HOI DONG THI ‘DE THI MON: THAM DINH GIA BAT DONG SAN ‘THAM DINH VIBN VE GIA, + Thoi gian lam bai: 150 phute KY THILA) ratrxt (2 Zeié DE THISO1 Phan 1- Ly thuyés: (2 diém) Phan tich cdc trutmg hop 4p dung, uu va nhuge diém cia 4 phyong php thim dinh gié bat dong sin: phuong phép so sinh, phuong phép thu nhap, phuong phép chi phi va phurong phép thing du? Phuong phap nao 1a 16i wu abit, vi sao? Phan 2- Bai tap: (8,0 diém) Co théng tin vé mét bat dong sén nha 6 dang sit dung ndm trong kau nha lin ké cao cap 06 s6 nh A3.56 nhur sau: Khudn vign thia dat: 4m x 15m (100g x sau), day 18 dit 6 six dung lau dai; trén dat cé nha 5 ting (sin) xay kin it, sin 2 d&n 5 (4 sin) ¢6 Jan can ton mit tign mho ra ngoai Im, két edu bé tong cét thép; cau thang VA nén lat gO thit; cd nha 0 huéng Nam; canh quan déi dién li khu dan cu; theo khdo sat ty 1é gid tri cha 5 5 phan két cu chinh: méng, khung o@t, turing vach, sin mai, cita vi dd g6 lan hot 12 15%, 10%, 10%, 20%, 30% vat) Ig hao mon etia cde két céu nay Tan uot Ia 18%, 20%, 22%, 25%, 15%, Trén thi trang hign 6 rit nhieu théng tin lién quan dén vige mua én, cho thué nhtmg edn nba tuong ty, ey thé -Tai ku nha lign ké trén, ed giao dich mua bin dign ra tuong déi s6i dng, day Ia khu nha duge quy hoach xy dung cing mét kiéu va dua vio sir dung cing mdt thoi diém véi kho’ng 200 can, cu th + Déi dign bén kia duémg cia clin nha A3.56 c6 mot cin s6 3.55 cling via duge giao Gich véi mize gia thi trudmg 7.000 trigu ding, dy 1a cin nha o6 cig dién tich dat va sé san xay dymg, cau thang va nén lit 26 thit. + Céch d6 10 cain nha cing c6 mt bat déng san ed sé nha A3.78 tuong ty voi can nha A3.56 duge giao dich véi gid thi trutmg 6.000 triéu dong, can nha nay c6 phong thily x4u (nga ba dudng, c6 dudng chiéu thing vao mat tién tba nha), cdu thang va nén nha lat da va gach. + MOt bat déng sin tuong nr cé sé nha A3.49 cing vita giao dich voi mite gid 7.000 rigu dng, qua tim hiéu duoc biét hai bén giao dich cd quan hé phy thuéc, + Mét bat dong sin o6 56 nha A3.68 trong ty Voi cin nha A3.56 duge giao dich véi gid thj trudng 7.500 trigu déng, tuy mhién diéu kién thanh todn chi phai tré ngay 4.300 trigu déng, s6 con Jai tr sau 1 nim (i trén thi trudg cho vige duge tré chéim la 10%/nm), cdu thang va nen na lét dé va gach, mat tign cn nba néy nhin ra mét céng vién c6 hd nude va vudm hoa Ién, - Khu nba lign ké trén ném trong khu vue déng dic dén ou, 06 nhiéu co quan, doanh nghiép vi vy rét nhiéu hé gia dinh e6 nha tai day dang cho thué nha tron goi. Théng tin khai quat vé thi trudng cho thué nha tai khhu nay nur sau: + Co 3 clin nha twong ty véi cin nha A3.56 dang ¢6 gid cho thué hing thang tinh theo USD khéng VAT nhu sau: Cin nha sb A3.30 dang cho thué 4.800USD/thang, can nha sb A3.80 dang cho thué 4.900USD/thing, Cn nha s6.A3.90 dang cho thué 4. 700USD/thang. + Theo du tinh, cin nha A3.56 cling cd thé cho thué tuong tu nhu céc cén nha trong kh, gid cho thué uée tinh s® én dinh trong 3 nam dau, sau a6 ting thém 5% va gift dn inh dén hét thei han c6 thé cho thué (vi li dat 6 nén gid dinh thoi han cho thué nhé 1a v6 han), xc sudt cho thué cia cdc cin nha trong khu vue nay duge dénh gid 1a 90% + Ngudi cho thué sé phai chiu mét s6 khoan chi phi lign quan. Theo théng tin thn thap tir thi cn nha tuong ty cho thué c6 doanh thu cho thué va phat sinh chi phi nbur sau Thing sé Can nha 38 A2.56 (Can nha sb A3.88 ‘Can oh sb A3.10_} Doaph tha thuc i hang nim | 1.300 wigu dbag “J 7.400 iu ding 1,350 trigu dang _] 247 trigu dong 280irigudong | 283,5 wiéu ding ~ Digu tra thi truéng, thdm dinh vign c6 théng tin vé 3 bit dng san & Khu we lan can vita giao dich thanh cng va cdc thita dat 6 day c6 thé so snh duge voi thia dat myc tiéu nbu sau: + So sdnh 1 c6 dic diém: khuén vién thita dat 5,Sm x 16m (réng x séu); nha 4 tang xdy kin thép; cdu thang va nén lét 26 thit; cin nha c6 huémg Nam; cdnh quan d6i dign 1a khu dn cur; dita vao sit dung thing 2/2012; vita bin cuoe véi gid 11.000 trigu dong + So sdnh 2 ¢6 dc diém: khudn vign thia dét 3,5m x 13m (réng x sau); nha 4 ting xdy kin dat, két cdu bé tng cét thép; cau thang va nén Jat g6 thit; cn nha c6 huéng Nam; cénh quan adi ign 18 Khu din cur; dua vio sir dung thang 8/2010 vira duge bén véi gid 5.500 tridu ding.+ So siinh 3 06 dic diém: Khuon vien tha dét 4.5m x 16m (rng x su); nha 4 ting xy Kin it, két cu Dé tng ct thép; cdu thang va nén Jét gd thit; c&im-aha 06 huéng Nam; cdnh quan d6i én JA khu dén cur, dira vao sit dung thang 8/2010; via duge bin voi gia 9.000 trigu déng. ~ Cac théing tin bd sung khdc: + Théi diém hién tai (thoi diém thm din) 1a théng 8/2016; + Phan tich thj trudng vé méi quan hé gitta gid mua bén véi tha nbép thudn ota 3 cn nba cho thué trong ty nhur sau: ‘Théng so Can nha s6 A3.16 ‘Can nha 56 A288 Can nha 86 A395 | Gid ty thi tron, 8,000 trigu don, 8,500 triéu din, 8.300 triéu dang | ‘Thu mhap thudn hang nam 960 wigu dong | _ 1.105 trigu ding | Lis? tidu ding | “+ Theo diéu tra thj trudag, thim dink vign thu thap duge tuong quan gid bit dng sin nha 6 (gim cé dit va cOng trinh xay dumg trén dt) theo cde yeu t6 nhu sau: 2 Cin nba cé 36 chin cling hudng véi huéng ciia clin nha s6 A3.56, ede cin nba sé le ¢5 huéng d6i dign voi hudng cita cin nha sO A3.56. Cin nha huéng Nam 6 gia bing 105% gid cin nh’ hudng Bic; © Can ni c6 phong thily tit c6 gia bling 120% gi efin nha c6 phong thiy kém; * Cin nha d6i dia la din cu 06 gié bing 95% gid cia cin nba 46i dign 14 cing vién. Can nha clu thang va nén lit g6 thit c6 gia bang 105% gid oan nha cau thang va nén lit da va gach: + Cling qua digu tra thj tuéng, thm diah vign thu thip duge tuong quan gi dét tring trén thj iruong theo ede y ‘du rong, chieu su va din tich it, cfing nu vé dom gid xy d\mg nhv sau. © Chat lugng xy dung ofa céc cin nba twong ty v6i can nha s6 A3.56 e6 suat vn dau tr cia BO Xéy dung va duge,céng bé vio thoi diém théng 8 nim 2015 eta loai céng tinh furemg ty 18 7 trigu: déng/m? san xay dumg. Theo chi s6 gid x€y dimg ota Iogi nbd 6 duoc: Sé Xay dung dia phuong céng bé tai thi diém thang 8/2016 thi chi s6 gid thoi diém hign tai 18 99%, chi sé gid thai diém thang 8/2015 1a 90% (Idy nam 2011 lam chudn va tuzong img ld 100%). Chi phi cho phn dién tich ban cOng nh ra ngodi duge tinh tod bang niza sudt diu tr cho din tich san xAy dung thng thuémg, Nién han sir dung cba cae tba nha durge dénh gid 1a 30 nim; © Vé chigu rong tata dat: te 3.5m dén 4m duoe diinh gid nw mhau va bing 95% wf thisa dat od chidu rong 4.5m dn 5,5m; Ve chiéu sau tink dit: thira dat e6 chiéu sau 15m duge dénh gid bling 98% gid thi dat 6 chidu su 13m vA bling 102% gi thita dat 6 chigu su 16m; © Vé quy mé dién tich dat: thira at tir 60m? ted xudng duge danh gid bing 105% gid thira dt tren 70° + Ty gid la 22.000 ddng/USD. Théng tin khée coi nhw tuong ding. Yeu edu: iu @.5 diém): Hay wee tinh gid tri thi truémg ota bit dong sin nha 6 06 96 nha A3.56 theo ech up fin th thi trudng (uée tinh trén co si tung binh cfng cia cf mite gid chi dn). Cau 2 (2,0 diém): Hay ude tinh gid trj thi trudng cia bat dng sin mha 6 06 s6 nha A3.56 theo ich tiép cn thu nhfp. Cau 3 (3,0 diém): Hay ude tinh gid tr thi rurdmg ciia bat dng sin nha 6 c6 s6 nha A3.56 theo cach tiép cén chi phi Cau 4 (0.5 ): Hy ude tinh gid ti thi trudng oba bat déng sin nha & 06 6 cach tiép can trén, biét mire d6 tin edy olla cde céch tiép cn trén lan luot theo thir ty: 40%, 30%, 30% -HET DE THI Chii yi: Cae sé % lim tron hai s6 le, vi dy: 6,51 theo don vj tinh ela bai véi hai sé 1é, vi dy: 718, 718,24 dang, ‘ron 6,51%; 6,515% lam tn 6,52%. T 2 dng am won 718,23 déng; 718,236 dang lam tronHOI DONG THI DAP AN DE THI MON THAM DINH VIBN VE Gide ¢) THAMDINE GIA BAT DONG SAN KA THILAN THU xT ( Boat / DE THISO1 “ WY Phan 1- Ly thuyét: (2 diém) z : ‘Trung hop 4p dung, wu va nhugc diém cia 4 phuong phép thim dink git ~ Phucving php so sinh a, Ce trudng hop ap dung Phuong php so sénh tryc tiép thuéng duge six dung dé thim dinh gid tri tai san trong cic truémg hop sau: - Cée ti sin c6 tinh dOng nhdt niu: céc can hd, cdc chung eur, cde dy nha cing xay dung mét kiéu, cdc ng6i nha ring bigt va ban ring biét, cdc phin xudng, céc nha kho trén mot mat bing, cfc nhém vn phong va nhém ciza higu. = Dat tds ng. b). Uu diém cua phuong phip - La phuong phap dinh gid ft gap khé khin vé mit ky thudt, vi: khOng ¢6 cOng thire hay mé hinh cd dinh, ma chi dya vao sy hién dign otia cic giao dich thi trudng 48 cung cp cae dau higu vé gia tri. ~ La phuong phap thé hién sy danh gid cita thj trudng - dé 1a cde bing ching 16 rang ~ di duoc thita nhan trén thuc té vé gid tri cla BDS.. Vi vay, n6 06 co so ving chic dé khach hing va co quan phap ly cng nhfn, ¢). Cac han ché cia phuong phap: = Can phai c6 thong tin ~ Dit Ligu mang tinh lich sé, nhiéu Kkhi chéra dung chit quan thite thi trudng thi méi cé thé tién hanh dinh gid cach thich hop, di - Phuong phdp thu nhép 2). Trudng hop ap dung ~ Phuong php thu nhép hay Phuong phép dau ty dua trén co sé chuyén ddi mét ding thu nhp hang nfm thinh mot tng s6 von do dé thudng thim dinh 461 voi ai san 06 kha nang tao ra sw thing du tai chinh vugt qua chi phi truc tigp ca vige sit dung hién tai a6. - Nhig tai sin duge tigp tue thué mang lai thu