Định giá doanh nghiệp theo phương pháp dòng tiền chiết khấu

Luận Văn: Định giá doanh nghiệp theo phương pháp dòng tiền chiết khấu

1a1n1 1c1ç-a1 1t1i1Á-n1,1 1 Ñ

1 111111111111111111111111111111111111111111111111111111 111111111111111111111111111111111111111111111111111111 111111111111111111111111111111111111111111111111111111 111111111111111111111111111111111111111111111111111111 111111111111111111111111111111111111111111111111111111 111111111111111111111111111111111111111111111111111111 111111111111111111111111111111111111111111111111111111 111111111111111111111111111111111111111111111111111111 111111111111111111111111111111111111111111111111111111 1111111111111111111111111C1H1¯ N1G1 111:1 1T1Ô-N1G1 1Q1U1A1N1 1V1À- 1 Ê-N1H1 1G1I1Á1 1D1O1A1N1H1 1N1G1H1I1Æ-P1 1T1H1E1O1 1P1H1¯ N1G1 1P1H1Á1P1 1D1Ò1N1G1 1T1I1À-N1 1C1H1I1¾-T1 1K1H1¤-U1

111.111.1 1D1o1a1n1h1 1n1g1h1i1Ç-p1 1v1à1 1n1h1u1 1c1§-u1 1 Ë-n1h1 1g1i1á1 1d1o1a1n1h1 1n1g1h1i1Ç-p1

111.111.111.1 1K1h1á1i1 1n1i1Ç-m1 1 Ë-n1h1 1g1i1á1 1d1o1a1n1h1 1n1g1h1i1Ç-p1

1Þ- 1V1i1Ç-t1 1N1a1m1,1 1t1h1e1o1 1l1u1-t1 1d1o1a1n1h11n1g1h1i1Ç-p1:1 1D1o1a1n1h1 1n1g1h1i1Ç-p1 1l1à1 1t1Õ- 1c1h1é-c1 1k1i1n1h11t1¿- 1c1ó1 1t1ê1n1 1r1i1ê1n1g1,1 1c1ó1 1t1à1i1 1s1£-n1,1 1c1ó1 1t1r1å- 1s1ß-1g1i1a1o1 1d1Ë-c1h1 1Õ-n1 1 Ë-n1h1,1 1 ° ã-c1 1 n1g1 1k1í1 1k1i1n1h11d1o1a1n1h1 1t1h1e1o1 1q1u1y1 1 Ë-n1h1 1c1ç-a1 1p1h1á1p1 1l1u1-t1,11n1h1±-m1 1m1å-c1 1 í1c1h1 1t1h1ñ-c1 1h1i1Ç-n1 1c1á1c1 1h1o1¡-t1 1 Ù-n1g11k1i1n1h1 1d1o1a1n1h1 1-1 1t1é-c1 1l1à1 1t1h1ñ-c1 1h1i1ê1n1 1m1Ù-t1,1

1¿-t1 1k1h1¥-u1 1c1ç-a1 1 1p1h1° ¡ n1g1 1p1h1á1p1 1n1à

2a2n2 2c2ç-a2 2t2i2Á-n2,2 2 Ñ

2m2Ù-t2 2s2Ñ- 2h2o2·-c2 2t2¥-t2 2c2£- 2c2á2c2 2c2ô2n2g2 2 o2¡-n2 2c2ç-a22q2u2á2 2t2r2ì2n2h2 2 §-u2 2t2° ,2 2t2ë- 2s2£-n2 2x2u2¥-t2 2 ¿-n2 2t2i2ê2u22t2h2å- 2s2£-n2 2p2h2©-m2 2h2o2·-c2 2c2u2n2g2 2é-n2g2 2d2Ë-c2h2 2v2å-2t2r2ê2n2 2t2h2Ë- 2t2r2° Ý-n2g2 2n2h2±-m2 2m2å-c2 2 í2c2h2 2s2i2n2h22l2ã-i2.2

2D2o2a2n2h2 2n2g2h2i2Ç-p2 2ß- 2V2i2Ç-t2 2N2a2m2 2m2a2n2g2 2c2á2c2

2 ·-c2 2 i2Ã-m2:2

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2 Ñ-i2 2t2° ã-n2g2 2c2ç-a2 2c2á2c2 2g2i2a2o2 2d2Ë-c2h2 2m2u2a2 2b2á2n2,22s2á2t2 2n2h2-p2&

