KINH TẾ ĐẦU TƯ

TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE KINH TẾ ĐẦU TƯ Câu 1 Nêu khái niệm đầu tư nói chung và đầu tư xây dựng Investment is the activity of putting capital in the present to create an asset a[.] TRẦN MINH GIANG – 63KTE KINH TẾ ĐẦU TƯ Câu 1: Nêu khái niệm đầu tư nói chung đầu tư xây dựng - Investment is the activity of putting capital in the present to create an asset and operate and exploit it to make a profit or to satisfy a certain need of the investor in a specified period of time in the future - Construction investment is an activity related to capital investment in the current period in order to create a fixed asset, which is a construction work, and then proceed to exploit the work and make a profit for a certain period of time sometime in the future Câu 2: Khái niệm dự án đầu tư xây dựng Construction investment projects: - Is a collection of proposals related to capital investment to build, open or renovate buildings - For the purpose of developing, maintaining and improving the quality of works or products or services in a certain period of time Câu 3: Phân loại đầu tư Investment classifications According to the nature of the object of investment: types • Invest in material objects (build factories, purchase production machinery and equipment) • Investing in immaterial objects (intangibles: brands, inventions) • Financial investment (buying stocks, bonds…) According to investment capital • Investment from state capital (state budget capital ) • Investment from other capital sources (private, foreign direct investment, etc.) From the perspective of reproducibility of fixed assets • New construction investment • Expanded construction investment • Invest in construction to renovate and upgrade • Invest to replace assets at the end of their useful life TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE According to investment structure • Investment by economic sectors • Investment by territory and locality • Investment according to economic sectors of the national economy • Invest in infrastructure and non-infrastructure projects According to the planned period • Long-term investment (>10 years) • Medium-term investment (5-10 years) • Short-term investment (1-5 years) Câu 4: Tổng mức đầu tư gì? Các thành phần tổng mức đầu tư • Definition: - All estimated costs are recorded in the investment decision - It is the basis for investors to plan and manage capital when making investment and construction work - Is the maximum cost limit to implement the project • Components total investment: components - Expenses for compensation and resettlement support - Construction costs - Equipment cost - Other costs - Project management costs - Redundancy costs Câu 5: Vốn đầu tư gì? Phân loại vốn đầu tư • Definition: - Investment capital is the value of assets existing in different forms formed after the project investment process - Investment capital is the source of project assets - Formation of the existence of property: + House, building materials + Construction machinery and equipment + Copyrights, patents, land use rights + Software, trademarks, trademarks • Classification: investment capital: types TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE - Fixed capital + is the value of fixed assets + Ingredient: Buildings, structures, machinery and equipment Tangible fixed assets Intangible fixed assets - Working capital: is the value of current assets and other assets to meet production and business needs of the project + Characteristics: is the advance capital for the demand for building materials, fuel, energy used in production and business and other needs of the production process + During storage: Raw materials, fuel Small tool tools, spare parts + During production: Component version Prepaid expenses waiting for allocation + During traffic: Inventory waiting for sale Receivables, consignments for sale Other amounts, customer advances, cash, mortgage… Câu 6: Quan điểm lợi ích đánh giá dự án đầu tư - The view of investor benefits: indicates the economic efficiency brought to the investor The analysis and evaluation of the project from the investor''s economic perspective is called financial analysis => use financial performance indicators - Viewpoint of common interests for the community: considering the overall benefits of society and the residential community where the project is located The analysis and evaluation of the project from the perspective of society and the community is a socio-economic analysis activity Câu 7: Chi phí sản xuất kinh doanh chi phí vận hành TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE The cost of production and business in a certain period is the total consumption of material, labor and capital use in both direct production, management and circulation stages shown in the figure below monetary form for mass production and consumption of products - Cost of production materials Cost of fuel, energy production Labor cost Property repair and maintenance costs Management costs => operating cost - Depreciation of fixed assets - Annual land use cost (land use tax) - Interest payment expenses in operation Câu 8: chi phí cố định chi phí biến đổi gì? Fixed costs are a part of production and business costs The value of fixed costs does not depend on the level of output produced in the year - FC: fixed cost, fixed cost, variable cost For example: depreciation of fixed assets, land use tax, interest payment (the higher the output, the lower the fixed cost per unit of output) - VC: variable cost, variable cost variable cost The higher the level of production output, the higher the VC Variable cost per unit of output stays the same as Q changes Example: cost of raw materials, energy, labor TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE Câu 9:Chi phí hội gì? Ví dụ - Opportunity cost is the benefit forgone when a firm''s resources are used for an activity of choice instead of using the same resource for an alternative action - Example: Businesses face two options: Option A: the benefit can be collected at 300 billion dong in three years Option B: the benefit is to collect 100 billion in the first year Enterprises choose option A => opportunity cost is the benefit of 100 billion in one year of option A Câu 10: khái niệm giá trị tiền tệ theo thời gian - In a market economy, if you compare the same amount of money but put them at different