TRNG I HC KINH T TP.

HCM
KHOA NGN HNG
MN TI CHNH DOANH NGHIP

Gii bi tp:

CHNG 9

HOCH NH DNG TIN

Ging vin:

Th.S Dng Kha

Nhm sinh vin thc hin:

Nhm 5

Phan Th Tho Trinh

NH8

L Th Ngc Phng

NH8

L Nguyn Ngc Loan

KT1

Phan Th Khnh Ly

NH7

Nm 2012

A - CU HI
Tho lun xem qu trnh hoch nh ngn sch vn c nhng

Bi 1.

ngi sau y s dng nh th no:

a. Cc gim c nhn s
b. Cc chuyn vin nghin cu v pht trin
c. Cc chuyn vin qung co.
Tr li:
Qu trnh hoch nh ngn sch vn c nhng ngi sau y s dng:
a. Bn bit rng khi thc hin mt d n vn v nhn s cng rt quan trng
d cho mt d n cc k tt nhng do mt i ng qun l ti cng dn n
mt tht bi.V vy vai tr ca gim c nhn s ht sc quan trng, cc
gim c nhn s s dng hoch nh ngn sch vn cho vic bit nn cn
thu thm nhn cng phc v cho d n mi, c bit hn l i ng nhn
cng c cht lng (khng nhng v s lng m cht lng cn quan
trong hn), o to, tp hun cho cc nhn vin mi.
b. Cc chuyn vin nghin cu v pht trin bit c nh hng pht trin ca
cng ty v bao nhiu vn c dng cho nghin cu pht trin cc cng ngh
mi, nghin cu vic s dng khoa hc k thut mi phc v cho vic pht
trin cc d n, cc cng trnh thng qua qu trnh hoch nh ngn sch vn
cho nghin cu v pht trin v t a ra k hoch nghin cu ph hp vi
ngun ngn sch.
c. Da trn dng chi tiu vn cho chin lc qung co trong hoch nh ngn
sch nhng chuyn vin qung co c th ra nhng k hoch qung co
hp l , ph hp vi ngn sch, thc hin cc chng trnh qung co v kt
qu ca vic thc hin ny.

Bi 2.

Mt d n u t loi tr ln nhau l g? Mt d n c lp? Mt d

n ph thuc? Cho mt th d v mi loi d n.

Tr li:
-

D n loi tr ln nhau l nhng d n khng th tin hnh ng thi, hay ni

cch l nhng d n c cng mc tiu, nhng cch thc thc hin khc nhau.
Nu hai d n l loi tr ln nhau th khi quyt nh thc hin d n ny s s
lm trit tiu hon ton dng tin ca d n kia. (2 d n s khng c thi hnh
cng nhau, ch thc hin mt m thi).
V d: Doanh nghip ang xem xt chn la gia hai d n: nhp khu nguyn
liu sn xut v mua nguyn liu trong nc sn xut. Nu doanh nghip
chn d n nhp khu nguyn liu th d n mua nguyn liu trong nuc s b
loi b.

D n c lp nhau l nhng d n c th tin hnh ng thi hay ni cch khc

d n c lp nhau l cc d n khng cng mc tiu hoc quyt nh la chn
d n ny khng nh hng n vic la chn nhng d n cn li. Cc d n
c lp ln nhau th vic chp nhn hoc t chi mt d n khng lm nh hng
n quyt nh chp nhn hay t chi mt d n khc (dng tin ca d n ny
khng nh hng n dng tin d n khc).
V d: Doanh nghip ang xem xt hai d n: mua thm my mc mi tng
nng sut sn xut v xy dng h thng kim sot nhim mi trng. Doanh
nghip chn d n mua thm my mc mi tng nng sut sn xut khng
nh hng n vic la chn d n xy dng h thng kim sot nhim mi
trng

D n ph thuc l cc d n ph thuc nhau ch c th thc hin cng lc vi

nhau. Hai d n ph thuc ng ngha vi vic la chn d n ny l la chn d
n kia. Cc d n ph thuc ln nhau nu dng tin mt d n b thay i bi
quyt nh chp nhn hay t chi mt d n khc th d n th nht ph thuc
vo d n th hai.
3

V d: D n xy dng ng mn H Ch Minh chia lm ba giai on. Ba giai

on l ba d n ph thuc khng ng thi.
Bi 3.

Cng ch vn tc ng nh th no n kh nng ti a ha ti sn

c ng ca doanh nghip?
Tr li:
Cng ch vn tc ng mnh m n kh nng ti a ha ti sn c ng ca
doanh nghip. Khi doanh nghip b cng ch vn th vic chi tiu vn ca
doanh nghip cng b gii hn. Ngha l, doanh nghip khng th u t vo tt
c cc d n tiu chun. v vy nh hng n kh nng sinh li trong tng
lai ca doanh nghip. T nh hng n kh nng ti a ha ti sn c ng.
Khng phi lc no cng ty cng c ngun vn thc hin cho tt c d n
c xut (c xem l tt), khi bn phi hoch nh ngn sch vn trong
iu kin gii hn cho php. M mun ti a ha ti sn c ng bng cch chp
nhn mi d n c NPV dng, nhng ngn sch vn b gii hn lm cho ch tiu
NPV khng cn ph hp na. Khi s dng ch tiu PI (gii hn trong mt k
duy nht) xem xt kh nng sinh li trn m i ng vn b ra nhng n li i
km vi mt gi nh rng mi d n c th chia nh ra u t v iu ny
trong thc t t khi xy ra dn n kh nng ti a ha ti sn cho c ng tr nn
kh hn.
Bi 4.

Cc loi u t vn ch yu l g? Loi d n c nh hng n cch

phn tch d n khng?

Tr li:
Cc d n u t c nhiu mc ch khc nhau. Nhng loi d n ny c th c
xp thnh nhm:
-

Cc d n m rng;

Cc d n thay th t cc c hi tit gim chi ph;

Cc d n nhm p ng cc yu cu php l v cc tiu chun sc khe v an

ton.

Loi d n khng nh ng n cch phn tch d n. Nhn chung, khi phn tch mt
d n ta u phi tnh ton dng tin thun bng cch tnh thu nhp hot ng sau
thu tng thm, khu hao tng thm v vn lun chuyn tng thm.
Cc d n u t m rng v thay th Cc d n pht sinh p ng cc yu cu
th cch phn tch da vo li ch php l , cc tiu chun sc khe v an ton
nhn c t d n, c th c th th phn tch nh mt d n ph thuc, cch
hin qua cc chi tiu nh gi thng phn tch da vo chi ph, chi ph thp nht
l hin gi thun ca dng tin l ln thng c o lng bng hin gi thun
nht.

