BI TP MU CHNG 3

Bi 1:
NH Ngoi thng s hu 1 l tri phiu chnh ph c mnh gi 100 t ng vi thi hn 3 nm, li sut
9%/nm, tr li mt ln khi o hn, ngy pht hnh 20/4/2008, ngy o hn 20/4/2011.
Vo ngy hm nay 20/1/2011, NH Ngoi thng thiu vn nn mang l tri phiu ni trn n NH nh nc
Vit Nam xin chit khu khng k hn (khng hon li). NH nh nc sau khi kim tra l tri phiu
thy hp l v m bo kh nng thanh ton nn ng nhn chit khu vi li sut 7%/nm.
NH Ngoi thng lm th tc chuyn nhng l tri phiu cho NH nh nc (NH Ngoi thng k
chuyn nhng vo l tri phiu v chuyn giao bn gc cho NH nh nc).
Yu cu:
1.
Xc nh gi tr ca l tri phiu ti thi im o hn (gi tr chit khu)
2.
Xc nh s tin NH nh nc thanh ton cho NH Ngoi thng khi chit khu l tri phiu ni trn.
3.
Xc nh thi hn xut trnh, i tng xut trnh v s tin NH nh nc nhn c khi l tri
phiu ti hn
Gii:

1.

2.

L tri phiu di hn, li c thanh ton 1 ln khi o hn dng cng thc 4

Xc nh gi tr l tri phiu ti thi im o hn (20/4/2011):
GT = MG (1+ LS x n) = 100 (1 + 9% x 3) = 127 t.
T gi thit c :
GT = 127 t, L = 7%,
T: t 20/1 20/4 vi
T1 : 31 20 = 11 ngy (khng tnh ngy pht hnh)
T2 : 28 ngy (lu : nm nhun l nm c s nm chia ht cho 4 s c 29 ngy trong T2)
T3 : 31 ngy
T4 : 20 ngy
Vy T = T1+T2+T3+T4 = 11+28+31+20 = 90 ngy
Xc nh s tin NH nh nc thanh ton cho NH Ngoi thng khi chit khu l tri phiu:

G=

GT
127
=
= 124.845.138.702
L T
7% 90
1+
1+
365
365

3.

Thi hn xut trnh: 20/4/2011

Ngn hng nh nc xut trnh l tri phiu cho kho bc nh nc. Kho bc nh nc phi thanh
ton cho NH nh nc 127 t (chuyn tin vo ti khon ngn hng nh nc.
Gi s ti NH Ngoi thng li sut cho vay ngn hn 15%/nm, chi ph kinh doanh 3.6%/nm th
Nh Ngoi thng c li g khi thc hin giao dch ni trn ?
Xc nh kt qu kinh doanh ca NH Ngoi thng
Kt qu kinh doanh tn dng
Thu li cho vay ngn hn = 124.845.138.702

Chi ph kinh doanh = 124.845.138.702

15%
90 = 4.681.692.701
360

3.6%
90 = 1.123.606.248
360

Page 1 / 13 Jeffrey Q Ngo & Revd by: Tuong Vy

Li tn dng = 4.681.692.701 - 1.123.606.248 = 3.558.086.

Thit hi do chit khu sm = 127.000.000.000 124.845.138.702 = 2.154.861.298
Kt qu u t ti chnh
Gi mua l tri phiu ngy 20/4/2008 : 100 t
Gi bn 20/1/2011 : 124.845.138.702
Gi s chi ph vn u vo ca NH Ngoi thng bnh qun 6%/nm th li nhun u t ti chnh
ca NH Ngoi thng :
P = 124.845.138.702 (100.000.000.000 + 100.000.000.000 x

6%
x (365 x3 90))
360

= 8.095.138.701
Bi 2 :
NH Nng nghip Vit Nam s hu 1 l tri phiu chnh ph c mnh gi 600 t ng, thi hn 3 nm, li
sut 9.8%/nm, tr li mt ln khi o hn, ngy pht hnh 18/12/2009, ngy o hn 18/12/2012.
Vo ngy hm nay 22/1/2011, NHNN cn vn cho vay ngn hn (vn kh dng). Do NHNN np h s
xin chit khu l tri phiu ni trn ti S giao dch NH nh nc VN vi thi hn 270 ngy. S giao dch
ng nhn chit khu vi li sut 7%/nm. NHNN lm th tc chuyn nhng tm thi l tri phiu cho
NH nh nc VN.
Yu cu :
1.
Xc nh l tri phiu ti thi im o hn
2.
Xc nh s tin NH nh nc thanh ton cho NHNN khi chit khu c k hn l tri phiu ni
trn.
3.
Xc nh s tin NHNN thanh ton cho NH nh nc khi ht hn chit khu.
4.
Xc nh kt qu kinh doanh ca NHNN qua nghip v trn. Bit rng li sut cho vay ngn hn
hin ang p dng ti NHNN l 15.6%. Chi ph kinh doanh 3.6%/nm.
Gii :
1.
2.

