Cấu Trúc Vốn

5/19/2018 C u Tr c V n

1/37

Cu Trc Vn

(Khi nim c bn)

u nm 2006, tp on quc tTyco, Ltd., c cho l c khoch tch cng

ty. Kt qul tch thnh 3 cng ty: thit bin t, chm sc sc khe, dch vphngchy v an ninh. Theo khoch cphiu ca Tyco trthnh cphiu ca ba cng tymi. Nhng mt cu hi khng r rng l lm thno cng ty chia nang c cacng ty cho ba cng ty mi. Vi nhin c ca cng ty trn bng cn i kton vthm vo l 1 t dollar nhng chi ph lin quan n vic tch cng ty. Tyco ckhong 12,5 tdollar nphn b. Cng ty a ra mt vi hng dn vcu trc vncho cng ty mi, khon nca mi cng ty sc nh gi phn loi u t vngchc. V vy lm th no cng ty chn cho mnh mt cu trc vn, hoc trongtrng hp ca cng ty Tyco? Chng ta s khm ph vn ny v nhng vn khc trong chng ny.

15.1 Cu hi vcu trc vn v thuyt ci bnh

Lm thno cng ty chn cho mnh tlvn chshu? Chng ta sgi cchtip cn vi cu hi cu trc vn l m hnh ci bnh. Nu bn thi ti sao chngta chn ci tn ny, th hay nhn hnh 15.1. ci bnh trong cu hi ny l tt cccyu cu ti chnh ca cng ty, nv vn chshu trong trng hp ny. Chng ta

xc nhgi trca cng ty sl tng ca ci ny.V vy gi trca cng ty l V:

V = B + S (15.1)

B l gi tr th trng ca khong nv S l gi tr th trng ca vn ch shu.Hnh 15.1 cho thy 2 cch c thct ci bnh cphiu v nny l: 40% - 60% v60% - 40%. Nu mc tiu ca nh ngi l l lm cho cng ty t c ng gi trca n c th, sau cng ty nn chn tlnv vn chshu lm cho tng gitrming bnh ln nh n c th.

Yu cu tho lun hai cu hi quan trng:

1. Ti sao ngi nm gicphiu trong cng ty quan tm ti gi tr ti a caton bcng ty? Sau , gi trca cng ty l, theo nh ngha, tng ca nv vnchshu. Thay vo , ti sao ngi nm gicphiu khng thch chin lc tia ha li ch ca ring mnh?2. Nhng tlntrn vn chshu no ti a ha li ch ca cng?Chng ta sln lt xem xt hai cu hi trn.

5/19/2018 C u Tr c V n

2/37

15.2 Ti a ha gi trca cng ty vi ti a ha li ch ca cng

V dminh ha: cu trc vn v ti a ha li nhun ca cng ty l vn mnh qun l ti chnh nn chn cho cng.

Nv gi trcng ty: Gisgi trthtrng ca cng ty J.J. Sprint l 1000$. Hinti cng ty khng c n, c100 cphiu ca cng ty c bn vi gi 10$. Cng tykhng c n nh J.J. Sprint c gi l cng ty khng vay n. Thm gi thuytJ.J.Sprint c khoch vay 500$ v tin hnh tr500$ ctc cho cng vi 5$ chomi ctc. Sau t pht hnh cphiu, cng ty trthnh cng ty dng vn vay. Cckhon u t ca cng ty skhng thay i vi kt qugiao dch ny. Gi trca cngty sra sao sau khi ti c cu xut?

Nh qun l nhn ra rng, chc mt trong ba kt quc thxy ra khi ti cu.

Gi trcng ty sau khi ti c cu c th l: 1 l ngon hn lc ban u, 2 l bng1000, hoc 3 l t hn 1000$. Sau khi tham kho kin cc ngn hng u t, nhqun l tin rng ti c cu skhng lm thay i gi trhn 250$ khitheo cc hng.Do gi tr cng ty skhong 1250$, 1000$, 750$ trong phm vi c lin quan.Cu trc vn ban u v ba cu trc vn mi sc trnh by phn di y:

Ch : gi trca vn chshu di 1000 trong c3 trng hp. C thgii thchn gin theo 2 cch. u tin, bng trn cho thy gi trca vn chshu sau khichia ctc. Bi v tin c tr, ctc thhin mt phn ti sn ca cng ty. Hqul gim gi trvn chshu sau khi ctc c tr. Th2, cc skin thanh l ti

sn trong tng lai, cng chc trsau khi ngi nm gi tri phiu c tr

5/19/2018 C u Tr c V n

3/37

y . Do khon n l mt phn trngi ca cng ty, lm gim gi trca vnchshu.D nhin nh qun l nhn ra rng kt quc thl v hn. Ba trng hp chlkt qutng trng. Chng ta c thxc nh c stin phi trcho cng trong

ba trng hp trn:

Khng ai c thchc chn thi gian no mt trong ba kt qu sxy ra. Tuynhin, hy hnh dung nh qun l tin rng kt quI sxy ra nhiu nht. Hnn chcchn vo vic ti cu trc cng ty bi v stin ngi nm gicng stng 250$.Mc d gi cphiu gim t250$ n 750$, nhng hnhn li c 500$ ctc. Linhun thun tng 250$ = -250$ + 500$. Cng nh, rng gi tr ca cng ty stng 250$ = 1250$ - 1000$

Bng cch khc, hy hnh dung rng nh qun l tin rng kt quIII sxy racao nht. Trong trng hp ny hkhng nn ti cu trc cng ty bi v cc cngsmong i 250$. Vy l, cphiu rt 750$ ti 250$ v hnhn c 500$ ctc.

L-250$ = -750$ + 500$. Gi trca cng ty sthay i -250$ = 750$ - 1000$.Cui cng, hy hnh dung nh qun l tin rng kt qu thII sxy ra nhiu

nht. Ti c cu skhng nh hng ti li ch ca cng bi v li nhun thun cac ng trong trng hp ny l 0. Gi trca cng ty cng khng thay i nu ktquII xy ra.

V dtrn gii thch ti sao nh qun l nn nlc ti a ha gi trca cngty. Ni cch khc, l c trli cho cu hi 1 trong phn 15.1. Chng ta sthy skhn ngoan trong v dny:Thay i li ch c cu vn cng khi v chkhi gi trca cng ty tng ln.

Ngc li, s thay i ny lm tn hi n cng khi v chkhi gi trcacng ty gim xung. Kt qung vi nhng thay i c cu vn ca nhiu loi khcnhau 1. Hqul:Nh qun l nn chn cu trc vn m htin rng n slm cho gi trca cngty l cao nht bi v vi cu trc vn ny smang li li ch ln nht cho cngca cng ty.

Lu tuy v dny khng ni cho chng ta trng hp no xy ra nhiu nht.N cng khng cho chng ta bit khon nc nn thm vo cu trc vn ca cng ty

hay khng. Ni cch khc, n khng trli c cho cu hi 2 trong phn 15.1. Cuhi 2 sc xl trong phn ktip.

5/19/2018 C u Tr c V n

4/37

1Kt quny c thkhng chnh xc trong trng hp phc tp hn khi m c nc

nh ng k. Cc vn c bn khc c xl trong chng ktip.

Hin hnh Thng dng

Ti sn $8000 $8000

N $0 $4000

VCSH $8000 $4000

Li sut 10% 10%

Gi bn thtrng $20 $20

CP ang lu hnh 400 200

Bng 15.1 C cu ti chnh ca cng ty Trans Am

Suy thoi Dkin Mrng

ROA 5% 15% 25%

Thu nhp $400 $1,200 $2000

ROE 5% 15% 25%

EPS $1.00 $3.00 $5.00

Bng 15.2 C cu vn hin ti ca Trans Ams : khng n

15.3 N BY TI CHNH V GI TRCNG TY

V DN BY V TRLI CC CNG

Phn trc cho thy rng c cu vn sn xut gi trcng ty cao nht l mttrong cng ti a ha ti sn.Trong phn ny,chng ta mun xc nh c cuvn ti u.Chng ta bt u minh ha hiu quca c cu vn trn phn tr li chocc cng.Chng ta ssdng 1 cch chi tit v dm chng ta khuyn khch hcsinh hc 1 cch cn thn.Mt ln chng ti ly v dxung quanh ci tht lng,chngta sn sng xc nh c cu vn ti u

5/19/2018 C u Tr c V n

5/37

Cng ty Trans Am hin ti khng c ntrong cu trc vn . Cng ty xem xtpht hnh cc giy nbsung ngun vn CSH.Chai ti hin ti v xut c cuvn c trnh by bng 15.1 . Ti khon ca cng ty l $8000 . Tt cVCSHca cng ty l 400 cphiu,c ngha l gi trth trng trn 1 cphiu l 20$.Cc

vn nxut $4000,lo $ 4000 trong VCSH.Li sut l 10%.

