Understanding the Stock Market: Price, Orders, and Securities, Schemes and Mind Maps of Performance Evaluation

Download Understanding the Stock Market: Price, Orders, and Securities and more Schemes and Mind Maps Performance Evaluation in PDF only on Docsity! 150-WORD DICTIONARY Soe eo MENS ‘ong CFA WELCOME to "CFA DREAM" Ban than mén, Khi ban lua chon sé hitu cuén tu dién nay, chung téi hiéu rang ban dang tran tr vé viéc v6n tu Tiéng Anh chuyén nganh cua ban chur du ving vang va do 1a rao can Idn dé ban hap thu tét long kién thitc khéng [6 cua chuong trinh CFA. Trong thdi ky hdi nhap, nganh tai chinh dang ngay cang thu hut nhiéu nhan tai, vi vay canh tranh va su chuan hoa, tinh chuyén nghiép ngay cang cao. Hau hét cdc ban sinh vién hay nhitng ngudi dang lam viéc trong linh vuc tai chinh - dau tu déu mong muén chinh phuc "giac mo CFA" dé co nén tang kién thirc chuyén sau va gianh lay co hdi phat trién nghé nghiép véi mtrc thu nhap hap dan. Théng ké trong 1 phéng van trén Bloomberg, sé lugng thi sinh toan cau tham du ky thi CFA cdc cap d6 thang 06/2019 dat con sé ky luc: 250.000 ngudi. D6 "hot" cua chtrng chi nay dang ngay cang tang chong mat, vi vay néu ban mu6én dat tdi dinh cao su’ nghiép, hay bat dau hoc CFA sém nhat cé thé. Véi mong muén hé tro cac ting vién CFA® trong qua trinh hoc tap, SAPP Academy tran trong gidi thigu cuén tir dién "150-word Dictionary Of Equity Investments". Cuén tir dién la tap hgp "tt A- Z" 150 thuat ngi quan trong trong m6n Equity Investments. Chung gitp ban dé dang tiép thu kién thtrc m6n Equity va la budéc dém gitip cdc ban tiép cn vdi linh vuc tai chinh - dau tu cach nhanh chong va tién dan dén gia mo CFA. SAPP chic cac ban du la dan tai chinh hay mdi bude sang tai chinh sé cé nhitng kién thifc tuyét vai clung cu6n sach nay! - Ban Bién tap - TOPIC 1 MARKET ORGANIZATION AND STRUCTURE Arbitrageur / a:brtra:'33:(r)/ Ask price/ offer price /a:sk prats / ‘pfa(r) prats/ Bid price /bid 'pratsiz/ Call money rate /ko:1 ‘mani rett/ Capital market /‘keeprtl ‘ma:katt/ Clearing house /‘kltartn hawsiz/ Neuoi dau co’ Ngudi lam dich vu mua va ban cling Itc cling mt loai cé phan, tién té... nhham vao sy chénh léch gia ca gitra hai thi trudng dé kiém loi. Gia ban MUtrc gid ma ching khoan duc chao ban. Gia hdi mua/ gid dy thau Mtrc gid ma ngudi mua san sang tra. Lai suat tién vay turc thoi Lai suat ma ngudi mua phai tra cho khoan vay ky quy Thj trwong von Mot thi truéng tai chinh, trong dé cac khoan ng dai han hoac chtrng khoan dugc hé tro bang von duoc mua va ban. Trung tam thanh toan bu triy Mét t6 chic ri€ng biét lam trung gian gitra ngudi mua va ngudi ban trén thi trudng tai chinh. Trung tam thanh toan bu trv cé trach nhiém thanh toan cdc tai khoan giao dich cua thanh vién luu ky, duy tri cdc tai khoan ky quy va thu tién. Collaterals /ko'leetaralz/ Counterparty risk /‘kaonta pa:ti msk/ Credit default swaps /‘kredrt dr'fo:lt swops/ Custodian /ka'staudian/ Tai san thé chap Tai san duoc cam cé bao dam thanh todn hay thuc hién nghia vu ng. Néu ngudi di vay khong chi tra, tai san cam c6 cé thé dugc thanh ly va duc ban bdi ngudi cho vay dé hoan tat hop dong géc. Rui ro déi tac Rui ro khi mét bén tham gia hop dong khéng thé thuc hién cdc diéu khoan cla hop