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Ni dung
1- Khi nim
1.1. Gi tr hin ti
1.2. Gi tr hin ti rng
1.3. Chi ph c hi ca vn
1.4. Li sut n, li sut kp
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Tnh gi tr hin ti
n CF t
PV = (1+r)t
t=1
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V d 1.1
Bn trng x s. Bn c th chn mt trong cc cch tr thng sau:
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1.2. Gi tr hin ti rng
NPV (Net present value): L gi tr hin ti ca cc dng tin s
nhn tr i gi tr hin ti ca cc khon u t.
r (sut chit khu, chi ph vn): l sut sinh li ti thiu m nh u t
trng i (MARR, Minimum Acceptable Rate of Return )
C0 u t ban u
NPV Gi tr hin ti rng
r Sut chit khu
CF t Ngn lu rng k vng vo thi im t
n CFt
NPV = t
- C0
t=1 (1+r)
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S dng khi nim gi tr hin ti:
nh gi, thm nh d n v ra quyt nh
nh gi l g?
Lu cc bc tin hnh nh gi:
c tnh t s: ngn lu ca d n
nh gi ri ro ca d n
c tnh mu s: sut chit khu chi ph vn
S dng phn tch chit khu ngn lu
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Ra quyt nh:
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1.3. Chi ph c hi ca vn
Chi ph c hi ca vn: l li ch thay th ln nht m vic s dng
ngun vn c th mang li
Sut chit khu: c tnh da trn chi ph c hi ca vn u t, bng
cch xem sut sinh li ca cc d n tng ng c cng ri ro.
Sut sinh li ni ti IRR (Internal Rate of Return): l sut chit khu lm
cho gi tr hin ti rng ca u t bng 0
IRR: Mc sinh li ti a i vi nh u t vn
Nu mi iu kin khc nh nhau, gia hai d n, chn d n c
mc sinh li ni ti IRR ln hn
C th khng xc nh c IRR, hoc c nhiu IRR
Khi so snh cc d n, tiu ch IRR c th dn n kt lun khc tiu
ch NPV : u tin tiu ch NPV
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V d 1.2
Doanh nghip ca bn nh thanh l mt s xe t. C
hai doanh nghip mun mua s xe ny, mt bn ngh
tr ngay 30 t VND, mt bn mua gi 33 t nhng tr
tin sau 1 nm. Hin ti doanh nghip ca bn ang n
ngn hng mt khon tin ln vi li sut 15%/nm. Li
sut tin gi hin hnh l 7%/nm.
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V d 1.3
Cui nm 2015 bn lnh tin thng 200 triu VND. Bn
c hai la chn u t:
1- Gi tit kim li sut 7%/nm
2- Gp vn vi ngi thn mua nh cho thu. Ngn lu
rng nm u d kin bn c 10 triu VND, hai nm
tip c 20 triu VND/nm. Cui nm 2019 bn rt
vn v nhn ngn lu tng cng c 225 triu VND.
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V d 1.4
6,000
IRR = 2,93% hay 11,76%? 4,000 IRR1 = 2,93% IRR2 = 11,76%
2,64326
2,000
-
0% 2% 4% 6% 8% 10% 12% 14% 16%
(2,000)
(4,000)
(6,000)
(8,000)
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1.4. Li sut n, li sut kp
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V d 1.5
Ngn hng A v B cng huy ng tin gi tit
kim vi li sut [danh ngha] c cng b l
1% mt thng. Tuy nhin chnh sch tr li ca
hai ngn hng ny khc nhau, c th:
Ngn hng A: tr li cng vi vn gc mt ln
khi o hn.
Ngnhng B: tr li nh k hng thng, vn
gc tr khi o hn.
Mt khch hng cn gi 100 triu ng k hn 6
thng, tnh tng s tin d kin nhn c khi
o hn. Nn gi ngn hng no c li nht?
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Li kp vi k tnh li khc nhau
Khon u t 1 triu ng, k hn 5 nm, sut sinh li 10%/nm.
