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r rong thdm dinh gid bdt dgng sdn (BDS) bdng phdcfng phdp so sdnh trdc tiep, sau khi thu thap ddcfc thong tin ve mdc gid giao dich cua nhdng BDS tddng tit, thdm dinh vien se tien hdnh [r]
(1)BAUTI/TAICHfNH III
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BAN VE KY THUAT OlfiU C H I N H G I A
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TRONG THAM DINH GIA BAT DONG SAN ThS Le T h a n h N g o c DH N g a n h a n g TP Ho Chi Minh
rrong thdm dinh gid bdt dgng sdn (BDS) bdng phdcfng phdp so sdnh trdc tiep, sau khi thu thap ddcfc thong tin ve mdc gid giao dich cua nhdng BDS tddng tit, thdm dinh vien se tien hdnh dieu chinh cdc yeu td khde biet Khi tien hdnh dieu chinh mgt yeu td, cdc yeu td khde ddOc cd dinh coi nhii khong co sd khde biet, cdc yeu td ndy ddcfc gid dinh ton tai nhii trang thdi cua BDS thdm dinh Vdn de ddt Id dda tren sd gid dinh rdng, sd khde biet cua mot yeu td ndo Idm cho gid bdn cua BDS so sdnh cao hotn BDS thdm dinh x% thi thdm dinh vien co the tinh diicfc gid bdn eua BDS thdm dinh gidm so vdi BDS so sdnh Id bao nhieu xet ve sd tiicfng ddi vd sd tuyet doi hay khong? Diia tren cdc hdm mo phong vd thong sd thiic te, tdc gid dd chiing minh rdng, neu CO sd ton tai nhieu hdn hai yeu td khde Met, thi xet rieng sit khde biet eua tdng yeu td, thdm dinh vien khdng the ndo tinh ddOc gid bdn cua BDS thdm dinh gidm mgt so
tuy^t ddi Id bao nhieu so vdi BDS so sdnh Mat khiic, viec tinh todn cdc liicfng gidm tdctng ddi cUng khong co y nghia thdc tien Td do, toe gid de xudt sd dung cdng thdc khde thay the cho cong thdc diige dp dung Phu lue 03, Tieu chuan 07 ve phdctng phdp so sdnh trong thdm dinh gid Bg Tdi chinh ban hdnh
De tham dinh gia BDS, phttdng p h a p dttdc stt dung phd bien n h a t h i e n la phUdng p h a p so sanh thi truttng Theo phttdng p h a p nay, ngtttti ta tim mpt sd BDS tttdng ttt vtti BDS mue tieu, da dttdc giao dich t h a n h cdng thtti gian gan vtti thtti diem t h a m dinh gia, sau dd tien h a n h dieu chinh can t h i e t nhttng yeu td khac biet de dtta mttc gia tua BDS so s a n h ve mttt gia \i6c t i n h theo t r a n g t h a i cua BDS tham dinh Trong bai viet nay, t a t gia p h a n tich ky t h u a t dieu t h i n h t h a m dinh mpt BDS mue tieu la Id dat trd^ng, so s a n h vtti t a t h httdng dan dieu chinh theo Phu luc 03, Tieu chuan 07 ve phttdng p h a p so s a n h , ban h a n h theo Quyet dinh sd 07/2008/QD-BTC, 29/1/2008 cua Bd Tai chinh, ttt dd rttt r a n h a n xet va dtta khuyen nghi ve stt dieu chinh thich hdp
vdi gia giao dich la B = 11,5 trieu ddng/m^ Gia stt BDS so s a n h cd hai diem k h a t biet so vtti BDS t h a m dinh:
- Yeu td thtt n h a t la dd rpng ngo: yeu td dp rdng ngo cua BDS so s a n h tdt hdn BDS t h a m dinh nen lam cho gia ban cua BDS so s a n h cao hdn BDS t h a m dinh: ve sd tttdng ddi la
10%, sd tuyet ddi la A*10% (1)
- Yeu td thtt hai la dien tich 16 dat: yeu td dien tieh 16 dat cua BDS so sanh tdt hdn BDS t h a m dinh nen lam cho gia ban cua BDS so sanh cao hdn BDS tham dinh: ve sd tttdng ddi la 5%, sd tuyet ddi la A*5% (2) Ttt (1) va (2) t a td gia cua BDS so s a n h la: B = A-^A*10% -I- A*5% = A(l -h 10% + 5%) Suy ra, gia ban udt tinh cua BDS t h a m dinh la: A = B/(l + 10% -^• 5%) - 11,5/1,15 = 10 trieu ddng/m^ (3)
Gia stt can t h a m d i n h mdt Id d a t t r d n g ma gia tri thi trttttng Im^ la A (la mttc gia chtta biet, t h a m dinh vien can dde t i n h ) , qua thu thap thong tin t r e n t h i trttttng, t h a m d i n h vien tim dttttc mdt BDS tttdng ttt cd t h e so sdnh dttdc, vtta dttttc giao dich t r e n thi trttdng
