Chiphi Su Dung Von

7/30/2019 Chiphi Su Dung Von

1/40

13/05/2013 1

3.2. CHI PH S DNG CC N.VNC/C: Cost of Capital

3.2.1. Chi ph s dng n.vn vay ngn hnV d: Cty vay ngn hng 100 triu ng, li sut12%/nm, 3 thng tr li 1 ln. Thu TNDN 25%.Chi ph s dng vn:r = [(1+3%)4 1](1-0,25) = 12,55%*0,75

= 9,41%/nm3.2.2. Chi ph s dng n.vn vay di hnV d: Cty vay ngn hng 100 triu ng, li sut12%/nm. Thu TNDN 25%. Chi ph s dng vnr = 12% (1-0,25) = 9%/nm


2/40

13/05/2013 2

3.2.3. C.ph s dng n.vn khi ph.hnh t.phiu

V d: Cty pht hnh tri phiu, bn theo mnh gi100.000, li sut 12%/nm k hn 3 nm. Chiph pht hnh 10.000, thu thu nhp 25%

Tin li tr sau thu(100.000*12%)(1-25%)= 9.000Vn nhn c: 100.000-10.000 = 90.00090.000=7.800[1-(1+r)-3/r]+[100.000(1+r)-3]

r =13,26%/nmNu tri phiu v hn:90.000 = 9.000/r -> r = 10%/nm


3/40

13/05/2013 3

3.2.4. C/C pht hnh c phn u iV d: Cty pht hnh c phn u i vi

mnh gi 100.000, c tc tr hng nm6%, chi ph pht hnh 5.000

- Vn nhn c: 100.0005.000 = 95.000

r = 6.000/95.000 = 6,32%/nm


4/40

13/05/2013 4

3.2.5. C/C pht hnh c phn thngV d: Cty c 10.000cp ang lu hnh, khng vay

n, k vng thu c 20 tr. li nhun(2.000/cp)

Cty pht hnh thm 5.000cp vi gi 20.000/cp,chi ph pht hnh 2.000/cp, cty thu c:

18.000*5.000 = 90 tr.. Nu sinh li 10%L.nhun tng thm: 90tr.*10% = 9 tr.Tng li nhun: 20 + 9 = 29 tr.Tng c phn: 10.000+5.000=15.000cp

LN/cp = 29.000.000/15.000 = 1.933 < 2.000Nh vy m bo LN/cp c duy tr nh cLN k vng phi l: 2.000/18.000 = 11,11%/nm


5/40

13/05/2013 5

3.3. C.PH S DNG N.VN B.QUN

WACC: Weighted Average Cost of Capital

V d 1:

WACC = [(4*5%)+(6*10%)]/10 = 0,08 = 8%

N.vn di hn S tin T trng Huy ng C/CVay 40 40% 4 5%

C phn 60 60% 6 10%100 10


6/40

13/05/2013 6

V d 2: C cu n.vn ti u vi WACC thp nht

T s n CP vn c.phn CP vay WACC

0% 12% 3% 12.00%

10% 12% 3% 11.10%

20% 12% 3% 10.20%

40% 16% 4% 11.20%

60% 20% 7% 12.20%

80% 24% 10% 12.80%


7/40

13/05/2013 7

0

5

10

15

20

25

30

0 10 20 30 40 50 60 70 80T s n

C/C

CP vn

cphnWACC

CP vay


8/40

13/05/2013 8

V d 3: C cu n.vn ti u vi WACC thp nht

N.vn T trng C/C WACCDN1 Vay 0% 3%

Vn CP 100% 12% 12.00%

DN2 Vay 10% 3%Vn CP 90% 12% 11.10%

DN3 Vay 20% 3%

Vn CP 80% 12% 10.20%DN4 Vay 35% 4%

Vn CP 65% 14% 10.50%


9/40

13/05/2013 9

3.4. C.PH S DNG N.VN BIN T

V d: Cty c c cu n.vn di hn ti u

Nu C/C n vay 3,6%, CP u i 7,5%, vn t c 10%.WACC s l:

S tin(t ) T trng

N di hn 144 20%CP u i 36 5%

Vn t c 540 75%

720 100%


10/40

13/05/2013 10

Cty tng thm n.vn 40t, WACC tnh theo gi tr ngunvn huy ng s l

%6,8720

%10*540%5,7*36%6,3*144

Vay 8 3.60% 0.288

CP u i 2 7.50% 0.150

LN gi li 30 10.00% 3.00040 3.438

WACC 8.60%


11/40

13/05/2013 11

Tnh theo t trng cc loi ngun vn

Vay 20% 3.60% 0.72%

CP u i 5% 7.50% 0.38%

LN gi li 75% 10.00% 7.50%

WACC 8.60%


12/40

13/05/2013 12

Nu Cty c mc c tc hng nm l 2.000,

th gi 50.000/cp. Mi nm c tc v thgi c phn tng u 6%.

Trng hp cty cn tng ngun vn cao

hn 40t, cty phi pht hnh thm cphn thng mi vi chi ph pht hnh15%, C/C cho c phn mi pht hnh:

%99,10%6%)151(000.50

%)61(000.2/CC


13/40

13/05/2013 13

WACC cho cc khan vn cao hn 40t:

T trng C/C WACC

Vay 20% 3.60% 0.72%

CP u i 5% 7.50% 0.38%

CP thng 75% 10.99% 8.24%

9.34%


14/40

13/05/2013 14

Chi ph vn bin t (MCC: Marginal Cost of Capital) l

chi ph ca 1ng cui cng ca vn mi huy ngtrong nm (0,20 xu n, 0,05xu cp u i v 0,75xu vnt c). Chi ph vn ca 1 ng cho cc khon vn vaydi 40t lun lun c nh 8,6% (cng l chi ph vn

bin t di 40t), chi ph vn bin t trn 40t tng ln9,34% v phi huy ng thm c phn thng mi vichi ph cao hn LN gi li

Chi ph trung bnh vn mi ti thiu ha chnh l chi phvn bin t trung bnh trc v sau khi cn n vn nvn t c bn ngoi.


15/40

13/05/2013 15

Tnh WACC cho nhiu mc vn


16/40

13/05/2013 16

4. U T DI HN4.1. HOT NG U T

4.2. PHNG PHP LA CHN D N UT

4.3. HOCH NH NGN SCH U T TI

U.


17/40

13/05/2013 17

4.1. HOT NG U T

4.1.1. Khai niem au t- au t la hoat ong s dung cac nguon

lc e san xuat kinh doanh trong motthi gian tng oi dai nham thu ve lich tai chnh (li nhuan), li ch kinh te,li ch xa hoi

- au t la s bo von thi iem hien taie mong at c hieu qua ln ve kinhte xa hoi trong tng lai.


18/40

13/05/2013 18

4.1.2. Phan loai au t

a. Can c thi gian: Ngan han va dai hanb. Can c muc tieu:- au t ben ngoai- au t ben trong: chieu sau, chieu rong, va thay the

hay duy trc. Can c vao chu the: trc tiep hay gian tiep

4.1.3. Nguon von au t

a. Nguon von t co: ben trong hay ben ngoaib. Nguon von vay.


19/40

13/05/2013 19

4.1.4. Khai niem d an au tTheo Ngh nh 52/1999/N-CP ngay

08/7/1999 cua Chnh phu : D an au t lamot tap hp nhng e xuat co lien quan enviec bo von e tao mi, m rong hoac cai taonhng c s vat chat nhat nh nham at cs tang trng ve so lng hoac duy tr, caitien, nang cao chat lng cua san pham hoacdch vu trong khoang thi gian xac nh (ch

bao gom hoat ong au t trc tiep)D an au t gian tiep: Hun von, lien doanh,muabn chng khoan


20/40

13/05/2013 20

4.1.5. Cac nhan to quyet nh au t(1) Chnh sach kinh te cua Nha nc: phap ly(2) Th trng va s canh tranh: co nhu cau va co li

the canh tranh

(3) Chnh sach huy ong nguon von: CC thap(4) o tin cay cua s au t: kiem soat rui ro(5) S tien bo cua khoa hc cong nghe

(6) Kha nang tai chnh cua doanh nghiep: nguon von(7) Tnh cach cua nha au t: mc ngai rui ro.


