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CNG V BI GING N TP THI TN

MN: QUN TR TI CHNH - H: VLVH


Chng 1

NHNG VN CN BN V QUN TR
TI CHNH
Khi nim v Qun Tr ti chnh
Mc tiu ca mt DN hat ng SXKD, c bit quan tm n mc
tiu Ti a ha gi tr hat ng ca DN hay l ti a ha li ch cho
cc ch s hu (c ng)
Mc tiu ca Qun tr ti chnh trong DN
Bn hiu nh th no v cu ny: "Thnh cng ca doanh nghip
hay ngay c s tn vong ca n, mt phn ln c xc nh bi
chnh sch ti chnh trong hin ti v qu kh".
Phn bit gia Ti chnh v K tan
Cu hi tho lun s : 3,5,8.

Chng 2

PHN TCH TI CHNH


c v hiu nhng ch tiu trn bng cn i k ton v bng kt
qa kinh doanh
Cc t s ti chnh : Cng thc tnh v ngha
Hiu v gii thch c PP phn tch ti chnh Du Pont

Cu hi v bi tp n
Cu hi tho lun s : 10,13,14,18
Bi tp : T bi 1 n bi 7

TM TT NI DUNG
Cc t s v kh nng thanh ton
a. Kh nng thanh ton hin thi
T s thanh ton
hin thi

Ti sn lu ng v u t ngn hn

N ngn hn

Cc nh phn tch cn lu n ch tiu ti sn lu ng rng,


hay vn lu ng (working capital) v c xc nh:
Ti sn lu
ng rng

Ti sn
lu ng

N
ngn hn

b. Kh nng thanh ton nhanh


T s thanh ton
nhanh

Ti sn lu ng - Tn kho
N ngn hn

Cc t s v c cu ti chnh
a. T s n
T s n

Tng n
Tng ti sn

b. Kh nng thanh ton li vay


T s thanh ton
li vay

Li tc trc thu + Li vay


Li vay
2

Cc t s v hot ng
a. Vng quay tn kho
S vng quay
tn kho

Doanh thu thun

Tn kho

b. K thu tin bnh qun


K thu tin
bnh qun

Cc khon phi thu 360

Doanh thu thun

c. Hiu sut s dng ti sn c nh


Hiu sut s dng
ti sn c nh

Doanh thu thun


Ti sn c nh

d. Vng quay ti sn
Vng quay
ti sn

Doanh thu thun


Tng ti sn

Cc t s v doanh li
a. Doanh li tiu th (ROS: Return on sale)
Doanh li
tiu th

Li tc sau thu
Doanh thu thun

b. Doanh li ti sn (ROA: Return on asset)


Doanh li
ti sn

Li tc sau thu

Tng ti sn

c. Doanh li vn t c (ROE: Return on equity)


Doanh li
vn t c

Li tc sau thu
Vn t c
3

PHN TCH TI CHNH DU PONT


LTST
Vn T C

LTST

DT Thun

LT sau thu
Tng ti sn

DT Thun

Tng TS

LT sau thu

DT thun

Tng TS
Vn T C

DT thun

Tng ti sn

* Phng php Du Pont m rng vi t s n


Doanh li
vn t c

Doanh li tiu th Vng quay ti sn


1 T s n

Hay
Doanh li
vn t c

Doanh li ti sn
1 T s n

Bai 3
Hay hoan thanh cac bao cao tai chnh cua doanh nghiep Nam
o vi cac thong tin sau:
Ty so thanh toan hien thi
Ty so n
Vong quay ton kho
Doanh li tieu thu
Ky thu tien bnh quan
Lai gop tren tong tai san

3 lan
50%
3 lan
7%
45 ngay
40%
4

* Bang can oi ke toan, (trieu ong)


Tai san
Tien
Khoan phai thu
Ton kho
TSC thuan
Tong cong

So tien
500
?
?
?

Nguon von
Khoan phai tra
Thng phieu
N tch luy
N dai han
Von t co
Tong cong

So tien
400
?
200
?
3.750
?

* Bang ket qua kinh doanh (trieu ong)


1. Doanh thu thuan
2. Gia von hang ban
3. Li tc gop
4. Chi ph kinh doanh
5. Chi ph lai vay
6. Li tc trc thue
7. Thue thu nhap (44%)
8. Li tc sau thue

So tien
8.000
?
?
?
400
?
?
?

GII
* Bng cn i k ton, (triu ng)
Ti sn
Tin mt
CK phi thu
Tn kho
TS c nh thun
Tng

S tin
500
1.000
2.666,67
3.333,33
7.500

Ngun vn
CK phi tr
Thng phiu
N tch ly
N di hn
Vn t c
Tng

S tin
400
788,89
200
2.361,11
3.750
7.500
5

Ta c:
* K thu tin BQ = (Phi thu x 360)/DT thun = 45 ngy
Phi thu

= (8.000 x 45)/360 = 1.000

* Vng quay tn kho = Doanh thu thun/Tn kho = 3 ln


Tn kho

= 8.000/3

= 2.666,67

* TS n = Tng n/Tng TS = 50% Tng n = Vn t c


Tng ti sn = 3.750 x 2 = 7.500
TSC thun=7.500 (500 + 1.000 + 2.666,67) = 3.333,33
* TS thanh ton hin thi = TSL v TNH/N ngn hn
= TSL/(Phi tr + Thng phiu + N tch ly) = 3 ln
Thng phiu = TSL/3 Phi tr N tch ly = 788,89
N di hn = Tng n N ngn hn
= 3.750 (400 + 788,89 + 200) = 2.361,11
* Bng kt qu kinh doanh (triu ng)
1. Doanh thu thun
2. Gi vn hng bn
3. Li tc gp
4. Chi ph kinh doanh
5. Chi ph li vay
6. Li tc trc thu
7. Thu thu nhp (44%)
8. Li tc sau thu
* Li gp trn Tng TS

S tin
8.000
5.000
3.000
1.600
400
1.000
440
560

= Li gp/Tng TS = 40%

Li tc gp
= 40% x 7.500 = 3.000
Gi vn hng bn = 5.000
6

* Doanh li tiu th
= LTST/DT thun = 7%
Li tc sau thu = 8.000 x 7% = 560
Li tc trc thu = LTST/(1 t)
= 560/(1 44%) = 1.000
* LT trc thu = Li gp CP kinh doanh CP li vay
Chi ph kinh doanh = 3.000 400 1.000 = 1.600
Bi 7
Cong ty co phan Minh Tan co cac bao tai chnh sau:
* Bang can oi ke toan (ty ong), ngay 31/12
* Tai san
Tien mat
au t ngan han
Cac khoan phai thu
Ton kho
Tai san co nh thuan
- Nguyen gia
- Khau hao
Tong
* Nguon von
Cac khoan phai tra
N tch luy
Vay ngan han
N dai han
Co phan thng
Li nhuan e lai
Tong

98

97

21
0
90
225
327
450
123
663

45
33
66
159
147
225
78
450

54
45
9
78
192
285
663

45
21
45
24
114
201
450

* Bang ket qua kinh doanh


1. Doanh thu thuan
2. Gia von hang ban
3. Chi ph kinh doanh
4. Li tc trc thue va lai
5. Chi ph lai vay
6. Li tc trc thue
7. Thue thu nhap
8. Li tc sau thue

1998
1.365
888
300
177
10
167
67
100

a. Xac nh ty le chia co tc nam 1998 cua cong ty.


b. Cac ty so trung bnh cua nganh ien t: Doanh li von t
co 21%, vong quay tai san 1,82 lan, doanh li tieu thu
6,52%. Tnh ty so n cua nganh.
c. anh gia tnh hnh tai chnh cua cong ty.

