TS.

NGUYN MINH KlU

Khoa Sau i hc - i hc M TP. HCM v
Chng trnh Ging Dy Knh T Pulbright

TI CHNH DOANH NGHIP

CN BN ^
L THUYT & THC HNH QUN L
NG DNG CHO CC DOANH NGHIP VIT NAM
(Ti bn ln th hai)

NH XUT BN THNG K

Nm 2010

TM C T SCH T! CHNH NGN HNG

CA CNG TC GI^
NGUYN MINH K l u
1. Nguyn Minh Kiu, (2010), TlN T

NGN HNG, NXB Thng k.

2. Nguyn Minh Kiu, (2010), TH TRNG NGOI Hl V CC GIAO DCH

KINH DOANH NGOI H l, Nh xut bn Thng k.
3. Nguyn Minh Kiu, (2010), TI CHNH DOANH NGHIP CN BN,
Nh xut bn Thng k.
4. Nguyn Minh Kiu, (2010), NGHIP v NGN HNG THNG MI,
Nh xut bn Thng k.
5. Nguyn Minh Kiu, (2010), BI TP V BI GII NGHIP v NGN HNG
THNG MI, Nh xu't bn Lao ng - X hi.
6. Nguyn Minh Kiu, (2010), BI TP V BI Gll THANH TON QUC T,
Nh xu't bn Thng k.
7. Nguyn Minh Kiu, (2010), TN DNG V THM
Nh xut bn Ti chnh.

n h t n d n g n g n h n

8. Trn Hong Ngn, Nguyn Minh Kiu (2010), THANH TON QUC T,
Nh xut bn Thng k.
9. Nguyn Minh Kiu, (2010), TI CHNH CNG TY HIN I,
Nh xut bn Thng k.
10. Nguyn Minh Kiu, (2010), NGHIP v NGN HNG HIN I,
Nh xut bn Thng k.
11. Nguyn Minh Kiu, (2010), PHN TCH V U
Nh xut bn Thng k.

t ch ng k h o n ,

12. Nguyn Minh Kiu, (2010), PHN TCH BO CO TI CHNH V

NH GI TR DOANH NGHIP, Nh xut bn Thng k.
13. Nguyn M inh Kiu, (2010), LP M HNH TI CHNH, NXB Thng k.
14. Nguyn Minh Kiu, (2010), QUN L DANH MC U T, NXB Thtig k.
15. Nguyn Minh Kiu, (2010), QUN TR RI RO TI CHNH, NXB Thng k.
16. Nguyn Minh Kiu, (2010), QUN TR RI RO TRONG NGN HNG,
Nh xut bn Thng k.
17. Nguyn Minh Kiu, Bi Kim Yn (2010), TH TRNG TI CHNH,
Nh xu't bn Thng k.
18. Nguyn M inh Kiu, (2010), HNG DN THC h n h t n d n g
THM NH TN DNG NGN HNG, Nh xut bn Thng k.

19. Nguyn Minh Kiu, (2010), NGHIP v KINH DOANH V U T CHNl

KHON, Nh xut bn Thng k.

V TC GI
Tin s NGUYN MINH KIU hin ph trch Khoa Sau i hc - i hc
.v/lTP- HCM - ni chuyn o to Cao hc chuyn ngnh Ti chnh Ngn hng
& Cao hc Qun tr Kinh doanh c uy tn hin nay. Trc , ng Trng B
Mn Kinh Doanh Tin T ca Khoa Ngn hng thuc Trng i hc Kinh T
Thnh ph H Ch Minh, ng cn l ging vin chnh mn Phn tch Ti chnh
v ng Ging vin mn Ti chnh Pht trin ca Chng Trnh Ging Dy Kinh
T Pulbrght - Chng trnh in kt gia Harvard Universiy v i hc Kinh T
TP. H Ch Minh.
Tt nghip c nhn Kinh t chuyn ngnh Ngn hng nm 1986, ng
c i hc Kinh T gi li m cn b ging dy ca trng t nm 1987.
Nm 1995 ng trng tuyn v tham gia vo Chng Trnh Pht Trin Qun L
Thy S - AIT - Vit Nam (SAV) v c tuyn chn sang hc chng trnh
Thc s Qun Tr Kinh Doanh (MBA) ti Vin Cng Ngh Chu (AIT), Thi
Lan. Nm 1997 sau khi nhn bng MBA, ng v tip tc ging dy ti i hc
Kinh T ng thi lm nghin cu v ging dy cho chng trnh SAV. Nm
1998 ng nhn c hc bng ca Chng trnh SAV v c tuyn chn vo
hc chng trnh Tin s Qun Tr Kinh Doanh (DBA) ti Southern Cross
University, Australa. Nm 2001 sau khi nhn bng DBA ng tr v Vit Nam
ging dy cho i hc Kinh T v Chng trnh Pulbright. Hin nay, ng ang
ph trch Khoa Sau i hc ' i hc M TP. HCM - ni chuyn o to Cao
hc chuyn ngnh Ti chnh Ngn hnq & Cao hc Qun tr Kinh doanh c uy
tn. Ngoi ra, ng cn ging dy Ti chnh cng ty, Qun tr ti chnh v Ti
chnh quc t cho cc chng trnh do i hc nc ngoi m Vit Nam nh
CFVG, UBI, Curtin, Cao hc H Lan, v tham gia ging dy v t vn cho cc
doanh nghip v ngn hng thng mi Vit Nam.

NH XUT BN THNG K

LI NI U
Lung gi i mi bt u t nm 1986 thi cc khi nim v l thuyt
qun tr ti chnh v i chnh cng ty t cc nc pht trin, c bit l M, vo
Vit Nam. T n nay, nhng khi nim qun tr v l thuyt ti chnh cng
ty tng bc c hc tp v truyn b vo Vit Nam. Thng thn m ni y
l mt ng gp quan trng, nhng quan trng hn na l lm sao ng dng
c cc khi nim v l thuyt ti chnh c xy dng v pht trin t cc
nc tin tin vo bi cnh ca Vit Nam.
Phn ln cc sch ti chnh doanh nghip v qun tr ti chnh xut
bn Vit Nam t trc n nay u c gng v ch dng li mc bin
dch v gii thiu cc khi nim v l thuyt ti chnh cng ty M vo Vit
Nam, ch cha lm r v nhn mnh n cch thc cng nh kh nng ng
dng cc khi nim v l thuyt ny nh th no ? Kt qu l c gi, nht l
cc bn sinh vin cha tri nghim qua thc tin, cm thy kh hiu v bi ri
khi vn dng vo thc tin. Gp phn chia s kh khn ny, ti b ra thi
gian v cng sc hc tp c h thng qua chng trnh thc s v tin s qun
tr kinh doanh nc ngoi, t c v nghin cu qua khong 10 quyn sch
v qun tr ti chnh (Pinancia! Management) v ti chnh cng ty (Corporate
pinance) trong sut 10 nm tri cng vi kinh nghim t vn v ln ln vi cc
doanh nghip Vit Nam vit v xut bn quyn Ti chnh doanh nghip :
L th u y t v th c hnh qun l ng dng cho doanh nghip V it Nam. Quyn
sch ny nghin cu k tha v vn dng cc khi nim v l thuyt qun tr
ti chnh v ti chnh cng ty c trnh by trong cc tc phm ni ting ca
cc gio s cc trng i hc M. D vy, ni dung quyn sch ny th hin
s vn dng vo Vit Nam cc khi nim v l thuyt ti chnh t :
1. Van Home, J.c., and Wachowicz, J.M., (2001), Pundamentals of
P inancial Management, 11^*^ Edition, Prentice Hali.
2.

Ross, Westerfeld and Jordan : Pundamentals o f Corporate Pinance,

Seventh edition, 2005, McGraw-Hill lrwin.

3.

Ross, S.A., Westerfied, R .w Jaffe, J.F., (2002), Corporate Pnance,

6*^ Edition, McGraw-Hill and lrwin.

4.

Ross, S,A.. Westerfield, R.w., Jaffe, J.F., (2005), Corporate Pinance,

7^^ Edition, McGraw~Hill and !rwin.

5.

Brealey, R.A., and Myers, S.C., (1996), P rin cip le s of C orporate

Pinance, 5^^ Edtion, McGraw-Hill.

6.

Frank J. Fabozzi, Pranco Modigiiani, Frank J. Jones, Michael G. Ferrl ;

P oundations of tinancal m arkets and in s titu tio n s , Third edition,
2002, Prentice Hall.

7.

Madura, J. (2001), Pinancal Markets and In stitu tio n s, 5^*^ editon,

South-VVestern College Publishing.

8.

Shapiro, A. A., (1999), M ultinationat Pnancal Managem ent,

6^^ edition, Prentice Hall.

9.

Eun and R e snick: International Pinancial M anagement, Third Edition,

2004, lrwin - McGraw-Hill.

10. Moosa, A. 1., (2004), Internatonal Pinance, 2^^ edition, McGravv Hill.
Nt c o ca quyn sch ny khng ch dng li ' ch tham kho
nhiu sch v ti chnh ca cc tc gi ni ting nc ngoi m cn ch,
trc tin, bit cht lc nhng khi nim v l thuyt no ph hp v c kh
nng ng dng Vit Nam, v, k n, trnh by theo trt t v h thng sao
cho d c, d hiu, d theo di, v c bit, d ng dng i vi dc gi. Ngoi
ra, rt kinh nghip t ln xut bn u tin vo nm 2006, ln ti bn th hai
ny quyn sch c b sung, chnh l v ti cu trc cho ph hp hn vi
chng trnh o to ca hu ht cc trng i hc v thc tin qun l ti
chnh ca cc doanh nghip Vit Nam. Vi mc tiu nh vy, tip theo quyn
Ti chnh doanh n g hip cn bn i gm 2 phn 1 & 2 vi 9 chng, ln ny
quyn Ti chn h doanh nghip cn bn 'k ik c trnh by thnh 2 phn 3 &
4 vi 8 chng sau :

Phn 3 : Q uyt nh ngun vn v chnh sch c tc

bn chng c n lt trnh by, bao gm :

Chng 10 : n by hot ng v n by tichnh.

Chng 11 : Quyt nh ngun vn v chi ph s

Chng 12 : Quyt nh

c cu vn.

Chng 13 : Quyt nh

chnh sch c tc. ^

Phn ny c

dng vn.

Mc tiu ca phn ny t trang b kin thc v cng c phn tch nhm

ra quyt nh lin quan n huy ng ngun vn v chnh sch c tc ca cng
ty. Nt c o ca phn ny l bn s tip cn mt cch c h thng vi l
thuyt M&M v c cu vn.

Phn 4 : Nhng quyt nh khc ca i chnh do an h n g h i p - Phn

ny c bn chng c ln lt trnh by, bao gm :
Chng 14 : Quyt nh sp nhp v thu tm cng ty.
Chng 15 : Nhn dng v o lng ri ro t chnh.
Chng 16 : Qun l ri ro tn dng v ri ro li sut.
Chng 17 : Qun l ri ro t gi v tn tht ngoi hi.
Mc tiu ca phn ny l trang b kin thc v cng c phn tch v nh
gi gip ra cc quyt nh u t, mt trong ba quyt nh ch yu ca ti
chnh doanh nghip.

Ngoi ra, cui mt s chng cn c trnh by cc nghin cu tnh hung

nhm gip bn c hiu c cch thc ng dng v a cc khi nim cng
nh l thuyt ti chnh hc tp c cc nc vo Vit Nam nh th no ?
Mt khc, ln xut bn ny nhng v d v tnh hung minh ha c thu thp
t thc tin qun l ca doanh nghip Vit Nam, nhm lm cho quyn sch
ngy cng st thc v gn gi hn vi bn c. V l , cho d bn l sinh
vin hay l nh qun l doanh nghip bn vn tm thy c ' quyn sch ny
nhng nt c o v thu ht ring bit.
Vi cc bn sinh vin, quyn sch ny cn c bit chia s vi nhng ni
lo ca cc bn v thc hnh v thi c. V vy, cui tt c cc chng bn s
tm thy s hu ch ca quyn sch ny qua cc mc tm tt ni dung, cu hi
n tp, bi tp thc hnh km li gii v bi tp rn luyn cc bn rn thm
k nng ca mnh nhm vt qua c k thi v tri nghim trc khi bc vo
thc tin qun l doanh nghip.
Vi 2 phn gm 8 chng c b cc v trnh by mt cch khoa hc
v c h thng, ti hy vng quyn sch ny s l mt cm nang khng th thiu
ca cc nh qun l v gio trnh c a chung nht ca cc bn sinh vin.
Xin gii thiu v chn thnh cm n s ng h ca qu c gi n vi quyn
sch ny.

TS. NGUYN MINH KlU

11

CM T
Qu trnh bin son quyn sch ny t khi ny sinh tng cho n khi
hon tt bn tho giao cho Nh Xut bn mt ht khong 5 nm. Nm nm l
mt khong thi gian kh di nhng cn thit tch ly kin thc v kinh nghim
cho mt tc phm tm huyt c u t kh chu o. c c ngy hm
nay, ngy m quyn sch ny chnh thc cho i nh mt mn qu dnh cho
c gi, ti nhn c s ng h v gip ca rt nhiu t chc v c
nhn. Nhn y, trc tin, ti xin chn thnh by t lng bit n n cc t
chc ;
Khoa Sau i hc - i hc M TP. HCM.
Trng i hc Kinh T TP.HCM (UEH).
Swiss - AIT - Vietnam Management Development Program (SAV).
Asian Institute of Technology (AIT), Bangkok, Thailand.
Southern Cross University (SCU), NSW, Australia.
Pulbright Economics Teaching Program (FETP), Harvard University.
Victoria University of VVellington (VUW), New Zealand.
c cng trong vic cung cp phng tin hc tp, nghin cu, kin thc v
kinh nghim cho ti tch ly qua nhiu nm c th vit nn quyn sch ny.

K n, ti chn thnh cm n cc gio s cc bc thy du dt v

truyn t kin thc v kinh nghim cho ti, c th l thy Phm Vn Nng Hiu trng i hc Kinh T TP.HCM, Gio s Uyoti Gupta - Nguyn Head of
School of Management, Asian Institute of Technology (AIT), Gio s Geoffrey
Meredith - Nguyn Director of Graduate College of Management, Southern Cross
University (SCU), Gio s Neil Quiqley - ProVice Chancellor, Victoria University
of VVellington (VUW).
Ngoi ra, ti cng xin cm n cc bn ng nghip bao gm Dr. Viktoria
Dalko, ch Ng Kim Phng, cc anh Nguyn Xun Thnh, Dip Dng v Hunh
Th Du Chng trnh Ging Dy Kinh T Pulbright ng gp mt s kin,
ti liu v d liu h tr cho vic bin son quyn sch ny. Chn thnh cm
n s ng h nhit tnh ca bn c nh l mt ng lc khng th thiu cho
ln ti bn ny v nhng ln ti bn sau.

12

Cui cng li tri n tn y lng xin dnh cho cha v m l nhng ngi
sinh thnh v dy d ti nn ngi, cng nh li cm n y yu thng v tru
mn dnh cho Trn Th Qu l ngi bn i chu ng kh khn vt v nht
v lun st cnh cng ti trong lc kh au cng nh hnh phc. Mt ln na
xin chn thnh cm n tt c nhng ai c cng n v nh hng n thnh
qu ngy nay ca ti.

TC GI

13

LI NH XUT BN
Sau khi xut bn ln th nht, quyn Ti chnh Doanh n g h i p ca tc
gi Nguyn Minh Kiu nhn c s cho n v ng h nhit tnh ca ng
o bn c. Trong thi gian ngn khong hai nm c 15.000 quyn c
bn khp c nc, trong i tng bn c tp trung nhiu nht l sinh vin
cc trng i hc thuc khi ngnh kinh t v nhn vin ang lm vic ti cc
doanh nghip, cng ty chng khon v ngn hng thng mi.
Nhiu bn dc by t s quan tm v a thch c bit i vi quyn
Ti chnh Doanh nghip ca tc gi Nguyn Minh Kiu ch ni dung sch
phong ph bao qut hu ht nhng quyt nh ti chnh m doanh nghip cn
xem xt v thc hin, v phong cch, bn c rt thch th vi vn phong n
gin, mch lc, d c v d hiu m tc gi s dng xuyn sut t chng
u n chng cui ca quyn sch. Gn y, tnh hnh th trng ti chnh v
hot ng ca cc doanh nghip Vit Nam c mt bc pht trin vt bc,
nht i k t khi Vit Nam gia nhp WTO v k nhu hip nh thng mi vi
Hoa K. Tng t, tnh hnh th trng chng khon Vit Nam cng ngy cng
pht trin v hot ng si ng vi s giao dch chng khon TP.HCM v
Trung tm giao dch chng khon H Ni cng nh s lng cc Cng ty chng
khon v cng ty nim yt trn th trng gia tng khng ngng. Trong hon
cnh nh vy, vic hc tp v nghin cu v ti chnh doanh nghip, nht l ti
chnh cc cng ty c phn, ngy cng thu ht s quan tm ca nhiu bn c.
ng trc nhu cu mi, i hi quyn Ti chnh Doanh nghip gp rt ti bn
ln th hai vi nhng ni dung b sung v cp nht mi nht, nhm p ng
nhu cu hc tp v nghin cu ngy cng tng ca nhiu sinh vin v nhn
vin ang lm vic ti cc doanh nghip, ngn hng thng mi v cng ty
chng khon.

Ln ny, Nh xut bn Thng k xin hn hnh gii thiu n bn c

quyn sch Ti chnh Doanh nghip ca tc gi Nguyn Minh Kiu ti bn ln
hai vi ta l "Ti chnh Doanh nghip cn bn - L thu yt v th c hnh
qun l ng dng cho cc doanh nghip Vit Nam". Trong ln xut bn ny,
ni dung sch c tc gi u t vi nhiu chng mi v nhiu v d minh
ha thc tin rt chi tit cng nh cp nht thng tin mi nht st thc vi tnh
hnh hot ng ca cc doanh nghip ' Vit Nam. Ngoi vn phong mch lc,
d c v d hiu vn c ca tc gi m bn c tng thch th, n ny bn

14

c s cn ngc nhin vi nhng ni dung mi, bao qut ton b hot ng ca

doanh nghip km theo nhng v d minh ha thc tin rt sinh ng m tc
gi trnh by trong tng chng ca quyn sch. Vi ni dung gm 8 chng
b cc thnh 2 phn ring bit, quyn Tl chnh Doanh nghip
ca tc
gi Nguyn Minh Kiu c th c xem nh l cm nang khng th thiu ca
nhng ai quan tm n hc tp v nghin cu v ti chnh doanh nghip. Mt
ln na, Nh xut bn Thng k xin chn thnh cm n s ng h nhit tnh
ca bn c i vi quyn Ti chnh Doanh nghip ca tc gi Nguyn Minh
Kiu xut bn ln u v hn hnh c gii thiu n bn c quyn Ti chnh
Doanh nghip -k^k ti bn ln th hai.

NH XUT BN THNG K

15

MC LC TM TT
-

v Tc gi

Li ni u

Cm t

Li Nh xut bn

P h n 3 : QUYT NH NGUN VN V CHNH SCH c TC

-

Chng 10 : n by hot ng v n by

ti chnh.

Chng 11 : Q uyt

nh ngun vn v chi ph s dng vn.

Chng 12 : Q uyt

nh c c"u vn.

Chng 13 : Q uyt

nh chnh sch c tc.

P b n 4 : NHNG QUYT NH KHC CA T CHNH DN

-

Chng 14 : Q uyt

nh sp nhp v thu tm cn g ty.

Chng 15: N h n

dng v o lng ri ro ti chnh.

Chng 16 : Q un

l ri ro tn dng v ri ro li sut.

Chng 17: Q un

l ri ro t gi v tn tht ngoi hi.

- Ti liu tham kho

17

^ h iL 3

QUYT NH NGUN VN
V CHNH SCH c TC
Phn ny c bn chng c ln lt trnh by, bao gm

Chng 10 :
n b y h o t n g v n by t i chn h.

Chng :
Q u y t n h n g u n vn v ch i p h s dng vn.

Chng 2 :
Q u y t n h c c u vn.

Chng 13 :
Q u y t n h c h n h sch c tc.

M c tiu ca phn ny l trang b kin thc v cng c phn

tch nhm ra q u yt nh lin quan n huy ng ngun v"n v chnh
sch c tc ca cn g ty. N t c o ca phn ny l bn s tip cn
mt cch c h thng vi l thuyt M&M v c cu vn.

Ch.10 : N BY h o t n g & N BY T .c h n h

19

Chtng 10

N BY HOT NG V
N BY TI CHNH
MC TIU :
Chng ny nhm gii thiu hai cng c quan trng phn tch v
ra quyt nh lin quan n ngun vn. c xong chng ny, bn s hiu
c:
1. T h no l n by hot ng v n by ti chnh.
2. Cch phn tch ra v quyt nh khi no doanh nghip nn s dng
n by hot ng.
3. Cch phn tch v ra quyt nh khi no doanh nghip nn s dng
n by ti chnh nhm nng cao kh nng sinh li ca cng ty.

1. TNG V N BY TRONG TI CHNH

T ro n g c hc, chng ta quen thuc vi k h i n im n by,
n h l cng c khuch i lc n hm bin m t lc nh t h n h mt
lc ln hn, tc ng vo v t th chng ta cn dch chuyn. N h vy
trong v t l, ngi ta da vo im ia c n h khuch i lc
n h m mc tiu di chuyn m t v t th no . Trong ti chnh, ngi
ta mn th u t ng "n by" m ch vic s dng chi ph c nh (fixed
costs) gia t n g k h n n g sin h li ca cng ty. Trong chng ny,
chng ta s k h m p h nhng nguyn l s dng n by tro n g ti
chnh, bao gm n by h o t ng (operating leverage) v n by ti
chnh (fm ancial leverage).
2 . N BY HOT NG
2.1. Phn tch nh hng ca n by hot ng :

n by h o t ng (operating leverage) l mc s dng chi

ph h o t ng c n h ca cng ty. Chi ph c n h l chi ph kh n g

Ch.10 ;N BY h o t n g & N BAY T.CHNH

20

th a y i khi sn lng th a y i. Chi ph c nh c th kc r a bao gm

cc loi chi ph n h k h u hao, bo him, m t b p h n chi ph (iin
nc v m t b p h n chi ph qun l. Chi ph bin di l chi ph th a y
i khi s^ lng th a y i, chng hn chi ph nguyn v t liu, lao ng
trc tip, m t p h n chi ph in nc, hoa h n g b n hng, m t p h n
chi ph qun l h n h chnh, y, chng ta ch p h n tch Irong n g n
h n bi v tro n g di h n t t c cc chi ph u th a y i.
Trong k in h doanh, chng ta u t chi ph c n h vi hy vng
s lng tiu th s to ra doanh thu u ln tr a n g tr i chi ph c
n h v chi ph bin i. Giiq n h chic n hy ronq c hc, s
h i n din ca chi ph h o t ng c nh gy ra s th a y i tro n g s
lng tiu th khuch i s th ay i li n h u n (hoc l). m inh
ha iu ny chng ta xem xt v d cho b n g 10.1.
B ng 10.1 : n h h ng ca n by h o t n g ln l i n h u n .
Cng ty F

Cng ty V

Cng ty 2F

10.000$

11.000$

19.500$

Cng ty F

Cng ty V

Cng ty 2F

Chi ph c nh

7.000

2.000

14.000

Chi ph bin i

2.000

7.000

3.Q00

1.000

2.000

2.r,00

Chi ph c n h / tng chi ph

0,78

0,22

0.82

Chi ph c n h / doanh thu

0,70

0,18

0,72

Phn A ; Trc k h i th a y i doanh thu

D oanh thu
Chi ph h o t ng

Li n h u n h o t ng (EBIT)
T s n by h o t ng

Phn B : Sau k h i doanh thu t n g 50% trong nh n g n m k tip

D oanh thu
Chi p h h o t ng

15.000$

16.500$

29.250$

21

Ch. 10 : N BY h o t n g & N BY T.CHNH

Chi ph c" n h

7.000

2.000

14.000

C hi ph bin i

3.000

10.500

4.500

Li n h u n h o t ng (EBIT)

5.000

4.000

10.750

Phn trm thay i EBIT

400%

100%

330%

(EBITt - E B IT ti)/ EBITti

Trong vi d ny, chng ta phn tch v so s n h ba cng ty : Cng
ty F, cng ty V v cng ty 2F. S khc bit y l cng ty F v cng
ty 2 F c s dng n by h o t ng vi mc n hn cng ty V,
Kt qu p h n tch n h hng ca n by h o t ng th h i n
p h n B. i vi mi cng ty u c doanh thu v chi ph bin i tn g
50% tro n g khi chi ph c n h khng th ay i. T t c cc cng ty u
cho th y c s n h hng ca n by hot ng th hin ch doanh
thu ch t n g 50% nhuig li n hun t n g vi tc ln hn, c t h l
40, 100 v 330% l n lt i vi cng ty F, V v cng ty 2F. So sn h
gia cng ty F, 2 F v V ta th y r n g tc t n g EB IT ca cng ty F
v 2F ln hn ca cng ty V. Tuy niiiy nu so s n h gia cng ty F
v 2F chng t a th y r n g tc t n g EBIT ca cng ty 2F nh hn
ca cng ty F. iu ny c ngia l, s dng n by h o t ng hp
l c tc dng khuch i s gia tn g EBIT. T u y n h i n , s khuch i
n y kh n g p h i tu y n tn h m theo quy lut gim dn.
2.2. P hn tc h ha vn :

2.2.1. Phn tch ha vn theo sn lng :

P h n tch h a vn l k thut phn tch mi quan h gia chi

ph c' nh, chi p h bin i, li nhun v s" lng tiu th. m inh
h a k th u t p h n tch ha vn, chng ta ly v d sau y : Gi s
cng ty sn x u t xe p c di gi bn l 50$, chi p h c n h hng
nH l 100.000$ v chi p h bin i l 2 5 $ Iri v. C h ng ta s p h n
tch quan h gia tng chi p h hot dng v tng doanh thu. H nh
10.1 m t quan h gia tng doanh thu, tng chi ph h o t ng v
li n h u n tng ng vi tng mc s n lng v s^ lng tiu th. Cn
lu . y chng ta ch quan t m n chi ph h o t ng n n li
n h u n y c xc n h l li n h u n h o t dng trc thu. N h
vy, li n vay v c tc u i khng lin quan khi p h n tch n

22

Ch.10 :N BY HOAT n g & N BY T .c h n h

by h o t ng. T u y nhin khi p h n tch n by t i chnh (p h n sau)

chng ta s xem x t vn ny.
T r n h n h 10.1, im giao n h au gia 2 ng th n g t n g doanh
thu v chi ph l im ha vn (break -even point) v iem n y doanh
thu b n g chi ph v, do , li n h u n b n g 0. T r n h n h v 10.1 im
h a vn chnh l im c sn lng l 4.000. v m t ton hc, tm
im ha vn chng ta thc h i n n h sau :
Doanh thu v chi ph (1.000$)

Hnh 10.1 : Phn tch ha vn.

t EBIT = li n h u n trc th u v li (li n h u n h o t

p = n gi bn.

V = bin ph n v.
(P

V) = li gp.

Q = s lng s n xut v tiu th.

F = n h ph.
Q be = s lng h a vn.

?ng).

C h .10 : N BY h o t n g & N BY T.CHNH

23

im ha vn th doanh th u bng chi ph v EB IT b n g 0. Do

chng t a c :
P Q be = VQ be + F
(P - V) Q be = F
Q be = f / (P - V)

(10.1)

v d tr n nu p dng cng thc (10.1), chng ta s c sn

lng ha vn Q b e = 100.000 / (50 - 25) = 4.000 n v. Nu s lng
tiu th vt qua im ha v"n (4.000 n v) th s c li nhun,
ngc li nu s lng tiu th di mc ha vn th cng ty b l.
im h a vn Q be

va xc nh tr n y th h i n sn lng

h a vn. M un b i t doanh thu ha vn, chng ta ly sn lng ha

vn n h n vi n gi bn. Trong v d tr n sn lng h a vn Q be =
4.000 v n gi b n p = 50$, do doanh th u ha vn s l 50 X
4.000 = 200.000$.

2.2.2. Phn tch ha vn theo doanh thu :

P h n tch im ha vn theo sn lng ch p dng d vi nhng
doanh ng h ip no c sn phm sn xut v tiu th m ang tn h n
chic c th xc n h c th n h tng n v sn phm , ch n g h n
n h xe p, m y vi tn h , b bn gh,... i vi nh n g doanh nghip
c h o t ng phc t p v khng th p h n chia th n h n v sn phm
chig h.n n h h o t ng thng mi, bao gm dch v, bn bun, bn
le, n g n hng,... im ha vn c xc nh theo doanh thu v da
vo bo co k t qu k in h doanh. V d, chng ta c thiq tin t bo
co kt qu k in h doaiii ca cn f.v PG Cu. c tm tt hnq 10.2
n u saii :
B ng 10.2 : T m t t bo co kt qu kin h d o a n h ca PG Co.

D oanh th u (Triu ng)

300.000

T r ; Tng chi ph bin i

180.000

D oanh th u trc chi ph c nh

120.000

T r : Chi ph c nh

100.000

Li n h u n trc th u v li (EBIT)

20.000

24

Ch.10 ;N BY h o t n g & N BY T.CHNH

Khi p h n tch n bv hot ng, chng ta bit cng thc :

D oanh th u

Tng chi ph
bin i

Tng chi ph
c nh

= EIIT

By gi chng ta t s = Doanh thu, v c = Tng chi ph bin

i, F = Tng chi ph c nh v Sbe = D oanh th u im ha v"n,
chng ta c biu thc quan h sau :

s - (VC + F) = EBIT
Biu thc n y c th vit li th n h :

s s
im h a v"n, chng ta c :
S be 1 -

- F = EBIT
S be ^

Bit r n g t l gia chi ph bin i v d oanh thu (VC/S) khng

i b t c mc doanh thu no, ngha l v c / s = VC/Sj 3E- Biu thc
tr n c th v it li th n h :

vc ^
s

F = EBIT.

im ha vn th EBIT = 0, do .
S b e V 1 -

Suy r a :

Sbe =

- F = E B IT = 0.
V
^

( 10 . 2 )

yc
s
Cng thc 10.2 c s dng xc n h im ha vn theo
doanh thu. T rong v d tr n y, chng ta c im ha vn theo doanh
thu hay d oanh th u ha vn c xc nh n h sau :
S be

= 250.000 triu ng.

vc
s

180.000
300.000

Ch. 10 : N BY h o t n g & ON BY T.CHNH

25

2.3. n g h a ca im ha vn :

Nh nh ngha, im ha vn l im s n lng hoc doanh

thu tiu th doanh th u bng tng chi ph. im ha vn cung cp
cho nh p h n tch nhng tn hiu quan trng sau y :
Nu sn lng hoc doanh thu tiu th th p hn im ha vn
th doanh th u khng b p tng chi ph, do , EBIT < 0.
Nu sn lng hoc doanh thu tiu th cao hn im ha vn
th doanh thu ln hn tng chi ph, do , EBIT > 0.
Mun th a y i im ha vn, cng ty phi th a y i chi ph c
nh. Vic th a y i chi ph c nh ph thuc vo c im ca
cng ngh sn xut hoc ngnh kinh doanh.
2.4. by hot ng (DOL) :

Nh p h n tch ' p h n trc, chng ta th y r n g di tc ng

ca n by h o t ng m t s th ay i trong s lng h n g b n a
n k t qu li n h u n (hoc l) gia tn g vi tc ln hn. o
lng mc tc ng ca n by hot ng, ngi ta s dng ch
tiu by hot ng (degree of operating leverage
DOL). by
h o t ng (DOL) c nh ngha nh l phn tr m th a y i ca li
n h u n h o t ng so vi p h n trm thay i ca sn lng (hoc doanh
thu). Do ;
by h o t ng
0-

mc sn lng
(hoc doanh thu)

hay l ;

trm th ay i li n hun
=

DOL q =
^

(10.3)
AQ / Q

Cn lu r n g by c th khc nhau nhng mc sn lng

(hoc doanh thu) khc nhau. Do d, khi ni n by chng ta nn
ch r by mc sn lng Q no . Cng thc (10.3) tr n y
r t cn th i t nh n g h a v hiu c by h o t ng nhng r t
kh tn h ton tr n thc t do kh thu th p c s liu EBIT. d
dng tn h ton DOL, chng ta thc hin mt s bin i.Bit rn g
li gp b n g doanh thu tr chi ph, ta c :
EBIT = PQ

(VQ + F) = PQ - VQ - F = Q(P

V)

26

Ch.10 : N BY H0'T n g & N BY T.CHNH

Bi v n g i bn p v nh ph F l c nh nn A E B IT =
A Q(P - V). N h vy :
A EBIT ^ A Q (P - V)
E B IT
Q (P - V) - F
T h a y vo cng thc (10.3), ta c :

DOI

A Q (P - V)
_ Q ( P - V ) - F _ A Q X P -V ) / Q
_Q
Q (P - V) AQ ^

Q ( P - V)
Q (P V)~ F

'q
H ay l :

DOL q = Q (P - V) - F

(10.4)

C hia t v m u ca (10.4) cho (P - V), cng thc (10.4) c th

v it li t h n h :
Q P rY )
Q
Q - Qm

DOL q =

(10.5)

(p :v )
Cng thc (10.4) v (10.5) dng tn h by h o t ng thoo
s n lng Q. H ai cng thc ny ch thch hp i vi nh n g cng ty
no m s n p h m c tn h n chic, chng h n n h xe hi h a y my
tn h . i vi cng ty m sn p h m a dng v k h n g th tn h th n h
n v, chng ta s dng ch tiu by theo d oanh thu. Vic suy lun
tm r a cng thc tn h by h o t ng Ihco doanh llu kl phc tp,
bn khi bn t m n iu ny m chi cn bit p dng cng thc
tn h by theo d o an h thu nh sau :
s ;;^ VC
s -vc - F
_

T ro n g : s l doanh thu, F l tng chi ph c nh, v c l tng

chi ph b in i.
H ay l :

DOLs -

^ I T 4- F

10 . 6 :

EBIT
V n dng cng thc (10.5) vo v d cng tv s n xut xc dp
chng ta xem x t t u chng n gi, chng ta c :

Ch.10 :N BY h o t n g & N BY T.CHNH

DOL 5000 =

5.000

5.000

27

4.000

6.000

Q - Q be

6.000 - 4 . 0 0 0

N h vy by h o t ng mc sn lng Q = 5.000 b n g 5.
iu ny c n g h a l g ? N c ngha l t mc s n lng tiu th l
5.000 n v, c mi p h n tr m thay i sn lng tiu th th li
n h u n h o t ng s th a y i 5 p h n trm. Ngoi ra cn lu rng,
khi s n lng t n g t 5.000 ln 6.000 n v th by h o t ng
gim t 5 xung 3, n g h a l t mc sn lng l 6.000 n v, c mi
p h n tr m th a y i s n lng tiu th th li n h u n h o t ng th a y
i 3 p h n tr m . Do d, k t im ha vn nu s n lng cn g t n g
th by cng gim.
2.5. Q uan h gi a by h o t ng v i m h a v n :

th y c mi quan h gia by h o t ng v im ha
vn chng lp b n g tn h li n hun v by h o t ng n h iu mc
s n lng k h c nh au . B ng 10.3 di y cho chng ta th y li
n h u n v by h o t ng nhng mc s n lng k h c nhau.
B ng 10.3 : L i nhun v by h o t n g
n h n g m c sn ing kh c nhau.
S ing sn xut
v tiu th (Q)

Li nhun
hot ng (EBIT)

by hot ng
(DOL)

- 100.000

0,00

1000

- 75.000

0,38

2000

- 50.000

1,00

3000

~ 25.000

- 3,00

Q b e = 4000

K hng xc n h

5000

25.000

5,00

6000

50.000

3,00

7000

75.000

2,33

8000

100.000

2,00

28

C/1.7 ; N B> HOAT NG & N BY T.CH NH

Bng 10.3 cho th y rn g nu san lng di chuyn cng xa im

ha vn th li n h u n hot ng hoc l s cng ln, ngc li by
hot ng (DOL) cng nh. Quan h gia sn lng tiu th v li
n h u n h o t ng l quan h tuyn tnh nh th y tr n h n h v 10.1.
H nh 10.2 di y s din t quan h gia sn lng tiu th v
by h o t ng. T cng thc tnh bv hot ng DOL q = Q/(Q Q bk ), t y = DOL q , X = Q v a = Q be chng ta c c h m s y =:
x/(x - a). Kho s t v v th hm s ny chng ta c c h n h v
10.2 di y.
by hot ng

Hnh 10.2 : Quan h gia sn ing tiu th v by hot ng.

