Chi Ph S D ng V n

I Th

Cc n i dung h c...
I Phn tch ti chnh ch

i gi ti n t gi I nh gi ch ng khon gi kho I R i ro v l i nhu n I Quy t nh u t

Quy t

nh

u t

Ti s n TSL Ti s n c nh

Ngu n v n N ng n h n N di h n CP u i CP th ng

Ti s n TSL Ti s n c nh

Ngu n v n N ng n h n N di h n CP u i CP th ng

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Cc n i dung ti p theo...
I Quy

t nh ti tr Chi ph s d ng v n ph n b y ti chnh-Leverage ch nhC u trc v n-Capital Structure tr Chnh sch c t c Ch

Ti s n TSL Ti s n c nh

Ngu n v n N ng n h n N di h n CP u i CP th ng

Quy t

nh ti tr

Ti s n TSL Ti s n c nh

Ngu n v n N ng n h n N di h n CP u i CP th ng

Ti s n TSL

Ngu n v n N ng n h n N di h n CP u i CP th ng

C u trc v n tr

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Chi Ph S D ng V n Ph i v i nh u t t su t l i nhu n nh c a m t ch ng khon l l i ch thu v kho t u t. t. I i v i gim c ti chnh t su t l i gi ch nhu n chnh l chi ph huy ng ch ph v n c n thi t cho h at ng c a cty. cty. I Ni cch khc, CP huy ng v n chnh kh ch l Chi Ph S D ng V n c a cng ty Ph
I

Chi ph s dng vn trong k ton v trong TCDN

Trong k ton to L cc khon chi ph thc t c s dng trong hch ton: Li vay ngn hng; li vay pht hnh tri phiu; li vay tn dng thng mi Mc ch: xc nh kt qu kinh doanh

Trong ti chnh DN NL cc khon chi ph c hi, khng c s dng trong hch ton k ton: Chi ph s dng vn ch s hu; li nhun gi li NMc ch: nh gi v la chn cc d n u t.

Cc ngu n v n c a doanh nghi p?

I Tri phi Tr

Chi ph v n bnh qun ph tnh chi ph v n bnh qun c a ph doanh nghi p, chng ta c n tnh ch chi ph s d ng v n c a t ng ph ngu n v n ring l : I Chi ph s d ng n -Cost of Debt ph I CP v n CP I CP v n CP th ng
I

u I C ph n u i I C ph n th ng - common Stock I M i lo i ch ng khon ny em l i m t kho kho n l i nhu n cho cc nh u t . nh I L i nhu n ny l chi ph c a cng ty. ph ty. I Chi Ph S D ng V n Chnh l chi ph Ph Ch ph v n bnh qun c a doanh nghi p.

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Chi ph s d ng n ph Chi ph s ph d ng n i v i cng ty pht hnh, Chi ph s ph nh, ph d ng n l: I T su t l i nhu n i h i c a cc nh nh u t, t, I c i u ch nh theo chi ph pht ph ph hnh (Chi ph lin quan n vi c pht ph ph hnh tri phi u), v tr I i u ch nh theo thu .

VD: tc ng c a thu khi ti tr b ng n vay

EBIT - interest expense EBT - taxes (34%) EAT C phi u 400,000 0 400,000 (136,000) 264,000 N vay 400,000 (50,000) 350,000 (119,000) 231,000

VD: tc ng c a thu khi ti tr b ng n vay

EBIT - interest expense EBT - taxes (34%) EAT
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C phi u 400,000 0 400,000 (136,000) 264,000

N vay 400,000 (50,000) 350,000 (119,000) 231,000

Gi s cng ty chi tr $50,000 c t c cho cc c ng. ng.

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VD: tc ng c a thu khi ti tr b ng n vay

EBIT - interest expense EBT - taxes (34%) EAT - dividends Retained earnings C phi u 400,000 0 400,000 (136,000) 264,000 (50,000) 214,000 N vay 400,000 (50,000) 350,000 (119,000) 231,000 0 231,000

CPSD n sau thu

CPSD n tr c thu

Ti t ki m Thu

33,000 = 50,000 Ho c 33,000 = 50,000 ( 1 - .34) N u tnh theo t l ph n trm

17,000

%CPSD n sau thu

%CPSD n tr c thu

1-

Thu su t

After-tax After% cost of = Debt

Before-tax Before% cost of Debt

Marginal - tax rate

Kd

kd (1 - T)

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After-tax After% cost of = Debt

Before-tax Before% cost of Debt

Marginal - tax rate

VD: Chi ph s d ng n ph
I Cng ty P pht hnh tri phi ph tr

Kd .066

= =

kd (1 - T) .10 (1 - .34)

u c m nh gi $1,000, th i gian 20 nm li su t gi $1,000, danh ngha l 10%. Ti n li tr h ng ngh nm. TP c bn b ng m nh gi, nm. gi nhng chi ph pht hnh tri phi u l ph ph tr $50/1 TP. TP. d ng n vay tr c v

I Tnh chi ph s ph

sau thu ?

