Qun tr Ti chnh Th.S Trn Quang Trung CngtymyinPIONEER Russ Wadleight, ch tch ca cng ty my in Pioneer tm tt cc s liu sau t h s ca ng i chiu kt qu hot ng ca cng ty vi cc gi tr trung bnh ca ngnh Russ hi lo v kt qu hot ng ca cng ty trong nm. K ton Walt Schoolcraft ngh ng tnggisnphm8%trongnm19X2bpchogitng,nhngLil,gimcbnhng cho rng khch hng ch chp nhn tng gi 5%, v vi s tng gi ny ch yu l ng cn tng cngnlcbnhng.Russ chpnhn chnhschca gim c bnhngv gi tng 5%bt u t 19X2. Do tng n lc bn hng,hu ht cc khch hng c cng ty u gi cv c thm mt vi khch hng mi Trung bnh ngnhCng ty Piooneer Tng kt von cui nm (31/12) 19X219X1 Doanh thu Gi vn hng bn Chi ph bn hngChi ph chung Li Thu thu nhp 100% 55.5% 4.5% 20.5% 3% 8% $700,000 400,000 75,000 125,000 20,000 40,000 $650,000 357,500 32,500 130,000 19,500 55,250 Cng vic cn lm: 1.Chunbbngbocoktquhotngsnxutkinhdoanh(tnhtheo%doanh thu) ca cng ty Plooner Printer trong nm 19X2 v 19X1. 2.Gp cho quyt nh ca Russ, rt ra kt lun t cc bo co ti chnh chun b. Ch ra nhng nguyn nhn c th c v nhng g c th lm ci thin tnh hnh COCHITUATECOOLINGPRODUCT,INC y l mt cng ty chuyn bn s h thng iu ho nhit v t lnh, c thnh lp vo nm 1960 bi 5 c ng sng lp. Vi s gip ca bn b, h gom gp c s vn cn thit hotng.Nhngngibnnyutvocngtybngcchmuanhngcphiuthng. Hin nay, cng ty c 155 c ng, khng mt ai trong snhng ngi ny gi qu 5% c phn ca cng ty. Nhng c ng ny quan tm ch yu vo khong c tc m h c chia u n t nm 1965. Trong vi nm u hot ng, cng ty pht trin mt cch nhanh chng n mc nm 1963 n tr mt cch vng chc nhmt cng ty c tnhcnh tranh trong khuvc. Khimt cng ty vngvng,banquntrckhuynhhngbothhn.Cngtymunxydngmtnnti chnh vng mnh c th hon li tin u tcho c ng v m bo s tn ti ca cng ty. Do giai on 1964 n 19X1 c mt cht thay i trong hot ng ca cng ty m s thay i nyvnphiduytrnhnggiihnnghimngtivikhithnhvngchungca Massachusetts. Vo thng 1, 19X2,ban qun tr quyt nh m mt chi nhnh Concord, New Hampshire. H phi ng u vi vn l c nn mua ca hng, vn phng v nhng tin nghi ni tht hoc thu chng. Qun tr Ti chnh Th.S Trn Quang Trung Ban qun tr quyt nh mua ht nhng ti sn . iu ngha l u t700.000$ vo ti sn c nh (500.000 $ cho to nh, 80.000 $ cho trang thit b v 120.000 $ cho tin nghi ni tht). Cochituate cng phi u t 200.000 $ cho hng tn kho v dnh sn mt qu hot ng 100.000 $ cho nhng khon chi tin mt s vt qu cc khon thu trong nhng thng u hot ng. V vy vic m chi nhnh cn phi u t 1.000.000 $. BanquntrCochituatevchkhochmrngnytrongnhiunmvgomgpc 250.000 $ hin ang u tvo tri phiu cng ty vi li sut 6%. Tt c nhng tri phiu ny s c bn ti tr cho k hoch m rng. Ban qun tr cng pht hnh thm c phiu u i, hy vng bn c 500.000 $ nhng thc t ch bn c 150.000 $. Do cng ty buc vay c th chp mt khon n 300.000 $ vi li sut hng nm l 8% v ti sn th chp l ca hng v vn phng Concord. Mt khon vay khng c th chp 200.000 $ trong 5 nm cng c ngn hng a phng ng. iu kinca khonvaynyl thanh tonmi 6 thng 27.000$,10 ln thanh ton, li sut thc l 16,6% nm. Vonm19X2,chinhnhchim25%hotngcacngty.Cutrccachiphvgi thnh ca chi nhnh tng t nhtr s chnh Massachusettes. Trong nm, mt s c ng yu cu cng ty mua li c phn ca h v cng ty mua. Cng typhi tr cho h 300.000$ nhng c phiu lc u pht hnh vi gi 200.000 $. Cc c phiu ny c hy b v phn chnh lch v gi s c tr vo li nhun gi li Ban qun tr cng ty nhn bo co ti chnht nhn vin k ton, cc t s ca ngnh cng c lit k chun b cho vic nh gi. Ban qun tr rt quan tm n tnh hnh tin mt ca cng ty v n b st gim gi tr rt nhiu Qun tr Ti chnh Th.S Trn Quang Trung COCHITUATECOOLINGPRODUCT,INCBngcnikton31/12,19X2 v 19X1 19X2 19X1 Slng % Slng %TisnlungTin mt$120 2$390 7 u t ngn hn250 4 Cc khon phi thu240037200033 Tn kho190029210035 Chi ph tr trc601651 448569480082 Tisncnh201531120020 65001006000100 NngnhnThanh ton n vay (n hn) 150.3 N ngn hng1101.7500.9 Cc khon phi tr234536223037.1 N khc13021202 NdihnThanh ton n vay2704.2 Vay di hn1462.21001.7301646.4250041.7 VnchshuC phiu u i, 8%1502.3 C phiu thng180027.7200033.3 Li nhun gi li153423.6150025 65001006000100 Qun tr Ti chnh Th.S Trn Quang Trung COCHITUATECOOLINGPRODUCTBocoktquhotngsnxutkinhdoanh31/12/19X2 31/12/19X1slng % slng %Doanh thu2500010020000100 Gi vn hng bn20000801600080 Li gp500020400020 Chi ph hot ng402516.1318515.93 Li tc t hot ng9753.98154.07 Li45.215.7 Li tc trc thu9303.78004 Thu li tc 205.82001 Li nhun thun725 2.96003 COCHITUATECOOLINGPRODUCTBocolinhungili31/12,19X1 Bng quyt ton (1/1/1974)1500 Cng: Li nhun thun725 2225 Tr: C tc u i12 C tc thng 579 Mua li c phiu thng 100691 S d (31/12/1974)$1534 Yu cu 1.Phn tch v nh gi kh nng sinh li ca cng ty qua so snh vi 19X1 v trung bnh ca ngnh 2.C phi chi nhnh ca cng ty c li sut ln hn chi ph vn vay? Gii thch 3.Phn tch v nh gi khnng thanh ton ca cng ty qua so snhvi 19X1v trung bnh ca ngnh. Cch ban qun tr dng ti tr cho k hoch m rng nh hng n tnh hnh ti chnh ca cng ty nh th no? 4.Cc bc ban qun tr cn lm ci thin kh nng thanh ton ca cng ty l g? Qun tr Ti chnh Th.S Trn Quang Trung CCCHSCANGNH,CT45CNGTYBNSHTHNGIUHAVTHITBLNH Cao Trungbnh ThpT s thanh ton hin ti4.03 / 12.15 / 11.64 / 1 Li tc thun / Doanh thu (%)3.881.941.03 Li sut trn ti sns dng14.459.95.41 H s quay vng ti sn (ln) 9.135.093.39 Chu k cc khon phi thu (ngy)294355 Doanh thu thun / Tn kho (ln)127.34.6 Ti sn c nh / Tng ti sn (%)5.510.831.4 N ngn hn / Gi tr hu hnh (%)22.972.7109.4 Tng n / Gi tr hu hnh (%)56.485171.9 1.Phntchkhnngsinhli: Li tc thun trn doanh thu 19X119X2 Trung bnh ngnh H s quay vng ti sn 19X1 19X2 Trung bnh ngnh Li sut ca ti sn s dng 19X1 19X2 Trung bnh ngnh Kt lun 2.KtqukinhdoanhtrnvnchshuLi sut do s dng cc qu 19X2 Chi ph ngun vay Vay c th chp Vay khng th chp Kt lun 3.Phntchkhnngthanhtoncacngty:T s thanh ton hin ti: 19X1 19X2 Trung bnh ngnh Chu k cc khon phi thu 19X1 Qun tr Ti chnh Th.S Trn Quang Trung 19X2 Trung bnh ngnh H s quay vng tn kho 19X1 19X2 Trung bnh ngnh T s thanh ton nhanh 19X1 19X2 Trung bnh ngnh nh gi 4.Ccbcphilm 3-1:Gi s bn v hu ht cc nh u t khc u hy vng t l lm pht nm ti l 7%, gim xung 5% nm tip theo, v cc nm sau l 3%. Gi s k*l 2%v MRP ca tri phiu kho bc tng t 0 trn tri phiu sp o hn trong vingy, vimc tng 0.2% / nm cho n khi o hn, ti ti a l 1% trn tri phiu c k hn t 5 nm tr ln a.Tnh li sut ca tri phiu kho bc c k hn 1, 2, 3, 4, 5, 10, v 20 nm. V ng li sut b.BygixemtriphiucamtcngtychngtndnglAAA,ccckhnnhtri phiu kho bc. V i khi ng li sut ca tri phiu ny trn cng th vi ng li sut cu a. (Lu ri ro v n ca tri phiu di hn so vi ngn hn) c.Th v ng li sut ca tri phiu ca mt nh my in ht nhn trn cng th 3-3:Gi s hin nay li sut hng nm ca tri phiu kho bc c k hn 2 nm l 11.5%, cn ca tri phiu k hn 1 nm l 10%, k* l 3%, v MRP l 0.a.Dng l thuyt k vng d bo li sut ca tri phiu k hn 1 nm nm ti.(Theo l thuyt k vng li sut hng nm ca tri phiu c k hn 2 nm l trung bnh cng ca hai li sut ca tri phiu k hn 1 nm nm 1 v nm 2) b.Tnh tc lm pht mong i nm 1? Nm 2? 3-4:Gi s k*l 4%v MRPl 0.Nuli sut danhngha trn tri phiu khn 1nml 11%, v trn tri phiu k hn 2 nm c ri ro tng t l 13%. Tnh li sut ca tri phiu k hn 1 nm c pht hnh nm 2? Tc lm pht nm 2 l bao nhiu? Gii thch ti sao li sut trung bnh ca tri phiu k hn 2 nm khc vi li sut ca tri phiu k hn 1 nm nm 2 3-5:Cui nm 1980 phng Thng mi M cng b mt s s liu cho thy tc lm pht khong 15% v li sut th trng l 21%, t mc cao k lc. Tuy nhin nhiu nh u t hy vng rng chnhphmiReaganskimsotlmphttt hnchnhphCarter.Lisutcaoccv chnh sch tht cht tn dng, kt qu ca nhng n lc ca Qu d tr lin bang nhm km ch lm pht, s tm thi gy suy thoi kinh t nhng sau s h tc lm pht v gim li sut. Gi s u nm 1981 tc lm pht k vng l 13%; 1982 l 9%; 1983 l 7%; 1984 v cc nm sau n nh mc 6% a.Tc lm pht bnh qun trong thi k 5 nm t 1981-1985 l bao nhiu? b.Li sut danh ngha trung bnh trong thi k l bao nhiu to ra li sut phi ri ro thc s trn tri phiu kho bc k hn 5 nm l 2%? Qun tr Ti chnh Th.S Trn Quang Trung c.Cho k* = 2% v MRP khi u mc 0.1% v tng 0.1% mi nm, vo thng 1 / 1981 hy c lng li sut trn tri phiu c k hn 1, 2, 5, 10, v 20 nm, ri v ng li sut da trn cc s liu ny d.Hy m t cc iu kin kinh t tng qut c th dn n ng li sut hng ln e.Nu unm 1981 phnln ccnh u t uhyvng tc lm pht ccnm ti n nh mc 10%, bn ngh ng li sut s nh th no? Xt tt c cc yu t thc t c th nhhngtin.Cutrlicabnyclmbnnghlinglisutbnv trong phn c khng? 4-2: C phiu ca cng ty X v Y c phn phi xc sut ca li sutmong i trong tng lai nh sau: Xcsut X% Y% 0,1(10)(35) 0,220 0,41220 0,22025 0,13845 a.Tnh li sut trung bnh, Yk, cho c phiu Y. (Xk = 12%) b.Tnh lch chun ca li sut ca c phiu X. (bit rng lch chun ca c phiu Y l 20, 35%). By gi tnh h s bin thin ca c phiu Y. Hu ht cc nh u t xem c phiu Y t ri ro hn c phiu X, iu c th khng? Gii thch? 4-3: Gi s kRF = 8%, kM =11%, kA = 14%. a.Tnh h s beta ca c phiu A? (b=2) b.Nu h s beta ca c phiu A l 1.5 th li sut yu cu phi l bao nhiu? (kA=12.5) 4-4: Gi s kRF = 9%, kM = 14% v bi = 1.3a.Tnh ki, li sut yu cu ca c phiu i? (15.5%) b.By gi gi s kRF (1) tng n 10%hoc (2) gim xung 8%. dc ca ng SML vn nh c, iu ny s nh hng n kM v ki nh th no? c.By gi gi s kRF vn l 9% nhng kM (1) tng n 16% hoc (2) gim xung 13%. dc ca ng SML khng nh c na. Nhng thay i ny s nh hng n ki nh th no? 4-5: Gi s bn gi mt danh mc u t gm 20 c phiu khc nhau, mi c phiu c u t 7500 $. H s beta ca danhmc u tl 1.12. By gi gi sbn quyt nhbnmt c phiucbetal1trongdanhmcutcabnc7500$vdngtinnymuamtc phiu khc cho danh mc u t ca bn. Gi s c phiu mi c beta l 1.75. Tnh li h s beta ca danh mc u t mi ca bn (1.1575)4-6: Gi s bn qun l 4 triu $ ca mt qu u t. Qu gm 4 c phiu vi vn u t v h s beta nh sau: Cphiu Vnut betaA400.0001,5 B600.000(0,5) Qun tr Ti chnh Th.S Trn Quang Trung C 1.000.0001,25 D 2.000.000 0,75 Nu li sut yu cu ca th trng l 14%v li sut khng ri ro l 6%, tnh li sut yu cu ca qu? (12.1)5-26:Gi s vo thng 1/1992 cc k s ca cng ty GM bo cho cc lnh o cp cao bit h va mi pht minh mt k thut cho php sn xut xe chy bng in nng c th hot ng vi mc tiu hao nng lng khong 3 xu mi dm so vi 5 xu mi dm ca loi xe dng xng hin nay. Nu GM sn xut xe in nng, n c th ly li th phn mt t cc cng ty Nht Bn. Tuynhin,cncsuthonthinbnhin,thitkmuxemivtrangbchoh thngsnxut.Khochnycn6tlaminmtrongvng5nmvphibtungay. Khon u t30 t la ny s mang li cho GM4 t la/nm trong 15 nm, tng cng 60 t la, bt u sau 5 nm k t by gi. Nu khng thc hin d n xe in nng,vi s tin GM s u t 6 t la/nm trong 5 nm ni khc, kim c 10% mi nm, li gp tnh hng nm (Hng dn: Ngn lu m xy ra t nm u n nm 4,v ngn lu dng xy ra tnm th 5 n nm th 19) a.Tnh hin gi chi ph trin khai d n xe in nng ca GM? (25.02) b.TnhhingingnlucngtyGMsnhncnudnxeinnngcthchin? (20.7825.02=-4.24) c.Cncvoktquhaicutrn,banquntrGMcnntinhnhxutxeinnng khng? (Khng) 5-27: Gisrngbnthakmts tin.Bngicabnanglmvictrongmtcng ty mi gii,v ng ch c ta ang bnmt s chng khon cnhn $50mi cuinm trong 3 nm ti,cng thms tin $1,050vo cui nm th t.C ynivibnl c y c thmua gim cho bn s chng khon vi gi $900. Tin ca bn by gi ang u t vo ngn hngvilisut danh nghal 8%, tnh gp hng qu. i vibn u t vo chng khonhay gi ngn hng vn an ton v tnh thanh khon l nh nhau, v vy bn yu cu li sut thc khi utvochngkhonphigingnhgingnhng.(8.24%) Bnphitnhtongichng khonxemnclmtutttkhng.Hingicachngkhontheobnlbaonhiu? (893.16)5-28: Gi sd cabnbnmt cnnhngy31/12,vngimua cnnlimt s tinl 10.000 $. Khon n ny s phi tnh li vi li sut danh ngha 10%, tr dn mi 6 thng, bt u t 30/6, trong vng 10 nm. Tng s tin li phi tr trong nm u tin l bao nhiu? (985)5-29: Cng ty ca bn c k hoch mn 1 triu la, tr dn hng nm trong 5 nm,li sut 15%. Ti cui nm th hai cng ty ca bn tr c bao nhiu phn trm vn gc? (31.89%=318879/1000000) 6-1:CngtyRodriguezchaitriphiuangluhnh.Chaitriphiuutrlihngnml 100$ v 1,000$ khi o hn. Tri phiu L c k hn l 15 nm v tri phiu S c k hn l 1 nm a.Tnh gi tr ca mi tri phiu nu li sut hin hnh l (1) 5%, (2) 8%, v (3) 12%? Gi s tri phiu S ch nhn mt ln tr li na b.Ti sao tri phiu di hn (15 nm)bin ng nhiu hn so vi tri phiu ngn hn (1nm) khi li sut thay i 6-2:Qun tr Ti chnh Th.S Trn Quang Trung Tri phiu ca cng ty Apilado cn 4 nm na l o hn. Li tr hng nm; mnh gi tri phiu l 1,000$; li sut cung phiu l 9% a.Tnh li sut ti o hn (YTM) khi gi th trng l (1) 829$ v (2) 1,104$? b.Bn cmua tri phiunyvi gi 829$ khibnnghli sut hpl trn th trngl 12% khng? Gii thch 6-3:Gi scng ty -t Fordpht hnh tri phiu khn 10nm,mnh gi 1,000$,lisut cung phiu 10%, v tr li mi 6 thng a.Hainm sau khi pht hnh,lisut ca tri phiuloiny gimxung cn 6%. Lc gi tri phiu ny l bao nhiu? b.Gishainmsaukhiphthnhthlisutthtrngtnglnn12%.Lcgitri phiu l bao nhiu? c.Trong iu kin ca phn a,gi s thmlli sut vnl 6% 8nmsau . Gi ca tri phiu s din bin theo thi gian nh th no? 6-4:Tri phiu ca cng ty Beranek c k hn vnh vin vi li sut cung phiu l 10%, tri phiu loi ny hin nay c li sut l 8%, mnh gi l 1,000$ a.Tnh gi ca tri phiu ca Benarek? b.Gi s li sut tng sao cho li sut ca tri phiu loi ny l 12%. Lc gi ca tri phiu ca Benarek l bao nhiu? c.Tnh li gi ca tri phiu ca Benarek nu li sut ca loi tri phiu ny l 10% d.Kt qu cc phn trn s thay i nh th no nu k hn ca tri phiu l 20 nm thay v vnh vin 6-5:Tnh li sut ca tri phiu vnh vin c mnh gi l 1,000$, li sut cung phiu 8%, v th gi hin nay l (a) 600$, (b) 800$, (c) 1,000$, v (d) 1,400$? Gi s li tr hng nm 6-6:Cng ty mi gii chng khon ngh bn cho bn mt s c phiu ca cng ty Longstreet, nm ngoi tr c tc 2 $. Bnhyvng trong 3 nm