................................................................................................................... i<br />
...................................................v<br />
....................................................................... vi<br />
............................................................................ vii<br />
....................................................................................... ix<br />
.............................................................................................1<br />
.....................................................................................................1<br />
2<br />
<br />
................................................................................................2<br />
<br />
tế<br />
H<br />
uế<br />
<br />
.................................................................................................3<br />
.................................................................................................3<br />
...........................................................................3<br />
.......................................................................................3<br />
..........................................................................................3<br />
<br />
ại<br />
họ<br />
cK<br />
in<br />
h<br />
<br />
3.2 P<br />
<br />
.........................................................................................3<br />
<br />
4.1 Ph<br />
4.2<br />
4.3<br />
<br />
...................................................................... 3<br />
<br />
............................................................................4<br />
<br />
................................................................................4<br />
<br />
Đ<br />
<br />
...........................................................................................................4<br />
.............................................5<br />
<br />
.......................................................................................................5<br />
<br />
1.1<br />
<br />
...........................................................................5<br />
........................................................5<br />
1.1.2 K<br />
<br />
....................................................................5<br />
.............................................6<br />
..................................................6<br />
ờ<br />
ờ<br />
<br />
i<br />
<br />
k ô<br />
<br />
................................................................6<br />
...........................................................................8<br />
<br />
ổi (Trade – off Theory) .................................................9<br />
<br />
1.2.2<br />
<br />
......................................11<br />
...................................13<br />
k<br />
<br />
...................................................................................13<br />
<br />
1.4.1.1<br />
<br />
...........................................................................15<br />
.....................................................................................17<br />
<br />
1.4.2.1<br />
<br />
.............................................................................17<br />
................................................18<br />
.............................................................19<br />
............................................................19<br />
<br />
tế<br />
H<br />
uế<br />
<br />
1.5.1 Chi ph<br />
<br />
f ........................................................................19<br />
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1.5.1.3<br />
<br />
M)........................................................20<br />
<br />
........................................................................................21<br />
<br />
ại<br />
họ<br />
cK<br />
in<br />
h<br />
<br />
.................................................................................22<br />
.................................................24<br />
<br />
.........................................................................26<br />
<br />
2.1 ổ<br />
ổ<br />
<br />
................................................................................26<br />
ô<br />
<br />
....28<br />
<br />
.......................................................................................28<br />
....................................................................................29<br />
<br />
Đ<br />
<br />
2.2.1.1<br />
<br />
k<br />
<br />
..................................................30<br />
<br />
2.2.1.3<br />
<br />
ổ<br />
<br />
..................................................................................31<br />
<br />
2.2.1.4<br />
E)..................................................................................................................32<br />
2.2.1.5<br />
<br />
.............................................................................34<br />
k<br />
<br />
2.2.3<br />
2.2.3.1<br />
<br />
...................................................................................35<br />
..................................................................................40<br />
.......................................................................40<br />
<br />
2.2.3.2 EPS ..................................................................................................42<br />
<br />
ii<br />
<br />
2.2.3.3 ROE .................................................................................................43<br />
ô<br />
– 2014 ......................................................................46<br />
<br />
2.3<br />
HOSE trong<br />
<br />
ờ<br />
<br />
.........................46<br />
<br />
................................................................46<br />
................................................................................48<br />
.....................................................50<br />
............................50<br />
................................................51<br />
<br />
tế<br />
H<br />
uế<br />
<br />
.............51<br />
ổ<br />
<br />
p .....52<br />
<br />
....................................................55<br />
<br />
k<br />
<br />
..........................57<br />
<br />
............................................................................................57<br />
<br />
ại<br />
họ<br />
cK<br />
in<br />
h<br />
<br />
k<br />
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3.2.<br />
<br />
ổ<br />
<br />
ờ<br />
<br />
ô<br />
<br />
.........................58<br />
<br />
........................................................................59<br />
<br />
3.2.2 EBIT .......................................................................................................60<br />
k<br />
<br />
............................................................62<br />
<br />
.........................................................................................................64<br />
.............................................................................64<br />
<br />
Đ<br />
<br />
..................................................................................65<br />
<br />
................................................................................................65<br />
<br />
.................................................................................................................66<br />
.................................................................................................66<br />
..........................................................................................67<br />
.................................................................. 68<br />
..................................................................................................................70<br />
..........................................................................................................70<br />
k<br />
<br />
.......................................................................72<br />
...............................................................................72<br />
<br />
iii<br />
<br />
k<br />
ổ<br />
<br />
.................................................................73<br />
.......................................................................................................75<br />
<br />
4.<br />
<br />
....................77<br />
................................................................................................79<br />
........................................................................80<br />
..........................................................................................80<br />
k<br />
<br />
6.<br />
<br />
ổ<br />
<br />
....................................................................................83<br />
.............................................................................................86<br />
<br />
8. ROE .......................................................................................................................88<br />
<br />
tế<br />
H<br />
uế<br />
<br />
...................................................................................................91<br />
POM ......................................................................91<br />
........................................................................92<br />
<br />
Đ<br />
<br />
ại<br />
họ<br />
cK<br />
in<br />
h<br />
<br />
9.<br />
<br />
iv<br />
<br />
BCTC<br />
CAPM<br />
<br />
ô<br />
<br />
DN<br />
k<br />
<br />
HOSE<br />
k<br />
<br />
HTK<br />
<br />
tế<br />
H<br />
uế<br />
<br />
ICR<br />
TNDN<br />
TPP<br />
<br />
ại<br />
họ<br />
cK<br />
in<br />
h<br />
<br />
S Đ<br />
TTS<br />
<br />
ổ<br />
<br />
VCSH<br />
<br />
Đ<br />
<br />
WTO<br />
<br />
v<br />
<br />
ổ<br />
<br />