Xc nh gi tr o hn ca l tri phiu
GT = MG (1+ L x n) = 600 (1+ 9.8% x 3) = 776.400.000.000
S tin NH nh nc thanh ton cho NHNN

G=

GT
776.400.000.000
=
= 684.970.511.457
LT
7% 696
1+
1+
365
365

Vi: L = 7%
T t 22/1/2011 18/12/2012 (nm nhun)
T = 343 + (366 13) = 696.
S tin 684.970.511.457 s c nhn vo 22/1/2011

3.

S tin NHNN thanh ton cho NH nh nc khi ht hn chit khu (ngy 19/10/2011)

L Tb

7% 270
GV = G 1 +
= 684.970.511.457 1 +
= 720.438.847.530
365
365

4.

Kt qu kinh doanh
Thu li cho vay = 684.970.511.457 x 270 x

15.6%
= 80.141.549.840
360

Page 2 / 13 Jeffrey Q Ngo & Revd by: Tuong Vy

Chi ph kinh doanh = 684.970.511.457 x 270 x

3 .6 %
= 18.494.203.809
360

Chi ph s dng vn = 720.438.847.530 684.970.511.457 = 35.468.336.073

Li nhun ca NHNN = 80.141.549.840 (18.494.203.809+35.468.336.073)
= 26.179.009.958
BI TP MU CHNG 4
Bi 1: Giao dch mua bn hn (khng k hn)
Ngy hm nay 25/1/2011, NHTW thng bo bn tn phiu kho bc vi khi lng 1000 t ng thi hn 274
ngy theo phng thc u thu li sut. C 3 NH tham gia u thu vi khi lng v li sut trng thu
nh sau:
Ngn hng
Khi lng trng thu
Li sut
A
300 t
9%/nm
B
300 t
9.25%/nm
C
400 t
9.5%/nm
Yu cu:
Hy xc nh gi thanh ton gia NHTW vi cc NH A,B,C
Hy xc nh kt qu u t ti chnh ca 3 NH ni trn khi l tn phiu n hn. Bit rng chi ph s dng
vn bnh qun ca NH A l 6%, NH B l 6.2%, NH C l 6.5%.
Gii
1.
Xc nh gi thanh ton gia NHTW v cc NHTM
NHTW bn tn phiu NHTW nhn c tin lng tin cung ng gim.
NHTM A, B, C mua tr tin v nhn c tn phiu (u t ti chnh).
Gi thanh ton gia NHTW vi cc i tc

Gd = G =

MG
LT
1+
365

Cc NHTM phi thanh ton cho NHTW:

300.000.000.000
= 281.014.217.523
9% 274
1+
365
300.000.000.000
i vi NH B =
= 280.521.077.508
9.25% 274
1+
365
400.000.000.000
= 373.372.887.991
i vi NH C =
9.5% 274
1+
365

i vi NH A =

2.

Xc nh kt qu u t ti chnh khi l tn phiu ti hn:

Vo ngy 25/10/2011, l tn phiu n hn thanh ton
NHA c thanh ton 300 t
NHB c thanh ton 300 t
NHC c thanh ton 400 t
Kt qu u t ti chnh ca tng NH nh sau

6%
x 274 = 6.152.799.877
360
6 .2 %
B = 300.000.000.000 (280.521.077.508 + 280.521.077.508 x
x 274 = 6.241.444.534
360
6 .5 %
x 274 = 8.155.526.572
C = 400.000.000.000 (373.372.887.991 + 373.372.887.991 x
360

A = 300.000.000.000 (281.014.217.523 + 281.014.217.523 x

T sut sinh li (ROE)

Page 3 / 13 Jeffrey Q Ngo & Revd by: Tuong Vy

6.152.799.877
= 2.19%
281.014.217.523
6.241.444.534
B=
= 2.22%
280.521.077.508
8.155.526.572
C=
= 2.18%
373.372.887.991
A=

