(Tài Chính Doanh Nghiệp) Giải Bài tập TCDN Hiện Đại Full

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HNG DN GII BI TP
TI CHNH DOANH NGHIP HIN I
CHNG 1 ....................................................................... 2
CHNG 2 ..................................................................... 10
CHNG3 ...................................................................... 20
CHNG 4 ..................................................................... 43
CHNG 5 ..................................................................... 66
CHNG 6 ..................................................................... 86
CHNG 7 ..................................................................... 96
CHNG 8 ..................................................................... 97
CHNG 9 ................................................................... 110
CHNG 10 ................................................................. 118
CHNG 11 ................................................................. 132
CHNG 12 ................................................................. 141
CHNG 14 ................................................................. 164
CHNG 15 ................................................................. 177
CHNG 16 ................................................................. 192
CHNG 18 ................................................................. 215
CHNG 20 ................................................................. 224
CHNG 30 ................................................................. 243
CHNG 32 ................................................................. 248

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XIN CM N CHN THNH S CHIA S
CA CC N ANH I TRC K-32
CHNG 1
Cu 1: in t vo ch trng
Cc cng ty thng u t vo cc ti sn thc. Nhng ti sn ny bao gm
ti sn hu hnh nh my bay dn dng v ti sn v hnh nh nhn hiu. tm
ngun vn ti tr cho chi ph u t vo nhng ti sn ny , cc cng ty phi bn
cc ti sn ti chnh nh l cc tri phiu . Quyt nh v vic nhng ti sn no s
c u t thng c gi l quyt nh u t hoc l quyt nh ngn sch
vn. Quyt nh v cch gia tng vn nh th no thng c gi l quyt nh
ti tr

Cu 2: Gii thch cc thut ng
A_Ti sn ti chnh v ti sn thc
Ti sn ti chnh:l cc loi giy t c gi tr bao gm cc loi chng khon v
cc khon n vay ngn hng c nm gi bi cc nh u t .Cng ty c phn
bn cc loi ti sn ti chnh huy ng vn u t vo c ti sn thc .
Ti sn thc lcc ti sn hu hnh nh my mc thit b,nh xng vn phng
lm vic. Mt s ti sn khc l ti sn v hnh nh:c quyn v k thut, uy tn
thng hiu vn bng sng ch Tt c nhng ti sn ny u c nhng gi tr
tng ng ca n .
Cc ti sn ti chnh bn thn n c mt gi tr nht nh bi v n c m bo
trn ti sn thc ca cng ty v dng thu nhp tng lai m n mang li.
B_.Th trng ti chnh v cc trung gian ti chnh:
BI TP CHNG 1


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Th trng ti chnh:l ni giao dch cc loi chng khon .Th trng ti chnh
bao gm 2 b phn th trng tin t v th trng vn .
Th trng tin t l ni m cc cng c n ngn hn( di 1 nm) c mua
bn vi s lng ln .i tng ca th trng tin t l cc chng khon ngn hn
nh thng phiu, k phiu thng mi chng ch tin gi.
Th trng vn l ni nhng cng c vn, cng c n trung v di hn (trn 1
nm) do nh nc,cc doanh nghip pht hnh c trao i mua bn chuyn
nhng .Tri phiu di hn v c phi c giao dch trn th trng ny .
Trung gian ti chnh :l cc t chc huy ng vn t cc nh u t hoc ngn
hng v sau u t vo cc ti sn ti chnh nhm mc ch kim li .
Vd: ngn hng thng mi ,cng ty bo him
C_ Th trng s cp v th trng th cp
l ni pht hnh ln u chng khon ra cng chng to vn cho n v pht
hnh v ch to ra phng tin huy ng vn . Th trng s cp hm ch hot
ng mua bn c phiu tri phiu mi pht hnh ln u ko theo s tng
thmquy m u t vn .
Th trng s cp : l th trng mua bn li cc loi chng khon c pht
hnh .Lc ny chng khon tr thnh mt mt hng kinh doanh ,mt sn phm c
bit , Th trng th cp l hot ng mua bn cc c phn tri phiu ..n tay th
hai m khng lm tng quy m u t vn ,khng thu ht thm c cc ngun
ti chnh mi nhng n to nn mt yu t quan trng c bn ca vic mua chng
khon :tnh thanh khon gip cho chng khon c th chuyn i ra tin mt .S
c mt ca th trng th cp trn nguyn tc c th gip ngi c chng khon
chuyn thnh tin mt mt cch d dng tng tnh hp dn ca chng khon .C
th ni th trng th cp to iu kin cho th trng s cp pht trin ,tng tim
nng huy ng vn ca c quan pht hnh chng khon .
D_ Quyt nh ngn sch vn v quy nh ti tr

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Quyt nh ngn sch vn hay quyt nh u t l vic quyt nh la chn ti
sn no u t .
Quyt nh ti tr :quyt nh s dng ngun ti tr no cho d n u t c
la chn
E _Cng ty c phn ni b v cng ty c phn i chng:
Cng ty c phn ni b:l khi cng ty mi c thnh lp u tin c th c
phn ca n ch c nm gi bi mt nhm nh cc nh u t ,chng hn nh
cc nh qun l cng ty v mt vi ngi khc cng chung vn. Trong trng hp
ny c phn khng c mua bn rng ri trong cng chng.
Cng ty c phn i chng : Khi cng ty tng trng v pht hnh thm nhiu c
phn nhm gia tng b xung vn th nhng c phn ca n c giao dch mua
bn rng ri trn th trng . Theo l s lng c ng c tng ln ,c ng
l mi tng lp trong dn chng nn gi l cng ty c phn i chng.
F_ Trch nhim i vi khon n gii hn v trch nhim i vi khon n v
gii hn
Trch nhim i vi khon n gii hn :nh u t (ch s hu ) c trch nhim
hu hn i vi cc khon n ca cng ty .Ch c trch nhim i vi phn vn
cam kt gp vo cng ty (cng ty TNHH) , v phn vn gp vo cng ty i
vi cng ty c phn.Nu trong trng hp cng ty b ph sn th ch s hu ch
phi chu trch nhim tr n trong phn vn ca mnh c trong cng ty ht ti sn
th ht trch nhim.
G_ Cng ty c phn vcng ty hp danh
Cng ty c phn l doanh nghip trong :
Vn iu l c chia thnh nhiu phn bng nhau gi l c phn.Ngi s
hu c phn gi l c ng ca cng ty (khng gii hn s lng c ng) C
ng chu trch nhim gii hn i vi cc phn n v ngha v ti sn ca doanh
nghip trong phm vi s vn gp vo doanh nghip.

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Cng ty c phn c th pht hnh chng khan trn th trng .C phn thng c
th giao dch t do trn th trng chng khon.
Hi ng c ng bu ra mt Hi ng qun tr .Hi ng qun tr l c quan
qun l cao nht ca cng ty c phn thay mt cho ch s hu iu hnh doanh
nghip theo mc tiu ti a ho li ch ca ch s hu. Do vy trong cng ty c
phn ngi ang nm quyn s hu cng ty nhng h khng hn s l ngi trc
tip qun l n.
Cng ty Hp Danh:L loi cng ty phi c t nht 2 thnh vin l ch s hu v l
ngi trc tip qun l cng ty gi l thnh vin hp danh .Ngoi thnh vin hp
danh cn c thnh vin gp vn .Thnh vin hp danh l ngi chu trch nhim
bng ton b ti sn ca mnh v cc ngha v ti sn ca cng ty , thnh vin gp
vn ch chu trch nhim v cc khon n trn phm vi s vn gp. Cng ty
Hp Danh khng c pht hnh chng khon

Cu 3: Nhng t thuc ti sn thc l:
- c : nhn hiu
- d : xe ti
- e : mt bng chas dng
- g: li th thng mi
Nhng t thuc ti sn ti chnh l:
- a: c phn
- b: giy nhn n c nhn-IOU
- f: s d trn ti khon thanh ton ca doanh nghip
-h: tri phiu doanh nghip
Cu 4: Nhng iu khng thun li ch yu khi mt cng ty c t chc
di dng cng ty c phn l:

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- Vic t chc b my theo lut nh ca mt cng ty c phn v vic thng
t nhng thng tin cn thit ca n n cc c ng s phi tn nhiu thi gian v
chi ph
- Ngoi ra mt s quc gia ang p dung nhng iu khon lut khng
thun li cho cng ty c phn. V cng ty c phn l mt php nhn tn ti c lp
vi cc c ng ca n nn cc khon thu thu nhp m cng ty ny v cc c
ng ca n phi np cng s c tch bit. V vy cng ty c phn phi np
thu thu nhp doanh nghip ng thi cc c ng ca n phi np thu thu nhp
c nhn trn khon c tc m h c hng t li nhun sau thu ca cng ty.
- Trong cng ty c phn c s phn nh gia quyn s hu v quyn qun l
v y chnh l mt trong nhng u im ca n.Tuy nhin , vic phn nh quyn
s hu v quyn qun l bn thn n cng mang li nhiu vn phin phc khi
mc tiu ca cc ch s hu v mc tiu ca cc nh qun l khc nhau.V iu
ny nguy him ch thay v hnh ng theo nhng c vng cu c ng th cc
nh qun l li tim kim nhng s nhn nh hn, hoc mt phong cch sng lm
vic xa hoa hn, h c th lng trnh nhng quyt nh khng c hp lng
ngi
-
Cu 5:Nhng cu m t chnh xc gim c vn hn k ton trng l:
- a: tng t nh chc danh Gim st ti chnh trong mt cng ty nh
- c: trch nhim u t khon tin mt d tha cho cng ty
- d: trch nhim hoch nh bt k mt pht hnh c phn thng no

Cu 6:Nhng cu p dng cho loi hnh cng ty c phn l:
-c: ch s hu c th chuyn i quyn s hu ca mnh m khng nh hng n
hot ng ca cng ty
-d: cc nh qun l c th b sa thi m khng nh hng n ch s hu


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Cu 7: Trong hu ht cc cng ty c phn ln, ch s hu v cc nh qun l
c tch bch. S tch bch ny ch yu ni ln :
- S tch bit ny em li cho loi hnh cng ty c phn mt thi gian
hot ng xem nh l vnh vin iu ny khc vi cc loi hnh cng ty hp danh
hay cng ty t nhn. i vi cc loi hnh ny th cng ty s chm dt hot ng
khi mt thnh vin tham gia hp danh rt ra khi cng ty hay ngi ch ca cng
ty t nhn cht i.Cn i vi cng ty c phn th thm ch ngay c khi cc nh
qun l t nhim hoc b bi nhim v b thay th th cng ty c phn vn tn ti.
Hoc cc c ng c th rt khon gp vn ca mnh ra khi cng ty bng cch
bn cc c phn ca mnh cho nhng nh u t khc m vn khng h lm gin
on hot ng ca cng ty.
- Ngoi ra s tch bch ny cn cho php mt cng ty c phn lm nhng
iu m cc loi hnh doanh nghip khc nh cng ty t nhn hay cng ty hp
danh khng th lm c nh: cng ty c phn c quyn pht hnh cc loi
chng khon rath trng, c th huy ng vn bng cch pht hnh cc c phn
m ti cc nh u t v n c th dng vn ch s hu ca mnh mua chnh
c phn ca mnh nhm mc ch thu hi lng c phiu pht hnh v.
-
Cu 8: Chi ph i din l: chi ph pht sinh khi c s mu thun gia mc tiu
ca cc c ng v cc nh qun l v iu ny to nn nhng vn v ngi
ch (cc c ng ) v ngi i din (cc nh qun l). Cc c ng s yu cu
cc nh qun l lm sao gia tng gi tr cho cng ty nhng cc nh qun l c
th t rt lui khi nhng cng vic nng nhc ny hoc c th thu vn cho c nhn
lm giu.
Nhng nguyn nhn dn n s hnh thnh chi ph i din l:
- Cc nh qun l khng c gng thc hin nhim v ti a ho gi tr cng ty

TCDN4.NET

- Cc c ng s gnh chu ph tn kim sot ban qun l v do nh
hng n cng vic ca h. Nu cc c ng ng thi cng l nh qun l th d
nhin nhng chi ph ny s khng pht sinh

Cu 9: Nhng khc bit chnh gia cc trung gian ti chnh v cc doanh
nghip hot ng sn xut kinh doanh l:

Trung gian ti chnh
- C th huy ng vn theo mt cch
c bit v d nh: nhn tin gi k
thc hoc bn cc sn phm bo
him
- Cc trung gian ti chnh u t tin
di dng cc ti sn ti chnh nh
cc loi c phn v tri phiu,hoc
cho cc doanh nghip v cc c nhn
vay.Do cc trung gian ti chnh
nhn c cc khon thu nhp t vic
thit lp mt danh mc u t cc ti
sn ti chnh hiu qu,v ngun u
t li c ly t vic pht hnh cc
ti sn ti chnh ca mnh cho mi
ngi c th u t khon tin nhn
ri di dng tin gi k thc, mua
cc sn phm bo him

Doanh nghip hot ng SXKD
- Khng th huy ng vn theo cch
c bit nh ca ti chnh trung gian

- Cc cng ty hot ng sn xut kinh
doanh th ch yu u t vo mua
sm cc ti sn thc nh nh my
hoc thit b my mc.


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Cu 10: Cc trung gian ti chnh ng gp vai tr quan trng khi thc
hin chc nng chu chuyn vn mt cch hiu qu cho nn kinh t l:
- Thc hin cc nghip v thanh ton : cc trung gian ti chnh ngoi vic p
ng nhu cu thanh ton bng tin mt cn c cc hnh thc thanh ton khc nh
chuyn khon , th tn dng, chuyn tin in t dcho php cc c nhn v cc
cng ty nhng khong cch rt xa c th tin hnh giao dch v thanh ton cho
nhau mt cch nhanh chng,an ton v tin li
- To thun li trong hot ng vay v cho vay: hu ht cc trung gian ti
chnh u c huy ng tin gi v k thc v y l nhng ni c th s dng tt
nht cc khon tin ny. Do vy nu mt ngi c khon tin nhn ri hin ti
v mun tit kim th ngi ny c th tin hnh k thc ngn hng di dng tin
gi tit kim. Nhng nu mt ngi khc mun mua mt xe hi ngay hin ti v
tr tin sau th ng ta phi vay mn tin ca ngn hng nh vy l c hai bn
vay v cho va u c toi nguyn. D nhin l khng ch cc c nhn hoc cc
doanh nghip mi c nhu cu vay mn hoc bn c phn mi. Mt chnh ph vi
ngn sch thng xuyn thm ht th khi chnh ph cng tin hnh vay mn
bng cch pht hnh mt s lng ln cc chng ch n.
-Phn tn ri ro: trn cc th trng ti chnh cc trung gian ti chnh gip cc
cng ty v cc c nhn c th phn tn ri ro khon u t ca h khi t thn h
khng th lm iu tt hn.V d cc cng ty bo him c kh nang gip cc
khch hng ca h phn tn ri ro t tn tht do tai nn xe hi hoc cc tn tht
do ho hon.


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CHNG 2
Cu 1: Tin t c gi tr theo thi gian v 3 l do
- S hin din ca yu t lm pht lm gim sc mua ca ng tin theo
thi gian.
- Mong mun tiu dng hin ti vt mong mun tiu dng tng lai.
- Tng lai lc no cng bao hm mt nim khng chc chn, chng ta
khng bit c l s nhn c hay mt mt ng tin trong tng lai hay
khng?
Cu 2: Trong iu kin nn kinh t khng c lm pht th tin t vn c g tr theo
thi gian bi l v cng n gin, l tin th phi lun sinh li v mt ng
nhn c hin ti bao gi cng c gi tr hn mt ng tng lai.

Cu 3: Nu li sut ca nn kinh t bng 0% th tin t vn c ga tr theo thi
gian vi iu kin nn kinh t trong tnh trng gim pht.
Cu 4:
a/ Ti khon ca bn vo 1-1-2008 l:
3
3
(1 ) 1000(1 8%) 1259, 7$
n
FV PVx r = + = + =
b/ Li sut ghp theo qui r=8% nm= 2% qu
12
12
(1 ) 1000(1 2%) 1268, 2$
n
FV PVx r = + = + =
c/
4
4
(1 8%) 1
( , ) 250 1126, 53$
8%
FV CFxFVFA r n x
+
= = =
Cu 5:
a/ c s d trong ti khon tit kim 1000$ vo ngy 1-1-2008 th vo ngy 1-
1-2005 cn phi gi vo ngn hng mt s tin l:
3
(1 ) 1000 (1 8%) 793,83$
n
PV FVx r x

= + = + =
BI TP CHNG 2


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b/ Gi a l s tin phi gi vo u mi nm, ta c:
4
(1 ) 1
1000 8%
221, 92$
(1 ) 1 (1 8%) 1
n
n
r
ax FV
r
FVxr x
a
r
+
=
=> = = =
+ +

c/ Nu ngi cha cho 750$ vo ngy 01-01-2005 th n ngy 01-01-2008 s d
trong ti khon ngn hng l:
FV=750x(1+8%)
3
=944,784$ <1000$
Do nn chn cch cha gip bng cc k khon gi tin trong ngn hng hn l
nhn lun 750$ vo ngy 01-01-2005.
d/ Ta c:
PVx(1+r)
3
=FV
=>750x(1+r)
3
=1000
=>
3
1000
1 10, 06%
750
r = = nm
Vy li sut by gi l 10,06% nm
e/ Ta c:
(1 ) 1
n
r
ax FV
r
+
=
=>
4
(1 ) 1 1000
5, 368%
186, 29
r FV
r a
+
= = =
Da vo bng ti chnh 3, ta c: FVFA(r,4)=5,368 =>r=20%
f/ Ta c: r=8% nm=4% k 6 thng
Gi tr tng lai vo ngy 01-01-2008 ca khon gi 400% vo ngy 01-01-01-
2005 l :400x(1+4%)
6
=506,1276$
S tin cn gi thm vo ngy 01-01-2008 c c 100$ l
100$-506,1276$= 493,8724$
Gi a l s tin cn b sung vo mi k( 6 thng). Ta c:

TCDN4.NET

6
(1 ) 1
493, 8724$
493, 8724 4%
74, 46$
(1 4%) 1
n
r
ax
r
x
a
+
=
=> = =
+

g/Gi r l li sut iu chnh li cng kt qu
Ta c: (1+r)=(1+r)
2

=>r=(1+4%)
2
-1=8,16%nm
Cu 6.
Ta c li xut nm ca ngn hng A l:
r
nm =
8% r
qu
= 2%
Suy ra li sut c hiu lc tng ng mt nm ca ngn hng A l:
r
thc,nm =
(1+ r
q
)

4
- 1 = (1+ 2%)

4
- 1 = 8,24%
Vi r
nm
l li sut nm ca ngn hng B. li sut ca ngn hng B ngang
bng vi li sut c hiu lc tng ng mt nm ca ngn hng A, ta c:
(1+ r
nm
/12)
12
1 = 8,24% r
nm
= 7,94%

Bi tp thc hnh:
Cu 1:
5 5
5
(1 ) 10000(1 10%) 116105,1$ FV PVx r = + = + =
Cu 2:
20
5000
1292,1$
(1 ) (1 7%)
n
n
FV
PV
r
= = =
+ +

Cu 3:
log( )
log(2)
11
log(1 ) log(1, 065)
n
FV
PV
n
r
= = =
+
k
Cu 4:
18
1 4 1 8, 01%
n
n
FV
r
PV
= = =

TCDN4.NET

Cu 5:
5
5
(1 7%) 1
( , ) 300 1725, 22$
7%
FVA CFxFVFA r n x
+
= = =
Cu 6:
a/ r
n
= 12% nm =1% thng
PV=20000 $, n=5 nm=60 thng
Ta c:
60
( , )
1 (1 ) ( , )
20000
444, 89$
1 (1 1%)
1%
n
n n
n
PV CFxPVFA r n
PV PV
CF
r PVFA r n
r
=
=> = =
+
= =
+

Vy s tin m bn phi tr u hng thng l 444,89$.
b/ Ta c:
12
12%
(1 ) 1 (1 ) 1 12, 68%
12
m m
ef
r
r
m
= + = + =

Vy li sut c hiu lc tng ng 1 nm ca khon vay ny l 12,68%

Cu 7:

a/ PV= 6tr ; FV= 12tr ;n=5 nm
Ta c:
5
5
(1 ) (1)
(1 )
12
(1 ) 2
6
2 1 14, 87%
n
n
FV PV r
FV
r
PV
r
r
= +
=> + =
=> + = =
<=> = =

Vy tc tng trng hng nm trong doanh s l 14,87%

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b/ Tc tng trng doanh s ca cng ty Salit cu a) Doanh s tng gp i
trong nm nm, iu ny th hin mc tng trng 100% trong nm nm hay 20%
trong 1 nm => cch ni ny sai theo cng thc( 1).

Cu 8: Theo ta c:
PV=4 tr $; n=10 nm ;FV= 8tr $
Ta c:
10
10
(1 )
(1 )
8
(1 ) 2
4
2 1 7,18%
n
n
FV PV r
FV
r
PV
r
r
= +
=> + =
=> + = =
<=> = =

Cu 9: Theo ta c:
PV=13250$ ;CF = 2345,05$ ; n=10 nm
Ta c: PV
n
= CF x PVFA (r,n)
=>
30
PV
PVFA
CF
=
30
1 (1 ) 13250
5, 6502
2345, 05
n
PV r
r CF
+
=> = = =

Tra bng ph lc 4=> r=12% nm
Cu 10: Theo ta c:
PV
30
= 85.000$ ; CF = 8273,59$ ;n=30 nm
Ta c: PV
n
= CF x PVFA (r,n)
=>
30
PV
PVFA
CF
=
30
1 (1 ) 85000
10, 2737
8273, 59
n
PV r
r CF
+
=> = = =

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Tra bng ph lc 4 => r=9% nm

Cu 11.
a.S tin cn gi l:
PVA= ax
(1 )
n
i
i
+
= 10 x
4
1 (1 7%)
7%
+
= 33872 $
b.S d trong ti khon tin gi ngay tc thi khi bn rt tin ln u tin l:
33872 x (1+7%) 10000 = 26243,04 $
S d trong ti khon sau khi rt ln cui cng l 0
Cu 12.
Gi n (nm) l thi gian bn s rt ht tin, ta c :
PVA = ax
1 (1 )
n
i
i
+
= 12000 = 1500 x
1 (1 9%)
9%
n
+
n ~ 15
Vy thi gian cn rt ht tin l gn 15 nm
Cu 13.
Ta c:
FVA = a x
(1 ) 1
n
i
i
+
= 10000 = 1250x
(1 12%) 1
12%
n
+
n ~ 6
Vi n = 6 ta c FVA = 1250 x
6
(1 12%) 1
12%
+
= 10143,986 $
x = 10143,986 10000 = 143,986 $
Vy a
6
= 1250 143,986 = 1106,014 $
Cu 14.
Ta c gi tr hin ti ca chui dng tin vnh vin l:
PVA =
a
i
=
100
7%
=1428,57 $

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Nu mc li sut chung ca nn kinh t tng gp i v mc li sut chit khu
by gi l 14%, th gi tr hin ti ca chui dng tin vnh vin l:
PVA =
'
a
i
=
100
14%
=714,285 $
Cu 15.
Ta c:
r
nm =
8% r
qu
= 2%
r
thc/nm
= (1+2%)
4
- 1 = 8,24%
Vy gi tr hin ti ca chng khon m bn nn mua l:
PVA = ax
1 (1 )
n
i
i
+
= 50 x
3
4
1 (1 8, 24%)
1050 (1 8, 24%)
8, 24%
x
+
+ + = 893,26 $
Cu16 :
a/S tin c trong ti khon ngay khi gi k th 5 l :
( ) ( )
5
6%, 5 1 597, 5326$. FVA CFxFVFA x r = + =
S tin c trong ti khon sau 10 nm k t ngy bt u gi k u tin :
( ) ( )
15 15
10 5
1 597, 5326 1 6% 1432, 022$. FV FVA x r x = + = + =
b) Theo ra cho ta :
( ) ( )
36
10
3%, 5 1 3% 1432, 022$ 93, 06549$. FV FCxFVA x FC = + = =
Vy s tin cn gi vo u mi qu l 93,06549$.
Cu 17 :
a/Gi tr hin ti ca gii thng l :
( ) ( ) , 1 9,8181 1, 75 1, 08 18, 5562 $. PVA CFxPVFA r n x r x x tr = + = =
b/ Gi tr tng lai ca gii thng sau 20 nm na l :
( ) ( ) ( )
20
, 1 1, 75 45, 7620 1 8% 86, 48 $ FVA CFxFVFA r n x r x x Tr = + = + = .
c/ Nu tr cui nm th :
,
17,18167 $
1
PVA
PVA tr
r
= =
+
.

TCDN4.NET

, 20
20
80, 0835 $.
1
FVA
FVA Tr
r
= =
+

Cu 18 : Theo ra, ta c :
( )
( )
( ) ( )
( )
3
3
1 1.1 1 0, 07
5000* 17, 6595$
1 1,1 1 0, 07
n
n
q r
FVA FC
q r
+ +
= = =
+ +

Cu 19 :
Ta c :
( )
( ) ( ) ( ) ( )
( )
( )
1 1 1 2 2
2 5 6 15
5
1 5 15
1
1 2 2 15
1 6
2
6
5
1
15
6
..... .....
1
1 1 1 1
1
1 1 1
1 1 1
1
340, 4689 50* 1 9%
34, 99497$
1 9%
i j
i
i j
j
i
i
j
i
FC FC FC FC FC
PV
r
r r r r
PV FC
r
FC FC FC
r r
FC
r
=
= =
=
=
= + + + + + + =
+
+ + + +
| |
|
+ | | | |
\ .
= + = =
| |
+ + | |
\ . \ .
|
+
\ .
+
= =
+

Vy s tin chi tr hng nm t nm 6 n nm 15 l 34,99497$
Cu 20 :
a/ Li sut c hiu lc tng ng hng nm ca ngn hng Second City l :
4
ef
6%
r = 1+ 1 6,14%
4
| |
=
|
\ .
/nm.
Nh vy li sut hiu lc tng ng hng nm ca ngn hng Second
City nh hn ca ngn hng First City do vy nn gi tit kim vo ngn hng
First City.
b/ Theo gii thit th ta nn chn ngn hng Second City v ngn hng cho php
chng ta nhn c mt khon li nhun trong mt nm cn ngn hng First
City th s khng c c li nhun trong mt nm m phi ch n cui k mi
c c li nhun kp lc ngn hng mi kt chuyn vn tnh li.

TCDN4.NET

Cu 21 :
T sut sinh li ca chng khon Z :
10 z
10
z z z z
z
FV
FV = PV *(1+r ) r 1 9%.
PV
= =
T sut sinh li ca chng khon B :
10
9
1 2
1
10
9
1
1 1
1 1
1 1
1000 80 1080 8%
1 1
i
B
i
i
i
PVA FC FC
r r
r
r r
=
=
| | | |
= +
| |
+ +
\ . \ .
| | | |
= + =
| |
+ +
\ . \ .

Vy t sut sinh li ca chng khon B l 8%/nm.
b/ i vi chng khon Z, ta c gi bn sau 10 nm vn l 1000$ m t sut sinh
li ca n gim xung cn 6% t ta c gi ca n thay i l :
( )
, , 10 , z
z z z 10 , 10
FV 1000
FV = PV *(1+r ) PV 558, 395$
(1+r )
1 0, 06
= = =
+
.
Li nhun ca chng khon Z trong trng hp ny l :
,
135, 98$
% 32,19%
z z z
z
z
z
PV PV
PV
t
t
t
= =
= =

i vi chng khon B, tng t nh trn ta c :
10
9
,
1 2
1
1 1
1 1
i
B
i
PVA FC FC
r r
=
| | | |
= +
| |
+ +
\ . \ .

Li nhun ca n l :
,
147, 202$
% 14, 72%.
B B B
B
B
B
PVA PVA
PVA
t
t
t
= =
= =

Cu 22 :
a/ Chi ph mi nm hc i hc ca c gi l :

TCDN4.NET

( )
( )
( )
( )
5
1
6
2
7
3
8
4
* 1 15953, 52$.
* 1 16751, 2$.
* 1 17588, 76$.
* 1 18468,19$.
lp
lp
lp
lp
FV PV r
FV PV r
FV PV r
FV PV r
= + =
= + =
= + =
= + =

Ga tr hin ti ca khon chi ph hc 4 nm i hc ti thi im c gi bt u
c 18t l :
( )
( ) ( )
3 2 4
5 1 2 3
61203,88$
1
1 1
lstk
lstk lstk
FV FV FV
PV FV
r
r r
= + + + =
+
+ +

b/ Gi tr tng lai ca khon tin 7500$ m c gi nhn c t ngi ng ni
ca mnh vo thi im c gi bt u hc vo 18t :
( )
5
7500* 1 8% 11019, 96$
tk
FV = + = .
c/ S tin gi tit kim cn thit cn thit cho mi nm m bo hc ph i hc
cho c con gi l :
( )
( )
5
* 8%, 6 50183, 93$
50183, 93$
6840,87$
8%, 6
tk
PV FV FC FVFA
FC
FVFA
= =
= =


TCDN4.NET

CHNG3
CU HI
Cu 1
a. ng
b. ng.
Cu 2
Cc nh u t khi mua c phn ca mt cng ty h c th nhn c thu
nhp di hinh thc thng d vn u t hoc thu nhp nhp t c tc. Tuy nhin
gi c phn tng lai th lun c da trn dng thu nhp c tc.
Cu 3
Gi c phn hin ti l:
P
0
=
r
P D
+
+
1
1 1
=
% 10 1
100 10
+
+
=109.09 $
Cu 4
Cng ty khng gi li bt k khon thu nhp no nn t l li nhun gi
li= 0, nn g= 0(do g= t l li nhun gi li * ROE)
T sut vn ha th trng:
r =
0
1
P
D
+g =5/40 + 0= 0.125=12.5%
Cu 5
Tc tng trng l g= 5% cho n vnh vin: D
1
= 10 $, r=8%.
Gi c phn thng hin ti:
P
0
=
g r
D
1
= 10/(8%-5%) =333.33 $
Cu 6 ( Nhm 1)
BI TP CHNG 3


TCDN4.NET

Tc tng trng: g= 5% t nm 1 n nm 4
T nm th 5 tr i cng ty dng tt c thu nhp chi tr c tc: D
1
=10 $,
r= 8%, EPS= 15 $
Thu nhp mi c phn ca cng ty n nm th 5 s l:15*(1+5%)
4
= 18.23
Gi d kin mi c phn n nm th 4:
P
4
=18.23/8%=227.88$
Gi tr hin ti ca c phn l:
P
0
=
r
D
+ 1
1
+
2
2
) 1 ( r
D
+
+
3
3
) 1 ( r
D
+
+
4
4
) 1 ( r
D
+
+
4
4
) 1 ( r
P
+

Trong :D
1
=10 $
D
2
=D
1
*(1+g)=10*(1+5%)=10.5 $
D
3
=D
1
*(1+r)
2
=10*(1+5%)
2
=11.03 $
D
4
=D
1
*(1+r)
3
=10*(1+5%)
3
=11.58 $
P
4
=227.88 $
P
0
=
% 8 1
10
+
+
2
%) 8 1 (
5 . 10
+
+
3
%) 8 1 (
03 . 11
+
+
4
%) 8 1 (
58 . 11
+
+
4
%) 8 1 (
88 . 227
+

=203.03$

Cu 6 ( Nhm 2)
Nm 1: EPS = 15$ v D = 10$
Ta c c tc ca cng ty Z-prime trong cc nm nh sau:
Nm 1 : 10$
Nm 2 : 10.5$
Nm 3 : 11.025$
Nm 4 : 11.576$
Nm th 5 cty Z s dng tt c thu nhp chi tr c tc, do
C tc nm 5 l : = 11.576 x 1.05 x 15/10 = 18.23$
Gi c phn vo nm 4 =
08 . 0
23 . 18
= 227.875$

TCDN4.NET

Vy gi c phn ca cty Z-prime l:
P =
08 . 1
10
+
2
08 . 1
5 . 10
+
3
08 . 1
025 . 11
+
4
08 . 1
576 . 11
+
4
08 . 1
875 . 227
= 203.02$

Cu 7
C hi tng trng i vi c phn thng:
P
0
=EPS
1
/r + PVGO
PVGO= P
0
- EPS
1
/r= 333.33 15/8% =145.83 $
Cu 8
Dng thu nhp c tc v gi c phn ca cng ty Z trong 3 nm u tin:

Nm 1 Nm 2 Nm 3
C tc 10 10.5 11.03
Gi c phn 350 367.5 385.88
T sut sinh li mong i mi nm:
Nm 0 n nm 1:
r
1
=
33 . 333
) 33 . 333 350 ( 10 +
=0.08
T nm 1 n nm2:
r
2
=
350
) 350 5 . 367 ( 5 . 10 +
= 0.08
T nm 2 n nm 3:
r
3
=
5 . 367
) 5 . 367 88 . 385 ( 03 . 11 +
= 0.08
Nh vy, ng Single mong i t sut sinh li 8% mi nm trong 1 nm
u. C Doube mong i t sut sinh li l 2% trong 2 nm du v b Triple mong
i t sut sinh li 8% mi nm trong 3 nm u.
Cu 9.

TCDN4.NET

Cu a: Sai. V: gi tr ca mt c phn thng bng vi dng chit khu tt c cc
khon thu ca c ng, cc khon thu ny khng phi lun l EPS, tu theo chnh
sch chi tr c tc ca cng ty m thng l cc khon thu ny thng nh hn
EPS v c t l li nhun gi li.
Cu b: ng. Gi tr ca mt c phn thng bng vi hin gi thu nhp trn mt
c phn thng khi gi nh cng ty khng tng trng cng vi hin gi thun
ca tt c cc c hi tng trng trong tng lai PVGO
Cu 10
Khi PVGO = 0 v EPS bng vi thu nhp bnh qun m cng ty c th to
ra tng lai trong iu kin khng c tng trng th ta c t sut vn ha theo
th trng r bng vi t s thu nhp vi gi th trng(EPS/P
0
)
Cu 11 ( Nhm 1)
Dng tin t do FCF l dng tin rng dnh cho c ng sau khi tr i
tt c cc khon chi u t trong tng lai. Dng tin t do c th m nu chi ph
u t qu ln.C tc l khon tin mt chi tr cho cc c ng. Mt cng ty c
th c dng tin t do m nhng cng ty vn c h chi tr c tc bng cch pht
hnh thm c phn.

Cu 11 ( Nhm 2)
Cc nh qun tr ti chnh s dng thut ng Dng tin t do FCF Free Cash
Flow ch dng tin thun m cc c ng c c sau khi cc khon u t
tng lai c thc hin.
Khi dng tin t do dng (thu nhp ln hn u t thun) th c tc chi tr s ln
hn gi tr ca mi c phn mi c pht hnh.

Cu 12
C 2 cch xc nh gi tr cng ty:

TCDN4.NET

Cch 1: gi tr cng ty cng chnh l hin gi ca dng thu nhp c tc i
vi c ng hin hu l PV=50/0.125=400 triu $ hay 40$ mt c phn.
Cch 2: gi nh cng ty khng pht hnh thm c phn mi m c ng
hin hu s s dng dng tin ca mnh chi tr cho u t khuch trng m
rng. Do dng tin t do ca nhng c ng hin hu l:-50triu $ trong nm 1
v +62.5 triu$ trong mi nm cn li
Hin gi ca doanh nghip l:
PV=
% 5 . 12 1
50
+
+
%) 0 % 5 . 12 ( * %) 5 . 12 1 (
5 . 62
+
= 400 triu $
Vy xc nh gi doanh nghip bng 2 cch tip cn cho ta kt qu ging
nhau.
Cu 13
Gi tr doanh nghip vo thi im H(n gi l thi k nh gi H). y l
gi tr ca doanh nghip ti cui khong thi gian d bo. N c th c c tnh
bng m hnh DCF tng trng u bt bin hoc bng cch s dng t s gi- thu
nhp hoc t s gi th trng-gi s sch t cc cng ty tng t cng ngnh
Nu PVGO= 0 ti thi im H th gi tr doanh nghip ti thi im ny s
bng thu nhp d bo ti thi im (H+1) v chia cho r.
Cu 14
T nm H tr i cng ty khng cn kh nng to ra NPV dng t cc c hi u
t (PVGO = 0) th vo nm H gi tr ca cng ty :
0) PVGO (v
r
nhap Thu
P
1 H
H
= =
+

BI TP THC HNH
Cu 1
bng cho ta c c;
a, Gi cui ngy ca 1 c phn GE:69
8
7


TCDN4.NET

b, Mc chi tr c tc hng nml DIV = 1.04:t sut sinh li ca 1 c phn GE l:
1.5%.
c, Nu mc chi tr c tc hng nm l 8$ th t sut sinh li ca c phn l:
r =
0
0 1 1
P
P P DIV +
=
6
13
8
7
69
)
16
13
8
7
69 (
8
7
69 8
+
= 0.13 = 13%
d, T s gi th trng P/E a 1 c phn GE l 30
e, EPS = 2.33 $
f, Ty s P/E ca cng ty GE(=30) cao hn hn t s P/E ca cng ty Exxon( =
89 . 2
64
= 22.145)
g, Nhng l do dn n s khc bit t s P/E l do:
1, EPS: thu nhp trn mi c phn hng ca mi cng ty khc nhau
2, P: gi th trng m cc nh u t sn sng tr mua c 1 c phn
ca cng ty khc nhau
Cu 2
Gi tr hion ti t u t vo 1 c phn khng ph thuc vo vic nh u
t s nm gi c phn ny bao lu v khi thi gian cng xa th hin gi ca c phn
gim nhng hin gi ca dng c tc tng.Tuy nhin, tng hin gi( gi c phn
v c tc) lun lun khng i.
Cu 3
T sut vn ha theo th trng ( r) ca mt c phn chnh l t sut sinh
li mong i trn mi c phn. N c cu to bi :t sut c tc ca cng ty v
t sut tin li trn gi vn.
T sut vn ha theo th trng thng ln hn chi ph c hi ca vn u
t v ai cng mun b vn u t vo ni c t sut sinh li ln nht.
Cu 4
Thit k li bng 3.1 vi DIV=10 $, g= 5%, r=15%


TCDN4.NET

Thi k
nh
gi(H)
Gi tr tng lai mong i Hin gi Tng
cng C tc
DIVt
Gi bn c
phn vo nm
t
C tc
lu k
Gi c phn
tng lai
0 100.0000 100.00 100
1 10.0000 105.0000 8.70 91.30 100
2 10.5000 110.2500 16.64 83.36 100
3 11.0250 115.7625 23.88 76.12 100
4 11.5763 121.5506 30.50 69.50 100

10 15.5133 162.8895 59.74 40.26 100
20 25.2700 265.3300 83.79 16.21 100
50 109.2133 1146.7400 98.94 1.06 100
100 1252.3930 13150.1258 99.99 0.01 100

Cu 5
a, P0 = 73$, g=8.5% cho n vnh vin, D0 = 1.68$.
T sut sinh li m cc nh u t mong i l:
r = D
1
/P
0
+g =
0
0
) 1 ( *
P
g D +
+g =
73
%) 5 . 8 1 ( * 68 . 1 +
+8.5% =11%
b, T sut sinh li trn gi tr s sch vn ch s hu l ROE =12%.T l chi tr
c tc l 50% thu nhp nn t l li nhun gi li l 50% thu nhp. Tc tng
trng hng nm cho n vnh vin l:
g=t l li nhun gi li *ROE = 50%*12% = 6%
T sut vn ha theo th trng
r= D
1
/P
0
+g =
73
%) 6 1 ( * 68 . 1 +
+6% =8.4%

TCDN4.NET

Cu 6
D
1
=2 $, g= 4% nm cho n vnh vin, r= 12%
Gi c phn ca cng ty m bn sn sng tr l
P
0
=
g r
D
1
=
% 4 % 12
2
= 25 $
Cu 7
a, Gi c phn ca cng ty A l( r= 10%, g= 0%, D
1
=10 $)
P
0A
=
g r
D
1
=
10
10
= 100 $
b, Gi c phn ca cng ty B l:
P
0B
=
g r
D
1
=
% 4 % 10
5
= 83.33 $
c, Gi c phn ca cng ty C l:
P0C =
r
D
+ 1
1
+
2
2
) 1 ( r
D
+
+
3
3
) 1 ( r
D
+
+
4
4
) 1 ( r
D
+
+
5
5
) 1 ( r
D
+
+
5
5
) 1 ( r
P
+

Trong :
D
1
= 5 $
D
2
= D
1
*(1+g
1
)=5*(1+20%)=6 $
D
3
= D
1
*(1+g
1
)
2
=5*(1+20%)
2
=7.2 $
D
4
= D
1
*(1+g
1
)
3
=5*(1+20%)
3
=8.64 $
D
5
= D
1
*(1+g
1
)
4
=5*(1+20%)
4
= 10.368 $
D
6
= D
5
=10.368 ( do g2 = 0)

Bi 8
a. Vi t l thu nhp gi li 40%, v ROE=20%.
Tc tng trng ca cng ty cng chnh l tc tng trng thu nhp v
c tc:
g = 40%*20% = 8%/nm

TCDN4.NET

Ta c: P
0
=
g r
D
1
.
=>T sut sinh li mong i ivi c phn ca cng ty l:
r=
p
p
0
1
+g=
p
p
0
0
* % 4
+8%=12%
b.Khi dng tt c thu nhp chi tr c tc: DIV
1
=EPS
1
*(1-60%)
EPS
1
=EPS
1
=
% 60
1 DIV

Vy:
p
p
'
0
0
=
g r
DIV
'
1
*
DIV
r
1
* % 60
=
% 8 % 12
% 12 * 6 , 0
=1,8
Nn: nu nh cc c hi tng trng trong tng lai khng con na v
dng tt c thu nhp chi tr c tc th gi c phn mi s bng 5/9 gi c phn
c.

c. Khi t sut sinh li mong i trn khong u t mi bng vi t sut vn ha
theo th trng th c hi u t s khng lm tng thm gi tr cng ty v thu nhp
trin vng ngang bng vi chi ph c hi ca vn u t. S gim gi tr c phn
do c tc khng c chia vo nm 1 s c n b ng bng gi tr tng ca c
phn c c tc c chia vt tri vo nm sau , nn gi c phn cng ty s
khng thay i.
Quyt nh u t khng lm thay i gi c phn ca cng ty.

Bi 9
a.Ta c: EPS
1
=
% 20 1
1
D
=12,5$
b. g= ROE* t l thu nhp gi li.

TCDN4.NET

ROE=
% 20
% 5
=25%
c. Theo cng thc:
P
0
=
g r
DIV
1
=
r
EPS1
+ PVGO
= Gi tr hin ti ca cc c hi tng trng trong tng lai:
PVGO=
% 5 % 14
10
-
% 14
5 , 12
=21,825$
Bi 10
Cc c phn thng khc nhau c P/E khc nhau, v P/E l ch s gi th trng:
iu ny ni ln cc nh u t c th sn sng tr gi cao hn trn cng mt ng
thu nhp mua c phn . T s P/E cao, c th ni ln cc nh u t ang
ngh rng cng ty c cc c hi tng trng tt trong tng lai (tuy nhin khng
phi lc no cng ng nh vy, P/E cao cng c th l do EPS thp) m mi cng
ty th c cc c hi tng trng trong tng lai khng ging nhau, nn P/E l
khng ging nhau.
Trong m hnh tng trng u:
P
0
=
g r
D
1
=
g r
b
EPS
) 1 ( *
1

(Vi: b l t l li nhun gi li)
P=P/E*EPS
P/E=P/EPS=
g r
b
) 1 (
=
ROE b r
b
*
) 1 (

Ta thy khi g cng cao th P/E cng ln.
P/E khng c mi quan h vi t sut li i hi.

