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THM NH D N U T

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).

S tin n tr u hng qu : ( r nm = 24% => r qu = 6% , n = 4 )

A = PVA * r / ( 1 - (1 + r ) - n )

A = 23,087.32 triu ng

= 80,000 * 6% / ( 1 - (1 + 6% ) - 4 )

LCH TR N & LI VAY


n v tnh : Triu ng
QU

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 hot ng kinh doanh

Thu t thanh l ti sn

1
16=10+6
24

Tng cng

40

Thu t hot ng kinh doanh

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

NPVa = 0 => 40/(1+ra)1 30/(1+ra)0 = 0 => 40/(1+ra)1 = 30/(1+ra)0


=>

(1+ra)1 = 40/ 30 = 1,33

PV ( B C ) = 0

Suy ra, 1 + r = 1,33; Vy r a = 0,33 hay 33%. IRRa = 33%

NPVb = 0 => 80/(1+rb)1 60/(1+rb)0 = 0 => 80/(1+rb)1 = 60/(1+rb)0


=>

(1+rb)1 = 80/ 60 = 1,33

Suy ra, 1 + rb = 1,33; Vy rb = 0,33 hay 33%. IRRb = 33%


Bng ngn lu y ca d n :

D n

Nm

Thu t hot ng kinh doanh

16

Thu t thanh l ti sn

24

Chi u t ban u

-30

NCF Ngn lu rng

-30

40

Thu t hot ng kinh doanh

32

Thu t thanh l ti sn

48

Chi u t ban u

- 60

NCF Ngn lu rng

-60

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80

Tiu Ch

IRRa = 33%

IRRb = 33%
Page 2

THM NH D N U T

Nu ch s dng ch tiu n c IRR nh gi la chn,ta thy c hai d n u nh nhau ,u


c IRR = 33% .Vy Khng thy d n no tt hn chn.
c. Nu sut chit khu i hi ca d n l 20% th quyt nh ca anh ch cu b c thay
i khng ? Da trn tnh ton ca anh ch hy gii thch ngn gn l do ( Khng qu 10
t ).
n

NPV =

PV ( B C )
i =0

NPV

= 40/(1+20%)1 30/(1+20%)0 = 33.33 30 = 3.33

NPV

= 80/(1+20%)1 60/(1+20%)0 = 66.66 60 = 6.66


Nu sut chit khu i hi ca d n r E = 20%

D n

Nm

Tiu ch

Thu t hot ng kinh doanh

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

Thu t hot ng kinh doanh

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

o Nu sut chit khu i hi ca d n l 20% th quyt nh cu b s thay i


o Ta chn B v: B lm ta giu c ln nhiu hn A
d. Trong cc ch tiu d n da trn dng ngn lu ,anh ch cn bit n mt ch tiu na
l BCR .Hy tnh ton ch tiu ny cho mi d n A v B ng thi cho nhn xt nu
phi s dng ch tiu ny ra quyt nh u t ( Khng qu 10 t ).
BCR =

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

ROIa = ( 40 -30 ) / 30 = 0.33 hay 33%


ROIb = ( 80 -60 ) / 60 = 0.33 hay 33%
ROIa = ROIb ; ROIa = IRRa ; ROIb = IRRb

Sut sinh li trn vn u t ca d n A bng vi sut sinh li trn vn u t ca


d n B.

Sut sinh li trn vn u t ca d n bng vi sut sinh li ni b ca d n.