Snh hung ca tnh hnh kinh ttrn thu nhp trn mi cphiu c chothy bng 15.2 thc trng c cu vn ( tt cVCSH). Da vo ct u tin cho tathy thu v c $ 1200 . Bi v ti sn $8000,ROA l 15%(=$1200/$8000) . Ti snVCSH ca VCSH ton bcng ty, ROE l 15% . EPS l $3(=$1200/400).Phn tnhton tng ng EPS ca $1 v $5 trong cc trng hp suy thoi ,tng trngtng ng

Trng hp n by c trnh by bng 15.3 . ROA trong tnh trng kinh tl ging bng 15.2 v 15.3 v tlc tnh ton trc li sut c xem xt . N$4000 -> li $400 (= 0.1 x $4000) . Thu nhp sau li $800 ( $1200-400) trong trnghp dkin.Bi v VCSH is 4000,ROE l 20% (=800/4000).EPS $4=800/200. Phntnh ton tng ng thu nhp ca $0 v $8 ca suy thoi,tng trng tng ng

5/19/2018 C u Tr c V n

6/37

Bng 15.2 v 15.3 cho thy hiu quca n by ti chnh da vo thu nhptrc li .Nu li nhun trc li l 1200 ,ROE cao hn mc xut .Nu thu nhptrc li l 400, ROE cao hn cu trc hin ti.

tng i din hnh 15.2 . ng thng ( ko ct ) i din cho trng hpkhng c n by. ng thng bt u t ta 0 cho thy EPS s l 0 nu linhun trc li EBI l 0. EPS stlthun EBI

ng thng ct qung i din cho trng hp n 4000$ . Ti y EPS sthp nu EBI l 0. iu xy ra v $400 ca li phi c trbt k li nhun cacng ty

By gixem xt nghing ca 2 ng thng. nghing ca ng thnggch ni l cao hn nghing ca ng thng trn.iu ny xy ra v vn vay ca

cng ty c t hn cphiu chng khon ni bt so vi cng ty khng c vn vay.Do,bt kstng trng no trong EBI dn ti sgia tng ln hn trong EPS tvnvay cng ty v thu nhp tng trng phn phi trong t hn cphiu chng khon.

V ng thng gch ni c giao im thp hn nhng nghing cao hn, 2ng thng phi ct nhau . im ha vn ti $800 ca EBI.Thu nhp trc li l$800, chai cng ty sn xut $2 EPS,V 800 l im ha vn thu nhp trn 800 dnti EPS cao hn cho vn vay cng ty.Thu nhp di 800 dn ti EPS cao hn cho vnvay cng ty

SLA CHN GIA NV VCSH

Bng 15.2 and 1503 v hnh 15.2 rt quan trng v n cho ta thy snh hungca nby trn EPS. Hc sinh phi nghin cu nhng bng v hnh cho n khi hcm thy thoi mi vi stnh ton ca mi con strong . Tuy nhin chng ta cha

by tc dng in m. Do chng ta cha thnh c cu trc vn tt hn choTrans Am.

Ti y nhiu hc sinh tin rng n by sc li hn v EPS dkin l $4.00

vi n by v chc $3.00 nu khng c n by kinh t.Tuy nhin , n by kinh tng thi to ra ri ro.Ch l trong suy thoi , EPS cao hn ( $1.00 ch i 0) cho vnvay cng ty. Do nhng ri ro ngoi mun ca nh u t c th nhm vo tngvcsh ca cng ty, nhng ni c t ri ro hn th nh u t se nhm vo n by kinht. Da trn tnh khng r rng ny, cu trc vn no stt hn.

Modigliani v Miller ( MM or M & M ) c mt lp lun thuyt phc rng cngty khng ththay i tng gi tran ninh ni bt ca n bng cch thay i tlcacu trc vn ca chnh n.Ni cch khc ,gi trca cng ty lc no cng ging nhau

di cu trc vn khc nhau. Cng trong cch ni khc, khng cu trc vn no tt

5/19/2018 C u Tr c V n

7/37

hn hay xu hn cu trc vn no khc cho cng ca cng ty.Thay vo kt qubiquan l sni ting MM Proposition I.

Lp lun ca h so snh vi chnh sch n gin, nh chng ta gi l chnh

sch A , vi 2 phn khoch , v vi chnh sch B. Chai chnh sch ny cho cngca Trans Am c gii thch trong bng 15.4. chng ti by gixem xt chnhsch u tin

Chnh sch A: Mua 100 cphiu ca vn sdung vn vay:

Dng u tin ca phn trn cng ca bng 15.4 cho ta thy EPS cho vn sdng vn vay xut trong 3 tnh trng kinh t. Dng thhai cho ta thy thu nhptrong 3 tnh trng kinh tcho c nhn mua 100 cphiu. Dng tip theo cho ta thygi ca 100 cphiu l $2000.

By gichng ta xem xt chnh sch th2, v n c 2 phn sau :

Chnh sch B: n by tto ra

1. Cho mn $2000 khng phi tnh bng hay nh mi gii .( Nu nh mi gii

l ngi cho mn, chng ta c th ni hot ng ny l ang trn li

nhun.)

2. Sdng stin mn c cng vi vn ca chnh mnh l $2000 ( tng cng

l $4000) nya 200 cphiu ca vn chshu khng vay nvo khong

$20/1 cphiu.

Bng 15.4 cho thy tin c chi trtheo chnh sch B,m chng ta gi chnh

sch n by t to.Quan st vo ct gia,n ch ra rng 200 c phiu ca VCSH

khng nvay dkin s to $600 thu nhp.Ginh rng $2000 c mn c li

sut 10% ,li sut chi ph l $200(=0,1x$2000) do thu nhp rng d kin l

$400.Tnh ton tng tthu nhp rng ra ca mt trong hai $0 hoc $800 trong

suy thoi,tng trng tng ng.

5/19/2018 C u Tr c V n

8/37

Bng 15.4 L i ch v ch i ph ca cng theo 2 c cu vn v hai ch inlc vi n by tto

By gichng ta hy so snh 2 chin lc ny, c2 u c chi ph nh nhau vem li li nhun rng nh nhau : 0; 400 v 800$ ng vi mi tnh hung. T chng ta c thkt lun rng bng vic ti cu trc vn, cng ty Trans Am khng lmli cng khng lm hi cho cng. Ni khc i, nh u t no khng nhn bt cthg tn by ti chnh cng ty th cng chng nhn c g theo cch ring ca h

Trli bng 15.1, gi trca cng ty khng vay nl 8000$. Bi v gi trca

cng ty c vay nl 4000$ v nvay l 4000$ nn tng gi trca cng ty c vay ncng l 8000$. By gihy gisnh, v bt k l g lm cho gi trca cng ty cvay nln hn gi trca cng ty khng vay nChin lc A stn nhiu chi phhn chin lc B. Trong trng hp ny nh u t no pht hin iu ny s thchchin lc B, tc l tmnh i vay tin v u t vo cng ty khng c vay n, v ut vo chin lc B nh u t tn t chi ph hn, nhng cng vn c cng mt mcli nhun nh u t vo cng ty c vay n. Chin lc ny khng phi ca ring nhu t no, sm mun g cc nh u t khc cng nhn ra schnh lch gi ny vthtrng vn l hon ho v nh u t bnh ng vthng tin.Khi y, c nhiu nhu t dn vo mua cng ty khng vay nkhin cho gi trcng ty khng vay ntngln. Qu trnh tip din cho n khi no gi trcng ty khng vay ntng ln bng gitrcng ty c vay n.

V d ny cho thy kt qu thc t t nghin cu ca Modigliani-Miller(MM), hay cn c gi l Mnh MM I. Sau y chng ta stho lun vmnh ny:

Mnh MM I ( khng thu): Gi trca cng ty vay nging vi gi trca

cng ty khng vay n.Kt lun ny c ll quan trng nht i vi bt k cng ty, tchc ti chnh

5/19/2018 C u Tr c V n

9/37

no.Trn thc t, kt lun ny thng c coi nh l im mu cho chquntrti chnh hin i. Trc MM, stc ng ca n by n gi trca cng ty ccoi nh l mt mi quan hv cng phc tp v ri rm. Modigliani va Miller nura mt kt lun n gin : Nu cng ty c vay nc gi qu cao, th nhng nh u t

chuyn nghip sla chn u t vo cphiu ca cng ty khng vay n. Hnh ngny cn c gi l n by tto.Cho n chng no m cc c nhn cn vay(mn) cng k hn vi cc cng ty, th hcn c thto ra mt bn sao vnhngnh hng ca cng ty c vay nln bn thn.

V dca cng ty Trans Am chra rng n by khng c nh hng ngi trca cng ty.Bi v chng ta chng minh l phc li ca cc cng phthuctrc tip vo gi trca cng ty, v d chra rng sthay i trong cu trc ngunvn khng thnh hng n li ch ca cng.

Kt lun :

Cc lun im ca hc thuyt MM ginh rng cc c nhn c thvay mnvi chi ph rnh cc cng ty, tchc. Nu trong trng hp cc c nhn chc thvay mc tsut cao, chng ta c thddng chng minh c rng cc cng ty cthlm tng gi trca mnh bng vic vay mn.

Vy c phi vay ngang bng l mt vic tt ?Cc c nhn, nhng ngi mmun mua c phiu v vay mn c th to mt ti khon k qu vi nh mi

gii.Vi stha thun ny, nh mi gii scho cc c nhn mt nh mc mua.Vd, cc nh u t c thmua 10000$ chng khon bng vic bra 6000$ ti sn ca

bn thn v vay 4000$ t nh mi gii. Nu gi ca s chng khon l 9000$ vohm sau, gi trti khon ca cc nh u t sl : 9000$-4000$ = 5000$.

Cc nh mi gii lo ngi rng vic cc c phiu rt gi bt ng s gy nhhng tiu cc n ngun vn ca htrong ti khon ca nhng nh u t, iu nyslm cho cc nh mi gii kh lng thu hi li vn cho vay. ngn nga tnhhung ny, th trng chng khon to ra lut yu cu cc nh u t phi ng

thm tin vo ti khon k qutrong trng hp gi chng khon gim. Bi v thtcb sung sd ti khon pht trin nhiu nm v cc nh mi gii sgi chngkhon nh mt ti sn thchp, do chcn vi ri ro c bn i vi nh mi gii.c bit, nu nh vic bsung k qukhng c thc hin kp thi , nh mi giic quyn bn chng khon nm gibo m an ton cho ngun vn ca mnh.Do , cc nh mi gii thng tnh li sut kh thp, a phn u chcao hn mcli sut phi ri ro cht t.

