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NG DNG EXCEL TRONG QUN L TI CHNH

Mt trong nhng ng dng cao cp ca Excel trong qun tr doanh nghip
l nhm cc hm ti chnh. Mi hm gii quyt mt bi ton ti chnh thng
gp trong doanh nghip. Trong Exxcel cc hm ti chnh c chia lm 3 nhm
c bn l: cc hm khu hao ti sn c nh, cc hm nh gi hiu qu vn u
t v cc hm tnh gi tr u t chng khon.
3.1 CC HM KHU HAO TI SN C NH
3.1.1 Nhc li kin thc v ti sn c nh
3.1.1.1 Khi nim
Tu theo quy m gi tr v thi gian s dng ngi ta chia ti sn ca
doanh nghip ra lm hai loi l: ti sn c nh (TSC) v ti sn lu ng
(TSL).
TSC trong cc doanh nghip l nhng ti sn c gi tr ln v d tnh
em li li ch kinh t lu di cho doanh nghip. iu cng c ngha l n
phi m bo 4 tiu chun sau:
- Chc chn thu c li ch kinh t trong tng lai t vic s dng ti sn
.
- Gi tr ban u ca ti sn c xc nh mt cch tin cy.
- C gi tr hu dng t 1 nm tr ln.
- C gi tr t 1.000.000 ng ( mi triu ng) tr ln.
to iu kin thun li cho cng tc qun l v hch ton TSC m ta
c cc tiu thc phn chia TSC khc nhau nh: theo hnh thi biu hin, theo
quyn s hu, theo tnh hnh s dng TSC
Theo hnh thi biu hin TSC c chia lm 2 loi:
- TSC h hnh (TSC HH) l nhng TSC c hnh thi vt cht bao
gm: nh ca, vt kin trc; my mc, thit b; phng tin vn ti, thit b
truyn dn; thit b, dng c qun l; vn cy lu nm ; cc TSC khc.
2
- TSC v hnh (TSC VH) l nhng TSC khng c hnh thi vt cht,
th hin mt lng gi tr c u t (t tiu chun gi tr TSC) em li
li ch kinh t lu da cho doanh nghip (trn 1 nm).
Theo quyn s hu TSC c chia lm 2 loi:
- TSC ca doanh nghip l nhng TSC c xy dng, mua sm hoc
ch to bng ngun vn ch s hu doanh nghip hoc bng ngun vn vay.
- TSC thu ngoi l nhng TSC m doanh nghip c ch ti sn
nhng quyn s dng trong khong thi gian nht nh ghi trn hp ng gm
2 loi: thu hot ng v thu ti chnh.
Theo theo mcch v tnh hnh s dng TSC gm4 loi:
- TSC dng cho kinh doanh
- TSC hnh chnh s nghip
- TSC dng cho mc ch phc li
- TSC ch x l
Xut pht t nguyn tc qun l TSC, khi tnh gi tr TSC k ton phi
xc nh c 3 ch tiu l : nguyn gi, gi tr hao mn v gi tr cn li.
Nguyn gi (NG) ca TSC l gi tr thc t ca TSC khi a vo
s dng ti doanh nghip vi cc nguyn tc ch yu sau:
- Thi im xc nh NG l thi im a ti sn v trng thi sn sng
s dng (i vi TSC HH) hoc thi im a ti sn vo s dng theo d
tnh (i vi TSC VH).
- Gi thc t ca TSC phi c xc nh da trn nhng cn c
khch quan c th kim sot c (phi c chng t hp php, hp l).
- Gi thc t ca TSC phi c xc nh da trn cc khon chi tiu
hp l c dn tch trong qu trnh hnh thnh TSC.
- Cc khon chi tiu pht sinh sau khi a TSC vo s dng c tnh
