This document provides an overview of the course content for Corporate Finance. It includes 10 chapters covering topics such as forms of business organization, financial statements, time value of money, investment appraisal techniques like NPV and IRR, bond valuation, stock valuation, and risk and return. It also provides examples of calculations for discounted cash flow, bond valuation, stock valuation, and risk measures. The final part consists of 10 true/false questions testing understanding of key concepts.
This document provides an overview of the course content for Corporate Finance. It includes 10 chapters covering topics such as forms of business organization, financial statements, time value of money, investment appraisal techniques like NPV and IRR, bond valuation, stock valuation, and risk and return. It also provides examples of calculations for discounted cash flow, bond valuation, stock valuation, and risk measures. The final part consists of 10 true/false questions testing understanding of key concepts.
This document provides an overview of the course content for Corporate Finance. It includes 10 chapters covering topics such as forms of business organization, financial statements, time value of money, investment appraisal techniques like NPV and IRR, bond valuation, stock valuation, and risk and return. It also provides examples of calculations for discounted cash flow, bond valuation, stock valuation, and risk measures. The final part consists of 10 true/false questions testing understanding of key concepts.
This document provides an overview of the course content for Corporate Finance. It includes 10 chapters covering topics such as forms of business organization, financial statements, time value of money, investment appraisal techniques like NPV and IRR, bond valuation, stock valuation, and risk and return. It also provides examples of calculations for discounted cash flow, bond valuation, stock valuation, and risk measures. The final part consists of 10 true/false questions testing understanding of key concepts.
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ÔN TẬP CUỐI KỲ MÔN CORPORATE FINANCE
A. LÝ THUYẾT (4 ĐIỂM) MCQ & TRUE/FALSE WITH EXPLANATION B. EXERCISES (6 ĐIỂM) - TIME VALUE OF MONEY - INVESTMENT APPRAISAL - RISK AND RETURN Chapter 1: Introduction to CF - MCQ, statement T/F + Form of business organization: Hình thức pháp lý của từng loại hình doanh nghiệp - Sole trader/entrepreneur/Private company: one person, unlimited liabilities, borrow money from banks, no bond issuance, no stock issuance. - Partnership: công ty hợp danh, thành viên hợp danh & thành viên góp vốn. - Limited liability company - Corporation: charter capital, share, shareholders = owners/equity, limited liability, issue bonds, issue stocks + Corporate finance: cash flows, financial managers, financial decisions + Financial management: make financial decisions in an effective manner + Financial decisions: Investment, Financing, Dividend => Long-term decisions + Financial management’s goal: Not maximize profit. Maximize shareholders’ wealth through maximize market share price for shareholders. Tại sao không phải là profit mà lại là giá cổ phiếu? - Profit là chỉ tiêu accounting, nhược điểm là gì? Profits can also be affected by accounting methods so that businesses can avoid taxes and record unrelated costs to increase profits. - Shareholders nhận được dòng lợi ích gì từ việc nắm giữ cổ phiếu, dẫn đến final goal of FM phải là maximize share price. Shareholders’ wealth maximization aligns the interests of managers with those of shareholders, as managers are also shareholders or employees who share in the profits or losses of the firm. This creates a sense of responsibility and accountability among managers to act in the best interest of shareholders. + Agency problem: vì sao trong công ty cổ phần xuất hiện vấn đề đại diện. Agent >< Principal. Agency costs. The structure of a joint stock company is that shareholders hire or authorize directors to run the company, thereby creating a conflict of interest between the two parties. Solutions to mitigate agency problem: corporate governance, increasing debt ratio, compensation scheme package for managers to enhance engagement of managers. Chapter 2: Financial Statement and Financial Models - MCQ & T/F + Financial Statements: Balance Sheet, Income Statement, Cash flow statement. Structure, Items, Relation among these statements. + Balance Sheet shows financial position of a company at a particular date (thời điểm). Assets = Liabilties + Shareholders’ Equity. Order of Balance Sheet: In the asset side, arrange asset items according to its liquidity (ability to transfer this asset into cash), current assets and non-current assets. - Current assets: Cash & Equivalent; Account Receivables; Inventories; Short-term investment; other current assets. - Non-current assets: Fixed-assets, Depreciation, Long-term investment, other non-current assets - Net Working Capital = Current assets – Current Liabilities =0, >0, <0 + Income Statement: shows business result/performance of a company after a period of time (thời kỳ) - Revenue - Expenses: Fixed cost vs. Variable cost; Product costs vs. Period costs - Raw material: variable cost, product cost - Advertising cost: Fixed cost, period cost - EBIT, EBT, NI - Tax calculation: range income, flat tax rate + Cash flow statements: shows cash inflow and outflow of a company after a period time (thời kỳ) - Gắn liền với 3 nhóm hoạt động: Operating, Investing, Financing - Operating cash flow - Cash flow of a firm, Cash flow to debtholders, Cash flow to shareholders Chapter 3: Discounted Cash Flow Exercise Giá trị tương lai, giá trị hiện tại của 1 khoản tiền, 1 dòng tiền You are considering renting a new office for your company. The first choice: pay 20 million VND in a period of 6 years. The first payment occurs at the beginning of the renting period.
