Professional Documents
Culture Documents
Phuong Phap APV Phan de Tai
Phuong Phap APV Phan de Tai
LI CAM OAN
Chng ti xin cam oan bi nghin cu ny l do chnh chng ti nghin cu v
thc hin. Cc thng tin, s liu c s dng trong bi nghin cu l trung thc v
chnh xc.
Nhm nghin cu
Danh mc t vit tt
APV
BCTC
Bo co ti chnh
CP
C phn
CSH
Ch s hu
Gi tr n vay
DCF
DNTN
DT
Doanh thu
BSCL
VT
n v tnh
Gi tr vn ch s hu
EBIT
EMS
FCFF
LS
Li sut
NH
Ngn hng
NHNN
Ngn hng Nh nc
RIR
T l ti u t
ROC
SSL
Sut sinh li
TNHH
Trch nhim hu hn
TNDN
TS
Ti sn
UBND
y Ban Nhn Dn
VTS
WACC
MC LC
1.
GII THIU....................................................................................................... 4
1.1. M u ........................................................................................................... 4
1.2. B cc ca ti nghin cu .......................................................................... 4
2.
3.
4.
5.
KT LUN ....................................................................................................... 30
5.1. Cc vn trong vic p dng phng php APV ........................................ 30
5.2. Kh nng p dng ca phng php vo th trng Vit Nam. ..................... 32
5.3. xut ca nhm nghin cu ....................................................................... 32
6.
HN CH CA TI NGHIN CU ....................................................... 32
1. GII THIU
1.1. M u
Hot ng thm nh gi nc ta hin nay vn cn l mt ngnh mi m v c
nhiu tim nng pht trin trong tng lai. Khi Vit Nam dn n giai on tho g
cc ro cn bo h ra khi cc doanh nghip trong nc, cc cuc mua bn, sp nhp
doanh nghip din ra ngy cng si ng hn, qu trnh c phn ha doanh nghip nh
nc din ra mnh m hn,... y chnh l c hi cho ngnh thm nh gi pht trin.
Bn cnh cc c hi , cng c nhiu vn hn pht sinh trong nh gi doanh
nghip, i hi thm nh vin v gi cn linh hot s dng cc phng php nh gi
khc nhau trong tng trng hp khc nhau.
Hin nay, trong khung php lut nc ta c hai phng php thm nh gi tr
doanh nghip c s dng ph bin l phng php ti sn v phng php chit
khu dng tin (DCF), trong phng php chit khu dng tin thng c p
dng l chit khu dng tin t do ca cng ty FCFF. Tuy nhin, mt phng php
FCFF khng th gii quyt ht cho nhiu vn pht sinh, i hi cc thm nh vin
cn nhiu hn mt phng php mi trong nh gi. Vi ti ny, nhm nghin cu
mun gii thiu thm mt phng php mi trong nh gi doanh nghip - nm trong
khung phng php DCF - phng php gi tr hin ti c iu chnh (APV). Phng
php APV tch ring n ra khi dng tin t do ca cng ty, v tnh ring li ch ca
n vay i vi doanh nghip.
Phng php nh gi APV xut hin kh lu cc nc pht trin trn th gii,
tuy nhin, ti Vit Nam phng php ny vn cn kh mi m, v c kh t ti
nghin cu i su vo phng php APV cng nh p dng vo thc tin. u im
ca phng php APV l xem xt c li ch v ci gi phi b ra khi i vay bao gm
li ch t thu v kh nng ph sn, phng php ny cng c th c s dng
c tnh h s n vay ti u ca cng ty. Vi nhng l do , nhm quyt nh chn
ti p Dng Phng Php Gi Tr Hin Ti C iu Chnh (APV) Vo Thm
nh Gi Tr Doanh Nghip lm ti nghin cu.
1.2. B cc ca ti nghin cu
Bao gm 5 phn:
Phn 1: Trnh by l do chn ti c trnh by trn.
Phn 2: Tng quan cc kt qu nghin cu trc y Vit Nam v trn th gii.
Phn 3: Trnh by phng php nghin cu m nhm s dng khi thc hin ti ny.
Phn 4: Ni dung v kt qu nghin cu. Nghin cu phn tch su v phng php
APV v cc thng s lin quan n n nh: xc sut ph sn, chi ph ph sn,
li ch thu,... Sau , p dng phng php APV thm nh gi tr cng ty
c phn ng Bin Ha.
