CÂU HỎI TỰ LUẬN - TỔNG HỢP NHỮNG VẤN ĐỀ LIÊN QUAN ĐẾN TÀI CHÍNH DOANH NGHIỆP

Bài viết tổng hợp một số câu hỏi tự luận thường gặp trong đề thi CMA Part 2 thuộc nội dung Môn 2B - Tổng hợp những vấn đề liên quan đến tài chính doanh nghiệp

Tình huống 1: 

Douglas and Pam Ensslen, brother and sister, each recently inherited $100,000 from their grandfather. Douglas decided to test his luck on the stock market. He invested $5,000 at the beginning of the year in a tech startup that produces bicycles for commuters. By the end of the year, the investment was worth $5,650. Encouraged by his success, he approached his older sister, Pam, and asked her if she would be willing to invest her inheritance along with him and begin buying and selling stocks and bonds. He thought Pam would be good to partner with as she works at a bank and studied finance in college.

Pam did not look convinced. She said to Douglas, "I'm not sure that this is a smart thing to do. Our risk profiles are different. You are single and rent an apartment, and I have three children and a mortgage. I have a demanding job, and I don't have time to research the market and individual stocks to properly build a portfolio." Douglas answered, "I can do the research myself. And why do we need to build a portfolio? We should invest in individual stocks. I made a great profit with my first trade." Pam then said, "Your return isn't spectacular. Even if we invested all of our inheritance and made the same return, we wouldn't earn a lot of money. Plus, you don't understand anything about risk. Before I invest with you, I want you to understand market risk, interest rate risk, industry risk, and political risk. You also need to understand the benefits of diversification. Let's talk in a few weeks after you've learned more about investing."

Câu hỏi:

A/ Calculate the rate of return on Douglas’ investment. How much money would he have earned if he invested the entire inheritance of $200,000 and earned the same rate of return?

B/ Explain how market risk, interest rate risk, industry risk, and political risk impact Douglas’ investment decisions.

C/ Explain both Douglas’ and Pam’s likely tolerance for risk and explain the relationship between risk and return.

D/ Explain the benefits Douglas can achieve from diversification, and list at least three ways that he can diversify his investment. 

Diễn giải:

Douglas và Pam Ensslen, anh em ruột, mỗi người thừa kế 100.000 USD từ ông của họ. Douglas quyết định đầu tư 5.000 USD vào một công ty khởi nghiệp công nghệ sản xuất xe đạp cho người đi làm. Cuối năm, khoản đầu tư này có giá trị 5.650 USD. Douglas muốn hợp tác đầu tư với chị gái Pam, nhưng Pam không đồng ý ngay vì cho rằng cả hai có mức độ chấp nhận rủi ro khác nhau và Pam không có thời gian nghiên cứu thị trường. Pam muốn Douglas hiểu về các loại rủi ro và lợi ích của đa dạng hóa trước khi đồng ý đầu tư cùng anh.

Yêu cầu:

A/ Tính tỷ lệ lợi nhuận từ khoản đầu tư của Douglas. Douglas sẽ kiếm được bao nhiêu tiền nếu đầu tư toàn bộ 200.000 USD với cùng tỷ lệ lợi nhuận?

B/ Giải thích cách rủi ro thị trường, rủi ro lãi suất, rủi ro ngành và rủi ro chính trị ảnh hưởng đến quyết định đầu tư của Douglas.

C/ Giải thích khả năng chịu đựng rủi ro của Douglas và Pam, và mối quan hệ giữa rủi ro và lợi nhuận.

D/ Giải thích lợi ích của đa dạng hóa đối với Douglas và liệt kê ít nhất ba cách anh có thể đa dạng hóa khoản đầu tư của mình. 

Đáp án:

A/ Calculate the rate of return on Douglas’ investment. How much money would he have earned if he invested the entire inheritance of $200,000 and earned the same rate of return?

The formula to calculate Rate of Return is as below:

Rate of return = (Ending value − Beginning value) ÷ Beginning value.

In this scenario:

• Ending Value = $5,650
• Beginning Value = $5,000

Using the formula and data presented, the rate of return for Douglas’s Investment is calculated as:

Rate of return for Douglas’ investment is ($5,650 − $5,000) ÷ $5,000 = 13%.

If Douglas had (1) invested both his and Pam’s inheritance of $200,000 and (2) earned the same rate of return, his dollar return would have been $200,000 × 13% = $26,000 pretax.

B/ Explain how market risk, interest rate risk, industry risk, and political risk impact Douglas’ investment decisions.

