CHNG TRNH GING DY KINH T FULBRIGHT

FULBRIGHT ECONOMICS TEACHING PROGRAM

16 thng 02 nm 2011

Ch gii
LP M HNH NGN LU N VAY TRN EXCEL
Bi ch gii ny hng dn hc vin xy dng m hnh ngn lu n vay trn Excel. Chng ta
bt u bng cch khi ng Excel vi mt tp tin c to mi theo mc nh. i tn bng
tnh th nht Sheet1 thnh Model v bng tnh th hai Sheet2 thnh Rate. bng
tnh Model, nhp ta M HNH NGN LU N VAY vo A1.
Nhp thng tin thi gian v n v
Khung thng tin u vo th nht trong m hnh ti chnh l thi gian v n v tin t. Nhp
ta THI GIAN V N V vo A3 v nh dng khung cho din tch A3:B8. Sau
, t A4 n A8, nhp ln lt: Ngy gii ngn, Ngy thanh ton th nht, H m
ngy, Tn sut thanh ton v n v tin t.
Ct B tng ng trong khung l cc gi tr cn nhp. B4 v B5 l cc gi tr thi gian c
nh dng dd/mm/yyyy (tc l ngy vi 2 ch s/thng vi 2 ch s/nm vi 4 ch s). Ton
b khon vay c gii ngn mt ln vo ngy 8/3/2010. Sau ngy ny, li bt u c tnh
trn d n. Vy, ta nhp 3/8/2011 vo 2011. 1 Ngy tr n gc v li l mng 1 hng thng.
Ta nhp 4/1/2011, ngy tr n u tin, vo B5.
H m ngy l quy c m ngy m cc t chc v th trng ti chnh s dng tnh li.
H m ngy 30/360 quy c mt thng c ng 30 ngy v mt nm c ng 360 ngy. y
l h thng dng nht c cc ngn hng p dng. H m ngy actual/360 tnh s ngy
thc t theo lch, nhng vn quy c mt nm c 360 ngy. H m ngy actual/365 tnh s
ngy thc t theo lch v quy c mt nm c 365 ngy. B6, ta nhp gi tr 1 nu s dng
h m ngy 30/360, 2 nu s dng actual/360 v 3 nu l actual/365.
V d, ta m s ngy tnh li gia ngy gii ngn (8/3/2011) v ngy thanh ton th nht
(1/4/2011). Vi h 30/360, thng 3 c quy c l c 30 ngy nn ta m 23 ngy t 8/3
n 1/4. Vi h actual/360 v actual/365, thng 3 thc t c 31 ngy nn ta m 24 ngy t
8/3 n 1/4.

1 nh dng ngy thng mc nh ca Excel l thng/ngy/nm, nn ta phi nhp 3/8/2011

vo 2011 hin th gi tr 08/03/2011.
Tnh hung ny do Nguyn Xun Thnh son.
Cc nghin cu tnh hung ca Chng trnh Ging dy Fulbright c s dng lm ti liu cho tho lun trn lp hc, ch
khng phi l ng h, ph bnh hay dng lm ngun s liu cho mt tnh hung chnh sch c th.

V li sut thng c nim yt theo nm nn tnh li ta phi tnh h s ngy bng cch
chia s ngy m c cho tng s ngy trong nm. H s ngy t 8/3 n 1/4 theo h
30/360 l:
23/360 = 0,064.
Li tnh trong thi gian ny ca khon n 1,33 t vi li sut 15%/nm l:
(23/360)*15%*1.330 = 0,064*15%*1.330 = 12,75 triu VND.
Tng t, theo h actual/360, khon li bng:
(24/360)*15%*1.330 = 0,067*15%*1.330 = 13,30 triu VND.
Theo h actual/365, khon li bng:
(24/365)*15%*1.330 = 0,066*15%*1.330 = 13,12 triu VND.
Tn sut thanh ton l khong thi gian nh k phi tr n gc v li. Tn sut thanh ton c
th l thng, qu (3 thng), bn nin (6 thng) hay nm (12 thng). B7, ta nhp gi tr 1
nu tn sut thanh ton l hng thng, 3 nu l hng qu, 6 nu l bn nin v 12 nu l hng
nm.2
Sau cng, n v tin t c nhp vo B8 bit nhng con s th hin gi tr tin t trong
m hnh l c tnh theo ng tin g (ng, -la hay euro) v n v bao nhiu (hng trm,
nghn, triu hay t).
Hnh 1: Thi gian v n v

