GIÁO TRÌNH QUẢN TRỊ tài CHÍNH DOANH NGHIỆP

PGS.TS PHAM QUANG TRUNG G IA O T R IN H Q U A N TRj TAI CHINH D O A N H NGHIEP DAI HOC KINHTE QUOC DAN JLGfl G I O I T i l l 1.1 Quan trj tai chi'nh la mot nhirng chi'rc n.anig quan ly c a ban va quan nhat, co vai tro quyct dinh hieu qiua hoat dong va su phat trien cua mot doanh nghiep Quan trj tai chinh doanh f nghiep la mot llnli vuc kha rong Ion, dura dung rnoi dung rat phong phu va co tinh chat chuyen nganh cua mot too mon khoa hoc quan Do la nhung van dc ve quan ly tai s;an cua doanh nghiep, huy dong va thu hut cac nguon von, phan b>o von va cac quyct dinh ve dau tu, cac bao cao tai chi'nh va sir diung thong tin tai chi'nh qua trinh quyet dinh Ngoai nh’Dnig van de noi tren, cuon giao trinh xuat ban lan cung cajp nhung kien thirc vc cac cong cu tai chinh va phan tich churng ikhoan nliu la mot cong cu het sire can thiet doi voi cac doanh nghiiep f t y r \ / / w / % \ r A t \ / / Giao trinh Quan tri Tai chinh doanh nghiep' la mot cong tinh khoa hoc tap the cua Bo mon Tai chinh - Kle toan, Vien Quan tri Kinh doanh - Dai hoc Kinh te Quoc dan T h a m gia bien soan cuon giao trinh co cac ca nhan sau day: / r f GS.TS Nguyen Van Nam - Hieu trircmgva P'GS.TS Pham Quang Trung - chu bien cung viet cac chuong va / PGS.TS Pham Quang Trung, Pho Hieu trudng, bien soan cac chuong 1, 2, 3, va chuong PGS.TS Nguyen Van Djnh, giang vien Bo mon Tai chinh Kc toan Vien Quan trj Kinh doanh viet cac chuong va chuong f / 11 PGS.TS Duong Dire Lan, Pho Tongcuc trudng Tong cuc Day nghe, bien soan chuong TS Vu Dinh Hien, giang vien Bo mon Tai chinh Ke toan Vien Quan tri Kinh doanh viet chuong 10 TS Tran Thj Minh Huang, Pho trudng Bo mon i a i chinh Ke toan, Vien Quan tri Kinh doanh bien soan Chuong 12 f TS Le Thi Bich Ngoc, TrutVng Bo mon Tai chinh Ke toan, Vien Quan tri Kinh doanh, bien soan Chuong 13 va Chuong 14 r > Nhung noi dung dirge dc cap cuon sach la nhung van de quan tron*? nhat ducc hra chon so nhung chi.i de co ban cua quan tri tai chinh doanh nghiep Tai lieu co the sir dung qua trinh dao tao cho cac doi' tuong khac nlnau va mot tai lieu tham khao cho cac ban doc quan tarn den linh virc thu vi nay, mot llnh virc ma tarn quan cua no nga y cang tang qua trinh nuoc ta hoi nhap vcri kinh te toan cau t * \ * r % Linh virc quan tri tai chinh cung nhu quan tri kinh doanh da va dang trai qua nhung bien doi sau sSe, do kho tamg kien thuc ve quan tri tai chinh doanhh nghiep cung khong ngimg doi moi va phat trien Mac du cac*tac gia da het sue co gang] irong qua trinh bien soan nhung cuon sach kho tranh khoi nhung thieu sot nhat dinh Chung toi xin chan cam on va rat mong nhan dugc y kien dong gop va su cong tac, giiip d o cua dong nghiep, cac nha khoa hoc, cac ban sinh vien va bran doc gan xa ? t #* W \ \ Xin tran gioi thieu cung ban doc! > TM Tap the tac gia PGS TS Pham Quang Trung Pho Hieu tru o n g DH Kinh te Quoc dan M IC L * i rang LCJl }\6\ THIEU Chircng ! QUAN LY TAI SAN CO DINH 13 Cor cau cua tai san co dinh 13 1.1.1 Tai san co clink vo hlnh (intangble assets) 14 1.2 Tai san co dinh him hlnh 17 1.2 ] hau hao tai san co difth va cac khia canh kinh te cua cian ly khau hao 20 1.2.1 Khai niem ve khdu hao 20 f S 1.2.2 Khdu hao cleu theo thai gian (Straight line methcd) 21 1.2.3 Cac pluramgphdp khdu hao "tang gid” 27 1.2.4 Phuang phdp khdu hao so die giam dan (Decining Balance Method) 29 1.2.5 Phiccmg phdp khdu hao theo sdn hrcmg (Output-based Depreciation) 30 1.3 r ac dong tai chinh cua khau hao doi vcri doanh nghico W " 33 1.4 Ouan ly tai san co dinh ve mat hicn vat 34 1.4.1 He thong theo doi tai san co dinh 34 1.4.2 Phan dinh trdch nhiem 35 1-4.3 Oudn ly tai san co dinh ve mat l,y ih'uai 36 Chircng QUAN LY TAj s AN LU'U DONG VA VON LU U DONG 38 2.1 liia nang chuyen doi cua tai san (Liquidity) 38 2.2 Co cau va phan loai tai san liru done 4;) 2.3 Quan ly hang hoa vat tir ton kho 44 ? Phan iich vong quay cua von liru dong 48 Chiromg CAC BAO CAO TAI CHINH CHU YEU 49 3.1 Bang can doi ke toan (Balancc Sheet) 49 3.2 Bao cao Ket qua hoat dong kinhdoanh (Bao cao thu nhap) 55 3.3 Bao cao liru chuven tien te (Bao cao luong tien) Chirorng QUAN LY VON BANG TIEN % 63 > 4.1 Hang ton kho va tien 63 4.2 Mo hinh Miller - Orr 65 •» % Tang lurong tien bang cach di vay 66 4.4 67 Quan ly tien cac cong ty lcni 4.5 Quan ly viec thu tien 67 4.5.1 Tien noi 67 4.5.2 Thu tien qua hop thu (Lock box) 69 Chuong QUAN LY TIN DUNG THU’ONG MAI 72 5.1 Cac hinh thuc ban hang 72 5.2 Cac cong cu tin dung thuong mai 74 5.3 Phan tich tin dung 76 5.4 Chinh sach thu no 77 5.4.1 Chinh sach va bien pluip thu no 77 5.4.2 Bao toan va mua ban thmrng nigi 79 Chircrng QUAN LY NGUON VON CUA DOANH NGHIEP 81 6.1 Tong quan ve nguon von cua doanh nghiep 81 6.2 C; c nguon von cua doanh nghiep \ i ; hifvvny thirc kiiai tlic 82 6.2.1 \gudn von tic co cua docuih nyhicp 82 6.2.2 \!gudn von tin dung ngdn hany \\) t ’n lung thicany mai 84 6.2.3 Vguon von phot hanh co phicu cony t : f 6.2.4 °hat hanh trai phieu cong tv \ / % 6.2.5 Wguon von tic loi nhuan tai dau tic 87 93 Chirorg GIA TRI HIEN T a I 99 1 Kiai niem ve gia tri hien tai 99 7.1.1 Tinh toan gia tri hien tai 100 7.1.2 Gia tri hien tai rong 101 7.1.3 Rui ro va gid tri hien tai 102 7.1.4 Gid tri hien tai va ty le thu nhap 103 7.2 Quy tac gia trj hien tai rong 104 Chuong CAC QUYET DjNH VA PHAN TICH VE CHI PHI DAU TU' 107 8.1 Cac quyet dinh dau tu 107 8.2 Qua trinh duyet dir an dau tu 109 8.3 Cac cong cu phan tich du an dau tu \ \ f t 8.4 Cac phan tich sir dung luong tien chiet khau 111 97 113 8.4.1 Nguyen ly gia tri hien tai rong / / S.4.2 Nguyen ly ty sudt hoan von noi no 115 8-43 So sanh hai cong cu NPV vci IRR 119 8.4.4 Cac phan tich chiet khdu luong tien theo cac via dnh 120 114 4.5 Cac uuyet dinh cue; chi phi thdp nhat 8.4.0 Knau hao tai son 8.4 iSo raw/j hoi phucmg an dau tu % * 8.5 Cac