Ngc li, cc cng ty c ththng xuyn vay vn bng cch thchp cc ti

sn khc. Ph phi trngi cho vay trong cuc m phn ban u v cuc gim stvsau cng nh sp xp cho tnh trng thiu ht ti chnh l kh ng k(gi t)

5/19/2018 C u Tr c V n

10/37

15.4 nh l 2 (0 thu):Ri r o cho chvn shu tng theo n by

Ti cuc hp cng ty Trans Am, 1 cng chc vin ni rng iu c lkoquan trng d l cng ty hay 1 c nhn no s dng n bymin l c n byc ri. n by c li cho cc nh u t. D sao th thu nhp dtr tng theo mcca n by. ng ta chra iu , nh bng 15.2 & 15.3 , thu nhp dtr ko n

by l 15% trong khi thu nhp dtr c n by l 20%.

Tuy nhin, 1 ngi khc ni rng ko cn thit u. Mc d thu nhp d tr

tng theo n by, ri ro cng tng theo lun. iu ny c thdn chng qua bng

15.2 & 15.3. Vi EBI dao ng trong khong $400 v $2,000, EPS cho chvn s

hu ca cng ty ko n by dao ng trong khong $1.00 v $5.00. EPS cho chvn

shu ca cng ty c n by dao ng trong khong $0 v $8.00.Khong lch EPS

ln ny ca cng ty c n by ng l ri ro ln hn cho cc chvn shu ca

cng ty c n by. Ni cch khc, cc chvn shu c n by c thu nhp cao

hn vo nhng thi im tt so vi cc chvn shu nhng li c thu nhp thp

hn vo nhng thi im xu. 2 bng ny cn chra khong lch ln cho ROE ca ccchvn shu trong cc cng ty c n by.Phn gii thch trc lin quan n ri ro

cng dc p dng ti y.

Bi hc tng ttrong bng 15.2. dc ng thng ca cng ty c n by

ln hn ca cng ty ko n by, ngha l chvn shu c n by c thu nhp cao

hn vo nhng thi im tt so vi cc chvn shu nhng li c thu nhp thp

hn vo nhng thi im xu, ng ri ro cao hn vi n by. Ni cch khc,

dc ng thng o ri ro ca chvn shu bi v dc m chsp ng ca

ROE v nhng thay i trong hiu sut cng ty (EBI)

nh l 2: li nhun yu cu cho chvn shu tng theo n by

V n by c ri ro cao hn nn thu nhp dtr scao hn b p. Th d,thtrng chyu cu 15% thu nhp dtr cho cng ty ko n by, nhng li yu cu20% thu nhp dtr cho cng ty c n by.

5/19/2018 C u Tr c V n

11/37

L do ny cho php pht trin nh l MM 2. MM tranh lun rng thu nhp dtr trn vn shu c lin quan ng thun (positive relationship) n n by v riro ca chvn shu tng theo n by.

pht trin tng ny, nhli chi ph sdng vn bnh qun ca cng ty,RWACC, c thc vit nh5

WACC S B

S BR xR xR

B S B S

RB= chi ph vn n

RS= thu nhp dtr trn vn shu hoc cphn, cn dc gi l chi ph vn cphn hoc ROE yu cu

RWACC= chi ph sdng vn bnh qun ca cng ty

B = gi trnhoc tri phiu ca cng ty

S = gi trcphiu hoc vn shu

Phng trnh 15.2 cho thy WACC l t chi ph vn n v chi ph vn cphn.Chi ph vn nl phn ntrong cu trc vn, chi ph vn cphn l phn vn shu trong cu trc vn. Cch tnh Rwacc tphng trnh 15.2 cho c2 cng ty c v

ko c n by thhin trong bng 15.5

nh l MM 1 ni rng Rwacc l cnh trong cng ty bt chp c cu trcvn.th d, bng 15.5 cho thy Rwacc ca Trans Am l 15%, c hoc ko c n by.

Phn IV : Cu trc vn v chnh sch trctc

Bng 15.5: Bng tnh ton chi ph s dng vn ca cty trans am

*10% chi ph vay n.

5/19/2018 C u Tr c V n

12/37

Tct mong i bng 15.2, chng ta bit c rng, li nhun mong i sau khitrli vay i vi cty KHNG VAY Nl 1200$. Tbng 15.1 chng ta bit crng VCSH ca cty KHNG VAY Nl 8000$. Dn n Rstrong trng hp ny l:

=

Tct mong i bng 15.3,chng ta bit c rng, li nhun mong i sau khitrli vay i vi cty VAY Nl 800$. Tbng 15.1 chng ta bit c rng VCSHca ctyVAY Nl 4000$. Dn n Rstrong trng hp ny l:

=

GisR0 l chi ph sdng vn cho tt cVCSH ca cty

=

(ca cty khng vay n)

Nh cc bn nhn thy bng 15.5 th RWACC = R0 . S tht l chng lun bng

nhau vi iu kin l khng c thuTNDNTcng thc 15.2, ta thay RWACC = R0,bin i cng thc ta c

(15.3)

Cng thc ny ngha l ROE l phng trnh tuyn tnh ca chsnv VCSH, Kimtra cng thc 15.3, chng ta thy rng R0 vt qu RB

5/19/2018 C u Tr c V n

13/37

Rs tng ln cng vi s gia tng ca B/S. Thng thng R0 vt mc RB.Bi v VCSH khng vay mn c ri ro, c mt smong i hon trln hn so vicc khon nkhng c ri ro

Hnh 15.3 v biu 15.3, chng ti vRs v B/S nh mt ng thng.Tc ng ca n by vchi ph VCSH nh hnh v biu 15.3 l cty lm tng tlntrn VCSH, mi ng la VCSH c sdng c thm vn vay vi cc khonnbsung iu ny lm tng nguy c VCSH do strli cn thit, Rs trn VCSH.

Hnh 15.3 cho thy rng Rwacc khng bnh hng bi n by. ( iu quan

trng sinh vin phi nhn ra rng, Ro, chi ph vn cho 1 cty hon ton bnh ng, cthhn bng 1 du . trn lc . Ngc li Rwacc thhin bng ng thng)

V d1.52: nh l MMI & II, Luteran motor, 1 cty ton VCSH, c mong mu n tli nhun 10tr / nm mi mi. Cty dng 10tr ny trctc, v thm 10tr nyc xem nh l dng tin mong i ca nhng cng. C 10tr cphiu ang luhnh => 1$/1CP. Chi ph vn cho cty khng vay nl 10%.

Thm vo , cty sxy dng 1 khoch mi l 4tr . Khoch ny c mong i

s lm tng thm dng tin vo l 1tr / nm. Xem bng di tm tt iu ny:

Dng hin gi ca dn

5/19/2018 C u Tr c V n

14/37

Ginh rng dn c chit khu c cng tlca cng ty nh ton th, trc khithtrng bit n dn, Bng cn i kgi trthtrng ca cng ty th c thhin sau:

Gi trca cty l 100tr v dng tin thu c 10tr mi nm th c vn ha ti10%. Mi CP 10 , 10tr CP ang lu hnh = 100tr

Bng cn i kgi trthtrng l cng chu hiu cho hot ng phn tch

ti chnh. Bi v hc sinh thng c nm mt cnh gic ca n ban u, chng tinghnghin cu thm y. chnh l bng cn i gi trthtrng c dng gingnh bng cn i kton m sdng. l ti sn c t pha bn tri trong khinphi trv VCSH c t pha bn phi. Tng c2 bn u bng nhau mc kton gi trvlch schi ph (gi mua ban u tri khu hao). Trong khi , cc mthng phn tch ti chnh gi trvgi trthtrng

Cty spht hnh 4tr nhoc VCSH, cn cn nhc xem xt ln lt nhngnh hng ca vic trn n VCSH v n

Ti chnh chng khontng tng l cty sthng bo iu trong tn laign, sdng 4tr xy dng mt khoch mi. Gi ca CP v gi trca cty lmtng phn nh stch cc hin gi thun ca khoch mi. Theo shiu quca thtrng sgia tng xy ra ngay lp tc. C ngha l sgia tng sxy ra nhngngy thng bo, khng vo ngy hoc khi bt u xy dng nh my hoc cc c

phiu sp ti cung cp. Bng cn i gi trthtrng trthnh nh sau:

Ghi ch NPV ca nh my th bao gm trong bng cn i gi trthtrng. Vcphiu mi cha c pht hnh nn s lng CP ang lu hnh vn l 10tr, gi

mi CP tng ln l 10.6 phn nh squan tm ca cng chng n thng tin nhmy

5/19/2018 C u Tr c V n

15/37

Mt thi gian ngn sau , 4 triu la cphn c pht hnh hoc luhnh. Bi v cphn c bn vi gi 10.60 $ mi cphiu. 377,358 (= 4 triu/10.60)cphiu ca cphn c pht hnh. Hy tng tng rng cc qu c a vongn hng tm thi trc khi c sdng xy dng nh my. Gi trthtrng

trong bng cn i trthnh:

LUTERAN MOTORSBng cn i kton

( Sau khi pht hnh cphiu nhng trc khi bt u xy dng nh my )Ti sn c 100 triu la Vn chshu 110 triu la

(10,377,358 cphiu )Gi trhin ti rng

( thun) 6 triu

Tin thu t vic pht hnh cphiu mi( hin nay trong ngn hng) 4 triuTng ti sn 110 triu la

S lng c phiu ang lu hnh hin ti l 10,377,358 bi v 377,358 cphiu mi c pht hnh. Gi ca mi c phiu l 10.60 la (=110,000,000/10,377,358). Lu rng gi khng thay i. iu ny ph hp vi thtrng vn hiu quv gi cphiu chthay i do xut hin thng tin mi.