Theo httdng dSn d Phu luc 03, Tieu t h u a n 07 t u a Bd Tai chinh, qua t r i n h dieu t h i n h phai t i n h toan dttdt stt k h a t biet tiia mdi mot yeu td lam cho gia tri ciia BDS t h a m dinh gia khac biet bao nhieu so vdi gia ban cua BDS so s a n h O day, ehung ta can lam ro mpt diem h e t sttc
(2)I l l DAU Tir TAI CHINH
quan trpng, k h i t i e n h a n h dieu c h i n h mdt yeu to, t a p h a i cd d i n h cac yeu to t d n lai, coi nhtt k h d n g cd stt k h a c biet Nhttng cac yeu t d k h a c se cd d i n h nhtt t h e nao? Vi qua t r i n h dieu c h i n h t u a n theo nguyen tttc, lay BDS t h a m d i n h gia l a m t h u a n , ne'u mdt yeu t d l a m eho B D S so s a n h t d t h d n BDS t h a m d i n h t h i t a dieu t h i n h gia b a n cua BDS so s a n h giam xudng; ngttde lai t h i dieu t h i n h gia b a n t u a BDS so s a n h t a n g len Dieu n a y ngu y rttng, k h i t i e n h a n h dieu chinh mpt yeu td, c a t yeu to k h a t p h a i td d i n h t r a n g t h a i t u a BDS t h a m dinh Trtt lai vdi t a t gia d i n h t r e n :
- Do yeu td' dd rdng ngo, gia t u a BDS so s a n h eao h d n BDS t h a m dinh la 10% Vi yeu td dien t i t h Id dat dttdt t d dinh nhtt t r a n g t h a i t u a BDS t h a m dinh, n e n gia t u a BDS so s a n h theo gia dinh se khdng phai la B = 1.150 trieu ddng ma la B I (B chiu a n h httdng bdi hai n h a n td dp rdng ngo va dien tich 16 dat, cdn B I chiu a n h httttng cua moi n h a n to dp rpng ngo) Do dd:
B I = A + A*10% = A ( l -H 10%)
Suy ra, A = Bl/(1+10%) = B * [ - H / ( - H % ) - 1] Nhtt vay, yeu td' dp rdng ngo, gia eua BDS t h a m dinh (A) giam so vtti gia eua BDS so s a n h (BI - xet t r o n g t r a n g t h a i chi cd mot stt k h a c biet la n h a n t d dp rpng ngo) la:
H- Ve sd tttdng ddi:
[1/(1 -H 10%)] - = -0,091 (4a) H- Ve Ittdng tuyet ddi:
Bl*[l/(1-H 10%)-1]=B1*(-0,091) (4b) - Do yeu t d dien tich 16 dat, gia cua BDS so s a n h cao h d n BDS t h a m d i n h la 5% Vi yeu td dp rdng ngo d\iac cd d i n h nhtt t r a n g t h a i t u a BDS t h a m dinh, n e n gia tiia BDS so s a n h theo gia dinh n a y se k h n g p h a i la B = 1.150 trieu ddng m a la B2 (B chiu a n h httdng bdi h a i n h a n td dp rpng ngo va dien tieh 16 dat, cdn B2 chiu a n h huttng cua mdi n h a n t d dien tieh 16 dat) Do do: B2 = A -h A*5% = A ( l -i- 5%)
Suy r a , A = B2/(l + 5%) = B2*[l-h 1/(1-H 5%) - 1]
Nhtt vay, yeu t d dien tich 16 dat, gia cua BDS t h a m dinh (A) giam so vtti gia cua BDS so s a n h (B2 - xet t r o n g t r a n g t h a i chi cd m d t stt k h a t biet la n h a n t d dien tich 16 d a t ) la:
-(- Ve sd tttttng ddi: |
[ / ( - H % ] - = -0,048 (5a)
H- Ve Ittttng t u y e t ddi :
B * [ l / ( l + % ) - 1] = B2*(-0,048) (5b) Qua p h a n t i t h d t r e n , chttng t a ed t h e t i n h toan dttdt, stt k h a o b i e t eua mdi n h a n to, gia tua BDS t h a m d i n h g i a m m o t so' tttttng ddi so vdi gia t u a B D S so s a n h l a bao n h i e u p h a n tram (4a, 5a) N h t t n g chttng t a h o a n t o a n khdng t h e t i n h dttdt stt k h a e b i e t cua mdi n h a n td l a m cho gia cua B D S t h a m d i n h g i a m mot j Ittdng t u y e t ddi la b a o n h i e u so vtti gia cua ' BDS so s a n h Dieu n a y la vi t r o n g edng thttc (4b, 5b), chttng t a k h d n g t h e b i e t dttttc cac gia j t r i cua B I va B
Doi chieu vtti httttng d i n t r o n g P h u luc 03, Tieu c h u a n 07 t u a Bp T a i t h i n h , gia t r i BDS • t h a m d i n h g i a m m p t Ittdng so vtti gia cua BDS so s a n h la (theo t a t h t i n h cua Bp T a i chinh):
