Bi 16:Cng ty c phn Hng H c tng s vn l 8 t v c hnh thnh t cc ngun ti tr sau : Vn vay : 3.500 triu ng

Vn c phn u i : 100 triu ng Vn c phn i chng : 4.000 triu ng

Kt cu ngun vn nh trn c xem l ti u. Trong nm ti cng ty d kin huy ng 2 t v vic huy ng ny c thc hin theo kt cu ngun vn ti u. Trong cng ty d nh tnh s li nhun ti u t l 1.200 triu ng. Theo tnh ton : Chi ph s dng vn vay trc thu l : Chi ph s dng vn c phn u i l : 9% / nm 10 % / nm

Chi ph s dng vn c phn i chng : 12% / nm

Bit thu thu nhp doanh nghip l 25 % . Hy tnh chi ph s dng vn vay bnh qun ( WACC ). Gii : Vi : Rd : Chi ph s dng vn vay trc thu t : Thu sut thu TNDN Re : Chi ph s dng vn c phn u i Rs : Chi ph s dng vn c phn i chng Wd : T trng vn vay We : T trng vn c phn u i Ws : T trng vn c phn i chng

Da vo d kin u bi ta c bng sau: STT 1 2 3 4 Ngun vn Vn vay (d) Vn c phn u i (e) Vn c phn li (s) Tng (T) Gi tr (triu ng ) 3500 100 4400 8000 T trng (%) Wi = (1)/ T 43.75 1.25 55 100 Chi ph s dng vn (%) Ri 9 10 12

Chi ph s dng vn bnh qun p dng cng thc : WACC = Wd . Rd . (1 t ) + We . Re + Ws . Rs => WACC= 0,4375 0,09 1-0,25 + 0.0125 0.1 +0.55 0.12 = 10, 8 % Vy : Chi ph s dng vn bnh qun ca cng ty Hng H l 10,8 %

Bai 17:Phng ng la mt cng ty hoat ng trong nganh thc phm ong hp. Cng ty him ang xem xet huy ng vn c hi u t trong nm mi. Cac tai liu va thng tin nh sau: 1. 2. Theo c tinh ang tin cy thi lai rong ky vong trong nm ti cua Phng ng la 137,5 triu USD. C cu vn hin nay cua cng ty c coi la ti u ma cng ty ln duy tri : N dai han 45 triu USD C phn u ai 2 triu USD

C phn ai chung 53 triu USD 3. 4. a. Ty l chia c tc d kin la 45%. Cac thng tin khac v iu kin huy ng vn cua cng ty nh sau : Cng ty co th phat hanh s lng v han c phn u ai vi gia ban la 100USD/ c phn. C tc hang nm la 10USD/ c phn va chi phi phat hanh la 2,5%. Cng ty co th phat hanh v han c phn ai chung vi chi phi phat hanh la 10%. Gia ban cua c phn ai chung hin nay la 23US, c tc nm ngoai cua cng ty la 1,15USD/CP va tc tng trng ky vong cua c tc la 8%. Cng ty co th vay ti a la 90 triu USD vi lai sut vay la 10%, thu sut thu TNDN la 25%. Nu doanh nghip vay > 90 triu USD thi lai sut la 12%.

b.

c.

Yu cu: 1. 2. 3. Tinh chi phi s dung vn binh qun Xac inh cac im nhay Tinh WACC trong khoang cac im nhay.

Bai lam : STT 1 2 3 tng 1. Ngun vn N dai han C phiu u ai C phiu thng S tin (triu USD) 45 2 53 100 Ty trong (W) 45% 2% 53% 100%

Tinh chi phi s dung vn binh qun ( WACC) Ap dung cng thc : WACC = W .R (1-t)+ W R + W .R (1);d d. e. e s s

Ta co : W = 45%; W = 2%; W = 53%:d e s

Chi phi s dung vn vay ( R ) :d

R = 10%d

Chi phi s dung vn CP u ai (R ) :e

R =d1G(1-e)= 10100(1-0.025)=0.1026=10.26%e

Chi phi s dung vn CP thng (R ) :s

R =d1G=1.15(1+0.08)23+0.08=01.34=13.4%s

Thay s vao (1) ta c : WACC =0.45x 0.1x(1-0.25) + 0.02x0.1026 + 0.53x0.134 = 0.1068 = 10.68% Vy chi phi s dung vn binh qun trc khi huy ng thm vn la 10.68%; 2. a. Xac inh cac im nhay : im nhay th nht xay ra khi doanh nghip s dung ht li nhun gi lai va phat hanh c phiu thng mi :

BP1 = 137.8(1-0.45)0.53=143 ( triu USD)

b.

im nhay th hai xut hin khi vay n ngn hang co lai sut thay i: BP2 = 900.45 = 200 ( triu USD)

3.

