Chng trnh Ging dy Kinh t Fulbright 2005-2006

Phn tch ti chnh

Bi ging 13

C tc v chnh sch c tc

Cc khi nim v k nng then cht

Tm hiu v cc loi c tc v cch thc chi tr nh th no Tm hiu nhng vn chung quanh cc quyt nh chnh sch c tc Tm hiu s khc bit gia c tc tin mt v c tc bng c phn Tm hiu l do ti sao vic mua li c phn l mt phng n thay cho chi tr c tc
1

Viktoria Dalko

Chng trnh Ging dy Kinh t Fulbright 2005-2006

Phn tch ti chnh

Bi ging 13

Khi qut chng ny

C tc tin mt v chi tr c tc Chnh sch c tc c quan trng khng? Mt s yu t trong i thng khin ngi ta thch t l chi tr c tc thp Mt s yu t trong i thng khin ngi ta chung t l chi tr c tc cao Mt cch gii quyt cc yu t trong i thng Xy dng mt chnh sch c tc Mua li c phiu: mt phng n thay cho c tc tin mt C tc bng c phiu v chia nh c phiu

C tc tin mt
C tc tin mt u n thanh ton tin mt trc tip cho c ng, thng l mi qu C tc tin mt ph tri (extra cash dividend) cho thy rng s tin ph tri khng chc s c lp li trong tng lai C tc tin mt c bit tng t nh c tc tin mt ph tri, nhng dt khot s khng c lp li C tc thanh l khi bn i mt phn hay ton b hot ng kinh doanh
3

Viktoria Dalko

Chng trnh Ging dy Kinh t Fulbright 2005-2006

Phn tch ti chnh

Bi ging 13

Chi tr c tc
Ngy cng b Hi ng qun tr cng b c tc v n tr thnh mt ngha v n ca cng ty Ngy khng c tc (Ex dividend date) Xy ra hai ngy lm vic trc ngy ng k (date of record) Nu bn mua c phn vo ngy ny hoc sau ngy ny, bn s khng c nhn c tc Vo ngy ny, gi c phiu ni chung gim mt lng bng vi c tc Ngy ng k (Date of Record) Ngy xc nh ngi s hu c phiu v h s c nhn c tc Ngy thanh ton ngy gi sc thanh ton c tc

Ngy khng c tc

Gi l mc gim gi vo ngy khng c tc Gi

Gi c phiu s gim mt lng bng c tc vo ngy khng c tc (ngy 0). Nu c tc l mt USD mt c phn, gi c phiu s l 10 1 = 9 USD vo ngy khng c tc: Trc ngy khng c tc (ngy -1), c tc = 0 USD, gi c phiu = 10 USD Vo ngy khng c tc (ngy 0), c tc = 1 USD, gi c phiu = 9 USD
5

Viktoria Dalko

Chng trnh Ging dy Kinh t Fulbright 2005-2006

Phn tch ti chnh

Bi ging 13

Chnh sch c tc c quan trng khng?

C tc rt quan trng gi tr ca c phiu da vo gi tr hin ti ca c tc tng lai k vng Chnh sch c tc c th khng quan trng
Chnh sch c tc l quyt nh chi tr c tc so vi vic gi li ngun tin ti u t vo cng ty Trn l thuyt, nu cng ty ti u t vn ngay by gi, cng ty s tng trng v c th chi tr c tc cao hn trong tng lai

Minh ha cho tnh cht khng ph hp

Ta hy xem xt mt cng ty c th tr c tc 10.000 USD mt nm trong hai nm ti hoc c th tr 9.000 USD trong nm nay, ti u t 1.000 USD vo cng ty ri chi tr 11.120 USD nm ti. Cc nh u t i hi mt sut sinh li l 12%. Gi tr th trng ng vi c tc khng i = 16.900,51 USD Gi tr th trng khi c ti u t = 16.900,51USD Nu cng ty c hng sut sinh li nh sinh li yu cu, th vic cng ty chi tr c tc khi no khng quan trng
7

Viktoria Dalko

Chng trnh Ging dy Kinh t Fulbright 2005-2006

Phn tch ti chnh

Bi ging 13

T l chi tr c tc thp
Ti sao ngi ta thch t l chi tr c tc thp? Nhng c nhn nc thu thu nhp c nhn cao c th thch t l chi tr c tc thp hn, vi h qu tc thi v mt thu, v a chung li tc vn cao hn Chi ph pht hnh t l chi tr c tc thp c th lm gim lng vn cn phi huy ng, do lm gim chi ph pht hnh Hn ch c tc cc hp ng n c th hn ch t l phn trm thu nhp m c th c chi tr di dng c tc
8

