Hoi BO TAICHINE CONG HOA XA HOI CHU NGHIA VIET NAM 86 phich (Thdm dink vien vé gi DOc lap - Ty do - Hanh phic (Do héi ding Ong thi chérm thi ghi) a 7 A” ST Bes BAI THI MON: titnc ann {0d} DIEM KET LUAN Ho tén va chit ky cia Ho tén va chit ky cia CUA BAI THI cén bé cham thi thet 1 cén bé cham thi thir 2 | | Ghi bang sé | Ghi bing chr Chit ¥: Cén-b6 chm thi phai ghi r6 cd ho tén minh va ky vao tat cA cde te gidy thi la CANDANTHISINE a Trude khi np bai thi, thi sinh phai ghi r6 téng s6 td gidy thi da lam bai fg va sé nOp cho cén bé coi thi. e .. 18 (Ghi bing s6) . t8 Ghi bing chtt) [S | Digm ting cau, (Thai gian lam bai:'120 phat) LS | ¢iém thureng BAILAM L& | (aéu 06) va | diém toa bai): | J. Circle the word or phrase (a,b, ¢, d) which best completes each So aa dm | Seatenee (15 points) 80 1. His father said that he could not......on the money his son needed (S | Caulk... being available for another year. = | caume.. 2. act b. expect curely 4. believe = ean 2. Don’t....v.nhim to arrive early. He's always late, athink — b. judge ¢. attend 4. expect cu V: 3. She was singing an old Japanese folksong, a favourite of. cau VE a. her be hers cherself her own - 4, She... nto being a bit nervous about making her speech, Chu VI asserted b. acknowledged c, confessed d. granted Tang aiém: 5.He had to go to the bank to...........gome money for his holiday, apayup b.payback —-¢. drawout drawn | 6.1 ssssssseeesput my money there if I didn’t think it wes safe. a. wouldn't b. hadn't c. didn’t 4. oughtn’t 7. We started eatly...,..........to miss the worst of the traffie asothat b.inorderthat c.solongas — d. in order 8. I'm very depressed. I've just..........an income tax demand a. accepted b. received c.acquired — d. taken in 9. She was unable to warm her mother that she would be late because the telephone was... aoutofwork b.offwork c.offduty dont of order 10. [am helping the woman... daughter is the last year student at the medical university a.whose b. who . whom that | XY@ IHS NYO BNIS (__ << ————_ NI gyn 0 ofimoyo ne clown for Sm Sor8 a apn oa awa kw :11. It is difficult soto answer the question, a.to you ». for you c. with you 4. about you 12. She wondered... her father looked like now after so many years away, a. how b. whose . that . what 13, Itisa great......, to be able to speak foreign languages a, receipt b. profit c. benefit d. advantage 14. You had better have that decaying tooth... a.pulledout —_b. pull c. to pull out 4. pulling out 15. She didn't. .....staying at home as she had some sewing she wanted to do. a. mind b. object ¢. matter a. care TI Read the passage and then choose one answer for each of the following questions (5 points) When the early settlers, especially the English, arrived in the new World, the hardships and dangers awaiting them were totally unexpected. Had it not been for some friendly Indians, the colonists never would have survived the terrible winters. They knew nothing about planting crops, hunting animals, building sod houses, or making clothing from animal skins. Life in England had been much simpler, and this new life wes not like what the Spanish explorers had reported. The settlers did introduce iron tools, muskets for hunting, domesticated animals, and political ways to Indians. In exchange, snowshoes and toboggans for winter traveling. The Indians also taught them to blaze trails through the forest, to hunt large animals and trap smaller ones, and to spear fish in the lakes and streams. ‘The natives also introduced to the settlers typical foods such as turkey, com, squash, beans , an pumpkin. Eveiything possible was done in order to make their new settlement resemble the homes they had left behind. ‘ 1. Which of the following did the new settlers teach the Indians? a. new political ways b. new method of fishing c. new means of water travel how to trap animals 2, What can we assume about com, squash and pumpkin? a. They were plentiful in England. . They grew only in certain sections of the country. c. They were preferred raw. 4. They did not exist in England 3. How did the Indians teach the settlers to travel in the winter? a. by canoe b. by blazing trails through the forest c. by toboggan and snowshoes 4. on animals 4, Which of the following was not introduced to the settlers by the Indians? a.com b. domesticated animals c. building sod houses, 4. trapping animals 5, Whose earlier explorations and findings had misguided the English into believing that life in the New World would not be so difficult? a, Spaniards c. other Englishmen b. Indians 4. political leadersI, Read the article below and circle the letter next to the word that best fits each space ‘ (15 points) It all happened rather quickly — the doctor realized that I needed to have my appendix out immediately, to (1)........things from getting any (2)....... and they operated(3) me straight away. But I'm not feeling too bad and I” m getting (4).......all the time. The doctors say it will take about a week for me to (5).......the operation completely. Tim in quite a large ward with about 20 other people, and (6)........1 would (Doveossnnect0 be somewhere a bit smaller, we all (8). ith each other quite well.» Still, 1 do find it a bit (9).........here-there’s nothing to do. They say 1(10).......get up unless it's absolutely necessary so I can’t even to get to the TV room. Unfortunately I didn’t | ave the (11)........to get home before coming in, so I haven’t got any money.(12).....'m sure one of the nurses would probably (13).........me enough to buy a paper, I'd (14) not ask as Pd(15).....0.nit @ bit embarrassing 1a. prevent b. forbid «. block davoid 2.abad b.dangerous _, serious 4. worse 3.a.on beup cat din : 4.0. improve b. good c. finer & better Sia. getat b.get through _¢. get over &. get along 6 a.although _b. despite ¢. unless 4. except Ta. better ba want c. more 4. prefer Ba getdown —_b.geton c.getby a. get out of 9.a.annoying. ba imitating —c. boring d. entertaining 10.adon’thave to b. needn’ c. musta’t 4. don’t need to | 11. opportunity b. possibility. accasion 4 permission 12.an spite b. Despite c.Unless . dé. Even though 13.2. owe b.lend c. borrow a. debt 14. better be rather «. prefer @. want 15a. feel b. see c. think find IV. Fill in each gap in the passage below with one suitable word (15 points) Tdo my best to take care of my (1) .......... and my family’s but it’s not always easy. My wife and I 2) ‘the cooking and the shopping and I’m a bit more careful than she is not about buying foods that don’t have colorings or other sorts of (3) in I know you can’t (4) ......... things like that entirely, but I really try to do my best. that chemical probably (5) more health problem that most people think they do. We don’t (6) and in fact don’t have many fiends who do, but my mother can’t live without her cigarettes, and of course when she is here all of the air we (7) has some smoke in it. The whole family gets some kind of (8) . both the kids are very-keen swimmers, my wife runs (9) ........-..- and I play tennis at least three times a week. ‘Actually I think we are (10) «ss... _ now then When we (11) ....... younger, we began (12) ..........«. more attention to food when the kids (13) ....... young and wanted to give them a good (14) by keeping fit ourselves. I certainly get fewer (15) «ss Colds and flu than I did then. 'V. Complete the sentences using the suggested words and phrases (20 points) 1. Advantage / live / alone / that / you / do / what / like GREE NYHA 9 OMI OVO NG AYE tte Nyy seer eae 2. used livel work/ South Africa 3 jane! just ative station/ meet friends ——————MW 12, 15.8 ILR poin dang color crops Engl repor polity India| ones, home +s Zfog Baege a Sacge Bo prep Zdaogp 4. It/ very kind/ you! give/ me/ a lift. 5. What/ you / done! if you be/ my situation yesterday?, 6. Man! not experienced! enough/ ran/ big/ company. 7. I very surprised? get / letter/ this moming, 8. Thank yow/ invite/ me/ dinner/ next weekend. 9. She/ always/ avoid/ meet/ me way/ work. 10. You/ should/ waited/ your friends/ station.. VI. Rewrite each sentence so that the meaning stays the same (20 points). LL was made to study hard when I was at university. They... 2. “think you should go by tain” He told us 3. It's thought that the accident was caused by human error, The accidentis......... 4, The valuer isthe most excellent in the organization, Nobody in the organization. 5. Thave never been to Australia before. Itis. 6. The employee came tothe office late. The manager punished him. If... cece 7. The question is so difficult thet noone ean answer it correctly. “tis. Ecce 8. Our group couldn't go om a picnic because of the bad weather. ‘The bad weather........ Although my daughter is very busy, she will finish all the reports in time, In spite of. 10. She spent 2 hours getting to Paris by car It.. ae . . VIL. Translate the following sentences into English (10 points) L.Nguéi nude ngoai duge phép sé hitu, bén va chuyén nhwong bat d6ng san & Viét Nam mién la ho dap ting duge cdc diéu kign dua ra béi chinh phi cia chting ta. 2. O nhiém m6i ting ngay cang ténéa nghiém trong. Chinh phi cdn dara nhiing giai cp bach dé cai thign tinh trang niy-BO TAICHINH CONG HOA XA HOI CHU NGHIA VIET NAM $6 phach Hi dng thi_ Doc lap - Ty do - Hanh phic (Do hoi déng | 0 | |Tham dinh vjén vé gia chém thi ghi) “ye BAI THI MON: TréNnc ana DIEM KET LUAN Ho tén va chit ky cia Ho tén va chit ky cia CUA BAI THE cn bé cham thi thir 1 cén bé cham thi thir 2 Ghi bing sd | Ghi bing chir Chi ¥: Cén bé chm thi phai ghi r0 ca ho tén minh va ky vao tit ca cdc td gidy thi CAN DAN THI SINH Trude khi n6p bai thi, thi sinh phai ghi r6 ting sé ta gidy thi da lam bai ‘va sé nop cho cn b§ coi thi. te (Ghi bing s6) Diém ting céu, (Thi gian lam bé thuéng 6) va toan bai): | 1. Circle the word or phrase (a, b, ¢, d) which best completes each sentence (15 points) CAUT: ww idm | 7 "pis father said that he could not.......on the money his son needed Cau ll:....... diém | being available for another year. CéuIL.....diém | a. act b. expect c.rely a. believe 2. Don’tnnn-shim to arrive early. He’s always late. CATV ion en athink b.judge c. attend 4. expect Cau V: 3. She was singing an old Japanese folksong, a favourite of. Cau Vi...diém | @ her b. hers cherself her own 4, She... to being a bit nervous about making her speech. Chu VIE.....diém | "4 ‘asserted b, acknowledged c. confessed d. granted NIL NYHd 0 OA YS 0 AYE MO NYO BNIS TH Ting aii 5. He had to go to the bank to.............some money for his holiday. a.payup — b. pay back c.drawout —d. draw in 6.1. -put my money there if I didn’t think it was safe. g 2. wouldn't b. hadn’t ©. didn’t 4. oughtn’t ; 7. We started early. ...to miss the worst of the traffic. asothat b.inorderthat c.solongas in order 8. I’m very depressed. I’ve just...........an income tax demand. a. accepted b. received c.acquired taken in 9. She was unable to warm her mother that she would be late because the telephone was .. a.outofwork b.off work c.offduty out of order 10. Iam helping the women... ...daughter is the last year student at the medical university, a.whose b. who c. whom 4. that11. Itis difficuit to answer the question, a. to you ». for you ©. with you 4. about you 12. She wondered, . her father looked like now after so. Many years away. a. how b. whose ¢. thet d. what 13. Itisa great., ~~-t0 be able to speak foreign languages a. receipt b. profit c. benefit 4. advantage 14. You had better have that decaying tooth. on a pulled out, pull ¢. to pull out 4. pulling out eee ee had some sewing she wanted to do. a. mind b. object ©. matter d-care II: Read the passage and then choose one answer for each of the following questions (5 When the early setlers, especially the English, arrived in the new World, the hardships and dangers awaiting them were totally es nists never Would have survived the tortle winers. They knew nothing about planting colo: Crops, hunting animals, building sod houses, or making clothing from animel skine Life in introduced to the settlers typical foods such as turkey, com, squash, beans yihing possible was done in order to make thes Rew settlement resemble the homes they had left behind 1. Which of the following did the new settlers teach the Indians? a. new political ways b. new method of fishing ¢. new means of water travel how to trap animals 2. What can we assume about com, squash and pumpkin? a. They were plentiful in England >. They grew only in certain sections of the country, ©. They were preferred raw. 4. They did not exist in England 3: How did the Indians teach the settlers to travel in the winter? a. by canoe ». by blazing trails through the forest ¢. by toboggan and snowshoes 4. on animals 4. Which of the following wes not introduced to the settlers by the Indians? b. domesticated animals ¢. building sod houses d. trapping animals 5. Whose earlier explorations and findings had misguided the English into believing that life in the New World Would not be so difficult? @. Spaniards ©. other Englishmen D. Indians d. political Jeaders Bere menein Til. Read the article below and circle the letter next to the word that best fits each space (15 points) Teall happened rather quickly ~ the doctor realized that I needed to have my appendix out immediately, to (1). things from getting any (2)......., and they operated(3)........-IM€ siraight away. But I'm not feeling too bad and I’ m getting (4).......all the time. The doctors say it will take about a week for me to (5).......the operation completely. Tm in quite a large ward with about 20 other people, and (6)..........1 would (Devessess---st0 be somewhere a bit smaller, we all (8)..........With each other quite well. Still, I do find it a bit (9).........here-there’s nothing to do. They say 1(10).......get up unless it’s absolutely necessary so I can’t even to get to the TV room. Unfortunately I didn’t have the (11)...... to get home before coming in, so I haven't got any money.(12)......u1'm sure one of the nurses would probably (13).........me enough to buy a paper, I'd (14). not ask as I'd(15).........,it a bit embarrassing, 1. a. prevent b. forbid . block davoid 2. abad b.dangerous _¢. serious 4. worse 3.a. on b.up cat din : 4.2, improve b. good c, finer . better S.a. getat b.get through ©. get over 4. get along 6.a. although b. despite c. unless 4. except 7a, better b. want c. more 4. prefer 8.2. get down b. get on c. get by 4. get out of 9.2, annoying b. iritating c. boring 4. entertaining 1O.adon’thave to _ b. needn't c. musta’t 4. don't need to 11a. opportunity. possibility. accasion 4. permission 12.aIn spite b. Despite ©. Unless , 4. Even though 13. owe blend ©. borrow debt 14.a. better b. rather . prefer . want 15.a. feel b. see c. think di find TV. Fill in each gap in the passage below with one suitable word (15 points) Ido my best to take care of my (1) .......... and my family’s but it's not always easy. My wife and I (2) ... .. the cooking and the shopping and I’m a bit more careful than she is not about buying foods that don’t have colorings or other sorts of (3) ... in T know you can’t (4) ...:+++0+ things like that entirely, but I really try to do my best. I think that chemical probably (5) more health problem thet most people think they do. We don’t (6) cscs and in fact don’t have many friends who do, but my mother can't live without her cigarettes, and of course when she is here all of the air we (7) ..........has some smoke in it. The whole family gets some kind of (8) swe both the kids are very-keen swimmers, my wife runs (9) and I play tennis at least three times a week. Actually I think we are (10) now then when we (11) younger, we began (12) more attention to food when the kids (13) young and wanted to give them a good (14) .. by keeping fit ourselves. I certainly get fewer (15) colds and flu than I did then, V. Complete the sentences using the suggested words and phrases (20 points) 1, Advantage / live / alone / that / you / do / what / like 2. W used! live! work! South Africa4, IU very kind/ you give/ me/ a lift. 5. Whal/ you / done/ if/ you be/ my situation yesterday?, 6. Man/ not experienced/ enough/ run/ big/ company, 7. I/ very surprised/ get / letter/ this morning, 8. Thank you invite/ me/ dinner/ next weekend. 9. She/ always! avoid/ meet/ me/ way/ work. 10. You/ should/ waited/ your friends/ station. VL Rewrite cach sentence so that the meaning stays the same (20 points). 1. was made to study hard when I was at university. They. 2. “Tthink you should go by train” He told us. i 3. It's thought that the accident was caused by human errar, 4 The accident is, _ % 4, The valuer is the most excellent in the organization, § Nobody in the organization. = 5. Ihave never been to Australia before. = Itis. ceneeee boris s 6. The employee came to the office late. The manager punished him, a ae a 3 7. The question is so difficult that noone can answer it correctly. 4 Itis.. & 8. Our group couldn’t go on a picnic because of the bad weather. The bad Weather........ccesssseeeesseee ee 9. Although my daughter is very busy, she will finish all the reporis in time. In spite Of ..-.-sssececececceeseeeseseeeecees 10. She spent 2 hours getting to Paris by car. It. . ceeeeereee) Settetetteeeeen ‘VIL. Translate the following sentences into English (10 points) 1 Nguéi nude ngoai duge phép sé hifu, ban va chuyén. nhuong bit dgng san 6 Viet Nam min 18 ho dap ting duge céc diéu kién dua ra béi chinh phd cla chting ta, 2. O nhiém mi trudng ngay cang tro nén nghiém trong, Chinh phi cn dua ra nhiing giai cp bach dé cai thién tinh trang nay.Dag an Tidig Wat Key to test 4 I. Cirele the word or phrase...(15 points) le 2d 3b 4c Se 6a 7d 8b 9d 10a Ib 12d 13d 14a 152 U.Read the passage...(5 points) la 2d 3c 4b Sa TILRead the article...(15 points) la 2d 3a 4d Se Ga 7d 8b 9d 10¢ Ila 12d 13b 14b 15d IV.Fill in each gap...(15 points) Thealth 2.do 3. chemicals 4,avoid S.cause 6. have 7. breathe 8. sports Q.regularly 10.healthier 11. were 12. paying 13, were 14.health 15. sickness ‘V.Complete the sentenees.....(20 points) ‘The advantage of living alone is that you can do what you like. used to live and work in South Africa, Jane has just arrived at the station to meet her friends. It's very kind of you to give mea lift. ‘What would you have done if you had been in my situation yesterday? ‘The man is not experienced enough to run a/ the big company. Tam very surprised to get your letter this morning. ‘Thank you for inviting me to dinner next weekend, She always avoids meeting me on the way to work. 10. You should have waited for your frends atthe station. VLRewrite the sentences. (20 points) ‘They made me study hard when I was at university. He advised us to go by train. ‘The accident is thought to have been caused by human error. Nobody in the organization is as excellent as the valuer. It is the first time I have (ever) been to Australia, Ifthe employee hadn't come to the office late, the manager wouldn’t have punished him, It is such a difficult question that noone can answer it correctly. ‘The bad weather prevented our group from going on a picnic. In spite of being very busy, my daughter will finish all the reports in time. 10. Ittook her 2 hours to gett Pars by car ‘VUL-Translate into English (10 points) 1. Foreigners are allowed/ permitted to own, sell, and transfer real estates in Vietnam as long as they can meet the conditions giver’ granted by the government of Vietnam. 