Bi 16:

Cng ty c phn Hng H c tng s vn l 8 t v c hnh thnh t

cc ngun ti tr sau :

Vn vay :

Vn c phn u i : 100 triu ng

Vn c phn i chng :

3.500 triu ng

4.000 triu ng

Kt cu ngun vn nh trn c xem l ti u. Trong nm ti cng ty

d kin huy ng 2 t v vic huy ng ny c thc hin theo kt cu
ngun vn ti u. Trong cng ty d nh tnh s li nhun ti u t l
1.200 triu ng.
Theo tnh ton :

Chi ph s dng vn vay trc thu l :

9% / nm

Chi ph s dng vn c phn u i l :

10 % / nm

Chi ph s dng vn c phn i chng : 12% / nm

Bit thu thu nhp doanh nghip l 25 % . Hy tnh chi ph s dng vn

vay bnh qun ( WACC ).
Gii :
Vi :
Rd : Chi ph s dng vn vay trc thu
t : Thu sut thu TNDN
Re : Chi ph s dng vn c phn u i
Rs : Chi ph s dng vn c phn i chng
Wd : T trng vn vay
We : T trng vn c phn u i
Ws : T trng vn c phn i chng

Da vo d kin u bi ta c bng sau:

STT

Ngun vn

Gi tr
(triu ng )

T trng (%)
Wi = (1)/ T

Chi ph s dng
vn (%)
Ri

Vn vay (d)

3500

43.75

Vn c phn u i (e)

100

1.25

10

Vn c phn li (s)

4400

55

12

Tng

8000

100

(T)

Chi ph s dng vn bnh qun

p dng cng thc :
WACC = Wd . Rd . (1 t ) + We . Re + Ws . Rs
=> WACC= 0,4375 0,09 1-0,25 + 0.0125 0.1 +0.55
0.12
= 10, 8 %
Vy : Chi ph s dng vn bnh qun ca cng ty Hng H l 10,8 %

Bai 17:
Phng ng la mt cng ty hoat ng trong nganh thc phm ong hp.
Cng ty him ang xem xet huy ng vn c hi u t trong nm mi. Cac
tai liu va thng tin nh sau:
1.

Theo c tinh ang tin cy thi lai rong ky vong trong nm ti cua
Phng ng la 137,5 triu USD.

2.

C cu vn hin nay cua cng ty c coi la ti u ma cng ty ln

duy tri :
N dai han 45 triu USD
C phn u ai 2 triu USD

C phn ai chung 53 triu USD

3.

Ty l chia c tc d kin la 45%.

4.

Cac thng tin khac v iu kin huy ng vn cua cng ty nh sau :

a.

Cng ty co th phat hanh s lng v han c phn u ai vi

gia ban la 100USD/ c phn. C tc hang nm la 10USD/ c phn
va chi phi phat hanh la 2,5%.

b.

Cng ty co th phat hanh v han c phn ai chung vi chi phi

phat hanh la 10%. Gia ban cua c phn ai chung hin nay la
23US, c tc nm ngoai cua cng ty la 1,15USD/CP va tc tng
trng ky vong cua c tc la 8%.

c.

Cng ty co th vay ti a la 90 triu USD vi lai sut vay la

10%, thu sut thu TNDN la 25%. Nu doanh nghip vay > 90
triu USD thi lai sut la 12%.

Yu cu:
1.

Tinh chi phi s dung vn binh qun

2.

Xac inh cac im nhay

3.

Tinh WACC trong khoang cac im nhay.

Bai lam :
STT
1
2
3
tng

Ngun vn
N dai han
C phiu u ai
C phiu thng

1.

S tin (triu USD)

45
2
53
100

Tinh chi phi s dung vn binh qun ( WACC)

Ap dung cng thc :
WACC = W .R (1-t)+ W R + W .R (1);
d

d.

e.

Ta co :
W = 45%; W = 2%; W = 53%:
d

Ty trong (W)
45%
2%
53%
100%

Chi phi s dung vn vay ( R ) :

d

R = 10%
d

Chi phi s dung vn CP u ai (R ) :

e

R =d1G(1-e)= 10100(1-0.025)=0.1026=10.26%
e

Chi phi s dung vn CP thng (R ) :

s

R =d1G=1.15(1+0.08)23+0.08=01.34=13.4%
s

Thay s vao (1) ta c :

WACC =0.45x 0.1x(1-0.25) + 0.02x0.1026 + 0.53x0.134 = 0.1068 =
10.68%
Vy chi phi s dung vn binh qun trc khi huy ng thm vn la 10.68%;
2.
a.

