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M a d e b y C a p p u c c i n o 2 0 1 0 P@ge 1 |-} {_\

Bi tp Qun Tr Ti chnh Doanh Nghip.

Chng u t di hn.

Bi 11: Mt cng ty sn xut giy lin doanh vi Nht Bn ang xem xt mt li nghmua v lp t mt bang chuyn vn chuyn nguyn liu trong nh my ca h. Gi muabang chuyn l 60.000 USD, chi ph vn chuyn, lp t v cc chi ph khc km theo l13.000 USD. Tui th ca bang chuyn l 5 nm. Hot ng ca bang chuyn khng lmtng doanh thu, nhng n c th tit kim chi ph sn xut ca Cng ty ( cha k khu haoca bang chuyn) l 32.000 USD mi nm. Gi ssau 5 nm hot ng gi tr thanh l cabang chuyn coi nh khng ng k. Thu sut thu thu nhp doanh nghip l 25%.

1.Tnh NPV ca dn trong cc trng hp sau.

a. Dy chuyn c khu hao theo phng php ng thng?

b. Khu hao theo phng php s gim dn c iu chnh, vi h siu chnh bng 2?2. Nhn xt vnh hng ca cc phng php khu hao ti NPV ca dn? Bit rng:Chi ph sdng vn bnh qun ca dn l 12%.

1. Cc khon chi ca d n:+ Mua dy chuyn: 60.000 USD+ C.ph v.chuynetc: 13.000 USD

Tng: 73.000 USD.

A) Dy chuyn khu hao theo phng php ng thng.Cc khon thu ca d n:

+ Khu hao dy chuyn= 73.000/ 5 = 14.600 USD.

(Khu hao l mt khon chi ph, c tnh vo chi ph hot ng hng nm ca doanh nghipv c khu tr vo thu nhp chu thu {GT TCDN trang 178} )

+ => Li nhun sau thu LNst = (32.00014.600) * (125%)= 13.050 usd

Thu nhp vn hnh hng nm d n= LN sau thu + Khu hao = 13.050 + 14.600 =27.650 USD.

+Thu t thanh l bang chuyn coi nh khng ng k.

Vy NPV1= 27.650 * PVFA (12%,5)73.000= 27.650 * 3,604873.000= 26.672,72. >0

B) Khu hao theo phng php sd gim dn c iu chnh (h s k=2)

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T l khu hao hng nm ca dy chuyn TKH= (1/5)*2 = 0,4 = 40%.

Bng tnh khu hao dy chuyn.

Nm Sd u k Mc Khu hao Khu hao ly kGi tr cn li

cui k

1 73.000 73.000 * 40% =29.200 29.200 43.8002 43.800 43.000 * 40%= 17.520 46.720 26.2803 26.280 26.280 * 40%= 10.512 57.232 15.7684 15.768 15.768:2=7884 65.116 78845 7.884 7884 73.000 0

Note: Thi im dng cch tnh khu hao theo pp sd gim dn chuyn sang s dng ppng thng.

L ti thi im nm t: Gi tr khu hao tnh theo pp sd gim dn < Gi tr khu hao tnh theo

pp ng thng.


cui k1 73.000 73.000 * 40% =29.200 29.200 43.8002 43.800 43.000 * 40%= 17.520 46.720 26.2803 26.280 A B C

Nm th 3: Gi tr cn li cui nm 2 = 26.280. Tip tc tnh khu hao theo pp sd gim dnMc khu hao nm 3 A = 26.280 * 0,4 = 10.512.

Nu chuyn tnh khu hao sang theo pp ng thng th mc khu hao nm 3 A= 26.280/3=8760 < 10.512 => vn tnh mc trch khu hao nm 3 theo pp sd gim dn.


cui k1 73.000 73.000 * 40% =29.200 29.200 43.8002 43.800 43.000 * 40%= 17.520 46.720 26.2803 26.280 26.280 * 40%= 10.512 57.232 15.7684 15.768 D E F

Nm th 4: Gi tr cn li cui nm 3 = 15.768. Tip tc tnh khu hao theo pp sd gim dnth Mc khu hao nm 4 : D= 15.768 *0,4 = 6.307,2.

Nu chuyn tnh khu hao theo pp ng thng th mc khu hao nm 4 : D= 15.768 : 2 =

7.884> 6.307,2.Vy mc khu hao nm 4: D = 15.768 :2 = 7.884 ht Note.

Bng tnh Dng tin ca d n:

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Cc khon mcNm

0 1 2 3 4 5

u t Dy chuyn (73.000)

Khu hao (1) 29.200 17.520 10.512 7.884 7.884

Thu t chi ph tit kim (2) 32.000 32.000 32.000 32.000 32.000

Li nhun sau thu (t=25%) (3) 2.100 10.860 16.116 18.087 18.087

Thu nhp vn hnh hng nm (4) 31.300 28.380 26.628 25.971 25.971

(3) = [ (2)-(1)] * (1- 25%)

(4)= (3) + (1)

VyNPVd n = 31.300 * PVF(12%,1) + 28.380 * PVF (12%,2) + 26.628 * PVF (12%,3) +25.971 * { PVF (12%,4) + PVF (12%,5) }73.000 = 28.896,5623.

2. Nhn xt nh hng ca pp khu hao ti NPV d n.Phng php khu hao sd gim dn c tc thu hi VT nhanh hn => tng NPV ( tnghiu qu ti chnh ca DAT ).

