Professional Documents
Culture Documents
HCM
KHOA NGN HNG
MN TI CHNH DOANH NGHIP
Gii bi tp:
CHNG 9
Ging vin:
Nhm 5
NH8
L Th Ngc Phng
NH8
KT1
Phan Th Khnh Ly
NH7
Nm 2012
A - CU HI
Tho lun xem qu trnh hoch nh ngn sch vn c nhng
Bi 1.
Bi 2.
Cng ch vn tc ng nh th no n kh nng ti a ha ti sn
c ng ca doanh nghip?
Tr li:
Cng ch vn tc ng mnh m n kh nng ti a ha ti sn c ng ca
doanh nghip. Khi doanh nghip b cng ch vn th vic chi tiu vn ca
doanh nghip cng b gii hn. Ngha l, doanh nghip khng th u t vo tt
c cc d n tiu chun. v vy nh hng n kh nng sinh li trong tng
lai ca doanh nghip. T nh hng n kh nng ti a ha ti sn c ng.
Khng phi lc no cng ty cng c ngun vn thc hin cho tt c d n
c xut (c xem l tt), khi bn phi hoch nh ngn sch vn trong
iu kin gii hn cho php. M mun ti a ha ti sn c ng bng cch chp
nhn mi d n c NPV dng, nhng ngn sch vn b gii hn lm cho ch tiu
NPV khng cn ph hp na. Khi s dng ch tiu PI (gii hn trong mt k
duy nht) xem xt kh nng sinh li trn m i ng vn b ra nhng n li i
km vi mt gi nh rng mi d n c th chia nh ra u t v iu ny
trong thc t t khi xy ra dn n kh nng ti a ha ti sn cho c ng tr nn
kh hn.
Bi 4.
Cc d n m rng;
Loi d n khng nh ng n cch phn tch d n. Nhn chung, khi phn tch mt
d n ta u phi tnh ton dng tin thun bng cch tnh thu nhp hot ng sau
thu tng thm, khu hao tng thm v vn lun chuyn tng thm.
Cc d n u t m rng v thay th Cc d n pht sinh p ng cc yu cu
th cch phn tch da vo li ch php l , cc tiu chun sc khe v an ton
nhn c t d n, c th c th th phn tch nh mt d n ph thuc, cch
hin qua cc chi tiu nh gi thng phn tch da vo chi ph, chi ph thp nht
l hin gi thun ca dng tin l ln thng c o lng bng hin gi thun
nht.
Bi 5.
nh nht chi ra t d n.
Dng tin cho mt d n no nn c o lng trn c s dng
Tr li:
Cc yu t no khi c tnh u t thun ca mt d n cn xem xt:
-
Bi 7.
V khu hao l mt chi ph khng phi bng tin mt, ti sao khu
Bi 8.
u t thay th ti sn?
Tr li:
Trng hp 1: Bn mt ti sn theo gi tr s sch
Nu doanh nghip thanh l mt ti sn vi gi bng vi gi tr trong s sch tnh
thu ca ti sn , s khng c li hoc l vn t doanh v ny v v vy khng b
nh hng g do thu.
Trng hp 2: Bn mt ti sn thp hn gi tr s sch
Nu doanh nghip thanh l mt ti sn vi gi thp hn gi tr trong s sch tnh
thu ca ti sn , gi d rng ti sn ny c dng trong kinh doanh hay thng
mi
( mt tiu chun thit yu x l thu ny), khon l ny c th c xem nh mt
khon l t hot ng hay mt b tr cho thu nhp t hot ng. Khon l ny thc
t s lm gim mc thu m doanh nghip phi np mt khon bng vi s tin l
nhn vi thu sut thu thu nhp doanh nghip.
Trng hp 3: Bn mt ti sn cao hn gi tr s sch nhng thp hn gi tr
nguyn thy.
Nu doanh nghip bn mt ti sn cao hn gi tr s sch nhng thp hn gi tr
nguyn thy, doanh nghip s phi chu mt khon thu t vic bn ti sn ny.
Khon thu phi chu bng chnh lch gia gi bn v gi tr s sch nhn vi thu
sut thu thu nhp doanh nghip.
Trng hp 4:Bn mt ti sn cao hn gi gc
Nu doanh nghip bn mt ti sn cao hn gi gc, doanh nghip s phi chu hai
khon thu. Khon th nht bng chnh lch gia gi bn vi gi gc nhn vi thu
sut thu thu nhp doanh nghip. Khon th hai bng chnh lch gia gi gc ca ti
sn v gi tr s sch nhn vi thu sut thu thu nhp doanh nghip. Ty theo quy
nh m mc thu c th ging hoc khc nhau cho 2 khon li trn.
