Ti chnh doanh nghip GVHD: TS Nguyn Ha Nhn

BO CO TI

TIU CHUN IRR

(Internal Rate of Return)

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Ti chnh doanh nghip GVHD: TS Nguyn Ha Nhn

Danh sch thnh vin nhm 5:

1. Phm Th Thu Thy 36K06.3

2. Nguyn Th Ha Ni 36K06.3
3. V Th Hnh Nguyn 36K06.3
4. Nguyn N Dim Chi 36K06.3
5. Nguyn Vn Quang 36K07.1
6. Phm Th Trc Ly 36K15.2
7 L Th Hip 36K06.3
8 Anusa 35K13

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Ti chnh doanh nghip GVHD: TS Nguyn Ha Nhn

MC LC

1 TIU CHUN IRR ( INTERNAL RATE OF RETURN ) 4

1.1 Khi nim 4

1.2 Cch tnh IRR ca d n5

1.2.1 i vi d n c dng thu nhp pht sinh c dnh: 6
1.2.2 i vi d n c dng thu nhp pht sinh khng u: 8

1.3 u, nhc im ca IRR8

1.3.1 u im8
1.3.2 Nhc im 9

1.4 ngha 12

2 THI GIAN THU HI VN PBP ( PAYBACK PERIOD ) 13

1.1 Khi nim 13

1.2 Phn loi 13

2.2.1 Thi gian thu hi vn khng chit khu 13
2.2.2 Thi gian thu hi vn c chit khu 16

1.3 ngha 18

3 * KT LUN 18

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Ti chnh doanh nghip GVHD: TS Nguyn Ha Nhn

PHN M U

i vi mi doanh nghip, i n quyt nh u t th vn quan trng l

doanh nghip phi nh gi c hiu qu kinh t ca u t. Kt qu u t s thu c
trong thi gian di. Trong thi gian c nhiu bin ng kinh t, chnh tr, x hi,
kh d kin ht c. V vy, chp nhn b vn u t l doanh nghip chp nhn ri ro.
hn ch ri ro i hi doanh nghip phi xy dng nhiu d n c tnh kh thi.

Ty theo mc tiu ca d n m c nhiu phng php khc nhau la chn d

n u t. Thng thng mc tiu cui cng ca hot ng u t l li nhun. Do la
chn d n u t ch yu l nh gi kh nng sinh li ca tng d n, tc l xc nh t
l gia li nhun so vi vn u t.

Vy nn trong phn ny chng ta s tm hiu v mt s phng php ph bin

thng c s dng trong vic nh gi v la chn cc d n u t. C th, cc
phng php l g ? cch xc nh ( tnh ton ) nh th no ? u v nhc im v kh
nng vn dng ca cc chng trong thc t ra sao ?

1 Tiu chun IRR ( Internal Rate of Return )

1.1 Khi nim

T sut sinh li ni b (IRR) l li sut chit khu lm cho hin gi dng tin thu
nhp t d n bng vi chi ph ban u ca d n, ngha l d n c li sut chit khu
m ti NPV bng 0.
y chnh l im ha vn v li sut ca d n, l ranh gii nh u t quyt
r r
nh la chn d n.
% %
NPV

r
%

IRR
r
%

n
FCt
NPV I 0
t 1 (1 r ) t

1.2 Cch tnh IRR ca d n

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 Ti chnh doanh nghip GVHD: TS Nguyn Ha Nhn

NPV1 IRR IRR1

NPV1 NPV2 IRR2 IRR1
NPV

A
NPV1
B C IRR2
0 IRR1 r%
IRR
NPV2
D E

Cch thit lp cng thc :

AB BC

AD DE

NPV1
IRR r1 (r2 r1 )
NPV1 NPV2

Vi r1 IRR1
r2 IRR2

Tnh gn ng bng phng php ni suy:

+ Bc 1 :
Chn 1 li sut r bt k (r l s chn) v gi l r1.
Dng r1 tnh NPV ca d n v gi l NPV1
K thut tnh ton :
Nu NPV1 > 0 v NPV1 qu ln nng r1 ln NPV1 nh xung
Nu NPV1 < 0 v NPV1 qu ln h r1 NPV1 gim xung.
+ Bc 2 :
Chn 1 mc li sut r2 (nguyn ) bt k theo quy tc sau :
Nu NPV1 > 0 th chn r2 > r1 tnh NPV2 ng vi r2 NPV2 < 0

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 Ti chnh doanh nghip GVHD: TS Nguyn Ha Nhn

Nu NPV1 < 0 th chn r2 < r1 tnh NPV2 ng vi r2 NPV2 > 0

Ghi ch : NPV1 v NPV2 phi i du.
+ Bc 3 :
Ni suy xc nh IRR theo cng thc.