ti c tc ca cng tynys tng vi tc 5% / nm. Bn d tnh nu mua c phiu ny cng ch gi 3 nm ri s bn i a.Tnh c tc mong i ca 3 nm k. Lu D0 = 2 $ b.Cho sut chit khul 12%v c tc u tinnhn c nm thnht, tnhhin gi ca dng c tc c.Bn hyvng gi c phiu 3nmsau l 34.73 $.Vi sut chit khul 12%thhin gi ca n l bao nhiu? d.Nu bn nh mua c phiu, gi n trong 3 nm, sau bn vi gi 34.73 $, th by gi bn c th mua vi gi ti a l bao nhiu? e.Dng cng thc nh gi tnh gi c phiu ny. Cho g khng i v g = 5% f.Gi c phiu c ph thuc vo thi gian bn nh gi n khng? Ngha l nu bn nh gi n trong 2 nm hay 5 nm thay v 3 nm th iu ny c nh hng n gi c phiu hin nay khng? 6-7:Bn mua c phiu ca cng ty Barngrover vi gi 21.40$ v hy vng nhn c cc c tc 1.07 $, 1.1449 $, v 1.225 $ nm th 1, 2, v 3, ri sau bn i vi gi 26.22 $ Qun tr Ti chnh Th.S Trn Quang Trung a.Tnh tc tng trng ca c tc b.Tnh li sut ca c tc mong i c.Gi s tc tng trng trn s tip din sau , bn c th cng tc tng trng vi li sut c tc c li sut ca c phiu. Li sut ca c phiu ny l bao nhiu? 6-8:Cc nh u t yu cu li sut 15% trn c phiu ca cng ty Taussig (ks = 15%) a.Gi c phiu ny l bao nhiu nu c tc nm ri l 2 $ v tc tng trng ca c tc c th l (1) -5%, (2) 0%, (3) 5%, v (4) 10%? b.Dng s liu trong phn a v m hnh nh gi Gordon tnh gi c phiu ny nu ks = 15% v tc tng trng hyvngl (1) 15%hay (2) 20%? Cc kt quny c hpl khng? Gii thch c.C hp l khi cho rng c phiu tng trng lin tc s c g > ks? 6-10:Gisvothnghainm1966lnhosnbayLosAngelesphthnhtriphiukhn30 nm, li sut 3.4%. Li sut tng mnh nhng nm sau , v gi tri phiu gim nh ta bit. Vo thng hai nm 1979, gi ca tri phiu ny rt t 1,000$ xung ch cn 650$ sau 13 nm. tr li cc cu hi sau, gi s tin li c tr hng nm a.Tri phiu lc pht hnh bng mnh gi 1,000$. Tnh li sut ti o hn (YTM)? b.Tnh li sut ti o hn thi im thng hai nm 1979? c.Gi s k t nm 1979 tr i,li sut n nh mc ca nm 1979. Tnh gi ca tri phiu ny thng hai nm 1991, khi n cn 5 nm na l o hn? d.Gi tri phiu l bao nhiu nu ngy mai n o hn? (Khng k tin li cui cng) e.Vo nm 1979, tri phiu ca sn bay Los Angeles c phn loi l tri phiu chit khu. iu g xy ra vi gi ca tri phiu chit khu khi n gn o hn? Gi c ng nhin tng vi cc tri phiu ny khng? f.Tinlichiachothgitriphiucgillisuthinticatriphiu.Viccgi thit trong phn c,tnhli sut tri phiuvo (1) thnghainm 1979v (2) thnghainm 1991? Tnh li sut t chnh lch gi v li sut ti o hn ca tri phiu vo hai thi im trn? 6-14:Vo ngy 1 / 1 / 1992bn nhmua tri phiu ca cng ty Nast pht hnhvo ngy1 / 1 / 1990. Tri phiu ny c k hn 30 nm v li sut cung phiu l 9.5%. C iu khon m bo khng thuhi trong vng 5nm k tngy pht hnh.Sau thi gian tri phiuc th c thu hivi gil 109%mnh gi,tc 1,090$. Lisut th trng gim k t khipht hnhv hinnay gi ca tri phiul 116.575%mnh gi, hay 1,165.75 $. Bnmunxc nhlisut ti o hn (YTM)vli sut ti khi thuhi (YTC) ca tri phiuny.(Lu:YTCxemxt nhhng ca iu khon thuhi trnli sut c th c ca tri phiu.Khi tnh ton chng ta gi nh rng tri phiu sluhnh cho nngy thu hi. Nhvynh u t snhn tinli trong thi k tri phiu cha thu hi v gi thu hi, trong trng hp ny l 1,090$, vo ngy thu hi tri phiu.) a.YTM ca tri phiu ny nm 1992 l bao nhiu? YTC?b.Nubnmua tri phiuny,bnnghlisut hngnm thcs canlbao nhiu? Gii thch lp lun ca bn c.Gi s tri phiu ang bn di mnh gi. YTM hay YTC ng xem xt? 6-15:Qun tr Ti chnh Th.S Trn Quang Trung GislisutphirirokRF=11%;lisutthtrngyuculkM=14%;hs|cac phiu ca cng ty Wei l 1.5.a.Nu c tc nm tihyvngl D1 = 2.25 $,v g khng il 5%,lc gi c phiu ca Wei l bao nhiu? b.By gi gi s Qu d trlin bang y thm tin vo nn kinh t,lm cho li sut kRF ri xung cn 9% v li sut th trng cn 12%. Gi c phiu ca Wei s l bao nhiu? c.Thm vo gi thit ca phn b, gi s cc nh u t by gi tr nn mo him hn; iu ny kt hp vi s st gim ca kRF, s lm cho kM rt xung cn 11%. Lc ny gi c phiu ca Wei s l bao nhiu? d.Nu Wei thay i cch qun l v i ng mi a ra cc chnh sch lm tc tng trng tngti6%.ngthibphnqunlminnhcdoanhthuvlinhun,t gim | xung cn 1.3. Vi nhng thay i ny th gi n nh mi ca c phiu ca Wei l bao nhiu? (Lu : D1 s l 2.27 $) 6-16:Gi s b phn qun l ca cng ty ha cht Horrigan tin hnh nghin cu v kt lun rng nu Horriganm rng snxut hng tiu dng (t ri ro hnha cht cngnghip) thh s | ca cng ty s gim t 1.2xung 0.9. Tuynhinhng tiu dng tng itlinhunhnnn s lm cho tc tng trng thu nhp v c tc gim t 7% xung cn 5% a.C nn m rng khng? Gi s kM = 12%; kRF = 9%; D0 = 2 $ b.Githitttcccskintrnngoitrsthayicahs|.|gimxungcnbao nhiu th quyt nh m rng l tt? 6-17:H s | ca c phiu C l 0.4, cn c phiu D l -0.5 (ngha l li sut ca n s tng khi hu ht cc c phiu khc gim) a.Nu kRF = 9% v kM = 13%, tnh kC v kD? b.GisgihinnaycacphiuCl25$vctcnmtisl1.5$;vtctng trng khng i l 4%. Gi c phiu n nh cha? Gii thch, v iu g s xy ra nu n cha n nh 7-9: C phiu ca Scanlon product hin angbnvigi 60$.Cng tymongmun kim c 5,4$ mi c phn v tr c tc cui nm l 3,6$. a.Nu cc nh u t yu culisut 9%, tc tng trng ca Scanlon philbao nhiu? (3%) b.NuScanlontiutphnlinhungilivoccdnclisuttrungbnhtng ngvilisutmongicacccphiu.EPSchonmtislbaonhiu?(Hng dn: tc tng trng ca EPS cng l g = b*ROE, trong b l t l li nhun gi li, EPS=5.562) Qun tr Ti chnh Th.S Trn Quang Trung 7-10: Vo ngy 1/1/1992 tng ti sn ca cng ty Kieman l 270 triu $. Trong nm cng ty c k hoch m rng v u t 135 triu $. Cu trc vn hin nay gi s l ti u, gi s khng c n ngn hn N di hn $135,000,000 Vn c ng $135,000,000 Tng ti sn $270,000,000 Tri phiumi clisut 10%s cbnbngmnh gi.C phiu thng ang c gi 60$,c th pht hnh sau khi tr chi ph l 54 $ 1 c phn. Li sut yu cu ca c ng c lng l 12%, bao gm 4%c tc v tc tng trng 8%(C tc mong isp til 2,4$, 2,4/60 = 4%). Li nhun gi li c lng l 13,5 triu $. Thu sut thu thu nhp l 40%. Gi s ton b khochmrngtisn(gmtisncnhvvnhotnglinquan)unmtrongd ton ngn sch. S tin d ton, khng k khu hao, l 135 triu $. a. duy tr c cu vn hin ti th s tin d ton phi c ti tr bng vn c phn l bao nhiu? (67.5) b.Trong phnvnc phnny,vn ca c ng clbao nhiu? (13.5) C ngmilbao nhiu? (60) c.Tnh chi ph vn ca tng b phn vn c phn? (12%v12.44%) d.Ti mc vn no s c bc nhy trn th MCC ca Kieman? (27) e.Tnh WACC (1) di v (2) trn bc nhy ca ng MCC. (9%v9.22%) f.V th MCC v th IOS tng ng vi d ton ngn sch7-11: Bng sau y cho gi tr EPS (thu nhp trn mi c phn) ca cng ty Barenbaum trong 10 nm qua.C phiu thng ca cng ty,7.8triu c phn angluhnh,hin angbnvi gi 65 $ mi c phn (1/1/1992), v c tc mong i vo cui nm nay (1992) l 55% ca EPS nm 1991. V cc nh u t hy vng xu hng trong qu kh vn tip tc, g c th da trn tc tng trng ca thu nhp. (tng trng ca 9 nm c phn nh trong s liu): Nm EPS Nm EPS19823.919875.83 19834.2119886.19 19844.5519896.68 19854.9119907.22 19865.3119917.80 Lisuthinnaytrncckhongnmil9%.Thusutthuthunhp40%.Cutrcvn c xem l ti u nh sau: N $ 104.000.000 Vn c phn$ 156.000.000 Tng cng $ 260.000.000 a.Tnh chi ph sau thu ca n mi (5.4%)v chi ph vn c phn ca Barenbaum, gi s vn c phn mi ch c c t li nhun gi li. Hy tnh chi ph vn c phn theo cng thc: ks = D1 / P0 + g =6.6+8=14.6% Qun tr Ti chnh Th.S Trn Quang Trung b.Tnh chi phvn trungbnh caBarenbaum,mtlnna gi nh rng cng ty khng pht hnh thm c phiu thng v tt c cc khon n u c chi ph l 9%. (10.92) c.Cng ty c th u t bao nhiu trc khi huy ng thm vn c phn t cc c ng mi? (Gislinhungilinm1992l45%linhunnm1991.Linhunnm1991c c bng cch nhn EPS ca nm 1991 vi s c phn hin hnh) (45.63) d.TnhchiphvntrungbnhcaBarenbaum(chiphccngunvnhuyngstngkhi vt qu s lng tnh ton phn c) nu pht hnh thm c phiu mi vi gi $65 mt c phiu, trong cng ty nhn c $58,5 mi c phiu, chi ph n vn khng i (11.34) 7-12: Doanh nghip Hawley c cu trc vn nh sau, c xem l ti u trong iu kin hin nay: N (Di hn) 45% Vn c ng 55% Tng ngun vn100% Nmticcnhqunlhyvngkimc$2,5triulinhunsauthu.Ttrcnnay cng ty chi 60%li nhun cho c ng v s tip tc ch trng ny. Mt cam kt mi y vi ngn hng cho php cng ty vay tin theo sp xp sau: Tinvay Lisut0 - $ 500,0009% trn khon vay ny $500,001 $900,00011% trn khon vay ny $900,001 tr ln13% trn khon vay ny Thu sut trung bnh ca cng ty l 40%, gi th trng ca c phiu l $22, c tc gn y nht l $2.2mi c phiu v tc tng trng l 5%. C phiu mi c th pht hnh vi chi ph l 10%. Cng ty c cc c hi u t trong nm ti l: Dn Gitr Lisut1 $ 67500016% 290000015% 337500014% 456250012% 575000011% Ban qunlyu cubnxc nhd nno nn c thchin (nu c). Bn tinhnh phn tchbngcchtrlinhngcuhisau(hocthchincngvic)cttrongmtchui hp l: a.C bao nhiu bc nhy trong biu MCC? nhng gi tr no v nguyn nhn l g? b.Tnh chi ph vn trung bnh, WACC, trong cc khong gia cc bc nhy? c.V biu IOS v MCC d.Ban qun l ca Hawley s chp nhn cc d n no?e.Nhng gi nh v ri ro d n c ngm hiu trong bi ton ny l g? Nu bn bit cc d n 1, 2, 3 c ri ro trn trung bnh nhng Hawley chn cc d n bn ch ra trong cu d, thng tin ny s nh hng n tnh hnh trn nh th no? f.Gi thit cho rng Hawley chi 60 %s tin kim c tr c tc. Nu thay i tlny thnh 0%, 100% hay mt gi tr bt k gia hai gi tr ny th vic phn tch s thay i nh th no? (khng cn tnh ton) Qun tr Ti chnh Th.S Trn Quang Trung 7-13: CngtyinlcFlorida(FEC)chsdngnvvnchshu.Cngtycthvay khng gii hn vi mc li sut 10% min l n ti tr theo ng cu trc vn mc tiu i hi phi c 45% n v vn ch s hu l 55%. C tc gn y nht l 2 $. Tc tng trng bnh qun ca cng ty l 4%, gi c phiu l 25 $ v c phiu mi sau khi tr chi ph s em li cho cng ty 20 $. Thu sut thu thu nhp ca FEC l 40% v cng ty hy vng kim c 100 triu $ li nhun gi li trong nm nay. Hai d n ang c sn l: -D n A c chi ph u t l 200 triu $ v li sut l 13% -D n B c chi ph u t l 125 triu $ v li sut l 10% Tt c cc d n ca cng ty u c ri ro bng nhau. a.Chi ph vn c phn pht hnh thm ca FEC l bao nhiu? b.Chi ph vn bin,ngha l mc tng ca WACC c dng khi nh gi cc d n c d ton ngn sch (hai d n ny v thm bt k d n no khc c th pht sinh trong nm, min l biu chi ph vn vn nh hin nay), ca FEC l bao nhiu?8-1: D n K c chi ph l 52125 $ v ngn lu rng l 12000$ /nm trong vng 8 nm. a.Tnh thi gian hon vn ca d n (tnh n nm gn nht)? (4.34i5) b.Chi ph vn l 12%. Tnh NPV ca d n? (7486.7) c.Tnh IRR (T sut ni hon) ca d n? ( d n c ngn lu khng i hng nm) (16%) d.Tnh thi gian hon vn c chit khu nu chi ph vn l12%? (6.51) e.MIRR ca d n l bao nhiu nu chi ph vn l 12%? (13.895%) 8-2: Pettijohn Enginerring ang xem xt hai thit b, xe ti v h thng bng chuyn, trong d tonngnschnmnay.Nhngdnnyclpvinhau.Chiphutchochoxetil $17000 v h thng bng chuyn l $22430. Chi ph vn ca doanh nghip l 14%, ngn lu sau thu, k c khu hao nh sau: Nm Xeti Hthngbngchuyn1$ 5100 7500 2 5100 7500 3 5100 7500 4 5100 7500 5 5100 7500 Tnh IRR, NPV v MIRR ca mi d n v ch ra quyt nh chp nhn / bc b ng n cho mi d n (Ti:15%;409;14.674%)(Bngchuyn:20%;3318;17.189%) 8-3: Swensen Industries phila chn giaxenng dngnnglng gavnnglng in vn chuyn nguyn vt liu trong nh my. V c hai loi xe u c chc nng nh nhau, cng ty ch chn loi no l ti u nht (chng l nhng hnh thc u t loi tr ln nhau). Xe nng dngnnglnginthchiphmchnnhngchiphhotngthphn;gicanl $22000, trong khi xe nng dng nng lng ga ch c $17500. Chi ph vn cho hai d n l 12%. Tuithsdngchomixectnhkhong6nm,trongsut thigianhotngngnlu rng m xe nng s dng nng lng in mang li l $6290 mi nm, cn xe nng dng nng lnggal$5000minm.Ngnlurngthuchngnmbaogmluncchiphkhu hao. Tnh NPV v IRR cho mi loi xe nng v quyt nh a ra kin ngh. (in:3861;0.18)(Gas:3057;0.1797) Qun tr Ti chnh Th.S Trn Quang Trung 8-4: D n S c chi ph l $15000 v ngn lu thu c l $4500/nm trong 5 nm. D n L cchiphl$37500vngnluthucl$11100/nmtrong5nm.TnhNPV,IRRv MIRR ca c hai d n bit chi ph vn l 14%. D n no s c chn, gi s chng loi tr nhau, vi mi phng php sp hng? Cui cng nn chn ci no? (S:449;15.24%;14.67%)(L:607;14.67%;14.36%) 8-5: Cng ty Boisjoly Products ang xem xt hai d n u tloi tr nhau. Ta c bng ngn lu rng mong i ca hai d n nh sau: Bngngnlurngmongi Nm DnA($) DnB($)0(300)(405) 1(387)134 2(193)134 3(100)134 4600134 5600134 6850134 7(180)0 a.Xy dng th NPV cho d n A v B b.Tnh IRR ca mi d n? (18.1%v24%) c.Nu mi d n c chi ph vn l 12% (A)th d n no s c chn? Nu chi ph vn ca d n l 18% (B)th s la chn ng l g? d.Tnh MIRR cami dnnu chi phvnl 12%?l18%? (gi:xemnm th 7lnm cui ca d n B) (A:15.1%;18%)(B:17%;20.5%) e.Tnh li sut giao im, n c ngha g? (14.5%) 8-6: CngtySouthwesternOilExplorationchaikhochloitrnhauvlcduni cng ty c quyn khai thc. C hai k hoch yu cu chi ph 12,000,000$ cho vic khoan v khai thc cc ging du. Theo k hoch A, tt c du khai thc trong mt nm to ra mt ngn lu ti thi im t =1 l 14,400,000$. Vi k hoch B, ngn lu s l 2,100,000$ mi nm v ko di 20 nm. a.Tnh ngn lu tng thm hng nm cng ty Southwestern Oil Exploration s c nu nh thc hin k hoch B thay v k hoch A? (Hng dn: ly ngn lu ca k hoch B tr cho ngn lu ca k hoch A) b.Nucng tychpnhnkhochA,sauu t tiplngtinmtcccuinm u th li sut ti u t phi l bao nhiu ngn lu c c t ti u t bng vi ngn lu c c t k hoch B? (Ni cch khc, li sut giao im l bao nhiu?) (16%) c.Gi s cng ty c chi ph vn l 12% v n c th huy ng vn khng gii hn chi ph . Nu gi nh cng tys thc hin tt c cc d n c lp (c ri ro trung bnh)c lisut ln hn 12% th c hp l khng? Hn na, nu tt c cc d n c sn vi li sut ln hn 12% u c thc hin, c phi iu ny c ngha l ngn lu t u t trc y c chi ph c hi ch l 12%, bi v tt c nhng g cng ty c th lm i vi cc ngn lu ny s l thay th tin c chi ph vn 12%? Cui cng, c phi iu ny ngm hiu chi ph vn l li sut ng n gi nh cho ti u t cc ngn lu ca mt d n? d.Xy dng th NPV cho k hochAv B, xcnh IRR cho mi d nv ch rali sut giao im (IRRA=20%;IRRB=16.7%;Lisutgiaoim=16.07%) Qun tr Ti chnh Th.S Trn Quang Trung

