Nguyễn Ngọc Phan văn

1. Cau 1: (3 di~m)
a. Tinh Iiii suit phi rul ro,va Hiisuit binh quan th] truong
Tir cong thirc tinh liii suat ky vong theo rna hinh CAPM ta co h~ phirong trinh:
i + 0,9 (km-i) =13,4%
i + 1,3 (km-i) =15,8%
Giai h~ phirong trinh ta co i= 8%, km= 14%.
b. La] suit kY vong cua nha diu nr dai vOichUng khoan co p = 1,5 la:
8%+ 1,5 (14%-8%) = 17%
c.Nh~n xet vS chung khoan co p = 1,2 va Hiisuit thtrc la 14,5%
Uii su~tky vong cua nha dau tu: .
8%+ 1,2 (14%-8%) =15,2%
Nhdn xet: Lai su~t ky vong 1611hon liii su~t thtrc te, c6 phieu nay duoc dinh gia
cao, nha dau tu se ban I01;li c6 phieu nay.
Cau 2: (4 di~m)
BVT: dang
a. Gia tr] hi~n t~i cua c6 phi~u:
do = 4.500
dl = 4.500x 1,07 = 4.815
d2 = 4.815 x 1,07 = 5.152
d, = 5.152x 1,09 = 5.616
d, = 5.616x 1,09 = 6.121
ds = 6.121 x 1,09 = 6.672
d, = 6.672x 1,05 = 7.006
P = 7.006 = 100.081
s (12%-5%)
4.815 5.152 5.616 6.121 + 6.672+100.081 _ 76.925
Po = + + + 4 5
(1+ 12%) (1+ 12%)2 (1+ 12%)3 (1+ 12%) (~+ 12~)
b. -Xac djnh gia rna nha diu nr se sin sang tra cbo co phieu nay
Ta co: g = 9%*2/3=6%
K= 7%+(14%-7%)* 1,2=15,4%
do= 6.000* 1/3=2.000
dl = 2.000 x 1,06 = 2.120
P = 2.120 _ 22.553
o (15,4%-6%)
- Tinh b~ sa PIE
PIE = 1 =3,55
3(15,4%-6%)
Cau 3: (3 di~m) (DVT:ngan d6ng)
a. Gia trai pbi~u sau 4 nam pbat hanh:
L = 2000x 10% = 200
P3=200 xPVFA(l4%,8)+2.000x PVF(l4%,8) = 1.628,891, ~ ,.
b. N~u tiSn Uiitra m6i nam 2 lin, xac dlnb gia Cllatrai pbieu sau 5 nam so VOl
hien tai? ,
. Vi tiSn Utitra m6i nam bai Ian nen:
BAp AN BE 006
TCDN_DTTC_DHCQ_ A2,4 TRANG 2/1_MD:251 114006

2. k=7% L= 100,
P12=100 xPVFA(7%,14)+2.000xPVF(7%,14) = 1.650,181
c. Tinh unsu§t thuc nh,n cua tra] phi~u
Ta co: 1.957 =100 xPVFA(RCY, 10)+2.053xPVF(RCY,10)
Suy ra: RCY = 100+(2.053-1.957) /10 = 5,51%
(2.053 + 2x 1.957)/ 3
Nhir vay: RCY = 11,02%/nam
TCDN DTTC DHCQ_ A2,4
TRANG 3/1_MD:251114006