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C7 - Quy Hoach Nguon Von p2 Compatibility Mode
C7 - Quy Hoach Nguon Von p2 Compatibility Mode
ngun vn v la chn
tp d n u t (phn 2)
Ni dung
1. Ngun vn
2. Chi ph s dng vn
3. Sut sinh li ti thiu chp nhn c
4. La chn tp d n u t
2. Chi ph s dng vn
Cost of Capital (WACC)
Chi ph s dng vn: l
bnh qun chi ph s dng
vn CSH v vn vay n
Cost of Equity (ie) Chi
ph s dng vn ch s
hu: l chi ph c hi ca
vic s dng vn CSH.
Cost of Debt (id) Chi ph
s dng n : l chi ph
phi tr cho ch n.
Cost of Debt
Cost of Equity
2. Chi ph s dng vn
Chi ph s dng vn - Cost of Capital
k =
WACC
i d C d ie C e
V
V
2. Chi ph s dng vn
Chi ph s dng vn - Cost of Capital
2. Chi ph s dng vn
Chi ph s dng n - Cost of Debt
i d=
2. Chi ph s dng vn
Chi ph s dng n - Cost of Debt
Tnh ks: ls trc thu ca n vay t TCTC (ls thc)
ks = (1 + r/m1)m2 - 1
VD: Cty Vit Tin vay n t ngn hng 1 t ng, li
sut 20%/nm, ghp li theo qu. Nu thu sut TNDN
l 25% th li sut trc thu & sau thu m DN thc
tr cho khon n ny l bao nhiu?
Gii:
ks trc thu = [( 1 + 20%/4)4 1] = 21%
ks sau thu = 21% x (1- 25%) = 16%
7
2. Chi ph s dng vn
Chi ph s dng n - Cost of Debt
Tnh kb : ls trc thu ca tri phiu (ls thc)
VD: Cty Vit Tin pht hnh 1000 tri phiu,
mi tri phiu gi 1 tr. Li tc hng nm l
80.000 (8%/nm), thi k o hn l 10 nm.
Gi s gi bn tri phiu Po ti thi im pht
hnh l 1,2 tr.
a/ Tm li sut thc ca tri phiu trc thu.
b/Tm li sut thc ca tri phiu sau thu, nu
thu TNDN l 25%
8
2. Chi ph s dng vn
Chi ph s dng n - Cost of Debt
Tnh kb : ls trc thu ca tri phiu (ls thc)
Gii:
a/ 1,2 = 0,08 x (P/A, kb, 10) + 1 x (P/F, kb, 10)
Dng pp ni suy ra kb = 5%
b/ kb sau thu = kb x ( 1- 25%) = 4%
2. Chi ph s dng vn
Chi ph s dng n - Cost of Debt
Tnh kb : ls trc thu ca tri phiu (ls thc)
2. Chi ph s dng vn
Chi ph s dng vn CSH - Cost of Equity
2. Chi ph s dng vn
Chi ph s dng vn CSH - Cost of Equity
nh gi c phiu thng
1. Khng tng trng
DIV1 DIV2 DIV3 ...
P0
DIV1 DIV1
...
1 r 1r2
P0
P0
DIV1
r
DIV1 DIV(1
g)
1
...
1 r 1r2
P0
DIV1
r g
2. Chi ph s dng vn
Chi ph s dng vn CSH - Cost of Equity
Chi ph s dng vn CP thng - Cost of common stock
(Gi nh c tc tng trng u hng nm vi tc g
v nh u t khng u c)
kc =
DIV1: c tc c phn thng nm th 1
Po: gi bn c phiu thng nm 0
f c : chi ph pht hnh c phiu thng (%)
g: tc pht trin ( = b*R)
+ b =t l ln gi li ti u t (=(EPSo DIVo)/ EPSo)
+ R=sut sinh li ti u t
13
2. Chi ph s dng vn
Chi ph s dng vn CSH - Cost of Equity
Chi ph s dng vn c phn thng
-Cost of common stock
- Trong TH c tc khng u, th ta c
cng thc tng qut sau:
Po =
c
14
2. Chi ph s dng vn
Chi ph s dng vn CSH - Cost of Equity
Chi ph s dng vn c phn thng - Cost of common stock
VD: Cng ty IBM ang c 1 triu c phiu ang lu
hnh. Cng ty va bo co li nhun sau thu cn li
cho c ng nm nay l $2 triu, v d kin gi li 40%
ln ti u t vo nm sau. Sut sinh li ti u t ca
cng ty trc y l 16% v d kin s tng trong tng
lai. IBM pht hnh c phiu thng mi v bn vi gi
$10. Tnh chi ph s dng vn c phn ca cng ty?