11-4: Hai cng ty HL v LL ging nhau tt c ngoi tr cc t s n by v li sut trn n ca h. Mi cng ty c $20 triu trong ti sn, kim c $4 triu li nhun trc li v thu trong nm 1991, v chu thu sut l 40%. Tuy nhin, cng ty HL c t s n by ti chnh (D/TA) l 50% v tr li sut l 12% cho cc khon n ca h. Trong khi , cng ty LL c t s n by ti chnh l 30% v chi tr 10% cho cc khon n a.Tnh li sut ca vn c phn cho mi cng ty? b.Thy li sut trn vn c phn ca cng ty HL cao hn, th qu ca LL quyt nh tng n byt30%ln60%,iunylmLLphichulisut15%trnttccckhonnca mnh. Tnh li li sut trn vn c phn ca LL?

HL(50%)LL(30%)LL(60%)EBIT444 Li 1.20.61.8 Litctrcthu 2.83.42.2 Thu(40%) 1.121.360.88 Litcthun 1.682.041.32 N 10612 Tngtisn 202020 LisuttrnVCP 0.168 0.146 0.165 11-5: Cng ty Desreumauxmun tnhli sut trn vnc phn trong nm ti vinhng t s nbytichnhkhcnhau.Tngtisncacngtyl$14triuvthusuttrungbnhl 40%. Cng ty c th c tnh li nhun trc thu v li ca nm ti ng vi ba tnh hung: $4,2 triu vixc sut 0,2; $2,8 triuvixc sut 0,5 v 700000vixc sut 0,3.Tnhlisut trn vn c phn, lch chun v h s bin thin ca cng ty theo cc t s n by ti chnh sau y v nh gi kt qu: nby(N/Tngtisn) Lisut 0%_ 109 5011 6014 Xc sut0.20.50.3 EBIT4.22.80.7 Li000 Li tc trc thu4.22.80.7 Thu (40%)1.681.120.28 Li tc thun2.521.680.42 N000 Tng ti sn141414 Li sut trn VCP0.180.120.03 Qun tr Ti chnh Th.S Trn Quang Trung LisuttrungbnhtrnVCP 0.105lchchun 0.054Hsbinthin 0.515 Xc sut0.20.50.3 EBIT4.22.80.7 Li (9%)0.1260.1260.126 Li tc trc thu4.0742.6740.574 Thu (40%)1.62961.06960.2296 Li tc thun2.44441.60440.3444 N (10%)1.41.41.4 Tng ti sn141414 Li sut trn VCP0.1940.12733330.02733 LisuttrungbnhtrnVCP 0.111lchchun 0.0595Hsbinthin 0.536 Qun tr Ti chnh Th.S Trn Quang Trung Xc sut0.20.50.3 EBIT4.22.80.7 Li (11%)0.770.770.77 Li tc trc thu3.432.03-0.07 Thu (40%)1.3720.812-0.028 Li tc thun2.0581.218-0.042 N (50%)777 Tng ti sn141414 Li sut trn VCP0.2940.174-0.006 LisuttrungbnhtrnVCP 0.144lchchun 0.108Hsbinthin 0.751 Xc sut0.20.50.3 EBIT4.22.80.7 Li (14%)1.1761.1761.176 Li tc trc thu3.0241.624-0.476 Thu (40%)1.20960.6496-0.1904 Li tc thun1.81440.9744-0.2856 N (60%)8.48.48.4 Tng ti sn141414 Li sut trn VCP0.3240.174-0.051 LisuttrungbnhtrnVCP 0.137lchchun 0.135Hsbinthin 0.983 Tng kt trong bng sau Tl:N/Tngtisn 0% 10% 50% 60%LisuttrungbnhtrnVCP 0.105 0.111 0.144 0.137lchchun 0.054 0.0595 0.108 0.135Hsbinthin 0.515 0.536 0.751 0.98311-6: Cng ty Webster c k hoch huy ng thm $270 triu ti tr cho thit b mi v vn hot ng vo u nm 1992. C hai phng n cn c xem xt: c th pht hnh c phiu vi gi$60mtcphiuhocphthnhtriphiuvilisut12%.Bngcniktonvbo co thu nhp ca cng ty trc khi ti tr nh sau: CngtyWEBSTERQun tr Ti chnh Th.S Trn Quang Trung BNGCNIKTON31/12/1991 ( n v: triu la) Ti sn lu ng $900Cc khon phi tr 172.50 Ti sn c nh$450N ngn hng255 Cc khon phi tr khc225 Tng n ngn hn652.50 N di hn (10%)300 C phiu thng, mnh gi$3 60 Li nhun gi li337.50 Tng ti sn1350Tng ngun vn1350 CngtyWEBSTERBOCOKTQUHOTNGSNXUTKINHDOANH31/12/1991 ( n v: triu la) Doanh thu2475 Chi ph hot ng2227.5 EBIT (10%)247.5 Li ca n ngn hn15 Li ca n di hn30 Li tc trc thu202.5 Thu (40%)81 Li tc thun121.5 Doanh thu c phn phi nh sau Xcsut Doanhthu0.32250 0.42700 0.33150 Gi s EBIT bng 10% doanh thu, tnh thu nhp trn mi c phiu (EPS) cho c hai phng n titrbngnvphthnhcphiutrong ttccctnhhungcadoanhthu.Tnh EPS v EPSocho c hai phng n ti tr. Tnh ||.|

\|=san tai To ngNn le t v t s ||.|

\|=tra phai LaiEBITTIE mc doanh thu trung bnh cho mi phng n ti tr. N c vn cn, bn ngh bin php ti tr no? Qun tr Ti chnh Th.S Trn Quang Trung Titrbng N CphiumiXc sut0.30.40.30.30.40.3 Doanh thu225027003150225027003150 EBIT225270315225270315 Li ca n ngn hn 151515151515 Li ca n di hn 62.462.462.4303030 Li tc trc thu147.6192.6237.6180225270 Thu (40%)59.0477.0495.047290108 Li tc thun88.56115.56142.56108135162 N 1222.5952.5 Tng ti sn16201620 EPS($) 4.428 5.778 7.128 4.408 5.510 6.612EPStrungbnh 5.778 5.510lchchun 1.046 0.854Tln 0.755 0.588TIE 3.488 6.000 14-5: Frenchs Farm Equipment cn tng vn $4,5 triu m rng, ngn hng u t cho rng cthphthnhtriphiu0coupon5nmvigi$567,44chomitriphiucmnhgi $1000. Thu sut ca French l 40% a.Phi bn bao nhiu tri phiu mnh gi $1000 c 4,5 triu $? b.Tnh li sut sau thu ca tri phiu ny trong trng hp (1) nh u t c min thu v (2) nh u t chu thu sut thu thu nhp l 31%. c.Tnh chi ph (sau thu) ca n nu cng ty quyt nh pht hnh tri phiu?