21/40

13/05/2013 21

4.2. PHNG PHP LA CHND N U T4.2.1. Xc nh dng tin ca d na. Dng chi: N.vn vay hoc n.vn t c

b. Dng thu: Khu hao + li nhun sau thu

4.2.2. Xy dng dng tinV d 1: Nm 0: Chi 100t mua TSC v 2t VL,thi gian hat ng ca d n 10 nm. Dthu: 2 nm u70t/nm, cc nm sau 100t/nm, bin ph 60%, nh

ph 8t/nm. Cui nm 3 tng 0,5t VL. Nm 10

thanh l TSC thu 20t, VL thu 2,5t. Thu TNDN30% (2 nm u min thu). Xy dng dng tin (khuhao ng thng).


22/40

13/05/2013 22


23/40

13/05/2013 23

V du 2: May cu: 150tr, 15 nam, a K.hao 5 nam theong thang, g.tr thu hoi 0, ban c 20tr

May mi: 200tr, K.hao 10 nam theo ng thang,

g.tr thu hoi 0. D.thu tang 200tr len 220tr, c.phgiam 140tr xuong 100tr. Thue TNDN 30%. Xacnh dong tien

Tnh nhu cau von au t:

- Mua may mi 200tr- Thu ban may cu 20tr- G.tr con lai may cu: 150-50 = 100tr- Lo do ban may cu: 100-20 = 80tr

- Giam thue TNDN: 80*30% = 24tr- Von au t cua d an: 200-20-24 = 156tr.


24/40

13/05/2013 24

My c My mi C.lch

D.thu 200 220 20

Tng c.ph 140 100 -40

K.hao 10 20 10

EBT 50 100 50EAT 35 70 35

CF 45 90 45


25/40

13/05/2013 25

V du 3: (VT: trieu ong) May cu: 150, thi gian sdung 10 nam, a K.hao 5 nam, g.tr thu hoi 10, ban

c 20May mi: 300, th.gian s dung 5 nam, g.tri thu hoi 30D.thu: 200 len 230, c.ph 140 xuong 100, K.hao theo

tong so nam, Thue TNDN 30%. Xac nh dong tien

G.tr con lai cua may cu

Lo do ban may cu: 40,909-20=20,909Giam thue TNDN: 20,909*30%=6,2727.

1 2 3 4 5 Cong Con lai

27,273 24,545 21,818 19,091 16,364 109,091 40,909


26/40

13/05/2013 26

My c 0 1 2 3 4 5

D.thu 200 200 200 200 200

C.ph 140 140 140 140 140

K.hao 13.636 10.909 8.182 5.455 2.727

EBT 46.364 49.091 51.818 54.545 57.273

Thu 13.909 14.727 15.545 16.364 17.182

EAT 32.455 34.364 36.273 38.182 40.091

CF 46.091 45.273 44.455 43.637 42.818

G.tr thu hi 7

Dng chi -280 46.091 45.273 44.455 43.637 49.818


27/40

13/05/2013 27

Dng chi -280 46.091 45.273 44.455 43.637 49.818

My mi 0 1 2 3 4 5

D.thu 230 230 230 230 230C.ph 100 100 100 100 100

K.hao 93.33 74.67 56.00 37.33 18.67

EBT 36.67 55.33 74.00 92.67 111.33

Thu 11.00 16.60 22.20 27.80 33.40

EAT 25.67 38.73 51.80 64.87 77.93

CF 119.00 113.40 107.80 102.20 96.60

G.tr thu hi 21.00

Dng thu 6.27 119.00 113.40 107.80 102.20 117.60

NCF -273.73 72.908 68.128 63.345 58.563 67.783


28/40

13/05/2013 28

V du 4: (VT:trieu ong) D an au t TSC1.000, hoat ong 10nam, g.tr thu hoi 50.K.hao ng thang. D.thu nam au 1.200, 2