nhp cho ngudi sir dung ~- M6t su dau tu c6 mang Jai Igi nhudn. b). Cae wu digm cia phuong phap - Xér vé mat ly thuyét, day la phuong phap c6 cc sé ly ludn chat ché, vi nd tiép can mét cach true tiép nhig loi ich ma BDS mang lei cho nha du tu. ~N6i chung né 1a phuong phip don gidn. = Cé thé dat dvroe d6 chinh xée cao khi cé chtmg ctr vé céc thong vu cé thé so sinh duoc, khi cdc khodn thu nhdp ¢6 thé dy bio trude voi mot dé tin cay cao. ©). Céc hen ché cia phuong phép ~ Can phai cé tai iéu chinh xde va doi héi hiéu biét k¥ luéng vé nghiép vy, vé todn tdi chink ~ Kho khan trong viée x4c dinh ty 1é chiét khdu ~ Khi cd nhiéu dang dau tu thi cn phai biét sip xép cdc dang dau tu khac nhau- Phuong phip chi phi a). Trudng hop 4p dung - Thdm dinh gid 18i sin dinh cho muc dich stt dung d¥e biét nhwr bénh vign, tring hoc, nha thé, the vign, nha may dign, nh may hod chit, ede cot sé Ipc dau... ld cée tai san it 6 nhimg chimg e6 so sinh thi trudng. ~ Tham dinh gid cho cée muc dich bio hiém. - Phuong phép chi phi ciing thuéng duoc sit dung nhu 1a phuong phap kiém tra déi voi c4c phuong phap thim dinh gid khac. ’b). Nhiing wu diém - Uu diém co ban ca phuong phap chi phi 14 né duge sit dung khi kh6ng c6 céc bing chimg thi trang thich hop dé so sanh. Sir dung dé dénh gid cdc BDS rat hiém khi thay ddi chi sé himu va thiéu co sé dy bao loi ich tuong lai. Trong m6t sé tinh hudng, né 1a cia cdnh cuédi cling khi cde phuong phap khdc 1 khéng thé sir dung durge. ~ Phuong phap chi phi thich hop khi dinh gid BBS ding cho céc giao dich va mu dich riéng bigt. Vige ude tinh theo phuong phdp nay phy thude nhiéu vao chuyén mén va kinh nghiém cia tham dinh vién, do éu nha thdm dinh cé chuyén mén cao, nhiéu kink, ngbiém va lim vige mét cdch khach quan thi c6 thé han ché duge nhting sai s6t khi cung cu c6 biéu hién cita sy thai qué. c). Nating han ché - Chi phi khong phai lite nao ofing gid tri. - Giéng nhy phuong phép so sénh tric tiép do phai dua vao cde sé ligu lay trén thi trudng nén cn cé théng tin day dit va chinh xAc vé gid thanh xdy dung. ~ Ngudi thdm dinh gid phai co kién théte nhdt dinh vé xdy dung, vé gid thanh xdy dung. va phai cé kinh nghiém dé cé thé 4p dung duoc phurong phap nay, ~ Ngoai ra khi ap dung phép phap so sénh thj trutmg dé tinh chi phi xdy dung sé e6 nhfing mat han ché nhu vita néu trén. - Phuong phap thing die a), Tring hop 4p dung Phuong php thing du duge van dung dé xac thdm dinh gid tri cla cdc bat ding sin, khi bat d6ng san c6 sy phat trién hotic c6 tiém ning dé phat trién. Didu may dic biét can thiét néu bat déng san c6 gid tri tiém ting, gid tri nay sé gidi phong khi bat dOng sin d6 duge phat tridn. bat déng san nay cé thé 1a ng danh cho phat trién hay dat ¢6 cde két edu xAy dung dang tn tai ma can phai thay thé hay ci tao, thOng thuting Ia tin trang lai hay pha bo ‘va phat trién lai voi nhémg két cu xdy dyng hoan toan mdi. Phuong phép thing du thudng duge sir dung khi nhting ngudi mua nha rigng xem xét, danh gid nd é cai thign va hign dai hod ngOi nha 46, thi sé lam cho ngdi nha c6 gid tri hon nhieu so véi chi phi bé ra. b) Un diém ofa phuong phap - Duoc sit dung dé danh gid cde BBS c6 tiém nding phat trién. - Day la phuong phap thich hop dé dua ra mite gid khi thye bién d4u thau, = Phuong phép nay mé phéng lai céch thite phan tich, dénh gia cde co hOi dau ty vao BDS. Vi vay, né ¢6 gid tri quan trong dé tu van vé chi phi xy dug t6i da va tién cho thué tdi thigu cin dgt duoc khi thyc hign dir an phat trién BDS. 1g Vi gid ir] va c6 pbting chi phi khdng tao rac) Nhuge diém cita phuong phap - Khé khan trong viée xdc dinh sit dung cao nhdt va tét nhat. ~ Moi wée tinh vé chi phf va gid bin o6 thé bj thay di tuy theo cae diéu kign cba thj trudng, - Gid trj edn Iai cudi cing nhay cm déi véi nbting thay di trong uée tinh ede chi phi va gia ban. 2. Dinh gia vé phuong phap téi wu Osa ‘Thi sinh cdn phan tich duge vige str dung cée phuong phép khéng c6 phuong phap nio t6i wu nhat, ma chi cd phuong phédp thich hop, giai thich 16 vi sao. Phan 2- Bai tap: (8.0 diém) Cau 1: 2,5 diém) Hay wée tinh gia tri eva bat dng sin nha 6 6 s6 nha A3.56 theo céch p c@in ti thi truéng * Nhdn xét: - Lam 18 phuong phap str dung va vi sao 05d ~ Phuong phap so sénh cn tun thi hé théng nguyén tic TDG... * Xét cain nha s6 A3.49: Gi giao dich o6 quan hé phy thude nén khOng thé so sinh, logi can nha s6 A3.49 ra khoi dit ligu so sinh : 1. Phan tich théng tin tai sin so sémh (SS) dé diéu chinh cho tong déng véi tai san tham 0,54 | inh (MT): theo bai ra cée ty 16 diéu chinh thong s6 so sénh duoe tinh theo gi ca téi san so sinh, diéu nay ham nghia gia cia ti sin so sinh duoe gin a 100%. Trong d6 cin nha A3.55 goi li SSI, A3.78 goi la $S2, A3.68 goi la SS3. Ciing theo bai ra, viée so snh truc tiép cdc cin nha sé phn tich cde théng sé diéu chinh sau: Diu kién thanh toén, Huéng nha, Phong thiy, Canh quan, NOi that - Diéu chinh vé diéu kign thanh toan + Néu tr ngay: 3300+3200;1,1 = 8,182.88 trigu ding + Mite diéu chinh 1a: - 317.12 trigu ding - Didu chinh huéng: + MT va SSI: ty 1é didu ebinh: (105%-100%)/100% = 5% - Digu chinh phong thay: + MT va $82: ty 18 digu chinh: (120%-100%)/100% = 20% = Diéu chinh vé canh quan: + MT va SS3: Oy Ié didu chinh: (95%-100%)/100% = -5% ~ Didu chinh néi that: 5% + MT va $S2, $83: nf 18 didu chinh: (95%-100%)/100% : duge néu chi tiét trong 3. Tap hop lai cae yéu té can diéu chinh va tinh todn gid tham cl bang sau: Lod [tr ‘Yéu t6 so sink Donyj | Taisan | Taisinso | TAisin so | Taisinso iat tinh thim dinh | sinh sinh 2 sanh 3 gi ~ | cha bigt A_| Gia thi taring trigu dng 00_| 6,000.00 00.00 Gi quy dai vé don vj so chia bict B_| sinh chun 7,000.00 _| 6,000.00 | 7,500.00 c cae yeu t8 SS Bigu kign thanh tofn cr 5 Mite diéu chink trigu déng (317.12)Ty le diéu chinh % : : Gié saw diéu chinh 1 trigu ding 7,000.00 | 6,000.00 _| 7,182.88 Huéng nha ‘Nain Bic Nam ‘Nam Tle diéu chinh % ae : ‘ @ : : : Mite diéu chinh trigu ding 350.00 Gié sau diéu chink 2 trigu déng: 7,350.00 6,000.00 7,182.88 Binh Binh xu) Binh thudag Phong thity thug thutng Tile diéu chinh % cr Eee a 3 = 7 Mite diéu chinh trigu ddng. 1,200.00 Gid sau diéwchinh 3 trigu ding 7,350.00, 7,200.00 _| 7,182.88 Binh Binh Binh | Tot Canh quan thutng _| thurémg thurimg Tile diéu chink % - 0%|—-5% ca : a Mite diéu chinh trigu ddng. (359.14) Gid sau diéu chink 4 trigu déng 7,350.00 7,200.00 6,823.74 : Tot Tot Binh | Binh thing Noi thie thong Dy lé diéu chinh % 0% 3% 5% os 7 eee Mite diéu chink % 360.00 341.19 Gié saz diéu chink 4 % 7,350.00 __| 7,560.00 __| 7,164.93 D_| Mite gid chi din DI_| Gid tri trang binh eda ‘rigu dong mite gid chi din 7,358.31 Mac dj chénh lech vei_—|——*% % 3% 3% pp | gid tri tung binh cita cde mite gid chi dan E_| Téng hop cdc sé ligu diéu chinh tai mye C E1_| Téng gid trid.chinh gop | trigu ddng 350.00 1,560.00 _| 1,017.45 F2_| Téng sé lan digu chinh Lan 1.00 2.00 3.00 E3_| Bién 46 diéu chinh % 5% 5%-20% | 4.41% 5% ‘Tong gid tri d.chinh 4 | toudn trigu ddng 350.00 1,560.00 __| (335.07) 5. Két Ing: Vay gid cin nha ean thdm dink wie khodng: 7,358.31 trd 4. Chot mic gif eubi cling: vige cht mie gid eudi cing ¢6 rit nhieu each khée nhau, thy theo timg thuong vu thim dinh va digu kign en i Trong pham vi bai nay, chung ta Gis tri rung binh ctia mite gid chi dain Ia 7,358.31 trigu1,00 1,04 c 2,04) : 7 * Nhfin xét: Lam r6 phuong phap sit dung va vi sao; hé théng nguyén tac chi phéi Don gid cho thué trung binh hang thdng (4800+4900+4700): 3 = 4800 USD ‘Doanh thu thuc té hing nim trong giai doan dau 4800 USD x 12 thang x 90% x 22000 ding/USD = 1,140,480,000 dng (tic 1,140.48 trigu déng/ntm) Doan thu thy t8 hing nam trong giai doan thir hai sau 3 nim (ting thém 5%) 1,306.80 trigu déngindim x 105% = 1,197.50 trigu ddng/nam ‘Xée dinh ty 18 Chi phi/doanh thu trang binh eta cdc can nha tuong tr Thong sO Donvitinh] Cinnhasé | Cinnhisé | Cinnhasd A256 A388 A3.10 Doanh thu hang nim | ‘frigu dng 1,300.00 1,400.00 1,350.00 Chiphi hing nim | widu dong 247.00 280.00 283.50 TY 1 Chi phiDoanh tha % 19.00% 20.00% 21.00% Nhu vay, ty 1€ chi phi/doanh thu tung binh li: 20.00% ‘Thu nhap thuan hang nam trong giai doan dau li trigu déng/nam 912.38 ‘Thu nh4p thudn hang nim trong giai doan thit hai ki trigu déng/nim_ 958.00 X4c dinh ty 1é vén héa dong tién Thong s6 Don vitinh | Cinahasé | Cinnhi sé | Can nha s8 A395 ABE A288 Gia wi thi tratng trigu dong 8,000.00 8,500.00 8,300.00 "TN thud hang nim irigu dong, 960.00 1,105.00 1,162.00 Ty i Chi phi/Doanh thu % 12.00% 13.00% 14.00% Nhu vay 6 18 vén hoa trung binb ld: 13.00% Ap dung céng thite v6i dng tién 2 giai doan, trong 46 giai doan 1 (3 nim) va giai doan 2 kéo dai v6 han Gia ri ngOi nha vao cudi nim thi 3 7,369.26 wigu ding Gia tri ngOi nha 6 bign tai la 7,261.51 trigudéng _ Két Indu: Vay gid ctia BBS muc tiu we tinh 14 7,261.51 trigu ding Cau 3: (3,04) : : : * Nhin xét: Lam r6 phuong phiip str dung va vi sao; hé théng nguyén the chi phdi 1. Phan tich tai sn muc tiéu: tod | [ Cae két edu [4 i us is ws15.00% | 10. 