GII
a. Xc nh t l chia c tc
Li nhun li nm 1998 = 285 201 = 84
C tc chia nm 1998

= 100 84 = 16

T l chia c tc nm 1998 = 16/100 = 16%


b. Tnh t s n ca ngnh
Doanh li tiu th x Vng quay ti sn
Doanh li
=
vn t c (ROE)
1 T s n
Suy ra
ROE ROS x Vng quay ti sn
T s n =
ROE
21% 6,52% x 1,82
=
= 43,49%
21%
8

c. Xc nh cc t s ti chnh
Cc t s ti chnh ca cng ty nm 2002
1. Thanh ton
21 + 90 + 225
TS thanh ton
=
= 3,111 ln
hin thi
54 + 45 + 9
21 + 90
TS thanh ton
=
= 1,028 ln
nhanh
54 + 45 + 9
2. C cu ti chnh
54 + 45 + 9 + 78
T s n
=
= 28,05%
663
167 + 10
TS thanh ton
=
= 17,7 ln
li vay
10
3. Hot ng
1.365
Vng quay
=
= 6,067 ln
tn kho
225
90 x 360
K thu tin
=
= 23,74 ngy
bnh qun
1.365
1.365
Hiu sut
= 4,174 ln
=
s dng TSC
327
1.365
Vng quay
=
= 2,059 ln
ti sn
663
4. Doanh li
100
Doanh li
=
= 7,326%
tiu th (ROS)
1.365
100
Doanh li
=
= 15,083%
ti sn (ROA)
663
100
Doanh li
=
= 20,964%
vn t c (ROE)
192 + 285
9

Chng 3

HOCH NH LI NHUN
Phn bit chi ph : nh ph v bin ph
im ha vn : Cch tnh doanh thu v sn lng ha vn v biu
ha vn
n cn nh ph (DOL) : Cng thc tnh, ngha v cc ng dng
n cn n (DFL): Cng thc tnh, ngha v cc ng dng
n cn tng hp (DCL) : Cng thc tnh, ngha v cc ng dng
Cu hi v bi tp n
Cu hi tho lun s : 24,26,29
Bi tp : T bi 17 n bi 26

TM TT NI DUNG
PHN TCH IM HA VN
Sn lng
ha vn

Doanh thu
ha vn

nh ph
.
Gi bn 1 SP Bin ph 1 SP

nh ph
1 - (Tng bin ph/Tng doanh thu)

N CN NH PH
nghing
T l thay i li nhun trc thu v li vay
=
n cn nh ph
T l thay i sn lng hoc doanh thu

Hay
10

DOLQ

(EBIT1 EBIT0)/ EBIT0


(Q1 Q0)/Q0

DOLQ

EBIT0 + F

EBIT0

Q(P V)
Q(P V) -F

N CN N
nghing
T l thay i EPS hoc ROE
=
n cn n
T l thay i EBIT

Hay
DFL

(ROE1 ROE0)/ROE0

(EBIT1 EBIT0)/EBIT0

V ROE = (EBIT I)(1 t)/E


DFLEBIT

EBIT/(EBIT I)

EBIT/EBIT

EBIT
EBIT I

Hay
Q(P V) F

DFLQ

Q(P V) F I

Tng hp n cn nh ph v n cn n
DCL = DOL DFL
DCL

DCL

Q(P V)
Q(P V) F

Q(P V)
Q(P V) F I

Q(P V) F
Q(P V) F I

(3-6)
11

Bi 21
Cong ty "X" co hai phng an hien ai hoa sau: (trieu ong)
Chi ph d toan
Hien tai
PA. I
PA. II
Khau hao thiet b
570
700
875
Khau hao nha xng
320
400
520
Lng trc tiep
695
520
300
Lng gian tiep
710
770
865
Nguyen vat lieu
500
420
300
Thue tai san
40
50
70
Chi ph bien ong khac
80
80
80
Chi ph co nh khac
60
80
110
Hien nay mc tieu thu la 85.000 san pham vi gia ban
40.000 moi san pham.
a. Xac nh iem hoa von ca ba trng hp tren va ve bieu
o hoa von.
b. Tnh o nghieng on can nh ph mc tieu thu hien tai
cho ca 3 trng hp. Hay giai thch y ngha cua ch tieu nay.
Tai sao co s khac biet cua DOL nhng mc san lng
khac nhau. (Tra li bang ch va bang so.)
c. Ch can c vao nhng so lieu trong bang sau:
Yeu cau tnh li nhuan cho ca ba trng hp. Neu san lng
cong ty at c mc 200.000sp
San lng
70.000
100.000
110.000

Li nhuan (trieu ong)


Hien tai

PA. I

PA. II

50
800
1.050

- 40
800
1.080

- 200
760
1.080
12

GII

a.
Chi ph d ton
Khu hao thit b (P)
Khu hao nh xng (P)
Lng trc tip
Lng gin tip (P)
Nguyn vt liu
Thu ti sn (P)
Chi ph bin ng khc
Chi ph c nh khc (P)
nh ph
Bin ph
- Bin ph n v
n gi bn
QHV
SHV
DOL

Hin ti
570
320
695
710
500
40
80
60
1.700
1.275
15.000/sp
40.000/sp
68.000sp
2.720tr
5

PA. I
700
400
520
770
420
50
80
80
2.000
1.020
12.000/sp
40.000/sp
71.428sp
2.857tr
6,3

PA. II
875
520
300
865
300
70
80
110
2.440
680
8.000/sp
40.000/sp
76.250sp
3.050tr
9,7

Bi 25
Cong ty Anh Vu hien co c cau tai chnh nh sau: tong n 3
ty vi lai suat la 12% va co 800.000 co phieu thng ang lu hanh
tren th trng. Thue suat thue thu nhap cua cong ty la 40%. Cong
ty ang tm kiem 4 ty ong e tai tr cho d an m rong san xuat
kinh doanh. Cong ty ang xem xet ba phng an tai tr sau:
- Vay n vi lai suat 14%
- Phat hanh co phieu u ai co ty le lai la 12%
- Phat hanh co phieu thng vi gia ban moi co phieu la
16.000 ong

13

a. Neu EBIT la 1,5 ty th li nhuan moi co phieu la bao nhieu


cho moi phng an tai tr.
b. Hay xac nh mc li nhuan trc thue va lai nao e ba
phng an eu co mc li nhuan moi co phieu la nh nhau.
c. Hay xac nh o nghieng on can n (DFL) cho moi
phng an khi li nhuan trc thue va lai la 1,5 ty. T o
cho biet phng an tai tr nao tot hn, tai sao.
d. Li nhuan trc thue va lai can phai tang hoac giam en
mc bao nhieu e cho cac phng an con lai se tot hn
phng an cau c.

