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C'SIO~N THEO CHlIO'NGI 'TR:INH CUA UBC

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JI,~ ~~' _ ~ _ __.r:_ _ __

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PHAN TICH VA BAU T"

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d~a.u, t'lii rch·(tng ·kh~)a:n. Clu;a UBCK:NN

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lQ:~ NIHU~IN V:it Rf~ll R,Oi lROiNiG 'IlA,1Ui 'U~ C:~(IN:'G :K:H:IO,AIN

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G'~A TRI C'UA, BONG 'Tlli'EN TIHE'O THai G~AN

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Oia tTl ,ooa. nbung (Ulng ti~n IU16n th.ay dial ,(J :nhtmg' thai di"m kha,e nhau 'b6i vi ·trong n~n klnh tf th.j trub"ng tie.-n muon. sinh ra tru.'~ni' h'Cfn nJtla sll1c:· mllJa 'C~Ja Icang :mi)t 55 't,i~:n & nhu:ng t.btd. dUrm. Im',c nhau 'tbl kholng gilOIlg nbau. :l16 lao t ni"m 'VI~ '~hoi g.~a, (:ua ti~n ~ (The· tim·e value of money), N.guai ta t:hua:n.g tfuh toan ,giai. 'tri ti'n ~: If; 2 't,hom di.'Im : liii·:n t@i vii ·tlNCfng Iai,

Kb.i nha d~1lJ 't<tll' bo ra mOlt ·klhoan.til'~n, d~' diu. t~J val,') thi truffng' ·cb:ang lthaa.n 'h.a;y c.6:n.g v:i~c kinh d,oa nh, 'hQ, mll6n 'hii't 't~r~, m(k. th.ai die'm '",cng ·turtng lal SId' ti';n c~ua h'9 ,se sinh lui IdEf thanh mQ,t khoa,n ti·~n lon. h.on~, v.y se; ti'·:n ,dO, Uti, bao n.h.iiu " Btli khir vite 'bo, VIlln de di,u. til m~i dian ra ·~i. nhllngthm dig'm Itha,c. nhau tu' hi'~n '~ii eho d.6ri. tlimlg lw, nhu v4y 't~i l'D.q·t ·thbi di.:!m. tl1)c:f:lg t'lttl:ng lw d:lu6i ti!~n t~ n_A_y si shih 1M vi la, bao nhi,@;U '?

Nrn,.··t'~J!"I'_e lai mo·t nha diu tu khae 1 ai, mOlng"~ :mu6n nhan dude

,f;ilJ~ • .1' • .', ~"

m.9-t khoan. 'ti~ll hi~n, nay, nhu vb bi? Sle plbiii diu tlt eae lllio,in

ti~n trong ·tuc;.·ng' lai nhu thtr nao, ?

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1- Lal ,',dn va, :I,ii kep

';IT lola ii' l(fon J(Si'mp,h!, II'n'tle!rrest:)

LI1 don ]il so tH~n. :ru,a:~, chi 'tinh trien ~jD' tll,'n. gl$c ma khorm;g tfnh -' ,~~,~, ,,?,,4;' 'ti" ~'n-' 1!J'~; r..:llrifli. '~r'~~1WII, n#(i'_':' si n 'h .. ' '1"'",0;11,

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'-L _'.' .:I '8'"" - ,.;t...... ,-_. '!!!' S'" ~' 'k '," - . .2 '1i' ,.

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'Vi d, : MOlt ;D~ ,CO 100 'trii,~,u rdr6ng dem ell 0, 'V,ay val UUi s.uit !9%/na;m tinh tr@rn. v6n gi6c tro,ng' 1-0 nam, 'V:iy sau 110 nam "U)'n,g s6' 't,i~n, ,gic Vret, lai thu v,j Iii ;,

100 t:ri-~u + 100 -tri!~'U x 9% x 1.0 '!""": 190 trm:~u idr6ng'

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Lai kep' la, s5 't,ien Iii sinh ra 'tr@n. s6 't.i~n ,goc: va. m,ai - bay

.1' .Ii:: 'iI!... kh . .(, l!'" 11-'" " -- '11 ~,.

0,01 caen ,'~~,~iC ra ~J~]J tr~n rai.

L·· .... 1~"( Cti.~ ,",' ~ ;eJ( - - (11 ,"',., ,~t)n : . 8.1 l!i.!~p, =: ~U '[L,le:Q, ,e;.;.;c X\,+ ' . all sua:·- .'--

'Vi ail- :- :Nha. cbtu 'tlf 0' 'vi dill t,l's.n n'1l.,m cho v:atY' s6 ti~in lOO

II ~I _,' •

't.:r.i~UJ vrd'i ID&i. suat 8%ln~:m gbep :~,i.ru, b.anm- nam. Sau, ,,10 fti:m Mn,g

s6' ti'n thu Vr~ ,ca gO'ie jln lai 1a ::

1,iil1iilj t"r~,g't1~ 'V' C' 1 & '9C1- \10 - ~1i5': '!'l: ;j;,'lIo"l" t:L11!1 ~:~'~na UU :} ,JI.';;r~ ,!\.J.. 1F 0-7(,).1 ,,_., lLlljbr. ""l~ ll.!w. .. ~'u IUrU .... e.

1-1-" 'Th-'" ~ 'I! " ,", t'~.a t' "" '_ = ,I, IIIJ~~, glB cua, ';:_,~n '_Ii':

2:~ 11 ~ Gil, Irt 'tllldn g Iii i rCU;! m 01 ,5:0 lit!n h ie'n t,,~

D5ng ti':n ham ,nay bo, ra dj,u tir se' sinh l .. Cri vi, e~! !iii. suit~, n<u dAu bj' :mOt khoin tw .. 'n :PV t'flc):ng n nA'm, 1ii suit eac ,l1ii'm tUtm,g ung' 1i. l-'l,. :r2 .H r It va F'V Ia gia 'tr,~ 'tuang Iai sau n nAm diu. ,tu thJi :

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N'~- - ·l,:l;l:·~ ,'. I" ,·,4.t- ]I .. ;i..."",. -, -; A.I." ... -:. ., .. ..,;: . - ."!i:" ... .' ,'" - ',_ ,_.- " =. -,

~U _Ql Sua." JrlUdjl'l;g' ~,~, 'qua Ct;lC· n~m. ~ .r jJ[ .,... f\2 _., u ,_ r ~ ..... r

thi. ::

I . . I

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FV :;: PV (1 + r) __

fIi'b... .... ,'ii:ji"U d-- '6'" '! ~ I,V.,~~ ',. III

FV: 'Oi8.:. 'bi· tmm,g Iai san n nltin diu 'w. :PV:. Gj~, 'bi, 'ban diu.

n :: So7 nam diu 'tuTo,

'r :. L·li suit· nim ('%)~

C' ,$. .. (J!-h:'~~' 'A,'!i:"·,·- t·~,· ... ;'t;J' ",,:'~"t 1II.--'·.A.'; ---:.~: .c;I'li" ~,,=;a. bar .JI.~;,. 'm"",. W··'·· 4IU1i l'l;!tIi'. aa, ,:!l.~I;:.U~!jJ.!(l guI. 1i.W.'9, .6..1.~·m V'v!!! ~O w.~n '. an 'u,et.ijj ~a. ~ .. ~

-1 .... ·• ff.t· '1,). m. I. ...... x tho I .. l!: ;b.~'. - ..... J!.: At; '1~'n! Ji!: •. :: k ~i'';;'

ai SUl~.~ ia 1'"-zOi:W:fum",:':iIl san n nam '~'u.i se ~~I m\/~' twIll,O,an. Wle:n, J!1a

JFV,.

'ifT.~' ..l' nJ'..::: '" "". ,~! .. ,.. (,1, •. '.A~· 1'" .. J: - 21'11..;' "'ill..'

V t uN: .~ '~~I b.et ~l.@(m ~ trti·'U YOn a. al ami t 1: e: ~lcJnllm- ,t~.wj.

!" iii . ... . L____;___ III' _"_ , -' "111" • . .• ,~J~! ;_._ -"_ '. ... - ,J' - -

saiU 3 n.lJn IBe thu ,d'uttc :

:FV :~: 2 ·tr.ieu x: (1+0, 12}3, ~ 2,.,809·.,,85!6 d';ng·",

'* Niiil tfnh theo 'tlhang' thl. cO,mg' t'b,{fc It,ri!n. b.i·in. ,d,6.i thanb :: :rv ~ PVll+rYVl:2.

S(f ·than,! ·dlu .t.'lI~ Lil suit nim.,

:0 "
.,
r ,0
., :PV:: Gi' bi hien tfi,.

:FV:: Oi' tq tLfa:ng' lai sau n. t,ha n g',.

1I1'/"dI}:' '0"1''>'" .'.6: ..• ,,,.'" -k'·'" --.C·.-· ~.-., ). 110 "'h-A

II! t ". ,., ~ " '-m 'tfetn Me:·t-il;~m 100 'trll~U tro" a: Vi~Il'W' -,D· ·tl .~1ii"II1'~·

• •.. [!II -, •• ~ __ ' _' ,._ .,", . T 1 [_ ••• _ Iii] .• ·1Il~b _. _' __ ~I .. ~ .'i!i--~

RO' 111~" a. ., .•. tft. 9h1::,'··X h·2. ~ ,If ti ~. '1' -. Db ,1t,. '~, .. ~ lLA b h 0 .~ '?

ViuJl J!);al. Sl~. -: i .• ';;10 DtimM, . ,u·~ Bu . _' en . a:.' _I ,,;1 C,Uli:il ~ J.~ ,a[o D . ·1~'U. ;;

·FV,.··~ :=; 10~ 1~'1;, [9.//it .),m8f12 = l"l'?;;~:iiilIO"1 ~lnlO, ·d'~n·~ ,_ .vv ,,-..IL +,"1,0 _. ~~O!JI, .,!IJ!'U . '. o~~g

,8

:$: :N;~u, U'fJih, tb!e,o :~y ::

IliI36'" :rv :=, :FV(l+:rY~ _i~,

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_~ ,1jJli ' __ " I:gd-y ull:::!J.u, I""U,

r ., :JL-ii s:u~t :lThlm" PV:: IGia trl bm, ,d~u~

FV IG.i~ t.r,j 'RW,n_g :],m, sau n ng,l:y'~

Vi d, t N',eu, ,glli ,ti€t ki~m, 100 td,;~ta, 'Vol :Iii suit '9%/rua;m, va, S,8;11ll, 600 :~g,~ s6 'ti.~'n U~l:rJIJh Ut bae :rilii@u '?

''£'I;V':= 100: ri ,-!IL ;n,~:)'600l365, ~: 11-:t:", 2,' ': "ill '10- il'J'1- ,nit',~t"ii a' ll? _ ,\1 ," \,' '9IF -;} -ro," = .. ~ )) I!]" J1LO. i~' ~ ~ \! ~O~~~I~

Vt la, 1 ,;' N'eu, lii ~nlJ't, 4, t'hang' lit ,3:% 't.ibt], ru,ai sutt n_!m, Iii bao n'h'~'!u 7'

1 ~ ,; ,~, .I 'l'~ - .r,j,ar'=-'~i3

" +- r '=' \,_ +- ~'70'}

'r ,=: ,( 1 ~o3i~' =' 1 =: 9;27%/r1am.

, " ,(,~, C\ 19""', : '\;1I12

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r ~ (:1.,009)112; ,_ 1 :~ ll,;3,5lfu/n~:m

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'tri. tai m",,,~rt' 'r'I··i~<1 I. 'l-;6m~:;i '~'""':""':,:"1]CJI" '!'""'li'I"'in,"g··· , 0'1'] ,'C'NI'Q, 1. i, ";A;'II1ii'g~' +'_';:an ~,jl;~'n- tai

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!IUl~,~ n~m, !!W;.s;,y, n !~lljIJ.l sau n DdM g,W,itt ,n,. l!iilillU.ng ,1I.al. cua Cl1Il!lO.~ !lifl-~n. l~

C d,iong la, :

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v'i, la'~ stm6t, 6%/nii!iLm,~ tbID, sau 6: n~;m, ,td:n,g' Siotl~n .uti ~ia ::

io .. ~

C ]t. 0-'%" 1 0'0-'0-' 000(1'- "00 00' O· d-

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g,9Y 30 mim n.ha idiu 'tuM [se' 'nb~n dWe 5'0 ,tij.~-c, l~ beo --h'""~' ?

., _ _ - _ ' e= - __ ' ' ._, ~_~'. _'. _ '.- .• I. U a", .'. Xl, ]J,€;IIJJ •

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'FV-"'- ~ ~ ~ [ ~1 -+ 14%)' _, 1 'J zos 0'£:08,"- i'itli"ii;l'ii Ai

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. "1- 4·' - ,()1:~.

- t' '[ ·'~fQ I.

:2:,;:9= OJ-a trl ll1i''"'1ii t\~,i ,cua mi~"1 :L>il(.,.[~l.,-c .:,;,...,:-- I--[~r-·:- ,t'F.~";~:- ~- j'

_ _ _ ,. iQi ~ 9- ~li,Q~n ~U!1m __ roIilQ~ung ~a __

iGia ,t-r~, :hi~':n ,'4ti ,c~:a, m.,gt khaln, 'U~n, 'tro-:ng "tlj(m,g' Iai Ut gcia tr;~ cua m.'~t sO' ti,'~n, thu ,d'ltQ':c, 'tro,ng' '~tfa,ng lai (FV) sau :fllL nam d.'ttQ"[o q uy v~ h:~i~n, ,t,,~, val liH, sua:t, ro/dnam,.

,PV ,=:' FV' (1 + 'r)Ji

:1:1

* N' :·:··.&n ill! Gl" 'CI~~li£!Ct:· '1;i!.1"Th'1i1h; theo ld'E..~n,·.a . .' ,th"~ •

.. !I;;ii~, i~" Li:l!I!Li.ll~.' l~, '.lIalj ,I ~:lJ.. - v ~111~ ,~I I ~~~, ~

Pit.'''' ~ F'V'

,.¥--'-==

(1 + 'rtJ12

n :: SO' thang' d:iu ,tl1., r' :La:i sUlart nam . ., PV:: ·86 tieu. !hi~n. ~i..

F'V:. 86' tien d'~q,c. linn s au n ,t·hang'.

t "::z;;, .'. '1118': ·t· 'iIl-...( .. < .. . ... ~""",. 'G"· ~ ...:;; ,L,·· 1IL- .• ~, . . .~.~ • ..f!:.. ..-:!' ·t· '" A' ·4"'i:' '~l '!o 'ii!~ .

. ni~:~ sau .Jl."u~ng D,'I!.;!!8,.. I, .::~,~, II;,..Q .~lb;::n :~1. 'CIIlJlla. so aen '(HJI' .~l~ LUEt,Q

'iii"iI,1L,.·~~·U·· ?'

~~lL~ ~'~ _' _' I~

'1D~J- 20 'trii.'.·;~.,· = :2,0 td:e. u ,_ 1 C. a,i"11j; '~"l:,i ii:". ,;J'~:'ri"jI'ilJI

~ .. ",. _I - - - == ~. ~. -,!ID! i 0 ~ U!'i,O'OIUl IU.J'O~~

(1' .1. '~,"iiJlLW]11'2: 1 I' isss ..

',,' .&ill .

* N,~1jJ li:~ SllJ§it. tmh theo lIl:rr.a:~ :

• , •• , .• _' •• ••• -.~ _.1:"11.. • •• ~' • ~--b'--~J'

'r;; ., ·0.·.· .11;,( 'iiI"i.' a"i"P Jt~ rn ~ '''''1 ", . . ~& .i! !i:l!lJ! 1~1~~Iii3J.J: [UaJ~ 1~!UL~

1.2

BA ,;,,:'A ...... 11.., ;'~...,,;r 'h- ",,t, ~.' ,",..." d'-" -~'_iIl..,<Ht' '1i...2: .~ e 'Wi.!dn ene v~,'~c tmh toan, n,c,~ :A, ta ,I, 'tllLlJJJ:t Ban va1l'ill'D' ,w.m,~

,11 !I , _ >iII.~t).

tri me.n tai le~a 1 ,d,6':n~ tai :mij,t, thiJi ,diiim,b;1@(ng';tuoll'll! Iai, ,Kt~

'r. e- III 10' ~ . '_' ~ Jf.

