CHNG 2: D N U T TRC TIP NC NGOI

1. 2. 3. 4.

Mt s l lun c bn v d n u t Ni dung d n u t trc tip nc ngoi Phn tch ti chnh d n u t trc tip nc ngoi Phn tch kinh t, x hi d n u t trc tip nc ngoi

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1. MT S L LUN C BN V D N U T
1.1. Khi nim
1.1.1. Khi nim d n u t nh ngha
D n u t l tng th cc gii php s dng cc ngun ti nguyn hu hn hin c to ra nhng li ch thit thc cho nh u t v cho x hi.

c im
C tnh c th v mc tiu xc nh To nn mt thc th mi C s tc ng tch cc ca con ngi C bt nh v ri ro C gii hn v thi gian v cc ngun lc

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1.1.2. Khi nim d n FDI

Khi nim
D n u t trc tip nc ngoi l loi d n u t theo quy nh ca Lut u t nc ngoi hoc cc vn bn php l c lin quan n FDI.

c im
C ngun vn t cc nc khc nhau; Cng ngh qun l khc nhau bi hnh thnh t nhiu ngun khc nhau; C th chu s iu chnh ca ngun lut ring.

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1.2. Yu cu i vi mt d n
Tnh khoa hc v tnh h thng Tnh hp php Tnh thc tin Tnh chun mc Tnh phng nh

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1.3. Phn loi d n

Cn c vo ngi khi xng: D n c nhn, D n tp th, D n quc gia, D n quc t. Cn c vo ngun vn: D n s dng vn trong nc, d n c vn nc ngoi, Cn c vo tnh cht hot ng: D n sn xut, D n dch v thng mi, D n c s h tng, D n dch v x hi. Cn c vo a ch khch hng ca d n: xut khu hay tiu th ni a, Cn c vo thi gian hot ng ca d n Cn c vo qui m ca d n: ln, va, nh (ty thuc VT, DT, L) Cn c vo mc chi tit ca d n: D n tin kh thi, D n kh thi

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1.4. CHU TRNH D N

Chu trnh ca mt d n l trnh t cc bc nhm s dng c hiu qu cc ngun lc cho trc theo trt t thi gian xc nh.

tng d n

Chun b & lp DA

Thm nh

Trin khai, thc hin

nh gi

Kt thc

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2. NI DUNG D N FDI
2.1. Ch u t

2.2. Doanh nghip xin thnh lp

Tn Hnh thc u t Thi gian hot ng Mc tiu hot ng chnh Vn u t
Tng vn u t: Vn c nh + Vn lu ng Ngun vn: Vn CSH (vn gp (vn php nh) + Li nhun cha phn phi + Cc qu) + Vn vay

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2. NI DUNG D N FDI (tip)

2.3. Sn phm, dch v v th trng
M t sn phm, dch v: Tn, k m hiu, thng s k thut ch yu, tiu chun cht lng; Nghin cu la chn th trng:
D kin vng th trng; nh gi nhu cu hin ti ca vng th trng; D bo nhu cu tng lai ca vng th trng; Phn tch i th cnh tranh; Phn tch kh nng cnh tranh v chim lnh th trng; Nghin cu cc bin php thc y bn hng.

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2. NI DUNG D N FDI (tip)

2.4. Qui m sn phm v d kin th tr/ng tiu th D kin sn xut:
C cu sn phm Lch trnh sn xut S lng sn phm sn xut hng nm

Th trng tiu th
Th trng ni a Xut khu

nh gi bn sn phm

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2. NI DUNG D N FDI (tip)

2.4. Qui m sn phm v d kin th trng tiu th Bng: D kin doanh thu sn phm

Tn sn phm (n vt nh) 1. 2. ... T ng doanh thu

Nm th 1 Nm ... Nm sn xut n nh S Gi - c Thnh S l- ng Gi - c Thnh l- ng t nh ti n t nh ti n

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2. NI DUNG D N FDI (tip)

2.5. Cng ngh, my mc thit b v mi trng Bng: Danh mc my mc thit b

Tn thi t b Xut x c t nh k thut S l- ng c gi Gi tr I. Thi t bsn xut II. Thi t bph tr III. Thi t b vn chuy n IV. Thi t bvn phng

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2. NI DUNG D N FDI (tip)

2.6. Cc nhu cu cho sn xut Nguyn liu v bn thnh phm

Danh mc (chng loi) I. Nhp khu 1. 2. ... II. Mua ti Vi t Nam

Nm th nht Nm th ... S l- ng c gi Gi tr

Nm n nh

Nhin liu, nng lng, nc v cc dch v

Tn gi (chng loi)

Ngun cung cp

Nm th 1 Nm th ... Khi l- ng Gi tr

Nm SX n nh

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2. NI DUNG D N FDI (tip)

Nhu cu lao ng

I. II. III. IV. V. T ng

Loi lao ng Ng- i Vi t Nam Cn b qun l Nh n vin k thut v gim st Cng nh n lnh ngh Cng nh n gin n Nh n vin vn phng

Ng- i n- c ngoi

Cng

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2. NI DUNG D N FDI (tip)

2.7. Mt bng, a im v xy dng, kin trc Bng: Cc hng mc xy dng

Tn h ng mc n v Quy m I. Cc hng mc x y m i 1. 2. II. Cc hng mc sa cha, ci to Cng

n gi

Thnh ti n

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2. NI DUNG D N FDI (tip)

2.8. T chc qun l, lao ng v tin lng S t chc doanh nghip Qu lng hng nm
1 I. Nh n vin n- c ngoi ( c c b ph n) 1. 2. ... T ng qu l- ng cho nh n vin n- c ngoi II. Nh n vin ng- i Vi t Nam ( c c b ph n) 1. 2. ... T ng qu l- ng cho nh n vin ng- i Vi t Nam III. T ng qu l- ng (I+II) N m 2 ... n nh

K hoch tuyn dng v o to

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2. NI DUNG D N FDI (tip)

2.9. Tin thc hin d n Hon thnh th tc ng k thnh lp doanh nghip Thu a im Khi cng xy dng Lp t thit b Vn hnh th Sn xut chnh thc

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2. NI DUNG D N FDI (tip)

2.10. C cu vn u t theo nm thc hin Vn lu ng
Thnh ph n N m th 1 N m ... N m SX n nh 1. Vn sn xu t - Nguyn li u v b n thnh ph m nh p kh u - Nguyn li u v b n thnh ph m ni a - L- ng v bo hi m x hi - Chi ph i n, n- c, nhin li u - Ph t ng thay th 2. Vn l- u thng - Nguyn li u tn kho - B n thnh ph m tn kho - Thnh ph m tn kho - Hng b n ch u 3. Vn bng ti n m t T ng vn l- u ng
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2. NI DUNG D N FDI (tip)

2.10. C cu vn u t theo nm thc hin Nhu cu Vn lu ng
Thnh ph n 1. Tn kho - Nguyn li u - B n thnh ph m - Thnh ph m - C c hng tn kho kh c 2. Phi thu 3. Phi tr (-) Nhu c u vn l- u ng N m th 1 N m ... N m SX n nh

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2. NI DUNG D N FDI (tip)

