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Slide 1
CHO THU TI CHNH

Ph.D NGUYN TH LAN

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Slide 2
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NI DUNG C BN
I. MT S VN CHUNG V NGHIP V
CHO THU TI CHNH
II. CC HNH THC CHO THU TI CHNH
III. QUY TRNH CHO THU TI CHNH
IV. K THUT TI TR TRONG CHO THU
TI
CHNH

Ph.D Nguyn Th Lan

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Slide 3
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I. MT S VN CHUNG V CHO THU

TI CHNH
1.1 Khi nim 1.2 Cc ch th tham gia
trong hot ng cho thu ti chnh
1.3 c im c bn ca nghip v cho thu
ti chnh
1.4 Li ch v hn ch ca cho thu ti chnh

Ph.D Nguyn Th Lan

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Slide 4

1.1 Cho thu ti chnh l g?

CTTC (financial leasing) va l mt hnh

thc cp tn dng trung v di hn, va l

mt dng cho thu ti sn m theo ,
bn cho thu cho khch hng quyn s
dng ti sn trong mt thi hn nht nh,
vi iu kin khch hng phi tr tin thu
v khng c hy b hp ng trc
hn. Khi kt thc thi hn cho thu, bn
thu c nhn quyn s hu ti sn
thu hoc c tip tc thu theo s tho
thun ca hai bn
Ph.D Nguyn Th Lan

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Slide 5
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1.2 Cc ch th tham gia trong

hot ng CTTC
a) Bn cho thu (Leaser): Bn cho thu l nh ti
tr
(cng ty ti chnh, NHTM) dng vn ca mnh
mua cc ti sn (MMTB) v xc lp quyn s hu
i vi ti sn ri em cho thu.
b) Bn thu (Leasee): Bn thu (doanh nghip, c
nhn) l ngi c nhu cu ti tr di hnh thc
CTTC, s dng ti sn thu v tr tin thu cho
bn cho thu.
c) Nh cung cp (Supplier): l ngi bn ti sn
cho thu, c ngha v thc hin vic chuyn giao,
lp t ti sn thu theo hp ng mua-bn,
hng dn k thut, vn hnh
Ph.D Nguyn Th Lan

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Slide 6
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1.3 c im c bn ca CTTC
CTTC l phng thc cp tn dng m i

tng l mt ti sn c th do bn cho thu

mua hoc SX ra

CTTC l hnh thc cho thu m hu ht cc

quyn nng ca ch s hu (bn cho thu)

c chuyn giao cho bn thu.

Bn thu khng c quyn hu ngang hp

ng thu.

Khi ht hn thu, c s chuyn quyn s

hu t ngi cho thu sang ngi thu

Ph.D Nguyn Th Lan

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Slide 7

Du hiu nhn bit hot ng CTTC?

Theo quy nh ca U Ban Tiu Chun K Ton Quc T

(IASC)
Mt giao dch c coi l CTTC nu tho mn 1 trong 4 iu kin:

1- Quyn s hu ti sn thu c chuyn giao cho bn

thu khi thi hn thu kt thc v bn thu thanh ton
tin thu theo quy nh.
2- Hp ng thu c quy nh bn thu c quyn chn mua
ti sn theo gi tng trng khi thi hn cho thu kt
thc. 3- Thi hn cho thu chim phn ln thi gian hu
dng ca ti sn (tr trng hp ti sn cho thu qua
s dng).
4- Gi tr hin ti ca khon tin thu ti thiu bng gi tr th
trng ca ti sn ti thi im k hp ng thu.
Ph.D Nguyn Th Lan

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Slide 8
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Du hiu nhn bit hot ng CTTC?

