Bai Tap Va Bai Giai Mon QTTC

Qun tr Ti chnh
CngtymyinPIONEER
Russ Wadleight, ch tch ca cng ty my in Pioneer tm tt cc s liu sau t h s ca ng
i chiu kt qu hot ng ca cng ty vi cc gi tr trung bnh ca ngnh
Russ hi lo v kt qu hot ng ca cng ty trong nm. K ton Walt Schoolcraft ngh ng
tng gi sn phm 8% trong nm 19X2 b p cho gi tng, nhng Lil, gim c bn hng
cho rng khch hng ch chp nhn tng gi 5%, v vi s tng gi ny ch yu l ng cn tng
cng n lc bn hng. Russ chp nhn chnh sch ca gim c bn hng v gi tng 5% bt
u t 19X2. Do tng n lc bn hng, hu ht cc khch hng c cng ty u gi c v c
thm mt vi khch hng mi
Trung bnh ngnh
Doanh thu
Gi vn hng bn
Chi ph bn hng
Chi ph chung
Li
Thu thu nhp
Cng ty Piooneer
Tng kt von cui nm (31/12)
19X2
19X1
100%
55.5%
4.5%
20.5%
3%
8%
$700,000
400,000
75,000
125,000
20,000
40,000
$650,000
357,500
32,500
130,000
19,500
55,250
Cng vic cn lm:

1. Chun b bng bo co kt qu hot ng sn xut kinh doanh (tnh theo % doanh
thu) ca cng ty Plooner Printer trong nm 19X2 v 19X1.
2. Gp cho quyt nh ca Russ, rt ra kt lun t cc bo co ti chnh chun b.
Ch ra nhng nguyn nhn c th c v nhng g c th lm ci thin tnh hnh
COCHITUATECOOLINGPRODUCT,INC
y l mt cng ty chuyn bn s h thng iu ho nhit v t lnh, c thnh lp vo nm
1960 bi 5 c ng sng lp. Vi s gip ca bn b, h gom gp c s vn cn thit
hot ng. Nhng ngi bn ny u t vo cng ty bng cch mua nhng c phiu thng.
Hin nay, cng ty c 155 c ng, khng mt ai trong s nhng ngi ny gi qu 5% c phn
ca cng ty. Nhng c ng ny quan tm ch yu vo khong c tc m h c chia u n
t nm 1965.
Trong vi nm u hot ng, cng ty pht trin mt cch nhanh chng n mc nm 1963 n
tr mt cch vng chc nh mt cng ty c tnh cnh tranh trong khu vc. Khi mt cng ty
vng vng, ban qun tr c khuynh hng bo th hn. Cng ty mun xy dng mt nn ti
chnh vng mnh c th hon li tin u t cho c ng v m bo s tn ti ca cng ty.
Do giai on 1964 n 19X1 c mt cht thay i trong hot ng ca cng ty m s thay i
ny vn phi duy tr nhng gii hn nghim ngt i vi khi thnh vng chung ca
Massachusetts.
Vo thng 1, 19X2, ban qun tr quyt nh m mt chi nhnh Concord, New Hampshire. H
phi ng u vi vn l c nn mua ca hng, vn phng v nhng tin nghi ni tht hoc
thu chng.
Th.S Trn Quang Trung
Qun tr Ti chnh
Ban qun tr quyt nh mua ht nhng ti sn . iu ngha l u t 700.000$ vo ti sn
c nh (500.000 $ cho to nh, 80.000 $ cho trang thit b v 120.000 $ cho tin nghi ni tht).
Cochituate cng phi u t 200.000 $ cho hng tn kho v dnh sn mt qu hot ng 100.000
$ cho nhng khon chi tin mt s vt qu cc khon thu trong nhng thng u hot ng. V
vy vic m chi nhnh cn phi u t 1.000.000 $.
Ban qun tr Cochituate vch k hoch m rng ny trong nhiu nm v gom gp c
250.000 $ hin ang u t vo tri phiu cng ty vi li sut 6%. Tt c nhng tri phiu ny s
c bn ti tr cho k hoch m rng. Ban qun tr cng pht hnh thm c phiu u i, hy
vng bn c 500.000 $ nhng thc t ch bn c 150.000 $. Do cng ty buc vay c th
chp mt khon n 300.000 $ vi li sut hng nm l 8% v ti sn th chp l ca hng v vn
phng Concord. Mt khon vay khng c th chp 200.000 $ trong 5 nm cng c ngn
hng a phng ng . iu kin ca khon vay ny l thanh ton mi 6 thng 27.000 $, 10
ln thanh ton, li sut thc l 16,6% nm.
Vo nm 19X2, chi nhnh chim 25% hot ng ca cng ty. Cu trc ca chi ph v gi
thnh ca chi nhnh tng t nh tr s chnh Massachusettes.
Trong nm, mt s c ng yu cu cng ty mua li c phn ca h v cng ty mua. Cng ty
phi tr cho h 300.000$ nhng c phiu lc u pht hnh vi gi 200.000 $. Cc c phiu ny
c hy b v phn chnh lch v gi s c tr vo li nhun gi li
Ban qun tr cng ty nhn bo co ti chnh t nhn vin k ton, cc t s ca ngnh cng c
lit k chun b cho vic nh gi. Ban qun tr rt quan tm n tnh hnh tin mt ca cng
ty v n b st gim gi tr rt nhiu
Qun tr Ti chnh
COCHITUATECOOLINGPRODUCT,INC
Bngcnikton
31/12,19X2 v 19X1
19X2
19X1
Slng
%
Slng
Tisnlung
Tin mt
$120
2
$390
u t ngn hn
250
Cc khon phi thu
2400
37
2000
Tn kho
1900
29
2100
Chi ph tr trc
60
1
65
4485
69
4800
7
4
33
35
1
82
2015
6500
31
100
1200
6000
20
100
Nngnhn
Thanh ton n vay (n hn) 15
N ngn hng
110
Cc khon phi tr
2345
N khc
130
0.3
1.7
36
2
50
2230
120
0.9
37.1
2
270
146
3016
4.2
2.2
46.4
100
2500
1.7
41.7
150
1800
1534
6500
2.3
27.7
23.6
100
2000
1500
6000
33.3
25
100
Tisncnh
Ndihn
Thanh ton n vay
Vay di hn
Vnchshu
C phiu u i, 8%
C phiu thng
Li nhun gi li
Qun tr Ti chnh
COCHITUATECOOLINGPRODUCT
Bocoktquhotngsnxutkinhdoanh
31/12/19X2
slng
%
31/12/19X1
slng
%
Doanh thu
Gi vn hng bn
Li gp
Chi ph hot ng
Li tc t hot ng
Li
Li tc trc thu
Thu li tc
Li nhun thun
25000
20000
5000
4025
975
45
930
205
725
100
80
20
16.1
3.9
.2
3.7
.8
2.9
20000
16000
4000
3185
815
15
800
200
600
100
80
20
15.93
4.07
.7
4
1
3
COCHITUATECOOLINGPRODUCT
Bocolinhungili
31/12,19X1
Bng quyt ton (1/1/1974)

Cng: Li nhun thun
Tr:
C tc u i
C tc thng
Mua li c phiu thng
S d (31/12/1974)
1500
725
2225
12
579
100
691
$1534
Yu cu
1. Phn tch v nh gi kh nng sinh li ca cng ty qua so snh vi 19X1 v trung bnh ca
ngnh
2. C phi chi nhnh ca cng ty c li sut ln hn chi ph vn vay? Gii thch
3. Phn tch v nh gi kh nng thanh ton ca cng ty qua so snh vi 19X1 v trung bnh
ca ngnh. Cch ban qun tr dng ti tr cho k hoch m rng nh hng n tnh
hnh ti chnh ca cng ty nh th no?
4. Cc bc ban qun tr cn lm ci thin kh nng thanh ton ca cng ty l g?
Qun tr Ti chnh
CCCHSCANGNH,CT45CNGTYBNS
HTHNGIUHAVTHITBLNH
Cao
T s thanh ton hin ti

Li tc thun / Doanh thu (%)
Li sut trn ti sn s dng
H s quay vng ti sn (ln) 9.13
Chu k cc khon phi thu (ngy)
Doanh thu thun / Tn kho (ln)
Ti sn c nh / Tng ti sn (%)
N ngn hn / Gi tr hu hnh (%)
Tng n / Gi tr hu hnh (%)
1. Phntchkhnngsinhli:
Li tc thun trn doanh thu
19X1
19X2
Trung bnh ngnh
H s quay vng ti sn
19X1
19X2
Trung bnh ngnh
Li sut ca ti sn s dng
19X1
19X2
Trung bnh ngnh
Kt lun
Trungbnh Thp
4.03 / 1
3.88
14.45
5.09
29
12
5.5
22.9
56.4
2. Ktqukinhdoanhtrnvnchshu
Li sut do s dng cc qu
19X2
Chi ph ngun vay
Vay c th chp
Vay khng th chp
Kt lun
3. Phntchkhnngthanhtoncacngty:
T s thanh ton hin ti:
19X1
19X2
Trung bnh ngnh
Chu k cc khon phi thu
19X1
2.15 / 1
1.94
9.9
3.39
43
7.3
10.8
72.7
85
1.64 / 1
1.03
5.41
55
4.6
31.4
109.4
171.9
Qun tr Ti chnh
19X2
Trung bnh ngnh
H s quay vng tn kho
19X1
19X2
Trung bnh ngnh
T s thanh ton nhanh
19X1
19X2
Trung bnh ngnh
nh gi
4. Ccbcphilm
3-1:
Gi s bn v hu ht cc nh u t khc u hy vng t l lm pht nm ti l 7%, gim xung
5% nm tip theo, v cc nm sau l 3%. Gi s k* l 2% v MRP ca tri phiu kho bc
tng t 0 trn tri phiu sp o hn trong vi ngy, vi mc tng 0.2% / nm cho n khi o
hn, ti ti a l 1% trn tri phiu c k hn t 5 nm tr ln
a. Tnh li sut ca tri phiu kho bc c k hn 1, 2, 3, 4, 5, 10, v 20 nm. V ng li sut
b. By gi xem tri phiu ca mt cng ty c hng tn dng l AAA, c cc k hn nh tri
phiu kho bc. V i khi ng li sut ca tri phiu ny trn cng th vi ng li
sut cu a. (Lu ri ro v n ca tri phiu di hn so vi ngn hn)
c. Th v ng li sut ca tri phiu ca mt nh my in ht nhn trn cng th
3-3:
Gi s hin nay li sut hng nm ca tri phiu kho bc c k hn 2 nm l 11.5%, cn ca tri
phiu k hn 1 nm l 10%, k* l 3%, v MRP l 0.
a. Dng l thuyt k vng d bo li sut ca tri phiu k hn 1 nm nm ti.(Theo l thuyt
k vng li sut hng nm ca tri phiu c k hn 2 nm l trung bnh cng ca hai li sut
ca tri phiu k hn 1 nm nm 1 v nm 2)
b. Tnh tc lm pht mong i nm 1? Nm 2?
3-4:
Gi s k* l 4% v MRP l 0. Nu li sut danh ngha trn tri phiu k hn 1 nm l 11%, v
trn tri phiu k hn 2 nm c ri ro tng t l 13%. Tnh li sut ca tri phiu k hn 1 nm
c pht hnh nm 2? Tc lm pht nm 2 l bao nhiu? Gii thch ti sao li sut trung
bnh ca tri phiu k hn 2 nm khc vi li sut ca tri phiu k hn 1 nm nm 2
3-5:
Cui nm 1980 phng Thng mi M cng b mt s s liu cho thy tc lm pht khong
15% v li sut th trng l 21%, t mc cao k lc. Tuy nhin nhiu nh u t hy vng rng
chnh ph mi Reagan s kim sot lm pht tt hn chnh ph Carter. Li sut cao cc v
chnh sch tht cht tn dng, kt qu ca nhng n lc ca Qu d tr lin bang nhm km ch
lm pht, s tm thi gy suy thoi kinh t nhng sau s h tc lm pht v gim li sut.
Gi s u nm 1981 tc lm pht k vng l 13%; 1982 l 9%; 1983 l 7%; 1984 v cc nm
sau n nh mc 6%
a. Tc lm pht bnh qun trong thi k 5 nm t 1981-1985 l bao nhiu?
b. Li sut danh ngha trung bnh trong thi k l bao nhiu to ra li sut phi ri ro thc
s trn tri phiu kho bc k hn 5 nm l 2%?
Qun tr Ti chnh
c. Cho k* = 2% v MRP khi u mc 0.1% v tng 0.1% mi nm, vo thng 1 / 1981 hy
c lng li sut trn tri phiu c k hn 1, 2, 5, 10, v 20 nm, ri v ng li sut da
trn cc s liu ny
d. Hy m t cc iu kin kinh t tng qut c th dn n ng li sut hng ln
e. Nu u nm 1981 phn ln cc nh u t u hy vng tc lm pht cc nm ti n
nh mc 10%, bn ngh ng li sut s nh th no? Xt tt c cc yu t thc t c th
nh hng ti n. Cu tr li ca bn y c lm bn ngh li ng li sut bn v
trong phn c khng?
4-2: C phiu ca cng ty X v Y c phn phi xc sut ca li sut mong i trong tng lai
nh sau:
Xcsut
0,1
0,2
0,4
0,2
0,1
X%
(10)
2
12
20
38
Y%
(35)
0
20
25
45
a. Tnh li sut trung bnh, k Y , cho c phiu Y. ( k X = 12%)

b. Tnh lch chun ca li sut ca c phiu X. (bit rng lch chun ca c phiu
Y l 20, 35%). By gi tnh h s bin thin ca c phiu Y. Hu ht cc nh u t
xem c phiu Y t ri ro hn c phiu X, iu c th khng? Gii thch?
4-3: Gi s kRF = 8%, kM =11%, kA = 14%.

a. Tnh h s beta ca c phiu A? (b=2)
b. Nu h s beta ca c phiu A l 1.5 th li sut yu cu phi l bao nhiu? (kA=12.5)
4-4: Gi s kRF = 9%, kM = 14% v bi = 1.3

a. Tnh ki, li sut yu cu ca c phiu i? (15.5%)
b. By gi gi s kRF (1) tng n 10% hoc (2) gim xung 8%. dc ca ng SML vn
nh c, iu ny s nh hng n kM v ki nh th no?
c. By gi gi s kRF vn l 9% nhng kM (1) tng n 16% hoc (2) gim xung 13%. dc
ca ng SML khng nh c na. Nhng thay i ny s nh hng n ki nh th no?
4-5: Gi s bn gi mt danh mc u t gm 20 c phiu khc nhau, mi c phiu c u

t 7500 $. H s beta ca danh mc u t l 1.12. By gi gi s bn quyt nh bn mt c
phiu c beta l 1 trong danh mc u t ca bn c 7500 $ v dng tin ny mua mt c
phiu khc cho danh mc u t ca bn. Gi s c phiu mi c beta l 1.75. Tnh li h s beta
ca danh mc u t mi ca bn (1.1575)
4-6: Gi s bn qun l 4 triu $ ca mt qu u t. Qu gm 4 c phiu vi vn u t v

h s beta nh sau:
Cphiu
A
B
Vnut
400.000
600.000
beta
1,5
(0,5)
Qun tr Ti chnh
C
D
1.000.000
2.000.000
1,25
0,75
Nu li sut yu cu ca th trng l 14% v li sut khng ri ro l 6%, tnh li sut yu cu

ca qu? (12.1)
5-26: Gi s vo thng 1/1992 cc k s ca cng ty GM bo cho cc lnh o cp cao bit h

va mi pht minh mt k thut cho php sn xut xe chy bng in nng c th hot ng vi
mc tiu hao nng lng khong 3 xu mi dm so vi 5 xu mi dm ca loi xe dng xng hin
nay. Nu GM sn xut xe in nng, n c th ly li th phn mt t cc cng ty Nht Bn.
Tuy nhin, cn c s u t hon thin bnh in, thit k mu xe mi v trang b cho h
thng sn xut. K hoch ny cn 6 t la mi nm trong vng 5 nm v phi bt u ngay.
Khon u t 30 t la ny s mang li cho GM 4 t la/nm trong 15 nm, tng cng 60 t
la, bt u sau 5 nm k t by gi. Nu khng thc hin d n xe in nng, vi s tin
GM s u t 6 t la/nm trong 5 nm ni khc, kim c 10% mi nm, li gp tnh hng
nm (Hng dn: Ngn lu m xy ra t nm u n nm 4, v ngn lu dng xy ra t nm
th 5 n nm th 19)
a. Tnh hin gi chi ph trin khai d n xe in nng ca GM? (25.02)
b. Tnh hin gi ngn lu cng ty GM s nhn c nu d n xe in nng c thc hin?
(20.7825.02=-4.24)
c. Cn c vo kt qu hai cu trn, ban qun tr GM c nn tin hnh xut xe in nng
khng? (Khng)
5-27: Gi s rng bn tha k mt s tin. Bn gi ca bn ang lm vic trong mt cng ty

mi gii, v ng ch c ta ang bn mt s chng khon c nhn $50 mi cui nm trong 3
nm ti, cng thm s tin $1,050 vo cui nm th t. C y ni vi bn l c y c th mua
gim cho bn s chng khon vi gi $900. Tin ca bn by gi ang u t vo ngn hng
vi li sut danh ngha l 8%, tnh gp hng qu. i vi bn u t vo chng khon hay gi
ngn hng vn an ton v tnh thanh khon l nh nhau, v vy bn yu cu li sut thc khi
u t vo chng khon phi ging nh gi ngn hng. (8.24%)Bn phi tnh ton gi chng
khon xem n c l mt u t tt khng. Hin gi ca chng khon theo bn l bao nhiu?
(893.16)
5-28: Gi s d ca bn bn mt cn nh ngy 31/12, v ngi mua cn n li mt s tin l

10.000 $. Khon n ny s phi tnh li vi li sut danh ngha 10%, tr dn mi 6 thng, bt u
t 30/6, trong vng 10 nm. Tng s tin li phi tr trong nm u tin l bao nhiu? (985)
5-29: Cng ty ca bn c k hoch mn 1 triu la, tr dn hng nm trong 5 nm, li sut

