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C PHIU
V c bn, c phiu c hiu l mt giy
chng nhn xc nhn quyn s hu phn vn
gp ca nh u t i vi cng ty c phn.
C PHIU
C PHIU
ng.
C phiu pht hnh: l c phiu m cng ty c
bn ra th trng v thu v c ton b tin bn
s c phiu , n nh hn hoc ti a l bng vi s
c phiu c php pht hnh.
C IM CA C PHIU PH THNG
Khng c thi gian o hn
Khng c hon vn trc tip.
QUYN LI CA C NG PH THNG
Quyn s hu ti sn ca DN theo t l % vn
gp.
Quyn b phiu biu quyt, ng c
Quyn c nhn c tc.
Quyn tip cn thng tin
Quyn u tin mua c phiu mi
Quyn c chia ti sn thanh l
Quyn chuyn nhng, cm c
C IM CP U I
Quyn u tin v nhn c tc
c u tin thanh ton khi thanh l doanh
nghip, ph sn.
Khng c hng quyn b phiu
Thng khng c php chuyn nhng
hoc cm c
CC LOI C PHIU U I
C phiu u i tch ly (cumulative
preferred stocks): phn n c tc nm trc
c DN cng dn v hon tr vo nm sau
hoc n mt nm no trong tng lai.
V d: c phiu u i tch ly ca cng ty X
mnh gi 100 USD, t sut c tc cng b l
7%/mnh gi. Cng ty X tr c tc cc nm
nh sau Nm 1994 tr 5%, nm 1995 tr 6%,
nm 1996 tr 2% v nm 1997 tr 7% v s c
tc cn n.
CC LOI C PHIU U I
C phiu u i khng tch ly (noncumulative preferred stocks) l loi c phiu
m nu doanh nghip khng m bo kh
nng tr li mt nm no th khon li
b mc nhin mt i.
C phiu u i d phn (participating
preferred stocks): c c tc tng thm nu
DN hot ng hiu qu.
CC LOI C PHIU U I
C phiu u i c th mua li (redeemable
preferred stocks or callable preferred stocks)
c pht hnh km theo iu khon l DN c
th mua li n vo mt ngy c xc nh hoc
sau mt khon thi gian
C phiu u i c th chuyn i (convertible
preferred stocks): cho php c ng chuyn i
thnh mt s lng nht nh c phiu thng
10.000.000.000
1.000.000
= 10.000
GI TR NI TI (INTRINSIC VALUE)
Gi tr ni ti l gi tr thc ca c phiu thi
hin ti.
Gi tr ni ti phn nh tim lc ca doanh
nghip v l c s cho th gi.
l cn c quan trng nh u t quyt nh
u t vo c phiu.
NH GI C PHIU
nh gi c phiu l xc nh gi tr ni ti ca
c phiu t a ra quyt nh u t.
Hai k thut ph bin c dng nh gi c
phiu l
K thut chit khu dng tin (discounted cash
flow): chit khu dng c tc, chit khu dng tin
hot ng, chit khu dng tin t do ca ch CSH.
K thut nh gi so snh (relative valuation): PP t
s gi/ thu nhp (P/E), PP t s gi/dng tin (P/CF)
0 =
+
+ +
2
(1 + ) (1 + )
1+
=
=1
1+
(1)
V0: l gi tr ni ti ca c phiu
Dt: l c tc chi tr nm t
K: l t sut li nhun ca c phiu
(1 + ) (1 + )
1+
Pn chnh l gi tr ni ti ca CP thi im n
= =
+1
(1+)
+2
+
(1+)2
++
1+
(3)
NHN XT V DDM
Phng php nh gi c phiu da vo m
hnh chit khu c tc t ph thuc vo s liu
trong qu kh.
D0(1+g)n
0 =
NHN XT
M hnh tng trng c tc khng nh gi c
cc cng ty khng tr c tc thng xuyn
Gi nh quan trng nht: tc tng trng c
tc lun khng i v nh hn li sut chit khu
(g<k)
Tc tng trng c tc (g) cng chnh bng
tc tng gi c phiu
BI TP 1
Tnh gi c phiu
Cng ty PC va tr c tc 5000/cp v mc
tng trng c tc k vng trn th trng s
mi l 5%/nm. Hi c phiu PC nn c bn
vi gi bao nhiu nu bit li sut chit khu l
15%/nm?
BI TP 2
Tnh tc tng trng c tc:
Cng ty XYZ s tr c tc 5000/cp vo nm
sau. C phiu XYZ ang c bn vi gi
50.000 VN. Tc tng trng c tc l
bao nhiu nu bit cc cng ty nh XYZ
thng c mc t sut sinh li yu cu l
14%/nm?
BI TP 3
Tnh hnh chi tr c tc ca cng ty DPM l (D0)
1000 ng/cp. Cc nm tip theo cng d kin
chi tr nh sau:
Trong 5 nm tip theo c tc tng trng 5%
mi nm.