Xac inh cac im nhay :

im nhay th nht xay ra khi doanh nghip s dung ht li nhun
gi lai va phat hanh c phiu thng mi :

BP1 = 137.8(1-0.45)0.53=143 ( triu USD)

b.

im nhay th hai xut hin khi vay n ngn hang co lai sut thay
i:
BP2 = 900.45 = 200 ( triu USD)

3.

Tinh chi phi s dung vn binh qun ( WACC ) trong khoang cac
im nhay
a.

S dung vn u t cua cng ty t 0 n 143 triu USD

Thi chi phi s dung vn binh qun ( WACC )
1

WACC = W .R (1-t)+ W R + W .R
1

d.

e.

= 0.45x0.1(1-0.25) + 0.02x0.1026 + 0.53x0.134 = 10.68%

b.

S dung ngun vn cua cng ty t 143 triu USD n 200

triu USD *thi chi phi s dung CP thng mi thay i :

R =d1G(1-e)+g=1.15(1+0.08)23(10.1)+0.08=0.14=14%
s

Khi o chi phi s dung vn binh qun cua cng ty se thay i la:

WACC = 0.45x0.1(1-0.25)+0.02x0.1068 + 0.53x0.14 = 0.11 = 11%

2

c.

S dung ngun vn cua cng ty 200 triu USD :

Thi chi phi s dung c phiu thng mi thay i R = 14%
s

Chi phi s dung vn vay cua cng ty thay i R = 12%

d

Khi o chi phi s dung vn binh qun(WACC) cua cng ty thay i la :

WACC = 0.45x0.12(1-0.25) + 0.02x0.1026 + 0.53x 0.14 = 0.1168 = 11.68%

3

Vy chi phi s dung vn binh qun ( WACC ) trong khoang cac im nhay :
0 < vn u t 143 triu USD => WACC = 10.68%
1

143 triu USD < vn u t 200 triu USD => WACC = 11%
2

200 triu USD < vn u t => WACC = 11.68%

2

Bi 18
C cu vn ca cng ty Hng Thnh c trnh by di y (kinh nghim
hot ng nhiu nm qua cng vi cc d bo u cho rng y l c cu
vn ti u m cng ty nn duy tr )
1 N di hn : 3 triu USD
2 C phn u i : 1 triu USD
3 C phn i chng : 6 triu USD

Cng trong nm k hoch ti cng ty k vng thu c khon li rng l

840.000 USD v d nh tip tc thi hnh theo t l chia c tc l 50% .
Theo tha thun t c vi cc ngn hang i tc , Hng thnh c th
nhn c cc khon vay di hn vi cc iu khon sau
1 s lng vay < 300.000USD th li sut l 10%
2 s lng vay >300.000USD th li sut l 12%
c bit thu sut cng ty phi chu l 40% . Gi th trng c phiu i
chng ca cng ty thi im hin nay l 20USD
C tc nm ngoi ca cng ty l 1,495USD t l tng c tc d kin l 7%,
c phiu i chng mi c th huy ng vi chi ph pht hnh l 10% nu
gi tr c phiu mi < 240.000USD .Nu vt qu con s ny th chi ph
pht hnh s l 20%
C phiu u i ca cng ty hin c bn vi gi l 100USD v c tc u
i hang nm l 11,7USD .Nu pht hnh c phiu u i mi v nu gi tr
c phiu u i ko vt qu 200.000USD th cng ty phi chu chi ph pht
hnh 4%. Nu vt qu th chi ph pht hnh l 8%
Yu cu
1 C bao nhiu im nhy trn th chi ph vn bin MCC ca cng ty .
Cc im nhy s xut hin ti u ? cho bit nguyn nhn xut hin cc
im nhy
2 Hy tnh chi ph vn trung bnh theo trng s trong khong gia cc im
nhy mi trn v t xy dng th chi ph vn bin

Bi gii
1 C 4 im nhy trn th chi ph vn bin MCC ca cng ty

Khi doanh nghip s dng ht li nhun li phi pht hnh c

phiu thng mi vi gi tr < 240.000USD lm xut hin im nhy
1
Li nhun gi li = 840.000 *(1-0,5)= 420.000 USD

BP1= 420.000 / 0,6 = 700.000USD

Khi doanh nghip pht hnh c phiu i chng mi vi gi tr

> 240.000USD th chi ph pht hnh l 10% lm xut hin im nhy
2
BP2=(240.000 + 420.000) / 0,6 = 1.100.000USD

Khi doanh nghip i vay vi s lng > 300.000USD th li sut l

12% lm tng chi ph ca doanh nghip xut hin im nhy 3
BP3= 300.000 / 0,3 = 1.000.000USD

