1. thi s8 1 le
KS/ thi cap The Tham dinh vien ye gia
M8n: Thim dinh gia doanh nghi0
Thai gian lam bai: 150 phut
Cau 1: Hay &Ye tinh gia tri von NB nuev thuc td tai doanh nghiep X vao th6i didm ,31/12/2005 theo
phucmg phap tai san de co phan hoa theo quy dinh hien hanh caa Nha nu& voi cac so lieu sau:
a) Bang can de)i ke' toan 31/12/2005
DVT: Trial ddn
Tai san S6 tien Ngudn von S6 tien
I.TSLD va dau to ngan han I.Ng phai tra
- Tidn 2.000 - Vay ngan han 1.500
- Hang ton kho 600 - Vay dai han 6.000
- Ng phai thu 800 - Ng phai tra khac 800
- TSLD khac 100
II.Vdn Nha nu& 15.000
II.TSCD va dau to dai han
- Nha xtrang, 5.750 III.Quy phitc lqi, khen thtrang 400
- May va thiet bi 12.250
- Phtrong tien van tai 2.200
T6ng cong 23.700 T6ng ngudn von 23.700
b) Lgi nhuan sau thud va von Nha nu& giai (loan 2003-2005
DVT: Trieu ddng
Chi tieu 2003 2004 2005
- Lgi nhuan sau thud
- Vdn nha mac (kh6ng bao g6m
guy phitc lgi, khen thuang)
1.960
14.000
2.175
14.500
2.400
15.000
c) Icet qua tharn dinh gia mot so tai san theo gia thi tru6ng nhu sau:
- Hang ton kho: 500 trieu &orig.
- Nha xtrong: 6.500 trieu ddng.
- May va thiet bi: 11.800 trieu ddng.
- Phtrang tien van tai: 2.000 trieu ddng.
d) Co 1 khoan nq 200 trieu ddng khong c6 kha ,nang thu hdi, mot s6 cong lao dOng nh6 da phan bd
het gia tri, qua tham dinh gia tang 50 trieu dong; lai suat trai phieu Chinh phu kS , han 10 nam la
8%/nam. (2 didm)
Can 2: Hay trac tinh gia tri von Nha
co
thirc t6 tai cong ty Y vao th6i didm 31/12/2005 theo
phtrang phap dong tien chiet khau de co phan hoa theo quy dinh hien hanh cua Nha nuOt vii cac so
lieu sau:
2001 2002 2003 2004 2005
- Lai nhuan sau thud
- Vdn nha nu& (khong bao Om
guy piffle lgi kh/thuang)
4.130
24.300
4.335
25.500
4.725
27.000
5.130
28.500
5.625
30.000
- Lai sat trai phidu Chinh ,phil kjf han 10 nam tra Mr& la 8%/nam, phu phi ro:7% nam. - Du kin
phan bo lgi nhuan sau thud giai doan 2006-2010 nhu sau: 60% chia co tirc, 20% tang von, 20% trich
cac guy.
DVT: Trieu ddng

2. Chu*. :
- Cac so % lam troll mot so le, vi du nhu 1,559% lam ton 1%; 1,56% lam tron 1,6%
- Tign lam trim s6 khong ldy se) le; vi du nhu 2.345,559 trd lam tron 2.345 trd; 2.345,6 trd lam tron
2.346 trd (4 digm)
Cau 3: Theo anh (chi), khi tham dinh gia doanh nghiep cho muc dich co phan hod theo phuang phap
tai san can quan tam dgn thu thap cac thong tin ,tai lieu gi?. ( 1 digm )
Cau 4: Cho bao cao kgt qua hoat dOng kinh doanh cua cong ty Z qua cac nam nhu sau:
Bao cao ket qua ho#t Ong kinh doanh
Cong ty Z
Dan vi tinh: ngan d'ong
CHi TIEU
MA
SO 2002 2003 2004
Ton. doanh thu 1 54.183.000 55.800.000 56.300.000
Trong do: Doanh thu hang xuat khau 2 632.400 932.500 663.700
Cac khan giam trir
3 464.800 268.200 113.300(04+05+06+07)
+ Chit khdu 4
+ Giam gia 5 326.620 238.000 90.212
+ Hang ban bi tra lai 6 138.180 30.200 23.088
+ Thug tieu thu (lac biet, thug xuAt
khAu phai Op 7
1. Doanh thu thuan 01-03 10 53.718.200 55.531.800 56.186.700
2. Gia von Ilan! ban 11 48.465.800 49.412.600 50.401.800
3. Loi nhuan gop (10-11) 20 5.252.400 6.119.200 5.784.900
4. Thu nhap boat dOng tai chinh 21 140.700 32.130 59.40
5. Chi phi hoat dOng tai chinh 22 423.310 687.100 731.650
Trong do: Lai vay phai tra 23
6. Chi ihi ban Ilan! 24 1.082.000 1.379.900 1.475.930
7. Chi phi Quin iy doanh nghiep 25 3.745.720 2.054.750 1.569.700
8. Loi nhuan thufin tir h.dong kinh
30 142.070 2.029.580 2.066.860
doanh (20+21-22-24-25)
9. Thu nhap khac 31 1.620.390 26.300 129.750
10. Chi phi khac 32 71.620
11. Loi nhuan khac (31-32) 40 1.548.770 26.300 129.750
12. Tong loi nhuan trigrc thue
50 1.690.840 II 2.055.880 2.196.610(30+40)
Ty le thue thu nh4p doanh nghiep la 28%
1. Cong ty Z kh6ng phat hanh co phigu uu dai, chi co co phieu thuong, ty le chia co tire hang nam la
48%. Hay tinh co tire dugc chia hang nam cho c6 &Ong. Neu so co phigu thuOng cua Cong ty la
2.000.000 cO ,phieu . Hay tinh thu nhap tren co phieu hang nam ?
2. Ngu la nha dau tu, anh ( chi ) hay cho biet }"/ kign neu von c6 phan cua C6ng ty 12 tS, dOng , tS, le
lgi nhuan binh quan cua cac loci chimg khoan ten thi truang 14%, ty le lai nhuan cua chimg
khoan cua cac Cong ty trong nganh 17%
3. Trong twang hap day la mot Cong ty thuOc sa hitu nha nuac chua c6 phAn hod , anh ( chi ) hay
cho bigt y kien co the sir dung phuang phap dOng tign chiet khau de xac dinh gia tri doanh nghiep
khi chuyen sang C6ng ty co phan khong ? Tyi sao ? (3digm).
2

