Xác định cơ cấu vốn tối ưu cho nhóm công ty thuộc ngành thép trên sàn giao dịch chứng khoán thành phố hồ chí minh trong giai đoạn 2010 2014

102 260 2
Xác định cơ cấu vốn tối ưu cho nhóm công ty thuộc ngành thép trên sàn giao dịch chứng khoán thành phố hồ chí minh trong giai đoạn 2010   2014

Đang tải... (xem toàn văn)

Tài liệu hạn chế xem trước, để xem đầy đủ mời bạn chọn Tải xuống

Thông tin tài liệu

i v vi vii ix .1 .1 tế H uế .3 ại họ cK in h 3.2 P 4.1 Ph 4.2 4.3 Đ .4 .5 1.1 .5 1.1.2 K .6 ờ i k ô ổi (Trade – off Theory) 1.2.2 11 13 k .13 1.4.1.1 .15 .17 1.4.2.1 .17 18 .19 19 tế H uế 1.5.1 Chi ph f 19 1.5.1.3 M) 20 21 ại họ cK in h 22 24 26 2.1 ổ ổ 26 ô 28 28 29 Đ 2.2.1.1 k 30 2.2.1.3 ổ 31 2.2.1.4 E) 32 2.2.1.5 .34 k 2.2.3 2.2.3.1 .35 40 .40 2.2.3.2 EPS 42 ii 2.2.3.3 ROE 43 ô – 2014 46 2.3 HOSE 46 46 48 .50 50 51 tế H uế .51 ổ p .52 55 k 57 57 ại họ cK in h k 3.2 ổ ô 58 59 3.2.2 EBIT .60 k 62 64 .64 Đ 65 65 66 66 67 68 70 70 k 72 .72 iii k ổ 73 .75 77 79 80 80 k ổ 83 .86 ROE .88 tế H uế .91 POM 91 92 Đ ại họ cK in h iv BCTC CAPM ô DN k HOSE k HTK tế H uế ICR TNDN TPP ại họ cK in h S Đ TTS ổ VCSH Đ WTO v ổ S : : ờ ô Đ Đ k ô .9 k k .10 ổ 11 - 2014 27 ô – tế H uế 2.2: G .37 2014 ô Đ ại họ cK in h - 2014 39 vi 50 ổ 23 ô – 2014 29 k ô – 2014 31 ổ ô – 2014 32 ổ ô ô – 2014 .33 tế H uế - 2014 34 ô – 2014 35 .36 ô ô ại họ cK in h 2010 – 2014 .43 Đ ô k ô - 2014 41 - 2014 .44 - 2014 45 - 2013 45 ô - 2014 46 47 48 .50 - 2014 .51 ô - 2014 51 53 54 vii 54 ổ ô 55 – ô ô 57 58 58 k k M = % M = 30% (HSG – 2010) .59 k 549.046.567.737 (HSG - = tế H uế k = 61 – 2014 ại họ cK in h 62 Đ ổ viii 64 ô k – ô ô k ô k ổ ổ Aswath Damodara k tế H uế k ô – % % % ổ ại họ cK in h ô ô ô k ô k % k k ô Đ ô ix ổ ô Đ Đ k ô k k tế H uế , ô ại họ cK in h ô , k k ô k k : k ô ổ – k ô ô % ổ ô ty cổ ô ô k ổ ô ô k k ô ô k k Đ Cô M ổ ô % ô – SMC VCSH NH/(D+E) E/(D+E) 874.096.159.937 68.783.245.318 543.182.549.757 58,82% 36,55% 2011 718.021.184.401 43.050.000.000 570.812.668.740 53,91% 42,86% 2012 696.565.282.745 73.668.620.867 583.905.867.815 51,44% 43,12% 2013 1.094.449.659.491 152.645.857.774 568.623.552.508 60,28% 31,32% 2014 2.664.236.412.867 125.653.780.022 576.138.993.383 79,15% 17,12% tế H uế 2010 VCSH NH/(D+E) E/(D+E) 652.762.922.505 15.705.814.240 802.450.111.044 44,38% 54,55% 2011 419.451.910.687 8.456.974.240 736.392.795.711 36,03% 63,25% 2012 2013 426.658.903.678 1.208.134.240 773.431.236.352 35,52% 64,38% 601.875.843.572 962.216.873.778 38,48% 61,52% 894.580.797.981 1.076.234.732.823 45,39% 54,61% Đ 2014 ại họ cK in h 2010 VCSH NH/(D+E) E/(D+E) 2010 528.735.795.232 4.496.208.000 581.401.318.821 47,44% 52,16% 2011 704.196.738.260 523.614.771.454 57,35% 42,65% 2012 1.677.563.900.314 318.515.646.309 658.041.479.090 63,21% 24,79% 2013 1.587.252.687.370 201.828.233.137 631.458.122.290 65,57% 26,09% 2014 1.408.303.688.480 85.140.819.965 653.834.650.154 65,59% 30,45% 79 5.1 ô STT ờ 323.700.172 11.412.372 ổ tế H uế 9.904.096.423 EBIT DOL [7 = (5 + 6)/6] 