Tinh chi phi s dung vn binh qun ( WACC ) trong khoang cac im nhay a. S dung vn u t cua cng ty t 0 n 143 triu USD Thi chi phi s dung vn binh qun ( WACC )1

WACC = W .R (1-t)+ W R + W .R1 d d. e. e s

s

= 0.45x0.1(1-0.25) + 0.02x0.1026 + 0.53x0.134 = 10.68% b. S dung ngun vn cua cng ty t 143 triu USD n 200 triu USD *thi chi phi s dung CP thng mi thay i :

R =d1G(1-e)+g=1.15(1+0.08)23(10.1)+0.08=0.14=14%s

Khi o chi phi s dung vn binh qun cua cng ty se thay i la:

WACC = 0.45x0.1(1-0.25)+0.02x0.1068 + 0.53x0.14 = 0.11 = 11%2

c.

S dung ngun vn cua cng ty 200 triu USD : Thi chi phi s dung c phiu thng mi thay i R = 14%s

Chi phi s dung vn vay cua cng ty thay i R = 12%d

Khi o chi phi s dung vn binh qun(WACC) cua cng ty thay i la :

WACC = 0.45x0.12(1-0.25) + 0.02x0.1026 + 0.53x 0.14 = 0.1168 = 11.68%3

Vy chi phi s dung vn binh qun ( WACC ) trong khoang cac im nhay : 0 < vn u t 143 triu USD => WACC = 10.68%1

143 triu USD < vn u t 200 triu USD => WACC = 11%2

200 triu USD < vn u t => WACC = 11.68%2

Bi 18C cu vn ca cng ty Hng Thnh c trnh by di y (kinh nghim hot ng nhiu nm qua cng vi cc d bo u cho rng y l c cu vn ti u m cng ty nn duy tr ) 1 N di hn : 3 triu USD 2 C phn u i : 1 triu USD 3 C phn i chng : 6 triu USD

Cng trong nm k hoch ti cng ty k vng thu c khon li rng l 840.000 USD v d nh tip tc thi hnh theo t l chia c tc l 50% . Theo tha thun t c vi cc ngn hang i tc , Hng thnh c th nhn c cc khon vay di hn vi cc iu khon sau 1 s lng vay < 300.000USD th li sut l 10% 2 s lng vay >300.000USD th li sut l 12% c bit thu sut cng ty phi chu l 40% . Gi th trng c phiu i chng ca cng ty thi im hin nay l 20USD C tc nm ngoi ca cng ty l 1,495USD t l tng c tc d kin l 7%, c phiu i chng mi c th huy ng vi chi ph pht hnh l 10% nu gi tr c phiu mi < 240.000USD .Nu vt qu con s ny th chi ph pht hnh s l 20% C phiu u i ca cng ty hin c bn vi gi l 100USD v c tc u i hang nm l 11,7USD .Nu pht hnh c phiu u i mi v nu gi tr c phiu u i ko vt qu 200.000USD th cng ty phi chu chi ph pht hnh 4%. Nu vt qu th chi ph pht hnh l 8% Yu cu 1 C bao nhiu im nhy trn th chi ph vn bin MCC ca cng ty . Cc im nhy s xut hin ti u ? cho bit nguyn nhn xut hin cc im nhy 2 Hy tnh chi ph vn trung bnh theo trng s trong khong gia cc im nhy mi trn v t xy dng th chi ph vn bin

Bi gii 1 C 4 im nhy trn th chi ph vn bin MCC ca cng ty Khi doanh nghip s dng ht li nhun li phi pht hnh c phiu thng mi vi gi tr < 240.000USD lm xut hin im nhy 1 Li nhun gi li = 840.000 *(1-0,5)= 420.000 USD

