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8/3/2019 NHOM 1_TF3.TT Chung Khoan Phai Sinh
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BI THUYT TRNH
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GVDH: TS. THN TH THU THY
NHM THC HIN TF
1. Nguyn Th Hng Giang 3
2. Nguyn Th Tn Lin 3
3. H ng Khim 3
4. Nguyn Th Tha 4
5. Nguyn Hong Tuyn 4
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Khi nim, c im, li im
nh gi
1. Quyn u tin
mua c phn(Right)
Khi nim, phn loi, c im,gi tr, mc ch
nh gi
2. Chng quyn(Warrant)
Ging nhau Khc nhau
3. So snh Right &Warrant
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1.1. KHI NIMKHI NIM
Quyn mua c phn l loi chng khon do
cng ty c phn pht hnh km theo t phthnh c phiu b sung nhm bo m cho cng hin hu quyn mua c phiu mi theonhng iu kin c xc nh.
Theo Khon 5 iu 6 Lut Chng khon 2006
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2. c im2. c im
Dnh cho c ng hin hu
Cng c ngn hn & c th chuyn nhng
Gi trn quyn < gi th trng ca c phiu
1 c phn hin hnh : 1 quyn.
S lng quyn mua 1 c phn mi thay i ty theo t
pht hnh
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Cn bao nhiu quyn mua mt c phn mi?
S lng quyn cn mua 1 c phn mi = s lng c phn c
ang lu hnh / s lng c phn mi.
Trong :
s lng c phn mi = mc vn cn huy ng / gi ng k mua.
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VD: Cng ty A
5 triu CP ang lu hnh
1 CP : 1 quyn=> c 5 triu quyn mua c pht hnh
Pht hnh thm 1 triu CP.=> 5 quyn mua s c mua 1 CP mi.
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3. Li im3. Li im
i vic ng
i vicng ty
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3. Li im3. Li ima. i vi c ng
Tip tc duy tr t l s hu v bo v quyn kim sot ca
c ng hin hu
Trnh s mt gi c phn => gy thit thi cho c ng
hin hu, em li cho ngi mua c phn mi
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3. Li im3. Li imb. i vi cng ty
Hn ch s pha long quyn kim sot ca cng ty
Chi ph pht hnh quyn s < chi ph pht hnh c phiuthng
C phiu mi c chp nhn 1 cch d dng hn
gii hn bin t mua chu thp l 1 hnh thc tch c phn gin tip => gi gim => d bn
hn
huy ng vn nhanh chng, tng vn u t.
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44.. THC HIN QUYN MUA NH TH NO?THC HIN QUYN MUA NH TH NO?
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TH TC THC HINTH TC THC HIN
ng k cho yBan CKNN
Thng bo choc ng
C
NGHINHU Khng K cho
y Ban CKNN
Gi CP b sung> th gi
BNTH BA
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5. nh gi5. nh gi
gi tr quyn
thi hn cn li ca quyn
xu hng bin ng v th gi ca c phiu n nh
trong Rights.
a. Nhng yu t tc ng n gi tr ca quyn mua trc
Gi quyn c th ln xung trong khong thi gian cho
bn, tu thuc bin ng gi th trng ca c phiu
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5. nh gi5. nh gib. Gi tr l thuyt ca quyn mua trc
Gi
Q: l gi tr ca quyn mua trc.
G: l gi tr ca mt c phiu c.
g : l gi pht hnh ca mt c phiu mi.
n : l s c phiu c.
m: s c phiu mi pht hnh.
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Gi th trng ca n c phiu c: n x G
Gi pht hnh ca m c phiu mi : m x g
Gi trung bnh ca 1 c phiu (sau khi tng vn)
5. nh gi5. nh gib. Gi tr l thuyt ca quyn mua trc
Khon chnh lch gia gi trung bnh v gi pht hnh cho mc phiu mi
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Vy gi tr l thuyt ca 1 quyn mua trc l:
Suy ra
5. nh gi5. nh gib. Gi tr l thuyt ca quyn mua trc
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Cng thc:
5. nh gi5. nh gib. Gi tr l thuyt ca quyn mua trc
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v d
vn iu l 70 t ng (7 triu c phiu, mnh gi 10.000,gi th trng 50.000)
tng thm vn 30 t ng bng cch pht hnh 3 triu c
phiu mi vi mnh gi 10.000, gi bn mi c phiu mi l20.000 cho c ng c
5. nh gi5. nh gi
Gi tr quyn mua trc?
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Trng hp c bit:
cng ty thng cho c ng (g = 0)
c ng khng c quyn mua trc
Q = 0
5. nh gi5. nh gi
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1.1. KHI NIMKHI NIMChng quyn l mt loi chng khon c
pht hnh cng vi vic pht hnh tri phiu
hoc c phiu u i, cho php ngi s huchng khon c quyn mua mt s lng cphiu theo mc gi xc nh trc trong mtthi gian nht nh.
Theo Khon 5 iu 6 Lut Chng khon 2006
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Warrants & OptionsWarrants & OptionsCng c ti chnh cho php ngi nm gi n c quynmua (call warrant) mt chng khon (c phiu, tin t, ch sth trng) ti mt mc gi trc vo mt thi im cnh trc.
