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TN MN HC: Qun tr ti chnh

S tit: 30 (6 bui)
Ging vin: Phm Th Thu Hng
Email: hongpham1506@gmail.com
thi: trc nghim (20%) + t lun (80%)
Trc nghim: 2 cu, mi cu 2 im.
T lun: 2 cu, mi cu 4 im, bi tp chng 5 v chng 6.

MC LC
CHNG 2: THI GI TIN T ................................................................................. 1
I.

LI SUT ..............................................................................................................1
A.

Li n ................................................................................................................1

B.

Li kp ................................................................................................................1

II. GI TR TNG LAI CA TIN T ...............................................................1


A.

Gi tr tng lai ca mt s tin...........................................................................1

B.

Gi tr tng lai ca mt chui tin t.................................................................. 1

III. HIN GI TIN T .............................................................................................2


A.

Hin gi mt s tin .............................................................................................2

B.

Hin gi ca chui tin t ....................................................................................2


1.

Chui tin t bt ng ......................................................................................2

2.

Chui tin t ng u .....................................................................................2

CHNG 3: NH GI CHNG KHON .................................................................. 4


I.

NH GI TRI PHIU ......................................................................................4


1.

nh gi tri phiu vnh vin (tri phiu khng bao gi o hn) .....................4

2.

nh gi tri phiu c k hn c hng li ..................................................4

3.

nh gi tri phiu c k hn khng hng li (i = 0) ......................................4

4.

nh gi tri phiu na nm tr li mt ln ......................................................4

II. NH GI C PHIU..........................................................................................5
1.

nh gi c phiu u i ..................................................................................5

2.

nh gi c phiu thng.................................................................................5
a.

M hnh chit khu c tc............................................................................5

b.

nh gi c phiu theo t s P/E (Price to Earning ratio) .............................7

CHNG 4: GI S DNG VN (COST OF CAPITAL) ......................................... 8


I.

GI S DNG CC NGUN VN.................................................................... 8

A.

GI S DNG VN VAY ................................................................................8


1.

Gi s dng vn vay trc thu .......................................................................8


a.

i vi khon n vay ngn hn ................................................................... 8

b.

i vi khon n vay di hn ......................................................................8

2.
B.

Gi s dng vn vay sau thu ..........................................................................9


GI S DNG VN CH S HU ................................................................. 9

1.

Gi s dng vn c phiu thng .................................................................... 9


a.

Gi ca c phiu thng ang lu hnh .......................................................9

b.

Gi ca cc c phiu thng mi pht hnh .................................................9

2.

Gi s dng khon li li........................................................................... 10

3.

Gi s dng vn c phiu u i.................................................................... 10

II. GI S DNG VN BNH QUN CA DOANH NGHIP .......................... 10


III. GI S DNG VN BIN T .......................................................................... 10
CHNG 5: U T DI HN TRONG DOANH NGHIP .................................. 11
I.

PHNG PHP LA CHN D N U T.............................................. 11


A.

Xc nh DNG tin ca d N .................................................................... 11


1.

Khi nim ...................................................................................................... 11

2.

Cc nguyn tc trong xy dng dng tin ...................................................... 11

3.

Trnh t xy dng dng tin t ....................................................................... 11

B.

a.

Giai on b vn ra u t ......................................................................... 11

b.

Giai on thu hi vn v c li .................................................................. 12

Cc phng php thm nh d n u t (trong iu kin bnh thng)........... 14


1.

Phng php n gin ................................................................................... 14


a.

Phng php t sut sinh li bnh qun (ROI) ........................................... 14

b.

Phng php thi gian hon vn (PP) ........................................................ 15

2.

Phng php hin ti ha............................................................................... 15


a.

Phng php hin ti gi thun (NET PRESENT VALUE NPV) ........... 15

C.

b.

Phng php t sut doanh li ni b (IRR) .............................................. 16

c.

Phng php t sut doanh li ni b iu chnh (MIRR) ......................... 17

d.

Phng php ch s sinh li (PI) ................................................................ 17

e.

