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8/14/2019 Bi tp trc nghim - mn Phn tch ti chnh

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Bi tp trc nghim mn Phn tch ti chnh 1

HTHNG BI TP TRC NGHIM

Mn: Phn tch ti chnh doanh nghip

i hc Kinh tquc dn

https://sites.google.com/site/baitamquatlam

Vng quay tng ti sn

Cu 1:Doanh thu ca Ramala Corp nm ngoi l $48,000, v tng ti sn ca cng ty l$25,000. Vng quay tng ti sn (TATO) l bao nhiu?

a. 1.88

b. 1.92

c. 1.10

d. 1.21

e. 1.32

Trli:

Vng quay tng ti sn:

TATO=Doanh thu thun

Tng TS bnh qun=

48.000

25.000= 1,92

Khnng thanh ton li vay (TIE)

Cu 2:Doanh thu ca Rubi Corp nm ngoi l $435,000, chi ph hot ng l $350,000, chi phli vay l $10,000. Tskhnng thanh ton li vay (TIE) l bao nhiu?

a. 8.29

b. 8.42

c. 8.50

d. 8.68

e. 8.61

Trli:

EBIT = 435.000350.000 = 85.000 $

Tskhnng thanh ton li vay l:

TIE =EBIT

Chi phtrli vay=

85.000

10.000= 8,5
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Li nhun bin trn doanh thu

Cu 3: Doanh thu ca Robert Corp nm ngoi l $300,000, li nhun sau thu l $25,000.Doanh li doanh thu ca cng ty l bao nhiu?

a. 7.65%

b. 7.82%

c. 7.99%

d. 8.16%

e. 8.33%

Trli:

Doanh li doanh thu ca cng ty l (hay cn gi l Li nhun bin trn doanh thu):

PM =LNST hoc Thu nhp rng

Doanh thu=

25.000

300.000= 8,33%

Doanh li tng ti sn (ROA)

Cu 4: Tng ti sn ca Reynolds Corp thi im cui nm ngoi l $300,000 v li nhunrng sau thul $25,000. ROA ca cng ty l bao nhiu?

a. 8.15%

b. 8.33%

c. 8.51%

d. 8.69%

e. 8.87%Trli:

Sut sinh li trn tng ti sn hay Doanh li tng ti sn ca cng ty l:

ROA =LNST

Tng TS=

25.000

300.000= 8,33%

Khnng sinh li c bn (BEP)

Cu 5: Tng ti sn ca Rollin Corp thi im cui nm ngoi l $300,000 v EBIT l$75,000. BEP ca cng ty l bao nhiu?

a. 17.5%

b.20%

c. 22.5%

d. 25%

e. 27.5%

Trli:

Khnng sinh li c bn l:

BEP =EBIT

Tng ti sn=

75.000

300.000= 25%


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Doanh li vn chshu (ROE)

Cu 6:Tng vn cphn thng ca Raleigh Corp thi im cui nm ngoi l $300,000 vli nhun rng sau thul $55,000. ROE bng?

a. 18.33%

b. 18.67%

c. 19%

d. 19.33%

e. 19.67%

Trli:

Doanh li vn chshu hay sut sinh li trn VCSH l:

ROE =LNST

VCSH=

55.000

300.000= 18,33%

Tsgi/Thu nhp (P/E)

Cu 7:Gi cphiu ca Rutland Corp ti thi im cui nm ngoi l $30.25 v thu nhp vncphn nm ngoi l $2.45. P/E ca cng ty bng?

a. 11.65

b. 12.00

c. 12.35

d. 12.70

e. 13.05Trli:

Tsgi trn thu nhp l:

P/E =Gitrtrng ca cphiu

EPS =

30,25

2,45 = 12,35

Gi thtrng/Gi trssch (M /B)

Cu 8:Gi cphiu ca Rand Corp ti thi im cui nm ngoi l $40 v gi trssch 1 cphiu l $24.5. TsM/B l?

a. 1.03

b. 1.18

c. 1.33

d. 1.48

e. 1.63

Trli:

Gi trthtrng trn gi trssch ca cphiu l:

P/B hoc M/B =Gi trthtrng ca cphiu

Gi trssch ca cphiu =

40

24,5 = 1,63


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M hnh Dupont: tnh ton c bn

Cu 9:Midwest Lumber c li nhun bin l 5.1%, vng quay tng ti sn l 1.6 v hsnhnvn chshu l 1.8. ROE ca cng ty l?

a. 14.39%

b. 14.69%c. 14.99%

d. 15.29%

e. 15.59%

Trli:

=LNST

VCSH=

LNST

Doanh thux

Doanh thu

Tng TSx

Tng TS

VCSH

Hay ROE= PM x TATO x EM

Vi: PM l li nhun bin

TATO l vng quay tng ti sn

EM l hsnhn VCSH

ROE = 5,1% x 1,6 x 1,8 = 14,69%

Doanh li vn chshu (ROE)Tm li nhun rng

Cu 10:Mt nh u t ang xem xt khi u mt cng vic kinh doanh mi. Cng ty cn$500,000 ti sn, v dnh ti trton bbng vn chshu. Nh u t sthc hin dn

u t chkhi ng ta ngh rng cng ty c thto ra mc li nhun trn vn u t l 15%, cngha l cng ty phi c ROE l 15%. Hi li nhun rng ca cng ty phi l bao nhiu m

bo khi u cng vic kinh doanh.

a. $45,000

b. $55,000

c. $65,000

d. $75,000

e. $85,000

Trli:

Ta c

ROE =LNST

VCSH

hay li nhun rng ca cng ty l: LNST = ROE x VCSH = 15% x 500.000 = 75.000 $

TsN- Tm N, cho bit tsD/A

Cu 11:Rolle Corp c tng ti sn l $500,000, cng ty khng sdng n, ti sn c ti trton bbng vn cphn thng. Gim c ti chnh mi ca cng ty mun huy ng NvaytsNca cng ty ln n 45%, v sdng stin ny mua li cphn thng vi gi

bng gi trssch. Hi cng ty phi vay bao nhiu t c mc tiu tsntrn?


