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Created by Nguyen Manh Tuan

Dng 1:Quyn chn


1 . Ngy 1/1/2009 ,gi th trng mt c phiu l 21.000 ng/cp. Nh
u t A k vng gi c phiu s tng trong tng lai v quyt nh mua
hp ng quyn chn mua vi nh u t B vi gi trn hp ng l
29.000 ng/cp, v ph quyn chn l 2000 ng/cp.Thc hin trong 6
thng. Ti ngy 9/3/2009, gi th trng ca c phiu l 40.000 ng/cp.
Yu cu :
- Xc nh li nhun v thua l ca hai nh u t trong trng hp thc
hin hp ng. Th hin trn th
- nh u t A: mua quyn chn mua vi gi 29000, c ph quyn chn 2000 ng/cp
9/3/2009
bn c phiu
gi 40000
li nhun : (40000-29000) -2000= 9000/cp
- nh u t B: bn quyn chn mua vi gi 29000, c ph quyn chn 2000 ng/cp
9/3/2009
B bn c phiu cho A: gi 29000 trong khi gi th trng l 40000/cp
thua l : 40000- (29000+2000)= 9000/cp

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Created by Nguyen Manh Tuan

Dng 2:Qu u t
Gi s mt qu c cc khon mc nh sau: n v tnh: ng
Tin mt v cc cng c ti chnh tng ng tin mt :
1.500.000.000
cc c phiu nm gi gi v th gi:
Tn c phiu
S lng
Th gi
REE
200.000
29.000
AGF
100.000
39.500
SGH
50.000
16.000
HAP
20.000
42.000
GMD
80.000
51.000
BBC
180.000
22.500
3. Tng n: 3.020.000.000
Hy xc nh gi tr ti sn rng ca qu v gi tr ti sn rng ca mi
c phn ca qu( NAV) nu tng s chng ch hin ang lu hnh ca
qu l 1 triu c phn.
tn c phiu
s lng
(1)
(2)
REE
200,000.00
AGF
100,000.00
SGH
50,000.00
HAP
20,000.00
GMD
80,000.00
BBC
180,000.00
tin mt v tng ng tin
tng gi tr ti sn
tng n
gi tr ti sn rng
tng s chng ch ang lu
hnh
NAV

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th gi
(3)
29000
39500
16000
42000
51000
22500
(1)
(2)
(3)=(1)-(2)

Ga tr
(2) x(3)
5,800,000,000
3,950,000,000
800,000,000
840,000,000
4,080,000,000
4,050,000,000
1,500,000,000
21,020,000,000
3,020,000,000
18,000,000,000

(4)
(5)=(3)/(4)

1,000,000,000
18

Created by Nguyen Manh Tuan

Dng 3:Xc nh li sut,khi lng trng thu


3. Kho bc Nh nc pht hnh tri phiu bng hnh thc u thu li
sut huy ng 500 t ng. Mnh gi tri phiu l 500.000ng,
thi hn tri phiu l 10 nm. Vo u gi m thu n v t chc
u thu nhn c cc n d thu nh sau:
Dn v
Li sut
tham gia t
thu(%)
A
8,21
B
8,19
C
8,18
D
8,08
E
7,98
F
7,95

Gi tr t mua(T ng)
120
132
158
165
135
114

Gii
n v tham
gia
F
E
D
C
B
A

Li sut t
thu (%)
7.95
7.98
8.08
8.18
8.19
8.21

Gi tr t
mua (t ng)
114
135
165
158
132
120

Ly k
114
249
414
572

Kt qu trng thu
n v tham gia
F
E
D
C

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Li sut t thu
(%)
7.95
7.98
8.08
8.18

Gi tr t mua (t
ng)
114
135
165
572-500=72

Created by Nguyen Manh Tuan

Dng 4:Hon tr tri phiu


4. Cng ty X pht hnh 10.000 tri phiu, mnh gi 200.000 , li sut
danh ngha 8%/nm, thi hn tri phiu 5 nm. Hnh thc hon tr
phn gc cng li bng nhau hng nm.
- Tnh s tri phiu hon tr hng nm
- Lp bng hon tr.

mnh gi
s lng
gi tr pht
hnh

10,000
200,000
2,000,000,000
( 2000 triu)

Bng hon tr

S k

1
2
3
4
5

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S tri phiu
u k

S TP
hon
tr
trong
k

(1)

(2)

