MN QUN TR TI CHNH

Cu 1:
Cng ty ca bn ang xem xt vic mua mt chic my ko c gi 36.000 USD. Chic my ny s to
ra dng tin hot ng trc thu (cha k chi ph khu hao) l 12.000 USD hng nm. Cng ty p
dng phng thc khu hao ng thng trong thi k 5 nm. Ban gim c cng ty ang tranh lun
v thi gian hu dng ca chic my ko, c th n c th hot ng sut 5 nm hay khng. ng B
v b A cng cho rng n ch c th s dng ti a trong 4 nm, b C th bo rng bit mt s trng
hp my ko c th s dng n 8 nm. Do cuc tranh lun ny m bn c yu cu phi thc hin
mt phn tch kch bn nh gi tm quan trng ca s khng chc chn v thi gian hu dng ca
thit b. Bit rng thu sut thu nhp ca cng ty l 25%, gi tr thanh l ti sn bng 0 v chi ph vn
sau thu ca doanh nghip l 10%.
Gii
Theo bi, ta c:
Li nhun trc thu: EBT = 12.000USD/nm
M thu sut thu TNDN: t=25%/nm
Suy ra, li nhun sau thu: EAT = EBT (1-t) = 12.000(1-0,25) = 9.000 USD/nm
Li sut chit khu: r = 10%/nm
Nguyn gi ti sn c nh: NG = 36.000 USD (phng php khu hao l ng thng)
a/ Theo ng B v B A: thi hn s dng ca TSC l 4 nm
S tin khu hao hng nm: Dep =

NG
36.000USD
=
= 9.000USD / nam
Thoihansudung
4

Dng tin hot ng hng nm (trong 4 nm): CF = EAT + Dep = 9.000 + 9.000 = 18.000 USD/nm
Gi tr hin ti thun: NPV = -36.000 + 18.000(1+10%)-1+18.000(1+10%)-2+18.000(1+10%)3

+18.000(1+10%)-4 = 21.058USD

b/ Theo B C: thi hn s dng ca TSC l 8 nm

S tin khu hao hng nm: Dep =

NG
36.000USD
=
= 4.500USD / nam
Thoihansudung
8

Dng tin hot ng hng nm (trong 8 nm): CF = EAT + Dep = 9.000 + 4.500 = 13.500 USD/nm
Gi tr hin ti thun: NPV = -36.000 + 13.500(1+10%)-1+13.500(1+10%)-2+13.500(1+10%)3

+13.500(1+10%)-4 + 13.500(1+10%)-5 + 13.500(1+10%)-6+13.500(1+10%)-7+13.500(1+10%)-8 =

36.022USD
Vy nu thi hn s dng ca TSC di hn th gi tr hin ti thun (NPV) cng ln.
NPV c tnh da trn dng tin hot ng.
Doanh thu - Chi ph - khu hao - thu = Li nhun sau thu.
Li nhun sau thu + Khu hao = Dng tin hot ng (Cng khu hao vo l do khu hao l khon khng
thc s chi ra, n c xem nh l mt phn ca dng tin hot ng trong doanh nghip)
Gi tr u t:
Kch bn 4 nm

36,000

Nm
1
2
3
Dng vo
12,000
12,000
12,000
Dng ra (khu hao)
9,000
9,000
9,000
Li nhun trc thu
3,000
3,000
3,000
Thu TNDN
750
750
750
LN sau thu
2,250
2,250
2,250
CF
- 36,000
11,250
11,250
11,250
NPV
- 339
KL: Khng kh thi
Trong ti chnh th khu hao c tnh vo chi ph & thi gian khng qu vng i d n

4
12,000
9,000
3,000
750
2,250
11,250

1
2
3
4
5
6

Kch bn 5 nm
1
Dng vo
2
Dng ra
3
Li nhun trc thu
4
Thu TNDN
5
LN sau thu
6
CF
NPV
KL: Kh thi
Kch bn 8 nm
Dng vo
Dng ra
Li nhun
trc thu
Thu TNDN
LN sau thu
CF
NPV
KL: Kh thi