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Ctc 1 cphiu m cng ty cng bl:

EPS =400.000.000

200.000.000= 2 $

EPS, BV, vtsN

Cu 14:EPS nm gn nht ca Cooper Inc l $4.00, gi trssch 1 cphiu l $20, cng ty c200,000 cphiu ang lu hnh, v tsNl 40%. Hi tng Nca cng ty l bao nhiu?

a. $2,333,333

b. $2,666,667

c. $3,000,000

d. $3,333,333

e. $3,666,667

Trli:

Gi trssch 1 cphiu:

BV =VCSH

Scphiu lu hnh

=> VCSH = BV x Scphiu lu hnh = 20 x 200.000 = 4.000.000 $

Tsn:

Hsn=Tng n

Tng ti sn=

Tng n

Tng n+ VCSH

40% = Tng nTng n+ 4.000.000

=> Tng n= 2.666.667 $

Cu ny dkin EPS khng hdng n

Tc ng ca vic gim DSO n li nhun rng

Cu 15:Kirby Industries c doanh thu l $110,000 v cc khon phi thu l $12,500, v cng tycho cc khch hng mua chu trung bnh l 30 ngy. DSO trung bnh ngnh l 25.5 ngy, tnhtrn c s1 nm c 365 ngy. Nu cng ty thay i chnh sch tn dng v thu tin gim DSO

xung bng mc trung bnh ngnh, v nu cng ty kim c 9.9% thu nhp tlng tin thuhi sm tvic thay i chnh sch ny, th n stc ng thno n li nhun rng, gisccyu tkhc khng i?

a. $422.12

b. $435.43

c. $447.86

d. $457.43

e.$476.69

Trli:

kthu tin bnh qun DSO bng mc trung bnh ngnh l 25,5 ngy th:


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DSO =365

Vng quay khon phi thu

Vng quay khon phi thu =365

DSO=

365

25,5= 14,31373

Ta c

Vng quay khon phi thu =Doanh thu thun

Phi thu bnh qun

Khon phi thu =Doanh thu thun

Vng quay khon phi thu=

110.000

14,31373= 7.684,9291 $

Li nhun rng sau khi a DSO vmc trung bnh ngnh l:

= (12.5007.684,9290) x 9,9% = 476,69 $

Sngy thu tin (DSO)

Cu 16:Rangala Corp bn hng vi iu kin cho php khch hng mua chu trong vng 30ngy. Doanh thu nm ngoi l $450,000, cc khon phi thu ti thi im cui nm l $45,000.

Nu DSO ca cng ty thp hn thi hn tn dng 30 ngy, th khch hng ang trnng thihn. Ngc li, ngha l khch hng ang trnchm. Khch hng trnsm/mun bao lu?Trli cu hi da trn phng trnh sau: DSO - thi hn tn dng = Sngy sm/mun, gis1 nm c 365 ngy. Nu gi trdng l khch hng ang thanh ton chm.

a. 6.50

b. 6.75

c. 7.00d. 7.25

e. 7.50

Trli:

Kthu tin bnh qun ca cng ty:

DSO =365


Nphi thu

Doanh thu thunx 365 =

45.000

450.000x 365 = 36,5 ngy

Sngy sm/mun = DSOthi hn tn dng = 36,530 = 6,5 ngy

Cu 17. Doanh thu ca Regan Corp nm ngoi l $450,000, cc khon phi thu cui nm l$45,000. Trung bnh, cc khch hng ca Regan thanh ton chm 10 ngy (v v vy h phichu pht). Hi sngy c hng tn dng min ph m Regan cung cp cho khch hng trckhi hthanh ton chm v phi chu pht? Tnh ton da vo cng thc: DSO - Sngy thanhton chm trung bnh = Sngy tn dng min ph, gis1 nm c 365 ngy v lm trn s nngy.

a. 23 ngy

b. 25 ngy

c. 27 ngyd. 29 ngy


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e. 31 ngy

Trli:

Kthu tin bnh qun ca cng ty:

DSO =365

Vng quay khon phi thu

=Nphi thu

Doanh thu thun

x 365 =45.000

450.000

x 365 = 36,5 ngy

Sngy tn dng min ph = DSOSngy thanh ton chm trung bnh = 36,510 = 26,5 ngyv lm trn l 27 ngy

Tsvng quay tng ti sn (TATO)

Cu 18:Doanh thu nm ngoi ca Rangoon Corp l $400,000, v tng ti sn ti thi im cuinm l $300,000. Tsvng quay tng ti sn trung bnh ngnh l 2.5. Gim c ti chnh mica cng ty tin rng cng ty ang d tha ti sn c thbn v lm gim TATO ca cng tyxung mc trung bnh ngnh m khng phi tc ng n doanh thu. Lng ti sn cn gimxung l bao nhiu ko TATO ca cng ty bng mc trung bnh ngnh?

a. $100,000

b. $110,000

c. $120,000

d. $130,000

e. $140,000

Trli:

Vng quay tng ti sn:

TATO=Doanh thu thun

Tng TS bnh qun

Tng ti sn =Doanh thu thun

TATO=

400.000

2.5= 160.000 $

gim TATO xung mc trung bnh ngnh v khng lm thay i doanh thu thun th tng tisn phi bn i l:

= 300.000160.000 = 140.000 $

Ti a tsntrong mi quan hvi TIE cho trc

Cu 19:Mt cng ty mi ang pht trin khoch kinh doanh ca mnh. Cng ty cn lng tisn l $600,000, v cng ty dkin to ra $435,000 doanh thu v $350,000 chi ph hot ngnm u tin. Cng ty tng i chc chn vcc con sny da trn c scc hp ng kvi khch hng v cc nh cung cp. Cng ty c thvay nmc li xut 7.5%, nhng ngnhng yu cu cng ty phi c TIE ti thiu l 4.0, v nu TIE ca cng ty gim xung di mcngn hng yu cu ngn hng si li cc khon cho vay v cng ty sph sn. Hi tsNln nht m cng ty c thsdng l bao nhiu? (Hng dn: Tm sli vay ln nht, sau tm sNto ra sli vay , v cui cng l tsN)

a. 46.1%b. 47.2 %


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c. 48.6%

d. 50.5%

e. 51.9%

Trli:

TIE = EBITChi phtrli vay

TIE ti thiu l 4.0 => TIE 4

EBIT

Chi ph trli vay 4

435.000 350.000

Chi ph trli vay 4

=> chi ph trli vay 21.250 $

=> gc vay x 7,5% 21.250=> gc vay 283.333 $ (1)

Hsn:

Hsn=Tng n

Tng ti sn=

Tng n

600.000

Tng n= 600.000 x hsn

(1) tng ng vi: 600.000 x hsn 283.333

=> hsn 47,22%Doanh li doanh thu vROE

Cu 20:Burger Corp c tng ti sn l $500,000, v ti sn ca cng ty c ti tr ton bbng vn cphn (N= 0). Doanh thu nm ngoi l $600,000 v li nhun rng sau thu l$25,000. Cc cng va bphiu cho ban qun l mi, nhng ngi ha slm gim chi

ph v tng ROE ca cng ty ln 15%. Hi doanh li doanh thu ca Burger cn l bao nhiu t c ROE l 15% trong khi cc yu tkhc khng i?

a. 8.00%

b. 9.50%c. 11.00%

d. 12.50%

e. 14.00%

Trli:

ROE =LNST

VCSH

LNST = ROE x VCSH = 15% x 500.000 = 75.000 $

Doanh li doanh thu ca Burger l:


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PM =LNST

Doanh thu=

75.000

600.000= 12,5%

Khnng thanh ton v hng tn kho

Cu 21:Iken Berry Farms c ti sn ngn hn l $5 triu, $3 triu nngn hn, mc hng tnkho ban u l $1 triu. Khoch ca cng ty l tng hng tn kho, ti trbng nngn hn

(giy nphi tr). Gisrng gi trca cc ti sn ngn hn cn li khng thay i. iu khontri phiu ca cng ty yu cu t s thanh ton ngn hn ca cng ty phi >= 1.5. Hi lnghng tn kho c thmua m khng lm iu khon trn bph v?