* xc nh IRR ca mt d n, chng ta s dng phng php th v sai, ngha

l chng ta s th cc gi tr li sut khc nhau tm mc li sut lm cho NPV bng 0.

Tuy nhin, khi tnh ton, chng ta c th s dng cng thc ni suy tm IRR.

NPV1
IRR r1 (r2 r1 )
NPV1 NPV2

*S dng tiu chun IRR la chn d n u t :

- Nu IRR>r : La chn d n.
- Nu IRR<r : Loi b d n
- Nu IRR=r : Ty nh u t quyt nh
(vi r l t sut sinh li yu cu)

1.2.1 i vi d n c dng thu nhp pht sinh c nh:

Trng hp cc d n c lp ln nhau:
IRR > r : chp nhn d n
IRR < r : loi b d n
Vi r l t sut sinh li yu cu

NPV

IRR > r, NPV > 0 u t c hiu qu

NPV1
IRR r2 r%
r1

6 IRR < r, NPV < 0 u t khng hiu qu

 Ti chnh doanh nghip GVHD: TS Nguyn Ha Nhn

NPV2

Trng hp cc d n l loi tr ln nhau:

D n c chn l d n c : IRR > r v IRR ln nht

V d:
Mt nh u t A ang xem xt 2 d n u t:
D n 1 u t vo thng phiu cng ty 1 vi vn u t ban u l 500 tr, thi
hn 5 nm, vic u t ny to ra thu nhp u t mi nm l 180 tr ng.
D n 2 u t vo thng phiu cng ty 2 vi vn u t ban u l 450 tr, thi
hn 4 nm, thu nhp u t d kin mi nm l 180 tr ng.
Nh u t s chn d n no ? Nu li sut s dng vn l 18%/ nm ?
Gii:
t IRR l r m ti NPV = 0
D n 1:
5
1
NPV1 500 180 0
1 (1 r1 )
t

Da vo bng tra ti chnh:

=> r1 = IRR1 = 22%
D n 2:
4
1
NPV2 450 180 0
1 (1 r2 ) t

Da vo bng tra ti chnh:

=> r2 = IRR2 =26%
So snh IRR1,IRR2 vi li sut s dng vn l 18%/ nm, c th a ra kt lun sau:
Nu 2 d n trn l c lp nhau th chn: ta chp nhn 2 d n v IRR>0

Nu 2 d n trn l loi tr nhau th chn: chn d n c IRR cao nht, ta chn d

n 2 c IRR bng 26%

1.2.2 i vi d n c dng thu nhp pht sinh khng u:

Tnh NPV bng cng thc :(cng thc ni suy)

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Ti chnh doanh nghip GVHD: TS Nguyn Ha Nhn

NPV1
IRR r1 (r2 r1 )
NPV1 NPV2

V d: Mt d n c chi ph u t ban u l 1 triu USD. Thu nhp thun cc nm

ln lt l CF1=200.000 USD, CF2=300.000 USD, CF3=400.000 USD, CF4=400.000
USD, CF5=500.000 USD. Tnh IRR ca d n?
Gii:
Chn r1 = 20%, ta c:

0,2 0,3 0,4 0,4 0,5

NPV1 1
(1 0,2) (1 0,2) 2
(1 0,2) 3
(1 0,2) 4
(1 0,2) 5
= 0,00033 (triu USD )

Chn r2 = 22%, ta c:

0,2 0,3 0,4 0,4 0,5

NPV2 1
(1 0,22) (1 0,22) 2
(1 0,22) 3
(1 0,22) 4
(1 0,22) 5
= -0,04865 ( triu USD )

p dng cng thc ni suy, ta c:

NPV1 0,00033
IRR r1 (r2 r1 ) ( ) 0,2 (0,22 0,2) ( ) 20,0135%
NPV1 NPV2 0,00033 0,04865

1.3 u, nhc im ca IRR

1.3.1 u im
C tnh n thi gi tin t.
C th tnh IRR m khng cn bit sut chit khu.
Tnh n ton b dng tin

1.3.2 Nhc im
Nhc im th nht: Khng phi lc no IRR > chi ph c hi u t th la
chn d n

Phng php t sut sinh li ni b - IRR cho rng nhng d n u t no c IRR

> chi ph c hi ca vn u t th u c th chp nhn c v NPV ca d n chc
chn s dng. Do khi so snh chi ph c hi ca vn u t v IRR cho cc d n
chng ta s nhanh chng bit c vi cc mc li sut chit khu no th NPV ca d n
s dng v ngc li. Nhng iu ny ch hon ton ng khi c p dng i vi cc
trng hp d n bnh thng tc NPV ca d n gim dn khi li sut chit khu tng.
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Ti chnh doanh nghip GVHD: TS Nguyn Ha Nhn

V n s khng ng trong trng hp c bit bi v khng phi tt c cc dng tin ca

cc d n u t u c NPV gim dn khi mc li sut chit khu tng ln. Hy xem xt
hai d n A v B nh sau:

Dng tin ( triu la)

D n CF0 CF1 IRR NPV(10%)
A -1000 +1500 +50% +364
B +1000 -1500 +50% -364

Mi mt d n c IRR l 50%. iu ny c ngha l cc d n u c sc thuyt

phc nh nhau? R rng l khng phi nh vy, v trong trng hp d n A vo nm 0
chng ta phi chi ra 1.000 triu $ hay ni cch khc chng ta ang cho vay tin vi mc
li sut l 50%. Trong trng hp d n B khi vo nm 0 chng ta c dng tin +1.000
hay ni khc i chng ta ang i vay tin vi mc li sut l 50%. Khi cho vay tin th
mi ngi u mun mt mc t sut hon vn cao v khi IIR > chi ph s dng vn
lm cho NPV > 0. Cn khi i vay th chng ta s mun ngc li, v li ca ngi cho
vay chnh l l ca ngi i vay.
Trong trng hp B, NPV gia tng khi li sut chit khu gia tng. R rng l tiu
chun t sut thu nhp ni b IRR nh chng ta cp trc y khng th p dng
trong trng hp ny. Chng ta ang tm kim mt IRR thp hn chi ph s dng vn.
Trong trng hp ny, NPV < 0 nn d n ny s khng c chp nhn.

Nhc im th hai: IRR a tr

C th mt d n c nhiu IRR. Khi ng tin ca d n i du nhiu ln, d n c

kh nng c nhiu IRR, v vu khng bit chn IRR no,\

Nm CF0 CF1 CF2 CF3 CF4

-300 200 200 200 -200

D n ny c 2 IRR l -39,07% v 27,73%.

L do cho vic xut hin hai gi tr IRR l do dng tin ca d n i du hai
ln.
Mt d n u t c dng tin i du bao nhiu ln th s c th c ti a s ln
nh vy cc gi tr IRR khc nhau.
Nguyn nhn dn n vic dng tin i du c th l do s cho php np chm
thu hoc nhiu d n phi gnh chi ph kh ln vo thi im ngng hot ng d n
chng hn nh cc d n khai thc m. Nhng d n ny khi ngng hot ng phi tn
nhiu chi ph ci to t khi ng ca theo yu cu bo v mi trng. Do vy cc d n
khai thc m thng c hai IRR v dng tin ca n b i du hai ln (ln th nht trong
nm u tin v ln th hai khi kt thc d n).
V cng c nhng trng hp d n khng c IRR. V d d n D c dng tin nh
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Ti chnh doanh nghip GVHD: TS Nguyn Ha Nhn

sau:

Dng tin ($)

Nm CF0 CF1 CF2 IRR (%) NPV
Lun lun
+1.000 -3.000 +2.500 Khng c
dng

D n ny khng c IRR v c NPV lun lun dng vi bt k mc li sut chit

khu no.
Tm li trong nhng trng hp nh vy tiu chun IRR bc l nhng khuyt
im v gii php n gin nht l s dng tiu chun NPV.