nam tiep theo 1.600, nam tr i 2.000, c.ph70% d.thu. a iem ang cho thue 100/nam,boi thng 160. VL nam au 200, cuoi nam

1 tang them 50, cuoi nam 3 tang 50. ThueTNDN 28%. Xac nh dong tien.


29/40

13/05/2013 29

0 1 2 3 4 n 9 10

D.thu 1200 1600 1600 2000 2000

C.ph 840 1120 1120 1400 1400

K.hao 100 100 100 100 100EBT 260 380 380 500 500

Thu TNDN 72.8 106.4 106.4 140 140

EAT 187.2 273.6 273.6 360 360

Dng tin 287.2 373.6 373.6 460 460

G.tr thu hi 36

Thu hi VL 300

Dng thu 287.2 373.6 373.6 460 796

Chi tin pht -160

Tr tin cho thu -72 -72 -72 -72 -72Vn u t -1200 -50 -50

Dng chi -1360 -122 -72 -122 -72 -72

NCF -1360 165.2 301.6 251.6 388 724


30/40

13/05/2013 30

4.2.3. Cac phng phap tham nh DATa. Phng phap khong chiet khau- ROI (Return On Investment). V du 5:

Nm Vn .t Li rng Khu hao Thu nhp

X Y X Y X Y X Y

0 1000 1000

1 120 120 200 125 320 2452 150 120 200 125 350 245

3 200 255 200 125 400 380

4 200 255 200 125 400 380

5 200 255 200 125 400 380

6 255 125 380

7 255 125 380

8 255 125 380

Cng 1000 1000 870 1770 1000 1000 1870 2770


31/40

13/05/2013 31

ROI bnh quan(X)

EAT bnh quan = 870/5 = 174

ROI bnh quan(Y)EAT bnh quan = 1.770/8 =221,25

%29600

174

6005

2004006008001000

ROIbq

Ibq

%33,395,562

25,221

5,5628

1252503755006257508751000

ROIbq

Ibq


32/40

13/05/2013 32

- Thi gian hoan von PP(Payback Period)

D an X:Von .t thu hoi sau 2 nam: 320+350 = 670So von con lai phai thu hoi: 1.000-670 = 330

PP = 2nam + (330/400)12 = 2 nam 10 thangD an Y:Von thu hoi sau 3 nam: 245+245+380 = 870

So von con lai phai thu hoi: 1.000-870 = 130PP = 3 nam + (130/380)12 = 3 nam 4 thang.

b Ph h hi t kh


33/40

13/05/2013 33

b. Phng phap chiet khauV du 6: Ty suat chiet khau 15%/nam, Von .t 5.000Nam 2004 2005 2006 2007

Dong thu: 1.660 1.781 1.922 2.087- Tnh DPP: (Discounted Payback Period)Nam FV He so CK (15%) PV Cong don2004: 1.660 0,869565 1.443 1.443

2005: 1.781 0,756144 1.347 2.7902006: 1.922 0,657516 1.264 4.0542007: 2.087 0,571753 1.193 5.247DPP = 3 nam + [(5.000 4.054)/1.193]12

= 3 nam + (946/1.193)12 = 3 nam 10 thang < 4 nam- Tnh NPV: NPV = 5.247 - 5.000 = + 247 trieu ong > 0- Tnh PI (Profitability Index): PI = 5.247/5.000 = 1,05>1