14-6: Gi s 5 nm trc thnh ph Tampa pht hnh tri phiu th 0 coupon, gi tr khi o hn l 1000 $, c min thu. Khi pht hnh tri phiu c k hn thanh ton 25 nm v li sut danhnghal10%,tnhgpminanm.Triphiubygicthcthuhimcgi 110%trngitrtchlu.Tnhlisutthc(hngnm)nhutmuatriphiukhichng c pht hnh v s hu chng cho n nay nhn c nu nh chng c thu hi hm nay? 14-7: 10 nm trc thnh ph Gainesville pht hnh 1 triu $ tri phiu th c li sut cung phiu (coupon) 14%, k hn 30 nm, tr li nh k 6 thng, min thu. Tri phiu c iu khon khng c thu hi trc 10 nm k t ngy pht hnh, nhng by gi thnh ph Gainesville c th thu hi nu mun. Chi ph thu hi l 10% trn mnh gi. Tri phiu mi k hn 20 nm, li sut nml 12%, tr li nh k 6 thng, c th bnbngmnh ginhng chi ph pht hnhl 2%, hay $20000. Tnh hin gi thun ca kt qu do vic pht hnh li tri phiu? 15-1: Hai cng ty dt VanAukenv HerrmanMillsbt u hot ngvi2bng cn i k ton ginght nhau.Mt nm sau,chaicng ty u cyucu phi tng thmnnglc sn xut vi chi ph l 200000$. Cng ty Auken c ngn hng cho vay 200000$ vi li sut 8% / nm. Cn Hermann th quyt nh thu thit b t cng ty cho thu ti chnhAmerican Leasing trong 5 nm,lisut hngnml 8%ghi r trong hp ng thu.Bng cn i k ton ca c hai cng ty trc khi tng ti sn nh sau: Qun tr Ti chnh Th.S Trn Quang Trung N 200000 Vn ch s hu200000 Tng ti sn400000Tng n v vn400000 a.Lp bng cn i k ton ca mi cng ty sau khi tng ti sn v tnh ton t l n mi ca mi cng ty. b.Bng cn i k ton ca cng ty Herrman snh th no sau khi ti tr nu vic thu vn phi c th hin ln bng cn i k ton? c.Li sut trn (1) ti sn v (2) vn c phn c b nh hng bi vic chn la hnh thc ti tr khng? nh hng nh th no? 15-2: CngtyBerryMiningphilptmtmymitrgi1,5triu$tikhuhmm Nevada. Cng ty ny c th vay 100% ngun vn trn, hay lp mt hp ng thu ti chnh, gi nh nh sau: -Nhng thit b ny c khu hao trong khung 3 nm (33%, 45%, 15%, 7%). -Chi ph bo tr c c lng l 75,000$ mi nm. -Thu sut l 40% -Nus tintrncngnhngchovaythlisutl15%, trdn trong3nmvocui nm. -Tin thu phi tr mi nm l 480,000$, trong 3 nm. -Theo cc iu khon thu, ngi thu phi tr tin bo him, thu trn ti sn v bo tr -Cng ty Berry phi s dng thit bnynunh mun tip tc kinh doanh,vvyhu nh cng ty ny chc chn s mua li ti sn vo cui hp ng thu. Trong trng hp , cng ty c th mua thit b theo gi th trng vo thi im . c lng tt nht gi th trng ca ti sn ny khi thanh l l 325,000$, vi mc chnh lch kh ln ty tnh hung c th. gip cc nh qun l a ra nhng quyt nh ng n thu-hay-mua, bn c yu cu tr li nhng cu hi sau: a.Gi s c th sp xphp ng thu,Berrynn thuhayvay tinmua thit b?Gii thch? (Hngdn:Tnhhingicachiphmua=1,021,599sovi979,972trongtrnghp thu) b.Xemgitrthanhl325,000$cclng,chitkhugitrnyvicngsutchit khu nh cc ngn lu khc c ph hp khng? Cc ngn lu c ri ro nh nhau khng? (gi : ngn lu c ri ro cao thng c chit khu bng t sut cao hn, nhng khi ngn lu l chi ph ch khng phi thu nhp th lm ngc li) 15-3: Trong chng trnh hin i ho nh my v gim chi ph, b phn qun l ca hng dt Tanner quyt nh lp t mt my dt t ng. Phn tch d ton ngn qu cho d n ny cho thy IRR l 20% so vi li sut yu cu ca d n l 12%. Gi ton b ca my dt l 250000$ bao gm c ph vn chuyn v lp t....Ngun tin ny c th vaycangnhng tr dn trong 4 nmvilisut 10%/ nm,vic chi tr c thchin cui mi nm. Trong trng hp my dt c mua, nh sn xut s k kt bo tr vi chi ph ph 20000$ /nm c tr vo cuiminm. My dt trong khung khuhao 5 nm,v thu sut thu thu nhp ca Tanner l 40%. (T l khu hao: 20%, 32%, 19%, 12%, 11%, 6%) Agell Automation Inc., nh sn xut my dt ngh mt hp ng thu vi Tanner vi chi ph70000$ gm c ph vn chuyn v lp t (ti t = 0) cng thm 4 k chi tr 70000$ vo cui mi nm t nm 1 n nm 4 (lu l c tng cng 5 ln thanh ton). Hp ng thu bao gm c bo hnhv phcv.Tht ra my dt c tui th l 8 nm,sau gi tr thanhl d tnhl 0; tuy nhin sau 4 nm th th gi c d tnh bng th gi l 42500$. Tanner nh xy dng mt nh Qun tr Ti chnh Th.S Trn Quang Trung my hon ton mi trong 4 nm, v th n khng quan tm n vic thu hay s hu my dt sau thi hn 4 nm a.Tanner nn thu hay mua my dt? (NPVcaMua:185,112$;Thu:187,534$) b.Gi tr thanhl r rnglngnlubt nhnht.Gi ssut chit khu trc thuhpl cagitrthanhll15%.Viciuchnhrirocagitrthanhlnhhnggtrong quyt nh? c.Phn tch ban u gi nh rng Tanner s khng cn my dt sau 4 nm. By gi gi s hng s tip tc s dng n sau khi ht hn cho thu. Nh vy, nu thu, Tanner s phi mua tisnsau4nmtheogithtrng,cdtnhbngvithgi.Yucunynh hng g trn phn tch? (khng cn phn tch s liu, ch trnh by kin) 15-4: HehreIndustriesInc.hincmtschngquyn(warrant)chophpngiginc quyn mua mt c phiu vi gi 21 $ ng vi mi chng quyn a.Hy tnh gi l thuyt ca chng quyn ca Hehre nu c phiu c bn vi gi $18, $21, $25, $70. b.Theo bn th chng quyn s c bn vi gi no di cc iu kin nu cu a. Vi gi khon chnh lch l bao nhiu? Cu tr li ch l s suy on nhng giv khon chnh lch tht s c mt mi quan h hp l c.Mi yu t sau nh hng n c lng gi chng quyn v khon chnh lch trong phn b nh th no -Thi gian sng ca chng quyn c ko di thm - bin ng (po ) ca gi c phiu gim -Tc tng trng ca EPS ca c phiu tng 17-3: Cng ty Vincent ang c gng xc nh nh hng ca h s quay vng tn kho v chu k thu hi cc khon phi thu (DSO) trn chu k lun chuyn tin mt ca n. Nm 1991 doanh thu (tn dng) ca cng ty l 150000 $ v li tc thun l 6%, hay 9000 $. N quay hng tn kho 6 ln trong mt nm v DSO ca n l 36 ngy. Cng ty c ti sn c nh l 40000 $. Thi gian tr hon vic thanh ton ca cng ty l 40 ngy.a.Hy tnh chu k lun chuyn tin mt ca cng ty (60+36-40=56)b.Gi s cng ty gilng tinmt v chng khonngnhn khng ng k,hy tnhh s quay vng tng ti sn v ROA? (1.875v11.25%)c.Gi s cc nh qun l ca cng ty tin l c th tng h s quay vng tn kho ln n 8 ln. Chu k lun chuyn tin mt, h s quay vng tng ti sn v ROA s l bao nhiu nu h s quay vng tn kho t c 8 ln trong nm 1991 (45+36-40=41;2.04;12.24%)17-4: Cng ty Brueggeman l mt nh sn xut hng u M v loi pin acquy t. Cng ty tung ra bn mi ngy 1500 pin vi chi ph nguyn vt liu v lao ng l 6 $/pin. Thi gian chuynnguynvtliuthnhsnphmpinacquycacngtyl22ngy.Cngtychophp khchhng camnhn trong thihn 40ngyv thng tr cho nh cung cp trong vng 30 ngy. a.Chu k lun chuyn tin mt ca cng ty l bao lu? (32) b.Trong tnh hnh n nh mi ngy cng ty sn xut 1500 pin acquy th n phi ti tr cho vn hot ng bao nhiu? (1500*6*32=288000) c.Nu cng ty c th ko di thi gian tr hon thanh ton n 35 ngy th n c th gim vn hot ng xung bao nhiu? (288000243000=45000)d.B phn qun l ca cng ty ang th phn tch hiu qu ca mt quy trnh sn xut mi trn vn hot ng. Quy trnh sn xut mi cho php cng ty gim thi gian lun chuyn tn kho Qun tr Ti chnh Th.S Trn Quang Trung xung cn 20 ngy v tng sn lng hng ngy ln 1800 pin. Tuy nhin quy trnh mi ny slmcho chi phnguynvtliuvlao ng tng ti 7$.Gi svic thay i khng nh hng n chu k thu hi cc khon phi thu (40ngy)v thi gian tr hon thanh ton (30 ngy). Nu quy trnh sn xut mi c p dng th chu k lun chuyn tin mt v vn hot ng yu cu l bao nhiu? (30ngyv378000) 17-5: TponMathysangcgngxcnhmctisnlungtiuchonmti.B phn qun l ca hng mong rng doanh thu s gia tng xp x 2 triu $ do kt qu ca vic m rng ti sn hin ang c thc hin. Tng ti sn c nh l 1 triu $ v cng ty mun duy tr tlnl60%.Lisutcacng tyhinnayl8%ivinngncngnhdihn(c cng tys dngnh c cu thngxuyn). Ba gii phpsn clin quan nmc tisnlu ng l: -Chnh sch tht cht yu cu ti sn lu ng ch bng 45% doanh thu d kin-Chnh sch va phi vi ti sn lu ng bng 50% doanh thu d kin -Chnh sch ni lng i hi ti sn lu ng bng 60% doanh thu d kin Cng ty hy vng to c li tc trc thu v li l 12% trn tng doanh thu a. Tnhlisuttrnvncphntheoccmctisnlung(gismcthulitcca cng ty l 40%)? (11.75%;10.80%v9.16%)b.Trong bi ton ny chng ta gi s mc doanh thu d kin c lp vi chnh sch v ti sn lu ng ca cng ty. y c phi l mt gi nh ng n khng?c.Ri ro tng th ca cng ty thay i theo tng chnh sch nh th no? 17-6: Tnh chi ph n ca vic khng hng gim gi trong tn dng thng mi cho cc chnh schsau.Gisvicthanhtoncthchinvongynhnthanhtonhocvongy c chit khu a.1/15, net 20b.2/10, net 60 (14.69%)c.3/10, net 45 d.2/10, net 45 (20.99%) e.2/15, net 40 17-7: Cng ty mua theo chnh sch tn dng 3/15, net 45, nhng thc t tr vo ngy th 20 vn cchitkhu.Tnhchiphcavickhnghngchitkhutrongtndngthngmi? (44.54%)Nu tr trong vng 15 ngy th cng ty nhn c tn dng nhiu hay t hn? 18-6: Cng tyIPHTgn y c thumt ch trongsiu th COOP kinh doanh,I PHTShop.Cngvictintrintt,nhngIPHTthngbkttinmt.iunylm choIPHTbchmtrthanhtonmtvinthngvbtuxyratrctrcvi nhng nh cung cp. I PHT d nh vay ngn hng c tin hot ng v vn trc tin l h phi d bo c nhu cu bit lng tin cn vay. V vy h yu cu bn chun b d ton tin mt cho thi k gn Ging sinh, lc m nhu cu c bit cao CcnhcungcpchoIPHTctrsaumtthng.Lngnhnvinmithngl48 triu v tin thu mt bng mi thng l 20 triu, 120 triu tin thu c tr vo thng 12. Tin mt hin c vo ngy 1/12 l 4 triu, nhng I PHT ng vi ngn hng l s duy tr s dtrungbnhl60triu-ychnhlchtiutinmtcaIPHT.Tinmtcahng khng ng k v I PHT mun ngn nga ri ro b cp Qun tr Ti chnh Th.S Trn Quang Trung Doanh thuv gi trhngmua ccthng 12, 1, 2 c clngnhsau (gi trhngmua trong thng 11 l 1400 triu) Doanhthu(triu) Gitrhngmua(triu)Thng 121600400 Thng 1400400 Thng 2600400 a.Nu hng bn c tr tin ngay, hy lp d ton tin mt cho cc thng 12, 1, 2 (-44; -112;20) b.By gi gi s t ngy 1/12 IPHTthchin chnh sch tn dng, cho khchhng n 30ngy.Tt c cc khchhng chpnhn chnh schnyv gis ccyu t khc khng thay i, lc nhu cu vay tin vo cui thng 12 l bao nhiu? (1644) 18-7: JudyMaese,ch ca cng ty thit k thi trang Judy,ang d nh thit lpmt khon nvingnhngcacta.Cclngdoanhthucacngtytrongccthngcanm 1992 v 1993: Thng 5 /1992:1800006180000 7360000 8540000 9720000 10360000 11360000 1290000Thng 1/1993:180000 Tinn cb phn thuhi tn dngclng nhsau: thu hi t doanh thu trong thngl 10%; sau mt thng thu hi tip 75%; sau hai thng thu hi nt 15% cn li. Chi ph lao ng v nguyn vt liu thng tr sau mt thng k t lc chi ph pht sinh. Tng chi ph cho lao ng v nguyn vt liu c c lng cho mi thng nh sau: Thng 5/1992:90000 690000 7126000 8882000 9306000 10234000 11126000 1290000 Lngbphnqunlkhong27000/thng;tinthucanhnghpngthudihnl 9000 / thng; chi ph khuhaol 36000 / thng;chi phlinh tinhl 2700 / thng; tin thu thu nhpl 63000 sc tr vo thng 9v12;v chi ph chomt phng thit kmi 180000s c tr vo thng 10. Tin mt ti qu vo ngy 1/7 l 132000 v s tin mt tn qu ti thiu l 90000 s c duy tr sut k d ton ngn qu a.Hy lp d ton tin mt hng thng cho 6 thng cui ca nm 1992. Qun tr Ti chnh Th.S Trn Quang Trung b.Hy c lng yu cu ti tr (hoc qu d tha) - l s tin m Judy s cn mn (hoc c th s u t) - cho mi thng trong k d ton c.Gi s ha n bn hng n u n sut trong thng (ngha l tin mt thu c theo t l 1/30 mi ngy), nhng tt c cc khon chi u xy ra vo ngy 15 trong thng. iu ny c nh hng n d ton tin mt khng? Ni cch khc, d ton tin mt bn lp c da trn nhng gi nh ny khng? Nu khng, c th lm g c lng nhng yu cu ti tr cao imcgitr?Khngyucutnhton,mcdtnhtoncthdngminhhonh hng 19-1: DelanoIndustriesbnhngvichnhschtndng3/10,net30.Tngdoanhthutrong nm l 900000. 40% khch hng tr vo ngy th 10 v c hng chit khu, 60% cn li tr trung bnh vo khong 40 ngy sau khi mua a.Trung bnh khch thanh ton sau bao nhiu ngy? b.Khon phi thu trung bnh l bao nhiu? c.iugsxyraviphnuttrungbnhvocckhonphithunuDelanocngrn hntrongchnhschthuhiviktqulttccckhchhngkhnghngchitkhu phi tr tin sau 30 ngy? 19-2: Swink Technology ang nh thay i chnh sch tn dng t 2/15, net 30, sang 3/10, net 30,nhm tng tc thu hi.Hin ti 40%khchhng ca cng tynhn 2%chit khu.Theo chnh sch tn dng mi s khch hng nhn chit khu c th tng ln 50%. Bt k chnh sch tn dng no, mt na khch hng khng nhn chit khu s tr ng thi hn,s cn li s tr tr 10 ngy. S thay i ny khng dnh dng g vi vic ni lng tiu chun tn dng, v vy n kh i d tnh s khng tng hn mc hin ti l 2%. Tuy nhin iu khon chit khu rng ri hn hy vng s lm tng doanh thu hng nm t 2 triu n 2,6 triu. T l bin ph ca cng ty l 75%, li sut ca qu u t trong cc khon phi thu l 9%, v thu sut thu li tc ca cng ty l 40% a.Tnh chu k thu hi cc khon phi thu trc v sau khi c s thay i chnh sch tn dng b.Tnh chi ph chit khu trc v sau khi c s thay i c.Tnh chi ph do tin kt trong cc khon phi thu trc v sau khi c s thay i d.Tnh tn tht do n kh i trc v sau khi c s thay i e.Tm phnlinhun tng thm t s thay i chnh sch tn dng? Cng ty c nn thay i chnh sch tn dng khng? 19-3: Nh phn phi Bertin thc hin tt c cc giao dch thng mi bng tn dng, chnh sch tn dng ca Bertin l 2/10, net 30. Mi nm mt ln, Bertin nh gi li gi tr tn dng ca tt c khch hng, quy trnh nh gi phn loi khch hng t 1 n 5, vi 1 l khch hng tt nht. Bng kt qu sp hng nh sau: LoikhchhngTlnkhi DSO QuytnhtndngMtdoanhthudohnchtndng1 2 3 4 5 Khng 1 3 9 16 10 12 20 60 90 Khng gii hn Khng gii hn C gii hn C gii hn C gii hn Khng Khng 375000 190000 220000 Qun tr Ti chnh Th.S Trn Quang Trung T l bin ph l 70% v thu sut thu li tc ca n l 40%, chi ph vn u t trong cc khon phi thu l 12%. Vic m rng tn dng khng gii hn i vi cc khch hng loi 3, 4, 5 s c nhhng n khnngsinhlica cng tynh thno? (Gi: Nghin cu nhhng ca victhayimichnhschmtcchringbitlnbocoktquhotngsnxutkinh doanh.Ni cch khc, tms thay i trong doanh thu,chi phsn xut,cc khon phi thu v chiphutchocckhonphithu,cckhonnkhichonsthayicalitc thun. Gi s khng c khch hng no trong 3 loi ny nhn chit khu) 19-5:Cng ty Tuyt Trn c doanh thu tn dng hng nm l 2000 triu. Chi ph hin nay cho b phn thu hi l 30 triu mi nm, tn tht do n kh i c lng l 2%, thi gian thu hi trung bnhl 30ngy.Tuyt Trn angxemxt mt chnh sch thu himm do hn gim bt chi ph thuhixung cn khong 22 triuminm.S thay iny c khnnglm tng tn tht do n kh iln n 3%v thi gian thu hi trung bnhl 45ngy. Tuynhin doanh thu hng nm hy vng s tng ln n 2200 triu Nu phchil 12%, tlbin phl 75%, thu sut thu thu nhpl 40%th Tuyt Trn c nn bt cng rn trong chnh sch thu hi khng? (13.35) Qun tr Ti chnh Th.S Trn Quang Trung PHNBIGII Bigii3-1 IP1=7%MRP1=0.2%kt1=? IP2=5%MRP2=0.4%kt2=? IP3=3%MRP3=0.6%kt3=? IP4=3%MRP4=0.8%kt4=? IP5=3%MRP5=1% (ti a)kt5=? k*=2%kt10=? kt20=? Cu a:Theo cng thc tnh li sut ta c: k = k* + IP + DRP + LP + MRP M DRP = LP = 0 (tri phiu kho bc) Nn k = k* + IP + MRP *% 2 . 9 2 . 0 7 21 1*1= + + = + + = MRP IP k kt *% 4 . 8 4 . 025 722 2 , 1*2= + |.|