(tip)
Theo quy nh ca Vit Nam:
Theo N16/2001/CP th giao dch c coi l CTTC nu tha mn 1 trong 4
iu kin sau:

1) Khi ht thi hn thu, bn thu c quyn nhn quyn

s hu ti sn thu hoc c tip tc thu theo s tho

thun ca 2 bn;
2) Khi kt thc thi hn thu, bn thu c quyn u tin

mua ti sn thu theo gi danh ngha thp hn gi tr thc

t ca ti sn thu ti thi im mua li;
3) Thi hn thu ti sn t nht phi bng 60% thi gian cn

thit khu hao ti sn thu;

4) Tng s tin thu ti sn t nht phi tng ng vi gi

tr ca ti sn ti thi im k hp ng.
Ph.D Nguyn Th Lan

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So snh thu ti chnh v thu hot ng
Tiu thc
1. Chuyn quyn s hu
hoc bn TS cho thu

Thu hot ng

Thu ti chnh

Khng c

2. Thi hn thu

Rt ngn so vi thi hn s
dung

t nht bng 60% thi hn

s dung

3. Mc thu hi vn ca mt
hp ng thu

Tin thu rt nh so vi tng

s vn u t

Tin thu tng ng

vi tng s vn u t

c quyn hu ngang

Khng c hu ngang

4. Quyn hu ngang H
5. Trch nhim bo tr,
ng bo him v thu TS
6. Trch nhim v ri ro

7. Cung ng TS thu
8. Trch khu hao

Bn cho thu chu

Bn i thu chu

Bn cho thu chu, tr nhng

ri ro do li ca bn i thu
gy ra.

Bn i thu chu mi ri ro,

k c nhng ri ro ko do
h gy ra.

Do bn cho thu cung cp

Do bn i thu t hng,
giao nhn v s dng

Bn cho thu c trch

Bn i thu c trch

Ph.D Nguyn Th Lan

Slide 9
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Slide 10

1.4.1 Li ch ca cho thu ti

chnh
Li

ch i vi nn kinh t:

CTTC gp phn thu ht vn u

t cho nn kinh t.
CTTC gp phn thc y i mi
cng ngh, thit b, ci tin khoa hc k
thut.
Li ch i vi cng ty cho thu:
CTTC l hnh thc ti tr c mc
an ton cao.
CTTC gip ngi cho thu linh
hot trong kinh doanh
Ph.D Nguyn Th Lan

10

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Slide 11
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1.4.1 Li ch ca cho thu ti chnh

(tip)
Li ch i vi ngi thu.
1- Ngi thu c th gia tng nng lc, hin i ha sn xut
trong nhng iu kin ngun vn u t b hn ch.
2 - CTTC khng gy nh hng bt li i vi cc h s kinh
doanh ca DN i thu.
3 - CTTC cho php ngi thu hon thu.
4 - Nhng DN khng tho mn cc yu cu vay vn ca cc
NHTM cng c th nhn c vn ti tr qua CTTC.
5 - CTTC c th gip DN i thu khng b ng vn trong TSC.
6 - CTTC l phng thc rt ngn thi gian trin khai u t p
ng kp thi cc c hi kinh doanh.
7 - CTTC cho php cc DN trong nc thu ht vn u t nc
ngoi.
Ph.D Nguyn Th Lan

11

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Slide 12
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1.4.2 Hn ch ca cho thu ti chnh

1- Li sut CTTC (chi ph thu mua) thng cao hn li
sut vay vn cng loi ca cc NHTM
2- CTTC l nghip v mi, ngoi kin thc v nghip v
ngn hng cn cn c kin thc ca nghip v khc
nh: Bo him, nhp khu hng ho, thu...
4- giai on cui ca thi hn CTTC, d tr gn
s tin thu, nhng ngi thu vn cha c quyn
s dng ti sn vo mc ch khc.
5- Nu hp ng c ghi quyn mua ti sn vi gi tng
trng b ph v, ngi thu s b thit hi do mt
quyn u tin ny, bi trong ph thu tnh gp c
phn tin thu tr cho quyn chn mua ti sn.
Ph.D Nguyn Th Lan

12

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Slide 13

II. CC HNH THC CHO THU TI CHNH

2.1 Cho thu ti chnh 2 bn
2.2 Cho thu ti chnh 3 bn
2.3 Bn v cho thu li (Ti cho thu)
2.4 Cho thu hp tc
2.5 Cho thu gip lng
(Sinh vin t nghin cu)

