Tài chính doanh nghiệp GVHD: Nguyễn Hòa Nhân
!"#$%&' ()*+( ,-./
012%34564)'564-.7*8#
9( %*8:*-*'*-**:14(5
64-.7* #*:" 4"4; <-=*+ *01
2%'(4;-**>-*7?.8.
*@#A :'*>:"',1B 0CD*>,1E *8
4/'14()*.8.*/'*@0CD '12-*
7*4/4"*%.F* )B
G*D4*-*,1.7*@,H4
,:7*I*% *8*:>JK$L:*@M#NCDJK$L:
*@MF*-*0O45)*-#GK()*!'
0O1-*7?.8.> P#Q: R$:./ S*8
JG%.F* BT*8 *6*=*%.F* M0OF4.UI
? %:#
9>4V W.XYXZ
Tài chính doanh nghiệp GVHD: Nguyễn Hòa Nhân
G%.F* 4"?*@3441E* (I-
/6E *>0CD40[401'(I
*% !"#
\2]42]^*%.^* *_4"'(`(`*^.a
4,?)_._ b *_0c?#
"*%.F* )@114$10dK? *80c? *-*
1)1.1'*>*@0CD % .8.*%()*'e) S
*D*8#
G%.F* *84"()*,*-**f6*8:0g
kW.)$3 :)!.J-*[M*'E`
144=*"H-*-*,:7,1Bq;*$ S0()!**I"
+(r#n-;)'4;-*'!-d* S#G@
:)*>-*"-S '4*@'pS>*C
#
kW.)< >*o+!.*@0CD *#
9>4V W.VYXZ
Tài chính doanh nghiệp GVHD: Nguyễn Hòa Nhân
W:6'*-**o*>* !"#\&
R* ,1012%*8*-*+(*s!0=*t-
*"s,1B#
"*%.F* e),:7,.R S4R*f
$c*+)@*()*<*-**-H o*=*6,S
!"*84*K$c-*"*8,:7:S
5d**8.4.(`*!.#
./0123
9$-*R*u0k0k4]j<-$gJ9*4"4d 4"K
$L:'0O$L:()**1 %5*v-*M#GH>:4%4!.3
0=*4!*8K$L: $6#
GK.'*fd E*84//*(`6
.%2 ` 4*@De#/ :.T d* *-*!"
*@'?JK$L:M()*0CD(`2:6#
Khái niệmgK$L:*@4,?o0)0 So *8
c4"`4%7 >()*$30)#W,
0)(`*K2-*7()*4=*" >*8*80c? S0) :#
nR wqw,:ro0 *80c?
AqA]$ro0)
Q0)Q
A
x
H@*4,?K$L:*@ •0%0)*8 *80c?#
Q:>*-*-*'>*@0d-*"*8K$L:*@64=*0)*8
*80c?#*4=*0`4+(()*$P .
*@()*1-.Ut$3*f6•0%0`.6 *80c?qR
[†€wr#9:;#$-<54()*+/=>?84@ /8
4(A B6‘,-./.."I S*=*:#
W*>g
†€wxW•0%0`01YqXkQ0)r
W<*=*.6%:'<)*84"E01qE
ro'0)**'/<).K*84"E
*80c?*S#/ :'K$L:*@qK*H)r e>*!
