Bao cao d an au t

THUYET MINH
--------o0o-------

D AN AU T XAY DNG
CAO C VN PHNG SFC BUILDING

A IEM: 1A PHM NGC THCH P.BN NGH-Q.1 TP.HCM

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Bao cao d an au t

Tp.HCM, thang 10 nam 2011

PHAN M AU
TNG QUAN V D N

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Bao cao d an au t

Gii thieu d an
Phng n A:
Ten d an: Cao c Vn phng SFC Building
a iem xay dng: 1A Phm Ngc Thch P. Bn Ngh Q.1
Tp.HCM.
Quy mo d an:
Tong dien tch khu at : 1945 m2
Dien tch at xay dng : 1400 m2
Mat o xay dng
: 72%
Tang cao cong trnh
: 15 tang
Din tch phn cy xanh : 250m2
Din tch phn giao thng : 295m2
Din tch sn
: 21.000m2
S tng hm
: 2 tng
Nguon von au t : Von t co cua doanh nghiep, vay
vn ngn hng.
Phng n B:
Ten d an: Cao c Vn phng SFC Building
a iem xay dng: 1A Phm Ngc Thch P. Bn Ngh Q.1
Tp.HCM.
Quy mo d an:
Tong dien tch khu at : 2500 m2
Dien tch at xay dng : 1700 m2
Mat o xay dng
: 68%
Tang cao cong trnh
: 18 tang
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Bao cao d an au t
Din tch phn cy xanh : 350m2
Din tch phn giao thng : 450m2
Din tch sn
: 30.600m2
S tng hm
: 2 tng
Nguon von au t : Von t co cua doanh nghiep, vay
vn ngn hng.

CHNG I
NHNG CAN C E XAC NH S CAN THIET
PHAI AU T

1. Xuat x va can c phap ly hnh thanh d an

1.1. Nhng can c phap ly
- Can c Luat doanh nghiep so 60/2005/QH11 ngay
29/11/2005 cua Quoc Hoi Nc Cong Hoa Xa Hoi Chu
Ngha Viet Nam.
- Can c vao Luat xay dng so 16/2003/QH11 ngay
26/11/2003 cua Quoc Hoi Nc Cong Hoa Xa Hoi Chu
Ngha Viet Nam ve xay dng.
- Ngh nh so 16/2005/N-CP ngay 07 thang 02 nam 2005
cua Thu tng Chnh phu ve viec quan ly d an au t
xay dng cong trnh.
- Ngh nh so 12/2009/N-CP ngay 12 thang 02 nam 2009
cua Thu tng Chnh phu ve viec quan ly d an au t
xay dng cong trnh.
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Bao cao d an au t
- Ngh nh so 209/2004/N-CP ngay 16 thang 12 nam
2004 cua Thu tng Chnh phu ve quan ly chat lng
cong trnh xay dng.
- Ngh nh 99/2007/N CP ngay 13 thang 06 nam 2007
cua Chnh phu ve quan ly chi ph au t xay dng cong
trnh.
- Ngh nh 112/2009/N CP ngay 14 thang 12 nam 2009
cua Chnh phu ve quan ly chi ph au t xay dng cong
trnh.
- Thong t 05/2007/TT BXD ngay 25 thang 07 nam 2007
cua Bo xay dng ve hng dan lap va quan ly chi ph
au t xay dng cong trnh.
- Giay chng nhan quyen s dung at so
01958/10BQSD/70/UB ngay 28/09/2004 cua UBND Th xa Thu
Dau 1- tnh Bnh Dng.
- Quyet nh so 3126/Q-UBND ngay 23 thang 10 nam
2010 cua UBND Th xa Thu Dau 1- tnh Bnh Dng ve viec
cho Cong ty Co Phan au T va Xay dng so 45 au t
xay dng chung c.
- Ban ve s phac kien truc trnh S Quy hoach kien
truc ve viec xin cap thoa thuan Quy hoach kien truc theo
phng an kien truc mi.
- ....
1.2. Can c chung
Can c vao Ket qua nghien cu th trng cua To
Nghien cu th trng ve th trng vn phng cho thu ti Q.1
tp.HCM thng 10/2010.
Can c vao phng an kinh doanh cua to kinh doanh
e xuat.
Can c vao ban ve kien truc a trnh S Quy hoach
Kien truc.
2. Cac ieu kien t nhien, tai nguyen, kinh te xa hoi lien quan
en d an
2.1 V tr a ly
Khu at thuoc d an co dien tch 1945m2 nm trn ng Phm
Ngc Thch P. Bn Ngh, Q.1 Tp.HCM. C v tr thun li v giao thng v dch v.
2.3. ieu kien kinh te xa hoi
Hien nay, ti khu vc cc qun trung tm thnh ph vic xy dng cao c vn
phng cho thu, khch sn c y mnh do nhu cu ngy cng tang cao ca th
trng. ng trc tim nng to ln v nhu cu thu mt bng vn phng, b phn
nghin cu th trng ca cng ty CP Nhin Liu Si Gn tp trung i su nghin
cu kho st th trng v lp d n cho vic xy dng cao c vn phng cho thu.
3. Hien trang ti v tr xy dng cao c vn phng.
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Bao cao d an au t
Theo nh hng quy hoach, cc qun trung tm thnh ph se tap
trung nhieu cao c vn phng, chung c cao cap va trung tam
thng mai lien hoan rat hien ai. Do v tr nm ti Q.1 l mt trong
nhng qun c v th a l thun tin nht t trc ti nay ti Tp.HCM. Hn na ti
y tp trung nhng trung tm kinh t hnh chnh ln mnh. Vic di chuyn i li vi
cc vng ph cn rt d dng, mng li giao thng i li rt thun tin do vy nhu
cu v thu mt bng m vn phng i din cng ty ti Tp.HCM cng ngy cng
tng. Tuy nhin th trng cung cp cc cao c vn phng cao cp vn cha p ng
nhu cu. Vic xy dng cn chm, quy hoch thiu ng b, gi c thu mt bng
qu cao lm cho nhiu nh u t nc ngoi tm kim quc gia khc thay v u t
ti Vit Nam.

