CHNG 12:CHI PH S DNG VN

Nhm thc hin:Ng Th Cm H

L Th Thanh Tho
Cao Th Thu Vn
CU HI
Cu 1: a)Chi ph s dng n trc thu- rD
Ta c phng trnh nh gi:
1
1
(1 + rD )10
1000 = 970-5%*1000
100

rD
(1 + rD )
1
(1 + rD )10 1000 - 920 = 0 (*)

100

rD
(1 + rD )
Gi s rD =10% VT ca (*) =80
rD =15% VT ca (*) = -171
80
10%< rD <15% rD =10%+5%
=11.6%
80+ 171
1

Vy chi ph s dng n sau thu- rD = rD (1-T)= 11.6%(1-34%)=7.7%

b)Chi ph s dng c phn u i- rp
rp =

Dp
P0 cpph

8
= 8.79%
100 9

c)Chi ph s dng vn c phn thng- re

re =

D1
9.8
+g=
+ 0 =13.06%
P0
75

d)Chi ph s dng vn pht hnh mi- rne

Ta c D0 =2.8$;g=0%; P0 =53$;cpph=6$/c phn
rne =

D0 (1 + g ) 2.8 1.08
=
=14.43%
P0 cpph
53 6

Cu 2:
Ta c:

wD =

1083
=21.5% ;
5032

268
=5.3%
5032
3681
we =
=73.2%
5032
wp =

rD =5.5%

rp =13.5%

re =18%

 WACC= rD* w D + rp w p + re w e =15.08%

Cu 3:
a)Chi ph s dng n- rD
Ta c phng trnh nh gi : 1125-5%*1125=11%*1000

1
(1 + rD )10
1000
+
rD
(1 + rD )10

(*)
Dng phng php ni suy:
Gi s rD =9% VT (*)= 59.6
rD =10% VT (*)= -7.3
1

rD =9%+1%

59.6
=9.89%
59.6 + 7.3

rD = rD (1-T)=9.89%(1-34%)=6.33%

b)Chi ph s dng vn do pht hnh mi- rne

V thu nhp mi c phn tng 7%nm v tc tng trng khng i,t l chi
tr c tc khng i nn tc tng trng ca thu nhp cng l tc tng
trng ca c tc nn g =7%.
D0 (1 + g )
+ g = 1.8(1 + 0.07) +0..07=14.37%
Vy: rne =
P0 cpph
27.5 5%* 27.5
c) Chi ph s dng c phn u i- rp
Dp

rp =

P0 cpph

9% *150
=8.8%
175 12% *175

Cu 4:Chi ph s dng vn c phn ca Salte do pht hnh mi:

D0 (1 + g )
1.45(1 + 6%)
+g =
+ 6% =12.06%
P0 cpph
27 6% * 27
Cu 5: Chi ph s dng c phn u i- rp
rne =

rp =

Dp
P0 cpph

2.5
=7.7%
36 (36 32.5)

Cu 6: Chi ph s dng c phn u i- rp

rp =

Dp

14% *100
=14.29%
P0 cpph
98

Cu 7: Ta c:Thu nhp mi c phn hin ti

D0 = D5 (1 + g )5 g = 5

D0
1
D5

Thay D0 =4$ ; D5 =5*50%=2.5 ,ta c g = 9.85%

Chi ph s dng vn c phn thng
re =

D0 (1 + g )
4(1 + 9.85%)
+g=
+ 0.0985 =17.43%
P0
58

Chi ph s dng vn pht hnh mi- rne

rne =

D0 (1 + g )
4(1 + 9.85%)
+g=
+ 0.0985 =18.08%
P0 cpph
58 58*8%

BI TP THC HNH
Bi 1:
a) gi th trng ca tri phiu:
PV = 140 *

1 (1 rD )
rD

10

1000
= 1320.88
1.0910

b) Nu chi ph pht hnh bng 10.5% gi th trng th gi thun ca tri phiu

l:
1320.88 * 89.5% = 1182.1876

c) nhn c 500000$ cng ty s pht hnh bng: 500000 1182.1876 = 423

tri phiu.
d) Nu thu sut l 34% th chi ph s dng vn vay sau thu l 5.94%.
Bi 2:
Gi nh li sut coupon 10%
a) Gi th trng ca tri phiu l:
PV = 140 *