GII
a.
Hin ti

N: 3.000 tr (lsut 12%)


Vn CP: 0
Vn t c: 800.000 c phiu thng

Sau khi tng vn thm 4.000 triu ng:


PA 1:
Vay n

PA 2:
Pht hnh
CP
PA 3:
Pht hnh
CP thng

N: 3.000 tr (ls 12%) + 4.000 tr (ls 14%)


Vn CP: 0
Vn t c: 800.000 c phiu thng
N: 3.000 tr (lsut 12%)
Vn CP: 4.000 tr (t l li 12%)
Vn t c: 800.000 c phiu thng
N: 3.000 tr (lsut 12%)
Vn CP: 0
Vn t c:(800.000 +4.000/0,016)=1.050.000 cpt
14

Ta c bng tnh sau :


Ch tiu
EBIT
I
EBT
T (40%)
EAT
DP
NI
EPS

PA. 1
1.500
920
580
232
348
0
348
435 /cp

PA. 2
1.500
360
1.140
456
684
480
204
255 /cp

PA. 3
1.500
360
1.140
456
684
0
684
651 /cp

b. Ta c
EPSVAY =

EPSCP =

EPSCPT =

(EBITI)(1t)-DP
S CPT lu hnh

(EBITI)(1t)-DP
S CPT lu hnh

(EBIT920)(140%)

(EBIT I)(1 t) - DP
S CPT lu hnh

800.000

(EBIT360)(1 40%)480
800.000
=

(EBIT360)(1 40%)
1.050.000

Suy ra:
EPSVAY = EPSCP Q EBIT khng xc nh
EPSCPT = EPSVAY = 1.344 /cp Q EBIT = 2.712 triu ng
EPSCPT = EPSCP = 1.920 /cp Q EBIT = 3.720 triu ng
Kt lun: Khng tn ti mc EBIT m ti EPS ca ba phng
n bng nhau.

15

c.
DFLEBIT

DFLVAY

DFLCP =
DFLCPT

EBIT
EBIT I
1.500

= 2,59

1.500 920
1.500
1.500 360 480/(1 40%)
1.500

= 4,41

= 1,32

1.500 360

d.
EBIT

EPSVAY

EPSCP

EPSCPT

1.500

435

255

651

2.712

1.344

1.164

1.344

3.720

2.100

1.920

1.920

Khi EBIT > 2.712 th phng n vay tt hn phng n c


phn thng.
Khi EBIT > 3.720 th phng n CP u i tt hn phng
n CP thng.

16

Chng 4

D TON TI CHNH
Cc phng php d ton nhu cu vn
Phng php t l phn trm (%) theo doanh thu
Phng php hi quy
D ton bng kt qu kinh doanh v bng cn i k ton : theo
phng php % doanh thu
Cu hi v bi tp n
Cu hi tho lun s : 35, 37, 40
Bi tp : T bi 31, 32, 34, 35
TM TT NI DUNG
Phng php phn trm trn doanh thu
y l mt phng php d ton ngn hn v n gin, c th
c s dng d ton nhu cu vn ca DN hng nm. C th m t
phng php ny nh sau:
Tnh s d ca cc khon mc trn bng cn i k ton
Chn nhng khon mc trong bng CKT c quan h trc tip
vi doanh thu v tnh khon mc theo t l phn trm so vi
doanh thu trong nm.
Dng phn trm c tnh nhu cu vn ca nm sau theo d
tnh thay i doanh thu ca doanh nghip.
nh hng cc ngun ti tr p ng nhu cu vn trn c
s tnh hnh kt qu kinh doanh thc t. Thng thng s u
tin ti tr t cc ngun vn ni sinh trc, nh khu hao v li
nhun li, nu thiu th khi mi dng n ngun ti tr
ngoi sinh nh : vay thm n hay pht hnh thm c phiu.
17

Bi 34
Cac bao cao tai chnh cua cty co phan Nam A c cho di ay.
a. Lap bang ket qua kinh doanh d kien cua cong ty nam 1998
vi gia nh la doanh thu thuan tang 10% nam. Chi ph lai
vay khong oi
* Ket qua kinh doanh, 31/12/97

(trieu ong)

1. Doanh thu thuan


2. Gia von hang ban
- nh ph
3. Chi ph kinh doanh
- nh ph
4. Li nhuan trc thue va lai
5. Chi ph tra lai vay
6. Li tc trc thue
7. Thue thu nhap (34%)
8. Li tc sau thue

20.000
12.500
4.000
4.200
1.000
3.300
1.000
2.300
782
1.518

b. Lap bang can oi ke toan ke toan cua cong ty vao cuoi nam
1998 va xac nh nhu cau tai san lu ong va nhu cau von
trong nam 1998. Gia s cong ty khong e lai li nhuan. Neu
thieu von th tang von co phan thng.
* Bang can oi ke toan, 31/12/97, (ty ong)
Tien mat
0,80 Khoan phai tra
Khoan phai thu
2,06 Thng phieu
Ton kho
3,14 N tch luy
N dai han
TSC thuan
6,00 Co phan thng
Li nhuan e lai
Tong
12,0
Tong

1,20
1,80
0,80
2,15
2,0
4,05
12,0
18

c. Ban lanh ao cua cong ty cho biet viec ieu hanh hoat
ong cua cong ty b gii han bi nhng ieu kien rang buoc
t ben ngoai nh sau:
- Ty so thanh toan hien thi 2,1
- Ty so n 50%
Hay e ngh mot phng an tai tr cho nam 1998
khong vi pham nhng rang buoc tren.

GII
a. Doanh thu nm 2006 so vi nm 2005 tng 10%, ta c:
* Kt qu kinh doanh, 31/12/2006 (triu ng)
Ch tiu

Nm
2005

1. Doanh thu thun


2. Gi vn hng bn
- nh ph
- Bin ph
3. Chi ph kinh doanh
- nh ph
- Bin ph
4. LN trc thu v li
5. Chi ph tr li vay
6. Li nhun trc thu
7. Thu thu nhp (34%)
8. Li nhun sau thu

20.000
12.500
4.000
8.500
4.200
1.000
3.200
3.300
1.000
2.300
782
1.518

T l
%/DT
100%

42,5%

16%

D ton
2006
22.000
13.350
4.000
9.350
4.520
1.000
3.520
4.130
1.000
3.130
1.064,2
2.065,8
19

b. Ta c:
Tin mt 2006 = 22.000 x (800/20.000) = 880 tr
CK phi thu 2006 = 22.000 x (2.060/20.000) = 2.266 tr
Tn kho 2006 = 22.000 x (3.140/20.000) = 3.454 tr
Ti sn lu ng 2006 = 880 + 2.266 + 3.454 = 6.600 tr
Nhu cu TSL = 6.600 (800 +2.060 +3.140) = 600 tr
Mt khc:
CK phi tr 2006 = 22.000 x (1.200/20.000) = 1.320 tr
N tch ly 2006 = 22.000 x (800/20.000) =

880 tr

Ngun vn t do 2006 = 1.320 + 880 = 2.200 tr


Ngun vn t do tng = 2.200 (1.200 + 800) = 200 tr
Nhu cu vn nm 2006 = 600 200 = 400 tr
Ngun ti tr ni sinh = LN li + Khu hao = 0 tr
V ngun ti tr ni sinh bng 0 (do Cng ty khng li li nhun
ti u t) nn nhu cu vn chnh l phn vn thiu cn b sung
bng cch tng vn c phn thng. Khi vn c phn thng s
phi l:
2.000 + 400 = 2.400 triu ng
Bng cn i k ton cui nm 2006
Ti sn
Tin mt
Cc khon phi thu
Tn kho
TSC thun
Tng