BP1= 420.000 / 0,6 = 700.000USD Khi doanh nghip pht hnh c phiu i chng mi vi gi tr > 240.000USD th chi ph pht hnh l 10% lm xut hin im nhy 2 BP2=(240.000 + 420.000) / 0,6 = 1.100.000USD Khi doanh nghip i vay vi s lng > 300.000USD th li sut l 12% lm tng chi ph ca doanh nghip xut hin im nhy 3 BP3= 300.000 / 0,3 = 1.000.000USD Khi doanh nghip pht hnh c phiu u i, nu gi tr c phiu u i ko vt qu 200.000USD th cng ty phi chu chi ph pht hnh 4%. Nu vt qu th chi ph pht hnh l 8% lm xut hin im nhy 4 BP4= 200.000 / 0,1 = 2.000.000USD 2 Ta c T trng vn vay Wd = 3 / 10 = 0,3 T trng vn c phn u i We = 1 / 10 = 0,1 T trng vn c phn i chng W s= 6 / 10 = 0,6 Chi ph s dng vn vay Rd = 10% Chi ph s dng vn c phn u i Re= dG(1-e)=11,7100*(1-0,04)=12,1875 Chi ph s dng vn c phn i chng Rs = d1G+g=1,495*(1+0,07)20+0,07 = 15% -Chi ph s dng vn bnh qun khi lng vn huy ng < 700 . 000USD WACC1 = Wd . Rd (1-t) + We .Re + Ws . Rs =0,3*0,1*(1-0,4) + 0,1 * 0,121875 +0,6 * 0,15

=12,02% -Chi ph s dng vn bnh qun khi lng vn huy ng t 700 . 000USD n 1.000.000USD Khi Rs thay i Rs = d1G(1-e)+g=1,495*(1+0,07)20*(1-0,1)+0,07=15,88% WACC2 = Wd . Rd (1-t) + We .Re + Ws . Rs =0,3*0,1*(1-0,4) + 0,1 * 0,121875 +0,6 * 0,1588 =12,55% -Chi ph s dng vn bnh qun khi lng vn huy ng t 1.000 . 000USD n 2.000.000USD Khi Rd v Rs thay i Rs = 15,88% Rd = 12% WACC3 = Wd . Rd (1-t) + We .Re + Ws . Rs =0,3*0,12*(1-0,4) + 0,1 * 0,121875 +0,6 * 0,1588 =12,91% -Chi ph s dng vn bnh qun khi lng vn huy ng t 1.100 . 000USD n 2.000.000USD Khi Rd v Rs thay i Rd = 12% Rs = d1G(1-e)+g=1,495*(1+0,07)20*(1-0,2)+0,07=16,99% WACC4 = Wd . Rd (1-t) + We .Re + Ws . Rs =0,3*0,12*(1-0,4) + 0,1 * 0,121875 +0,6 * 0,1699 =13,57% Chi ph s dng vn bnh qun khi lng vn huy ng >2.000 . 000USD Khi Rd v Rs v Re thay i

Rd = 12% Rs = 16,99% Re= dG(1-e)=11,7100*(1-0,08)=12,72%

WACC5= Wd . Rd (1-t) + We .Re + Ws . Rs =0,3*0,12*(1-0,4) + 0,1 * 0,1272 +0,6 * 0,1699 =13,63%

Bi 19: C cu vn ca cng ty i Vit c trnh by di y (kinh nghim hot ng nhiu nm qua cng vi cc d bo u cho rng y l c cu vn ti u m cng ty nn duy tr) 1. 2. 3. N di hn: 3,5 triu USD C phn u i: 1,5 triu USD C phn i chng: 5 triu USD

Cng trong nm k hoc ti cng ty k vng thu c khon li rng l 900.000 USD v d nh tip tc thi hnh theo t l chia c tc l 45%. Theo tha thun t c vi cc ngn hng i tc, i Vit c th nhn c cc khon vay di hn vi cc iu khon sau: 1. 2. S lng vay < 40.000 USD th li sut l 12% S lng vay > 40.000 USD th li sut l 15%

c bit thu sut ca cng ty phi chu l 25%, gi th trng ca c phiu i chng ca cng ty thi im hin nay l 35 USD. C tc nm ngoi ca cng ty l 2,5 USD. T l tng c tc d kin l 8%. C phiu i chng mi c th c huy ng vi chi ph pht hnh l 12% nu gi tr c phiu mi < 300.000 USD. Nu vt qu con s ny chi ph pht hnh s l 26%.

C phiu u i ca cng ty hin c bn vi gi l 200 USD v c tc u i hng nm l 15 USD. Nu pht hnh c phiu u i mi v nu gi tr c phiu u i khng vt qu 250.000 USD th cng ty phi chu chi ph pht hnh l 6%. Nu vt qu chi ph pht hnh l 9%. Yu cu: 1. C bao nhiu im nhy trn th chi ph vn bin MCC ca cng ty. Cc im nhy ny s xut hin ti u? Cho bit nguyn nhn xut hin cc im nhy? Hy tnh chi ph vn trung bnh theo trng s khong gia cc im nhy ni trn v t xy dng th chi ph vn bin. Bi gii: Ta c W = 3,5/10 = 0,35d

2.

