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BI TP THM NH D N U T
BI TP 01 :
Cu 1: Lp lch tr n
Lp lch tr n cho mt khon vay l 80 t,li sut 24% nm,thi gian o hn 1 nm theo
phng php ghp li hng qu,tr u mi qu ( bao hm c n gc v li vay).
A = PVA * r / ( 1 - (1 + r ) - n )
A = 23,087.32 triu ng
= 80,000 * 6% / ( 1 - (1 + 6% ) - 4 )
N u k
Li pht sinh
Tr n ( u )
- N gc
- Li vay
N cui k
80,000.00
80,000.00
61,712.68
42,328.12
21,780.49
4,800.00
3,702.76
2,539.69
1,306.83
23,087.32
23,087.32
23,087.32
23,087.32
18,287.32
19,384.56
20,547.63
21,780.49
4,800.00
3,702.76
2,539.69
1,306.83
61,712.68
42,328.12
21,780.49
0.00
Cu 2 : Ra quyt nh u t:
C hai d n A v B l hai d n loi tr nhau. Tng u t mt ln vo u nm 1 (cui nm
0 ) cho d n A v B ln lt l 30 t v 60 t ng,phng php khu hao ng thng u trong
thi gian 5 nm.
V p dng phng thc khon nn d n khng cn tnh n cc iu chnh thay i trong vn
lu ng.Vng i d n ch c 1 nm v thu thanh l ti sn vo cui nm 1 d kin bng vi gi tr
cn li ca ti sn.
Theo truyn thng vn rt khng cn ph hp,cc chuyn vin tham mu bo co hiu qu d
n qua ch tiu li nhun ca d n A v B ln lt l 10 t v 20 t ng. n gin d n khng tnh
n thu thu nhp doanh nhip v yu t lm pht
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Page 1
THM NH D N U T
Yu cu :
a. Tnh ngn lu vo ca tng d n.
D n
Nm
Thu t thanh l ti sn
1
16=10+6
24
Tng cng
40
Thu t thanh l ti sn
32=20+12
48
Tng cng
80
b. Lp ngn lu y (vo ra ) v tnh IRR cho tng d n.Cho bit quyt nh la chn
ca anh ch gia 1 trong 2 d n .Hy gii thch l do.ngn gn ( Khng qu 10 t ).
n
IRR = r NPV =
i= 0
PV ( B C ) = 0
D n
Nm
16
Thu t thanh l ti sn
24
Chi u t ban u
-30
-30
40
32
Thu t thanh l ti sn
48
Chi u t ban u
- 60
-60
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80
Tiu Ch
IRRa = 33%
IRRb = 33%
Page 2
THM NH D N U T
NPV =
PV ( B C )
i =0
NPV
NPV
D n
Nm
Tiu ch
16
Thu t thanh l ti sn
24
Chi u t ban u
NCF Ngn lu rng
-30
IRRa = 33%
-30
NPV a =
3.33
40
32
Thu t thanh l ti sn
48
Chi u t ban u
NCF Ngn lu rng
- 60
IRRb = 33%
-60
NPV b =
6.66
80
Giatrhie
n tai do
ng thu
=>
Giatrhie
n tai do
ng chi
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Page 3
THM NH D N U T
BCRa = 33.33 / 30 = 1.111
BCRb = 66.66 / 60 = 1.111
Nu ch s dng ch tiu n c BCR ra quyt nh u t ,ta thy c hai d n u nh
nhau ,u c BCR = 1.111 . Vy Khng thy d n no tt hn chn.
e. C mt ch tiu rt truyn thng da trn li nhun l ROI ( Return on Investment
Sut sinh li trn vn u t) .Anh ch hy th tnh n v nu nhn xt trong trng
hp ny.
ROI =
Li nhua
n bnh qua
n ha
ng na
m
Vo
n a
u t
BI TP 02 :
Cu 1: La chn d n
Hai d n A v B l nhng d n loi tr nhau ,cho cc dng ngn lu rng NCF nh sau :
( n v tnh : T ng )
Nm
D n A
-1000
1300
D n B
1000
-1300
IRR = r NPV =
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PV ( B C ) = 0
i= 0
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THM NH D N U T
30%
30%
Nm
Tiu Ch
D n A
-1000
1300
IRRa = 30%
D n B
1000
-1300
IRRb = 30%
NPV =
PV ( B C )
i
i= 0
Nm
Tiu Ch
D n A
-1000
1300
IRRa = 30%
NPVa = 15.625
D n B
1000
-1300
IRRb = 30%
NPVb = - 15.625
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Page 5
THM NH D N U T
c. Nu bit sut chit khu i hi ca d n l 32% th kin ca anh ch cu b c
thay i khng ? Hy tnh ton kt qu v gii thch ngn gn l do ( Khng qu 10
t ).