*84"E *80c?#
G-**:*f4:*+ *+(*8-
*4 *80c?8.)#\1) :*8*:0O.c
1)1.1'j :()*@d.60)*:#"*f0C
D)>*>*[*.3•0%0).601*Ij0% :)#
Q:'0c%*1*-*0CDK$L:*@#G-*
’.(S*H:/**>•0 :) 1X#‰“=*XE :.6X
E d*>#W.?•+H:'•0 :)*8*-*’j
*>2(S (),4=*X#‰#
*0CDK$L:*@c4v?*@0-*,1
B*8$1H>/*K*70d-*"*84.(` T4#@D
(.54h‰‰Z'.?,:7*8*@8*>v.)‹•j0%
:H':4* *0CDK$L:*@*8*-*
5*@* *0CDE )%I#
9>4V W.”YXZ
Tài chính doanh nghiệp GVHD: Nguyễn Hòa Nhân
CDE43)F7E4./0123
A0CDK$L:*@ S R0O5()*)
**80c?#90CDe)'*>e*-*E
Y qxVYXrq•r
Š Š X” X” XŠ XŠ h‹ h‹
”#j :qX”•Y54r
‰ –” ‰ –” ‰ –” ‰ –”
Œ#) .(S*
w{WqxVk”r
Š‰ ” X”‰ –” XŠ‰ X‰” h‹‰ XŒ”
–#WW9A9qh”•r
h‰ X#h” V–#” XŠ#Š ‹” hŒ#V Œ‰ ‹X#h”
Š#).K
qxŒk–r
Œ‰ V#–” XXV ”Œ#V XV” –Š#Š XŠ‰ XhV#Š
Z#W•jYGNQq•r
Œ ‰#–” XX#V XX#V XV#” X”#Š XŠ h‹#–”
"BGH
9>4V W.ŒYXZ
Tài chính doanh nghiệp GVHD: Nguyễn Hòa Nhân
W.(`)$/(` -.'•0%).6
qXŠ•'h‹•r*Ij :qX”•r'*>0)**/0O4
5•0%0).6 *80c?0 S*>0)#/ :
..(`):60CDK$L:*@#
W.(`)0:-'•0%).6 qŠ•r%Ij
0% :'*>0)**0O414•0%).6
*80c?#W..(`):'60CDK$L:
*@#
W.(`)D*E'•0%).6 qX”•r0O$3 S
j0% :'$%*>eK$L:*@:/•0%)
.6 *80c?$3#H:*@w{WK #
I;J&.
\-4g44c>*e*>eK$L:*@:/-
k…(I-Xg.))
k…(I-hg.)$3*1 *8*80c? :)
Ý nghĩa của điểm hòa vống*5*=F*-*,1.7,:7*>6:
60CDK$L:*@#
9w{W*8PIw{WK /A96:./*%.F*
X‰‰• *o+#/w…N
X
—w…N
h
#
9w{W*8A9$3Fw{WK '/A9*>.)$3$%&
(I-*s]4!*e4"-.7w…N#
9w{W*8 (),-4w{WK '/6
0CDK$L:*@ /w…N
h
—w…N
X#
K5/0123
9>4V W.–YXZ
w…Nx
x
w…N
X
xw…N
h
x
Tài chính doanh nghiệp GVHD: Nguyễn Hòa Nhân
.6'*Fj6*= -*"*8K$L:*@#W-*":
()**D,*f6A˜qA].]]™˜*] ].]z"$L:
*@r#"$L:*@4"*f67()e(`4=*"$
w{W
"$L:*@qA˜r
c4=*w{W
…+.54:o*8w…N
…+.54:o*8w{W
x
A˜
w{W
•œw{W
œw…NYw…N
x x
•œw…N
œw{WYw{W
w{W
Tài chính doanh nghiệp GVHD: Nguyễn Hòa Nhân
k Ae(I-.)$3*o+(j
Ý nghĩag
k 9A˜*8(I-e*o+(jSIA˜*8(I-
e)/4=*$"w…Nw{W$" S(I-.)$3*o
+(j*I4=*$"*8w…Nw{W$" S(I-
.)$3)#9( :A˜*5*=,:70CD(I-.)#
k "$L:*@e(I-*o(j:)D"* %
40 S*.1*o=*#
9*.1*o=*q…ArSI+*6*?j 40C
D)'*>gA˜
q)r
•A˜
q*(jr
#
9*.1*o=*q…ArPI+*6*?j 4
w{Wh
x
w{W
w{Wkk…AYqXkr
Tài chính doanh nghiệp GVHD: Nguyễn Hòa Nhân
"$L:*@*8(I-e*o(jSI"$L:
*8(I-e)*>T4=*$"*8w…Nw{W$
" S(I-.).)$3*o( j*I(I
-.)$3)#
9( :'•0A˜*%:4=*"1(c*8K$L:*@#A>'
>*>()*0CD*:,:72]44=*"K$L:*+0CD$
6!()*4D*6;.