2-2 2C2á2c2 2d2o2a2n2h2 2n2g2h2i2Ç-p2 2c2ó2 2m2ô2i2 2t2r2° Ý-n2g22h2o2¡-t2 2 Ù-n2g2,2 2n2g2à2n2h2 2n2g2h2Á- 2k2i2n2h2 2d2o2a2n2h22k2h2á2c2 2n2h2a2u2,2 2q2u2y2 2m2ô2 2k2h2á2c2 2n2h2a2u2 2& 2n2ê2n22g2i2á2 2t2r2Ë- 2c2ç-a2 2c2á2c2 2d2o2a2n2h2 2n2g2h2i2Ç-p2 2l2à2 2k2h2á2c22n2h2a2u2.2

2-2 2D2o2a2n2h2 2n2g2h2i2Ç-p2 2l2à2 2m2Ù-t2 2c2h2ç- 2k2i2n2h2 2t2¿- 2 Ù-c2 2l2-p2,2 2c2ó2 2t2° 2c2á2c2h2 2p2h2á2p2 2n2h2â2n2,22l2à2 2m2Ù-t2 2t2Õ- 2c2h2é-c2 2k2i2n2h2 2t2¿- 2 a2n2g2 2h2o2¡-t2 2 Ù-n2g22k2i2n2h2 2d2o2a2n2h2 2t2r2ê2n2 2t2h2Ë- 2t2r2° Ý-n2g2 2n2h2±-m2 2l2à2m22t2 n2g2 2g2i2á2 2t2r2Ë- 2c2ç-a2 2c2h2ç- 2s2ß- 2h2° u2.2

2t2h2Ã-2-2 2N2g2° Ý-i2 2s2ß- 2h2ï-u2 2d2o2a2n2h2 2n2g2h2i2Ç-p2 2l2à2 2n2g2°Ý-i2 2s2ß- 2h2ï-u2 2t2° 2l2i2Ç-u2 2s2£-n2 2x2u2¥-t2 2v2à2 2p2h2° ¡ n2g22t2i2Ç-n2 2s2£-n2 2x2u2¥-t2.2

2T2r2o2n2g2 2n2Á-n2 2k2i2n2h2 2t2¿- 2t2h2Ë- 2t2r2° Ý-n2g2 2,22d2o2a2n2h2 2n2g2h2i2Ç-p2 2l2à2 2m2Ù-t2 2l2o2¡-i2 2h2à2n2g2 2h2o2á2 2 ·-c22b2i2Ç-t2.2 2D2o2a2n2h2 2n2g2h2i2Ç-p2 2c2ó2 2t2h2Ã- 2 ° ã-c2 2s2á2t2 2n2h2 p2,2 2m2u2a2 2b2á2n2 2,2 2t2r2a2o2 2 Õ-i2.2 2D2o2 2 ó2 2v2i2ê2c2 2x2á2c2 2

2¿-t2 2k2h2¥-u2 2c2ç-a2 2 2p2h2° ¡ n2g2 2p2h2á2p2 2n2à

3a3n3 3c3ç-a3 3t3i3Á-n3,3 3 Ñ

Ë-n3h3 3g3i3á3 3t3r3Ë- 3c3ç-a3 3d3a3o3n3h3 3n3g3h3i3Ç-p3 3l3à3 3r3¥-t33c3§-n3 3t3h3i3¿-t3.3 3H3i3Ç-n3 3t3¡-i3 3c3ó3 3r3¥-t3 3n3h3i3Á-u3 3q3u3a3n3 3i3Ã-m3 3v3à3 3c3á3c3h3 3 á3n3h3 3g3i3á3 3g3i3á3 3t3r3Ë- 3c3ç-a3 3d3o3a3n3h33n3g3h3i3Ç-p3,3 3t3u3y3 3n3h3i3ê3n3 3m3Ù-t3 3c3á3c3h3 3c3h3u3n3g33n3h3¥-t3 3c3ó3 3t3h3Ã- 3h3i3Ã-u3 3v3i3Ç-c3 3 Ë-n3h3 3g3i3á3 3d3o3a3n3h33n3g3h3i3Ç-p3 3l3à3:3