n
NPV =
PV ( B C )
i
i= 0
NPV
NPV
15.152
Tiu Ch
D n A
-1000
1300
IRRa = 30%
NPVa = -15.152
D n B
1000
-1300
IRRb = 30%
NPVb = 15.152
D n X
-200
200
30
D n Y
-200
150
100
Nm
D n X
0
-200
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200
30
Tiu Ch
PPNCFx = 1 ( nm)
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THM NH D N U T
D n Y
-200
150
100
NPV =
PV ( B C )
i= 0
Tiu Ch
D n X
-200
200
30
NPVx = -3.403
D n Y
-200
150
100
NPVy = 6.048
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Page 7
THM NH D N U T
a. Lp lch tr n vay ngn hng ( Cn xc nh y cc khon mc d n u nm,li
pht sinh trong nm,tr n gc ,tr li vay v d n cui nm cho tng nm).
S tin n tr hng nm cho ngn hng :
( r = 20% , n = 3 )
D = 700 triu ng
N u k
Li pht sinh
Tr n v li
- N gc tr u nhau
- Li vay
N cui k
2,100
2,100
1400
700
420
280
140
1120
980
840
700
700
700
420
280
140
1400
700
3000
3600
4320
DNG THU
-
Thu i vay
Doanh thu
Gi tr thanh l ti sn
2100
500
2100
3000
3600
4820
4200
800
750
900
1080
1120
980
840
DNG CHI
-
Chi u t
Chi ph hot ng
Chi tr n vay
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THM NH D N U T
4200
2670
1880
1920
- 2100
330
1720
2900
PV ( B C )
( NPV =
i= 0
Chi ph s dng vn bnh qun WACC = ( 50% * 20% ) + ( 1 50% )* 24% = 22%
Nam
3000
3600
4320
DNG THU
-
Doanh thu
Gi tr thanh l ti sn
500
3000
3600
4820
750
900
1080
4200
1550
900
1080
- 4200
1450
2700
3740
DNG CHI
-
Chi u t
Chi ph hot ng
4200
800
( NPV =
PV ( B C )
i= 0
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Page 9
THM NH D N U T
Cu 1: La chn d n
C quan ca anh ch ang xem xt u t mt my pht in v ng trc 2 phng n : My
Nht Bn v My Trung Quc.u t ban u My Nht tuy c cao hn nhng chi ph vn hnh
nhng nm sau thp hn v c bit sau 2 nm hot dng c th thu li gi tr thanh l bng 40% u
t ban u,trong khi My Trung Quc c gi tr thanh l bng 0. Chi ph u t nm 0 v chi ph vn
hnh 2 my cho bng sau ( vt :Triu ng )
Nm
My Nht Bn
-500
- 80
- 80
My Trung Quc
-400
- 100
- 100
( NPV =
PV ( B C )
i
i= 0
-500
- 80
- 80
Thu t thanh l ti sn
200
-500
- 80
120
My Trung Quc
-400
- 100
- 100
Tiu Ch
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NPVmnb = -350.00
0
Page 10
THM NH D N U T
Ngn lu rng NCF:
-400
- 100
NPVmtq = -522.77
- 100
Din gai
Gi tr s sch u nm
400
300
100
100
100
200
Gi tr s sch cui nm
300
200
400
Nm
200
100
N u l
Li pht sinh
30
15
Tr n v li vay
130
115
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Page 11
THM NH D N U T
Vn gc tr u nhau
100
100
Tin li
30
15
100
200
N cui k
Bo co Thu Nhp Li L
Nm
Din gai
Doanh thu
200
240
Chi ph hot ng
-50
-60
-100
-100
Ebit
50
80
Chi ph li vay
-30
-15
20
65
Li rng :
20
65
Tiu Ch
DNG THU
-
Doanh thu
200
240
Thanh l ti sn
200
Thu di vay
200
200
200
440
- 400
Chi u t
Chi ph hot ng
- 50
- 60
Chi tr n vay
- 130
- 115
-180
-175
-400
Page 12
THM NH D N U T
rE = 17%
NGN LU RNG
Ngn lu rng (sau thu )
20
200
265
NPV= 10.68
( NPV =
PV ( B C )
i= 0
Chi ph s dng vn bnh qun WACC = ( 50% * 15% ) + ( 1 50% )* 17% = 16%
n
( NPV =
PV ( B C )
i= 0
Tiu Ch
DNG THU
-
Doanh thu
200
240
Thanh l ti sn
200
200
440
- 400
DNG CHI
-
Chi u t
Chi ph hot ng
- 50
- 60
-400
-50
-60
WACC = 16%
NGN LU RNG
Ngn lu rng (sau thu )
-400
150
380
NPV=
39.042>0
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Page 13