1 1.110 1000
+ 10 = 1245.783
0.1
1.1

b) Nu chi ph pht hnh bng 10.5% gi th trng th gi thun ca tri phiu

l:
1245 .783 * 89.5% = 1114.97578 5

c) nhn c 500000$ cng ty s pht hnh bng: 500000 1114.976 = 448 tri
phiu.
d) Nu thu sut l 34% th chi ph s dng vn vay sau thu l 6.6 %.
c s thay i ny l do chi ph s dng vn thay i.
Bi 3:
a) Doanh thu rng t vic bn tri phiu l : $1010 - $30 = $980.
b) Dng tin ca cng ty trong sut k hn tri phiu l:
Nm
0
1
2
.
15
CF
+980
-120
-120
.
-120-1000
980 =

120
120
120
1000
+
+ ... +
+
1
2
15
(1 + rD )
(1 + rD )
(1 + rD )
(1 + rD )15

c) => rD = 12%
=> r*D = 12%*(1- 40%) = 7.2%
d) S dng phng php tnh gn ng:
rD =

1000 980
15
= 12.26%
1000 980
2

120 +

Bi 4:
a) Chi ph s dng vn c phn u i:
rP =

12% * 100
= 12.63%
97.5 2.5

b) Chi ph s dng vn c phn u i:

rP =

10% * 100
= 11.11%
90

Bi 5:
11% * 100
= 11.96%
101 9
8% * 40
=
= 9.28%
38 3.5
5
=
= 15.15%
37 4
3
=
= 12.24%
26 0.05 * 30
9% * 20
=
= 10.28%
20 0.5

rPA =
rPB
rPC
rPD
rPE

Bi 6:
a) Phn b ri ro ca c phn J&M: re- rf = 1.2*(11%-6%) = 6%
b) T sut sinh li i hi ca c phn J&M : re = 6% + 6% = 12%
Bi 7:
a) Chi ph s dng vn cho tng ngun ti tr
Chi ph s dng vn vay sau thu
1 (1 rD )
950 = 100 *
rD

10

1000
(1 + rD )10

Chn rD = 11% => PV = 941.1

Chn rD = 10% => PV = 970
Dng phng php ni suy, suy ra rD = 10.85%
=> rD* = 10.85 * (1 0.4) = 6.51%
Chi ph s dng vn c phn u i :
rP =

11
= 11.58%
95

Chi ph s dng vn c phn thng :

rne =

6
+ 6% = 14.33%
80 4 4

Chi ph s dng vn li nhun gi li:

r =

6
+ 6% = 13.9%
80 4

b) Gi nh cu trc vn mc tiu l:
Ngun
T trng CPSD Vn
N di hn
40%
6.51%
C phn u i 15%
11.58%
C phn thng
45%
13.9%
Tng
100%

WACC = 0.4*6.51% + 0.15*11.58% + 0.45*13.9% = 10.596%

im gy ca li nhun gi li:
BP =

225000
= 500000
0.45

WACC cho tng ngun ti tr mi nh hn 500000:

Ngun
T trng CPSD Vn CP tnh t trng
N di hn 0.4
6.5%
2.6%
CP
0.15
11.6%
1.7%
CP thng 0.45
13.5%
6.1%
Tng
1
10.4%
WACC = 10.4%
WACC cho tng ngun ti tr mi ln hn 500000:
Ngun
T trng CPSD Vn CP tnh t trng
N di hn 0.4
6.5%
2.6%
CP
0.15
11.6%
1.7%
CP thng 0.45
14.3%
6.4%
Tng
1
10.7%
WACC = 10.7%
NG TH IOS
C hi u t IRR
Vn u t ban u u t tch lu
D
16.5% 200000
200000
C
12.9% 150000
350000
E
11.8% 450000
800000
A
11.2% 100000
900000
G
10.5% 300000
1200000
F
10.1% 600000
1800000
B
9.7%
500000
2300000
Hnh v:
W A C C%
18
17