Warrants
Khng bn khng pht hnh v m
bo bi cng ty Thi gian hiu lc
hng nm
Options
C th bn khng khng c pht
hnh bi cng ty Thi gian hiu lc
vi thng
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2. Phn loi2. Phn loi
Truyn thng
km Tri phiu Mua c phiu ca chnh cng ty pht hnh tri phiu
Chng quyn khng c Tri phiu i km
khng km Tri phiu thng c pht hnh bi ngn hng hay cc cng ty
Chng khon
Chng quyn do Chnh ph pht hnh (sec)
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Tng tnh hp dn ca tri phiu v c phiu u i
Cng c di hn v c th chuyn nhng T l mua c phiu ph thng thng l 1:1
Gi xc nh trn chng quyn thng cao hn gi trn
th trngGi c nh
Gi tng ln nh k
3. c im3. c im
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4. Gi tr chng quyn4. Gi tr chng quyna. Gi tr ni ti
Th gi chng khon - gi mua chng khon xc nh trn chng quyn
V d: chng quyn cho php mua 10 c phiu ti mc gi 10$, gi
tr th trng ca c phiu hin ti l 25$
Gi tr ni ti: 10*15$= 150$.
b. Gi tr thi gian
Gi Warrants gi tr ni ti
=> Gim dn khi chng quyn tin dn n ht hn
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4. Gi tr chng quyn4. Gi tr chng quynV d
Chng quyn XYZ bn gi l 17.5$ cho php mua 1 c
phiu XYZ vi gi ng k l 10$
Gi c phiu trn th trng l 25$.
Gi tr ni ti = 25$25$ -- 10$ = 15$10$ = 15$
Gi tr thi gian = 17.5$17.5$ -- 15$ = 2.5$15$ = 2.5$
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5. Mc ch5. Mc ch
Mt s li ch khc ca chng quyn:
Bo v danh mc u t
Hng chi ph thp Cn bng n
Cho bn ln u tri phiu hoc c
phiu u i c hp dn hn
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5. Mc ch5. Mc ch
T l n by n(Gearing or leverate)
Bn phi s dng n nhiu hn bao nhiu khi so snh
vi vic nu bn mua c phiu trn th trng t do?
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6. nh gi6. nh gi
Gi
m s lng warrant cng ty pht hnh
Wt gi tr ca warrant
Vt Th gi ca cng ty
n S c phiu pht hnh
q t l c phiu ca ch warrant trong tng s c phiu ca cngty sau khi thc hin quyn, q=m/(m+n)
K Gi mua c phiu ca warrant
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6. nh gi Warrants khng km tri phiu6. nh gi Warrants khng km tri phiu
Thc hin Warrant khi: th gi l thuyt ca c phiu sau
khi thc hin quyn ln hn gi mua c phiu ca warrant (K)
Khng thc hin quyn
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Gi tr 1 Warrant
Gi tr ca cc Warrant pht hnh
6. nh gi Warrants khng km tri phiu6. nh gi Warrants khng km tri phiu
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m s lng warrant cng ty pht hnh
Wt gi tr ca warrant
q t l c phiu ca ch warrant trong tng s c phiu ca
cng ty sau khi thc hin quyn, q=m/(m+n)
Vt Th gi ca cng ty
n S c phiu pht hnh
K Gi mua c phiu ca warrant
66
. nh giW
arrants khng km tri phiu. nh giW
arrants khng km tri phiu
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S lng c phiu n=100, cng ty pht hnh warrant m=50, gi mua c
phiu ca warrant K= 120$ /cp
n ngy o hn, th gi 150 $/cp.
S tin nhn c t vic pht hnh thm: 50 x 120 = 6.000 $
Gi tr cng ty = 150*100+ 50*120 = 21.000.
Th gi sau khi thc hin quyn 21.000 $/150cp = 140 $ /cp
Li nhun cho ch warrant s l: 50 x (140-120) = 1.000$ngha l c 20 $/ warrant
66. nh gi Warrants khng km tri phiu. nh gi Warrants khng km tri phiu
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Theo cng thc nh gi:
50*Wt = 50/(100+50)* max(0, 15.000 100*120)
Gi tr ca 1 Warrant l:
Wt = 20 $/warrant
66. nh gi Warrants khng km tri phiu. nh gi Warrants khng km tri phiu
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7. nh gi chng quyn km tri phiu7. nh gi chng quyn km tri phiu
m s lng warrant cng ty pht hnh
Wt gi tr ca warrant
q t l c phiu ca ch warrant trong tng s c phiu ca cng
ty sau khi thc hin quyn, q=m/(m+n)
Vt Th gi ca cng ty n S c phiu pht hnh
K Gi mua c phiu ghi trn warrant
F mnh gi tri phiu
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Ging nhauGing nhau Gi tr gm hai phn:
Ga tr ni ti
Gi tr thi gian
Gi c phiu trn cc quyn l c nh hoc tng i c
nh
Gi c quyn bin i theo gi c phiu ph thng
u c th bn, thc hin hoc ht hn
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Ch tiu RIGHTS WARRANTS
i tng C phiu ph thng Tri phiu hoc c phiu u i
Mc ch -C ng c gi c t lnm gi trong cng ty
-Gip cho cng ty huy ng
vn nhanh chng
-Khuyn khch cc nh u t timnng tr thnh c ng
-Tng tnh hp dn ca tri phiu
v c phiu u i
Thi hn Ngn, ch vi tun Di hn, t 5-10 nm hoc vnh
vin
Gi thc hin Thp hn gi th trng Cao hn gi th trng
Khc nhauKhc nhau
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