Contributions and Development Directions of the Topic

Some recommendations for investors:

- Investors should pay attention to the Beta coefficient in evaluating and investing in securities. Because based on the Beta coefficient, investors can know whether the market's profit affects the stock's profit or not, whether the market has a relationship between risk and profit or not, so that they can have a basis and make reasonable investment decisions;

- Investors should collect, research and refer to official and transparent information (Website: cafef.vn, Vietstock.vn, https://www.hsx.vn/,...) so that they can apply the reporting model correctly and effectively;

- Investors should regularly update information related to stock prices, VnIndex, etc. to be able to apply financial models and make the most effective investment decisions;

- Etc…

PART 3: CONCLUSION AND RECOMMENDATIONS

1. Results

In this study, the significance of the CAPM model for the Vietnamese stock market, specifically the HOSE, is tested. Thereby, clarifying the applicability of this model. During the research process, using historical data to conduct Beta coefficient regression, it is found that the regression Beta coefficient is mostly significant and the CAPM model is relatively applicable to the Vietnamese stock market. In addition, pointing out the limitations of the model in the conditions of the Vietnamese stock market or the limitations of the model itself are points worth noting especially for investors who want to apply this model in investment analysis and securities trading.

2. Limitations of the topic

- The research topic is conducted on 196 stocks, this data volume is quite large, however, with this number of stocks, it still cannot represent the entire Vietnamese stock market. Moreover, the topic only tests on the HOSE floor, not including the HNX and OTC floors.

- Collecting and processing data of 196 stocks within 6 years may have errors when entering or processing data because the amount of content and information is too large. This leads to the data set used to run the model may have some errors.

- Due to limited research time, I have not been able to learn more about the CAPM model, as well as the models used for research and testing still have many limitations and have not been fully overcome.

3. Contributions and development direction of the topic

In the future, when I have a longer research time and more specific and complete data series as well as more experience, I will research and test the model.

CAPM model on the entire Vietnamese stock market to have a more accurate view of the model's applicability. At the same time, it is also desirable to add other factors to the CAPM model to find a way to fully explain the changes in the profits of securities. In addition, the topic can also be studied in the direction of considering the model between different countries with a long enough data series for the study to reflect maximum honesty.

The above are the contributions that the topic can develop. Although the topic has just stopped at the simple development stage and still has many limitations in terms of time, number of research stocks as well as data series, my research will contribute to the basis for further research in the future and provide to some extent the understanding of the stock market and the application of financial models in securities trading for students as well as investors, or those interested in this issue.

LIST OF REFERENCES

A. Documents

[1] Bui Minh Khang (2016), Graduation thesis, Hue University of Economics.

[2] Eugene F.Fama, Kenneth R.French (1992), Common risk in the returns on stocks and bonds.

[3] Hoang Ngoc Nham (2008), Econometrics Textbook

[4] Nguyen Quang Dong and Nguyen Thi Minh (2005), Econometrics Textbook,

National Economics University Publishing House

[5] Nguyen Van Tien, Finance - Money - Banking Textbook, Banking Academy.

[6] Phan Thi Bich Nguyet (2008), Financial investment, Labor and Social Publishing House

[7] Tran Binh Tham (2012), Econometrics Textbook, Hue University of Economics.

[8] Tran Ngoc Tho (2007), Financial modeling, Labor and Social Publishing House

[9] Tran Ngoc Tho (2007), Modern corporate finance, Statistical Publishing House

[10] Project submitted for the student scientific research award “Young Economist - 2011”, project name: “Applying CAPM and Fama-French models to forecast return rates for securities trading in the Vietnamese market.

[11] Hoang Thi Lan Vy (2014), Graduation thesis, Hue University of Economics.

[12] Le Hoang Nga (2011), Stock Market Textbook.

[13] Le Van Te (2007), Textbook on Stock Market in Vietnam.

[14] Nguyen Minh Kieu (2007), Capital Asset Pricing Model CAPM – Chapter

Fulbright Economics Teaching Program.

[15] Nguyen Minh Kieu (2010), Basic Corporate Finance Textbook, Statistical Publishing House.