dong khién bén con lai chiu thiét hai. Hop dong bao hiém ng xau Hop déng bao hiém ng xdu la mét hop dong phai sinh tin dung ma theo do bén mua sé thanh todn mét khoan tién dinh ky cho bén ban, dai lai ho sé nhan dug khoan boi thudng néu céng cu tai chinh co’ so bj mat kha nang thanh toan. Noi cach khac, ho'p dong bao hiém ng xau la mot dang bao hiém phong ngtra chuyén ngudi vay tién khong tra dug ng. Ngudi giam hd Dai dién céng ty, thuong la mét ngan hang thuong mai nam git cac ching khoan theo ban thda thuan ddi voi khéch hang c6ng ty, va mua hay ban cdc chttng khodn nay khi nhan chi thi. Dich vu gidm hé bao gom viéc git an toan cheng khoan, thu cé ttrc va tién lai. Long position /lon pa'zifan/ Margin call /'ma:dgin ko:1/ Margin loan /'ma:d3in laon/ Thé gid lén Tinh trang nha dau tu’ da bd tién mua mot loai chtrng khoan va hy vong sé kiém Idi khi gid tang. Yéu cau bao chirng Nha mdi gidi - thuong nhan ching khodn, hoadc trung tam thanh todn hop dong ky han yéu cau di véi mét thanh vién thanh toan, vé tién hoadc thé chap bé sung dé bu dap khoan 16 trong mét tai khoan bao chtrng. Néu mét khoan vay cua ngan hang duc bao dam bdi nhitng chtrng khoan c6 bao ching, thi bén cho vay co thé thu hdi khoan vay, néu khdch hang khéng dang ky thé chap bé sung hoac tra hét khoan vay. Néu yéu cau bao chtrng bang chtrng khoan, thi khach hang duoc yéu cau giti thém tién mat hoadc chung khodn di diéu kién vao mét thdi gian nhat dinh ngay hém sau, hoac tai san thé chap duc ban dé thda man khoan vay hién hitu. Vay ky quy Khoan vay ma mét ngudi mdi gidi vay nguoi dau tu’ dé mua ching khodn. Vay ki quy thudng dugc str dung voi nhiéu muc dich, thong thuong la cho viéc mua cé phiéu, trai phiéu va cac loai chtrng khoan khac. Mét khoan vay ki qu luén di kém gia ky quy, phi ky quy nay phy thudc vao sy hién dién cla d6 ky quy. Margin requirement /'ma:d31n n'kwatament"/ Market order /'mazktt '9:da/ Mortgage-backed securities /'mo:gtd3-beekt st'kjoarttiz/ Yéu cau ky quy Khoan tién tdi thiéu khaéch hang phai dat dudi dang tién mat hoac cac chtrng khoan du tu cach trong mét tai khoan ky quy. Yéu cau ky quy co thé dug coi nhu mét khoan tién dat coc dé duy tri cdc vi tri m&. Day khéng phai la khoan phi hoac chi phi giao dich, né chi don gian la mét phan cua tai khoan cla nha dau tu duoc dé riéng va duc phan bé nhu mét khoan ky quy. Lénh thi trvong Lénh mua hay ban mét loai cé phiéu & mirc gid thi trong, néu ban khdng chi thi médt cach ro rang thi ngudi mdi gidi cua ban sé tu dong thyrc hién lénh cua ban nhu’ mét lénh thi trudng. U'u diém cia lénh thi trong la chtrng nao cé ngudi san long mua hoac ban thi ban gan nhu’ co thé chac chan [a chi thi ca ban sé dugc thyc hién. Chtrng khodn dua vao nhirng khoan thé chap Chtng khodn duc phat hanh dua trén co so mot hodc mét nhém cac khoan thé chap. Vé ban chat, chtrng khodn bao dam bang thé chap la mot loai trai phiéu. Thay vi tra cho nha dau tu’ mot khoan trai ttc cé dinh va tién géc, ngudi phat hanh chtrng khoan thanh todn bang dong tién phat sinh tir nhirng khoan thé chap duoc dung dé dam bao cho sé chtrng khoan do. Primary markets /‘pratmeri '‘ma:ktt/ Rates of return /rert av r1't3:n/ Seasoned offering/ secondary offering /'‘si:znd ‘pfartn/ /‘sekandri ‘pfartn/ Short position /fp:t pa'zifan/ Special purpose vehicle (SPV)/ Special purpose Thj trwong so’ cap Thi truwdng chtrng khodn so cap [a thi truong mua ban cac chtrng khodn mdi phat hanh. Trong thi trudng so’ cap, von tir nha dau tu sé duoc chuyén sang nha phat hanh qua viéc nha dau tu mua cac ching khoan mdi phat hanh. Ty suat hoan vén Ty lé tian da dat duc hoac bj mat (cho di thyc hién hoac chua thu hién) trén mot dau tu so voi s6 tién da dau tu. Phat hanh cé phan sau IPO Phat hanh cé phan sau IPO la thuat ngir mo ta viéc mét doanh nghiép dai ching phat hanh cd phan réng rai cho céng ching sau khi da tién hanh IPO. Noi cach khac, néu nhu IPO la thuat ngi Am chi lan dau ti€n doanh nghiép phat hanh c6 phan mdi va ban ra rng rai cho céng chung, thi SPO ap dung cho tat ca cdc [an phat hanh sau do. Thé gid giam Tinh trang nha dau tu da tham gia vao mét thuong vu va sé kiém Idi khi gid giam. T6 chirc dug’c thanh lap cho muc dich dac thi T6 chic cé muc dich han ché, phuc vu nhu mét don vi trung gian phat hanh trong viéc tao cac TOPIC 2 SECURITY MARKETS INDEXES Active return /'zktrv r1't3:n/ Benchmarks /‘bent{ma:ks/ Commodity Indexes /ka' modtti ‘indeks1z/ Constituent securities /kan'stttjvent st'kjoarttiz/ Dividend /‘dividend/ Embedded options /1m'bedid Suat sinh loi cha dong Ty lé phan tram lai hoac 16 cua mot khoan dau tu so voi tiéu chuan (benchmark). Chuan so saénh Mét tiéu chudn ma dua trén dé mét quy tuong hd hay ngudi quan ly dau tu’ cd thé dung dé so sanh. Chi sé gid hang héa Gia tién mat tai chd cla hang hod hay gid trong tung lai. Chi sé gid hang hod do cdc co quan Nha nuéc soan thao hay do cdc thi trudng riéng - dé theo ddi bién chuyén gia thi trudng. Chi s6 gid ca dung nam co ban dé do ludng bién chuyén gid ca trong mét khoang thdi gian cé dinh, thudng la hang ngay, hang thang va hang nam. M§ cé phiéu cau phan Cac ma cé phiéu co trong cac bang chi sé chitng khoan vi du nhu VN Index. Cé tire Phan lai chia cho cé déng cla doanh nghiép khi hoat déng kinh doanh dat két qua tét sau mét chu ky kinh doanh, thudng la mét nam. Quyén chon kém theo Mét phan trong co’ cau khoan vay ngan hang, trai phiéu hoac céng cu tai chinh. Vi dy thong thudng 12 ‘ppfanz/ la nhitng quyén cho tra truéc trong thé chap, quyén chon rut v6n sém trong cdc chtrng chi tién gui, [di suat tran hang ndm trong thé chap, voi lai suat cé thé diéu chinh va diéu khoan vé lénh thu hdi (thu hdi sém) trong trai phiéu doanh nghiép. Quyén chon rat nhay voi lai sudt lam tang sy khéng chac chan trong tinh todn doanh thu va rui to tién lai dy kién, bdi vi ludn cd xdc suat chung sé dug thu hién. Con goi la Quyén Chon An. 13 Price weighting /prats 'wertin/ Risk-adjusted performance /risk-a' dastid pa'fo:mans/ Sector index /'sektar ‘indeks1z/ Security market index /st kjvertti "mazkit 'tndeks/ Ty trong theo gia M6i ma c6 phiéu trong mét danh myc dau tu’ dug xac dinh trong s6 bang cach chia gid cé phiéu d6 cho t6ng tat ca gid cd phiéu. Hiéu suat diéu chinh rdiro Thuéc do loi nhuan dug diéu chinh theo rui ro cla mét sé danh muc dau tu. Hiéu suat diéu chinh rui ro duoc stv dung dé do Iwdng Igi nhuan cua danh muc dau tu, duc diéu chinh theo rui ro cua danh muc dau tu’ so véi mét sé diém chuan. Chi sé nganh Chi sé nganh dai