cong cu khac dung de phan tich cac ke hoach dau tu ✓ 8.5.1 Nguyen ly thai gian hoan von 8.5.2 Nguyen ly ty le sinh lai ke toan 8.6 Vai tro cua ke toan phan tich dau tu 3.7 Kicr.i loan du an dau tir da hoan f S 8.8 Danh gia sir thirc hien cua dir an: van de hanh vi % Chucmg DOANH L0I, RUI RO TRONG HOAT DONG DAU TU * i Khai niem chung ve doanh leri va rui ro * r 9.1.1 Doanh loi tuyet doi va doanh lai tuang doi 9.1.2 Doanh loi thirc te va doanh nghiep danh nghia 9.1.3 Doanh Ipi blnh quan „ 9.1.4 Rvi ro va muc budtip rui ro £LL «L£:hwwg seu va d$ Uek him ehudn v i S&Hett thong ke theo then gian cua doanh leri 9.2 Doanh loi, rui ro va dircmg thi trucmg chung khoan 9.2.1 Doanh loi dukien 9.2.2 Tinh toanphucmgsaicua doanh lai dukien 9.2.3 Danh muc dau tu 9.2.4 Rui ro, doanh lai co he thong va khong co he thong 9.2.5 Da dang hod va rui ro cua danh muc dau tu 9.2.6 Rui ro co lie thong va he so heh, 163 9.2 ~ Dirang thi truang chung khoat■ 166 Chuong 10 RUI RO KINH DOANH VA DON B A Y HOAT DONG 177 10.1 Moi quan he giira lai nhuan va chi phi 177 10.2 Don bay hoat dong 178 10.3 Rui ro hoat dong 180 10.4 Don bay hoat dong va sir quan ly 186 Chirang 1 TINH TOAN GIA TRj HIHX TAI \ rA DANH GIA CHUNG KHOAN 188 11.1 Dinh gia tai san co thai gian sir dung dai 188 11.1.1 Danh gid cac luong tien wot so gia: doqn 189 11.1.2 Tai saof thica so chiet khdu lai gidm thai gian chiet khdu tang 190 11.2 Trai khoan vo thdi han va trai kiioan tra deu mot so nam 192 11.2.1 Trai khoan vo thai han 192 11.2.2 Dinh gid chung khoan vo thai han co tang tricang 193 11.2.3 Dinh gia chimg khoan tra deu nipt so nam (annuities) 193 11.2.4 Lai gop va gid tri hien tai 194 11.2.5 Tinh lai gop cho cac khoan tinh nhieu ky nam 194 11.3 Danh gia trai phieu va co phien 195 11.3.1 Khai niem trai phieu 195 / I i 3.2 ( Y) phieu i9 / II 3.3 Danh gid trai phieu 197 11 3.4 Danh gid co phieu thumig i 99 Chirong !2 PHAN TICH TAI CHINH TRONG QUAN LY DOANH NGHIEP 10\ 12.1 Khai niem, vai tro, nuic lieu cua p 1;an tich tai chinh doanh nghiep 20% 12.2 Ca so dfr lieu phuc \ii phan tich tai chinh doanh nghiep 100 12.3 Plurong phap phan tich 210 12.4 Noi dung phan tich tai chinh doanh nghiep 1S Chuong 13 CO CAU VON - MOT SO KHAI NIEM CO BAN 23s 13.1 Cac cau hoi ve co cau von va hoc thuyct Pie 23S 13.2 Toi da gia tri cong ty va lOi da loi ich co dong 239 13.3 Co the xac dinh dirge inof co cau von toi iru khong? 242 13.3.1 Modigliani va Miller: Hoc thuyct (khong co thue) 242 13.3.2 Modigliani va Miller: Hoc thuyct 11 (khong thue) 244 / r 13.4 Thue va tac done cua thue 246 13.5 Ca cau von - nhCrne han che cua viec sir dun« von vay 249 13.5 Cac chi phi tich hien tai chinh (financial distress cost) 250 13.5.2 Thue thu nhap ca nhdn 257 13 5.3 Thue va thi trudng khong hoang hao 260 10 Chinvr«” I -I C! UN! I SACH C O T I V 14.1 Cu tire va thu nhap ur von - C ac nha dau :ir thick khoan thu nhap nao hon? 14.2 Cac kiem dinh cua hoc thuyct