Chng 5

Quyt nh ti tr ca doanh nghip

ThS Nguyn Thy Anh Khoa QTKD-HNT
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Mc tiu chng hc
Tm quan trng ca quyt nh ti tr i vi doanh nghip Nm c cc phng thc ti tr c bn ca doanh nghip, u v nhc im ca tng phng thc Xc nh chi ph s dng vn v chi ph s dng vn bnh qun Xy dng c cu vn ti u

Ni dung
Tng quan v ngun ti tr ca doanh nghip Chi ph s dng vn ca doanh nghip C cu vn v n by

Tng quan
Khi nim Ngun ti tr ca doanh nghip chnh l ngun vn m doanh nghip s dng ti tr cho ti sn ca doanh nghip, hay cn gi l ngun hnh thnh nn ti sn ca doanh nghip.

Tng quan
Tm quan trng ca quyt nh ti tr - m bo ngun vn cho doanh nghip - Ti a ha gi tr doanh nghip

Tng quan
Phn loi Theo thi gian s dng - Ti tr ngn hn - Ti tr di hn

Phn loi

Ti tr ngn hn Thi gian s dng Chi ph s dng Hnh thc biu hin Th trng giao dch

Ti tr di hn

Phn loi

Ti tr ngn hn

Ti tr di hn

Thi gian s dng

Chi ph s dng Hnh thc biu hin Th trng giao dch

Bng hoc ln hn Trong vng 1 nm 1 nm Thp hn ti tr di hn Vay n Th trng vn ngn hn Cao hn ti tr ngn hn Vn ch s hu hoc vay n Th trng vn di hn
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Tng quan
Phn loi Theo tnh cht s hu - Vn ch s hu - N vay

Phn loi
Vn ch s hu Ngi cung cp vn Li tc Yu cu ti sn bo m Khu tr vo thu nhp chu thu
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N vay

Phn loi
Vn ch s hu Ngi cung cp vn Li tc Yu cu ti sn bo m Khu tr vo thu nhp chu thu Ch s hu ng gp N vay i tc bn ngoi DN

Khng phi bt buc phi tr cho ch s hu (tr ph sn)

Khng Khng

Bt buc phi hon tr gc v li sau thi hn xc nh

C C
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Cc phng thc ti tr

Ti tr di hn Ti tr ngn hn

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Ti tr di hn
Vn ch s hu
Vn gp ban u Gi li li nhun Pht hnh c phiu

Vay n di hn
Pht hnh tri phiu Vay di hn Tn dng thu mua
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Vn gp ban u
Vn gp ban u (hay cn c gi l vn u t hay vn iu l) c hiu l ngun vn c huy ng khi thnh lp

doanh nghip.

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Vn gp ban u
Quy nh php lut v vn gp ca Vit Nam (ti Lut Doanh nghip 2005)
Hnh thc gp vn V vic tng, gim vn iu l Quy nh v vn php nh

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Vn gp ban u
iu 4-Lut Doanh nghip 2005
Ti sn gp vn c th l tin Vit Nam, ngoi t t do chuyn i, vng, gi tr quyn s dng t, gi tr quyn s hu tr tu, cng ngh, b quyt k thut, cc ti sn khc ghi trong iu l cng ty do thnh vin gp to thnh vn ca cng ty.

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Vn gp ban u
iu 60. Tng, gim vn iu l (Cty TNHH)
Theo quyt nh ca Hi ng thnh vin, cng ty c th tng vn iu l bng cc hnh thc sau y: a) Tng vn gp ca thnh vin; b) iu chnh tng mc vn iu l tng ng vi gi tr ti sn tng ln ca cng ty; c) Tip nhn vn gp ca thnh vin mi.

