BO

N PHE
P TNH C BA
N TH
NG C DU
NG TRONG
THA
M NH D A
N A
U T
1/ GIATRTNG LAI CU
A MO
T SOTIE
N : lagiatrcua mot lng tien c tang trng them
neu a i au t trong n chu k (nam ), vilaisuat au t i, goi:
P: lagiatrvon hien tai
i: lalaisuat 1 chu k
Fn: lagiatrlng tien tang trng sau n k. Ta co:
Nam th Giatrvon au k Tien lai1 k
1
P
Pi
2
F1
F 1i
3
F2
F 2i
...
.....
.....
n
Fn-1
Fn-1i

Giatrvon tang trng cuoik

F1 = P + Pi = P(1+i)
F2 = F1 + F1i = F1(1+i) = P(1+i)(1+i) = P(1+i) 2
F3 = F2 + F2i = F2(1+i) = P(1+i) 2(1+i) = P(1+i) 3
..................................................
Fn = Fn-1 + Fn-1(1+i) = P(1+i) n-1(1+i) = P(1+i) n

Fn = P(1+i)n
Tha so(1+i)n c tnh san tren Bang tnh taichnh (Bang 1)

2/ GIATRHIEN TAI (HIEN GIA)CUA MOT SOTIEN : lagiatrcua mot lng tien d kien
thu vao (hoac chi ra) trong tng lai, c qui vegiatrhien tai theo tlechiet khau i vin
chu k. Phep tnh hien giangc lai viphep tnh giatrtng lai.
Ta co: Fn = P(1+i)

P = Fn 1 n
(1i)

P = Fn(1+i)

-n

Tha so(1+i)-n c tnh san tren Bang tnh taichnh (Bang 2)

3/ GIATRTNG LAI CU
A DO
NG TIE
N PHA
T SINH E
U HA
NG NA
M : lagiatrlng
tien c tnh vao ngay thu (hoac chi) cuoicung cua dong tien d kien thu vao (hoac chi ra)
bang nhau, eu an hang nam . S odong tien nh sau:
$
=

- - - - - - - - - - - - - - - - - - - - - - - - - - -- - - - -

C$
C

C(1+i) n-1

----=

C(1+i) 2

C(1+i)1

= C(1+i)0 = C
C
= Fcf

nam th
0

n-2

n-1

Goi Fcf lagiatrtng lai cua do

ng tien eu, ta co

Fcfn = C + C(1+i) + C(1+i) 2 + ........... + C(1+i) n-1

= C 1(1 i) (1 i)2 .......(1 i)n 1

Goi x = (1+i), ta c
Fcfn = C (1 + x + x2 + ......... + xn-1) (1)
Nhan hai vecho x
xFcfn = C (x + x2 + ...............+ x n)
(2)
Lay (2) tr(1)

n 1)
n 1
(
x
(
1

i
)
Fcfn (x - 1) = C(x - 1) Fcfn = C
=C
x 1
(1 i) 1
n 1
(
1

i
)
Fcfn = C
i
n

n 1
(
1

i
)
Th
a so
c tnh sa
n tren Ba
ng tnh ta
i chnh (Ba
ng 3)
i

4/ HIE
N GIACU
A DO
N G TIE
N E
U HA
N G NA
M : lagiatrcua toa
n bodo
ng tien
phat sinh eu an, bang nhau ha
ng nam c qui vegiatrhien tai theo tlechiet
khau i trong khoang th
i gian n nam . S odo
ng tien nh sau:
$
C

C$
= C(1+i)-1
= C(1+i) -2
= C(1+i) -3
____

_ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _

= C(1i)-n
//

nam th
n

Goi Pcf lagiatrtng

lai cua do
ng tien eu, ta co
hin ti

Pcfn = C(1+i)-1 + C(1+i)-2 + ........... + C(1+i) -n

= C (1 i)1 (1 i) 2 .......(1 i) n

Goi x = (1+i)-1, ta c
Pcfn = C (x + x 2 + ......... + x n)
Chia hai vecho x

(1)

Pcf n
2
n-1
=
C
(1
+
x
+
x
+
...............+
x
)
x
Lay (2) tr(1)