vo NG nu nh chng lm tng thm gi tr hu ch ca TSC.
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Gi trhao mn (GTHM) ca TSC l s gim dn gi tr v gi tr
s dng ca TSC khi tham gia vo qu trnh kinh doanh. C hai loi hao mn
TSC l hao mn hu hnh v hao mn v hnh.
- Hao mn hu hnh l loi hao mn do nguyn nhn vt l nh lc c
hc (ma st, va p) v do mi trng. Loi hao mn ny s cng ln nu doanh
nghip s dng cng nhiu hoc trong mi trng c s n mn ho hc hay
in ho hc.
- Hao mn v hnh l loi hao mn xy ra do tin b k thut v qun l,
lm cho TSC b gim gi hoc b li thi.
V TSC b hao mn nn m bo cho qu trnh ti sn xut TSC
yu cu trong mi chu k sn xut doanh nghip phi tnh ton v phn b mt
cch c h thng gi tr ca TSC vo chi ph kinh doanh trong tng k hch
ton v gi l khu hao TSC.
Gi trcn li (GTCL) ca TSC l gi thc t ca TSC ti mt
thi im nht nh. Ngi ta ch xc nh c chnh xc GTCL ca TSC khi
bn chng trn th trng. V phng din k ton, GTCL ca TSC c xc
nh bng hiu s gia NG TSC v GTHM (s khu hao lu k tnh n thi
im xc nh).
Mi quan h gia 3 ch tiu gi ca TSC c th hin bng cng thc
sau:
NG TSC =GTCL TSC +GTHM TSC
3.1.1.2 Cc phng php tnh khu hao TSC
Khu hao TSC l vic chuyn dch phn gi tr hao mn ca TSC
trong qu trnh s dng vo gi tr sn phm sn xut ra theo cc phng php
tnh ton ph hp. T c th thu hi li vn u t vo TSC ng ra ban
u thc hin ti sn xut gin n cng nh ti sn xut m rng TSC ca
doanh nghip.
Khi tnh khu hao TSC phi m bo ph hp vi mc hao mn ca
TSC v m bo thu hi y gi tr vn u t ban u. Tc l, tng s tin
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khu hao TSC trong k phi bng vi tng gi tr hao mn ca TSC. Khi
tun th ng theo nguyn tc ny s m bo tnh chnh xc gi thnh sn
phm v hn ch nh hng ca hao mn v hnh.
C nhiu phng php tnh khu hao TSC. Chn phng php tnh khu
hao no l tu thuc vo tng TSC, quy nh ca Nh nc v ch qun l
ti chnh i vi doanh nghip v yu cu qun l ca doanh nghip.
Theo ch ti chnh hin hnh, cc doanh nghip c th tnh khu hao
theo 3 phng php l: phng php khu hao u, phng php khu hao
nhanh v phng php khu hao theo s lng sn phm. Trong phm vi
chng ny s cp n 2 phng php khu hao u tin.
a. Phng php khu hao u (khu hao tuyn tnh)
Phng php ny cn c gi l phng php khu hao bnh qun,
phng php khu hao ng thng hay phng php khu hao c nh. y l
phng php khu hao n gin nht v c s dng kh ph bin cho vic
tnh khu hao cc loi TSC. Theo phng php ny th lng trch khu hao
hng nm l nh nhau hay mc khu hao v t l khu hao hng nm ca TSC
c tnh l khng i trong sut thi gian s dng ca TSC.
* Lng trch khu hao hng nm
T
K K
C
dt bd
kh

