Assumptions

Khon phi thu 90-ngy theo pounds

T gi giao ngay, US$ mt pound ($/)
T gi mua trc 90 ngy, US$ mt pound ($/)
Li sut u t la M k hn 3 thng
Li sut mn la M k hn 3 thng
Li sut u t bng Anh k hn 3 thng
Li sut mn bng Anh k hn 3 thng
Put options ca pound: Gi thi hnh, US$/pound ($/)
Ph: Put option
Trident's WACC
T gi giao ngay d kin ca Maria Gonzalez sau 90 ngy, US$ mt pound ($/)
D kin
Khon phi tr 90-ngy theo pounds
T gi giao ngay, US$ mt pound ($/)
T gi mua trc 90 ngy, US$ mt pound ($/)
Li sut u t la M k hn 3 thng
Li sut mn la M k hn 3 thng
Li sut u t bng Anh k hn 3 thng
Li sut mn bng Anh k hn 3 thng
Call option ca pound: Gi thi hnh, US$/pound ($/)
Ph: Call option
Trident's WACC
T gi giao ngay d kin ca Maria Gonzalez sau 90 ngy, US$ mt pound ($/)
Bai 6: Maria Gonzalez and Trident (A)
Trident va nhn c n hng thit b vin thng c gi tr ln th hai t Regency (UK). Khon phi thu l 3,000,000 trong vng 3 thng. Maria Gonzalez cng
nhn ra l Trident phi mn ngn hng Anh mc li sut ln n 14% v s kh khn trong vic nh gi tn dng Anh. Sau y l nhng thng tin cn thit, hy
phn tch v xc nh u l la chn hp l cho Trident?
Bai 7: Maria Gonzalez v Trident (B)
Trident va mua mt dy chuyn my mc thit b t mt cng ty ln (U.K.) vi tr gi l 1,000,000 pounds. y l hp ng tng i ln so vi quy m hot
ng ca cng ty. Vic mua l trong thng ba cn thi hn thanh ton l 3 thng tc l vo thng 6. Maria c c mt s thng tin ti chnh v th trng c lin quan
tin hnh phn tch gii quyt vn :
Bi 5:
D kin
Khon phi thu 90-ngy theo pounds
T gi giao ngay, US$ mt pound ($/)
T gi mua trc 90 ngy, US$ mt pound ($/)
Li sut u t la M kz hn 3 thng
Li sut mn la M kz hn 3 thng
Li sut u t bng Anh kz hn 3 thng
Li sut mn bng Anh kz hn 3 thng
Put options ca pound: Gi thi hnh, US$/pound ($/)
Ph: Put option
Trident's WACC
T gi giao ngay d kin ca Maria Gonzalez sau 90 ngy, US$ mt pound ($/)
Phng n 1: Khng t bo him
Tng gi tr ca khon phi thu (1 triu pounds x t gi giao ngay thi im ($/pound))
Nu t gi giao ngay bng vi mc hin ti
Nu t gi giao ngay thi im bng vi t gi mua trc lc ny
nu t gi giao ngy thi im bng vi t gi d kin ca Maria
Phng n 2: Bo him bng forward
Bn forward 3 thng ng bng Anh v cht t gi mua trc
Khon phi thu theo pound ti mc t gi mua trc (pounds x forward)
Phng n 3: Bo him trn th trng tin t
Mn ngc khon phi thu, nhn ng bng trc v sau i ra la M
Khon phi thu theo pound sau 90 ngy
Yu t chit khu, li sut vay pound, kz hn 3 thng
Nhn trc khon vay theo pound
i ra la M theo mc t gi giao ngay hin ti
tng gi tr theo la M
T l gia tng, WACC cho 90 ngy
Maria Gonzalez v Trident (A)
Trident va cht mt hp ng bn thit b vin thng ln cho Regency (U.K.) vi tr gi l 1,000,000 pounds. y l hp ng tng i ln so vi quy m hot
ng ca cng ty. Vic bn l trong thng ba cn thi hn thanh ton l 3 thng tc l vo thng 6. Maria c c mt s thng tin ti chnh v th trng c lin quan
tin hnh phn tch gii quyt vn :
T bo him trn th trng tin t, theo la M, sau 90 ngy
Phng n 4: Bo him bng option
Mc ph option
Khon gc danh ngha ca option (pounds)
T gi giao ngay ($/pound)
Ph option, US$
Yu t gia tng, WACC, cho 90 ngy
Tng chi ph ph option, trong 90 ngy
Tng gi tr trong trng hp thi hnh option
Tr i ph option, k c gi tr thi gian
Gi tr rng t put option, sau 90 ngy: Nh nht
T gi giao ngay ti thi im sau 90 ngy option ngang bng hoc tt hn so vi forward:
Tng gi tr theo la M
Tr i chi ph ca option (cho php ht hn)
Gi tr rng khi khng thi hnh option
Phn tch: Maria Gonzalez s nhn c nhiu la M nht vi hp ng vay trn th trng tin t, $1,772,604.88 do li sut vay ng bng hin ti khng phi l
qu t. T bo him bng hp ng forward em li 1,754,000 la M s tr nn km hp dn nu din bin ca t gi ($1.76/pound) din ra theo tnh ton ca
Maria. Tuy nhin s chnh lch khng phi l qu ln v khon u t cho forward cht t gi l c th chp nhn c. i vi option, ngay c khi t gi xung
di mc chp nhn ca cng ty, Maria vi c th thi hnh put option mang v $1,722,746.20. Tuy nhin, t gi giao ngay sau 3 thng phi bng v ln hn
$1.7813/pound th option mi c a chung hn forward.