Nhc im th ba: Mu thun trong trng hp hai d n loi tr nhau.

Trong trng hp phi c s la chn mt trong s cc d n loi tr ln nhau,

NPV v IRR khng phi lc no cng dn n s la chn ging nhau, y l iu d
nhm ln nht trong thc tin thm nh d n u t. t c mc tiu l chn la
d n tt nht t cc d n u t c xut, chng ta phi cn phn loi chng v la
chn d n no c xp loi cao nht. Nhng tiu chun NPV v IRR li khng dn n
nhng kt qu ging nhau.
By gi chng ta hy cng xem xt nhng l do dn n nhng kh nng khc
nhau:
- Khc nhau v kch thc, quy m u t.
- Khc nhau v mu hnh ca dng tin CF.
Khc nhau v quy m u t v mu hnh CF: Mt s khc nhau v quy m u t
cng gy ra nhng xp loi mu thun bi tiu chun NPV v IRR. thy r iu
ny, gi nh chi ph s dng vn l 8% v xem xt hai d n u t C, D.

Nm
D
0 1 2 NPV (8%) IRR
n
-
C 5.917 5.917 558,58 12%
10.000
-
D 11.834 11.834 1117,16 12%
20.000

Nu xt theo phng din u t ban u v dng tin ca hai d n th d n D

gp i d n C. T sut sinh li m hai d n to c ging nhau (12%), do vic
xp loi hai d n ny bng IRR l ging nhau. Nhng khi d n C to ra mt khon thu
nhp l 12% trn 10.000$, th d n D l 12% trn 20.000$. NPV ca d n D gp i
d n C. Nu xt theo tiu chun NPV th d n D phi c xp loi cao hn.
IRR c din t bng mt t l %, trong khi tnh hnh ti chnh ca doanh nghip
li c o bng tin. Nh vy, IRR ca mt d n khng th gii thch trc tip c
vn , nu xt theo ngha ca s gia tng gi tr doanh nghip. Mt khon u t to ra
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Ti chnh doanh nghip GVHD: TS Nguyn Ha Nhn

thu nhp 50% trong mt nm nghe rt hp dn, nhng t sut sinh li ch tnh trn 100$
th qu tht chng khng l g c.
Mt v d khc na v mu hnh ca dng tin lm gia tng kh nng mu thun
vic xp loi bng tiu chun NPV v IRR.. Trong khi dng tin ca d n X l khng
i theo thi gian, th d n Y c dng tin gim dn.

Nm
D n 0 1 2 3 NPV (10%) IRR
X -23.000$ 10.000$ 10.000$ 10.000$ 1.896$ 14,6
Y -8.000$ 7.000$ 2.000$ 1.000$ 768$ 17,7
X-Y -15.000$ 3.000$ 8.000$ 9.000$ 1.101$ 13,5