co tire 14.3 (Vic van de khac ve chinh sach cu tire 14.4 Xav dimg chinh sach co tire thirc te 14.5 C ache toan co tire 14.6 Cac ke hoach tai dau tir co tire 14.7 Mua lai co phieu Phu Inc THUYET MINH BAO CAO TAI CHIN DANll MUC TAI LIEU THAM KHAO hgp nhu vay can quy dinh ro nhung diem sau: - Trirang hop nao thi cong ty co the mua lai co nhieu - Ciia ca cong ty mua lai co phieu - Thai han toi thieu khong dirge phep mua lai co phieu (\ i du nam ) Trong thirc te, a mot so mrdc nlur My rat hiem co dong iru tien co quyen bo phieu mot each day du Tuy nhien, f t r r \ neu co it nhat 2/3 co dong iru tien nhat tri ve mot van dc nao thi ban lanh dao cong ty phai xem xet v kien ciia ho Neu cac co f > phieu uu tien khong dugc tra co tire thi cac co ddng cua nhfmg r i ^ r co phieu co the dugc quyen bo phieu Mot van de rat quan can de cap phat hanh / co / phieu uu tien, la thue Khac vai chi phi lai vay dugc giam tru tinh thue thu nhap cong ty, co tuc dugc lay tu Igi nhuan sau r r + r \ thue Do la han che cua co phieu uu tien Mac du vay, nhu da dc f f + t cap, co phieu uu dai van co nhung uu diem ddi vai ca cong ty phat hanh va ca nha dau tu ' / Khi nao cac hang phat hanh va thu hoi co phieu? De tra lai cau hoi can xem xet nhung khia canh sau: f t \ f t • Cac hang thudng cd gang can bang giua ng va von co phan de giu vung kha nang toan, cung cd uy tin tai chinh e r y e Khi ty le ng d muc thap, neu can von thi cac cong ty thudng chon cach phat hanh trai phieu tire la tang ng (ma khong tang f i \ r • t • A von co phan) Neu ty le ng a muc cao, cong ty phai tranh viec ■y * tang them ty le ng va chon cach phat hanh co phieu t \ • Tuy nhien, thue te cac cong ty khong quan tarn nhieu f X \ ^ den viec giir mot mire can bang chinh xac Viec dieu chinh lugng tien va cac khoan ng thudng ngau va theo kieu linh 92 boat "tuy co irng bien" • Sir phan ung tnrac cac bien (.Ion;.1, cua thj trirang chirng khoan la mot yeu to dang chu y Mot so nha phan tich tai chi'nh doanh nghiep da dira nhirng nhan xet nhu sau: • Phan lan cac co phieu duac phat hanh bo sung sau thi gia co phieu cua cong tv tang tren thi trirang chirng khoan • Gia co phieu tang len la mot dau hieu co nhieu ca hoi dau tir m a rong vao nhirng du an co trien vong cong ty Tuy nhien, nguai ta chua ly giai duac mot cach tuang tan f tai tren thue te cac cong ty thuang lira chon viec phat hanh co phieu sau co su tang gia co phieu Mot so nguyen nhan ** r f co the la nhung yeu to sau day: * • Do doi hoi can bang ty le ns? (nhu noi tren) Do ty le P/'E (Price - Earnings Ratio) a mire cao, tire la • ’ ' / f thi gia co phieu tang manh han toe tang cua ty suat lai nhuan rong • Do yeu to tarn ly cua cong chung va cac nha dau tu tren thi truong t 6.2.4 Phat hanh trai phieu cong ty t f Trai phieu la mot ten chung cua cac giay ta vay no dai han \ / va trung han, bao gom: trai phieu chinh phu (government bond) va trai phieu cong ty (corporate