(2)

n)
n
(
1

x
1

(
1

i
)
n
1
Pcfn ( x 1) = C(1 - x ) Pcfn = C
=C
1x
1 (1 i)1
(1 i)1
x

1
1

(
1

i
)
(
1

i
)

1
(1 i)

X (1 i) = i
X
Ma
:
= 1
=

(
1

i
)
(1 i)1

(1 i) 1

n
n
1

(
1

i
)
1

(
1

i
)
Pcfn = C
Th
a so
c tnh sa
n tren Ba
ng
i
i

tnh ta
i chnh (Ba
ng 4)

BO
N PHNG PHA
P C BA
N DU
NG TRONG
THA
M NH D A
N A
U T
1/ PHNG PHA
P HIE
N GIATHUA
N - NPV (Net present value): Giatr NPV
o l
ng li nhuan cu
a d a
n sau khi abuap chi ph au t cotnh en
th
i giacu
a tien te. C stnh toa
n: giatr NPV lachenh lech gi
a tong
hien giacu
a do
ng tien thu nhap hang nam (khi a ta
i sa
n au t va
o s
dung) v
i tong hien giacu
a do
ng tien chi ra au t

Goi: Ip latong hien giacu

a do
ng tien chi ra au t
PV laton g hien giacu
a do
ng tien thu nhap d kien
Ta co
:

NPV = -Ip + PV
*Lu y
:
Thu nhap = La
i ro
ng + Khau hao TSC + La
i vay von

V du: D a
n A cosolieu nh sau:
CH TIU

Nm
th 0

Nm
th 1

Nm
th 2

Nm
th 3

DNG TIN
(700) (800) 262 383
1/Doanh thu
2,000 2,500
2/ Bin ph
1,200 1,500
Trong :
+ Vt liu
720 900
+ Nhn cng
180 225
+ Nng lng
240 300
+ Bin ph khc
60
75
3/ nh ph
600 600
Trong :
+ Khu hao TSC
130 130
+ Chi ph qun l
450 450
+ nh ph khc
20
20
4/ EBIT (1-2-3)
200 400
5/ Li vay vn
30
32
6/ Li chu thu
170 368
7/Thu (40%EBT)
68 147
8/ Li rng (6-7)
102 221

Nm
th 4

Nm
th 5

Nm
th 6

Nm
th 7

Nm
th 8

Nm
th 9

Nm
th 10

504 626 553

456
359
262
213
3,000 3,500 3,200 2,800 2,400 2,000 1,800
1,800 2,100 1,920 1,680 1,440 1,200 1,080
1,080 1,260 1,152 1,008
270 315 288
252
360 420 384
336
90 105
96
84
600 600 600
600
130
450
20
600
35
565
226
339

130
450
20
800
40
760
304
456

130
450
20
680
38
642
257
385

Vi EBIT lali nhun trc li vay vn v trc thu

130
450
20
520
34
486
194
292

864
216
288
72
600

720
180
240
60
600

648
162
216
54
600

130
450
20
360
32
328
131
197

130
450
20
200
30
170
68
102

130
450
20
120
28
92
37
55

Theo solieu tren , ta cos odong tien:

0

-700

-800

262

383

504

10

626

553

456

359

262

213

Ghi chu: soam ladong tien chi au t, sodng ladong tien thu nhap
Gianh tlechiet khau cua d an i = 10%, ta tnh NPV
NPV = -Ip + PV
Vi Ip = {700(1+10%)0} + {800(1+10%)-1} = (700 x 1) + (800 x 0,9091)
= 700 + 727,2728 = 1.427,2728
Va PV = {262(1+10%)-2} + {383(1+10%)-3} + {504(1+10%)-4} +
{626(1+10%)-5} + {553(1+10%)-6} +{456(1+10%)-7} + {359(1+10%)-8} +
{262(1+10%)-9} + {213(1+10%) -10}

= (262 x 0,8264) + (383 x 0,7513) + (504 x 0,6830) +

(626 x 0,6209) + (553 x 0,5645) + (456 x 0,5132) + (359 x 0,4465) +
(262 x 0,4241) + (213 x 0,3855)
= 2.144,0827
NPV = -1427,2728 + 2.144,0827 =716,8099
Hoac ta cothelap ba
ng tnh nh sau:
Nm th Dng tin
0
(700)
1
(800)
2
262
3
383
4
504
5
626
6
553
7
456
8
359
9
262
10
213
NPV =

