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Baitapmhtc New
Baitapmhtc New
Baitapmhtc New
Bi 1
Cng ty Kayo Computer lp t v bn my tnh c nhn. Mi my tnh cn 1 thit b
chuyn mch in (PCB). Cng ty Kayo k hp ng mua PCB t mt nh cung cp
bn ngoi cng ty Apex Manufacturing. Hp ng mt nm ca Kayo v Apex t
iu kin rng Kayo phi tr $200/PCB khi mua di 2.000 PCB. Nu s lng t
hng vt qu 2.000 PCB mi nm, th Apex phi cung cp mt khon chit khu
$40/PCB cho phn vt qu 2.000. Kayo cng c th mua thit b PCB t mt nh cung
cp khc, TCI Electrinics. TCI bn vi gi thp hn l $120/PCB nhng i hi khon
chi tr trc $100.000 nh l chi ph thit k v nghin cu v s khng hon li.
Thit b PCB c lp rp vo my tnh c nhn cng vi thit b khc. Chi ph lp rp
bin i ca my tnh Kayo l $450 mi ci v chi ph c nh hng nm l $1.500.000.
Kayo bn my tnh ca mnh vi mc gi $1.000. Hin nay, cc gim c kinh doanh
cha a ra bt c d bo no v sn lng tiu th trong nm ti. Gim c ti chnh
ca Kayo thng bo rng hot ng sn xut ny ca Kayo s chm dt sau nm ti,
iu c ngha l khon ph tr trc mt ln cho TCI phi c tnh ton da trn c
s 1 nm.
a. Xy dng m hnh cho thy kh nng sinh li ca Kayo trong nm ti. Gi nh,
n hm nay, gim c kinh doanh cho bit d kin sn lng tiu th nm ti l
5.000 v cng ty ch mua 1.000 PCB t nh cung cp Apex (d nhin, phn cn
li s c cung cp bi TCI).
b. Nu tng doanh s d kin l 5.000, bn s t vn cho gim c ti chnh nn t
hng bao nhiu PCB t Apex v bao nhiu t TCI ti a ha li nhun (S
dng DataTable phc v cho yu cu ca bn).
c. Nu hp ng gia Kayo v Apex i hi Kayo mua t nht 20% PCB lp trong
100 m lc
50 m lc
Th st (3.000)
150
70
Th rn (2.000)
120
50
Th mc (1.500)
80
40
Loi th
Doanh thu
Giy
80.000
120.000
Dp
60.000
90.000
Ti xch
40.000
65.000
Kho Q.Bnh Tn
100.000
200.000
120.000
300.000
200.000
350.000
150.000
500.000
Kho Q8
400.000
300.000
300.000
400.000
100.000 lt
70.000 lt
100.000 lt
120.000 lt
Nhu cu tiu th
Th ba
Th t
Th nm
Th su
Th by
Ch nht
17
13
14
15
18
24
22
Ngi lao ng lm vic 5 ngy v ngh hai ngy trong tun. Cng vin ny quyt nh
chia s lao ng thu c thnh 7 kp lm vic k hiu A,.., G.
Trong kp A gm nhng ngi mun ngh ch nht v th hai, kp B gm nhng
ngi mun ngh th hai v th ba, kp C gm nhng ngi mun ngh th ba v th t,
kp D gm nhng ngi mun ngh th t v th nm, kp E gm nhng ngi mun
ngh th nm v th su, kp F gm nhng ngi mun ngh th su v th by, kp G
gm nhng ngi mun ngh th by v ch nht.
Cho bit lng cng nhn l 80.000 ng/ngi/ngy. Cng nhn lao ng ngy th
by v ch nht s c h s 1,3.
Hi cn thu tng s bao nhiu cng nhn v phn cng mi kp bao nhiu ngi chi
ph l nh nht m tha mn yu cu v s lao ng ca mi ngy ng thi tha mn
nguyn vng ca cng nhn?
Bi 6
Mt trng b phn an ninh ca mt cng ty phi lp k hoch v nhn s p ng
c yu cu v cng tc nh sau:
Thi gian
S lng nhn s
yu cu
Thi gian
S lng nhn s
yu cu
0h00 04h00
12h00 16h00
04h00 08h00
16h00 20h00
12
08h00 12h00
15
20h00 24h00
Bt u
Kt thc
Ca
Bt u
Kt thc
0h00
8h00
12h00
20h00
4h00
12h00
16h00
24h00
8h00
16h00
20h00
04h00
Th ba
Th t
Th nm
Th su
Th by
Ch nht
14
13
15
16
19
18
11
iu ny tc ng nh th no n nhn s nh hng.