GT TCDN Trang 178. Mc 5.2.3 nh hng ca khu hao n dng tin ca DADT

Bi 10.

C 2 dn u t M v N vi cc dliu sau:

v: tr.

DnNm

0 1 2 3

M -120 100 25 25

N -110 25 25 100

1. Tnh NPV ca 2 dn vi t l chit khu l 15%? Nu M v N l 2 dn loi trnhau th dn no sc chp nhn? V sao?

2. Gii thch ti sao NPV ca dn N nhy cm vi sthay i ca t l chit khuhn so vi NPV ca dn M?

3. Tm t l chit khu m ti NPV ca 2 dn bng nhau?

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1. NPVM= 100 * PVF (15%,1) + 25 * { PVF(15%,2) + PVF (15%,3) }120 =2,3NPVN= 25 * { PVF (15%,1) + PVF (15%,2) } + 100 * PVF (15%,3) -110= -3,6

La chn d n M.

2. NPV ca d n N nhy cm vi sthay i ca t l chit khu hn so vi NPV ca dn M bi v dng thu nhp ca dn N c xu hng tng ln, cn dn M th ngc li.M khon tin pht sinh cng xa thi im hin ti th chu nh hng ca t l chitkhu cng ln.

3. T l chit khu ti NPV ca 2 d n l bng nhau. 100 * PVF (r,1) + 25 * { PVF(r,2) + PVF (r,3) } 120=25 * { PVF (r,1) + PVF (r,2) }+ 100 * PVF (r,3) -110

75 * PVF (r,3) -75 PVF (r,1) +10 = 0

Ta s dng pp ni suy.Chn r1= 6% => NPV1 = 75*0,8396- 75*0,9434+10 = 2,215

R2= 10% => NPV2= 75*0,7513- 75*0,9091+10 =- 1,835

Vy r = 6% + (10% - 6%) * 2,215 / ( 2,215 + 1,835) = 8,187%

Bi 12: (n v: tr)Qun Ty Hang la chn gia vic xy dng mt Hbi v mt Rp ht vi dtnh nh sau:

- Xy dng Hbi c chi ph l 5.000, ngoi ra cn phi lm mi mt con ngdn vo hbi vi chi ph l 1.200. Thu nhp hng nm (khu hao v li nhunsau thu) dtnh 1.250 trong sut 6 nm sdng. Do c hbi nn s thu htc nhiu thanh nin tham gia bi li v bi vy Qun dtnh hng nm cth tit kim c 200 tchi ph bra phng chng cc t nn x hi.

- Xy Rp ht phi b ra chi ph l 2.400, ngoi ra cn phi sa cha con ngdn vo rp ht ( c sn nhng b hng) vi chi ph dtnh mi nm l 100 (ginh vo cui nm). Doanh thu hng nm dtnh l 920, tng chi ph ( khngk khu hao) bao gm: Lng nhn vin phc v, in , nc, tin th lao choca s, nhc cng mi nm l 220. ng thi, cc ca s cn tnguyn ng gpmi nm ttin th lao hng nm l 80. Dkin rp ht s khu hao ht trong 6

nm, chi ph thanh l dtnh l 20 v gi tr ph thi l 50.- Yu cu:

1. Hy dng tiu chun gi tr hin ti thun nh gi vic xy dng Hbihay Rp ht c li hn, nu t l chit khu l 8%.

2. Gi ston b vn u t l vn vay th li sut vay vn ti a l bao nhiu

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dn xy dng Hbi khng b l, nu dn xy dng Hbi c lachn?

Bit rng:

- C 2 dn u tnh khu hao theo phng php ng thng.- Mi hot ng kinh doanh u phi ng thu thu nhp vi thu sut l 25%.- Vic xy dng Rp ht, Hbi , lm ng u thc hin theo phng thc cha

kha trao tay.

1. D n xy dng HBiCc ngun thu d n:

+ Khu hao v li nhun sau thu: 1.250

+Tit kim tchi ph 200. (khng tnh sau thu v ko thuc din chu thu thu nhpDN)

Thu nhp vn hnh hng nm d n = 1.250 + 200 = 1450.

Cc ngun chi ca d n:

+ Xy dng hbi: 5.000

+Lm ng: 1.200

Tng: 6.200NPV d n = 1.450 * PVFA (8%,6)6200 = 1.450 * 4,62296.200 =503,205

D n Rp ht.

Cc ngun chi ca d n:+ Xy Rp ht: 2.400

Cc ngun thu ca d n:

+ Khu hao = 2.400 / 6 = 400+ Li nhun sau thu = [ 920(400 + 100 + 220) ] * ( 1- 25%) + ( 50 +80) * ( 1-25%) = 247,5

+ => Thu nhp vn hnh hng nm ca d n= 247,5 + 400 = 647,5

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+Thu tthanh l TSC = (50-20) * (1-25%) = 22,5

Vy NPV d n Rp Ht = 647,5 * PVFA ( 8%,6) + 22,5 * PVF (8%,6)2.400=607,507

La chn d n Rp Ht.2. d n Hbi khng b l, nu d n xy dng Hbi c chn IRRd n

>= Li sut vay vn (r ) t l sinh li m nh u t i hi. Vi IRR= r ngha lnu d n c t l hon vn IRR bng chi ph s dng vn, th cc khon thu nhpt dn hon tr phn gc u t vo d n v tr li.