P
5
=
2
6
g r
D
=
% 0 % 10
368 . 10
= 103.68 $

TCDN4.NET

Suy ra P
0C
=
1 . 1
5
+
2
1 . 1
6
+
3
1 . 1
2 . 7
+
4
1 . 1
64 . 8
+
5
1 . 1
368 . 10
+
5
1 . 1
68 . 103
= 91.63 $
V P
0A
> P
0C
> P
0B
nn c phn thng ca cng ty A c gi tr nht
* Nu t sut vn ha theo th trng l 7% th tnh tng t
Ta c: P
0A
= 142.86 $
P
0B
= 166.67 $
P
0C
= 135.38 $
Suy ra P
0B
> P
0A
> P
0C
nn c phn ca cng ty B c gi tr ln nht
Cu 11

Thi k
nh gi(H)
Gi tr tng lai mong i Hin gi Tng cng
C
tc(DIVt)
Gi bn c phn
vo nm t(Pt)
C tc ly
k
Gi c
phn tng
lai
0 100 100
1 15 100 13.043 86.957 100
2 16.5 98.5 25.519 74.48 100
3 18.15 95.125 37.453 62.547 100
4 19.965 89.43 48.868 51.132 100
.. .

Ta thy tng tr gi ca cc khon thu nhp c tc trn c c phn hin hu khng
b thay i l 100 $, ti v khi thi gian cng xa, hin gi c phn tng lai gim
nhng hin gi ca dng c tc tng nn ton b hin gi lun lun bng nhau
(=100)
Cu 12 ( Nhm 1)
T s thu nhp trn gi (nghch o ca P/E) l khng o lng chnh xc t sut
sinh li mong i ca nh u t v n bng vi r ch khi NPV ca d n mi = 0,

TCDN4.NET

r s c d on mc thp hn nu NPV l dng v s c d on cao hn
nu NPV m.
Cu 12 ( Nhm 1)
T sut sinh li mong i ca cc nh u t c xc nh theo cng thc:
P
0
=
i
EPS
1
+ PVGO
Do , t s thu nhp trn gi
0
1
P
EPS
khng o lng chnh xc T sut sinh li
mong i ca cc nh u t.
Th nht, cc cng ty khng chi tr ton b 100% thu nhp (EPS) cho c ng m
ch tr c tc D < EPS, him khi EPS = D.
Th hai, nh u t mua c phiu khng ch nhm vo cc khan thu nhp hin ti
m ch yu la do h k vng vo s pht trin ca cng ty trong tng lai.

Cu 13 ( Nhm 1)
a,
r=
0
1
P
D
+ g
V d chng minh cng thc sai:
Gi s cng ty X c D
1
= 0.5$, P
0
= 50$, ROE = 25%
T l li nhun gi li l 80% tc l trong qu kh g= 0.8* 0.25 = 0.2 iu
ny dn n ng nhn l t l tng trng trong tng lai di hn sau cng l
g=20%
Nh vy: r=
0
1
P
D
+ g =
50
5 . 0
+0.2 = 0.21
Nhng kt qu trn l sai v khng c cng ty no tng trng vi mc
20%/nm cho n mi mi (ngoi tr trng hp lm pht qu mc). Kt cuc t

TCDN4.NET

sut sinh li ca cng ty s gim v cng ty s p li bng mc u t t hn v
tip rheo sau l mc tng trng s gim i
Theo chu k sng, t sut sinh li trn cvn u t ca cng ty s gim t
t theo thi gian, gi s n s gim t ngt t 20% 16% v nm 3 v cng ty
s ng ph bng t l li nhun gi li ch cn 50% trn thu nhp nn g gim cn
0.6*0.16=8%.
Nm
1
Nm 2 Nm 3 Nm 4
Gi tr s sch vn c phn 10 12 14.4 15.55
EPS 2.5 3 2.3 2.49
ROE 0.25 0.25 0.16 0.16
T l chi tr c tc 0.2 0.2 0.5 0.5
DIV 0.5 0.6 1.15 1.24
g 0.2 0.92 0.08

By gi chng ta dng m hng DCF tnh r
P
0
=
r
D
+ 1
1
+
2
2
) 1 ( r
D
+
+
3
3
) 1 ( r
D
+
+
) 08 . 0 ( * ) 1 (
3
4
+ r r
D

=
r + 1
5 . 0
+
2
) 1 (
6 . 0
r +
+
3
) 1 (
15 . 1
r +
+
) 08 . 0 ( * ) 1 (
24 . 1
3
+ r r

Dng phng php th v sai tm gi tr r m ti P
0
= 50$ kt qu
chothy r ch vo khng 9.9% khc hn hon ton vi kt qu t m hnh tng
trng u bt bin c tnh r= 21%.
b, r=
0
1
P
EPS

V d chng minh cng thc sai:
Gi s cng ty A c r= 15%, D
1
= 5$, g= 10%

TCDN4.NET

Dng m hnh DCF xc nh gi c phn ca cng ty A:
P
0
=
g r
D
1
=
% 10 % 15
5
= 100$
Gi nh rng A c thu nhp trn mi c phn l 8.33$, vy t l chi tr c
tc

1
1
E
D
=
33 . 8
5
= 0.6
Tc tng trng ca cng ty s l:
g= t l thu nhp gi li* ROE = 0.4*0.25= 0.1
Khi gi tr mi c phn l:
P0=
r
EPS
1
=
% 15
33 . 8
= 55.56 $
Nhng chng ta bit gi tr c phn ca cng ty l 100$
Do nu s dng cng thc trn trong trng hp ny l sai
V d chng minh cng thc ng.
1, Gi nh cng ty ang hot ng bnh thng th t ngt c 1 c hi u t 10
$ mi c phn vo nm sau tc l cng ty khng chi tr c tc vo thi im t=1
.Tuy nhin, cng ty d kin mi nm sau d n to ra 1$ thu nhp 1 c phn.
V vy, c phn c th tng ln 11$ rn mi c phn. Gi nh r= 10%
Hin gi thun trn 1 c phn nm1 l:
-10+1/0.1=0
Do vy, c hi u t s khng lm tng gi tr cng ty v thu nhp trin
vng ca n bng vi chi ph c hi ca vn u t
Nh vy, ta thy rng, t sut vn ha ca th trng bng vi t s thu
nhp mi c phn nm sau chia cho gi tr th trng hin ti ca c phn:
r=
0
1
P
EPS

2, i vi cng ty trng thnh v n nh nh cng ty in v gas th p dng
c m hnh DCF tnh gi tr cng ty

TCDN4.NET

Gi s cng ty A c P
0
= 41 $/c phn, c tc d kin au l 1.27 $, cng ty
d on 1 t l tng trng hng nm l 5.7%.
vy ta c:

Cu 13 ( Nhm 2)
a. r =
0
1
P
DIV
+ g (1)
VD: 1 cng ty c tc tng trng c tc n nh 5%. Hin nay, gi c phn cty
ny mc 80$. D kin mc chi tr c tc nm sau l 4$. V nh u t k vng
gi c phiu nm sau s tng ln 90$.
r =
0
1
P
DIV
+ g =
80
4
+ 5% = 10%
Trong khi , ta c r = (
80
4
+
80
80 90
) x 100% = 17.5% > 10%.
R rng vic s dng cng thc (1) trong trng hp ny l khng chnh xc do:
k vng ca nh u t

r=
0
1
P
DIV
+g =
41
27 . 1
+ 5.7% = 8.8%
Cu 14
P
0
=
r
D
+ 1
1
+
2
2
) 1 ( r
D
+
+
3
3
) 1 ( r
D
+
+
3
3
) 1 ( r
P
+

Trong D
1
=1$
D
2
= 2$
D
3
= 3$
P
3
=
% 6
4
r
D
=
% 6
%) 6 1 ( *
3
+
r
D


TCDN4.NET

P
0
= 50 $
Vy: 50 =
r + 1
50
+
2
) 1 (
2
r +
+
3
) 1 (
3
r +
+
%) 6 ( * ) 1 (
%) 6 1 ( * 3
3
+
+
r r

Chn r
1
= 10% NPV
1
= 1.2215
Chn r
2
= 11% NPV
2
= -7.65306
r= r
1
+(r
2
-r
1
)*
) (
2 1
1
NPV NPV
NPV
= 10%+(11%-10%)*
)) 65306 . 7 ( 2215 . 1 (
2215 . 1

=
11.14%

Cu 15
a, r=
0
1
P
D
+ g =
100
4
+ 4% = 8%
Ta c:
P
0
=
r
EPS
1
+ PVGO
PVGO = P
0
-
r
EPS
1
= P
0
-
r
D
1
= P
0
-
r
D
1
*
6 . 0
1
= 100 -
% 8
4
*
6 . 0
1
= 13.67 $

b, Trong 5 nm u, tc tng trng g l:
g
1
= t l li nhan gi li * ROE
= 0.8 * 0.1 = 8%
Trong nhng nm sau :
g
2
= 0.6*0.1 = 6%
Ta c hin gi c phn cua cng ty l:
P
0
=
r
D
+ 1
1
+
2
2
) 1 ( r
D
+
+
3
3
) 1 ( r
D
+
+
4
4
) 1 ( r
D
+
+
5
5
) 1 ( r
D
+
+
5
5
) 1 ( r
P
+
(*)
Trong :
D
1
= 4$

TCDN4.NET

D
2
= D
1
*(1+g
1
) = 4*(1+8%) = 4.32$
D
3
= D
1
*(1+g
1
)
2
= 4*(1+8%)
2
= 4.6656 $
D
4
= D
1
*(1+g
1
)
3
= 4*( 1+8%)
3
= 5.03885 $
D
5
= D
1
*(1+g
1
)
4
= 4*(1+8%)
4
= 5.44196 $
P
5
=
2
6
g r
D
=
2
2 5
) 1 ( *
g r
g D
+
=
% 6 % 8
%) 6 1 ( * 44196 . 5
+
= 288.4237 $
Thay vo (*) ta c:
P
0
=
08 . 1
4
+
2
08 . 1
32 . 4
+
3
08 . 1
6656 . 4
+
4
08 . 1
03885 . 5
+
5
08 . 1
44196 . 5
+
5
08 . 1
4237 . 288
= 214.815$
Cu 16
Gi c phn hin ti l:
P
0
=
g r
D
1
=
% 8 % 12
3
= 75 $
Cu 17
Southern Resources
Ta c: P
0
= 50$, r = 10%
Chnh sch c tc cho cc nm:
Nm 1: 2$
Nm 2: 2.5$
Nm 3: 3$
Gi c phn m b Johnson c th bn c vo cui nm 3 l:
V P
0
=
1 . 1
2
+
2
) 1 . 1 (
5 . 2
+
3
) 1 . 1 (
3
+
3
3
) 1 . 1 (
P
= 50$
= P
3
= 58.38$

Cu 18
Gi c phn hn ti l:
P
0
=
r
D
+ 1
1
+
2
2
) 1 ( r
D
+
+
3
3
) 1 ( r
D
+
+
3
3
) 1 ( r
P
+
(*)

TCDN4.NET

Trong :
D
1
= D
0
*(1+g
1
) = 2*(1+8%) = 2.16 $
D
2
= D
0
*(1+g
1
)
2
= 2*(1+8%)
2
= 2.3328 $
D
3
= D
0
*(1+g
1
)
3
= 2*(1+8%)
3
= 2.5194 $
P
3
=
2
4
g r
D
=
2
2 3
) 1 ( *
g r
g D
+
=
% 4 % 12
%) 4 1 ( * 5194 . 2
+
= 32.7522 $

Thay vo (*) ta c:
P
0
=
12 . 1
16 . 2
+
2
12 . 1
3328 . 2
+
3
12 . 1
5194 . 2
+
3
12 . 1
7522 . 32
= 28.894 $
Cu 19
Ta c: P
0
=
% 10
2
r
50 =
% 10
2
r
r = 14%

Cu 20
Ta c: P
0
=
g r
g
D
+ ) 1 ( *
0

= t l tng trng hng nm:
g=
P D
D P
r
0 0
0 0
*
+

cu a: khi t sut sinh li i vi c phn ny l 8%
g=
40 3
3 % 8 * 40
+

=0,465%
cu b: khi t sut sinh li i vi c phn ny l10%
g=
40 3
3 % 10 * 40
+

=2,3255%
cu c: khi t sut sinh li i vi c phn ny l 15%
g=
40 3
3 % 15 * 40
+

=6,976%
Cu 21

TCDN4.NET

0 1 2 3
C tc c tr 2$ 4$
C tc sau thu 1.44$ 2.88$
Thu nhp do bn c phn 50$
Gi tr hin ti 1 c phn ca cng ty l :
36.3$/CP
1.15
50

1.15
2.88

1.15
1.44
P
3 2
0
= + + =
Vy nh u t ang nm gi 100000/36.3 = 2755 c phn

Cu 22
a. hin gi ca c phn:
y l c phn c tc tng trng u, vnh vin nn:
P
0
=
g r
D
1

P
0
=
% 5 % 12
2
=28,57$
b. Sau 10 nm na, gi c phn ca cng ty l:
P
10
=P
0
*(1+g)
10
=28,57*1,05
10
=46,54$

Cu 23
Gi tr ca chng trnh mi ny:
NPV=P
0
= -I +
g r
CF
1
= - 5 +
% 2 % 14
2
+
=7,5 triu $

Cu 24
Hin gi ca c phn ny:
Vi: nm th nht, th hai cng tng g
1
=18% mi nm
Nm th 3 tng g
2
=15%

TCDN4.NET

Nm th 4 tr i tng u mi nm g
3=
6% cho n vnh vin.

P
0
=
r
g
D
+
+
1
) 1 ( *
1
0
+
) 1 (
) 1 (
2
2
0
1
*
r
g
D
+
+
+
) 1 (
) 1 (
3
2
2
0
) 1 ( *
1
*
r
g g
D
+
+
+
+
) (
) 1 ( * ) 1 ( *
1
*
3
3
3 2
2
0
) 1 (
) 1 (
g r
g g g
D
r
+ +
+
+
=26,95$
Cu 25
C tc nm th nht v hai bng nhau (D
1
), t nm th ba tr i c tc s tng
trng u vi g=4%.
Ta c:
P
0
=
r
D
+ 1
1
+
) 1 (
2
1
r
D
+
+
) ( *
) 1 ( *
) 1 (
3
1
g r
g
r
D
+
+
=30
Nn: D
1
=P
0
: (
r + 1
1
+
) 1 (
2
1
r +
+
) ( *
) 1 (
) 1 (
3
g r
g
r

+
+
)=2,741$

Cu 26
Tc tng trng trong thu nhp ca cng ty l:
g = 14%*0.6 = 8.4%
Thu nhp trong nm ti l:
EPS = 20* 1.084 = 21.68 triu $
Cu 27
Tc tng trng trong thu nhp l:
12%*0.75 = 9%
Thu nhp trn mi phn ca cng ty l:
EPS =
25 . 1
10
= 8 $

TCDN4.NET

Vi k hoch gi li l 75% th: DIV
1
= EPS*(1+75%) = 2 $
T sut sinh li yu cu l:
r =
0
1
P
DIV
+g =
30
2
+9% = 15.67 %
Cu 28
a, EPS = doanh thu chi ph = 3-1.5 = 1.5 triu $
EPS trn mi c phn l:
1
5 . 1
= 1.5 $
Doanh thu, chi ph gia tng 5% nm nn g= 5%
Tt c thu nhp u c chi tr c tc nn EPS = DIV
1

Gi c phn ca cng ty l:
P
0
=
g r
DIV
1
=
% 5 % 15
5 . 1
= 15$
b,
P
0
= -15 -
15 . 1
5
+
15 . 1 * %) 5 % 15 (
6
= 32.83 triu $

)' (
E
P
=
6
83 . 32
= 5.47

M
E
P
cu a l:
5 . 1
15
= 10
Vy
E
P
gim khi thc hin d n.
Cu 29 (Nhm 1)
a, Nu khng thc hin d n th gi c phn l:
P
0
=
15 . 0
100
= 666.67 triu $
b, Gi tr hin tica cc c hi tng trng trong tng lai:
PVGO = P
0
-
r
EPS


TCDN4.NET

PVGO = -15 5/1,15 + 10/(0,15*1,15
2
) = 31,06175.
c, P = 666,67 + 31,06175 = 697,7318.
Cu 29 (Nhm 2)
a. Thu nhp mi c phn khi cha thc hin d n
EPS = 100 : 20 = 5$
Gi c phn ca cng ty
33.33$
15%
5
PVGO
r
EPS
P
1
0
= = + =
b. Gi tr hin ti ca cc c hi tng trng
$) (trieu 38.6
0.15
10
x
1.15
1

1.15
5 -
15 - PVGO = + + =
c. Gi tr cng ty khi thc hin d n mi
$) (trieu 705.27 38.6
0.15
100
ty) (cong PV = + =
Gi tr c phn khi cng ty thc hin d n mi
35.26$
20
705.27
P
0
= =

CU HI THCH THC
Cu 3 :
P
0
= ROE*(1-b) * BVPS/ (r-b*ROE)
= Po/BVPS = ROE*(1-b)/(r-b*ROE) = (ROE b*ROE)/(r-b*ROE)
Vi BVPS l mnh gi tnh theo gi so snh 1 cp; b: li nhun gi li; ROE:t
s thu nhp/gi tr so snh vn cp
Khi ROE tng th gi th trng trn gi so snh s tng nu cc yu t khc
khng i v ngc li
Khi ROE = r th gi tr so snh bng gi th trng v khi
P
0
= r*(1-b)*BVPS/r*(1-b)=BVPS

TCDN4.NET

Cu 4:
Gi tr c phn hin hu ca doanh nghip u nm 1 l 18.85triu$/1000 c
phn= 18850 $/c phn
n v tnh: 1000$
Nm 1 2 3 4 5 6
Dng tin
t do
-800 -960 -1150 -1390 -200 -230

a. Gi tr mong i i vi c phn hin hu ca doanh nghip trong 1 nm
l:
P
0
= -800/1.1+(-960/1.1
2
)+(-1150/1.1
3
)+(-1150/1.1
4
)+(-200/1.1
5
)+(-
230/1.1
6
)+1590/(1.1
6
*( 0.1-0.06))= 18849764$
b. Hin gi dng tin t do nm 1 = 800000/1.1=727273
S c phn thng pht sinh cn thit:727273/18850=38.58
c. Hin gi dng tin t do nm 2:96000/1.1
2
=793388
S c phn thng pht hnh cn thit: 793388/18850=42.09
d. Hin gi dng tin t do nm 3:1150000/1.1
3
=864012
S c phn thng pht hnh cn thit: 864012/18850=45.84
e. hin gi dng tin t do nm 4:1139/1.1
4
=949389
s c phn thng pht hnh cn thit: 949389/18850=50.37
f. hin gi dng tin t do nm 5:200000/1.1
5
=124184
g. hin gi dng tin t do nm 6: 230000/1.1
6
=129829
tng s c phn thng pht hnh mi=190.35
t l c phn thng trn tng s: 1000/(1000+190.35)=0.84
gi tr doanh nghip hin ti:
22437839*0.84=18849782.6

TCDN4.NET

Gi tr c phn thng d kin:18849764/1000=18850.

CHNG 4
Cu hi:
Cu 1: Mc tin thng mong i l:
500 0,1 100 0,5 0 0, 4 100$ a x x x = + + =
T sut sinh li mong i l:
400 0,1 0 0, 5 ( 100) 0, 4
0%
100
x x x
r
+ +
= =
Phng sai ca t sut sinh li
Ta lp bng sau:
Xc sut Tin thng T sut sinh li
0,1 500 400%
0,5 100 0%
0,4 0 -100%
Ap dng cng thc:
2
1
2 2
( )
(400% 0%) 0,1 (0% 0%) 0, 5 ( 100% 0%) 0, 4
141%
(141%) 2
n
i i
i
r r xp
x x x
o
o
=
=
= + +
=
= =

Cu 2:
Tnh lch chun ca t sut sinh li th trng
1
26, 52
i
r r
n
= =

lch chun:
BI TP CHNG 4


TCDN4.NET

2 2 2
1
( )
1
1
[(47, 5 26, 52) ( 4, 9 26, 52) ... (53, 4 26, 52) ]
4
23, 45%
i
r r
n
o =
= + + +
=

b/ Tnh t sut sinh li thc trung bnh:
1 145, 7 95,1 116, 5 121, 9 153, 4
( )
5 108 107,1 152 127, 7 115, 7
5, 7%
T
r = + + + +
=

Cu 3: Ri ro c o lng bng phng sai ca t sut sinh li hoc lch
chun ca t sut sinh li, ch tiu ny n gin ch l cn bc hai ca phng sai.
Nhng thay i gi c phn l khng hon ton tng quan vi nhau; ri ro ca
mt danh mc u t c a dng ho c ri ro thp hn mc trung bnh ca
nhng chng khon ring l. Ri ro c th loi tr do a dng ho gi l ri ro phi
h thng. Nhng a dng ha khng loi tr tt c ri ro, ri ro m n khng loi
tr l ri ro h thng( hay ri ro th trng).
Cu 4: Tnh t sut sinh li trung bnh v lch chun ca ng Interchange.
*** T sut sinh li mong i l gi tr m kh nng t c ga tr l nhiu
nht.

14, 4 ( 4, 0) 40 16,1 28, 4 94, 9
18, 98%
5 5
i
r
r
n
+ + + +
= = = =

Phng sai:
2
2 2
2
2
( )
(14, 4 18, 98) .... (28, 4 18, 98)
271, 982
1 5 1
271, 982 16, 492%
i
r r
n
o
o o
+ +
= = =

=> = = =

Ap dng cc cng thc trn cho S&P 500:

TCDN4.NET

105, 2
21, 04%
5
i
r
r
n
= = =

2
2
2
( )
936, 210
234, 053
1 5 1
234, 053 15, 29%
i
r r
n
o
o o
= = =

=> = = =

Nhn xt;
- ng Interchange c t sut sinh li mong i nh hn S&P500(18,98%
nh hn so vi 21,04%).
- Ong Interchange c lch chun cao hn S&P 500( 16,492% cao hn so
vi 15,29%).
= S&P 500 tt hn ng Interchange( ri ro thp m t sut sinh li mong
i cao hn).
Cu 5.
a.Sai, v trong trng hp cc chng khon tng quan xc nh hon ton th
= 1 th o khng t gi tr min.
b.ng, v nhng c nphn c mi tng quan xc nh hon ton th khng a
dng ho c.
c.ng.
d.ng.
e.Sai, v phi da vo gi tr | xc nh.

Cu 6.Trong nhng tnh hung cho th gim thiu ri ro n mc thp nht
bng cch u t vo 2 chng khon:
d.C tng quan ph nh hon ton, khi
o =
2 2 2 2
2
A A B B AB A A B B
w w w w o o o o + + min, vi
AB
= -1


TCDN4.NET

Cu 7:

2
1
X .
2
1
o
X
1
.X
2
.cov(R
1
,R
2
)

X
1
.X
3
.cov(R
1
,R
3
)
X
2.
X
1
.cov(R
2
,R
1
)

2
2
X .
2
2
o
X
2
.X
3
.cov(R
2
,R
3
)
X
3.
X
1
.cov(R
3
,R
1
) X
3
.X
2
.cov(R
3
,R
2
)
2
3
X .
2
3
o
Cu 8:

m
o = 20%
a) | = 1,3 lch chun ca TSSL ca danh mc a dng ho tt l :
o
TSSL dmc
=1,3.20% = 26%
a dng ho khuch i thm 6% so vi ri ro ca th trng
b) | = 0 o
TSSL ca

dmc
=0
a dng ho khng bin ng vi ri ro ca th trng
c) o
TSSL ca dmc
= 15% | = 15/20 = 0,75
d) Mt danh mc a dng ho km s bao gm c ri ro th trng v ri ro khng
h thng. Do vi lch chun =
m
o
=
20% th |
ca dmc
< 1

Bi tp thc hnh:
Cu1:
a/ Tnh t sut sinh li trung bnh ca mi loi c phiu trong thi k t 1998-
2002
- i vi c phiu A:
10 18, 5 38, 67 14, 33 33
18, 9%
5
r
+ + + +
= =
- i vi c phiu B:

TCDN4.NET

3 21, 29 44, 25 3, 67 28, 3
18, 9%
5
r
+ + + +
= =
Gi nh mt ngi no nm gi mt danh mc gm 50% c phiu A v 50%
c phiu B th t sut sinh li hng nm ca danh mc l
1998 -10%x50%+(-3)x50%=-6,5%
1999 18,5%x50%+21,29x50%=19,895%
2000 38,67%x50%+44,25x50%=41,46%
2001 14,33%x50%+3,67x50%=9%
2002 33%x50%+28,3x50%=30,65%
= T sut sinh li trung bnh ca danh mc l
6, 5 19,895 41, 46 9 30, 65
18, 9%
5
p r
+ + + +
= =
b/ Tnh lch chun t sut sinh li ca tng loi c phiu
- i vi c phiu A:
Phng sai:
2
2 2
2
( )
( 10 18, 9) ... (33 18, 9)
361, 48
1 5 1
iA A
A
r r
n
o

+ +
= = =

=> lch chun:
2
361, 48 19, 01%
A A
o o = = =
- Tng t i vi c phiu B:
2
2
( )
362, 06
1
iB B
B
r r
n
o

= =

2
362, 06 19, 03%
B B
o o = = =
- V i vi danh mc:
2 2
2
( 6, 5 18, 9) ... (30, 65 18, 9)
347, 79
5 1
p
o
+ + +
= =

2
18, 65%
p p
o o = =
c/ Nhn vo s liu tnh ton ta thy h s tng quan ca t sut sinh li ca 2
c phiu gn 0,9 v ri ro ca danh mc gim khng ng k(t 19% xung

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18,65%) nn h s tng quan ca 2 c phiu l 0,9. Nu h s tng quan l -0,9
th ri ro ca danh mc s gim i nhiu hn na. Tht vy h s tng quan ca
2 c phn l 0,92
( )( )
( , ) 338,82
1
( , ) 333,82
0, 92
19, 01 19, 03
iA A iB B
AB
A B
r r r r
COV A B
n
COV A B
x x
o o

= =
= = =

d/ Nu thm mt cch ngu nhin nhiu c phiu vo danh mc,
p
o s gim n
mc no v a dng ho lm gim ri ro ( tim cn vi ri ro h thng- ri ro
th trng).
p
o s gi nguyn nu cc c phn c h s tng quan l +1.
p
o s gim xung bng zero ch khi no cc c phn trong danh mc u t c
tng quan l -1.
Cu 2:
a/ Tnh Beta ca cng ty m :
0, 5 0, 7 0, 25 0, 9 0,1 1, 3 0,15 1, 5 0,85
me
x x x x | = + + + =
b/ T sut sinh li i hi ca cng ty m= li sut ri ro +| x phn b ri ro th
trng
= 6%+0,85x5%=10,25%
c/ ECRI ang nghin cu thay i chin lc ca mnh. Cng ty gim tn nhim
vo cng ty din nc nn gim t phn kinh doanh trong cng ty ny xung cn
50%. ng thi ECRI s gia tng t phn vo cc d n quc t 15%
0, 5 0, 7 0, 25 0, 9 0,1 1, 3 0,15 1, 5 0, 93
me
x x x x | = + + + =
= T sut sinh li i hi ca cng ty m:
= 6%+0,93x5%=10,65%
Cu 3:
Tnh t sut sinh li mong i , lch chun, h s phng sai ca c phiu A:

TCDN4.NET

2 2 2 2
2
0,1 ( 50) 0, 2 ( 5) 0, 4 16 0, 2 25 0,1 60 11, 4%
( ) ( 50 11, 4) 0,1 ... (60 11, 4) 0,1 712, 44
26, 69%
A
iA A i
r x x x x x
r r p x x o
o o
= + + + + =
= = + + =
=> = =

H s phng sai:
26, 69
2, 34
11, 4
CV
r
o
= = =
Cu 4:
Mt nh u t u t 35000$ vo mt c phn c h s bta 0,8x40000$ vo mt
c phn khc c bta 1,4. Nu danh mc ch gm 2 loi c phn ny th bta ca
danh mc:
- Xc nh t trng vn u t vo c phn 1:
1
35000
0, 4667
35000 40000
w = =
+

- T trng vn u t cho c phn 2:
2
40000
0, 5333
35000 40000
w = =
+

=> 0, 4667 0,8 0,5333 1, 4 1,12
me
x x | = + =
Cu 5:
T sut mong i ca th trng= li sut phi ri ro+ phn b ri ro th trng (*)
=5%+6% = 11%
T sut sinh li mong i ca c phiu c bta l 1,2 l :
5% + 1,2x6% = 12,2%
Cu 6: Theo :
- Li sut phi ri ro l 6%
- T sut sinh li mong i ca th trng l 13%
Theo cng thc (*)=> Phn b ri ro th trng
= 13% - 6% =7%
Vy t sut sinh li mong i ca c phiu c bta 0,7 l :
6% + 0,7x 7%= 10,9%

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Cu 7:
a/ Tnh t sut sinh li mong i ca th trng v ca c phiu J
0, 3 15 0, 4 9 0, 3 18 13, 5%
0, 3 20 0, 4 5 0, 3 12 11, 6%
m
J
r x x x
r x x x
= + + =
= + + =
b/ Tnh lch chun t sut sinh li ca th trng v ca c phiu J:
Ca th trng:
lch chun:
2 2
2 2 2
2
( )
0, 3 (15 13, 5) 0, 4(9 13, 5) 0, 3(18 13, 5) 14, 85%
14, 85 3, 85%
m i im m
m m
p r r
x
o
o o
=
= + + =
= = =

Ca c phiu J:
lch chun:
2 2
2 2 2
2
( )
0, 3 (20 11, 6) 0, 4 (5 11, 6) 0, 3 (12 11, 6) 38, 64
38, 64 6, 22%
J i iJ J
J J
p r r
x x x
o
o o
=
= + + =
= = =

c/ Tnh h s phng sai ca t sut sinh li ca th trng v ca c phiu J:
Ta c:
3, 85
0, 29
13, 5
6, 22
0, 54
11, 6
m
J
CV
r
CV
CV
o
=
=> = =
=> = =

Cu 8:
a) Theo ta c:
Phn b ri ro ca th trng l: r
m
- r
f
= 10% - 5% = 5%
Phn b ri ro ca c phiu A l: r
A
- r
f
= 12% - 5% = 7%

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Bta ca c phiu A l:
Phn b ri ro ca c phiu A 7%
A
| = = = 1,4
Phn b ri ro ca th trng 5%

b) Nu
A
| = 2 phn b ri ro ca c phiu A l:
r
A
- r
f
=
A
| .(r
m
r
f
) = 2.5% = 10%
r
A
= 10% + r
f
= 10% + 5% = 15%
Cu 9:

Bta ca danh mc mi l:

| =
7200 7200
1,12 1. 1, 75.
7500.20 7500.19 7200
+
+
= 1,156

Cu 10:

C phn Vn u t |
A 400000 $ 1,5
B 600000 $ -0,5
C 1000000 $ 1,25
D 2000000 $ 0,75

4000000$

m
r =
14% ,
f
r = 6%
Ta c t l % vn u t vo 4 c phn trn l :
%A =
400000
4000000
= 10% ; %B = 15%
%C = 25% ; %D = 50%

TCDN4.NET

|
dmc
= 10%.1,5 + 15%.(-0,5) + 25%.1,25 + 50%.0,75 = 0,7625
Phn b ri ro th trng = r
m
r
f
= 14% - 6% = 8%
Phn b ri ro ca ngn qu = phn b ri ro ca th trng . |
dmc

= 8% . 0,7625 = 0.061=6,1%
T sut sinh li ca ngn qu=r
ngnqu
=6,1%+ 6% = 12,1%
Cu 11 ( Nhm 1)
a) Ta c:
(1 + li sut danh ngha)= (1+ li sut thc)x(1+ t l lm pht)
LS
thc
=
1
1
1
LSDN
TLLP
+

+

Nn TSSL ca S&P 500 mi nm l:
r
t(1999)
=
1 10%
1
1 2,8%
+

+
=7%
r
t(2000)
=
1 1,3%
1
1 2, 7%
+

+
= -1,36%
r
t(2001)
=
1 37, 4%
1
1 2,5%
+

+
= 34,05%
r
t(2002)
=
1 23,1%
1
1 3,3%
+

+
= 19,17%
r
t(2003)
=
1 33, 4%
1
1 1, 7%
+

+
= 31,17%
b) TSSL thc trung bnh l:
X
thc
=
7% ( 1,36%) 34, 05% 19,17% 31,17%
5
+ + + +
=18,006%
c) Ta c phn b ri ro mi nm = Li sut th trng S&P Li sut phi ri ro (li
sut tri phiu kho bc).
Phn b ri ro qua mi nm l:

1999 10% - 2,9% = 7,1%

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2000 1,3% - 3,9% = -2,6%
2001 37,4% -5,6% = 31,8%
2002 23,1% -5,2% = 17,9%
2003 33,4% -5,3% = 28,1%

d) Phn b ri ro trung bnh l =
7,1% ( 2, 6%) 31,8% 17,9% 28,1%
5
+ + + +
=16,46%
e)lch chun ca phn b ri ro l:
o
P
=
2
2 2 2 2
1(7,1 16, 46) ( 2, 6 16, 46) (31,8 16, 46) (17,9 16, 46) (28,1 16, 46)
5 1
+ + + +

=14,35%

Cu 11 ( Nhm 2)
a. T t sut sinh li danh ngha ca S & P 500 v t l lm pht t nm 1999
2003 ta tnh c t sut sinh li thc ca S & P da vo cng thc
(1 + t sut danh ngha) = (1 + t l lm pht)(1 + t sut thc)
vt: %
Nm Lm pht T sut sinh li
S & P 500
T sut sinh li
thc
S & P 500
Phn b ri ro
th trng
1999 2.8 10.0 7.0 7.1
2000 2.7 1.3 -1.36 -2.6
2001 2.5 37.4 34.05 31.8
2002 3.3 23.1 19.17 17.9
2003 1.7 33.4 31.17 28.1
b. T sut sinh li thc trung bnh:
% 01 . 18
5
17 . 31 17 . 19 05 . 34 36 . 1 7
=
+ + +
= r

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c. Phn b ri ro mi nm c th hin bng trn.
d. Phn b ri ro trung bnh:

e. lch chun ca phn b ri ro:
o =
( ) ( ) ( ) ( ) ( ) | |
2 2 2 2 2
46 . 16 1 . 28 46 . 16 9 . 17 46 . 16 8 . 31 46 . 16 6 . 2 46 . 16 1 . 7
4
1
+ + + +
= 14.35%
Cu 12:
V xc xc c 6 mt tng ng vi gi tr tung ngu nhin 1 6 nn tng ng vi
tng trng hp xc sut xy ra l 2 ln hay t l xy ra l 1/3 cho mi trng
hp.
Phn thng mong i =
1
3
.10 +
1
3
.0 +
1
3
.(-20) = -3,33$ = -
10
3
$
lch chun l: o =
2 2 2
1/ 3(10 10/ 3) 1/ 3(0 10/ 3) 1/ 3( 20 10/ 3) + + + + + = 155,55
=12,47$
Cu 13 ( Nhm 1)
a) Mt tri phiu chnh ph M di hn l an ton nu b qua yu t lm pht
hoc s bin ng qu ln ca th trng nh hng n lm pht, v nu khng lm
pht s s nh hng rt ln n gi tr thc ca tri phiu . Chng hn nh trong 78
nm qua tri phiu kho bc M tao ra 1 TSSL trung bnh l 3,8% / nm nhng nu
lm pht nn 2007 l 4%/ nm M th r rang nh u t b l khi mua tri phiu
CF
2
M vo nm 2007.
b) C phn mang l TSSL trong di hn ln hn tri phiu . Tuy nhin c phn
li mang nhiu ri ro hn. Do vy khng th ni cc nh u t u thch c phn
hn tri phiu m ph thuc vo thch mo him ca tng nh u t h s la
chn t l u t ph hp vo c phn hay tri phiu.

TCDN4.NET

c) Khong thi gian 5,10 nm l qu ngn c lng c cc bin ng trn
th trng. V vy khng th a ra nhng d bo chnh xc.

Cu 13 ( Nhm 1)
a. Sai. Tuy t sut sinh li ca tri phiu chnh ph m l khng i nhng trong
di hn ng tin c th b mt gi do lm pht, khi s tin danh ngha nhn
c s c sc mua thp hn vi cng s tin khi cha c lm pht.
b. Sai. Vic la chn gia c phn hay tri phiu l tu thuc vo s nhy cm vi
ri ro ca nh u t, c phn c th c t sut sinh li cao hn tri phiu nhng
ng thi ri ro cng nhiu hn.
c. Nguy him. V 5 hay 10 nm l khon thi gian qu ngn c th d on t
sut sinh li trong thc t.

Cu 14:
y l mt d n y t ri ro v trc khi nhn thc hin 1 d n u t th
chng ta phi c nhng thong s cn thit nh | , o ca th trng t phn no
c lng c ri ro. Hin ti cc c ng ch da vo kin ch quan ca mnh
n v d n u t ny do thc hin phng n ny hay khng tu thuc vo
mun mo him ca nh u t.

Cu 15:
Lonesome Gulch l mt im u t an ton cho nh u t a dng ho v:
- Ri ro th trng chim phn ln ri ro ca danh mc a dng ha tt.
- Bta ca mt chng khon o lng nhy cm ca chng khon i
vi cc bin ng ca th trng.
Lonesome Gulch c Bta bng 0,1 nh hn bta ca Amalgamated bng 0,66 hay
nhy cm ca n i vi cc bin ng ca th trng thp hn, qua gp
phn lm gim ri ro danh mc.

TCDN4.NET

Cu 16:
a/ Ri ro l khng i . Nu ti bit mt c phn s dao ng t 10% n 20$,
th ti c th t to cho mnh mt danh mc=>Khi to ra cho mnh mt danh mc
mi, ta vn khng lm gim ri ro c v: cc c phn ny thuc cng mt loi
nn c h s tng quan bng 1. Chng s cng gim hoc cng tng. V vy
danh mc ny khng hiu qu.
b/ C tt c cc loi ri ro cng thm vo ri ro bta. C ri ro do st gim trong
mc cu, c ri ro lm mt gim c gii nht ri vo im cht, c ri ro bin
ng ca gi thp. Bn phi a tt c nhng yu t ny khi phn tch ri
ro=>Khi bn u t vo nhng chng khon ring l,bn phi xem xt tt c
nhng ri ro c th nh hng ti chng khon . Tuy nhin, nu bn u t vo
mt a dng ho tt, bn ch cn quan tm n ri ro ca th trng m c trng
l bta.
c/ Ri ro i vi ti l xc sut thua l=>Khi xem xt ri ro khng nn ch xem
xt v xc sut thua l. Ta cn phi cn xem xt v t l li hay l ng vi tng
xc sut tnh c t sut sinh li trung bnh ca n.
d/ Nhng g , nhng ngi m cho rng bta l mt thc o ri ro, a ra
mt kt lun ln l bta khng thay i=> iu ny khng ng v bta c th
thay i.
Cu 17: Ta c:
60% 0, 6
10% 0,1
40% 0, 4
20% 0, 2
I
I
J
J
x
x
o
o
= =
= =
= =
= =

Ap dng cng thc:
2 2 2 2 2
. . 2
p A A B B A B AB A B
x x x x o o o o o = + +
a/ Vi
AB
=1
Thay vo cng thc, ta c:

TCDN4.NET

2 2 2 2 2
0, 6 0,1 0, 4 0, 2 2 0, 6 0, 4 0,1 0, 2 1, 96%
p
x x x x x x o = + + =
b/ Vi
AB
=0,5
Thay vo cng thc, ta c:
2 2 2 2 2
0, 6 0,1 0, 4 0, 2 2 0, 6 0, 4 0,1 0, 2 0, 5 1, 48%
p
x x x x x x x o = + + =
Cu 18:
a/ C 100 hp phng sai v (
2
100 100) hp hip phng sai.
b/ Ta p dng cng thc:
2
1 1
(1 )cov Var
n n
o = +
2
1 1
(0, 3) (1 ) 0, 4 0, 3 0, 3 3, 708%
50 50
x x x x = + =
c/ lch chun ca mt danh mc u t a dng ho hon ton nh vy c
tnh:
cov 0, 4 0, 3 0, 3 18, 97% x x o = = =

Cu 19:
a. p dng cng thc cov
1
1 var
1
2
|
.
|
\
|
+ =
N N
P
o tnh phng sai v lch
chun ca danh mc gm N c phn c t sut sinh li mt c phn c th l 0.4
v h s tng quan gia mt cp c phn l 0.3, kt qu th hin trong bng sau:
S c phn (N) Phng sai (
2
o ) lch chun (o )
2 1040 32.25
3 853.33 29.21
4 760 27.57
5 704 26.53
6 666.67 25.82
7 640 25.3

TCDN4.NET

8 620 24.9
9 604.44 24.59
10 592 24.33

c. Vi h s tng quan gia tng cp c phn l 0 ta s c 0 cov = khi phng
sai v lch chun ca danh mc s l:

S c phn (N) Phng sai (
2
o ) lch chun (o )
2 800 28.28
3 533.33 23.09
4 400 20
5 320 17.89
6 266.67 16.33
7 228.57 15.12
8 200 14.14
9 177.78 13.33
10 160 12.65

Cu 21:
Gi A l k hiu ca c phn BP.

S lng c phn
2 4 6 8 10 12
21
25
30
c
h

c
h
u
n

o

(
%
)


TCDN4.NET

B l k hiu ca c phn KLM.
C l k hiu ca c phn Nestle.

Tn c phn lch chun T trng
BP (A) 16,3% 40%
KLM (B) 30,1% 40%
Nestle (C) 18,9% 20%
Cc h s tng quan :
AB
= 0.14
:
BC
= 0.25
:
AC
= 0.2
Phng sai ca danh mc :
o
2
= X
2
A

o
2
B
+ X
2
B

o
2
B
+ X
2
C

o
2
C
+ 2
AB
X
A

o
A
X
B

o
B
+ 2
BC
X
B

o
B
X
C

o
C
+
2
AC
X
A

o
A
X
C

o
C

o
2
= 0,4
2
x16,3
2
+ 0,4
2
x30,1
2
+ 0,2
2
x18,9
2
+ 2x0,14x0,4x0,4x16,3x30,1 +
2x0,25,0,4x0,2x16,3x18,9 + 2x0,2x0,4x0,2x18,9x30,1
= 254,27

Cu 22 (Nhm 1)
Tnh beta cho mi c phn cu 21.
Ta c:
X
2
A

o
2
A
X
A
X
B

cov( A,B)

X
A
X
C
cov( A,C)
X
A
X
B
cov( A,B) X
2
B
o
2
B
X
A
X
C
cov( B,C)
X
A
X
C
cov( A,C) X
B
X
C
cov( B,C) X
2
C

o
2
C

Hip phng sai ca c phn A v danh mc 3 c phn l:

TCDN4.NET

Cov (A,dm) = X
1

o
2
1
+ X
2
cov( A,B) + X
3
cov( A,C)
= X
1

o
2
1
+
12

o
1
X
2

o
2
+
13

o
1
X
3

o
3

Cov (A,dm) = 0,4x16,3
2
+ 0,14x16,3x0,4x30,1 + 0,25x16,3x0,2x18,9 =
149,155
|
A
=

Cov (A,dm)/ o
2
= 149,155/254,27 = 0,59
Cov (B,dm) = X
2

o
2
2
+
12
X
1

o
1

o
2
+
23

o
2
X
3

o
3

= 0,4x30,1
2
+ 0,14x16,3x0,4x30,1 + 0,2x30,1x0,2x18,9
= 412,635
|
B
=

Cov (B,dm)/ o
2
= 412,635/254,27 = 1,62

Cov (C,dm) = X
3

o
2
3
+
13
X
1

o
1
o
3
+
23

X
2
o
2
o
3

= 0,2x18,9
2
+ 0,25x0,4x16,3x18,9 + 0,2x0,4x30,1x18,9
= 147,76
|
B
=

Cov (B,dm)/ o
2
= 147,76/254,27 = 0,58
Cu 22 (Nhm 2)
- Beta ca mi c phn trong danh mc:
59 . 0
27 . 254
9 . 18 * 3 . 16 * 25 . 0 * 2 . 0 1 . 30 * 3 . 16 * 14 . 0 * 4 . 0 3 . 16 * 4 . 0 ) , cov(
2
2
=
+ +
= =
P
BP
P BP
o
|
62 . 1
27 . 254
9 . 18 * 1 . 30 * 2 . 0 * 2 . 0 1 . 30 * 3 . 16 * 14 . 0 * 4 . 0 1 . 30 * 4 . 0 ) , cov(
2
2
=
+ +
= =
P
KLM
P KLM
o
|
32 . 0
27 . 254
9 . 18 * 1 . 30 * 2 . 0 * 4 . 0 9 . 18 * 3 . 16 * 25 . 0 * 4 . 0 9 . 18 * 2 . 0 ) , cov(
2
2
=
+ +
= =
P
NESTLE
P Nestle
o
|

Cu 23 (Nhm 1)
Theo bi ta c:
-Phn 1: 50000 $ u t vo c phn Hudson Bay.

