Quyen Chon Mua KLS

3
Cng ty XYZ ang xem xt bn d n u t vi dng tin hng nm nh sau:

VT: t ng
D n Nm 0 Nm 1 Nm 2 Nm 3 Nm 4 Nm 5
A
-70
-30
60
40
40
20
-60
-90
55
55
55
55
-80
-10
70
90
70
-100
-50
-50
30
40
50
30
Lu rng gi tr NPV ca cc d n s c tnh ti nm 0 ( thi im hin ti). D n A, B,C v D i hi

Cu hi
1. Hy tnh t trng vn u t ti u vo mi d n sao cho NPV t c l ln nht. Bit rng:

Ngun ti tr ca cng ty b gii hn nm 0 l khng qu 150 t
ng v nm 1 l khng qu 120 t ng. Vn u t vo nhng
d n ny khng th chm tr cng nh khng th thc hin
sm hn c.
Chi ph s dng vn l 10%.
2. Cho bit dng tin ca d n B:
Nam 0
Cau san pham
3
10
Doanh so
4
10
5
10
10
350,000 350,000 350,000 350,000
Chi ph co nh
15,000
Chi ph bien oi
15,000 15,000 15,000
262,500 262,500 262,500 262,500
Khau hao
28,750
28,750 28,750 28,750
Li nhuan trc thue
43,750
43,750 43,750 43,750
Thue
17,500
17,500 17,500 17,500
Li nhuan sau thue

26,250
Dong tien
-60,000
rong-90,000 55,000
26,250 26,250 26,250

55,000 55,000 55,000
Nu t l bin ph trn doanh thu tun theo phn phi ng dng t 65% n 75%.
Hy dng bng tnh Excel m phng NPV ca d n B v cho bit: NPV trung bnh; lch chun NPV.
chi phi su dung von
10%
D n
Nm 0
Nm 1
Nm 2
Nm 3
Nm 4
Nm 5
ty trong
npv
-70
-30
60
40
40
20
#VALUE!
-60
-90
55
55
55
55
#VALUE!
-80
-10
70
90
70
-100
#VALUE!
-50
-50
30
40
50
30
#VALUE!
#VALUE!
Cho 3 chng khon A,B,C vi nhng thng tin sau:

Chng
A
B
C
khon
lch 14% 18.70% 13.45%

chun
TSSL
12.40% 15.30% 11.20%
Ma
trn h s tng quan ca cc chng khon trn l (rij) l:
trung
A
B
C
A
1
-0.1
0.2
B
1
0.4
C
1
1. Hy tnh ton ma trn phng sai hip phng sai TSSL ca 3 chng khon trn.
2. Vi hng s c = 2%, hy tnh Theta Q ca danh mc c t trng u t 50% vo chng khon
3. Tm danh mc u t hiu qu sao cho Theta Q ln nht vi cc rng buc sau:
Vn u t vo mi mt chng khon khng c vt qu 50% tng vn u t ca danh m
Xem nh khng c mua bn khng.
Tng t trng vn u t vo cc chng khon = 100%
4. Trnh by cc rng buc n hn (binding) ca m hnh trn. Cho bit ngha ca chng
a
14%
a
b
c
14%
18.70%
13.45%
18.70% 13.45%
1
-0.1
0.2
0.4
0.4
0.2
-0.1
14%
14% 0.01960
18.70% 0.01047
13.45% 0.00377
18.70%
######
0.03497
######
13.45%
0.00377
0.01006
0.01809
2%
a
ty trong
tssl
psai
dlchuan
theta
b
50%
0.12825
1.06%
0.10301
1.05087
25%
2%
a
ty trong
tssl
psai
dlchuan
theta
c
25%
b
38%
0.12798
1.02%
0.10089
1.07028
c
28%
34%
100%
D n A, B,C v D i hi vn u t vo c nm 0 v nm 1.
nam 0
nam 1
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
t 50% vo chng khon A, 25% vo chng khon B% v 25% vo chng khon C.