Bi 2:
NH Cng thng s hu 1 l tri phiu chnh ph c tng mnh gi 100 t ng, thi hn 3 nm, li sut
9%/nm, tr li nh k hng nm, ngy pht hnh 20/10/2010, ngy o hn 20/10/2013.
Vo ngy hm nay 25/1/2011, NH cng thng cn vn cho vay ngn hn nn u thu bn l tri
phiu trn th trng m theo phng thc c k hn:
K hn giao dch 180 ngy
Li sut trng thu 8.25%
Yu cu:
1.
Xc nh gi tr l tri phiu ti thi im giao dch (25/1/2011)
2.
Xc nh s tin NH Cng thng thanh ton cho NHTW khi mua l tri phiu ni trn. Cho bit t
l gia gi thanh ton v gi tr l tri phiu l H = 5%
3.
Xc nh s tin NH Cng thng mua li l tri phiu khi n hn giao dch.
4.
Xc nh kt qu kinh doanh ca NH Cng thng. Bit rng s tin ca NH Cng thng ton b
cho vay ngn hn vi li sut 16%/nm, chi ph kinh doanh tn dng 3.6%/nm.
Gii
1. Xc nh l tri phiu ti thi im nh gi (25/01/2011) dng cng thc 6

G=

Ci
Ti
L

1 + 365
K

9.000.000.000
9.000.000.000
+
268
634
8.25% 365 8.25% 365
1 +

1 +

1
1

109.000.000.000
999
8.25% 365
1 +

= 8.491.066.657 + 7.842.268.548 + 87.740.033.018 = 104.073.401.223

2. Xc nh gi thanh ton gia NHTW v NHCT (gi NHCT bn l tri phiu)
Gd = G (1 H ) = 104.073.401.223(1 5%) = 98.869.731.162
Gi NH Cng thng mua li l tri phiu (sau 180 ngy)

Gv = Gd (1 +

L Tb
8.25% 180
) = 98.869.731.162(1 +
) = 102.892.239.402
365
365

Kt qu kinh doanh ca NH Cng thng

Page 4 / 13 Jeffrey Q Ngo & Revd by: Tuong Vy

16%
= 7.909.578.493
360
3 .6 %
Chi ph kinh doanh = 98.869.731.162 x 180 x
= 1.779.655.161
360

Thu li cho vay = 98.869.731.162 x 180 x

Chi ph s dng vn = 102.892.239.402 - 98.869.731.162 = 4.022.508.240

Kt qu NH Cng thng li = 7.909.578.493 (1.779.655.161+ 4.022.508.240) = 2.107.415.092

BI TP THY CHO
Bi 1 : Ngy 18/01/2011, Ngn hng Thi Bnh Dng xin chit khu khng hon li mt l Tn phiu ti
NHTW. L Tn phiu c ni dung nh sau:
- Tng mnh gi : 80.000.000.000
-Thi hn
-Li sut

: 1 nm
: 9,25% nm, tr li khi pht hnh (tr li trc khng chit khu)

- Ngy pht hnh 15/4/2010, ngy o hn : 15/4/2011

NHTW ng nhn chit khu vi li sut 7,00%nm
Yu cu: 1, Xc nh s tin thanh ton cho Ngn hng Thi Bnh Dng
2, Xc nh kt qua kinh doanh ca NH Thi Bnh Dng( Bao gm li nhun u t ti chnh v
li nhun kinh doanh tn dng ) Bit rng li sut cho vay ngn hn ti NH Thi Bnh Dng16%
nm, chi ph kinh doanh tn dng 4,2% nm, chi ph vn B/q u vo l 8,00 % nm
Gii:
1.
T = (31-18)+28+31+15= 87
Gi pht hnh = MG = 80 80 x 9,25% = 72,6 t
Xc nh s tin thanh ton cho Ngn hng Thi Bnh Dng

G=
2.

MG
80.000.000.000
=
= 78.687.110.943
L T
7% 87
1+
1+
365
365

Xc nh kt qu kinh doanh:
Thu li cho vay ngn hn = 78.687.110.943 x
Chi ph kinh doanh = 78.687.110.943 x

16%
x 87 = 3.042.568.290
360

4.2%
x 87 = 798.674.176
360

Li nhun kinh doanh tn dng = 3.042.568.290 - 798.674.176 = 2.243.894.114

Kt qu u t ti chnh
Gi mua l tn phiu ngy 15/4/2010 : 72,6 t
Li nhun u t ti chnh ca NH Thi Bnh Dng:
P = 78.687.110.943 (72.600.000.000 + 72.600.000.000 x

8%
x (365 87)
360

= 1.602.044.277
Kt qu kinh doanh = 2.243.894.114 + 1.602.044.277 = 3.845.938.391
Bi 2 : Ngy 20/01/2011, Ngn hng i Phong xin chit khu khng hon li mt l Tri phiu Chnh
ph ti NHTW. L Tri phiu c ni dung nh sau:
- Tng mnh gi : 100.000.000.000
-Thi hn