2. Environmental pollution is becoming/getting more and more serious. The government need to offer urgent solutions/ measures to improve this situation. AEBQ TAI CHINH DE THIMON HOLDONG THT THAM DINH GIA BAT BONG! sin ww + THAM DINH VIEN VE gh Tho# gian lim bai 150 p KY THI THU’ (Khéng ké thoi gian phat 2 DE S62 Cau 1 (2 diém) Amb (chi) hay néu cach tip cn tir thu nhp; néu khéi nigm, c6ng thio, cdc bude tién hanh va digu kign 4p dung phuong phép vin héa tnyc tiép trong thim dinh gid bat dong san. Cfu 2 (5 diém) Bat dong sin thim dinh gid nim trén mat tién dudmg, c6 cdc déc diém nu sau: dign tich aét 112m? (5,6m x 20m), phép ly quyén sit dung dét duge giao lau dai, Nha 3 ting két céu khung bé tong; san, mai bé tong cét thép; chat lugng nha con lai 75%; diéu kin méi trong kém. Don gid xdy dung méi nha tuong ty: 7,500.0004/m?. Qua digu tra thj trudng, thu thap théng tin vé 3 bit dong sin nim cing mat tién duong v6i bét déng sin thém dink gid vira giao djch thanh céng nhu sau: - BDS 1 cé céc dac diém: dién tich aét 97,5m" 3,9m x 25m), phép ly quyén st dyng dét duoc giao Iau dai. Nha 3 ting két cfu khung bé téng; sin, mai bé tong cét thép; chat Iugng nha cén Iai 90%; digu kién mdi trudng kém; vire ban v6i gid 7,2 ty ddng. Don gid xay dung méi nha tuong ty: 8 trigu déng/m’, BDS I nim mat tién dung, thu nhap ti vige cho thué 50 trigu/théng, - BBS 26 cdc dic diém: dién tich dat 113,4m* (6,3m x 18m), phép ly quyéa st dung dét duge giao lau dai, Nha 2 ting két cfu khung, sin bé tong cét thép, méi bé tong cét thép; chét wong nha dn Iai 80%; diéu kign méi trudng tot, vira bén v6i gid 8 ty ding. Don gid xay dymg méi nha twong ty: 7 trigu dbng/m’. BBS 2 nim mat tién dudng, thu nhgp tt vige cho thué 55 trigulthéng, - BBS 3 c6 cée dc diém: dign tich dat 756m" (4, ap ly quyén sit dung dat duoe giao lau dai. Nha 2 ting két cdu khung, sin bé téng cét thép, mai bé tong c6t thép; chat Iwgng nha con lei 85%; digu kign moi trrdmg kém; vita bin véi gid 5,2 ty ddng. Don gid xay dymg méi nha twong-ty 7 trigu déng/m’, BDS 3 nim mat tién dong, thu nhap tir vige cho thué 35 trigw/thang. Qua digu tra thi truémg, thu thép duge tuong quan gié dat trén thi trutmg theo cée yéu t6 chigu rong, dign tich dat va diéu kign méi trudng nhw sau: = Bon gid quyén sir dung dat cia 16 dat c6 chiéu dng >4m dén 6m cao hon 16 dit c6 chiéu rong >3,5m dén 4m 1a 8% va thdp hon 16 dat cé chiéu rong >6m dén 8m 1 10%. - Don gid quyén sit dung dét cba quy mé dign tich én hon 100m? thép hon quy mé dién tich nhé hon 100m? la 10%. - Don gié quyén sit dung dét cla diéu kign méi trudng kém thép diéu kién moi trong t6t 14 5%, ‘Yeu edu: a) Ap dung phuong phép chiét trv dinh gid uéc tinh gid trj thj trudng ciia 16 dat thm 1b) Ap dung phuong phép chi phi dé wéc tinh gid tri thj tung ola bat déng san thdm dinh gid, Véi gid tri ola bat dong sin thdm éjnh gid d& tinh & céu b), hay tinh thu nhép hang thang tir viée cho thué cia bat dng sén tham dinh gia trén, 4) Véi ty suét sinh Ii ola vige dau tr vio bat dng sin thém dinh gid aku cau c), gia str du tu vao bat dong san trén bing von vay ngan hang véi ty 16 30% va Iai suét vay 1a 89%/nam, Hay cho biét ty suat sinh Ii vén chi sé hire 1a bao nhiéu khi ddu tr vao bat Ong sin nay. Hay nbén xét ty suat sinh Ioi én chit sé hiru ola viée dau tr vao bit ddng sin nay béng vin vay so voi két qué 6 cfu c). Trong tuéng hop nay vige sir dung vin vay c6 dem lei higu qua cho nha dau tu khéng? e) Voi ty Ié vén vay nhw cfu d), nén di vay dé ddu tu vao bat dong sin nay vi li sudt vay bao nhiéu? Cau 3 3 diém) Hay tham djnh gid mOt khu dit trong c6 dign tich 20.000m? da chuyén ddi muc dich si dung sang dAt 6 va dy kién xay dying chung cu 18 tang dé ban véi ty 1¢ duge phép xéy dung 18 60%, Dy kién dy én sé hodn thanh va duge ban hét trong 1 n&m. Tong dién tich cée cin hd dé ban chiém 80% téng dién tich sin xy dung chung ow. Qua khéo sétthj truémg, d& thu thap durge ofc théng tin sau: Dau nm: chi phi thiét ké, quy hoach dy én lé 1.200 trigu déng Cui nam: = Chi phi ddu tir xy dung ha ting binh quén 1.200.000 d/m” + Chi phi xy dung mb chung cu binh quan 6.500,000d/m* - Nha ddu tu vay ngan hang 60% chi phi ha ting va chi phi xy dung véi Iai sudt 10%/ném, - Chi phi quang céo bén hang bing 1,5% doanh thu. - Chi phi quan ly dy an bing 10% téng chi phi dau ty ha ting va chi phi xay dymg chung cu. - Gid ban cn h6 chung cur binh qudn (chua bao gdm thué gid tri gia ting): 18 trigu déng/m? ‘M6t s6 théng tin khéo: ~ Loi nhufn ota nba ddu tur bing 14% tng chi phi trye tiép, chi phi giém tiép (kh6ng bao gém chi phi tai chinh). - Ty suft chiét khdu: 10%. °) HET DE THI Cac 36 % va tin lam tron 2 56 18,BQ TAI CHINH pAp AN DE THIMON HOI DONG THI THAM DINH GIA BAT DONG SAN 2A ‘THAM DINH VIEN VE GIA 150 phi KY THI TAU XI pAP AN DE S62 Cau 1 @ aiém) Anh (chi) hay néu edch tip cfm tir thu nhGps néu Khai nigm, cong thite, ede buée tién hanh va diéu kign 4p dyng phwong phap von héa true tiép trong thim djnh gia bit dng san. Céch tiép c€n tir thu nhfp 1A céich thite xée dinh gié tri cla bat dng sin thong qua vige quy déi dong tién trong tuong lai c6 duge tir bat dong san vé gid tri hign tai (gid tr tai thoi diém thim dinh gid). Phuong phap von héa tre tiép Khéi niém Phuong phap vén héa tryc tiép la phuzong php thm dinh gié xée dinh gid tr ola bét dng sin thi dinh gid dya trén.cg sé quy 46i ding thu nlp thuan én dinh hing nim dy kign c6 duge tir bat d6ng sin vé gid trj hign tai thong qua vigc sir dung ty sudt vin héa phi hgp. Cong thite Ve Trong d6: V: Gié tr] bat dng san thdm djnh gia Xéc dinh ty sudt vin héa- 3: Ap dung céng thite vén héa true tiép. Diéu kién dp dung Phuong phap von héa tryc tiép duge &p dung trong truéng hop thu nh§p tir bét dong sin la twong d6i én dinh trong suét thai gian sir dyng hu ich cn lai cia bat dng sin (duge tinh bing tuéi di kinh t8 cdn Iai). cau2 6 a) Ap dyng phuong phép chiét trir 48 wéc tinh gid tri thi trudng cita 16 dit tham dinh gid. (2,5 diém) al) Xéc dink gid tri OSD ait cita bdt dng san so sdnh (0,5 diém) 1.1. Bat dong sén 1 Gia tri céng trinh xay dung cla BBS 1: 8.0000.000d/m2 x 90% x 292,5m2 = 2.106.000.0004 7.200.000.000 — 2.106.000.000 97,5 Gi tri QSD dat cla BDS 1: 2,25%rd &-1.2. Bat d6ng san 2 Gia tri céng trinh xy dyng cla BS 2: 7,000.000d/m2 x 80% x 226,8m2 = 1.270.080.0004 Gi tr] QSD dat cia BDS 2: s.ann.o0000—127oennn =50;350rd 1.3. Bat dong sén 3 Gié trj cOng trinh xéy dyng cla BDS 3: 7,000000d/m2 x 85% x 151,2m?2 = 899.640.0004 5.200,000,000-899.640.000 _ 736 a2) Xéc djnh gid tri QSD dit ciia bat dong sdn thim dink gid (2 diém) . Ap dung cach tiép ofn thi trudng voi phuong phép so sinh, cde mite gia chi dn cla cde BDS so sénh sau khi da didu chinh céc yéu t6 khéc bigt (chiéu rong, quy m6 dign tich, digu kign méi trrémg) vé tong ding voi BS thm djnh gid theo bang sau: Gi tri QSD dét cla BBS 3: 6,880rd &u t6 so sinh BpsTD | __BBS1 BDS2 BDS3 Gis thy trudng (Gid trade digu chinh) 5094.00 6729.92 4300.36 Gid quy di vé don vi so sénh chudn 52.25 59.35 56.88 Pidu chinh céc yéu t6 so sinh Chiéu rong. 5.6 3.9. 63 42 Ty 1é diéu chinh 8% =10% 0% Mie digu chink 4.18 -5.93, 0.00 Gi sau diéu chinh 1 36.43, 53.41 56.88 | Quy mé din tich 112 97.5 1134 16 ‘Ty 1@ diéu chinh =10% 0% -10% Mie diéu chink 5.22 0.00 -5.69 Gia sau diu chinh 2 51.20 53.41 51.19 Diéu kign moi truéng Kém Kém Tét Kém Ty.lé diéu chinh 0% -5% 0% ‘Mite diéu chinh 0.00 -2.97 0.00 Gid sau digu chinh 3 51.20 50.44 51.19 ‘Mite gid chi din 51.20 50.44 51.19 id tr] trung binh eiia mac gid chi din 50.95 “Mice d6 chénh léch véi gid trj trung binh cia mite gid chi din 0.50% -0.99% 0.49% Tong hop cdc s6 ligu diéu chinh | Teng gia tri diéu chinh gp | 9.40 890 | 5.69Téng s6 lan diéu chinh 2 2 1 Bién a9 digu chinh 8% - 10% | 5% - 10% 10% | Tong gid tr] diéu chinh thudn _ -1.04 -8.90 -5.69 Theo bang trén, chénh Iéch gitta mie gid trung binh clia cde mie trong Kkhoang 0,99% ; 0,5%: khong vugt qué 15%, Xét vé cdc mite gid chi dan, tong gid tri didu chinh g6p, tong sé lan diéu chinh, bién 46 digu chinh, téng gid tri_diéu chinh thuan gitta céc bat dng sin so sinh c6 mite 46 chénh Igch khong I6n, Vi vay, chon mite gid chi dan trung binh cita 3 bat dng sin so sénh lam mite gia quyén sir dung d4t cho BS thdm dinh gid. Véy gid tri QSD dét cia BDS thim djnh gid la: 50,95 trd/m? * 110m? ~ 5.706 trd b) Ap dung phwong php chi phf dé wéc tinh gid trj thi trudng cita bat dong sin thdm djnh gid, (0,5 diém) Gid tri cOng trinh xay dung tren dét ca BDS TDG: 336m? x 7.500.000 d/m? x 75% = 1.890 trd Gié tri thi trong cia bat dong san thdm dinh gid: 5.706 trd + 1.890 trd = 7,596 td ©) Thu nhép hang thang tir vige cho thué bit dng sin thdm duh gid trén 14 bao nhiéu? (1 diém) ‘Thu nhfp hang nim tir vige cho thué BBS I 1a: 50 trd/thang * 12 thang ‘Thu nh§p hang nim tir vige cho thué BDS 2 1a: 55 trd/thang * 12 thang Thu nh§p hang nim tir vige cho thué BDS 3 14: 35 trd/thang * 12 thang, Ty sudt vén héa cia BBS so sinh 1: ant 833% Ty sudt vén héa cba BBS so sdnh 2: = =8,25% Ty sudt vén héa cla BBS so sénh 3: cn 08% 5.200 ‘Ty sudt vén héa binh quan cia 3 BDS so sénh: See Ree he = 8.22% Lay ty sudt vén héa binh quan cia 3 BBS so sénh la ty suét vén h6a cho bat dng sin tham djnh gid, thi thu nhép hang théng tir vige cho thué BDS thdm dinh gid sé la: 159688.22% sora thang chi dn nim ) Khi dau tu vao bat dong san nay bang vén vay véi ty 16 30% va Iai sudt 8% thi ty suét sinh lgi vén chi sé hota la: OmeTy suat sinh Ioi cita vige dau tu vao bat dong san thdm djnh gia nhu cau c) (R=8,22%) Khi d6 néu dau tu bing vén vay v6i ty 16 30% va lai suat 8% sé lam cho ty sudt sinh loi vén chit sé hitu ting (8,31%>8,22%). Trong trong hop nay, vige sir dung vin vay dé dau tw da dem Iai higu