Bi 5.

nh nht chi ra t d n.
Dng tin cho mt d n no nn c o lng trn c s dng

tin tng thm v nn tnh n tt c cc tc ng gin tip ca d n. iu

ny c ngha g?
Tr li:
ngha ca nguyn tc Dng tin cho mt d n no nn c o lng trn
c s dng tin tng thm: iu ny c ngha l nn nh gi dng tin cho mt
d n c th trn gc ton b dng tin ca doanh nghip s b tc ng nh
th no nu d n c chp nhn so vi tc ng khi d n khng c chp
nhn. V vy, nn a vo phn phn tch tch tt c cc thay i trong dng
doanh thu, dng chi ph v dng thu pht sinh do vic chp nhn d n. Ngc
li, khng tnh n dng tin khng b d n lm thay i.
ngha ca nguyn tc nn tnh n tt c cc tc ng gin tip ca d n:
iu ny c ngha l cn phi tnh n s gia tng trong vn lun chuyn, gi tr
thanh l (ti sn c). Nhng yu t ny m bo cho vic tnh dng tin c
chnh xc, ph hp vi kh nng chi tiu vn ca doanh nghip khi thc hin d
n. Khi thc hin d n ny (d n rt tt) nhng li nh hng xu n cc hot
ng khc ca cng ty, nn khi thc hin d n tr nn ti t ch khng cn l
mt quyt nh tt na. Hoc khi u t m rng mt d n cng rt tt nhng
xem xt n cc yu t m d n cn li khng ng v khng , chng hn
5

nh vn lun chuyn khi xem xt khng gy thiu ht dn n mt kh nng

thanh khon dn n d n b xu i hoc tht bi hon ton.
Bi 6.

Cn xem xt cc yu t no khi c tnh u t thun ca mt d n?

Tr li:
Cc yu t no khi c tnh u t thun ca mt d n cn xem xt:
-

Chi ph d n mi (mua my mc thit b, trang thit b vn phng, thu mt

bngv.v), chi ph chuyn ch v lp t khi mua ti sn mi v a ti sn vo
s dng.

Bt k gia tng no trong vn lun chuyn ban u do u t mi i hi.

Thu nhp thun t vic bn ti sn hin c trong trng hp u t l mt quyt

nh thay th.

Thu pht sinh do vic bn ti sn hin c hoc mua ti sn mi.

Bi 7.

V khu hao l mt chi ph khng phi bng tin mt, ti sao khu

hao c tnh vo khi c tnh cc dng tin rng ca mt d n?

Tr li:
Khu hao l vic phn b chi ph ca ti sn ra nhiu nm cn i gia chi ph
v doanh thu. Khu hao tiu biu cho mt chi ph khng phi bng tin mt c th
c tr thu. V vy s tin khu hao trong mt k cng ln, thu nhp chu thu
ca mt doanh nghip cng thp. Vi mt thu nhp chu thu bo co thp hn,
ngha v thu ca doanh nghip (dng tin chi ra) c gim i v dng tin thu
vo cho doanh nghip s tng ln. C th thy c iu ny trong nh ngha
mang tnh c bn ca dng tin hot ng sau y:
Dng tin = Thu nhp hot ng sau thu + Khu hao Vn lun chuyn thun
Do khu hao l mt yu t gip doanh nghip lm gim thu thu nhp m doanh
nghip thc hin d n phi np cho nh nc, n lm s tin phi chu thu t i
v n c gi l l chn thu ca khu hao v th khu hao c tnh vo dng
tin khi c tnh.

Bi 8.

Cc hu qu v thu c th c khi bn mt ti sn c trong quyt nh

u t thay th ti sn?
Tr li:
Trng hp 1: Bn mt ti sn theo gi tr s sch
Nu doanh nghip thanh l mt ti sn vi gi bng vi gi tr trong s sch tnh
thu ca ti sn , s khng c li hoc l vn t doanh v ny v v vy khng b
nh hng g do thu.
Trng hp 2: Bn mt ti sn thp hn gi tr s sch
Nu doanh nghip thanh l mt ti sn vi gi thp hn gi tr trong s sch tnh
thu ca ti sn , gi d rng ti sn ny c dng trong kinh doanh hay thng
mi
( mt tiu chun thit yu x l thu ny), khon l ny c th c xem nh mt
khon l t hot ng hay mt b tr cho thu nhp t hot ng. Khon l ny thc
t s lm gim mc thu m doanh nghip phi np mt khon bng vi s tin l
nhn vi thu sut thu thu nhp doanh nghip.
Trng hp 3: Bn mt ti sn cao hn gi tr s sch nhng thp hn gi tr
nguyn thy.
Nu doanh nghip bn mt ti sn cao hn gi tr s sch nhng thp hn gi tr
nguyn thy, doanh nghip s phi chu mt khon thu t vic bn ti sn ny.
Khon thu phi chu bng chnh lch gia gi bn v gi tr s sch nhn vi thu
sut thu thu nhp doanh nghip.
Trng hp 4:Bn mt ti sn cao hn gi gc
Nu doanh nghip bn mt ti sn cao hn gi gc, doanh nghip s phi chu hai
khon thu. Khon th nht bng chnh lch gia gi bn vi gi gc nhn vi thu
sut thu thu nhp doanh nghip. Khon th hai bng chnh lch gia gi gc ca ti
sn v gi tr s sch nhn vi thu sut thu thu nhp doanh nghip. Ty theo quy
nh m mc thu c th ging hoc khc nhau cho 2 khon li trn.

Bi 9.

Ti sao vic tnh chi ph li vay vo dng tin rng ca mt d n

thng c coi l khng ng?

Tr li:
Vic tnh chi ph li vay vo dng tin rng ca mt d n thng c coi l khng
ng bi v:
-

Vic a ra quyt nh mt doanh nghip nn c ti tr nh th no nn c

thc hin c lp vi quyt nh chp nhn hay t chi mt hay nhiu d n
nguyn ly phn cch. Chi ph tr li vay khng phi l chi ph hot ng. Quyt
nh ti tr l mt s nh i gia chi ph s dng vn v ri ro ti chnh.

Khi mt h thng chit khu c dng thm nh d n, li sut chit khu

hay chi ph s dng vn bao gm chi ph ca cc ngun tin c dng ti tr
cho d n. Nh vy, vic a cc chi ph li vo tnh ton dng tin s l tnh cc
chi ph n hai ln. C th thy c iu ny trong cng thc di y:
WACC = wDr*D + wtrt
r*D = rD(1-T)
Ta thy li vay c tnh trong rD . Li vay cao hay thp s tc ng n rD, rD
s tc ng n WACC, WACC s lm thay i NPV.
NPV
i

Bi 10.

CFi
I
(1 r )i

Phn bit gia d n m rng v d n thay th ti sn. S khc bit

ny nh hng th no n phn tch chi tiu vn?

Tr li:
S khc bit gia d n u t m rng v d n u t thay th
D n u t m rng

D n u t thay th

Cn nhiu vn lun chuyn rng ban Cn t vn lun chuyn rng ban u

u
Lm tng nng sut cho nh my,

Lm doanh thu tng thm v tit kim

c chi ph bo tr, sa cha my

hoc l to nhng sn phm mi ph

mc thit b c cng nh thi gian m

hp vi th hiu ngi tiu dng, c

MMTB c ngng hot ng do vic

th lm tng doanh thu hay lm gim

sa cha .

chi ph.
Khng i km vi thanh l ti sn c

C i km vi thanh l ti sn c v
thu pht sinh do thanh l ti sn c.

v thu pht sinh do thanh l ti sn Tnh u t thun:

c.

TT= GTTS(sau lp t) + nhu cu

Tnh u t thun:

vn lun chuyn rng ban u + thu

TT= GTTS( sau lp t) + nhu cu

nhp do thanh l ti sn c

vn lun chuyn rng ban u

pht sinh do thanh l ti sn c.

thu

Nh vy, khi tnh u t thun v dng tin cho d n thay th s c thm khon
mc thu hi v thu nh trn thu hi.