N h tr n ni, hnh 10.2 c duc l do k t qu kho s i hm

s y = x/(x a) tro n g y = DOL, X = Q v a = Qi5E- ln h ny cung
cp cho chng ta m t s Iihn xt nh sau :
by h o t ng tin n v cc khi s lng sn xut v Uu
th ti n d n n im ha vn.
Khi s" lng sn xut v tiu th cng vt xa im ha vn
th by s tin dn Vi 1.
2.6. Quan h gia by hot ng v ri ro doanh n g h i p :

Ri ro doanh nghip l ri ro do nhng b t n p h t sin h trong

h o t ng ca doanh nghip khin cho li nhun h o t ng gim , cn

Ch.10 : N BY h o t n g & N BY T.CHNH

29

ch rng by h o t ng ch l mt b p h n ca ri ro doanh
nghip. Cc yu t^ k h c ca ri ro doanh nghip l s th a y i hay
s b t n ca d oanh th u v chi ph sn xut, y l hai yu t chnh
ca ri ro d o an h nghip, cn n by hot ng lm khuch i s
n h hng ca cc yu ny ln li nhun hot ng ca doanh nghip.
T u y n h in b n th n n by hot ng khng p h i l ngun gc ca
ri ro, bi l by cao cng chng c ngha g c nu n h doanh
thu v c cu chi p h c nh. Do d, s sai lm nu n h ng ngha
by h o t ng vi ri ro doanh nghip, bi v ci gc l s th ay
i d o an h th u v chi ph sn xut, tuy nhin, by h o t ng c tc
dng khuch i s th a y i ca li nhun v, do , khuch i ri
ro d oan h nghip.
T gic ny, c t h xem by hot ng n h l m t dng
ri ro tim n , n ch tr th n h ri ro hot ng khi no xut hin
s bi n ng' d oanh th u v chi ph sn xu"t.
2.7. n g h a ca by hot ng i vi qun tr ti chnh :

Sau k h i n g h i n cu v n by hot ng, chng ta th t ra

cu hi : H iu b it v by ca cng ty c ch li i h no i vi
gim c t i ch n h ? L gim c ti chnh, b n cn bit trc xem
s th a y i d o a n h th u s n h hng th no n li n h u n h o t ng.
by h o t ng c h n h l cng c gip bn t r li cu hi ny. i
khi b i t trc by h o t ng, cng ty c th d d n g hn tro n g vic
quyt n h c h n h sch doanh thu v chi ph ca m nh. N ing Iiin
chinq, cng ty k h n g th c h h o t ng di iu kin by h o t ng
cao hi v tr o n g tn h hun g nh vy ch cn m t s st gim nh doanh
thu cng d dn n l tro n g hot ng. iu n y c m inh chng
ni b t n h t bi tr n g hp ca American A irlines sau s kin khng
b^ n g y 11/09. C h n g ta b it ngnh hng k h n g l n g n h c by
hot ng cao do c th ca ngnh ny l chi ph c n h r t ln.
Bi vy, k h i s k i n 11/09 xy ra by cao khuch i ri ro
do an h n g h i p ln cc k h i n cho doanh nghip phi th u a l r t ln
v l m vo tn h t r n g p h sn.
3 . N B Y TI CHNH
n b y h o t ng lin quan dn vic s dng chi ph c^ nh
tro n g h o t ng ca cng ty, nh xem x t tro n g p h n 2. Trong
p h n 3, chng ta s n g h i n cu n by ti chnh. n by ti chnh

30

C h .io : N BV HOAT n g & N BY T.CHNH

(fin an cial leverage) li n quan n vic s (lng cc ngun ti tr c

chi ph c nh. n by ti cinh chc ii ngha n h l mc d

theo d cc chng khon c thu nip c di (n v c p h i u Xu i)
dc s d n g trong c cu ngun VI ca cng ty.
C m t iu k h c bit l th gia n by h o t ng v cn by
ti chnh l cng ty c th la chn n by ti ch n h tro n g khi kh n g
th la chn n by h o t ng. n by hot ng do c im h o t
ng ca cng ty quyt nh, chng hn cng ty hot ng trong ngnh
h n g kh n g v luyn thp c n by hot ng cao tro n g khi cng
ty hot ng tro n g n g n h dch v nh t vn v du lch c on by
h o t ng th p . n by t i chnh th khc. K hng c cng ty no b
p buc ph i s dng n v c phiu u i t i tr cho hot n g

ca m n h m th a y vo cng ty c th s dng ngun vn l vic

p h t h n h c phiu thng hay c phiu ph thng. T h nhig trn
thc t t khi c cng ty no khng s dng n by ti chnh. Vy,
l do g k h i n cng ty s dng n by ti chnh ?
Cng ty s dng n by ti chnh vi h y vng l s gia t n g
c li n h u n cho c ng thng. Nu s dng ph hp, cn^ ty c
th dng cc ngun vn c chi ph c dnh, bng cch p h t h n h tr i
phiu v c phiu u i, to ra li nhun ln hn chi p h tr cho
vic huy ng vn c li tc c" nh. Phn li n h u n cn li s thuc
v c ng thng. iu ny se c Ih hin r hn klii chung ta
p h n tch quan h gia li nhun trc thu v li (EHIT) v li n h u n
tr n c p h n (EPS).
3.1. Phn tch quan h EBIT v EPS :

P h n tch quan h E B IT -E P S l phn tch s n h hng ca

nhng phng n ti tr khc nhau i vi li n h u n tr n c phn.
T s p h n tch ny, chng ta s tm r a mt im b n g quan (indifferont
point), tc l im ca lBIT m * cc phng n ti tr L m ang
li EPS n h nhau. m inh ha phn tch quan h EBIT EPS, chng
ta xem xt v d sau y :
Cng iy C TC c nun un di hn 10 triu U SD ion ton t
ngun vn c p h n th n q thnq. Ciq ty cn h u y dig IhH 5 iriu
USD cho uic m rng sn xut kinh doanh. Cng ly xem xt 3 ih n g
n huy ng vn : (1) p h t hnh c piii tii, (2) p h i ir.h tri
p h iu vi li sut 12%, hoc (3) p h t hnh c p h i u a di vi c tc
11%. Li n h u n trc th u v li (EBIT) inq n m ca c y hin

Ch.10 : N BY h o t n g & N BY T .c h n h

31

ti l 1,5 Iriu U SD n/iiig nu m rng sn xut k in h doanh cng ty

k
vng E B I T s tng n 2,7 triu USD. T h u th u n hp cng ty l
40% cng ty hin c 200.000 c phn. N s d n q phiiq n th
nhi, cng ty c ti bn thm 100.000 c phn vi qi 50 U SD I c ph n
h u y dng iliii 5 triu USD.
Mc tiu ca chng ta l phn tch tm ra im b n g quan,
tc l im m cc phng n ti tr u m an g li E PS n h nhau.
Trc ht, chng ta xc nh EPS theo cng thc sau :
E PS . (EBIT ~ ) (1 - t)
NS

PD

Trong :
I = Li sut h n g n m phi tr.
PD = C tc h n g n m phi tr.
t = T h u sut thu" thu nhp cng ty.
NS = S" lng c p h n thng thng.
xc nh E P S ca cng ty theo ba phng n ti tr, chng
ta lp b n g tn h ton 10.4 di y ;
Bng 10.4 : Bng tnh EPS theo 3 phng n ti tr.
Phng n ti tr
C phiu

thng

Li n h u n trc th u v li

2.700.000$

N
2.700.000$

C phiu

u i
2.700.000$

(R IIT )

Li su t (I)

600.000

Li n h u n trc thu" (EBT)

2.700.000

2.100.000

2.700.000

Th th u n h p (EBT X t)

1.080.000

840.000

1.080.000

Li n h u n sau th u (EAT)

1.620.000

1.260.000

1.620.000

C tc c phiu u i (PD)
Li n h u n d n h cho c ng
thng

1.620.000

1.260.000

550.000
1.070.000

32

Ch.10 : N BY h o t n g & N BY T.CHNH

S lng c p h n (NS)

300.000

200.000

200.000

5.40

6.30

5.35

Li nhun trn c phn (EPS)

Da vo k t qu bng tnh lon tr n y chng ta c th xc

n h im b n g quan bng mt trong 2 phng php : phng php
h n h hc v phng php i s.

Xc n h im hig quai bng p h ng p h p n h hc

S dng th biu din quan h gia EBIT v EPS chng t a c
th tm r a c im bng quan, tc l im giao n h a u gia cc phng
n t i tr EBIT theo bt k phng n no cng m an g li KPS
n h nhau. lm iu ny chng la xy dng th n h tr n h n h
v 10.3. i vi mi phng n, chng ta ln lt v ng th n g p h n
n h quan h gia EPS vi t t c cc im ca EBIT.
Trc ht tr n th hnh 10,3 chng ta chn cc im c h o n h
l 2,7 v tu n g ln lt l 5,40; 6,30 v 5,35 (5,40 v 5,35 gn
n h a u n n t r n th chng gn nh tr n g nhau). K n chng ta
tm im th hai bng cch ln lt cho E P S = 0 tm r a EBIT tng
ng.
Vi phng n ti tr bng c phiu thng :
(EB IT - I) (1 - t) - PD = 0
(E B IT - 0) (]

0,4)

0 = 0

(EBIT) 0,6 = 0
E B IT :=
Ni hai im c ta (0, 0) v (2,7, 5,4) chng ta c c ng
thng phn nh EPS thto phng n ti tr bng c phiu thng
thng.
Vi phng n ti tr bng n :
(EB IT - I) (1 - t) - PD = 0
(EB IT - 600,000) (1
(EBIT) 0,6

0,4) - 0 = 0

360.000 = 0

E B IT = 360.000/0,6 = 600.000$

Ch. 10 : N BY h o t n g & N BY T .c h n h

33

Ni hai im c ta (0,6, 0) v (2,7, 6,3) chng t a c c

ng th n g p h n n h EPS theo phng n ti tr b n g n.
Vi phng n ti tr bng c phiu u i :
(E B IT

I) (1 - t) - PD = 0

(EBIT - 0) (1 - 0,4) - 550.000 = 0

(EBIT) 0,6 - 550.000 = 0
E B IT = 550.000/0,6 = 916.667$
Ni h a i im c ta (0,916, 0) v (2,7, 5,35) chng t a c c
ng th n g p h n n h EPS theo phng n ti tr b n g c phiu u
i.

Hnh 10.3 : th xc nh im bng quan theo 3 phng n.

T r n h n h v 10.3, hai im ct nhau gia ng th n g c phiu

thng vi ng th n g n v c phiu u i cho ch n g ta h a i im
b n g quan v im cc phng n t i tr u em li cng EPS.

Ch.io : N BY HOT NG & N BY T.CHNH

34

Xc nh im bng quan bng phng ph p d i s'

V m t i s, chng ta c th xc nh im b n g quan b n g
cch p dng cng thc (10.7) tn h EPS theo E B IT cho mi phng
n, sau th it lp phng trnh cn bng nh sau :
(EBT,2 - I) ( - t) - PD ^ (EBIT,2 - t) - p
NSi

NS2

Trong :
EBITi
Il, I 2

= EBIT bng quan gia 2 phng n ti tr 1 v 2.

= Li phi tr hng nm ng vi phng n ti tr 1
v 2.

P D , PD 2 = C tc phi tr hng nm theo phng n ti tr

1 v 2.
t

= Thu sut thu thu nhp cng ty.

N S i, N S 2 = S c phn thng thng ng vi phng n 1

v 2.
Trong v d ang xem xt, chng ta tm im b n g quan gia hai
phng n ti tr bng n v c phiu thng bng cch gii phng
trnh cn bng nh sau :
Ti tr bng c phiu thng

(EBT

Ti tr bng n

- 0) (1 - 0 ,4) - 0 _ (EBT

300.000
(EB1Ti,2) (0,6) (200.000)

- 600.000) (1

0,4)^ -0

200.000

= (EBIT 1 2 ) (0,6) (300.000) - (0,6) (600.000) (300.000)

(EBITi 2 ) (60.000) = 108.000.000.000

EBITi

= 1.800.000$

Thc hin tng t, chng ta c th tlm c im b n g quan

gia hai phng ti tr bng c phiu thng v c phiu u i l
2,75 triu USD.
Y ngha ca im bnq quan
T phng php h n h hc cng nh phng php i s chng
ta tm th y im b n g quan gia 2 phng n ti Lr b n g n v c

Ch.10 : N BY h o t n g & N BY T.CHNH

35

phiu thng l 1,8 triu USD. iu ny c ngha g ? Nu EB IT th p

hn im bng quan th phng n ti tr bng c phiu thng to
ra c E P S cao hn phng n ti tr bng n, nhng nu EB IT vt
qua im bng quan th phng n ti tr bng n m ang li EPS cao
hn phng n ti tr bng c phiu thng.
Tng t im b n g quan gia 2 phng n t i tr b n g c phiu
thng v c phiu u i l 2,75 triu USD. Nu EB IT n m di im
n y th phng n t i tr bng c phiu thng to ra E P S cao hn
phng n t i tr b n g c phiu u i, nhng nu EB IT vut qua
im b n g quan th phng n ti tr bng c phiu u i m a n g li
E P S cao hoti pho"ng n t i tr' bng c phiu thng.
3.2. by ti chnh :

D by ti c h n h (degree o f financial leveraqe DFL) l m t ch

liu n h lng d n q d do lng mc bin n g ca E P S k h i E B I T
thay i. by t i chnh mt mc EBIT no c xc nh
nh l p h n tr m th a y i ca EPS khi EBIT th a y i 1 p h n trm .
Do :
by t i chnh
(DFL)

mc EB IT
TJ
lA
H ay l ;

P hn tr m thay i li n h u n
c p h n (EPS)
P hn trm th ay i ca EBIT

DFLggj'p

EPS

% A E B 1T

_ A E P S /P S
~
A E B IT /E B IT

T cng thc (10.7), chng ta bit EPS = KEBIT

PDI/NS v v I v PD l h n g s nn Al v APD b n g 0.
AEPS =

- A ) (1 - i) NS

A EBIT (1 - 1)
A E P S ^ ____~ _ N S
~
EPS

(E B IT j 7 H l L i y

l) ( l - t )

PD ^ A E B IT (1 1)
NS

^
~

A .EBIT (1
I) (1

t)
t)

PD

36

Ch. 10 : N b h o t n g & N BY T.CH NH

____A EBIT (1 7 t)
n P T .......... (E B IT - I) (l - t ) - PD
---------------------------

A EBIT
E B IT
EBIT

A EBT (1 - t)
(EBIT - I) (1 - t) - PD J
E B IT (l-t)
(E B IT -I)(1

t)-P D

C hia c t v mu s ca biu thc ny cho (1 - t), ta c ;

rM?T

- EBIT

EBIT - I - [PD / (1 - t)l

MAOX
(10.9)

Trng hp c bit ch xt by ti chnh khi s dng phng

n ti tr bng n th PD = 0. Khi :
DPLpBiT =

(10.10)

EBIT - I

T rong v d chng ta ang xem xt, by ti ch n h xc n h

theo cng thc (10.9) nh sau :
D ng p h ng n ti tr bng n
ni?T
.
- .
-: L^^RTT'
9 voo 000 _ _ _

_ ___

EBIT - I

2.700.000

___

2.700.000 ^ 600.000

1 9Q

D ng phng n ti tro big c phiu u di

EBIT
DF'LfTT'_-2700 000 ____ ___
__
EBIT - I - [PD / (1

t)|

________ 2.700.000

2/700.000 - L550.000 / (1

^ ^

0,4)

N h vy, by ti chnh ca phng n ti tr b n g n l 1,29

cn phng n t i tr* bng c phiu i l 1,51. C hai cu hi t
r a ' y :
by t i chnh ca phng n dng c phiu u i ln hn
by t i chnh ca phng n dng n, iu n y c ngha

g ?

Ch.10 : N BY h o t n g & N BY T .c h n h

37

Khi no by ti chnh ca phng n dng c phiu u i

ln hn by ti chnh ca phng n dng n ?

by t i chnh ca phng n dng c' phiu u i (DFL

1,51) ln hn by ti chnh ca phng n dng n (DFL = 1,29)
c n g h a l mc bin ng ca EPS khi EBIT bin ng l vi phng
n ti tr b n g c phiu u i cao hn mc bin ng ca E P S khi
EBIT bicn ng i vi phng n ti tr' bng n. Khi no by
ti chnh ca phng n dng c phiu u i ln hn hay nh by
ti chnh ca phng n dng n ? iu ny ph thuc vo vn ti t
kim th u do s dng n so vi chi ph tr c tc.

Nu chi ph tr c tc (PD) ln hn phn chnh lch gia li v

ti t kim thu^ do s dng n (1 t)I, ta c :
PD > (1

>I

t) 1

EBIT +

1- t
EBIT
lB IT
l j 1Ji 1

I > EBIT

EBIT
r < ..... '

> EBIT + I
1- t

1- 1

_
p n

u i)

_^

^ TT

1 t
Nu chi ph tr c tc (PD) nh hn phn chnh lch gia li v
ti t kim th u do s dng n (1 -- t)I, ta c ;
PD < (1 t) I =>

< I =:> EBIT +

1 - t

EBIT

~ < EBIT + I
1- t

I < KBIT 1 - t

E B IT
porrp

EBIT
T >

pT -)

E B IT 3.3.

> I ^ F L ( C p u (li)

1- t

b y ti chnh v r i ro ti chnh :

Ri ro ti chnh l ri ro bin ng li n h u n tr n c p h n kt
hp vi ri ro m t kh nng chi tr p h t sinh do cng ty s dng n
b} ti chnh. Khi cng ty gia tng t trng ngun t i tr c chi ph
c linh tro n g c cu ngun vn th dng tin t c nh chi ra tr

Ch.1 : N BV HOT NG & N BY T.CHNH

38

li hoc c tc cng gia tng. Kt qu l xc sut m t kh nng chi

tr tng theo. m inh ha iu ny, chng ta xem xt hai cng ty A
v B u c EBIT l 80.000$. Cng tv A khng s dng n trong khi
cng ty B c pht hnh 200.000$ tri phiu vnh cu vi li sut 15%.
Nh vy hng nm cng ty B phi tr 30.000$ tin li. Nu EBIT ca
hai cng ty gim xung cn 20.000$ th cng ty B lm vo tnh trng
mt kh nng chi tr trong khi cng ty A th khng.
By gi, chng ta s xem xt ri ro do s bin ng ca EPS.
Gi s EBIT ca cng ty A v B l bin ngu nhin c gi tr k vng
l 80.000$ vi lch chun l 40.000$. Cng ty A khng s dng n
nhng c 4.000 c phn vi mnh gi 10$/c phn cng ty B c n
pht hnh tri phiu tr gi 200.000$ v 2.000 c phn vi m nh gi
10$/c ph n . B n g 10.5 p h n tch nh hng ca n by t i chnh
n EPS ca hai cng ty.

Bng 10.5 : nh hng ca dn by ti chnh ln EPS.

Cng ty
A

Cng ty
B

$80.000

$80.000

Phn A : D bo thng tin v thu nhp

Li nhun trc thu v li k vng [E(EBIT)]

Li (I)

30.000

Li nhun trc thu k vng [E(EBT)1

80.000

50.000

Thu k vng [E(EBT)

32.000

20.000

48.000

30.000

12

15

12

H s bin i ca EBIT [EByE(EBIT)]

0,50

0,50

I^FLe,eb.t,=80.000 E(EBIT)/[E(EBIT) - I - PD/(l ^t)]

1,00

1,60

H s bin i ca EPS [j.ps/E(EPS)]

0,50

0,80

tj

Li nhun k vng dnh cho c ng thng

[E (E A C S )]

Li nhun trn c phn k vng E(EPS)

Phn B : Cc b phn ri ro

lch chun ca li nhun trn c phn (,ps/^^

(1) Nh rng vi bt k bin ngu nhin X th (a+bx) = bj

Ch.10 : N BY h o t n g & N BY T .c h n h

39

Cn lu cch tnh lch chun ca EPS.

Chng ta bit rng :
p p g _ (EBIT - ) (1 - t) - PD _
NS
EPS =

NS

EBIT =

2000

PD ^
N s

]']3'P

NS

40.000 = 12

N hn vo bng 10.5, chng ta thy rng do s dng ngun ti

tr' t n v EBIT vt qua im bng quan nn cng ty B c EPS cao
hn cng ty A nhng n by ti chnh cng lm cho cng ty B ri ro
hn cng ty A. iu ny th hin ch cng ty B c lch chun
ca EPS, by ti chnh v h s bin i ca EPS u cao hn cng
ty A.
4 . TNG HP n b y h o t

ng v

E)NBY t i c h n h

Khi n by ti chnh c
s dng kt hpvin by hot
ng chng ta c n by tng hp (Combined or total leverage). N h
vy, n by tng hp l vic cng ty s dng kt hp c chi ph hot
ng v chi ph ti tr c nh. KI s dng kt hp, n by hot
ng v n by ti chnh c tc ng n EPS khi s lng tiu th
thay i qua 2 bc. Buc th nht, s lng tiu th thay i lm
thay i EBIT (tc ng ca n by hot ng). Bc th hai, EBIT
thay i lm thay i EPS (tc ng ca n by ti chnh). o
lng mc bin ng ca EPS khi s ng tiu th thay i ngi
ta dng ch tiu by tng hp (dcgree of total leverago - DTL).
D by tng hp ca cng ty mc sn lung (hoc doanh thu)
no bng phn trm thay i ca EPS trn ph n trm thay i ca
sn lng (hoc doanh thu).
by tng hp
mc sn lng
(hoc doanh thu)

Phn trm thay i ca EPS

= Phn trm thay i sn lng
(hoc doanh thu)

V mt tnh ton, by tng hp (DTL) chnh l tch s ca

by hot ng vi by ti chnh :
DTLq dn v hoc s ng = DOL X D FL

( 10. 11 )

40

Ch.10 : N BY h o t ENG & N BY T .c h n h

T hay cng thc (10.5), (10.6) v (10.9) vo (10.11) ch n g ta c

c cng thc tnh by tng hp theo sn lng :
DTL q = --------(10.12)
Q ( P - V ) - F - 1 - fPD /(l-t)|
v by t n g hp th eo doanh thu ;

DTLs = ---------- -------------------E B IT - I - [ P D / ( 1 - t ) |

V d cng ty sn xut xe p c n gi b n l
bin i n v l 25$ v chi ph c nh
l 100.000$.
rng cng ty s dng ngun t i tr t n vay 200.000$
8%/nm v th u sut th u thu n h p ca cng ty l 40%.
hp mc sn lng 8.000 chic l :
TArpT .........
8.000 (50 ~ 25)
UlLgOOO = -----------------......................... ......................
8.000 (50 - 25) - 100.000 - 16.000

(10.13)
50$, chi ph
Gi s tlni
vi li sut
by tng
^ oo

TM TT NI DUNG
n by tng hp lin quan n vic s dng chi ph c nh
n h m n lc gia t n g E PS cho c ng khi sn lng tiu th hoc
doanh th u tng. Tc ng ca n by tng hp c o lng bng
ch tiu by tng h p (DTL). Tc ng ny tng hp t tc ng
ca n by h o t dng v n by ti chnh. n by h o t ng lin
quan n vic s dng chi ph h o i ng e dli nhi n lc gia Lng
li n hun h o t ng trc th u v li (EllT), Tc dng ca n by
hot ng c o lng bng chi tiu by hot dng (DOL). nn
by ti chnh lin quan n vic s dng chi ph Li tr c nh n h m
n lc gia t n g E P S cho c ng. Tc ng ca n by ti chnh c
o lng b n g ch tiu by ti chnh (DFI^). Gim c t i chnh cn
lu r n g n by tro n g ti chnh l con (ao hai li. Nu h o t ng
ca cng ty t"t n by s khuch i ci tt ln gp bi ln. Ngc
li, nu h o t ng ca cng ty xu th n by s khuch i ci xu
ln bi ln.

Ch.10 : N BY h o t n g & N BY T.GHNH

41

CU HI N TP
].

Hy lin h khi nim n by trong vt l hc vi n by trong ti

chnh t d hiu r th m bn c h t ca n b y h o t ng, n
by t i ch n h v n by t n g hp l gi ?

2. Ti sao cng ty s dng n by hot ng ? rsu vi v d m inh ha

vic s d n g n by h o t n g trong thc t, qua , ch ra m t li
v b t li c a n by h o t n g ?
3. Th no l im ha vn trong n by hot ng ? im ha vn
c ngha g ?
4. im ha vn v by hot ng c lin h nh th no ? Ch r
c th m i lin h .
5. Ti sao cng t s dng n by ti chnh ? Nu vi v d m inh ha
vic s d n g n b y ti c h in h trong thc t, qua , ch ra m t li
v b t li ca n by ti chinh ?
6. Th no l im bng quan trong n by ti chnh ? im bng quan
c ngha g ?
7.

Nu ra cng thc tinh EPS. Da vo cng thc ny lm th no

xc n h i m bng quan gia hai phng n ti tr bng n v c
phiu p h th n g ; v gia hai phng n ti tr b nq c p h i u u i
v c phiu ph thng ?

8.

Mu ngha kinh t
r r r h i tiu rl by hot nq (D O I.), d by
li chnh (D F L ) v by tng hp (DTL).

Ch.10 : N EY h o t n g & N BY T.CHNH

42

BI P i c IINI
Bi 1 :
Cng ty Sn Bch Tuyet ang xem xt k hoch sn xut mt
loi sn c bit, c tn gi l sn Spocial. Chi ph hot ng c nh
cho sn xut loi sn ny l 3 t dng mt nm. Chi ph bin i trn
mi hp sn l 175.000 ng v gi bn trung bnh l 200.000 ng
mt hp.
a. S lng tiu th v doanh thu ha vn hng nm l bao
nhiu ?
b. Nu chi ph bin i gim cn 168.000 ng mt hp th iu
g s xy ra i vi im ha vn ?
c.

Nu chi ph c nh tng n 3,75 t dng m t nm th im

ha vn s b nh hng th no ?

d. Tnh by hot ng mc tiu th 160.000 hp.

e. Nu doanh s tiu th tng 15% t mc 160.000 hp th li
nhun hot ng (EBIT) Ihay i bao nhiu phn trm ?
Bi g i i:

a. S lng tiu th v doanh thu ha Vn hng nm l bao

nhiu ?
Sn lng tiu th ha vn :
QlK

= F/(P - V) = 3.000.000.000 / (200.000 -175.000)

= 120.000 hp.

Doanh thu ha vn = Qbj X P = 120.000 X 200.000

= 24 t ng.
b. Nu chi ph bin i gim cn 168.000 ng m t hp th diu
g s xy ra i vi iii ha vn ?
Nu chi ph bin i gim cn 168.000 nghn ng th im ha
vn gim xung cn 3.000.000.000 / (200.000 - 168.000) = 93.750 hp.
c. Nu chi ph c nh tng n 3,75 t ng m t nm th im
ha vn s b nh hng th no?
Nu chi ph bin i khng i nhng chi ph c nh tng n
3,75 t ng th im ha vn s tng ln n : 3.750.000.000/ (200.000

Ch.10 : N BY h o t n g & N BY T.CHNH

43

- 175.000) = 150.000 hp. Nu chi ph bin i tng ng thi chi ph

c nh cng tng th im ha vn s tng nu tc tng chi ph
c (lnh ln hn chi ph bin i v ngc li.
d. Tnh by hot ng mc tiu th

160.000 hp.

by hot ng c tnh theo cng thc sau ; DOL q = Q/(Q

Qbi-:). Do by hot ng mc 160.000 hp l DOL = 160.000
(160.000 - 120.000) = 4
e. Nu doanh s tiu th tng 15% t mc 160.000 hp th li
nhun hot ng (EBIT) thay i bao nhiu phn trm?
Cu d tn h DOL = 4 mc doanh s 160.000 hp c ngha l
t mc ny c 1% thay i doanh thu th EBIT thay i 4%. Do t
mc ny nu doanh s tng 15% th EHIT s tng A X 15 = 60%.

Bi 2 :
Cng ty X l mt cng ty hot ng hon ton bng vn ch s
hu (khng c n). Hng thng, li nhun sau th u ca cng ty l
$24.000 trn doanh thu $880.000. Thu sut thu thu nhp cng ty l
40%. Sn phm duy nht ca cng ty sn xut l "my in" dc bn
vi gi $200, trong bin ph l $150.
a. Chi ph hot ng c nh hng thng ca cng ty
nhiu ?

l bao

b. Sn lng v doanh thu ha vn hng th ng ca cng ty l

bao nhiu ?
c. Tnh ton v v th " by hot ng" (DOL) c s lng
sn xut v tiu th hng thng mc 4.000 n v, d.^oo
n v, 4.800 n v, 5.200 n v, 5.600 v 6.000 n v ?
d. th c v cu c v c bit l by hot ng ti
mc doanh s hin hnh ca cng ty ni ln iu g v s
bin ng ca li nhun hot ng ca cng ty khi doanh s
thay i ?
Bi g i i:

a. Chi ph hot ng c nh hng thng ca cng ty l bao

nhiu ?

44

Ch,10 : N^] bY F^0T n g & N BY T .c h n h

D oanh th u ca cng t} ] 880.000$ v gi bn dn v s n p h m

l 200$, n h vy doanh s t.iu th l 880.000/200 - 4.400 sn phm .
xc nh chi ph c^ nh (F'), chng ta cn lp cn b n g sau :
LN sau thu = EBITd = [Doanh thu!
24.000

Bin ph

Chi ph c nhl (1 - T)

- [880.000 - (150M .400 - F ) (1 -- 0,4)

Gii phng tr n h ny ta c F - 180.000$

b. S n lng v doanh th^u ha vn h n g th n g ca cng ty l
bao n h iu ?

Sn lng h a vn c xac nh th eo cng thc :

Q be =

= 3.600
p - V

200

150

Doanh th u ha vn = 3.600 X 200 = 720.000$

c. T nh ton v v th ' hy h o t ng" (DOL) c s" lng
sn xut v tiu th hng th n g mc 4.000 n v, 4.400
n v, 4.800 n v, 5.200 n v, 5.600 v 6.000 n v ?
by h o t ng c xc nh theo cng thc DOL = Q / (Q
Qhk). Do , by hot ng rnc 4.000, 4.400, 4.800, 5.200, 5.600,
v 6.000 n v ln lt l :
4.000 / (4.000 - 3.600) = 10
4.400 / (4.400 - 3.600) = 5,5

4.800 / (4.800 - 3600) = 4

5.200 / (5.200 - 3.600) = 3,25

5.600 / (5.600 - 3.600) = 2,8

6.000 / (6.000 - 3.600) = 2,5.

thi DOL nh sau :

Ch.10 : N BY h o t n g & N BY T.CHNH

-1
0
o
o
nn
) i1UiU
c
<o- o,U
an
m- D,u
A Ci
c 4,u

45

h DOL
^

\
-

<w 2,0 n
<o* n n Q

1
4.000

1
4 400

1
4.800

1
5.200

1 "
5.600

6.000

Mc sn ing Q

d. th c v cu c v c bit l by hot ng ti
mc d oanh s hin h n h ca cng ty ni ln iu g v s
b in ng ca li nhun hot ng ca cng ty khi doanh s
th a y i ?
th tr n cho th y cc mc sn lng cng xa im ha vn
th by h o t ng cng thp, c ngha l tc t n g li n hun khi
doanh s th a y i s ngy cng gim i.
Bi 3 ;

Cng ty Y, mi c th n h lp, mun xc nh mt cu trc vn

hp l. Cng ty c th vay n vi li sut 16%, hoc p h t h n h c
phiu u i vi chi ph 15%. Tng vn u t ca cng ty s l 5 triu
USD, v c phiu thng c th c bn mc gi $20/c phiu. T hu
thu n h p cng ty c c on l 50^^. Bn cu trc vn kh thi ang
c cn nhc l :
Phng n

CP u di

CP thng

0%

0%

100%

30%

0%

70%

50%

0%

50%

50%

20%

30%

a) H y v th E B IT -E P S cho c 4 phng n vi EBIT c

k vng l 1 iriu USD. Nh xc nh r im b n g quan v
toa tai d ih c.t vi truc honh.

Ch.10 ;N BY h o t n g & N BY T.CHNH

46

b) Tnh by ti chnh cho tt c 4 phng n ti EBIT bng

1 triu USD.
c) Phng n no l tt nht ? Ti sao ?
Bi g i i:

a. Hy v th EBIT-EPS cho c 4 phng n vi EBIT c

k vng l 1 triu USD. Nh xc nh r im bng quan v
ta ti th ct vi trc honh.
Da vo k thut phn tch quan h gia EPS v EBIT nh
trnh by trong phn l thuyt ca chng 9, bn c th v th nh
sau
th quan h EBIT - EPS

PA 1
PA 2

A PA 3
PA 4

0.00

500.00

1,500.00

1 000.00
,

EBIT

Ta ca hai im trn th theo tng phng n cu trc

vn nh sau :
Phng n

1 : (EBIT; EPS) = (0,00; 0,00) v (1000; 2,00)

Phng n

2 : (EBIT; EPS) = (240,00; 0,00) v (1000; 2,17)

Phng n

3 : (EBIT; EPS) = (400,00; 0,00) v (1000;

Phng n

4 : (EBIT; EPS) = (700,00; 0,00) v (1000; 2,00)

Xc nh im bng quan :
Phng n 1 v 2 :
(EBIT - 0) X 0,5 - 0 ^ (EB_IT - 240)
250
175
o

EBIT = 800

0,5

2,40)

Ch.10 : N BY h o t n g & N BY T.CHNH___________________ 41

Tng t cho cc phng n cn li, im bng quan ln lt l :

E B I T i s = 800

E B IT i ,4 = 1.000

EBIT2 3 = 800

EBIT2 4 = 1045

E B IT 3 4 = 1 .1 5 0
b. Tnh by ti chnh cho tt c 4 phng n ti EBIT bng
1 triu USD.
Cng thc tnh by ti chnh nh ch ra trong chng 9 ;
DFL = EBIT / (EBIT - I). p dng cng thc ny ta tnh c by
ti chnh ca tng phng n :
D FL i = _ J L ^ L _ =
1.000 0

Tng t : DFL 2 = 1,32, DFLs = 1,67, DFL 4 = 3,33.

c. Phng n no l tt nht ? Ti sao ?
Nhn trn th hoc tnh ton c th ra, bn c th thy rng
phng n 3 tt nht, v phng n ny c EPS cao nht.