Nhp thng tin n

Khung thng tin u vo th hai l c im ca khon n. Nhp ta THNG TIN N
vo A10 v nh dng khung cho din tch A10:B19. Sau , t A11 n A19, nhp ln
lt cc ta : M t khon n, D n gc, Hnh thc li sut, Li sut c nh,
ng li sut th ni, Chnh lch li sut, K iu chnh li sut, K hn v Hnh
thc tr n.
Nhp Vay mua nh vo B11 v gi tr n vay ban u 1.330.000.000 3 vo B12. Cc t
B13 n B17 l thng tin v li sut ca khon vay. B13, ta nhp gi tr 1 nu khon vay
c li sut c nh v 2 nu khon vay c li sut th ni. Trn thc t, khon vay c li sut
2 Lu rng m hnh quy c thi im ngn lu l vo cui k.
3 Ta phi nhp con s ny v n v tin t trong A8 l ng. Cn nu A8 l triu ng, th
ta phi nhp 1330.
Nguyn Xun Thnh

th ni vi li sut 3 thng u c c nh mc 15%. Ta nhp 15% vo B14 xem xt

trng hp li sut c c dnh mc ny trong sut k hn ca khon vay.
i vi hp ng vay n c li sut th ni, mc li sut p dng s bng mt mc li sut
tham chiu trn th trng tin t cng vi mt khon chnh lch li sut v c iu chnh
theo nh k. Trc ht ta phi s dng cc d bo li sut th trng trong k hn ca khon
vay tnh li sut tham chiu. Li sut tham chiu c th l li sut tin gi, li sut lin
ngn hng, li sut cho vay bnh qun ca cc ngn hng, B15, ta nhp gi tr 1
tham chiu n loi li sut th trng th nht, 2 tham chiu n loi li sut th trng
th hai, B16, ta nhp gi tr chnh lch li sut p dng cho khon vay. Khon vay
c iu chnh li sut 3 thng 1 ln nn B17 c gi tr 3.
B18 v B19 cho thng tin v k hn v hnh thc tr n gc. Khon vay o hn vo
1/3/2018 vi 96 k tr li v n gc. B18 c gi tr 96. N gc c th c tr theo nhiu
hnh thc khc nhau. Trong B19, gi tr 1 tng ng vi hnh thc n gc v li c tr
u nh k, 2 tng ng vi n gc c tr u v 3 l ton b n gc c tr mt ln khi
o hn.
Hnh 2: Thng tin n

Thit lp chui thi gian ca ngn lu

Nhm thng tin tip theo cn thit lp l ngn lu n vay theo thi gian. Nhp tiu
NGN LU N VAY vo A21. Dng 22 c s dng lm tiu cho cc chui thi
gian v ngn lu. T A22 n C22, ln lt nhp K, Ngy v H s ngy. T E22
n J22, ln lt nhp D n u k, Li sut, Tr li, Tr n gc, Tr n gc v
li v D n cui k.
Hnh 3: Chui thi gian ca ngn lu n vay

Gi tr nhp trong Ct A vi tiu K l ch th t cc k thanh ton. Xut pht im

l k 0 ti A23 vi gi tr nhp l 0. A24 ngay pha di l k k tip. Trong A24, ta
nhp cng thc:
=A23+1
Nguyn Xun Thnh