ti mc thu ph s dng vn l 10% , d n X c NPV cao hn d n Y. Do ,

nu xt theo tiu chun NPV, d n X tt hn d n Y. cn kha cnh khc, IRR ca d n
Y l 17.7% cao hn d n X (14.6%), v th nu xt theo tiu chun IRR, d n Y tt hn
d n X.
ti mc li sut 10% (chi ph s dng vn) gi nh v d trn, mt mu thun
trong xp loi d n xy ra. D n X c xp loi cao hn bng tiu chun NPV, nhng
d n Y li c xp loi cao hn theo tiu chun IRR. Tuy nhin, tiu chun NPV s dn
n kt lun chnh xc i vi nhng doanh nghip hng mc tiu ca mnh vo ti a
ha li nhun.
phn tch r tnh hung
trn, chng ta tin hnh tr dng tin ca Y v X. iu ny s xy to ra mt d n khc
l d n(X-Y). D n ny c gi inh ra phn tch (y khng phi l d n tht)
v chng ta c th s dng n cho nhng lp lun tip theo.
Hy ch l NPV ca (X Y) trn bng 10.4 chnh l s khc bit gia NPVx v
NPVy 1.869$ - 768$ = 1.101$.
Cng bi v NPV(X-Y)>0, chc chn rng IRR(X-Y)>r.(tht vy 13.5%>10%).
Dng tin ca d n X bao gm dng tin ca Y cng thm dng tin ca d n
(X-Y):X =Y + (X-Y).
Bi v X v Y l hai d n loi tr ln nhau, chng ta ch c th chp nhn 1 trong 2
l Y hoc X. Nu chng ta chn Y, NPV s l 768$ v d n s to ra mt thu nhp l
17.7% t sut sinh li. do chng ta c th lp lun v vic la chn d n X v Y nh
mt s la chn bn thn Y cng vi mt d n khc l (X-Y). chng ta c th nhn xt
sau:
Nu (X-Y) l d n chp nhn c th d n Y + (X-Y) phi tt hn l Y mt
mnh.
Nu d n (X-Y) l d n khng chp nhn c, th Y mt mnh li tt hn
Y + (X-Y).
Bi v NPV(X-Y)= NPVX-NPVY, v bi v NPVX> NPVY nn r rng
NPV(X-Y)>0. Tht vy, NPV(X-Y) l 1.101$ v chng ta cng bit rng nu NPV l
dng tnh cng c ngha l IRR ln hn li sut chit khu r (IRR > r). Lp lun ny rt
quan trng, bi v n cho chng ta thy l (X-Y) l d n chp nhn c bng c 2 tiu
chun NPV v IRR. R rng d n Y+ (X-Y) phi tt hn Y mt mnh.
Chng ta c th kt lun vn , khi c mt mu thun xy ra gia 2 tiu chun
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Ti chnh doanh nghip GVHD: TS Nguyn Ha Nhn

NPV v IRR th tiu chun NPV s thch hp hn, nu mc tiu ca doanh nghip l ti
a ha li nhun.

Nhc im th t: Li sut ngn hn c th khc li sut trong di hn.

Trong tho lun v quyt nh ngn sch vn u t, chng ta n gin ha khi

cho rng chi phi c hi ca vn l nh nhau cho cc dng tin cc nm CF1, CF2
CFn... trong phm vi cp y chng ta s khng i su vo vn yu t li sut
thay i theo thi gian nhng i vi tiu chun IRR cn c nhng nhn nh r rng hn
khi li sut ngn hn khc vi li sut di hn
Ta c cng thc tng qut nht tnh hin gi thun:
CF1 CF2 CFn
NPV ... I
(1 r1 ) (1 r2 )
1 2
(1 rn ) n
Ni cch khc ta s chit khu CF1 vi r1 chi ph c hi ca vn trong nm 1, r2
chi ph c hi ca vn trong nm 2.theo tiu chun IRR ta s chp nhn 1 d n nu
IRR ln hn chi ph c hi. Nhng tht kh khi so snh IRR vi r1, r2, r3?
iu ny c ngha g vi quyt nh ngn sch vn u t? N c ngha l IRR
tr nn kh s dng khi chng ta cho rng cu trc li sut theo thi gian l quan trng.
Nhiu cng ty trn thc t s dng tiu chun IRR v h ngm gi nh rng
khng c g khc bit gia li sut di hn v li sut ngn hn. H lm iu ny vi cng
1 l do: n gin ha vn , b qua yu t li sut thay i theo thi gian.
Chng ta lit k 4 trng hp m IRR c th dn n nhng kt lun sai lm.
Vy tiu chun IRR l khng ng tin cy? Ngc li hon ton, tiu chun IRR l mt
ngun gc rt ng tn trng v tuy n l 1 tiu chun khng d dng s dng bng tiu
chun NPV, nhng nu c s dng ng n tiu chun IRR s cho ra cng 1 cu tr
li.