2.10. C cu vn u t theo nm thc hin Vn c nh
Thnh ph n N m th 1 N m ... N m SX n nh I. Chi phchu n b u tII. Chi ph n b , gii phng m t bng, san n n v gi tr gp vn bng quy n s dng t ca bn Vi t Nam (n u c) III. Gi trnh ca v k t c u h t ng s n c IV. Chi ph x y dng m i ho c/v ci t o nh x- ng, k t c u h t ng V. Chi phm y mc, thi t bdng c VI. Gp vn bng chuy n giao cng ngh ho c mua cng ngh tr gn (n u c) VII. Chi ph o t o ban u VIII. Chi phkh c T ng vn c nh
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II. NI DUNG D N FDI (tip)

2.11. Bo co ti chnh d kin Doanh thu
C c khon thu 1. 2. ... T ng doanh thu N m th 1 N m ... N m SX n nh

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II. NI DUNG D N FDI (tip)

Chi ph
C c lo i chi ph 1. 2. 3. 4. Nguyn v t li u, b n thnh ph m Bao b , v t li u bao b Nhin li u, n ng l- ng, n- c L- ng, bo hi m x hi, ph c p cho ng- i lao ng 5. Bo d- ng 6. Phchuy n giao cng ngh , ti li u k thu t tr theo kv 7. Kh u hao ti sn c nh 8. Thu nh x- ng, t 9. Qun l 10. o t o 11. B n hng, qung c o, ti p th 12. L i vay 13. Chi phkh c T ng chi ph N m th 1 N m ... N m SX n nh

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II. NI DUNG D N FDI (tip)

D kin l, li

Cc chtiu 1. T ng doanh thu 2. T ng chi ph(kc l nm tr- c) 3. L i nhun tr- c thu 4. Thuthu nhp doanh nghi p 5. L i nhun sau thu 6. Cc qu 7. L i nhun - c chia Trong : Bn Vi t Nam Bn n- c ngoi
u t nc ngoi, trang 22

Nm th 1 Nm ... Nm SX n nh

II. NI DUNG D N FDI (tip) 2.12. nh gi hiu qu

2.12.1. Hiu qu ti chnh
Thi gian hon vn (Payback Period) im ha vn (Break Even Point) Hin gi thun (NPV Net Present Value) T sut hon vn ni b (IRR Internal Rate of Return) Phn tch nhy ca d n Kh nng cn i ngoi t

2.12.2. Hiu qu kinh t x hi

Cc loi thu v khon np cho Nh nc Vit Nam Mc tin tin ca sn phm v cng ngh p dng Gi tr sn phm to ra trong c gi tr xut khu S vic lm c to ra bi d n
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II. NI DUNG D N FDI (tip)

2.13. T nhn xt, nh gi v kin ngh
Tnh kh thi v hiu qu ca d n Cc kin ngh v u i v cc bin php m Nh nc Vit Nam cn p dng lin quan n d n.

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III. PHN TCH TI CHNH D N U T

1. Mc ch 2. Vai tr 3. Yu cu 4. Ni dung

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III. PHN TCH TI CHNH D N U T

1. Mc ch: nh gi tnh kh thi ca d n v mt ti chnh - Xem xt nhu cu v s m bo cc ngun lc ti chnh cho vic thc hin hiu qu d n u t D tnh chi ph, doanh thu, hiu qu hot ng ca d n nh gi an ton v mt ti chnh ca d n u t: ngun vn, kh nng thanh ton, kt qu tnh ton

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III. PHN TCH TI CHNH D N U T

2. Vai tr - i vi ch u t: Cung cp thng tin cn thit Ra quyt nh u t - i vi cc c quan qun l Nh nc: Cp php u t?? - i vi cc t chc ti tr vn cho DA: Ra quyt nh ti tr (kh nng thu hi vn, thi gian thu hi vn?) - i vi d n: L c s tin hnh phn tch kinh t - x hi d n

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III. PHN TCH TI CHNH D N U T

3. Yu cu

Ngun s liu: y v m bo tin cy cao

Phng php phn tch: Ph hp, y v chnh xc Kt qu: Phi a ra c nhiu phng n CT la chn phng n ti u nht

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III. PHN TCH TI CHNH D N U T

4. Ni dung

4.1. Xc nh tng vn u t, c cu vn v ngun vn

4.2. Lp bo co ti chnh d kin 4.3. nh gi hiu qu ti chnh d n

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III. PHN TCH TI CHNH D N U T

4.1. Xc nh tng vn u t, c cu vn v ngun vn a. Tng vn u t, c cu vn - Vn u t: l cc ngun lc c s dng vo hot ng sn xut kinh doanh vi mc ch sinh li cho ch u t v cho x hi - ngha: Ni dung u tin + Vai tr quan trng - Thnh phn

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TNG VN U T
Quan im 1: Vn c nh + Vn lu ng
Vn c nh: l biu hin bng tin ca cc ti sn c nh ca d n. Vn lu ng: l biu hin bng tin ca cc ti sn lu ng ca d n. Ti sn cn tha mn iu kin:
Doanh nghip kim sot c em li li ch kinh t trong tng lai Xc nh c chi ph

Ti sn c nh vs ti sn lu ng C cu vn c nh

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TNG VN U T
Vn c nh
Thnh ph n I. Chi phchu n b u tII. Chi ph n b , gii phng m t bng, san n n v gi tr gp vn bng quy n s dng t ca bn Vi t Nam (n u c) III. Gi trnh ca v k t c u h t ng s n c IV. Chi ph x y dng m i ho c/v ci t o nh x- ng, k t c u h t ng V. Chi phm y mc, thi t bdng c VI. Gp vn bng chuy n giao cng ngh ho c mua cng ngh tr gn (n u c) VII. Chi ph o t o ban u VIII. Chi phkh c T ng vn c nh
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N m 1

N m ...

N m n

TNG VN U T
Vn lu ng
Thnh ph n 1. Ti sn lu ng sn xu t - Nguyn li u v b n thnh ph m nh p kh u - Nguyn li u v b n thnh ph m ni a - L- ng v bo hi m x hi - Chi ph i n, n- c, nhin li u - Ph t ng thay th 2. Ti sn lu ng l- u thng - Nguyn li u tn kho - B n thnh ph m tn kho - Thnh ph m tn kho - Hng b n ch u 3. Vn bng ti n m t T ng vn l- u ng N m 1 N m ... N m n

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TNG VN U T
Quan im 2: Vn c nh + Nhu cu vn lu ng (Quan im ti chnh hin i) * Quan im: Vn phi c mc ch to ti sn thu li -Tin: khng phi l vn v khng phn nh mc ch ca h u t -Ti sn lu ng sn xut: l chi ph ch khng phi ti sn, k to nn ti sn, k mang li li ch khng phi vn -Phi tr: NT chim dng vn ca i tc khng cn tm ngun ti tr * Nhu cu Vn lu ng = Tn kho + Phi thu Phi tr
Thnh ph n 1. Tn kho - Nguyn li u - B n thnh ph m - Thnh ph m - C c hng tn kho kh c 2. Phi thu 3. Phi tr (-) Nhu c u vn l- u ng
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N m 1

N m ...

