Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Save to My Library
Look up keyword
Like this
12Activity
0 of .
Results for:
No results containing your search query
P. 1
ToanTaiChinh-chuong 5_dau tu dai han

ToanTaiChinh-chuong 5_dau tu dai han

Ratings:

4.33

(3)
|Views: 598 |Likes:
Published by HocLieuMo

More info:

Published by: HocLieuMo on May 18, 2008
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as DOC, PDF, TXT or read online from Scribd
See more
See less

05/09/2014

pdf

text

original

To\u00e1n t\u00e0i ch\u00ednh - Tr\u1ea7n Th\u1ecb B\u00edch Ng\u1ecdc

CH\u01af\u01a0NG 5
\u0110\u1ea6U T\u01af D\u00c0I H\u1ea0N
(INVESTMENT)

M\u1ee5c ti\u00eau c\u1ee7a ch\u01b0\u01a1ng

\u0110\u1ea7u t\u01b0, n\u00f3i m\u1ed9t c\u00e1ch \u0111\u01a1n gi\u1ea3n, l\u00e0 vi\u1ec7c s\u1eed d\u1ee5ng ti\u1ec1n nh\u1eb1m m\u1ee5c \u0111\u00edch sinh l\u1ee3i. \u0110\u00e2y l\u00e0 \u0111\u1eb7c tr\u01b0ng h\u00e0ng \u0111\u1ea7u c\u1ee7a \u0111\u1ea7u t\u01b0. \u0110\u1ed1i v\u1edbi m\u1ed9t doanh nghi\u1ec7p, khi xem x\u00e9t m\u1ed9t d\u1ef1 \u00e1n \u0111\u1ec3 \u0111\u1ea7u t\u01b0, doanh nghi\u1ec7p lu\u00f4n xem x\u00e9t tr\u01b0\u1edbc t\u00ednh hi\u1ec7u qu\u1ea3 v\u1ec1 m\u1eb7t t\u00e0i ch\u00ednh c\u1ee7a d\u1ef1 \u00e1n. N\u00f3i c\u00e1ch kh\u00e1c, m\u1ed1i quan t\u00e2m ch\u1ee7 y\u1ebfu c\u1ee7a doanh nghi\u1ec7p l\u00e0 kh\u1ea3 n\u0103ng sinh l\u1ee3i c\u1ee7a v\u1ed1n g\u00f3p m\u00e0 d\u1ef1 \u00e1n \u0111\u00f3 mang l\u1ea1i. C\u00e2u h\u1ecfi \u0111\u1eb7t ra l\u00e0 nh\u1eefng ch\u1ec9 ti\u00eau n\u00e0o \u0111\u00e1nh gi\u00e1 t\u00ednh hi\u1ec7u qu\u1ea3 v\u1ec1 m\u1eb7t t\u00e0i ch\u00ednh c\u1ee7a m\u1ed9t d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0 ? Khi \u0111\u1ee9ng tr\u01b0\u1edbc nhi\u1ec1u d\u1ef1 \u00e1n \u0111\u1ec3 ch\u1ecdn l\u1ef1a, c\u1ea7n ph\u1ea3i l\u00e0m th\u1ebf n\u00e1o ? Trong \u0111i\u1ec1u ki\u1ec7n c\u00f3 r\u1ee7i ro, c\u00e1c ch\u1ec9 ti\u00eau \u0111\u00e1nh gi\u00e1 \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng ra sao? Ch\u01b0\u01a1ng n\u00e0y s\u1ebd \u0111\u01b0a ra c\u00e2u tr\u1ea3 l\u1eddi cho nh\u1eefng v\u1ea5n \u0111\u1ec1 n\u00eau tr\u00ean.

S\u1ed1 ti\u1ebft :
6 ti\u1ebft
Ti\u1ebft 1, 2, 3 :
5.1. T\u1ed5ng quan
5.1.1. Kh\u00e1i ni\u1ec7m

\u0110\u1ea7u t\u01b0 l\u00e0 s\u1ef1 b\u1ecf v\u1ed1n (t\u01b0 b\u1ea3n) d\u00e0i h\u1ea1n v\u00e0o kinh doanh nh\u1eb1m m\u1ee5c \u0111\u00edch ki\u1ebfm l\u1eddi.
\u0110\u1ea7u t\u01b0 g\u1ed3m:
-