W = 1,5/10 = 0,15e

W = 5/10 = 0,5s

Chi ph s dng vn c phn i chng : R = 2,5 x (1 + 0,08)/35 + 8% = 15,714%s

Chi ph s dng vn c phn u i : R = 15/[200 x (1 0,06)] = 0,08 = 8%e

Xc nh cc im nhy : 1. im nhy 1 xut hin do cng ty s dng ht LNGL v pht hnh c phiu thng mi : BP = LNGL/W = 0,9 x 0,55 / 0,5 = 0,99 (triu USD)1 d

2.

im nhy 2 khi cng ty vay > 400 000 USD phi chu li sut cao hn l 15% BP = 0,4 / 0,35 = 1,486 (triu USD)2

3. tr

im nhy 3 khi pht hnh c phiu thng mi c gi > 30 000 USD:

BP = (0,3 + 0,495)/ 0,5 = 1,59 (triu USD)3

4.

im nhy 4 khi cng ty pht hnh c phiu u i > 50 000 USD BP = 0,25/0,5 = 1,667(triu USD)4

Xc nh WACC cho tng im nhy Cng ty s dng vn t 0 n 0,99 (triu USD) R = 2,5 x 1,08/[35 x (1 0,12)] = 0,0877 = 8,77%s

WACC = R x W x (1 t) + R x W + R x W1 d d e e s

s

= 0,12 x 0,35 x (1 0,25) + 0,08 x 0,15 + 0,15714 x 0,5 = 12,207% Cng ty s dng vn t 0,99 n 1,486 (triu USD) R = 2,5 x 1,08/[35 x (1 0,12)] + 8% = 16,77%s

WACC = 0,12 x 0,35 x (1 0,25) + 0,08 x 0,15 + 0,1667 x 0,52

= 12,735% Cng ty s dng vn u t t 1,486 n 1,59 triu USD R = 15%d

WACC = 0,15 x 0,35 x (1 0,25) + 0,08 x 0,15 + 0,1667 x 0,53

= 13,52% Cng ty s dng vn u t t 1,59 n 1,667 triu USD R = 2,5 x 1,08 /[35 x (1 0,26)] + 0,08 = 18,42%s

WACC = 0,15 x 0,35 x (1 0,25) + 0,08 x 0,15 + 0,1842 x 0,54

= 14,34% Cng ty s dng vn t > 1,667 triu USD R = 15/[200 x (1 0,09)] = 8,24%e

WACC = 0,15 x 0,35 x (1 0,25) + 0,0824 x 0,15 + 0,1842 x 0,54

= 0,1438 = 14,38%.

Bi 20:C cu vn ca cng ty Tn Ph c th hin nh sau: -Vn vay 4 triu USD -Vn c phn u i 1 triu USD -Vn c phn i chng 5 triu USD Thu sut th TNDN cng ty phi np 40% iu kin huy ng vn vay -Nu lng vn huy ng ln hn 80 000 USD th chi ph s dng vn tng t 9% n 13% -Nu lng vn vay ln hn 1 000 000 USD th chi ph s dng vn vay la 15% Nu c phiu u i huy ng c c gi tr ln hn 400 000USD th chi ph t chc pht hnh 11%. Nu c phiu u i pht hnh c gi tr ln hn 300 000 USD th chi ph pht hnh tng t 4USD ln n 8USD/ c phiu. i vi vn c phn i chng: -Li rng d kin l 1 000 000 USD -T l chia c tc l 50% -Gi bn hin hnh l 29USD -D = 1,52 ; g = 8%0

-Nu c phiu i chng mi c gi tr ln hn 1 000 000 USD th chi ph t chc pht hnh s tng t 8% ln n 16% Bit them gi bn ca 1 c phiu u i l 100 USD/c phiu. D = 10 USD.f

Yu cu: 1.C bao nhiu im nhy trn th vn bin MCC. 2.Tnh WACC ti khong gia cc im nhy v v th vn bin MCC.