- Do stt k h a t b i e t eua dp r d n g n g o : + Lttdng g i a m tttdng ddi:
[1/(1-Hl0%)]-1= -0,091 (6a) H- Lttdng g i a m t u y e t ddi:
B*[iy(l+10%)-l]=ll,5*(-0.091)=-1.0465trieu/m2 (6b)
- Do stt k h a t b i e t t u a d i e n t i e h Id d a t : -I- Lttdng g i a m tttdng ddi:
[ l / ( l + % ) ] - l = -0,048 (7a) + Lttdng g i a m t u y e t ddi:
B*[iy(l + 5%)-l] =ll,5*(-0,048)=-0,552 trieu/m^ (7b)
- T d n g lttdng g i a m tttdng ddi a n h httdng bdi h a i n h a n td':
[1/(1 + 10%)] + [1/(1 + 5%)] - = -0,139 (8) - T d n g Ittdng g i a m t u y e t ddi a n h httttng bdi h a i n h a n td':
-1,0465 - 0,552 = - 1.5985 t r i e u d d n g (9) - Gia b a n tttte t i n h m^ d a t cua BDS t h a m dinh: A = 11,5*(1 - 0,139) = 9.9015 trieu ddng/m^ (10) Ro r a n g each t i n h t o a n t h e o P h u luc 03 la k h d n g c h i n h xac Vi each t i n h n a y khdng t u a n t h e o n g u y e n t a c l a k h i x e t stt k h a c biet t u a m p t yeu td, t a p h a i cd d i n h cac yeu td k h a c k h n g ddi t h e o t r a n g t h a i cua BDS t h a m d i n h , v a y ke't qua (6b) v a (7b) khac
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(3)DAU TI/TAI CHINH I I I
vtti (4b) va (5b), la ke't qua p h a n a n h stt co' dinh cua t a t yeu t d k h a t k h i xet r i e n g mdt yeu td Mat k h a t cdng thttc (8) dttng de t i n h tdng Ittdng giam tttdng ddi (gpi la t d n g ty le dieu chinh) la k h n g td y nghia, vi ttt (4b) va (5b), 1% cua BI khac 1% cua B2 va dd chttng ta khong the cdng hai gia tri lai vtti
(gpi la mttc dieu chinh theo Phu luc 03) thi khdng t i n h dttdc vi thieu thong tin t a t gia tri B I va B2 Viec tinh t a t mttc dieu t h i n h nhtt t6ng thttt (6b) va (7b) la kh6ng t h i n h xac
- C6ng thttc (9) dttdt stt dung de tinh tdng Ittdng giam tuyet ddi (gpi la tdng dieu t h i n h thuan) la khong t h i n h xat vi tdng thttt (9) dttdt suy ttt tdng thttc (6b) va (7b)
- Tdng Ittdng giam tttdng ddi cua gia tri BDS t h a m dinh so vdi gia tiia BDS so sanh dttdt tinh nhtt tdng thttt (8) la khong chinh xat, vi ttt (4b) va (5b), 1% cua B I khac 1% cua B2 va dd thttng ta kh6ng the tong hai gia tri tttdng ddi lai vtti dttdt Thttc te, ttt cdng thttc (3) ta tinh dttdc Ittdng giam tttdng ddi la: [1/(1-1- 10% -I- 5%) - 1] - -0,130, day la each tinh chinh xac
Tom lai, each tinh theo httdng dan cua Phu luc 03, Tieu chuan 07 vtta kh6ng chinh xac, lai vtta phttc tap va khd hieu Do vay, tac gia de xua't, de ttdc tinh gia tri cua BDS tham dinh, nen stt dung c6ng thttc (3) vi cong thttc c6 UU diem la chinh xac, each tinh toan ddn gian va de hieu"
Tai lieu tham khao
; B6 Tdi chinh ( 2005, 2008), Tieu chudn thdm dinh gid
so 06 - Nhiing nguyen tdc kinh te chi phdi hoat dong thdm dinh gid, ban hdnh theo Quyet dinh sd 77/2005/QB-BTC; Tieu chudn so 07- Phuang phdp so sdnh, ban hdnh theo Quyet dinh so 129/2008/QB-BTC
2 Bo Tdi chinh (2005, 2008), Tdi lieu boi duang vi thdm dinh gid, lUu hdnh noi bo
3 Cdc vdn bdn phdp quy: Phdp lenh gid 2002, Luat Bdt dai 2003
4 Nguyen Minh Hodng (2008), Binh gid tdi sdn vd gid tri doanh nghiep, Nhd xudt bdn Lao dgng - Xd hgi
5 Dodn Vdn Trudng (1999), Cdc phuang phdp thdm dinh gid bdt dgng sdn, Nhd xudt bdn Khoa hgc - Ky thuat Hd Ngi 6 Tieu chudn thdm dinh gid quoc te, IVSC, 2003 vd 2005
Ke't luan
- Co the tinh dttdc stt khac biet cua mdi mot nhan td lam cho gia tri cua BDS t h a m dinh giam bao nhieu phan t r a m so vtti gia ban cua BDS so sanh (gpi la ty le dieu chinh theo each gpi Phu luc 03) nhttng lttdng giam ve m a t tuyet ddi
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