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Vn gp ban u
iu 60. Tng, gim vn iu l (Cty TNHH)
Theo quyt nh ca Hi ng thnh vin, cng ty c th gim vn iu l bng cc hnh thc sau y: a) Hon tr mt phn vn gp cho thnh vin theo t l vn gp ca h trong vn iu l ca cng ty nu hot ng kinh doanh lin tc trong hn hai nm, k t ngy ng k kinh doanh; ng thi vn bo m thanh ton cc khon n v cc ngha v ti sn khc sau khi hon tr cho thnh vin; b) Mua li phn vn gp theo quy nh ti iu 44 ca Lut ny; c) iu chnh gim mc vn iu l tng ng vi gi tr ti sn gim xung ca cng ty. 18

Vn gp ban u
Vn php nh :

Chng khon: Theo Ngh nh s 14/2007/N-CP:

Mi gii chng khon: 25 t ng T doanh chng khon: 100 t ng Bo lnh pht hnh: 165 t ng T vn u t chng khon: 10 t ng

Kinh doanh bo him

Bo him phi nhn th: 300 t ng. Bo him nhn th: 600 t ng. Mi gii : 4 t ng.
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Li nhun gi li
T ti tr bng thu nhp gi li l mt phng thc to ngun ti chnh quan trng v kh hp dn i vi doanh nghip.

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Li nhun gi li
u im - Quyn s hu vn c phn tng ln - Khng phi chia s quyn kim sat cng ty vi c ng mi nu pht hnh thm c phiu - Tr hon c vic nh thu thu nhp c nhn khi cng ty khng chia c tc. - tn km hn pht hnh c phiu; Nhc im Trng hp doanh nghip khng c nhng d n u t ha hn mang li t sut sinh li mong i cho cc ch s hu, vic gi li li nhun i ngc li vi li ch ca ch s hu.

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Li nhun gi li
Cc yu t nh hng n chnh sch gi li li nhun
Kt qu kinh doanh ca doanh nghip C hi u t v hiu qu ca vic u t nh hng ca thu Trin vng tng trng ca doanh nghip Lm pht u tin ca c ng
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Pht hnh c phn

Phn loi
Pht hnh c phiu ph thng Pht hnh c phiu u i

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C phiu ph thng
Khi nim L chng ch xc nhn quyn s hu cng ty v cho php ngi nm gi c hng cc quyn li thng thng ca cng ty c phn

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C phiu ph thng
Quyn ca c ng ph thng Quyn kim sot cng ty Quyn i vi ti sn cng ty Quyn chuyn nhng c phiu

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C phiu ph thng
u im
Khng c ngha v hon tr vn Tng mc vng chc v ti chnh To ro chn i vi lm pht

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C phiu ph thng
Nhc im
C ng hin hu b chia s quyn b phiu, kim sot v phn phi thu nhp

Chi ph pht hnh cao

Khng c khu tr vo thu nhp chu thu

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Initial Offering
Value of Issues ($mil) 2 - 9.99 10 - 19.99 20 - 39.99 40 - 59.99 60 - 79.99 80 - 99.99 100 - 199.99 200 - 499.99 500 and up All Issues

Average Expenses on 1767 IPOs from 1990-1994

Direct Avg First Day Costs (%) 16.96 11.63 9.7 8.72 8.2 7.91 7.06 6.53 5.72 11.00 16.36 9.65 12.48 13.65 11.31 8.91 7.16 5.70 7.53 12.05 Total 25 16 . 18. 15 18. 18 17.95 16.35 14. 14 12.78 11 10 . 10.36 18.69
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Return (%) Costs (%)

Pht hnh c phiu ph thng

Cc yu t nh qun tr cn cn nhc
S lng c phiu pht hnh Kh nng chuyn nhng c phiu Quyn biu quyt Quyn mua thm c phiu

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Pht hnh c phiu

Quyn biu quyt Nm 1956, Ford Motor ch l mt cng ty gia nh. Khi tr thnh cng ty i chng, Ford khng mun mt quyn kim sat vic kinh doanh ca cc thnh vin trong gia nh nn chia CP thnh 2 loi: A v B. Loi A do cng chng nm gia v loi B do cc thnh vin trong gia nh Ford nm gi. C phiu loi B cho php cc c ng c nhiu quyn biu quyt hn loi A. CP loi B c 60% quyn biu quyt, loi A c 40%.
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Pht hnh c phiu ph thng

