CC DNG BI TP MN QUN TR TI CHNH

Dng 1: Tnh chi ph ca mi cch thc thanh ton cho hng ha m doanh nghip mua
Vn t ra Doanh nghip mua mt hng ha v c cc cch thc chi tr s tin thanh ton ny khc nhau: thanh ton ngay; thanh ton 1 na cn li tr sau 1 nm; thanh ton ngay 20%, sau 2 nm thanh ton 30%, sau 2 nm thanh ton ht. Vy DN nn mua hng theo cch thanh ton no l tt nht? y, cch tt nht c hiu l c tng chi ph (s tin thanh ton) thp nht Cch tnh i vi mi cch thc chi tr (thanh ton) khc nhau s c cch tnh khc nhau. Tuy nhin, ch c 2 cch thanh ton ch yu l: Thanh ton ngay: L hnh thc DN mua hng thanh ton ngay cho DN bn. Tng chi ph bao gm: gi mua + chi ph vn chuyn (nu c) Thanh ton vo thi gian sau: L hnh thc DN mua hng thanh ton vo thi im sau cho DN bn (c th l 1 nm, 2 nm) hoc thanh ton c 1 t v cn li thanh ton sau. p dng cng thc tnh dng tin trong tng lai A = (Gi mua x %gi tr thanh ton) / (1 + li sut trung bnh trn th trng)k K l thi gian ti thi im DN thanh ton (k = 1, 2, 3..) Bi tp minh ha Cng ty Nht Long cn mua mt l hng gm 30 chic my tnh. Cng ty nhn c 3 in cho hng nh sau vi mc gi v cc cch chi tr nh sau: Bc in 1: Gi l hng l 180 trd. Chi ph vn chuyn bc xp n tn ni l 10 trd. Ton b chi ph (gi mua + chi ph vn chuyn) thanh ton ngay Bc in 2: Gi 200 trd, khng mt tin vn chuyn. Tin hng thanh ton ngay 50%, s cn li cho chu sau 1 nm.

Bc in 3: Gi hng l 190 trd, ng mua phi t vn chuyn (chi ph vn chuyn c tnh l 15trd). Tin hng thanh ton ngay 20%, thanh ton 30% sau 1 nm, sau 2 nm thanh ton ht s cn li. Hy tnh ton t vn cng ty Nht Long nn mua hng theo in cho hng no? Bit rng li sut trung bnh trn th trng hin ti n nh mc 8%/nm. Gii Xt tng chi ph m cng ty Nht Long phi tr theo cc in cho hng. Bc in 1: Tng chi ph phi tr = Gi mua + chi ph vn chuyn = 180 + 10 = 190 trd Bc in 2: Tng chi ph phi tr = Gi mua x 50% + (Gi mua x 50%) / (1 + 0.08)1 = 192.6 trd Bc in 3: Tng chi ph phi tr = Gi mua x 20% + (Gi mua x 30%) / (1 + 0.08)1 + (Gi mua x 50%) / (1 + 0.08)2 + 15 = 191.5 trd Vi cc iu kin ca bi ton th cng ty Nht Long nn mua hng theo in cho hng 1 v c tng chi ph phi tr thp nht. Ch Vic tnh ton v t vn cho cng ty mua hng theo bi trn l chng ta loi tr mt s yu t coi nh khng nh hng (thc t th c nhiu yu t tc ng nh: s tin cng ty hin ti c th thanh ton ngay..)

Dng 2: Xc nh s tin phi tr cui mi k, lp bng thanh ton n (tnh ring gc v li) cho hnh thc vay Ngn hng hay mua tr gp
Vn t ra DN c vay mt khon tin ca Ngn hng s dng cho mc ch hot ng kinh doanh vi mc li sut v thi hn vay c xc nh. Vy s tin li m DN phi tr cho Ngn hng vo cui mi k l bao nhiu? DN mua hng ha theo hnh thc tr gp cng ging hnh thc vay Ngn hng (u phi tr mt khon tin li vo cui mi k) Cch tnh

 y chng ta bit li sut, thi hn vay, s tin vay. Vy s tin phi tr vo cui mi k (nm) l: P = A. {(1/ 1+i) t } A = ? P: s tin vay ( trong mua tr gp P l gi mua) i: li sut vay t: thi hn vay Bng thanh ton n (tnh ring gc v li) Nm (1) 1 2 3 4 Ch Theo nh bi trn ta tnh c A ngha l tnh c ch tiu th 3. T tnh c cc ch tiu cn li l 4, 5, 6. C bi ton chng ta bit ch tiu s 5 (cha bit ch tiu 3) ngha l: DN tr s tin gc mi nm l nh nhau. Do ta phi tnh tin li (ch tiu s 4) sau tnh 3, 6 N gc u k (2) S tin tr n mi k (3) Tr li (4) = (2) x LS Tr gc (5) = (3) - (4) N gc cui k (6) = (2) (5)

Dng 3: Quyt inh u t vo d n hay khng?

