{"id":1331,"date":"2018-03-25T11:13:45","date_gmt":"2018-03-25T11:13:45","guid":{"rendered":"https:\/\/blog.ngocha.biz\/?p=1331"},"modified":"2018-03-25T11:13:45","modified_gmt":"2018-03-25T11:13:45","slug":"tham-dinh-du-an-dau-tu-cach-tinh-npv-irr-va-ung-dung-thuc-te","status":"publish","type":"post","link":"https:\/\/blog.ngocha.biz\/?p=1331","title":{"rendered":"Th\u1ea9m \u0111\u1ecbnh d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0: C\u00e1ch t\u00ednh NPV, IRR v\u00e0 \u1ee9ng d\u1ee5ng th\u1ef1c t\u1ebf"},"content":{"rendered":"
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\n 4.3\/5 – (23 votes) <\/div>\n<\/p><\/div>\n

Nh\u1eefng ai \u0111ang, \u0111\u00e3 h\u1ecdc ng\u00e0nh t\u00e0i ch\u00ednh, qu\u1ea3n tr\u1ecb kinh doanh,..ch\u1eafc kh\u00f4ng l\u1ea1 g\u00ec b\u00e0i to\u00e1n ra quy\u1ebft \u0111\u1ecbnh v\u1ec1 vi\u1ec7c m\u1ed9t d\u1ef1 \u00e1n c\u00f3 n\u00ean \u0111\u1ea7u t\u01b0 hay kh\u00f4ng khi cho c\u00e1c s\u1ed1 li\u1ec7u v\u1ec1 d\u00f2ng ti\u1ec1n v\u00e0o ra c\u1ee7a m\u1ed9t s\u1ed1 n\u0103m trong t\u01b0\u01a1ng lai.<\/p>\n

C\u00f3 th\u1ec3 c\u00e1c b\u1ea1n th\u1ea5y r\u1eb1ng ch\u1eb3ng bi\u1ebft bao gi\u1edd m\u00ecnh m\u1edbi c\u00f3 th\u1ea9m quy\u1ec1n quy\u1ebft \u0111\u1ecbnh m\u1ed9t d\u1ef1 \u00e1n n\u00e0o \u0111\u00f3 c\u00f3 n\u00ean \u0111\u1ea7u t\u01b0 hay kh\u00f4ng n\u00ean c\u1ea3m th\u1ea5y b\u00e0i to\u00e1n h\u01a1i xa v\u1eddi nh\u01b0ng th\u1ef1c t\u1ebf \u0111\u00e2y l\u00e0 b\u00e0i to\u00e1n kh\u00e1 ph\u1ed5 bi\u1ebfn trong th\u1ef1c t\u1ebf.<\/p>\n

V\u00ed d\u1ee5:<\/span><\/p>\n

N\u0103m 2016, H\u00f2a ph\u00e1t d\u1ef1 \u0111\u1ecbnh ti\u1ebfp t\u1ee5c x\u00e2y d\u1ef1ng giai \u0111o\u1ea1n II D\u1ef1 \u00e1n Khu li\u00ean h\u1ee3p s\u1ea3n xu\u1ea5t gang th\u00e9p H\u00f2a Ph\u00e1t Dung Qu\u1ea5t. \u0110\u1ec3 x\u00e2y d\u1ef1ng d\u1ef1 \u00e1n, H\u00f2a ph\u00e1t c\u00f3 hai con \u0111\u01b0\u1eddng ho\u1eb7c l\u00e0 vay ng\u00e2n h\u00e0ng ho\u1eb7c ch\u00e0o b\u00e1n c\u1ed5 phi\u1ebfu ra c\u00f4ng ch\u00fang.<\/p>\n

N\u1ebfu vay ng\u00e2n h\u00e0ng, H\u00f2a ph\u00e1t s\u1ebd tr\u1ea3 l\u00e3i \u0111\u1ec1u theo th\u1ecfa thu\u1eadn v\u1edbi ng\u00e2n h\u00e0ng b\u1ea5t ch\u1ea5p d\u1ef1 \u00e1n l\u1ed7 l\u00e3i th\u1ebf n\u00e0o. L\u00e3i su\u1ea5t tr\u1ea3 ng\u00e2n h\u00e0ng \u0111\u01b0\u1ee3c tr\u1eeb tr\u1ef1c ti\u1ebfp v\u00e0o chi ph\u00ed t\u00e0i ch\u00ednh c\u1ee7a DN.<\/p>\n