3. ,,,,yef t56
Dap an De thi so 1 le
KST thi cap the ThAm dinh vien gia
Mon: Tham dinh gia doanh nghiep
Cau 1: (2 diem)
1.1) Gia tri lgi the kinh doanh cua doanh nghiep X (0,75 diem)
- Ty le lgi nhuan sau thue tren von Nha mrac binh quan 3 nam giai ken
2003-2005
1960 + 2175 + 2400 6535
R = =15%
14.000 +14.500 +15.000 43.500
- Gia tri lgi the kinh doanh
15.000 trd x (15%-8%) = 1050 trd
1.2) Gia tai san doanh nghiep qua tham dinh gia theo gia thi truemg
(1 diem)
DVT: Trieu d'Ong
Tai san Gia tri so sach
Ice toan
Gia tri thi
truemg
Chenh Lech
I.TSLD va dau tu
ngan han
- Tien , 2.000 2.000 0
- Hang ton kho 600 500 -100
- Ng phai thu 800 600 -200
- Tai san luu dOng khac 100 150 +50
II.TSCD va au tu dai
Ilan
- Nha xuemg, 5.750 6.500 +750
- May va thiet bi 12.250 11.800 -450
- Phucmg tien van tai 2.200 2.000 -200
III.Gia tri lgi the kinh
doanh
0 1.050 +1.050
Tong gia tri tai san 23.700 24.600 +900
1.3) Gia tri thuc to von Nha nuorc tai doanh nghiep X vao thi diem
31/12/2005 ( 0,25 diem )
24.600trd — (1.500trd + 6.000trd + 800trd) — 400trd = 15.900 trd

4. Cau 2:
2.1/ Du kign lgi nhuian sau thug tiled l(ST 2006- 2010 ( 0,5 digm )
Ty lg tang P thug th&i kST 2001 — 2005
5.625= 4.130( 1+ t)4 => t = 8%
P sau thug 2006 = 5.625trd x 1,08 = 6.075 trd
P sau thug 2007 = 6.075trd x 1,08 = 6.56 ltrd
P sau thug 2008 = 6.56 ltrd x 1,08 = 7.086 trd
P sau thug 2009 = 7.086 trd x 1,08 = 7.653trd
P sau thug 2010 = 7.653trd x 1,08 = 8.265 trd
( 0 ) 7c T:6; 41)-'
2.2) Li& tinh lgi nhulan sau thug dung dg chia c6 tirc giai clop 2006 —
2010 (0,25 diem)
(0 )C 61>c7n0
D 2006 = 6.075 x 60%= 3.645 trd
D 2007 = 6.561 x 60%= 3.3937 trd
D 2008 = 7.086 x 60%= 4.252trd
D 2009 = 7.653 x 60%= 4.592 trd
D 2010 = 8.265 x 60%= 4.959 trd
D 2011 = 4.959 x 1,08= 5.356trd
2.3) U'6ec tinh von Nha nudec giai doan 2006 — 2010 (0,5 diem)
Win 2006 = 30.000 + (6.075 x 0,2) = 31.215 trd
V6n 2007 = 31.215 + (6.561x 0,2) = 32.527trd
V6n 2008 = 32.527+ (7.086 x 0,2) = 33.944trd
Win 2009 = 33.944+ (7.653x 0,2) = 35.475trd
VOn 2010 = 35.475+ (8.265x 0,2) = 37.128trd
2.4/ tick tinh tST lg lgi nhu4n sau thug ten von binh quan giai doan 2006 —
2010 ( 0,25 di6m ) 9t)<AT 7-3
R 2006 = 6075 / 31.215 = 19,5%
R 2007 = 6561 / 32.527 = 20,2%
R 2008 = 7086 / 33.944 = 20,9%
R 2009 = 7653 / 35.475 = 21,6%
R 2010 = 8265 / 37.128 = 22,3%
R = 20,9%
2.5/ lieec tinh he s6 tang trtrong g ( 0,25 di6m )
g=bxR= 20,9% x 20% = 4,2%
2.6/ Xac dinh he so chigt khAu ( 0,25 digrn )
K=Rf+Rp=8%+7%=15%