g buc sau:
ng vn u t ca danh mc.
t ngha ca chng
3
Cng ty XYZ ang xem xt bn d n u t vi dng tin hng nm nh sau:
VT: t ng
D n
Nm 0
Nm 1
Nm 2
Nm 3
Nm 4
Nm 5
-70
-30
60
40
40
20
-60
-90
55
55
55
55
-80
-10
70
90
70
-100
-50
-50
30
40
50
30
Lu rng gi tr NPV ca cc d n s c tnh ti nm 0 ( thi im hin ti). D n A, B,C v D i hi

Cu hi
1. Hy tnh t trng vn u t ti u vo mi d n sao cho NPV t c l ln nht. Bit rng:

Ngun ti tr ca cng ty b gii hn nm 0 l khng qu 150 t ng v nm 1 l khng qu
120 t ng. Vn u t vo nhng d n ny khng th chm tr cng nh khng th thc
hin sm hn c.
Chi ph s dng vn l 10%.
2. Cho bit dng tin ca d n B:
Nam 0
Cau san pham
10
10
10
10
350,000
350,000
350,000
350,000
Chi ph co nh
15,000
15,000
15,000
15,000
Chi ph bien oi
262,500
262,500
262,500
262,500
Khau hao
28,750
28,750
28,750
28,750
Li nhuan trc thue
43,750
43,750
43,750
43,750
Thue
17,500
17,500
17,500
17,500
Li nhuan sau thue

Dong tien rong
-60,000
26,250
55,000
26,250
55,000
26,250
55,000
26,250
55,000
Doanh so
-90,000
Nu t l bin ph trn doanh thu tun theo phn phi ng dng t 65% n 75%.
Hy dng bng tnh Excel m phng NPV ca d n B v cho bit: NPV trung bnh;
lch chun NPV.
chi phi su dung von
10%
D n
Nm 0
Nm 1
Nm 2
Nm 3
Nm 4
Nm 5
-70
-30
60
40
40
20
-60
-90
55
55
55
55
-80
-10
70
90
70
-100
-50
-50
30
40
50
30
hmt
73.0479165
Nam 0
Cau san pham
Doanh so
Chi ph co nh
Chi ph bien oi
Khau hao
Li nhuan trc thue
Thue
Li nhuan sau thue
Dong tien rong
-60,000
-90,000
10
350,000
15,000
262,500
28,750
43,750
17,500
26,250
55,000
10
350,000
15,000
262,500
28,750
43,750
17,500
26,250
55,000
10
350,000
15,000
262,500
28,750
43,750
17,500
26,250
55,000
10
350,000
15,000
262,500
28,750
43,750
17,500
26,250
55,000
n A, B,C v D i hi vn u t vo c nm 0 v nm 1.
ty trong
npv
nam 0
nam 1
22
-70
-30
17
-60
-90
22
-80
-10
12
-50
-50
73
260
180
Sn phm Quyn chn mua KLS

Thi hn 7 ngy (1 tun)
1. Ngy thc hin k hp ng: 06/09/2011
Ngy k hp ng
9/6/2011
Ngy o hn
9/13/2011
Gi KLS
12.300 VND
S lng
10.000 c phiu
Ph Quyn chn 4%
12.300 * 10.000 * 4% = 4.920.000 VND
Thi gian np cc
Trc 15h ngy cht ( 06/09/2011 )
Ti khon np tin ph
0101005217 Lng Th Hi Ngn
Ni dung chuyn tin
Nguyn Vn A TK 0101006400 np ph Quyn chn mua KLS s

lng 10.000 c phiu gi 12.300 VND ngy 06/09/2011 qua mi
gii Phm L Anh Tun
Thi gian thc hin Quyn 08/09/2011 13/09/2011 t 9h 10h45