: 3 nm

-Li sut

: 9,5% nm, tr li mt ln khi o hn

- Ngy pht hnh 20/4/2008, ngy o hn : 20/4/2011

Page 5 / 13 Jeffrey Q Ngo & Revd by: Tuong Vy

NHTW ng nhn chit khu vi li sut 7,00%nm

Yu cu: 1, Xc nh s tin thanh ton cho Ngn hng i Phong
2, Xc nh kt qua kinh doanh ca NH i Phong( Bao gm li nhun u t ti chnh v li
nhun kinh doanh tn dng ) bit rng li sut cho vay ngn hn ti NH i Phong 16% nm, chi
ph kinh doanh tn dng 4,3% nm, Chi ph vn B/q u vo 7,8 % nm
Gii
1. T = (31-20)+28+31+20 = 90 ngy
GT = MG x (1 + Ls x n) = 100.000.000.000 x (1+9.5% x 3) = 128.500.000.000
S tin thanh ton cho ngn hng i Phong

GT
128.500.000.000
=
= 126.319.687.584
L T
7% 90
1+
1+
365
365
16%
2. Thu li cho vay = 126.319.687.584 x
x 90 = 5.052.787.503
360
4, 3%
Chi ph kinh doanh = 126.319.687.584 x
x 90 = 1.357.936.642
360
G=

Li tn dng = 5.052.787.503 - 1.357.936.642 = 3.694.850.862

Li nhun u t ti chnh = 126.319.687.584 (100.000.000.000+100.000.000.000x

7.8%
(365x3-90))
360

= 4.544.687.584
Kt qu kinh doanh = 3.694.850.862 + 4.544.687.584 = 8.239.538.446
Ba 3 : Ngn hng Qun i ang s hu mt l Tri phiu Chnh ph c tng mnh gi l 100 t ng ,
thi hn 3 nm, li sut sut 9,5% nm, tr li nh k hng nm.
Ngy pht hnh 22/12/2009, ngy o hn 22/12/2012.
Vo ngy 18/1/2011, Do cn vn cho vay ngn hn, Ngn hng Qun i xin chit khu c hon
li vi thi hn 180 ngy ti S Giao dch NHNN Vit Nam v c S GD ng chit khu vi thi
hn 180 ngy, li sut 7,0 % nm
1. Xc nh gi tr l Tri phiu ti thi im chit khu
2. Xc nh s tin NHNN thanh ton cho Ngn hng Qun i, khi chit khu l Tri trn.
3. Xc nh s tin Ngn hng Qun i phi thanh ton cho NHNN khi ht hn chit khu
4. Gi s li sut cho vay ngn hn ti Ngn hng Qun i l 16% nm, chi ph kinh doanh tn
dng 4,2 % nm,th Ngn hng Qun i c li bao nhiu khi chit khu c k hn nh trn ?
Nu nhn xt
Gii
1. Gi tr l tri phiu ti thi im chit khu

G=

C
i
T
i
L 365

1 +
K

9.500.000.000 109.500.000.000
= 105.026.651.600
+
338
704
7% 365
7% 365
1 +

1 +

1
1

S tin NHNN thanh ton cho NH Qun i

Gd = G = 105.026.651.600
2. S tin NH Qun i phi thanh ton cho NHNN khi ht hn chit khu

L Tb
GV = G 1 +
365

7% 180
= 108.652.229.163
= 105.026.651.600 1 +
365

Page 6 / 13 Jeffrey Q Ngo & Revd by: Tuong Vy

3.

16%
x 180 = 8.402.132.128
360
4.2%
Chi ph kinh doanh tn dung = 105.026.651.600 x
x 180 = 2.205.559.684
360
Thu li vay kinh doanh = 105.026.651.600 x

Li kinh doanh = 8.402.132.128 - 2.205.559.684 = 6.196.572.444

Chi ph s dng vn = 108.652.229.163 - 105.026.651.600 = 3.625.577.562
Vy NH Qun i c li 6.196.572.444 - 3.625.577.562 = 2.570.994.882 do chit khu sm.
Ba 4 :

NHTM SCB s hu mt l Tri phiu Chnh ph, vi ni dung nh sau:

Tng mnh gi
: 300.000.000.000
Thi han
: 3 nm
Li sut 9,8% tr li mt ln khi o hn
Ngy pht hnh :
15/10/2009
Ngy o hn
: 15/10/2012
Vo ngy 20/01/2011, NHTM SCB xin chit khu c k hn ti S giao dch NHNN vi thi hn l
270 ngy. NHNN nhn chit khu vi li sut chit khu 7,0%/nm
1. Xc nh gi tr l Tri phiu ti thi im chit khu
2. Xc nh s tin NHNN thanh ton cho Ngn hng SCB, khi chit khu l Tri trn.
3. Xc nh s tin Ngn hng SCB phi thanh ton cho NHNN khi ht hn chit khu
4. Ngn hng SCB s dng s tin nhn c cho vay ngn hn vi li sut 16% nm, chi ph
kinh doanh tn dng 4,4% nm. Hy xc nh kt qu kinh doanh ca NH SCB qua nghip v
trn

Gii:

T = 634
Gi tr l tri phiu khi n hn thanh ton :
GT = MG x (1 + Ls x n) = 300.000.000.000 x (1 + 9,8% x 3) = 388.200.000.000
Gi tr l tri phiu ti thi im chit khu:
1.

G=

GT
388.200.000.000
=
= 346.116.077.972
L T
7% 634
1+
1+
365
365

2. S tin NHNN thanh ton cho SCB:

Gd=G=346.116.077.972
3. S tin SCB phi thanh ton li cho NHNN

GV = G (1 +

L Tb
7% 270
) = 346.116.077.972 (1 +
) = 364.038.252.968
365
365

Thu li cho vay = 346.116.077.972 x

16%
x 270 = 41.533.929.357
360

Chi ph kinh doanh = 346.116.077.972 x

4.4%
x 270 = 11.421.830.573
360

4.

Chi ph s dng vn = 364.038.252.968 - 346.116.077.972 = 17.922.174.996

Kt qu kinh doanh = 41.533.929.357 (11.421.830.573+17.922.174.996) = 12.189.923.787

Page 7 / 13 Jeffrey Q Ngo & Revd by: Tuong Vy

Bi 5 : NH CT VN c nhu cu vay vn nc ngoi vi s tin 500 triu USD, Thi hn 7 nm. NHCTVN
np h s xin c NHNN bo lnh theo yu cu ca NH nc ngoi. NHNN kim tra thy h s hon ton
y hp l.
Yu cu :
1/ Xc nh Hn mc bo lnh nm 2011 cho NH CT VN
2/ Xc nh s tin bo lnh cho NH CTVN k ny. Bit rng n ngy 31/12/2010 vn Ch s hu ca
NH CT VN nh sau :
- Vn u l
: 8.850 t VND
- Qu d tr b sung vn iu l : 570 t VND
- Qu d phng ti chnh
: 350 t VND
- Qu u t pht trin nghip v : 750 t VND
- Qu Khen thng phc li
: 350 t VND
+ D n thc t vay nc ngoi ca NHCTVN n 31/12/2010 l 2.250.000.000 USD.
+ T gi b/q th trng ngoi t lin ngn hng USD/VND =19.450
Gii
1. Vn t c cp I ca NH CT = 8.850+570+350+750 = 10.520 t VND
Tng hn mc bo lnh nm 2011 = 10.520 x 6 = 63.120 t VND = 3.245.244.216 USD
2. Mc bo lnh cn li ti a = 3.245.244.216 - 2.250.000.000 = 995.244.216 USD
Bi 6: Ngy 25/01/2011, NHTW thng bo bn Tn phiu kho bc theo phng thc u thu li sut vi
ni dung nh sau:
a.Khi lng thng bo bn 600.t VND
b.Thi hn Tn phiu 274 ngy.
c.Phng thc xt thu: Xt thu li sut thng nht.
d.Cc i tc d thu vi khi lng v li sut theo bng di y: (t VND)
Khi lng t thu
Li sut u thu
NHA NHB NHC NHD Tng cng S tch ly
(A)
(1)
(2)
(3)
(4)
(5)
(6)
8,75%
20
10
30
30
90
90
9,00%
20
20
20
20
80
170
9,25%
30
30
30
30
120
290
9,50%
40
50
50
50
190
480
9,75%
50
60
60
70
240
720
10,00%
40
30
10
80
800
Cng
200
200
200
200
800
Yu cu:

1, Xc nh li sut trng thu cao nht thc hin ng khi lng cn bn.
2, Xc nh khi lng trng thu v gi c giao dch cho cc i tc.
3, Nu xt thu li sut ring l, hy xc nh mc gi c giao dch cho tng i tc v nu

nhn xt
Gii:
1. Li sut trng thu l li sut ti c khi lng ly k khi lng thng bo
Li sut trng thu l 9.75%
Khi lng trng thu ca cc i tc mc li sut 9,75% c iu chnh li nh sau:
600 480
= 25
240
600 480
NHB: 60 x
= 30
240
600 480
= 30
NHC: 60 x
240

NHA: 50 x

Page 8 / 13 Jeffrey Q Ngo & Revd by: Tuong Vy

NHD: 70 x
2.