5. 2.7/ Gia tri hien tai vein Nha nu& nam 2010 (0,25 diem)
PV2010 = D2011
5356
= 49.592 trd
K — g 15% — 4,2%
2.8/ Gia tri thuc von Nha nuarc vao tiled diem 31/12/2005 (0,75 diem) ebi0
V = + +
D2006 D2007 D2008 D2009 D2010 + V2010
(1,15) (1,15)2 (1,15)' (1,15)4 (1,15) 5
V = + + + +
3.645 3.937 4.252 4.592 4.959 + 49.592
1,15 1,15 2 1,15' 1,15 4 1,15 5
V = (3.645 x 0,869565) + (3.937 x 0,756144) + (4.252 x 0,657516) + (4.592 x 0,571753)
+ [(4.959 + 49.592) x 0,497177]
V = 3.169 + 2977 + 2.796 + 2.625 + 27 .121
V= 38.688 trd
Cau 3: Khi tham dinh gia doanh nghiep theo phuang phap tai san cho muc
dich co phan hod, can quan tam thu th4p cac thong tin , tai lieu cha yeu ,sau:
bang can doi ke toan va bang bac) cao ket qua hot dOng kinh doanh, so sa.ch
ke toan, bang kiem ke tai san thuc te, so lieu ve lgi nhuan sau thue va von
nha nuac ba nam lien ke vai theyi diem tham dinh gia , bang gia dat do
UBND dia phuong ban hanh, gia thi trueing hien hanh cua cac loai tai san
trong danh muc tai san cua doanh nghiep dua vao tinh gia tri doanh nghiep
de co phan hoa, lai suat trai phieu Chinh phu có kST han 10 nam trei len tai
theYi diem gall nhk voi theyi diem xac dinh gia tri doanh nghiep . ( 1 diem )
Cau 4: ( 3 diem )
4.1 Co tirc duot chia hang nam cho co don g. (1 diem
Chi tieu 2002 2003 2004
TOng lgi nhu4n truac
thue
1.690.840.000 2.055.880.000 2.196.610.000
Thue thu nh4p doanh
nghiep
473.435.200 575.646.400 615.050.800
Lgi nhu4n sau thue 1.217.404.800 1.488.233.600 1.5817.559.200
Ty le chia co tirc 48% 48% 48%
CO tirc chia cho co
&rig
584.354.304 710.512.128 759.148.416

6. 4.2 Ne'u von c6 phAn cua Cong ty ld 10 tS, dong thi ty suat lgi nhuan sau
thu6 teen von c6 phdn qua cdc nam 2002, 2003, 2004 ldn lugt la 12,17%,
14,88%, 15,81% cho thdy:
- So vai ty suat lgi ,nhuan chirng khoan cdc cong ty trong nganh con
ee clued mirc pho bien cho thay hieu qua kinh doanh cua Cong ty con kern so
hieu qud san xuat kinh doanh trung binh nganh ( 0,5 diem )
- Tuy nhien ty suat lgi nhuan tren von co phan phdt trien tot, nam 2003 va.
2004 vugt tren ty suat lgi nhuan binh quan cua cdc ,loai chimg khodn teen thi
trueng , chimg to Cong ty Id don co hieu qua. tot so v6i truong va. co
tiem nang phdt trien ( 0,5 diem )
4.3 Vai ,cdc s6 lieu nhu tren khong the' xem xet sir dung phuang phap dong
tien chiet khan de xdc dinh gia tri doanh nghiep khi chuyen sang Cong ty co
phan .Vi chin co co so de tinh ty suat lgi nhuan sau thue teen von va theo
quy dinh cua Nha mot trong nhirng dieu kien de ap dung phuang
phap &mg tien chiet khau trong xdc dinh gia tri doanh nghiep khi chuyen
sang cong ty co phan la lgi ,nhuan sau thue tren von nhd nu& binh quan , 5
nam lien ke tru6c khi phan hod cao hon lai suat trd tru6c cua trai phieu
Chinh phu co kST han 10 nam tree len tai thoi diem gan nhat Teri th6i diem xdc
dinh gia tri doanh nghiep, chi voi so lieu bdo cao ket qua hoat dong kinh
doanh cua Cong ty trong 3 nam chua du dieu kien de ap dung phuang phap
dong tien chi& khL .
( 1 die'm )
Th.S.eiryht ritilits4tny