a. $0.50 triu

b. $1.00 triu

c. $1.33 triu

d. $1.66 triu

e. $2.33 triu

Trli:

Snngn hn c thvay thm tsthanh ton ngn hn 1,5 l HTK

CR =TSNH

Nngn hn=

5 + HTK

3 + HTK 1,5

=> HTK 1 triu $

M hnh Dupont: tc ng ca gim ti sn ln ROE

Cu 22:Nm ngoi Southern Chemical c doanh thu $200,000, tng ti sn l $125,000, li

nhun bin l 5.15% v hsnhn vn chshu l 1.85. Gim c ti chnh tin rng cng tyc thgim ti sn xung bt $25,000 m khng nh hng ti doanh thu hoc chi ph. Hi cngty c th gim lng ti sn khng v t s n, doanh thu, chi ph c thkhng thay ikhng, ROE thay i bao nhiu?

a. 2.75%

b. 3.03%

c. 3.81%

d. 4.11%

e. 4.37%

Trli:

=LNST

VCSH=

LNST

Doanh thux

Doanh thu

Tng TSx

Tng TS

VCSH

= 5,15% x200.000

125.000x 1,85 = 15,244%

Hsnhn VCSH =Tng TS

VCSH

Khi


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VCSH =Tng TS

Hsnhn VCSH=

125.000

1,85= 67.567,568 $

Khi gim ti sn xung bt 25.000$ th ta c ROE mi vi doanh thu, chi ph v hsnhnVCSH khng i.

=

LNST

VCSH = 5,15% x

200.000

125.000 25.000 x 1,85 = 19,055 %

Vy ROE tng thm: = ROE ROE = 19,055% - 15,244% = 3,811 %

Cu ny mc d ra kt qutrng p n nhng khng ng tnh vi vic ginguyn hsnhnVCSH khi m lng Ti sn thay i. Nu lng TS thay i th phi lm thay i hsnhch.

Cu 23: Trong nm gn y nht Ruth Corp c doanh thu l $300,000 v li nhun rng l$20,000, tng ti sn cui nm ngoi l $200,000. TsN/TS ca cng ty l 40%. Da vo mhnh Dupont, ROE ca cng ty l?

a. 15.33%

b. 15.67%

c. 16.00%

d. 16.33%

e. 16.67%

Trli:

VCSH = Tng ti sn x 60% = 200.000 x 60% = 120.000 $

= LNSTVCSH

= 20.000120.000

= 16,67%

M hnh Dupont: tc dng ca vic gim chi phti ROE

Cu 24:Nm ngoi Oliver c vng quay tng ti sn l 1.60 v hsnhn vn chshu l1.85. Doanh thu l $200,000 v li nhun rng l $10,000. Gim c ti chnh ca cng ty tinrng, cng ty c th hot ng hiu qu hn, chi ph thp hn, v tng li nhun rng thm$5,000 m khng cn thay i doanh thu, ti sn v cu trc ti chnh. Hi cng ty c thctgim chi ph v tng li nhun rng thm $5,000, ROE thay i thno?

a. 7.20%

b. 7.40%

c. 7.60%

d. 7.80%

e. 8.00%

Trli:

=LNST

VCSH=

LNST

Doanh thux

Doanh thu

Tng TSx

Tng TS

VCSH

=10.000

200.000x 1,6 x 1,85 = 14,8 %


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Khi li nhun rng tng thm 5.000$, cc yu tkhc khng i:

=10.000 + 5.000

200.000x 1,6 x 1,85 = 22,2 %

Lng ROE thay i l: = ROE ROE = 22,2% - 14,8% = 7,4%

Gim ti sn tng vng quay tng ti sn vROE

Cu 25:Nm ngoi Bell Corp c tng ti sn $200,000, doanh thu $300,000, li nhun rng$20,000 v tsN/Tng TS l 40%. Gim c ti chnh mi ca cng ty tin rng cng ty angd tha ti sn cnh v hng tn kho c thbn bt gim tng ti sn xung $150,000.Doanh thu, chi ph, v li nhun rng skhng bnh hng, v cng ty sduy tr tsnl40%. ROE ca cng ty c ci thin bao nhiu tvic gim ti sn?

a. 4.66%

b. 4.96%

c. 5.26%

d. 5.56%

e. 5.86%

Trli:

VCSH = Tng ti sn x 60% = 200.000 x 60% = 120.000 $

=LNST

VCSH=

20.000

120.000= 16,667%

Khi bn bt TSC v hng tn kho th:

= LNSTVCSH

= LNSTDoanh thu

x Doanh thu

Tng TSx Tng TS

VCSH

=20.000

300.000x

300.000

150.000x

1

60%= 22,222%

ROE stng thm = 22,222% - 16,667% = 5,555%

Tc ng ca vic gim chi ph n ROE

Cu 26:Nm ngoi, Candle Corp c tng ti sn l $200,000, doanh thu l $300,000, li nhunrng l $20,000, v tsN/TS l 40%. Gim c ti chnh mi ca cng ty tin rng chng

trnh my tnh mi sc thgim chi ph v v vy tng li nhun rng ln $30,000. Tng tisn, doanh thu v tsNkhng bnh hng. Vic gim chi ph sci thin ROE thno?

a. 8.33%

b. 8.67%

c. 9.00%

d. 9.33%

e. 9.67%

Trli:

VCSH = Tng ti sn x 60% = 200.000 x 60% = 120.000 $


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ROE =LNST

VCSH=

20.000

120.000= 16,667%

Khi li nhun rng ln 30.000$, th:

=LNST

VCSH=

LNST

Doanh thux

Doanh thu

Tng TSx

Tng TS

VCSH

=30.000

300.000x

300.000

200.000x

1

60%= 25%

ROE tng thm mt lng: = 25% - 16,667% = 8,333%

M hnh Dupont: thay i tsN

Cu 27:Nm ngoi Chantler Corp, c $200,000 tng ti sn, li nhun rng $20,000, v tsN/TS l 30%. By gi, ginh rng gim c ti chnh mi ca cng ty thuyt phc gim ctng tsnln 45%. Doanh thu v tng ti sn skhng bnh hng, nhng chi ph li vaytng ln. Tuy nhin, Gim c ti chnh tin rng vic qun l tt chi ph c thb p c chi

ph li vay tng ln v gi cho li nhun rng khng thay i. S thay i trong cu trc tichnh lm tng ROE thm bao nhiu?

a. 3.51%

b. 3.68%

c. 3.90%

d. 4.13%

e. 4.47%

Trli:VCSH = Tng ti sn x 70% = 200.000 x 70% = 140.000 $

ROE =LNST

VCSH=

20.000

140.000= 14,286%

Khi tng tsnl 45% th ROE sl:

=LNST

VCSH=

LNST

Tng ti snx

Tng TS

VCSH

=LNST

VCSH=

20.000

200.000x

1

55%= 18,182%

ROE tng thm mt lng: = ROE ROE = 18,182% - 14,286% = 3,896%

ROE thay i vi tsn

Cu 28:Nm ngoi Charter Corp c doanh thu $300,000, chi ph hot ng l $265,000 v tngti sn thi im cui nm l $200,000. TsN/ tng ti sn l 25%, li sut vay vn l 10%,thusut thuthu nhp cng ty l 35%. Gim c ti chnh mi mun thy ROE thay i thnonu cng ty s dng t s n l 60%. Gi nh rng doanh thu v tng ti sn khng bnhhng, v li sut v thusut thuthu nhp khng i. ROE thay i bao nhiu khi c cu vnthay i?

a. 5.01%

b. 5.20%


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c. 5.35%

d. 5.57%

e. 5.69%

Trli:

VCSH = Tng ti sn x 75% = 200.000 x 75% = 150.000 $Giston bnl vay vi li sut l 10%

Chi ph li vay = 200.000 x 25% x 10% = 5.000 $

LNST = (300.000265.0005.000) x 65% = 19.500 $

ROE =LNST

VCSH=

19.500

150.000= 13%

Khi tsnl 60% th chi ph li vay sl:

Chi ph li vay mi = 200.000 x 60% x 10% = 12.000 $

LNST mi = (300.000265.00012.000) x 65% = 14.950 $

ROE =LNST

VCSH=

14.950

150.000= 9,967%

ROE thay i mt lng = ROE ROE = 9,967% - 13% = -3,033% => ko trng kt qu

Cch hiu khc: (cch hiu ny hi tiu cc v nh thl lm gim VCSH, m chc cha no ligim VCSH bao gic=> chn)

Khi tsnl 60% ngha l: VCSH = 200.000 x 40%= 80.000 $

LNST = (300.000265.000200.000 x 60% x 10%) x 65% = 14.950 $

ROE =LNST

VCSH=

14.950

80.000= 18,69%

ROE tng thm mt lng: = ROE ROE = 18,69% - 13% = 5,69%

TIE: Lng nti a rng buc bi TIE

Cu 29:Cooper Inc dkin doanh thu nm ti l $300,000 v chi ph hot ng l $270,000.Cng ty sc ti sn l $200,000 v dn hin ti sc ti trbi 30% Nv 70% vn chshu. Li sut vay vn l 10%, nhng tsTIE phi c giti thiu l 4.0. Thusut thuthu nhp cng ty l 40%. Gim c ti chnh mi ca cng ty mun xem ROE thay i nh thno nu cng ty tng tsNln ti a nhng vn giTIE theo yu cu. Ginh rng doanhthu, chi ph hot ng, ti sn, li sut v thusut khng i. ROE thay i bao nhiu khi ccu vn thay i?

a. 0.33%

b. 0.51%

c. 0.82%

d. 1.17%

e. 1.39%Trli:


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Chi ph li vay = 200.000 x 30% x 10% = 6.000 $

LNST = (300.000270.0006.000) x 60% = 14.400 $

ROE =LNST

VCSH=

14.400

200.000 x 70%= 10,286%

TIE ti thiu l 4 th:

TIE =EBIT

Li vay=

300.000 270.000

Nvay x 10% 4

=> Nvay 75.000 $

LNST = (300.000270.00075.000 x 10%) x 60% = 13.500 $

ROE =LNST

VCSH=

13.500

200.000 75.000= 10,8%

ROE tng thm mt lng = ROE ROE = 10,8% - 19,286% = 0,514%

DSO v tc ng ca n ln li nhun rngCu 30:Ingram Inc c bng cn i kton nh sau:

Tin $10,000 Khon phi tr $30,000

Khon phi thu 50,000 Nngn hn khc 20,000

Hng tn kho 150,000 Ndi hn 50,000

TSC rng 90,000 Vn cphn thng 200,000

Tng TS $300,000 Tng Nv vn cphn $300,000

Nm ngoi cng ty c $15,000 li nhun rng trn $200,000 doanh thu. Tuy nhin, gim c tichnh mi tin rng hng tn kho ang d tha v c thgim bt lm cho t s khnngthanh ton ngn hn xung bng mc trung bnh ngnh l 2.5, m khng nh hng ti doanhthu v li nhun rng. Ginh hng tn kho c thanh l v ginguyn nhm t c tskhnng thanh ton ngn hn l 2.5, v s tin c to ra c sdng mua li cphithng gi trghi s, cc yu tkhc khng i. ROE thay i bao nhiu?

a. 4.70%

b. 4.96%

c. 5.28%

d. 5.54%

e. 5.91%

Trli:

ROE =LNST

VCSH=

15.000

200.000= 7,5%

tsthanh ton bng mc trung bnh ca ngnh th:

CR =TSNH

Nngn hn=

TSNH

30.000 + 20.000= 2,5


16/28



=> TSNH = 125.000 $

Lng HTK bn i l: = (150.000 + 50.000 + 10.000) 125.000 = 85.000 $

V lng tin ny dng mua li cphn ca cng ty, tc l gim VCSH ng mt lng l85.000 $. Khi VCSH cn li l:

= 200.00085.000 = 115.000 $

V LNST khng i nn ROE mi sl:

ROE =LNST

VCSH=

15.000

115.000= 13,04%

ROE tng ln mt lng l:

= ROE ROE = 13,04% - 7,5% = 5,54%

Cu 31:Cc yu tkhc khng i, hnh ng no sau y slm tng tskhnng thanhton ngn hn?

a. Tng khon phi thub. Tng khon phi tr

c. Tng ti sn cnh rng

d. Tng giy nphi tr

e. Tng cc khon ntch lu

Trli:

Tskhnng than ton ngn hn (CR) =TSNH

Nngn hn

Khi cc yu tkhc khng i th tng khon phi thu slm tng TSNH => tng CR

Cu 32:Nu CEO ca cng ty mun nh gi gim c cc chi nhnh sau 1 t tp hun (v dxp hng cc gim c chi nhnh) , tnh hung no sau y c th lm cho cc gim c chinhnh c xp hng cao hn? Trong mi trng hp, ginh cc yu tkhc khng i.

a. Vng quay tng ti sn ca chi nhnh thp hn mc trung bnh ca cc cng ty trong ngnh.

b. DSO (kthu tin) ca chi nhnh l 40, trong khi trung bnh ngnh l 30

c. Vng quay hng tn kho ca chi nhnh l 6, trong khi trung bnh ngnh l 8

d. Tsnca chi nhnh cao hn mc trung bnh ca cc cng ty trong ngnh

e. Khnng sinh li c bn ca ti sn ca chi nhnh cao hn mc trung bnh ca cc cngty trong ngnh

Trli:

V khnng sinh li c bn ca ti sn phn nh khnng sinh li ca mi ng ti sn, do tsny cng cao cng phn nh hiu qusdng ti sn ca chi nhnh l tt. Nn khi ROA cachi nhnh ln hn mc trung bnh ngnh th c thcoi nh mt ch tiu xp hng cc chi

nhnh.


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4 ch tiu cn li cu a, b, c, d u khng phn nh c khnng sinh li hay hiu qusdng vn cng nh u t vn ca chi nhnh, nn khng thcoi nh l chtiu xp hng ccchi nhnh cng nh xp hng cc gim c chi nhnh.

