BI TP CHNG CHI PH S DNG VN DI

HN
Bi 1:
C cu vn:
Tri phiu: 25%
CP u i: 10%
CP thng: 65%
Chi ph s dng vn vay bng pht hnh tri phiu:
= CF*

+ FV*

95.000= 12.000*

+ 100.000*

= 13,4%
=

13,4*(1-25%)=10,05%

Chi ph s dng CP u i:
=

= 6%

Chi ph s dng CP thng:

=

+g=

WACC=

+10% = 18,25%
*

= 10,05%*25% + 6%*10% + 18,25%*65%

= 14,975% < 17% (nn u t)

Bi 2:
C cu vn: (NV= 1.800tr)

 N vay: 40% (720tr) _vay NH: 27,8%(200tr)

_p/h TP: 72,2% (520)
CP u i: 10% (180tr)
Vn t c: 50% (900tr)

_ LNL: 44%(400tr)
_CPTm: 56%(500tr)

Chi ph s dng vn vay t Ngn hng:

= 12%
Chi ph s dng vn vay bng pht hnh tri phiu:
-

= CF*

+ FV*

98.000(10%*100.000)=(100.000*13%)*

100.000*
= 16,73%
=>
=
*
*75%= 11,56%

)* (1-25%)= (12%*27,8%+16,73%*72,2%)

Chi ph s dng CP u i:
=

=13,6%

Chi ph s dng CP thng pht hnh:

D1=3000*(1+10%)=3300
D2=3300*(1+10%)=3630
D3=3630*(1+15%)=4174,5
=

30.000- (10%*10.000)=

= 25,93%
Chi ph s dng CP u i:
=

30.000=

= 25,56%
Chi ph s dng VTC:
=

+ *

=>WACC=

=25,93%*56%+25,56%*44%=25,77%
+

=11,56%*40% + 13,6%*10% + 25,77%*50%

= 18,87%
Bi 3:
C cu vn: (NV= 10.000tr)
N vay: 30% (3000tr) _vay NH: 33,3%(1000tr)
_p/h TP: 66,7% (2000)
CP u i: 10% (1000tr)
Vn t c: 60% (6000tr)

_ LNL: 33,3%(2000tr)
_CPTm: 66,7%(4000tr)

Chi ph s dng vn vay t Ngn hng:

= 12%
Chi ph s dng vn vay bng pht hnh tri phiu:
-

= CF*

100.0005.000=13.000*

+ FV*
+ 100.000*

= 14,69%
=>
=
*
*75%= 10,35%

)* (1-25%)= (12%*33,3%+14,69%*66,7%)

Chi ph s dng CP u i:
=

=13%

Chi ph s dng CP thng pht hnh:

D1=2000*(1+15%)=2300
D2=2300*(1+15%)=2645
D3=2645*(1+20%)=3174
=

30.000- 1.500=

= 27,75%
Chi ph s dng CP u i:
=

30.000=

= 27,37%
Chi ph s dng VTC:
=

+ *

=>WACC=

=27,75%*66,7%+27,37%*33,3%=27,62%
+

=10,35%*30% + 13%*10% + 27,62%*60%

= 20,98%

Bi 4: CCH 1
C cu vn: (NV= 10.000tr)
N vay: 30% (3000tr)
CP u i: 15% (1.500tr)
Vn t c: 55% (5.500tr)

_ LNL: (3.300tr)
_CPTm: (2.200tr)

D n hin ti = 1.500tr
D n 2.700tr : ls 12%
D n

2.700tr: ls 13%, s n cn c vay thm: 3.000-1.200=1.800

Chi ph s dng vn vay:

=
=>

*13% +

*12%=12,6%

= 12,6%*(1-25%)=9,45%

Chi ph s dng CP u i:
=

= 5,88%

Chi ph s dng CP thng mi p/h:

=

+g=

+15% = 26,36%

Chi ph s dng CP u i:
=

+g=

=> WACC=

+15% = 25%
*

= 9,45%*30% + 5,88*15% + 26,36*

= 17,77%

+ 25%*

CCH 2
D n 2.700tr :

= 12%*(1-25%)= 9%

D n

= 13%%*(1-25%)= 9,75%

2.700tr:

= 5,88%,

= 25%,

= 26,36%

Quy m HV m ti d n DH vt qua 2.700tr:

=

= 4.000

Quy m HV m ti DN s dng ht LNL cho nhu cu vn:

=
Quy m

VH

4.000

4000<VH

= 6.000
NV ti tr

NDH
CP u i
VTC(LNL)
NDH
CP u i
VTC(CPT)
NDH
CP u i
VTC(CPT)