1.4 ngha
- Nu gi tr ny ln hn gi tr sut chit khu (chi ph c hi) th d n ng gi.
- T l ni b hon vn cng cao th kh nng thc thi d n cng cao. IRR cn
c s dng o lng, sp xp cc d n c trin vng theo th t, t c th d
dng hn trong vic cn nhc nn thc hin d n no. Ni cch khc, IRR l tc tng
trng m mt d n c th to ra c. Nu gi nh rng tt c cc yu t khc ca d
n l nh nhau th d n no c t sut hon vn ni b cao nht th d n c th u
tin thc hin u tin.
- IRR d tnh ton v khng ph thuc vo chi vn, rt thun tin cho vic so snh
c hi u t v cho bit kh nng sinh li di dng %. ngha ct li ca IRR l cho
nh u t bit c chi ph s dng vn cao nht c th chp nhn c. Nu vt qu
th km hiu qu s dng vn. Tuy nhin IRR khng c tnh ton trn c s chi ph s
dng vn do c th dn ti nhn nh sai v kh nng sinh li ca d n. Nh u t s
khng bit mnh c bao nhiu tin trong tay.

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Ti chnh doanh nghip GVHD: TS Nguyn Ha Nhn

2 Thi gian thu hi vn PBP ( PayBack Period )

Trc khi bc vo thc hin mt d n no , nh u t lun lun quan tm n
thi gian hon vn, s mt bao lu mt phi v u t c th thu hi li s vn b ra
mt cch nhanh nht.

1.1 Khi nim

Thi gian hon vn PBP(Payback period) l thi gian dng tin to ra t d n
b p chi ph u t ban u.

C s chp nhn d n da trn tiu chun thi gian hon vn l thi gian
hon vn phi thp hn hoc bng thi gian hon vn yu cu hay cn gi l
ngng thi gian hon vn.
Thi gian hon vn cng ngn th d n u t cng hp dn.
Phng php la chn d n da vo ch tiu PBP:
- Chp nhn u t d n nu PBP < thi gian yu cu
- T chi u t d n nu PBP > thi gian yu cu

1.2 Phn loi

Thi gian thu hi vn c th c chia thnh hai loi: thi gian thu hi vn khng
chit khu v thi gian thu hi vn c chit khu.

2.2.1 Thi gian thu hi vn khng chit khu

Thi gian thu hi vn khng chit khu c xc nh mt cch n gin da vo
dng tin t do ca d n m khng tnh n yu t thi gian tin t.

Phng php xc nh thi gian hon vn:

p dng phng php thi gian hon vn, trc tin cn tnh s nm hay hay
thi gian hon vn ca d n.

Trng hp 1: Dng tin thun (thu nhp do u t mang li) hng nm bng nhau,
to nn mt dng tin ng nht. Khi :

Chi ph u t ban u
Thi gian hon vn =
Dng tin thun hng nm

V d1: Mt cng ty quyt nh mua mt dy chuyn sn xut tr gi $70000. Mi

nm cng ty ny thu v $20000. Khi thi gian hon vn l $70000/$20000 = 3.5 nm.

Trng hp 2: Dng tin thun hng nm khng bng nhau, khi thi gian thu hi
vn hay hon vn c tnh nh sau:
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Ti chnh doanh nghip GVHD: TS Nguyn Ha Nhn

|nt=0 NCFt|
PBP = n +
NCFn+1

Trong n l s nm dng tin tch ly ca d n < 0, nhng dng tin tch ly

n nm n+1 s > 0, tc l:

nt=0 NCFt <0 v n+1t=0 NCFt >0

V d 2: Cng ty ABC ang nh gi la chn d n u t vi s liu sau:

Dng tin vo ca d n u t s l $10000, $12000, $15000, $10000 v $10000,
tng ng vi cc nm t 1 n 5 nm. Chi ph u t ban u s l $40000.

n v: $1000

Nm 0 1 2 3 4 5
NCF - 10 12 15 10 10
40
Dng tin vo tch ly 10 22 37 47 57

|- 40 + 10 + 12 + 15|
Thi gian hon vn = 3+ = 3.3

10

Gi s nh qun l a ra di thu hi vn mong i ca d n l 3,5 nm th d

n vn c chp nhn v cng ty s thu hi vn u t ban u vi thi gian nh hn 3,5
nm (3,3 nm < 3,5 nm).

