CchTnhNPV

2Phn:

TnhNPV

SdngPhngtrnhNPV

Trongthgiikinhdoanh,Gitrhintirng(NPV)lmttrongnhngcngchuchnhtcdngaracc
quytnhtichnh.Thngthng,NPVcsdngclngxemliumttisndnhmuahaymtkhonu
tcnggihntrongdihnsovivicutcngstinvongnhngkhng(nhgititkim).TrongkhiNPV
thngcsdngtrongtichnhdoanhnghip,ncngcdngtnhtonchomcchhngngy.Nichung,
NPVcthctnhbngtngca(P/(1+i)t)Cchottcsnguyndngttrongtlsk,Pldngtinvo,
Clgitrutbanuviltlchitkhu.Vicchtipcntchratngbcmt,chngtahybtuviBc1!

Phn1trong2:TnhNPV

Xcnhkhonutbanucabn.Trongthgiikinhdoanh,cctisnmuavhaycckhonu
tunhmmcchkimnhiutinhntrongdihn.Vd,mtcngtyxydngcthmuamtchic
myimnhnnhngdnlnhnvkimnhiutinhnsovilmnhngdnnh.Nhngloiut
nhtrnthngckhonchiphutbanubtutnhgitrNPVcakhonut,hyxcnhchi
phny.
Vd,hytngtngbnshumtquybnncchanhp.Bnangcnnhcmuamypci
thintnhhnhvnstitkimthigianvcngscbrasovipbngtay.Numypgi100la,
th100lachnhlkhonutbanucabn.Quathigian,khonutnyckvngsgip
bnkimnhiutinhnsovitrckia.Trongccbctiptheo,bnssdngkhonutbanu
trgi100lanytnhNPVvxcnhxemliukhonutnyc"ngngtinbtgokhng".

Xcnhkhongthigiant.Nhghichtrn,cccngtyvcnhnutvimctiukimtin
trongdihn.Vd,nhmysnxutgiymuamylmgiyth"mctiu"cavicnylchicmyto
radoanhthblichiphmuavovclinhuntrckhinhng.tnhNPV,bncnxcnhkhongthi
gianmkhonutcthtoragitr.Khongthigiancthcolngbngnhiunvthigiankhc
nhau,nhngivihuhtcctnhtontichnhchuynnghip,nmlnvchuncsdng.
Quaylivivdquybnncchanhp,chngtasnghincumypmchngtadnhmuatrn
mng.Theohuhtnhgi,myphotngrttt,nhngthnghngsaukhong3nm.Trong
trnghpny,chngtasdng3nmlkhongthigiantnhtonNPVxcnhxemliubncth
thutinvnmuamytrckhinhngkhng.

Hyclngdngtinchotngthik.Kn,bncnclngkhonutsmanglichobn
dngtinbaonhiutrongmik.Nhngkhonny(cncgil"dngtinvo")cthlnhngcons
cth,nhnggitrbitchcchnhoccctnh.Vitrnghpctnh,ccdoanhnghipvcngtyti
chnhdnhrtnhiuthigianvcngscccmtdonchnhxc,hocthuchuyngia,phntch,
v.v...
Chngtatiptcvdvquybnncchanhp.Datrnktquhotngtrongqukhvdon
vtnglai,bnctnhchicmyp100lasmangli50latrongnmutin,40latrong
nmtiptheov30latrongnmthbabngcchgimthigiannhnvinbrapchanh(vtit
kimchiphlng)Trongtrnghpny,dondngtincabnl:50latrongnmth1,40
latrongnmth2,v30latrongnmth3.

Xcnhtlchitkhu.Nichung,mtkhontinhintiscgitrhnsovitnglai.Bivstin
bnchmnaycthgititkimvtnggitrdntheothigian.Nicchkhc,c10lahintitt
hnlc10latrongtnglaivbncthdngngay10lahintiuthaygititkimvrithu
cnhiuhn10latrongnmti.VicchtnhNPV,bncnbitlisutcakhontnhtonuthocc

hiccngmcrirosovikhonutbnangphntch.ycgil"tlchitkhu"vcth
hinbngsthpphnthayvphntrm.[1]
Trongtichnhdoanhnghip,chiphvntrungbnhcamtdonhnghipthngcsdngxc
nhtlchitkhu.Vinhngtrnghpnginhn,bncthsdngtlsinhlittikhontit
kim,utcphiu,v.v..lnhngkhonmbncthutthayvbtinvokhonut(muamy
p)hinti.
Tiptcvd,chngtaginhrngnubnkhngmuamyncp,bnsutvocphiuvyn
tmskim4%tsutsinhlihngnmtstincabn.Trongtrnghpny,0.04(4%ctrnh
byquasthpphn)ltlchitkhucsdng.