2005
800
2.060
3.140
6.000
12.000

T l
%/DT
4,0%
10,3%
15,7%

D ton
2006
880
2.266
3.454
6.000
12.600
20

Cc khon phi tr
Thng phiu phi tr
N tch ly
N di hn
Vn c phn thng
Li nhun li
Tng

1.200
1.800
800
2.150
2.000
4.050
12.000

6,0%
4,0%

1.320
1.800
880
2.150
2.400
4.050
12.600

Nhu cu TS lu ng = Doanh thu tng x T l TSL/DT


= 20.000 x 10% x (4,0% + 10,3% + 15,7%) = 600 triu
NV t do tng = Doanh thu tng x T l NVTD/Doanh thu
= 20.000 x 10% x (6,0% + 4,0%) = 200 triu
Nhu cu vn nm 2006 = 600 200 = 400 triu ng)
c. Da vo s liu d ton cu b ta c:
TS N
Nm 2006

=
=

TS thanh ton
hin thi 2006

=
=

1.320 + 1.800 + 880 + 2.150


12.600
48,81% (tha rng buc)
880 + 2.266 + 3.454
1.320 + 1.800 + 880
1,65 2,1 (khng tha)

Xt t s thanh ton hin thi ta c:


TS thanh ton
hin thi

=
=

TSL v TNH
N ngn hn
TM + CKPT + TK
CKPT + TP + N TL

2,1

21

Thng
phiu

TSL x [2,1 x (CKPT + N TL]


2,1
6.600 x [2,1 x (1.320 + 880)]
2,1

942,86 triu

Ngha l TP phi gim (1.800 942,86) = 857,14 triu


Ta chn gii php tng vn c phn thng. Khi
Vn CP thng (2.400 + 857,14) = 3.257,14 triu ng
Bng cn i k ton cui nm 2006 sau khi iu chnh

Ti sn
Tin mt
Cc khon phi thu
Tn kho
TSC thun
Tng
Cc khon phi tr
Thng phiu phi tr
N tch ly
N di hn
Vn c phn thng
Li nhun li
Tng

2005
800
2.060
3.140
6.000

T l
%DT
4,0%
10,3%
15,7%

12.000
1.200
1.800
800
2.150
2.000
4.050
12.000

D ton
2006
880
2.266
3.454
6.000
12.600

6,0%
4,0%

1.320
942,86
880
2.150
3.257,14
4.050
12.600

22

Chng 5

QUN TR VN LU NG
Trong chng ny, sinh vin cn nm vng cc ni dung sau :
Tm quan trng ca cng tc qun tr vn lu ng trong DN
Hiu v lp c bng ngn sch tin mt
Phn tch v nh gi chnh sch tn dng (C/S bn chu)
Cu hi v bi tp n
Cu hi tho lun s : 41, 43
Bi tp : T bi 42 n bi 52

TM TT NI DUNG
QUN TR TIN MT V CHNG KHON
Cong ty "A" la cong ty co quy mo trung bnh chuyen san xuat
o chi tre em. Mc doanh thu cua cong ty thay oi theo mua rat
nhieu, cao iem thang 9 luc ma cac nha ban le mua vao d tr e
ban ra. Hang hoa cua cong ty c ban ra vi thi han n toi a 60
ngay. Neu khach hang tra tien trc thi han 30 ngay, khach hang
se c chiet khau tren gia ban hang hoa. Ngha la ieu kien ban
hang cua cong ty la: 2/30 - net 60.
Tuy nhien, cong ty cung nh a so cac doanh nghiep khac
nhan thay rang, co mot so khach hang keo dai thi han tra n len
en 90 ngay. Cu the la:
- 20% Doanh thu c tra trong vong 30 ngay.
- 70% Doanh thu c tra trong vong 60 ngay.
- 10% Doanh thu c tra trong vong 90 ngay.
23

Doanh thu d toan vao nhng thang cuoi nam 93 cua cong ty
nh sau: (trieu ong)
Thang
Doanh thu

5
10

6
10

7
20

8
30

9
40

10
20

11
20

12
10

Mc san xuat cua cong ty c can c vao nhu cau cua th


trng, ngha la phu thuoc vao mc doanh thu trong tng lai. vat t
va phu tung, cong ty phai mua thng chiem 70% so vi doanh thu
va cong ty mua vat t-phu tung mot thang trc ngay cong ty d tru
ban san pham. Cong ty co thi han mot thang e thanh toan viec
mua hang. Lng cong nhan, chi ph thue mn va cac chi tien mat
khac c d toan cho sau thang cuoi nam 93 nh sau: (trieu ong)
Thang
7
8
9
10
11
12
Lng cong nhan
1,5
2,0
2,5
1,5
1,5
1,0
Thue mn
0,5
0,5
0,5
0,5
0,5
0,5
Chi ph khac
0,2
0,3
0,4
0,2
0,2
0,1
Vao thang 8, cong ty phai nop thue mot so tien la 8 trieu. e
am bao gia tang san lng san xuat trong thang 9, cong ty phai
au t them mot TSC tr gia 10 trieu. Chi ph khau hao hang
thang cua cong ty la 2 trieu. c biet ton quy tien mat cua cong ty
vao cuoi thang 7 la 1,8 trieu va cong ty nh mc ton quy tien mat
la 5 trieu nham ap ng nhu cau chi tieu hang ngay.
a. Lap ngan sach tien mat tng thang cho sau thang cuoi
nam cua cong ty. Ban co nhan xet g ve ban ngan sach tien
mat nay cua cong ty.
b. Hay lap ke hoach tn dung ngan han cho cong ty vao sau
thang cuoi nam. Gia s nhu cau von thieu eu s dung hnh
thc vay ngan han t ngan hang

GII

24

Bi 42 : a. K hoch thu chi tin mt (Bng NSTM)


5

10

10

2
X
X

2
7
X

Doanh thu thuan


1. Thu bang tien
* Tien thu ban hang
-Trong thang(20%)
-Sau 1 thang (70%)
-Sau 2 thang (10%)
* Thu khac
Tong thu
2. Chi bang tien
- Tra tien VT-PT(70%)
- Lng cong nhan
- Thue mn
- Chi ph khac
- Thue
- Mua TSC

7
20

8
30

9
40

10
20

11
20

12
10

4
7
1

6
14
1

8
21
2

4
28
3

4
14
6

2
14
2

12

21

31

35

22

18

14
1,5
0,5
0,2

21
2,0
0,5
0,3
8

28
2,5
0,5
0,4

14
1,5
0,5
0,2

14
1,5
0,5
0,2

7
1
0,5
0,1

10

Tong chi

16,2

31,8

41,4

16,2

16,2

8,6

3. Chenh lech thu chi


4. TM au thang
5. TM cuoi thang
6. nh mc TM

(1) (2)
(5) k tr
(3) + (4)
Gi thit

-4,2
6,0
1,8
5

-10,8
1,8
-0,9
5

-10,4
-9
-19,4
5

18,8
-19,4
-0,6
5

5,8
-0,6
5,2
5

9,4
5,2
14,6
5

7. Tha / Thieu TM

(5) (6)