- 36,000
4,940

12,000
7,200

- 36,000
18,838

4,800
1,200
3,600
10,800

12,000
7,200
4,800
1,200
3,600
10,800

12,000
7,200
4,800
1,200
3,600
10,800

12,000
7,200
4,800
1,200
3,600
10,800

12,000
7,200
4,800
1,200
3,600
10,800

12,000
7,200
4,800
1,200
3,600
10,800

12,000
7,200
4,800
1,200
3,600
10,800

12,000
7,200
4,800
1,200
3,600
10,800

12,000
7,200
4,800
1,200
3,600
10,800

12,000
7,200
4,800
1,200
3,600
10,800

12,000

12,000

12,000

12,000
3,000
9,000
9,000

12,000
3,000
9,000
9,000

12,000
3,000
9,000
9,000

Cu 2:
Cng ty TC mua mt s lng ln my tnh t cc cng ty nh, d tr sau chuyn n cc ca
hng bn l. Bng tng kt ti sn ngn hn ca cng ty 31/12/2009
Tin mt

3,5 Cc khon phi tr

Khon phi thu

26 Vay ngn hn

18

Hng tn kho

58 CP ng trc

8,5

Tng ti sn lu ng
0Ti sn c nh rng

Tng ti sn

87,5 Tng n lu ng
35 N di hn

35,5
6

Vn CSH

15

TN gi li
122,5 Tng vn

66
122,5

Doanh thu nm 2009: 350 t; LN sau thu: 10,5 t; cng ty tr 4,2 triu c tc cho c ng. Cng
ty hot ng ht cng sut thc t, cho rng cc t s ti chnh khng i
1. Nu doanh s d kin tng 70 t hay 20% sut nm 2010, hy s dng cng thc AFN
xc nh s vn m cng ty cn huy ng thm t bn ngoi
Gii
AFN = (A*/S0)S (L*/S0)S MS1(1-%chi tr c tc)
Trong :

A* = tng ti sn lu ng = 87,5 (gi nh rng khi doanh thu tng th cc khon mc ca ti

sn lu ng gm tin mt, khon phi thu v hng tn kho u tng tng ng)
S0 = 350
S = 70
L* = tng n lu ng = 35,5 (gi nh rng khi doanh thu tng th cc khon mc ca tng
n lu ng gm cc khon phi tr, vay ngn hn v chi ph ng trc u tng tng ng)
Li nhun bin nm 2009: M09=LNST09/DT09 =10,5/350 = 0,03
Theo bi, do cc t s ti chnh khng i nn M10 cng = 0,03
S1 = 350 + 70 = 420
T l chi tr c tc nm 2009: c tc09/LNST09 = 4,2/10,5 = 40% ( bi nhm: c tc chi tr
l 4,2 t ch nu 4,2 triu th t qu)
Theo bi, do cc t s ti chnh khng i nn t l chi tr c tc nm 2010 cng = 40%
Th cc s liu trn vo cng thc AFN, ta tnh c: AFN = 17,5 7,1 7,56 = 2,84
Vy s vn cn huy ng t bn ngoi l 2,84 t
2. Hy lp bng tng kt ti sn d kin 31/12/2010 cho rng vn huy ng thm l ngun
vn vay ngn hn ngn hng.
Tin mt

3,5 Cc khon phi tr

Khon phi thu

26 Vay ngn hn +X

18

Hng tn kho + X

58 CP ng trc

8,5

Tng ti sn lu ng
0Ti sn c nh rng

87,5 Tng n lu ng
35 N di hn
VCSH

Tng ti sn
Gii:

35,5
6
15

TN gi li
122,5+X Tng vn

66
122,5+X

Kt qu t cu 1, ta c X = 2,84 t, ly s ny thay vo bng cn i k ton d kin 31/12/2010 trn,

ta c:
Tin mt

3,5 Cc khon phi tr

Khon phi thu

26 Vay ngn hn

20,84

Hng tn kho

60,84 CP ng trc

8,5

Tng ti sn lu ng
0Ti sn c nh rng

90,34 Tng n lu ng
35 N di hn
VCSH

Tng ti sn

38,34
6
15

TN gi li
125,34 Tng vn

66
125,34

3. Da vo bng tng kt ti sn nm 2010, tnh cc t s ti chnh di y v s dng s trung bnh

ngnh nh gi
31/12/2010

31/12/2009

TB ngnh

T s thanh ton hin hnh

90,34/38.34=2,4ln

2,5X

3X

33,9%

30%

13%

12%

(CR)
N/Tng TS (DR)

(38,34+6)/125,34=35,38%

ROE
Nhng ci mu l anh tnh c.