Bi lm: 1.Xc nh cc im nhy: -im nhy th nht xut hin khi cng ty s dng ht li nhun gi li, khi cng ty phi pht hnh c phiu i chng mi c gi tr nh hn 1 000 000 USD. Li nhun gi li s dng: 1000 000 x (1 50 %) = 500 000 USD Khi im nhy th nht c xc nh BP1=500 00050%=1000 000USD -im nhy th 2 xut hin khi cng ty khng vn s dng phi i vay vi s vn vay them ln hn 800 000 USD Khi xc nh c im nhy th 2 l: BP2=800 00040%=2000 000USD -im nhy th 3 xut hin khi cng ty phi i vay vn vi s vn i vay thm ln hn 1000 000USD Khi xc nh c im nhy th 3 l: BP3=1 000 00040%=2 500 000USD -im nhy th 4 xut hin khi cng ty pht hnh c phiu u i c gi tr ln hn 300 000 USD. Khi xc nh c im nhy th 4 l: BP4300 00010%=3 000 000 USD -im nhy th 5 xut hin khi cng ty pht hnh c phiu u i c gi tr ln hn 400 000 USD. Khi xc nh c im nhy th 5 l: BP5=400 00010%=4 000 000 USD -im nhy th 6 xut hin khi cng ty s dng ht li nhun gi li , tip tc pht hnh c phiu i chng mi c gi tr ln hn 1 000 000 USD.

Khi xc nh c im nhy th 6 l: BP6=1 000 00050%=3000 000 USD 2.Tnh chi ph s dng vn bnh qun trong khong gia cc im nhy. T trng n di hn: Wd=4 000 00010 000 000=40% T trng vn c phiu u i: We=1 000 00010 000 000=10% T trng vn c phiu i chng: Ws=5 000 00010 000 000=50% Chi ph s dng vn vay: Rd=9% Chi ph s dng vn c phiu u i: Re=dG(1-e)=10100(1-4%)=10,42% Chi ph s dng vn c phiu thng: Rs=d1G+g=1,52(1+8%)29+8%=13,66% -Khi lng vn huy ng t 0 n 1 000 000 USD Chi ph s dng vn bnh qun: WACC=WdRd1-t+WeRe+WsRs Ta c : WACC = 40% x 9% (1 40%) + 10% x 10,42% + 50% x 13,66%1

WACC = 10,03%1

-Khi lng vn huy ng c t 1 000 000 USD n 2 000 000 USD Khi R thay i do cng ty pht hnh c phiu i chng mi:s

Ta c chi ph s dng vn c phiu i chng lc ny l: Rs=d1G(1-e)+g=1,52(1+8%)29(1-8%)+8%=14,15% Chi ph s dng vn bnh qun:

WACC = 40% x 9% (1 40%) + 10% x 10,42% + 50% x 14,15%2

WACC = 10,28%2

-Khi lng vn huy ng c t 2 000 000 USD n 2 500 000 USD Khi R thay i do cng ty i vay vn c gi tr ln hn 800 000USDd

Ta c : R = 13%d

Chi ph s dng vn bnh qun WACC = 40% x 13% (1 40%) + 10% x 10,42% + 50% x 14,15%3

WACC = 11,24%3

-Khi lng vn huy ng c t 2 500 000 USD n 3 000 000 USD Khi R thay i do cng ty phi i vay vn vi vn vay ln hn 1 000 000 USDd

Ta c chi ph s dng vn vay lc ny l R = 15%d

Chi ph s dng vn bnh qun: WACC = 40% x 15% (1 40%) + 10% x 10,42% + 50% x 14,15%4

WACC = 11,72%4

-Khi lng vn huy ng c t 3 000 000 USD n 4 000 000 USD Khi c R v R u thay i do cng ty ng thi pht hnh c phiu u i c gi tr ln hn 300 000 USD v pht hnh c phiu i chng ln 2.e s

Chi ph s dng vn c phn u i: Re=dG(1-e)=1010(1-8%)=10,87% Chi ph s dng vn phn i chng: Rs=d1G(1-e)+g=1,52(1+8%)29(1-16%)+8%=14,74% Chi ph s dng vn bnh qun: WACC = 40% x 15% (1 40%) + 10% x 10,87% + 50% x 14,74%5

WACC = 12,06%5

-Khi lng vn huy ng c t 4 000 000 USD tr ln: Khi R thay i do cng ty pht hnh c phiu u i c gi tr ln hn 400 000 USD.e

Ta c chi ph s dng vn c phiu u i: Re=dG(1-e)=10100(1-11%)=11,42% Chi ph s dng vn bnh qun: WACC = 40% x 15% (1 40%) + 10% x 11,24% + 50% x 14,74%6

