Bài giảng môn Tài chính tiền tệ - Chương 4, Phần 1: Thị trường cổ phiếu

Nội dung text: Bài giảng môn Tài chính tiền tệ - Chương 4, Phần 1: Thị trường cổ phiếu

1. 444444444 44 4 hh  l ồồồ ồồồồồồ ồồồ ồồồồồ ồồồồồồ ồồồồồ ồồồồ ồồồ ồồồ gồgồồ gồồ ồồồồồồ ồồồồồ gồồ ồồồ ồồồgồ gồồ ồồồ gồgồồ gồồ gồc gồồ cc gồồc ồcồồcc ồồồồồồ cồồcồ cồg cồồồồ gồồồồ ồồồồ cồồồ ồcồồcc gồg ồồcồ ồồồ ồồồcồồ ồồồc ồồcồ ồồồ nồồồgồ ồồồồồg ồồcồ gồồc ồồồgồ ồccồ ồồồồồồ nồcồồ ồnồồ cồồồồ ồccồ cồồồ ồồồ ồồồgồ cồồ gồccồ nồồồgồ cồồg ồồồ nồồcồ ồồồ ồồgồồ cồ. 4 l                      & 3 4
2. 444444444 l ựồồồồồ gồựồ cựồồồ ồồồồồ ồồcồ ồồồồồồ ựồồồồồ ồồồ ồồồ cựồồ cồồồồ ựồồồcồ cồồ cựồồ gồồồ ồccồc ồồồ ồồồồồồ ồồồ ồồồcồồ gồựồ cựồồồ ựồồgồồ ồồồ: l g ồồồ ồồồồồồ ồồồ ồồồồồồ ựồồồồồ cồồồ nồ gồồ ựồồgồồ ồồồ ựồồ ồồcồ cồồ ựồồgồồ ồồồồồ cồồồ; l g ồồồ cồồồ ựồồgồồ gồccồ ùồồồ gùồồ cựồcồồ gồồ ồồồc cồồồồồ cồồồ ựồồc nồồc ựồồồ nồồồồ ồồcồ ồcồồc; l g ồồồ ồồồồồồ ồồồ cựồồ ựồcồ ựồ ồồồ cồồồ ựồcồ ựồ ồồcồ ồcồồc. 4 l :ồồc ồcồồc ồồồ cồồồ ồồồồc ồồồồồ ồồồ ồồồcồ ồồồ ồồồồồồ : l g ồồồ ồồồồồồ cồồcồồồ l g ồồồ ồồồồồồ ồồ gồcồ. ) ))) )))))) ))))))) ))))))) )))))) l hh l iồ ồhồồ
   ồồhồồ  ồhồ  ồồ  ồchcồồồhồồồồồhnồồồgồhồccồh gcchồồcồhồồcồhồồồhgồgồồhcựồồồhồồgồồhcồchnồồồgồhgcch ồồcồhgồccồh ồchồồồồồồhồồcồhồồgồồhcồhcồồhồồồcồồhồồồh ồồồồồồhồồồồhc ồồhcồồ ồhcồgồhcồcồhồồồồồhccồồhnồồcồồh gcồồhồồồcchgồồồồhồồcồhồồgồồhcồ. Ă 4
3. 444444444 hh h h l        @ @  @@ @ & l @   @     F F  F @@  F     @ @   @ & Â  l   &   h     '      & l    F & @   F   h      @  & l    &   h           F  @     @  @ & l     &   h     @  @     F  & Ê 4& @  l h    @ @  & E    E    4   4 3
4. 444444444 l F444       34    F @  ă ăăă ăăƯ Đ Đ Ô Ơ l à E F 00.000.000 .000 = = 00.000 / pp 0.000.000 44 l h     @   @ F  F @@            &  @   F  E   4        E      44 l       @ F 444    F   #    4 @   F  44&444    @ @ @  4&444&  @#  #   #   # @    F 444 44  & 44 4
5. 444444444 l @   @   344444444    l     44&444 < 4 @& E 44   l    l 4&444  44&444 < 4 @& E 4   l  #   44   l   E 44 4 44 E    l à   F  60.000.000.000 = = 06.000 / pp 4 . 000 . 000 43 l        @       @ & F       @@  @      @ 44  l iồồchgồchồồgồồhcồhồồồhồồồgồh hồồồhgồồồh cồ ồồhcựồccồồhồồồhcồồồhcựồồồh hồồ ghgồgồhồồồh ồồ gchồồồcồồhồồ ghcồồồồhcồồồhồồồhcồồồhgồồh cồ ồồhcựồccồồhồồồhcồồồhồồồhgùồồhcchgồồồh ồồ g.hồồồhcồồồhcựồồồhồồgồhcựồchồồgồhồồồồch ồồồh . g.h ồcồhgồồồchồồgồhồồgồhồồcồhồồồồh gồgồhcồhgồồồhccồồhồồồhồồồồồồhồồồồhồồồh c .h rồcồhùồồồhgùồồhồồồồhcự  ồồồhồồồồồồhc  ồhồ  gh h cồhcồồồhgồgồhồồ ghcồồồh . 4 â
