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B mn nh gi ti sn
-------------------***---------------------
bi tp
Mn hc nh gi ti sn
(dng cho cc lp ph - hc 3 VHT)
H ni - 08. 2005
5
m
15 m
25 m
--------------------------------------------------Bi s 2:
L t cn thm nh gi l t khng c giy t hp l v
quyn s dng t nhng c chnh quyn a phng xc nhn
2
Hc vin Ti chnh - Khoa QTKD.
mn nh gi ti sn
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Hc vin Ti chnh - Khoa QTKD.
mn nh gi ti sn
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Hc vin Ti chnh - Khoa QTKD.
mn nh gi ti sn
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Hc vin Ti chnh - Khoa QTKD.
mn nh gi ti sn
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Hc vin Ti chnh - Khoa QTKD.
mn nh gi ti sn
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Hc vin Ti chnh - Khoa QTKD.
mn nh gi ti sn
TS.
TS.
TS.
TS.
TS.
11
Hc vin Ti chnh - Khoa QTKD.
Nguyn Minh Hong.
B mn nh gi ti sn
TS.
TS.
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Hc vin Ti chnh - Khoa QTKD.
Nguyn Minh Hong.
B mn nh gi ti sn
TS.
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TS.
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nh gi Doanh nghip
Bi s 18: Thm nh vin ang tin hnh nh gi thc
trng mt nh my. Hin thi nh my l mi nm 1 triu USD.
Nu ng ca nh my th phi b ra 5 triu USD chi ph
cho vic ng ca.
C mt phng n khc l b ra 10 triu USD hin i
ho nh my. Theo phng n ny, mi nm nh my s thu c
mt khon tin rng l 500.000 USD. Gi s s thu ny tip tc
v hn nh (cng nh khon l 1 triu USD s ko di v hn
nu khng lm g c).
A
47
B
21
C
10
D
8
E
5
F
5
Tng
cng
100
phn
14
Hc vin Ti chnh - Khoa QTKD.
Nguyn Minh Hong.
B mn nh gi ti sn
TS.
TS.
Yu cu:
1. Trn quan im ca c ng A, hy cho bit ng ta c
th b ra s tin l bao nhiu nhn thm 5% quyn kim
sot cng ty? Bit rng: gi tr ca cc c phiu s thay i
nu phn trm kim sot thay i, c th nh sau:
- Gi tr ca 52% quyn kim sot l: 25 USD/ c phn.
- Gi tr ca 47% quyn kim sot l: 15 USD/ c phn.
- Gi tr ca 5% quyn kim sot l: 5 USD/ c phn.
2. C ng E ang mun bn 5 c phn. Hy cho bit mc
gi lm c s c ng A v E s m phn vi nhau?
--------------------------------------------------------------Bi s 20: Cng ty c phn ABC ang lu hnh 100.000 c
phiu, gi bn trn th trng l 120.000 /cp. Li nhun sau
thu dnh tr li tc c phn cho cc c ng nm N l 540
triu ng:
Trong nhng nm ti d tnh mc tr li tc c phn cho
cc c ng s tng vi t l 2%/ nm. T sut li nhun trung
bnh ca vn u t trn th trng c xc nh l 10%/nm.
Yu cu:
1. Trn quan im ca nh u t thiu s hy c tnh gi
tr thc mt c phn ca cng ty ABC v cho nhn xt v mc
gi c phiu ca ABC ang giao dch trn th trng? Gi nh
rng, mi c phiu tng ng vi mt c phn.
2. ng John v b Rosie ang xem xt c hi u t vo
cng ty ABC. T sut sinh li i hi ti thiu ca ng John l
15
Hc vin Ti chnh - Khoa QTKD.
Nguyn Minh Hong.
B mn nh gi ti sn
TS.
TS.
tnh:
1.000.000
ng.
S
Ti sn
ti
n
A. TSL v u t 500
ngn hn.
30
1. Tin.
120
2. Chng khon ngn 100
hn.
250
3. Cc khon phi thu. 1500
4. Hng tn kho.
500
B. TSC v u t di 200
hn.
220
1. Gi tr cn li ca
TSC.
400
2. TSC thu ti chnh.
180
3. u t chng khon
vo
cng ty B: (2200 c
phiu).
4. Gp vn lin doanh.
5. TSC cho thu.
Tng ti sn
200
0
Ngun vn
A. N phi tr.
1. Vay ngn hn.
2. Cc khon phi
tr.
3. Vay di hn.
S
tin
600
160
40
400
14
B. Ngun vn ch 00
s hu.
1250
1. Ngun vn kinh
150
doanh.
2. Li cha phn phi.
Tng ngun vn
200
0
TS.
TS.
TS.
TS.
N2
2.100
990
210
250
650
N1
2.300
1.110
220
250
720
N
2.500
1.220
240
260
780
doanh.
6.Li nhun t HTC v li nhun
203
162
132
1.
2.
3.
4.
5.
khc.
18
Hc vin Ti chnh - Khoa QTKD.
Nguyn Minh Hong.
B mn nh gi ti sn
TS.
np
(32%).
9. Li nhun sau thu.
TS.
853
273
882
282
912
292
580
600
620
12%/nm.
Yu cu: c tnh gi tr doanh nghip theo phng php
hin ti ho li nhun thun.
doanh
19
Hc vin Ti chnh - Khoa QTKD.
Nguyn Minh Hong.
B mn nh gi ti sn
S tin
12.474
9.208
695
704
TS.
TS.
1.867
256
1.611
644
967
450
517
0.045
n mc 2%/nm.
20
Hc vin Ti chnh - Khoa QTKD.
Nguyn Minh Hong.
B mn nh gi ti sn
TS.
TS.
TS.
TS.
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Hc vin Ti chnh - Khoa QTKD.
Nguyn Minh Hong.
B mn nh gi ti sn
TS.