u nl oq us n

Bi tp Qun Tr Ti chnh Doanh Nghip.

Chng u t di hn.
Bi 11: Mt cng ty sn xut giy lin doanh vi Nht Bn ang xem xt mt li ngh
mua v lp t mt bang chuyn vn chuyn nguyn liu trong nh my ca h. Gi mua
bang chuyn l 60.000 USD, chi ph vn chuyn, lp t v cc chi ph khc km theo l
13.000 USD. Tui th ca bang chuyn l 5 nm. Hot ng ca bang chuyn khng lm
tng doanh thu, nhng n c th tit kim chi ph sn xut ca Cng ty ( cha k khu hao
ca bang chuyn) l 32.000 USD mi nm. Gi s sau 5 nm hot ng gi tr thanh l ca
bang chuyn coi nh khng ng k. Thu sut thu thu nhp doanh nghip l 25%.
1.Tnh NPV ca d n trong cc trng hp sau.
a. Dy chuyn c khu hao theo phng php ng thng?
b. Khu hao theo phng php s gim dn c iu chnh, vi h s iu chnh bng 2?
2. Nhn xt v nh hng ca cc phng php khu hao ti NPV ca d n? Bit rng:
Chi ph s dng vn bnh qun ca d n l 12%.

1. Cc khon chi ca d n:
+ Mua dy chuyn: 60.000 USD
+ C.ph v.chuynetc: 13.000 USD
Tng: 73.000 USD.
A) Dy chuyn khu hao theo phng php ng thng.
Cc khon thu ca d n:
+ Khu hao dy chuyn= 73.000/ 5 = 14.600 USD.
(Khu hao l mt khon chi ph, c tnh vo chi ph hot ng hng nm ca doanh nghip
v c khu tr vo thu nhp chu thu {GT TCDN trang 178} )
+ => Li nhun sau thu LNst = (32.000 14.600) * (1 25%)= 13.050 usd
Thu nhp vn hnh hng nm d n= LN sau thu + Khu hao = 13.050 + 14.600 =
27.650 USD.
+Thu t thanh l bang chuyn coi nh khng ng k.
Vy NPV1= 27.650 * PVFA (12%,5) 73.000= 27.650 * 3,6048 73.000= 26.672,72. >0
B) Khu hao theo phng php s d gim dn c iu chnh (h s k=2)

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T l khu hao hng nm ca dy chuyn TKH= (1/5)*2 = 0,4 = 40%.

Bng tnh khu hao dy chuyn.
Nm

S d u k

Mc Khu hao

Khu hao ly k

1
2
3
4
5

73.000
43.800
26.280
15.768
7.884

73.000 * 40% =29.200

43.000 * 40%= 17.520
26.280 * 40%= 10.512
15.768:2=7884
7884

29.200
46.720
57.232
65.116
73.000

Gi tr cn li
cui k
43.800
26.280
15.768
7884
0

Note: Thi im dng cch tnh khu hao theo pp s d gim dn chuyn sang s dng pp
ng thng.
L ti thi im nm t: Gi tr khu hao tnh theo pp s d gim dn < Gi tr khu hao tnh theo
pp ng thng.
Gi tr cn li
cui k
1
73.000
73.000 * 40% =29.200
29.200
43.800
2
43.800
43.000 * 40%= 17.520
46.720
26.280
3
26.280
A
B
C
Nm th 3: Gi tr cn li cui nm 2 = 26.280. Tip tc tnh khu hao theo pp s d gim dn
Mc khu hao nm 3 A = 26.280 * 0,4 = 10.512.
Nm

S d u k

Mc Khu hao

Khu hao ly k

Nu chuyn tnh khu hao sang theo pp ng thng th mc khu hao nm 3 A= 26.280/3=
8760 < 10.512 => vn tnh mc trch khu hao nm 3 theo pp s d gim dn.
Gi tr cn li
cui k
1
73.000
73.000 * 40% =29.200
29.200
43.800
2
43.800
43.000 * 40%= 17.520
46.720
26.280
3
26.280
26.280 * 40%= 10.512
57.232
15.768
4
15.768
D
E
F
Nm th 4: Gi tr cn li cui nm 3 = 15.768. Tip tc tnh khu hao theo pp s d gim dn
th Mc khu hao nm 4 : D= 15.768 *0,4 = 6.307,2.
Nm

S d u k

Mc Khu hao

Khu hao ly k

Nu chuyn tnh khu hao theo pp ng thng th mc khu hao nm 4 : D= 15.768 : 2 =

7.884> 6.307,2.
Vy mc khu hao nm 4: D = 15.768 :2 = 7.884 ht Note.
Bng tnh Dng tin ca d n:

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Nm
Cc khon mc
0

Khu hao (1)

29.200

17.520

10.512

7.884

7.884

Thu t chi ph tit kim (2)

32.000

32.000

32.000

32.000 32.000

Li nhun sau thu (t=25%) (3)

2.100

10.860

16.116

18.087 18.087

Thu nhp vn hnh hng nm (4)

31.300

28.380

26.628

25.971 25.971

u t Dy chuyn

(73.000)

(3) = [ (2)-(1)] * (1- 25%)

(4)= (3) + (1)
Vy NPVd n = 31.300 * PVF(12%,1) + 28.380 * PVF (12%,2) + 26.628 * PVF (12%,3) +
25.971 * { PVF (12%,4) + PVF (12%,5) } 73.000 = 28.896,5623.
2. Nhn xt nh hng ca pp khu hao ti NPV d n.
Phng php khu hao s d gim dn c tc thu hi VT nhanh hn => tng NPV ( tng
hiu qu ti chnh ca DAT ).
GT TCDN Trang 178. Mc 5.2.3 nh hng ca khu hao n dng tin ca DADT
Bi 10.
C 2 d n u t M v N vi cc d liu sau:
v: tr.
Nm
D n
0

-120

100

25

25

-110

25

25

100

1. Tnh NPV ca 2 d n vi t l chit khu l 15%? Nu M v N l 2 d n loi tr

nhau th d n no s c chp nhn? V sao?
2. Gii thch ti sao NPV ca d n N nhy cm vi s thay i ca t l chit khu
hn so vi NPV ca d n M?
3. Tm t l chit khu m ti NPV ca 2 d n bng nhau?