L./01234546)823
†8.*@.8.21:.*>15*.1*-*
1*@*7(j :'*o=**o+(j'*@64*@#
†8.*@!.8.[ S,:7*@*8
#9>*-*-*.8.*@,1*8 *0CDK*H).
*%.F**@#†8.*@*>.6()*.*%.F**@
*8()*.)X‰‰•$3*80c?# S * :)/
j0%SIj0%) :/) :0O*>-*"@**d**K
j0%PIj0%) :/) :0O*>-*"6*d*#
4R*:'*F2]42th*:u {*>w{W
h‹‰#‰‰‰#‰‰‰E#G:u0CD).*:-h‰‰.
T*C Sj0%X”•'( :54*:{1.1V‰#‰‰‰#‰‰‰
Ej#{H:`*F0O2]42t.8.0d$"*8w…N#n10C
w{W*8*:u {$p6*>-.7& RŠ‰#‰‰‰#‰‰‰E S"
**L‹‰#‰‰‰#‰‰‰E#G:u0CD)(*>‹#‰‰‰*o+
S4-X‰‰#‰‰‰EY*o+'*:{*>)- .7-
h‰‰#‰‰‰#‰‰‰E h#‰‰‰*o+ S4-X‰‰#‰‰‰EY*o+
Bảng 3.Phân tích ảnh hưởng của đòn bẩy tài chính đến EPS của hai công ty.
x
σ
w{W
qXkrY9Nx‹‰qXk‰'‹rYh#‰‰‰x‰'‰Xh
A0CDE.)<)6*:{*>w…N*I*:u'E`
4=*".8.*8*:{*s*I4=*".8.*8*:u':
c*v*:{*>"**L*8w…N'"$L:*@ 0$o*8
w…N*I*:u#/ :g"$L:*@**/)
**'.8.*s5#
M$@*46878#
G-*B: *%.F**@*>=D.d* '.>
*> *2-*7*-*H1(c*%.F* #,?*-*H
: S*%.F* d.6?d-<*-*4/B:#
\!*7*@0-**%.F* (*+(B*-*:1(c(
0g
%./0123
()*(`$3-.70o0-**8o).6o01“) :[
!.6o01“)!.6o01#G-*(`0CD
K$L:*@45**-**o#W:6' *!()*)
5t].8.5#
%N BO9:PQ
()*(`$3).K.6o01q†€ur#W]B:
.dH!/*-*,1B@*.)**-*d-$3E <"
$"I0>4SE <$6#9.'*-**:*>`
@*:"64 *80c?34 *j,:0c?#
:*>T*-**:*>`0O*>•) :%#W:6' S)@**8
9>4V W.XXYXZ
Tài chính doanh nghiệp GVHD: Nguyễn Hòa Nhân
%4*[!*.3*-**:!"*>`6 :4()I'
*-*:-*o' /( :R0OD()*%4*[
Tài chính doanh nghiệp GVHD: Nguyễn Hòa Nhân
*8*: K$L:*@*>4,•qyr#;-*'6*=
*8{] ] A$qh‰‰hr!*%:,:4*:*>,•7* S
)[! • S)!#
L%X5Y@*OZ8[8##8WQ
W(`()*(`$3*f0W$¥0‘q•-.77.(`.6-.7
0o0-**8o01r#G-**:*>. R5.(c.(I(`
d .)$3 *80c?#:*>1@*$3:*@ %
(`!q]*:*00r#W]:].0qXZŠ‹r'4"*:*>K$L:
*@*/*-**o*8*:*>:(S+( *-*
d-*8*:$c /)<*-*1+(:0O*>)**-**8)
I**-**o#9?*@( :.%-' ( :*-**
:5.(c* Sd-0`(`d *80c?I
) :#A :'K$L:*@*>4,•7*qkr S*I"5
.(c#
\%]4<)2$T1O^_WWQ
;*4.6*801*>(`$3•- $-.6
o+;*•*@†¦A.6o#G-**:*>*-*
01L4"*-(`*>K$L:*@%$c /*:$7-01'7
.(`=*%*>@*!.*E *-*$7012%*8*:
*>*>#A :';*4.6*801*:•7*qkr SK
$L:*@#
`%&3a8$ON_71Q
()*(`$3•01(".6o)[!#W@
1:*>-*"qyr qkr,:7*I*% #W=%'*-**:*>
•1**>0CD) :*:*>.1*-*1)
:[!!#9( :*>T@1*8*:*>,
•qyr S) :#;-*'*-**:*>011*>
0CD*-*01:.)**-*1+(*84/#A :'@
1*8*:*>,•7*qkr SK$L:*@#
G-** : *I,2! (`7.*-*S!