\u0110\u1ea7u t\u01b0 cho s\u1ea3n xu\u1ea5t kinh doanh nh\u01b0 x\u00e2y d\u1ef1ng x\u00ed nghi\u1ec7p, ph\u00e2n x\u01b0\u1edfng, \u0111\u1ed5i m\u1edbi,
thay th\u1ebf t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh, t\u0103ng v\u1ed1n l\u01b0u \u0111\u1ed9ng.
-
\u0110\u1ea7u t\u01b0 v\u1ec1 t\u00e0i ch\u00ednh nh\u01b0 cho vay, mua ch\u1ee9ng kho\u00e1n,\u2026
5.1.2. Chi ph\u00ed c\u1ee7a \u0111\u1ea7u t\u01b0

Trong ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u t\u01b0, ng\u01b0\u1eddi \u0111\u1ea7u t\u01b0 ph\u1ea3i t\u1ed1n nhi\u1ec1u chi ph\u00ed. \u0110\u00f3 l\u00e0 nh\u1eefng chi ph\u00ed v\u1ec1 kh\u1ea3o s\u00e1t, th\u0103m d\u00f2, thi\u1ebft k\u1ebf, x\u00e2y d\u1ef1ng, mua s\u1eafm v\u00e0 l\u1eafp \u0111\u1eb7t m\u00e1y m\u00f3c, thi\u1ebft b\u1ecb\u2026 m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u1ea3i b\u1ecf ra trong th\u1eddi gian x\u00e2y d\u1ef1ng c\u01a1 b\u1ea3n. \u0110\u00f3 c\u0169ng c\u00f3 th\u1ec3 l\u00e0 s\u1ed1 ti\u1ec1n vay, mua ch\u1ee9ng kho\u00e1n,\u2026 T\u1ed5ng s\u1ed1 ti\u1ec1n b\u1ecf ra trong giai \u0111o\u1ea1n n\u00e0y g\u1ecdi l\u00e0 t\u1ed5ng chi ph\u00ed cho \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u.

5.1.3. Thu nh\u1eadp c\u1ee7a \u0111\u1ea7u t\u01b0

Sau th\u1eddi gian x\u00e2y d\u1ef1ng c\u01a1 b\u1ea3n l\u00e0 th\u1eddi gian khai th\u00e1c ho\u1ea1t \u0111\u1ed9ng kinh doanh. Trong th\u1eddi gian n\u00e0y, ng\u01b0\u1eddi ta s\u1ebd ph\u1ea3i d\u1ef1 \u0111o\u00e1n thu nh\u1eadp c\u1ee7a \u0111\u1ea7u t\u01b0 h\u00e0ng n\u0103m. Thu nh\u1eadp c\u1ee7a \u0111\u1ea7u t\u01b0 bao g\u1ed3m ti\u1ec1n kh\u1ea5u hao v\u00e0 ti\u1ec1n l\u00e3i sau thu\u1ebf.

Thu nh\u1eadp
c\u1ee7a \u0111\u1ea7u t\u01b0 n\u0103m k
=
Ti\u1ec1n kh\u1ea5u hao
n\u0103m k
+
L\u00e3i sau thu\u1ebf
n\u0103m k
-
Ti\u1ec1n kh\u1ea5u hao n\u0103m k: l\u00e0 ti\u1ec1n kh\u1ea5u hao c\u1ee7a t\u1ed5ng s\u1ed1 ti\u1ec1n \u0111\u1ea7u t\u01b0 g\u1ed1c ban \u0111\u1ea7u.
Ti\u1ec1n kh\u1ea5u hao n\u00e0y ph\u1ee5 thu\u1ed9c v\u00e0o gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n c\u1ea7n t\u00ednh kh\u1ea5u hao n\u0103m k v\u00e0 ph\u01b0\u01a1ng ph\u00e1p kh\u1ea5u
hao \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng.
V\u00ed d\u1ee5:

M\u1ed9t \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n v\u1edbi t\u1ed5ng s\u1ed1 ti\u1ec1n \u0111\u1ea7u t\u01b0 l\u00e0 500 tri\u1ec7u \u0111\u1ed3ng s\u1ebd \u0111\u01b0\u1ee3c kh\u1ea5u hao trong 5 n\u0103m. T\u00ednh ti\u1ec1n kh\u1ea5u hao m\u1ed7i n\u0103m theo ph\u01b0\u01a1ng ph\u00e1p \u0111\u01b0\u1eddng th\u1eb3ng, theo ph\u01b0\u01a1ng ph\u00e1p kh\u1ea5u hao nhanh gi\u1ea3m d\u1ea7n theo gi\u00e1 tr\u1ecb (h\u1ec7 s\u1ed1 kh\u1ea5u hao l\u00e0 2) v\u00e0 theo ph\u01b0\u01a1ng ph\u00e1p kh\u1ea5u hao nhanh gi\u1ea3m d\u1ea7n theo th\u1eddi gian.