00% | 1.00% | 20.00% | 30.00% [18.00% | 20.00% | 22.00% | 25.00% | 15.00% 82.00% | 80.00% | 78.00% | 75.00% | 85.00% 19.29% 80.71% 60 m2 86 m2 phan ban céng nhé ra 16 m2 ‘$6 m2 sin x4y dung chun: 308 m2 Suét du ty didu chinh: 7.70 trigu ddng Chi phi thay thé mdi clin nha (ctxd): 2,371.60 trigu ding Gia tri cn lai cia cn nba (ctxd): 1,914.02 trigu ding 2. Phan tich tai sin so sinh 1: $6 m2 dat 88 m2 Sé m2 sin xéy dung chun: 352 m2 Suét dau tu diéu chinh: 7.70. trigu ding Chi phi thay thé méi can nba (xd): 2,710.40 trigu ddng Ty 18 chat hrong con lait 85.00% i od i 2,303.84 trigu déng Gid tri quyén sé dung dat SS1 8,696.16 trigu ding Don gid lm? dat 98.82 trigu ding 3. Phan tich tai sin so sinh 2: 86 m2 a 45.5 m2 86 m2 sin xAy dung chudn: 182 m2 Sudt ddu wr didu chinh: 7.70 trigu déng Chi phi thay thé méi cdn nha (ctxd): 1,401.40 trigu dong Ty 18 cht lugng con lai: 80.00% Gié tri cdn Jai ea edn nha (ctxd): 1,121.12 tigu déng Gi tri quyén sit dung dat S81 4,378.88 trigu dng Don gid 1m? dit 96.24 trigu ding 4, Phin tich thi sin so sinh 3: 86 m2 dat: 72 m2 $6 m2 sin xdy dung chuan: 288 m2 Suét ddu tu diéu chinh: 7.70 trigu ding Chi phi thay thé méi cin nha (otxd): 2,217.60 trigu ddng ‘TY 16 chat lugng con lai: 80.00% Gi tri con lai cia cn nha (ctxd): 1,774.08 trigu ding Gid tri quyén str dung dat SS1 7,225.92 trigu ding, Don gid 1m2 dit 100,36. trigu ding 5. Phin tich thong tin tai sin so sinh (SS) dé diéu chinh cho tuong dong véi ti sin thé 0.54 | dinh (MT): theo bai ra céc ty 1é diéu chinh théng s6 so sanh duge tinh theo gitt cita tai sin so sénh, diéu nay him nghia gia clia tai sin so sanh duge gin la 100%.Ciing theo bai ra, vige so sdnh teye tip cde cin nha sé phan tich cdc théng sé diéu chinh sau: chiéu rong mit tien, chiéw s4u thita dit, quy mé thira dét ~ Diéu chin vé chidu rong mat tén +MT va SSI, SS3: ty Ié diéu chinh: (95%-100%)/100% = -5% - Diéu chinh chiéu sau thia dat: + MT va SS1, S83: 17.16 diéu chinh: (102%-100%)/100% = 2% + MT va S82: ty 16 digu chinh: (98%-100%)/100% =- 2% ~ Digu chinh vé quy m 4+ MTT va SSI, S83: ty 18 digu chinh: (105%-100%)/100% = 5% 6. Tap hgp Iai cée yéu té can diéu chinh va tinh todn gid tham chiéu duge néu chi tiét trong bang sau: TT Yéu t8 so sinh Donvi | Taisin | Taisinso | Taisanso | Taisinso tinh | thdm dink | sanh 1 sh 2 si 3 A_| Gié thj tuong Ca | Gia quy d8i vé don vi so 7 chu bist B_| sanh chudn (m2) trigu déng 98.82 96.24 100.36 € | Biéu chinh cae yéut6 SS Chidu rng mac tién an 5.5m) 3.5m 43m Bile diéu chinh % 3% O% 3% ct : . - Mite diéu chink trigu ding (4.94) ($.02) Gid sam diéu chinh 1 srigu dény 93.88 96.24 95.34 Chidu sau 16 dat 15m 16m 13m 16m Bylé diéu chink % 2% 2% 2% a : Mite diéu chinh trigu ddng 1.98 (1,92) 2.01 Gid sau diéu chink 2__| trigudéng 95.86 94.31 97.35 Quy mé 16 dat 60.00 88.00 45,50 72.00 Ty le diéu chinh % 5% 0% 5% c3 = | Mite diéu chink trigu dong 4.94 5.02 Gid sem diéu chink 3 tigu dong 100.80 94.31 102.37 D_| Mite gid chi dain DI | Gié tri tung binh cia ‘wigu dong mite gié chi dn 99.16 Mile a6 chénh lech vot % 2% 3% 3% D2 | gid tri trung bink ola eée mic gid chi din E_| Téng hgp ede s6 ligu digu chinh tai mye C El | Téng gié tri d.chinh gop_|_trigu ddng 11.86 192 12.04 £2 | Téng sé lin digu chinh Lan 3.00 1.00 3.00Osa £3 | Bien dg diguchinh __—|_—-% 2%-5% 5% 25th Tong gid tr d.chink : 4 | thudn trigu ding 1.98 (4.92) 2.01 7. Chét mite gid cudi cing: vige chét mic gid cudi cing cé rit nhiéu céch khdc nhau, ty theo timg thuong vy thim dinh va diéu kién cu thé. Trong pham vi bai nay, ching ta Gié tri ‘trung binh ciia mite gid chi dan la 99.16 trigu déng, 8. Gid tri thira dat 5,949.56 trigu déng 9. Gid tri cia tai sin muc tiéu 7,863.58 ttigu dbng 10, Két lum: Vay gid cia BDS myc tigu woe tinh 1a 7,863.58 trigu dong Cau 4 (0,5 diém): Hay uéc tinh gid tri ctia bat ddng sin nha 6 6 s6 nha 3.56 theo cée cach tigp cén trén, bit mite d6 tin cy cia cdc cdch tiép can trén lan uot theo thir tu: 40%, 30%, 30%. Pvt: trigu déng Thong so Gia tri BDS Trong 86 Mute 46 dong gop ‘Cich tigp of tt thi trxong 7,358.31 40% “2,943.32 | Cach tigp can tha nhap 726151) 30% 2,178.45 Cac tif cin chi phi 78658 30% 2,359.07 Tong cong 7,480.85 ‘Két wan: Vay gid tri ciia tai san edn thim dinh la: 7,480.85 trigu dongTHI bE THI MON: THAM BINH GIA TRI DOANH NGHIEP (THAM DINH VIEN VEGIA Tht gian lam bai: 150 phiit KY THILAN THU XI ZOE DE THISO1 Phan 1: Ly thuyét (2,0 diém) Hay phan tich khéi quat vé ede yéu 16 thude vé méi trudng ben ¥ nghta nhu thé ngoai cé anh huting dén gid tri doanh nghigp? Vige phan tich cae yéu 16 nay nao cho céng téc tham dinh gid tri doanh nghiép? Phin 2: Bai tip (8,0 dim) Cong ty Trutmg Sa o6 wai ligu sau: 1. Trich Bang cén 46i ké toan ciia cng ty ngay 31/12/2015 Don vi tinh: trigu dé Tai san S86 tién Negudn von 86 tién ‘A. Tai sam ngan han 80.000 | 4. Ng phai tr 40.000 1. Tién : 20.000] 1, Vay ngan han 10.000 2, Chitng khodn ngani han 10.000 | >. C4e khoan phai tra 10.000 3. Ce khoan phai thu 20.000) 3, Vay dai han 20.000 4, Hang 1n kho 20.000 5, Tai san ngdn han khac 10,000 | | B. Tai san dai han 160.000 | B. Nguén vén chi sé hive 200.000 1. Gid tri con Jai cua TSCD hiu hinh 110.000] 1. Ngudn vn kinh doanh, 180.000 2. TSCD thué tai chinh | 10,000} 2, Loi nbuan chwa phéin phdi | 20.000 3, Dau tu chimg khodn vao cdng ty X 10.000 (500,000 e6 phigu) 4, Gép vén lién doanh 20.000 5. Tai san dai han khac 10.000 L ‘Tong tai san 240,000 Téng ngudn von 240.000 2 Nguyén gid va kbdu hao loy Ké timg mhém tai sén c6 duh (TSCD) hiu hinh, cfing nhu hé sb danh gia lai gid tri do céc chuyén gia cung cp dén ngay 31/12/2015 Don vi tinh: wrigu don, SIT ‘Nhém TSCD hiu hinh Nguyen gid | Khduhao | H0s6 dinh gid lai lug ké gid tri cn lai 1__[ Nba cita, vat én wie 100.000 60.000 is 2 | May, thiét bj 50.000] 30.000 13 3 | Phuong én van tai 50.000 30.000 12] 4 [Dung cu quin ly 20.000 10.000 08 3] TSCD hitu hinh khie 30.000 10.000 Ll L Tong cing 250.000. 140.000 | ~ He 36 gid tr con Iai di vai hing ton kho: 0,9 : : ~ M6t s6 khodn phai thu khéng cd kha ming ddi duge 1a 2.000 trigu ding; 10.000 widu ding chac chan ddi due; s6 cén Jai duoe xép vao dang khé doi, céng ty mua bn ng sin sang mua lai khoan nay véi s6 tién bang 50% gia ti - Cée tai sin khae khOng thay déi, : Cong ty c6 56 1igu nim hién tai va w6e tinh ede sé ligu ké hoach cia 5 nfm tong lai nh sau: Don vj tinh: triéu don; [ NAM ms [3016 2017 2018 | 2019 [2020 = Nhu clu vin lew ding | 80.000| 81.000 | _83.000/ 83.000] _85.000| 87.000 - Tai sin cd dinh| 200.000) 210.000[~ 215.000) 235.000 000 | 260.000 (Nguyén gid) | | i~ Khiu hao lug ke 90.000] 95.000] 100.000[ 107.000 115.000 | “125.000 Tong tai sin 240.000 255.000 | 270.000 | 300.000 | 330.000 | 350.000 = Ng ron; 40.000 46.000] "50.500 [ 68.500| 84.700 | 89.100 ‘Tong ngudn von 240.000 | 255.000 / _270.000| 300.000 | 330.000 | 350.000 Thu nhép tude thu, Idi vay va khdu hao (EBITDA) 46.61.54 | 52.971,79 | 61.282,05 | 70.174.36 | 79.966,67 Lai va 3,000] _-3.100{ 3.000{ —-3.200[ 3.300 4. Cc théng tin khde ~ Thoi diém tham dinh gid 1a 31/12/2015 (day 1A thoi diém phan tich céc sé ligu). + Chinh sch phiin phéi loi nhugn eta cOng ty trong nim bign tai va 5 nm 6H la dinh ra 70% gi nhugn sau thué 48 chia oé tite, 30% ting vén, - Vige dy tinh vén chi ciia céing ty trong ec néim tuong lai duge tinh todn nhu céch tinh von cht quy dinh trong vige dinh gid ob phin héa cdc doanh nghigp nhi nude = Vén didu 18 ciia Céng ty 18 100.000 trigu ding, Céng ty dang niém yét chinh thie tren Sé giao dich chimg khodn thanh phé Hé Chi Minh. ~ Li suét phi nai ro la 7%, phan bd rii ro thj turing la 4%, hé sé beta cita doanh nghigp 1a 1,5 va Céng ty dang phai tra chi phi lai vay trung binh 18 8,97%'nim, t 1@ vay ng trén tong vn trung binh khoang 1/6. - Thué suat thué thu nbap doanh nghiép dang ap dung 1a 22%. ‘Yeu cu: Cau 1: (2,0 di&m) Use tinh gid tr} phan vén chi so hiw (gid tri doanh nghiep G6) vi chil so btu) tai Cong ty Trung Sa theo phuome phap dinh lung loi thé thong mei, gid dinh eid ti tai sin dia vio kinh doanh trong cdc nim tong fai lim cot sé dé tinh Ipi thé thurong mei duge wée tinh bing ‘6i gi ti vin ch theo s6 sich; do vige to ra déng loi nhun siéu ngach cha dmg nhibu rai ro nén 49 Ie chiét khdu dong siéu Igi nhwan duge xac dinh la 18%; Loi nhuin siéu ngach (siéu loi nhuan) tit sau nam 2020 tre di die kién khéng d6i, TY suit Igi nhugn trung binh lam co s6 tinh dong siéu loi nhafn duge xée din bing vei ty suat Joi nhugn trang binh nganh va bing 12%/nm va ty suat nay it bién dng trong trong Cau 2: (1,5 diém) Hy ude tinh gid tri vén cha so hu cia Cong ty Trung Sa theo nbur ech tioh quy dinh bling phuong phép dong titn chiét khéu ding trong o6 phin hod doanh nghiép Nha née, véi ké hoach loi nbudn sat thué dX ude tinh trade nu trén (chon n=4). Dong tién duge ebiét khdu theo chi phi sir dung vén iia chi sé itu. (Cu 3: (0,75 diém) Use tinh gid tri von chi 56 hitu cha Cong ty Truémg Sa bing phuong phap von héa thu nhgp (hién tai héa Ii rhufn thuan), voi gié dinh loi nhugn sau thué sau nam 2020 khong déi va bing lol nbudn seu thoé ném 2020. Ding tién duge chiét khiu theo chi phi st dung von cita chit sot hiu. Cau 4: (2.75 diém) Hay xéc dinh gi tri phan vén chi sé httu theo phuong phap FCFE va gid tri doanh nghiép ting thé theo phuong phép FCF, gid dinh sau nam 2020 tré di FCFE va FCF cing ting voi toe 46 3%indim. Cau 5: (1,0 diém) Hay xée lap ma trén