Ch14 Mo Hinh Cho Thue Tai Chinh

7/24/2019 Ch14 Mo Hinh Cho Thue Tai Chinh

1/41

PHNG PHP KHON VAY TNG NG

Gi gc ti sn 2,160,000 nghn ngLi sut 12%Thanh ton tin thu 00,000 nghn ng!hu hao hng n"# $60,000 nghn ng

Thu sut 2%

Nm 0 1 2 3 4Dng tin s! t"!# t$ "%&t '(ng t"!)Tin thu sau thu &$',000( &$',000( &$',000( &$',000( &$',000(Gi t)* hi+n ti c-a ./ng tin *1+,33+-1./ 345&278911:G11(;11

Dng tin s! t"!# t$ m! ti snGi gc &2,160,000(L ch0,000 >0,000 >0,000 >0,000?/ng tin )/ng t@ #ua ti sn &2,160,000( >0,000 >0,000 >0,000 >0,000Gi t)* hi+n ti c-a ./ng tin *1+-+2-/ 345&27891':A1'(;1'

K"5 6i7t 8ng tinThu t)@ #ua 1,'B,000 &76,000( &76,000( &76,000( &76,000(

CDD c-a sE =hc Fi+t ./ng tin 1060% CDD&20:A20(9hi HhI JaK n sau thu >00%

MuKt *nhN Oua CP&2$Q278ROuaR8RThuR(

Li sut Thu ti sn Oua ti sn

&1,B$$,61>( &1,'6,26'(0% &2,20,000( &1,620,000(1% &2,1>,0$'( &1,6$B,70'(2% &2,172,7'( &1,6,B'1($% &2,0>2,$>0( &1,6'2,7$(7% &2,077,7$$( &1,6BB,20B(% &1,>>B,7( &1,'0$,1BB(6% &1,>7,6$6( &1,'1',771('% &1,>12,'7( &1,'$1,011(B% &1,B'2,266( &1,'7$,>71(>% &1,B$$,61>( &1,'6,26'(

10% &1,'>6,7( &1,'6B,02'(

11% &1,'60,>61( &1,''>,22(12% &1,'26,'>1( &1,'B>,>'$(1$% &1,6>$,>62( &1,B00,221(17% &1,662,70( &1,B10,020(1% &1,6$2,0B( &1,B1>,$>'(16% &1,602,B60( &1,B2B,$'7(1'% &1,'7,'( &1,B$6,>'$(1B% &1,7',6B>( &1,B7,216(

&2,700,000(

&2,200,000(

&2,000,000(

&1,B00,000(

&1,600,000(

&1,700,000(

&1,200,000(

&1,000,000(

G

i4

t@A"i7n

t&i@ng

*ng"Bn

'Cng/


2/41

1>% &1,21,61$( &1,B$,120(20% &1,7>6,7B0( &1,B60,'07(


3/41

vt Nghn ng -

&$',000(

>0,000 >0,000>0,000 >0,000

&76,000( &>0,000(

Thu tisn

9:i s!;t 5"%


4/41


5/41

9EH VAY NF

Gi gc ti sn 2,160,000 nghn ngLi sut 12%Thanh ton tin thu 00,000 nghn ng!hu hao hng n"# $60,000 nghn ng

Thu sut 2%E"i @

Nm Vn g5 '! nm T@ nI 5!i nm Tin J:i G51 1,B62,$2 20,B'1 22$,7B2 2>',$BB2 1,67,>67 11,>7> 1B','>6 $27,1$$ 1,270,B10 02,227 17B,B>' $$,$2'7 BB',7B$ 7>1,627 106,7>B $B,12' 02,$' 7B0,0'1 60,2B$ 71>,'BB6 B2,6> >2,7'' >,>0B B2,6>

=NPV($B$4*(1-

$B$7);F10:$F$15)

=D10+E1

0

=B10*12

=B10-B11


6/41

T"n" t%n tin


7/41

PHNG PHP KHON VAY TNG NG

Gi gc ti sn 2,160,000 nghn ngLi sut 12%Thanh ton tin thu 7'B,>0' nghn ng!hu hao hng n"# $60,000 nghn ng

Thu sut 2%

Nm 0 1 2 3 4Dng tin s! t"!# t$ "%&t '(ng t"!)Tin thu sau thu &$>,1B0( &$>,1B0( &$>,1B0( &$>,1B0( &$>,1B0(Gi t)* hi+n ti c-a ./ng tin *1+-+2-/ 345&278911:G11(;11

Dng tin s! t"!# t$ m! ti snGi gc &2,160,000(L ch0,000 >0,000 >0,000 >0,000?/ng tin )/ng t@ #ua ti sn &2,160,000( >0,000 >0,000 >0,000 >0,000Gi t)* hi+n ti c-a ./ng tin *1+-+2-/ 345&27891':A1'(;1'