=
Trong :
+ K
bd
l nguyn gi ca TSC
+K
dt
l gi tr o thi ca TSC (gi tr thi hi c tnh hay gi tr cn
li c tnh ca TSC sau khi tnh khu hao)
+T l thi gian s dng d kin ca TSC vo hot ng sn xut kinh
doanh trong iu kin ph hp vi cc thng s kinh t k thut ca TSC v
cc yu t khc c lin quan n s hot ng ca TSC.
* Gi trcn li nm th i:
5

=
=
i
t
kht bd cli
C K K
1
V d 3.1: Mt TSC u t mi c nguyn gi (tnh c chi ph lp t
chy th) l 120 000 000 ng a vo s dng nm 2000 vi thi gian s dng
d tnh l 5 nm, gi tr thi hi c tnh l 35 000 000 ng. Hy tnh lng
trch khu hao cho tng nm trong sut vng i ca TSC .
Bi gii: p dng cng thc ta c:
Nguyn gi K
bd
120,000,000
Gi tr cn li K
dt
35,000,000
Thi gian s dng T 5
Lng trch khu hao hng nm:
C
ikh
= (120 000 000 35 000 000)/5 = 17 000 000
Gi tr cn li nm u:
K
cl1
= 120 000 000 17 000 000 = 103 000 000
Nm Lng trch KH GTCL
2000 17,000,000 103,000,000
2001 17,000,000 86,000,000
2002 17,000,000 69,000,000
2003 17,000,000 52,000,000
2004 17,000,000 35,000,000
Phng php ny n gin, d hiu, mc khu hao phn b vo gi thnh
sn phm hng nm l n nh nn thun li cho vic lp k hoch gi thnh sn
phm, thch hp cho doanh nghip va v nh. Tuy nhin, n khng phn nh
c chnh xc mc hao mn thc t ca TSC vo gi thnh sn phm
trong cc k s dng TSC khc nhau, kh nng thu hi vn u t chm nn
kh trnh khi mt vn do hao mn v hnh gy ra. Do i vi cc doanh
nghip ln, c c s vt cht hin i d b tc ng bi tin b khoa hc k
thut ngi ta thng p dng phng php khu hao nhanh.
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b. Phng php khu hao nhanh (khu hao gim dn)
Theo phng php ny th mc khu hao TSC s c y nhanh trong
nhng nm u s dng v gim dn theo thi gian s dng. T c th nhanh
chng thu hi li vn u t ban u i mi TSC. Trong phm vi bi ging
ny trnh by ba cch mc khu hao hng nm: khu hao theo tng s nm s
dng, khu hao theo s d gim dn v khu hao theo s d gim dn vi t l
tu chn.
Phng php khu hao theo tng s nm s dng
Theo phng php ny mc khu hao hng nm c xc nh da vo t
l khu hao gim dn qua cc nm s dng v nguyn gi TSC. T l khu hao
ny c xc nh bng cch ly s nm s dng cn li chia cho tng s th t
nm s dng. Cc cng thc nh sau:
( )
khi dt bd ikh
T K K C * =
( )
( ) 1
1 2
+
+
=
T T
i T
T
khi
Trong : T
kh
l t l khu hao theo nm s dng
T l thi gian d kin s dng TSC
i l th t nm tnh khu hao
V d 3.2: Vn vi d kin nh v d 3.1 khi p dng cng thc tnh
khu hao theo phng php tng s nm s dng ta lm nh sau:
Nguyn gi K
bd
120,000,000
Gi tr cn li K
dt
35,000,000
Thi gian s dng T 5
T l khu hao nm u tin
T
kh1
= (2 * (5 1 + 1)) / (5 * (5 + 1)) = 1/3 = 0.33
Lng trch khu hao nm u tin
C
1kh
= (120 000 000 35 000 000) * 1/3 =
Gi tr cn li nm u tin
7
K
cl1
= 120 000 000 439 68 = 119 999 560.32
Nm Tl khu hao Lng trch khu hao GTCL
T
khi
C
ikh
Kcli = K
bd
C
ikh
2000 0.333 28,333,333 91,666,667
2001 0.267 22,666,667 69,000,000
2002 0.200 17,000,000 52,000,000
2003 0.133 11,333,333 40,666,667
2004 0.067 5,666,667 35,000,000
Phng php khu hao theo s d gim dn
Theo phng php ny s tin khu hao hng nm
ikh
C c tnh bng
cch ly gi tr cn li ca TSC theo thi hn s dng nhn vi t l khu hao
khng i.
r C K C
i
t
tkh bd ikh
*
1
|
.
|

\
|
=

=
xc nh t l khu hao hng nm theo phng php s d gim dn
sao cho n nm cui thu hi vn u t ban u mua sm TSC th doanh
nghip phi cn c vo nhiu nhn t. Trong :
- Cng thc xc nh t l khu hao:
T
bd
dt
K
K
r
1
1
|
|
.
|

\
|
=
- Lng trch khu hao nm th nht c tnh theo cng thc:
12 / * *
1
m r K C
bd
=
vi m l s thng ca nm s dng u tin.
- Lng trch khu hao cng v sau cng gim v nm cui cng c
tnh theo cng thc:
( ) 12 / 12 * *
1
1
m r C K C
T
t
tkh bd kh
|
.
|

\
|
=

=
8
V d 3.3: Vn vi d kin nh v d 3.1 nhng khi p dng cng thc
tnh lng trch khu hao cho TSC theo phng php s d gim dn khi
a TSC vo s dng t thng 06/2000 (m = 7 thng) ta lm nh sau:
Nguyn gi K
bd
120,000,000
Gi tr cn li K
dt
35,000,000
Thi gian s dng T 5
S thng nm u tin s dng m 7
T l khu hao
r = 1 - (35 000 000/ 120 000 000)^(1/5) = 0.22
Lng trch khu hao nm u tin
C
1kh
= 120 000 000 * 0.22 * 7/ 12 = 15 288 905.91
Gi tr cn li nm u tin
K
cl1
= 120 000 000 15 588 905.91 = 104 711 094.09
Lng trch khu hao nm th hai
C
2kh
=(120 000 000 - 15 288 905.91) * 0.22 = 22 870 258.08
Gi tr cn li nm th hai
K
cl2
=120 000 000 - (15 288 905.91+22 870 258.08) = 81 840 836.01
Nm Lng trch KH GTCL
2000 15,288,905.91 104,711,094.09
2001 22,870,258.08 81,840,836.01
2002 17,875,097.74 63,965,738.27
2003 13,970,945.06 49,994,793.21
2004 4,549,795.77 45,444,997.44
Lng trch khu hao nm cui cng
C
5kh
= 49 994 793.21 0.22*(12 - 7)/12 = 4 549 795.77
9
Nhm y mnh tc thu hi vn hn ngi ta s dng phng php
khu hao s d gim dn vi t l tu chn. Theo phng php ny lng trch
khu hao nm th i c tnh theo cng thc:
T
r
C K K C
t
tkh dt bd ikh
* |
.
|