Bi 4 :
Cng ty z hin c 100.000 c phiu thng ang lu hnh vi
gi th trng l $60/c phiu. Cng ty cng c 2 triu USD n tri
phiu vi li sut 6%. Hin nay, cng ty ang cn nhc d n u t
m rng nh xng tr gi 3 triu USD. D n ny c th c ti tr
theo nhiu phng n. Phng n 1 l ton b gi tr u t m rng
c ti tr b n g p h t hnh th m c phiu thng vi g i p h t h n h

l $60/c phiu. Phng n 2 l ti tr ton b bng n vay vi li

sut 8%. Phng n 3 l ti tr bng c phiu u i vi chi ph 1%.
Phng n 4 l t i tr 50% b n g c phiu thng vi gi p h t h n h
l $60/c phiu v 50% cn li c ti tr bi tr i phiu vi li sut
8%.

a.

Cng ty k vng l mc EBIT sau khi thc h i n chng trn h

u t m rng l 1 triu USD, hy tn h EPS cho c bn
phng n t i tr, bit th u sut cng ty l 50%.

b.

V th E B IT -E P S , tnh dim bng quan gia cc phng

n ? Gii thch ?

48

Ch.10 : N BY h o t n g & N BY T .c h n h

Bi g i i:

a. Cng ty k vng l mc EBIT sau khi thc h in chng tr n h

u t m' rng l 1 triu USD, hy tn h E P S cho c bn
phng n ti tr, bi"t th u sut cng ty l 50%.
Da vo mc EBIT k vng l 1 triu $, bn c th lp b n g tn h
EPS cho c bn phng n nh sau (n v : 1.000$) :
1

1.000

1.000

1.000

1.000

Li vay

120

360

120

240

Thu

440

320

440

380

Li n h u n sau th u

440

320

440

380

210

Li n h u n cho CP thng

440

320

230

380

S c p h n thng

150

100

100

125

p: p s

2,93

3,2

2,3

3,04

Phng n

ERIT

C tc u i

b. V th EBIT-EPS, tn h im bng quan gia cc phng

n ? Gii th ch ?
th quan h EBIT - EPS

PA 1
PA 2
PA 3
PA 4

EBIT

Ch. 10 : N BY h o t n g & N BAY T.CHNH

49

Tnh im bng quan :

Phng n 1 v 2 ;
(E B IT

120) X 0,5 - 0 ^ (EBIT

150

360) X 0,5
100

EB IT = 840
Tnq t cho cc phng n cn li :
E B IT i ,3 = 1.380

E B IT i _4 = 840

E B IT 2.3 = khng c

EBIT 2 ,^ = 840

EB IT 3 4 = 1.740

B I T P R N LU Y N
Bi 1 ;

I?M l cng Ly sn xut my bm nc k vng n m ti kim

c 2,1 t ng li nhun sau thu L doanh th u 4 t ng. Gi bn
s n phm ca cng ty l 2 triu ng v chi ph bin i n v l 1,5
ng. Thu su t th u thu nhp cng tv l 28%.
a. Chi ph sn xut c nh nm ti ca cng ty l bao nhiu ?
b. Xc nh sn lng v doanh thu ha v"n ca cng ty.
Bi 2 :

Gi s bn ang chun b mt bo co p h n tch cho cng ty

lluu. Cng ty cung cp cl'u) bn d' liu lio.il ng nm n y n h t
n h sau (n v ; 1.000 ng) :
Doanh thu

50,439,375

Chi ph bin i

25,137,000

Thu n h p trc chi ph c nh

25,302,375

Chi ph c nh

10,143,000

EBIT

15,159,375

Chi ph li vay
Thu n h p trc thu

1,488,375
13,671,000

50

Ch.10 : N BY h o t n g & N BY T . c h in h

Thu (Thu su t 50%)

6.8^5,500

Thu n h p rng

6.835,500

Da vo d' liu tr n y, gim c ti chnh cng ty yu cu bn

tr li cc cu hi sau :
a. mc doanh th u ny, by hot ng l bao nhiu ?
b.

by ti chnh l bao nhiu ?

c.

by tng hp l bao nhiu ?

d.

im ha vn theo doanh th u l bao nhiu

G.

Nu doanh th u t n g 30% th EBIT t n g bao nhieu p h n tr m ?

Bi 3 :
Cng ty RM chuyn sn xut v xut k h u bp ga. Gi b n tru n g
bnh mi sn p hm l 500$ tro n g khi chi ph bin i n v s n ]-)hm
l 350$. Chi ph c nh tru n g bnh h n g n m l 180.000$.
a. Sn lng ha vn ca cng ty l m y ?
b. Cng ty phi t mc doanh thu l bao nhiu c c sn
lng ha vn ?
c. T n h by h o t ng mc sn lng sn xut v tiu th
5.000 n v sn phm .
d. Gii thch ngha ca by h o t ng tn h c cu c v
cho bit by h o t ng im ha vVi s n h th no so
vi d bay h o t ng mc sn lng n h cu c ?

Bi 4 :
Mt nhm cc th y c gio v hu cng n h au th n h lp cng ty
chuyn sn xut bn g h vn phng. C hai k^ hoch huy ng c
xem xt. K hoch A huy ng ton b b n g vn c phn. Thoo kc
hoch n y, 1 triu c p h n ph th n g so c bn mc gi rng l

20.000 ng mi c ph n . K hoch B lin quan n vic s dng n

by ti chnh. Cng ty s huy ng n tr gi 6 t dng vi li sut
10% v thi h n l 20 nm . T hu sut thu^ thu n h p cng ty l 50%.
a. X c nh im b n g quan ca hai phng n ti tr trn.

Ch. 10 ;N BY h o t n g & N BY T.CHNH

51

b. Son tho m t bng phn tch kt qu k in h doanh mc

E B IT tm c ' cu a chng t r n g E P S s n h nhau
b t lun k" hoch no c la chn.
c. V th p h n tch quan h EBIT v E PS m inh ha cho tnh
hung tr n .
d. Nu k t qu p h n tch ti chnh cho th y r n g EB IT di hn
h n g nm lun xoay quanh mc 2,4 t ng, cng ty nn la
chn k hoch huy ng vn no ?
Bi 5 ;

Cng ty BCD h i n c mt khon n 3 triu USD vi li su t 12%.

C ng ty a n g xem x t cc phng n ti tr cho m t chng trn h m

rng tr gi 4 triu USD.

Phng n 1 : Vay thm n vi li sut 14%.
Phng n 2 :

P h t hnh c phiu u'u i vi c tc 12%.

Phng n 3 : P h t h n h c phiu ph th n g vi gi bn
l 16 USD.
BCD h i n c 800.000 c phn ph thng an g lu h n h v phi
chu mc th u thu n h p cng ty l 40%.
a. Nu hin t i li nhun trc thu v li ca cng ty l 1,5
triu USD th EPS l bao nhiu, xt cho ba phng n ti
tr' ?

b. Xc d nh v v d th biu (li5n iU b n g quan gia cc

phng n t i tr.

c. T n h by t i chnh (DF[j) cho mi phng n ti tr mc

li n h u n trc thu v li l 1,5 triu USD.
d. Cng ty BCD nn chn phng n ti tr no ? Ti sao ?
Bi 6 :

C M Chi va t t nghip trng i hc K inh t TP. IICM ang

d nh m mt ca hng bn l. Li gp ca ca hng c hoch
nh mc 26%. Bin ph n v bng 50% doanh thu v doanh thu
tru n g b n h h n g n m khong 3,25 t ng. li ;

52

Ch.10 ;N BY h o t n g & N BY T .c h n h

a. Chi ph c nh ca h n g nn duy tr mc bao nhiu ca

h n g t c mc li gp nh h och n h ?

b. im ha vn theo doanh thu ca ca h n g l bao nhiu ?

Bi 7 :

PC Inc. hoch n h s n xut v tiu th u c 200.000 n v sn

p h m vo n m ti. Tng chi ph c^ nh l 300.000 USD v chi ph
bin i chim 60% doanh thu.
a. Nu cng ty mun t c li n h u n trc th u v li (EBIT)
l 250.000 USD th gi b n sn p h m p h i l bao nhiu
t c k t qu r a ?
b. Lp b n g p h n tch bo co k t qu k in h d o an h lm sn g
t k t qu cu a.
Bi 8 ;

RMM l cng ty sn xut s n phm n chic c gi bn tru n g

b n h l 5 triu ng m t sn phm . Chi ph bin i ca mi n v
sn p h m l 3,5 triu ng v chi ph c nh tr u n g b n h h n g nm
l 1.800 triu ng. Hi :
a. Sn lng h a vn ca cng ty l bao nhiu n v sn p hm ?
b. D oanh th u im ha vn l bao nhiu ?
c. mc sn lng 5.000 n v, by h o t ng ca cng iy
l bao nhiu ?
d. K t mc doanh s n h cu c, li n h u n trc thu v li
ca cng ty th a y i n h the^ no nu n h d oan h thu tng
20 % ?

Ch.11 : QUYT NH NGUN VN & CHI PH...

53

Chng 11

QUYT NH NGUN VN
V CHI PH S DNG VN

MC TIU :

Chng ny s xem xt cng tv ra cc quyt nh huy ng ngun

vn nh th no ti tr cho hot ng sn xut kinh doanh. c xong
chng ny, bn c th :
1. Hiu c mi quan h gia la chn ngun vn v vic to ra gi
tr cho cng ty.
2. Bit c cch thc cng ty la chn v quyt nh s dng cc
ngun vn bao gm ngun vn ngn hn v di hn nh th no.
3. Bit cch xc nh chi ph s dng tng b phn vn ni ring v
chi ph s' dng vn trung bnh ni chung.
4. Bit ng dng cch xc nh chi ph s dng vn vo vic quyt
nh ngun vn v ng dng cch xac nh chi ph s dng vn
vo quyt nh t sut sinh li yu cu trong cng tc hoch nh
vn u t.

1. QUYT NH NG UN V N V VAN ; TO GI TR CHO

CNG TY
T rong chiiq 1, chng li cl;'i xcin xt s b (ua ha loi quyt
(lnh ch yu tron g qun tr ti chinh va nhn rnnh rn g ch c quyt
clnh u t mi Lo ra gi tr cho cng ty. Cc chng ca p h n 2
Lrnh bv cch thc ra quvt (lnh u t cng nh mi nh ha chi ti l
quyt nh u t to ra gi Ir nh Ih nao. 7Vo/J ph y, chng
ta xom xt liu quyt di nh UYi tr' hay quyL nh ngun vi c to ra
gi tr hay khng v nu c th bng cch no ?
V c bn, quyt (tnh ngun vn gm c quyt nh ngun vn
ngn h n v quyl (lnh ngun vn di hn. T u \ nii, trong ti chnh

54

C/7.T7

; QUYT NH NGUN VN CHI PH...

cng ty ngi ta quan t m ng h in cu quyt nh ngun vn di h n

hn l ngun vn n g n h n . Thm, ch, khi bn n quv(t nh ngun
vn, nu kh n g ni r th m tc th ngi ta hiu l quyt nh
ngun vn di hn.
Quyt n h ngun vn di h n bao gm nhng quyt nh xem
cng ty n n huy ng bao n h iu vn ch s hu v bao nhiu n vay,
quyt n h loi vn ch s hu v loi n vay no cng ty nn s dng,

v quyt n h khi no n n huy ng cc ngun vn . Vi s tin

tri n khng ngng ca cc sn p h m huy ng vn, nh n g nm gn
y ngi ta th y r n g quyt n h ngun vn cng c th to ra gi
tr cho cng ty. C t n h t ba cch theo quyt nh ngun vn c
th to ra gi tr.
1.1. Phnh nh u t (Fool in v e s to rs ) :

Gi s t n g vn, cng ty c th p h t h n h c phiu hoc p h t

h n h m t loi chng k h o n phc hp, ch n g h n p h t h n h c phiu

c km theo quyn chn (w arrants). l l i t ra, 1.000 c phiu n h vy

tr gi bng ng 500 chng k h o n phc hp, nh n g b n g cch to ra
chng k hon phc hp cng ty c th lm cho n h u t hiu n h am
r n g 500 chng k hon phc hp y c gi tr cao hn 1.000 c phiu.
Trong trnq hp ny, chng k h on phc hp va cung cp ngun ti
tr va to ra gi tr cho cng ty. T u y niin, theo l th u y t th trng
vn hiu qu n h u t kh n g d dng b p h n h nh vy. Sm mun
g h cng n h n r a v gi chng khon phc hp nn c th i t lp
mc cn bng, tc l b n g gi ca 1.000 c phiu th n g thn^^
1.2. Ct g i m c h i p h ha y gia tn g h tr (R educe c o s ts o r in cre se
s u b s id ie s ) :

Trong chng 10 cng n h trong mn hc K ton Li chnh,

chng ta b i t h n h thc t i tr vn b n g n v a y to ra dc l chn

thuc^ cho cng ty. L ch n th u ny gip cng ty ti t kim c chi

ph hay ni khc i gip cn g ty n h n c s h tr t ch n h ph.

Dng trn gc ciq ty, ti t kim chi ph nh s dng n vay cng

l m t kiu to ra gi tr t quyt nh ngun vn.
1.3. To ra chng khon m i (Create a new security) :

Vi l cch l n h p h t h n h tr n th trng vn, cng ty khng

ngng pht trin ra n h n g cn g c huy ng vn mi tu n g ra ih

Ch.11 : QUYT NH NGUN VN

CHI PH...

55

trng. N h kinh t ot gii Nobel, Morton Millcr, th y r n g chng

ta d chng kin c mi giai on lch s 20 nm cc cng c ca Ih
trng vn p h t tri n gp 10
Trc kia, cng ty ch c pht h n h c phiu hoc tr i phiu n
thun, ngv nay cng ty c th pht h n h hng lot cc cng c hin
i n h tr i phiu khng tr li nh k (zoro coupon bond), k phiu
Ihii ni (loating-raLe notes), tri phiu chuyn i (convcrlible bond),
tri phiu c quyn chn bn (putable bond),... D r n g mi loi cng
c u c u nhc iom khc nhau, niiq ni chuig nhng loi chng
k hon mi ny khng ch n thun l s gp i li ca hai chng
khon h in hu. Do vy, c nhm khch hng v a chung mt c
tn h mi no m phi tr thm tin cho mt loi chng k h o n c
bil no . Chnq hn, cc nh u t ngi ri ro sn sn g tr thm
tin c dc tr i phiu c quyn chn bn. Li diug (iu y, cng
ty c Ih to ra nhiu loi chng khon mi v bn vi gi cao hn
chng k h o n thng thng to ra gi tr cho cng ty. T u y iin,
vic to ra gi tr thoo kiu nv cng khng th tn ti lu di v
khng chng th chy cc cng ty khc so bt chc theo v p h t h n h
ra loi ch ng kh on tng t. Ki y, to ra p lc h gi bn di vi
nhiYng lui chng khon c xem l mi pht m inh ny.
2. QUYT NH N G U N V N NGN h n
2.1. N hu cu ti tr ngn hn ca cng ty ;

T rong qu trn h h o t ng cng ly cn u t vn vo ti san

lu (ng v ti sn c nh, v giiyen idc, cng ty c th s dng
ngn vn ngn h n hoc di hn (le lai Lr cho vic tlu iu' vo Li
sn lu ng. T u y iin, do nhu cu vn di h n u t vo ti
sn c nh r t ln nn thng lling cng ty kh c th s dng
ngun vn di h n (i u t vo li sn lu ng. Do py, u t
vo li sn lu ng, cng ty ihung pl)ai s dng ngun vn ngn
hn.
N hn vo bng cn di ti s;n ca cng ty chng ta c th d
dng' n h n r a ngun v^n ngn hn m cng tv thng s dng ti
tr' cho ti s n lu ng grn c :

(1) M. M i l l e r , " K i n a n c i a l i n o v a t i o n ; T h o lasl iNvcnty y e a r s a n d t h e n o x t " .

J i ) i i n i a l o f F i n a n c i a J an( ( u a i t i t a t ivo A u a l y s i s , D e c e i n b c r 198 6.

56

Ch.11 : QUYT NH NGUN VN & CHI PH...

Cc k h o n n phi t r ngi bn.

Cc k h o n ng trc ca ngi mua.
Thu v cc khon phi np Nh nc.
Cc k hon phi tr cng n h n vin.
Cc k h o n phi tr khc, v
Vay n g n h n t n g n hng.
V nguyn tc, cng ty n n t n dng v huy ng t t c cc ngiin
vn n gn h n m cng ty c th t n dng c. K hi no th iu ht s

s dng ngun t i tr n g n h n ca n g n hn g . S th i u h t vn ngn

h n ca cng ty c th do s ch n h lch v thi g ia n v doanh s gia
ti n thu b n h n g (in flow s) v ti n u t vo t i s n lu n g (outflow s)
hoc do nhu cu g ia t n g u t t i s n lu ng t b in th eo thi
v. Do vy, nhu cu t i tr n gn h n ca cn g ty c th ch ia th n h :
nhu cu t i tr n gn h n thng xuyn v nhu cu t i tr n g n h n

thi v. N hu cu t i tr thng xuyn do c im lun chuyn vn

ca cng ty quyt nh tron g k h i nhu cu t i tr th i v do c iom
thi v ca n g n h sn xu t k in h doanh quyt n h.

2.1.1. Nhu cu ti tr ngn hn thng xuyn :

Nhu cu ti tr n gn h n thng xuyn xut p h t t s chnh
lch hoc kh n g n khp n h a u v thi gian v quy m gia ti n vo
(inflows) v ti n r a (outflows) ca cng ty. Khi cng ty tiu th h n g
ha v th u tin v th cng ty c dng ti n vo. Nqc li, k h i cng
ty m ua nguyn liu hoc h n g ha d tr cho sn x u t k in h doanh,
cng ty c dng ti n ra. Nu dng ti n chi ra ln hn dng ti n thu
vo, cng ty cn b sung thiu ht. Khon thiu h t ny trc h t b
sung t vn ch s hu v cc k h o n n p h i tr k h c m cng ty c
th huy ng c. P h n cn li cng ty s s dng ti tr b n g cch
vay n n g n hng.
2.1.2, Nhu cu t i tr ngn hn th i v :

Ngoi nhu cu t i tr ngn h n thng xuyn, cng ty cn c

nhu cu t i tr n g n h n theo thi v. N hu cu vn thi v xut p h t
t c im thi v ca h o t ng sn xut k in h d o a n h k h in cho nhu
cu vn n g n h n t n g t bin. Chng hn, cng ty s n xut ch bin
xut k h u tm c th c nhu cu vn n g n h n t n g t bin vo ma

57

Ch.11 : QUYT NH NGUN VN & CHI PHI,..

thu hoch tm. K hi y, cng ty cn ti tr vn n gn hn ngn h n g

b sung nhu cu vn m an g tnh ihi v.

7\) li, tro n g qu tr n h hot ng, cng ty c nhu cu ti tr

ngn hn, th ng xuyn hoc thi v. Chnh nhu cu ti tr' n y l c

s ngn h n g thc h in cp tn dng cho cng ty. iu ny c li

cho c hai pha, cng ty v ngn hng, v pha cng ty, vic cp tn
dng ca n g n h n g gip cng ty b sng vn thiu h t m bo cho
cng ty c th duy tr v m rng san xut ki nh doanh, v pia iqn
Iiiy vic cp tn dng cho cng ty gip ngn h n g "tiu th c sn
phm" ca m n h gp p h n m ang ii li nhun cho ngn hng, T uy
n, cn lu r n g vay ngn hn ngn h n g khng phi l h n h
thc huy d n g vn duy n h t, cng ty c th huy ng vn b n g h n h
thc pht h n h tn phiu cng tv (commercial papors) th ay v vay ngn
h n ngn h n g.
2.2. N gun vn ti tr ngn hn :

Ngun t i tr* ngn h n l nhng ngun t i tr cng tv c th

huy ng a vo s dng tro n g mt khong thi gian ngn hn di
mt nm . Ngun t i tr ny dng lu t vo ti sn lu ng, bao
gm tin cho giao dch; k hon phi thu v tn kho. N hn vo bng
cn i ti s n ca cng ty, chng ta c th th y ngun ti tr ngn
h n thng bao gm cc ngun sau : phi tr ngi bn, vay n g n hn
ngn h n g, vay n g n hn khc, v cc khon phi tr khc. Cc quyt

nh la chn ngun ti tr ngn hn c th tm t t trn h n h 11.1.

Tn d n g
t h n g mi

Vay n g n hn

Pht hnh tn

ngn hng

phiu c n g ty

Hinh 11.1 : Cc quyt nh la chn ngun ti tr ngn hn.

58

Ch.11 : QUYT NH NGUN VN & CH PH...

N n g n h n phi tr l loi n c thi h n di m t nm. Cng

ty thng s dng loi n nv ti tr cho vic u t vo ti sn
lu ng. Trong vic la chn ngun ti tr ngn hn, gim c ti
chnh thng bn k hon gia la chn : vay hay l s dng tn dng
thng mi, v gia vay ngn h n g hay l p h t h n h tn phiu cng
ty. Bi l h n h thc ti tr no cng c m t thun li v m t b t li
ca n v ty thuc vo tng hon cnh n h t nh, cho n n vic la
cho ngun t i tr n gn h n cn c phn tch v cn n hc

tng

yu t tc ng.
2.3. Q uyt nh la chn ngun vn ngn hn

2.3.1. Vay hay l s dng tn dng thng m i

Tn dng thng m i l cc khon tn dng p h t sinh trong quan

h mua chu h n g ha. N chnh l cc k h o n phi tr cho nh cung
cp. Cng ty c th t n dng ngun vn ngn h n ny th ay cho ngun
vn vay ngn h n t n g n h n g hoc t th trng tin l. v n t
ra l khi no nn vay v khi no nn s dng ngun ti tr l n h
cung cp ? N n iih rng ti tr' t nh cng cp kh n g phi l ngun
ti Ir m in ph, chi ph ca n ngm nh tro n g gi bn h a n g ha.
Vi d n h cung cp bn chu h n g ha cho cng y tr gi 100 triu
ng theo iu khon ''2/10 n e t 30", c ngha ] cng tv dc mua chu
tro n g vng 30 ngy, nu tr tro n g vng 10 ngy s dc chi(Yl khu
27c\ Vi iu khon bn chu ny, cng ty phi quvt clnh la chn ;
(1) ly chit khu 2% v b qua khong thi gian li Ir Ihng mi
20 ngy th a y vo b n g khon vay khc, (2) b qua chit khu 29(
ly k hon ti tr thng mi trong vng 20 ngy.
Ly chit khu

0
I

10

20

30
n

20
T

30

98
B chit khu

10

100

Nu ly chit khu th cng ty phi tr 98 triu vo ngy th 10

v, do , c li ch l 2 triu ng v b qua khoan li tr thng
mi tr gi 98 triu Irong khong thi gian l 2(3 ngy. Cng ty c th
vay ngn h n g vi li su t 1%/ th n g hay 12%/nm (l Ini cho ngi

59

Ch.11 : QUYT NH NGUN VN CHI PH...

bn v ly chit khu 2% tr gi ha n. Chng ta c th s dng

m h n h chit khu dng tin vi sut chi't khPu b ng 1.2%/nm hay
l^ y th n g quy i s tin 100 triu ng v hin gi ti thi im
m cng ty phi tr tin nu chn phng n ly chit khu. H in gi
PV(IOO) =: 100 / [1 + (0,12 X 20 / 365)1 = 99,35 triu ng. N h vv
t h t ra chi ph th a y th khon tn dng thng m i ny b n g chi
ph vay vn l 100 - 99,35 = 0,65 triu ng tro n g khi li ch nu ly
chit khu l 2 triu ng. Do , cng ty nen ly chit khu, tc l
n n i vay th a y v s dng tn dng thng m i.

2.3.2. Vay ngn hng hay l pht hnh tin p h i u cng ty ?

Mt khi quyt nh cng ty nn i vay th a y vi s dng tn

dn^ thng mi, bc tip theo l cng ty quyt n h nn vay ngn
h n g h ay l vay trn th trng tin t bng cch p h t h n h tn phiu

cng ty (commercial papor). Tn piiu ciq /v l v c iin n

ngn in do cnq ty pit hni huy dig vn qn cii b dp
cho thiu it tin tm thi. Vic la chn gia vay ngn h n g hav l
vay Irn th trng ti n t da trn c s' so s n h chi ph ca hai loi
vay ny. Chi ph vay ngn h n g bao gm li v chi ph io dch trong
khi chi ph vay tr n th trng tin t bao gin li v chi ph p h t
hn h . M h n h chit khu dng tin cng c th s dng Irong trng
hp ny.
Vay ngn h n g (thng)

Vav th trng tin t (Lhng)

0
,1
2
r------------ ------------- r
P]^

3
I
Par

Troiq r hp vay qi i, cng ly s nhn mL s ten

l p hin ti v sau ny hon tr li ngn h n g mt s tin
! FV ln hn p. Chi ph cho khon vay ny tnh theo nm
1'
la : 1 _= '
vay.

\1 '^60 , ro
/
/ n 1'
^ cua th i u
d
la so nay
hn
J

60

C/7./ ; QUYT NH NGUN VN & CHI PH...

T rong trng ip vay th trng tii t, cng ty s pht hnh

mt tn phiu cng ty c m nh gi l P a r v bn r a th trng
vi gi bn rng sau khi tr chi ph p h t h n h l p p , chi ph
huy ng vn tr n th trng tin t ln h theo n m s l :
Par p p
360
Ypn = --- ....- - - - X
, trong n l thi hn cua tn phieu.
^
pp
n
^

, _______________

I S

, 1

V .

Vi hai m h n h xc nh chi ph tr n y, vic la chn gia

vay ngn h n g hay l p h t h n h tn phiu chi cn l chuyn so s n h
gia Ycp v i xem phng n no c chi ph nh hn th chn phng
n .
Tn phiu cng ty thng ch c p h t h n h bi nhng cng ty
ln c uy tn v c xp h n g tn dng cao. Nu kh n g c uy tn th
ri ro ca n h u t k h i mua tn phiu c n g ty cao hn l gi tin

vo ngn hn g , khi y cng ty phi tr t su t li n h u n cao hn li

sut ngn h n g mi huy ng c vn. N h n g nu vy th chi ph
huy ng vn ca cng ty tr n n qu cao, ngay c cao hn li sut
vay ngn hng. K hi y, i vi cng ty, i vay n g n h n g cn r hn
l p h t h n h tn phiu huy ng vn ngn h n . Do d, cng ly mun
p h t h n h tn phiu huy ng vn th uy tn tn dng ca cng ty phi
cao hn ngn h n g mi c c hi huy ng vn r hn vay ngn hng.
Tic t Vit N a m hii nay cha thy cng ty no c uy tn
c th p h t h n h tn phiu huy ng vn.
Tm li, tro n g qu tr n h h o t ng do n g n lu vo v n g n lu
ra t khi tr n g khp n h au n n cng ty p h t sin h nhu cu ti tr ngn
hn. Dp ng iliu cu vn igi /mu, cng ty c Lhe su dng cc ngun
n phi tr trc, nu thiu th huy ng th m n vay ngn hn. D
s dng n vay n gn h n , cng ty c th v a y n gn h n g hoc pht

h n h tn phiu cng ty. Vic la chn ngun vn ngn hn no ty

thuc vo (1) chi ph hy ng ngun vn so vi cc ngun vn
khc, v (2) k h n n g thng lng c c ngun vn . Ngoi
nhu cu ti tr' ngn h n , cng ty cn c nhu cu ti Ir di hn
u t vo ti sn lu ng thng xuyn v li sn c nh. Phn
tip theo s xem xt nhng vn lin quan dn quyt (lnh ngun
ti tr di h n ca cng ty.

Ch.11 : QUYT NH NGUN VN a CHi PH...

61

3 . QUYT NH N G U N V N DI HN
3.1. N hu cu t i tr d i hn :

Nh cu vn di h n ca cng tv trc h t xut p h t t nhu cu

u t vn vo cc d n u t, k n l nhu cu u t vi ti sn
lu ng thng xuyen. NI' cii ra (ronq chuq 7, tro n g qu trn h
h o t (lng sn xut k in h doanh cng ty thng p h i sinh nhu cu u
t m rng sn xut k in h doanh, thay th ti sn c nh, ci tin
quy trn h s n xut k in h doanh nhm nng cao c h t lng sn p h m
hoc giam chi ph,... N i chung cng ty c nhu cu u t vo m t d
n u t. Cn lu , d n y hiu theo ngha rng l b t cu k
hoch di h n no cn b vn ra v thu hi v vi thi h n ln hn
mt nm, ch khng p h i ch c gii hn trong d n u t vo ti
sn c nh. Tuy nhin, n gin chng ta thng xGin x t d n
u t ti sn c^ n h n h l in hnh v nhu cu vn u t. Chng 7
cng d chi ra phng p h p phn tch quyt nh xom c nn u
t vo m t d n no hay khng. Mt khi quyt nh u t
c xc lp, vn tip theo l cng ty quyt nh nn s dng hay
tm ngun vn no u t d n ? Mt cch tnq qut, ngun vn
u t di h n cng ty c t h s dng bao gm hai ngun chnh : vn
ch s hu v n vay d i hn.
3.2. Cc ngun vn ti tr di hn :

3.2,1. N gun vn c phn thng :

Ngun vn ch s hu l ngun vn do ch s hu ng gp vo
hoc li n h u n thuc v ch su hu ling cha c p h n chia m
gi li cho mc ch ti u t. Ty theo loi hnh doanh nghip, vn
ch s hu c t n gi k h c nhau. Trong cng ty c p h n vn ch s
hu chnh l vn ca c ng, do c ng gp vo di h n h thc c
phn, thng gi l vn c phn, v li nhun thuc v c ng nhng
c cng ty gi li ti u t. Vn c phn cn c chia th n h vn
c phn u i v vn c phn thng hay vn c phn ph thng.
N hn vo b n g cn i k^ ton ca cng ty, chng ta th y ngun vn
ny c p h n n h b n ta y phi v l m t tron g hai ngun vn ch

yu ca cng ty. V d 1 di y m inh ha vn c p h n ca cng ty

ABC bao gm cc k h o n trch dn t bng cn i kc ton.

62

Ch.11 : QUYT NH NGUN VN

& CHI PH...

Vi d 1 : Minh ha vn c phn ca cng ty ABC.

Cng ty ABC Ltd.
C phn thng v vn khc ca c ng (n

: Triu dng)

C phn thng, mnh gi 10.000, c php pht hnh

1.453 4

1,6 t c phn, pht hnh 1.453,4 triu c phn

Thng d vn pht hnh cao hn mnh gi

1.024,5
12.544.0

Li nhun gi li
C phiu ngn qu mc gi mua
Cc khon khc - iu chnh tn tht ngoi hi

Tng cng

(11.008,6)
(961)
3.052,3

Ngun ; Trch bng cn i k ton cng ty ABC.

Lin quan n cc k h o n mc phn n h vn c p h n , c m t s

khi nim cn lm r di y :
C p h i u c nini g i v khng c m n h qi
Ch s hu cc
c phn thng, c gi l c ng, nhn m t giy chng n h n , gi
l c phiu, v quyn s hu cc c phn . T hng thnq mi c
phiu u c ghi m n h gi, nhng i khi cng c c phiu kh n g cn
ghi m n h gi. Tng m n h gi ca c phiu b n g m n h gi mi c p h n
n h n vi s lng c p h n . Trong v d trn, t n g m nh g i c phn
d p h t h n h b n g 10.000 X 1.453,4 = 145.340.000 triu ng. S tin
ny xem n h l vn gp ca c ng (dedicated Capital).
C phn, dc p h p p h t h n h v c ph i pit hih - Trong
iu l ca cng ty mi t h n h lp phi c m t iu k h o n ghi r s
c p h n cng ty c p h p p h t h n h (authorized common stock). Hi
ng qun tr c th sa i iu k hon ny t n g s c p h n c
php p h t h n h . Cng ty khng n h t th i t phi p h i h n h ton b s
c phn c php p h t h n h . N hng c p h n no p h t h n h (issucd
common stock) s h n h th n h nn vn gp ca cng ty. Trong v
d tr n , c p h n c p h p p h t h n h ca ABC l ] ,6 t c p h n
nhng cng ty ch mi p h t h n h 1.453,4 triu c phn.

Ch.11 : QUYT NH NGUN VN & CHI PH...

63

T h n g d vn (Capital surs)
P hn chnh lch gia gi p h t
h n h v m n h gi ca c ph n , gi l thn g (l vn p h t h n h , cng
ng gp trc ticp vo ngun vn ch s hu ca cng ty. V d cng
ty p h t h n h 10.000 c p h n bn ra th trng vi mc gi l 90.000
ng tro n g khi m n h gi mi c phn l 10.000 (lng, th n g d vn
p h i h n h ! 90.000 - 10.000 = 80.000 ng v tng th n g d vn
p h t h n h l 10.000 (80.000) = 800 triu ng. Trong v d cng ty
ABC tr n y, th n g d vn p h t hnh l 1.024,5 triu dng.
Li niu g li (retaiied earniigs) P h n li n h u n rng cn
li sau khi tr p h n li nhun rng c chia cho c ng di
(lng c tc gi l li n h u n gi li. Li nhun gi li tch ly qua
nhiu n m ca cng ty xA.BC l 12.544 triu dng.
Gi r s sch ca cnq ty (hooh valie) - T ng cc khon vn
gp b n g m nh gi, th n g d vn gp, v li nhun tch ly h n h th n h
nn gi tr s sch ca cng ty. Trong v d ang xem xt, gi tr s
sch ca cng ty ABC, sau khi tr i c phiu ngn qu v diu chnh
tn t h t ngoi hi, l 3.052,3 triu ng. C phiu n g n qu l c phiu
m cng ty ( mua tr li gim bt di s c p h n ang lu hn h .
iu ch in h tn t h t ngoi hi l khon d phng l do bin ng t
gi hi oi gy ra tn t h t khi chuyn i k ton.
3,2.2. N gun vn vay d i hn :

Ngun vn vay di h n l ngun vn cng ty c th huy ng

c di h n h Ihc n vay c thi hn trn mt nm . Ngun vn ny
khng ch bao gm n vay ngn hng m CII hao gm c n huy ng

qua th trng vn di h n h Llic pliL liiili iii phiu. Nghin cu

thc tr n g huy ng n vay ca cng ty, ngi La th y ty theo nh

hng phi Irin th tr ng vn cua mi (Uc gia, cng ly thch s

dn^ n vay ngn h n g

l pht hnh tri phiu. cc nc chu

Au n h P hp, c, Thy in,... ni cUg cng tv s dng n vay t

ngan h n g hn l vay t th trng vn. Nc .i, M cng ty
thng huy ng vn di h n t th trng vn hn l vay ngn hng.
Vit Nani, triic nii 2000, do cha c th trng vn nn cng
ty chi da vo n g n h n g huy dng ngun vn di hn. T sau nm
2000, ngoi n g n h n g cng ty cn c th huy ng vn qua Ih trng
vn di h n h thc p h t h n h c phiu v tri phiu.
nhin, do
thi quen v t p qun qun l nn vic huy ng vn di hn qua th

64

Ch.11 : QUYT NH NGUN VN

& CHI PH...

trng vn ni chung cn ' mc r t h n ch. C cng ty v n h u

t hin nay cng cn h n ch s dng k n h huy ng v u t vn
ny.
Trn th trnq vn, n di hn l m t cam kt ca cng ty i
vay s t r li vn gc vo m t ngy n h t nh. Mt cam kt vay n
di h n thng bao gm nhng ni dung sau y : s ti n gc hay
m nh gi ca k hon vay, li su t v cch thc tr li, thi hn ca
khon vay v cc iu k ho n ph khc.
N di h n c th p h n chia th n h nhiu loi. C n c vo thi
h n c th chia th n h n tru n g h n (notes) v n di h n (bonds).
Bonds thng c thi h n tr n 10 nm tro n g k h i notes c thi h n
n 10 nm . T u y nhin, Vit N am thng k h n g p h n loi theo kiu
ny m phn th n h n trung h n , c thi h n n 5 n m , v n di

hn, c thi hn trn 5 nm.