-3,2

-14

-24,4

-5,6

0,2

9,6

Lu y :
1. Suat chiet khau : 2/30-net 60
Anh hng en dong thu trong thang, vi suat chiet khau
la 2%. Cu the, dong thu trong thang cua thang 7 :
4 4x2% = 4x(1-2%) =
25

2. N kho oi : 3%
Anh hng en dong thu sau 2 thang (N kho oi), vi
mc n 3% tren doanh thu goc. Cu the, dong thu sau 2
thang cua thang 9 : (Doanh thu goc la DT thang 7 : 20 )
2 3%x20 = 1,4
b. K hoch tn dng ngn hn
Thng
7
8
9
10
11
12

Vay
3,2
10,8
10,4

Tr

D n
3,2
14,0
24,4
5,6
0

18,8

Bai 44:
a. Ngan sach tien mat
Doanh thu
1. Thu bang tien
* Thu t ban hang
- Thu trong thang (50%)
- Thu sau 1 thang (25%)
- Thu sau 2 thang (25%)
* Thu khac
Tong thu
2. Chi bang tien
- Chi ph san xuat
+ Trong thang
+ Sau 1 thang

3
600

4
600

5
700

6
800

7
1.000

300

300
150

350
150
150

400
175
150

500
200
175

650

725

875

49
378

56
441

70
504

42

42
378

26

- Chi ph BH & QL
* nh ph
* Bien ph
- Tra lai
- Quy tra lai
- May moc thiet b
- Tr cap khen thng
- Thue thu nhap
Tong chi
3. Chenh lech thu chi
4. Tien mat au thang
5. Tien mat cuoi thang
6. Tien mat nh mc
7. Tha / Thieu TM

100
60

100
60

100
70

100
80

400

597
53
200
253
200
53

1077
- 352
253
- 99
200
- 299

100
100
180
500
100
10
1564
- 689
- 99
- 788
200
- 988

QUN TR CC KHON PHI THU


C th thy cc chi ph pht sinh v tng t cc khon phi thu
nh sau:
Chi ph qun l v thu hi n,
N kh i,
Chi ph chit khu,.
Chi ph ti tr,
Bai 51:
Cong ty AC ang xem xet lai chnh sach ban chu cua mnh.
ieu kien ban hang hien nay cua cong ty la 2/10 - net 30 va gia s
toan bo doanh thu eu ban chu
Cong ty ang xem xet e chuyen oi sang chnh sach ban
chu mi vi ieu kien la 3/10 - net 30 va cac ket qua d kien cua
chnh sach ban chu mi c d toan nh sau sau:
27

Doanh thu
nh ph
Bien ph
% doanh thu hng chiet khau
Ky thu tien bnh quan
N kho oi (%DT)
Chi ph quan ly va thu n(%DT)

Thay oi
2/10
3/10
net 30 net 30
500
500
50
50
355
355
30%
55%
35
28
3%
2%
0,2%
0,2%

Tang
3/10
net 30
60
42,6
95%
12
4%
0,5%

Neu chi ph s dung von la 10% va thue suat thue thu nhap
cua cong ty la 40%, th cong ty co nen thay oi chnh sach ban chu
khong.

GII
Thay oi
Tang
2/10 net 30 3/10 net 30 3/10 net 30
1. Doanh thu
500
500
60
2. Tong chi ph
405
405
42,6
3. LN trc cac CPTC
95
95
17,4
4. CPTC t CKPT
19
18,56
4,552
Chi ph quan ly va thu n
1
1
0,3
N kho oi
15
10
2,4
Chi ph chiet khau
3
8,25
1,71
Chi ph tai tr
-- 0,69
0,142
5. LNTT
76
76,44
12,848
6. LNST
46,864
7,7088
45,6
53,5728
Cong ty nen thay oi chnh sach ban chu v no em lai li nhuan
cao hn.
Ch tieu

28

Tnh toan nh sau:


* Chi ph chiet khau
2/10 net 30 = 500 x 30% x 2% = 3
3/10 net 30 = 500 x 55% x 3% = 8,25
3/10 net 30 = 60 x 95% x 3% = 1,71
* Cac khoan phai thu
2/10 net 30 = (500 x 35) : 360 = 48,61
3/10 net 30 = (500 x 28) : 360 = 38,89
3/10 net 30 = (60 x 12) : 360 = 2
* Chi ph tai tr
DT cu = (38,89 48,61) x 71% x 10% = 0,972
DT tang them = 2 x 71% x 10%
=
0,142

Chng 6

NGUN TI TR NGN HN
Tnh dng thng mi : c im, chi ph v s dng
Tn dng ngn hng: c im, chi ph v s dng
Thng phiu : c im, chi ph v s dng

Chng 7

THI GI TIN T
Li n v li kp : Cng thc v v d minh ha
Gi tr tng lai (n v chui tin ) : Cng thc v v d minh ha
Gi tr hin ti (n v chui tin ) : Cng thc v v d minh ha
Xc nh li sut : phng php Ni Suy v v d minh ha
29

Cu hi v bi tp n
Cu hi tho lun s : 50, 51, 52, 54, 56
Bi tp : T bi 65 n bi 86

TM TT NI DUNG
VN LI SUT
Li n v li kp
Li sut danh ngha v li sut thc
* Chuyn li sut thc theo nhng thi on khc nhau.

i 2 = (1 + i1 )n 1
* Chuyn t li sut danh ngha sang li sut thc

i = 1 +
m1

m2

GI TR TNG LAI
1. Gi tr tng lai ca khon thu nhp n
Fn = P(1 + i)n

(1)

2. Gi tr tng lai ca chui tin u

F = A

n 1

t =1

(1 + i)n 1
(1 + i) = A
i
t

(3)

III. GI TR HIN TI
1. Gi tr hin ti ca khon thu nhp n
P = Fn (1 + i)-n

(2)
30

2. Gi tr hin ti ca chui tin u


n

(1 + i)

P =A

t =1

1 (1 + i)
=A
i

(4)

XC NH LI SUT
Bi 71
Mot lo hang c rao ban bang hai cach sau:
- Neu tra tien ngay th gia ban se la 2,6 ty
- Neu mua tra gop, th c tra trong 10 thang, thang th nhat
tra 800 trieu, thang th hai 400 trieu, t thang th ba en thang th
mi moi thang gop 200 trieu. Lan tra au tien la sau mot thang ke
t khi nhan hang
a. Neu lai suat tren th trng la 1,2% thang th ban se chon
cach mua nao.
b. Neu lai suat tren th trng la 2% thang, th ban co thay
oi y kien hay khong.
c. Neu lan tra au tien c thc hien ngay sau khi nhan
hang th ket qua hai cau tren thay oi nh the nao.
c. So tien phai tra hang nam se la bao nhieu neu lan tra n
au tien c thc hien ngay khi vay n, va lap lai bang lch
trnh tra n.

GII
a. Chn cch tr ngay.
P=

800
(1+1,2%)

400
(1+1,2%)2

200

1(1+1,2%)-8
1,2%

(1+1,2%)-2

P = 2.662,2674 triu
31

b. Chn cch tr gp.