(1+i)-j Cj (1+i)-j Cng ly k

1.0000 (700.0000) (700.0000)
0.9091 (727.2727) (1,427.2727)
0.8264 216.5289 (1,210.7438)
0.7513 287.7536 (922.9902)
0.6830 344.2388 (578.7515)
0.6209 388.6967 (190.0547)
0.5645 312.1541
122.0994
0.5132 234.0001
356.0995
0.4665 167.4761
523.5756
0.4241 111.1136
634.6892
0.3855
82.1207
716.8099
716.8099

2/ PHNG PHA
P CHSOLI NHUA
N - PI (The Profitability Index):
latsogi
a ton g hien giacu
a do
ng tien thu nhap v
i tong hien gia
cu
a do
ng tien au t. Giatrcu
a PI o l
ng ket quacu
a 1 ong chi
ra au t seem lai bnh quan bao nhieu ong thu nhap (cotnh
en th
i giacu
a tien te), cong th
c tnh nh sau:
PI = PV

Ip

Theo v du tren, ta c:
PI = 2.144,0827 = 1,502

1.427,2728

3/ PHNG PHA
P TH
I GIAN HOA
N VO
N COCHIE
T KHA
U - DPP (The
Discounted Payback Period): lath
i gian ca
n thie
t ethu nha
p co
chie
t kha
u buap uchi ph a
u t. Theo v du tre
n , ta cosolie
u
ba
ng tnh:
Nm th Dng tin
0
(700)
1
(800)
2
262
3
383
4
504
5
626
6
553
7
456
8
359
9
262
10
213
NPV =

Ta co
:

(1+i)-j
Cj (1+i)-j Cng ly k
1.0000 (700.0000) (700.0000)
0.9091 (727.2727) (1,427.2727)
0.8264 216.5289 (1,210.7438)
0.7513 287.7536 (922.9902)
0.6830 344.2388 (578.7515)
0.6209 388.6967 (190.0547)
0.5645 312.1541
122.0994
0.5132 234.0001
356.0995
0.4665 167.4761
523.5756
0.4241 111.1136
634.6892
0.3855
82.1207
716.8099
716.8099

5 nam < DPP < 6nam

Sotha
ng = 190,0547 x12 7 tha
ng DPP = 5 na
m 7 tha
ng
312,1541

4/ PHNG PHA
P TSUA
T NO
I HOA
N - IRR (The Internal Rate of
Return): giatr IRR lali suat au t rieng cocu
a d a
n. Tai m
c li
suat na
y ta coNPV = 0.Theo v du tren , ta chon i1 = 20% vai2 = 21%, ta
coNPV 1 vaNPV 2 theo ba
ng tnh sau:
Nm Dng
th tin
A

0
1
2
3
4
5
6
7
8
9
10

(700)
(800)
262
383
504
626
553
456
359
262
213

i1 = 20%

i2 = 21%

(1+i)-j

Cj (1+i)-j

(1+i)-j

Cj (1+i)-j

3=1X2

5 = 1 X4

1.0000 (700.0000)
1.0000
0.8333 (666.6667)
0.8264
0.6944 181.9444
0.6830
0.5787 221.6435
0.5645
0.4823 243.0556
0.4665
0.4019 251.5754
0.3855
0.3349 185.1986
0.3186
0.2791 127.2612
0.2633
0.2326
83.4919
0.2176
0.1938
50.7774
0.1799
0.1615
34.4007
0.1486
12.6820 NPV 2 =
NPV 1 =

(700.0000)
(661.1570)
178.9495
216.1935
235.1197
241.3501
176.2028
120.0790
78.1289
47.1230
31.6611
(36.3493)

exa
c nh IRR, ta sdung cong th
c gan u
n g sau:

NPV (i i )
1 2 1 = 20% + 12,682 (21 20) %
IRR = i1 +
12,682 36,3493
NPV NPV
2
1
= 20% + 0,2586% 20,26%
NPV

NPV 1

IRR

NPV 2

i2
i1