N m n

III. PHN TCH TI CHNH D N U T

4.1. Xc nh tng vn u t, c cu vn v ngun vn b. Ngun vn Thnh phn: Vn gp v Vn vay nh gi kh nng m bo v vn: c s php l v c s thc t Tin huy ng vn hng nm: da trn nhu cu vn, tin thc hin cng vic u t, c cu ngun vn

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III. PHN TCH TI CHNH D N U T

4.2. Lp bo co ti chnh d kin 1. Bo co kt qu kinh doanh 2. Bng cn i k ton 3. Bo co lu chuyn tin t

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4.2. Lp bo co ti chnh d kin

1. Bo co kt qu kinh doanh - nh ngha: L bo co ti chnh phn nh tng qut doanh thu, chi ph v kt qu li l - ngha: phn nh kt qu h sn xut-kd ca d n - Thnh phn: 1. Doanh thu
Ch tiu 1 DT t SP chnh DT t SP ph DT t ph liu, ph phm DV cung cp cho bn ngoi Tng DT cha thu
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Nm hot ng 2 n

BO CO KT QU KINH DOANH
2. Chi ph
C c lo i chi ph 1. Nguyn v t li u, b n thnh ph m 2. Bao b , v t li u bao b 3. Nhin li u, n ng l- ng, n- c 4. L- ng, bo hi m x hi, ph c p cho ng- i lao ng 5. Bo d- ng 6. Phchuy n giao cng ngh , ti li u k thu t tr theo kv 7. Khu hao ti sn c nh 8. Thu nh x- ng, t 9. Qun l 10. o t o 11. B n hng, qung c o, ti p th 12. L i vay 13. Chi phkh c T ng chi ph N m 1 N m ... N m n

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BO CO KT QU KINH DOANH
3. D kin li, l
C c ch tiu 1. T ng doanh thu cha thu 2. C c khon gim tr - Gim gi - Hng b n btr l i - ThuTT B, thuXK 3. DT thu n (=1-2) 4. T ng chi phsn xu t 5. T ng l i nhu n tr- c thu(=3-4) 6. Thuthu nh p doanh nghi p 7. L i nhu n sau thu(=5-6) 8. C c qu 9. L i nhu n - c chia (=7-8) Trong : Bn Vi t Nam Bn n- c ngoi
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N m 1

N m ...

N m n

4.2. Lp bo co ti chnh d kin

2. Bng cn i k ton - nh ngha: L bo co ti chnh phn nh tnh trng ti chnh ca mt doanh nghip ti mt thi im nht nh thng qua: Kt cu ca ti sn v ngun hnh thnh nn ti sn di hnh thc tin t - ngha: tnh cho tng nm hot ng ca DA, m t tnh trng ti chnh h ca d n thng qua vic cn i gia ti sn v ngun vn nh gi kh nng cn bng ti chnh ca d n - C cu: Gm 2 phn lun c gi tr bng nhau: Ti sn v Ngun vn

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4.2. Lp bo co ti chnh d kin

Bng cn i k ton
TI SN Nm hot ng

A. TI SN LU NG
I. Tin II. T ti chnh ngn hn III. Khon phi thu IV. Hng tn kho

V. Ti sn lu ng khc
B. TI SN C NH, U T DI HN I. Phi thu di hn II. Ti sn c nh (hh, vh, thu tc) III. BS u t

IV. T ti chnh di hn
TNG CNG TI SN = A + B
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4.2. Lp bo co ti chnh d kin

Bng cn i k ton
NGUN VN A. N PHI TR I. N ngn hn II. N di hn B. VN CH S HU I. Vn ch u t v qu II. Ngun kinh ph v qu khc TNG CNG NGUN VN = A + B 1 Nm hot ng 2 n

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4.2. Lp bo co ti chnh d kin

3. Bo co lu chuyn tin t (Bo co ngn lu) - Th hin lu lng tin vo, tin ra (cash inflows/ outflows) ca doanh nghip. - Phn nh cc dng tin thc thu v thc chi ca doanh nghip theo ng thi im pht sinh cc dng tin ny - Dng tin ca d n (Cash-flows):
CF = Thc thu (thu c nhp qu) Thc chi (chi c xut qu) trong mt giai on nht nh

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Chi ph trong Bo co ngn lu

Loi chi ph Chi ph vn (Capital cost) Chi ph hot ng (Operation cost) Chi ph chun b hot ng (Pre-operation cost) Chi ph chm (Sunk cost) Chi ph vn lu thng (Working capital) Cc hng mc t ai, cng trnh xy dng, nh my, thit b, cng c vn ti; d phng vn c nh NVL, lao ng, nng lng, chi ph vn ti nhng chi ph pht sinh trc khi bt u hot ng VD: NC kh thi, tin kh thi, chi ph kho st, thit k,)

vic s dng nhng ti sn vn t nhng d n khc b b ri NVL, bn thnh phm, thnh phm d tr Cc khon phi tr
(ch c nhng nhu cu vt qu mc cn thit ca nm trc mi tnh vogi tr ca khon ny nm trc l li ch ca d n khi thanh l)

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Nhng chi ph khng c tnh trong Bo co ngn lu

Cc hng mc Khu hao (depreciation)

M t trnh vic tnh 2 ln nh l chi ph ca nhng ti sn c tnh ti trong chi ph vn

Cc khon tr n gc Cc khon n gc c dng mua ti sn v gi (Principal payments) tr c tnh trong cc chi ph k trn Cc khon tr li (Interest payments) Mt trong nhng l do tin hnh phn tch bo co ngn lu l xc nh mc li sut m d n c th chu c.

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Cc lu khc trong Bo co ngn lu

C s Gi tr cn li (Salvage value) Thi hn d n (Duration) M t Gi tr ca TSC vo cui d n nu em bn s to ra li ch cho d n Da trn tui th k thut d tnh ca d n (ca cc thnh phn ca d n). VD: mt d n thy li s c xc nh bi thi gian hu hiu ca p chn nc v cc knh thy li Khi dng li ch v chi ph ca d n c xc nh => cn m bo tnh kh thi v mt ti chnh ca d n bng cch so snh chi ph rng vi li ch rng ca d n NCFi= TRi--TCi

Ngn lu rng (Net Cash Flow)

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* Kt cu ca mt bo co ngn lu
Nm * Chun b u t
Mua ti sn c nh (-) -Ti tr NCVL (-) -Thu (+) -Khon chi khc (-)
-

....