15%. Ti cui nm th hai cng ty ca bn tr c bao nhiu phn trm vn gc? (31.89%
=318879/1000000)
6-1:
Cng ty Rodriguez c hai tri phiu ang lu hnh. C hai tri phiu u tr li hng nm l
100$ v 1,000$ khi o hn. Tri phiu L c k hn l 15 nm v tri phiu S c k hn l 1 nm
a. Tnh gi tr ca mi tri phiu nu li sut hin hnh l (1) 5%, (2) 8%, v (3) 12%? Gi s
tri phiu S ch nhn mt ln tr li na
b. Ti sao tri phiu di hn (15 nm) bin ng nhiu hn so vi tri phiu ngn hn (1 nm)
khi li sut thay i
6-2:
Qun tr Ti chnh
Tri phiu ca cng ty Apilado cn 4 nm na l o hn. Li tr hng nm; mnh gi tri phiu
l 1,000$; li sut cung phiu l 9%
a. Tnh li sut ti o hn (YTM) khi gi th trng l (1) 829$ v (2) 1,104$?
b. Bn c mua tri phiu ny vi gi 829$ khi bn ngh li sut hp l trn th trng l 12%
khng? Gii thch
6-3:
Gi s cng ty -t Ford pht hnh tri phiu k hn 10 nm, mnh gi 1,000$, li sut cung
phiu 10%, v tr li mi 6 thng
a. Hai nm sau khi pht hnh, li sut ca tri phiu loi ny gim xung cn 6%. Lc gi
tri phiu ny l bao nhiu?
b. Gi s hai nm sau khi pht hnh th li sut th trng tng ln n 12%. Lc gi tri
phiu l bao nhiu?
c. Trong iu kin ca phn a, gi s thm l li sut vn l 6% 8 nm sau . Gi ca tri
phiu s din bin theo thi gian nh th no?
6-4:
Tri phiu ca cng ty Beranek c k hn vnh vin vi li sut cung phiu l 10%, tri phiu
loi ny hin nay c li sut l 8%, mnh gi l 1,000$
a. Tnh gi ca tri phiu ca Benarek?
b. Gi s li sut tng sao cho li sut ca tri phiu loi ny l 12%. Lc gi ca tri phiu
ca Benarek l bao nhiu?
c. Tnh li gi ca tri phiu ca Benarek nu li sut ca loi tri phiu ny l 10%
d. Kt qu cc phn trn s thay i nh th no nu k hn ca tri phiu l 20 nm thay v
vnh vin
6-5:
Tnh li sut ca tri phiu vnh vin c mnh gi l 1,000$, li sut cung phiu 8%, v th gi
hin nay l (a) 600$, (b) 800$, (c) 1,000$, v (d) 1,400$? Gi s li tr hng nm
6-6:
Cng ty mi gii chng khon ngh bn cho bn mt s c phiu ca cng ty Longstreet, nm
ngoi tr c tc 2 $. Bn hy vng trong 3 nm ti c tc ca cng ty ny s tng vi tc
5% / nm. Bn d tnh nu mua c phiu ny cng ch gi 3 nm ri s bn i
a. Tnh c tc mong i ca 3 nm k. Lu D0 = 2 $
b. Cho sut chit khu l 12% v c tc u tin nhn c nm th nht, tnh hin gi ca
dng c tc
c. Bn hy vng gi c phiu 3 nm sau l 34.73 $. Vi sut chit khu l 12% th hin gi
ca n l bao nhiu?
d. Nu bn nh mua c phiu, gi n trong 3 nm, sau bn vi gi 34.73 $, th by gi bn
c th mua vi gi ti a l bao nhiu?
e. Dng cng thc nh gi tnh gi c phiu ny. Cho g khng i v g = 5%
f. Gi c phiu c ph thuc vo thi gian bn nh gi n khng? Ngha l nu bn nh gi
n trong 2 nm hay 5 nm thay v 3 nm th iu ny c nh hng n gi c phiu hin nay
khng?
6-7:
Bn mua c phiu ca cng ty Barngrover vi gi 21.40$ v hy vng nhn c cc c tc 1.07
$, 1.1449 $, v 1.225 $ nm th 1, 2, v 3, ri sau bn i vi gi 26.22 $
Qun tr Ti chnh
a. Tnh tc tng trng ca c tc
b. Tnh li sut ca c tc mong i
c. Gi s tc tng trng trn s tip din sau , bn c th cng tc tng trng vi li
sut c tc c li sut ca c phiu. Li sut ca c phiu ny l bao nhiu?
6-8:
Cc nh u t yu cu li sut 15% trn c phiu ca cng ty Taussig (ks = 15%)
a. Gi c phiu ny l bao nhiu nu c tc nm ri l 2 $ v tc tng trng ca c tc c
th l (1) -5%, (2) 0%, (3) 5%, v (4) 10%?
b. Dng s liu trong phn a v m hnh nh gi Gordon tnh gi c phiu ny nu ks = 15%
v tc tng trng hy vng l (1) 15% hay (2) 20%? Cc kt qu ny c hp l khng?
Gii thch
c. C hp l khi cho rng c phiu tng trng lin tc s c g > ks?
6-10:
Gi s vo thng hai nm 1966 lnh o sn bay Los Angeles pht hnh tri phiu k hn 30
nm, li sut 3.4%. Li sut tng mnh nhng nm sau , v gi tri phiu gim nh ta bit.
Vo thng hai nm 1979, gi ca tri phiu ny rt t 1,000$ xung ch cn 650$ sau 13 nm.
tr li cc cu hi sau, gi s tin li c tr hng nm
a. Tri phiu lc pht hnh bng mnh gi 1,000$. Tnh li sut ti o hn (YTM)?
b. Tnh li sut ti o hn thi im thng hai nm 1979?
c. Gi s k t nm 1979 tr i, li sut n nh mc ca nm 1979. Tnh gi ca tri phiu
ny thng hai nm 1991, khi n cn 5 nm na l o hn?
d. Gi tri phiu l bao nhiu nu ngy mai n o hn? (Khng k tin li cui cng)
e. Vo nm 1979, tri phiu ca sn bay Los Angeles c phn loi l tri phiu chit khu.
iu g xy ra vi gi ca tri phiu chit khu khi n gn o hn? Gi c ng nhin tng
vi cc tri phiu ny khng?
f. Tin li chia cho th gi tri phiu c gi l li sut hin ti ca tri phiu. Vi cc gi
thit trong phn c, tnh li sut tri phiu vo (1) thng hai nm 1979 v (2) thng hai nm
1991? Tnh li sut t chnh lch gi v li sut ti o hn ca tri phiu vo hai thi im
trn?
6-14:
Vo ngy 1 / 1 / 1992 bn nh mua tri phiu ca cng ty Nast pht hnh vo ngy 1 / 1 /
1990. Tri phiu ny c k hn 30 nm v li sut cung phiu l 9.5%. C iu khon m bo
khng thu hi trong vng 5 nm k t ngy pht hnh. Sau thi gian tri phiu c th c
thu hi vi gi l 109% mnh gi, tc 1,090$. Li sut th trng gim k t khi pht hnh v
hin nay gi ca tri phiu l 116.575% mnh gi, hay 1,165.75 $. Bn mun xc nh li sut
ti o hn (YTM) v li sut ti khi thu hi (YTC) ca tri phiu ny. (Lu : YTC xem xt
nh hng ca iu khon thu hi trn li sut c th c ca tri phiu. Khi tnh ton chng ta
gi nh rng tri phiu s lu hnh cho n ngy thu hi. Nh vy nh u t s nhn tin li
trong thi k tri phiu cha thu hi v gi thu hi, trong trng hp ny l 1,090$, vo ngy thu
hi tri phiu.)
a. YTM ca tri phiu ny nm 1992 l bao nhiu? YTC?
b. Nu bn mua tri phiu ny, bn ngh li sut hng nm thc s ca n l bao nhiu? Gii
thch lp lun ca bn
c. Gi s tri phiu ang bn di mnh gi. YTM hay YTC ng xem xt?
6-15:
Qun tr Ti chnh
Gi s li sut phi ri ro kRF = 11%; li sut th trng yu cu l kM = 14%; h s ca c
phiu ca cng ty Wei l 1.5.
a. Nu c tc nm ti hy vng l D1 = 2.25 $, v g khng i l 5%, lc gi c phiu ca
Wei l bao nhiu?
b. By gi gi s Qu d tr lin bang y thm tin vo nn kinh t, lm cho li sut kRF ri
xung cn 9% v li sut th trng cn 12%. Gi c phiu ca Wei s l bao nhiu?
c. Thm vo gi thit ca phn b, gi s cc nh u t by gi tr nn mo him hn; iu ny
kt hp vi s st gim ca kRF, s lm cho kM rt xung cn 11%. Lc ny gi c phiu ca
Wei s l bao nhiu?
d. Nu Wei thay i cch qun l v i ng mi a ra cc chnh sch lm tc tng trng
tng ti 6%. ng thi b phn qun l mi n nh c doanh thu v li nhun, t
gim xung cn 1.3. Vi nhng thay i ny th gi n nh mi ca c phiu ca Wei l
bao nhiu? (Lu : D1 s l 2.27 $)
6-16:
Gi s b phn qun l ca cng ty ha cht Horrigan tin hnh nghin cu v kt lun rng nu
Horrigan m rng sn xut hng tiu dng (t ri ro hn ha cht cng nghip) th h s ca
cng ty s gim t 1.2 xung 0.9. Tuy nhin hng tiu dng tng i t li nhun hn nn s
lm cho tc tng trng thu nhp v c tc gim t 7% xung cn 5%
a. C nn m rng khng? Gi s kM = 12%; kRF = 9%; D0 = 2 $
b. Gi thit tt c cc s kin trn ngoi tr s thay i ca h s . gim xung cn bao
nhiu th quyt nh m rng l tt?
6-17:
H s ca c phiu C l 0.4, cn c phiu D l -0.5 (ngha l li sut ca n s tng khi hu ht
cc c phiu khc gim)
a. Nu kRF = 9% v kM = 13%, tnh kC v kD?
b. Gi s gi hin nay ca c phiu C l 25 $ v c tc nm ti s l 1.5 $; v tc tng
trng khng i l 4%. Gi c phiu n nh cha? Gii thch, v iu g s xy ra nu n
cha n nh
7-9:
C phiu ca Scanlon product hin ang bn vi gi 60$. Cng ty mong mun kim c 5,4$
mi c phn v tr c tc cui nm l 3,6$.
a. Nu cc nh u t yu cu li sut 9%, tc tng trng ca Scanlon phi l bao nhiu?
(3%)
b. Nu Scanlon ti u t phn li nhun gi li vo cc d n c li sut trung bnh tng
ng vi li sut mong i ca cc c phiu. EPS cho nm ti s l bao nhiu? (Hng
dn: tc tng trng ca EPS cng l g = b*ROE, trong b l t l li nhun gi li, EPS
=5.562)
Qun tr Ti chnh
7-10: Vo ngy 1/1/1992 tng ti sn ca cng ty Kieman l 270 triu $. Trong nm cng ty c
k hoch m rng v u t 135 triu $. Cu trc vn hin nay gi s l ti u, gi s khng c
n ngn hn
N di hn
Vn c ng
Tng ti sn
$135,000,000
$135,000,000
$270,000,000
Tri phiu mi c li sut 10% s c bn bng mnh gi. C phiu thng ang c gi 60$,
c th pht hnh sau khi tr chi ph l 54 $ 1 c phn. Li sut yu cu ca c ng c lng l
12%, bao gm 4% c tc v tc tng trng 8% (C tc mong i sp ti l 2,4$, 2,4/60 =
4%). Li nhun gi li c lng l 13,5 triu $. Thu sut thu thu nhp l 40%. Gi s ton b
k hoch m rng ti sn (gm ti sn c nh v vn hot ng lin quan) u nm trong d
ton ngn sch. S tin d ton, khng k khu hao, l 135 triu $.
a. duy tr c cu vn hin ti th s tin d ton phi c ti tr bng vn c phn l bao
nhiu? (67.5)
b. Trong phn vn c phn ny, vn ca c ng c l bao nhiu? (13.5) C ng mi l bao
nhiu? (60)
c. Tnh chi ph vn ca tng b phn vn c phn? (12%v12.44%)
d. Ti mc vn no s c bc nhy trn th MCC ca Kieman? (27)
e. Tnh WACC (1) di v (2) trn bc nhy ca ng MCC. (9%v9.22%)
f. V th MCC v th IOS tng ng vi d ton ngn sch
7-11: Bng sau y cho gi tr EPS (thu nhp trn mi c phn) ca cng ty Barenbaum trong
10 nm qua. C phiu thng ca cng ty, 7.8 triu c phn ang lu hnh, hin ang bn vi
gi 65 $ mi c phn (1/1/1992), v c tc mong i vo cui nm nay (1992) l 55% ca EPS
nm 1991. V cc nh u t hy vng xu hng trong qu kh vn tip tc, g c th da trn tc
tng trng ca thu nhp. (tng trng ca 9 nm c phn nh trong s liu):
Nm
1982
1983
1984
1985
1986
EPS
3.9
4.21
4.55
4.91
5.31
Nm
1987
1988
1989
1990
1991
EPS
5.83
6.19
6.68
7.22
7.80
Li sut hin nay trn cc khong n mi l 9%. Thu sut thu thu nhp 40%. Cu trc vn
c xem l ti u nh sau:
N
$ 104.000.000
Vn c phn
$ 156.000.000
Tng cng
$ 260.000.000
a. Tnh chi ph sau thu ca n mi (5.4%)v chi ph vn c phn ca Barenbaum, gi s vn
c phn mi ch c c t li nhun gi li. Hy tnh chi ph vn c phn theo cng thc:
ks = D1 / P0 + g =6.6+8=14.6%
Qun tr Ti chnh
b. Tnh chi ph vn trung bnh ca Barenbaum, mt ln na gi nh rng cng ty khng pht
hnh thm c phiu thng v tt c cc khon n u c chi ph l 9%. (10.92)
c. Cng ty c th u t bao nhiu trc khi huy ng thm vn c phn t cc c ng mi?
(Gi s li nhun gi li nm 1992 l 45% li nhun nm 1991. Li nhun nm 1991 c
c bng cch nhn EPS ca nm 1991 vi s c phn hin hnh) (45.63)
d. Tnh chi ph vn trung bnh ca Barenbaum (chi ph cc ngun vn huy ng s tng khi
vt qu s lng tnh ton phn c) nu pht hnh thm c phiu mi vi gi $65 mt c
phiu, trong cng ty nhn c $58,5 mi c phiu, chi ph n vn khng i (11.34)
7-12: Doanh nghip Hawley c cu trc vn nh sau, c xem l ti u trong iu kin hin
nay:
N (Di hn)
45%
Vn c ng
55%
Tng ngun vn
100%
Nm ti cc nh qun l hy vng kim c $2,5 triu li nhun sau thu. T trc n nay
cng ty chi 60% li nhun cho c ng v s tip tc ch trng ny. Mt cam kt mi y
vi ngn hng cho php cng ty vay tin theo sp xp sau:
Tinvay
0 - $ 500,000
$500,001 $900,000
$900,001 tr ln
Lisut
9% trn khon vay ny
11% trn khon vay ny
13% trn khon vay ny
Thu sut trung bnh ca cng ty l 40%, gi th trng ca c phiu l $22, c tc gn y nht
l $2.2 mi c phiu v tc tng trng l 5%. C phiu mi c th pht hnh vi chi ph l
10%. Cng ty c cc c hi u t trong nm ti l:
Dn
1
2
3
4
5
Gitr
$ 675000
900000
375000
562500
750000
Lisut
16%
15%
14%
12%
11%
Ban qun l yu cu bn xc nh d n no nn c thc hin (nu c). Bn tin hnh phn

tch bng cch tr li nhng cu hi sau (hoc thc hin cng vic) c t trong mt chui
hp l:
a. C bao nhiu bc nhy trong biu MCC? nhng gi tr no v nguyn nhn l g?
b. Tnh chi ph vn trung bnh, WACC, trong cc khong gia cc bc nhy?
c. V biu IOS v MCC
d. Ban qun l ca Hawley s chp nhn cc d n no?
e. Nhng gi nh v ri ro d n c ngm hiu trong bi ton ny l g? Nu bn bit cc d
n 1, 2, 3 c ri ro trn trung bnh nhng Hawley chn cc d n bn ch ra trong cu d,
thng tin ny s nh hng n tnh hnh trn nh th no?
f. Gi thit cho rng Hawley chi 60 % s tin kim c tr c tc. Nu thay i t l ny
thnh 0%, 100% hay mt gi tr bt k gia hai gi tr ny th vic phn tch s thay i nh
th no? (khng cn tnh ton)
Qun tr Ti chnh
7-13: Cng ty in lc Florida (FEC) ch s dng n v vn ch s hu. Cng ty c th vay
khng gii hn vi mc li sut 10% min l n ti tr theo ng cu trc vn mc tiu i hi
phi c 45% n v vn ch s hu l 55%. C tc gn y nht l 2 $. Tc tng trng bnh
qun ca cng ty l 4%, gi c phiu l 25 $ v c phiu mi sau khi tr chi ph s em li cho
cng ty 20 $. Thu sut thu thu nhp ca FEC l 40% v cng ty hy vng kim c 100 triu $
li nhun gi li trong nm nay. Hai d n ang c sn l:
D n A c chi ph u t l 200 triu $ v li sut l 13%
D n B c chi ph u t l 125 triu $ v li sut l 10%
Tt c cc d n ca cng ty u c ri ro bng nhau.
a. Chi ph vn c phn pht hnh thm ca FEC l bao nhiu?
b. Chi ph vn bin, ngha l mc tng ca WACC c dng khi nh gi cc d n c
d ton ngn sch (hai d n ny v thm bt k d n no khc c th pht sinh trong nm,
min l biu chi ph vn vn nh hin nay), ca FEC l bao nhiu?
8-1: D n K c chi ph l 52125 $ v ngn lu rng l 12000$ /nm trong vng 8 nm.
a. Tnh thi gian hon vn ca d n (tnh n nm gn nht)? (4.34i5)
b. Chi ph vn l 12%. Tnh NPV ca d n? (7486.7)
c. Tnh IRR (T sut ni hon) ca d n? ( d n c ngn lu khng i hng nm) (16%)
d. Tnh thi gian hon vn c chit khu nu chi ph vn l12%? (6.51)
e. MIRR ca d n l bao nhiu nu chi ph vn l 12%? (13.895%)
8-2: Pettijohn Enginerring ang xem xt hai thit b, xe ti v h thng bng chuyn, trong d
ton ngn sch nm nay. Nhng d n ny c lp vi nhau. Chi ph u t cho cho xe ti l
$17000 v h thng bng chuyn l $22430. Chi ph vn ca doanh nghip l 14%, ngn lu sau
thu, k c khu hao nh sau:
Nm
1
2
3
4
5
Xeti
$ 5100
5100
5100
5100
5100
Hthngbngchuyn
7500
7500
7500
7500
7500
Tnh IRR, NPV v MIRR ca mi d n v ch ra quyt nh chp nhn / bc b ng n cho

mi d n (Ti:15%;409;14.674%)(Bngchuyn:20%;3318;17.189%)
8-3: Swensen Industries phi la chn gia xe nng dng nng lng ga v nng lng in
vn chuyn nguyn vt liu trong nh my. V c hai loi xe u c chc nng nh nhau, cng
ty ch chn loi no l ti u nht (chng l nhng hnh thc u t loi tr ln nhau). Xe nng
dng nng lng in th chi ph mc hn nhng chi ph hot ng thp hn; gi ca n l
$22000, trong khi xe nng dng nng lng ga ch c $17500. Chi ph vn cho hai d n l 12%.
Tui th s dng cho mi xe c tnh khong 6 nm, trong sut thi gian hot ng ngn lu
rng m xe nng s dng nng lng in mang li l $6290 mi nm, cn xe nng dng nng
lng ga l $5000 mi nm. Ngn lu rng thu c hng nm bao gm lun c chi ph khu
hao. Tnh NPV v IRR cho mi loi xe nng v quyt nh a ra kin ngh. (in:3861;0.18)
(Gas:3057;0.1797)
Qun tr Ti chnh
8-4: D n S c chi ph l $15000 v ngn lu thu c l $4500/nm trong 5 nm. D n L
c chi ph l $37500 v ngn lu thu c l $11100/nm trong 5 nm. Tnh NPV, IRR v
MIRR ca c hai d n bit chi ph vn l 14%. D n no s c chn, gi s chng loi tr
nhau, vi mi phng php sp hng? Cui cng nn chn ci no? (S:449;15.24%;14.67%)
(L:607;14.67%;14.36%)
8-5: Cng ty Boisjoly Products ang xem xt hai d n u t loi tr nhau. Ta c bng ngn
lu rng mong i ca hai d n nh sau:
Bngngnlurngmongi
Nm
0
1
2
3
4
5
6
7
DnA($)
(300)
(387)
(193)
(100)
600
600
850
(180)
DnB($)
(405)
134
134
134
134
134
134
0
a. Xy dng th NPV cho d n A v B