CHNG II
HNH THC AU T, CONG SUAT CUA D AN

1. Hnh thc au t
Cao c vn phng SFC Building c au t xay dng mi. Do
Cong Ty Co Phan Nhin Liu Si Gn lm ch u t va trc tiep
to chc quan ly thc hien d an.
Nguon von au t:
- Von t co cua doanh nghiep;
- Von vay ngn hng;
2. Cong suat cua d an
Cao c vn phng ca d n c la chon tren c s:
- Kha nang ve tai chnh can thiet cho d an.
- ieu kien ve ha tang c s cua khu vc.
Cong suat d kien 600 ngi.
3. Loai hnh doanh nghiep quan ly va khai thac
Ap dung hnh thc chu au t trc tiep quan ly thc
hien d an.
Cong ty co quyet nh cao nhat trong viec thc hien d
an au t.
Quyet nh phng an, nhiem vu, hnh thc to chc.
Xem xet, quyet nh cac giai phap tai chnh, nguon tai
chnh
Kiem tra on oc cong tac trien khai va thc hien d
an ca cap di.
To chc quan ly d an.
e trien khai d an co hieu qua, Cong ty d kien
thanh lap Ban quan ly d an trc tiep ieu hanh d an
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Bao cao d an au t
trong giai oan au t xay dng. Viec thi cong cong trnh d
kien thc hien theo hnh thc thc hien d an.

CHNG III
CHNG TRNH SAN XUAT VA CAC YEU CAU AP
NG

1. C cau san pham va la chon c cau san pham hp ly

C cau san pham:
Sau khi nghien cu va phan tch cu the tnh hnh hien tai
va muc ch san xuat san pham cua cong ty. C cau san
pham cua cong ty c la chon la chung c cao tang. Gom
15 tang cha ke 2 tang ham, tang san thng va tang
mai. Tang 1 va tang 2 c dng t vn phng lm vic cho cng ty (i
vi d n A), cho thu 18 tng (i vi d n B)
Chat lng san pham:
San pham cua cong ty am bao chat lng theo tieu
chuan Viet Nam, am bao ung tieu chuan ve chat lng
cong trnh xay dng dan dung.
2. Lch trnh van hanh khai thac d an:
Tien o thc hien d an :

Bat au lap d an au t vao thang 1/2012

Lap va phe duyet d an: 03 thang t thang 10/2010
thang 7/2011.
Thiet ke va phe duyet thiet ke cong trnh: 04 thang, t
thang 01/2011- thang 04/2011.
Thi cong xay dng: 3 nm bat au t quy th 01(nm
2012).

