bai tap mon quan tri tai chinh

BI 2

Bi 1:

1. Nhn xt v nh gi cu trc ti chnh ca cng ty.

+ T trng TSNH = Nm (N-1) = = 0,3482

Nm N = =0,3795

+ T trng TSDH = 1- t trng TSNH

Nm (N-1) = 1- 0,3482 = 0,6518

N = 1- 0,3795 = 0,6205

+ H s n = Nm (N-1) = = 0,5538

Nm N = = 0,5435

+ H s vn CSH = 1- H s n

Nm (N-1) = 1- 0,5538 = 0,4462

Nm N = 1- 0,5435 = 0,4565

Lp bng

Ch tiuNm N-1Nm N

DNnghnhDNnghnh

T trng TSNH0,34820,710,37950,73

T trng TSDH0,65180,6205

H s n0,55380,680,54350,69

H s VCSH0,44620,4565

Nhn xt:

So snh kt qu ta thy t trng TSNH nm N ca DN > nm N-1 nhng thp hn mc TB nghnh

H s n ca DN trong nm N-1 > nm N nhng thp hn mc TB nghnh nn c th thy ti chnh ca doanh nghip cha hp l

H s VCSH ca DN nm N> nm N-1 c th thy kh nng t ch ti chnh ca cng ty l kh hp l.

2. Nhn xt kh nng thanh ton ca cng ty

Ch tiuNm N-1Nm N

DNNgnhDNNgnh

HS kh nng thanh ton n NH2,281,433

H s kh nng thanh ton nhanh1,9981,121,051,02

HSKN thanh ton li vay15, 071,3

HSKN thanh ton chung1,8051,621,841,54

HSKN thanh ton bng tin0,680,21

H s kh nng thanh ton chung ca DN nm N> nm N-1 nhng cao hn mc TB nghnh. Th hin kh nng thanh ton ca cng ty l kh tt

H s kh nng thanh ton n NH ca DN nm N< nm N-1

H s kh nng thanh ton nhanh ca DN nm N< nm N-1 nhng cao hn mc TB nghnh. hp l

H s thanh ton bng tin ca DN nm N< N-1. Cha c hp l

3. Phn tch kh nng sinh li

Ch tiuNm N-1Nm N

DNNghnhDNNghnh

T sut doanh li doanh thu0,3270,012

T sut doanh li vn kinh doanh0,2560,150,003440,12

T sut sinh li kinh t ca ti sn0,380,260,00550,19

T sut doanh li vn CSH0,5740,280,00750,25

Thu nhp rng ca mi CPT3,12712500,0671150

T sut doanh li doanh thu ca DN nm N 250. Vy nn chn trng hp gi 1 ln vo 230 tr vo ngy 1/1/N

d) Ta c:

FV = PV(1+ r)n (1+r)2 = FV/PV = 350/280= 1,25

1+ r = r = 0,12

Bi 11

1. Tr gi tng lai ca cc dng tin u la) FV1 = A[ (1+r)n-1/r*](1+r) = 450 *[ (1+10%)10-1/10%](1+10%)

= 450* 15,937*1,1= 7888,815 (tr)

b) FV2 = A[ (1+r)n-1/r*](1+r) = 225 *[ (1+5%)5-1/5%](1+5%)

= 225* 5,5256*1,05 = 1305,423 (tr)

c) FV3 = A[ (1+r)n-1/r*](1+r) = 450 *[ (1+9%)5-1/9%](1+9%)

= 450* 5,895*1,09 = 2891,4975(tr)

d) FV1 = A[ (1+r)n-1/r*] = 450 *[ (1+10%)10-1/10%]

= 450* 15,937*1,1= 7171,65

FV2 = A[ (1+r)n-1/r*] = 225 *[ (1+5%)5-1/5%]

= 225* 5,5256= 1243,26 (tr)

FV3 = A[ (1+r)n-1/r*] = 450 *[ (1+9%)5-1/9%]

1. = 450* 5,895* = 2652,75(tr)

2. Gi tr tng lai ca dng tin u

a) PV1 = A[1- (1+r)-n/r*] = 450 *[ 1- (1+10%)-10/10%]

= 450 * 6,1446 = 2765,07

b) PV2 = A[1- (1+r)-n/r*] = 225 *[ 1- (1+5%)-5/5%]

= 225 * 4,3295 = 974,1375

c) PV3 = A[1- (1+r)-n/r*] = 450 *[ 1- (1+9%)-5/9%]

= 450 * 3,8897= 1750,365

d) PV1= A[1- (1+r)-n/r*](1+r) = 450 *[1- (1+10%)-10/10%*](1+10%)

= 450* 6,1446*1,1 = 3041,577

PV2= A[1- (1+r)-n/r*](1+r) = 225 *[1- (1+5%)-5/5%*](1+5%)

= 225* 4,3295*1,05 = 1022,8444

PV3= A[1- (1+r)-n/r*](1+r) = 450 *[1- (1+9%)-5/9%*](1+9%)