Phng thc: - Pht hnh c phiu ln u ra cng chng (IPO)/seasoned offering - Venture capital - Rights issue
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Huy ng vn c phn
Venture Capital

Vn ti tr cho mt doanh nghip mi thnh lp

DN c ti tr chu s kim sot

v mt qun l ca bn cung cp vn v vn c gii ngn theo tng giai on, ph thuc vo s thnh cng ca doanh nghip ny.
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Quyn mua c phiu

Cng ty A hin c 15.000 c phiu ang lu hnh. Gi 1 CP ca cng ty trn th trng hin ti l 100.000. Cty quyt nh huy ng thm 500 triu ng tng vn u t bng vic pht hnh thm c phiu mi v dnh quyn u tin mua cho c ng hin hnh vi gi ghi bn n nh l 95.000/CP. Xc nh s quyn mua, gi 1 quyn mua?
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Quyn mua c phiu

Gi s c ng B ang s hu 3.000 c phn ca cng ty v c 95 triu tin mt cha bit lm g. TH1: C ng B thc hin quyn mua TH2: C ng B khng thc hin quyn mua m bn li cho ngi khc TH3: C ng B khng hnh ng g c T l s hu CP cng ty A v gi tr danh mc u t ca c ng B thay i nh th no?
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C phiu u i
Khi nim: C phiu u I l chng ch xc nhn
quyn s hu trong cng ty c phn ng thi cho php ngi nm gi loi c phiu ny c hng mt s quyn li u I so vi c ng thng.

Phn loi (Lut DN 2005, Chng IV)

C phiu u I biu quyt C phiu u I c tc C phiu u I hon li C phiu u I khc do iu l cng ty quy nh.

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C phiu u i
c im
Quyn u tin v c tc v thanh ton khi thanh l cng ty C tc tch lu Khng c hng quyn b phiu

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C phiu u i
u im
Cng ty khng bt buc phI tr li tc ng hn hng nm m c th han tr sang k sau. Cng ty trnh c vic chia phn kim sat cho c ng mi thng qua quyn biu quyt Cng ty khng phI th chp, cm c ti sn. Quyn li ca c ng c vn c m bo

Nhc im
C tc c phiu u I thng cao hn li tc trI phiu. u t vo c phn u I c tnh ri ro cao hn so vi u t vo trI phiu C tc c phiu u I khng c tr vo thu nhp chu thu ca cng ty.
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Pht hnh tri phiu

Tri phiu l loi chng khon xc nhn quyn v li ch hp php ca ngi s hu i vi mt phn vn n ca t chc pht hnh. Tri phiu khc cc khon vay n thng thng nh th no?

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Pht hnh tri phiu

Mnh gi (par value): S tin m ngi nm gi tri phiu s nhn c vo ngy tri phiu o hn. Li sut tri phiu (Li sut danh ngha) (coupon rate): Theo , li s c tnh bng mnh gi nhn vi li sut tri phiu v thng c thanh ton hng nm Thi gian o hn (maturity date)
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Pht hnh tri phiu

c im:
Thanh ton li Hon tr gc khi o hn

Th t thanh ton khi cng ty ph sn Quyn qun l cng ty

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Pht hnh tri phiu

Phn loi
Theo tnh cht m bo:
Debenture Mortgage bond

Theo li sut
Tri phiu li sut c nh

Tri phiu li sut th ni

Tri phiu li sut bng 0
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Pht hnh tri phiu

Phn loi
Kh nng thu hi:
Callable Bond Putable Bond

Cc loi khc
Tri phiu chuyn i Tri phiu thu nhp (Income Bond)

Subordinated debenture
Senior debenture
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Pht hnh tri phiu

More Risk
Common Stock
Preferred Stock Subordinated Debentures Senior Debentures 2nd Mortgage Bonds

1st Mortgage Bonds

Less Risk Higher Priority of claim Lower

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Vay di hn
Khi nim: L mt tha c tn dng di dng mt hp ng din ra gia ngi vay v ngi cho vay m theo ngi vay c ngha v hon tr tin vay theo mt thi hn xc nh.