bond) Trai phieu duac goi la trai khoan Trong phan nay, chung ta chi xem xet trai phieu r cong ty tren mot so khia canh ca ban r ' ' Mot nhung van de can xem xet truoc phat hanh 93 la lira chon loai trai phieu nao phu hop nhat vai dtfeu kien cu the cua cong ty va tinh hinh tren thi truong tai chinh / * Viec lua chon trai phieu thich hop la rat quan vi co lien quan den chi phi tra lai cach thirc tra lai, kha nang luu hanh va tinh hap dan ciia trai phieu Truoc quyet dinh phat hanh, can hieu r5 dac diem va uu nhuoc diem ciia moi loai trai phieu Tren thi truong tai chinh a nhieu nuac, hien thuang luu hanh nhung loai trai phieu cong ty nhu sau: a Trai phieu cd la i suat cd dinh # f \ / Loai trai phieu thuang duac sir dung nhieu nhat, tuc * r * f la bien nhat cac loai trai phieu cong ty Lai suat d u a c ghi tren mat trai phieu va khong thay doi suot ky han ciia no N h u vay ca cong ty (nguoi di vay) va nguoi giir trai f \ f r phieu (nguai cho vay) deu biet rd mire lai suat cua khoan no svSt thai gian ton tai (ky han cua trai phieu Viec toan lai trai phieu cung thuong dugc quy dinh ro, vi du tra lan nam vao 30/6 va 31/12 Be huy dong von tren thi truong bang trdi phieu, phai tinh den mire hap dan cua trai phieu Tinh hap dan phu thuoc may # * yeu to Sau: - Lai suat cua trai phieu: Duong nhien, nguai dau tu muon » / dugc hucmg rrurc Ifii suat cao Nhung, cong ty ph&t hanh phai r f e / g can nhac lai suat co the chap nhan dugc doi voi trai phieu eua * ^ ho, chu khong the tra that cao cho nha dau tu 9 Lai suat cua trai phieu dugc dat tucmg quan so sanh r r r vai lai suat tren thi truong von dac biet la phai tinh den su canh f * tranh vai trai phieu cua cac cong ty khac va trai phieu Chinh phu Gia sir: Trai phieu kho bac Nha nuac ky han nam co lai 94 .Mutt 7,0%/narn Uai phieu trunu binh cua inn* so cong ty khac cung ky han: S.0%/nam: do phat hanh cong trai phiei, can quy dinh lai suat trai phieu cho co the canh tranh duac vai muc lai suat l uy nhien mot ram* buoc khac la chi phi lai vay ma cong ty phai tra cho cac trai chu Neu dira them cac yen to khuyen khich vao trai phieu thi co the khong can nang cao muc lai suat - Ky han cua trai phieu: Day la yeu to rat quan khong nhung doi vcri cong ty phat hanh ma ca doi vai nha dau r tir Khi phat hanh, phai can cu vao tinh hinh thi trirang von va tarn ly dan c u mai co the xac dinh ky han hgp ly Vi du, thang 9-2001 Ngan hang Dau tu va phat trien Viet Nam phat / hanh cac loai trai phieu vo danh va ghi danh vai ky han nam va nam L u a n g trai phieu nam ban dirge rat Ian nhung trai phieu nam thi khong hap dan cong clning - Uy tin tai chinh cua cong ty va mire rui ro: Khong phai cong ty nao cung co the thu hut duac cong chung mua trai ' \ f phieu vi nha dau tu phai danh gia uy tin cong ty thi mai quyet dinh mua hay khong mua Cac cong ty co uy tin va vung manh thi de dang h a n viec phat hanh trai phieu cong chung de r huy dong von