= 450* 3,8897*1,09 = 1907,89785

1. Bi 12

2. Gi tr hin ti ca cc dng tin trong cc trng hp

a) R = 9%, pht sinh cui k

PVA = + + + + = 802,302

PVA = + + + + = 829,052b) r = 10%, pht sinh u k

PVA = 100 + + + +

= 858,316

PVB = 200 + + + +

= 890,014

3. Gi tr hin ti ca dng tin bit A = 550tr gi u mi nm.

a) r = 12%, ghp li na nm 1 ln, n = 5

ref = ( 1+ )m 1 = ( 1+ )2 1 = 12,36%

PV = A(1+ref)-n ](1+ref)/ ref = 550(1+12,36%)-5 ](1+12,36%)/ 12,36%

= 2583,052

b) r = 12%, ghp li hang qu, n = 5

ref = ( 1+ )m 1 = ( 1+ )4 1 = 12,55%

PV = A(1+ref)-n ](1+ref)/ ref = 550(1+12,55%)-5 ](1+12,55%)/ 12,55%

4. = 2201,374

5. Gi tr tng lai ca dng tin u cui k

a) Gi 450$, na nm 1 ln, n = 5

r = 10%/2 = 5%

FV = A [(1+r)n 1]/r = 450[(1+5%)5 1]/5% = 450*12,5779= 5660,055

b) Gi 225$ hang qu trong 5 nm

r = 10%/4 = 2,5%

FV = A [(1+r)n 1]/r = 225[(1+2,5%)20 1]/2,5% = 225*25,5447 = 5747,5575

Bi 13

TH1: PV1 = + + + + ...+ = 292,05

TH2:PV2 = FV ( 1+ 10%)-2(1+ 12%)-2 = 450*1,1-2*1,12-2 = 296,477

Ta thy PV1 < PV2 ,vy nn c s kinh doanh nn chn phng n th nht.

Bi 14

Phng thc 1: FV1 = 30*20% + *[(1+r)n 1]/r = 6 + 2*[(1+1,5%)12 1]/1,5%

= 6 + 2*13,0412 = 32,0824

Phng thc 2: FV2 = 30*40% + *[(1+r)n 1]/r = 12 + 3*[(1+1,5%)6 1]/1,5%

= 12 + 3* 6,2292 = 3=,6888

Phng thc 3:

FV3= 30*15% + *[(1+r)n 1]/r = 4,5 + 25,5/9*[(1+1,5%)9 1]/1,5%

= 4,5 + 22,5/9* 9,5593 = 31,5849

Bi 15

a. S tin li hng qu m ng Giu phi tr cho Ngn hng tnh n ln thanh ton tin nh ln th hai:

(10% *90*70 + 200) * = 24.9 (triu ng)

b. Gi s ng Giu ch phi vay tin Ngn hng thanh ton tin mua cn h ln th nht thi, cc ln thanh ton sau ng c tin t tr nt tin mua cn h.

Khi , s tin li m ng Giu phi tr n thi im c giao nh:

=343 (triu ng)

Nh vy, s tin m ng Giu chi cho mua nh tnh n thi im ng c giao nh l:

343 + 90% *70*90 = 6013 (triu ng)

n thi im giao nh, c ngi tr ngay 79 triu ng/ khi , s tin bn nh m ng Giu nhn c l:

79 * 70 =5530 (triu ng)

Ta c: 5530 < 6013 ng Giu khng c li khi bn nh vo thi im . V vy, ng Giu khng nn bn cn h.

Bi 16:

Nh cung cp A:

Mc gi nh cung cp A a ra thi im hin ti l:

NPVA = 1650 + 10 = 1660 ( triu ng)

Nh cung cp B:

Mc gi nh cung cp B a ra thi im hin ti l:

NPVB = 925 + 925 . PV(9%,1) = 925 + 925 . (1 + 9%)-1 = 1174 (triu ng)

Nh cung cp C:

Mc gi nh cung cp C a ra thi im hin ti l:

NPVC = 350 + 525 . PV(9%,1) + 875 . PV(9%,2)

= 350 + 525. (1 + 9%)-1 + 875 . (1 + 9%)-2

= 1568 ( triu ng)

Nhn xt: NPVA > NPVC > NPVB

Mc gi ca nh cung cp B a l nh nht. Do , cng ty nn chp nhn n cho hng ca cng ty B.

Bi 17:

T sut li nhun bnh qun ca c phiu A trong qu kh l:

=

= 18,3%

T sut li nhun bnh qun ca c phiu B trong qu kh l:

=

= 19,102 %

Gi s c danh mc u t gm 50% c phiu A v 50% c phiu B th t sut li nhun trung bnh ca danh mc u t l:

50% . 18,3% + 50% . 19,102% = 18,701%

Bi 18

a. Li nhun k vng ca c phiu A:

= = 0,25 . (-8,2) + 0,5 . 12,3 + 0,25 . 25,8 = 10,55%

Li nhun k vng ca c phiu B:

= = 0,25 . (-15,5) + 0,5 . 20,5 + 0,25 . 32,5 = 14,5%

b. lch chun t sut sinh li ca c phiu A:

T sut sinh li (%) lch so vi t l sinh li k vng

(i - )Bnh phng lch

(i - )2Xc sut xy ra ( Pi)Xc sut bnh phng lch

Pi . (i - )2

- 8,2- 18,75351,56250,2587,89

12,31,753,06250,51,53

25,815,25232,56250,2558,14

Tng1,0147,56

VAR (A) = = = 147,56

= = 12,15

lch chun t sut sinh li ca c phiu B:


(i - )Bnh phng lch

(i - )2Xc sut xy ra ( Pi)Xc sut bnh phng lch

Pi . (i - )2

- 15,5- 309000,25225

20,56360,518

32,5183240,2581

Tng1,0324

VAR (B) = = = 324

= = 18

c. Khi danh mc u t gm 40% c phiu A v 60% c phiu B th ta c t sut sinh li c phiu thay i nh sau:

0,250,50,25

T sut sinh li c phiu A

( rA = rA . 40%)- 3,284,9210,32

T sut sinh li c phiu B

( rB = rB . 60%)- 9,312,319,5

T sut sinh li ca danh mc u t ( r = rA + rB)- 12,5817,2229,82

Ta c:

T sut sinh li k vng ca doanh mc u t l:

= = 0,25 . (-12,58) + 0,5 . 17,22 + 0,25 . 29,82 = 12,92%

lch chun ca doanh mc u t:


(i - )Bnh phng lch

(i - )2Xc sut xy ra

( Pi)Xc sut bnh phng lch

Pi . (i - )2

- 12,58- 25,5650,250,25162,56

17,224,318,490,59,245

29,8216,9285,610,2571,4

Tng1,0243,205

Vy VAR = = = 243,205

= = 15,6

Bi 19

a. T sut sinh li k vng ca c phiu A:

= = 0,3 . 0,1 + 0,4 . 0,15 + 0,3 . 0,2 = 0,15 = 15%

T sut sinh li k vng ca c phiu B:

= = 0,3 . 0,05 + 0,4 . 0,13 + 0,3 . 0,25 = 0,142 = 14,2%

b. lch chun ca t sut sinh li k vng c phiu A:

= =

=

= 0,039 = 3,9%

lch chun ca t sut sinh li k vng c phiu B:

= =

=

= 0,078 = 7,8%

c. Do hai loi c phiu ny khng c cng t sut sinh li k vng nn so snh mc ri ro ta phi i tnh h s phng sai.

H s phng sai ca c phiu A:

CV (A) = = = 0,26

H s phng sai ca c phiu B:

CV (B) = = = 0,55

Nhn xt:

CV (A) < CV (B) nn khon c phiu B c ri ro cao hn.

Bi 20

p dng cng thc

V= + +...++Mnh gi ca 2 tri phiu A,B l 150 triu ng

a. A.Rd= 12%, n=10 nm, MV=150 triu, I= 18 triu

V=++...++=

V=18. 5,6502 +150.0,322=252,0256

B.Rd=12%, n=5nm, MV=150 triu, I= 18 triu

V= 18. 3,6048 + 150. 0,5674= 149,9964

b. A.Rd= 14%, n= 10 nm, MV= 150 triu, I= 18 triu

V= 18 . 5,2162 + 150. 0,2697= 134,3466

B.Rd= 14%, n=5 nm, MV= 150 triu, I=18 triu

V= 18. 3,4332 + 150. 0,5194= 139,7076

c. A.Rd= 9%, n= 10nm, MV= 150 triu, I= 18 triu

V= 18. 6,4176 + 150. 0,4224=178,8768

B.Rd= 9%, n=5nm, MV= 150 triu, I=18 triu

V= 18. 3,8896+ 150. 0,6499= 167,4978

d. Tri phiu A c ri ro hn v c thi gian o hn lu hn. Khi li sut th trng thay i, tri phiu no c thi gian o hn di hn th gi ca n s bin ng mnh hn.

Bi 21

Ta c: I=12 triu, rd= 12%, MV=120triu, n=10

A. Gi pht hnh tri phiu

B. V=++...++=

V= 12. 5,6502 + 120. 0,322= 106,4424

t l chi ph pht hnh tri phiu l 1%

ta c: gi tri phiu sau khi tr i chi ph pht hnh l

P= 106,4424 (1-1%)= 105,38

Chi ph huy ng vn bng tri phiu ca cng ty

V=++...++= 105,38

b. tri phiu c pht hnh vi gi thp hn mnh gi v li sut m cc nh u t i hi cao hn li sut tri phiu.

Bi 22

Tin li nhn c cui mi k

I= 1,5 . 10%= 0,15 triu

Gi tri phiu ti thi im sau 5 nm l:

V= 0,15. 3,8896 + 1,5. 0,6499= 1,55829

Gi tr tng lai ca tin li u t sau 5 nm cui mi k bng nhau l:

FV= A.= 0,15.= 0,89775

Tng s tin thu c sau 5 nm

1,55829+ 0,89775= 2,45604

Bi 23

Gi c phiu KDC

V= D0(1+g)/ (re-g)= 1200(1+0,12)/(0,15-0,12)= 44800

Bi 24

Gi c phiu REE:

V= D0(1+g)/ (re-g)= (10000. 0,2)(1+0,1)/(0,18-0,1)=27500

BI 25

Ta c : g1 = 14%, g2 = 12% , g3= 10% , Do= 2000, re = 12%

A, nh gi c phiu VNM

V = +

EMBED Equation.DSMT4 + +

=+ ++

= +

EMBED Equation.DSMT4 + +

= 120145,66

B, Gi tr c phiu VNM

V = +

EMBED Equation.DSMT4 + +++

= +

EMBED Equation.DSMT4 + ++ + = 52771,76

BI 26 MV = 100000 , n = 10

Tin li c nh mi k: I = 12% . 100 000 = 12 000

A, Gi tr tri phiu ti thi im giao bn bng :

V = + + + +

= + . 12 000

= 100 000 . 0,5132 + 12 000 . 4,8684

= 109 740,8 ng

Nh vy gi tr tri phiu nh hn gi giao bn tri phiu nn nh u t khng nn mua tri phiu ny

B, Nu li sut gim xung ch cn l 8%/ nm th lc ny ta c:

Tin li c nh mi k : I = 8% . 100 000 = 8000 ng

Vy mnh gi tri phiu lc ny bng :

V = + . 8000

= 100 000 . 0,5132 + 8 000 . 4,8684 = 90 267,2 ng

Nh vy mnh gi tri phiu nh hn gi giao bn trn th trng nn nh u t khng nn mua tri phiu ny