Khi doanh nghip pht hnh c phiu u i, nu gi tr c phiu u

i ko vt qu 200.000USD th cng ty phi chu chi ph pht hnh
4%. Nu vt qu th chi ph pht hnh l 8% lm xut hin im
nhy 4
BP4= 200.000 / 0,1 = 2.000.000USD

2 Ta c
T trng vn vay Wd = 3 / 10 = 0,3
T trng vn c phn u i We = 1 / 10 = 0,1
T trng vn c phn i chng W s= 6 / 10 = 0,6
Chi ph s dng vn vay
Rd = 10%
Chi ph s dng vn c phn u i
Re= dG(1-e)=11,7100*(1-0,04)=12,1875
Chi ph s dng vn c phn i chng
Rs = d1G+g=1,495*(1+0,07)20+0,07 = 15%
-Chi ph s dng vn bnh qun khi lng vn huy ng < 700 . 000USD
WACC1 = Wd . Rd (1-t) + We .Re + Ws . Rs
=0,3*0,1*(1-0,4) + 0,1 * 0,121875 +0,6 * 0,15

=12,02%
-Chi ph s dng vn bnh qun khi lng vn huy ng t 700 . 000USD
n 1.000.000USD
Khi Rs thay i
Rs = d1G(1-e)+g=1,495*(1+0,07)20*(1-0,1)+0,07=15,88%
WACC2 = Wd . Rd (1-t) + We .Re + Ws . Rs
=0,3*0,1*(1-0,4) + 0,1 * 0,121875 +0,6 * 0,1588
=12,55%
-Chi ph s dng vn bnh qun khi lng vn huy ng t 1.000 .
000USD n 2.000.000USD
Khi Rd v Rs thay i
Rs = 15,88%
Rd = 12%
WACC3 = Wd . Rd (1-t) + We .Re + Ws . Rs
=0,3*0,12*(1-0,4) + 0,1 * 0,121875 +0,6 * 0,1588
=12,91%
-Chi ph s dng vn bnh qun khi lng vn huy ng t 1.100 .
000USD n 2.000.000USD
Khi Rd v Rs thay i
Rd = 12%
Rs = d1G(1-e)+g=1,495*(1+0,07)20*(1-0,2)+0,07=16,99%
WACC4 = Wd . Rd (1-t) + We .Re + Ws . Rs
=0,3*0,12*(1-0,4) + 0,1 * 0,121875 +0,6 * 0,1699
=13,57%
Chi ph s dng vn bnh qun khi lng vn huy ng >2.000 . 000USD
Khi Rd v Rs v Re thay i

Rd = 12%
Rs = 16,99%
Re= dG(1-e)=11,7100*(1-0,08)=12,72%

WACC5= Wd . Rd (1-t) + We .Re + Ws . Rs

=0,3*0,12*(1-0,4) + 0,1 * 0,1272 +0,6 * 0,1699
=13,63%

Bi 19:
C cu vn ca cng ty i Vit c trnh by di y (kinh nghim hot
ng nhiu nm qua cng vi cc d bo u cho rng y l c cu vn ti
u m cng ty nn duy tr)
1.

N di hn: 3,5 triu USD

2.

C phn u i: 1,5 triu USD

3.

C phn i chng: 5 triu USD

Cng trong nm k hoc ti cng ty k vng thu c khon li rng l

900.000 USD v d nh tip tc thi hnh theo t l chia c tc l 45%.
Theo tha thun t c vi cc ngn hng i tc, i Vit c th
nhn c cc khon vay di hn vi cc iu khon sau:
1.

S lng vay < 40.000 USD th li sut l 12%

2.

S lng vay > 40.000 USD th li sut l 15%

c bit thu sut ca cng ty phi chu l 25%, gi th trng ca c

phiu i chng ca cng ty thi im hin nay l 35 USD. C tc nm
ngoi ca cng ty l 2,5 USD. T l tng c tc d kin l 8%.
C phiu i chng mi c th c huy ng vi chi ph pht hnh l
12% nu gi tr c phiu mi < 300.000 USD. Nu vt qu con s ny
chi ph pht hnh s l 26%.

C phiu u i ca cng ty hin c bn vi gi l 200 USD v c tc

u i hng nm l 15 USD. Nu pht hnh c phiu u i mi v nu
gi tr c phiu u i khng vt qu 250.000 USD th cng ty phi chu
chi ph pht hnh l 6%. Nu vt qu chi ph pht hnh l 9%.
Yu cu:
1.

C bao nhiu im nhy trn th chi ph vn bin MCC ca cng

ty. Cc im nhy ny s xut hin ti u? Cho bit nguyn nhn
xut hin cc im nhy?