T trng CPt/phn

30%
15%
55%
30%
15%
55%
30%
15%
55%

9%
5,88%
25%
9,75%
5,88%
25%
9,75%
5,88%
26,36%

MCC

=30%*9%+15%*
5,88%+55%*25%
=17,33%
=17,56%

= 18,31%

MCC %
19
18
17

4000

6000

9000

12000

Bi 5:
C cu vn:
N vay: 40%
D n 120tr: =12% =>
=12%*75%=9%
D n 120tr: =13% =>
=13%*75%=9,75%
Vn t c: 60%
LNL= 120tr, t l chia c tc=60%
= +g=
+12% = 13,2%
CPTm:

+g=

+12%=13,3%

Quy m HV m ti d n DH vt qua 2.700tr:

=

= 300tr

Quy m HV m ti DN s dng ht LNL cho nhu cu vn:

=
Quy m

VH

00

200<VH

C hi u t
D
C
B
A
E

= 200tr
NV ti tr

NDH
VTC(LNL)
NDH
VTC(CPT)
NDH
VTC(CPT)

T trng CPt/phn

40%
60%
40%
60%
40%
60%

IRR-t sut sinh li

17%
15%
14%
13%
12%

9%
13,2%
9%
13,3%
9,75%
13,3%

VT ban u
70
80
90
100
60

MCC

=40%*9%+60%*
13,2% = 11,52%
=11,58%
= 11,88%

Tng Vt ly k
70
150
240
340
400

MCC %
17
16
15
14
13

12

11

100

200

300

400

Ch chp nhng d n c IRR > MCC,

=chn tt c cc d n A,B,C,D,E. Tng ngn sch ti u =400tr
Bi 6:
C cu vn:
N vay: 40%
CP u i: 10%
Vn t c: 50%
Quy m HV m ti d n DH vt qua 5.200tr:
=
5.200:
>5.200:

= 13.000tr

=13% =>
=14% =>

=9,75%
=10,5%

Quy m HV m ti CPUD vt qua 1.000tr:

=
1.000:

= 10.000tr

= 10,7%

= 15%

Quy m HV m ti DN s dng ht LNL cho nhu cu vn:

=
30.000=

= 3.000tr

= 25,4%
Quy m HV m ti CPT ca DN vt qua 5.000tr:
=

= 5.000tr

D1=2500*(1+20%)=3000
D2=3000*(1+20%)=3600
D3=3600*(1+15%)=4140
=

30.000- 3.000=
1.000:

= 28,55%

Quy m

VH

= 26,55%

25.000- 2.000=
>1.000:

3.000

NV ti tr

NDH
CP u i
VTC(LNL)
NDH

T trng CPt/phn

40%
10%
50%
40%

9,75%
10,7%
25,4%
9,75%

MCC

=40%*9,75%+10%
*10,7%+50%*25,4
%=17,67%

CP u i
VTC(CPT)
NDH
CP u i
VTC(CPT)
NDH
CP u i
VTC(CPT)
NDH
CP u i
VTC(CPT)

3000<VH
5000<VH

10.000<VH
VH>10.000

10%
50%
40%
10%
50%
40%
10%
50%
40%
10%
50%

10,7%
26,55%
9,75%
10,7%
28,55%
9,75%
15%
28,55%
10,5%
15%
28,55

=18,245%
= 19,245%

=19,68%

= 19,98%

Bi 7:
C cu vn:
N vay: 30%
CP u i: 20%
Vn t c: 50% (LNDL: 30% + CPT: 20%)
Quy m HV m ti d n DH vt qua 5.200tr:
=
4.500:
>4.500:

= 15.000tr

=13% =>
=14% =>

=9,75%
=10,5%

Quy m HV m ti CPUD vt qua 1.000tr:

=
2.400:

= 12.000tr

= 10%

= 12,5%

Quy m HV m ti DN s dng ht LNL cho nhu cu vn:

=
=

= 2.400tr

+ 12% = 17,97%

Quy m HV m ti CPT ca DN vt qua 5.000tr:

=
g= 12%

= 18.000tr

= 5.287= 3000*

D1=3.200*(1+12%)=3584
7.800:
>1.000:

=
=

Quy m

VH

2.400

2.400<VH
12.000<VH

15.000<VH
VH>18.000

+ 12% = 18,4%
+ 12% = 18,96%
NV ti tr

NDH
VTC(LNL)
CP u i
NDH
VTC(CPT)
CP u i
NDH
VTC(CPT)
CP u i
NDH
VTC(CPT)
CP u i
NDH
VTC(CPT)
CP u i

T trng CPt/phn

30%
50%
20%
30%
50%
20%
30%
50%
20%
30%
50%
20%
30%
50%
20%

9,75%
17,97%
10%
9,75%
18,4%
10%
9,75%
18,4%
12,5%
10,5%
18,4%
12,5%
10,5%
18,96%
12,5%

MCC

=13,91%

=14,125%
= 14,625%

=14,85%

= 15,13%

C hi u t
IRR-t sut sinh li VT ban u
A
16%
3.000
D
15%
10.000
C
14%
7.000
B
13%
5.000
Chn d n A& D, NV ti u l 13.000
V th tng t bi 5.

Tng Vt ly k
3.000
13.000
20.000
25.000