Vi k hn 8 nm, khon vay c 96 k thanh ton. Dng tnh nng copy ca Excel chp
cng thc trong A24 vo cc A25:A119. A119 s phi c gi tr bng 96.
Ct B l ct ngy, tng ng vi thi im cui k trong ct A. nh dng cc B23:B119
theo dd/mm/yyyy tng t nh B4 v B5. Ta quy c cui k 0 l thi im hon tt gii
ngn (8/3/2011 ti A4) v li bt u c tnh t thi gian . K tip theo theo l k
thanh ton u tin (1/4/2010 ti A5). T tr i, k sau s cch k trc mt khong thi
gian ng nh thng tin trong A7. Vy, tnh t ng, ta phi nhp cng thc cho cc
trong ct B tnh ngy. Phn u ca cng thc trong B23 s c nhp nh sau:
=IF(A23=0,$B$4,IF(A23=1,$B$5,
Cng thc trn c ngha l nu tham chiu thy k tng ng ct A c gi tr bng 0, th gi
tr ct B phi l ngy gii ngn, cn nu k tng ng ct A c gi tr bng 1 th gi tr
ct B phi l ngy thanh ton th nht. Lu rng ta phi c nh B4 v B5 trong cng
thc bng k hiu $ v gi tr ca cc ny l c nh nn s khng i khi ta chp cng thc
sang cc khc trong ct B.
th hin vic cc k sau c gi tr tng dn u theo nh tn sut thanh ton, ta dng hm
EDATE ca Excel vi nh dng:
EDATE(start_date, months)
Hm EDATE cho kt qu l ngy cui k cn c vo start_date l ngy cui ca k trc
(nhp theo s serial) v months l s thng gia hai k (tc l tn sut thanh ton). V d, nu
ngy cui ca k trc l 1/7/2010 (ng vi s serial l 40360), th th hin ngy cui ca
k tip theo, ta nhp cng thc sau:
=EDATE(40360,1) = 1/8/2010
Cng thc y nhp trong B23 l:
=IF(A23=0,$B$4,IF(A23=1,$B$5,EDATE(B22,$B$7)))
Dng tnh nng copy ca Excel chp cng thc trong B23 vo cc B24:B119. B119
phi c gi tr 01/03/2018, ngy o hn ca khon vay.
Vic dng cng thc tnh ngy nh trn c v qu phc tp so vi vic nhp gi tr mt cch
th cng, nhng s rt hu ch v cc gi tr s t ng cp nht khi ta thay i ngy gii
ngn, ngy thanh ton th nht hay tn sut thanh ton. kim chng, gi s ta thay i tn
sut thanh ton t hng thng sang hng qu bng cch i gi tr trong B7 thnh 3 (nhng
vn gi ngy gii ngn v ngy thanh ton th nht khng i). Gi tr ngy ng vi cc k
ca bng ngn lu s thay i ging nh trong Hnh 4.
Hnh 4: Ngy thay i theo tn sut thanh ton

Nguyn Xun Thnh

Ct C ca bng ngn lu l h s ngy, trong cho bit s t s gia s ngy gia hai k k
tip v s ngy trong nm. Nh trnh by trn, h s ngy ph thuc vo h m ngy p
dng trong m hnh.
Vi h 30/360, ta dng hm DAYS360 tnh s ngy gia hai k k tip vi nh dng:
DAYS360(start_date,end_date)
V d, s ngy gia k 0 v k 1 theo h 30/360 l 23 tnh theo cng thc:
=DAYS360(B23,B24)
Vi h actual/360 hay actual/365, ta ly hiu s gia hai ngy cui ca hai k k tip tnh
s ngy thc t. V d, s ngy gia k 0 v k 1 theo h actual/360 l 24 theo cng thc:
=B24B23
Trong C24, ta nhp cng thc:
= IF($B$6=1,DAYS360(B23,B24)/360,IF($B$6=2,(B24B23)/360,(B24B23)/365))
Chp cng thc trong C24 sang cc C25:C119. Vi h 30/360, cc C25:C119 u phi
c gi tr bng 0,083. Tc l khong thi gian gia hai k k tip l 0,083 nm.
D n u k v cui k
Cc E22 n J22 cha tiu ca cc ngn lu trong lch tr n. D n cui k 0, tc l
thi im ngay sau khi gii ngn, lun bng ng gi tr n gc. J23, ta nhp mt phn
cng thc:
=IF(A23=0,$B$12,
Cng thc trn c ngha l nu tng ng trong ct A c gi tr bng 0 (k 0), th d n
cui k bng 1.330.000.000 ng.
ng thc th nht trong lch tr n p dng cho nhng k khng phi k 0 l:
D n cui k = D n u k Tr n gc
Theo ng thc trn, ta hon chnh cng thc trong J23 nh sau:
IF(A23=0,$B$12,E23H23)
Phn b sung c ngha l nu khng phi l k 0, th d n cui k bng d n u k tr i
tr n gc trong k. Chp cng thc trong J23 sang cc J24:J119.
ng thc th hai trong lch tr n l:
D n u k = D n cui k trc.
Theo ng thc trn, ta nhp cng thc trong E24 nh sau:
=J23
Chp cng thc trong E24 sang cc E25:E119.