V d 3: Thi gian hon vn cho mt d n khc ca cng ty ABC c dng tin nh

sau:

Nm 0 1 2 3 4 5
NCF -700 200 200 200 200 300
Dng tin vo 200 400 600 800 1100
tch ly

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Ti chnh doanh nghip GVHD: TS Nguyn Ha Nhn

|-700 + 200 + 200 + 200|

Thi gian hon vn = 3 + = 3.5
200

Nu thi gian hon vn yu cu l 4 nm th d n c chp nhn.

u, nhc im:

* u im:
- n gin, d s dng
- Th hin kh nng thanh khon v ri ro ca d n. Nu thi gian hon vn ngn,
thanh khon ca d n cng cao v ri ro i vi vn u t ca d n cng thp.
- c p dng nhiu cho cc d n cn thu hi vn nhanh.
* Nhc im:
- Khng xem xt dng tin sau thi gian hon vn v vy s gp sai lm khi la
chn v xp hng d n theo tiu chun ny.
- Khng quan tm n gi tr ca tin theo thi gian.
- Ch xem xt c li ch ngn hn.
Ta s thy r qua d n sau: Chng ta gi nh chi ph s dng vn l 10%/ nm
v chnh sch ca doanh nghip l s khng chp nhn d n thi gian thu hi vn vt
qu 3.5 nm

D N M NPV IRR (%)PBP

(10%)
N 0 1 2 3 4 5
(nm)
A -10.000 1.000 2.000 3.000 4.000 10.000 3.757 19.7 4

B -10.000 5.000 3.000 2.000 1.000 1.000 -169 9.1 3

C -10.000 9.000 500 500 1.000 1.000 275 11.9 3

Qua bng s liu bng trn ta thy tiu chun PBP mu thun vi c hai
ch tiu NPV, IRR khi nh gi d n.
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Ti chnh doanh nghip GVHD: TS Nguyn Ha Nhn

D n B ng l b t chi bi v NPV < 0 (-169 < 0), IRR < chi ph s dng
vn (9.1% < 10%). Tuy nhin PBP ca B l 3 nm, do d n c chp nhn theo
tiu chun PBP.
D n A th ngc li phi c chp nhn v NPV > 0 (3.757 > 0), IRR > chi
ph s dng vn (19.7% > 10%)
Do ch tiu ny cha phi l mt ch s biu th hiu qu kinh t ca mt d
n mt cch hp l.

2.2.2 Thi gian thu hi vn c chit khu

Chng ta thy rng mt trong nhng khim khuyt ca tiu chun PBP khng
chit khu l n b qua tnh cht gi tr tin l theo thi gian v tiu chun PBP c
chit khu s khc phc nhc im ny.
Phng php x c n h thi gian thu hi vn c chit khu
- PBP c c h i t k h u l khong thi gian cn thit thu hi vn u t ban
u c tnh theo dng tin c chit khu v hin ti.
- Cng thc tnh hon ton ging vi PBP khng chit khu, nhng dng tin
tnh c chit khu v hin ti.
* V d:

Nm 0 1 2 3 4
NCF -500 200 200 200 250
T sut chit -500 178,57 159,44 142,36 158,88
khu 12%

|- 500 + 178,57 + 159,44 + 142,36|

Thi gian hon vn =3 + = 3.12 nm
158,88

Hay ni cch khc: nu PBP khng chit khu l khon thi gian cn thit m d
n c th thu hi li c vn u t ban u di gc k ton th tiu chun PBP
c chit khu l khon thi gian cn thit m d n c th hon li c vn u t
b ra ban u c cm nhn di gc ti chnh.

V d: Gi nh rng mt d n u t i hi 12.5% li nhun trn tng vn u

t b ra. D n c s vn u t ban u l 300$ v mi nm to ra dng tin
dng l 100$ trong 5 nm. p dng tiu chun thi gian thu hi vn c chit khu
chng ta s chit khu dng tin mi nm vi mc li sut chit khu l 12,5% v
tnh gi tr hin ti ly k ca dng tin ny. Bng sau th hin kt qu tnh ton ca
hai dng tin c chit khu v khng c chit khu v nhn vo kt qu ca ct dng
tin ly tin ta thy tiu chun PBP khng chit khu cho thi gian thu hi vn ng 3
nm trong khi ch tiu chun thi gian thu hi vn c chit khu cho kt qu thi gian
thu hi vn hi vn l 4 nm.
Chng ta c th hiu v tiu chun thi gian thu hi vn c chit khu nh th
no? Nu xem tiu chun thi gian thu hi vn PBP khng c chit khu l khon
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Ti chnh doanh nghip GVHD: TS Nguyn Ha Nhn