times, it must be considered that they are not of equal value - The profitable movement of money that changes the amount of money received over time is called the time value of money Câu 11:khái niệm lãi tức, lãi suất, cthuc tính - Interest is the absolute difference between the profit and the principal (absolute number) Lt= Vt - Vo Lt: interest Vt: accumulated capital (including principal and interest) Vo: original capital - Interest: is the percentage of interest calculated per unit (t) against the principal (relative number) i= Lt/Vo *100% Câu 12: phân biệt phương pháp tính theo kiểu lãi đơn, lãi kép TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE Calculate simple interest The calculation does not take into account the interest generated from the previous period''s interest Do not add interest to the principal to calculate the next interest For example: investment a (dong) at the present time, interest rate i => after n periods: Amount: a+ain=a(1+in) Calculate compound interest Calculation takes into account the interest from the previous period, the interest is compounded as the next recalculated principal For example: investment a (dong) at the present time, interest rate i Amount: - After year: a+ai=a(1+i) - After years: a(1+i) + a(1+i)i =a(1+i)^2 - After n years: a(1+i)^n Câu 13: khái niệm giá trị tương đương dịng tiền tệ? ví dụ? - Different amounts at different times can be equivalent if we accept a certain rate of interest Call it the cash flow equivalent - For example, if the interest rate is i=10%/year, then million VND today will be equivalent to 1.1 million VND in one year If the interest rate i differs by 10%, the two amounts above will no longer be equivalent => time equivalence of money is dependent on a given interest rate value Câu 14: phân biệt lãi suất thực lãi suất danh nghĩa - Real interest rate: is the interest rate that satisfies the condition that the period of stating the interest rate coincides with the period of compounding interest on the principal For example: interest rate 12%/year compounded by year => State the interest rate that coincides with the compounding period - Nominal interest rate: is the interest rate that satisfies the condition that the statement period does not coincide with the period of compounding interest on the principal TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE For Example: interest rate 12%/year compounded quarterly => State a different interest rate for the compounding period - the real interest rate has the nature of compounding - nominal interest rate is simple Câu 15: phân tích dịng tiền dự án đầu tư • Definition: cash flow is the series of financial events (receivables and expenditures) over the time of a project • Convention: - Divide project time into phases (years) - symbol: o=>n period n: is the number of periods - at what period the financing occurs is placed at the end of that period - the series of project payments called cash inflows (benefit flows) - a sequence of specified project items called cash outflows (cost flows) - the difference between cash inflow and outflow is called cash flow difference (net cash flow) • The cash inflows of the project include: - Product sales - Recovery value when liquidating assets due to end of life as prescribed - Value of assets that have not been fully depreciated at the end of the analysis period - Recovery of non-amortized asset value at the end of the analysis period • The project''s cash outflows include: - Investment costs to create fixed assets at the beginning and replacement investment at intermediate times - Project operating costs - Annual land tax expense (if any) - Annual corporate income tax - Annual change in working capital • Cash flow chart: - Horizontal axis: represents time from period O-n - The convention of using an upward arrow ( ) indicates cash inflow (Bt) TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE - Down arrow with sign (-) indicates cash outflow (Ct) Câu 16:phân tích so sánh phương án đầu tư loại trừ • Excluding investment projects are different investment projects that are forced to be governed by conditions of limited investment capital and other conditions => compare and choose the best investment plan • Principle of option selection: the selected option must satisfy conditions at the same time - The plan that satisfies the efficiency threshold sets the necessary condition - The plan brings high efficiency • Conditions of comparability between alternatives - Lifespan is the same - Investment size is the same Câu 17: phương pháp xác định thời kì phân tích (xd n) The life of an investment project is influenced by the following factors: • The business strategic intention of the investor comes from the effective goal set for the project • Technical life of factories, equipment, project machinery and development speed of science and technology • Reserves of resources and resources exploited by the project • Relevant legal provisions Select the project analysis period based on the project economic life of the investor - If the analysis period is chosen shorter than the economic life of the option, the residual value should be estimated and considered as a revenue at the end of the analysis period TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE - If a longer analysis period is chosen, the investment cost to replace the asset should be included at the end of the asset''s economic life in the cash flow • Method of determining the period of analysis of mutually exclusive investment projects - Handling longevity - Use the least common multiple of the lifetimes CHƯƠNG 3: PHÂN TÍCH TÀI CHÍNH DỰ ÁN ĐẦU TƯ Câu 18: ý nghĩa phân tích tài dự án đầu tư • Financial analysis estimates the net financial benefit of a project to the investor and financial contributors to the project by considering all financial receipts and expenditures over the life of the project project''s opinion • Questions to answer after financial analysis - How much capital is required for the project? - From what sources is this capital need financed? - Conclusion on the evaluation based on the criteria reflecting financial performance - Analyze the financial viability and sensitivity of the project Câu 19: so sánh phân tích tài dadt theo quan điểm vốn chung quan điểm vốn chủ sở hữu Criteria General view of capital Characteristic The owner with the lender is a single