T nm th 6 tr i, cng ty tr c tc mi
nm 5000/cp
Hy nh gi mua bn hp l ca cphiu cng
ty nu t sut sinh li yu cu l 10%/nm
V D
Mt cng ty c h s P/E l 10, thu nhp trn
mi c phiu nm trc l EPS0=5000 ng. Vi
tc tng trng thu nhp d kin 15%, tnh
gi ca c phiu trong nm tip theo.
TH TRNG C PHIU
Cc giao dch CP u tin c thc hin vo TK
XVIII ti cc qun cf London, NewYork
TTCP London (LSE)1801
TTCP NewYork (NYSE) 1817
TTCP VN gn lin vi s ra i ca TTCK
11/07/1998: + ngh nh 48/cp v CK v th trng CK
28/07/2000: phin giao dch u tin ti TTGDCK TP.HCM
vi 2 m c phiu.
Cc hnh thc u gi
u gi trc tip: NY, Tokyo, Frankfurt...
u gi gin tip: London
u gi t ng: Thi Lan, Vit Nam
CH S CHNG KHON
Ch s chng khon l mt s liu cho bit gi tr
tng hp ca cc c phiu thnh phn ca n.
Cu trc gm
Loi CK ng k
S lng cc CK lu hnh
Mc gi ca tng loi.
Cc loi ch s
Cc ch s ch la chn mt s CP tiu biu (bluechip): Dow
Jones, SP500, TOPIX, NiKKEI 225, FTSE100, DAX30, Hang
Seng, VN30
Cc ch s bao gm tt c c phiu nim yt: AOI (Hng
Kong), VNIndex
CH S VNINDEX
VNIndex c xy dng cn c vo gi tr th
trng ca tt c cc c phiu c nim yt
ti s giao dch chng khon TP. H Ch Minh
(HSX).
Ch s VNIndex ly ngy gc vo ngy
28/7/2000
CH S VNINDEX
=
1 1
100
0 0
IU CHNH CH S VN-INDEX
Gi tr th trng c s trong cng thc tnh ch
s c iu chnh trong cc trng hp nh
nim yt mi, hy nim yt v cc trng hp
thay i v vn nim yt.
D0= 0 0 l h s chia thi im trc
khi xy ra bin ng
V1= 1 1 l l tng gi tr hin hnh ca
ton b c phiu trn th trng
IU CHNH CH S VN-INDEX
Trng hp c nim yt mi hay doanh nghip ang
nim yt tin hnh tng vn:
0 1
1 =
1 +
D1 l h s chia mi
AV+ l gi tr iu chnh tng c phiu
AV- l gi tr iu chnh gim c phiu
CH S VNINDEX
Trng hp hy nim yt hay doanh nghip ang
nim yt tin hnh gim vn:
0 1
1 =
1 +
Khi xy ra ng thi 2 trng hp trn
0 1
1 =
1 + +
CH S VNINDEX
Tnh ch s gi chng khon vo cc ngy 11/8,
12/8 v ngy 13/8
Chng Khi lng Gi ng Gi ng Gi ng
Khon
nim yt
ca 11/8
ca 12/8
ca 13/8
1000
10
12
13
2000
15
16
17
5000
18
20
CH S VNINDEX
Chn ngy 11/8 l thi im gc khi , ch s
gi chng khon vo cui ngy 11/8 s l:
0 =
1 1
100010 + 200015
100 =
100 = 100
0 0
100010 + 200015
CH S VNINDEX
H s chia mi tnh cho ngy 13/8 s l
0 1
40000 (121000 + 162000 + 185000)
1 =
=
1 +
121000 + 162000 + 185000 (185000)
= 121818,1818
BI TP V TNH CH S GI CHNG
KHON
Tnh ch s gi chng khon VNIndex trong cc
ngy 12 v 13/9
C phiu
S lng
11/9
12/9
13/9
AAA
1000
23
Hy nim yt
SAM
2000
26
24
25
REE
3000
27
27
28
DHG
2000
23
23
HGL
4000
48
49
46
BI TP V C PHIU
Cng ty Vinaco c tr s ti H Ni ng k pht hnh
1.000.000 c phiu ph thng vi gi 21.500 ng ( bn
ht trong t pht hnh). Hi vn iu l v vn ch s
hu ca cng ty ny l bao nhiu.
Mt thi gian sau gi c phiu ny trn th trng l 22.000
ng. Lc ny vn iu l v vn ch s hu ca cng ty s
thay i nh th no.
Cui nm , cng ty chi tr c tc bng c phiu vi t l l
20%. Hi c ng A ang s hu 10.000 c phiu s c t l
s hu cng ty l bao nhiu sau khi nhn c tc.
CC BI TP V NH GI C PHIU
CC BI TP V NH GI C PHIU
CC BI TP V NH GI C PHIU
3. Cng ty DPM va tr c tc nm va qua l
1000/cp. T sut sinh li yu cu ca nh u t
l 15%/nm. Tnh gi bn c phiu DPM hin nay
bit rng t l tng trng c tc k vng qua
cc nm nh sau:
Trong 2 nm tip theo l 20%
Nm th 3 v th 4 l 25%
T nm th 5 tr i t l tng trng c tc hng nm
l 10%