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1. NPVM= 100 * PVF (15%,1) + 25 * { PVF(15%,2) + PVF (15%,3) } 120 =2,3

NPVN= 25 * { PVF (15%,1) + PVF (15%,2) } + 100 * PVF (15%,3) -110= -3,6
La chn d n M.
2. NPV ca d n N nhy cm vi s thay i ca t l chit khu hn so vi NPV ca d
n M bi v dng thu nhp ca d n N c xu hng tng ln, cn d n M th ngc li.
M khon tin pht sinh cng xa thi im hin ti th chu nh hng ca t l chit
khu cng ln.
3. T l chit khu ti NPV ca 2 d n l bng nhau.
100 * PVF (r,1) + 25 * { PVF(r,2) + PVF (r,3) } 120=25 * { PVF (r,1) + PVF (r,2) }
+ 100 * PVF (r,3) -110
75 * PVF (r,3) -75 PVF (r,1) +10 = 0
Ta s dng pp ni suy.
Chn r1= 6% => NPV1 = 75*0,8396- 75*0,9434+10 = 2,215
R2= 10% => NPV2= 75*0,7513- 75*0,9091+10 =- 1,835
Vy r = 6% + (10% - 6%) * 2,215 / ( 2,215 + 1,835) = 8,187%
Bi 12: (n v: tr)
Qun Ty H ang la chn gia vic xy dng mt H bi v mt Rp ht vi d
tnh nh sau:
-

Xy dng H bi c chi ph l 5.000, ngoi ra cn phi lm mi mt con ng

dn vo h bi vi chi ph l 1.200. Thu nhp hng nm (khu hao v li nhun
sau thu) d tnh 1.250 trong sut 6 nm s dng. Do c h bi nn s thu ht
c nhiu thanh nin tham gia bi li v bi vy Qun d tnh hng nm c
th tit kim c 200 t chi ph b ra phng chng cc t nn x hi.

Xy Rp ht phi b ra chi ph l 2.400, ngoi ra cn phi sa cha con ng

dn vo rp ht ( c sn nhng b hng) vi chi ph d tnh mi nm l 100 (
gi nh vo cui nm). Doanh thu hng nm d tnh l 920, tng chi ph ( khng
k khu hao) bao gm: Lng nhn vin phc v, in , nc, tin th lao cho
ca s, nhc cng mi nm l 220. ng thi, cc ca s cn t nguyn ng gp
mi nm t tin th lao hng nm l 80. D kin rp ht s khu hao ht trong 6
nm, chi ph thanh l d tnh l 20 v gi tr ph thi l 50.

Yu cu:
1. Hy dng tiu chun gi tr hin ti thun nh gi vic xy dng H bi
hay Rp ht c li hn, nu t l chit khu l 8%.
2. Gi s ton b vn u t l vn vay th li sut vay vn ti a l bao nhiu
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d n xy dng H bi khng b l, nu d n xy dng H bi c la

chn?
Bit rng:
-

C 2 d n u tnh khu hao theo phng php ng thng.

Mi hot ng kinh doanh u phi ng thu thu nhp vi thu sut l 25%.

Vic xy dng Rp ht, H bi , lm ng u thc hin theo phng thc cha

kha trao tay.

1. D n xy dng H Bi
Cc ngun thu d n:
+ Khu hao v li nhun sau thu: 1.250
+Tit kim t chi ph 200. (khng tnh sau thu v ko thuc din chu thu thu nhp
DN)
Thu nhp vn hnh hng nm d n = 1.250 + 200 = 1450.
Cc ngun chi ca d n:
+ Xy dng h bi: 5.000
+Lm ng: 1.200
Tng: 6.200
NPV d n = 1.450 * PVFA (8%,6) 6200 = 1.450 * 4,6229 6.200 =503,205

D n Rp ht.
Cc ngun chi ca d n:
+ Xy Rp ht: 2.400
Cc ngun thu ca d n:
+ Khu hao = 2.400 / 6 = 400
+ Li nhun sau thu = [ 920 (400 + 100 + 220) ] * ( 1- 25%) + ( 50 +80) * ( 125%) = 247,5
+ => Thu nhp vn hnh hng nm ca d n= 247,5 + 400 = 647,5

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+Thu t thanh l TSC = (50-20) * (1-25%) = 22,5