b. Tnh IRR ca mi d n? (18.1%v24%)
c. Nu mi d n c chi ph vn l 12% (A)th d n no s c chn? Nu chi ph vn ca
d n l 18% (B)th s la chn ng l g?
d. Tnh MIRR ca mi d n nu chi ph vn l 12%? l18%? (gi : xem nm th 7 l nm
cui ca d n B) (A:15.1%;18%)(B:17%;20.5%)
e. Tnh li sut giao im, n c ngha g? (14.5%)
8-6: Cng ty Southwestern Oil Exploration c hai k hoch loi tr nhau v lc du ni
cng ty c quyn khai thc. C hai k hoch yu cu chi ph 12,000,000$ cho vic khoan v khai
thc cc ging du. Theo k hoch A, tt c du khai thc trong mt nm to ra mt ngn lu ti
thi im t =1 l 14,400,000$. Vi k hoch B, ngn lu s l 2,100,000$ mi nm v ko di 20
nm.
a. Tnh ngn lu tng thm hng nm cng ty Southwestern Oil Exploration s c nu nh thc
hin k hoch B thay v k hoch A? (Hng dn: ly ngn lu ca k hoch B tr cho ngn
lu ca k hoch A)
b. Nu cng ty chp nhn k hoch A, sau u t tip lng tin mt c c cui nm
u th li sut ti u t phi l bao nhiu ngn lu c c t ti u t bng vi ngn
lu c c t k hoch B? (Ni cch khc, li sut giao im l bao nhiu?) (16%)
c. Gi s cng ty c chi ph vn l 12% v n c th huy ng vn khng gii hn chi ph .
Nu gi nh cng ty s thc hin tt c cc d n c lp (c ri ro trung bnh) c li sut
ln hn 12% th c hp l khng? Hn na, nu tt c cc d n c sn vi li sut ln hn
12% u c thc hin, c phi iu ny c ngha l ngn lu t u t trc y c chi
ph c hi ch l 12%, bi v tt c nhng g cng ty c th lm i vi cc ngn lu ny s l
thay th tin c chi ph vn 12%? Cui cng, c phi iu ny ngm hiu chi ph vn l li
sut ng n gi nh cho ti u t cc ngn lu ca mt d n?
d. Xy dng th NPV cho k hoch A v B, xc nh IRR cho mi d n v ch ra li sut
giao im (IRRA=20%;IRRB=16.7%;Lisutgiaoim=16.07%)
Qun tr Ti chnh
11-4: Hai cng ty HL v LL ging nhau tt c ngoi tr cc t s n by v li sut trn n ca
h. Mi cng ty c $20 triu trong ti sn, kim c $4 triu li nhun trc li v thu trong
nm 1991, v chu thu sut l 40%. Tuy nhin, cng ty HL c t s n by ti chnh (D/TA) l
50% v tr li sut l 12% cho cc khon n ca h. Trong khi , cng ty LL c t s n by
ti chnh l 30% v chi tr 10% cho cc khon n
a. Tnh li sut ca vn c phn cho mi cng ty?
b. Thy li sut trn vn c phn ca cng ty HL cao hn, th qu ca LL quyt nh tng n
by t 30% ln 60%, iu ny lm LL phi chu li sut 15% trn tt c cc khon n ca
mnh. Tnh li li sut trn vn c phn ca LL?
HL
LL
LL
(50%) (30%) (60%)
EBIT
4
4
4
1.2
0.6
1.8
Li
2.8
3.4
2.2
Litctrcthu
1.12
1.36
0.88
Thu(40%)
1.68
2.04
1.32
Litcthun
10
6
12
N
20
20
20
Tngtisn
LisuttrnVCP
0.168
0.146 0.165
11-5: Cng ty Desreumaux mun tnh li sut trn vn c phn trong nm ti vi nhng t s
n by ti chnh khc nhau. Tng ti sn ca cng ty l $14 triu v thu sut trung bnh l
40%. Cng ty c th c tnh li nhun trc thu v li ca nm ti ng vi ba tnh hung: $4,2
triu vi xc sut 0,2; $2,8 triu vi xc sut 0,5 v 700000 vi xc sut 0,3. Tnh li sut trn
vn c phn, lch chun v h s bin thin ca cng ty theo cc t s n by ti chnh sau
y v nh gi kt qu:
nby(N/Tngtisn)
0%
10
50
60
Xc sut
EBIT
Li
Li tc trc thu
Thu (40%)
Li tc thun
N
Tng ti sn
Li sut trn VCP
0.2
4.2
0
4.2
1.68
2.52
0
14
0.18
Lisut
_
9
11
14
0.5
2.8
0
2.8
1.12
1.68
0
14
0.12
0.3
0.7
0
0.7
0.28
0.42
0
14
0.03
Qun tr Ti chnh
LisuttrungbnhtrnVCP
lchchun
Hsbinthin
0.105
0.054
0.515
Xc sut
0.2
0.5
0.3
EBIT
4.2
2.8
0.7
Li (9%)
0.126
0.126 0.126
Li tc trc thu
4.074
2.674 0.574
Thu (40%)
1.6296
1.0696 0.2296
Li tc thun
2.4444
1.6044 0.3444
N (10%)
1.4
1.4
1.4
Tng ti sn
14
14
14
Li sut trn VCP
0.194 0.1273333 0.02733
LisuttrungbnhtrnVCP
0.111
lchchun
0.0595
Hsbinthin
0.536
Qun tr Ti chnh
Xc sut
EBIT
Li (11%)
Li tc trc thu
Thu (40%)
Li tc thun
N (50%)
Tng ti sn
Li sut trn VCP
LisuttrungbnhtrnVCP
lchchun
Hsbinthin
0.2
0.5
0.3
4.2
2.8
0.7
0.77 0.77
0.77
3.43 2.03 -0.07
1.372 0.812 -0.028
2.058 1.218 -0.042
7
7
7
14
14
14
0.294 0.174 -0.006
0.144
0.108
0.751
Xc sut
EBIT
Li (14%)
Li tc trc thu
Thu (40%)
Li tc thun
N (60%)
Tng ti sn
Li sut trn VCP
LisuttrungbnhtrnVCP
lchchun
Hsbinthin
0.2
0.5
0.3
4.2
2.8
0.7
1.176 1.176 1.176
3.024 1.624 -0.476
1.2096 0.6496 -0.1904
1.8144 0.9744 -0.2856
8.4
8.4
8.4
14
14
14
0.324 0.174 -0.051
0.137
0.135
0.983
Tng kt trong bng sau
LisuttrungbnhtrnVCP
lchchun
Hsbinthin
Tl:N/Tngtisn
0%
10%
50% 60%
0.105 0.111 0.144 0.137
0.054 0.0595 0.108 0.135
0.515 0.536 0.751 0.983
11-6: Cng ty Webster c k hoch huy ng thm $270 triu ti tr cho thit b mi v vn
hot ng vo u nm 1992. C hai phng n cn c xem xt: c th pht hnh c phiu vi
gi $60 mt c phiu hoc pht hnh tri phiu vi li sut 12%. Bng cn i k ton v bo
co thu nhp ca cng ty trc khi ti tr nh sau:
CngtyWEBSTER
Qun tr Ti chnh
BNGCNIKTON
31/12/1991 ( n v: triu la)
Ti sn lu ng
Ti sn c nh
$900
$450
Tng ti sn
1350
Cc khon phi tr
N ngn hng
Cc khon phi tr khc
Tng n ngn hn
N di hn (10%)
C phiu thng, mnh gi$3
Li nhun gi li
Tng ngun vn
172.50
255
225
652.50
300
60
337.50
1350
CngtyWEBSTER
BOCOKTQUHOTNGSNXUTKINHDOANH
31/12/1991
( n v: triu la)
Doanh thu
Chi ph hot ng
EBIT (10%)
Li ca n ngn hn
Li ca n di hn
Li tc trc thu
Thu (40%)
Li tc thun
2475
2227.5
247.5
15
30
202.5
81
121.5
Doanh thu c phn phi nh sau
Xcsut
0.3
0.4
0.3
Doanhthu
2250
2700
3150
Gi s EBIT bng 10% doanh thu, tnh thu nhp trn mi c phiu (EPS) cho c hai phng n
ti tr bng n v pht hnh c phiu trong tt c cc tnh hung ca doanh thu. Tnh EPS v
N
EBIT
v t s TIE

EPS cho c hai phng n ti tr. Tnh t le n
Tong tai san
Lai phai tra
mc doanh thu trung bnh cho mi phng n ti tr. N c vn cn, bn ngh bin php ti
tr no?
Qun tr Ti chnh
Titrbng
Xc sut
Doanh thu
EBIT
Li ca n ngn hn
Li ca n di hn
Li tc trc thu
Thu (40%)
Li tc thun
N
Tng ti sn
EPS($)
EPStrungbnh
lchchun
Tln
TIE
N
0.3
0.4
0.3
2250
2700
3150
225
270
315
15
15
15
62.4
62.4
62.4
147.6 192.6
237.6
59.04 77.04
95.04
88.56 115.56 142.56
1222.5
1620
4.428 5.778 7.128
5.778
1.046
0.755
3.488
Cphiumi
0.3
0.4
0.3
2250
2700
3150
225
270
315
15
15
15
30
30
30
180
225
270
72
90
108
108
135
162
952.5
1620
4.408 5.510 6.612
5.510
0.854
0.588
6.000
14-5: Frenchs Farm Equipment cn tng vn $4,5 triu m rng, ngn hng u t cho rng
c th pht hnh tri phiu 0 coupon 5 nm vi gi $567,44 cho mi tri phiu c mnh gi
$1000. Thu sut ca French l 40%
a. Phi bn bao nhiu tri phiu mnh gi $1000 c 4,5 triu $?
b. Tnh li sut sau thu ca tri phiu ny trong trng hp (1) nh u t c min thu v
(2) nh u t chu thu sut thu thu nhp l 31%.
c. Tnh chi ph (sau thu) ca n nu cng ty quyt nh pht hnh tri phiu?
14-6: Gi s 5 nm trc thnh ph Tampa pht hnh tri phiu th 0 coupon, gi tr khi o
hn l 1000 $, c min thu. Khi pht hnh tri phiu c k hn thanh ton 25 nm v li sut
danh ngha l 10%, tnh gp mi na nm. Tri phiu by gi c th c thu hi mc gi
110% trn gi tr tch lu. Tnh li sut thc (hng nm) nh u t mua tri phiu khi chng
c pht hnh v s hu chng cho n nay nhn c nu nh chng c thu hi hm nay?
14-7: 10 nm trc thnh ph Gainesville pht hnh 1 triu $ tri phiu th c li sut cung
phiu (coupon) 14%, k hn 30 nm, tr li nh k 6 thng, min thu. Tri phiu c iu khon
khng c thu hi trc 10 nm k t ngy pht hnh, nhng by gi thnh ph Gainesville c
th thu hi nu mun. Chi ph thu hi l 10% trn mnh gi. Tri phiu mi k hn 20 nm, li
sut nm l 12%, tr li nh k 6 thng, c th bn bng mnh gi nhng chi ph pht hnh l
2%, hay $20000. Tnh hin gi thun ca kt qu do vic pht hnh li tri phiu?
15-1: Hai cng ty dt Van Auken v Herrman Mills bt u hot ng vi 2 bng cn i k
ton ging ht nhau. Mt nm sau, c hai cng ty u c yu cu phi tng thm nng lc sn
xut vi chi ph l 200000$. Cng ty Auken c ngn hng cho vay 200000$ vi li sut 8% /
nm. Cn Hermann th quyt nh thu thit b t cng ty cho thu ti chnh American Leasing
trong 5 nm, li sut hng nm l 8% ghi r trong hp ng thu. Bng cn i k ton ca c
hai cng ty trc khi tng ti sn nh sau:
Qun tr Ti chnh
Tng ti sn
400000
N
Vn ch s hu
Tng n v vn
200000
200000
400000
a. Lp bng cn i k ton ca mi cng ty sau khi tng ti sn v tnh ton t l n mi ca

mi cng ty.
b. Bng cn i k ton ca cng ty Herrman s nh th no sau khi ti tr nu vic thu vn
phi c th hin ln bng cn i k ton?
c. Li sut trn (1) ti sn v (2) vn c phn c b nh hng bi vic chn la hnh thc ti
tr khng? nh hng nh th no?
15-2: Cng ty Berry Mining phi lp t mt my mi tr gi 1,5 triu $ ti khu hm m
Nevada. Cng ty ny c th vay 100% ngun vn trn, hay lp mt hp ng thu ti chnh, gi
nh nh sau:
Nhng thit b ny c khu hao trong khung 3 nm (33%, 45%, 15%, 7%).
Chi ph bo tr c c lng l 75,000$ mi nm.
Thu sut l 40%
Nu s tin trn c ngn hng cho vay th li sut l 15%, tr dn trong 3 nm vo cui
nm.
Tin thu phi tr mi nm l 480,000$, trong 3 nm.
Theo cc iu khon thu, ngi thu phi tr tin bo him, thu trn ti sn v bo tr
Cng ty Berry phi s dng thit b ny nu nh mun tip tc kinh doanh, v vy hu nh
cng ty ny chc chn s mua li ti sn vo cui hp ng thu. Trong trng hp , cng
ty c th mua thit b theo gi th trng vo thi im . c lng tt nht gi th trng
ca ti sn ny khi thanh l l 325,000$, vi mc chnh lch kh ln ty tnh hung c th.
gip cc nh qun l a ra nhng quyt nh ng n thu-hay-mua, bn c yu cu tr
li nhng cu hi sau:
a. Gi s c th sp xp hp ng thu, Berry nn thu hay vay tin mua thit b? Gii thch?
(Hng dn: Tnh hin gi ca chi ph mua = 1,021,599 so vi 979,972 trong trng hp
thu)
b. Xem gi tr thanh l 325,000$ c c lng, chit khu gi tr ny vi cng sut chit
khu nh cc ngn lu khc c ph hp khng? Cc ngn lu c ri ro nh nhau khng? (gi
: ngn lu c ri ro cao thng c chit khu bng t sut cao hn, nhng khi ngn lu l
chi ph ch khng phi thu nhp th lm ngc li)
15-3: Trong chng trnh hin i ho nh my v gim chi ph, b phn qun l ca hng dt
Tanner quyt nh lp t mt my dt t ng. Phn tch d ton ngn qu cho d n ny cho
thy IRR l 20% so vi li sut yu cu ca d n l 12%.
Gi ton b ca my dt l 250000$ bao gm c ph vn chuyn v lp t....Ngun tin ny c
th vay ca ngn hng tr dn trong 4 nm vi li sut 10% / nm, vic chi tr c thc hin
cui mi nm. Trong trng hp my dt c mua, nh sn xut s k kt bo tr vi chi ph
ph 20000$ / nm c tr vo cui mi nm. My dt trong khung khu hao 5 nm, v thu
sut thu thu nhp ca Tanner l 40%. (T l khu hao: 20%, 32%, 19%, 12%, 11%, 6%)
Agell Automation Inc., nh sn xut my dt ngh mt hp ng thu vi Tanner vi chi ph
70000$ gm c ph vn chuyn v lp t (ti t = 0) cng thm 4 k chi tr 70000$ vo cui mi
nm t nm 1 n nm 4 (lu l c tng cng 5 ln thanh ton). Hp ng thu bao gm c bo
hnh v phc v. Tht ra my dt c tui th l 8 nm, sau gi tr thanh l d tnh l 0; tuy
nhin sau 4 nm th th gi c d tnh bng th gi l 42500$. Tanner nh xy dng mt nh
Qun tr Ti chnh
my hon ton mi trong 4 nm, v th n khng quan tm n vic thu hay s hu my dt
sau thi hn 4 nm
a. Tanner nn thu hay mua my dt? (NPVcaMua:185,112$;Thu:187,534$)
b. Gi tr thanh l r rng l ngn lu bt nh nht. Gi s sut chit khu trc thu hp l
ca gi tr thanh l l 15%. Vic iu chnh ri ro ca gi tr thanh l nh hng g trong
quyt nh?
c. Phn tch ban u gi nh rng Tanner s khng cn my dt sau 4 nm. By gi gi s
hng s tip tc s dng n sau khi ht hn cho thu. Nh vy, nu thu, Tanner s phi mua
ti sn sau 4 nm theo gi th trng, c d tnh bng vi th gi. Yu cu ny nh
hng g trn phn tch? (khng cn phn tch s liu, ch trnh by kin)
15-4: Hehre Industries Inc. hin c mt s chng quyn (warrant) cho php ngi gi n c
quyn mua mt c phiu vi gi 21 $ ng vi mi chng quyn
a. Hy tnh gi l thuyt ca chng quyn ca Hehre nu c phiu c bn vi gi $18, $21,
$25, $70.
b. Theo bn th chng quyn s c bn vi gi no di cc iu kin nu cu a. Vi gi
khon chnh lch l bao nhiu? Cu tr li ch l s suy on nhng giv khon chnh lch
tht s c mt mi quan h hp l
c. Mi yu t sau nh hng n c lng gi chng quyn v khon chnh lch trong phn b
nh th no
Thi gian sng ca chng quyn c ko di thm
bin ng ( p ) ca gi c phiu gim
Tc tng trng ca EPS ca c phiu tng
17-3: Cng ty Vincent ang c gng xc nh nh hng ca h s quay vng tn kho v chu
k thu hi cc khon phi thu (DSO) trn chu k lun chuyn tin mt ca n. Nm 1991 doanh
thu (tn dng) ca cng ty l 150000 $ v li tc thun l 6%, hay 9000 $. N quay hng tn kho
6 ln trong mt nm v DSO ca n l 36 ngy. Cng ty c ti sn c nh l 40000 $. Thi gian
tr hon vic thanh ton ca cng ty l 40 ngy.
a. Hy tnh chu k lun chuyn tin mt ca cng ty (60+36-40=56)
b. Gi s cng ty gi lng tin mt v chng khon ngn hn khng ng k, hy tnh h s
quay vng tng ti sn v ROA? (1.875v11.25%)
c. Gi s cc nh qun l ca cng ty tin l c th tng h s quay vng tn kho ln n 8 ln.
Chu k lun chuyn tin mt, h s quay vng tng ti sn v ROA s l bao nhiu nu h s
quay vng tn kho t c 8 ln trong nm 1991 (45+36-40=41;2.04;12.24%)
17-4: Cng ty Brueggeman l mt nh sn xut hng u M v loi pin acquy t. Cng ty

tung ra bn mi ngy 1500 pin vi chi ph nguyn vt liu v lao ng l 6 $/pin. Thi gian
chuyn nguyn vt liu thnh sn phm pin acquy ca cng ty l 22 ngy. Cng ty cho php
khch hng ca mnh n trong thi hn 40 ngy v thng tr cho nh cung cp trong vng 30
ngy.
a. Chu k lun chuyn tin mt ca cng ty l bao lu? (32)
b. Trong tnh hnh n nh mi ngy cng ty sn xut 1500 pin acquy th n phi ti tr cho vn
hot ng bao nhiu? (1500*6*32=288000)
c. Nu cng ty c th ko di thi gian tr hon thanh ton n 35 ngy th n c th gim vn
hot ng xung bao nhiu? (288000243000=45000)
d. B phn qun l ca cng ty ang th phn tch hiu qu ca mt quy trnh sn xut mi trn
vn hot ng. Quy trnh sn xut mi cho php cng ty gim thi gian lun chuyn tn kho
Qun tr Ti chnh
xung cn 20 ngy v tng sn lng hng ngy ln 1800 pin. Tuy nhin quy trnh mi ny
s lm cho chi ph nguyn vt liu v lao ng tng ti 7$. Gi s vic thay i khng nh
hng n chu k thu hi cc khon phi thu (40 ngy) v thi gian tr hon thanh ton (30
ngy). Nu quy trnh sn xut mi c p dng th chu k lun chuyn tin mt v vn hot
ng yu cu l bao nhiu? (30ngyv378000)
17-5: Tp on Mathys ang c gng xc nh mc ti sn lu ng ti u cho nm ti. B

phn qun l ca hng mong rng doanh thu s gia tng xp x 2 triu $ do kt qu ca vic m
rng ti sn hin ang c thc hin. Tng ti sn c nh l 1 triu $ v cng ty mun duy tr
t l n l 60%. Li sut ca cng ty hin nay l 8% i vi n ngn cng nh di hn (c
cng ty s dng nh c cu thng xuyn). Ba gii php sn c lin quan n mc ti sn lu
ng l:
Chnh sch tht cht yu cu ti sn lu ng ch bng 45% doanh thu d kin
Chnh sch va phi vi ti sn lu ng bng 50% doanh thu d kin
Chnh sch ni lng i hi ti sn lu ng bng 60% doanh thu d kin
Cng ty hy vng to c li tc trc thu v li l 12% trn tng doanh thu
a. Tnh li sut trn vn c phn theo cc mc ti sn lu ng (gi s mc thu li tc ca
cng ty l 40%)? (11.75%;10.80%v9.16%)
b. Trong bi ton ny chng ta gi s mc doanh thu d kin c lp vi chnh sch v ti sn
lu ng ca cng ty. y c phi l mt gi nh ng n khng?
c. Ri ro tng th ca cng ty thay i theo tng chnh sch nh th no?
17-6: Tnh chi ph n ca vic khng hng gim gi trong tn dng thng mi cho cc chnh
sch sau. Gi s vic thanh ton c thc hin vo ngy n hn thanh ton hoc vo ngy
c chit khu
a.
b.
c.
d.
e.
1/15, net 20
2/10, net 60 (14.69%)
3/10, net 45
2/10, net 45 (20.99%)
2/15, net 40
17-7: Cng ty mua theo chnh sch tn dng 3/15, net 45, nhng thc t tr vo ngy th 20 vn
c chit khu. Tnh chi ph ca vic khng hng chit khu trong tn dng thng mi?
(44.54%)Nu tr trong vng 15 ngy th cng ty nhn c tn dng nhiu hay t hn?
18-6: Cng ty I PHT gn y c thu mt ch trong siu th COOP kinh doanh, I