Bi 11.

Khi nim chi ph c hi c dng nh th no trong qu trnh

hoch nh ngn sch.

Tr li:
- Chi ph c hi ca ti sn l dng tin (cao nht) m ti sn c th to ra nu chng
khng c s dng vo d n.
- Khi tnh chi ph c hi vo dng tin d n, phi tnh chi ph c hi cao nht v
phi tnh sau thu.
- Chi ph c hi c cng vo dng tin sau thu hoc c tnh vo dng tin
thun.

Bi 12.
Cc hng mc no di y nn c xem l cc dng tin tng thm khi quyt
nh c nn u t vo mt nh my sn xut mi hay khng? Cng ty s hu
khu t ti a im xy dng, nhng cn ph b cc ta nh hin hu trn .
9

a. Gi tr th trng ca khu t v cc ta nh hin hu.

b. Cc chi ph ph b v dn sch mt bng.
c. Chi ph ca mt con ng mi tip cn a im xy dng c hon thnh
trong nm va qua.
d. Thu nhp b mt ca cc sn phm khc do ban qun l dnh thi gian cho c
s mi ny.
e. Mt phn ca chi ph thu my bay phn lc ca ch tch.
f. Khu hao tng lai ca nh my mi.
g. St gim trong ha n thu ca cng ty do khu hao thu ca nh my mi.
h. u t ban u vo cc kho hng nguyn liu.
i. Tin chi tiu cho vic thit k xy dng nh my mi.
Tr li:
Cc hng mc nn c xem l cc dng tin tng thm khi quyt nh c nn u
t vo mt nh my sn xut mi:
a. Gi tr th trng ca khu t v cc ta nh hin hu.
b. Cc chi ph ph b v dn sch mt bng.
d. Thu nhp b mt ca cc sn phm khc do ban qun l dnh thi gian cho c
s mi ny.
g. St gim trong ha n thu ca cng ty do khu hao thu ca nh my mi.
h. u t ban u vo cc kho hng nguyn liu.

Bi 13.

ng hay sai?

a. Cc tm chn thu khu hao ca mt d n ty thuc vo t l lm pht tng

lai thc.
b. Cc dng tin d n nn tnh n khon li c chi tr cho bt k khon n
no vay ti tr cho d n.
Tr li:
c. Sai.
TNT = LR + KH
10

LR = EBT - EBT*t
= (DT CPh KH) (DT - CPh KH)*t
= (DT - CPh)(1-t) KH + KH*t
=>TNT = (DT - CPh)(1-t) + KH*t
Nh vy tm chn thu ca khu hao ch ph thuc vo phng php khu hao v
thu sut thu thu nhp doanh nghip. Khu hao khng b nh hng bi t l lm
pht tng lai cho d l thc hay danh ngha v n cng khng quan tm n gi
tr th trng thay i nh th no. Khu hao ch l phn b chi ph ca ti sn u t
ban u trong nhiu nm hot ng cn i vi doanh thu m thi.T l lm pht
ch nh hng khi tnh hin gi tm chn thu ca khu hao.
d. Sai.
C 2 l do m cu 9 a ra tr li ti sao chi ph li vay khng c tnh vo
dng tin ca d n:
1. Vic a ra mt doanh nghip c ti tr nh th no nn thc hin c lp vi
quyt nh chp nhn hay t chi mt hay nhiu d n, quyt nh ti tr l mt
s nh i gia chi ph s dng vn v ri ro ti chnh.
2. Khi thm nh d n ta s dng sut chit khu hay chi ph s dng vn bao
gm chi ph cc ngun ti tr cho d n nh gi d n tt hay xu v nh vy
nu a chi ph li vay vo tnh ton cc dng tin l tnh chi ph ny n 2 ln.
Bi 14.
Hin gi ca tm chn thu khu hao thay i nh th no qua cc hng k phc
hi chi ph nh ta thy trong bng 9.10? Hy cho mt cu tr li tng qut, sau kim
tra li bng cch tnh hin gi ca cc tm chn thu khu hao cho cc hng k 5 nm v
7 nm. Thu sut thu thu nhp doanh nghip l 35% v c th s dng bt k li sut
chit khu no min l hp l .
Tr li:
Nu hng k phc hi chi ph cng ln th hin gi ca tm chn thu khu hao cng
nh.

11

Gi s ti sn c nguyn gi l 1000$, li sut chit khu 10%, thu sut thu thu
nhp doanh nghip 35%.
Nm khu hao

3 nm 5 nm 7 nm 10 nm 15 nm 20 nm

Hin gi tm chn thu 54,10

50,26

46,89

42,52

32,75

28,757

Qua ta thy hin gi l chn thu ca khu hao gim qua m i hng k phc hi.
Chi ph ti sn no c k phc hi ngn th hin gi ca tm chn thu ca khu hao
cng ln v tin t c gi tr theo thi gian.
Nm

Mc khu hao hng nm (t l khu

hao Marcs*Gi tr ti sn u t)
L chn thu (mc khu hao*thu sut)
Hin gi

20

32

19,2

11,52

11,52

5,76

13

20,8 12,48

7,49

7,49

3,74

50,26

Nm

Mc khu hao hng nm (t

l khu hao Marcs*Gi tr

14,29 24,49 17,49 12,49 8,93 8,92 8,93 4,46

ti sn u t)
L chn thu (mc khu

9,29

hao*thu sut)
Hin gi

15,92 11,37 8,12

5,80 5,80 5,80 2,90

46,89

Bi 15.

Mi pht biu di y u ng. Gii thch ti sao chng nht qun

vi nhau.
e. Khi mt cng ty gii thiu mt sn phm mi, hay m rng sn xut mt sn
phm hin hu, u t vo vn lun chuyn thun thng l mt dng tin
mt chi ra quan trng.
12

f. Khng cn phi d bo cc thay i trong vn lun chuyn thun nu vic

nh thi im ca tt c cc dng tin thu vo v dng tin chi ra c quy
nh mt cch cn thn.
Tr li:
Vn lun chuyn c a vo d n l do trong qu trnh thc hin d n c th
pht sinh nhu cu v ti sn lu ng d n c th i vo hot ng.
a) Khi mt doanh nghip hay mt cng ty u t d n m rng sn xut hay gii
thiu sn phm mi th cn rt nhiu vn lun chuyn rng ban u cn thit
vn hnh d n u t ny thnh cng, n bao gm gia tng tn kho, gia tng
trong tin mt, cc khon phi thu, cc khon phi tr u c xu hng tng ln.
Nu khng c lng dng tin ny tht s tt s nh hng ti vic vn hnh d
n rt c th dn n tr tr v d n b tht bi.V vic u t ny tht s rt
quan trng i vi d n u t m rng.
b) Vic nh thi im ca tt c cc dng tin thu v chi iu ny hn l mt s d
bo cho nhu cu vn lun chuyn v vic thu, chi c th v chi tit rt cn thn
nn khng cn phi d bo.
Cu (a) ni v u t thun trong khi cu (b) ni v u t thun tng thm hng
nm, do chng thng nht vi nhau.