CHNG IV
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Bao cao d an au t

TNG QUAN V CHI PH D N

I.

S LIU CHI PH D N:

Phng n A:

Stt

Chi ph

Cch tnh

I
II

CHI PH T:
CHI PH XY DNG

n gi x Din tch t
Tnh theo d ton thit k

III

CHI PH THIT B

Tnh theo d ton thit k

IV

CHI PH QUN L D N

CHI PH T VN

VI

CHI PH KHC

VII

D PHNG PH
TNG MC U T

Tnh theo % Quyt nh

957
Tnh theo % Quyt nh
957

S tin
29,175,000,000
132,003,500,000
12,570,000,000
2,190,288,525
9,879,761,685
1,143,882,822

Tnh theo % chi ph xy

dng
(I+II+III+IV+V+VI+VII

14,350,050,476

201,312,000,000

Phng n B:

Stt

Chi ph

Cch tnh

I
II

CHI PH T:
CHI PH XY DNG

n gi x Din tch t
Tnh theo d ton thit k

III

CHI PH THIT B

Tnh theo d ton thit k

IV

CHI PH QUN L D N

CHI PH T VN

VI

CHI PH KHC

VII

D PHNG PH
TNG MC U T

II.

Tnh theo % Quyt nh

957
Tnh theo % Quyt nh
957

37,500,000,000
231,460,800,000
24,480,000,000
3,591,827,326
15,779,986,775
1,888,919,845

Tnh theo % chi ph xy

dng
(I+II+III+IV+V+VI+VII

PHNG PHP PHN TCH HIU QU TI CHNH:

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S tin

27,531,261,410
342,233,000,000

Bao cao d an au t
i vi bt c d n no cng phi tin hnh phn tch ti chnh xc nh c quy
m u t, c cu loi vn, ngun ti tr cho d n, tnh ton thu chi l li, nhng li ch em
li cho nh u t v cho x hi. Trn c s nh gi c hiu qu v mt ti chnh ca vic
u t ng thi cn l c s tin hnh phn tch kinh t x hi.

Trnh t phn tch ti chnh:

Xc nh tng mc u t.
Xc nh ngun vn u t.
C s xc nh chi ph.
C s xc nh doanh thu.
Tnh ton l li hng nm ca d n.
Xc nh cc ch tiu hiu qu ch yu v mt ti chnh.

1.

Li sut v s thay i gi tr ca ng tin theo thi gian:

S thay i gi tr ca ng tin theo thi gian.

Li sut: Li sut thu li ca vn ban u trong mt n v thi gian.

Li sut thu c trong mt n v thi gian

Li sut =

x 100%
Vn ban u

1.1

Li n:

Khi tin li ch tnh theo s vn gc m khng tnh thm tin li tch ly. Tc l
tin li ca thi hn trc khng nhp vo vn gc tnh li cho thi an sau:
SI= P0 x i x n
Trong :
SI: Li tc n
P0: Vn vay
i: Li sut (%)
n: Thi on vay
1.2

Li kp:
Tin li ca thi on trc nhp vo vn gc tnh cho thi an tip theo
CI = P0 [(1+i)n 1]
Trong :

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Bao cao d an au t
CI: Li tc kp
P0: Vn vay
i: Li sut (%)
n: Thi on vay
Vy tin li v gc phi c tnh nh sau:
FV = P0( 1+i)n
1.3

Li sut thc:
Li sut thc l li sut m thi on pht biu mc li bng thi on ghp li.

Trong vic lp d n u t thi on tnh ton thng l mt nm. V vy nu

gp li sut thc ca thi on ngn hn mt nm th phi i ra li sut thc theo
nm ri mi tnh ton:
r2=(1+r1)m - 1
Trong :
r2: li sut thc nm (thi on di).
r1: li sut thc thng (thi on ngn).
m: thi on ngn trong mt nm.
1.4

Li sut danh ngha:

Li sut danh ngha l li sut m thi on pht biu mc li khc vi thi on

ghp li. Thng thng th thi on ghp li ngn hn thi on pht biu, khi lp
d n u t nu gp li sut danh ngha th phi quy i ra li sut thc theo nm ri
mi tnh ton.
Cng thc quy i: i = (1+r/m1)m2 - 1
Trong :
i : li sut thc trong thi on tnh ton (nm).
r:

li sut danh ngha trong thi on pht biu.