* *d*R*%.F* *8(4"**%@
D:./2!*8 ;**o+(j#
C%UdaT3)8)#_$Aeg
9>4V W.X‹YXZ
Tài chính doanh nghiệp GVHD: Nguyễn Hòa Nhân
**%,1B*>0§K*%.8.:(`*>-*"
S*%.F* 4d*R#" -4**%*%.F*
*>.8. *>?-4*!@*.8.#A0O$7
*7*@-010CD ,1#
I%J$84$<_1fa<8
G80c? *-* 6> 4-64*o /
0)4%4"+:$",:40- *#9*o
+(`*8*>0§**F'4"S*>
4,:40-4"*-*(I #/ :'*-**80c?
?*o+*84/ .)5.(c$3)'*o+(j:)
?!I0 S-64*o+(`#9:*1$-:4*
*"5.(c$7*4!*KI*8$74%,:40-#
K%D-458?45a78
9d4=*"!"5'>*>T*+
01 .)* *4*-*01:0O5#W-*"*80d
:od.4=*"!"*0O(*-*,1
-*.%S S*-*-*#
L%&g)@h
9j0% :0O5 * :)0O.c6>5/:F*:
15"6*8K$L:*@#()*!d-j0%0O14
/1*>!*14:j * :)!#
\%/645)<iE
G-**>$"4e DS./) :[!0O
*4•.R*#G-*:1d*R4"*%.F* @*)
p#
%&TA
G>4"0,:]44@.: S*%.F*
*8.T d*#G-*6*L6,*D01
2%'$-0f:$-©j-.4"+< **$*-*•0
$/,H**-*#9!(S**-*6*L:/0O>:"
;**@0O*#
9>4V W.XŒYXZ
Tài chính doanh nghiệp GVHD: Nguyễn Hòa Nhân
W.6H:*f4"0H()*2]42t*>1(c*%.F*
*@#
kl&N^m"
W>4!4D*@***e*84v>)*8
4/'ET S *!.-.7w…NS%#‘+6*='>4
*F%:*%.F* *> .K.%,.R0dE! -.
*8' *,:7*%.F*E (4!)
S !*%%.8.*+()*2]42t4"*-*’(ª#
!*?6*d**8.8.*@*-**+1/4
7.(`,1+('4"*I*%*@)B'L:*"
H*:*8 '4c."7.(` 4*@#;*$'45*>
`/0CD) : />>F*L: !.4"0d5
.(c*'(45*>`@;*v/.)
$3 *80c?0OI' /4"4;*>-*D14)14:*I
4%15-'4;-**K*0©$S?.8.**-* 6
-*,>H-.8.#
9>4V W.X–YXZ
Tài chính doanh nghiệp GVHD: Nguyễn Hòa Nhân
DnNn
Nh<*4o
b&3?
cZ48?8aR'g
f6
&TA
Nha6
9>4V W.XZYXZ
Copyright: Tài liệu đại học ©