Ti\u1ec1n kh\u1ea5u hao
n\u0103m k
=Gi\u00e1 tr\u1ecb c\u1ea7n t\u00ednh kh\u1ea5u hao
n\u0103m k
xT\u1ef7 l\u1ec7 kh\u1ea5u hao
n\u0103m k
67
To\u00e1n t\u00e0i ch\u00ednh - Tr\u1ea7n Th\u1ecb B\u00edch Ng\u1ecdc
Ta c\u00f3 b\u1ea3ng sau:
\u0110\u01a1n v\u1ecb : tri\u1ec7u \u0111\u1ed3ng
N\u0103mKh\u1ea5u hao theo
\u0111\u01b0\u1eddng th\u1eb3ng
Kh\u1ea5u hao nhanh gi\u1ea3m
d\u1ea7n theo gi\u00e1 tr\u1ecb
Kh\u1ea5u hao nhanh gi\u1ea3m
d\u1ea7n theo th\u1eddi gian
1
100
500 x 40% = 200
500 x 33% = 165
2
100
300 x 40% = 120
500 x 27% = 135
3
100
180 x 40% = 72
500 x 20% = 100
4
100
118 x 40% = 43,2
500 x 13% = 65
5
100
64,8
500 x 7% = 35
C
\u1ed9ng
500
500
500
-
Ti\u1ec1n l\u00e3i sau thu\u1ebf (l\u00e3i r\u00f2ng): l\u00e0 hi\u1ec7u c\u1ee7a t\u1ed5ng doanh thu tr\u1eeb t\u1ed5ng chi ph\u00ed v\u00e0 thu\u1ebf.
5.1.4. Chi ph\u00ed s\u1eed d\u1ee5ng v\u1ed1n trong \u0111\u1ea7u t\u01b0

\u0110\u1ea7u t\u01b0 l\u00e0 b\u1ecf ti\u1ec1n v\u00e0o ho\u1ea1t \u0111\u1ed9ng kinh doanh nh\u1eb1m m\u1ee5c \u0111\u00edch l\u1ee3i nhu\u1eadn. Ti\u1ec1n \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 l\u00e0 t\u1eeb ngu\u1ed3n v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu ho\u1eb7c l\u00e0 ngu\u1ed3n v\u1ed1n vay n\u1ee3. Do \u0111\u00f3, c\u1ea7n ph\u1ea3i t\u00ednh to\u00e1n chi ph\u00ed s\u1eed d\u1ee5ng \u0111\u1ed3ng ti\u1ec1n trong \u0111\u1ea7u t\u01b0 th\u00f4ng qua chi ph\u00ed s\u1eed d\u1ee5ng v\u1ed1n.