B. Website

[1] https://vietstock.vn/

[2] http://vneconomy.vn/

[3] http://cafef.vn/

[4] http://www.nfsc.gov.vn/

[5] https://www.cophieu68.vn/

[6] http://www.luanvan.co/

[7] https://dautucophieu.net/

[8] http://www.nfsc.gov.vn/

[9] https://www.investing.com/

[10] https://123doc.org/

[11] http://www.tai-lieu.com/

[12] http://www.vjol.info/

[13] https://thachpham.wordpress.com/

[14] https://www.slideshare.net/

[15] http://repository.vnu.edu.vn/

APPENDIX

Appendix 1: Regression results on 196 stocks

STT

Share	Alpha (α)	Beta (β)	P - value (α)	P - value (β)	R - squared
1	AAA	-0.004818	0.757441	0.6982	0.0019	0.127535
2	AAM	-0.018421	0.284310	0.0075	0.0284	0.065874
3	ABT	-0.004852	0.214248	0.5287	0.1456	0.029598
4	ACC	-0.009662	0.393753	0.2035	0.0075	0.096459
5	ACL	-0.007462	-0.205400	0.3154	0.1474	0.029337
6	AGF	-0.025664	0.277788	0.1095	0.3588	0.011871
7	AGR	-0.012648	0.939846	0.3961	0.0013	0.135745
8	ANV	0.015686	0.886334	0.4648	0.0321	0.063062
9	APC	0.012247	0.458897	0.3768	0.0837	0.041536
10	ASM	-0.002978	0.503533	0.8233	0.0499	0.053069
11	ASP	0.0000197	0.626584	0.9987	0.0080	0.095082
12	BBC	0.014533	0.263116	0.2438	0.2664	0.017364
13	BCE	-0.013906	0.606459	0.0986	0.0003	0.172155
14	BIC	0.016263	0.445833	0.1942	0.0626	0.047969
15	BMC	-0.019877	0.526433	0.1201	0.0315	0.063467
16	BMI	0.004335	0.778784	0.7103	0.0007	0.149074
17	BMP	0.001630	0.588353	0.9004	0.0197	0.074269
18	BSI	0.003364	0.786471	0.7811	0.0010	0.142268
19	BTP	0.008874	0.451749	0.4653	0.0531	0.051691
20	BVH	-0.002894	1.774127	0.7609	0.0000	0.577851
21	C47	-0.002707	0.190083	0.8528	0.4934	0.006631

Maybe you are interested!

CCL	-0.003536	0.929382	0.8781	0.0367	0.060053
23	CDC	0.009982	0.652416	0.5157	0.0277	0.066419
24	CIG	0.002727	0.520359	0.8881	0.1606	0.027538
25	CII	-0.007401	0.667868	0.4771	0.0011	0.139694
26	CLC	0.010496	-0.197886	0.3457	0.3494	0.012345
27	CLG	-0.013226	0.810558	0.4679	0.0213	0.072413
28	CMG	0.016367	0.843157	0.2948	0.0055	0.103449
29	CMX	0.005970	0.101809	0.7702	0.7931	0.000975
30	CNG	-0.005230	0.285723	0.5226	0.0688	0.045869
31	CSM	-0.015079	0.659556	0.1176	0.0005	0.157819
32	CTD	0.017121	0.349177	0.1229	0.0981	0.038055
33	CTG	-0.006625	1.027727	0.4589	0.0000	0.342458
34	CTI	0.010285	0.481685	0.4649	0.0743	0.044172
35	CTS	-0.001808	0.943744	0.8819	0.0001	0.191242
36	CVT	0.011074	0.764034	0.4828	0.0125	0.084631
37	DAG	-0.008289	0.404332	0.5793	0.1570	0.028006
38	DCL	0.005090	0.296117	0.7691	0.3700	0.011336
39	DHA	0.010940	0.069631	0.3583	0.7576	0.001350
40	DHC	0.019337	0.367921	0.0885	0.0881	0.040427
41	DHG	0.003321	0.356432	0.7897	0.1348	0.031223
42	DIC	-0.012396	0.429160	0.2642	0.0438	0.056006
43	DIG	-0.007879	1.226465	0.5001	0.0000	0.302887
44	DLG	-0.014184	0.814483	0.4462	0.0235	0.070199
45	DMC	0.012854	0.322470	0.2709	0.1472	0.029355
46	DPM	-0.017673	0.848123	0.0068	0.0000	0.411036
47	DPR	-0.008968	0.151517	0.2450	0.3007	0.015080
48	DQC	0.002285	0.481632	0.8479	0.0361	0.060389

DSN	0.001916	0.142839	0.8036	0.3308	0.013328
50	DVP	-0.000862	0.372909	0.9284	0.0436	0.056116
51	DXG	0.007987	1.177437	0.5489	0.0000	0.235249
52	DXV	-0.008211	-0.077447	0.4085	0.6810	0.002394
53	EIB	-0.011329	0.594641	0.1668	0.0002	0.173400
54	ELC	-0.014174	0.071781	0.2171	0.7409	0.001550
55	FLC	-0.007259	0.722084	0.7003	0.0467	0.054548
56	FMC	-0.001560	0.959545	0.8978	0.0001	0.196818
57	FPT	-0.010579	1.063888	0.1669	0.0000	0.435011
58	GAS	0.002202	1.272556	0.8148	0.0000	0.418839
59	GDT	0.008391	0.171428	0.3675	0.3327	0.013223
60	GIL	-0.004074	0.466402	0.7156	0.0308	0.064032
61	GMC	0.003812	-0.019161	0.6445	0.9028	0.000212
62	GMD	-0.004803	1.154738	0.7091	0.0000	0.240434
63	GSP	0.002653	0.271343	0.7480	0.0868	0.040750
64	HAG	-0.023047	1.043747	0.0966	0.0001	0.184920
65	HAP	-0.012138	0.738345	0.2545	0.0005	0.160060
66	HAS	0.002228	0.496267	0.8536	0.0333	0.062260
67	HBC	0.000360	0.839218	0.9796	0.0024	0.122236
68	HCM	0.007220	1.147330	0.5374	0.0000	0.274585
69	HDC	-0.003815	0.145685	0.7491	0.5208	0.005830
70	HDG	0.002061	0.910511	0.8540	0.0001	0.206325
71	HHS	-0.023588	0.197275	0.1919	0.5637	0.004716
72	HLG	0.003141	0.126043	0.8490	0.6877	0.002290
73	HMC	-0.001978	0.429293	0.7958	0.0041	0.110394
74	HPG	-0.000310	1.008102	0.9780	0.0000	0.239846
75	HQC	-0.014896	0.645102	0.3043	0.0211	0.072661

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