Cn c vo tn h ch t bo m n, n di h n c th ch ia th n h

n c bo chng (bond) v n khng c bo chng (debonturos). T u y

nhii thc t s dng thng khng c p h n chia theo kiu ny, khi
ni n bonds c ng h a l ni n n c bo chng (securcd) ln n
khng c -bo chng (unsecured).
3.2.3. N gun vn c phn u i :

Thc ra, ngun vn huy ng t p h t h n h c p h n u i cng

vi c p h n thng c th xem chung l vn ch s hu. T u y iii,
do vn c p h n u i l loi vn lai (hybrd), va c m t s ln h ch t
ca vn ch s hu va c m t s tn h c h t ca n nn chng ta xem
xt vn c p h n u i sau khi xem xt vn c p h n thng va n
di hn. C phi u i ging tr i phiu ch c hng li tc c
nh v hng trc khi Ir c tc cho c phiu thng. N hng khc
vi tr i phiu, c tc c phiu u i dc t r sau khi tr thu.
C phiu u i cng l chng n h n quyn s hu m t p h n cng
ty nhng khc vi c phiu thng ch c ng n m gi c phiu u
i c chia c tc v ti sn trc c n g in m gi c phiu thng.
Ch u i c ngha l c chia trc c tc, .nhng chLi trc cha
h n c chia nhiu v c tc u i c chia theo t l c n h trong
khi c tc ca c phiu thng c chia sau, n h n g chia p h n cn li
thng ln hn p h n chia trc, c phn u i gi^ng c p h n thng
nhng im sau :

Ch.11 : QUYT NH NGUN VN & CH PH...

65

* Vn c p h n u i khng c o hn v Hi ng qun tr c
th quyt n h t r hoc khng tr c tc u i. Cng ty khng
b p h sn nu kh n g tr c c tc u i. c tc u i cha
tr c ih tch ly hoc khng tch ly qua n m sau. Nu c
tc u i cha c tr nm nay m tch ly qua n m sau th
s a n g nm cng ty phi tra c tc u i ca nm trc v nm
h i n ti trc khi t r c tc cho c ng thng.
C tc u i c t r sau thu, do , s dng vn c p h n
u i khng gip cho cng t tit kim c thu.
3.3. Q uy t n h la c h n ngun vn di hn :

Nh chi ra tro n g p h n 3.2, huy ng vn ti tr cho mt

d n di h n , cng ty c th la chn s dng m t tro n g ba ngun
vn ; c p h n thng, c p h n u i v n di h n , tro n g n di
hn c th chn vay n g n h n g hoc pht hnh tr i phiu. Vay ngn
h n g cng c th chia th n h nhiu loi vay v p h t h n h tr i phiu
cn^ e th p h t h n h b n g nhiu loi khc nhau n h tr i phiu thng
th)ng, tr i phiu chuyn i, tri phiu c km quyn chn bn, tri
phiu c km iu k h o n m ua li, tri phiu c li sut th ni,... Vic
c nhi knh v nhiu s n phm huy ng vn n h vy to cho cng
ly v n h u t c nhiu c hi la chn. iu ny t t nhng i khi
gy ra s phc t p lm cho cng tv v nh u t bi ri khng bit
nn chn loi no.
Vic la chn ngun vn di hn no, trc tin cn xem xt n
n h n g th u n li v b t li ca vic huy ng ngun vn , k n l
ngn lu k vn g ca cng ty dng o t-ang tri chi ph huy dng vn

v cui cng, nhng cc k quan trn^'', l chi ph huy ng ngun vn

.
3.3.1. La chn da vo u, nhc im ca ngun vn :

Khi quyt n h chn la ngun vn, m c ti chnh khng

chi c da vo chi ph c tn h nh lng xc nh c m cn phi
da vo cc yu t nh tn h . Ni chung mi ngun vn u c nhng
u lhc im ca n i vi cng ty. Bng 11.1 di y tm t t
nhnp' u nhc im CLa t n g loi ngun vn i vi cng ty.

Ch.11 .-QUYT NH NGUN VN & CHI PH & CHI PH...

Bng 11.1 : u n h c im ca t n g n g u n vn.

i ngun vn

u im
c k h u tr th u

Nhc im

im

B t buc t r vn gc v; vn gc v

li, p lc t i ch n h

i chnh

C th t n dng li th Lm gia t n g ri ro t^ ri ro ti
n by t i chnh gia
chnh v xu i h su i h s
t n g l i n h u n cho c n ca cng ty
ty

ng
p h n u i

Khng p h i tr vn gc C tc k h n g c khV c k h u

tr th u
C th t y chn tr hoc Kh huy ng c vig c vi

kh n g t r c tc

khi lng ln

5'n

p h n thng K hng p h i tr vn gc K hng dc k h u t n k h u tr

th u
K hng b p lc t r c B p h n chia phiu bu phiu bu
tc
v tc ng n vi( n vic
qun l cng ty
ty
Ty th eo tng thi im v hon cnh c th , cng Ly nn k' Ly nn la
1 ngun vn sao cho c th t n dng ti a nhng u im v h d i m v h n
n mc tl thiu nhc im ca t'ng loi ngun vn.
n.
3.3.2. La chn n gun vn da vo ngn lu k vng ca c n g tya c n g ty ;

N gn lu k vng ca cng ty chnh l npun m cn fy dicn" ty dH

tr a n g tr i t t c chi )h, k c d ii pl hiiy ng vn, 'ng vn, v
g li li tc cho c ng. Mc tiu ca qun l ti chnh l e in h l em
i ch t a cho c ng dc o lng qua chi Liu EPS. Troi ]'IPS. Trong
ng 10 chng ta bit, vic la chn ngun vn no tro n g lo tro n g ba
n c p h n thng, c phn u i v n vay em li E P S c:li E P S cao
Dcho c ng ty thuc vo EBIT k vng ca cng ty. N u EB'. N u EBIT
ng vt qua im ha vn gia phng n s dng vn c phVn c phn
'ng v c p h n u i th chn vn c p h n u i s m an g Is m a n g li
cao hn. Nu EB IT vt qua im ha vn gia phng n ang n s
vn c phn thng v n vay th chn n vay s mang li E an g li EPS
hn. Cch xc nh im ha v"n tron g hai trng hp ny (h p ny
: tr n h by chi ti t tro n g chng 10.

Ch.11 : QUh.11 : QUYT NH NGUN VN & CHI PH...

Trong
T rong cc tiu thc la chn tr n y, chi ph huy ng vn
vai tr quani tr quan tr n g v suy cho cng trong ti chnh doanh nghip
quyt nh lyt nh u c cn nhc trn c s so s n h li ch v chi
V l , vi l d, vic xc n h chi ph lii cn c la chn ngun vn (
t c h ring rc h rin g ra xem xt chi ti t hn. Phn cn li ca chng n
tr n h by cHnh by chi ti t h n v cch tnh ton v xc n h chi ph ca t
loi ngun 'vi ngun vn.

4. XC P XC NH CHI P H s DNG VN
Ni ch
N i chng c b a ngun vn di hn chnh cng ty c th la c
huv np huv ng vn u t cc d n v cho h o t ng ca cng ty.
l vn c p} vn c p h n u i, vn c phn thng hay c p h n ph thi
n. Mi ngU). Mi ngun vn c cch tn h chi ph Ichc nhau. Di y s :
xt cch xct cch xc nh chi ph cho tng b phn vn.
4.1. c ^

4.1. C hi p h s d n g vn c phn

u i :

Chi pl"
Chi ph s dng vn c phn u i chnh l chi ph m cn
phi tr chai tr cho vic huy ng vn c phn u i. Do c tc tr chi
phiu u iiu u i c^ n h vnh vin, da vo cng thc n h gi c pl
ta c : Po = c : P q = Dp / Rp , tro n g Po l gi bn c phiu u i, Dp I
tc v Rp lc v Rp l sut sin h li yu cu ca nh u t.
Khi hi
Khi huy ng vn, cng ty phi tn chi ph p h t h n h , v
thu n h p CLU n h p ca cng ty khi p h t hnh c phiu u i l gi bi
phiu tr chu tr chi ph p h t h n h ~ gi !
ph s dng vn c p
u (lai c i (i (lc tn h da vo c'n thiVr '
P net - n y U p
t r o n g ]^jiOng Pnot

R , . 1), /

~ C h i ph phU hi u h (1").

C tc
C tc u i kh n g c khu Lr thu khi tn h ihu n h p
thuo. V vy u\ Vi vy chi p h s dng vn c phn u i kh n g dc iu c}
thu. iu nu. iu ny lm cho chi ph s cing vn c p h n u i cao
chi ph s c i ph s dng n. Ngoi ra, chi ph p h t h n h (F) lm gim i
n h p rng op rng ca cng ty khi bn c phiu u i, do , lm t n g
ph huy ni huy ng vn c p h n u i.

68

C /7 .

.-QUYT NH NGUN VN & CHI PH...

V d 2 : M inh ha cch xc n h chi p h h u y n g vn c p h n

u i.
Cng ty Kinh ng pht hnh c phiu u i bn cho nh u t vi
cam kt tr c tc c nh hng nm l 12%. c phiu c bn bng
mnh gi l 1 triu ng nhng cng ty pht tr chi ph pht hnh
bng 10% gi bn. Hi chi ph huy ng vn c phn u i ca cng
ty Kinh ng l bao nhiu ?
Gii :
Gi bn c phiu u i = 1.000,000 ng
Chi ph pht hnh = 1.000.000*10% = 100.000 ng
Gi bn rng c phiu u i = 1.000,000 - 100.000 = 900.000 ng
C tc phi tr hng nm = 1.000.000*12% = 120.000 ng
Chi ph huy ng vn = 120.000 / 900.000 = 13,33%/nm

4.2. C hi p h s d n g vn c phn th n g ;

c lng chi ph vn c p h n thng (bao gm c li n h u n

gi li v vn c p h n t n g thm ), hay ni cch khc l xc nh
sut sinh li yu cu ca ch s' hu, ta c ba cch tip cn : (1) d n g
m h n h Gordon, (2) d n g m h n h nh q ti sn vn (C/\PM), v
(3) c lng da vo mc ri ro v li sut p h i ri ro.

4.2.1. S dng m hnh Gordon :

Trong chiiq 6, chng ta lm quen vi m h n h Gordon l
m t dng c b it ca m h n h chit khu c tc, tro n g gi nh
tc t n g trng c tc khng i. a vo m ly, chng ta
c th xc nh c gi c phiu ph thng nu b it uc t sut sinh
li yu cu ca n h u t. Gi nh cng ty c t l t n g trng c
tc c" nh g, c tc nm va qua l D; v t sut sin h li yu cu
ca ch s hu l Rp. Theo ni h n h Gordon, gi ca c phiu (P) (lc
xc nh bi cng thc n h sau;

p =

{11,1)
(Rc - g)

(Re - 8)

Cng thc (11.1) dng nh gi c phiu ph th n g nu bit

t sut sin h li yu cu ca n h u t, c tc n m va qua VH t(X d
t n g trng c tc.

Ch.11 : QUYT NH NGUN VN & CHI PH...

69

Nc li, nu bit gi c phiu, c tc n m va qua v tc

t n g trng c tc, chng ta c th vn dng cng thc ny suy
lun ra t su t sin h li hay chi ph s dng vn ch s hu. T cng
thc (11.1), chng ta c th suv ra Rg xc nh theo cng thc :
R
Re _= - - - + g =
p

+ g

n(11.2)
i OA

Trong cng thc (11.2), nu bit c cc bin D q, g v P chng

ta hon to n c th xc nh c Re- Lm th no c th quan st
hay thu th p c d liu cho nhng bin ny ?
Nu m t cng ty c c phiu giao dch tr n th trng (nim yt
hoc OTC), chng ta c th thu thp c Dq b n g cch ly c tc cng
ty tr cho c ng n m va qua v p chnh l gi c phiu an g giao
dch tr n th trng. Ring bin g chng ta c th c lng da vo
t l ii n h u n gi li v k h nng sinh li ca cng ty c o lng
b n g t s ROE.
C hng ta bit r n g c tc c c t li n h u n h o t ng ca
cng ty. N hng li n h u n hot ng c c t k t qu u t cho sn
xut k in h doanh. N h vy :
Nu kh n g c u t thm th li nhun th u c ca n m ti
ging nh n m c v do c tc cng n h n m c, hay ni
kh c i t'c t n g trng c tc g = 0.
Nu c u t th m th :
Li n h u n n m ti = Li nhun nm nay +
+ (Li nhun gi li nm nay X Li n h u n tr n
li n h u n gi li)
trong tch s gia li nhun gi li nm nay v li n h u n tr n li
nhun gi li (ROE) chih l li nhun tng th m cho n m ti. Chia
hai v ca n g thc tr n cho li nhun gili nm nay, chng ta c :
Li n h u n n m ti
Li n h u n N N

_ Li nhun NN
Li nhun NN

f Li
V

n h u n gi li N N \
Li n h u n NN
^

IjO' n h u n N N + g
Li n h u n N N

_ Li n hun N N
Li n hun NN

/ Li
V

n h u n gi li NN \
Li n h u n NN
^

+ g =

+ ^ L gJihun gi li NN ^
V
Li n h u n NN
^

70

Ch.11 : QUYT NH NGUN VN & CHI PH...

_=>

Li
g = / 2
--n h u n gi lai NN \ KUE
V
Li n h u n N N
/

=>

= (T l li n h u n gi li) X ROE

Cc bin t l li n h u n gi li v ROE c th th u th p c t
cc bo co t i chnh v chnh sch c tc ca cng ty. T y, chng
ta c th c lng r a c b in tc t n g trng g. Cui cng, chng
ta c th th a y th cc bin n y vo m h n h Gordon v c lng ra
c t sut sin h li h a y chi ph huy ng vn ch s hu Rg- V d 3
di y s m in h ha chi ti t hn cch xc nh chi ph huy ng vn
ch s' hu.
-----------------------------------------------------------------------------------------------------V d 3 : M inh ha c ch c i ng g v c h i p h h u y n g v n c
phn p h th n g - T n h h u n g c n g ty A g iis h .
Gi s bn ang quan tm n vic c lng tc tng trng c
tc g nm ti v chi ph huy ng vn ca cng ty Agiish. lm
iu ny, bn tm kim mt s thng tin trn th trng chng khon
c lin quan n c phiu cng ty Agitish (AGP) nh sau;
Gi bn c phiu AGP ang giao dch trn th trng (xem bng yt
gi in t ti cc cng ty chng khon) l 152.000 ng.
Li nhun trn vn ch s hu (ROE) ca cng ty (c th thu thp
c t bo co ti chnh c cng b ti cc cng ty chng khon)
l 20%.
Chi ph pht hnh ht 1% v cng ty tr c tc nm va ri l 15.000
ng.
Nm ti cng ty hoch nh s gi li 40% li nhun ti u t
(bn c th thu thp thng tin ny trong phn chnh sch c tc
ca cng ty).
Vi nhng thng tin nh trn, lm th no bn c th c lng c
tc tng trng c tc g ca cng ty Agiish trong nm ti? Chi ph
huy ng vn ca cng ty l bao nhiu nu cng ty pht hnh c
phiu bn mc gi th trng?
Gii :
Chng ta bit rng c tc c c t li nhun hot ng ca cng
ty. Nhng li nhun hot ng c c t kt qu u t cho sn xut

Ch.11 : QUYT NH NGUN VN & CHI PH.,,

71

kinh doanh, ng dng vo tnh hung Agiish, chng ta c th c

lng tc tng trng c lc ca cng ty nm ti l :
g = (T l li nhun gi li) X ROE = (0,4) X (20%) = 8%. Gi c phiu
l 152.000 ng sau khi tr chi ph p h t hnh c n c 152.000 X 99%
= 150.480 ng, c tc nm ri l 15.000 ng. Chi ph huy ng vn
ca cng ty l ;
+ g =

Rg =
p

M l + 8% = 18,77%
150.480

Tuy 'u im ca phng php ny l n gin, d hiu v d

p dng nhng khng th p dng c vi nhng cng ty khng
chia c tc, cng khng ph hp khi phi ia nh m t t l t n g trng
c lc c nh. M t khc phng php ny khng th h in m t cch
r rn g m quan h gia li nhun v ri ro cng n h mc iu
chnh ri ro i vi su t sinh li vu cu ca tng d n ca cng ty.
4.2.2. S dng m hnh nh gi t i sn vn (CAPM) :

C hng ta c th s dng m hnh CAPM c lng chi ph

huv (lng vn c p h n thng. M hnh nh gi ti sn vn cho r n g
siiAt sin h li k vng ca m t khon u t |)h thuc vo nhng yu
t sau y :
Li su t phi ri ro, Rf.
- Li su t n b ri ro th trng (risk premium),
(R

R f)-

' Ri ro h th n g ca ti sn (lu t so vi ri ro bnh qun ca

th trng, c gi l h s b'ta.
S ut sin h li yu cu ca nh du l vao m t ti sn (ti sn
y c th l m t cng ty, mt d n...,) l Ro vi h s b e ta tng
ng

c xc nh theo m hnh CAPM nh sau ;

Rp = Rf +

- R[)

vn diig m II ny, chng ta phi b it c cc yu t ;

li sut phi ri ro, li sut n b ri ro th trng v c lng mt
h s b e ta tng ng. Nu d n c ri ro tng ng ri ro cng
ty th dng b e ta ca cng ty, nu d n c ri ro cao hn ri ro ca

72

c /7 .tt

:QUYT NH NGUN VN & CH PH...

cng ty th p h i t n g h s b e ta v ngc li. M h n h n y cho ta

th y s iu ch n h trc tip li n h u n v ri ro ca ti s n , n c
s dng rng ri hn m h n h t n g trng c tc. Tuy n h i n c
lng h s beta, ta cng p h i da vo d liu qu kh xc nh.
Trong thc t, h a i phng p h p c lng chi ph vn ch s hu
thng cho k t qu khc nhau. T y theo quan dii, th n g thng
dung ha ngi t a thng ly tru n g b n h gia cc k t qu c lng
ny. V d : Mt cng ty c h s b e ta 1,2, li su t n b ri ro th
trng l 8% v li su t phi ri ro 6%. c tc va chia ca cng ty $2
mt c phiu, t l t n g trng k vng ca c tc l 8%. Gi b n
chng k h o n tr n th i trng $30 m t c phiu. Vy chi p h s dng
vn ca ch s hu l bao nhiu ?
Nu s dng m h n h CAPM, ta tn h c chi ph s dng vn
ca ch s* hu n h sau :
Rg = R f + (Rm - Rf) Pe

Re = 6% + 1,2 X 8% = 15,6%
Nu s dng m h n h t n g trng c tc c" nh, ta tn h c
chi ph vn ca ch s hu nh sau :
_
Do (1 + g) 2 (1 + 8%)
Re = ^
p
+g =

^
+ 8% = 15,2%

Hai phng p h p c lng cho k t qu k h c nhau, tro n g trng

hp ny ta c th ly tru n g bnh ca hai k t qu ny lm chi phi ph
vn ca ch s hu (Rp = 15,4%).
4.2.3. Da vo phn b r i ro v l i sut p h i r i ro :

T h t ra cch th b a n y ging n h cch th hai hay ni k h c di

n ch l s vn dng cch hai tro n g iu k i n nh n g nc cha c
th trng vn p h t tri n , nhng nc cha c th trng vn p h t
tri n n h Vit N am , cng ty r t kh p dng m h n h CAI^M do thiu
th n g tin v h s ri ro b e ta v thiu th n g tin v li n h u n u t
d an h mc th trng Rjj,. khc phc thiu st ny, th a y v s dng
chi ti t v y cc bin ca m h n h CAPM chng ta gp chung
(Rm ~ Rf) Pe t h n h p h n b ri ro v vit cng thc Re = Rf + (K m Rf) Pe li t h n h Re = Rf + phn b ri ro. Ty theo mc ri ro cao

Ch.11 : QUYT NH NGUN VN & CH PH...

73

h ay th p ca cng t hoc d n chng ta c lng p h n b ri ro

cao hay th p tng ng.
4.3. Chi ph s d n g n :

Cng ty c th huy ng n di hnh thc vay CLa cc t chc

ti chnh tru n g gian hoc pht hnh tri phiu. Nu vay ca t chc
ti chnh tru n g gian th chi phi s dng n chnh l li sut vay. Nu
p h t h n h tr i phiu th chi ph s dng n chnh l li su t o h n
(YTM) cng ty tr cho n h u t.
Chi ph t r li vay c tnh tr vo li n h u n trc khi tn h
thu. V vy chi ph s dng n ca cng ty chnh l chi ph s dng
n d iu chnh thu. V d cng ty vay n vi li sut 10%, nu cng
ty vay $100, s" ti n li phi tr l $10, cng ty sc c gim th u $3
(nu th u sut thu^ th nhp cng ty l 309r), nh vy thc ch t cng
ty ch phi tn $7 chi ph khi vav n $100, iu ny cho th y chi ph
s dng n ca m t cng ty chnh l chi ph s dng n sau thu. Tnq
qut, nu li sut huy ng n l R-), Tc: l thu^ sut th u thu nhp
cng ty th chi ph s dng n ca cng ty l : R) (1 T^)
N u cng ty huy ng n bng tri phiu, li sut huy ng n

chnh l li sut tr i phiu khi o hn (YTM), c xc nh da vo

cng thc :
,3

_ V

I net ^

I.. .

- +

(1 f R))

(1 H R))^

tro n g
l tin th do bn tii phiu, bng gi bn tr i phiu
tr cc chi ph p h t h n h . Phng php nay c p dng nu cng
ty (lang p h t h n h n' h a y gn ly pht h n h n. Trong nhng
tn h ung khc, cng ty c th s dng li sut o h n ca tr i phiu
an g lu h n h (da tr n gi th trng hin h n h ca tri phiu). Nu
cng ty h in ang k h n g c tri phiu lu hn h , hoc tr i phiu t
c m ua b n tr n th trng, ta c th s dng chi ph s dng n
trc th u ca nhng cng ty khc c ri ro tng t. V d m t cng
ty p h t h n h tr i phiu mnh gi $100, li sut tr i phiu : 9%, k
h n 3 nm , tr i phiu c bn trn th trng vi gi $96, chi ph
p h t h n h tn h b n h qun $1 trn mi c phiu. Li sut cng ty phi
tr khi huy ng tr i phiu R) c xc nh b n g cch gii phng
trn h sau :

C h .n ; QUYT NH NGUN VN & CH! PH...

74

3
c95
. . _= V

100

9% + -'.:
100
=>

t - i (1 + R d )*'

11 n n o /
-_ 11.05%

(1 + R-d )^

y l phng tr n h m c n s l R q . D o n s c s m thng
' bc cao n n vic gii phng trn h ny r t phc tp , b n phi s
dng h m goal seek tro n g Excel gii.
Tm. li, nu da vo chi ph quyt n h lc chn ngun vn
no trc h t b n s dng cc phng php n h va trn h b\^ xc
nh chi ph ca tng loi ngun vn. K n, da vo chi p h tn h
ton bn s la chn ngun vn no c chi p h th p n h t. T/V nhin,
ngun v^n c chi ph th p Iding phi lc no cng chn la c v
n cn ty thuc vo k h n n g thng lng c ngun vn v nhng
tc ng th u n li v b t li ca ngun vn .
Sau khi xc nh c chi ph s dng tng b p h n vn

bao gm

vn c p h n u i, vn c p h n ph th n g v n vav ch n g t a c th

th a y th cc bin ny vo cng thc tn h chi ph s dng vn tru n g

b nh c tr n g s' WACC d quyt n h chi ph s dng vn chung ca
doanh nghip hoc ca d n. Chi ph s dng vn tru n g b in h tr n g
s ny, ni chung, c s dng lm t su t chit k h u tro n g hu ht
cc m h n h nh gi v p h n tch ti chnh d o a n h nghip. Cng thc
tn h WACC c t r n h by trong chng 7.

TM TT
Quyt nh ngun vn cng l mt tro n g ba quyi (lnh ch yu
ca qun l ti chnh. Ni chung cng ty c th s dng ba ngun vn
chnh : vn c p h n thng, vn c p h n u i (gi chung l vn ch
s' hu) v n vay. Mi ngun vn u c chi ph v u nhc im
ring. Do vy, vic chn la ngun vn no nn da vo chi ph cng
nh u nhc im v k h n n g thng lng c dc ngun vn
. Ngoi ra, la chn ngun vn cn n h hng n ri ro ti chnh
ca cng ty cho nn cn p h n tch xem n g n lu k vng ca cng ty
c vt qua im ha vn h a y khng la chn sao cho m ang li
E PS cao n h t cho c ng. cng l mc tiu qu qun l ti chnh.

Ch.11 : QUYT NH NGUN VN CH PH...

75

CU HI N TP
1. Hy nu nhng loi nguri vn ngn hn no cng ty c th s dng
t i tr c h o t i s n lu n g . C n g t y d a v o n h n g c n c n o

c th quyt nh a chn s dng cc ngun vn ny ?

2.

Hy nu nhng loi ngun vn di hn n o cng ty c th s dng

ti tr c h o ti sn c nh. Cng ty da vo nhng cn c no
c th quyt nh ia chn s dng cc ngun vn ny ?

3. c n g ty c th s dn g ngun vn di hn ti tr cho t i sn lu
n g c k h n g ? INgc li, cng ty c th s d n g ng u n vn
ng n hn ti tr cho ti sn c nh c k h n g ? Lin h thc
tin m in h h a i u ny.

4. Trnh by cc phng php c th s dng xc dnh chi ph s

d n g v n c p h n p h t h n g . C h o v d m i n h h a t n q p h n g p h p .

5. T rn h p h ng p h p xc nh chi ph S dng vn c ph n u i v
c hi ph h u y n g n vay. Cho v d minh ha t ng loi h uy n g vn.

B TP T H C H N H

Bi 1 ;
C ng ty Thi H ong c d n u t vi chi ph u t tng cng
l 10 t ng. Hai ngun vn (lc huy ng u t d n : (1) Li
nhun tch ly ca cng ty v (2) n vay ngn h n g chi(m t trng
60'^ vi li su t l 12%/nm. Thi Hong l cng ty c c phiu giao
dch tr n th trng OTC v c cng ty chng khon ACBS nh
gia c b e ta b n g 2,8. Bn cn thu thp them th n g tin c th'
xc n h chi ph s dng vn ca d n u t ca cng ty T hi H ong ?
Vi th n g tin , chi ph s dng vn ca d n l bao nhiu ?
Bi g i i :

C/7.77 ; QUYT NH NGUN VN & CHI PH...

76

Chi ph s dng vn ca d n l chi ph s dng vn tru n g bnh

ca hai b p h n vn : li n h u n tch ly v n vay, c xc nh theo
cng thc sau : WACC = ^ (1 - Tc) R d + (R e ) tro n g cc th n g
tin bn b it bao gm : DA^ l t tr n g n vay b n g 60^5^' h a y 0,6,
R ) = 12% l li sut n' vay, EA^ = 1 - DA^ = 1 - 0,6 = 0,4 l t tr n g
li n h u n tch ly ca cng ty s dng u t d n. Thng tin cha
bit cn thu Ih p th m bao gm ; (1) T hu su t th u th u n h p cng
ty l 28%, (2) Li n h u n phi ri ro Rf = 7%, v (3) Li n h u n d a n h
mc u t th trng, gi nh l 15%.
S dng m h n h CAPM, bn c th c lng chi ph s dng
vn ca cng ty l :
Re - Rf +(Rm - Rf)p =

+(15 - 7)2,8 = 29,4%

T hay cc d liu c c vo cng thc, b n c chi ph s dng

vn tru n g b n h ca d n l :
WACC - 0,6(1 - 0,28)12% + 0,4(29,4%) = 16,94%.
Bi 2 :
Cng ty Sealm ex lp d n u t c tng chi ph u t d n
l 20 t ng. Cng ty s dng 4 t ng t ngun li n h u n tch ly,
10 t ng t ngun vn p h t h n h c p h n mi, tro n g p h t h n h
c p h n u i l 2 t ng vi chi ph l 11%. P h n cn li cng ty
s dng vn vay ngn h n g vi li sut l 10%. Xc n h chi ph s
dng vn ca d n, b it r n g c ng n m gi c p h n ph th n g yu
cu t sut li n h u n u t cao hn li vay di h n n g n h n g 8%
v th u sut th u thu n h p cng ty phi np cho n g n sch p dng
cho n g n h thy sn l 28%.
Bi g i i :
Tng vn u t : 20 t ng.
Cc ngun vn u t bao gm li n h u n tch ly 4 t ng, chim
t tr n g 4/20 - 20%; vn c p h n u i l 2 t ng, chim t tr n g
2/20 = 10%; vn c p h n thng mi p h t h n h l 10 -- 2 = 8 t ng,
chim t tr n g 8/20 = 40%; cn li (30%) l vn vay n g n hng.
Chi ph s dng vn vay : 10%.
Chi ph s dng vn c p h n u i : 11%.

C h .11 : QUYT NH NGUN VN , CHI F H...

77

Chi ph s dng li nhun tch ly v vn c p h n thng = 10%

T su t th u thu nhp 289f.
Chi ph s dng vn ca d n :
WACC = 0,3(107r)(l -- 0,28) + 0,1(11%) + 0,2(18%) + 0,4(18%)
= ]4,(
Bi 3 :
VCB p h t h n h k phiu c m nh gi 1.000 USD, thi h n 6 th n g
v li su t l 6%/nm. K phiu c bn mc gi bng m n h gi
nhng phng thc tr li ty theo ngh
ca k h ch hng. Xc nh
xem chi ph huy ng vn bng kv phiu ny ca VCB l bao nhiu,
nu :
a. K hch h n g ngh tr li trc ?
b. K hch h n g ngh tr li sau ?
c. K hch h n g ngh tra li theo nh k h n g thng' ?
Bi g i i:

M nh gi k phiu = 1.000 USD

Li sut = &'(
Li VCI^ phi tr

1.000 X 6'r X6/]2 = ao USD

Tuy n h i n chi ph huy n VII cua

VCB en lv thuc vo phng
thc tr li. Cng llie xt' dnh quin l(' ';fa [i bn k phiu, gi
Ir khi o hn, li sut v k h;tn nh sau : 1*''V = PV( ]+ i)'\ Da vo
cn< thc ny bn c Lh xc (lnh cii ph huy ng Vn (i) ca V C B
lh(H) cc phng thc ti'a lai nh sau :
a.

K hch h n g d noh tr lAi ircc : Trong trng hp ny FV

= 1.000, PV = 1.000 30 = 970, n = 6. Bn c phng trn h
1.000 = 970(1+1)^" hay (1+i)
(1.000/970)'''^

T y suy ra i = 0,509^/thng hay 6,1089r/nm.

b.

K hch hni nh Ir li sau : Trong trng hp ny FV

1.080, ^V' ~1.000 va n
- 6. ^n c phng Irn h 1.030 =
].()()()(1 +i hav (1 +1 = I 1.030/1.000

78

Ch.11 : QUYT NH NGUN VN CHI PH...

T y suy ra i = 0,494% /thng hay 5,928%/nm.

c. K hch h n g ngh t r li theo n h k h n g t h n g : T rong
trng hp ny cng thc quan h gia gi bn, tr gi o
h n , v li sut n h sau :
FV = C[(l + i)^ - l]/i
T rong FV = 1.000, R l li t r nh k = [1.000 X 6% X 6/12]/6
5, v n = 6. B n c phng tr n h 1.000 = 5[(l-fi)^ r]/i. G ii phng
tr n h ny b n c th tm r a i = 0.5% /thng h a y 6%/nm.
Vic tm li sut n h t r n h by tro n g b a trng hp tr n , c
bit l trng hp c, i hi phi gii phng tr n h bc cao lm cho
cng vic tn h ton tr n n phc tp. Do y, b n n n s dng cc
hm ti chnh tro n g Excel gii s v cng n gin. C h ng hn
trong trng hp c, sau khi khi ng Excel b n chn In s e rt, sau
chn funtion, chn financial, chn rate. n y b n n h d liu vo
n p e r = 6, p m t = 5, PV = - 1.000, v FV = 1.000. Cui cng click OK,
bn s c k t qu i = 0,5% /thng hay 6%/nm.
B 4 :
Sacom bank p h t h n h k phiu c m n h gi l 50 triu ng v
thi h n l 5 n m huy ng vn di h n . Li sut h n g n m tr
cho k phiu l 8%. K phiu c b n mc gi b n g m nh gi nhng
phi tn chi ph p h t h n h h t 2%. Hi chi ph huy ng vn ca
Sacom bank l bao nhiu p h n tr m ?
B i:

M nh gi ca k phiu 50.000.000 ng
Chi ph p h t h n h = 50.000.000 X 2% = 1.000.000 ng
Gi b n rng k phiu = 50.000.000 1.000.000
= 49.000.000 ng.
Gi k^l l chi ph huy ng vn b n g cch p h t h n h k phiu
ca Sacom bank. Sacom bank p h t h n h k phiu thu v c 49 triu
nhng h n g n m phi tr li su t 8% tn h tr n m nh gi 50 triu
ng, tc l tr 50 X 8% = 4 triu ng, tro n g thi h n 5 n m v dn
nrn th 5 th tr li m n h gi 50 triu ng. p dng.cng thc nh
gi kj' phu, b n th i t lp c phng tr n h sau ;

79

Ch.11 : QUYT NH NGUN VN , CHI PH...

_4

49 = : ------- ' ------ + --------

(1 + kd)^

(1 +

+ - ------f

(] + ka)'*

4-

(1 I- k(i)'^

------------

(1 I k)^

S dng h m Goal seek trong Excel gii phng Irln h tr n , bn

c th d d n g tm ra kt = 9%. Nh vy chi ph huy ng vn ca
S acom bank l 9%.
Bi 5 :
T h ng tin sau y c trch ra t thng bo p h t h n h tri
phiu ca BIDV. BIDV d nh pht hnh tr i phiu vi tng m n h
gi mi loi ln n 1.000 t ng. Tin li tr i phiu c tr sau
h n g n m v tr 01 lnynm vo ngy pht h n h h n g n m (tc ngy
18/12). T in gc tr i phiu c tr mt ln khi o h n , vo nm
2021 (i vi tr i phiu k hn 15 nm) v nm 2026 (i vi tri
phiu k h n 20 nm ). Li sut c th nh sau :
Tri p h i u k h n 15 nm : Li sut cc n m u l 10,10%/nm,
li su t 5 n m cui (nu BIDV khng m ua li) l 10,675%/nm.
Tri p h i u k h n 20 nm : Li sut cc n m u l 10,45%/nm,
li su t 5 n m cui (nu BIDV khng m ua li) l 11,175%/nm.
Da vo th n g tin tr n , xc dnh xem chi ph huy ng vn i
vi mi loi tri phiu tr n ca BIDV l bao n h iu ? Gi s chi ph
pht h n h b n g 10% gi bn v tri phiu c b n mc gi bng
m nh gi.
Bhi g i i:
Di li rai phi k cm 15 nrn (d u t dig)
M nh gi = 1.000 t ng
Li su t cc n m u = 10,10%
=^> Li cc n m u - 1.000 (10,10%) = 101
Li s u t 5 n m cui = 10,675%
=> Iji 5 n m cui = LOGO (10,675%) = 106,75
Tr gi o h n = 1.000
Gi b n = 1.000
Chi ph p h t h n h =

80

Ch.11 : QUYT NH NGUN VN & CHI PH...