entity Reflect the benefits of the project as a whole Cash flow Do not include directly the borrowed capital, principal and interest payments in the project''s cash flows Relationship Role General capital cash flow Sufficient conditions Equity perspective Reflects the financial efficiency brought to the owner after fulfilling the debt repayment obligation The loan principal will be included in the cash inflow, the principal and interest payments will be included in the cash outflow equity cash flow prerequisites TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE Câu 20: nhóm phân tích hiệu tài dadt? Phân biệt • groups: - Group of static indicators - Group of dynamic indicators Characteristic Group of static indicators Calculation Static norms for a specific time period of the project The indicator does not take into account the time value of money Group of dynamic indicators Dynamic indicators for the whole project life Dynamic indicator that takes into account currency prices over time Câu 21: nhóm tiêu tĩnh? Cách tính ý nghĩa Profit per unit of product: Ld - Ld= Gd- Csd Gd: selling price per unit of product without output VAT Csd: cost of production and business per unit of product without tax on inputs - Ld -> max: This is the efficiency indicator in absolute numbers ➔ Which option has a higher profit per unit of product (Ld) is better Average profit of the year - Lbq= Lbq: average profit of the year Lt: profit earned in year t n: life of the project - Lbq -> max: This is the efficiency indicator in absolute numbers reflecting the total profit -> Which option has a larger average total profit of the year (Lbq) is better Level of revenue and profit of dong of capital (return on invested capital) - Ml= Lbq/V * 100% TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE - Ml ->max; Ml >= Mđm: This is a relative performance indicator If using this indicator to compare options -> pay attention to ensure that the options are the same in terms of investment scale Cost calculated for a product unit Cd= (1/2Vr+Cn)*1/Q Q: Five capacity of the project V: Investment capital of the project R: Interest rate reflects the minimum loss of investment or loan interest rates Cn: Expenses for production and business in the year not include loan interest payment costs Cd -> Min: Used to compare the same revenue plan ➔ Which plan has the smallest cost Câu 22: trình bày khái niệm , cách tính, cách dựng giá trị hiệu số thu chi để so sánh dự án đầu tư loại trừ • The present value of the project''s NPV is the value of its cash flows The difference between revenue and expenditure is calculated to the present at the minimum acceptable interest rate • Calculation: ……………………………… Bt: The benefit (income) of the project received at year t Ct: the project''s cost stream at year t r: minimum acceptable rate of return t: phases of the project • - Bt includes: Revenue from selling products and services in year t Extraordinary revenue in year t Recovery of working capital at the end of the analysis period Recovery of the residual value of the asset at the end of the analysis period TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE - Recovery of liquidation value of assets at the end of the analysis period • Ct: the project''s cost stream at year t - Initial investment costs for the project: investment in fixed assets, working capital - Cost of replacement investment - Operating costs - Land use tax - Corporate income tax • Usage to compare mutually exclusive investment projects: - When the options are the same in terms of lifespan ➔ Calculate the NPV for each alternative and then compare the selected option, which must satisfy conditions at the same time: + NPV >=0 + NPV = max - When the options differ in life: handle the difference in life: choose the analysis period as the least common multiple of the lifetimes Calculate NPV for each alternative -> compare and choose options according to the above principle Câu 23: ưu nhược điểm NPV Advantages: - Calculate the lifetime of the project and account for the time value of money - Slippage and inflation can be taken into account by adjusting the indicators Bt, Ct, r - The risk factor can be taken into account depending on the increase or decrease of the minimum rate of return r - It is possible to compare plans with different investment capital without adjusting calculations - The calculation is relatively simple and serves as the basis for the calculation of other dynamic indicators - As a priority criterion when choosing the best method Disadvantages: TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE - NPV calculation ensures accurate results only in conditions of perfect capital markets - It is difficult to accurately forecast targets for the life of the project - The outcome of option selection depends a lot on the magnitude of the minimum rate of return r - Short-term and small-capital options show no difference from large-cap and long-term options - Efficiency is calculated in absolute numbers When NPV>0 , Cash Flow has reached the minimum interest rate r, but it is not clear what the specific interest rate will be Câu 24: khái niệm, cách tính, dùng giá trị tương lai hiệu số thu chi • Definition: Future value of income and expenditure difference is the total cash flow value of revenue and expenditure that is calculated to the future at the minimum acceptable rate of interest NFV= - In there: n: project analysis period Bt: the benefit (income) of the project in year t Ct: the project''s cost stream at year t r: minimum acceptable interest rate - Chi phí Bt,Ct: câu 22 • How to compare mutually exclusive investment options: - when investment options are the same in terms of lifespan -> calculate NFV for each alternative then compare The selected option must satisfy conditions at the same time: + Necessary condition NFV>=0 + Sufficient condition NFV = max - When the options are different in terms of lifespan -> different treatment of lifetime choose the period of comparative analysis as the least common multiple TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE Câu 25: ưu nhược tiêu NFV Tương tự NPV Câu 26: giá trị san hiệu số thu chi NAV: khái niệm, cách tính, cách dùng để đánh giá phương án đầu tư loại trừ • Definition: Cash flow value of revenue and expenditure is calculated annually.NAV is determined by equalizing the cash flow of revenue and expenditure for all