Bctiptheolchitkhudngtin.Tip,chngtasquyidngtinkimctngthikv

thiimhinti.ycgil"chitkhu"dngtinvsdngcngthcP/(1+i)t,trongPlgitr
dngtin,iltlchitkhuvtlthigian.Chngtachacnnkhonutbanuvchngs
csdngbcktip.
Trongvdchanhp,chngtadngkhongthigian3nm,vthchngtassdngcngthctnh3
ln.Dngtinchitkhuhngnmdovyctnhnhsau:
Nm1:50/(1+0.04)1=50/(1.04)=48.08la
Nm2:40/(1+0.04)2=40/1.082=36.98la
Nm3:30/(1+0.04)3=30/1.125=26.67la

Tnhtngdngtinchitkhuvtrikhonutbanu.ylbccuicngtnhNPVcad
n,vicmuamitisnlkhonutmbnangphntch,bncncngtngttcccdngtin
chitkhuritrikhonutbanu.KtquthucchnhlgitrNPVylstinkhonuts
manglisovikhonutthaythkhcvicngtlchitkhu.Nicchkhc,nuktquldng,nghal
bnkimcnhiutinhnsovikhonutthayth,nunm,bnkimcttinhn.Tuynhin,hy
nhrngchnhxccatnhtonphthucvovicbncclngchnhxcdngtintrongtnglaihay
khngvtlchitkhuchplcha.
Vivdvquychanhp,gitrNPVcadnmuamypsl:
48.08+36.98+26.67100=11.73la

Bygihyxcnhxemcnnuthaykhng.Nichung,nuNPVcamtdnldng,khon
utcabnsclinhunhnsovidngtinvokhonutkhcvbnnnngut(mua
myp).NuNPVlsm,bnnntbkhonutnyvutvonhngdnkhc.Hynhrngy
chlnhngkinthccbntrongthct,ngitasthngtptrungtnhtonxemliumtkhonutc
philthngminhhaykhng.
Trlivivd,NPVl11.71la.Vndngnnchngtasquytnhmuamyncp.
Hychrngiunykhngcnghalmyncpstora11.71la.Thct,ncnghalmy
ncpmanglichobntsutsinhli4%hngnmvthm11.71la.Nicchkhcmyncp
manglinhiulinhunhnphngnutthaythl11.71la.

Phn2trong2:SdngPhngtrnhNPV

SosnhccchiutbngcchsosnhccgitrNPVcachngvinhau.TnhgitrNPVca
tngchiutrisosnhchngbitckhonutnonggihn.Nhnchung,khonut
cNPVcaonhtscgitrnhtvnsmanglinhiutinnht.Viu,bnsmuntheouinhngdn
vigitrNPVcaonhttrc(viginhlbnkhngcngunlctheouittccckhonutc
NPVdng).
Vd,gischngtacbachiut.ChiutincNPVtrgi150la,thhaicNVPtrgi
45lavcicnlicNVP10la.Trongtrnghpny,chngtanntheouidnutu

tin150lavncNPVlnnht.Nuchngtacngunlc,chngtasutthmchockhon
ut45lavnmanglitgitrhn.Tuynhin,chngtaskhngutvokhonutcui
cngvncNPVmvnsmanglitlinhunhnsovimtkhonutkhcccngriro.

SdngphngtrnhPV=FV/(1+i)ttnhgitrhintivtnglai.ylcngthcthayisovi
cngthcchunNPV,vncdngtnhxemkhontinhintiscgitrbaonhiuvotnglai

(hockhontintnglaisnggibaonhiutihinti).CngthcnginlPV=FV/(1+i)t,trongilt
lchitkhu,tlsgiaionphntch,FVlgitrtnglaicadngtinvPVlgitrhinti.Nubnbiti,
tvhocFV(hocPV),thbnstnhcnsPV(hocFV)cnli.
Vd,chngtamunbitkhontin1,000lascgitrbaonhiutrongnmnmti.Vchngtabit
rng,chngtasthuc2%linhuntkhontinny,taxcnhc0.02choi,5chot,v1,000
choPVvtnhFVnhsau:
1,000=FV/(1+0.02)5
1,000=FV/(1.02)5
1,000=FV/1.104
1,0001.104=FV=1,104la.

HytmhiunhiuphngphpnhgitnhNPVchnhxchn.Nhvittrn,chnhxc
cavictnhtonNPVphthucnhiuvochnhxccaccgitruvonhtlchitkhuvdng
tin.Nutlchitkhucabngnvigitrthtmbncththuctdnutthaythkhcvicng
rirovdngtinvophtsinhtrongtnglaistngngvidngtinbnthuckhiuttht,th
NVPcabnskhchnhxc.[2]

Likhuyn
Hylunnhrngcncnhngyutphitichnh(nhlmitrnghayccvnxhi)cnphiccn
nhckhiaraccquytnhut.
NPVcngcthctnhtonbngcchsdngmytnhtichnhhocbngtnhNPV,chngurthuchnu
bnkhngcmytnhtnhgitrcadngtinchitkhu.

Cnhbo
Khngnnaraquytnhvtichnhmkhngtnhngitrthigiancatin.

Nhngthbncn
Btch
Giy
Mytnh

NgunvTrchdn
http://www.investopedia.com/terms/n/npv.asp
http://www.investopedia.com/terms/c/cashflow.asp
http://news.morningstar.com/classroom2/course.asp?docId=145101&page=2&CN=COM