Hi ng thi tuyn KTV

v k ton vin hnh ngh

cp nh nc NM 2014
---------------------

thi vit nm 2014 ( chn)

Mn thi: Ti chnh v qun l ti chnh
nng cao
(Thi gian lm bi: 180 pht)

Cu 1 (2 im): Hy trnh by ni dung, u im v hn ch ca phng php

gi tr hin ti thun (NPV) trong nh gi v la chn d n u t? V sao cc nh
qun l ti chnh doanh nghip hay dng phng php NPV khi nh gi, la chn
d n u t ph hp mc tiu ti a ho li nhun?
Cu 2(2 im): Khi mt cng ty c phn huy ng vn bng cch pht hnh
c phiu thng mi ra cng chng s c nhng li th v bt li no? Theo bn,
trong iu kin hin nay Vit Nam, huy ng vn di hn, cc cng ty c phn
nim yt trn cc s giao dch chng khon c nn pht hnh c phiu thng mi ra
cng chng hay khng? Ti sao?
Cu 3 (2 im): Cng ty X ang cn nhc 2 phng n A v B u t sn
xut sn phm mi. C cc ti liu v 2 phng n nh sau:
1. Vn kinh doanh ca 2 phng n u l 2000 triu ng. Phng n A s
dng 1200 triu ng vn vay; phng n B s dng 800 triu ng vn vay. Li
sut vay vn bnh qun ca c 2 phng n u l 10%/nm.
2. D tnh chi ph sn xut kinh doanh v gi bn sn phm ca 2 phng n
nh sau:
Ch tiu
Phng n A
Phng n B
1. Tng chi ph c nh kinh doanh (khng
160 triu
230 triu
bao gm li vay)
2. Chi ph bin i n v sp
30.000 ng
25.000 ng
3. Gi bn sn phm (cha bao gm thu 40.000 ng/sp 40.000 ng/sp
GTGT)
3. Cng ty phi np thu TNDN vi thu sut l 20%.
Yu cu:
1. Hy xc nh t sut li nhun sau thu trn doanh thu, t sut li nhun vn
ch s hu ti mc sn lng 50.000 sn phm cho tng phng n?
2. Hy xc nh mc nh hng ca n by ti chnh (DFL) ti mc sn
lng 50.000 sn phm cho tng phng n u t? Da vo kt qu tnh ton c,
c nhn xt g v mc ri ro ti chnh ca cc phng n u t? Nu trong nm
ti, li nhun trc li vay v thu tng thm 10% th t sut li nhun vn ch s
hu ca mi phng n c th t c l bao nhiu? (dng ngha ca n by ti
chnh tnh ton).
3. Gi s phng n B ch c th sn xut v tiu th c ti a 80.000 sn
phm, h s n trung bnh ca ngnh l 65%. Theo anh (ch), cng ty c nn iu