* Sn xut kinh doanh

Tng doanh thu - Phi thu (+) -Tng chi ph Phi tr (-) -Li vay (+) -Khu hao (+) -Thu TNDN (-) -Ti tr hng tn kho (-)
-

* Kt thc d n
Thanh l TSC (+) -Thu thanh l TSC (-) -Thu hi ti tr VL (+) -Chi khc (-)
-

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Bi tp
1. Mt ch u t d kin u t vo mt d n vi cc d kin ti chnh nh sau: - Tng vn T: 80 triu USD b ra 1 ln khi mi thnh lp DA, trong : + u t cho TSC: 56 triu USD + u t cho ts lu ng = ti tr NCVL: 24 triu USD - Theo quy nh k ton hin hnh, cc ti sn ca d n s c khu hao u v ht trong 8 nm - D kin thi gian hot ng ca DA l 6 nm - Sau 6 nm, cc TSC s c thanh l vi gi 15 triu USD - Tng chi ph hng nm gm c chi ph khu hao l 70 triu USD - Thu sut thu TNDN ca DA l 25% Hy lp bng lu chuyn tin t cho d n

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Bi tp
2. Mt ch u t nc ngoi d kin u t vo 1 DA VN. Tnh ton s b cho thy ch u t phi b ra 60 triu USD mua sm ti sn c nh. Cc ti sn c nh s c mua v thanh ton 1 ln khi mi thnh lp d n v s c khu hao u v ht trong vng 5 nm. Sau 5 nm, gia thanh l cc TSC l 2,5 triu USD. D kin li rng hng nm l 15% doanh thu. Thu sut thu TNDN p dng cho DA l 20%. Nhu cu VL hng nm l 20% doanh thu v phi chun b sn t nm trc. Doanh thu d kin nh sau (triu USD):
Nm Doanh thu 1 90 2 130 3 170 4 170 5 100

T sut hon vn ti thiu m cc ch u t yu cu l 10%. 1, Lp bng lu chuyn tin t ca DA 2, Hy x vn u t m ch u t phi huy ng cho DA ny

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4.3. NH GI HIU QU TI CHNH CA D N

Cc ch tiu khng tnh n hin gi (thi gian khng tc ng n gi tr cc dng tin)

Cc ch tiu c tnh ti hin gi (thi gian tc ng n gi tr cc dng tin)

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A. Cc ch tiu khng tnh ti hin gi

A.1. Thi gian hon vn (PP Payback Period) A.2. im ha vn (BEP Break Even Point)

A.3. Mc hot ng ha vn

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B. Cc ch tiu tnh ti hin gi

B.1. Gi tr hin ti rng (NPV) B.2. T sut chit khu ni b (IRR) B.3. Ch s doanh li (PI - Profitability Index) B.4. Thi gian hon vn c chit khu (Discounted Payback Period)

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A. CC CH TIU KHNG TNH N HIN GI

Ch tiu A1: Thi gian hon vn (Payback Period) - Khi nim: l khong thi gian cn thit tng thu nhp ca d n va b p cc chi ph u t. - Cng thc: PP n

TRi Ci
i 0 i 0

TR = LR+ KH+ LV + Thu hi NCVL LR = DT CP Thue TNDN

Ci VC NCVL
i 0

Nu TR khng i:
PP

Ci
i 0

LR KH LV ThuhoiNCVL

TRi: Thu nhp trong nm i Ci: Chi ph u t trong nm i LR: Li rng (Net Profit) KH: Khu hao (Amortization/Depreciation) LV: Li vay (Interest Expense)
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THI GIAN HON VN (tip)

ngha:
Sau bao nhiu lu s thu hi c ton b vn u t linh hot ca vn u t

Cch s dng:
Mc so snh c nh gi cao trong 2 trng hp:
D n c ri ro cao Cn thay i c cu ti chnh

Hn ch:
Khng tnh n phn thu nhp sau khi hon vn Cha phn nh ng mc tiu ti a ha li nhun ca ch u t Khng tnh n quy m, tui th ca DA, khng phn bit gia 1 DA c thu nhp ban u cao vi 1 DA c thu nhp ban u thp Khng tnh n nh hng ca thi gian n cc dng tin
u t nc ngoi, trang 54

THI GIAN HON VN (tip)

V d: Mt d n u t d kin tng vn u t l 30 triu USD trong u t mua sm ti sn c nh l 20 triu USD. Ti sn c nh c khu hao u v khu hao ht trong 10 nm (y chnh l thi gian hot ng ca d n). Doanh thu ca DA l 20 triu USD/nm. CP hng nm (cha tnh khu hao) l 15 triu USD. Thu sut thu TNDN l 30%. Gi s DA khng s dng vn vay. 1. Hy tnh thi gian hon vn ca d n. 2. Nu khu hao ti sn c nh c s thay i nh sau: 2 triu USD khu hao vi t l 50%/nm 10 triu USD khu hao u v ht trong 5 nm S ti sn c nh cn li khu hao u vi t l khu hao 10%/nm. Hi thi gian hon vn ca d n c g thay i? 3. Hy t vn cho ch u t nn la chn phng n tnh khu hao no?
u t nc ngoi, trang 55

Ch tiu A2: im ha vn (BEP)

Khi nim: im ha vn ca d n l im m ti doanh thu ca d n va trang tri cc khon chi ph b ra thc hin d n. TC = TS TC (Total cost) = FC (fixed cost) + VC (variable cost) TS (Total Sales): P (price) * Q (quantity) Mc ch nghin cu: Biu th mc hot ng, cng sut ca d n hot ng m thu nhp b p chi ph Li, l

u t nc ngoi, trang 56

IM HA VN (tip)
Trng hp 1: Doanh thu v chi ph c quan h tuyn tnh vi sn lng
Gi thuyt:
Gi bn sn phm khng thay i TS = PQ Chi ph c nh khng thay i khi qui m sn xut thay i Chi ph bin i cho mt n v sn phm (v) khng thay i TC = vQ + FC
im ha vn

TS Li TC VC

TS*=TC*

FC

Vy im ha vn s l: TS* = TC* PQ* = vQ* + FC

Q*

FC Q* Pv
u t nc ngoi, trang 57

IM HA VN (tip)
u im:
n gin, d tnh ton

Nhc im:
Khng st vi thc t

u t nc ngoi, trang 58

IM HA VN (tip)
V d:
C c chi phca cng ty KEN trong n m 2004 - c s p x p theo t nh ch t bi n ng ca chng v - c ghi l i trong bng sau. n v: USD Chi ph Nguyn v t li u Lao ng trc ti p Chi phgi n ti p trong sn xu t Chi phph n phi sn ph m Chi phqun l T ng T ng 450.000 750.000 1.150.000 680.000 300.000 3.330.000 1.980.000 Chi phbi n i Chi phc nh 450.000 750.000 450.000 330.000 700.000 350.000 300.000 1.350.000

Sn l- ng hng n m l 12.000 sn ph m. D tr coi nh- bng 0. Gi b n sn ph m l 300

u t nc ngoi, trang 59

USD/sn ph m. Chi phbi n i t lthu n v i sn l- ng.