\| ++ = + + = MRP P I k kt *% 6 . 7 6 . 033 5 723 3 , 2 , 1*3= + |.|

\| + ++ = + + = MRP P I k kt *% 3 . 7 8 . 043 3 5 724 4 , 3 , 2 , 1*4= + |.|

\| + + ++ = + + = MRP P I k kt *% 2 . 7 153 3 3 5 725 5 , 4 , 3 , 2 , 1*5= + |.|

\| + + + ++ = + + = MRP P I k kt *% 6 . 6 110) 8 * 3 ( 5 725 10 ~ 1*10= + |.|

\| + ++ = + + = MRP P I k kt *% 3 . 6 120) 18 * 3 ( 5 725 20 ~ 1*20= + |.|

\| + ++ = + + = MRP P I k kt V ng li sut Duong loi suat05100 5 10 15 20 25Ky hanLai suatlai suat chinh phu (%) Cu b: Tri phiu ca 1 cng ty c hng tn dng l AAA nn LP = 0; DRP > 0 Qun tr Ti chnh Th.S Trn Quang Trung V DRP tng dn theo thi gian t k hn 1 nm n 20 nm, v ri ro v n di hn s ln hn ngn hn. Duong loi suat05100 5 10 15 20 25Ky hanLai suatlai suat cong ty (%) lai suat chinh phu (%) Cu c: Tri phiu ca mt nh my in ht nhn s c DRP v LP rt ln nn ng li sut ca n s c dng nh hai ng trn nhng nm v tr cao hn trn h trc ta Bigii3-3 MRP = 0 K* = 3% Li sut ca tri phiu k hn 1 nm l 10% Li sut / nm ca tri phiu k hn 2 nm l 11.5%, l trung bnh cng ca li sut tri phiu k hn 1 nm nm 1 v nm 2 a.T gi thuyt bi choTng li sut ca tri phiu k hn 1 nm nm 1 v nm 2 = 11.5% x 2 = 23% M li sut k hn 1 nm nm 1 l 10%Li sut k hn 1 nm nm 2 = 23% - 10% = 13% b.Ta c:kt = k* + IP tc lm pht nm 1: IP1 = 10% - 3% = 7% tc lm pht nm 2: IP2 = 13% - 3% = 10% Bigii3-4 Ta c: k = kRF + DRP + LP + MRP Trong : k: Li sut kRF : Li sut phi ri ro DRP: B p cho ri ro v n LP: B p cho ri ro thanh khon MRP: B p cho ri ro k hn Trong trng hp tri phiu chnh ph c MRP = 0, ta ch cn xem li sut phi ri ro (kRF): kRF = k* + IP Vi: Qun tr Ti chnh Th.S Trn Quang Trung k*: Li sut phi ri ro tht s IP: Khon b p do lm pht -Tnh li sut ca tri phiu k hn 1 nm c pht hnh nm th 2:Gi:k1, l li sut ca tri phiu k hn 1 nm pht hnh nm 1 k2 l li sut ca tri phiu k hn 1 nm pht hnh nm 2 IP1, IP2 l khon b p lm pht ca li sut tri phiu nm 1 v 2 Ta c: k1 = kRF1 = k* + IP1(1) k2 = kRF2 = k* + IP2(2) IP1 = k1 - k* = 11% - 4% = 7 % V theo l thuyt k vng ta c li sut tri phiu k hn 2 nm l: *2k k IP = +Vi1 22IP IPIP2+=l mc b p li sut do lm pht k vng trung bnh ca 2 nm k = k* + (IP1 + IP2)/2 k = (k*+IP1 + k*+IP2)/2 k = (k1 + k2)/2 k2 = 2k k1 k2 = 2*13% - 11% = 15% -Tnh tc lm pht nm th 2: T (2), ta suy ra: IP2 = k2 k* = 15% - 4% = 11% Ta c phn b p cho lm pht nm 2 l 11% nn tc lm pht ca nm th 2 s l 11% -Gii thch: Lisuttrungbnhcatriphiukhn2nmkhcvilisutcatriphiukhn1nm pht hnh nm 2 l do xu hng lm pht nm 2 khc vi lm pht nm 1. Trong trng hplm pht c xu hng tng thli sut khn 1 nm pht hnh nm th 2 s cao hnli sut k hn 2 nm c c t cch tnh trung bnh ca li sut k hn 1 nm nm th 1 v nm th 2 Bigii3-5 a.Tclmphtbnhquntronggiaiont1981n1985: IP= = 8,2% b.Lisutdanhnghatrungbnhkvngtronggiaion1981n1985: Ta c k = k* + t Vi li sut phi ri ro tht s (li sut tri phiu kho bc nh nc k hn 5 nm) k*= 2% Vy li sut danh ngha trung bnh l: 2 + 8,2 = 10,2% Qun tr Ti chnh Th.S Trn Quang Trung c.k=2%;MRP1981=0,1%vtng0,1%minmLi sut tri phiu k hn 1 nm l: k = k+ 1981 + MRP1981 = 2% + 13% + 0,1% = 15,1% Li sut tri phiu k hn 2 nm l: k = k +1981,1982 + MRP1982 = 2% ++ 0,2% = 13,2% Li sut tri phiu k hn 5 nm l: k =k+ 1981,1985 + MRP1985 = 2% + 8,2% +0,5% =10,7% Li sut tri phiu k hn 10 nm l: k=k+1981,1991+MRP1991=2%++ 1% = 10,1% Li sut tri phiu k hn 20 nm l: k =k + 1981,2001 + MRP2001 = 2% + + 2% = 10,55% 15.113.210.710.110.55k hnli sut d.Nhngiukinkinhttngqutlmchonglisuthngln:Trong cc thnh phn ca li sut tri phiu, b p cho lm pht l yu t nh hng mnh nht ti dng ca ng li sut. V vy ng li sut s hng ln khi mc b p cho lm pht trung bnh tng theo k hn, ngha l lm pht tng theo thi gian. Trong trng hp lm pht n Qun tr Ti chnh Th.S Trn Quang Trung nh th thnh phn th hai lm cho ng li sut hng ln l b p cho ri ro k hn MRP. V vy ng li sut s hng ln khi nn kinh t n nh hay ng tin b mt gi lin tc do: -Chnh ph tng chi tiungnschnh tng u t,chi tiu chnh ph cho khuvc cng. Bi chi ngn sch thng xuyn dn ti nh nc huy ng tin trong nhn dn nn lm tng k k tng -Chnh ph tng cung tin cho nn kinh t nhm tng t l lm pht k tng. -Cncnthngminhpsiulmchongngoit tnggisovinitnntllm pht tng k tng. e.Lmphtkvngnnhmc10%thlisuts:V li sut tri phiu k = k+ + DP + LP + MRP, nu lm pht n nh, li sut ch ph thuc vo s thay i ca cc thnh phn cn li nh DP, LP, MRP. DP v LP khng thay i theo k hn nn cui cng li sut ch ph thuc vo MRP ng li sut s hi hng ln do MRP tng nh theo k hn Bigii4-2 Cu a: Tnh li sut trung bnh Yk Yk= (wi*iYk) => Yk= 0,1*(-35)+0,2*0+0,4*20+0,2*25+0,1*45 = 14% Cu b: lch chun ca li sut ca c phiu X: = [(Xk- ki )2 *wi]1/2

=[(0,12(-0,1))2 x0,1+(0,120,02)2 x0,2+(0,120,12)2 x0,4+(0,120,2)2 x0,2+(0,12 0,38)2 x 0,1]1/2 X = (0,00484 + 0,002 + 0 + 0,00128 + 0,00676)1/2

X = 12,2% olngphntnhaysaibitgialinhunthctsovilinhunkvng, Ngi ta dng lch chun . Vi lch chun X = 0,122 hay 12,2% iu ny c ngha l sai bit gia li nhun thc t so vi li nhun k vng l: 12,2%. Nu ch nhn vo lch chun chng ta thy X (12,2%) < Y (20,35%) v kt lun ngay rng ri ro ca c phiu Y ln hn c phiu X th iu ny cha hon ton ng.Vnylcnssosnhxemquymlinhunkvngcahailoicphiunhthno? khc phc tnh trng ny ngi ta dng ch tiu h s bin thin CV TnhhsbinthincacphiuY.(Vi lch chun ca c phiu Y l 20,35%) Ta c: CVY = YYko= 14 , 02035 , 0 = 1,4535 = 145,35 %

CVX = XXko= 12 , 0122 , 0 = 1,0166 = 101,66 % .NhvyviCVX (101,66%) Ks th P0 s c gi tr m. V ngha. c.Tc tng trng c c l t ti u t li nhun gi li. Nu li sut ca doanh nghip c lng l Ks, t l chia c tc l b, thsg (1 b) * K = V vy g khng th ln hn Ks Bigii6-10a)Do gi tri phiu pht hnh bng mnh gi nn li sut ti o hn bng li sut cung phiu. b)Ta c cng thc: (1 ) (1 )B t Nd dINT MVk k= ++ + Hay1 (1 )(1 )NdB nd dk MV Ck k| | += + |+\ . 17171 (1 ) 1000650 1000*3.4%*(1 )dd dkk k| | += + |+\ . Dng phng php ni suy: Khi i = 5% V1 = 819.6 USD Khi i = 6% V2 = 727.6 USD Khi i = 7% V3 = 648.5 USD ( ) 6%; 7% i e ; Ta dng cng thc: ( )0 22 3 23 2650 727.6( ). 6% 7% 6% . 6.98%648.5 727.6V Vi i i iV V| | | |= + = + = || \ .\ . Vy li sut o hn thi im thng 2/1979 l 6.98%. c)Do li sut n nh t nm 1979, tc li sut t 1979 l 6.98%. Gi tri phiu t thng 2/1991, khi cn 5 nm na o hn: ( )5 55 51 (1 ) 1 (1 6.98%) 100034. 853.136.98% (1 6.98%)1dddk MV Ckk | | + = + = + = |++\ . d)Nu ngy mai l ngy o hn th gi tri phiu (nu khng k tin li) s bng mnh gi tri phiu. Qun tr Ti chnh Th.S Trn Quang Trung e)Gi x l li sut cung phiu Tri phiu chit khu l tri phiu c gi thp hn mnh gi. iu ny xy ra khi li sut th trng ln hn li sut cung phiu, tc i > x Vy > 0, tri phiu chit khu lun tng gi nu li sut th trng lun ln hn li sut cung phiu. f) Li sut hin ti ca TP vo thng 2/1979 Li sut hin ti ca TP vo thng 2/1991 LS chnh lch gi197917 17%) 98 . 6 1 ( 650%) 4 . 3 % 98 . 6 ( 1000) 1 () (19791+=+==i Vx i MVV VB BB Bnn n = 1.75% LS chnh lch gi1991 5 5%) 98 . 6 1 ( 13 . 853%) 4 . 3 % 98 . 6 ( 1000) 1 () (19911+ =+==i Vx i MVV VB BB Bnn n = 3% Ta c li sut (LS) tri phiu = LS hin ti + LS t chnh lch gi, lun lun bng 6.98% Bigii6-14Cua:YTMcatriphiunynm1992lbaonhiu?YTC?Tnh YTM, li sut ti o hn v YTC, li sut ti thu hi Ta c: tri phiu pht hnh nm 1990 c k hn l 30 nm. Ti thi im hin ti l 1992 YTM l 28 nmTa c: ( )-NdB Nd d1- 1+ kMV = C k (1 k ) ( ++ Qun tr Ti chnh Th.S Trn Quang Trung ( )-28d28d d1 -1 + k10001165, 75 1000 * 9.5% k (1 k ) ( = ++

Dng phng php ni suy Khi i1 = 7% V1 = 1.303,42$ Khi i2 = 8% V2 = 1.165,76$ Khi i3 = 9% V3 = 1.050,58$ i=8%Tnh YTC: tnh YTC ta xem k hn cn li ca tri phiu l 3 nm, gi thu hi l 1090Ta c: ( )-NdB Nd d1 -1 + kMV= C k (1 k ) ( ++ ( )-3d3d d1 -1 + k10901165, 75 1000 * 9.5% k (1 k ) ( = ++ Dng phng php ni suy Khi i1 = 5%=> V1 = 1200,29$ Khi i2 = 6%=> V2 = 1169,12$ Khi i3 = 7%=> V3 = 1139,07$ i(6%-7%)| || |1165.75 1169.12i 6%(7%6%)1139.07 1169.12= +

i=6.11%Ti thi im nm 1992 th tri phiu c li sut ti o hn l 8% v lisut ti thu hi l 6.11%. Cu b: Nu bn mua tri phiu ny, bn ngh li sut hng nm thc s ca n l baonhiu?Giithchlpluncabn?Nu mua tri phiu ny (tc l mua nm 1992) th theo bi c iu khon m bo khng thu hi trong vng 5 nm k t ngy pht hnh. Sau thi gian tri phiu c th c thu hi vi gi l 109 % mnh gi, tc 1,090$. Li sut th trng gim k t khi pht hnh v hin nay gi ca tri phiu l 116,575 % mnh gi, hay 1,165.75 $. Nh vy, c nhiu kh nng cng ty pht hnh tri phiu s tin hnh thu hi khi n hn l 5 nm.Do , ta nn ngh li sut ti thu hi (YTC) ca tri phiu ny s l li sut hng nm thc s ca tri phiu, tc l 6.11%Cuc:Gistriphiuangbndimnhgi.YTMhayYTCngxemxt?Qun tr Ti chnh Th.S Trn Quang Trung Nu tri phiu ang bn di mnh gi (gi tri phiu ti th trng thp hn 1000$), th li sut th trng hin ang cao hn li sut cung phiu. Trong bi cnh ny cng ty t c kh nng thu hi tri phiu khi n hn 5 nm, do xem xt YTM s hp l hn. Bigii6-15a)C tc ca nm ti hy vng l D1 = 2.25 $ Tc tng trng g = 5% = 0.05 Chi ph li nhun gi li: kSa = kRF + (kM kRF) kSa = 0.11 + (0.14 0.11)1.5 = 0.11 + 0.045 = 0.155 15.5% Th gi c phiu Wei thi im hin ti:kS = D1/P0 + g P0 = D1 / (kS g)Vy ta s c: P0a = D1 / (kSa g) P0a = 2.25 / (0.155 0.05) = 2.25 / 0.105 = 21.43 $ b)Trng hp Qu d tr lin bang y thm tin vo nn kinh t, c s thay i nh sau: kRFb = 9% = 0.09 kMb= 12% = 0.12 Chi ph li nhun gi li: kSb = kRFb + (kMb kRFb) kSb = 0.09 + (0.12 0.09)1.5 = 0.09 + 0.045 = 0.135 13.5% Th gi c phiu Wei:P0b = D1 / (kSb g) P0b = 2.25 / (0.135 0.05) = 2.25 / 0.085 = 26.47 $ c)Trng hp cc nh u t mo him hn trong iu kin Qu d tr lin bang y thm tin vo nn kinh t, c cc thay i sau: kRFc = 9% = 0.09 kMc= 11% = 0.11 Chi ph li nhun gi li: kSc = kRFc + (kMc kRFc) kSc = 0.09 + (0.11 0.09)1.5 = 0.09 + 0.03 = 0.12 12% Th gi c phiu Wei:P0c = D1 / (kSc g) P0b = 2.25 / (0.12 0.05) = 2.25 / 0.07 = 32.14 $ d)Trng hp Wei thay i cch qun l v chnh sch hot ng nn c cc thay i: Tc tng trng g2 = 6 % = 0.06 H s ri ro ca c phiu 2 = 1.3 C tc ca nm ti hy vng l D1 = 2.27 $ Qun tr Ti chnh Th.S Trn Quang Trung Chi ph li nhun gi li: kSd = kRF + (kM kRF)2 kSd = 0.11 + (0.14 0.11)1.3 = 0.11 + 0.039 = 0.149 14.9% Th gi c phiu Wei:P0d = D1 / (kSd g2) P0d = 2.27 / (0.149 0.06) = 2.27 / 0.089 = 25.51 $ Bigii6-16 Cu a:Xem hai phng nKhngmrng,=1.2,g=7%Li sut k vng trn c phiu ca cng ty tnh theo cng thc: Ks= Krf + (Km Krf) Ks = 9% + 1.2(12% - 9%) = 12.6% Tc tng trng ca cng ty 7% th c tc nm nay l: D1= D0(1+g) = 2(1+7%) = 2.14$ Ta c li sut c tc 1 1s 00 sD DK g PP K g= + = P0 = 2.14/ 5.6% = 38.21$ Mrng,=0.9,g=5%Ks= Krf + (Km Krf) Ks= 9% + 0.9(12% - 9%) = 11.7% Tc tng trng ca cng ty 5% th c tc nm nay l: D1= D0(1+g) = 2(1+5%) = 2.1$ Ta c li sut c tc 1 1s 00 sD DK g PP K g= + = P0 = 2.1/ 6.7% = 31.34$ So snh gi P0 ca hai phng n ta thy m rng sn xut c th lm gim gi c phiu. Do khng nn m rng. Cu b:Gi s cc gi thit khng i Km = 12%, Krf= 9%, D0 = 2$, g = 7% th bi ton t ra y l tm P0 ln hn 38.21$ Ta c:1 1s 00 s10rf m fr1rfm frD DK g PP K gDP 38.21$K (K K ) gDg K38.21K K||= + == >+ + s 1.2 Qun tr Ti chnh Th.S Trn Quang Trung Bigii6-17a) |C = 0,4; |D = -0.5;kM = 13%; kRF = 9%; kC = kRF + (kM - kRF)*|C = 0.09 + (0.13 0.09)*0.4 = 10,6% kD = kRF + (kM - kRF)*|D = 0.09 + (0.13 0.09)*(-0.5) = 7% b)P0C = 25$;D1 = 1.5$;g = 4%;