Gi bn rng = 1.000 (90%) = 900

Gi
l chi ph huy ng vn ca t p h t h n h Lri phiu.
tm chi ph huy ng vn b n th i t lp phng tr n h :
900 =

- ..^ ... i
^ _ 106,76 ^
(1 + Kd)l
(1 + Kd)2
(1 + Kd)'0
(1 + Kd)
106,75
1.000
+ ... + -------- ^

------ +

(1 +

(1 +

S dng h m Goal seek tro n g Excel gii phng t r n h tr n bn

c c K = 11,64%.
Bn c th s dng Excel gii bi ny d d n g hn. C hng
h n di y l k t qu gii bng Excel l vi tr i phiu 20 nm .
i vi tri piiu k hn 15 n m (n v t. nq)
M nh gi = 1.000 t ng
Li sut cc n m u = 10,45%
=> Li cc n m u = 1.000 (10,45%) = 104,5
Li sut 5 n m cul = 11,175%
=> Li 5 n m cui =: 1.000 (11,175%) =111,75
Tr gi do h n = 1.000
Gi bn =: 1.000
Chi ph p h t h n h = 10%
Gi b n rng = 1.000 (90%) = 900
Gi K^ l chi ph huy ng vn ca t p h t h n h tri phiu.
tm chi ph huy ng vn bn th i t lp phng tr n h :
nnn
_ 104,5
900 =

104,5

(1 + K,1)^
+
111,75
+ ------ ------ +
(1 -f

_ + .....104,5
L.".........
(1 t

4.

111,75

+ _

(1 f

1.000

(1 +

S dng h m Goal seek tro n g Excel gii phng tr n h trn l)n

c c K^ - 11,84%. B ng tn h Excel nh sau :

Ch.11 : QUYT NH NGUN VN & CHI PH...

1000 10%

p net

Ri

R2

900 10.450% 11.175%

Nm

81

MV

CF

Kd

11.84% $900.00

^04.5

104.5

104.5

104.5

104.5

104.5

104.5

104.5

104.5

104.5

104.5

104.5

104.5

104.5

104.5

104.5

104.5

104.5

10

104.5

104.5

11

104.5

104.5

12

104.5

104.5

13

104.5

104.5

14

104.5

104.5

15

104.5

104.5

16

111.75

111.75

17

111.75

111.75

18

111.75

111.75

19

111.75

111.75

20

111.75 1000 1111.75

Bi 6 :
N m 2005 va qua, Vietcoinbank p h t h n h tr i phiu chuyn
i huy ng vn di h n vi li sut 6,5%/nm tro n g khi li sut
tin gi c cng thi h n ln n 8,5%. Ti sao n h u t v n chp
n h n m ua tr i phiu ca Vietcombank th ay v gi n h k ? V ietcom bank
c nhng li ch g qua t p h t h n h tri phiu n y ?
Bi g i i :

c/7.r ; QUYT NH NGUN VN & CHI PH...

82

N h u t m ua tr i phiu chuyn i ca V ietcom bank ch c

hng li su t 6,5%/nm tro n g k h i gi n h k c hng li su t
ln n 8,5%. S d n h u t chp n h n m ua tr i phiu chuyn i
l v h k vng sau k h i c p h n ha, c phiu ca V ietcom bank s
t n g gi. Khi y tr i phiu chuyn i ca h c t h chuyn i t h n h
c phiu vi gi chuyn i th p hn gi th trng ca c phiu. Li
ch ca n h u t chnh l c c quyn chuyn i hay quyn chn
mua c phiu ca Vietcombank. v p h a V ietcom bank, li ch ca t
p h t h n h tr i phiu chuyn i n y l c t h huy ng vn vi chi
ph r hn l huy ng ti n gi th n g thng.

Bi 7 :
N g n h n g N h nc va chp th u n k hoch t n g vn iu l
t 2.089 t ng ln 4.449 t ng ca Sacom bank. K hoch t n g vn
n y c i hi c ng N gn h n g Si Gn Thng T n (Sacom bank)
th n g qua vi cc phcfng n t n g vn s c thc h i n n h sau :
P h t h n h c phiu t r c tc n m 2006 l :
250.729.540.000 ng;
P h t h n h c phiu cho c ng h i n hu l :
2.089.412.810.000 ng v
P h t h n h c phiu cho cn b n g n h n g l :
20.000.000.000 ng.
Gi s S acom bank p h t h n h c phiu b n r a cng chng vi gi
b n g gi th trng l 152.000 ng m t c p h n liuy ng 250 l
ng vn c p h n . Chi ph p h t h n h c tn h b n g 10% gi b n c
phiu. Hi chi ph huy ng vn ca Sacom bank qua t p h t h n h c
phiu ny l bao nhiu ? Bit n m trc S acom bank t r c tc 15.000
ng m t c p h n v d n h duy tr tc t n g tr ng c tc bn
vng m i mc 6%. Nu tc t n g trng c tc cao h n mc
ny
th chi ph huy ng vn b n g p h t h n h c phiu ca Sacom bank
t n g hay gim ? Ti sao ?
Bi g i i:

Vi nh n g th n g tin cho b n c ;
Tng m n h gi p h t h n h = 250 t ng

C h .11 : QUYT NH NGUN VN & CHI PH...

Gi th trng c phiu

= 152.000 ng

Chi ph p h t h n h

= 10% gi bn

Gi b n r n g c phiu

= 152.000 X 90% = 136.800 ng

83

C tc n m trc = Do = 15.000 ng
C tc n m ti

=
= Dgd+g) = 15.000 (1+0,06)
= 15.900 ng.

Vn dng m h n h nh gi Gordon, chi ph huy ng vn ca

S acom bank l kp c xc nh nh sau :
ke =

Do (1 + g)
Di
+ g =
Y

go

15.900 / 136.800 + 0,06

= 17,62%
N h n vo m h n h Gordon, chng ta th y r n g ch ph huy ng
vn ca Sacom bank kg l hm s ph thuc vo c tc n m trc Do,
gi bn r n g c phiu V v tc t n g trng c tc g. Cc bin D q
v V c n h tro n g khi g thay i qua cc nm. M h n h cn cho th y
ke t l th u n vi g, do , nu tc tng trng c tc cao hn mc
k vng (6%) th chi ph huy ng v"n bng p h t h n h c phiu ca
Sacom bank t n g ln.

B TP R N LUYN
Bi 1 :
BIDV p h t h n h chng ch tin gi huy ng vn n g n h n . Ni
dung chng ch c p h t h n h nh sau :
Loi ti n : USD.
K h n : 9 thng.
.

M n h gi : 100.000 USD.

Li su t p h t h n h chng ch tin gi 5,60%/nm c c nh

tro n g sut thi h n gi.
Phng thc tr li : Khch hng la chn t r u
cui k.

hoc

Ch.11 : QUYT NH NGUN VN & CHI PH...

84

Da vo th n g tin tr n , hi chi ph huy ng vn ca BIDV khi

p h t h n h chng ch ti n gi ny l bao nhiu ?
Bi 2 :
VAB p h t h n h tr i phiu c m n h gi l 500 tri u ng v thi
h n l 10 n m huy ng vn di hn. Li su t h n g n m t r cho
tr i phiu l 8,5%. T ri phiu c b n mc gi b n g m n h gi n h n g
p h i t n chi ph p h t h n h h t 2,5%. Hi chi p h huy ng vn ca
VAB l bao nhiu p h n tr m ?
Bi 3 :
T hng tin sau y c trch r a t th n g bo p h t h n h tr i
phiu ca Incom bank. Incom bank d nh p h t h n h tr i phiu vi
tng m n h gi mi loi ln n 500 t ng. Tin li tr i phiu c
tr sau h n g n m v t r mi n m m t ln vo n g y p h t h n h h n g
nm . Tin gc tr i phiu c t r m t l n khi tr i phiu o h n . C
hai loi tr i phiu c p h t h n h trong t ny, gm :
Tri phiu k hn 5 nm : Li sut cc n m u l 10,10%/nm,
li sut 2 n m cul l 10,75%/nm.
Tri phiu k hn 10 nm : Li sut cc n m u l 10,45%/nm,
li su t 5 n m cul l 11,75%/nm.
Da vo th n g tin tr n , xc n h xem chi p h huy ng vn i
vi mi loi tr i phiu tr n ca Incom bank l bao nhiu ? Gi s chi
ph pht hnh bng 10% gi bn v tri phiu c bn mc gi
b n g m n h gi.

Bi 4 :
Hc t p k in h n g h im ca V ietcom bank sau t p h t h n h tr i
phiu chuyn i r t th n h cng, n m 2006 va qua, Si Gn B ank
p h t h n h tr i phiu chuyn i huy ng vn di h n vi li sut
7%/nm tro n g khi li sut ti n gi c cng thi h n ln n 9,5%. Ti
sao n h u t vn chp n h n m ua tr i phiu ca Si Gn B an k th a y
v gi ti n gi n h k ? Si Gn B ank c nh n g li ch g qu a t
p h t h n h tr i phiu n y ?

85

Ch.11 : QUYT NH NGUN VN & CHI PH...

Bi 5 :
Gi s Si Gn B an k p h t h n h c phiu b n ra cng chng vi
gi b n g gi th trng hin l 102.000 ng m t c p h n huy ng
50 t ng vn c ph n . Chi ph p h t hnh c tn h b n g 10% gi
bn c phiu. Hi chi ph huy ng vn ca Si Gn B ank qua t
p h t h n h c phiu n y l bao nhiu ? Bit n m trc Si Gn B ank
t r c tc 12.000 ng mt c phn v d n h duy tr tc t n g
tr ng c tc bn vng mi mc 7%.
Bi 6 :
T hng tin di y c c trch t thng bo p h t h n h k phiu
ca Sacom bank. Gi s bn l n h n vin huy ng v"n ca n g n hng,
da vo th n g tin n g n h n g cng b nh sau lin quan n k phiu
n h sau :
i tng khch hng :

Cc t chc, c n h n Vit Nam.

Cc t chc, c n h n nc ngoi ang s in h sng v h o t ng

hp p h p t i V it Nam (t chc ch c m ua CCTG bng
chuyn k h o n - theo quy nh v qun l ngoi hi).

P ham vi p dng : p dng trn ton h th n g Sacom bank (bao

gm c cc n v k h a i trng trong thi gian p h t hnh).
Hnh thc pht hnh : Di hnh thc k phiu b n g USD.
Tng mnh gi ca dt pht hnh : 100 tn u USD.
Mnh gi : Ti thiu : 200 USD/k plu, Ti a : 100.000 USD/k
phiu.
Li sut v k hn :
K hn (thng)

Li sut cui k (%/nm)

4,6

4,8

11

5,0

86

Ch.11 : QUYT NH NGUN VN & CHI PH...

Xc n h xem nu ng A b ra 10.000 U SD mua k phiu ca

Sacom bank th s ti n gc v li ng A th u v k h i k phiu o h n
l bao nhiu nu : (i) m ua k phiu k h n 4 th n g , (ii) m ua k phiu
k h n 8 th n g , v (iii) m ua k phiu k h n 11 thng.

Ch.12 : QUYT NH

c CU VN CA CNG TY

87

Chttig 12

QUYT NH c C VN
C CNG TY
M C TIU :
Chng ny bn n mt trong n h n g vn phc tp nht trong
qun tr ti chnh cng ty, l cng ty quyt nh c cu vn ca minh
nh th no. c xong chng ny, bn c Ih :
1. Nm c ni dung cn bn ca cc l thuyt khc nhau v c
cu vn cng ty, bao gm l thuyt c cu vn ti u hay l thuyt
truyn thng v c cu vn, l thuyt li nhun hot ng rng
(NOI), v l thuyt M&M.
2. Hiu c y hn
c cu vn, thy c
i th no theo l gii
l thuyt M&M ln lt

ni dung ca l thuyt hin i (M&M) v

gi tr cng t v chi ph s dng s thay
ca M&M, c bit l khi cc gi nh ca
c tho b.

3. Hiu v c th chng minh c cc mnh M&M trong hai trng

hp c thu v khng c thu thu nhp cng ty.

4. Tng bc xem xt vn dng l thuyt M&M vo iu kin mi

trng hot ng ca dolt iyhip Vit Nam.

1. T VN V SAO CN n g h i n c i c CU
VN CNG TY
T rong cc chng 7 v 12 khi bn vn chi ph s dng vn v
hoch nh vn u t chng ta da vo mt c cu vn cho sn
tn h chi p h s dng vn trung bnh v s dng n n h l sut chit
k h u p h n tch tro n g hoch nh u t vn. Khi c cu vn ca
cng ty th a y i th liu chi ph s dng vn c th a y i theo v, do
, vic quyt nh u t hay khng u t vo m t d n no c
Ihav i theo hay khng ? Ngoi ra, khi c cu vn th a y i th rui

88

Ch.12 : QUYT NH

CU VN CA CNG TY

ro cng ty c th a y i, do , gi c phiu ca cng ty c th a y i th e o

khng ? Mc tiu ca chng ny l xem xt v p h n lch s n h
hng ca c cu vn ln gi c phiu ca cng ty.
C cu n (capital structure) l quan h t trng gia n v
vn ch s hu, bao gm vn c p h n u di v vn c p h n th nq
trong tng s ngun vn ca cng ty. Tuy n h i n tro n g p h m vi chng
ny chng t a ch xem xt c cu vn ca cng ty bao gm n v vn
c p h n thng v xem n h cng ty khng c p h t h n h c p h i u u
i.
Vn t r a l liu m t cng ty no c th tc ng n gi
tr v chi ph s dng vn ca n b n g cch th a y i c cu ngun vn
hay khng. Cn lu p h n hit s tc ng do th a y i c cu ngun
vn vi s tc ng do nh n g quyt nh u t v qun l t i sn.
p h n bit iu ny, chng ta gi nh s th a y i c cu ngxin
vn y xy r a l do cng ty p h t h n h chng k h o n n m u a li
c phiu thng hoc p h t h n h c phiu thng m ua li n. B t
lun kiu g, v n t r a l tng gi tr cng ty v li n h u n i hi
s th a y i t h no khi t l n v vn ch s hu th a y i ? n
gin k h i n g h i n cu vn n y chng ta lp m t s^ gi n h n h sau ;
Li n h u n ca cng ty c tc t n g trng b n g k h n g v
cng ty chi ton b li n h u n kim c cho c ng di h n h
thc c tc.
Th trng ti chnh l th trng hon ho.
T nhng gi nh v cch t vn tr n y, chng ta quan
t m dn m t s chi tiu li n h u n sau :
T sut sin h li ca n hay chi p h s d n q n (r]) :
I
=

Li vay h n g nm
---------------------- -------

---------------------- -

12. 1)

Gi tr th trng ca n vay
trong I l li vay h n g n m ca n vay vi gi nh r n g n vay

(B) ca cng ty l n do p h t h n h tr i phiu kh n g c th i h n

(perpetual bond). Ch tiu th hai l t su t li n h u n h a y s u t sinh
li ca vn c p h n thng.
T sut sinh li ca vn c p h n hay chi p h s diq vn c p h n

(rs)

Ch. 12 : QUYT NH

E
r s = -g =
s

CU VN CA CNG TY

Li nhun chia cho c ng thng

-------I
; ----- .
Gi tr th trng ca c phiu thng
ang lu hnh

89

(12.2)

tro n g E l li n h u n chia cho c ng v s l gi tr th trng ca

vn c p h n ang lu h n h . Ch tiu th ba l t su t li n h u n hay
su t sinh li ca cng ty ni chung.
T sut li n h u n chung ca cng ty (ry) :
R
rv - -

j nhun hot ng rng

------- ^
^
^
------------------------------------ (12.3)
Gi tr th trng ca cng ty

tro n g V l gi tr th trng cng ty, V - B + s v R l li n h u n

chung, R = I + E. N h cp trong chng chi ph s dng vn,
r v c nh n g h a n h l chi ph s dng vn tru n g b nh c th xc
n h bng cng thc ;
rv =

(rn) +

B +s

B fs

(12.4)

Vn chng t a mun nghin cu y l ri 3, rs, v r y s th ay

i th no khi cng ty gia tng s dng n, tc l gia t n g t s
BAB-+-S) hay B/S ? N i khc di, chng ta mun bit khi cng ty gia
t n g t s n by t i chnh th s c li cho chu n, cho ch s hu
ni rin g h a y cho cng ty ni chung. C nhiu l th u y t khc n h au tr
li vn ny. T rong cc ph tip theo, chng ta s ln lt xem xt
tng l thuyt.
2. L THUYT C CU V N T i IJ
L thuyt c cu vn ti u (Optimal Capital structure) cho r n g
c mt c cu vn t u ban ([un tr cng ty c th gia t n g gi
tr cua cng ty b n g cch s dng t s n by ph hp. Theo cch
tip cn ny, cng ty trc tin c th h th p chi ph s dng vn
th n g qua vic gia t n g s dng n bi v chi ph s dng n th p hn
do c k hon ti t kim thu. Tuy nhin, khi t s" n gia t n g th ri
ro cng gia tng, do , nh du t s gia t n g li n h u n i hi rsMc d vy, s gia t n g rs lc u vn khng h o n ton xa sch li
ch ca vic s dng n n h l mt ngun vn r hn cho n khi no

90

Ch.12 : QUYT NH

CU V N CA CNG TY

n h u t tip tc gia t n g li n h u n yu cu k h i n cho li ch ca

vic s dng n khng cn na.
Bi vi li vay l chi ph c khu tr thu, cho n n s dng n
gip cng ty ti t kim c thu. C hng ta thy rng lc u r s cha
t n g khi t s n by gia t n g tro n g khi rB vn k h n g i v do c
li ch ca vic ti t kim th u khi gia t n g s dng n' n n chi p h s
dng v"n ni chung ry gim. N hng khi t s n by gia t n g n
m t im no th do ri ro t n g ln k h i n cho rj v r s t n g ln.
Kt qu l r y hay WACC t n g ln. Bng 12.1 v h n h 12.1 a r a v
d m in h h a k t lun ny.
Bng 12.1 : Q uan h gia c h i p h s d n g vn ,
g i c p h i u v c cu vn.

B/(B+S) S/(B+S) rB(1-T) rv=WACC Gi (P)

re

rs

8.0

100

16.0

0.00

1.00

5.76

16.00

78.20

8.0

95

16.0

0.05

0.95

5.76

15.49

80.79

10

8.0

90

16.0

0.10

0.90

5.76

14.98

83.56

15

8.0

85

16.0

0.15

0.85

5.76

14.46

86.52

20

8.0

80

16.0

0.20

0.80

5.76

13.95

89.71

25

8.0

75

16.0

0.25

0.75

5.76

13.44

93.13

30

8.0

70

16.0

0.30

0.70

5.76

12.93

96.83

35

8.0

65

16.0

0.35

0.65

5.76

12.42

100.84

40

8.0

60

16.0

0.40

0.60

5.76

11.90

105.19

45

8.0

55

16.0

0.45

0.55

5.76

11.39

109.94

50

10.0

50

19.0

0.50

0.50

7.20

13.10

95.56

55

12.0

45

22.0

0.55

0.45

8.64

14.65

85.41

60

14.0

40

25.0

0.60

0.40

10.08

16.05

77.96

65

16.0

35

28.0

0.65

0.35

11.52

17.29

72.36

70

18.0

30

31.0

0.70

0.30

12.96

18.37

68.08

75

20.0

25

34.0

0.75

0.25

14.40

19.30

64.80

80

22.0

20

37.0

0.80

0.20

15.84

20.07

62.30

85

24.0

15

40.0

0.85

0.15

17.28

20.69

60.44

90

26.0

10

43.0

0.90

0.10

18.72

21.15

59.12

Ch,12 : QUYT NH

CU VN CA CNG TY

91

Quan h g i a gi c phiu, chi ph s d n g vVi v c cu vV*

C cu vn
--V V A C C

-* -rS

rB

H inh 12.1 : Quan h gia gi c phiu (P),

ch i ph s dng vn v c cu vn.

B ng v h n h 12.1 cho thy rng gi c phiu s t cc i v

chi ph s dng vn tru n g bnh l cc tiu khi n chiVn '15% v vn
chim 55% tng npun vn. Do do, l thuyL c cu vn ti u, cn gi
l cch tip cn tru y n thng, ngam hiu r n g chi ph s dng vn
ph thuc vo c cu vn ca cng ly, v c mt c cu vn ti u.
2.1. C cu v n t i u :

Do c cu vn c n h hng lYn li nhun d n h cho c ng nn

cng ty cn th it hoch nh c cu vn mc tiu (targot Capital
structuro). C cu vn mc tiu l s kt hp gia n, c phiu u i,

v c phiu thng tro n g tng ngun vn ca cng tv thoo mc tiu

ra. Hoch nh chnh sch co cu vn lin quan dn vi(?c n h i
gia li n h u n v ri ro, v s dng nhiu n lm gia l n g ri ro cng
ty, nhng ty l n cao ni chung a n li n h u n k vng cao.

92

Ch.12 : QUYT NH c CU VN CA CNG TY

Ri ro gia t n g c k h u y n h hng lm h th p gi c phiu, tro n g

khi li n h u n cao li c khuynh hng gia t n g gi c phiu cng' ty.
Vn t r a l lm t h no xc nh c cu vn ti u ? C cu
vn ti u l c cu vn cn di c gia ri ro v li nhun v, do
d, tM a ha c gi c c p h iu cng ty,
2.2. N hng yu t n h h ng n s la c h n c cu vn :

R t tic l l th u y t c cu vn ti u ch mi a ra khi n i m
ch cha ch r lm t h no xc nh c cu vn ti u. D vy, l
th u y t ny c cp r n g khi hoch nh chnh sch c cu vn ti
u cn lu cc yu t^ n h hng nh sau :
R i ro doanh nghip - Ri ro p h t sin h i vi t i sn ca
cng ty ngay c k h i cng ty khng s dng n. Cng ty no c
ri ro doanh n g h ip cng ln th cng h th p t l n ti u.
T h u th u nhp cng ty - Do li vay l yu t' chi ph trc th u
n n s dng n gip cng ty ti t kim thu. T u y nhn iu
ny s khng cn ngha na i vi n h n g cng ty no c
u i h a y v l do ^ m th u sut th u th nhp mc
th p hoc b n g 0.
S ch ng v ti chnh - S dng n nhiu lm gim i s
ch ng v ti ch n h ng thi lm "xu" i tn h hnh b n g
cn ^i ti sn k h i n cho nhng n h cung cp vn ngn ngi
cho vay hay u t vn vo cng ty.
P hong cch v thi ca ban qun l cng ty - Mt s ban
gim dc th n tr n g hn nhng ngi khc, do t s dng
n hn tro n g t n g ngun vn ca cng ty.
3. L THUYT L NHUN HOT NG RNG (NOI APPROACH)
L th u y t li n h u n h o t ng rng cho r n g chi ph s dng
vn tru n g b n h v gi tr ca cng ty vn kh n g i khi t s dn by
ti chnh th a y i. m in h h a iu ny chng t a ly v d sau y :
Gi s cng ty c khon n 1.000 triu dng vi li su t 10%, l. niin
hot ng rng hay E B I T l L 5 0 0 triu nq v t sut sinh lt nt
ciung, ry, l 15%, Vi n h n g thng tin cho, ch n g ta c bng tn h
ton sau :

Ch.12 : QUYT INH

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93

n v : Triu ng
1.500

Li n h u n h o t ng rng

rv

T sut sinh li chung

Tng gi tr cng ty (= 0/rv)

Gi tr th trng ca n

1.000

Gi tr th trng cua vn (V - B)

9.000

15%
10.000

Li tr cho n vay I = 1.000 X I07c = 100 triu ng. Li n h u n

d n h cho c ng E = R - I = 1.500 - 100 = 1.400 triu ng. T sut
li n hun d n h cho c ng :
_ E ^ 1.400
= 15,55%
9.000

rs =

By qi g i s cng ty gia tng n t 1.000 triu ng ln n

3.000 triu ng v s dng s n huy ng th m mua li c phiu
thng. K h i gi tr ca cng ty s nh sau :
n v : Triu ng
R

Li n h u n h o at ng rng

rv

T su t sinh li chung

Tng gi tr cng ty (= o/ry)

Gi tr th trng ca n

Gi tr th trng cua vn (V

1.500

15%
10.000
3.000
])

7.000

Li tr cho n vay I = 3.000 X 107f = 300 Lriu ng. Li n hun

d n h cho c ng E = R - I = ] .500 - 300 - 1.200 triu ng. T sut
li n h u n d n h cho c ng ;

Qua v d tr n chng ta thy rng khi cng ty gia t n g s dng

n h a y t n g t s n by ti chnh thi t sut li nhun dnh cho
c n g t n g l n trong khi t sut li nhun ni chung v t sut li
n h un dnh cho ch n khng thav i. Bi v t sut li nhun ni

94

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chng khng i n n gi tr ca cng ty c th xem n h k h n g b n h

hng bi s th a y i c cu vn. iu ny c m in h ha bi h n h 12.2.
Chi ph s dng vn (%)

15

Rn

10

Rf

T s n by ti chnh (B/S)

Hnh 12.2 : Quan h gia chi p h s dng vn

v t s n by ti chnh.

M t iu quan trng na l chng nhng gi tr cng ty k h n g

b n h hng bi n by t i ch n h m gi c phiu ca cng ty cng
k hng b n h hng. m in h ha iu ny, chng ta gi s cng ty
c 1 triu c p h n thng a n g lu hn h . Do , gi mi c p h n s
l : (9.000 triu ng) / 1 triu c p h n = 9.000 ng/c p h n . By gi
cng ty t n g n t 1.000 ln n 3.000 triu ng, tc l p h t h n h
th m 2.000 triu ng n m ua li c p h n thng, s lng c p h n
cng ty c th m ua li t n' p h t h n h th m l : 2.000.000.000 / 9.000
= 222.222 c ph n . N h vy s^ c phn ang lu h n h ca cng ty
by gi cn : 1.000.000 - 222.222 = 777.778 c ph n . M t khc, gi
tr th trng ca vn c p h n sau khi th a y i c cu vn l 7.000
triu ng. Do d, gi mi c p h n sau khi th a y i c cu vn s
l : 7000.000.000 / 777.778 = 9.000 ng, tc l vn n h trc khi
th a y i c cu vn.
T rn y l hai l th u y t cn bn v c cu vn ca cng ty. L
th u y t c cu vn ti u da vo l chn th u k t lun l c m t
c cu v"n tl u, tro n g k h i l th u y t li n h u n r n g da vo gi nh
cng ty h o t ng tro n g iu k in khng c th u k t lun l ch n g
c c cu v"n no l t u v gi c phiu cng n h gi tr cng ty

Ch,12 : QUYT NH

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95

kh n g ph thuc vo co* cu vn. Tuy nliin, hai l th u y t ny vn

cha l gii m t cch th u y t phc tc ng ca t s' n tr n vn nh
th no k h i n g h in cu c cu vn ca cng ty. P hi i n n m 1958
khi l thuyt M&M r a i, vn ny mi c lm sn g t thm .
P h n tip theo s xem xt l thuyt M&M, m t l th u y t hin
i hn v co cu vn. M&M l mt l thuyt r t kh hiu i vi
nh n g ai mi tip cn n n phn cn li ca chng ny tr n h by l
th u y t M&M t h n h hai p h n ring bit. Nu bn mi ip cn th nn
c p h n gii thiu t n g quan v c th dng li . Nu bn mun
hiu su hn th c p h n trn h by chi tit.
4 . GII THIU TNG QUAN L THUYT M&M V c CU VN
CNG TY
L th u y t ny do hai n h nghin cu Franco M odigliani v M erton
M iller a r a tro n g bi bo c ta : "The Cost of C apital, C orporate
F inance an d th e T heory of InvGstment", Tp ch A m erican Economic
Reviow S 48, th n g 6 n m 1958 (thng c gi t t l l th y t M&M).
M & M cho rig tng ri ro i vi iq ii u t chiq khon
vo m t cng ty no king b nh hnq bi s tiay di c cu
vn ca cng ty. Do , tng gi tr ca cnq ty vn ni c bt chp
c cu ngun ti tr n h th no. Kt lun ca M&M da tr n tng
r n g b t ch p vic p h n chia c cu vn cng ty th n h n, vn c
p h n hay b t c ngun vn no khc vn c m t s chuyn i trong
gi tr u t k h in cho gi tr cng ty vn kh n g i cho d c cu
vn ca n th a y i. iu ny c minh ha b n g h n h n h hai chic
b n h trn h n h v 12.3 c tng (lii lch Iilm' nhau, cho d (lc phn
chia t h no ch n g na. Hay ni khc i c cu gia n v vn chii
s hu k h n g lm th a y i gi tr ca cng tv.

Gi tr c n g ty theo a chn 1

Gi tr cng ty theo la chn 2

H inh 12.3 : M inh ha nguyn l tng gi tr ca M&M.

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K t lun tr n y ca M&M c h tr bi h o t ng k in h
doanh chnh lch gi. K inh doanh chnh lch qi l hot iq kini
doani biq cch tm ki m hai ti sn hon ton qnq nhau v mi
it ninq c gi chnh lch nhau v quyt ni m ua ti sn no r
bn li vi gi cao hn, Nu hai cng ty ging h t nhau ngoi tr
c cu vn khc nhau, do , gi tr cng khc nhau th h o t ng
k in h doanh ch n h lch g i s xy ra v k t qu l gi tr ca hai cng

ty s c a v tr n g th i cn bng. m inh ha iu ny, chng

ta xem xt v d di y :
Xt hai cng ty u (unleveraged) v L (leveraged) ging h t n hau
v mi m t ngoi tr m t yu t l cng ty u khng s dng n by
ti chnh, tc l k h n g vay n tro n g khi cng ty L c m t k h o n vay
30.000$ b n g cch p h t h n h tr i phiu vi li su t 12%.
Theo l th u y t c cu vn ti u th cng ty L se c gi tr cao
hn v chi ph s dng vn th p hn so vi cng ty u . n gin
chng ta gi s th m r n g n ca cng ty L c gi tr th trng b n g

ng m n h gi ca n v t sut li n h u n yu cu i vi vn ch s
hu l 16%. Gi tr ca hai cng ty c tn h ton n h sau :
Cng ty u

Cng ty L

Thu n h p rng

$10.000

$10.000

Li t r n vay

3.600

Li n h u n d n h cho c ng ( 0 - I)

10.000

6.400

te

T su t li n h u n vn ch s hu

0,15

0,16

66.667

40.000

Gi th trng vn ch s' hu (EAC;

Gi tr th trng ca n

Tng gi tr cng ty (S + B)

rv

Chi ph huy ng vn ni chung

[rB(BA^) + rs(SA^)] ^

B/S

T s n so vi v"n

30.000

66.667

70.000

0,15

0,143

0,75

Qua b n g tn h to n tr n y chng ta th y r n g cng L c ph

tn huy ng vn th p h n v gi tr cng ty cao hn cng ty .
Theo M&M, cc n h u t cng ty L n h n th y r n g t i sn
ca cng ty L t r n gi tr n n h s k in h doanh chnh lch gi bng

Ch.12 : QUYT NH

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97

cch bn c phiu cng ty L v mua li c phiu cng ty u . Qu tr n h

k in h doanh chnh lch gi tip din khin cho gi c phiu cng ty L
gim tro n g k h i gi c phiu cng ty u tng n khi no tng gi tr
th trng ca hai cng ty tr nn ging ht nhau.
V d, n h u t A ang nm gi 1% c phiu cng ty L vi gi
tr th trng l 40.000$ X 0,01 = 400$. Nh u t A s :
Bn c phiu cng ty L c 400$.
Vay 300$ vi li sut 12%, vay bng 1% n ca cng ty L. Tng
s vn sn sng cho u t ca nh u t A by gi l 400$
+ 300$ = 700$.

Mua 1% c phiu ca cng ty u vi gi 66.667 X 0,01 = 666,67$.

Sau giao dch ny n h u t nm gi 1% c phiu cng ty u
v cn tha 700 - 666,7 = 33,33$.

Trc khi thc hin cc giao dch kinh doanh ch n h lch gi, li
n h u n k vng ca n h u t vo c phiu L l 400 X 0,16 = 64$.
Sau khi thc h in giao dch kinh doanh chnh lch gi, li n h u n k
vng ca n h u t l 666,67 X 0,15 = 100$ nhng n h u t phi
tr li vay l 300 X 0,12 = 36$. Li nhun nh u t c hng vn
l 100 - 36 = 64$, bng li n hun nu u t vo cng ty L. T u y nhin,
s tin n h u t b ra cho hot ng u t vo cng ty u ch c
666,67 - 300 = 366,67$ th p hn 33,33$ so vi u t vo cng ty L.
Do h th p c tin u t nhng vn kim c li n h u n n h trc
kia nn n h u t A thch u t vo cng ty u . N hiu n h u t
khc cng h n h ng n h n h du t A khin cho gi c phiu cng
ty t n g tro n g khi gi c phiu cng ty L gim. H ot ng k in h
doanh ch n h lch gi tip din cho n khi gi hai c phiu tr nn
bng nhau. Da tr n c scf tc ng ca qu tr n h k in h doanh chnh
lch gi n h va m inh ha, M & M kt lun rng cng ty khng th
thay i. gi tr hay chi pi s dng vn bng cch s d n g n by
ti chnh..
Cn lu rng nhng bn bc ngn gn v k t lun tr n y
ca l th u y t M&M da tr n nhng gi nh r n g kh n g c th u thu
nhp c n h n v th u th u n h p cng ty, khng c chi ph khn kh
v ti chnh v n h u t v c n h n u c t h i vay vi li sut
n h nhau. R rng nhng gi nh trn y k h n g t n t i tr n thc
t. o , cn th i t xem xt chi tit hn \ l th u y t M&M tro n g

98

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cc gi nh cn c th o b dn. Chng 13 tip thoo so xem xt

chi ti t hn v l th u y t
5 . BN LUN CHI TIT h n V L THUYT M&M
5.1. Cc gi n h v m nh ca l th u y t M&M :

L th u y t M&M v c cu vn ca cng ty cM odigliani v

Miller a r a t n m 1958. n nay na t h k tri qua nh n g
nhiu t h h sinh vin vn b ng v t ra r t kh hiu khi b n v
l th u y t M&M. V. l , p h n ny tm t t cc gi n h v m n h

quan tr n g ca l thuy\ M&M n h m gip cho bn d d n g hn khi

tip cn vi l th u y t M&M, trc khi i su vo chi tit. L th u y t
M&M da tr n nhng gi nh quan trng sau y :
Gi nh v thu.
- Gi nh v chi ph giao dch.
Gi nh v chi ph khn kh

ti chnh.

Gi nh v th trng hon ho.

V i diiq,
thuyt M&M c p h t biu th n h hai m n h
quan trng. M nh th n h t (I) ni v gi tr cng ty. M nh th
hai il) ni v chi ph s dng vn. Cc m nh ny l n lt s c
xem xt tro n g hai trng hp ng vi hai gi nh c h n h ; c th u v
khng c thu.
5.2. L th u y t M&M tro n g tr n g hp k h n g c t h u :

Dy l trng hp n gian n h t khi xem xt l huyt M&M,

Trong trng hp nv t t c cc gi nh ca M&M u dc ih u n
th n h m n gin ha vn cn nghin cu. Cc gi nh y
ca
th v t M&M bao gm :
Khng c th u thu n h p doanh nghip v th u thu n h p c
n hn.
" Khng c chi ph giao dch.
1) Phn Iiv (ih cho nhng ai mun hiu su hn v l thuyt M&M, C
ih khng vu cu trong ni dung hc tp vi sinh vin cao dng v
di hc khng thuc cc chuyn ngnh qun tr kinh doanh, ti chnh v
ngn hng.

Ch.12 : QUYT NH

c CU VN CA CNG TY

99

-- K hng c chi ph p h sn v chi ph kh k h n t i chnh.

- C n h n v cng ty u c th vay ti n mc li sut nh
nhau.

- Th tr n g vn l th trng hon ho.