D nhin l qu trong ngn hng vn l tm thi. Ngay sau khi pht hnh cphiu mi, th 4 triu la sc chuyn cho nh thu ngi xy dng nh my. trnh vn vchit khu, chng ti gisrng nh my sc xu dng ngay lptc. Bng cn i kton sau sthnh:


( Sau khi hon thnh xy dng nh my )

Ti sn c 100 triu la Vn chshu 110 triu la(10,377,358 cphiu )Gi trhin ti ca nh my: 10 triuTng ti sn 110 triu la

Mc d tng ti sn khng thay i, nhng thnh phn ca ti sn thay i.Ti khon ngn hng b ly ra thanh ton cho nh thu. Gi trhin ti ca dngtin 1 triu la mi nm tnh my c phn nh nh ti sn c gi tr10 triu la. Bi v chi ph xy dng 4 triu la c chi tr, chng khng cn gi trtng

5/19/2018 C u Tr c V n

16/37

lai. Do chng khng lm gim gi trnh my. Da trn th trng vn, gi cami cphiu ginguyn 10.60 la.

Mong i dng tin hng nm ca cng ty l 11 triu la, 10 triu tti sn

c v 1 triu ti sn mi. Dkin hon li cho cc chshu l:Rs =

= 10

Bi v cng ty ton l vn chshu, Rs=Ro= 10.

Vay nti chnhNgoi ra, cng ty cho bit rng trong tng lai gn n svay4 triu la vi li xut 6% xy nh my mi. iu ni rng li hng nm phitrl 240,000 la ( 4,000,000*6%). Gi cphiu tng li ngay lp tc phn nh xcthc gi trhin ti rng ca nh my. Nh vy chng ta c bng di y:


( Sau khi cng bvn nxy dng nh my )Ti sn c 100 triu la Vn chshu 106 triu la

(10 triu cphiu )Gi trhin ti rng ca nh my

6 triuTng ti sn 106 triu la

Gi tr ca cng ty ging nh trong trng hp vn c phn bi v (1) cng khoch l xy dng nh my v (2) MM chng minh rng vay nkhng lm tt hnhay xu i vn cphn.

5/19/2018 C u Tr c V n

17/37

Ti thi im vay 4 triu la. Nh trc y, quvn c t trong ngn hng tmthi. Bng cn i gi trthtrng trthnh:


( Sau khi pht hnh nnhng trc khi bt u xy dng nh my )Ti sn c 100 triu la N 4 triu laGi trhin ti rng

( thun) 6 triuVn chshu 106 triu la

(10 triu cphiu )Tin thu tvic pht hnh n( hin angu t vo ngn hng) 4 triuTng ti sn 110 triu la Ncng vi vn chshu 110 triu

la

Lu rng nxut hin bn phi bng cn i k ton. Gi ca cphiu vn l10,60 la ph hp vi slun gii ca chng ti vthtrng vn hiu qu.

Cui cng chthu nhn 4 triu la v xy dng nh my. Bng cn i gi trthtrng thnh:


( Sau khi hon thnh xy dng nh my )Ti sn c 100 triu la N 4 triu laGi trhin ti ca nh my 10 triu Vn chshu 106 triu

(10 triu cphiu )Tng ti sn 110 triu la Ncng vi vn chshu 110 triu

la

iu thay i duy nht y l ti khon ngn hng brt ra trcho nhthu. Chshu mong i dng tin hng nm sau li l:

10,000,000 la + 1,000,000 la - 240,000 = 10,760,000 la

Dng tin Dng tin Li

Ti sn c Ti sn mi 4 triu * 6%

Cc chshu mong i li nhun kim c:

5/19/2018 C u Tr c V n

18/37

Kim c 10.15% i vi nhng chshu sdng vn vay, cao hn vivic kim c 10% ca nhng chshu khng vay n. Kt quny l hp l, biv nh chng ti lp lun trc vn chshu sdng vn vay l mo him.

Trn thc t, kim c 10.15% l chnh xc nhng g MM xut ii don.Dbo ny c xc minh li bng cch gn vo gi tr:

(15.3)

Chng ta thu c:

y l v dhu ch v 2 l do. u tin chng ti mun gii thiu cc khinim vbn cn i gi trthtrng, mt cng cm shu ch nhng ni khctrong vn bn. nhng vic khc, k thut ny cho php chng ta tnh gi mi c

phn khi pht hnh c phiu mi. Th hai, v d ny minh ha ba kha cnh caModigliant v Miller.

1. V dny nht qun vi MM xut I bi v gi trca cng ty u l 110 triu la sau khi sdng vn chshu hay vay nti chnh.

2. Sinh vin thng quan tm n gi trca cphiu hn l gi trcng ty. Chng tathy rng vn cphiu lun l 10.60 la , bt ksdng nhay vn cphn.

3. V dny nht qun vi MM xut II. Li nhun chshu kim c tng t

10 ln 10.15 %, ging nh phng trnh 15.3. Xy ra tng bi v vic sdng vnvay sri ro hn vic khng sdng vn vay.

MM GII THCH

Kt quModigliani- Miller chra rng ngi qun l khng ththay i gi trca cng ty v n phthuc vo chng khon ca cng ty. Mc d kin ny cnnhc rlu khi ln u n c xut cui nhng nm 1950, c MM tip xc vchng minh khi nhn c snh gi cao.

5/19/2018 C u Tr c V n

19/37

MM tranh lun rng tng chi ph vn ca cng ty khng thgim nh phn nkhi thy thbng vn chshu. Mc d nc gi thp hn vn chshu. L doc iu ny l khi cng ty cho bit thm n, vn chshu cn li nguy him hn.Ri ro tng, chi ph vn chshu tng nh kt qu. Sgia tng trong chi ph vn

chshu cn li b p t lcao hn cho cng ty ti trbng nvay vi chi phthp. Trn thc t, MM chng ming rng hai kt quchnh b trcho nhau, chai gi trca cng ty v tng chi ph vn ca cng ty l bt bin i vi n by.

MM sdng mt tng tth vvthc n. Hxem xt mt nng dn chnnui b svi hai sla chn. Mt mc, ng c thbn sa nguyn cht. Mc khc,

bng cch ht vng sa, ng c thbn hp cht ca kem v sa t cht bo. Mc dngi nng dn c thnhn c mt mc gi cao cho kem, ng nhn mt mc githp cho sa t cht bo, ng khng c li ch rng. Trn thc t, tng tng rng

tin thu c t chin lc bn sa nguyn cht nhn c t hn tin thu c tchin lc kem- sa t cht bo. Nhng ngi bun bn ngoi tsmua sa nguyncht, chnh h thc hin qu trnh ht vng sa, bn li kem v sa t cht bo mtcch ring bit. Cuc cnh tranh gia nhng ngi bun bn ngoi tsdn n victng gi sa cho n khi ton btin thu c tchin lc bng nhau. Do gi trsa ca nng dn l bt bin i vi cch m sa c ng gi.

Theo li GS. Miller k

Thnh tu nghin cu ca Modigliani - Miller khng hddng hiu ht c.iu ny c nhc ti trong li Meron Miller ksau y :

Tht kh khn tng kt vn tt nhng r rng sng gp ca nhng ti liuthuc v Modigliani Miller c em ti tn nh ti vo thng 10 sau khi FrancoModigliani c trao gii Nobel Kinh T- d nhin l nghin cu lin quan n tichnh. on quay phim ti ga tu bang Chicago ngay lp tc vy quanh tn cng ti.Hni chng ti bit rng ng nghin cu cng Madigliani vi nm trc phttrin nh l M v M v chng ti mong ng c thgii thch ngn gn cho khn gitruyn hnh.

Ti hi Ngn gn nh thno?

Hp li Ch10s thi

10s gii thch thnh tu nghin cu ci ! 10s din t r rng 2 bi llun c vit 1 cch cn thn, mi bi vit di tn 30 trang v u c hn 60 ghi ch!Khi hthy vmt tht kinh ca ti, hni ng khng cn i vo chi tit, chcnni vi chng ti nhng im chnh n gin theo ngha thng thng y

im chnh ca bi vit th nht : chi ph vn l, v nguyn tc, ngin to ra. Bi vit ni rng trong iu kin l tng ca cc nh kinh thc vth

5/19/2018 C u Tr c V n

20/37

trng vn hon ho, (v vi nhng thng tin y , cn i gia nhng ngi thamgia thtrng), tng gi trthtrng ca chng khon pht hnh bi 1 cng ty chuchi phi bi khnng kim tin v sri ro ca ti sn thc v c lp vi sha hpgia chng khon pht hnh vi gii ti chnh.N c chia thnh cng cnv vn

chshu.

Tht ngn gn, tuy nhin, v sdng qu nhiu khon ghi ch v khi nim,dng nh thtrng vn hon ho - n tht sgiu ngha i vi nhng nh kinh t,nhng tht skh hiu i vi i a sdn chng. Nn ti ngh, thay v ni nh vychng ti nn dn chng tthc t.

Ti ni hy ngh cng ty nh l 1 ci bnh khng lcha y sa. Ngi nngdn c thbn ht ton bch. Hoc ng y c thtch thnh kem v bn n vimt mc gi cao hn ng k( Tng tnh 1 cng ty lc u bn chng khon githp v sau gi chng khon nli tng ln ). D nhin nhng g ngi nng dnc thphi li l sa vng (mng) vi hm lng cht b sa thp c bn vi githp hn ton bbnh sa . iu tng ng vi vic sdng n by ti chnh.Mnh M&M ni rng nu khng c chi ph ca stch ra ( v khng c chngtrnh tn trb sa ca chnh ph), kem cng vi sa vng (mng) scng 1 gi vi

bnh sa.

Nhng ngi ca i truyn hnh hi v trli thng bo vi ti rng nqu di, qu phc tp v ton l thuyt sung.

Hhing c thgii thch n gin hn khng?. Ti ngh theo 1 cchkhc rng mnh M&M c cng bmy ngy gn y, n lm ni bt khinim v th trng hon ho v nhn mnh vai tr ca thtrng chng khon nhthit b phn chia kh nng chi tr ca 1 cng ty cho mi vng trn th gii, chonhng tp on c thcung cp vn cho n.