Phn 5: Kt lun. Bi nghin cu s cht li nhng g chng ti trnh by, nhng
hn ch m chng ti gp phi trong qu trnh nghin cu v kh nng ng
dng thc tin ca ti ny.
2. TNG QUAN CC KT QU NGHIN CU TRC Y
2.1. Cc bi nghin cu
Using APV: a Better tool for valuing operations_ Luehrman (1997)1
Luehrman (1997) s dng phng php APV nh gi cng ty Acme - thuc
lnh vc cng nghip. Theo ng, phng php APV gm 4 bc:
Bc 1: D bo hiu qu hot ng ca doanh nghip, t d bo dng tin t do
(FCFF) trong tng lai.
Bc 2: c tnh sut chit khu (WACC) v chit khu FCFF ca cng ty v gi tr
hin ti, ta c tng gi tr hin ti dng tin t do ca ti sn.
Bc 3: nh gi tc ng ca l chn thu n gi tr ca cng ty.
Bc 4: c tnh gi tr ca APV bng cch cng PV (dng tin t do ca ti sn) vi
tc ng ca l chn thu (khon li ch t thu).
Bc 5: iu chnh gi tr cng ty theo cc li ch t quyn s hu, s sng to ca
nhn vin, vic qun l ca gim c iu hnh,
Trong bi nghin cu ny, Luehrman ch a ra nhng nt chnh trong vic vn
dng phng php vo xc nh gi tr doanh nghip t dng tin ca ti sn, cc
khon li ch t thu, ng nu ra ri ro ca doanh nghip gp phi (ri ro qun l, ri
ro tn dng,). Tuy nhin, cha phn tch r v vn ri ro ny.
Adjusted Present Value_University of Twente_KPMG (2007)2
Luehrman, 1997. Using APV: A Better Tool for Valuing Operation. HarVard Business Review, May-June
1997, pp. 145-154.
2
Mario Massari et al, 2007. On the Equivalence Between the APV and the WACC Approach in a Growing
Leveraged Firm. European Financial Management, Vol.14, No.1, (2007), pp. 152-160.
4
Fabrice Bienfail, A Note on Valuation Model: CCFs vs. APV vs WACC. Cambridge: HarVard Business School,
pp. 1-8.
Marianne DeMarino, 2006. The Adjust Present Value: An Alterlative Approach to the Effect of Debt on
Business Value. Timely News, Vol.12, No. 12, 2006, pp.1-4.
6
Tim Koller et al, 2000. Measuring and Managing the Value of Companies, Fourth Edition. New York: Wiley,
pp. 122-125.
cng ty (Theo Modigliani v Miller). Tuy nhin, trn thc t, thu ng vai tr rt
quan trng trong qu trnh ra quyt nh v vic la chn c cu vn c th nh hng
n dng tin. Do , cc cng ty s gia tng n vay gim thu, v tc gi xc
nh c cu vn ti u ca cng ty. Khi tnh gi tr cng ty khng c n vay, ta chit
khu dng tin ca cng ty ti chi ph vn ch s hu. Trong bi nghin cu ny, tc
gi a ra 2 phng php xc nh chi ph vn ch s hu.
Tm li, gi tr ca cng ty s bng gi tr chit khu dng tin t do bng chi ph
vn ch s hu cng vi phn li ch t n vay. Tuy nhin, m hnh APV ca tc gi
khng nhc n chi ph ph sn, iu ny khng ng i vi thc t.
ng dng m hnh APV trong phn tch hot ng sp nhp v mua li cng ty
(M & A) ti cng ty _ Lun vn thc s ca Hong Th Khnh Tm (2007)
Ch yu trnh by v mua bn st nhp trn th trng v cn kh chung chung khi
trnh by phng php APV.
2.2. Nhn xt
Nhng bi nghin cu trc y tng hp kh y phng php gi tr hin
ti c iu chnh APV cng nh phn tch kh chi tit thnh phn trong cng thc
c tnh gi tr doanh nghip. Tuy nhin, cc bi nghin cu cn mt s hn ch cng
nh tnh hn hp trong kh nng p dng:
APV tuy nhin cu hi t ra l chng ta s c tnh cc thnh phn trong cng thc
(Chi ph ph sn, xc sut ph sn, l chn thu) nh th no? V s ng dng
phng php APV ra sao trong vic thm nh gi tr doanh nghip Vit Nam khi
ngun s liu hn hp?