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-Phn 2: 50000 $ cn li s c u t vo mt chng khon bt k trong danh
sch cc chng khon cn li.
Phng sai danh mc : o
2
= X
2
A

o
2
B
+ X
2
B

o
2
B
+ 2
AB
X
A

o
A
X
B

o
B
min
Danh mc c xem l an ton nht khi phng sai ca danh mc l b nht, m
phng sai ca Hudson Bay ta bit, vy phng sai danh mc b nht khi
phng sai ca c phn c chn cn li l b nht

Ta c bng phng sai danh mc ca Hudson Bay v cc c phn cn li:

anh mc
Hudson_Bay v
mt CP khc (CPi)
lch chun
ca CP i
H s tng
quan Phng sai danh mc
Hudson Bay 26,3 1 691,69
Deutsche 23,2 0,11 341,041
KLM 30,1 -0,06 375,676
BP 16,3 -0,08 222,197
LVMH 25,8 -0,16 285,049
Nestle 18,9 0,03 269,681
Sony 27,5 -0,02 354,753

Theo bng trn : phng sai ca danh mc gm Hudson Bay v BP l b nht nn
ri ro ca danh mc nay thp nht .
V vy y chnh l danh mc u t an ton nht.

Cu 23 (Nhm 2)
- lch chun ca cc danh mc c kt hp gia Hudson Bay vi tng c
phn cn li
- Vi BP:

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% 91 . 14
1974 . 222 3 . 16 * 3 . 26 * ) 08 . 0 ( * 5 . 0 * 5 . 0 * 2 3 . 16 * 5 . 0 3 . 26 * 5 . 0
1
2 2 2 2 2
1
=
= + + =
P
P
o
o

- Vi Deustche Bank:
% 47 . 18
0413 . 341 2 . 23 * 3 . 26 * 11 . 0 * 5 . 0 * 5 . 0 * 2 2 . 23 * 5 . 0 3 . 26 * 5 . 0
1
2 2 2 2 2
2
=
= + + =
P
P
o
o

- Vi KLM:
% 38 . 19
6761 . 375 1 . 30 * 3 . 26 * ) 06 . 0 ( * 5 . 0 * 5 . 0 * 2 1 . 30 * 5 . 0 3 . 26 * 5 . 0
3
2 2 2 2 2
3
=
= + + =
P
P
o
o

- Vi LVMH:
% 88 . 16
0493 . 285 8 . 25 * 3 . 26 * ) 16 . 0 ( * 5 . 0 * 5 . 0 * 2 8 . 25 * 5 . 0 3 . 26 * 5 . 0
4
2 2 2 2 2
4
=
= + + =
P
P
o
o

- Vi Nestle:
% 42 . 16
6811 . 269 9 . 18 * 3 . 26 * 03 . 0 * 5 . 0 * 5 . 0 * 2 3 . 1 * 5 . 0 3 . 26 * 5 . 0
5
2 2 2 2 2
5
=
= + + =
P
P
o
o

- Vi Sony:
% 83 . 18
7525 . 354 5 . 27 * 3 . 26 * ) 02 . 0 ( * 5 . 0 * 5 . 0 * 2 5 . 27 * 5 . 0 3 . 26 * 5 . 0
6
2 2 2 2 2
6
=
= + + =
P
P
o
o

- Nh vy danh mc u t kt hp gia Hudson Bay v BP l an ton nht.

Cu 24 (Nhm 1)
Ta c:|
i
= -2.5
a/ |
i
= cov (i,m) / o
2
m

V |
i
<0

cov (i,m) < 0 t sut sinh li ca cng ty b dch chuyn ngc
hng vi t sut sinh li ca th trng
Do : khi t sut sinh li ca th trng tng thm 5% th t sut sinh li ca
cng ty gim tng ng : 2,5 x5% = 12,5%
Cn khi t sut sinh li ca th trng gim i 5% th t sut sinh li ca cng ty
tng tng ng 12,5%

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b/ Danh mc c phn c a dng ha tt c t sut sinh li | =1
danh mc u t ny t c t sut sinh li an ton nht th phi u t vo
tri phiu kho bc vi | = 0. Khi n khng lm bin ng danh mc u t
c a dng ho tt.

Cu 24 (Nhm 1)
a. Vi 5 . 2 = | khi t sut sinh li th trng tng 5% t sut sinh li ca c phn
cng ty s gim 2.5*5 = 12.5% v khi t sut sinh li th trng gim 5% t sut
sinh li ca c phn cng ty s tng 12.5%.
b. u t vo c phn c 5 . 2 = | s l an ton nht v n s lm gim | ca c
danh mc.

Cu 24 (Nhm 2)
a. Vi 5 . 2 = | khi t sut sinh li th trng tng 5% t sut sinh li ca c phn
cng ty s gim 2.5*5 = 12.5% v khi t sut sinh li th trng gim 5% t sut
sinh li ca c phn cng ty s tng 12.5%.
b. u t vo c phn c 5 . 2 = | s l an ton nht v n s lm gim | ca c
danh mc.

Cu 25:
a/ Beta ca c phn Z : |
Z
= cov (Z,m) / o
2
m
= 800 / 20
2
= 2
b/ lch chun ca mt danh mc a dng ha u t hon ton :
phng sai ca danh mc u t c a dng ha hon ton: o
2
= cov = 800
lch chun : o = 28,284%
c/ Beta trung bnh ca tt c cc c phn : | = 1
d/ V |
Z
= 2 nn khi t sut sinh li ca th trng l 5% th t sut sinh li ca c
phn Z bng 2x5% = 10%

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Cu 26
a dng ho c ngha to ln i ci nh u t, tuy nhin cc c hi u t
a dng ho khng nn lm nh hng n quyt nh u t ca cng ty.V mi
cng ty u c chin lc ring, nu qu ch trng n vic a dng ho u t th
khng tt cho s pht trin ca cng ty.

Cu hi thch thc:
Cu 1:
a/
2 2 2 2
0, 5 21 0, 5 26 2 0, 5 0, 5 0, 37 21 26
19, 5%
x x x x x x x o = + +
=

b/ V tri phiu kho bc c o =0 nn lch chun ca danh mc u t l:
2 2 2 2
1 1 1 1
( ) 21 ( ) 26 2 0, 37 21 26 13%
3 3 3 3
x x x x x x x o = + + =
c/ Nu danh mc u t c chia ra bng nhau cho Boeing v Polario v c ti
tr 50% th o ca danh mc s l:
2 2 2 2
0, 5 11, 7 0, 5 26 2 0, 5 0, 5 0, 37 11, 7 26
16,11%
x x x x x x x o = + +
=

d/ V
m
o =15% m | ca Boeing bng 0,78
=> 0, 78 15% 11, 7%
Boeing
x | = =
=> lch chun ca danh mc u t l :
2 2 2 2
0, 5 11, 7 0, 5 26 2 0, 5 0, 5 0, 37 11, 7 26
16,11%
x x x x x x x o = + +
=

Cu 2:
V
tp
o =0 nn lch chun ca danh mc l:
2 2
0, 5 20 10% x o = =

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,
6%; 8, 5%
14, 5%
0; 20%
cov( , ) 0
0
tp m tp
m
tp m
tp m
r r r
r
tp m
o o
= =
=> =
= =
=> =
=> =

(Nu u t 50% vo tri phiu kho bc v 50% vo th trng th
o =10%, r =10,25%)
th t sut sinh li mong i v lch chun:

Cu 3: Bit c danh mc a dng ho ca bn tt nh thno l rt hu ch. C
hai phng php c ngh:
a/ Nh ta bit lch chun ca mt danh mc cc c phn c a dng ho
tt l 20,2%. V vy, phng sai t sut sinh li ca danh mc l
(20,2%)
2
=0,040804
Phng sai ca danh mc l 0,063680. vy t l phng sai ca danh mc a dng
ho tt v phng sai danh mc ca bn l 0,040804/0,063680=0,641


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CHNG 5
PHN L THUYT
Cu 1.
a.Ta c lch chun ca tri phiu kho bc =o
tp
= 0
lch chun ca danh mc gm 50% vo tri phiu kho bc B, 50% vo c
phn P l:
o
PQ
=
2 2 2 2
. .
p p tp tp
x x o o + =
2 2 2 2
0, 5 .14 0, 5 .0 + =7%
b. Trng hp c phn Q v R c tng quan xc nh hon ton hay
RQ
= 1:

2 2 2 2
. . 2. . . . .
RQ R R Q Q R Q RQ R Q
x x x x o o o o o = + +
=
2 2 2 2
0, 5 .26 0, 5 .28 2.0, 5.0, 5.1.26.28 + +
= 27%
Trng hp c phn Q v R c tng quan ph nh hon ton hay
RQ
= -1:

2 2 2 2
. . 2. . . . .
x x x x o o o o o = + +
=
2 2 2 2
0, 5 .26 0, 5 .28 2.0, 5.0, 5.( 1).26.28 + +
=1%
Trng hp c phn Q v R khng tng quan hay
RQ
= 0

2 2 2 2
. . 2. . . . .
x x x x o o o o o = + +
=
2 2 2 2
0, 5 .26 0, 5 .28 2.0, 5.0, 5.0.26.28 + +
=19,1%
c.
RQ
= 0,5. V th
BI TP CHNG 5


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* Xc nh t l u t vo Q v R sao lch chun ca danh mc l nh
nht:
Ta c:
2 2 2 2 2
. . 2. . . . .
x x x x o o o o o = + +
=
2 2 2 2
. (1 ) . 2. .(1 ) . . .
R R R Q R R RQ R Q
x x x x o o o o + +
o hm
2
RQ
o theo
R
x . Ta c:
2
RQ
R
x
o
=
2 2 2
2 . 2 4 . 2 . . 4 .2 . .
R R Q R Q RQ R Q R RQ R Q
x x x o o o o o o o + +

2
RQ
R
x
o
=0
*
R
x =
2
2 2
. .
2 . .
Q RQ R Q
R Q RQ R Q
o o o
o o o o
+
=
2
2 2
28 0, 5.26.28
26 28 2.0, 5.26.28
+
=
420
732
=57,38%
*
Q
x =42,62%
Nu u t 57,38% vn vo R; 42,62% vo Q th ri ro danh mc l:
* 2 2 2 2
(min) 0, 5738 .26 0, 4262 .28 2.0, 5738.0, 4262.26.28
RQ
o = + +
= 26,85%
TSSL trong trng hp ny l :
r= 0,5738.4,5+ 0,4262.1 = 17,27%
d. C phn Q c TSSL thp hn c phn R nhng c lch chun cao hn. iu ny
khng c ngha l gi ca c phn Q qu cao hay gi ca c phn R qu thp v ri
ro c o lng bng ch tiu nhy cm vi th trng ch khng phi lch
chun

Cu 2 (Nhm 1)
a. Danh mc A: r = 18%, o = 20%
Danh mc B: r = 14%, o = 20%
Nh u t s thch danh mc A hn v 2 danh mc A v B c cng ri ro
nhng danh mc A c TSSL cao hn danh mc B.
b. Danh mc C: r = 15%, o = 18%
Danh mc D: r = 13%, o = 8%

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Tu theo mc u thch ri ro m nh u t s la chn danh mc C hay D.
c. Danh mc E: r = 14%, o = 16%
Danh mc F: r = 14%, o = 10%
Nh u t s chn danh mc F v vi cng TSSL l 14% th danh mc F c
ri ro thp hn.

Cu 2 (Nhm 2)
a/ Danh mc A do c cng lch chun nhng t sut sinh li cao hn.
b/ Danh mc C do CVc =18%/15%= 1.2 > CV D =8%/13%= 0.625 c ngha D c
ri ro trn 1 n v t sut sinh li nh hn m rC =15%>rD =13% nn ta cha th
kt lun c
c/ Danh mc F do c cng t sut sinh li nhng t ri ro hn v lch chun thp
hn.
Cu 3:
a/ th b v khng ng do ti B t sut sinh li cao nht nhng ri ro li
cha phi cao nht. Ngha l cha c s nh i chp thun c gia ri ro v t
sut sinh li.
b/ Tp hp hiu qu ca danh mc u t l ng AB trong hnh a. nu
t sut sinh li cho trc th ri ro l b nht hoc ngc li mc ri ro cho trc
th t sut sinh li l li nht.
Danh mc c phn ti u chnh l im tip xc ngi vay v cho vay li
sut r
i
ri ro vi danh mc hiu qu.


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Cu 4 (Nhm 1)
a) V nhng danh mc ri ro trong th:

b) Nhng danh mc khng hiu qu: A, D, G
A: % 10 =
A
r < % 5 , 12 =
B
r
M % 23 =
A
o > % 21 =
B
o ( ri ro)
D: 29 = =
E D
o o nhng 17 16 = < =
E D
r r
G: 18 = =
F G
r r nhng 32 35 = > =
F G
o o

Cu 4 (Nhm 2)
b) r
cho vayA
= 10%/2 +12%/2 =11%
o
A
=23%/2=11.5%
CV
A
=11.5%/11% =1.045
Tng t ta c bng sau
r
r cho
vay
lch
chun
lch chun
cho vay CV

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Ta c r
F
= r
G

= 18% CV
F

=1.067<CV
G

=1.167
Nn chn F
c) Nu chp nhn lch chuan l 25% th t sut sinh li mong i cao nht
l:15%
d) Nu c th i vay v cho vay vi li sut 12% th danh mc tt nht l F.
Nhng kt hp nh sau:
Gi x l t l cho vay
V y l t l u t vo F
Ta c 2x+18y -> max

.0 .32 25
1
x y
x y
+ =
+ =

7/ 32
25/ 32
x
y
=

Vy chin lc tt nht l cho vay 7/32 phn tin li sut 12%, phn cn
li u t vo F.

Cu 5 (Nhm 1)
A 10 11 23 11.5 1.045
B 12.5 12.25 21 10.5 0.857
C 15 13.5 25 12.5 0.926
D 16 14 29 14.5 1.036
E 17 14.5 29 14.5 1.000
F 18 15 32 16 1.067
G 18 15 35 17.5 1.167
H 20 16 45 22.5 1.406

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Mt nh u t c th xc nh danh mc u t tt nht ca mt tp hp danh
mc hiu qu ca cc loi chng khon thng khi danh mc nm trn ng
bin hiu qu ca hnh qu trng v.
Danh mc tt nht l danh mc c t sut sinh li cao nhng lch tiu chun
khng qu cao.
Gi nh mt nh u t c th vay hoc cho vay mc li sut phi ri ro th bt
chp mc ri ro m h chn, h c th t c t sut sinh li mong i cao
nht.
Cu 5 (Nhm 2)
Mt nh u t c th xc nh danh mc u t tt nht ca 1 tp hp danh
mc hiu qu bng cch ch ra im tip tuyn gia ng vay v cho vay li
sut nht nh vi ng danh mc hiu qu. Ti tip im tip tuyn th t s gia
t sut sinh li v o l ln nht. Ngha l ti 1 mc ri ro nhng t sut sinh li l
ln nht th danh mc hiu qu.
Cu 6:
a/ T sut sinh li mong i ca Microsoft
r
i
= 4% + 1,62 (10%-4%) = 13,72%
b/ T sut sinh li mong i ca Intel l cao nht, do ln nht.
r = 4% + 2,11.6% = 16,66%
c/ T sut sinh li mong i thp nht l ca Procter do c m
r= 4% - 0,15.6% = 3,1%
d/ li sut 4% th t sut sinh li ca Exxon l
r = 4% + 0,37(10%-4%) = 6,22%
e/ li sut 6% th t sut sinh li ca Exxon l
r = 6%+0,37(10%-6%)=7,48%
do yu cu t sut sinh li cao hn

Cu 7 (Nhm 1)

TCDN4.NET

a) Sai, ) (
f m f
r r r r + = |
Trong trng hp | m th t sut sinh li mong i s thp hn li sut khi xy
ra trong cc trng hp sau:
0 >
f
r V
f m
r r > => r <
f
r
0 <
f
r V
f m
r r > => r <
f
r
b) Sai, Ta c: ) (
f m f
r r r r + = |
Vi | = 2 =>
f m
r r r = 2
Do vy pht biu trn l sai v t sut sinh li mong i khng cao gp 2 ln t sut
sinh li trn th trng.
c) Sai, v: ng th trng chng khon m t mi quan h gia t sut sinh
li mong i v lch chun t sut sinh li. Do vy khng lin quan n gi tr

Cu 7 (Nhm 2)
a ng, b sai: da vo cng thc CAPM
r
i
=r
f
+ (r
m
-r
f
)
c/ sai v SML khng l gii iu ny m cho bit t sut sinh li mong i ca
1 chng khon 1 nht nh.

Cu 8:
CAMP l 1 l thuyt v i, sng to v ng dng trong thc tin. Tuy nhin,
nhiu gim c ti chnh tin rng chng ch l nhng Beta cht v:
- Mu thun vi cc kim nh thng k cho thy nh u t khng hon
ton b qua ri rokhng h thng nh m hnh l thuyt xut.
- Cc c lc Bta tng cho thy khng n nh theo thi gian, iu ny
lm gim nim tin ca nh u t v Bta.

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- C nhiu bng chng ng tin cy cho thy cn c cc nhn t khc ngoi
li sut phi ri ro v ri ro h thng c s dng xc nh t sut sinh li mong
i ca hu ht chng khon

Cu 9: vit phng trnh APT cho t sut sinh li mong i ca mt loi c ri ro
l:
ri = rf + i1.1 + i2.2 ++ ik.k
ri : T sut sinh li mong i ca chng khon i.
rf :T sut sinh li phi ri ro.
ij : nhy cm ca chng khon i vi nhn t j.
j : phn b ri ro i vi nhn t j.

Cu 10:
a) gi cng thc APT :
ri = rf + rf + i1.1 + i2.2 + i3.3
= 7 + 5.i1 + -1.i2 + 2.i3
a) vi i1 = i2 = i3 = 0
ri = 7%
b) i1 = i2 = i3 = 1
ri = 7+ 1.5 1.1 + 1.2
= 13%
c) i1 = i3 = 0; i2 = 2
ri = 7 + 2.-1,5
= 5%
d) i1 = i3 = 1; i2 = -1,5
ri = 7+ 1.5 +-1,5.-1 + 1.2
= 15,5%


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PHN THC HNH
Cu 1 (Nhm 1)
a) Cc nh u t cn mt t sut sinh li mong i cao hn i vi c phn
c thay i ln trong t sut sinh li mong i l c ri ro ln: ng
b) CAMP d on rng 1 chng khon vi | = 0 s cung ng t sut sinh li
mong i bng 0. Sai, v khi t sut sinh li mong i s bng li sut phi ri ro
(
f
r )
c) Cc nh u t u t 10000 $ vo tri phiu kho bc v 20000 $ vo danh
mc th trng s c | = 2. Sai, v khng th xc nh c | khi ch da vo
u t vo tri phiu kho bc v danh mc th trng v | o nhy cm ca
chng khon i vi th trng.
d) Cc nh u t mong mun t sut sinh li mong i cao hn t cc c
phn chu s tc ng mnh ca cc thay i kinh t v m: ng
e) Cc nh u t mong mun t sut sinh li mong i cao hn t cc c
phn nhy cm vi s thay i ca th trng chng khon: ng.
Cu 1 (Nhm 2)
f) a/ ng do cn phi c 1 t sut sinh li b p cho nhng ri ro m h
gnh chu
g) b/ sai theo CAPM: r
i
=r
f
+(r
m
-r
f
) nu =0 th r=r
f
bng li sut phi ri ro.
h) c/ sai do o lng nhy cm ca ti sut sinh li vi thay i ca th
trng
i) d/ sai, do ri ro ny c th a dng ho c.
j) e/ ng, ti sut sinh li cao b p ri ro xy ra.

Cu 2:
Ta c: T sut sinh li ca Bristol Myers l:
1
r 12%
T sut sinh li ca Ford Motor l:
2
r 16%

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lch chun t sut sinh li ca Bristol Myers l:
1
o : 12%
lch chun t sut sinh li ca Ford Motor l:
2
o : 20%
Ta c: t trng vn ca Bristol
1
w = 75%, Ford
2
w = 85%
= T sut sinh li ca danh mc:
% 13 16 25 , 0 12 75 , 0
2 2 2 2 2
2
2
2
2
1
2
1
= + + + = + = r w r w r
dm

lch chun t sut sinh li ca danh mc: vi 0
2 , 1
=
2 2 1 1 2 , 1
2
2
2
2
2
1
2
1
2
1
o o o o o w w w w
dm
+ + =
= 20 . 25 , 0 . 10 . 75 , 0 . 2 20 . 25 , 0 10 . 75 , 0
2 2 2 2
+ + = 9%
Vi : 1
2 , 1
=
=>
2 2 1 1 2 , 1
2
2
2
2
2
1
2
1
2
1
o o o o o w w w w
dm
+ + =
= 20 . 25 , 0 . 10 . 75 , 0 . 1 . 2 20 . 25 , 0 10 . 75 , 0
2 2 2 2
+ + = 12,5%
Vi : 1
2 , 1
=
=>
2 2 1 1 2 , 1
2
2
2
2
2
1
2
1
2
1
o o o o o w w w w
dm
+ + =
= 20 . 25 , 0 . 10 . 75 , 0 ). 1 .( 2 20 . 25 , 0 10 . 75 , 0
2 2 2 2
+ + = 2,5%
th:


TCDN4.NET

Vi v tr 1 minh ha cho t sut sinh li & lch chun t sut sinh li vi
0
2 , 1
=
1
2 , 1
+ =
1
2 , 1
=

Cu 3:
a) Ta c: % 12 =
X
r % 8 =
Y
r
% 8 =
X
o % 5 =
Y
o
2 , 0
,
=
Y X

Danh mc 1: % 50
1 1
= =
Y X
w w
=> % 10 8 . 5 , 0 12 . 5 , 0 . .
1 1 1
= + = + =
Y Y X X dm
r w r w r
Y Y X X Y X Y Y X X dm
w w w w o o o o o . . . . . 2 . .
1 1 1
2 2
1
2 2
1 1
+ + =
% 12 , 5 5 , 0 . 5 , 0 . 8 . 5 , 0 . 2 , 0 . 2 5 . 5 , 0 8 . 5 , 0
2 2 2 2
= + +
Danh mc 2: % 25
2
=
X
w ; % 75
2
=
Y
w
=> % 9 8 . 75 , 0 12 . 25 , 0 . .
2 2 2
= + = + =
Y Y X X dm
r w r w r
w w w w o o o o o . . . . . 2 . .
2 2 2
2 2
2
2 2
2 2
+ + =
% 6 , 4 5 , 0 . 75 , 0 . 8 . 25 , 0 . 2 , 0 . 2 5 . 75 , 0 8 . 25 , 0
2 2 2 2
= + +
Danh mc 3: % 75
3
=
X
w ; % 25
3
=
Y
w
=> % 11 8 . 25 , 0 12 . 75 , 0 . .
3 3 3
= + = + =
Y Y X X dm
r w r w r
w w w w o o o o o . . . . . 2 . .
3 3 3
2 2
3
2 2
3 3
+ + =
% 37 , 6 5 , 0 . 25 , 0 . 8 . 75 , 0 . 2 , 0 . 2 5 . 25 , 0 8 . 75 , 0
2 2 2 2
= + +
b) Pht biu tp hp hiu qu gm X & Y

TCDN4.NET

% 23 23 , 0
5 . 8 . 2 , 0 . 2 5 8
5 . 8 . 2 , 0 5
. . 2
. .
2 2
2
,
2 2
,
2
= =
+

=
+

=
Y X Y X Y X
Y X Y X Y
X
w
o o o o
o o o

=> % 77 77 , 0 1 = = =
X Y
w w
Vy tp hp hiu qu l u t 23% t trng vn vo X, 77% vo Y
c) iu ny khng lm thay i c hi u t ca Mark Harrywitz nhng t l
u t vo X,Y nn l 50:50 v khi phn ri ro l ln nht.

Cu 4:
Ta c: : % 60 =
A
w % 40 =
B
w
% 15 =
A
r % 20 =
B
r
% 20 =
A
o % 20 =
B
o
5 , 0 =
AB

a) T sut sinh li mong i v lch chun l:
% 17 20 . 4 , 0 15 . 6 , 0 = + = + =
B B A A dm
r w r w r

B B A A B A B B A A dm
w w w w o o o o o
1
2 2 2 2
2 + + =
% 08 , 18 22 . 4 , 0 . 20 . 6 , 0 . 5 , 0 . 2 22 . 4 , 0 20 . 6 , 0
2 2 20 2
= + + =
b) Vi 5 , 0
1
=
B A
th t sut sinh li ca danh mc
% 17
'
= =
dm dm
r r

B B A A B A B B A A dm
w w w w o o o o o
'
1
2 2 2 2 '
2 + + =
% 76 , 10 22 . 4 , 0 . 20 . 6 , 0 ). 5 , 0 .( 2 22 . 4 , 0 20 . 6 , 0
2 2 2 2
= + + =
c) Khi u t ton b vo c phn A th ta c:
% 100 =
A
w % 0 =
B
w
% 15 = = =
A A A dm
r r w r
% 20
2 2
= = =
A A A dm
w o o o
Danh mc u t ban u ca M.grandet tt hn vi s u t ton b vo c phn
A v t sut sinh li cao hn m ri ro li thp hn.

TCDN4.NET

Cu 5 (Nhm 1)
a.
* i vi c phn A:
- tnh trng suy thoi, ta c:
.( )
A f A m f
r r r r | =
.( )
10% .( 8% ) (1)
A A m f f
D f f
r r r r
r r
|
|
= +
= +

- tnh trng bng n, ta c:
.( )
38% .(32 ) (2)
A A m f f
A f f
r r r r
r r
|
|
= +
= +

Ly (2) tr (1), ta c:
48% = 40%
A
|
A
| =
48%
1, 2
40%
=
* i vi c phn D:
.( )
6% .( 8% ) (3)
D D m f f
D f f
r r r r
r r
|
|
= +
= +

- tnh trng bng n, ta c:

.( )
24% .(32% ) (4)
D D m f f
D f f
r r r r
r r
|
|
= +
= +

Ly (4) tr (3), ta c:
30% = 40%.
D
|
D
| =
30%
40%
= 0,75
b. Nu mi kch bn u c kh nng nh nhau th:
* TSSL i vi danh mc th trng l:
0,5.(-8%)+0,5.32% = 12%
* TSSL i vi c phn A l:

TCDN4.NET

0,5.(-10%)+0,5.38% = 14%
* TSSL i vi c phn D l:
0,5.(-6%)+0,5.24% = 9%
c. Li sut tri phiu kho bc
f
r = 4%
* i vi c phn A:
m f
r r = -8% - 4% = -12%
.( )
A A f
r r |
= 1,2. ( -10%- 4% ) = - 16,8%
Cu 5 (Nhm 2)
a/ Ri ro th trng tng: 40% ri ro A tng: 48%
1, 2
A
| =
Ri ro th trng tng: 40% ri ro D tng: 30%
0, 75
B
| =
Trong trng hp suy thoi D c ri ro thp hn.
b/ Nu mi kch bn u c kh nng xy ra nh nhau th
- T sut sinh li th trng (-8+32)0,5=12%
- T sut sinh li A (-10+38)0,5=14%
- T sut sinh li D (-6+24)0,5=9%
c/ Nu r
f
=4%
r
A
=4%+1,2(12%-4%)=13,6%
r
B
=4%+0,75(12%-4%)=10%
A cn xng ri ro cn D th khng.
d/ Mua D tt hn do | nh hn. T sut sinh li mong i thay i t l thun
vi |

Cu 6 ( Nhm 1)

TCDN4.NET

a.v th.
b. Phn b ri ro ca M =
m f
r r = 12 -4 = 8%
c. Vi | = 1,5 th TSSL yu cu cho c hi u t l:
.( )
m f f
r r r r | = +
= 4% + 1,5 . ( 12% - 4%) = 16%
d. Nu c hi u t c | = 0,8 th TSSL ca c hi u t l:

.( )
m f f
r r r r | = +
= 4% + 0,8 . ( 12% - 4%) = 10,4%.
Do nu a ra TSSL mong i l 9,8% vi | = 0,8 th NPV > 0.
e.
11, 2 4
0, 9
12 4
f
m f
r r
r r
|

= = =

Cu 6 (Nhm 2)
a) r= r
f
+(r
m
-r
f
) =4%+8%

b/ phn b ri ro th trng : 12-4=8%
c/ Vi | = 1,5 th t sut sinh li yu cu:
r=4%+1,5(12%-4%)=16%

12
4
r
1
SML

TCDN4.NET

d/ Nu | =0,8 th t sut sinh li yu cu:
r=4%+0,8(12%-4%)=10,4%
m a ra 1 t sut sinh li 9,8% th NPV<0
e/ Nu th trng mong r
x
=1,2% th |
x
l:
1, 2% 4%
0, 9
12% 4%
X
|

= =

Cu 7.
Cu b ng v mt d n c hiu qu khi TSSL ca d n >TSSL mong i ca
nh u t.
M TSSL mong i ca nh u t = r = 20%
20% 10%
2
15% 10%
f
m f
r r
r r
|

= = =

TSSL ca d n > TSSL mong i ch khi 2 | >
Cu 8 (Nhm 1)
Cu d ng. Khng xc nh c v bit c TSSL mong li ca c phn ta
cn bit thm li sut phi ri ro (
f
r )
Cu 8 (Nhm 2)
p n c: Theo CAPM: r=10%+1(20-10)=20% nhng do ri ro khng h thng
cao nn Cng ty yu cu: t sut sinh li >20% b p ri ro ny.

Cu 9.
Ba nh kinh t William Sharpe, John Lintnet, Jack Treynor a mi quan h
gia t sut sinh li v beta bng phng trnh sau:
) (
f m f
r r r r + = |
Do vy, t sut sinh li i vi mt loi c phn thng c vit l:

m
r r . | o + =
Trong :
m
r l t sut sinh li mong i i vi th trng

TCDN4.NET

Theo CAMP th phng trnh trn s cn bng khi:

m
r ) 1 ( | o =
= c ng

Cu 10.
a) Tnh t sut sinh li mong i ca mi c phn:
-
=
i i
p r r
- i vi c phn A:
0,1.0, 25 0,1.0, 5 0, 2.0, 25 7, 5%
A
r = + + =
- i vi c phn B:
0, 3.0, 25 0, 05.0, 5 0, 4.0, 25 5%
B
r = + + =
b) 25 , 0 + =
A B
| |
Phn b ri ro l:
f m
r r
Ta c: ) (
f m A f A
r r r r + = |
=> 7,5% = ) (
f m A f
r r r + | (1)
) (
f m B f B
r r r r + = |
=> ) )( 25 , 0 (
f m B f B
r r r r + + = |
=> 5% = ) )( 25 , 0 (
f m A f
r r r + + | (2)
Ly (1)-(2): 2,5% = 0,25( )
f m
r r
% 10 =
f m
r r
Vy phn b ri ro l 10%.

Cu 11.(Nhm 1)
a) Theo bi ta c:
f
r = 7,6% ; 7 , 1 =
Potpuri
| ; % 7 , 16 = r
( gi nh m hnh CAMP l ng)

TCDN4.NET

Ta c: ) (
f m f
r r r r + = |
% 353 , 5
7 , 1
6 , 7 7 , 16
=
=
|
f
f m
r r
r r
b) 8 , 0 =
Potpuri
|
% 88 , 11 353 , 5 . 8 , 0 6 , 7 = + =
m
r
c) Gi s bn u t 10000 $ vo Potpourri v Magnolia Beta ca danh mc l
1,07
Ta c:
M M p p me
w w | | | . . + =
=> 1,07 = 8 , 0 ) 1 ( 7 , 1 .
p p
w w + ( v 1 = +
M p
w w ch u t vo 2 c phn)

p
w = 0,3 = 30% hay nn u t vo c phn Potpourri l 3000 $ v 7000 $ vo
Magnolia.
Cu 11. (Nhm 2)
a)
r
m
-r
f
= (r-r
f
)/ | =(16,7%-7,6%)/1,7=5,35%

b) r
mag
= r
f
+ (r
m
r
f
) =7.6% +5.35%*0.8 =11.88%
c) = w
1

1
+ w
2

2

<-> 1.07 = w
1
1.7+ (1-w
1
)0.8
-> W
1
=0.3
W
2
=0.7
r
danh mc
= 0.3*16.7%+0.7*11.88% = 13.326%
vy u t vo potpourri l 3000$ v u t vo Magnolia la7000$.
Cu 12:
a) r
danh muc
= 0.5*14%+0.5*6% = 10%
2
=0.5
2
*14
2
+0.5
2
*6
2
=58
=7.6%

TCDN4.NET

b) r
danh muc
= 0.5*9% +0.5*14% = 11.5%

2
=0.5
2
*14
2
+0.5
2
*6
2
+2*1*0.5*0.5 = 169
=13%
Cu 13:
M hnh CAMP,APT c a ra da trn mt s gi nh. Do di tc ng
ca nhiu nhn t th 2 m hnh trn c th khng cn chnh xc.
Cu 14:
a. Sai
b. Sai
c. ng

Cu 15:
a) sai
b) sai
c) sai
d) sai

Cu 16:
Ta coi nhn t th trng l nhn t 1.
Li sut l nhn t 2.
Chnh lch t sut sinh li l nhn t 3.
Theo bi ra:
rf = 0,05 ; 1 = 6,4% ; 2 = -0,6% ; 3 = 5,1%.
ADCT : ri = rf + i1.1 + i2.2 ++ ik.k
p = 0,05 + 1.6,4 + [-2].[-0,6] + [-0,2].5,1
= 11,58%.
Tng t ta c:

TCDN4.NET

Rp2 = 14,21%.
Rp3 = 11,72%.

Cu 17 (Nhm 1)
Gi m hnh gm 3 nhn t l:
rp = p + p1.F1 + p2.F2 + p3. F3 + p
trong :
p = 1/3 .5 + 1/3. 5 + 1/3.5
= 5%
p1 = 1/3. 1 + 1/3.1,2 + 1/3.0,3
= 0,8333%
p2 = 1/3.[-2] + 1/3.0 + 1/3.0,5
= -0,5%
p3 = 1/3.[-0,2] + 1/3.0,3 + 1/3.1
= 0,3667%
Vy c 3 nhn t : th trng, li sut, chnh lch li sut u nh hng ti danh
mc.

b. T sut sinh li mong i ca danh mc.
rp = 5 + 0,833.F1 + -0,5.F2 + 0,3667.F3

Cu 17 (Nhm 2)
a) x
1
=x
2
=x
3
=1/3
b1
=1/3*(1+1.2+0.3)=0.833
b2
=1/3*(-2+0+0.5)=-0.5
b3
=1/3*(-0.2+0.3+1)=0.367
b1
>
b3
>
b2
.nn nhn t th trng c nh hng n danh mc.
b) r= 11.58%*1/3+14.21%*1/3+8.51%*1/3 =11.43%

TCDN4.NET

CHNG 6
BI TP THC HNH
Bi 1
EPS= 4$
D = 2$
Thu nhp gi li/c phn =EPS D = 2$
S c phn thng ca cng ty =
lai/Cp gi nhap Thu
tang gia lai gi nhap Thu
=
2
120000000

=6.000.000 CP
Vn c phn thng : 6.000.000 CP x 40$/CP = 240.000.000 $

Tng ti sn = Vn c phn thng + Tng n = 240.000.000+120.000.000
= 360.000.000$
T s n trn tng ti sn =
san tai Tong
n Tong
=
000 . 000 . 360
000 . 000 . 120
= 0.333=33.33%
Bi 2
a) 1. Khon phi thu
K thu tin bnh qun =
ngay quan bnh thu Doanh
thu phai khoan Cac
= 40 ngy
Cc khon phi thu = 40 x 1.000 triu $/360 = 111.1 triu $

2. N ngn hn
BI TP CHNG 6


TCDN4.NET

T s thanh ton nhanh =
han ngan N
kho ton Hang - san tai Tong
= 2
N ngn hn =
2
1 . 111 100 +
= 105.5triu $

3. Ti sn lu ng
T s thanh ton hin hnh =
han ngan N
ong lu san Tai
=3
TSL = 3 x 105.5 = 316.5 triu $

4. Tng ti sn
Tng ti sn = TSL + TSC
= 316.5 + 283.5 = 600 triu$
5. ROA
ROA=
sa n ta i To ng
ro ng nhua n L i
=
600
50
= 8.33%
6. Vn c phn thng
ROE=
th ng pha n co Vo n
LNR
= 12%
Vn CP thng =
% 12
50
= 416.6 triu $
7. N di hn
Tng ti sn = Tng n v vn c phn
600 triu $ = N NH + N di hn + Vn c phn thng
N di hn = 600 105.5 416.6 = 78 triu $

b) S ngy thu tin bnh qun =
thu phai khoan Cac
= 30
Cc khon phi thu = 30 x 1000/360 = 83.33 triu $
Tin mt to ra = Chnh lch cc khon phi thu c v mi

TCDN4.NET

= 111.1 83.33 = 27.77 triu $
Vn CP thng = 416.6 27.77 = 388.83 triu $
ROE =
th ng CP Von
LNR
=
83 . 388
50
=12.86%
ROA =
TTS
LNR
=
27.77 - 600
50
= 8.74%

san tai Tong
n Tong
=
23 . 572
78 5 . 105 +
= 32.07%

cu san tai Tong
n Tong
=
600
78 5 . 105 +
= 30.6%
Bi 3
T l thanh ton hin hnh =
NH N
ong lu san Tai
= 1.5
N ngn hn =
5 . 1
3
= 2 triu $
T l thanh ton nhanh =
NH N
TK Hang - ong lu san Tai
= 1
Hng tn kho = Ti sn lu ng N ngn hn
= 3 triu$ - 2 triu$
= 1 triu$
Bi 4
K thu tin bnh qun =
thu phai khoan Cac
= 40
S tin phi thu = 40 x 20.000 = 800.000 $
Bi 5
CP Von
san tai Tong
= 2,4
T s n =
san tai Tong
n Tong
=
TTS
CP Von - TTS


TCDN4.NET

=
TTS
TTS/2,4 - TTS
= 58.33%
Bi 6
ROA =
sa n tai Tong
rong nhuan Li
=
thu Doanh
LNR
x
san tai Tong
thu Doanh

Hiu sut s dng ton b TS =
sa n ta i To ng
thu Doanh
=
% 2
% 10
= 5

CP Von
TTS
=
CP Von
LN
x
LN
TTS

= ROE x 1/ROA = 1.5
Bi 7

thu Doanh
nhuan Li
=
TTS
LN
x
thu Doanh
TTS

= 3% x 1/1,5
= 2%
T s n trn TTS =
sa n ta i To ng
n Tong
=
TTS
CP von - TTS

=1-
TTS
CP Von
= 1 -
LN
CP Von
x
TTS
LN

=1-
ROE
1
x ROA
=1 -
5%
3%
= 0.4 = 40%
Bi 8

hanh hien
toan thanh le Ty
=
m i ha n nga n N
m i TSL


TCDN4.NET

=
tra K.phai 525.000
HTK 1312.500
A +
A +
2
1.312.500+ HTK A 1.050.000 + 2
tra K.pha i A
262.500 2 tra K.pha i A - HTK A
262.500 tra K.phai A
Vy khon phi tr m cng ty c th gia tng ti a l 262.500$
Khi t s thanh ton nhanh :
500 . 262 000 . 525
) 500 . 262 000 . 375 ( 500 . 312 . 1
+
+
= 1.19
Bi 9

NH N
ong lu san Tai
= 3
N NH =
3
810.000
= 270.000$

NH N
TK H - TSL
=1.4
HTK = 810.000 1.4 * 270.000 = 432.000$
Vng quay hng tn kho =
HTK
thuan thu Doanh

Dthu thun =HTK x Vng quay HTK
=432.000 x 6 = 2.592.000$
Khon phi thu = TSL HTK Tin mt v CK th trng
= 810.000 432.000 120.000
= 258.000$
K thu tin bq =
360 2.592.000/
258.000
= 36 ngy
Bi 10
LNR = t sut sinh li trn doanh thu x Doanh thu
= 5% x 2.000.000 = 100.000$

TCDN4.NET

Thu nhp trc thu = LNR /(1-t) = 100.000/0.7
=142.857$
Li vay(I) = Li sut x n
= 10% x 500.000 = 50.000$
EBIT = 142.857 + 50.000 = 192.857$
Kh nng thanh ton li vay =
I
EBIT
= 3.86
Bi 11

san tai Tong
thu Doanh
= 2
Tng ti sn = Doanh thu / 2 =10.000.000/2 = 5.000.000$
LNR = (EBIT I ) x ( 1-t)
= (1.000.000 300.000) x 66% = 462.000$
ROE =
CP Von
LNR
=
60%)TTS - (1
462.000

=
5.000.000 x 40%
462.000
= 23.1%
Bi 12

TTS
EBIT
= 20%
EBIT = 20% x 1.000.000 = 200.000$
Trng hp 50% n
EBT = EBIT I
= 200.000 (500.000 x 8%)
= 160.000$
LNR = EBT ( 1-t)
= 160.000 x 60% = 96.000$
ROE =
CP Von
LNR
=
50%)TTS - (1
96.000

= 19.2%

TCDN4.NET

Trng hp 100% vn CP
EBIT = EBT = 200.000$
LNR = 200.000 x 60% =120.000 $
ROE =
1.000.000
120.000
= 12%
Vy tc dng ca n by vay n lm ROE tng : 19.2% - 12% = 7.2%

Bi 13
a. ROE =
TTS
t) - EBIT(1
+
E
D
t) - 1 ( i
|
|
.
|
\
|

TTS
t) - EBIT(1

D : N vay
E : vn c phn
Khi D tng => ROE tng => cu a ng

b. Sai v EBIT/TTS khng b nh hng bi thu thu nhp doanh nghip.
c. Sai v EBIT/TTS c lp vi li sut n vay
d. Sai v EBIT/ TTS khng ph thuc vo t l n. T l cao ch nh
hng n EBT v li nhun rng v chi ph li vay cao.
e. Sai
Bi 14
a.
NH N
TSL
= 2,5 => TSL = 2,5 x ( 20.000 + 30.000) = 125.000$
A TSL = 125.000 210.000 = - 85.000$
TSL gim 85.000$ c ngha tin mt thu c t vic bn HTK
c dng mua li c phn thng. iu ny s lm gim vn c phn
thng tng ng 85.000$.
Vn CP = 200.000 85.000 = 115.000$
A ROE =
m i CP Von
LNR
-
cu CP Von
LNR


TCDN4.NET

=
115.000
15.000
-
200.000
15.000
= + 5,54%
b. 1. Tt c s liu u nhn i th ROE vn s tng 5,54%

2.
NH N
TSL
= 3 => TSL = 3 x 50.000 = 150.000$
A TSL = 150.000 210.000 = - 60.000$
TSL gim 60.000$ c ngha tin mt thu c t vic bn HTK
c dng mua li c phn thng. iu ny s lm gim vn c phn
thng tng ng 60.000$.
Vn CP = 200.000 60.000 = 140.000$
A ROE =
m i CP Von
LNR
-
cu CP Von
LNR

=
140.000
15.000
-
200.000
15.000
= + 3.21%

3.
HTK
DT
= 2 => HTK = DT/ 2 = 100.000$
=> HTK gim 150.000-100.000 = 50.000$
tng ng TSL gim 50.000$ Vn c phn gim 50.000$
Vn CP = 200.000 50.000 = 150.000$
A ROE =
m i CP Von
LNR
-
cu CP Von
LNR

=
150.000
15.000
-
200.000
15.000
= + 2.5%
4. Gi CP = 200.000$ / 10.000CP = 20$
S CP gim = 85.000$ / 20$ = 4250 CP
S CP = 10.000 4250 = 5750 CP
EPS mi =
CP So
LNR
=
5750
15.000
= 2.608$

TCDN4.NET

EPS c =
CP So
LNR
=
10.000
15.000
= 1.5$
A EPS = 2.608 1.5 = 1.108$

5. S CP c mua li = 85.000$ /40$= 2125 CP
S CP = 10.000-2125 = 7875 CP
EPS mi =
CP So
LNR
=
7875
15.000
= 1.905$
A EPS = 1.905 1.5 = 0.405 $

CU HI THCH THC
Bi 2
Tin mt 27.000 $ Khon phi tr 90.000$
Khon phi thu 45.000 $ N di hn 60.000$
Hng tn kho 90.000 $ Vn c phn thng 52.500$
Ti sn c nh 138.000 $ Thu nhp gi li 97.500$
Tng ti sn 300.000 $ Tng n v vn CP 300.000$
Doanh thu 450.000 $ Gi vn hng bn 337.500$

Bi 4
T s Cng ty Trung bnh ngnh
T s thanh ton nhanh 0.94 1,0
T s thanh ton hin hnh 2,33 2,7
S vng quay hng tn kho 4,8 7,0
K thu tin bnh qun 37 ngy 32 ngy
Doanh thu / TTS 2,34 2,6
Doanh thu / TSC 9,95 13
ROA 5,9% 9,1%

TCDN4.NET

ROE 18,85% 18,2%
T s n trn TTS 54,8% 50%
T s li nhun trn doanh thu 2,5% 3,5%
T s P/E 5,0 6,0
Nhn vo bng trn ta thy ch c t s n trn TTS v ROE ca cng ty l
cao hn mc trung bnh ngnh. ROE cao l tc ng ca n by n vay.
Ct gim hng tn kho
T s thanh ton nhanh tng
S vng quay hng tn kho tng
K thu tin bnh qun s tng nu HTK c bn chu
Ct gim mnh gi vn hng bn => li nhun rng tng
=>ROA, ROE, P/E u tng


TCDN4.NET

CHNG 7

Cc bn vui lng tham kho trong ti liu p n Ti
chnh doanh nghip hin i ca nhm
Ti Chnh kha 30

BI TP CHNG 7


TCDN4.NET

CHNG 8
CU HI
Cu 1/99
a. K hoch ti chnh nhm mc ch ti thiu ha ri ro. Sai. V k
hoch ti chnh tht s dng nhn bit cc ri ro, xem ri ro no c th
chp nhn c, ri ro no khng th chp nhn c.
b. Mc tiu ch yu ca k hoch ti chnh l thu thp nhng d bo tt hn
v dng tin v li nhun tng lai. Sai. V k hoch ti chnh quan
tm hn n cc bo co ti chnh d on c th c trong tng lai, tc l
cc tnh hnh ti chnh m doanh nghip c th gp phi trong tng lai
gim c ti chnh c th a ra quyt sch ng n nht.
c. K hoch ti chnh l cn thit bi v cc quyt nh u t v ti tr l
tng tc ln nhau v khng c trin khai c lp vi nhau. ng.
d. Thi gian hoch nh him khi no vt qu 3 nm. Sai. V ty thuc
l k hoch ti chnh ngn hn hay di hn. Mot k hoch ti chnh
ngn hn c th ch hoch nh trong vi thng, mt k hoch ti chnh di
hn c th s hoch nh trong 5 nm hoc hn na.
e. Cc d n u t ring bit khng c a vo trong k hoch ti chnh
tr phi chng l nhng d n ln. Sai. V khng 1 d n no d ln hay
nh dc a vo k hoch ti chnh. Cc d n c hoch nh c th
trong phn hoch nh ngn sch vn. K hoch ti chnh ch cp en
cc bo co ti chnh, tc l cc con s mc tiu ca doanh nghip.
f. K hoch ti chnh i hi phi d bo chnh xc. Sai. V k hoch ti
chnh a ra nhiu kh nng c th xy ra trong tng lai doanh nghip
BI TP CHNG 8


TCDN4.NET

la chn m khng th d bo chnh xc c. Ta ch c th d bo tt
nht c th c.
g. Cc m hnh k hoch ti chnh cng chi tit nhiu cng tt. Sai. V m
hnh qu chi tit s kh s dng, tr nn tha thng tin khng cn thit, cn
tr s tp trung ch vo cc chin lc, quyt nh ti chnh quan trng,
l ci m k hoch ti chnh quan tm ti.