15
2. Chi ph s dng vn
Chi ph s dng vn CSH - Cost of Equity
Chi ph s dng vn c phn thng - Cost of common stock
Gii:
Tc pht trin g = 0.4 x 0.16 = 6.4%
Thu nhp vo nm sau = 2.000.000 x (1+6.4%) = 2.128.000
C tc vo nm sau = 2.128.000 x ( 1 0.4) = 1.276.800
C tc trn mt c phiu vo nm sau = 1.276.800 /
1.000.000 = 1.28
Chi ph s dng vn c phn = 1.28/10 + 6.4% = 19.2%
16
2. Chi ph s dng vn
Chi ph s dng vn CSH - Cost of Equity
Chi ph s dng vn c phn thng (phn ny khng thi)
M hnh tng trng ca Gordon Shapiro (The
Gordon Shapiro Growth Model)
kce
R
P0
BV0
BVo l gi bt tan ca
mt c phn ti nm 0
DV 0 EPS 0 DV 0
P0
P0
17
Po l gi th trng ca
mt c phn ti nm 0
Bi ging Lp v phn tch d n
2. Chi ph s dng vn
Chi ph s dng vn CSH - Cost of Equity
Chi ph s dng vn c phn thng
VD: Li nhun trn mt cp sau thu (EPS) ca cty Vit
Tin l 3400/cp thng, gi bn cp l 36.000/cp. Li
c phn (c tc) c chia hin nay l 1670/cp. T l li
nhun gi li ti u t (b) d kin s khng thay i
trong tng lai. Gi BVO hin nay l 19.500 /cp.
=> Tnh chi ph s dng vn c phn thng (sau thu)
ca cty theo 2 m hnh Gordon- Shapiro v Solomon.
18
2. Chi ph s dng vn
Chi ph s dng vn CSH - Cost of Equity
Chi ph s dng vn c phn thng
Li gii
Theo m hnh Gordon Shapiro:
R
kec
DV0 EPS 0 DV 0
1.670 3 .400 1.670
0,1351hay13,5%
P0
BV0
36. 000
19 .500
P0
36.000
36.000
19
2. Chi ph s dng vn
Chi ph s dng vn CSH - Cost of Equity
Chi ph s dng vn c phn u i
- Cost of preferred stock
kp=
DIV*: c tc c phn u i
Po: gi bn c phiu u i
f c: chi ph pht hnh c phiu u i (%)
20
2. Chi ph s dng vn
Chi ph s dng vn CSH - Cost of Equity
Chi ph s dng vn c phn u i
- Cost of preferred stock
VD: Cty IBM pht hnh c phiu u i vi gi
$100/cp v tr c tc u hng nm l $10.5. Nu chi
ph pht hnh l $4/cp, chi ph s dng vn c phn u
i l bao nhiu?
Gii: Kp = 10.5 / (100 4) = 10.94%
21
2. Chi ph s dng vn
Chi ph s dng vn CSH - Cost of Equity
Chi ph s dng li nhun gi li
- Cost of retained earning
Ti sao c chi ph s dng li nhun gi li?
Li nhun c th c gi li ti u t hoc chia
c tc cho c ng.
Nu Cty tr c tc thp th nh u t c th mua c
phiu ca cng ty khc hng c tc cao hn
=> Nu gi li ln ti u t, cty phi chu chi ph c
hi bng thu nhp m nh u t mong i t c
khi u t vo mt CP khc c cng ri ro.
22
2. Chi ph s dng vn
Chi ph s dng vn CSH - Cost of Equity
Chi ph s dng li nhun gi li
- Cost of retained earning
kr=
Trong , DIV1: c tc CP thng, Po: gi bn CP
thng, g: tc tng trng
Chi ph ln gi li = chi ph sd vn c phn thng nu
chi ph pht hnh bng 0. Nu ht ngun li nhun gi
li th cty mi pht hnh c phiu mi (trnh ke cao)
23
2. Chi ph s dng vn
Chi ph s dng vn CSH - Cost of Equity
Cost of Retained Earnings
kr =
Cost of Equity
kc =
Cr = vn t ngun li nhun gi li,
kp=
Cp = vn t pht hnh CP u i
Ce = vn CSH ( = Cr + Cc + Cp)
24
2. Chi ph s dng vn
Chi ph s dng vn v cu trc vn
25
4. La chn tp d n u t
27
4. La chn tp d n u t
Xt cc DA c lp A,B,C sau v la chn tp d n
u t c li nht nu MARR = 15%. Ngun ngn sch
ca cng ty cho vic u t d n l B = 27.000 tr.
PA
Li tc rng
N (nm)
-12.000
+4.281
-10.000
+4.184
-17.000
+5.802
10
28
4. La chn tp d n u t
TT
1
2
3
4
Tp DA
B
A
C
AB
P
-10.000
-12.000
-17.000
-22.000
PW
4.025
2.350
12.120
6.375
BC
-27.000
16.145
AC
-29.000
14.470
Loi ngay v vt NS
ABC
-39.000
18.495
Loi ngay v vt NS
29
Nhn xt
Chn tp BC v ngn
sch l 27.000
BI TP
Lm bi
7.3, 7.4, 7.5, 7.6, 7.8, 7.9, 7.10, 7.11, 7.13,
7.14, 7.17, 7.18, 7.20, 7.21
30
10