10
dng tin ca ngi cho vay, bao gm n gc, chi ph li vay v n mi pht hnh;
dng tin ca c ng u i (thng l c tc u i):
FCFF = FCFE + Chi ph li vay (1-Thu sut) + Cc khon tr n gc - Cc
chng khon n mi + C tc c phiu u i
Cch 2: c tnh tt c dng tin trc tt c cc quyn li ca ngi u t. Nh
vy, chng ta c th bt u vi li nhun trc thu v li vay, tr i khon np thu
v cc nhu cu ti u t tnh ra dng tin t do ca cng ty:
FCFF = EBIT*(1-Thu sut) + Chi ph khu hao - Chi vn - vn lu ng.
V dng tin ny c tnh trc cc khon thanh ton n vay nn ngi ta thng
hiu n l dng tin khng c n by ti chnh. Lu rng dng FCFF ny khng
tnh n bt c li ch thu no pht sinh t khon chi tr li vay.
T l tng trng
Theo l thuyt, c nhiu cch xc nh t l tng trng nh da vo s liu lch
s, phn tch ca chuyn gia, Theo Damodaran (2002), thng thng chng ta c
th s dng bt k mc tng trng gi nh no m chng ta cho l hp l nh gi
doanh nghip da trn cc tiu ch nh: t l tng trng ca doanh nghip trong lich
s, hot ng ca doanh nghip trong qu kh v hin ti
Bc 2: c tnh li thu ca n vay
Nhng nghin cu c gi tr c thc hin v vic nh gi dng tin. S khc
bit trong s nhng phng php v l thuyt khc nhau xc nh gi tr cng ty s
dng tin chit khu pht sinh t s khc bit trong tnh ton ca l chn thu. Chi ph
li vay l mt chi ph c tr t li nhun nhng khng c c khu tr thu cho
n, trong khi thu nhn c c tc hoc li nhun tch ly ph thuc vo phn thu.
Cc l thuyt khc nhau xut trnh tnh ton gi tr hin ti ca thu che chn.
Sau khi phn tch cc kt qu thu c nhng l thuyt ny s c chng minh rng
li ch thu ca n vay (VTS) khng phi l gi tr hin ti ca l chn thu chit khu
theo mt t l nht nh, thay v n l s khc bit gia hai gi tr hin ti: gi tr hin
ti b nh thu tr trong trng hp khng s dng vn vay cng ty tr i gi tr hin
ti ca np thu trong cng ty c s dng vn vay. Cc loi thu ca cc cng ty
khng s dng vn vay c kh nng thp hn so vi cc cng ty c s dng vn vay.
Trong phn sau y, mt s nghin cu v l thuyt ch yu c thc hin trong
cch tnh APV c trnh by:
11
Myers (1974)
Myers gii thiu phng php iu chnh gi tr hin ti (APV). Theo Myers,
gi tr ca cc cng ty c s dng vn vay bng vi gi tr ca cng ty khng c li ch
(Vu) cng vi gi tr hin ti ca l chn thu. Trn c s , Mayers trnh by cng
thc sau:
VTS = PV[K d;TDKd]
ng tin rng mc tit kim thu t n bng vi ri ro do n. Luehrman (1997),
cng khuyn co rng cc cng ty c th c nh gi bng phng php APV v c
th da vo l chn thu tnh ra gi tr ca cng ty:
PV = D + E = Vu + VTS
= PV[K u;FCF] + [K d;TDK d]
Benninga and Sarig (1997)
Benninga v Sarig khng nh rng c s hin din ca thu c nhn (PT) trong
tnh ton, do li th n thu nn c chit khu theo t l chit khu sau khi khu
tr thu c nhn. Theo l thuyt:
VTS = PV[Kd(1-TPD);DK[(1 TPD)(1 T)(1 TPA)]]
Harris and Pringle (1985)
Hai nh nghin cu ny cho thy rng gi tr hin ti ca l chn thu cn c
chit khu chi ph vn vay cn thit khi khng s dng vn vay vn ch s hu
(Ku).