Cu 2/99
Cc yu t ch yu ca 1 k hoch ti chnh hon chnh :
+ Phn tch nhng tng tc ca nhng chn la u t, ti tr v chnh sch
c tc cho doanh nghip.
+ D don thnh qu tng lai ca cc quyt nh hin ti trnh nhng bt
ng v hiu mi quan h gia quyt nh tng lai v hin ti.
+ Quyt nh phng php no s c th hin (cc quyt nh ny c th
hin trong quyt nh ti chnh sau cng).
+ o lng thnh qu sau ny vi mc tiu trong k hoch ti chnh.

Cu 3/99
Tho lun pht biu :Khng c m hnh ti chnh trong cc k hoch ti chnh
Cho d c hay ko c m hnh ti chnh th ni dung ca cc k hoch ti chnh bao
gi cng gm cc bo co ti chnh trong tng lai c th c, cc quyt nh chin
lc ti chnh, v quyt nh ti chnh cui cng c chn la. Vic s dng cc
m hnh k hoch ti chnh gip cho vic thit lp cc k hoch ti chnh n gin
hn, thc tin hn. Nh vy s dng cc m hnh k hoch ti chnh l khng bt
buc nhng cn thit nn dng.

BI TP THC HNH


TCDN4.NET

Bi 1/tr.100:
Vic s dng cc m hnh k hoch ti chnh c nhng thun li v bt li sau y
:
- Hu ht cc m hnh l da trn c s k ton v cc con s k ton khng
cha ng cc m hnh ti chnh lm ti a ha gi tr ca cng ty.
- Thng th cc quy tc ng x trong m hnh l mang tnh cht ch quan,
v cc quyt nh ti chnh khng c xem xt mt cch thch ng khi
xy dng m hnh.
- Cc m hnh thng rt phc tp v kh s dng
- Trong thc t s dng cc m hnh ny cng ty phi tn km mt s
khon chi ph nht nh, nht l i vi nhng cng ty ln.

Bi 2/tr. 100:
Bng k hoch ti chnh theo nguyn tc l to ra nhng d bo khng thin lch.
Nhng trn thc t n thin v yu t tnh cm ch quan ca ngi lp cho ngi
xem hn l mt d bo trung thc khch quan.

Bi 3/tr. 100:
Nu c tc b ct gim : a
5
= 0%
(11) DIV = 0 (gim 66,6)
(7) AD gim cn 189
(14) D gim cn 589
(15) E tng ln 711
(3) INT gim cn 53
(4) TAX tng ln 114
(5) NET tng ln 114
y c th l k hoch ti chnh tt hn k hoch trong bng 8.2. Trong k hoch
ban u, t s n ca VDEC tng t 40% ln 50%. Trong mt phn tch da trn

TCDN4.NET

nguyn tc thn trng th nhng thay i nh th l khng nn. Nhng mt khc
cng phi thy rng vic khng chia c tc c th l tnh hung m cc c ng
khng mong i v cng ty s phi chun b gii thch r tnh hung trn. C
th cc nh u t cho rng y l mt tn hiu cho thy mt kh nng st gim
mnh trong li nhun di hn.

Bi 4/tr. 100:
M hnh ti chnh m t hng t cc quan h gia cc bin s ti chnh. Tht
khng d g t c mt gii php no nu chng ta khng cho mt bin s
no l v hn. Bin ny c gi l hng mc cn i v chng s c cng
thm vo bng cn i k ton cng nh bo co ngun v s dng.
Nu c tc l hng mc cn i, khi phng trnh (11) trong bng 8.3 s c
thay th bng mt phng trnh lin quan n vay n theo mt vi bin s khc.

Bi 5/tr. 100:
Thay th phng trnh (11) trong bng 8.3 bng D = 0,67E. Rng buc ny s ph
hp vi vic ti lp li gii hn t s n xung cn 40%, mc ca nm 2003.
Cng tng t nh th phng trnh (7) s thay i thnh:
DIV = AD - ANWC + NET + DEP + SI INV
M hnh mi l : INT = 46,8; TAX = 117,1; NET = 117,1; AD = 120; SI = 63;
DIV=0; D = 520; E = 780
Vi DIV l hng mc cn i, th vic pht hnh c phn l ng nhin bi v
khng bao gi c trng hp c tc m.

BI 6: Gi x l s tin vay

Doanh s tng 10% Doanh s tng 50%
Doanh thu (2160*1.1) = 2376 (2160*1.5) = 3240

TCDN4.NET

Gi vn hng bn (1944*1.1) = 2138 (1944*1.5) = 2916
EBIT 238 324
Li vay 9%x 9%x
Li trc thu 238-9%x 324 - 9%x
Thu 50%(238-9%x) 50%(324-9%x)
Li rng 50%(238-9%x) 50%(324-9%x)
C tc 60%*50%(238-9%x) 60%*50%(324-9%x)
Li tc gi li 40%*50%(238-9%x) 40%*50%(324-9%x)

Ngun vn
Li rng 50%(238-9%x) 50%(324-9%x)
Khu hao 10%*880 = 88 10%*1200 = 120
Dng tin hot ng 207 4.5%x
Vay n x - 400 x 400
Pht hnh c phu 0 0
Tng ngun 95.5% x- 193
S dng vn
Gia tng vn lun chuyn 200*1.1 200 = 20 200*1.5 200 = 100
u t 880-800+88 = 168 1200 800 + 120 = 520
C tc 60%*50%(238-9%x) 60%*50%(324-9%x)
Tng s dng 259.4 0.027x

NWC 200*1.1 = 220 200*1.5 = 300
Ti sn c nh 800*1.1 = 880 800*1.5 = 1200
Tng ti sn 1100 1500

N x x

TCDN4.NET

Vn c phn s sch 1100 - x 1500 - x
Tng n&vn c phn 1100 1500

Ta c Tng ngun = Tng s dng
95.5% x- 193 = 259.4 0.027x x = 461
Tng t cho TH doanh s tng 50%
BI 7: Gi x l s tin vay

Nm 2005 Nm 2006
Doanh thu (2808*1.3) = 3650.4
Gi vn hng bn (2527*1.3) = 3285.1
EBIT 365.3
Li vay 9%x
Li trc thu 365.3-9%x
Thu 50%(365.3 9%x)
Li rng 50%(365.3-9%x)
C tc 60%*50%(365.3-9%x)
L tc gi li 40%*50%(365.3-9%x)

Ngun vn
Li rng 50%(365.3-9%x)
Khu hao 10%*1352= 135.2
Dng tin hot ng 317.85 4.5%x
Vay n x 655.6
Pht hnh c phu 0
Tng ngun 95.5% x- 337.75
S dng vn

TCDN4.NET

Gia tng vn lun chuyn 338 - 260 = 78
u t 1352-1040+135.2 = 447.2
C tc 60%*50%(365.3-9%x)
Tng s dng 634.79 0.027x

NWC 260*1.3 = 338
Ti sn c nh 1040*1.3 = 1352
Tng ti sn 1690

N X
Vn c phn s sch 1690 - x
Tng n&vn c phn 1690

Ta c Tng ngun = Tng s dng
95.5% x- 337.75 = 634.79 0.027x x = 990.4

Tng t cho nm 2006
b) T s n = 990.4/1690 = 0.59
T s thanh ton li vay = (Li trc thu + Li vay)/Li vay = (270.2+89.1)/89.1
= 4.1


TCDN4.NET

Bi 8
a. Bo co ti chnh nm 2005
Doanh thu REV 2250
nh ph VC 56
Bin ph FC 1800
Khu hao DEP 100
EBIT EBIT 294
Li vay (8%) INT 30
EBT EBT 264
Thu (40%) TAX 105.6
Li rng NET 158.4
Ngun vn
Li rng (NET) 158.4
Khu hao (DEP) 100
Dng tin hot ng (OCF) 258.4
Vay (D) 75
Pht hnh c phn (SI) 172.2
Tng ngun 505.6
S dng ngun
Tng vn lun chuyn (NWC) 100
u t (INV) 300
Li tc c phn 105.6
Tng s dng 505.6
2005 2004 Thay i
Ti sn
Vn lun chuyn (NWC) 500 400 100
Ti sn c nh (FA) 1000 800 200
Tng ti sn 1500 1200 300
N v vn c phn
N vay (D) 375 300 75
Vn c phn (E) 1125 900 225
Tng n v vn c phn 1500 1200 300
Bo co thu nhp
Ngun v s dng ngun
Bng cn i k ton

b. Trng hp cng ty khng pht hnh c phn mi


TCDN4.NET

Doanh thu REV 2250
nh ph VC 56
Bin ph FC 1800
Khu hao DEP 100
EBIT EBIT 294
Li vay (8%) INT 44
EBT EBT 250
Thu (40%) TAX 100
Li rng NET 150
Ngun vn
Li rng (NET) 150
Khu hao (DEP) 100
Dng tin hot ng (OCF) 250
Vay (D) 250
Pht hnh c phn (SI) 0
Tng ngun 500
S dng ngun
Tng vn lun chuyn (NWC) 100
u t (INV) 300
Li tc c phn 100
Tng s dng 500
2005 2004 Thay i
Ti sn
Vn lun chuyn (NWC) 500 400 100
Ti sn c nh (FA) 1000 800 200
Tng ti sn 1500 1200 300
N v vn c phn
N vay (D) 550 300 250
Vn c phn (E) 950 900 50
Tng n v vn c phn 1500 1200 300
Bo co thu nhp
Ngun v s dng ngun
Bng cn i k ton

T l n trn s sch s l 36.7% ca tng vn.


TCDN4.NET

Bi 9
a. Nu cty mun duy tr t l n nh trc ta s c:

2004 2005 2004 2005
Ti sn 3000 3450 N 1000 1150
Vn CP thng 2000 2300
Tng s 3000 3450 Tng s 3000 3450
Bng cn i k ton

Nh vy ngun vn bn ngoi cn thit cho cty l D = 150
b. Nu cty chn phng n khng pht hnh c phn mi, hng mc can i s l
n

Doanh thu 1092.5
Chi ph 287.5
EBT 805
Thu 230
Li rng 575
2004 2005 2004 2005
Ti sn 3000 3450 N 1000 1220
Tng s 3000 3450 Tng s 3000 3450
Bo co thu nhp
Bng cn i k ton

D = 220
c. Trng hp cty gia tng n di hn lean 1100 v khng pht hnh c phn mi

2004 2005 2004 2005
Ti sn 3000 3450 N 1000 1100
Tng s 3000 3450 Tng s 3000 3450
Bng cn i k ton

Li nhun gi li = E = 350

Bi 10
a. T l tng trng ni ti = % 67 . 6
3000
500 * % 40
=
b. T l tng trng duy tr c = % 10
2000
500
* % 40 =

TCDN4.NET

Bi 11
a. T l tng trng ni ti = % 8 1 * % 20 * % 40 =
b. NET = 20%*1,000,000 = 200,000
Li nhun gi li = 40%*200,000 = 80,000
Nhu cu ti tr t bn ngoi = 30%*1,000,000 - 80,000 = 220,000
c. Nu t l chi tr c tc bng 0 th t l tng trng ni ti l 20%
Nhu cu ti tr t bn ngoi = 30%*1,000,000 - 200,000 = 100,000

CU HI THCH THC
Bi 1/102
a.
M hnh k hoch ti chnh d bo nam 2005 ca cng ty vdec
(1) REV=1.75[FA(-1) + NWC(-1)] b1=1.75
(2) FIXED COST = 53 b2=53
(3) VAR COST = 0.8REV b3=0.8
(4) DEP = 0.1[FA(-1) + INV] b4=0.1
(5) INT = 0.118D(-1) b5=0.118
(6) EBT = REV-FIXED COST - VAR COST - DEP - INT
(7) TAX = 0.4EBT
(8) NET= EBT - TAX
(9) OCF = NET + DEP
(10) D = D - D(-1)
(11) SI = NWC + INV + DIV - NET - DEP - D
(12) NWC = NWC - NWC(-1)
(13) INV = 200 + DEP b6 = 200
(14) DIV = 0.67NET b7 = 0.67
(15) NWC = 0.5FA b8 = 0.5
(16) FA = FA(-1) + INV - DEP
(17) D = 0.2 (NWC + FA) b9 = 0.2
(18) E = E(-1) + NET -DIV + SI
Ba o ca o thu nha p
Nguo n va s du ng nguo n
Ba ng ca n o i ke toa n


TCDN4.NET

b. B bo co ti chnh nm 2005 cu cng ty VDEC
VT : 1000$
Doanh thu REV 2100
nh ph FIXED COST 53
Bien ph VAR COST 1680
Khau hao DEP 100
EBIT EBIT 267
Lai vay INT 28.32
Thu nhap trc thue EBT 238.68
Thue TNSDN 40% TAX 95.472
Lai rong NET 143.208
2005 2004 Thay oi
Ta i sa n
Von luan chuyen 500 400 100
Tai san co nh 1000 800 200
To ng ta i sa n 1500 1200 300
N va vo n co pha n
N vay 300 240 60
Von co phan 1200 960 0
To ng n va vo n co pha n 1500 1200 300
Nguo n vo n
Lai rong NET 143.208
Khau hao DEP 100
Dong tien hoat ong OCF 243.208
Vay them D 60
Phat hanh co phan SI 192.264
To ng nguo n 495.472
S du ng nguo n
Tang von luan chuyen NWC 100
au t INV 300
Li tc co phan DIV 95.472
To ng s du ng 495.472
Ba o ca o thu nha p na m 2005
Ba o ca o nguo n va s du ng nguo n
Ba ng ca n o i ke toa n nga y 31/12/2005

+ Gi nh:
Li c tnh trn khon n u nm.
Vn lun chuyn thun bng 50% ti sn c nh.

TCDN4.NET

Bi 2/103
K hoch ti chnh l kt qu hng lot cc tho lun t c v cc tin
trnh c lin quan n hng lot cc vn ca cc cp qun l trong cng ty. Do
d k hoch ti chnh lun c cp nht cc gim c ti chnh phi lun trao
i vi cc cp qun l khc v nhng bin ng ang xy ra kp thi diu
chnh k hoch ti chnh. Cc bin ng nh bin ng th trng, tnh hnh
cnh tranh ca doanh nghip c nh hng n doanh s ca cng ty, ch ph s
dng vn thay i buc phi diu chnh cu trc vn ca doanh nghip.
Cng vic ny i hi tn km nhiu v thi gian v chi ph.

Bi 3/103
M hnh k hoch ti chnh chi tit thch hp vi nhng cng ty kinh doanh
a ngnh, a sn phm, cc hot ng kinh doanh a dng v phn tn, v c cc
d n ln. Vic ny gip cng ty c s phi hp tt hn trong hot ng ca tng
mng kinh doanh ca cng ty ng gp tt hn vo li nhun chung ca cng ty.
Bn cnh nhng cng ty c hot ng kinh doanh khong a dng, trong
nhng th trng nhiu bin ng ,tc tng trng cao, da nhiu vo ti sn v
hnh, tt c cha dng nhiu ri ro, th 1 k hoch ti chnh qu chi tit l khng
kh thi, hn ch s linh hot ca cng ty, ci m 1 cng ty nh th rt cn tn
ti v pht trin. Cc cng ty cng ngh cao m in hnh l Microsoft Corp. l
mt v d din hnh.


TCDN4.NET

CHNG 9
c nhng bi gii chi tit hn,
tham kha bi gii ca kha 30
CU HI

1. Chuyn vin trong cc phng ban khc nhau s dng qu trnh hoch
nh ngn sch vn nh th no?
a. i vi Gim c nhn s:
Gim c nhn s l nhng ngi ph trch vic tuyn dng, hun luyn cng
nh pht trin ngun nhn lc cho doanh nghip. Tng cng vic ca cc gim
c nhn s u i hi s chi tiu vn, l cc chi ph cho vic sn u
ngi, chi ph cho cc kha o to li nhn vin hoc cc kha hun luyn
nng cao trnh cho nhn vin Tt c nhng cng vic u nhm n
mc tiu l bo m ngun nhn lc p ng c c v s lng cng nh
cht lng cho cc hat ng ca doanh nghip hin ti, v c bit l cho
vic pht trin doanh nghip trong tng lai. Hu ht cc chi ph ny u nhm
mc tiu to ra nhng thu nhp trong tng lai, do chng u l nhng chi
tiu vn (capital expenditure). Cc gim c nhn s cng phi tin hnh y
cc bc ca qu trnh hach nh ngn sch vn, t xut cc d n, c
tnh cc dng thu nhp (cash flows) cho n thm nh hiu qu ca tng d n
c th la chn d n hiu qu nht cho vic chi tiu vn trn torng mi
quan h vi cc chin lc chung khc ca doanh nghip.
b. i vi chuyn vin nghin cu pht trin:
BI TP CHNG 9


TCDN4.NET

Nhng d n nghin cu pht trin (R&D) ng vai tr v cng to ln i vi
trin vng pht trin torng tng lai ca doanh nghip. Nhng nghin cu pht
trin sn phm mi ca doanh nghip u nhn n mt mc ch l p ng
nhu cu ca th trng trong tng lai, qua m bo thu nhp cho doanh
nghip. Nhng chi ph cho cc hat ng R&D u l nhng chi tiu vn.
Trong c cu chi tiu vn ca mt doanh nghip bt k mt giai an no
cng u cn c chi tiu cho cc hat ng R&D ny.
Vic hoch nh ngn sch ca cc chuyn vin R&D l v cng quan trng,
bi v n s l c s cho cc chin lc khc ca doanh nghip. Cc chuyn
vin R&D cn cc nh c tnh hiu qu ca cc da n cng nh thi gian
tin d n mt cch chnh xc.

2. Cc lai d n:
D n loi tr nhau: l nhng d n khn th tin hnh ng thi, ni cch
khc l nhng d n c cng mc tiu, nhng cch thc thc hin khc
nhau. Nu hai d n l loi tr nhau th khi quyt nh thc hin d n ny s
loi b vic thc hin d n kia. VD: chn la xy cu hay xy hm Th
Thim, xy dng cu vt hay bng binh 1 giao l no
D n c lp: l nhng d n c th tin hnh ng thi, ni cch khc l
cc d n khng cng mc tiu. Vic ra qut nh thc hin d n ny khng
nh hng n vic la chn cc d n cn li. VD:
D n ph thuc: cc d n ph thuc nhau phi c thc hin cng l1uc vi
nhau. VD: d n xy dng nh my lc du Dung Qut v d n xy dng
tuyn ng ng dn du t Vng Tu ra Qung Ngi

4. Cc loi u t vn:
Cc d n u t m rng: in hnh l cc chng trnh nghin cu pht trin
sn phm mi.

TCDN4.NET

Cc d n thay th: thay th cc my mc thit b c bng cc thit b mi c
nng sut cao hn.
Cc d n pht sinh p ng cc yu cu php l, cc tiu chun sc khe
v an ton: u t cho cc thit b kim sot nhim, thng gi v phng chy.
Ni chung th loi d n c nh hng n cch phn tch d n, qua nh
hng n quy trnh thc hin quyt nh u t vn. Chng hn nh i vi
cc d n p ng cc yu cu php l th khi phn tch chng nn c xem
nh cc d n ph thuc. i vi d n m rng th nhng c tnh v doanh
s trong tng lai s c nhiu ri ro hn d n thay th.

5. Nguyn tc 1 v 3:
Dng tin nn c nh gi trn c s tng thm: ngha l nn nh gi
dng tin ca mt d n trn gc tan b dng tin ca doanh nghip s
b tc ng nh th no nu d n c chp nhn so vi khi d n khng
c chp nhn (If or If not). Chng ta s khng nh gi dng tin ca ring
mt d n no c bi v mi d n ca doanh nghip u c miq uan h qua
li rng buc vi cc d n v ang thc hin. Do vic nh gi ring
tng d n s l phin din v lm mo m (distortion) hiu qu thc cht ca
d n .
Tt c tc ng gin tip ca mt d n phi c xem xt khi nh gi dng
tin: tc ng gin tip c th l: cc gia tng v vn lun chuyn ca doanh
nghip (di hnh thc qu tin mt, hng tn kho, khon phi thu). Hoc vic
cho ra i mt sn phm mi m li trc tip cnh tranh vi mt sn phm ca
x nghip khc trong DN, c th tnh ring sn phm mi th hiu qu nhng
tnh chung li th hiu qu ton DN ko t c.

6. Cc yu t khi c tnh u t thun ca d n:

TCDN4.NET

u t thun vo 1 d n l chi tiu tin mt thun ban u ca d n, bao
gm:
Chi ph mua TSC mi (bao gm c chi ph chuyn ch v lp t)
Gia tng trong vn lun chuyn do d n mi i hi
Thu nhp thun t vic bn ti sn hin c (d n thay th)
Thu pht sinh do vic bn ti sn hin c hoc mua ti sn mi.

7. Khu hao:
Khu hao khng phi l mt chi ph bng tin mt (non-cash cost) m ch l
mt hnh thc bt tan ca k ton m thi. N khng nh hng trc tip n
ngn lu d n m ch nh hng gin tip thng qua l chn thu. Chi ph
khu hao cng nhiu th doanh thu trc thu ca doanh nghip c hach ton
cng thp, qua gim c mt khon thu thu nhp doanh nghip phi np
cho nh nc. Bn cnh , d c gi l chi ph song thc cht khu hao l
mt khan doanh thu ca doanh nghip, thu hi vn u t ban u (ch
yu l t vic mua Ti sn). Do cn phai tnh n khu hao trong dng ngn
lu ca d n.

8. Hu qu thu t vic bn ti sn:
a. Khng c hu qu thu: khi doanh nghip bn ti sn theo gi tr s sch
(book value)
b. Gim mc thu phi np: nu bn ti sn vi gi thp hn gi tr s sch.
Mc gim = s tin l x thu sut thu TNDN
c. Tng mc thu phi np: c 2 trng hp:
- gi tr s sch < gi bn ti sn < gi tr nguyn thy:
Mc tng = (gi bn gi tr s sch) x thu sut thu TNDN
- gi bn ti sn > gi gc:
mc tng = thu do thu nhp thng thng + thu trn li vn

TCDN4.NET

thu nhp thng thng = phn khu hao (nguyn gi gi tr s sch)
li vn = gi bn - nguyn gi

9. Li vay:
Li vay c mt vai tr tch cc i vi bt k mt d n no. Nhng cc phng
php xy dng dng ngn lu li khng a li vay vo tnh dng ngn lu.
Nguyn nhn l do u? C 2 l do:
Th nht, c th xem nh quyt nh u t v quyt nh ti tr l c lp vi
nhau. Trong thc t, cc doanh nghip lun c gng duy tr mt cu trc vn bao
gm n vay v vn ch s hu; cu trc vn hn hp ny c gi l cu trc vn
mc tiu. Nu doanh nghip t c cu trc vn mc tiu ny th chi ph s
dng vn s mc xp x hoc bng mc ti thiu. Vi cc l do , mi d n
mi c th xem nh c ti tr vi t l cc ngun ti tr khc nhau ph hp vi
cu trc vn mc tiu ca doanh nghip. Do , nu ta ch n thun tr cc chi
ph li vay khi cc dng tin th b coi l khng ng.
Th hai, khi mt h thng chit khu c dng thm nh d n, sut chit
khu hay chi ph s dng vn bao gm chi ph ca cc ngun tin dng ti
tr cho d n (li vay). a s cc doanh nghip u s dng chi ph s dng vn
bnh qun (WACC) chit khu cc dng tin ca cc d n mi.
WACC =(w
d
x r
d
) + (w
e
x r
e
)
w
d
: t trng vn vay trong cu trc vn
w
e
: t trng vn ch s hu trong cu trc vn
r
d
: li vay (chi ph s dng vn vay)
r
e
: chi ph s dng vn ch s hu
Nh vy, vic a cc chi ph li vo tnh ton cc dong tin s l tnh cc chi ph
n hai ln.

10. Phn bit D n m rng v D n thay th:

TCDN4.NET

D N M RNG D N THAY TH
-u t thm ti sn tng doanh s -Thi hi 1 ti sn + thay th bng mt
ti sn hiu qu hn
-Khng c khon mc bn ti sn c
torng tnh u t thun
-Vic tnh ton u t thun phi tnh
n thu nhp t vic bn ti sn c v
phn thu nh trn thu nhp

11. Chi ph c hi:
Trong hoch nh ngn sch vn u t, chi ph c hi nn c hiu l dng
tin ln nht m cc ti sn c th to ra nu chng khng c s dng
trong d n.
VD: nu mt mnh t c mua cch y 5 nm vi gi 100.000 USD. Hin
nay, cc chuyn gia nh gi ca mnh t ny l 180.000 USD. Khi a vo
thc hin d n th chi ph c hi ca mnh t ny l 180.000 USD ch khng
phi l 100.000 USD.

BI TP
Bi 16:
Ta c
Chi ph xy ca hng: 7.000.000 USD
Chi ph trang thit b: 700.000 + 50.000 = 750.000 USD
Vn lun chuyn ban u: 600.000 USD
u t thun = 8.350.000 USD

Bi 17:
Chi ph mua my = 1.000.000 USD
Vn lun chuyn rng = 50.000 USD

TCDN4.NET

u t rng = 1.050.000 USD
DNG TIN CHO NM 1 V NM 10

Khon mc Nm 1 .. Nm 10
Doanh thu tng thm 275000 275000
Chi ph tng thm 100000 100000
Khu hao tng thm 142900 0
OEBT tng thm 32100 175000
Thu tng thm 7840 65000
OEAT tng thm 24260 110000
Khu hao tng thm 142900 0
NWC 25000 -85000
OCF tng thm 142160 195000
Gi tr thanh l 30000
Dng tin rng 142160 225000

Bi 19: Cty Locus Quintatus
u t thun cn thit:
Chi ph cho thit b = 1.000.000 USD
Vn lun chuyn tng thm = 300.000 USD
u t thun = 1.300.000 USD

Dng tin rng:

Khon mc Nm 1 NM 2
Doanh thu tng thm 800.000

TCDN4.NET

Chi ph tng thm 300.000
Khu hao tng thm 142.900
OEBT tng thm 357.100
Thu tng thm 142.840
OEAT tng thm 214.260
Khu hao tng thm 142.900
NWC 300.000 50.000
Vn u t 1.000.000
OCF tng thm 307.160
Gi tr thanh l
Dng tin rng -1.300.000 307.160


TCDN4.NET

CHNG 10
CU HI

Cu 1:
Chi tiu vn: l chi ph tin mt d kin to ra mt dng cc li ch tin mt trong
tng lai vi thi gian nhiu hn mt nm, iu ny tc ng n cc kh nng
sinh li trong tng lai.
Hoch nh ngn sch vn: l qu trnh hoch nh u t m dng tin pht sinh
nhiu hn mt nm.
K hoch kinh doanh chin lc:l nhng k hoch kinh doanh trong thi gian di
hn mt nm nhm to ra nhng c hi trong thi gian di.
Thi gian thu hi vn:l khong thi gian thu hi li vn u t ban u
Thi gian thu hi vn c chit khu:L khong thi gian cn thit tng hin gi
tt c cc dng thu nhp trong tng lai ca d n va b p s vn u t b ra
ban u.
Cc d n c lp:Hai d n c gi l c lp v mt kinh t nu vic chp nhn
hoc loi b mt d n khng lm nh hng n quyt nh chp nhn hay loi
b d n khc.
Cc d n loi tr ln nhau: Hai d n c gi l loi tr ln nhau nu nhng
khon thu nhp t mt d n u t no s bin mt hon ton nu d n khc
c chp nhn. Vic chp nhn d n ny ng ngha vi vic loi b hon ton
mt d n khc.
M hnh dng tin c chit khu: l m hnh m t l chit khu l mc t sut sinh li
m cng ty c th kim c trn th trng vn i vi cc chng khon c cng
mc ri ro tng ng.
BI TP CHNG 10


TCDN4.NET

Phng php hin gi thun(NPV): l phng php qui tt c cc dng tin trong
tng lai v hin ti theo mt li sut chit khu tr i khon u t ban u.
Tiu chun t sut thu nhp ni b:L li sut chit khu m NPV ca d n bng 0
Tiu chun t sut thu nhp ni b c b sung (MIRR)l t sut sinh li ni b
c iu chnh khc phc cc nhc im ca t s IRR
th biu din NPV: l th biu din nghing ca NPVtheo mt dy cc li
sut chit khu m theo NPV s gim khi li sut chit khu tng.
Li sut lm cn bng NPV ca hai d n l li sut m ti NPV ca hai d n bng
nhau
D n u t c dng tin khng bnh thng: L d n m thu nhp c thc
hin trc sau mi b tin u t
D n u t c dng tin bnh thng: L d n m thu nhp c thc hin sau
khi b tin ra u t.
IRR a tr: Khi NPV ca mt d n i du (do li sut tng) lc n s lm cho
IRR c nhiu gi tr, nu IRR thay i du bao nhiu ln th IRR c by nhiu gi
tr.
Chi ph s dng vn ca d n: L mc li sut c dng khi ri ro ca d n c th
ny khc bit vi ri ro ca doanh nghip
Kim tra sau khi thc hin d n: L vic so snh dng tin thc t t d n c chp
nhn vi dng tin c c lng khi thc hin xy dng d n. V c gng xc
nh ti sao nhng sai bit hay nhng ci nhn sai lch ny li tn ti

Cu 2:
Bt k mt d n no khi thc hin cng cn phi hoch nh ngn sch vn v
loi d n c thc hin,qui m d n thc hin u c nhng tc ng rt ln n
ngn sch vn.Khi ta hoch nh ngn sch vn th vic phn loi cc d n u t
phi c thc hin ngay t bc u tin m bo cho cc bc tip theo ph
hp vi mc ch ca d n.

TCDN4.NET

Cu 3:
Cc d n di hn c NPV cao th nhy cm hn trc cc thay i trong ch ph
s dng vn so vi cc d n trong ngn hn: V ch s NPV ph thuc rt ln vo
chi ph s dng vn r,nn trong di hn ta kh c th d on chnh xc c chi ph
s dng vn s thay i nh th no trong khi cc d n trong ngn hn th ta c th
xc nh c chnh xc hn.

Cu 4:
Khi so snh hai d n loi tr ln nhau th d n ngn hn c th c xp hng cao
hn theo tiu chun NPV nu chi ph s dng vn cao, trong khi d n di hn
c xem l tt hn nu chi ph s dng vn thp. V:
-Cc d n trong ngn hn c vng quay ng vn nhanh hn cc d n trong di hn
nn n c th em li nhng li ch cao hn cho doanh nghip i vi cc d n
di hn m c bit l trong trng hp ngun vn b gii hn.
-NPV khng th a ra cc kt qu la chn khi cc d n khng ng nht v
mt thi gian
Cc thay i trong chi ph s dng vn trong nhiu trng hp s lm thay i
vic xp hng theo tiu chun IRR ca cc d n v: Khi chng ta thay i chi ph
s dng vn nh dng n by ti chnh hay n by kinh doanh chng hn th lc
IRR ca cc d n s thay i v dn n xp hn cc d n cng thay i theo.

Cu 6:
Nu doanh nghip khng c d n loi tr ln nhau m ch c d n c lp, chi
ph s dng vn khng i th cc tiu chun NPV v IRR s cho cc quyt nh hoch
nh ngn sch vn tng t:
Theo tiu chun IRR th khi IRR ln hn chi ph c hi ca vn u t th c th
chp nhn c d n v lc NPV ca d n chc chn s dng. Nn khi so
snh IRR ca d n v chi ph c hi ca vn u t th ta s bit c NPV ca

TCDN4.NET

d n dng hay m. Do IRR v NPV trong trng hp nay cho cc quyt nh
tng t nhau.
Nu khi cc gi nh trn thay i th IRR v NPV khng th cho cng quyt nh
tong t nhau c v qui m ca cc d n, m hnh dng tin ca cc d n u lm
thay i v trong cc trng hp ny lm cho IRR v NPV thay i theo hng
mu thun ln nhau nn kt lun trn s sai.

Cu 7:
C nhng iu kin c li m doanh nghip s c li hn nu doanh nghip phi
la chn mt my c thi gian thu hi vn nhanh vi mt my c NPV ln hn:
-Khi thi gian thu hi vn nhanh th kh nng lun chuyn ca ng vn nhanh s
mang n cho doanh nghip nhng gi tr trong vic ti u t.
-Trong iu kin doanh nghip b gii hn ngun vn th thi gian thu hi vn
nhanh s rt c ngha trong vic gip doanh nghip gii phng nhanh ng vn
tip tc hot ng.
-S n gin ca phng php thu hi vn gip cho cc doanh nghip nh s
quyt nh nn u t vo d n no.

Bi 8/132
a. V EPS ch l gi tr th hin trn s sch k tn theo mt phng php k ton
nht nh m khng th hin dng tin thc s ca d n, v cng khng th
phn nh hiu qu thc cht ca d n. Hiu qu d n nn dc o lng
bng NPV ca d n. Do tc ng ngn hn trn EPS khng lm nh
hng ti vic chn la gia 2 d n.
b. Cc tnh hung nh vy thng thng c l s khin cho doanh nghip s
dng thm tiu chun thi gian thu hi vn nh mt phn ca qu trnh
hoch nh ngn sch vn, bv cc d n u em li li ch cho doanh

TCDN4.NET

nghip hoc trc mt hoc v lau di. Do ty thuc vo thi vi ri
ro ca DN m DN s s dng tiu chun thi gian thu hi vn.
Trong tnh hung trn nu d n B c thi gian thu hi vn nh hn thi gian
thu hi vn chun th d n B s c chn
Bi 9/132
a.
b.
Nm D n X D n Y
0 (10000) (10000)
1 6500 3500
2 3000 3500
3 3000 3500
4 1000 3500
NPV 966.01 630.72
PP 2.17 2.86
IRR 18.03% 14.96%
MIRR 14.61% 13.73%
Dng tin d kin

c. Nu cc d n c lp vi nhau th tt c cc d n u chp nhn c theo
cc tiu chun trn
d. Nu cc d n loi tr ln nhau th d n X c chp nhn theo tt c cc tiu
chun trn.
Bi 10/133
a. Tm thi gian thu hi vn
D n CF0 CF1 CF2 CF3 CF4 PP
A -5000 1000 1000 3000 0 3 nm
B -1000 0 1000 2000 3000 2 nm
C -5000 1000 1000 3000 5000 3 nm
Dng tin (USD)

b. S dng tiu chun PP vi thi gian thu hi vn chun 2 nm d n B s
c chp nhn.
c. Nu thi gian thu hi vn chun l 3 nm c 3 d n u c chp nhn.
d. Vi chi ph s dng vn 10%

TCDN4.NET

NPV
A
= -1010.52
NPV
B
= 3378.12
NPV
C
= 2404.55
e. Tiu chun thi gian thu hi vn khng ch n dng tin pht sinh sau thi
gian hn vn.
f. Nu s dng thi gian hon vn chun cho tt c cc d n, rt c th
doanh nghip s chp nhn qu nhiu d n c tui th ngn ng
v khi s dung tiu chun ny chn d n b qua dng tin sau d n.
g. Nu doanh nghip s dng tiu chun thi gian hon vn c chit khu
doanh nghip s khng chp nhn bt k d n no c NPV m v d n co NPV
m s khng tm c DPP.

Bi 12/132
CF0 CF1 CF2
(6750.00) 4500.00 18000.00
NPV(0%)
NPV(5%)
NPV(10%)
IRR 1.00
Dng tin (USD)
15750.00
4250.00
0.00

Bi 13/133

CF0 CF1 CF2 IRR(%)
A (4000) 2410 2930 21
B (2000) 1310 1720 31
D n
Dng tin (USD)

a. Vi chi ph s dng vn l 10% ,s dng tiu chun IRR

TCDN4.NET

- Nu c th chp nhn c 2 d n th c 2 d n u c chp nhn v c
IRR > CP s dng vn.
- Nu ch c th chn 1 d n th
b. NPV
A
= 690
NPV
B
= 657
NPV
(A-B)
= NPV
A
- NPV
B
= 33

Bi 14/134

CF0 CF1 CF2 CF3 CF4 CF5 NPV(10%)
A (1000) 1000 0 0 0 0 (91)
B (2000) 1000 1000 4000 1000 1000 4045
C (3000) 1000 1000 0 1000 1000 39
D n
Dng tin (USD)

a. Nu CP s dng vn = 10%
D n B v C c NPV dng.
b. PP
A
= 1 nm
PP
B
= 2 nm
PP
c
= 4 nm
c. S dng tiu chun thi gian thu hi vn v thi gian hon vn chun l 3
nm th d n B c chp nhn.

Bi 16/134
C pht biu : Cng ty chng ti l mt cng ty thnh cng. T sut sinh
li s sch ca chng ti vt qu 20% trong nm nay. Chng ti quyt tm l
vn u t mi khng ko mc bnh qun nyxung thp.
Pht biu ny khng hp l bi v nu so snh vi sut sinh li s sch ca thc
t kh cao trong nhng nm gn y ca cng ty khin cng ty c th b qua nhng
d n tt nhng c t sut sinh li s sch thp hn mc bnh qun thc t. T sut

TCDN4.NET

sinh li s sch ny ph thuc vo phng php k ton v khu hao, khng phn nh
thc t thu nhp ca d n tc l dng ngn lu.

Bi 17/134
a. Chng ti thch dng tiu chun thi gian thu hi vn ch yu nh l mt
cch i ph vi ri ro.
D n c thi gian thu hi vn cng di cng c ri ro cao, do nh
u t mun trnh ri ro s a thch chn d n c thi gian thu hi vn
ngn hn l mt d n c thi gian thu hi vn di vi t sut sinh li k
vng cao sau ny nhung khng chc dc v ri ro cao.
b. im tt nht ca tiu chun IRR l ngi ta khng cn ngh xem mt
mc li sut chit khu thch hp bng bao nhiu.
Mc d IRR c tnh m khng cn bit mc li sut chit khu
thch hp. Nhng IRR ch l cng c d thm nh d n, nh u t vn phi
xc dnh chi ph s dng vn ca d n vn c xem l sut chit khu ca
d n quyt nh c thc hin d n hay khng.

Bi 18/135
Vic ng gim c chuyn sang s dng tiu chun thi gian thu hi vn c chit
khu vi cng mc thi gian thu hi vn chun s khng ci thin c kh nng
chp nhn d n v khi s dng tiu chun ny thoi gian hon vn s ko di thm
ra.

