NHOM 1_TF3.TT Chung Khoan Phai Sinh

8/3/2019 NHOM 1_TF3.TT Chung Khoan Phai Sinh

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BI THUYT TRNH


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GVDH: TS. THN TH THU THY

NHM THC HIN TF

1. Nguyn Th Hng Giang 3

2. Nguyn Th Tn Lin 3

3. H ng Khim 3

4. Nguyn Th Tha 4

5. Nguyn Hong Tuyn 4


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Khi nim, c im, li im

nh gi

1. Quyn u tin

mua c phn(Right)

Khi nim, phn loi, c im,gi tr, mc ch

nh gi

2. Chng quyn(Warrant)

Ging nhau Khc nhau

3. So snh Right &Warrant


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1.1. KHI NIMKHI NIM

Quyn mua c phn l loi chng khon do

cng ty c phn pht hnh km theo t phthnh c phiu b sung nhm bo m cho cng hin hu quyn mua c phiu mi theonhng iu kin c xc nh.

Theo Khon 5 iu 6 Lut Chng khon 2006


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2. c im2. c im

Dnh cho c ng hin hu

Cng c ngn hn & c th chuyn nhng

Gi trn quyn < gi th trng ca c phiu

1 c phn hin hnh : 1 quyn.

S lng quyn mua 1 c phn mi thay i ty theo t

pht hnh


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Cn bao nhiu quyn mua mt c phn mi?

S lng quyn cn mua 1 c phn mi = s lng c phn c

ang lu hnh / s lng c phn mi.

Trong :

s lng c phn mi = mc vn cn huy ng / gi ng k mua.


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VD: Cng ty A

5 triu CP ang lu hnh

1 CP : 1 quyn=> c 5 triu quyn mua c pht hnh

Pht hnh thm 1 triu CP.=> 5 quyn mua s c mua 1 CP mi.


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3. Li im3. Li im

i vic ng

i vicng ty


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3. Li im3. Li ima. i vi c ng

Tip tc duy tr t l s hu v bo v quyn kim sot ca

c ng hin hu

Trnh s mt gi c phn => gy thit thi cho c ng

hin hu, em li cho ngi mua c phn mi


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3. Li im3. Li imb. i vi cng ty

Hn ch s pha long quyn kim sot ca cng ty

Chi ph pht hnh quyn s < chi ph pht hnh c phiuthng

C phiu mi c chp nhn 1 cch d dng hn

gii hn bin t mua chu thp l 1 hnh thc tch c phn gin tip => gi gim => d bn

hn

huy ng vn nhanh chng, tng vn u t.


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44.. THC HIN QUYN MUA NH TH NO?THC HIN QUYN MUA NH TH NO?


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TH TC THC HINTH TC THC HIN

ng k cho yBan CKNN

Thng bo choc ng

C

NGHINHU Khng K cho

y Ban CKNN

Gi CP b sung> th gi

BNTH BA


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5. nh gi5. nh gi

gi tr quyn

thi hn cn li ca quyn

xu hng bin ng v th gi ca c phiu n nh

trong Rights.

a. Nhng yu t tc ng n gi tr ca quyn mua trc

Gi quyn c th ln xung trong khong thi gian cho

bn, tu thuc bin ng gi th trng ca c phiu


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5. nh gi5. nh gib. Gi tr l thuyt ca quyn mua trc

Gi

Q: l gi tr ca quyn mua trc.

G: l gi tr ca mt c phiu c.

g : l gi pht hnh ca mt c phiu mi.

n : l s c phiu c.

m: s c phiu mi pht hnh.


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Gi th trng ca n c phiu c: n x G

Gi pht hnh ca m c phiu mi : m x g

Gi trung bnh ca 1 c phiu (sau khi tng vn)


Khon chnh lch gia gi trung bnh v gi pht hnh cho mc phiu mi


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Vy gi tr l thuyt ca 1 quyn mua trc l:

Suy ra



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Cng thc:



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v d

vn iu l 70 t ng (7 triu c phiu, mnh gi 10.000,gi th trng 50.000)

tng thm vn 30 t ng bng cch pht hnh 3 triu c

phiu mi vi mnh gi 10.000, gi bn mi c phiu mi l20.000 cho c ng c

5. nh gi5. nh gi

Gi tr quyn mua trc?


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Trng hp c bit:

cng ty thng cho c ng (g = 0)

c ng khng c quyn mua trc

Q = 0

5. nh gi5. nh gi


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1.1. KHI NIMKHI NIMChng quyn l mt loi chng khon c

pht hnh cng vi vic pht hnh tri phiu

hoc c phiu u i, cho php ngi s huchng khon c quyn mua mt s lng cphiu theo mc gi xc nh trc trong mtthi gian nht nh.

Theo Khon 5 iu 6 Lut Chng khon 2006


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Warrants & OptionsWarrants & OptionsCng c ti chnh cho php ngi nm gi n c quynmua (call warrant) mt chng khon (c phiu, tin t, ch sth trng) ti mt mc gi trc vo mt thi im cnh trc.

