ch14 mo hinh cho thue tai chinh
TRANSCRIPT
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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$$,61>( &1,'6,26'(
10% &1,'>6,7( &1,'6B,02'(
11% &1,'60,>61( &1,''>,22(12% &1,'26,'>1( &1,'B>,>'$(1$% &1,6>$,>62( &1,B00,221(17% &1,662,70( &1,B10,020(1% &1,6$2,0B( &1,B1>,$>'(16% &1,602,B60( &1,B2B,$'7(1'% &1,'7,'( &1,B$6,>'$(1B% &1,7',6B>( &1,B7,216(
&2,700,000(
&2,200,000(
&2,000,000(
&1,B00,000(
&1,600,000(
&1,700,000(
&1,200,000(
&1,000,000(
G
i4
t@A"i7n
t&i@ng
*ng"Bn
'Cng/
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1>% &1,21,61$( &1,B$,120(20% &1,7>6,7B0( &1,B60,'07(
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vt Nghn ng -
&$',000(
>0,000 >0,000>0,000 >0,000
&76,000( &>0,000(
Thu tisn
9:i s!;t 5"%
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9EH VAY NF
Gi gc ti sn 2,160,000 nghn ngLi sut 12%Thanh ton tin thu 00,000 nghn ng!hu hao hng n"# $60,000 nghn ng
Thu sut 2%E"i @
Nm Vn g5 '! nm T@ nI 5!i nm Tin J:i G51 1,B62,$2 20,B'1 22$,7B2 2>',$BB2 1,67,>67 11,>7> 1B','>6 $27,1$$ 1,270,B10 02,227 17B,B>' $$,$2'7 BB',7B$ 7>1,627 106,7>B $B,12' 02,$' 7B0,0'1 60,2B$ 71>,'BB6 B2,6> >2,7'' >,>0B B2,6>
=NPV($B$4*(1-
$B$7);F10:$F$15)
=D10+E1
0
=B10*12
=B10-B11
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T"n" t%n tin
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PHNG PHP KHON VAY TNG NG
Gi gc ti sn 2,160,000 nghn ngLi sut 12%Thanh ton tin thu 7'B,>0' nghn ng!hu hao hng n"# $60,000 nghn ng
Thu sut 2%
Nm 0 1 2 3 4Dng tin s! t"!# t$ "%&t '(ng t"!)Tin thu sau thu &$>,1B0( &$>,1B0( &$>,1B0( &$>,1B0( &$>,1B0(Gi t)* hi+n ti c-a ./ng tin *1+-+2-/ 345&278911:G11(;11
Dng tin s! t"!# t$ m! ti snGi gc &2,160,000(L ch0,000 >0,000 >0,000 >0,000?/ng tin )/ng t@ #ua ti sn &2,160,000( >0,000 >0,000 >0,000 >0,000Gi t)* hi+n ti c-a ./ng tin *1+-+2-/ 345&27891':A1'(;1'
K"5 6i7t 8ng tinThu t)@ #ua 1,B00,B20 &77>,1B0( &77>,1B0( &77>,1B0( &77>,1B0(
CDD c-a sE =hc Fi+t ./ng tin >00% CDD&20:A20(9hi HhI JaK n sau thu >00%
MuKt *nhN Thu CP&2$Q278ROuaR8RThuR(
Li sut Thu ti sn Oua ti sn
&1,'6,26'( &1,'6,26'(0% &2,1,0B$( &1,620,000(1% &2,102,7$B( &1,6$B,70'(2% &2,02,16$( &1,6,B'1($% &2,007,122( &1,6'2,7$(7% &1,>B,1BB( &1,6BB,20B(% &1,>17,277( &1,'0$,1BB(6% &1,B'2,1'>( &1,'1',771('% &1,B$1,B>1( &1,'$1,011(B% &1,'>$,2B7( &1,'7$,>71(>% &1,'6,26'( &1,'6,26'(
10% &1,'20,''( &1,'6B,02'(
11% &1,6B6,6'( &1,''>,22(12% &1,6$,>76( &1,'B>,>'$(1$% &1,622,01( &1,B00,221(17% &1,>2,2'6( &1,B10,020(1% &1,6$,20>( &1,B1>,$>'(16% &1,$,27$( &1,B2B,$'7(1'% &1,0B,$2$( &1,B$6,>'$(1B% &1,7B2,$>>( &1,B7,216(
&2,700,000(
&2,200,000(
&2,000,000(
&1,B00,000(
&1,600,000(
&1,700,000(
&1,200,000(
&1,000,000(
G
i4
t@A"i7n
t&i@ng
*ng"Bn
'Cng/
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1>% &1,7',72$( &1,B$,120(20% &1,7$$,$0( &1,B60,'07(
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vt Nghn ng -
&$>,1B0(
>0,000 >0,000>0,000 >0,000
&77>,1B0( &>0,000(
Thu tisn
9:i s!;t 5"%
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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(
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hon ton
-
&$',000(
>0,000 >0,00010,000 &1'(WBW>
>0,000 >0,000 10,000
&76,000( &>0,000( &10,000(
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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"# $60,000 Ti sn Sc =hu hao ht t)ong 6 n"#
Thu sut 2%Gi t)* c/n i 200,000 Gi t)* cU thV Fn i Jo n"# ', ch*u thuXu t tSYng SYng ch
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hon ton
-
&$',000(
>0,000 >0,000
120,000 &1'(WBW> >0,000 >0,000 120,000
&76,000( &>0,000( &120,000(
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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"!)