Phn loi:
Cn c vo hnh thc bo m: vay c bo m v vay khng bo m

Vay theo hn mc tn dng, theo d n u t

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Vay di hn
u im: li sut huy ng vn vay thng thp hn cc chi ph s dng ngun vn ch s hu Nhc im: th tc phc tp, chu cc rng buc v iu kin tn dng, vic kim sat ca ngi cho vay trong qu trnh s dng vn
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Tn dng thu mua

Khi nim:
Tha thun thu mua l mt hp ng gia hai hay nhiu bn, lin quan n mt hay nhiu ti sn. Ngi cho thu chuyn giao ti sn cho ngi thu c quyn s dng trong mt thi gian nht nh. i li ngi thu phi tr mt s tin cho ngi cho thu tng xng vi quyn s dng v quyn hng dng
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C cu vn ca cc cng ty M
120

Percent of total sources

100 80 60 40 20 0 -20
1989 1991 1993 1995 1997 1999 2001 2003

Internal Funds New Equity New Debt

-40

Year
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Cc ti sn ti chnh di y c xp theo th t mc ri ro tn dng t thp n cao. Th t no l ng nht? a. C phiu thng cng ty Kim Linh; C phiu u i cng ty Kim Linh; Tn phiu kho bc nh nc; Tri phiu cng ty Kim Linh; Chng ch tin gi Vietcombank b. Chng ch tin gi Vietcombank; Tn phiu kho bc nh nc; Tri phiu cng ty Kim Linh; C phiu u i cng ty Kim Linh; C phiu thng cng ty Kim Linh c. Tn phiu kho bc nh nc; Chng ch tin gi Vietcombank; Tri phiu cng ty Kim Linh; C phiu thng cng ty Kim Linh; C phiu i cng ty Kim Linh d. Tn phiu kho bc nh nc; Chng ch tin gi Vietcombank; Tri phiu cng ty Kim Linh; C phiu u i cng ty Kim Linh; C phiu thng cng ty Kim Linh e. Tn phiu kho bc nh nc; Chng ch tin gi Vietcombank; C phiu u i cng ty Kim Linh; Tri phiu cng ty Kim Linh; C phiu48 thng

Cu hi

Cu hi
Cng ty c phn Phng ng c th huy ng vn di hn bng cch: a. Mua li c phiu ca mnh trn th trng chng khon th cp b. Bn tri phiu ca mnh cho cng ty bo him nhn th Bo Vit c. Mua tri phiu ngn hng BIDV d. Pht hnh thng phiu trn th trng tin t e. Mua tn phiu kho bc nh nc.

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Ti tr ngn hn
N tch ly Tn dng thng mi Vay ngn hn

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N tch ly
Cc khon n tch ly ch yu bao gm n lng cng nhn v n thu chnh ph, tin ng trc ca khch hng. c im:
Bin i theo cc hat ng kinh doanh L hnh thc ti tr min ph Hnh thc ti tr gii hn

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Tn dng thng mi
Tn dng thng mi l hnh thc bn tr chm ca cc nh cung cp. Hnh thc:
Bn hng chit khu: VD 2/10 net 30 Hng k gi: ngi mua thanh ton tin cho nh cung cp sau khi hng ha c bn xong

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Vay ngn hn
L cc khon vay c thi hn di 1 nm Hnh thc:
Cho vay theo hn mc tn dng Cho vay theo phng n sn xut kinh doanh

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Cc yu t cn xem xt
Vic hon tr ngun vn, thi hn hon tr Chi ph s dng Tc ng n ch s hu hin hu Trch nhim khi thanh l ti sn Tc ng ca thu C cu vn ca doanh nghip

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Chi ph s dng vn
Khi nim Chi ph s dng tng ngun vn Chi ph s dng vn bnh qun

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Chi ph s dng vn
Khi nim: Chi ph s dng vn c th xem l t sut sinh li ca mt doanh nghip phi to ra t nhng d n u t m bo duy tr gi c phn trn th trng. Chi ph s dng vn cng c th c hiu nh l mc t sut sinh li m cc nh cung cp vn trn th trng yu cu doanh nghip phi tr nhm m bo ti tr vn ca h i vi doanh nghip.
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Chi ph s dng tng ngun vn