BI 27

Mc c tc D = 2100 ng/ c phiu , g = 8%/nm , MV = 47500 ng

A, T sut li nhun yu cu re ca nh u t

Ta c: V = =

re = + g = + 8%

= 12,77%

B, Nu re = 16% khi gi tr ca c phiu bng:

V = = =

= 28350 ng

BI 28

STB: DO = 1400 , g = 0%

PVF : Do = 1800 , g = 10% v g = 6%

REE: Do =1200 , g = 12%, 10% v 0%

A, Gi tr c phiu bng

* C phiu STB

V = = = = 9655,17 ng

* C phiu ca PVF

V =

EMBED Equation.DSMT4 +

=


= 1729,332 + 1661,3784 + 1596,08196 + 19904,08

= 24890,87

* Gi tr c phiu REE

V= +


= +


= + 144. 1,1 . 0,8734 + 144. 0,7628 . 1,21 + 144. 1,3310 . 0,6662 + 144. 0,5818. 1,4641 + 144. 1,6105. 0,5081 + 144. 0,4438. 1,7716 +

= 1659,2 ng

B, Nu t sut li nhun yu cu re tng thm 1 m c bng 5,5% hay re = 20% th ta c:

* Gi c phiu STB bng

V = = = = 7000 ng

* Gi c phiu PVF bng

V =


=


= 1649,99 + 1512,49 + 1386,45 + 10497,4 = 15046,33 ng

* Gi tr c phiu REE

V= +


= +


= 144. 0,8333 + 144. 1,1 . 0,8333 + 144. 0,69444. 1,21 + 144. 0,5787. 1,331 + 144. 0,48225 . 1,4641 + 144. 0,40188 . 1,6105 + + 144 . 0,3349 . 1,7716

= 1191,39

Bi 30

Gi tr cn li ca ti sn l: 360-2.=240

B l khi bn l: 15-240= -90

Tit kim tin np thu: 540-150-25%.90=367,5

Prt =[ (T2 T1) - (C2 C1) - (KH2-KH1)].(1-t)

=56,25 triu

KH = KH2 KH1 =75 triu

Khon tin u t thun u nm l: 367,5 triu

Dng tin ca d n 3 nm u l 131, 75 triu v nm cui l 206,75 triu

2. Nu r =12% th

Cng ty nn mua thit b mi ny

1. Vi r1 = 12% th NPV1 = 80,013

Vi r2 = 22% th NPV2 = -5,33

IRR = 12%+ (22% -12%). 80,013/(80,013 + 5,33) =21,37%

CH TIU200720082009201020112012

1. Chi u t XDCB- 3200

2. Mua thit b sn xut -12300

3. Vn lu ng

-1600-1600-2800

4. Doanh thu thun 1000016000400004000040000

5. Chi ph sn xut trc tip -5400-8500-20000-20000-20000

6. Chi ph QLDN v bn hng -800-1600-4000-4000-4000

7. Khu hao TSCD 31003100310031003100

8. Chi ph tr li tin vay -620-465-310-165-165

9. Li nhun trc thu-1580

(-1520)73597901273512735

10. Thu TNDN 0183,752447,53183,753183,75

11. Li nhun sau thu-1580

(-1520)551,257342,59551,259551,25

12. Dng tin thun(-155500)15203651,2510442,512651,2512651,25

13. Hin gi thun25416,25

Bi 29

Bi 31 Gi s doanh thu t sn xut ph kin ny l 600000 USD . Ta cCh tiu012345678910

Vn C-150000

Vn L-30000-30000-30000-30000-30000-30000-30000-30000-30000-30000

CPSX trc tip-450000-450000-450000-450000-450000-450000-450000-450000-450000-450000

Doanh thu600000600000600000600000600000600000600000600000600000600000

KHTS18750187501875018750187501875018750187501875018750

TNTT101250101250101250101250101250101250101250101250101250101250

TNST75937,575937,575937,575937,575937,575937,575937,575937,575937,575937,5

Dng tin thun-15000094687,594687,594687,594687,594687,594687,594687,594687,594687,594687,5

Nn chn d n nyBi 32

n v: Nghn USD Nm012345678910

Vn u t5501050

Dng tin thu c260310360400400400400400400

a. Vi r =15% th:

Chp nhn d n.

b. Vi r = 15% th NPV = 8,7325 nghn USD

Vi r = 17% th NPV = -0,10569 nghn USD

IRR = 15% + ( 17%-15%).8732,5/(8732,5+105,69) = 15,1%

c. Nu r = 12% th NPV l:

Chp nhn d n.

d. Nu thi gian hon vn ca d n khng qu 7 nm

NmDng tin ca d nDng tin chit khuVn u t cn phi thu hi cui nm

0(550)(550)(1463,034)

1(1050)(913,043)(1463,034)

2260196,5971266,446

3310269,565996,881

4360205,831791,05

5400198,87601,18

6400172,931428,249

7400150,375277,874

8400130,76147.117

Vi r =15% ta thy trong 7 nm th cng ty vn cha thu hi ht vn u t nn khng th chn d n u t ny

e. Vi r = 12% , ta c:

NmDng tin ca d nDng tin chit khuVn u t cn phi thu hi cui nm

0(550)(550)(1487,5)

1(1050)(937,5)(1487,5)

2260207,271280,23

3310220,6521059,578

4360228,787830,791

5400226,97603,821

6400202,652401,169

7400180,094221,075

8400161,55359,522

Vi r =12% v thi gian thu hi vn l 7 nm th cng ty vn cha thu hi ht vn u t nn cng ty khng nn chn d n u t ny