K"5 6i7t 8ng tinThu t)@ #ua 1,B00,B20 &77>,1B0( &77>,1B0( &77>,1B0( &77>,1B0(

CDD c-a sE =hc Fi+t ./ng tin >00% CDD&20:A20(9hi HhI JaK n sau thu >00%

MuKt *nhN Thu CP&2$Q278ROuaR8RThuR(

Li sut Thu ti sn Oua ti sn

&1,'6,26'( &1,'6,26'(0% &2,1,0B$( &1,620,000(1% &2,102,7$B( &1,6$B,70'(2% &2,02,16$( &1,6,B'1($% &2,007,122( &1,6'2,7$(7% &1,>B,1BB( &1,6BB,20B(% &1,>17,277( &1,'0$,1BB(6% &1,B'2,1'>( &1,'1',771('% &1,B$1,B>1( &1,'$1,011(B% &1,'>$,2B7( &1,'7$,>71(>% &1,'6,26'( &1,'6,26'(

10% &1,'20,''( &1,'6B,02'(

11% &1,6B6,6'( &1,''>,22(12% &1,6$,>76( &1,'B>,>'$(1$% &1,622,01( &1,B00,221(17% &1,>2,2'6( &1,B10,020(1% &1,6$,20>( &1,B1>,$>'(16% &1,$,27$( &1,B2B,$'7(1'% &1,0B,$2$( &1,B$6,>'$(1B% &1,7B2,$>>( &1,B7,216(

&2,700,000(

&2,200,000(

&2,000,000(

&1,B00,000(

&1,600,000(

&1,700,000(

&1,200,000(

&1,000,000(

G

i4

t@A"i7n

t&i@ng

*ng"Bn

'Cng/


8/41

1>% &1,7',72$( &1,B$,120(20% &1,7$$,$0( &1,B60,'07(


9/41

vt Nghn ng -

&$>,1B0(

>0,000 >0,000>0,000 >0,000

&77>,1B0( &>0,000(

Thu tisn

9:i s!;t 5"%


10/41


11/41

G TL EMN 9 TLONG PHN TEH THQR TS N

Gi gc ti sn 2,160,000Li sut 12%Thanh ton tin thu 00,000!hu hao hng n"# $60,000 Ti sn Sc =hu hao ht t)ong 6 n"#

Thu sut 2%Gi t)* c/n i 200,000 Gi t)* cU thV Fn i Jo n"# ', ch*u thu

Nm 0 1 2 3 4

Dng tin s! t"!# t$ "%&t '(ng t"!)Tin thu sau thu &$',000( &$',000( &$',000( &$',000( &$',000(

Dng tin s! t"!# t$ m! ti snGi gc &2,160,000(L ch0,000 >0,000 >0,000 >0,000Gi t)* c/n i sau thu

?/ng tin )/ng t@ #ua ti sn &2,160,000( >0,000 >0,000 >0,000 >0,000

K"5 6i7t 8ng tinThu t)@ #ua 1,'B,000 &76,000( &76,000( &76,000( &76,000(

CDD c-a sE =hc Fi+t ./ng tin 1210% CDD&22:C22(9hi HhI JaK n sau thu >00% 7W&1'(MuKt *nhN Oua CP&2268RThuR8ROuaR(


12/41

hon ton

-

&$',000(

>0,000 >0,00010,000 &1'(WBW>

>0,000 >0,000 10,000

&76,000( &>0,000( &10,000(


13/41

G TL EMN 9 TLONG PHN TEH THQR TS N

Gi gc ti sn 2,160,000Li sut 12%Thanh ton tin thu 00,000!hu hao hng n"# $60,000 Ti sn Sc =hu hao ht t)ong 6 n"#

Thu sut 2%Gi t)* c/n i 200,000 Gi t)* cU thV Fn i Jo n"# ', ch*u thuXu t tSYng SYng ch


14/41

hon ton

-

&$',000(

>0,000 >0,000

120,000 &1'(WBW> >0,000 >0,000 120,000

&76,000( &>0,000( &120,000(


15/41

THQR TS N NFvt: t ng

3guKn gi ti sn 1,000ThZi hn thu &n"#( 1Gi t)* c/n i 105n tE cU 2003 JaK B00 ![ hn n 1 n"#, t) i J Jn gc u nhau

Li sut 100%Thanh ton n #\i n"# 101B 4OT&B878'(Tin thu nh]n Sc #\i n"# 12Thu sut 70%

9EH TVn tU 5 Tin t"!)