Phng php thi gian hon vn c chit khu .......................................... 18

Mt s trng hp t bit ................................................................................ 18


1.

Quy m vn u t khc nhau ....................................................................... 18

2.

Dng tin khc nhau ...................................................................................... 18

3.

Trng hp cc d n c i sng khc nhau ................................................ 18

CHNG 6: TC NG N BY LN DOANH LI V QUYT NH CU


TRC TI CHNH ........................................................................................................ 19
I.

TC NG CA N BY N DOANH LI ............................................ 19
1.

n cn nh ph (n by hot ng) ........................................................... 19

2.

n cn n (n by ti chnh) ...................................................................... 19

3. Quan h gia n cn nh ph v n cn n.................................................... 21


II. MI LIN H GIA CC I LNG TI CHNH .................................. 21
PHN BI TP ............................................................................................................. 22
Bi 1 ............................................................................................................................. 22
bi 2 .............................................................................................................................. 22
bi 3 .............................................................................................................................. 24

CHNG 2: THI GI TIN T


I. LI SUT

100%

A. LI N
=

. .

B. LI KP
=

(1 + )

II. GI TR TNG LAI CA TIN T


A. GI TR TNG LAI CA MT S TIN
=

(1 + )

B. GI TR TNG LAI CA MT CHUI TIN T


Chui tin t bin i cui k
=

(1 + )
=

Nu

==

(1 + )

(1 + ) +

(1 + )
=

+ +

=
(1 + )

(chui tin t ng u) th:


=

(1 + ) 1

Chui tin t bin i u k


=

(1 + ) +
=

(1 + )

+ +

(1 + ) +

(1 + )

(1 + )

Chu Thng Phan 12DQH | CHNG 2: THI GI TIN T 1

Nu

==

(1 + )

(chui tin t ng u) th:


(1 + ) 1

(1 + )

III. HIN GI TIN T


A. HIN GI MT S TIN
=

(1 + )

B. HIN GI CA CHUI TIN T


1. Chui tin t bt ng
Nu l chui cui k
=

(1 + )

+ +

(1 + )

(1 + )

(1 + )

Nu l chui u k
(1 + )

=
2. Chui tin t ng u
Chui cui k
=

1
1
1
+
+. . +
(1 + ) (1 + )
(1 + )
=

(1 + )

1
(1 + )

1 (1 + )

Chui u k
=

(1 + )

1 (1 + )

(1 + )

2 CHNG 2: THI GI TIN T | Chu Thng Phan 12DQH

Chu Thng Phan 12DQH | CHNG 2: THI GI TIN T 3

CHNG 3: NH GI CHNG KHON


I. NH GI TRI PHIU
1. nh gi tri phiu vnh vin (tri phiu khng bao gi o hn)
=

(1 +

2. nh gi tri phiu c k hn c hng li


= .

1 (1 +

(1 +

= .

Trong :
I: Li nhn c ca 1 tri phiu trong mt k.
i: Li sut ca tri phiu.
n: Thi hn cn sng ca tri phiu.
C: Mnh gi ca tri phiu.
rd : Li sut k vng ca nh u t.
3. nh gi tri phiu c k hn khng hng li (i = 0)
=

(1 +

4. nh gi tri phiu na nm tr li mt ln

(1 +

=
(*) i khi tnh

=
)

1+

(1 +

1 (1 +

+ (1 +

4 CHNG 3: NH GI CHNG KHON | Chu Thng Phan 12DQH

II. NH GI C PHIU
1. nh gi c phiu u i
=
Trong :
Ip : l c tc hng nm ca c phiu u i.
rp : l li sut k vng ca nh u t.
2. nh gi c phiu thng
a. M hnh chit khu c tc
(1 + )

(1 + )

Trong :
re : l li nhun mong i ca nh u t.
Pn: Gi c phiu m nh u t d kin bn li vo thi im n.
Trng hp c tc c chia n nh, tc l I1 = I2= = In = I (g = 0)
=
Trng hp tc tng trng c tc khng i theo t l g (M hnh
Gordon)
=