Bi 9.
Bi 10.
CFi
I
(1 r )i
D n u t thay th
sa cha .
chi ph.
Khng i km vi thanh l ti sn c
C i km vi thanh l ti sn c v
thu pht sinh do thanh l ti sn c.
Tnh u t thun:
nhp do thanh l ti sn c
thu
Nh vy, khi tnh u t thun v dng tin cho d n thay th s c thm khon
mc thu hi v thu nh trn thu hi.
Bi 11.
Bi 12.
Cc hng mc no di y nn c xem l cc dng tin tng thm khi quyt
nh c nn u t vo mt nh my sn xut mi hay khng? Cng ty s hu
khu t ti a im xy dng, nhng cn ph b cc ta nh hin hu trn .
9
Bi 13.
ng hay sai?
LR = EBT - EBT*t
= (DT CPh KH) (DT - CPh KH)*t
= (DT - CPh)(1-t) KH + KH*t
=>TNT = (DT - CPh)(1-t) + KH*t
Nh vy tm chn thu ca khu hao ch ph thuc vo phng php khu hao v
thu sut thu thu nhp doanh nghip. Khu hao khng b nh hng bi t l lm
pht tng lai cho d l thc hay danh ngha v n cng khng quan tm n gi
tr th trng thay i nh th no. Khu hao ch l phn b chi ph ca ti sn u t
ban u trong nhiu nm hot ng cn i vi doanh thu m thi.T l lm pht
ch nh hng khi tnh hin gi tm chn thu ca khu hao.
d. Sai.
C 2 l do m cu 9 a ra tr li ti sao chi ph li vay khng c tnh vo
dng tin ca d n:
1. Vic a ra mt doanh nghip c ti tr nh th no nn thc hin c lp vi
quyt nh chp nhn hay t chi mt hay nhiu d n, quyt nh ti tr l mt
s nh i gia chi ph s dng vn v ri ro ti chnh.
2. Khi thm nh d n ta s dng sut chit khu hay chi ph s dng vn bao
gm chi ph cc ngun ti tr cho d n nh gi d n tt hay xu v nh vy
nu a chi ph li vay vo tnh ton cc dng tin l tnh chi ph ny n 2 ln.
Bi 14.
Hin gi ca tm chn thu khu hao thay i nh th no qua cc hng k phc
hi chi ph nh ta thy trong bng 9.10? Hy cho mt cu tr li tng qut, sau kim
tra li bng cch tnh hin gi ca cc tm chn thu khu hao cho cc hng k 5 nm v
7 nm. Thu sut thu thu nhp doanh nghip l 35% v c th s dng bt k li sut
chit khu no min l hp l .
Tr li:
Nu hng k phc hi chi ph cng ln th hin gi ca tm chn thu khu hao cng
nh.
11
Gi s ti sn c nguyn gi l 1000$, li sut chit khu 10%, thu sut thu thu
nhp doanh nghip 35%.
Nm khu hao
3 nm 5 nm 7 nm 10 nm 15 nm 20 nm
50,26
46,89
42,52
32,75
28,757
Qua ta thy hin gi l chn thu ca khu hao gim qua m i hng k phc hi.
Chi ph ti sn no c k phc hi ngn th hin gi ca tm chn thu ca khu hao
cng ln v tin t c gi tr theo thi gian.
Nm
20
32
19,2
11,52
11,52
5,76
13
20,8 12,48
7,49
7,49
3,74
50,26
Nm
ti sn u t)
L chn thu (mc khu
9,29
hao*thu sut)
Hin gi
46,89
Bi 15.
vi nhau.
e. Khi mt cng ty gii thiu mt sn phm mi, hay m rng sn xut mt sn
phm hin hu, u t vo vn lun chuyn thun thng l mt dng tin
mt chi ra quan trng.
12
Bi 16.
Hy tnh NPV ca mt quyt nh u t c nhn no , nh l mua mt my
git thay v s dng dch v git t ng, sa cha n gc xp, hay thay chic xe p c
bng chic xe mi. ng quan tm n tin nghi ca ti sn mi so vi ti sn c. Ch
tp trung vo cc chi ph v cc li ich bng tin mt.
Tr li:
Quyt nh ca mt c nhn nh nhng quyt nh chi tiu vn nhng khng c thu
li tin vn ch chi ra ging nh loi d n kim sot nhim, d n p ng
nhng yu cu php l , ging ch dng tin. V vy chng ta nnda vo phng
n no c chi ph thp nht (do ta khng quan tm n tin nghi ca ti sn mi so
13
2.000.000
Chi ph vn chuyn :
50.000
100.000
500.000
Bi 17.
