TRNG I HC TN C THNG

KHOATI CHNH-NGN HNG - B MN: TI CHNH DOANH NGHIP

H THNG BI TP DNH CHO CC MN HC:
TN MN HC

M MN HC

TI CHNH DOANH NGHIP A2

B02002

QUN TR TI CHNH DOANH NGHIP NNG CAO

B02016

CHNG 1: U T DI HN
Bi 1: C hai d n nh sau:
D n 1: Vn u t ban u 1.000 triu ng, d tnh mi nm mang li 335

triu ng trong vng 6 nm.

D n 2: Vn u t ban u 1.000 triu ng, d tnh mi nm mang li 430

triu ng trong vng 4 nm.

1. La chn d n theo tiu chun NPV,vi chi ph s dng vn ca DN l 12%
2. La chn d n theo tiu chun IRR
Bi 2: C thng tin hai d n X, Y nh sau
Nm

Vn u t (triu ng)
D n X

Dng thu nhp (triu ng)

D n Y

D n X

500

500

350

400

200

200

D n Y

400

550

450

550

450

450

450

450

350

450

2.100

2.250

Cng

1.050

1.200

Hy la chn d n da theo tiu chun NPV, vi chi ph s dng vn 27%?

CHNG 2: RI RO TRONG KINH DOANH V U T TI CHNH.

Bi 1: ng Nam ang d inh
u t vao 2 c phi u FPT va REE vi s ti n d ki n
b ng 100.000 USD. Sau khi thu th p thng tin cng ty chng khoan ng A , ng co
cc thng tin sau:
Xc sut

C phiu X

C phiu Y

25%

8%

7%

35%

13%

16%

40%

20%

18%

Bi 2: Gi s, bn l nhn vin t vn u t cho ng Nam, bn hy cho bit nn kt hp

u t 2 c phi u trn nh th nao (ty l v s tin u t vo mi c phiu ) sao cho rui
ro la th p nh t? (l y 4 s th p phn)
Gi s 2 c phiu X,Y c h s tng ng 1,6 v 1,0. Li sut li nhun phi ri ro 9%,
li sut danh mc u t c xc nh nh sau:
Xc sut

C phiu X

C phiu Y

20%

12,750%

32,000%

60%

17,125%

22,000%

20%

21,500%

12,000%

Yu cu:
a/ Hy xc nh c phiu no c ri ro cao?
b/ Nu bn c 100.000 USD bn s u t 2 c phiu vi s tin ti u tng ng mi
c phiu bao nhiu?
Bi 3: Gi s 2 c phiu A v B c h s tng ng l 1,2 v 1,0. Ty sut li nhun
phi ri ro l 8%, li sut danh mc u t th trng l 13%. Hy xc nh li sut k
vng nh u t?

CHNG 3: TC NG N BY LN DOANH LI
Bi 1: Cui nm 2009, Cng ty c phn LA c c cu vn 30% n v 70% vn ch s
hu; tng vn ch s hu ca cng ty l 200 ty ng, n ca cng ty ang chu mc li
sut 20%/nm. Li rng nm 2009 l 20 ty ng.
Sang nm 2010, cng ty c k hoch y mnh EBIT nn d nh tng 70 ty ng ti
tr mua thm thit b mi, c 2 phng n c th xem xt:
PA1: Pht hnh c phiu thng.
PA2: Pht hnh tri phiu vi li sut 19%/nm
Vi s u t my mc thit b mi ny, d tnh nh ph mi ca cng ty l 25 ty ng
tng 10% so vi trc y v EBIT t 40 ty ng.
a. Hy tnh n by kinh doanh DOL, n by n - DFL, ty sut sinh li ca vn
ch s hu - ROE nm 2009 ca cng ty?
b.Tnh DOL, DFL, ROE v ty s n d kin ca nm 2010 cho tng phng n
tng vn? Cho nhn xt l nn hay khng nn thc hin phng n tng EBIT v
nu thc hin th chn phng n no?
c. Cng ty mun sut sinh li trn vn ch s hu ca cng ty nhng nm sau
khng thp hn nm 2009, theo bn EBIT ti thiu l bao nhiu cng ty chp
nhn thc hin phng n 1?