Bi 16.
Hy tnh NPV ca mt quyt nh u t c nhn no , nh l mua mt my
git thay v s dng dch v git t ng, sa cha n gc xp, hay thay chic xe p c
bng chic xe mi. ng quan tm n tin nghi ca ti sn mi so vi ti sn c. Ch
tp trung vo cc chi ph v cc li ich bng tin mt.
Tr li:
Quyt nh ca mt c nhn nh nhng quyt nh chi tiu vn nhng khng c thu
li tin vn ch chi ra ging nh loi d n kim sot nhim, d n p ng
nhng yu cu php l , ging ch dng tin. V vy chng ta nnda vo phng
n no c chi ph thp nht (do ta khng quan tm n tin nghi ca ti sn mi so
13

vi ti c). Ta phi so snh m y thng l ch tiu NPV vi cc phng n vi

nhau.
Nh VD trn: th so snh NPV(mua mt chic my git mi) v NPV(s dng dch
v git t ng), hay NPV(sa cha cn gc xp) v NPV(mua mi),
hay NPV( mua xe mi) v NPV(sa cha bo tr khi s dng xe c). so snh nh
vy ngi ta thng s dng NPV(ngn lu chnh lch).
V d : thay chic xe p c bng chic xe mi
Tin mua xe p mi:

2.000.000

Chi ph vn chuyn :

50.000

Khu hao trong 10 nm theo phng php tuyn tnh c nh :

2.000.000 : 10 =200.000
Ch ph b ra hng thng cho xe mi :
Tin bn xe c:

100.000

500.000

NPV = 2.000.000 + 50.000 + 200.000 + 100.000 500.000 =1.850.000

Bi 17.
Hy tho lun v pht biu sau y: Chng ti khng mun c nhn cc gim
c nh my dnh lu n v th thu ca cng ty. V vy, thay v bo h chit khu cc
dng tin sau thu vi li sut chit khu 10%, chng ti ch bo h ly cc dng tin
trc thu v chit khu vi 15%. Vi thu sut thu thu nhp doanh nghip 35% th li
sut chit khu trc thu 15% s tng ng vi khong 10% sau thu?
Tr li:
Sai.
V d:
Ta c dng tin trc thu l

100

dng tin chit khu

100
87
1 15%

Dng tin sau thu l

100*(1-35%)= 65

14

65
59
1 10%

Dng tin chit khu sau thu

Hai kt qu ny khc nhau vy pht biu trn sai.

Bi 18.
Bn ngh g v pht biu sau y: Chng ti thch lm tt c cc tnh ton v
ngn sch vn ca chng ti theo thc t. Nh th chng ti khng cn phi lm d bo
v t l lm pht.
Tr li:
Sai. Hon ton sai lm khi tnh ton v ngn sch m khng d on t l lm pht
d lm ngn sch theo thc t hay khng th ta cng phi d on lm pht. Bi v
d n c tin hnh trong nhiu nm v cc dng tin tng lai v ta phi d
on chng, v vic d on ta cn phi tnh ti yu t lm pht nu khng mun c
mt sai lm rt ln (v d on mt dng tin thc t c tnh yu t lm pht ca mt
d n t nht cng phi c sai lch no hung chi khng d bo t l lm pht. V
nu khng d bo v t l lm pht th khng th nh gi mc ri ro ca d n
cho nn s rt nguy him cho doanh nghip trong vic thc hin d n. Ngoi ra tin
c gi tr theo thi gian nn khng d bo v lm pht th khng xc nh c gi
tr ng tin, vn u t b ra. Hay ni cch khc chng ta s khng th bit chit
khu dng tin thc vi li sut thc cng nh dng tin danh ngha vi li sut danh
ngha.

Bi 19.
Nm
Dng tin vo = Khon
phi thu + Hng tn kho
Dng tin ra = Khon
phi tr
Thay i vn lun chuyn

2000

2001

2002

2003

2004

25000

50000

50000

35000

75000

280000

355000

285000

50000

230000

305000

250000

0
15

Bi 20.
Thu sut 40%
Chi ph dy chuyn mi

$ 1,200,000

+ Chi ph chuyn ch lp t

= Chi ph sau khi lp t

$ 1,300,000

+
-

$
Gia tng vn lun chuyn ban u

Thu nhp t vic bn dy chuyn c

= u t thun trc thu

+

100,000

150,000

$ 1,150,000

Thu nh trn thu nhp bn DC c

(150,000 - 200,000)*40%

= u t thun

-$

20,000

$ 1,130,000

Bi 21.
a. Xc nh u t ban u cho m i d n
Thu sut 40%
Chi ph My mi

v tnh: triu ng
A1

A2
90,000

100,000

Chi ph chuyn ch lp t

Chi ph sau khi lp t

90,000

110,000

Gia tng vn lun chuyn ban u

15,000

2,000

Thu nhp t vic bn my c

20,000

20,000

u t thun trc thu

85,000

92,000

500

500

85,500

92,500

+
=

10,000

Thu nh trn thu nhp bn my c

(20,000 - 18,750)*40%
u t thun

Gi tr s sch ca my c = 30,000 30,000*3/8 = 18,750

16

b. Dng tin ca 2 d n
Nm

0 1

Khu hao my c

Khu hao ng thng

Gi tr TS u k

18,750

15,000

11,250

7,500

3,750

Khu hao trong k

3,750

3,750

3,750

3,750

3,750

Khu hao my A1

Khu hao nhanh, h s 2, ng thng 2 nm cui

Gi tr TS u k

90,000

54,000

32,400

19,440

9,720

Khu hao trong k

36,000

21,600

12,960

9,720

9,720

Khu hao my A2

Khu hao tng s k

Gi tr TS u k

110,000

73,333

44,000

22,000

7,333

Khu hao trong k

36,667

29,333

22,000

14,667

7,333

Dng tin my A1

Nm

Doanh thu

1,000,000

1,175,000

1,300,000

1,425,000

1,550,000

801,500

884,200

918,100

943,100

968,100

Chi ph ( tnh KH)

= EBIT my mi
-

EBIT my c

= OEBT
-

Thu 40%

= OEAT
+ dep
-

NWC

+ Thanh l ti sn
-

Thu thanh l 40%

= NCF

198,500
100,000
98,500
39,400
59,100
32,250

290,800
150,000
140,800
56,320
84,480

381,900
200,000
181,900
72,760
109,140

481,900
250,000
231,900
92,760
139,140

581,900
320,000
261,900
104,760
157,140

17,850

9,210

5,970

5,970

-15,000

8,000

3,200

91,350

102,330

118,350

145,110

182,910

17

Dng tin my A2
Nm

Doanh thu

1,000,000

1,175,000

1,300,000

1,425,000

1,550,000

764,500

839,800

914,900

989,900

998,900

Chi ph ( tnh KH)

EBIT my mi

EBIT my c

OEBT

Thu 40%

OEAT

dep

NWC

-2,000

Thanh l ti sn

25,000

Thu thanh l 40%

10,000

NCF

235,500
100,000
135,500
54,200
81,300
32,917

114,217

335,200
150,000
185,200
74,080
111,120
25,583

136,703

385,100
200,000
185,100
74,040
111,060
18,250

129,310

435,100
250,000
185,100
74,040
111,060
10,917

121,977

551,100
320,000
231,100
92,440
138,660
3,583

159,243

c. Vi li sut chit khu 15%:

NPV my A1 = 323,033.72
NPV my A2 = 344,122.26
Vy ta nn chn mua my A2 v c NPV dng v ln hn.
d. Khi lm pht l 3% th,
Li sut chit khu l:

r = 0.15+0.3+0.15*0.3 = 18.45%

Tnh tng t cu c ta c:
NPV my A = 287,928.88
NPV my B = 309,426.3
Do ta chn mua my B v c NPV dng v ln hn.