dién va theo ddi nhitng bd phan kinh té khdc nhau nhu: hang ti@u dung, nang luong, tai chinh, strc khde, cong nghé... tren pham vi mot ving, mét quéc gia hay toan cau. Chi sé thi truong ching khoan Mét gia tri thong ké phan 4nh tinh hinh cua thi trudng cé phiéu. No dugc tong hop tir danh muc cac cé phiéu theo phuong phap tinh nhat dinh. Th6ng thuong, danh muc sé bao gém cac c6 phiéu co nhitng diém chung nhu’ cling niém yét tai mot sO giao dich chttng khodn, cung nganh hay cing mtfc von héa thi truéng. Cac chi sé chtrng khodn nay co thé do sé giao dich chttng khoan dinh, cing co thé do hang thong hay mét thé ché tai chinh nao dé dinh ra. 16 Style Index /statl 'Indeks/ Systematic risk / sistt'meettk risk/ Total return index /‘tavtl m'ts:n ‘indeks/ Zero-coupon bonds /‘z1erav-'ku:pon bondz/ Index theo loai dau tu’ Gom rat nhiéu cdc nhém index bao gdm index toan cau, theo khu vy, quéc gia, gia tri van hda thi truong, v.v Rui ro hé théng Trong dau tu, nhirng rui ro do cac yéu té nam ngoai cong ty, khéng kiém soat duoc va co anh hung rong rai dén ca thi trudng va tat ca moi loai chung khoan dug goi la rui ro hé thong hay Ia rui ro khong phan tan dug. Rui ro hé thong la nhirng rui ro tly bén ngoai cla mét nganh cng nghiép hay cua mét doanh nghiép, chang han nhu' chién tranh, lam phat, su kién kinh té va chinh tri... Rui ro hé thong dug chia lam 3 loai ri ro chinh: rdi ro thi trudng, rui ro lai suat, ri ro st’c mua. Téng ty suat loi nhuan Mét chi sé do luong hiéu suadt cla mot nhém cdc thanh phan bang cach gia dinh rang tat ca cdc phan phdi tién déu dugc tai dau tu, ngoai viéc theo déi bién dong gid cua cdc thanh phan. Trai phiéu khéng duoc nhan trai tirc Trai phiéu zero coupon Ia loai trai phiéu ma ngudi nam git? né khéng dug tra lai (coupon) dinh ki, thay vao do trai phiéu lai suat 0 duoc ban & mirc gid chiét khau. 17 a The goal of successful trader is to make the best traders. Money is secondary. Muc tiéu cua nha giao dich thanh céng Ia tao ra cdc nha giao dich tot nhat. Tién la yéu té thr 2. ” - Alexander Elder - Conservatism /kan's3:vatizm/ Day-of-the-week effect /det-pv-da-wi:k t'fekt/ Earnings surprise / 3:ntn sa’ praiz/ Fundamental analysis 7 fanda'mentl a'neelasis/ Bao thi/ than trong Cac nha dau tu’ cé xu hung phan tng cham véi théng tin mdi va tiép tuc duy tri cdc quan diém hoac dy bao trudéc do cla ho Hiéu wng nién lich Mot tap hop cac ly thuyét xac nhan rang mét sO ngay thang hoac thdi gian nao dé trong nam sé co sy bién dong vé gid cao hon mirc binh quan, tac dong dén cdc chi s6 thi trudng va do dé cho thay thdi gian nao 1a tot hay khdng tét dé dau tu. Dui hiéu tng nién lich con cé cac hiéu tng cu thé nhu: hiéu tng ngay thir 2, hiéu tng thang 10, hiéu tng Halloween, hiéu Ung thang mot... Thu nhap bat ngo Su khac biét gifva thu nhap dugc bdo cdo va thu nhap dy kién cua mot thy thé. Phan tich co’ ban Viéc phan tich tinh hinh tai chinh cing nhu tinh hinh kinh doanh cla cong ty dinh dau tu nhy dua vao bang can déi tai khoan va ban bao cdo Igi ttc cua cong ty dé xem xét chat luong cua cong ty cling nhu viéc phat trién cua cong ty theo thdi gian, nhd do ti€n dodn cac chuyén bién gid ching khodn. 