Nguyn Xun Thnh

Li sut
Vic lp cng thc tnh li sut/nm trong cc ca ct F ph thuc vo hnh thc li sut,
ng li sut th ni v tn sut iu chnh li sut.
Khi khon vay c li sut th ni ( B13=2), thit lp ngn lu ta phi s dng mt hay
nhiu ngun thng tin d bo li sut th trng trong tng lai. Chuyn sang bng tnh
Rate nhp thng tin v cc ng li sut th ni. A1, nhp ta ng li sut
th ni. Ton b cc A2:B99 c tham chiu tng ng t cc A22:B119 trong bng
tnh Model.
cc D2:F2, ta nhp ln lt cc gi tr 1, 2, 3 ch ng li sut th ni 1, 2, 3 ng vi
gi tr nhp trong B15 ca bng tnh Model. Trong Hnh 5 di y, D4:D24 th hin
mt d bo li sut tin gi ngn hng k hn 1 nm trong nm 2010 v 2011. Hy nhp cc
gi tr ny vo bng tnh ca mnh, ng thi gi nh rng li sut tin gi k hn 1 nm s
nhn gi tr 10% t thng 1/2012 tr i.
Hnh 5: ng li sut th ni

By gi, ta quay li bng tnh Model vit cng thc trong F24. Vi thng tin u vo
l li sut th ni ( B13) cn c vo ng li sut th ni th nht ( B15), ta mun Excel
tham chiu ti D4 ti bng tnh Rate a gi tr ca ny vo F24 ti bng tnh
Model. lm iu ny, ta s dng hm INDEX ca Excel vi nh dng:
INDEX(array,row_num,column_num)
Hm INDEX s tm mt gi tr nht nh bng cch nhn vo khung khai bo bi array, ri
tham chiu n hng c gi tr bng row-num v ct c gi tr column_num ca khung ny.
C th, tham chiu gi tr 10,80% ti D4 trong bng tnh Rate, ta khai bo cng thc
sau trong F24:
=INDEX(Rate!$D$4:$F$363,A24,$B$15)
Tuy nhin, cng thc trn cho li sut th ni l li sut tin gi k hn mt nm. Li sut p
dng cho khon vay bng li sut tin gi cng vi khon chnh lch li sut 4,2% ( nhp
B16). Do vy, ta iu chnh cng thc nh sau:
=INDEX(Rate!$D$4:$F$363,A24,$B$15)+$B$16