Vy NPV d n Rp Ht = 647,5 * PVFA ( 8%,6) + 22,5 * PVF (8%,6) 2.400=
607,507
La chn d n Rp Ht.
2. d n H bi khng b l, nu d n xy dng H bi c chn IRRd n
>= Li sut vay vn (r ) t l sinh li m nh u t i hi. Vi IRR= r ngha l
nu d n c t l hon vn IRR bng chi ph s dng vn, th cc khon thu nhp
t d n hon tr phn gc u t vo d n v tr li.
Vi 1 d n c IRR c nh khng b l th chi ph s dng vn ti a = IRR.
Tnh IRR ca d n
Chn r1= 10% => NPV1= 1.450 * PVFA (10%,6) 6200= 1450*4,3553 6200 =
115,185.
Chn r2=11% => NPV2= 1450*PVFA(11%,6)- 6200 = 1450 *4,2305 6200 = 65,775.
IRR= 10% + (11%- 10%) * 115,185 / (115,185 + 65,775) = 10,636%
Ta c r = LS * ( 1- 25%) => LS ti a = 10,636 / 75% = 14,1813 %
Bi 9.
Mt cng ty sn xut kem nh rang d kin nm ti s u t m rng sn xut v
phi la chn mt trong 2 d n sau:
-D n A: Trang b dy chuyn ca hng Aquafresh tr gi 1.200 triu, thi gian s
dng l 6 nm. D n to ra nhu cu phi b sung VL thng xuyn l 200 triu,
doanh thu thun c th t c hng nm theo d kin l 550 triu, chi ph hot ng
( khng k khu hao TSC) l 200 triu. Khi d n kt thc c th thu hi ton b vn
lu ng v thu v thanh l TSC ( tr chi ph) l 20 triu.
-D n B: Trang b dy chuyn ca hng Colgate tr gi 900 triu, thi gian s dng l
3 nm, doanh thu thun t c hng nm l 700 triu, chi ph hot ng ( khng k
khu hao) l 300 triu , gi tr thanh l ca dy chuyn ( tr chi ph ) l 10 triu
ng.
Yu cu:
1. Hy tnh gi tr hin ti thun ca mi d n?
2. Chn gip cng ty 1 trong 2 d n trn?
Bit rng:

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C 2 dy chuyn u tnh khu hao theo phng php ng thng.

Chi ph s dng vn ca 2 d n u l 10% v cng ty khng b gii hn v vn

u t.

Thu sut thu thu nhp doanh nghip l 25%.

Answer.
1. D n A.
Cc ngun thu ca d n:
+ Khu hao = 1200/ 6 = 200
+ Li nhun sau thu= [ 550 ( 200 + 200) ] *( 1-25%) = 112,5
+ Thu t thanh l ti sn = 20 * (1 -25%) = 15
+ Thu nhp vn hnh hng nm d n = 200 + 112,5 = 312,5
+Thu hi VLtx = 200
Cc ngun chi ca d n:
+ Trang b dy chuyn: 1.200
+ VLtx = 200
+ Tng = 1400
NPVd n = 312,5 * PVFA (10%,6) + {200 + 15}* PVF (10%,6) 1400 = 312,5 * 4,3553 +
215 * 0,5645 1400 = 82,39875
D n B.
Cc ngun chi ca d n:
+ Trang b dy chuyn 900
+ VLtx= 0
+ Tng = 900
Cc ngun thu ca d n:
+ Khu hao = 900/3= 300
+ Li nhun sau thu = [ 700 ( 300 + 300) ] * ( 1- 25%) = 75
+ Thu nhp vn hnh ca d n = 300 + 75 = 375.

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+ Thu t thanh l TSC = 10 * ( 1- 25%) = 7,5

NPVd n = 375 * PVFA (10%,3) + 7,5 * PVF (10%,3) 900 = 375 * 2,4869 + 7,5 *0,7513900 = 38,22225.
2. La chn d n.
Note.
nh gi la chn DAT thuc loi loi tr nhau c tui th khng bng nhau.
-

Phng php thay th.

+ Quy cc DA v cng 1 mt bng so snh cng di thi gian hot ng.

+ di thi gian l bi s chung nh nht ca cc DA c tui th khng bng nhau.
+ Tnh gi tr hin ti thun ca cc DA trn c s dng tin v thi gian c iu chnh .
. Ht Note.
Gi nh d n B sau 3 nm c lp li ln th 2 vi mi iu kin nh ban u.

Nm
D n

Nm
0

(900)

375

375

375

375

375
B

7,5
375

(900)

7,5
B + B

(900)

375

375

(517,5)

375

375

382,5

NPV d n (B + B) = 375 * PVFA ( 10%,6) + 7,5 * [ PVF (10%,3) + PVF (10%,6) ] 900
900 * PVF (10%,3) = 375 * 4,3553 + 7,5 * ( 0,7513 + 0,5645) 900 900 * 0,7513 = 66,936.
NPV (B + B) < NPV (A ). La chn d n A.
Bi 1. Mt ngi d nh gi tit kim sau 10 nm (k t khi gi khon tin u tin) s
nhn c s tin l 50 triu ng. Nu li sut ngn hng l 8% nm ( tnh theo phng
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php li kp) th mi nm ng ta s phi gi u n vo ngn hng mt s tin l bao