Ti ni Hy ngh cng ty nh 1 ming bnh pizza khng l, chia thnh 4phn, v by gibn chia thnh 8 phn, mnh M&M chra rng bn sc nhiu

ming bnh hn nhng tng kch cvn vy.

Mt ln na, c sbn tn gia nhng nhn vin i truyn hnh, sau odin quay li v ni :

Gio s, t thng co bo ch chng ti bit rng c n 2 mnh M&M.ng c thgii thch cho chng ti ci cn li khng?

[ Gio s Miller can m gii thch vmnh thhai bt chp n c vkh gii thch hn cho mi ngi hiu r. Sau khi ng y gii thch : ]

5/19/2018 C u Tr c V n

21/37

Li mt ln na hbn tn. Htt ht n chiu v ct dng c. Hcm nti dnh thi gian cho h. Hni c thsquay li vi ti ln na. Nhng khnghiu sao, ti bit rng ti mt c hi lm din gi kinh t cho chng trnhtruyn hnh trong 10s cht tit ny. Mt sngi c nng khiu d nhng mt s

th khng.

Khi chng ta coi cng ty nh l mt ming bnh. MM din t rng tng kchcming bnh khng i mc cho cng hay tri chphn chia n nh th no.MM chra cu trc vn ca 1 cng ty l khng thch hp; mc cho n l ci g hocn btc ng bi skin (tai nn) lch sg. Hc thuyt ng rng tln- vn chshu c thl bt k thg. N phthuc vo squyt nh mang tnh bt thnghay ngu nhin ca nh qun l vvic nn mn bao nhiu hay pht hnh bao nhiucphn.

*** Cng thc vn tt mnh M&M khng tnh thu:

- Githit :Khng c thuKhng c sgiao dch, mua bnCc c nhn v cng ty vay mc tng tnhau- Kt qu:Mnh 1 : V(L) = V(U) (gi trca n by ti chnh = gi trca vic khng sdng n by)Mnh II : R(S) = R(O) + B : S * [R(O)R(B)]- Quan im ca MM :Mnh 1 : Thng qua cc c nhn sdng n by tchc thphc tp hoc chusnh hng ca n by cng tyMnh 2 : Chi ph vn chshu tng vi tc ng ca n by bi ri ro tng khisdng n by.

Mc d nhng nghin cu sinh bm hoc bi vic hc thuyt c thc p

dng rng ri, hvn lo lng khi p dng thc t. Trong thc t, liu cc nh qun lc sdng MM quyt nh cu trc vn m khng lo ngi g? Khng may cho hcthuyt, hu nh tt ccc cng ty cc ngnh mi nhn, nh ngn hng, chn tlntrn vn ch s hu cao. Ngc li, nhng cng ty thuc ngnh nghkhc, nh ldc phm, chn tlntrn vn chshu thp. Trong thc t, hu ht cng ty hotng ngnh no sc tlntrn vn chshu phthuc vo ngnh nghm nang tham gia. Do skhng c nhng cng ty chn mc n by theo 1 cch

ph phim hay ngu nhin . Chnh v iu ny, nhng nh kinh t ti chnh ( k cMM ) a ra quan im rng nhng nhn tthc tnn bra ngoi hc thuyt.

5/19/2018 C u Tr c V n

22/37

Bt chp nhiu sinh vin tranh ci rng c nhn chc thmn vi mc lisut ln hn doanh nghip, chng ti khng ng tnh vi quan im trong chngny. Nhng khichng ti tm kim xung quanh nhng gi thit khng thc t tronghc thit, chng ti tm thy 2 vn :

1. Thuc bqua2. Ch ph ph sn v cc chi ph trung gian khc khng tnh n.

Chng ta s hc v thu trong chng k, ch ph ph sn v chi ph trung gian sc cp.

15.5 Thu

C shiu bit

Phn trc ca chng ny chra gi trcng ty khng lin quan ti nkhikhng c thu. By gi chng ti s ch ra vi s c mt ca thu thu nhp doanhnghip, gi trcng ty c lin quan tuyt i n nca n. C squan im c ththy trong biu trn sau :

Trong hnh 15.4, cho rng cng ty sdng vn chshu bn tri. Ti y,

chai cng v chi cc thu(IRSInternal revenue service) c quyn trong cng

ty. Gi trca cng ty sdng vn shu ng nhin thuc shu ca cc cng.

cc xut snh thuchn gin l mt chi ph.

Biu bn phi c xc nh l cng ty c sdng vn c nv c chia

lm 3 phn: cng, chnv thu. Gi trca cng ty sdng vn c nc xc

nh bng tng gi trca nv gi trca vn chshu. Trong vic la chn cu

trc vn nh trong hnh, gim c ti chnh nn la chn cu trc c gi trcao hn.

Cho rng tng din tch ca 2 hnh trn c gi trbng nhau, th gi trca cng ty

5/19/2018 C u Tr c V n

23/37

c xc nh bng vic cng ty c cu trc vn trt thuhn. Hay hiu theo cch

khc, gim c ti chnh nn chn cu trc vn m chi cc thu(IRS) ght nht.

Chng ta scho rng iu l vic khng minh bch trong lut php ca M,

xut ca cc biu hnh trn l xc nh vic ng thuca cc cng ty c vn

nthp hn so vi cc cng ty khng sdng vn n.

V d15.3

Thuv dng tin: Cng ty cung cp nc c thuthu nhp doanh nghip l,tc,35% v

mong i thu nhp trc khi trli v thu(EBIT) l $1 triu mi nm. Ton bthu

nhp sau thuu c dng trctc.

Cng ty ny ang cn nhc 2 phng n v cu trc vn. Phng n I, cng ty nc

mun khng c ntrong cu trc vn. Phng n II, cng ty mun c $4.000.000 tin

n, B. chi ph nl Rbvi 10%.

Gim c ti chnh ca cc sn phm tnc to mt bng tnh nh sau

Phng n I Phng n II

Thu nhp trc khi trli v thu(EBIT) $1.000.000 $1.000.000

Interest (RbB) 0 400.000

Thu(tc= 0.35) 350.000 210.000

Thu nhp sau thu

EAT = [EBIT-RbB)x (1-tc)]

650.000 390.000

Tng dng tin cho cng v chn

[EBIT x (1-tc) + tcRbB]

$650.000 $790.000

Nhng con shp l nht cho nghca chng ti l hai snm hng cui

cng. Ctc, c gi trbng vi thu nhp sau thutrong v dny, chnh l dng tin

cho ngi gicphiu, v li sut chnh l dng tin dng cho chn. y chng

ta thy dng tin c a vvi ngi chca cng ty (Ngi gicphiu v ch

n) trong phng n II. Skhc bit l $140.000 = $790.000-$650.000. Chng ta s

khng mt nhiu thi gian nhn ra s khc bit gia 2 k hoch ny. Cc thu(IRS) snhn t tin thuhn nu nh p dng phng n II ($210.000), cn nu theo

5/19/2018 C u Tr c V n

24/37

phng n I snhiu hn ($350.000). Skhc bit y l $140.000 = $350.000 -

$210.000.

Skhc bit y l do chi cc thu(IRS) p dng li sut khc nhau khi c

skhc nhau trong thu nhp ca ngi gicphiu12. Li sut ny hon ton c

thot khi thudoanh nghip, trong khi m thu nhp sau khi trli sut v trc khi

trthuthu nhp (EBT) vn l 35%.

Gi trhin ti ca l chn thu

Phn trc cho ta thy li thca thui vi n, hay tng ng l sbt li

ca thui vi vn shu. By gichng ta mun sdng li th. Li sut sl

Li sut ny l $400.000 (=10% x $4000.000.000) cho Water Products. Tt cli sut

ny c min trthu. C ngha l vi bt k thu nhp chu thuno ca cng ty

Water products cng s c b phn n, v thu thu nhp phi ng hin ti l

$400.000 v t hn khi c n.

Bi v thuthu nhp doanh nghip l 0.35 trong v d, nn sgim thusl

$140.000 (=0.35 x $400.000). Con s ny c xc nh l s min tr thu trong

thuthu nhp c nhn c tnh trc .

Trong i s, sgim thusc tnh nh sau:

Nh thd bt kcc loi thum cng ty phi tra mi nm m khng tnh cc khon

n, th cng ty strtcRbB t hn vi stin nl B. im nhn mnh 15.4,

lun c gi l l chn thutn. c ghi li l slng hng nm.

Li sut = Rb x B

Li sut Stin mn

tc x Rbx B

Li sut thudoanh nghip Stin n

5/19/2018 C u Tr c V n

25/37

Min l cng ty hy vng sc trong mt khung thutch cc, chng ta c thgi

nh rng dng tin trong im nhn 15.4 c nguy c tng tnh li sut n. Nh

vy gi trca n c thc xc nh bng cch chit khu chi ph n, Rb. Gis

rng cc dng tin l vnh vin, gi trhin ti ca l chn thu:

Gi trca cng ty c vn vay n

Chng ta va tnh gi trhin ti ca l chn thui vi vic vay n. Bc tip theos l tnh ton gi trca cng ty vay n. Dng tin sau thuhng nm ca cng ty

khng vay nc tnh l:

EBIT x (1 - tc)

Ti , EBIT l khon thu nhp trc khi trli sut v thu. Gi trcu mt cng tykhng c nc tnh bng gi trhin ti ca EBIT x (1 - tc):

Trong

Vu= Gi trhin ti ca cng ty khng c n

EBIT x (1tc) = Dng tin ca cng ty sau khi trli sut.

tc= tgi thudoanh nghip.

R0= Chi ph cho vn ca mt cng ty sdng hon ton vn shu. C thnhn thy trong cng thc R0c chit khu cho dng tin sau thu.

Nh nu trn, vic vay nlm tng gi trca cng ty bi l chn thu, khi

m tcB l nvnh vin. V vy chng ta c ththm l chn thuvo gi trca cng

ty khng c vay nc thbng gi trca cng ty c sdng vn tvay n.