PHT Shop. Cng vic tin trin tt, nhng I PHT thng b kt tin mt. iu ny lm
cho I PHT b chm tr thanh ton mt vi n t hng v bt u xy ra trc trc vi
nhng nh cung cp. I PHT d nh vay ngn hng c tin hot ng v vn trc
tin l h phi d bo c nhu cu bit lng tin cn vay. V vy h yu cu bn chun b
d ton tin mt cho thi k gn Ging sinh, lc m nhu cu c bit cao
Cc nh cung cp cho I PHT c tr sau mt thng. Lng nhn vin mi thng l 48
triu v tin thu mt bng mi thng l 20 triu, 120 triu tin thu c tr vo thng 12. Tin
mt hin c vo ngy 1/12 l 4 triu, nhng I PHT ng vi ngn hng l s duy tr s
d trung bnh l 60 triu-y chnh l ch tiu tin mt ca I PHT. Tin mt ca hng
khng ng k v I PHT mun ngn nga ri ro b cp
Qun tr Ti chnh
Doanh thu v gi tr hng mua cc thng 12, 1, 2 c c lng nh sau (gi tr hng mua
trong thng 11 l 1400 triu)
Doanhthu(triu) Gitrhngmua(triu)
Thng 12
1600
400
Thng 1
400
400
Thng 2
600
400
a. Nu hng bn c tr tin ngay, hy lp d ton tin mt cho cc thng 12, 1, 2 (-44;
-112;20)
b. By gi gi s t ngy 1/12 I PHT thc hin chnh sch tn dng, cho khch hng
n 30 ngy. Tt c cc khch hng chp nhn chnh sch ny v gi s cc yu t khc
khng thay i, lc nhu cu vay tin vo cui thng 12 l bao nhiu? (1644)
18-7: Judy Maese, ch ca cng ty thit k thi trang Judy, ang d nh thit lp mt khon
n vi ngn hng ca c ta. C c lng doanh thu ca cng ty trong cc thng ca nm
1992 v 1993:
Thng 5 /1992:
6
7
8
9
10
11
12
Thng 1/1993 :
180000
180000
360000
540000
720000
360000
360000
90000
180000
Tin n c b phn thu hi tn dng c lng nh sau: thu hi t doanh thu trong thng l
10%; sau mt thng thu hi tip 75%; sau hai thng thu hi nt 15% cn li. Chi ph lao ng v
nguyn vt liu thng tr sau mt thng k t lc chi ph pht sinh. Tng chi ph cho lao ng
v nguyn vt liu c c lng cho mi thng nh sau:
Thng 5/1992 :
6
7
8
9
10
11
12
90000
90000
126000
882000
306000
234000
126000
90000
Lng b phn qun l khong 27000 / thng; tin thu ca nhng hp ng thu di hn l
9000 / thng; chi ph khu hao l 36000 / thng; chi ph linh tinh l 2700 / thng; tin thu thu
nhp l 63000 s c tr vo thng 9 v12; v chi ph cho mt phng thit k mi 180000 s
c tr vo thng 10. Tin mt ti qu vo ngy 1/7 l 132000 v s tin mt tn qu ti thiu
l 90000 s c duy tr sut k d ton ngn qu
a. Hy lp d ton tin mt hng thng cho 6 thng cui ca nm 1992.
Qun tr Ti chnh
b. Hy c lng yu cu ti tr (hoc qu d tha) - l s tin m Judy s cn mn (hoc
c th s u t) - cho mi thng trong k d ton
c. Gi s ha n bn hng n u n sut trong thng (ngha l tin mt thu c theo t l
1/30 mi ngy), nhng tt c cc khon chi u xy ra vo ngy 15 trong thng. iu ny c
nh hng n d ton tin mt khng? Ni cch khc, d ton tin mt bn lp c da trn
nhng gi nh ny khng? Nu khng, c th lm g c lng nhng yu cu ti tr cao
im c gi tr? Khng yu cu tnh ton, mc d tnh ton c th dng minh ho nh
hng
19-1: Delano Industries bn hng vi chnh sch tn dng 3/10, net 30. Tng doanh thu trong
nm l 900000. 40% khch hng tr vo ngy th 10 v c hng chit khu, 60% cn li tr
trung bnh vo khong 40 ngy sau khi mua
a. Trung bnh khch thanh ton sau bao nhiu ngy?
b. Khon phi thu trung bnh l bao nhiu?
c. iu g s xy ra vi phn u t trung bnh vo cc khon phi thu nu Delano cng rn
hn trong chnh sch thu hi vi kt qu l tt c cc khch hng khng hng chit khu
phi tr tin sau 30 ngy?
19-2: Swink Technology ang nh thay i chnh sch tn dng t 2/15, net 30, sang 3/10, net
30, nhm tng tc thu hi. Hin ti 40% khch hng ca cng ty nhn 2% chit khu. Theo
chnh sch tn dng mi s khch hng nhn chit khu c th tng ln 50%. Bt k chnh sch
tn dng no, mt na khch hng khng nhn chit khu s tr ng thi hn, s cn li s tr
tr 10 ngy. S thay i ny khng dnh dng g vi vic ni lng tiu chun tn dng, v vy n
kh i d tnh s khng tng hn mc hin ti l 2%. Tuy nhin iu khon chit khu rng ri
hn hy vng s lm tng doanh thu hng nm t 2 triu n 2,6 triu. T l bin ph ca cng ty
l 75%, li sut ca qu u t trong cc khon phi thu l 9%, v thu sut thu li tc ca cng
ty l 40%
a. Tnh chu k thu hi cc khon phi thu trc v sau khi c s thay i chnh sch tn dng
b. Tnh chi ph chit khu trc v sau khi c s thay i
c. Tnh chi ph do tin kt trong cc khon phi thu trc v sau khi c s thay i
d. Tnh tn tht do n kh i trc v sau khi c s thay i
e. Tm phn li nhun tng thm t s thay i chnh sch tn dng? Cng ty c nn thay i
chnh sch tn dng khng?
19-3: Nh phn phi Bertin thc hin tt c cc giao dch thng mi bng tn dng, chnh sch
tn dng ca Bertin l 2/10, net 30. Mi nm mt ln, Bertin nh gi li gi tr tn dng ca tt
c khch hng, quy trnh nh gi phn loi khch hng t 1 n 5, vi 1 l khch hng tt nht.
Bng kt qu sp hng nh sau:
Loikhch
hng
1
2
3
4
5
Tlnkhi
DSO
Khng
1
3
9
16
10
12
20
60
90
Quytnh
tndng
Khng gii hn
Khng gii hn
C gii hn
C gii hn
C gii hn
Mtdoanhthudo
hnchtndng
Khng
Khng
375000
190000
220000
Qun tr Ti chnh
T l bin ph l 70% v thu sut thu li tc ca n l 40%, chi ph vn u t trong cc khon
phi thu l 12%. Vic m rng tn dng khng gii hn i vi cc khch hng loi 3, 4, 5 s c
nh hng n kh nng sinh li ca cng ty nh th no? (Gi : Nghin cu nh hng ca
vic thay i mi chnh sch mt cch ring bit ln bo co kt qu hot ng sn xut kinh
doanh. Ni cch khc, tm s thay i trong doanh thu, chi ph sn xut, cc khon phi thu v
chi ph u t cho cc khon phi thu, cc khon n kh icho n s thay i ca li tc
thun. Gi s khng c khch hng no trong 3 loi ny nhn chit khu)
19-5: Cng ty Tuyt Trn c doanh thu tn dng hng nm l 2000 triu. Chi ph hin nay cho
b phn thu hi l 30 triu mi nm, tn tht do n kh i c lng l 2%, thi gian thu hi
trung bnh l 30 ngy. Tuyt Trn ang xem xt mt chnh sch thu hi mm do hn gim
bt chi ph thu hi xung cn khong 22 triu mi nm. S thay i ny c kh nng lm tng
tn tht do n kh i ln n 3% v thi gian thu hi trung bnh l 45 ngy. Tuy nhin doanh
thu hng nm hy vng s tng ln n 2200 triu
Nu ph c hi l 12%, t l bin ph l 75%, thu sut thu thu nhp l 40% th Tuyt Trn c
nn bt cng rn trong chnh sch thu hi khng? (13.35)
Qun tr Ti chnh
PHNBIGII
Bigii3-1
IP1=7%
IP2=5%
IP3=3%
IP4=3%
IP5=3%
k*=2%
MRP1=0.2%
MRP2=0.4%
MRP3=0.6%
MRP4=0.8%
MRP5=1% (ti a)
kt1=?
kt2=?
kt3=?
kt4=?
kt5=?
kt10=?
kt20=?
Cu a:
Theo cng thc tnh li sut ta c:
k = k* + IP + DRP + LP + MRP
M DRP = LP = 0 (tri phiu kho bc)
Nn k = k* + IP + MRP
* k t1 k * IP1 MRP1 2 7 0.2 9.2%
7 5
* k t 2 k * I P1, 2 MRP2 2
0.4 8.4%
2
7 53
* k t 3 k * I P1, 2, 3 MRP3 2
0.6 7.6%
3
7 5 3 3
* k t 4 k * I P1, 2,3, 4 MRP4 2
0.8 7.3%
4
7 5 3 3 3
* k t 5 k * IP1, 2,3, 4, 5 MRP5 2
1 7.2%
5
7 5 (3 * 8)
* k t10 k * IP1~10 MRP5 2
1 6.6%
10
7 5 (3 *18)
* k t 20 k * IP1~ 20 MRP5 2
1 6.3%
20
V ng li sut
Lai suat
Duong loi suat

10
5
0
0
10
15
20
25
Ky han
lai suat chinh phu (%)
Cu b:
Tri phiu ca 1 cng ty c hng tn dng l AAA nn LP = 0; DRP > 0
Qun tr Ti chnh
V DRP tng dn theo thi gian t k hn 1 nm n 20 nm, v ri ro v n di hn s ln hn
ngn hn.
Lai suat
Duong loi suat

10
5
0
0
10
15
20
25
Ky han
lai suat cong ty (%)
lai suat chinh phu (%)
Cu c:
Tri phiu ca mt nh my in ht nhn s c DRP v LP rt ln nn ng li sut ca n s
c dng nh hai ng trn nhng nm v tr cao hn trn h trc ta
Bigii3-3
MRP = 0
K* = 3%
Li sut ca tri phiu k hn 1 nm l 10%
Li sut / nm ca tri phiu k hn 2 nm l 11.5%, l trung bnh cng ca li sut tri phiu k
hn 1 nm nm 1 v nm 2
a. T gi thuyt bi cho
Tng li sut ca tri phiu k hn 1 nm nm 1 v nm 2 = 11.5% x 2 = 23%
M li sut k hn 1 nm nm 1 l 10%
Li sut k hn 1 nm nm 2 = 23% - 10% = 13%
b. Ta c:kt = k* + IP
tc lm pht nm 1: IP1 = 10% - 3% = 7%
tc lm pht nm 2: IP2 = 13% - 3% = 10%
Bigii3-4
Ta c:
k = kRF + DRP + LP + MRP
Trong :
k
: Li sut
kRF
: Li sut phi ri ro
DRP : B p cho ri ro v n
LP
: B p cho ri ro thanh khon
MRP : B p cho ri ro k hn
Trong trng hp tri phiu chnh ph c MRP = 0, ta ch cn xem li sut phi ri ro (kRF):
kRF = k* + IP
Vi:
Qun tr Ti chnh
k*
: Li sut phi ri ro tht s
IP
: Khon b p do lm pht
Tnh li sut ca tri phiu k hn 1 nm c pht hnh nm th 2:
Gi: k1, l li sut ca tri phiu k hn 1 nm pht hnh nm 1
k2 l li sut ca tri phiu k hn 1 nm pht hnh nm 2
IP1, IP2 l khon b p lm pht ca li sut tri phiu nm 1 v 2
Ta c:
(1)
k1 = kRF1 = k* + IP1
k2 = kRF2 = k* + IP2
(2)
*
IP1 = k1 - k = 11% - 4% = 7 %
V theo l thuyt k vng ta c li sut tri phiu k hn 2 nm l:
k k* IP2
IP1 IP2
2
l mc b p li sut do lm pht k vng trung bnh ca 2 nm
k = k* + (IP1 + IP2)/2
k = (k*+IP1 + k*+IP2)/2
k = (k1 + k2)/2
k2 = 2k k1
k2 = 2*13% - 11% = 15%
Vi
IP2
Tnh tc lm pht nm th 2:
T (2), ta suy ra:
IP2 = k2 k* = 15% - 4% = 11%
Ta c phn b p cho lm pht nm 2 l 11% nn tc lm pht ca nm th 2 s l

11%
Gii thch:
Li sut trung bnh ca tri phiu k hn 2 nm khc vi li sut ca tri phiu k hn 1 nm
pht hnh nm 2 l do xu hng lm pht nm 2 khc vi lm pht nm 1. Trong trng
hp lm pht c xu hng tng th li sut k hn 1 nm pht hnh nm th 2 s cao hn li
sut k hn 2 nm c c t cch tnh trung bnh ca li sut k hn 1 nm nm th 1 v nm
th 2
Bigii3-5
a. Tclmphtbnhquntronggiaiont1981n1985:
IP=
= 8,2%
b.Lisutdanhnghatrungbnhkvngtronggiaion1981n1985:
Ta c k = k* + t
Vi li sut phi ri ro tht s (li sut tri phiu kho bc nh nc k hn 5 nm) k*= 2%
Vy li sut danh ngha trung bnh l: 2 + 8,2 = 10,2%
Qun tr Ti chnh
c.k=2%;MRP1981=0,1%vtng0,1%minm
Li sut tri phiu k hn 1 nm l:

k = k+
1981
+ MRP1981 = 2% + 13% + 0,1% = 15,1%

k = k +
1981,1982
+ MRP1982 = 2% +
+ 0,2% = 13,2%

k =k+
1981,1985
+ MRP1985 = 2% + 8,2% +0,5% =10,7%

k = k+
1981,1991
+ 1% = 10,1%
+ MRP1991 = 2% +

k =k +
1981,2001
+ MRP2001 = 2% +
+ 2% = 10,55%
15.1
13.2
10.1
10.55
li sut
10.7
k hn
d.Nhngiukinkinhttngqutlmchonglisuthngln:
Trong cc thnh phn ca li sut tri phiu, b p cho lm pht l yu t nh hng mnh nht
ti dng ca ng li sut. V vy ng li sut s hng ln khi mc b p cho lm pht
trung bnh tng theo k hn, ngha l lm pht tng theo thi gian. Trong trng hp lm pht n
Qun tr Ti chnh
nh th thnh phn th hai lm cho ng li sut hng ln l b p cho ri ro k hn MRP.
V vy ng li sut s hng ln khi nn kinh t n nh hay ng tin b mt gi lin tc do:
Chnh ph tng chi tiu ngn sch nh tng u t, chi tiu chnh ph cho khu vc cng.
Bi chi ngn sch thng xuyn dn ti nh nc huy ng tin trong nhn dn nn lm tng
k k tng
Chnh ph tng cung tin cho nn kinh t nhm tng t l lm pht k tng.
Cn cn thng mi nhp siu lm cho ng ngoi t tng gi so vi ni t nn t l lm

pht tng k tng.
e.Lmphtkvngnnhmc10%thlisuts:
V li sut tri phiu k = k+
+ DP + LP + MRP, nu lm pht n nh, li sut ch ph thuc
vo s thay i ca cc thnh phn cn li nh DP, LP, MRP.
DP v LP khng thay i theo k hn nn cui cng li sut ch ph thuc vo MRP
ng li sut s hi hng ln do MRP tng nh theo k hn
Bigii4-2
Cu a: Tnh li sut trung bnh kY
kY = (wi* kiY )
=> kY = 0,1*(-35)+0,2*0+0,4*20+0,2*25+0,1*45 = 14%

Cu b:
lch chun ca li sut ca c phiu X:
= [( k X - ki )2 *wi]1/2
=[(0,12 (- 0,1))2 x0,1+(0,12 0,02)2 x 0,2+(0,12 0,12)2 x 0,4+(0,12 0,2)2 x 0,2+(0,12
0,38)2 x 0,1]1/2
X = (0,00484 + 0,002 + 0 + 0,00128 + 0,00676)1/2
X = 12,2%
o lng phn tn hay sai bit gia li nhun thc t so vi li nhun k vng,
Ngi ta dng lch chun .
Vi lch chun X = 0,122 hay 12,2% iu ny c ngha l sai bit gia li nhun thc
t so vi li nhun k vng l: 12,2%.
Nu ch nhn vo lch chun chng ta thy X (12,2%) < Y (20,35%) v kt lun ngay
rng ri ro ca c phiu Y ln hn c phiu X th iu ny cha hon ton ng.Vny
lcnssosnhxemquymlinhunkvngcahailoicphiunhthno? khc
phc tnh trng ny ngi ta dng ch tiu h s bin thin CV
TnhhsbinthincacphiuY.
(Vi lch chun ca c phiu Y l 20,35%) Ta c:
0,2035
CVY = Y =
= 1,4535 = 145,35 %
0,14
kY
CVX =
X
kX
0,122
= 1,0166 = 101,66 %
0,12
. Nh vy vi CVX (101,66%) < CVY (145,35%) chng ta c th ni c phiu Y ri ro hn c

phiu X.
Qun tr Ti chnh
Tm li: Ri ro c o bi sai bit gia gi tr thc t so vi gi tr k vng. o lng c
ri ro trc ht chng ta phi xc nh c li sut k vng, sau tnh lch chun ca li
sut. Ngoi ra, cn ch loi tr s nh hng cu cc yu t quy m bng cch s dng h s
bin thin CV so snh ri ro khc nhau khi li sut k vng khc nhau ng k.
Bigii4-3
Mhnhxcnhgitrcatisnvn-CapitalAssetPricingModel(CAPM):
CAPM c ba nh nh kinh t hc William Sharpe, John Lintner v Jack Treynor a ra
vo nhng nm gia thp nin 60. CAPM l m hnh m t mi tng quan gia ri ro v thu
nhp k vng, c s dng nh gi cc chng khon c mc ri ro cao.
Cng thc tnh ton nh sau:
Ks=Rriskfree+Beta*(Rmarket-Rrisk-free)
Hoc
Ks=KRF+(Km-KRF)
Trong :
Ks l li sut k vng trn c phiu
Rrisk free l t l phi ri ro, v thng l li sut tri phiu chnh ph v loi li sut ny c
coi l khng c ri ro thanh ton (Ri ro mc nh - default risk)
Rmarket l thu nhp th trng k vng qua thi gian (expected market return over a period of
time), thng c tnh ton hoc cho sn; li sut th trng.
Beta l ch s phn nh ri ro th trng ca mt c phiu. Beta c th c d on da trn
cc s liu qu kh
H s beta ri ro o lng mc bin ng li nhun k vng ca mt chng khon c bit so
vi mc bin ng li nhun k vng ca danh mc chng khon th trng.
Beta hay cn gi l h s beta, y l h s o lng mc bin ng hay cn gi l thc
o ri ro h thng ca mt chng khon hay mt danh mc u t trong tng quan vi ton b
th trng.
H s beta l mt tham s quan trng trong m hnh nh gi ti sn vn (CAPM)
ng th trng chng khon (SML):
Beta c tnh ton da trn phn tch hi quy, v phn nh khuynh hng v mc phn
ng ca chng khon i vi s bin ng ca th trng.
Qun tr Ti chnh
=1:Chng khon s di chuyn cng bc i vi th trng.
<1:Chng khon s c mc thay i t hn mc thay i ca th trng.
>1: Chng khon s c mc thay i nhiu hn mc thay i ca th trng.
+ Gii:
a.TnhhsbetacacphiuA:
p dng cng thc:
KS=KRF+(Km-KRF)
Suy ra:
=(KA-KRF)/(Km-KRF)=(14%-8%)/(11%-8%)=6%/3%=2
ngha ca = 2:
H s beta ca c phiu A bng 2 ( = 2) cho bit rng li sut ca c phiu A bin ng gp
2 ln li sut th trng, iu ny c ngha l nu nh nn kinh t bin ng tt th li nhun c
phiu A tng nhanh hn li nhun th trng, nhng khi nn kinh t xu th li nhun c phiu A
gim nhanh hn li nhun th trng. y
ca li nhun. Cho nn,
c nh ngha l h s o lng s bin ng
c xem nh l h s o lng ri ro u t chng khon. Do , li
nhun k vng ca mt loi chng khon c quan h dng vi h s
ca n.
b.TnhlisutcacphiuA:
p dng cng thc:
KS=KRF+(Km-KRF)
Suy ra:
KA=K RF+(Km-KRF)=8%+1,5(11%-8%)=12,5%
Bigii4-4
Gi s krf = 9%, km=14%, bi=1.3
a)Tnh ki,li sut yu cu cu c phiu i?
ki =krf + (km-krf)*bi
Trong :
ki:li sut ca c phiu i
krf:li sut tri phiu chnh ph
km:li sut th trng
ki = 9 + (14 9) * 1.3 = 15.5%
b) By gi gi s krf (1) tng n 10% hoc (2) gim xung 8%. dc ca ng SMLvn nh
c,iu ny s nh hng n km v ki nh th no?
(1) krf =10% tng 1%
dc ca ng SML khng i h s gc khng i
Qun tr Ti chnh
km krf = 5
km = 5 + krf = 5 + 10 = 15% tng 1%
ki = 10 + (15 -10)*1.3 = 16.5%
Nh vy khi krf tng n 10% th km tng n 15%, ki tng n 16.5%
(2)krf = 8% gim 1%
dc ca ng SML khng i h s gc khng i
km krf = 5
km = 5 + 8 = 13%
ki = 8 + (13 8)*1.3 = 14.5%
c) By gi gi s krf vn l 9% nhng km(1) tng n 16% hoc (2) gim xung 13%. dc ca
ng SML khng nh c na.Nhng thay i ny s nh hng n ki nh th no?
(1) krf=9%,km = 16%
h s gc = 16 9 = 7(thay i)
ki = 9 + 7*1.3 = 18.1%
(2) krf = 9%,km = 13%