Vi n h n g gi n h n h trn, ni dung ca l th u y t M&M c
p h t biu t h n h h a i m n h nh sp c t r n h by di y.

5.2.1. Mnh

/ -

Gi tr cng y :

Trong d i u ki n k h n g c thu, gi tr cng ty c uay n (VjJ

bng gi tr ca cng ty kh n g c vay n c^/u), ngha l V[] - Vj^. M nh
n y c t h p h t biu th eo cch khc l tron g iu k in k h n g c
thu, g i tr c n g ty c v a y n v khng vay n l nh nhau, do ,

c cu nyvn (B/S) k h n g c n h hng g n gi tr cng ty. V vy,

k h n g c c cu v n no l ti u v cng^ ty cng k h n g th no t n g
gi tr b n g cch th a y i c cu vn.

m in h h a cho m n h I chng ta xem xt v d n h

:
Gi s gi t r th tr n g ca cng ty JSC l 1.000$. Cng ty h i n ti
k h n g c vay n v gi mi c phn ca cng ty mc 10$. Gi s
r n g JS C d n h vay 500$ tr thm c tc 5$ cho mi c phn,
Sau khi vay n cng ty tr th n h cng tv c vay n (levered) so vi
trc k ia k h n g c vay n (unlev(3rod). C v s k h n n g xy ra i

vi gi tr cng ty, n h n g n h n chung c th tm t t t h n h m t tro n g

ba k h n n g xy ra sau k h i vay n : (1) Gi tr cng ty s ln hn
gi tr ban u, (2) Gi tr cng ty vn nh gi tr b an u, v (3) Gi
tr cng ty nh h n gi tr ban u, Gi s sau khi lin h n g n h n g
u t, cc n h t v n uy tn khng (lnh rn g ch n h lch gi tr sau
khi vay n ti a b n g 250$. Bng ]2.2 di dy tr n h by gi tr cng
ty theo ba tn h hung.

(1) loss, S.A, W estorfield, R.w., Jaffe, J.. (2005), Corporate Pinance,
McGra\v-Hill.

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Bng 12.2 : Gi tr cng ty khi c v khng vay n.

Gi tr cng ty
khi khng
c n

Gi tr cng ty sau khi

vay n tr c tc
1

II

III

500

500

500

Vn ch s hu

1.000

750

500

250

Gi tr cng ty

$1.000

$1.250

$1.000

$750

Chng ta b i t r n g li ch ca n h u t h a y c ng khi m u a
c phiu cng ty l c hng c tc v li v"n. Sau k h i t i cu trc
cng ty JS C , gim c t i chnh khng bit tn h hung no s xy ra,
nhng ni chung c b a tn h hung ng vi ba tn h hung th a y i gi
tr cng ty n h x t b n g 12.2. Li ch ca c ng th h in ty
theo cc tn h hung n h sau (B ng 12.3) :
Bng 12.3 : Li ch ca c ng sau khi ti cu tr c cng ty.
Tnh hung
i

II

III

- 250

- 500

- 750

C tc

500

500

500

Li/l rng

$250

$0

- $250

Vn ch s hu gim sau k h i t i cu trc

- tn h hung I, sau khi t i cu trc vn, vn ch s hu t

1.000 gim cn 750, tc gim - 250$. B li, c ng n h n c
c tc 500$. Do , li vn rng l 500 - 250 = 250$. Nu ban
gim c tin r n g tn h hung I xy ra th n n ti cu trc cng
ty v k h i y c li cho c ng.
- tn h hung III, sau k h i ti cu trc v"n, v"n ch s hu t
1.000 gim cn 250, tc g im - 750$. B li, c ng n h n c
c tc 500$. Do d, l vn rng l 500 - 750 = - 250$. Nu
b a n gim c tin r n g tn h hung III xy ra th k h n g nn ti
cu trc cng ty v t i cu trc s tn h i cho c ng.

Ch. 12 : QUYT NH

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CU VN CUA CNG TY

- tn h hung II, sau khi ti cu trc vn, v n ch s hu t

1.000 gim cn 500, tc gim - 500$. B li, c ng n h n c
c tc 500$. Do , li vn rng l 500 - 500 = 0$. Nu tn h
hung II xy r a th ti cu trc chng c n g h a g, n khng
m a n g li li ch cng khng lm th i t hi cho c ng.
T d m in h ha trn dy cho chng ta hai n h n xt : (1) Thay
i c cu v'n ch c li cho c ng nu v ch nu gi tr cng ty
t n g ln, (2) Ban gim c nn chn c cu vn sao cho gi tr
cng ty cao n h t, bi v c cu vn c li n h t cho c ng. Tuy
nhin, v d n y cha cho chng ta bit c cu vn no c li n h t cho
c ng, bi v n cha th ni tnh hung no tro n g ba tn h hung
p h n tch tr n y s xy ra.
tr li cu hi ny, chng ta phi xem xt tc ng ca n
by t i chnh, th n g qua v d th hai nh sau : Gi s cng ty T ran s
Am hin l cng ty khng c vay n. Cng ty ang xem xt p h t h n h
tr i phiu m ua li c phiu ca cng ty n h m th a y i c cu vn.
T n h h n h ti sn v n ca cng ty ng vi co' cu vn h i n ti v c

cu vn ngh c tr n h by bng 12.4.

B ng 12.4 : C cu ti chnh ca cn g ty T ra n s Am .
Hin ti

ngh

$8000

$8000

4000

Vn

8000

4000

Li su t

10%

10%

Gi th trng ca mi c phn

$20

$20

S c p h n an g lu h n h

400

200

Ti sn

K t qu h o t ng ca cng ty ty thuc vo tn h h n h ca nn
kin h t, ng vi ba tn h hung xy ra : suy thoi, k vng, v t n g
trng. Nu s dng c cu vn nh hin ti th k t qu h o t ng
ca cng ty ng vi ba tn h hung c trn h by b n g 12.5.

102

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CNG TY

B ng 12.5 : Kt qu hot ng ca cng ty

ng vi cd cu vn hin ti.

Li n h u n tr n t i sn (ROA)
Li n h u n
Li n h u n tr n vn c p h n (ROE)
= Li nhunA^n
Li n h u n tr n c p h n (EPS)

Suy thoi

K vng

Tng
trng

5%

15%

25%

$400

$1200

$2000

5%

15%

25%

$1,00

$3,00

$5,00

Nu th a y i c cu vn n h ngh th k t qu h o t ng ca
cng ty ng vi ba tn h hung c tr n h by b n g 12.6.
Bng 12.6 : Kt qu hot ng ca cng ty
ng vdi c cu vn ngh.

Suy thoi

K vng

Tng
trng

5%

15%

25%

Li n h u n

$400

$1200

$2000

Li vay (= 4.000 X 10%)

- 400

- 400

- 400

Li n h u n sau khi t r li

800

1600

Li n h u n tr n vn c p h n (ROE)
= Li n h u n sau liA^n

20%

409

Li n h u n t r n c p h n (EPS)

$0

$4,00

$8,00

Li n h u n tr n t i sn (ROA)

So
s n h b n g 12.5 vi 12.6, chng ta th y r n g n h hng ca
n by t i chnh ph thuc vo li n h u n trc li. Nu li nhun
trc li l 1.200$ th li n h u n tr n vn (ROE) ng vi c cu vn
ngh cao hn v ngc li nu li n h u n trc li ch c 400$ th
li n h u n tr n vn (ROE) ng vi c cu vn h i n t i cao hn. Vn
tc ng ca n by k in h t c xem xt k tro n g chng 10.

103

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Nu chn tn h hung k vng xcm xt v so s n h E PS ng

vi co' cu vn hin ti v EPS ng vi c cu vn ngh, chng ta
d n h n th y r n g s dng n by l c li cho c ng bi v EPS
- 4 $ nu cng tv c vav n, trong khi ncu khng vay n th E P S = 3.
Tuy nhin, n by ti chnh cng to ra ri ro, th hin ch nu
ln h h nh k in h l" suy thoi th cng ty khng vay n c E PS = 1$,
tro n g khi cng ty vay n th EPS 0. Nh vy, liu th a y i c cu
vn c t t hn cho c ng hay khng
Alodigliani v Miller tran h lun thuyt phc r n g cng ty
khng th th a y i gi tr cng ty bng cch th a y i cu trc vn.
N hlc diy gi tr cng ty vn nh vy d cu trc vn khc i. Ni
cch kic na, i vi c ng, khng c cu trc vn no t t hn
cu trc vn no. y chnh l ni chung ca m n h M&M s^ I.
chng m inh cho m nh ny chng ta xom xt v so s n h hai chin
lc u t sau :
Chin ic A : Mua 100 c phn ca cng ty c vay n.
Chin ic B ; Vay 2.000$ t ngn hng cng vi 2.000$ ring
c (cho 4.000$ n h cng ty i vay) m ua 200 c p h n ca
cng ty khng c vay n mc gi 20$.
Alu chin lc A, bn mua c phn ca cng ty c vay n,
ngha l m ua c p h n ca cng ty c s dng n by. chin lc
/, bn vay ti n u t vo cng ty khng c vay n, vic bn i

vav n cng xem n h s dng n by nhng y l dn by t to

(homemado leverage). K t qu u t ca hai chin lc dc tr n h by
bng 12.7 di y.
B ng 12,7 : L i ch v chi ph ca c n g
th e o ha i c cu vn v hai ch i n ic.
Tnh hung
Suy thoi

K vng

Tng trng

$0

$4

$8

Chin lc A : Mua 100 c phn

ca cng tv c vay n

EPS ca cng ty c vay n (t

Bng 12.6)

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$0

$400

$800

E PS ca cng ty k h n g vay n
(t B ng 12.5)

$1

$3

$5

Li n h u n u t 200 c p h n

200

600

1000

- 200

- 200

- 200

$0

$400

$800

Li n h u n du t 100 c p h n
Chi ph = 100@$20 = 2.000$
Chin ic B : n by t to

Tr li vay (vay 2000 vi li sut

10%)
Li n h u n rng
Chi ph = 200@$20 - 2000
(n vay) = 2000$

K t qu tn h to n ' b n g 12.7 cho th y r n g c hai chin lc

u c chi ph n h n h a u (2.000$) v em li li n h u n r n g cho c
ng n h n h au : 0; 400 v 800$ ng vi mi tn h hung. T , chng
ta c th k t lun r n g b n g vic t i cu trc vn, cng ty T ra n s Axn
khng lm li cng k h n g lm hi cho c ng. N i khc i, n h u
t no khng n h n b t c th g t n by t i c h n h cng ty th cng
chng n h n c g th eo cch rin g ca h.
T r li b n g 12.4, chng ta th y rng, gi tr cng ty kh n g c
vay n l V u = V"n + N = 8.000 + 0 = 8.000$, tro n g khi gi tr ca
cng ty c vay n l V l = Vn + N = 4.000 + 4.000 = 8.000$. Nu v
l do g lm cho V l > Vu, do , chin lc A t n chi ph u t
hn chin lc B. N h u t no p h t hin iu n y s th c h chin
lc B, tc l t m n h i vay tin v u t vo cng ty khng c vay
n, v u t theo chin lc B n h u t b ra t chi ph hn, nhng
vn c cng m t mc li n h u n n h u t vo cng ty c vay n.
Sm mun g cc n h du t khc cng n h n ra s ch n h lch gi ny
v th trng vn l h o n ho v n h u t b n h n g v th n g tin.
K hi y, c nhiu n h u t dn vo mua cng ty k h n g vay n k h in
cho gi tr cng ty kh n g vay n t n g ln. Qu t r n h tip din cho
n khi no gi tr cng ty k h n g vay n t n g ln b n g gi tr cng
ty c vay n, n g h a l V u = V l.

Ch. 12 : QUYT NH

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105

5.2.2. M nh II - C hi p h s dng vn :

N h p h n tch p h n trc, n bay ti chnh c tc dng

khuch i E P S nhng ng thi lm cho phm vi bin ng ca EPS
cng ln hn. iu ny cho thy n by ti chnh lm cho vn c
p h n tr n n ri ro hn. N h vy li nhun yu cu ca vn c p h n
phi t n g ln. C h ng hn nu li nhun th trng l 15% th li
n h u n yu cu ca c ng phi ln n 20%. N h n xt ny a n
m n h M&M s II. M nh M&M s^ II p h t biu r n g li nhun
y u cu trn vn c p h n c quan h cng chiu vi ic s d a g
dn by ti c h n h hay t s n, v m t ton hc, m nh M&M s^
II c th c biu din bi cng thc :
rs = Tq + (i'o - re)

(12.5)

Trong :
Li n h u n yu cu hav li nhun k vng tr n
vn c phn.
rg =

Li su t vay hay chi ph s dng n.

Tq =

Chi ph s dng vn nu cng ty s dng

vn c phn.

Gi tr ca n hay tri phiu ca c .t y p h t h n h

s =

G i tr ca vn c phn ca cng ty.

100%

chng m in h m n h M&M s II, chng ta nh li cch tn h

chi ph s dng vn tru n g bnh a trn h by tro n g chng 7. Trong
chng 7, chng ta b i t chi ph s dng vn tru n g b n h (r\vAcc)
c xc nh bi cng thc^^^ :

rxVACC

B +s

=^ ri + - -

B +s

r.s

(12.6)

Vn d n g cng thc ny, chng ta tnh c chi ph s dng vn

tru n g b n h ca cng ty tro n g hai trng hp :cng ty cvay n v
cng ty khng c vay n.
(1) y chng ta gi nh rng khng c thu' thu nhp cng ty nn T - 0,
do , c th b qua (1 - T) trong cng thc tnh chi ph s dng vn trung
bnh.

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i vi cng ty kh n g vay n, xt tn h hung k vng b n g

12.4 v 12,5, chng ta c li n hun sau li l 1.200 v vn c
p h n l 8.000, do , t sut li n h u n tr n vn c p h n l
= 1.200/8.000 = 15%. T h a y vo cng thc tn h chi ph s dng
vn tru n g bnh, ta c :
rWACC = ------ ^------ X 10% +

8.000

... 15% = 15%

8.000

i vi cng ty c vay n, xt tn h hung k vng b n g 12.4

v 12.6, chng ta c li n h u n sau li l 800 v vn c p h n
l 4000, do , t su t li n h u n tr n vn c p h n l
=
800/4000 = 20%. T hay vo cng thc tn h chi p h s dng vn
tru n g bnh, ta c :
^WACC ------------------------ X 1U% H--------- -

4.000 + 4.000

--

X ZO^'r = 15%

4.000 f 4.000

T k t qu n y cho chng ta k t lun rng, ironq i u kin khiq

c tiu, chi p h s d n g vn trung bnh kh n g i bt chp c cu
vn thay i ni ti no.
By gi chng ta xt chi ph s dng vn ca cn^ ty c 100%
vn c p h n (To). i vi cng ty T ra n s Am, Vq c xc nh n h sau :
ro

Li n h u n k vong ca cng ty kh n g vay n

1 200
= ^-------------------------------------------------------------------------------------- - -------^
Vn c p h n ca cng ty kh n g vay n
8.000

Do chi ph s dng vn tru n g bnh r\vACC k h n g i b t chp t

s n th ay i nh th no nn chny ta c th th i t lp cn b n g :
r\vACC = ^0 ' T hay biu thc r\vACC vo phng trn h n y , chng ta c :
rWACC =

rn +

B+s

B +s

rs = r

(12.7)

N h n hai v ca phng tr n h (12.7) vi (B+SVS, ta c :

B

_B +S

rs =

_B

ro = - - ro + r

(12.8)

t B/S ra lm tha s^ chung v sp xp li cng thc (12.8), ta

c ;
rs =

(ro - tb ) + To = ro + (ro - ro)

(12.9)

Ch.12 ; QUYT NH

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107

Cng thc (12.9) l cng thc dn t ni dung m n h d M&M s

IL D th y r n g cng thc m nh M&Al S() II c d n g hm s bc
n h t y ru a + bx, tro n g n s X chnh l t s^ n B/S. th biu
din hm s ny c dng nh trn hnh 12.4.
C h i ph s dng vn

By gi chng ta th ng dng cng thc (12.9) ca m nh d

M&M s II xc n h chi ph s dng V n ca c dng di vi cng
ty T ra n s Am. Sau khi t i cu trc cng ty c n vay l 4.000$ vi li
su t 10% v vn ch s hu l 4.000$. Chi ph s dng vn s hu
trc khi ti c cu l 15%. Sau khi ti cu trc, chi ph s dng vn
ch s hu :
r s = ro + (r^

re)

= 20%

- 15% + (15 - 10%)

4.000

5.3. L th u y t M&M tro n g trng hp c th u :

T u quyn sch ny cng nh ri rc tro n g cc chng 7, 10,

v 11 chng ta thng xuyn cp v n h n m n h li vay n h l mt
yu l c k h u tr v gip cng ty tit kim c thu. By gi
chng ta xem x t xom tit kim thu^ c li g cho cng ty ni chung
v cho c ng ni ring. iu ny cng c gii thch chi ti t bi l
thuyt M&M Irong trng hp c thu, p h n trCy chng ta xcm
xt l thuyt M&M vi gi nh l khng c th u thu n h p cng ty.

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CA CNG TY

iu ny ch ng tro n g m t s" t trng hp chng h n n h k h i cng

ty mi t h n h lp h a y n h Vit N am l khi cng ty mi c c p h n
ha c m in th u tro n g b a n m u. Cn li i a s l trng hp
cng ty p h i np th u th u nhp. Do , s khng thc t lm nu gi
nh cng ty h o t ng tro n g mi trng khng c th u .
5.3.1. M nh s I - Gi tr cng ty trong tr n g h p c th u :

M n h M&M s I xem x t xem gi tr cng ty s th a y i t h

no khi th a y i t s n tr n vn (B/S) hay cn gi l t s n by.
th y c s th a y i ny, l th u y t M&M xem x t gi tr cng ty
trong trng hp kh n g vay n hay c t i tr b n g 100% v"n ch
s hu (Vu) v gi tr ca cng ty khi c vay n (Vl ). Ngoi ra, d c
vay n h a y kh n g vay n cng ty vn phi np th u th u n h p vi thu
sut l T q . Nu c vay n (B) b n g cch p h t h n h t r i phiu cng ty
s phi tr li su t vay l rg. Nu kh n g vay n h a y t i tr h o t ng
cng ty b n g 100% v"n ch s' hu (S) th chi ph s dng v"n ch s
hu l Tq. M nh M&M s I p h t biu n h sau :
T ro n g trng hp c th u th u nhp cng ty, g i tr cng ty c
vay n bng gi tr cng ty kh n g c vay n cng vi h in gi
ca l chn thu, v m t ton hc, m n h M & M s I trong
trng hD c th u c d in t bi cng thc : V[^ = V j + T qB.
chng m in h cho m n h ny chng ta va xem x t v d
m in h
va s dng m t s l lun v bin i i s. V d cng
ty W P c th u sut th u th u n h p cng ty l 35% v li n h u n trc
Ihu v li (EBIT) h n g n m l 1 triu $. Ton b li n h u n sau th u
u c s dng t r c tc cho c ng. Cng ty ang xem x t hai
phng n c cu vn. Theo phriq n 1, cng ty k h n g s dng n
tro n g c cu vn ca m nh. Theo phng n 2, cng ty vay 4 tri u $
n (B) vi li sut, rg, l 10%. G im c ti chn h tn h to n dng tin
d n h cho c ng v tr i ch (bondholders) n h sau :

(1) Ross, S.A, Westerfield, R,w., Jaffe, J., (2005), Corporate Pinance,
McGraw-Hill.

Ch.12 : QUYT NH

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B ng 12.8 : D ng ti n dnh cho c n g v tr i ch.

Phng n 1

Phng n 2

$1.000.000

$1.000.000

- 400.000

Li n hun trc th u (EBT = EBIT - rgB)

1.000.000

600.000

T h u (Tc = 35%)

- 350.000

- 210.000

650.000

390.000

650.000

790.000

Li n hun trc th u v li (EBIT)

Li vay (rpB = 4 triu X 10%)

Li n hun sau th u
(EAT = (EBIT - tb BKI - Tc)
Dng tin d n h cho c ng v tri ch
( E B I T - r B B ) ( l - T c ) + rBB =
= E B I T d - T(j) + T(]rgB

Bng 12.8 cho th y dng tin h n g nm d n h cho c ng v

tri ch l E B I T d - T c) + TcreB . c n lu dng ti n y l dng
tin u m i mi. C hng ta bit rng gi tr ca cng ty chnh l hin
gi ca dng tin vi su t chit khu thch hp. Vi phng n khng
vay n, li vay b n g 0 v dng tin dnh cho c ng chnh l li
n h u n sau thu. C h ng ta s chit khu dng ti n ny su t chit
khu r,, c c gi tr cng ty trong trng k h n g c vay n ;

Vu = PV [EBIT (1 - Tc)] :=

(12.10)
ro

Vi phng n c vay n, dng tin ca cng ty s gm c hai

phn. P h n th n h t b n g dng tin cua cng iy kh n g c vay n,
E B lT d - Tc) v p h n th hai chnh l TcrB. B p h n th hai ny
c gi l l ch n thu. Do , gi; tr cng ty b n g h in gi ca b
p h n dng tin th n h t chit khu sut chit k h u l To v hin
gi ca b p h n dng ti n th hai chit khu su t chit khu
Vl

= PV [EBIT (1 - Tc) + TcrnB]

= PV [EBIT (1 - Tc)] + PV(TcrBB)
_ E B IT (1 - Tc)

TrBB _ EB IT (1 - Tc)

= Vu + TcB
1) Chng t a xem l ch n t h u c cng mc ri ro n h n.

+ TcB

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V l = Vu + TcB

(12.11)

Cng thc (12.11) n y cho chng t a k t lun, tro n g trng hp

c

thu, gi tr cng t y c vay n b n g gi tr cng

ty k h n g c vay

n cng vi h in gi ca l chn th u (TcB). y chnh

l ni dung
m n h M&M s I tro n g iu kin c th u thu n h p cng ty.

5.3.2.

Mnh s II - Chi phi s dng vn trong trng hp c

th u :

T rong p h n trc, chng ta lm quen vi m n h M&M s

II - chi ph s dng v"n tro n g trng hp k h n g c thu. Nu kh n g
c th u th u n h p cng ty, li n h u n yu cu trn un c p h n c quan
h cng chiu vi mc s d n g n by ti chnh hay t s n.
Trong trng hp c th u th sao ? M n h M&M s II gip chng
ta tr li cu hi ny. T rong trng hp c thu, li n h u n y u cu
trn vn c p h n c quan h cng chiu vi mc s d n g n by
ti chnh hay t s n n h n g mi quan h ny c d in t bi cng
thc :

rs = To + o - tb) (1 - Tc)
s

(12.12)

Cng thc (12.12) n y c th c suy ra t m nh M&M s

I. Trong trng hp c thu, gi tr ca cng ty c vav n b n g gi tr
cng ty kh n g c vay n cng vi h i n gi ca l chn thu. Do ,
chng ta c th biu din b n g cn i t i sn ca cng ty c vay n
nh sau :
V|J = Gi tr cng ty k h n g vay n B = N
TqB = Hin gi l ch n th u

s = Vn c p h n

Ngoi ra, chng ta b it quan h gia gi tr cng ty v dng tin

c th hin qua cng thc chung :
Gi tr cng ty = PV(dng tin)
= Dng ti n / Chi ph s dng vn
(v y l dng tin u mi mi)
Ngc li, dng tin s b n g hin gi dng ti n n h n vi chi ph
s dng vn. T y chng ta c th suy ra dng tin k vng bn
tr i ca bng cn i k to n s l : Vyro + TcB riv Tiiq t, dng

Ch.12 : QUYT NH

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tin rng bn tay p h i ca bng cn i k ton B re +Srg. Theo

nguyn tc k ton, tng ti sn bng tng ngun vn v bi v dng
tin xcm xt y l dng tin u mi mi v ton b dng ti n to
ra u c tr c tc nn dng tin bn ti sn ca cng ty thuc v
c dng, do , chng ta c th th it lp cn bng :
B re + S rs = Vuro + T cB re

(12.13)

C hia hai v n g thc (12.13) cho s, sau chuyn

V u ro , Tc Bri3

s
=

v, ta c :

B b

_ (1 - Tc)

(12.14)

Theo m n h M&M s I, chng ta c gi tr cng ty :

= Vy
+ T(B = B+S. T y suy ra V j = S + (1 - T q )B. T hay gi tr ca Vxj
vo biu thc (12.14) tn h rs, ta c :

rs = ^
s

r. - (1-Tc)

(l - T c ) B
n T
= To + ...... To - ( l Tc)

(1Tc) f

ro

r
- rn

t (1 - Tc)B/S ra lm tha s chung, chng ta c :

rs

(1 - Tc) B
o

= 1-0 + ( i-o - i b ) (1 - T(

(12.15)

Cng thc (12.15) chnh l cng thc din t ni dung m nh

M&M s II cn chng minh.
5.3.3. Vi d m inh ha ng dng l thuyt M&M :

P h n 5.3.1 v
s 1 v s II tro n g
gip bn hiu th m
tin, chng ta cng

5.3.2 xom xt l thuyt M&M vi hai m nh

trng hp c thu thu nhp cng ty. y g
l thuyt M&M hot ng n h th no tro n g thc
xem v d m inh ha nh sau :

Cg /v DA n ii l cng ty khng c vay . Cng ty k

vng kini c li nhun trc thu v li (EIIT) mc 138,89

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t ng ko di m i mi. T h u sut th u th u nip cng ty l

28% v ton b li nhun sau th u u c d n g tr li.
Cng ty a n g xem xt ti cu trc vn, theo cng ty s vay
n 200 t ng vi li sut vay l 10%. Cng ty khng c vay
n trong cng ngnh vi cng ty D A c chi p h s d n g vn c
p h n l 20%. Gi tr cng ty DA sau k h i ti cu trc l hao
n h iu ?
Theo m n h M&M s I, gi tr cng ty DA sau k h i ti cu tr c
s b n g :
Vi^ =

+ T cB = 1 5 M M L

z -0>28)

+ 0,28(200)

0,20

Tq

= 500 + 56 = 556 t ng.

Gi tr n y ln hn gi tr ca cng ty k h i kh n g vay n l 56
t ng. Bi v gi tr cng ty bng ngun vn n n ta c V l = B+S =
556. Suy r a gi tr ca vn s = 556 - 200 = 356 t ng.
Theo m n h M&M s II, ta c chi ph s dng vn c p h n
sau khi cng ty vay n l :
r s = ro + (ro-rB) (1-Tc) I
o
=

20 + (20 - 10 ) (1 - 0 ,2 8 )
356

= 24,04%
Chng ta b i t dng tin d n h cho c ng chnh l li n h u n sau
th u v li c cng thc tn h l (EBIT - rBB)(l - Tc). S dng sut
chit khu Ts va xc nh chng ta c th tm li c gi tr vn c
p h n n h sau :

g ^ EBIT - r B (1 - Tc) ^ [138,89 - 200 (10%)] (1 - 0,2^)

rg

0,2404

= 356 t ng.
K t qu ny ph hp vi k t qu va tn h to n tr n y.
T rong chng 7, chng ta bit cng thc tn h chi ph s dng
vn tru n g b n h tro n g trng hp cng ty c vay n v c thu thu
nhp bng :

Ch.12 : QUYT NH

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113

Vl
Vl
200
356
(1 - 0,28)10 +
24,04 = 17,98%
556
556
Ngoi ra, chng ta bit gi tr cng ty c vay n b n g h i n gi
ca dng ti n rng sau th u vi sut chit k h u b n g chi ph s dng
vn tru n g bnh. S dng r\vACr va tn h ton c lm sut chit khu
chng ta c gi tr cng ty khi c vay n bng :
Vl =

^ 138,89 (1 - 0,28) ^ 555

r\vACC

0 ,1 7 9 8

Kt qu ny ph hp vi k t qu va tn h to n tr n y khi p
dng m n h M&M s" I. Hn na, kt qu ny cn l gii v sao
tro n g chng 7 khi tn h NPV ca d n u t theo quan im tng
u t chng ta phi s dng chi ph s dng vn tru n g b n h lm sut
chit k h u tro n g k h i tn h NPV, theo quan im ch u t chng ta
phi s dng chi ph s dng vn ch s hu l sut chit khu. Vn
ny, chng ta t m chp n h n tro n g chng 7 ch n khi
hc xong l th u y t M&M mi c th gii thch c.

Hnh 12,5 : nh hng ca n by ti chnh

ln chi ph s dng vn khi c thu.

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V d m in h ha tr n y cn cho th y s tc ng ca n by
t i chnh ln chi ph s dng vn. Ni chung vay n gip cng ty ti t
kim th u n n lm cho chi ph s dng vn trung bnh (r\vACc) gim .

M t khc n by ti chnh lm gia t n g ri ro i vi vn c p h n

nn chi ph s dng vn c p h n (rg) t n g ln k h i cng ty gia t n g t
s n. iu n y c m in h ha tr n hnh 12.5 tr n y.
5.4.
n h h d n g ca th u v ch i p h k h n k h t i c h n h ln gi tr
c n g ty v c h i p h s d n g vn :

N h tr n h by tro n g p h n 4, M odigliani v M iller cho rng ,

tro n g trng hp c thu, gi tr cng ty t n g ln v chi ph s dng
v"n tru n g b n h gim xung khi cng ty gia t n g t s" n. C ii M nh
M&M s I tro n g trng hp c th u cho b i t :
V l = V u + TcB
iu ny ng rnq, cng ty n n s dng n cng nhiu cng
tt, v cng vay n gi tr cng ty cng tng. L thuyt M&M khng
tn h n ng th i ca cng ty tr n thc t. M t s tc gi khc p h n
bin li r n g tr n thc t khng phi gi t r cng ty t n g m i khi t
s n gi tng, bi v khi t s n gia tng lm pht sinh mt loi
chi ph, gi l chi ph khn kh ti chnh (financial d istre ss costs),
lm gim i s gia t n g gi tr ca cng ty c vay n. n m t im
no ca t s" n, chi ph khn kh ti c h n h s vt qua li ch
ca l chn thu, kii y gi tr cng ty c vay n bt u gim dn.
L lun tng t, chi ph s dng v"n tru n g b n h ca cng ty b t u
t n g ln. iu ny c m in h ha tr n h n h 12.6.
H n h 12.6 cho th y khi gia t n g lng n s dng, cng ty c
c li ch b n g h in gi ca l chn thu. C h n h li ch ny lm cho
gi tr cng ty c vay n t n g ln. M t khc, cng vi s gia t n g ca
lng n s dng, chi ph khn kh ti chnh cng t n g thoo. C hnh
chi ph ny lm gim i li ch ca l chn thu. Khi lng n t n g
ln n im B*, h i n gi chi ph khn kh ti chnh b n g dng hin
gi ca l chn thu. im B* c gi l im ti u, d gi tr
cng ty t mc tl a v chi ph s dng vn tr u n g b n h ca cng ty
t mc ti thiu. Nu cng ty tip tc gia t n g s dng n th hin
gi chi ph khn kh t i chnh s vt qua h i n gi l ch n thu. Khi
y gi tr cng ty s b t u gim.

Ch.12 : QUYT NH

115

CU VN CA CNG TY

Gi tr c a cng ty
Gi tr cng ty (V)

theo MM khi c
Hin gi ca

th u v n

l chn thu

V, =

+ T^B
Hin gi c a

Gi tr

chi ph khn kh

cao nht

ti chnh
V = Gi tr thc c a cng ty
Vu = Gi tr c a c n g ty

khng c n

N(B)
Lng n ti u

Hnh 12.6 : Tc ng ng th i ca thu v chi ph khn kh

ti chnh ln gi tr cng ty.

Vn t ra l chi ph khn kh ti chnh l nh ng chi ph g

v lm t h no xc n h ? T h t ra k h i nim chi ph khn kh ti
chnh l k h i nim l thuyt. Trn thc t r t kh quan s t v xc
nh c loi chi p h ny. T u y nhin, ngi ta c th lit k r a v
p h n loi chi ph k h n kh ti chnh th n h chi chi ph khn kh ti
chnh trc ti p v g i n tip. Chi ph trc tip c th xc n h v quan
s t c n h l chi ph t r cho lut s gii quyt p h sn, chi ph tr
cho k to n v n h n vin qun tr cng ty tro n g qu tr n h ch ph
sn. Cn cc chi ph khn kh ti chnh gin tip n h l chi ph do
m t k h c h h n g v n h cung cp, m t n h n vin gii, hay chi ph m t
i do b a n qun l b n t m vo nhng kh k h n ti chnh ca cng
ty,... th r t kh quan s t v xc nh c c th.

116

Ch.12 : QUYT NH

CU VN CA CNG TY

TM TT NI DUNG
C cu vn c tc ng n h t h no n chi ph s dng vn,
n gi c phiu t r n th trng v n gi tr cng ty l m t v n
phc t p v cn n h i u t r a n h ci. L th u y t c cu vn ti u cho r n g
c cu vn c t c ng n chi p h s dng vn v gi tr cng ty hay
ni k h c i c m t im ti u, chi p h s dng vn tru n g b n h
ca cng ty l n h n h t v gi tr cng ty ln n h t. K t lun n y da
vo n h hng ca yu t ti t k i m thu. Ngc li, l th u y t li n h u n
h o t ng r n g v l th u y t M&M cho r n g k h n g c im t u
chi p h s dng vn th p n h t y gi tr cng ty l cao n h t. H ay
ni kh c i, cng ty k h n g t h no t n g gi tr b n g cch n th u n
th a y i c cu vn. K t lun n y da tr n c s' gi n h r n g cng
ty h o t ng tro n g mi tr ng k h n g c th u th u n h p cng ty, cn
tro n g mi tr n g c th u th c cu vn c n h hng n chi ph s
dng vn v gi t r ca cng ty.
L th u y t M&M v c cu vn c xem l l th u y t h i n i l
gii c quan h gia gi tr cng ty, chi ph s dng vn v mc
s dng n ca cng ty. M odigliani v M iller a r a hai m n h v
xem x t tro n g h a i tr n g hp c th u v k h n g c thu.
T rong tr n g hp k h n g c thu, gi tr cng ty c vay n v gi
tr cng ty k h n g c vay n l n h nhau. Do , gi tr cng ty k h n g
th a y i k h i c cu vn ca cng ty th a y i. H ay ni k h c i, vic
th a y i c cu vn k h n g m an g li li ch g cho c ng. y chnh
l ni dung m n h M&M s I. M nh M&M s II cho rng, chi
ph s dng vn tru n g b n h kh n g i tro n g k h i chi ph s dng vn
c p h n t n g l n k h i cng ly gia t n g t s n.
T rong tr n g hp c thu, gi tr cng ty c vay n b n g gi tr
cng ty k h n g vay n cng vi h i n gi ca l ch n th u do s dng
n. N h vy, vic s dng n h a y s dng n by t i c h n h lm gia
t n g gi tr cng ty. y ch n h l ni dung m n h M&M s I tro n g
tr ng hp c th u . M n h M&M s II tro n g trng hp c th u cho
r n g chi p h s d n g vn tru n g b n h gim tro n g khi chi p h s dng
vn c p h n t n g ln k h i cng ty gia t n g t s n.
Tuy
ph k h c
trit tiu
ph k h n

n h i n , l th u y t M&M cha xem xt tc ng ca m t s chi

k h i n cho li ch ca l ch n th u b gim dn v i n
khi cng ty gia tng t s n. chnh l tc ng ca chi
kh t i chnh. Khi cng ty gia t n g s dng n l m cho ri

Ch.12 : QUYT NH

CU VN CA CNG TY

117

ro ca cng ty t n g theo. iu n y lm p h t s in h chi p h k h n kh

ti chnh t c ng ng thi vi li ch ca l c h n thu. n m t
im no th chi p h k h n kh t i chnh s vt qua li ch ca l
chn thu, im , gi l im c cu v"n t i u, gi tr cng ty
t cc i v chi p h s dng vn tru n g b n h t cc tiu. K hi cng
ty tip tc gia tng s dng n, cng ty s vt qua im ti u,
gi tr cng ty b t u gim v chi ph s dng vn tru n g b n h ca
cng ty b t u tn g . Li ch ca l c h n th u k h n g b p cho
chi ph k h n kh v t i chnh.
Tic r n g k h i n i m chi ph khn kh ti c h n h l k h i n i m ch
c gi tr l thuyt. T r n thc ti n r t kh quan s t v xc n h c
t t c cc loi chi ph c lin quan n chi ph k h n k h t i chnh.
Ch c n h n g loi chi ph k h n kh t i chnh trc tip n h chi ph
lut s, k to n th e o di v gii quyt p h s n mi c t h quan s t
v xc n h c, cn cc loi chi ph k h n kh t i c h n h gin tip
khc n h chi ph do m t k h c h h n g , m t n h cung cp, m t n h n
vin gii, m t thi g ian v cng sc ca ban q u n l vo vic i ph
vi kh k h n ti ch n h th r t kh quan s t v xc n h c th.