3 Ë-n3h3 3g3i3á3 3d3o3a3n3h3 3n3g3h3i3Ç-p3 3l3à3 3x3á3c3 3 Ë-n3h33g3i3á3 3t3r3Ë- 3c3ç-a3 3m3Ù-t3 3d3o3a3n3h3 3n3g3h3i3Ç-p3 3t3¡-i3 3m3Ù-t33t3h3Ý-i3 3 i3Ã-m3 3x3á3c3 3 Ë-n3h3.3 3X3á3c3 3 Ë-n3h3 3g3i3á3 3t3r3Ë-3d3o3a3n3h3 3n3g3h3i3Ç-p3 3h3a3y3 3c3ò3n3 3g3Í-i3 3l3à3 3 Ë-n3h3 3g3i3á33d3o3a3n3h3 3n3g3h3i3Ç-p3 3l3à3 3x3á3c3 3 Ë-n3h3 3c3h3o3 3d3o3a3n3h33n3g3h3i3Ç-p3 3m3Ù-t3 3g3i3á3 3t3r3Ë- 3t3h3ñ-c3 3n3Ù-i3 3t3¡-i3 3k3h3i33d3o3a3n3h3 3n3g3h3i3Ç-p3 3n3à3y3 3c3ò3n3 3 a3n3g3 3l3à3 3m3Ù-t33t3h3ñ-c3 3t3h3Ã- 3h3o3¡-t3 3 Ù-n3g3 3v3à3 3 a3n3g3 3l3à3 3m3Ñ-i3 3q3u3a3n33t3â3m3 3c3ç-a3 3v3i3Ç-c3 3q3u3£-n3 3l3ý3 3v3à3 3 Õ-i3 3m3Û-i3 3d3o3a3n3h33n3g3h3i3Ç-p3.3

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3G3i3á3 3t3r3Ë- 3c3ç-a3 3d3o3a3n3h3 3n3g3h3i3Ç-p3 3t3Ó-n3 3t3¡-i33n3g3a3y3 3c3£- 3k3h3i3 3h3o3¡-t3 3 Ù-n3g3 3m3u3a3 3b3á3n3 3d3o3a3n3h3

3¿-t3 3k3h3¥-u3 3c3ç-a3 3 3p3h3° ¡ n3g3 3p3h3á3p3 3n3à

4a4n4 4c4ç-a4 4t4i4Á-n4,4 4 Ñ

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414.414.424.4 4N4h4u4 4c4§-u4 4 Ë-n4h4 4g4i4á4 4d4o4a4n4h4 4n4g4h4i4Ç-p4

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31

31¿-t31 31k31h31¥-u31 31c31ç-a31 31 31p31h31° ¡ n31g3131p31h31á31p31 31n31à

32a32n32 32c32ç-a32 32t32i32Á-n32,32 32 Ñ

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32 T32ê32n32

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37a37n37 37c37ç-a37 37t37i37Á-n37,37 37 Ñ

37¯ u37 37 i37Ã-m37:37

37P37h37° ¡ n37g37 37p37h37á37p37 37g37i37á37 37t37 37h37u37§-n37

37c37h37É- 37r37a37 37 ° ã-c37 37g37i37á37 37t37 37c37à37i37 37s37£-n3737c37¥-u37 37t37h37à37n37h37 37n37ê37n37 37d37o37a37n37h3737n37g37h37i37Ç-p37.37 37G37i37á37 37t37r37Ë- 37t37à37i37 37s37£-n3737t37h37u37§-n37 37l37å- 37t37í37n37h37 37p37h37á37p37 37l37ý37 37v37Á-37n37h37ï-n37g37 37k37h37o37£-n37 37t37h37u37 37n37h37-p37 37c37ç-a3737n37h37ï-n37g37 37n37g37° Ý-i37 37s37ß- 37h37ï-u37 37d37o37a37n37h3737n37g37h37i37Ç-p37 37h37a37y37 37n37h37ï-n37g37 37n37g37° Ý-i3737n37¯-m37 37g37i37ï- 37c37Õ- 37p37h37i37¿-u37 37c37ç-a37 37c37ô37n37g3737t37y37.37 37G37i37á37 37t37r37Ë- 37c37ç-a37 37c37Õ- 37p37h37i37¿-u37,3737s37Ñ- 37t37i37Á-n37 37c37ç-a37 37n37g37° Ý-i37 37m37u37a3737l37u37ô37n37 37 ° ã-c37 37 £-m37 37b37£-o37 37b37±-n37g37 37m37Ù-t37

37¿-t37 37k37h37¥-u37 37c37ç-a37 37 37p37h37° ¡ n37g3737p37h37á37p37 37n37à

38a38n38 38c38ç-a38 38t38i38Á-n38,38 38 Ñ

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38D38o38 38p38h38° ¡ n38g38 38t38h38é-c38 38t38í38n38h38 38g38i38á38