dé ude tinh gia tri mét ¢6 phan cha Cong ty dua trén 5 phuong php tn (tinh theo trong s6); biét trong 56 tinh ela ee phuemg phép tn ln Iugt 1a 20%, 20%, 10%, 25%, 25% - HET DE THI- Cha y: Céc 56 % lam tron hai s6 18, vi du: 6,513% lam tron 6,519; 6,515% lam trén 6,52%. Tién lim tron theo don vj tinh cita bai véi hai s6 1é, vi du: 718,232 déng lam tron 718,23 dong; 718,236 déng lim tron 718,24 dong,HOIDONG THI pAP AN DE THI MON THAM DINH VIEN VB GIA 4 ?) — THAMDINHGIA TR] DOANH NGHIRP KA-THLLAN THU xi() 2. DE THISO1 (we 1. MOi trwéng vi m6 a), MOi trudng kinh Khi nén kinh té phat trién t6t thi doanh nghiép ¢ xu huéng di lén va nguge fai khi kinh t6 giém sit thi doanh nghiép di xu6ng. Nhw vay, néu dy dodn duge xu huéng phat trién cia nén kinh t&, thi c6 thé dy bdo duge xu thé phat trién chung ca doanh nghiép. Tham dinh vign cin dinh gif moi trudng kinh té cla doanh nghigp dia vio cde yeu 15 sau: tang truéng kinh té; Iai sudt; ty gia h6i dodi; lam phat. b). Méi trudng chink tr] phap ludt Cae yéu 6 chinh tri va Iudt phdp c6 anh hudng dén hoat dong cla cdc doanh nghiép, bao gdm hé théng céc quan diém, during 14i chinh sich cia chinh phi, théng Iwai phép hién hanh, xu huréng ngoai giao cla chinh phil, nhiing dién bién chinh tri trong nude, trong khu vuc va trén toan thé gidi. c). Méi tring van héa xa hdi Cée Khia, can hin thanh moi trudng van héa - x4 hOi abu: nhimg quan nigm vé dao dite, tham mj, 16i séng, vé nghé nghiép; nhimg phong tuc. tp quan, truyén ; nhtng quan tam uu tién cla x4 di; trinh 49 nhgn thitc, hoc van chung cita x% c6 anh huéng manh mé dén ede hoat dong kinh doanh ciia doanh nghiép. d). Méi truéng ty nhién Cée van d8 6 nhiém moi twéng, sin phém kém chit Invgng, ing phi tai nguyén thin nhién cing véi nhu cau ngay cang lin Adi voi cde nguén lye 06 han khién cde doanh nghigp phai thay ddi cdc quyét dinh va bién phdp hogt dOng san xudt kinh doanh. e). Méi trong cong nghé Day IA mét trong nhimg yéu té rét n’ing dong, chita dung nhiéu co hdi va de doa d6i v6i cic doanh nghigp. Nhting 4p lye va de doa ti mi trudg eng nghé 18 sir ra doi ofa cdng nghé méi lam xudt hign va ting cudng uo thé canh tranh eta cdc sén phim thay thé, de doa cdc sin phdm truyén théng. Su biing né cia céng nghé méi 1am cho céng nghé hién tai bj 165 thoi va tao ra 4p lye ddi héi cac doanh nghiép phi d6i méi cOng nghé dé ting cuvmg kha n’ing canh tran. 2. MOi trrdng nganh a). Chu ky kinh doanh | Nhin chung, tinh binh hoat dong cia nhiéu nganh thung hoan toan tuong ding véi céc chu ky kinh té. Tuy nhién, trong nhieu Tinh vue cu thé ciia mgt nganh cé thé khéng hoan toin trong déng véi chu ky kinh té. Do dé, khi danh gia cn phan tich cu thé timg finh vue kinh doanh ciia doanh nghiép b). Trién vong ting truéng cia ngdnh Trién vong ting trténg cia mot nganh cé Ti M6t nganh 6 trién vong ting trréng manh cé t] trong nganh nhiing co héi thugn loi. Nhting co hoi ny thé hién & thi trong, kha nang cdi thién vi thé tai chinh ca cic doanh neghi danh gia méi trudng nganh cua doanh nghigp, can xem xét trién vong n hé chit ché véi chu ky kinh té lem lai cho cdc doanh nghiép é m nang mé réng Vi vay, khi : én[asa Lod co sé dank gid chu nhu cu tiém ting eta nén kinh té d6i voi nganh ma doanh nghigp dang hoat dong. c). Phan tich vé canh tranh trong ngnh Tinh hinh canh tranh phy thude vao rat nhiéu yéu t6 va nhiing yéu t6 nay eth d6i tay theo ting nganh. Dang thoi, su canh ‘anh gitta cée doanh nghigp chit yéu ign ra trén hai phuong dign Id gid cé va chat hong sin phim. @). Ap luc. canh tranh tiém tang Ap lyre canh tranh tiém ting trong mt nganh tly thude vao mite d@ khé khiin 46% voi cdc doanh nghiép cé kha nang gia nhip nginh dé dé canh tranh véi céc doanh nghiép hign dang host dng trong nganh. Nhiing khé khan nay duge thé hign qua nhimg chi phi ma m6t doanh nghiép phai chap nhén khi gia nhap nganh 3. Y nghia ciia vige nghién ctru Thi sinh ty phan tich theo huémg: phan tich méi trudmg bén ngoai dé qua 46 dénh gid duge nhiing co hGi va thach thite d6i v6i doanh nghiép 6 lim co sé cho vige hogch dinh chién luge kinh doanh, efing nhu chién huge tai chinh ca doanh nghigp. Day chinh 1A nhting co sé quan trong dé tham dinh gié DN Phan 2: Bal tap (8.0 diém Cin # Déuh gid lai gid tri ctia mOt sé tai san theo gid thj tring nhw sau (dvt:trd) a. Nhom TSCD hitu hinh: Don vi tinh: trigu dang 6m TSCD hitu hinh | Nguyén | Khu hao Hésé | Gia ti | sia lug ké dnb gid lai Nha cita, vat kién tric | 100,000 60,000 18 “72,000 lta, vat kign trie aa May, thigt bj [50000 30,000 70,000| 0? Phuong tién van tai 30,000 30,000 12 feet 20,000 Dung eu quan ly 20,000 10,000 08 000 10,000 cH TSCD hifu hinh kh 30,000 10,00 ii 22,000 hifu hinh khée 0 satan | Ting 250,000) 140,000 152,000 110,000 | - | ¢, Hang tn Kho: 20.000 x 0,9 = 18.000 wd 4. Cac khodn phai thu: 10.000 + (20,000-10.000-2.000) x 50% = 14.000 tra e, Cée tai san khdng c6 diéu chinh gid 4 Xée dink Loi thé theong mai Ap dung cée céng thite tinh, ~ Loi nhudn tai ddu tir nim X = Loi nhudn ndm X x ty 18 loi nhudn t4i dau te nam X ‘Theo bai ra ta tinh duge cae chi tiéu 5 nfim trong lai sau: NAM [_ 2016 2017 2018 2019 2020 vay va khéu hao (EBITDA) 46,461.54 | 52,971.79 _ | 61,282.05 _| 70,174.36 _| 79,966.67“Lai vay | 3,000[ 3,100 3,300 | Khu hao | __ 5,000 5,000 10,000 Loi nun trade thub 38,461.54} 44,871.79 | 51,282.05 | 58,974.36 | 66,666.67 Loi nhugn sau thie [30,000 35,000 40,000 [46,000 32,000, Tir loi nhuan sau thud ket hop v6i cdc théng tin bai ra ta tinh duoc: * Use tinh Igi nhogn tai du tu, trong a6 Loi nbuan téi dau tw nim X = Loi nhugn nm X x Loi nhudn t4i dau tunam 2016 9,000.00 trigu ding Loi nhugn tai dau tu nm = 2017 10,500.00. trigu ding Loi nhudn t4i ddu tu mim = 2018 12,000.00. trigu ding Loi nhugn 13,800.00 trigu déng Loi nhufin ti dau tu nim 2020 15,600.00 trigu ding * Use tinh vin chi, trong dé Vén chi nim X = vén cha nim (X-1) + LN t4i dau te nim X Vén chu sé hitw nam 2016 209,000.00 trigu ding Von chi sé hia nam 2017 219,500.00 triéu déng Vén chi sé hitunim 2018 231,500.00 trigu ding Vén cha sé hiu nim 2019 245,300.00 trigu déng Von chit sé hiru nam 2020 260,900.00 trigu dong * Ute tinh loi nhudn trung binh nganh, trong 46 Loi nhudn trung binh ngdinh nim X = Vn chit nam X x ty suat Igi nhudn trang binh nginh Loi nhugn trung binh nginh 2016 25,080.00 trigu ding Loi nhudn trung binh nganh 2017 26,340.00 trigu ding Loi nhudin trung binh nganh 2018 27,780.00 trigu ding Loi nhugn trung binh nginh 2019 29,436.00 Lgi nhudin trung binh nganh 2020 31,308.00 trigu ding * Use tinh Ioi nhugn siéu ngach, trong 46 Loi nhugn siéu ngach nim X = Loi nbuan cia DN nim X — Loi nhudn trung binh nganh Loi nhuan siéu ngach nim = 2016 4,920.00 trigu ding Loi nhun siéu nggch nim 2017 8,660.00 triéu ding Loi nhuan siéu ngach nim = 2018 12,220.00 trigu déng Loi nhudn siéu nggch nim — 2019 16,564.00 trigu ding Loi nhuan sigungach nam — 2020 20,692.00 wigu ding Loi nhuan siéu nggch nfm = 2021 20,692.00 trigu ding Tit dé ta c6 bang tng hyp sau: ‘Nam thir 2016 2017 2018 2019 2020 1. Von chit a | 209,000.00 | 219,500.00 | 231,500.00 | 2. Téng igi nhudn sthué | i] 30,000.00 00.00} 40,000.00 | 46,000.00| $2,000.00 245,300.00 | 260,900.00 . 3. % loi nhudn tai du wr 0.30 0.30 0.30 0.30 0.30 4. Loi nhudn tai dau tr 9,000.00 | 10,500.00 | 12,000.00 | 13,800.00 | _ 15,600.00 | 0.12 0.12 012 | 012 0.12 5. rbinh quan eda ngank6. LN tinh theo r tr-binh 25,080.00 | 26,340.00 | 27,780.00 | 29,436.00 | 31,308.00 7. Ln sigu ngach (2-6) 4,920.00 feaeal 12,220.00 | 16,564.00 | _ 20,692.00 Ap dung cOng thite tinh dong tién 2 giai doan (n=S): Vi, = SLNoft = 20,692.00/18% = 114,955.56 trigu dng Vay thay vao cong thite trén GW = 103,404:30 trigu ding 1,00 | ¥ Xe dinh gid tri thi sin theo thi trrdng TAISAN Gi tri theo Giuithes | Chab Tech sé sich thi tung, ‘A Tai sin ngin han 80.000 72,000| (8,000) i Tig 20.000 20,000 2. Chimg khodn ngiin han 10.000 10,000 : 3. Cie Khoi phi thu 20.000 14,000 (6.000) Hing ton kho 20.000 18,000 (2,000) 5. Tai sin ngiin han khéc 10.000 70,000 - B. Tai sin dai han 160.000 202,000 | 42,000 1. Gid tr cin Iai ota TSCDHL 110.000 152,000 42,000 2. TSCD thé ti chink 10.000 10,000 - 3. Dau tw ching Khoan vao 40.000 10,000 z cong ty X (500.000 ¢6 phiéu) 4, Gop vin lién doanh, 20,000 - 20.000 ¢ Ae 3, Tai sin dai han Kido a wooo dS B6L} Fy C.GW 0 107,494-30-| 10,494.30 Tong gid tr] tAi sin d4nh gid Iai 240.000 38149430 __141,491.30 Gia tri phn vn chii = 381,491.30 -40.000 = ce 491.30 tr ran ae RA LL) Kétlugn: i, 5 kbd db Vay, Gié tri doanh nghiép doi vai chit sé wh (vén chit): Hater, Gon adng” ce fice \ Giiu 2: 1,5 diém = Lod | * 13 1é chié? khdus xéc dinh bang chi phi sit dung vén chi so hry) Ty Ie chiét khdu: = 7% + 1,5x (4%) = 13% Dw kién cé tite chi tra 5 nim twong lai tir 2016 dén 2020 Dt : 5 J ( ty 1é chi tra c6 tire x Loi nhuan sau thué nam 2016 trigu ding” WY 1G chi trd c6 tite x Loi nhudn sau thué nam, 2017 24,500 trigu ddng, 4O54 ars Dt = ty [é chi tra ed tire x Loi nhuan sau thé nam 2018 28,000 trigu déng Dt = ty 1é chi tra ed tue x Loi nhudn sau thué nam 2019 32,200 trigu déng Dt = ty 1é chi tra cé tite x Loi nhudn sau thué nam 2020 36,400 trigu déng Dy kién vén chit sé hiru 4 nim trong Vén