I CPSD n

tr c thu : 950 = 100(PVIFA 20, kd) + 1000(PVIF 20, kd) kd = 10.61%.

I CPSD n

CPSD n tr c thu : 950 = 100(PVIFA 20, kd) + 1000(PVIF 20, kd) kd = 10.61%.
I

sau thu : Kd = kd (1 - T) Kd = .1061 (1 - .34) Kd = .07 = 7%

CPSD n Kd = Kd =

sau thu : kd (1 - T) .1061 (1 - .34) 7%

TP li su t 10% ch c CP l 7% (g m CPPH) (g Do li vay l kho n lm gi m tr thu

Kd = .07 =

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Tnh kd (YTM) b ng cng th c g n ng

I

Chi ph s d ng n - Vay NH (bank loans)

Chi ph s d ng n vay c k h n 5 nm l ph bao nhiu? nhiu? I Interest = Prime + 1%. I 2% (n g c) chi ph qu n l. (n ph l. I N g c ($100) o h n sau 5 nm. nm. I LSCB (Prime rate) = 9% p.a.
I

C th tnh c t su t g n ng b ng cng th c sau: FV NP sau: I +

YTM = n FV + NP 2

NP: kho n ti n thu n thu c t bn tri tr phi u. I n: Th i h n tri phi u tr I I : Ti n li tri phi u hng nm tr I FV: m nh gi tri phi u gi tr
I

Chi ph s d ng n - Vay NH (bank loans)

Li su t = 9% + 1% = 10%. I Ti n vay nh n c = $100 $2 = $98. I Ti n li h ng nm = $10. I Chi ph s d ng n vay NH ph
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Chi Ph S D ng V n Ph CP I Ta tnh chi ph s d ng v n CP t ph cng th c nh gi CP : gi kp = D Po = Dividend Price

98 = 10

1 (1 + r ) 5 100 + r (1 + r )5
Trial-and-error

r = RD = 10.53%

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Chi Ph S D ng V n Ph CP
I Ta c:

VD: Chi Ph S D ng V n Ph
CP
I Cng ty P pht hnh CP ph

kp =
I Tr

D Po

Dividend Price

ng h p c chi ph pht hnh: ph ph nh: kp = D NPo = Dividend Net Price

,c t c $8/nm, gi bn $75/CP. N u chi ph $8/nm, gi $75/CP. ph pht hnh l $1/CP, hy tnh chi ph ph $1/CP, ph s d ng v n CP c a cng ty? ty?

NPo = gi chi ph pht hnh! gi ph ph nh!

VD: Chi Ph S D ng Ph V n CP kp = D NPo = Dividend Net Price

VD: Chi Ph S D ng Ph V n CP kp = D NPo 8.00 74.00 = Dividend Net Price

10.81%

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Chi Ph S D ng V n CP th ng
I C 2 ngu

V n CP th ng t l i nhu n gi l i
IL

n v n c ph n th ng: ng:

1) V n CP th ng n i sinh (L i nhu n gi l i), v 2) V n CP th ng huy ng m i (xternal common equity) 2 ngu n v n ny c ph nh nhau? ph nhau?

i nhu n l i thu c v cc c ng nn chi ph l i nhu n l i l su t sinh ph l i i h i c a cc c ng? ng? I T i sao? sao? I N u cc gim c u t v n c a cc c gi ng, cc c ng s i h i m t m c l i ng, nhu n t ngu n v n .

V n CP th ng t l i nhu n gi l i

V n CP th ng t l i nhu n gi l i 1) M hnh tng tr ng c t c (DCF)

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V n CP th ng t l i nhu n gi l i 1) M hnh tng tr ng c t c Kc = D1 +g Po

V n CP th ng t l i nhu n gi l i 1) M hnh tng tr ng c t c Kc = D1 Po +g

2) M hnh CAPM

V n CP th ng t l i nhu n gi l i 1) M hnh tng tr ng c t c Kc = D1 Po +g

M hnh tng tr ng c t c c p d ng c khng n u g thay i?