Bi 33

Nu hai d n loi tr nhau th nn chn d n u t th 2 v NPVB>NPVA

Bi 34

a. D n A

NmDng tin ca d nDng tin chit khuVn u t cn phi thu hi cui nmThi gian thu hi ly k

0(200)(200)(200) 3

100200

28069,88130,12

37057,14172,979

46045,77527,205

55035,6527,205/35,6 = 0,763

64026,65

TA= 3 + 0,763 . 12 = 3 nm 9,2 thng

D n B

NmDng tin ca d nDng tin chit khuVn u t cn phi thu hi cui nmThi gian thu hi ly k

0(100)(100)(193,46) 4

1(100)(93,46)(193,46)

200193,46

36048,978144,482

47053,40391,079

57049,9141,169

65033,327,849

74024,917,849/24,91 = 0,315

84023,28

TB = 4+0,315.12 = 4 nm 3,78 thng

b. Vi r = 10%/nm

Nu hai d n loi tr nhau th chn d n A v NPVA > NPVB

c. Vi d n A

Vi r1 = 10% th NPVA1 = 13,31

Vi r2 = 15% th NPVA2 = -8,07

IRRA = 10+(15 -10).13.31/(13,31+8,07) = 13,11%

Vi d n B

Vi r1 = 10% th NPVA1 = 10,3

Vi r2 = 15% thNPVB2 = - 29,454

IRRB = 10+ (15-10).10,3/(10,3+29,454) = 11,3%Bi 35

Khon u t thun ca d n: = 250 50 x (1-25%) = 212, 5

Khu hao hng nm = 250 : 5 = 50

Gi tr thanh l TSC rng = 5 x (1 25%) = 3, 75

Dng tin ca d n l

Nm s dngLi nhun trc thuDng tin

11057,5

12065

32065

41863,5

51061,25

Bi 36

Hai nh cung cp trn u ko mang li li nhun cho doanh nghip. Nu la chn mt trong hai nh cung cp th doanh nghip nn chn nh cung cp B v NPVB > NPVA

Bi 37

1. Tnh NPV

Khon tin u t thun ca d n = 12.000.000 800.000 x (1-25%) = 11.400.000

Dng tin thun tng ln hng nm do u t mi = 3.000.000 + (12.000.000 - 1.000.000)/10 = 3.020.000

Dng tin khi kt thc d n = 3.020.000 + 10.000 x (1-25%) = 3.027.500

V NPV > 0 nn la chn phng n my mi thay th my c.

2. Tnh IRR

chn r1 = 11% , NPV= 6.388.122,06

Chn r2 = 15%, NPV= -241.464,86

IRR=14,85% >11% nn la chn phng n u t ny.Bi 38

Do cng ty mua nh nn khng phi tr tin thu nh hng thng l 60tr. y c coi l khon tin thu v ca cng ty do vic mua nh mang li.

Cng ty cho thu li phn din tch khng s dng ht, mi nm thu c 40tr.

Vy dng tin mi nm l 100tr

n nm th 5 cng ty bn li ngi nh vi gi tr thun l: 500 x (1-25%)

V NPV < 0 nn cng ty khng nn mua cn nh ny.

Bi 39

1. Tnh NPV

LNTT = DT CP = 4000 (60% x 4000 + 600 + 400) = 600tr

LNST = LNTT x (1 - 25%) = 600 x (1 25%) = 450tr

Dng tin thun t nm th 1 n nm th 4: 450+400= 850tr

Dng tin thun nm th 5: 450+400+600+15x(1- 25%)= 1461.25tr

2. Tnh IRR

Chn r1 = 20%, NPV1= 187.67

r2 = 25%, NPV2 = -113.818

= 23,11% ( > r2 = 20 % )

Vy cng ty nn chn d n ny.

Bi 40

a. Ta c bng s liu:

Ch tiuNm 0Nm 1Nm 2Nm3Nm4Nm5Nm6Nm7

TSC(5.600)

Vn lu ng(2.400)

DT thun12.00012.00012.00012.00012.00012.00012.000

CP B(8.400)(8.400)(8.400)(8.400)(8.400)(8.400)(8.400)

CP C(1.800)(1.800)(1.800)(1.800)(1.800)(1.800)(1.800)

Khu hao TSC(800)(800)(800)(800)(800)(800)(800)

LNTT1.0001.0001.0001.0001.0001.0001.000

Thu TNDN(250)(250)(250)(250)(250)(250)(250)

LNST750750750750750750750

Thu hi vn lu ng2.400

Dng tin thun(8.000)1.5501.5501.5501.5501.5501.5503.950

Vi r1 = 12% hai nm u, r2 = 15% cc nm cn li

NPV = = b. Tm IRR.

Chn r1 = 12 % th NPV1 = 134,13 tr

Chn r2 = 15% th NPV2 = - 649,1 tr

Suy ra IRR = r1 + (r2 - r1) x Khng nn thc hin d n v ta c NPV = - 549,37 (tr) v IRR = 12,5% < chi ph s dng vn.Bi 41

Xt d n A

Nm

Ch tiu0123

Vn T(350)

D ton dng thu nhp50150200

Ta c NPV(A) = = D n B:

Nm

Ch tiu0123

Vn T(350)

D ton dng thu nhp80180140

Ta c NPVB= Ta thy c hai d n u c NPV nh hn 0

Suy ra loi b, khng chn d n no.