118

Ch.12 : QUYT NH

CU VN CA CNG TY

CU Hi N TP
1. Hy nu nhng ni dung chnh yu ca l thu yt c cu vn ti u\i
v l thu yt li nhun hot ng rng. C m u thun g gia hai l
thuyt ny kh ng ?
2. Hot ng kinh doanh chnh lch gi c nh hng nh th no n
gi tr ca cng ty c vay n v cng ty khng c vay n ?

3. Th no l c cu vn ti u ? Lm th no cng ty xc nh c
c cu vn ti u ?
4. L thuyt M&M nghin cu vn g v n da trn nhng gi nh
no ?
5. Pht biu ni dung (bng li v cng thc) v so snh s kh c bit
gia m nh M & M s I trong trng hp c thu v kh ng c thu
thu nhp cn g ty.
6. Pht biu ni dung (bng li v cng thc) v so snh s khc bit
gia m nh M & M s II trong trng hp c thu v khng c thu
thu nhp cng ty.
7. Phn tch s nh hng ca chi phi khn kh ti chnh ln gi tr cng
ty c vay n.
8. Cho v d m inh ha vic ng dng l thuyt M &M tng t nh v d
nu ra trong chng 12.

B T P T H C H N H
Bi 1 :
H a b ita l cng ty va c c p h p ha t doanh nghip N h
nc. Cng ty h i n c chi ph s dng vn tru n g b n h WACC l 16%.
Chi ph s dng n l 13%. Nu t s n-vn ch s hu ca cng ty
l 2 th chi ph s dng vn ch s hu l bao nhiu ?
Bi g i i:

Ch.12 : QUYT NH c CU VN CA CNG TY

119

V l doanh nghip va c c phn ha n n Ila b ita c m in

th u thu n h p cng ty. T rong tn h hung nh vy, chng ta c th s
dng M nh M&M s' 2 tro n g iu kin khng c ih u tn h chi
ph s dng vn ch s hu theo cng thc sau :
r s = ro + (ro - r e )

tro n g r e == 13%,

= WACC = 16%, B/S = 2.

T hay cc bin ny vo cng thc, chng ta c :

r s = 16% + (16 - 13) 2 = 22%.
Bi 2 :

Cng ty Gypco k vng r n g EBIT ca cng ty s c duy tr

mc 10 t ng m i m i. Li su t vay n' ca cng ty l 10%. H in
ti cng ty c n vay khng ng k v chi ph s dng vn ch s
hu l 17%. T hu sut th u thu n h p cng ty l 28%. Ili :
a. Gi tr cng ty h in ti l bao nhiu ?
b.

G i tr cng
ty l bao nhiu nu cng ty vay 15 t ng v
s dng ti n vay c m ua li c phiu ca cng ty ?

Bi g i i:
a. G i tr cng ty h in ti l bao nhiu ?
V cng ty h in khng c vay n, nn chi ph s (lng vn tru n g
hnh WAC(^ = 17%. EBIT ca cng ty l 10 ty ng nn dng
iin sau thu bang 10 (1 - 0,28) - 7,2 ly (lng. Gi ii ciig ty ln
Li c xc nh bng cch chii khu (lng tin (u v hn 7,2 t
ng ' su t chit khu 179f, tc l bng : 7,2 / 0,17 = 12,35 ly ng.
b.

G i tr cng
ty l bao nhiu nu cng ty vav 15 Lyng v
s (lng l i n v a y c m u a li c phiLi cua cng ty ?

Theo Mnh d M&M s 1 tro n g trng hp c lhu(', gi tr cng

ly sau khi vay n b n g gi tr cng ty khng c vay n cng hin gi
l chn thu.

Gi tr cng tv khng vay n = 12,35 t (lng

li n i l;' chn thu H'"T^} -

= 1,2 t dng

Gi tr cng ty sau khi vay n = 42,35 + 1,2 = 46,55 t ng

120

Ch.12 : QUYT NH c CU VN CA CNG TY

Bi 3 :
Cng ty ng K inh, m t cng ty h o t ng b n g vn ch s hu,
k vng r n g li n h u n trc th u v li (EBIT) h n g n m s c
duy tr m i ' mc 25 t ng. G i s r n g chi ph s dng vn ch s
hu sau th u ca cng ty l 20% v th u su t th u th u n h p cng ty
l 28%. Hi :
a. G i tr ca cng ty ng K inh l bao n h iu ?
b. N u ng K in h p h t h n h 6 t ng tr i phiu huy ng n
v s dng ti n vay c m ua li c phiu th gi tr cng
ty s l bao n h i u ?
c. G ii th c h t i sao c s k h c b i t gia gi tr cng ty cu a
v cu b ?
d. K hi xc n h gi tr cng ty ng K in h n h tr n , b n da
tr n n h n g gi n h no ?
B i g i i:

a. G i tr ca cng ty ng K inh l bao n h i u ?

T ro n g tr n g hp ny, cng ty ng K in h l cng ty k h n g c
vay n. Theo M&M s 1, gi tr ca cng ty k h n g c vay n xc n h
nh sau :

Vu - E B IT d - Tc) / ro = 25(1 - 0,28) / 0,2 = 90 t ng.

b. N u ng K in h p h t h n h 6 t ng tr i phiu huy ng n
v s dng ti n vay c m ua li c phiu th g i tr cng
ty s l bao n h iu ?
T ro n g tr n g hp ny, cng ty ng K in h l cng ty c vay n.
Theo M&M s 1, gi tr cng ty c vay n xc n h n h sau ;
V l = V u + TcB = 90 + 6(0,28) = 91,68 t ng.
c. G ii th c h t i sao c s khc b i t gia gi tr cng ty cu a
v cu b ?
S k h c b i t gia gi tr cng ty cu a v cu b l do n h hng
ca l c h n th u . Vic vay n n h ch r a cu b gip cng ty ti t
kim c thu, nh vy, cng ty c c li ch t tit kim thu lm
t n g gi tr cng ty th m m t k h o n b n g 6(0,28) = 1,68 t ng.

Ch.12 : QUYT NH

c CU VN CA CNG TY

121

(1. Khi xc nh gi tr cng ty ng K inh n h tr n , b n da

tr n nh ng gi nh no ?
Vic n h gi cng ty tr n y da tr n c s' cc gi n h sau :
K hng c th u th u n h p c n h n .
K hng c chi p h khn kh v t i chnh.
Mc s dng n ca cng ty vn k h n g i sau k h i p h t
h n h tr i phiu huy ng n.

B I TP R N LUYN
Bi 1 :
R ayburn h in l cng ty to n vn ch s hu vi tr gi vn ch
s hu ln n 2 tri u USD. Chi ph s dng vn ch s hu l 18%.
Cng ty khng phi np thu. R ayburn c k hoch vay n 400.000
USD vi li sut 10% v s dng tin vay c ma li c phiu.
Hi :
a. Sau khi m ua li c phiu, chi p h s dng vn chung ca cng
ty l bao nh iu ?
b. Sau khi m ua li c phiu, chi ph s dng vn ch s hu l
bao nhiu ?
c. Gii th ch th no v k t qu tn h to n ' cu b ?
Bi 2 ;

Cng ty S unrise hoch n h p h t h n h tr i p hiu vay n m ua

li mt p h n c phiu ca cng ty tr n th tr n g m. K t qu l, t
s n-vn ch s' hu ca cng ty t n g t 40% ln n 50%. L i h n g
nm cng ty p h i tr cho n h i n t i l 0,75 tri u U SD tn h th eo li
sut 10%. Li n h u n k vng trc li l 3,75 tri u USD. S u n rise h o t
ng k in h doanh Dubai ni d o an h n g h ip k h n g p h i ng th u cho
C hnh ph. Hi :
a. Tng gi tr ca S unrise l bao n hiu ?
b. Li n h u n tr n vn c p h n k vng trc v sau k h i S u n rise
th n g bo m ua li c p h iu l bao n h iu ?

122

Ch.12

: QUYT NH

CU VN

CA CNG TY

c. G i c phiu ca S unrise th a y i th no th i im th n g
bo m ua li ?

Bi 3 :
M t cng ty vi n 500.000 USD c gi tr th tr n g l 1.700.000
USD. EB IT k vng l m t dng tin u v h n . L i su t s dng
n' trc th u l 10% v th u su t th u th u n h p cng ty ] 34%. Cng
ty h o t ng b ng 100% vn ch s hu v chi ph s dng vn ch
s hu l 20%. Hi ;
a. G i tr cng ty l bao nhiu nu h o t ng b n g to n b vn
ch s hu ?
b. Li n h u n rng dn h cho c ng l bao n h iu nu cng ty
h o t ng vi mc s dng n by ti ch n h n h tr n ?
Bi 4 :
M t cng ty to n v"n ch s hu c chi ph s d n g vn l 20%
v th u su t th u th u n h p cng ty l 28%. G i tr th tr ng ca cng
ty lc u l 3,5 triu USD v cng ty c 175.000 c phiu an g lu
h n h . Cng ty p h t h n h tr i phiu huy ng 1 triu U S) n vi li
su t l 10% v s dng ti n vay c m ua li c phiu. Gi s
khng c s th a y i chi ph khn kh ti chnh ca cng ty. T h ('0 l
th u y t MM, gi tr cng ty sau khi vay n l bao n h iu ?

Bi 5 :
O lbet l cng ty khng c tn g trng v phi chu thu sut, l
35%. EBIT h n g n m ca cng ty l 1,2 triu USD dc dv tr mi
mi. Chi ph s dng n trc thu ca cng ty l 87r v chi )h li
vay h n g nm l 200.000 USD. Cc n h p h n tch ca cng Ly c
lng r n g chi ph s dng v"n ch s hu nu cng ty khng vay n
l 12%, Hoi :
a. G i tr ca cng ty n y l bao nhiu ?
b. K t qu tn h ton cu a cho th y mc s dng n ca
cng ty hp l h ay cha ? Ti sao ?

Ch.12 : QUYT NH c CU VN CA CNG TY

123

Bi 6 :

EB IT ca N ikko l dng ti n u v h n c gi tr h n g nm l
4 tri u USD. C hi ph s dng 100% vn ch s hu sau th u ca cng
ty l 15% v th u su t thu" th u n h p cng ty l 35%. Chi ph s dng
n' l 10% v N ikko c 10 triu USD n tro n g c cu vn ca cng ty.
Hi :
a. G i tr cng ty N ikko l bao nhiu ?
b.

Chi p h s dng vn tru n g b n h ca N ikko l bao nhiu ?

c.

Chi ph s dng vn ch s

hu ca N ikko l bao nhiu ?

Bi 7 :
AT&B c t s n -vn l 2,5. Chi ph s dng vn tru n g bnh
ca cng ty l 15% v chi ph s dng n l 11%. T h u su t th u thu
n h p cng ty l 35%. Hi :
a.
b.

C hi ph s dng vn ch s

hu ca AT&B l bao nhiu ?

Chi p h s dng vn ch s hu nu AT&B kh n g vay n l

bao n h iu ?

c. C hi p h s dng tru n g b n h l bao nhiu nu t s n -vn ca

cng ty l 0,75 ? v 1,5 ?
Bi 8 :
E B IT k vng h n g nm ca GT l 100.000 USD m i m i. GT
c th vay n vi li su t 10% nhng hin ti khng c n' vay. Chi
ph s dng vn ch s hu l 15% v th u su t l 40%. G i tr cng
ty ny l bao nh iu ? G i tr cng ty th no n"u cng ty vay 500.000
USD m ua li c phiu ?

Ch.13 .-QUYT NH CHNH SCH

c TC

125

Chng 13

QUYT NH
CHNH SCH C TC
MC TIU :
C h ng ny tp trung bn v quyt nh th ba, q u y t nh chnh sch
c tc, trong ba q u y t nh ch yu ca ti chnh cng ty. c xong chng

ny, bn c th :
1. Hiu c cng ty thng chi tr c tc bng nhng hnh thc no,
c ch thc chi tr c tc ra sao v liu chnh sch c tc c tc
n g g n gi c phiu hay khng.
2. Hiu c cng ty nn theo i mt chnh sch c tc nh th
no cho ph hp.
3. Cng ty nn thit lp chnh sch c tc nh th no.

1. CC HNH THC TR

c TC

T h u t ng c tc (dividend) dng ch vic p h n phi li n h un

kim c t h o t ng ca cng ty. Cn vic p h n phi cc ngun li
nhun k hc khng phi li n h u n h o t ng thng c gi l phn
phi li n h u n (distribution) th a y v gi l c tc.
Cng ty thng tr c tc b n g tin (cash dividend), v thng
l chi tr mi n m m t ln, nhng cng c th tr n hiu ln tro n g
m t nm . Khi chi tr c tc, tr n b n g cn l k to n , k h o n mc
tin m t v li n h u n gi li ca cng ty gim i. N qoi ra, cng ty
cn c th tr c tc b n g c phiu (stock dividend). Thc ra, tr c
tc b n g c phiu khng p hi l chi tr c tc theo ng ngha, v n
khng lm cho t i khon ti n m t ca cng ty gim i. Chi tr c tc
b ng c phiu lm gia t n g s c p h n ang lu h n h , th eo , lm
gim i gi tr ca mi c p h n . iu ny cng tng t n h trng
hp c h ia t c h c phiu (stock split). Khi cng ty chia tch c phiu s
lm g ia t n g s c p h n ang lu h n h v mi c p h n by gi c

126

C /7.73:

QUYT NH CHNH SCH

TC

th am gia chia m t p h n dng ti n ca cng ty nn gi c phiu s

gim i.
2. CCH THC CHI TR

c TC

Q uyt n h v chi tr c tc c t tro n g tay ca hi ng qun

tr cng ty. Vic chi tr c tc cho c ng c ghi n h n vo m t
ngy c th. K hi c tc c cng b", n tr th n h m t tr c h n h i m
t i chnh i vi cng ty v cng ty k h n g th d d n g th a y i c.
Mc chi tr c tc nhiu h ay t thng c o b n g m t s" ch
tiu nh : c tc tr n c p h n (dividend p c r sh a rc
D PS), T l chi
tr c tc (dividend yield), T l li n h u n tr n c p h n (dividend
payout). C ch chi tr c tc ca cng ty c th m inh ha tr n h n h
13.1 di y.

Th nm 15/01

Th t 28/01

Th su 30/01

Th hai 16/02

Ngy cng b
(Deciaraton date)

Ngy xc lp
quyn hng
c tc
(E x-dividend date)

Ngy kha s
(Record date)

Ngy chi tr
c tc
(Paym ent date)

Hinh 13.1 : Quy trin h ch tr c tc.

Trc khi chi tr c tc, ngoi vic cng b^ c tc c hng

cng ty cn phi chun b danh sch c ng ch n h thc c th
hng c tc vo ngy chi tr . Gia h a i th i im : ngy cng b^ v
ngy chi tr c tc cn c hai mc th i gian cng ty chun b. N h
vy c t t c bn ngy c xem l mc th i gian cn xem xt.
Ngy cng b - Vo ngy n y (15/01) hi ng qun tr th n g
qua v cng b c tc s c tr cho mi c p h n l bao nhiu
vo ngy 16/02 cho t t c c ng c ghi n h n tro n g d an h
sch s k ha s vo ngy 30/01.
Ngy kha s ~ Vo ngy n y (30/01) cng ty lp d a n h sch t t
c c ng no c xem l c ng c hng c tc. N hng
ai th n g bo m ua v s hu c p hiu sau ngy n y s khng
c hng c tc.
Ngy xc lp quyn hng c tc - Do vic m ua bn v chuyn

quyn s hu c phiu m t m t s^ ngy nn se k h n g cng

Ch.13 : QUYT NH CHNH SCH

127

TC

b n g nu ngi no m ua c phiu vo ngy 29/01 nh n g hon

t t c th tc vo ngy 30/01 v c hng c tc tro n g khi
ngi khc m ua c phiu cng ngy nhng m i n ngy 2/02
mi hon t t th tc v n h vy khng c hng c tc.
tr n h vn ny, cc cng ty mi gii n n h mc th i gian
l 3 ngy lm vic trc ngy kha s, gi l ngy xc lp
quyn c hng c tc (ex-dividend date), tro n g v d ang
xem xt l vo ngy 28/01.

Ngy chi tr - Vo ngy n y c tc s c chi tr cho c ng

b n g ti n m t hoc chuyn khon.

Quy trn h chi t r c tc n h trn h by tr n h n h 13.1 cho th y
ngy xc lp quyn c hng c tc r t quan tr n g bi v c n h n
no m ua c phiu trc ng y n y s c hng c tc nm h in t i,
tro n g k h i c n h n no m ua c phiu ng vo ngy ny hoc sau ngy
n y s khng c hng c tc. Ngoi ra, vo ngy xc lp quyn
c hng c tc, gi c phiu s gim m t kho n b n g vi c tc.
iu ny c d in t h n h 13.2.
-t

-2

Gi CP = p + D

-1

+1

+2

Gi CP gim bng c tc D
G iC P = p

Hnh 13.2 : S gim gi c phiu vo ngy xc

quyn hng c tc (ngy 0).

lp

3 . CHNH SCH C TC V GI TR CNG TY

T ro n g nh iq m gn y, chnh sch c tc cng c xem l
m t tro n g nh ng qu y t n h ch yu ca cng ty. T u y hii, cng c
mt S(Y k in cho r n g c h n h sch c tc chng c n g h a g.Vy,
ti sao chng ta p h i n g h in cu chnh sch c tc ?
N u b n l ngi ra quyt n h chi tr c tc, th vn bn
quan t m n h t s l g ? C hc ch n iu b n quan tm s l, liu
ch n h sch c tc m b n sp quyt nh c n h hng dn gi tr th
trng ca cng ty k h n g ? N i cch khc, n c lm gim gi tr th
trng ca cng ty kh n g v do , gin tip lm cc c ng b th i t
h i hay khng ?

128

Ch,13 : QUYT NH CHNH SCH c TC

V m t l thuyt, vi gi nh l m t th trng h o n ho, th

cu tr li l ch n h sch c tc chng c tc ng g ln gi tr ca
cng ty c, i din cho lp lun ny l k t qu ng h in cu ca hai
ng M odigliani v M iller, c cng b ln u vo nm 1961^^\ N h n g
thc t, th tr ng khng hon ho nh ] th u y t gi n h , v tn
t i chi ph giao dch, thu, th n g tin th i n lch... cho nn cu tr li
s l : tro n g thc t, chnh sch c tc c tc ng kh n g nh n gi
tr ca cng ty v v vy s c nhng tc ng, khng t t th xu, ln
li ch ca cc c ng. Do y cn th n tr n g kh i a r a cc quyt
nh lin quan n ch n h sch c tc.
M t th n g ip m nhng n h qun tr thng ly lm mc
tiu ng x l : C h n h sch c tc p h i c tn h n n h , k h n g th a y
di th t thng v p h i c bit thn trng trc kh i q uyt d in h thay
i m t c h n h sch c tc ny bng m t ch n h sch c tc khc.
Trc k h i kho s t k h a cnh m ang tn h l th u y t ca c h n h sch
c tc, chng ta s lt n h a n h qua cc v n c tn h chin lc v
ph p l ca ch n h sch ny. Qua , chng ta s c c m t k t lun
s b l, kh n g h t n t i ci gi l chin lc ti u cho c h n h sch
c tc m p h i ty tng trng hp c th ra cc quyt n h c
th.
3.1. Kha cnh m ang tnh chin ic :

Gi s rng h in nay cng ty ca b n ang c m t c hi u t

tt, vn n m ' ch n n t i tr cho d n n y b n g ngun vn no
y ? Gi s rnq lng vn cn th i t t i tr cho d n nv vt
qu k h n n g i vay ca cng ty, do , buc cng ty ca b n phi
huy ng n ngun vn ch s hu, nu khng mun b qua c hi
u t y tri n vng ny. vn l n n chn la ngun vn ch s
hu no : li n h u n gi li v gii h n vic t r c tc, hay ti p tc
tr c tc mc cao v p h t h n h c phiu mi.
Nu s dng li n h u n gi li v h n ch vic tr c tc, chnh
sch ny s lm n n lng nhng n h u t m mi quan tm h n g
u ca h l thu n h p t c tc ch khng p h i t li vn i o t n g
gi c phiu tro n g tng lai. N hng n h u t ny (thng l cc
nh ch t i c h n h nh qu hu bng, qu u t, cng ty b3 him )
(1) Dip Dung v Nguyn Minh Kiu (2002), bi ging Phn tch tc chnh,
Chng trnh ging dy kinh t Fulbright, www.fetp.edu.vn.

Ch.13 : QUYT NH CHNH SCH

c TC

129

s b n c ph iu ca cng ty m h ang n m gi. T lm gim gi

tr th trng ca c phiu, iu n y mu thun vi m c tiu t i hu

m cng ty eo ui l ti a ha s giu c cho cc c ng. Ngoi

ra, vic c p hiu cng ty gim gi do cc n h u t b n i c phiu
m h an g n m gi s t cng ty trc nguy c b th ao t n g mua
(tak eover).

Cn nu tip tc duy tr vic tr c tc mc cao v p h t h n h

c p h iu m i huy ng vn t i tr cho d n th cng ty s phi

i din vi cc vn sau : tn km p h t sin h do chi ph p h t h n h

c phiu m i (tru n g b n h bn g 15% tng gi tr p h t h n h ) v quyn
kim sot ca c ng h i n h n h c th b e da. N h vy, cng ty
n n chn phng n no ? Qu th t iu ny kh n g n gin. Phng
n no cng c ci gi ca n, v n l ty tng trng hp c th

m chn phng n m ang li li ch cao n h t.

3.2. Kha cnh m ang tnh php l :

C p h i n h qun tr c to n quyn t do tro n g vic a r a cc

quyt nh lin quan n chnh sch c tc khng ? Cu tr li l
k h n g, v h th n g php l h n c h quyn n y ca cc n h qun tr.

Mc d c ng l nh ng ngi chu ri ro cao n h t, nhng nhng i

tng k h c n h ch n, ngi lao ng cng phi g n h chu ri ro (m c

d th p h n cc c ng). Ngoi ra, tr i quyn ca h trc t i sn

ca cng ty c u ti n hn tr i quyn d n h cho cc c ng. m
bo quyn li ca cc l tng ny, h th n g php l h n c h vic

cng ty tr c tc vt qu li n h u n tch ly. N goi ra, nhng iu

khon p d t bi cc ch n cng h n ch phn no quyn quyt nh

ca b an qun tr trc cc ch n h sch c tc ca cng ty. C hng hn

trc k h i cho vay, ch n yu cu cng ty k h n g c tr c tc trong
m t thi g ia n n h t n h n hm h n c h vic ban qun l dn ri ro
san g cho ch n.
3.3. C c l th u y t v ch n h sch c tc :

V m t l thuyt, khi bn n chnh sch c tc cc n h ng h in

cu lun tr a n h lun vi nhau v hai quan im : (1) chnh sch c tc
c nh hng n gi tr cng ty, v (2) chnh sch c tc ch n g c
n h hng g c. C th, cc l th u y t ny s cho ta th y hai tn h
hung :

130

Ch.13 : QUYT NH CHNH SCH

c TC

M t l, nu khng t n t i ngun t i tr bn ngoi - n g h a l

cng ty khng th huy ng vn b n g cch i vay h a y t n g
vn ch s hu - th chnh sch c tc s p h t huy tc dng
lm t n g gi tr ca cng ty m t kh i cng ty c c hi u t
mi c su t sin h li tr n vn u t (ROI) ln h n su t sin h
li h i n h n h m c ng i hi. T h n h ng iu g i n h
ny li l m t iu r t v l, khng t n t i tro n g thc t v
thc t u ai cm cng ty huy ng v"n b n ngoi.
H ai l, nu t n t i ngun t i tr bn ngoi (tc k h c vi tn h
hung 1) th ch n h sch c tc s ch n g c tc ng g n gi
tr ca cng ty. Ni cch khc, ch n h sch c tc k h i s
chng c n g h a g c.
R rng, c h a i tn h hung l th u y t tr n u d n n m t k t
lun chung l ch n h s ch c tc, v m t l thuyt, l ch n g c n g h a
g c (thc t kh n g n h vy). By gi chng ta s l n lt chng m inh
cc iu nu tr n .
Gi s rng, cng ty A to ra m t dng n g n lu r n g CF khng
i v v n h vin. Cng ty quyt n h s dng to n b ngun n g n lu
rng ny tr c tc D (CF = D), nu su t sin h li m c ng i
hi l kg, k h i , gi tr ca vn ch s hu th eo m h n h ch it Idiu
c tc s l : Vq = D/kg.
Nu m t p h n b ca dng n g n lu rng c gi li mi nm b t du t n m ti, k h i , p h n c tc c ch ia cho c ng mi
nm s l C F (1 - b), gi tr vn ch s hu tro n g tr ng hp ny s
c xc n h n h sau : Vq = CF(1 - b) / (k^ - g) h ay Vo = CF(1 - b)
/ (k(. - b * ROI), trong g l tc t n g tr n g c tc. B y gi th
xem xt m t v d b n g s di y.
Tnh hung 1 : T on b ngun ngn lu r n g c d ng tr c
tc.
Gi d, cng ty A to ra m t dng n g n lu r n g v n h vin l
1.000$/nm . Cng ty quyt n h s dng to n b ngun n g n luli rng
ny tr c tc l D (CF =: D), nu sut sin h li m c ng i hi
l ke = 10%, kh i , gi tr ca vn ch s hu theo m h n h chit
kh u c tc s l :

Vo = D/ke = 1.000 / 0,1 - 10.000$

Ch.13 : QUYT NH CHNH SCH

c TC

131

Tnh hung 2 : 50% ca ngun n g n lu rng c gi li ti

u t vo d n c su t sin h li tr n vn u t ROI xy ra bi m t
tro n g ba k h n n g sau :
1. Nu ROI = ke = 10%
Vo

= CF(1 - b) / (ke - b * ROI)

= 1.000(1 - 0,5) / (0,1 - 0,5 * 0,1) = 10.000

2. Nu ROI = 15% > ke = 10%

Vo

= CF(1 - b) / (ke - b * ROI)

= 1.000(1 - 0,5) / (0,1 - 0,5 * 0,15) = 20.000

3. Nu ROI = 5% < ke = 10%
Vo = CF(1 - b) / (ke - b * ROI)
= 1.000(1 - 0,5) / (0,1 - 0,5

0,05) = 6.666

R rng, vi ch n h sch c tc khng i, tc gi li 50% ngn

lu rng, tr c tc 50% p h n cn li, ci lm cho gi tr ca vn ch
s hu t n g hay gim ch n h l su t sin h li t u t vo d n mi
(ROI) b n g ngun li n h u n gi li :
Nu ROI ca d n mi b n g su t sin h li i hi ca c ng
th gi tr ca vn ch s hu khng i.

Nu ROI ca d n mi ln hn su t sin h li i hi ca c
ng th gi tr ca vn ch s hu s
tng.

Nu ROI ca d n mi nh hn su t sin h li i hi ca c
ng th gi tr ca v"n ch s hu s
gim .

N i vy, ci lm th a y i gi tr ca vn ch s hu l quyt
n h u t ch kh n g p h i chnh sch c tc. N h vy l tn h hung
th n h t ca l th u y t c chng m inh. By gi, chng ta s chng
m inh cho tn h hung l th u y t th hai.
Gi s rng c hi u t mi i hi cng ty A p h i chi u t
1.000$ vo n m nay, v n h n c m t ngun n g n lu rng l 200$/nm
t n m ti cho n v n h vin, b it su t sinh li i hi ca c ng
l 10%, kh i y N PV ca d n s l :
N PV = -1 .0 0 0 + (200 / 0,1) - +1.000$
Tnh hiing 1 : N u cng ty A gi li ton b ngun n g n lu rng
ca nm nay u t vo d n mi v nh vy ng n g h a vi vic

132

Ch.13 : QUYT NH CHNH SCH 'C TC

c ng ca cng ty A s khng n h n c c tc tro n g n m n a , kh i

, gi tr th tr ng ca vn ch s hu s l :
V q = C tc n m nay + (PV ca c tc t h o t n g
h i n hn h ) + (PV ca c tc t u t mi)
= 0 + ( 1.000 / 0 , 1 ) + (200 / 0 , 1 ) = 12 .000 $
Tnh hung 2 : C hi ph u t 1.000$ cho d n mi c huy
ng t vic p h t h n h c phiu mi, khi :
V q = C tc n m nay + (PV ca c tc t h o t n g
h i n h n h ) + (PV ca c tc t u t mi)
- (Chi ph u t cho d n mi c c t
p h t h n h c phiu mi)
= 1000 + (1.000 / 0 ,1) + (200 / 0 ,1 ) - 1.000
= 12.000$

R rng, nu c s t n t i ca ngun vn b n ngoi, th d ban

qun tr ca cng ty A c s dng chnh sch c tc kiu no i na
: khng tr c tc (tn h hung 1) hay vn tr c tc (tn h h u n g 2) th
gi tr ca vn ch s hu cng khng i.
T m li, l th u y t v chnh sch c tc cho t a th y h a i iu :
M t l, nu khng t n ti ngun ti tr bn ngoi - tc cng ty khng
th huy ng vn b n g cch i vay hay t n g vn ch s hu (m t iu
k in r t v l, khng t n t i tro n g thc t) - th ch n h sch c tc s
p h t huy tc dng lm t n g gi tr ca cng ty ch k h i cng ty c c
hi u t mi c su t sin h li tr n vn u t (ROI) ln hn su t
sin h li h in h n h , tc ln hn kg m c ng i hi. N i cch khc
chnh quyt n h u t ch khng phi chnh sch c tc c tc ng
n gi tr ca v"n ch s hu. Hai l, nu t n ti ngun t i tr bn
ngoi (tc k h c vi tn h hung 1) th chnh sch c tc s ch ng c
tc ng g n gi tr ca cng ty. Ni cch khc, ch n h sch c tc
khi s chng c ng h a g c. K t lun chung l ch n h sch c tc,
v m t l th u y t, l chng c n g h a g c.
3.4. Nhng phn bin i vi l thuyt v chnh sch c tc ;

By gi, chng ta s kho s t qua n h n g lp lun kh n g t n

th n h vi k t lun c a r a t l thu y t v ch n h sch c tc khi
cho r n g ch n h sch c tc khng h c tc ng g n gi tr th
trng ca cng ty v ca vn ch s hu. h iu r, chng ta s cng

C / 7 . -/ 3

.-QUYT NH CHNH SCH

TC

133

n h au k h m p h n h n g n h n t quan tr n g m tr n thc t nh n g n h
qun tr t i ch n h cn cn nhc k lng trc k h i a ra cc quyt
n h lin quan n chnh sch c tc. N hng n h n t ny bao gm :
Mc quan t m m cc c ng d n h cho th u n h p t c tc
n h th no ?
Liu thu n h p t c tc tro n g tng lai c ri ro hn th u n h p
t c tc ca ngy hm nay khng ?
M t th tr n g khng hon ho c phi l n h n t quan tr n g
k h i n cho cc cng ty la chn chnh sch c tc n h m th a
m n mi quan tm ca m t nhm khch h n g c th ri n g b it
kh n g ?
C h n h sch th u n h hng ti chnh sch c tc ra sao ?
Liu cc n h u t c suy din chnh sch c tc ca cng ty
n h l m t th n g ip v s phn vinh ca cng ty tro n g tng
lai k h n g ?
S a u y, chng ta s ln lt xem xt chi ti t hn nhng v n
va nu tr n .

3.4.1.
ra sao ?

Mc quan tm ca cc c ng i vi thu nhp t c tc

N h ng c ng nh ngi gi, qu hii bng, cng ty bo him ...

thng k hoch h a v k vng c dng ti n th u n h p tng lai n
nh v n g tin cy t c tc. H l nhng c ng r t quan t m n
s th ay i ch n h sch c tc t ngt ca m t cng ty, dc b i t l khi
c tc b c t gim vi l do l dng li n h u n gi li u t vo
m t d n mi t o gi tr gia t n g cho cng ty tro n g tng lai.
L th u y t cho r n g tro n g m t th trng hon ho, th vic ct
gim c tc n h t h s khng lm th i t hi g n quyn li ca cc
ng, cho d h thuc nhm no i na, bi v quyn li ca h s
n h a n h chng c n b nh s t n g gi th trng ca c phiu m
h ang n m gi trc th n g tin v d n u t mi. N hng thc t
khng n g in n h th .
T h n h t, trc m t s s t gim t ngt tro n g th u n h p t c
tc nh th , nh n g c ng quan tm n th u n h p c n h v chc
chn s n h n ra r n g m thc n g n lu mc tiu (p a te rn of cashflow)

134

Ch.13 : QUYT NH

CHNH SCH

c TC

m h ln k hoch b bp mo khng nh m ong i. t i lp

li m thc ny, h p h i th a y i li danh mc u t ca h v nh
th s r t t n km . Liu s t n g gi c phiu h i n h n h c b p
c cho tng th i t h i gy r a t s st gim tro n g th u n h p c tc
h in h n h v s t n km kh i th ay i d an h mc u t h in h n h ca
h h ay k h n g ?
T h hai, nu c s t n ti ca th u li vn (tax on Capital gains),
m thc t l c, th cho d trng hp m t khng xy ra, Ih h vn
p h i chu m t k h o n th u li vn t vic b n i c phiu h in ang
nm gi. Li ch m an g li t s gia t n g gi tr c phiu do c th n g
tin ca d n u t mi v th s gim i v v n l p h n li ch
cn li liu c n b cho nhng th i t h i m cc c ng g n h
chu t s th a y i t ngt tro n g chnh sch c tc h ay khng.
N h vy, k h c vi l th u y t cho r n g quyn li ca c ng khng
h b n h hng bi s th a y i tro n g chnh sch c tc, thc t cho
th y quyn li ca h c b n h hng v iu n y xy ra.

3.4.2.
khng ?