Hy tho lun v pht biu sau y: Chng ti khng mun c nhn cc gim
c nh my dnh lu n v th thu ca cng ty. V vy, thay v bo h chit khu cc
dng tin sau thu vi li sut chit khu 10%, chng ti ch bo h ly cc dng tin
trc thu v chit khu vi 15%. Vi thu sut thu thu nhp doanh nghip 35% th li
sut chit khu trc thu 15% s tng ng vi khong 10% sau thu?
Tr li:
Sai.
V d:
Ta c dng tin trc thu l
100
100
87
1 15%
100*(1-35%)= 65
14
65
59
1 10%
Bi 18.
Bn ngh g v pht biu sau y: Chng ti thch lm tt c cc tnh ton v
ngn sch vn ca chng ti theo thc t. Nh th chng ti khng cn phi lm d bo
v t l lm pht.
Tr li:
Sai. Hon ton sai lm khi tnh ton v ngn sch m khng d on t l lm pht
d lm ngn sch theo thc t hay khng th ta cng phi d on lm pht. Bi v
d n c tin hnh trong nhiu nm v cc dng tin tng lai v ta phi d
on chng, v vic d on ta cn phi tnh ti yu t lm pht nu khng mun c
mt sai lm rt ln (v d on mt dng tin thc t c tnh yu t lm pht ca mt
d n t nht cng phi c sai lch no hung chi khng d bo t l lm pht. V
nu khng d bo v t l lm pht th khng th nh gi mc ri ro ca d n
cho nn s rt nguy him cho doanh nghip trong vic thc hin d n. Ngoi ra tin
c gi tr theo thi gian nn khng d bo v lm pht th khng xc nh c gi
tr ng tin, vn u t b ra. Hay ni cch khc chng ta s khng th bit chit
khu dng tin thc vi li sut thc cng nh dng tin danh ngha vi li sut danh
ngha.
Bi 19.
Nm
Dng tin vo = Khon
phi thu + Hng tn kho
Dng tin ra = Khon
phi tr
Thay i vn lun chuyn
2000
2001
2002
2003
2004
25000
50000
50000
35000
75000
280000
355000
285000
50000
230000
305000
250000
0
15
Bi 20.
Thu sut 40%
Chi ph dy chuyn mi
$ 1,200,000
+ Chi ph chuyn ch lp t
$ 1,300,000
+
-
$
Gia tng vn lun chuyn ban u
100,000
150,000
$ 1,150,000
= u t thun
-$
20,000
$ 1,130,000
Bi 21.
a. Xc nh u t ban u cho m i d n
Thu sut 40%
Chi ph My mi
v tnh: triu ng
A1
A2
90,000
100,000
Chi ph chuyn ch lp t
90,000
110,000
15,000
2,000
20,000
20,000
85,000
92,000
500
500
85,500
92,500
+
=
10,000
b. Dng tin ca 2 d n
Nm
0 1
Khu hao my c
Gi tr TS u k
18,750
15,000
11,250
7,500
3,750
3,750
3,750
3,750
3,750
3,750
Khu hao my A1
Gi tr TS u k
90,000
54,000
32,400
19,440
9,720
36,000
21,600
12,960
9,720
9,720
Khu hao my A2
Gi tr TS u k
110,000
73,333
44,000
22,000
7,333
36,667
29,333
22,000
14,667
7,333
Dng tin my A1
Nm
Doanh thu
1,000,000
1,175,000
1,300,000
1,425,000
1,550,000
801,500
884,200
918,100
943,100
968,100
= EBIT my mi
-
EBIT my c
= OEBT
-
Thu 40%
= OEAT
+ dep
-
NWC
+ Thanh l ti sn
-
= NCF
198,500
100,000
98,500
39,400
59,100
32,250
290,800
150,000
140,800
56,320
84,480
381,900
200,000
181,900
72,760
109,140
481,900
250,000
231,900
92,760
139,140
581,900
320,000
261,900
104,760
157,140
17,850
9,210
5,970
5,970
-15,000
8,000
3,200
91,350
102,330
118,350
145,110
182,910
17
Dng tin my A2
Nm
Doanh thu
1,000,000
1,175,000
1,300,000
1,425,000
1,550,000
764,500
839,800
914,900
989,900
998,900
EBIT my mi
EBIT my c
OEBT
Thu 40%
OEAT
dep
NWC
-2,000
Thanh l ti sn
25,000
10,000
NCF
235,500
100,000
135,500
54,200
81,300
32,917
114,217
335,200
150,000
185,200
74,080
111,120
25,583
136,703
385,100
200,000
185,100
74,040
111,060
18,250
129,310
435,100
250,000
185,100
74,040
111,060
10,917
121,977
551,100
320,000
231,100
92,440
138,660
3,583
159,243
r = 0.15+0.3+0.15*0.3 = 18.45%
Tnh tng t cu c ta c:
NPV my A = 287,928.88
NPV my B = 309,426.3
Do ta chn mua my B v c NPV dng v ln hn.