2) M hnh CAPM

kc = krf + B ( km - krf )

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V d : c l ng t l tng tr ng c t c
I I I I I I I

M hnh tng tr ng c t c
Nh c i m: M t s cng ty khng chi tr c t c. I Kh c tnh t c tng tr ng Kh I M hnh ny khng tnh n y u t r i ro th tr ng. . ng
I

M t phng php c l ng t l tng tr ng l ph s d ng gi tr bnh qun l ch s gi Nm C t c Ph n trm thay i 2006 1.23 2007 1.30 (1.30 1.23) / 1.23 = 5.7% 2008 1.36 (1.36 1.30) / 1.30 = 4.6% 2009 1.43 (1.43 1.36) / 1.36 = 5.1% 2010 1.50 (1.50 1.43) / 1.43 = 4.9%

Bnh qun = (5.7 + 4.6 + 5.1 + 4.9) / 4 = 5.1%

M hnh CAPM/SML
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Li su t phi r i ro no ph h p?
I

u i m: c tnh n y u t r i ro, p ro, d ng c cho cc cng ty khng chi tr c t c. Nh c i m: c n ph i c tnh

Beta Ph n b r i ro (th ng d a vo s li u qu qu kh ) Ph i s d ng li su t phi r i ro ph h p ph

S d ng l i su t TP di h n n u chng ta ch phn tch dng ti n t m t kho n u t di h n. i v i kho n u t ng n h n th s d ng th tri phi u chnh ph ng n h n. tr ch S d ng LS phi r i ro danh ngha n u chi t ngh kh u dng ti n danh ngha v LS th c phi r i ngh ro (real risk-free rate) n u chi t kh u dng riskti n th c.

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V n CP th ng t pht ph hnh m i M hnh tng tr ng c t c

V n CP th ng t pht ph hnh m i M hnh tng tr ng c t c knc = D1 +g NPo

V n CP th ng t pht ph hnh m i M hnh tng tr ng c t c knc = D1 +g NPo Ti n thu v t bn CP m i sau khi tr CPPH!

Chi ph s d ng v n pht hnh m i ph ph i u ch nh chi ph pht hnh ph ph Chi ph pht hnh l cc chi ph lin quan ph ph ph
n vi c pht hnh ch ng khon m i nh chi ph ph kho ph b o lnh pht hnh, php l, nim y t, v in n. ph nh, ph l, i u ch nh vo t ng u t ban i u ch nh vo su t chi t kh u u

a. b.

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i u ch nh vo t ng u t ban u (AIO)
C ng chi ph pht hnh (FC) vo ph ph u (ICO). n u t ban

i u ch nh vo t ng u t ban u (AIO)
I Tnh

NPV =

CFt

t t=1 (1 + k)

- ( ICO + FC )

Tc

ng: lm gi m NPV ng:

chi ph pht hnh khi c tnh chi ph s d ng v n ph ph ph a. Th nh t, xc nh chi ph pht hnh c a t ng ngu n v n. ph ph Chi ph pht hnh v n ch s h u fE, v chi ph pht hnh ph ph ph ph n , fD. b. Tnh chi ph pht hnh bnh qun, fA: ph ph qun, fA = (E/V) fE + (D/V) fD c.Chi ph th cc a d n = chi ph d n/(1 - fA). c. ph ph I V d : Cng ty LMP d tnh tng $110 tri u xy nh nh my m i. Chi ph pht hnh n v v n ch s h u l 5% v ph ph 18%. Chi ph th c c a d n m i l bao nhiu? C c u v n ph nhiu? t i u l D/E = 1 I Chi ph pht hnh bnh qun = .50(5) + .50(18) = 11.5% ph ph I Chi ph th c c a d n $110M/(1 - .115) = $124.29M. ph

Chi ph s d ng v n bnh qun

I Chi ph s d ng v n bnh qun l chi ph ph ph

Chi ph s d ng v n bnh qun ph Capital Structure 20% 10% 70%

s d ng v n c a t ng ngu n v n ring l tnh theo tr ng s c a t ng ngu n v n .

Source debt preferred common

Cost 6% 10% 16%

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Chi ph s d ng v n bnh qun ph

(20% debt, 10% preferred, 70% common)
I

Chi ph s d ng v n bnh qun ph

Xc nh t tr ng t ng ngu n v n nh th no? Tnh theo gi tr s sch? gi ch? Tnh theo gi tr th tr ng? gi ng? Tnh theo c u trc v n m c tiu c a tr doanh nghi p?