(1 + )

Trong :
g: l tc tng trng c tc.
I1 : l c tc c chia thi im j = 1.
Trng hp tc tng trng c tc thay i theo hai giai on

Chu Thng Phan 12DQH | CHNG 3: NH GI CHNG KHON 5

(1 + )
(1 + )

(1 + )
+
(1 + )

=
Trong :

g1: Tc tng trng c tc trong giai on t 1 n j1.


g2: Tc tng trng c tc trong giai on t j1 + 1 n .
Trng hp cng ty gi li ton b li nhun cho ti u t (khng tr c
tc cho c ng M hnh CAPM)
=

Trong :
: li nhun k vng ca nh u t.
: li sut phi ri ro.
: li sut bnh qun trn th trng.

: li sut n b ri ro th trng.

: h s o lng ri ro ca chng khon.


Nhn xt:
Nu

= 0 th

Nu

= 1 th

. Ri ro ca cng ty u t bng vi ri ro th

<

. Ri ro ca cng ty u t thp hn ri ro th

>

. Ri ro ca cng ty u t cao hn ri ro th

. Khng c ri ro trong u t.

trng.
Nu

< 1 th

trng.
Nu

> 1 th

trng.

6 CHNG 3: NH GI CHNG KHON | Chu Thng Phan 12DQH

b. nh gi c phiu theo t s P/E (Price to Earning ratio)


H s P/E l h s gia gi c phiu (th gi) v thu nhp hng nm ca
mt c phiu (EPS) em li cho ngi nm gi.
=

Trong :
EPS (Earning per Share): Li nhun k vng trn mi c phiu.
P/E: H s P/E ca ngnh (h s ny t 8 20 l bnh thng).
Tnh ch s P/E:
=

Trong :
y: l t l li nhun li.
EPS1 : l li nhun (thu nhp) k vng ca mt c phiu thi im j = 1.

Chu Thng Phan 12DQH | CHNG 3: NH GI CHNG KHON 7

CHNG 4: GI S DNG VN (COST OF CAPITAL)


I. GI S DNG CC NGUN VN
A. GI S DNG VN VAY
1. Gi s dng vn vay trc thu
a. i vi khon n vay ngn hn
= 1+

Trong :
rd: Gi s dng vn vay.
n: S k tnh li trong nm.
i: Li sut tin vay mt nm.
b. i vi khon n vay di hn
=

: Vn vay thc t c dng vo SXKD (s tin vay cn li sau khi


tr i chi ph lin quan n vic vay).
=

(1 +

(1 +

: S tin thanh ton theo nh k trong k th j.


: Chi ph pht hnh tri phiu (chi ph in n, qung co, hoa
hng).
: S nm khu hao chi ph pht hnh tri phiu (T n).
Lu : khi T = n th
8 CHNG 4: GI S DNG VN (COST OF CAPITAL) | Chu Thng Phan
12DQH

(1 +

2. Gi s dng vn vay sau thu

(1 )

Trong :

: l gi s dng vn vay sau thu thu nhp doanh nghip.

: l thu thu nhp doanh nghip.


B. GI S DNG VN CH S HU
1. Gi s dng vn c phiu thng
a. Gi ca c phiu thng ang lu hnh
Cn c vo li k vng v chnh sch phn phi c tc
Nu c tc c chia n nh, tc l I1 = I2= = In = I (g = 0) th :
=
Nu li tc c phn ban u I1 tng u n trong cc nm theo t l g
th:
=

M hnh nh gi ti sn (CAPM)
=

b. Gi ca cc c phiu thng mi pht hnh


=

(1 )

Trong :
: Gi bn c phiu mi tr i chi ph pht hnh (gi rng).
Chu Thng Phan 12DQH | CHNG 4: GI S DNG VN (COST OF 9
CAPITAL)

: T l chi ph pht hnh.