Chi ph n vay Chi ph c phn u i Chi ph c phn thng (li nhun gi li hoc pht hnh c phiu mi)

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Chi ph n vay

Kd= Kd (1-T)
Kd: Chi ph n vay trc thu Kd: Chi ph n vay sau thu T: Thu sut

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Chi ph c phiu u i

Kp= Dp/Po
Kp: Chi ph c phiu u i Dp: C tc c phiu u i Po: Doanh thu thun t vic pht hnh c phiu u i

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Chi ph c phn u i

V d: Cng ty Kinh d nh pht hnh c phn u i vi mc chia c tc d kin hng nm l 8,5% trn mnh gi pht hnh l 10000. Chi ph pht hnh l 500/CP. Xc nh chi ph s dng vn c phn u i.
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Chi ph c phn thng

Ban Gim c nn gi li li nhun nu khon u t bng li nhun gi li ny mang li mt t sut sinh li bng hoc ln hn t sut sinh li ca c hi u t k tip ca c ng vi cng mt mc ri ro Chi ph li nhun gi li= Chi ph c hi ca vn ca c ng Hai phng php xc nh M hnh tng trng n nh c tc M hnh Capital Asset Pricing Model
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Chi ph c phn thng

M hnh tng trng n nh c tc

ke =

D1 P0

+ g

g: T l gia tng c tc khng i Ke: T sut sinh li cn thit theo th trng D1: li tc c phn k vng k tip ca mi c phn

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Chi ph c phn thng

V d:
Cng ty Kinh c li tc mi c phn trong ln chia mi nht l 2000 VN, gi bn c phn hin nay l 20.000 VN v t l gia tng li tc c phn khng i l 5%/nm.

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Chi ph c phn thng

M hnh nh gi ti sn vn CAPM Li nhun k vng ca mt chng khon bng lai nhun khng ri ro (risk-free rate) cng vi mt khon b p ri ro.

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Chi ph c phn thng

M hnh nh gi ti sn vn CAPM kS = kRF + (kM kRF)
Ko: T l sinh li phi ri ro, c th xc nh bng t l sinh li o hn ca tn phiu kho bc Km: T l sinh li k vng trn danh mc u t th trng c tnh B: h s bta c tnh ca d n u t mi (h s o lng mc bin ng li nhun ca c phiu A so vi mc bin ng li nhun danh mc u t th trng)
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Chi ph c phn thng

V d: C phiu A v B c h s bta ln lt l 1,5 v 0,7, Li nhun khng ri ro l 7%, Li nhun th trng l 13,4%
Xc nh t sut sinh li k vng ca c phiu A v B Nu xy dng danh muc u t c phiu A v B th t sut sinh li k vng ca danh mc ny l bao nhiu?
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Chi ph s dng vn bnh qun

(Weighted Average Cost of Capital- WACC)

WACC= ka= (Wd x kd ) + (Wp x kp ) + (We x ke)

Lu : Tng t trng cc ngun ti tr ring bit trong cu trc vn phi bng 1 T trng vn c phn thng c nhn vi hoc chi ph ca thu nhp gi li hoc chi ph vn c phn pht hnh mi
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Chi ph s dng vn bnh qun

(Weighted Average Cost of Capital- WACC)

V d:
Cng ty Kinh c cc thng s v chi ph s dng tng ngun ti tr ring bit trong c cu vn ca cng ty nh sau: Chi ph s dng vn vay sau thu: 5.6%, t trng 40% Chi ph s dng vn c phn u i: 9%, t trng 10% Chi ph s dng vn t thu nhp gi li: 13%; t trng 50% Xc nh chi ph s dng vn bnh qun ca cng ty?