N\u1ebfu ch\u00e0o b\u00e1n c\u1ed5 phi\u1ebfu ra c\u00f4ng ch\u00fang, Ho\u00e1 ph\u00e1t s\u1ebd tr\u1ea3 c\u1ed5 t\u1ee9c cho c\u00e1c c\u1ed5 \u0111\u00f4ng n\u1eafm gi\u1eef c\u1ed5 phi\u1ebfu \u0111\u00f3. L\u00e3i nhi\u1ec1u th\u00ec chia nhi\u1ec1u v\u00e0 l\u00e3i \u00edt th\u00ec chia \u00edt. C\u1ed5 t\u1ee9c \u0111\u01b0\u1ee3c chi tr\u1ea3 trong ph\u1ea7n l\u1ee3i nhu\u1eadn sau thu\u1ebf.<\/p>\n

H\u00f2a ph\u00e1t ch\u1ecdn c\u1ea3 hai con \u0111\u01b0\u1eddng, v\u00e0 theo con \u0111\u01b0\u1eddng n\u00e0o th\u00ec H\u00f2a Ph\u00e1t c\u0169ng ph\u1ea3i c\u00f3 s\u1ed1 li\u1ec7u v\u1ec1 hi\u1ec7u qu\u1ea3 \u0111\u1ea7u t\u01b0 \u0111\u1ec3 thuy\u1ebft ph\u1ee5c ng\u00e2n h\u00e0ng v\u00e0 nh\u1eefng ng\u01b0\u1eddi mua c\u1ed5 phi\u1ebfu. Hi\u1ec7u qu\u1ea3 \u0111\u1ea7u t\u01b0 cao th\u00ec l\u00e3i ng\u00e2n h\u00e0ng th\u1ea5p, gi\u00e1 b\u00e1n c\u1ed5 phi\u1ebfu cao; hi\u1ec7u qu\u1ea3 \u0111\u1ea7u t\u01b0 th\u1ea5p th\u00ec l\u00e3i ng\u00e2n h\u00e0ng cao, gi\u00e1 b\u00e1n c\u1ed5 phi\u1ebfu th\u1ea5p<\/p>\n

C\u1ee5 th\u1ec3 th\u1eddi \u0111i\u1ec3m \u0111\u00f3 H\u00f2a Ph\u00e1t \u0111\u00e3 ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu v\u1edbi th\u00f4ng tin nh\u01b0 sau:<\/p>\n

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Gi\u00e1 ch\u00e0o b\u00e1n 20.000 \u0111\u1ed3ng ph\u1ee5 thu\u1ed9c v\u00e0o m\u1ee9c \u0111\u1ed9 r\u1ee7i ro, kh\u1ea3 n\u0103ng sinh l\u1eddi c\u1ee7a d\u1ef1 \u00e1n v\u00e0 gi\u00e1 c\u1ed5 phi\u1ebfu h\u00f2a ph\u00e1t t\u1ea1i th\u1eddi \u0111i\u1ec3m ch\u00e0o b\u00e1n. Ph\u01b0\u01a1ng ph\u00e1p t\u00ednh gi\u00e1 ch\u00e0o b\u00e1n c\u1ee5 th\u1ec3 nh\u01b0 th\u1ebf n\u00e0o n\u1ebfu b\u1ea1n quan t\u00e2m c\u00f3 th\u1ec3 t\u00ecm hi\u1ec3u s\u00e2u trong b\u1ea3n C\u00e1o b\u1ea1ch c\u1ee7a H\u00f2a ph\u00e1t \u1edf cu\u1ed1i entry n\u00e0y.<\/span><\/p>\n

Trong b\u1ea3n c\u00e1o b\u1ea1ch, c\u00f3 m\u1ed9t b\u1ea3ng r\u1ea5t ng\u1eafn g\u1ecdn v\u1ec1 hi\u1ec7u qu\u1ea3 \u0111\u1ea7u t\u01b0 d\u01b0\u1edbi g\u00f3c nh\u00ecn t\u00e0i ch\u00ednh nh\u01b0 sau:<\/p>\n

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NPV (Net Present Value – Gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i thu\u1ea7n)<\/strong>: l\u00e0 hi\u1ec7u s\u1ed1 c\u1ee7a gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i d\u00f2ng ti\u1ec1n v\u00e0o tr\u1eeb \u0111i gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i d\u00f2ng ti\u1ec1n ra<\/p>\n

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Co : Chi ph\u00ed \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u (n\u0103m 0 )<\/p>\n