Bi 19/135

CF0 CF1 CF2 CF3
(3000.00) 3500.00 4000.00 (4000.00)

IRR = 45 %

TCDN4.NET

Bi 20/135
CF0 CF1 CF2 CF3 0% 10% 20%
A (100) 60 60 0 20.00 4.13 (8.33) 13.07%
B (100) 0 0 140 40.00 5.18 (18.98) 11.87%
NPV Dng tin(USD)
D n IRR

c. Trong trng hp d n dc yu cu hon vn trong 2 nm th d n A
c chn hoc khi li sut chit khu >10% (khi NPV
A
> NPV
B
).

d.
D n IRR
CF0 CF1 CF2 CF3 0% 10% 20%
B-A 0 -60 -60 140 20.00 1.05 -10.65 11%
Dng tin(USD) NPV

Bi 21/135

TCDN4.NET

CF0 CF1 CF2 IRR NPV(9%)
A (400) 241 293 20.86% 68
B (200) 131 172 31.10% 65
(A-B) (200) 110 121 10.00% 3
D n
Dng tin (USD)

a. Tuy d n B c IRR cao hn nhng d n A lai c NPV cao hn, do nu
mc tiu ca cng ty c mc tiu ti a ha li nhun th d n A l d n tt
hn.
b. Cch ng dng tiu chun IRR chn d n :
Ta xt d n (A-B) v tnh nu IRR(A-B) th ta xem nh d n tng thm (A-
B) hiu qu, ta chn d n A.
c. Ta tnh dc NPV
B
> NPV
A

Bi 22/135
Bng ngn lu tng thm ca cng ty v IRR trong 2 trng hp tng ca v ko
tng ca

nm 1 2 3 IRR
TH ko tng ca (250000) (250000) 650000 0
TH tng ca (550000) 650000 0

Nu chi ph s dng vn nh hn 18.18% th cty c th tng ca.

Bi 23/136
Nhn nh Mt cng ty xp hng d n trn IRR s khuyn lhch cc gim c
xut cc d n c thi gian thu hi vn nhanh v u t ban u thp l sai v
IRR l mt ch s tng i nn khng th hin vn u t ban u thp hay cao,
IRR cng khng lin quan ti thi gian thu hi vn v mt d n c th c ngn lu
nhng nm u thp b li s c dng ngn lu cao trong nhng nm sau ny lm
cho d n c IRR cao v thi gian thu hi vn chm.

Bi 24/136

TCDN4.NET

C pht biu Mt cng ty xp hng d n da trn IRR s khuyn khch cc gim
c xut cc d n c thi gian thu hi vn nhanh v vn u t ban u thp.
Khnh ng v mun tm cc d n c thi gian thu hi vn nhanh phi da
trn ch tiu PP hoc DPP. Vn u t ban u thp khng nh hng g ti IRR.
Bi 24/136

CF0 CF1 IRR NPV(10%)
E (10000) 20000 1 8812
F (20000) 35000 1 11818
(F-E) (10000) 15000 3006
Dng tin (USD)
D n

a. Tnh PI
5909 . 1
20000
11818
1 1
8182 1
10000
8182
1 1
0
0
= + = + =
= + = + =
CF
NPV
.
CF
NPV
F
E
PI
PI

b. 3006 1
10000
3006
1 1
0
.
CF
NPV
= + = + =
E) - (F
PI

PI
(F-E)
>1 d n (F-E) hiu qu nn ta chn d n F.

BI TP THC HNH
Bi 1/136
I

= 52125 $ CF
i
= 12000 $ n=8 LSCK = 12%
a. 68 . 7486 52125
12 . 0
12 . 1 1
12000
8
=
=

NPV $
b. IRR= 16%
c. DPP= 6.5
d. MIRR = 13.89%


TCDN4.NET

Bi 2/136
n v tnh : 1000.000$
5% 10% 15%
A -15 5 10 20 16.11 12.84 10.06
B -15 20 10 6 18.30 15.95 13.90
D N
NPV
CF0 CF1 CF2 CF3

Bi 3/136
n v tnh : USD
Nm 0 1 2 3
CF -200 235 -65 300
NPV(11.5%) 174.90
Xt d n ca cng ty Northwest Utility

Bi 4/137
n v tnh : USD
Nm Xe ti H thng rng rc
0 -17000 -22430
1 5100 7500
2 5100 7500
3 5100 7500
4 5100 7500
5 5100 7500
IRR 15.24% 20.00%
NPV(14%) 508.78 3,318.20
MIRR 14.67% 17.19%
Dng tin

2 d n c lp vi nhau, u c NPV dng v IRR>LSCK do c 2 d n u
c chp nhn.

Bi 5/137
Dng tin($) CF0 CF1 CF2 CF3 CF4 CF5 CF6 NPV(12%) IRR
Xe chy gas -17500 5000 5000 5000 5000 5000 5000 3,057.04 17.97%
Xe chy in -22000 6290 6290 6290 6290 6290 6290 3,860.75 18.00%

Cng ty nn chn xe chy in v dng tin mang li t xe chy in c NPV v
IRR cao hn.

Bi 6/137

TCDN4.NET

D n S D n L
NPV(14%) 448.86 607.20
IRR 15.24% 14.67%
MIRR 14.67% 14.37%
2 d n loi tr ln nhau
- S dng NPV : L c chn
- S dng IRR : S c chn
- S dng MIRR : S c chn.
Xt d n (L-S) ta c
NPV= 158.83$
IRR=10%
V NPV(S-L) >0 nn d n L c chn.

Bi 7/137
Nm Bng chuyn Xe nng hng
0.00 -300000.00 -120000.00
1.00 -66000.00 -96000.00
2.00 -66000.00 -96000.00
3.00 -66000.00 -96000.00
4.00 -66000.00 -96000.00
5.00 -66000.00 -96000.00
Hin gi ca CP -556716.98 -493406.52
Cc chi ph tin mt thun d kin

Bi 8/138
Nm X Y
0 -1000 -1000
1 100 1000
2 300 100
3 400 50
4 700 50
IRR 14.11% 15.62%
MIRR(CPSD vn=12%) 13.59% 13.10%

Chn d n X v MIRR
X
> MIRR
Y

Bi 9/138

TCDN4.NET

0 1 2 3 4 IRR
S -1000 900 250 10 10 13.49%
L -1000 0 250 400 800 11.74%

D n L tt hn c IRR = 13.49%
Bi 10/138
Gi CF l dng tin u hng nm trong 10 nm. Ta c :
0 1000
) 1 1 (
=

IRR
CF
IRR
CF = 176.98
T ta tnh c MIRR= 10.9%


TCDN4.NET

CHNG 11
CU HI

Cu 1/151:
Ta c:
CF0 CF1 CF2 NPV(10%)
5000 4000 -11000 -454.5
V NPV<0 nn khng chp nhn d n

Cu 2/151:
Dng tin:
CF0 CF1 CF2
-100 200 -75
a.

Nhn vo th ta thy c 2 IRR: IRR1 = -50%, IRR2 = 50%
BI TP CHNG 11


TCDN4.NET

b. Vi chi ph s dng vn l 20% < 50%, d n c NPV> 0 cho nn y l 1 d
n hp dn.

Cu 3/151:
Ta tnh c:
D n NPV u t PI Xp hng
1 5000 10000 0.5 2
2 5000 5000 1 1
3 10000 90000 0.11 6
4 15000 60000 0.25 3
5 15000 75000 0.2 4
6 3000 15000 0.2 4

Trng hp d n c th chia nh.
Ta c 2 phng n sau:
D n NPV u t
2 5,000 5,000
1 5,000 10,000
4 15,000 60,000
1/3 d n 5 5,000 25,000
Tng 30,000 100,000

D n NPV u t
2 5,000 5,000
1 5,000 10,000
4 15,000 60,000

TCDN4.NET

Trng hp d n khng th chia nh:
D n NPV u t
2 5,000 5,000
1 5,000 10,000
4 15,000 60,000
6 3,000 15,000
Tng 28,000 90,000

Cu 4/152:
S khc bit gia ngun vn b gii hn cng,v ngun vn b gii hn mm
:
+ Gi hn ngun vn mm xy ra l do cc nguyn nhn bn trong nh :
- Nh qun tr khng mun phat hnh thm c phiu v lo s c ng mi s
nm quyn kim sot cng ty.
- Vic pht hnh thm c phiu s lm gim thu nhp trn mi c phiu.
- Nh qun tr khng mun vay thm vn v h khng mun phi gnh thm
p lc tr1 khon li c nh ln hng nm.
- Nh qun tr ch mun gii hn u t trong khon li nhun gi li.
- Chnh sch gii hn chi tiu ngn sch vn ca cng ty.
+ Gii hn ngun vn cng l do cc nguyn nhn bn ngoi nh:
6 3,000 15,000
1/7 d n 5 2,000 10,000
Tng 30,000 100,000

TCDN4.NET

- Gi c phiu ca cng ty gim cho nn khng th huy ng thm vn
thng qua th trng chng khon.
- S gii hn v cc khon cho vay ca ngn hng do nh nc qui nh.
- S gp nhiu ri ro i vi cc khon cho vay di hn cho nn ngn hng
vcc t chc tn dng khc phi t ra nhiu iu kin i vi cc khon
cho vay ny.
- Chi ph s dng vn qu cao.

Cu 5/152:
Khi nh gi cc d n loi tr ln nhau, ta tnh chi ph tng ng hng nm
(EA) ca cc d n , v xp hng cc d n trn c s ny ch khng ch so snh
NPV ca d n v:
- Cc d n u t c th khng thng nht v thi gian. Nu ch xt theo
NPV c ngha chng ta ch xt n thu nhp ca d n ch khng quan tm
n thi gian hao ph ca d n.
- Phng php chui tin t u hng nm cho thy li ch ca tng d n
trn cn bn mi nm l c s chnh xc so snh tng d n.

Cu 6/152:
Quy tc: Nn chp nhn mt d n u t ngay khi t l tng gi tr gim di
chi ph s dng vn.
T l tng gi tr l s thay i ca gi tr tng lai thun ca d n tng thi
im khc nhau so vi nm trc .

Cu 7/152:
vt: $1000
My C
0
C
1
C
2
C
3
NPV EA
A -100 110 121 100 57.619

TCDN4.NET

B -120 110 121 133 180 72.350
EA
A
= 57.619 < EA
B
= 72.35 chn my B

Cu 8/152:
Thit b c c th to ra dng tin hng nm l 80,000$ trong khi my mi B ch
c th to ra 72,350$/ nm< 80,000$ . V th chng ta nn tip tc s dng my C
v thay th my B vo cui nm th 5.

BI TP THC HNH
Bi 1/152:
Da vo gi thit ta tnh c
vt: $1000
D n u t NPV IRR PI
1 300 66 17.2 0.22
6 350 63 18 0.18
3 250 43 16.6 0.172
4 100 14 12.1 0.14
7 400 48 13.5 0.12
5 100 7 11.8 0.07
2 200 -4 10.7 -0.02

Nh vy, vi 1 triu USD phn b cho cc chi tiu vn cng ty s chn cc d
n 1, 3, 4 v 6.

Bi 2/153:
Gi w, x, y v z l t trng u t vo cc d n W, X, Y v Z
Ta c bi ton (vt $1000)

max 5 . 1 0 9 7 . 6 + + z y x w
20 15 10 10 s + + z y w
20 5 5 20 10 s + z y x w

TCDN4.NET

1 , , , 0 s s z y x w

Dng hm Solver ta gii c:
D n CF CF CF NPV T trng u t
W -10 -10 0 6.7 1
X 0 -20 5 9 0.75
Y -10 5 5 0 1
Z -15 5 4 -1.5 0
Vn u t nm 1 20
Vn u t nm 2 20
NPV mc tiu 13.45

Bi 3/153:
Ta tnh c chui chi ph tng ng ca 2 my nh sau:
vt: $1000
Nm 0 1 2 3 4 5 6 9 10 PV 12%
My mi 50 20 20 20 20 40 30 30 25 193.20
Chi ph tng ng 34.2 34.2 34.2 34.2 34.2 34.2 34.2 34.2
My c 45 30 30 30 30 25 150.31
Chi ph tng ng 41.7 41.7 41.7 41.7 41.7

cng ty nn bn my c v n c chi ph tng ng hng nm cao hn.

Bi 4/153:
My c:
Nm 0 1 2 3 4 5 6 PV 7%
Chi ph s dng 8000 5500 2000 8000 8000 8000 8000 38555
Chi ph tng ng 8089 8089 8089 8089 8089 8089

My mi
Nm 0 1 2 3 4 5 6 7 8 PV 7%
Chi ph s dng 25000 1000 1000 1000 1000 1000 1000 1000 1000 30971
Chi ph tng ng 5187 5187 5187 5187 5187 5187 5187 5187


TCDN4.NET

Ta thy my mi c chi ph tng ng thp hn so vi my c do cng ty
nn mua my mi ngay nm nay.

Bi 5/154:
Da vo gi thit ta lp c bng sau:
vt: $1000
Nm khai thc 0 1 4 5 8 9 13 14
Gi tr ca cy g 40.00 48.26 84.73 97.81 150.47 162.75 205.93 216.31
Gi tr ca khu t 50.00 52.00 58.49 60.83 68.43 71.17 83.25 86.58
NPV (9%) 90.00 91.98 101.46 103.11 109.86 107.70 94.33 90.64
233.91 289.18 302.89 143.22 158.64 218.90
Gi tr tng lai ca
khu t v cy g
90.00 100.26

Ta nhn thy, nu cc cy g li v khai thc trong tng lai th s tin thun
thu c ti nm th 8 sau khi bn g v bn khu t (cha tnh chi ph) s l ln
nht.
Do , nu c cng ty ngh mua khu t vi gi $140.000 ti thi im hin ti
th nn ng li ngh ny.

Bi 6/154:
a. Ta tnh c chui chi ph tng ng ca 2 my nh sau:
vt: $1000
Nm 0 1 2 3 4 PV (6%)
My A 40000 10000 10000 10000 66730
Chi ph tung ng 24964 24964 24964
My B 50000 8000 8000 8000 8000 77721
Chi ph tung ng 22430 22430 22430 22430

Nu mua 1 trong 2 my v em cho thu th tin thu ti thiu phi bng chi ph
tng ng ca my .
b. Cng ty nn mua my B v my B c chi ph tng ng thp hn.
c. Ga s cng ty mua my B v cho thu.

TCDN4.NET

Vi t l lm pht n nh hng nm l 8% ta c li sut chit khu l 14.48%. Khi
chui chi ph tng ng ca my B s nh sau:
vt: $1000
Nm 0 1 2 3 4 PV (14.48%)
My B 50000 8000 8000 8000 8000 73082
Chi ph tung ng 25329 25329 25329 25329

tin cho thu my mi nm 25329 >

Bi 7/154:
S thay i trong cng ngh lm cho gi mua v chi ph hot ng ca cc my c
cng chc nng gim i nhanh chng khng lm thay i chui chi ph tng
ng ca nhng my a vo hot ng trong qu kh.

Bi 8/154:
Vi t l s dng thp nh hin ti tng thi gian s dng l 6 nm, trong khi nu
cho php cc gim c khc s dng tng thi gian s l 5 nm.
Ta tnh c chui chi ph tng ng nh sau:
vt: $1000
Nm 0 1 2 3 4
Gi mua -1100
Trng hp s dng 5 nm -275.50 -275.50 -275.50 -275.50 -275.50
-195.50 -195.50 -195.50
Chi ph tng ng t/h cc gim
c khc s dng chung my bay
80 80 80
Chi ph tit kim trng hp cc
gim c khc s dung chung my
-237.95 -237.95 -237.95 -237.95
Chi ph tng ng t/h ch c
chtch s dng my bay
-237.95 -237.95

nn thuyt phc ch tch cho php cc gim c s dng chung my bay

CU HI THCH THC


TCDN4.NET

vt: triu USD

D n CF CF CF NPV (10%) PI
A -10 30 5 21 3.1
B -5 5 20 16 4.2
C -5 5 15 12 3.4
D 0 -40 60 13 1.4

a.
Gi a, b, c, d l t trng u t vo d n A, B, C, v D
Nu ngun vn khng s dng u t trong nm 0 c th c u t vi li
sut 10% v s dng trong nm 1 th c 1 iu kin ca bi ton quy hoch tuyn
tnh s thay i nh sau:
Vn u t nm 2 = 1 . 1 * ) 1 nam dau tu von 10 ( 10 * 5 * 5 * 30 * 40 + s c b a d
(vi vn u t nm 1 = 10 * 5 * 5 * 10 s + + c b a )
b.
Bi ton quy hoch tuyn tnh ch gip gii quyt trong trng hp cng ty b gii
hn ngun vn cng, trong trng hp cng ty khng nhn lc thc hin d n
bi ton khng thay i. Tuy nhin cng ty c th da vo kt qu ca bi ton
quy hoch tuyn tnh tp trung nhn lc thc hin d n.


TCDN4.NET

CHNG 12
CU HI
Cu 1 (Nhm 1)
a)Chi ph s dng n trc thu-
D
r
Ta c phng trnh nh gi:
10
1
1
(1 ) 1000
100
(1 )
D
D D
r
r r
+

+
= 970-5%*1000
10
1
1
(1 ) 1000
100
(1 )
D
D D
r
r r
+

+
- 920 = 0 (*)
Gi s
D
r =10% VT ca (*) =80
D
r =15% VT ca (*) = -171
10%<
D
r <15%
D
r =10%+5%
80

80+ 171
=11.6%
Vy chi ph s dng n sau thu-
D
r
-
=
D
r (1-T)= 11.6%(1-34%)=7.7%
b)Chi ph s dng c phn u i-
p
r
0
8
100 9
p
p
D
r
P cpph
= = =

8.79%
c)Chi ph s dng vn c phn thng-
e
r
1
0
e
D
r g
P
= + =
9.8
0
75
+ =13.06%
d)Chi ph s dng vn pht hnh mi-
ne
r
Ta c
0
D =2.8$;g=0%;
0
P =53$;cpph=6$/c phn
BI TP CHNG 12


TCDN4.NET

0
0
(1 )
ne
D g
r
P cpph
+
=
=
2.8 1.08
53 6
=14.43%

Cu 1 (Nhm 2)
a, S tin thun thu c t vic bn 1 tri phiu : 970 5%*970 = 921.5$
Chi ph s dng vn ca tri phiu :
921.5 = 10%*10000
D
D
r
r
10
) 1 ( 1

+
+ 1000*(1+ r
D
)
-10

Bng ni suy ta tnh c r
D
= 11.36%
Chi ph s dng vn sau thu r
D
*
= 11.36%(1-34%) = 7.5%
b, r
p
=
'
P
D
p
=
$ 9 $ 100
$ 8
=
'
$ 91
$ 8
=8.79%
c, r
e
=
0
1
P
D
+ g =
$ 75
$ 8 . 9
+ 0 =13.07%
d, r
ne
=
'
0
1
P
D
+ g =
$ 47
%) 8 1 ( * $ 8 . 2 +
+8% = 14.43%

Cu 2:
Ta c:
D
w =
1083
5032
=21.5% ;
D
r
-
=5.5%

p
w =
268
5032
=5.3% ;
p
r =13.5%

e
w =
3681
5032
=73.2% ;
e
r =18%
WACC=
*
D
w
D
r +
p p
r w +
e
w
e
r =15.08%
Cu 3 (Nhm 1)
a)Chi ph s dng n-
D
r
-


TCDN4.NET

Ta c phng trnh nh gi : 1125-5%*1125=11%*1000
10
10
1
1
(1 ) 1000
(1 )
D
D D
r
r r
+
+
+

(*)
Dng phng php ni suy:
Gi s
1
D
r =9%VT (*)= 59.6

2
D
r =10%VT (*)= -7.3

D
r =9%+1%
59.6
59.6 7.3 +
=9.89%
D
r
-
=
D
r (1-T)=9.89%(1-34%)=6.33%
b)Chi ph s dng vn do pht hnh mi-
ne
r
V thu nhp mi c phn tng 7%nm v tc tng trng khng i,t l chi tr
c tc khng i nn tc tng trng ca thu nhp cng l tc tng trng
ca c tc nn g =7%.
Vy:
0
0
(1 )
ne
D g
r g
P cpph
+
= +
=
1.8(1 0.07)
27.5 5%*27.5
+
+0..07=14.37%
c) Chi ph s dng c phn u i-
p
r
0
p
p
D
r
P cpph
=
=
9%*150
175 12%*175
=8.8%

Cu 3 (Nhm 2)
a, S tin thun thu c t vic bn 1 tri phiu : 1125$ - 5% * 1125$ =
1068.75$
Chi ph s dng vn trc thu
1068.75 = 11%* 10000
D
D
r
r
10
) 1 ( 1

+
+ 1000*( 1+ r
D
)
-10

Bng ni suy tnh c r
D
= 9.89%
Chi ph s dng vn sau thu r
D
*
= 989%(1-34%) = 6.53%

TCDN4.NET

b, V t l tr c tc khng i nn tc tng trng thu nhp mi CP chnh l
tc tng trng ca c tc.
D
1
= 1.8* ( 1+7%)

=1.926$
P
0

=27.5$ - 5% * 27.5 = 26.125$
r
ne
=
'
0
1
P
D
+ g =
$ 125 . 26
$ 926 . 1
+7% = 14.37%
c, D
P
= 9% * 150 = 13.5$
P
P
= 175$ - 12% *175$ = 154$

r
p
=
'
P
p
P
D
=
'
$ 154
$ 5 . 13
= 8.77%

Cu 4:Chi ph s dng vn c phn ca Salte do pht hnh mi:

0
0
(1 )
ne
D g
r g
P cpph
+
= +
=
1.45(1 6%)
6%
27 6%*27
+
+
=12.06%
Cu 5: Chi ph s dng c phn u i-
p
r
0
p
p
D
r
P cpph
=
=
2.5
36 (36 32.5)
=7.7%
Cu 6: Chi ph s dng c phn u i-
p
r
0
p
p
D
r
P cpph
=
=
14%*100
98
=14.29%
Cu 7 (Nhm 1)
Ta c:Thu nhp mi c phn hin ti
5 0
5
0 5
5
(1 ) 1
D
D D g g
D
= + =
Thay
0
D =4$ ;
5
D
=5*50%=2.5 ,ta c g = 9.85%

Chi ph s dng vn c phn thng

TCDN4.NET

0
0
(1 )
e
D g
r g
P
+
= + =
4(1 9.85%)
0.0985
58
+
+ =17.43%

Chi ph s dng vn pht hnh mi-
ne
r
0
0
(1 )
ne
D g
r g
P cpph
+
= +
=
4(1 9.85%)
0.0985
58 58*8%
+
+
=18.08%
Cu 7 (Nhm 2)
Thu nhp mi c phn hin nay : EPS = DPS / 50% = 8$
Ta c EPS =EPS
c
*(1+g)
5

=> g = 10%
D
1
= 4$ * (1+10%) =4.4$
P
0
= 58 * (1-8%) = 53.36$
r
ne
=
'
0
1
P
D
+ g =
$ 36 . 53
$ 4 . 4
+10% = 18.25%
r
e
=
0
P
D
p
+ g =
$ 58
$ 4 . 4
+10% = 17.59%

BI TP THC HNH
Bi 1:
a) gi th trng ca tri phiu:
( )
88 . 1320
09 . 1
1000 1 1
* 140
10
10
= +

=

D
D
r
r
PV
b) Nu chi ph pht hnh bng 10.5% gi th trng th gi thun ca tri phiu l:
1182.1876 % 5 . 89 * 88 . 1320 =
c) nhn c 500000$ cng ty s pht hnh bng: 423
1182.1876
500000
= tri
phiu.
d) Nu thu sut l 34% th chi ph s dng vn vay sau thu l 5.94%.
Bi 2:

TCDN4.NET

Gi nh li sut coupon 10%
a) Gi th trng ca tri phiu l:

b) Nu chi ph pht hnh bng 10.5% gi th trng th gi thun ca tri phiu l:
5 1114.97578 % 5 . 89 * 783 . 1245 =
c) nhn c 500000$ cng ty s pht hnh bng: 448
1114.976
500000
= tri
phiu.
d) Nu thu sut l 34% th chi ph s dng vn vay sau thu l 6.6 %.
c s thay i ny l do chi ph s dng vn thay i.
Bi 3:
a) Doanh thu rng t vic bn tri phiu l : $1010 - $30 = $980.
b) Dng tin ca cng ty trong sut k hn tri phiu l:
Nm 0 1 2 . 15
CF +980 -120 -120 . -120-1000

15 15 2 1
) 1 (
1000
) 1 (
120
...
) 1 (
120
) 1 (
120
980
D D D D
r r r r +
+
+
+ +
+
+
+
=
c) => r
D
=

12%
=> r
*
D
=

12%*(1- 40%)

= 7.2%
d) S dng phng php tnh gn ng:
% 26 . 12
2
980 1000
15
980 1000
120
=
+
=
D
r

Bi 4:
a) Chi ph s dng vn c phn u i:
783 . 1245
1 . 1
1000
1 . 0
1 . 1 1
* 140
10
10
= +
=

PV

TCDN4.NET

% 63 . 12
5 . 2 5 . 97
100 * % 12
=
=
P
r
b) Chi ph s dng vn c phn u i:
% 11 . 11
90
100 * % 10
= =
P
r
Bi 5:
% 96 . 11
9 101
100 * % 11
=
=
PA
r
% 28 . 9
5 . 3 38
40 * % 8
=
=
PB
r
% 15 . 15
4 37
5
=
=
PC
r
% 24 . 12
30 * 05 . 0 26
3
=
=
PD
r
% 28 . 10
5 . 0 20
20 * % 9
=
=
PE
r
Bi 6:
a) Phn b ri ro ca c phn J&M: r
e
- r
f
= 1.2*(11%-6%) = 6%
b) T sut sinh li i hi ca c phn J&M : r
e
= 6% + 6% = 12%
Bi 7 (Nhm 1)
a) Chi ph s dng vn cho tng ngun ti tr
Chi ph s dng vn vay sau thu
( )
10
10
) 1 (
1000 1 1
* 100 950
D D
D
r r
r
+
+

=

Chn r
D
= 11% => PV = 941.1
Chn r
D
= 10% => PV = 970
Dng phng php ni suy, suy ra r
D
= 10.85%
=> % 51 . 6 ) 4 . 0 1 ( * 85 . 10
*
= =
D
r
Chi ph s dng vn c phn u i :

TCDN4.NET

% 58 . 11
95
11
= =
P
r
Chi ph s dng vn c phn thng :
% 33 . 14 % 6
4 4 80
6
= +

=
ne
r
Chi ph s dng vn li nhun gi li:
% 9 . 13 % 6
4 80
6
= +
= r
b) Gi nh cu trc vn mc tiu l:
Ngun T trng CPSD Vn
N di hn 40% 6.51%
C phn u i 15% 11.58%
C phn thng 45% 13.9%
Tng 100%
WACC = 0.4*6.51% + 0.15*11.58% + 0.45*13.9% = 10.596%
im gy ca li nhun gi li:
500000
45 . 0
225000
= = BP
- WACC cho tng ngun ti tr mi nh hn 500000:
Ngun T trng CPSD Vn CP tnh t trng
N di hn 0.4 6.5% 2.6%
CP 0.15 11.6% 1.7%
CP thng 0.45 13.5% 6.1%
Tng 1 10.4%
WACC = 10.4%
- WACC cho tng ngun ti tr mi ln hn 500000:
Ngun T trng CPSD Vn CP tnh t trng
N di hn 0.4 6.5% 2.6%
CP 0.15 11.6% 1.7%

TCDN4.NET

CP thng 0.45 14.3% 6.4%
Tng 1 10.7%
WACC = 10.7%
NG TH IOS
C hi u t IRR Vn u t ban u u t tch lu
D 16.5% 200000 200000
C 12.9% 150000 350000
E 11.8% 450000 800000
A 11.2% 100000 900000
G 10.5% 300000 1200000
F 10.1% 600000 1800000
B 9.7% 500000 2300000
Hnh v:

WMCC
IOS
B
F
G
0
9
10
11
12
13
14
15
16
17
18
C
D
E
WACC%
200 600 1000 1400 1800 2200
10.4%
10.7%
A
To ng nguo n ta i tr
hoa c a u t $1000

= D n D,C,E,A nn c chp nhn bi v IRR ca chng cao hn WACC.
Tng ngun ti tr mi l 900000.


TCDN4.NET

Bi 7 (Nhm 2)
a,
Tri phiu
Doanh thu rng t vic bn tri phiu P
0

= 1000$ - 30$ - 20$ = 950$
Chi ph s dng vn vay trc thu
950= 10%* 10000
D
D
r
r
10
) 1 ( 1

+
+ 1000*( 1+ r
D
)
-10
Ni suy ta c r
D
= 10.84%

Chi ph s dng vn vay sau thu r
D
*
= 10,84* ( 1-40%) = 6.5%
C phn u i
r
p
=
$ 5 $ 100
$ 100 * % 11
= 11.6%
C phn thng
r
e
=
$ 80
$ 6
+ 6% = 13.5%
b, (1) Xc nh im gy BP
c phn thng
=
45 . 0
$ 225000
= 500000$
(2) r
ne
=
$ 4 $ 4 $ 80
$ 6

+ 6% = 14.3%
+ WACC cho tng ngun ti tr mi nh hn 500,000$
Ngun
vn T trng CPSDV CP tnh t trng
N di hn 40% 6.50% 2.6%
CP 15% 11.60% 1.7%
CP thng 45% 13.50% 6.1%
Tng 100% 10.4%
Chi ph s dng vn bnh qun WACC =10.4%


TCDN4.NET

+ WACC cho tng ngun ti tr mi ln hn 500,000$
Ngun
vn T trng CPSDV CP tnh t trng
N di hn 40% 6.5% 2.6%
CP 15% 11.6% 1.7%
CP thng 45% 14.3% 6.4%
Tng 100% 10.8%

c, th WACC v IOS
C hi
u t
IRR
Vn u
t ban
u
Vn u t
tch lu
D 16.5% 200,000 200,000
C 12.9% 150,000 350,000
E 11.8% 450,000 800,000
A 11.2% 100,000 900,000
G 10.5% 300,000 1,200,000
F 10.1% 600,000 1,800,000
B 9.7% 500,000 2,300,000

Bi 8 (Nhm 1)
a) im gy li nhun gi li s xut hin khi li nhun gi li c s dng ht
LN gi li = Tng li nhun*(1- T l chi tr c tc) = 34582.72*(1- 0.3)
40000
6 . 0
24000
= = BP
b) Chi ph s dng vn ca tng ngun ti tr:

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Chi ph pht hnh mi: % 27 . 16 % 9
9 . 0 * 60
09 . 1 * 6 . 3
= + =
ne
r
CPSD c phn thng: % 54 . 15 % 9
60
09 . 1 * 6 . 3
= + =
e
r

CPSD c phn u i: % 58 . 11
5 100
11
=
=
P
r
CPSD vn vay: % 2 . 7 6 . 0 * % 12
*
= =
D
r
c) Tnh chi ph s dng vn bnh qun.

=> WACC trc im gy: 12.86%.
WACC sau im gy : 13.30%
d) th ng IOS:
C hi u t IRR Vn u t ban u u t tch lu
A 17.4% 10000 10000
B 16% 20000 30000
C 14.2% 10000 40000
D 13.7% 20000 60000
E 12% 10000 70000
Hnh v:
Ngun T
trng
Trc im gy Sau im gy
CPSD
Vn
CPSD Vn
tnh t trng
CPSD
Vn
CPSD Vn
tnh t trng
N di
hn
25% 7.2% 1.8% 7.2% 1.8%
VCP
thng
15% 11.58% 1.74% 11.58% 1.74%
CP u
i
60% 15.54% 9.32% 16.27% 9.76%
Tng 100% 12.86% 13.30

TCDN4.NET

17.5
17
16.5
16
15.5
15
14.5
14
13.5
13
12.5
12
20
40 60 80
0
A=17.4%
B=16%
C-14.2%
D=13.7%
12.86%
13.3%
WMCC
WACC%
Nguo nvo n m i $1000
E=12%

=> Da vo th trn LEI nn chn d n A,B,C,D v b d n E v IRR ca d
n khng cao hn chi ph s dng vn bin t ca d n

Cu 8 (Nhm 2)
a, Li nhun gi li = 34285.72*(1-30%) =24000$
im gy li nhun gi li
BP
RE
=
6 . 0
$ 24000
= 40000$
b, Chi ph s dng vn ca tng ngun ti tr

D
1
= 3.6$(1+9%) = 3.924$
P
0
= 60- 10%*60= 54$

r
ne
=
'
0
1
P
D
+ g =
54
$ 924 . 3
+ 9% = 16.27%

TCDN4.NET

r
e
=
0
1
P
D
+ g =
$ 60
$ 924 . 3
+ 9% = 15.54%
r
P
=
p
P
D
1
=
$ 5 $ 100
$ 11
=11.58%
r
D
*
= 12% * ( 1-0.4) =7.2%

c, WACC cho tng ngun ti tr mi nh hn 40,000$

WACC cho tng ngun ti tr mi ln hn 40,000$

Bi 9:
a) Chi ph s dng n di hn r
i
= 8%+2%+1% = 11%
b) Chi ph s dng n di hn r
i
= 8%+2%+3% = 13%
c) Chi ph s dng n di hn r
i
= 7%+1%+2% = 10%
Ngun vn T trng CPSDV CP tnh t trng
N di hn 25% 7.2% 1.8%
CP 15% 11.58% 1.7%
CP thng 60% 15.54% 9.3%
Tng 100% 12.86%
Chi ph s dng vn bnh qun WACC = 12.86%
Ngun vn T trng CPSDV CP tnh t trng
N di hn 25% 7.2% 1.8%
CP 15% 11.58% 1.7%
CP thng 60% 16.27% 9.8%
Tng 100% 13.30%

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Bi 10 (Nhm 1)
a) Quyt nh u t ca cng ty vo d n 263 l khng chnh xc v:
y l 2 d n loi tr nhau, khi thm nh phi tin hnh so snh 2 d n vi
nhau chn ra d n tt nht. so snh phi c cng iu kin so snh. y,
cng ty dng tiu chun IRR thm nh, do iu kin so snh ca 2 d n
ny phi c cng chi ph s dng vn, trong khi cng ty thm nh li tch bit
hai d n ny vi nhau.
Vic chn 263 t chi 264 v d n 263 c ti tr bng n, IRR ca d n ch t
mc 8% trong khi chi ph s dng vn ca d n ch t 7% => s cch bit gia
chi ph s dng vn v IRR d n l qu thp. Do , an ton d n thp, bn
cnh d n khi thc hin ch c th tr c li vay cho ch n hn tn khng
to ra thu nhp cho c ng.
b) Nu cng ty duy tr cu trc vn gm 40% n v 60% vn c phn th chi ph s
dng vn ca cng ty l:
WACC = (7%*0.4) + (16%*0.6) = 12.4%
c) Nu cng ty s dng WACC th cng ty s quyt nh u t vo d n 264 v
t chi d n 263 v IRR
263
< 12.4% , IRR
264
> 12.4%
d) Quyt nh ca cng ty vi quyt nh cu c th quyt nh cu c thch hp hn
v thm nh hai d n loi tr nhau bng IRR, chng ta phi so snh IRR ca 2 d
n vi chi ph s dng vn chung ca doanh nghip.

Cu 10 (Nhm 2)
a, Nu chp nhn d n 263 chng ta a khng ti a ho li ch ch s hu v
chp nhn d n c t sut sinh li 8% m b qua d n c t sut sinh li cao
hn l 15% ( d n 264)
b, WACC = 7% * 0.4 + 16% * 0.6 = 12.4%
c, Nu s dng chi ph s dng vn bnh qun, cng ty s ra quyt nh chn d n
264 v c IRR= 15 % > WACC

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d, Quyt nh cu c thch hp hn v vi d n ny, cng ty s c c t sut
sinh li cao hn.

Bi 11:
a) Ta c DIV
03
= DIV
99
(1+g)
4
=> g = 9.97%
b) Dng tin rng m cng ty thc s thu c t vic pht hnh c phn:
Nm 1999 2000 2001 2002 2003 2004
CF 49.88 49.7 49.4 49.08 48.9 48.6
c)
% 913 . 10 % 5
5 . 57
4 . 3
= + =
e
r
% 538 . 11 % 5
52
4 . 3
= + =
ne
r
Bi 12 Nhm 1)

% 79 . 12 % 8
1 2 50
25 . 2
= +

= A r
ne

% 13 . 9 % 4
5 . 0 20
1
= +
= B r
e

% 55 . 9 % 4
5 . 1 5 . 0 20
1
= +

= B r
ne

% 82 . 10 % 6
1 5 . 42
2
= +
= C r
e

% 06 . 11 % 6
2 1 5 . 42
2
= +

= C r
ne

% 86 . 13 % 2
3 . 1 19
1 . 2
= +
= D r
e

% 5 . 14 % 2
7 . 1 3 . 1 19
1 . 2
= +

= D r
ne

% 69 . 12 % 8
2 50
25 . 2
= +
= A r
e

TCDN4.NET

Bi 12 (Nhm 2)

Cng
ty
P0 g D1
Bn di
gi mi
c phn
Chi ph
pht
hnh
re rne
A 50$ 8% 2.25$ 2 $ 1$ 12.50% 12.79%
B 20$ 4% 1$ 0.5 $ 1.5$ 9.00% 9.56%
C 42.5$ 6% 2$ 1 $ 2$ 10.71% 11.06%
D 19$ 2% 2.1$ 1.3 $ 1.7$ 13.05% 15.13%

Bi 13 (Nhm 1)
Ngun vn Gi s
sch
T trng theo
s sch(%)
Gi th
trng
T trng theo th
trng(%)
CPSD Vn
sau thu
N di hn 4000000 78.43 3840000 55.65 6%
CP u i 40000 0.78 60000 0.87 13%
CP thng 1060000 20.79 3000000 43.48 17%
Tng cng 5100000 6900000
a) S dng gi s sch:
WACC = (0.7843*6%) + (0.0078*13%) + (0.2079*17%) = 8.34%
b) S dng gi th trng:
WACC = (0.5565*6%) + (0.0087*13%) + (0.4348*17%) = 10.84%
c) So snh kt qu trn ta thy WACC
ss
< WACC
tt
. S khc bit l do: gi s
sch khng phn nh ng gi thc t, v do t trng cc ngun vn thay i.
Bi 13 (Nhm 2)
a, Theo gi s sch

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Ngun vn
Gi s
sch
Chi ph s
dng vn
sau thu
T
trng
Chi ph
tnh t
trng
N di hn 4,000,000$ 6% 78.4% 4.71%
C phn u i 40,000$ 13% 0.8% 0.10%
C phn thng 1,060,000$ 17% 20.8% 3.53%
Tng cng 5,100,000$ 100% 8.34%

b, Theo gi th trng
Ngun vn
Gi th
trng
Chi ph s
dng vn
sau thu
T
trng
Chi ph
tnh t
trng
N di hn 3,840,000$ 6% 55.7% 3.34%
C phn u i 60,000$ 13% 0.9% 0.11%
C phn thng 3,000,000$ 17% 43.5% 7.39%
Tng cng 6,900,000$ 100.0% 10.84%
c, WACC theo gi th trng cao hn theo gi s sch v t trng ca n di hn
theo gi th trng thp hn v t trng vn c phn thng theo gi th trng
cao hn so vi cc t trng ny theo gi s sch.

Bi 14 (Nhm 1)

Ngun vn W cu trc vn lch s W cu trc vn mc tiu CPSD Vn
N di hn 25% 30% 7.2%
CP u i 10% 15% 13.5%
CP thng 65% 55% 16%

TCDN4.NET

a) Tnh WACC da trn cu trc vn lch s:
WACC = (0.25*7.2%) + (0.1*13.5%) + (0.65*16%) = 13.55%
b) Tnh WACC da trn cu trc vn mc tiu:
WACC = (0.3*7.2%) + (0.15*13.5%) + (0.55*16%) = 12.985%

Bi 14 (Nhm 2)
a, Theo cu trc vn lch s
Ngun vn
Chi ph s
dng vn
sau thu
T
trng
Chi ph
tnh
t trng
N di hn 7.2% 25% 1.80%
C phn u i 13.5% 10% 1.35%
C phn thng 16.0% 65% 10.40%
Tng cng 13.55%

b, Theo cu trc vn mc tiu
Ngun vn
Chi ph s
dng vn
sau thu
T
trng
Chi ph
tnh
t trng
N di hn 7.2% 30% 2.16%
C phn u i 13.5% 15% 2.03%
C phn thng 16.0% 55% 8.80%
Tng cng 12.99%

Bi 15 (Nhm 1)

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a+b) Xc nh im gy v gii hn tng ngun ti tr mi lin quan n mi ngun
vn:
tr
tr
BP
no
800
4 . 0
320
= =
tr
tr
BP
LNgiulai
500
4 . 0
200
= =
Vi 2 im gy ta c 3 trng hp:
- Trng hp 1: Nhu cu ti tr tng thm t 0 n 500tr
N (W = 0.4) : vay n 200tr, r
*
D
= 6%
CP (W = 0.2): hot ng t CP 100tr, r
p
= 17%
CPT (W = 0.4): hot ng t CPT 200tr = LN gi li, r
e
= 20%
=> WACC = (0.4*6%) + (0.2*17%) +(0.4*20%) = 13.8%
- Trng hp 2 : Nhu cu ti tr tng thm t 500 n 800tr
N (W = 0.4) : vay n 320tr, r
*
D
= 6%
CP (W = 0.2): hot ng t CP 160tr, r
p
= 17%
CPT (W = 0.4): hot ng t CPT 320tr > LN gi li, do phi pht hnh mi,
r
ne
= 24%
=> WACC = (0.4*6%) + (0.2*17%) +(0.4*24%) = 15.4%
- Trng hp 3 : Nhu cu ti tr tng thm >800tr
N (W = 0.4) : vay n > 320tr, r
*
D
= 8%
CP (W = 0.2): hot ng t CP >160tr, r
p
= 17%
CPT (W = 0.4): hot ng t CPT >320tr > LN gi li, pht hnh mi, r
ne
= 24%
=> WACC = (0.4*8%) + (0.2*17%) +(0.4*24%) = 16.2%
c) Phn tch v ra quyt nh u t.
C hi u t IRR Vn u t u t tch lu
E 23 200 200
C 22 100 300
G 21 300 600

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A 19 200 800
H 17 100 900
I 16 400 1300
B 15 300 1600
D 14 600 2200
F 13 100 2300

Hnh v:

Bi 15 (Nhm 2)
a, im gy n di hn $ 000 , 800
% 40
000 , 320
= =
im gy vn c phn thng $ 000 , 500
% 40
000 , 200
= =
b, WACC cho tng ngun ti tr mi nh hn 500,000$
23
22
21
19
18
17
15
14
13
20
16
0 200 400 600 800 1000 1200 1600 1400 1800 2000 2200 2400
vo n a u t $1000
WACC%
E
C
G
A
H
I
B
D
F
13.8%
15.4%
16.2%
WMCC

TCDN4.NET

Ngun vn
Chi ph s
dng vn
sau thu
T
trng
Chi ph
tnh
t trng
N di hn 6% 40% 2.4%
C phn u i 17% 20% 3.4%
C phn thng 20% 40% 8.0%
Tng cng 13.8%

WACC cho tng ngun ti tr mi ln hn 500,000$ v b hn 800,000$
Ngun vn
Chi ph s
dng vn
sau thu
T
trng
Chi ph
tnh
t trng
N di hn 6% 40% 2.4%
C phn u i 17% 20% 3.4%
C phn thng 24% 40% 9.6%
Tng cng 15.4%

WACC cho tng ngun ti tr mi ln hn 800,000$
Ngun vn
Chi ph s
dng vn
sau thu
T
trng
Chi ph
tnh
t trng
N di hn 8% 40% 3.2%
C phn u i 17% 20% 3.4%
C phn thng 24% 40% 9.6%
Tng cng 16.2%

TCDN4.NET



TCDN4.NET

CHNG 14
Cu 1:
a. Ta c : r l li sut
u t 1% c phn thng ca cng ty A th thu c li nhun l 0.007V
u t 1% c phn thng ca cng ty B th thu c li nhun l 0.009V
Nh vy c gi u t thu c li nhun tng ng l 0.007V th gi u t
l u t 1% c phn thng ca cng ty B trong :
0.2% l i vay
0.8% l vn ca ng ta.

b. Ta c
u t 2% c phn thng ca cng ty B thu c li nhun l 0.018V
u t 2% c phn thng ca cng ty A thu c li nhun l 0.014V
Nh vy c gi u t tng ng thu c 0.018V l :
u t 2% c phn thng cng ty A thu c li nhun l 0.014V
Cho vay 0.4% thu c li nhun l 0.004V
Tng li nhun t gi u t ny l 0.018V
Cu 2:
Hai tnh k diu ca con b chng ta c th lin h n c cu ti tr ca doanh nghip
trong vic s dng n v vn c phn. Lng sa v kem cho l khng i, chng
ta c th dng 1 loi hoc c 2 cng nh trong cu trc vn ca doanh nghip c
th dng n hoc vn c phn hoc c 2 nhng tng gi tr ca doanh nghip l
khng i.( nh I ca MM)
Cu 3:
BAI TAP CHNG 14


TCDN4.NET

D/E = 20/80
r
A
= ( 20/100 *6% ) + ( 80/100 *12% ) = 10.8%
D/E = 40/60, r
A
c nh
r
E
= r
A
+ D/E*( r
A
- r
D
)
= 10.8% +40/60*(10.8% - 6% ) = 14%

Cu 4: MM hn tn b qua s kin l khi bn vay nhiu bn s tr li sut cao
hn hy gii thch cn thn xem pht biu ny c phi l mt phn i c gi tr
khng?
Tr li: nh II ca MM l gii rng : t sut sinh li d kin t vn c phn r
E

tng theo tuyn tnh vi t l n/vn c phn khi no n khng c ri ro. Nhng
nu n by ti chnh lm tng ri ro ca n, cc tri ch i hi mt t sut sinh li
cao hn t n. iu ny lm t l gia tng trong r
E
chm li.