P=

800
(1+2%)

P=

2.576,9861 triu ng

400
(1+2%)2

200

1(1+2%)-8
2%

(1+2%)-2

Bi 74
Ban la nhan vien tn dung cua mot ngan hang. Cong ty Nam
Thanh muon vay 500 trieu ong va hoan tra nam lan eu nhau
trong 5 nam, lan tra gop au tien la sau mot nam ke t luc vay.
Ban quyet nh mc lai suat cho vay la 14% nam (tien lai c tnh
tren so d n au ky).
a. So tien phai tra hang nam la bao nhieu?
b. Lap bang lch tra n trong 5 nam.

GII
S tin phi tr hng nm l
A=

Pxi
1 (1 + i) n

500 x 14%
1 (1 + 14%) 5

= 145,642 triu ng

Bng lch trnh tr n


Nm
0
1
2
3
4
5
Tng

Tng tr=vn +li

Li

Vn gc

145,642
145,642
145,642
145,642
145,642
728,21

70
59,41
47,338
33,575
17,887
228,21

75,642
86,232
98,304
112,067
127,755
500

D n
500
424,358
338,126
239,822
127,755
0

32

Bi 85
Mot lo hang co gia ban tren th trng la 1.000 trieu, c
mang ban tra cham vi phng thc nh sau, ngi mua se tra tien
trong 4 nam
Nam th nhat tra 500 trieu, nam th hai tra 400 trieu, nam
th ba tra 300 trieu. Va lan tra au tien la sau mot nam ke t khi
mua.
Vay lai suat ban tra cham la bao nhieu mot nam

1.000

500
(1+i)1

400
(1+i)2

300
(1+i)3

i = 10% P = 1.010,5
i = 11% P = 994,5
i

10%

1.010,5 1.000
1.010,5 994,5

1%

10,65%

Chng 8

HOCH NH NGN SCH U T


Cc loi d n u t ti doanh nghip
Cc phng php xp hng d n u t :
o Thi gian hon vn (PP),
o Gi tr hin ti thun (NPV),
o T sut li nhun ni b (IRR)
o ch s sinh li (PI)
Xc nh dng tin trong cc d n u t
33

o D n thay th
o D n pht trin
Cu hi v bi tp n
Cu hi tho lun s : 61, 63, 67, 68
Bi tp s : T bi 88 n bi 102

TM TT NI DUNG
III. CAC PHNG PHAP LA CHON D AN AU T
- D an nao c chon trong cac d an t loai lan nhau.
- Co bao nhieu d an uc chap thuan neu ta phai toi a hoa
gia tr hoat ong cua doanh nghiep.
1. Phng phap thi gian hoan von
Thi gian hoan von la so nam can thiet e doanh nghiep thu
hoi lai so von au t ban au nh so li nhuan rong trc khi tr
khau hao.
2. Phng phap gia tr hien tai thuan
Cong thc tong quat tnh hien gia thuan (NPV) nh sau:
NPV =

t =1

A t (1 + i ) t

C t (1 + i ) t

t =1

(8-1)

Neu von au t ch bo ra mot lan hien tai th cong thc (81) co the viet lai nh sau:

A
An
A2
+ .......+
NPV = 1 +
C0
(1 + i)n
(1 + i) (1 + i)2

(8-2)

34

3. Phng phap ty suat li nhuan noi bo

NPV =

A t (1 + i)

t =1

C t (1 + i) t

=0

(8-3)

t =1

Neu von au t ch bo ra mot lan hien tai th cong thc (83) co the viet lai nh sau:
A
An
A2
NPV = 1 +
+ ....+
C0 = 0
(1 + i)n
(1 + i) (1 + i)2

(8-4)

IV. XAC NH DONG TIEN TRONG CAC D AN AU T


1. D an au t thay the
2. D an au t phat trien
Bai 89:
Von au t ban au (trieu ong)
Thu nhap hang nam (trieu ong)
i song d an (nam)

D an A
76
23
5

D an B
42
13
5

a. Tnh NPV va IRR cua tng d an, vi chi ph von la 14%.


b. Tnh NPV cua d an A-B va tm IRR cua no.
c. Can c vao ket qua tnh toan cua d an A-B e so sanh
va chng minh quan iem xep hang cac d an loai tr nhau
theo NPV la chnh xac.
d. Neu von au t ban au cua hai d an khong bang nhau,
th viec xep hang cac d an theo NPV la khong the chap
nhan c. Ban co y kien g oi vi quan iem nay.
35

GII
a. Tnh NPV cua cac d an
1 (1 + 14%) 5
NPVA = 23
14%

76

= 2,961

NPVB = 13

1 (1 + 14%) 5
14%

42

= 2,63

NPVA B = 10

1 (1 + 14%) 5
14%

34

= 0,331

b. Tnh IRR
* D an A
i = 15% NPVA = 1,0996
IRRA = 15,61%
i = 16% NPVA = 0,6912
* D an B
i = 16% NPVB = 0,5658
IRRB
= 16,58%
i = 17% NPVB = 0,4085
* D an A B
i = 14% NPVA B = 0,331
IRRA B = 14,41%
i = 15% NPVA B = 0,478
c. Neu s khac biet ve quy mo qua ln ta co the dung en ty so li
nhuan e anh gia cac d an. Gia s
1 (1 + 14%) 5
NPVB = 130
420 = 26,3 >>> 2,96
14%
Khi o:
1 (1 + 14%) 5
23
14%
PIA =
= 1,039
76
1 (1 + 14%) 5
130
14%
PIB =
= 1,063
420
36

Bai 91:
Hai d an au t eu co von au t la 8 ty. Chuoi thu nhap cua hai
d an c xac nh nh sau :
Nam

D an A (ty ong)

D an B (ty ong)

a. Tnh NPV cua hai d an, vi chi ph von cua cong ty la 0%,
10% va 20%
b. Tnh IRR cua hai d an
c. Ve o th cua hai d an, vi OX la chi ph von va OY la
NPV va xac nh giao iem cua hai o th. Theo ban th d
an nao tot hn

GII

a. Tnh NPV
NPVA = 8 +

NPVB = 8+

DA
A
B
AB

0
8
8
0

4
(1 + i)

1
2
+
(1 + i)
(1 + i)2

1
4
1
3

4
(1 + i)2
+

2
(1 + i)3

Thu nhap d an
2
3
4
5
4
2
1
2
2
2
3
2
0 -1 -3

2
(1 + i)3

6
4
-4

2
(1 + i)4

1
(1 + i)4

3
(1 + i)5

NPV (ty ong)


0% 10%
20%
3
1,12 0,24
6
1,55 1,11

4
(1 + i)

IRR
17,9%
15,2%

37

b. Tnh IRR
* D an A
i = 17%
i = 18%
* D an B
i = 15%
i = 16%
c. Ve o th
NPVA B=

NPVA = 0,1234
NPVA = 0,0044

IRRA

= 17,97%

NPVB = 0,0612
NPVB = 0,1956

IRRB

= 15,24%

3
2
+
(1 + i)2
(1 + i)