Ph.D Nguyn Th Lan

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Slide 14
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III. QUY TRNH TI TR CTTC

3.1 Ti sn cho thu
3.2 Bo m trong cc giao dch cho thu
3.3 Nh cung cp v iu kin chuyn giao
ti sn
3.4 Gim st vic s dng v qun l ti sn
3.5 Cc phng php x l ti sn khi chm
dt hp ng cho thu
Ph.D Nguyn Th Lan

14

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Slide 15
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3.1 Ti sn cho thu

H s ngh ti tr phi ghi r:

thu.

M t chi tit cc thng s k thut ca TS

Gi c ca ti sn;

Nh cung cp;

Phng thc chuyn giao ti sn ca cc

bn lin quan. Bn cho thu phi thm nh k cc
ni dung nu trn, trong ch : - Gi c ca ti sn;
hp);

Trnh ca my mc thit b (phi ph

Trch nhim lp t, chy th, bo hnh v

bo dng TS

Ph.D Nguyn Th Lan

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Slide 16

3.2 Bo m trong cc giao dch cho thu

Nguyn tc chung: CTTC khng cn c

bo m cho cc giao dch cho thu.

Trng hp c bit: bn cho thu (bn ti

tr) c th yu cu bn i thu c bin php

m bo thch hp

Ph.D Nguyn Th Lan

16

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3.3 Nh cung cp v iu kin chuyn

giao ti sn

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Nh cung cp:

Bn i thu la chn Nh cung

cp. - Bn cho thu thm nh nng lc
ca nh cung cp;
Nu xt thy nh cung cp ko c
nng lc th bn cho thu c th yu
cu thay i nh cung cp khc c nng
lc tt hn.

Ph.D Nguyn Th Lan

17

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3.4 Gim st vic s dng v qun

l ti sn

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Ni dung gim st:

Quy trnh bo dng ti sn v

vic ng bo him ti sn thu ca bn i
thu.
Mi trng vn hnh v tnh
trng hot ng ca ti sn.
-

Cng s dng ti sn

Phng thc gim st:

Gim st theo nh k;

Gim st t xut
Ph.D Nguyn Th Lan

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Slide 19

3.5 Cc phng php x l ti sn khi

chm dt hp ng cho thu
1. Bn i thu c chuyn giao quyn s

hu ti sn thu;
2. Bn i thu mua li ti sn thu;
3. Cho thu tip;
4. Bn i thu tr li ti sn cho bn cho

thu;
5. Bn i thu c y quyn bn ti sn

cho ngi khc.

Ph.D Nguyn Th Lan

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Slide 20
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IV. K THUT TI TR TRONG

CTTC
4.1 Xc nh tng s tin ti tr
4.2 Thi hn ti tr
4.3 Tnh tin thu

Ph.D Nguyn Th Lan

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Slide 21
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4.1 Xc nh tng s tin ti tr

Tng s tin ti tr l 100% gi tr ti

sn cho thu, bao gm:

Chi ph mua ti sn (theo gi
ghi trn ha n);
-

Chi ph vn chuyn;

Chi ph lp t, chy th;

Chi ph khc c lin quan

hnh thnh nn ti sn.
Ph.D Nguyn Th Lan

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Slide 22

4.2 Thi hn ti tr
Thi hn cho thu c chia lm 2 loi:

a)
Thi hn c bn (thi hn s
cp)c ghi trn hp ng CTTCtrong thi
hn ny 2 bn ko c n phng hy b hp
ng.
b)
Thi hn gia hn (thi hn th
cp)trong thi hn ny 2 bn ko c n
phng hy b hp ng.

