Gi tr hin ti rng (Net Present Value NPV)

nh ngha
Gi tr hin ti rng (NPV) ca mt d n l gi tr ca dng tin d kin trong tng lai
c quy v hin gi tr i vn u t ban u ca d n
NPV = Gi tr hin ti ca dng tin d kin trong tng lai u t ban u
Phng php tnh
n

NPV =
i=0

NCF i
i

( 1+r )

=
i=0

BiC i

( 1+r )

=B0 C0 +
i =1

BiC i

( 1+r )i

Trong :
NPV

: Gi tr hin ti thun ca d n u t

NCFi

: Dng tin rng nm t

Bi

: Tng doanh thu nm t

Ci

: Tng chi ph nm t

: S nm thc hin d n

: T sut sinh li ca d n

T , ta c cng thc khi thm nh 2 d n X v d n Y

n

BiX C iX

i=1

( 1+r )

NPV X =B0X C0X +

NPV =B C +
Y

Y
0

Y
0

i =1

Bi C i

( 1+r )

E Ngoi ra, c th s dng chng trnh Microsoft Excel tnh NPV nhanh chng, d
dng bng cc hm ti chnh. Sau y l c php cng thc v cch dung hm NPV trong
Microsoft Excel.

C php:
NPV(rate,value1,value2,...)
C php hm NPV c cc i s sau y:

Rate : l bt buc. Lai sut chit khu trong ca m t ky.

Value1, value2, ... : Value1 l bt bu c , cc gi tr tip theo l tuy chon. 1 ti 254 i s
th hi n cc khoan thanh ton v thu nh p.
Phn loi d n
D n loi tr nhau: Nu chp nhn d n ny s loi b hon ton d n khc (cung thi
gian)
D n c lp nhau: Chp nhn d n ny khng lm anh hng n hot ng (dng
tin) ca d n khc
D n ph thuc nhau: nu chp nhn d n ny s ko theo vic thc thi (chp nhn)
mt d n khc na mang li hiu qua tt nht, d n ny l u vo ca d n kia
hoc ngc li
Tiu ch la chn d n
i vi ch u t, d n ch c chp nhn khi NPV 0, nu phai la chon gia nhiu
d n th d n c NPV dng v ln nht s c u tin la chon.
Nu NPV>0, chng t d n c sut sinh li cao hn chi ph c hi ca vn => d n
c lai, th:
+ Trng hp cc d n u t c lp vi nhau th tt ca cc d n u t u c
th chp nhn u t.
+ Trng hp cc d n u t xung khc vi nhau v c thi gian hot ng nh
nhau th d n u t no c NPV ln nht s l d n u t ti u v c la
chon.
Nu NPV=0, d n c sut sinh li bng vi chi ph c hi ca th tuy thuc vo s
cn thit hay tm quan trong, v tnh hnh c th ca d n m nh quan l doanh

nghip cn nhc nhng yu t phi ti chnh khc trc khi quyt nh xem c nn thc
hin d n hay khng
VD: Mt d n xy dng h thng x l nc thai c NPV = 0 nhng v mc ch xa
hi, nh u t c th vn chp nhn d n ny
Nu NPV<0, d n c sut sinh li thp hn chi ph c hi ca vn th b loi b.
E Tm li, tiu ch hin gi li ch rng c xc nh theo nguyn tc:
Mt d n u t ch c th chp nhn khi c NPV dng
Nu hai d n phai loi tr nhau, d n c chon l d n c NPV ln hn
u, nhc im ca NPV
*u im:
Phng ny tnh ton da trn c s dng tin c chit khu (tc l hin ti ho
dng tin) l hp l v tin c gi tr theo thi gian.
La chon d n theo ch tiu NPV l thch hp v n cho php chon d n no c
lm ti a ho s giu c ca ch u t.
Phng php ny ngm gia nh rng t l lai sut m ti cc lung c tin c th
c ti u t l chi ph s dng vn, n l gia nh thch hp nht.
*Nhc im:
Ph thuc nhiu vo t l chit khu r c la chon. C th: r cng nh NPV
cng ln v ngc li. Trong khi , vic xc nh ng r l rt kh khn.
Ch phan nh c quy m sinh li (s tng i: hiu qua ca mt ng vn b
ra l bao nhiu).
Vi cc d n c thi gian khc nhau, dung NPV la chon d n l khng c
ngha. Mun so snh c, phai gia nh rng d n c thi gian ngn hn s c
u t b sung vi s liu lp li nh c sao cho cc d n c thi gian bng
nhau. Thi ky phn tch d n l bi s chung nh nht ca cc thi gian d n.
y l vic tnh ton phc tp mt thi gian.