Vi 1 d n c IRR cnh khng b l th chi ph s dng vn ti a = IRR.

Tnh IRR ca d n

Chn r1= 10% => NPV1= 1.450 * PVFA (10%,6)6200= 1450*4,35536200 =115,185.

Chn r2=11% => NPV2= 1450*PVFA(11%,6)- 6200 = 1450 *4,2305 6200 = -65,775.

IRR= 10% + (11%- 10%) * 115,185 / (115,185 + 65,775) = 10,636% Ta c r = LS * ( 1- 25%) => LS ti a = 10,636 / 75% = 14,1813 %Bi 9.

Mt cng ty sn xut kem nh rang dkin nm ti su t mrng sn xut vphi la chn mt trong 2 dn sau:

-Dn A: Trang b dy chuyn ca hng Aquafresh tr gi 1.200 triu, thi gian sdng l 6 nm. Dn to ra nhu cu phi bsung VL thng xuyn l 200 triu,doanh thu thun c tht c hng nm theo dkin l 550 triu, chi ph hot ng( khng k khu hao TSC) l 200 triu. Khi dn kt thc c th thu hi ton b vnlu ng v thu vthanh l TSC ( trchi ph) l 20 triu.

-Dn B: Trang b dy chuyn ca hng Colgate tr gi 900 triu, thi gian sdng l3 nm, doanh thu thun t c hng nm l 700 triu, chi ph hot ng ( khng kkhu hao) l 300 triu , gi tr thanh l ca dy chuyn ( trchi ph ) l 10 triung.

Yu cu:1. Hy tnh gi tr hin ti thun ca mi dn?2. Chn gip cng ty 1 trong 2 dn trn?Bit rng:

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- C 2 dy chuyn u tnh khu hao theo phng php ng thng.- Chi ph sdng vn ca 2 dn u l 10% v cng ty khng b gii hn v vn

u t.

- Thu sut thu thu nhp doanh nghip l 25%.Answer.

1. D n A.Cc ngun thu ca d n:

+ Khu hao = 1200/ 6 = 200

+ Li nhun sau thu= [ 550( 200 + 200) ] *( 1-25%) = 112,5

+ Thu t thanh l ti sn = 20 * (1 -25%) = 15

+ Thu nhp vn hnh hng nm d n = 200 + 112,5 = 312,5

+Thu hi VLtx = 200

Cc ngun chi ca d n:

+ Trang b dy chuyn: 1.200

+ VLtx = 200

+ Tng = 1400

NPVd n = 312,5 * PVFA (10%,6) + {200 + 15}* PVF (10%,6)1400 = 312,5 * 4,3553 +215 * 0,56451400 = 82,39875

D n B.

Cc ngun chi ca d n:+ Trang b dy chuyn 900

+ VLtx= 0

+ Tng = 900

Cc ngun thu ca d n:

+ Khu hao = 900/3= 300

+ Li nhun sau thu = [ 700( 300 + 300) ] * ( 1- 25%) = 75

+ Thu nhp vn hnh ca d n = 300 + 75 = 375.

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+ Thu tthanh l TSC = 10 * ( 1- 25%) = 7,5

NPVd n = 375 * PVFA (10%,3) + 7,5 * PVF (10%,3)900 = 375 * 2,4869 + 7,5 *0,7513-900 = 38,22225.

2. La chn d n.Note.

nh gi la chn DAT thuc loi loi tr nhau c tui th khng bng nhau.

- Phng php thay th.+ Quy cc DA v cng 1 mt bng so snh cng di thi gian hot ng.

+ di thi gian l bi s chung nh nht ca cc DA c tui th khng bng nhau.

+ Tnh gi tr hin ti thun ca cc DA trn c sdng tin v thi gian c iu chnh .

. Ht Note.

Ginh dn B sau 3 nm c lp li ln th 2 vi mi iu kin nh ban u.

Nm

D n

Nm

0 1 2 3 4 5 6

B (900) 375 375375

7,5

B (900) 375 375375

7,5

B + B (900) 375 375 (517,5) 375 375 382,5

NPV dn (B + B) = 375 * PVFA ( 10%,6) + 7,5 * [ PVF (10%,3) + PVF (10%,6) ] 900900 * PVF (10%,3) = 375 * 4,3553 + 7,5 * ( 0,7513 + 0,5645) 900900 * 0,7513 = 66,936.

NPV (B + B) < NPV (A ). La chn d n A.

Bi 1. Mt ngi dnh gi tit kim sau 10 nm (k tkhi gi khon tin u tin) snhn c s tin l 50 triu ng. Nu li sut ngn hng l 8% nm ( tnh theo phng

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php li kp) th mi nm ng ta s phi gi u n vo ngn hng mt s tin l baonhiu?

Answer.

FVAn= CF * FVFA (8%,10)* (1+8%)

50= CF * 14,4866* (1+8%)

CF = 3,1958 tr. Nh vy u mi nm( k t khi gi khon tin u tin) ng ta phi gi u n vo 1

khon tin l 3,1958tr.

Bi 2. ng A c 2 cun s tit kim, 1 cun c thi hn 3 nm v 1 cun c thi hn 5 nmtnh tthi im hin ti. Khi ht hn mi cun u c gi tr l 5 triu ng. Vy ngay tby ging A phi gi mt s tin l bao nhiu.

Bit li sut ngn hng l 9% nm theo pp li kp.Answer.