Value (A)
(B)
3,000,000.00
$1.7620
$1.7550
6.000%
8.000%
8.000%
14.000%
$1.75 $1.71
1.500% 1.000%
12.000%
$1.7850
Gi tr
1,000,000.00
1.7640
1.7540
0.0600
0.0800
0.0800
0.1000
1.7500
0.0150
0.1200
1.7600
Bai 6: Maria Gonzalez and Trident (A)
Trident va nhn c n hng thit b vin thng c gi tr ln th hai t Regency (UK). Khon phi thu l 3,000,000 trong vng 3 thng. Maria Gonzalez cng
nhn ra l Trident phi mn ngn hng Anh mc li sut ln n 14% v s kh khn trong vic nh gi tn dng Anh. Sau y l nhng thng tin cn thit, hy
phn tch v xc nh u l la chn hp l cho Trident?
Bai 7: Maria Gonzalez v Trident (B)
Trident va mua mt dy chuyn my mc thit b t mt cng ty ln (U.K.) vi tr gi l 1,000,000 pounds. y l hp ng tng i ln so vi quy m hot
ng ca cng ty. Vic mua l trong thng ba cn thi hn thanh ton l 3 thng tc l vo thng 6. Maria c c mt s thng tin ti chnh v th trng c lin quan
tin hnh phn tch gii quyt vn :
Gi tr
1,000,000.00
$1.7640
$1.7540
6.000%
8.000%
8.000%
10.000%
$1.75
1.500%
12.000%
$1.7600
T gi ($/pound) Tng gi tr
$1.7640 $1,764,000.00
$1.7540 $1,754,000.00
$1.7600 $1,760,000.00
T gi ($/pound) Tng gi tr
$1.7540 $1,754,000.00
T gi ($/pound) Tng gi tr
1,000,000.00
0.9756
975,609.76
$1.7640
$1,720,975.61
1.0300
Maria Gonzalez v Trident (A)
Trident va cht mt hp ng bn thit b vin thng ln cho Regency (U.K.) vi tr gi l 1,000,000 pounds. y l hp ng tng i ln so vi quy m hot
ng ca cng ty. Vic bn l trong thng ba cn thi hn thanh ton l 3 thng tc l vo thng 6. Maria c c mt s thng tin ti chnh v th trng c lin quan
tin hnh phn tch gii quyt vn :
$1,772,604.88
Gi thi hnh ($/pnd)
1.75
1.500%
1,000,000.00
$1.7640
$26,460.00
1.0300
$27,253.80
$1,750,000.00
(27,253.80)
$1,722,746.20
$1.7813
$1,781,253.80
(27,253.80)
$1,754,000.00
Phn tch: Maria Gonzalez s nhn c nhiu la M nht vi hp ng vay trn th trng tin t, $1,772,604.88 do li sut vay ng bng hin ti khng phi l
qu t. T bo him bng hp ng forward em li 1,754,000 la M s tr nn km hp dn nu din bin ca t gi ($1.76/pound) din ra theo tnh ton ca
Maria. Tuy nhin s chnh lch khng phi l qu ln v khon u t cho forward cht t gi l c th chp nhn c. i vi option, ngay c khi t gi xung
di mc chp nhn ca cng ty, Maria vi c th thi hnh put option mang v $1,722,746.20. Tuy nhin, t gi giao ngay sau 3 thng phi bng v ln hn
$1.7813/pound th option mi c a chung hn forward.