Impact on Douglas:

• Market Risk: His investment in the tech startup could be affected by broader market downturns due to political events, recessions, or changes in consumer sentiment. Even thorough research may not completely mitigate this risk.
• Interest Rate Risk: As interest rates rise or fall, the valuation of his stocks and potential future investments could be affected, influencing his returns and decision-making process.
• Industry Risk: The tech industry, including the startup he invested in, could face specific challenges such as rapid technological changes or increased competition. Diversification into different industries could mitigate this risk.
• Political Risk: Changes in regulations, tax laws, or international trade policies could impact the startup and any other investments he makes. This could affect profitability and stability, making it important for Douglas to stay informed about political developments.

Conclusion: Douglas needs to understand and consider these risks to make informed investment decisions. Diversifying his investments and staying informed about market conditions, interest rates, industry trends, and political changes can help him manage these risks effectively.

C/ Explain both Douglas’ and Pam’s likely tolerance for risk and explain the relationship between risk and return.

Pam has a mortgage and three children, while Douglas is single and rents an apartment. Besides, Pam emphasizes understanding various risks such as market risk, interest rate risk, industry risk, and political risk, and the benefits of diversification while Douglas shows optimism and a potential overestimation of his risk-taking ability after one successful investment.

Conclusion:

Douglas’ Risk Tolerance: Douglas demonstrates characteristics of an aggressive risk tolerance. He is willing to take high risks with the expectation of high returns, as evidenced by his investment in a tech startup and his eagerness to continue investing despite the inherent risks.

Pam’s Risk Tolerance: Pam shows traits of a conservative risk tolerance. She prioritizes stability and capital preservation due to her significant financial responsibilities and limited time for market research.

Relationship between Risk and Return: Higher risk is typically associated with the potential for higher returns. This is due to expected returns. Market efficiency generally prices securities based on expected rather than actual return. Any stock with a low risk profile earning a high rate of return will be desired by investors, leading to a rise in price and reduction in the rate of return. Investors must balance their desire for returns with their comfort level with risk.

D/ Explain the benefits Douglas can achieve from diversification, and list at least three ways that he can diversify his investment.

Benefits of Diversification:

• Risk Reduction: Mitigates Unsystematic Risk, Protects Capital
• Improves Stability: Reduces Volatility and Consistent Returns lead to a more stable overall portfolio performance
• Enhances Potential for Returns: Opportunities for Growth, Exposure to Various Markets
• Time Efficiency: Less Research Required, Simplified Management

Methods of Diversification:

1. Across Different Asset Classes: Investing in shares of different companies, government and corporate bonds, property investments, commodities like gold, silver, or oil.
2. Within Each Asset Class: Industry Diversification by investing in different sectors (e.g., technology, healthcare, finance), Geographical Diversification by investing in both domestic and international markets
3. Using Investment Funds: Mutual Funds, Exchange-Traded Funds (ETFs), and Index Funds.
4. Having alternative Investments: Hedge Funds, Private Equity, and Venture Capital.

By employing these diversification methods, investors can create a balanced portfolio that aims to achieve their financial goals while managing risk effectively. 

 

Tình huống 2: 

Vista Ltd., a closely held firm, is trying to determine a benchmark for its cost of equity. Comparable firms in the industry have a price/earnings ratio of 11:1, an average Beta value of 1.05, a dividend payout ratio of 40 percent of earnings, and a projected growth rate of 10 percent. For the fiscal year just ended, Vista had earnings per share of $3.00 and is expected to achieve the industry average growth rate in the coming year. Economic indicators show the risk-free rate is 5 percent and the return on the market is 15 percent.

Câu hỏi:

A/ Calculate Vista's cost of equity using the dividend growth model. Show your calculations.

B/ Calculate Vista's cost of equity using the capital asset pricing model. Show your calculations.

C/ Compare the dividend growth model to the capital asset pricing model, by identifying at least three characteristics of each.

D/ Identify and discuss three factors that impact a firm's cost of equity.

Diễn giải:

Vista Ltd., một công ty tư nhân, đang cố gắng xác định một tiêu chuẩn cho chi phí vốn chủ sở hữu của mình. Các công ty tương đương trong ngành có tỷ lệ giá/thu nhập là 11:1, giá trị Beta trung bình là 1.05, tỷ lệ chi trả cổ tức là 40% lợi nhuận, và tốc độ tăng trưởng dự kiến là 10%. Trong năm tài chính vừa kết thúc, Vista có thu nhập trên mỗi cổ phần là $3.00 và được dự kiến sẽ đạt tốc độ tăng trưởng trung bình của ngành trong năm tới. Các chỉ số kinh tế cho thấy lãi suất phi rủi ro là 5% và lợi nhuận trên thị trường là 15%.