Cu 33:Cu no di y l ng?

a. Window dressing lm p bo co ti chnh l hnh ng lm tng v th c bn cadoanh nghip trong di hn v v thlm tng gi trthc ca doanh nghip

b. S dng mt phn tin ca doanh nghip gim n vay di hn l v d v Windowdressing

c. Vay ngn hn v sdng trcc khon vay di hn n hn trl v dvWindowdressing.

d. Chit khu cho khch hng trtin ngay khi mua hng v sdng stin thu c nhanh mua hng tn kho l v dvWindow dressing.

e. Vay di hn v sdng s tin thu c thanh ton nngn hn n hn tr l v dvWindow dressing.

Trli:

V window dressing ngha l misrepresentation, hay cn gi l dng ththut kton lmp Bo co ti chnh ti thi im lp BCTC, ng thi cn lm p cc chsti chnh m chc ni bnh iu hnh cng ty bit vi nhau. Hoc o hn n.

Trong trng hp ny khi cc khon ndi hn n hn trm doanh nghip khng c tintrth ssdng cc khon vay ngn hn trncho cc khon vay di hn n hn trvi

mc ch o hn n.

c bi vit ny shiu nhiu hn vWindow Dressing:http://kinhtetaichinh.blogspot.com/2010/03/repo-105.html

Definition of 'Window Dressing'

A strategy used by mutual fund and portfolio managers near the year or quarter end to improve the appearance ofthe portfolio/fund performance before presenting it to clients or shareholders. To window dress, the fund manager willsell stocks with large losses and purchase high flying stocks near the end of the quarter. These securities are thenreported as part of the fund's holdings.

Investopedia explains 'Window Dressing'

Performance reports and a list of the holdings in a mutual fund are usually sent to clients every quarter. Another

variation of window dressing is investing in stocks that don't meet the style of the mutual fund. For example, aprecious metals fund might invest in stocks that are in a hot sector at the time, disguising the fund's holdings, so

clients really have no idea what they are paying for.

Window dressing may make a fund appear more attractive, but you can't hide poor performance for long.

Other definition:

1. The deceptive practice of somemutual funds,in which recentlyweakstocks are sold and recentlystrong stocks

are bought just before thefund'sholdings are madepublic,inorder to give the appearance that they've been holding

good stocks all along.

2. The deceptive practice of usingaccounting tricks to make acompany'sbalance sheet andincome

statement appear better than they really are.

Other definition:

What is the window dressing?
http://kinhtetaichinh.blogspot.com/2010/03/repo-105.htmlhttp://kinhtetaichinh.blogspot.com/2010/03/repo-105.htmlhttp://www.investorwords.com/3173/mutual_fund.htmlhttp://www.investorwords.com/11480/weak.htmlhttp://www.investorwords.com/4725/stock.htmlhttp://www.investorwords.com/11221/strong.htmlhttp://www.investorwords.com/2121/fund.htmlhttp://www.investorwords.com/7152/holdings.htmlhttp://www.investorwords.com/3930/public.htmlhttp://www.investorwords.com/3495/order.htmlhttp://www.investorwords.com/48/accounting.htmlhttp://www.investorwords.com/992/company.htmlhttp://www.investorwords.com/397/balance_sheet.htmlhttp://www.investorwords.com/2408/income_statement.htmlhttp://www.investorwords.com/2408/income_statement.htmlhttp://tutor2u.net/business/presentations/accounts/windowdressing/default.htmlhttp://tutor2u.net/business/presentations/accounts/windowdressing/default.htmlhttp://tutor2u.net/business/presentations/accounts/windowdressing/default.htmlhttp://www.investorwords.com/2408/income_statement.htmlhttp://www.investorwords.com/2408/income_statement.htmlhttp://www.investorwords.com/397/balance_sheet.htmlhttp://www.investorwords.com/992/company.htmlhttp://www.investorwords.com/48/accounting.htmlhttp://www.investorwords.com/3495/order.htmlhttp://www.investorwords.com/3930/public.htmlhttp://www.investorwords.com/7152/holdings.htmlhttp://www.investorwords.com/2121/fund.htmlhttp://www.investorwords.com/11221/strong.htmlhttp://www.investorwords.com/4725/stock.htmlhttp://www.investorwords.com/11480/weak.htmlhttp://www.investorwords.com/3173/mutual_fund.htmlhttp://kinhtetaichinh.blogspot.com/2010/03/repo-105.html


18/28



Window dressing is presenting company accounts in a manner which enhances the financial position of the company.

It is a form of creative accounting involving the manipulation of figures to flatter the financial position of the business.

The focus of the window dressing:

Liquidity hiding a deteriorating liquidity position.

Profitability massaging profit figures.


a. Cc yu tkhc khng i, nu tsvng quay hng tn kho gim th ROE stng

b. Nu mt doanh nghip tng doanh thu trong khi hng tn kho khng i, cc yu t khckhng i, tsvng quay hng tn kho sgim

c. Sgim xung ca hng tn kho skhng nh hng ti tskhnng thanh ton ngn hn

d. Stng ln ca hng tn kho skhng nh hng ti tskhnng thanh ton ngn hn

e. Nu mt cng ty tng doanh thu trong khi hng tn kho khng i th, cc yu tkhckhng i, tsvng quay hng tn kho stng.

Trli:

Vng quay HTK =GVHB

HTK bnh qun

V HTK khng i, nn nu doanh thu tng th slm cho gi vn hng bn tng => vng quayhng tn kho tng.

( lu : trong mt strng hp, khi doanh thu tng cha chc dn ti tng gi vn hngbn, v cn phthuc vo phng php tnh gi vn hng tn kho v nh hng ca thtrngnh hng khan him dn ti n gi )

Cu 35:Cng ty J v cng ty K u cng bmc EPS bng nhau, nhng cphiu ca cng ty Jc gi thtrng cao hn. Cu no sau y l ng?

a. Cng ty J c P/E cao hn

b. Cng ty J phi c M/B cao hn

c. Cng ty J phi c mc ri ro hn

d. Cng ty J c t c hi tng trng hn

e. Cng ty J phi trctc thp hn

Trli:


EPS

V EPS ca 2 cng ty l nh nhau v c phiu J c gi thtrng cao hn nn P/E ca J scaohn K

Cu 36:Maple Furniture va pht hnh thm cphiu thng mi v sdng stin thu cthanh ton mt sgiy nngn hn. Hnh ng ny khng nh hng ti tng ti sn v li


19/28



nhun hot ng ca cng ty. Nhng tc ng no di y c thxut hin nh l hqucahnh ng ny?

a. Hsnhn vn chshu ca cng ty tng

b. Tskhnng sinh li c bn ca cng ty tng

c. TsTIE gim xung

d. TsNca cng ty tng ln

e. Tskhnng thanh ton ngn hn tng ln

Trli:

Khnng thanh ton ngn hn (CR) =TSNH

Nngn hn

Do TSNH khng i nn khi nngn hn gim => tskhnng thanh ton ngn hn tng


a. Mt cng ty sdng n by ti chnh sc snhn vn chshu cao hn mt cng tykhng sdng n

b. i vi cc nh u t, ti trbng tri phiu tt hn ti trbng cphiu bi thu nhp ttriphiu btnh thuthp hn l thu nhp tcphiu

c. Cc yu tkhc khng i, vic ti trbng nc xu hng lm tskhnng sinh li cbn thp hn

d. Cc yu tkhc khng i, tng tsnslm tng ROA

e. Nu hai cng ty c doanh thu, chi ph li vay, chi ph ho t ng v tng ti sn, nhng cphng thc ti trkhc nhau, th cng ty c nt hn sc ROE cao hn

Trli:

Snhn VCHS =Tng TS

VCSH

Hsnhn VCSH phn nh mc huy ng vn tbn ngoi doanh nghip. Do khi 2 cngty c cng VCSH th cng ty no sdng n by ti chnh nhiu hn th sc snhn VCSHcao hn.


a. Nu mt cng ty tng doanh thu trong khi gicc khon phi thu khng i, th, cc yu tkhc khng i, kthu tin (DSO) stng

b. Nu mt cng ty tng doanh thu trong khi cc khon phi thu khng i, cc yu tkhckhng i, kthu tin (DSO) sgim

c. S gim xung ca cc khon phi thu s khng nh hng ti t s thanh ton ngn hn,nhng n c thlm tsthanh ton nhanh tng


20/28



d. Nu mt nh phn tch chng khon thy kthu tin ca mt cng ty ang tng v cao hnmc trung bnh ngnh v cng c xu hng tng cao hn, iu ny c thcoi l du hiu ca scmnh ti chnh

e. Khng c mi tng quan no gia sngy bn hng (DSO) v kthu tin bnh qun (ACP).Cc tsny o lng cc khnng khc nhau

Trli:

Kthu tin bnh qun:

DSO =365


Phi thu bnh qun

Doanh thu thunx 365

Khi cc yu tkhc khng i m doanh thu tng => DSO gim

Cu 39:Nelson Automotive ang xem xt pht hnh cphiu mi v sdng stin thu c trcc khon nca cng ty. Vic pht hnh cphiu mi khng nh hng g ti tng tisn, li sut Nelson phi tr, EBIT hoc thusut thucng ty. iu g di y c thxy ranu cng tin hnh pht hnh cphiu?

a. Li nhun rng sgim

b. TsTIE sgim

c. ROA sgim

d. Thuphi np stng

e. Thu nhp chu thusgim

Trli:

V nca cng ty gim => li vay gim. M EBIT khng i => Thu nhp chu thu tng =>thuphi np stng.

Cu 40:Cng ty HD v LD c khnng sinh li, v chai u c cng tng ti sn (TA), doanhthu (S), doanh li tng ti sn (ROA) v li nhun bin (PM). Tuy nhin, cng ty HD c tsncao hn. Cu no di y l ng?

a. Cng ty HD c ROE cao hn cng ty LD

b. Cng ty HD c vng quay tng ti sn thp cng ty LD

c. Cng ty HD c li nhun hot ng (EBIT) thp hn cng ty LD

d. Cng ty HD c hsnhn vn chshu thp hn cng ty LD

e. Cng ty HD c vng quay ti sn cnh cao hn cng ty LD

Trli:

=LNST

VCSH=

LNST

Doanh thux

Doanh thu

Tng TSx

Tng TS

VCSH

Hay


21/28



=LNST

VCSH=

LNST

Doanh thux

Doanh thu

Tng TSx

1

1 D/A

V cc yu tkhc khng i. Mt khc tsnD/A ca HD cao hn LD => ROE ca HD sln hn LD.

Cu 41:Cng ty Van Buren c t s thanh ton ngn hn l 1.9. Xem xt mt cch c lp,hnh ng no di y lm GIM tsthanh ton ngn hn ca cng ty?

a. Sdng tin trbt cc giy nngn hn phi tr

b. Sdng tin trbt cc khon phi tr

c. Vay ngn hn bng cc giy nngn hn v sdng s tin thu c trbt cckhon ndi hn

d. Vay ngn hn bng cc giy nngn hn v sdng s tin thu c trbt cc khonphi np

e. Sdng tin trbt cc khon phi np

Trli:

Current Ratio =TSNH

Nngn hn=

Total current assets

Total current liabilities

Vay ngn hn bng tin v dng tin trndi hn => Nngn hn tng v TSNH khng i =>tsthanh ton ngn hn gim.

Cu 42:Cu no di y l NG?

a. Gistsvng quay tng ti sn ca cng ty gim t10% xung 9%, cng lc li nhunbin ca cng ty tng t9% ln 10%, v n/ tng ti sn tng t40% ln 60%. Trong iu kinny, ROE sgim

b. Gistsvng quay tng ti sn ca cng ty gim t10% xung 9%, cng lc linhun bin ca cng ty tng t9% ln 10%, v n/ tng ti sn tng t40% ln 60%.Trong iu kin ny, ROE stng

c. Gistsvng quay tng ti sn ca cng ty gim t10% xung 9%, cng lc li nhun

bin ca cng ty tng t9% ln 10%, v n/ tng ti sn tng t40% ln 60%. Nu khng ccc thng tin bsung, chng ta skhng thkt lun c g vROE

d. M hnh Dupont c iu chnh cung cp thng tin v cc hot ng nh hng th no tiROE, nhng m hnh ny bao gm ccc tc ng ca nln ROE

e. Cc yu tkhc khng i, tsntng ln sdn n li nhun bin trn doanh thu tng

Trli:

=LNST

VCSH=

LNST

Doanh thux

Doanh thu

Tng TSx

Tng TS

VCSH

Hay


22/28



=LNST

VCSH= PM x TATO x

1

1 D/A

Khi PM tngmt lng bng ngTATO gim, D/A tng => ROE tng

Hoc chng minh bng con slun:

=LNST

VCSH = 9% x 10% x1

1 40% = 1,5%

=LNST

VCSH= 10% x 9% x

1

1 60%= 2,25%

=> ROE2> ROE1 hay ROE tng


a. Nu hai cng ty chkhc nhau vvic sdng n, v dchai u c tng ti sn, doanhthu, chi ph hot ng, li sut nvay, v thusut nh nhau, nhng mt cng ty c tsncao hn, cng ty sdng nnhiu hn sc doanh li doanh thu thp hn.

b. Nu hai cng ty chkhc nhau vvic sdng n, v dchai u c tng ti sn, doanh thu,chi ph hot ng, li sut nvay, v thusut nh nhau, nhng mt cng ty c tsncao hn,cng ty sdng nnhiu hn sc li nhun bin trn doanh thu cao hn

c. Vic sdng nca cng ty skhng nh hng g ti li nhun bin trn doanh thu

d. Nu mt cng ty c tsncao hn cng ty khc, chng ta c thchc chn rng cng ty ctsncao hn sc tsTIE thp hn, v tsTIE phthuc hon ton vo khi lng nm cng ty sdng

e. Tsndo n c tnh mt cch tng qut to ra mt siu chnh i vi vic sdng ccti sn thu ti chnh di hnh thc thu hot ng v thtsnca cng ty m tlthu tichnh khc nhau l vn c thso snh c