nhiu?
Answer.
FVAn= CF * FVFA (8%,10)* (1+8%)
50= CF * 14,4866* (1+8%)
CF = 3,1958 tr.
Nh vy u mi nm( k t khi gi khon tin u tin) ng ta phi gi u n vo 1
khon tin l 3,1958tr.
Bi 2. ng A c 2 cun s tit kim, 1 cun c thi hn 3 nm v 1 cun c thi hn 5 nm
tnh t thi im hin ti. Khi ht hn mi cun u c gi tr l 5 triu ng. Vy ngay t
by gi ng A phi gi mt s tin l bao nhiu.
Bit li sut ngn hng l 9% nm theo pp li kp.
Answer.
PVAn= FV * [ PVF(9%,3) + PVF(9%,5)]
= 5 * [ 0,7722 + 0,6499]
= 7,1105 triu ng.
Bi 3. Mt ngi d tnh cn ng 30 nm na th s ngh hu. Anh ta d nh gi tin vo
qu hu bng khi ngh hu s m mt ca hiu kinh doanh.
1. Nu c mi nm anh ta gi 1 triu ng ( bt u t thi im hin ti) th ti lc
ngh hu anh ta s nhn c s tin l bao nhiu.
2. Nu mun nhn c 100 triu ng khi ngh hu th mi nm anh ta phi gi bao
nhiu?
Bit li sut tit kim l 10%/ nm theo pp li kp.
Answer.
1. FVAn= CF * FVFA (10%,30) * ( 1+ 10%)
= 1* 164,4940 * (1+ 10%)
=180,9434 tr.
2. 100 = CF * FVFA (10%,30) * ( 1 + 10%)
CF = 0,552659 tr.

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Bi 4. C hai d n u t A v B cng c lp cho mt i tng u t c s liu

nh sau:
1. Tng s vn u t ca 2 d n u l 120 tr. Trong vn u t vo TSC l
100 triu ng.
2. Thi gian b vn u t ( thi gian thi cng xy dng) v s vn u t b vo tng
nm ca tng d n nh sau:
v: tr.

D n
A

Nm 1

50

50

Nm 2

50

70

Nm 3

20

Nm

3. D tnh s li nhun rng sau khi cc d n i vo sn xut nh sau:

D n
A

Nm 1

Nm 2

14

12

Nm 3

17

13

Nm 4

20

16

Nm 5

11

11

Nm

4. S tin khu hao TSC hng nm ca d n A v B khi i vo sn xut u l 20

triu / nm.
5. C 2 d n khi u t xong u i vo sn xut ngay.
Cn c vo ti liu trn, hy s dng pp t sut li nhun bnh qun vn u t
la chn d n u t c hiu qu.
Answer.
D n A.

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S li nhun bnh qun do u t mang li trong thi gian u t:

PrA = ( 0 + 0 + 0 + 9 + 14 + 17 + 20 + 11) / 8 = 8,875

S vn bnh qun hng nm:

Cn c vo ti liu c th xc nh s vn u t tng nm:
+Nm th I thi cng: 50 triu .
+Nm th II thi cng: 50 + 50= 100 triu .
+Nm th III thi cng: 100 + 20 = 120 triu .
+Nm th I sn xut: 120 triu .
+Nm th II sn xut: 120 -20= 100 triu .
+Nm th III sn xut: 100-20= 80 triu .
+Nm th IV sn xut: 80- 20 = 60 triu .
+Nm th V sn xut: 60 20 = 40 triu .
S vn u t bnh qun hng nm:
VA = [ (50 + 100 + 120 ) + (120 + 100 + 80 + 60 + 40) ] / 8 = 83,75.
T sut li nhun bnh qun vn u t ca d n A:
TsVT = 8,875/ 83,75= 10,597%
D n B.
Pr= ( 0+ 0+ 0+ 8 + 12 + 13 + 16+ 11 ) / 8 = 7,5
V=[ ( 50 + 120 + 120) + ( 120 + 100 + 80 + 60 + 40) ] / 8 = 86,25
TsVT= 7,5/ 86,25 = 8,6956%.
Bi 5: ( n v: tr)
Doanh nghip X vay mt khon tin l 1.000 v phi hon tr trong thi gian 5
nm, mi nm u tr mt khon tin ( gc + li) bng nhau v phi chu li sut
8% trn s d n cn li.
Hy lp lch trnh tr n v ghi r s tin gc, li phi tr mi nm?
Answer.
PVAn = CF * PVFA ( 8%, 5)
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1000= CF * 3,9927
CF= 250,457.
Lch trnh tr n
(3) = (1) * 8%
(4) = (2) ( 3)
(5) = (1) ( 4)
Nm

S d u
k (1)

S tin tr
mi nm (2)

Tr li (3)

Tr gc (4)

S d cui
k. (5)

1000

250,457

80

170,457

829,543

829,543

250,457

66,3634

184,0936

645,4494

645,4494

250,457

51,6360

198,821

446,6284

446,6284

250,457

35,730

214,727

231,9014

231,9014

250,457

18,5556

231,9014

Bi 6: ( n v: tr)
Mt doanh nghip thu ti chnh mt TSC c nguyn gi l 800, thi gian thu v thi
gian s dng ca TSC l trng nhau v bng 5 nm. Hp ng gia cng ty cho thu ti
chnh v doanh nghip thu c quy nh r doanh nghip thu phi thanh ton cho cng ty
cho thu ti chnh trong 5 nm, mi nm 1 ln vo cui nm, s tin ( c gc v li ) phi
tr cc nm u bng nhau v phi chu li sut 10% trn s d n cn li.
Yu cu:
1. Hy xc nh s tin gc, tin li m doanh nghip phi tr cho cng ty cho thu ti
chnh mi nm v lp lch trnh tr n?
2. Gi s ti cui nm th 3, doanh nghip mun mua li ti sn thu vi gi mua
bng gi tr cn li ca TSC th doanh nghip s phi thanh ton cho Cng ty cho
thu tng s tin l bao nhiu?
Answer
PVAn = CF * PVFA (10%,5)
800 = CF * PVFA ( 10%,5)