'-hoa P"Vl "" .. 'FV 1" kh L '" ..;};(

,1tSi'U. r '- Vitl.ll ,!: --_ ~ , ",I ::::_!:IJ. iIU.'(J :'

~ ~

P,~:,:r' _ .1

v -~-~~,

(1. + r)ll

2 • .4~, 'Gihi 'tr~ hl'll,rli1 'Ii ,Olga m'Ot: ,chua"ii till'n t d'ong: !(leu '~rQngl

t:U'Cfn:g Illaii 0

N,gu 'tro,ng',: B n,am, 'Wi, eli d,in sinh ,nh,t ti},i d'i_~'c ti,QfW' mt,6t

:- ,~ _' ~y- III ·0, •

men t.i@:n. Ut C;$" eae m,6:nt~,ijn. Illy ,co. gii ,tq nhu "the nao 't{li, ther.i

di.'~'m 'hi"n t;i ? vtlm, Iii suit. ~a r~llji 'f'2; ra eho ,3: nam itUO',ng U'ng,.

Na,m

C-

,

1 III

'1 )'~ ~ _ + fl'

C",

'"

- "~'

1(1 'T' r2}

c

:PV'~:, C _if- e ,+ C

{I ,+, r,s)] (1 T fa)2 (1 + ra)8

N'..:!':, " " ~, " ,_, ,- -' i ,,",'!11.,['< "

, eu '1 ,iiiiii, [s: ..... ' ra ..... r ~w.11 '"

rv C'-", (:" 1. -', 1 ,1 ')'

r"'~ -- of +~--

, ,~, " (1 + r)i -' '(]l ,+, r)2 ' (1. of r),a, ,.'

-

'N:' '~~'i ~I~." '!IO"'I '1""I',:i('m, '1I.'~:"1· ;'IiJJ1;:n' ".:' ,;Il,]L'i~ .j.. ...... ~'n-- ;c.Q 1- ,ill. " '= . e~-~l JJIU ,~£ .w.,A!~r_. I , ~Jt.l· \';U1 .. , Q' ~llYl"'" !1JlI1-~"'" 1991 a I!!

'pl't l' ""11 (' -1'- '1 l' '1" )"

'Y :;;;: \J ,.' , " +- ' ' + ~ - ' iF .n + - " ,

- ", (1 + r)l ,(1 + r)2 (1. + :ij~ " (1. +- r)D -'

.r"'''''. "ii' , •. if"'j, I';' ':-T'-R 1- -C" U"'" JL .~ -0- ~"N"~ 'T'I E~ N··· T'H' E---:-'-O- ':', '-T 'H',)i;L:-1 G" 'I A: _Ii.I

~iI'!lI!I! III' if! ~ ,M __ "_II .::::. ,,_',.,R gl,:. ' .. ~ J~I. II] II ll~'::> .. y- '..:_: ,-·.·II~

. ~.- -

13

:~,

PV C.-· 'E-

_ r' -_"

-.-: i:1, (1 + r)~

1

(1)

PlV - "'C".-II . ;L,

. _. (-1 ~i

~,=1 I., 4- l-')'~

1

'Gol C Ia s~' ti~-:n d11(1:C t;ri m,5i nl.m khO:rn,g: ,: IdSi t'l1' nam th.-U ].

till r. '_

,de'n nam thd n, vdi IDii s:uAt cbj~t, kh~u W!a I"%/nam~, vij.Y' t&ng hien

,gia, IOlla ch:uO-i ti,~n 0 la, ::

,tII-I)- ,cA th ~ ,1"1ii e:'t~' 'to hanh - - - '.

\, / : U '!j" -,~ ,..11:."", _ . _ - tI .. '.

-~ Tra cu8fu kY' :

PV = C [ 1 - (1 +rr" ]

- :r -

v; ell) .7 :M:Qit :n,g11a.i mua 1 chi~c xe 'b\i va ehc thue', lell)' tfnh s6 'tj_l~n, thu ,tit, cho ,thue hang nam (vao, cuoi lOam). lit ·50 '&rieUJ., Sau

- ,--. h 1.1tr..... .'''';:. • -h nh l' 'iiI]'", 'iIl_L~ A" ,~=,&.' H" ~ h

3. nam c'~ ,0 tnus glJ~' ,tq t-"a - -. - -. ~:fl lIJ~ ,~JiJ,~,n.g 'u'ng Ke,. - lay ,tt~."

ng...ra'f nay :Diin mua chi!c xe d,6 gia t01. da IA bao nhj:@u ? Hi:at Jiling- Uti suat loa 10%.,

G- "a'~ -

I ",', .1

rl···~ ~

PV = 50.000.000 [ 1- {\~!I.l%)-8 ]

- 5"-o··m .. 2' 48"'6-;1'1 I·',nA 'OAlS-_· -0''1-01' d-·

= .c·~' Jl X. -j:- - '::ii:iI' iiiiii _~.,~'"lIt' .•• _ -'u - '-.

1.4

PV C [ 1 - (lHrll] (1 + r)

[-'

, ....,;~,--"-l-,

-[ 1 ( 1 ~ -) ,!I'_!II,"'!". 'J

P-ru' C····_-' c':': ~ - i 1- To r;

~ '\1- =' .: ..... _- ---..'

. r -:

O_!i!f' ,'_"~, - ".]11-" - '-nhl- -- -- ,L.,:,a - B-1 ,,'II!..,.2.~ ,tr.2 -'D!.._. --.'" - --. +- - A-" II},. '10'" ....... /',6,

~ ~Q' 1II.!1ein U,o-a, , .' ngl:U''9P -'-_) p,lU,!i;lU I ,tAl, ,C.liliO leong~y ,~~ 1ft I· I i!!.tJ:JI,i~iIiJ

46ng l na;m bao ,gf8m c.'i, :DQ' goo va, iii tru'ng rs.u.6it. ky han th.u~, ,ta,i, ~ui:ni'

N:(u. gvi :n,lJUIyin, gia lit, t8ng hi,'n ,gia CUB, cae :kho':n tien th'U~ t,rQ'ngt.utmg· Iai thl nguyen gi' ena tm ,sa-n )s, :

- ,,.. 'h ---~ -, ,. A-, . _.it' st.", k'-

+ ''TrLtong : •. , Q'PI 10, tlu:n t,ra, 'CUOl':$.r ::

pv-·-,~: ,~ Ii- '0- I' ['[ 1.,~ (I + 4%)'=5 ]-. _~AA '~2 trieu

-- .'~) -':,' .:- •. -01- [_I~)"U-·IJ ... .'.;

AlQt~_ _

~-m

eft .. " : GtA T'RI~ C·Ui.A f)ONIG 'TII~,N THIE'O THOI, G~,AIN

- .

l5

--. B--:-:~'~ #.~""" 1: .

Ir:"I· ···u,· "ci:ft, .... ~.

bJ! I!!l Z"'""

G' .A::!i~LII .... ,.~ d l:W' d .;:;;. _ .. jLoI,. ,,': & .' _. L." - ,,'.- 11 ,n.,- ,o'!ti" .. . ~, ,x "

_ 1,8 UUUl muun : Ie ," .itInu we:n. mua IJJ:iIl,H, sao ," 'V' n,r;1,.m nua~ ean

...... L}., t ,. ~,.,(.o;t.''I' A:!l!; . V.il!' iiI-' ...;r' "h" ~ ...... ~~"..-iii' .u . b'" h 1"1 t'it'ff_J .

JIlJIIJ]La. 'll'~. g!l!a. ~, 'iLY ,u:.ung..u,l. lI!CU. suat t~iW,'U,"'~c~ 'jj:.run:! ~]n-. -~.}'7oin.lm~

th~ :

,oi Hang nam gia ,tUnh. phii gCti, 'tfu,~t, ki~'m bae 'nhii3u ti~~n '1 'bI ·N,ttu. bi:y gi;(y.' ,g1M ngay mO;t l&n 'tbl 8,6 ·ti.in II lbafDl :nhi@u l'

Ca,ng 'ty mua 1 ·tAi siJriJl~ va ,druJ1:c; bi!·:n ham d'!Ja ra ·dI' ehon l~a

... ,..t:.of.i! _l..IL "l-.!irin'O" ·t:h·~",;-o;;i! th-"'a' .... 1;.. .. ,j. .... ,,;t.cD' ~.l.,., • .,. '~'a·'~~ "

c..a}~ ~IIUY,: ':1I:.fi '_. }~ll!r.. : Il_' ~.I.U.1 l~ttIj,_ -_ -. 1.iIlJ:lu g":)~' 'I!

at '1]0.8, ngay 1010 'Eri,u. Id,6~g..,

bl'Tri ·SOIl Ir1,liJ ,d6:n,g' S8U U) Dam, •.

eI Tr,i, d~!1!Jl vaol ,cu6i. m6.i nA:m 15 trll'~U ,cling trong 'v;ong 1.0 ni;m.

N'gu. ill,ii, su(t, th~ trubDg ll. :1.0%, hoi co·~g' ty l1l@n Ich9n. :phua.og th.at thanh toan nae ,00 lqi Mat'1'

O· Ba" td'''' .;) .'

1_. --,-=,"''1 .,,::F" ;;J '.

'Gia sa 'm'Q,t doanh n,ghi~pl 'mu6n ·thui :mOt thj.ft b~ nsn thOa. tbU#nrii, mO·t ngin. hang thttdn.g m~ti. 'v.:i\ m.Q·t k1l,~' ud[c: ~ho tbUB d,lt~c ,so,o. thin vd'i calc; tb6,:ng' 'tin. nhu san : thi!i!ft, b~. Ic6 't,r~ .gi' il 500 triJ~U d,6n~~ thbi. han il(l. ,dUIl!iT mS. ,81 nam., T.id:n. ,thu]~ 'p~hii tri

¥ ,b~ m ~ b .

ha.ng nii'm. mit bao nh.i,iu" ntu ngan hang ,thutfn;g m,i. yiu. eiu Il-hAi

M,m, bi[o mille [sinh Ud l4·%lnl:m 'w8n s,o tl'n doanh nghl~:!p' con

. "

il-L,· .. i"

'!.LuUUJ.

16

N gi:n hang c6:~ ba:" i~ s~it gifi t~.~t 'kiij,m 1 ni:m :11 8~4'%, W ' .lIlt nay tll1ong' CbJCin.g l';"-~, suit :k!lip :3 mm 1 a bao 1_" I ii''U ?'

i BailIP'" :.

MO,t ng;ln. hAng' .tip dy.n,g' mlee ~ai siIIlft 12%hUi:m cho ,cae khoan

;t..l" - '_.'1..., - ".

tie.n gM tie!:t k~im 'tr'uDg'V,a di\i :h,n,. Hiy 'ti'U,!I;i m'''c ]LiiJ. suiUt. U;rmle

ella c,,~ :khoan ti~n gitj voo ky han gb.ep ]11. 111111 sau : n.ia, :ni'm 1 1'-;. m[8i quy' 1 lam 1-

N·g.in hliIn.g' d,6~g j ebo 'b~n Yay 1.000 d :ho[m, :nay' "l d,&i ID,,[ ban ph. tra ~ga.D. b~,ng m. .. 3il ~. san 4· :nJm;, g'b@l,p, ruib. thea. "am. Yay' Iii IWI\ ban p.hiw, ,cll~,u. lit, balO nhiilJ '7'

r. L • III

a Brit ttlp 7 ~~.

MQt d-II all dAu ,ttt thbi gian ltl:t. ·lli'~. la. 4 n!'m~ d'~ '~'i 'h thu nh~,p thee SCi d[~· ,sa'll :: (dan ::i tinh lit ,'.000.[000 'VNEl)

Chi nhi ,ella diu' ~:n Ut l,,5~'O ,ttiiJiu VNB~ N'~ 'ai 'S,uAt thi

r~~, "R:' •

'~~.ag· blM 'Q]uin. m.lm. trong' ,~ ,n,l'm [d6, la. 14% ,the ,~6 .]lin th.V'¢

hiin, d'~ an, nay 'kba[:gg' ? .'. sao?

0 1 1 1 1
.
0 '1..000 -500 2~.OOO , .. 600, 17

CHuCING' .11'

a- -----~ - '.." ?

Li I N'HUANI VA R'UI R"O

T'f)O"·,"'N"'·",,,~, ~A:~'U,' 1·0'" ,',I 'C'·-"-,'H- ,-('1' "G·:- K-~-H--"O:"·"".A;: NI

R,< _' , __ ~ I:I'c ',"~ , ',' ,,' ',,' ',,", ! U ,> [,_" ",_

D~I)J ,ttli chUng khlOal1, :~,a ebi vi.'~ebo 'v,ern, 't:j.'~n, '~~ ra :m~a .ca,.c ching kho\~bl, ,d~ lei em, 1M., ,Vi~,c, kie'm, :~"O'.i tro-ngd'M tl1,choo_g' :kb.Q,a,n c6 thl ml tt! ,tb:u :n'h, P' ,co ti!:c~ 'tr'~, '[.itcc flih:ung eung ,c6 'the; :nl 'til chenn l!~cfu gia do lunh doanh ,c'hltm,g- :kl1,'oan de{m, :l,i" M:~,~ tl:eu:

QUa. dau 1I1u ,ch,®1 lkhoan ~la :nb~rln ki~ll[, [!b:~, ,tit hal n_gud:n 'tbtlj :D'b~p noi tl'~n) nhung all, toan V~' v,6n, trong dAub1' ch.q Ichoain .lit v,i~, d,~ auan tt'O,:ng',:','~

~I. '!, '_-

:M~c ,ti,eu !d'u -t.il.f chllng khoan ,co. ,d,-t dl~Q'C :nh~ Ym.uilr.i.tre'Dg' cbl1n'h caeh ,d~.u tlW :hay k'hong h,oi3ln ll}an ph'I),l&huQe vao c'c rui :~o

-II' - - - Jii'~ t-.~ 'B"~"'· A;.' - .t::--JIl.. - '? -:ij,,~ ;Ii."",, ? '. - lill~ li'...,;::, , ~~' '] 11!..,,,(, 'ill.. !l,.<f'or.wg uaM ttr. • ,'0.1 V'IU']j, cae C\![:~U aau 'll!!'~, run [10 ,~,~ n,!L~UW ~tJll,J ~!'Cu

qua'n VUQ't ira nga!ai t~m quan It v,a ])di!Ji5n.g' ch@ cua :hQ';, 'Tae; d,~,ng c,ua rli~ 1'0' ,tte':l1, mucu!~u da:~ b.~ h,lo,an 'loan '~:h~ ,thu8c vae mi,],

'!. l~'", ..

tl'uCn.l_g d'u t~., Do d.6:, ldau t'IJ~ ,ch~g" kh,IQ'an :phii. !la baonh d~ng' iDO cln nhl!c~ 06 pb~n 'Uc'h k.Th]10a bQ!c dJfn ml~i 't:rltiJ.Dg dii.u 'ttli~ ,d~D, rui ro co 'th,@: :x:iy ra tr():ng' 'thai, gian d':u tu:.

'I· •. ~ M. I~'~~~ ~~nl" ',hi' 'I·~~

, 'I U'~ ~i,1 , ., lUll

G:ii, ,frU:1, o6D;~ ,ty Z' ICO vai ,tri!~u ,c6 p:hieu daltg" luu hanh va b,l1 [,~, eg' do:ng'~ S6' e" phieu 'b~hll mua lli.,~ vao diM nam, bay giCi Ul cur61 nam 'V,a ban :mu6:n~fn.Th1 JlJll1tfC sinh l~i. (lua, khoan dati. ttl. EO'i

- -- -"- -- - ---""- "- - - 11- -_." _. - - ." -" -- - -- -- - ."_ - - - "_ -_.". -"" ." - ." - - - - " ""-"" - - _."_ - - - - - - -

'vdi ca,c 'khOiin diM ttl' cb(rng kh,ijian r.m,O'e sinh IGi. :nha, tti~ tu nhan

d"i"i"iiC: t··"Y .2 'i"lilm.-i:ll~ ~'n :' y}~1 . . Y ~~~.~u=~ ~

18

- C& tue hoae tl',a'~ tae d~c 'tri hana' ni:1 .. m do 'n~:--~" '0"1£1:' ~.

.. . '~ .• " .. ' ... ,~, .... L .- -'-'. .. ~ .. ~- .... ~,m' ~~.. ...., ... :m ~..... .