2.

Hy tnh chi ph vn trung bnh theo trng s khong gia cc im

nhy ni trn v t xy dng th chi ph vn bin.
Bi gii:
Ta c W = 3,5/10 = 0,35
d

W = 1,5/10 = 0,15
e

W = 5/10 = 0,5
s

Chi ph s dng vn c phn i chng :

R = 2,5 x (1 + 0,08)/35 + 8% = 15,714%
s

Chi ph s dng vn c phn u i :

R = 15/[200 x (1 0,06)] = 0,08 = 8%
e

Xc nh cc im nhy :
1.

im nhy 1 xut hin do cng ty s dng ht LNGL v

pht hnh c phiu thng mi :
BP = LNGL/W = 0,9 x 0,55 / 0,5 = 0,99 (triu USD)
1

2.

im nhy 2 khi cng ty vay > 400 000 USD phi chu li
sut cao hn l 15%
BP = 0,4 / 0,35 = 1,486 (triu USD)
2

3.

im nhy 3 khi pht hnh c phiu thng mi c gi

tr
> 30 000 USD:

BP = (0,3 + 0,495)/ 0,5 = 1,59 (triu USD)

3

4.

im nhy 4 khi cng ty pht hnh c phiu u i > 50

000 USD
BP = 0,25/0,5 = 1,667(triu USD)
4

Xc nh WACC cho tng im nhy

Cng ty s dng vn t 0 n 0,99 (triu USD)

R = 2,5 x 1,08/[35 x (1 0,12)] = 0,0877 = 8,77%
s

WACC = R x W x (1 t) + R x W + R x W
1

= 0,12 x 0,35 x (1 0,25) + 0,08 x 0,15 + 0,15714 x 0,5

= 12,207%

Cng ty s dng vn t 0,99 n 1,486 (triu USD)

R = 2,5 x 1,08/[35 x (1 0,12)] + 8% = 16,77%
s

WACC = 0,12 x 0,35 x (1 0,25) + 0,08 x 0,15 + 0,1667 x 0,5

2

= 12,735%

Cng ty s dng vn u t t 1,486 n 1,59 triu USD

R = 15%
d

WACC = 0,15 x 0,35 x (1 0,25) + 0,08 x 0,15 + 0,1667 x 0,5

3

= 13,52%

Cng ty s dng vn u t t 1,59 n 1,667 triu USD

R = 2,5 x 1,08 /[35 x (1 0,26)] + 0,08 = 18,42%
s

WACC = 0,15 x 0,35 x (1 0,25) + 0,08 x 0,15 + 0,1842 x 0,5

4

= 14,34%

Cng ty s dng vn t > 1,667 triu USD

R = 15/[200 x (1 0,09)] = 8,24%
e

WACC = 0,15 x 0,35 x (1 0,25) + 0,0824 x 0,15 + 0,1842 x 0,5

4

= 0,1438 = 14,38%.

Bi 20:
C cu vn ca cng ty Tn Ph c th hin nh sau:
-Vn vay 4 triu USD
-Vn c phn u i 1 triu USD
-Vn c phn i chng 5 triu USD
Thu sut th TNDN cng ty phi np 40%
iu kin huy ng vn vay
-Nu lng vn huy ng ln hn 80 000 USD th chi ph s dng vn tng
t 9% n 13%
-Nu lng vn vay ln hn 1 000 000 USD th chi ph s dng vn vay la
15%
Nu c phiu u i huy ng c c gi tr ln hn 400 000USD th chi
ph t chc pht hnh 11%.
Nu c phiu u i pht hnh c gi tr ln hn 300 000 USD th chi ph
pht hnh tng t 4USD ln n 8USD/ c phiu.
i vi vn c phn i chng:
-Li rng d kin l 1 000 000 USD
-T l chia c tc l 50%
-Gi bn hin hnh l 29USD
-D = 1,52 ; g = 8%
0

-Nu c phiu i chng mi c gi tr ln hn 1 000 000 USD th chi ph t

chc pht hnh s tng t 8% ln n 16%
Bit them gi bn ca 1 c phiu u i l 100 USD/c phiu. D = 10 USD.
f

Yu cu:
1.C bao nhiu im nhy trn th vn bin MCC.
2.Tnh WACC ti khong gia cc im nhy v v th vn bin MCC.