Bi tp (tip)

Cu hi 1. Xc nh im ho vn ca cng ty. V thbiu din quan hgia sn l- ng v doanh thu, sn l- ng v t ng chi ph . 2. Nu doanh nghip m rng sn xut lm cho chi phc nh hng nm tng thm 67.500 USD/nm ng thi sn l- ng tng thm 4.000 sn phm/nm thim ho vn c gthay i. (Bit rng cc yu t khc khng thay i : gi bn, chi phbin i /sn phm) 3. Doanh nghip c nn m rng sn xut khng? Ti sao?
u t nc ngoi, trang 60

IM HA VN (tip)
Trng hp 2: Doanh thu v chi ph c biu din di dng nhng hm phi tuyn tnh
V

im ha vn im ha vn TR li TC

Q*1

Q*2

u t nc ngoi, trang 61

IM HA VN (tip)
V d: Cng ty lin doanh trong lnh vc sn xut ho cht c cng sut thit k l 7.500 tn/nm. Cng ty d kin gi bn sn phm trn th trng l 85.000 USD/tn. Qua phn tch chi ph nhn thy cc chi ph ca cng ty c chia thnh 3 loi : - Chi ph c nh : 80 triu USD/nm - Chi ph bin i t l thun vi sn lng : 35.000 USD/tn - Chi ph bin i t l thun vi bnh phng ca sn lng vi h s tl l 5. Cu hi 1. Hy vit phng trnh biu din doanh thu, tng chi ph v li nhun ca cng ty theo sn lng. 2. Hy cho bit khi no cng ty c li? Cng ty phi sn xut v bn mt lng hng l bao nhiu s thu c li nhun ti a? Li nhun l bao nhiu?
u t nc ngoi, trang 62

A.3. MC HOT NG HA VN
- Cng thc: T l gia doanh thu ha vn v doanh thu l thuyt

TS * M 100% TST
- ngha: M cng nh cng tt

TS*: Doanh thu ha vn

TST: Doanh thu l thuyt

u t nc ngoi, trang 63

Gi tr thi gian ca tin

Time Value of Money

u t nc ngoi, trang 64

 Tin t c tnh thi gian. Gi tr ca mt ng thu c ngy hm nay chc chn phi mang gi tr khc vi gi tr mt ng s thu c mt nm sau v n lun gn lin vi mt li sut nht nh.

Gi tr ca mt ng th khc nhau cc thi im khc nhau.

u t nc ngoi, trang 65

Tin c gi tr v mt thi gian theo 3 ngha:

(1) Gi tr ca tin th hin lng ca ci vt cht c th mua c nhng thi gian khc nhau do nh hng ca lm pht. (2) Th hin nhng gi tr gia tng (Value Added-VA) do s dng tin vo hot ng ny m khng s dng vo hot ng khc hay ct tr dnh. Cn c xc nh VA l chi ph c hi Thu nhp t d n Chi ph c hi = VA (3) Biu hin gi tr gia tng hoc gim i theo thi gian do nh hng ca cc yu t ngu nhin, ri u t nc ngoi, trang 66 ro hay may mn.

V vy

Khi so snh, tng hp hoc tnh ton cc ch tiu ca cc khon tin pht sinh trong nhng thi gian khc nhau cn phi tnh chuyn chng v cng mt mt bng thi gian.

u t nc ngoi, trang 67

mi quan h tng i
Cc nh kinh t quy c gi: - Nm u ca thi k phn tch l hin ti (Present-P), cc nm tip theo l thi k tng lai (Future-F) - Nm cui ca thi k phn tch l tng lai (F), P trc l hin ti (P) i F cc nm
P Fi Pi
u t nc ngoi, trang 68

1. Gi tr tng lai (future value)

Ta gi vo ngn hng s tin 100 vi li sut 10%/nm. Mt nm sau, ta s nhn v s tin gc v li l: 100+100x10%= 100 (1+10%)=110 Nu ta tip tc gi c s tin vn gc v li (ghp li vo gc), n nm th 2 ta s nhn c c tin gc v li l: 110 (1+10%)=100x(1+10%)2=121
u t nc ngoi, trang 69

1. Gi tr tng lai (future value)

Ta gi: 100 l gi tr hin ti (PV: present value) 121 (gi tr tng lai sau 2 nm ca 100) l FV2 (FV:future value) 10% l li sut r Ta c th vit: PVx(1+r)2=FV2 Ta a ra cng thc tng qut tnh gi tr tng lai ca tin t (Cng thc 1) l: FVn=PVx(1+r)n
u t nc ngoi, trang 70

Bi tp 1:
C mt d n u t cn khon chi ph 200 triu VND. Sau 5 nm d n ha hn mang li s li l 140 triu VND. Doanh nghip c nn u t khng? Bit rng li sut tin gi ngn hng hin ti l 12%/nm, k ghp li l nm (compounded yearly).

FVn=PVx(1+r)n

u t nc ngoi, trang 71

u t nc ngoi, trang 72

2. Gi tr hin ti (present value)

T cng thc tnh gi tr tng lai suy ra cng thc tnh gi tr hin ti (Cng thc 2) l: PV=FVn x1/(1+r)n

Trong , 1/(1+r)n l gi tr hin ti ca mt ng vi thi gian l n giai on v vi li sut mi giai on l r.

u t nc ngoi, trang 73

Bi tp 3:
Mt sinh vin nm th nht, mun c s tin 1000USD ci v sau khi ra trng (cui nm th 4) th anh ta phi bt u gi vo ngn hng ngay u nm hc th nht l bao nhiu? Bit rng li sut ngn hng l 15%/nm.

PV=FVn x1/(1+r)n

u t nc ngoi, trang 74

u t nc ngoi, trang 75

3. Gi tr tng lai ca mt lot tin bng nhau (future value of annuity)

Nu ta gi A (annutiy) l khon tin bng nhau s chi trong tng lai vo u cc nm (beginning of year) vi thi gian l 5 nm, ta c th biu din chng trn s sau:
A A A A A FV=?

NM

Khong cch thi gian ca cc dng chi (4 u t nc ngoi, trang 76 nm)

NOTE:
- Gi tr tng lai ca lot tin chi ra bng nhau A c tnh v u nm th 5 (ln chi cui cng) - Khong cch thi gian ca khon tin chi u nm th i n u nm th 5 l 5-i Tm li, gi tr tng lai ca dng tin chi ra bng nhau A vi thi gian n nm v li sut r s bao gm n ln mn tin A gn vi cc ly tha khc nhau m trong mn tin A chi nm th nht s l A(1+r)n-1 v mn tin A chi nm cui cng s l A(1+r)0=A v khng c khong cch thi gian gia thi m chi tin v thi im tnh ton (cng vo u nm n)
u t nc ngoi, trang 77

Thit lp cng thc:

T cng thc

FVn=PVx(1+r)n

Ta c gi tr tng lai ca lat tin bng nhau A vi thi gian n v li sut r c tng hp nh sau:

FVn=A(1+r)0+A(1+r)1+ A(1+r)2+...+A(1+r)n-1
(i)

u t nc ngoi, trang 78

FVn=A(1+r)0+A(1+r)1+ A(1+r)2+...+A(1+r)n-1 (i)

Nhn 2 v vi (1+r) ta c: FVn(1+r)=A(1+r)1+A(1+r)2+A(1+r)3+...+A(1+r)n (ii) Ly (ii) tr i (i) ta c: FVn(1+r)-FVn= A(1+r)n A FVn x r = A[(1+r)n-1]

<=>

=>Cng

thc 3:

FVn=A[(1+r)n-1]/r
u t nc ngoi, trang 79

=>Cng

thc 3:

FVn=A x [(1+r)n-1]/r

H s gi tr tng lai ca mt ng u nhau (Bng 3)

u t nc ngoi, trang 80

Bi tp 4:
C mt d n tr gi 5000 USD u t u trong 5 nm. Vi li sut chit khu l 10%/nm. Tnh gi tr tng lai ca lot u t .

Gii theo 2 cch: Theo cng thc thng thng v cng thc cho s tin bng nhau.

u t nc ngoi, trang 81

u t nc ngoi, trang 82

Bi tp 5:
D n cn 200.000 USD, chia lm 5 ln u t bng nhau trong 5 nm. Sau 5 nm d kin vn v li thu c l 250.000 USD. Doanh nghip c nn u t khng? Bit li sut ngn hng 12%/nm, k ghp li l 1 nm.