Gi c phiu hin ti cha n nh do li sut t c ch c 10% so vi li sut 10.6% ca c phiu C c tnh trn. Hay ni cch khc, li sut 10,6% s tng ng vi gi c phiu l: V c phiu khng mang li li sut nh mong i nn nh u t bn c phiu C nhiu dn n gi c phiu C gim vc xu hng iu chnh n 22.7$ vi cc yu t khc khng i. Bigii7-9C piu Scanlon product hin ang bn vi gi 60$. Cng ty mong mun kim c 5,4$ mt c phn v tr c tc 3,6$ mt nm| 1 o o ks kM = 13% KRS = 9% 10.6 % 10 % % 10 04 . 0255 . 101= + = + = gPDkCC$ 7 . 2204 . 0 106 . 05 . 110===g kDPCCQun tr Ti chnh Th.S Trn Quang Trung a.Nu cc nh u t yu cu li sut 9%, tc tng trng ca Scanlon phi l bao nhiu? Ta c gPDks+ =01 vi ks: li sut c phiu, D1: c tc nhn vo cui nm, P0: th gi c phiu doanh nghip thi im hin ti, g: tc tng trng. 01PDk gs = = 606 , 309 , 0 = 0,03 tc tng trng l 3%. b.Nu Scanlon ti u t phn li nhun gi li vo cc d n c li sut tng ng vi li sut mong i ca cc c phiu. EPS cho nm ti s l bao nhiu ? Ta c tc tng trng ca EPS (thu nhp trn mi c phn) l g = b*ROE vi b l t l li nhun gi li, ROE: t sut li nhun trn vn ch s hu. 604 , 54 , 58 , 1 = g= 0,03 vy EPS nm sau s l: EPS2 = EPS1 + EPS1*g = 5,4 + 5,4*0,03 = 5,562$ Bigii7-11 Cu a:Chi ph sau thu n mi, chi ph vn c phn? Chi ph sau thu n mi: Ta c: rd = 9% T = 40% Chi ph sau thu n mi: kd = rd(1 T) = 5.4% Chi ph vn c phn: Ta c: Tc tng trng g trung bnh hng nm ca EPS: G = ([(EPS EPSt-1)100])/(1) = 8% (vi t = (1,10); n : tng s nm) D1 = $4.29 P0 = $65 D1/P0 = 6.6% Chi ph vn c phn: ks= D1/P0 + g = 14.6% Cu b:Tnh chi ph vn trung bnh WACC = 40%*kd + 60%*ks = 10.92% Cu c: Qun tr Ti chnh Th.S Trn Quang Trung S lng c phiu:7.8 triu EPS nm 1991: 7.80 Li nhun nm 1991 = S lng c phiu*EPS nm 1991 = 60.84 Li nhun gi li nm 1992 = 45%*li nhun nm 1991 = 27.38 S tin c th u t trc khi huy ng vn c phn mi = 27.38/0.6 = 45.63 Cu d: Chi ph pht hnh c phiu mi: = (0)/0100 = 10% Chi ph vn c phn mi: = 1/(0(1)) += 15.33% Chi ph n khng i: kd = 5.4% Chi ph vn trung bnh: WACC = 40%*kd + 60%*ke = 11.36% Bigii7-12 Cu a&b D1= 2,2*(1+ 5%)= 2,31 Chi ph vn t li nhun gi li = 2,31/22 + 5% = 15.5% Chi ph N vay li sut 9% = 9%*(1-0.4) = 5.4% Chi ph N vay li sut 11% = 11%*(1-0.4) = 6.6% Chi ph N vay li sut 13% = 13%*(1-0.4) =7.8% Chi ph vn t pht hnh c phiu mi = 2.31/[(22*(1-0.1)] + 5% = 16.6% Li nhun gi li: 2500*(1-0.6) = 1000 Cn vay thm:55 . 045 . 0 1000x= 818.18 Trong 818.18 gm vay 500 vi li sut 9% v 818.18-500=318.18 li sut 11% Bc nhy 1: Ti im vay 500 vi li sut 9% v vn t li nhun gi li l 45 . 055 . 0 * 500= 611.11 Bc nhy1 = 500/0.45 = 1111.11 WACC1 = 15.5%*55%+5.4%*45% = 10.95% Bcnhy2tiimvay818.18vilisut11%vlinhungilil1000.(trongc 318.18 vay thm v 611.11 vn t li nhun gi li) Bc nhy 2 = 1000/0.55 = 1818.18 WACC2 = 6,6%*45%+15,5%*55% = 11,9% Tngcngstinvayl818.18vycnvaycthm900-818.18=81.82lisut 11%.Tng ng vi vay 81.82 l pht hnh thm ra 45 . 055 . 0 * 82 . 81 = 100 c phiu mi Bcnhy 3l ti imvay 900vilisut 11%vlinhun gilil 1000v pht hnh c phiu mi l 100(trong c 81.82 vay thm v 100 vn t pht hnh c phiu mi) Bc nhy 3 = 900/0.45 = 2000 WACC3 = 6,6%*45%+16,6%*55% = 12.13% WACC4 l ti thi im vay trn 900 vi li sut 13% Qun tr Ti chnh Th.S Trn Quang Trung WACC4 = 7,8%*45%+16,6%*55% = 12.67% V thi Cu c Biu ISO v MCC Cu d: Ban qun tr d n s chp nhn d n 1,2,3 Cu e: Cch lm trn gi nh cc d n c ri ro trung bnh. Nu cc d n ri ro hn trung bnh th cn iu chnh li cc WACC Cu f: Nu cng ty thay i t l chia c tc thnh 0% hay 100% hay gi tr no khc s lm thay ilinhun gili (khngcnl 1000). Lc imnhy tng ngvivn c phn cs thay i Bigii7-13Cua.D1 = Do*(1+g) = 2*(1+0.04) = 2.08. g = 4% bi cho. Po*(1-F) = 25*(1-0.2) = 20 Ke = 4% + 2.08/20 =14.4% Cub.Ta c cu trc vn ca cng ty l t l n 45% v vn ch s hu l 55%. Chi ph vay n: Kd*(1 T) = 10%*(1- 40%) = 6% Chi ph vn c phn c: Ks = g + D1/Po = 4% + 2.08/25 = 12.32% Chi ph vn c phn mi nh tnh cu a th Ke = 14.4% D n A: c chi ph u t l 200 triu $. ti tr bng vn ch s hu: 0.55*200 = 110 triu. ti tr bng n: 0.45*200 = 90 triu. Wacc1 10.95% Wacc2 11.9% Wacc3 12.13% Wacc4 12.67% 1111.111818.182000 675 900 375 562.5 750 16% 15% 14% 12% 11% Qun tr Ti chnh Th.S Trn Quang Trung Vn c phn c l 100 triu s to ra im nhy trong chi ph vn bin (MCC) ti gi tr 181.81 triu $. Vn huy ng trong gii hn ny c chi ph vn l: WACC1 = 0.45*6% + 0.55*12.32% = 9.48% Vt qu gii hn ny, chi ph vn s l: WACC2 = 0.45*6% + 0.55*14.4% = 10.62% S vn 200 triu ti tr cho d n A gm hai phn, 181.81 triu v 18.18 triu s c hai WACC khc nhau. T tnh c chi ph vn trung bnh ca d n A WACCa = (181.81/200)*9.48% + (18.18/200)*10.62% = 9.6% C th tnh bng cch khc nh sau: Do li nhun gi li ch c 100 triu nn 10 triu cn li phi c ti tr bng vic pht hnh c phiu mi. Ngha l trong 55% vn ch s hu s c 50% l vn c v 5% l vn mi =>WACCa = 0.45*6% + 0.50*12.32% + 0.05*14.4% = 9.6% D n B: c chi ph u t l 125 triu $. Ti tr bng Vn ch s hu: 0.55*125 = 68.75 triu Ti tr bng vay n: 0.45*125 = 56.25 triu WACCb = 0.45*6% + 0.55*14.4% = 10.62% Bigii8-1a.Thi gian hon vn = Chi ph/ngn lu rng = 1200052125=4.34b.NPV = CFo + 1) 1 (1kCF+ + 1) 1 (2kCF+ + +8) 1 (8kCF+

= -52125 + 12 . 112000+ 212 . 112000+ 312 . 112000+ ..+ 812 . 112000 = 7486.7 c.IRR phi tha mn cng thc: CFo +1) 1 (1IRRCF+ + 2) 1 (1IRRCF+ + +8) 1 (1IRRCF+ = 0 Bng cch dng phng php th v sai, ta c th tm c gi tr gn ng: IRR = 16% d.Thi gian hon vn c chit khu: Nm012345678 Dng tin-521251200012000120001200012000120001200012000 PV-5212510714956685427626680960805428 Dngtin cn li -41411-31845-23303-15677-8868-27882640 PP = 6 + 2788/5428 = 6.51 e.Chit khu dng tin v tng lai (r = 12%) FV= 12 . 01 12 . 1000 . 128= 147600 MIRR = FV/C(1/n) -1 = 147600/52125 = 13.87% Qun tr Ti chnh Th.S Trn Quang Trung Bigii8-3 D n xe in Nm0123456 Ngn lu-22000629062906290629062906290 Ngn lu tch ly-22000-15710-9420-31303160945015740 Thi gian hon vn3.498 WACC12% NPV3861 IRR18% D n xe Gas Nm0123456 Ngn lu-17500500050005000500050005000 Ngn lu tch ly-17500-12500-7500-25002500750012500 Thi gian hon vn3.500 WACC12% NPV3057 IRR17.9735% NPV c tnh theo cng thc: S dng phngphp th v sai v cng thc sau tnh IRR: i vi xe in ta tnh c IRR = 18% i vi xe gas ta tnh c IRR = 17.9735% Bigii8-4:1)Tnh NPV: Da theo cng thc, ta tm c: NPVS= CF0 + + + + + = -15.000 + + + + + = 449 ($) ( ) ( ) ( ) ( )6633221101...1 1 1 kCFkCFkCFkCFCF NPV++ +++++++ =( ) ( ) ( )01....1 16622110=++ +++++kCFkCFkCFCFQun tr Ti chnh Th.S Trn Quang Trung Tng t, ta tm c: NPVL= CF0 + + + + + = -37.500 + + + + + = 607 ($) 2) Tnh IRR: IRR l gi tr tha mn cng thc: CF0 + + + + + = 0 Bng cch dng phng php th v sai, ta c th tm c gi tr gn ng ca : IRRS = 15,24 % IRRL = 14,67 % 3) Tnh MIRR: Ta a tt c ngn lu m v thi im u v tt c ngn lu dng v thi im cui, sau tnh li IRR* CF0 +=0 -15.000 +=0 == 1,983 Qun tr Ti chnh Th.S Trn Quang Trung

Tng t, ta tnh c : - 37.500 + = 0 - 37.500 + = 0 (1 + IRR*)5 = 1,957 (1+ IRR*) = 1,1436 IRR* = MIRRL = 14,36 % Cui cng nn chn d n L. Bigii8-5 Tmtt:-D n A v d n B l 2 d n loi tr nhau-Bng ngn lu rng mong i ca 2 d n nh sau : CF0 CF1 CF2 CF3 CF4 CF5 CF6 CF7DnA -300-387-193-100600600850-180 DnB -4051341341341341341340 T0 T1 T2 T3 T5-15000+5848,2 +6666,95 +7600,32+4500+29.745,47T4+5130Qun tr Ti chnh Th.S Trn Quang Trung Cua:TnhIRRcamidnp dng cng thc 0) 1 ( ) 1 ( ) 1 ( ) 1 ( ) 1 ( ) 1 ( ) 1 (776655443322110= + + + + + + ++ + + + + + + IRRCFIRRCFIRRCFIRRCFIRRCFIRRCFIRRCFCF tnh gi tr ca IRR, ta s dng phng php th v sai. Gi tr no lm cho biu thc trn tin v 0 chnh l gi tr ca IRR cn tm. i vi d n A :Ta xem xt cc trng hp di y :Trng hp 1:Gi s IRR = 16%th vo cng thc trn ta c 11217 . 61180 850 600 600 100 193 38730016 . 1 16 . 1 16 . 1 16 . 1 16 . 1 16 . 1 16 . 17 6 5 4 3 2 1= + + + Trng hp 2:Gi s IRR = 17% th vo cng thc trn ta c 04895 . 31180 850 600 600 100 193 38730017 . 1 17 . 1 17 . 1 17 . 1 17 . 1 17 . 1 17 . 17 6 5 4 3 2 1= + + + Trng hp 3:Gi s IRR = 18% th vo cng thc trn ta c 66037 . 2180 850 600 600 100 193 38730018 . 1 18 . 1 18 . 1 18 . 1 18 . 1 18 . 1 18 . 17 6 5 4 3 2 1= + + + Trng hp 4:Gi s IRR = 18.1% th vo cng thc trn ta c 09034 . 0180 850 600 600 100 193 387300181 . 1 181 . 1 181 . 1 181 . 1 181 . 1 181 . 1 181 . 17 6 5 4 3 2 1 = + + +

Kt lun : vi IRR = 18.1% th biu thc tin v 0 do d n A c IRR = 18.1% i vi d n B :Ta cng xem xt tng t nh trn :Trng hp 1:Gi s IRR = 20% 61836 . 40134 134 134 134 134 13440520 . 1 20 . 1 20 . 1 20 . 1 20 . 1 20 . 16 5 4 3 2 1= + + + + + + Trng hp 2:Gi s IRR = 21% 77843 . 29134 134 134 134 134 13440521 . 1 21 . 1 21 . 1 21 . 1 21 . 1 21 . 16 5 4 3 2 1= + + + + + + Trng hp 3:Gi s IRR = 22% 36699 . 19134 134 134 134 134 13440522 . 1 22 . 1 22 . 1 22 . 1 22 . 1 22 . 16 5 4 3 2 1= + + + + + + Trng hp 4:Gi s IRR = 23% 36209 . 9134 134 134 134 134 13440523 . 1 23 . 1 23 . 1 23 . 1 23 . 1 23 . 16 5 4 3 2 1= + + + + + + Trng hp 5:Gi s IRR = 24% Qun tr Ti chnh Th.S Trn Quang Trung 25685 . 0134 134 134 134 134 13440524 . 1 24 . 1 24 . 1 24 . 1 24 . 1 24 . 16 5 4 3 2 1 = + + + + + +

Kt lun : vi IRR = 24% th biu thc tin v 0 do d n A c IRR = 24% Cub1:Numidncchiphvnl12%thdnnoscchn Vi chi ph vn l 12% th NPV ca D n A l :4084 . 200180 850 600 600 100 193 38730012 . 1 12 . 1 12 . 1 12 . 1 12 . 1 12 . 1 12 . 17 6 5 4 3 2 1= + + + V NPV ca D n B l : 9286 . 145134 134 134 134 134 13440512 . 1 12 . 1 12 . 1 12 . 1 12 . 1 12 . 16 5 4 3 2 1= + + + + + + Nh vy, vi cng 1 chi ph vn l 12% NPV ca d n A l 200.4084; NPV ca d n B l 145.9286. Do ta chn d n A Cub2:Vnuchiphvncadnl18%thslachnnglg?Vi chi ph vn l 18% th NPV ca D n A l : 66037 . 2180 850 600 600 100 193 38730018 . 1 18 . 1 18 . 1 18 . 1 18 . 1 18 . 1 18 . 17 6 5 4 3 2 1= + + + Vi chi ph vn l 18% th NPV ca D n B l :67874 . 63134 134 134 134 134 13440518 . 1 18 . 1 18 . 1 18 . 1 18 . 1 18 . 16 5 4 3 2 1= + + + + + + Tng t nu vi cng 1 chi ph vn l 18% NPV ca d n A l 2.660373; NPV ca d n B l 63.67874. Nh vy ta s chn d n B Cuc1:TnhMIRRcamidnnuchiphvnlIRR=12%Phng n A :Bc 1 : a tt c cc ngn lu m v thi im T0 995 . 951180 100 193 38730012 . 1 12 . 1 12 . 1 12 . 17 3 2 1 0 = =CF Bc 2 : a tt c cc ngn lu dng v thi im T7 ( ) ( ) ( )*3 2 1600*1.12 600*1.12 850*1.12 2547.597CF = + + = p dng cng thc0*) 1 (7*0= ++IRRCFCF Qun tr Ti chnh Th.S Trn Quang Trung CFIRRCF0 7*) 1 (* = + CFCFIRR0*7) 1 (* = + 676061 . 2995 . 951597 . 2547)1(*7= =+IRR % 1 . 15 150988 . 0 1 150988 . 1*= = = =MIRR IRR S Vy phng n A c MIRR = 15.1% Tng t IRR ca phng n B s l :4050 =CF *1 2 34 5134 (134 *1.12 ) (134 *1.12 ) (134 *1.12 )(134 *1.12 ) (134 *1.12 ) 1087.435CF= + + + ++ = 6* 1087.435(1 ) 2.685025405IRR= = +*1.178939 1 0.178939 17.89% S IRR MIRR= = = = Vy phng n B c MIRR = 17.89 % Cuc2:TnhMIRRcamidnnuchiphvnlIRR=18%Tnh MIRR ca phng n A: 945 . 883180 100 193 38730018 . 1 18 . 1 18 . 1 18 . 17 3 2 1 0 = =CF *3 2(600 *1.18 ) (600 *1.18 ) 850 2824.259CF= + + =195062 . 3945 . 883259 . 2824) 1 (*7= =+IRR *1. 1 805 07 1 0. 18 05 07 18 % S IRR MIRR= = = =