PVAn= FV * [ PVF(9%,3) + PVF(9%,5)]

= 5 * [ 0,7722 + 0,6499]

= 7,1105 triu ng.

Bi 3. Mt ngi dtnh cn ng 30 nm na th s nghhu. Anh ta dnh gi tin voquhu bng khi nghhu s mmt ca hiu kinh doanh.

1. Nu cmi nm anh ta gi 1 triu ng ( bt u tthi im hin ti) th ti lcnghhu anh ta s nhn c s tin l bao nhiu.2. Nu mun nhn c 100 triu ng khi nghhu th mi nm anh ta phi gi bao

nhiu?

Bit li sut tit kim l 10%/ nm theo pp li kp.

Answer.

1. FVAn= CF * FVFA (10%,30) * ( 1+ 10%)= 1* 164,4940 * (1+ 10%)

=180,9434 tr.

2. 100 = CF * FVFA (10%,30) * ( 1 + 10%) CF = 0,552659 tr.

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Bi 4. C hai dn u t A v B cng c lp cho mt i tng u t c s liunh sau:

1. Tng s vn u t ca 2 dn u l 120 tr. Trong vn u t vo TSC l100 triu ng.

2. Thi gian b vn u t ( thi gian thi cng xy dng) v s vn u t b vo tngnm ca tng dn nh sau:

v: tr.

Dn

NmA B

Nm 1 50 50

Nm 2 50 70

Nm 3 20 -

3. Dtnh s li nhun rng sau khi cc dn i vo sn xut nh sau:Dn

NmA B

Nm 1 9 8

Nm 2 14 12

Nm 3 17 13

Nm 4 20 16

Nm 5 11 11

4. S tin khu hao TSC hng nm ca dn A v B khi i vo sn xut u l 20triu / nm.

5. C 2 dn khi u t xong u i vo sn xut ngay.Cn cvo ti liu trn, hy sdng pp t sut li nhun bnh qun vn u t la chn dn u t c hiu qu.

Answer.

D n A.

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- S li nhun bnh qun do u t mang li trong thi gian u t:PrA = ( 0 + 0 + 0 + 9 + 14 + 17 + 20 + 11) / 8 = 8,875

- S vn bnh qun hng nm:Cn c vo ti liu c thxc nh s vn u t tng nm:+Nm th I thi cng: 50 triu .

+Nm th II thi cng: 50 + 50= 100 triu .

+Nm th III thi cng: 100 + 20 = 120 triu .

+Nm th I sn xut: 120 triu .

+Nm th II sn xut: 120 -20= 100 triu .

+Nm th III sn xut: 100-20= 80 triu .

+Nm th IV sn xut: 80- 20 = 60 triu .

+Nm th V sn xut: 6020 = 40 triu .

S vn u t bnh qun hng nm:

VA = [ (50 + 100 + 120 ) + (120 + 100 + 80 + 60 + 40) ] / 8 = 83,75.

T sut li nhun bnh qun vn u t ca d n A:

TsVT = 8,875/ 83,75= 10,597%

D n B.

Pr= ( 0+ 0+ 0+ 8 + 12 + 13 + 16+ 11 ) / 8 = 7,5

V=[ ( 50 + 120 + 120) + ( 120 + 100 + 80 + 60 + 40) ] / 8 = 86,25

TsVT= 7,5/ 86,25 = 8,6956%.

Bi 5: ( n v: tr)

Doanh nghip X vay mt khon tin l 1.000 v phi hon tr trong thi gian 5nm, mi nm u tr mt khon tin ( gc + li) bng nhau v phi chu li sut

8% trn sd ncn li.Hy lp lch trnh tr nv ghi r s tin gc, li phi tr mi nm?

Answer.

PVAn = CF * PVFA ( 8%, 5)

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1000= CF * 3,9927

CF= 250,457.

Lch trnh tr n

(3) = (1) * 8%(4) = (2)( 3)

(5) = (1)( 4)

NmSd u

k (1)S tin tr

mi nm (2)Tr li (3) Tr gc (4)

Sd cuik. (5)

1 1000 250,457 80 170,457 829,543

2 829,543 250,457 66,3634 184,0936 645,4494

3 645,4494 250,457 51,6360 198,821 446,6284

4 446,6284 250,457 35,730 214,727 231,9014

5 231,9014 250,457 18,5556 231,9014 0

Bi 6: ( n v: tr)

Mt doanh nghip thu ti chnh mt TSC c nguyn gi l 800, thi gian thu v thigian sdng ca TSC l trng nhau v bng 5 nm. Hp ng gia cng ty cho thu ti

chnh v doanh nghip thu c quy nh r doanh nghip thu phi thanh ton cho cng tycho thu ti chnh trong 5 nm, mi nm 1 ln vo cui nm, s tin ( c gc v li ) phitrcc nm u bng nhau v phi chu li sut 10% trn sd ncn li.

Yu cu:

1. Hy xc nh s tin gc, tin li m doanh nghip phi tr cho cng ty cho thu tichnh mi nm v lp lch trnh tr n?

2. Gi sti cui nm th3, doanh nghip mun mua li ti sn thu vi gi muabng gi tr cn li ca TSC th doanh nghip s phi thanh ton cho Cng ty chothu tng s tin l bao nhiu?

Answer

PVAn = CF * PVFA (10%,5)

800 = CF * PVFA ( 10%,5)

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CF = 211,372.Lp lch trnh tr ntng t bi 5.