Vn t ra DN ang d nh u t vo mt d n. Mt s yu t bit. Vy DN c nn u t hay khng? Cch tnh Theo nh dng thi QTTC th chng ta ch s dng 2 phng php tnh l : Thi gian thu hi vn ca d n v Tnh NPV C th Tnh theo phng php thi gian thu hi vn ca d n Bc 1: Tnh dng tin thun thu c trong cc nm s dng ti sn Bng xc nh dng tin thun (v d)

Nm 1. Gi tr 2. CPKH 3. LNTT 4. Thu DN 5. LNST 6. Thanh l 7. Dng tin thun

Ch : Cc ch tiu, s liu c th khc nhau mi bi. y ch l v d minh ha Bc 2: Lp bng thi gian thu hi vn Nm 1 2 3 Lung tin thun thu c 28 35 40 Lung tin tch ly 28 63 103

Xc nh lung tin tch ly v ch khi no n vt qu s tin u t ban u ca d n (lung tin ra ban u) th dng li. Tnh thi gian thu hi vn y. Gi s Lung tin ra ban u l 100 trd. Lung tin tch ly sau 3 nm l 103. D n c chp nhn nu thi gian thu hi vn nh hn 3 nm. Theo bng trn d n c chp nhn v thi gian thu hi vn ca n l: T = 2 + (100 63) / 40 = 2.925 (nm) = 2 nm 11 thng 3 ngy < 3 nm Theo phng php tnh NPV Bc 1: Xc nh gi tr khu hao mi nm (ty vo bi ton l tnh theo phng php no) Phng php ng thng Mc khu hao hng nm l: M(i) = NG / N = NG x T ( T l t l khu hao hng nm T = 1/N ) Phng php s d gim dn c iu chnh vi Tc = T x H (H = 1.5 nu N 4 ; H = 2.0 nu 4 < N 6 ; H = 2.5 nu Mc khu hao hng nm l: M(i) = G(i) x Tc N> 6)

Ch : Khu hao theo phng php ny trong nhng nm u, 2 nm cui khu hao theo phng php ng thng. Ta nn lp bng sau (minh ha) Nm 1 2 3 4 5 Gi tr cn li (Gi) 100.000 60.000 36.000 11.600 5.800 Tc 0.4 0.4 0.4 0.5 1 Mi 40.000 24.000 14.400 5.800 5.800

Phng php t l gim dn

Mc khu hao hng nm l: M(i) = T(i) x NG T(i) = (S nm s dng cn li / Tng s nm s dng ) = {[(N i + 1) x 2]} / {[N x (N+1)]} Ta nn lp bng nh sau: Nm 1 2 3 4 5 T(i) 5/15 4/15 3/15 2/15 1/15 NG 120.000 120.000 120.000 120.000 120.000 M(i) 40.000 32.000 24.000 16.000 8.000

Bc 2: Lp bng lch trnh thanh ton n Nu DN vay ngn hng th c bc ny. Nu khng th b qua. Cch lp bng v tnh ton nh dng 2 Bc 3: Tnh NPV - Lp bng xc nh dng tin thun (y l v d minh ha) Nm 1. Gi tr 2. CPKH 3. LNTT 4. Thu DN 5. LNST 6. Thanh l 7. Dng tin 0 1.500.000 1 535.710 560.000 28% 403.200 938.910 2 344.386 560.000 28% 403.200 747.586 3 221.392 560.000 28% 403.200 624.592 4 142.324 560.000 28% 403.200 545.524 5 91.495 560.000 28% 403.200 494.695 6 82.347 560.000 28% 403.200 485.547 7 82.347 560.000 28% 403.200 500.000 985.547

thun

Tnh NPV

NPVm = CF1 / (1+k)1 + CF2 / (1+k)2 + + CFn / (1+k)7 - ICO Vi: CF1, CF2, CFn l dng tin thun ca nm th 1, 2, n K l chi ph s dng vn ICO l tng lung tin ra ban u Kt lun NPV tnh c 0 : d n c chp nhn NPV tnh c < 0: d n khng c chp nhn

Ch
Trong bi tp dng 3 c phn ti u t dng tin thu c ca nm trc vo nm sau (thng l ti u t vo nm cui cng ca d n). Cu hi: Li nhun ca d n l bao nhiu? Nhn xt Phn ny khng kh. Cc bn cn nhn vo 1 c im sau l c th lm c bi tp dng ny: T sut sinh li khi ti u t (i) c bng Chi ph s dng vn (k) hay khng? Cch tnh NPV mi Nh trn th chng ta xc nh c dng tin thun ca cc nm l CF1, CF2, ,CFn (theo bng ) Nu em u t dng tin ny vo nm cui(nm th n) th dng tin ny thc cht s l dng tin thun trong tng lai. Do vy nm th n th dng tin thu c t vic u t ca cc nm trc ln lt s l: CF1 x (1+i)5, CF2 x (1+i)4 ,CFn x (1+i)n - (n 1) Do chng ta cn phi xc nh dng tin hin ti nn cn chuyn dng tin thu c nm th n v hin ti theo cng thc sau: NPV = [CF1 x (1+i)5 ] / (1 +k)5 + [CF2 x (1+i)4 ] / (1 +k)4 ++ [CFn x (1+i) n - (n 1) ] / (1 +k) n - (n 1) TH1: i = k Khi DN ti u t th NPV mi tnh c cng bng NPV c (i v k trit tiu nhau). Do vy li nhun ca d n khng i. TH2: i # k

Lc ny DN ti u t th NPV mi s khc NPV c.

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