THI TUYN V TR TN DNG BIDV

Khu vc Bc min Trung

(Ngy 24/07/2010)

NGHIP V: Thi gian: 150 pht.

Cu 1: (20)
nh gi hiu qu ti chnh d n, cn b thm nh c th s dng cc ch tiu no nh
gi. Theo bn nn chn ch tiu no trong s nhng ch tiu ?
Cu 2: (20)
Cho bit th no l ri ro li sut? Nu cc bin php phng nga v hn ch ri ro li sut?
Cu 3: (20)
Phn bit c phiu v tri phiu doanh nghip. So snh u nhc im ca vic huy ng vn
thng qua hnh thc pht hnh c phiu v pht hnh tri phiu doanh nghip.
Cu 4: (40)
Cng ty X u t d n sn xut gch vi tng vn u t l 32 t ng nm 0. Sau khi xem
xt tt c cc yu t lin quan, cng ty c tnh dng tin rng thu c nm th nht l 4,5 t;
nm th hai l 5 t v t nm th 3 tr i l 6 t. Vng i d n l 10 nm. Vn vay = 60% tng
mc u t.
Bit TSLN i hi ca vn ch s hu l 13,2%/nm v li sut cho vay l 10,5%/nm. Thu
sut thu thu nhp doanh nghip l 25%.
a) Tnh chi ph s dng vn bnh qun trng s ca d n (WACC)
b) L nhn vin tn dng, bn ngh ngn hng nn chp nhn hay t chi cho vay d n ny?
Ti sao?
c) Kt qu cu b thay i th no nu t sut li nhun i hi ca vn ch s hu l 20%.
d) Nu dng tiu chun thi gian hon vn ca d n l 7 nm xem xt th c nn cho vay
khng?
TING ANH: 90 pht.
(Tic l thi khng c mang di ng vo nn ko chp c ting Anh ^^!)

1. c hiu (30)
2. Ng php (40)
3. Vit (30)
Write a short essay (about 300 words) to tell about what consider the most important thing in
life.
K tn: thi c gi t 1 fan hm m GiangBLOG ^^!

-=========================-

GII
(Bi gii ch mang tnh cht tham kho t GiangBLOG, khng phi p n cung cp t pha
Ngn hng BIDV)
NGHIP V
Cu 1:
nh gi hiu qu ti chnh d n, cn b thm nh c th s dng cc ch tiu gm c:
- NPV (Phn nh gi tr hin ti rng ca cc khon u t trong d n nu). NPV > 0 nh
vy d n kh thi
- T l IRR > LS ngn hng (cha tnh n chi ph c hi, chi ph vn lu ng..v.v....)
Chn ch tiu no th cng phi phn loi trng hp ra. Cu hi n y buc bn phn
loi 2 ch tiu IRR v NPV. Tuy nhin cui cu hi vn nhn mnh c ch tiu no c
s dng ph bin. l IRR, do n gin trong cch tnh ton.
i vi mi loi d n khc nhau s cn s dng IRR hoc NPV nh gi, bi chng c u
nhc im khc nhau.
Vi NPV:
+) u im l:
- Cho php s dng vi cc t l chit khu khc nhau m khng dn n sai lch. ng thi
cng khng cn phi so snh NPV vi ch s no khc, nu nh NPV ln hn 0 c ngha l
d n l kh thi v mt ti chnh.
- NPV s dng hiu qu vi c cc d n c s an xen ca dng tin dng v dng tin m.