10.5/(15+66)=13%

Cu 3:
C phiu X

C phiu Y

Thu nhp k vng

10%

12,5%

0,9

1,2

lch chun ca thu nhp

35%

25%

k vng
Li sut phi ri ro l 6%; phn b ri ro th trng l 5%
1.

Hy tnh h s bin thin ca mi c phiu. X= 35/10=3.5; Y=(25/12.5)=2

2.

C phiu no ri ro hn i vi nh u t a dng ha CP X

3.

Hy tnh sut sinh li cn thit ca mi c phiu - kX = 6 + 5*0.9= 10.5; kY = 6 + 5*1.2=12

4. Hy cho bit c phiu no hp dn nh u t hn. CP Y

5. Hy tnh sut sinh li cn thit cho danh mc gm 7.500 USD u t cho c phiu X; 2.500 USD
u t cho c phiu Y BXY=0.75*0.9 + 0.25*1.2 =0.975 ; kXY= 6+ 5*0.975 =10.875
1. Nu phn b ri ro th trng tng ln n mc 6%, c phiu no c mc tng cao hn trong
sut sinh li cn thit. kX= 6 +(6*0.9)= 11.4 tng 0.9 ; kY= 6 +(6*1.2) =13.2 tng 1.2

Cu 4:
B phn ca An ang xem xt 2 d n u t, mi d n cn 1 lng vn 25 t, An c lng chi ph
vn l 10% v dng tin sau thu ca 2 d n nh sau:

Nm

D n A

D n B

20

10

10

15

20

1. Tnh thi gian thu hi vn gin n ca mi d n.

A = 2 nm + 10/(15/12) thng = ?
B = 1 nm + 5/(10/12) thng = ?
2. Tnh thi gian thu hi vn CK ca mi d n.
3. Nu 2 d n c lp, CP vn 10% d n no nn u t?
4. Nu 2 d n loi tr nhau, CP vn l 5% d n no nn u t?
5. Hy tnh sut CK lm cho NPV ca 2 d n bng nhau.
6. Nu CP vn l 10%, hy tnh MIRR ca mi d n.
Cau 1: ( 2 iem)
Bang CKT ngay 31/12/2008

VT: trieu ong

TAI SAN:
Tien mat 4000
khoan phai thu 8000
hang ton kho 11400
tong TSL 23400
TSC rong 15000
Tong cong tai san 38400
NGUON VON:
khoan phai tra 3400
vay ngan han 6000
tam ng 4000
tong n lu ong 13400
trai phieu dai han 6000
von co phan thng 19000
Tong nguon von 38400
Gia tr rong cua doanh nghiep au nam 2009 la ?
Doanh nghiep co 500.000 co phieu. Hoi BV = ?
Thu nhap rong trong nam la 5610 trieu ong. Hoi EPS =?
T le P/E cua trung bnh nganh la 12. Neu t le P/E cua DN
cung bang vi cua trung bnh nganh. Hoi P =?
Hoi gia tr rong cua doanh nghiep la bao nhieu neu nha au
t bo ra 50.000 trieu ong e mua lai cong ty va gia tr cac
khoan n cua cong ty la 20.000 trieu ong. Hoi moi mot co
phieu se nhan lai c bao nhieu?

Cau 2: ( 2 iem)
Cong ty ABC ang nghien cu 1 d an tiem nang. NPV c tnh la 12
ty ong. Nha quan tr cong ty d oan tnh hnh cac nam ti nh sau:
Xac suat xay ra NPV
Suy thoai 0.05 -70 ty
Doi TB 0.2 -25 ty
Trung bnh 0.5 12 ty
Tren TB 0.2 20 ty
Tang trng 0.05 30 ty
Tnh gia tr ky vong, o lch chun, he so bien thien cua d an?
Cau 3: (4 iem)
Mot nong trai trong ca phe ang xem xet 2 phng an ti tieu cho
ca phe vao mua kho. Phng an 1 la cai tien he thong ti tieu
hien co va co phng an th hai la au t he thong ti tieu mi
vi dong tien cua 2 d an c tnh nh sau (vt: trieu ong)
Nam Phng an 1 Phng an 2
0 (100) ( 300)
1 22.611 63.655
2 22.611 63.655
3 22.611 63.655
4 22.611 63.655
5 22.611 63.655
6 22.611 63.655
7 22.611 63.655
Neu WACC cua doanh nghiep la 12%. Hay tnh:
NPV cua moi d an
Tnh IRR cua moi d an.
cho biet d an nao se c chon, tai sao?
Cau 4: ( 2 iem)
Lai suat trai phieu kho bac tang th se anh hng nh hte nao en
chi ph von n, von chu s hu? Giai thch.

