The emerging stock market in Viet Nam has been developed since 2006 and affected by the financial crisis [2007][2008][2009]. This study analyzes the impacts of tax policy on market risk for the listed firms in the water industry as it becomes necessary. First, by using quantitative and analytical methods to estimate asset and equity beta of total 9 listed companies in Viet Nam water industry with a proper traditional model, we found out that the beta values, in general, for many institutions

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... acceptable. 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, estimated at 0,896, 0,913 and 0,923. 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 levels of tax rate. Finally, this paper provides some outcomes that could provide companies and government more evidence in establishing their policies in governance. Özet : 2012-2014 Yılları arasındaki TUİK verileri kullanılarak hazırlanan bu çalışma, sanayi ve konutlarda kullanılan doğalgaz ile elektrik tüketiminin istatistiksel olarak analiz edilmesi şeklindedir. Farklı analiz teknikleri kullanılarak hazırlanan çalışmada ANOVA modeli uygulanmıştır. Ayrıca hipotez testleri uygulanarak araştırma daha kapsamlı hale getirilmiştir. Sanayi ve konutlarda tüketim aralıklarına göre elektrik ve doğalgaz fiyatlarının tespit edilmesi yönünde hareket edilmiş olup, yapılan istatistik bulgulara göre de sonuca gidilmiştir. Elde edilen bulgular sonucunda; sanayi sektörü için tüketim aralığı arttıkça, elektrik ve doğalgaz fiyatlarının genel seviyesinde düşüş gözlendiği sonucuna varılmaktadır. Sonuç olarak tüketim aralığı Kw cinsinden yükseldikçe, fiyatlarda da azalma meydana gelmektedir. Abstract: In this study prepared by using data of TSI belonging to the years of 2012-2014, the consumption of electricity and natural gas used in industry and houses is statistically analyzed. ANOVA model was applied to the study prepared with the use of different techniques for analysis. Moreover, tests of hypothesis were applied and the research was made more comprehensive. The purpose was to determine electricity and natural gas prices ADB and VIET NAM FACT SHEET, (2010)