THI MN M HNH TI CHNH

Thi gian lm bi: 45 pht. Sinh vin khng c s dng ti liu.

LU
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V d
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 4
C d liu nh sau v cng ty MNC v th trng:

Li sut tn phiu kho bc : 5%/nm. Th trng k vng VN-Index s tng

trng 20% trong nm 2009.

Cng ty MNC c beta = 1,38. Li sut vay n di hn ca MNC l 10%, thu sut
thu TNDN l 28%

Cu trc vn mc tiu ca MNC l 40% n vay v 60% vn c phn

1. Tnh WACC ca MNC da trn m hnh CAPM (khng thu).

2. Nu cng ty c mt d n A nh sau, theo tiu chun NPV v IRR, cng ty c chp
nhn d n A hay khng, v th NPV ca d n A.
n v tnh: 1000 ng.
Cau san pham

Doanh so
Chi ph co nh
Chi ph bien oi
Khau hao
Li nhuan trc thue
Thue
Li nhuan sau thue

20
700,00
0
20,000
525,00
0
18,000
137,00
0
54,800
82,200

20
700,00
0
20,000
525,00
0
18,000
137,00
0
54,800
82,200

20
700,00
0
20,000
525,00
0
18,000
137,00
0
54,800
82,200

20
700,00
0
20,000
525,00
0
18,000
137,00
0
54,800
82,200

100,20
0

100,20
0

100,20
0

100,20
0

Chi ph kt thc d n sau thu

Dong tien rong

145,000

Gi : (Doanh s = cu SP * 35.000; CP bin i = 75% doanh s; thu TNDN = 40%;

CF = Li nhun sau thu + khu hao).
3. Gi nh lng cu sn phm tun theo tun theo phn phi xc sut ng dng
(uniform) v c th nhn c 5 gi tr sau: 18 ;19; 20; 21 v 22. Hy nh gi ri ro
d n bng NPV trung bnh, lch chun NPV, xc sut u t c NPV <0.

5
20
700,000
20,000
525,000
18,000
137,000
54,800
82,200
378,000
277,800