Bi 7. (n v: tr)

Cng ty A c k mt hp ng v thu ti chnh mt TSC vi cc thng tin chi tit chyu nh sau:

-Thi gian thu: 5 nm.

-S tin cng ty A phi tr ( c gc v li) mi nm l 200 v phi chu li sut 10% trns ncn li.

Yu cu: Hy xc nh nguyn gi TSC thu ( thi gian sdng ca ti sn ny l 5nm) v s tin li phi tr mi nm cho cng ty cho thu ti chnh?

Answer.

Lp lch trnh tr ncho tng nm.

PVAn= CF * PVFA (r,n)

= 200 * PVFA (10%, 5)

=758,16.

NG TSC = 758,16.

Bi 8.

Ban lnh o ca Cng ty gch ngi Nam ng lp k hoch mrng mt phn xngsn xut. Smrng ny cn phi trang b mt s xe ti phc v cho sn xut. Mttrong nhng c gng tit kim chi ph ca Cng ty l nh gi li nhu cu i vi xevn ti ca cc phn xng trong ton Cng ty v qua iu c 4 xe ti cho dn mrng. Nu dn khng c trin khai th 4 xe ti ny c thc bn hoc chothu vi s liu trong thi gian 6 nm nh sau:

Xe tiGi tr ti thi im

hin tiTin cho thu thunnhn c mi nm

Gi tr ti thi imkt thc nm th6

1

23

4

150

110160

150

40

3038

36

40

3075

20

Gi sb qua yu t thu thu nhp v t l chit khu l 16%. Hy tnh chi ph c hi

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ca vic sdng xe cho dn mrng sn xut.

Answer.

Note.

Chi ph c hi:+ L thu nhp b b qua do chp nhn d n ny m khng chp nhn d n khc.

+ Chi ph c hi ca mt ti sn l hin gi cao nht ca dng tin thun c th to ra t tisn nu dn u t khng s dng n.

+ Khi xem xt nhng khon thu nhp tng thm ca 1 dn u tkhng c b qua chiph c hi m phi c tnh n nh 1 phn ca chi ph u t.

VD: Gi s DN shu mt bi u xe v dnh bin n thnh nh my lp t.

- Khon vn u t ban u l 50 tng, k vng to ra dng thu nhp mi nm 14t, trong thi gian 6 nm.

- Nu dn nh my khng c trin khai, DN c th s dng l t cho thu vikhon thu nhp dtnh l 200 tr mi nm hoc bn quyn s dng t vi gi 2 tthi im hin ti.

- Gi tr thtrng ca l t sau 6 nm l 2,1 t, chi ph s dng vn ca DN l10%.

Chi ph c hi ca l t l gi tr hin gi ln nht ca 1 trong 2 phng n s dng:+ Cho thu vi thi hn 6 nm.

+ Bn quyn s dng l t.

Vy chi ph c hi ca l t.

- Bn quyn s dng t ngay:Chi ph SD t = 20002100 / ( 1 +10%) ^ 6 = 814,604 tr.

- Cho thu vi thi hn 6 nm:Chi ph SD t = 200 * PVFA ( 10%,6)= 200 * 4,3553= 871,06 tr.

Phng n cho thu l t c gi tr hin gi cao hn nn chn n lm chi ph c hi lhp l.

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Dng tin ca d n xy dng nh my ( Bao gm cchi ph c hi ca l t)

Dng tinNm

0Nm

1Nm 2 Nm 3 Nm 4 Nm 5 Nm 6

Dng tin

XD (50) 14 14 14 14 14 14

CP c hi (0,2) (0,2) (0,2) (0,2) (0,2) (0,2)

Dng tinthun

(50) 13,8 13,8 13,8 13,8 13,8 13,8

..Ht Note.

Chi ph c hi ca vic s dng xe cho d n mrng sn xut l Tng gi tr hingi ln nht ca 1 trong 2 phng n la chn: cho thu, hoc bn i vi tng xeti.( Tng xe ti l c lp vi nhau).

Chi ph c hi ca vic s dng xe ti.

Phng n

Xe

Bn xe ti

PVF(16%,6) = 0,4104

Cho thu xe

PVFA(16%,6)=3,6847

Chi phc hi

1 15040*0,4104 =133,584 40* 3,6847= 147,388 147,388

2 11030* 0,4104= 97,688 30 * 3,6847= 110,541 110,541

3 16075 *0,4104= 129,22 38 * 3,6847= 140,0186 140,0186

4 15020 * 0,4104= 141,792 36 * 3,6847= 132,6492 141,792

Tng 539,7396

Chi ph c hi ca vic s dng xe cho mi nm.

PVAn= CF * PVFA (16%,6)

539,7396 = CF * 3,6847

CF = 146,4812875.Bi 13.

Mt cng ty X c nhu cu mua mt my cng tc, hang cn nhc lachn 1 trong 2 phng n sau:

+ Nu cng ty mua my M1 th vn u t ban u l 120 tr, thi hn sdng

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6 nm. Dtnh sau 5 nm sdng c thnhng bn vi gi l 30 tr. Trongmi nm sdng , my c th mang li khon li nhun trc thul 30 tr/nm.

+ Nu cng ty mua my M2 th gi hin hnh l 80 triu ng, thi gian sdngl 5 nm. Li nhun trc thu do my mang li hng nm nh sau:

Nm th1: 20 tr. Nm th2: 22 tr. Nm th3: 24 tr.

