Professional Documents
Culture Documents
1. Gi tr hin ti (Present Value) 2. Gi tr tng lai (Future Value) 3. Gi tr tng lai ca dng tin u-FVA 4. Gi tr hin ti ca dng tin trong tng lai
PVP PVA
Li sut n
nh ngha: Li sut n l li sut ch tnh trn khon u t ban u Xy dng cng thc o PV: s tin u t ban u o r: li sut o n: s k u t o I: s tin li thu c sau n k o FV: s tin gc v li thu c sau khi u t
Li sut n
S tin sau nm th nht l: FV1=PVx(1+r) S tin sau nm th hai l: FV2=PVx(1+2r) ........................ S tin sau n nm l: FVn=PVx(1+nr) S tin li thu c sau n nm l: I = FVn PV = PV x n x r
Li sut n
V d 1: Mua tri phiu, c mnh gi 100.000, thi hn 5 nm, li sut (n) 10%/nm, tr gc v li 1 ln
Li sut n
V d 1:
Li sut gp
nh ngha: Li sut gp l li sut c tnh trn li sut, li sut gp thng c s dng trong nhng vn ti chnh. Xy dng cng thc o PV: s tin u t ban u o r: li sut o n: s k u t o I: s tin li thu c sau n k o FV: s tin gc v li thu c sau khi u t
Li sut gp
S tin sau nm th nht l: FV1=PVx(1+r) S tin sau nm th hai l: FV2=FV1 + FV1 x r FV1 x (1+r)=PVx(1+r) S tin sau nm th ba l: FV3 = FV2 + FV2 x r = FV2 x (1+r)= PV x (1+r) S tin sau n nm l: FVn=PVx(1+r) S tin li thu c sau n nm l: I = FVn PV = PVx(1+r) - PV = PV x [(1+r) -1]
Li sut gp
V d 2: Mt nh u t c $100 gi ngn hng. Vi li sut gp l 6%. Tnh: S tin anh ta thu c sau 1,2,3,4,5 nm u t
S tin li sau 5 nm
Li sut gp
V d 2:
V d 4:
Nm 1626, Peter mua hn o Manhattan vi gi
$24. Vy gi tr ca hn o ny nm 2005 l
bao nhiu nu gi nh li sut hng nm l 8%? Sau 379 nm (2005-1626), gi tr ca hn o l: $24x(1+0.08)379 = $111,638,000,000,000
2. Gi tr hin ti ca tin t (Present value) Nguyn l c bn: Mt ng tin hin ti c gi tr hn mt ng tin trong tng lai Gi tr hin ti c tnh ngc so vi gi tr tng lai Cng thc tng qut: Tha s chit
khu Li sut chit khu
FV 1 PV FV t t (1 r ) (1 r )
Present value of $1
1/(1+r)t
2. Gi tr hin ti ca tin t (Present value) V d 5: Nm 1995, cng ty ABC cn vay mt khon 1 t USD trong 25 nm. vay khon tin ny, cng ty pht hnh cc chng ch n. Cc chng ch ny cho php ngi cm gi nhn c $1000 sau 25 nm. Nu l bn, bn s mua chng ch n ny vi gi bao nhiu nu bit li sut chit khu trn th trng l 8.53%?
2. Gi tr hin ti ca tin t (Present value) V d 5: Gi mua chng ch n ny l gi tr hin ti ca khon $1000 sau 25 nm
PV=$1000/(1+0.0853)25=$129
Qui tc 72 (Rule of 72): i vi mi li sut yu cu hp l r% (5%20%), nu mun thu c mt khon tin gp i s tin u t ban u trong tng lai th phi mt mt khon thi gian l 72/r
FVAt PVAt (1 r )
1 1 t C( )(1 r ) t r r (1 r ) (1 r ) 1 C( ) r
t
nh gi d n u t / doanh nghip
Quy tc gi tr hin ti rng: Chp nhn d n u t c gi tr hin ti rng >0 Gi tr hin ti rng (Net Present Value) = NPV NPV = PV - Chi ph u t cn thit
nh gi d n u t / doanh nghip
Sut hon vn ni b (IRR): l li sut chit khu lm cho gi tr hin ti rng bng 0
nh gi ta nh vn phng
Nm Thu nhp
0 350
1 400
nh gi ta nh vn phng
Bc 1: D bo lung tin
Chi ph xy dng = Co= 350 Gi bn ta nh vo nm th nht = C1= 400
Bc 2: c tnh chi ph vn
Chi ph vn =r=7%
nh gi ta nh vn phng
Bc 3: Chit khu lung tin tng lai
PV = C1/ (1+r) = 400/(1+0.07) =374
nh gi d n u t / doanh nghip V d 12 Chi ph xy dng mt nh my l $400,000. Bn d on nh my ny s thu v $120,000 trong nm u, $180,000 trong nm th hai v $300,000 trong nm th ba. Vi li sut chit khu l 12%/nm th bn c u t xy dng nh my ny khng? Ti sao?
nh gi d n u t / doanh nghip
V d 13: mt doanh nghip d nh a ra th trng mt dng sn phm mi. Chi ph ban u sn xut sn phm ny (tin mua sm my mc, thit b, chi ph o to nhn vin...) l $100,000. Cc chi ph qun l d kin l $5,000/nm. Doanh thu t sn phm ny d kin l $30,000/nm. T sut hon vn l 10%. Sn phm ny d kin s bn trong vng 6 nm.
nh gi d n u t / doanh nghip Theo cng thc trn ta c th tnh ton gi tr hin ti thun ca d n l: NPV = -100000 + (30000-5000)/1.11 + (30000-5000)/1.12 + (30000-5000)/1.13 + (30000-5000)/1.14 + (30000-5000)/1.15 + (30000-5000)/1.16 = $8881.52 > 0