Business Management Via Measuring How Much Corporate Tax Affect Risk in Viet Nam Airlines and Tourism Industry

Over past few years, the global financial crisis shows certain influence on emerging financial markets including Vietnam. Therefore, this study chooses an analytical approach to give some systematic opinions on business management and risk management in Vietnam tourism industry under different scenarios of tax policy. First, it calculates equity and asset beta values in three (3) different scenarios of changing tax rate. It implies that to reduce risk, these listed tourism companies need to enhance governance and business management capability. 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. It means that business management need to propose management strategies based on controlling risk better. 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, both for better management of tourism companies and for economy.