Bai giai:

Cau 1:
1.
2. BV = 19.000.000.000 / 500.000 = 38.000 ong / cp
3. EPS = 5.610.000.000 / 500.000 = 11.220 ong / cp
4. P = 11.220 x 12 = 134. 640 ong / cp
5. MV cua von co phan thng = MV cua cong ty MV cac khoan n
= 50.000 20.000

= 30.000 trieu ong.

Moi 1 cp se nhan lai c = 30.000.000.000 / 500.000 = 60.000 ong / cp
Cau 2:
Gia tr ky vong cua d an = (-70)x0.05 + (-25)x0.2 +12x0.5 +20x0.2 +
30x0.05 = 3 ty ong.
o lech chuan cua d an = [ (-70-3)2 x0.05 + (-25-3)2x 0.2 + (12-3) 2 x 0.5
+ (20-3)2 x 0.2
+ (30-3)2 x 0.05 ] = 23.62 = 2.362%
He so bien thien: CV = 23.62 / 3 = 7.87
Cau 3:
1. NPV 1 = -100 + 22.611 x [ ((1+12%)7-1) / (12% x (1 + 12%)7 )] = 3.19 trieu
ong
NPV 2 = -300 + 63.655 x [ ((1+12%)7-1) / (12% x (1 + 12%)7 )] = -9.49 trieu
ong
2. -100 + 22.611 x [ ((1+IRR1 )7-1) / ( IRR1x (1 + IRR1)7 )] = 0
Dung phng phap th va sai:
K1 = 12% NPV1 = 3.19
K2 = 13% NPV2 = -0.0003
Suy ra IRR1 = 13%

-300 + 63.655 x [ ((1+IRR2 )7-1) / ( IRR2x (1 + IRR2)7 )] = 0

Dung phng phap th va sai:
K1 = 10% NPV1 = 9.899
K2 = 11% NPV2 = -0.0451
Suy ra IRR2 = k1 + ( k2 k1) x [ NPV1/ (NPV1 + | NPV2| ) ] = 10.99%
3. D an 1 se c chon v NPV1 > 0 va IRR1 > WACC
Cau 4:
- Lai suat trai phieu kho bac tang se lam tang chi ph von n va chi
ph von chu s hu
- Khi lai suat trai phieu kho bac tang se lam tang lai suat cho vay
cua cac ngan hang, ngi i vay se tra lai nhieu hn tc la chiph
von n tang.

- Khi lai suat trai phieu kho bac tang se lam chi ph von chu s hu
tang v rs = rrf + DRP + LP+ MRP, neu cac yeu to khac khong oi th
khi rrf tang th rs ( chi ph von chu s hu ) cung tang.
LU :
-CU 3: s nm t 0-7;Phng n 1 : (100 triu ) vi s tin l 22.611 t nm 1-7
Phng n 2 (300 triu) vi s tin l 63.655 t nm 1-7 (my k chu hiu khi mnh copy ln!)
thi ln 2 QTTC lp QTKD m 5. ngy 4/12/2011
Thi gian 90p
Cu 1 ging bi 15-6 trong sch QTTC
Cu 2: cc yu t no sau y khuyn khch vic s dng vn n? gii thch
1. tng thu TNDN
2. tng thu TNCN
3.
Cu 3 cho 2 DAT c cng s tin u t 25 t ng
Ab
Nm
Nm
Nm
Nm

1
2
3
4

5 20
10 10
15 8
20 6

1. Tnh thi gian han vn gin n

2. Tnh thi gian han vn chit khu
3. La chn d n no trong TH 2 d n c lp
4. La chn d n no trong TH 2 d n loi tr nhau
5. Tnh sut CK NPV 2 d n = nhau
6. Tnh MIRR 2 d n.