VTS = PV[K d;TDKd]
Cng trong tnh ton ca h, h xem xt WACC trc thu bng li nhun cn
thit ca vn c phn:
WACC = Ku DK dT/(D + E)
Lewellen and Emery (1986)
Lewellen v Emery tin rng m hnh Miles & Ezzell l phng php logic trnh
by nht cho n thi im . Tuy nhin, trong phng php c gii thiu bi
Modigliani & Miler, l chn thu bng:
VTS = PV[Ku;TDKu]
Inselbag and Kaufold (1997)
H tin rng trong trng hp gi tr tin t ca khon n c nh, gi tr ca l chn
thu (VTS) c c a bng phng php Myers. Nu cng ty c t l n/gi tr
12
khng i, gi tr ca l chn thu (VTS) s c tnh ton thng qua cng thc ca
Miles v Ezell.
Inselbag v Kaufold cho rng nguy c t l n mc tiu cao hn n mc tiu hin
ti. Nu vy, gi tr hin ti ca thu ca cc doanh nghip c s dng vn vay cao
hn so vi cc vi cc khon n mc tiu v hu qu, gi tr hin ti ca l chn thu
cho cc cng ty nhm th hai nn thp v c iu tri ngc vi l thuyt trch dn bi
cc nh nghin cu ni trn.
Damodaran (2002)
Li ch thu l mt hm ca thu sut v khon thanh ton li vay c chit khu
ti mc chi ph n vay phn nh ri ro ca dng tin ny. Nu ta xem khon tit
kim thu tn ti vnh vin th:
Gi tr ca li ch thu = (Thu sut x chi ph n vay x n vay)/Chi ph n vay
= Thu sut x n vay = tc x D
Thu sut c s dng y l thu sut bin ca cng ty, c gi nh khng
i qua thi gian. Nu thu sut c d on l s thay i, chng ta c th c tnh
gi tr hin ti ca li ch thu qua thi gian nhng khng th s dng phng trnh
tng trng vnh vin. Thay vo ta phi iu chnh phng trnh ny nu chi ph li
vay hin ti khng phn nh c chi ph vn hin ti.
Nhn xt
Cc bi nghin cu phn tch chi tit v bn cht ca l chn thu t n vay tuy c
nhiu quan im tnh ton, nhng trong iu kin thng tin khng c minh bch nh
Vit Nam th kh khn trong vic d on n vay k vng trong tng lai ca doanh
nghip, nn bi nghin cu vn dng theo nghin cu ca Damodaran (2002), li ch
thu t n vay bng thu sut nhn vi khon thanh ton li vay c chit khu ti
mc chi ph n vay.
Bc 3: c tnh chi ph ph sn d tnh
PV (Chi ph ph sn d tnh) = Xc sut ph sn*PV (Chi Ph Ph Sn)7
Damodaran, 2006. The Cost of Distress: Surviral, Trunkcation Risk and Valuation, trang 28.
13
Can Altman Z-score Models Predict Business Failures in Greece?. Research Journal of International Studies,
no 12, October 2009, pp. 23 24.
14
1,81 < Z < 2,99: Doanh nghip khng c vn trong ngn hn, nhng cn phi theo di.
Z 2,99:
Altman, Edward I., n.d. Predicting Financial Distress of Companies: Revisiting the Z-Score and ZETA Models,
pp. 20 22.
10
Altman, Edward I., n.d. Predicting Financial Distress of Companies: Revisiting the Z-Score and ZETA Models,
pp. 23 28.
15
16
X2 :
X4 :
X5 :
ng/tng ti sn.
X6 :
X7 :
Altman, Edwart I., 2005. An emerging market credit scoring system for corporate bonds, Emerging
17
Trong :
A1 = vn lu ng/tng ti sn
A2 = li nhun gi li/tng ti sn
A3 = EBIT/tng ti sn
A4 = gi tr s sch vn ch s hu/tng n phi tr
Hng s 3,25 trong m hnh c ly t trung bnh ca Z- score cho s ph sn
M, cho php chng ta chun ha cch phn tch m nh gi s v n tng
ng (D) l ph hp im di 0 (thc t s im di 1,75 c nh gi l D).
iu chnh nhng khon lm gim gi ngoi t. Tri phiu ca cng ty sau c
phn tch cc l hng ca cng ty pht hnh lin quan n vic tr n ngoi t. L
hng ny c nh gi da trn mi quan h gia cc khon thu ngoi t tr cc chi
ph, nh ph tn tht tin li bn ngoi, v thu ngoi t vi n bn ngoi. Cui cng,
mc lu chuyn tin mt c so snh vi khon n n hn trong nm ti. Nh
phn tch iu chnh nh gi xung ty thuc vo mc d b tn thng nhn thy.