Trong viec phat hanh trai phieu, cung can chu y den menh * gia vi no co the lien quan den sire mua cua dan chung Dac biet, * \ a Viet Nam phat hanh trai phieu cong ty can xac dinh mot mire menh gia vira phai de nhieu nguai co the mua dirge, tao sir luu thong de dang cho trai phieu tren thi trirang f r •> b Trai phieu co lai suat thay ddi Tuy goi la lai suat thay doi nhung thirc loai co lai 95 suat phu thuoc vao mot so ngi\>n iai suat quan trpn.u Chang han, lai suat I.ll'O R (1 odon Interbank Offered Rate) hoac lai suat co ban (Prime Rate) Khi nao ncn phat hanh ioai trai phieu tha noi? 'I'rong dieu kien co muc lam phat kha cao va lai suat thi truong khong on dinh thi co the khai thac tinh iru vii-t cua loai trai phieu Do cac bien dong cua lam phat keo theo sir giao dong cua lai suat thirc, cac nha dau tu mong muon dugc huang mot iai suat thoa dang so sanh voi tinh hinh thi trudng Vi vay, mot so nguoi ua thich trai phieu tha noi Tuy nhien, loai trai phieu co mot vai nhugc diem: • Cong ty khong the biet chac chan ve chi phi lai vay cua trai phieu, dieu gay kho khan mot phan cho viec lap ke hoach tai chinh / ' > • Viec quan ly trai phieu doi hoi ton nhieu thai gian hern * x f phai thong bao cac lan dieu chinh lai suat c Trai phieu co the thu hoi (Callable bond) r r Mot so cong ty lira chon each phat hanh nhung trai phieu > •» # co the thu hoi, tuc la cong ty co the mua lai vao mot thai gian ✓ nao Trai phieu nhu vay phai dugc quy dinh phat hanh dc nguoi mua trai phieu duac biet Phai quy dinh ro ve / thai han va gia ca cong ty chuoc lai trai phieu Thong / * thuang, nguai ta quy dinh thai han toi thieu ma trai phieu se % khong bi thu hoi, vi du thai gian 36 thang r • \ •* Loai trai phieu co the thu hoi co nhirng uu diem sau: ■» v • Co the dugc sir dung nhu mot each dieu chinh lugng von sir dung Khi khong can thiet, cong ty c f f t phieu, tire la giam so von vay 96 ”c mua lai cac trai « Cong ty co the thay trai phieu ukm i av bang mot nguon t;ii chinh khac bang cacti mua lai cac trai plucu Tuy nhien, neu khong co nhung hap dan nao thi trai phieu khong dirge tra thich d C h u n g khoan cu the chuyen doi Cac cong ty, dac biet la cac cong ty My, thuang phat hanh > -*» ^ > chirng khoan kem theo nhung dieu kien co the chuyen doi dugc Noi chung, sir chuyen doi va lira chon cho phep cac ben (cong ty nguoi dau tu) co the chon mot cach thue dau tu co Igi va thic h hgp ■» e i \ Co mot so hinh thirc chuyen doi, d day chi de cap so luge hai loai: / f • Giay bao dam (warrant) Ngudi so huu giay bao dam co the mua mot so lugng co phieu thudng dirge quy dinh truoc vdi gia ca va thdi gian xac djnh * f •* • Trai phieu chuyen doi (convertible bond) la loai trai / » ^ r f phieu cho phep co the chuyen doi mot so lugng nhat dinh cac co phieu thudng Neu thi gia cua co phieu tang len thi ngudi giu trai phieu co co may nhan dugc Igi nhuan cao \ ' t 6.2.5 Nguon von (if loi nhuan tai dau hr Tir