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TH TRNG C PHIU

THS. BI QUANG TRUNG

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.

Theo lut CK Vit Nam th c phiu l loi chng


khon xc nhn quyn v li ch hp php ca
ngi s hu i vi mt phn vn c phn ca
t chc pht hnh.
Ngi s hu c phiu gi l c ng.

C PHIU

C PHIU

PHN LOI THEO TRNG THI


C phiu c php pht hnh: l s lng c phiu
ti a ca mt cng ty c th pht hnh t lc bt
u thnh lp cng nh trong sut qu trnh hot

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.

PHN LOI THEO TRNG THI


C phiu ang lu hnh: l c phiu pht hnh,
hin ang lu hnh trn th trng v do cc c ng
ang nm gi.
C phiu qu: l c phiu c giao dch trn th
trng v c chnh t chc pht hnh mua li
bng ngun vn ca mnh. C phiu qu khng phi

l c phiu ang lu hnh, khng c vn ng sau


n; do khng c tham gia vo vic chia li tc
c phn v khng c quyn tham gia b phiu

PHN LOI C PHIU THEO QUYN LI


CA C NG
C phiu thng/ph thng (common stock): l
loi c phiu ph bin v thng dng nht.
C phiu u i (preferred stock): mang li cho
c ng mt s quyn u tin hn c ng
thng ch yu l v mt ti chnh nhng b
hn ch mt s quyn hn.

C IM CA C PHIU PH THNG
Khng c thi gian o hn
Khng c hon vn trc tip.

C tnh thanh khon cao.


em li thu nhp khng n nh.

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

MNH GI C PHIU (PAR VALUE)


Mnh gi ca c phiu l gi tr n nh ban u
ghi trn c phiu.
Mnh gi ca c phiu ch l gi tr danh ngha
ca chng.
Mnh gi c phiu cho bn ln u ca doanh
nghip c tnh nh sau:

=

MNH GI C PHIU (PAR VALUE)


V d: u nm 2011, cng ty c phn A ng
k thnh lp vi vn iu l 10 t ng. Cng
ty A ng k pht hnh 1 triu c phn.
M =

10.000.000.000
1.000.000

= 10.000

MNH GI C PHIU (PAR VALUE)


Mnh gi c phiu ln hay nh l do lut
chng khon mi quc gia v iu l
doanh nghip quy nh.

V d: Nht l 50JPY, Thi Lan l 10 Baht,


M l 2-10 USD.
Mnh gi CP VN l?.

GI TR S SCH (BOOK VALUE)


Gi tr s sch ca c phiu l gi tr ti sn
rng theo bng cn i k ton ca cng ty
trn mi c phiu mt thi im nht
nh.
Phn nh tnh trng vn c phn ca cng ty
mt thi im no .
Gi tr s sch = gi tr ton b ti sn n
phi tr - gi tr c phiu u i

GI TR S SCH (BOOK VALUE)


Nm 2008, cng ty c phn ABC thnh lp vi
vn iu l l 30 t ng, s c phiu ng k
pht hnh l 3 triu CP.
Nm 2009, cng ty quyt nh tng vn bng
cch pht hnh thm 1 triu CP. Ti thi im
ny, gi bn mi CP trn th trng l 25.000.
Bit rng qu tch lu dng cho u t cn li
tnh n cui nm 2009 l 10 t ng. Tnh gi
tr s sch ca CP vo cui nm 2009.

GI TR S SCH (BOOK VALUE)


31/12/2009:
Vn c phn theo mnh gi:
4.000.000 x 10.000/cp = 40 t ng
Vn thng d:
(25.000 10.000) x 1.000.000 = 15 t ng
Qu tch ly cn li 10 t ng
=> tng gi tr ti sn ca cng ty ABC l: 65 t ng
Gi tr s sch ca c phiu: 65 t ng/4 triu cp =
16.250

TH GI C PHIU (MARKET VALUE)


Gi tr th trng ca c phiu l gi mua bn c
phiu trn th trng ti mt thi im xc
nh.
Th gi c phiu bin ng thng xuyn ph
thuc vo nhiu yu t: cung cu trn th
trng, tnh hnh hot ng ca cty, kh nng
chi tr c tc, kinh t v m, chnh tr
Gi c phiu bin ng thng xuyn v mnh
hn cc loi chng khon khc nh HPCN,
TPKB, TP?

TH GI C PHIU (MARKET VALUE)


Th gi c phiu thng ln hn gi tr s sch
ca c phiu. Nu khng th c 2 kh nng l:
Gi tr ti sn ca cng ty ang b thi phng
qu mc.
Thu nhp trn ti sn qu thp khng lm
gia tng gi tr ti sn.

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.

So snh s ging nhau v khc


nhau gia c phiu thng v tn
phiu kho bc.

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)

M HNH CHIT KHU C TC (DDM)


Nguyn l ca m hnh chit khu c tc l
chit khu dng c tc m NT nhn c trong
tng lai t vic nm gi CP.
Cc gi nh ca m hnh
Xc nh c k hoch chi tr c tc ca cng
ty: mc c tc, tc tng trng c tc
T sut chit khu: t sut sinh li yu cu ca
nh u t.

M HNH CHIT KHU C TC (DDM)


Nu nh u t mua c phiu v nm gi mi
mi th gi tr ni ti ca c phiu chnh l gi tr
hin ti ca ton b c tc thu c trong
tng lai.
1
2

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

M HNH CHIT KHU C TC (DDM)


Nu nh u t bn CP vo cui nm n vi mc
gi bn k vng Pn th gi tr ca CP s l
1
2
+
0 =
+
+ +
(2)
2

(1 + ) (1 + )
1+

Pn chnh l gi tr ni ti ca CP thi im n
= =

+1
(1+)

+2
+
(1+)2

Thay ct (3) vo ct(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.

