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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%
+g=
WACC=
+10% = 18,25%
*
Bi 2:
C cu vn: (NV= 1.800tr)
_ LNL: 44%(400tr)
_CPTm: 56%(500tr)
= 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%
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%
+
_ LNL: 33,3%(2000tr)
_CPTm: 66,7%(4000tr)
= 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%
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%
+
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
*13% +
*12%=12,6%
= 12,6%*(1-25%)=9,45%
Chi ph s dng CP u i:
=
= 5,88%
+g=
+15% = 26,36%
Chi ph s dng CP u i:
=
+g=
=> WACC=
+15% = 25%
*
+ 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%
= 4.000
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%
= 300tr
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%
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
= 13.000tr
=13% =>
=14% =>
=9,75%
=10,5%
=
1.000:
= 10.000tr
= 10,7%
= 15%
= 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%
= 12.000tr
= 10%
= 12,5%
=
=
= 2.400tr
+ 12% = 17,97%
=
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