득원이다. 그러나 양성(陽性)인 소나무림이 내음성(耐陰性) 수종(樹種)의 임분(林分)으로 천이(遷移)되면서 송이생산은 차츰 줄어들 전망이다. 현재까지의 연구에 의하면, 소나무림내 하층식생을 정리하면 송이 생산이 계속 증가될 수 있지만 이 작업에 투자하려는 송이 생산자는 많지 않은 실정이다. 그렇지만 우리의 경제성(經濟性) 분석(分析)에 의하면, 원형의 송이 균환(菌環)이 한 개 존재하고 있는 소나무임에 대한 하층식생 정리작업은 15년 동안 내부(內部) 수익률(收益率) (IRR=Internal Rate of Return)이 20.7%에 이를 정도로 수익성(收益性)이 높다. 하지만 적어도 8년 동안은 이 투자에 대한 순현재가(純現在價) (NPV=Net Present Value)가 마이너스이다. 이 작업의 경제성(經濟性)에 대한 센시티비티 분석(分析) 결과로는 토양내 송이 균환(菌環)의 수(數)가 순수익(純收益) 변동에 크게 영향을 미쳤다. 한편, 송이 생산량은 기상조건에 따라서도 크게 변할 수 있으므로, 송이 생산자들은 이 내부수익율(內部收益率)이 하층식생 정리 작업만의 결과라고는 생각지 않을 수도 있다. 또한 이 분석 결과는 이 땅속 균환(菌環)의 연간 신장량에 관한 가정 (균환(菌環)신장량, 0.16m/년=균환(菌環)의 원둘레 길이 생장량, 1.0m/년)에 따라서도 바뀔 수 있다. 결과적으로 송이를 지속적(持續的)으로 생산하기 위한 식생정리(植生整理)작업의 근본적인 목표는 어찌하여서든 땅속의 송이 균환(菌環)을 계속 자라게 하는 것이어야 한다. 우리는 식생정리(植生整理) 후에 땅속 송이 균환(菌環)의 행태(行態)에 관한 조사 연구가 이번 경제성(經濟性) 분석(分析)의 신뢰성(信賴性)을 높일 것이라고 생각한다.