Gii theo 2 cch: Theo cng thc thng thng v cng thc cho s tin bng nhau.

u t nc ngoi, trang 83

u t nc ngoi, trang 84

Bi tp 6:
C ngi mun c s tin hc ph l 20.000 USD cho con trai i du hc vo 5 nm sau th anh ta phi gi tit kim hng nm u nhau vo ngn hng l bao nhiu? Bit rng li sut tin gi l 10%/nm.

Gii theo 2 cch: Theo cng thc thng thng v cng thc cho s tin bng nhau.

u t nc ngoi, trang 85

u t nc ngoi, trang 86

Bi tp 7:
Mt hp ng bo him thi hn 5 nm vi mnh gi 20 triu ng, s ph phi np mi nm l 4,3 triu ng. Khi o hn, ch hp ng s nhn li 22 triu ng. Nh vy, sau 5 nm, s tin nhn c s tng ln so vi s tin ng l 500 nghn ng. Vy phi chng cc bn c bo him min ph, v s ph bo him ca cc bn sinh li? Chi ph thc s cho mt hp ng bo him l bao nhiu? Bit rng li sut tin gi tit kim l 8%/nm v t l lm pht bnh qun l 2%/nm.
Gii theo 2 cch: Theo cng thc thng thng v cng thc cho s tin bng nhau.
u t nc ngoi, trang 87

u t nc ngoi, trang 88

4. Gi tr hin ti ca mt lot tin bng nhau (future value of annuity)

Nu ta gi A (annutiy) l khon tin bng nhau s thu trong tng lai vo cui cc nm (ending of year) vi thi gian l 5 nm, ta c th biu din chng trn s sau:
A A A A A

Khong cch thi gian ca cc dng thu (5 u t nc ngoi, trang 89 nm)

NOTE:
- Gi tr hin ti ca lot tin thu bng nhau A (thu cui nm) c tnh v nm th 0 (u nm th 1) - Khong cch thi gian ca khon tin thu cui nm th i n nm th 0 hay u nm th 1 l i Tm li, gi tr hin ti ca dng tin thu vo bng nhau A vi thi gian n nm v li sut r s bao gm n ln mn tin A gn vi cc ly tha khc nhau m trong mn tin A u tin thu cui nm th nht s l A/(1+r)1 v mn tin A thu nm cui cng s l A/(1+r)n v c khong cch thi gian gia thi m thu tin v thi im tnh ton l n nm.
u t nc ngoi, trang 90

Thit lp cng thc:

T Cng thc 2 v Cng thc3 =>Cng

PV=FVn x1/(1+r)n FVn=A[(1+r)n-1]/r PV= A[(1+r)n-1]/[r(1+r)n]

thc 4

u t nc ngoi, trang 91

Thit lp cng thc:

=>Cng

thc 4

PV= A x [(1+r)n-1]/[r(1+r)n]

H s gi tr hin ti ca mt ng u nhau (Bng

u t nc ngoi, trang 92

Thit lp cng thc:

=>Cng

thc 4

Cng thc 5

PV= A[(1+r)n-1]/[r(1+r)n]

A= PV r(1+r)n/[(1+r)n-1]
u t nc ngoi, trang 93

Bi tp 8:
C mt ngi nh cho thu vi mc tin thu nha hng nm l 1000 USD/nm trong vng 5 nm. Vi li sut chit khu l 10%/nm. Tnh gi tr hin ti ca lot thu nhp .

Gii theo 2 cch: Theo cng thc thng thng v cng thc cho s tin bng nhau.

u t nc ngoi, trang 94

u t nc ngoi, trang 95

Bi tp 9:
Gi ca mt cn nh l 30000 USD. Nu bn tr gp vi li sut 10%/nm v thi gian l 5 nm th s tin mi ln tr gp l bao nhiu? S li chnh lch ca tng s tin tr gp so vi gia cn nh l bao nhiu?

Gii theo 2 cch: Theo cng thc thng thng v cng thc cho s tin bng nhau.

u t nc ngoi, trang 96

u t nc ngoi, trang 97

Bi tp 10:
Dng thu u nhau d kin ca mt d n hng nm l 50.000 USD, vi gi nh thi gian hot ng khng thi hn v sut chit khu l 10%/nm. Tnh gi tr ca d n.

Gii theo 2 cch: Theo cng thc thng thng v cng thc cho s tin bng nhau.

u t nc ngoi, trang 98

u t nc ngoi, trang 99

Bi tp 11:
Gi ca mt cn nh l 30000 USD. Nu bn tr gp vi li sut 10%/nm v thi gian l v tn th s tin mi ln tr gp l bao nhiu?

Gii theo 2 cch: Theo cng thc thng thng v cng thc cho s tin bng nhau.

u t nc ngoi, trang 100

Thit lp cng thc:

=>Cng

thc 4

PV= A[(1+r)n-1]/[r(1+r)n]
PV=A/r x [1+r)n-1]/(1+r)n PV=A/r x [1-1/(1+r)n]
u t nc ngoi, trang 101

PV=A/r x [1-1/(1+r)n]
i vi mt dng thu (hay dng tin tr gp) u nhau ko di n v tn (eternal cash flows), khi y ta c: 1/(1+r)n 0 Cng thc 4 s tr thnh

V Cng thc 5 tr thnh

P=A/r A= P x r

u t nc ngoi, trang 102

u t nc ngoi, trang 103

B. CC CH TIU C TNH N HIN GI

B1. NPV (Net Present Value) Gi tr hin ti thun/Hin gi thun
Khi nim: NPV ca mt d n u t l chnh lch gia tng gi tr hin ti ca cc dng thu nhp ca d n vi tng gi tr hin ti ca cc dng chi ph ca d n theo mt t sut chit khu no .
n 1 1 NPV TRi C i i ( 1 r ) (1 r ) i i 0 i 0 n

Hoc NPV l tng gi tr hin ti ca cc dng tin ca d n.

1 NPV CFi (1 r )i i 0

u t nc ngoi, trang 104

Bi tp 1
Doanh nghip d tnh mua mt my Photocopy, gi my l 3000 USD, c thi gian s dng l 5 nm v gi s sau khng cn gi tr tn dng. Nh vo my ny, doanh nghip tit kim c khong chi ph thu ngoi la 1100 USD mi nm. Sut sinh li mong mun ca doanh nghip l 15%/nm. C nn u t hay khng?

u t nc ngoi, trang 105

Bi Gii:

u t nc ngoi, trang 106

Nhn xt:

u t nc ngoi, trang 107

Q&A:

Nu sut sinh li mong mun ca d n l 8%/nm th sao?

