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Cu 5

1.RE (%)
2.Tng ti sn BQ
3.EBIT
4.Tng n vay
5..Chi ph li vay (8%)
6..LN trc thu
7..LN sau thu
8..Vn ch s hu BQ
9..ROE (%)
10..Xc sut cc iu kin
kinh t(pi) (%)
11. ROEi x Pi (%)
12.Var(ROE) (%)
13.(ROE) (%)
14.CV(ROE)

Trng hp 1 :(100% VCSH)


Ri ro ti chnh
4%
6%
(1)*(2)
(2)*0%
(4)*8%
(3)-(5)
(6)*75%
(2)-(4)
(7)/(8)
(100%)/5
((9)(11))^2*(10)
(13)/(11)

8%

10%

12%

9,627,534,073,181 9,627,534,073,181 9,627,534,073,181 9,627,534,073,181 9,627,534,073,181


385,101,362,927
577,652,044,391
770,202,725,854
962,753,407,318 1,155,304,088,782
0
0
0
0
0
0
0
0
0
0
385,101,362,927
577,652,044,391
770,202,725,854
962,753,407,318 1,155,304,088,782
288,826,022,195
433,239,033,293
577,652,044,391
722,065,055,489
866,478,066,586
9,627,534,073,181 9,627,534,073,181 9,627,534,073,181 9,627,534,073,181 9,627,534,073,181
3%
5%
6%
8%
9%
20%

20%

20%
6.2%
4.56%
2.13%
0.34

20%

20%

1.RE (%)
2.Tng ti sn BQ
3.EBIT
4.Tng n vay
5..Chi ph li vay
(8%)
6..LN trc thu
7..LN sau thu
8..Vn ch s hu
9..ROE (%)
10..Xc sut cc
iu kin kinh t
(pi) (%)
11.ROEi*pi (%)
12.Var(ROE) (%)
13.(ROE) (%)
14.CV(ROE)

(1)*(2)
(2)*50%
(4)*8%
(3)-(5)
(6)*75%
(2)-(4)
(7)/(8)

(100%)/5
((9)-(11))^2*(10)

Trng hp 2:VCSH 50%,N vay 50%


Ri ro ti chnh
4%
6%
8%
10%
12%
9,627,534,073,181 9,627,534,073,181 9,627,534,073,181 9,627,534,073,181 9,627,534,073,181
385,101,362,927
577,652,044,391
770,202,725,854
962,753,407,318 1,155,304,088,782
4,813,767,036,591 4,813,767,036,591 4,813,767,036,591 4,813,767,036,591 4,813,767,036,591
385,101,362,927
0

385,101,362,927
192,550,681,464

385,101,362,927
385,101,362,927

385,101,362,927
577,652,044,391

385,101,362,927
770,202,725,854

0
144,413,011,098 288,826,022,195
433,239,033,293
577,652,044,391
4,813,767,036,591 4,813,767,036,591 4,813,767,036,591 4,813,767,036,591 4,813,767,036,591
0%
3%
6%
9%
12%

20%

20%

20%
6%
18%
4%
0.66

20%

20%

1.RE (%)
2.Tng ti sn BQ
3.EBIT
4.Tng n vay
5..Chi ph li vay
(8%)
6..LN trc thu
7..LN sau thu
8..Vn ch s hu
9..ROE (%)
10..Xc sut iu kin
kinh t(pi) (%)
11.ROEi*pi (%)
12.Var(ROE) (%)
13.(ROE) (%)
14.CV(ROE) (%)

(1)*(2)
(2)*80%

Trng hp 3:VCSH 20%,N vay 80%


Ri ro ti chnh
4%
6%
8%
10%
12%
9,627,534,073,181 9,627,534,073,181 9,627,534,073,181 9,627,534,073,181 9,627,534,073,181
385,101,362,927
577,652,044,391
770,202,725,854
962,753,407,318 1,155,304,088,782
7,702,027,258,545 7,702,027,258,545 7,702,027,258,545 7,702,027,258,545 7,702,027,258,545

(4)*8%
(3)-(5)
(6)*75%

616,162,180,684
-231,060,817,756
-173,295,613,317

(2)-(4)
(7)/(8)

1,925,506,814,636 1,925,506,814,636 1,925,506,814,636 1,925,506,814,636 1,925,506,814,636


-9%
-2%
6%
14%
21%

(100%)/5

616,162,180,684
-38,510,136,293
-28,882,602,220

20%

((9)(11))^2*(10)

-Nhn xt v ri ro kinh doanh trong 3 phng n:

20%

616,162,180,684
154,040,545,171
115,530,408,878

20%
6%
113%
10.6%
1.76

616,162,180,684
346,591,226,635
259,943,419,976

20%

616,162,180,684
539,141,908,098
404,356,431,074

20%

Cc nhn t nh hng n ROE gm:RE,cu trc ti chnh,thu sut thu thu nhp doanh nghip.Trong RE trong
cc trng hp l ko i, thu sut thu thu nhp doanh trong cc trng hp cng khng i.Suy ra cu trc ti chnh ca
DN s nh hng n ri ro kinh doanh ca DN.

Li sut s dng vn bnh


qun(i)
RE

8%
4%

6%

8%

10%

12%

ROE

3%

5%

6%

8%

9%

T sut n=50%,ROE

0%

3%

6%

9%

12%

T sut n=80%,ROE

-9%

-2%

6%

14%

21%

T sut n=0,

*Phn tch v ri ro ti chnh ca DN:


Da vo bng trn ta thy :
-Khi RE> i:
Khi DN s dng 100% VCSH nh trng hp 1 th ta thy hiu qu TC thp vay hn so vi s dng vn
trng hp 3 do cha tn dng c n by TC v vy ri ro kinh doanh thp.
DN s dng vn vay nhiu hn nh trng hp 3 th hiu qu TC cao hn so vi s dng vn ch do doanh
nghip tn dng c n by TC v vy ri ro kinh doanh cao.
-Khi RE= i th: lc ny ROE khng b nh hng bi cu trc ngun vn, trng hp ny ROE ca 3 phng n
bng nhau bng 6% nn ri ro kinh doanh l nh nhau.
-Khi RE<i th: t sut n cng tng th ROE cng gim lc ny DN khng tn dng c n by ti chnh
khuych i ROE theo chiu hng tt ln m cng lm cho DN kinh doanh b l.Trong trng hp ny Dn s dng
vn ch s hiu qu hn v t ri ro hn.

*V ri ro kinh doanh ca DN:


Trong ba phng n trn th phng n 1 c ri ro kinh doanh thp nht do h s bin thin thp hn so vi 2
phng n cn li.

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