Lu : khi bit c gi s dng vn c phiu thng ang lu hnh (reo)
trc khi pht hnh c phiu mi (gi c) th
=

2. Gi s dng khon li li
=

3. Gi s dng vn c phiu u i
=
vi

(gi rng) l gi hin ti ca c phiu u i.


=

II. GI S DNG VN BNH QUN CA DOANH NGHIP


=

Trong :
: t trng tng ngun vn j c s dng trong k.
: gi s dng ca tng ngun vn j c s dng sau thu.
III. GI S DNG VN BIN T

10 CHNG 4: GI S DNG VN (COST OF CAPITAL) | Chu Thng Phan


12DQH

CHNG 5: U T DI HN TRONG DOANH


NGHIP
I. PHNG PHP LA CHN D N U T
A. XC NH DNG TIN CA D N
1. Khi nim
Dng tin (cash flow) th hin s vn ng (thu vo, chi ra) ca tin t
trong mt d n u t v cui cng l phn chnh lch gia s lng tin
nhn c v lng tin chi ra ca mt d n.
2. Cc nguyn tc trong xy dng dng tin
a) nh gi d n phi da vo dng tin (CF) ch khng da vo li
nhun v phi l dng tin (CF) tng thm sau thu.
b) Phi tch quyt nh u t ra khi quyt nh ti tr (khng quan tm
n vay hay khng vay).
c) Khng c tnh chi ph chm vo dng tin tng thm.
d) Phi tnh c hi ph vo dng tin tng thm khi nh gi d n.
e) Phi tnh n yu t lm pht khi xem xt dng tin.
3. Trnh t xy dng dng tin t
a. Giai on b vn ra u t
Thng thng trong giai on ny doanh nghip ch c chi ch cha c
thu. Ton b s tin chi ny to nn vn u t ca doanh nghip. Vn u
t c th b ra ri rc trong nhiu nm, cng c th b ra mt ln (phng
thc cha kha trao tay).

Chu Thng Phan 12DQH | CHNG 5: U T DI HN TRONG 11


DOANH NGHIP

b. Giai on thu hi vn v c li
Trong giai on ny doanh nghip s c doanh thu v pht sinh thm chi
ph.
*Nu l d n u t mi :
Doanh thu :
=

Chi ph SXKD :
=

=(

. )+

Li nhun :
=( . )(

. )

=(

).

Li rng (li sau thu) :


. (1 )

Thu nhp ca d n (lu lng tin t):


=

. (1 ) +

Trong :
: n gi bn sn phm.
: Bin ph mt n v sn phm.
: Vn thu hi dn (ch yu l thu ty khu hao, ring k cui thu thm
vn lun chuyn).
: S lng sn phm tiu th trong mt k.
: Tng nh ph trong mt k.
: Thu sut thu thu nhp doanh nghip.
*Nu trong giai on sn xut kinh doanh :
Dng tin trc thu :

12 CHNG 5: U T DI HN TRONG DOANH NGHIP | Chu Thng


Phan 12DQH

Ta c :

=(

)(1 ) = (

)(1 )

Dng tin sau thu :


=

=(

)(1 ) +

(1 ) + . (1 )

=
=(

+ )(1 ) + . (1 )
(1 ) +

(1 )

Do phi tch quyt nh u t ra khi quyt nh ti tr nn s khng tnh


n phn (1 ). V th :
(1 ) +

=
Trong :

(1 ) : chnh l phn thu nhp t vn vay.


: Thu nhp (dng tin) trc thu.
: Thu nhp (dng tin) sau thu.
: Li tin vay phi tr.
*Tnh yu t lm pht khi xem xt CF :
Cch 1:

: Dng tin danh ngha.