18

Bi 22.
a. u t thun ca d n
Thu sut 40%
Chi ph dy chuyn mi

700,000

+ Chi ph chuyn ch lp t

50,000

= Chi ph sau khi lp t

750,000

+ Gia tng vn lun chuyn ban u

10,000

275,000

485,000

10,000

495,000

Thu nhp t vic bn dy chuyn c

= u t thun trc thu

+

Thu nh trn thu nhp bn DC c

(257,000 - 250,000)*40%

= u t thun
b. Dng tin ca d n
Nm

Khu hao dy chuyn c

Khu hao ng thng

Gi tr TS u k

250,000

200,000

150,000

100,000

50,000

Khu hao trong k

50,000

50,000

50,000

50,000

50,000

Khu hao dy chuyn mi

Khu hao ng thng

Gi tr TS u k

750,000

600,000

450,000

300,000

150,000

Khu hao trong k

150,000

150,000

150,000

150,000

150,000

19

Dng tin dy chuyn mi

Nm

100,000

100,000

100,000

100,000

100,000

20,000

20,000

20,000

20,000

20,000

80,000

80,000

32,000

32,000

OEBT

80,000

Thu 40%

32,000

80,000
32,000

80,000
32,000

OEAT

48,000

48,000

48,000

48,000

48,000

Dep

100,000

100,000

100,000

100,000

100,000

NWC

- 10,000

Thanh l ti sn

70,000

Thu thanh l 40%

28,000

NCF

148,000

148,000

148,000

148,000

200,000

Bi 23.
a. Xy dng dng tin ca mi d n.
Thu sut 40%,
Chi ph my mi

v tnh: ngn ng
A

+ Chi ph chuyn ch lp t
= Chi ph sau khi lp t
+ Gia tng vn lun chuyn ban u
-

Thu nhp t vic bn my c

= u t thun trc thu

+

B
400,000

540,000

80,000

60,000

480,000

600,000

40,000

60,000

180,000

180,000

340,000

480,000

Thu nh trn thu nhp bn my c

(180,000-200,000)*40%

= u t thun

8,000

332,000

8,000
472,000

Gi tr s sch ca my c: = 320,000 320,000*3/8 = 200,000

20

Nm

Khu hao my c

Khu hao ng thng

Gi tr TS u k

200,000

160,000

120,000

80,000

40,000

Khu hao trong k

40,000

40,000

40,000

40,000

40,000

Khu hao my A

Khu hao nhanh, h s 2, ng thng 2 nm cui

Gi tr TS u k

480,000

288,000

172,800

103,680

51,840

Khu hao trong k

192,000

115,200

69,120

51,840

51,840

Khu hao my B

Khu hao tng s k

Gi tr TS u k

600,000

400,000

240,000

120,000

40,000

Khu hao trong k

200,000

160,000

120,000

80,000

40,000

Dng tin my A
Nm

EBIT my mi

EBIT my c

OEBT

Thu 40%

OEAT

87,000

42,000

Dep

152,000

75,200

NWC

Thanh l ti sn

Thu thanh l 40%

NCF

285,000
140,000
145,000
58,000

239,000

210,000

210,000

210,000

210,000

140,000

140,000

140,000

140,000

70,000

70,000

70,000

70,000

28,000

117,200

28,000
42,000
29,120

71,120

28,000

28,000

42,000

42,000

11,840

53,840

11,840
-

40,000

93,840

21

Dng tin my B
Nm

EBIT my mi

2
220,000

3
240,000

4
260,000

5
260,000

260,000

EBIT my c

140,000

140,000

OEBT

80,000

100,000

Thu 40%

OEAT

48,000

60,000

Dep

160,000

120,000

NWC

Thanh l ti sn

Thu thanh l 40%

NCF

32,000

208,000

140,000
120,000

40,000

140,000
120,000

48,000
72,000

152,000

120,000

48,000

48,000

72,000

80,000

180,000

140,000

72,000

40,000

112,000

60,000

132,000

a. Vi chi ph s dng vn l 10%

NPV my A = 130,610
NPV my B = 138,510
Do ta chn mua my B v c NPV ln hn.
Li sut chit khu

NPV A

NPV B

8%

149,670

167,740

9%

139,960

152,830

10%

130,610

138,510

11%

121,600

124,730

12%

112,910

111,480

13%

104,530

98,720

14%

96,460

86,430

22

180,000
160,000
140,000
120,000
100,000

NPV A

80,000

NPV B

60,000
40,000
20,000
0
8%

9%

10%

11%

12%

13%

14%

Nhn vo biu ta khi chi ph s dng vn thay i th, ng NPV B bin

thin mnh hn ng NPV A; hay NPV B nhy cm hn NPV A.

Bi 24.

23

a. Dng tin ca d n
Thu TNDN 34%, v tnh: ngn ng
Khu hao
Nm
Gi tr ti sn u k
Khu hao trong k
Dng tin
Nm
Sn lng (lt)
Gi thun (ngn /lt)
R

1
100,000
40,000

Khu hao nhanh, h s 2

2
3
60,000
36,000
24,000
14,400

1
5,000
18
90,000

2
8,000
18.36
146,880

O
Dep
OEBT
Thu
OEAT
Dep
NWC
10000
Thanh l ti sn
Thu thanh l (30,000-7,776)*34%
C hi ph 10,000*(1-0.34)
u t ban u
100000
NCF
110,000

30,000
40,000
20,000
6,800
13,200
40,000
6,600

96,000 150,000
24,000
14,400
26,880
60,326
9,139
20,511
17,741
39,815
24,000
14,400
6,320
8,650 6,600
6,600

133,820
8,640
48,557
16,510
32,048
8,640
3,750 6,600

88,560
12,960
15,383
5,230
10,153
12,960
21,220
30,000
10,200
6,600

46,600

28,821

37,838

57,533

3
12,000
18.73
224,726

38,965

4
21,600
8,640

5
12,960
12,960

4
10,000
19.10
191,017

5
6,000
19.48
116,903

24

b. r = 15%/nm.

NPV

NPV = 138,172 110,000 = 28,172

80,000

r
5%
10%
15%
20%
25%

NPV
70,390
47,025
28,173
12,766
26

70,000
60,000
50,000
40,000

NPV

30,000
20,000
10,000

IRR1 = 25%,

PV = 110,030

PI = 1.26 (vn u t ban u = 110$)

0
5%

10%

15%

20%

25%

Nu LS chit khu l 15% l li sut thc, t l lm pht 5%, th li sut chit khu l 20.8% (=15%*1.05+5%), th NPV
ca d n l 10,697$.

25

nh gi mc ri ro ca d n
T l lm pht

Xc
sut

Li sut
CK

NPV

Sai s

0%

20%

15.00%

28,173 49,753,489

5%

50%

20.75%

10,701 57,253,087

30%

23.05%

4,718 6,677,309
12,400
113,683,885
10,662

7%
NPV mong i (trung bnh)
Phng sai NPV ca d n
lch chun

26

Bi 25.
Dng tin thc =
LSCK thc =
PV =

= 96,154
- 1 = 3.85%

= 92,589 EUR.