Bi 42

F=2.5 t

Q= 550.000 (sp)

Chi ph bin i = 65% Q.P

T cng thc EBIT = Q.P (F+65% Q.P) = 35% Q.P F

P= im ha vn:

QBE = Doanh thu ha vn = QBE x P = 250973 x 15325 = 3.846.153,85 ()

Bi 43

Kt cu vn ca cng ty: 45% vn vay, 55% vn gp

Nhu cu vn 800 (tr) : vn vay = 45% x 800 = 360 tr

vn gp = 55% x 800 = 440 tr

Doanh thu = 5.800 tr nn EBIT = 0.15 x 5.800 = 870 tr

LNST = 870 x (1 - 25%) = 652,5 tr

Li nhun ti u t: 60% x 652,5 = 391,5 tr

Doanh nghip cn pht hnh thm CPT mi = 440 - 391,5 = 45,5 tr

Chi ph s dng LN li ti u t:

re = re m = Chi ph s dng vn vay sau thu:

c rdt = 9,5% nn rd = 9,5% x (1 - 25%) = 7,125%

Chi ph s dng vn bnh qun ca cng ty l:

WACC = 45% x 7,125% + WACC1 = 45% x 7,125% + 55% x 28,75% = 19,02%

WACC2 = 45% x 7,125% + 55% x 31,3% = 20,42 %

Bi 44

F = 5 t

V= 175.000 /sp

P = 255.000 /sp

a. Sn lng ha vn hng nm ca cng ty

QBE = Doanh thu ha vn hng nm ca cng ty

DT = P x QBE = 62500 x 255000 = 15,9 t

b. Nu V = 165000 sp

QBE = DT = P x QBE = 55556 x 255000 = 14,2 t

Nh chi ph bin i gim xung th sn lng v doanh thu ha vn s gim i mt lng: 62500 - 55556 = 6944 sp

Doanh thu ha vn s gim i mt lng 15,9 - 14,2 = 1,7 t

c. Nu chi ph c nh tng ln F = 5,5 t

QBE = DT = QBE x P = 68750 x 255000 = 17,5 t

Nh vy nu chi ph c nh tng ln, sn lng ha vn s tng ln 1 lng: 68750 - 62500 = 6250 sp

Doanh thu ha vn s tng ln 1 lng 17,5 - 15,9 = 1,6 t

d. n by hot ng mc tiu th Q = 90000sp

DOL = e. Nu doanh s tiu th tng 12% t mc 90000 (sp) th EBIT thay i 1 lng = 3,27 x 12% = 39,24 %.

Bi 45

a) Mc thay i ca ch tiu li nhun rng ca mi c phiu ph thng (EPS) do tc ng ca n by ti chnh trong c 3 tnh trng ca nn kinh t VT: triu ngCh tiuNn kinh t suy thoiNn kinh t tng trng bnh thngNn kinh t tng trng nhanh

I.Tnh li nhun trc li vay v thu

1.Doanh thu thun275052507250

2.Tng chi ph c nh750750750

3.Tng chi ph bin i1787,53412,54712,5

4.Tng chi ph SXKD 2537,54162,55462,5

5. Li nhun trc li vay v thu212,51087,51787,5

II. Tnh EPS trong trng hp khng s dng vn vay

1.Li nhun trc li vay v thu212,51087,51787,5

2.Li tin vay000

3.Li nhun trc thu212,51087,51787,5

4.Thu thu nhp doanh nghip53,125271,875446,875

5. Li nhun sau thu159,375815,6251340,625

Li nhun trn mi c phn(EPS)0,00070,00360,0059

III.Tnh EPS trong trng hp c s dng vn vay 50%

1.Li nhun trc li vay v thu1087,51087,51787,5

2.Li tin vay (12%)135135135

3. Li nhun trc thu thu77,5952,51652,5

4. Thu thu nhp doanh nghip19,375238,125413,125

5. Li nhun sau thu58,125687,3751212,375

Li nhun trn mi c phn(EPS)0.000520,0060,01

b) Qua bng trn ta thy:*) Trong iu kin nn kinh t tng trng nhanh, doanh nghip t c li nhun trc li vay v thu cao hn, vic s dng n by ti chnh lm cho EPS c tc tng trng cao hn nhiu so vi trng hp khng vay vn. Nh vy, khi nn kinh t tng trng nhanh, cng ty nn huy ng vn theo cch ti tr 50% bng vn c phn ph thng v 50% bng vn vay.

*) Trong iu kin nn kinh t suy thoi, li nhun trc thu v li vay thp th vic s dng n by ti chnh s lm cho EPS gim st. Do , cng ty nn huy ng vn bng cch ti tr 100% bng vn c phn ph thng

c) Ta c: EPS = = p dng vo bi ta c: = EBIT*112500 = (EBIT 135)*225000

EBIT = 270 (triu ng)

Bi 46

a) Mc thay i ca ch tiu li nhun rng ca mi c phiu ph thng (EPS) do tc ng ca n by ti chnh trong c 3 tnh trng ca nn kinh t VT: triu ngCh tiuNn kinh t suy thoiNn kinh t tng trng bnh thngNn kinh t tng trng nhanh

I.Tnh li nhun trc li vay v thu

1.Doanh thu thun350065008500

2.Tng chi ph c nh570570570

3.Tng chi ph bin i227542255525

4.Tng chi ph SXKD 284547956095

5. Li nhun trc li vay v thu65517052405

II. Tnh EPS trong trng hp khng s dng vn vay

1.Li nhun trc li vay v thu65517252405

2.Li tin vay000

3.Li nhun trc thu65517052405

4.Thu thu nhp doanh nghip163,75426,25601,25

5. Li nhun sau thu491,251278,751803,75

6. C tc c phiu u i989898


III. Tnh EPS trong trng hp c s dng vn vay 50%

1.Li nhun trc li vay v thu65517052405

2.Li tin vay (10%)105105105

3. Li nhun trc thu thu55016002300

4. Thu thu nhp doanh nghip137,5400575

5. Li nhun sau thu412,512001725

6. C tc c phn u i989898


b)Qua bng trn ta thy:*) Trong iu kin nn kinh t tng trng bnh thng, doanh nghip t c li nhun trc li vay v thu cao hn, vic s dng n by ti chnh lm cho EPS c tc tng trng cao hn nhiu so vi trng hp khng vay vn. Nh vy, khi nn kinh t tng trng nhanh, cng ty nn vay vn mt phn.