Chng ta c thvit di dng i snh sau:

5/19/2018 C u Tr c V n

26/37

MM proposition I (Thuthu nhp doanh nghip):

Trong cng thc 15.5 l MM Proposition I c thu thu nhp doanh nghip.

iu kin u tin ca cng thc 15.5 l gi trdng tin ca cng ty khng c l

chn thu. Hay ni cch khc, iu kin ny bng vi Vu, l gi tr ca cng ty s

dng hon ton vn shu. Gi trca cng ty c sdng vn vay mn bng vi gi

tr ca cng ty sdng hon ton vn shu cng vi tcB, cng vi tgi li sut

nhn vi gi trca n. tcB l gi trhin ti ca l chn thutrong trng hp dng

tin lin tc (Vnh vin) bi v l chn thutng theo lng tin vay n, v cng ty c

thtng tng lu lng tin mt v gi trbng cch thay thnbng vn chshu.

Phn Minh KonTumGi cphiu v tc ng n by di snh hng ca thuTNDN.

phn ny, sinh vin thng tin vo nhng con s- hoc t nht l qu shi

tranh ci vchng. Tuy nhin, sinh vin thnh thong ngh rng chng ti t 1cu hi sai . Ti sao chng ta chn ti a ha gi tr ca cng ty? h sni th.Nu nh qun l ang tm kim li cho cng, ti sao hkhng thti a ha gicphiu? Nu cu hi ny le ln trong u bn, bn i dng ng ri y.

Cu trli ca chng ti gm 2 phn :Thnht, chng ti chra trong bngthnht ca chng ny rng cu trc vn ti a ha gi trcng ty cng l vicem li nhiu nht quyn li ctc cho cng.

Tuy nhin, sgii thch chung chung khng bao githuyt phc c ccsinh vin. V phn hai, chng ti tnh ton gi cphiu Divided Airlines trc v saukhi chuyn ttri phiu sang cphiu. Chng ti lm iu ny bng cch a ra 1 b

bng cn i kton ngoi thtrng (so snh). Tt chnh thc vn chshuca n c trnh by nh sau :

5/19/2018 C u Tr c V n

27/37

Gi nh rng c 100 c phn ang lu hnh, mi c phn tr gi = 5$ (500/100 )

Hnh tip theo cng ty thng bo rng trong tng lai gn cng ty spht hnh200$ tri phiu mua li 200$ cphiu. Chng ta bit rng tcuc tho lun trnth gi trca cng ty stng phn nh l chn thuca tri phiu. Nu chng taginh rng th trng vn nh hng gi chng khon, th gi trcng ty s tngngay lp tc. Stng gi xut hin vo ngy cng ty thng bo, chkhng phi vongy cng ty chuyn i. Bng CKT sthnh :

Hy ch rng tri phiu vn cha c pht hnh. Do , chc VCSH xuthin bn ct phi. Mi cphn gic gi 5,7$ ( 570/100 ), chra rng cng chng li 70$. Nhng cng shu c li bi v hchnh l nhng ngi chca 1 cng ty ci thin c chnh sch ti chnh.

Sgii thiu l chn thutrong bng CKT lm ri tr cc sinh vin. Chod n l ti sn hu hnh v c tht, khnng siu nhin ca l chn thuvn lm ccsinh vin cm thy kh khn. Tuy nhin, hy nhrng ti sn l bt cmn g c

gi tr. L chn thuc gi trv n lm gim dng thuphi trtrong tng lai. Hin

5/19/2018 C u Tr c V n

28/37

ti l chn thuvn cha t n mc ti sn hu hnh m c xem xt l ti sn vhnh.

mt vi thi im xut hin s chuyn i tri phiu sang c phiu. Tri

phiu 200$ c pht hnh, v stin ti vic sdng mua li 200$ cphiu. Baonhiu cphiu sc mua li? Bi v by gimi cphn c bn vi gi 5,7$,con scphn c cng ty t c l 35,09 cphn (200/5,7). ng tc ny li(100-35,09) cphn ngoi thtrng. Bng CKT sthnh :

Mi c phn tr gi 5,7$ (370/64,91) sau khi chuyn i. Ch rng gi cphiu khng thay i vo ngy chuyn i. Nh chng ti cp, gi cphiu chnhc nhch vo ngy thng bo. Bi v cng tham gia vo vic chuyn i nhn

c ci gi tng ng vi gi th trng trn mi c phn sau khi chuyn i, hkhng quan tm hschuyn i cphiu thnh tri phiu hay khng.

V dny c cung cp bi 2 l do. Thnht, n chra rng stng gi trca 1 cng ty tcc khon nti chnh dn n stng gi trcphiu. Trong thc t,cng nm giton bstin 70$ tl chn thu. Thhai, chng ti mun cungcp nhiu hn cng vic lin quan n bng CKT.

Kt qumnh MM c thuTNDN c trnh by trong khung sau:

- Githit :DN bnh thumc t(C), trn thu nhp kim c sau khi chia ctcKhng c chi ph mua bnC nhn v doanh nghip vay mn cng li sut

- Kt qu:Mnh I : V(L) = V(U) + t(C *BMnh II : R(S) = R(O) + B:S*[1-t(C)]*[R(O)R(B)]

- Quan im :Mnh I : DN c thiu chnh ctc phi trnhng khng phi ctc

tr, n by lm gim mc thuphi tr

5/19/2018 C u Tr c V n

29/37

Mnh II : Ch ph VCSH gia tng cng vi vic sdng n by

KT LUN

1. Chng ta bt u cuc tho lun vsquyt nh cu trc vn bng s tranh

ci rng cu trc vn c bit phi ti a ha gi trca cng ty cng l vic cung cpa sli ch cho cng.2. Nu khng c thu, mnh ni ting MM I chng minh rng gi trcng tykhng bnh hng bi tlntrn VCSH. Ni cch khc, cu trc vn ca 1 cng tyl vn khng quan trng. Tc gi t nhng thnh tu y bng vic chng minhrng t lnca DN cao hay thp so vi VCSH c thb dp bng n by tto.Kt qukhp vi githit rng c nhn c thvay mn cng 1 li sut vi DN, 1 githit chng ta tin rng n kh hp l.3. Mnh MM II nu khng thu:

0 0( )S BB

R R R RS

iu ny chra rng smong chca tlDT trn VCSH ( cng c thgi l chi phVCSH hoc doanh thu yu cu trn VCSH ) lin quan tuyt i n n by ca cngty. iu ny khin chng ta dng n trc gic bi v s ri ro ca VCSH tng lncng vi n by, iu c minh ha bi hnh 15.24. Mc d cng vic trn ca MM kh ckhi. N khng gii thch c s

khm ph thc tvcu trc vn mt cch r rng. MM chra rng quyt nh cutrc vn l 1 vn khng quan trng, tri li ci quyt nh c vl quan trngtrong thgii thc. ng dng trong thc t, tip theo chng ta nn suy xt n thuTNDN.5. Nu c thuTNDN nhng khng c chi ph bo hph sn, gi trcng ty tngtheo hot ng ca nby. Cng thc tnh gi trcng ty l :

L U CV V t B

Doanh thu dkin trn vn n by c nhn mnh :

0 01S C BB

R R t x R R xS

chng ny, gi trc lin quan tuyt i n n by. Thnh tu ny chrarng nhng cng ty nn c cu trc vn c to nn gn nh hon ton bi cckhon n. Bi v cc cng ty thc tla chn nhiu mc nva phi hn, chngkxem xt nhng sthay i i vi kt quchng ny.

1. A2. A

3. A4. A

5/19/2018 C u Tr c V n

30/37

5. A

6. Mnh MM:Bn strli nhng cu hi tho lun di y nh thno?

CH: Nu cng ty thng mi tng vic sdng vay nti chnh th ri ro vn

cng ty stng?

TL: ng, l bn cht ca Mnh MM II.

CH: Nu cng ty thng mi tng vic s dng n (khng tr n ng hntng) th slm tng ri ro nca cng ty?

TL: ng.

CH: Ni cch khc, khi ntng th stng vn chshu v nphi tr?

TL: ng.

CH: cho rng cng ty chsdng vn vay nv vn chshu , v cho rngri ro ca chai tng ln do ntng, c phi ntng lm tng ri ro ca cng ty v do gim gi trcng ty?

TL: ??

7. Cu trc vn ti u:C mt tlntrn vn chshu c thnhn bit mt cch

ddng slm ti a gi trca cng ty phi khng? Ti sao?8. n by ti chnh:Ti sao sdng nvay c xem nh l n by ti chnh??

9. n by tto:n by tto l g?

10. Mc tiu ca cu trc vn:Mc tiu c bn ca vic qun l ti chnh vi vicnh gi cu trc vn l g?

NHNG CU HI V NHNG VN :

1.

EBIT (li nhun trc thuv li vay) v n by: Cng Ty Money, khngc n qu hn, v tng gi tr th trng l 150,000 USD. EBIT d kin l 14,000USD trong iu kin kinh tn nh. Nu quy m kinh tmrng mnh th EBIT stng thm 30%. Nu kinh tgim st, th EBIT sgim i 60%. Cng ty Money vayn60.000 USD vi li sut 5%. Tng stin thu c sc sdng trctc.C gn 2,500 cphiu ang lu hnh. Khng tnh thu.a. Tnh EPS (li nhun trn mi cphn). Vi ba tnh trng kinh ttrc khi nc pht hnh. Tnh phn trm thay i trong EPS khi kinh tm rng hoc bcvo thi ksuy thoi.b. Lp li phn (a) gidrng thay cng ty Money chp nhn thay i cu trc

vn. Bn quan st thy iu g?

