Session 1:

Session 3: Các nhóm tỷ số tài chính:

Corporate Finance addresses the following three questions:
Tỷ số đo lường thanh khoản (tập trung vào TS
1. What long-term investments should the firm choose?(Capital Budget) và nợ NHạn, 12 tháng)
(0 nên quá cao, quá thấp)
2. How should the firm raise funds for the selected investments? (Capital Structure)
3. How should short-term assets be managed and financed? (NWC) So sánh CR và QR để biết hàng tồn

Form of business organization:

Nhà NCC tính dung quan tâm (vd: ngân hàng)
The sole Proprietorship: The cheapest business to form. No corporate income taxes.
Unlimited liability for business debts and obligations. The life of the proprietor limits the life Nghĩa vụ dài hạn, đòn bẩy tài chính
of a sole proprietorship company. The equity money is limited to the proprietor’s wealth.
Tỷ số nợ: 1 đồng TS có… đồng nợ
EBITDA: thu nhập trc thuế, lãi vay, hao mòn The Partnership: Inexpensive and easy to form. (require written document, business).
General partners have unlimited liability for all debts. The general partnership is terminated
EBT = EBIT – INT when a general partner dies or withdraws. Be difficult for a partnership to raise a large =1+TD/TE Tỷ số đòn bẩy
amount of cash. Income from a partnership is taxed as personal income to the partners. Tỷ số khả năng thanh toán lãi vay
Tỷ lệ chi trả cổ tức = Cổ tức chi trả / NI Management control resides with the general partners. General Partnership: Each partner is (1 đồng lãi vay đc đảm bảo =… đồng thu nhập
Thuế = EBT*t
liable for all of the debts of the partnership. General partners have full operational control of a
Tỷ số đảm bảo tiền mặt
business and unlimited liability. Limited Partnership: Permit the liability of some of the
NI = EBT- Thuế partners to be limited to the amount of cash each has contributed to the partnership. Limited Coi doanh nghiệp sử dung tài sản hiệu
partners have less liability and do not take part in day-to-day business operations. quả thế nào trong vc tạo ra doanh thu
Vòng quay hàng tồn
The Corporation:
The corporation is the most important form of Business. It is a distinct legal entity: Name of
the corporation. May be forever. Business purposes. Number of shares authorized to issue.
Nature of the rights granted to shareholders. Number of members of the intitial board of
Vòng quay KP thu
directors.
The Goal of Financial Management: POSSIBLE GOALS: Maximize profit, The internal growth rate tells us how
market share, shareholder wealth, Minimize costs much the firm can grow assets using
retained earnings as the only source of
Agency relationship: Principal hires an agent to represent his/her interest,
financing.
Stockholders (principals) hire managers (agents) to run the company
The sustainable growth rate tells us
Agency problem: Conflict of interest between principal and agent how much the firm can grow by using
Managerial compensation: Incentives can be used to align management and stockholder internally generated funds and issuing
interests. The incentives need to be structured carefully to make sure that they achieve their Tỷ số khả năng sinh lợi debt to maintain a constant debt ratio
intended goal.
Corporate control The threat of a takeover may result in better management.
Session 2:
Balance Sheet (snap shot accounting value IC(financial performance Period time) b: tỷ lệ lợi nhuận giữ lại
Specific time) Net income: dividend, retained earning
b= retained earning/ Net income
Assets = Liability + Equity
GAAP: Revenue is recognized on income
Current/ Short/long-term statement when earning process is virtually
Tính thanh
=PM*TAT* EM = ROA*EM
completed, and an exchange of goods has
Non current khoản: dễ bán,
occurred.
Sắp xếp tt tính tk giảm dần giữ giá Non cash items: Depreciation, deffered tax Tỷ số GT Thị Trường (1-4 tất cả DN, 5 cty cổ phần)
Cash Flow: CF(A) = CF(B) +CF(S) Time and cost: In the short-run, certain
equipment, resources, and commitments of Balance Sheet:
= OCF – Capex – del(NWC)
the firm are fixed, but the firm can vary Initially assume all assets, including
OCF: dòng tiền từ hđ kinh doanh such inputs as labor and raw materials. In fixed, vary directly with sales.
+ Có thuế: OCF= EBIT+Khấu hao-thuế the long-run, all inputs of production (and Accounts payable also normally vary
+0 thuế: NI + khấu hao hence costs) are variable. directly with sales.
Capex (capital expenditure)= GT tài sản Tax: Marginal – the percentage paid on Notes payable, long-term debt, and
(cuối – đầu kỳ)+khấu hao the next dollar earned. Average = the tax equity generally do not vary with sales
del(NWC) = OCF - CF(A) – Capex bill / taxable income because they depend on management
Income Statement:
CF(B) = lãi vay đã trả- Vay mới ròng (Nợ dài Net Working Capital ≡ Current Assets – decisions about capital structure.
hạn (cuối – đầu kỳ)) Costs may vary directly with sales - if this is
Current Liabilities The change in the retained earnings
CF(S) = Cổ tức đã trả- huy động VCP mới ròng = GT cổ phiếu phát hành mới – GT cổ phiếu the case, then the profit margin is constant
portion of equity will come from the
đc mua lại Net Income, Depreciation, Deferred Taxes, Changes in Assets and Depreciation and interest expense may not
CF from Operations: dividend decision.
vary directly with sales – if this is the case,
Liabilities, Accounts Receivable, Inventories, Accounts Payable, Accrued Expenses. CF from External Financing Needed (EFN):
then the profit margin is not constant
The difference between the forecasted
Investment: Changes in capital assets: acquisition of fixed assets, Sales of fixed assets (i.e., net Dividends are a management decision and
increase in assets and the forecasted
capital expenditures). CF from Financing: Retirement of debt (includes notes), Proceeds from generally do not vary directly with sales –
increase in liabilities and equity
long-term debt sales, Dividends, Repurchase of stock, Proceeds from new stock issue this affects additions to retained earnings
 D. IRR (NPV=0) (3 Problems: Multiple IRRs, timing and scale.