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

Yu cu : ( Cn phi da vo cc ch tiu nh gi ,khng kt lun theo cm tnh ch quan)


a. Cho bit s la chn ca anh ch qua kt qu tnh ton v gii thch ngn gn l do
ca s la chn ( Khng qu 10 t ).
n

IRR = r NPV =

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PV ( B C ) = 0
i= 0

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THM NH D N U T

NPVa = 0 => 1300/(1+ra)1 1000/(1+ra)0 = 0 => 1300/(1+ra)1 = 1000/


(1+ra)0 =>
(1+ra)1 = 1300/ 1000 = 1,30

Suy ra, 1 + r = 1,30; Vy r a = 0,30 hay 30%. IRRa =

30%

NPVb = 0 => 1000/(1+rb)0 1300/(1+rb)1 = 0 => 1000/(1+rb)0 = 1300/


(1+rb)1 =>
(1+rb)1 = 1300/ 1000 = 1,30

Suy ra, 1 + rb = 1,30; Vy rb = 0,30 hay 30%. IRRb =

30%
Nm

Tiu Ch

D n A

-1000

1300

IRRa = 30%

D n B

1000

-1300

IRRb = 30%

o Nu ch s dng ch tiu n c IRR nh gi v la chn,ta thy c hai d n u


nh nhau ,u c IRR = 30% .Vy Khng thy d n no tt hn chn.
b. Nu bit sut chit khu i hi ca d n l 28% th kin ca anh ch cu a 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 a = 1300/(1+28%)1 1000/(1+28%)0 = 1015.625 1000 =


15.625 > 0

NPV b = 1000/(1+28%)0 1300/(1+28%)1 = 1000 1015.625 = 15.625 < 0


Nu sut chit khu i hi ca d n r E = 28%

Nm

Tiu Ch

D n A

-1000

1300

IRRa = 30%

NPVa = 15.625

D n B

1000

-1300

IRRb = 30%

NPVb = - 15.625

Nu sut chit khu i hi ca d n l 28% th quyt nh cu a s thay i

Ta chn A v: A lm ta giu c ln nhiu hn B

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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

= 1300/(1+32%)1 1000/(1+32%)0 = 984.848 1000 = -15.152

NPV

= 1000/(1+32%)0 1300/(1+32%)1 = 1000 984.848 =

15.152

Nu sut chit khu i hi ca d n r E = 32%


Nm

Tiu Ch

D n A

-1000

1300

IRRa = 30%

NPVa = -15.152

D n B

1000

-1300

IRRb = 30%

NPVb = 15.152

Nu sut chit khu i hi ca d n l 32% th quyt nh cu b s thay i

Ta chn B v: B lm ta giu c ln nhiu hn A

Cu 2: Hai d n X v Y l nhng d n loi tr nhau, c cc dng ngn lu nh sau:


( n v tnh : T ng )
Nm

D n X

-200

200

30

D n Y

-200

150

100

Yu cu : ( Cn phi da vo cc ch tiu nh gi ,khng kt lun theo cm tnh ch quan)


a. Nu ng trn quan im thu hi vn nhanh anh ch s chn d n no ? Hy tnh ton
v gii thch ngn gn ( Khng qu 10 t ).
Trong trng hp ny ta tnh thi gian thu hi vn trn dng ngn lu rng PP NCF nh sau :

PPNCFa = 1 + (( 200 - 200) / 30 ) = 1 ( nm)

PPNCFa = 1 + (( 200 - 150) / 100 ) = 1.5 ( nm) hay 1 nm 6 thng


( n v tnh : T ng )

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

PPNCFy = 1.5 (nm)

Nu ng trn quan im thu hi vn nhanh ti s chn d n X v :


D n X thu hi vn nhanh hn Y.

b. Nu ng trn quan im ca ci rng v bit rng sut sinh li i hi ca d n l


15% th kin ca anh ch cu a c thay i khng ? Hy tnh ton v gii thch ngn
gn ( Khng qu 10 t ).
Nu sut sinh li i hi ca d n r E = 15%
n

NPV =

PV ( B C )
i= 0

NPV x = 200/(1+15%)1 + 30/(1+15%)2 200/(1+15%)0 = 173.913 + 22.684


200 = -3.403
NPV y = 150/(1+15%)1 + 100/(1+15%)2 200/(1+15%)0 = 130.434 + 75.614
200 = 6.048
( n v tnh : T ng )
Nm

Tiu Ch

D n X

-200

200

30

NPVx = -3.403

D n Y

-200

150

100

NPVy = 6.048

Nu ng trn quan im ca ci rng v bit rng sut sinh li i hi ca d n l 15% th


kin ca ti cu a s thay i.