18
Bi 22.
a. u t thun ca d n
Thu sut 40%
Chi ph dy chuyn mi
700,000
+ Chi ph chuyn ch lp t
50,000
750,000
10,000
275,000
485,000
10,000
495,000
= u t thun
b. Dng tin ca d n
Nm
Gi tr TS u k
250,000
200,000
150,000
100,000
50,000
50,000
50,000
50,000
50,000
50,000
Gi tr TS u k
750,000
600,000
450,000
300,000
150,000
150,000
150,000
150,000
150,000
150,000
19
100,000
100,000
100,000
100,000
100,000
20,000
20,000
20,000
20,000
20,000
80,000
80,000
32,000
32,000
OEBT
80,000
Thu 40%
32,000
80,000
32,000
80,000
32,000
OEAT
48,000
48,000
48,000
48,000
48,000
Dep
100,000
100,000
100,000
100,000
100,000
NWC
- 10,000
Thanh l ti sn
70,000
28,000
NCF
148,000
148,000
148,000
148,000
200,000
Bi 23.
a. Xy dng dng tin ca mi d n.
Thu sut 40%,
Chi ph my mi
v tnh: ngn ng
A
+ Chi ph chuyn ch lp t
= Chi ph sau khi lp t
+ Gia tng vn lun chuyn ban u
-
B
400,000
540,000
80,000
60,000
480,000
600,000
40,000
60,000
180,000
180,000
340,000
480,000
= u t thun
8,000
332,000
8,000
472,000
20
Nm
Khu hao my c
Gi tr TS u k
200,000
160,000
120,000
80,000
40,000
40,000
40,000
40,000
40,000
40,000
Khu hao my A
Gi tr TS u k
480,000
288,000
172,800
103,680
51,840
192,000
115,200
69,120
51,840
51,840
Khu hao my B
Gi tr TS u k
600,000
400,000
240,000
120,000
40,000
200,000
160,000
120,000
80,000
40,000
Dng tin my A
Nm
EBIT my mi
EBIT my c
OEBT
Thu 40%
OEAT
87,000
42,000
Dep
152,000
75,200
NWC
Thanh l ti sn
NCF
285,000
140,000
145,000
58,000
239,000
210,000
210,000
210,000
210,000
140,000
140,000
140,000
140,000
70,000
70,000
70,000
70,000
28,000
117,200
28,000
42,000
29,120
71,120
28,000
28,000
42,000
42,000
11,840
53,840
11,840
-
40,000
93,840
21
Dng tin my B
Nm
EBIT my mi
2
220,000
3
240,000
4
260,000
5
260,000
260,000
EBIT my c
140,000
140,000
OEBT
80,000
100,000
Thu 40%
OEAT
48,000
60,000
Dep
160,000
120,000
NWC
Thanh l ti sn
NCF
32,000
208,000
140,000
120,000
40,000
140,000
120,000
48,000
72,000
152,000
120,000
48,000
48,000
72,000
80,000
180,000
140,000
72,000
40,000
112,000
60,000
132,000
NPV A
NPV B
8%
149,670
167,740
9%
139,960
152,830
10%
130,610
138,510
11%
121,600
124,730
12%
112,910
111,480
13%
104,530
98,720
14%
96,460
86,430
22
180,000
160,000
140,000
120,000
100,000
NPV A
80,000
NPV B
60,000
40,000
20,000
0
8%
9%
10%
11%
12%
13%
14%
Bi 24.
23
a. Dng tin ca d n
Thu TNDN 34%, v tnh: ngn ng
Khu hao
Nm
Gi tr ti sn u k
Khu hao trong k
Dng tin
Nm
Sn lng (lt)
Gi thun (ngn /lt)
R
1
100,000
40,000
1
5,000
18
90,000
2
8,000
18.36
146,880
O
Dep
OEBT
Thu
OEAT
Dep
NWC
10000
Thanh l ti sn
Thu thanh l (30,000-7,776)*34%
C hi ph 10,000*(1-0.34)
u t ban u
100000
NCF
110,000
30,000
40,000
20,000
6,800
13,200
40,000
6,600
96,000 150,000
24,000
14,400
26,880
60,326
9,139
20,511
17,741
39,815
24,000
14,400
6,320
8,650 6,600
6,600
133,820
8,640
48,557
16,510
32,048
8,640
3,750 6,600
88,560
12,960
15,383
5,230
10,153
12,960
21,220
30,000
10,200
6,600
46,600
28,821
37,838
57,533
3
12,000
18.73
224,726
38,965
4
21,600
8,640
5
12,960
12,960
4
10,000
19.10
191,017
5
6,000
19.48
116,903
24
b. r = 15%/nm.