V nu sut sinh li mong mun i vi mt doanh nghip khc l 30% chng hn th iu g s xy ra?

u t nc ngoi, trang 108

Lu :
* Gi tr ca NPV cn ty thuc vo sut chit khu r s dng. - Sut chit khu no li ty thuc vo tng doanh nghip v tng d n c th, n khng thuc quan im ch quan hay thm ch l cm tnh ca nh u t. - Khng c mt sut chit khu no-VD nh li sut ngn hng hay mt li sut th trng no , c th dng chung cho tt c cc doanh nghip hoc cho mi d n ca mt doanh nghip. * Sut chit khu dng nh gi mt d n l thuc vo rt nhiu yu t mang sc thi khc nhau, t pha ch u t n chng loi u t; t nhng thc o tiu biu ca ngnh ngh n sut chit khu chung ca th trng hay tnh mo him m d n phi chp nhn nh i.
u t nc ngoi, trang 109

Kt lun:

NPV < 0 :
NPV = 0 : NPV > 0 :

u t nc ngoi, trang 110

u, nhc im ca NPV:

u im ca NPV: -Tnh trn dng ngn lu -Xt ti gi tr thi gian ca tin t -Tha mn yu cu ti a ha li nhun, ph hp quan im ngun ca ci rng c to ra phi l ln nht.

u t nc ngoi, trang 111

u, nhc im ca NPV:

Nhc im ca NPV: - Cn xc nh chnh xc t sut chit khu - L ch tiu tuyt i khng chnh xc trong mt s trng hp khi cn phi so snh la chn d n: c quy m vn u t khc nhau, c thi gian hot ng khc nhau, c r khc nhau S dng NPV cng vi cc ch tiu nh gi hiu qu v mt ti chnh khc

u t nc ngoi, trang 112

Bi tp
1 ch u t u t vo 1 DA vi cc iu kin v ti chnh nh sau: - Vn u t cho TSC l 45 triu$. TSC s c mua v thanh ton 1 ln trong giai on chun b d n v s c khu hao u v ht trong 5 nm. - D kin li rng ca DA l 12% doanh thu. - Nhu cu VL hng nm l 20% doanh thu v phi chun b sn t nm trc. - Doanh thu d kin nh sau: (Triu $) 1 (10), 2 (100), 3 (150), 4 (160), 5 (100) 1. Tnh NPV bit t sut hon vn ti thiu m NT y/c l 10% 2. Nh u t c nn tin hnh u t khng? u t nc ngoi, trang 113

B2. T sut hon vn ni b IRR (Internal Rate of Return)

L t sut chit khu m ti hin gi rng bng 0 (NPV=0), tc gi tr hin ti ca dng thu nhp tnh theo t sut chit khu cn bng vi hin gi ca vn u t. IRR chnh l t sut sinh li ti thiu ca d n. Ngha l, khi NPV=0, d n cng to c mt t l li nhun t nht l bng IRR.

u t nc ngoi, trang 114

Cng thc

1 1 TRi TC i i i (1 IRR ) (1 IRR ) 0 0

u t nc ngoi, trang 115

Internal Rate of Return

NPV1(r 2 r1) NPV1 NPV 2

IRR = r1 +

IRR
r1

NPV

r2

Interest Rate

IRR is the interest rate at which the project has NPV = 0 Select the project with highest NPV
u t nc ngoi, trang 116

Bi tp
Cho d n vi bng ngn lu nh sau:
Nm CF 0 -100 1 30 2 30 3 30 4 30 5 30

Tnh IRR ca d n. Nu li sut d kin ca DA l 10%, ch u t c nn u t vo DA khng?

u t nc ngoi, trang 117

 ngha
IRR dng thm nh s ng gi ca d n: Nu IRR ca d n ln hn t sut sinh li k vngexpected rate hoc l ln hn t sut li vay hoc sut chit khu th trng th d n c nh gi l c hiu qu v chp nhn thc hin.

u t nc ngoi, trang 118

nhc im ca IRR:

IRR l mt trong nhng ch tiu dng thm nh d n. Tuy nhin, n l ch tiu kt hp, b tr cho ch tiu NPV. Ch tiu IRR trong mt s trng hp khng th gii thch c tnh hiu qu ca d n, nht l khi phi so snh la chn cc d n hoc khi a lm pht vo cc ngn lu. V d nh trong TH: - D n c ngn lu bt n - Sp xp d n u tin. u t nc ngoi, trang 119

Vi d n c dng ngn lu bt ng
Trng hp d n c nhng dng thu nhp v u t an xen nhau, lm cho dng ngn lu tin tc i du. Khi phng trnh s cho kt qu vi nhiu nghim s khc nhau, thm ch tri ngc nhau. V vy, khng xc nh c chnh xc c IRR.

NPV

IRR 0
u t nc ngoi, trang 120 1

IRR
2

Vi d n c dng ngn lu bt ng

C dng ngn lu nh sau: Nm Dng ngn lu d n 0 -1200 1 3200 2 -2000

Cho NPV=0 tnh IRR ta c phng trnh:

3200 2000 NPV 1200 0 1 2 (1 r ) (1 r )

<=> -1200(1+r)2+3200(1+r)-2000=0 Gii phng trnh bc hai vi n s (1+r) ta c 2 p s: r1=67%, r2=0%

u t nc ngoi, trang 121

Sp xp d n u tin
Trng hp cn phi so snh v la chn mt trong s cc d n c tnh thay th nhau, nu ch c thng tin v ch tiu IRR th s khng th xc nh c d n cn chn. Cn s dng kt hp vi NPV v cc ch tiu khc.

u t nc ngoi, trang 122

B3. Ch s doanh li (PI Profitability Index)

- Ch s doanh li ca DAT l t l gia hin gi tng thu nhp ca DA vi hin gi tng vn u t ca DA theo 1 t sut hon vn nht nh. - Cng thc:
TRi

PI =

1 (1 r ) i i 0 n 1 Ci (1 r ) i 1 0

u t nc ngoi, trang 123

Bi tp
Cho cc s liu v 1 DAT nh sau: - Vn u t ban u l 40 triu ng - Thu nhp ca mi nm trong sut thi gian hot ng 5 nm l 14 triu/nm - T sut sinh li mong mun ca d n l 10% Tnh NPV v ch s doanh li ca DA

u t nc ngoi, trang 124

 ngha v Hn ch
+ Nu PI = 1 1 ng vn b ra thu v mc li sut ti thiu m ch u t yu cu + Nu PI > 1 li thu v ln hn 1 ng vn b ra tnh theo mc li sut m ch u t yu cu nn u t + Nu PI < 1 khng nn u t - PI cho bit mc hiu qu ca DAT, gip la chn c gia nhng DA c quy m vn khc nhau - PI khng cho bit gi tr tuyt i thu c ca 1 DA Cn kt hp cc ch tiu khc nh gi hiu qu ti chnh DADT

u t nc ngoi, trang 125

Bi tp
1 ch u t u t vo 1 DA vi cc iu kin v ti chnh nh sau: - Vn u t cho TSC l 45 triu $. TSC s c mua v thanh ton 1 ln trong giai on chun b DA; s c khu hao u v ht trong 5 nm - Li rng d kin l 12% doanh thu. - Nhu cu vn lu ng hng nm l 20% doanh thu v phi chun b t nm trc. - DT ca DA d kin: 1(10), 2(100), 3(150), 4(160), 5(100) triu $. 1. Tnh cc ch tiu nh gi hiu qu TC DA bit t sut hon vn ti thiu m ch T yu cu l 10%. 2. Ch u t c nn tin hnh d n hay khng?
u t nc ngoi, trang 126

B4. Thi gian hon vn c tnh n hin gi (DPP)