h s gc =13 9 =4
ki = 9 + 4*1.3 = 14.2%
ki(%)
SML
ki = krf + (km krf)*i
15.5
14
0
1 1.3
i
Bigii4-5
Danh mc gm 20 c phiu, mi c phiu c u t ging nhau nn
1
w w1 w2 ... w20
20
H s beta trong danh mc u t ban u:
20
19
1
bd wn n wn n 20 1.12
20
n 1
n 1
Sau khi bn i 1 c phiu c 20 1
19
20
1
1
20 1.12 *1 1.07
20
20
n 1
n 1
H s beta trong danh mc u t khi mua li 1 c phiu c ' 1.75
wn n wn n
Qun tr Ti chnh
19
sau wn n
n 1
1 '
1
1.07 * 1.75 1.1575
20
20
Bigii4-6
p dng cng thc:
ks = krf + ( km krf)
ks: Li sut ca c phiu
krf: Li sut ca tri phiu chnh ph = li sut phi ri ro
km: Li sut th trng
Li sut ca tng loi c phiu l:
ka = 6% + 1.5 ( 14% - 6%) = 18%
kb= 6% + (-0.5) ( 14% - 6%) = 2%
kc = 6% + 1,25 (14% -6%) = 16%
kd = 6% + 0.75 ( 14%-6%) = 12%
Lisutyucucaqu:
18% * 400.000
kp =
2%*600.000
+
4.000.000
16%*1.000.000
+
4.000.000
12%*2.000.000
+
4.000.000
4.000.000
= 1.8% + 0.3% + 4% + 6%
= 12.1 %
Bigii5-26
Cua:Tnh hin gi chi ph trin khai d n xe in nng ca cng ty GM
T bi ta c bng thu chi ngn sch trong vng 20 nm cng ty GM nh sau:
Nm
Chi
Thu
1
-6
0
2
-6
0
3
-6
0
4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Tng
-6 -6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
-30
0 0 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4
60
tnh tng hin gi NPV (gi tr hin ti rng) p dng cng thc:
C
C 2 ....
NPV C 0 1 r1
1 r 2
Qun tr Ti chnh
Trong r l li sut hng nm 10% = 0.1
Ci:l ngn lu tng ng t nm th 1 n nm th 20.
Trong ngn lu ra cn c vo s tin chi ra hng nm cng ty GM
C0 = -6; C1 = -6; C2 = -6; C3 = -6; C4 = -6
PV1 = C0 = -6
PV2 = C1/(1+r) = -6/(1+0.1) = -5.5
PV3 = C2/(1+r)2 = -5
.....
PV = PV1+PV2+..........................+PV5
Nm 1
Chi -6
PV
-6
2
-6
-5.5
3
-6
-5
4
5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Tng
-6
-6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
-4.5 -4.02 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -25.02
Cub: Tnh ngn lu

p dng cng thc tnh NPV trn ta tnh c hin gi thu vo.
Hin
gi
Chi
-6
Thu
0
NPV -6
Tng
-5.5 -5 -4.5 -4.1
0
0
0
0
0
0
0
0
0
0 0
0
0
0
0 -25.02
0 0
0
0 2.5 2.3 2.1 1.9 1.7 1.5 1.4 1.3 1.2 1.1 1 0.9 0.8 0.7 0.7 20.78
-5.5 -5 -4.5 -4.1 2.5 2.3 2.1 1.9 1.7 1.5 1.4 1.3 1.2 1.1 1 0.9 0.8 0.7 0.7 -4.23
Ngn lu = -25.02+20.78 =-4.23
CuC:
GM khng nn u t sn xut d n ny v tng ngn lu thu c m (kinh doanh l vn).
Bigii5-27
* Li sut tch hp hng nm khi gi ngn hng:
m
4
r1
0.08
r2 1 1 1
1 0.0824 8.24%
4
m
*Yu cu li sut thc khi u t vo chng khon phi ging nh gi ngn hng:
rck r2 8.24%
* Hin gi chng khon:
1
C4
1
PVck C1, 2,3 *
3
4
r2 r2 1 r2 1 r2
1
1
1050
50 *
893.26($)
3
4
0.0824 0.08241.0824 1.0824
Hin gi ca chng khon ch l 893.26($) m ta cn phi b ra 900($) mua, vy y
khng phi l mt u t tt.
Bigii5-28
Qun tr Ti chnh
Li sut 6 thng r = 5%
S k thanh ton = 10*2 = 20 k
C: S tin phi tr 1 k
Ta c:
10.000 = C{(1/0.05) - 1/[0.05 (1+0.05)20]}
C = 802
S tin li phi tr k 1 (30/06) = (10.000*5%) = 500
S tin gc tr k 1 (30/06) = (802 500) = 302
S tin li phi tr k 2 (31/12) = (10.000 302)*5% = 485
Vy tin li phi tr trong nm u tin l = (500 + 485) = 985
Bigii5-29
Gi s s tin cng ty phi tr mi nm l c nh k hiu l C v tr vo cui mi nm
Cch 1: . Ta da vo cng thc tnh hin gi ca chui c ngn lu bng nhau S tin thanh
ton hng nm:
t
5
C
C
1000
t
t
1 (1 r )
1 (1 0.15)
1000 3.352C C 298.32
PV
Cch 2:Da vo cng thc tnh li tc thng nin:

1
1
) 1000
PV C (
r r (1 r ) t
C 298.3
Trtheodngimdn
Nm S d u k
Thanh ton
Tin li
Tr bt vn
1
1000
298.32
150
148.32
2
851.68
298.32
127.75
170.57
Tng s vn gc tr sau 2 nm
318.89
Phn vn gc tr sau 2 nm
31.89%
Bigii6-1
a) TnhgicaTriphiu:
p dng cng thc :
1
1
P
PV C *
n
r r 1 r 1 r n
Vi P= 1000
C=100
S d cui k
851.68
681.112
Qun tr Ti chnh
Trnghp1:Gicatriphiuvithihn1nm(n=1):
*r=5%
1
1
1000
PV 100 *
1047.62
1
0.05 0.05 1 0.05 1 0.05 1
*r=8%
1
1
1000
PV 100 *
1018.52
1
0.08 0.08 1 0.08 1 0.08 1
*r=12%
1
1
1000
PV 100 *
982.14
1
0.12 0.12 1 0.12 1 0.12 1
Trnghp2:Gicatriphiuvithihn15nm(n=15):
*r=5%
1
1
1000
PV 100 *
1518.98
15
0.05 0.05 1 0.05 1 0.0515
*r=8%
1
1
1000
PV 100 *
1171.19
15
0.08 0.08 1 0.08 1 0.08 15
*r=12%
1
1
1000
PV 100 *
863.78
15
0.12 0.12 1 0.12 1 0.12 15
b)
Triphiukhn15nmbinnghntriphiukhn1nmv:
Theo cc kt qu tnh ton trn cho 3 tnh hung li sut 5%, 8%, v 12%, ta thy mc
bin ng ca gi tri phiu k hn 1 nm t 1047 xung 982, trong khi mc bin ng
ca gi tri phiu k hn 15 nm t 1518 xung 863. T c th nhn xt khi li sut bin
ng, mc bin ng ca gi tri phiu k hn 1 nm thp hn mc bin ng ca gi
tri phiu k hn 15 nm.
Trong 15 nm th s bin ng v li sut (r) nhiu hn 1 nm.
Li sut bin ng ngc chiu vi gi tri phiu, 15 nm khng lng trc c bin ng
ca gi, ri ro nhiu hn.
Bigii6-2
a/ Li tr hng nm nn mi nm s nhn c khon thanh ton li bng 0,09*1.000 = 90$
Nm1
90
Nm2
90
Nm3
90
Nm4
1090
Trnghp1: Gi th trng l 829$
Qun tr Ti chnh
Bng phng php th v sai, ta c th tm c r = 15%
Trnghp2: Gi th trng l 1.104$
Bng phng php th v sai, ta c th tm c r = 6%

b/ Li sut hp l trn th trng l 12% th
S mua tri phiu ny v gi 829$ thp hn gi tr ng ca tri phiu l 909$.

Bigii6-3
Tri phiu c mnh gi M = 1000, r = 10%, k hn 10 nm, tr li mi 6 thng
n = 20
M * 10% 1000 * 10%
C
50
2
2
Cu a:
Li sut 6 thng vi r1 6% r1' 3% 0.03
Gi tri phiu sau 2 nm:
1
1
1000
M
1
1
PV1 C '
50
1251.22($) Cu b:
16
16
16
16
r1 r1' 1 r1' 1 r1'
0.03 0.03 * 1.03 1.03
Li sut 6 thng vi r2 12% r2' 6% 0.06
Gi tri phiu sau 2 nm:
1
1
1000
M
1
1
PV2 C '
50
898.94($) Cu c:
16
16
16
16
0
.
06
0
.
06
*
1
.
06
1
.
06
r2 r2' 1 r2' 1 r2'
Trong iu kin ca phn a, nu r1 vn l 6% 8 nm sau th gi tri phiu gim dn theo thi

gian t 1251.22($) xung mnh gi 1000 ($), nu khng k 50$ tin li ln cui.
Baigii6-4
Cau a : Tnh gia cua trai phieu cua Beranek
Gia cua trai phieu se la:
I
P
kd
I = 1.000 x10% (I la tien tra lai)
kd = 8%
1.000 10%
P
1,250$
8%
Cau b: Gia s lai suat tang sao cho li suat cua trai phieu loai nay la 12%. Luc
o gia cua trai phieu Beranek se la:
Qun tr Ti chnh
I
kd
kd = 12%
1.000 10%
P
833.3333$
12%
P
Cau c: Tnh lai gia cua trai phieu cua Beranek neu li suat cua loai trai phieu nay
la 10%.
I
P
kd
kd = 10%
1.000 10%
P
1,000$
10%
Cau d: Ket qua cac phan tren se thay oi nh the nao neu ky han cua trai
phieu la 20 nam thay v vnh vien
Trng hp 1: kd = 8%
1 (1 k d ) n
M
P I
(1 k ) n
kd
d
1 (1 8%) 20
1000

P 100
20
8%
(1 8%)
P= 1,196.362949$
Trng hp 2: kd = 12%
1 (1 k d ) n
M
P I
n
kd
(1 k d )
1 (1 12%) 20
P 100
12%
P= 850.6111276$
1000

20
(1 12%)
Trng hp 3: kd = 10%
1 (1 k d ) n
M
P I
n
kd
(1 k d )
1 (1 10%) 20
P 100
10%
P= 1,000$
1000

20
(1 10%)
Bigii6-5
Qun tr Ti chnh
Tnh li sut ca tri phiu vnh vin, c M = 1000$, li sut cung phiu l 8%,vi th gi hin
nay l:
Cua)P=600$:
M*r
M *r
= ( 1000 x 0.08 ) / 600 = 0.133 = 13.3%
P
kd
kd
P
Vy li sut tri phiu s l 13.3% nu th gi l 600$.
Cub)P=800$:
M*r
M *r
= ( 1000 x 0.08 ) / 800 = 0.1 = 10%
P
kd
kd
P
Vy li sut tri phiu s l 10% nu th gi l 800$.
Cuc)P=1000$:
M*r
M *r
= ( 1000 x 0.08 ) / 1000 = 0.08 = 8%
P
kd
kd
P
Vy li sut tri phiu s l 8% nu th gi l 1000$.
Cud)P=1400$:
M*r
M *r
= ( 1000 x 0.08 ) / 1400 = 0.057 = 5.7%
P
kd
kd
P
Vy li sut tri phiu s l 5.7% nu th gi l 1400$.
Bigii6-6
a. D1 = 2*(1 + 0.05) = 2.1$

D2 = 2*(1+ 0.05)2 = 2.205$
D3 = 2*(1 + 0.05)3 = 2.31525$
b. Hin gi ca dng c tc: 2.1/(1 + 0.12) + 2.205/(1 + 0.12)2
5.280761719$
+ 2.31525/(1+0.12)3 =
c. Hin gi ca gi c phiu: 5.280761719$ + 34.73/(1+0.12)3 = 24.72$.

d. Gi c phiu hin nay = b + c = 30$.
e. PV = 2.1/(0.12 0.5) = 30$

f. Qua qu trnh tnh ton trn, ta thy gi c phiu khng ph thuc vo thi gian m mnh
nh nm gi n, v n c xc nh t hin gi ca dng c tc trong tng lai
Bigii6-7
Qun tr Ti chnh
P0 = 21,40$; P3 = 26,22$
D1 = 1,07$; D2 = 1,1449$; D3 = 1,225$
a. Tc tgn trng ca c tc:
D1 = D0(1 + g) 1,1449 = 1,07(1+g) g = 7%
b. Li sut c tc mong i:
D1 1, 07
0, 05
P0 21, 40
c. Li sut ca c phiu ny:
D
k s 1 g 0, 05 0, 07 0,12
P0
Cch khc: xem dng tin P0, D1, D2, D3+P3, tnh IRR ca dng tin ny cng ra 12%
Bigii6-8
a. Tm tt:
Ks = 15%
D0 = 2$
* g = 5%
D 1 D 0 (1 g) 2(1 5%) 1,9$
D1
1.9
P0
9,5$
K s g 15% 5%
* g = 0%
D 1 2(1 0) 2$
2
P 0
13, 33$
15% 0
* g = 5%
D1 2(1 5%) 2,1$

2,1
P0
21$
15% 5%
* g = 10%
D 1 2(1 10%) 2,2$

2, 2
P0
44$
15% 10%
b. Dng s liu cu a v m hnh nh gi Gordon tnh gi c phiu ny, nu Ks = 15% v
tc tng trng hy vng l 15% hay 20%. Cc kt qu ny c hp l khng.
Theo cng thc li sut tng trng u:
* g = 15%
T s liu trong phn a, ta thy gi c phiu tng t 9,5$ ti 44$ khi g tng t -5% ti 10%.
Khi g tng n 15% th gi c phiu s tip tc tng.
D1
D1
D
Theo m hnh Gordon P 0
1 (khng xc nh)
K s g 15% 15% 0
Trng hp g = Ks c th hnh dung cng ty gi li ton b li nhun ti u t. Vn c phn
tng trng lin tc vi tc Ks nn gi c phiu P0 s rt cao.
Qun tr Ti chnh
* g = 20%
Trong m hnh Gordon, nu g > Ks th P0 s c gi tr m. V ngha.
c. Tc tng trng c c l t ti u t li nhun gi li. Nu li sut ca doanh nghip
c lng l Ks, t l chia c tc l b, th
g (1 b) * K s
V vy g khng th ln hn Ks
Bigii6-10
a) Do gi tri phiu pht hnh bng mnh gi nn li sut ti o hn bng li sut cung
phiu.
b) Ta c cng thc:
VB
INT
M
t
(1 kd ) (1 k d ) N
Hay
1 (1 kd ) N
VB C
kd
n
(1 kd )
1 (1 kd )17
650 1000 *3.4%*
kd
1000
17
(1 kd )
Dng phng php ni suy:

Khi i = 5% V1 = 819.6 USD
Khi i = 6% V2 = 727.6 USD
Khi i = 7% V3 = 648.5 USD
i 6%;7% ;
Ta dng cng thc:
V V
650 727.6
i i2 (i3 i2 ). 0 2 6% 7% 6% .
6.98%
648.5 727.6
V3 V2
Vy li sut o hn thi im thng 2/1979 l 6.98%.

c) Do li sut n nh t nm 1979, tc li sut t 1979 l 6.98%.
Gi tri phiu t thng 2/1991, khi cn 5 nm na o hn:
1 (1 kd ) 5
M
1 (1 6.98%) 5
1000
34.
V C
853.13
5
kd
6.98%
(1 6.98%)5
1 kd
d) Nu ngy mai l ngy o hn th gi tri phiu (nu khng k tin li) s bng mnh gi
tri phiu.
Qun tr Ti chnh
e) Gi x l li sut cung phiu
Tri phiu chit khu l tri phiu c gi thp hn mnh gi. iu ny xy ra khi li sut th
trng ln hn li sut cung phiu, tc i > x
Vy
> 0, tri phiu chit khu lun tng gi nu li sut th trng lun ln
hn li sut cung phiu.

f) Li sut hin ti ca TP vo thng 2/1979
Li sut hin ti ca TP vo thng 2/1991
LS chnh lch gi1979
VBn 1 VBn
LS chnh lch gi1991
V Bn
VBn 1 VBn
V Bn
M (i x)
1000(6.98% 3.4%)
= 1.75%
17
VB1979 (1 i)
650(1 6.98%)17
M (i x )
1000(6.98% 3.4%)
= 3%
5
VB1991 (1 i)
853.13(1 6.98%) 5
Ta c li sut (LS) tri phiu = LS hin ti + LS t chnh lch gi, lun lun bng 6.98%
Bigii6-14
Cua:YTMcatriphiunynm1992lbaonhiu?YTC?
Tnh YTM, li sut ti o hn v YTC, li sut ti thu hi
Ta c: tri phiu pht hnh nm 1990 c k hn l 30 nm. Ti thi im hin ti l 1992
YTM l 28 nm
1 - 1 + k -N
d
M
Ta c: VB = C
kd
(1 k d )N
Qun tr Ti chnh
1 - 1 + k -28
d
1000
1165, 75 1000 * 9.5%
kd
(1 k d ) 28
Dng phng php ni suy

Khi i1 = 7% V1 = 1.303,42$
Khi i2 = 8% V2 = 1.165,76$
Khi i3 = 9% V3 = 1.050,58$
i=8%
Tnh YTC:
tnh YTC ta xem k hn cn li ca tri phiu l 3 nm, gi thu hi l 1090
1 - 1 + k -N
d
M

Ta c: VB = C
kd
(1 k d ) N
1 - 1 + k -3
d
1090
1165, 75 1000 * 9.5%
kd
(1 k d ) 3
Dng phng php ni suy

Khi i1 = 5%
=> V1 = 1200,29$
Khi i2 = 6%
=> V2 = 1169,12$
Khi i3 = 7%
=> V3 = 1139,07$
i(6%-7%)
i 6% (7% 6%)
1165.75 1169.12
1139.07 1169.12
i=6.11%
Ti thi im nm 1992 th tri phiu c li sut ti o hn l 8% v li sut ti thu hi l
6.11%.
Cu b: Nu bn mua tri phiu ny, bn ngh li sut hng nm thc s ca n l bao
nhiu?Giithchlpluncabn?
Nu mua tri phiu ny (tc l mua nm 1992) th theo bi c iu khon m bo khng thu
hi trong vng 5 nm k t ngy pht hnh. Sau thi gian tri phiu c th c thu hi vi
gi l 109 % mnh gi, tc 1,090$. Li sut th trng gim k t khi pht hnh v hin nay gi
ca tri phiu l 116,575 % mnh gi, hay 1,165.75 $. Nh vy, c nhiu kh nng cng ty pht
hnh tri phiu s tin hnh thu hi khi n hn l 5 nm.
Do , ta nn ngh li sut ti thu hi (YTC) ca tri phiu ny s l li sut hng nm thc
s ca tri phiu, tc l 6.11%
Cuc:Gistriphiuangbndimnhgi.YTMhayYTCngxemxt?
Qun tr Ti chnh
Nu tri phiu ang bn di mnh gi (gi tri phiu ti th trng thp hn 1000$), th li sut
th trng hin ang cao hn li sut cung phiu. Trong bi cnh ny cng ty t c kh nng thu
hi tri phiu khi n hn 5 nm, do xem xt YTM s hp l hn.
Bigii6-15
a) C tc ca nm ti hy vng l D1 = 2.25 $
Tc tng trng g = 5% = 0.05
Chi ph li nhun gi li:
kSa = kRF + (kM kRF)
kSa = 0.11 + (0.14 0.11)1.5 = 0.11 + 0.045 = 0.155 15.5%
Th gi c phiu Wei thi im hin ti:
Vy ta s c: P0a = D1 / (kSa g)
kS = D1/P0 + g P0 = D1 / (kS g)
P0a = 2.25 / (0.155 0.05) = 2.25 / 0.105 = 21.43 $

b) Trng hp Qu d tr lin bang y thm tin vo nn kinh t, c s thay i nh sau:
kRFb = 9% = 0.09
kMb = 12% = 0.12
kSb = kRFb + (kMb kRFb)
kSb = 0.09 + (0.12 0.09)1.5 = 0.09 + 0.045 = 0.135 13.5%
Th gi c phiu Wei:
P0b = D1 / (kSb g)
P0b = 2.25 / (0.135 0.05) = 2.25 / 0.085 = 26.47 $

c) Trng hp cc nh u t mo him hn trong iu kin Qu d tr lin bang y thm tin
vo nn kinh t, c cc thay i sau:
kRFc = 9% = 0.09
kMc = 11% = 0.11
kSc = kRFc + (kMc kRFc)
kSc = 0.09 + (0.11 0.09)1.5 = 0.09 + 0.03 = 0.12 12%
Th gi c phiu Wei:
P0c = D1 / (kSc g)
P0b = 2.25 / (0.12 0.05) = 2.25 / 0.07 = 32.14 $

d) Trng hp Wei thay i cch qun l v chnh sch hot ng nn c cc thay i:
Tc tng trng g2 = 6 % = 0.06
H s ri ro ca c phiu 2 = 1.3
C tc ca nm ti hy vng l D1 = 2.27 $
Qun tr Ti chnh
kSd = kRF + (kM kRF)2
kSd = 0.11 + (0.14 0.11)1.3 = 0.11 + 0.039 = 0.149 14.9%
Th gi c phiu Wei:
P0d = D1 / (kSd g2)
P0d = 2.27 / (0.149 0.06) = 2.27 / 0.089 = 25.51 $