·~.~;~I' hav t·:,;.o'~l~ ·nh:l~~~':~!. D···.· .. o .. b::.:i!i'I.' ,,0. :liJi;. ·c~ ,d." '.§t1lt1l!:f;!" .. eu·'*~. ~i~nO" t:,~;t' .Z IlL;!t:'i"", '~.~.~

,~',W~l_~t=~l ~ ~a!. ~I ~- ,VL e~,!ir.II~' . _ .. ~~~ ~@. .J;I .u~ ~ - .. -~ ~v. ~e '-J ~~l~~ Jljl~"'l

i""~·-n··g· ~.~ ll,),,'"m' an . .,...Iii:, '~i~f ·b,g"ne!'g.:liu!'irli~ .,;;;.h]i~ m,it '"p .: Mn hd. n'h~'~'~n 'fjfO'~

., .. AU! . '._' 'l'J:;J ,~j~ I. Q." ... u '~10!i-~,. "~=~ Qr;;;;: 'Ul._'!f- '!;,o\"b I ~ ~._~.··_I ,~. __ .:.~ ' .. ~ '._ '~ c' 'll-'!: ~"L i6;'~ =

'~I ,).. . .':11' ~ ~ ~"".

,Wi~1 leo 'i~'y~!!,

T:I:{ .. ~~.:I!'~ .N: 'i~~I~1 ·iU...ei;."'[i1 m···;:·.~lnl!el1 .1·lllrQ:-: ~;i;'~' 'rIi:~"~"(11~j 'V.""i,~ ,;.'J·J:u nam vdi, 07~.a

fV til- u.~ iI , ~!!I.JIJ lU~.~U!~~ , _ 1~~1 ,U .. vO ~t~~~~l~l~ ~ ~v- u.~ ~~ ~~-~~ _ ~ ,514.-~

,3',~' Cl,nlli"l;~i~n' '.g"',. m':~;r: iA~ p:ib::::,~;j~i ft.,;.:"l 4-1;n'g'" . gn,,~,~1 .+~ kho .. ,J.;,,:;nf':ll,~:U~. ,t.~oi· :"i'i\~' ban

J IIIU!!LJU ([llu . v-l!Jj IUU .. ~,'9;r.IIU !1.I,~~1 Ib.OI~:~ I~ IWll~ ~ __ . a'~l~ u~ .. ~ _'Y ~!\rI!~ u~~

.. - - - - -. ~ I ~, .... . - ~ 'r.

:~at ::

3,7 .. 000 X~ 100 :;;;: 3: -s 7010,.000 id6ntl'

G~ j: - ·r", ;i!.-.,.. ... C(I _,;.::....... ...,;i:!;"""g' ,,j.~-. '~'r,;t ;i'1!D ,iL'i'1i'J"I> eh .. ;i'\ m~'l' 1I"11i{: pL..';:&li~1 ill' ~ ,:1(;1. S!!.WI!; ib;l.'U':mJi:.b jJj:~m !"",O]l,,~' ,~y I"" ~ ',.;Q !.-I!".;";':' ';';"~~'''''._.)V .. , ";"';'~'1lI:.lI:!~'1J;!Ii 'iI;:lI.

1.,850 d,on.g·, b,:n ,se, :Ilh,n ,d~~e tOng' ,eg' tu:e Ut ::

1.,85.01 X 100 ;;,,;; IBftOOO ,a,6ng'

(,40 .. .000 _, 87.,0(0) x: 100 ~ ,3,ij(tOOO .C!J5Ing· mli "'.'y :

T6ng' mme, 1m = cs tltc (trai. tttc) .¥ M:t1e ~I~U 0,5) vain

Tro:ng vi d~ :nay ta le6 .:

T6:ng' m'd}c led ~ 1,851,,000 +3HCtOOO :~: ~,s.~t()OO d6:ng

Nlnr v,~y, n.e:u, 'b,n ban c~' phieu, v~o cuO:w, 'n~i'm t'hl t6n__g s f5

t,~,iiln" t, ~n nh ,:ffi;n"~'"1 "'Ti, ... , ,to:~ 'ii~, ~

~,~ " Un " u ,u.!LIlU~ .al~ l.tiit .•

- .. ~ -- - - .... - ~ -~-~-~~-.- - - ~ ~ - ~ ~ --

':T-1A - .' .,,~ .","~:'~ - nh '''''--' A'-.·····. '·K··"l..3., .. ""~ ,£" : i,.'iirliiAjstl'l + .

. . Oll.ii.:g Sill) 1!WIJ.iii3:Il. n •. ~n Uj1!J.j'C := ":d,~p~,n 'I!.l!i~U ll;,.i~ .u,at~.!I! !U!ii~.y. .'

. ··T'~· .. _. -- ".1r"" .. ~- ''1., 'l'~:

+ ',. ong 'm,!II.i!I!;.;o: S'.llll~ U",lt,

_, ,Pj !I7{11;'O"" 'O'i1ll'ilii1li ..LA! '.0 ~ lIi1 ~ n

=-' ~. [~i 1I.}.,r.I •... ,.'!IJ!·y T' ~iC]Iij}.I!iIUIUlU·

4 1 .. 8'5 00····'0···· d'~' . -

_, ..... I [·I··r"i·

~, _ '., .' _'-,. . ong

'1K],iIm tra m,i ~ ban s,e ,th!y' :n,[1ji d~n~ b~i'ng fM~~' 'ti~:n nh~n ,al1q'c

kh '~I 1l!...,.t:: n ... #; oh ~;,'~jl ii.,...~':;ril'lDi'., '1~..GC.l" ,ii"!!.) ,;Ii"r~~"", • WJILw. UijjlJ~···· \;.I·U] ,t.'-~' ~l~l~ ~U~l~ ~. U'~ ~U' ~~U,~ rn

(-.A'j1) nona-·· c·o '1- nO-"lI. . '1- 10'5-- ,iii; 0···0· r. _.A 'ii °5···· <Ii"IIl'rIiI"fi d-'~---

:~'!U'.U"U!.- K 'U!'_,)!' "*" 'O:,,'!(J,!;;:;;:; '~",.JI..'O'_ '~'!i)VIIJI! '"ong

G9~, P~, If:!. g~i' c, pbi~u dt~u Dim" PI, la, g·~,ai c, p:bi.6u eu6~ nam Di:l Ii, c~' tue 'tra, 't:rol:n~ Mm", ,M,M-c'l sinh l~i tirih theo %, se la ;

TWang ad! :; :DIlPo

lP1 - p..,'\to '"

~J - - V.\P.L yl

.' ~. 'l-~,' ,~' ,;lh',;

,11!" ::t ~ C-J(lIi II!.UC ~

i, ~;t;- .• '.(t-: '1::li::-]' ,~!~,'~~,

., ,Jl. ,3 OllUa.... ~a~ '~U",lI!-.

:: Ti:ng mut ai,nh ill,aill".

'I'heo 'VI du t'r~''D. ty·.~·' m!~ ,c6 "tile se' l ~ .,

••. "... ',.. '. . l.;t'_' '.: • .:__.:,_ •.. _'- '_'.:.' " ~', ',:', e- - .. ' . - l 1. i ~l

'1 sso

,- _,.Olli. ... ~ 10 05 - 5'Ji

37 J]OO ...._,," '- = (}

- _ ~ .. "'_' --,i, .~' ,A'~_rli!nl'li: - ~:7.~~0 ---. . .. -- .. - Tv !8Ma't lim vDin ~,,'±!4',.I,H1U ,t;!, ,,1I,}U'U', ~, (lOBl ~ S. 1 ~-,

, -'.J ,_,.,., ..,., . . . _ _ _ ~ . .. . ,~,,"o

i~'!17 nnn ~·[f·I!lW'Ujy

20

T,I'ng' hQiP' !ea 2 k!!t Qlui 'ta, SiS e~! t6ng' 'm:ue sinh m,r/.i kh~, a§.1Jj 'tum va-o 06 :phi,eu !Cua c6ng 't,.y :Z t,r-OIlg' 1 uta'm"

Vi d1J' kJiac ,t QU\. s~~ :mij't, nha diu bJ :mua 1. 06' plhiiu 'Va,iQ! 't.b,&i

"1-" "'", '.. ·d-";.'i'" "'~ -- - ,k" (Ji'~.( .at\ qt1iJ,fI; "o-r..''I'r"ii, ".':tJ. ,~:.;( t'i. '~· .. = Xc - '~I.).. on 'O"Ji1'\;Ii'\,

0( iem ... au na.m_ V,u]J, gsa U'Y .,l!!!IJ!'VY ,1,"f; LI' va b"'}~' ' .... !IJlU[ nam ,~,~ ,~'V'" ',lIJJ!'U

VN,fJ.. r~ong' nam, eing' ,ty cia t.1r-a, o~ ,tuc: eho 'm,i,i c6' 1P~ll!u. 8 . .000

't:~]I'"n ,jl.'ih~';i ,1.';1;., 'iii ~ r;-,g_ ~r~~l!'io ,f!!,~~i'Q A~' 'nhc .. 'I' it! li .... );,''!Il1' -b'~'1i'1i'« b - G,.... nhi a,'! 'I' '?' 'IL i,Ii'",1t ... , ''Ii ,51'

Y. lL~ID ~~ l~y ,~~ ~1IJ! ~yl~ ~~cg ~v. .r-' __ " ,,=~, .l1L~:J: 'll!lo~o~ ··'.~U ,JJ..I.], ~lL_~~ Ii! ,1J"~lIJ.,'UL~" ,iLl

'V~n b~'~__g bao nbieu',?' Vi t{ilng' m'ac ,sinh ID.(;ru, 'tr'OiOg' :na:m IDi~' ban, nhi eM'?

~ r.;:,ffl"- .!iL lrit'liiii'lf: _ ,~~Bt: ~ .~I701 T ·~V·7V - ;E}.,![J''7{}

:Nhu v,tv ty 1~: c)~ t'tt(l~ mll!C 1ai, 'V~n 'V,a, t.6:l"lg 11J1J,itC sinh, l~i ,tumlg' r

Uo;g n6u 'U'nb 'thel~ :phin, 'trim se la, ,50/0, 5[)i% 'V,a ,5,5,%.. !

~ I

:

- "" "''' - - ... i "'" iii: ...

:!Ii: '''II"'I-[i-o,ftiiMl :1fl;iriliJi!!; :ifi!;,;""m.. I'cfl n-:-·-,.i'e'::u-:- "~Im-i- ~

II ~'Ijl~ .1.111111WI'L!i ~~IIII[I U 11 !I lI' ... ,. II'~ .... ~

G~la [s(t~ toaD. 'bO' eG' 't1!ifc, lai arl\£lllC t~U, Ida'll, ttt v,a eilng thu d:~~!c m,ij;,t :m~c sinh m,O'~ ;cia khoan 'V(Jn gije~ 'm g'Q'~ khoa:ng ta,ai gian Old'til

tu '~;t ,~- nam .... :11).;""1·· '';'~n- 0"' m-" ,"~~tf> ;t;'::'_.,.'iIl.. iii[~;: ~I;" •. ~

u. ,lIJ.~ l~ .l:t ,[ill!:}· LJUI·· "~I ' .. Uu ~;Ilj[]lJILill. .w,!UI!~, ~1'M~~~1 iii

:Rt, nlm ;;;;;;: (1+,R]) x -(1-+82) K .... ". x (l-*-Rt.> ~ 1.

"V:""~ --l •• , . '-N': «: -,(", - - .,~ ~I'~-")," -1' iI~ ~m:, ~'"'~. [g" Cit. ;It.-- -.' 1611..1,-

~: !~, : , __ "eU! mlllliC, 81][llJ:. ,[,1011, ,:la.,J~.:j, ~ J70 VGI, ,'"'YO' I!.o.\fong It\. ... ,(:hi:tIl(g'

+1:.. ~l' (1~.a'iFi; ,", ''Ii:l;'::''m'' t·-'ii\..·~ 4-~'iI1't;,itJF mc-.,{i1'..-;, sinh l'~l" ,c,~~i'~i ,j') 'iinIN['m'" 'I';;\. a

-W_])Jf,JIi,_ _ b.f~g.-~~ ~ ,J!. ~" , _ ~~~,~ IW,lJ.~ .. ,~~I !i:t,iIl, ... ·11 ·U',· ", '~~ Iil l~~&~" _ ·a -a.

21

1O~ .;..:. ('iI R-'-" '~ ,- II '-R-) {"ill ~R' 'Ii 1--

ji,"1I, nam .... ',\,,.11..+ r; Ii x \. -IF '-~2 x ''!,.JJL'+,:'3i -

:~: (1. +, ()'~l]l) X (1 ~,n- 051)1 x (1 'T 0,0'9-) -1 ~ 1.5,%

T6ng' m'U:c. sinh Uri 1.5,%, Ui bao ,giom rca 'm,ae sinh lai tit, vi.~e bH, d':u. ,tu 06 't6,C eUa, 'Dim, thit.' :nhit va, 'Ui1 diM t'lf. ,c6 'tuc: 'ctma nam

th'.·'·~;' 2-'.' 'r''II'I'1i<'na nam ,~~i~i!I~[ _

__ , Ul !~~f~I~~b ~ __ '.. ' 1" .. dLr.IlY[~,,,

* M"·:-'~;- --" ··h I)"'! 1I1~, ii rtf:.' 'th- ,- -. ,,j!,~ ,·.,X, - -, "

"- Ltc 8.10,1 oi ,~lDry llili:,1j3 I" eo, Il!ill.l!lug nam '.

'Vdi -vi dl\l tren" mue sinh 1&1 ]iy k€ bmh ,quan hang nam se'

. -

bang ::

R ha,ng M,W, = 3V (i + 10,11) X (1 _' ()~O5) .. ,. (1 + 0,109!) '~ 1.

::::; 4,~8%

Vi d't!- :. $1 diu tu v,ao icuui nam 1925 'v,a, agn, nsm 198.1 nh.;Jn ,duQ'C '$ 1-18,3,,6: :;, ne':u leg 't-de, d'uqc; tai 1d_lu tLt tili R trong 56, :na,Mse 1ft ::

1 - R ]LS: 3"- s I" 1

1 - '_. -_-- •

. + .1:,.': 1_. 1 :':. l,.:....i " .

'R' -, '1- rIiJ,<F.jJ, t:!: '1 l' °'2-; jQi -- 1- if.I'2",I1l!m.

:' =: O'u~'iJ - _' ::;, .' ;;)",10 :::::::; _~,' 1IlJ70

-Ii'

" iii·

. ~'.. ii'

;4- Mluo: sinh 100ii billn,'h q,uiln :$;0 hoe

- .~

Il~' ,dii,:n ta 'mtte sinh, ill,rd, bmh 'quAn d,CItl gia~D, hang' nim",m i~'6. Clong thllc, sau :

i~"'-R··'·- -+ ~R""" -t + "g'" ""

:R =: '" '1. . "2; , .. '" ... ,Jl"'t)l'

t

'Trong' do, ::

R

:: :M:,wc sinh R.I~i. bmh 'q uan nam,

:: M'de ainh l{wi, 'tUn,g' flam, '&r,ong' khoa:r.ug 'th(fi. gian.

t

;: N!m.,

'Vi au ." :M~c sinh h~i ,d61 vii cd' 'nhiifu tblCOtiO" tcr nam 2:00 iii

- - - 1If ~ - .. ~. _. - t_J - _J _.. • _. , -. • • • ,r' _. . - - ~. '"_" - - , , .~.~~.

~4n":, 1i'i;,1':,'M'·' !QOi~AI, t"~rI;n~ ~~~a' I"': ~ .1- '1,- [co:!,) • :0·.··. q;t;',~"~,. 0,~':?;a,'1 ~,."J;I. =io[_:O·: • .oAijo,_ y,,,,, .Il.ll.€ll. ,~. "U":iIf u,v 'Ii::i" 'Ii;lI!,HI;;;!! ~)~, IJI'~ , ~,~ ,,:,10 ,r '":I::i)I'~, 'Ii"J!.~,"itvV .' v~ IIJI, O"'Jlt!U'!,

5,~ 'J'y' lie siinlh ,lloi nJiQ,ii bO (,IRR)i

Ti'ai m'Cie l a i ~~ ~d:t n ).IC-C' ] am , ... ~n '~~:~ T'iI C!I a~ ~~-GJ; ·t·,~,- -g.:" I" hi ,c ~h'" 'd~,':;-:'

~,;;~., ~ .•.• ~ J ~ ~j ~~= ,~U~ ~ ~~~y =e!l, _ ~ ,,",d!l.~,~, cua .. "',b t:!1],I"""~ on" C, 1 c. ,.0 ,.au

ttl'va [C'O [th.olan ,thu wh~p, t~rGn~ tUtiD~f bd~

'Vi'til'lI: :' 'vfi~, dj,'[l tllM'r.lam dj,l,- (nam [~)). lit 1 ,t:·~ 'VNll '00'8. II 'b~'

• ~ '~~ ~~~. ~ ~~ ~~ .. ~~= .. ~ .. ~li!i .:~~ .. ~ ..... ..'y ~'1' ,n Q

cae dong ,tien t!:ru:u hoi v~ 'trong' v,on~J ,4 nam ssu ,d,6 va, ,du",e, ,tb~' hi~n, & hang sau :

Nam, 1

V'Ii,~,", tc.~, lA, 'n~" h 'O";::;'1n;1 A~I;!~C' .,,.t:;,; [A" ,'b'·" '·;'IDrI~'" :;,:, III ~ . ~yy ""i" ner nnan U'!l.iI;Il! ',-. xae mnn nnu S811l.i11 ~

0", '1

1· _, '~"'~"

,iiiiii,~-d··

(1 ,+ IRll)

1Ii'~RR~'-: ,_ ·4' '111 FltrI: ..

ill· ',' I,'.' ~ I" ',~ . .ill. Ii -10

.;.oiiih 2'" , lrillJ t.."JHII1111!d 0, R'U'll'1 E). 0:' ·:-r·IIdi'O':'.'NJliI"':'> IL'i;A6~U' 'T! iii C":'K" l"'iIHII1 ... , ... : v~ I'~_-_U~U-~ Ia, ;-I_"_:: .. Fl·,. _" Fit;", "old :Il:).". __ ... _ lUll '~:.. __ :_.