m1: s thi on ghp li trong thi on pht biu.

m2: s thi on ghp li trong thi on tnh ton.
1.5

Xc nh li sut chit khu ca d n:

Khi s dng bt k ngun vn no u phi chu mt khon chi ph s dng vn

c tnh thng qua li sut ca ngun vn . Nu d n s dng nhiu ngun khc
nhau th sut chit khu ca d n c xc nh theo li sut bnh qun gia quyn
(c trng s) ca cc ngun vn .
Cng thc tnh

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VR x MARR + VVdh x idh + VVth x ith +VVngh x ingh
Ibq=

(%/ nm)

Trong :
VR

: vn ring

VVdh : vn vay di hn
VVth : vn vay trung hn
VVngh : vn vay ngn hn
i : li sut tng ng cc ngun vn
1.6

Xc nh li sut chit khu c xt n lm pht:

Da trn thng k kinh nghim v d bo, cho R l t l lm php (% nm), nu

gi i l sut chit khu cha c lm pht th sut chit khu ca d n xt n lm
pht l:
R = (i + R) + ( i x R )
1.7

Chn thi im tnh ton (chn gc dng tin)

c th so snh cc d n u t, ta cn chuyn tt c cc khon tin xut hin

cc thi im khc nhau v mt thi im tnh ton chung v thng chn cc thi im
tnh ton nh sau

i vi nhng d n thng thng, thi gian xy dng ngn: l nhng d n

tng i n gin, thi gian xy dng ngn, cng tc chun b v xy dng trong vng
mt nm th thi im tnh ton thng c chn l lc bt u b vn ra hoc c th
ly t khi nhn c quyt nh u t hoc giy php u t. T gc 0 tin hnh tnh
ton theo tng nm cho n nm ht hn u t.

i vi d n ln, thi gian xy dng di: thi im tnh ton ly t khi bt u b

vn ra hoc i vi d n ln, thi gian xy dng ko di v c hai giai on r rt (xy
dng cng trnh v khai thc cng trnh) th thi im tnh ton l nm kt thc thi cng
cng trnh. Nu d n chn theo cch ny th cc khon u t trong giai on xy dng
c chuyn v nm gc bng cch tnh gi tr tng lai cn cc khon thu nhp trong
thi gian khai thc c chuyn v nm gc bng cch tnh gi tr hin ti nm gc.

Trng hp d n c gn vo nm lch: Nu d n c gn vo nm lch th gc 0

ca d n c t vo u nm, 1 l cui nm. Theo quy c v dng tin th nhng
khon u t ca nm no ( khng k thng no) u c th hin cui nm .
2. Cc ch tiu chnh nh gi hiu qu ti chnh d n:

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Bao cao d an au t
nh gi nhng li ch v mt ti chnh, tc l nh gi hiu qu ca mt d n
th phi tnh ton nhiu ch tiu. Trong cn phi nh gi cc ch tiu ch yu v mt
ti chnh nh: NPV, IRR, T, BEP, B/C.
2.1

Hin gi thu hi thun NPV:

nh ngha: L hiu s ca tng hin gi thu hi tnh cho c thi hn u t tr i

tng hin gi vn u t tc l tng hin gi tin li sau khi hon vn.
n

Cng thc: NPV =

-t

Rt (1+r) -

t =0

Ct (1+r)-t

t =0

Trong :
n

: thi gian u t v thi gian hot ng ca d n.

Rt : l khon thu hi ti nm t
Ct : vn u t ti nm th t.
r

: li sut chit khu (%/ nm).

u nhc im ca ch tiu NPV:

- u im: cho bit tng hin gi ca tin li sau khi hon vn.
NPV > 0 : d n c li.
NPV < 0 : d n l.
NPV = 0 : d n ha vn (thu hi chi ph tr vn).
+

C tnh n thi gi hin ti

Xem xt tan b ngn lu ca d n

- Khuyt im:
+

Ph thuc nhiu vo sut chit khu

+
NPV ch cho ta bit d n li hay l v s tin li l nhng cha cho
bit mc sinh li ca bn thn d n

nh gi d n theo ch tiu NPV:

- Ch chp nhn cc d n c NPV > 0

- Khi c nhiu d n khc nhau th chn d n c NPV ln nht.
2.2

Sut thu hi ni b IRR:

Khi nim: Sut thu hi ni b mt d n (IRR) l sut thu hi do bn thn d

n c th thu hi c, n cho ta bit t l sinh li hoc kh nng sinh li ca bn
thn d n ang xt.
Hay: Sut thu hi ni b l li sut chit khu tng hin gi dng thu bng
tng hin gi dng chi.

