Bi 5:

Mt doanh nghip vay vn t 3 ngun u t m rng quy m sn xut.

Ngun th nht vay 100 triu ng, k hn qu vi li sut 1,5%/thng.
Ngun th hai vay 150 triu ng, k hn 6 thng vi li sut 1,7%/thng.
Ngun th ba vay 120 triu ng, k hn nm vi li sut 1,8%/thng.
D kin sau 3 nm k t khi vay vn, d n i vo hot ng v t doanh thu hng nm l
150 triu ng, chi ph cc loi hng nm (cha c khu hao) l 60 triu ng. Hi d n c
nn u t khng, nu i d n l 10 nm, c gi tr thanh l cui i d n l 100 triu
ng?
Bi gii:
Chuyn li sut vay t cc ngun theo cc k hn khc nhau v cng mt k hn l nm:
Ngun 1: Iv1 = 100 triu ng, rn1 = (1 + 0,015*3)4 - 1 = 19,25% (0.25 )
Ngun 2: Iv2 = 150 triu ng, rn2 = (1 + 0,017*6)2 - 1 = 21,44% (0.25 )
Ngun 3: Iv3 = 120 triu ng, rn3 = 0,018*12 = 21,6% (0.25 )
- Tng vn vay ca doanh nghip t 3 ngun l: Iv = 100 + 150 +120 = 370 triu ng
- Li sut vay trung bnh t 3 ngun l:
rtb = (100*0,1925 + 150*0,2144 + 120*0,216)/370 21% (0.25 )
- Biu dng tin t: (0.25 )

Vn u t ca ca doanh nghip ti thi im d n bt u i vo hot ng (cui

nm th 3):
Ivo = 370*(1+0,21)3 = 655,477 triu ng. (0.25 )
Gi tr hin ti ca thu nhp thun ca d n l (ti thi im d n i vo hot ng):

( 15060 )( 1+0,21 )101 1001

NPV =655,477+
+
10
0,21( 1+0,21 )
( 1+0,21 )10

655,477+904,054+1000,1486
NPV = - 275,93 (triu ng) < 0. Vy d n ny khng nn u t. (0.5 )