Bi 1:
Newport Lifts (US) xut khu thit b sang cho cc cng Trung Quc. Doanh s hin ti l 1000 n v vi gi mi n v l $24000. ng nhn dn t
ng nhn dn t ang giao dch l Y8.20/$, nhng dch v t vn ti chnh ti Hng Kng d on rng ng nhn dn t s gim gi tr vo tun n vi t gi ny l Y9/$, v t gi s duy tr
trong 10 nm n. Gi s l d on ny chnh xc, Newports i mt vi quyt nh gi khi ng nhn dn t xung gi. Cng ty ny
hoc (1) duy tr gi bng ng nhn dn t nh c v nhn v s tin $ t hn, trong trng hp ny s lng hng bn l khng i;
hoc (2) duy tr gi bng $ khng i, tng gi ng Yuan v nh vy lng bn s gim 10%. Chi ph trc tip bng 75% gi bn bng $.
Gi thit Gi tr
Doanh s 10,000
n gi $24,000
Chi ph trc tip (%) 75%
Chi ph trc tip ($) mi n v $18,000.00
T gi giao ngay 8.2000
T gi d kin 9.2000
Doanh s gim d kin -10%
Bi 2
Gi thit ging nh bi 1. Ngoi ra, ban qun tr ti chnh tin rng nu duy tr gi bng nhn dn t nh c th doanh s tng 12%/nm trong 8 nm. Chi ph bng $ khng i.
Kt thc 10 nm, Newport ht hn bn quyn v s khng xut khu sang Trung Quc na. Sau khi ng nhn dn t gim gi xung Y9.2/$, t gi khng thay i thm.
Nu Newport tng gi bng nhn dn t v gi nguyn gi $, doanh s ch tng 1%/nm trong 8 nm, sau khi doanh s b gim xung cn 9000 n v.
Gi nh rng Newport chm dt hot ng xut khu sau 8 nm. Chi ph vn bnh qun l 10%. Xc nh chnh sch gi cho Newport.
Newport Lifts (US) xut khu thit b sang cho cc cng Trung Quc. Doanh s hin ti l 1000 n v vi gi mi n v l $24000. ng nhn dn t
ng nhn dn t ang giao dch l Y8.20/$, nhng dch v t vn ti chnh ti Hng Kng d on rng ng nhn dn t s gim gi tr vo tun n vi t gi ny l Y9/$, v t gi s duy tr
trong 10 nm n. Gi s l d on ny chnh xc, Newports i mt vi quyt nh gi khi ng nhn dn t xung gi. Cng ty ny
hoc (1) duy tr gi bng ng nhn dn t nh c v nhn v s tin $ t hn, trong trng hp ny s lng hng bn l khng i;
hoc (2) duy tr gi bng $ khng i, tng gi ng Yuan v nh vy lng bn s gim 10%. Chi ph trc tip bng 75% gi bn bng $.
Gi thit ging nh bi 1. Ngoi ra, ban qun tr ti chnh tin rng nu duy tr gi bng nhn dn t nh c th doanh s tng 12%/nm trong 8 nm. Chi ph bng $ khng i.
Kt thc 10 nm, Newport ht hn bn quyn v s khng xut khu sang Trung Quc na. Sau khi ng nhn dn t gim gi xung Y9.2/$, t gi khng thay i thm.
Nu Newport tng gi bng nhn dn t v gi nguyn gi $, doanh s ch tng 1%/nm trong 8 nm, sau khi doanh s b gim xung cn 9000 n v.
Gi nh rng Newport chm dt hot ng xut khu sau 8 nm. Chi ph vn bnh qun l 10%. Xc nh chnh sch gi cho Newport.