NPV
r
5%
10%
15%
20%
25%
NPV
70,390
47,025
28,173
12,766
26
70,000
60,000
50,000
40,000
NPV
30,000
20,000
10,000
IRR1 = 25%,
PV = 110,030
0
5%
10%
15%
20%
25%
Nu LS chit khu l 15% l li sut thc, t l lm pht 5%, th li sut chit khu l 20.8% (=15%*1.05+5%), th NPV
ca d n l 10,697$.
25
nh gi mc ri ro ca d n
T l lm pht
Xc
sut
Li sut
CK
NPV
Sai s
0%
20%
15.00%
28,173 49,753,489
5%
50%
20.75%
10,701 57,253,087
30%
23.05%
4,718 6,677,309
12,400
113,683,885
10,662
7%
NPV mong i (trung bnh)
Phng sai NPV ca d n
lch chun
26
Bi 25.
Dng tin thc =
LSCK thc =
PV =
= 96,154
- 1 = 3.85%
= 92,589 EUR.
LSCK thc =
- 1 = 9.09%
Gi tr hin ti
12,600
12,600
12,600
1,484
1,349
1,237
2,947
2,436
2,047
6,323
4,751
3,659
10,534
7,195
5,080
9,985
6,200
4,013
5,757
3,250
1,928
3,269
1,678
912
NPV
3,803
Bi 27.
Mc khu hao hng nm = T l KH * u t ban u
L chn thu = Mc KH hng nm * Thu sut thu TNDN (35%)
Trng hp 1: "Chi ph lp t" 50,000$ c khu hao
Nm
1
Macrs
20.00%
KH S KH hng
nm
L chn thu
28,000
Hin
TC.Thu
gi PV
TC.Thu
122,444
27
80,000
26,667
32.00%
128,000
44,800
40,635
19.20%
76,800
26,880
23,220
11.52%
46,080
16,128
13,269
11.52%
46,080
16,128
12,637
5.76%
23,040
8,064
6,017
Nm
KH S KH hng
L chn thu
Hin
Macrs
nm
TC.Thu
20.00%
70,000
24,500
23,333
32.00%
112,000
39,200
35,556
19.20%
67,200
23,520
20,317
11.52%
40,320
14,112
11,610
11.52%
40,320
14,112
11,057
5.76%
20,160
7,056
5,265
gi PV
TC.Thu
107,139
Bi 28.
n v tnh: USD
Nm
u t vn
150,000
Vn lun chuyn
30,000
400,000
400,000
400,000
400,000
tip
300,000
300,000
300,000
21,435
36,735
400,000
300,000
Dep
Doanh s
10
400,000 400,000
400,000
400,000
400,000
400,000
300,000
300,000 300,000
300,000
300,000
300,000
300,000
26,235
18,735
13,395
13,395
6,690
400,000
400,000
400,000
400,000 400,000
400,000
400,000
400,000
400,000
300,000
300,000
300,000
300,000 300,000
300,000
300,000
300,000
300,000
Chi ph SX trc
13,380
29
21,435
36,735
26,235
18,735
13,395
13,380
13,395
6,690
OEBT
78,565
63,265
73,765
81,265
86,605
86,620
86,605
93,310
100,000
100,000
Thu
27,498
22,143
25,818
28,443
30,312
30,317
30,312
32,659
35,000
35,000
OEAT
51,067
41,122
47,947
52,822
56,293
56,303
56,293
60,652
65,000
65,000
Dep
21,435
36,735
26,235
18,735
13,395
13,380
13,395
6,690
NWC
NCF
NPV
- 30,000
72,502
77,857
74,182
71,557
69,688
69,683
69,688
67,342
65,000
95,000
$216,551
30
Bi 29.
Bng tnh ban u sai nhng ch sau:
-
Chi tiu cho nghin cu v pht trin l chi ph chm nn khng tnh vo dng
tin.
Dng tin bng thu nhp hot ng sau thu cng khu hao v thay i vn lun
chuyn.
