DAp AN HE THI TAl CHINH DOANH NGHI:E:P 2 (D~i hoc H~ chinh quy-A2)MA. DE 040515001

Cau 1(3 di~m):

a. + Ty su~t sinh loi cua cac danh muc d~u tu:

E(Rp1) = 50%x 18% + 50%x 14% = 16%

E(Rp2) = 60%x 18% + 40%x 14% = 16,4%

+ UQlech chuan cua cac danh muc d~u tu:

Ta c6:

VPi = (0,5)2 X (14)2+(0,5)2 X (10)2+2x (0,5x 0,5x (-0, 6)x 14x 10) = 32

(JP) = 5,66%

VP2 = (0,6)2 X (14)2+ (0,4)2 X (10)2+ 2x (0,6x 0,4x (-0,6)x 14x 10)= 46,24

(JP2 = 6,8%

b. Danh muc 2 rui ro cao han vi dQlech chuan cao han.

Cau 2 (3 di~m):a. Khi cong ty c~n nguon tai tro rnoi, chi phi su dung v6n binh quan ella doanh nghieptang so voi ban d~u vi chi phi sir dung von cua tung nguon von thanh phan tang du tytrong khong thay d6i.b. Xac djnh di~m gay:

U·;< - ht nhA 8.000 16000iern gay t U at: --= .0.5

U ·;< - ht hai 4.500 22500rem gay t u at: --= .0.2

Tinh cac chi phi c~n bien cua vBnWACC1 = 12%x20% + 14%x30% + 15%x50% = 14,1%.

WACC2 = 12%x20% + 14%x30% + 17%x50% = 15,1%.= 13,5%x20% + 14%x30% + 17%x50% = 15,4%.

TCDN - TCDN2 -DHCQ - A2 Trang 1I2_MB: 040515001

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WACC

WACC,=15,1%

16.000 22.500

a. T?p hop cac dir an hieu qua: A, B, C vi c6 IRR > chi phi su dung v6n c?nbien.

Cau 3: (3 di~m) DVT: tri~u danga. Xac dinh dang tien rang cua dir an A

Ta c6: D = 2500 =5005

Gia tri thu h6i rang TSCD: 100 - 15 - (lOO-15)x 20%= 68Nam 0 1 2 3 4 5

Von d~u nr -2.500CF 350 600 750 900 900Kh&uhao 500 500 500 500 500OCF 380 580 700 820 820Thu hoi TS rang 68Dang ti~n rang -2.500 380 580 700 820 888

b. Tinh IRR:Chon r] = 9%, NPV] = 35,374

r2= 10%, NPV2 = -37,837IRR=9%+ 35,374(10%-9%)=9,48%

35,374 +37,837* TInh PITa c6: NPV = 111,873

PI == 111,873+2.500 == 1 042.500 '

K~t luan: IRR> 8% va PI > 1. Do do, du an kha thi

TCDN - TCDN2 -DHCQ - A2 Trang 2/2_Mf) : 040515001