- Thi gian hon vn c tnh n hin gi l khong thi gian cn thit tng hin gi cc dng thu nhp ca DA va b p cho tng hin gi vn u t b ra cho DA. - Cng thc: DPP n

TRi Ci i i i 0 (1 r ) i 0 (1 r )

- ngha: Thi gian hon vn c chit khu cng ngn ch u t cng trnh c nhng bin ng, ri ro d n cng hiu qu
u t nc ngoi, trang 127

Bi tp
1. Cho 1 DA vi dng tin:
Nm CF 0 -100 1 18 2 18 10 18

Bit t sut sinh li mong mun ca d n l 11%. Tnh thi gian hon vn c chit khu ca DA. 2. Cho 1 DA vi dng vn v thu nhp nh sau:
Nm Vn T Dng TN 0 10000 2500 1000 0 1 2 3 4 5000 8000 7000 15000 5 6

Bit t sut sinh li mong mun ca DA l 9%. Hy tnh thi gian hon vn c chit khu ca DA.
u t nc ngoi, trang 128

Nhn xt
- Ch tiu ny khc phc c nhc im c bn ca ch tiu TG hon vn gin n vi vic tnh n gi tr tin t theo thi gian. - Ch tiu ny thng chnh xc hn v di hn ch tiu thi gian hon vn gin n - Khng khc phc c cc nhc im khc (Khng tnh n thu nhp sau hon vn, khng tnh n quy m, tui th ca d n,)

u t nc ngoi, trang 129

Bi tp tng hp
1. C 3 d n T loi tr nhau. Nn chn DA no bit t sut hon vn ti thiu m ch u t yu cu l 10%.
Nm
DA A DA B DA C

0
-1000 -10000 -11000

1
505 2000 5304

2
505 2000 5304

3
505 12000 5304

u t nc ngoi, trang 130

Bi tp tng hp
2. 1 ch T c trong tay 3 DA vi cc d kin v ti chnh nh sau: - DA 1: Tng vn T = 25 tr$; thu nhp ca DA u nhau qua cc nm v bng 5,5 tr$; thi gian hot ng 10 nm. - DA 2: Tng vn T = 50 tr$; thi gian hot ng 8 nm; TN nh sau: 1(8), 2(9), 3(11), 4(11), 5(12), 6(12), 7(15), 8(15) tr$ - DA 3: Tng vn T = 25 tr$; thi gian hot ng l 3 nm; TN nh sau: 1(10), 2(12), 3(14) triu $ Bit rng c 3 DA trn vn u t b ra 1 ln khi mi tin hnh DA. T sut hon vn ti thiu m ch T yu cu l r=10%. Hy t vn cho ch u t nn la chn DA T no?
u t nc ngoi, trang 131

4. Phn tch kinh t x hi

4.1. Khi nim hiu qu kinh t x hi
- Hiu qu kinh t x hi ca hot ng FDI l chnh lch gia cc li ch m nn kinh t v x hi thu c so vi nhng chi ph m nn kinh t v x hi phi b ra khi thc hin hot ng . - Li ch kinh t - x hi ca DA + Gi tr gia tng to ra cho nn kinh t quc dn + ng gp cho NSNN + Tng thu hoc tit kim ngoi t cho t nc + To vic lm v thu nhp cho ngi lao ng + Tng nng sut lao ng x hi + S dng nguyn vt liu trong nc + Pht trin cc ngnh ngh trong nc + Pht trin kinh t - x hi ca a phng c DA + Tip thu CN mi, kinh nghim qun l. u t nc ngoi, trang 132

4. Phn tch kinh t x hi

4.1. Khi nim hiu qu kinh t x hi
- Hiu qu kinh t x hi ca hot ng FDI l chnh lch gia cc li ch m nn kinh t v x hi thu c so vi nhng chi ph m nn kinh t v x hi phi b ra khi thc hin hot ng . - Chi ph kinh t - x hi ca DA: + u t c nh: t ai, nh xng, my mc thit b, chuyn giao cng ngh, qun l, u t c nh khc + u t lu ng: - Nguyn vt liu, bn thnh phm nhp khu, trong nc - S dng dch v h tng trong nc: in, nc, nng lng... - Cc khon b gi, tr gi ca chnh ph - S cn kit ca ti nguyn quc gia - S nhim mi trng sinh thi ..
u t nc ngoi, trang 133

4.2. Cc ch tiu nh gi hiu qu kinh t x hi

To ra gi tr gia tng cho nn kinh t:
Ch tiu tuyt i
NDVA (Net Domestic Value Added Gi tr gia tng thun quc ni) NDVA = O (MI+I) O: Output M: Material Input I: Investment NNVA (Net National Value Added Gi tr gia tng thun quc dn) NNVA = NDVA RP RP: Return of Payment SS (Social Surplus) = NNVA W (Wages)

Ch tiu tng i
NDVA/Tng vn u t NNVA/phn vn gp ca bn Vit Nam NDVA/GDP so vi tng vn FDI thc hin/Tng vn u t ton x hi RP/NDVA so vi vn gp ca bn nc ngoi/tng FDI thc hin
u t nc ngoi, trang 134

4.2. Cc ch tiu nh gi hiu qu kinh t x hi (tip)

Lao ng
Ch tiu tuyt i:
S vic lm trc tip trong khu vc FDI S vic lm gin tip do FDI to ra Tin lng

Ch tiu tng i
Nng sut lao ng: Gi tr gia tng/s lao ng s dng Mc s dng lao ng: tng vn u t/s lao ng s dng So snh: t l lao ng trong khu vc FDI/Tng lao ng ton x hi vi Vn FDI/Tng vn u t ton x hi So snh tin lng khu vc FDI vi cc khu vc khc

Ch tiu khc
Trnh ca ngi lao ng u t cho o to v o to li
u t nc ngoi, trang 135

4.2. Cc ch tiu nh gi hiu qu kinh t x hi (tip)

Ngoi t
Cn cn vn
Gp vn bng tin nc ngoi Chuyn vn, li nhun ra khi Vit Nam

Cn cn thng mi
Kim ngch xut khu Kim ngch nhp khu Cn cn thng mi Tit kim ngoi t Tng thu ngoi t

T gi hi oi thc t ca d n = tng chi ph ca d n bng tin Vit Nam/tng tit kim hoc tng thu ngoi t
V d: Chi ph nguyn vt liu trong nc 120 triu VND/nm Nu nhp khu cng lng nguyn vt liu nh trn gi 10 000 USD Vy t gi hi oi thc t ca d n l: 12 000 VND/USD

u t nc ngoi, trang 136

4.2. Cc ch tiu nh gi hiu qu kinh t x hi (tip)

Cng ngh ng gp cho ngn sch
S tin ng gp cho ngn sch T l gia mc ng gp vo ngn sch/ tng vn u t T l gia mc ng gp vo ngn sch/tng thu ngn sch

Mc s dng nguyn vt liu trong nc

Gi tr nguyn vt liu trong nc/tng gi tr nguyn vt liu s dng cho d n

Pht trin cc ngnh khc Tho mn nhu cu tiu dng ca nhn dn Gp phn pht trin a phng nh hng ca d n n mi trng
u t nc ngoi, trang 137