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Case3 in Finance

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Submitted By loila711
Words 364
Pages 2
Chúng ta có thể so sánh giá trị thị trường và giá trị sổ sách của cổ phiếu bằng cách tính hệ số giá thị trường trên giá ghi sổ. Tỉ lệ này được tính bằng cách lấy giá đóng cửa hiện tại của cổ phiếu chia cho giá trị ghi sổ tại quý gần nhất của cổ phiếu đó.

Công thức tính như sau:
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Trong đó
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Trong trường hợp của Signal Cable Company năm 2004 thì giá ghi sổ của cổ phiếu bằng tổng tài sản là $2,913,450 trừ cho tổng nợ là ($895,000+$1,226,280=42,121,280) chia cho số lượng cổ phiếu lưu hành là 200,000, tính ra được là $3,96/cổ phiếu.

Trong khi giá trị thị trường cảu mỗi cổ phiếu của công ty trong năm 2004 là $5.5

Vậy hệ số giá thị trường trên giá ghi sổ là 1.389

Giá trị sổ sách của cổ phiếu thường không phản ánh đúng tình trạng thực sự của công ty vì giá trị sổ sách của cổ phiếu không phản ánh được các yếu tố như phát minh sang chế, sáng tạo của nhân viên, hay thương hiệu của công ty…việc xem giá trị sổ sách của cổ phiếu để cổ đông thấy được giá trị tăng thêm của cổ phiếu thường sau một thời gian hoạt động so với vốn góp ban đầu.

Signal Cable Company thì giá trị sổ sách cổ phiếu năm 2003 là $2.235/cổ phiếu, năm 2004 là $3.96/cổ phiếu, cho thấy cổ phiếu năm 2004 có giá cao hơn năm 2003 nhưng không có nghĩa là công ty phát triển hơn hay có lợi nhuận cao hơn, mà còn phụ thuộc vào nhiều yếu tố khác.Tuy giá trị sổ sách tăng cao hơn so với năm trước nhưng giá trị thị trường của cổ phiếu năm 2004 lại giảm,và tuy giá cổ phiếu giảm nhưng cổ tức tăng từ $37,410,08 lên $42,930, điều đó chứng minh giá trị sổ sách không thực sự phản ánh đúng tình trạng của công ty.

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