tai trg bang nguon von noi bo la mot phuang thirc tao nguion tai chinh quan trgng ciia cac doanh nghiep, vi doanh nghiicp phat huy dugc nguon lire ciia chinh minh, giam bdt su phu, thuoc vao ben ngoai Rat nhieu cong ty coi chinh sach \ r i tai io:ar.h nghiep Nha nude thi viec tai dau tir phu thuoc khong cl i vao kha nang r ;nh Igi cua ban than doanh nghiep ma phu Iv.uoc vao chi'nh sach khuyen khieh tai dau tu cua Nha nuoc Tuy nhien doi voi cac cong ty co phan thi viec de Kn nhuan co lien quan den -not so yeu to rat nhay cam Khi c * r dau l u c a n thiet: NPV = PV - D5u tu can thic*t = 373.832 - 350.000 = S23.332 Noi cach khac, toa nha ciia ban dang gia hon chi phi tao no - no tao mot khoan dong gop rong cho gia tri Neu nhu goi Co la luong tien tai thdi diem (co nghTa la hom nay), Co co 101 gia trj am vi no la mot luong tien - clu phi Trong vi du ncn C = -S3 50.000 7.1.3 Rui ro va gid tri hien tai Chung ta da dat mot gia thiet khong tlnrc to cac phan tich vi du ve dau tu vao toa nha tren Ngudi tu van cua ban khong the chac chan ve luong tien tuong lai cua toa nha, ' ' '* S400.000 la so du doan tot nhat, nhung khong phai hoan / / toan chac chan f y\ \/ Do vay ket luan cua chung ta ve so tien cac nha dau tu san sang tra cho du an la sai Bdi vi ho co the co dugc S400.000 r r \ \ mot cach chac chan bang viec dau tu vao cong trai chinh phu gia $373,832 chu khong mua du an xay nha cua chung ta Han co the giam gia de khuyen khich su quan tarn cua cac nha dau tu CJ day chung ta co the neu len mot nguyen ly tai san co X ' ' ban: M ot dong an toan co gia tri hon mot ddng rui ro Phan Ion cac nha dau tu deu tranh rui ro co the lam dieu ma x khong phai hy sinh thu nhap Tuy nhien, khai niem ve gia tri hien tai va chi phi co hoi van co y nghTa ddi vdi cac dau tu rui f t ^ x ro Viec chiet khau thu nhap theo ty le lai cua cac nha dau tir tuong d u o n g van dung Nhung chung ta phai tinh den thu nhap mong doi va ty le lai mong dgi cua cac khoan dau tu khac Khong phai tat ca cac khoan dau tu deu cd cung mire rui ro X ay mot toa nha van phong rui ro hon chirng khoan ciia Chinh phu nhung cd the it rui ro hon khoan mot gieng dau Gia X > sir ban cho rang d u an cd cung mire rui ro vdi mot loai dau tir tren thi trudng chirng khoan va ban du tinh ty le thu nhap ciia X dau tu tren thj trudng chirng khoan la 12% Khi 12% trd 102 chi piii co hoi phu hgp 1)d la thu nhap ban bd qua khv ii;’ Jan tir \u cac chung an luoin: irni’ Ban co the tinh NPV 400.000 Py - — j = S357.143 NPV = PV - 350.000 $7,143 Neu nlur cac nha dau tu khac ddng y vdi ban ve du tinh S400.000 thu nhap va danh gia cua ban 12% chi phi co hoi, thi tai san cua ban cd the dang gia $357,143 no dang xay dung 7.1.4 Gid tri hien tai va ty le thu nhap Chung ta da quyet dinh rang viec xay toa nha van phong la tot, bdi vi no dang gia hon chi phi xav no - no co gia tri hien tai rong duong De tinh dugc no dang gia bao nhieu, chung ta