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C3 - Gia Tri Tuong Duong
C3 - Gia Tri Tuong Duong
phng n u t theo
gi tr tng ng
Ni dung
PW (i ) CF 0
CF 1
CF 2
CFn
...
(1 i )1 (1 i ) 2
(1 i ) n
PW 0: d n ng gi (Dng vn u t cho d n ny
c li hn hoc t ra l bng u t vo mt c hi khc
vi li sut l i%)
PW<0: d n khng ng gi (Dng vn u t cho d
n ny khng c li bng u t vo mt c hi khc vi
li sut l i%)
7
10
(2)Mua my c
160
30
50
5
10
150
10
80
1
5
20%
(1)
5
0
30
10
50
150
150
(2)
0
10
80
80 10
12
10
80
13
2. PP gi tr tng lai FW
Gi tr tng ng ca tt c khon thu, chi ca d n
c quy v mt mc no trong tng lai (thng
thng l cui thi k phn tch)
Quy tc chn: tng t phng php PW
+TH chn cc PA c lp: ng gi nu FW >= 0.
+TH chn cc PA loi tr: PA ng gi nht nu FWmax.
Nu 2 PA c TKPT khc nhau, cn tm BSCNN
+Khi cc PA c thu nhp ging nhau: chn PA ng gi
nht nu FWC min
14
2. PP gi tr tng lai FW
i = 15%
3. PP gi tr u hng nm AW
L gi tr A ca mt chui dng tin t phn b u hng
nm trong sut TKPT.
Quy tc chn: tng t phng php PW & FW
+TH chn cc PA c lp: PA ng gi nu AW >= 0
+TH chn cc PA loi tr: chn PA ng gi nht nu
AW max. Nu 2 PA c TKPT khc nhau, th c th so
snh trc tip AW ca tng PA m khng cn tm
BSCNN
+ Khi cc PA c thu nhp ging nhau: chn PA ng
gi nht nu AWC min
16
3. PP gi tr u hng nm AW
i = 15%
$9.0
PW(15%) = $6.946
$12
$10
$5
0
$8
1
2
$3.5
$6.946
$15
A = $1.835
3. PP gi tr u hng nm AW
S dng PW hoc FW tnh AW
AW = PW(A/P,i%,n) = FW(A/F,i%,n)
Phng php gi tr hng nm AW cho kt qu quyt
nh chn d n tng t phng php PW v FW
AW l tng ca hai thnh phn:
Chi ph u hng nm hon tr li vn u t ban
u - Capital recovery (CR)
Cc khon thu chi u hng nm - A
AW = CR + A
18
3. PP gi tr u hng nm AW
+ C 2 giao dch xy ra khi mua
mt ti sn:
(1) B ra chi ph u t ban u P
initial investment
(2) Thu hi gi tr cn li S
salvage value
+ T P v S c th tnh c CR.
+ CR bao gm chi ph khu hao
v chi ph s dng vn.
19
S
0
N
P
0 1
3 .. N
CR(i) hng nm
3. PP gi tr u hng nm AW
Cc cng thc tnh CR:
CR l gi tr tng ng hng nm ca vn u t ban
u P v gi tr cn li: SV.
CR = P(A/P, i%, N) SV(A/F, i%, N)
3. PP gi tr u hng nm AW
VD5: Mt ti sn u t c gi tr 10 triu s dng trong
5 nm th c tnh gi tr cn li SV l 2 triu, i = 8%
nm. Tnh gi tr CR ca phng n.
CR = 10tr(A/P, 8%, 5) 2tr (A/F, 8%, 5)
= 10 tr(0,2505) - 2 tr(0,1705)
= 2.164.000
CR = [10tr 2tr (P/F, 8%, 5)] (A/P, 8%, 5)
= [10tr 2tr(0,6806) ] (0,2505)
= 2.164.000
21
3. PP gi tr u hng nm AW
Cho: I = $20,000, S =
$4,000, N = 5 nm, i =
10%
Hi: liu khon thu nhp
hng nm $4,400
b p chi ph vn
khng?
$4,000
$4,400
0
1
$20,000
0
1
Gii:
CR(10%) = $4,620.76
Kt lun: D n cn
thm mt khon thu
nhp hng nm l
$220.76.
$4,000
$20,000
$4,400
0
1
22
4. Tm tt
Phng php gi tr hin ti: l ton b thu nhp v chi
ph ca phng n trong sut thi k phn tch c quy
i thnh mt gi tr tng ng hin ti.
Phng php gi tr tng lai: l ton b thu nhp v
chi ph ca phng n trong sut thi k phn tch c
quy i thnh mt gi tr tng ng tng lai.
Phng php gi tr hng nm: l gi tr A ca mt
chui dng tin t phn b u trong sut TKPT.
23
4. Tm tt
24