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n

Rt (1+r)-t =

t= 0

Ct (1+r)-t

t= 0

Phng php tnh IRR:

Vi r1 ta tm c NPV1 > 0
Vi r2 ta tm c NPV2 < 0

IRR = r1 +(r2 r1)

NPV1
NPV1 +| NPV2|

IRR cho ta bit li sut m bn thn d n mang li

nh gi d n th thng chn IRR > r (r l li sut vn vay)
Nu c nhiu d n th chn d n c IRR ln nht
Nu

IRR > r nh u t c th tr n v c li

IRR < r d n khng c tin tr n

IRR = r d n tin tr n
u nhc im:
- u im:
+ C tnh n thi gi tin t.
+ Xem xt tan b ngn lu ca d n.
+ C th so snh gia cc d n khc nhau.
+ Khch quan v khng ph thuc vo sut chit khu
- Nhc im:
+ Khng dng IRR l ch tiu duy nht la chn d n m phi la chn
kt hp cc yu t khc.
+ C th c nhiu nghim IRR nu NPV i du nhiu ln

2.3 Thi gian hon vn T:

nh ngha: L thi gian cn thit c th hon tr li vn u t b

ra, tc l thi gian cn thit cho tng hin gi thu hi va bng tng hin gi ca
vn u t.
Cng thc:
T

PV(Rt) =

t =0

Hay

t =0

Trong :

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PV(Ct)

t =0

Rt (1+r)-t =

t =0

Ct (1+r)-t

Bao cao d an au t

Rt

: thu hi ti nm t (Rt = li rng + khu hao)

Ct

:vn u t ti nm th t.

: li sut chit khu (%/ nm).

Phng php tnh:

- Dng phng php lp bng:

Chi ph cn li cha thu hi
=
T

S nm trc khi
Thu hi ht vn

12
Thu nhp trong nm k tip

C s mt d n chp nhn l T < n

Khi so snh nhiu phng n th phng n no c thi gian nh nht th chn
phng n .
- u im ca ch tiu T:
D xc nh
tin cy tng i
Th
hinmau
khha
nng
thanh
khon
v ri
n cng
vn
v ri
ro cng
thpro ca d n, T cng ngn th d
Gip ch u t xem xt thi gian thu hi vn u t
- Nhc im ca ch tiu T: Khng xem xt dng ngn lu ca d n sau khi
han vn, do khng da vo thi gian hon vn kt lun rng phng n
ny tt hn phng n kia.
2.4

Phn tch ha vn:

Phn tch ho vn l tm tng quan gia nh ph, bin ph v doanh thu, gip
xc nh v tr im ho vn tc l doanh thu trang tri chi ph gi thnh.
nh ph bao gm cc khon mc chi ph khng thay i hay t thay i theo sn
lng nh khu hao ti sn, lng gin tip, chi ph qun l.
Bin ph l cc khon mc chi ph c bin i theo sn lng nh nguyn vt
liu, cng lao ng trc tip vvv..
Xc nh ho vn vi hai khon mc doanh thu ho vn v mc hot ng ho
vn ta c cng thc:
Doanh thu ho vn = nh ph / (1 Bin ph/ tng doanh thu)

Mc hot ng ha vn = (Doanh thu / tng doanh thu nm tnh ton) x 100%

Phng php xc nh im ho vn li l:

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Bao cao d an au t
Doanh thu

Vng li

Doanh
thu
Chi ph
Bin
ph

H
V

Vng l
nh ph

Sn lng

2.5 T s li ch Chi ph B/C:

nh ngha: T s B/C l quan h gia tng li ch rng vi tng chi ph sau

khi quy v hin gi.