Bi lm:
1.Xc nh cc im nhy:
-im nhy th nht xut hin khi cng ty s dng ht li nhun gi li, khi
cng ty phi pht hnh c phiu i chng mi c gi tr nh hn 1 000
000 USD.
Li nhun gi li s dng:
1000 000 x (1 50 %) = 500 000 USD
Khi im nhy th nht c xc nh
BP1=500 00050%=1000 000USD
-im nhy th 2 xut hin khi cng ty khng vn s dng phi i vay
vi s vn vay them ln hn 800 000 USD
Khi xc nh c im nhy th 2 l:
BP2=800 00040%=2000 000USD
-im nhy th 3 xut hin khi cng ty phi i vay vn vi s vn i vay
thm ln hn 1000 000USD
Khi xc nh c im nhy th 3 l:
BP3=1 000 00040%=2 500 000USD
-im nhy th 4 xut hin khi cng ty pht hnh c phiu u i c gi tr
ln hn 300 000 USD.
Khi xc nh c im nhy th 4 l:
BP4300 00010%=3 000 000 USD
-im nhy th 5 xut hin khi cng ty pht hnh c phiu u i c gi tr
ln hn 400 000 USD.
Khi xc nh c im nhy th 5 l:
BP5=400 00010%=4 000 000 USD
-im nhy th 6 xut hin khi cng ty s dng ht li nhun gi li , tip
tc pht hnh c phiu i chng mi c gi tr ln hn 1 000 000 USD.

Khi xc nh c im nhy th 6 l:
BP6=1 000 00050%=3000 000 USD
2.Tnh chi ph s dng vn bnh qun trong khong gia cc im nhy.
T trng n di hn:
Wd=4 000 00010 000 000=40%
T trng vn c phiu u i:
We=1 000 00010 000 000=10%
T trng vn c phiu i chng:
Ws=5 000 00010 000 000=50%
Chi ph s dng vn vay:
Rd=9%
Chi ph s dng vn c phiu u i:
Re=dG(1-e)=10100(1-4%)=10,42%
Chi ph s dng vn c phiu thng:
Rs=d1G+g=1,52(1+8%)29+8%=13,66%
-Khi lng vn huy ng t 0 n 1 000 000 USD
Chi ph s dng vn bnh qun:
WACC=WdRd1-t+WeRe+WsRs
Ta c : WACC = 40% x 9% (1 40%) + 10% x 10,42% + 50% x 13,66%
1

WACC = 10,03%
1

-Khi lng vn huy ng c t 1 000 000 USD n 2 000 000 USD

Khi R thay i do cng ty pht hnh c phiu i chng mi:
s

Ta c chi ph s dng vn c phiu i chng lc ny l:

Rs=d1G(1-e)+g=1,52(1+8%)29(1-8%)+8%=14,15%
Chi ph s dng vn bnh qun:

WACC = 40% x 9% (1 40%) + 10% x 10,42% + 50% x 14,15%

2

WACC = 10,28%
2

-Khi lng vn huy ng c t 2 000 000 USD n 2 500 000 USD

Khi R thay i do cng ty i vay vn c gi tr ln hn 800 000USD
d

Ta c : R = 13%
d

Chi ph s dng vn bnh qun

WACC = 40% x 13% (1 40%) + 10% x 10,42% + 50% x 14,15%
3

WACC = 11,24%
3

-Khi lng vn huy ng c t 2 500 000 USD n 3 000 000 USD

Khi R thay i do cng ty phi i vay vn vi vn vay ln hn 1 000 000
USD
d

Ta c chi ph s dng vn vay lc ny l R = 15%

d

Chi ph s dng vn bnh qun:

WACC = 40% x 15% (1 40%) + 10% x 10,42% + 50% x 14,15%
4

WACC = 11,72%
4

-Khi lng vn huy ng c t 3 000 000 USD n 4 000 000 USD

Khi c R v R u thay i do cng ty ng thi pht hnh c phiu u
i c gi tr ln hn 300 000 USD v pht hnh c phiu i chng ln 2.
e

Chi ph s dng vn c phn u i:

Re=dG(1-e)=1010(1-8%)=10,87%
Chi ph s dng vn phn i chng:
Rs=d1G(1-e)+g=1,52(1+8%)29(1-16%)+8%=14,74%
Chi ph s dng vn bnh qun:
WACC = 40% x 15% (1 40%) + 10% x 10,87% + 50% x 14,74%
5

WACC = 12,06%
5

-Khi lng vn huy ng c t 4 000 000 USD tr ln:

Khi R thay i do cng ty pht hnh c phiu u i c gi tr ln hn
400 000 USD.
e

Ta c chi ph s dng vn c phiu u i:

Re=dG(1-e)=10100(1-11%)=11,42%
Chi ph s dng vn bnh qun:
WACC = 40% x 15% (1 40%) + 10% x 11,24% + 50% x 14,74%
6