+) Nhc im l:
- NPV kh tnh ton do cng thc phc tp v cn bit cc t l chit khu
Vi IRR:
+) u im l:
- D tnh ton.
- Phng php IRR n gin ho d n thnh mt con s duy nht t nh qun l c th xc
nh c liu d n ny c kinh t, c kh nng em li li nhun hay khng.
+) Nhc im l:
- Kt qu s thiu chnh xc nu d n c cc dng tin khc nhau, t l chit khu khc nhau v
cc d n c dng tin khng n nh,
- Vic p dng IRR l phi bit c t l chit khu ca d n.
=> Trong thc t, ngi ta thng dng IRR do cch tnh n gin, nhanh chng, vi 1 d n
di hn tm 5 nm s rt kh thi nu s dng IRR v 1 t l chit khu duy nht.
Cu 2:
Ri ro li sut l mt trong nhng ri ro c th ca cc Ngn hng thng mi. Ri ro li sut
c nh hng rt ln n thu nhp cng nh gi tr vn ch s hu ca Ngn hng v thu nhp t
li v chi ph t li l nhng ngun thu v cc khon chi ch yu ca cc NHTM.
Nguyn nhn dn n ri ro li sut trong kinh doanh ngn hng l do s khng ph hp v k
hn gia ti sn c v ti sn n cng vi nhng bin ng bt li ca li sut. Trong mi trng
cnh tranh cao gia cc ngn hng nh hin nay th iu ny cng c iu kin bc l, n
gin l v c hi tm kim u vo v u ra cho hot ng ca ngn hng ngy cng thu hp
do s khng cho php cc ngn hng c nhiu la chn c hi u t nh mong mun v qui
m, k hn vic tm kim u vo cng c chung nhng c im nh th.
Cc bin php phng nga RR li sut:
1) Cn a dng ha cc hnh thc huy ng vn (a dng ha cc ti sn N)
(Bng cch ny, ging nh trong chng khon, 'b nhiu trng vo nhiu r s lm phn tn
ri ro' cho ngn hng).
- Hin cc sn phm ca NH ch ang l cc sn phm truyn thng : Huy ng, cho vay vn l
nhng chc nng chnh. Chi ph v thu nhp t nhng hot ng ny vn chim t trong ln
trong tng chi, tng thu ca bng cn i cc ngn hng tham gia u t trn th trng chng
khon cn hn ch. Cc ti sn c nh Tri phiu, c phiu chim t trng khng cao nn gi
tr rng ca NH b nh hng nhiu bi s bin ng ca li sut.
2) Xy dng m hnh qun tr ri ro li sut ph hp.
- Cc NH nn c mt s m hnh nh gi (nh lng) ri ro li sut nh : M hnh k hn
n hn, M hnh thi lng, M hnh Tu tng m hnh c la chn s ng vi mt
phng php qun tr ri ro li sut thch hp.
3) Cn s h tr khung php l t pha cc c quan ch quan

- To hnh lang php l cho cc hot ca cc cng c phi sinh (Hp ng quyn chn, hp ng
k hn), m rng th trng tin t v qui m v chng loi hng ho, cng nh khch hng
giao dch cc NHTM c iu kin v i tc trong vic iu chnh cu trc bng cn i trc
bin ng bt li ca li sut
Cu 3:
Phn bit
a) C phiu:
C phiu l giy chng nhn s tin nh u t ng gp vo cng ty pht hnh. C phiu l
chng ch do cng ty c phn pht hnh hoc bt ton ghi s xc nhn quyn s hu mt hoc
mt s c phn ca cng ty .
Ngui nm gi c phiu tr thnh c ng v ng thi l ch s hu ca cng ty pht hnh.
b) Tri phiu doanh nghip
Ngha ting Anh
A debt security issued by a corporation and sold to investors. The backing for the bond is usually
the payment ability of the company, which is typically money to be earned from future
operations. In some cases, the company's physical assets may be used as collateral for bonds.
Tri phiu doanh nghip l mt loi giy nhn n c 1 doanh nghip pht hnh v bn cho cc
nh u t. DN c ngha v phi tr khon n bng ng mnh gi ca tri phiu km theo li
sut vo ngy o hn ca tri phiu. DN thng pht hnh tri phiu khi mun m rng hot
ng kinh doanh, hoc u t vo 1 d n no . Trong mt s trng hp, DN c th dng TS
c nh lm vt th chp cho tri phiu DN.
Corporate bonds are considered higher risk than government bonds. As a result, interest rates are
almost always higher, even for top-flight credit quality companies.
Tri phiu DN thng c ri ro cao hn so vi tri phiu chnh ph. Do , li sut tri phiu DN
cng thng cao hn so vi tri phiu chnh ph, thm ch l mc LS cao nht trn th trng.
So snh u nhc im ca vic huy ng vn thng qua hnh thc pht hnh c phiu v
pht hnh tri phiu doanh nghip
1) Pht hnh c phiu:
+) u im:
- Minh bch, cng khai, r rng qua cc t cho bn. DN thng c 1NH ng ra bo lnh v 1
cng ty chng khon h tr cho bo c phiu ra cng chng.
- Khi lng vn huy ng c ln, cho k hoch kinh doanh ca DN nu cho bn thnh
cng.