Gim 4 EUR sai s khi lm trn.

Bi 26.

LSCK thc =

- 1 = 9.09%

Dng tin thc hng nm =

Nm

Dng tin rng

Dng tin thc

Gi tr hin ti

12,600

12,600

12,600

1,484

1,349

1,237

2,947

2,436

2,047

6,323

4,751

3,659

10,534

7,195

5,080

9,985

6,200

4,013

5,757

3,250

1,928

3,269

1,678

912

NPV
3,803

Bi 27.
Mc khu hao hng nm = T l KH * u t ban u
L chn thu = Mc KH hng nm * Thu sut thu TNDN (35%)
Trng hp 1: "Chi ph lp t" 50,000$ c khu hao

Nm
1

Macrs
20.00%

KH S KH hng
nm

L chn thu
28,000

Hin
TC.Thu

gi PV
TC.Thu
122,444
27

80,000

26,667

32.00%

128,000

44,800

40,635

19.20%

76,800

26,880

23,220

11.52%

46,080

16,128

13,269

11.52%

46,080

16,128

12,637

5.76%

23,040

8,064

6,017

Trng hp 1: "Chi ph lp t" 50,000$ khng c khu hao

Nm

KH S KH hng

L chn thu

Hin

Macrs

nm

TC.Thu

20.00%

70,000

24,500

23,333

32.00%

112,000

39,200

35,556

19.20%

67,200

23,520

20,317

11.52%

40,320

14,112

11,610

11.52%

40,320

14,112

11,057

5.76%

20,160

7,056

5,265

gi PV
TC.Thu

107,139

Tng hin gi tm chn thu: 107,139 + 50,000*35% = 124,640

28

Bi 28.
n v tnh: USD
Nm

u t vn

150,000

Vn lun chuyn

30,000

400,000

400,000

400,000

400,000

tip

300,000

300,000

300,000

Khu hao Macrs

21,435

36,735

400,000

300,000

Dep

Doanh s

10

400,000 400,000

400,000

400,000

400,000

400,000

300,000

300,000 300,000

300,000

300,000

300,000

300,000

26,235

18,735

13,395

13,395

6,690

400,000

400,000

400,000

400,000 400,000

400,000

400,000

400,000

400,000

300,000

300,000

300,000

300,000 300,000

300,000

300,000

300,000

300,000

Chi ph SX trc

13,380

29

21,435

36,735

26,235

18,735

13,395

13,380

13,395

6,690

OEBT

78,565

63,265

73,765

81,265

86,605

86,620

86,605

93,310

100,000

100,000

Thu

27,498

22,143

25,818

28,443

30,312

30,317

30,312

32,659

35,000

35,000

OEAT

51,067

41,122

47,947

52,822

56,293

56,303

56,293

60,652

65,000

65,000

Dep

21,435

36,735

26,235

18,735

13,395

13,380

13,395

6,690

NWC

NCF
NPV

- 30,000
72,502

77,857

74,182

71,557

69,688

69,683

69,688

67,342

65,000

95,000

$216,551

30

Bi 29.
Bng tnh ban u sai nhng ch sau:
-

Chi tiu cho nghin cu v pht trin l chi ph chm nn khng tnh vo dng
tin.

Khng tnh li vay vo dng tin.

Khng s dng phng php chuyn l .

Dng tin bng thu nhp hot ng sau thu cng khu hao v thay i vn lun
chuyn.

Dng tin bao gm tt c cc hot ng u t thun.

Chi ph c hi ca t v nh xng phi c tnh vo dng tin.

Dng tin ca d
n
Thu sut: 35%, Li sut chit khu 15%, n v: 1000 USD
Nm

1999

2000

2001

2002-2008

2009

8000.0

16000.0

40000.0

40000.0

-4800.0

-9600.0

-24000.0

-24000.0

Dep

-1040.0

-1040.0

-1040.0

-1040.0

OEBT

2160.0

5360.0

14960.0

14960.0

Thu

756.0

1876.0

5236.0

5236.0

OEAT

1404.0

3484.0

9724.0

9724.0

Dep

1040.0

1040.0

1040.0

1040.0

Chi tiu vn

-10400.0

NWC

-4000.0

C hi ph

4000.0
-500.0

-500.0

-500.0

-500.0

CF

-14400.0

2444.0

4524.0

10764.0

14764.0

Hin gi

-14400.0

2125

3421

32289

3526

31

Bi 30.
Thu sut thu thu nhp doanh nghip:
40%
Li sut danh ngha ( r ) : 11%
Dng tin
Nm

27.00

51.30

89.10

81.00

62.10

37.80

29.70

24.70

32.90

35.50

32.70

26.30

18.10

15.30

Dep

11.90

11.90

11.90

11.90

11.90

11.90

11.90

OEBT

-9.6

6.5

41.7

36.4

23.9

7.8

2.5

Thu

-3.8

2.6

16.7

14.6

9.6

3.1

1.0

OEAT

-5.8

3.9

25.0

21.8

14.3

4.7

1.5

Dep

11.9

11.9

11.9

11.9

11.9

11.9

11.9

NWC

2.1

3.2

-0.7

-1.6

-2.1

-0.7

-2.5

Thu hi
Thu

hi

12.0
sau

thu

7.2

NCF

4.1

NPV

15.7

12.6

37.6

35.3

28.3

17.3

15.9

7.2

Bi 31.
Thu TNDN

: 35%

Chi ph s dng vn

:12%
Ta c cc bng sau: (n v: ngn la)

32

Nm

u t vn

1200

Bi 1.

8
-400

Khu hao tch ly

120

240

360

480

600

720

840

960

Gi tr s sch cui nm

1080

960

840

720

600

480

360

240

Vn lun chuyn

350

420

441

463

486

511

536

563

Vng gi tr s sch

1550

1500

1401

1303

1206

1111

1016

923

240

Doanh s

4200

4410

4630

4860

5110

5360

5628

5910

Chi ph sn xut

3780

3969

4167

4376

4595

4824

5066

5319

Chi ph c hi

100

104

108

112

117

122

127

132

Cng chi ph

3880

4073

4276

4488

4712

4946

5192

5450

Khu hao

120

120

120

120

120

120

120

120

Nm

4200

4410

4631

4862

5105

5360

5628

5910

3880

4073

4276

4488

4712

4946

5192

5450

Dep

120

120

120

120

120

120

120

120

OEBT

200

217

235

254

273

294

316

340

OEAT

130

141.05 152.75 165.1

177.45 191.1

205.4

221

Dep

120

120

120

120

120

12

120

120

NWC

70

21

22

23

24

26

27

-563

Thu hi

400

Thu nh trn thu

hi

56

Thu hi sau thu

344

NCF
NPV

180

240.05 250.75

262.1

273.45

177.1

298.4

1248

31.04

33

B - BI TP THC HNH
Bi 1.
a)
PP KH tuyn tnh

PP KH nhanh

200

200

(-)O

130

130

(-)Dep

15

25

OEBT

55

45

(-)T

22

18

OEAT

33

27

b)
Doanh thu

200

Chi ph( cha k khu hao) 130

Khu hao tuyn tnh

15

Khu hao nhanh

25

Thu nhp hot ng trc Cho mc ch ghi s

Cho mc ch np thu

thu

55

45

Thu phi np

18

Thu nhp hot ng sau Cho mc ch ghi s

Cho mc ch np thu

thu

27

37

Bi 2.
Nguyn gi = 50,000 + 1,000 = 51,000
Mc khu hao = 51,000/10 = 5,100

34

Bi 3.
a. Nu khng b gii hn v ngun vn th d n A, B, D, E, G s c chp nhn.
Ngc li cn ty vo kh nng ti chnh ca cng ty.
b. Nu vn b gii hn th cng ty khng th chn nhng d n c TSSL ln v chi ph
cao.
c. Nu mun c t sut sinh li ln th phi chp nhn ri ro cao.
Bi 4.
v: ngn USD
u t ban u (mua my nghin)