Ph.D Nguyn Th Lan

22

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Slide 23
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4.3 Xc nh s tin thu thanh ton nh

k
* Cng thc tng qut:
Trong :

Ct

NG(1r)t

NG l vn ti tr cho mua ti sn thu

r l li sut theo k hn thanh ton;
C l s tin thu phi tr nh k;
n l s k (nm) thanh ton tin thu

t1
S tin thanh ton nh k ph thuc vo cc phng thc thanh ton
Lu :
sau:
(1) Thanh ton u nhau vo cui k
trng
hpnhau
s tin
tiu
trmi
khng
(2)Trong
Thanh
ton u
vo
k thu hi ht trong thi hn cho thu
cp ton
(v TS
thu
s hoc
cgim
bn li
cho bn thu vi gi xc nh)
(3) s
Thanh
tng
dn
dn
vo cui mi k
Ph.D Nguyn Th Lan
(4) Thanh ton tng dn hoc gim dn
vo u mi k
*) th trong tin thu phi tr phi c loi tr gi bn li

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Slide 24

Phng thc thanh ton tin thu

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Thanhtonu Thu
hivn100%
nhauvocuimi
Thuhivn<100%
k
Thanhtonu
Thuhivn100%
nhauvoumi
Thuhivn<100%
k
Thanhton
tng/gimdnvo Thuhivn100%
cuihayumi Thuhivn<100%
k
24

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Slide 25

4.3.1 Tin thuctr unhau vo cui

mi k
0

n-1

C1

C2

C3

Cn-1

n
C
n

a) Nu ton b vn c thu hi trong thi hn cho

thu (s cp):
C1
C2
Cn
C
1
NG
...
(1
)
(1 r ) (1 r ) 2 (1 r ) n r (1 r ) n

NG r (1 r )
(1 r ) n 1

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Trong :
NG l vn ti tr cho mua ti sn thu
r l li sut theo k hn thanh ton;
C l s tin thu phi tr nh k;
Ph.D Nguyn Th Lan
thu
n l s k (nm) thanh ton tin

25

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Slide 26

4.3.1Tin thu
ctrunhau vo
cui mi k
(tip
)
b) Nu ton b vn ko thu hi trong thi hn cho thu
(s cp) m cn c thu hi qua gi bn: li TS thu
C
C
C
S
C
1
S
N 1 2 2 .. n n
)
n (1
(1r)n (1r)n
G (1r) (1r) . (1r) (1r) r

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NG r (1r) S r
(1r)n 1

Trong :
NG l vn ti tr cho mua ti sn thu; S l gi bn li ca TS thu
r l li sut theo k hn thanh ton;
C l s tin thu phi tr nh k;
n l s k thanh ton tin thu
Ph.D Nguyn Th
Lan

2
6

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Ph.D Nguyn Th Lan

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Slide 27
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Bi tp 1:
Cng ty cho thu ti chnh ca NH BIDV k kt

mt hp ng cho thu ti chnh mt dy chuyn

thit b ng lnh vi DN X. Vi cc ni dung nh
sau:
- Tng s tin ti tr l 500 tr.
- Thi hn 5 nm
- Li sut: 10%/nm

- K hn thanh ton: cui mi nm

Yu cu: Hy tnh tin thu phi thanh ton mi nm,
trong 2 trng hp:
a) T l thu hi vn l 100%
b)T l thu hi vn l 90%
Ph.D Nguyn Th Lan

27

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Slide 28

BT 1a: Tin thu thanh ton cui mi k

a. T l thu hi vn l 100%
n v: triu

Nm

S tin ti
tr u k

Tin thu phi thanh ton

Tng s

Vn gc

Li

S tin ti
tr cn li

500,00

131,90

81,90

50,00

418,10

418,10

131,90

90,09

41,81

328,01

328,01

131,90

99,10

32,80

228,91

228,91

131,90

109,01

22,89

119,90

119,90

131,90

119,90

11,99

0,00

Tng s

659,50

500,00

159,49

3
4
5

Ph.D Nguyn Th Lan

28

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Ph.D Nguyn Th Lan

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BT 1b: Tin thu thanh ton cui mi k

b. T l thu hi vn l 90%
n v: triu

S tin ti
tr u k
Nm

Tin thu phi thanh ton

Tng s

Vn gc

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Slide 29
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S tin ti
tr cn li