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CF = 211,372.
Lp lch trnh tr n tng t bi 5.
Bi 7. (n v: tr)
Cng ty A c k mt hp ng v thu ti chnh mt TSC vi cc thng tin chi tit ch
yu nh sau:
-Thi gian thu: 5 nm.
-S tin cng ty A phi tr ( c gc v li) mi nm l 200 v phi chu li sut 10% trn
s n cn li.
Yu cu: Hy xc nh nguyn gi TSC thu ( thi gian s dng ca ti sn ny l 5
nm) v s tin li phi tr mi nm cho cng ty cho thu ti chnh?
Answer.
Lp lch trnh tr n cho tng nm.
PVAn= CF * PVFA (r,n)
= 200 * PVFA (10%, 5)
=758,16.
NG TSC = 758,16.
Bi 8.
Ban lnh o ca Cng ty gch ngi Nam ng lp k hoch m rng mt phn xng
sn xut. S m rng ny cn phi trang b mt s xe ti phc v cho sn xut. Mt
trong nhng c gng tit kim chi ph ca Cng ty l nh gi li nhu cu i vi xe
vn ti ca cc phn xng trong ton Cng ty v qua iu c 4 xe ti cho d
n m rng. Nu d n khng c trin khai th 4 xe ti ny c th c bn hoc cho
thu vi s liu trong thi gian 6 nm nh sau:
Xe ti

Gi tr ti thi im
hin ti

Tin cho thu thun

nhn c mi nm

Gi tr ti thi im
kt thc nm th 6

150

40

40

110

30

30

160

38

75

150

36

20

Gi s b qua yu t thu thu nhp v t l chit khu l 16%. Hy tnh chi ph c hi

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P@ge 13 |-} {_\

 u nl oq us n

ca vic s dng xe cho d n m rng sn xut.

Answer.
Note.
Chi ph c hi:
+ L thu nhp b b qua do chp nhn d n ny m khng chp nhn d n khc.
+ Chi ph c hi ca mt ti sn l hin gi cao nht ca dng tin thun c th to ra t ti
sn nu d n u t khng s dng n.
+ Khi xem xt nhng khon thu nhp tng thm ca 1 d n u t khng c b qua chi
ph c hi m phi c tnh n nh 1 phn ca chi ph u t.
VD: Gi s DN s hu mt bi u xe v d nh bin n thnh nh my lp t.
-

Khon vn u t ban u l 50 t ng, k vng to ra dng thu nhp mi nm 14

t, trong thi gian 6 nm.

Nu d n nh my khng c trin khai, DN c th s dng l t cho thu vi

khon thu nhp d tnh l 200 tr mi nm hoc bn quyn s dng t vi gi 2 t
thi im hin ti.

Gi tr th trng ca l t sau 6 nm l 2,1 t , chi ph s dng vn ca DN l

10%.

Chi ph c hi ca l t l gi tr hin gi ln nht ca 1 trong 2 phng n s dng:

+ Cho thu vi thi hn 6 nm.
+ Bn quyn s dng l t.
Vy chi ph c hi ca l t.
-

Bn quyn s dng t ngay:

Chi ph SD t = 2000 2100 / ( 1 +10%) ^ 6 = 814,604 tr.

Cho thu vi thi hn 6 nm:

Chi ph SD t = 200 * PVFA ( 10%,6)= 200 * 4,3553= 871,06 tr.

Phng n cho thu l t c gi tr hin gi cao hn nn chn n lm chi ph c hi l

hp l.

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Dng tin ca d n xy dng nh my ( Bao gm c chi ph c hi ca l t)

Dng tin

Nm
0

Nm
1

Nm 2

Nm 3

Nm 4

Nm 5

Nm 6

Dng tin
XD

(50)

14

14

14

14

14

14

(0,2)

(0,2)

(0,2)

(0,2)

(0,2)

(0,2)

13,8

13,8

13,8

13,8

13,8

13,8

CP c hi
Dng tin
thun

(50)

..Ht Note.
Chi ph c hi ca vic s dng xe cho d n m rng sn xut l Tng gi tr hin
gi ln nht ca 1 trong 2 phng n la chn: cho thu, hoc bn i vi tng xe
ti.( Tng xe ti l c lp vi nhau).
Chi ph c hi ca vic s dng xe ti.

Phng n

Bn xe ti

Cho thu xe

PVF(16%,6) = 0,4104

PVFA(16%,6)=3,6847

Chi ph
c hi

150 40*0,4104 =133,584

40* 3,6847= 147,388

147,388

110 30* 0,4104= 97,688

30 * 3,6847= 110,541

110,541

160 75 *0,4104= 129,22

38 * 3,6847= 140,0186

140,0186

150 20 * 0,4104= 141,792

36 * 3,6847= 132,6492

141,792

Xe

Tng

539,7396

Chi ph c hi ca vic s dng xe cho mi nm.

PVAn= CF * PVFA (16%,6)
539,7396 = CF * 3,6847
CF = 146,4812875.
Bi 13.
Mt cng ty X c nhu cu mua mt my cng tc, h ang cn nhc la
chn 1 trong 2 phng n sau:
+ Nu cng ty mua my M1 th vn u t ban u l 120 tr, thi hn s dng
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P@ge 15 |-} {_\

 u nl oq us n

6 nm. D tnh sau 5 nm s dng c th nhng bn vi gi l 30 tr. Trong

mi nm s dng , my c th mang li khon li nhun trc thu l 30 tr/
nm.
+ Nu cng ty mua my M2 th gi hin hnh l 80 triu ng, thi gian s dng
l 5 nm. Li nhun trc thu do my mang li hng nm nh sau:
Nm th 1: 20 tr.