c. Gi nh nhu cu th hai tng ln 17 thay cho 14. iu ny nh hng nh th
Bi 8
Gi nh rng bn ang chun b u t $19.000 vo 4 c hi u t nh sau:
C hi 1: vn u t $6.700
C hi 2: vn u t $10.000
C hi 3: vn u t $5.500
C hi 4: vn u t $3.400
CF0
CF1
CF2
NPV (10%)
PI
A
B
C
D
-10
-5
-5
0
+30
+5
+5
-40
+5
+20
+15
+60
21
16
12
13
3,1
4,2
3,4
1,4
Mt
Hai
Ba
Nm
Su
-150
-100
200
-200
50
300
Bi 11
Mt cng ty gii quyt nhu cu tin mt trong 8 qu ti (du cng th hin nhu cu tin
mt trong khi du tr th hin tin mt thng d).
n v tnh: $1.000
Q1
Q2
Q3
Q4
Q5
Q6
Q7
Q8
100
500
100
-600
-500
200
600
-900
Nm 2
Nm 3
Nm 4
Nm 5
Nm 6
Nm 7
Nm 8
$12.000
$18.000
$20.000
$20.000
$16.000
$15.000
$12.000
$10.000
10
Gi
102
99
101
98
98
104
100
101
102
94
Coupon
3.5
3.5
o hn
Tt c tri phiu u c mnh gi $100. Li sut coupon cng b trong bng trn l li
sut nm, k tr li hng nm. V d: tri phiu 5 gi $98 v tr $4 nm th nht, $4
nm th hai, $4 nm th ba v n nm th 4 l $104. Nhng tri phiu trong bng trn
cho php bn c th mua vi bt k s lng no mc gi nim yt.
Hy tnh ton danh mc sao cho khon tin b ra l thp nht m p ng c nhu cu
hon tr trong tng lai. hn ch tnh phc tp ca bi ton, gi nh li sut ti u
t bng 0%.
Bi 13
Mt doanh nghip d kin c ngha v ti chnh nh sau (n v $1.000):
Nm 1
Nm 2
Nm 3
Nm 4
Nm 5
Nm 6
Nm 7
Nm 8
Nm 9
24
26
28
28
26
29
32
33
34
Tri phiu c sn hm nay c cho bng sau (mnh gi tri phiu l $100):
Tri phiu
Gi
102.44
99.9
100.02
102.66
87.90
85.43
83.42
103.82
Coupon
5.625
4.75
4.25
5.25
5.75
o hn
Tri phiu
10
11
12
13
14
15
16
Gi
110.29
108.85
109.95
107.36
104.62
99.07
103.78
64.66
Coupon
6.875
6.5
6.625
6.125
5.625
4.75
5.5
o hn
10
-600
120
120
120
120
120
120
120
120
120
120
-2.400
1.000
800
600
400
200
100
80
60
40
20
Bit rng li sut chit khu l 8%, bn hy cho bit quyt nh u t khi:
a. Hai d n A v B c lp nhau.
b. Hai d n A v B loi tr ln nhau.
c. Bn hy cho bit quyt nh u t ca bn ph thuc vo li sut chit khu nh
th no.
Bi 2
Bn va thc hin mt khon vay mua xe $15.000. Hp ng tr gp ca khon vay
trn c nhng iu khon sau: tr vo cui mi thng mt s tin bng nhau trong 48
thng, li sut l 15%/nm. Hy lp bng hon tr chi tit cho khon vay trn bng 2
cch:
a. S dng hm PMT, PPMT v IPMT.
b. S dng cc cng thc c bn ca tr n dn nh k.
c. Nu l ph vay l $2.000, hy tnh li sut thc ca khon vay trn bng cng c
GoalSeek v hm IRR.
Bi 3
Dng tin ca d n sau d on c 2 IRR.
0
-500
600
300
300
200
-1000
800.000
-300.000
-200.000
-150.000
-122.000
-133.000
Tr ngay $30.000.
Trong khi , bn c th vay ti ngn hng thay cho phng thc tr gp ca nh cung
cp vi hp ng vay $25.000 mc li sut 1,25% thng.
a. Gi nh chi ph c hi nh chng ta ang xem xt l 1,25% thng, hy cho bit
hin gi ca phng thc tr gp.
b. Li sut tr gp ca nh cung cp l bao nhiu?
Bi 6
Cng ty ca bn mua tr chm 1 h thng thit b. Ngi bn ngh cc phng thc
thanh ton sau:
Bi 8
Cng ty ABC va chi tr c tc $3 mt c phn. Cc nh phn tch c th chc chn
rng tc tng trng c tc ca cng ty trong 1 nm ti l 15%/nm. Sau 10 nm,
cc nh phn tch cho rng tc tng trng c tc ca cng ty gim xung bng vi
mc trung bnh ca ngnh khong 5%/nm. Nu chi ph s dng vn c phn ca
cng ty ABC l 12%, hy nh gi c phn thng ca cng ty ABC.
Bi 9
Cng ty Phoenix va thng bo mc chi tr c tc l $1 trn mi c phn thng, ln
chia c tc u tin k t lc khng hong. Cc nh phn tch mong i c tc c
chia s gia tng ln mc bnh thng l $3 khi cng ty hon tt cng vic ci cch ca
mnh sau 3 nm na. Sau , c tc c mong i s tng trng vi tc n nh
trong di hn l 6%.