20 Herding /'h3:din/ Holiday effect /‘holader1'fekt/ Information- acquisition cost / infa'merfan- ekwr'zif(a)n kost/ Intrinsic value (Fundamental value) /in'trinstk ‘vaelju:/ January effect /'cjzenjvari 1'fekt/ Hiéu wng dam déng Khi cdc nha dau tu quyét dinh bd qua théng tin va phan tich cia ri€ng ho ma hanh déng theo cac nha dau tu khdac. Tinh bay dan co thé dan dén cdc phan tng qué muc ddi véi thong tin tiy theo dinh hudng cla sé dong. Hiéu tng ngay lé Hiéu tng ma gid cé phiéu tang manh trudc nhing ngay nghi lé. Chi phi mua théng tin Théng tin mdi sé nam trong gia giao dich bdi cdc nha dau tu’ giao dich dua trén cdc phan tich th6ng tin cua ho. di tai dé cap dén gia tri cua mét cOng ty, c6 phiéu, ti€n t@ hoadc san phdm dug xac dinh théng qua phan tich co’ ban ma khong can tham khao gia tri thi trvdng cla nd. N6é cling thuong dugc goi la gid tri co ban. Hiéu ung thang Giéng Hién tung cdc doanh nghiép nhé thudng cé loi nhuan binh quan thang trong thang 1 cao hon cac thang con lai trong nam. 21 Loss Aversion /los a'v3:f(a)n/ Market value /'ma:ktt ‘veelju:/ Am anh thua lo Nhiéu nha dau tu’ cam thay 4m anh khi mét khoan dau tu thua I6 mac dit phan con lai cua danh muc la an toan. No thé hién mot xu hung nhirng ngudi cé cam gidc manh liét vé viéc thua 16 hon [a loi nhuan thu dugc. Gia thi truong Gia tri thi trvdng co thé duoc hiéu nhu sau: 1. Gid niém yét tai dé nha dau tu mua va ban cd phiéu phd théng hoac trai phiéu tai mét thoi diém. 2. Gia tri vn hda thi trudng cong voi gid tri thi trudng cia cdc khoan ng. Déi voi ching khoan, gia tri thi trwong thudng khac so voi gia tri ghi sé bdi vi thi truéng tinh ca tiém tang phat trién trong tuong lai cla chirng khodn. Hau hét cdc nha dau tu str dung ki thuat phan tich co ban dé Iya chon loai cé phiéu tét déu xem xét gia tri thi trudng cla cong ty va sau do quyét dinh xem gia tri thi trudng la hop li hay no dang co gia tri thap so vdi gia tri ghi sd, so voi gid tri tai san thuan hoac so voi mét sé cach do khac. 22 Transaction cost /treen'zeekjan kost/ Turn-of-the-month effect /t3:n-pv-da-man@ t'fekt/ Weak form of market efficiency /wi:k fo:m pv ‘ma:krt 1'fifansi/ Weekend effect /'wi:k'end1'fekt/ Window dressing /'windaw ‘drestn/ Chi phi giao dich Chi phi giao dich la chi phi trong viéc thuc hién bat ky giao dich kinh té nao khi tham gia vao mot thi trudng. Hiéu ng chuyén thang Hiéu ung ma ty suat sinh Ioi ca cé phiéu tang cao trong giai doan vai ngay cudi thang cho dén vai ngay dau thang tiép theo. Thj trwong hiéu qua dang yéu Gia chung khodn phan anh day du thong tin da céng bé trong qua khtr. (Dura vao théng tin trong qua khtr thi nha dau co khéng thang duc thi trong). Hiéu tng cudi tuan Hiéu tng lan truyén trén thi trudng tai chinh khi chtrng khoan durgc giao dich tré lai vao Tht Hai thudng cé mic gid thdp hon dang Ké so voi cdc mirc gid vao ngay Thi Sau trudc do. Lam dep bao cao tai chinh “Lam dep” bao cdo tai chinh la chi nhitng hanh ddéng khién cho tinh hinh tai chinh cla cong ty duc phan anh trén bao cao tai chinh tét hon so voi thuc té. 25 a | will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful. T6i sé cho ban biét lam thé nao dé tro nén giau c6. Hay dong cura lai. Hay so hai khi nh&tng ngudi khdc tham lam. Hay tham lam khi nhéng ngudi khac sg hai. a” - Warren Buffett - TOPIC 4 OVERVIEW OF