Nm th 2: 22 tr.

Nm th 4: 25 tr.

Nm th 5: 20 tr.

Nm th 3: 24 tr.

D kin sau 5 nm s dng c th thanh l vi gi 6 triu ng.

Bit rng:
-

Cng ty s dng pp khu hao bnh qun theo nm s dng.

Thu sut thu thu nhp doanh nghip l 25%.

Chi ph s dng vn bnh qun ca cng ty l 10%.

Chi ph cho vic nhng bn v thanh l ti sn c nh coi nh ko ng k.

Theo bn, Cng ty nn mua loi my no th c li hn?

Answer.
D n M1.
Cc ngun chi ca d n
+ Vn u t ban u 120
Cc ngun thu ca d n.
+ Khu hao= 120 /6= 20.
+Li nhun sau thu = 30* ( 1-25%) = 22,5
+ Thu t thanh l TSC cui nm th 5
My M1 sau 5 nm s dng th
Gi tr cn li ca my Gc= 120 20*5 = 20.
Thu TNDN phi np ( bn c gi, > gi tr cn li)
(30-20) * 25% = 2,5.

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 u nl oq us n

Thu nhp nhng bn ( sau thu) = 30 2,5 = 27,5 tr.

Thu nhp vn hnh hng nm = 22,5 + 20 = 42,5.
NPVM1= 42,5 * PVFA (10%,5) + 27,5 * PVF(10%,5) 120 = 42,5* 3,7908 + 27,5*
0,6209 -120 = 58,18375.
D n My M2.
+Khu hao = 80/5= 16
Bng dng tin ca d n.

Nm (n)
Cc khon mc
0

Khu hao hng nm (2)

16

16

16

16

16

Li nhun trc thu (3)

20

22

24

25

20

Li nhun sau thu (4)

15

16,5

18

18,75

15

Dng tin thun vn hnh

(5)

31

32,5

34

34,75

31

Vn T ban u (1)

(80)

Thu t thanh l (sau thu)

(6)
Dng tin D n (7)

4,5
(80)

H s PVF (10%, n)
Gi tr hin ti ca (7)

(80)

31

32,5

34

34,75

35,5

0,9091

0,8264

0,7513

0,6836

0,6209

28,1821 26,858 25,5442

23,7551

22,04195

(4) = ( 3) * ( 1- 25%)
(5) = ( 4) + (2)
(6) = 6 * ( 1- 25%)
(7) = ( 1) + ( 5) + (6)
NPVM2 = 46,38135 < NPVM1 => chn M1.

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Bi 14.
Cng ty X ang cn nhc gia vic tip tc s dng thit b c hay thay th thit b
mi. Thit b c c gi bn trn th trng thi im hin ti l 42.000 USD ( bng
gi tr cn li ca thit b). Nu s dng tip, n c th em li khon li nhun sau
thu mi nm l 5.000 USD trong 6 nm. Gi tr thanh l ca thit b sau 6 nm coi
nh khng ng k.
Thit b mi c gi tr khong 72.000 USD ( bao gm c chi ph vn chuyn, lp t
etc) v k vng mang li khon li nhun sau thu mi nm l 7.000 USD. D
kin gi tr thanh l ca thit b sau 6 nm l 5.000 USD.
Hy cho bit:
1. Cng ty c nn thay th thit b c hay khng?
2. Cng ty ch nn thay th thit b mi vi mc li nhun sau thu k vng mi
nm ti thiu l bao nhiu?
Bit rng:
-

Cng ty p dng phng php khu hao ng thng.

Chi ph s dng vn l 14%

Thu sut thu TNDN l 25%.

Note.
Nguyn tc s dng khon chnh lch t cc dng tin ca d n:
-

p dng trong trng hp phi la chn 1 trong 2 DA

Chp nhn mt d n l da vo vic tnh ton s thay i dng tin trong tng lai
ca DA c coi l hu qu trc tip ca vic thc hin d n ( dng chnh lch)

S thay i ny th hin d n c mang li gi tr tng thm cho DN hay khng?

VD: i vi nhng dng bi la chn thay th my mi = my c.

Mt DN ang vn hnh mt chic my c tui th 5 nm.
Thu nhp c tnh mi nm l 10.000 USD.
Gi tr hin ti l 6.000 USD, gi tr cn li khi kt thc nm th 5 = 0.
Hin cng ty ang xem xt mua mt my mi c hiu qu hn thay th my c.
Tui th my mi l 5 nm. Chi ph hot ng hng nm l 13.000 USD, thp hn chi ph
ca my c.
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 u nl oq us n

Thu nhp ca my mi l 13.000 USD mi nm.

Gi bn hin nay ( gm c chi ph vn chuyn, lp t) l 17.000 USD. Gi tr cn li
cui nm th 5: 5.000 USD.
Chi ph s dng vn l 15%

Chnh lch dng thu nhp ca d n ( v: 1.000 $)

Nm
Tiu thc
0
Gi mua my mi

13

13

13

13

18

(10)

(10)

(10)

(10)

(10)

(17)

Dng TN thun ca my mi
Gi bn my c

Dng TN thun ca my c
Chnh lch dng TN tng thm ca DA

(11)

quyt nh gi my c hay mua may mi phi tnh gi tr hin ti thun ca khon thu
nhp tng thm :
-

Nu gi tr hin ti thun > 0 th cn thay th.

Nu gi tr hin ti thun < 0 th khng nn thay th.