100

Chi ph lp t v chuyn ch

2.5

Vn hot ng rng ban u

20

Chi ph nghin cu

10

Thu sut thu TNDN

40%

u t thun ca d n
Chi ph mua my

100

Chi ph lp t + chuyn ch

2.5

Chi ph sau lp t

102.5

Gia tng vn lun chuyn

20

Thu hp t bn my c

u t thun trc thu

122.5

Thu nh trn bn my c

u t thun

122.5

Khu hao tuyn tnh c nh hng nm ca d n: = (100 + 2.5)/8 = 12.81

35

Bi 5.
Thu sut thu TNDN: 40%
Khu hao tuyn tuyn tnh c nh ca my mi:
= 8.33 (ngn la)

V vic mua my mi gip cng ty tit kim 15000 la/nm trc thu v khu hao
nn ta c:
OEBT = 15 - 8.33 = 6.67 (ngn la)
OEAT = 6.67*(1-40%) = 4.002 (ngn la)
NCF = 4.002 + 8.33 = 12.332 (ngn la)
u t thun ca d n l: 100 ngn la
Bi 6.
u t thun ca d n:
4+

= 6.184 ( triu la)

Chi ph sau khi lp t cho mc ch tnh thu:

4 + 2 + 0.5 = 6.5 (ngn la)
Bi 7.
VT: triu la
u t thun : 1.2 triu
$
Thu TNDN 40%
Nm

10

0.4

0.4

0.4

0.4

0.2

0.2

0.2

0.2

Dep

0.12

0.12

0.12

0.12

36

= OEBT

0.08

0.08

0.08

0.08

Thu

0.032

0.032

0.032

0.032

= OEAT

0.048

0.048

0.048

0.048

+ Dep

0.12

0.12

0.12

0.12

0.168

0.168

0.168

0.168

NWC

u t ban u

1.2

NCF

-1.2

u t thun : 1.2 triu $

Dng tin thun hng nm: 0.168 triu $
Bi 8.
u t ban u = 570,000+30,000 = 600,000$
Vn lun chuyn tng thm : 20,000$
Gi tr thanh l my c th nht: 100,000-40%*(100,000-95,000)= 98,000$
Gi tr thanh l my c th hai: 150,000-40%*(150,000-75,000) = 120,000$
u t thun= 600,000$ + 20,000$ - 98,000$ - 120,000$ = 402,000$
Bi 9.
Gi tr s sch ca my c = 30000/10*5 = 15000$
a. GB= 15000$
V GB=Ga tr s sch nn dng tin sau thu khng b nh hng g do thu. Dng tin
sau thu l 15000$
b. GB=5000$
V GB< GTSS , nn dng tin sau thu : 5000+(5000-15000)*0.4 = 9000$
c. GB= 26000$
V GB> GTSS, nh hn nguyn gi nn dng tin sau thu : 26000-(26000-15000)*0.4
= 21600$
d. GB= 32000$
37

V GB>GTSS, ln hn nguyn gi nn dng tin sau thu : 32,000-(32,000-30,000)*0.4

(30,000 15,000)*0.4 = 25,200$
Bi 10.
VT: 1000$
a.
Chi ph mua h thng : 130 ngn la
Chi ph lp t : 30 ngn la
Thu hi do bn my c sau thu

: 20 * (1 - 0.4) = 12 ngn la

u t thun

: 148 ngn la

b. Mc khu hao hng nm = 160/10 = 16 ngn la

Dng tin d n
Nm

10

32

32

32

32

O + dep

-2

-2

-2

-2

OEBT

34

34

34

34

Thu

13.6

13.6

13.6

13.6

OEAT

20.4

20.4

20.4

20.4

Dep

16

16

16

16

NWC

u t ban u

160

Thanh l my c

12

NCF

-148

36.4

36.4

36.4

36.4

Dng tin rng hng nm: 364 ngn la

38

Bi 11.
Gi tr s sch ca my pht in ACE: (250,000+50,000)/5*3 = 180,000$
Thu nhp sau thu t vic bn ti sn: 79,550+(180,000-79,550)*0.4 = 119,730$
Bi 12.
a. u t thun ca Benford l:
- Chi ph trang thit b c nh cho ca hng

200.000$

- Vn lun chuyn rng tng thm

200.000$

=> u t thun ca Benford l

400.000$

Nm

u t vn

200

Vn

lun

chuyn
Doanh s
Chi

ph

hot ng
Khu hao

10
-10

200
1000 1080 1166 1260 1360 1469 1587 1714 1851 1999
700

749

801

858

918

982

1051 1124 1203 1287

40

40

40

40

40

39

b. Dng tin thun hng nm cho i sng 10 nm ca ca hng l:

Ta c cc bng sau: (n v: ngn la)
Nm

10

1000 1080 1166 1260 1360 1469 1587 1714 1851 1999

( - ) O

700

749

801

858

918

982

1051 1124 1203 1287

( - ) Dep

40

40

40

40

40

( = ) OEBT

260

291

325

362

403

488

536

590

648

712

( - ) T (40%)

104

116

130

145

161

195

215

236

259

285

( = ) OEAT

156

175

195

217

242

293

322

354

389

427

( + ) Dep

40

40

40

40

40

( - ) NWC

-200

( + ) Thu hi

10

( - ) Thu trn thu

hi
196

NCF

215

235

257

282

293

322

354

389

633

Bi 13.
Dng tin rng hng nm gn vi vic mua my tnh l vic tit kim chi ph hot ng
cho cng ty m i nm 15.000$ trong sut 12 nm.
u t thun cho d n l 100.000$
Bng khu hao: (n v: ngn la)
Nm

T l khu hao
Mc khu hao

14.29% 24.49% 17.49% 12.49% 8.93%

8.92%

8.93%

4.46%

14.29

8.92

8.93

4.46

24.49

17.49

12.49

8.93

Dng tin pht sinh qua cc nm nh sau:

Ta c bng sau: (n v: ngn la)
40

) (

) (

) (

Nm R O

Dep

OEBT

OEAT Dep

NWC

NCF

15

14.29

0.71

0.43

14.29

0.00

14.72

15

24.49

-9.49

-5.69

24.49

0.00

18.80

15

17.49

-2.49

-1.49

17.49

0.00

16.00

15

12.49

2.51

1.51

12.49

0.00

14.00

15

8.93

6.07

3.64

8.93

0.00

12.57

15

8.92

6.08

3.65

8.92

0.00

12.57

15

8.93

6.07

3.64

8.93

0.00

12.57

15

4.46

10.54

6.32

4.46

0.00

10.78

15

15

10

15

15

11

15

15

12

15

15

Bi 14.
a. u t thun mua h thng ICX v thay th h thng c l:
- Nguyn gi
- Chi ph lp t
- Thu nhp t vic bn ti sn c sau thu
=> u t thun