Chi ph\u00ed s\u1eed d\u1ee5ng v\u1ed1n trong \u0111\u1ea7u t\u01b0 ph\u1ee5 thu\u1ed9c v\u00e0o c\u01a1 c\u1ea5u v\u1ed1n \u0111\u1ea7u t\u01b0 v\u00e0 chi ph\u00ed s\u1eed d\u1ee5ng
c\u1ee7a t\u1eebng ngu\u1ed3n v\u1ed1n \u0111\u1ea7u t\u01b0.
-
\u0110\u1ed1i v\u1edbi ngu\u1ed3n v\u1ed1n vay:
*
Chi ph\u00ed s\u1eed d\u1ee5ng v\u1ed1n vay tr\u01b0\u1edbc thu\u1ebf: L\u00e3i su\u1ea5t quy \u0111\u1ecbnh trong h\u1ee3p \u0111\u1ed3ng
vay n\u1ee3.
*
Chi ph\u00ed s\u1eed d\u1ee5ng v\u1ed1n vay sau thu\u1ebf = L\u00e3i su\u1ea5t tr\u01b0\u1edbc thu\u1ebf x (1 - Thu\u1ebf su\u1ea5t
thu\u1ebf l\u1ee3i t\u1ee9c).
V\u00ed d\u1ee5:
L\u00e3i su\u1ea5t n\u1ee3 vay tr\u01b0\u1edbc thu\u1ebf l\u00e0 10%/n\u0103m. Ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u t\u01b0 n\u00e0y chiu thu\u1ebf
l\u1ee3i t\u1ee9c l\u00e0 30%.
L\u00e3i su\u1ea5t n\u1ee3 vay sau thu\u1ebf = 10% x (1 \u2013 30%) = 7%
-
\u0110\u1ed1i v\u1edbi ngu\u1ed3n v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu:
Chi ph\u00ed s\u1eed d\u1ee5ng v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu ch\u00ednh l\u00e0 t\u1ef7 su\u1ea5t s\u1eed d\u1ee5ng v\u1ed1n mong \u0111\u1ee3i.
N\u1ebfu g\u1ecdi i l\u00e0 chi ph\u00ed s\u1eed d\u1ee5ng v\u1ed1n trong \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n, ta c\u00f3:
i=\u2211=
m1
k
k
Bx Rbk x (1-t) +\u2211=
p
1
k
k
Sx Rsk
Trong \u0111\u00f3:
-
Bk: t\u1ef7 tr\u1ecdng (%) c\u1ee7a m\u00f3n n\u1ee3 k so v\u1edbi t\u1ed5ng v\u1ed1n \u0111\u1ea7u t\u01b0.
-
Sk:
t\u1ef7 tr\u1ecdng (%) c\u1ee7a v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu k so v\u1edbi t\u1ed5ng v\u1ed1n \u0111\u1ea7u t\u01b0.
-
Rbk: l\u00e3i su\u1ea5t tr\u01b0\u1edbc thu\u1ebf c\u1ee7a m\u00f3n n\u1ee3 k.
-
Rsk: t\u1ef7 su\u1ea5t s\u1eed d\u1ee5ng v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu k
-
t:
thu\u1ebf su\u1ea5t thu\u1ebf l\u1ee3i t\u1ee9c.
V\u00ed d\u1ee5:M\u1ed9t d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0 c\u1ea7n 1 t\u1ef7 \u0111\u1ed3ng v\u00e0 s\u1ed1 ti\u1ec1n n\u00e0y t\u1eeb c\u00e1c ngu\u1ed3n v\u00e0 l\u00e3i su\u1ea5t
nh\u01b0 b\u1ea3ng sau. Cho bi\u1ebft thu\u1ebf su\u1ea5t thu\u1ebf l\u1ee3i t\u1ee9c l\u00e0 30%.
Ngu\u1ed3n v\u1ed1n
T\u1ef7 tr\u1ecdng
L\u00e3i su\u1ea5t tr\u01b0\u1edbc
thu\u1ebf
L\u00e3i su\u1ea5t sau thu\u1ebf
I. N\u1ee3 vay
35%
1. N\u1ee3 1
10%
15%
10,5%
2. N\u1ee3 2
15%
14%
9,8%
3. N\u1ee3 3
20%
13%
9,1%
II. V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu
60%
T\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn
1. VCSH 1
15%
14%
2. VCSH 2
20%
15%
3. VCSH 3
25%
16%
68
To\u00e1n t\u00e0i ch\u00ednh - Tr\u1ea7n Th\u1ecb B\u00edch Ng\u1ecdc
T\u1eeb b\u1ea3ng tr\u00ean, ta c\u00f3 l\u00e3i su\u1ea5t s\u1eed d\u1ee5ng v\u1ed1n \u0111\u1ea7u t\u01b0 b\u00ecnh qu\u00e2n c\u1ee7a d\u1ef1 \u00e1n nh\u01b0 sau:
Ngu\u1ed3n v\u1ed1n
T\u1ef7 tr\u1ecdng
(1)
L\u00e3i su\u1ea5t sau thu\u1ebf
(2)
L\u00e3i su\u1ea5t trung b\u00ecnh
(3) = (1)x(2)
I. N\u1ee3 vay
45%
1. N\u1ee3 1
10%
10,5%
1,05%
2. N\u1ee3 2
15%
9,8%
1,47%
3. N\u1ee3 3
20%
9,1%
1,82%
C\u1ed9ng N\u1ee3
4,34%
II. V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu
55% T\u1ef7 su\u1ea5t s\u1eed d\u1ee5ng v\u1ed1n
mon
g \u0111\u1ee3i
1. VCSH 1
10%
14%
2,1%
2. VCSH 2
20%
15%
3,0%
3. VCSH 3
25%
16%
4,0%
C\u1ed9ng VCSH
9,1%
T\u1ed5ng c\u1ed9ng
13,44%
V\u1eady, chi ph\u00ed s\u1eed d\u1ee5ng v\u1ed1n v\u1ed1n c\u1ee7a d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0 tr\u00ean l\u00e0 13,44%.
5.2. Hi\u1ec7u qu\u1ea3 kinh t\u1ebf c\u1ee7a \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n
Hi\u1ec7u qu\u1ea3 kinh t\u1ebf c\u1ee7a c\u00e1c \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n \u0111\u01b0\u1ee3c th\u1ec3 hi\u1ec7n qua c\u00e1c ti\u00eau chu\u1ea9n sau:
-
Gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i r\u00f2ng c\u1ee7a \u0111\u1ea7u t\u01b0 (NPV) t\u1ea1i m\u1ed9t th\u1eddi \u0111i\u1ec3m \u0111\u01b0\u1ee3c ch\u1ecdn l\u00e0m g\u1ed1c
th\u1eddi gian v\u00e0 theo l\u00e3i su\u1ea5t s\u1eed d\u1ee5ng v\u1ed1n i.
-
T\u1ef7 su\u1ea5t ho\u00e0n v\u1ed1n n\u1ed9i b\u1ed9 (IRR).
-
Th\u1eddi gian ho\u00e0n v\u1ed1n.
5.2.1. Gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i r\u00f2ng c\u1ee7a \u0111\u1ea7u t\u01b0 ( NPV: Net Present Value)
G\u1ecdi:
-
CF0: T\u1ed5ng s\u1ed1 ti\u1ec1n chi cho \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u t\u1ea1i th\u1eddi \u0111i\u1ec3m 0 (g\u1ed1c th\u1eddi gian);
-
CFk: Thu nh\u1eadp \u0111\u1ea7u t\u01b0 n\u0103m k tr\u00ean thang th\u1eddi gian;
S\u01a1 \u0111\u1ed3 bi\u1ec3u di\u1ec5n:
-
Tr\u1ecb gi\u00e1 hi\u1ec7n t\u1ea1i r\u00f2ng c\u1ee7a \u0111\u1ea7u t\u01b0 (NPV) l\u00e0 hi\u1ec7u c\u1ee7a t\u1ed5ng thu nh\u1eadp v\u00e0 t\u1ed5ng chi
c\u1ee7a \u0111\u1ea7u t\u01b0 t\u1ea1i th\u1eddi \u0111i\u1ec3m \u0111\u01b0\u1ee3c ch\u1ecdn l\u00e0m g\u1ed1c th\u1eddi gian theo l\u00e3i su\u1ea5t s\u1eed d\u1ee5ng v\u1ed1n i.
-
Th\u1eddi \u0111i\u1ec3m \u0111\u01b0\u1ee3c ch\u1ecdn l\u00e0m g\u1ed1c th\u1eddi gian c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t th\u1eddi \u0111i\u1ec3m b\u1ea5t k\u1ef3. Tuy
nhi\u00ean, ng\u01b0\u1eddi ta th\u01b0\u1eddng ch\u1ecdn th\u1eddi \u0111i\u1ec3m b\u1eaft \u0111\u1ea7u c\u1ee7a \u0111\u1ea7u t\u01b0 l\u00e0m g\u1ed1c \u0111\u1ec3 t\u00ednh NPV.