da tinh mot ngudi phai tra bao nhieu de cd dugc cung thu nhap viec dau tu true tiep vao chirng khoan Chung ta cd the nhan manh lai tieu chuan cua chung ta rang dir an bat ddng san ciia chung ta dang lam vi thu nhap vugt / f y qua chi phi vdn Thu nhap tren von dau tu don gian Ia Igi nhuan tren vdn bd ban dau: 400.000 Thu nhap = OOO / - 350.000 = /o / ^ Co hai quy tac tuong duong cho cac quyet djnh dau tu vdn: Quy tac gia tri hien tai rong: Chap nhan cac du an co ogia tri hien tai tuongo duoim cr Quy tac ty le thu nhap: Chap nhan cac du an mang lai ty le thu nhap vugt chi phi co hoi ciia vim 103 7.2 Q u y tac j^ia trj hien tai r o n ” Chung ta da thno luan vc gia tri luon tai ton;: (NPV) T a r.;: NPV co vo nhu la mot muc tieu co y nghia cua mot cone, ty, nhung no khong don thuan la quy tac ngon lay cat Cluing ta can phai hiCu tai NPV lai quan va tai lai phai xem xet thi truong co phieu va trai phieu de tim chi phi co hoi cua von Gia sir ban co luong tien vao B hom va F mot nam sau Neu nhu ban khong co phuang phap nao de dau tu va du doan thu nhap, ban se tieu dung chung nhan duac Dieu co the bat lai va co la toi te nhat Neu nhu toan bo tien ban se nhan duac nam sau, ban se doi bay gid va bdi thue vao nam sau Day la linh vuc cho thi trudng can thiep vao No cho phep ** chuyen cua cai qua thdi gian, nhd ban cd the cd an vira phai cho ca nam va nam sau Thi trudng vdn d a n gian la mot nai ma moi ngudi trao ddi tien hom lay tien mai Dudng doc xuong hinh 3.1 bieu dien ty le trao ddi tren thi trudng vdn giua la hom va la nam sau, doc cua no la (1 + r), la lai suat mot nam Bang viec cho vay tat ca tien cua minh, ban co the lam tang tieu dung tuang lai cua ban len (1 + r) B hay FH N guac lai, bang viec vay luong tien tuang lai cua minh, ban co the tang tieu dung hien tai them F/(l + r) hay BD (Xem hinh 3.1 trang sau) Ta hay xem xet vi du bang so cu the Chang han tinh trang cua ban nhu sau: 104 • Tien cd tay: B = S20.000 • Tien se nhan duac mot nam sau: F = S25.000 Neu nlnr ban khong muon tieu dung gi bay gid, ban co the dau tir $20,000 vao thi trudng von vdi lai suat gia du la 1% Ty 1c trao ddi giua dola hdm \ a dola nam tai la 1,07 - la he sdc goe dudng ddc hinh tren.Neu ban dau tu $20,000 x 1,07 = S 1.400 cong vdi so tien ban se nhan dugc nam sau $25,000 ban co tong cong la S46.400 Do la diem H tren so f / *> \ Neu ban muon chuyen S25.000 mot nam sau tien va chi tieu tat ca bay gid, ban co the vay gia tri hien tai cua $25,000: PV = C 1+r 25.000 1,07 - $23,364 Tren hinh ve no dugc mo ta bang doan BD (hinh 3.1) T ong gia trj hien tai cua cac luong tien ban nhan dugc la: Co + C 1+r 25.000 = $43,364 1,07 Tien thai diem 105 Mirth 7.1 Cac quyet dinh vay va cho vay anh huxrng J e n v \ w luong tien cua ca nhan Bang viec vay luong ticn tuang lai f c a nhan c o th e c6 them BD hom nay; Bang vicc cho vay luong icn hien tai B, ca nhan co the co them luong tien FH turmg lai 106