chnh kt cu ngun vn ca phng n B theo hng tng h s n ln khng? V

sao?
Cu 4 (2 im): Cng ty Hng Thi ang cn nhc vic u t thay th dy
chuyn sn xut ang s dng bng mt dy chuyn mi bng vn ch s hu. Dy
chuyn sn xut cng ty ang s dng c mua cch y hai nm c nguyn gi
2.000 triu ng, thi gian s dng hu ch dy chuyn ny l 5 nm v c khu
hao theo phng php ng thng. Hin ti dy chuyn c th bn vi gi 1.000
triu ng (sau khi tr mi chi ph lin quan n vic bn dy chuyn). Dy
chuyn mi tr ga 3.900 triu ng, chi ph vn chuyn, lp t v thu trc b l
100 triu ng, thu GTGT phi np l 10%. Thi gian s dng hu ch ca dy
chuyn mi d kin 5 nm (bng thi gian hot ng ca d n) v c khu hao
theo phng php khu hao nhanh vi t l khu hao cc nm ln lt l 25%, 22%,
19%, 16%, 13%.
Nu dng dy chuyn mi ny th d kin nng sut lao ng tng ko theo
l hng tn kho s tng thm 300 triu ng; n phi thu s tng thm 200 triu ng
v cc khon phi tr nh cung cp s tng thm 200 triu ng. Vic s dng dy
chuyn mi ny tuy khng lm tng thm doanh thu nhng d tnh s tit kim chi
ph vt t v tin cng l 500 triu ng/nm v cc khon chi ph khc l 200
triu/nm. Khi kt thc d n, dy chuyn mi d kin c thanh l vi gi 400
triu ng (sau khi tr mi chi ph lin quan n vic thanh l dy chuyn). Vn lu
ng b sung c thu hi vo nm cui cng khi d n kt thc.
Yu cu: Hy xc nh gi tr hin ti thun (NPV) ca d n? Da theo tiu
chun NPV, hy cho bit cng ty c nn thc hin u t thay th khng?
Bit rng: Cng ty np thu TNDN vi thu sut 20%, np thu GTGT theo
phng php khu tr. Chi ph s dng vn bnh qun ca d n l 12%/nm.
Cu 5 (2 im): Gi s bn c c thng tin v t sut sinh li ca 3 loi c
phiu nim yt gm SDT, VIC v DPM tng ng vi ba trng thi ca nn kinh t
nh sau:
Trng thi nn kinh t
Xc sut
T sut sinh li (%)
SDT
VIC
DPM
Suy thoi
0,35
-5,2
-15,5
-10,5
Bnh thng
0,40
12,5
17,2
19,2
Tng trng nhanh
0,25
25,3
28,5
32,6
Yu cu:
a) Xc nh t sut sinh li k vng v lch chun ca cc c phiu SDT,
VIC, DPM.
b) Xc nh t sut sinh li k vng v lch chun ca:
- Danh mc u t X c cu trc gm 60% vn u t vo c phiu SDT v
40% vn u t vo c phiu VIC

- Danh mc u t Y c cu trc gm 30% vn u t vo c phiu VIC v

70% vn u t vo c phiu DPM
c) Cho bit danh mc no trong 2 danh mc u t trn ri ro hn, v sao?

Hi ng thi tuyn KTV

v k ton vin hnh ngh
cp nh nc NM 2014
---------------------

thi vit nm 2014 ( l)

Mn thi: Ti chnh v qun l ti chnh
nng cao
(Thi gian lm bi: 180 pht)

Cu 1 (2 im): Hy trnh by mc nh hng ca n by ti chnh n t

sut li nhun trn vn ch s hu ca doanh nghip v ch r nhng ri ro ti chnh
ca n by ti chnh i vi doanh nghip? Hy chng minh nhn nh sau: Khi t
sut sinh li kinh t ca ti sn ln hn li sut vay vn th doanh nghip nn tng h
s vay n khuch i t sut li nhun trn vn ch s hu ?
Cu 2 (2 im): C kin cho rng ti a ho li nhun trc li vay v
trc thu (EBIT) th doanh nghip nn u t cng ngh hin i c n by
kinh doanh ln. iu ng khng v v sao?
Cu 3 (2 im): Gi s bn c c thng tin v t sut sinh li ca 3 loi c
phiu nim yt gm DPM, HPG v FLC tng ng vi ba trng thi c th c ca
nn kinh t nh sau:
Trng thi nn kinh t

Xc sut

T sut sinh li (%)

DPM
HPG
FLC
-7,6
-9,5
-16,5
18,5
16,7
10,2
27,3
25,1
31,7

Suy thoi
0,3
Bnh thng
0,5
Tng trng nhanh
0,2
Yu cu:
a) Tnh t sut sinh li k vng v lch chun ca cc c phiu DPM, HPG
v FLC.
b) Xc nh t sut sinh li k vng v lch chun ca:
- Danh mc u t X c cu trc gm 35% vn u t vo c phiu DPM v
65% vn u t vo c phiu HPG
- Danh mc u t Y c cu trc gm 30% vn u t vo c phiu HPG v
70% vn u t vo c phiu FLC
c) Cho bit danh mc no trong 2 danh mc u t trn ri ro hn, v sao?
Cu 4 (2 im): Cng ty H Thng ang tin hnh phn tch d n thay th
mt chic my c bng mt chic my mi, ti liu nh sau:
- Chic my c c mua cch y 2 nm vi gi mua 1.300 triu ng, chi
ph vn chuyn, lp t, chy th l 35 triu ng; thu trc b l 65 triu ng.
Chic my ny c thi gian s dng hu ch l 5 nm v hin ang c khu hao
theo phng php ng thng. Chic my by gi c th bn ra th trng vi gi
900 triu ng (sau khi tr cc chi ph lin quan).