chi (0) = VCSH(-1)+ LN dé Iai nim t= VCSH nam = 2016 209,000.00 trigu déng Vén chi (t) = VCSH(t-1)+ LN dé Jai nim t= VCSH nim = 2017 219,500.00 trigu ding Vn chi (9 = VCSH(1)+ LN dé Iai nim t= VCSH nim —-2018-——231,500.00 trigu ding ‘Vén chi (0) = VCSH(t-1)+ LN dé Iai nim t= VCSH nam = 2019 245,300.00 tigu déng ‘TY Ié loi nhudn sau thué/vén ché sé hiru 4 nam trong lai ROEt = LN sau thué nim VVCSH nim = ROE nim 2016 14.35% ROEt ~LN sau thué nam v'VCSH nam t= ROE nam 2017 15.95% ROEt LN sau thué nam t/VCSH nim t= ROE nim 2018 17.28% ROEt = LN sau thué nim /VCSH nim t= ROE nam 2019 18.75% ‘Ty 1é loi nhudn sau thué/vén cha sé hirw binh quan 4 nam trong R= 16.58% Toc dg ting cd tire g=bxR= 4.97% Gid tri vén chai tai nim thir 4 V,=DS/(-g) = 45357081 trigu dong Gid tri von chii (gid tri doanh nghiép déi véi chi sé hu) ding > chit): 355,108.90 trigu ang * Use tinh gid tr} doanh nghiép (vin chil) vao thoi diém ndm 2019 (chon n=4) (thi sinh cing cé thé chon n=5) Ap dung e6ng thie déng tién vinh vién: _V, = Pr/s = $2.000 /13% = 40,000.00 te ta apna (voi n=4) Pr, ¥, Gry Gay : V = 355,220.97 trigu ding i (Két ludn: Gid tri doanh nghiép déi vdi chit s6 hiku (vin chit): 355,220.97 trigu dingCitu 4: 2,75 diém L754 | *Nhan xét ———1 1. Phuong phip FCFE (Ave: trigu déng) ‘Theo tinh todn & cu 1 cha 5 n&m twong lai vé cdc chi tiéu: khéu hao, loi nhufn trade thué va Iai vay (BBIT), loi nhuiin sau thud. ‘NAM 2016 2017 2018 2019 2020 | ‘Thu nhGp trude thug, i vay va khdu hao (EBITDA) 46,461.54 | 52,971.79 61,282.05 __| 70,174.36 _| 79,966.67 Lai vay. 3,000 3,100 3,000 3,200 3,300 hau hao 3,000 3,000 7,000 8,000 10,000 Loi nbugn trite thud 3846154) 44,871.79 51,282.05 | 58,974.36 | 66,066.67 Toi nhufin sau thud 30,000 35,000] 40,000 | 46,000 52,000 Ap dung céng thite xic dinh FRE theo timg nim trong tuong lai FCFE = Lgi nhugn rong + Khdu hao — Cée khoin chi vin — Ting (giim) von wu dng — Cac khoan tri ng géc + Cac khodn ng méi Ta tinh duge két qua thé hién qua bang sau: Nam 2016 2017 2018 2019 2020 Loi nhudn sau thue 30,000.00 | 35,000.00 | 40,000.00 | 46,000.00 | 52,000.00 +Khéu hao 5,000.00} 5,000.00 | 7,000.00 | _8,000.00 | _10,000.00 - Bau nr TSCD (10,000.00) | (5,000.0) | (20,000.00) | (15,000.00) |_ (10,000.00) - Thay 46i von luu d6ng_| (1,000.00) | (2,000.00) =| (2,000.00) | (2,000.00) + Thay déi ng vay 6,000.00 | 4,500.00 18,000.00 | 16,200.00, 4,400.00 FCFE 30,000.00 | 37,500.00] 45,000.00 | 53,200.00, 54,400.00 - Gid tri ECFE tai nim thir 6 = 54,400.00 x (100%+3%) = 56,032.00 ~ Ty 18 chiét khdu: = 7% + 1,5x (4%) = 13% - Gid tri phn vén eh 6 nim thir 5: (a=) y, ~ FORE aut g V, = 56,032.00/(13%-3%) = 560,320.00 7 *, FCFE v, - Gia tr] doanh nghigp d6i v6i chi (gid tri vin chi): 2 Gey Gai” Thay 86 ta duge V = 453,377.87 trigu déng jug: Vay gid trj phan vén chit Ia 453,377.87 trigu dong 2. Phuong phap FCFF (dvt: trigu ding) = TY 18 chiét haus WACC = 13% x 5/6 + 8.97% x 1/6 x (1-22%) = 12% i - Ap dung cng thie xée dinh FCFF qua FCFE | JFCRR = FCFE + Chi ph Iai vay (1-Thué sudt) ~ Thay di vay ng‘Nim | 2016 | 2017 2018 [2019 2020 FCFE 30,000.00 | 37,500.00 45,000.00 | 93,200.00 | 54,400.00 + LBi vay (1-22%) 2,340.00 | 2,418.00| _2,340.00| 2,496.00 | _2,574.00 } = Thay déi vay ng _| (6,000.00) (4,500.00) | (18,000.00) | (16,200.00) | (4,400.00) | 26,340.00 | 35,418.00 | 28,340.00 | 39,496.00 | 52,574.00 chit nm thie 5: (n=5) V,, = 54,151.22 /(12%-3%) = 601,680.22 - Gi tri doanh nghigp déi voi cha (gid wi vén chi): Thay sé ta duge V = 468,978.34 trigu ding - Két luan: Vay gif tri doanh nghigp tong thé 1 468,978.34 Cau 5 (4,0 diém) * Xde dink gid m@t cé phn ~ $6 Itong c6 phan: Von digu 16/10,000 = 100.000 trigu ding : 10.000 Sd = 10 trigu 6 phan - Gié tri phn vén chi tinh theo phuong php FCFF: 468,978.34 — 40,000 = 428,978.34 trigu dong Ten Gidti von chi | Sé uae cé phan Gia Phuong phap (trigudong)_| _(trigu od phn) mét ¢6 phan LPP GW | 341,491.30 10 | 34,149.13 | dng 2. PP C6 tike 355,108.90 10| 35,510.89 | dng 3. PP Loi nhudn thuan 355,220.97, 10| 35,522.10 | dong 4. PP FCFE 453,377.87 10 | 45,337.79 | dong 5.PP FCF 428,978.34 30 | 42,897.83 | dong 05d fee I * Xie Hip Ma tran tinh ise Tén Phuong phap [ Gid métcé phan | Trong sé Mitc d6déngg6p_—_ | LPP GW 34,149.13 | 31.4 20% 6829.83 | dong | 6 924 | 2. PP C6 tire 35,510.89 20% 7,102.18 | dong SbF 3, PP Loi nhudn thuan 35,522.10 10% 3,552.21 | dong | * 4, PP FCFE 45,337.79| 25% 11,334.45 | dang 5. PP FCFF I 42,897.83 25% 10,724.46 | ding __ Gi c6 phan binh quan 35,543.12 dong - Két lugn: V 6 phan li 35,543.12 ding oJ tL.Cirele the word or phrase.. (15 points) LA 2B 3B 4A 5B 6D 7A 8D 9D 10C ILD 12B 13B 14A 15D L.Read the passage...(5 points) 1B 2C 3B 4B 5c U1L.Read the article,,.(15 points) 1A2B 3A 4D SC 6C 7A 8A 9C 10B 114 12D BA 140 15B TV.Fill in each gap...(15 points) Lin 2,like 3.if 4.why 5. future 6,hand 7.one —_&8, increasing/ growing Sunable 10.very/quite 11.to— 12even —13.in_ 14, problem —_15. ourselves. V.Complete the sentences...(20 points) . The/ my expert advised me not to invest in the project last month Evaluation plays an important role in the economy of any countries She has just come here to help the young learners John not only works for 3 companies but also detivers lectures at a university How many cars have been exported to Germany by the company since January? There have been a lot of accidents in this area since 2009 This motorbike is better and more comfortable than that one She lacks experience to cooperate with (the) foreign partners 9, Its (too) difficult for the woman to overcome the financial problem. 10, This morning, a man broke into the house without being seen. VLRewrite the sentences... (20 points) Pepe emay 1, Although Jane was tired, she went to work very early. 2, You don’t need to shout at them loudly. 3. If were you I would sign the contract with the director, 4, What a graceful gicl ! 5. No sooner had my husband drunk a glass of beer than he began to feel drowsy 6. John has never been to Australia before. 7. Tregret not having attended Mrs Mary’s lecture. 8, He is very experienced in evaluation of real estates 9, He is believed to have been killed by terrorists 10, The man has been doing/ has done business with the foreign partners for six years VL.Transtate into English (10 points) 1. Inthe market economy, prices ate determined by the (level of) supply and the (level ofdemand for each particular product. 2. Environmental pollution is becoming/getting more and more serious. The government need to offer urgent solutions’ measures to improve this situation,HOIDONG THI Dé THI MON: THAM DINH GIA MAY THIET BI THAM DINE VIEN VE GiA “Ny KY THELAN THU xf 04 a ) an 1- Ly thuyét: (2 diém) Hay phin uch cde dae diém co ban ciia may, thiét bi? Qua viée phan tich nay, Anh (Chj) rit ra nhttng lun ¥ gi cho cdng téc thim dinh gid may, Phan 2- Bai tap: (8,0 diém) Céng ty Quéc Thai dang can thim dinh gid mét 6 16 khéch nhan bigu HYUNDAI da qua sir dung vao thoi diém thang 8/2016 nhim myc dich mua sim. Cong ty 44 thu thap duoc céc thang tin khéi quét vé tai sn tham dinb, efing nhw tr thi trdng nhy sau: 1. Théng tin mé ta vé tai san cAn thim din: - Tén tai sén: 6 t6 giong nim nhin hidtu HYUNDAI; Nu6e sin xudt: Vigt Nam; N&m san xudt va dua vao sir dung: 2014; tinh trang xe dang sir dung tot ~ S6 chd ngdi: 47 ch; Nhién ligu: Diesel; Dung tich binh nhién ligu: 400 lit = Loai déng co: D6CB (410Ps); Lép xe: 12R22.5-16PR; Noi that: tét, dep, - 6 8 duge cdu tao boi 5 b6 phan chinh; ty 1é gi tri ctla 5 bd phan chinh so véi téng gid tri cha 8 t6 lan lugt la: 20%, 15%, 15%, 20%, 12% va qua khdo sat, can b6 KV thudt di dinh gia duoc ty J hao mén ca 5 bé phén nay lin hot la: 10%, 12%, 12%, 10%, 11%; ede bG phan phu khde ty 18 bao mon tuong duong voi mite trung binh. 2. Tién hank khao sit va fim kiém théng tin trén thj trudng, Thdm duh vién 43 thu thap duge nhing thang tin vé 6 té d4 qua sir dung tuong ty mhw sau: [Trl] Yéut@sosioh [O46 O86 I Ot6 66 | ssi ss2 883 ss4 1 | Gié bin Gis thi trudag: | Gid thj tutng: | Gid thi trang: | Gid giao dich L___|Grigu dng) 2.300 2.200 2.800 _| phu thude: 2.200 2 | Loai xe e khach Xe khdch Xe khdch Xe Khich | giuéng nim givongném | givéng nim giudng nim 13”) Nam sin xuat va 2013 2013 2014 2014 duza vao hoat dong 4 | Loai ding co DOCA GBOPs) | DECA G8OPs) | DECB (410Ps) | D6CB (410Ps) 3. | Nude sin xudt Hin Quée Viet Nam Hin Qube VigtNam & | Noi that Binh thudng | Binhthuing | Tot, dep To, dep Gang qua diéu tra thi trudng, thm dinh vién thu thip duge wong quan vé gid 6 10 wén thi trudng theo cdc yéu t6 n&m san xudt va dua vao hogt déng, loai dGng co, made sin xuat, n6i that nu sa ~ V6 nim sein xudt: 6 t8 sin xudt va dua vao hoat dong nim 2014 06 gid bing 110% gid 6 18 dt va dua vao hoat dng nlm 2013; = Vé loai déng co: 6 t6 c6 dbng co D6CB (410Ps) gid bing 105% gid 6 16 06 dng co DCA (G80Ps): - Vé mede sén xudt: 618 san suit trong nude 06 gid bang 95% gid 6 16 nhap khau Han Quée; 161 thdt: 6 t6 c6 n6i that tt, dep c6 gid bang 105% gid 6 16 n6i that binh thudng. - Cie yéu 16 khéc coi nhur tuong déng. san xtdura 6 (6 vio khai thac va kinh doanh Theo wdc tinh, néu mua 6 t6 can thm dinh vé, Céng ty cé thé dua ngay