TCDN4.NET

C pht biu rng: MM han tan b qua s kin l khi bn vay nhiu bn s tr li
sut cao hn. iu ny khng c gi tr bi v khi doanh nghip vay n nhiu
hn, ri ro khng thc hin ngha v tng ln v doanh nghip buc phi tr li sut
n vay cao hn( l iu d nhin b p ri ro cho cc tri ch). iu ny cho
thy rng doanh nghip cng c nhiu n, r
E
cng t nhy cm vi cc khang n
vay thm.
Cu 5: Hy cho bit cc lp lun di y c g sai?
a. Khi doanh nghip vay nhiu hn v tr nn ri ro, c c ng ln tri ch
iu i hi t sut sinh li cao hn. Nh vy bng cch ct gim h s n,
chng ta s ct gim c c chi ph n ln chi ph vn c phn lm cho
mi ngi iu c li hn?
Tr li: theo nh I ca MM , chi ph s dng vn ca cng ty r
A
khng
b tc ng bi s la chn cu trc vn. vic la chn chnh sch ti tr
ging nh chuyn phn na tin ca bn sang ti o bn tri, trong khi
dnh phn na cn li ti bn phi. chng khng c tc ng g n ti sn ca
bn. l l dng nh c v ng trong pht biu ny l khng c mt thay
i cng vi mt ti tr bng n v vn c phn. Khi t l n trong cu trc
vn tng, iu ny ng l lm cho chi ph s dng vn c phn v n cng
tng theo nhng ch l cng ty ti tr vi mt t l nh t vn c phn.
nhng nu ti tr vi mt t l ln vn c phn t hiu ng ny lm cho
chi ph s dng vn ca cng ty khng thay i.
b. Vay n va phi khng tc ng nhiu n chnh sch kit qu ti chnh
hay ph sn, nh vy vay n v a phi s khng lm gia tng TSSL d kin
cho c ng i hi?
Tr li: Vay n va phi khng tc ng n xc sut kit qu ti chnh
hay ph sn nhng lm tng tnh bt n ca cc c ng( ri ro th trng),

TCDN4.NET

v ri ro th trng ny m cng ty vay n va phi lun b cc c ng i
hi mt TSSL cao hn b p ri ro cho mnh.
Cu 6: Mi pht biu di y sai hay t nht d lm hiu sai. Gii thch ti sao?
a. Mt c hi u t vn cung ng mt t sut sinh li 10% l mt d n hp
dn nu d n ny c th ti tr hn tn bng n vi li sut 8%
Tr li: Nu c hi u t ch l ti sn ca cng ty th y l mt tng
tt. Cc c ng khng phi t tin trc v do khng b thua l. Vn
rc ri pht sinh l cc nh cho vay thng minh yu cu phi t tin
trc 100% bng gi tr ta sn ca cng ty nh l vt th chp (th chp
tan b)
i khi cng ty cng nhn thy rng tht l tin li nu cng ty vay n tan
b tin mt cho cc c hi u t nht nh no . Nhng v cc c hi u
t ny khng h tr ton b cho khon vay n tng thm(khon pht sinh
thm ca d n u t) v th cc nh cho vay i hi phi c bo v bng
cc ti sn khc ca cng ty.
Trong bt k trng hp nu gi tr cng ty c lp vi n by ti chnh, khi
bt k ng gp no ca ti sn vo gi tr cng ty cng phi c lp vi
phng thc ti tr (pht biu ny b qua tc ng ca n by ti chnh ln
TSSL ca cc c ng).
b. DN cng pht hnh nhiu n, li sut phi tr s cng cao. l mt l do quan
trng ti sao doanh nghip nn hat ng vi cc mc n bo th?
Tr li: y khng phi l l do quan trng cho chnh sch n bo th. Nu
nh nh I ca MM vn tn ti th chi ph s dng vn tng th ca cng
ty khng thay i mc d li sut cng cao th cng ty cng vay nhiu n. Tuy
nhin li sut tng ln c th l mt du hiu cho thy s gia tng ln ca xc
sut kit qu ti chnh.

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Cu 7 : Cc nh ug t c th pht hnh cc loi n mi nhng xt trn tinnhs
hiu qu ca th trng cc hn ch dn c bi b loi n mi ca bn pht hnh
b cc nh ch khc cnh tranh v loi n mi do bn pht hnh khng cn hiu
qu na. V d nh bn pht hnh loi n c li xut th ni nh v mt s hn ch
ca php l nhng nhng hn ch ny s dn c bi b v cc nh ch s ti chnh
s cnh tranh vi chnh bn khi cng pht hnh loi n mi ny.
Cu 8 :
C ngi cho rng 1 im bt li ca ti tr c phn thng l gi c c phn
thng c khuynh hng st gim trong cc thi k suy thi do lm tng chi ph
vn v cn tr u t.

=> Trc tin chng ta nn cp n ti sao gi c phn li gim trong sut thi
k suy thi ? Trong thi k suy thi,doanh thu ca cng ty s b st gim s lm cho
li nhun ca cng ty st gim v km theo l dng tin d kin cho thu nhp
cc c ng s st gim.Khi gi tr c phn ca cng ty s b st gim gy ra cho
c ng 1 khon l vn,v b p cho khon l vn ny cc c ng ca cng
ty s i hi li sut hay t sut sinh li cao hn trc.
Gi s rng thi k suy thi nh im v nu nh trong qu kh cng ty
s dng nhiu n trong cu trc vn ca mnh v trong hin ti c th s lm cho
chi ph s dng vn ca cng ty gim i.Nhng thc t th khng nh vy,quyt
nh ti tr trong qu kh l cc cu chuyn qua,gi tr ca doanh nghip khng
chu tc ng ca vic la chn cu trc vn.ng thi theo nh 1 ca MM gi
tr ca bt k 1 doanh nghip no cng c lp vi cu trc vn ca mnh.V nh
1 ca MM tn ti trong c thi k suy thi ln trong thi k tng trng ca
doanh nghip.Chi ph s dng vn tng th c lp vi t s n.
Tng t nu cng ty cng s dng nhiu n (D tng) th ri ro ph sn ca
cng ty cng cao,phn trm gim i trong gi tr vn c phn cng ln.V bn thn cc
tri ch cng khng mun cho cc doanh nghip vay nhiu bi v h phi gnh chu

TCDN4.NET

ri ro tng ln,ng thi doanh nghip cng him khi s dng n vay nhiu trong
thi k suy thi bi v n s lm cho doanh nghip chu p lc phi tr n cho ch
n,ng thi vic s dng nhiu n lm cho li nhun hot ng ca doanh nghip
gim ko theo li nhun trn mi c phn gim lm gim thu nhp cho c
ng. l iu m cc c ng v bn thn doanh nghip khng mong mun.

Cu 9 :
Hnh 14.5 trong SGK trang 361 cho thy RD tng khi t l n/vn c phn (D/E)
tng.Trong th gii ca MM th RE cng tng nhng vi tc gim dn.Bi v :
Khi doanh nghip cng gia tng n vay th cc ch n ca cng ty nhn ra
rng ri ro ca mnh ngy cng gia tng v ri ro ph sn ca doanh nghip tng ln
nn ch n i hi 1 TSSL RD cao hn i vi doanh nghip khi doanh nghip
vay n b p cho phn ri ro tng thm ny.Do khi t l D/E tng ln th chi
ph s dng vn ca doanh nghip bao gm n v vn c phn s tng.Chi ph s
dng vn c phn RE tng ln v t s n trn vn c phn tng ln lm tng ri ro
ti chnh ca c ng v do TSSL RE cng phi tng thm b p cho phn
ri ro ny.
Tuy nhin,bi v cc ch n ca doanh nghip ngy cng nhn ra ri ro ca
mnh tng ln nn s hn ch cho cc doanh nghip vay do t l D/E s ngy
cng gim dn,t l nghch vi ri ro ngy cng tng ca doanh nghip.Do RE
s tng nhng ngy cng gim dn vi 1 t l no theo s thay i ca t l D/E.

V hnh :

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Vi 1 mc cao hn ca t s n th RD s cao lm cho chi ph d dng n tng
ln tuy nhin n ch c th gn nh l tip xc vi ng RA (chi ph s dng vn
ca cng ty) ch khng th bng hay ln hn RA.Tng t chi ph s dng vn
ca doanh nghip cng tip tc tng nu t l D/E ca doanh nghip ngy cng
cao.

Cu 10 :
Doanh nghip sn xut 1 dng u n cc li nhun kinh doanh (EBIT). Khi n
by ti chnh tng s tc ng n:
a. T l gi tr th trng ca vn c phn trn li nhun sau li:
Khi n by ti chnh tng , ri ro cng ty tngcc c ng yu cu t sut
sinh li cao hn tng chi ph s dng vn c phn tc l t s li nhun sau
li trn vn c phn tng, - t s gi tr th trng ca vn c phn trn li
nhun sau li gim

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b. T l gi tr th trng72 ca doanh nghip trn li nhun sau li:
TH1: nu MM ng: gi tr th trng ca doanh nghip c xc nh bi li
nhun cng ty, khng ph thuc vo cu trc vn , tc l khng ph thuc vo
n by ti chnh. Li nhun trc li do quyt dnh du t , c lp vi phng
thc ti tr ca cng ty . Nh vy, c mu s l li nhun sau li v t s l gi tr
doanh nghip khng i nn t s ny khng thay i
TH2: Nhng ngi theo quan im truyn thng ng:
Li nhun cng ty khng c lp vi n by ti chh . Khi n by ti chnh
tng, lc u chi ph s dng vn gim do n r hn vn c phn, sau do
cc ch n nhn thc c ri ro do tng n nn chi ph s dng vn tng dn.
Kt qu l gi tr th trng ca cng ty u tin tng v sau gim. Nh vy
t s gi tr th trng so vi li nhun trc li u tin tng sau gim khi
n by ti chnh tng.

Cu 11 :
RE = Rf + (Rm Rf)* | E = 10% + (18% -10%)*1,5 = 22%
RD = Rf + (Rm Rf)* | D => | D =
D f
m f
R R
R R
= (12% - 10%) / (18% -10%) =

0,25
RA =
* *
E D
E D
r r
V V
+
= 0,5*22% + 0,5*12% = 17%
* *
A E D
E D
V V
| | | = +
= 0,5*1,5 + 0,5*0,25 = 0,875

Cu 12 :
Gi d Archimedes mua li n v pht hnh vn c phn sao cho D/V = 0,3 v
RD = 11%.S thay i bin s khc nh sau :
D/V = 0,3 => E/V = 0,7 =>D/E = 0,3/0,7 = 3/7

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( )
E A A D
D
r r r r
E
= +
= 17% + 3/7*(17% - 11%) = 19,57%
RD = Rf + (Rm Rf)* | D => | D =
D f
m f
R R
R R
= (11% - 10%) / (18% - 10%) =

0,125
Trong
A
r v | A khng i
( )
E A A D
D
E
| | | | = +
= 0,875 + 3/7*(o,875 0,125) = 1,196
Vy sau khi mua li n v vn c phn lm
D
r
suy gim dn n
E
r
v
E
| ,
D
| gim nhng
A
r
v
A
| khng i

Cu 13:
a.Ta c:
A
=
E D
E
+
E
+
E D
D
+
D
Trc ti tr 100% VCP
A
=
E
= 0,8
Sau khi ti tai tr 50% N, 50% VCP

E
=
A +
E
D
x
(
A
-
D
) = 0,8 +
% 50
% 50
(0,8 0 ) = 1,6 ( N phi ri ro
D
= 0)

b. Trc ti tr
r
A
= r
E
= 8% ,
E
= 0,8

c. Sau khi ti ti tr :
r
E
= r
A
+
E
D
( r
A
-

r
D
) = 8%+
% 50
% 50
(8% 5% ) = 11%
Ar
E
= 11% - 8% = 3%
T sut sinh li ca VCP gia tng khi c s gia tng trong n by

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A
E
= 1,6 0,8 = 0,8
Vy vi gi nh n phi ri ro khi chung ta hay i phng n ti tr t 100%
VCP sang cu trc vn 50% N v 50% VCP ta thy ri ro ca doanh nghip tng
gp i.

d. v n c li sut phi ri ro nn r
D
= 5%

e. r
A
= 8% v theo nh 2 ca MM t sut sinh li ca ti sn l khng i

Gi nh li nhun kinh doanh l khng thay i

f. % gia tng trong li nhun d kin ca mi c phn

E
r
r
E
A
100% = % 100
% 8
% 8 % 11
= 37,5%
g. P/EBIT = 12,5% vi P = const ( v theo MM gi tr ca cngh ty l khng i)
EBIT/P = 1/12,5% = 8%
Vi r
E
= 11% EBIT/P = 1/11% = 9,1%

Cu 14:

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Cu 15:

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Doanh nghip U c cu trc vn 100% VCP, gi tr th trng ca VCP E
U
= 500$
V
U
= E
U
= 500$
Doanh nghip L v U ging nhau V
L
= V
U
= 500$
DN L pht hnh n vay D
L
= 400$ E
L
= 100$ nn cu trc vn ca L l 80%
n v 20% l VCP

Ch tiu Doanh nghip U Doanh nghip L
Doanh thu 50$ 150$ 50$ 150$
Li vay 0$ 0$ 40$ 40$
Li nhun VCP 50$ 150$ 10$ 110$
T sut sinh li VCP 10% 30% 10% 110%

b. Ta u t 20$ vo DN U

m Pht t
S tin u t 20$ 20$
T sut sinh li VCP 10% 30%
Kt qu 2$ 6$

By gi ta xt phng n ti tr khc vo DN L: 20$ ta cho vay 16$ v mua c
phn ca DN L 4$, ta c bng kt qu sau:

m Pht t
Cho vay u t
VCP
Cho vay u t
VCP
S tin u t 16$ 4$ 16$ 4$

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T sut sinh li 10% 10% 10% 110%
Kt qu nhn c 1,6$ 0,4$ 1,6$ 4,4$
Tng 1,6$ + 0,4$ = 2$ 1,6$ + 4,4$ = 6$

Kt qu d kin t chin lt ny cho ta kt qu ca hai phng thc u t vo
hai doanh nghip U v L l nh nhau.
c. Ta u t 20$ vo c phn ca L

m Pht t
S tin u t 20$ 20$
T sut sinh li VCP 10% 110%
Kt qu 2$ 22$

By gi nh u t dng 20$ t c v i vay 80$ t c cu trc vn 80%
n v 20% vn c phn em u t vo DN U. Ta c kt qu nh sau:

m Pht t
S tin u t 100$ 100$
T sut sinh li 10% 30%
Li vay 8$ 8$
Li tc 10$ - 8$ = 2$ 30$ - 8$ = 22$

Kt qu d kin t chin lt ny cho ta kt qu ca hai phng thc u t vo
hai doanh nghip U v L l nh nhau.


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CHNG 15
Cu 1
Theo gi thit ta c: r
TNDN
= 44% (li vay + c tc)
r
TNCN
= 28% (li vn)
T
C
= 35%
Gi s chng ta c 1$ thu nhp thun, vy thu phi ng trong trng hp chi tr
cho n so vi li nhun vn c phn nu (a) tt c li vn c thc hin ngay v
(b) li vn b tr hn mi mi. Chng ta c bng tnh sau:
Thu N Vn c phn
Li vn tr
ngay
Li vn tr hn
mi mi
Thu nhp thun 1$ 1 1
Thu TNDN 0 1x35% = 0.35 1x35% = 0.35
TN sau thu TNDN 1 0.65 0.65
Thu TN c nhn tnh trn li 0.44 --- ---
Thu nh trn c tc --- 0.44(0.5x0.65) 0.44(0.5x0.65)
Thu nh trn li vn --- 0.28(0.5x0.65) 0.28(0.5x0.65)
Tng thu 0.44 0.584 0.493
(Li vn bng phn na ca li nhun vn c phn)
Cu 2
Vn vi lp lun ca MM b qua s kin l cc c nhn c th khu tr li cho
thu thu nhp c nhn
Chng ta hy xem xt mt cng ty c s dng n by ti chnh c dng tin pht sinh
vnh vin X, v c li sut r
D
trn khon n vay. Thu sut thu thu nhp c nhn v
thu nhp doanh nghip l T
p
v T
D.
Dng tin cho cc c ng hng nm:
BI TP CHNG 15


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(X r
D
D)(1 - T
C
)(1 - T
P
)
Lm cho gi tr v th ca cc c ng l:
) 1 (
) 1 (
) 1 )( 1 (
) 1 (
) 1 )( 1 (
) 1 (
) 1 )( 1 (
C
P
P C
L
P D
P C D
P
P C
L
T D
T r
T T X
V
T r
T T D r
T r
T T X
V

=

Trong r l chi ph c hi ca vn cho tt c c phn ca cng ty c n by ti
chnh. Nu cc c ng vay n D vi cng li sut r
D
, v u t vo cng ty khng
c n by ti chnh, dng tin ca cc c ng hng nm l:
X(1 - T
C
)(1 - T
P
) - r
D
D(1 - T
P
)
Lm cho gi tr v th ca cc c ng l:
D
T r
T T X
V
T r
T D r
T r
T T X
V
P
P C
U
P D
P D
P
P C
U

=
) 1 (
) 1 )( 1 (
) 1 (
) 1 (
) 1 (
) 1 )( 1 (

Khc bit trong ti sn ca c ng, cho khon u t vo cng cc ti sn tng
t l: V
U
V
L
= D T
C

y chnh l thay i trong ti sn ca c ng theo d bo ca MM. Nu cc c
nhn khng th khu tr tin li, th khi :
) 1 ( ) 1 (
) 1 )( 1 (
P D
D
P
P C
U
T r
D r
T r
T T X
V

=
V V
L
V
U
=
) 1 (
) 1 )( 1 (
P D
P C D D
T r
T T D r D r

V
L
V
U
=DT
C
+ D
( )
P
P
T
T
1

V gi tr v th ca cc c ng trong cng ty c n by ti chnh tng i ln hn
khi cc c nhn khng c php khu tr thu thu nhp c nhn.

Cu 3

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Khi Merck chuyn sang mt cu trc vn mi c h s n s sch 40% bng cch
pht hnh n v dng s tin ny mua li c phn. Lc ny vn c phn gim
bng 40% ca n tng ln.
15.3a
Gi tr s sch
Vn lun chuyn 1473 1146 N di hn
4123
Cc ngha v di hn
khc
Ti sn di hn 14935 11139 Vn c phn
Tng ti sn 16408 16408 Tng n v vn c phn
Gi tr th trng
Vn lun chuyn 1473 1146 N di hn
4123
Cc ngha v di hn
khc
Ti sn di hn 51212 47416 Vn c phn

15.3b
Gi tr s sch
Vn lun chuyn 1473 1604.4 N di hn
4123
Cc ngha v di hn
khc
Ti sn di hn 14935 10680.6 Vn c phn
Gi tr th trng
Vn lun chuyn 1473 1604.4 N di hn
Gi tr th trng
ca cc TS di hn 51212 4123
Cc ngha v di hn
khc

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Hin gi ca cc
tm chn thu thm 160.44 47118 Vn c phn
Tng ti sn 52845.4 52845.4 Tng n v vn c phn
Hin gi ca cc tm chn thu thm = (1604.4-1146)=458.4

Cu 4
Tnh tm chn thu cho VDEC/2004
Bng cn i k tan .(vt:ngn $)
Ti sn
Vn lun chuyn

200
Ti sn c nh 800
Tng ti sn 1000
Ngun vn N di hn 400
Vn c phn 600
Tng n
vVCP
1000

Bng bo co thu nhp ca VDEC(vt :ngn $)
Doanh thu 2160
Chi ph 1944
Ebit 216
Li vay(9%) -36
Li trc thu 180
Thu thu nhp doanh nghip (50%) 90
Li nhun rng cho c ng 90
Tng li nhun cho tri ch v
cng
126(90+36)

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Tm chn thu 18 (0.5*36)

a) -Tm chn thu khi n l vnh vin ;
TCT = li vay *thu = 36*0.5 = 18 .tc l doanh nghip s c 1 dng tin vnh
vin l18$
PV (Tm chn thu)= 400*50%= 200

b)Thu sut thu c nhn nh trn thu nhp t n v vn c phn bng nhau
Ta c T
PE
: Thu sut thu thu nhp c nhn nh trn li nhun vn c phn
T
p
: Thu sut thu thu nhp doanh nghip nh trn li t chng khan .
V T
p
= T
PE
nn c th ni li nhun vn c phn han tan l c tc
Tm chn thu = D*r
D
*Tc = 400*0.09*0.5= 18$

c) Nu ngy mai cng ty cng b d nh thay th tt c n ca mnh bng vn c
phn ,th gi c phn s gim

Cu 5
cc yu t xc nh gi tr ca tm chn thu li trn thc t
T l n trn vn c phn vi mt t l cao, nhng nm trong mc va
phi, trnh pht sinh chi ph kit qu ti chnh qu ln, s gp phn lm
tng gi tr ca tm chn thu.
Thu thu nhp doanh nghip: mc thu sut cao va phi, khuyn
khch cc doanh nghip s dng n s khin cho gi tr ca tm chn thu
tng so vi mt mc thu sut thp hn.
Li nhun trc thu v li vay (EBIT): mt doanh nghip c kh nng
chi tr li vay th s trnh c cc ri ro ti chnh, c hng mt mc li
sut thp
T sut sinh li dng chit khu dng tin li.

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Phng php chit khu dng tin: s n ca mt doanh nghip s khng duy tr
ti mt t l c nh mi mi, m s thay i theo tng thi k kinh t, tng thi k
hot ng ca cng ty, do dng tin tr li vay cng s thay i. V vy, mt
phng php chit khu ph hp s xc nh c gi tr ca tm chn thu.

Cu 6
Quyn ca c ng khng thc hin ngha v l mt c quyn rt c ch: y l
mt c quyn rt c bit ca c ng, vi c quyn ny khi cng ty b ph sn,
cc c ng c th t chi trch nhim tr n, mau chng rt c phn bo ton
TS c nhn. Nhng tt nhin c quyn ny l rt hn ch v ch danh cho s t c
ng c bit, m bo quyn li ca ngi lao ng, i tc v c tri ch
Bi 7 :
V d v Ko di thi gian :
Cng ty AD ang trong tnh trng kit qu ti chnh cc ch n ang buc
doanh nghip phi thanh tn, nhng cc c ng th li mun tr hn. i ph
vi vn ngi gim c ti chnh ca cng ty ang thc hin vic lm s dng
th tc k ton mc li nhun trong k li nhun ti 2,5 t thay v 1,3 t bng cch
ct gim bt phn chi ph sn xut t 800 triu xung cn 300 triu , ct gim chi
ph bo tr , chi ph nghin cu v cc chi ph khc xung t c mc li
nhun nh mong mun. Nh vy , vic lm trn a ra mt k vng o v tng
lai ca AD v nh vy cc tri ch ng cho AD n thm mt thi gian na.
V d v Thu tin ri b chy:
Cng ly cng ty AD lm minh ha, cc c ng ca cng ty khng cn tin
tng v hot ng ca cng ty na nn a s c ng chuyn hnh thc t c
tc bng li vn sang c tc bng tin mt bi v cc c ng thch nm gi tin
mt hn l tri phiu cng ty.iu ny thc s xy ra vi AD khi 5000 c phn
ca cng ty c cc c ng bn ra thu hi mt s tin l 500.000USD lm cho
gi tr th trng ca cc c phn st gim nhng t hn s c tc chi ra.

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V d v Th mi bt bng:
Doanh nghip HH hin ang trong tnh trng kit qu ti chnh nhng ch l
mi bt u cc tri ch vn cha c thng tin . Gim c ti chnh ca cng ty
mun c li cho cc c ng thc hin vic lm l : S n ban u ca doanh
nghip c duy tr mc thp ch l 2000USD v ch yu l pht hnh c phn
ti tr cho hot ng ca doanh nghip. Nhng ch sau 2 thng doanh nghip
pht hnh mt lng n ln ti 200000USD t mt s l vn cho cc tri ch
c v s l vn l khon li ca c ng.

S cm d chi cc tr chi ny c th a n cc chi ph kit qu ti chnh :
Vic thc hin cc tr chi ny mang ngha cc quyt nh ti v u t v
hot ng. Cc quyt nh ti ny l chi ph i din ca vic vay n . Doanh
nghip cng vay n nhiu th s hp dn ca cc tr chi ny cng ln .i vi
Thu tin ri b chy chi ph ca n l lm gi tr th trng ca c phn ca
doanh nghip gim, doanh nghip khng nhng thiu tin th nay li cng thiu
ht hn , cc tri ch thy c iu cng hi thc doanh nghip thanh tn
cc khon n l chi ph kit qu gia tng. i vi Ko di thi gian, vic to k
vng o cho cc c ng ch thc hin c trong thi gian ngn, khi cc tri ch
nhn ra mnh b la th vic gia tng chi ph kit qu ti chnh l iu khng th
trnh khi.Cui cng i vi Th mi bt bng vic vay mt mc n qu
cao lm cho cng ty nhanh chng sa vo kit qu v t sut sinh li i hi ca cc
tri ch v c c ng u tng ln.

Cu 8
Cc chng c ng h v chng i l thuyt nh i ca cu trc vn.
Ung h:

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- Cc cng ty c ti sn hu hnh an tn v nhiu thu nhp chu thu c khu
tr nn c t l mc tiu cao. Cc cng ty khng sinh li c cc ti sn v hnh nhiu
ri ro nn da ch yu vo ti tr vn c phn.
- L thuyt nh i vn thnh cng trong vic gii thch cc khc bit trong cu
trc vn gia cc ngnh.
- L thuyt nh i cng gip gii thch loi cng ty no t nhn ha trong cc
mua t bng vn vay (LBO). y l cc doanh nghip g trng vng sung
mn c th trng sn phm n nh lu di, nhng c t cc c hi tng trng vi
NPV cao.
- L thuyt nh i cng cho rng cc cng ty c vay n qu nng qu nhiu
khng th tr bng tin mt pht sinh ni b trong vng mt vi nm nn pht
hnh c phn, hn ch c tc, hay bn bt ti sn huy ng tin mt nhm ti
cn i cu trc vn.
Khng ng h:
- L thuyt ny khng th gii thch c ti sao mt s trong cc cng ty thnh
cng nht li pht t khi c rt t n, tc l t b khng s dng cc tm chn
thu li t chng khn n qu gi.
- Cng ty c th vay tin tit kim c hng chc triu la thu mkhng
my may bn tm n kh nng lm vo kit qu ti chnh.
- Mt s kin l v cu trc vn thc t: Cng trong mt ngnh, cc cng ty sinh
li nhiu nht thng vay t nht, v l thuyt nh i tht bi, v d bo
ngc li theo l thuyt nh i li nhun cao s c ngha c nhiu kh nng
vay n v c nhiu li nhun chu thu c khu tr thu v s cho mt t l
n mc tiu cao hn.
- Khi thu sut thu thu nhp thp (hay bng 0), cc t l n cc quc gia cng
nghip ha khc nhau bng hay cao hn cc t l n ca M. Phn nhiu cc quc
gia ny c cc h thng gn thu (chi trthu cng ty lm 2 t: thu cng ty thu

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trc v khon thu ti chnh), s loi b gi tr ca cc tm chn thu li t chng
khn n.
Cu 9
Khi cng ty trong trng hp kit qu ti chnh th vn kinh doanh m mi
cng ty phi i ph l c gng gi chn v gi nim tin khch hng. Duy tr cc
hot ng kinh doanh c th gip cng ty vt wa c thi k khng hong ny.
Vi cc trng hp kit qu ti chnh th cc ti sn l bt ng sn gi gi tr ca
chng tt nht. Vi cc ti sn khc c bit l cc gi tr v hnh d bin mt
nht. L thit hi ln ca cc cng ty .

Cu 10
Cng ty Salad Oil Storage (SOS) ti tr phn ln cc c s hot ng ca mnh
bng n di hn. C mt ri ro ng k v mt kh nng thanh ton, nhng cng ty
cha lm vo hon cnh .
a. Cc c ng ca SOS c th thua l do u t vo mt d n c NPV dng
c ti tr bng mt pht hnh vn c phn. Nu SOS pht trin tt, thnh qu
t vic u t vo d n s lm li cho cc c ng. Nu tnh hnh khng c ci
thin th cc tri ch nhn lnh tt c hu qut vic u t vo d n.
b. Cc c ng ca SOS c th thu li do u t vo mt d n c NPV m c ti
tr bng tin mt. Nu cc d n mi cng c ri ro cao, n c th lm tng ti sn
ca c ng nhiu hn na so vi s tin m SOS u t vo. Gi nh mnh gi
ca n ca SOS l 100 v gi th trng ca ti sn l 50. SOS ang xem xt u
t vo mt trong 2 c hi sau y: c hi u t th nht hu nh chc chn thua
l, nhng c hi u t th 2, c xc sut thnh cng rt thp (gi d 5%) nhng
s mang li mt khon thu nhp cao hn gi tr TS l 100. Trong trng hp ny
cc c ng nh cuc bng tin ca tri ch. Nu d n thnh cng c ng s
nhn c tin li. iu ny gii thch ti sao, ngay c trong trng hp gi tr th
trng ca ti sn nh hn mnh gi ca n th c phn ca SOS vn c gi tr.

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c. Cc c ng c th thu li do chi tr mt c tc tin mt cao: vi hai trng hp
cc oan trn, gi d rng SOS chi tr ht c tc tin mt bng tng gi tr ti sn.
Cc c ng nhn v ton b ti sn, trong khi cc tri ch khng nhn c g c.

Cu 11
a. Cc tri ch. Cc iu khon rng buc gii hn quyn ca cc c ng trong
vic chuyn dch ti sn lm thit hi cho cc tri ch.
b. Cc c ng. Nu khng c cc iu khon hn ch khi pht hnh tri phiu,
cc c ng s tnh mt li sut cao hn m bo rng h ang thc hin mt
giao dch hp l, cng bng.
Khi cc cng ty pht hnh tri phiu vi cc iu khon hn ch, c kh nng h
s tn km t chi ph hn so vi vic phi tr li sut cao cho cc tri ch.
Cu 12
Caldor, mt chui ca hng bn l, np kin ngh xin ph sn. Chng bao lu sau
khi ph sn, c phiu ca Caldor c giao dch vi gi 5,25$/c phn, gim 20$
so vi trc y trong nm.
Vy s st gim ny l g, l chi ph ph sn chng?
cha hn l chi ph ph sn, ng hn ht n l hu qu ca qu trnh kit qu
ti chnh gy ra, v chnh l cu tr li ca th trng. Khi nhn nhn n l 1
khon chi ph th phi chng no chnh l ci chi ph phi tr v tnh hnh ti chnh
bt n, gy mt lng tin cc c ng. V gi st gim nghim trng. Ch y
khng phi l cc chi ph pht sinh trc tip cho qu trnh x l ph sn ca cng ty.

Cu 13/205
Nu cc yu t khc khng i, mt thng bo pht hnh c phn mi ti tr
cho d n u t c NPV l 40tr la s lm tng gi tr c phn khon 40tr la
(tr chi ph pht hnh). Nhng cc bng chng trong qu kh cho thy, vic pht

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hnh c phn li lm gim gi tr c phn 30tr la. C nhiu l do cho s khng
nht qun ny.
a. Cc nh u t c l lun chit khu, tr hao, nh gi thp cho chc n, i vi
cc d n u t c xut. Mc d bn thn iu ny khng phi l mt
nguyn nhn chnh lm gim gi tr c phn.
b. Cc nh u t khng quan tm g c n cc d n u t xut. M thay vo
h li tin rng: khi cng ty cn tin mt, ngha l h ang c vn i vi
dng tin hot ng (c kh nng dng tin thp).
c. Cc nh u t tin rng khi cng ty quyt nh pht hnh ch khng phi n,
chnh l mt du hiu cho thy c phn c nh gi cao.
Nu c phn tht s c nh gi cao, cui cng chng sm th mun gi c phn
cng gim. Do , st gim trong gi tr c phn khng ging nhau v mt ngha
nh chnh lch ca nh bao tiu. Nu c phn khng c nh gi cao, cc nh
qun l ca cng ty cn phi xem xt c nn cng b thng tin ra bn ngi bo m
vi cc nh u t rng c phn c nh gi chnh xc hay khng, hoc l to
tr cho d n bng cch pht hnh n.
Cu 14/206
a. Cc kt qu nghin cu ca Masulis nht qun vi trng phi cho rng n lun
c a thch hn bi v u th ca l chn thu. Tuy nhin chng li khng nht
qun vi nhng nghin cu ca l thuyt nh i ca cu trc vn. Theo l
thuyt ny, cc nh qun l nhn mnh n s cn i gia u th ca tm chn thu
v chi ph kit qu ti chnh. Theo l thuyt nh i, cc trao i ny s xy ra
sao cho cc mc ca cng ty chuyn dch ti u. Nh vy, vn c nhng thng
tin tt p cho cng ty, cho d c tng hay gim n by ti chnh ( t ti mc
n ti u)
b. Cc kt qu ny nht qun vi bng chng thc nghimv cc hiu ng thng
bo ca vic pht hnh n v mua li c phn.


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Cu 15
Theo l thuyt nh i ca cu trc vn th cc cng ty c ti sn hu hnh
cn tn nhiu thu nhp chu thu s s dng t l n mc tiu cao. M cc cng ty
c ti sn hu hnh ln thng l cc cng ty lun i hi phi gia tng ti sn hu
hnh c th p ng kp thi tc tng trng ca cng ty. Do vy, trong thi
k u t l n mc tiu s tng dn, trong thi k tip theo c th gi n nh
(trnh trng hp tng t l n ln qu cao, s gy pht sinh cc chi ph kit qu
ti chnh khng cn thit).
Theo l thuyt trt t phn hng th cc cng ty s u tin s dng cc
ngun ti tr ni b, sau mi s dng n.
17/206:
H thng ph sn ca Anh (khuyn khch thanh l ngay) c hiu qu hn h thng
thanh l ca M ( c gng phc hi doanh nghip) trong trng hp : Doanh
nghip ang trong tnh trng ph sn hot ng khng c hiu qu,thng xy ra
cc cuc khng hong v n trong doanh nghip, c bit l doanh nghip hot
ng khng c uy tn th nn chm dt ngay hot ng doanh nghip theo lut
ph sn ca Anh bo v quyn li cho cc ch n v bo m cc tri ch cp
cao hng c phn ca mnh u tin.
Ngc li s dng h thng ph sn ca M c hiu qu i vi cc doanh nghip
hot ng c hiu qu, uy tn nhng ch v mt vi l do n chng hn nh l doanh
nghip l ch n ca mt cng ty khc m cng ty ri vo tnh trng ph sn nn
khng th tr n cho doanh nghip dn n hot ng ca doanh nghip cng b
nh hng v dn ti ph sn. Khi , nn s dng h thng ph sn ca M c
gng to iu kin cho doanh nghip hi phc.Tuy nhin iu ny thng rt tn
km v tn nhiu thi gian.
CU HI THCH THC
Bi 1

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C 3 nhm nh u t vi 3 khung thu TNCN khc nhau .Vi nhm BvC thu
TNCN ln lut l 40%,0%thp hn TTNDN 50%..chnh v vy nhm B,C s u
tin nm gi tri phiu doanh nghip nhi hn nhm A nhm ny s thch uc
nm gi tri phiu a phung v c phiu thung hn .
a ) gi thit ;
- cc cng ty c ti tr ban u bng c phn thung .
-cng ty X mun phn b 1 triu $ ca dng tin truc thu tr li vay
Ta thy
Cc nh u t nhm C s nm gi khang n ny ,bi v :
+ Thu thu nhp c nhn ca nhm ny bng 0%
+ Thu thu nhp doanh nghip bng 50%
+ Li sut trn tri phiu doanh nghip s ging nhau nh l tri phiu a
phung hoc bt k chng khon no m nhm ny hin khng s hu .
+ T sut sinh li :10%
=> dng tin mt thng d cn li cho cc nh u t l: 1-0.5=0.5( Tr$)
- Vn ha vi li sut 10%
-Nu vn ha th gi tr cng ty l : 0.5/10% =5(tr $)

b) gi thit ;
- Tng chi tr : 150tr$
-cng ty Y mun phn b 1 triu $ ca dng tin truc thu tr li vay
Ta thy
Cc nh u t nhm B,C s nm gi khang n ny ,bi v :
o Thu thu nhp c nhn ca nhm B:40%,C: 0% thp hn khang thu thu
nhp doanh nghip
o Thu thu nhp doanh nghip bng 50%
- S lung n ca doanh nghip tng cao nn nhm B s mua mt s trong cc
khan n ny ,nhm A s khng tham gia v thu TNCN ca h cao hn TTNDN .

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- nhm C s u t tan b vo tri phiu doanh nghip .l do nhm ny khng
Chnh v li sut n phi tng cao sao cho nhm B vi thu thu nhp c nhn 40 %
phi sn lng nm gi n,nh vy;
r
D
(100%-40%) = 10% => r
D
= 16.67%
nu li sut thp hn mc ny ,nhm B s phi nm gi mt trong cc ti sn khc
= dng tin mt thng d cn li cho cc nh u t l: 0.1 tr$
-Vn ha vi li sut :10%
-gi tr doanh nghip Ytng ln 0.1/10% =1tr$

c) gi thit ;
- Tng chi tr : 250tr$
-cng ty Z mun thay th CPT bng n v vy lm cho ch s N/VCP tng ct
gim tr li1 triu $ .

d)- Cu trc vn cn bng s tin n mc khi cc nhm C v B khng nm gi g
ngi tri phiu doanh nghip , nhm A ch nm gi tri phiu a phung v c phiu
thung .Ti bt k im no khc .
-Gi tr doanh nghip c th tng ln bng cch thay i cu trc vn .
-Li sut t nht phi bng 16.67% ( nhm B c th nm gi tri phiu doanh
nghip )
* Chng minh trong tnh trng cn bng , ngay c mt cng ty khng c n by ti
chnh cng khng c ng c khuyn khch pht hnh n
Gi d rng cng ty khng c n by ti chnh mong mun pht hnh n
trong th cn bng ny .Vi gi d rng cng ty c dng tin hng nm l 4tr$
.
Trc khi pht hnh n cng ty c gi tr :
4*0.5/0.1=20 tr$

TCDN4.NET

Gi d cng ty pht hnh n vi tin li chi tr l 1tr$ th cng ty
phi bn n cho cng ty A vi li sut : r
D
(1-60%) = 10% => r
D
=
25%
= nn gi tr cng ty gim xung cn : ( 1/25%)+{(4-1)/50%}= 19tr$
V ngay c mt cng ty c n by ti chnh trn trung bnh cg khng c ng c
khuyn khch ct gim n.
Gi d cng ty khc bt u vi dng tin hng nm l 4tr$ tin li
chi tr l 3tr$ vi li sut 16.67%
=> nn gi tr cng ty l : (3/16.67%)+{(4-3)*0.5/0.1} = 23 tr$
Nu cng ty pht hnh c phn thng v thu hi li n do li sut gim xung
,ch cn 2 tr $ chi tr li
=.> gi tr cng ty gim xung l : (2/16.67%)+{(4-2)*0.5/10%) = 22 tr


TCDN4.NET

CHNG 16
BI TP THC HNH
Cu 6:
T l
n
T l
VCP
R
D
(%) R
E
(%)
C chi ph ph sn v
khng c chi ph i
l
R
E
(%)
C chi ph ph sn
v c chi ph i
l
R
A
(%) =
W
d
*r
D
+ W
E
*r
E

0 100 - 12.00 12.00 12.00 12.00
10 90 4.8 12.05 12.05 11.33 11.33
30 70 4.9 12.10 12.20 9.94 10.01
40 60 5.0 12.20 12.60 9.32 9.56
45 55 5.2 12.40 13.40 9.16 9.71
50 50 5.7 12.80 14.80 9.25 10.52
60 40 7.0 15.00 18.00 10.2 11.4

Cu trc vn ti u l cu trc vn c chi ph s dng vn bnh qun l nh nht.
= CTV ti u ca cng ty khi c CPPS v khng c CPL l:45% n v
55% VCP.
= CTV ti u ca cng ty khi c CPPS v c CPL l:40% n v 60% VCP.
b. Khi cng ty c chi ph ph sn v chi ph i l th CTV c 50% n v 50%
VCP c r
A
= 10.52%
=> r
A
cao hn r
A
* :10.52% - 9.56% = 0.96%
c. Trn thc t cng ty nn bit chnh xc CTV ti u ca mnh c th vch
ra k hoch huy ng vn cho hp l. Tuy nhin CTV ti u tuy hp l nhng
ch mang tnh tng i . CTV ti u lun thay i theo mi thi k khc nhau.
BI TP CHNG 16


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Cu 7:
a. EBIT ho vn

( ) ( )( ) EBIT 1 0, 4 EBIT 5000.000 1 0, 4
15 10
EBIT 15.000.000$

=
=

b.
EBIT 10 triu$ 15 triu$ 20 triu $
EPS (ti tr
bng VCP)

0,4 0,6 0,8
EPS (ti tr
bng vn vay)
0,3 0,6 0,9

c. Li sut n vay tng ln, gi bn c phn thng gi nguyn khng i.
ta c : EBIT ho vn c xc nh theo cng thc sau:

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E*0.6/15 = (E R)*0.6/10 => E = 3R =>nu R tng ln th EBIT h vn cng
tng theo.
d. Nu li sut n vay khng i , gi bn c phn tng th EBIT h vn s tng,v :
nu gi bn c phn tng th lng c phn tng n
E
thm gim, m ta c cng thc
xc nh EBIT ho vn nh sau :
E*0.6/(10 + n
E
) = (E 5)*0.6/10 => E = 50/n
E
+ 5 => nu n
E
gim th E tng.
Cu 8.
a. Giai on m rng
Rock Island Daven Port
M rng Suy thoi M rng Suy thoi
EBIT 100 60 100 60
Li vay(8%) 32 32 8 8
LN trc thu 68 28 92 52
LN sau thu 40.8 16.8 55.2 31.2
S lng VCP 30 30 45 45
EPS 1.36 0.56 1.23 0.69

EPS (Rock Island) =
( ) 100 1 0, 4
1, 36
30
=
EPS (Davenport) =
( ) 100 1 0, 4
1, 23
45
=
Giai on suy thoi
EPS (Rock Island) =
( ) 60 1 0, 4
0, 56
30
=

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EPS (Davenport) =
( ) 60 1 0, 4
0, 7
45
=
b. C phn ca cng ty Rock Island ri ro hn ,do cng ty ny c n vay nhiu
hn, mc d trong giai on tng trng m rng EPS cao hn so vi cng ty
Davenport nhng n giai on suy thoi th EBIT li gim nhanh hn v nh hn
so vi EPS ca Davenport.
Cng ty Rock Island c n by ti chnh cao hn cng ty Daven Port nn cng ty
Rock Island c ri ro ti chnh cao hn.
c. EPS ca 2 cng ty ging nhau
( )( ) ( )( ) EBIT 32 1 0, 4 EBIT 8 1 0, 4
30 45
EBIT 80.000.000

=
=

d. P/E
Davenport
= 9 => P = E* 9= 1,36*9= 12,24
P/E
Rockisland
= 10 => P = E*10 = 1,23 * 10 = 12,3
Cu 9.
EBIT = 6 triu/ nm; T
C
= 40%
a. im ho vn EBIT
000 . 400 . 2
1
) 4 , 0 1 )( 1200000 (
2
) 4 , 0 1 (
=

=
EBIT
EBIT EBIT

b. EPS d kin
( )
1
6 1 0, 4
EPS 1, 8$/ CP
2
= =

( )( )
2
6 1, 2 1 0, 4
EPS 2, 88$/ CP
1

= =


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c. chp nhn phng n ti tr no th cng ty cn quan tm n
- Chi ph s dng vn
- li sut vay n
- gi c phn pht hnh
e. Kh nng thanh ton li vay
EBIT 6
5
Laivay 1, 2
= = =
f.
EBIT
3, 5 EBIT 4, 2tr
1, 2
= =
Vy EBIT c th gim (6 4,2) = 1,8 tr m cng ty vn tun th c hp ng
vay nu Phng n 2 c chp nhn.
g. EBIT d kin = 6 triu$ ; o = 6 triu $.
EPS < 0 tng ng EBIT < 0 nu chn PA 1
Xc sut c EPS < 0

2
3
6 0
=
= z
Vy xc sut c EPS < 0 l 2,28%
Cu 10.
a. EBIT ho vn

( )( ) ( )( ) EBIT 60.000 1 0, 4 EBIT 126.000 1 0, 4
100 250
EBIT 170.000

=
=

b. Phng n ti tr n pht sinh li nhun cao hn phng n ti tr vn c
phn. EBIT 170.000 >
4 , 1
50
240 170
=
= z

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Vy xc sut phng n ti tr n pht sinh li nhun cao hn phng n ti
tr vn c phn l 91,92%
c. Phng n ti tr n c chn.
EPS < 0 tng ng EBIT < 126.000
Xc sut c EPS < 0

126 240
z 2, 28
50
= =

Vy xc sut c EPS < 0 l 1,13%
Cu 11
C phn thng = 30 triu
N = 250triu ; T
C
= 40%
a.EBIT ho vn
( )( ) ( )( ) EBIT 37, 5 1 0, 4 EBIT 46, 2 1 0, 4
33 30
EBIT 133.200.000

=
=

b.Nu da vo c s EPS th cng ty khng nn thay th phng n ti tr
100% VCP bng phng n ti tr bng c phn u i v:
- Theo nh bi th phng n ti tr bng c phn u i lun lun c chi
ph cao hn phng n ti tr bng n mt on khng i , nn gia
chng s khng bao gi c i ho vn. Nn nu so snh hai phng n ny
th phng n ti tr bng n lun tt hn.
- Phng n ti tr bng n v phng n ti tr 100% VCP c im ho vn
nn vn c xc sut PA ti tr bng VCP tt hn.
= phng n ti tr bng VCP thng s tt hn phng n ti tr bng c
phn u i.