267.508.324.927 ại họ cK in h u n ổ (1) 2010 681.910.956 5.2 8.887.072.923 1.037 EBIT (2) (3) = [(1)+(2)]/(2) 9.904.096.423 267.508.324.927 1,037 11.208.846.615 252.883.638.295 1,044 2012 24.009.467.913 103.485.615.381 1,232 2013 50.734.932.814 95.449.723.391 1,532 2014 65.341.659.563 73.586.532.274 1,888 Đ 2011 POM (1) EBIT (2) (3) = [(1)+(2)]/(2) 2010 80 241.524.907.387 857.421.208.377 1,282 2011 244.097.944.908 687.858.777.548 1,355 2012 288.008.518.894 305.550.985.200 1,943 2013 336.054.114.562 101.145.692.373 4,322 2014 337.820.566.200 217.798.304.712 2,551 (1) EBIT (2) (3) = [(1)+(2)]/(2) 7.223.131.947 67.193.770.092 1,107 2011 12.805.881.421 72.758.952.545 1,176 2012 11.786.056.870 70.885.864.930 1,166 2013 12.628.565.700 63.036.487.435 1,200 12.378.941.288 37.421.336.062 1,331 ại họ cK in h 2014 (1) 152.071.726.357 Đ 2010 tế H uế 2010 EBIT (2) (3) = [(1)+(2)]/(2) 366.031.045.158 1,415 2011 230.380.618.102 388.118.592.882 1,594 2012 311.737.373.339 688.659.798.633 1,453 2013 338.368.591.160 786.903.098.730 1,430 2014 354.516.590.836 612.708.970.667 1,579 81 (3) EBIT (2) (3) = [(1)+(2)]/(2) 23.759.698.048 135.684.024.792 1,175 2011 37.988.890.821 126.202.130.798 1,301 2012 61.424.722.660 82.167.752.146 1,748 2013 47.463.872.536 61.111.427.022 1,777 2014 58.998.347.114 54.255.864.610 2,087 TLH tế H uế 2010 EBIT (2) (3) = [(1)+(2)]/(2) 2011 2012 2013 123.421.075.679 1,104 13.340.540.273 85.231.084.161 1,157 12.049.155.564 79.165.415.002 1,152 19.936.607.694 76.568.257.249 1,260 21.090.939.457 120.273.675.093 1,175 Đ 2014 12.862.442.731 ại họ cK in h 2010 EBIT (2) (3) = [(1)+(2)]/(2) 2010 36.862.531.290 160.841.971.025 1,229 2011 36.241.441.187 82.417.416.733 1,440 2012 73.535.207.644 117.336.660.280 1,627 2013 122.655.644.022 124.781.878.153 1,983 82 99.906.314.929 2014 k 120.798.144.720 1,827 ổ k ổ HTK/TTS (3) (3) = (1)/(2) 1.449.679.577.079 1.966.986.860.583 73,70% 2011 1.022.724.015.592 1.808.997.506.468 56,54% 2012 936.438.103.645 1.912.376.457.395 48,97% 2013 1.062.204.700.037 2.278.836.585.962 46,61% 2014 1.100.355.683.129 2.444.468.482.690 45,01% 2010 2011 k ổ 54,17% HTK/TTS (3) (3) = (1)/(2) 2.468.991.540.031 7.664.317.156.534 32,21% 2.530.662.371.857 8.673.455.210.249 29,18% 2.216.768.458.782 8.805.461.019.636 25,17% Đ 2012 ại họ cK in h POM tế H uế 2010 2013 2.047.379.643.275 7.494.243.256.938 27,32% 2014 3.643.112.512.234 9.504.469.457.806 38,33% 30,44% 83 k ổ HTK/TTS (3) (3) = (1)/(2) 410.284.329.790 1.086.011.603.203 37,78% 2011 434.518.059.308 1.198.750.918.867 36,25% 2012 373.997.970.509 1.038.310.002.024 36,02% 2013 445.432.225.800 1.034.296.854.764 43,07% 2014 433.704.350.069 1.094.181.784.910 39,64% 2010 2011 2012 2013 38,55% HTK/TTS (3) (3) = (1)/(2) 1.446.169.048.203 4.549.103.510.049 31,79% 2.015.660.254.333 5.915.750.726.545 34,07% 1.539.822.107.871 5.322.939.450.873 28,93% 3.019.573.646.607 7.142.170.982.172 42,28% 4.733.319.680.675 10.207.181.401.057 46,37% Đ 2014 ổ ại họ cK in h k tế H uế 