Ph giao dch
0.3% bao gm c thu
2. Khi no thc hin Quyn --> Khi gi KLS trn 12.300 VND
* TH1: Gi KLS t 12.800 n v hn --> li v hn
V d gi KLS l 13.000 VND
Khon li
(13.000 12.300) * 10.000 = 7.000.000 VND
Ph thc hin Quyn
12.300 * 10.000 * 4% = 4.920.000 VND
Ph giao dch
13.000 * 10.000 * 0.3% = 390.000 VND
Tng
7.000.000 - 4.920.000 - 390.000 = 1.690.000 VND --> Li
* TH2: Gi KLS t 12.400 n 12.700 --> l 1 phn ph thc hin Quyn

Khon li
(12.500 12.300) * 10.000 = 2.000.000 VND
Ph thc hin Quyn
12.300 * 10.000 * 4% = 4.920.000 VND
Ph giao dch
12.500 * 10.000 * 0.3% = 375.000 VND
Tng
2.000.000 - 4.920.000 - 375.000 = - 3.295.000 VND --> L
3. Khi no khng thc hin Quyn --> Khi gi KLS t 12.300 VND tr xung
Khon l
(12.000 12.300) * 10.000 = - 3.000.000 VND
Ph thc hin Quyn
12.300 * 10.000 * 4% = 4.920.000 VND
Ph giao dch
12.000 * 10.000 * 0.3% = 360.000 VND
Tng
-3.000.000 - 4.920.000 - 360.000 = -8.280.000 VND --> L
--> Do , Khi gi KLS t 12.300 VND tr xung, ta chn phng n hy thc hin Quyn
--> L ph thc hin Quyn l 4.920.000 VND --> L gii hn

Quyen Chon Mua KLS

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3

Cng ty XYZ ang xem xt bn d n u t vi dng tin hng nm nh sau:

Lu rng gi tr NPV ca cc d n s c tnh ti nm 0 ( thi im hin ti). D n A, B,C v D i hi

1. Hy tnh t trng vn u t ti u vo mi d n sao cho NPV t c l ln nht. Bit rng:

Cau san pham

350,000 350,000 350,000 350,000

15,000 15,000 15,000

262,500 262,500 262,500 262,500

28,750 28,750 28,750

Li nhuan trc thue

43,750 43,750 43,750

17,500 17,500 17,500

Li nhuan sau thue

26,250 26,250 26,250

Cho 3 chng khon A,B,C vi nhng thng tin sau:

lch 14% 18.70% 13.45%

t 50% vo chng khon A, 25% vo chng khon B% v 25% vo chng khon C.

Lu rng gi tr NPV ca cc d n s c tnh ti nm 0 ( thi im hin ti). D n A, B,C v D i hi

1. Hy tnh t trng vn u t ti u vo mi d n sao cho NPV t c l ln nht. Bit rng:

Cau san pham

Li nhuan trc thue

Li nhuan sau thue

chi phi su dung von

Sn phm Quyn chn mua KLS

12.300 * 10.000 * 4% = 4.920.000 VND

Trc 15h ngy cht ( 06/09/2011 )

0101005217 Lng Th Hi Ngn

Ni dung chuyn tin

Nguyn Vn A TK 0101006400 np ph Quyn chn mua KLS s

Thi gian thc hin Quyn 08/09/2011 13/09/2011 t 9h 10h45

0.3% bao gm c thu

(13.000 12.300) * 10.000 = 7.000.000 VND

Ph thc hin Quyn

12.300 * 10.000 * 4% = 4.920.000 VND

13.000 * 10.000 * 0.3% = 390.000 VND

7.000.000 - 4.920.000 - 390.000 = 1.690.000 VND --> Li

* TH2: Gi KLS t 12.400 n 12.700 --> l 1 phn ph thc hin Quyn

(12.500 12.300) * 10.000 = 2.000.000 VND

Ph thc hin Quyn

12.300 * 10.000 * 4% = 4.920.000 VND

12.500 * 10.000 * 0.3% = 375.000 VND

2.000.000 - 4.920.000 - 375.000 = - 3.295.000 VND --> L

(12.000 12.300) * 10.000 = - 3.000.000 VND

Ph thc hin Quyn

12.300 * 10.000 * 4% = 4.920.000 VND

12.000 * 10.000 * 0.3% = 360.000 VND

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