\
|
=

Trong : r l t l khu hao
Ngi ta c th p dng phng php kt hp tnh khu hao nhanh cho
nhng nm u s dng TSC v tnh khu hao u cho nhng nm cui.
3.3.2 Cc hm tnh khu hao TSC
Excel cung cp mt nhm cc hm tnh khu hao TSC. Tuy nhin trong
phm vi chng trnh chng ta s nghin cu 4 hm tnh khu hao n gin
tng ng vi hai phng php tnh khu hao TSC l: hm SLN (phng
php khu hao tuyn tnh) v cc hm SYD, DB, DDB (phng php khu hao
nhanh).
3.1.2.1 Hm SLN (Straight Line)
- Tnh khu hao TSC vi t l khu hao tri u trong mt khong thi
gian xc nh
- C php: =SLN(cost, salvage, life)
Trong : cost l gi tr ban u ca TSC, salvage l gi tr cn li c
tnh ca ti sn su khi khu hao, life l i hu dng ca TSC.
- HmSLN tnh khu hao theo cng thc:
SLN = (cost salvage)/ life
Xt v d 3.1 trn: Tnh khu hao theo hm SLN cho TSC c trnh
by nh trong hnh sau:
Phng php khu hao s d gim dn vi t l tu chn
10
3.1.2.2 Hm SYD (Sum of YearDigits)
-Tnh tng khu hao hng nm ca mt TSC trong mt khong thi gian
xc nh.
- C php: = SYD(cost, salvage, life, per)
Trong : cc tham s cost, salvage, life nh hmSLN
per l s th t nm khu hao
Xt v d 3.2 trn: Tnh khu hao cho TSC s dng hm SYD nh
trong hnh sau:
3.1.2.3 Hm DB (Declining Balance)
- Tnh khu hao cho mt ti sn s dng phng php s d gim dn
theo mt mc c nh trong mt khong thi gian xc nh.
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- C php: =DB(cost, salvage, life, period, month)
Trong : cc tham s cost, salvage, life nh hmSLN
period l k khu hao
month s thng trong nm u. Nu b qua Excel s tnh vi
month = 12 thng.
Xt v d 3.3 trn: p dng hm DB tnh lng trch khu hao cho
TSC c a vo s dng t thng 06/2000 (m = 7 thng) nh sau:
3.1.2.4 Hm DDB (Double Declining Balance)
- Tnh khu hao cho mt TSC theo phng php t l gim dn (s d
gim gp i hay mt t l gim khc do yu cu qun l c th c la chn).
- C php: =DDB(cost, salvage, life, period, factor)
Trong : cc tham s cost, salvage, life, periond nh hmDB
factor l t l trch khu hao. Nu b qua Excel gn l 2.
V d 3.4: Vn vi d kin nh v d 3.1 tnh khu hao cho TSC vi
t l trch khu hao r = 2 :
12
3.2 CC HMNH GI HIU QU VN U T
nh gi hiu qu vn u t l tin quan trng cho vic quyt nh
la chn phng n u t ca doanh nghip. Cc hm nh gi hiu qu vn
u t n gin, nhanh chng v chnh xc trong Excel cng s l mt la chn
khn ngoan cho cc nh qun tr ti chnh ca doanh nghip.
3.2.1 Nhc li cc kin thc v dng tin
Trong qu trnh phn tch nh gi d n u t, cc chi ph v li ch li
thng xy ra nhng thi im khc nhau ca d n. Tin thay i gi tr v
mt thi gian do nh hng ca cc yu t nh lm pht, cc yu t ngu nhin
v do thuc tnh vn ng v kh nng sinh li ca ng tin nn khi so snh.
tng hp hoc tnh cc ch tiu bnh qun ca cc khon tin pht sinh trong
nhng khong thi gian khc nhau cn phi chuyn chng v cng mt mt
bng thi gian vi vic s dng t sut i. Cc mt bng thi gian c th l u
k phn tch, cui k phn tch hoc mt nm (mt qu, mt thng) no ca
thi k phn tch tu thuc vo tng trng hp c th sao cho vic tnh ton
n gin.
Cc nh kinh t quy c:
- nu nm u ca thi k phn tch l hin ti th cc nm sau l tng
lai so vi nm u.
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- nu nm cui cng ca thi k phn tch l tng lai th cc nm trc
cui l hin ti so vi nm cui.
Qu trnh thc hin mt d n u t thng ko di trong nhiu thi
on (nm, qu, thng). mi thi on c th pht sinh cc khon thu v chi.
Nhng khon thu chi xut hin cc thi on khc nhau to thnh dng tin
ca d n CF (Cash-Folows) v c biu din bng th dng tin.
Biu dng tin: l mt th biu din cc khon thu chi ca d n
theo cc thi on. Cc khon thu c biu din bng mi tn theo hng ch
ln. Cc khon chi c biu din bng mi tn theo hng ch xung. Gc ca
biu ly ti 0. tin cho vic tnh ton ngi ta thng quy c cc thi
on bng nhau v cc khon thu chi u c xut hin cui mi thi on.
Trn biu thng ghi r nhng i lng cho v nhng i lng
cn tm d dng hiu c ni dung ca vn . Biu dng tin l cng c
c s dng trong phn tch ti chnh d n u t.
C hai loi li sut: li sut n (n k th rt li) v li sut kp (n k