5/19/2018 C u Tr c V n

31/37

2. EBIT, thuv n by: lp li phn (a) v (b) trong Vn 1 vi ginhthu35%.3. ROE (li nhun rng trn vn cphn) v n by:ginh cng ty trongVn 1 c 1 tlthtrngssch l 1.a) Tnh ROE, vi 3 tnh trng kinh ttrc khi pht hnh n. Tnh phn trm thayi ROE khi kinh tmrng v suy thoi, ginh khng thu.

b) Lp li phn (a), ginh cng ty iu chnh cu trc vn theo dnh.c) Lp li phn (a) v (b) ca vn ny vi thul 35% .4. im ha vn EBIT: Cng ty Rolston ang so snh hai cu trc vn khcnhau, mt khoch sdng ton bvn ch shu (khoch 1) v mt khochn by (khoch II). khoch I, Rolston c 150,000 cphn ang lu hnh. khoch II, c 60,000 cphn ang lu hnh v vay n1,5 triu USD. Vi li sut vaynl 10% v khng c thu.a. Nu EBIT l 200,000USD, khoch no scho kt quEPS cao hn?b. Nu EBIT l 700,000USD, khoch no scho kt quEPS cao hn?c.

im ha vm EBIT bng bao nhiu?5. MM v gi cphiu: Trong vn 4, sdng mnh MM I tm gi micphn thng vi 2 khoch dnh. Gi ca cng ty l bao nhiu?6. im ha vn EBIT v n by: Cng ty Kolby ang so snh hai cu trcvn. Khoch I scho kt qul 1.100 cphn v vay n16,500USD. Khoch II scho kt qul 900 cphn v vay n27,500USD. Li sut vay nl 10%.a. Khng c thu, hy so snh hai khoch trn vi k hoch sdng ton bvn chshu. Ginh rng EBIT sl 10,000USD. Khoch sdng ton bvnch s hu vi 1,400 c phn. K hoch no trong ba k hoch c EPS cao nht?

Thp nht?b. Trong phn (a), hy so snh im ha vn EBIT trong tng khoch vi khoch sdng ton bvn chshu? Ci no cao hn? Ti sao?c. Khng c thu, khi no EPS Khoch I v II bng nhau?d. Lp li phn (a), (b) v (c) vi ginh thu40%. im ha vn c khc trckhng? Ti sao?7. n by v gi trcphiu: Li Thutrong Vn 6, gi mi cphiu c

phn trong K hoch I, K hoch II l bao nhiu? Nguyn tc no c minh habng cu trli ca bn?8. n by t to: Cng ty Star, mt cng ty sn xut tiu dng ni bt, ang

tranh lun xem c chuyn tcu trc vn sdng ton bvn chshu sang vay n40% khng. Hin nay, c 2,000 cphn ang lu hnh v gi mi cphn l 70USD.EBIT c mong mun duy tr mc 16,000USD mi nm. Li sut vay nl 8%, vkhng c thu.a. B Brown, mt cng ca cng ty, l ch100 cphn. Dng tin ca b l

bao nhiu vi cu trc vn hin hnh, ginh cng ty c tlchi trctc l 100%?b. Dng tin ca b Browm sl bao nhiu vi cu trc vn dtnh ca cng ty?Ginh rng b y gitt c100 cphn.c. Giscng ty Star chuyn i, nhng b Brown thch cu trc ton bvn chshu. Chra cch b y c thkhng dng n by cphn to li cu trc vn

ban u.

5/19/2018 C u Tr c V n

32/37

d. S dng cu tr li phn (c), gii thch ti sao s la chn ca cng ty Starkhng thch hp.

9. n by tto v WACC: Cng ty ABC v cng ty XYZ, l nhng cng ty gingnhau trong mi kha cnh cu trc vn. Cng ty ABC ti trton bbng vn chshu l 600,000USD. Cng ty XYZ sdng cvn cphn v vay n; cphiu can c gi 300,000USD v li sut vay nl 10%. C2 cng ty u mong mun EBITt 73,000USD. Li thu.

a. Richard lm ch30,000USD cphn ca cng ty XYX. Tsut li nhun m ng tamong mun l bao nhiu?

b. Chra cch Richard c thto ra cng dng tin v tsut li nhun khi u t vocng ty ABC v sdng n by tto.

c. Chi ph vn chshu ca cng ty ABC l bao nhiu? Cng ty XYZ l bao nhiu?d. Tnh WACC ca cng ty ABC? Cng ty XYZ? Nguyn tc no bn minh ha?10.MM: Cng ty Nina, khng sdng nvay. WACC l 13%. Nu gi th trng ca

vn chshu hin nay l 35 triu USD v khng tnh thu, EBIT bng bao nhiu?11.

MM v thu: Trong cu hi trc, gisthuTNDN l 35%. EBIT trong trng hpny bng bao nhiu? Tnh WACC? Gii thch.

12.Tnh WACC: Ngnh cng nghip Weston c t l n trn vn ch s hu l 1.5.WACC l 12%, v chi ph nvay chim 12%. ThuTNDN 35%.

a. Chi ph vn cphn ca Weston l bao nhiu?b. Chi ph vn cphn khi sdng n by ca Weston l bao nhiu?c. Chi ph vn cphn sl bao nhiu nu tlntrn vn chshu l 2? Nu tln

trn vn chshu bng 1? Vn chshu l bao nhiu nu tlntrn vn chshu bng 0?

13.

Tnh WACC: cng ty Shadow, khng vay nnhng c mn 8%. WACC ca cngty gn y l 12%, thu35%.a. Vn chshu ca Shadow l bao nhiu?b.Nu cng ty vay n25%, vn chshu l bao nhiu?c. Nu cng ty vay n50%, vn chshu l bao nhiu?d. Tnh WACC ca cng ty Shadow trong phn (b), (c)?14.MM v thu: Bruce v i tc mong mun EBIT 90,000USD mi nm. Cng ty c

thnmc 11%. Bruce gn y khng vay n, v chi ph vn chshu l 22%.Nu thu35%, gi trcng ty l bao nhiu? Gi trny sl bao nhiu nu Bruce n60,000USD v sdng trctc?

15.

MM v thu: Trong Vn 14, chi ph vn ch shu sau khi ti cp vn l baonhiu? WACC? Vic ti cp vn ca cng ty c ngha g?16.Mnh MM I: Cng ty Levered v cng ty Unlevered, ging nhau trong cu trc

vn. Mi cng ty mong mun kim 96 triu USD trc li nhun mi nm, vi micng ty phn chia li nhun gili nh l chia ctc. Vay nvnh vin ca n byc gi trthtrng l 275 triu USD v trgi 8% mi nm. Cng ty Levered c 4.5triu s c phn ang lu hnh, mi c phn c gi 100USD. Cng ty Unleveredkhng vay nv c 10 triu cphn ang lu hnh, mi cphn trgi 80USD. Chai u khng trthu. Mua cphiu ca cng ty Levered tt hn hay cphiu caInlevered tt hn?

17.

MM: Tool Manifacturing mong mun EBIT t 35,000 USD mi mi v thu35%.Cng ty c 70,000USD d n (nqu hn) mc li sut 9%, v chi ph vn c

5/19/2018 C u Tr c V n

33/37

phn khng sdng n by l 14%. Gi trca cng ty theo Mnh I c tnh thul bao nhiu? Tool c nn thay i tlntrn vn chshu khng, nu mc tiu lti a ha gi trcng ty? Gii thch.

18.Gi trcng ty: Cng ty Old School mong mun EBIT t 9,000USD mi nm. Oldschool gn y khng vay n, v gi trchi ph vn chshu chim 17%. Cng tyc thnmc 10%. Nu thuTNDN l 35%, gi trcng ty l bao nhiu? Gi trsl bao nhiu nu cng ty Old School chuyn sang vay n50%? 100%?

19.Mnh MM I vi thu: Cng ty The Maxwell cp vn chshu ton b. Cng tyang xem xt cho vay 1 triu USD. Khon cho vay sc trbng vi gi trbanu sau 2 nm, vi mc li sut l 8%. ThuTNDN l 35%. Theo Mnh MM I vithu, gi trca cng ty stng bao nhiu sau khi cho vay?

20.Mnh MM I khng c thu: Cng ty Alpha v cng ty Beta ging nhau trong cutrc vn. Cng ty Alpha, l cng ty ton bvn chshu, c 5,000 cphn anglu hnh, mt cphn c gi 20USD. Cng ty Beta sdng n by trong cu trcvn. Gi tr th trng khong vay n ca cng ty Beta l 25,000USD, v li sutkhon vay n l 12%. Mi cng ty mong mun li nhun gi li l 35,000USD. Chai u khng trthu. Ginh rng mi nh u t c thnmc 12%.

a. Gi trca cng ty Alpha l bao nhiu?b. Gi trca cng ty Belta l bao nhiu?c. Gi trthtrng vn chshu ca cng ty l Beta l bao nhiu?d. 20% vn chshu ca mi cng ty tng ng bao nhiu?e. Gi nh mi cng ty p ng li nhun gi li ca n, lo l abo nhiu cho mi

trng hp trong phn (d) vo nm sau?f. Xy dng mt chin lc u t m trong nh u t mua 20% vn chshu ca

cng ty Alpha v ti to cchi ph v li cho vic mua 20% vn chshu ca cngty Beta.g. Vn chshu ca cng ty Alpha nhiu hay t ri ro hn vn chsha ca cng ty

Beta? Gii thch.21.Gi vn: Cng ty Acetate, c gi thtrng vn chshu l 20 triu USD v gi th

trng vay nl 10 triu USD. Tn phiu kho bc khn mt nm l 8%,v li mongmun trn vn u t thtrng qua nm sau l 18%. Gi trbeta ca vn chshucng ty Acetabe l .90. Cng ty khng trthu.

a. Tlntrn vn chshu ca cng ty Acetate l bao nhiu?b. WACC ca cng ty l bao nhiu?

c.