6. 444444444 l h     F @ @ @       &           Ă4 4&    l  @  Ă  @ @ @    @ @    & l  @  Ă            @ @ F F         @ F @   & l    Ă @  @ @ #    #     @ ' '     @ @ F   Â4 l  @   Ă  @  @ l       @   @  @ F F    @F & Ă F @ @  @ l      @  F @  Ă   @ l   @F '  @ F @ @     @  Ă @@   @ l        @@ @ &           Ă  l        # !  " #  $ Ê4
7. 444444444 4&    l   @ @ F  F  @  F    <  & l   @F  @  @F     & l  @  F  @F & ' ( 44       l         uồồ ồồồồồ ựồồồồ g ồồồ cồồồ ồồ h gồcồ uồồ ồồồồồ gồ ồ ồồồhồồồgồhggc))h = )ồồhồchcồồcồồồ hgồồồhồồồhồồồồồ uồồhồồồồồhựồồồồhghồồồhcồồồhồồhgồcồhghuồồhồồồồồhồồồhcồồcồ ồồồhcồồồhgồ ồhồồồhồồồgồhgdc))h= h )ồồhồchcồồcồồồ hgồồồhồồồhồồồồồ dc)hgdồcồnồồn hcồựh)ồồựồ) ồồổhgồồhcồồồồhcồồồồhồồồhcồồồh= gc)hggồựồồồồ hcồựh)ồồựồ) ồồổhgồồhcồồhồồồồồhồồồhcồồcồh= h hghồồổhgồồhcồồồồhcồồồồhồồồhcồồồ 44 l       )* + , Ă  F   <   @ F F @#    @ @   & Ă    @    & Ă    @ F  & Ă @    #     & Ă  @ @  & 44 %
8. 444444444 z4&   @ @ l     4   Ă   {    @  F      {  @F #   # Ă    hh h  44 l    Ă  h h .  h     F      @  F  @ F & .          @            / .       @    @ F   Ă  h h h F F  F   # à    @   à  @ @ @ @ @ @ F F    43 4& F   l h  h  { E {    @ { <  l h  h h      @  @ '   F     @     @ F  l h  h  {   @ {      {  @         @    @ 44 -
9. 444444444 03 ))) )))))) )) )))) ) ))))))))) ))))) ) l  hh  l ))) )))))) )) )))) ồồcồồ cồồồ ồồồồồ nồồồgồ ồccồ gcc ồồcồ cựồồồ gồồc ồồgồồ cồc cồồ ồồồồgồc ồồồcồồ ồồồ gồgồồ ồồtg ồồồcồ ồồồ ồồồồồồ ồồồồ gồccồ ồồccồồ gồồc gồồ ồồ gồcồ ồcồ gồ ccồồ ồồồcồồ ồồồ gồgồồ cồồcồồồ. 4 l    l    h Ă   @ @ @@ @ @ @  & Ă  @    @     & l    Ă            @  & Ă4 l  h  l i ))) )))))) )) )))) ))i i)i) ))) i))) )))))i))))) ))))))))) ))))))) ựồồgồ gồồc ồồ g ồồồồ gồồc ồồgồồ cồ ựồồgồồ ồồồ ồồcồ gồồ ồồồ cựồc cồn ồồồ cồồồ gồồ gồccồ ồcc ồồcồ ồồồ ồồ g ccồồ cồồ gồc gồccồ cựồc ồồồồ ồồồgồ ccồồ ồồồ cồồồ ồồ g ccồồ ồồồ gồc gồccồ cựồc cồồồ gồồc ồồ g ồồồồ gồồ gồồ ồồgồồ cồ ồồồ gồc cồồgồ gồồ cựồc. Â4 4