2,000
1,659
1,291
893
464

500.91
500.91
500.91
500.91
500.91

Gc
hon
tr
trong
k
(3)=(2)(4)
340.91
368.18
397.64
429.45
463.80

Li hon
tr trong
k
(4)=(1)*8%
160.00
132.73
103.27
71.46
37.11

S tri
phiu
cui k
(5)=(1)(3)
1659.09
1290.91
893.27
463.82
0

Created by Nguyen Manh Tuan

Dng 5:Quyn mua c phn


Cng ty X c vn c phn l 12 t ng. Cng ty quyt nh tng
thm vn 8t ng bng cch pht hnh thm c phiu mi c thu tin.
Yu cu:
- Tnh th gi c phiu sau khi tng vn v gi tr l thuyt ca quyn
mua?Bit rng:
+Mnh gi c phiu mi bng mnh gi c phiu c bng
10.000.
+Th gi c phiu trc khi tng vn l 220.000. Gi bn c
phiu mi l 40.000.
- Tnh s lng c phiu m 3 c ng A,B, C mua thm c bit
rng:
Ht thi hn t mua vn cn 30000 c phiu cha bn c v c 3 c
ng A,B,C c nhu cu mua thm c phiu nh sau:
A: c 3000 quyn mua v mun mua thm 10000c phiu
B: c 6000 quyn mua v mun mua thm 20000c phiu
C: c 1500 quyn mua v mun mua thm 10000c phiu
- Nu C ch t mua 2000c phiu th kt qu trn s thay i nh
th no
- Nu A ch t mua 8000c phiu, C t mua 4000 c
phiu th kt qu trn s nh th no
N=12 t
n = 8 t
p = 40.000
p0 = 220.000
th gi sau khi tng vn p1= (p0N+pn)/(N+n) = 148.000
gi tr quyn mua Qm = p0 p1 = 72.000
3000 x 30000___
A c 3000 quyn mua nn mua c ti a 3000+6000+1500
Tng t vi B, C

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Created by Nguyen Manh Tuan

Lnh bn P ( dv:
ng )
5000
ATO
5200
38000
8300
37700
15000
37400
18500
37100
13400
36800
5600
36500
4000
36200

Lnh mua
4000
8000
18000
15000
0
5000
4500
3500

Dng 6:Khp lnh nh k

Yu cu:
- Xc nh gi m ca ca c phiu SAM.Bit rng gi ng ca ca
c phiu SAM phin giao dch ngy hm trc l 37.200
- Nhn xt vic thc hin lnh theo gi m ca ca c phiu SAM
-Tnh ph mi gii m cc cng ty chng khon thu c trong phin giao
dch trn bit rng cc cng ty chng khon u p dng mc ph mi
gii l 0,5% v trong s lnh mua c thc hin t l giao dch t
doanh l 10% v trong s lnh bn c thc hin t l giao dch t
doanh l 5%.

Cng
dn

Lnh
bn

75000
69800

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P
Lnh
( dv mua
:
ng
)
5000 ATO
4000
5200 3800 8000
0
8300 3770 1800
0
0

Cng
dn

So
khp

12000

12000

30000

69800

Created by Nguyen Manh Tuan


1500 3740 1500
45000
45000
0
0
0
46500
45000
1850 3710
0 45000
0 mua
Thi
Nh 0 Lnh
Lnh bn
28000
50000
28000
1340
3680
5000
gian
u t
0
0
Gi
S lng Gi 14600 S lng
14600
5600 3650 4500 54500
(1000 (cp)
(1000)
0
)
9000
9000
4000 3620 3500 58000
9h20
A
26,5 0
500
9h22
B
26,7
300
9h24
C
26,6
300
61500

9h25
9h27

D
E

26,8
26,6

500

100

- Gi ng ca l 37200. C 2 mc gi 37400 v 37100 c khi lng khp ln nht nhng


37100 gn 37200 hn
- Gi m ca thp hn gi tham chiu
Ph mi gii vi lnh mua: 37100 x 45000 x(100%-10%) x 0,5% =7512750
Ph mi gii vi lnh bn : 37100 x 45000 x(100%- 5 %) x 0,5% = 7930125
Ph mi gii thu c : 7512750 +7930125 =15442875

Dng 7:Khp lnh lin tc


Yu cu:
-Xc nh gi v khi lng c phiu nh u t A,B,C,D,E mua bn c.
9h24 khp B C 26,7

300

Dng 8:nh gi tri phiu


10- Mt tri phiu c mnh gi 100.000VND, li sut danh ngha l 10%,
thi hn tri phiu l 10 nm, thi hn cn li l 5 nm, thanh ton tin
gc vo cui k hn.
Yu cu:
-Tnh gi tri phiu bit rng li sut yu cu l 11%, tri phiu thanh
ton tin li mt nm mt ln.
- Nu gi bn tri phiu trn th trng l 105000VND bn c nn
mua tri phiu khng?
Tin li hng nm : 100.000 x 10% = 10.000
Gi tri phiu: 10000 x (1,15-1)/(10% x 1,15) + 100.000/ 1,15 =100.000
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Created by Nguyen Manh Tuan


Gi th trng l 105.000 mua lun

Dng 9:nh gi c phiu


Mt nh u t d nh mua c phiu Ree. C tc d kin nhn c
nm th nht l 2000/c phiu, nm th hai l 2100d/c phiu, nm
th 3 l 2500/c phiu. Gi c phiu ny vo cui nm th 3 d kin
l 37000. Nu t sut li nhun mong i ca nh u t l 20% th
nh u t s chp nhn mua c phiu REE vi gi ti a l bao
nhiu?
P= 2000/1,21 + 2100/1,22 +2500/1,23+ 37000/1,23 =26000

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