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L Thuyt Cu Trc Vn

1. L thuyt nh i : CTV c xc nh bi s nh i gia li ch tm chn thu t n v chi ph kit qu ti chnh. L thuyt trt t phn hng : u tin ti tr bng vn ni b, ch yu l LNGL, sau l pht hnh n v cui cng khi cc ngun ti tr ny cn kit th mi pht hnh VCP mi. y l 1 l thuyt n by trong ko c khi nim mt t l n ti u L thuyt thi im th trng: cty c xu hng pht hnh CP mi thay cho vay n khi th trng nh gi cao trong mi quan h P/B v c xu hng mua li CP thng khi th trng nh gi thp. 2.

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Cc nhn t tc ng n n by
1. n by v li nhun : + Theo thuyt nh i th cty c li nhun cao thch s dng n nhiu hn. + Theo LT trt t phn hng, nu CS u t v CS c tc c nh th cty c t l LNGL cng cao th cng t s dng n. 2. n by v quy m cty: + Cty ln, kinh doanh a dng ha => ri ro v n thp. Theo l thuyt nh di th cty trng thnh s dng n tng i thp. + Tuy nhin LT trt t phn hng li d bo 1 mi quan h nghch gia n by v quy m cty, tui cty. 3. n by v tng trng: + Tng trng lm tng chi ph kit qu ti chnh. V vy LT nh i d on rng tng trng lm gim vic s dng n. +Ngc li, LT trt t phn hng li cho rng cty c LNGL c nh nn tch ly thm n theo thi gian. 4. n by v c im ngnh: + n by TB ngnh l i din cho cu trc vn mc tiu. +Xem xt 2 bin s c ngnh : s tng trng TB ngnh v n by TB ngnh + Theo LT nh i: s tng trng TB ngnh cao th s dng n t trong khi n by TB ngnh cao nn gia tng thm n. + Theo LT trt t phn hng : yu t ngnh ch dng i din cho mc thm ht ti chnh cty + Theo LT thi im th trng : yu t ngnh ch quan trng nu nh gi s tng quan gia cc cty trong cng ngnh

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