: Dng tin thc.
: t l lm pht.
Cch 2:

1+


1
1+

Chu Thng Phan 12DQH | CHNG 5: U T DI HN TRONG 13


DOANH NGHIP

B. CC PHNG PHP THM NH D N U T (TRONG


IU KIN BNH THNG)
1. Phng php n gin
a. Phng php t sut sinh li bnh qun (ROI)
=

100%

Trong :
: Li nhun rng bnh qun hng nm trong thi gian u t.
: Vn u t bnh qun hng nm trong thi gian u t.
Ta c:
=
=

+ +

++

P1, P2, , Pn : Ln lt l li nhun rng (li nhun t c sau khi


np thu li tc) d kin thu c do d n u t mang li cc nm th 1,
2, , th n.
V1, V2, , Vn: Ln lt l vn u t nm th 1, 2, th n.
n: S nm u t.
D n no c t l sinh li bnh qun cao hn th d n tt hn.
u im: tnh ton d dng, thy c hiu qu ca vn u t.
Nhc im: phng php ny cha ch n thi gi tin t nn hiu
qu ca vn u t cha chnh xc.

14 CHNG 5: U T DI HN TRONG DOANH NGHIP | Chu Thng


Phan 12DQH

b. Phng php thi gian hon vn (PP)

=
+ 12

Phng n no c thi gian hon vn ngn nht th chn.


u im: n gin, d tnh, hn ch ri ro v lm pht.
Nhc im: khng tnh n thi gi tin t, khng tnh n dng tin sau
thi gian hon vn.
2. Phng php hin ti ha
a. Phng php hin ti gi thun (NET PRESENT VALUE NPV)
=

1+

(1 + )

+ +

(1 + )

Trong :
CF1, CF2, , CFn: ln lt l cc mc thu nhp ca cc nm th 1, 2, ,
n ca d n.
: Tng hin gi ca cc khon thu nhp d kin t c trong n nm
ca d n.
: Tng hin gi vn u t ca d n.
D n c NPV 0 v NPV cao nht th chn.
u im:
tnh n thi gi tin t, tnh n ton b dng tin.
NPV c tnh kt hp l:

( +

+ )=

( )+

( )+

( )
Nhc im:
Chu Thng Phan 12DQH | CHNG 5: U T DI HN TRONG 15
DOANH NGHIP

Phi xc nh li sut chit khu trc mi tnh c NPV.


Khng bit sut sinh li ca vn u t.
b. Phng php t sut doanh li ni b (IRR)
T sut doanh li ni b l li sut ring ca d n. Vi li sut ny th
tng hin gi ca cc khon thu nhp trong tng lai ca d n bng tng
hin gi ca vn u t. iu cng c ngha l vi li sut ny th hin gi
thun s bng khng (0).
Tc

l:
=

=0

Suy ra:
=
Hay:
=

1+

(1 + )

+ +

(1 + )

Trong :
: l t sut doanh li ni b (cn k hiu l IRR), t sut ny c tnh
bng phng php ni suy.
Phng n c chn phi tha mn nhng iu kin sau:
T sut doanh li ni b Li sut ngn hng T l lm pht.
- Nu cc d n xung khc nhau th tiu thc la chn l IRR i v IRR
ln nht.
u im: tnh n thi gi tin t v ton b dng tin, khng phi xc
nh li sut chit khu trc. Trong mt s trng hp phng php ny cn
cho thy tnh cht ha vn, li hay l ca d n u t.

16 CHNG 5: U T DI HN TRONG DOANH NGHIP | Chu Thng


Phan 12DQH

Nhc im: Trong trng hp t bit d n c nhiu IRR hay khng c


IRR th kh quyt nh hp l, trong trng hp ny ta c th la chn d n
bng phng php hin gi thun.
c. Phng php t sut doanh li ni b iu chnh (MIRR)
Phng php IRR c xy dng trn gi nh cc lung tin c ti u
t bng chnh IRR, iu ny trong thc t kh t c. V vy khc phc
hn ch ny ngi ta dng phng php MIRR.
Phng php MIRR c xy dng trn gi nh cc lung tin c ti
u t bng li sut chit khu (chi ph s dng vn). V vy phng php
ny lun thng nht vi phng php NPV v cn khc phc nhc im c
nhiu IRR.
=

(1 +

(1 + )
(1 +
)