T l chi tr c tc cao
Ti sao ngi ta thch t l chi tr c tc cao? Mun c thu nhp hin ti
Nhng c nhn nc thu thu nhp thp Nhng ngi khng c php chi tiu vo vn gc ca c phiu (ti sn u thc hay tha k)

Gii quyt tnh trng khng chc chn khng bo m rng vic chi tr c tc cao hn trong tng lai s tr thnh hin thc Thu Loi tr c tc i vi cc cng ty Nhng nh u t min thu khng phi lo lng g v s i x phn bit gia c tc v li tc vn
9

Viktoria Dalko

Chng trnh Ging dy Kinh t Fulbright 2005-2006

Phn tch ti chnh

Bi ging 13

C tc v tn hiu
Thng tin khng cn xng cc gim c c nhiu thng tin v tnh trng sc kho ca cng ty hn so vi cc nh u t S truyn t thng tin khi c tc thay i:
C tc tng Ban gim c tin rng cng ty c th duy tr bn vng mc c tc hin ti K vng v c tc tng lai cao hn, gi tr hin ti tng dn Tn hiu v mt cng ty lnh mnh, ang tng trng C tc gim Ban gim c tin rng cng ty khng th duy tr mc c tc hin ti c na K vng v c tc thp hn khng bit n bao gi, gi tr hin ti gim dn Tn hiu v mt cng ty ang gp kh khn v ti chnh

10

nh hng v mt khch hng

Mt s nh u t thch t l chi tr c tc thp v s mua c phiu ca nhng cng ty c t l chi tr c tc thp Mt s nh u t thch t l chi tr c tc cao v s mua c phiu ca nhng cng ty c t l chi tr c tc cao

11

Viktoria Dalko

Chng trnh Ging dy Kinh t Fulbright 2005-2006

Phn tch ti chnh

Bi ging 13

ngha ca nh hng v mt khch hng

Theo bn th iu g s xy ra nu mt cng ty thay i t chnh sch chi tr c tc cao sang chnh sch chi tr c tc thp? Theo bn th iu g s xy ra nu mt cng ty thay i t chnh sch chi tr c tc thp sang chnh sch chi tr c tc cao? Nu ng l nh th, CHNH SCH c tc c quan trng khng?

12

Chnh sch c tc trong thc tin

Chnh sch c tc s dng phn cn d (residual dividend policy) Chnh sch c tc tng trng u c tc gia tng vi t l khng i mi nm T l chi tr u tr mt t l phn trm khng i trong thu nhp mi nm Chnh sch c tc dung ho

13

Viktoria Dalko

Chng trnh Ging dy Kinh t Fulbright 2005-2006

Phn tch ti chnh

Bi ging 13

Chnh sch c tc s dng phn cn d

Lp d ton vn u t Xc nh c cu vn mc tiu Ti tr cc d n u t bng cch kt hp gia n v vn s hu ph hp vi c cu vn mc tiu
Nn nh rng thu nhp gi li l vn s hu Nu cn b sung vn s hu, hy pht hnh c phn mi

Nu c thu nhp d ra, th chi tr phn cn d di dng c tc

14

V d Chnh sch c tc s dng phn cn d

Bit nhng thng tin sau
Cn 5 triu USD cho cc d n u t mi C cu vn mc tiu: D/E = 2/3 Thu nhp rng (NI) = 4 triu USD

Tm c tc
40% c ti tr bng n (2 triu) 60% c ti tr bng vn s hu (3 triu) NI ti tr vn s hu = 4 triu 3 triu = 1 triu USD, c chi tr di dng c tc
15

Viktoria Dalko

Chng trnh Ging dy Kinh t Fulbright 2005-2006

Phn tch ti chnh

Bi ging 13

Chnh sch c tc dung ho

Cc mc tiu, c xp theo th t tm quan trng
Trnh ct gim nhng d n u t c NPV dng chi tr c tc Trnh ct gim c tc Trnh nhu cu phi bn vn s hu Duy tr mt t s n/vn s hu mc tiu Duy tr mt t l chi tr c tc mc tiu