years of the analysis period using the minimum acceptable rate of return • Calculation: • Usage: calculate NAV For each alternative and then compare the selected option must satisfy conditions at the same time + Necessary condition NAV>=0 + Sufficient condition NAV = max Câu 27: suất thu lợi nội IRR? Kn, cách tính, cách dùng để đánh giá dự án đầu tư loại trừ • Difinition: Internal rate of return is the average annual interest rate generated by the investment plan It has the feature: if this interest rate is used to calculate NPV, then NPV ………………… • calculation: - Solve the equation NPV=0 - Approximate test method + Set up the formula for calculating NPV for the project ……………………… TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE + Assign IRR1 -> find NPV1 Pay attention to gradually try the number of assigning IRR1 so that NPV1 is and is gradually approaching the value + Assign IRR2 (IRR2>IRR1): find NPV2 Pay attention to gradually try the number of IRR2 assignment so that NPV2 is negative and gradually move towards value + calculate IRR for the project according to the interpolation formula ……………………… • How to evaluate mutually exclusive investment projects: - Comparable condition: similar in lifespan and investment size -> Calculate IRR For each alternative and then compare The selected option must satisfy conditions at the same time + Necessary condition IRR>=r + Sufficient condition IRR = max - When the options offer different comparisons in terms of lifespan -> Different treatment of lifetimes: choose the comparative analysis period as the least common multiple of the lifetimes -> Calculate IRR For each alternative -> compare and choose the plan according to the above principle • When the options offer different comparisons in terms of investment size -> use the investment increment analysis method - investment increment analysis method analyzes the difference in investment size of the large capital investment plan compared with the smaller investment capital plan + If this investment division is evaluated, conclude that the large-capital plan is better than the small-capital plan + If this investment fraction is not worth it, conclude that the small capital option is better than the large capital option - investment increment method + Arrange the plan in ascending order of investment scale + choose the base option + Consider the value of the option by the IRR criterion TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE + If not worth the price then type If the alternative is worthwhile (IRRn>=r), then choose the alternative as the baseline + Complete the investment amount between option (n 1) and option n and calculate the IRR Outflow of that investment (IRR denta) + If IRRdenta option(n 1) is not worth it => discard option (n 1), keep option n as the base solution => continue comparing alternative (n 2) with alternative base n + If IRRdenta >=r -> option (n 1) is better than option n Eliminate option n, choose option (n 1) as the base solution => continue to compare until all the remaining options Câu 28: ưu nhược điểm việc đánh giá suất thu lợi nội IRR • Advantages: - Taking into account the fluctuations of indicators over time and calculating for the whole project life in accordance with the market economy - Recalculate the average rate of return for all years over the life of the project - The efficiency is expressed as a relative number and compared with the efficiency r - Slippage and inflation factors can be calculated by varying the parameters of cash flows and the minimum rate of return r • Disadvantages: - The calculation method is based on unrealistic assumptions The capital market is a perfectly competitive market - Determining the IRR value is relatively complicated, especially for cash flows that change signs many times - In many cases when comparing the efficiency of investment increments, it is still necessary to prioritize the selection of the plan according to the NPV criterion Câu 29: tỷ số thu chi BCR (khái niệm, cách tính, cách dùng để đánh giá dự án độc lập) • Definiton: BCR Ratio Is the ratio of the equivalent value of the benefit stream to the equivalent value of the cost stream calculated at the minimum acceptable rate of return TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE • Calculation: ……………

TRẦN MINH GIANG – 63KTE KINH TẾ ĐẦU TƯ Câu 1: Nêu khái niệm đầu tư nói chung đầu tư xây dựng - Investment is the activity of putting capital in the present to create an asset and operate and exploit it to make a profit or to satisfy a certain need of the investor in a specified period of time in the future - Construction investment is an activity related to capital investment in the current period in order to create a fixed asset, which is a construction work, and then proceed to exploit the work and make a profit for a certain period of time sometime in the future Câu 2: Khái niệm dự án đầu tư xây dựng Construction investment projects: - Is a collection of proposals related to capital investment to build, open or renovate buildings - For the purpose of developing, maintaining and improving the quality of works or products or services in a certain period of time Câu 3: Phân loại đầu tư Investment classifications According to the nature of the object of investment: types • Invest in material objects (build factories, purchase production machinery and equipment) • Investing in immaterial objects (intangibles: brands, inventions) • Financial investment (buying stocks, bonds…) According to investment capital • Investment from state capital (state budget capital ) • Investment from other capital sources (private, foreign direct investment, etc.) From the perspective of reproducibility of fixed assets • New construction investment • Expanded construction investment • Invest in construction to renovate and upgrade • Invest to replace assets at the end of their useful life TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE According to investment structure • Investment by economic sectors • Investment by territory and locality • Investment according to economic sectors of the national economy • Invest in infrastructure and non-infrastructure projects According to the planned period • Long-term investment (>10 years) • Medium-term investment (5-10 years) • Short-term investment (1-5 years) Câu 4: Tổng mức đầu tư gì? Các thành phần tổng mức đầu tư • Definition: - All estimated costs are recorded in the investment decision - It is the basis for investors to plan and manage capital when making investment and construction work - Is the maximum cost limit to implement the project • Components total investment: components - Expenses for compensation and resettlement support - Construction costs - Equipment cost - Other costs - Project management costs - Redundancy costs Câu 5: Vốn đầu tư gì? Phân loại vốn đầu tư • Definition: - Investment capital is the value of assets existing in different forms formed after the project investment process - Investment capital is the source of project assets - Formation of the existence of property: + House, building materials + Construction machinery and equipment + Copyrights, patents, land use rights + Software, trademarks, trademarks • Classification: investment capital: types TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE - Fixed capital + is the value of fixed assets + Ingredient: Buildings, structures, machinery and equipment Tangible fixed assets Intangible fixed assets - Working capital: is the value of current assets and other assets to meet production and business needs of the project + Characteristics: is the advance capital for the demand for building materials, fuel, energy used in production and business and other needs of the production process + During storage: Raw materials, fuel Small tool tools, spare parts + During production: Component version Prepaid expenses waiting for allocation + During traffic: Inventory waiting for sale Receivables, consignments for sale Other amounts, customer advances, cash, mortgage… Câu 6: Quan điểm lợi ích đánh giá dự án đầu tư - The view of investor benefits: indicates the economic efficiency brought to the investor The analysis and evaluation of the project from the investor's economic perspective is called financial analysis => use financial performance indicators - Viewpoint of common interests for the community: considering the overall benefits of society and the residential community where the project is located The analysis and evaluation of the project from the perspective of society and the community is a socio-economic analysis activity Câu 7: Chi phí sản xuất kinh doanh chi phí vận hành TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE The cost of production and business in a certain period is the total consumption of material, labor and capital use in both direct production, management and circulation stages shown in the figure below monetary form for mass production and consumption of products - Cost of production materials Cost of fuel, energy production Labor cost Property repair and maintenance costs Management costs => operating cost - Depreciation of fixed assets - Annual land use cost (land use tax) - Interest payment expenses in operation Câu 8: chi phí cố định chi phí biến đổi gì? Fixed costs are a part of production and business costs The value of fixed costs does not depend on the level of output produced in the year - FC: fixed cost, fixed cost, variable cost For example: depreciation of fixed assets, land use tax, interest payment (the higher the output, the lower the fixed cost per unit of output) - VC: variable cost, variable cost variable cost The higher the level of production output, the higher the VC Variable cost per unit of output stays the same as Q changes Example: cost of raw materials, energy, labor TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE Câu 9:Chi phí hội gì? Ví dụ - Opportunity cost is the benefit forgone when a firm's resources are used for an activity of choice instead of using the same resource for an alternative action - Example: Businesses face two options: Option A: the benefit can be collected at 300 billion dong in three years Option B: the benefit is to collect 100 billion in the first year Enterprises choose option A => opportunity cost is the benefit of 100 billion in one year of option A Câu 10: khái niệm giá trị tiền tệ theo thời gian - In a market economy, if you compare the same amount of money but put them at different times, it must be considered that they are not of equal value - The profitable movement of money that changes the amount of money received over time is called the time value of money Câu 11:khái niệm lãi tức, lãi suất, cthuc tính - Interest is the absolute difference between the profit and the principal (absolute number) Lt= Vt - Vo Lt: interest Vt: accumulated capital (including principal and interest) Vo: original capital - Interest: is the percentage of interest calculated per unit (t) against the principal (relative number) i= Lt/Vo *100% Câu 12: phân biệt phương pháp tính theo kiểu lãi đơn, lãi kép TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE Calculate simple interest The calculation does not take into account the interest generated from the previous period's interest Do not add interest to the principal to calculate the next interest For example: investment a (dong) at the present time, interest rate i => after n periods: Amount: a+ain=a(1+in) Calculate compound interest Calculation takes into account the interest from the previous period, the interest is compounded as the next recalculated principal For example: investment a (dong) at the present time, interest rate i Amount: - After year: a+ai=a(1+i) - After years: a(1+i) + a(1+i)i =a(1+i)^2 - After n years: a(1+i)^n Câu 13: khái niệm giá trị tương đương dịng tiền tệ? ví dụ? - Different amounts at different times can be equivalent if we accept a certain rate of interest Call it the cash flow equivalent - For example, if the interest rate is i=10%/year, then million VND today will be equivalent to 1.1 million VND in one year If the interest rate i differs by 10%, the two amounts above will no longer be equivalent => time equivalence of money is dependent on a given interest rate value Câu 14: phân biệt lãi suất thực lãi suất danh nghĩa - Real interest rate: is the interest rate that satisfies the condition that the period of stating the interest rate coincides with the period of compounding interest on the principal For example: interest rate 12%/year compounded by year => State the interest rate that coincides with the compounding period - Nominal interest rate: is the interest rate that satisfies the condition that the statement period does not coincide with the period of compounding interest on the principal TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE For Example: interest rate 12%/year compounded quarterly => State a different interest rate for the compounding period - the real interest rate has the nature of compounding - nominal interest rate is simple Câu 15: phân tích dịng tiền dự án đầu tư • Definition: cash flow is the series of financial events (receivables and expenditures) over the time of a project • Convention: - Divide project time into phases (years) - symbol: o=>n period n: is the number of periods - at what period the financing occurs is placed at the end of that period - the series of project payments called cash inflows (benefit flows) - a sequence of specified project items called cash outflows (cost flows) - the difference between cash inflow and outflow is called cash flow difference (net cash flow) • The cash inflows of the project include: - Product sales - Recovery value when liquidating assets due to end of life as prescribed - Value of assets that have not been fully depreciated at the end of the analysis period - Recovery of non-amortized asset value at the end of the analysis period • The project's cash outflows include: - Investment costs to create fixed assets at the beginning and replacement investment at intermediate times - Project operating costs - Annual land tax expense (if any) - Annual corporate income tax - Annual change in working capital • Cash flow chart: - Horizontal axis: represents time from period O-n - The convention of using an upward arrow ( ) indicates cash inflow (Bt) TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE - Down arrow with sign (-) indicates cash outflow (Ct) Câu 16:phân tích so sánh phương án đầu tư loại trừ • Excluding investment projects are different investment projects that are forced to be governed by conditions of limited investment capital and other conditions => compare and choose the best investment plan • Principle of option selection: the selected option must satisfy conditions at the same time - The plan that satisfies the efficiency threshold sets the necessary condition - The plan brings high efficiency • Conditions of comparability between alternatives - Lifespan is the same - Investment size is the same Câu 17: phương pháp xác định thời kì phân tích (xd n) The life of an investment project is influenced by the following factors: • The business strategic intention of the investor comes from the effective goal set for the project • Technical life of factories, equipment, project machinery and development speed of science and technology • Reserves of resources and resources exploited by the project • Relevant legal provisions Select the project analysis period based on the project economic life of the investor - If the analysis period is chosen shorter than the economic life of the option, the residual value should be estimated and considered as a revenue at the end of the analysis period TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE - If a longer analysis period is chosen, the investment cost to replace the asset should be included at the end of the asset's economic life in the cash flow • Method of determining the period of analysis of mutually exclusive investment projects - Handling longevity - Use the least common multiple of the lifetimes CHƯƠNG 3: PHÂN TÍCH TÀI CHÍNH DỰ ÁN ĐẦU TƯ Câu 18: ý nghĩa phân tích tài dự án đầu tư • Financial analysis estimates the net financial benefit of a project to the investor and financial contributors to the project by considering all financial receipts and expenditures over the life of the project project's opinion • Questions to answer after financial analysis - How much capital is required for the project? - From what sources is this capital need financed? - Conclusion on the evaluation based on the criteria reflecting financial performance - Analyze the financial viability and sensitivity of the project Câu 19: so sánh phân tích tài dadt theo quan điểm vốn chung quan điểm vốn chủ sở hữu Criteria General view of capital Characteristic The owner with the lender is a single entity Reflect the benefits of the project as a whole Cash flow Do not include directly the borrowed capital, principal and interest payments in the project's cash flows Relationship Role General capital cash flow Sufficient conditions Equity perspective Reflects the financial efficiency brought to the owner after fulfilling the debt repayment obligation The loan principal will be included in the cash inflow, the principal and interest payments will be included in the cash outflow equity cash flow prerequisites TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE Câu 20: nhóm phân tích hiệu tài dadt? Phân biệt • groups: - Group of static indicators - Group of dynamic indicators Characteristic Group of static indicators Calculation Static norms for a specific time period of the project The indicator does not take into account the time value of money Group of dynamic indicators Dynamic indicators for the whole project life Dynamic indicator that takes into account currency prices over time Câu 21: nhóm tiêu tĩnh? Cách tính ý nghĩa Profit per unit of product: Ld - Ld= Gd- Csd Gd: selling price per unit of product without output VAT Csd: cost of production and business per unit of product without tax on inputs - Ld -> max: This is the efficiency indicator in absolute numbers ➔ Which option has a higher profit per unit of product (Ld) is better Average profit of the year - Lbq= Lbq: average profit of the year Lt: profit earned in year t n: life of the project - Lbq -> max: This is the efficiency indicator in absolute numbers reflecting the total profit -> Which option has a larger average total profit of the year (Lbq) is better Level of revenue and profit of dong of capital (return on invested capital) - Ml= Lbq/V * 100% TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE - Ml ->max; Ml >= Mđm: This is a relative performance indicator If using this indicator to compare options -> pay attention to ensure that the options are the same in terms of investment scale Cost calculated for a product unit Cd= (1/2Vr+Cn)*1/Q Q: Five capacity of the project V: Investment capital of the project R: Interest rate reflects the minimum loss of investment or loan interest rates Cn: Expenses for production and business in the year not include loan interest payment costs Cd -> Min: Used to compare the same