qua cho chi dau tu. (0,75 diem) ©) Véi ty 18 von vay 14 30%, nén di vay 4é ddu tr vio bat dong san nay véi lai suét vay thép hon t sudt sinh Ii ola vige dlu tu vio bat dong sin thém dinh gid (R=8,22%). (0,25 diém) Cau 3 3 diém) . Ap dung phuong phap thang du dé thm djnh gid khu dat. Bwée 1: Use tinh tng doanh thu (0,75 diém) Dién tich dé xy dung chung cu: 20.000m” * 60% = 12.000 m? Cudi nim 1: Doanh thu tir viéc ban cdc cain hO chung cu: Cach tinh’ S6 tien 12.000m” "18 ting* 80% * 18,000,000 d/m’ | =3.110.400.000.000 ¢ Hién gid tOng doanh thu dy kién nam 1 vé thoi diém hién tai: 3.110.400.000.000. = 2.827.636.000.000d (+04) re 2: Use tinh tng chi phi (1,5 diém) nim 1: Chi phi thiét ké, quy hoach = 1.200.000.000 4 Cuéi nam 1: Chi phi Cach tinh Sétién Chi_phi dau tr] 20.000m? * 1.200.000d/m' =24.000.000.0004 | ha tang Chi phi xdy | (12.000m’/iling* [8ting)*6.500.000 dim? | = 1.404.000.000.0004 dug chung cu Chi phi quin Iy | 10%*(24,000.000.000+1.404.000.000.000) Chi phi quing | 1,5% * 3.110.400.000.000 4 céo bin hang |42.800.000.0004 (6.656.000.0004 Tong chi phi cudi nim 1 (khOng bao | 1.617.456.000.0004 gbm chi phi Ini vay) —Hién gid chi ph nam 1 (Khdng bao g6m chi phi lai vay) vé thoi diém hién tai: 1.617.456.000.000 _ 1 479,415,000.000d (i+0,) Lai vay ngén hang: 60%*(24.000.000.000+1.404.000.000.000)*10%= 85.680.000.000¢ 85.680.000.000 (+01) — Hign gid chi phi lai vay vé thoi diém hién tai: =77.891.000.0004 Buée 3: Xe dinh gid khu ait (0,75 diém) ~ Loi nhufn cia nha ddu tu: (1.200.000.000 + 1.470.415.000.000) * 14% = 206.026.000.0004 - Gid tri uée tinh eda khu dat:2.827.636.000.000d— (1.200.000.000+1.470.415.000.000+77.891.000.000+206.026.000.000) ~1,072.104.000.000 4 id tri cia khu dt 1a 1.072,1 ty ddng. Két luan:_ HOLDONG THI ‘DE THI MON: THAM DINH GIA DOANH NGHIEP. THAM BINH VIEN VE GIA Thoi gian lam bai: 150 phiit 20 KY THI LAN THU XIT DE THT SO 4 ( i) Phan 1: Ly thuyét (2,0 diém) Hay trinh bay khai quat cdc chi tiéu phan anh higu qua hoat dong, cha doanh nghiép? Néu y nghia cia timg chi tigu dé d6i véi vie phn tich tai chinh doanh nghiép? Phan 2: Bai tip (8,0 diém) Céng ty Phin bén Dai Thing c6 vén diéu 1é 1a 150.000 trigu déng. Ménh gid cia 01 cd phdn 14 10.000 ding, Céng ty dang chju thué suét thué thu nhap doanh nghigp 18 20%. Céng ty c6 ofc tai ligu sau: 1, Trich Bang cn déi ké tofn cia cong ty ngay 31/12/2016 Don vi tinh: trigu déng Tai sin $6 tién | Ngudn von | So tign ‘A. Thi sin ngin han 130.000 | A. Ng phai tra 120.000 Tien | 10.000} 1. No ngiin han 80.000 2. Céc khoan phai thu 50.000 | 1. Vay ngfin han 10.000 |__ 3. Hang ton kho 60.000 | 2. Céc khodn phai tra 70.000 | 4. TAI sin nglin han khéc 10.000 | TI. Ng dai han 40.000 B.TAisindaihan [350.000 |B. Nguén vn chi sé hiru 360.000 | 1. Gia ti cba lai cla TSCD hitwhinh | __250.000|_ 1. Neudn vén Kink doanh 320.000 | 2. TSCD thué ti chink 20.000 | 2. Loi nhuin chia phn phOi_[ 40.000 3, Dau tu chimg khodn vao Cong ty 10.000 i Hi 1.000.000 cé phan) [4 in lién doanh 30.000 - 3. Tai sin dai hen khae 20.000 Tong tai sin 480.000 | Tong nguon von 480.000 2. Két qua thdim djnh gid mot sO fi sin theo gid thi trung nw sau: ~ Hang tin kho: danh gia lai cé gid tri bing 80% so véi sé séch. - Gid tri vn gép lin doanh: dénh gid lai cé gid tri bing 110% so véi sd séch = Gid chiing khodn céng ty Ha Nam: gid tri thuc 1a 20.000 déng/cé phin - Gif tr con lai cla TSCD hitu hinh: danh gid lai c6 gia tri bling 130% so véi s6 séch = Cée Khon phai thu: chic chéin thu dugc 30.000 trigu déng, m6t Khoan phai thu khOng 06 kha ning thu h6i 5.000 trigu dng, s6 cdn Jai xéc suit thu duge 1d 90%. - Céng ty Phén bén Dai Thing con phai tra tién thué TSCD trong 10 nam, méi ném tra 2.000 trigu déng. Muén thué mét TSCD voi nhting digu kién tong tw nhu vay tai thdi diém hign hah thudng phai trd 4.000 tru dng mBi ném. 3. Trén thi trudng niém yét cling dang c6 mot s6 cng ty o6 von diéu Ié tuong tu, nhur (1). Cong ty Phin bén Dau Tra: vén digu 1é 18 130.000 trigu déng, P/B= 11, PIB=2,3; (2). Cong ty Phin bon Thing Loi: vén digu 16 1d 160.000 trigu dng, P/B= 11, P/B=2,5; (3). Cong ty Ching khodn ‘Thai Long: von diéu 1é 1 150.000 trigu déng, P/E= 15, P/B=1,5; (4). Céng ty Phan bén Quéc Hoa: von diéu 1é la 170.000 trigu déng, P/E= 12, P/B=2,6. 4, Céng ty cé s6 ligu nam hign tai va w6c tinh céc sé ligu ké hoach cua 5 nim tong lai nhu sau: Z Don vi tinh: trigu déng NAM | 2016. 2017 2018 2019 2020 | 2021 =Nhuchuvon twa déng| 50.000 52.000 |" 55.000| _57.000| 60.000 65.000 = Tai sin 06 dinh (NG) | 400.000] 405.000] 410.000] 415.000 | 419.000 | 423.000~ Khaw hao luy ké 150,000| 158.000] 165.000 | 172.000 | 180.000] 190.000 Tong tai sin 480.000 | 491.000 504.000 | 518.000 | 533.000 | 550.000 - No ring) ~_ 120.000 | 121.000 | 123.000 |__125.000 | "127.000 | 130.000 Tong nguon von 480.000 | 491.000 504.000 | 518.000 | 533.000 | 550.000 Lai vay 6.000 | 6.200 6.500 6.900 — sr "99.750, 103.700 | 107.750 _ 113.150 5. Cac théng tin Khde ~ Tho dim thm din gi ld 31/12/2016 (day a thoi diém phan tich cdc s6 li - Chin sich phin ph6i loi nhufin ela c6ng ty trong nam hign tai vi $ mim t6i Ta dn ra 90% loi hun sau thué dé chia o6 tic 10% ting vba. - Vige dy tinh vén chi ota 6: chi quy dinh trong vige dinh gia ~ Lai sudt phi ri ro 1a 7%, pi y trong céc nfm tuong lai duge tinh tog nl céch tinh vin phin héa cée doanh nghigp nha mise. bi mii ro thj trudng 1a 4%, hé s6 beta cia doanh nghiép 1a 1,5 va Céng ty dang phai tra chi phf Ii vay trung binh JA 11,25%/nm, ty 1€ vay ng trén tong von trang binh khoang 1/4. Yeu clu: nhu céch tinh ‘Nba nuce. v c dinh bang phuong phap (2.0 iém) Hay w6e tinh gid tr] von chi sd httu eta Cong ty Phan bén Dai Thing theo ng tidn chiét khdu ding trong cé phan hod doanh nghigp ké hoach loi nhufn sau thué da wéc tinh trude nw trén (chon n=4). Ding tién duge chiét khdu theo chi phi sir dung v6n cia chi sé hiru. fiu 2: (2.75 diém) Hay xéc djth gid trj hign tai clia dong FCFE va FCFF Céng ty Phan bon Dai Thing; gia dinh sau nim 2021 tré di FCFE ting véi tc 46 4%/ndm va FCFF ting voi téc a6 3%/ndm. Cu 3: (2.25 diém) Use tinh gid tri phan vén chit sé hitu tai Céng ty Phén bon Dai Thing theo phuong phap dinh hung ———cétendim twong lai Jim co.s648 tinh loi thé thuong mai duige wéc.tinh bing di gid thé thuong mai. gid dinh gif ti tai sin dza vao Kcinh doanh trong 1h ‘theo sé sch; do vige tgo ra ding loi nhuén siéu ngech chita dung nhiéu roi ro nén ty 1@ chiét khéu dong siéu lgi nhuin duge xde dinh 18 18%; Loi nhuén siéu ngach (siéu loi nhuén) tir sau nm 202] tré di dy kién khéng 46i. TY suét loi nhudn trang binh lam co sé tinh dong siéu loi nbudn va gi thé quyén thué tai sin durge xc dinh bing véi ty sudt loi nhugn trang binh nganh va bling 12%/n’im. ty sudt nay it bién d6ng trong tuong lai. Cin 4: (1.0 diém) Use tinh gid tr von cht sé hitu (gid tri doanh nghigp 46i voi chi sé hitu) cia Céng ty Phin bén Dai Thing bing phuong phép P/E va P/B, biét ring co sb dé tinh EPS cla Céng ty Phan bén Dai Thing 1A loi nhufn binh quan 3 nam tuong lai (2017 dén 2019). - HET DE THI - Chi ¥: Cac s6 % lam tron hai s6 1, vi dy: 6.513% lam tron 6.51%; 6.515% lam tron 6.52%. Tin lam tron theo don vj tinh cla bai véi hai sé 1é. vi du: 718.232 ding Jam tron 718.23 dng; 718.236 déng lam tron 718.24 ddng, Chtt viét tt: TSCD 1a tai san cé dinh, NG 1a nguyén gid.HOI DONG THI pAp AN DE THI MON THAM BINH VIEN VE GIA THAM DINH GIA DOANH NGHIEP xu DE THISO 4 (Go tt) Phin J: Ly thuyét (2,0 diém) Nh6m chi tiéu nay 1a thud do dénh gid kha ning sinh Idi cia doanh nghiép. Bay 1a két qua ting hop eta hang loat bién phap va quyét dinh quan ly cla doanh nghiép. Véi cdc nha du tu thi nhém chi tigu nay cé ¥ nghia cuc ky quan trong vi né gin lién véi loi ich kinh té ciia ho, la co sé dé danh gid két qua kinh doanh trong mét thoi ky nit dinh va 1A can ct dé céc nha quan ly dua ra céc quyét dinh tai chinh trong tuong lai. Nhom hé sé higu qua hoat d6ng bao gém céc chi tiéu chit yéu sau: [ease] 1.1) sudit loi nhudn sau thué trén doanh thu (ROS) 5d a) Cong thite tinh: Hé sé nay phan 4nh méi quan hé gitra I¢i nhudn sau thué va doanh thu thudn trong ky cta doanh nghiép. Chi tiéu nay thé hign, khi thyc hién mOt déng-doanh thu trong ky, doanh nghigp c6 thé thu duge bao nhiéu loi nhudn. Ty sudt loi nhudn sau thué trén Loi nhu§n sau thué trong ky doanh thu (ROS) Doanh thu thuan trong ky Chi tigu nay cfing 14 m6t trong cdc chi tiéu phan anh kha ning quan ly, tiét kiém chi phi cia mét doanh nghiép. Néu doanh nghiép quan ly tdt chi phi thi sé nang cao duge ty suit nay. Bén canh dé, ty sudt nay phu thude lén vao déc diém kinh té ky thuat cia nganh kinh doanh va chién luge canh tranh cia doanh nghiép. Déi voi mot doanh nghiép kinh doanh da nganb, viée thay 46i ROS con cé thé do doanh nghiép diéu chinh thay 48i co cdu sin phdm tiéu thy. th té cia t 0,254 a) Cong thite tinh: suit sinh loi kinh té cia tai sin con duge goi la ty sudt loi nhudn truée Iai vay va thué trén vn kinh doanh. Chi tiéu nay phan anh kha ning sinh Ji cia tai sin hay vén kinh doanh khéng tinh dén anh huong cia ngudn géc cita vén kinh doanh va thué thu nhép doanh nghigp. Céng thtte xéc dink nhur sau: ‘Ty sudt sinh ldikinh técha = _ Lg nun truce Iai vay va thué sin (BEP) Téng tai sin (hay VKD binh quan) b)¥ nghia: Chi tigu nay c6 tac dung rat Jén trong viée xem xét méi quan hé véi Iai sudt vay vin dé dinh gid vige sir dung vén vay cé tae dng tich cuc hay tiéu eye déi v6i kha ning sinh loi cia vén chi sé him. 0,254 3D} sudt loi nhudn tried thud trén vén kink doanh a) Cong thite tinh: Ty suét loi nhudn truéc thué trén vén kinh doanh duge x4c dinh theo céng thtte sau: Ty sudt loi nhudn tréc thud = ‘Loi nhuan true thué trong kytrén vén kinh doanh Vén kinh doanh binh quan sir dung trong ky b) ¥ nghia: Chi tiéu nay thé hién mi déng vén kinh doanh trong ky cé kha ning sinh léi ra bao nhiéu déng loi nhugn sau khi da trang trai Iai tién vay. Chi tiéu nay dénh gié trinh 4 quan tri vén cita doanh nghiép. 