Gi s chi ph s dng vn ca DN l: 15%

Gi tr hin ti thun.
= 3.000/ 1,15 + 3.000/ 1,152 + 3.000/ 1,153 + 3.000 / 1,154 + 8.000/ 1,155 11.000=
1.542,3 USD.
Nn thay th my miHt Note.
Answer
1. Tnh NPV ca dng tin chnh lch ca d n.
My mi.
Nguyn gi= 72.000
Li nhun sau thu mi nm = 7.000

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P@ge 19 |-} {_\

 u nl oq us n

Khu hao hng nm = 72.000 / 6 = 12.000

Thu nhp vn hnh hng nm = 7.000 + 12.000 = 19.000
Thu t thanh l thit b = 5.000 * ( 1- 25%) = 3750
My c
Gi tr hin ti = 42.000
Khu hao hng nm = 42.000 / 6 = 7.000
Li nhun sau thu hng nm = 5.000
Thu nhp vn hnh hng nm = 7.000 + 5.000 = 12.000
Thu t thanh l thit b = 0
Bng dng tin chnh lch ca d n. v: 1.000 USD

Nm (n)
Ch tiu
0
u t my mi

19

19

19

19

19

19

(72)

Dng thu nhp vn hnh (my

mi)
Gi tr thanh l my
Bn my c

3,75
42

Dng thu nhp vn hnh( my

c)
Dng tin chnh lch ca d
n

(30)

H s PVF ( 14%, n)
Gi tr hin ti dng chnh
lch

(30)

(12)

(12)

(12)

(12)

(12)

(12)

10,75

0,8772

0,7695

0,6750

0,5921

0,5194

0,4556

6,1404

5,3865

4,7250

4,1447

3,6358

4,8977

Vy NPVdng chnh lch = - 1,0699.

Kt lun khng nn thay th my mi.
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 u nl oq us n

2. Cng ty ch nn thay th thit b mi vi mc li nhun sau thu k vng mi nm ti

thiu l: X (USD)
Nh vy, i vi my mi.
Dng thu nhp vn hnh hng nm = X + 12.000
V NPVdng chnh lch = 0
(X + 12.000 12.000 ) * 0,8772 + ( X + 12.000 12.000) * 0,7695 + ( X +
12.000- 12.000) * 0,6750 + ( X + 12.000 12.000) * 0,5921 + ( X + 12.000 12.000
) * 0,5194 + ( X + 12.000 + 3.750 12.000) * 0,4556 30.000 = 0
3,8888 X = 28.291,5
X = 7275,123 USD.
Bi 15. Mt cng ty ang ng trc s la chn mua my mi ay tip tc s
dng my c.
-

My c c nguyn gi 200 tr, khu hao 60%, nhng theo gi tr th trng

l 60 tr. Chic my ny mi nm c th mang li 20 tr li nhun trc thu.
Sau 4 nm na s phi thanh l, c tnh gi tr thanh l khng ng k.

Nu mua my mi, d tnh phi b vn u t l 600 triu ng bng ngun vn

vay vi li sut bnh qun l 7%/ nm. Thi gian s dng l 4 nm, mi nm
mang li khon li nhun trc thu l 55 triu . Sau 4 nm s dng c th
thanh l, gi tr thanh l ( sau khi tr i chi ph) l 30 tr, Nhng ngay by gi
phi u t vn lu ng thng xuyn l 25 tr.

Hy dng tiu chun NPV t vn cho cng ty nn chn phng n no?

Bit rng cng ty ang s dng phng php khu hao tuyn tnh c nh v
thu sut thu TNDN l 25%.
Answer.
My c.
Gi tr cn li ca my
Gc= 200 200 * 60% = 80 tr.
Khu hao hng nm = 80/4= 20.
Thu nhp vn hnh hng nm = 20 + 20 * ( 1- 25%) = 35
My mi.
Khu hao = 600 / 4 = 150.
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 u nl oq us n

Thu nhp vn hnh hng nm = 150 + 55 * ( 1- 25%) = 191, 25

Thu nhp t bn my c = 60 tr.
Thu thu nhp c khu tr ( gi bn my < gi tr cn li ca my )= (80
60)*25% = 5 tr.
Thu hi VLtx cui nm th 4 = 25
Thu t thanh l my mi = 30 * ( 1-25%)= 22,5
Bng tnh dng tin chnh lch ca d n.
(v: tr)
Nm
Ch tiu
0
NG my mi

(600)

VLtx

(25)

Thu nhp vn hnh (my mi)

191,25

191,25

191,25

191,25

VLtx thu hi cui nm th 4

25

Thu t thanh l my mi

22,5

Bn my c

60

Thu TNDN c khu tr

Thu nhp vn hnh my c

Dng tin chnh lch d n
H s PVF (7%, n)
Gi tr hin ti dng chnh lch

(560)

(35)

(35)

(35)

(35)

156,25

156,25

156,25

203,75

0,9346

0,8734

0,8163

0,7629

(560) 146,03125 136,46875 127,546875 155,440875

NPVdng chnh lch = 5,48775 > 0. Nn thay my mi.

