BI TP TRI PHIU

LANA.HUYNH

Loi bi tp : t sut li nhun ca tri phiu

p dng cng thc tnh T sut li tc ca tri phiu

Pt : gi mua tri phiu ( hay cn gi l gi tri phiu)

P t+1 : gi bn tri phiu. (lu trong trng hp khng cho gi bn th ta ly P t+1 = MG)
(Cng thc ny c hiu l Li coupon + khon chnh lch gi ca Tri phiu trn gi hin
ti).

Pt +1 = Pt (R+1) C

Bi tp p dng
Bai 1: Mot trai phieu coupon co:
- Menh gia: 100 => P t+1 =100
- Lai suat coupon: 10% => C = 100*0.1 =10
- c mua vi gia: 98,5 => Pt =98.5
Vay ty suat li tc nha au t at c la bao nhieu?
Bi gii
R = 10/98.5 + (100-98.5)/98.5 = 0.1015 + 0.0152 =0.1167 = 11.67%
Bai 2: Trai phieu coupon co:
-

MG: 10.000

- Lai suat coupon: 8% => C = 10.000*0.08 = 800

- c mua vi gia: 9.675 => Pt =9.675
- Nha au t ky vong li tc at c la 12% => R = 0.12
Vay gia ban trai phieu se la bao nhieu?
Bi gii
Gi bn tri phiu
P t +1 = Pt (R+1) C = 9.675 ( 0.12+1) 800 = 10.036

Bai 3: Trai phieu coupon co:

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BI TP TRI PHIU

LANA.HUYNH

- Menh gia: 100

- Lai suat coupon: 8%
- Nha au t ky vong li tc at c la 12%
Vay gia mua trai phieu se la bao nhieu?
Bi gii
Gi mua tri phiu

Vi C = 10.000*0.08 = 800
P t+1 = MG = 100
Pt =( 800 + 10.000) / (0.12 +1 ) = 9.642,85

Loi bi tp : Tri phiu chit khu

Tri phiu chit khu c pht hnh vi gi thp hn mnh gi hoc tri phiu ang
c giao dch vi gi thp hn mnh gi trn th trng th cp.
Khng c nhn tri tc, s tng gi dn dn khi gn n ngy o hn
Tr mt ln duy nht cho ngi s hu (mnh gi khi o hn)
a) S tin b ra mua tri phiu

G
b)

Li sut hon vn u t tri phiu trong nm ( hay li sut u t bnh qun)

Bi 4. Tri phiu chit khu c mnh gi 1 triu ng. Thi gian o hn 10 nm

a. Hy xc nh gi tri phiu ny, nu li sut ca bn l 9,5%
b. Nu bn c tri phiu trn gi 350.000 th bn c li sut u t bnh qun l bao nhiu?
Bi gii
a) p dng cng thc

: s tin phi tr mua tri phiu

G = 1.000.000/ (1+0.095)^10 = 403.514

a) Nu G = 350.000

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LANA.HUYNH

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BI TP TRI PHIU

LANA.HUYNH

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