Li

500,00

123,71

73,71

50,00

426,29

426,29

123,71

81,08

42,63

345,21

345,21

123,71

89,19

34,52

256,02

3
4

256,02

123,71

98,11

25,60

157,91

157,91

123,71

107,92

15,79

50,00

Tng s

618,55

450,00

168,55

Ph.D Nguyn Th Lan

29

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Slide 30

4.3.2Tin thu
ctrunhau vo u
mi k
0

C1

C2

C3

n-2

Cn-1

n-1

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Cn

a) Nu ton b vn c thu hi trong thi hn cho

thu (s cp):
1
C
C
C
C(1r)
NG C 2 3 2 ... n
(1
)
(1r) (1r)
r (1 r)n
(1 r) 1
1

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NG r (1r)
(1r) (1r)n 1

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3
0

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Slide 31

4.3.2 Tin thuctr u nhau vo u

mi k(tip)
b) Nu ton b vn ko thu hi trong thi hn cho thu
(s cp) m cn c thu hi qua gi bn li TS
: thu
NG C1

C2
C3
Cn
S
C (1 r )
1
S
...
(1
)
(1 r ) (1 r )2 (1 r ) (1 r )n
r (1 r )n (1 r )n
n 1

NG r (1 r ) S r
(1r ) (1 r)n 1

Ph.D Nguyn Th Lan

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Ph.D Nguyn Th Lan

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Slide 32
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Bi tp 2:
Cng ty cho thu ti chnh ca NH BIDV k kt

mt hp ng cho thu ti chnh mt dy chuyn

thit b ng lnh vi DN Y. Vi cc ni dung nh
sau:
- Tng s tin ti tr l 500 tr.
- Thi hn 5 nm

- Li sut: 10%/nm
- K hn thanh ton: u mi nm
Yu cu: Hy tnh tin thu phi thanh ton mi nm,
trong 2 trng hp:
a) T l thu hi vn l 100%
b)T l thu hi vn l 90%
Ph.D Nguyn Th Lan

32

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BT 2a: Tin thu thanh ton u mi k

a. T l thu hi vn l 100%
n v: triu

S tin ti
tr u k
Nm

Tin thu phi thanh ton

Tng s

Vn gc

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Slide 33
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S tin ti
tr cn li

Li

500,00

119,91

119,91

0,00

380,09

380,09

119,91

81,90

38,01

298,19

298,19

119,91

90,09

29,82

208,10

3
4

208,10

119,91

99,10

20,81

109,00

109,00

119,91

109,00

10,90

0,00

Tng s

599,55

500,00

99,54

Ph.D Nguyn Th Lan

33

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Slide 34

BT 2b: Tin thu thanh ton u mi k

b. T l thu hi vn l 90%
n v: triu

Nm

S tin ti
tr u k

Tin thu phi thanh ton

Tng s

Vn gc

Li

S tin ti
tr cn li

500,00

112,46

112,46

0,00

387,54

387,54

112,46

73,71

38,75

313,83

313,83

112,46

81,08

31,38

232,76

232,76

112,46

89,18

23,27

143,57

143,57

112,46

98,11

14,35

45,46

45,46

50,00

45,47

4,55

0,00

Ph.D Nguyn Th Lan

34

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Ph.D Nguyn Th Lan

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Slide 35

4.3.3Tin thuctr tng dn hoc

gim dn

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a) Nu tin thu c thanh ton vo cui k v ton b

vn c thu hi trong thi hn cho thu (s cp):

C
Trong :

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NG (1 r)n (1 r) k )
(1 r)n k n

NG l vn ti tr cho mua ti sn thu

r l li sut theo k hn thanh ton;
C l s tin thu phi tr k hn u tin;
n l s k thanh ton tin thu
v (1+r)>k
k l h s iu chnh

k;

