BaigiangDHHS10 - 1 Company LOGO LOTUS UNIVERSITY ECONOMICS...

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Unformatted text preview: 1 Company LOGO LOTUS UNIVERSITY ECONOMICS & COMMERCE DEPARTMENT 2 N i dung Gi i thi u v l thuy t c c u v n L thuy t v c c u v n t i u L thuy t v l i nhu n ho t ng rng L thuy t M&M v c c u v n cng ty BI 10: CC L THUY T V C C U V N C A CNG TY 3 C C U V N C c u v n l quan h v t tr ng gi a n v v n ch s h u bao g m v n c ph n u i v v n c ph n th ng Li u cng ty no c th tc ng n gi tr v chi ph s d ng v n c a n b ng cch thay i ngu n v n hay khng? 4 Gi s s thay i c c u ngu n v n x y l do cng ty pht hnh ch ng khan n mua l i c ph n th ng ho c pht hnh c ph n th ng mua l i n Gi nh: L i nhu n cng ty c t c tng tr ng b ng 0 v cng ty chi tan b l i nhu n ki m c cho c ng d i hnh th c c t c Th tr ng ti chnh l th tr ng han h o C C U V N 5 M t s ch tiu l i nhu n k = I /D = d li vay hng nm Gi tr th tr ng c a n vay k = E /S = l i nhu n cho c ng th ng Gi tr th tr ng c a c phi u k = O/V = e l i nhu n ho t ng rng Gi tr th tr ng c a cng ty K li su t c a n vay K0: Su t sinh l i c a cng ty d K e: su t sinh l i v n CP C C U V N 6 L THUY T V C C U V N T I U L thuy t ny cho r ng c m t c c u v n t i u ban qu n tr cng ty c th gia tng gi tr c a cng ty b ng cch s d ng n b y ti chnh ph h p Chi ph s d ng v n ph thu c vo c c u v n c a cng ty C m t c c u v n t i u C c u v n t i u L s k t h p gi a n , c phi u u i v c phi u th ng trong t ng ngu n v n cng ty theo m c tiu ra 7...
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BaigiangDHHS10 - 1 Company LOGO LOTUS UNIVERSITY ECONOMICS...

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