16
15
14
13

E
C

12
11

A
1 0 .4%

1 0 .7%

10

WMCC
G

200

600

1000

1400

IO S

1800

2200

T ong nguon tai tr

hoac au t $1000

 D n D,C,E,A nn c chp nhn bi v IRR ca chng cao hn

WACC.
Tng ngun ti tr mi l 900000.
Bi 8 :
a) im gy li nhun gi li s xut hin khi li nhun gi li c s dng ht
LN gi li = Tng li nhun*(1- T l chi tr c tc) = 34582.72*(1- 0.3)
BP =

24000
= 40000
0.6

b) Chi ph s dng vn ca tng ngun ti tr:

3.6 * 1.09
+ 9% = 16.27%
60 * 0.9
3.6 *1.09
+ 9% = 15.54%
CPSD c phn thng: re =
60

Chi ph pht hnh mi: rne =

11
= 11.58%
100 5
CPSD vn vay: rD* = 12% * 0.6 = 7.2%

CPSD c phn u i: rP =

c) Tnh chi ph s dng vn bnh qun.

Ngun
T
Trc im gy
trng CPSD
CPSD Vn
Vn
tnh t trng
N di 25%
7.2%
1.8%
hn
VCP
15% 11.58%
1.74%
thng
CP u 60% 15.54%
9.32%
i
Tng 100%
12.86%
=> WACC trc im gy: 12.86%.
WACC sau im gy : 13.30%
d) th ng IOS:
C hi u t IRR
Vn u t ban u
A
17.4% 10000
B
16%
20000
C
14.2% 10000
D
13.7% 20000
E
12%
10000
Hnh v:

Sau im gy
CPSD
CPSD Vn
Vn
tnh t trng
7.2%
1.8%
11.58%

1.74%

16.27%

9.76%
13.30

u t tch lu
10000
30000
40000
60000
70000

WACC%
A=17.4%

17.5
17
16.5

B=16%

16
15.5
15

C-14.2%

14.5

D=13.7%

14

13.3%

13.5

WMCC

12.86%

13
12.5

E=12%

12

20

40

60

80

Nguo
nvo
n m
i $1000

=> Da vo th trn LEI nn chn d n A,B,C,D v b d n E v IRR ca

d n khng cao hn chi ph s dng vn bin t ca d n
Bi 9:
a) Chi ph s dng n di hn ri = 8%+2%+1% = 11%
b) Chi ph s dng n di hn ri = 8%+2%+3% = 13%
c) Chi ph s dng n di hn ri = 7%+1%+2% = 10%

Bi 10:
a) Quyt nh u t ca cng ty vo d n 263 l khng chnh xc v:
y l 2 d n loi tr nhau, khi thm nh phi tin hnh so snh 2 d n vi
nhau chn ra d n tt nht. so snh phi c cng iu kin so snh.
y, cng ty dng tiu chun IRR thm nh, do iu kin so snh ca 2
d n ny phi c cng chi ph s dng vn, trong khi cng ty thm nh li
tch bit hai d n ny vi nhau.
Vic chn 263 t chi 264 v d n 263 c ti tr bng n, IRR ca d n ch
t mc 8% trong khi chi ph s dng vn ca d n ch t 7% => s cch bit
gia chi ph s dng vn v IRR d n l qu thp. Do , an ton d n
thp, bn cnh d n khi thc hin ch c th tr c li vay cho ch n
hon ton khng to ra thu nhp cho c ng.

b) Nu cng ty duy tr cu trc vn gm 40% n v 60% vn c phn th chi ph

s dng vn ca cng ty l:
WACC = (7%*0.4) + (16%*0.6) = 12.4%
c) Nu cng ty s dng WACC th cng ty s quyt nh u t vo d n 264
v t chi d n 263 v IRR263< 12.4% , IRR264> 12.4%
d) Quyt nh ca cng ty vi quyt nh cu c th quyt nh cu c thch hp
hn v thm nh hai d n loi tr nhau bng IRR, chng ta phi so snh IRR
ca 2 d n vi chi ph s dng vn chung ca doanh nghip.
Bi 11:
a) Ta c DIV03 = DIV99(1+g)4 => g = 9.97%
b) Dng tin rng m cng ty thc s thu c t vic pht hnh c phn:
Nm
CF
c)