Warrants

Khng bn khng pht hnh v m

bo bi cng ty Thi gian hiu lc

hng nm

Options

C th bn khng khng c pht

hnh bi cng ty Thi gian hiu lc

vi thng


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2. Phn loi2. Phn loi

Truyn thng

km Tri phiu Mua c phiu ca chnh cng ty pht hnh tri phiu

Chng quyn khng c Tri phiu i km

khng km Tri phiu thng c pht hnh bi ngn hng hay cc cng ty

Chng khon

Chng quyn do Chnh ph pht hnh (sec)


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Tng tnh hp dn ca tri phiu v c phiu u i

Cng c di hn v c th chuyn nhng T l mua c phiu ph thng thng l 1:1

Gi xc nh trn chng quyn thng cao hn gi trn

th trngGi c nh

Gi tng ln nh k

3. c im3. c im


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4. Gi tr chng quyn4. Gi tr chng quyna. Gi tr ni ti

Th gi chng khon - gi mua chng khon xc nh trn chng quyn

V d: chng quyn cho php mua 10 c phiu ti mc gi 10$, gi

tr th trng ca c phiu hin ti l 25$

Gi tr ni ti: 10*15$= 150$.

b. Gi tr thi gian

Gi Warrants gi tr ni ti

=> Gim dn khi chng quyn tin dn n ht hn


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4. Gi tr chng quyn4. Gi tr chng quynV d

Chng quyn XYZ bn gi l 17.5$ cho php mua 1 c

phiu XYZ vi gi ng k l 10$

Gi c phiu trn th trng l 25$.

Gi tr ni ti = 25$25$ -- 10$ = 15$10$ = 15$

Gi tr thi gian = 17.5$17.5$ -- 15$ = 2.5$15$ = 2.5$


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5. Mc ch5. Mc ch

Mt s li ch khc ca chng quyn:

Bo v danh mc u t

Hng chi ph thp Cn bng n

Cho bn ln u tri phiu hoc c

phiu u i c hp dn hn


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5. Mc ch5. Mc ch

T l n by n(Gearing or leverate)

Bn phi s dng n nhiu hn bao nhiu khi so snh

vi vic nu bn mua c phiu trn th trng t do?


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6. nh gi6. nh gi

Gi

m s lng warrant cng ty pht hnh

Wt gi tr ca warrant

Vt Th gi ca cng ty

n S c phiu pht hnh

q t l c phiu ca ch warrant trong tng s c phiu ca cngty sau khi thc hin quyn, q=m/(m+n)

K Gi mua c phiu ca warrant


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6. nh gi Warrants khng km tri phiu6. nh gi Warrants khng km tri phiu

Thc hin Warrant khi: th gi l thuyt ca c phiu sau

khi thc hin quyn ln hn gi mua c phiu ca warrant (K)

Khng thc hin quyn


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Gi tr 1 Warrant

Gi tr ca cc Warrant pht hnh

6. nh gi Warrants khng km tri phiu6. nh gi Warrants khng km tri phiu


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Wt gi tr ca warrant

q t l c phiu ca ch warrant trong tng s c phiu ca

cng ty sau khi thc hin quyn, q=m/(m+n)

Vt Th gi ca cng ty

n S c phiu pht hnh

K Gi mua c phiu ca warrant

66

. nh giW

arrants khng km tri phiu. nh giW

arrants khng km tri phiu


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S lng c phiu n=100, cng ty pht hnh warrant m=50, gi mua c

phiu ca warrant K= 120$ /cp

n ngy o hn, th gi 150 $/cp.

S tin nhn c t vic pht hnh thm: 50 x 120 = 6.000 $

Gi tr cng ty = 150*100+ 50*120 = 21.000.

Th gi sau khi thc hin quyn 21.000 $/150cp = 140 $ /cp

Li nhun cho ch warrant s l: 50 x (140-120) = 1.000$ngha l c 20 $/ warrant

66. nh gi Warrants khng km tri phiu. nh gi Warrants khng km tri phiu


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Theo cng thc nh gi:

50*Wt = 50/(100+50)* max(0, 15.000 100*120)

Gi tr ca 1 Warrant l:

Wt = 20 $/warrant

66. nh gi Warrants khng km tri phiu. nh gi Warrants khng km tri phiu


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7. nh gi chng quyn km tri phiu7. nh gi chng quyn km tri phiu


Wt gi tr ca warrant

q t l c phiu ca ch warrant trong tng s c phiu ca cng

ty sau khi thc hin quyn, q=m/(m+n)

Vt Th gi ca cng ty n S c phiu pht hnh

K Gi mua c phiu ghi trn warrant

F mnh gi tri phiu


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Ging nhauGing nhau Gi tr gm hai phn:

Ga tr ni ti

Gi tr thi gian

Gi c phiu trn cc quyn l c nh hoc tng i c

nh

Gi c quyn bin i theo gi c phiu ph thng

u c th bn, thc hin hoc ht hn


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Ch tiu RIGHTS WARRANTS

i tng C phiu ph thng Tri phiu hoc c phiu u i

Mc ch -C ng c gi c t lnm gi trong cng ty

-Gip cho cng ty huy ng

vn nhanh chng

-Khuyn khch cc nh u t timnng tr thnh c ng

-Tng tnh hp dn ca tri phiu

v c phiu u i

Thi hn Ngn, ch vi tun Di hn, t 5-10 nm hoc vnh

vin

Gi thc hin Thp hn gi th trng Cao hn gi th trng

Khc nhauKhc nhau


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NHOM 1_TF3.TT Chung Khoan Phai Sinh