WACC = 12,09%
6

Kt lun:
Khi ngun vn u t t 0 n 1 000 000 USD th WACC = 10,03%
Khi ngun vn u t t 1000 000 USD n 2000 000 USD th WACC =
10,28%
Khi ngun vn u t t 2000 000USD n 2500 000 USD th WACC =
11,24%
Khi ngun vn u t t 2500 000 USD n 3 000 000 USD th WACC =
11,72%
Khi ngun vn u t t 3000 000 USD n 4 000 000 USD th WACC =
12,06%
Khi ngun vn u t ln hn 4 000 000 USD th WACC = 12,09%

Bi 21:
Mt doanh nghip ang s dng 2 t tin vn c hnh thnh t 3 ngun
vn
sau:
-Pht hnh c phiu thng vi s lng l 50 000 c phiu, gi pht hnh
l 20 000 / c phiu. Cc c ng i hi mc li tc nm ti l 1200 /
c phiu. Trong khi t l tng hang nm c tnh l 12%.

-C phiu u i c gi pht hnh l 25 000 vi s lng l 4000 c phiu

v phi tr c tc l 2500 /c phiu.
-Tri phiu c gi pht hnh l 30 000 /tri phiu vi s lng l 30 000
tri phiu. Li sut tr l 2 400/tri phiu. Thu sut thu TNDN l 32%.
Yu cu:
1.Hy tnh chi ph s dng vn bnh qun ca doanh nghip.
2.Vi kt cu vn nh trn DN coi l mt kt cu hp l. H s thanh
ton li vay l 4. DN dung ton b li nhun gi li sau khi tr c tc
ti u t. Nu doanh nghip mun gi nguyn chi ph s dng vn th quy
m u t l bao nhiu?
3.Hy tnh chi ph s dng vn cn bin khi quym u t t ti 200 triu
ng. Bit chi ph pht hnh c phiu thng mi l 2 000 / c phiu cn
chi ph pht hnh c phiu u i v tri phiu c th b qua.
Bi lm:
1.Tnh chi ph s dng vn bnh qun
T trng ca tri phiu
Wd=30 00030 0002 000 000 000=45%
T trng ca vn c phiu u i
We=2500040002000 000 000=5%
T trng ca vn c phiu thng
Ws=50000200002000 000 000=50%
Chi ph s dng vn vay (tri phiu)
Rd=2400300003000030000=8%
Chi ph s dng vn c phiu u i
Re=dG(1-e)=250025000=10%
Chi ph s dng vn c phiu thng
Rs=d1G+g=120020000+12%=18%

Vy chi ph s dng vn bnh qun

WACC=WdRd1-t+WeRe+WsRs
WACC = 45% x 8% (1-32%) + 5% x 10% + 50% x 18%
WACC = 11,95%
2.Quy m vn u t:
Tng s tin li vay:
I = 2400 x 30 000 = 72 000 000
H s thanh ton li vay l 4
EBITI=4
Li nhun trc li vay v thu:
EBIT = 4 I = 4 x 72 000 000 = 288 000 000
Li nhun trc thu l
LNTT = 288 000 000 72 000 000 = 216 000 000
Li nhun sau thu l:
LNST = 216 000 000 (1 32%) = 146 880 000
Li nhun sau khi tr c tc ti u t l:
146 880 000 (1200 x 50 000 + 2500 x 4000) = 76 880 000
Mun gi cn bng t trng cc ngun vn nh c, li nhun gi li ti
u t chim 50%, cn li 50% l n vay v c phiu u i. Do tng s
vn mi c th s dng c c cu vn ti u:
s vn mi= 76 880 00050%=153 760 000
Nh vy nu dng 76 880 000 li nhun gi li ti u t th phi huy
ng thm vn t:
-Vay n: 153 760 000 x 45% = 69 192 000
-C phiu u i: 153 760 000 x 5% = 7 688 000

3.Tnh chi ph s dng vn cn bin khi quy m vn u t l 200 triu

ng.
Khi quy m vn u t t ti 200 triu ng, doanh nghip pht hnh c
phiu thng mi vi chi ph pht hnh l
e=200020 000=10%
Chi ph s dng vn c phiu thng mi l:
Rs=d1G(1-e)+g=120020000(1-10%)+12%=18,67%
Chi ph s dng vn bnh qun l:
WACC=WdRd1-t+WeRe+WsRs
WACC = 45% x 8% (1-32%) + 5% x 10% + 50% x 18,67%
WACC = 12,28%.
Vy khi quy m vn u t l 200 triu ng th chi ph s dng vn bnh
qun l 12,28%.