Trong :
: li sut chit khu (li sut ti u t).
: T sut doanh li ni b iu chnh.
d. Phng php ch s sinh li (PI)
=

=1+

PI: Ch s sinh li ca d n.
Nu PI 1 th loi b d n (khng nn u t).
Nu PI 1 th d n no c PI cao hn l chn.
u im: Ging nh IRR v NPV, so snh c nhng d n c quy m
khc nhau, la chn nhiu d n trong iu kin vn u t c gii hn.
Nhc im: Ging nh IRR v NPV, c vn trong xp hng d n.
Chu Thng Phan 12DQH | CHNG 5: U T DI HN TRONG 17
DOANH NGHIP

e. Phng php thi gian hon vn c chit khu

=
+ 360

(1 + )
(1 + ) ( )

C. MT S TRNG HP T BIT
1. Quy m vn u t khc nhau
2. Dng tin khc nhau
3. Trng hp cc d n c i sng khc nhau

18 CHNG 5: U T DI HN TRONG DOANH NGHIP | Chu Thng


Phan 12DQH

CHNG 6: TC NG N BY LN DOANH LI
V QUYT NH CU TRC TI CHNH
I. TC NG CA N BY N DOANH LI
1. n cn nh ph (n by hot ng)
n cn nh ph cn gi l n by vn hnh hay n by kinh doanh ni
ln mc tc ng ca nh ph i vi kt qu SXKD. n cn nh ph c
xc nh thng qua ch tiu nghing n cn nh ph.

nghing n cn nh ph

th hin quan h gia tc tng (gim) li nhun trc li trc thu (cn
gi l li nhun hot ng EBIT) so vi tc tng (gim) doanh thu. Cch
tnh nh sau:
=

Hoc:
=

2. n cn n (n by ti chnh)
n cn n cn gi l n by ti chnh: l t l phn trm gia tng s n
so vi tng ti sn ca doanh nghip mt thi im nht nh. n by ti
chnh lin quan n vic s dng cc khon n vay.
nghing n cn n

th

hin quan h t l gia tc tng (gim) ca li nhun trn mi c phn (hay


t l tin li rng trn vn ch s hu) vi tc tng (gim) ca tin li cha
tr li vay v np thu thu nhp doanh nghip (EBIT). Cch tnh nh sau:
Chu Thng Phan 12DQH | CHNG 6: TC NG N BY LN 19
DOANH LI V QUYT NH CU TRC TI CHNH

Vi
= +

Trng hp cng ty khng c c tc u i th:


=

Trong :
: Li vay ngn hng.

: c tc u i trn

mi c phiu (li tr cho c phiu u i hoc trch qu x nghip).


: Thu sut thu thu nhp doanh nghip.
- Tnh
(

li

ca

mi

phiu

hay

li

cho

ng

) nh sau:

)(1 )

Trong :
: Li rng (li sau thu).
: S lng c phiu thng ang lu hnh.
- Nu doanh nghip c loi c phiu u i th
=

)(1 )

c tnh nh sau:
(1)

*Thc tin Vit Nam, phn t s trong cng thc (1) nn loi tr thm
phn trch qu khen thng phc li v cc qu d tr khng chia.

20 CHNG 6: TC NG N BY LN DOANH LI V QUYT NH


CU TRC TI CHNH | Chu Thng Phan 12DQH

3. Quan h gia n cn nh ph v n cn n
Tc ng n cn n phi hp vi n cn nh ph to nn n by tng
hp. n by tng hp c xc nh nh sau:
=

( )
( )

ngha: c mi phn trm sn lng tng thm lm cho thu nhp trn mi
c phiu tng a%.
II. MI LIN H GIA CC I LNG TI CHNH
Doanh thu
- Bin ph
(gi vn
hng bn)