vio kinh doanh én dinh trong khoang 15 nam tuong lai tiép theo (tudi tho kinh 18 cin Iai 1a 15 nam), 6 16 nay mdi ki du kién tgo ra dng tha nap thudn nhu sau: ki 1 dén hét ki 20, méi ki la 90 trigu dng, sau 46 dong tién thudn giam 10% va én dinh dén hét thoi gian dy dinh kinh doanh 6 trén. Gid trj thanh ly ‘thu hdi vao cudi chu ki sng ude tinh cita 6 t0 14 200 trigu déng, thué suat thué thu nhap doanh ngbiép ma Céng ty phai ndp 1a 22%. Ki tinh duge xée dink JA quy (3 thang), c4c khodn thu phat sink cudi mi ki. 4, Cie thing tin khae Hién nay tai Han Quéc vin dang san xudt cdc logi 6 6 trong tu nhu foai 6 16 cln thim inh, néu can mua méi 100% cé thé giao hang Iu6n vi gié FOB 14 2.000 triéu déng; Chi phi bao hiém, ‘van chuyén 16i cita khdu ciia bén nh4p: 200 trigu ding; Thué sudt thué nhap khdu: 50%. Do cap céng nghé méi va sin xuét tai Ha Quée nén 6 t6 logi nly hién nay c6 gid cao hon 10% gi ota logi 616 cdn thim dinh néu méi 100%, Yeu clu: Cfu 1: (1,75 diém) Hay wdc tinh gid wri thi trrdng ciia 6 16 cn thim dinh theo cach tiép cin chi phi (dya trén co sé chi phi nhap khau va cdc chi phi khée lién quan dé phan tich). (Cfiu 2: (2,75 diém) Hay ude tinh gid tri thi trudng cia 6 t6 cn tham dinh theo cach tiép can tir th trudng (uée tinh trén co s6 trung binh o}ng cla cée mite gid chi dé). Cau 3: (2,0 diém) Hay wéc tinh gid tri thj ring cla 6 16 cdin thim dinh theo cach tiép can thu nhap, biét 6 10 nay néu duge mua sé thue hign bing vén cht 40%, s6 con Jai 1a vay tir 2 ngan hang: ngdn hang A vay véi lai sudt 10%/n’im, ngn hing B véi lai sudt 2%/quy, trong dé sé vay cia ngan hing A bang 4/10 ting sé tién vay. Chi phi sir dung vin chii sé hirn duge dai hoi J 15%/nim. Co edu vay ng trong vige mua 6 16 nay cing dang a co edu vay ng binh thudng tai Cong ty, vige phén tich duge tinh theo lai kép. Cu 4: (0,75 diém) Hay thiét ap ma tran 48 ude tinh gid tri cita 6 16 can tham dinb theo 3 cach tiép cn trén, biée nnite 6 tin cy trong timg cdch tiép cn duge thém dinh vién dinb gié lan lugt 14 30%, 40%, 30%. Cau 5: (0,75 diém) Hay xéc dinh ty sudt sink Idi n6i b6 tinh theo nam (IRR) ota phuong én Céng ty Quée Thai dua 6 16 vao kinh doanh nhu muc 3 6 trén, biét mite gid mua 6 16 theo két qua tinh todn tai Cau 4. - HET DE THI- Chit ¥: Cac sé % lam tron hai sé 18, vi du: 6,513% lam tron 6,51%6; 6,515% lam tron 6,52%. Tién lam tron ‘theo don vj tinh cua bai voi hai s6 Jé, vi dy: 718,232 dng lam tron 718,23 ddng; 718,236 déng lam tron 718,24 ding.10d t THAM BINH V1 v HOI DONG THI . DAP AN BE THI MON vec |) THAM BINH GIA MAY, THUIT By KY THILAN THU xt (204 © / Phan 1. (2 diém) ic diém cia may, thiét ~ Méy, thiét bi Id tai sin 06 thé di doi degre. ‘Theo “kha ming di doi” thi my, thiét bi duge xép vao nhém déng sin, e6 khd nding dich chuyén tir noi nay dén noi khéc, nén mat bang gia may, thiét bj ma nhat 1a may, thiét bj méi thudng khOng 6 str chénh léch 16n gitta cic khu vuc dia ly khdc nhau. ~ May, thiét bj e6 tinh da dang va phong phi May, thiét bj cé rit nhidu loai, ngay ca cing loai may, thiét bi nhung cé thé ting rat khéc nhau vé doi, vé muwea d chi tiét... Sy phat trién cia khoa hoc- céng nghé lam xuat hign ngay cang nhiéu loai may, thiét bi méi véi nhimg céng nang va dic tinh ky thudt vot toi jong san thncdng thi mdy, thiét bj cd mdi tho ngzin hon it dOng san (dat dai, nha ciza, vat kién tric...) o6 tudi tho vat ly, cling nhu tudi tho kinh té dai; con méy, thiér bj thudmg c6 tdi tho ngin hon va phu thude nhiéu yéu 16 hur: mi trudng tyr nhién, trinh d9 sir dung cha con ngudi, cumg 46 thoi gian kim vige cba my, thiét bi = May, thiét bj cé thé chuyén niucong, thay a6i chit sé hitu dé dang ‘Trit mét sé may, thiét bi dic biét dic biét, con hau hét cdc loai may, thiét bi déu déu la c6 “tinh Iing” vé sé hitu cao hon bat ding san, diéu nay thie day giao dich hon - C6 tinh phd bién, khong bi han ché vé sé lugng. ‘Trt nhimg may, thiét bj chuyén ding, nhin chung may, thiét bj khac thudng xudt hién nhiéu trén thi trrdng va cé s6 lugng 16n cing loai. ~ Chait luong, dé tin cdy, tudi tho ply thude vao nhiéu yéu t6; Théi gian khai théc higu qué con phu thudc vao sw tuan thi: ede huéng din van hanh cia nha sén xudt trong qué irinh khai thée eta nguéi sir dung. C4c nha sin xvit may, thiét bj thudng dua ra nhing hnudng din sit dung rét r6 rang, déng théi cing ¢é nhiing cdnh béo vé nhiing nguy co va ri ro néu vige sit dung khong ding theo quy dinh. 2. Chi ¥ rit ra khi nghién ciru dic diém cia may, thiét bj ~ May, thiét bi 1d 10i sén 06 thé di doi duege. Hé qua ctia die diém c6 thé di doi duge, nén trong dinh gid may, thiét bj phai tinh dén chi phi van chuyén, lip dat, May, thiét bj 06 tinh da dang va phong phi. Nha dinh gid may, thiét bj phai khéng ngimg cap nh§t nham nang cao trinh 46 cing nhu sw hiéu diét vé thi wong may, thiét bi va nhdt la cdn phai o6 kién thite sau rng vé cde khia canh ky thudt cia may, thiét bj nhm dam bao chat lugng céng tae djnh gia. - So vai bat déng sén thudng thi may, thiét bi c6 tudi tho ngéin hon Dic diém nay 6 ¥ nghia rit Ion trong dinh gid may, thiét bi da qua sit dung, nm chic d&c diém nay ngudi dinh gid cd co sé hop ly danh gia chat lugng cén lai eta méy, thiét bi, qua dé dura ra két qua hop ly nbat vé mite gid ctta may, thiét bi edn dinh gid.May, thiét bj c6 thé chuyén nhwong, thay aéi chit sé hitu dé dang Qua dé cing xudt hién nhiéu ching co thi truémg vé céc giao dich tuong ty nhiéu hon, day 18 digu kién thud Joi cho viée wee tinh gid tri thi trudng cla may, thiét bj = Cé tinh phé bién, khong bi han ché-vé sé hegng. Trong qué trinh dinh gid véi nhtng may, thiét bi khdng phai chuyén ding, ngwi dink gid thong dé dang tim thay loai may, thiét bi dé trén thi rudng. - Chat leong, d6 tin edy, tudi tho phu thugec vao nhiéu yéu 16; Thdi gian khai thée hiéu qué con phy thuge vdo sw tudin thi ede huréng din van hank cia nha sin xudt trong qué rink Khai théc ciia nguéi sit dung. Chinh vi vay, nhat Ki khi dinh gid may thiét bj cf, ngudi dinh gid can phi xem dinh gid 10 vé cudng dé sit dung, vé lich trinh duy tu, bao durdng c6 ding v6i khuyén cdo cia nha sin xuét khong. Phan 2- Bai tap: (8,0 diém) Cu 1: 1,75 diém * Nhan xét - Thm tham dinh gia m6t 6 t8 ohé khéich 0,754. |- Phuong php Nguyén tie vgn dung chinh: thay thé Phan tich tai san muc tiéu: BO phan chinh [a BEL eee 4 5 TY tong gid tr | 20.00% 15.00% | 15.00% | 20.00% | 12.00% TY 18 hao mon: | 10.00% 12.00% | 12.00% | 10.00% | 11.00% Ty Ig chat Iuong con lai: 90.00% 88.00% | 88.00% | 90.00% | 89.00% Tod] TY hao mon: 10.88% ‘TY 16 chat luong edn lai 89.12% Gia mua 6 16 tuong ty méi FOB 2,000.00 Chi phi bao biém, van chuyén,... 200.00 ‘Thué sudt nhap khau 50% ‘Thué nh§p khéu 1,100.00 trigu déng Neguyén gid mua méi 6 t6 tuong tu 3,300.00 trigu déng 6 16 hién nay cé gid cao hon 10% gia 6 t6 can tham dinh méi 100% nén ta tinh duge ty Ié diéu chinh tir gig tau twong ty vé gid tau cdn thém inh, [(100%/110%)- 1]= —-9.09% Gia mua méi 6 t6 edn thim dinh 3,000.00 trigu ding Gi 616 can tham dinh la 3,000.00 x 89.12% = 2,673.66 trigu ding Két ludn: Vay gid cia May, thiét bj myc tiéu uée tinh 1A 2,673.66 trigu ding Cau 2: (2,754) * Nan xét ~ Lam 1 phusong phap str dung va vi sao : - Phuong phap so sanh can tuan thit hé thong nguyén tae TDG.1,254 ® Xét 6 t6 so smh 4: Gid giao dich phy tude nén khdng thé so sn, logi ra khdi dir figu so sénh, 1. Phan tich thong tin tai sn so sinh (SS) dé didu chinh cho trong dong véi tai sén thim inh (MT): theo bai ra cae ty I dieu chinh thong s6 so sn duge tinh theo gid ela ti sin so sani, diéu nay hit ngbia gié eda t&i sin so sah duge gan 14 100%. Cling theo bai ra, viée so sinh tryc tiép cdc cin nha sé phan tich cdc théng s6 didu chinh sau: nim sin xuét va dua vo hoat d6ng, loai déng co, nude san xudt, n6i that - Diéu chinh nam san xudt va dua vao hoat déng: +MT va $S1, $S2: ty 16 digu chinh: (110%-100%)/100% = 10% - Didu chinh loai déng co: + MT va SSI, S82: tf 16 diéu chinb: (105%-100%)/100% = 5% - Digu chinh vé nude sin xuét: +MT va SSI, $83: ty 1é digu chit - Diéu chinh nGi that: +MT va SS1, $82: ty 16 diéu chin: (110%-100%)/100% = 10% 3. Tap hop Iai céc yéu tb cn diéu chinh va tinh todn gid tham chiéu duge néu chi tiét trong, bang sau '95%-100%)/100% = -5% TT ‘Yéu t6 so sinh ‘Don vi Taisin | Taisinso | Taisanso | TAisin so tinh | thdmdjoh | sinh T sinh 2 sinh 3 _i chia bie A_| Gid thi cuting sigu dng 2,300.00 | 2200.00 | 2,800.00 Gid quy déi vé don vj chia Biet B_| so sénh chuan 2,300.00 | 2,200.00 | 2,800.00 Dieu chinh cde yout c [ss Nam sn xudt 2014 2013 2013 2014 Tile didu chink % 10% 10% 0% cl : F Mite eiéu chinh trigu ddng 230.00 220.00 Gid sau diéu chink 1 trigu dbng 2,530.00 __| 2,420.00 _| 2,800.00 D6CB. | D6CA | D6CA D6CB 410Ps) 380Ps} 380Ps} (410Ps) Loai dong co err EAE canner |cteeeneeey 2 | Bile diéw chinh % *% 5% % Mite diéu chink trigu ding 115.00 110.00 Gi saw diéu chinh 2 2,645.00 __| 2,530.00 _| 2,800.00 C3 | Nude sin xuat ViétNam | Han Quéc [| VigtNam [Han Quée Bile diéu chink % 3% W% 3% Mite diéu chink trigu (115.00) (140.00) Gi saw diéu chinh 3 _|_wigu dbn 2,530.00 _| 2,530.00 _| 2,660.00 = To, dep | Binh Binh Tat, dep | Noi that thudmg | _thuimg Tile diéw chink % are 3% %Mite diéu chink % 