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2. u t bt ng
sn
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u t bt ng sn
A. Bn cht v mc
tiu u t bt
ng sn
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Nguyn tc xc nh
bt ng sn
Sn phm theo Khng gian - Thi
gian
Bt ng sn l sn phm theo khng
gian - thi gian, ngha l, n to ra thu
nhp theo thi gian do c php s
dng mt khng gian no . V d:
cc cn h, vn phng, sn bi,
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c tnh bt ng sn
c tnh th trng:
Th trng ni a, phn ha mnh m
Sn phm khng ng nht
Giao dch gia cc c nhn, khng phi
cng cng
Cc nh u t a dng
Th trng khng c t chc
Ai cng c th tham gia
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ng c u t bt ng sn
T ho lm ch
Hoch nh c nhn
T s dng v
Xy dng
Bo ton vn
Sut sinh li cao
n by ti chnh
L chn thu
Vn c nh gi cao
a dng ha u t
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Bt li th v ri ro u t
Thanh khon yu
Qun tr b ng
Khu hao gi tr
Kim sot bi chnh ph
Chu k bt ng sn
Phc tp ca lut php
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i tng tham gia th trng
bt ng sn
Nh xy dng
Cc t chc hip hi
Cc t chc qun l ti sn
Ngi cho thu nh
Cc t chc tn dng
Nh qun l vn u t
Nh u t gin tip
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u t bt ng sn
B. Tng quan v
qu trnh quyt
nh u t
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Ni dung nghin cu
u t bt ng sn
Chin lc
C s l lun
Phn tch
o lng sut sinh li
Quyt nh
nh i gia sut sinh li v ri ro
Giao dch u t
Phn hi
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Phn tch u t v
phn tch kh thi
1. u t v phn tch u t:
Ti sn (hay tng vn u t)
Vn ch s hu
N vay
Li nhun rng t kinh doanh
n cn n (D/E)
Ti a ho ca ci rng
Sut sinh li v ri ro
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Phn tch u t v
phn tch kh thi
2. Kh thi v phn tch kh thi
a im tng quan vi mc ch s dng
Mc ch s dng tng quan vi a im
Nh u t tm phng n tt nht
3. Vng i u t
Vng i ti sn
Vng i ch s hu
Vng i cc nh u t
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Phn tch u t v
phn tch kh thi
4. Vng i ca vn ch s hu
Mua hoc n b gii ta
Hot ng khai thc
Chm dt / Kt thc / Bn
5. Vng i ca nh u t
Nh u t tr
Nh u t trung nin
Nh u t gi
Cc cng ty (nh ch) u t
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u t bt ng sn
B. Phng php ra
quyt nh u
t bt ng sn
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Phng php truyn thng
trong quyt nh ti chnh
1. Phng php nh gi u t
Chp nhn, nu: V C (Gi tr > Chi ph)
T chi, nu: V C (Gi tr < Chi ph)
2. Li nhun c chit khu
Gi nh:
Li nhun rng t kinh doanh l n nh (NI)
Thi hn nm gi bt ng sn: khng xc nh
Vn (tr t ai) c thu hi t li nhun.
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V d n gin
Sut sinh li i hi ca nh u t:
r
E
= 10% nm
Gi tr u t (tr t ai) l: 5,000 triu
Thi gian: khng xc nh
Li nhun n nh hng nm phi l:
500 triu (= 5,000 triu 10%)

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c tnh r
E
Bao gm:
Sut sinh li thc (real rate)
Lm pht (inflation)
Ph thng ri ro (risk premium)
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Cc phng php thm nh
hin i
Gi tr hin ti rng (NPV)
Sut sinh li ni ti (IRR)
Sut sinh li ni ti hiu chnh
(MIRR)
Phn tch ri ro
Phn tch nhy
Phn tch tnh hung
Phn tch m phng
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Cc phng php thm nh
hin i (tip)
Hng dn thc hnh
trn lp cc k thut
phn tch trn EXCEL:
PV, FV, NPV, IRR, MIRR
Phn tch ri ro
Dng v d bng s, c th
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Cc nguyn tc u t
Phi thm nhun trit l: to ra
li nhun ch khng phi ch
nhn li nhun.
Quan tm nhng dch v s cung
cp cho ngi mua trong tng
lai.
Nh u t nn nh gi bt ng
sn c lp vi cc u i v thu.
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Phi lun so snh cc phng n
khc nhau.
Cn hiu rng cc li ch v ri ro
tim nng phi c tnh bng
TIN v c tnh THI GIAN.
Tho lun (ti lp) v trit l dng
tin (dng ngn lu)
Cc nguyn tc u t (tt)
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Ngun sinh li t u t
bt ng sn
Ngn lu t hot ng kinh doanh
Tit kim thu
Vn ch s hu tng, n gim theo
thi gian
Qu trnh ti ti tr
S ph hp ca gi tr bt ng sn
theo thi gian (qu trnh bn)