khng rt li m cng vo gc)
3.2.2 Cc cng thc tnh ton gi tr dng tin
Quy c:
P (Present Value) l gi tr hin ti ca tin
F (Future Value) l gi tr tng lai ca tin
i l t sut (nu vay vn u t th i l li sut vay, nu vay t nhiu
ngun vi li sut khc nhau th i l li sut vay bnh qun t cc ngun).
A l khon tin c pht sinh mt thi on (l khon thanh ton u
cho tng k vi li sut c nh)
n l s thi on (nm, qu, thng)
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Cng thc tnh chuyn cc khon tin pht sinh trong cc thi on ca
thi k phn tch v cng mt mt bng thi gian hin ti hoc tng lai c
xem xt trong cc trng hp sau:
- Tnh gi tr hin ti bit gi tr tng lai P/F,i,n:
( )
n
i
F
P
+
=
1
- Tnh gi tr tng lai bit gi tr hin ti F/P,i,n:
( )
n
i P F + = 1
V d 3.5: S tin tit kim cho mt ngi gi 100 triu ng vo ngn
hng vi li sut 5%/nm (b qua lm pht) sau 10 nm l:
F = 100 * (1 + 0.05) ^ 10 = 162.98 triu ng
- Tnh gi tr hin ti cho mt khon tin pht sinh mt thi on
P/A,i,n:
( )
i
i
A P
n
+
=
1 1
- Tnh gi tr cho mt khon tin mt thi on khi bit gi tr hin ti
A/P,i,n:
n -
i) - (1 - 1
i
P A =
- Tnh gi tr tng lai cho mt khon tin pht sinh mt thi on
F/A,i,n:
i
i
A F
n
1 ) 1 ( +
=
- Tnh gi tr cho mt khon tin mt thi on khi bit gi tr tng lai
A/F,i,n:
1 ) 1 ( +
=
n
i
i
F A
V d 3.6: Mt ngi mun tit kim bng cch gi tin u n mi
thng 500 000 ng vo ngn hng vi li sut 8%/nm (b qua lm pht) v hy
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vng s nhn 50 tr ng sau 5 nm (60 thng). Liu ngi c nhn c s
tin tit kim nh mong mun khng? Nu khng th phi gi mi thng bao
nhiu tin?
S tin tit kim sau 5 nm l:
F=500 000 * (((1+0.08/120^60-1)/(0.08/12)) = 36 738 428.12
Nh vy, nu gi 500 000 ng mi thng ngi s khng nhn c
khon tin 50 000 000 ng nh mong mun sau 5 nm. Mun nhn c 50 tr
ng sau 5 nm ngi phi gi vo mi thng s tin l:
A = 50 000 000 *( 1/(((1+0.08/120^60-1)/(0.08/12))) = 680 486.38 ng
3.2.3 Cc cng thc tnh ton gi tr dng tin trong Excel
Excel cung cp cho chng ta mt nhm cc hm tnh ton gi tr dng tin
nh FV, PV, PMT.
3.2.3.1 Hm FV (Future Value)
- Tnh gi tr tng lai ca mt khon u t c li sut c nh tr theo
nh k hoc gi thm vo.
- C php: =FV(rate, nper, pmt, pv, type)
Trong :
rate l li sut mi k
nper l tng s k tnh li
pmt l s tin phi tr u trong mi k, nu b trng th coi l 0
pv l gi tr hin ti ca khon u t, nu b trng th coi l 0
type l hnh thc thanh ton. Nu type = 1 th thanh ton u k (nin kim
u k), nu type = 0 th thanh ton vo cui mi k (mc nh)
V d 3.7: Tnh s tin mt ngi gi 10 000$ vo ngn hng v mi nm
gi thm 200$ vi li sut 5%/nm (b qua lm pht) sau 10 nm nh trong hnh
sau:
16
3.2.3.2 Hm PV (Present Value)
- Tr v gi tr hin ti ca mt khon u t theo tng k.
- C php: =PV(rate, nper, pmt, fv, type)
Trong : fv l gi tr tng lai ca khon u t v cc tham s tng t
nh hmFV .
V d 3.8: Mt ngi mun c s tin tit kim 300$ sau nm 10 nm.
Hi by gi ngi phi gi vo ngn hng bao nhiu? bit li sut ngn hng
l 6%/nm (b qua lm pht)
p dng hm PV ta c:
3.2.3.3 Hm PMT (Payment)
- Tr v khon tng ng tng k cho mt khon u t c li sut c
nh tr theo nh k.
- C php: =PMT(rate, nper, pv, fv, type)
Cc tham s tng t nh cc hm trn.
V d 3.9: Mt ngi mun c khon tin tit kim 50 triu ng sau 5
nm th ngi phi gi vo ngn hng mi thng bao nhiu tin? Bit li sut
ngn hng l 8%/nm (b qua lm pht).
Gii: S tin ngi phi gi mi thng c tnh nh trong hnh sau:
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3.2.4 Cc cng thc khc c lin quan
Ngoi cc cng thc tnh ton gi tr ca dng tin ta cn c mt s cc
cng thc khc c lin quan nh: tnh li sut danh ngha, tnh li sut thc t,
tnh gi tr tng lai ca mt khon u t khi li sut thay i , tnh khon li
phi tr
Excel cng cung cp mt nhm cc hm tng ng vi cc cng thc .
3.2.4.1 Hm EFFECT
- Tnh li sut thc t hng nm cho mt khon u t
- C php: =EFFECT(Nominal_rate, npery)
Trong :
Nominal_rate l li sut danh ngha
npery l s k tnh li trong nm
- Cng thc tnh: 1
_ min
1
|
|
.
|