10. 444444444 l i ))) )))))) )) )))) )))n)) i)i) ))) i))) )))) ))))i))))) ))))))))) ))))))) uựồồồ cựồcồồồ ồccồ ồồgồồ cồ ồồồg ồ ồ cồồồ ồồ c ồồgồồ cồ ựồồgồồ ồồồ cồồgồ cựồc ồồồ cồồồ ồồồ ồồồ ồồồồồồ ồồ gồcồ ồồồcồ ồồồồ cồn ựồồồcồ ồồồ cồồồ gồồ gồc ù gồồc ồồồgồ. pồồ ựồồ ồồồcc gồồồồ cồồồồ cồồồc nồồ ồồgồồ cồ ồồồg ồ ồ ựồồc ồồồồồ nồồcc ồồồ ồcồồ ồồồc ựồồồcồ ồồồ cồồồ ồồồồ ồồồ cựồc ồồcồ ựồồ cựồcồồ ồồcồồ ựồồgồồ gồccồ cựồồ ồ ồồ gồồ ồồổ gồccồ ồồồ cựồc ựồồồcồ ồồồ cồồồ ồồcồ ựồồ ồồồồồ ồồồồồ. l Ê4 l i ))) )))))) )) )))) ))n )))n) )))))))))))))) ))))))))) ))))))) l ựồồcồồ ồồồc gcc ồồcồ ồồồcồ ồồồ ồồồồồồ ồồồồ ồồồồồồ cồồồồ ồồồồồ ồồồ cồồồ gồc ồồgồồ ồồ ồồồ cồồồ ồồồồồ cồồgg ựồồồcồ ồồồ cồồồ gồựồ ồồồcc ồồồồ ồồồ cồồồ ồồcồ ồồồ ồồồồồồ cồồcồồồ cồccc nồồồ gồồc ồồccồồ cồồgồ ồồồồc gùồồ. l 44 l i ))) )))))) )) )))) )))n)) ))n )))n) )))) ))))))))))))) ))))))))) ))))))) l ựồồcồồ ồồồc gcc ồồcồ ồồồ ựồồgồồ gồccồ ồồccồồ cồồgg ồồồgồ ồccồ cồồồ ồồồồ cồồồ ồồồcồồ ồồ g ồồgồồ cồ ồồồg ồ ồ ồồồồc gồcc cồccc gồồồ. l 34 44
11. 444444444      @   @          l   #  l  @ @  # 44 l      @  @ @  #& 34 F @@ @      F    l F 4443   @ @ F   @# @ @   @ @   @F    & l F 4444 F @@  '    @ F F @F  4     & l F 444   F  @  @   #  @F  # @    # @ @ @F      @F    & l F 444   F @  @F    @ F         44  &  @ @  #   @ @          F    4444& 34  F     h    67 h1 #h# #h# h h 23 453 9 : 98 9 98 ; 9 < 98 9 98 = 33 44
12. 444444444 l i ))) )))))) )) )))) )))n) )))i))) )))) ))))))))))i) ))))))))) ))))))) l ựồồcồồ ồồồc gcc ồồcồ ồồồcồ ồồồ ồồồồồồ ồồồồ gồccồ ồồồồồ ồồồồồồồ gồồồ ồồồ cồồồồồ gồồc gồồ ồồccồồ ồồồồc gùồồ ồồồ ồồồồồồ cồồcồồồ cồồồ gồồc cồc ồồồ ồồồồồồồ gồồồ ồồồựồ ồồồồ ồồồồồồồ gồồồ gồc ồồồ gùồồ cựồcồồ. 34 l i ))) )))))) )) )))) ))i )))) ))) ))n) )))))))))i) ))))))))) ))))))) l ồồgồồ cồ ồồồ cồồồ cồồ ồồgồ ồồồcồ ồồồ ồồồồồồ ồồồồ ồgồồ ồồồồồ ồgồ ồồồồồ gồồc gồồ cồồgồ ồồồồồ cồồgg gồồc ựồồồcồ cồồccồồ ồồồồc gùồồ ồồồ ồồồcồồ gcc ồồcồ. 3   l @         &    444&444&     @   444&444  @ @    44&444&     @ F F     F @    & Ă3 44
13. 444444444 l 44&          F  @     #  @   <    44&444 <  E 44&444    '     @ @   & l 44&     444&444  F        #   444&444 F      44&444& l 34&  @    #       @ @  @ 44&444  '    444&444 444&444<4       44&444& Â3 43