Nu doanh nghip c l hng cao, c ngha l, doanh nghip c rt t hoc khng c
doanh thu bn ngoi, v/hoc rt thp hoc khng c t l doanh thu/n, v/hoc ti
khon thc t ca n ngoi t c tnh thanh khon rt thp, do xp hng tri phiu
tng ng bc 1 s thp hn ng 1 bc, v d BB+ xung B+. mt s gim 1
mc (BB+ xung BB) cho 1 s nh gi l hng trung tnh, nhng khng thay i
trong xp hng ri ro thp cho mt s mt gi tin t.
L hng cao = h 1 bc
L hng trung bnh = h 1 nc.
L hng thp = khng thay i.
nh gi l tip tc iu chnh xung (hoc tr ln) nu cng ty l trong mt ngnh
cng nghip c coi l tng i ri ro (hoc t ri ro hn) hn so vi nh gi tng
ng vi tri phiu t kt qu EMS u tin. Vic iu chnh ln xung khng vt
qu 2 nc tri phiu.
Z Score
Rating
Z Score
Rating
>8,15
AAA
5,25 6,65
BB+
7,60 8,15
AA+
4,95 5,25
BB
7,30 7,60
AA
4,75 4,95
BB-
18
7,00 7,30
AA-
4,50 4,75
B+
6,85 7,00
A+
4,15 4,50
6,65 6,85
3,75 4,15
B-
6,40 6,65
A-
3,20 3,75
CCC+
6,25 6,40
BBB+
2,50 3,20
CCC
5,85 6,25
BBB
1,75 2,50
CCC-
5,65 5,85
BBB-
<1,75
Vng an ton
B BBB-
Vng cn theo di
D - BB
Ngun: Average Z - score by rating from In-Depth Data Corporation financial statemants.
19
Bng trn o lng kh nng v n trn tri phiu, nhng n khng bit nhng
cng ty v n c ngng kinh doanh hay khng?! Thc t, nhiu cng ty vn tip
tc hot ng mc d c mi lo ngi cho vic v n.
Trong bng trn Altman c tnh xc sut v n cho tri phiu AAA, AA, A,
BBB, BB, B v CCC. Phn cn li c Damodaran c tnh bng phng
php ni suy.
(
( + )
(
( + )
Damodaran, Aswath., 2006. The Cost of Distress: Survival, Truncation Risk and Valuation. New York: Stern
School of Business, pp. 20 21.
20
Th hai, xc sut c c tnh c th th khc nhau cho cc tri phiu khc nhau
do cng mt cng ty. Mt s nhng khc bit ny c th l bt ngun t cc gi nh,
chng ta gi nh rng xc sut v n hng nm vn cn c nh v nhng ngi
khc c th b vp phi t vic nh gi sai tri phiu.
Th ba, ging vi phng php tip cn trc , khng thc hin thanh ton n
khng lun lun dn n s chm dt hot ng.
Cui cng, m hnh gi nh rng li sut tri phiu hoc l thanh ton y hoc
khng thanh ton tt c, nu c mt s thanh ton mt phn ca li sut cng nh gi
tr v n, chng ti s c tnh xc sut v n ln hn khi s dng phng php ny.
Minh ha: c tnh xc sut ph sn bng cch s dng gi tri phiu: Global
Crossing
Cui nm 2001, Global Crossing pht hnh tri phiu coupon, li sut 12% vi
thi hn l 8 nm giao dch mc $653, mnh gi l $1000. c tnh xc sut v
n (vi t l tri phiu kho bc 5% c s dng nh t l phi ri ro):
653 =
120 (1
(1 + 0,05)
1000 (1
(1 + 0,05)
= (1 - 0,1353)10
= 23,37%
lng ri ro v n bng chng thc nghim Vit Nam, Tp ch Pht trin & Hi nhp, s 5 thng 7-8/2012,
trang 12 -13.
21
),
),
= [
),
PD = N(-DD)
Trong :
V:
F:
V:
Li tc k vng ca ti sn cng ty
v :
bin ng gi tr ti sn ca cng ty
22
T:
K o hn cc khon n ca cng ty
CPD= N(-CDD)
23
24
Theo Warner (1977), nghin cu: cc chi ph ph sn trc tip ca ngnh tuyn
ng st l khong 5% gi tr ca mt cng ty.