+) Nhc im:
- Chi ph bo lnh, chi ph pht hnh ln m DN phi tr cho pha cc NH v cng ty CK tham
gia.
- Th tc kh rm r v mt nhiu thi gian.
(Chnh v nhng nhc im ny m 'Pht hnh CP' thng l bc i cui cng ca DN c
vn cho vic m rng SXKD)
2) Pht hnh tri phiu doanh nghip
+) u im:
- Chi ph huy ng vn thp.
- Khng cn nhiu th tc phc tp, rm r v ko cn 'ly lc' thng qua trung gian ngn hng.
(Theo lut quy nh th ch cn ng bo vi chc ngy, hp bo, cho bn.... tn tn)
- DN pht hnh TP thng c nhng li th nh khng phi chu sc p chi phi t c ng mi
nh pht hnh CP, c hng li t chnh sch thu i vi khon li tr TP, trong khi cc
khon tr c tc th khng.
+) Nhc im:
- m bo thp, ch yu l da vo uy tn ca DN. i khi DN dng c ti sn ca mnh
m bo nhng vn kh c kh nng huy ng c nhiu vn nh mong mun.
Cu 4:
a) Chi ph s dng vn bnh qun trng s ca d n
WACC c tnh theo cng thc:
WACC = Re * (E/V) + Rd * (D/V) * (1-t)
Trong :
Re = Chi ph s dng vn c phn (Trong bi = TSLN Vn ch SH)
Rd = Chi ph s dng n (Trong bi = Chi ph li vay)
E = Vn t c
D = Vn vay
V = Tng vn t c & Vn vay
t = Thu sut Thu thu nhp doanh nghip.
WACC = 13.2% * 0.4 + 10,5% * 0.6 * (1- 0,25) = 10,005 %
b) Tnh NPV d n, vi WACC = 10%. Ta c bng sau:
Nm

10

Ivo

-32

CFt

4,5

CFt/(1+
WACC)^t

4,901

4,132

4,508

4,098

3,726

3,387

3,079

2,799

2,545

2,313

NPV = -32 + (4,901 + ...+ 2,313) = 2,678 > 0

D n c chp nhn.

c) TSLN i hi l 20%. Re = 20%. Ta c:

WACC = 20% * 0,4 + 10,5% * 0,6 * (1- 0,25) = 18,95%
Thay WACC vo bng trn, ta tnh c
NPV = -7,89 < 0
D n khng c chp nhn

d) Tnh thi gian hon vn ca d n:

Thi gian hon vn (cha chit khu theo WACC ca d n)
Cch tnh 1:
Thu nhp rng qua 5 nm u l: 4,5 + 5 + 6 + 6 + 6 = 27,5 (t)
S tin cn li cha thu v: 32 - 27,5 = 4,5 (t)
Thi gian hon vn = 5 nm + 4,5/6 = 5,75 nm ~ 5 nm 9 thng
Nu TGHV tiu chun = 7 nm > TGHV ca d n (5,75 nm) th d n ny nn cho vay.

Cch tnh 2:
Nm

Vn u t

-32

Doanh thu

10

4,5

Ngn lu rng
(cha tnh n
WACC)

-27,5

-22,5

-16,5

-10,5

-4,5

1,5

7,5

13,5

19,5

25,5

Thi gian hon vn = 6 1,5/6 = 5,75(nm)

~ 5 nm 9 thng

Thi gian hon vn (c tnh chit khu theo WACC ca d n)

Khi , ngn lu rng ca cc nm 1, 2, 310 u phi quy v nm 0 vi sut chit khu l
WACC = 10%
Nm

10

Vn u t

-32

Doanh thu

4,5

Ngn lu rng (c
tnh n WACC)

-25

-18,6

-12,4

-7,17

-2,79

0,847

3,849

6,298

8,27

9,831

VD: -25 = -27,5/(1+10%)^1

Thi gian hon vn = 6 0,847/6 = 5,86 (nm)
~ 5 nm 10 thng 10 ngy
(Quy ra nm - thng - ngy c im ti a!)
p n:
a) WACC = 10 %
b) Nn cho vay (NPV = 2,678 > 0)
c) Khng nn cho vay (NPV = -7,89 < 0)
d)Thi gian hon vn (cha tnh n WACC) l 5 nm 9 thng
Thi gian hon vn (c tnh n WACC) l 5 nm 10 thng 10 ngy
TING ANH
Write a short essay (about 300 words)
S c nhiu ti cho cc bn chn nh vit v:
Your Families, Your Friends, Your Love, Your Health, Your Career ....and so on. I think we are
somewhat agreed that most (or all) of these are the most important things in life. However, which
one is more important to you than the other/s ?. Can you trade you Health for your Career?. Can

you give up your Families for Love (in case of conflicts!) etc.. etc..

Three essays below are three examples will help you some ideas to write
about:
The most important thing in life
EXP 1:
The most important thing in life is wisdom
(iu quan trng nht trong cuc sng l tri thc)