EQUITY SECURITIES ‘trerdid fand/ bat ky luc nao trong ngay, ca cé ty lé chi phi thap hon. ETF la mét hinh thirc qui dau tu tap thé ma c6 phiéu cla no duoc mua ban trén hau hét cdc san giao dich chttng khoéan Ién trén thé gidi. Vé co’ ban, cdc qui ETF thudng lua chon danh muc dau tu m6 phong theo cac chi sé chttng khodn nhu S&P 500, Hang Seng Index, theo mét nganh nao do (vi du: nang lugng, cng nghé), hodc theo cdc loai hang héa nhu’ vang hoac dau mo. 29 Foreign exchange gains/ losses /‘fortn tks'tfernds, geinz/ ‘los1z/ Global registered share /'glaubal ‘redgistad Jea/ Leveraged buyout (LBO) / ‘li:varidgd ‘bar,avt/ Management buyout (MBO) /‘mezentdgmant ‘par, aot (em-bi:- 20)/ Lai/ 16 ngoai héi Lai/ 16 xuat hién khi lai sudt ngoai hdi bién dong gitta dong tién cla nha dau tu’ vdi dong tién cua chtrng khoan ngoai héi do. C6 phan dang ky toan cau C6 phan dang ky toan cau la cé phan duc giao dich trén toan cau. Dug giao dich bang nhiéu loai tién Tat ca cé6 déng déu cd quyén bd phiéu va vi thé nhu nhau. Mua lai/ sap nhap dwa trén vay nv Mét c6ng ty hay dinh ché tai chinh gianh phan Ion quyén kiém soat cong ty muc tiéu thong qua viéc di vay ng. Hiéu mot cach chung nhat day Ia chién lug trong dé céng ty tién hanh sdp nhap sé di vay mét lugng tién lén dé tra cho cdc chi phi sap nhap. Théng thuéng, ngoai tai san cla chinh minh thi céng ty thu hién sdp nhap cling st dung lu6n tai san cua cong ty muc tiéu dé dam bao cho khoan vay cla minh. Muc tiéu cua chién luge nay 1a cho phép céng ty co thé tién hanh sap nhap ma khong can co lugng vén Ién trong tay. Mua lai dé gitr quyén quan ly Hinh thirc mua lai c6 phan cia hdi dong quan tri m6t cng ty dé khdi phuc quyén quan ly sau khi da bi mét sé nha dau tu thau tom bang hinh thtrc vay ng dau co. 30 Preemptive right /pri: 'emptiv ratts/ Private equity securities /‘pratvit ‘ekwtti st'kjoarttiz/ Private investment in public equity /'prarvit In'vestmant in ‘pabltk ‘ekwrti/ Private placement /'prarvit ‘plersmant/ Quyén wu tién mua tru’éc Quyén chi so hitu cé phigéu dang ky mua cé phiéu thudng phat hanh mdi trudéc khi chao ban cho céng chung, dé bao vé chéng sy pha lodng quyén sd hitu. Chirng khodn vén tu nhan Ching khodn duoc phat hanh chi yéu cho td chtrc dau tu’ thong qua cac hoat déng khéng cong khai, chang han nhu cphat hanh ching khodn truc tiép. Phat hanh riéng lé tai cdc cng ty niém yét Nhing céng ty phat hanh chtrng khoan sé chao ban trong mét pham vi nhat dinh, thudng la cho nhitng nha dau tu cé t6 chic voi mong muén dau tu va nam git? chting khoan lau dai. Phat hanh ching khoan trurc tiép Viéc ban chung khoan cua mot cOng ty tryc tiép cho mét nha dau tu. C6 phiéu dug phat hanh va ban cho mét s6 ft cdc nha dau tu thé ché, nhu cac quy dau tu ching khoan, cong ty bao hiém, quy luong huu... 31 To succeed, jump as quickly at opportunities as you do at conclusions. Dé thanh céng, hay chép lay co hdi cing nhanh nhu khi voi va két ” luan. - Benjamin Franklin - TOPIC 5 INTRODUCTION TO INDUSTRY AND COMPANY ANALYSIS Bargaining force Quyén luc trong dam pham /‘ba:gintn fo:s/ Competitive strategy /kam'petrtiv straeticgi/ Cyclical company /‘satkltkal ‘kampani/ Decline stage /dt'klatn sterd3/ Defensive /dt'fenstv/ Demographic / di:ma'greeftk/ Nguoi