11'-· Rui ro ·tr,ong ,d,S'll t.ti ch'ang' 'kl1,Qla:n

11 IH's cll b·· A1"i!:Iii

,'_' "'rI" .g,';"1 _I~!i.p.

M.ll! hmh djnh gia. 'tai ,san = V6ll. (CAP'M) 'clm.:i ra ri.ng· I'lui fa c'oa, mqt ,chUng b:boan ·C~. th~ [c6 'th.e· dhiqe 'bi[Su cliin bang h~ s6 beta cua no, H~ f31 beta ehe ·ta. 'bi.let xu huang bi.lin dt};ng' [cia :mQ.;t llio~ chUing khoan s,o vdi toan bo,thj trucrng., .M'Ot ct) phi~u ,co. b~ ,si' beta. ~ 1 e6 ·m·Lire; lb"j,t:n d,O~~ c~u.a. toan hO 'thj vuCing" Ct$ pbi.1'u. eo hi~ so' beta <: 1 eo m.'lle biian d!(}ng nb,[o bon nule bUrn d[~~g cua. '~h~ t.i"I1Ctng, lru~n,gtv, m,Qit 05: phi,'u. co h.~ 56 beta :-> 1 'CCI 'mJ~l!c bitn. d9ug len xu6ng eao ban mac hi,n. d.~ngeUa th~ tru{m,g'~ .N,6i. each :kba,c" h~: 86 betade tlnh ,sy.' ·tua.ng ~uarn giila. lnliic.; ~inh 1(( cua. 'In.Qtlo\~i ,ch:aqg kh,oan. v6li :m.'li!e sinh lam ,eila, toAn hO thi t:rucr.ng .

. Bang sau d~'y idda fa m[qt, v,a.i eon stj v'e h~· [8[0 beta [c1uamQ,t Sir; l[O,ID. Cl6 ph~.~iLm ·th~(y.n~g ::

C:5' p:h ~e IlJ .~ e·6 p:hii'u co, beta eac :

Ii '" - ~'f tJ-'et-' ' ... . ''SO 'i,_·,1

1- 4'-' .,,:]5

B nk A'".. "'. '" .,"" ~ an.merlca

1,,55 1,.65,

10

, ~'

~ Du Pont

l' .io

,,' U

* c· -,.g1ll.." .. ~ r- ' b . - ,- -~,

- I., ,.0 p'ltl!l~eu co ,~,!e'ta, that,p' :

H"'.:· -.,.: .. S····.·t-,·-""",... 1IL.II"'." .,.- .. ,

_, . come t. ' ... -a.,~ "B'ldulng

o.eo 0.,,55 O~,20

M,Ue sinh 1M, :tjr VQing iC~a. IDQt Sl~' lo!,~, ehd:~ kh,ioall !Co ruj[~:flt, hi ty' ru;i 'tb u$n, vdti, r.U~, ro ,C1uat ch.,l1'ng kboa.ll. ,d:-6" d~,o ca,c, :riha Id~'U, 'tu: ehi ,chi1"ri, nhan :riH ro :n~tJ ho :rih$'n OJUOIC m,o,t l±nl'Q,in thu nba:'~ :xunQ!

~ - .1 ~ .1 e '1Il~ ~

dtang'", M:o, hinh d":J!]Jl~l gia tai s:a.n -v,f;ll, ehl ra rli;Jr:l;g beta l~, th.!JGC~

d,G' ril~, to tbleb hrm, ,tliJ,'~M UatW ehe "p'he'm"I ,~h~na' ta, ttnh m~c si -1-,

• ,r . - - - -oJ - .... .. --- -,~ - ~ .. ~i6' .-. ..-~~ ,".. "JD],

led k_y v~'nl d,6~, v,6;~, 'M,g't lo~m, ,ch.~g' khoan nhu sau ::

:I\t ~,'fl",: Q in ru.. '~! ;y f

_ 'Ii.l!!.... ~~ ~U ,~,ul

kY'V9ng'

d-""~" ,.t&,: .. ,·"om V!IJIl,

m,Q;t Ioai CR,

M~ '-I· J!

(a!c, ,jiI s.u.a,t

.... , kb6ng rlThli :r-o ,,... 'hi!~:n, thai

Er,~ 13,6 beta

-, - C···'K' ,cua. .. -"

iJiu'r ,.- 'l\"'."'- (0,.

)1:'!'JJ1C il!JQJJ !"lU '];''0

'q ~~, kh,U" ,coUa. t;lh', 'b'w~m:~g

'k - ( )

, .. ,::-- , ... _.:,

. '. I;;;;;;; rr+' ,~ .• r m ,_ .i['L

IDe ~ '1"%' ..lIl. liiii Q: v (j. ,ii=:;'t("u'.\, - ·1- 0 ,a (fL c_:, ~_ c .. T '!J,,'U':I;O A 'O,'tJ70) - ,',0')0' .7Q

:l1t~{we; sinh lori, ky' 'V~I,nil' d:Y' ,d'u~c dung' nhlt Iii, s~"it ,c'hi,'!t kh~1Ul tl\O,~g C'a,(l :mo' hJ.nh din'h ,~ia ,chth1(g" khoan"

.£'!i1!..2,-"'~' ,-..,; .' II' "'Pl.1 .~ '-'''U~'I'R''O' ",,·-·J··JG:·· ,,-··~'u l(U·'::,:"

·u~~·.·~· ~. l'vl INHUJ?w!I! [Il R:_ rr IRQNI.- ~)'A I'· GK.

2'~

y

NgU'Q'c 1,i:, nbttn.g rl1w. ro do ,cae yi'~ 'U;' n.O[j 't~i lay ra, n6 [co

4-h§ 'L',s?:' -- ·,,,(ll. ..;iI.. . .). -'iI!.." ·t·.,{A·~ ~·K·· i:!i. _.;l.J.._.'1k he ~..;:!,. "'i. !If. .·.e .~Je·m S()~:, g'Uig!1jJ Vii. em ae ll'yng lJJ;~n mQ1!J.o ngann .: ay 00'1 m'ij!.o

cllna ty.··., mAt, hoi,c mAt s6 cl1'Uing' kliu,'n ttOID. lao rui roo Irho[n!l' he

.... ,g' [_- .. " ' FIll· I] ...... .y- --. '_" . !Il '~I';"" ,', 1!"t)1 ~:!i

th~ng ..

I) ":Il_ R"-"U~7i:' ,Pft, L"'A I·;h .. ' A.'':(n.n·,

~.~ ,. 1_ I _" [,II ill''''' iI\.y i' :.. WI! ~BJ

G.bl;. Ica. !e6 phig~ 06 tb' !dao d:[Q8g manh 'wong mOt kboing th[b:.~ gian n,gan m~.!c d·u tbu :nhtp CU91 eo~ ty vAIn :tbong' thay '0,61.

- -

N guye.(n. ·nba.n cu.,a no co. -thl ·rit. kha[(l. nhaunhamg p1b:1J thu~c cluj

·v,tu'v.ao[ eacb nhin nhan cua eae nhA a,'u tcr v·~ [c~ic illoai ,eg p-!bitu

Ill' ~ ~, ~

.(., h h .k ·~t ...... 1I!...J:. ,A g hi ~ . .(.. "~. N-I' -11l.. _. t' b

n.U'.1 C '"LIng '. a:y ·V'e.· met nnom eae ObP'-,·lIl'lju. noi r~.'~m~g ..... w:iiJn_g· ,- ",D.Y-

.AlA", .. .' h 'I····· d ,,~,. . ....- . ~ '1' : 1i. s- .11/"- .•. ..,.. ·h·····:

U.01. ·tru:ng' rode sinr .... GJ), '.1 [UJI 'v·o.! :pb~ndn cae 1.o~u Cib phl[eu t::uOrng'

h~ 'l: e: ~1.1 . .::II . h 'I!.( 'h~ i!!. . .!1: . ji;_- i...:1i-='" ..)..

e .... U y·@\Wl.iIlH.U;OflU. __ .y.·· 'ViOJO~' eua eae nr rci; ~u tlt vao nl) ·tJ~a'llJ· 0;.0.1 va

. ~ , . ~ ,~, ~

n·,"·' t"h~ ~-.~. Ij.~._ h···~ d- .. lilh'~ 'L,~t ;,. t.(

,I\.1Ul 'rO'I] 'IWU,liI'li.'! :XUa.t l.:iidn,IO 00 nL'IUlJ,lQ pnan ung: r eua eae

IF ~I '. iCJ;.

rihl: ,diu. -t11 d,51 v:di nb.Mng ~;~ kitn hW. lhi.rdl hay vlD, hmh, SI!- d:a.nh

gi' ra:ng lqi nhutn ·ella eae Ico[:n.g'~y D[6m 'Ch'lUl:g ,c6 :xu Int6rng' ,S'lJt

- -

- j, 6 ·-h.;il· '-1' . ~ 1.. - II ~ .11!.... b _t; iliA "':::'1 ' it ''L.. ,::,'

giL~m, co t .. llea.nguyiEiJn n...co!,ian~. cno p,. l;!;JJn uU cae . O{U ,cci p'I~@i'U

-tlumng bi ;giam.gia. Cae nbi It:t.au tl1thub:ng phan. 'ang d.\fil tri:D

,2:6

Ch,,2 :' tOe'l NIHUANI '& RlJl AO '[RON(~ E'tAU 'ru CK

'.' III

2- 1 ,Ii), R' \i'~I~ enii'''':''' " '~I:. ,",,' • ~.iIii-'= ",,,[1 ,~1V" I(U ,BUarl

Rni ro lii s~'t :D.()i ,d~n s:1! Ithon,'; ,on ,din,b tron;g ghi tI'~. thi b:oufm.g·'," v~ s6 ti@!'D ,thl~ nhap kong? t'lfd~i'UW Iai naW:r;8!n nhan i.e dao

,'~" .. ' '." ,., .,",. , .. , , ",', - "-"',CI ,,, .. -.,, ... ~ . "" L ,lEI" Jf~ , ". . '.' '-

Cae nha, diu ,tu' thltOrng eoi trai phi,[gu Chfnh p'hu Uti. khain,g 'ii""u'l:,~: ro

L~ .. - 4lil , .. !!

Oae; mac Iii su't, tr[~U ,phig;u Chinh ph.u eac :ky han khac nhau ~!"~'c. ditllng' lam ,ch.ui'n, d.1 xae idinn, li][ suit, 'rtr,aii pbi@i~ Ic,(h:iJJg ty co[ 'thO'i gian d,ii,[o han 't1lltfng t'll. Do V~Y', nbGng thay d6i trong lai rsuit tnii :phi.i~~ Chinh :phu, se: UnD, aM ,buan\g 'tdi 'toiftn 'bi) h,~

,;&M!~ ;0) ,', L~·'I N·r,LlU, ,:g'N'j if1'_ ~'U'7- I iEI;,O- '-I rae 'NG"~':K'U "Il'"U c·eeL'"

,""j1~,."" ~ .y~ ,1111' -,~," Qt 1lIi' .. _ n: 1 n,:__, _ '. :__I Q!R. '. u,,' ,T\

thong' ehllblg khoan, tOr t.rai. phi€u cho Olin. ,ca.c lO~J:~ 06' :phl~u ruii :~'O nbit.

,c'hiWlg kb08Jl tr,@nthi truong. e,ac mLb_,a d]ju 't1l1' ti~im nang sl! chl mua eac tr,ai ·ph.ieu nay ngtm lii Sllit eae hon Uti suit eae lo.,i ch l1ng kh.oan ,dang luu hanh,

Do Uti. B'uat ·tr,a,i philu Chfnh plb.u, tang,. ne se tr&' nen hap, da;n hen 'Va eae I.-o~i. eh:llng kb[!han. khae. se, bi kem. hap- d,i:n di, H~ qui la." nh:ung' :ngltbi mua trai pb.ifu s.e mua tr.ai phig~ Chfnh phil, tbay vi. tni:l phi!u 'cong '~Y:, va do vt.y li~. ,suit trai. :phI.'!u cang ·ty c:un:g phiitlng len, Lru sui"t tr'i pbi,e'u ,c8ng ty tang'iB@ da,n (lIen gia. ,cia trai _phi&u g1am v.aeOn,g I}~:m. eho gili eae lo,i c,6' phill.,e;u, tiu.tb:ng v.a 06 phj,iu tlU da;h giam :xu6ng nhu mQt, phan ang' d"§.y c;b:uy~':n"

:Nhu vty ~ ta th(y ,cO- mQ,t cor cfu. hqPI l.y -v-, ItU su,llt do c.a.c: leai oong cy ,co. n~n, h~ v,Qi.i nhau, S~ 'ting len. ,crUs :Iii. suft chuan se la:m. i.nh huitng diin toaD '1:1(1, b, ·t;b5ng. F.E~ q:uA. tl~~C" ti,~p c.ila Vi,IC. tin_g Iii s!lJat ,chu!n Ut. ~i' ca. iCU8t cae 10,,1 c~hll1ng' kh(Hin khae gii:m xJJ.ong. Tu:a;ng t" lai ,S-twat ,c..h.u'·n. ,gUim l~l Iam eho _g}!,a cU,! eae Ioai chUng kbo'n k_b.a,c tin.g·;,

°8-' ~'--:

,""h:': ., '!!'J • L,.rtJII N": H[U'i~N··· ,01., IR"'U·? ~ IR:'O",·-:', TR:'O::c 'N: GC ,E'\A~':U T':'[lI, C-'K<;

~~ ~~~ ,!' _~1 ._. _ :....:. J." . ~ I I',~'~ :1 I . -' "," " ",", jU., "" -, !I. ," .-", .

M'0i1, ~Iuan, h-~ g~:iilla. bli sua:t va ai' t·ej 'p_hi'€u lit :m"ol q,luan hie.:

~, "Ill', .~; - ", ~.

kh,On.g::-: true ti,ifn 'V,~ :kb6BLr. hoan 'toan di,,~n. ra thee 'm,i6t ,chi'u~

._ ., ,r- e !II'

+ La:i suit 'Uing l't henthu nh~,p cue, c,6 phiie.u : !Gi,a ;c6 phieu 'tang.