\
|
+ =
npery
npery
rate al No
EFFECT
V d 3.10: C 2 phng n vay tin vi mc li sut danh ngha v s ln
tnh li tng ng cho theo bng. Hy la chn phng n vay.
chn phng n vay, s dng hm EFFECT tnh xem phng n no
c li sut thc t nh hn th s la chn. Vic tnh ton c trnh by trong
bng sau:
18
3.2.4.2 Hm NOMINAL
- y l hm tnh ngc ca hm EFFECT .Tnh li sut danh ngha hng
nm cho mt khon u t.
- C php: =NOMINAL(Effect_rate, npery)
Trong : Effect_rate l li sut thc t
npery l s k tnh li trong nm
3.2.4.3 Hm FVSCHEDULE
- Tnh gi tr tng lai ca mt khon u t khi li sut thay i.
- C php: =FVSCHEDULE(principal, schedule)
Trong :
principal l gi tr hin ti ca mt khon u t
schedule l mt dy li sut c p dng
- Cng thc tnh:
FVSCHEDULE = principal * (1+rate1) * (1+rate2)** (1+raten)
vi rate l li sut k th i
V d 3.11: Tnh s tin li phi tr cho mt khon vay 1000$ c li sut
thay i theo cc k ln lt l 7%, 5.4%, 6% . S dng hm FVSCHEDULE ta
c:
19
3.2.4.4 Hm IPMT (Interest Payment)
- Tnh khon li phi tr trong mt khong thi gian cho mt khon u t
c li sut c nh tr theo nh k c nh.
- C php: =IPMT(rate, per, nper, pv, fv, type)
Trong :
rate l li sut c nh
per l khong thi gian cn tnh li
nper tng s ln thanh ton
pv l khon tin vay hin ti
fv l khon tin cn li khi n k thanh ton.
type l kiu thanh ton. Nu type = 1 th thanh ton u k (nin kim u
k), nu type = 0 th thanh ton vo cui k (mc nh)
V d 3.12: Nu vay ngn hng mt khon tin 1000$ vi li sut 2%/nm
(li kp) trong 5 nm th lng tin phi tr li mi nm l bao nhiu?
Gii: S dng hmIPMT ta c:
20
3.2.4.5 Hm RATE
- Tnh li sut cho mt khon vay.
- C php: =RATE(nper, pmt, pv, fv, type)
Cc tham s tng t nh cc hm trn.
V d 3.13: Tnh li sut cho mt khon vay 1000$ trong 2 nm, mi nm
phi tr 100$. o hn phi tr c gc ln li l 1200$.
Gii: S dng hmRATE ta tnh li sut ca khon vay l:
= RATE(2,100,-1000,1200,0
=19%
3.2.5 Hm NPV v IRR
nh gi tnh kh thi v mt ti chnh ca mt d n u t v l
thuyt cng nh thc tin ngi ta thng s dng 4 phng php sau:
- Phng php gi tr hin ti thun (NPV)
- Phng php t sut thu hi ni b (IRR)
- Thi gian hon vn (PP)
- Ch s doanh li (PI)
21
Tuy nhin, ngi ta thng dng hai phng php gi tr hin ti thun
v t sut thu hi ni b. Excel cng cung cp cho chng ta hai hm tnh ton
tng ng l NPV v IRR.
3.2.5.1 Hm NPV (Net Present Value)
- Gi tr hin ti thun ca mt d n u t l gi tr ca cc khon u
t, chi ph v thu nhp trong vng i ca d n c quy v hin ti v c
xc nh theo cng thc;
( ) ( ) ( )