Nguyn Xun Thnh

Cng thc trn ch ng khi li sut th ni trong hp ng vay n c iu chnh nh k

theo ng nh k tr n. i vi khon vay ang xem xt, k tr n l hng thng, trong khi
3 thng (theo thng tin trong B17) mi iu chnh li sut mt ln. C th, li sut s c
iu chnh vo cc k 4, 7, 10, 13, Li sut trong nhng k cn li s bng li sut ca k
trc cho d li sut th trng c thay i. tnh n tn sut iu li sut ny, ta s
dng hm MOD vi nh dng:
MOD(number,divisor)
Hm MOD cho kt qu l phn d trong php chia s chia number cho s b chia divisor.
Nh vy, nu mt k nht nh c s th t tr 1 chia ht cho 3, th ta phi tham chiu li
sut th ni bng tnh Rate, cn nu khng th ta tham chiu li sut p dng k trc.
Cng thc tham chiu li sut th ni c b sung nh sau:
=IF(MOD(A241,$B$17)=0,INDEX(Rate!$D$4:$F$363,A24,$B$15)+$B$16,F23)
Hnh 6: Tham chiu li sut th ni

Nu li sut ca khon vay l c nh ( B13=1), ta nhp mt phn cng thc tnh li sut
trong F24 nh sau:
=IF($B$13=1,$B$14,
Kt hp vi cng thc cho trng hp li sut c nh v li sut th ni i vi F24, ta c
=IF($B$13=1,$B$14,IF(MOD(A241,$B$17)=0,
INDEX(Rate!$D$4:$F$363,A24,$B$15)+$B$16,F23))
Chp cng thc trong F24 sang cc F25:F119.
Tr li
Li phi tr vo cui k c tnh cn c vo d n u k v li sut theo k. Li sut theo
k c tnh bng li sut trn nm v h s ngy ca k trn nm. ng thc th ba trong
lch tr n l:
Tr li = D n u k Li sut/nm H s ngy
Theo ng thc trn, ta nhp cng thc trong G24 nh sau:
=E24*F24*C24
Nguyn Xun Thnh

Chp cng thc trong G24 sang cc G25:G119.

Tr n gc
Tr n gc ph thuc vo hnh thc tr n khai bo trong B19. Nu B19 c gi tr 1, n
gc cng li c tr u hng k. Ta dng hm PMT ca Excel tnh khon thanh ton gc
v li (s c trnh by mc sau).
ng thc th t trong lch tr n l:
Tr li + Tr n gc = Tr n gc v li
Vy, trong H24, ta nhp mt phn cng thc nh sau:
= IF($B$19=1,I24G24,
Cng thc trn c ngha l nu n gc cng li c tr u th gi tr tr n gc s bng n
gc v li c tr u tr i phn tr li.
Con s 2 trong B19 cho bit khon vay c n gc c tr u hng k. Khi gi tr n
gc tr u bng d n ban u chia cho s k tr li. Ta b sung cng thc trong H24 nh
sau:
=IF($B$19=1,I24G24,IF($B$19=2,$B$12/$B$18,
Phn b sung c ngha l nu n gc c tr u th khon n gc phi nh k s bng d
n ban u (1,33 t VND) chia cho 96 k.
Nu B19 bng 3 th khon vay c n gc c tr mt ln khi o hn. Cng thc hon
chnh trong H24 l:
=IF($B$19=1,I24G24,IF($B$19=2,$B$12/$B$18,IF(A24<$B$18,0,$B$12)))
Phn b sung c ngha l i vi trng hp tr n gc mt ln khi o hn, nu k xem xt
nh hn k cui cng th gi tr tr n gc bng 0 v gi tr tr n gc vo k cui cng bng
d n ban u. Chp cng thc trong H24 sang cc H25:H119.
Tr n gc v li
tnh n gc v li c tr u hng k (khi B19=1), ta dng hm PMT ca Excel vi
nh dng:
PMT(rate,nper,pv)
Hm PMT cho gi tr thanh ton (gm c n gc v li) u hng k cn c vo li sut theo
k (rate), s k (nper) v d n ban u (pv). Vi d n ban u dng, hm PMT cho gi tr
m th hin y l mt khon phi tr. V d, khon vay c li sut 15%/nm phi c
chuyn thnh li sut/thng l 15%*0,083 = 1,25%; s k l 96 thng v d n ban u 1,33
t VND. Ta c:
PMT(1.25%,96,1330000000) = -23.867.389
Trong trng hp khon vay c li sut c nh th gi tr trn s khng i trong tt c cc
k tr n. Tuy nhin, i vi trng hp li sut th ni, th gi tr tr n v li trong mi k
s thay i tu theo s thay i ca li sut, k hn cn li v d n u k.
Nguyn Xun Thnh