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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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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$$$$7 '1B7 16B72616 '>02 1>'21B2 B6>2 22BB
>6 >62 26$
>000
CDD c-a ./ng tin 2766%345 >$'
0 2 7
20
200
10
100
0
0
0
100
10
Dng tin
Dng
tin
*\/
0 0G0 0G1 0G1 0G2 0G2 0G$ 0G$
100
0
0
0
100
10
200
NPV 5^ 8ng tin t"!) t0i s1n 6]ng nIt&i 545 m_5 J:i s!;t Y"45 n"!
9:i s!;t *>/
Gi4t@A"i7nt&i@ng*NPV/
E n"i! "Xn m(t gi t@ LL "Zng[
=F17-G17E17*$B$8
1*D32-(1-
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0 02 07 06 0B 1 12
10
100
0
0
0
100
10
9:i s!;t 5"i#t ";! *>/
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6 B 10 12 17 16 1B
$ t"!) ti sn 6]ng nI
Nm
0G7 0G7 0G
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THQR TS N NFvt: t ng
3guKn gi ti sn 1,000ThZi hn thu &n"#( 1Gi t)* c/n i 105n tE cU 2003 JaK B00 ![ hn n 1 n"#, t) i J Jn gc u nhau
Li sut 1000%Thanh ton n #\i n"# 101B 4OT&B878'(Tin thu nh]n Sc #\i n"# 12Thu sut 2%
Vn tU 5 Tin t"!)
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1'% BB71B% >2'1>% >6'20% 100721% 10$>22% 10'22$% 1102
27% 11$12% 11B26% 11B$2'% 120'2B% 122>2>% 121$0% 12'1$1% 12>0$2% 1$0>$$% 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$$% 1717% 1616% 16B>6% 1'>'% 1B2BB% 1B>7>% 1>B
60% 1602061% 160B162% 161$>6$% 161>667% 16226% 16$066% 16$B6'% 1670>6B% 167B6>% 1606
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'0% 16$'1% 16>>'2% 1667$'$% 166B''7% 16'2>'% 16''0'6% 16B11
''% 16B0'B% 16BBB'>% 16>26B0% 16>62B1% 16>>BB2% 1'0$$B$% 1'06'B7% 1'100B% 1'1$$B6% 1'16B'% 1'1>6BB% 1'22'
B>% 1'2'>0% 1'2B6>1% 1'$17>2% 1'$72>$% 1'$'0>7% 1'$>'>% 1'72$>6% 1'77>>'% 1'7'7>B% 1'7>>>>% 1'27
100% 1'7B
101% 1''1102% 1'>710$% 1'61'107% 1'6$>10% 1'661106% 1'6B210'% 1''0$10B% 1''2710>% 1''77110% 1''67111% 1''B$112% 1'B02
11$% 1'B21117% 1'B7011% 1'BB116% 1'B'611'% 1'B>711B% 1'>1111>% 1'>2B120% 1'>7121% 1'>62122% 1'>'B
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12$% 1'>>7127% 1B01012% 1B02126% 1B07012'% 1B012B% 1B0'012>% 1B0B
1$0% 1B0>>1$1% 1B11$1$2% 1B12'1$$% 1B1711$7% 1B11$% 1B16B1$6% 1B1B11$'% 1B1>71$B% 1B20'1$>% 1B220170% 1B2$2171% 1B277
172% 1B2617$% 1B26B177% 1B2B017% 1B2>2176% 1B$0$17'% 1B$117B% 1B$2617>% 1B$$'10% 1B$7B11% 1B$B12% 1B$6>1$% 1B$'>
17% 1B$>01% 1B70016% 1B7101'% 1B7201B% 1B7$01>% 1B7$>160% 1B77>161% 1B7B162% 1B76B16$% 1B7''167% 1B7B616% 1B7>