= = =
+

=
+

+
=
n
t
t
t t
n
t
t
t
n
t
t
t
r
C B
r
C
r
B
NPV
0 0 0
1 1 1
Trong :
B
t
l khon thu nm th t
C
t
l khon chi nm th t
n l s nm hot ng ca d n
r l t sut chit khu c chn (li sut thp nht m nh u t chp
nhn c)
- nh gi:
+ Nu NPV >= 0 th d n c chp nhn.
+ Nu NPV < 0 th d n khng mang tnh kh thi.
V d 3.14: Tnh NPV cho mt d n u t c u t ban u l 1 t
ng, doanh thu hng nm l 0.5 t, chi ph hng nm l 0.2 t, thi gian
thc hin d n l 4 nm, c li sut chit khu l 8%/nm.
NPV=
( ) ( ) ( ) ( ) ( )
4 3 2 1 0
08 . 0 1
2 . 0 5 . 0
08 . 0 1
2 . 0 5 . 0
08 . 0 1
2 . 0 5 . 0
08 . 0 1
2 . 0 5 . 0
08 . 0 1
1
+

+
+

+
+

+ +
+

+
+

= -0.006
NPV < 0 nn d n khng c chp nhn
Vic tnh ton th cng ny kh vt v v rt d mc sai st. Excel cung
cp cho ta hmNPV tnh ton n gin hn rt nhiu.
- C php: =NPV(rate,value1,value2,,value(n))
Trong :
22
rate l t sut chit khu
value1 l gi tr vn u t ban u (biu din di dng s m),
value2,,value(n) lung tin k vng trong tng lai
Xt v d 3.14 trn: Tnh NPV s dng hmNPV nh sau;
3.2.5.2 Hm IRR (Internal Rate of Return)
- T sut thu hi ni b IRR (hay t sut hon vn ni b) l mc li sut
nu dng n lm sut chit khu tnh chuyn cc khon thu chi ca d n v
cng mt bng thi gian hin ti th tng thu s cn bng vi tng chi, tc l
NPV = 0 hay:
( ) ( )

