Identifying benchmarking for listed enterprises in Vietnam: A case study of listed construction enterprises in Vietnam

For every enterprise, business activities always have hidden opportunities and risks. One of the biggest risks is bankruptcy. Therefore, how to identify the risk of bankruptcy and the benchmarking for bankruptcy is an important issue that capture the interest of enterprises. In this study, besides the determination of the Z-score, Z-score for bankruptcy risk measurement was determined in accordance with Vietnam's characteristic market conditions. The score threshold was determined from the Z’’ model using US market data. This model has been validated in accordance with US market conditions. Through the assessment of corporate bonds, adjusted for emerging market conditions, national risk premiums in Vietnam, the Z-score threshold was determined to assess and to give warnings against the risk of bankruptcy of listed construction enterprises that were researched.