Th\u1eddi gian \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c t\u00ednh t\u1eeb th\u1eddi \u0111i\u1ec3m b\u1eaft \u0111\u1ea7u \u0111\u1ea7u t\u01b0 cho \u0111\u1ebfn th\u1eddi \u0111i\u1ec3m k\u1ebft th\u00fac \u0111\u1ea7u t\u01b0. Th\u1eddi gian \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c chia l\u00e0m n k\u1ef3. \u0110\u1ed1i v\u1edbi ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n, k\u1ef3 \u0111\u1ea7u t\u01b0 th\u01b0\u1eddng c\u00f3 th\u1eddi gian l\u00e0 1 n\u0103m.

Theo s\u01a1 \u0111\u1ed3 tr\u00ean, th\u1eddi \u0111i\u1ec3m 0 \u0111\u01b0\u1ee3c ch\u1ecdn l\u00e0m th\u1eddi \u0111i\u1ec3m g\u1ed1c, NPV:
NPV = -CF0 +\u2211=
+
n
k
k
CF
1
k
i)
(1
1
x
69
NPV
CF0
K\u1ef3
CFn-1
CF1
n
n-1
2
1
0
CF2
CFn
D\u00f2ng v\u00e0o
D\u00f2ng ra

Activity (12)

You've already reviewed this. Edit your review.
1 hundred reads
1 thousand reads
ianmoone_5696 liked this
Ngocphuong Doan liked this
pham1962 liked this
pham1962 liked this
pham1962 liked this
thanhthanhtrade liked this
Thuan Do Tien liked this
tahuyn_guy liked this

You're Reading a Free Preview

Download
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->