Lu :S tin thu k hn th 2 tr i= tin thu k hn trc x

- Nu k>1 th C s tng dn;

- Nu k<1 thPh.D
CNguyn
s gim
Th Lan dn;

35

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Slide 36

4.3.3 Tin thu c tr tng dn hoc

gim dn (tip)

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b) Nu tin thu c thanh ton vo cui k v ton b vn ko thu hi trong thi hn cho thu (s cp):

___________________________________

C NG(1r)n nS n(1r)k
(1r) k

Trong :NG l vn ti tr cho mua ti sn thu; S l gi bn li TS thu

___________________________________

r l li sut theo k hn thanh ton;

C l s tin thu phi tr k hn u tin;
n l s k thanh ton tin thu
k l h s iu chnh v (1+r)>k
Lu : S tin thu k hn th 2 tr i= tin thu k hn trc x k;
- Nu k>1 th C s tng dn;
- Nu k<1 th C s gim dn;

Bi tp 3:
Cng ty cho thu ti chnh ca NH BIDV k kt mt hp

ng cho thu ti chnh mt dy chuyn thit b ng lnh

vi doanh nghip A. Vi cc ni dung nh sau:
-

Tng s tin ti tr l 500 tr.

Thi hn 5 nm

Li sut: 10%/nm

K hn thanh ton: cui mi nm v p dng

phng thc thanh ton gim dn vi h s iu chnh K=
0,8
Yu cu: Hy tnh tin thu phi thanh ton mi nm, trong 2
trng hp:
a) T l thu hi vn l 100%.
b)T l thu hi vn l 90%.
Ph.D Nguyn Th Lan

37

36

Slide 37

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Ph.D Nguyn Th Lan

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Slide 38

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4.3.3 Tin thu c tr tng dn hoc

gim dn (tip)
c) Nu tin thu c thanh ton vo u k v ton b
vn c thu hi trong thi hn cho thu (s cp):

CNG(1r)n(1nr)nk)(1r) (1r) k

Trong :

___________________________________
___________________________________

NG l vn ti tr cho mua ti sn thu

r l li sut theo k hn thanh ton;
C l s tin thu phi tr k hn u tin;
n l s k thanh ton tin thu k l h s iu chnh v (1+r)>k
Lu : S tin thu k hn th 2 tr i = tin thu k hn trc x k;- Nu k>1 th C s tng dn;

___________________________________

- Nu k<1 th C s gim dn;

Ph.D Nguyn Th Lan

38

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Slide 39

4.3.3 Tin thu c tr tng dn hoc

gim dn (tip)

___________________________________
___________________________________

d) Nu tin thu c thanh ton vo u k v ton b

___________________________________

vn ko thu hi trong thi hn cho thu (s cp):

NG
C

(1r)n S n(1nr)k

(1r) (1r) k

___________________________________

Trong :

NG l vn ti tr cho mua ti sn thu; S l gi bn li TS thu

r l li sut theo k hn thanh ton;
C l s tin thu phi tr k hn u tin;
n l s k thanh ton tin thu
k l h s iu chnh v (1+r)>k
Lu : S tin thu k hn th 2 tr i= tin thu k hn trc x
k;

- Nu k>1 th C s tng dn;

- Nu k<1 th C s gim dn; Ph.D Nguyn Th Lan

39

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Ph.D Nguyn Th Lan

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Slide 40

Bi tp 4:
Cng ty cho thu ti chnh ca NH BIDV k kt mt hp

ng cho thu ti chnh mt dy chuyn thit b ng lnh

vi doanh nghip A. Vi cc ni dung nh sau:
-

Tng s tin ti tr l 500 tr.

Thi hn 5 nm

Li sut: 10%/nm

K hn thanh ton: u mi nm v p dng

phng thc thanh ton gim dn vi h s iu chnh
K=0,8
Yu cu: Hy tnh tin thu phi thanh ton mi nm, trong 2
trng hp:
a) T l thu hi vn l 100%
b)T l thu hi vn l 90%
Ph.D Nguyn Th Lan

40

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