Bi 2: Cng ty Tin t s bt u hot ng vo nm ti, sx mt loi sp vi gi d nh

12$/sp. Cng ty ang la chn 2 phng n sx:
PA1: chi ph bin i 6,75$/sp, chi ph c nh 675.000$, cha tnh li vay
PA2: chi ph bin i 8,25$/sp, chi ph c nh 401.250$, cha tnh li vay
c th sn xut mt trong 2 phng n trn, DN c nhu cu vn 2.250.000$, ti tr
bng 40% vn vay, li sut vay 10%/nm. DN thuc din u i, khng chu thu
TNDN.
a. Sn lng d kin bn trong nm ti 200.000 sp. Phng php sx no s c EBIT
b nh hng bt li nhiu hn nu nh doanh thu khng t c mc d kin?

b. Theo ty l vn vay hin ti ca DN, phng php SX no s cho ty l tng EPS

ln hn trong mt mc tng EBIT cho trc
c. Tnh DTL di mi phng php nghin cu v sau nh gi ri ro ca DN
di mi phng php?
d. C tn ti mt ty l vn vay cho PA1 lm cho DTL1 = DTL2 c tnh cu c
khng?
e. C tn ti mt ty l vn vay lm cho DTL ca hai phng n bng nhau hay
khng?

CHNG 4: GI S DNG VN
Bi 1: Cng ty AC pht hnh c phiu u i vi cam kt tr c tc c nh hng nm
12%. C phiu c bn vi mnh gi l 1.000$ v cng ty tr chi ph pht hnh 100$.
Tnh gi s dng c phiu u i?
Bi 2: Cng ty AC c c phiu ang giao dch trn th trng vi gi 152.000 VND/CP.
Li nhun trn vn ch s hu (ROE) cng ty lun duy tr mc 20%. Cng ty d nh
gi li 40% li nhun hng nm ti u t. Cng ty tr c tc ca nm va ri l
15.000 VND/CP. H s =1,5, li sut phi ri ro 8%/nm, li sut danh mc u t
15%/nm. Xc nh gi s dng vn c phn thng.
Bi 3: Ti cng ty AC c cc ngun s liu sau (thu sut thu TNDN 25%):
Ngun vn

S tin

T trng

N ngn hnn khng li

2.000

20%

Vay di hn (rD = 12%)

2.000

20%

Tri phiu (rD = 13%)

1.000

10%

Vn t c (rE = 13%)

5.000

50%

Tnh WACC?

CHNG 5: PHN TCH TNH HNH TCDN

Bi 1: Cng ty BH c thng tin sau:
1. Cc ty s ti chnh:
Ch tiu

2009

Ty s thanh ton nhanh

1,7

Ty s thanh ton bng tin mt

0,6

K thu tin bnh qun (ngy)

200

Hiu sut s dng ton b ti sn

0,4

Hiu sut s dng TSC

1,6

ROE

18,648%

Ty s n

42%

Ty s n ngn hn

24%

Ty s li gp tiu th = Li gp/Doanh thu

40%

Kh nng thanh ton li vay

15,8

2. Thng tin khc

Kt cu ti sn cng ty 60% TSNH v 40% TSDH
Doanh thu bn hng nm 2009 : 1.500 triu ng
Tng s c phiu ph thng pht hnh l 209.790 v cng ty khng c c phiu u
i
Vay ngn hn 350 triu ng, li sut 1,5% thng, li tr hng thng, tnh n thi im
bo co tr c 6 k li.
Chi phi ti chnh ca cng ty: 100% l chi ph li vay
Thu sut thu TNDN l 25%
Yu cu: Lp bng cn i k ton v bng bo co kt qu kinh doanh tm tt
Bi 2: Cng ty nha BM hin ang c ty s ROE mc thp l 3,5% v EPS ca cng
ty l 800 ng/CP, v th ban qun tr ca cng ty hin ang thc hin mt k hoch
kinh doanh mi nhm ci thin iu ny. K hoch mi s huy ng tng n vay chim
ty l 60%, li vay 16%/nm. Ban qun tr ca cng ty d kin thu nhp EBIT l 3.215

triu ng, ng vi mc doanh s l 50.000 triu ng v hiu sut s dng tng ti sn

l 2,0. Hi nu thc hin k hoch kinh doanh mi th ty s ROE v EPS ca cng ty s
c ci thin l bao nhiu? Bit cng ty khng c c phn u i, s lng c phn ph
thng ang lu hnh l 600.000 c phn, thu sut thu TNDN l 25%.