Bai 1
Ti khon
Bo co (Euro) T gi chuyn i
Ti sn (US$/euro) (US dollars)
Tin mt 1,600,000 1.2000 1,920,000 $
Ti khon phi thu 3,200,000 1.2000 3,840,000
Hng tn kho 2,400,000 1.2000 2,880,000
Ti sn c nh 4,800,000 1.2000 5,760,000
Tng 12,000,000 14,400,000 $
N v vn ch s hu
Ti khon phi tr 800,000 1.2000 960,000 $
N ngn hn 1,600,000 1.2000 1,920,000
N di hn 1,600,000 1.2000 1,920,000
Vn t c phiu 1,800,000 1.2760 2,296,800
Li nhun ly k 6,200,000 1.2000 7,440,000
Ti khon do chuyn i - (136,800) $
Tng 12,000,000 14,400,000 $
Bi 2:
Gi thit ging bi 1, ng euro gim t $1.2000/euro xung $0.9000/euro.S dng phng php t gi thi gian (temporal rate method), hy :
a. Khon tng/gim do thay i t gi l bao nhiu ?
b. Khon tng/gim ny c ghi nhn nh th no trong bo co ti chnh?
ng euro gim t $1.2000/euro xung $0.9000/euro.S dng phng php t gi hin hnh (curent rate method), hy :
a. Khon tng/gim do thay i t gi l bao nhiu ?
b. Khon tng/gim ny c ghi nhn nh th no trong bo co ti chnh?
Translation Using the Current Rate Method: euro depreciates from $1.2000/euro to $0.9000/euro.
Trc khi t gi thay i
Gi thit ging bi 1, ng euro gim t $1.2000/euro xung $0.9000/euro.S dng phng php t gi thi gian (temporal rate method), hy :
a. Khon tng/gim do thay i t gi l bao nhiu ?
b. Khon tng/gim ny c ghi nhn nh th no trong bo co ti chnh?
ng euro gim t $1.2000/euro xung $0.9000/euro.S dng phng php t gi hin hnh (curent rate method), hy :
a. Khon tng/gim do thay i t gi l bao nhiu ?
b. Khon tng/gim ny c ghi nhn nh th no trong bo co ti chnh?
Translation Using the Current Rate Method: euro depreciates from $1.2000/euro to $0.9000/euro.
Stevenson_Kwo l tp on M ang xem xt nh hng ca s a dng ha th trng n c cu vn v chi ph vn.
Cng ty ang c k hoch gim t l n sau khi a dng ha hot ng kinh doanh.
Phng qun tr ti chnh ca cng ty ang tho lun v tc ng ca a dng ha ln vn ch s hu. Mc d cc bn u
ng rng h s tng quan gia t sut li nhun ca cng ty v t sut li nhun ca th trng tham chiu s gim trong tng lai
bn t vn ti chnh tin rng th trng s nh gi 3% ri ro tng thm ln chi ph vn ca cng ty do cng ty thm nhp th trng
quc t. Hy tinh :
a. Ph vn ch s hu trc v sau khi a dng ha th trng, v vi gi thit c/khng v ph ri ro gia tng v tho lun v cc
gi thit ny
b. Tnh chi ph vn bnh qun (WACC) vi gi thit/khng c gi thit v ri ro tng thm do a dng ha th trng. Phn tch
nguyn nhn thay i ca WACC trc v sau a dng ha
Gi thit K hiu Trc khi a dng ha Sau khi a dng ha
H s tng quan gia cng ty v th trng jm 0.88 0.76
lch chun ca cng ty j 28.0% 26.0%
lch chun ca th trng m 18.0% 18.0%
Li sut khng ri ro krf 3.0% 3.0%
Chi ph ri ro gia tng do thm nhp th trng quc t RPM 0.0% 3.0%
Li sut vn vay ca cng ty kd 7.2% 7.0%
Chi ph ri ro gia tng so vi th trng km-krf 5.5% 5.5%
Thu sut t 35.0% 35.0%
T l n D/V 38% 32%
T l vn ch s hu E/V 62% 68%
Bi 1:
c. Ngoi ra, sau khi a dng ha, thu sut cng ty gim t 35% xung 32%. Tnh v phn tch nh hng
ca thay i thu sut ln chi ph vn bnh qun.
Stevenson_Kwo l tp on M ang xem xt nh hng ca s a dng ha th trng n c cu vn v chi ph vn.
Phng qun tr ti chnh ca cng ty ang tho lun v tc ng ca a dng ha ln vn ch s hu. Mc d cc bn u
ng rng h s tng quan gia t sut li nhun ca cng ty v t sut li nhun ca th trng tham chiu s gim trong tng lai
bn t vn ti chnh tin rng th trng s nh gi 3% ri ro tng thm ln chi ph vn ca cng ty do cng ty thm nhp th trng
a. Ph vn ch s hu trc v sau khi a dng ha th trng, v vi gi thit c/khng v ph ri ro gia tng v tho lun v cc
b. Tnh chi ph vn bnh qun (WACC) vi gi thit/khng c gi thit v ri ro tng thm do a dng ha th trng. Phn tch