600 480
= 35
240

Tng khi lng trng thu ca cc ngn hng:

NHA = 20+20+30+40+25 = 135
NHB = 10+20+30+50+30 = 140
NHC = 30+20+30+50+30 = 160
NHD = 30+20+30+50+35 = 165
Gi c giao dch p dng theo cng thc sau: Gd =

Ngn hng
A
B
C
D

3.

Khi lng trng thu

135
140
160
165

KLtrungthau
L T
(1 +
)
365

Gi c giao dch (Ls = 9,75%, T = 274

125,793
130,452
149,088
153,747

Xt thu li sut ring l:

Li sut u thu
(A)
8,75%
9,00%
9,25%
9,50%
9,75%
Cng
Li sut u thu
8,75%
9,00%
9,25%
9,50%
9,75%

NHA
(1)
20
20
30
40
25
135

NHA
18,767
18,734
28,052
37,337
23,925

Khi lng t thu

NHB
NHC
NHD
(2)
(3)
(4)
10
30
30
20
20
20
30
30
30
50
50
50
30
30
35
140
160
165
Gi c giao dch
NHB
NHC
9,384
28,151
18,734 18,734
28,052 28,052
46,672 46,672
27,954 27,954

Tng cng
(5)
90
80
120
190
120
60

NHD
28,151
18,734
28,052
46,672
32,613

Xt thu li sut ring r, cc mc li sut trng thu s ln lt l 8,75%, 9,00%, 9,25%, 9,50%,
9,75% vi tng mc khi lng tng ng ca tng ngn hng nh bng bn trn.
Nhn xt: Vi kiu xt thu li sut ring l th NH no t mc li sut cao s c li hn tuy nhin
khi lng trng thu s thp hn so vi cc NH khc.
Bi 7 : BIDV s hu mt l Tri phiu co ni dung nh sau:
- Mnh gi 800 t VND
-

Thi hn 3 nm

Li sut 9,2 % nm, tr li nh k hng nm

Ngy pht hnh 18/5/2008, ngy o hn 18/5/2011.

Vo ngy 20/2/2011 BIDV trng thu bn hn l TP ny cho NHNN vi li sut trng thu l
9,5% nm.Ton b s tin thu c BIDV em cho vay ngn hn Yu cu:
1/ Xc nh gi c giao dch gia NHNN vi BIDV (Gi tr l TP ti thi im nh gi- G)
2/ Xc nh kt qu kinh doanh ca BIDV qua nghip v trn, bit rng:
Chi ph vn bnh qun u vo ca BIDV l 7,5% nm

Li sut cho vay ngn ti BIDV l 16% nm

Page 9 / 13 Jeffrey Q Ngo & Revd by: Tuong Vy

Chi ph kinh doanh tn dng ca BIDV l 4,1% nm

3/ Nu BIDV khng bn l TP m ch n hn thanh ton Tri phiu, th kt qu qu kinh doanh
nh th no? Nu nhn xt.

Gii

1. T = (28-20)+31+30+18 = 87
Li tr dnh k = 800.000.000.000 x 9.2% = 73.600.000.000
Gi tr l tri phiu ti thi im nh gi:

G=

C
i
T
i
L 365

1 +
K

800.000.000.000 9.2% + 800.000.000.000

= 854.905.334.617
87
9.5% 365
1 +

2. S tin li thu c t tri phiu trong nm 2009 & 2010 s c NH em i cho vay.
Thu li cho vay = 854.905.334.617 x

16%
16%
x 87 +73.600.000.000 x
x (365 + 365 x 2)
360
360

= 68.875.006.272
Chi ph kinh doanh = 854.905.334.617 x

4,1%
4,1%
x 87+73.600.000.000 x
x (365 + 365 x 2) =
360
360

17.649.220.357
Chi ph s dng vn = 800.000.000.000 x

7, 5%
x (365 x 3 87) = 168.000.000.000
360

Kt qu kinh doanh = (854.905.334.617+68.875.006.272+73.600.000.000 x 2) (800.000.000.000 +

17.649.220.357+168.000.000.000)
= 85.331.120.532
3. Nu NH BIDV khng bn l tri phiu ni trn th
Gi tr l tri phiu vo thi im o hn = 800.000.000.000 + 73.600.000.000 x 3
= 1.020.800.000.000
Tin li thu c do u t khon li nh k = 73.600.000.000 x

16%
(365 + 365 x 2)
360

= 35.818.666.667

4,1%
x (365 + 365 x 2) = 9.178.533.333
360
7, 5%
Chi ph s dng vn = 800.000.000.000 x
x 365 x 3= 182.500.000.000
360