1
(1 + i)4

3
(1 + i)5

4
(1 + i)6

* D an A B
i = 12% NPVA B = 0,0914
IRRA B = 12,61%
i = 13% NPVA B = 0,0583
NPVA = NPVB = 0,729 ty
Vay giao iem cua hai o th tai M(12,61%;0,729)
Tuy thuoc vao chi ph von ma ta co
* Khi WACC < 12,61% th NPVB > NPVA B tot hn A
* Khi WACC > 12,61% th NPVB < NPVA A tot hn B
Bai 95:
Mot cong ty san xuat giay ang xem xet mot li e ngh e
mua va lap at mot bang chuyen van chuyen nguyen lieu trong nha
may cua ho .
Gia mua bang chuyen la 600 trieu, chi ph chuyen ch va lap
at cung vi cac chi ph khac la 100 trieu. tuoi tho cua bang chuyen
nay la 5 nam va day chuyen nay se c khau hao theo phng
phap khau hao nhanh (tong so cac nam s dung). Gia tr thu hoi cua
bang chuyen la 20 trieu.
Hoat ong cua bang chuyen khong lam tang doanh thu,
nhng co the tiet kiem chi ph san xuat la 250 trieu moi nam. Thue
suat thue thu nhap cua cong ty la 35%.
38

a. Hay xac nh thu nhap cua d an.


b. Phng phap khau hao nhanh co anh hng nh the nao
oi vi thu nhap cua d an. (So sanh neu tai san nay khau
hao theo phng phap ng thang).
c. Gia s chi ph von cua cong ty la 15%. Hay anh gia anh
hng cua phng phap khau hao nhanh oi vi NPV cua d
an.

GII
a. Khau hao theo tong so nam s dung
Ch tieu
LNTT va KH
KH
LNTT
LNST
* LNST va KH

1
250
233,33
16,67
10,84
244,17

2
3
250
250
186,67
140
63,33
110
41,16
71,5
227,83
211,5
Gia tr thu hoi

4
250
93,33
156,67
101,84
195,17

5
250
46,67
203,33
132,16
178,83
20(1 t)

b. Khau hao theo phng phap ng thang


LNTT va KH
250
KH
140
LNTT
110
LNST
71,5
* LNST va KH
211,5 (cong them 20(1 t) nam cuoi)

39

Bang so sanh ve thu nhap cua d an theo hai phng phap KH:
KH theo
KH theo
Chenh lech
Nam
tong so nam
ng thang
1
244,17
211,5
32,67
2
227,83
211,5
16,33
3
211,5
211,5
0
4
195,17
211,5
16,33
5
178,83
211,5
32,67
c. Vi chi ph von la 15% ta co
NPVnhanh =

244,17
227,83
211,5
195,17
178,83
+
+
+
+
2
3
4
1,15
1,15
1,15
1,15
1,155
20 x (1 35%)
700 = 30,621tr
+
(1 + 15%)5

1 (1 + 15%) 5
NPVT = 211,5
+
15%

20 x 0,65
1,155

700 = 15,44 tr

Chng 9

NH GI CHNG KHON
nh gi tri phiu v c phiu u i
nh gi c phiu thng : M hnh tng trng u, M hnh
khng tng trng, M hnh tng trng hai hay nhiu giai on
Cu hi v bi tp n
Cu hi tho lun s : 84, 86, 89, 91
Bi tp s : T bi 113 n bi 121

40

TM TT NI DUNG
LNG GIA CHNG KHOAN
P0 =

CFt (1 + i) t

t =1

CF1
CF2
CFn
+
+
.....
+
(1 + i) (1 + i)2
(1 + i)n

1. Lng gia trai phieu


P0 =

CF t (1 + i ) t

+ FV (1 + i ) n

t =1

Hay
P 0 = CF

1 (1 + i ) n
+ FV (1 + i ) n
i

* Mot so trng hp ac biet : TP tra lai nua nam mot lan, TP


chiet khau, TP vo han,. . .
2. Lng gia co phan u ai
P0 =

Menh gia Lai suat goc


CF
=
i
Lai suat th trng

Bai 113:
Co hai loai trai phieu ang lu hanh tren th trng, ca hai
loai eu co menh gia 1 trieu ong va lai suat goc 10%. Nhng trai
phieu A co thi han 15 nam, trai phieu B thi han la 3 nam.
a. Tnh gia tr cua moi loai trai phieu khi lai suat th trng
la : 5%, 8%, 12% va 18%.
b. Tai sao gia cua trai phieu A chu bien ong nhieu hn so
vi gia cua trai phieu B khi lai suat th trng thay oi. T
o ban co nhan xet g ve yeu to rui ro gia cac trai phieu
ngan han va dai han
41

GII
a.
PA = 1.000.000 x 10%

1 (1 + i) 15
i

1.000.000
(1 + i)15

PB = 1.000.000 x 10%

1 (1 + i) 3
i

1.000.000
(1 + i)3

Trai
phieu
A
B

Lai suat th trng


8%
12%
1.171.190
863.783
1.051.542
951.963

5%
1.518.983
1.136.162

18%
592.674
826.058

3. Lng gia co phan thng


Ty suat li nhuan
Co phieu

= Co tc + (Gia cuoi nam Gia au nam)


Gia au nam

Hay
TS li nhuan
Co phieu

Co tc
Gia au nam

+ Gia cuoi nam gia au nam


Gia au nam

Hoac
K = D1 + P1 P0 K =
P0
P0
a. Mo hnh tang trng eu
P0 =

D1
P0

+ g

Dt (1 + i)t = D1(1 + i)1 + .....+ Dn (1 + i) n

t =1

(10-5)

(10-6)

Hay
P0 =

D1
K-g

K = D1
P0

+ g

(10-6c)
42

b. Mo hnh tang trng bang zero


D0
K
c. Mo hnh tang trng nhieu giai oan
P0 =

P0 =

Di
(1+K)

D2
(1+K)2

+..+

(10-6c)

Dn
Pn
+
n
(1+K)
(1+K)n

(10-7)

Bai 121:
Cong ty thep SEC ang trong thi ky tang trng nhanh. Li
nhuan sau thue va co tc c ky vong tang trng 15% trong hai nam
ti, 13% trong nam th ba, va sau o co nh mc 8%. Co tc mi
chia cua cong ty la 15.000 , nhng ngi ta mong i rang co tc se
tang len theo s tang trng cua cong ty. Ty suat li nhuan toi thieu
cua co phieu c ky vong la 12%.
a. Gia co phieu hien tai cua cong ty la bao nhieu.
b. Tnh suat co tc va suat li tren von cua cong ty qua cac
nam th 1, 2, 3.
c. Neu ch gi co phieu trong hai nam th khi o gia cua co
phieu se la bao nhieu. Tai sao

GII
a. Gia hien tai cua trai phieu
D1 = 15.000
x
x
D2 = 15.000
D3 = 19.837,5 x
D4 = 22.416,38 x
P3 =

D3 + 1
Kg

1,15
1,152
1,13
1,08

=
=
=
=

24.209,69
12% 8%

17.250
19.837,5
22.416,38
24.209,69
= 605.242,25
43

P0 = 17.250 x 1,12 1 + 19.837,5 x 1,12 2 + (22.416,38 +


= 477.971
605.242,25) x 1,12 3
b. Tnh suat co tc va suat li tren von

Nam
1
2
3

P2 = (22.416,38 + 605.242,25) x 1,12 1

= 560.409,49

P1 = (19.837,5 + 560.409,49) x 1,12 1

= 518.077,67

Dn
Suat co
Pn 1
tc
3,61%
3,83%
4%

Suat li
tren von

Pn Pn 1
Pn 1
8,39%
8,17%
8%

K
12%
12%
12%

Chng 10

CHI PH S DNG VN

Chi ph s dng cc loi vn :

o Chi ph n di hn (Kd)
o Chi ph vn c phn u i (Kp)
o Chi ph vn t c (Ke)