1999
49.88

2000
49.7

re =

3.4
+ 5% = 10.913%
57.5

rne =

3.4
+ 5% = 11.538%
52

2001
49.4

2002
49.08

Bi 12:
re A =

2.25
+ 8% = 12.69%
50 2

rne A =
re B =

1
+ 4% = 9.13%
20 0.5

rne B =

1
+ 4% = 9.55%
20 0.5 1.5

re C =

2
+ 6% = 10.82%
42.5 1
2
+ 6% = 11.06%
42.5 1 2

rne C =
re D =

2.1
+ 2% = 13.86%
19 1.3

rne D =

2.1
+ 2% = 14.5%
19 1.3 1.7

2.25
+ 8% = 12.79%
50 2 1

2003
48.9

2004
48.6

Bi 13:
Ngun vn

Gi s

sch
N di hn
4000000
CP u i
40000
CP thng
1060000
Tng cng
5100000
a) S dng gi s sch:

T trng theo

Gi th

T trng theo th

CPSD Vn

s sch(%)
78.43
0.78
20.79

trng
3840000
60000
3000000
6900000

trng(%)
55.65
0.87
43.48

sau thu
6%
13%
17%

WACC = (0.7843*6%) + (0.0078*13%) + (0.2079*17%) = 8.34%

b) S dng gi th trng:
WACC = (0.5565*6%) + (0.0087*13%) + (0.4348*17%) = 10.84%
c) So snh kt qu trn ta thy WACCss< WACCtt. S khc bit l do: gi s
sch khng phn nh ng gi thc t, v do t trng cc ngun vn thay i.
Bi 14:
Ngun vn W cu trc vn lch s W cu trc vn mc tiu
N di hn 25%
30%
CP u i
10%
15%
CP thng
65%
55%
a) Tnh WACC da trn cu trc vn lch s:

CPSD Vn
7.2%
13.5%
16%

WACC = (0.25*7.2%) + (0.1*13.5%) + (0.65*16%) = 13.55%

b) Tnh WACC da trn cu trc vn mc tiu:
WACC = (0.3*7.2%) + (0.15*13.5%) + (0.55*16%) = 12.985%
Bi 15:
a+b) Xc nh im gy v gii hn tng ngun ti tr mi lin quan n mi
ngun vn:
BPno =

320tr
= 800tr
0.4

BPLNgiulai =

200tr
= 500tr
0.4

Vi 2 im gy ta c 3 trng hp:

Trng hp 1: Nhu cu ti tr tng thm t 0 n 500tr

N (W = 0.4) : vay n 200tr, r*D = 6%

CP (W = 0.2): hot ng t CP 100tr, rp = 17%
CPT (W = 0.4): hot ng t CPT 200tr = LN gi li, re = 20%

=> WACC = (0.4*6%) + (0.2*17%) +(0.4*20%) = 13.8%

Trng hp 2 : Nhu cu ti tr tng thm t 500 n 800tr

N (W = 0.4) : vay n 320tr, r*D = 6%

CP (W = 0.2): hot ng t CP 160tr, rp = 17%
CPT (W = 0.4): hot ng t CPT 320tr > LN gi li, do phi pht hnh mi,
rne = 24%
=> WACC = (0.4*6%) + (0.2*17%) +(0.4*24%) = 15.4%

Trng hp 3 : Nhu cu ti tr tng thm >800tr

N (W = 0.4) : vay n > 320tr, r*D = 8%

CP (W = 0.2): hot ng t CP >160tr, rp = 17%
CPT (W = 0.4): hot ng t CPT >320tr > LN gi li, pht hnh mi, rne = 24%
=> WACC = (0.4*8%) + (0.2*17%) +(0.4*24%) = 16.2%
c) Phn tch v ra quyt nh u t.
C hi u t
E
C
G
A
H
I
B
D
F

IRR
23
22
21
19
17
16
15
14
13

Vn u t
200
100
300
200
100
400
300
600
100

u t tch lu
200
300
600
800
900
1300
1600
2200
2300

Hnh v:
WACC%

23
22

E
C
G

21
20

19
18

17
16
15
14

WMCC

16.2%

15.4%

13.8%

D
F

13

200

400

600

800

1000

1200

1400

1600

1800

2000

2200

2400

vo
n a
u t $1000