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Ging vin: PGS.

TS L Th Lanh
Sinh vin trnh by:Nguyn Th Cm Anh
Trn Th Thy Dng
Phm Phng Lan
Nguyn Th Mai
Th Nguyt
Tng quan v chi ph s dng
vn bin t (WMCC)
Chi ph s dng vn bin t (WMCC) l chi ph s dng
vn bnh qun (WACC) ca mt doanh nghip gn lin
vi mt ng ti tr mi tng thm.

T sut sinh li mong i > WACC

=> chp nhn u t.


Khi quy m ngun ti tr ca doanh nghip gia tng.
=> chi ph s dng vn ca cc ngun ti tr ring bit s
gia tng
=> WACC gia tng.
Cng ty Duchess Corp c thu nhp gi li l
300.000$, rre=13%, vt qu mc ny cng ty
phi s dng thm ngun ti tr bng vn c phn
thng pht hnh mi c th gi nguyn cu
trc vn ti u ca mnh.
Ngoi ra, cng ty c th vay n thm ti a l
400.000$ vi rD* tng ng l 5,6%, vut mc
ny th rD* s tng ln mc 8,4%.
Cng ty Duchess c cu trc vn l 40% n di
hn, 10% vn c phn u i v 50% vn c phn
ph thng.
Xc nh im gy
im gy th nht xut hin khi 300.000$ thu
nhp gi li vi chi ph s dng vn l 13% c
s dng ht
im gy th hai xut hin khi 400.000$ n vay
di hn vi chi ph s dng vn l rD=5.6% c
s dng ht.
BPc phn thng = 300.000$/ 0,5 = 600.000$

BP n vay di hn= 400.000$/0.4 = 1.000.000$


ng WMCC
11.5 - 11,3
%

11.0 -

10.5 -
10,1 %
10.0 -
9,6 %

9.5 -

0 500 1.000 1.500


Tong nguon tai tr mi (
1.000 $)
Cch im gy c xc nh nh sau:
BPE= 300.000$/0,5 = $600.000$
BPD = 400.000$/0,4 = $1.000.000$
Tnh ton WMCC
Khi xc nh c im gy, WACC trn ton b
ngun ti tr mi gia cc im gy phi c tnh
ton. Cn xc nh WACC ca tng ngun ti tr mi
gia
im zero -> im gy th nht
im gy th nht -> im gy th hai
im gy th n -> im gy th (n+1)
Trong phm vi tng ngun ti tr gia cc im gy
chc chn chi ph s dng vn thnh phn s gia tng
=> WACC gia tng ti mc cao hn so vi phm vi
trc .
Chi ph s dng vn bnh qun theo tng mc quy
m ngun ti tr mi ca cng ty Duchess Corporation
Qui m ca tng Ngun ti tr T Chi ph Chi ph theo t
ngun ti tr trng trng
0$ n 600.000$ N vay 40% 5,6% 2,2%
C phn u i 10 9,0 0,9
C phn 50 13,0 6,5
thng
Chi ph s dng vn bnh qun 9,6%
T 600.000 n N vay 40% 5,6% 2,2%
1.000.000$ C phn u i 10 9,0 0,9
C phn 50 14,0 7,0
thng
Chi ph s dng vn bnh qun 10,1%
T 1.000.000$ tr N vay 40% 8,4% 3,4%
ln C phn u i 10 9,0 0,9
C phn 50 14,0 7,0
thng
Chi ph s dng vn bnh qun 11.3%
Chi ph s dng vn bin t-
WMCC ca cng ty Duchess Corp
Chi ph s dng vn bnh qun WACC (%)

11,5 11,3% WMCC


11,0

10,5

10,0 10,1%
9,6%
9,5

0 500 1000 1500

Tng ngun ti tr mi (1.00$)


Chi ph s dng vn bin t ca
cty Duchess Corporation
Phm vi ca tng ngun ti tr WACC
mi
0$ n 600.000$ 9,6%

T 600.000$ n 1.000.000$ 10.1%

T 1.000.000$ tr ln 11.3%
Ti bt k mt thi im no ,
doanh nghip lun ng trc cc
c hi u t mi. ng c hi
u t biu din quy m kh nng
sinh li ca cc d n ny t cc
d n tt nht(c IRR ln nht)
n cc d n xu nht(IRR b
nht).
Kt hp quyt nh u t v ti tr ca cng ty
15,5
Duchess
15,0
14,5
14,0
Chi ph s dng vn bnh qun WACC (%)

13,5
13,0
12,5
12,0 11,3% WMCC
11,5
11,0
10,5

10,0 10,1% IOS


9,6%
9,5

0 500 1000 1500

Tng ngun ti tr mi (1.00$)


Bng 12.4 Cc c hi u t-IOS
ca cng ty
C hi u t T sut sinh li Vn u t ban Tng vn u t
ni b u ca d n ly k
A 15% 100.000 100.000
B 14.5% 200.000 300.000
C 14% 400.000 700.000
D 13% 100.000 800.000
E 12% 300.000 1.100.000
F 11% 200.000 1.300.000
G 10% 100.000 1.400.000

T sut sinh li ca cc d n u t s gim xung khi


doanh nghip chp nhn cc d n b xung.
Cc d n c chp nhn khi t sut sinh li cao hn chi
ph s dng vn bin t

Doanh nghip ch chp nhn cc d n m tng quy m


vn u t ly k tng ng c t sut sinh li bin t
ngang bng chi ph s dng vn bin t
Cc d n c chp l cc
Quyt nh d n bt u vi khong
u t
cch IRR v WACC ln nht
v gim dn cho ti im c
IRR bng vi WACC

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