,+ !Ai suit 't!;ng nhi@:-u ban thu nh(l,p ciia, iCg: phi'@'U. : 'G~,,'c.o phleiu :gl,im",

'D.,,~'.' ,.. ".... _ ,- '111'" b'r:t:. ·.fIt -'t,r:.. '''.'- '!].- .. lh~',· ~t£- th .. · ,1\I1[.U 1"0 sac m.ua la,l,en C.U' eua Suo, m,U,D. eua uumg nen .' I u

,du~e., :Rul 1'0' sac mua Ul ta,c; d],Qin,g coo, lam pha t iO,5il vid:i kh,oan diu 't,tt

Y· ~ ,;' 'J " ( ' . .2 h' c· 'iii - th·- ,t)'. I' ., st_eu, to, J~lm pb"t I(giii.m :p~'at) sE! ~,a'm,' ~ a.;y «lOt :m'(fc .IiJ, l,u~,t;,

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, a..U!ILlIJ. wg" 1]La. va I! 1UJ!i U,I!J.[I S~ ,g,it'lLY t;;m.;; uJ;;ml,gu!li, gia 'Ca. (L. li!;ll!Ug ," . nan,

- -.

tl(} .ifj,~

Sv: kh8ng clllic; chan d:om vdti, k'hi :n~,tJ\g' t'han'h '[oa,'ll eua cong' ,ty' c6! tb~ la do miJ,lil tnlf(1,n~L Ci[]a h,Of,tIt, dJ~ng kinh doanh 'va, ttnh 'trace: tAl chtnh ciia icbnOl 't'U"" NhOntg" rui rn :nat", ,co. ,th,@:!Toru]l]pui

• lb ~ I~ • • J" ~~~I

I'O kinh deanh va, rii rroUd, ehfnh,

R1ThJi ro klnh doanh ~a do elM t.r,rng :hG!~,iIt dt(>ng c~ua ,cong ty ~

'11~ II!..,~ . ,.( - 'L. ,,,," " tL' - .:1I"o!!?" t"" , t~ '1:.., *,,..., .. ~" ......., " ,J;. J_ b A hi '~t

,M!IlJJj, CUI IU.wU-ng '·uay uO~, ~ir'ong)Jlnu!,;\!J!, ,@thl,g ll~Y co:ng~y C,Y 'i~iiL,e"~, su

~ ;0 1 " "h'" J,. $ t", 'N' ',,c:" ..< 'II... 'I "h'" ffl 'm' L"' ,,;:a ki ~

,I~"a,'m, "m n ·.llj~n va 'C(]! ',ue., ,:~Ui,~, !C~'CDt: __ ac, neu ,lI.q.l llilJinijn. u.~ uen

tang lO% :hang nam trong nbUDg 'rWJ'tl(l, 'tli:p theo, lnlh ~G kiah

d 1.'..1' ~ ,w..., ,r;{' 111.,' 'iii '. 'h ~ ~.x ,",~. l.;1'm h . .l:

~J'Janl~:!Ii S8 eao non neu :n~i!l ,~gl n~u~n,~'ug '!W,l. ',.riC nay giam

:xu.~ng' 6% SO 'Vd',~ ru:g.i Dbu~n :nlm, trong lrho!an,g' 1.:iIl ~ '9i%,.M:ltc; d,Q

tha:y dol so v,(lJi :x~ hlr~g d;IJ' Id,'n., ,dllitg,c ,com :na nJi 11:'\0 kinh d.oanh..

ng····oai. va, n!oi, ,ta.L Rii roO klnh d,o,anb. D,fi tai p<ha.t, sinh t:~'IonO' Aua

...... • 'r. - '~I .' ~ ~

trlnb VS"itl ha.nb. hoat dan" eilia ,eaflCt tv. M"fH ,ct}:~O' 'it,"Iil' c6 m~t n.oaJ'~,

t __ I ~'_l_. ~_ .• _= ~ _ ~_ _ __ Iii ~' . _. -,~ i..J.1 1- I. , • .li!lll~"tCI . ',J. ... ~ ' ... - ~~' ~,-'-'-

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rtn ro n~!l ... ~ rhing 'V,~ mne iQ:'Q t.lilJJlJiJ. ,cong eua moi eong "~Y'~J[.w,e'

hien oua hili!~u 0ua. boat dJJn~.,

e "'1j. '~l '!II ~ ~

'~JiO.'~· 0"

ph~n c(larili, ro ben ng[oi!:d,~ cae ehtnh stb!h ti~n, 't~1 va, t.a;~, IDtb6a, «!6 tb~ lam a'o'h bijlang dien ,thu nh,.p tb~lOg qua 'tae ,a'ij:n.g' v[~ [chi, :ph~ v,a Dgtl6n 'v()(n" N[~u :gi:i, 'tr,j, etta di5'ng' 'm~n c~ng' eao 'r;h~ nn-Ilng' nglli1i, mua tri gop s;~ boi;n mua vit, c,[c eb'fnh 'qtl-y,ij:n cI'!a, ph,utmg se 'kh6:ng ban tr';~U phie'u ,aJi tam trq eho ea'c: all tin. cap :rn.t6'[c.

T'i~""1Il..,\·" 1Il...~_1I1., iII_., 'l"-Jill., ,i.~' eh ~i~il''''''''g.··;:' .,,,,: ... ~fii.'i'''''''g·'~; 1,r1;.t, ,2,,.,,. ... ,11.'..~':. 'h':' Ol.!':'<1on· a~~~, m·.(rf ..... ' "_,1I),.n ;[[l]J[~ ~ll.!ll~p ,ri, .w~~~1 l~e~ ~c~ __ _J~~~ .".' ~1~~JIJ... ~U ~lIl]Jlrl , . !~u. obi !UI1.~,I;.w. .' . I!.WIJ~, 1Al[1u]

. . .. .

nh~.jp ehung, Bay la, tac, dijtn!:l' b~n, :n,g'oai.. Nh.'Ung dUng' 't~t:i, gia,e ,dO

ri.U 1I0 n,ij[,i t~i!, ,ca[:n~ 'tYWi 'til! ,di~~ chinn, ehu k,y kmh deanh m.bl! t:b.e' nao ? N iiJ c'hlWng ta taich. ,ch~, :ph~: hO;~:t dl'Qmg ra mam ehi phf b't, b~in v,a chi phi: :kJhi, bi~n:~ ch'll'ng ta ,se th(y :rIng' 'k'm, '~hu, :nh~ p t'hay ,(I,5.i.!, n!~ chi phi h~t. 'b~,'e:n [ch~,'em 'm'~t,p,h~n. quan tning t.ro.:ng ttSng chi ph~) icu'ng ,it:; S~' :r~t, :kh6 cii:t g:iam ,ch~ ptd kbi~, kinh ti S~-Y ,thoa~, vi, no eung tat e'h$m ehap t1["O,:~g 'V.i,iC: ,da,p UJ:1,g' nhu C~M vao ma,e ldnh 1111 tang 'k-uQ:n__g'~ Nhwg Clong ,ty nhu v$y leO. :rull roo D9i '~i. m,(1,n do khi nan;g idap ~g k_h6n_g nhanh nh.'Ung:' '&hay Gt!iji trnng 't'lnb hlnb :kinh dloanh",

. .. ,'" ," h ~ '7' h)'/ d_'.!!l 'ba" .' "'nh 'h'~' '1 ~ ~. k n'

'n!i.~.f.f! ,..,!I',oi;j, d ,1fIj1l":i"g.~"::",,.p.'IiEJi' ,c"Ii;J;Ti;, P:~""'~'o::iJl'm'~'~ . [id; C:t'io; ",j'~, mlnh "'~in····g:·' :;:'i['iiI 'fr~iJJ" 1i!'",Q ~:.'llftliil

. .., Ji.'!.:i'.... lLlu ," ·;[Aldl]," .... "-"'CA, QU.L.IIi. . ,,!i:JI.' • . "" ' .... ,U 'f It:: .. . .,.,. 'I!... , U" " ... , ,"" '''''''~..,.. ". lI.,~ ,

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d,amlb.

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R·'5i:·' ''i'!\i\'i; ,,jj.,,),.,~ ehmh lIP'~·n·· ni"'[;O;:i'i"rj: .:I,e:;... ,~~~a"" """~1ffl'~ ,t"'U' ,if,,:r..1·: ' .... _,..;, ch··i "0' hoat sn ,:':'\,i! L<iOIIl '1.:., •. ]1[ •. lit lIll.ie::·. '--.ltYiOlllll.iIi: uenvsee QOIli~;~ ",.i "'~W·V.·.i,~ •. ~!U,!. ¥"

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viec xem X,~~, eau !W,u'C von eua mV"'" ~ng!~y~~[1,f :XUla'~ men eua eae

kh o· ,~ .... , 'ii!"fI,.iI"fi' ~"", ..... r;;"g. · ... /lu~,~ t"'r~'~~"" "~~n' ~~ '., .... ;;-;. ~~ ehe ~Anct 'tv nb.U'nn' nahta

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baa'll 'uuo:c khi 'tri C, 'tiile cho dl' nhi,e;u ,thuiJng'" nen 8[6 06 tat! d,A.'~ O!'

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Ch,.2 z ILOI INHlUANI '& A!U~ lAO TIRON'GEJAU TU elK

31

de'n c6 tac,. Rui ro tai ehinh lit rui ro co. th~' tranh dUQic trong pham 'Vi ma eae nha quan iy c6 toan qUyi~D quye;t dinh vay hay kh6ng vay, M,Qt co'ng ty khong va.y ng chut nao 8i8 kbong co' ru1 ro tai ehfnh,

:MQt trong nhU'ng phU'o'ng phap dinh htqng rui ro va xae dinh mac sinh ltdl yell c,§,u la, 8'11 d'Jug ml1c HH sua:'t, kh6ng ru.i rocOn,g vai mOc bu cuatung rui ro mQt.

Trong d6 =

1 : Moc Uii sua:t th\l'C (Iii .sua:t kho,ng fui ro),

p :: Mac bu riliro sac mua,

b : M'lle bu til] ro kinb doanh.

f :: ,Muc bu rui ro tai chinh.

m ':Muc hi] rui 1'0 thi t,ru:a,ng:', •.

'I' :_

Bu'6:,c da.u t.i€~n la, phil xac dinh mu:c UH suAt khong rid roo Thong ,thuimg" lai su&t 'c:u,s tin phi~u Kho bae dl1C1e coi 18. lai suat

k'h,""I-g'C" "'~r:' ro Tuy nhien c.r:'-n,a 'p:h&i t··h·a.·~":y l"~'n-.:,g·.· -k:h"o"',-n··lg·-' cd m,~tc- ~'a.~i

on rUll .,. _. ".1. ,;U ,0 k--·.~"'" '_ ~'. ' , ,_ ' .. 'IJI." lI. .. .11.,

,SUa-t nao la, khong rui roca, ban ,than tfnpbii,e'uKho bac cling bj

? ,', khi I - . . G:t" th . t . .;i.; . th' . ·d-.:/'·

rUI ro .... 1· it ~al ,sual . - '_I~ I_nlvng ',. " ay- 01.

-rlLlilllg 119" m9" ch'(fng khodn' cO m'U'c fU'i to ngong bidng vCli mac ,{liro, cuo thi 'r:llang

Trang tru!ang hop nay, ta phai sa dung rmre sinh, lai ky veng dOi vlesi danh mue ,eGa chi s6.lam muc cbuan d~ tmh toan vi d,6

'l'~ rn ( .. e sinh '1¥1 m ,4 t ~,"'1 , .. ~ .... ~ d ',;);'t-.aiU~i" T'Ii"~u':- t-i~:t: b. ",:~, V1 ,,~.... d'~ iIll ,tU' vao

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,ch.ang khoan d[D :ma, d'u 't.U' 'v,~o danh m~,c ,c(mQ cbl [~!H). Cae nna kinh t!i tlru.l;aj~g' xem X!et m,ae sinn, llii(t~ :kY v9ng dlj]j, vd'l d~;t'nh mue d.a'lll tu :na:y' nh.u S&iU ::

M~· . ~nh- 1- ~ ~ k: ... dt-' ... ~,·

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ro d9' 'ki'n,

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Ptu,c,d amet '!DO,m] S!IJ'I U,[~9'[C, tong 1,)'0 tren eae p .. ,u,u,.ng .\!l~n lW,l,yng em

d:,i chung, Ta !c6 'th,~':xac ,dh;'JJl :m,~,c n~y bang' m'ue, bli 'fui rOJ [qMa kht1i 'N e:u U1.U'Jc sinh ~,(ri trun ct' bmh eu.a, oij' m,hi~~thuJ(tfl!t tro-uCF [('ina

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kh.1Jl" la 12,~2'%[ va, :m,Oic sinh 1~i,. 'trun:g binh diji vm tfn :ph~,!fu Kh.o

b i.' 'i,"-_ 'I: ,'~ fj; 'Jm'. ,,,,'it.I[-'" '-,: ,:~.;'i':".. 'li., ... - ~t,_; --,ifI; ,(1': -,~; ll"~'ll'-:' 1.>-' 0 ,~,~[ '1i.iJ1..I'i;I!'!1 n h :,~ k .inh

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te' cho 'rl[~j'~ m'dtc: btl ~ui ro nua khu'li. eon sO' 't6t nhit d,' xae dinh

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mue nu ren raj 'I1~g . ai. . .0' V?J.Y" 'V'Y,l _ _l~U SMl':t- sm p. •• 1,eiJJJ LU~iO nae

IDa 7%, n~fI.i ta ,eo tll.[~ tlnb tdltqe md:c sinh 1M, k.y V'9n,g :

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,Nhung ,nhA, q,lla.n It co traeh nhtem pbJiH q[uy[~t dinh xem mQt IG~i [chl.tng' khoan nao d'D eo :m~c, rul 1"0 cao hon hay 'th!p hon 810 vdi modic rut ro chung cua thj trl.f()ng,. :Niu. nhung cht1ng khoan dO. [co rw ro cao hrm ,thi ~guoi ta phii chon mac sinh ICti d'LI'ldln ld::n hen mlle slnh ~.'fJ.i d,lt' kie:l1 e16i vdi danh muc ,cuJa [chi

i!! • .11

sn. I--'~'e l@li" :n«u nhLing cbang khoan d.o. ;e6 rui reo 'th'p han thl.

~b'i ta ehen 'm'ue sinh. meed. d.'~' ldt.n nh6 han mtirc sinh. [?Ji_ d\lf l::i,~n, dOl v'di danh mue eua chi s6~

'S' ~- k" ,- h ~ Co ~. ~ ~ if..!!, - " ,

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tI,i ,in, ID4ng lutti,' IjjJru~n 'tbo,i lti,'u m,ri.Ca,c chuys!'n vien tiep th~

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eua leo:ng ty ei" .01 r,~ng v.w.~\c; Sl1: !\W,og m,ng'_lt\ill mOI~. s,ij ma:ng ~,i, qt1

Muin, (:8.,1;)1 ban, 'tr,o,n,g ,cae thb:i ky eao ,di.r@lm v,a tl"ung binh, :nblhl,g 'trnng lthbi kt kb6 khln" khaeh 'hring ,sli ·t].iu 'til, :It, ban v.a m~rng IttCi.i 'm,di Idu d,oan, se: kh6In.g~ima,ng~: lad lai nh'llan., Tr-Ud'c khl q'- up'·€t

r. ,_: III.'. '. J'

d~nh. diiu bJ'~ ea.e 00& nghi~n, (l~ 'thj txilJb:ng cua, Ica,ng tty ~'n xic;

dinh rui ro va 1'(1,i, :rihuan ·eila hai r:.huttng,_: an 'tl"in.,

'Ii (I! ,II r.,

nn tm tlr,.ng Idlill!1 If

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,.in:"' .. G{,t" .' ~,IJ.!'

lEnnh thUOtng I laW khli.n

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3,.5':····

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, .

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- ~.,. " t:I, ..... II,ittII, .na,n,g xa_y ra,·xa.c SUH, I.' cua ,C~.;C iW _' , ....r~ng

,kinb,tt"

.,-- ... '-= 111' ..t.. 0; - "fI!!: .I' • (' '.' , '.

T:hl 1t Ul, tv U~ btl! SUltt"t mong uQl I~trung bmnh).

n

k '"'= ~Jm It'" - ~ J;" l ',~,

i-l

$: Em, 'vdi p'htf.:a,n~' am), mana ~ujdi dien. thoai mdi ::

, t;:I, IIl .... ~ • ill

it ,~; P'lkl + P:2l:2; .... P,sllta

;;: (t.3(100%) + O.~I~H15%) .... O.3(~7'O%) ;;;;;; 1.5%,

* E6~ 'voi p}l,u'mlg' an m,ng ill'ura! djl~n, tbo~d tieruJ cChtw"n ::

k. == O,81(2iO%) + 0.,4(1.5%) ,+, 0,.,3(109'0)1 ~: 15'%

2- £1101 [IIIUD'lllg Irlil~ re b,.ll!1g 601 ~ih;h t:iie'u ,cih'ua'n i(S:lalwdalfid deviati:oln )1

B~' do ),tfCing' rill ro t-;rong m!ie [BID.nh Ur.i eua mQ;t ~o~R ,chdng k'ho~n:~, d6 la tfnh. toan 'm(lic dao ,dQ.llg' kong m'lle ~:ru,nh ](d hing each sa -d'IJIlg 'thu{ic do phuttng sal (variance) 'V,~ dQ' [[ech c'huan (8 sandard devia tien).

·-:'C .. ,'. ,r. 'i\"'1' ., I :~ I···· -:="1"'1 . I·e ". ,". ·.1.;=·.···;>;\ - . 11'1' .. ', ('

Ch~2 #j' bv\~ NIHUk\N .& R,U!~ RO'TRONG ·rJAU TU elK

. . ~ ,

P ~··I~"""~.07 sai ".I1jL!liUI~~~1 __ '_

n

,0'2 ,~;~" ,~~. ~ k),2 x :p~

~ \~~l ..... .

ffi~lIl

n~ 'l*"",hl ~'I tll'~"1 ~ eh -'IIII&"n- . :uy . ,~~ ~l~ I~. .,llWIItltl' _ ..