115.00 110.00 Gi sau diéu chink 4 % 2,645.00 _ | 2,640.00 __| 2,660.00 D_| Mite gis chi aa Di | Gia tri trung bin chia mie gid chi din oa 2,648.33 trigu ding Mu d6 chénh Ich véi % 0.13% 0.31% 044% 2 | gid tr trung binh cia fe mic gid chi din E_| Tong hgp ede sé ligu diéu chinh tai myc C ‘rig He EL| Tong gid tri d.chinh gop | ddng_| 575.00 440.00 149.00 £2 | Téng sé lan diéu chin Lan 3.00 2.00 4.00 E3 | Bién 46 diéu chinh % 5% 2%-10% WoeSh Tong gid tri d.chinh ‘rigu 4 | thuin ding 345.00 440.00 (140.00) 4. Chat mite gid cubl cling: viée chot mite gid cubi cling 06 rét nhiéu cach Khiée nhau, ty 05d _ | theo timg thong vu tham dinh va diéu kién cu thé. Trong pham vi bai nay, ching ta Gi tr trang binh cia mie gid chi dn la 2,648.33 trigu dng 5. Két lun: Vay gia tai san can tham dinh wéc khoding: 2,648.33 trd aran 16 phuong phap sit dung va vi sao; hé théng nguyén tic chi p! Quy déi lai sudt ra lai sudt theo ky quy 10%/nam= 2.41% - /quy 3.56% /quy Chi phi str dung vn vay binh quan 2.16% Jquy Chi phi str dung vén chit 3.56% Jquy Chi phi ste dung vén binh quan WACC=Re x fe +Rd x fi x (L-t) WACC= 2.48% /quy ai cudi chu ky 156.00 trigu ding ‘Thu nhap thuan giai doan 1 (20 ki) 90.00 trigu ding 6 16 con khai thie trong 15 nam, tuong duong vi 60 Ii, nén giai doan 2 sé cn lai 40 ki ‘Thu nap thuan giai doan 2 (40 ki) 81.00 trigu ding Gia tri 6 t6 & cudi ki 20 1a: Ap dung cng thite dong tién déu véi 40 Ki va c6 gid trj thanh ly thu hi cudi ki 40 V20- 2,113.50 tigu ding Gia tri 6 16 & thoi diém hién tai la: Ap dung céng théte dng tién déu véi 201d va cé gia uj thu hdi cudi ki 20 VO= HE 2716.01 trigu ding Két Iwan: Vay gid tai san can tham dinh ue khoang: 2716.01 trd 159%6/nam: Gia tri thanh ly thudn t | 10dCfu 4 (0,75 diém): Hay we tinh gid tr) cia 6 t6 theo cde céch tip can trén, biét mae dO tin Ay cia céc cach tigp cn trén Hn hugt theo thir ty: 30%, 40%, 30%. Dt: trigu ddng ang sd Gib Trongsé | Mike d9 d6ng g6p Caich tgp cin chi phi 2873.66 30% aig Céch ip co rt ting 26833) 40% rosa Fi ‘Cac tigp cn thu nhap 2,716.01] 30% fae Tong cng 2,676.23, ~Két lua: Vay gia tri ctta tai san cdn tham dinh li: 2,676.23 tridu dong Cau 5 (0,75 diém): Xée dink 6 sudt sink pi mong muén 0,754 | - Chon r1=2.44%/quy; NPV = 39.78 trd ~ Chon 12= 3%; NPV =-274.13 ted = IRR theo ky = 1+ NPV1(2-r1)(INPV1! +INPV2!) = 2,51% = IRR tinh theo nim: 10,422 ~ Két lugn: TY sudt hoan ndi 9 ctia phuong én duoc lua chon tinh theo nim 1 10,42% 10HOLBONG THI BE THI MON THAM BINH VIEN VE GIA NGUYEN LY HINH THANH GiA CA TH] TRUONG KY TTA XY 16 *\ VANGUYEN LY CAN BAN VE THAM BINH GIA (ZO) ‘Thdi gian lam bai: 180 phie (Khéng ké that glans phe dé) DESOS PHAN A: NGUYEN LY HINH THANH GIA CA TH] TRUONG: LLY THUYET @ diém) Cau 1 (1,5 diém). Ta quan hé cung - cdu, anh (chi) hay cho biét: Tae d6ng clla cung - cdu d6i voi gid c& hang héa; Téc dOng ctia gid cd hang hoa d6i véi quan hé cung - cau; Can bang thi turémg duge hinb thanh nnbu thé nda? Céu 2 (1,5 diém). Bang kién thie va kinh nghigm tue tién cita minh, anh (chi) hay cho Sy edn thiét khach quan phai quan ly nha nude vé gid ca; Nguyén the quam ly gif ctia Nha nue theo quy dink tai Lod Gig nam 2012. I. BAI TAP (2 diém). C6 s6 1igu vé chi phi sin xudt kin doanh eta doanh nghiép C nhur sau: Don yj tinh: Trigu déng STT | NOi dung chi phi Sin phim M_|SanphimN_ [San phémP | T__| Chiphi rye tiép 1 1__| Chi phi nguyen vat liu tryc tiép 250 400 __ 450 2 Chi phi nhan céng truc tiép 200 300 400. | Chi phi chun, 3_| Chi phf san xudt chung 46i voi doanh nghiép 3.1 Chi phi nhin vign phin xwimg iH 90 3.2 | Chi phi vat ligu diing eho phan xuéng 20 3.3 | Chi phi cOng cy, dung cy io 3.4 | Chi phi khdu hao TSCD trve tiép sin xudt 2.500 3.5 | Chi phi dich vu mua ngoai 30 Chi phi tai chink 500 | Chi phi ban han; 5.1 | Chi ph nbn vién ban han, 180 5.2 | Chi phi vat ligu, bao bi 40 5.3 | Chi phi khdu hao TSCD 6 bp phan ban hang 800 | 5.4| Chi phi quang cao, tigp thi 300 5.5 | Chi phi béc do, van chuyén 120 6__| Chipht quin ty 6.1 | Tidn long eén b9 quan ly 450 6.2 | Chi phi van phong phém ding cho quan ly 60. 6.3 | Chi phf khdw hao TSCD 6 bd phan quin ly 400 6.4 | Tigh thue dat 300 | 16.5 | Chi phi h6i nghi, tigp khaich 200 Mét s6 théng tin khic: Cac sin phém M, N va P cing duge sén xuét trén cing mot day chuyéa céng rahe; San lung tin gid ela ede san phim M,N va P 1én lupt 18 300, 500 va 680 sia phém; Chi phi chung, chi phi c6 dinh durge phan bé theo chi phi true tiép. 1Yeu clu: a) Xéc dinh gid thanh toan b6 ca 01 don vj sn phdm cho timg san pham; b) Gia sit gi ban cia cdc sin phim M, N va P ln huot IA 7 trigu ddng/san pham, 6,5 trigu ding/san phém va 6 trigu déng/san phdm. Hay xdc dinh mic san lugng hoa vén cho timg san phan. PHAN B: NGUYEN LY CAN BAN VE THAM DINH GIA LLY THUYET G diém) Chu 1 (1,5 diém). Phuong phap so sinh duge xay dung dya trén vige img dung nhtmg nguyén the thim inh gid can ban nao? Trinh bay n6i dung cée nguyén tac 46. Khi tai sin thdm dinh gid Ia bit dng sn thi vige van dung ede nguyén tic trén duge thé hién nhu thé nao? Cu 2 (1,5 diém). Trinh bay khéi niém béo cdo két qua thdm dinh gid theo quy dinb tai Lugt Gid nam 2012. Nhting théng tin oo ban can phai cé trong ndi dung bao cdo két qua tham dinh gid. IL BAI TAP (2 diém). Bai 1 (1 diém), Ong Z dy kién sau § nam t6i sé mua mGt can ho chung cu tr] gid 5.000 trigu déng. Hign tai trong tay Ong dang ¢6 3.000 trigu ding, Voi lai suit tién giri ngiin hang 6 thoi diém hign tai 18 8%/nam, “Yéu cau: a) Tinh 36 tién ng Z phai huy dng thém 48 gtti vo nggin hang lc nay sao cho 5 nim sau ¢6 du s6 tién dé mua due cn h6 chung cv ndi trén? b) Cling véi sf tién 6ng Z dang cd, néu mdi nim Ong Z giri vao ngan hang 130 trigu dbng thi ligu sau 5 nam 6ng Z ¢6 dit s6 tién dé mua duge cn hd chung cu néi trén hay khong? ©) Cing v6i sé tién ng Z dang c6, tinh s6 tién éng Z phai gti vaio ngn hang hang nim dé sau 5 nm dng Z cé dit 6 tién mua duge cain ho chung cu ndi ten? 4d) Gid sit c6 mt ngan hang dimg ra cho dng Z vay sé tién cn thiéu bing viée Ong phai thé chp iu6n can 9 chung cu tei gié 5.000 trigu dong ma éng dinh mua trong thi han $ nam voi Iai suat 116/nam, Tink s6 tién ong Z phai tra hang nam. Bai 2 (1 diém), M@t bat dng sin dang duge cho thué theo hop dng véi thdi han cia hop ddng thué 1a S nam; Thu nh3p hoat dGng thudn hing nam 18 200 trigu ddng; Sau thoi han cho thué, ede nam tiep theo thu bp hogt dong thud hang nam ting déu 5%/ngim; Voi ty suat chiét khdu 14 12%/nam. Tién thu vé duge tinh vao cudi mBi nim va dong thu nh§p nay kéo dai vinh vién. ‘Yéu clu: Xéc dinh gid tr] thj tru’mg cia bat dong san ndi trén trong ede tradng hop sau day: a) Gid sit ¢6 03 bat dong sin trong ding nhau va tuong ding voi bat déng sin thim djnh, cé cing ofeh tong thu nhgp hiéu qua, chi phi hoat déng, céc diéu khodn tai chinh va diéu khodn thj trudmg khdng anh huéng dén gid ca cia céc bat dOng sin so s4nh. Dor ligu thu thap cho méi bat dng san cy thé nhw sau: Bit dong sin so sinh A B c $6 nhén thu nbgp higu qua 4.38 4,35 433 Ty lé chi phi hoat dong 0,53 0,58 0,61 b) Gil sir 60% ting vin dau tw vio bét dong sin 1d ti vén vay ngin hing véi h@ sb vin héa tién vey 12%6'nfim; 40% tng vén dau nu 1a tir von do nha dau tu bé ra v6i ty sudt vin boa vin sé htu 1a 7%/n&m, ©) Gia sir 50% tng s6 vén diu tu vao bit déng sin la phlin vén duge vay tir ngn hang vei lai swat 12%lnm, khoan thanh toda mdi ky duge tra theo thang va thoi gian thanh todn 20 nam; 50% tang s6 vén du tur fA ti vén do nba dau tu bé ra v6i ty sudt von héa von st ht 1a 79¢/nam. 4d) Gia str ngn hang cho vay 70% trén tng gid tr] bat dng san vii lai sudt vay hang nam 14 10%, khoan, thanh ton méi ky duge tra theo quy, thdi han vay 1 25 nim vA ngéin hang uée tinh ty 18 khé néng ho’n tra ng vay (DCR) ofa nha ddu tw 18 1,5. + HET DE THE i chil: Cén b6 coi thi KhOng gidi thich gi thém; Don. vi tinh sir dung théng ahét trong bai thi 1a trigu dng, trigu ddng/san phim; Thi sinh chi dwrge lam tron $6 ¢ phép tinh cudi cig theo guy tac: Doi voi sin Iugng lam tron lén Khong ly s6 1é, vi dy 237,12 sén phdm Jam tron 238 sin phém; DOi voi sé tién lay hai 86 18, vi du: 976,234 trigu ding lim tron 976,23 triéu ding; 976,235 trigu ding lam tron 976,24 trigu dang. 2Naw Zal6 HOI DONG THI q pAp AN DE THE MON THAM DINH VIEN VEGIK = NGUYEN LY HINA THANH GIA CA TH] TRUONG KV THI THU xT & VA NGUYEN LY CAN BAN VE THAM BINH GIA v ESOS PHAN A: NGUYEN LY HINH THANH GIA CA TH] TRUONG LLY THUYET (3 diém) Cau 1 (1,5 diém), a, Tae dOng cia cung - cu déi véi gid ca hang hoa _ Trén thj trudng néu cung edn bing voi cdu thi gid ed duge hinh thanh tai mét diém — 1a diém can bing cung cau va diém nay duge goi la mite gid can bang thi ruémg. Day 1a mite gid théng tr thj trwong. Vi vay gid nay chi phéi mite gid thye té, gid thyc t8 chi xoay quanh mét pham vi nao dé cla mic gid ean bing Néu cung lén hon cu, tai mite gid nay (gi cao hon gié cn bling) gay ra tinh trang dr cung hang h6a, ngudi san xudt lam ra hang hoa nhiéu hon mie ngudi tiéu ding muén mua, din dén nay sinh xu huéng gidm gid cila ngudi san xuét, gid cd 6 xu hudng chuyén dong vé trang thdi can bing, Néu cung nhé hon cu, tai mite gid nay (gid thép hon gid edn bing) gy ra tink trang du cd vé hang hoa, khan