Bi 22:
Trong nm N hng A c nhu cu u t m rng sn xut c 3 phng n
c a ra vi nhu cu vn ln lt l 50 triu, 80 triu v 100 triu.
- Kt cu vn sau y c coi l kt vn ti u:
Vay n (t tri phiu) : 30%
c phiu u i : 20%
C phiu thng : 50%
- V vay n : Chi ph s dng vn trc thu 10%
- C phiu u i c chi ph s dng l 8%
- Ring c phiu thng c c tc d kin chia nm ti l 5000 , cn sut
tng trng trung bnh v n nh qua nhiu nm tng ng l 6%. Th gi
c phiu thng l 100.000
Hng A nm N t doanh thu l 800 tr v t t sut li nhun doanh thu

(LN trc thu) l 20%. Hng A theo ui chnh sch dng 70% LN sau
thu tr c tc

Yu cu:
1. Tnh chi ph s dng vn bnh qun ca d n u t hng A nm N?
2. Tnh chi ph s dng vn bin khi nhu cu vn u t l 50 tr, 80 tr, v
100 tr?
3. Tnh chi ph s dng vn bnh qun khi nhu cu vn u t l 50 tr, 80 tr,
v 100tr ?
Bit thu sut thu TNDN l 32%. Chi ph pht hnh c phiu thng mi l
6% / gi bn

Gii:
1.

Tnh chi ph s dng vn bnh qun:

WACC = Wd*Rd*(1 t) + We*Re + Ws*Rs

Wd = 30%; Rd = 10%; We = 20%; Re = 8%;

Rs = 5000100000 + 6% = 11% ; Ws = 50%

WACC = 30%*10%*(1 32%) +20%*8 %+50%*11% = 9,14%

2.

Li nhun trc thu = Doanh thu * 20% = 800.000.000*20% =

160.000.000 (ng)

Li nhun sau thu = 160.000.000*(1 32%) = 108.800.000 (ng)

Li nhun gi li: 108.800.000*(1 70%) = 32.640.000 (ng).
Lng vn cn huy ng khi dng ht li nhun gi li:
BP = 32.640.00050% = 65.280.000 (ng)
1

Ti y c R = 5000100.000*(1-6%) + 6% = 11,32%
s

WACC = 10%* 30%*(1 32%) + 20%*8% + 50%*11,32% = 9,3%

2

Ta c bng chi ph cn bin v chi ph cn bin bnh qun nh sau :

( n v : triu ng)

Vn

Ga tr

Kt cu (%) Chi ph cn
bin

Chi ph cn bin
bnh qun

50

50

100

9,14 %

9,14 %

Cng

11,32 %

50

100

80

65,28

81,6

9,14 %

7,46%

Cng

14,72

18,4

9,3 %

1,71 %

80

100

100

65,28

65,28

9,14 %

5,97 %

Cng

34,72

34,72

9,3%

3,23%

100

100

9,14 %

9,17 %

9,2 %

3.

Tnh chi ph s dng vn bnh qun khi nhu cu u t l 50 tr,

80 tr, 100 tr

Khi nhu cu vn u t l 50 tr th chi ph s dng vn bnh qun

l :

WACC = 30%*10%.(1-32%) +20%*8% + 50%*11%

= 9.14%

Khi nhu cu s dng vn u t l 80 tr hoc 100 tr th hng A pht

hnh c phiu thng mi nn Rs thay i do chi ph s dng vn
bnh qun thay i

WACC= 30%*10%.(1-32%) +20%*8% + 50%*11.32%

= 9.3%
Bi 23:
C ti liu 1 cty c phn nh sau:
1.

Kt cu vn sau c coi l ti u:

Vn vay: 60%

Vn gp: 40%

2.

Tng doanh thu trong nm l 3000 tr. v thc t trong 1 doanh

thu ch c 0,15 LN trc thu. Cty dnh ra 80% LN sau thu u
t

3.
4.

Vn vay c li sut vay l 10%/nm

Cty d tnh nu pht hnh c phiu thng mi th mnh gi bng
gi pht hnh, trong khi chi ph pht hnh l 4%. Li tc ca 1 c
phiu m cc c ng i hi l 10% v t l tng trng c tc l 2%

5.

Thu sut thu TNDN l 32%

Yu cu: Tnh chi ph s dng vn bnh qun ca cty khi nhu cu vn

u t l 500tr, 800tr

BI LM:
Ta c: G : mnh gi
d = G x 0,1
G = 2%
Chi ph s dng v c phiu thng:
Rs=dG+g=Gx0,1G+0,02=0,12=12%
* im nhy:

Khi dng ht LNGL, huy ng vn cty s pht hnh c phiu

thng mi:

LN sau thu = 3000 x 0,15 x (1 0,32) = 306 tr.

