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NHNG VN C S
TRONG KINH T U T
Ths. Nguyn Th Thu Thy

Contents
1

Gi tr theo thi gian ca tin t

Tng quan v d n u t

nh gi hiu qu ti chnh DAT

Ri ro ca d n

GI TR THEO THI GIAN CA TIN T

Khi xem xt mt dng tin, ngi ta thng quan
tm ti hai yu t:
- ln ca dng tin
- Thi im xy ra dng tin
Mt ng hm nay c gi tr hn mt ng ngy mai,
v mt ng hm nay c th u t v sinh li ngay
lp tc
l nguyn tc c bn u tin ca ti chnh.

TNG QUAN V D N U T
KHI NIM V U T V D N U T

1. u t
- Theo quan im ca ch u t (doanh nghip):
u t l hot ng b vn kinh doanh t thu
c s vn ln hn s vn b ra thng qua li
nhun.
- Theo quan im x hi (quc gia):
u t l hot ng b vn pht trin t thu c
cc hiu qu kinh t - x hi, v mc tiu pht trin quc
gia.

KHI NIM V U T V D N U T
u t l qu trnh s dng cc ngun lc
hin ti tin hnh cc hot ng nhm thu
c cc kt qu, thc hin c nhng
mc tiu nht nh trong tng lai.

u t
c im ca u t
- u t l hot ng di hn v vy cn tnh n
gi tr theo thi gian ca tin t
- u t lm bt ng ha mt lng vn ln do
lm xut hin chi ph c hi vn ca ch u t
- u t cn mt lng vn ln v p ng
c ch u t c th phi i vay lm thay i c
cu vn ca ch u t
- u t lun gn lin vi ri ro

u t
Phn loi u t
(1) Phn loi theo chc nng qun tr vn u t
- u t trc tip
- u t gin tip
(2) Phn loi theo tnh cht s dng vn u t
- u t pht trin
- u t dch chuyn

Phn loi u t
(3) Phn loi theo lnh vc u t
- u t pht trin c s h tng
- u t cc cng trnh cng nghip
- u t cc cng trnh nng nghip
- u t cc cng trnh dch v
(4) Phn loi theo tnh cht u t
- u t mi
- u t chiu su

Tng quan v d n u t
2. D n u t (Investment Project)
nh ngha
Trn phng din pht trin c th nh ngha d n nh sau:
Theo ngha chung nht, d n l mt lnh vc hot ng
c th, mt nhim v cn phi c thc hin vi
phng php ring, ngun lc ring v theo mt k
hoch tin nhm to ra mt thc th mi.
Trn phng din qun l c th nh ngha d n nh sau:
D n l nhng n lc c thi hn nhm to ra mt sn
phm hoc dch v duy nht

nh ngha
Xt v mt ni dung c th nh ngha d n u t nh
sau:
D n u t l mt tp hp nhng xut v vic b
vn to mi, m rng hoc ci to nhng i
tng nht nh nhm t c s tng trng v s
lng, ci tin hoc nng cao cht lng ca sn
phm hay dch v no trong mt khong thi gian
xc nh.

c trng c bn ca d n
D n c mc ch, kt qu xc nh
D n c chu k pht trin ring v c thi gian tn ti
hu hn
Sn phm ca d n mang tnh cht n chic, c o
D n lin quan n nhiu bn v c s tng tc phc
tp gia cc b phn qun l chc nng vi qun l d n
Mi trng hot ng va chm
Tnh bt nh v ri ro cao

Cc thi k v cc giai on trong

d n u t
Chu trnh d n (Project Cycle)
nh ngha
Chu trnh d n l cc thi k v cc giai on m d n
cn tri qua, bt u t thi im c nh u t cho
n thi im kt thc d n.
Cc thi k trong chu trnh d n
Chu trnh d n gm c 3 thi k:
- Thi k 1: chun b d n.
- Thi k 2: thc hin d n.
- Thi k 3: kt thc d n.

Cc thi k v cc giai on ca d n
u t
Thi k chun b d n (Thi k tin u t)
Giai on 1 Giai on 2 Giai on 3
Nghin cu Nghin cu Nghin cu
c hi u t tin kh thi
kh thi

Giai on 4
Thm nh ra
quyt nh
u t

Cc thi k v cc giai on ca d n
u t
Giai on 1
Nghin cu c hi u t
Sn phm ca giai on ny l bo co kinh t k
thut v cc c hi u t (bo co tin kh thi)

Nghin cu c hi u t
Ni dung bo co tin kh thi
(1) Mc tiu, nhim v u t
(2) c tnh s vn cn thit
(3) D kin cc ngun vn p ng
(4) D tnh cc ch tiu hiu qu kinh t
(5) Kt lun v kin ngh

Thi k chun b d n
Giai on 2
Nghin cu tin kh thi
Thc cht ca bc ny l s b la chn c hi u
t chnh yu t cc c hi u t. Vic la chn ny
da trn cc c s sau:
-

Ph hp vi chnh sch pht trin kinh t ca nh nc

Ph hp vi kh nng ti chnh ca ch u t
Mc cnh tranh khng gay gt
C hiu qu kinh t
Mang tnh kh thi cao

Thi k chun b d n
Giai on 3
Nghin cu kh thi
y l giai on xy dng d n. Sn phm ca bc
ny l d n u t.
xy dng d n ngi ta thc hin mt lot kho st cn
thit nh kho st th trng, kho st tr lng m (i vi
d n khai thc), kho st iu kin t nhin- x hi, kho
st a cht cng trnh, kho st ngun nguyn liu, kho st
ngun nhn lc

Thi k chun b d n
Giai on 4
Thm nh ra quyt nh u t
Thm nh d n l dng cc k thut c thit lp
nh gi d n u t, t cc cp c thm quyn s
ra quyt nh u t hoc cp giy php u t.
Vic thm nh c th c thc hin i vi hai i tng:
- D n u t
- n v thc hin d n

Cc thi k v cc giai on ca d n
u t
Thi k thc hin d n (Thi k u t)
m phn k Thit k xy Lp t my Vn hnh th
kt hp ng lp cng trnh mc thit b

Cc thi k v cc giai on ca d n
u t
Thi k kt thc d n
nh gi d n sau
hot ng

Thanh l

NH GI HIU QU TI CHNH
CC D N U T
Cc ch tiu
nh gi

Nhm ch tiu
tnh
-T sut LN bnh qun
-Thi gian hon vn
-TSLN ca doanh thu
-TSLN ca vn u t.

Nhm ch tiu
ng
-Thi

gian hon vn
- Hin gi thun
-.Sut LN ni ti

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