34/40

13/05/2013 34

-Tnh IRR:Khi NPV=0,ta co IRR,dung phep th e tnh IRRNam Dong tien He so CK (17%) PV Cong don2004: 1.660 0,854701 1.419 1.419

2005: 1.781 0,730514 1.301 2.7202006: 1.922 0,624371 1.200 3.9202007: 2.087 0,533650 1.114 5.033r1 = 17%, NPV1 = 5.033 - 5.000 = + 33 > 0

Nam Dong tien He so CK (18%) PV Cong don2004: 1.660 0,847458 1.407 1.4072005: 1.781 0,718184 1.279 2.6862006: 1.922 0,608631 1.170 3.8562007: 2.087 0,515789 1.076 4.932r2 = 18%, NPV2 = 4.932 - 5.000 = - 68 < 0IRR=7%+(18%-17%)[33/33 (-68)] = 17% + 1% x (33/101)

= 17% + 1% x 0,33 = 17% + 0,33% = 17,33% > r (15%).


35/40

13/05/2013 35

4.2.4. So sanh cac phng phapV du 6: Cty co danh muc .t, cac d.an oc lap

D n Vn T IRR NPV PI

A 5,000 18% 500 1.10

B 50,000 25% 65,000 2.30

C 50,000 37% 55,000 2.10

D 75,000 20% 50,000 1.67E 125,000 26% 5,000 1.04

F 150,000 28% 210,000 2.40

G 175,000 19% 75,000 1.43

H 250,000 15% 60,000 1.24

Cng 880,000 520,500

Cty c vn gii hn 325,000.

Cty la chn d n:


36/40

13/05/2013 36

a. Cn c IRR

D n Vn T IRR NPV PI

C 50,000 37% 55,000 2.10

F 150,000 28% 210,000 2.40

E 125,000 26% 5,000 1.04

Cng 325,000 270,000


37/40

13/05/2013 37

b. Can c NPV

D n Vn T IRR NPV PI

F 150,000 28% 210,000 2.40

G 175,000 19% 75,000 1.43

Cng 325,000 285,000


38/40

13/05/2013 38

c. Can c PI

D n Vn T IRR NPV PI

F 150,000 28% 210,000 2.40

B 50,000 25% 65,000 2.30C 50,000 37% 55,000 2.10

D 75,000 20% 50,000 1.67

Cng 325,000 380,000

4 3 HOCH NH NGN SCH


39/40

13/05/2013 39

4.3. HOCH NH NGN SCHU T TI U

V d 7: Cty c c cu n.vn ti u: Vay 2.500 vi lisut 12%/nm, vn cp thng 4.300 v LN gi liu 14%/nm

Nu tng thm vn, cty s dng LN gi li; vay thm,nhng nu vay vt qu 4.000 li sut s l

13,6%/nm hoc pht hnh cp thng, c.ph phthnh 12,5%. Thu TNDN 25%Danh mc cc d n u t nh sau:

La chon d an hieu qua (D an A&G xung khac nhau).

A B C D E F G

Vn .t -1.000 -2.000 -3.000 -2.000 -3.000 -1.000 -1.000

IRR(%) 18,37 15,41 13,80 13,00 15,24 14,30 20,63


40/40

/ /

C cu vn u t ti uWACC = (12%*25%)+(14%*75%) = 13,5%

Nu vay 4.000, vn .t tng thm 6.000WACC = (12%*25%)+(14%/1-12,5%)*75% = 15%

Nu tng trn 6.000WACC=(13,6%*25%)+(14%/1-12,5%)*75%=15,4%

Nguyn tc ch chn cc d n c IRR>WACC v utin IRR cao nht. Nh vy chn cc d n: G,E v Bvi MCC:15%, tng vn u t thm 6.000.IRR cc d n cn li u thp hn MCC (tng ln

15,4%) nn khng u t.- Vay thm 1.500 (2.500+1.500=4.000)

- Pht hnh cp mi 4.500.

Chiphi Su Dung Von

Documents

Transcript of Chiphi Su Dung Von