dam phan tin la minh cé nhiéu quyén luc hon ddi phuong trong dam phan. Chién lwo’c canh tranh Chién luc canh tranh [a chién luoc phan tng cla doanh nghiép vdi cdc co’ hdi va thach thtrc ty mdi truong bén ngoai. Céng ty theo chu ky Céng ty cé Ioi nhuan bién dong tuong quan vdi nén kinh té ndi chung. Giai doan suy thoai Trong giai doan suy thodi, tang truéng nganh 4m, canh tranh tang, cau giam. Thu déng Mét doanh nghiép/céng ty thu déng la doanh nghiép/c6ng ty cé doanh thu va Ioi nhuan hau nh kh6ng chiu anh hudng bdi bién dong kinh té. Nhan khau hoc Nganh khoa hoc chung nghién ctru quan thé dan s6 bao gdm nhifng nghién ctru vé kich thuéc, cau truc va sy phan b6 cua nhitng quan thé dan sé nay, nhitng thay ddi vé kh6ng gian va thdi gian dé dap tng vdi sy’ sinh dé, di cu, gid hda va cai chét. 35 Principal business activity /‘prinsapal "brznts aek'trvrti/ Sector /'sekta/ Shakeout stage /shakeout stercy/ Strategic analysis /stra'ti:dgtk a'neelasis/ Strategic groups /stra'ti:dgtk gru:ps/ Substitution / sabstt'tju:fan/ Hoat dng kinh doanh chi chét Hoat dong kinh doanh chi chét 14 hoat déng tao ra phan Idn doanh thu cla doanh nghiép. Nhém nganh Nhoém cac nganh cong nghiép lién quan dén nhau. Giai doan bién dong manh Giai doan bién déng manh co dac trung la tang trudng cham, canh tranh di déi va suy gidm loi nhuan. Trong giai doan bién déng manh, nhu cau thi trong da bao héa vi hau nhu’ khong con khaéch hang mdi. Canh tranh rat gay gat khi tang truéng ngay cang phy thudéc vao thi phan dat dug. Phan tich chién lurorc Phan tich diém manh vé vi thé cua doanh nghiép va hiéu dug nhirng nhan t6 quan trong bén ngoai co thé anh hung tdi vi thé do. Nhom chién luro’c Tap hop mét nhom cdc doanh nghiép cé cling m6 hinh kinh doanh hodc clung dap tng mét phan khuc khach hang cy thé trong mot nganh. Hang héa thay thé Hang hda co thé thay thé cac loai hang hdéa khac 38 Switching cost /‘swttfin kost/ tuong duong vé cong dung (hoac tiéu thy) khi cd cdc diéu kién thay déi. Hang hda thay thé cd thé cd chat lugng tét hon hoac thap hon mat hang no thay thé va da sé co mirc gid ré hon. Chi phi chuyén déi Chi phi xuat hién mot lan khi khach hang muén chuyén déi viéc mua hang cla minh sang nha cung cap khac. Cac phi chuyén déi cé thé lién quan dén chi phi mua sém cac thiét bj phy, chi phi huan luyén nhan vién, tham chi ca hao phi tinh than khi phai cham dirt mét mdi lién hé. 39 Invest in yourself. Your career is the engine of your wealth. Hay dau tu’ cho chinh ban. Su nghiép cua ban la déng co cua su giau cé cua ban. a” - Paul Clitheroe - Free Cash Flow to Equity /fri: keef flaw tu: ‘ekwtti/ Holder-of- record date /‘houldar av "reko:d dert/ Payment date /‘petmant dert/ Preferred share /prt'fa:d Jea/ Dong tién ty do cho cé dong Mét thudc do vé sé tién cd thé dug chia cho cac cé déng cla céng ty dudi dang cé ttc hoac mua lai cé phiéu, sau khi thanh toan tat ca chi phi, cdc khoan tai dau tu va ng phai tra. Ngay dang ky cudi cuing Ngay ma cac nha dau tu co tén trong danh sach sO hitu chtrng khodn sé duoc quyén nhan c6 ttc (tién mat hodc cd phiéu). Néu nha dau tu’ khéng dang ky s@ khdng co tén trong danh sach va khong cé quyén nhan cé tic. Ngay thanh toan Ngay ma cac nghia vu ng dug thanh toan bang tién. C6 phiéu