outstanding shares
(EVR+ EBITDA)/ the number of
the number of outstanding shares =
• Enterprise Value Ratios= Price = Ev/
P/E*EPS
• Price-to-Earnings (P/E).=> Price =
+ Common multiples include:
companies based primarily on multiples.
+ Comparables are used to value
Session 4.1:
Multi period: FV= PV*(1+r)^T (bài tập sẽ cho tính từng thành phần)
=0 => Tính IRR
Compounding period: FV= PV*(1+r/m)^(T*m)
Continuous Compounding: FV = C0×erT
E. Profitability index
Total PV of Future Cash Flow s Minimum Acceptance Criteria:
PI =
Initial Investent Accept if PI > 1
Session 5.1: Stock Market: Bond -> Interest, Stock -> Dividend
Perpetuity: A constant Growing perpetuity: A stream
stream of cash flows BONDS AND BOND VALUATION
of cash flows that grows at a
that lasts forever constant rate forever A bond is a legally binding agreement between a borrower and a lender that specifies the:Par

• Limit Sell can only be executed at a limited price or higher

• Limit Buy can only be executed at a limited price or lower
• The order will be executed only if trade can be made at a limited price or better
• You specify ticker, quantity, and price
Limit orders (LO):
• Market sell will be executed at the highest bid
• The market buy will be executed at the lowest ask
• Immediate execution at the best available price
• You specify ticker and quantity
Market orders (MO):
(face) value (Mệnh giá), coupon rate (Trái tức), coupon payment
maturity date (Thời gian đáo hạn). The yield to maturity (YTM) is the required market
interest rate on the bond. Coupon rate = coupon payment/interest
Evaluation: Value of financial securities = PV of expected future cash flows
Annuity: A stream of Growing annuity: A streamBond value is, therefore, determined by the present value of the coupon payments and par
constant cash flows of cash flows that grows at value. Interest rates are inversely related to present (i.e., bond) values.
that lasts for a fixed a constant rate for a fixed
number of periods number of periods where:
C: annual payment = Parvalue*%
Dòng tiền: cuối kỳ: PV k đổi, FV -1
F: Principal value = Par value
Bond: + F/(1+r)^T đầu kỳ: PV -1, FV k đổi
r Discounted interest rate =required yield
Session 4.2: Chú ý: Nếu là semi (nửa năm thì là r/2, T*2)
A. NPV Bond prices and market interest rates move in opposite directions. When coupon rate =
YTM, Price = Par value. When coupon rate > YTM, Price > Par value (Premium bond)
When coupon rate <YTM, Price < Par value (Discount bond)
Sẽ có bài kêu tính ngược lại bài ở trên, YTM = r, thế số vô để tìm YTM
B. Pay back period
!"## Zero Coupon Bonds Make no periodic interest payments • The entire yield to maturity comes
0 -2100 -2100 Pay back period= 1 + = 1.57 from the difference between the purchase price and the par value. Cannot sell for more than
$#%#
1 1500 -600 Lấy số lúc dòng tiền chuyển từ âm sang dương the par value. Called zeroes, deep discount bonds, or original issue discount bonds (OIDs).
Treasury Bills and principal-only Treasury strips are good examples of zeroes.
2 1050 450 Real versus Nominal Rates: (1 + R) = (1 + I)(1 + h); where R = nominal rate; r = real
rate; h = expected inflation rate. Approximation R=r+h (Fissher effect)
3 450 900

than expected.
and the execution price is much different
Risk: Price suddenly plummets or rises
executed at the best available price.
the order becomes a market order to be
° If the stop price is reached or passed,
activation point.
The "stop price" is the trigger or
Stop Orders
Session 5.2 Valuation different types of stocks:
C. Discounted Pay back period
- Zero Growth (Assume that the devidends will remain at the same level forever)
- Constant Growth (Assume that the devidends will grow at a constant rate r>g)
0 -2100 -2100 -2100
Discounted Pay back period- Differential Growth (Assume that the devidends will grow at a different rate in a foreseeable
1 1500 A=1500/(1+10%) D=-2100+A !&$##'(
=1+ = … future and then will growth at the constant grade therefore)
)
2 1050 B=1500/(1+10%) E=D+B g: dividend growth rate (TL tăng trưởng cổ tức) = Retention Ratio (TLThu Nhập Giữ Lại) X ROE

3 450 C=1500/(1+10%) F=C+E