Nm th4: 25 tr. Nm th5: 20 tr.

Dkin sau 5 nm sdng c th thanh l vi gi 6 triu ng.

Bit rng:

- Cng ty sdng pp khu hao bnh qun theo nm sdng.- Thu sut thu thu nhp doanh nghip l 25%.- Chi ph sdng vn bnh qun ca cng ty l 10%.- Chi ph cho vic nhng bn v thanh l ti sn cnh coi nh ko ng k.

Theo bn, Cng ty nn mua loi my no th c li hn?

Answer.

D n M1.

Cc ngun chi ca d n+ Vn u t ban u 120

Cc ngun thu ca d n.

+ Khu hao= 120 /6= 20.

+Li nhun sau thu = 30* ( 1-25%) = 22,5

+ Thu tthanh l TSC cui nm th 5

My M1 sau 5 nm s dng th

Gi tr cn li ca my Gc= 12020*5 = 20.

Thu TNDN phi np ( bn c gi, > gi tr cn li)

(30-20) * 25% = 2,5.

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Thu nhp nhng bn ( sau thu) = 302,5 = 27,5 tr.

Thu nhp vn hnh hng nm = 22,5 + 20 = 42,5.NPVM1= 42,5 * PVFA (10%,5) + 27,5 * PVF(10%,5)120 = 42,5* 3,7908 + 27,5*0,6209 -120 = 58,18375.

D n My M2.

+Khu hao = 80/5= 16

Bng dng tin ca d n.

Cc khon mcNm (n)

0 1 2 3 4 5

Vn T ban u (1) (80)

Khu hao hng nm (2) 16 16 16 16 16

Li nhun trc thu (3) 20 22 24 25 20

Li nhun sau thu (4) 15 16,5 18 18,75 15

Dng tin thun vn hnh(5)

31 32,5 34 34,75 31

Thu t thanh l (sau thu)

(6)4,5

Dng tin D n (7) (80) 31 32,5 34 34,75 35,5

H s PVF (10%, n) 0,9091 0,8264 0,7513 0,6836 0,6209

Gi tr hin ti ca (7) (80) 28,1821 26,858 25,5442 23,7551 22,04195

(4) = ( 3) * ( 1- 25%)

(5) = ( 4) + (2)

(6) = 6 * ( 1- 25%)

(7) = ( 1) + ( 5) + (6)

NPVM2 = 46,38135 < NPVM1 => chn M1.

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Bi 14.

Cng ty X ang cn nhc gia vic tip tc sdng thit bc hay thay th thit bmi. Thit bc c gi bn trn thtrng thi im hin ti l 42.000 USD ( bnggi tr cn li ca thit b). Nu sdng tip, n c them li khon li nhun sauthu mi nm l 5.000 USD trong 6 nm. Gi tr thanh l ca thit bsau 6 nm coinh khng ng k.

Thit b mi c gi tr khong 72.000 USD ( bao gm c chi ph vn chuyn, lp t etc) v k vng mang li khon li nhun sau thu mi nm l 7.000 USD. Dkin gi tr thanh l ca thit bsau 6 nm l 5.000 USD.

Hy cho bit:

1. Cng ty c nn thay th thit bc hay khng?2. Cng ty ch nn thay th thit b mi vi mc li nhun sau thu k vng mi

nm ti thiu l bao nhiu?

Bit rng:

- Cng ty p dng phng php khu hao ng thng.- Chi ph sdng vn l 14%- Thu sut thu TNDN l 25%.

Note.

Nguyn tc s dng khon chnh lch t cc dng tin ca d n:

- p dng trong trng hp phi la chn 1 trong 2 DA- Chp nhn mt d n l da vo vic tnh ton sthay i dng tin trong tng lai

ca DA c coi l hu qu trc tip ca vic thc hin d n ( dng chnh lch)

- Sthay i ny th hin d n c mang li gi trtng thm cho DN hay khng?VD: i vi nhng dng bi la chn thay th my mi = my c.

Mt DN ang vn hnh mt chic my c tui th5 nm.

Thu nhp c tnh mi nm l 10.000 USD.

Gi tr hin ti l 6.000 USD, gi tr cn li khi kt thc nm th 5 = 0.

Hin cng ty ang xem xt mua mt my mi c hiu quhn thay thmy c.

Tui th my mi l 5 nm. Chi ph hot ng hng nm l 13.000 USD, thp hn chi phca my c.

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Thu nhp ca my mi l 13.000 USD mi nm.

Gi bn hin nay ( gm c chi ph vn chuyn, lp t) l 17.000 USD. Gi tr cn licui nm th 5: 5.000 USD.

Chi ph s dng vn l 15%

Chnh lch dng thu nhp ca dn ( v: 1.000 $)

Tiu thcNm

0 1 2 3 4 5

Gi mua my mi (17)

Dng TN thun ca my mi 13 13 13 13 18

Gi bn my c 6

Dng TN thun ca my c (10) (10) (10) (10) (10)

Chnh lch dng TN tng thm ca DA (11) 3 3 3 3 8

quyt nh gimy c hay mua may mi phi tnh gi tr hin ti thun ca khon thunhp tng thm :

- Nu gi tr hin ti thun > 0 th cn thay th.- Nu gi tr hin ti thun < 0 th khng nn thay th.Gi s chi ph s dng vn ca DN l: 15%

Gi tr hin ti thun.