The second choice: you have to pay 30 million immediately, at the end of each year pays 15 million VND in 6 years. PV (the first choice) = 20*(1-(1+12%)^-6)/12%*(1+12%) = 20 + 20*(1-(1+12%)^-5)/12% PV (the second choice) = 30 + 15*(1-(1+12%)^-6)/12% Choose the lower PV Giá trị tương lai: Ghép các cơ hội đầu tư Trái phiếu + Gửi tiết kiệm Gửi tiết kiệm + Rút tiền ra chi tiêu Thay đổi về lãi suất chiết khấu, thay đổi thời gian gửi tiền, thay đổi số tiền thì FV, PV thay đổi thế nào? FV = A*(1+r)^n Quy đổi lãi suất + Cho lãi suất công bố và kỳ tính lãi < 1 năm EAR + Cho lãi suất theo kỳ, quy đổi thành lãi suất theo năm Lập kế hoạch trả nợ (Payment Schedule) + Mua 1 dây chuyền máy móc có nguyên giá 1 tỷ đồng. Vay của NH BIDV trong vòng 5 năm, lãi suất 10%/năm. Trả đều đặn hàng năm 1 số tiền là A vào cuối mỗi năm. Xác định A và lập KH trả nợ cho công ty.
0 1 2 3 4 5 Vay 1 tỷ A A A A A
1 = A* (1-(1+10%)^-5)/10% => A = 0.2638 tỷ = 263.8 triệu đồng
Tiền lãi phải trả = tính trước, tính trên dư nợ gốc đầu kỳ Tiền vốn gốc trả = A – tiền lãi Năm 1, tiền lãi = 1000*10% = 100 triệu Tiền vốn gốc = 263.8 – 100 = 163.8 triệu Năm 2, tiền lãi = (1000 – 163.8) *10% Lưu ý: - Luôn dùng timeline - Xác định xem dòng tiền đầu/cuối kỳ, trong bao lâu - Tìm PV hay FV hay kết hợp các giai đoạn - Lãi suất phải là lãi suất hiệu dụng - Tác động của lạm phát: (1+lãi suất DN) = (1+lãi suất thực)*(1+tỷ lệ lạm phát) Chapter 4: Investment Appraisal - Tính các chỉ tiêu đánh giá hiệu quả dự án đầu tư - NPV, IRR - Nhược điểm của NPV, IRR, mâu thuẫn giữa 2 chỉ tiêu - Cho sẵn thông số dự án, sử dụng công thức để xác định NPV, IRR Xác định khấu hao TSCĐ Investment in fixed assets = 25 billion VND, useful life = 5 years Project life span = 4 years Depreciation method: double declining and adjusted in the last two years. Salvage value = X Straight line method: 25/5 = 5 Rate = 1/5*2 = 40% Year 1: 25*40% = 10 Year 2: 15*40%=6 Year 3: 9*40% = 3.6 Year 4 = Year 5 = 5.4/2 = 2.7 Thông tư 45/BTC-2014 về quản lý, sử dụng và trích KH TSCĐ Chapter 5: Bond Valuation - Tương quan giữa lãi suất thị trường với giá trái phiếu - Rủi ro lãi suất, rủi ro kỳ hạn - Tính YTM, tính thời gian đáo hạn, lưu ý trường hợp semi, trái phiếu đã lưu hành được 1 thời gian. Chapter 6: Stock Valuation - Xác định dollar return, percentage return - Xác định return for a holding period - Định giá theo các giai đoạn - Bài tập tính ngược tỷ lệ tăng trưởng hoặc Re - Công thức xác định g, EV, leading P/E, trailing P/E + has just paid 3.6$ annual dividend. G = 5%. Re = 15%. Po = 3.6*(1+5%)/(15%-5%) = 37.8 +
0 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
=3.6*(1+5%)/4 = 0.945 0.945 0.945 0.945 3.6 Reinvested at rate r Reinvested at rate r Reinvested at rate Reinvested at rate r r
Đầu tư dòng cổ tức theo năm và theo quý:
FV = D0 (year)*(1+15%) FV = D0 (quarter)*(1+r)^4 R = (1+15%)^(1/4) – 1 = 3.56% D1 = 0.945*(1+3.56%)^3 + 0.945*(1+3.56%)^2 + 0.945 *(1+3.56%) + 0.945 = 3.987 Po = 3.987/(15% - 5%) = 39.97 Chapter 7: Risk and Return - Cho từng cổ phiếu có sẵn expected return, std., danh mục có tỷ trọng, correlation - Cho economy state, prob. Return của từng cổ phiếu - Cov (A,B) = stdA.stdB.corr(A,B) - Cov (A,B) = tổng (xác suất các tình huống*(return A – E(A))*(return B – E(B)) - Bài toán ngược để xác định tỷ trọng vốn đầu tư vào từng cổ phiếu - Rủi ro hệ thống, phi hệ thống Question: T/F 1. Which can be owned by only one person? Sole proprietorships 2. The financial statement showing a firm’s accounting on a specific date is: balance sheet 3. If the interest rate increases, your value after a period of time will increase 4. PI is the ratio between NPV and the initial investment. 5. Company X issued a bond with a face value of $1,000 and a coupon rate of 6%, a semiannual payment. The bond will mature in 15 years. The bond is sold at par. The YTM of this bond is 6% 6. The primary goal of a financial manager should be to maximize the value of shares issued to new investors in the corporation. False, the primary goal of a financial manager is typically to maximize the value of the existing shareholders’ equity, also known as shareholder wealth maximization. 7. An investment with a short payback period is almost certain to have a positive NPV. False, an investment could have a short payback period because it generates high cash flows in the early years, but if those cash flows decline rapidly thereafter, the NPV could still be negative. Conversely, an investment with a long payback period could have a high NPV if it generates substantial cash flows in the later years. 8. Unsystematic risk is the risk that cannot be eliminated through diversification. 9. A company’s change in Net Working Capital could be negative in a given year 10. A firm short of cash might well give greater emphasis to the payback period in evaluating a project: True, because payback period is the length of time required for accumulate cash flows produced by an investment to recover the original cash outlay. So, if the firm short of cash will easier having shorter payback period, so they will give greater emphasis to it. 11. Agency problems exist in sole proprietorships and/or partnerships: False. Agency problems happened when the principal hire an agent to represent for his/her interest. In sole proprietorships and partnerships, the owners of the firm are also the manager, and they don’t have to hire an agent to manage the firm for them. So, there agency problem won’t exist. This problem is more common in corporation. 12. A coupon bond is sold at a discount must have yield to maturity smaller than the coupon rate : False. When a coupon bond is sold at a discount, which means the price market of that bond is lower than the par value, which will lead to the yield to maturity will larger than the coupon rate, 1 1− t based on the function: bond value = C x [ (1+r ) FV ¿+ t r (1+ r) 13. The dividend discount model is the best method to value a high growth company that pays no dividends: False, The DDM is a valuation method that estimates the value of a stock by forecasting dividends for the life of the stock, discounting them back to present value. However, it’s based on the assumption that a company pays dividends.