166% 1B0716'% 1B1$16B% 1B2216>% 1B$01'0% 1B$>1'1% 1B7'1'2% 1B1'$% 1B671'7% 1B'21'% 1BB0
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1'6% 1BBB1''% 1B>1'B% 1B60$1'>% 1B6111B0% 1B61>1B1% 1B6261B2% 1B6$$
1B$% 1B6711B7% 1B67B1B% 1B61B6% 1B6621B'% 1B66>1BB% 1B6'61B>% 1B6B$1>0% 1B6>01>1% 1B6>'1>2% 1B'071>$% 1B'10
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9EH TL NFT"n" t%n
Tin J:iH%n t@
nI 0' 1>2'101B 121 $>' 1B07101B 7B1 >$' 166>101B $>B' 6$1 176101B $$$7 '1B7 $0>101B 2616 '>02 7B>101B 1B2 B6>2 6B'101B >6 >62 >07
1120
CDD c-a ./ng tin 6%345 `22a-.
0 2
20
200
10
100
0
0
0
100
10
Dng
tin
*tb'Cng/
0 0G0
10
100
0
0
0
100
10
NPV
Gi4t@A"i7nt&i
@ng*NPV/
=PPMT($B$8;17;$B$4;-$B$7)
$8;17;$B$4;-$B$7)
+$B$11*D32-(1-$B$11)*G32-
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0 00 01 01
200
10
100
0
0
0
100
10
9:i s!
NPV
*\/
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7 6 B 10 12 17 16 1B
ng tin t$ t"!) ti sn "n" t"n" t$
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02 02 0$ 0$ 07
t 5"i#t ";! *>/
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cng d!= #t 8ng tin
Vn '! teNm
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h!= #t 5^ 8ng tinT"! n"j H%n t@ B67 0,1$6
1B$> '$,161701$0 >>,B'02717 10,B
A10W91$
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hQY DMNG TkN Tl HOT NG THQR TS NcNG NF EHO THQ NHoP VS KHON HOSN TL VpN qQ T
CDD 2766% CDD&9B:927(
Vn '! te U d!= #t 5^ 8ng tinNm 0'1 7>$ 7172 1B6 'B> $>1 $>$ 11>1 66$' 2>7 $'07 B21 707 20$ $$B 7B$ 71> 11> 2>'6 1B' 2>01 76 277' ' 162' 17 1''B 2$7 $$B B >2> $26 >'0 B0 1'
10 $0> 11B6 '6 7211 26' 172$ 66 ''
12 1>0 16B7 7' 1221$ 6> 1>'2 1' 1B017 111 22BB 2' 261 $6B 26$ >1 $716 2a2 >00 1'B 2a21'
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PHNG PHP rPrhQY DMNG TkN Tl HOT NG THQR TS NcNG NF EHO THQ NHoP VS KHON HOSN TL VpN qQ T
M 21B>%
Vn '! te U d!= #t 5^ 8ng tin
Nm 1 77 7' 7>2 1$ '> $7 7 $>$ 10B 66 27 7$ 2>7 6 7 17 70 20 26 72 6 $6 126 10 2> 0 2> ' 70 16 0 16 1B 6 $ 0 $ 6> > 10 0 10 B
10 7> 12 0 12 B
11 $B 17 0 17 '12 2$ 1' 0 1' 1$ ' 20 0 20 217 1$ 2$ $ 26 $1 $> 26 > $ >16 '7 >0 16 '7 1B1' 0
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1 $ ' > 11 1$ 1 1'
20
10
0
10
20
$0
70
0
60
% sn" t"! n"j t"% j"eXng j"j rPr
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Nm
1 2222% 1deO&^2:^16(W&>^2( 2222% dX?&1808B8^2(2 1>77% 1>77%$ 166'% 166'%7 1$B>% 1$B>% 1111% 1111%
6 B$$% B$$%' 6% 6%B 2'B% 2'B%
Tu J7 ";!"%
Tu J7 ";! "% tvn"6]ng "m YD