Chi ph vn l bao nhiu khi cng ty sdng ton bvn chshu?n by tto: Cng ty The Veblen v cng ty Knight ging nhau trong mi khacnh mong mun rng Velben khng s dng n by. Gi tr th trng ca tri

phiu 6% cng ty Knight l 1 triu USD. Thng tin ti chnh ca hai cng ty xut hiny. Tt cdng li nhun gili l mi mi. Chai u khng trthu. Chai u

phn phi li nhun gili sn c cho cng shu cphn thng ngay lp tc.

5/19/2018 C u Tr c V n

34/37

a. 1 nh u t c thvay 6%/nm mun mua 5% vn shu ca Knight. ng tac thtng tin li bng cch mua 5% vn shu ca Veblen nu ng mn chi

ph rng ban u ca 2 chin lc ging nhau dc ko?

b. T2 chin lc u t (a), nh u t schn ci no? Khi no th bc nysngng?

23. Cc nh l MM Cng ty Locomotive ang d nh mua li 1 phn c phiuthng qua vic pht ra vn ncng ty. T, tsn trn vn chshu c dtnh stng t40-50% . Cng ty hin ang chi tr$7.5 triu phn ncn li.Chi phn ny l 10%/ nm. Locomotive mong s c EBIT $3.5 triu/nm vnh vin.Locomotive ko c trthu.

a. Gi thtrng ca Locomotive trc v sau khi thng bo mua li l bao nhiu?

b. Thu nhp dtr ca vn chshu trc thng bo khoch mua li cphiu lbao nhiu?

c. Thu nhp dtr ca vn chshu ca cc cng ty cphn?

d. Thu nhp dtr ca vn chshu ca cng ty sau thng bo khoch mua li cphiu l bao nhiu?

24. Gi trcphiu v n by Cng ty xng Green dnh thng bo spht ra

$2 triu nvnh vin v dung n mua li cphiu thng. Tri phiu sbn vi gidanh ngha 6% li sut coupon hng nm. Green l cng ty cphn trgi $10 triuvi 500,000 cphn ca cphiu thng cn li. Sau vic mua bn tri phiu, Greensgicu trc vn mi v thi hn. Green hin ang c $1.5 triu/nm thu nhp trckhi khu trthu. Mc thu nhp ny c dtnh sginguyn vsau vnh vin. Greenc thudoanh nghip l 40%.

a. Thu nhp dtr ca Green trc thng bo vic pht ra nl bao nhiu?

b. Hy lp bng cn i k ton cho gi th trng ca Green trc thng bo vicpht ra n. Gi 1 cphn ca cng ty l bao nhiu?

5/19/2018 C u Tr c V n

35/37

c. Hy lp bng cn i kton cho gi thtrng ca Green ngay sau khi thng bovic pht ra n.

d. Gi 1 cphiu ngay sau thng bo mua li l bao nhiu?

e. Bao nhiu cphn Green smua li tvic pht ra n? Bao nhiu cphn ca cphiu thng sgili sau vic mua li?

f. Hy lp bng cn i kton cho gi thtrng sau khi c cu li.

g. Thu nhp yu cu ca Green sau khi c cu li l bao nhiu?

25. MM vithuCngty Williamson c tsntrn vn chshu l 2.5. WACCl 15%, chi ph ntrc thul 10%.Williamson c thudoanh nghip l 35%.

a. Chi ph vn cphn ca Williamson l bao nhiu?

b. Chi ph vn cphn ko n by l bao nhiu?

c. WACC ca Williamson l bao nhiu nu tsntrn vn chshu l 0.75? hoc1.5?

26. WACC Trong thgii chc thudoanh nghip, chng minh Rwacc cn c thvit nh Rwacc = R0 x [1-tc(B/V)]

27. Chi ph vn shu v n by Gischc thudoanh nghip, chng minh chiph vn shu, Rs, ging nh c a ra trong chng nh l MM 2 vi thudoanhnghip.

28. Kinh doanh v ri ro ti chnh: Ginh vn vay ca cng ty l khng c ri ro, do chi ph sdng vn vay gn tng ng vi li sut phi ri ro, . Gi l ti

sn beta ca cng ty, hay cn gi l ri ro c h thng ca ti sn cng ty.Gi lngun vn beta ca cng ty. Sdng m hnh CAPM, cng vi mnh MM II chng minh rng := (1 + B/S), vi B/S l tsut ntrn vn chshu, v

thuTNDN= 0.29. Ri ro ca cng :Gishot ng kinh doanh ca cng ty phn nh xu hngca nn kinh tmt cch cht ch, ta c gi trti sn beta (bng 1. Sdng ktlun trn tm ngun vn beta cho cng ty vi mc tsut ntrn vn chshuln lt l 0, 1, 5, v 20. Kt qutrn cho bn bit c g vmi quan hgia cutrc ngun vn v ri ro ca cng. Li nhun cng yu cu trn ngun vn nhhng nh thno ? Gii thch.

30. Chi ph sdng vn chshu :Bt u bng cng thc tnh chi phi sdng vn

:

5/19/2018 C u Tr c V n

36/37

=

+

Chi ph sdng vn ca cng ty c ngun vn vay c thc vit li nh sau:

= +

( )

1. Tm cc bng cn i kton hng nm ca cc cng ty General Motors ( GM), Merck (MRK), v Kellogg (K). Vi mi cng ty hy tnh tsut ntrn vn chshu trong di hn vo 2 nm trc. Ti sao nhng cng ty ny li sdng cu trcvn khc nhau ?2. Hy nhn vo Georgia Pacific (GP) v hy ti v cc bo co thu nhp hngnm. Da vo sliu nm gn nht, hy tnh ton mc thusut trung bnh v EBIT,sau hay tm tng chi ph li vay ca cng ty. Tcc bng cn i kton hng nm

hy tnh tng snvay trong di hn (tnh lun ccc hn mc vay trong 1 nm ) .Da vo chi ph li vay v tng ndi hn, hy tnh mc chi ph sdng vn vay bnhqun. Kn, hy c tnh beta cho Georgia Pacific trn bo co S&P Stock Report.Sdng bo co beta, tltn phiu, v lch sri ro bnh qun ca thtrng phntrc tnh chi ph sdng vn vay. By gihy tnh chi ph sdng vn chshu, sau l EBIT ( ko c vn vay ). Gi trca Georgia Pacific khi khng c vnvay l bao nhiu ? Gi trca l chn thuv gi trca Georgia Pacific khi c vnvay?

Ti c cu vn bt ng snCng ty bt ng sn Stephenson sng lp 25 nm trc bi ngi CEO hin

ti, Robert Stephenson. Cng ty thu mua ng sn, bao gm cc ta nh, t, v chothu ti sn. Cng ty cng khai li nhun mi nm trong 18 nm qua, cc cng rthi lng vi ngi qun l ca cng ty. Trc khi sng lp cng ty bt ng snStephenson, Robert l ngi sng lp v l CEO trong vic nui alpaca nhng tht

bi. Kt qul vic ph sn lm Robert cc k khng thch vay n. Kt qul, ngunvn ca cng ty chc vn chshu, vi 15tr cphiu thng. Hin ti gi cphiu

ca cng ty l 32,5$ mt cphiu.

Stephenson nh gi khoch thu mua ming t ln pha ng nam ncMvi gi 100tr$. Ming t ny sau sc cho nng dn thu. Ln thu mua nyc mong i s lm tng 25tr$ li nhn trc thuca Stephenson mi mi. KimWeyand, CFO ca cng ty mi, c giao lm qun l dn. Kim xc nh chi phngun vn hin ti ca cng ty l 12,5%. Kim cm thy cng ty sc gi trhn nuc khon vay ntrong cu trc vn, v vy Kim nh gi cng ty nn pht hnh ntitrcho ton bdn. Dvo vi cuc trao i vi ngn hng u t, Kim ngh rng

cng ty c thpht hnh tri phiu theo mnh gi vi li sut 8%. Dtrn sphn tchca c y, Kim cng tin rng cu trc vn trong khong 70% VCSH v 30% NPT l

5/19/2018 C u Tr c V n

37/37

ti u. Nu cng ty c trn 30% n, tri phiu sbnh gi thp hn v gim ginhiu hn bi v khnng skhng hong ti chnh v cc phi ch lin quan stngmnh. Mc thudoanh nghip ca Stephenson l 40%.

1. Nu Stephenson mun ti a ha gi trthtrng ca cng ty, bn sa rali khuyn pht hnh nhay dng VCSH ti trcho vic mua ming t ? Giithch.2. Xy dng bng cn i k ton gi tr th trng ca Stephenson trc khithng bo thu mua.3. GisStephenson quyt nh pht hnh cphiu ti trvic thu mua.a. Gi trhin ti rng ca dn l g?

b. Xy dng bn cn i kton gi trthtrng ca Stephenson sau khi thngbo cng ty ssdng VCSH ti trvic thu mua. Gi cphiu mi ca cng ty

sl bao nhiu? Stephenson cn pht hnh bao nhiu cphiu ti trvic thu mua?c. Xy dng bn cn i k ton gi tr th trng ca Stephenson sau khi phthnh cphiu nhng trc vic thu mua c tin hnh. Stephenson c bao nhiu c

phiu thng thng? Gi mi cphiu ca cng ty l bao nhiu?d. Xy dng bn cn i kton gi trthtrng ca Stephenson sau khi vic thumua c tin hnh.4. GisStephenson quyt nh pht hnh nti trvic thu mua.a. Gi trthtrng ca cng ty Stephenson l bao nhiu nu vic thu mua cti trbi n?

b. Xy dng bn cn i k ton gi tr th trng ca Stephenson sau khi phthnh nv thu mua mnh t. Gi cphiu ca cng ty l bao nhiu?5. Phng php ti a ha gi cphiu ca cng ty Stephenson p dng l g?

Documents

Cấu Trúc Vốn