4, Tj sudt loi nhudn sau thué trén vén kinh doanh (ROA, 0,54 a) Céng thite tinh: ‘Ty sudt loi nhuan sau thué trén vén kinh doanh duge xéc dinh theo céng thite sau: Ty sudt loi nhudn sau thué ‘Loi nhufn sau thué trén vén kinh doanh (ROA) mn kinh doanh binh quan trong ky b) ¥ ns ‘Ty sudt nay con duge goi 1a ty suat sinh 10i rong cla tai san (ROA). ROA phan anh méi déng vén sir dung trong kj tao ra bao nhiéu déng Igi nhugn sau thué, 050 5.1 sudtt loi nhudn vén chit sé: hitu (ROE) a) Céng thitc tinh: Chi nay do luéng mitc Igi nhufn sau thué thu dugc trén méi dng vén cia chi sé itu trong ky. Céchrxée dink niu sau: ‘Ty sudt loi nhuan vin Loi nhufn sau thué chi séhita(ROE) = Vn chit sé hu binh quan sir dung trong ky b)Y nghia: — Chi-tiéu nay phan anh ting hgp 14t cd cdc khia canh vé trinh d6 quan trj tai chinh gdm. trinh d6 quan tri doanh thu va chi phi, trinh 46 quan tri tai san, trinh 46 quan tri nguén vén cia doanh nghiép. 6. Thu nhdp mt c6 phén thuedng (EPS) 0,254 | 4) Cong thite tinh: Day 1a chi tiéu rt quan trong, né phan anh méi cé phan thudng (hay cé phan phd thdng) trong nam thu duge bao nhiéu Igi nhudn sau thué. ‘Thu nhap ___Loinbufn sau thué 6 tite tra cho cd déng wu dai 1 cd phan thudng (EPS) Téng 6 cd phn thudng dang lwu hanh b)¥ nel He s6 EPS cao hon so véi céc doanh nghiép canh tranh khéc JA mt trong nhting myc tigu ma cdc nha quin If doanh nghiép luén huéng t6i, vi vay EPS cng cao cang dénh gid Icha ning hogt dng hiu qua cia doanh nghiép. Phan 2: Bai tp (8,0 diém) Céim 1: 2,0 diém * Nagin xét: 05d | Lyi nhudn tong lai Nam 2017 2018 [2019 2021 2021 (epir T_99,750| 103,700 _107,750| _113,150| 119,500 2Lai vay 7 6,000 6,200| 6,500 6,900 | 7,000 Loi nhu§n trude thué 93,750.00 97,500.00 | 101,250.00 | 106,250.00 | 112,500.00 Loi nhudn sau thu 75,000 78,000 81,000[ 85,000 90,000 * Th Ié chiét khdu: xéc dinh bing chi phi sit dung vén chai sé hire TY 16 chiét khdu: r= 7% + 1,5x (4%) = 13% Dy kién cé twe chi tra 5 nim twong lai tir 2017 dén 2021. Dt=ty 1é chi tra 06 tire x Loi nhudn sau thué nim 2017 67,500 trigu déng Dt= ty 1 chi tra cé tite x Loi nhufn sau thué nim 2018 70,200 trigu ddng Dt=ty 1 chi tra cé ttre x Loi nhudn sau thué ném_ 2019 72,900 trigu déng Dt=ty Ie chi tra cé ttre x Loi nhuan sau thué nam 2020 76,500 trigu ddng Dt=ty 1 chi tra cé tie x Loi nhudn sau thué ném 2021 81,000 trigu déng Dy kién von chit sé hiru 4 nam twong lai Vén chi (t) = VCSH(t-1)+ LN dé tai nim t= VCSH nim 2017 367,500.00 trigu dng Vén chi (f) = VCSH(t-1)+ LN 48 lai nim t= VCSH nim = 2018, 375,300.00 trigu ddng ‘Vén chi (1) = VCSH(t-1)+ LN 48 lai nm = VCSH nim 2019 383,400.00 trigu ding Vén chi (t) = VCSH(t-1)+ LN dé Iai nm t= VCSH nim 2020 391,900.00 trigu ding ‘Ty 1@ loi nhudn sau thué/v6n chii sé hiru 4 nam twong lai ROEt = LN sau thué nam t/VCSH nim t ROE nim 2017 20.41% ROEt = LN sau thué nam t/VCSH nim t= ROE nim 2018 20.78% ROEt = LN sau thué nam t/VCSH nim t= ROE nim 2019 21.13% ROEt = LN sau thué nm t/VCSH nam t= ROE nam 2020 21.69% ‘Ty 18 Igi nhudn sau thué/vén chii sé hiru binh quan 4 nim twong lai 0,54 Re 21.00% ‘Tbe dG ting c6 tire g 6.30% Gid tri vin chi tai nim thir 4 V=D4/(-g) 1,209,056.78 —trigu ding Gia tri vin chai (gid trj doanh nghi¢p d6i véi chi sé hiru) v= 953,690.82 trigu ddng Két ud: Gia tri doanh nghiép déi v6i chit sé hitu (von chit): 953,690.82 trigu dng Clin 2: 2,75 diém 1754 * Nhan xét 1. Phuong phip FCFE (dvt: trigu ding) ‘Theo tinh toan ¢ cau 1 ca 5 ndm tong lai vé céc chi tigu: khéu hao, loi nhudn truée thué va lai vay (EBIT), loi nln sau thué. Nim 2017 |__—-2018 2019 2020 [2021 EBIT 99,750 103,700 | 107,750 | 113,150| 119,500 Lai vay [6,000 6,200 6,500 6,900 | 7,000| Loi nhuan trude thué 93,750.00 97,500.00 101,250.00 106,250.00 | 112,500.00 [Loi nhudn sau thé 75,000 78,000 81,000 85,000 90,000 Ap dung cOng thite x4c dinh FCFE theo timg nim trong twong lai FCFE = Loi nhun rong + Khdu hao — Cac khodn chi yin — Ting (gidm) vén lu dong, — Céie khoan tra ng gée + Cac khoan ng méi Ff atinirdge két qua thé-hiérr qua bang-sau— 104 Nam: 2017 2018 | 2019 2020 2021, Toi nhugin sau thud | 75,000 78,000 81,000 85,000 90,000. +Khéu hao 8,000.00 | 7,000.00 | _7,000.00| _ 8,000.00 | _ 10,000.00 - Dau tr TSCD | (5,000.00) | (5,000.00) (5,000.00) (4,000.00) (4,000.00) ~ Thay déi vén hm déng (2,000.00) | _(3,000.00) | _ (2,000.00) | (3,000.00) | _ (5,000.00) + Thay déi ng vay 1,000.00] _2,000.00| _2,000.00| _2,000.00| _ 3,000.00 FCFE. 77,000.00 | 79,000.00 | _ 83,000.00 | _88,000.00| _ 94,000.00 | ~ Gié tr] FCFE tgi nim thir 6 = 94,000.00 x (100%+4%) = 97,760.00 - TY lé chiét khdu: = 7% + 1,5x (4%) = 13% y= FCFE oss - Gid tr] dong FCFE 6 nam thir 5: (n=5) 0 T-@ Va= 97,760.00 (13%-4%) = 1,086,222.22 - Gid tri hién tai cia dong tién FCFE: - > FCFE, , oa Ue OI" Thay sé ta durge V = 882,082.73 triéu ding - Két lun: Vay gid tri hign tai cia dong FCFE 1a 882,082.73 trigu dong 2. Phuong php FCF (dvt: trigu ding) ~ Ty I chiét khdu: WACC = 13% x 3/4 + 11,25% x 1/4 x (1-20%) = 12% ~ Ap dung c6ng thite xc dinh FCFF qua FCFE . FCEF = FCFE + Chi phi lai vay (1-Thué suéit) — Thay d4i vay ng 'Ta tinh duge két qua thé hign qua bang sau: 2017 2018 2019 2020 | 2021 FCFE 77,000.00 | _79,000.00 83,000.00 88,000.00 94,000.00 | + Lai vay (1-22%) 4,800.00 4,960.00 5,200.00 5,520.00 5,600.00 ~ Thay d3i vay ng (2,000.00) | (2,000.00) |_(2,000.00)| (2,000.00) | _(3,000.00) i FCFF 80,800.00 | 81,960.00 86,200.00 91,520.00 96,600.00 | ~ Gid tr] FCFF tai nim thir 6 = 96,600.00 x (100%+3%) = 99,498.000,754 - Gié tri dong FCFF 6 nam thir 5: (n=5) A Es = 99,498.00 /(12%-3%) = 1,105,533.33 ~ Gia trj dong tién FCFF: 2, FCEF, VY, 7 Se Dy +a" Thay sé tadugc V = —_1,105,533.33 triéu déng - Két wan: Vay gif tri hign tai ciia dong tién FCFF cia doanh nghii 1a 1,205,533.33 trigu dong Céiu 3: 2,25 diém # Nhgin xéi # Dénh gid [gi gid tr} ctia mOt sé tai sin theo gid thj trirbng nine sau (dvt:trd) ~ Gifttr] hang tn kho: (60.000) x 80% = 44.000 tra - Gia tri vn gop lién doanh: 50.000 x 110% = 55.000 tra = Gia chimg khodn cng ty HA Nam: 1 trigu op x 20.000d/ep = 20.000 trigu ding ~ Gié tr] TSCDDHH: 250.000 x 130% = 325.000 tra - Cac khoan phai thu: 30.000 + (50.000-30.000-5.000) x 90% = 43.500 tra - Loi thé quyén thué trong vong 10 nim, mdi nim c6 khodn loi 4.000 — 2.000 = 2.000 trigu déng Ap dung cng thite tinh gid tri hign tai ciia dong tién déu voi A= 2.000 trigu dng, n=10 nim, r= 12% Gi tri loi thé quyén thué 1.300,45 trigu déng # Xde dinh Loi thé thwong mai Loi nhugn ueong lai ‘Nam 2017 2018 |__-2019 2020 2021 [EBIr 99,750 03,700 | 107,750 | 113,150 119,500 Lai vay 6,000 6,200 6,500 6,900 | ____7,000 Loi nhuan true thué | 93,750.00| 97,500.00] 101,250.00 106,250.00 |_ 112,500.00 Loi nhuan sau thué 75,000 78,000 81,000 85,000 | 90,000 Ap dung cac cong thite tinh ~ Loi nhuan tai dau tw nam X = Loi nhufn nam X x ty 1¢ loi nhudin ti dau tu nim X Tyr loi nhudn sau thué két hgp véi cdc théng tin bai ra ta tinh duge: * Uéc tinh Igi nhuan tai ddu tu, trong 46 Loi nbudn tai ddu tr nam X = Loi nhugn nim X x ty 18 Joi nhudn tai ddu tu nm X Loi nhufn tai ddutu nim 2017 7,500.00 trigu ddng Loi nhugn tai dau ty nim = 2018 7,800.00 trigu ding Loi nhuan tai dau tu nam 2019 8,100.00 trigu déng Loi nhufn ti dau tunam 2020 8,500.00 trigu déng Loi nhugn tai dau tu nim 2021 9,000.00 trigu dong * Uéc tinh vén chi, trong 46 Vén chit nam X = vén chit nim (X-1) + LN téi dau tr nim X Vén chit sé how nim 2017 367,500.00 trigu ding V6n chi sé hitu nim 2018 375,300.00 trigu dingVén cha sé hia nam 2019 383,400.00 tru ding Vén chii séhitu nam = 2020 391,900.00 trigu déng ‘V6n chi sé hitu nam 2021 400,900.00 trigu déng * Uéc tinh Igi nhudn trung binh nganh, trong 46 Lgi nhugn trung binh nganh nim X = Vén chi nam X x ty sudt Igi nhudn trung binh nganh noi nhudirtrang binirngin—2017———#-100:00 —nrigertdng ——— Loi nhufn trung binh nginh 2018 45,036.00 trigu ding Loi nhufn trung bin nginh 2019 46,008.00 trigu dng Loi nhudn trung binh nginh 2020 47,028.00 trigu déng Lgi nhuan trung binh nganh 2021 48,108.00 trigu ding * Uséc tinh loi nhudn siéu ngach, trong 46 Loi nhudn siéu ngach nim X = Loi nhudn cla DN nim X — Loi nhudn trung binh nganh ‘Loi nhuan siéu ngach nam 2017 30,900.00 trigu ding Loi nhugn sigu ngach nim 2018 32,964.00 trigu déng Loi nhudn siéu ngach nam 2019 34,992.00 trigu ding Loi nhudn siéu ngach nim 2020 37,972.00° trigwddng Loi nhugn siéu ngach nam 2021 41,892.00 trigu ding siéu ngach nam 2022 41,892.00 trigu ding 6 bang ting hgp sau: ‘Nam thir 2017 2018 | 2019 2020 2021 1. Vin chi | 367,500.00 | 375,300.00 | 383,400.00 | 391,900.00 | 400,900.00 2. Téng loi nhuan sthué 7 75,000.00 | _78,000.00| 81,000.00 | 85,000.00 _90,000.00 [3% igi shud ti uae | — - 0.10 0.10 0.10 0.10 0.10 4. Loi nhudn tai dau tr | 7,500.00 | _7,800.00| _8,100.00| _8,500.00| _ 9,000.00 3.7 bink quan ela nganh oi2 | 012 | oa 0.12 0.12 6. LN tinh theo r trbinh 44,100.00 | _ 45,036.00 | _ 46,008.00 | _ 47,028.00 | _48,108.00 7. In sigu ngach (2-6) 30,900.00| _ 32,964.00| 34,992.00 _37,972.00| _ 41,892.00 Ap dung c6ng thitc tinh dong tién 2 giai doan (n=5): Vn=SLNx (rg = 232,733.33 trigu déng = S LNSN, Ms GWo= ot ‘Vay thay vao céng thite trén (sry (ery og # Xe dinh gis tr] tAi sin theo thj trudng —i Tai san Gis jsb sich | Gi trjthjtruong | Chénh Igcl 10d [A Tai sim ngin han __130,000 111,500.00 | (18,500.00) 1. Tien 10,000 10,000.002. Cae khoan phai thu | | 7 50,000 | 43,500.00 | (6,500.00) | 3. Hang tén kho T - | 60,000 48,000.00 (12,000.00) 4. Tai san ngin ban khde | | 10,000 10,000.00 : B. Tai sin dai han | _ 350,000 | 451,300.45 | 101,300.45 | | 1. Gig ti con tei cia TSCDHA | _ 250,000 325,000.00 _75,000.00 | 2. TSCB thueé tai chinh | | 20,000 | _ 31,300.45 | 11,300.45 le 3. Dau tr chimg khodn vao céng ty Juang Dat (1.000.000 6 phiéu) 10,000 20,000.00 | 10,000.00 4. Gép von lién doanh 50,000 55,000.00 5,000.00 5. Tai san dai han khéc 20,000 20,000.00 : ics ‘Loi thé thong mai = : 258,736.28 | 258,736.28 ‘Tong thi sin 480,000| __821,536.73| 341,536.73 Gia tri phn vén chi = 821,536.73 -120.000 = 701,536.73 trad Két lun: Gid tr} doanh nghiép déi voi chit sé hicu (vn chii): 701,536.73 trigu ding Clu 4: 1 diém * Nhdin xét: # Phuong phdp P/E Buéc 1: Xéc din loi nhuén sau thué va EPS cia doanh nghiép c&n tham dinh gid ~ $6 lugng o8 phin eta Céng ty la: 150.000 trigu dng : 10.000 déng = 15 trigu cé phin - Loi nhugn binh quén 3 nam: Nim 2017 2018 2019 2020 2021 Loi nhugn sau thué 75,000.00 78,000.00 81,000.00 85,000.00 90,000.00 ‘Loi nhudn trang binh 3 nim: (75000+78000+81000):3 = 78.000 trigu déng - EPS trung binh ctia Cong ty 1a 78.000 trigu ding : 15 trigu o6 phdn = 5.200 ddng/cé phan Bube 2: Xée dinh ty s6 P/E Lua chon doanh nghigp tuong duong: theo bai ra c6 4 céng ty so san, tuy nhién chi 6 3 céng ty cing nganh: (1). Cong ty Phan bén Dau Trau: vén didu 1é 1a 130.000 tri P/B= 11, P/B=2,3; (2). Cong ty Phan bén Thing Loi: vén diéu Ie 14 160.000 triéu déng, P/E= 11, P/B=2,5; (3. Cong ty Phan bén Quéc Hoa: von diéu 16 14 170.000 trigu déng, P/E= 12, PIB=2,6. Vay ty s6 P/E binh quan: (11+11+12):3 = 11,33 Buée 3: Thay vao cng thite dé wéc tinh gia tri doanh nghiép cn thdm dinh gia Gié tri doanh nghigp X Loi nhudn dy kign dat duge hee ie ti 7 x PBs d6i v6i chi sé hira cia doanh nghiép XGié trj vn chi cia doanh nghiép cn thim dinh gid 78.000 trigu dng x 11,33 = 884,000.00 trigu déng Gid tri vén cha cia doanh nghiép cin thim dinh gid = 884,000.00 trigu ding [05a] # Phucong phip P/B Bute 1: Xé4c dinh gid tri vén chit sé hitu trén sé sich ciia doanh nghiép can tham dinh gid tri sé séch cla vin ch: 360,000 trigu ding Buc 2: Xéc dinh ty s6 P/B Lya chon doanh nghiép tong duong: theo bai ra c6 4 cOng ty so sénh, tuy nbién chi 06 3 céng ty cling nganh: (1). Céng ty Phan bén Dau Trdu: vén digu 1¢ 14 130.000 trigu ding, P/E= 11, P/B=2,3; (2). Cong ty Phan bon Thing Li: vin diéu Ié 14 160.000 trigu déng, P/E= 11, P/B=2,5; (3. Cong ty Phan bon Quéc Hoa: vén diéu 1é 14 170.000 trigu déng, P/E= 12, P/B=2,6. Vay ty s6 P/B binh quan: (2,3+2,5+2,6):3 = 2,47 Buéc 3: Thay vao-céng thire- dé-uéc tinh gié tri doanh nghiép cdn-tham-dinh- gi Cong thite x4c dinh Gia tri doanh nghiép X Gia tri von chi sé htru trén sé sich oe. d6i voi chit so how. cha doanh nghiép X x * id tri vén chi cia doanh nghiép can tham dinh gid 360,000 trigu dong x 2,47 = 888,000.00 trigu ding Két Iwan: Gis tri vbn chi cia doanh nghiép cin thim dinh gid = 888,000.00 trigu dingBO TAI CHINE pE THI MON + HOLDONG THE ‘THAM pINA GIA MAY THIET BY 2oh THAM BINH VIEN VE GLA ‘Thoi gian lam bai: 150 phit KY THI THUXE (Khong ké thoi phat 68) / : a pk s02 Y Cau 12 diém) Anh (chi) hay néu khai nigm rubi dbi kinh 16 ola may thiét bi, phan bigt tubi abi thio té va tuéi doi higu qua cba méy thiét bi. Cau 2 (4 diém) Cho biét céc thong tin cia cin cdu thém dinh gid va cée can cdu so sfnh vao théi diém thang 06/2017 nhw sau: Yeu t6 TSTD TSi TS2 TS3 Loai xe Can cau Céin cfu Cin ou Cin cfu Hang san xudt Unie Unie Unie Unic $6 khoe 3 6 3 5 | Tai trong (tn) 1 4,05 (tuong |-2,33.(urong | 3,03 (tuong duong 4 tn) | duong2 tin) | duong 3 tan) [Bao hanb T2théng | 12théng | 12 théng 12 than; Tinh trang 90% 90% 90% Gid ban 2 500 tiga 395 tiga | Qua digu tra thi trutng, thu thap duge tuong quan ve gié cin edu trén thi trudng theo cae yéu t6 vé s6 khie va tai trong nhw sau: = Cin edu of tai trong 1 tn c6 gid thép hon ca trong 2 tdn 14 5%, thdp hon cin cdu o6 tai trong 3 tn 1a 10% va thép hom cn cdu 06 tai trong 4 tén 1a 15%. = Can cdu 3 khnic 06 gié thép hon c&n clu 5 khiic 1a 12% va thép hon cn cdu 6 Kitic 14 18%. a) Ap dung phuong phép so sinh a8 thém dinh gid cln clu trén vao thang 06/2017 ) Gia sir can cdu thém dinh gid trén c6 tudi ddi kinh té cdn Iai la 5 nam, dong tién déu hing nim trong twong lai dy kién la 130 trigu déng, gid trj thanb ly ed edu vao nam cudi bing 0, ty sudt chiét khdu 8 20%. Hay tham dinh gid can cu trén. Cau 3 (4 éiém) Cong ty X mua méy thiét bj va due vio sit dung vdo thang 6/2013 véi nguyen gi 4c théng tin lién quan nhu sau: via may la 8 nim, may duge trich khéu hao theo phuong phép dong thing. - Vao thang 6/2017, chat Iwong cén lai cla may duge d4nh gid theo chuyén gia 18 62,5%. - Thu q rong dy kién cdc nat- May duge dau ty bing vén vay véi ty trong 30% va lai sudt 12%; chi phi sit dung vin chit so hitu 1a 22%. - Thué suat thué TNDN 18 20%. Yeu cdu: a) Dén thoi diém théng 6/2017, hay nhén xét ché 46 bao tr, bao duéng may thiét bjtrénciacéngtyX. ) Hay thém dinh gid may thiét bj trén vao théng 6/2017. HET DE THI Chui $: Cac 86 % va tién lam tron 2 sé 18.BO TAI CHINH pAp AN DE THIMON g t HOIDONG THL HAM DINH GIA MAY THIET BI THAM DINH VIEN VE GIA ‘Tho gian Lim bai: 150 phitt KY THI THU XID (Khong ké thai gian phat a8) pAp AN DESO 2 Cau 1 (2 dim) Néu khéi nigm tudi doi kinh té cia may thiét bi, phan bigt tudi adi thy té va tudi doi higu qua cia may thiét bi. doi kink té ctia may thiét bj Tuéi doi kinh té cia méy thiét bj 18 téng sé thoi gian t6i da (tudi di ky vong 16i da cba may thiét bi) sir dung may thiét bi dép img duge higu qua kin té. Tudi di Kinh t8 cia méy thiét bj 18 s6 nam dy tinh sir dung méy thiét bj vao hogt dng sin xuét, kinh doanh theo quy dinh hign hanh, & diéu kién binh thuéng, phi hep véi céc théng sé kinh té - ky thuat clia may thiét bj va dap tmg duge higu qua kinh t& ciia vie sir dung méy thiét bi. - Pha biee tudi doi thye té va tubi doi higu qué ctia mdy thi bt bi. ¥ Tubi ddi thy t6 cia méy thiét bj la s6 nam tinh tir khi hodn thanh san xuét, ché tao, xy dyng may thiét bj méi 100% dua vao sir dung dén thoi diém tham dinh gid. Y Tuéi ddi higu qua cia may thiét bj 1a s6 nam thé hign thye trang cia may thiét bj thdm djnh gid tai thoi diém thdm dinh gid. Tudi ddi higu qua c6 thé bang, nhé hon hode lén hon tubi dbi thyc té cha méy thiét bj tly thudc vao tinh trang duy tu, béo duéng, khie phue may thiét bj. Cy thé: Y Tui doi higu qua bing tudi doi thyc t8 cla may thiét bj néu may thiét bi duge bao dudng, duy tu, sita chita theo diing dinh ky, diing quy trinh. ¥ Tudi ddi higu qua nhd hon tudi doi thyc t clia may thiét bj néu may thiét bj durge duy tu, bio duéng t6t, duge tan trang nang cdp lam ting chét rong cia may thiét bj. Y Tubi ddi higu qui én hon tudi doi thyc té cia may thiét bj néu may thiét bj Khéng duge bao dudng, nang cp, duy tu, sita chia theo ding dinh ky, ding quy trinh, Cau 2 (4 aiém) a) Thim djnh gid cin cdu vao thoi diém thing 06/2017 bing phuong phap so sinh (3 diém) Ap dung cach tigp c€n thi trudng véi phuong phap so sénh, cfc mite gia chi din cla fe can cfu so sénh sau khi da dieu chinh céc yéu t6 Ichée bigt (s6 Kkhdc, tai trong) ve tuong ddng véi can cdu thim dinh gid theo bang sau: ‘Yéu t6 so sinh TSTD _TS1 TS2 TS3 | Gia thj truéng (Gia trudc diéu chinh) 500 330 395 pidu chinh cdc yéu t6 so sinh : _ S6 Khtie 3 6 3 5 Ome | |Ty 1é digu chinh -18% 0% -12% ‘Mie diéu chinh -90.00 0.00 -47.40 Gia sau diéu chinh 1 410.00 330.00 347.60 Tai trong (kg) 1 4.05 2.33 3.03 Ty 1é diéu chinh 15% 5% -10% Mie digu chinh -75.00 | -16.50 39.50 Gia sau diéu chinh 2 335.00 313.50 308.10 Mite gia chi dn 335.00 313.50 308.10 | id tri trung binh ota mite gid chi din _318.87 Mite d6 chénh léch voi gid tr] trung binh cia mite gid chi din 5.06% -1.68% 3.38% ‘Téng hop cdc sé ligu diéu chinh “Tong gid tej diéu chinh 20p -15.00 16.50 -86.90 ‘Téng s6 lin diéu chinh 2 1 2 Bign d6 diéu chinh 15% - 18% 5% 10%-12% | Téng gid tr] diéu chinh thudn -165.00 -16.50 -86.90 Theo bing trén, chénh Iéch gitta mic gid trung binh cia cée mite gid chi dain nim trong khong 3,38% - 5,06%: khong vugt qué 15%, Xét ve cdc mite gid chi dan, tng gid tri diéu chinh g6p, ting sé lan diéu chinh, bién 46 didu chinh, téng gid tri diéu chinh thuan gitta céc can cdu so sinh o6 mite 46 chénh lech kh6ng I6n. Vi vay, chon mite gid chi dn trang binh cia céc mite gid chi dn cba 3 edn cfu so sénh lam mite gid cho cin cfu thim dinh gid. céu thm dinh gid vao thang 06/2017 la: 318,87 trigu déng. ‘ gid cin clu vao thdi diém thing 06/2017 theo phong php ding tién ehiét kha (1 éiém) =388,78 trd Say Vay gid tr} cia cin cdu vao thi diém thang 06/2017 theo phuong phap dong tin chiét khdu i: 388,78 trigu déng. Cau 3 (4 aiém), a) Dén thoi diém thang 6/2017, nh§n xét ché dQ bio tri, bio dwong may thiét bj trén ciia cong ty X (1 didn) = May thiét bj dirgc mua vao théng 6/2013, dén thoi diém thang 6/2017 may 4a sir dung duge 4 nim, nghfa ld tuéi doi thye té cba may 14 4 nim. = Vao thing 6/2017, chét lngng cdn lai cia may duge dénh gié theo chuyén gia 1a 62,5%, nghfa IA hao man olla may s€ la 100% - 62,5% = 37,5%. —> Tudi ddi higu qua cla may sé la: 37,5% * 8 nim = 3 nim 2 OmeNhu vay, vao thang 6/2017, tudi doi higu qué cla may (3 nim) ngin hon tudi déi thye 16 cia may (4 nim), nghia 1A méy thiét bi, duge duy tu, bdo dudng t6t, duge tan trang nang cp lam tang chat lrgng cita may thiét bi. . b) Hay thdm djnh gid may thiét bj trén vao thang 6/2017 (3 diém) May thiét bj cé tudi doi kinh té 1a 8 nam, duge mua va dua vao sit dung vao thang 6/2013, bang tinh kh4u hao may thiét bj theo phuong phap dudng thing nhu sau: (1diém) Nam | TYIEKH | S6teKH | car pay Ks | Gia tri cdm Iai nim nim 1 12.50% 175.00 175.00 1225.00 2 12.50% 175.00 350.00 1050.00 3 12.50% 175.00 525.00 875.00 4 12.50% 175.00 700.00 700.00 5 12.50% 175.00 875.00 525.00 6 12.50% 175.00 1050.00 