*) Trong iu kin nn kinh t suy thoi vic s dng n by ti chnh lm cho EPS tng ln. Do , cng ty nn huy ng vn bng cch vay mt phn vn.

c) Ta c: EPS = =

QUOTE

= p dng vo bi ta c: =

QUOTE

EBIT*175000 = (EBIT 105)*280000

EBIT = 280 (tr)

Bi 47a) Mc tc ng ca n by hot ng ti mc sn lng Q: = Ta c: = = = 28125 (sn phm)

Ti mc Q = 160000

= = 1,21

ngha: Ti mc Q = 160000, khi doanh nghip tng ln hay gim i 1% sn lng th s li nhun trc thu v li vay s tng ln hay gim i 1,21%.

b) Ta c: = I = 0,12*1200 = 144 (tr)

Ti mc EBIT = 240 (tr)

= = 2,5

ngha: Ti mc EBIT = 240 (tr) th khi doanh nghip tng hoc gim s li nhun ny th t sut li nhun trn vn ch s hu s tng thm hoc gim i 2,5%.

c) Ti mc sn lng 165000 sn phm ta c: = = = 1,2

= = = 1,07

= DOL*DFL = 1,2*1,07 = 1,284

ngha: Ti mc sn lng Q =165000 sn phm, khi doanh nghip tng hay gim sn lng 1% th t sut li nhun trn c phn thng tng hay gim 1,284%

Bi 48a) Sn lng hng thng ca cng ty l : Q = = 4400(sp) Chi ph bin i ca cn6g ty: V = 1,5*4400 = 6600( tr)

Chi ph c nh: F = DT- LNTT- CPB

= 8800- - 6600 = 1880 (tr)

b) Sn lng ha vn hng thng ca cng ty = = = 3760 (SP)

Doanh thu ha vn hng thng l: 3760*2 = 7520 (tr)

c) Ta c: = Mc tc ng ca n by hot ng ti cc mc sn lng l:

Q40004400480052006000

16,676,874,623,612,67

th:

d) Khi Q = = 3760 th DOL dn tin ti v tnKhi Q = 0 th DOL = 0

Khi Q tin cng xa im ha vn th DOL cng dn tin ti 1 li nhun hot ng ca cng ty cng gim khi Q cng tng

Khi Q tin cng gn n im ha vn th DOL cng dn tin ti v cngli nhun hot ng ca cng ty cng tng khi Q tng

Ti mc sn lng hin ti ca cng ty Q = 4400 th DOL = 6,875. iu ny cho thy: khi cng ty tng hay gim doanh s 1% th li nhun hot ng ca cng ty tng hay gim di 6,875%.

Bi 49

a) p dng cng thc: EPS = Ta c EPS ca cc phng n ti mc EBIT = 1000000 l

VT: 1USD

Ch tiuPhng n

1234

1.EBIT1000000100000010000001000000

2. Li sut (I)0240000400000400000

3. LN trc thu (1-2)1000000760000600000600000

4.Thu thu nhp (3*50%)500000380000300000300000

5.Li nhun sau thu (3 4)500000380000300000300000

6.C tc c phiu u i00075000

7.LN c ng thng (5 -6)500000380000300000225000

8.S lng CP thng25000017500012500075000

9.EPS (7/8)22,172,43

Ta c:

= = 0 EBIT = 0

= = 0 khi EBIT = 240000

= = 0 khi EBIT = 400000

= = 0 khi EBIT = 550000

th

b) Mc tc ng ca n by ti chnh cho tt c 4 phng n ti EBIT=1 triu USDTa c DFL = Phng n 1: = = 1

Phng n 2: = = 1,32

Phng n 3: = = 1,67

Phng n 4: = = 2,22

c) Phng n 4 l tt nht: s dng 50% n vay, 20% c phiu u i, 30% c phiu thng v: mc tc ng ca n by ti chnh = 2,22 v thu nhp rng 1 c phn thng = 3 l cao nht trong cc phng n.Bi 501. Trong nm N ta c c cu vn ca cng ty nh sau:

C cu n di hn trn tng ngun vn = 2800/5600 = 50%

Vn c phn thng trn tng ngun vn = 2800/5600 = 50%

Do trong nm N doanh nghip mun tng vn hot ng ln 1400 tr khi vn ch tng ln: 50% . 1400 = 700tr, vn vay tng ln 70 trong li nhun gi li l 280tr ti u t, do vy vn ch cn phi huy ng thm l: 700- 280 = 420tr t vic pht hnh thm c phiu thng mi.

2. Tnh chi ph s dng vn c phn ph thng v chi ph s dng vn c phn ph thng pht hnh mi (re, re mi)

Chi ph s dng vn c phn ph thng

Re=+ g = + g = + 0.08 = 11.078%

Chi ph s dng vn ph thng pht hnh mi:

Re mi =+ g =

EMBED Equation.DSMT4 +0.08 = 12.443%

Trong : e l t l chi ph pht hnh.