= Li gp
- nh

ph

= Li

(chi ph KD)

nhun
- Li

vay = Li trc

ngn hng

thu
- Thu

= Li rng
- PD (c c

= Li cho

u i)

c ng

Chu Thng Phan 12DQH | CHNG 6: TC NG N BY LN 21


DOANH LI V QUYT NH CU TRC TI CHNH

PHN BI TP
BI 1
Tnh hnh sn xut v hot ng ca cng ty ng Phng c cho nh sau:
Sn lng sn xut v tiu th l 1.800 sn phm. Gi bn mt sn phm l 500
$. Chi ph c nh ca cng ty l 180.000 $, bin ph l 350 $/sn phm. Hng
nm cng ty tr li vay l 30.000 $. Cng ty c 3.000 c phn u i v c tc
mi c phn u i l 10 $. S lng c phn thng hin nay l 10.000 c
phn. Thu sut thu TNDN l 25%.
a) Xc nh im ha vn, doanh thu ha vn v thi gian ha vn?
b) Xc nh EPS v EBIT hin nay?
c) Cng ty mun t c li nhun l 150000 $ th phi sn xut bao nhiu
sn phm?
d) Tnh nghing n by hot ng ti mc sn lng 1800 sn phm?
e) Tnh nghing n by ti chnh ca cng ty ti mc sn lng hin
nay?
f) Tnh nghing n by tng hp ca cng ty ti mc sn lng hin nay
v nu ngha?
BI 2
Cng ty Sn Bch Tuyt ang xem xt k hoch sn xut mt loi sn c
bit, c tn gi l sn Special. Chi ph hot ng c nh cho sn xut loi sn
ny l 3 t ng mt nm. Chi ph bin i trn mi hp sn l 175.000 ng v
gi bn trung bnh l 200.000 ng mt hp.
a) S lng tiu th v doanh thu ha vn hng nm l bao nhiu?

22 PHN BI TP | Chu Thng Phan 12DQH

b) Nu chi ph bin i gim cn 168.000 ng mt hp th iu g s xy ra


i vi im ho vn?
c) Nu chi ph c nh hng nm tng n 3,75 t ng mt nm th im ha
vn s b nh hng th no?
d) Tnh by hot ng mc tiu th 160.000 hp.
Gii:
a) Sn lng ha vn:
=

3000000000
= 120000 (
200000 175000

Doanh thu ha vn:


= .

= 200000 . 120000 = 24000000000 (= 24

b) Bin ph t l thun vi sn lng ha vn nn khi bin ph gim cn


168000 ng mt hp th im ha vn cng gim:
=

3000000000
= 93750 (
200000 168000

c) Chi ph c nh t l thun vi sn lng ha vn nn khi chi ph c nh


tng ln thnh 3,75 t ng th sn lng ha vn cng tng:
=

3750000000
= 150000 (
200000 175000

= 160000

d) by hot ng ti
=

160000
=4
160000 120000

Vy c mi phn trm sn lng tng ln th li nhun tng thm 4%.

Chu Thng Phan 12DQH | PHN BI TP 23

BI 3
Ti ca hng n ung ca ch Hng Nga mc d khng sang trng nhng cc
mn n ch lm thc khch rt va ming li r nn ng khch. Tnh hnh nm
va qua nh sau:
1. Nm bo co:
Doanh thu thun c nm: 3.700.000.000 ng
Chi ph NVL sn xut c nm: 2.405.000.000 ng
Chi ph nhn cng SX v phc v (khon): 481.000.000 ng
Chi ph khu hao TSC: 28.000.000 ng
Cc khon chi ph c nh khc: 350.400.000 ng
Li vay phi tr: 131.650.000 ng
Thu sut thu TN phi np l: 28%
Nguyn gi TSC tnh khu hao cui nm: 3.800.000.000 ng
2. Nm k hoch c d kin nh sau:
Trn c s tn dng li th cnh tranh v c s vt cht hin c, ca
hng c th tng doanh thu 15%.
Li vay phi tr c nm: 140.660.000 ng
Tnh hnh lin quan n TSC nh sau:
u thng 3 d kin mua vo 1 TSC theo gi mua 29.000.000
ng, chi ph vn chuyn v ti cng ty v cc chi ph khc trc
khi a vo s dng l 1.000.000 ng.
u thng 4 thanh l 1 TSC c nguyn gi 12.000.000 ng.
T l khu hao TSC bnh qun l 12%.
Cc loi nh ph khc v gi c khng thay i.

