Chng 6: Chi ph s dng vn

Trang 1 / 26

N TP CHNG 6: CHI PH S DNG VNI/ KHI NIM CHI PH S DNG VN (CPSDV)

CPSDV l:

II/ CC LOI CHI PH S DNG VN PHN LOI BI TP

1. Chi ph s dng vn vay (rdm)

* CPSDV vay trc thu

p dng cng thc := ( ) + . ( + ) (1) =?Trong :

Pb : .; M:

I : ; rdm:.; n:

- T sut sinh li k vng ca NT (%)

- Gi phi tr cho vic s dng ngun ti tr

- T sut sinh li ti thiu m DN i hi khi thc hin mt d n u t mi

Vay

Vn ch s hu

Vay ngn hng (li sut vay)

Pht hnh tri phiu (rdm)

C phn u i (rp)

Li nhun gi li(vn ni sinh)

(rs)

C phn thng (rs)

Chng 6: Chi ph s dng vn

Trang 2 / 26

* CPSDV vay sau thu

* CPSDV vay khi pht hnh thm tri phiu mi (c thm chi ph pht hnh F)

Gi tri phiu mi: Pb = Pb F

Thay Pb bng Pb vo cng thc (1) rdm trc rdm sauV d 1: Doanh nghip A vay vn ngn hng ACB vi li sut vay 12%/nm vi thu sut thuthu nhp doanh nghip l 25%. Tnh CPSDV vay sau thu? (/s: 9%)

Gii:

V d 2: Doanh nghip B pht hnh tri phiu c li tc tr hng nm vi mnh gi 1 triu ng,thi hn 14 nm v c hng li sut hng nm l 15%. Tri phiu ca doanh nghip angc bn vi gi 1.368.310 ng. Bit thu sut thu thu nhp doanh nghip 25%. Tnh CPSDVvay trc thu v sau thu? (/s: 10%, 7,5%)

Gii:

V d 3: Cng ty C pht hnh tri phiu vi mnh gi 50.000 ng, k hn 5 nm, li sut huyng hng nm 20%. Tri phiu ca cng ty C ang c bn vi gi 65.000 ng, chi ph migii: 1.500 ng/TP, chi ph in n: 2.000/TP. Bit thu sut thu thu nhp doanh nghip l 25%.Tnh CPSDV vay trc thu v sau thu? (/s: 13,4% ; 10,05%)

Gii:

rdm sau = rdm trc x (1 Thu sut thu TNDN)

Chng 6: Chi ph s dng vn

Trang 3 / 26

V d 4: Cng ty ABC cn huy ng 1.000.000 triu ng thc hin d n sn phm mibng cch pht hnh tri phiu , mnh gi 100.000 ng, li sut huy ng 12%/nm, k hn 12nm. Vi TSSL k vng ca NT l 10%. Hy

a. Tnh gi th trng ca tri phiu?

b. Gi s chi ph pht hnh l 10% gi th trng tri phiu. Tnh CPSDV n vay ca cng ty(trc thu v sau thu), Bit thu sut thu thu nhp doanh nghip l 25%.

(/s: a 113.627 ng, b 12%, 9%)

Gii:

2. Chi ph s dng vn c phn u i (CPSDV CPUD) (rp)

* CPSD vn c phn u i hin ti =Trong : rp.; Dp:

Pp:

* CPSD vn c phn u i khi pht hnh thm CPUD (c thm chi ph pht hnh F)

CPSD vn c phn u i mi = Trong : rp.; Dp:

Pp:; F:

Chng 6: Chi ph s dng vn

Trang 4 / 26

V d 5: Doanh nghip X pht hnh CPUD v c tc vi gi pht hnh 25.000/cp, c tcCPUD thanh ton hng nm l 3.000/cp. Trong trng hp c nhu cu tng thm vn bng cchpht hnh thm, chi ph pht hnh CPUD chim 3% gi pht hnh. Hy tnh CPSDV c phnhin ti v CPSDV c phn mi? (/s: 12%; 12,4%)

Gii:

V d 6: Mt doanh nghip pht hnh CPUD vi gi pht hnh l 100.000, c tc l20.000/cp. Khi pht hnh, doanh nghip chu ph tn v hoa hng mi gii l 20% trn mnhgi CP. Tnh CPSDV CPUD mi? (/s: 25%)

Gii:

V d 7: Cng ty c phn dc phm pht hnh c phn u i: Mnh gi 100.000$, c tc13%/nm. Tnh CPSDV c phiu ny, nu

a. C phiu ny c bn bng mnh gi

b. C phiu ny c bn vi gi 98.000$, chi ph pht hnh 2.000$

(/s: a 13%, b 13,5%)

Gii:

Chng 6: Chi ph s dng vn

Trang 5 / 26

V d 8: Hy xc nh CPSDV ca cc CPUD sau:

C phiu Mnh gi($)

Gi th trng($)

Chi ph pht hnh($)