Ta nhp cng thc trong I24 nh sau:

=IF($B$19=1,-PMT(F24*C24,$B$18A23,E24),H24+G24)
Cng thc trn c ngha l nu n gc v li c tr u, th gi tr tr n hng k c tnh
theo hm PMT, cn theo hnh thc khc th gi tr tr n bng tr li cng tr n gc. Trong
hm PMT, F24*C24 l li sut iu chnh theo k, $B$18A23 l k hn cn li ca khon
vay v E24 l d n u k.
Tuy nhin, vo k cui cng, n gc u k c th nh hn gi tr n gc v li tr u tnh
theo hm PMT. Khi Excel s t ng cho gi tr d n cui k m. Trn thc t, vo k
cui cng th n gc phi tr bng ng d n u k d n cui k bng 0. x l vn
ny ta u chnh li cng thc trong I24 nh sau:
=IF($B$19=1,IF(E24<I23,E24+G24,PMT(F24*C24,$B$18A23,E24)),H24+G24)
Sau cng, chp cng thc trong I24 sang cc I25:I119.
Lch tr n s c kt qu nh cc hnh di y (cho trng hp li sut c nh).
Hnh 7: N gc v li tr u

Hnh 8: N gc tr u

Hnh 9: N gc tr mt ln khi o hn

n y, m hnh ngn lu n vay trn Excel gn nh c hon chnh. Tuy nhin, ta c

th thy rng khi iu chnh k hn ca n vay (thng qua B18) th bng ngn lu n vay
khng t iu chnh. Nu k hn thp hn 96 th ta phi xo bt dng, cn nu k hn di
hn 96 th ta phi chp thm dng mt cch th cng.
lm t ng, ta quy nh rng m hnh ch phn tch khon vay vi s k hn ti a l
360. Nh vy, nu k hn l thng, th ta c th phn tch mt khon vay vi k hn di nht
l 30 nm. Trong bng tnh Model, ta nh dng chui thi gian v bng ngn lu gm k 0
v 360 k tip theo t dng 23 n dng 383. Cng thc c chp cho ton b cc dng ny
ng vi cc ct chui thi gian v ngn lu. Tng t, trong bng tnh Rate, ta nh dng
chui thi gian v bng ng li sut th ni t dng 3 n dng 363.

Nguyn Xun Thnh

 bng tnh thay i t ng theo k hn khon vay, ta iu chnh cc cng thc thit lp
trong bng Ngn lu n vay sao cho i vi mt nht nh, nu k ng vi nm trong
k hn ca khon vay, th gi tr ca c hin th, cn nu nm ngoi k hn th gi tr
khng c hin th. V d, i vi khon vay ang xem xt c k hn 96 thng ti bng tnh
Model, gi tr cc dng 23 n 119 (ng vi k 0-96) s hin th, cn cc trong dng
120 n 383 s khng hin th. Ta dng hm IF nh sau:
IF(K>$B$18,"",Cng thc ban u)
Cng thc trn c ngha l nu k ca tng ng ln hn k hn khon vay, th s khng
hin th gi tr (""), cn nu khng th hin th gi tr ca cng thc ban u.
Vy, i vi tt c cc B24:J383 ca bng tnh Model, ta b sung cng thc nh sau:
=IF(Axx>$B$18,"",Cng thc ban u)
Trong cng thc trn, A l ct A v xx l s th t ca dng tng ng vi ang iu chnh
cng thc. V d, ta iu chnh cng thc trong B27 thnh:
=IF(A27>$B$18,"",IF(A27=0,$B$4,IF(A27=1,$B$5,EDATE(B26,$B$7))))
Sau khi iu chnh cng thc cho tt c cc B24:J383, chng ta hon chnh m hnh.

Nguyn Xun Thnh

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