Probably the most significant question we can ask ourselves is what is the most important thing
in life. The question has far reaching implications in that the answers (or lack of them) that we
arrive at can determine the course of the rest of our lives.
Many would consider money or financial success as the most important factor in life.The high
rate of suicide amongst lottery winners would contradict this. Others would search for fame, yet
the list of famous people who have committed suicide or died from an overdose of drugs
continues to grow.
Good health would be high on anyones priorities, and the presence of love in ones life is also of
major importance.
I would propose that wisdom is the most important thing in life.The best definition of wisdom
that I have read is the best means to achieve the best ends.Wisdom is needed to achieve the
best results in the myriad decisions we all need to make daily in our
personal,financial,family,work,community lives.
Each one of us has a unique mindset or set of beliefs which is continuously changing and which
we use to make decisions, each of which has significant roll on effect on how the rest of our lives
turn out.These mindsets are determined by the unique environments we have grown up in, our
age, our education and the cumulative impact that each life experience has had on us.
Our unique mindset is either working in our favour or working against us in each and every
situation that we face.One way that we can test how online our thinking is in a particular
situation is to look at the results we achieve as a result of the actions we took. Good results
means our governing beliefs were online, bad results means that we need to re-evaluate our

beliefs to determine what caused the negative outcome.

I would propose that life is very much like a game and that a comparison between the two is very
enlightening. In any game, you need to be fit, possess certain skills and have a good knowledge
of the rules in order to participate. In life, we need to have a good knowledge of the rules that
apply and to use this knowledge continuously in order to assess and make decisions in every
situation that we face. The more intensely we play the game of life, the better our knowledge and
application of the rules, the better the results we will achieve, much like a football player who is
skilled, trains hard and knows the rules.
During the course of our lives we progress from being dependent on our parents for food and
shelter and emotional support, to being independent as we become young adults. We learn to
make decisions for ourselves, and as we see the results of our decisions we get feedback and the
resultant experience adds wisdom to subsequent decisions.
The next stage is to develop relationships with others,or interdependence, and it is through these
relationships that significant personal growth can occur. Many of us however have a low sense of
self esteem which holds us back in relating to others.
How then do we make significant progress in our lives, as evidenced by personal growth or an
increase in wisdom? We look at the results we have and are achieving in our lives. If our results
are unsatisfactory, we reassess our beliefs and make adjustments to our actions. Additional
important feedback is our emotions (fear, anger, unhappiness, disappointment etc) which acts as
warning signs and which leads us to evaluate either our rules or beliefs, or our actions. Our target
is to lead a joy-filled, intense yet balanced life, leading to good life results and continually
increasing wisdom.
EXP 2:
The most important thing in life is a clock
(iu quan trng nht trong cuc sng l chic ng h)

Everything in life has a specially private meaning. Nothing has the same one. Therefore, its
difficult to say what the most important thing is in life. But in my opinion, to answer the question
what/which the most important thing in life, i think its maybe clock.
Our ancestors often said Time is gold is silver. Thats exactly! But now, with the hurrier and

busier life, we can realize clearly: Time is more precious than gold and silver. If gold and silver
are lost, we can buy another(another thing). However, if time is lost, it wont come back and is
not brought again. Or another way, time can make gold and silver, but gold and silver cant make
time. Time is really really precious. Each second, each minute, or each hour passes away, there
are many thing happening. Time help us to know the words past, present, and future. Thus,
we can understand, see, and imagine the life. Nothing can buy time, so we have to respect each
second each minute.
Clock is a symbol of time in life. It proves time is existing with us. Whenever seeing clock, we
can know what time it is. And therefore, we can arrange everything for ourselves or for other
people. Therere many types of clocks to serve the need, the hobby, the convenience of people:
alarm-clock, pocket watch, wrist watch, pendulum wall clock, or electrically driven clock
Moreover, clocks are designed very differently & abundantly in both size, style and colour to
serve for all ages. They not only appear in history, culture but also in science technology & art.
The young generation is so more modern and stylish with the pretty and impressive wrist
watches today.
Well, we can say that clock is so important in our lives at least. Therefore, we need to respect and
develop it more.
EXP 3:
The most important thing in life is LOVE
(iu quan trng nht trong cuc sng l tnh yu)

You know what, the most precious thing in my life is not relying on my maturity. Instead, it was
born with me at the same time I was born and keeps growing itself in my whole life. It is, indeed,
LOVE.
Love, in my own idea, is the most beautiful thing in the very Earth we are living on. Let's just
imagine what the world would be without love. Would you be able to smile, to cry, to feel happy
or even painful from the very bottom of your heart? Well, I wouldn't, because if there were no
love, the were no emotions, and if there were no emotions then how would you show what your
feelings were! The whole world without love is nothing but a living hell, and I wonder who
would like to live and suffer in that place...

I know some of you may think that HEALTH and CAREER are far more important than love.
But, without love would you be happy enough to live healthily? I think not. Instead some of you
guys may torture your very own souls for not being in love (how sad) !!
The last thing I wanna tell you guys is that if you are in love, you may feel something like
strange powers growing within yourselves, the powers that have the ability to save you from
death or from critical situations, the powers that you never know until it makes you stronger than
ever, and you feel happy no matter what happens to yourselves. That is, indeed, the powers of
love.

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