Cng thc:
n

PV(Rt)

i =0

B/C =
n

PV(Ct)

i =0

T s thu chi B/C c s dng ph bin i vi cc d n cng cng, cc d n

nh nc khng t li nhun ln hng u .
Khi B/C > 1 th d n c chp nhn

u im:

2.6

C xt n gi tr tin t theo thi gian

Th hin kh nng sinh li ca mt ng vn u t, h tr cho cc ch tiu
NPV, IRR nh gi d n.
Nhc im: Ph thuc vo sut chit khu

Phn tch nhy ca d n:

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Cc ch tiu hiu qu ca mt d n u c tnh ton da vo cc d liu
thu thp c v cc s liu d bo, do c th b sai lch nht l trong iu kin
nn kinh t cn nhiu bin ng (khch quan, th trng.) v tng lai xa. V vy
cn phi xem xt tnh cht n nh ca cc ch tiu trc tnh hnh thay i ca th
trng tc l phi phn tch nhy cm ca cc ch tiu i vi s thay i .
Mi d n nhy cm khc nhau i vi cc yu t ca th trng, nht l i
vi nhu cu ca th trng v gi c;
Khi phn tch nhy thng khng cn phi xem xt li tt c cc ch tiu
m chn mt trong cc ch tiu: hoc l NPV, hoc l IRR hoc l li rng a ra
phn tch.

III.

PHN TCH V LA CHN PHNG N U T

nh gi v la chn phng n u t ta da vo cc ch tiu sau y:

1. Ch tiu NPV;IRR:
IRR = r1 + ( r2 r1 ) *

Cng thc tnh:

NPV1
NPV1 + NPV2

Phng n A:
NPV/A
IRR/A

137,464,528,725
28.56%

NPV/B
IRR/B

25,204,500,771
14.29%

Phng n B:

Qua s liu trn ta thy cc ch s NPV;IRR ca c 2 phng n u tha mn.

Do vy c hai d n u ng gi u t. Tuy nhin c c quyt nh chnh
xc la chn phng n no kh thi v ng gi nht cng ty cn da vo cc ch
s khc.

2. Ch tiu Hiu s thu chi B/C:

n

Cng thc:

PV ( Rt )
B
t =0
= n
C
PV (Ct )
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t =0

Bao cao d an au t

Phng n A:

T s B/C PA/A:

0.975

T s B/C PA/B:

1.003

Phng n B:

Nh vy qua s liu v phn tch t s thu chi ta nhn thy phng n B l

ng gi v T s B/C ca phng n B=1.003>1.
3. Thi gian hon vn ca d n:
Thi gian hon vn
N:l di thi gian cn thit tng hin gi ca tng thu nhp bng tng hin gi
chi ph hoc tng hin gi ca dng ngn lu bng 0
Cng thc:
T=S nm ngay trc n+ (phn chi ph cha b p ht trong nm k tip/thu nhp
trong nm k tip)*12
Phng n A:
Thi gian hon vn T ca PA/A

15 nm

18 thng

= 16 nm 6 thng

14 nm

11 thng

= 14 nm 11 thng

Phng n B:
Thi gian hon vn T ca PA/A

Qua nh gi thi gian hon vn ta thy Phng n B c thi gian hon vn

ngn 14 nm 11 thng do vy phng n B ng gi u t.
4. nh gi nhy
Phng n A:
nh gi nhy ca d n :
Ta gi thit sut chit khu thay i 1 lng 15.11%, 16%

T sut chit khu

Sut chit khu thay i
(%)

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13.448%
15.11%

16.00%

-15% -16.00%

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NPV gim (%)

100.03

102.46

-520.98

-601.55

Khi r tng 15.1% th NPV gim 100,03%, r tng 16% th NPV gim
102,46%
Khi r gim 15.1% th NPV tng 520,98%, r gim 16% th NPV tng
601,55%
Nh vy : D n rt nhy vi sut chit khu r, ri ro ca d n rt cao.V th
ta cn phi quan tm n sut chit khu r tnh ton v a ra 1 sut chit khu
ti u, hp l.
Phng n B:
nh gi nhy ca d n :
Ta gi thit sut chit khu thay i 1 lng 1%, 2%
T sut chit khu:

Sut chit khu thay i

(%)
NPV gim (%)

13.316%

1.00%
101.89

2.00%
195.16

-1% -2.00%
-113.94 -240.54

Khi r tng 1 % th NPV gim 101.2%, r tng 2 % th NPV gim 195.16%

Khi r gim 1% th NPV tng 113.94%, r gim 2% th NPV tng 240,54%
Nh vy : D n khng qu nhy vi sut chit khu r, ri ro ca d n khng
qu cao.

IV.

KT LUN:

Nh vy qua phn tch cc ch tiu trn ta thy phng n B c cc ch tiu

hp l do vy cng ty nn la ch phng n B u t.

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