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Li sut danh ngha v li sut thc
i t l lm pht
rt li sut thc
r li sut danh ngha
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V d 1.6. Pht hnh tn phiu
Ngy 1/10/2015, Kho bc nh nc pht hnh tn phiu kho
bc k hn 91 ngy, o hn ngy 31/12/2015. Mnh gi
100.000.000 VND (mt trm triu ng).
a. Nu li sut trng thu l 10%/nm th gi tn phiu kho
bc bn ra ti thi im pht hnh l bao nhiu?
b. Ngy 1/11/2015, mt ngi mua li tn phiu ny trn th
trng vi gi 97.7504VND. i vi nh u t ny, nu
gi tn phiu n khi o hn th li sut n khi o hn
ca tn phiu ny l bao nhiu?
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2- Cc cng thc tnh
2.1. Ngn lu u
2.2. Ngn lu u v hn
2.3. Ngn lu tng u
2.4. Ngn lu tng u v hn
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2.1. Gi tr hin ti ca ngn lu u
PV CF CF CF CF CF
1 1
PV = CF . (1 - )
r (1+r)n
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Gi tr tng lai
CF CF CF CF CF FVn
1
FVn = CF . .((1+r)n 1)
r
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2.2. Gi tr hin ti ca ngn lu u v hn
PV CF CF CF CF CF ...
Thi gian
t=0 1 2 3 4 n
CF
PV =
r
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2.3. Gi tr hin ti ca ngn lu tng u vi t l
g (trong sut chit khu r > g )
1 (1+g)n
PV = CF . (1 - )
r-g (1+r)n
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2.4. Gi tr hin ti ca ngn lu
tng u v hn vi t l g ( r > g )
Thi gian
t=0 1 2 3 4 n
PV = CF
r-g
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Lch n vay vi n gc tr u
Vay 2 triu USD, k hn 6 nm, li sut 6%/nm, li tr hng nm,
n gc tr u hng nm.
Nm 0 1 2 3 4 5 6
Li sut 6.0%
Lch n vay vi n gc v li tr u
Vay 2 triu USD, k hn 6 nm, li sut 6%/nm, li tr hng nm,
n gc v li tr u hng nm.
2015 2016 2017 2018 2019 2020 2021
Nm 0 1 2 3 4 5 6
Li sut 6.0%
V d 2.1: Mua nh tr gp
Bn nh mua mt cn h chung c An Bnh, gi 1,6
t VND. Hin ti bn c c 600 triu VND. Ngn
hng Vietcombank ng cho bn vay 1 t, li sut
12%/nm, li v vn tr u vo cui k trong vng 10
nm.
a) Nh vy mi nm bn phi tr bao nhiu tin li v vn
cho ngn hng?
b) Gi s bn tha thun tr u li v vn hng thng th
mi thng bn phi tr bao nhiu?
c) Nu mi thng bn tit kim c 10 triu VND tr
n th bn c th c ngn hng cho vay bao nhiu
tin?
V d 2.2: Bo him nhn th
31 thng 12 nm 2015, hp ng bo him nhn th ca
ng Th kt thc. ng Th c hai la chn nh sau:
1- kt thc hp ng rt vn : ngi c bo him
nhn ngay khon tin 760 triu VND ;
2 - th hng li tc trn i : ngi c bo him s
nhn hng nm, k t 31/12/2016 cho ti lc qua i,
mt khon tin l 72 triu VND.
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V d 2.3: Cho con i hc
Anh ch Tho Dn c mt cu con trai ang hc lp 7.
Anh ch mong mun chun b tin cu con trai c th
yn tm cho 3 nm u hc i hc. c tnh chi ph
hc i hc trong nc ti thiu l 4,5 triu VND/thng
(tin hc v sinh hot ph, tnh theo gi c nh nm
2021). Anh ch nh tit kim 5 nm na c mt
khon 162 triu VND cho con trai. Li sut tit kim n
nh mc 10%/nm. Vy mi thng anh ch Tho
Dn phi b tit kim c bao nhiu mi cho con i
hc?
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Gii thiu mt s hm Excel ti chnh
Hm FV, PV
FV(rate,nper,pmt,[pv],[type])
PV(rate, nper, pmt, [fv], [type])
Hm PMT, RATE, NPER
PMT(rate, nper, pv, [fv], [type])
RATE(nper, pmt, pv, [fv], [type], [guess])
NPER(rate,pmt,pv,[fv],[type])
Hm NPV, IRR
NPV(rate,value1,[value2],...)
IRR(values, [guess])
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