Chi ph s d ng v n bnh qun = ph

.20 (6%) + .10 (10%) + .70 (16) = 13.4%

V d
I

V d
Chi ph s d ng v n ch s h u (SML): ph RE = .045 + .90 (.092) = .045 + .0828 = .1278 = 12.8% I Chi ph s d ng n : ph Nhn t tr ng c a t ng kho n n v i YTM c a t ng kho n; chi ph s d ng n bnh qun c a n = 7.15% ph I T tr ng c c u v n: Gi tr th tr ng c a v n ch s h u = 78.26 tri u $58 = Gi $4.539 t Gi tr th tr ng c a n = $501 + $463 + $221 + $289 = Gi $1.474 t V = $4.539 t + $1.474 t = $6.013 t D/V = $1.474b/$6.013b = .2451 = 25% E/V = $4.539b/$6.013b = .7549 = 75% I WACC = .75 (12.8) + .25 7.15(1 - .35) = 10.76%
I

I I I I I I I

Cng ty Eastman Chemical c 78.26 tri u c phi u th ng ang lu hnh. Gi tr s sch m i c ph n l $22.40 nhng c phi u nh. Gi c bn v i gi $58. Gi tr th tr ng c a v n ch s h u l gi Gi $4.54 t . H s beta c a c phi u Eastman l .90. L i su t tn phi u 4.5%, ph r i ro th tr ng l 9.2%. ph Cng ty c cc kho n n sau. sau. LS Coupon Gi tr s sch GT TT YTM Gi 6.375% $ 499m $ 501m 6.32% 7.250% 495m 463m 7.83% 7.635% 200m 221m 6.76% 7.600% 296m 289m 7.82% T ng $1,490m $1,474m

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Chi phi s d ng v n c a doanh nghi p v d n

Chi ph s d ng v n c a m t d n ph ph thu c vo vi c s d ng ngu n v n nh th no ch khng ph i l ngu n v n t u. u. I Do v y, chi ph s d ng v n ph thu c vo ph r i ro c a d n ch khng ph i r i ro c a cng ty. ty. I Cc d n khc nhau c nh ng su t chi t kh kh u khc nhau. nhau. kh
I
I I I

Chi ph s d ng v n c a doanh nghi p v d n

i u g x y ra n u chng ta s d ng WACC cho ch m i d n b t k r i ro nh th no? Gi nh WACC = 15% D n Su t sinh l i yu c u IRR A 20% 17% B 15% 18% C 10% 12%

Chi ph s d ng v n c a doanh nghi p v d n

IRR d n

Chi phi s d ng v n c a doanh nghi p v d n

I Gi

RF + FIRM ( R M RF )
SML cho ta bi t t i sao:

SML
Ch p nh n sai khi ch n d n c NPV m

s cng ty ABC (ti tr hon ton b ng v n ch s h u) c chi ph (t ho to ph s d ng v n theo CAPM l 17%. Li su t phi r i ro l 4%, ph r i ro th ph tr ng l 10%, beta c a cng ty 1.3. 17% = 4% + 1.3 10% ICc d n u t c a cng ty c phn lo i nh sau: 1/3 ngnh bn l t = 2.0

Su t chi t kh u rf

T b sai khi t b d n c NPV dng R i ro cng ty (beta)

1/3 s n xu t thi t b ph n c ng my tnh = 1.3 1/3 Ngnh i n = 0.6 Beta bnh qun c a ti s n = 1.3 Khi nh gi d n u t xy d ng nh my i n, chi ph s d ng v n l bao nhiu?

M t cng ty s d ng m t su t chi t kh u duy nh t cho t t c cc d n c th tng r i ro c a cng ty v lm gi m gi tr cng ty gi

FIRM

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Chi phi s d ng v n c a doanh nghi p v d n

SML IRR d n 24% 17% 10% u t vo ngnh bn l t hay ph n c ng my tnh th su t chi t kh u cao hn. I

Chi phi s d ng v n c a doanh nghi p v d n

i u ch nh ch quan
Xem xt r i ro c a d n so v i ton b cng ty to N u d n r i ro hn cng ty, s d ng m t su t ty, chi t kh u l n h n WACC N u d n t r i ro hn cng ty, s d ng m t su t ty, chi t kh u nh hn WACC B n v n c th ch p nh n nh ng d n m l ra khng nn ch p nh n, v bc b nh ng d n m l ra nn ch p nh n, nhng t l sai st c a b n s th p hn

R i ro d n () 0.6 1.3 2.0 r = 4% + 0.6(14% 4% ) = 10% 10% ph n nh chi ph c h i c a v n u t vo d n s n xu t i n, l r i ro ring bi t c a d n.

Phng php ch quan V d ph

I

Chi phi s d ng v n c a doanh nghi p v d n

i u ch nh khch quan kh
Tm m t hay nhi u cng ty cng chuyn ho t ng trong lo i s n ph m hay d ch v m chng ta ang xem xt ch Tnh beta cho t ng cng ty L y gi tr bnh qun gi S d ng gi tr beta cng v i CAPM gi tm su t sinh l i thch h p cho m t d n c th cng r i ro. ro. Th ng kh m tm c nh ng cng ty kh ho t ng thu n tu trong lnh v c xem xt

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