LN gi li = 306 x 0,8 = 244,8 tr.

BP = 244,8/0,4 = 612 tr.

Khi nhu cu vn u t ca cty l 500 tr. (0 __< 621tr.)

Chi ph s dng vn bnh qun ca cty khi nhu cu vn u t l 500tr:

WACC = W . R + W . R
1

= 0,6 x 0,1 x (1 0,32) + 0,12 x 0,4 = 8,88%

Khi nhu cu vn u t ca cty l 800 tr. ( > 612 tr.)

Rs=dG(1-e)+g=Gx0,1G(1-0,04)+0,02=0,1242=12,42%
Chi ph s dng vn bnh qun ca cty khi nhu cu vn u t l 800tr:
WACC = W . R + W . R
2

= 0,6 x 0,1 x (1 0,32) + 0,1242 x 0,4 = 9,048%

Bi 24:
bi:
Vn ca cng ty A l 2.000 triu trong :
- Vay 800 triu vi li sut 10%.
- Vn gp (c phiu thng) : 1.000 triu ng. T sut danh li cc c
ng i hi l: 9%. Tc tng li nhun trung bnh hng nm l 0.5%/
nm.
- Vn gp (c phn u i) : 200 triu vi t sut danh li i hi : 8%.
Hy tnh chi ph s dng vn bnh qun ca cng ty A. Bit thu sut
thu TNDN l 32%.

Gii:
Theo bi ta c biu: Ngun vn ca cng ty A

S
TT

1.

Ngun vn

Vn vay

Gi tr (triu
ng)

800

T
trng
(%)
Wd =

40
2.

Vn c phn
thng

3.

Vn c phn u
i
Cng

1.000

Ws =
50

200

We =
10

2.000

100

Chi ph s dng vn vay (Rd):

Rd = 10%.
Chi ph s dng vn c phn thng (Rs):
Rs = 9% + 0,5% = 9,5%.
Chi ph s dng vn c phiu u i (Re):
Re = 8%.
Adct tnh chi ph s dng vn bnh qun (WACC) :
WACC = Wd*Rd*(1-t) + We*Re + Ws*Rs.
Ta c: WACC = 0.4*10%*(1-0.32) + 0.1*8% + 0.5*9.5%
=8.27%.
KL: Chi ph s dng vn bnh qun ca cng ty A l: 8.27%.

Bai 25
Cng ty ABC hin ang co nhu cu u t m rng san xut vi tng s
vn la 1500 triu vao tai san c inh ( bo 1 ln vao u nm) va do vy thu
nhp t khu hao va LN rong mi nm tng thm so vi hin nay la 300tr
lin tuc trong 6 nm. Ban giam c cng ty cho bit tt ca cac d an u t
chi c thc thi khi gia tri hin tai rong dng. Anh chi hay xac inh NPV
cua d an nay khng inh tinh kha thi cua d an
Bit rng vn u t c hinh thanh t cac ngun sau:
a)

Vn vay 1000 triu , thi gian vay la 4 nm , mi nm vay phai tra

ca gc va lai nh sau:

N1 : 100tr
N2: 300tr
N3: 300tr
N4: 500tr
b)

Phat hanh c phiu thng ,s lng la 300 c phiu , gia ban la

1000000/cp
D tinh chi phi phat hanh chim 4% gia ban va cac c ng oi hoi
li tc co phn la 100000 trong khi ti l tng trng c tc hang
nm u n va bng 3%

c)

Phat hanh c phiu u ai co s lng la 200 c phiu vi gia ban

1000000/cp, c tc phai tra la 90000/cp , tit l chi phi phat hanh
chim 5% gia ban . bit thu sut thu TNDN la 32% .
Gii :

Xc nh NPV ca d n ny
p dng cng thc :

NPV: Gi tr hin ti thun ca d n u t

CF : Dng tin thun ca u t nm t
t

CF : Vn u t ban u ca d n
0

R: Vng i ca d n
*Tnh chi ph s dng vn bnh qun :
WACC = W *R ( 1-t) +W *B + W R

Trong :

Tnh chi ph s dng vn vay (R )

p dng cng thc

Gi A
Chn r = 5%
1

= 38,75 > 0 (tha mn yu cu)

+ Chn r = 10%
2

Chi ph s dng vn vay

Chi ph s dng c phiu u i (R )

e

- Chi phi s dng c phiu i chng

Vy chi ph s dng vn bnh qun

WACC= 66,67% +*6,43%(1-32%)+13,33%*9,47%
+20%*13,42% = 6,86%
Vy

Vy d n khng kh thi nn cng ty khng nn u t