C tc hng nm($)

A 100 110 9 11%B 70 75 3,5 9%C 60 50 4 6$D 40 45 5% Mnh gi 6$E 20 30 2,5 8%

(/s: 10,89%; 8,81%; 13,04%; 13,95%; 5,82%)

Gii:

3. Chi ph s dng vn c phn thng (CPSDV CPT) (rs)

c im: Khng c chi ph trc thu v sau thu

* So snh hai m hnh Gordon v CAPM

M hnh u im Nhc im

GordonD hiu, d s dng, gn linvi hiu qu hot ng caDN

- Kh p dng vi cng ty cphn tr c tc m c tckhng c s tng gim tbin (g = 0)- Khng cho thy tc ng cayu t ri ro n CPSDV caDN

CAPM

Cho thy tc ng ca ri roti CPSDV mt cch r rng(p dng cho cng ty tr ctc n nh/khng n nh)

i hi phi c lng mcb ri ro th trng v h sri ro c phiu i

* CPSDV CPT theo m hnh Gordon

p dng cng thc: = = +Khi c thm chi ph pht hnh F: = +

Chng 6: Chi ph s dng vn

Trang 6 / 26

* CPSDV CPT theo m hnh CAPM

Trong : rs ..; rf:

rM: .; :

V d 9: Doanh nghip c phn X c s liu lin quan v c phiu nh sau: Li tc k vng nmti 2.240, t l tng li tc c phn hng nm 5% v khng i n di hn. Gi bn c phiu thi im hin ti l 32.000. Tnh CPSDV CPT? (/s: 12%)

Gii:

V d 10: Cng ty c phn Y c s liu lin quan v c phiu cng ty nh sau: h s ri ro 1,2;li sut bnh qun trn th trng chng khon l 14% , gi s trong thi gian tri phiu khobc c li sut 8%/nm. Hy tnh CPSPV c phn s dng li nhun gi li? (/s: 15,2%)

Gii:

V d 11: Cng ty c phn Z c s liu lin quan v c phiu cng ty nh sau: li tc k vngnm nay l 2.240, t l tng li tc c phn hng nm l 5% v khng i n di hn. Gi bnc phiu thi im hin ti l 32.000. Nu pht hnh thm c phn th chi ph pht hnhchim 10% gi bn. Hy tnh CPSDV CPT khi dng ngun bn ngoi? (/s: 13,17%)

rs = rf + (rM rf)

Chng 6: Chi ph s dng vn

Trang 7 / 26

Gii:

V d 12: Mt cng ty c phn c mc chi tr c tc cho 1 c phiu nm trc l 20.000 ng.D tnh trong 3 nm lin tip (k t nm nay) , mc tng trng c tc l 10% v cc nm tiptheo t l ny n nh mc 5%. TSSL k vng cc nh u t l 12%. Hy tnh gi c phiuca cng ty thi im hin ti? (/s: 342.096 ng)

Gii:

V d 13: Cng ty SAM thanh ton c tc nm trc l 15$/CP v d on c tc k vngtng 15% trong 3 nm ti v 8%/nm trong di hn. Gi bn c phiu hin ti l 975$. Tnh chiph s dng vn CPT (/s: 10%)

Gii:

V d 14: Cng ty s dng cc ngun vn sau:

- Ngun 1: Tri phiu k hn 10 nm, pht hnh cch y 7 nm, li su t huy ng 10%/nm,tr li 6 thng 1 ln, mnh gi tri phiu l 100.000. Gi bn hin nay l 97.300.

- Ngun 2: Pht hnh c phiu u i vi mnh gi 200.000, t l chi tr c tc l 12%, chi phpht hnh l 3% mnh gi. Gi bn hin nay l 211.000/cp.

Chng 6: Chi ph s dng vn

Trang 8 / 26

- Ngun 3: C phn thng ang c chi tr c tc 2000/cp, tc tng trng 11% trongnm ti, nhng nm sau tng trng vi t l khng i l 7.5%. Gi bn hin nay l28.300/cp.

Xc nh chi ph s dng vn ca tng thnh phn vn. Bit thu sut thu thu nhp doanhnghip l 25%. (/s: Ngun 1: 11%, Ngun 2: 11,7%, Ngun 3: 14,6%)

Gii:

4. Chi ph s dng vn bnh qun (CPSDVBQ) (WACC)

Duy tr cu trc vn ti u ti tr/u t. V th c cu vn c th kt hp gia cc ngun titr CPSDV CPSDVBQ (WACC)

Trong : WACC: ; t: .

Wdm:; rdm:.

Wp:...................;rp:.

Ws:...;rs:.