Bigii6-16
Cu a:
Xem hai phng n
Khngmrng,=1.2,g=7%
Li sut k vng trn c phiu ca cng ty tnh theo cng thc:
Ks= Krf + (Km Krf)
Ks = 9% + 1.2(12% - 9%) = 12.6%
Tc tng trng ca cng ty 7% th c tc nm nay l:
D1= D0(1+g) = 2(1+7%) = 2.14$
D
D1
Ta c li sut c tc K s 1 g P0
P0
Ks g
P0 = 2.14/ 5.6% = 38.21$
Mrng,=0.9,g=5%
Ks= Krf + (Km Krf)
Ks= 9% + 0.9(12% - 9%) = 11.7%
Tc tng trng ca cng ty 5% th c tc nm nay l:
D1= D0(1+g) = 2(1+5%) = 2.1$
D
D1
Ta c li sut c tc K s 1 g P0
P0
Ks g
P0 = 2.1/ 6.7% = 31.34$
So snh gi P0 ca hai phng n ta thy m rng sn xut c th lm gim gi c phiu. Do
khng nn m rng.
Cu b:
Gi s cc gi thit khng i Km = 12%, Krf= 9%, D0 = 2$, g = 7% th bi ton t ra y l
tm P0 ln hn 38.21$
Ta c:
D
D1
K s 1 g P0
P0
Ks g
P0
D1
38.21$
K rf (K m K fr ) g
D1
g K rf
38.21

K m K fr
1.2
Qun tr Ti chnh
Bigii6-17
a)
C = 0,4;
D = -0.5;
kM = 13%;
kRF = 9%;
kC = kRF + (kM - kRF)*C = 0.09 + (0.13 0.09)*0.4 = 10,6%

kD = kRF + (kM - kRF)*D = 0.09 + (0.13 0.09)*(-0.5) = 7%
b)
P0C = 25$;
kC
D1 = 1.5$;
g = 4%;
D1
1 .5
g
0.04 10%
P0C
25
Gi c phiu hin ti cha n nh do li sut t c ch c 10% so vi li sut 10.6% ca c

phiu C c tnh trn. Hay ni cch khc, li sut 10,6% s tng ng vi gi c phiu l:
P0C
D1
1 .5
22.7$
k C g 0.106 0.04
V c phiu khng mang li li sut nh mong i nn nh u t bn c phiu C nhiu dn n

gi c phiu C gim v c xu hng iu chnh n 22.7$ vi cc yu t khc khng i.
ks
kM = 13%
10.6 %
10 %
o
o
KRS = 9%
Bigii7-9
C piu Scanlon product hin ang bn vi gi 60$. Cng ty mong mun kim c 5,4$ mt c
phn v tr c tc 3,6$ mt nm
Qun tr Ti chnh
a. Nu cc nh u t yu cu li sut 9%, tc tng trng ca Scanlon phi l bao
nhiu?
D
Ta c k s 1 g
P0
vi k s: li sut c phiu,
D1: c tc nhn vo cui nm,
P0: th gi c phiu doanh nghip thi im hin ti,
g: tc tng trng.
3,6
D
g k s 1 = 0,09
= 0,03
60
P0
tc tng trng l 3%.
b. Nu Scanlon ti u t phn li nhun gi li vo cc d n c li sut tng ng vi
li sut mong i ca cc c phiu. EPS cho nm ti s l bao nhiu ?
Ta c tc tng trng ca EPS (thu nhp trn mi c phn) l g = b*ROE
vi b l t l li nhun gi li,
ROE: t sut li nhun trn vn ch s hu.
1,8 5,4
g
= 0,03
5,4 60
vy EPS nm sau s l:
EPS2 = EPS1 + EPS1*g = 5,4 + 5,4*0,03 = 5,562$
Bigii7-11
Cu a: Chi ph sau thu n mi, chi ph vn c phn?
Chi ph sau thu n mi:
Ta c:
rd = 9%
T = 40%
Chi ph sau thu n mi:
kd = rd(1 T) = 5.4%
Chi ph vn c phn:
Ta c:
Tc tng trng g trung bnh hng nm ca EPS:
G = ([(EPS EPSt-1)100])/( 1) = 8% (vi t = (1,10); n : tng s nm)
D1 = $4.29
P0 = $65
D1/P0 = 6.6%
Chi ph vn c phn:
ks= D1/P0 + g = 14.6%
Cu b: Tnh chi ph vn trung bnh
WACC = 40%*kd + 60%*ks = 10.92%
Cu c:
Qun tr Ti chnh
S lng c phiu: 7.8 triu
EPS nm 1991: 7.80
Li nhun nm 1991 = S lng c phiu*EPS nm 1991 = 60.84
Li nhun gi li nm 1992 = 45%*li nhun nm 1991 = 27.38
S tin c th u t trc khi huy ng vn c phn mi = 27.38/0.6 = 45.63
Cu d:
Chi ph pht hnh c phiu mi:
= ( 0
)/ 0100 = 10%
Chi ph vn c phn mi:
= 1/( 0(1 )) + = 15.33%
Chi ph n khng i: kd = 5.4%
Chi ph vn trung bnh:
WACC = 40%*kd + 60%*ke = 11.36%
Bigii7-12
Cu a&b
D1= 2,2*(1+ 5%)= 2,31
Chi ph vn t li nhun gi li = 2,31/22 + 5% = 15.5%
Chi ph N vay li sut 9% = 9%*(1-0.4) = 5.4%
Chi ph N vay li sut 11% = 11%*(1-0.4) = 6.6%
Chi ph N vay li sut 13% = 13%*(1-0.4) =7.8%
Chi ph vn t pht hnh c phiu mi = 2.31/[(22*(1-0.1)] + 5% = 16.6%
Li nhun gi li: 2500*(1-0.6) = 1000
1000x 0.45
Cn vay thm:
= 818.18
0.55
Trong 818.18 gm vay 500 vi li sut 9% v 818.18-500=318.18 li sut 11%
Bc nhy 1: Ti im vay 500 vi li sut 9% v vn t li nhun gi li l
500 * 0.55
= 611.11
0.45
Bc nhy1 = 500/0.45 = 1111.11

WACC1 = 15.5%*55%+5.4%*45% = 10.95%
Bc nhy 2 ti im vay 818.18 vi li sut 11% v li nhun gi li l 1000. (trong c
318.18 vay thm v 611.11 vn t li nhun gi li)
Bc nhy 2 = 1000/0.55 = 1818.18
WACC2 = 6,6%*45%+15,5%*55% = 11,9%
Tng cng s tin vay l 818.18 vy cn vay c thm 900-818.18 = 81.82 li sut
81.82 * 0.55
11%.Tng ng vi vay 81.82 l pht hnh thm ra
= 100 c phiu mi
0.45
Bc nhy 3 l ti im vay 900 vi li sut 11% v li nhun gi li l 1000 v pht hnh c
phiu mi l 100(trong c 81.82 vay thm v 100 vn t pht hnh c phiu mi)
Bc nhy 3 = 900/0.45 = 2000
WACC3 = 6,6%*45%+16,6%*55% = 12.13%
WACC4 l ti thi im vay trn 900 vi li sut 13%
Qun tr Ti chnh
WACC4 = 7,8%*45%+16,6%*55% = 12.67%
V thi
Cu c
16%
675
15%
900
14%
375
Wacc4 12.67%
Wacc3 12.13%
12%
Wacc2 11.9%
11%
562.5
Wacc1 10.95%
750
1111.11
1818.18
2000
Biu ISO v MCC

Cu d:
Ban qun tr d n s chp nhn d n 1,2,3
Cu e:
Cch lm trn gi nh cc d n c ri ro trung bnh. Nu cc d n ri ro hn trung bnh th cn
iu chnh li cc WACC
Cu f: Nu cng ty thay i t l chia c tc thnh 0% hay 100% hay gi tr no khc s lm thay
i li nhun gi li (khng cn l 1000). Lc im nhy tng ng vi vn c phn c s
thay i
Bigii7-13
Cua.
D1 = Do*(1+g) = 2*(1+0.04) = 2.08.
g = 4% bi cho.
Po*(1-F) = 25*(1-0.2) = 20
Ke = 4% + 2.08/20 =14.4%
Cub.
Ta c cu trc vn ca cng ty l t l n 45% v vn ch s hu l 55%.
Chi ph vay n: Kd*(1 T) = 10%*(1- 40%) = 6%
Chi ph vn c phn c: Ks = g + D1/Po = 4% + 2.08/25 = 12.32%
Chi ph vn c phn mi nh tnh cu a th Ke = 14.4%
D n A: c chi ph u t l 200 triu $.
ti tr bng vn ch s hu: 0.55*200 = 110 triu.
ti tr bng n: 0.45*200 = 90 triu.
Qun tr Ti chnh
Vn c phn c l 100 triu s to ra im nhy trong chi ph vn bin (MCC) ti gi tr 181.81
triu $. Vn huy ng trong gii hn ny c chi ph vn l:
WACC1 = 0.45*6% + 0.55*12.32% = 9.48%
Vt qu gii hn ny, chi ph vn s l:
WACC2 = 0.45*6% + 0.55*14.4% = 10.62%
S vn 200 triu ti tr cho d n A gm hai phn, 181.81 triu v 18.18 triu s c hai WACC
khc nhau. T tnh c chi ph vn trung bnh ca d n A
WACCa = (181.81/200)*9.48% + (18.18/200)*10.62% = 9.6%
C th tnh bng cch khc nh sau:
Do li nhun gi li ch c 100 triu nn 10 triu cn li phi c ti tr bng vic pht hnh c
phiu mi. Ngha l trong 55% vn ch s hu s c 50% l vn c v 5% l vn mi
=>WACCa = 0.45*6% + 0.50*12.32% + 0.05*14.4% = 9.6%
D n B: c chi ph u t l 125 triu $.
Ti tr bng Vn ch s hu: 0.55*125 = 68.75 triu
Ti tr bng vay n: 0.45*125 = 56.25 triu
WACCb = 0.45*6% + 0.55*14.4% = 10.62%
Bigii8-1
52125
a. Thi gian hon vn = Chi ph/ngn lu rng =
=4.34
12000
CF1
CF 2
CF 8
b. NPV = CFo +
+
+ +
1
1
(1 k )
(1 k )
(1 k )8
12000 12000 12000
12000
= -52125 +
+
+
+ ..+
2
3
1.12
1.12
1.12
1.128
= 7486.7
c. IRR phi tha mn cng thc:
CF1
CF1
CF1
+
+ +
=0
1
2
(1 IRR) 8
(1 IRR)
(1 IRR)
Bng cch dng phng php th v sai, ta c th tm c gi tr gn ng:
IRR = 16%
CFo +
d. Thi gian hon vn c chit khu:

Nm
0
1
2
Dng tin -52125 12000
12000
PV
-52125 10714
9566
Dng tin
-41411 -31845
cn li
3
12000
8542
-23303
4
12000
7626
-15677
PP = 6 + 2788/5428 = 6.51
e. Chit khu dng tin v tng lai (r = 12%)
1.128 1
FV= 12.000
= 147600
0.12
MIRR = FV/C(1/n) -1 = 147600/52125 = 13.87%
5
12000
6809
-8868
6
12000
6080
-2788
7
8
12000 12000
5428
2640
Qun tr Ti chnh
Bigii8-3
D n xe in
Nm
6290
6290
6290
6290
6290
-3130
3160
9450
15740
5000
5000
5000
5000
5000
-2500
2500
7500
12500
Ngn lu
-22000 6290
Ngn lu tch ly
-22000 -15710 -9420
Thi gian hon vn
3.498
WACC
12%
NPV
3861
IRR
18%
D n xe Gas
Nm
Ngn lu
-17500 5000
Ngn lu tch ly
-17500 -12500 -7500
Thi gian hon vn
3.500
WACC
12%
NPV
3057
IRR
17.9735%
NPV c tnh theo cng thc:

NPV CF0
CF1
CF2
CF3
CF6
...
1
2
3
1 k 1 k 1 k
1 k 6
S dng phng php th v sai v cng thc sau tnh IRR:
CF0
CF1
CF2
CF6
....
0
1
2
1 k 1 k
1 k 6
i vi xe in ta tnh c IRR = 18%

i vi xe gas ta tnh c IRR = 17.9735%
Bigii8-4:
1) Tnh NPV:
Da theo cng thc, ta tm c:
NPVS= CF0 +
= -15.000 +
= 449 ($)
+
+
+
+
+
+
Qun tr Ti chnh
Tng t, ta tm c:
NPVL= CF0 +
= -37.500 +
+
+
+
+
+
+
= 607 ($)
2) Tnh IRR:
IRR l gi tr tha mn cng thc:
CF0 +
=0
Bng cch dng phng php th v sai, ta c th tm c gi tr gn ng ca :

IRRS = 15,24 %
IRRL = 14,67 %
3) Tnh MIRR:
Ta a tt c ngn lu m v thi im u v tt c ngn lu dng v thi im cui, sau
tnh li IRR*
CF0
-15.000
= 1,983
Qun tr Ti chnh
+7600,32
T0
+6666,95
+5848,2
+5130
+4500
T2
T3
T4
T5
T1
+29.745,47
-15000
Tng t, ta tnh c :
- 37.500 +
=0
- 37.500 +
=0
(1 + IRR*)5 = 1,957
(1+ IRR*) = 1,1436
IRR* = MIRRL = 14,36 %
Cui cng nn chn d n L.
Bigii8-5
Tmtt:
D n A v d n B l 2 d n loi tr nhau
Bng ngn lu rng mong i ca 2 d n nh sau :

CF0 CF1 CF2 CF3 CF4 CF5 CF6 CF7
DnA -300
DnB -405
-387
134
-193
134
-100
134
600
134
600
134
850
134
-180
0
Qun tr Ti chnh
Cua:TnhIRRcamidn
p dng cng thc
CF
CF CF CF CF CF CF CF
(1 IRR ) (1 IRR ) (1 IRR ) (1 IRR ) (1 IRR ) (1 IRR ) (1 IRR )
1
tnh gi tr ca IRR, ta s dng phng php th v sai. Gi tr no lm cho biu thc trn
tin v 0 chnh l gi tr ca IRR cn tm.
i vi d n A : Ta xem xt cc trng hp di y :
Trng hp 1: Gi s IRR = 16% th vo cng thc trn ta c
300
387
1 . 16
193
1 . 16
100
3
1 . 16
600
1 . 16
600
1 . 16
850
1 . 16
180
1 . 16
61 . 11217

300
387
1
1 . 17
193
1 . 17
100
3
1 . 17
600
4
1 . 17
600
1 . 17
850
1 . 17
180
7
1 . 17
31 . 04895

300
387
1
1 . 18
193
2
1 . 18
100
3
1 . 18
600
4
1 . 18
600
5
1 . 18
850
6
1 . 18
180
1 . 18
2 . 66037
Trng hp 4: Gi s IRR = 18.1% th vo cng thc trn ta c

300
387
1 . 181
193
2
1 . 181
100
1 . 181
600
1 . 181
600
1 . 181
850
1 . 181
180
1 . 181
0 . 09034
Kt lun : vi IRR = 18.1% th biu thc tin v 0 do d n A c IRR = 18.1%

i vi d n B : Ta cng xem xt tng t nh trn :
Trng hp 1: Gi s IRR = 20%
405
134
1 . 20
134
2
1 . 20
134
1 . 20
134
1 . 20
134
1 . 20
134
6
1 . 20
40 . 61836

405
134
1 . 21
134
1 . 21
134
1 . 21
134
1 . 21
134
1 . 21
134
1 . 21
29 . 77843

405
134
1 . 22
134
1 . 22
134
1 . 22
134
4
1 . 22
134
5
1 . 22
134
6
1 . 22
19 . 36699

405
134
1 . 23
134
1 . 23

134
1 . 23
134
1 . 23
134
1 . 23
134
1 . 23
9 . 36209
Qun tr Ti chnh
405
134
1 . 24
134
1 . 24
134
1 . 24
134
1 . 24
134
1 . 24
134
1 . 24
0 . 25685
Kt lun : vi IRR = 24% th biu thc tin v 0 do d n A c IRR = 24%

Cub1:Numidncchiphvnl12%thdnnoscchn
Vi chi ph vn l 12% th NPV ca D n A l :
300
387
1 . 12
193
1 . 12
100
1 . 12
600
1 . 12
600
1 . 12
850
1 . 12
180
145 . 9286
1 . 12
200 . 4084
V NPV ca D n B l :
405
134
1 . 12
134
1 . 12
134
1 . 12
134
1 . 12
134
1 . 12
134
1 . 12
Nh vy, vi cng 1 chi ph vn l 12% NPV ca d n A l 200.4084; NPV ca d n B l

145.9286. Do ta chn d n A
Cub2:Vnuchiphvncadnl18%thslachnnglg?
Vi chi ph vn l 18% th NPV ca D n A l :
300
387
1 . 18
193
1 . 18
100
1 . 18
600
1 . 18
600
1 . 18
850
1 . 18
180
1 . 18
2 . 66037
Vi chi ph vn l 18% th NPV ca D n B l :

405
134
1 . 18
134
1 . 18
134
1 . 18
134
1 . 18
134
1 . 18
134
1 . 18
63 . 67874
Tng t nu vi cng 1 chi ph vn l 18% NPV ca d n A l 2.660373; NPV ca d n B l

63.67874. Nh vy ta s chn d n B
Cuc1:TnhMIRRcamidnnuchiphvnlIRR=12%
Phng n A :
Bc 1 : a tt c cc ngn lu m v thi im T0
CF
300
387
1 . 12
193
2
1 . 12
100
1 . 12
180
1 . 12
951 . 995
Bc 2 : a tt c cc ngn lu dng v thi im T7

*
CF 600*1.12 600*1.12 850 *1.12 2547.597

p dng cng thc
CF 0
CF
(1 IRR*)
Qun tr Ti chnh
*
CF
(1 IRR*)
CF 0
(1 IRR*) CF
7
CF
(1 IRR*)
2547.597 2.676061
951.995
IRR MIRR 1.150988 1 0.150988 15.1%

S
Vy phng n A c MIRR = 15.1%

Tng t IRR ca phng n B s l :
CF
405
CF
134 (134 *1.12 1 ) (134 *1.12 2 ) (134 *1.12 3 )
(134 *1.12 4 ) (134 *1.12 5 ) 1087.435
(1 IRR*) 1087.435 2.685025

405
IRR MIRR 1.178939 1 0.178939 17.89%
6
Vy phng n B c MIRR = 17.89 %

Cuc2:TnhMIRRcamidnnuchiphvnlIRR=18%
Tnh MIRR ca phng n A:
CF
CF
300
387
1
1 . 18
193
1 . 18
100
1 . 18
180
1 . 18
883 . 945
(600 *1.18 3 ) (600 *1.18 2 ) 850 2824.259
(1 IRR * )
IR R
2824 . 259
883 . 945
M IR R
3 . 195062
1 .1 8 0 5 0 7
1 0 .1 8 0 5 0 7 1 8 %
Vy phng n A c MIRR = 18%

V MIRR ca png n B l :
CF 405
CF 134 (134*1.18 ) (134*1.18 ) (134*1.18 ) (134*1.18 ) (134*1.18 ) 1265.224
0
*
(1 IRR *) 1265.224 3.12401

6
405
IRR MIRR 1.2090721 0.209072 20.9%

S
Qun tr Ti chnh
Vy phng n B c MIRR = 20.9%
Cud:Tnhlisutgiaoim,ncnghag?
tnh li sut giao im ca 2 phng n A v B ta tm 01 gi tr IRR sao cho biu thc di
y tin v 0. Ta cng p dng phng php th v sai tnh.
CF
CF
CF
CF
CF
CF
)
(CF CF
(1 IRR ) (1 IRR ) (1 IRR ) (1 IRR ) (1 IRR ) (1 IRR ) (1 IRR )
CF
CF
CF
CF
CF
)0
(CF CF
(1 IRR ) (1 IRR ) (1 IRR ) (1 IRR ) (1 IRR ) (1 IRR )
Th gi tr cc thi im vo tng phng n tng ng ca biu thc trn ta
c:
1A
2A
0A
1B
300
405
5A
3B
4B
6A
5B
7A
6B
387
193
100
600
600
850

134
134
134
134
134
134
4A
2B
0B
3A
180
(1 IRR )

300
405
387
193
100
600
600
850
( 1 . 12 )
( 1 . 12 )
( 1 . 12 )
( 1 . 12 )
( 1 . 12 )
( 1 . 12 )
134
134
134
134
134
134
( 1 . 12 )
( 1 . 12 )
( 1 . 12 )
( 1 . 12 )
( 1 . 12 )
( 1 . 12 )
180
(1 . 14 )
10 . 6237
Trng hp 4: Gi s IRR = 14.5%

387
193
100
600
600
850
300
(1 . 145 ) (1 . 145 ) (1 . 145 ) (1 . 145 ) (1 . 145 ) (1 . 145 )
134
134
134
134
134
134
405
(1 . 145 ) (1 . 145 ) (1 . 145 ) (1 . 145 ) (1 . 145 ) (1 . 145 )
1
180
(1 . 13 )
31 . 80516