= =
+
=
+
n
t
t
t
n
t
t
t
IRR
C
IRR
B
0 0
1 1
- nh gi:
+ nu IRR >= r th d n c chp nhn
+ nu IRR < r th d n khng c chp nhn
Excel cng cung cp hm tnh IRR .
- C php: =IRR(value,guess)
Trong :
value l gi tr vn u t ban u (biu din di dng s m)
guess l gi tr suy on, nu b trng th c gn l 10%
23
Trong Excel cng dng phng php th dn. Nu sau 20 ln th khng
tnh c th bo li #NUM. Thay i gi tr d on Excel tnh li.
V d 3.15: Mt d n u t tnh n thi im d n bt u i vo hot
ng sn xut l 100 triu USD, doanh thu hng nm ca d n l 50 triu USD.
Chi ph hng nm l 20 triu USD, i ca d n l 5 nm. Hy xc nh t sut
hon vn ni b bit li sut vay di hn l 12%/nm.
Gii: S dng hm IRR xc nh t sut hon vn ni b nh sau:
3.3 CC HM TNH GI TR U T CHNG KHON
u t vo chng khon cng l mt lnh vc u t ti chnh ht sc
quan trng ca doanh nghip. Chnh v th vic tnh ton li sut u t chng
khon l ht sc cn thit. vic tnh ton n gin, nhanh chng v chnh xc
hn Excel cung cp mt s hm tnh ton gi tr u t nh hm ACCRINTM,
INTRATE, RECEIVED
Cc tham s ngy thng ca cc hm tnh gi tr chng khon trong Excel
u c a vo di dng mt chui s tun t. i ngy thng ra chui s
tun t ta nn dng hmDATE(year,month, day).
3.3.1 HmACCRINTM (Accrued Interest at Maturity)
- Tnh li gp cho mt chng khon tr vo ngy ti hn
24
- C php: = ACCRINTM(issue, maturity, rate, par, basis)
Trong :
issue l ngy pht hnh
maturity l ngy ti hn
rate l t sut ca cun phiu
par l gi tr mi cun phiu. Nu b qua Excel s gn l $1000
basis l s ngy c s. Nu basis = 0 th nm c 360 ngy, basis = 1 th
nm c 365 ngy.
- Cng thc tnh:
ACCRINTM =par*rate*(A/D)
vi D l nm c s, A l s ngy tnh t ngy pht hnh n ngy ti hn
V d 3.16: Tnh li gp cho mt tri phiu kho bc pht hnh ngy
15/02/2005 v ngy ti hn l 18/03/2006 c t sut l 4%/nm v gi tr cun
phiu l 1000$. (tnh mt nm c 365 ngy).
S dng hmACCRINTM
=ACCRINTM("02/15/05","03/18/06",0.04,1000,1)
= 43.397 $
3.3.2 Hm INTRATE (Interest Rate)
- Tnh li sut ca mt chng khon c u t ht.
- C php:
=INTRATE(settlement, maturity, investment, redemption, basis)
Trong :
settlement l ngy thanh ton
maturity l ngy ti hn
investment khon tin u t
redemption l khon tin thu c vo ngy ti hn
basis l s ngy c s
Ch : Cn phn bit gia ngy thanh ton v ngy ti hn. Nu c mt
tri phiu chnh ph c thi hn l 5 nm c pht hnh ngy 01/04/2000 v 1
25
thng sau th c ng i mua chng khon ny th ngy thanh ton l 01/05/2000
v ngy ti hn l 01/04/2005.
- Cng thc tnh
INTRATE=((redemption-investment)/investment )*(B/DIM)
vi B l s ngy trong nm c s, DIM l s ngy tnh t ngy thanh ton
ti ngy ti hn.
V d 3.17: Tnh li sut cho mt chng khon c ngy thanh ton l
01/02/2005, ngy ti hn l 18/06/2006, tin u t l 10 000$, tin thu c l
12 000$, c s l 0.
S dng hmINTRATE ta tnh c li sut nh sau:
=INTRATE("02/01/05","06/18/06",10000,12000,0)
=0.145
3.3.3 Hm RECEIVED
- Tnh s tin thu c vo ngy ti hn ca mt chng khon c u
t ht.
- C php:
=RECEIVED(settlement, maturity, investment, discount, basis)
Trong : discount l t sut chit khu, cc tham s khc tng t hm
INTRATE
- Cng thc tnh:
RECEIVED= investment/(1-(discount*DIM/B))
V d 3.18: Tnh s tin thu c vo ngy ti hn ca mt tn phiu kho
bc c u t ht c ngy thanh ton l 18/05/2004, ngy ti hn l
18/07/2006, tin u t l 20 000$, t sut chit khu l 5.85%, c s l 1.
S dng hmRECEIVED ta c:
=RECEIVED("05/18/04","07/18/06",20000,5.85%,1)
=22 900.6$
3.3.4 Hm DISC (Discount)
- Tnh t sut chit khu ca mt chng khon.
26
- C php: =DISC(settlement, maturity, pr, redemption, basis)
Trong :
pr l gi tr mi 100$ mnh gi ca chng khon
redemption l gi tr phi tr cho mi chng khon 100$
cc tham s khc tng t nh trn
- Cng thc tnh:
DISC=((redemption-pr)/pr)*(B/DSM)
vi DSM l s ngy gia ngy thanh ton v ngy ti hn ca chng
khon.
V d 3.19: Tnh t sut chit khu cho mt tri phiu c mua li ngy
12/05/2005 c ngy ti hn l 19/05/2006, mua 96.18$ cho mnh gi 100$, gi
tr phi tr l 100$.
S dng hmDISC ta c:
=DISC("05/12/05","05/19/06",96.18,100,1)
=0.037