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Chi ph s dng vn bnh qun cn bin

(Marginal Cost of Capital- MCC)

Chi ph vn khi doanh nghip huy ng thm 1 n v vn

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Chi ph s dng vn cn bin (Marginal Cost of Capital- MCC)

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Chi ph s dng vn bnh qun cn bin (Marginal Cost of Capital- MCC)

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Chi ph s dng vn bnh qun cn bin (Marginal Cost of Capital- MCC)

Li nhun gi li v pht hnh c phiu Nu li nhun gi li khng b p th Dn s cn nhc vic PH C phiu Gi s chi ph pht hnh CP l 10% Ks= 14%

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Chi ph s dng vn bnh qun cn bin (Marginal Cost of Capital- MCC)

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Chi ph s dng vn bnh qun cn bin (Marginal Cost of Capital- MCC)

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Chi ph s dng vn bnh qun cn bin (Marginal Cost of Capital- MCC)

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Chi ph s dng vn bnh qun cn bin (Marginal Cost of Capital- MCC)

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Chi ph s dng vn bnh qun cn bin (Marginal Cost of Capital- MCC)

Cu hi: Cn im gy no na khng?

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Chi ph s dng vn bnh qun cn bin (Marginal Cost of Capital- MCC)

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Chi ph s dng vn bnh qun cn bin (Marginal Cost of Capital- MCC)

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Chi ph s dng vn bnh qun cn bin (Marginal Cost of Capital- MCC)

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Chi ph s dng vn bnh qun cn bin (Marginal Cost of Capital- MCC)

DN A ang xem xt cc d n u t sau

D n

Tng vn T
(triu )

IRR (%)

A
B

50
50

13
12.5

C
D

80
80

10
10.2
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Chi ph s dng vn bnh qun cn bin (Marginal Cost of Capital- MCC)

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C cu vn ca doanh nghip
C cu vn l s kt hp gia cc ngun ti tr

ca doanh nghip: n, c phiu u i, li nhun gi li, pht hnh c phiu C cu vn cp n t l ti tr bng n v t l ti tr bng vn ch s hu ca doanh nghip c phn nh bi n by ti chnh Liu gi tr doanh nghip c ph thuc vo vic xy dng c cu vn hay khng? Nu c th nh th no?
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Ti sao c cu vn li quan trng?

n by: n by ti chnh cng cao th t sut sinh li ca ch s hu cng cao nhng ri ro cng cng ln Chi ph s dng vn: Mi ngun ti tr u c chi ph ring. Vic xy dng c cu vn nh hng n chi ph s dng vn ca doanh nghip C cu vn ti u l c cu ti thiu ha chi ph vn ca doanh nghip v ti a ha gi tr doanh nghip.
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Xy dng c cu vn n by C cu vn c nh hng n chi ph s dng vn v gi tr ca doanh nghip

85

n by
n by l vic doanh nghip s dng ti sn v n c chi ph hat ng c nh v chi ph ti chnh c nh trong n lc gia tng li nhun tim nng cho cc ch s hu.

n by kinh doanh lin quan n s dng ti sn c nh ph trong khi n by ti chnh lin quan n s dng n v vn c phn u i c chi ph ti chnh c nh.
86

n by

87

n by

88

n by

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n by n by hot ng n by ti chnh n by tng hp

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n by hot ng Ri ro kinh doanh

Doanh s S cnh tranh trn th trng Chi ph S a dng sn phm Nhu cu sn phm n by kinh doanh

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n by hot ng
L vic s dng chi ph hot ng c nh (fixed cost) so vi chi ph hot ng bin i (variable costs).

EBIT

n by hot ng

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 nghing n by hot ng (DOL-Degree of operating leverage)

Chi ph c nh: khu hao, bo him, mt b phn chi ph in nc, mt b phn chi ph qun l Chi ph bin i: nguyn vt liu, lao ng trc tip, mt phn chi ph in nc, chi ph bn hng, mt phn chi ph qun l

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 nghing n by hot ng (DOL-Degree of operating leverage)

Bng vic s dng n by hot ng, mt s thay i trong doanh thu c th phng i mt s thay i ln hn trong li nhun hot ng. Tc ng phng i ny c gi l mc nh hng ca n by hot ng hay nghing n by hot ng (degree of operating leverage).
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 nghing n by hot ng t mc doanh thu