Ct: D\u00f2ng ti\u1ec1n thu\u1ea7n t\u1ea1i th\u1eddi gian t ( th\u01b0\u1eddng t\u00ednh theo n\u0103m)<\/p>\n

r: t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u<\/p>\n

n : th\u1eddi gian th\u1ef1c hi\u1ec7n d\u1ef1 \u00e1n ( th\u01b0\u1eddng t\u00ednh theo n\u0103m)<\/p>\n

V\u00ed d\u1ee5:<\/p>\n

B\u1ea1n d\u1ef1 \u0111\u1ecbnh m\u1edf m\u1ed9t qu\u00e1n cafe \u1edf … th\u00e1p r\u00f9a gi\u1eefa h\u1ed3 ho\u00e0n ki\u1ebfm (hy v\u1ecdng b\u1ea1n thu\u00ea \u0111\u01b0\u1ee3c :P). Chi ph\u00ed \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u d\u1ef1 ki\u1ebfn l\u00e0 100.000 usd bao g\u1ed3m s\u01a1n s\u1eeda l\u1ea1i th\u00e1p r\u00f9a, mua b\u00e0n gh\u1ebf, mua c\u00e1c lo\u1ea1i m\u00e1y m\u00f3c, b\u1eafc m\u1ed9t c\u00e1i c\u1ea7u phao t\u1eeb b\u1edd ra \u0111\u1ea3o r\u00f9a,…<\/p>\n

Sau khi ho\u00e0n t\u1ea5t b\u1eaft \u0111\u1ea7u \u0111i v\u00e0o khai th\u00e1c, n\u0103m \u0111\u1ea7u ti\u00ean b\u1ea1n d\u1ef1 ki\u1ebfn ph\u1ea3i chi ra l\u00e0 50.000 usd bao g\u1ed3m c\u00e1c chi ph\u00ed nh\u01b0 b\u1ea3o tu m\u00e1y m\u00f3c, mua nguy\u00ean v\u1eadt li\u1ec7u, tr\u1ea3 l\u01b0\u01a1ng nh\u00e2n vi\u00ean, tr\u1ea3 thu\u1ebf, l\u00e3i vay ng\u00e2n h\u00e0ng, ti\u1ec1n th\u1ea3 r\u00f9a gi\u1ed1ng quanh \u0111\u1ea3o, ti\u1ec1n th\u1ee9c \u0103n cho r\u00f9a…(c\u00e1c d\u00f2ng ti\u1ec1n ra) v\u00e0 thu v\u00e0o 60.000 usd l\u00e0 ti\u1ec1n thu \u0111\u01b0\u1ee3c nh\u1edd b\u00e1n c\u00e1c c\u1ed1c cafe cho kh\u00e1ch h\u00e0ng, l\u00e3i thu \u0111\u01b0\u1ee3c nh\u1edd v\u1ed1n l\u01b0u \u0111\u1ed9ng g\u1eedi ng\u00e2n h\u00e0ng, ti\u1ec1n b\u00e1n r\u00f9a….C\u1ee9 nh\u01b0 v\u1eady b\u1ea1n d\u1ef1 \u0111o\u00e1n d\u00f2ng v\u00e0o v\u00e0 ra cho 6 n\u0103m li\u00ean ti\u1ebfp \u0111\u1ec3 c\u00f3 b\u1ea3ng d\u01b0\u1edbi:<\/p>\n

Gi\u1ea3 \u0111\u1ecbnh t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u l\u00e0 10% th\u00ec NPV \u0111\u01b0\u1ee3c t\u00ednh nh\u01b0 sau:<\/p>\n

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N\u0103m \u0111\u1ea7u ti\u00ean th\u1ef1c t\u1ebf b\u1ea1n thu \u0111\u01b0\u1ee3c l\u00e0 10.000 usd nh\u01b0ng 10.000 usd c\u1ee7a m\u1ed9t n\u0103m n\u1eefa ch\u1ec9 c\u00f3 gi\u00e1 tr\u1ecb t\u01b0\u01a1ng \u1ee9ng v\u1edbi 9.091 usd c\u1ee7a ng\u00e0y h\u00f4m nay. \u0110\u1ea1i lo\u1ea1i l\u00e0 n\u1ebfu b\u1ea1n g\u1eedi 9.091 usd v\u00e0o ng\u00e2n h\u00e0ng v\u1edbi l\u00e3i su\u1ea5t 10%\/n\u0103m th\u00ec 1 n\u0103m n\u1eefa b\u1ea1n s\u1ebd c\u00f3 10.000.<\/p>\n