38 ¡ n38 38g38i38£-n38,38 38c38h38i38 38p38h38í38 38 Ë-n38h38 38g38i38á3838t38h38¥-p38 38n38ê38n38 38 â38y38 38l38à38 38 38p38h38° ¡ n38g3838p38h38á38p38 38 Ë-n38h38 38g38i38á38 38p38h38ù38 38h38ã-p38 38v38Û-i3838c38á38c38 38d38o38a38n38h38 38n38g38h38i38Ç-p38 38v38ë-a38 38v38à3838n38h38Ï- 38c38ó38 38k38h38Ñ-i38 38l38° ã-n38g38 38t38à38i38 38s38£-n3838k38h38ô38n38g38 38q38u38á38 38l38Û-n38,38 38g38i38á38 38t38r38Ë-38c38ç-a38 38t38à38i38 38s38£-n38 38v38ô38 38h38ì38n38h3838k38h38ô38n38g38 38£-n38h38 38h38° ß-n38g38 38n38h38i38Á-u38 38 ¿-n3838g38i38á38 38t38r38Ë- 38c38ç-a38 38d38o38a38n38h3838n38g38h38i38Ç-p38,38 38c38h38i38¿-n38 38l38° ã-c38 38k38i38n38h3838d38o38a38n38h38 38k38h38ô38n38g38 38p38h38é-c38 38t38¡-p38,3838h38à38m38 38l38° ã-n38g38 38c38ô38n38g38 38n38g38h38Ç-38t38r38o38n38g38 38q38u38á38 38t38r38ì38n38h38 38s38£-n38 38x38u38¥-t3838k38h38ô38n38g38 38q38u38á38 38c38a38o38,38 38c38á38c3838k38h38o38£-n38 38t38h38u38 38n38h38-p38 38t38r38o38n38g38 38t38°

38¿-t38 38k38h38¥-u38 38c38ç-a38 38 38p38h38° ¡ n38g3838p38h38á38p38 38n38à

39a39n39 39c39ç-a39 39t39i39Á-n39,39 39 Ñ

¡ n39g39 39l39a39i39 39k39h39ô39n39g39 39r39õ39 39r39à39n39g3939h39o39·-c39 39k39h39ô39n39g39 39c39ó39 39c39 n39 39c39é- 39x39á39c39

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39P39h39° ¡ n39g39 39p39h39á39p39 39 Ë-n39h39 39l39° ã-n39g3939G39o39o39d39w39i39l39l39 39c39ó39 39c39¡ 39s39ß- 39l39ý39 39l39u39-n3939t39° ¡ n39g39 39 Ñ-i39 39v39ï-n39g39 39c39h39¯-c39,39 39d39o39a39n39h3939n39g39h39i39Ç-p39 39 ° ã-c39 39 Ë-n39h39 39g39i39á39 39 ° ã-c3939n39h39ì39n39 39n39h39-n39 39n39h39° 39m39Ù-t39 39t39h39ñ-c3939t39h39Ã- 39k39i39n39h39 39t39¿- 39 a39n39g39 39v39-n39 39 Ù-n39g3939t39r39ê39n39 39t39h39Ë- 39t39r39° Ý-n39g39 39k39i39n39h39 39t39¿-,3939g39i39á39 39t39r39Ë- 39c39ç-a39 39d39o39a39n39h39 39n39g39h39i39Ç-p39

39 ° ã-c39 39 á39n39h39 39g39i39á39 39d39ñ-a39 39t39r39ê39n39 39h39a39i3939y39¿-u39 39t39Ñ- 39l39à39 39t39à39i39 39s39£-n39 39h39ï-u3939h39ì39n39h39 39v39à39 39t39à39i39 39s39£-n39 39v39ô39 39h39ì39n39h39,39

39 ·-c39 39b39i39Ç-t39 39g39i39á39 39t39r39Ë- 39c39ç-a39 39t39à39i3939s39£-n39 39v39ô39 39h39ì39n39h39 39 ° ã-c39 39l39° ã-n39g39 39h39o39á3939c39å- 39t39h39Ã-.39 39

39P39h39° ¡ n39g39 39p39h39á39p39 39 Ë-n39h39 39l39° ã-n39g3939G39o39o39d39w39i39l39l39 39 á39p39 39é-n39g39 39 ° ã-c39 39n39h39u3939c39§-u39 39t39h39ô39n39g39 39t39i39n39 39 Ñ-i39 39v39Û-i39 39n39g39°Ý-i39 39m39u39a39,39 39n39h39à39 39 §-u39 39t39° 39k39h39i39 39h39Í-39y39ê39u39 39c39§-u39 39t39ì39m39 39k39i39¿-m39 39t39h39ô39n39g3939t39i39n39 39v39Á- 39t39÷- 39s39u39¥-t39 39s39i39n39h39 39l39Ý-i39,3939v39¥-n39 39 Á- 39s39i39ê39u39 39l39ã-i39 39n39h39u39-n39& 39 Ó-n39g3939t39h39Ý-i39 39 á39p39 39é-n39g39 39 ° ã-c39 39t39h39ô39n39g39 39t39i39n39