Theo Altman (1984), ng tnh ton cc chi ph ph sn trc tip vo khong 7,5%
gi tr doanh nghip bng cch s dng mt mu rng ln hn 19 cng ty b ph sn t
1974 n 1978.
Theo Ang, Chua, v Mc-Connell (1982), l ph hnh chnh (tng ng chi ph
ph sn trc tip) l khong 7,5% tng gi tr thanh l ti sn ca cng ty b ph sn.
Ti Vit Nam, theo ngh nh 189N-CP (23/12/1994) v vic Hng Dn Thi
Hnh Lut Ph Sn Doanh Nghip, chi ph gii quyt ph sn bao gm:
L ph To n gii quyt vic ph sn, do To n quyt nh theo quy nh ca
php lut v l ph;
Chi ph k bin, vn chuyn, thu hi, gim nh, bo qun, t chc bn u gi ti
sn; chi ph cho vic triu tp v tin hnh Hi ngh ch n (khng bao gm chi ph i
li v n ca cc ch n) c thanh ton theo thc chi do Thm phn ph trch vic
gii quyt v kin ph sn xt duyt; chi ph lin quan n vic thi hnh quyt nh
tuyn b ph sn c thanh ton theo thc chi trn c s quyt nh ca Trng
phng thi hnh n;
Mc th lao mi ngy lm vic cho mi thnh vin T qun l ti sn, T thanh
ton ti sn, Hi ng nh gi v nhng ngi tham gia cng ch thi hnh cc quyt
nh ca To n trong qu trnh gii quyt vic ph sn c tnh bng mt ngy tin
cng tc ph theo quy nh ca Nh nc.
Xc nh chi ph ph sn gin tip:
Theo Gurmeet Singh Bhabra and Yuan Yao (2011)14, cc chi ph ph sn gin tip
bao gm vic mt doanh s bn hng v li nhun do khng hong ti chnh, suy gim
th phn v gi tr vn ch s hu, hiu qu s dng cc ngun ti nguyn nh thi
gian qun l (chi ph c hi: thay v thi gian sn xut kinh doanh th phi dnh
thi gian x l cc vn ti chnh, php l,) v gim nng sut v nhn vin c th
b i khi cng ty ri vo khng hong.
Cc bc tin hnh: gm 4 bc:
14
Bhabra and Yuan Yao, 2011. Is Bankruptcy Costly? Recent Evidence on the Magnitude and Determinants of
Indirect Bankruptcy Costs. Journal of Applied Finance & Banking, vol.1, no.2, (2011), 39-68.
25
Bc 1: c tnh doanh thu ca cng ty v doanh thu trung bnh ngnh trong 10 nm
(T=10):
=
Trong ,
S , : doanh thu ca cng ty.
S , : doanh thu trung bnh ngnh.
Bc 2: Sau khi tm c b t m hnh hi quy bc 1, ta tin hnh d bo doanh
thu ca cng ty:
^
,
^
,
26
27
5 nm (2012-2016)
165.994.474.275
ROC
18,5%
RIR
34,23%
6,3%
Ke
13,8%
5 nm (2017-2021)
RIR
Ke
5%
28
ROC
20,4%
Ke
16,0%
Gi tr ti sn hot ng ca cng ty
1.231.133.627.835
178.778.249.429
Gi tr ca cng ty
1.409.911.877.264
(Xem ph lc 5 - 13)
Gi tr
im
548.499.013.542
30
2.564.622.002.294
40
12.784.481.531
15
730 ngi
Tng im
94
nghip c quy m ln
1,027
0,668
7,259
15
Ch tiu ti chnh
im
Tng
im
Cc ch tiu hot ng
Vng quay hng tn kho
29
34,849
15
Hiu qu s dng ti sn
2,233
12
N phi tr/Tng ti sn
57,21%
133,68%
12
6,24%
10
13,93%
10
30,62%
10
Cc ch tiu n
Tng im
102
= 5%*Tng ti sn (2011)
= 5%*1.281.737.217.308 = 64.086.860.865 (VN)
Chi ph ph sn
30
31
32
6. HN CH CA TI NGHIN CU
Cha bao qut, trnh by ht tt c nghin cu trc y, do hn ch v thi gian
cng nh kh nng tm ti liu nc ngoi ca nhm cn cha tht s thnh tho.