Trong thc t cc nh u t kh lng xc nh


c trc c tc nhn c trong tng lai .
Mi nh u t s la chn t sut chit khu
khc nhau.

M HNH CHIT KHU C TC TNG


TRNG U
C tc tng trng u hng nm vi tc c g
(g<k). Nh vy c tc s c dng
D1 = D0 + D0*g = D0(1+g)
D2 = D1 + D1*g = D1(1+g) = D0(1+g)2
.

Dn = Dn-1 + Dn-1*g = Dn-1(1+g) =

D0(1+g)n

M HNH CHIT KHU C TC TNG


TRNG U
Thay vo m hnh chit khu c tc v bin i ta
c
0 (1 + )
1
0 =
=
(7)
( )

M HNH CHIT KHU C TC KHNG


TNG TRNG
Trong trng hp c tc khng thay i
D = D0 = D1 = = Dn = D
Thay vo (4) ta c gi tr ca c phiu s l

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

PHNG PHP P/E


Ch s P/E phn nh mc gi hin hnh cho mi
n v thu nhp ca doanh nghip
Gi c phiu ca mt cng ty c tnh nh sau
PA = P/Echun x EPSk vng
Trong

P/Echun c th l P/E trung bnh ca th trng,


ngnh hay nhm ngnh

EPSk vng l thu nhp k vng ca 1 c phiu


trong nm n

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.

PHNG PHP P/E


Trong thc t EPS c th m hoc b bp mo
bi cc cng tc k ton khin cho vic so snh
P/E khng c ngha.

Bn cnh , gia P/E ca ngnh v P/E ca


doanh nghip vn cn sai s nn vic la chn

P/Echun cng l mt cng vic khng dn gin.

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.

TH TRNG C PHIU VIT NAM

Ngy 20/7/2000, khai trng TTGDCK TP.HCM

TH TRNG C PHIU VIT NAM

TH TRNG C PHIU VIT NAM

S cc cng ty ln sn tng mnh trong thi k nh cao ca


th trng t nm 2006-2010.
Trong 4 nm gn y, tng s cc m giao dch c xu hng
gim do s m b hy nim yt nhiu hn s m nim yt mi

TH TRNG C PHIU VIT NAM

Khi lng CP nim yt khi VN-Index i vo vn hnh l


27 triu n v (15 triu CPREE v 12 triu CPSAM).
Khi lng c phiu nim yt tnh ti ngy 30/6/2014 gp
620 ln, t 16.765 triu n v.

TH TRNG C PHIU VIT NAM

NGUYN TC HOT NG CA TTCP


Nguyn tc trung gian: nh mi hot ng giao
dch, mua bn c phiu trn TTCP u uc
thc hin thng qua cc t chc trung gian hay
cc nh mi gii
VD: Cty chng khon, nhn vin mi gii t do
m bo tnh lnh mnh ca TTCP

NGUYN TC HOT NG CA TTCP


Nguyn tc cng khai: mi hot ng trn th
trng c phiu u c cng b cho mi
thnh vin ca th trng v cng chng trn
cc phng tin thng tin i chng.
Tnh hnh ca cc c phiu ang nim yt
Tnh hnh ti chnh v kt qu kinh doanh ca cc cng
ty c c phiu nim yt
S lng v gi c ca cc c phiu c mua bn

=> to nn tnh bnh ng, cng bng cho cc NT

NGUYN TC HOT NG CA TTCP


Nguyn tc u gi: gi CP trn th trng uc
xc nh thng qua vic u gi gia cc lnh
mua v cc lnh bn.
Lnh bn c khp l l lnh bn c gi thp nht
Lnh mua c khp l l lnh mua c gi cao nht

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

VAI TR CA TH TRNG C PHIU


To ra mt knh huy ng v phn phi vn cho
cc DN
Gp phn thu ht u t nc ngoi, gp phn
gia tng dng vn u t vo nn kinh t v ci
thin tnh hnh cn cn thanh ton quc t.
Kch thch cc doanh nghip sn xut kinh
doanh lnh mnh v hiu qu hn

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

P1i : l gi hin hnh ca c phiu i

Q1i: l khi lng ang lu hnh ca c phiu i


P0i: l gi c phiu i ti thi im gc

Q0i: l khi lng lu hnh ca c phiu i ti


thi im gc

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

H s chia ca k gc: D0 = 40000


Ngy 12/8 CP tham gia giao dch nhng cha tham
gia vo vic tnh ch s gi. Ch s gi vo cui ngy
12/8
100012 + 200016
1 =
100 = 110
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

Nh vy, ch s gi vo cui ngy 13/8 s l


2 =

131000 + 172000 + 205000


100 = 120,67
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

1. Mt c phiu c mc c tc k vng trong


3 nm u ln lt l: 1000, 1250,1500.
Cc nh u t cho rng gi c phiu sau 3
nm s l 20.000/c phiu. Hi gi c phiu
hin ti l bao nhiu nu bit li sut chit
khu l 10%/nm?

CC BI TP V NH GI C PHIU

C phiu X c mc c tc d kin sau 5 nm


u khng i l 5$. Sau c tc tng vi
tc khng i l 6%/nm. Hi c phiu X
hin c bn vi gi bao nhiu nu bit t
sut sinh li yu cu khi u t vo cng ty
l 13%/nm?

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%

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