thi gian cn thit m d n c th thu hi li c vn u t ban u di gc k

ton th tiu chun thi gian thu hi vn PBP c chit khu l khon thi gian cn
thit m d n c th hon li c vn u t b ra ban u c cm nhn di
gc ti chnh. Ni r hn, trong v d ny tiu chun thi gian thu hi vn c chit
khu cho thy chng ta s cn thi gian l 4 nm thu hi li vn u t c tnh
n c hi chi ph ca vic s dng vn u t, khon sinh li m s vn ny c th
kim c t nhng d n khc.

Thi gian thu hi vn theo phng php PBP c chit khu

Dng tin Dng tin ly k

Khng chit Chit Khng chit Chit

Nm
khu khu khu khu
1 100$ 89$ 100$ 89$

2 100$ 79$ 200$ 168$

3 100$ 70$ 300$ 238$

4 100$ 62$ 400$ 300$

u, nhc im
* u im:
- Thi gian hon vn c chit khu cho nh u t bit c thi gian thu hi vn
thc s ca d n( c tnh n yu t gi tr tin t theo thi gian).
* Nhc im:
- Tnh ton phc tp hn PBP khng chit khu
- Khng xt n ton b dng tin ca d n, dng tin pha sau d n s b b qua
khi gii hn thi gian thu hi vn xc nh.
- Mt d n c thi gian thu hi vn c chit khu ngn hn ca mt d n khc
nhng iu ny khng c ngha l c NPV ln hn, dn n d dn n sai lm khi quyt
nh u t nu khng kt hp cht ch vi cc ch tiu khc.

1.3 ngha
Sau bao lu s thu hi c ton b vn u t.
Xem xt c linh hot ca vn u t.
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Ti chnh doanh nghip GVHD: TS Nguyn Ha Nhn

L mc so snh gia cc phng n u t.

Thng k % gim c ti chnh cc cng ty ln s dng cc phng php thm nh
d n u t khc nhau

Lun lun hoc thng xuyn s dng (%)

NPV
74,9
IRR
75,6
PP
56,7
DPP
29,5
PI
11,9
Cc phng
30,3
php khc

T l thng k % ca cc cng ty a quc gia ln trn th gii s dng cc phng

php thm nh d n u t khc nhau

S dng chnh S dng ph tr

PP 5% 37,6%
IRR 65,3% 14,6%
NPV 16,5% 30%
Khc 13,2% 17,8%
Tng cng 100% 100%
3

8 * Kt lun

Nn s dng ch tiu no quyt nh u t?

Nhiu nghin cu thc tin a ra bng chng kt lun cho thy rng ba ch tiu
NPV, IRR, PBP thng c s dng a ra quyt nh u t.Trong ba ch tiu ny
chng ta nn s dng kt hp c ci nhn ton din hn v s kh thi v mt ti chnh
ca d n.Chng hn NPV cho chng ta bit d n c sinh li hay khng nhng khng
cho bit kh nng sinh li tng i ca d n l bao nhiu phn trm.Do n phi
c b sung bng ch tiu IRR.Th nhng c NPV v IRR ch cho bit v kh nng sinh
li ch khng cho bit c bao gi th thu hi c vn u t t d n, cho nn, cn b
sung thm ch tiu PBP.S kt hp ba ch tiu ny s cho chng ta mt ci nhn ton din
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Ti chnh doanh nghip GVHD: TS Nguyn Ha Nhn

hn v d n.

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Ti chnh doanh nghip GVHD: TS Nguyn Ha Nhn

Ti liu tham kho:

1. Gio trnh Lp d n u t PGS.TS. Nguyn Bch Nguyt Nxb i hc kinh t
Quc Dn.
2. Gio trnh D N U T Lp, thm nh hiu qu ti chnh inh Th Hin.
3. Ti chnh doanh nghip TS.Nguyn Minh Kiu

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lap-du-toan-von-npv-va-irr.html

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