Bi 16.
Doanh nghip K c hai phng n u t A v B . D tnh s vn u t v khon thu
nhp hng nm ( li nhun sau thu v khu hao) ca tng phng n nh sau:

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P@ge 22 |-} {_\

 u nl oq us n

(n v: tr)
Nm

Phng n A

Phng n B

Vn u t

Thu nhp

Vn u t

Thu nhp

120

70

30

50

50

50

50

60

38

50

168

160

Cng

120

Hy gip Cng ty la chn mt trong 2 phng n k trn theo phng php t sut hon
vn ni b?
Bit rng: Chi ph s dng vn bnh qun l 9%/nm
Answer.
Phng n A.
NPVA = 30/ ( 1 + IRRA)1 + 50/ ( 1 + IRRA) 2 + 50/( 1+ IRRA) 3 + 38/(1 + IRRA) 4 - 120
Tm IRR NPVA = 0
Chn r1= 13% => NPV1 = 3,664626
Chn r2= 16% => NPV2= - 3,95984
IRRA = 13% + 3,664626 * ( 16% - 13%) / ( 3,664626 + 3,95984)
= 14,442%
Phng n B
NPVB = 50/ ( 1 + IRRB )2 + 60/ ( 1 + IRRB ) 3 + 50 / ( 1 + IRRB ) 4 70 50/ ( 1 + IRRB )
Tm IRRB NPVb= 0
Chn r1= 8% => NPVB = 3,24837
Chn r2= 12% => NPVB = -11,6575.
IRRB = 8% + 3,24837 ( 12%- 8%) / ( 3,24837 + 11,6575) = 8,8717% < chi ph s dng vn bnh
qun = 9%.
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Bi 17.Doanh nghip A lp d n u t xy dng thm mt phn xng sn xut, c ti

liu nh sau:
1. D ton vn u t:
-

u t vo TSC: 200 tr.

Nhu cu VL thng xuyn cn thit d tnh bng 15% doanh thu thun, ton
b vn u t b ngay mt ln.

2. Thi gian hot ng ca d n l 4 nm.

3. Doanh thu thun do phn xng a li hng nm l 400 tr.
4. Chi ph hot ng kinh doanh hng nm ca phn xng gm:
-

Chi ph bin i bng 60% doanh thu thun.

Chi ph c nh ( cha k khu hao TSC) l 62 tr/ nm.

5. D kin thi gian s dng ca cc ti sn c nh thuc phn xng l 4 nm v

khu hao theo phng php ng thng, gi tr thanh l khng ng k.
6. S VL ng ra d kin s thu hi ht vo cui nm th 4.
7. Thu sut thu thu nhp doanh nghip l 25%.
Yu cu:
A, Xc nh gi tr hin ti thun ca d n?
B. Xc nh t sut doanh li ni b ca d n? Da trn tiu chun ny, hy cho bit
DN c nn la chn d n ny khng?
Bit rng: Chi ph s dng vn bnh qun ca d n l 12%.
Answer.
a. Xc nh gi tr hin ti thun ca d n.
NG TSC = 200.
Khu hao hng nm = 200 / 4= 50.
CP B = 60% DTT = 0,6 * 400 = 240
CPC ( cha k KH) = 62.
LNst = [ 400 (240 + 62 + 50) ] * ( 1 25%) =36
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 u nl oq us n

Thu nhp vn hnh hng nm = 36 + 50 = 86.

VLtx = 15% * DTT = 0,15 * 400 = 60
Vy NPV d n = 86 * PVFA (12%, 4) + 60 * PVF ( 12%,4) 200 260
= 39,3378.
b. Xc nh t sut doanh li ni b ca d n.
NPV d n = 86 * PVFA (IRR, 4) + 60 * PVF ( IRR, 4) -260 = 0.
Chn r2= 20% => NPV2= -8,4338
Chn r1= 15% => NPV1= 19,838
IRR = 15% + 19,838 * ( 20% -15% ) / ( 19,838 + 8,4338)
= 18,5% > chi ph s dng vn = 12%
Nn chp nhn d n.
Bi 18.
Cng ty X ang xem xt la chn mua mt trong 2 loi thit b T1 v T2 c tnh
hnh s liu sau:
-

i vi thit b T1: Gi mua v cc chi ph khc ( vn chuyn, lp t, chy

th) l 100 tr, thi gian s dng l 2 nm. Theo tnh ton mi nm s dng
thit b c th mang li khon li nhun sau thu l 23,8 tr.

i vi thit b T2: Gi mua v cc chi ph khc l 160 tr, thi gian s dng l
4 nm. Theo tnh ton, mi nm s dng thit b c th em li khon li nhun
sau thu l 25 tr.
Hay cho bit cty nn chn mua thit b no s c li hn?
Bit rng:

Chi ph s dng vn bnh qun l 12%

Gi tr thanh l thit b khng ng k.

Answer.
Thit b 1.
Khu hao = 100/ 2 = 50.
Thu nhp vn hnh = 50 + 23,8 = 73,8

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P@ge 25 |-} {_\

 u nl oq us n

NPV1 = 73,8 * PVFA ( 12%, 2) 100 = 24,72938

Thit b 2.
Khu hao = 160 /4 = 40
Thu nhp vn hnh = 40 + 25 = 65
NPV2 = 65 * PVFA ( 12%, 4 ) 160 = 37,1905
Do 2 thit b khng cng nhau tui th v vy gi s i vi T1 sau 2 nm s dng c
lp li ln th 2 vi mi iu kin nh ban u.
Bng dng tin ca d n mi.
Nm

(100)

73,8

73,8
(100)

73,8

73,8

(26,2)

73,8

73,8

My
T1
T1
T1 + T1

(100)

73,8

NPV (T1 +T1) = 73,8 * PVFA (12%,4) 100 100 * PVF ( 12%, 2)
= 73,8 * 3,0337 -100 -100* 0,7972= 44,16706
Quyt nh chn T1 theo pp NPV.
Done.
2/1/2012

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P@ge 26 |-} {_\