WACC = 12,09%6

Kt lun: Khi ngun vn u t t 0 n 1 000 000 USD th WACC = 10,03% Khi ngun vn u t t 1000 000 USD n 2000 000 USD th WACC = 10,28% Khi ngun vn u t t 2000 000USD n 2500 000 USD th WACC = 11,24% Khi ngun vn u t t 2500 000 USD n 3 000 000 USD th WACC = 11,72% Khi ngun vn u t t 3000 000 USD n 4 000 000 USD th WACC = 12,06% Khi ngun vn u t ln hn 4 000 000 USD th WACC = 12,09%

Bi 21:Mt doanh nghip ang s dng 2 t tin vn c hnh thnh t 3 ngun vn sau: -Pht hnh c phiu thng vi s lng l 50 000 c phiu, gi pht hnh l 20 000 / c phiu. Cc c ng i hi mc li tc nm ti l 1200 / c phiu. Trong khi t l tng hang nm c tnh l 12%.

-C phiu u i c gi pht hnh l 25 000 vi s lng l 4000 c phiu v phi tr c tc l 2500 /c phiu. -Tri phiu c gi pht hnh l 30 000 /tri phiu vi s lng l 30 000 tri phiu. Li sut tr l 2 400/tri phiu. Thu sut thu TNDN l 32%. Yu cu: 1.Hy tnh chi ph s dng vn bnh qun ca doanh nghip. 2.Vi kt cu vn nh trn DN coi l mt kt cu hp l. H s thanh ton li vay l 4. DN dung ton b li nhun gi li sau khi tr c tc ti u t. Nu doanh nghip mun gi nguyn chi ph s dng vn th quy m u t l bao nhiu? 3.Hy tnh chi ph s dng vn cn bin khi quym u t t ti 200 triu ng. Bit chi ph pht hnh c phiu thng mi l 2 000 / c phiu cn chi ph pht hnh c phiu u i v tri phiu c th b qua. Bi lm: 1.Tnh chi ph s dng vn bnh qun T trng ca tri phiu Wd=30 00030 0002 000 000 000=45% T trng ca vn c phiu u i We=2500040002000 000 000=5% T trng ca vn c phiu thng Ws=50000200002000 000 000=50% Chi ph s dng vn vay (tri phiu) Rd=2400300003000030000=8% Chi ph s dng vn c phiu u i Re=dG(1-e)=250025000=10% Chi ph s dng vn c phiu thng Rs=d1G+g=120020000+12%=18%

Vy chi ph s dng vn bnh qun WACC=WdRd1-t+WeRe+WsRs WACC = 45% x 8% (1-32%) + 5% x 10% + 50% x 18% WACC = 11,95% 2.Quy m vn u t: Tng s tin li vay: I = 2400 x 30 000 = 72 000 000 H s thanh ton li vay l 4 EBITI=4 Li nhun trc li vay v thu: EBIT = 4 I = 4 x 72 000 000 = 288 000 000 Li nhun trc thu l LNTT = 288 000 000 72 000 000 = 216 000 000 Li nhun sau thu l: LNST = 216 000 000 (1 32%) = 146 880 000 Li nhun sau khi tr c tc ti u t l: 146 880 000 (1200 x 50 000 + 2500 x 4000) = 76 880 000 Mun gi cn bng t trng cc ngun vn nh c, li nhun gi li ti u t chim 50%, cn li 50% l n vay v c phiu u i. Do tng s vn mi c th s dng c c cu vn ti u: s vn mi= 76 880 00050%=153 760 000 Nh vy nu dng 76 880 000 li nhun gi li ti u t th phi huy ng thm vn t: -Vay n: 153 760 000 x 45% = 69 192 000 -C phiu u i: 153 760 000 x 5% = 7 688 000

3.Tnh chi ph s dng vn cn bin khi quy m vn u t l 200 triu ng. Khi quy m vn u t t ti 200 triu ng, doanh nghip pht hnh c phiu thng mi vi chi ph pht hnh l e=200020 000=10% Chi ph s dng vn c phiu thng mi l: Rs=d1G(1-e)+g=120020000(1-10%)+12%=18,67% Chi ph s dng vn bnh qun l: WACC=WdRd1-t+WeRe+WsRs WACC = 45% x 8% (1-32%) + 5% x 10% + 50% x 18,67% WACC = 12,28%. Vy khi quy m vn u t l 200 triu ng th chi ph s dng vn bnh qun l 12,28%.