Chi ph kinh doanh = 73.600.000.000 x

Kt qu kinh doanh = 1.020.800.000.000 + 35.818.666.667 (800.000.000.000 + 9.178.533.333 +

182.500.000.000)
= 64.940.133.333

Page 10 / 13 Jeffrey Q Ngo & Revd by: Tuong Vy

Bi 8 : NHHQ s hu mt l TP c mnh gi 600 t VND, Thi hn 3 nm, L/s 10% nm , tr mt ln khi

o hn. Ngy pht hnh 18/3/2010, ngy o hn 18/3/2013. Ngy 15/3/211, do cn vn kh dng cho
vay ngn hn, NHHQ trng thu bn cho NHNN l TP ny vi k hn 270 ngy, L/s trng thu 9,50%%
nm .
Yu cu : 1/Xc nh gi NHNN thanh ton cho NHHQ, bit rng NHNN cng b t l chnh lch gia gi
tr CTCG ti thi im nh gi v gi thanh ton l 0,02
2/ Xc nh gi NHHQ mua li l TP khi n hn
3/ Nu L/s cho vay ngn hn ang p dng ti NHHQ la 16,00 % nm, chi ph kinh doanh tn
dng l 4,5% nm, th giao dch k hn ni trn ca NHHQ c nn thc hin hay khng ? Hy gi nh cc
tnh hung l gii
Gii:
1. T = 734 ngy
`GT = MG x (1 + Ls x n) = 600 x (1+10% x 3) = 780.000.000.000

G=

GT
780.000.000.000
=
= 654.889.241.598
9.5% 734
L T
1+
1+
365
365

Gi thanh ton cho NHHQ:

Gd = G x (1-h) = 654.889.241.598 x (1-0.02) = 641.791.456.766
2. Gi NHHQ mua li l tri phiu khi ti hn

L Tb
GV = G 1 +
365

9.5% 270
= 686.892.692.016
= 641.791.456.766 1 +
365

16%
3. Thu li cho vay = 641.791.456.766 x
x 270 = 77.014.974.812
360
4.5%
Chi ph kinh doanh tn dng = 641.791.456.766 x
x 270 = 21.660.461.666
360
Chi ph s dng vn = 686.892.692.016 - 641.791.456.766 = 45.101.235.249
Kt qu kinh doanh = 77.014.974.812 (21.660.461.666 + 45.101.235.249) = 10.253.277.897

Bi 9 : Mt l Tn phiu Kho bc c mnh gi l 300 t VND, thi hn 274 ngy ( pht hnh ngy
28/7/2010, o hn ngy 30/4/2011 ) li sut 10% nm, tr mt ln khi o hn. Vo ngy 31/01/2011
NHPK trng thu bn hn l TP cho NHNN vi L/S 9.6% nm. Ton b s tin thu oc NHPK em cho
vay ngn hn vi L/s 16,20% nm, chi ph kinh doanh tn dng 4,5% nm
Yu cu 1/ Xc nh gi NHNN thanh ton cho NHPK
2/ Xc nh kt qu kinh doanh ca NHPK ( Bao gm li u t ti chnh v li kinh doanh tn
dng )
3/ Nu NHPK khng bn l TP trn m ch n hn nhn vn v li TP th kt qu kinh doanh
nh th no ? Cho nhn xt
Gii:

Nu ly T = 30/4/2011 - 31/01/2011 = 276 ngy nhng v bi cho 274 nn ly 274 ngy

1. GTCG ngn hn, li tr 1 ln khi n hn
GT = MG x (1+

10% 274
Ls n
) = 300.000.000.000 x (1+
) = 322.520.547.945
365
365

Page 11 / 13 Jeffrey Q Ngo & Revd by: Tuong Vy

Gi tr m NHTW mua li l tri tn phiu:

GT
322.684.931.507
=
= 315.143.597.541
L T
9.6% 89
1+
1+
365
365
16.2%
Thu li kinh doanh = 315.143.597.541 x
x 89 = 12.465.680.081
360
4.5%
Chi ph kinh doanh = 315.304.221.189 x
x 89 = 3.505.972.523
360
G=