Nhm cha a ra c d on v cu trc n trong tng lai tnh ton li ch
thu t li vay ca doanh nghip.
Cha trnh by chi tit c th cch tnh ton chi ph ph sn trc tip m ch a ra
gi nh.
M hnh tng trng trong vic nh gi cng ty CP ng Bin Ha cn mang
tnh ch quan.
33
34
5. Andrade and Kaplan, 1998. How Costly is Financial (Not Economic) Distress?
Evidence from Highly Leveraged Transactions That Became Distressed.
Journal of Finance, 53, (1998), pp. 1443-1493.
6. Bhabra and Yuan Yao, 2011. Is Bankruptcy Costly? Recent Evidence on the
Magnitude and Determinants of Indirect Bankruptcy Costs. Journal of Applied
Finance & Banking, vol.1, no.2, (2011), 39-68.
7. Chen G.M and Merville, 1999. An Analysis of The Underreport Magnitude of
The Total Indirect Costs of Financial Distress. Review of quantitative finance
and accouting, 13, (1999), pp. 277-293.
8. Damodaran, 2002. nh Gi u T. Dch t ting Anh. Ngi dch inh Th
Hin, 2010. H Ch Minh: Nh xut bn Ti chnh.
9. Damodaran, 2006, The Cost of Distress: Survival, Truncation Risk and
Valuation. Unpublished working paper New York University-Department of
Finance, New York, USA, pp. 16-21.
10. Damodaran, 2009. Valuing Distressed and Declining Companies. New York:
Stern School of Business.
11. Fabrice Bienfail, A Note on Valuation Model: CCFs vs. APV vs WACC.
Cambridge: HarVard Business School, pp. 1-8.
12. Haitor Almeida and Thomas Philippon, 2007. The Risk-Adjusted Cost of
Financial Distress. Journal of Finance, 62, (2007), pp. 2557-2586.
13. James S. Ang et al, 1982. The Administrative Costs of Corporate Bankruptcy:
A Note. Journal of Finance, 37, (1982), pp. 219-226.
14. K. Wruck, 1990. Financial Distress, Reorganization and Organizational
Efficiency. Journal of Financial Economics, 27, (1990), pp. 436-444.
15. Luehrman, 1997. Using APV: A Better Tool for Valuing Operation. HarVard
Business Review, May-June 1997, pp. 145-154.
16. Marianne DeMarino, 2006. The Adjust Present Value: An Alterlative Approach
to the Effect of Debt on Business Value. Timely News, Vol.12, No. 12, 2006,
pp.1-4.
17. Mario Massari et al, 2007. On the Equivalence Between the APV and the
WACC Approach in a Growing Leveraged Firm. European Financial
Management, Vol.14, No.1, (2007), pp. 152-160.
35
18. Mohsen Dastgir et al, 2010. Cash Flow Valuation Using Capital Cash Flow
Method Comparing IT With Free Cash Flow Method And Adjust Present Value
Method In Companies List On Tehran Stock Exchange. Business Intelligence
Journal.
19. Tim Koller et al, 2000. Measuring and Managing the Value of Companies,
Fourth Edition. New York: Wiley, pp. 122-125.
20. Warner, 1997. Bankruptcy Cost: Some Evidence. Journal of Finance, 32,
(1997), pp. 337-348.
21. Weiss, 1990. Bankruptcy Resolution: Direct Costs and Violation of Priority
of Claims. Journal of Financial Economic ,27,(1990), pp. 285-314.
Beta:
http://www.cophieu68.com
Bo Co Ti Chnh cc cng ty:
http://www.stockbiz.vn
http://www.bsc.com.vn
http://www.vcsc.com.vn
Li sut_Chi Ph Vn C Phn Ca Cng Ty FPT:
www.fetp.edu.vn/attachment.aspx?ID=2554
Li sut tri phiu chnh ph k hn 1 nm:
http://cafef.vn/
www.pgbank.com.vn/.../1/120113_Bao_cao_Trai_phieu_so_11-Thang12.2011
Thng tin nn kinh t, ngnh, cng ty:
http://bhs.vn/
http://lasuco.vn/
http://ktsduongkontum.vn/
http://bourdontn.vn/
http://nhs.com/
http://secgialai.com.vn/
http://cusoms.gov.vn/