24 PHN BI TP | Chu Thng Phan 12DQH

*Yu cu:
a) Tnh nghing cc loi n by nm bo co?
b) Tnh im ha vn nm k hoch ca hng ch Hng Nga?
c) Tnh t l li rng trn doanh thu nm k hoch?
d) Tnh nghing cc loi n by nm k hoch?
Bit rng ca hng khu hao theo phng php tuyn tnh c nh.
BI 4
Cng ty d nh u t ca hng bn thc n nhanh ti cc siu th. Tng u
t ban u l 25600. Trong vn lu ng chim mt na, v mt na l
TSC s dng c 8 nm. Tnh khu hao theo ng thng. Theo tnh ton cho
thy khi h thng c a vo hot ng th s to ra doanh thu thun hng
nm t mc ti a l 15000. Tuy nhin 2 nm u ch t 60% cng sut, 3 nm
tip theo t 80%. V s t 100% cng sut vo cc nm cn li. Chi ph hot
ng hng nm (cha k khu hao) chim 50% so vi doanh thu thun. Ngoi ra
cn phi u t thm vn lu ng cho nm th hai l 7400 v nm th 5 l
3600. Ton b vn lu ng s c thu hi khi d n kt thc. Ring TSC khi
ht thi hn s dng s thanh l c 1400. Bit i = 25%/nm.
BI 5
Tnh hnh sn xut v hot ng ca cng ty MS c cho nh sau: Sn lng
sn xut v tiu th l 12.000 sn phm. Gi bn mt sn phm l 90.000 ng.
Chi ph c nh ca cng ty l 300 triu ng, bin ph l 40.000 ng/sn phm.
Hng nm cng ty tr li vay l 150 triu ng. Cng ty c 10.000 c phn u
i v c tc mi c phn u i l 2.000 ng. S lng c phn thng hin
nay l 40.000 c phn. Thu sut thu TNDN l 25%.

Chu Thng Phan 12DQH | PHN BI TP 25

a. Xc nh im ha vn, doanh thu ha vn v thi gian ha vn.


b. Xc nh EPS v EBIT hin nay.
c. Ti mc sn lng hin nay, tnh nghing n cn nh ph (DOL),
nghing n cn n (DFL). D tnh EPS s thay i nh th no nu sn
lng st gim 10%?
BI 6:
Doanh nghip X c d n u t sn xut mt hng mi:
n v tnh: Triu ng
Chi n b, san lp, ci to mt bng
Chi ph xy dng nh xng

10.000
500

Chi ph mua sm, lp t my mc thit b

4.500

Chi ph u t mua bng pht minh

2.000

u t vo ti sn lu ng cn thit

2.000

Lng sn xut mi nm (t nm 1 3)

300.000 sn phm

Lng sn xut mi nm (t nm 4 10)

400.000 sn phm

n gi bn sn phm

0,08

Bin ph ca mt sn phm

0,05

Tng nh ph (cha k khu hao)


Thu sut thu thu nhp doanh nghip
Thi gian khu hao d tnh

5.000/nm
28%
10 nm

Sauk hi ht hn khu hao (10 nm), doanh nghip s


bn li ton b nh xng, my mc thit b c
th thu c
Yu cu:

26 PHN BI TP | Chu Thng Phan 12DQH

4.000

1. Xc nh dng tin ca d n trn trong trng hp:


- Cng ty khu hao theo phng php tuyn tnh c nh?
2. Tnh hin gi thun ca u t (bit chi ph s dng vn 16%)?
Bit rng:
Cc chi ph mua bng pht minh, n b, xy dng thc hin nm u cn
chi ph mua sm, lp t my mc, thit b, ti sn lu ng thc hin nm
k tip sau.

Chu Thng Phan 12DQH | PHN BI TP 27

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