N\u0103m th\u1ee9 hai b\u1ea1n c\u00f3 25.000 usd nh\u01b0ng 25.000 usd c\u1ee7a 2 n\u0103m n\u1eefa ch\u1ec9 c\u00f3 gi\u00e1 tr\u1ecb t\u01b0\u01a1ng \u1ee9ng v\u1edbi 20.661 usd c\u1ee7a ng\u00e0y h\u00f4m nay. C\u00f3 ngh\u0129a n\u1ebfu h\u00f4m nay b\u1ea1n g\u1eedi 20.661 usd v\u00e0o ng\u00e2n h\u00e0ng th\u00ec 2 n\u0103m n\u1eefa b\u1ea1n s\u1ebd c\u00f3 25.000 usd (theo l\u00e3i su\u1ea5t k\u00e9p, l\u00e3i su\u1ea5t thu \u0111\u01b0\u1ee3c c\u1ee7a n\u0103m th\u1ee9 nh\u1ea5t ti\u1ebfp t\u1ee5c c\u1ed9ng v\u00e0o ti\u1ec1n g\u1ed1c \u0111\u1ec3 t\u00ednh l\u00e3i c\u1ee7a n\u0103m th\u1ee9 hai).<\/p>\n

T\u01b0\u01a1ng t\u1ef1 nh\u01b0 v\u1eady, t\u1edbi n\u0103m th\u1ee9 6 b\u1ea1n thu \u0111\u01b0\u1ee3c 55.000 usd nh\u01b0ng n\u1ebfu quy v\u1ec1 s\u1ed1 ti\u1ec1n c\u1ee7a ng\u00e0y h\u00f4m nay ch\u1ec9 t\u01b0\u01a1ng \u1ee9ng v\u1edbi 31.046 usd. N\u1ebfu b\u1ea1n g\u1eedi ng\u00e2n h\u00e0ng 31.046 usd v\u1edbi l\u00e3i su\u1ea5t 10%\/n\u0103m theo h\u00ecnh th\u1ee9c l\u00e3i k\u00e9p th\u00ec 6 n\u0103m n\u1eefa b\u1ea1n c\u00f3 55.000 usd.<\/p>\n

Nh\u01b0 v\u1eady b\u1ea3n ch\u1ea5t c\u1ee7a NPV l\u00e0 quy \u0111\u1ed5i s\u1ed1 ti\u1ec1n c\u1ee7a t\u01b0\u01a1ng lai v\u1ec1 gi\u00e1 tr\u1ecb c\u1ee7a hi\u1ec7n t\u1ea1i v\u00ec v\u1eady t\u00ean c\u1ee7a n\u00f3 l\u00e0 Gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i thu\u1ea7n<\/strong>.<\/p>\n

C\u00e2u h\u1ecfi \u0111\u1eb7t ra: T\u1ea1i sao ph\u1ea3i ph\u1ee9c t\u1ea1p h\u00f3a nh\u01b0 v\u1eady ? Gi\u1ea3 \u0111\u1ecbnh n\u1ebfu nh\u01b0 t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u b\u1eb1ng 0% ta s\u1ebd \u0111\u01b0\u1ee3c nh\u01b0 b\u1ea3ng d\u01b0\u1edbi<\/p>\n

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NPV m\u1ed7i n\u0103m b\u1eb1ng lu\u00f4n d\u00f2ng ti\u1ec1n c\u1ee7a n\u0103m \u0111\u00f3, con s\u1ed1 l\u00e0 135.000; l\u1edbn h\u01a1n g\u1ea5p \u0111\u00f4i con s\u1ed1 58.811 n\u1ebfu c\u00f3 quy \u0111\u1ed5i. S\u1ed1 ch\u00eanh l\u1ec7ch r\u1ea5t \u0111\u00e1ng k\u1ec3, c\u00f3 th\u1ec3 bi\u1ebfn m\u1ed9t NPV \u0111ang l\u00e0 s\u1ed1 d\u01b0\u01a1ng th\u00e0nh s\u1ed1 \u00e2m. C\u00f3 ngh\u0129a l\u00e0 b\u1ea1n l\u1ed7 nh\u01b0ng c\u1ee9 ngh\u0129 l\u00e0 m\u00ecnh l\u00e3i.<\/p>\n

T\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u th\u01b0\u1eddng l\u00e0 chi ph\u00ed s\u1eed d\u1ee5ng v\u1ed1n l\u00e0 t\u1ef7 l\u1ec7 l\u1ee3i nhu\u1eadn c\u1ee7a ph\u01b0\u01a1ng \u00e1n t\u1ed1t nh\u1ea5t m\u00e0 doanh nghi\u1ec7p c\u00f3 th\u1ec3 l\u1ef1a ch\u1ecdn<\/p>\n