350.00 7 12.50% 175.00 1225.00 175.00 8 12.50% 175,00 1400.00 0.00 - Kp dung phwong phdp ding tin chiét khdu 4€ thdm dinh gid may thiét bi trén voi ty suat chiét khau: (0,5 diém) [(100% - 30%) * 22%] + [30% * (1-0,2) * 12%] = 18,28% ~ Tinh ding tidn cdc nim trong tuong lai cia may thiét bj thém dinh gid: (1,5 diém) Vao thoi diém thm dinh gid (6/2017), tudi adi higu qua ota may 1a 3 nam do 46 tudi doi kinh té cdn Igi cla may sé a: 8 nam — 3 n&m = 5 nim. Nhu vay, 4p dung phuong phép dong tin chiét khdu dé tham dinh gié may thiét bj trén v6i d6 dai dr béo 1A 5 nim. Déng tién cdc nm trong tuong lai cia may thiét bj thdm dinh gia nhur sau: Nam 1: CF, = 160 + 175 =335 trigu Nam 2: CF; = 160 + 175 = 335 trigu Nam 3: CF3 = 160 + 175 =335 trigu Nam 4: CF, = 160 + 175 = 335 trigu 160 + 15*(1-0,2) = 172 trigu (nam Voi ty suit chiét khdu la 18,28%, hign gid ding tién cdc nim tuong lai dy kién cia may thiét bi thdm dinh gid vé thoi diém hién tai sé tinh duge gid tri cla may thiét bj thm dinh vao thang 06/2017 la: 335 335 335 335 y = 335__,__335__,__ 338 _, _ 3 (1+0,1828) * (+ 0,18287 * (10,1828) © (1+0,1828)' hie 5 khOng cdn trich khdu hao) 172 (1+0,1828) = 970.58 td Vay gid trj cia méy thiét bi thém dinh gid vio thoi diém thang 06/2017 theo phuong phap dong tién chiét khdu la: 970,58 trigu ddng.HOIDONG THI DE THI MON Rp Ay THAM DINH VIEN VE GIA NGUYEN LY HiNH THANH GIA CA TH] TRUONG KY THI THU xu VA NGUYEN LY CAN BAN VE THAM DINH GIA Thdi gian lam bai: 180 phiit (Khong ké thoi gian phat dé) DE SO1 I. PHAN NGUYEN LY HINH THANH GIA CA THT TRUONG. Au 1 (1,5 diém). Anh (Chi) hay cho biét: a/ B6i canh ra ddi cia ly Juan kinh té chinh tri tu sin cd dién Anh. b/NOi dung hoc thuyét kinh t8 cia William Petty. C4u 2 (1,5 diém). Phan tich sy can thiét khach quan quan ly nha nuéc trong linh vye gid. CAu 3 (2 diém). San phdm can dinh gid mét cudn sich bdi duémg chuyén mén nghiép vu do Co quan X dat hang, Sé Igng in 2,000 cudn, 400 trang rudt, khuén khé 13x19em, bia gidy C150g/m* in 4/0 man, rudt gidy 60¢/m" in 1 mau. Sau khi séch hoan thanh giao Céng ty PHBCTW phat hanh dén cdc d6i trong thy huéng. Qua digu tra thj truéng vé gid ban 1é cdc cudn sdch tong ty, cing nam xuét ban, cing sé Iuong in, cing chét long tai cdc cia hang séch trén dja ban thu thap dugc céc théng tin nhu sau: + Cudn 1 gid bia 50.000 ding, khé 14,5x20,5cm, 398 trang rudt; + Cudn 2 gid bia 84.000 déng, khd 15x22cm, 594 trang ruét; + Cudn 3 gid bia 60.000 déng, khdé 16x24cm, 358 trang ruét; + Cudn 4 gid bia 88.000 ding, khé 17x24cm, 392 trang ruét. Céc cuén séch trén day ¢6 Khu6n kbd khéc nhau va khéc véi khuén khd can dinh gid do vay can quy déi vé Khu theo dign tich trang sch, déng thdi quy déi 1 trang bia bing 4 trang ru6t. Sach trén thi trrmg bén tai cdc cita hang sdch c6 ty 1é chi phi phat hanh trang binh 1a 40% gid bia. Cudn sach trén do Nha nude dat hang va duge phat hanh qua Cong ty PHBCTW véi chi phi phat hanh 1a 22% gid bia. ‘Yéu cau: dung quy dinh tai Thong tr s6 25/2014/TT-BTC ngay 28/02/2014 cia BO truéng Bé Tai chinh quy dinh phuong phép dinh gid chung déi voi hang héa, dich vy dé xéc dinh gid cudn sach néi trén. IL. PHAN NGUYEN LY CAN BAN VE THAM DINH GIA CAu 1 (1 diém), Trinh bay ndi dung va yéu clu ota nguyén tac cung cau. Cfu 2 (1 diém). Anh (Chi) hay cho biét: én séch khé cudn sach can dinh gid véi hé sé quy adia/ Céc gia thiét trong khéi niém gid tri thi trong. b/ Céc giao dich Ichéng tuén théo nguyén tic hinh thanh gid tri thi trxong, Cau 3 (1 diém). Néu ode céch tiép cn trong thim dinh gid tai sin? Trinh bay n6i dung cdch tiép clin ti thi trudng, Céu 4 (2 diém). Mét thiét bj san xudt duoc mua véi gid 1.000.000.000 ddng, trong 46 von ty ¢6 ciia chit doanh nghiép 18 300.000.000 dang, ngan hang A cho vay 100,000.00 ding véi lai sudt 12%/nim, ngén hing B cho vay 600.000.000 ding voi lai sudt 13%/ndm. Tudi ddi kin té cia thiét bj 1 10 nim, Gid tr] thanh ly thiét bi cuéi chu ky dau tur khong dang ké (bing 0). Chi phi sir dung vén chi sé hw 15%, Thu nhép tir khai thée thiét bj tinh vao cudi méi nam. Thué suét thué thu nhap doanh nghiép 20%. Anh (Chi) hay cho biét: a/ Néu ngén hang A yéu cau ghép Iai hing quy, ngan hing B yéu cdu ghép lai 06 thang mot lin (g6c tra khi déo han) thi téng sé tién Tai chi doanh nghiép phai trd hang nam 1A bao nhiéu? b/ Néu cé 02 ngan hang cing yéu cAu chit doanh nghiép tra ca géc va lai déu hang nam thi ting s6 tién phai tra hang nam la bao nhiéu? c/ Néu chi doanh nghiép thyc hién trich khdu hao hang nam tir thiét bj ndi trén 100.000.000 déng va dem sé tién nay giti vao ngan hang C véi lai sudt 8%/nim. Cudi i thi Gia tr] thiét bj can Adi mdi 1a 1.500.000.000 ddng. Hoi sé tien th a thiét bj méi khong? d/ Néu dong tin thudn cia phwong én dau tw néi trén dong, hay tinh ty suat hoan vén ni b6 (IRR). -HET DE THI- Ghi chi: Can b6 coi thi khéng gidi thich gi thém; Don vj sit dung théng nbdt trong bai thi 14 dng, déng/trang; Thi sinh lam tron s6 theo quy tie: Bdi véi tién va sb trang sach lam tron dén hing don vi, khéng lay s6 1é, vi du 11.054.237,4 dng lam tron 11.054.237 Ong; 11. 054.237,5 ding Jam tron 11.054.238 dong; 436,4 ‘trang lam tron 436 trang; 436,5 trang lam tron 437 trang; Déi voi hé sé quy déi theo khuén khé trang sach va ty 18 % ldy hai s6 18, vi du: 1,234 lam tron 1,23; 1,235 lam tron 1,24; 12,314% lam tron 12,31%; 12,315% lam tron 12,32%. dan hang nim 1a 180.000.000 LY Fo. Gs~ &F. 0 @ 4 Feb 0 IF 2. 82t.86 4.086. 09£ 2 4,271,544HOI DONG THI pAp AN Dit THI MON Qo 4 oP) THAM DJINH VIEN VE GIA NGUYEN LY HINH THANE GIA CA TH] TRUONG KY THI THU xX VA NGUYEN LY CAN BAN VE THAM BINH GIA DESO 1 1 PHAN NGUYEN LY HINH THANH GIA CA TH] TRUONG Céu 1 (1,5 diém). a) Béi canh ra doi cia Hoc thuyét kinh té chinh tri tw san cé dién Anh Hoe thuyét nay xudt hign (thé ky XVI-XVI) trong béi cénh tu ban thuong nghiép (chti nghia trong thutong) ~ dya trén cup béc va trao déi khéng ngang gid quoc té va trong nuée — dang mét dan vj tri théng trj. Khi ngudn tich Iiy nguyén thay da can thi chi nghia trong thuong td thanh déi tugng phé phan, © Anh, khi chi nghia trong thuong mat dan vai trd lich sit, giai ep tu sin Anh da mat sém nh§n thay loi feh cia ho igc phat trién c6ng trudng tha cong trong nude. Ho chi rO muén lam gid pha céng trudng thi cong , béc It lao dng; lao dGng lam thué 1 ngudn géc lam gidu cho nha ty ban, Bd 1a béi cénh ra déi cia IY Ivan kinh té chinh tr] tur sin cB dién Anh. Dai dign: William Petty (1623 -1687); Adam Smith (1723 -1790); David Ricardo (1772 -1823). b) Hoc thuyét kinh té cia William Petty Tac phim: “Didu wdc vé thué va déng gop”, “Sé hoc chinh tri”, “Ban vé tin te”. Tu tuong: W. Petty khong tryc tiép trinh bay ly Iudn vé gid tri nhung théng qua lugn diém vé gid ca cia ong cé thé khang dinh 6ng 1a ngudi dau tién dua ra nguyén ly vé gid tri lao d6ng. Nghién citu vé gid cd, 6ng cho rang 6 hai Joai gia ca: gid ca ty nhién va gid ca nhan tao. Gid ca ty nhién 1a gid tr] hang héa. Né do lao déng cia ngudi sin xudt tao ra. Luong cia gid ca ty nhién, hay gid tri, ty 16 nghich véi nang sudt lao dng khai thac bac hoje vang. Theo 6ng gié cd ty nhién (gié tr] ctia hang h6a) phn énh gid ca ty nhién ciia tién t@, cfing nhu anh séng mat trang Ja sy phan chiéu ctia mat trdi. Nhung ong lai chi thia nhfn lao dong Khai théc bac hodic vang a lao d6ng tao ra gid tri, con gid tr] hang héa chi duge xéc dinh khi trao d6i voi bac hogc vang. Néu nhur gid cA ty nhién 1a gid trj hing héa, thi gié cd nhan to 1a gid ca thi trrng cia hang héa. Ong viét: “Ty 18 gitta lia my va bac chi lA gid ca nhn tao chit khéng phai 1a gid cA ty nhién”. ‘Theo 6ng, gid cA nhan tao thay déi phy thudc vao gid ca ty nhién va quan hé cung — cu hang héa trén thiVé gid c chinh tri, W. Petty cho ring né la logi dae bigt cia gid cd ty nhign, No ciing l8 chi phi lao dng 4é san xudt hang héa, nhung trong nhting dieu kign chinh tr kh6ng thun Igi. Vi vay, chi phi lao dng trong gid ca chinh trj thumg cao hon so véi chi phi lao d6ng trong gid cd ty nhién binh thudng. Ong cho rang gi ca chinh trj do nhiéu yéu t8 ngdu nhién chi phéi, nén rét khd xdc dinh chinh xéc. éi voi W. Petty thi vige phan biet gid cA ty nign, tie 1d hao phi lao dng trong diéu kign binh thudng véi gid cd chinh ty - a lao dng chi phi trong diéu kien chink tr khéng thufn Igi — e6 ¥ nghia to Idn. W. Petty 1a ngudi ddu tién trong lich sir dat nén méng cho ly thuyét gid tr) lao déng, Tuy nhién, ly thuyét gid trj lao dng cia W.Petty cn chju anh huéng tr trong chu nghia trong thuong. Ong chi thira nhén lao déng khai théc bac hay vang 1a nguén g6c ciia gid tri, cdn gid tri ctia cdc hang héa khée chi duge xée dinh nhiy qua trinh trao di v6i vang hodc bac. Mat khdc éng 06 Iudin diém tiéng: “Lao d6ng 1a cha cla cla cai con dat dai 1a me olla ola cai”. Lufn diém nay ding néu xem cia cai 1A gid tri sit dung nhung 1a sai néu hiéu lao dong va tu nhién 1 yéu t6 tao ra gid tri. Ong da tim thuée do théng nhét cia gid tri 1A thuée do chung 46i voi ty nhién va lao dOng , Ong dua ra quan diém: “Thuée do théng thudng clia gié tr] 18 thite tin trung binh hang ngay ciia m6i ngudi chit khéng phai lao dOng hing ngay cila nguéi d6”. Lugn diém nay cho thay ong chua phén biét ré gia trj sir dung va gid { tra, a6i, chua biét dén tinh chat x4 h6i ciia gid tr]. Ngoai ra, 6ng 4% cb ¥ dink giai quyét méi quan hé site lao d6ng phitc tap va lao —déng-gién don nhumg kthéng thanh e6ng. ——— Cfu 2 (1,5 diém). Sy cn thiét khdch quan quan ly nha nuéc trong linh vye gis. Thit nhait, xudit phéit tie nhieng khiém khuyét, thdt bai cita co ché kinh té thi truong Co ché kinh té thj truong ddi hoi sy tn tai cita céc chi thé kinh 6 déc lap duéi nhiéu hinh thiic sé hu khéc nhau, dua trén tyr do vé sé hiu t8i sin, Trong d6, sé hitu tap thé, sé hitu cd phan, dau ty