revenue plan ➔ Which plan has the smallest cost Câu 22: trình bày khái niệm , cách tính, cách dựng giá trị hiệu số thu chi để so sánh dự án đầu tư loại trừ • The present value of the project's NPV is the value of its cash flows The difference between revenue and expenditure is calculated to the present at the minimum acceptable interest rate • Calculation: ……………………………… Bt: The benefit (income) of the project received at year t Ct: the project's cost stream at year t r: minimum acceptable rate of return t: phases of the project • - Bt includes: Revenue from selling products and services in year t Extraordinary revenue in year t Recovery of working capital at the end of the analysis period Recovery of the residual value of the asset at the end of the analysis period TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE - Recovery of liquidation value of assets at the end of the analysis period • Ct: the project's cost stream at year t - Initial investment costs for the project: investment in fixed assets, working capital - Cost of replacement investment - Operating costs - Land use tax - Corporate income tax • Usage to compare mutually exclusive investment projects: - When the options are the same in terms of lifespan ➔ Calculate the NPV for each alternative and then compare the selected option, which must satisfy conditions at the same time: + NPV >=0 + NPV = max - When the options differ in life: handle the difference in life: choose the analysis period as the least common multiple of the lifetimes Calculate NPV for each alternative -> compare and choose options according to the above principle Câu 23: ưu nhược điểm NPV Advantages: - Calculate the lifetime of the project and account for the time value of money - Slippage and inflation can be taken into account by adjusting the indicators Bt, Ct, r - The risk factor can be taken into account depending on the increase or decrease of the minimum rate of return r - It is possible to compare plans with different investment capital without adjusting calculations - The calculation is relatively simple and serves as the basis for the calculation of other dynamic indicators - As a priority criterion when choosing the best method Disadvantages: TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE - NPV calculation ensures accurate results only in conditions of perfect capital markets - It is difficult to accurately forecast targets for the life of the project - The outcome of option selection depends a lot on the magnitude of the minimum rate of return r - Short-term and small-capital options show no difference from large-cap and long-term options - Efficiency is calculated in absolute numbers When NPV>0 , Cash Flow has reached the minimum interest rate r, but it is not clear what the specific interest rate will be Câu 24: khái niệm, cách tính, dùng giá trị tương lai hiệu số thu chi • Definition: Future value of income and expenditure difference is the total cash flow value of revenue and expenditure that is calculated to the future at the minimum acceptable rate of interest NFV= - In there: n: project analysis period Bt: the benefit (income) of the project in year t Ct: the project's cost stream at year t r: minimum acceptable interest rate - Chi phí Bt,Ct: câu 22 • How to compare mutually exclusive investment options: - when investment options are the same in terms of lifespan -> calculate NFV for each alternative then compare The selected option must satisfy conditions at the same time: + Necessary condition NFV>=0 + Sufficient condition NFV = max - When the options are different in terms of lifespan -> different treatment of lifetime choose the period of comparative analysis as the least common multiple TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE Câu 25: ưu nhược tiêu NFV Tương tự NPV Câu 26: giá trị san hiệu số thu chi NAV: khái niệm, cách tính, cách dùng để đánh giá phương án đầu tư loại trừ • Definition: Cash flow value of revenue and expenditure is calculated annually.NAV is determined by equalizing the cash flow of revenue and expenditure for all years of the analysis period using the minimum acceptable rate of return • Calculation: • Usage: calculate NAV For each alternative and then compare the selected option must satisfy conditions at the same time + Necessary condition NAV>=0 + Sufficient condition NAV = max Câu 27: suất thu lợi nội IRR? Kn, cách tính, cách dùng để đánh giá dự án đầu tư loại trừ • Difinition: Internal rate of return is the average annual interest rate generated by the investment plan It has the feature: if this interest rate is used to calculate NPV, then NPV ………………… • calculation: - Solve the equation NPV=0 - Approximate test method + Set up the formula for calculating NPV for the project ……………………… TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE + Assign IRR1 -> find NPV1 Pay attention to gradually try the number of assigning IRR1 so that NPV1 is and is gradually approaching the value + Assign IRR2 (IRR2>IRR1): find NPV2 Pay attention to gradually try the number of IRR2 assignment so that NPV2 is negative and gradually move towards value + calculate IRR for the project according to the interpolation formula ……………………… • How to evaluate mutually exclusive investment projects: - Comparable condition: similar in lifespan and investment size -> Calculate IRR For each alternative and then compare The selected option must satisfy conditions at the same time + Necessary condition IRR>=r + Sufficient condition IRR = max - When the options offer different comparisons in terms of lifespan -> Different treatment of lifetimes: choose the comparative analysis period as the least common multiple of the lifetimes -> Calculate IRR For each alternative -> compare and choose the plan according to the above principle • When the options offer different comparisons in terms of investment size -> use the investment increment analysis method - investment increment analysis method analyzes the difference in investment size of the large capital investment plan compared with the smaller investment capital plan + If this investment division is evaluated, conclude that the large-capital plan is better than the small-capital plan + If this investment fraction is not worth it, conclude that the small capital option is better than the large capital option - investment increment method + Arrange the plan in ascending order of investment