hiém hang héa din dén xu hudng ning gi ciia nha sin xuat, gid ca 06 xu hudng chuyén dong vé trang thai can bang. b. Tae G6ng cia gid cf 46i voi quan hé cung - edu ~ Mite gid thj trudng truc tiép tac dng aén cu thi trudng thé hié sau day: Truong hop I: Khi gid cé ting Jén lam giim cdu thj trudng va nguge Iai. Day fa truong hop phé bién déi vai haw cdc hang héa théng thudng, thé hign r6 nét nhdt 1a ddi voi hang h6a c6 gid tri don vj nho, hang héa tiéu ding hang ngay, ding mgt lan. Tredng hop 2: Khi gid cd ting lén dén mét gidi hn nao dé thi cau thi truémg khong gitm dng thai cing khong tang va nguge Iai. Trudng hop nay thudng xay ra d6i véi hing héa xa xi, hang héa ¢é gid tri don vi lon. - Théng qua tic d6ng tryc tiép dn thay déi cia cau, trong mt thai gian nao db gid ci gién tiép téc dong t6i cung. Su dich chuyén cia dudng cdu lam thay d6i gid oA thi trudng ctia mét lo: hang hoa dong thdi c6 su di chuyén trén duéng cung. Cung ting, day 1a két qua céu su thay d6i gid cd tie dng gidn tiép d&n sy thay d6i bong cung hang hoa. thong qua 2 trudng hop ec, Céin bing thi trvéng: Cn bing thj trudng [a chi sy cn bling twong déi gitta trudng tigu thy trong mot thdi ky’ nhat dinh va wong céu cia ngudi tiéu ding d6i v6i thi tmdng. Sy én bing thi truéng hign trén su ean bing cia gid cd, Gid ed ean bang chinh la mac gid duge hinh ‘thanh Khi cung va edu cua mét hang héa é trang thai cn bing, khi KhOng c6 tie dng bén ngoai anh huéng thi né sé khong ty bién dong. Sé tong can bang chi s6 lugng Khi cung va cau dat trang thai cfin bang tic 1a Ivong cung va cau tring hop nhau. Khi bigu dién dudng cung va dudng ciu cia mét hang héa nao dé wén cling toa d6 ham s6, hai duémg nay giao nhau, gid cd va s6 lugng duoc xde dinh tai diém giao nhau nay la gid ct va lugng can bing. Quan hg gitta cung va cdu thi trrdng d& phan dnh quan hé gitta sin xudt va tigu ding. Khi cung cd khop mhau thi gid cd va gid tr thi trutg c6 xu hung théng bt v6i nhau. Khi cung cu ‘it can biing thi gid cé va gi trj sé ri xa nhau va sw xa rd nay sé thie dy cung va cau thi trong 6 xu huéng edn bang tré lai, Cung cau thi trrong ci nh thé kip di lp lai tir cain bing dén mat can 1 § lugng hang héa cung cho thibing, ri lai di dén cn bling méi, Néi céch khéc, toan bd hoat dong kinh té chinh 1d mét qué trinh, bién ddi tir sy cn bing nay sang sy cn bing khéc. Cn bling thj tung duge biéu thi {a sy cin bling vé lugng don Ig, lé can bing cung céu ve Qt hang héa nao 6 trén th truémg. Téng hoa sy edn bing vé long don lé da céu thanh nén sy oan bang tng lugng dng thei cdu thanh nén sy oan bing co cfu. Trong nén kinh té sy can bang ting Iugng chinh on bing gitta ting cau va ting cung. Kin té thi truéng dinh hudng x4 hOi chu nghia kh6ng chi phai thye hign can bang vé long 6 timg thi trong riéng bigt mA cing phai dim bio duy tri cn bing tong long ctia kinh te vi m6. Cau 2 (1,5 diém). a, Sw cin thiét khitch quan phai quan ly nha nude ve gia ea ‘Trong c6ng tde quan Iy nén kinh té néi chung, quan Iy nha nude vé gid c& trong co ché thi trong néi riéng 1é mot tét yéu Khach quan bai viz Thie nhdt: Quan I nha nude vé gid ca la mét b6 phan edu thanh quéin Ip kink 1€ vi mo etta nha meée trong ca ché thi trong, frog gn kinh té hén hgp, eéc nhin t6 va cée b6 phn cu thanh rét phite tap va da dang, ching ién két voi nhau nén cdc chinh séch kinh té vi mé cla nha née cing rit phite tap, Nha nude cn phai c6 nhidu céng ou, bién php quan ly Kinh té theo mOt hutng va phuong chém ding nhat , 8 thie day cdc hogt dng kinh t8 - x2 hoi phat trién ciing chi€u, gitm bat cae tac dng nguge chieu, kém higu qua. Quan IY nha nuée vé gia c4 14 mét trong nhting khau chi yéu trong hoat dng kinh té vi m6, Gig cA 14 khdu trang tam cita kinh t& thj trudmg, gid c& lam can bang cung clu, 1a pham trit kinh 18 téng hgp 6 anh huéng va cfing chju anh hug cia hau hét cde nhan t6 trong nén kink té thi trudng. Dong thoi quan ly gid cd 18 mot trong nhting din bay kinh té, c6ng cu eé tinh quyét dink dim bao su thanh céng cla cOng téc quan ly va diéu hanh kinh té vi mé noi chung cba nha nude. Quan Iy gid ca trong n&n kinh + thj trudmg nhim han ché bot ede tée dong tiéu eve eta thi truing, khée phuc nhiing khuyét tét cua thi trzdng trong linh vye quan Jy gid cd va gop phan khai thae t6t ede nguén lye quéc gia théng qua céng cy gid ca. Nha nude quan ly gi ci nhim khée phue nhOng khuyét tit cia. ché 49 ty dinh gid déng thoi phat huy téc dung oa gid ca nhém khai thée mét cach higu qua nhiing tiém nang cha nén kinh t8. Thit hai: Quan ly gid cd gdp phan thic ddy hoi nhdp kink té quée 6 ‘Neay nay hoi nhap kinh té khu vue va thé giéi dang tré thanh xu hwéng tit yu khéch quan. \Viét Nam la thanh vién china thite cia WTO, trong b6i cénh toan cau héa, méi nuée khéng edn Ia mot hon dio don déc ma phy thudc Lin nhau, cing thn tai va phat trién. Trong diéu kign 46, adi hoi Nha nude phai quan Iy gid ca dé thie day phat trién kinh té, nang cao kha nang canh tranh , thie diy quan hé kinh té 46i ngogi va phan céng lao déng quéc té, Khai thac tét tiém ning Khoa hoc ky thudt tién tién trén thé gidi. ‘Tht ba: Dam bao déi sdng ve thu nhdp cia ede tang lép dan cw Gid ca la m6t trong nhting nhdn t6 anh hudng true tiép t6i dd séng va thu nhap eta cde ting 6p dan cur khée nhau trong xA hi. Khi gid cé bién dong manh n6 sé anh huéng khéng nbo dn di sbng va thu nhép ca dai da sé bé phn dan chiing trong x8 hdi, ddi hoi phai ¢6 chinh seh quan ly va diéu chinh gid cA hop ly cia nha nuée. Thye tin lich sir di minh chimg ring da 06 nhiéu cude déu tranh, biéu tinh céu nhin dén di hai nha nude can thigp vio méc gid dé binh dn gia cd, dn dinh thu nhap va doi séng ctia ngudi lao dong. ‘Nha nude cdn phai quan ly gid ca hing héa tiéu ding va gid cA hang héa tw ligu san xudt a8 dim bao dn dinh déi séng nhin dan vira thic day phat triém sim xudt, én dinh chinh tr] xa hgi va dim bao cong bing x8 hoi.Tite ne: Ques I gid cd dém béo thee hién déng bé cdc muc tiégu kinh té vi mo. Quan ly gid ca, kiém ché lam phat la mye tiéu quan trong cla kink té vi m6. Trong nén kink x6 thi murdng hdn hop, muc tiéu sin lugng cao va khOng ngiing tang; myc tiéu mite hitu nghigp cao, that nghiép thdp va muc tiéw én dinh gia ca kiém ché tam phat; mye tiéu dn dinh ty gid va dam bao cn bing cén can than toan quéc t6 6 mac o6 thé chdp nhiin duge Ta bbn muc tiéu KhOng thé theh ri. Tay tinh hinh cy thé ma o6 thé dit mye tigu nay hay myc tieu khée fén hang daw nhung néi chung nha nuée quan ly gid od s8 dam bao thuc hign déng bé céc muc tiéu kinh té vi mé. This nim: Quén If gid cd gép pin thuee hién muc tiéu edn bing xd hii va cde muc teu xi 16; kde _ Gi6 cd phan énh quan hé trao d6i eta cai vat chét gitta cdo nha sin xuat, githa cdc t6 chite kinh té - x hdi, gitta céc nhém dan cur tham chi gitta cdc giai tang trong xii hdi. Do 46 thay 46i gid ci tuong d6i sé fam cho thu nhap céc bén tham gia thi trig thay 46i, Nha nuée c6 thé diéu chin cénh kéo gid cd dé tir 6 lap tai céng bang, thie day tién b6 x4 hOi Nhin chung sy trao déi theo gid tri clia hing héa va dich vu la su trao 44i céng bing va hop Iy vi ty 16 trao d6i duge tinh trén co sé thoi gian hao phi lao dOng xa hoi can thiét. Trong digu kign gid tri x4 hi ciia nganh nao 46 thap hon nganh Khée thi sy trao déi s8 khéng céng bang, khong hop Iy. Nhing ngudi Lim viée trong nganh nghé dé cn durgc wu tién hon, trude hét vé mat kinh 18. Mot sb nginh phai dim duong ede nghta vy xi hoi chung thi vie trao di theo gif tr thi mudng cing khéng thé xem 1a cng bang xa h6i, Khi d6, nha nude 6 thé phai diéu chinh gia ca sai léch dé am bao thy nhdp cho ngudi lao dong, ting lép dan cw yéu thé thi truvng lao dong. Trén giée 46 nén inh t6, taye hign cOng bing xa hoi khong di lap voi mye teu ting trang kink té ma nguge Iai con gin bé chit ché véi nhau. Thue hign céng bing xf hdi nhdm phat huy nhén t6 con ngudi, thie day tang tung kin 16 dai han dong th inh té 1a co sé tién 48 thye hit mue tiéu x4 t gid ca 1a mot tat yeu khéch quan kh6ng thé thiéu duoc trong. chite nang quan ly kinh té vi mé ciia Nha née. b. Nguyén tie quan Iy gia = Nha nude thyc hign quan ly gia theo co ché thj truéng; t6n trong quyén ty dinh gid, canh tanh vé gid cia té chic, cd nhan san xudt, kinh doanh theo quy dinh cia phép luat. - Nha nuéc thye hign digu tiét gia theo guy dinh cle Luat nay dé binh dn gid; bao vé quyén, Ioi ich hop phap cia t6 chic, od nhan sin xudt, kinh doanh, ngudi tiéu ding va Igi ich cua Nha nude. = Nha nuréc ¢6 chinh sach vé gid nhdm hé tro Khu vue c6 Khu vue 06 diéu kign kinh té - xa hoi dae biét khé khan. = Nha mute quy djnh nguyén tic, phuong phap xéc dinh gid déi voi hang hoa, dich vu do Nha nude din gid phi hop voi nguyén tic eda nén kinh ¢é thj nurong 1 BAL TAP (2 diém) a) Xée dinh gid thanh ton 66 ctia 01 don vi sin phim cho timg san pham u kign kinh t8 - xa hdi khé Kinin, * Phin b6 chi phi chung cho ting sin phim ‘Téng chi phi chung = (3) + (4} + (5) + (6 Chi phi truc tigp cia sin pham M = 450 trigu dang Chip Chi phi trye tiép cla sin phdm P = 850 trigu ding ‘Tang chi phi tryc tiép = 450 + 700 + 850 = 2.000 wigu ding 450 2.000 6.000 trigu ding ruc tiép cia sin phdm N = 700 trigu déng. Chi phi chung phan bé cho san phim M 6,000 = 1.3500