Dng tin ca d
n
Thu sut: 35%, Li sut chit khu 15%, n v: 1000 USD
Nm
1999
2000
2001
2002-2008
2009
8000.0
16000.0
40000.0
40000.0
-4800.0
-9600.0
-24000.0
-24000.0
Dep
-1040.0
-1040.0
-1040.0
-1040.0
OEBT
2160.0
5360.0
14960.0
14960.0
Thu
756.0
1876.0
5236.0
5236.0
OEAT
1404.0
3484.0
9724.0
9724.0
Dep
1040.0
1040.0
1040.0
1040.0
Chi tiu vn
-10400.0
NWC
-4000.0
C hi ph
4000.0
-500.0
-500.0
-500.0
-500.0
CF
-14400.0
2444.0
4524.0
10764.0
14764.0
Hin gi
-14400.0
2125
3421
32289
3526
31
Bi 30.
Thu sut thu thu nhp doanh nghip:
40%
Li sut danh ngha ( r ) : 11%
Dng tin
Nm
27.00
51.30
89.10
81.00
62.10
37.80
29.70
24.70
32.90
35.50
32.70
26.30
18.10
15.30
Dep
11.90
11.90
11.90
11.90
11.90
11.90
11.90
OEBT
-9.6
6.5
41.7
36.4
23.9
7.8
2.5
Thu
-3.8
2.6
16.7
14.6
9.6
3.1
1.0
OEAT
-5.8
3.9
25.0
21.8
14.3
4.7
1.5
Dep
11.9
11.9
11.9
11.9
11.9
11.9
11.9
NWC
2.1
3.2
-0.7
-1.6
-2.1
-0.7
-2.5
Thu hi
Thu
hi
12.0
sau
thu
7.2
NCF
4.1
NPV
15.7
12.6
37.6
35.3
28.3
17.3
15.9
7.2
Bi 31.
Thu TNDN
: 35%
Chi ph s dng vn
:12%
Ta c cc bng sau: (n v: ngn la)
32
Nm
u t vn
1200
Bi 1.
8
-400
120
240
360
480
600
720
840
960
Gi tr s sch cui nm
1080
960
840
720
600
480
360
240
Vn lun chuyn
350
420
441
463
486
511
536
563
Vng gi tr s sch
1550
1500
1401
1303
1206
1111
1016
923
240
Doanh s
4200
4410
4630
4860
5110
5360
5628
5910
Chi ph sn xut
3780
3969
4167
4376
4595
4824
5066
5319
Chi ph c hi
100
104
108
112
117
122
127
132
Cng chi ph
3880
4073
4276
4488
4712
4946
5192
5450
Khu hao
120
120
120
120
120
120
120
120
Nm
4200
4410
4631
4862
5105
5360
5628
5910
3880
4073
4276
4488
4712
4946
5192
5450
Dep
120
120
120
120
120
120
120
120
OEBT
200
217
235
254
273
294
316
340
OEAT
130
177.45 191.1
205.4
221
Dep
120
120
120
120
120
12
120
120
NWC
70
21
22
23
24
26
27
-563
Thu hi
400
56
344
NCF
NPV
180
240.05 250.75
262.1
273.45
177.1
298.4
1248
31.04
33
B - BI TP THC HNH
Bi 1.
a)
PP KH tuyn tnh
PP KH nhanh
200
200
(-)O
130
130
(-)Dep
15
25
OEBT
55
45
(-)T
22
18
OEAT
33
27
b)
Doanh thu
200
15
25
Cho mc ch np thu
thu
55
45
Thu phi np
18
Cho mc ch np thu
thu
27
37
Bi 2.
Nguyn gi = 50,000 + 1,000 = 51,000
Mc khu hao = 51,000/10 = 5,100
34
Bi 3.
a. Nu khng b gii hn v ngun vn th d n A, B, D, E, G s c chp nhn.
Ngc li cn ty vo kh nng ti chnh ca cng ty.
b. Nu vn b gii hn th cng ty khng th chn nhng d n c TSSL ln v chi ph
cao.
c. Nu mun c t sut sinh li ln th phi chp nhn ri ro cao.
Bi 4.
v: ngn USD
u t ban u (mua my nghin)
100
Chi ph lp t v chuyn ch
2.5
20
Chi ph nghin cu
10
40%
u t thun ca d n
Chi ph mua my
100
Chi ph lp t + chuyn ch
2.5
Chi ph sau lp t
102.5
20
Thu hp t bn my c
122.5
Thu nh trn bn my c
u t thun
122.5
35
Bi 5.