C tc trong tng lai c ri ro hn c tc ca ngy hm nay

M yron G ordon tro n g m t ng h in cu ca m n h a ra m t lp

lun th c h thc vi nh ng lp lun ca l th u y t M&M l 1$ th u n h p
c tc hm nay th ln hn 1$ li n h u n c gi li ngy hm n ay
u t vo d n mi, v s th n h bi ca d n mi tro n g tng
lai vn cn l m t cu hi m, do , c tc c ch ia tro n g tng lai
cho d c ln hn nh ng ri ro hn (v tn h kh n g chc chn) do
s c c h i t k hu m t su t ch it khu cao
K t lun ny ni
ln iu g ? N ni ln rng, cc n h u t th ch n h n c tc ngay
by gi hn l chuyn n vo tro n g tng lai. V vy m t chnh sch
gi li li n h u n cao hn, ng ngha vi t l tr c tc th p hn,
m c d c th kh n g lm gia t n g ri ro, nhng cc n h u t th
khng ng h nh th v h s din gii iu n y n h l m t tn hiu
khng th u n li, v do , gi c phiu ca cng ty s gim ch khng
t n g n h lp lun tro n g l thuyt. N h vy, n h n thc ca n h u
t v ri ro i vi th i im c chi tr c tc lm cho kt lun
c c t n g h i n cu l th u y t b ph sn.
(1) Dip Dng v Nguyn Minh Kiu (2002), bi ging Phn tch ti chnh,
Chng trnh ging dy kinh t Pulbright, www.fetp.edu.vn.

C h .13 : QUYT NH CHNH SCH

c TC

135

3.4.3.
Th tr n g khng hon ho v hiu ng nhm khch hng
(C lie n te le e ffe cts) :

G ing lp lun tro n g p h n 3.4.1, nhng th m vo cc chi ph c

th m n h u t p h i gn h chu, nhng chi ph n y ch n h l h qu
t t yu ca m t th trng k h n g hon ho (tron g k h i lp lun l

th u y t th da tr n gi nh v m t th trng hon ho). C th n h

u t p h i g n h chu nh ng chi ph nh sau :
P h mi gii n h u t phi chu k h i cho b n c phiu m
h ang n m gi.
P h giao dch khc, v d nh chi ph tm k im m t n h mi
gii ly hoa hng th p .
M t li tc tro n g qu trn h ch b n c phiu.
Chi ph p h t sin h do vic th a y i d an h mc u t.
T hu li vn...
N u n h u t an g nm gi c phiu ca m t cng ty nh, cha
ln s n g th chi ph t n g loi s cn cao hn. Thc t, c nhng nhm
c ng, v d n h ngi gi, cng ty bo him , qu hi bng... th ch
n h n g cng ty c ch n h sch c tc ph hp vi m thc n g n lu c
th i t k cho ri n g mc tiu ca h, th m ch h sn sn g tr gi cao
hn
n m gi c phiu ca cc cng ty ny. S d h lm vy
l v
h m un c c s m bo cho m t dng n g n lu c n h , n nh
v n g tin cy. M t tro n g nhng s la chn cho loi n g n lu c
nh, n n h v n g tin cy ny chnh l c tc c chia t vic
nm gi c phiu ca cc cng ty c chnh sch c tc n n h v t
th a y i. H iu c iu ny, cc cng ty cng c g n g theo ui chnh
sch c tc n n h , n g tin cy n h m huy ng vn t cc c ng
n y cho s t n g tr n g ca cng ty. H in tng n y c gi l hiu
ng nh m k h c h h n g (C lientele eects). T h nhng hiu ng ny, vi
h qu ca n l m t ch n h sch c tc n n h v n h t qun, c tc
ng n gi tr ca cng ty hay kh n g ? Cu tr li l c, v vic eo
ui c h n h sch c tc n n h v n h t qun s k h i n cho cng ty phi
g n h chu cc chi p h n h : (1) cng ty c th s phi b qua cc c
hi u t t t, lm t n g gi tr ca cng ty tro n g tng lai v th eo ui
ch n h sch c tc ny, (2) nu k h n g mun b qua c hi u t t t
ny, cng ty hoc l p h i i vay, hoc l phi p h t h n h th m c phiu
mi. Chi p h ca vic i vay l li su t vay v s gia t n g ri ro ti

136

Ch.13 : QUYT NH CHNH SCH

c TC

chnh m cng ty p hi g n h chu, cn chi p h ca vic p h t h n h c

phiu mi ch n h l chi ph p h t h n h v nguy c m t quyn kim sot.
3.4.4. Chnh sch th u nh hng t i chnh sch c t c ra sao ?

Nu th u li vn cao hn th u th u n h p ng tr n c tc th c
ng s th c h ch n h sch c tc cao hn l c h n h sch c tc th p , v
ngc li. K hi ch n h sch c tc m cng ty eo ui s c n h
hng r t ln n quyt n h ca cc n h u t l liu c n n n m
gi c phiu ca cng ty hay khng. V ri quyt n h c n n n m gi
c phiu h ay kh n g k h i n n h u t p h n ng b n g cch gi hoc
bn c phiu, t , tc ng n gi tr c p hiu ca cng ty.
3.4.5. L i u cc nh u t c su y din ch in h sch c t c ca c n g
ty n h l m t th n g ip v s phn vinh ca c n g ty tro n g tng la i
khng ?

S th a y i ch n h sch c tc ca cng ty c th c cc n h
u t suy din n h l m t th n g ip m b a n q u n tr m un gi n
cho cc n h u t v s phn v in h ca cng ty tro n g tong lai. V
d, nu by gi, cng ty tuyn b s t n g t l tr c tc h ay p h t
h n h c phiu thng (Scrip shares), cc n h u t s xem y nh
l m t th n g ip l ban qun tr cng ty t tin l h o t ng k in h
doanh ca cng ty tro n g tng lai s to k h n n g ti n m t cng
ty c th tip tc duy tr vic tr c tc mc va mi b a n b. T rong
tng lai gn cng n h xa, th n g ip n y g in ti p s l cng ty s
p h t tri n phn v in h tro n g tong lai, v vi suy d in n h th , gi c
phiu ca cng ty s tng.
nh ng nc th trng chng kho n m i p h t tri n nh V it
N am , do th n g tin b t cn xng n n n h u t th ng da vo mc
chi tr c tc n h l "tn hiu" cho th y tri n vng ca cng ty tro n g
tng lai. C ng.ty tr c tc cao thng c n h u t suy din ng
n g h a vi tri n vng t t v ngc li. Do vy, n h n g nc ny chnh
sch c tc cng c tc ng n gi tri c phiu.
3.5. Nhng bng chng nghin cu thc ng h i m v ch n h sch c
tc :

Cho n by gi c nh iu n g h in cu thc n g h i m n lc th u th p
d liu c th a ra b n g chng v quan h gia c h n h sch c
tc v gi c phiu, ng n g h a vi vic tr li cu hi : C hnh sch

Ch.13 : QUYT NH CHNH SCH c TC

137

c tc quan tr n g h a y khng quan trng. M t s n h n g h i n cu

ti n h n h kim n h ml quan h gia vic chi t r c tc v gi c
phiu b n g nhng s liu v k th u t ng h in cu th n g k phc tp.
M c d h s dng nh ng cng c p h n tch th n g k m n h v
phc t p , th nhng, cho n gi k t qu c c v n cha r rng.
M t s n h n g h in cu tm th y rn g , tro n g di h n , n h ng c phiu
c tr c tc th p c v nh c gi cao tr n th trng. Gn y,
m t s n h n g h in cu th y r n g c mi quan h gia ch n h sch c
tc v gi c phiu, nh ng bng chng ca h v n cha m y th u y t
phc. C n h iu nguyn do cho n gi v n cha c c nh n g k t qu
n g h in cu c tn h k t lun v quan h gia ch n h sch c tc v gi
c c phiu.
T h nht, c th tr li chnh xc, chng ta cn b i t n h u
t k vng n h n c bao nhiu c tc. T h nhng, chng ta khng
th quan s t c k vng, th a y vo , chng ta s dng d liu lch
s m k vng qu k h li khc vi k vng h in ti.
T h hai, cc n g h i n CU th n g k phc t p gi n h r n g c quan
h tuyn tn h gia chi tr c tc v gi c phiu nh n g k t qu thc
t quan h gia chi t r c tc v gi c phiu c th kh n g tuyn tn h ,
ngay c c th quan h khng lin tc.
Cho n ngy nay, xt tr n k h a cnh chin lc, k h a cn h php
l, k h a cn h l th u y t v k c k h a cnh n g h in cu th n g k thc
nhim , v d l do l g chng na, cho n gi vn cha c c
n h ng bng chng c tn h kt lun v quan h gia ch n h sch c tc
v gi c c phiu. T h nh ng l n h qun l, b n kh n g c quyn
la chn v b n p h i xy dng chnh sch c tc cho cng ty da tr n
c s n im tin v hiu b it hin t i ca bn. T rong p h m vi quyn
sch ny, tr n c s t p hp k in ca nhiu n h n g h in cu, chng
ti ch a ra m t s li khuyn v ch n h sch c tc.

4. LI KHUYN V CHNH SCH c TC

N h tr n h by tro n g p h n 3, chnh sch c tc tr n thc t
c tc ng n gi tr cng ty v gi c phiu. Do theo ui chnh
sch c tc n h th no l m t tro n g nhng quyt n h quan tr n g
ca b a n qun l. Vic a ra chnh sch c tc n h th no ty thuc
vo h o n cn h c th ca tng cng ty. N h ln ch u n g li khuyn cho
chnh sch c tc n h sau :

138

Ch.13 : QUYT NH CHNH SCH

c TC

N n theo ui m t chnh sch c tc n n h , n h t qun, tr n h

gy r a nh ng th a y i t ngt tro n g c h n h sch c tc nu
cha cn n h c m t cch k lng tc hi ca s th a y i n y
tro n g di h n i vi gi tr ca cng ty.
N n theo ui m t chnh sch c tc an to n , m bo s n
nh, n h t qun ca chnh sch c tc ngay c tro n g trng

hp li nhun hot ng gim. Mt chnh sch c tc an ton

khng ng ngha vi mt chnh sch c tc thp. Chnh sch
c tc th p ng ng h a vi vic t n g t l li n h u n gi li,
nu qu tin mt tch ly t li nhun gi li qu ln s : Mt
l, k h i n cho n h u t suy din l cng ty b t c tro n g s
t n g trng. H ai l, cng ty v tn h s tr th n h mc tiu ca
m t s th ao t n g m ua (take over). B a l, l n g p h do gi ti n

mt qu nhiu. Tt c nhng iu ny u c nh hng khng

t t ln gi tr c phiu ca cng ty.
M t ch n h sch c tc an to n l m t c h n h sch c tc c t
l chia c tc hp l sao cho va th a m n c n h u cu c
m t ngun th u n h p n nh, n h t qun ca c ng (hiu ng
nhm k h ch hng) va m bo m t t l li n h u n gi li
t i tr cho nh ng nhu cu u t b n h th ng n h m duy tr
s t n g trng bn vng ca cng ty.
T r n h ti a vic ct gim c tc, cho d cng ty an g c m t
c hi u t tu y t vi. T rong trng hp n h th, khng
b l c hi u t ny, cng ty n n chn g ii p h p i vay h ay

pht hnh c phiu mi. Nu v mt l do no cng ty khng

th huy ng vn t ngun t i tr b n ngoi m buc p h i
ct gim c tc, th cng ty cn p h i cung cp th n g tin y
v gii th c h m t cch r r n g cho cc n h u t b it v
chcmg tr n h u t sp ti cng n h n h u cu t i chnh cn
th i t t i tr cho d n , ti th iu h a n h n g hu qu
gy ra t m t s ct gim c tc t n g t n h th .

5. THIT LP CHNH SCH c TC

Sau khi phn tch nhng kha cnh khc nhau cng nh nhng
li khuyn b ch v chnh sch c tc, vn sau cng t ra l cng
ty nn thit lp chnh sch c tc nh th no ? Phn ny s cp
n ba loi chnh sch c tc ban qun l cng ty c th da vo
thit lp chnh sch c tc cho cng ty mnh.

Ch.13 : QUYT NH CHNH

SCH c TC

139

5.1. C h n h sch tr c t c sau u t :

N h p h n tch nhng p h n trc, chng ta th y r n g nu

tr c tc cao cng ty phi bn c phiu ra b n ngoi thng xuyn
h n tm ngun vn u t cho nhng d n mi. iu ny a n
k"t qu (1) lm th a y i cu trc vn ca cng ty v (2) t"n km chi
ph p h t h n h huy ng vn bn ngoi. Mun tr n h h ai iu ny,
cng ty ch nn tr c 't c sau kh i nhu cu u t ca cng ty c
p ng. C h n h sch n h vy gi l chnh sch tr c tc sau u t.
C h in h sci tr c tc sau u t l ch n h sch ieo c tc
ch c tr sau k h i n h u cu vn cho u t d c p ng dng
tii vi vic d u y tr t l n -vn n h hoch nh. Vi chnh sch ny,
mc tiu trc ti n ca cng ty l p ng nhu cu u t. K n l
duy tr t l n -v n n h trc khi tr c tc. Sau y chng ta xem
xt v d m in h ha ch n h sch c tc n y h o t ng nh th no.
C hng h n cng ty c thu n h p sau th u l 1000$ v t l n -vn
l 0,5. Lu rn g , bi v t l n -vn l 0,5 n n cng ty p h i c 0,5
ng vn tng ng vi 1,50 ng tng gi tr cng ty v c cu vn
ca cng ty s l 1/3 l n v 2/3 l vn ch s hu.
Bc u tin l cng ty quyt nh ngun vn cng ty c th
to ra m khng cn p h t h n h th m c phiu. Nu cng ty ti u
t to n b s li n h u n l 1000$ v khng tr c tc th vn ch s
hu ca cng ty t n g th m 1000$. duy tr t l n vn l 0,5, cng
ty p hi vay th m 500$. Tng ngun vn cng ty c th to ra cho u
t m kh n g cn b n th m c phiu, do , b n g 1.000 + 500 = 1.500$.
Bc th hai l cng ty quyt d n h xem c tr c tc hay khng.
lm iu ny, chng ta so s n h tng ngun vn to ra c m
khng cn p h t h n h th m c phiu mi (trong v d ang xem xt l
1.500$) vi nhu cu v"n chi cho u t theo hoch nh. Nu nhu cu
vn cho u t vt qu ngun vn to ra th cng ty k h n g tr c
tc. N goi ra, cng ty cn c th b n th m c phiu huy ng th m
vn cho u t d n , hoc l p h i hon li vic u t d n. Nu
nhu cu vn u t th p hn ngun vn to r a th cng ty s tr c
tc. S ti n tr c tc b n g ti n cn li sau k h i chi cho u t. V d
k hoch chi u t l 900$ v duy tr t l n -v n l 0,5 n h trc
kia th 2/3 s ti n cn cho u t n y phi c t i tr b n g vn v
1/3 c t i tr b n g n vay. Do ;
S ti n u t t n v ay

= 900 X 1/3 = 300$

140

Ch.13 : QUYT NH CHNH SCH

c TC

S" ti n u t t li nhu n = 900 X 2/3 = 600$

Li n h u n cn li sau u t = 1.000 600 = 400$
S li n h u n cn li sau u t ny (400$) s c dng chi
tr c tc. Vi c h n h sch c tc ny, cng ty c th th a m n c
nhiu mc tiu t ra : va p ng c n h u cu vn cho u t, va
p ng c nhu cu ti n chi tr c tc, v n duy tr c t l n-vn
nh c v khng cn p h t h n h th m c phiu mi, n h vy, tr n h
tn km chi p h p h t h n h .
5.2. C hnh sch tr c tc n nh :

C hnh sch tr c tc sau khi chi cho u t n h va cp

tr n y c nhc im l d n n tn h tr n g b t n ca ch n h sch
c tc. Chi u t thng khng u, c n m chi nhiu, c n m t. Kt
qu l nu n m no chi u t nhiu th c tc tr t v ngc li.
Ngoi ra, ngay c k h i chi u t c th hoch nh n n h th chnh
sch c tc vn c nh ng b t n nu n h li n h u n ca cng ty c tn h
b t n.
tr n h tn h trng ny, cng ty c th th i t lp ch n h sch tr
c tc n n h theo m t tro n g hai m thc : (1) n n h th eo k t (u
k in h doanh c tn h chu k ca cng ty, hoc (2) n in h th eo t l c
nh. C hnh sch tr c tc n n h theo k t qu k in h doanh c tn h
chu k l c h n h sch tr c tc ty thuc vo k t qu k in h doanh. N m
no li n h u n lm ra nhiu th tr c tc n hiu v ngc li. C hnh
sch tr c tc n n h theo t l l ch n h sch tr c tc th eo m t
t l ti th iu no v duy tr t l ny n n h tro n g sut thi k
di.
5.3. C hnh sch tr c tc tha hip :

Do c h n h sch c tc no cng c m t tr i ca n n n thc t

nhiu n h qun tr thc h n h thng th ch theo ui ch n h sch tr
c tc th a hip, tc l chnh sch n h m dung ha n h iu mc tiu
khc nhau. Thng c n m mc tiu cn quan t m l
:
T r n h ct gim u t cho nhng d n cN PV dng dnh
ti n chi tr c tc.
T r n h ct gim c tc d n h ti n cho u t.
T r n h b n c phiu huy ng th m vn c p h n .

Ch.13 : QUYT NH CHNH SCH

c TC

141

Duy tr t l n'-v"n mc tiu.

Duy tr t l tr c tc mc tiu.
Ty theo tn h h n h c th ca tng cng ty, n m mc tiu ny
s c xp h n g uli tin theo th t khc nhau. N h n g n h n chung,
m t chnh sch nh vy r rn g l chnh sch m ang tn h th a hip,
c gn g dung ha mi th nh m th a m n n hiu mc tiu khc nhau.

6. CHI TR C TC BNG c PHlU V CHIA TCH c PHlU

N hng nm gn y chng ta th n h th o n g nghe ni m t cng
ty no th n g bo chi t r c tc bng c phiu hoc gi chia tch
c phiu. N hiu n h u t khi nghe thng tin n y vn cha hiu s
vic nh th no v liu chi tr c tc bng c phiu hoc chia tch
c phiu t t hn hay t hn i vi n h u t. P h n n y chng ta s
xem xt qua vi k h a cnh l th u y t v chi tr c tc b n g c phiu
v chia tch c phiu.
C chi tr c tc b n g c phiu v chia tch c phiu u a
n cng m t k t qu l cng ty p h t h n h th m c phiu, tro n g khi
gi tr ti sn, li nhun, ri ro v t l nm gi c p h n ca n h u
t u khng i. Ch c m t yu t duy n h t th a y i l s c p h n
ang lu h n h t n g ln. S a u y, chng ta xem xt v d m inh ha.
Vi d 1 : M in h ha tr c tc b n g c phiu.
Gi s cng ty KC hin c 100.000 c phn ang lu hnh. Li nhun
sau thu ca cng ty l 500.000$ hay li nhun trn c phn 5$. Hin
ti, c phiu KC c t s' PE bng 10 hay gi c phiu l 50$. Ban
qun l cng ty hoch nh pht hnh thm 20% c phiu tr c tc,
do , c ng hin ti nm gi 10 c phn s c nhn thm 2 c
phn. iu ny c ngha l c ng nhn c ti sn (2 c phn) tr
gi 100$ hay khng v liu iu ny tt hn cho cng ng hay khng ?
Sau khi pht hnh thm 20% c phn, s c phn ca cng ty by
gi l 100.000 + 100.000 X 20% = 120.000. Bi v li nhun sau thu
vn l 500.000 nn l i nhun trn c phn ca cng ty EPS =
500.000/120.000 = 4,167. T s PE ca cng ty vn l 10, gi tr th
trng c phiu ca cng ty sau khi tr c tc bng c phiu bng
10 X 4,167 = 41,67$. Nh u t by gi s hu 12 c phn, tng gi
tr ti sn nh u t ang nm gi bng 12 X 41,67 = 500$ nh trc

142

Ch.13 : QUYT NH CHNH SCH

c TC

kia. Kt qu l, vic chi tr c tc bng c phiu vn khng lm cho nh

u t tt hn hay t hn cht no. Nu vy, ti sao cng ty li lm
th ?

6.1. Phn b i t tr c tc bng c phiu v chia tch c phiu :

S k h c b i t gia tr c tc b n g c phiu v chia tch c

trc ti n , l k h c b i t v cch x l v m t k ton. Vi chi
tc b n g c phiu, tr gi c tc c chuyn t t i kho n li
gi li san g t i k h o n v"n. iu n y c m in h ha b n g v d
y.

phiu,
t r c
nhun
2 di

V d 2 : Minh ha cch hch ton giao dch tr c tc bng c

phiu v chia tch c phiu.
Gi s cng ty BC quyt nh tr c tc bng c phiu l 15%, Gi
c phiu hin ti l 14$. Trc khi tr c tc, tnh hnh ti khon vn
trn bng cn i k ton cng ty nh sau :
C phiu ph thng
Mnh gi (1 triu c phn c mnh gi 2$)
Thng d vn pht hnh
Li nhun gi li
Tng cng

$2,000,000
8.000.000
15.000.000
$25.000.000

Sau khi tr c t c bng c phiu 15%, s c phn tng ln

1.000.000 X 15% = 150.000 c phn. Gi tr th trng ca s c phn
tng thm ny bng 14$ X 150.000 = 2.100.000$. ghi nhn giao
dch ny, 2.100.000$ c chuyn t ti khon li nhun gi li sang
ti khon Mnh gi c phiu 150.000 X 2 = 300.000$ v ti khon
Thng d vn pht hnh 2.100.000 - 300.000 = 1.800.000$. Kt qu
hch ton lm thay i tnh hnh vn c phn nh sau :
C phiu ph thng
Mnh gi (1 triu c phn c mnh gi 2$)
Thng d vn pht hnh

$2.300.000
9.800.000

Ch.13 : QUYT NH CHNH SCH

c TC

Li nhun gi li

143

12.900.000
$25,000.000

Tng cng

Gi s ban qun l cng ty thay i quyt nh, khng t c tc bng

c phiu m chia tch c phiu theo t l mt c phiu
phiu mi. Kt qu l s c phn ca cng ty tng ln
tng t 1 triu c phn ln thnh 2 triu c phn trong
c phn gim t 2$ xung cn 1$. Tnh hnh ti khon

c bng 2 c
100%, tc l
khi mnh gi
vn c phn

sau khi chia tch c phiu nh sau :

C phiu ph thng
Mnh gi (2 triu c phn c mnh gi 1$)
Thng d vn pht hnh
Li nhun gi li
Tng cng

$2.000.000
8.000.000
15.000.000
$25.000.000

Qua v d minh ha trn y, chng ta c th thy rng v mt k

ton c s khc nhau gia tr c tc bng c phiu v chia tch c
phiu nhng v mt gi tr cng ty vn khng c g thay i trong c
hai trng hp. Vy, l do g cng ty phi lm th ?

6.2.
c phiu :

L do v sao cng ty tr c tc bng c phiu hoc chia tch

N h tr n p h n tch, tr c tc bng c phiu v chia tch c

phiu k h n g lm cho gi tr cng ty th a y i, do , cng chn g lm
cho c ng c li hn h ay b th i t hn. Vy l do g k h i n cng ty
tr c tc b n g c phiu hoc chia tch c phiu ?
L do th n h t k h in cng ty tr c tc b n g c phiu hoc chia
tch c phiu l v ban qun l cng ty cho r n g c ng vn c li
v gi c phiu khng gim theo m t t l chnh xc nh t l t n g
s c p h n an g lu h n h . iu n y c c t hai nguyn do. T h
nhi, nhiu gim c t i chnh tin r n g gi c phiu s ti u tro n g
m t k h o n g gii h n no v tro n g khong n y t n g gi tr th trng
ca cng ty t ti a. Nu gi vt qu khong gii h n ny th s
n h u t c k h n n g mua c phiu s gim i, v do , lm gim

144

Ch.13 ; QUYT NH CHNH SCH

c TC

cu i vi c ph iu ca cng ty. T hc t cho thy l do ny k h i n cho

cc c ph iu ACB, SAM v STB,... c chia tch v tr c tc b n g
c ph iu n h i u ln . T h hai, th n g bo tr c tc b n g c phiu v
chia t c h c ph iu em li th n g tin tch cc c tc ng tch cc n
gi c phiu. N h iu g im c tin r n g th n g tin v tr c tc b n g c
phiu hoc ch ia t c h c phiu l th n g tin c tc ng tch cc n
gi c phiu. T u y n h in , k t qu n g h in cu k im n h kh n g ng h
k t lu n ny.
L do th h a i k h i n cng ty tr c tc b n g c phiu hoc chia
t c h c ph iu l v cng ty m un ti t kim ti n . Nu cng ty an g cn
ti n , cng ty c k h u y n h hng th c h tr c tc b n g c phiu h n b n g
ti n . T u y n h in , l do n y c tn h hai m t. N u cng ty t r c tc
b n g c ph iu ti t k im ti n cho u t vo d n c tri n vng
t t th iu y c t c ng tch cc n gi c phiu. Ngc li, nu
cng ty t r c tc b n g c p hiu v thiu ti n m t do kh k h n t i
c h n h th iu y r r n g l c tc ng tiu cc n gi c phiu.
7 . MUA LI C PHIU
M ua li c ph iu (stock repu rch ases) xy r a k h i m t cng ty no
m ua li c phiu ca c h n h n v k t qu l lm gim i s c ph n
an g lu h n h . C n h iu l do k h i n cng ty m ua li c phiu. Cc l
do n y c th li t k r a n h sau :
M ua li c ph iu l phng ti n cung cp c hi u t ni b.
M ua li c phiu l m t cch thc th a y i c cu v"n ca cng
ty.

M ua li c phiu c tc dng ci th i n ch tiu li n h u n tr n

c p h n (EPS).

M ua li c phiu gim quyn s hu ca m t n h m c ng

no .

M ua li c phiu gim thiu s p h a long c phiu nhm

tr n h nguy c th a o t n g quyn kim so t cng ty.
D l b t c l do g, vic m ua li c phiu cng u lm cho s
c p h n an g lu h n h gim i v m ang li m t s th a y i. Sau dy
s xem x t v d c th v m ua li c phiu.

Ch.13 : Q U y NH CHNH SCH c TC

145

V d 3 : V d m inh ha nh hng ca vi c mua li c phiu.

Telink ang xem xt tr 4 triu $ c tc (4$ m t c phn) cho c ng.
Thng tin v li nhun v gi tr th trng ca T elink nh sau :
Li nhun rng

$7.500.000

S lng c phn

1.000.000

Li nhun trn c phn (EPS)

7,5

T s PE

Gi tr th trng k vng sau khi tr c tc

60

Trong cuc hp Hi ng qun tr, nhiu c ng ch cht ni rng

h cha cn nhn c tc, ti sao cng ty khng gi li nhun li
ti u t ? Ban iu hnh cng ty tr li rng cc d n u t ca
h khng kh nng sinh li trang tri t sut li nhun yu cu
ca c ng. M t thnh vin trong ban iu hnh ngh thay v tr
c tc, 4 triu $ li nhun ny s c s dng m ua li c phiu
ca cng ty. Bng cch ny, gi c phiu c th tng nh l kt qu
u t vo chnh ni b cng ty. iu ny c m inh ha nh sau :

Gi s c phiu c mua li bng mc gi

vi c tc d kin tr 4$, tc l bng 64$.

thtrng

l60$ cng

Vi mc gi ny, s c phn c m ua li l 4.000.000 / 64 = 62.500

c phn.

Sau khi m ua li, li nhun rng vn khng i

ang lu hnh gim i nn EPS tng ln :

nhng s c phn

Trc khi m ua li,

EPS = 7.500.000 / 1.000.000

7,5

Sau khi m ua li,

EPS = 7.500.000 / (1.000.000 - 62,500) = 8

G i s t s PE vn l 8, gi c phiu sau khi m ua li bng 8 x 8

= 64$ tng ln 4$ so vi gi trc khi mua li l 60$.
Kt qu ny cho thy vic mua li c phiu m ang li kt qu ging
nh l tr c tc cho c ng, Nu tr c tc, th c ng nhn c
4$ c tc cng vi gi c phiu hin ti l 60$ bng ng 64$ nh l
trng hp cng ty khng tr c tc m thay bng m ua li c phiu.

146

Ch.13 : QUYT NH CHNH SCH

c TC

TM TT NI DUNG
C h n h sch c tc gn y c xem l m t tro n g nhng quyt
n h ch yu ca q u n tr t i c h n h cng ty. Vic th a y i chnh sch
c tc c t c ng n h t h no n gi c p h iu v gi tr cng ty ni
chung ? C h a i quan im k h c n h au l gii v n n ny. Q uan im
th n h t cho r n g c h n h sch c tc ch n g c n g h a v c. Tuy n h in ,
quan im n y da tr n nh n g gi n h n h th tr n g v"n l th
tr ng h o n ho v k h n g c th u v chi p h giao dch, v l thuyt,
quan im n y c chng m in h r n g ng. N hng thc t, nhng
gi n h ca l th u y t n y li k h n g xy ra . Do , thc t cho th y
c h n h sch c tc r t quan tr n g v n c n h hng n gi tr c
p hiu cng n h gi tr cng ty.
Li k h u y n cho ch n h sch c tc l cng ty n n th eo ui chnh
sch c tc n h t qu n v n n h . N u v l do ti q u an tr n g cn
th a y i ch n h sch th n n cng b th n g tin m in h bch, r rng,
tr n h che y th n g tin k h i n cho c ng suy din v m t nim tin
vo tr i n vng ca cng ty.

CU HI N TP
1. Chnh sch c tc c tc dng nh th no n gi tr cng t, xt
trn c hai phng din l thuyt v thc tin ? Cho v d minh ha
c th.
2. C ng ty nn theo u i chnh sch c t c nh th no ? T i sao phi
nh th ?

3. Gii thch ti sao nhng nc c th trng ti chnh mi pht trin

nh Vit Nam, c c cng ty thng theo ui chnh sch chi tr c tc
cao ? Chnh sch nh vy c nhng u nhc im g trc m t v
lu di ?
4. Chnh sch tr c tc sau u t c th c hin nh th no ? Chnh
sch n y c u, nhc i m g ? Lm sao khc p h c c nhng
nhc i m ?

Ch.13 : QUYT NH CHNH SCH c TC

147

B I TP
H %c H N H
Bi 1 ;
Cng ty R ea d ata p dng chnh sch tr c tc sau u t v duy
tr c cu vn bao gm 60 p h n tr m l n v 40 p h n tr m l vn.
Linhun n m nay ca cng ty l 5.000$. N gun vn tl a cng ty
c th chi cho u t l bao nhiu m khng cn b n c p hiu huy
ng thm vn ? Gi s chi u t cho n m ti c h o ch n h l
12.000$, cng ty c th tr c tc h ay khng ? N u c, t r bao n h iu ?
Bi g i i:

T l n -v n ca R e ad a ta = 60% / 40% = 1,50

Ngun vn tl a c th u t bao gm ;
Ton b li n h u n = 5.000$
N vay th eo t l n -v n = 5.000 X 1,5 = 7.500$
Tng cng = 5.000 + 7.500 = 12.500$
Chi u t n m ti hoch nh l = 12.000$,

tro n g :

T li nhun = 12.000 X 60% = 7.200$

T n vay = 12.000 X 40% = 4.800$
Li n h u n cn li d n h chi tr c tc = 5.000 - 4.800 = 200$.
Bi 2 :
ABC l cng ty s dng chnh sch tr c tc sau u t vi t
l n-vn ti u l 0,80. Li n h u n k t thc n m t i c h n h l 150 t
ng v c tc c cng b" l 55 t ng. C ng ty p h i vay th m
bao nhiu m bo c c cu vn v t n g ngun vn c th s
dng cho u t l bao n h iu ?
Bi g i i:

C tc cng b t r cho c ng = 55 t ng
Li n h u n d n h cho t i u t = 150 - 55 = 95 t ng
T l n -v n = 0,80

148

Ch.13 : QUYT NH CHNH SCH c TC

N vay th m duy tr c cu vn :
95 / 0,8 = 118,75 t ng
T ng ngun vn c th u t :
95 + 118,75 = 213,75 t ng.

B T P R N LU YN
Bi 1 :
Schulz, In c duy tr t l chi tr c tc l 35%. E P S n m va qua
ca cng ty l 8,2$ v c k vng t n g trng m i m i c mc 12%.
Hi D PS n m n a y l bao nhiu v sau 5 n m na D PS s l bao n hiu ?
Bi 2 :
STI c 5 tri u c p h n ang lu h n h . T s P E ca cng ty l
12 v li n h u n rng ca cng ty l 2,5 triu $. N gi CEO ca cng
ty hoch n h t r c tc b n g c phiu l 25%. Hi :
a. G i c phiu l bao nhiu sau k h i tr c tc b n g c phiu ?
b. Con tr a i ca N gi CEO s hu 500 c p h n , t n g gi tr 500
c p h n ca h n th a y i th no sau kh i cha h n ra lnh
t r c tc bn g c phiu ?

Bi 3 :
G i c ph iu STB ang giao dch mc 150.000 ng. Ngay khi
S acom bank t r c tc bn g c phiu l 12%, gi c phiu th a y i th
no nu nhrng yu t k h c u khng i ? G i s trc kh i tr c
tc, b n s hu 1.000 c p h n , sau kh i tr c tc s c p h n ca bn
l bao n h i u ? Tng gi tr c p h n b n ang n m gi th a y i th
no ?
Bi 4 :
C ng ty DC ang d n h tr c tc 500.000$. Cng ty c 250.000
c p h n an g lu h n h v E PS ca cng ty l 5$. G i bn c phiu
cng ty l 50$ vo ngy cng b c tc. T hay v tr c tc. b a n qun
tr cng ty quyt n h m ua li c phiu. Hi :

Ch.13 : Q U Y T

N H C H N H S C H c

TC

149

a. Gi m ua li c phiu n n l bao nhiu ?

b. C bao nhiu c phiu s c m ua li ?
c. C huyn g xy ra nu gi m ua li c phiu th p hoc cao hn
gi ngh cu a ?
d. N u b n s hu 100 c ph n , b n th ch cng ty t r c tc h ay
l m ua li c phiu ?
Bi 5 ;
Cng ty W orthington cng b c tc h n g n m l 0,80$/c p h n .
N m ti ch n h va k t thc, li n h u n tr n c p h n ca cng ty l 6$.
Hi ;
a. T l chi tr c tc ca cng ty l bao n hiu ?
b. G i s cng ty c 7 triu c p h n an g lu h n h v hoch
n h n m ti s vay n 18 tri u $. Tng ngun vn u t
cng ty c th s dng l bao nhiu nu cng ty p dng ch n h
sch tr c tc sau u t ? Nu vy, cu tr c vn mc tiu
ca cng ty l bao nhiu ?
Bi ;

Cng ty HS theo ui chnh sch tr c tc sau u t c h t ch

vi t l n -v n c duy tri l 3. Hi :
a. Nu li nhun n m ti l 200.000$, tng ngun vn tl a
cng ty c th s dng cho u t l bao n hiu m kh n g cn
p h t h n h th m c phiu mi ?
b. Nu chi u t cho n m ti l 760.000$, H S c tr c tc h ay
k h n g ? Nu c, tr bao n hiu ?
c. H S c th duy tr c t l chi tr c tc c n h h ay k h n g ?
Ti sao ?

Bi 7 :
H u an g sh i d bo r n g li n h u n nm ti ca cng ty s l 60
triu yuan, Cng ty h i n c 4 triu c p h n an g lu h n h v t l
n -vn c duy tr mc bng 2. Hi :

150

Ch.13 .-QUYT NH CHNH SCH

TC

a. Tng ngun vn ti a cng ty c th s dng m kh n g cn

p h t h n h th m c p h n l bao n h iu ? Cng ty p h i vay n
bao nhiu t s n -v n vn c duy tr nh c ?
b. G i s r n g cng ty p dng chnh sch tr c tc sau u t
v tng nhu cu vn u t theo k hoch l 75 tri u yuan,
cng ty c t r c tc h a y k h n g ? Nu c t r bao n hiu ?
c. cu b, cng ty p h i vay bao n h iu n v s dng bao nhiu
li n h u n gi li ?
d. G i s cng ty kh n g c chi u t vn th eo k hoch tro n g
n m ti, cng ty c th t r c tc v vay n th m bao nhiu ?