Vy phng n A c MIRR = 18% V MIRR ca png n B l :4050 =CF*1 2 3 4 5134 (134*1.18 ) (134*1.18 ) (134*1.18 ) (134*1.18 ) (134*1.18 ) 1265.224CF = + + + + + =6* 1265.224(1 ) 3.12401405IRR = =+ *1.209072 1 0.209072 20.9% S IRR MIRR= = = = Qun tr Ti chnh Th.S Trn Quang Trung Vy phng n B c MIRR = 20.9% Cud:Tnhlisutgiaoim,ncnghag? tnh li sut giao im ca 2 phng n A v B ta tm 01 gi tr IRR sao cho biu thc di y tin v 0. Ta cng p dng phng php th v sai tnh. 0 ))) 1 ( ) 1 ( ) 1 ( ) 1 ( ) 1 ( ) 1 (() 1 ( ) 1 ( ) 1 ( ) 1 ( ) 1 ( ) 1 ( ) 1 ((6655443322110776655443322110= + + + + + + + + + + + + ++ + + + + ++ + + + + + +IRRCFIRRCFIRRCFIRRCFIRRCFIRRCFCFIRRCFIRRCFIRRCFIRRCFIRRCFIRRCFIRRCFCFB B B B B BBA A A A A A AA Thgitrccthiimvotngphngntngngcabiuthctrnta c:0)) 1 (134) 1 (134) 1 (134) 1 (134) 1 (134) 1 (134405) 1 (180) 1 (850) 1 (600) 1 (600) 1 (100) 1 (193) 1 (3873006 5 4 3 2 17 6 5 4 3 2 1= + + + + + + + + + ++ + + + + + +IRR IRR IRR IRR IRR IRRIRR IRR IRR IRR IRR IRR IRR Trng hp 1:Gi s IRR = 12% 47982 . 54)) 12 . 1 (134) 12 . 1 (134) 12 . 1 (134) 12 . 1 (134) 12 . 1 (134) 12 . 1 (134405) 12 . 1 (180) 12 . 1 (850) 12 . 1 (600) 12 . 1 (600) 12 . 1 (100) 12 . 1 (193) 12 . 1 (3873006 5 4 3 2 17 6 5 4 3 2 1= + + + + Trng hp 2:Gi s IRR = 13% 80516 . 31)) 13 . 1 (134) 13 . 1 (134) 13 . 1 (134) 13 . 1 (134) 13 . 1 (134) 13 . 1 (134405) 13 . 1 (180) 13 . 1 (850) 13 . 1 (600) 13 . 1 (600) 13 . 1 (100) 13 . 1 (193) 13 . 1 (3873006 5 4 3 2 17 6 5 4 3 2 1= + + + + Trng hp 3:Gi s IRR = 14% 6237 . 10)) 14 . 1 (134) 14 . 1 (134) 14 . 1 (134) 14 . 1 (134) 14 . 1 (134) 14 . 1 (134405) 14 . 1 (180) 14 . 1 (850) 14 . 1 (600) 14 . 1 (600) 14 . 1 (100) 14 . 1 (193) 14 . 1 (3873006 5 4 3 2 17 6 5 4 3 2 1= + + + + Trng hp 4:Gi s IRR = 14.5% 562193 . 0)) 145 . 1 (134) 145 . 1 (134) 145 . 1 (134) 145 . 1 (134) 145 . 1 (134) 145 . 1 (134405) 145 . 1 (180) 145 . 1 (850) 145 . 1 (600) 145 . 1 (600) 145 . 1 (100) 145 . 1 (193) 145 . 1 (3873006 5 4 3 2 17 6 5 4 3 2 1= + + + + Kt lun : vi IRR = 14.5% th biu thc tin v 0 do li sut giao im ca phng A & B l 14.5%. ngha : khi chi ph vn l 14.5% th hai d n A v B c hiu qu v mt ti chnh (NPV) nh nhau Cu e : Xy dng th NPV cho d n A&B ng biu din ca phng n A Khi NPV 0 th IRR = 18.1% Khi NPV = 200,4084th IRR = 12% Qun tr Ti chnh Th.S Trn Quang Trung ng biu din ca phng n B Khi NPV 0 th IRR = 24% Khi NPV = 145,9286th IRR = 12% NPVPhng n ALi sut giao imPhng n BChi ph vn24% 18.10%14.50%145.9286200.408412% Bigii8-6 Cua:Ngn lu tng thm hng nm cng ty Southwestern Oil Exploration s c nu nh thc hin k hach B thay v k hoch A: Nm 1: 2.100.000 14.400.000 = -12.300.000 Nm 2: 2.100.000 Nm 20: 2.100.000 Cub:Cng ty chp nhn k hoch A, sau u t tip lng tin mt c c cui nm u. Gi k l li sut ti u t th k l bao nhiu ngn lu c c t ti u t bng vi ngn lu c c t k hoch B: Qun tr Ti chnh Th.S Trn Quang Trung k = 16,07% Cuc:Gi s cng ty c chi ph vn l 12% v n c th huy ng vn khng gii hn chi ph . Nu gi nh cng ty s thc hin tt c cc d n c lp c li sut ln hn 12% th c hp l khng? ng. D n c chp nhn khi NPV > 0 hoc IRR > chi ph vn. Hn na, nu tt c cc d n c sn vi li sut ln hn 12% u c thc hin, c phi iu ny c ngha l ngn lu t u t trc y c chi ph c hi ch l 12%, bi v tt c nhng g cng ty c th lm i vi cc ngn lu ny s l thay th tin c chi ph vn l 12%?ng. S dng dng tin c kh nng sinh li l 12% vo vic khc th phi m bo kh nng sinh li t nht l 12%. chnh l chi ph c hi ca dng tin . Cui cng, c phi iu ny ngm hiu chi ph vn l li sut ng n gi nh cho ti u t cc ngn lu ca mt d n? ng. Cc dng tin to ra t cc d n u c li sut cao hn chi ph vn, ngha l chi ph c hi ca cc dng tin ny t ra l bng chi ph vn. Do nu ti u t cc dng tin ny th phi m bo li sut cao hn chi ph vn. Cud:IRRcakhochA: IRRA = 20% IRRcakhochB: IRRB = 16,7% Lisutgiaoim: IRR = 16,07% XydngthNPVchokhochAvB:Qun tr Ti chnh Th.S Trn Quang Trung 406306,5392 ng biu din ca k hoch A: Khi NPV = 0 th IRR = 20% Khi IRR= 16,07% th NPV = 406.306,5392 ng biu din ca k hoch B: Khi NPV = 0 th IRR = 16,7% Khi IRR = 16,07% th NPV = 406.306,5392 Bigii14-5I.CCKHINIM: 1.Tri phiu:Lmtloichngkhonquynhnghavcangiphthnh(ngivay tin)phitrchonginmgichngkhon(ngichovay)mtkhontinxcnh, thng l trong nhng khong thi gian c th,v phi hon tr khon cho vay ban u khi n o hn. 2.Tri phiu zero-coupon:Loitriphiunybtucphthnhtnhngnm1960 nhng phi nnhngnm1980mic sdngnhiu.Tri phiunybt u cs dngnhiunhmtcim"btthng"tronghthngthucaM.liukhon chophpkhutrkhonchitkhutrntriphiutngngvimnhgican.iu khon ny b qua s cng gp ca li sut, v dn n kh nng tit kim mt khon ln t thu i vi nhng chng khon c li sut cao hoc k hn di.L hng trong h thng K hoch B K hoch A Li sut giao im Chi ph vn 16,07%16,7% 20% NPV Qun tr Ti chnh Th.S Trn Quang Trung thu ny cbt rt nhanh,tuynhinnhng tri phiuvn duy tr cmc quan tm canhutbiylnhngcngcngin.Vitriphiuchnhthcthanhton gia trc li coupon, nh u t s phi ti u t khon thanh ton li coupon v phng n ti u t ny lun cha ng ri ro cao. Vi tri phiu zero-coupon, nh u t s khng phi i mt vi nhng ri ro ti u t ny. c im: khng c li sut, thay vo , ngi mua mua tri phiu vi mc gi thp hn gi danh ngha.Khi c phiu n hn, ngi mua s nhn li khon tin bao gm khon tin u t ban u cng thm s tin chnh ra t gi gc c phiu so vi gi mua. V d, bn c th phi tr 6659 ng v nhn 10 ngn ng tri phiu zero-coupon c li tc 4,15% v hn thanh ton trong 10 nm. 3.Lisut: -Lisuthinhnh(CurrentYield): L mc li nhun thu c t tri phiu so vi gi hinhnh can.V d tri phiuclisut couponl 7%,mnh gil 100.000ng nhnggitrnthtrnghinchcn80.000ng.Lylinhunthuchngnm (7.000 ng)chia cho gihinhnh (80.000 ng)vnhn cho 100,s c li sut hin hnh l 8,75%. -Lisutohn(YieldtoMaturity): L mc li nhun thu c t tri phiu nu gi cho n ngy o hn vi gi nh tin li coupon c ti u t vi mc li tng ng.-Lisututlctriphiucthuhi(Yieldtocall): i khi cng ty pht hnh tri phiu c km theo iu khon thu hi (mua li) tri phiu trc hn. iu ny thng xy ra nu nh cng ty d bo li sut s gim sau khi pht hnh tri phiu. Khi y cng ty s thu hi li tri phiu pht hnh vi li sut cao v pht hnh tri phiu mi c li sut thp hn thay th v nh u t s nhn c li sut cho n khi tri phiu c thu hi (YTC) thay v nhn li sut cho n khi tri phiu o hn (YTM). 4.Chiphn: l chi ph doanh nghip phi b ra huy ng n. im khc bit gia chi ph N v chi ph Vn ch s hu l chi ph N c coi l chi ph trc khi tnh thu thu nhp doanhnghip,cnchiphVnchshulchiphxcnhsaukhitnhthuthunhp doanh nghip. Do vy, nu doanh nghip s dng n th s c hng phn tit kim thu. II.CSLTHUYT: 1.Lisutohn(YTM): ( )nnttYTMMYTMCP) 1 ( 11++||.|

\|+= = Vi: P: gi tri phiu n: s k hn C: tin tr li t tri phiu M: mnh gi YTM: li sut o hn t= 1n Qun tr Ti chnh Th.S Trn Quang Trung 2.Lisutsauthu:Li sut sau thu = li sut trc thu*(1 thu sut) 3.Chiphn: Chi ph n = Kd*(1 T) Vi: Kd: chi ph n vay trc thu hay li sut (trong bi tp ny, Kd = YTM) T: thu sut thu li tc III.DKIN: -S vn cn huy ng: = 4.500.000 USD -Tin tr li t tri phiu: C = 0 -S k hn: n = 5 -Gi bn tri phiu:P = 567,44 USD -Mnh gi:M= 1.000 USD -Thu sut thu li tc:T = 40% a.Phi bn bao nhiu tri phiu mnh gi $1000 c 4,5 triu $? S tri phiu cn bn = S vn cn huy ng/Gi bn tri phiu = 4.500.000 USD /567,44 USD = 7.931 (tri phiu) b.Tnh li sut sau thu ca tri phiu ny trong trng hp (1) nh u t c min thu v (2) nh u t chu thu sut thu thu nhp l 31%. Ta c cng thc tnh li sut trc thu nh sau: Thay C = 0 vo phng trnh trn, ta c: ( )nnttYTMMYTMCP) 1 ( 11++||.|

\|+= =( )nnttYTMMYTMP) 1 ( 101++||.|

\|+= = nYTMMP) 1 (+= Qun tr Ti chnh Th.S Trn Quang Trung = 0.12 = 12% YTM chnh l li sut u t (trc thu) b.1 Nh u t c min thu: Nu nh u t c min thu th li sut u t chnh l YTM, 12% b.2 Nh u t chu thu sut thu thu nhp l 31% Li sut sau thu = li sut trc thu*(1 thu sut) = 12%*(1 0,31) = 8,28% c.Tnh chi ph (sau thu) ca n nu cng ty quyt nh pht hnh tri phiu? Chi ph n = Kd*(1 T) = 12%*(1 0,4) = 7,2% Bigii14-6Li gp mi 6 thng % 25 . 10 12% 101 1002=(((

|.|

\| + = rGi tri phiu: PV = 1000( )((

+25% 25 . 10 11=87.2 $ Gi tri phiu tch ly sau 5 nm87.2( ) % 25 . 10 1+5=142.04 Gi thu hi tri phiu sau 5 nm 24 . 156 % 110 * 04 . 142 =PMYTMn= + ) 1 (nPMYTM = + 11 = nPMYTM144 , 567000 . 15 = YTMQun tr Ti chnh Th.S Trn Quang Trung Li sut hng nm ( ) 24 . 156 1 2 . 875= + k( ) 79 . 1 15= + k12.37% k =Bigii14-7 Theo bi, trong 10 nm li sut 6 thng ca tri phiu c l 7%, li sut thc s l: r = [1 + 14%/2]2 1 = 14.49% (/1 nm) Vy mi nm trong 10 nm ny, s tin li ca tri phiu c l: 14.49% x 1000000 = 144,900 ($) Cng theo bi, trong 20 nm li sut 6 thng ca tri phiu mi l 6%, li sut thc s l: r = [1 + 12%/2]2 1 = 12.36% (/1 nm) Vy mi nm trong 20 nm ny, s tin li ca tri phiu mi l: 12.36% x 1000000 = 123,600 ($) Dng tin ca vic pht hnh li tri phiu s nh sau: Nm 10:-Tr chi ph thu hi: 100,000 $ -Tr chi ph pht hnh li tri phiu: 20,000 $ T nm 11 -> nm 30: tr tin li 123,600 $ thay v 144,900 $. Chnh lch gia tin tr li do pht hnh li tri phiu l:144,900 123,600 = 21,300 $ (/1 nm) Vy gi tr hin ti ca dng tin chnh lch ny, vi sut chit khu r = 12.36% 201 121, 300*0.1236 0.1236*1.1236NPV (= ( = 155,575.788 $ Vy gi tr hin ti ca kt qu do pht hnh li tri phiu l: 155,575.788 120,000 = 35,575.788 $ Bigii15-1a.Bng cn i k ton ca mi cng ty sau khi tng ti sn CngtyAuken N 400000 Vn ch s hu200000 Tng ti sn 600000Tng n v vn600000