Ti s chn d n Y v : Y lm ti giu c ln nhiu hn X

Cu 3: Cng ty AAA ang xem xt d n vi cc d liu nh sau ( n v tinh la ):


Dng thu nm 1 l 3000,tng trng u hng nm l 20% trong sut vng i 3 nm ca d
n.Chi ph hot ng hng nm d kin chim 25% trn dng thu.
Tng mc u t ca d n l 5000,trong u t nm 0 l 4200,phn cn li u t vo
nm sau.Gi tr thanh l ti sn thu c vo cui nm 3 bng 10% trn tng mc u t.
D n s vay ngn hng BBB s tin vo nm 0 bng 50% vn u t nm 0 ,vi li sut
20% nm. N gc s c tr u nhau vo cui mi nm trong 3 nm,li vay s c tr hng
nm theo thc t pht sinh. Chi ph s dng vn hin ti ca cng ty AAA l 24%.( Trng s trong
chi ph s dng vn bnh qun s da trn t trng ngun vn ti nm 0).
Yu cu : ( Cn phi da vo cc ch tiu nh gi ,khng kt lun theo cm tnh ch quan)

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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 = ( 50% * 4200 ) / 3 =700

D = 700 triu ng

LCH TR N & LI VAY NGN HNG


n v tnh : USD
NM

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

b. Lp bo co ngn lu theo quan im ch s hu


Nam

3000

3600

4320

DNG THU
-

Thu i vay

Doanh thu

Gi tr thanh l ti sn

Tng cng dng thu :

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

Tng cng dng chi :


NGN LU RNG NCF
NPV (vi rE = 24% ) = 805.755

c. nh gi hiu qu ti chnh theo quan im ch s hu ( S dng ch tiu NPV).


Nu s dng tiu ch NPV nh gia v chi ph s dng vn hin ti ca cng ty AAA, r E = 24%.
n

PV ( B C )

( NPV =

i= 0

NPV = 330/(1+24%)1 + 1720/(1+24%)2 + 2900/(1+24%)3 2100/(1+24%)0


NPV = 266.129 + 1118.626 + 1521 2100 = 805.755 > 0
y l d n tt ,c th tham gia thc hin
d. Lp bo co ngn lu theo quan im tng u t

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

Tng cng dng thu :

3000

3600

4820

750

900

1080

4200

1550

900

1080

- 4200

1450

2700

3740

DNG CHI
-

Chi u t

Chi ph hot ng

4200

Tng cng dng chi :


NGN LU RNG NCF

800

NPV (vi WACC = 22%) = 862.1966


e. nh gi hiu qu ti chnh theo quan im tng u t ( S dng tiu ch NPV).
Nu s dng tiu ch NPV nh gia v chi ph s dng vn bnh qun WACC = 22%
n

( NPV =

PV ( B C )
i= 0

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Page 9

THM NH D N U T

NPV = 1450/(1+22%)1 + 2700/(1+22%)2 + 3740/(1+22%)3 4200/


(1+22%)0
NPV = 1188.5245 + 1814.0284 + 2059.6437 4200 = 862.1966 > 0
y l d n tt ,c th tham gia thc hin
BI TP 03 :

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

Yu cu : ( Cn phi da vo cc ch tiu nh gi ,khng kt lun theo cm tnh ch quan)


Hy xut cho c quan ca anh ch ra quyt nh la chn phng n u t trn c s
hiu qu ti chnh,bit c hi sinh li ca vn l 20%.
n

( NPV =

PV ( B C )
i

i= 0

NPV mnb = 120/(1+20%)2 - 80/(1+20%)1 500/(1+20%)0 = 83.33 + 66.66 500 =


-350.00
NPV mtq = -100/(1+20%)2 - 100/(1+20%)1400/(1+20%)0 = 69.44 83.33 400 =
-522.77
( vt :Triu ng )
Nm
My Nht Bn
-

-500

- 80

- 80

Thu t thanh l ti sn

200

Ngn lu rng NCF:

-500

- 80

120

My Trung Quc

-400

- 100

- 100

Tiu Ch

Thu t thanh l ti sn:

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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

NPVmnb > NPVmtq (-350.00> -522.77) Ti chn my Nht Bn v:


Dng My Nht tit kim c nhiu tin hn
Cu 2: Ra quyt nh u t
Cng ty MBC ang xem xt thm nh mt d n u t vi cc d liu c cho nh sau ( n v
tnh 1000 USD ) :
Dng thu nm 1 l 200,tng trng nm sau 20% so vi nm 1 trong vng i 2 nm ca d n.Chi
ph hot ng hng nm d kin chim 25% trn dng thu( Cha tnh chi ph khu hao).
Tng u t my mc thit b vo nm 0 ca d n l 400,Gi tr thanh l ti sn d kin thu c
vo cui nm 2 bng vi gi tr cn li trn s sch .Vng i hu dng ca ti sn l 4 nm v
phng php khu hao p dng c p dng l ng thng.
D n s vay ngn hng HHB vo nm 0 s tin bng 50% tng mc u t nm 0 vi li sut 15%
nm.N gc s c tr u nhau vo cui mi nm trong 2 nm, li vay tr hng nm theo thc t
pht sinh.Chi ph c hi s dng vn hin ti ca cng ty MBC l 17% ( Trng s trong chi ph s
dng vn bnh qun s da trn t trng ngun vn ti nm 0.
Yu cu : ( Cn phi da vo cc ch tiu nh gi ,khng kt lun theo cm tnh ch quan)
a. Lp lch khu hao ( Cn xc nh y cc khon mc cho sut vng i hu dng ca ti
sn : Gi tr u nm ,mc khu hao trong nm,khu hao tch ly,gi tr cui nm).
Nm

Din gai

Gi tr s sch u nm

400

300

Khu hao hng nm

100

100

Khu hao tch ly

100

200

Gi tr s sch cui nm

300

200

400

b. Lp bo co thu nhp ( kt qu li l) tng nm cho sut vng i 2 nm ca d n.


Lch Vay v Tr N Ngn Hng

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

Chi ph khu hao

-100

-100

Ebit

50

80

Chi ph li vay

-30

-15

Li nhun trc thu

20

65

Thu thu nhp doanh nghip

Li rng :

20

65

c. Lp bo co ngn lu theo quan im ca ch s hu v nh gi hiu qu ti chnh ca


d n ( S dng tiu ch NPV)
Nm

Tiu Ch

DNG THU
-

Doanh thu

200

240

Thanh l ti sn

200

Thu di vay

200

200

200

440

- 400

Tng dng tin thu vo


DNG CHI
-

Chi u t

Chi ph hot ng

- 50

- 60

Chi tr n vay

- 130

- 115

-180

-175

Tng dng tin chi ra


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-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

NPV = 265/(1+17%)2 + 20/(1+17%)1 - 200/(1+17%)0 = 193.586 + 17.094 200 =


10.68>0
Hiu qu ti chnh ca d n l tt,
d. Lp bo co ngn lu theo quan im tng u t v nh gi hiu qu ti chnh ca d
n ( S dng tiu ch NPV)

Chi ph s dng vn bnh qun WACC = ( 50% * 15% ) + ( 1 50% )* 17% = 16%
n

( NPV =

PV ( B C )
i= 0

NPV = 150/(1+16%)2 + 380/(1+16%)1 - 400/(1+16%)0 = 111.474 + 327.586 400 =


39.042>0
Nm

Tiu Ch

DNG THU
-

Doanh thu

200

240

Thanh l ti sn

200

Tng dng tin thu vo

200

440

- 400

DNG CHI
-

Chi u t

Chi ph hot ng

- 50

- 60

Tng dng tin chi ra

-400

-50

-60
WACC = 16%

NGN LU RNG
Ngn lu rng (sau thu )

-400

150

380

NPV=
39.042>0

Hiu qu ti chnh ca d n l tt,

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Page 13

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