387
193
100
600
600
850
300
(1 . 14 )
(1 . 14 )
(1 . 14 )
(1 . 14 )
(1 . 14 )
( 1 . 14 )
134
134
134
134
134
134
405
(1 . 14 )
(1 . 14 )
( 1 . 14 )
(1 . 14 )
(1 . 14 )
(1 . 14 )
1
54 . 47982

387
193
100
600
600
850
300
(1 . 13 ) (1 . 13 )
(1 . 13 )
( 1 . 13 )
(1 . 13 )
(1 . 13 )
134
134
134
134
134
134
405
(1 . 13 ) ( 1 . 13 )
(1 . 13 )
( 1 . 13 )
(1 . 13 )
(1 . 13 )
180
( 1 . 12 )
180
(1 . 145 )
0 . 562193
Kt lun : vi IRR = 14.5% th biu thc tin v 0 do li sut giao im ca phng A & B l
14.5%. ngha : khi chi ph vn l 14.5% th hai d n A v B c hiu qu v mt ti chnh
(NPV) nh nhau
Cu e : Xy dng th NPV cho d n A&B
ng biu din ca phng n A
Khi NPV 0
th IRR = 18.1%
Khi NPV = 200,4084 th IRR = 12%
Qun tr Ti chnh
ng biu din ca phng n B
Khi NPV 0
th IRR = 24%
Khi NPV = 145,9286 th IRR = 12%
NPV
Phng n A
Li sut giao im
200.4084
Phng n B
145.9286
Chi ph vn
12%
14.50%
18.10%
24%
Bigii8-6
Cua:
Ngn lu tng thm hng nm cng ty Southwestern Oil Exploration s c nu nh thc
hin k hach B thay v k hoch A:
Nm 1:
2.100.000 14.400.000 = -12.300.000
Nm 2:
2.100.000
Nm 20:
2.100.000
Cub:
Cng ty chp nhn k hoch A, sau u t tip lng tin mt c c cui nm
u. Gi k l li sut ti u t th k l bao nhiu ngn lu c c t ti u t bng vi
ngn lu c c t k hoch B:
Qun tr Ti chnh
k = 16,07%
Cuc:
Gi s cng ty c chi ph vn l 12% v n c th huy ng vn khng gii hn chi ph
. Nu gi nh cng ty s thc hin tt c cc d n c lp c li sut ln hn 12% th c hp
l khng?
ng. D n c chp nhn khi NPV > 0 hoc IRR > chi ph vn.
Hn na, nu tt c cc d n c sn vi li sut ln hn 12% u c thc hin, c
phi iu ny c ngha l ngn lu t u t trc y c chi ph c hi ch l 12%, bi v tt c
nhng g cng ty c th lm i vi cc ngn lu ny s l thay th tin c chi ph vn l 12%?
ng. S dng dng tin c kh nng sinh li l 12% vo vic khc th phi m bo kh
nng sinh li t nht l 12%. chnh l chi ph c hi ca dng tin .
Cui cng, c phi iu ny ngm hiu chi ph vn l li sut ng n gi nh cho
ti u t cc ngn lu ca mt d n?
ng. Cc dng tin to ra t cc d n u c li sut cao hn chi ph vn, ngha l chi
ph c hi ca cc dng tin ny t ra l bng chi ph vn. Do nu ti u t cc dng
tin ny th phi m bo li sut cao hn chi ph vn.
Cud:
IRRcakhochA:
IRRA = 20%
IRRcakhochB:
IRRB = 16,7%
Lisutgiaoim:
IRR = 16,07%
XydngthNPVchokhochAvB:
Qun tr Ti chnh
ng biu din ca k hoch A:
Khi NPV = 0 th IRR = 20%
Khi IRR= 16,07% th NPV = 406.306,5392
ng biu din ca k hoch B:
Khi NPV = 0 th IRR = 16,7%
Khi IRR = 16,07% th NPV = 406.306,5392
NPV
K hoch
B
Li sut giao im
406306,539
2
K hoch
A
16,07%
16,7
%
20%
Chi ph
vn
Bigii14-5
I.CCKHINIM:
1. Tri phiu: L mt loi chng khon quy nh ngha v ca ngi pht hnh (ngi vay
tin) phi tr cho ngi nm gi chng khon (ngi cho vay) mt khon tin xc nh,
thng l trong nhng khong thi gian c th, v phi hon tr khon cho vay ban u khi
n o hn.
2. Tri phiu zero-coupon: Loi tri phiu ny bt u c pht hnh t nhng nm 1960
nhng phi n nhng nm 1980 mi c s dng nhiu. Tri phiu ny bt u c s
dng nhiu nh mt c im "bt thng" trong h thng thu ca M. l iu khon
cho php khu tr khon chit khu trn tri phiu tng ng vi mnh gi ca n. iu
khon ny b qua s cng gp ca li sut, v dn n kh nng tit kim mt khon ln
t thu i vi nhng chng khon c li sut cao hoc k hn di. L hng trong h thng
Qun tr Ti chnh
thu ny c bt rt nhanh, tuy nhin nhng tri phiu vn duy tr c mc quan tm
ca nh u t bi y l nhng cng c n gin. Vi tri phiu c hnh thc thanh ton
gia trc li coupon, nh u t s phi ti u t khon thanh ton li coupon v phng
n ti u t ny lun cha ng ri ro cao. Vi tri phiu zero-coupon, nh u t s khng
phi i mt vi nhng ri ro ti u t ny. c im: khng c li sut, thay vo , ngi
mua mua tri phiu vi mc gi thp hn gi danh ngha. Khi c phiu n hn, ngi mua
s nhn li khon tin bao gm khon tin u t ban u cng thm s tin chnh ra t
gi gc c phiu so vi gi mua. V d, bn c th phi tr 6659 ng v nhn 10 ngn ng
tri phiu zero-coupon c li tc 4,15% v hn thanh ton trong 10 nm.
3. Lisut:
Lisuthinhnh(CurrentYield): L mc li nhun thu c t tri phiu so vi gi
hin hnh ca n. V d tri phiu c li sut coupon l 7%, mnh gi l 100.000 ng
nhng gi trn th trng hin ch cn 80.000 ng. Ly li nhun thu c hng nm
(7.000 ng) chia cho gi hin hnh (80.000 ng) v nhn cho 100, s c li sut hin
hnh l 8,75%.
Lisutohn(YieldtoMaturity): L mc li nhun thu c t tri phiu nu gi
cho n ngy o hn vi gi nh tin li coupon c ti u t vi mc li tng ng.
Lisututlctriphiucthuhi(Yieldtocall): i khi cng ty pht hnh
tri phiu c km theo iu khon thu hi (mua li) tri phiu trc hn. iu ny thng
xy ra nu nh cng ty d bo li sut s gim sau khi pht hnh tri phiu. Khi y cng
ty s thu hi li tri phiu pht hnh vi li sut cao v pht hnh tri phiu mi c li
sut thp hn thay th v nh u t s nhn c li sut cho n khi tri phiu c
thu hi (YTC) thay v nhn li sut cho n khi tri phiu o hn (YTM).
4. Chiphn: l chi ph doanh nghip phi b ra huy ng n. im khc bit gia chi ph
N v chi ph Vn ch s hu l chi ph N c coi l chi ph trc khi tnh thu thu nhp
doanh nghip, cn chi ph Vn ch s hu l chi ph xc nh sau khi tnh thu thu nhp
doanh nghip. Do vy, nu doanh nghip s dng n th s c hng phn tit kim thu.
II.CSLTHUYT:
1. Lisutohn(YTM):
n
C
P
t 1 1 YTM
Vi:
P
n
C
M
YTM
t
M

n
(1 YTM )
: gi tri phiu
: s k hn
: tin tr li t tri phiu
: mnh gi
: li sut o hn
= 1n
Qun tr Ti chnh
2. Lisutsauthu:
Li sut sau thu = li sut trc thu*(1 thu sut)

3. Chiphn:
Chi ph n = Kd*(1 T)
Vi:
Kd
T
: chi ph n vay trc thu hay li sut (trong bi tp ny, Kd = YTM)

: thu sut thu li tc
III.DKIN:
-
S vn cn huy ng:
Tin tr li t tri phiu:
S k hn:
Gi bn tri phiu:
Mnh gi:
Thu sut thu li tc:
C
n
P
M
T
= 4.500.000 USD
=0
=5
= 567,44 USD
= 1.000 USD
= 40%
a. Phi bn bao nhiu tri phiu mnh gi $1000 c 4,5 triu $?

S tri phiu cn bn = S vn cn huy ng/Gi bn tri phiu
= 4.500.000 USD /567,44 USD
= 7.931 (tri phiu)
b. Tnh li sut sau thu ca tri phiu ny trong trng hp (1) nh u t c min thu v
(2) nh u t chu thu sut thu thu nhp l 31%.
Ta c cng thc tnh li sut trc thu nh sau:
n
C
M
P
t
n
t1 1 YTM (1 YTM)
Thay C = 0 vo phng trnh trn, ta c:
n
0
P
t 1 1 YTM
P
M
(1 YTM ) n
M

(1 YTM ) n
Qun tr Ti chnh
M
P
(1 YTM ) n
1 YTM
YTM
YTM
M
P
M
1
P
1 . 000
1
567 , 44
= 0.12
= 12%
YTM chnh l li sut u t (trc thu)
b.1 Nh u t c min thu:
Nu nh u t c min thu th li sut u t chnh l YTM, 12%
b.2 Nh u t chu thu sut thu thu nhp l 31%
Li sut sau thu = li sut trc thu*(1 thu sut)
= 12%*(1 0,31)
= 8,28%
c. Tnh chi ph (sau thu) ca n nu cng ty quyt nh pht hnh tri phiu?
Chi ph n = Kd*(1 T)
= 12%*(1 0,4)
= 7,2%
Bigii14-6
Li gp mi 6 thng
10% 2
r 1001
1 10.25%
2
1
Gi tri phiu: PV = 1000
=87.2 $
25
1 10.25%
Gi tri phiu tch ly sau 5 nm 87.2 1 10.25% 5 =142.04
Gi thu hi tri phiu sau 5 nm 142.04 *110% 156.24

Qun tr Ti chnh
Li sut hng nm
5
87.21 k 156.24
5
1 k 1.79
k 12.37%
Bigii14-7
Theo bi, trong 10 nm li sut 6 thng ca tri phiu c l 7%, li sut thc s l:
r = [1 + 14%/2]2 1 = 14.49% (/1 nm)
Vy mi nm trong 10 nm ny, s tin li ca tri phiu c l:
14.49% x 1000000 = 144,900 ($)
Cng theo bi, trong 20 nm li sut 6 thng ca tri phiu mi l 6%, li sut thc s l:
r = [1 + 12%/2]2 1 = 12.36% (/1 nm)
Vy mi nm trong 20 nm ny, s tin li ca tri phiu mi l:
12.36% x 1000000 = 123,600 ($)
Dng tin ca vic pht hnh li tri phiu s nh sau:
Nm 10:
- Tr chi ph thu hi: 100,000 $
- Tr chi ph pht hnh li tri phiu: 20,000 $
T nm 11 -> nm 30: tr tin li 123,600 $ thay v 144,900 $.
Chnh lch gia tin tr li do pht hnh li tri phiu l:
144,900 123,600 = 21,300 $ (/1 nm)
Vy gi tr hin ti ca dng tin chnh lch ny, vi sut chit khu r = 12.36%
1
1
NPV 21,300*
20
0.1236 0.1236*1.1236
= 155,575.788 $
Vy gi tr hin ti ca kt qu do pht hnh li tri phiu l:
155,575.788 120,000 = 35,575.788 $
Bigii15-1
a. Bng cn i k ton ca mi cng ty sau khi tng ti sn
CngtyAuken
Tng ti sn
600000
N
Vn ch s hu
Tng n v vn
400000
200000
600000
400000
N
Vn ch s hu
Tng n v vn
200000
200000
400000
CngtyHerrman
Tng ti sn
Qun tr Ti chnh
T l n mi ca mi cng ty:
Cng ty Auken
T l n mi = 400000 / 600000 = 2/3
Cng ty Herrman
T l n mi = 200000 / 400000 = 1/2
b.
Bng cn i k ton ca cng ty Herrman s nh th no nu vic thu vn phi c th hin
trn bng cn i k ton.
N
400000
Vn ch s hu
200000
Tng ti sn 600000
Tng n v vn
600000
(N 212 (Ti khon c nh thu ti chnh) 200000
C Ti khon 342
200000)
c.
Cng thc:
Li sut trn tng ti sn = (EBIT thu) / Tng ti sn trung bnh
Li sut ca hai phng n Mua v Thu bng nhau (8%) nn c th gi nh l li tc (EBIT
thu) ca hai cng ty l nh nhau. Cng ty Auken tng ti sn sau khi ti tr nn li sut trn
tng ti sn s nh hn cng ty Herrman la chn hnh thc ti tr l i thu ti chnh.
Cng thc:
Li sut trn vn ch s hu = (EBIT thu) / Vn ch s hu
Ch tiu ny c hai cng ty u khng thay i v phng n Thu hay Mua u khng nh
hng ti vn ch s hu.
Bigii15-2
Cua:
BNGPHNTCHTHUMUA
V c hai phng n cng ty u phi chu chi ph bo tr nn so snh hai phng n ta b qua
chi ph bo tr.
y cc ngn lu u c tnh trn c s sau thu nn chi ph n sau thu 9% [=15%*(140%)] s c s dng lm sut chit khu tnh hin gi
1
2
3
4
Nm
Tlkhuhao
I.Chiphmua
Chi ph thit b
Gim thu nh khu hao (40%)
Ngn lu rng
Hingichiphmua
Khu hao
(1,500,000)
(1,500,000)
(1,021,599)
1
33%
2
45%
3
15%
198,000
198,000
270,000
270,000
90,000
90,000
495,000
675,000
225,000
Qun tr Ti chnh
5
6
7
8
9
10
II.Chiphthu
Tin thu
Gam thu t tin thu
Ga mua li thit b
Ngn lu rng
Hingichiphthu
III.Sosnhchiph
Lithcathu
0
(979,972)
41,626
(480,000)
192,000
(288,000)
(480,000)
192,000
(288,000)
(480,000)
192,000
(325,000)
(613,000)
Vy cng ty Berry Mining nn sp xp hp ng thu thit b, v chi ph thu thp hn chi ph

vay n mua
Cub:
Gi tr thanh l 325,000$ c chit khu vi cng sut chit khu 9% nh cc ngn lu
khc l khng hp l v ri ro ca cc ngn lu khng ging nhau
Cc ngn lu nh khu hao, gim thu t khu hao, tin thu, gim thu t tin thuu
c xc nh tng i chnh xc, c th c coi l t ri ro.
Gi tr thanh l c c lng bng con s vi nhiu s bin ng nn c ri ro nhiu hn
Ngn lu c ri ro cao thng c chit khu bng sut chit khu cao hn, theo nguyn tc
chung, nhng i vi chi ph th lm ngc li
Gi tr thanh l l s tin cng ty chi ra mua my nn s c chit khu vi sut chit
khu < 9% mi hp l.
Bigii15-3
Cua:
y cc ngn lu u c tnh trn c s sau thu nn chi ph n sau thu 6% =10%*(1-40%)
s c s dng lm sut chit khu tnh hin gi
T l khu hao tng ng tng nm: 20, 32, 19, 12, 11, 6 % ( cho)
V Tanner khng quan tm n vic thu hay s hu my dt sau 4 nm nn trong phn ny
s phi tnh hin gi ca gi tr thanh l cn li ca thit b nm th 4 trong trng hp mua
my hai trng hp thu v mua c cng hin trng sau bn nm.
Hin gi ca gi tr thanh l cn li sau 4 nm trong trng hp mua thit b
= 42500 / (1+6%)4 = 33663.98
Qun tr Ti chnh
BNGPHNTCHTHUMUA
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Nm
Tlkhuhao
I.Chiphmua
Chi ph mua thit b
Chi ph bo tr
Gim thu t bo tr
Gim thu t khu hao
Gi thanh l thit b
Ngn lu rng
Hingichiphmua
Khu hao
II.Chiphthu
Tin thu
Gim thu t tin thu
Gi mua li thit b
Ngn lu rng
Hingichiphthu
III.Sosnhchiph
Lithcamua
1
0.2
2
0.32
3
0.19
4
5
6
0.12 0.11 0.06
-20,000
8,000
20,000
-20,000
8,000
32,000
-20,000
8,000
19,000
8,000
20,000
7,000
-20,000
8,000
12,000
42,500
42,500
50,000
80,000
47,500
30,000
-70,000
28,000
-70,000
28,000
-70,000
28,000
-70,000
28,000
-42,000
-187,534
-42,000
-42,000
-42,000
-70,000
28,000
-42,500
-42,000
-250,000
-250,000
-185,112
2,423
Vy Tanner nn chn phng n mua my dt.

Cub:
Trong trng hp sut chit khu hp l trc thu i vi gi tr thanh l l 15% th mc chit
khu sau thu = 15%*( 1-40%) = 9%
Hin gi ca gi tr thanh l cn li sau 4 nm trong trng hp mua thit b
= 42500 / (1+9%)4 = 30108.07
Sut chit khu tng ln 9% lm gim hin gi ca gi tr thanh l so vi trng hp 6% trong
cu a, t s lm tng hin gi mua thit b ln vt qu hin gi chi ph thu.
V vy Tanner s chn phng n i thu.
Cc tnh ton cho trong bng sau
Qun tr Ti chnh
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Nm
Tlkhuhao
I.Chiphmua
Chi ph mua thit b
Chi ph bo tr
Gim thu t bo tr
Gim thu t khu hao
Gi thanh l thit b
Ngn lu rng
Hingichiphmua
Khu hao
II.Chiphthu
Tin thu
Gim thu t tin thu
Gi mua li thit b
Ngn lu rng
Hingichiphthu
III.Sosnhchiph
Lithcathu
1
0.2
2
0.32
3
0.19
4
5
6
0.12 0.11 0.06
-250,000
-20,000 -20,000 -20,000
8,000
8,000
8,000
20,000 32,000 19,000
8,000
20,000
7,000
-20,000
8,000
12,000
42,500
42,500
50,000
80,000
47,500
30,000
-70,000
28,000
-70,000 -70,000 -70,000