= 3.000/ 1,15 + 3.000/ 1,152 + 3.000/ 1,153 + 3.000 / 1,154 + 8.000/ 1,15511.000=1.542,3 USD.

Nn thay th my miHt Note.

Answer

1. Tnh NPV ca dng tin chnh lch ca d n.My mi.

Nguyn gi= 72.000

Li nhun sau thu mi nm = 7.000

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Khu hao hng nm = 72.000 / 6 = 12.000

Thu nhp vn hnh hng nm = 7.000 + 12.000 = 19.000

Thu t thanh l thit b = 5.000 * ( 1- 25%) = 3750

My cGi tr hin ti = 42.000

Khu hao hng nm = 42.000 / 6 = 7.000

Li nhun sau thuhng nm = 5.000

Thu nhp vn hnh hng nm = 7.000 + 5.000 = 12.000

Thu t thanh l thit b = 0

Bng dng tin chnh lch ca dn. v: 1.000 USD

Ch tiuNm (n)

0 1 2 3 4 5 6

u t my mi (72)

Dng thu nhp vn hnh (mymi)

19 19 19 19 19 19

Gi tr thanh l my 3,75Bn my c 42

Dng thu nhp vn hnh( myc)

(12) (12) (12) (12) (12) (12)

Dng tin chnh lch ca dn

(30) 7 7 7 7 7 10,75

H s PVF ( 14%, n) 0,8772 0,7695 0,6750 0,5921 0,5194 0,4556

Gi tr hin ti dng chnhlch (30) 6,1404 5,3865 4,7250 4,1447 3,6358 4,8977

Vy NPVdng chnh lch = - 1,0699.

Kt lun khng nn thay th my mi.

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2. Cng ty ch nn thay th thit b mi vi mc li nhun sau thu k vng mi nm tithiu l: X (USD)

Nh vy, i vi my mi.

Dng thu nhp vn hnh hng nm = X + 12.000

V NPVdng chnh lch = 0

(X + 12.00012.000 ) * 0,8772 + ( X + 12.000 12.000) * 0,7695 + ( X +12.000- 12.000) * 0,6750 + ( X + 12.000 12.000) * 0,5921 + ( X + 12.000 12.000) * 0,5194 + ( X + 12.000 + 3.75012.000) * 0,455630.000 = 0

3,8888 X = 28.291,5

X = 7275,123 USD.

Bi 15. Mt cng ty ang ng trc sla chn mua my mi ay tip tc s

dng my c.- My c c nguyn gi 200 tr, khu hao 60%, nhng theo gi tr thtrng

l 60 tr. Chic my ny mi nm c th mang li 20 tr li nhun trc thu.Sau 4 nm na s phi thanh l, c tnh gi trthanh l khng ng k.

- Nu mua my mi, dtnh phi b vn u t l 600 triu ng bng ngun vnvay vi li sut bnh qun l 7%/ nm. Thi gian sdng l 4 nm, mi nmmang li khon li nhun trc thu l 55 triu . Sau 4 nm sdng c ththanh l, gi tr thanh l ( sau khi tri chi ph) l 30 tr, Nhng ngay by giphi u t vn lu ng thng xuyn l 25 tr.

- Hy dng tiu chun NPV t vn cho cng ty nn chn phng n no?- Bit rng cng ty ang sdng phng php khu hao tuyn tnh cnh v

thu sut thu TNDN l 25%.

Answer.

My c.

Gi tr cn li ca my

Gc= 200200 * 60% = 80 tr.

Khu hao hng nm = 80/4= 20.

Thu nhp vn hnh hng nm = 20 + 20 * ( 1- 25%) = 35

My mi.

Khu hao = 600 / 4 = 150.

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Thu nhp vn hnh hng nm = 150 + 55 * ( 1- 25%) = 191, 25

Thu nhp tbn my c = 60 tr.

Thu thu nhp c khu tr ( gi bn my < gi tr cn li ca my )= (8060)*25% = 5 tr.

Thu hi VLtx cui nm th 4 = 25

Thu t thanh l my mi = 30 * ( 1-25%)= 22,5

Bng tnh dng tin chnh lch ca d n.

(v: tr)

Ch tiuNm

0 1 2 3 4

NG my mi (600)

VLtx (25)

Thu nhp vn hnh (my mi) 191,25 191,25 191,25 191,25

VLtx thu hi cui nm th 4 25

Thu t thanh l my mi 22,5

Bn my c 60

ThuTNDN c khu tr 5Thu nhp vn hnh my c (35) (35) (35) (35)

Dng tin chnh lch d n (560) 156,25 156,25 156,25 203,75

H s PVF (7%, n) 0,9346 0,8734 0,8163 0,7629

Gi tr hin ti dng chnh lch (560) 146,03125 136,46875 127,546875 155,440875

NPVdng chnh lch = 5,48775 > 0. Nn thay my mi.

Bi 16.

Doanh nghip K c hai phng n u t A v B . Dtnh s vn u t v khon thunhp hng nm ( li nhun sau thu v khu hao) ca tng phng n nh sau:

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(n v: tr)

NmPhng n A Phng n B

Vn u t Thu nhp Vn u t Thu nhp

0 120 - 70 -

1 30 50 -

2 50 50

3 50 60

4 38 50

Cng 120 168 160

Hy gip Cng ty la chn mt trong 2 phng n k trn theo phng php t sut honvn ni b?

