Chng 7: Quy hoch

ngun vn v la chn
tp d n u t (phn 1)

B mn Ti Chnh Khoa Qun l Cng nghip

i hc Bch Khoa - TPHCM

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

Bi ging Lp v phn tch d n

1. Ngun vn
Ngun vn u t ca cng ty gm 3 nhm chnh:
N
(Debt
Financing)
Vn ch s
hu
(Equity
Financing)

Vn vay n l ngun vn thu c

t cc khon n (loans) hoc pht
hnh tri phiu (bonds)
Vn c phn l ngun vn thu
c t vic pht hnh c phn hoc
l vn ca chnh ngi ch cng ty
(cty t nhn hoc TNHH)
Li nhun gi li l li nhun
khng em phn phi cho cc c
ng m m rng u t.
3

Bi ging Lp v phn tch d n

1. Ngun vn
Cu trc vn:
N: cu trc vn l
s kt hp gia n
(debt) v vn ch s
hu (equity) trong
Debt
tng ngun vn m
Equity doanh nghip c th
huy ng c ti
tr cho cc d n
u t.
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Bi ging Lp v phn tch d n

1. Ngun vn
Cu trc vn:
N - Debt
Khi DN vay n ti tr cho d n u t, DN
phi cam kt tr mt s tin nht nh trong
tng lai (bao gm li v vn gc)
Vn ch s hu - Equity
Khi DN s dng vn ch s hu ti tr cho
d n u t, DN s c quyn hng ton b
li nhun cn li sau khi tr ht n v li.
5

Bi ging Lp v phn tch d n

1. Ngun vn
N - debt:
Bao gm n vay c th chp (mortgages), tn
dng ngn hng (bank credits), tri phiu
(bonds).
DN phi tr li v vn gc theo mt lch tr
n c th do 2 bn tha thun.
Ngi cho vay ch nhn li v vn gc, m
khng trc tip chu ri ro kinh doanh v
khng c chia li nhun do d an u t
mang li.
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Bi ging Lp v phn tch d n

1. Ngun vn
N - debt:
Tri phiu:
L mt chng nhn ngha v n ca ngi pht
hnh phi tr cho ngi s hu tri phiu (tri
ch) i vi mt khon tin c th (mnh gi ca
tri phiu), trong mt thi gian xc nh v vi
mt li tc quy nh trn tri phiu.
Tri phiu c ri ro thp v mc li thp.

Bi ging Lp v phn tch d n

Bi ging Lp v phn tch d n

1. Ngun vn
Mu tri phiu

1. Ngun vn
N - debt: u im ca vic s dng vn vay ???
Vn vay c u im l khng nh hng n
quyn s hu ca cc c ng.
Gip gim gnh nng thu do tin tr li vay c
tr vo thu nhp chu thu.
Chi ph s dng n r hn chi ph s dng vn ch
s hu hay ni n gin, li sut ngn hng hoc
tri phiu thp hn li sut k vng ca nh u t
9

Bi ging Lp v phn tch d n

1. Ngun vn
N - debt: Nhc im ca vic s dng vn vay ???
N c th tr thnh gnh nng cho DN trong
trng hp tnh hnh kinh doanh kh khn.
Khng phi bt k cng ty no cng d dng
huy ng vn vay. Nhng cng ty mi thnh lp
v khng c uy tn s kh vay vn.

10

Bi ging Lp v phn tch d an

1. Ngun vn
Vn ch s hu equity:

Li nhun gi li - Retained earnings

+
C phn u i - Preferred stock
+
C phn thng - Common stock

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Bi ging Lp v phn tch d n

1. Ngun vn
Vn ch s hu equity:
Li nhun gi li:
LN gi li = LN gi li ban u + TN rng c tc.
Mt doanh nghip kinh doanh hiu qu thng qua:
+ Tin li c phn
+ S tng ln ca gi tr c phiu
S tng ln ca gi tr c phiu ph thuc vo: mc
li trn mt c phn (EPS) & Tim nng pht trin ca
cng ty.
EPS = (Li CP hng nm + LN gi li) / (S c phiu)
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Bi ging Lp v phn tch d n

1. Ngun vn
Vn ch s hu equity:
C phn:
- C phiu thng/ph thng:
L chng ch xc nhn quyn s hu ca c ng i
vi DN v xc nhn cho php c ng c hng cc
quyn li thng thng trong DN.
Pht hnh u tin v mn hn cui cng (c quyn
u tin mua c phiu mi / ch nhn li nhun cn li
sau khi tr cho ch n v cho c ng u i)
C ri ro ln nht & hng li khng gii hn (c
thu nhp ph thuc vo hkd ca DN)
Khng c thi hn hon tr (do ko phi l khon n)
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Bi ging Lp v phn tch d n

1. Ngun vn
Vn ch s hu equity:
C phn:
- C phiu u i:
L chng ch xc nhn quyn s hu trong
DN, ng thi cho php ngi nm gi loi
CP ny c hng mt s quyn li u tin
hn so vi c ng thng.
c xem nh mt loi lai ghp trung gian
gia tri phiu v c phiu thng
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Bi ging Lp v phn tch d n

1. Ngun vn
Vn ch s hu equity:
C phn:
- C phiu u i:
c nhn c tc trc c ng thng, c tc c
x trc v thng bng t l % c nh ca mnh gi
hoc bng s tin nht nh in trn CP.
Khi gii th, c quyn u tin thanh ton trc,
nhng sau tri ch.
Khng c tham gia bu c, ng c vo Hi ng
Qun tr v quyt nh nhng vn quan trng ca
cng ty.
C ng u i ch c nhn c tc khi DN c li.
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Bi ging Lp v phn tch d n