C phn ca cng ty Phoenix ang c bn vi gi $50 mt c phn. Hi t sut sinh
li mong i trong di hn khi mua c phn mc gi ny? Gi nh cc mc chi tr c
tc trong ba nm sp ti ln lt l $1, $2 v $3. Dng GoalSeek tm r?
Bi 10
Xem xt dng c tc v gi ca cng ty ABC sau:
Nm
96
97
98
99
00
01
02
03
04
05
06
DIV
0,40
0,50
0,50
0,60
0,60
0,30
0,30
0,33
0,45
1,00
1,40
Feb-07
Mar-07
Apr-07
May-07
Jun-07
S&P Index
786,16
790,82
757,12
801,34
848,28
885,14
ABC
78,32
71,77
68,52
80,13
86,37
90,12
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
S&P Index
954,31
899,47
947,28
914,62
955,4
970,43
ABC
105,59
101,23
105,84
98,35
109,34
104,47
DANH MC U T
Bi 1
Cho 2 chng khon A v B vi thng tin v t sut sinh li nh sau:
Nm
1994
1995
23.42%
33.40%
11.24%
22%
Nm
1996
1997
1998
1999
2000
23%
37.60%
1.30%
10.10%
7.60%
26.40%
30.10%
-0.10%
19.40%
16.50%
2001
2002
2003
2004
2005
2006
2007
30.50%
-3.10%
31.70%
16.60%
5.30%
18.70%
31.80%
28.60%
-15.50%
28.70%
1.20%
20.30%
28%
19.50%
Tnh: T sut sinh li trung bnh, phng sai v lch chun ca tng chng khon.
Hip phng sai v h s tng quan ca 2 chng khon trn
V ng kt hp gia 2 chng khon bng cch thay i t trng u t vo chng
khon A t 0% n 100%.
Bi 2
Pfizer v Merck l hai cng ty dc phm ln ca M. Bng d liu sau y cho thy
gi chng khon cui nm v c tc ca ai cng ty trong giai on t nm 1996 n
nm 2007.
Pfizer
Merck
Year
Price
Dividend
Price
Dividend
1996
11,85
1997
16,35
0,46
4,25
0,16
1998
19,6
0,58
5,15
0,16
1999
17,95
0,66
4,85
0,17
2000
23,45
0,74
6,35
0,18
2001
29,75
0,82
10,95
0,21
2002
29,25
0,9
19,2
0,27
2003
26,9
17,95
0,43
2004
32,45
1,1
22,85
0,55
2005
34,1
1,2
26,35
0,64
2006
61,45
1,32
41,5
0,77
2007
76,05
1,48
51,15
0,9
4,95
Tnh: T sut sinh li trung bnh, phng sai v lch chun ca tng chng khon.
Hip phng sai v h s tng quan ca 2 chng khon trn
V ng kt hp gia 2 chng khon bng cch thay i t trng u t vo chng
khon A t 0% n 140%.
Bi 3
Xem xt mt th trng gm 3 ti sn vi nhng thng s sau:
T sut sinh li trung bnh 10%; 12% v 14%.
Ma trn phng sai hip phng sai nh sau:
0,3
0,02
-0,05
0,02
0,04
0,06
-0,05 0,06
0,6
Index
1996
36,67%
0,20%
41,54%
21,92%
26,13%
22,50%
33,40%
1997
122,82%
61,43%
195,09%
62,27%
73,38%
117,89%
23%
1998
14,44%
63,51%
-38,29%
-1,27%
45,15%
7,80%
37,60%
1999
21,39%
28,42%
1,30%
81,17%
24,27%
38,14%
1,30%
2000
45,36%
-7,44%
21,89%
19,83%
10,73%
54,48%
10,10%
2001
20,19%
48,27%
9,11%
-10,21%
-11,92%
26,82%
7,60%
2002
-8,94%
-11,28%
12,65%
13,77%
7,06%
-6,24%
30,50%
2003
27,02%
12,85%
12,08%
32,55%
-7,55%
123,04%
-3,10%
2004
-11,64%
2,42%
-17,13%
-6,48%
1,31%
15,48%
31,70%
2005
20,29%
6,90%
3,62%
50,12%
-5,54%
19,92%
16,60%
2006
34,08%
22,21%
33,46%
84,40%
5,71%
62,76%
5,30%
2007
12,45%
41,13%
12,45%
98,73%
-2,89%
127,00%
18,70%
a. Tnh ma trn phng sai hip phng sai ca 6 chng khon trn theo 3 cch.
A
B
C
D
Trung bnh
lch chun
0,36
0,18
0,05
6%
31,62%
-0,02
0,5
8%
54,77%
-0,4
10%
63,77%
15%
70,71%
Tnh ton v v ng bin hiu qu ca 4 chng khon trn. Th hin t sut sinh li
lch chun ca tng chng khon ln cng mt th.