Nhng cng ty mun chp nhn cc d n c NPV dng, ng thi cng trnh pht ra nhng tn hiu tiu cc

16

Mua li c phiu
Cng ty mua li c phn thng ca mnh
ngh mua (tender offer) cng ty a ra gi mua v lng c phn mun mua li Th trng m mua c phiu trn th trng m

Tng t nh c tc tin mt ch n trao tin mt t cng ty cho cc c ng y l mt lp lun khc v tnh cht khng ph hp ca chnh sch c tc khi khng c thu hay nhng im khng hon ho khc
17

Viktoria Dalko

Chng trnh Ging dy Kinh t Fulbright 2005-2006

Phn tch ti chnh

Bi ging 13

Nhng xem xt trong th gii thc t

Vic mua li c phiu cho php cc nh u t quyt nh xem h mun dng tin hin ti vi nhng h qu v thu i km Cc nh u t chu nhng khon thu nh trn li tc vn thay v thu thu nhp thng thng (thu sut thp hn) Trong c cu thu hin ti ca chng ta, vic mua li c phiu c th ng mong i hn do cc quyn chn dnh cho cc c ng Cc thu ni a (IRS) cng nhn thy iu ny v s khng cho php mt t mua li c phiu ch v mc ch duy nht l gip cc nh u t trnh thu

18

Ni dung thng tin ca vic mua li c phiu

Vic mua li c phiu pht ra mt tn hiu tch cc rng ban gim c tin rng gi c phiu hin ti l thp Vic mua li c phiu theo ngh mua pht ra mt tn hiu tch cc hn so vi vic mua li trn th trng m v cng ty a ra mt mc gi c th Gi c phiu thng tng ln khi cng ty cng b vic mua li c phiu
19

Viktoria Dalko

10

Chng trnh Ging dy Kinh t Fulbright 2005-2006

Phn tch ti chnh

Bi ging 13

V d: Thng co mua li c phiu

Hng hng khng America West Airlines thng co rng Hi ng qun tr chp thun mua li 2.5 triu c phn ca c phiu thng hng B trn th trng m khi hon cnh cho php trong hai nm ti Sau khi Hi ng qun tr cng ty ph duyt chng trnh mua li c phiu hm nay, W. A. Franke, ch tch kim gim c ni Chng trnh mua li c phiu phn nh nim tin ca chng ta rng c phiu ca America West c th l mt c hi u t hp dn cho Cng ty, v Cng ty khng nh cam kt ca chng ta l nng cao gi tr cho c ng trong di hn. C phn s c mua li bng tin mt, nhng ch khi v trong chng mc Cng ty ang nm gi lng tin mt khng hn ch trn 200 triu USD bo m rng cng ty vn duy tr lng tin mt v cc ti sn tng ng tin mt.

20

C tc bng c phiu
Chi tr bng c phn tng thm thay cho tin mt Lm tng s lng c phn ang lu hnh Lng c tc bng c phiu nh
Di 20 - 25% Nu bn s hu 100 c phn v cng ty cng b c tc bng c phiu l 10%, bn s nhn c thm 10 c phn na

Lng c tc bng c phiu ln hn 20 - 25%

21

Viktoria Dalko

11

Chng trnh Ging dy Kinh t Fulbright 2005-2006

Phn tch ti chnh

Bi ging 13

Chia nh c phiu
Chia nh c phiu thc cht cng ging nh c tc bng c phiu ngoi tr vic th hin bng mt s t l
V d, vic chia nh c phiu t 1 thnh 2 cng ging nh c tc bng c phiu 100%

Gi c phiu gim khi chia nh c phiu Cch gii thch thng thng cho vic chia nh c phiu l a mc gi c phiu tr v mt phm vi d giao dch hn
22

Hi p nhanh
C nhng loi c tc khc nhau no v c tc c chi tr nh th no? nh hng v mt khch hng l g v n nh hng nh th no n s ph hp ca chnh sch c tc ? Ni dung thng tin ca nhng thay i c tc l g? S khc bit gia chnh sch c tc s dng phn cn d v chnh sch c tc dung ho l g? C tc bng c phiu l g v n khc vi c tc tin mt nh th no? Vic mua li c phn thay cho c tc l nh th no v ti sao cc nh u t c th thch phng n ny hn?
23

Viktoria Dalko

12