2010 36,69% k ổ HTK/TTS (3) (3) = (1)/(2) 2010 855.820.964.935 2.464.640.119.865 34,72% 2011 423.086.697.529 2.375.261.909.296 17,81% 84 2012 372.737.276.849 2.140.287.940.402 17,42% 2013 1.157.610.086.636 3.067.972.596.115 37,73% 2014 1.166.850.226.520 4.119.795.233.220 28,32% 27,20% k ổ HTK/TTS (3) (3) = (1)/(2) 1.029.611.571.290 1.773.523.082.217 58,05% 2011 807.929.075.210 1.500.529.160.105 53,84% 2012 578.431.551.514 1.599.380.216.066 36,17% 2013 848.363.511.455 1.981.169.577.328 42,82% 963.386.100.064 2.162.608.524.401 44,55% ại họ cK in h 2014 tế H uế 2010 Đ k ổ 47,09% HTK/TTS (3) (3) = (1)/(2) 2010 861.125.626.132 1.657.854.851.608 51,94% 2011 351.745.421.882 1.318.453.136.585 26,68% 2012 732.309.619.912 2.813.625.917.618 26,03% 2013 891.675.276.143 2.568.777.798.327 34,71% 2014 840.033.306.606 2.269.223.652.744 37,02% Trung 85 35,28% (2) (3) = (1) ( ) (1) 1.808.680.068.859 1.451.606.960.311 19.74% 2011 1.852.633.900.532 1.513.269.094.156 18.32% 2012 1.596.315.182.571 1.436.833.089.343 9.99% 2013 2.044.862.959.249 1.872.261.521.954 8.44% 2014 2.061.731.236.019 1.901.832.311.774 7.76% 2011 2012 2013 (3) = (1) ( ) (1) 11.202.742.823.759 9.847.788.797.035 12,09% 11.995.221.605.599 10.785.344.685.931 10,09% 11.747.783.342.232 11.281.045.540.783 3,97% 9.891.226.461.080 9.543.566.740.324 3,51% 10.804.878.879.947 10.370.585.792.887 4,02% Đ 2014 ại họ cK in h 2010 tế H uế 2010 HMC (2) (3) = (1) ( ) (1) 2010 4.364.101.860.876 4.233.675.779.945 2,99% 2011 6.333.163.131.742 6.154.905.802.686 2,81% 2012 4.310.812.191.940 4.171.329.127.740 3,24% 86 2013 3.097.441.300.407 2.960.648.491.436 4,42% 2014 2.919.845.425.766 2.795.405.489.561 4,26% (3) = (1) ( ) (1) 4.899.180.533.186 3.968.224.548.046 19,00% 2011 8.165.986.611.054 7.110.055.086.800 12,93% 2012 10.087.956.231.545 8.682.822.005.970 13,93% 2013 11.759.898.592.542 10.052.386.178.283 14,52% 2014 14.990.360.980.074 13.246.068.798.264 11,64% (2) (3) = (1) ( ) (1) 6.857.887.544.980 6.610.285.176.939 3,61% 8.939.764.739.036 8.625.915.474.845 3,51% Đ 2011 ại họ cK in h 2010 tế H uế 2010 2012 8.963.666.898.409 8.718.720.305.529 2,73% 2013 9.651.073.147.934 9.378.050.176.538 2,83% 2014 10.911.449.815.122 10.585.369.048.235 2,99% 87 (2) (3) = (1) ( ) (1) 3.001.448.503.325 2.741.075.787.731 8,67% 2011 2.961.860.587.818 2.673.861.957.950 9,72% 2012 2.820.825.810.247 2.695.026.065.270 4,46% 2013 3.052.582.577.108 2.992.052.772.233 1,98% 2014 3.724.960.803.403 3.519.547.110.077 5,51% tế H uế 2010 2010 2011 2012 2013 (3) = (1) ( ) (1) 3.084.162.945.387 2.851.494.649.843 7,54% 3.914.632.221.570 3.656.651.061.374 6,59% 3.873.559.474.427 3.620.723.463.155 6,53% 3.416.091.904.627 3.188.310.643.216 6,67% 3.763.215.150.869 3.514.316.931.982 6,61% Đ 2014 ại họ cK in h (2) ROE: ROE (3) DTL (1) (3) = (1) ( ) 2010 187.615.168.530 727.914.396.298 25,77% 2011 162.385.305.750 775.066.848.940 20,95% 2012 13.185.162.056 744.176.292.636 1,77% 88 2013 18.780.258.568 733.682.897.682 2,56% 2014 4.379.797.096 