wu dai Loai cé phiéu dac biét trong mét cdng ty cd phan, ngudi sé hitu cé phiéu nay duoc hugng mot mirc cé tlc cé dinh hang nam, cho dit céng ty do kinh doanh thua I6 hay cé loi nhuan cao. Tuy nhién ngudi nam git? cé phiéu uu dai rat han ché trong viéc tham gia diéu hanh céng ty. 42 Present value /‘preznt ‘veelju:/ Reverse stock split /rt'v3:s stok splrt/ Share repurchase /Jea ri: p3:tfas Special dividend /‘spefal ‘dividend/ Stock split /stok splrt/ Gia tri hién tai Gia tri cla mét ludng Ioi ture hoadc phi tuong lai tinh bang gia tri hién tai cua ching bang phuo'ng thtrc chiét khau dong tién. Gp cé phiéu Sy giam bét khdi lugng cé phiéu dang luu hanh cia mét céng ty, lam tang ménh gid cd phiéu va thu nhap trén mdi cé phiéu. Mua lai cé phiéu Dé nghi cla mot cong ty c6 phan mua lai cd phiéu cla chinh no tir cdc c6 dong, duoc thuc hién nhdm nang gid cé phiéu hay loai bo sy thén tinh cua d6i thu. C6 turc dc biét La phan cé ttrc tach biét véi cé tic thong thuong ma cong ty tra cho cé dong. Chia tach c6 phiéu Tang sé cé phan dug chao ban, duoc thuc hién bang cach bé sung diéu 1é cla cong ty. Ban b6 sung viéc gia tang (chia tach tang) sé cdc cé phan thuong, hay giam xudng, duoc goi la chia tach gidm hay chia tach ngu¢c c6 phiéu dy triv. Giao dich nay khéng lam tang v6én cé phan, vi ménh gid céng bd cla cé 43 Terminal stock value phan sd hiru citing duoc giam theo ty lé tuong Ung. Trong chia tach nguogc dy tri, cOng ty phat hanh gidm sé c6é phan dang luu hanh. Gia ban cudi cung Gia tri duc ky vong sé ban dug sau khi két /‘ta:minl stok thuc ky han dau tu’ ‘veelju:/ 44 Growth stage H Hedge Fund Indexes Herding Holder-of-record date Holiday effect Income trust Index weighting Industry Information- acquisition cost Information- motivated traders Initial public offering (IPO) Intrinsic value (Fundamental 36 14 21 42 21 36 14 36 21 21 47 value) J January effect L Leveraged buyout (LBO) Life-cycle Limit order Long position Loss Aversion M Management buyout (MBO) Margin call 21 37 22 Margin loan Margin requirement Market capitalization Market order Market segment Market sentiment index Market value Market- capitalization weighting index Mature stage Momentum Mortgage-backed securities N Non-cyclical company 14 14 15 22 15 37 23 37 48 O Overreaction p Passive investment Payment date Peer group Performance attribution Portfolio Portfolio Management Preemptive right Preferred share Present value Price returnindex (Price index) Price weighting Primary markets 23 23 42 37 37 15 23 31 42 43 15 16 Principal business activity Private equity securities Private investment in public equity Private placement Proxy vote Putable bond R Rates of return Reverse stock split Risk aversion Risk-adjusted performance Risk-adjusted returns S Seasoned offering/ 38 31 31 31 32 32 43 23 16 24 49 secondary offering Sector Sector index Security market index Semi-strong form of market efficiency Shakeout stage Share repurchase Short position Short selling Special dividend Special purpose vehicle (SPV)/ Special purpose entity (SPE) Sponsored depository receipt Stock split Stop order Strategic analysis Strategic groups 38 16 16 24 38 43 24 43 32 43 10 38 38 GIO! 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