truc tiép nude ngodi... cling ton tai binh ding, cOng téc, canh tranh v6i nhau, dan xen vao nhau. Dac trung cia kinh t6 thi truémg nhén manh quyén ty do cé nhan; cdc c4 nhan ty do theo dudi Igi fch riéng cia minh ma khOng ¢6 sur can thigp, khéng ché hay tra gip nao cla Chinh phi. Vai trd clia Chinh phi [a thiét lap va bao vé quyén sé hifu tai sin; gidm sat thuc thi cdc hop dang. H@ théng gid cé ty do, do cung cau thj trudng quyét dinh 1a yéu 6 odt Ii quyét djnh sy van hanh cia co ché kinh té thi truéng. Tuy nhién, co ché thj trudng khong phai la céng cu hoan hao. Né cé nhig khuyét tit va that bai khi giai quyét cdc vin 48 nhur xéa d6i, gidm nghéo, tao lap céng bang x4 hdi, bao vé méi trudng, v.v... Dé khéc phye va trénh that bai thj tung, nha nude phai tham gia quan ly, diéu tiét sw van hanh nén kinh té. Theo d6, nha nuéc quan ly gid 14 mét yéu cdu khéch quan nhdim han ché bet cdc tac dong tiéu cyc cita thj trong, khic phuc nhiing khuyét tat va that bai ciia thi truong, Ag6p phan khai théc va sir dyng t6t nhdt cdc nguén lye vén httu han (nhén lye, vat lite, tai Tuc) cia nén kinh té. Trén thé gidi, mot s6 chin phui tryc tigp dinh gid, v6i mite gid thép hon chi phi ho§c thdp hon gié thj trudng déi voi mot s6 hang héa, dich vu d6c quyén, céng ich nhu: + Nga: gia dién, nude sinh host, gas, dich vu céng. + COng hda Sée: gid dign, nude sinh hogt, dich vu thost nude, gas, xe buyt, gid thué nha. + Ba Lan: gid stta, gas, dién, thudc, xe buyt. + Vénézuéla: gid xting dau, xe buyt, dién. + Indénésia: gid xang dau, xe buyt, dign. Thit hai; xuudt phétt tie vai tro chi sé-hitu cha Nha nude Nha nué¢ dai dign cho sé hitu toan dan déi véi tai sin quéc gia nhu dt dai, tai nguyén trong long dat, rimg, bién, bau tri; cdc tai sin nha nude nhu: nguén vén ngén sdch, dy trot quéc gia, cdc céng trinh céng ich... LA chit sé htfu, thé hién cht quyén quée gia ve cdc nguon lye hitu han d6, nha nude thé hign céc quyén nang chiém hitu, sir dung, dinh doat (trong dé c6 hoat dong dinh gia tai sé quéc gia) nhim str dung, phan bé mét cach hop ly ngudn lye quéc gia dé thye hién cdc muc tiéu kinh té xa hi timg thoi ky. Thit ba, xudt phat tie mé hinh kinh té Viét Nam dang xy dung Ching ta dang xay dung “nén kinh té hang héa nhiéu thnh phan theo dinh huéng XHCN, vén hanh theo co ché thj trudng c6 sy quan ly cia Nha née”, Thue hign myc tiéu n6i trén, Nha nude can quan ly gid cd mét cdch phi hgp theo huéng gidm dan hoat dOng dinh gid tryc tiép mang tinh hanh chinh, ménh lénh; ting cudng quan ly gid bang Iuat phap va cdc c6ng cy diéu hanh kinh té vi m6; ton trong quyén ty dinh gid cia doanh nghiép. Cu thé Nha nuée chi can thigp va gid d6i véi san phém déc quyén ty nhién (nude sach, dién), sin pham hang héa céng ich chi tir nguén ngan sdch nha nude (dich vu y t&, gido duc, quéc phong....) Thyc hién céc chite nang quan ly, dinh huéng va hd tro phat trién, hogch dinh va trién Khai thyc thi mye tiéu kiém ché lam phat (CPI) 5 nam va hang nim. Thit tu, xudt phat tit yeu cau dam béo déi séng va thu nhdp ciia cde ting lép dan cue Gid cA 1A mOt trong nhiing nhén 16 anh huéng tryc tiép dén doi séng va thu nhap cia cée tang 1ép dan ou trong x4 h6i. Khi gid ca bién déng manh, anh huéng khéng nho én di séng va thu nhap cia dén cu; Chinh phi phai quan ly gid c& hang héa tiéu ding va gid ca hang héa tu ligu san xudt quan trong, thiét yéu dé vira én dinh didi séng vira thue day phat trién san xuét, dn dinh chinh tri x4 hi va dam bao céng bing xa h6i. 3Thit néim, xuéit phat tie yeu cdu dam bao thyc hién déng b6 cdc muc tiéu kinh té vt mé Quan ly gid, ché lam phat 14 mét mye tiéu quan trong cia kinh +6 vi mé. ______Trong nén kinh té thi trong v6i nhiéu thanh phan kinh t& muc tiu_sin long cao va—__ tang khéng nging, myc tiéu that nghiép thap (hitu nghiép cao) va muc tiéu én dinh gid ca, kiém ché lam phat 1a ba muc tiéu diéu hanh vi mé khéng thé tach rdi. Thy tinh hinh cu thé ma dat muc fiéu nay hay muc tiéu kia 1én dau nhung néi chung Nha nude quan ly gid sé bao dam thyc hién déng bé6 cdc myc tiéu kinh té vi mé. Thie séu, xudt phat tie yéu cdu thyc hién muc tiéu céng bang xd héi va cde muc tiéu x hoi khdc Nhin chung, sy trao d6i theo gid trj thj trudng cia hang héa va djch vy 1a su trao adi céng bing va hgp ly, vi ty Ié trao i trén thj trudng dya trén chi phi lao déng x4 hoi cAn thiét. Gi ca phan 4nh quan hé trao ddi cia cai vat chat gitta cdc nha sin xudt, gitta cdc t6 chitc kinh té x hdi, gitta cdc nhém dan cw. Do dé thay déi gid tuong déi sé lam cho thu nh§p cia cdc bén tham gia thj tung thay déi. Nha nude 06 thé diéu chinh cénh kéo gid ca dé tir dé lap lai céng bing, thiac day tién bd xa hdi. Trén gidc 46 kinh t6, thye hién céng bing khéng déi 1p v6i myc tiéu kinh té ma nguge lai, gin bé chat ché vi né. Thue hién céng bang nham phat huy nhén t8 con ngudi, thie day tang trang kinh té dai han. Phét trién kinh 16 1a diéu tién dd a8 __ thye hign muc tiéu x& hi. Chinh vi vay, chi phi va didu tiét gid ca ctia Nha nude 1a mét tt yéu khch quan khéng thé thiéu duoc trong chite ning quan ly kinh té vi mé cia Nha nude. Céu 3 (2 diém). a) Quy déi khuén khé céc cuén séch tong ty vé khuén khé cuén séch cn dinh gié véi hé 6 quy d6i theo dién tich trang sdch. Quy di khuén khé cudn 1 = (14,5x20,5)/(13x19) = 1,20. Quy ddi khudn khé cudn 2 = (15x22)/(13x19) = 1,34. Quy déi khuén khé cudn 3 = (16x24)/(13x19) = 1,55. Quy ddi khuén khé cudn 4 = (17x24)/(13x19) = 1,65. b) Quy trang sch cla cdc cuén séch tong ty vé khuén khd cudn séch can dink gid v6i cach thie quy di 1 trang bia bing 4 trang rugt. Quy ddi sé trang sch cudén 1 = (398 trang rudt + 4 trang bia x 4) x 1,20 = 497 trang. Quy déi sé trang sdch cudn 2 = (594 trang rudt + 4 trang bia x 4) x 1,34 = 817 trang. Quy déi sé trang sdch cudn 3 = (358 trang rugt + 4 trang bia x 4) x 1,55 = 580 trang. Quy déi sé trang sch cuén 4 = (392 trang rut + 4 trang bia x 4) x 1,65 = 673 trang, 4©) Lp bang phan tich sau: Sinphim | Khéséch | Trangrugt | Hes6 | Téng sb trang ] Gis bia | oF ttm ed bia |e Cuén 1 14,5x20,5em 398] 1,20 497| 50.000 Cuén2 15x22em 594] 1,34 817 84.000 Cuin3 | 16x24em | 358) 1,55] 580 60.000 Cudn 4 17x24om 392) 1,65 673 88.000 Téng cong 2.567 282.000 d) Xéc dinh gid cuén sach can dinh gid: Don gid ban lé binh quan = 282.000 ding : 2.567 trang = 110 déng/trang. Sach trén thi trudng ban tai cae cita hing sch cé ty 1é chi phi phat hanh trung binh 40% gid bia. Theo 6, chi phi xudt ban cuén sach la: 110 déng/trang x (1-40%) = 66 ddng/trang. Cuén séch Nha nude dat hang duge phét hinh qua Cty PHBCTW véi chi phi phat hanh la 22% gid bia. Theo dé chi phi phat hanh cuén sdch can dinh gia 1a: (66 déng/trang/78%) x 22% = 19 déng/trang. Don gid mOt trang séch cdn dinh gid 14 = 66 + 19 = 85 ddng/trang, Gia cudn sch cn dinh gid la: (400 trang rudt + 4 trang bia x 4) x 85 déng/trang = 35.360 ddng/cudn, IL PHAN NGUYEN LY CAN BAN Vi THAM BINH GIA Cau 1 (1 diém). 4) N6i dung cita nguyén tic cung cau Gia tri cia mot tai sin duge xdc béi méi quan hé cung va cau vé tai san dé trén thj trudng, Dong thoi, gid tr] cia tai sin a6 cling téc dong dén cung va cau vé ti san, Gid trj ciia tai san thay déi ty 16 thudn véi cdu va ty 1 nghich véi cung vé tai san. Khi cung tang (hoje giém) ma cdu khOng ting thi gid giém (hot ting); Khi cdu tang (hoc gidm) ma cung kh6ng ting thi gid ting (ho%e giém). Khi cung va cau cing tang (hoe cling giam) thi gid ting hoic gidm tiy thude d6 co gitin cia cung hoie cau ctia loa hinh tai sin trude sy thay ddi vé gia. Cée yéu t6 vé dic diém vat ly va dae diém kinh té - xa hdi khéc biét voi nhting thuGc tinh cita cdc tai sn khéc cling duge phan anh trong cung — cdu va gid tri tai san. 5Trén thj trxdng canh tranh, céng khai, cung va clu c6 xu huéng giao dng, ra khdi vi tri cn bang trong ngdn han; lap lai vi tri can bing cung cAu trong dai han. b) Yéu cdiu cia nguyén tic cung chu —— Gié-tr-thi trun. ota tht sin-duge-xée dinh boty tée-dong-qte tact ee tre ——— Iugng cung va cdu trén thi trudng bat déng san. Do dé trong thdm dinh gid bat dong san cin phan tich céc yéu t6 cung, cau trén thj trudng, dic bét la site mua, tinh hinh dd tr kinh doanh, chu truong, chinh sdch ciia Nha nude d6i véi thj trudng... Cau 2 (1 a) Cée gid thiét trong khdi niém gid trj thi trudng - Nhting dit ligu giao dich trén thj truéng trong diéu kién thuong mai binh thudng. ~ Gia tri thj trudng thé hién mite gid hinh thanh trén thj trudng céng khai va canh tranh, Khai nigm gid trj thi truéng phan énh nhimg nhén thie va nhting hoat dng chung trén thj trudng va 1a co sé cho thdm dinh gid tai sin trong nén kinh té thi trrdng. Khai niém vé gia trj thj trang khong phy thudc vao mot giao dich mua bén cu thé tai thdi diém tham dinh gié. Gid tri thi trudng dai dién cho mite gia ma bén mua va bén ban déng y, théa thuan sé tién hanh mua ban, sau khi da 06 thoi gian khéo sat, can nhac cdc co hi. Tinh da dang, thay di lién tuc 1a ban cht cia thi trréng, do 6 cdc thm dinh ~vién-phai-xemxét cdc s6-1iéu thu thap duge trér thi trudng-c6 dép tmg vac tiéu chudn ve gid tr) thi truémg hay khéng. iém). Trong nhting tinh huéng cé biét, d6i khi gid tri thi trudng cé thé 1a mot con s6 Am. D6 la tru’ng hop mét s6 tai sin age bigt, ning ngOi nha ei ma chi phi phé dé én hon gid trj cla minh dat, nhiing tai sn gay 6 nhiém méi trudng, 4) Cie giao dich khéng tuan theo nguyén tic hinh thanh gid tri thi trudng - Viée mua, ban bj site ép tir bén ngoai. - Bén mua la m6t bén sé hitu chung cia tai sin ban, - Céc bén mua ban [a thanh vign cia 01 gia dinh. - Cac giao dich mua ban trong 01 cong ty. - Céc vy mua ban mang tinh chat dau co. - Céc cudc mua ban dién ra khi tai san dang bi ngudi khéc chiém gitt. - Cée cuge mua ban tai sn thudc sé htu chung. C4u 3 (1 diém). 4) Cac céch tiép cfin trong thim dinh gid tai san 6