Vy chi ph s dng vn c phn ph thng l: Re = 11.078%

Vy chi ph s dng vn c phn ph thng pht hnh mi l: Re mi = 12.443%

3. Tnh im ca th MCC khi s dng ngun vn ti tr ni b. Khi s dng ht 280tr li nhun gi li vi chi ph s dng vn l 11.078%

BPE = = 560(tr)

4. Tnh theo im gy ca th MCC

EMBED Equation.DSMT4 = 50% . 11.078% + 50% . rdt(1- t) = 5.539% + 3.75% = 9.289%

= . 11.078% +. 12.433% + . 10%(1- 0.25) = 4.874% + 0.74658% + 3.75% = 9.37058%

Bi 51Vn vay: 40%

Vn c phn thng: 60%

Li sut vn vay: 10% /nm khng gii hn thi gian vay

= 2$/ c phn/ nm

g = 4% / nm

= 25$ / c phn

P0m = 20$ ( tr chi ph pht hnh c phiu mi)

Thu sut thu TNDN: 25%

LN gi li d tnh nm nay: 180 triu USD

Yu cu:

Tnh im gy s dng li nhun gi li ca FEC?

Tnh WACC theo im gy trc v sau khi FEC ti tr tng vn bng phng thc pht hnh theo c phiu ph thng mi theo im gy?

Gii:

im gy s dng li nhun gi li ca FEC

BPE = = 300 (triu USD)

n v: triu USD

Tng ngun vn mi h.ngNgun ti trT trng(%)Chi ph s dng vn(%)Chi ph s dng vn k cu(%)

T 0 n 300Vn vay40%7.5%3%

Li nhun gi li60%12.32%7.392%

Chi ph s dng vn bnh qun

10.392%

T 300 tr lnVn vay40%7.5%3%

C phn thng mi60%14.4%8.64%

Chi ph s dng vn bnh qun

11.64%

Trong :

Chi ph s dng vn vay l = rdt ( 1- t ) = 10% ( 1- 0.25 ) = 7.5%

(Sau thu)

Chi ph s dng vn ca li nhun gi li l:

Re = + g = + g = + 4% = 12.32%

Chi ph s dng vn khi pht hnh c phiu thng mi l:

Rem =+ g = + g = + 4% = 14.4%

Kt lun:

= 10.392% ( trc khi FEC tng vn c phiu ph thng pht hnh)

= 11.64% ( sau khi FEC tng vn c phiu ph thng pht hnh)

Bi 52Cng ty Alphanam hin c: 1200000 c phiu ph thng ang lu hnh vi gi th trng l 70000/ c phiu, vn ch s hu : 84 t ng. Cng ty cng c 2 t ng n tri phiu vi li sut 6% / nm.

N di hn: 20 t ng

Tng vn % cng ty: 104 t ng

Hin nay cng ty ang cn nhc d n u t m rng nh xng tr gi 40 t ng. D n ny c ti tr theo nhiu phng n.

Phng n 1: Pht hnh thm c phiu ph thng Pph = 70000 / c phiu

=

Do pht hnh 40 t = ton b c phiu ph thng

S c phiu pht hnh = = 571428 (c phn)

Vy s c phn ph thng lu hnh khi ti tr bng phng n ny l:

= 571428+ 1200000 = 1771428 (c phn)

= = 4233.9 (/ c phn)

Phng n 2: Ti tr ton b bng n vay vi li sut l 8% / nm ta c

I = 40. 10^9. 0.08 = 3.2 (t ng)

=> = = = 4250(ng/ c phn)

Phng n 3: Ti tr bng c phiu u i, gi pht hnh d kin l: 35/ c phn tc phi tr mi nm l 3000/ c phn.

S c phiu u i c pht hnh l= =1.142857 (c phiu)

Khi c tc c phn u i phi tr hng nm l: PD= 3000. 1142867= 3428571000 (ng)

= = 3392,8575( ng/ c phn)

Phng n 4: Ti tr 50% bng c phiu ph thng vi gi pht hnh l: 70000 ng/ c phn v 50% cn li c ti tr bi tri phiu vi li sut 8%

Ta c: I = . 0.08 = 1.6 (t ng)

S c phiu ph thng pht hnh thm l: = 285714( c phiu)

= =4240,38( ng/ c phn)

b. V th EBIT- EPS, tnh im cn bng EBIT gia cc phng n v gii thch:

Ta c: =

=

=

Ta c: =

Ti

Nu EBIT= 0 -> = 0

Nu EBIT= 10 t -> = 4233,9( ng/ c phn)

Ti

Nu = 0 -> EBIT= (ng)

Nu EBIT= 10 t -> = 4250( ng/ c phn)

Ti :

Nu EBIT= 10 t -> = 3392,8575( ng/ c phn)

Nu = 0 -> EBIT= 4571428000 4,571 (t ng)

Ti :

Nu EBIT= 10 t -> = 4240,38( ng/ c phn)

Nu = 0-> EBIT= 1,6( t ng)

V th: EBIT- EPS

Xc nh im cn bng EBIT gia cc phng n:

- cn bng ( im cn bng EBIT gia phng n 1 v phng n 2)

cb= (ng)

cn bng

28571= 6,07346669.

cb= 14,17 (t ng)

cn bng

1485714= 1771428 - 2,83428

cb= 9,92. (ng)= 9,92 (t ng)

Cch tnh , v lm tng t.

Xc sut

0

1

2

3

4

5

(25)

(152, 5)

(166, 15)

(181, 03)

60 60 60 60 60

40 40 40 40 40

500 x (1-25%)

DOLQ

Q

T ng

3

5

4

EPS2

EPS1

EPS 4

EPS3

0

EPS, EBIT

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