782.966.333.938 0,56% ROE (3) (1) (3) = (1) ( ) 659.915.063.530 2.493,330,524,632 26.47% 2011 405.683.655.055 2.838.072,830,042 14.29% 2012 5.148.290.446 2.719.884,087,663 0.19% 2013 -219.551.784.312 2.487.106,054,657 -8.83% 2014 -25.318.424.436 2.376.742,420,047 -1.07% ại họ cK in h tế H uế 2010 (1) 2010 ROE (3) (3) = (1) ( ) 35.188.140.544 303.696.324.900 11,59% 82.048.058.256 323.676.173.316 25,35% 2012 27.192.340.597 343.118.699.857 7,93% 2013 20.864.875.362 339.717.657.122 6,14% 2014 23.458.744.768 334.042.321.761 7,02% Đ 2011 89 ROE (3) (1) (3) = (1) ( ) 215.379.211.513 1.325.413.722.002 16,25% 2011 160.168.374.901 1.747.112.063.134 9,17% 2012 368.103.367.888 1.900.626.260.856 19,37% 2013 580.839.649.877 2.114.481.457.471 27,47% 2014 410.249.008.259 2.294.769.816.148 17,88% 2010 2011 2012 2013 ROE (3) (3) = (1) ( ) 82.230.265.558 426.177.573.315 19,29% 73.123.471.410 556.997.609.249 13,13% 69.336.189.515 577.359.268.278 12,01% 25.097.408.260 576.264.710.162 4,36% 33.545.127.095 572.381.272.946 5,86% Đ 2014 ại họ cK in h (1) tế H uế 2010 ROE (3) (1) (3) = (1) ( ) 2010 57.318.296.686 781.290.324.535 7,34% 2011 27.474.754.874 769.421.453.378 3,57% 2012 42.225.508.376 754.912.016.032 5,59% 90 2013 112.199.631.381 867.824.055.065 12,93% 2014 74.164.431.959 1.019.225.803.301 7,28% ROE (3) (1) (3) = (1) ( ) 110.415.394.363 508.423.319.813 21,72% 2011 27.213.452.633 552.508.045.138 4,93% 2012 -17.775.912.364 590.828.125.272 -3,01% 2013 -27.787.922.448 644.749.800.690 -4,31% 2014 22.376.527.864 642.646.386.222 3,48% ại họ cK in h tế H uế 2010 Dupont: 9.1 5.148.290.446 11.747.783.342.232 8.673.455.210.249 8.805.461.019.636 8.739.458.114.943 2.855.059.480.137 2.584.708.695.188 2.719.884.087.663 Đ ổ ổ ổ ổ ổ ROE = (1)*(2)*(3) 91 0,044% 1,344 3,213 0,19% ổ ổ ổ -2,220% 1,214 3,277 -8,83% tế H uế ổ -219.551.784.312 9.891.226.461.080 8.805.461.019.636 7.494.243.256.938 8.149.852.138.287 2.584.708.695.188 2.389.503.414.126 2.487.106.054.657 (1) ổ (2) (3) ROE = (1)*(2)*(3) 9.2 ổ ổ ổ 92 -0,234% 1,271 3,567 -1,06% Đ ại họ cK in h -25.318.424.436 10.804.878.879.947 ổ 7.494.243.256.938 ổ t 9.504.469.457.806 ổ 8.499.356.357.372 2.389.503.414.126 2.375.528.792.314 2.382.516.103.220 (1) Doanh thu ổ (2) ổ (3) ROE = (1)*(2)*(3) 27.213.452.633 3.914,632.221.570 1.657,854.851.608 1.318,453.136.585 1.488,153.994.097 581.401.318.821 523.614.771.454 552.508.045.138 (1) 0,695% ổ (2) (3) ổ ROE = (1)*(2)*(3) -0,459% 1,875 3,497 -3,01% ại họ cK in h ổ tế H uế ổ ổ ổ -17.775.912.364 3.873.559.474.427 1.318.453.136.585 2.813.625.917.618 2.066.039.527.102 523.614.771.454 658.041.479.090 590.828.125.272 (1) ổ (2) (3) ROE = (1)*(2)*(3) 2,631 2,693 4,93% Đ ổ ổ ổ ổ 93 -27.787.922.448 3.416.091.904.627 2.813.625.917.618 2.568.777.798.327 2.691.201.857.973 658.041.479.090 631.458.122.290 644.749.800.690 (1) ổ (2) (3) ROE = (1)*(2)*(3) -0,813% 1,269 4,174 -4,31%

Ngày đăng: 19/10/2016, 20:59

Từ khóa liên quan

Tài liệu cùng người dùng

Tài liệu liên quan