8, ::,', ,: 'k l(ki~' k)2 x :l.i_ ':.' 1-=1

**' M~n.g I1Jdi. Idi~n tbo,i mlij :.

'tt ._ k i(ki. - k) '(ki ~ 'k)12.. PjJ.

100 .,_.. 1.5 15 .~. 1.51 ~'7'(~ ,_ 151

(8.5) o (~86j)

(7225)1 '(O,3J .0 0),4) (,72,.25) (0"13)

.-- 2~: 1'· 1Q.,7··· . U;;;j

- ·.V ,'U

37

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.lJiIi..I ~ ......• , r~

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15, ~ 16, 1.0 ~ 15·

(.5) o (-15)

2"5"" (;-0'-' Q)'

_'" ,I "."_,:"y, .. J

7 5'·

, __ , .. "

.~ .. ';:'

20 15-

," _.

, il'.) - r,! =.",

:: 0

Tn} v~! 'vi d\l ·tri'D~ [(1'01 vai pbU'O'.ng an. mang lu(ji tieu ·c.huti·n :

XaiC suAt, [Iii s'IJ.lt. thmc [St€' fiui v.ao l!tboing-' (15[% = 8~87O/o. 1.5:% +

'!II '. • _' ...!'

'€I! '8;7Ot.)· . . L i'" '1'). t"· '1'1 ., 3-' ,CE ~.;;{. '1;0; '8"01

.:;r;,:;. :to, ngma . ~ :11.: - -; 11() Yen,. d'~~: ~ ~i:~.,

Con dij][ vd.i nlhnij;jng~,' .'·n :m~n.f!Il ~.ltdi m,ai ~ :X:ic suit mAi th.lait su

.!Jr' . .1; g. • •

rei -Y,ao 'k'hoang (16'% .= [6;5;8,4'%:1 15·'% +. ;6'0',84[%) nghia, It tu.: =

5 iI1 o A'%~" ~~.C(': . S· .. · '0' (l·ll'.Ii_

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~ ...... [i\OO'

sl' ,{···n· ;.

. _ '. . ..... ,' ill

PhuO':ng am. In"ng Ilfd::~ tj~u cb.u'n v-a.w. (1[0 l~eh t:~!@t.ruJJ chuit'n ,3,,87% nh.!e) hon nhi'u SIO vdi d.Q[ :~[~ch.ti;@u cb.u~·n. 'cua, pbuong an :m.di ·8:5.,..84,% .• 'EJli~u [d'D [din Mn IdlA. na:ng ru~ '1''0' [cOa ·pbtfGn.g an m"ng :Judi ·ti,eu ,chruttn 'thap hen so val phUOng ,an m,61iJ va. 'c6 ·the :n6~. phllfO"ng ,an m",ng 11101 'U!u cThTh'ua'n_ Ii! l-'it ]l't, 'rid ro,

i ....... ,k(~ ". •

~~u '. i'

38,

'N"'a (')'0-' O-·n,

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l I ~"_ ,"_ ~ • - ".' .:" __ '

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,'. am .,r", ,.,._.

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'ldb/) (1.5 '= 5 -+ 210) l~J%

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Salu ,d6 ,arp dl'~'~g ~6ng ,th'ac :

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M:~t eik~, ,d,(l l:u:~ng :m,(le ~9 'rui re lella, eae ph'limg' an khao n;f~a, ilia ,dMng' :h~, ,so 'bi."n di~ng,.

H~: ,86 bi~n, d,l~ng d,~gc 'U'nh 'b~ng' !c',cb Hiy laij' m~ch 'tni!u elhu~n ch'b\ cho ~a.i suat -rrru.fJng ttq,f, ella, ph;Lffjng' an -d~,lW t'u.

CV :=:=: ,0 k

,H~: ,sS" Wyij'I!~, IdO'ml;g eh'i m'(llC dg ru~, ro tren m,Q,t don v,I eua, l!,~, ,tdic~ m]j,6 cUing' ;c«p' s~' so s au'll chf~b, xac han 'trong t1f~o,n.g' hl!.P' la~,

;to'I~i.art· , men g~~:' ,.a'm·:~:· it!fIil~!~' ''l: ph ~:t_oqn'g.·: :~''riC!I' ·k'~~'ri!"i,g···: 1'ffl1~~T' nhau ..

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-- - - - - ~ - -- ~ -, '. I ~ '!il __' .

S~U ,day' c.hung' ta xe't d~em, :2: dh,t' an. d"~ ttl' khae ,A, va, J3" ci :2, eo UU slmlt :m,Q;:ng' ~Qi]], 'ktnl'c: nhau va ,d'Q' l~:ch u,~u chtwan. cij,ng

'~I~L·~ ..... 'iI.!;.,,!JlI(_u.ae lli.illi.!ti;aiU.

[!]IIi!'l o~'

'2;'I'!lm'-. , ' .lI! )ICi'

:N€u [(;]li ,ohio. 'V:lo· 40 l~ich. 'UI§U chu':n [0.,8 <:: 131\ vit. 'ta. ChQD, :p:tulia.ng [an, B Na hoan toan kbang' ·cidnh :xac vi ,ty :suit, Uti mO[:Dg (b;t:i I,eus, p:hU';ang an ,A 1 (to, hon ph,Ltrng an It

H·QPi ty' baft tao tinh be st)' 'bi~n, Itt.en,g f(CV> :

cv :-A- 159b· '0'" a g

! ... ::. ".~".:__:~_" ~ .... - :; 1 ....• i).~·_rQI

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e u,o _,'U:uu~g m'Lle U~I 'l"tu 1"·0 CUi! ~IC P' ,~['llang an ,'. ~UJ I~tt :

_. ,so sanh hat:iphuang' an 106· ,coung ,ty' su(t, UU mong' idqi,~ phrutang an nltO 106 d[i), Itcb, -tj.i!u. chui::n (,0 _) l·dn IU)'D) 'ph,'l1ong '0 dl.6 m,an.g· tinh nj.~, ro eao bern.

a: BiJ,'i ,ttlP' .1' ~~

N'!m ng~a.ij' b~,n. :m.u.a 500 c6 phj.fu. ,coa, c6ng lit,. T voi .. gil!;.

g., t\Oi"i> VN·.······· .1P!/~/1 nllti2(ril'~1 Ban IJI~ ·n.·:·'h:~""· .~i~ltIi'j"f. ~,,,, ·i:~·n .. '.g !t',~ 1.'.0 4l:,Vt,~'I'1 , ~~.r~~~

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'tl"ong :ni·m". :H"~,,~n t~,i.~, :g,~" cd' phi.,tfu ,cia, ·cing ·ty T·m.a ,38.000 ·VND.,

,aj Ban ,c6! ·m·me. Iii 'V,fin ffia. bao ~h.iEl·'u ?

't,J Tj' ~ .. 'l~. ,,r1;~ ·t: :'~"" 'm,~ '~·o.n, '1'1\-,1" .t:I'1 ?l

W ":. ,. ~ ILr.U . 'U,1t..r ,lIJ,!£A Du,y ,tlll.lIL[l· \J. u. '.

- •• 'Ill - - - - - - - - - -

D'mj!;;.·~"", 3 DU'1 td'HI .',' ~

.... · ..... I··ill~:··:.··!Ii

MQ·t du: an ,ditu ·tM" ·thM eian ktt ·thdc [a ,4 nam, du ~"nh tbu

.. .• .. '" ' ., _.. ... . b'" .. .. ,... ... " . ~ ,.j .~...' ~, , .'"

n'hap'" thee 'Sd' d~ sau .: (:'(hl i' "t,r_i·eu d6,'n 0'\

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1.

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trliGng' hmh ·qu.in nam ·tl'GI:ng 4, na;m, dro mil 140/0 'thl, c6 ni!:n, t]};I.\fC hi~::n . I~~ ,al'D nay 'khol:n.g' l' 'VI tS:8,'O ,?

41

II Bai tlln 4~"

. ,.,",1:"

KIt:!, nangma n@n kinhte' tang truGngtrong nam sau 1a 0,6,; khd nang BUY thoai 1a 0;,2 va kha, nang bung n6 kinh te 1a O,2.N,@"u n~n kinh t~ suy thodi, m'uc sinh 1Cii 'k:jr v9ng Q,ol vdi mQt khodn ,ddu tu eua ban Ul 5"%.Khi kinh t4 t~ng trlldng:,muc sinh lui ky v'Qng la, 8%, va khi kinb te' bung 06 18. 151'%,.,

.... 1 11\.6" • h I'" '.' k~' ?' b' l~'b . 'h'"" ? W ,LYJLac. san.' ,(11_ y V9ng eua ean _a nao nr reu ;

DBai t'lPS:

Khi nang xiy ra ,eua kinh te" fJ ,4 mire ,de. 18 nhu nhau tmng nam san, D'lJ:didAy Iii mue. sinh Itfi ,da1 vd'i Ic6phit,eu P va Q trong tlll1g tinh tr,~ng :

1

0,04

0,05

2

0,06

0.,07'

0,.09

0,,10

4

004

- ".

014,

,

,aJ Mile sinh loiky v9ng'd6i vdl m6i ,eJphi,@'u lit bao nhieu l' b/P'hu<1ng sai c:u,smac. sinh ]M ky v'9ng d6i v'cYi m6i c~ ph],6u la bao nhieu ?

42

~ sinh 101 (%) 7'

Xa""'''' s I,lI'ilt' ; ~ ~.U.gl'~

8

0,:20

10

11

l2

CH.I.. lP'rlJiil'T'r' 11'1' .

, v"O~f"'O _' _ ,::, ,.,:'

A. .,;,;. '" ,I'

P'H:AiN rICH C'IHI10iNG KHOIAN

). P-'hl i" iI··11 -""".... .~ 'T 'T'C' 'K' '

_, '/. '1',-,':0:'1 ,tl'~.~II·. 'V~:"I: mil va- I .• '

_' _ "_' •• '''' ,. ._ _. • • J

iPI.'ii'l1L. '1 ... ', t, ..... "," , _.'iIl.. b ,~ 11' : - h ; h 'ill.. .

Jl~,![i.rmJg s~' 1\.11'-n D..Jl:IJJ chien. -tr,a~;ui,. 'l,l!in IUO':[1g' ch.l.n.: t'fl ,.'8Y ~,~e

th6no' phapi luit trorng'" hollc n~lai nU'd'c 106 ·thg tao ra nhwa ttury"::'

.. 1=.':- ':-' ----11'" ..• '.: [ '[ili' =tL~'I!!fo!!--" _.'_ , 'm . --"_,,,,_ -~ ,_ "

ct8i v~, 'm~i. tr~nO" kinh doanh, Utm. tarnC';·tDem slUt bit 6::n ainhv4

,~ ~ ,~i ~ ~

thtw nhij:,p m'otD\g' di~i. va, U~:m, eho nglloi Idau tv' quan 'tam bond,en kh -.2' - t":~~-'" b'':.' ",~:lf, ".1"; ,--

tnoan aen ou nap nn mi.

'MIl IMI&i !lruDin'SI p1bap Ilu,t : e,·· ica' qU9:n ChjJ~n'h ph.u 'tic: rd@.I,ng 4ifn TTCK, b~~n,g b~ ,thang lu$t phtiip".

:LI!l$i't OO,ong' dOc. qtMy,en thu:bllg lam l,iim ,gi' Ichllng khoan c'ua ealc. e6:DJi ,ty 'b:i di~u ch-Inh ba,~ n,6~ Lu,t 'thiu 'tOm, si4ip' nhiIP oonl' ,ty ,e6th!' :g,a_y ta,c~ d,qng 'tH!u c!~e :hay tleh e.-Ije d,en m.9't n116m ese eing ,ty.

Cae ~'U.-~ ,.,;. 11;;.. ;fiI:.t:: 'iii.,. ik;t, ·n- e):j, TiI'g.·' ' n.'h'···· ~n-·· ~jr;"O" khae nh atU y6"~ 'n ffilU'n(1' th a_.,;r

__ '.~ .I..wo~.lJILlILli ",,-,iIJj .lIf§'J[[)J;~ .... cGJdL.~. w·" ,tt ... ~t~~Il~~ L__' ,,~d,~ ~- 0 =_j~-.~-. ", ,_'_.l '--'_'_ ~' 0 "_"' "J

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g,1ilJii,1 ~l-n![l ~ lur-eng e: ,·M ,. ··1 . '··ljlj,iIllIl.it ' 'o,Bll!l;,iIJ", ... _. (ole n___g,~n~ __ , [san .xU~,11!. . :!.Iileo

ehu k.-Y' :nlhur thep va ,obo se' ,co, lQ1i ba,[fJj, 'tr.!@!ng gi.a'i d-o~n kinh '00 't~:ng 'tlt".mng" Nhung h'9 [Sle: g,p' :nihi&u kh.6, khan hon 'mong' glM

[{J" ... , .... 'I'1i, kinh ,~;(' 'fl'i'i·Y·C: ,tl'hl ... I"ii,"<"~.

UUGi.ld[, ., .. ·.lLJIJJJUIi I~, ii'-"~. '. . V.~'i~l+'

. .

T--- ,-';i 'SI Ot ~!!!..._.1Ik...;1'... "''' t '~- 'ii\_' t, d h

rH3''fi 'va-flg'·'·' eea 'm[:" 'na'~~.:E,'!~J!IL.ron~ mm 'l,f'l~O'l1C1i' ,11f!i,:U]JIJJ « ,oan .. ,

.... ", .1 .... , .~ "I!!I'" '" ""_':' ' .. _. ~_ l.~;·. l i!'1:i'- ... _r . -~ .~ __ ,_, 0 b ' .. _. .... , .. '.' ., o· ,~, '0. I··l .'.', ' .•..•. ' l! l_J

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q,u,y[~ [uJ[rucUc "~eo, 'q,!lJ~ rna mUJ! congy eo :~~L,e~ co 'U,I"I,,!c.,

,Pnin tich nganh, :n-i!n ,duQ"e g[gn b~nh tru6,c khi pbin, Uch cbng' '~y,.

!!1Ji1" .... - j_it.'~ ~A"'.{!· 'h·~t .ai" 'h ,:it )J;...::: iii· ~- - h h4

-t' ~ ,@1 m.,otL.lII~fi.~ u]!,em nnat U.lIL~ nao UQ", ,li.ql :sua t ,~eu nr :.' PI-

'~ l~ '.' '~ ,

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,CIIlX!i, 'CCll.C, ,ng,~n cL' seiiu~,(!: n iau, ._ [0 Y,U .II!,lle~iIJ]j'U!i:ln jli:C,~, ng;aI!JLw-!IJ,_Ui.__ .. ~ \~_n

., ... , <h--···--iec .. A-<.·'., r-.'iIL..,~ .. " ....• -"" .. ,eh·· . A:. '-l-:~ ,e. '·~~t .~",[ Jl'.~" [.i'.~-e t"i.j

,8[9; c .. Q.D u.u~c ,n~,.!.I!W!j.!.ll.g ngan 01;,01' ' __ 9'1 SU~,. c Ca,Q ut= (tatl . y"

+ :N'gay tro-n_g m,Q"t .ng,anh Ui~, ru:g.i suit, 'th.unh,:tp 'CJUDg 'kh,a,ng' ,8n d-~,nh" Mi):t nganh b~i~!'t dijiJlg' ,tfft t~i :m,ij;t tbo-i ,d~:':m nao dij thl,

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t\.u.'ung eo ngma no sa ' __ -,ij!~hj, u:gng ILlD, rong 11ii'~v,ng u,m"v~, v.~y Pl_~~~

I uon theo dl,5i id,*'n O!' thai h ~ a:'t ,dJJrt(.J1 nj'o-anh ag' 't]J'm eo b A,i aft'll tu

., 0' . 0··.··.· .. i' , . _. yl~H~.ltJ.1 '._..!.~ .. _. ~'~'"iI'__:':__' :__.__: .. ~":.;g ,. b! , " ' .. 1 i. J. I ~v'~ ~,._._, .~. ~'

'n;:' ''''~,~![~_ '"r;(ne ,d'.~ III ,t-:-~ T'~"i~ln er 111 ~I~I""

y..,~ ,~l~l~ Yo~,. _. ·L',~, . U U~oIIl~C] l~I~"\E

~iIo.. '!:iiI • P'tH' .·:W:·N·lj T" '1"Cc~H: lro[U[i'liliPicIIO- [1lf'!YIIO' \.aN··' """J'\I!II!iiI!' • . r) _ M. ". . _. 'I;,;;!i n l;..!!'if'!ili'l;;I r\i:-IU .. iML J

~ Mi ro ·c:ila. m.O,i nganh 06 s~ bien dQ,ng kh.ollg rlhi&·u. thea -thCl.i gian do viy ,c6 'tbg pba;n 'Uch mllc. rui ro titng nganh trong

- - - -'

q.~6 kh .... ~' ~,,, ~I~;j doan r-u:1.·~ "-.,;0';,, ,,,,~~,'l) nd ·t~-ro·- .. eng t'i~·g·· ~iQ;

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• <', .