28,000 28,000 28,000
-42,000
-187,534
-42,000 -42,000 -42,000
-70,000
28,000
-42,500
-42,000
-250,000
-188,667
1,133
Cuc:
Nu Tanner mua li thit b sau khi thu 4 nm th vo cui nm th t, Tanner phi u t thm
42,500$ trong phng n thu, ng thi bn phng n mua cng s b gi tr thanh l 42,500$.
Ngha l trong phn tch cu a, by gi s cng thm ngn lu -42,500$ vo nm th 4 cho c
hai phng n. iu ny khng nh hng ti sai lch gia NPV ca hai phng n nn phng
n mua vn c chp nhn.
Bigii15-4
Mtskhinimlinquan:
- Chng quyn (warrant): l mt cng c ti chnh cho php ngi nm gi n c quyn
mua hoc bn mt chng khon (c phiu, tin t, ch s th trng) ti mt mc gi xc nh
trong mt thi hn nht nh.
- Gi thc hin: Gi m ngi s hu chng quyn c th mua hay bn chng khon c s
trc hay vo ngy o hn ca chng quyn.
- Gi hay ph chng quyn: l khon tin m ngi mun s hu phi tr khi mua chng quyn,
hay l khon tin m ngi s hng khi bn n.
Cua:
Gi K l gi thc hin
S l gi hin hnh ca c phiu
P l s lng chng quyn cn thit thc hin quyn mua c phiu
S K
Gi tr chng quyn
P
Qun tr Ti chnh
Theo bi:
Gi thc hin (K): $21
Gi th trng ca c phiu ang lu hnh (S): $18, $21, $25, $70
P = 1 (1 chng quyn mua c 1 c phiu)
S
18
21
25
70
K
21
21
21
21
Gi tr chng quyn
-3
0
4
49
Cub:
S
18
21
25
70
Gi tr chng quyn
-3
0
4
49
Gi chng quyn
0
0
$4
$49
- Trng hp c phiu c bn vi gi th trng $18 v $21, s khng c nh u t no mua
chng quyn c quyn mua c phiu $21 v khng c li nhun, v th gi chng quyn s
l 0.
- Trng hp c phiu bn vi gi th trng $25 v $70, chng quyn s c gi tr ni ti tng
ng l $4 v $49. Chng quyn s c bn vi mcgithpnht l $4 v $49 v mc gi ti
a ty thuc vo gi th trng tng ng vi 2 loi c phiu $25 v $70.
*Xttrnghpcphiubnvigithtrng$25:
Mc ha vn = 4 + 21 = $ 25
Nu
gi
c
phiu
25
Gi s gi c phiu vo ngy o hn l $30 vy ngi s hu chng quyn thc hin
quyn mua c phiu v s li :
$30 $21 $4 = $5
Theo d kin bi gi c phiu tng t $21 n $25, tc khong 4/21=19%, ta c th d on
nh sau:
Gi c phiu th trng tng u
19% qua cc giai on
19%
19%
19%
19%
19%
19%
Gi chng quyn ti thiu $25
4
4
4
4
4
4
S
25
30
35
42
50
60
K
21
21
21
21
21
21
Gi chng quyn
4
9
14
21
29
39
Chnh lch gi chng quyn
0
5
10
17
25
35
Nh vy gi c phiu cng tng th gi chng quyn tng v chnh lch tng.
Nu 21 gi th trng c phiu < 25
gi s gi c phiu vo ngy o hn l $22 L $22- $21- $4 = -3$
Nu gi th trng c phiu < 21 trong trng hp ny, tn tht ti a chnh l ph mua
chng quyn.
Cuc:
Cc yu t nh hng n c lng gi chng quyn v khon chnh lch:
1. Thi gian sng ca chng quyn ko di thm:
Mt yu t rt quan trng cho cc nh u c, v nu khong thi gian t ngy hm nay n ngy
o hn ca chng quyn cng di th gi tr thi gian ca chng quyn cng cao, l do n gin
l h c nhiu c hi u c theo mc bin ng ca c phiu. V th gi chng quyn cng
cao v khon chnh lch tng.
2. bin ng ca gi c phiu gim:
Qun tr Ti chnh
Khi bin ng gi c phiu gim th gi ca chng quyn s gim, v nh u t t c c hi
thc hin quyn mua / bn chng c phiu hng khon chnh lch ng k
3. Tc tng trng ca EPS ca c phiu tng:
Khi EPS cng tng th gi c phiu s tng theo, do gi chng quyn cng cao v khon
chnh lch ln.
Bigii17-3
a. Chu k lun chuyn tin mt = chu k lun chuyn tn kho + chu k thu hi CKPThu
Chu k tr hon CKPTr
360
36 40 60 36 40 56
6
b. Tnh h s quay vng tng ti sn
(H s quay vng tn kho= Gia von hang ban/ Ton kho TB = 6 ln
Tuy nhin trong bi ny khng gi thuyt s dng cng thc trn nn chng ta s s
dng cng thc : H s quay vng tn kho = Doanh thu / Tn kho trung bnh)
Tn kho trung bnh = Doanh thu/ H s quay vng tn kho
= 150 000/6 = 25 000 $
Chu k thu hi trung bnh DSO = Khon phi thu trung bnh / Doanh thu ngy trung bnh =
36 ngy
Khon phi thu TB = 36 x (150 000 / 360) = 15 000
Tng ti sn TB = TS c nh + Tn kho TB + Khon phi thu TB
= 40 000 + 25 000 + 15 000 = 80 000 $
H s quay vng tng ti sn = Doanh thu / Tng ti sn TB
= 150 000/ 80 000 = 1,875 (ln)
ROA = (EBIT Thu ) / Tng ti sn TB = Li tc thun / Tng ti sn TB
ROA = 9 000/ 80 000 = 0,1125 = 11,25%
c. H s quay vng tn kho = 8
Tn kho TB = Doanh thu / h s quay vng tn kho = 150 000/ 8 = 18 750 $
Chu k lun chuyn tin mt = Chu k lun chuyn tn kho + chu k thu hi CKPThu
Chu k tr hon CKPTr
= 360 / 8 + 36 - 40 = 45 +36 40 = 41
H s quay vng tng ti sn = Doanh thu / Tng ti sn TB
Tng ti sn TB = TS c nh + Tn kho TB + Khon phi thu TB
= 40 000 + 18 750 + 15 000 = 73 750 $
H s quay vng tng TS = 150 000/ 73 750 = 2.034 (l n)
Qun tr Ti chnh
ROA = (EBIT Thu) / Tng TS TB = Li tc thun / Tng TS TB
= 9 000/ 73 750 = 0,12203 = 12,203%
Bigii17-4
a/ Chu k lun chuyn tin mt = chu k lun chuyn tn kho + chu k thu hi CKP thu chu k
tr hon CKP tr
n = 22 + 40 30 = 32 ngy
b/ Ti tr cho vn hot ng ca cng ty
1500*6*32 = 288.000 $
c/ Cng ty ko di thi hn thanh ton n 35 ngy
Chu k lun chuyn tin mt ca cng ty khi tr hon thi gian thanh ton n 35 ngy
n = 22 + 40 35 = 27 ngy
Vn hot ng trong chu k lun chuyn 27 ngy: 1500*6*27 = 243.000 $
Suy ra: Vn hot ng ca cng ty gim.
288.000 243.000 = 45.000 $
d/ Chu k lun chuyn tin mt ca cng ty khi thi gian chuyn nguyn vt liu thnh sn phm
PIN l 20 ngy.
n = 20 + 40 30 = 30 ngy
Vn hot ng ca cng ty: 1800*7*30 = 378.000 $
Bigii17-5
a) Lisuttrnvncphntheoccmctisnlung:
Li sut trn vn c phn = Li tc thun / vn c phn (VCP)
Ta c: T l n 60% => N = 60%TS = 60%*(TSC + TSL)
VCP = 40%TS = 40%*(TSC + TSL)
Li tc thun: = EBIT Li Thu
EBIT = 12%DT
Li = 8%N
Thu = 40%*(EBIT Li)
Vy ta c li sut trn vn c phn theo cc mc ti sn lu ng nh sau:
Ch tiu
Doanh thu
EBIT(12%DT)
Ti sn lu ng
Tng n = 60%TS
Li(8%Tng n)
Li tc trc thu
Thu (T% = 40%)
Li tc thun
Vn c phn
Litcthun/VCP
TSL bng 45%DT

2
0.24
0.9
1.14
0.0912
0.1488
0.05952
0.08928
0.76
11.75%
TSL bng 50%DT

2
0.24
1
1.2
0.0960
0.1440
0.05760
0.08640
0.80
10.80%
TSL bng 60%DT

2
0.24
1.2
1.32
0.1056
0.1344
0.05376
0.08064
0.88
9.16%
Qun tr Ti chnh
b) Trong thc t chnh sch v ti sn lu ng c quyt nh phc v cho chin lc kinh
doanh. Nu doanh nghip mun pht trin th phn v xc tin cc chng trnh qung
co, khuyn mi, cn phi u t tn kho nhiu hn c hng cung cp cho khch hng,
c th cho khch hng n nhiu hn, lu hn, thu ht khch hng, v c khi phi chun b
lng tin mt nhiu hn p ng cc yu cu t xut. V vy gi nh l chnh sch v
ti sn lu ng c lp vi doanh thu l km thc t.
c) Ri ro tng th ca cng ty tng dn khi chnh sch ti sn lu ng tng.
Khi TSL tng, n cng tng theo nhng ROE li gim. iu ny cho thy cng ty chng
nhng s dng ti sn khng hiu qu m cn b tng ri ro ti chnh do s dng n nhiu
hn. Tt c a n ri ro tng th ca cng ty s tng khi tng TSL.
Bigii17-6
d: t l chit khu
CCCHNHSCH d
a. 1/15, net 20
20
15
72.7%
n: thi hn c nhn chit khu
b. 2/10, net 60
60
10
14.7%
N: thi hn tr ht n
c. 3/10, net 45
45
10
31.8%
r: chi ph ca tn dng thung mi
d. 2/10, net 45
45
10
21.0%
e. 2/15, net 40
40
15
29.4%
Bigii17-7
a. CCCHNHSCH
d
N
n
r
3/20, net 45
3
45 20
44.5%
a. Tn dng l s tin ngi bn cho ngi mua n, trong ti khon ngi bn n s tch ly vo
cc khon phi thu, cn bn ti khon ngi mua s tin tng ng s c ghi vo cc
khon phi tr. Nu trong thc t ngi bn ng ngi mua tr vo ngy th 20 v vn
c hng chit khu mc d chnh sch tn dng thng mi l 3/15, net 40, iu ny c
ngha l ngi bn chp nhn cho ngi mua n nhiu hn. V vy nu ngi mua tr vo
ngy th 15 thay v ngy th 20 th ngi mua s nhn c tn dng t hn so vi ci l ra
phi nhn c. C th, ngi mua ch nhn c tn dng t ngi bn.
Qun tr Ti chnh
Bigii18-6
Cua
Thng
I.Cckhanthuvmuahng
1.Doanh thu
Cc khan thu
2.Trong thng bn hng
Mua hng
3.Gi tr mua hng
4.Chi tin mua hng
II.Tnggimtinmttrongthng
5.Thu (tng phn mt)
6.Chi (tng phn mt)
7.Tr lng
8. Tin thu
9. Tin thu
10. Tng chi
11. Tng kt tin mt trong thng
III.Thngdtinmthayvayn
12.Tin mt u k
13. Tin mt tch ly
14. nh mc tin mt
15.Thng d tin mt hay n tch ly
11
1400
12
1600
400
600
1600
400
600
400
1400
400
400
400
400
1600
1400
48
20
120
1588
400
400
48
20
600
400
48
20
468
468
4
16
60
-44
16
-52
60
-112
-52
80
60
20
Qun tr Ti chnh
Cub
Thng
I.Cckhanthuvmuahng
1.Doanh thu
Cc khan thu
2.Trong thng bn hng
Mua hng
3.Gi tr mua hng
4.Chi tin mua hng
II.Tnggimtinmttrongthng
5.Thu (tng phn mt)
6.Chi (tng phn mt)
7.Tr lng
8. Tin thu
9. Tin thu
10. Tng chi
11. Tng kt tin mt trong thng
III.Thngdtinmthayvayn
12.Tin mt u k
13. Tin mt tch ly
14. nh mc tin mt
15.Thng d tin mt hay n tch ly
11
12
0
1400
400
1400
400
400
0
1400
48
20
120
1588
-1588
4
-1584
60
-1644
Bigii18-7
Tin n c b phn thu hi c
lng nh sau:
Chitr Ngaytrongthng 1thsau 2thsau

t l
10%
75%
15%
Qun tr Ti chnh
Cua
Dtontinmt(nv:ngnng)
Nm
1992
1993
Thng
T5
T6 T7 T8 T9
T10 T11 T12 T1
I.Cckhonthuvmuahng
(1) Doanh thu
180 180 360 540 720 360 360
90 180
Cckhonthu
(2)Trong thng bn hng =
18 18 36 54
72
36
36
9
18
10%*DT thng
(3) 1 thng sau = 75%*DT thng
135 270 405 540 270 270
68
trc
(4) 2 thng sau = 15%*DT 2 thng
27 27
54
81 108
54
54
trc
(5) Tng thu (sut thng) =
198 351 531 657 414 333 140
(2+3+4)
ChiphchoL&NVL
(6) Tng chi ph cho L & NVL
90 90 126 882 306 234 126
90
(7) Chi tr tin cho L & NVL
90 126 882 306 234 126
90
(n 1 thng)
II.Tnggimtinmttrong
thng
(8) Thu (t phn I)
198 351 531 657 414 333 140
(9) Chi (t phn I)
90 126 882 306 234 126
90
(10) Tr lng Bp QL
27 27
27
27
27
27
27
(11) Tin thu
9
9
9
9
9
9
9
(12) Khu hao
36 36
36
36
36
36
36
(13) Chi khc
2.7 2.7
2.7
2.7 2.7 2.7
2.7
(14) Thu
63
63
(15) Chi ph cho 1 phng thit k
18
mi
(16) Tng chi
165 201 1020 399 309 264 165
(9+10+11+12+13+14+15)
(17) Tng kt tin mt trong thng
33 150 -489 258 105
69
-25
(8-16)
III.Thngdtinmthayvay
n
(18) Tin mt u k (nu khng
132 165 316 -173
85 191 260
vay)
(19) Tin mt tch ly (17+18)
165 316 -173
85 191 260 235
(20) nh mc tin mt ( cho)
90 90
90
90
90
90
90
(21) Thng d tin mt hay n tch
75 226 -263
-5 101 170 145
ly (19-20)
Qun tr Ti chnh
Cub
Da vo Bng d ton ta c th c lng yu cu ti tr trong thng 9 & 10 (thiu tin) v
em tin u t vo thng 7, 8, 11, 12 (d tin).
Cuc
Gi s ha n bn hng n u n sut trong thng (ngha l tin mt thu c theo t l 1/30
mi ngy) nhng tt c cc khon chi u xy ra vo ngy 15 trong thng, ta c bn d ton sau:
Nm
Thng
1992
T5
T6 T7
T8
T9
T10 T11
T12
(5') Tng thu (15 hng thng) = (5/2)

(16) Tng chi (15 hng thng) = (16)
99 176 266
165 201 1020
329
399
207
309
167
264
(17') Tng kt tin mt gia thng (= 5'- 16)
-66
-70 -102
-97
-25
-754
D ton tin mt cu a c lp da trn gi nh thu v chi xy ra u sut trong thng, v vy

theo gi nh mi ny ta thy c s thiu ht tin mt vo ngy 15 hng thng v yu cu ti tr
cc thi im ny cho 6 thng cui nm, cao im l thng 9 v 11
Bigii19-2
a)
Chukthuhicckhonphithu:
Chnh sch tn dng c: DSO = 15*40% + 30*30% + 40*30% = 27ngy.

Chnh sch tn dng mi: DSO = 10*50% + 30*25% + 40*25% = 22.5ngy.
b)
Chiphchitkhu:
Chnh sch tn dng c: CPck = 2%* 2 000 000*40% = 16000

Chnh sch tn dng mi: CPck= 3%*2 600 000*50% = 39000
c)
Chiphchidotinkttrongcckhonphithu:
Chnh sch tn dng c: CPCKPT= 27* 2 000 000/365 * 75% * 9% = 9 986.3

Chnh sch tn dng mi: CPCKPT = 22.5 * 2 600 000/365 * 75% * 9% = 10818.5
d)
Tnthtdonkhi:
Chnh sch tn dng c: N kh i = 2%*2 000 000 = 40000

Chnh sch tn dng mi: N kh i = 2%*2 600 000 = 52000
e)
Phnlinhuntngthm
CPSX :
CS Tn dng c :
CS Tn dng mi:
Bin ph = 75% * 2 000 000 = 1 500 000

Bin ph = 75% *2 600 000 = 1 950 000
Qun tr Ti chnh
lp bng tnh li nhun rng trc v sau khi thay i CS tn dng
Trc
2 000 000
16 000
1 984 000
1 500 000
484 000
a
484 000 a
b
484 000 a b
40% (484 000 a b)
193 600 0.4 a 0.4b
Doanh thu
(-) CPchit khu
Doanh thu thun
(-) Bin ph
S d m ph
(-) nh ph
EBIT
(-) Li
EBT
Thu
Li nhun thun
Sau
2 600 000
39 000
2 561 000
1 950 000
611 000
a
611 000 a
B
611 000 a b
40% (611 000 a b)
244 000 0.4a 0.4b
Li nhun tng thm l: 50400

Trc Sau
39 000
Chi ph chit khu
16 000
Chi ph c hi
9 986.3
10 818.5
Chi ph do n kh i
40 000
52 000
Tng chi ph
65 986.3
101 818.5
Chiphtngthm
35832.2
Linhuntngthm
50400
Hiuqucachnhschmi
14567.8
Chp nhn chnh sch tn dng mi
Bigii19-3
KHIPDNGCHNHSCHTNDNGC
Mtdoanhthudo
Loikhchhng TlNkhi DSO Quytnhtndng
hnchtndng
1
Khng
10
Khng gii hn
khng
12
Khng gii hn
khng
20
C gii hn
375,000
60
C gii hn
190,000
16
90
C gii hn
220,000
Qun tr Ti chnh
CCTHAYIKHIMRNGCHNHSCHTNDNG
CcHngMcthayikhi
Giithch
KHLoi3 KHLoi4
thayichnhschtndng
KhonDoanhThutng
thm
L khon doanh thu

khng b mt khi m
rng chnh sch tn dng
BinPhtngthm
= Dthu tng * 70%
Cckhonphithutng
thm
Chiphcakhonphithu
tngthm
TnthtdoNkhitng
thm
= (DSO*Dthu tng )
/360
= 70%*khon phi thu
tng* Chi ph vn (12%)
= Dthu tng * t l n
kh i
= Dthu Bph Cph
CKPT N kh i
= Ltc trc thu *
(1-40%)
Litctrcthu
Litcsauthu
KTLUN
KHLoi5
375,000
190,000
220,000
262,500
133,000
154,000
20,833
31,667
55,000
1,750
2,660
4,620
11,250
17,100
35,200
99,500
37,240
26,180
59,700
22,344
15,708
ng m
rng chnh
sch
tn
dng v li
tc
trc
thu dng.
ng m
rng chnh
sch
tn
dng v li
tc
trc
thu dng.
ng m
rng chnh
sch
tn
dng v li
tc
trc
thu dng.

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Qun tr Ti chnh

Cng vic cn lm:

Th.S Trn Quang Trung

Th.S Trn Quang Trung

Th.S Trn Quang Trung

Bng quyt ton (1/1/1974)

T s thanh ton hin ti

a. Tnh li sut trung bnh, k Y , cho c phiu Y. ( k X = 12%)

4-3: Gi s kRF = 8%, kM =11%, kA = 14%.

4-4: Gi s kRF = 9%, kM = 14% v bi = 1.3

4-5: Gi s bn gi mt danh mc u t gm 20 c phiu khc nhau, mi c phiu c u

4-6: Gi s bn qun l 4 triu $ ca mt qu u t. Qu gm 4 c phiu vi vn u t v

Nu li sut yu cu ca th trng l 14% v li sut khng ri ro l 6%, tnh li sut yu cu

5-26: Gi s vo thng 1/1992 cc k s ca cng ty GM bo cho cc lnh o cp cao bit h

5-27: Gi s rng bn tha k mt s tin. Bn gi ca bn ang lm vic trong mt cng ty

5-28: Gi s d ca bn bn mt cn nh ngy 31/12, v ngi mua cn n li mt s tin l

5-29: Cng ty ca bn c k hoch mn 1 triu la, tr dn hng nm trong 5 nm, li sut

Th.S Trn Quang Trung

Th.S Trn Quang Trung

Ban qun l yu cu bn xc nh d n no nn c thc hin (nu c). Bn tin hnh phn

Tnh IRR, NPV v MIRR ca mi d n v ch ra quyt nh chp nhn / bc b ng n cho

Th.S Trn Quang Trung

a. Xy dng th NPV cho d n A v B

Th.S Trn Quang Trung

Th.S Trn Quang Trung

Tng kt trong bng sau

Th.S Trn Quang Trung

Doanh thu c phn phi nh sau

Th.S Trn Quang Trung

a. Lp bng cn i k ton ca mi cng ty sau khi tng ti sn v tnh ton t l n mi ca

Tc tng trng ca EPS ca c phiu tng

17-4: Cng ty Brueggeman l mt nh sn xut hng u M v loi pin acquy t. Cng ty

17-5: Tp on Mathys ang c gng xc nh mc ti sn lu ng ti u cho nm ti. B

18-6: Cng ty I PHT gn y c thu mt ch trong siu th COOP kinh doanh, I

Th.S Trn Quang Trung

Th.S Trn Quang Trung

Th.S Trn Quang Trung

Duong loi suat

Duong loi suat

lai suat cong ty (%)

lai suat chinh phu (%)

Ta c phn b p cho lm pht nm 2 l 11% nn tc lm pht ca nm th 2 s l

Li sut tri phiu k hn 1 nm l:

+ MRP1981 = 2% + 13% + 0,1% = 15,1%

Li sut tri phiu k hn 2 nm l:

Li sut tri phiu k hn 5 nm l:

+ MRP1985 = 2% + 8,2% +0,5% =10,7%

Li sut tri phiu k hn 10 nm l:

Li sut tri phiu k hn 20 nm l:

Cn cn thng mi nhp siu lm cho ng ngoi t tng gi so vi ni t nn t l lm

Cu a: Tnh li sut trung bnh kY

=> kY = 0,1*(-35)+0,2*0+0,4*20+0,2*25+0,1*45 = 14%

. Nh vy vi CVX (101,66%) < CVY (145,35%) chng ta c th ni c phiu Y ri ro hn c

c nh ngha l h s o lng s bin ng

c xem nh l h s o lng ri ro u t chng khon. Do , li

nhun k vng ca mt loi chng khon c quan h dng vi h s

(2) krf = 9%,km = 13%

Th.S Trn Quang Trung

Cub: Tnh ngn lu

Th.S Trn Quang Trung

Cch 2:Da vo cng thc tnh li tc thng nin:

Trnghp1: Gi th trng l 829$

Th.S Trn Quang Trung

Bng phng php th v sai, ta c th tm c r = 15%

=> kY = 0,1(-35)+0,20+0,420+0,225+0,1*45 = 14%

kC = kRF + (kM - kRF)C = 0.09 + (0.13 0.09)0.4 = 10,6%

CF 6001.12 6001.12 850 *1.12 2547.597

134 (134 1.12 1 ) (134 1.12 2 ) (134 *1.12 3 )

(134 1.12 4 ) (134 1.12 5 ) 1087.435

(600 1.18 3 ) (600 1.18 2 ) 850 2824.259