(S)

DOLs =

% thay i EBIT % thay i doanh thu Thay i EBIT EBIT Thay i doanh thu Doanh thu
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DOLs =

 nghing n by hot ng t mc doanh thu (S)

Doanh thu- Bin ph DOLs = EBIT

=

Q(P - V) Q(P - V) - F
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 nghing n by hot ng (DOL-Degree of operating leverage)

V d: Cng ty Minh Hng mun xc nh nghing n by hot ng ti mc doanh s 6000 sn phm, bit nh ph l 100 triu, bin ph l 18 nghn/sp v gi bn l 43 nghn/sp

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 nghing n by hot ng (DOL-Degree of operating leverage)

ngha: DOL cng ln th phng i ca thay i doanh thu i vi thay i EBIT cng ln. DOL= 2 ngha l mt s thay i 1% trong doanh thu s a n mt s thay i 2% trong EBIT cng chiu vi thay i doanh thu. C th l nu doanh thu tng 10% th EBIT cng tng 20%, ngc li, doanh thu gim 10% th EBIT cng gim 20%.
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 nghing n by hot ng t mc doanh thu (S)

Doanh thu- Bin ph DOLs = EBIT

=

EBIT + F EBIT
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im ha vn
im ha vn l im m ti doanh thu bng chi ph hay li nhun hot ng bng 0 EBIT: li nhun trc thu v li (li nhun hot ng) P: n gi V: bin ph/n v Q: S lng sn xut v tiu th F: nh ph

100

im ha vn
Ta c:

PxQ(BE) = VxQ(BE) + F Q(BE) = F/ (P-V) V d: Cng ty sn xut xe p Phng Nam c n gi l 50$, chi ph c nh hng nm l 100.000$, chi ph bin i l 25$/xe. Xc nh Sn lng v Doanh thu ha vn ca cng ty?

101

Quan h gia im ha vn v n by hot ng

DOLs =

Q(P - V) Q(P - V) - F

Q Q Q(BE)
102

Quan h gia im ha vn v n by hot ng

Sn lng sx v tiu th
0 1000 2000 3000 4000 5000 6000

EBIT

DOL

7000
8000
103

Quan h gia im ha vn v n by hot ng

Sn lng sx v tiu th
0 1000 2000 3000 4000 5000 6000

EBIT
-100000 -75000 -50000 -25000 0 25000 50000

DOL
0 -0.33 -1 -3 Khng xc nh 5 3

7000
8000

75000
100000

2.33
2
104

105

 ngha ca DOLs i vi qun tr ti chnh

Nh qun tr xem xt s thay i ca doanh thu nh hng nh th no i vi li nhun hot ng nghing n by hot ng Cng ty c thch DOLs cao khng? VD: American Airlines???

106

n by ti chnh
Ri ro ti chnh

S bin i hoc khng chc chn trong thu nhp trn c phn ca cng ty (EPS) cng nh kh nng thanh ton ca cng ty tng khi cng ty s dng n by ti chnh.
107

n by ti chnh
n by ti chnh l vic s dng kt hp cc ngun ti tr bng n vay v ngun ti tr bng vn ch s hu.

108

Phn tch mi quan h gia EBIT v EPS

Cng ty ABC c ngun vn di hn 10 triu USD hon ton t vn c phn ph thng. Cng ty cn huy ng them 5 triu USD cho vic m rng sn xut kinh doanh. Cng ty xem xt 3 phng n huy ng vn Pht hnh c phiu thng, 100.000 Cp vi gi 50 USD/CP Pht hnh tri phiu vi li sut 12% Pht hnh c phiu u i vi c tc 11% EBIT hin ti ca cng ty l 1,5 triu USD v d kin tng n 2,7 triu USD. Thu TNDN l 40%, SL CP lu hnh l 200.000CP

109

110

CP thng
EBIT Li EBT Thu Li nhun sau thu C tc u i LN dnh cho c ng ph thng SL CP EPS

CP u i

111

112

113

 im bng quan gia phng n ti tr bng n v CP thng EBIT= 1,8 triu USD im bng quan gia phng n ti tr bng CP u i v CP thng EBIT= 2,75 triu USD