Li kinh doanh tn dng = 12.472.033.638 - 3.507.759.461 = 8.959.707.558

D liu bi cho thiu li sut huy ng vn nn khng tnh c li u t ti chnh v cu 3
Bi 10 : Mt l TP c MG 1000 t VND, Thi hn 3 nm, L/s 9,5 % nm, tr li mt ln khi o hn.
Ngy pht hnh 25/12/2009, ngy o hn 25/12/2012. Vo ngy 15/2/2011, NHNN t chc u thu bn
c k hn l TP ni trn vi thi hn 90 ngy . NHA trng thu mua 500 t VND vi L/s 8.5 % nm , NHB
trng thu mua 500 t VND vi L/s 8, 7 % nm
Yu cu : 1/ Xc nh gi thanh ton gia NHNN vi NHA v NHB ( G ). Bit rng NHNN quy nh t l
chnh lch gia gi tr giy t c gi ti thi im nh gi v gi thanh ton l 0,03
2 / Xc nh gi NHNN mua li l TP ni trn i vi tng NH khi n hn ( Gv )
3/ Xc nh kt qu kinh doanh tin t ca NHA v NHB nu nhn xt.
Gii:

1.

GT = MG (1 + Ls n ) = 1000 x (1+9.5% x 3) = 1.285.000.000.000

Gi tr l tri phiu ti thi im nh gi NHA mua:

GA =

GT
1.285.000.000.000 2
=
= 554.776.859.113
L T
8.5% 679
1+
1+
365
365

Gi tr l tri phiu ti thi im nh gi NHB mua:

GB =

GT
1.285.000.000.000 2
=
= 553.000.308.909
L T
8.7% 669
1+
1+
365
365

Gi thanh ton gia NHTW vi NHA:

G dA = G (1 h) = 554.776.859.113 x (1-0.03) = 538.133.553.340
Gi thanh ton gia NHTW vi NHB:
G dB = G (1 h) = 553.000.308.909 x (1-0.03) = 536.410.299.642
2. Gi NHTW mua li l tri phiu ni trn i vi NHA:

GVA = GdA (1 +

L Tb
8.5% 90
) = 538.133.553.340 (1 +
) = 549.412.242.882
365
365

Gi NHTW mua li l tri phiu ni trn i vi NHB:

GVA = GdB (1 +

L Tb
8.7% 90
) = 536.410.299.642 (1 +
) = 547.917.402.782
365
365

Bi 11: Ngy 20/2/2011 NHTW t chc u thu bn c k hn mt l Tri phiu Chnh ph vi ni dung
nh sau:
- Tng mnh gia TP : 500.000 Triu ng

Page 12 / 13 Jeffrey Q Ngo & Revd by: Tuong Vy

Thi hn TP
: 3 nm
Li sut TP
: 10,0 %/ nm, tr li nh k hng nm
Ngy pht hnh : 20/10/ 2008

Ngy o hn : 20/10/ 2011

- K hn giao dch : 120 ngy

NH H Ni trng thu mua l TP ni trn vi li sut trng thu l 9,2 %/nm .
Yu cu :
1 . Xc nh gi tr l Tri phiu ti thi im nh gi v gi c giao dch gia NHTW vi NH
H Ni. Bit rng t l chnh lch gia gi tr chng t c gi ti thi im nh gi v gi thanh
ton ( h ) c NHTW quy nh l 0,02
2 . Xc nh gi NHTW mua li l Tri phiu ni trn khi n hn
3 . Nu L/s cho vay ti NH H Ni l 16% nm , chi ph kinh doanh tn dng 4,2% nm , hy
phn tch xem NH H Ni c nn thc hin giao dch mua bn GTCG trn th trng tin t nh
trn hay khng ?
Gii

1.

T = 242 ngy
Gi tr l tri phiu ti thi im nh gi:
G=

Ci
T
L 365
(1 + )
K

500.000 + (500.000 10%)

= 518.825 triu
242
9.2% 365
(1 +
)
1

Gi c giao dch gia NHTW v NH H Ni:

G d = G (1 h) = 518.825 (1 - 0.02) = 508.448 triu
2. Gi NHTW mua li l tri phiu khi n hn:
GV = G d (1 +
3.

L Tb
9.2% 120
) = 508.448 (1 +
) = 523.827 triu
365
365

NH H Ni thu li do giao dch vi NHTW = 523.827 - 508.448 = 15.379

Nu khng thc hin giao dch ni trn, NH H Ni dng s tin cho vay v thu li:
508.448 x

16%
x 120 = 27.117 triu
360

Chi ph kinh doanh tn dng = 508.448 x

4.2%
x 120 = 7.118 triu
360

Li do kinh doanh tn dng = 27.117 - 7.118 = 19.999 triu

Vy NH H Ni khng nn thc hin giao dch mua bn GTCG nh trn vi NHTW v li thu c do
kinh doanh tn dng ln hn so vi li thu c t hot ng mua bn ny

Page 13 / 13 Jeffrey Q Ngo & Revd by: Tuong Vy