Chi ph vn li nhun li (Kr)

Chi ph vn c phn thng mi (Kc)

Chi ph vn trung bnh (WACC)


Chi ph vn bin t (MCC)
Cu hi v bi tp n
Cu hi tho lun s : 101, 102, 105, 110
Bi tp s : T bi 127 n bi 143
44

TM TT NI DUNG
1. Von do n vay
Chi ph n vay c nh ngha nh la ty suat li nhuan ky
vong phai thu c tren cac au t c tai tr bang n vay e gi
khong thay oi so li nhuan danh cho cac chu s hu.
Chi ph n vay
sau thue

= Chi ph n vay (1 thue suat)


trc thue

* oi vi cac trai phieu hu han


P0 - C0

1(1+Kd)-n
Kd

= CF(1-t)

P0(1-F) = CF(1-t)

+ FV(1+Kd)-n

1(1+Kd)-n
Kd

(10-1)

+ FV(1+Kd)-n

* oi vi cac trai phieu vo han


P0(1-F) =

CF(1-t)
Kd

(11-2)

2. Co phan u ai
P0 - C0

Dp
Kp

Kp =

Dp
P0 C0

(11-3)

4. Chi ph von t co
a. Li nhuan e lai
Chi ph von cua li nhuan e lai la ty suat li nhuan ky vong
thu c tren cac au t c tai tr t li nhuan e lai bang vi ty
suat li nhuan ma nha au t ky vong nhan uc tren co phan
thng.
45

D1 + g
P0
b. Co phan thng mi phat hanh
Kr =

K=

Mo hnh tang trng eu:


P0 C0 =

D1
KC - g

(11-4)

P0 C0 =

D1
KC

(11-5)

Khi g = 0

Khi g khong eu
P0 C0

Di
(1+KC)

+.+

Dn
(1+KC)n

Pn
(1+KC)n

(11-6)

Bi 129
Cong ty AC co c cau von nh sau :
- N dai han

400.000.000

- Co phieu u ai

50.000.000

- Co phan thng

150.000.000

- Li nhuan e lai

100.000.000

- Trai phieu co thi han 10 nam, lai suat goc 12%, th gia moi
co phieu 920 ngan so vi menh gia la 1 trieu
- Co phieu u ai co co tc u ai la 6.000 ong va gia hien
hanh la 30.000 ong mot co phieu.

46

- Co phieu thng co gia hien hanh la 120.000 ong, co tc


thng ky vong cho nam ti la 2.500 ong.
Cong ty ang ky vong mc tang trng vnh vien la 10%,
thue suat thue thu nhap cua cong ty la 34%.
Tnh chi ph von trung bnh cua cong ty.
Bi 138
Theo so lieu thong ke th li nhuan mot co phieu cua cong ty
ABS trong 10 nam qua nh sau:
Nam

88

89

90

91

92

93

94

95

96

97

EPS(1.000) 3,5 4,2 4,5 4,9 5,3 5,7 6,1 6,6 7,2 8,0
Cong ty hien ang co 7,8 trieu co phieu thng lu hanh tren
th trng. Vao ngay 1/1/1998 gia th trng mot co phieu la 65.000
ong, co tc ky vong vao cuoi nam 1998 la 45% li nhuan mot co
phan cua nam 1997. Cac nha au t ky vong cac xu hng tang
trng trong qua kh van tiep tuc duy tr trong tng lai. Suat tang
trng cua co tc va EPS la nh nhau.
Lai suat n vay mi la 10%, suat thue thu nhap la 35%.
Trong von dai han cua cong ty th n chiem 45%. Cong ty khong s
dung von co phieu u ai.
a. Hay tnh chi ph n vay sau thue va chi ph li nhuan e
lai.
b. Hay tnh chi ph von trung bnh vi ieu kien la cong ty
khong s dung von t co ngoai sinh.
c. Neu cong ty khong phat hanh co phieu mi th nhu cau von
co the tang them toi a la bao nhieu.

47

d. Hay tnh chi ph von trung bnh cua cong ty trong trng
hp cong ty phat hanh co phieu mi. Vi gia 65.000 ong
mot co phieu, va so tien thc nhan la 58.000 ong.
Bi 141
Cong ty SBC co c cau von toi u nh sau:
N

25%

Co phan u ai

15%

Von t co

60%

Cong ty ky vong li nhuan rong cuoi nam nay se la 45 trieu


ong, suat chia co tc 40%. Cac nha au t ky vong li nhuan, co
tc se co mc tang trng khong oi la 10% nam. Nam va qua, co
tc cua cong ty la 3.600 ong. Gia hien hanh cua co phieu la
60.000 ong thue suat thue thu nhap la 40%.
Cong ty co the huy ong von t nhng nguon sau:
* Co phan thng
- Di va bang 15 trieu vi chi ph phat hanh 10%.
- Tren 15 trieu vi chi ph phat hanh 20%.
* Co phieu u ai:
Gia ban mot co phieu 100.000 , lai suat 11%
- Di va bang 10 trieu vi chi ph phat hanh 5.000 ong
cho moi co phieu.
- Tren 10 trieu vi chi ph phat hanh 10.000 ong cho moi
co phieu.
* N vay
- Di va bang 7 trieu vi lai suat 12%.
48

- Tren 7 trieu en 12 trieu vi lai suat 14%


- Tren 12 trieu vi lai suat 16%.
a. Hay xac nh cac mc nhu cau von (iem gay) ma tai o
chi ph von bien te thay oi.
b. Hay xac nh chi ph von bien te va chi ph von trung bnh
tng mc nhu cau von.

TI LIU THAM KHO CHNH


1. Sch Qun Tr Ti Chnh ca TS. Nguyn Vn Thun,
Nh xut bn Thng K
2. Sch Cu hi v bi tp QT Ti Chnh ca TS. Nguyn
Vn Thun, NXB T.K
3. a hnh : n tp thi tt nghip mn Qun Tr Ti Chnh H
T Xa (Nu c)

M T THI TT NGHIP
1. Hnh thc thi: thi c ra di hnh thc t lun,
c tham kho ti liu.
2. Thi gian lm bi: 120 - 150 pht (khng k thi gian
pht )
3. Kt cu thi : T 2 n 3 bi tp, cu hi dng hiu
nu c s lng vo bi tp
49

Thng tin hng dn, trao i trong qu trnh t n tp


Trong qu trnh t n thi tt nghip tt c cc mn hc ca
ngnh Ti Chnh Ngn hng. Nu cc Anh/ch sinh vin c
nhng thc mc v ni dung bi hc, cu hi tho lun v bi tp
th cc bn hy vo trang web ca trng c th t cu hi
v tp th ging vin ca khoa s tr li tng cu hi ca cc
Anh/ch nhm gip Anh/chi c th t n tp tt v t c kt
qu tt trong k thi tt nghip.
Khoa TC-NH hin ang m cc lp n tp thi tt nghip cho tt
c cc h o to gm 2 mn: Qun tr ti chnh (QTTC1 v
QTTC2) v Ngn hng ( NVNHTM v QTNHTM)
Cc Anh/ch c th vo website www.elearning.ou.edu.vn

50