Free Essay

Case3 in Finance

In: Business and Management

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:
Trong đó

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.


Similar Documents

Premium Essay

Davanrik Homework

...Industry & Competitor Analysis BUS 630 – Spring 2008 Instructor: Email: Office Hrs: Course page: Russell Coff ( by appointment Phone: (404) 727-0526 FAX: (404) 727-6313 Revised 1/22/08 Course Overview and Objectives This course delves deeper into some strategy topics that you may have only touched upon earlier related to how firms gain a competitive advantage over rivals. In addition, since ICA tends to integrate quantitative and qualitative analysis more than other courses, you will have the opportunity to apply knowledge and skills you've gained across the curriculum (e.g., from finance, ISOM, Marketing, O&M, and Strategy). Building Competitive Advantage The broad focus of the course is on building competitive advantage with special emphasis on how firms can gain access to new resources or capabilities that may grant a competitive edge. We explore strategic investments that are required to compete effectively in uncertain and turbulent environments. Managers often throw up their hands and argue that planning isn’t useful when the landscape is shifting rapidly. However, with the right set of tools, strategic management can have an even greater impact in this setting. We place special emphasis on competitive advantages that stem from valuable and hard-toimitate resources or capabilities. Accordingly, we will focus much of our energy on the question of how to build, acquire or ally to gain...

Words: 7898 - Pages: 32

Free Essay

Organizational Change of the Chrysler Corporation in the 1978 Bailout and Lee Iacocca

...Organizational Change of the Chrysler Corporation in the 1978 Bailout and Lee Iacocca Dustin T. Embler BA 401 Research Paper/Case Study Abstract In the year 1978 one of the United States largest corporations was on the brink of financial crisis, the Chrysler Corporation. Hundreds of jobs, billions of taxpayer dollars, and the success of an American company all lay in the balance. Chrysler was overcome in debt due to its subpar decision making, increasing government regulations, and inability to compete with its domestic and foreign competition. Nevertheless, a hero arrived when Lee Iacocca joined as President of Chrysler to aid to its recovery in such adverse times. Fighting his way through the United States legislation for financial assistance to save Chrysler, Iacocca is able to successfully get the necessary legislation passed that will not only help him keep the company afloat but to also change the entire organization into a successful and profitable business in a matter of years. History of the Chrysler Corporation and Lee Iacocca “The Chrysler Corporation was founded in 1925 by Walter P. Chrysler, a former railroad mechanic who rose through the ranks of GM to lead the highly successful Buick Division. Chrysler did not get along well with William Durant, the founder and head of GM, and eventually left to form his own company (Braun).” “Always short of capital in this capital-intensive business, Chrysler was forced to build its cars largely of purchased parts...

Words: 3022 - Pages: 13

Premium Essay

Effect of Privatization in Nigeria Economy

...CHAPTER ONE 1. BACKGROUND In recent years, particularly since the adoption of the economic reform programme in Nigeria in 1986, there has been a decisive switch of emphasis from the grandiose, capital intensive, large scale industrial project based on the philosophy of import substitution to small scale industries with immense potentials for developing domestic linkages for rapid, sustainable industrial development. Apart from their potential for ensuring a self reliant industrialization, in terms of ability to rely largely on local raw materials, small scale enterprises are also in a better position to boost employ raw materials, small and medium enterprise, are also in a better position to boost employment, guarantee a more even distribution of industrial development in the country, including the rural areas, and facilitate the growth of non-oil exports. In Nigeria, the definition of small and medium enterprises also varies from time to time and according to institutions, for instance, the Central Bank of Nigeria’s (CBN) monetary policy circular No:27 of 1988 define small scale enterprises (excluding general commerce) as enterprises in which total investment (including land and working capital) did not exceed #500,000 and or the annual turn-over did not exceed #5.0 million. Medium enterprise (excluding general commerce) as enterprises in which total investment and not exceed #1,000,0000 (1 million) and the annual turnover did not exceed #1.2 million. Small scale enterprises...

Words: 9803 - Pages: 40

Premium Essay

Lakeside Case Book

...The Lakeside Company Case Studies in Auditing Twelfth Edition John M. Trussel Dalton State College J. Douglas Frazer Millersville University Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto Delhi Mexico City Sao Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo Editor in Chief: Donna Battista Acquisitions Editor: Stephanie Wall Editorial Project Manager: Christina Rumbaugh Senior Managing Editor: Cynthia Zonneveld Production Project Manager: Carol O'Rourke Senior Operations Supervisor: Diane Peirano Printer/Binder: BindRite Graphics, Robbinsville Credits and acknowledgments borrowed from other sources and reproduced, with permission, in this textbook appear on the appropriate page within text. Copyright © 2012, 2008, 2005, 2003 by Pearson Education, Inc., publishing Prentice Hall. All rights reserved. Manufactured in the United States of America. This publication is protected by Copyright, and permission should be obtained from the publisher prior to any prohibited reproduction, storage in a retrieval system, or transmission in any form or by any means, electronic, mechanical, photocopying, recording, or likewise. To obtain permission(s) to use material from this work, please submit a written request to Pearson Education, Inc., Permissions Department, One Lake Street, Upper Saddle River, New Jersey 07458, or you may fax your request to 201-236-3290...

Words: 48183 - Pages: 193