Trli:

Doanh li doanh thu :

PM =LNST hoc Thu nhp rng

Doanh thu

Cng ty sdng nnhiu hn => li vay nhiu hn (do li sut vay nh nhau). V EBIT ging

nhau => Thu nhp chu thusnhhn => LNST snhhn. Mt khc doanh thu 2 cng ty lging nhau => Doanh li doanh thu cng ty sdng nhiu nhn sthp hn.


a. Cc yu tkhc khng i, DSO tng ln c thdn ti ROE tng ln

b. Cc yu tkhc khng i, DSO tng ln c thlm cho vng quay tng ti sn tng ln

c. Tsnca cng ty tng ln, doanh thu v chi ph hot ng khng i, c thlm linhun bin thp xung

d. T sndi hn/ tng vn dng nh bin ng theo ma vhn l DSO hay vng quayhng tn kho


23/28



e. Nu hai cng ty c ROA ging nhau, cng ty c ncao hn c thc ROE thp hn

Trli:

Tsn =Tng n

Tng ti sn

Tsntng ln c thdo Tng ntng => c thdn ti li vay tng. Mt khc doanh thu, chiph khng i => c thlm cho thu nhp chu thugim => c thlm LNST gim => c thlm li nhun bin thp xung.

Cc trng hp cn li c thgii thch loi trp n => p n cui cng l C c khnng ng nht.

Cu 45:HD Corp v LD Corp c tng ti sn, doanh thu, li sut vay vn, thusut, v EBITging nhau. Tuy nhin, HD sdng nhiu nhn LD. Cu no di y l ng?

a. HD sc li nhun rng trn bo co thu nhp cao hn

b. HD sc li nhun rng trn bo co thu nhp thp hn

c. Nu khng c thng tin bsung, chng ta skhng thkt lun c l liu HD hay LD c linhun rng cao hn

d. HD sphi trthuthu nhp cao hn

e. HD sc hsnhn vn chshu thp hn trong m hnh Dupont

Trli:

V HD v LD c EBIT, thusut v li sut vay vn l ging nhau.

Do D/A ca HD ln hn LD => chi ph li vay ca HD ln hn LD => Thu nhp trc thucaHD nhhn LD => LNST ca HD thp hn LD => Li nhun rng trn bo co thu nhp caHD sthp hn LD.

Cu 46:Cc yu tkhc khng i, la chn no di y slm tng dng tin ca cng tynm nay?

a. Gim sngy bn hng (DSO) m khng gim doanh thu

b. Tng snm khu hao ti sn cinh

c. Gim sd ti khon phi tr

d. Gin tsvng quay hng tn kho m khng nh hng ti doanh thu

e. Gim sd ti khon lng phi tr

Trli:

V kthu tin bnh qun:

DSO =365


Nphi thu

Doanh thu thun

V doanh thu thun khng i, m DSO gim => thu hi ntkhch hng tng => dng tin votng.


24/28



Cu 47:Cng ty HD v LD c cng doanh thu, thusut, li sut vay vn, tng ti sn v khnng sinh li c bn. Chai cng ty c li nhun rng dng. Cng ty HD c tsncao hn,v v th, chi ph li vay cao hn. Cu no di y l ng?

a. Cng ty HD c ROA cao hn

b. Cng ty HD c tsTIE cao hn

c. Cng ty HD c li nhun rng cao hn

d. Cng ty HD np thut hn

e. Cng ty HD c hsnhn vn chshu thp hn

Trli:

V HD v LD c EBIT, thusut v li sut vay vn l ging nhau.

Do D/A ca HD ln hn LD => chi ph li vay ca HD ln hn LD => Thu nhp trc thuca

HD nhhn LD => HD snp thut hn LD.

Cu 48:Cng ty HD v LD c cng doanh thu, thusut, li sut vay vn, tng ti sn v khnng sinh li c bn. Chai cng ty c li nhun dng dng. Cng ty HD c tsncao hn,v v th, chi ph li vay cao hn. Cu no di y l ng?

a. Cng ty HD c ROE thp hn

b. Cng ty HD c tsTIE thp hn

c. Cng ty HD c li nhun rng cao hn

d. Cng ty HD trnhiu thuhn

e. Cng ty HD c hsnhn vn chshu thp hn

Trli:

V khnng sinh li c bn ca 2 cng ty l ging nhau. M

BEP =EBIT

Tng ti sn

V Tng ti sn 2 cng ty ging nhau => EBIT ging nhau.

TIE =EBIT

Li vay

V D/A ca HD cao hn LD => chi ph li vay ca HD cao hn LD => TIE ca HD sthp hnLD.

Cu 49:Bn quan st thy ROE ca mt cng ty cao hn trung bnh ngnh, nhng cli nhunbin v tsnthp hn mc trung bnh ngnh. Cu no di y l ng?

a. Doanh li tng ti sn ca cng ty phi cao hn trung bnh ngnh

b. Vng quay tng ti sn phi cao hn trung bnh ngnh


25/28



c. Vng quay tng ti sn phi thp hn trung bnh ngnh

d. Vng quay tng ti sn bng trung bnh ngnh

e. Doanh li tng ti sn bng trung bnh ngnh

Trli:

= LNSTVCSH

= LNSTDoanh thu

x Doanh thuTng TS

x Tng TSVCSH

Hay

=LNST

VCSH= PM x TATO x

1

1 D/A

V ROE c hn trung bnh ngnh, li nhun bin (PM) thp hn trung bnh ngnh, t s n(D/A) thp hn trung bnh ngnh => TATO (vng quay tng ti sn) cao hn trung bnh ngnh.


a. Nu hai cng ty A v B c EPS v M/B ging nhau th hai cng ty phi c P/E nh nhau

b. Nu hai cng ty A v B c cng li nhun rng, scphiu lu hnh, v gi cphiu th tsM/B cng phi ging nhau

c. Nu hai cng ty A v B c cng li nhun rng, scphiu lu hnh, v gi cphiu thtsP/E cng phi ging nhau

d. Nu hai cng ty A v B c cng tsP/E th cc tsM/B ca 2 cng ty cng ging nhau

e. Nu cng ty A c tsP/E cao hn cng ty B, th cng ty B sc ri ro thp hn v cng kvng c tltng trng nhanh hn

Trli:

EPS =Li nhun dnh cho cng thng

Scphiu lu hnh bnh qun

Nu 2 cng ty c cng Li nhun rng, cng scphiu lu hnh (trng hp ny li nhunrng c2 cng ty u trctc ht cho cng thng)=> EPS 2 cng ty l ging nhau.


EPS

Mt khc gi cphiu trn thtrng 2 cng ty l ging nhau => P/E cng phi ging nhau.