130.000$
30.000$
20.000 * (1 - 0.4)= 12.000$
148.000$

b. Dng tin rng hng nm

Ta c cc bng sau: (n v: ngn la)

41

Nm

32.0

32.0

32.0

32.0

32.00 32.00 32.00 32.00 32.00 32.00

2.00

4.00

6.00

8.00

10.00 12.00 14.00 16.00 18.00 20.00

22.8

39.1

27.9

19.9

) 11.1

10.0

20.0

3.18

R
( - ) O
( - ) Dep
(

OEBT
(

OEAT

14.29 14.27 14.29 7.14

0.00

10

0.00

27.71 29.73 31.71 40.86 50.00 52.00

12.0

6.68

1.91

6.01

22.8

39.1

27.9

19.9

14.29 14.27 14.29 7.14

0.00

0.00

( - ) NWC 0.00

0.00

0.00

0.00

0.00

0.00

0.00

29.5

37.2

33.9

31.9

( + ) Dep

( = ) NCF

16.63 17.84 19.03 24.52 30.00 31.20

0.00

0.00

0.00

30.92 32.11 33.32 31.65 30.00 31.20

Bi 15.
u t thun ca d n:
- Chi ph mua t

100.000$

- Chi ph xy ct mt ta nh mi

100.000$

- Vn u t

250.000$ + 10.000$ + 40.000$ = 300.000$

- Vn lun chuyn rng

70.000$

=> u t thun
570.000$
EBIT tng thm nm 20 l:
EBIT20 tng thm c th c hiu l OEBT20, ta c:
OEBT20 = 210.68
42

 OEAT20 = 210.68 * (1 0.4) = 126.41 (ngn la)

Khu hao ch dng li nm th 8 theo pp MACRS loi 7 nm nn ta cng c
Dep20 = 0
Thu hi vn lun chuyn tng thm cui nm 20 l:
NWC20 = 70 + 40 + 40 = 150 (ngn la)
Thanh l ta nh: =150*(1-0.4)=90
Thanh l t: = 100+(200-100)*(1-0.4)=160
Vy dng tin rng nm 20 l:
NCF20 = 126.41 + 0 (- 150)+90+160 = 526.41 (ngn la)

43

n v tnh: 1000$
Khon mc

10

100.00

104.00

108.16

112.49

116.99

121.67

126.53

131.59

136.86

142.33

60.00

62.40

64.90

67.49

70.19

73.00

75.92

78.96

82.11

85.40

(+)

47.87

78.47

57.47

42.47

31.79

31.76

31.79

18.28

(=)

107.87

140.87

122.37

109.96

101.98

104.76

107.71

97.24

82.11

85.40

( - )NWC

-40.00

-40.00

67.87

100.87

122.37

109.96

101.98

104.76

107.71

97.24

87.11

90.40

( + )Thanh l to nh
( + )Thanh l t
( = )NCF
Khon mc

11

12

13

14

15

16

17

18

19

20

148.02 153.95 160.10 166.51 173.17 180.09 187.30 194.79 202.58 210.68
88.81

92.37

96.06

99.90

103.90 108.06 112.38 116.87 121.55 126.41

(-)

(=)

98.81

92.37

96.06

99.90

103.90 108.06 112.38 116.87 121.55 126.41

( - )NWC

-150.00

( + )Thanh l to nh

90.00

( + )Thanh l t

160.00

( = )NCF

93.81

97.37

101.06 104.90 108.90 113.06 117.38 121.87 126.55 526.41

44

Bi 16.
Chi ph xy ct ca hng : 7 triu la
Chi ph trang thit b : 0.7 triu la
Chi ph lp t : 0.05 triu la
Vn lun chuyn rng ban u : 0.6 triu la
Chi ph t : 0.5 triu la
u t thun = 7+ 0.7+0.05+0.5+ 0.6 = 8.85 triu la

Bi 17.
VT: 1000$
u t thun = 1000+50= 1050 nghn $
Gi tr n hn sau thu ca my: 50*(1-40%) = 30 nghn $
Do st gim doanh thu t cc dy chuyn khc nn doanh nghip tit kim c tin thu 5 nghn $ v vy OEAT
OEBT thu
Nm

t l khu hao

14.29% 24.49% 17.49% 12.49% 8.93% 8.92% 8.93% 4.46%

mc khu hao

142.9

244.9

174.9

124.9

89.3

89.2

89.3

44.6

45

Dng tin ca d n:
Nm

10

275

275

275

275

275

275

275

275

275

275

50

50

50

50

50

50

50

50

50

50

Dep

142.9

244.9

174.9

124.9

89.3

89.2

89.3

44.6

OEBT

82.1

-19.9

50.1

100.1

135.7

135.8

135.7

180.4

225

225

Thu

32.84

-7.96

20.04

40.04

54.28

54.32

54.28

72.16

90

90

OEAT

54.26

-6.94

35.06

65.06

86.42

86.48

86.42

113.24

140

140

Dep

142.9

244.9

174.9

124.9

89.3

89.2

89.3

44.6

NWC

50

25

10

-85

u t ban u

1,000

Gi tr n hn sau
+

thu
NCF

30
-1,050 172.16

227.96

209.96

189.96

175.72 175.68 175.72 157.84

140

255

Bi 18.
VT: 1000$
Gi tr thanh l t sau thu: 1,800-40%*(1,800-1,000) = 1,480 ngn la
Gi tr thanh l my sau thu : 1,000*(1-40%) = 600 ngn la

46

Nm

t l khu hao
mc khu hao

14.29% 24.49% 17.49% 12.49% 8.93%

8.92%

8.93%

4.46%

714.5

446

446.5

223

1224.5

874.5

624.5

446.5

10

700

700

700

700

700

700

700

700

700

700

200

200

200

200

200

200

200

200

200

200

Dep

714.5

1224.5 874.5

624.5

446.5

446

446.5

223

OEBT

-214.5

-724.5

-374.5

-124.5 53.5

54

53.5

277

500

500

Thu

-85.8

-289.8

-149.8

-49.8

21.4

21.6

21.4

110.8

200

200

OEAT

-128.7

-434.7

-224.7

-74.7

32.1

32.4

32.1

166.2

300

300

Dep

714.5

1224.5 874.5

624.5

446.5

446

446.5

223

NWC

250

150

-400

u t ban u

6,000

Thanh l t sau thu

1,480

Thanh l my sau thu

600

Dng tin d n
Nm

NCF

-6,250.0

435.8

789.8

649.8

549.8

478.6

478.4

478.6

389.2

300.0

2,780.0

47

Bi 19.
VT: 1000$
Doanh thu nm 2 l: 1000*0.8 = 800 ngn la.
Nm

800

300

300

Dep

142.9

244.9

OEBT

-442.9

255.1

Thu

-177.16

102.04

OEAT

-265.74

153.06

Dep

142.9

244.9

NWC

50

u t ban u

1,000

NCF

-1,000.00

-122.84

347.96

u t thun: 1,000,000 + 5,0000 = 1,050,000$

Dng tin rng nm 1: -122,8400$
Dng tin rng nm 2: 347,960$

48