Thu sut thu TNDN: 40%
Khu hao tuyn tuyn tnh c nh ca my mi:
= 8.33 (ngn la)
V vic mua my mi gip cng ty tit kim 15000 la/nm trc thu v khu hao
nn ta c:
OEBT = 15 - 8.33 = 6.67 (ngn la)
OEAT = 6.67*(1-40%) = 4.002 (ngn la)
NCF = 4.002 + 8.33 = 12.332 (ngn la)
u t thun ca d n l: 100 ngn la
Bi 6.
u t thun ca d n:
4+
10
0.4
0.4
0.4
0.4
0.2
0.2
0.2
0.2
Dep
0.12
0.12
0.12
0.12
36
= OEBT
0.08
0.08
0.08
0.08
Thu
0.032
0.032
0.032
0.032
= OEAT
0.048
0.048
0.048
0.048
+ Dep
0.12
0.12
0.12
0.12
0.168
0.168
0.168
0.168
NWC
u t ban u
1.2
NCF
-1.2
: 20 * (1 - 0.4) = 12 ngn la
u t thun
: 148 ngn la
10
32
32
32
32
O + dep
-2
-2
-2
-2
OEBT
34
34
34
34
Thu
13.6
13.6
13.6
13.6
OEAT
20.4
20.4
20.4
20.4
Dep
16
16
16
16
NWC
u t ban u
160
Thanh l my c
12
NCF
-148
36.4
36.4
36.4
36.4
38
Bi 11.
Gi tr s sch ca my pht in ACE: (250,000+50,000)/5*3 = 180,000$
Thu nhp sau thu t vic bn ti sn: 79,550+(180,000-79,550)*0.4 = 119,730$
Bi 12.
a. u t thun ca Benford l:
- Chi ph trang thit b c nh cho ca hng
200.000$
200.000$
400.000$
Nm
u t vn
200
Vn
lun
chuyn
Doanh s
Chi
ph
hot ng
Khu hao
10
-10
200
1000 1080 1166 1260 1360 1469 1587 1714 1851 1999
700
749
801
858
918
982
40
40
40
40
40
39
10
1000 1080 1166 1260 1360 1469 1587 1714 1851 1999
( - ) O
700
749
801
858
918
982
( - ) Dep
40
40
40
40
40
( = ) OEBT
260
291
325
362
403
488
536
590
648
712
( - ) T (40%)
104
116
130
145
161
195
215
236
259
285
( = ) OEAT
156
175
195
217
242
293
322
354
389
427
( + ) Dep
40
40
40
40
40
( - ) NWC
-200
( + ) Thu hi
10
hi
196
NCF
215
235
257
282
293
322
354
389
633
Bi 13.
Dng tin rng hng nm gn vi vic mua my tnh l vic tit kim chi ph hot ng
cho cng ty m i nm 15.000$ trong sut 12 nm.
u t thun cho d n l 100.000$
Bng khu hao: (n v: ngn la)
Nm
T l khu hao
Mc khu hao
8.92%
8.93%
4.46%
14.29
8.92
8.93
4.46
24.49
17.49
12.49
8.93
) (
) (
) (
Nm R O
Dep
OEBT
OEAT Dep
NWC
NCF
15
14.29
0.71
0.43
14.29
0.00
14.72
15
24.49
-9.49
-5.69
24.49
0.00
18.80
15
17.49
-2.49
-1.49
17.49
0.00
16.00
15
12.49
2.51
1.51
12.49
0.00
14.00
15
8.93
6.07
3.64
8.93
0.00
12.57
15
8.92
6.08
3.65
8.92
0.00
12.57
15
8.93
6.07
3.64
8.93
0.00
12.57
15
4.46
10.54
6.32
4.46
0.00
10.78
15
15
10
15
15
11
15
15
12
15
15
Bi 14.
a. u t thun mua h thng ICX v thay th h thng c l:
- Nguyn gi
- Chi ph lp t
- Thu nhp t vic bn ti sn c sau thu
=> u t thun
130.000$
30.000$
20.000 * (1 - 0.4)= 12.000$
148.000$
41
Nm
32.0
32.0
32.0
32.0
2.00
4.00
6.00
8.00
22.8
39.1
27.9
19.9
) 11.1
10.0
20.0
3.18
R
( - ) O
( - ) Dep
(
OEBT
(
OEAT
0.00
10
0.00
12.0
6.68
1.91
6.01
22.8
39.1
27.9
19.9
0.00
0.00
( - ) NWC 0.00
0.00
0.00
0.00
0.00
0.00
0.00
29.5
37.2
33.9
31.9
( + ) Dep
( = ) NCF
0.00
0.00
0.00
Bi 15.