Bit rng: Chi ph sdng vn bnh qun l 9%/nm

Answer.

Phng n A.

NPVA = 30/ ( 1 + IRRA)1 + 50/ ( 1 + IRRA)

2 + 50/( 1+ IRRA)3 + 38/(1 + IRRA)

4 - 120

Tm IRR NPVA = 0

Chn r1= 13% => NPV1 = 3,664626Chn r2= 16% => NPV2= - 3,95984

IRRA = 13% + 3,664626 * ( 16% - 13%) / ( 3,664626 + 3,95984)

= 14,442%

Phng n B

NPVB = 50/ ( 1 + IRRB )2 + 60/ ( 1 + IRRB ) 3 + 50 / ( 1 + IRRB ) 47050/ ( 1 + IRRB )

Tm IRRB NPVb= 0

Chn r1= 8% => NPVB = 3,24837

Chn r2= 12% => NPVB = -11,6575.

IRRB = 8% + 3,24837 ( 12%- 8%) / ( 3,24837 + 11,6575) = 8,8717% < chi ph s dng vn bnhqun = 9%.

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Bi 17.Doanh nghip A lp dn u t xy dng thm mt phn xng sn xut, c tiliu nh sau:

1. Dton vn u t:- u t vo TSC: 200 tr.- Nhu cu VL thng xuyn cn thit dtnh bng 15% doanh thu thun, ton

b vn u t b ngay mt ln.

2. Thi gian hot ng ca dn l 4 nm.3. Doanh thu thun do phn xng a li hng nm l 400 tr.4. Chi ph hot ng kinh doanh hng nm ca phn xng gm:

- Chi ph bin i bng 60% doanh thu thun.- Chi ph cnh ( cha k khu hao TSC) l 62 tr/ nm.

5. Dkin thi gian sdng ca cc ti sn cnh thuc phn xng l 4 nm vkhu hao theo phng php ng thng, gi trthanh l khng ng k.

6. SVL ng ra dkin s thu hi ht vo cui nm th4.7. Thu sut thu thu nhp doanh nghip l 25%.Yu cu:

A, Xc nh gi tr hin ti thun ca dn?B. Xc nh t sut doanh li ni b ca dn? Da trn tiu chun ny, hy cho bitDN c nn la chn dn ny khng?

Bit rng: Chi ph sdng vn bnh qun ca dn l 12%.

Answer.

a. Xc nh gi tr hin ti thun ca d n.NG TSC = 200.

Khu hao hng nm = 200 / 4= 50.CP B = 60% DTT = 0,6 * 400 = 240

CPC ( cha k KH) = 62.

LNst = [ 400(240 + 62 + 50) ] * ( 125%) =36

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Thu nhp vn hnh hng nm = 36 + 50 = 86.

VLtx = 15% * DTT = 0,15 * 400 = 60

Vy NPV d n = 86 * PVFA (12%, 4) + 60 * PVF ( 12%,4)200260

= 39,3378.b. Xc nh t sut doanh li ni b ca d n.

NPV d n = 86 * PVFA (IRR, 4) + 60 * PVF ( IRR, 4) -260 = 0.

Chn r2= 20% => NPV2= -8,4338

Chn r1= 15% => NPV1= 19,838

IRR = 15% + 19,838 * ( 20% -15% ) / ( 19,838 + 8,4338)

= 18,5% > chi ph s dng vn = 12%

Nn chp nhn d n.

Bi 18.

Cng ty X ang xem xt la chn mua mt trong 2 loi thit b T1 v T2 c tnhhnh s liu sau:

- i vi thit b T1: Gi mua v cc chi ph khc ( vn chuyn, lp t, chyth) l 100 tr, thi gian sdng l 2 nm. Theo tnh ton mi nm sdngthit b c th mang li khon li nhun sau thu l 23,8 tr.

-

i vi thit bT2: Gi mua v cc chi ph khc l 160 tr, thi gian sdng l4 nm. Theo tnh ton, mi nm sdng thit b c them li khon li nhunsau thul 25 tr.

Hay cho bit cty nn chn mua thit b no s c li hn?

Bit rng:

- Chi ph sdng vn bnh qun l 12%- Gi tr thanh l thit bkhng ng k.Answer.

Thit b 1.

Khu hao = 100/ 2 = 50.

Thu nhp vn hnh = 50 + 23,8 = 73,8

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NPV1 = 73,8 * PVFA ( 12%, 2)100 = 24,72938

Thit b 2.

Khu hao = 160 /4 = 40

Thu nhp vn hnh = 40 + 25 = 65NPV2 = 65 * PVFA ( 12%, 4 )160 = 37,1905

Do 2 thit b khng cng nhau tui th v vy gi si vi T1 sau 2 nm s dng clp li ln th 2 vi mi iu kin nh ban u.

Bng dng tin ca d n mi.

Nm 0 1 2 3 4

My

T1 (100) 73,8 73,8

T1 (100) 73,8 73,8

T1 + T1 (100) 73,8 (26,2) 73,8 73,8

NPV (T1 +T1) = 73,8 * PVFA (12%,4)100100 * PVF ( 12%, 2)

= 73,8 * 3,0337 -100 -100* 0,7972= 44,16706

Quyt nh chn T1 theo pp NPV.

Done.2/1/2012

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