III Ph ,;0..-" h bl .,.

r., -I 18'" n tiC .C1 _.#!'iJ' La:: Oi-'

J ~. '_'_ ,_, ~ •••• [I

M·,ot. 'I~ onanhUn:'-; :q.~,a tri s.U: dung' ouan trong cu.a eac bao lcao

" '., ... Ib' ~ - _. -" ig-' "'!Ii - IIi!! ,6' ~ -- -.- , -'!!i" ::__. '" ,r I . • '." •• "-

'tarn chinh ID~ DC dinh 'b~@'IJ loru.wi ,q'Min l~ c'ld 'f"!o'~i' v,a khi nina sinh

_,_.-.,._. -, ,; .......• ~-= ' .. - .. ,B".' ~ "'~'-" = ';}- .'~'=r ~,.l .. _. '_. ",,~, _-" """

~.,ld. ella, mO,t oong., ty~ ~f)i.i&-u nay.':' !co tb~'th.lfC b.~~n iQUO'iC. blng-. each

'_ -. _ • i!! ~ ~ 0

- ",r

so sanh 'ban can 'tb.u nlhA nl lcua ·m.'f.i't c6"fJ'I' ~ ·tw· nh}~t Idlnlh ·v,d.i baJ@IIC"O

. r ",' tliJ ,J' ;!!

'tJUJJ nh$p' eua nganh has cua mnQ;t, Ico':ng ty la;m in tdt l"lhil-tr·ong' n,glnh,

Cae bao eao thu nb$.:PI cllq eotb.,@} eho ·b~nl. bi~t l~i. nlf).u$:~, leua Ic6':nn" tv chiu ,a'rib hrcO'ng,.:i do thay -d&i t,rona' c~hi n:hi ICef d~;nh

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1"y' !3;!Jllt doanh lfi 'V,6n. th~ sa bOn trong ca"ng 'ty ,c~' phin Don o'uqc ,giQ~, la tj suat, Ol,oanh 19i 'V1on ,eg :pb'n~Cb~, 'g,@::,UJ :nay :rl't q,u.a:f:ni '~n~tng' d .. ol 'vdi. 06: Id,6ng:" n6 «"m 'bio m,trcthu nh®p"ello (:6 (I'o~g da, g6,:p- v,on '06' pJh~n v,~,'o CaDi! 'ty,

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!(R(}-E) - - - Van e.h~ fu:i b.-oo bl:nh. 'illua:n

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62

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p a.y. , ~I I. b. _ til

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va, :pha t, hiunb e6 'pb.ieu ,th'ubng 'tri gi,fij, :$',50, . .00 O:j 'm[~nh. gia $,50/c6 p:htbl,.

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kl 1,...,~ "A, .... ,j,''L,;, , ,;:I l{t';h- "ff/ .. " f;,;t' - '5' A t'lI" \ "1-').' !~,~:nO""'1 t'iii"lt{lJi. H' i:""';~~ ,,,"4"-,\'" ,t~~'·" .... L~o!!i(, "u~, D,vP Iw.!I!.Ue '11", iIlJl;: S!Ul@I~'~.r,.f), ' ~, '!P'YilllJ)_"'lI,,,H.,.!!''Ii!., ,.,. a,y 'Ii.lII.IlllllU!.!J 1,iIlJj~:~,p

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!",ren. ,mOil, CO, pnan eua C'O pj[~,U~U . ,uuu,w.w;g eao mum ,P, !;.l!;U,D,g pnap tre ,.; .'

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ca:ng' 'ty AlB'C. ICO: ciu. tr~c vain, 0011. S8.U : c6 phil[iu w [dam [6% (m[~nh gita lOO,'(lOOd)!

Co :phi,fu thubng (nl~nh. ,gia l(tOOOd)

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dudi hmh 'tho.e ,c·ij;· tac. va gill' m,~ 30%, ,thu nh.:p~ cs b.te m,6i ca

pb'D Ul 'baa :nhi!9u '?r

4- Niu m,Q,t. :nlira set t-rai p;mr!u dang ID:U'u, hanh d.uV'c: ,chuy@:n dr6i th,a·rib c& pbUiu 'tbuOing ·v:rlw. ,ghi ·c:b:uyrln Id·6i ,4() . .oOOtdJC-P., Hoi nba dau tu' ICo. nen tbllc h it'n v,i~,c. IchUYI~'n. ,d.d:.i hay kh.j))lng' 11 H:iy tinh ty illi' ,ch:uy~:n dd'i. va. kbo'n ,che·:oo 1"ch. gia 'tr~n m,Ot 'trtU p'hitu chuyren Iddi l' V:i¥,c ,chuyi~'n. rd·(\i. na;y ,di ,anh huang (l'ri elu ·tr~c 'v6n (:,6:0,g '~y nb'lf th' n~iO va. eac chi Q.r@u. EPS,~ DI .. 8, ?'

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pha:t hanh :1 'tti,tu rcll phieu,,80o.. 000 ClP' ·da·ng

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4~· T·~':nh. ·ca' talC. chiao oho m,(l!i ,c' 'ph&n ?

5- Ngu toau bo. ,c:6 p~.hi,e.'u w dai iQuae ic'h.u:v·I:n Id.6:i thanh iCO

III _:... II' - I'i}'

:phiiu thdb'n_g vfi Bia ,chuy.itn d,6~' 4()~OOOdlCP':j, tnJ:ng lde hif.n. nay

,g1' c5' phi.lgu 'trin ·thi truO',ng' lit ·5U.O()Om;Cp; th~ aha IU!1Lm t'U~ ,c.6 neD ehu~'n di6i ha.y kh,ij·ng ? tinh ,ty' 1. ,chuYign :d8i -v.a :kholan eh,lho~h Itch gia. trt\n. m,Q.'t c8 phieu. tm Itlii.

[01 Sal tilP 8' ,~.'

S6,c6 pbin, c'lia, rc6,:n;g ty XYZ la 5,.O(JO;, 'm~nh ;gm,a, lOO.OO(MlIe' pb~~~, ,c6 phigu w dii v:ai 'mlic: ,c.$ tac IO,I%,v,fj, l(tOOO 'CP' tlur(lng~ m.n'h. gia, 5(tOOOd!to'& 'ph4n,.

:Hay dj,lin vao, barng aau day,theo :nb:ilQlJ n~ii d:ung' ,d~c: ,1m! l(i;inh. nibli. sau ::

,ai cs phiE.:u w dii la, dJ4ng' kh6ng 'ti,ell lily va, kb&~g tha:m

,gis.,

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co. ,tai ruli)'IllJ ctlJa, m,~tt C',6ng ,ty X ])lim :N' nhu sa;rul :

1 ~ T,6n;g .d],Qa;n'h t'hu (doanh thu ,th,uinJi la :12" OOOt!'.i~u~. vi, 'trnlmg 1 d,~,ng Clioanh 'thu ieh~ c, O,@2,a ~,i nhu~n (sau thu,e)!" T.t m,ij thanh toan 105 'tic: 7',5,.%", Tllj, Ii', eij' :p'hj.il~';U X [~ ,42,JJOOdL

79

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- Cb:i :set' g~a trin. gia trj, ,sS s',ch~

CHUriNG'IV

. p'HA:N' Tic:H IlV,A, CHON' 'TRA~: :P;HIEU

iJ';;.,m'L,~,~,'~', ,_ ,~~*, , '~' "', ,~~"::j nh cj(' ,,J!!~""W'· 'it"",;,2\..lIiiii,ifF '-l~ ,t·,~; ,;Il,""';t.,,,::, - ,"- , ,~, ," .ll,""'!,O~ 'Ui~:y,· I~U, ,mua, 11!,;J!:'~~ ,p. 1,i~1I!JI g,I,Ut;'C J[H:;I)11JI( u "':'O ' ¥'jJ, rue IIl;U eae nguijl!.!n.

,iif'j '=' l(lt~, v' 1 jIi"lIil'ii.1itio ,rti.ii"ii()l I = ':9'A liI1ii{\CIi, AI

"LJI I_I ,t1!'"'lO ~J _ 1;t!'!IJ·UU."UU,'_" == "_:VI!!U'VU U

4- ChenD ID"ech g,ila :: La, :phitn ,ohiirih ID!~ch mUtt, gila b~b]( va, ;gml" :m'tl\a, '~,~i p'm'~u V:dJi m,o,! tr'i, :p'hi,'~ co 'tin'h thanh IDd'Ulin, cao, :ri~a, ,~,fiu 'tu "f;e 'bin 'k,a-i, p.1hh$u khm, i!ia,· 'tra~, pb~,"M 'Ui~g l}~ml, va '(lW1:~

_ . ,

bu&n~{ ,cfi,iiili l.~ c'~ gi_"

,40, L·~t IC"'~\:i'Cii' '11,'""'~'!ii " T"~""'n'a' ~'''r'I'~'fF it;."",p:", 'n:'iU...i3 '?'~'II'!I tu l',6-;-:~' ';'"'::,~n-: 19~ T . ·.a_1. ._. )u,~, 1.d_~ ;~ _, 1,V,~~: ~ lIUljU.lnW'b ,IIYl':-' '"J" "lilr~ UUlU "_ U .. "uJl]UlTJJI 'bJU.lD.l" " "~~l

dJ~'Uh lk_y va. tai d;!1Iu tut ,npy ~ 'Giin.HEU nay ISe; smh [,,(1 ruJii g'9l~ ~a'~iij

4 • .A:. ' ~ iJ.: ,"" rI' '-N'·ill." ",''Ii' ,," "" t- "'~' ,joIl .;.{ ~ ,i"rii' t· ..< '. 'h' ~" ,~ ti" $

Lal, yj~'U, '!~~~ ,_,lI!il~'V,~Y~ S:IU :m,~i~~ SOl nam :n~;m, gl.!~J ,·It,~l P ·.leU,,~ so 1~.~\D

Iii, C~UpO\n duQ"c, 'ta~, «'Ill tu ISie m~g' l,j, ,cae ~l'ai. eh'(], m'Q't ldl'~i':n

'~lrl" ·t\,"i'i- t·:·~'· -- .- ;(,",0' bao ,arifJ.'-m·-' ~Ig~ o'li\il"i'IIii'IP0"";i 'V':;' '~l,g,]j ,~"Ai.;.ili'iu ttl" ~Vl ,·U!c.!II.em, n~J..IIib ;,~/U, :e;,i(1Ii .. , ,lIlitd ~'""!!!;.!, ..... ~,~,:(,l!!, _g= !~--', II,':!L_," ~:_:.',

4- BtU 1rO ICllla. dJ,'u 'Eli 'trtU phieu ::

84'-'

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!G,bi ,coa, :mij't, 'tl~a;~, p:b~,eu ,di~n h~nb, g,g tha,y dij.i ng~c dbi~u

,;6~ u th - _..i~" .' ?' '. '] ,~.i ~~·~t-, ~ V'iii...~ 1''''''' .'. ,6(t- 4,~ -~, t,'iIJ..,:"--·''':: ,~"",,:::" .1I!";;.t

V'u.~, S~" _ _ _ay Uj,Q;,l ,ctma, ,~al [S,l.i!i~ ~_. ~ D.iJULll . ~iIJ, suat ~~ng . -.Ml gta i~-,~l pdle U-

se giam, ; khi lsI suit gia-m ,th~, gh~i 't-rti, phieu se '~ang. :N'ttu :~gu(d d;~,u ,tU" n[b,a'~, b('i,[1[ '['l:,tti. n hj:~u trl1dt~ khi no {taio han 'won 0: !iiU~u, ki,~n.

~ ~ ~ ~l ~

l;;::,~' ~- -$!',~1. t--~''fif:II'a' ~I""'n, j.,'iI'-.," ., c-.i~,.:J'~" ·t-, • .r.:*A, .. ~, 1i.\.." '~Itf '. ,~' .. ' ,~~~~""" '~I>~ ban

~ i:l,!., l""iIUl~,!!l!' ~~,~~ ~,[eJlj.~'j' LJIi:~], ngu!I.!JI!1, iIUIJiSIi.U,_u, Ui,\,;I' se :uW, ,!II,[U v'!U!!n:" I!l;;y..., ,~I~ i!!Jiijl,. ,.,

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- -

c6 ~Ii'i s:u!t ,t'hi n.g]],~ ,tt[eM :phiH c~iu rui. ro Iai sllJit.,

,M:~t; rj,ij, ]):1Jjhi~y [cam [Clime, gia tr,'i p:t:d~u. 'triltflc nb.ff~g' tba:y ,d,o~, trong ma.i suari tbl 'tr~Ci:~~ phy, 'th~@IC, 'v.a[ij n'hing' ,d~c ,t-hih knal[c nhau

-,r,;j"1 ='1',.N'~,ii:..""';lf" 'h'~ ···h,'t.~I'1'i' ]l,:'~ ,--rr.~""'.' -"hJ,~, ~,--\~ ·t-"h;·',-~:-'" .,.,',-' .. -,- .A'.·~:,:" 'h-"" .-',

CillJlj~ Uv II)" PH'~,!"" ,'--' an~L:" llU,!I!.lIJ '~Iai.l. c'l!.!!Iung P·I l,eu va . . til gJ_an. ua.o ' ~n,.

N'6 ,c~Jn~ p.,-,h:u thu6c va,ol nb:un:o- lua [chon, ke,m theo d.!O't- n-nat :hau'h.

b~~~,.l ~ •• ' • r

,2~, R 0 i If'O ,ta ii [da:u ,tilt'

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86 tr,;U philtu ding' 'k; piba,t, hanh

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·tren ,tb~ 'tr~o,~g," N!e~~l eho 'bar~, bi,~ri lS!5 :~;a:Y' ,thay (lij;l '~h~ng' 'ta, Si~: 'ii'-'iI!.:-¥~-: ,AI'i~;C su b,w.'~n d6;fJ!;fW ,c···~'a !aia 'trai nhii~U 'V~ eo tb~' 'kit luan ':

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,_ Gla t.1[",ai phj,,€u 'thay- dcH, :ngh~,ieh icfu]l,@M 'VlQr]J, ,61,f t.hay d,IOi c~ua Hi'[, suit 'th'i ,t:ru'b':n__g.

,_ C&n~ ,g.ein, d,en nga:y' dao :h~ll'n gia 'triH :p:h.iiu, ea'rEg ,tUrn, ga.n d~n, :m'n'h g-~,a,.,

Vi !d~' t 'C,6n,g ty S'SA :pha,t ha.:n,b, tr,ai p,ihi-eu 'm:inh, g,it£, 1.,OOOJJOOd, ~y h~'D :20 :dm" liii s:u~n~ da:M, nghia l.O%~ a au, 5.1 :n~m :lioo hanh :nh~, ,d~u ttl' b"u ·tr.aij, 'p:hitt~~

* m,.'~'i"·':'.,2-.t;1! ,J:.'''''''i' 1,'-' ~ 'N',":f; '~I,~,'· ~', _.&',t'~, ·t·:,'!I1.I~ '+'-i'i~ lea ll~,'~; ~:'-~~'t u'R,., .. ~,il'M ,J. .ri:,-t-OO~ I~YP .. . ". BiIlJ ,lIl.i:J!J,~ ""ua,~,~~ 11l,;o-:r,,,,mD,E:; \". u~, ;:;::0 U.J:;t J II;;: U cet,_,

-, . hi --~, - h'" 'Ib'l'- ,-,. '1'--' ~", d 'b 'h'- th 'i '"a

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, ,. .,., " ". . -- . ,.", """. - J. lII.lE ' . a:.ili.J.·1 .!J:.~" .:[,i!i .' !Ii'

tre,,~, ~-ra.l P'·I ]"eu) ,,!ill:~n, n~y;I'lng_6' ,ji!~ ,~L,_" 1, __ ,--' .. ,._:;g_ ,_.:1"" '" ,g, ...