u t thun ca d n:
- Chi ph mua t
100.000$
- Chi ph xy ct mt ta nh mi
100.000$
- Vn u t
70.000$
=> u t thun
570.000$
EBIT tng thm nm 20 l:
EBIT20 tng thm c th c hiu l OEBT20, ta c:
OEBT20 = 210.68
42
43
n v tnh: 1000$
Khon mc
10
100.00
104.00
108.16
112.49
116.99
121.67
126.53
131.59
136.86
142.33
60.00
62.40
64.90
67.49
70.19
73.00
75.92
78.96
82.11
85.40
(+)
47.87
78.47
57.47
42.47
31.79
31.76
31.79
18.28
(=)
107.87
140.87
122.37
109.96
101.98
104.76
107.71
97.24
82.11
85.40
( - )NWC
-40.00
-40.00
67.87
100.87
122.37
109.96
101.98
104.76
107.71
97.24
87.11
90.40
( + )Thanh l to nh
( + )Thanh l t
( = )NCF
Khon mc
11
12
13
14
15
16
17
18
19
20
148.02 153.95 160.10 166.51 173.17 180.09 187.30 194.79 202.58 210.68
88.81
92.37
96.06
99.90
(-)
(=)
98.81
92.37
96.06
99.90
( - )NWC
-150.00
( + )Thanh l to nh
90.00
( + )Thanh l t
160.00
( = )NCF
93.81
97.37
44
Bi 16.
Chi ph xy ct ca hng : 7 triu la
Chi ph trang thit b : 0.7 triu la
Chi ph lp t : 0.05 triu la
Vn lun chuyn rng ban u : 0.6 triu la
Chi ph t : 0.5 triu la
u t thun = 7+ 0.7+0.05+0.5+ 0.6 = 8.85 triu la
Bi 17.
VT: 1000$
u t thun = 1000+50= 1050 nghn $
Gi tr n hn sau thu ca my: 50*(1-40%) = 30 nghn $
Do st gim doanh thu t cc dy chuyn khc nn doanh nghip tit kim c tin thu 5 nghn $ v vy OEAT
OEBT thu
Nm
t l khu hao
mc khu hao
142.9
244.9
174.9
124.9
89.3
89.2
89.3
44.6
45
Dng tin ca d n:
Nm
10
275
275
275
275
275
275
275
275
275
275
50
50
50
50
50
50
50
50
50
50
Dep
142.9
244.9
174.9
124.9
89.3
89.2
89.3
44.6
OEBT
82.1
-19.9
50.1
100.1
135.7
135.8
135.7
180.4
225
225
Thu
32.84
-7.96
20.04
40.04
54.28
54.32
54.28
72.16
90
90
OEAT
54.26
-6.94
35.06
65.06
86.42
86.48
86.42
113.24
140
140
Dep
142.9
244.9
174.9
124.9
89.3
89.2
89.3
44.6
NWC
50
25
10
-85
u t ban u
1,000
Gi tr n hn sau
+
thu
NCF
30
-1,050 172.16
227.96
209.96
189.96
140
255
Bi 18.
VT: 1000$
Gi tr thanh l t sau thu: 1,800-40%*(1,800-1,000) = 1,480 ngn la
Gi tr thanh l my sau thu : 1,000*(1-40%) = 600 ngn la
46
Nm
t l khu hao
mc khu hao
8.92%
8.93%
4.46%
714.5
446
446.5
223
1224.5
874.5
624.5
446.5
10
700
700
700
700
700
700
700
700
700
700
200
200
200
200
200
200
200
200
200
200
Dep
714.5
1224.5 874.5
624.5
446.5
446
446.5
223
OEBT
-214.5
-724.5
-374.5
-124.5 53.5
54
53.5
277
500
500
Thu
-85.8
-289.8
-149.8
-49.8
21.4
21.6
21.4
110.8
200
200
OEAT
-128.7
-434.7
-224.7
-74.7
32.1
32.4
32.1
166.2
300
300
Dep
714.5
1224.5 874.5
624.5
446.5
446
446.5
223
NWC
250
150
-400
u t ban u
6,000
1,480
600
Dng tin d n
Nm
NCF
-6,250.0
435.8
789.8
649.8
549.8
478.6
478.4
478.6
389.2
300.0
2,780.0
47
Bi 19.
VT: 1000$
Doanh thu nm 2 l: 1000*0.8 = 800 ngn la.
Nm
800
300
300
Dep
142.9
244.9
OEBT
-442.9
255.1
Thu
-177.16
102.04
OEAT
-265.74
153.06
Dep
142.9
244.9
NWC
50
u t ban u
1,000
NCF
-1,000.00
-122.84
347.96
48