CU HI SU TM TRN INTERNET V SCH THAM KHO

Cu 1(tng ng cu 51H Thu): Gim c mi ca cng ty mun tng vthti chnh cacng ty. Hnh ng no di y slm tng sc mnh ti chnh ca cng ty?

a. Tng khon phi trtrong khi gidoanh thu khng ib. Tng khon phi thu trong khi gidoanh thu khng i


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c. Tng hng tn kho trong khi gidoanh thu khng id. Tng EBIT trong khi gidoanh thu khng ie. Tng giy nphi trtrong khi gidoanh thu khng i

Trli:

Vic tng EBIT trong khi gidoanh thu khng i phn nh hiu qusdng vn u t cadoanh nghip ngy cng tt. Phn nh khnng sinh li thot ng u t l c hiu qu.

Cu 2(tng ng cu 53H Thu): Du hiu no di y cho thy cng ty ang ci thin vthti chnh ca mnh, cc yu tkhc khng i?a. Tskhnng thanh ton ngn hn v nhanh gimb. TsEBIT v D/A coverage tngc. Vng quay tng ti sn gimd. TIE gime. DSO tng

Trli:

Trong cc chstrn chc tsEBIT v D/A c thng bo tng l du hiu cho thy cng tyang ci thin vthti chnh ca mnh trong khi cc yu tkhc khng i. V EBIT tng phnnh hiu qusdng vn v hot ng u t ca cng ty ang ngy cng ci thin theo chiuhng tt, D/A tng phn nh khnng sdng linh hot cc ngun vn ti trbn ngoi cacng ty. Cc chtiu cn li u phn nh khng tt tnh hnh ti chnh ca cng ty.

Cu 3 (tng ng cu 56H Thu):Cu no di y l ng?a. Nu mt cng ty c tsM/B cao nht trong ngnh, th, cc yu tkhc khng i, iu nyc ngha l hi ng qun trnn sa thi gim c.

b. Cc yu tkhc khng i, nu mt cng ty c tsP/E cao nht trong ngnh th iu ny cngha l hi ng qun trnn sa thi gim c cng tyc. Cc yu tkhc khng i, nu tsM/B cng cao th gi trthtrng kvng tngthm cng caod. Nu mt cng ty c cc gi trkinh ttng thm trong qu khcao, v nu cc nh u t kvng tnh trng ny tip din th tsM/B v MVA sthp hn mc trung bnhe. Cc yu tkhc khng i, nu tltng trng kvng trong tng lai cng cao, th ts

P/E cng thp

Trli:

Trng hp nu cc yu tkhc khng i m tsM/B cng cao th cng phn nh skvngca cc nh u t vo cng ty cng cao => skvng c phn nh vo gi thtrng cacphiu => gi thtrng kvng ca cphiu tng thm cng cao.

Cu 4 (ging cu 61H Thu): Mt cng ty tng vthti chnh ca mnh. Hnh dng nodi y slm tng tskhnng thanh ton ngn hn?

a. Vay ngn hn v sdng stin nhn c thanh ton cc khon no hn trn 1 nmb. Gim tskthu tin ca cng ty xung mc trung bnh ngnh v sdng stin tit kimmua my mc trang thit b


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c. Sdng tin tng dtrhng tn khod. Sdng tin mua li cphiu ca cng tye. Pht hnh cphiu mi v sdng mt phn tin thu c mua thm hng tn khov gistin cn li di dng tin mt.

Trli:

Current Ratio =TSNH

Nngn hn=

Total current assets

Total current liabilities

Vic pht hnh cphiu mi v sdng tin thu c mua thm HTK v giti quslmcho TSNH tng, trong khi nngn hn khng thay i => Tskhnng thanh ton ngnhn (CR) tng.

Cu 5 (ging cu 76H Thu): Cng ty HD v LD c cng tng ti sn, doanh thu, v chi phhot ng, li sut. Tuy nhin, cng ty HD c tsncao hn. Cu no di y l ng?

a. Cng ty LD c khnng sinh li c bn (BEP) cao hnb. Cng ty HD c khnng sinh li c bn cao hnc. Nu li sut vay vn ca cng ty cao hn khnng sinh li c bn, th cng ty HD sc ROEcao hnd. Nu li sut vay vn ca cng ty thp hn khnng sinh li c bn, th cng ty HD scROE cao hne. Vi cc thng tin cho, LD phi c ROE cao hn

Trli:

HD v LD c cng tng ti sn, doanh thu, chi ph hot ng => EBIT ging nhau.

Do D/A ca HD cao hn LD => chi ph li vay HD cao hn LD => LNST ca HD thp hn LD.

Nu li sut vay vn cng ty thp hn khnng sinh li c bn (BEP) th chng tEBIT thakhnng ti trcho chi ph li vay, hay c2 cng ty c li nhun rng dng.

Tcc skin trn => c thROE ca HD cao hn LD (v cu ny khng cho bit 2 cng tycng VCSH hay khng nn khng tha ra dbo cthvROE ca 2 cng ty ny c).

(theo tui: c thgii thch loi tr4 cu cn li chn p n l d)

Cu 6 (ging cu 77H Thu):Nu mt chngn hng ang xem xt yu cu vay vn cacng ty, cu no di y c coi nh l ng?a. TsTIE cng thp, cc yu tkhc khng i, ngn hng sa ra li sut cng thp

b. TsEBIT v D/A coverage cng thp, cc yu tkhc khng i, th li sut ngn hng ara cng thpc. Cc yu tkhc khng i, tsthanh ton ngn hn cng thp, li sut ngn hng a racng thpd. Cc yu tkhc khng i, tsncng thp, li sut ngn hng a ra cng thpe. Cc yu tkhc khng i, tsncng cao, li sut ngn hng a ra cng thp

Trli: d


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Cu 7 (ging cu 78H Thu): Walter Industries c tsthanh ton ngn hn l 0.5. Mt cchc lp, hnh ng no di y slm tng tsthanh ton ngn hn?a. Sdng tin gim cc giy nphi trngn hn

b. Sdng tin gim cc khon phi tr

c. Vay bng cc giy nphi trv sdng stin thu c tng hng tn khod. Sdng tin gim cc khon ndi hne. Sdng tin gim cc khon ntch lu

Trli: c

Cu 8 (ging cu 79H Thu): Tng ti sn ngn hn ca Safeco l $20 triu, nngn hn l$10 triu, trong khi Risco c ti sn ngn hn l $10 triu, nngn hn l $20 triu. Chai cngty u mun "window dressing" ph php bo co ti chnh cui nm ca h, v lm vy hln khoch vay ngn hn $10 triu v gistin vay trong ti khon tin mt. Cu no diy m tr nht kt quca giao dch ny?a. Giao dch ny skhng nh hng ti sc mnh ti chnh ca cng ty c o lng bng tsthanh ton ngn hn

b. Giao dch ny slm tng sc mnh ti chnh ca chai cng ty o lng bng cc tsthanhton ngn hnc. Giao dch ny slm gim sc mnh ti chnh ca c2 cng ty o lng bng cc tsthanhton ngn hnd. Giao dch ny slm gim sc mnh ti chnh ca Safeco nhng lm tng sc mnh tichnh ca Risco o lng bng tsthanh ton ngn hn

e. Giao dch ny slm tng sc mnh ti chnh ca Safeco nhng lm gim sc mnh ti chnhca Risco o lng bng tsthanh ton ngn hn

Trli:d

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