Cu 12

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EBIT ho vn = 4 triu $
EBIT d kin = 4,5 triu$
a. Xc sut phng n ti tr vn c phn > phng n ti tr n.
EBIT < 4 triu.
4 4, 5
z 0, 83
0, 6
= =
Vy xc sut phng n ti tr VCP c u im hn so vi phng n ti tr
n l 20,33%.
b. Xc sut Bullock s b thua thit v chn phng n ti tr n (EBIT < 0)

5 , 2
6 , 0
5 , 4 3
=
= z
Vy xc sut cng ty thua thit l 0,64%

Cu 13.
Jenkin Products c cu trc hin ti gm :
- 50 triu n di hn li sut 10%
- 40 triu VCP (10 triu CP)
D n m rng c chi ph 10tr.C th c ti tr bng:
- Bn thm n di hn li sut 13%
- Bn c phn u i vi chi ph 14%
- Pht hnh c phn thng mi vi gi 10$/1CP
T.TNDN = 40%
a.
im ha vn EBIT gia phng n ti tr bng n v phng n ti tr bng
VCP thng:
Ta c EPS =
(EBIT 5)(1 0, 4) (EBIT 6, 3)(1 0, 4)
11 10

=

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=
(EBIT 5)0, 6 (EBIT 6, 3)0, 6
11 10

=
Vy EBIT = 19,3 triu.
b.
Tnh mc EBIT ca im ha vn EBIT gia phng n ti tr c phn thng v
phng n ti tr c phn u i.
Ta c EPS =
(EBIT 5)(1 0, 4) (EBIT 5)(1 0, 4) 1, 4
11 10

=
=
(EBIT 5)0, 6 (EBIT 5)0, 6 1, 4
11 10

=
Vy EBIT = 30,667 triu
c.
Khng c mt im ha vn EBIT gia phng n ti tr bng n v phng n
ti tr bng c phn u i v c 2 phng n khng lm thay i s lng c phn
ang lu hnh, y l hai phng n ti tr gn nh tng ng nhau, nu vay
n phi tr li th pht hnh c phn u i phi tn mt khong chi ph gn nh tng
ng.
Hn na ta thy phng trnh ng thng : EPS = (EBIT 6,3)0,6/10 v EPS=
[(EBIT- 5)0,6 1,4]/ 10 c chung h s gc nn chng s song song vi nhau =>
s khng bao gi c dim ho vn gia hai phng n ny.

Cu 14
Cng ty Oakland Shirt c EBIT ha vn l 500.000$ gia phng n ti tr bng
vn c phn thng v phng n ti tr bng n.
Chi ph li vay = 200.000$
Chi ph li vay c = 100.000$
EBIT d kin = 620.000$
o = 190,000

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a. xc sut phng n ti tr bng VCP thng t hn phng n ti tr bng
nl:
Z =
500, 000 620, 000
0, 6316
190, 000
=
Vy xc sut = 26,43%
b.
Xc sut chu l theo PA ti tr n

68 , 1
190
620 300
=
= z
Vy xc sut l 4,65%
Cu 15.
Lassiter Bakery c 3 triu CP, gi 25$/1CP
10 tr n vay ngn hng, li 12%, 20tr n vay bng tri phiu,li sut 14%
T.TNDN = 40%
D n mi cn 30tr$. C 2 phng n:
- Bn c phn vi gi rng 20$/CP
- Bn 1 hn hp CP 20$/CP v 10tr$ n di hn , li sut 15%
a.
im ha vn EBIT gia 2 phng n trn:

Ta c EPS =
(EBIT 4)(1 0, 4) (EBIT 5, 5)(1 0, 4)
3 1, 5 3 1

=
+ +

=
(EBIT 4)0, 6 (EBIT 5, 5)0, 6
4, 5 4

=
=17,5 triu $
b.xc sut PA2 em n EPS cao hn PA1
Z =
17, 5 20
0, 5
5
=

TCDN4.NET

Vy xc sut =( 1-30,85%)= 69.15%
Cu 16
PA1: N : 50 triu(10%) + 50triu(12%) => R = 11 triu
VCP : 2 triu CP
PA2: N: 50 triu (10%) =>R = 5 tr
VCP : 2 triu CP
CPU: 50 triu (11%) => li tc: 5,5
PA 3: N : 50 triu (10%) => R= 5 tr
VCP : 2 tr+1 tr = 3 tr CP
Tnh EBIT ho vn :
- Khng c im ha vn EBIT gia phng n ti tr bng n v phng n ti
tr bng CP u i
- im ha vn EBIT gia phng n ti tr bng n v phng n ti tr bng
VCP thng:
3
6 , 0 ) 5 (
2
) 4 , 0 1 )( 11 (
=
EBIT EBIT

=> EBIT = 23 tr => EPS1 = EPS3 = 3,6$

- im ha vn EBIT gia phng n ti tr bng n v phng n ti tr bng
VCP thng:
3
6 , 0 ) 5 (
2
5 , 5 ) 4 , 0 1 )( 5 (
=
EBIT EBIT

Vy EBIT = 32,5 triu tr => EPS2 = EPS3 = 5,5$
- V th ::

PA
2

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* Quyt nh ti tr:
0< EBIT < 5 : khng chn v 3 phng n u c EPS < 0
5 < EBIT < 23: chn PA3 v PA3 tt nht
EBIT > 23: chn PA1 v PA 1 tt nht
Vi EBIT d kin l 21 triu nn chon PA3
Cu 17.
Bowaites Manufacturing c:
- CB
0
=50tr
- FCF
R
= 70tr
- o = 60tr
Ta c : CB
R
= CB
0
+ FCF
R

= 50 + 70 = 120tr

0 120
Z 2
60
= =

Xc sut = 2,28%
0 5
11 14.2 23 32.5
3.6
5.5
PA
3
EPS PA
1

TCDN4.NET

b.
Boiwaite ang xem xt d n c ti tr bng n 200tr$, i hi dng tin
chi ra sau thu 60tr$, nu cty chp nhn xc sut cn kit tin mt 10%, c nn thc
hin d n khng?
Xc sut 10% nn 8 , 76
60
0
28 , 1 =
= =
R
R
CB
CB
Z
Bowaite d kin bc vo k suy thi vi 50 triu la tin mt v pht sinh
70triu la dng tin t do trong k suy thi 2 nm, cng ty ch c th chp nhn
thm 43,2 triu la( tc 50 triu + 70triu 76,8 triu) cc chi ph ti chnh c
nh. V vy cng ty khng nn thc hin d n m rng (c ti tr bng n)

Cu 18.
Cng ty Dalton Carpet c EBIT d kin = 4tr$ , o = 2,5tr$ ,Chi ph tr li vay =
1tr$
Xc nh xc sut c
a. EPS m tng ng vi xc sut EBIT < 1tr$
1 4
1, 2
2, 5
=

Xc sut = 11,51%
b. EPS dung tng ng vi xc sut 88,49%
cu 19.
Cng ty Latrobe c EBIT d kin = 8tr$ , o = 5tr$ ,Chi ph tr li vay = 1,5tr$
Xc nh xc sut c
a.EPS m tng ng vi xc sut EBIT < 1,5tr$
1, 5 8
1, 3
5
=

Xc sut =9,68%
b. Xc sut c EPS dng = 90,32%

TCDN4.NET

Cu 20
Gi tr th trng ca cng ty No Leverage = 1.000.000
Gi tr th trng ca cng ty High Leverage = 1.000.000
Hin gi tm chn thu cng ty High Leverage = 500.000 x 40% = 200.000
Cu 21.
Cng ty Jersey Computer:

T l n (%) Chi ph s dng n
r
D
(%)
Chi Ph sdung
VCP r
E
(%)
WACC
0
10
20
30
40
50
60
-
4,7
4,9
5,1
5,5
6,1
7,5
12,0
12,1
12,5
13,0
13,9
15,0
17,0
10,8
11,36
10,98
10,63
10,54
10,55
11,3

a. Cu trc vn ti u ca doanh nghip l cu trc vn c t l n
40%,60% VCP
b. Gi d cu trc vn hin ti ca doanh nghip gm 30% n,chi ph vn
bnh qun hin ti cao hn 0,09 so vi chi ph vn bnh qun ca cu trc
vn ti u.
Cu 22.
a. Waco Manufacturing c:
- CB
0
=150tr
- FCF
R
= 200tr
- o = 200tr
Ta c : CB
R
= CB
0
+ FCF
R
= 150 + 200 = 350tr

TCDN4.NET

0 350
Z 1, 75
200
= =

Xc sut m Waco b cn kit tin mt trong k suy thi l:4.01%.
b.
CB
R
= 150+200 5 = 345tr

0 345
Z 1, 725
200
= =

Xc sut m Waco s b cn kit tin mt nu thay i trong cu trc
vn = 4,18%.
c.Vi xc sut 5% => tr CB
CB
Z
R
R
330
200
0
65 , 1 =
= =
Chi ph ti chnh tng thm ti a m Waco c th gnh chu l :(150+200-330) =
20 triu
cu 23
Fairfield Electronics c cu trc hin ti gm :
- 250 triu n di hn li sut 10%
- 150 triu VCP (15 triu CP)
D n c chi ph 50tr.C th c ti tr bng:
- PA 1 :Ti tr n , li sut 11%
- PA 2 : Ti tr bng c phn u i vi chi ph 13%
- PA 3 : Pht hnh 5tr c phn thng mi vi gi 10$/1CP
T.TNDN = 40%

a.
Xc nh im ha vn EBIT gi PA 1 v PA 3
Ta c EPS =
(EBIT 25)(1 0, 4) (EBIT 30, 5)(1 0, 4)
20 15

=
0

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=
0, 6EBIT 15 0, 6EBIT 18, 3
20 15

=
Vy EBIT = 47 triu
b.

Xc nh im ha vn EBIT gi PA 2 v PA 3
Ta c EPS =
(EBIT 25)(1 0, 4) 6, 5 (EBIT 25)(1 0, 4)
15 20

=

Vy EBIT = 68,333triu.
c.

d.T th:
Nu EBIT = 30triu$ chn phng n 3
EPS

1.3
0.66
0 25 30.5 35.8 47
68.33
EBIT
PA
1
PA
3
PA
2

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Cu 24.
University Technologies c cu trc hin ti gm :
- 200tr tri phiu, li sut 13%
- 40triu c phn u i chi tr c tc 5%
- 10 triu CP
D n c chi ph 200tr.C th c ti tr bng:
- Bn 200tr $ tri phiu vi li sut trc thu 15%
- Bn 4tr c phn thng mi vi gi 50$/1CP
T.TNDN = 40%
a. im ha vn EBIT gia phng n ti tr bng n v phng n ti tr bng
VCP thng:

(EBIT 26)(1 0, 4) 2 (EBIT (26 30))(1 0, 4) 2
14 10
+
=

0, 6EBIT 15, 6 2 0, 6EBIT 33, 6 2
14 10

=
Vy EBIT = 134,33 triu.
b.
Nu EBIT d kin = 150tr$
o = 20 tr$

Z =
134, 33 150
0, 78
20
=
Vy xc sut m phng n ti tr bng VCP s cho EPS cao hn phng
n ti tr bng n l = 21,77%.
Bi 13:

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Jenkin products c cu trc vn hin ti gm 50 triu n di hn vi li sut
10% v 40 triu$ vn c phn thng(10 triu c phn). Cng ty ang xem xt mt
d n m rng c chi ph 10 triu $. D n ny c th c ti tr bng cch bn
thm n di hn vi li sut 13%, c phn u i vi chi ph 14% hoc pht hnh c
phn thng mi vi gi 10$/1 c phn. Thu thu nhp doanh nghip 40%.
a. Tnh im ho vn EBIT gia phng n ti tr bng n v vn c phn
thng.
b. Tnh im ho vn EBIT gia phng n ti tr bng c phn u i v
phng n bng vn c phn thng.
c. C mt im ho vn EBIT no gia phng n ti tr bng n v phng
n ti tr bng c phn u i khng ? ti sao?
Bi lm:
Cu trc vn hin ti ca cng ty Jenkin Products:
Tng gi tr(th trng) hin ti ca cng ty: V=D+E= 150 triu $,
trong :
N di hn D=50 triu, li vay =10%*50=5 triu $.
Vn c phn E=100 triu $(s lng c phn 10 triu).
Cu trc vn d kin ca cng ty sau m rng:
Phng n 1: Ti tr bng n, pht hnh thm 10 triu $ n vi li sut 13%.
Tng gi tr ca cng ty: V=D+E=160 triu $, trong :
N di hn D=60 triu $, li vay=10%*50+13%*10=6.3 triu $.
Vn c phn E=100 triu $( s lng c phn 10 triu).
Phng n 2: Ti tr bng c phn u i, pht thm 10 triu $ c phn u i
vi chi ph 14%.
Tng gi tr cng ty V=160 triu $, trong :
N di hn D=50 triu $, li vay= 5 triu $.
C phn u i =10 triu $, C tc c phn u i = 1.4 triu $.
Vn c phn E=100 triu $ (s lng c phn 10 triu).

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Phng n 3: Ti tr bng c phn thng, pht hnh thm 2.5 triu c
phn thng mi.
N di hn D=50 triu $, li vay = 5 triu $.
Vn c phn E=110 triu$ ( s lng c phn 11 triu ).
a. Tnh im ho vn EBIT gia phng n ti tr bng n v phng n
ti tr bng vn c phn thng.
=
EBIT
ho vn
=19.3 triu $.
b. Tnh im ha vn EBIT gia phng n ti tr bng c phn u i v
phng n ti tr bng vn c phn thng.

=
EBIT
Ho vn
=30.67 triu $.
c. Khng c im ho vn EBIT no gia phng n ti tr bng n v
phng n ti tr bng c phn u i.
Ta c:
EPS
n
= =0.06EBIT-0.378
(1)
.
EPS
c phn u i
= =0.06EBIT-0.378+0.062
(2)
.
Ta thy phng trnh (1) v (2) l hai ng thng song song vi nhau(cng
h s gc =0.06) v cch nhau mt khon 0.062. Chnh lch 0.062$ l do phng
n ti tr n c chi ph r hn(r
D
=13%,r
P
=14%) v hng li ch t tm chn
thu.Nu a chi ph s dng vn v sau thu: r
D sau thu
=0.078, r
P
=0.14. Chnh
lch 0.062=r
P
- r
D sau thu
=0.14-0.078.

Bi 23:

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Fairfield Electronics c cu trc vn hin ti gm 250 triu $ n di hn vi li
sut 10% v 150 triu $ vn c phn thng ( 15 triu c phn). Cng ty ang xem
xt mt d n m rng c chi ph 50 triu $. D n ny c th ti tr bng mt
trong cc phng n sau:
+ Phng n 1: Ti tr bng n. Theo phng n ny cng ty s vay thm
50 triu $ n di hn vi li sut trc thu 11%.
+ Phng n 2: Ti tr bng c phn u i. Theo phng n ny cng ty s
pht hnh 50 triu $ c phn u i vi chi ph 13%.
+ Phng n 3: Ti tr bng c phn thng: pht hnh 5 triu c phn vi
gi rng l 10$/ c phn.
Bi lm:
- Cu trc vn hin ti ca cng ty:
+ Tng gi tr ca cng ty: V=D+E=400 (triu $), trong :
N di hn D=250 triu $, li vay = 10%*250=25 triu $.
Vn c phn E=150 triu $ (s lng c phn 15 triu)
- Cu trc vn ca doanh nghip d nh m rng:
+ Phng n 1: Ti tr bng n.
Tng gi tr ca cng ty: V=D+E=450 triu$, trong :
N di hn D=250+50=300 triu $, li
vay=10%*250+11%*50=30.5 triu $.
Vn c phn thng E=150 triu $ (s lng c phn 15
triu).
+ Phng n 2: Ti tr bng c phn u i.
Tng gi tr ca cng ty:V=450 triu $, trong :
N di hn D=250 triu $, li vay=25 triu $.
c phn u i =50 triu $, c tc c phn u i=6.5 triu $.
c phn thng E=150 triu $,(15 triu c phn)
+ Phng n 3: Ti tr bng c phn thng:

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Tng gi tr cng ty:V=450 triu $, trong :
N di hn D=250 triu$, li vay=25 triu$.
C phn thng, E=200 triu $,(s lng c phn 20 triu).
a.Xc nh im ho vn EBIT gia phng n 1 v phng n 3.
=
EBIT
ho vn
=47 triu $.
b.Xc nh im ho vn EBIT gia phng n 2 v 3.
=
EBIT
ho vn
= 68.33 triu $.
C.

d.
Cn c vo th EPS-EPS la chn phng n ti tr:
+ Nu EBIT= 30 triu $. Chn phng n 3: ti tr bng c phn thng,
(EPS
n
=0.15$)

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+ Nu EBIT = 60 triu $. chn phng n 1: ti tr bng n, (EPS
n
= 1.18$, EPS
c
phn thng
=1.05$, EPS
c phn u i
=0.97)
+ Nu EBIT=90 triu $. Chn phng n 1: ti tr bng n,( EPS
n
= 2.38$, EPS
c
phn thng
=1.95$, EPS
c phn u i
=2.17)
Bi 23:
Thay phng n 2: Ti tr bng n v vn c phn: vay thm 25 triu$ n
vi li sut 10% v pht hnh mi 25 triu $ vn c phn thng (2.5 triu c phn)
Cu trc vn cng ty:
N di hn D=275 triu $, li vay=27,5 triu $.
Vn c phn E=175 triu $, (s lng c phn 17.5 triu)
a. Xc nh im ho vn EBIT gia phng n 1 v phng n 3:

=
EBIT
ho vn
=47 triu $.
b. Xc nh im ho vn EBIT gia phng n 2 v phng n 3:

=
EBIT
ho vn
=45 triu $.
c. Xc nh im ho vn EBIT gia phng n 1 v phng n 2:
=
EBIT
ho vn
=48.5 triu $.

d. th EBIT-EPS ca 3 phng n ti tr:


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Trn th EBIT-EPS ta thy c 3 im ho vn EBIT l:
+EBIT=45 triu $: im ho vn EBITgia phng n 2 v phng
n 3.
+EBIT=47 triu $: im ho vn EBIT gia phng n 1 v phng
n 3.
+ EBIT=48.5 triu $, im ho vn EBIT gia phng n 1 v
phng n 2.
Lp k hoch ti tr: cn c vo th EBIT-EPS ta thy:
Nu EBIT
D kin
= 30 triu$, chn phng n 3.
Nu EBIT
D kin
=60 triu $, chn phng n 1.
Nu EBIT
Dkin
=90 triu $, chn phng n 1.
Hnh minh ho:

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K hoch ti tr :
+ Nu EBIT
D kin
<A: chn phng n 3: Ti tr bng vn c phn.
+Nu A<EBIT
D kin
<C: Chn phng n 2: Ti tr bng n v c phn thng.
+Nu EBIT>C: Chn phng n 1: Ti tr bng n.
Vi d kin bi trn ta c A=45, B=47, C=48.5.


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CHNG 18
A. Phn l thuyt.
Cu 1.
C v nh gi c phn hnh x nh l c cc gi tr k tip khc nhau bi mt con s
ngu nhin.
Cu 2.
Gi thuyt th trng hiu qu c 3 hnh thc: Cc th nghim v tnh ngu
nhin trong gi c phn Cung cp chng c cho hnh thc hiu qu yu ca gi
thuyt. Cc th nghim v phn ng ca gi c phn i vi cc tin tc c cng b
rng ri Cung cp chng c cho hnh thc hiu qu va phi, v cc th nghim v
thnh qu ca cc qu c qun l mt cch chuyn nghip Cung cp chng c cho
hnh thc hiu qu mnh. Tnh hiu qu ca th trng l kt qu ca cnh tranh
gia cc nh u t. Nhiu nh u t tm kim thng tin mi v kinh doanh ca cng
ty gip h nh gi c phn mt cch chnh xc hn. Vic ny c gi l nghin cu
c bn. Loi nghin cu ny m bo rng gi c phn phn nh tt c thng tin c sn.
Ni cch khc, n gip cho th trng hiu qu hnh thc hiu qu mnh. Cc nh u
t khc tim kim gi c phn qu kh cc mu mc ti din s cho php h kim c
siu li nhun. Loi nghin cu ny gi l nghin cu t sut sinh li qu kh. Loi nghin
cu ny gip m bo rng gi c phn phn nh tt c thng tin hm cha trong gi c
phn qu kh. Ni cch khc n gip gi cho th trng hiu qu hnh thc hiu qu
yu.
Cu 3.
Gi thuyt th trng hiu qu gi nh rng:
Khng c thu => sai.
C th d bo trc mt cch hn ho => sai.
BI TP CHNG 18


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Cc thay di gi c k tip c lp vi nhau => ng.
Cc nh u t thiu c phn n chnh xc =>sai.
Khng c ph giao dch =>sai.
Cc d bo khng c thin v =>ng.
Cu 4.
C phn ca cng ty United Boots c nh gi l 400$ v Cung ng mt li
sut c tc 2%. Cng ty c 1 chia nh c tc 1 thnh 2:
Nu cc iu chnh khc khng thay i, gi c phn d kin gim i l 400$/2 =
200$ => gi c phn sau khi chia nh l 200$.
Trn thc t, d kin gi c phn s st nhiu hn.
Gi s mt vi thng sau, United boots cng b mt gi tng trong c tc ngang vi
gi tng ca cc cng ty khc. Cng b ny s a n mt gi tng bt thng nh
trong gi c phn (d kin mt gi tng trn mc trung bnh trn c tc)

Cu 5.
a. Cc quyt nh ti tr kh o ngc th kh o ngc hn cc quyt nh u
t.=> Sai
b. Cc quyt nh ti tr khng tc ng n tng quy m dng tin m ch tc ng
n ngi nhn cc dng tin.=> ng.
c. Cc th nghim cho thy rng c mt s tng quan m gn nh hn ho gia
cc thay i gi c tip theo.=> Sai
d.Theo hnh thc hiu qu va phi ca gi thuyt th trng hiu qu, gi c
phn nh tt c thng tin c sn cho cng chng.=> ng.
e. Trong cc th trng hiu qu, li nhun d khin ca mi c phn u bng
nhau.=> Sai.
f. Nghin cu ca scholes v tc ng ca phn phi ln th hai Cung cp chng
c rng mc cu i vi c phn ca mt cng ty n th co gin cao => ng
Cu 6.

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Cc phn tch 60 t sut sinh li hng thng ca c phn thng United Futon cho thy
= 1,45 v = -0,25%/thng.Mt thng sau, th trng tng 5% v United Futon tng
6%.
T sut li nhun mong i = o +| t sut sinh li ca th trng
= -0,2% + 1,45 5%
= 7,05%.
T sut sinh li bt thng = t sut sinh li thc t t sut sinh li mong i
= 6% - 7,05%
= -1,05%
Cu 7.
(a) => ng
(b) => Sai
(c) => ng
(d) => ng

Cu 8.
Khi tin vui c cng b gi c phn s gim. gi c phn trc khi c thng tin
ny phn nh mt gia tng d kin l 25% trong li nhun nn khi c c thng bo
chnh thc li nhun cng ty gia tng l 20% la mt tin xu i vi cc nh u t
(thc t < k vng).

Cu 9.
a. Mt nh u t nn mua hoc bn c phn da trn xu hng hoc chu k ca
t sut sinh li.
b Mt gim c ti chnh (CFO) khng nn u c trn bin ng ca li sut
hoc t gi. Khng c l do g ngh rng gim c ti chnh c c thng tin nhiu
hn, chnh xc hn

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c. Mt nh qun tr ti chnh nh gi kh nng chi tr ca mt khch hng ln c
th kim tra gi c phn ca khch hng v li sut l li sut trn khon vay ca khch hng
ny. Mt s rt gi ca c phn hoc li sut cao c th cho thy khch hng ang gp
nhng phin phc.
d. ng cho rng cc la chn hnh thc k tn lm gia tng hoc gim li
nhun s tc ng n gi c phn.
e. Cng ty khng nn tm cch a dng ha gim ri ro. Cc nh u t c th
a dng ha cho ring h.
f. Pht hnh c phn khng lm gim gi nu nh u t tin rng nh pht hnh
khng c thng tin ring.

B. Phn bi tp.
Cu 1.
a. Mt nh u t c th lm nhng vic v l nhng khng th tc ng n tnh
hiu qu ca th trng . Gi ca cc ti sn trong mt th trng hiu qu l gi phn
nh tt c nhng thng tin v c s ng thun. Mt nh u t in r c th lm bt c
iu g, nh h c th biu khng ti sn, hoc t ra mt mc gi cao gp 2 mc th
trng. Nhng khi ht n, gi s iu chnh li mc gi ban u( gi d l khng c
thng tin g mi pht sinh). Nu bn c may mn, c hiu bit v nh u t in r
ny, bn s nhn c mt khon li nhun ngay vo lc nh u t chi tiu. Tuy
nhin bn s khng c nhiu may mn nh th thm ln th hai na. Rt may l th
trng hiu qu s bn v nhng nh u t qu hm nh th. Thm ch nu h
trao i vi nhau mt cch k cc nh vy th h vn c th nhn c mt mc gi
hp l bi gi c phn nh y tt c cc thng tin.
b. ng nh th v c bit bao ngi thua l? V c bit bao ngi ban u kim
chc c sau thua l? H c th may mn v thm ch rt may mn. Th trng
hiu qu khng ngn cn kh nng ny xy ra.

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c. Tm l nh u t l mt khi nim rt kh nm bt. Thng th chng khng
c dng gi thch nhng hnh ng mang tnh c nhn. Thm ch cho d chng c
tn ti, th liu c th dng gii thch cch kim tin nh vy?Hu nh khng ai c
th cho bn bit trc nh u t s lm g. Cc l thuyt da trn nn tng nh th l
khng ng tin cy.
d. Gi th trng mi chnh l gi m bn c th mua bn ln nhau.
Cu 2.
a. Ri ro lun hin hu trong hu ht Cuc sng ngy thng ca chng ta.
Bn c th mt vic, cn nh ca bn c th b ph tan bi cn bo vo bt c lc no .
Nhng iu ny khng c ngha l bn b vic v bn cn nh ca mnh i.
Nu bn tha nhn rng th gii m chng ta ang sng c qu nhiu ri ro, bn
phi chp nhn mt s tht l gi tr ca cc ti sn s dao ng ngay khi c thng tin
mi xut hin. Hn na, nhng thay i ny s tun theo mt bc ngu nhin. Bc
i ngu nhin ca cc gi tr chnh l kt qu ca vic cc nh u t theo nhng k
vng hp l phn nh tt c nhng thng tin trong mt th gii y ri ro.
b. lm v d tr nn r rng hn, chng ta hy gi d rng tt c mi ngi u
tin nh th. Chuyn g s xy ra nu th cho thy mt ng biu din i
xung? Cc nh u t c tip tc nm gi c phiu khi m chng ang c mt khon l
theo d bo? Tt nhin l khng, h s bn c phiu v gi s gim n kho no chng
c d kin c mt khon sinh li dng. ng khuynh hng s t hu dit
chnh bn thn chng.
c. L thuyt bc i ngu nhin khi c ng dng vo th trng hiu qu c
ngha l cc dao ng trt khi cc k vng trc y l ngu nhin. Gi d rng c 80%
c may l ngy mai tri s ma( v hm nay tri ma). Lc ny gi c phiu ca ca
hng o ma hm nay s phn nh trin vng doanh s cao ca ngy mai. Doanh s
ca ca hng khng tun theo mt bc i ngu nhin, nhng gi c phiu s tun theo
mt bc i ngu nhin, bi v chng phn nh mt s tht l tt c cc nh u t u
bit v thi tit tng lai v doanh s tng lai.

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Cu 3.
Cc quan st sau cho thy tnh khng hiu qu ca th trng mt s dng:
(b) Dng mnh
(d) Dng yu
(f) Dng va phi
Cu 4.
a. Cc cng ty c khuynh hng chia nh c phn sau khi cng ty h t
c nhng thnh qu tt p, nhng iu ny khng c nghi l c phn ca mi cng
ty ring bit trong hnh 18.10 t c kt qu tt c mi thng trc khi chia nh
c phn. Mt s th t kt qu tt trong thng ny, mt s khc th li trong cc thng
khcThc s th c tn ti mt khuynh hng nh nhng, tnh trung bnh nhng
bn khng th nm bt c u th ny, tr phi bn bit trc thi im chia c
phiu v khi no chng s chia.
b. Gi c phiu gim ti mc thnh hnh trc khi c thng bo chia nh c
phn.
Cu 5.
C tc: Mt cng ty chi tr c tc cao c th cho thy cng ty ang tip tc
to ra tin v c tin mt chi tr c ng.
Cu trc vn: Nu gim c ti chnh a ra nhng qui nh ngt ngho phng
nga nhng trng hp ph sn, th khi mt n by ti chnh cao s l mt du
hiu v mt nim tin trong cng tc qun l.
Chia c phn s hu ca nh qun l: Nu mt nh kinh doanh dm t ti/n ca
mnh vo cng ty, th iu ny Cung chuyn ti thng tin c trin vng 7ca cng ty.
Cu 6.
i vi cng ty Hewlett Packard:
- H s bng 0,04 c ngha l khi th trng khng thay i, c phn ca
Hewlett Packard tng trung bnh 0,04%/thng.

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- H s bng 1,69, c ngha l mi 1% tng trong ch s th trng lm tng
thm 1,69% cho t sut sinh li ca Hewlett Packard.
i vi cng ty AT&T:
- H s bng (-0,02), c ngha l khi th trng thay i, c phn ca AT&T
gim trung bnh (-0,02)%/thng.
- H s bng 0,09 cho thy rng mi 1% tng trong ch s th trng lm tng
thm 0,09% cho t sut sinh li ca AT&T.
Cu 8.
Khng nht thit l phi nh th. Cng ty s xem xt tnh trng c th ca
mnh. C th c mt u th v thu pht hnh n hoc mt vi chng khn no .
Chng hn cc chi ph giao dch pht hnh mt vi chng khn c th ln hn chi ph
pht hnh ca mt vi chng khn khc.
Cu 9.
Th trng hiu qu khng cho l nh th. Cc gim c cn c 3 vic phi lm.
u tin, h phi chc chn rng danh mc u t c a dng h tt. C th phn
ln cc c phn ny c mi tng quan xc nh vi nhau, tc l chng nhng ngnh
cng nghip ging nhau. Th hai, gim c qu hu bng phi chc chn rng ri
ro ca danh mc c a dng h phi ph hp vi khu v khch hng ca mnh.
Th ba, cc gim c phi sp xp sao cho danh mc u t phi nhn c nhng
li ch ca lut thu dnh ring cho cc qu hu bng. Nhng u th v thu ny c th
lm cho t sut sinh li k vng trong danh mc u t tng ln, nhng khng lm
tng ri ro.

Cu 10.
Theo l thuyt ca th trng hiu qu: Gi c c phn i theo bc ngu
nhin, tc l thay i gi c c lp vi nhau. V nu gi c c phn c i theo mt chu
k c th d bo trc th n cng mang tnh t ph hy trc khi cc nh u t nhn
ra chng. Nh vy, nu chng ta ng vi kin ca cng ty Alpha; y mun ni

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n chu k th trng ln n nh im, v cc nh qun tr ti chnh ca cng ty
nhn ra iu ny th cng l tnh chu k ny c s ph hy ngay, lm cho gi c ca phn
ca cng ty nu pht hnh ra s c th gim xung. Bi v, mt l n gin thi
khng nhng ch mi nh qun tr cng ty nhn ra iu ny m cc nh u t khc cng
nhn ra iu ny th tc khc h s ngng mua c phn ch cho n gi c phn h
xung ph hp vi mnh mua sao cho c t sinh li ph hp vi tng c nhn tham
gia th trng.
Do gi c phn l mt bc ngu nhin, chng ta kh c th bit trc c gi c
phn ngy mai y l ln hay xung so vi ngy hm nay. Li th ca cc nh u t ch l
tn dng vo cc khim khuyt ca th trng kim li cho mnh. V c th cc nh
qun tr ti chnh ca cng ty nn chn din bin ca th trng m ti t sut sinh
li m th trng to ra l ph hp vi qu cng ty, ph hp vi cc nh u t pht
hnh ra th trng sao cho thu c sc ht ln nht.
Cu 11.
a) Gi c ca cc khon vay ngn hn hay di hn l li sut. Do vy, li sut cng
phi tun theo gi thuyt th trng hiu qu: Li sut cng theo mt bc
ngu nhin. Th nht, da vo minh bch ca th trng xc nh chng
ta_ cc nh u t ang thuc hnh thc no ca th trng hiu qu; th hai l
da vo nhu cu ca khon vay l chng ta dng trong ngn hn hay di hn
quyt nh nn vay ngn hn hay vay di hn c li th tt hn. Ch chng ta
khng th cn c vo mc li sut ngn hn hay di hn ci no tt hn. V c th
trong ngn hn th li sut ny l tt nhng trong di hn th sao?
b) Khng ch c bn thy iu m cc nh u t khc cng c th nhn iu .
Khi n s to ra mt ngun li cho cc nh u t? Nhng th trng s
phn ng th no vi ngun li ny? (ngun li y ni n chnh l li sut thp
hn Nht s kch thch cc nh u t vay Nht hn l M vi li sut cao
hn). Khi cc nh u t x i vay Nht s lm cho li sut Nht tng ln

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cn li sut ca M s gim xung cho n khi no ph hp vi nhu cu ng
o ca cc nh u t, kch thch cc nh u t vay.
Cu 12.
Quan im th nht cho rng: Cc nh u t yu cu mt t sut sinh li
mong i cao hn n b cho thm mt yu t ri ro no m khng c ghi li
trong m hnh nh gi ti sn.
Cu 13.
Trong th trng hiu qu, thng tin gi c qu kh s c phn nh trong gi c
ngy hm nay, ch n khng phn nh thng tin gi c ngy mai, do vy cc mu mc
trong gi c s khng tn ti v cc thay i gi c trong mt thi k s c lp vi cc
thay i gi c trong mt thi k k tip. Tc l gi c phn s theo mt bc ngu
nhin. Do vy, nh u t khng th d n c xu hng gi c trong k k tip
hoc ngy mai. Nhng c nhng nh u t tin vo cc mu mc ny tn ti th sao? C
th l do th trng b khim khuyt, cc bt thng ca th trng cn tn ti v hoc
c th l do mt bc ngu nhin no ca gi thuyt ca th trng hiu qu no gn
nh ph hp vi cc mu mc ca m hnh m u t ra khi th nim tin s
p ng ng k vng ca nh u t. cng c th l s tnh c to ra ch khng
phi l do th trng hiu qu c m hnh ph hp vi cc mu mc ca nh u t tm
ra.
Cu 14.
Trong gi thuyt th trng hiu qu th nh u t ny kim c li nhun
hn nh u t khc chng qua l cc nh u t ny bit thng tin trc, hoc do cc bt
thng ca th trng cn tn ti.
trong bi ny cng vy, cc nh qun tr ti chnh ca cng ty Goldman Sachs
nm bt c thng tin trc cc nh u t khc kim li c t hot ng ny.
Nhng cng phi ni rng h chun b rt k v tnh tn nhanh chng nhm tm
kim ra mt ngun li ph hp vi cc nghip v trong hot ng u t ny.


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CHNG 20
L thuyt
Cu 1
a. Pht hnh cc c quyn mua c phiu mi. S dng loi pht hnh bn
thm c phiu c giao dch ra ngoi cng chng.
V i vi hu ht cc cng ty, ln pht hnh chng khon u tin ra cng
chng t khi l ln cui cng. Khi cc cng ty tng trng hu ht u pht
hnh thm n v vn c phn. Cc cng ty c phn c th pht hnh chng
khon hoc bng cch bn cho cc nh u t bn ngoi hoc bng pht hnh
mt c quyn ch gii hn cho cc c ng hin hu. Cho nn c quyn ch
dnh cho cc c ng hin hu.
b. Pht hnh theo quy tc 144A. S dng loi pht hnh tri phiu M bi mt
cng ty nc ngoi
V lut 144A c thit k tng tnh thanh khon v gim thiu li sut v chi
ph pht hnh cho cc bn ring. Lut ny phn ln nhm n cc doanh nghip
nc ngoi b cc yu cu ng k M cn tr.
c. Bn ring. S dng loi pht hnh tri phiu bi mt cng ty cng nghip.
Mt trong nhng tr ngi ca bn ring l nh u t khng th bn li chng
khon d dng. Tuy nhin, cc nh ch nh cc cng ty bo him nhn th
u t cc lng tin khng l vo n doanh nghip cho di hn v t quan tm
v tnh thanh khon ca cng c n ny. V vy ta chn phng php ny.
d. ng k sn. S dng phng php pht hnh tri phiu bi mt cng ty
cng nghip ln.
BI TP CHNG 20


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Khng phi tt c cc cng ty c t cch ng k sn trn thc t u s
dng phng cch ny cho tt c cc pht hnh ca h ra cng chng. i khi
cc cng ty tin rng c th c li ln hn khi thc hin mt pht hnh ln qua
cc knh truyn thng, nht l khi chng khon sp c pht hnh c mt vi
c trng khc thng no hay khi cng ty tin rng mnh cn s t vn hay
du n chp thun ca ngn hng u t i vi cc pht hnh. Kt qu l ng
k sn thng t s dng cho cc pht hnh c phn thng hay chng khon
chuyn i c hn l cho cc pht hnh tri phiu doanh nghip.
Cu 2:
Mi thut ng sau nay i km vi mt trong cc s kin bn di. Hy kt hp
tng thut ng ng vi tng s kin.
a. n lc ti a
(C) Nh bao tiu chp nhn trch nhim ch c gng bn pht hnh.
b. Co th bn chng khon
(A) Mt qung co c ng trn bo co ti chnh lit k cc thnh vin
ca tp on bao tiu.
c. Lp danh sch nhng nh u t quan tm
(B) Cac nh u t cho nh bao tiu bit nh mun mua bao nhiu c
phn trong mt pht hnh mi v cc biu th nh ny c dng gip nh
gi.
d. ng k sn
(E) Nhiu t ca cng mt chng khon c th c bn di cng mt
ng k. Mt t l mt m, mt phn ca mt ng k ln hn.
e. Quy tc 144A
(D) Mt vi pht hnh khng c dng k nhng c th c giao dch t do
gia cc ngi mua l cc nh ch c t cch
Cu 3
Gii thch ngha cc thut ng:

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a. Vn mo him: l vn c phn c u t vo cc cng ty non tr. Vn mo
him c th c cung cp bi cc nh ch u t hay cc c nhn giu c, sn
lng h tr mt cng ty cha c th nghim i ly mt phn li tc.
b. Cung ng ra cng chng ln u (IPO): bn c phn mi cho cc nh u t
cng chng huy ng thm tin mt cho cng ty.
c. Cung ng ln th hai: Cc nh u t mo him v cc nh sng lp cng ty
ang tm cch bn mt s c phn hin hu ca mnh.
d. H s ng k: l mt ti liu chi tit v i khi s trong trnh by thng tin
v ti tr xut v lch s cng ty, tnh hnh hot ng hin ti v cc k hoch
cho tng lai.
e. Ci gi phi tr ca ngi chin thng: chnh l ngi y nh gi qu cao gi
tr mn v tr gi cao mua n. Khi mua mt pht hnh mi chng khon
bn phi chu mt vn tng t.
f. Thng v mua t: mt hoc mt vi nh bao tiu mua ton b pht hnh.
Cu 4
a) Pht hnh ln c t l chi ph bao tiu v hnh chnh thp hn. Chnh lch gi
ca nh bao tiu gim khi quy m pht hnh tng.
b) t l chi ph bao tiu v hnh chnh thp hn khi pht hnh tri phiu.
c) pht hnh c phiu tip theo co t l chi ph bao tiu v hnh chnh thp hn so
vi cung ng c phiu ra cng chng ln u.
d) bn ring nh tri phiu c t l chi ph bao tiu v hnh chnh thp hn khi
pht hnh mt cho mua nh tr bng tin mt cc tri phiu.
Cu 5: ng hay sai
a. Cc nh u t mo him thng cung cp ti tr cho giai on u
trang tri tt c cc chi ph trin khai. Ti tr cho giai on hai thng c
cung cp t cc c phiu c pht hnh trong mt cung ng ln u ra
cng chng.