- Chic my mi cng ty d kin nhp khu v vi gi FOB l 1.850 triu

ng bng vn ch s hu, chi ph vn chuyn my ny t nc ngoi v Vit Nam
l 100 triu ng; ph bo him my trn ng vn chuyn l 5%, chi ph vn
chuyn bc d ti cng ty l 49 triu ng; chi ph lp t, chy th khng ng k.
Chic my ny khi nhp khu v phi chu thu nhp khu vi thu sut 20%. D
kin thi gian s dng chic my ny l 5 nm (bng thi gian hot ng ca d n)
v thc hin khu hao theo phng php ng thng. Sau 5 nm s dng chic my
ny c thanh l vi gi tr thanh l thun l 50 triu ng.
- Cng ty d tnh nu thay th my c bng my mi, tuy khng lm cho cng
ty tit kim nhiu chi ph tiu hao so vi trc nhng do cht lng sn phm tng
nn c th tng c s lng sn phm sn xut v tiu th hng nm l 100.000
sn phm vi gi bn khng i so vi trc v l 40.000 ng/sn phm (gi cha
bao gm thu gin thu). V nh vy cng ty cn b sung lng vn lu ng thun l
1.000 triu ng.
Yu cu: Hy xc nh gi tr hin ti thun (NPV) ca d n? Da theo tiu
chun NPV, hy cho bit cng ty c nn thc hin d n u t thay th khng?
Bit rng: Cng ty phi np thu TNDN vi thu sut 20% v np thu GTGT
theo phng php khu tr vi thu sut 10%, chi ph s dng vn ca d n 12%.
Cu 5 (2 im): Mt cng ty c phn c tnh hnh sau:
1. Hin nay cng ty c s c phiu thng ang lu hnh l 160.000 c phiu
(khng c c phiu u i). ng thi ang s dng vn vay 150 triu, vi li sut
7,5%/nm, s vn ny vn c tip tc s dng trong nm ti.
2. Nm ti cng ty d kin sn xut v tiu th 20.000 sn phm, vi chi ph
sn xut kinh doanh trong nm nh sau:
- Tng chi ph c nh kinh doanh (khng bao gm li vay) l 540 triu ng
- Chi ph bin i cho mt n v sn phm 50.000
- Gi bn sn phm trong nm (cha c thu GTGT) l 100.000/sp
3. Cng ty hin ang xem xt d n u t nng cp mt dy truyn thit b
sn xut vi s vn u t vo TSC l 240 triu ng (khng cn b sung thm vn
lu ng) v d kin khu hao TSC vi thi hn l 4 nm v theo phng php
ng thng. Thu thanh l TSC l khng ng k.
4. Nu thc hin vic u t trn th s sn phm tiu th v gi bn sn phm
trong nm ti vn nh d kin nhng chi ph bin i cho mi n v sn phm s
gim i 10% so vi trc khi u t
5. thc hin u t, Cng ty xem xt la chn mt trong 3 cch huy ng
vn sau:
- Cch 1: 50% s vn u t huy ng bng cch pht hnh thm 4.000 c
phn thng vi gi rng 30.000 /c phiu, s cn li s vay vi li sut 8%/nm.
- Cch 2: Ton b s vn u t huy ng bng pht hnh thm 8.000 c phn
thng vi gi rng 30.000 /c phiu.
- Cch 3: Ton b s vn u t s c vay vi li sut 8,5%/nm.
6. Cng ty phi np thu thu nhp doanh nghip vi thu sut l 22%

7. H s chi tr c tc trong nm l 60%.

Yu cu:
a) Nu cng ty thc hin u t: Xc nh sn lng ho vn trc li vay v
v th im ho vn? Xc nh mc tc ng ca n by kinh doanh ti mc
sn lng d kin?
b) Hy xc nh thu nhp mt c phn, li tc c phn ca cng ty trong
trng hp khng thc hin d n u t v thc hin d n u t vi tng hnh
thc huy ng vn? Da trn c s ny cho bit cng ty nn chn cch huy ng no
thc hin d n u t? Ti sao?