Bi 22:Trong nm N hng A c nhu cu u t m rng sn xut c 3 phng n c a ra vi nhu cu vn ln lt l 50 triu, 80 triu v 100 triu. - Kt cu vn sau y c coi l kt vn ti u: Vay n (t tri phiu) : 30% c phiu u i : 20% C phiu thng : 50% - V vay n : Chi ph s dng vn trc thu 10% - C phiu u i c chi ph s dng l 8% - Ring c phiu thng c c tc d kin chia nm ti l 5000 , cn sut tng trng trung bnh v n nh qua nhiu nm tng ng l 6%. Th gi c phiu thng l 100.000 Hng A nm N t doanh thu l 800 tr v t t sut li nhun doanh thu

(LN trc thu) l 20%. Hng A theo ui chnh sch dng 70% LN sau thu tr c tc

Yu cu:1. Tnh chi ph s dng vn bnh qun ca d n u t hng A nm N? 2. Tnh chi ph s dng vn bin khi nhu cu vn u t l 50 tr, 80 tr, v 100 tr? 3. Tnh chi ph s dng vn bnh qun khi nhu cu vn u t l 50 tr, 80 tr, v 100tr ? Bit thu sut thu TNDN l 32%. Chi ph pht hnh c phiu thng mi l 6% / gi bn

Gii:1. Tnh chi ph s dng vn bnh qun: WACC = Wd*Rd*(1 t) + We*Re + Ws*Rs M Wd = 30%; Rd = 10%; We = 20%; Re = 8%; Rs = 5000100000 + 6% = 11% ; Ws = 50% WACC = 30%*10%*(1 32%) +20%*8 %+50%*11% = 9,14% 2. Li nhun trc thu = Doanh thu * 20% = 800.000.000*20% = 160.000.000 (ng)

Li nhun sau thu = 160.000.000*(1 32%) = 108.800.000 (ng) Li nhun gi li: 108.800.000*(1 70%) = 32.640.000 (ng). Lng vn cn huy ng khi dng ht li nhun gi li: BP = 32.640.00050% = 65.280.000 (ng)1

Ti y c R = 5000100.000*(1-6%) + 6% = 11,32%s

WACC = 10%* 30%*(1 32%) + 20%*8% + 50%*11,32% = 9,3%2

Ta c bng chi ph cn bin v chi ph cn bin bnh qun nh sau : ( n v : triu ng)

Vn 50 Cng

Ga tr 50 0 50

Kt cu (%) Chi ph cn bin 100 0 100 81,6 18,4 100 65,28 34,72 100 9,14 % 9,3% 9,14 % 9,3 % 9,14 % 11,32 %

Chi ph cn bin bnh qun 9,14 % 0 9,14 % 7,46% 1,71 % 9,17 % 5,97 % 3,23% 9,2 %

80 Cng

65,28 14,72 80

100 Cng

65,28 34,72 100

3.

Tnh chi ph s dng vn bnh qun khi nhu cu u t l 50 tr, 80 tr, 100 tr Khi nhu cu vn u t l 50 tr th chi ph s dng vn bnh qun l :

WACC = 30%*10%.(1-32%) +20%*8% + 50%*11% = 9.14% Khi nhu cu s dng vn u t l 80 tr hoc 100 tr th hng A pht hnh c phiu thng mi nn Rs thay i do chi ph s dng vn bnh qun thay i

WACC= 30%*10%.(1-32%) +20%*8% + 50%*11.32% = 9.3% Bi 23: C ti liu 1 cty c phn nh sau: 1. Kt cu vn sau c coi l ti u:

2.

Vn vay: 60% Vn gp: 40% Tng doanh thu trong nm l 3000 tr. v thc t trong 1 doanh thu ch c 0,15 LN trc thu. Cty dnh ra 80% LN sau thu u t Vn vay c li sut vay l 10%/nm Cty d tnh nu pht hnh c phiu thng mi th mnh gi bng gi pht hnh, trong khi chi ph pht hnh l 4%. Li tc ca 1 c phiu m cc c ng i hi l 10% v t l tng trng c tc l 2% Thu sut thu TNDN l 32%

3. 4.

5.

Yu cu: Tnh chi ph s dng vn bnh qun ca cty khi nhu cu vn u t l 500tr, 800tr

BI LM: Ta c: G : mnh gi d = G x 0,1 G = 2% Chi ph s dng v c phiu thng: Rs=dG+g=Gx0,1G+0,02=0,12=12% * im nhy: Khi dng ht LNGL, huy ng vn cty s pht hnh c phiu thng mi:

LN sau thu = 3000 x 0,15 x (1 0,32) = 306 tr. LN gi li = 306 x 0,8 = 244,8 tr. BP = 244,8/0,4 = 612 tr.