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y l mt pht biu sai. V vn mo him u t vo doanh nghip khi
s thi hn t 3 n 7 nm. Sau 3 n 7 nm thng vi cc doanh nghip
pht trin tt th cc doanh nghip qua giai on khi s v bc vo giai
on tng trng. Khi , cc nh u t vn mo him thng s rt vn
v v khi doanh nghip s cung ng c phn ra cng chng ln u
(IPO), nu cng ty khng kh nng pht hnh IPO th y cng l thi
im rt vn v. Cc nh u t mo him thng cung cp ti tr cho
c mt giai on khi s cho n khi cc cng ty tng trng thnh cc
cng ty giao dch ngoi cng chng ch khng phi ch u t cho giai
on u trang tri tt c cc chi ph trin khai.
b. C phiu ca cc cng ty ln c th c lit k v giao dch trn nhiu th
trng quc t khc nhau.
y l mt pht biu ng.
c. Gi c phiu thng st gim khi cng ty cng b pht hnh c phn mi.
y c th l do thng tin pht ra t quyt nh pht hnh.
y l mt pht biu ng.
d. Co th c n hnh cng b tht bi v rt li d nh pht hnh chng
khon.
y l mt pht biu sai. V co th l qung co c n hnh bi ngn
hng u t v ng trn bo hng ngy ni v vic bn chng khon cho
cng chng. Bng qung co c y chi tit cn bn v vic pht hnh
v lit k cc thnh vin nhm bao tiu lin quan n vic pht hnh, n
c nhp thnh nhm bao tiu theo th t ABC tu theo tm mc tham
gia ca h.
Cu 6
a. Neu mc cau oi vi phat hanh tang ot ngot, cac nha bao
tieu co the mua them toi a la 50.000 co phan do cong ty danh
cho cac nha bao tieu chon la e mua.

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b. So co phan cung ng lan au la 500.000 co phan do cong ty
ban. Va so co phan phat hanh lan hai la 400.000 do co ong
ban.
c. Mc nh di gi l: 95$ - 80$ = 15$
Mc nh di gi so vi mc nh di gi bnh qun ca cc cung
ng ln u ra cng chng M l : (95$ - 80$)/80$ = 0.1875=18.75% ~
19%
d. Ph bao tieu : $4.500.000
- Ph hanh chnh (chi ph cong ty phai tra) $820.000
- nh di gi 900.000 x $15 = $13.500.000
Tong chi ph bang ola cua phat hanh mi cua Marvin la :
Ph bao tiu + ph hnh chnh + nh di gi = $ 4.500.000+ $ 820.000 +
$ 13.500.000 = $18.820.000
Cu 7:
Phat hanh 10 trieu ola menh gia n 10 nam
- phat hanh ra cong chung: r = 8,5%
chenh lech bao tieu: 1,5%
cac chi ph khac : 80.000$
- Ban rieng:
Li sut: 9%
Chi ph phat hanh: 30.000$
a. Chenh lech doanh thu cua cong ty t 2 cung ng tren:
- phat hanh ra cong chung
chi ph bao tieu: 10tr 1,5% = 150.000$
Vay: doanh thu rong cua phat hanh ra cong chung:
10 000 000 150 000 80 000 = 9 770 000$
- Ban rieng:
Li nhuan rong cua ban rieng:

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10 000 000 30 000 = 9 970 000$
b. Cac ieu kien khac giong nhau, phat hanh nao tot hn?
Da vao cu a ta thy, nu bn ring chng ta s tit kim c mt khong
tin so vi pht hnh ra cng chng 200 000$:
9 970 000 9 770 000 = 200 000$ (1)
V bn ring phi tr li cao hn, chng ta hy tnh hin gi ca cc khon tr
li thm nu tin hnh bn ring so vi pht hnh ra cng chng:
PV =
=
+

n
t
n
r
r r
MG
1
1
1 2
) 1 (
) (
=
=
+

10
1
%) 5 . 8 1 (
10000000 %) 5 . 8 % 9 (
t
n

=50 000
085 . 1
1
1
085 . 1
1
1
085 . 1
1
10
|
.
|
\
|
|
.
|
\
|
=
328 067 (2)
T (1) & (2) ta nhan thay, mac d pht hnh ring tit kim c 200000
nhng khon li phi tr thm ln hn nhiu khong tit kim c 327 067$ hay
pht hnh ring chng ta s mt thm mt khong l 127 067$.
V vy pht hnh ra cng chng s tt hn trong cac ieu kien khac giong
nhau.
c. Cc yu t no khc ngoi li sut v chi ph pht hnh m bn mun xem
xt trc khi quyt nh chn mt trong 2 cung ng ny?
xem xt trc khi quyt nh chn pht hnh ra cng chung hay dan xep
mot ban rieng can quan tam en cac yeu to sau:
- Tnh thanh khon ca loi chng khon ny: bn ring c nhng thun li
l c th thng tho trc tip gia cng ty v nh cho vay nhng mt
trong nhng tr ngi ca bn ring l nh u t khng th bn li chng
khon d dng. iu ny lm cho tnh thanh khon ca loi chng khon
ny b hn ch.
- Cc quy nh v lut php: c nhng hn ch v nhng ngi c th mua
v giao dch chng khon khng ng k. Nhng hn ch ny c th nh

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hng ti vic pht hnh ring. V vy khi la chn cung ng bn ring,
ngoi cc yu t li sut v chi ph pht hnh doanh nghip cn tm hiu cc
quy nh ca lut php ti ni pht hnh c th c mt dn xp bn ring
t hiu qu nht.

Cu 8:
V phng php lp danh sch cc nh u t quan tm bn pht hnh
mi v phng php bn u gi:
Lp danh sch cc nh u t quan tm
- Cc nh u t cho nh bao tiu
bit nh mun mua bao nhiu
c phn trong mt pht hnh mi v
cc biu th nh ny c dng
gip nh gi.
- Gii hn trong mt s nh u t
tim nng.

- C kh nng khng bn ht c
phn ca cng ty.
Bn u gi
- Thng qua mt cuc bn u gi
m gi c phn mi c nh.

- M rng ra cho bt k nh u t
no sn lng mua c phn mi
ca cng ty.
- Ri ro khng bn ht c phn l
rt t.

Cu 9:
a. S c quyn cn mua mt c phn l 2
b. S c phn mi:
100000 : 2 = 50000 (c phn)
c. S tin u t mi:
50000 x 10 = 500000$

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d. Tng gi tr ca cng ty sau pht hnh:
100000 x 40 + 500000 = 4500000$
e. Tng s c phn sau pht hnh:
50000 + 100000 = 150000 (c phn)
f. Gi tnh cc c quyn km theo l 40$
g. Gi khng tnh cc c quyn km theo :
4500000 : 150000 = 30$
h. Gi ca 1 c quyn:
40 30 = 10$
Bi tp thc hnh
Cu 1.
a. Ti tr giai on 0 so vi giai on 1 hay giai on 2: ti tr giai on u tin
hay giai on khi s th c chin lc khc vi giai on sau.
b. nh gi theo tin t: cch nh u t t gi cho mt cng ty da trn tng
ca cc doanh nhn v cam kt ca h i vi doanh nghip.
c. Ti tr hng hai cho bit mt ti tr n sau ti tr giai on u, ti tr hng
hai n t giai on ba, bn, hoc nmti tr ny t ri ro hn, nhng t sut
sinh li km hp dn hn.
d. Biu din lu ng: nh mt cch cng ty thc hin mt cuc PR ra cng chng
nhm qung b cng ty hot ng nh th no, pht trin nh th no, cho nh u
t mt ha hn cng ty n nn lm ra khi h u t vo c phiu cng ty
e. Cung ng tt c hoc khng: nu khng th bn c pht hnh vi gi cung
ng, giao dch ny b hy b v cng ty pht hnh khng nhn c g c.
f. Ngi mua nh ch c t cch: Ch nhng nh ch ln giao dch chng
khon khng ng k gia h vi nhau.
g. Lut bu tri xanh: Lut bo v nh u t ca mi tiu bang iu phi vic
bn chng khon trong vng tiu bang .
Cu 2:

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a. Hu ht cc doanh nhn u c th thu dt mt cu chuyn c v tin c
v cng ty mnh. Nhng vic thuyt phc mt nh u t bn mo him
rng k hoch kinh doanh ca bn c c s vng chc cng kh nh xut
bn quyn tiu thuyt u tay. Cc gim c ca Marvin a ra lun im
l h sn sng v lm tt c thc hin k hoch. Khng nhng h ht
tin tit kim ca mnh vo cng vic m cn th chp tn b ti sn. iu ny
cho thy nim tin ca h t vo cng vic lm n ny to ln n th no.
Mt tn hiu ch ng tin khi n gay tn km. Phn trnh by ca Marvin
to n tng tt vi cng ty First Meriam Venture Partners.
b. Khi cc gim c nhn phn thng ca mnh di hnh thc thi gian
ngh php di hn hay nh ph chuyn bng my bay phn lc ring, cc chi
ph ny do c ng gnh chu. V gi ti tr ca First Meriam khc phc
c iu ny.
Nu ban gim c ca Marvin i hi cc hp ng lm vic cht ch v long
bng hu hnh, hn h thy vic huy ng vn mo him khng d dng cht
no. Nhng thay v vy, ban gim c ca Marvin bng lng vi cc mc lng
khim tn. H c th ch nhn tin t phn tng gi ca c phn ca h. Nu
Marvin that bi, h s khng c g, v trn thc t, Firsr Meriam mua c
phn u i c thit k t ng chuyn i thnh c phn thng, v nu, khi
cng ty Marvin thnh cng trong vic cung ng ra cng chng ln u hay lin
tc pht sinh li nhun nhiu hn mt mc li nhun mc tiu n nh.
Nhng nu cng ty Marvin tht bi, First Meriam s l ngi u tin c tri
quyn i vi cc ti sn cn li. Vic ny cn lm tng thm phn thua thit cho
ban qun l ca cng ty.
Cu 3:
Cc th tc pht hnh c phiu thng ra cng chng ln u
Thng thng vic pht hnh chng khon ln u ra cng chng c
thc hin theo cc bc sau:

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Bc 1:
T chc i hi c ng xin kin chp thun ca i hi c ng v
vic pht hnh chng khon ra cng chng. Thng qua i hi ny ng thi s
thng nht mc ch huy ng vn, s lng vn c phn cn huy ng, chng
loi v s lng chng khon d nh pht hnh.
Bc 2:
Sau khi c s ng ca hi ng c ng v vic pht hnh chng
khon ra cng chng ln u. cng ty chun b cc h s xin php pht hnh
np ln c quan qun l nh nc v chng khon v th trng chng khon;
la chn nh bao tiu (nu cn). Cng vi nh bao tiu chnh, cc cng ty lut,
cng ty kim ton v t chc ny xy dng phng n pht hnh v d tho
bn co bch cung cp cho cc nh u t. Ti liu ny trnh by cc thng tin
chi tit v ti tr v lch s cng ty, tnh hnh hot ng hin ti v cc k hoch
cho tng lai.
m bo s thnh cng cho t pht hnh th t chc pht hnh phi chn
ra c mt t chc bo lnh pht hnh. T chc ny phi c uy tn v mng li
rng ln s gip cho vic phn phi ra cng chng ca t chc pht hnh s din ra
mt cch sun s. V vy, khi tin hnh pht hnh chng khn ra cng chng th vic
la chn t chc pht hnh c ngha rt quan trng v mang tnh quyt nh n
thnh bi ca t pht hnh.
Bc 3:
Ngi ng u t hp bo lnh pht hnh la chn cc thnh vin khc ca t
hp. Trong trng hp khi lng chng khon pht hnh l qu ln, vt qu
kh nng ca mt t chc bo lnh pht hnh th t chc bo lnh pht hnh chnh (t
chc bo lnh c la chn) s ng ra la chn cc thnh vin khc cng
vi mnh tin hnh bo lnh cho tn b t pht hnh.
Ban chun b cng vi t hp bo lnh pht hnh, cng ty kim tn v t chc t
vn tin hnh nh gi chng khon pht hnh. nh gi chng khon l khu kh

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khn nht v phc tp nht khi tin hnh pht hnh chng khon ra cng chng.
Nu nh gi chng khon qu cao th s kh khn trong vic bn chng khon, cn
nu nh gi chng khon qu thp th s lm thit hi cho t chc pht hnh. V th,
vic nh gi chng khon mt cch hp l sao cho ngi mua v ngi bn u
chp nhn c l ht sc quan trng v cn phi c phi hp ca t chc bo
lnh, cng ty kim tn v t chc t vn ca cng ty.
Bc 4:
Chnh thc thnh lp t hp bo lnh pht hnh v k hp ng bo lnh pht hnh
vi t chc pht hnh.
Bc 5:
Cng ty kim ton xc nhn cc bo co ti chnh trong h s xin php pht
hnh.
Bc 6:
T chc pht hnh np h s ln U ban chng khon. Thng thng t
chc pht hnh s c tr li v vic cp hay t chi cp giy php trong mt
thi hn nht nh k t ngy np h s xin php pht hnh y v hp l.
Trong thi gian ch U ban chng khon Nh nc xem xt h s, t chc pht
hnh c th s dng ni dung trong bn co bch s b thm d th trng.
Bc 7:
Sau khi c cp php pht hnh, t chc pht hnh phi ra thng bo pht
hnh trn cc phng tin thng tin i chng, ng thi cng b ra cng chng
bn co bch chnh thc v vic thc hin vic phn phi chng khon trong mt
thi gian nht nh k t khi c cp giy php. Thi hn phn phi c qui
nh khc nhau i vi mi nc. Vit nam, theo qui nh ti Ngh nh
48/Chnh ph v chng khon v th trng chng khon th thi hn ny l 90

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ngy, trong trng hp xt thy hp l v cn thit, U ban chng khn nh nc c
th gia hn thm.
Bc 8:
Tin hnh ng k, lu gi, chuyn giao v thanh ton chng khon sau khi
kt thc t phn phi chng khon.
Bc 9:
Sau khi hon thnh vic phn phi chng khn, t chc pht hnh cng vi t
chc bo lnh pht hnh phi bo co kt qu t pht hnh cho U ban chng khon v
tin hnh ng k vn vi c quan c thm quyn.
Cu 4.
Bnh qun cc c phiu c nh di gi 9% : nh ta bit th cc c ng
thng s khng thch bn c phn ca h thp hn gi th trng, tuy nhin iu
ny s gip nng cao kh nng huy ng thm vn ca cng ty sau ny.
y ng Bean bi ri v tht vng khi thy rng chnh sch ny khng em n
li nhun, bi v ng Bean s dng chnh sch ny qu cng nhc, s dng trong
vi nm v p dng mt t l khng i cho mi pht hnh.
Bi hc rt ra y l cn phi linh hot hn khi p dng cc chnh sch ca cng
ty c bit l trong giai on pht hnh c phiu
Cu 5.
Da trn bng co bch ca Vietcombank nm 2005, pht hnh chng khon n
trn trung tm giao dch chng khon TP. H Ch Minh.
a. So snh vi chi ph pht hnh ca Marvin, pht hnh ca Vietcombank c chi
ph thp hn tnh c v li sut v khng tn chi ph bao tiu.
b. So snh vi bng 20.2 chi ph pht hnh ca Vietcombank cng xp x gn nh
chi ph pht hnh n, t l chnh lch l khng ng k.
Cu 6:
Chi ph pht hnh n thng thp hn chi ph pht hnh vn c phn v:

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Khi pht hnh vn c phn cng ty tn rt nhiu chi ph.
Trc tin l cc chi ph hnh chnh chun b cho vic pht hnh nh h s
ng k v co bch lin quan n ban gim c, c vn php l, cc k ton vin,
cc nh c vn
Ngoi ra, m bo cho vic pht hnh cc cng ty thng nh cc nh
bao tiu m chi ph bao tiu ny thng l rt ln. Cn mt chi ph c th rt ln
nhng ta kh thy bi n l mt chi ph ngm l chi ph do nh di gi. Chi
ph pht sinh do gi cung ng thp hn gi tr thc ca c phn pht hnh, do vic
phn on xem cc nh u t sn lng tr bao nhiu mua c phn l rt kh.
Vic pht hnh vn c phn cn chu mt p lc trong tng lai l t l chi tr c
tc cho cc c ng. Vi mt t l qu cao hay qu thp u nh hng n cng
ty, qu cao th c th gy thiu ht ngun ti chnh cho cng ty, qu thp li khng
va lng cc c ng c th dn n tnh trng bn c phiu ca cng ty ra ngi.
i vi vic pht hnh n th cng ty t tn km chi ph hnh chnh hn v
khng phi tn km chi ph bao tiu. Ngoi ra, pht hnh n cng ty c th xc
nh c chi ph li vay c nh cho vic pht hnh n ca mnh. ng thi vic
pht hnh n cn l mt n by ti chnh, cng ty s hng c khon li t tm
chn thu.
Nhng khng phi lc no pht hnh n cng ti u hn pht hnh vn c
phn v pht hnh n cng ty s phi gnh chu 1 ri ro ti chnh cao hn nhiu so vi
vic pht hnh vn c phn. Do , pht hnh n hay vn c phn cn ty thuc vo
tnh hnh pht trin ca cng ty v cc chin lc ti chnh ca cng ty.
Cu 7.
i vi cc pht hnh nh chi ph pht hnh ln n 10% doanh thu. iu ny c
ngha l chi ph c hi ca vn ca phn t bn ngoi cao hn 10% so vi li
nhun gi li. iu ny khng ng v vic gi li li nhun cng c chi ph nu
gi li mt t l qu ln cng ty s chu np pht theo quy nh ca thu, t l ny
cng nh hng n gi tr ca c phiu cng ty trn th trng.

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Cu 8:
C 3 l do mt pht hnh c phiu thng c th to ra st gim trong gi c phn.
- Th nht: gi cn st gim hp th ngun cung thng d. Khi pht hnh
c phn thng ra th trng iu ny ng ngha vi vic tng thm ngun
cung cho th trng. Theo quy lut cung cu ca th trng, khi tng ngun
cung m lng cu khng i s dn n mt tt yu l gi ca hng ho
s gim th trng cn bng. l mt trong nhng l do n gin nht
gii thch cho s st gim ca gi c phn khi pht hnh c phiu thng
ra cng chng.
- Th hai: pht hnh to ra mt p lc gi tm thi cho n khi pht hnh
c tiu th ht.
- Th ba: ban qun l c thng tin m c ng khng c. Khi pht hnh c
phiu thng ra cng chng,cc nh u t thng khng c nhng thng
tin y , chnh xc v tnh hnh ca cng ty. Nu cc gim c ti chnh
c th thuyt phc cc nh u t c ci nhn mu hng v tng lai, th cc
c phn mi c th c bn vi gi cng bng. Nhng vic ny khng d
dng cht no, nu h cng b mt cch qua loa th s c rt t tc dng m
h phi cng b cc thng tin chi tit hn. Nhng vic cung cp thng tin
chi tit v cc k hoch kinh doanh v d bo li nhun th li tn km v
cng l mt ngun tr gip rt ln cho cc i th cnh tranh. V vy, khi mt
pht hnh c phn c cng b, h gim gi c phn mt cch ph hp. Bn
cnh , c nhiu trng hp l cc pht hnh khng t nguyn v lm theo
lnh ca gii thm quyn. Cc pht hnh khng t nguyn thng to ra mt
s st gim trong gi c phn thp hn cc pht hnh t nguyn v nu
pht hnh nm ngi t do quyt nh ca gim c, cng b pht hnh khng
chuyn ti mt thng tin no v quan im ca gim c i vi trin vng
ca cng ty.

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Tm li, khi pht hnh mt c phiu thng ra cng chng, c th to ra st
gim trong gi c phn. C nhiu nguyn nhn gii thch cho hin tng ny
nhng hin nay hu ht cc nh kinh t ti chnh u din dch st gim gi t
cng b pht hnh vn c phn nh l mt hiu ng thng tin. y c l l
nguyn nhn ng tin nht gii thch hin tng ny.
Cu 9.
Bt c khi no mt cng ty pht hnh ra cng chng, cng ty phi ng k
pht hnh vi U ban chng khn v th trng. Cng ty c th trnh c qu trnh
tn km ny bng cch bn chng khn ring. Vic dn xp mt bn ring t tn km hn
mt pht hnh ra cng chng. Tuy nhin vic bn ring chng khon ch nn bn
cho khong khng qu mt t cc nh u t c kin thc.
Cu 10.
a. S c phiu ca cng ty: 10.000
Mnh gi:10$
Tng gi tr s sch:100.000$
Gi th trng: 15$
Thu nhp mi c phn: 2$
T sut li nhun u t:7%
Cng ty pht hnh c phn thm 20.000 c phn vi gi 10$. Gi tr rng trn s
sch:300.000$
Tng li nhun u t:0,07x 300.000$ = 21.000$
Thu nhp mi c phn:21.000$/ 30.000= 0.7$
b. S c phiu ca cng ty: 10.000
Mnh gi:10$
Tng gi tr s sch:100.000$
Gi th trng: 15$
Thu nhp mi c phn: 2$
T sut li nhun u t:21%

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Cng ty pht hnh c phn thm 20.000 c phn vi gi 10$. Gi tr rng trn s
sch:300.000$
Tng li nhun u t:0,21x00.000$ = 6300$
Thu nhp mi c phn: 6300$/ 30.000= 2,1$
Cu 11:
a. S c phn mi pht hnh:
10000000 : 4 = 2500000 (c phn)
Tng s tin mi huy ng c:
2500000 x 5 = 12500000$
b. S c quyn cn mua mt c phn mi l 4
c. Tng gi tr sau pht hnh
6 x 10000000 + 12500000 = 72500000$
Gi c phn mi sau pht hnh c quyn:
72500000 : ( 2500000 + 10000000) = 5,8S
Gi ca 1 c quyn:
6 5,8 = 0,2$
d. Gi khng tnh c quyn sp ti chnh l gi ca c phn mi l 5,8$
e. Tng gi tr ca cng ty s khng i khi cc c ng khng sn lng nhn
c quyn ca h. Tng gi tr ca cng ty cng l 72500000$
Cu 12:
a. S c phn cn huy ng ng s tin cu 11 l:
12500000 : 4 = 3125000 (c phn)
b. S c quyn cn mua 1 c phn mi:
10000000 : 3125000 = 3,2
c. Gi c phn mi sau pht hnh c quyn:
72500000 : (3125000 + 10000000 ) = 5,5$
Gi ca 1 c quyn:
6 5,5 = 0,5$

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d. Gi khng tnh c quyn sp ti l 5,5$
e. Cng nh cu 11, tng gi tr ca cng ty s khng i khi cc c ng
khng sn lng nhn c quyn ca h. Tng gi tr ca cng ty cng l
72500000$.
Ta nhn thy rng vic pht hnh c phn vi gi 4$/c phn thay v 5$ s
mang li cho cc c ng ca Pandora. V:
Nu c ng sn lng chp nhn c quyn ca h, vi vic pht
hnh 5$/c phn h phi b ra 5$ mua 1 c phn mi, m sau pht hnh
c phn mi ny c gi tr l 5,8$; cn vi vic pht hnh 4$/c phn h ch
b ra 4$ mua 1 c phn mi, m sau pht hnh c phn mi ny c gi
tr l 5,5$ .
Nu c ng khng sn lng nhn c quyn ca h, vi vic pht
hnh 5$/c phn h ch c th bn 1 c quyn ca mnh vi gi 0,2$ cn vi
vic pht hnh 4$/c phn th h c th bn 1 c quyn vi gi 0,5$.
Chng nhng th, pht hnh 4$/c phn th cc c ng nhn c 1-cho-3,2
thay v cho 1-cho-4, do cc c ng c nhiu c quyn hn. Nn vic
khng chp nhn c quyn m bn i cc c ng cng nhn c gi tr
cao hn.
Cu 13:
a. Ti sao cc cng ty vn mo him thng ng trc tin theo tng giai on
Nh chng ta bit, khi u t vn mo him th xc sut thnh cng thp.
V vy, khi u t vo cng ty non tr, cc nh u t vn mo him t khi a tt
c s tin m cng ty ny cn, mi giai on h s cung cp va s tin
cng ty i n mt giai on xc nh. iu ny mc ch nhm gim thiu ri ro
cho cc cng ty vn mo him. Khi a tin theo tng giai on, ng thi cng
theo di hot ng ca cc cng ty non tr ny c th sm nhn ra l cng ty ny
hot ng c hiu qu hay khng? T c cc bin php nhm gim thiu ri ro
nh l tr gip cc cng ty ny v qun l, hay tm kim th trng hay l nn

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ngng u t, nu nhn thy rng khng th gii quyt vn th ngng u t,
tc khng thm tin vo.
Nu ng v th ban qun l ca Marvin enterprise, hay bt c mt cng
ty non tr no cng thch nhn c tt c khon tin u t t ngun vn mo
him mt ln. iu ny nhm m bo rng cng ty s c s vn cn thit
thc hin d n m khng s thiu vn trong qu trnh hot ng. V nu nhn tin
theo tng giai on, c th rng khi ang thc hin d n, cng ty thiu vn, m
vic huy ng thm hay l thuyt phc cng ty vn mo him c th tip tc
gp vn l iu kh khn.
Cu 14.
Bn u gi theo gi phn bit, mi ngi thng c yu cu thanh ton
theo gi m h t mua.
Bn u gi theo gi phn bit, gi t mua ca ngi thng c mc t gi
thp hn.
u gi theo gi ng nht cung cp mt s bo v tt hn i vi vn
ci gi phi tr ca ngi chin thng. Chi ph ca vic t gi d thu cao s thp
hn trong mt u gi theo gi ng nht, v c th s rt cao trong mt u gi
theo gi phn bit. u gi theo gi ng nht s em li doanh thu cao hn.
Cu 15.
Gi c phiu :40$
S c phn: 10.000 pht hnh thm 2000 c phn
Gi tr rng trn s sch: 500.000$
Gi tr th trng ca cng ty: 400.000$ Tng li nhun 46400$
Thu nhp mi c phn: 4$ thu nhp trn mi c phn: 3,87
T sut sinh li u t: 8%
Vic bn c phiu vi gi thp hn gi tr s sch mi c phn ch c th lm gim
gi c phiu v lm gim gi ti sn c ng. Thu nhp mi c phn gim 0,13$
v gi tr s sch mi c phn gim 1,3$. Lp lun ny ch ng nh gi nh,

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cng c th xy ra trng hp thu nhp mi c phn v gi tr s sch mi c phn
gim hn nh trong gi nh: v c th cng ty pht hnh ra khng ng nh gi 40$,
do cng ty trong nhng nm gn y thnh qu ca cng ty khng c xut sc,
hn na hin ti gi c phn ca cng ty c gi tr th trng thp hn gi tr s
sch (40$ < 50$).
Cu 16:
Theo em c th c mt thm ht ti chnh cho u t mo him mi. Chnh
ph nn gip cung cp ti chnh cho cc u t ny vi iu kin y l nhng d
n kh thi v nm trong nhng lnh vc quan trng, mi nhn trong vic pht trin
nn kinh t t nc nh cc nghnh cng ngh cao Vi nhng d n m c
nh gi l em li nhiu li ch m khng thc hin c v thiu ti chnh th rt
tic. V vy vic gip ca chnh ph l 1 iu cn thit. Nhng trc khi cung
cp ti chnh chnh ph nn xem xt cn thn d n, nhng d n no l tht s cn s
cung cp ti chnh ny, bi ngun ti chnh th c hn m nhu cu th v hn. Vic lm
ny cng c chnh ph mt s nc ln trn th gii thc hin nh M, cc
nc lc a Chu u


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CHNG 30
A.L thuyt
Bi 1:
a.chi ph tn tr bin t(cho mi n v gia tng trong lng t hng) bng
vi chi ph tn tr mt cun sch/2=1 .
b.Ti im Q= = =20 th chi ph tn tr bin t bng st gim bin t
trong chi ph t hng
c.Ca hng nn nhn lng t hng m nm l
200/20 =10(n t hng)
d.Lng tn kho bnh qun hng nm l:

Bi 2
a.Chi ph tn tr bin t =chi ph tn tr/2 =0.01$
b. .Ti im Q= = =2000 th chi ph tn tr bin t bng st gim bin
t trong chi ph t hng
c.Ca hng bn chng khon 20000/2000=10(ln/nm)
d. S d tin mt bnh qun l: Q/2 =2000/2 =1000$
Bi 3.
Nu bn gi tin khng c li hc u t vo chng khon li 8%.Nhng bn
khng th bn chng khon ngay khi cn tin v vy bn pha vay ngn hng mt
mc tn dung li sut 10%.V vy:
a. Trong trng hp bn khng bit chc chn dng tin trong tng lai th bn nn
u t t hn vo chng khon.
BI TP CHNG 30


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b. Nu li sut ngn hng tng ln 11% bn cng nn u t t hn vo chng khon.
c. Nu li sut t chng khn v ngn hng tng cng mt t l th u t nh c.
d.Nu iu chnh d bo nhu cu tin mt trong tng lai thp hn th nn u t
nhiu vo chng khon.

Bi 4.
S d trong s ci ca cng ty 600.000$
S d trong s ci ca ngn hng 625.000$
S d c sn 550.000$
a.Tin tri ni trong thanh ton =25000$
Tin tri ni c sn =75 000$
b.Cng ty c li t tri ni trong thanh ton v cng ty c th kim li trn s
tin ny.
c.Tin tri ni trong thanh ton tng.
d.S d trn s sch ca ngn hng v tin tri ni c sn tng cng mt lng
nh nhau.
Bi 5.
a.Chi ph cho hp kha mi ngy l 3000.4=120$/ngy
Chi ph cho 800000$ s d b tr l 0.09800.000=72000$/nm hoc 72
000/365=197$/ngy
Nh vy thanh ton theo hp kho r hn.
B.S dng h thng hp kha tn 120$/ngy hoc 43.800$/nm.Bn s cn thm
486.700$ tin mt tr cho khon ny.dong tin l 3001500=450000/ngy.Nh
vy h thng hp kha cn phi lm tng tc k thu tin bnh qun khong
486700/450.000=1.08 ngy.
Bi 6.
.Khon tin tri ni c sn
Khon tin tri ni trong thanh ton

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Khon tin tri ni rng
Ngn hng trung tm
H thng gp(Fedwire)
H thng rng (Chips)
Hp kha ngn hng.

B.THC HNH
Bi 1.
a.li sut tng ln s lm s d tin mt,bi v mt tng ln trong li sut hm rng
c hi ph ca vic lu tr tin mt tng ln.
b. kh bin ca dng tin hng ngy gim s lm gim s d tin mt.
c.Tng ln trong chi ph giao dch d lm gim s d tin mt v do s lm
gim s ln cc giao dch.
Bi 2.
a.y l mt ng dng r nht ca m hnh Baumol.S lng ti u l :
Q={(2)(100.000)(10)/(0.01)}
1/2

Q=14.142$
Ngha l s ln chuyn tin trung bnh mi thng l:100.000/14.142=7.07
Bi 3.
T l lm pht tng lm cho li sut cng tng theo.C hi ph lu tr tim mt
tng lm gim s d tin mt.
Bi 4.
a. Theo m hnh Baumol Q= .Nu li sut tng gp i,c hi ph cho vic
nm gi tin mt ca doanh nghip tng,dn n vic nm gi tin mt ca
doanh nghip gim.

b. Trong v d phn 30.5,nu li sut tng gp i,tc l i=0.04%/ngy.


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Khon tin mt 360.000 mang li khon sinh li l : 360.000 0.0004=144$
Khon sinh li ca bn sau khi tr tin cho ngn hng l :144-39=105$
Bi 5.
a. _Tin tri ni trong thanh ton l : 100.000S
_Tin tri ni c sn l 150.000$
_Tin tri ni rng l 50.000$
c. Nu cng ty c th gim uc tri ni c sn xung mt ngy,tc l mt nm
gim c 4thng=120(ngy).Li sut mt ngy l 6%/360.
Vy cng ty c th tit kim c : 6/36000 120 150.000=3000$.
Bi 6. S d trong s ci =250.000 20.000 +45.000
S d trong s ci =275.000$
b.S tin tri ni trong thanh ton l tng cc sc pht hnh ,trong trng hp ny
l 60.000$
c.Tin tri ni rng l :60.000-45.000=15.000$
Bai 7
a.Cc khon thu ca Knob l 180 triu $/nm,hay l 0.5 triu $/ngy.Nu tin tri
ni gim 3 ngy thi Knob li c bng cch tng thm s d trung bnh l 1.5
triu $.
b.Hn mc tn dng c th gim 1.5triu $ cho khon tin tit kim nm l:
1.5(0.12)=0.18 hoc 180.000$.
c.Chi ph thu tin theo h thng c l 40.000$ cng vi c hi ph ca tin tri ni
thm theo yu cu (180.000$) hoc 320.000$ nm.Chi ph ca h thng m l
100.000$.Do Knob s tit kim c 120.000$/nm bng cch chuyn qua h
thng mi.
Bi 8.
Cc cng ty s dng cc ti khon c s d bng 0 thc hin cc khon chi tr
v mun tn dng cc khon tin chi tr hng phn li sut m s tin to
ra.

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Bi 11.
a.Trong 28 thng k t thng 9 nm 1976 n thng 12 nm 1978 c 852
ngy.Nh vy ,Merrill thanh tn mi ngy :1.25/852=1.467000$
b.Thanh ton t xa tr hon khon thanh tn: 1.51.467.000=2.200.500$
T ngy 0 cho n ngy 852.Li sut hng nm l 8%
Pv = 2.200.500 2.200.500/1,08
28/12
= 362.000 $
c.Nu li ch l vnh vin th li ch thun l dng tin thu vo ngay lp tc l
2.200.500$
d.Li ch mi ngy cho Merrill l : ( 1,08
1,5/365
- 1 ) = 464$
Cng vy ,Merrill pht hnh 428,4 sc cho mi ngy ( 365.000/852 ).Do
,Merill s chu chi ph thm l 1,083$ cho mi sc (464?428,4).
Bi 12.
Chi ph thc hin mt thanh ton qua h thng ACH_h thng ngn hng t
ng ch vo khong phn na ca chi ph thanh ton bng sc .Nhng cc doanh
nghip thng chn cch thanh ton bng sc thay v thanh ton qua ACH bi v
doanh nghip mun tn dng khon tin tri ni trong thanh ton do thi gian
chm tr ca vic thanh ton bng sc lm tng s d tin mt ca cng ty ,tt
nhin khon tin ny phi to ra li nhun ln hn khon tin m nu thanh ton
qua ACH mang li.


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CHNG 32
Cu1. Cc bn c ng vi pht biu sau y hay khng v hy gii thch.
NPV ca cc cng ty mi khi s thng l ln hn 0
i vi hu ht cc sn phm, cc giai on u a sn phm ra bn cng
l nhng lc dng tin chi l m l rt ln, v chi ph giai on u i hi rt cao.
Nhng ti sao chng ta c th ni NPV ca cc cng ty giai on u thng ln
hn 0, v bn cnh dng tin m hin ti th cng ty ang c cc c hi tng trng
rt cao. Chnh hin gi ca cc c hi tng trng c th ci thin dng tin m hin
ti ca cng ty, vi u th ca mt sn phm mi, nhng c tnh mi c th a
n NPV ca cc d n sp ti cao, chnh s k vng ny c th a n NPV
cng ty dng. Nhng l kh nng xy ra trong tng lai, cn hin ti cc ti sn
lm c s cho doanh nghip th chp l v hnh v xc sut xut hin dng tin m l
rt ln, ch cn huy ng mt t l n vay thp cng c th dn n mt ri ro rt
cao do ph sn hon ton.

Cu 2. Bng co bch l mt ti liu tip th cho vic thu ht vn u
t trn th trng vn trong giai on cng ty sung mn. Nhng ti sao khc
vi cc hng ha khc, mt bn co bch phi c nh v ng thi im
pht hnh? Hy gii thch vn trn.
C th mt vi hng ha khc tip th chng ta c th khuyn mi, gii
thiu v cng ty qua truyn thng v vn thi gian tung ra chin lc tip thi
cng quan trng. cn i vi hng ha chng khon th bng co bch nh l mt
ti liu quan trng gii thiu cho chng khon ca cng ty, vn la chn
BI TP CHNG 32


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thi im pht hnh li v cng quan trng so vi cc hng ha khc. V hng ha
chng khn c nhy cm rt cao, cho d bng co bch c tt, hon m nhng
khi ta tung ra vo lc khng hp l c th a n mt tht ti cho ln pht hnh.
Chng hn mt cng ty ang lm n phn khi, li nhn cao, nhng li pht hnh
vo thi im th trng i xung, do tm l th trng c th a n pht
hnh khng nh mun.

Cu 3. Bn c thy mu thun khng, nu theo l thuyt trt t phn
hng, th ngun vn c phn c xp hng sau cng, sau l li nhun gi
li v n. Nu nh vy, ti sao trong giai on tng trng cng ty pht hnh
c phn trn th trng vn. Chin lc ny c lm tng ri ro cho cng ty
tng trng hay khng?
Theo l thuyt trt t phn hng th ngun vn t li nhun gi li v n c
xp trn cng, sau cui cng mi n pht hnh c phn. Nhng trong giai
on tng trng th cng ty li pht hnh c phn mi ra th trng vn. iu ny
c v nh mu thun vi l thuyt trn. Thc ra trong giai on tng trng, ri ro
kinh doanh c gim nhng vn cn rt cao trong sut thi gian doanh s tng
trng nhanh. Do vy cn phi xc nh ngun ti tr thch hp gi mc ri
ro ti chnh thp, tc l tip tc pht hnh c phn. Hn na, trong giai on
chuyn tip t khi s ln tng trng ny, cng ty cn phi hng ti cc nh u
t tim nng thay th cho cc nh u t mo him ch quan tm ti phn li vn
ang dn rt khi cng ty. Vic pht hnh c phn mi cng vi mt t l chi tr
c tc thp cho thy tp trung ch yu ti tr vo cc c hi tng trng trong
tng lai. Nu nh cc c ng tim nng tin tng vo cng ty dn n vic pht
hnh thnh cng s cho php cng ty bn c phn vi mt t s P/E cao. Mt l do
khc na l trong giai cng ty cn vn tng trng, vic thiu ti sn m bo
cha chc n l ngun c chi ph r nht.

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Vic pht hnh c phn trong giai on tng trng khng lm tng ri ro
tng th ca cng ty v ri ro kinh doanh ph thuc tnh cht c th ca cng ty
cn ri ro ti chnh li do pht hnh n.Cng ty s iu chnh sao cho ri ro kinh
doanh l n nh cho tng thi k pht trin.

Cu 4. Trong giai on sung mn, dng tin ca cng ty rt n nh, do
tm cch s dng ngun tin c hiu qu l mt vn khng n gin. Mt
gii php cho vn ny l cng ty mua li c phn ca minh. Bn c ng
vi xut trn hay khng?
Trong giai on sung mn, dng tin ca cng ty rt n nh, do tm cch
s dng ngun tin c hiu qu l mt vn khng n gin. Do vic mua li
c phn ca mnh trong giai on ny c xem l c th hp l.
Mua li c phn trong giai on ny nhm mc ch t ti mt cu trc
vn ti u. Khi n by ti chnh ca doanh nghip cha t cu trc vn ti u,
thay v vay n thm t c mt t l n thch hp th cng ty c th mua li c
phn ca chnh mnh. Chnh sch c tc ny s lm gim t trng vn c phn do
h tr doanh nghip t n mt cu trc vn ti u. iu ny c c l do giai
on dng tin kh cao trong khi cc c hi u t hp dn gim dn, vic vay n
khng hiu qu.
Mua li c phn cn l mt phng thc phn phi bng tin mt gin tip
cho cc c ng. Thay v chi tr tin mt trc tip cho cc c ng, cng ty c th
mua li c phn cho cc c ng ny.Cch lm ny c th dn n mt tc ng
tch cc trong tng lai do s lng c phn thp hn, lm cho thu nhp trn mi
c phn cao hn. Kh nng ny c th lm hp dn cc c ng tm nng v do
gi c phn cao hn nh vo tc ng ny
Tuy nhin cng ty c th chi tr c tc cao cho c ng hoc bt u u t
cc ngun vn ny vo cc lnh vc ny khc vi hy vng trin khai cc c hi

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tng trng mi v li th cnh tranh lu di khai thc cc c hi tng trng
ny

Cu 5. Cc thng s trong bng 32.9 v mt cng ty suy thi c mt
nghch l tri vi suy ngh ca nhiu ngi l: cng ty suy thoi phi c ri ro
kinh doanh cao. Cc thng s trong bng ny cho thy iu ngc li, l ri
ro kinh doanh trong giai on ny li mc trung bnh so vi ri ro kinh
doanh cc giai on khc. Bn c thy v l hay khng? V hy phn tch vn
ny.
Ri ro ni ln tnh bt n, tnh khng chc chn, hay nhy cm v
nhng kt qu d tnh t c trong tng lai ca nh u t. Ri ro kinh doanh
l tnh kh bin hay tnh khng chc chn trong EBIT ca mt doanh nghip, ri
ro kinh doanh do nhiu yu t gy ra, nh tnh bin ng ca th trng, kh nng
qun l, tip th sn phm, kh nng cnh tranh chim hu th phn
Mt cng ty trong giai on khi s i u vi rt nhiu ri ro trong kinh
doanh, v kh nng qun l, tn tui, th phn, cht lng sn phm mi th u l
th thch i vi cng ty, trong giai on ny dng tin ca cng ty khng n
inh. Nhng mt doanh nghip trong giai on suy thoi vn l khng phi i
u vi nhng kh khn nh giai on u v lc ny sn phm c ngi tiu
dng bit n nhng sn phm khng cn ph hp vi th trng, nhu cu sn
phm s gim, a n EBIT cng gim nhng s gim y khng phi l do
tnh bt n ca th trng, do s qun l, tip th, m l do chnh ni ti sn phm
gy ra. N nh mt quy lut tt yu m khng mt CEO ti nng no c th vc li
nhng gi m cng ty t c nh trc y.
Nh vy trong giai on ny khng phi l giai on m ri ro kinh doanh
gia tng m n ch l mt ri ro c h thng. Do m giai on ny khi m EBIT
n gim st m doanh nghip li chi c tc cao, gia tng t l n, tc gia tng
ri ro ti chnh. y thc cht l mt hnh ng bo v c ng.

(Tài Chính Doanh Nghiệp) Giải Bài tập TCDN Hiện Đại Full

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(Tài Chính Doanh Nghiệp) Giải Bài tập TCDN Hiện Đại Full

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= 175$ - 12% *175$ = 154$

=5*50%=2.5 ,ta c g = 9.85%

= 60- 10%*60= 54$

= (12% - 10%) / (18% -10%) =

= (11% - 10%) / (18% - 10%) =

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