't,r.~H ,phiiu. 1a ::

[9"S':

:~., ~"

1 '1 ' O",%")~15 ,-

. '= 100, . .000 [[', ~ (I .. T, ,_.~_~.:[ "-]- +, 1.,(100.,000 [(1 +, lO%)-u;,

10% '

TI["o,1Ii'ii1[0' 't:r~:~ bap-,' n9V'- b:","~ ~hit1u [ibide 'b'n t'Uio[(t bllw[ri' m~n'h

' ... JI!~~ • ,[ 5 [I "111, ,. L ":J' ... ~ .. 1'- [p-' .. _' _.' '--'_ "!!i _"" .• ~ ~ e -'. - ti; - ~[L. J I

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g'1:.i: .,

'~' TrlJlJng' ,hvp 2 : :N!'u. Uti [suit" :hiij:D, blU]]n. tr,'!n tbi ~g ti'n,g m[!n d[!n, 12:%, 'tim11, ,gbi 'tr,tti, :pbieu h~;~n Da_Y ia ~

P .'" 100,(100 [ 1 .~ (1 ;2~ .. r16] 1- 1 OOO,{'IOO U 1- 12%r15

p :~ ssa 7"904

'*' Trwrt~' h~ 3.' z N,B'u Iii suit, ,th~ 'b"~n;G't ~-am, ehi cOin 8%

~ ~~. . l;iI ~

thl ,g.ia tr,ai pm~u, hi[~ll nay Ut ::

p _ 100.000 [ '1-=-<1 ;:%r15] + 1.000.000 (1 + 8%)~11i

,P = i. l7l.1.5fJd

TrolD;g t,rU'i).n,g' hQ'p :nay gia 'to 'tb~ ,ella, 'tl'ai phiiQ!JJ !aiR ti;ng'

- .

mi!n C8,Q' hen m,~nh :~ii' le-ua no.

I .[_ •• _ .• ' _ '~ b;ili I • .1 .

,n._.,;ii. ,LJ.~

,_ T.h6 hal : K1ll Iii. g,utt tre::n .thj, ·tntbng cao bun Iii ,sutt danh nghia . .eua. ·u,a]l phi&u ·thi, ,gia 'Crj, ,cl1lja 'trai. pbisu th~p, ho.n m~·nh gia. 'c~a. no., H.a~y" n6i ca.eh khac, ng'u nh.a &au. ·tl1 mua ua,~, pbi!u vdi. ;(la ·th,ap, han. m'~nh Ii'· thi m'Ut lqi. ·tac ·th.1!c s:1I ,dUqiC h~g tr.ln tra.iphi.,§u cao hall Uii suit danh n;ghiEl"

~. Tha ba : Khi I.lii stIJittri::n thi t:ruCJn;g thfp h01l Hii s~at daub )n1:ahIa eua trail p:hi~u ·~hl :aJ],a, ·tri ·eua. 'trai 'p,hi.gu. coo han :menh.

[i!j~~ 1 ~'m. !"!

• ~ r.;t .~. H'" _.(.' A::_..,IL r~t..-ii!....·~ ~ iIh,'io _;j,~ t· -;r.(. fIk...lil.~

gia CUB no. . lay nul. eacn .t(.t~aie, neu nda IiJi~UJl mua trai pmeu

vdi ,gi.a ceo ban m~nh gi', -thl mac )'111 ide th)yc sJ.!. o·u9"C huang ·tr'@D. 'tra.i pbii'u tJhapl b(1D ID,li suat danh :nghi.a~

._ Th.u· tmJi :: Tbj ghi. ,tl'~U 'phi3u ti.!;n gin id!n m'enh gbi. 100ft n,Q., khi ·th.(Wi. gia:n tilen gin, d~,gn. ngay '0,'0 han,

P - 11 '!I'7·:1:! ·1:1~·'O·'·

~ .. ~l! __ ~ _,~ ..

IP' =. 1 ili\fiI~ .ii'iJi'iiIi!'ii, ~, ._ !!IU,!UU'!~~U

'Th01ii han

o

~t't; uu

15

P··I~ ..... F~

. ';'1 ,,,r-' ..

TIl 'F<

.,Ill :~ :

4,., 'Sijinllh Igliij 'IFiji [p,hb!IU Ica ~i I SU;Jt Ihi In,cSi

rrdi phit/u; ieO lii:i; suit thia nr$i' (Flotitin:g rete 1110.Hd5)1 .: LA h),;p ·trw phi.eu ma, lti 8ulat cUa, n6 dUQ'IC tU6u ch1:nh thee 8\1' tha,Jr dOi ,elia. la:w. s:ult ·t~ t:rl.0ng·,. B~,'c tU,~'m. :ml~~" ttl dim bi,D. d:UQ'IC ,quy,&n lqi. ·cua n'ha !(ld:u '~U 'cOng' nhu cua. d.oa:Dh. ngh~.I~P klli ·thi ·truttng' tai ·cbinb ·ti'n t~ khang' 6:ft dlD_b. .. Tho.ng thttlng' ·eO· sa.u ·tluing mOt lan, can cu' ·v.alo lii aufil ·t,i~u giti :ngan han clia ng4in. hang l~ d11~u. chlnh Iii suft LW,liU phifu. chcl ph:u. hQ'p.,

Lm suit dinb. kylcua m,'t 't_r,aj. 'phi'~u ·thi n6':m. ,thuerng 4~Qte tai an. dbih tr!n Cliji :sa' }j:ru, suit th.i.i. ·trumg:. C~in.;·i?: 'ths':m m.lO't ·t~· l~· p-cham.

,. !f. '_ 'Y ~1 y' ,;t "i l

·trirm ,c~· ,cijn_1h"Vl. tht dong tieD Icue. tram phliu thA n&i cO, tbg ehia

~I.'!o.lm· ." h ai ·'i...~n,ble.,·m> ~

~i:l!J _I _ '. ~,~. U'Y' Y' J ~~ ~l

.* Phin th,ftn1~it. i~;J melt db,ng ·t,i'n ICo. :UU sW!a:t thi 'n6i nhQrml

, -

Idtfl(t.C~ ,t~ Iii sua, tbi tr1lltb'nl It'hODig co ph'n ch.e\n'h l,~ch, DOing 'ti~n

:nly bao go,:m. e,i, kho.\a.n 'thanh toan m,tnb gia. v~,o Ide dae h,n. E)16, III d:O·n, tie·:n. ,cua ,cbiJJ.1Dgld\lcuintham. chire.u.,

~I PbAn tho bai la" m,Qt. Id'ong' ,u4n d,i. bitrt d'l/a tren khodn ch!nh i,ech ;ajjJla. ca.c khoalD! thanh 'wan eua ·trai phi~u e6 Uti s:u!t

IIJ b' I

tha. n6i e- Dong t.:i~n da. biit nly du11'c. d:~.nh .8.'][', thee eae k:y ·t.bu~t

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t~ ~~l 1"- "I!:."': : :.~,u.~~ :__., .-:__.:_.:.. __ ,.: _._ .. "'_"':," o· ;;~ •••• --le •. -.- .- '_", ur. l~ ' 1_r:.·J, ~~

tham ehr~eu- KJh,oan 2·5 [) n nhan ·auale '~i]j kh,Qan 'p,'nu ·tr,~i,

• , •• 0.·· ••. ,Il· I.", 1.1._ ~ .... \1 .... _~' __ '_" ~:._ _.,~ 0 ••.• , ,i:·· Ill' . ,v,,~

N,~u LIBO'R '~i. tbO'~ w'em two (ij'nh th·u hal IA. -Bfo Ull kbi~\an. lai san ,c16 is, '~hang se ~,~ :

I, ,ii'IIil'iiiO'" ,t\ jf\ in, .... 8o/~ , -1' tlifii]tii; i'ii·Oit'rl. , .. ' t'rI. !t')'iI=::ffl,. - Ai,"", ,if'I;,iiill/ii; , ii). [l't'O:"'O';' ,.'''.,!II,,j!,',. !lJ!'UU X = --F .. "~'IIJI UU'.,!jJI.ur eX U':j,~U'!iQ = !!';!Ii;!j,.II~!JJJ ~v -+ .o:::;..,;ijJ"

2

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V. T JLJ . lill~r._·.·n

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ci!'""l1ii..;. ~~ ''i!.. -l'~' ,.1.. ""-'\lJ.'6]l~.W. . .~(:~,~,

frli p-.;;

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KhI01~ln ~by ·tr~,i 100 di~m ea' ban m.a,Jlt :~:Thim. trQ' ,t'han'h 5;0 digm. ,Ott' bin i(O~,5.'%), haty, ;50' (dldIDi. v1. ·t:ie::~ ·ti) t~en 100 mje:nh gi', ,CbIO w,rH kY ·tai d~'n'b, :~JI'i, ,su't a. DOing' 'U~rru. c,ia. cijl:n__g ·c~ iC~'~. di:nh gia. d)lgi~ ;cl'in'h gta. cih,:e~~:~. () ,,5; ,,('d. ei.ng ,c~ tham ,c'hi'~; ii~jo, m.ij,,~, kYo ·6, ·~h'n.g·., 'VI tm~~ gi.a, caa, ,con.g· iCI:i. tThli :nJm\], Ui.i s;uit nay Hi 100 .+ IDJ~ ·trong ·d6 ,D' chtnh U~, g;bi t'r,i· hi~':n 't~ri ooa 'OaIC kTh~,i~'~l~]j, 'th~'~h to'I~, ha,J.l;B' nh, nfhn. O~:5;% :m,~n'h gi'~

, 'n.h .A, ~ t ~" i'H'.;'i , .. A ,ii', ]c.. ~t", li"iI:".2 ,t~·~'''ir't.n·· a A' '11.~' ehfnh 'V'\.('" t ",,", ;i'!!,.{ ,~;'L. ,,; CJ"~~

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suit c6' d~'ml Q6 CUDI' thi~'i .h~Jf~, rula, :2 ~i;m, de ru,am, ty Ie ehiet :tb~u.. N'~' ru ".',.' s:' ,'~t till t'UfJn a bV"Jl ha.'nh. '~rm r-p .. hi~u Ul,~,i han :2 :~a.ln, la

, €!lUi la:w,. ua .~, I' . "'Itl",i , ~,v~~ ~~~ ... ,l. , . ~ ..~~ .... ~ ~ ~ ~ ~~~ .• ~ .. .

8~,5'%, ta IS~. tfnh ,drui!~c D = 1,;8, .

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1. t-" iO,i04l25 (1 + O;jiQI42,5)i2' ~ '(1 +, ~J,04.'25)3 '. (1 "F O;042$f~

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, ,~ V'fJoy gl", p' . ~i, ~ It~JI![aI •. ~~ ij'Dg ,. ~ ~~. ~.~ , y., .,

ico T' i.s == 101;,8 'U8:D

(16ng ty pbi't h~;nh trai :p:hieu, eh[l!yi'n. d,6"i. vi cio; m.y d,o tbu$:n m,a~, [sallil. ::

"

- T:: -"r='''l"' 'p",h-';I'~U,"':'iIk.!I!I'UB;'1"ri' ~','O.4'"';1 inA, 'r:h"i: b'.('n'· ra '!:f'~ '~i':Sl": ;t;;U:6i7;i!.~ <i-:'iIi".;:fp"" 'iI',..;of>i'!I1']i;

, " ~'" l.:··· ~~. , GllllIJIJ,J- ~JdIJ, U ._,.J;, '1U'4!! ilk, ... ~ _ ~]"'" . "UI -rt'ljIil, ,lilA·, ~l 'u1~ U;lu: ,~jlJ.v.~~

tM ,~ult ciJa 'trial phiiil, cd' p,Th]r~[fu 'tbLt&Jng,"

~ ~

= c· :--6nd' t'.U' [co,· ,the Ioai 'bo ~ii smJa' 00 tlinh lkhi ~6 su eh~v)~n

:_:."~' ',b. '_"J' .. _' "_', _. "'_'".!i'" :_ .. :_' . _' "', '':_ ',- ", ".- . -,_, "'!!I" .... '0 ••. ','; ',' .- •••• ," [ ••• ~., "', 'J" ""

. .;l1,i!\' ,,'} ,;j:"m...:{ -~~, .... )I' ,-, ,. -J¢!' .'

~J~l V. IoIIU,'!:: glUam [UI1U!'Q'[C so Dli1.,

8'''6'': ,-:; '6"" t -~ ;;. d-' - -1h~ = Ilia 00" - ~-;C, _ ..... ;ji, d' ')., ~ ·b~.:r

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'~'. nq eea eng," g,ruiam, co ng I, ra ," '"Ilg ~y ,rWL ',~' c "D, a,y

tB;i eh'lM, (Vi. litle, 46 nq 41, 'Era ,th;anh v~n, ,cfi' [dbng)~

Mha, dau w;u' eh:iu 'b'o 'tii8n mua ,tt'~U '~;1b~€fu 'chu,,\~'n ,d,6~ v'l1Ca,c

!! l~ \l

'thuln 101 sau ::

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,= "f:a:W, \;.-uU 'yj,J.:.i ' ... :w}e,~,~. lI}ul iC,ul, '1.!,W"i!j!J, ,w~w,u ... ,~ 'L,:r,t:ILW, C~ull, '~r€Al 'iIf'i,M1'1:;ii[1l.W~ CO r ~

~ - -

phi;eu ,tIb wng , trO':~g 'trwmg 'hQ'p' thanh, 1:v' c:ong' 'i~Y.'

La, g~a CUB, ,c6 p,h'i:ltu t:h:Ii()n.g' :mit. tr,a~, ph~:ifu. ch:u,.y,em, d,ol :~jary' :Utm, can ,cu' "trO':D,g v,w;ee cJ;l,u"l:n d,6A..,

mo ,vu

'T-j l~: chuyln. d~i = IOOJ)OOd l lO~OOO :"= 10

Cio, n;ghla 11 1 'tr~U phieu (18m. thanh 1:0 ot) phli@JU th.l0ng .. iGia ';·ri chuyin. ·d·g'i d.~e ·tinh b~'ng' rcaiich nhan sri IUQl1g c5 ph'n cua phG ·th6n.g Sie; itluQie -nbi-n khi ·tran :phi60 duQl~ .. c"}uJyg·n ,46i vdri g~a b.i.i~in. hanh cliila. ed 'plllriu, ph6' than.g la,O'. Trai phi@iu c:h.uyln rtm1o.i kh.ltn,g· baa .gliw ·Quqc ban v,&.l. gia ·th~lP' 'horn gi! ·~ti. ch~'n. d6i

'9 ..:I k ~ d h h ,J\..... h h 1 ''J!., (~ '\

rOu~ n1o,; dOi ho,'t 'U;ij)r.n;g ;:illh, Ioanh ,,·ltu,lIl~g· c "'en, " 'i"cJ.l,arbit,ragejr

ngln. ,o'h~n, Iam ehe di,iu ,(loi k"'e'Dg ~'Y ra.

101

'h"' ~.' 'it ~:' 'h·'g" l~' "'R O· '0"0'" 'VN"'" "'B'" . .,~, • h ~ d'~'" ~

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J .' • ! :. .:... I .11:- l!.r· ; ...• , ,.-.,'. __ r. ",.' •... :.' .IL1;~.l.IL ,,~iL11. t6 . .I, !L..,;.. U ',':[~,J ,~ ~ua

, ,J,~,[]J, ~~, ~u;a c, p~~~ u ,_!a 1. ~ ~', '~_~_ ~_ g,~-,_ ~_ " ~ .'~.'_ ]'y_.~,.~, J __ ~ __

,t"r.(l· 'p. ,11)111 ~~n 1').' .'

to" ,a .,~IL~.l.B. u, ~,.,

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'iiI,S' .', /'rI,AiIi"\ 'V A '0" '7'rt"iI,iIi"\ t"rIlt"rIO' .', 'Hif\lI'-n.

jl,:.- I! UU!IJJ. ,~ ~ .. ~r, ;;;;. :. ~u. V-V!, .~r. 'V JL~ ,0

Ban "V~ :, ng,'hin 'VN'IJ!

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U:D ,iC!'.t'!o ii"!! h· ~u"liie;n A~il I-I.y ~v v.. _.;I.",. ~q~ y~.

40

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L ,Oit'rliO', .'" '...,....,' 1G"

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18

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25

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O~ !lJiliJIl

1 Jl300

111- 00, luong 1,«11, suA:t: 'tf'a,1 :pih:ii:u

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P' : G:~a ~h~, t:rltiJng' cUt! 'trti :p:hiltu,

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r~ cho tr.ai pbitu 't'hl hang nam thu. tru.'UQ:c baa, nhieu ,dd,ng 'ti~\n Iai l'

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