Khi nhu cu vn u t ca cty l 500 tr. (0 __< 621tr.)

Chi ph s dng vn bnh qun ca cty khi nhu cu vn u t l 500tr: WACC = W . R + W . R1 d d s s

= 0,6 x 0,1 x (1 0,32) + 0,12 x 0,4 = 8,88% Khi nhu cu vn u t ca cty l 800 tr. ( > 612 tr.)

Rs=dG(1-e)+g=Gx0,1G(1-0,04)+0,02=0,1242=12,42% Chi ph s dng vn bnh qun ca cty khi nhu cu vn u t l 800tr: WACC = W . R + W . R2 d d s s

= 0,6 x 0,1 x (1 0,32) + 0,1242 x 0,4 = 9,048% Bi 24: bi: Vn ca cng ty A l 2.000 triu trong : - Vay 800 triu vi li sut 10%. - Vn gp (c phiu thng) : 1.000 triu ng. T sut danh li cc c ng i hi l: 9%. Tc tng li nhun trung bnh hng nm l 0.5%/ nm. - Vn gp (c phn u i) : 200 triu vi t sut danh li i hi : 8%. Hy tnh chi ph s dng vn bnh qun ca cng ty A. Bit thu sut thu TNDN l 32%.

Gii: Theo bi ta c biu: Ngun vn ca cng ty A

S TT

Ngun vn

Gi tr (triu ng)

T trng (%) Wd =

1.

Vn vay

800

40 2. 3. Vn c phn thng Vn c phn u i Cng 1.000 200 2.000 Ws = 50 We = 10 100

Chi ph s dng vn vay (Rd): Rd = 10%. Chi ph s dng vn c phn thng (Rs): Rs = 9% + 0,5% = 9,5%. Chi ph s dng vn c phiu u i (Re): Re = 8%. Adct tnh chi ph s dng vn bnh qun (WACC) : WACC = Wd*Rd*(1-t) + We*Re + Ws*Rs. Ta c: WACC = 0.4*10%*(1-0.32) + 0.1*8% + 0.5*9.5% =8.27%. KL: Chi ph s dng vn bnh qun ca cng ty A l: 8.27%.

Bai 25Cng ty ABC hin ang co nhu cu u t m rng san xut vi tng s vn la 1500 triu vao tai san c inh ( bo 1 ln vao u nm) va do vy thu nhp t khu hao va LN rong mi nm tng thm so vi hin nay la 300tr lin tuc trong 6 nm. Ban giam c cng ty cho bit tt ca cac d an u t chi c thc thi khi gia tri hin tai rong dng. Anh chi hay xac inh NPV cua d an nay khng inh tinh kha thi cua d an Bit rng vn u t c hinh thanh t cac ngun sau: a) Vn vay 1000 triu , thi gian vay la 4 nm , mi nm vay phai tra ca gc va lai nh sau:

N1 : 100tr N2: 300tr N3: 300tr N4: 500tr b) Phat hanh c phiu thng ,s lng la 300 c phiu , gia ban la 1000000/cp D tinh chi phi phat hanh chim 4% gia ban va cac c ng oi hoi li tc co phn la 100000 trong khi ti l tng trng c tc hang nm u n va bng 3% c) Phat hanh c phiu u ai co s lng la 200 c phiu vi gia ban 1000000/cp, c tc phai tra la 90000/cp , tit l chi phi phat hanh chim 5% gia ban . bit thu sut thu TNDN la 32% . Gii : Xc nh NPV ca d n ny p dng cng thc :

NPV: Gi tr hin ti thun ca d n u t CF : Dng tin thun ca u t nm tt

CF : Vn u t ban u ca d n0

R: Vng i ca d n *Tnh chi ph s dng vn bnh qun : WACC = W *R ( 1-t) +W *B + W R e e s s

Trong :

Tnh chi ph s dng vn vay (R )

p dng cng thc

Gi A Chn r = 5%1

= 38,75 > 0 (tha mn yu cu) + Chn r = 10%2

Chi ph s dng vn vay

Chi ph s dng c phiu u i (R )e

- Chi phi s dng c phiu i chng

Vy chi ph s dng vn bnh qun WACC= 66,67% +*6,43%(1-32%)+13,33%*9,47% +20%*13,42% = 6,86% Vy

Vy d n khng kh thi nn cng ty khng nn u t