39¿-t39 39k39h39¥-u39 39c39ç-a39 39 39p39h39° ¡ n39g3939p39h39á39p39 39n39à

40a40n40 40c40ç-a40 40t40i40Á-n40,40 40 Ñ

40y40ê40u40 40c40§-u40 40c40ç-a40 40c40h40ç- 40s40ß- 40h40ï-u4040d40o40a40n40h40 40n40g40h40i40Ç-p40 40k40h40i40 40h40Í-40m40u40Ñ-n40 40t40i40m40 40k40i40¿-m40 40t40h40ô40n40g40 40t40i40n4040v40Á- 40g40i40á40 40t40r40Ë- 40t40h40ñ-c40 40t40¿- 40c40ç-a4040d40o40a40n40h40 40n40g40h40i40Ç-p40 40 Ã- 40 ° a40 40r40a40 40m40é-c4040g40i40á40 40c40h40í40n40h40 40x40á40c40 40k40h40i40 40t40h40ñ-c4040h40i40ê40n40 40g40i40a40o40 40d40Ë-c40h40 40m40u40a40 40b40á40n4040d40o40a40n40h40 40n40g40h40i40Ç-p40 40c40i n40g40 40n40h40°40t40h40ñ-c40 40h40i40Ç-n40 40 i40Á-u40 40c40h40É-n40h40 40c40£-i4040t40h40i40Ç-n40 40t40ì40n40h40 40h40ì40n40h40 40h40o40¡-t40 40 Ù-n40g4040c40ç-a40 40d40o40a40n40h40 40n40g40h40i40Ç-p40,40 40 ° a40 40r40a4040p40h40° ¡ n40g40 40á40n40 40k40i40n40h40 40d40o40a40n40h40 40h40ã-p4040l40ý40 40t40r40o40n40g40 40t40h40Ý-i40 40g40i40a40n40 40t40Û-i40& 40T40ë- 40c40ô40n40g40 40t40h40é-c40 40c40ç-a40 40p40h40° ¡ n40g4040p40h40á40p40 40t40a40 40c40ó40 40t40h40Ã- 40t40h40¥-y40 40 ° ã-c4040r40±-n40g40 40n40¿-u40 40N40A40V40 40 ° ã-c40 40 á40n40h40 40g40i40á4040c40a40o40 40t40h40ì40 40g40i40á40 40t40r40Ë- 40G40W40 40c40ç-a4040d40o40a40n40h40 40n40g40h40i40Ç-p40 40s40½- 40g40i40£-m40 40 i4040v40à40 40n40g40° ã-c40 40l40¡-i40,40 40n40¿-u40 40 á40n40h40 40g40i40á4040t40h40¥-p40 40g40i40á40 40t40r40Ë- 40c40ç-a40 40c40á40c40 40t40à40i4040s40£-n40 40t40h40ì40 40s40½- 40 ° ã-c40 40b40ù40 40t40r40ë- 40b40±-n40g4040g40i40á40 40t40r40Ë- 40G40W40.40 40D40o40 40 ó40 40t40r40o40n40g4040q40u40á40 40t40r40ì40n40h40 40 Ë-n40h40 40g40i40á40 40l40¡-i4040t40à40i40 40s40£-n40 40t40h40u40§-n40 40c40ç-a40 40d40o40a40n40h4040n40g40h40i40Ç-p40 40n40¿-u40 40c40ó40 40s40a40i40 40s40ó40t4040t40h40ì40 40g40i40á40 40t40r40Ë- 40c40ç-a40 40d40o40a40n40h4040n40g40h40i40Ç-p40 40s40½- 40g40i40£-m40 40b40Û-t40 40d40o4040p40h40§-n40 40c40h40ê40n40h40 40l40Ç-c40h40 40 ó40 40s40½- 40 ° ã-c4040b40ù40 40l40¡-i40 40b40±-n40g40 40g40i40á40 40t40r40Ë- 40G40W40

40¿-t40 40k40h40¥-u40 40c40ç-a40 40 40p40h40° ¡ n40g4040p40h40á40p40 40n40à