CngtyHerrmanN 200000 Vn ch s hu 200000 Tng ti sn 400000Tng n v vn400000 Qun tr Ti chnh Th.S Trn Quang Trung T l n mi ca mi cng ty: Cng ty Auken T l n mi = 400000 / 600000 = 2/3 Cng ty Herrman T l n mi = 200000 / 400000 = 1/2 b.Bng cn i k ton ca cng ty Herrman s nh th no nu vic thu vn phi c th hin trn bng cn i k ton. N 400000 Vn ch s hu 200000 Tng ti sn 600000 Tng n v vn 600000(N 212 (Ti khon c nh thu ti chnh)200000 C Ti khon 342200000) c.Cng thc: Li sut trn tng ti sn = (EBIT thu) / Tng ti sn trung bnh Li sut ca hai phng n Mua v Thu bng nhau (8%) nn c th gi nh l li tc (EBIT thu)cahaicngtylnhnhau.CngtyAukentngtisnsaukhititrnnlisuttrn tng ti sn s nh hn cng ty Herrman la chn hnh thc ti tr l i thu ti chnh. Cng thc: Li sut trn vn ch s hu = (EBIT thu) / Vn ch s hu ChtiunychaicngtyukhngthayivphngnThuhayMuaukhngnh hng ti vn ch s hu. Bigii15-2Cua:BNGPHNTCHTHUMUA V c hai phng n cng ty u phi chu chi ph bo tr nn so snh hai phng n ta b qua chi ph bo tr. yccngnluuctnhtrncssauthunnchiphnsauthu9%[=15%*(1-40%)] s c s dng lm sut chit khu tnh hin gi Nm 0 1 2 3Tlkhuhao33% 45% 15% I.Chiphmua 1 Chi ph thit b(1,500,000) 2 Gim thu nh khu hao (40%) 198,000270,00090,000 3 Ngn lu rng(1,500,000)198,000270,00090,000 4Hingichiphmua (1,021,599) Khu hao 495,000675,000225,000 Qun tr Ti chnh Th.S Trn Quang Trung II.Chiphthu 5 Tin thu (480,000)(480,000)(480,000) 6 Gam thu t tin thu 192,000192,000192,000 7 Ga mua li thit b --(325,000) 8 Ngn lu rng 0(288,000)(288,000)(613,000) 9Hingichiphthu (979,972) III.Sosnhchiph 10Lithcathu 41,626 Vy cng ty Berry Mining nn sp xp hp ng thu thit b, v chi ph thu thp hn chi ph vay n mua Cub: -Gitrthanhl325,000$cchitkhuvicngsutchitkhu9%nhccngnlu khc l khng hp l v ri ro ca cc ngn lu khng ging nhau -Ccngnlunhkhuhao,gimthutkhuhao, tinthu,gimthut tinthuu c xc nh tng i chnh xc, c th c coi l t ri ro. -Gi tr thanh l c c lng bng con s vi nhiu s bin ng nn c ri ro nhiu hn -Ngn lu c ri ro cao thng c chit khu bng sut chit khu cao hn, theo nguyn tc chung, nhng i vi chi ph th lm ngc li -Gi tr thanhll s tin cng ty chi ra muamynns cchit khuvisut chit khu < 9% mi hp l. Bigii15-3Cua: y cc ngn lu u c tnh trn c s sau thu nn chi ph n sau thu 6% =10%*(1-40%) s c s dng lm sut chit khu tnh hin gi T l khu hao tng ng tng nm: 20, 32, 19, 12, 11, 6 % ( cho) V Tanner khng quan tm n vic thu hay s hu my dt sau 4 nm nn trong phn ny s phi tnhhin gi ca gi tr thanhlcnli ca thit bnm th 4 trong trng hpmua my hai trng hp thu v mua c cng hin trng sau bn nm. Hin gi ca gi tr thanh l cn li sau 4 nm trong trng hp mua thit b= 42500 / (1+6%)4 = 33663.98 Qun tr Ti chnh Th.S Trn Quang Trung BNGPHNTCHTHUMUA Nm 0123456 Tlkhuhao0.20.320.190.120.110.06 I.Chiphmua 1Chi ph mua thit b-250,000 2Chi ph bo tr -20,000-20,000-20,000-20,000 3Gim thu t bo tr8,0008,0008,0008,000 4Gim thu t khu hao 20,00032,00019,00012,000 5Gi thanh l thit b42,500 6Ngn lu rng -250,0008,00020,0007,00042,500 7Hingichiphmua -185,112 8Khu hao 50,00080,00047,50030,000 9II.Chiphthu 10Tin thu-70,000-70,000-70,000-70,000-70,000 11Gim thu t tin thu28,00028,00028,00028,00028,000 12Gi mua li thit b-42,500 13Ngn lu rng -42,000-42,000-42,000-42,000-42,000 14Hingichiphthu -187,534 15III.Sosnhchiph 16Lithcamua 2,423 Vy Tanner nn chn phng n mua my dt. Cub:Trong trng hp sut chit khu hp l trc thu i vi gi tr thanh l l 15% th mc chit khu sau thu = 15%*( 1-40%) = 9% Hin gi ca gi tr thanh l cn li sau 4 nm trong trng hp mua thit b=42500 / (1+9%)4 = 30108.07 Sut chit khu tngln 9%lm gimhin gi ca gi tr thanhl so vi trnghp 6%trong cu a, t s lm tng hin gi mua thit b ln vt qu hin gi chi ph thu. V vy Tanner s chn phng n i thu. Cc tnh ton cho trong bng sau Qun tr Ti chnh Th.S Trn Quang Trung Nm 0123456 Tlkhuhao0.20.320.190.120.110.06 I.Chiphmua 1Chi ph mua thit b-250,000 2Chi ph bo tr -20,000-20,000-20,000-20,000 3Gim thu t bo tr 8,0008,0008,0008,000 4Gim thu t khu hao 20,00032,00019,00012,000 5Gi thanh l thit b42,500 6Ngn lu rng -250,0008,00020,0007,00042,500 7Hingichiphmua -188,667 8Khu hao 50,00080,00047,50030,000 9II.Chiphthu 10Tin thu-70,000-70,000-70,000-70,000-70,000 11Gim thu t tin thu28,00028,00028,00028,00028,000 12Gi mua li thit b-42,500 13Ngn lu rng -42,000-42,000-42,000-42,000-42,000 14Hingichiphthu -187,534 15III.Sosnhchiph 16Lithcathu 1,133 Cuc:Nu Tanner mua li thit b sau khi thu 4 nm th vo cui nm th t, Tanner phi u tthm 42,500$ trong phng n thu, ng thi bn phng n mua cng s b gi tr thanh l 42,500$. Ngha l trong phn tch cu a, by gi s cng thm ngn lu -42,500$ vo nm th 4 cho c hai phng n. iu ny khng nh hng ti sai lch gia NPV ca hai phng n nn phng n mua vn c chp nhn. Bigii15-4Mtskhinimlinquan:-Chngquyn (warrant): lmtcngctichnhchophpnginmgincquyn mua hocbn mtchngkhon(cphiu,tint,chsthtrng)timtmcgi xcnh trong mt thi hn nht nh. -Githchin:Gimngishuchngquyncthmuahaybnchngkhoncs trc hay vo ngy o hn ca chng quyn. - Gi hay ph chng quyn: l khon tin m ngi mun s hu phi tr khi mua chng quyn, hay l khon tin m ngi s hng khi bn n. Cua:Gi K l gi thc hin S l gi hin hnh ca c phiu P l s lng chng quyn cn thit thc hin quyn mua c phiu Gi tr chng quyn S KP=Qun tr Ti chnh Th.S Trn Quang Trung Theo bi:Gi thc hin (K): $21 Gi th trng ca c phiu ang lu hnh (S): $18, $21, $25, $70 P = 1 (1 chng quyn mua c 1 c phiu) S18212570 K21212121 Gi tr chng quyn -3 0 4 49Cub:S18212570 Gi tr chng quyn -30449 Gi chng quyn0 0 $4 $49- Trng hp c phiu c bn vi gi th trng $18 v $21, s khng c nh u t no mua chng quyn c quyn mua c phiu $21 v khng c li nhun, v th gi chng quyn s l 0. - Trng hp c phiu bn vi gi th trng $25 v $70, chng quyn s c gi tr ni ti tng ng l $4 v $49. Chng quyn s c bn vi mcgithpnht l $4 v $49 v mc gi ti a ty thuc vo gi th trng tng ng vi 2 loi c phiu $25 v $70. *Xttrnghpcphiubnvigithtrng$25:Mc ha vn = 4 + 21 = $ 25 Nugicphiu 25 Gisgicphiuvongyohnl$30vyngishuchngquynthchin quyn mua c phiu v s li :$30 $21 $4 = $5 Theo d kin bi gi c phiu tng t $21 n $25, tc khong 4/21=19%, ta c th d on nh sau: Gicphiuthtrngtngu 19% qua cc giai on19%19%19%19%19%19% Gi chng quyn ti thiu $25444444 S253035425060 K212121212121 Gi chng quyn4914212939 Chnh lch gi chng quyn0510172535 Nh vy gi c phiu cng tng th gi chng quyn tng v chnh lch tng. Nu 21 gi th trng c phiu < 25 gi s gi c phiu vo ngy o hn l$22 L $22- $21- $4 = -3$ Nu gi th trng c phiu < 21 trong trng hp ny, tn tht ti a chnhl phmua chng quyn. Cuc:Cc yu t nh hng n c lng gi chng quyn v khon chnh lch: 1.Thi gian sng ca chng quyn ko di thm: Mt yu t rt quan trng cho cc nh u c, v nu khong thi gian t ngy hm nay n ngy o hn ca chng quyn cng di th gi tr thi gian ca chng quyn cng cao, l do n gin l h c nhiu c hi u c theo mc bin ng ca c phiu. V th gi chng quyn cng cao v khon chnh lch tng. 2. bin ng ca gi c phiu gim:Qun tr Ti chnh Th.S Trn Quang Trung Khi bin ng gi c phiu gim th gi ca chng quyn s gim, v nh u t t c c hi thc hin quyn mua / bn chng c phiu hng khon chnh lch ng k 3.Tc tng trng ca EPS ca c phiu tng: KhiEPScngtngthgicphiustngtheo,dogichngquyncngcaovkhon chnh lch ln. Bigii17-3a.Chu k lun chuyn tin mt = chu k lun chuyn tn kho + chu k thu hi CKPThu Chu k tr hon CKPTr 56 40 36 60 40 366360= + = + = b.Tnh h s quay vng tng ti sn (H s quay vng tn kho= Gia von hang ban/ Ton kho TB = 6 lnTuy nhin trong bi ny khng gi thuyt s dng cng thc trn nn chng ta s s dng cng thc : H s quay vng tn kho = Doanh thu / Tn kho trung bnh) Tn kho trung bnh =Doanh thu/ H s quay vng tn kho = 150 000/6= 25 000 $ Chu k thu hi trung bnh DSO= Khon phi thu trung bnh / Doanh thu ngy trung bnh = 36 ngy Khon phi thu TB = 36 x (150 000 / 360) = 15 000 Tng ti sn TB = TS c nh + Tn kho TB + Khon phi thu TB =40 000 + 25 000 + 15 000 = 80 000 $ H s quay vng tng ti sn = Doanh thu / Tng ti sn TB = 150 000/ 80 000 = 1,875 (ln) ROA = (EBIT Thu ) / Tng ti sn TB = Li tc thun / Tng ti sn TBROA = 9 000/ 80 000 = 0,1125 = 11,25% c.H s quay vng tn kho = 8 Tn kho TB =Doanh thu / h s quay vng tn kho = 150 000/ 8 = 18 750 $ -Chu k lun chuyn tin mt = Chu k lun chuyn tn kho + chu k thu hi CKPThu Chu k tr hon CKPTr = 360 / 8 + 36- 40 = 45 +36 40 = 41 H s quay vng tng ti sn = Doanh thu / Tng ti sn TB Tng ti sn TB = TS c nh + Tn kho TB + Khon phi thu TB = 40 000 + 18 750 + 15 000 = 73 750 $ H s quay vng tng TS= 150 000/ 73 750 = 2.034 (l n) Qun tr Ti chnh Th.S Trn Quang Trung ROA = (EBIT Thu) / Tng TS TB = Li tc thun / Tng TS TB = 9 000/ 73 750 = 0,12203 = 12,203% Bigii17-4a/ Chu k lun chuyn tin mt = chu k lun chuyn tn kho + chu k thu hi CKP thu chu k tr hon CKP tr n = 22 + 40 30 = 32 ngy b/ Ti tr cho vn hot ng ca cng ty 1500*6*32 = 288.000 $ c/ Cng ty ko di thi hn thanh ton n 35 ngy Chu k lun chuyn tin mt ca cng ty khi tr hon thi gian thanh ton n 35 ngy n = 22 + 40 35 = 27 ngy Vn hot ng trong chu k lun chuyn 27 ngy: 1500*6*27 = 243.000 $ Suy ra: Vn hot ng ca cng ty gim. 288.000 243.000 = 45.000 $ d/ Chu k lun chuyn tin mt ca cng ty khi thi gian chuyn nguyn vt liu thnh sn phm PIN l 20 ngy. n = 20 + 40 30 = 30 ngy Vn hot ng ca cng ty: 1800*7*30 = 378.000 $ Bigii17-5a)Lisuttrnvncphntheoccmctisnlung: Li sut trn vn c phn = Li tc thun / vn c phn (VCP) Ta c:T l n 60% => N = 60%TS = 60%*(TSC + TSL) VCP = 40%TS = 40%*(TSC + TSL) Li tc thun: = EBIT Li Thu EBIT = 12%DT Li = 8%N Thu = 40%*(EBIT Li) Vy ta c li sut trn vn c phn theo cc mc ti sn lu ng nh sau: Ch tiuTSL bng 45%DTTSL bng 50%DTTSL bng 60%DT Doanh thu222 EBIT(12%DT)0.240.240.24 Ti sn lu ng0.911.2 Tng n = 60%TS1.141.21.32 Li(8%Tng n)0.09120.09600.1056 Li tc trc thu0.14880.14400.1344 Thu (T% = 40%)0.059520.057600.05376 Li tc thun0.089280.086400.08064 Vn c phn0.760.800.88 Litcthun/VCP 11.75% 10.80% 9.16%Qun tr Ti chnh Th.S Trn Quang Trung b)Trong thc t chnh sch v ti sn lu ng c quyt nh phc v cho chin lc kinh doanh.Nudoanhnghipmunphttrinthphnvxctinccchngtrnhqung co, khuyn mi, cn phi u t tn kho nhiu hn c hng cung cp cho khch hng, c th cho khch hng n nhiu hn, lu hn, thu ht khch hng, v c khi phi chun b lng tin mt nhiu hn p ng cc yu cu t xut. V vy gi nh l chnh sch v ti sn lu ng c lp vi doanh thu l km thc t. c)Ri ro tng th ca cng ty tng dn khi chnh sch ti sn lu ng tng. KhiTSLtng,ncngtngtheonhngROEligim.iunycho thycngtychng nhngs dng ti snkhnghiu qum cnb tng ri ro ti chnh do s dngnnhiu hn. Tt c a n ri ro tng th ca cng ty s tng khi tng TSL.Bigii17-6 CCCHNHSCH d N n r d: t l chit khu a. 1/15, net 201201572.7%n: thi hn c nhn chit khu b. 2/10, net 602601014.7%N: thi hn tr ht nc. 3/10, net 453451031.8%r: chi ph ca tn dng thung mi d. 2/10, net 452451021.0%e. 2/15, net 402401529.4%Bigii17-7 a.CCCHNHSCH d N n r 3/20, net 453452044.5% a.Tn dng l s tin ngi bn cho ngi mua n, trong ti khon ngi bn n s tch ly vo cckhonphithu,cnbntikhonngimuastintngngscghivocc khon phi tr. Nu trong thc t ngi bn ng ngi mua tr vo ngy th 20 v vn c hng chit khumc d chnhsch tn dng thngmil 3/15, net 40, iunyc nghalngibn chpnhn chongimuannhiuhn. Vvynungimua tr vo ngy th 15 thay v ngy th 20 th ngi mua s nhn c tn dng t hn so vi ci l ra phi nhn c. C th, ngi mua ch nhn c tn dng t ngi bn.Qun tr Ti chnh Th.S Trn Quang Trung Bigii18-6CuaThng 11 12 1 2I.Cckhanthuvmuahng1.Doanh thu1600400600 Cc khan thu 2.Trong thng bn hng1600400600 Mua hng 3.Gi tr mua hng1400400400400 4.Chi tin mua hng1400400400 II.Tnggimtinmttrongthng5.Thu (tng phn mt)1600400600 6.Chi (tng phn mt)1400400400 7.Tr lng484848 8. Tin thu202020 9. Tin thu120 10. Tng chi1588468468 11. Tng kt tin mt trong thng III.Thngdtinmthayvayn12.Tin mt u k416-52 13. Tin mt tch ly16-5280 14. nh mc tin mt606060 15.Thng d tin mt hay n tch ly-44-11220 Qun tr Ti chnh Th.S Trn Quang Trung CubThng 11 12 1I.Cckhanthuvmuahng1.Doanh thu Cc khan thu 2.Trong thng bn hng0 Mua hng 3.Gi tr mua hng1400400400 4.Chi tin mua hng1400400 II.Tnggimtinmttrongthng5.Thu (tng phn mt)0 6.Chi (tng phn mt)1400 7.Tr lng48 8. Tin thu20 9. Tin thu120 10. Tng chi1588 11. Tng kt tin mt trong thng-1588 III.Thngdtinmthayvayn12.Tin mt u k4 13. Tin mt tch ly-1584 14. nh mc tin mt60 15.Thng d tin mt hay n tch ly-1644 Bigii18-7 Tin n c b phn thu hi c lng nh sau: Chitr Ngaytrongthng 1thsau 2thsaut l10%75%15% Qun tr Ti chnh Th.S Trn Quang Trung CuaDtontinmt(nv:ngnng)Nm 1992 1993ThngT5T6T7T8T9T10T11T12T1 I.Cckhonthuvmuahng(1) Doanh thu 18018036054072036036090180 Cckhonthu(2)Trong thng bn hng = 10%*DT thng 18183654723636918 (3) 1 thng sau = 75%*DT thng trc 13527040554027027068 (4) 2 thng sau = 15%*DT 2 thng trc 272754811085454 (5) Tng thu (sut thng) = (2+3+4)198351531657414333140 ChiphchoL&NVL(6) Tng chi ph cho L & NVL909012688230623412690 (7) Chi tr tin cho L & NVL (n 1 thng) 9012688230623412690 II.Tnggimtinmttrongthng (8) Thu (t phn I)198351531657414333140 (9) Chi (t phn I)9012688230623412690 (10) Tr lng Bp QL27272727272727 (11) Tin thu9999999 (12) Khu hao36363636363636 (13) Chi khc2.72.72.72.72.72.72.7 (14) Thu6363 (15) Chi ph cho 1 phng thit k mi 18 (16) Tng chi (9+10+11+12+13+14+15) 1652011020399309264165 (17) Tng kt tin mt trong thng (8-16) 33150-48925810569-25 III.Thngdtinmthayvayn (18) Tin mt u k (nu khng vay) 132165316-17385191260 (19) Tin mt tch ly (17+18)165316-17385191260235 (20) nh mc tin mt ( cho)90909090909090 (21) Thng d tin mt hay n tch ly (19-20) 75226-263-5101170145 Qun tr Ti chnh Th.S Trn Quang Trung CubDa vo Bng d ton ta c th c lng yu cu ti tr trong thng 9 & 10 (thiu tin) v em tin u t vo thng 7, 8, 11, 12 (d tin). CucGi s ha n bn hng n u n sut trong thng (ngha l tin mt thu c theo t l 1/30 mi ngy) nhng tt c cc khon chi u xy ra vo ngy 15 trong thng, ta c bn d ton sau: Nm 1992 ThngT5T6T7T8T9T10T11T12 (5') Tng thu (15 hng thng) = (5/2) 99176266329207167 (16) Tng chi (15 hng thng) = (16)1652011020399309264 (17') Tng kt tin mt gia thng (= 5'- 16)-66-25-754-70-102-97 D ton tin mt cu a c lp da trn gi nh thu v chi xy ra u sut trong thng, v vy theo gi nh mi ny ta thy c s thiu ht tin mt vo ngy 15 hng thng v yu cu ti tr cc thi im ny cho 6 thng cui nm, cao im l thng 9 v 11 Bigii19-2 a)Chukthuhicckhonphithu: Chnh sch tn dng c:DSO = 15*40% + 30*30% + 40*30% = 27ngy. Chnh sch tn dng mi:DSO = 10*50% + 30*25% + 40*25% = 22.5ngy. b)Chiphchitkhu: Chnh sch tn dng c: CPck = 2%* 2 000 000*40% = 16000 Chnh sch tn dng mi:CPck= 3%*2 600 000*50% = 39000 c)Chiphchidotinkttrongcckhonphithu: Chnh sch tn dng c: CPCKPT= 27* 2 000 000/365 * 75% * 9% = 9 986.3 Chnh sch tn dng mi:CPCKPT = 22.5 * 2 600 000/365 * 75% * 9% = 10818.5 d)Tnthtdonkhi:

Chnh sch tn dng c: N kh i = 2%*2 000 000 = 40000 Chnh sch tn dng mi:N kh i = 2%*2 600 000 = 52000 e)Phnlinhuntngthm CPSX : CS Tn dng c :Bin ph = 75% * 2 000 000 = 1 500 000 CS Tn dng mi:Bin ph = 75% *2 600 000 = 1 950 000 Qun tr Ti chnh Th.S Trn Quang Trung lp bng tnh li nhun rng trc v sau khi thay i CS tn dng TrcSau Doanh thu (-) CPchit khu Doanh thu thun (-) Bin ph S d m ph (-) nh ph EBIT (-) LiEBTThuLi nhun thun 2 000 000 16 000 1 984 0001 500 000 484 000 a 484 000 a b 484 000 a b 40% (484 000 a b) 193 600 0.4 a 0.4b 2 600 000 39 000 2 561 000 1 950 000 611 000 a 611 000 aB 611 000 a b40% (611 000 a b) 244 000 0.4a 0.4b Li nhun tng thm l: 50400 Trc SauChi ph chit khu16 00039 000 Chi ph c