Yêu cầu:

A/ Tính chi phí vốn chủ sở hữu của Vista bằng mô hình tăng trưởng cổ tức. Trình bày các tính toán của bạn.

B/ Tính chi phí vốn chủ sở hữu của Vista bằng mô hình định giá tài sản vốn. Trình bày các tính toán của bạn.

C/ So sánh mô hình tăng trưởng cổ tức và mô hình định giá tài sản vốn bằng cách xác định ít nhất ba đặc điểm của mỗi mô hình.

D/ Xác định và thảo luận ba yếu tố ảnh hưởng đến chi phí vốn chủ sở hữu của một công ty.

Đáp án:

A/ Calculate Vista's cost of equity using the dividend growth model. Show your calculations.

The dividend growth model postulates that a firm's cost of equity (k_e) is based on its dividend yield plus growth and can be expressed in the following manner:

	ke = D1 / P0 + g
	Where:	D1	=	dividend for the coming year
		P0	=	current price of the stock
		g	=	expected growth rate in dividends

Given information:

• Dividend payout ratio is 40% of earnings.
• Earnings per share (EPS) is $3.00.
• Projected growth rate (g) is 10%.
• Price/earnings ratio is 11:1.

Since Vista is a closely held firm, its price must be estimated based on the following:

P₀ = P/E ratio × EPS = 11 × $3 = $33

Next year's dividend can be estimated by multiplying the current EPS times the payout ratio and adjusting for growth (at 10%) as follows:

D₁ = $3 × 0.4 × (1+10%) = $1.32

Cost of equity: k_e = D₁ / P₀ + g = $1.32 / 33 + 0.1 = 14%

Using the Dividend Growth Model, Vista Ltd.'s cost of equity is calculated to be 13.64%.

B/ Calculate Vista's cost of equity using the capital asset pricing model. Show your calculations.

The capital asset pricing model (CAPM) postulates that the return on a security is equal to the risk-free rate plus a risk premium. The risk premium is based on the risk (volatility) of the security relative to the overall market (as measured by Beta) times the incremental return on the market above the risk-free rate.

The model can be expressed as follows:

	ke = rf + (rm – rf) × β
	Where:	ke	=	cost of equity
		rf	=	the risk-free rate
		rm	=	return on the market
		β	=	Beta value for the firm

Given information:

• Risk-free rate (r_f) is 5%.
• Beta (β) is 1.05.
• Market return (r_m) is 15%.

For Vista, k_e = 5% + (15% – 5%) × 1.05 = 15.5%

The Capital Asset Pricing Model (CAPM) calculation yields a cost of equity of 15.5% for Vista Ltd.

C/ Compare the dividend growth model to the capital asset pricing model, by identifying at least three characteristics of each.

Dividend Growth Model (DGM):

1. Based on dividends and dividend growth rate.
2. Simple and straightforward.
3. Suitable for companies with a stable history of dividend payments.

Capital Asset Pricing Model (CAPM):

1. Based on risk-free rate, beta coefficient, and market return.
2. More complex and includes market risk factors.
3. Suitable for all types of companies, including those that do not pay dividends.

The Dividend Growth Model and the Capital Asset Pricing Model each have distinct characteristics:

• Dividend Growth Model: Simple, dividend-focused, suitable for companies with stable dividends.
• CAPM: Complex, market risk-inclusive, suitable for all companies regardless of dividend payments.

Both models offer valuable insights, but their applicability depends on the company's specific financial context and market conditions.

D/ Identify and discuss three factors that impact a firm's cost of equity.

A firm's cost of equity is influenced by various factors, including:

• Overall State of the Economy: Economic conditions impact investor confidence and market performance, affecting the cost of equity.
• Current Interest Rates: Interest rates influence the risk-free rate, which is a key component in calculating the cost of equity. Higher interest rates generally increase the cost of equity.
• Risk and Return Levels of the Overall Equity Market: The general risk and return profile of the equity market affects investor expectations and the required return on equity investments.
• Risk of the Industry: Cyclicality, Level of Foreign Competition, Stage in the Industry Life Cycle, Level of Technological Change, Growth Prospects.
• Specific Firm Risk: Customer Composition, Competitive Advantage, Geographical Base.
• Leverage:

Operating Leverage: High fixed costs relative to variable costs increase operating risk.

Financial Leverage: High levels of debt (Debt/Equity or Debt/Total Capitalization) increase financial risk, raising the cost of equity.

Understanding these factors allows firms to better manage their cost of equity and make strategic financial decisions.