114

115

n by ti chnh
Bng vic s dng ngun ti tr c chi ph c nh, mt s thay i nh trong li nhun hot ng s phng i mt s thay i trong EPS ca doanh nghip. Tc ng phng i ny c gi l mc nh hng ca n by ti chnh hay nghing n by ti chnh (degree of financial leverage).
116

 nghing n by ti chnh
(DFL- degree of financial leverage)

DFL =

% thay i EPS % thay i EBIT Thay i EPS EPS Thay i EBIT EBIT
117

 nghing n by ti chnh
(DFL- degree of financial leverage)

EBIT DFL = EBIT - I

Nu DFL = 3, th 1% thay i trong li nhun hot ng dn n 3% thay i trong EPS.
118

n by tng hp
n by tng hp l khi doanh nghip s dng c hai n by kinh doanh v n by ti chnh trong n lc gia tng thu nhp cho c ng. Bng vic s dng kt hp n by hot ng v n by kinh doanh th mt s thay i nh trong trong doanh thu c phng i thnh s thay i ln hn trong EPS.

Tc ng phng i gi l nghing n by tng hp

119

 nghing n by tng hp DCL - Degree of Combined Leverage

DCL = DOL x DFL

% thay i EPS = % thay i Doanh thu Thay i EPS EPS Thay i doanh thu Doanh thu
120

 nghing n by tng hp DCL - Degree of Combined Leverage

DCL =

Doanh thu Bin ph EBIT - I

Q(P - V) Q(P - V) - F - I
121

 nghing n by tng hp
DCL - Degree of Combined Leverage

Nu DCL = 4, th 1% tng ca doanh thu dn n 4% tng ca EPS

122

Leverage

Doanh thu
DCL DOL

EPS

DFL

EBIT
123

Bi tp
S dng s liu ca cng ty X xem xt: Doanh thu (100000 sp) $1,400,000 Bin ph $8/v nh ph $250,000 Li $125,000 Thu sut TNDN 34% S lng c phiu lu hnh 100,000

1)

124

Bi tp
1. Nu doanh thu tng 10% th li nhun hot ng nh th no? 2. Nu li nhun hot ng tng 10% th EPS nh th no? 3. Nu doanh thu tng 10%, th EPS nh th no?

125

Degree of Operating Leverage from Sales Level (S)

Sales - Variable Costs DOLs = EBIT

126

Degree of Operating Leverage from Sales Level (S)

Sales - Variable Costs DOLs = EBIT = 1,400,000 - 800,000 350,000

127

Degree of Operating Leverage from Sales Level (S)

Sales - Variable Costs DOLs = EBIT = 1,400,000 - 800,000 350,000 = 1.714

128

Levered Company

Sales
DCL DOL = 1.714

EPS

DFL =

EBIT
129

Degree of Financial Leverage

EBIT DFL = EBIT - I

130

Degree of Financial Leverage

EBIT DFL = EBIT - I =

350,000 225,000

131

Degree of Financial Leverage

EBIT DFL = EBIT - I =

350,000 225,000 = 1.556

132

Levered Company

Sales
DCL DOL = 1.714

EPS

DFL = 1.556

EBIT
133

Degree of Combined Leverage

DCL =

Sales - Variable Costs EBIT - I

134

Degree of Combined Leverage

DCL =

Sales - Variable Costs EBIT - I

1,400,000 - 800,000 225,000

135

Degree of Combined Leverage

DCL =

Sales - Variable Costs EBIT - I

1,400,000 - 800,000 225,000 = 2.667
136

Levered Company

Sales
DCL = 2.667 DOL = 1.714

EPS

DFL = 1.556

EBIT
137

Levered Company
10% increase in sales

Sales (110,000 units) Variable Costs Fixed Costs EBIT Interest EBT Taxes (34%) Net Income EPS

1,540,000 (880,000) (250,000) 410,000 ( +17.14%) (125,000) 285,000 (96,900) 188,100 $1.881 ( +26.67%)

138