scale + choose the base option + Consider the value of the option by the IRR criterion TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE + If not worth the price then type If the alternative is worthwhile (IRRn>=r), then choose the alternative as the baseline + Complete the investment amount between option (n 1) and option n and calculate the IRR Outflow of that investment (IRR denta) + If IRRdenta option(n 1) is not worth it => discard option (n 1), keep option n as the base solution => continue comparing alternative (n 2) with alternative base n + If IRRdenta >=r -> option (n 1) is better than option n Eliminate option n, choose option (n 1) as the base solution => continue to compare until all the remaining options Câu 28: ưu nhược điểm việc đánh giá suất thu lợi nội IRR • Advantages: - Taking into account the fluctuations of indicators over time and calculating for the whole project life in accordance with the market economy - Recalculate the average rate of return for all years over the life of the project - The efficiency is expressed as a relative number and compared with the efficiency r - Slippage and inflation factors can be calculated by varying the parameters of cash flows and the minimum rate of return r • Disadvantages: - The calculation method is based on unrealistic assumptions The capital market is a perfectly competitive market - Determining the IRR value is relatively complicated, especially for cash flows that change signs many times - In many cases when comparing the efficiency of investment increments, it is still necessary to prioritize the selection of the plan according to the NPV criterion Câu 29: tỷ số thu chi BCR (khái niệm, cách tính, cách dùng để đánh giá dự án độc lập) • Definiton: BCR Ratio Is the ratio of the equivalent value of the benefit stream to the equivalent value of the cost stream calculated at the minimum acceptable rate of return TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE • Calculation: …………… PB: Current value of revenue PC:Present value of current • Evaluate mutually exclusive investment options - When the options are the same in terms of investment life => Calculate BCR for each alternative and then compare The selected option must satisfy conditions at the same time: + Necessary condition IRR>=r + Sufficient condition IRR = max - When the options are different in terms of service life but are equivalent in terms of investment size  Dealing with age differences: choose the period of comparative analysis as the least common multiple of the lifetimes  Calculate BCR for each option => compare and choose options according to the above principle - When the options differ in size + Check the validity of the small capital option Calculate the small BCR + Small BCR >=1 => Compare the low capital option + BCR < => type of low capital option - make investment increment line + Calculate the BCR of the investment increment stream + BCR denta >=1 => choose a large capital plan + BCR denta < => choose small capital option Câu 30: phân tích thời hạn hồn vốn?các tiêu phân tích • Payback period is the time required for the profit and other benefits of the project to make up for the initial investment • The shorter the payback period, the better TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE • The payback period can be calculated in two ways: with or without regard to the time value of money • Static indicators - Funding every year Thv = V/Nhv V: initial investment capital of the project Nhv: the source of money raised to payback - Irregular sources of payback: deduct gradually to calculate payback period …………………… Nhvt: source of return at year t • The sisters are poisoned - Subtract method to find payback period Câu 31: phân tích điểm hịa vốn • The break-even point is the point at which revenue is just enough to cover expenses • At break-even point, total revenue is equal to total cost Therefore, the project is not profitable but also has no loss • Fixed costs (FC) include: - Depreciation of fixed assets - Insurance cost - Fixed management costs TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE - Minimum wages of workers - Maintain equipment - Cost of information system • Variable costs (VC) include: - Direct labor - Materials - Indirect costs - Marketing, advertising, warranty • Qh: breakeven output Rh: breakeven revenue P: expected product selling price TC: total cost of production and business TC = FC * VC • v: variable cost per unit • Break-even point: Revenue = cost P*Qh = FC+ v*Qh => Qh = FC/ (P-v) Break-even revenue: Rh = P * Qh = FC/ (1-v/p) = FC/ (1- VC/R) • Meaning of break-even analysis: - Break-even analysis shows the potential for profit or loss of the product manufacturing process Qsx > Qh => profitable production Qsx < Qh => loss-bearing production - Assess financial safety: the sooner the breakeven point => the higher the safety TRẦN MINH GIANG – 63KTE TRẦN MINH GIANG – 63KTE - Break-even level: Mh = Qh/Q *100% = Rh/R *100% (The smaller the Mh, the safer it is) • For multi-product projects ……………… m: Number of products produced by the project vi: variable cost per unit of output Pi: expected selling price of product type i VCI: total variable costs in the five Product categories i Ri: total sales for the year of product i - wi: revenue share of product i - Break-even level: Câu 32: phân tích khả trả nợ: ý nghĩa, phương thức trả nợ • Meaning: - Investment projects all have to use very large investment capital => must mobilize loan capital for investment - The project will pay off debt gradually after going into operation - The analysis of the project's solvency is to control whether the project is able to repay the loan according to the conditions of the loan source - As the basis for the investor to decide TRẦN MINH GIANG – 63KTE ... the interest rate that coincides with the compounding period - Nominal interest rate: is the interest rate that satisfies the condition that the statement period does not coincide with the period... simple interest The calculation does not take into account the interest generated from the previous period''s interest Do not add interest to the principal to calculate the next interest For example:... investment and construction work - Is the maximum cost limit to implement the project • Components total investment: components - Expenses for compensation and resettlement support - Construction