V d 15: Cng ty c phn ABC c c cu ngun vn c coi l ti u nh sau:

- Vn vay (vn di hn) l 4.000 tr vi li sut n vay l 8%/nm

- Vn CP: 1.500 tr

- Vn c phn thng: 4.500 tr

C phiu thng hin nay ca cng ty ang c mua bn trn th trng l 18.000 ng/CP, ctc chia nm hi n ti 1200 ng, tc tng trng ca cng ty c xc nh l 5% v hy

WACC = Wdm x rdm x (1 t) + Wprp + Wsrs

Chng 6: Chi ph s dng vn

Trang 9 / 26

vng gi vng trong tng lai. CP ca cng ty l dng u i c tc v gi bn 16.000ng/CP v mc c tc chi tr u hng nm cho 1 CP l 1.600 ng/CP. Cho thu sutthu TNDN l 25%. Hy tnh chi ph vn bnh qun ca cng ty ABC (/s: 9,3%)

Gii:

5. Chi ph s dng vn bin t (MCC) v quyt nh u t

* Khi nim: Chi ph s dng vn bin t l chi ph ca 1 ng vn cui cng khi vn mi ctng thm

- Lc DN pht hnh c phiu thng (c li nhun gi li) hoc vay n mi gia tng ngunvn ti tr CPSDV BQ thay i Xut hin im gy = ( )C n im gy th c n + 1 CPSDVBQ (WACC)V d 16: Cng ty c phn BKZ c c cu ngun vn c coi l ti u nh sau:

- Vn vay : 40%

- Vn c phn thng 60%

V vn vay cng ty c th vay nh sau:

- T 0 n 100 tr li sut vay 8%/nm

- Trn 100 tr li sut vay 10%nm

V vn CPT: hin nay CP thng ca cng ty ang c mua bn trn th trng l 18000 /CP,c tc chia nm hin ti 1200, tc tng trng ca cng ty l 5% v khng i. Cho thusut thu TNDN l 25%. Ngoi ra trong nm cng ty to ra li nhun sau thu l 480 tr vi t lli nhun gi li l 25% . Nu s dng ht ngun vn ni sinh cng ty s phi tng thm vnCPT mi vi chi ph pht hnh d kin 8% gi bn.

Hy xc nh cc im gy v tnh chi ph vn bnh qun ca cng ty ti mi im gy

(/s: im gy: 200tr, 250tr ; WACC: 9,6% - 9,96% - 10,56%)

Chng 6: Chi ph s dng vn

Trang 10 / 26

Gii:

* La chn d n u t:

Nguyn tc: La chn nhng d n c IRR cao hn WACC

Chng 6: Chi ph s dng vn

Trang 11 / 26

6. Mt s v d tng hp (Ra cui k trng tm)

V d 17: Cng ty FPT c s liu v c cu vn nh sau:

Ngun T trngN di hn 40%

CPUD 15%CPT 45%

*N: Cng ty pht hnh tri phiu c mnh gi l 1.000$, thi hn 10 nm, li sut tr hng nml 10,5%, chi ph hoa hng l 25$, chi ph pht hnh l 25$. Tri phiu c pht hnh vi gi1.000$

*CPUD: c pht hnh bng mnh gi l 100$/cp, t l chia c tc hng nm l 12%, chi phpht hnh l 5$/cp

*CPT: C phiu cng ty ang c giao dch trn th trng vi gi 90$, cng ty d tnh nm tis tr c tc l 7$, c tc ca cng ty tng trng n nh l 8% trong di hn

*LNGL: Cng ty d kin gi li 270.000$, nu s dng ht LNGL , cng ty s pht hnh cphiu thng mi, s lng khng gii hn, vi gi pht hnh l 85$/cp, chi ph pht hnh l5$/cp. Thu sut thu TNDN 25%

a) Xc nh im gy

b) Xc nh WACC trong cc trng hp xy ra

c) C cc c hi u t sau

D n IRR (%) Vn u t ban u ($)A 11,2 150.000B 9,7 450.000C 12,9 150.000D 16,5 250.000E 11,8 400.000F 10,1 700.000G 10,5 200.000

Cng ty nn la chn d n no? Tng ngun ti tr ti u l bao nhiu?

(/s: a 600.000$, b WACC : 12,4% ; 12,84%, c Chn D, C, ngun ti u l 400.000$)

Gii:

Chng 6: Chi ph s dng vn

Trang 12 / 26

V d 18: DN X c c cu vn nh sau: N di hn 40%, CPUD 15%, CPT 45%

- N: TP thi hn 10 nm, li sut 10%/nm, mnh gi 1.000$, chi ph hoa hng cho ngibo lnh l 30$/TP v chi ph pht hnh l 20$/CP. Pht hnh bng mnh gi

- CPUD: DN c CPUD gi 100$/CP, t l chia c tc l 11%/nm, chi ph pht hnh 5$/CP.Pht hnh bng MG

- CPT:Gi CPT ang c giao dch 80$/CP. DN d tnh tr c tc tin mt 6$/CP vo nmti. C tc tng trng n nh mc 6%/nm

- LNGL: DN d kin gi li LN 225.000$ trong nm ti. Nu ht LNGL th DN s pht hn