16/41

7% 62>0% 6600% '7>60% B2226% B>02'0% >1$'% 1006$

B0% 1060B% 11012>0% 11727>% 11B01

100% 1217'B% 11012>0% 11727>% 11B01

100% 1217'

NPV*

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17/41

NF

Tin J:iH%n t@0'1''7B 2''0 'B>'7'1 $07' 66$'

'16' $$1 7076B$1 $6B6 71>676$ 70 2>0160' 7761 162'611 7>0' $$B121 $>' >'07B1 >$' 11B6$>B' 6$1 172$$$$7 '1B7 16B72616 '>02 1>'21B2 B6>2 22BB

>6 >62 26$

>000

CDD c-a ./ng tin 2766%345 >$'

0 2 7

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10

100

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0

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Dng tin

Dng

tin

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0 0G0 0G1 0G1 0G2 0G2 0G$ 0G$

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18/41

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19/41

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0G7 0G7 0G


20/41


21/41

THQR TS N NFvt: t ng

3guKn gi ti sn 1,000ThZi hn thu &n"#( 1Gi t)* c/n i 105n tE cU 2003 JaK B00 ![ hn n 1 n"#, t) i J Jn gc u nhau

Li sut 1000%Thanh ton n #\i n"# 101B 4OT&B878'(Tin thu nh]n Sc #\i n"# 12Thu sut 2%

Vn tU 5 Tin t"!)


22/41

1'% BB71B% >2'1>% >6'20% 100721% 10$>22% 10'22$% 1102

27% 11$12% 11B26% 11B$2'% 120'2B% 122>2>% 121$0% 12'1$1% 12>0$2% 1$0>$$% 1$26$7% 1$7$$% 1$B

$6% 1$'$$'% 1$BB$B% 1702$>% 17170% 172B71% 177072% 1717$% 176277% 17'$7% 17B776% 17>77'% 10$

7B% 1127>% 121$0% 1$001% 1$B$2% 176$$% 1717% 1616% 16B>6% 1'>'% 1B2BB% 1B>7>% 1>B

60% 1602061% 160B162% 161$>6$% 161>667% 16226% 16$066% 16$B6'% 1670>6B% 167B6>% 1606


23/41

'0% 16$'1% 16>>'2% 1667$'$% 166B''7% 16'2>'% 16''0'6% 16B11

''% 16B0'B% 16BBB'>% 16>26B0% 16>62B1% 16>>BB2% 1'0$$B$% 1'06'B7% 1'100B% 1'1$$B6% 1'16B'% 1'1>6BB% 1'22'

B>% 1'2'>0% 1'2B6>1% 1'$17>2% 1'$72>$% 1'$'0>7% 1'$>'>% 1'72$>6% 1'77>>'% 1'7'7>B% 1'7>>>>% 1'27

100% 1'7B

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11$% 1'B21117% 1'B7011% 1'BB116% 1'B'611'% 1'B>711B% 1'>1111>% 1'>2B120% 1'>7121% 1'>62122% 1'>'B


24/41

12$% 1'>>7127% 1B01012% 1B02126% 1B07012'% 1B012B% 1B0'012>% 1B0B

1$0% 1B0>>1$1% 1B11$1$2% 1B12'1$$% 1B1711$7% 1B11$% 1B16B1$6% 1B1B11$'% 1B1>71$B% 1B20'1$>% 1B220170% 1B2$2171% 1B277

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25/41

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26/41

9EH TL NFT"n" t%n

Tin J:iH%n t@

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1120

CDD c-a ./ng tin 6%345 `22a-.

0 2

20

200

10

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tin

*tb'Cng/

0 0G0

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Gi4t@A"i7nt&i

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$8;17;$B$4;-$B$7)

+$B$11*D32-(1-$B$11)*G32-


27/41

0 00 01 01

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NPV

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28/41


29/41


30/41


31/41

7 6 B 10 12 17 16 1B

ng tin t$ t"!) ti sn "n" t"n" t$


32/41

02 02 0$ 0$ 07

t 5"i#t ";! *>/


33/41


34/41


35/41


36/41

cng d!= #t 8ng tin

Vn '! teNm


37/41

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38/41

hQY DMNG TkN Tl HOT NG THQR TS NcNG NF EHO THQ NHoP VS KHON HOSN TL VpN qQ T

CDD 2766% CDD&9B:927(

Vn '! te U d!= #t 5^ 8ng tinNm 0'1 7>$ 7172 1B6 'B> $>1 $>$ 11>1 66$' 2>7 $'07 B21 707 20$ $$B 7B$ 71> 11> 2>'6 1B' 2>01 76 277' ' 162' 17 1''B 2$7 $$B B >2> $26 >'0 B0 1'

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39/41

PHNG PHP rPrhQY DMNG TkN Tl HOT NG THQR TS NcNG NF EHO THQ NHoP VS KHON HOSN TL VpN qQ T

M 21B>%

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40/41

1 $ ' > 11 1$ 1 1'

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41/41

Nm

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6 B$$% B$$%' 6% 6%B 2'B% 2'B%

Tu J7 ";!"%

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Ch14 Mo Hinh Cho Thue Tai Chinh