{"id":373826,"date":"2024-08-02T21:23:10","date_gmt":"2024-08-02T14:23:10","guid":{"rendered":"https:\/\/hoanghamobile.com\/tin-tuc\/?p=373826"},"modified":"2024-08-02T21:23:10","modified_gmt":"2024-08-02T14:23:10","slug":"npv-la-gi","status":"publish","type":"post","link":"https:\/\/hoanghamobile.com\/tin-tuc\/npv-la-gi\/","title":{"rendered":"NPV l\u00e0 g\u00ec? C\u00f4ng th\u1ee9c v\u00e0 c\u00e1ch s\u1eed d\u1ee5ng NPV hi\u1ec7u qu\u1ea3"},"content":{"rendered":"

N\u1ebfu b\u1ea1n \u0111ang nghi\u00ean c\u1ee9u v\u1ec1 kinh t\u1ebf v\u00e0 d\u00f2ng ti\u1ec1n th\u00ec c\u1ea7n ph\u1ea3i bi\u1ebft \u0111\u1ebfn kh\u00e1i ni\u1ec7m <\/span>NPV l\u00e0 g\u00ec?<\/b> Vi\u1ec7c t\u00ednh to\u00e1n v\u00e0 bi\u1ebft c\u00e1ch s\u1eed d\u1ee5ng NPV hi\u1ec7u qu\u1ea3 s\u1ebd gi\u00fap b\u1ea1n t\u00ecm ki\u1ebfm \u0111\u01b0\u1ee3c nhi\u1ec1u c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 m\u00e0u m\u1ee1. Tuy nhi\u00ean kh\u00f4ng m\u1ed9t chi\u1ebfn thu\u1eadt n\u00e0o l\u00e0 ho\u00e0n h\u1ea3o, ch\u00fang \u0111\u1ec1u c\u00f3 nh\u1eefng \u0111i\u1ec3m m\u1ea1nh v\u00e0 \u0111i\u1ec3m y\u1ebfu. Ch\u00ednh v\u00ec th\u1ebf, b\u1ea1n c\u1ea7n \u0111\u1ecdc qua b\u00e0i vi\u1ebft b\u00ean d\u01b0\u1edbi \u0111\u00e2y c\u1ee7a ch\u00fang t\u00f4i \u0111\u1ec3 hi\u1ec3u r\u00f5 h\u01a1n nh\u00e9.<\/span><\/p>\n

NPV l\u00e0 g\u00ec?<\/b><\/h2>\n

Trong l\u0129nh v\u1ef1c t\u00e0i ch\u00ednh v\u00e0 \u0111\u1ea7u t\u01b0, vi\u1ec7c \u0111\u00e1nh gi\u00e1 hi\u1ec7u qu\u1ea3 c\u1ee7a m\u1ed9t d\u1ef1 \u00e1n hay kho\u1ea3n \u0111\u1ea7u t\u01b0 l\u00e0 v\u00f4 c\u00f9ng quan tr\u1ecdng. M\u1ed9t trong nh\u1eefng c\u00f4ng c\u1ee5 ch\u00ednh \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 th\u1ef1c hi\u1ec7n \u0111i\u1ec1u n\u00e0y l\u00e0 NPV (Net Present Value) hay c\u00f2n g\u1ecdi l\u00e0 gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i r\u00f2ng. NPV l\u00e0 m\u1ed9t ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh gi\u00fap x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a c\u00e1c d\u00f2ng ti\u1ec1n t\u01b0\u01a1ng lai m\u00e0 m\u1ed9t d\u1ef1 \u00e1n ho\u1eb7c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 mang l\u1ea1i, sau khi tr\u1eeb \u0111i chi ph\u00ed \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u.<\/span><\/p>\n

\"npv-la-gi-1\"<\/picture><\/p>\n

Chi ti\u1ebft h\u01a1n, nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd nh\u00ecn v\u00e0o con s\u1ed1 NPV \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh ng\u00e2n s\u00e1ch v\u1ed1n v\u00e0 l\u00ean k\u1ebf ho\u1ea1ch \u0111\u1ea7u t\u01b0 h\u1ee3p l\u00fd. M\u1ee5c \u0111\u00edch c\u1ee7a h\u00e0nh \u0111\u1ed9ng n\u00e0y nh\u1eb1m \u0111\u01b0a ra nh\u1eefng d\u1ef1 \u0111o\u00e1n v\u1ec1 kh\u1ea3 n\u0103ng sinh l\u1eddi c\u1ee7a m\u1ed9t d\u1ef1 \u00e1n hay m\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0 n\u00e0o \u0111\u00f3.\u00a0<\/span><\/p>\n

\u00dd ngh\u0129a c\u1ee7a NPV l\u00e0 g\u00ec?<\/b><\/h2>\n

\u00dd ngh\u0129a c\u1ee7a NPV kh\u00f4ng ch\u1ec9 n\u1eb1m \u1edf vi\u1ec7c cung c\u1ea5p m\u1ed9t ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh. N\u00f3 c\u00f2n th\u1ec3 hi\u1ec7n m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p ph\u00e2n t\u00edch chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ec3 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 ch\u00ednh x\u00e1c h\u01a1n. N\u00f3i m\u1ed9t c\u00e1ch \u0111\u01a1n gi\u1ea3n, NPV cho bi\u1ebft d\u1ef1 \u00e1n ho\u1eb7c kho\u1ea3n \u0111\u1ea7u t\u01b0 s\u1ebd t\u1ea1o ra bao nhi\u00eau gi\u00e1 tr\u1ecb th\u00eam so v\u1edbi chi ph\u00ed b\u1ecf ra \u0111\u1ec3 th\u1ef1c hi\u1ec7n n\u00f3. \u0110\u00e2y l\u00e0 y\u1ebfu t\u1ed1 quan tr\u1ecdng trong vi\u1ec7c x\u00e1c \u0111\u1ecbnh li\u1ec7u m\u1ed9t d\u1ef1 \u00e1n c\u00f3 kh\u1ea3 n\u0103ng sinh l\u1ee3i hay kh\u00f4ng.<\/span><\/p>\n

\"npv-la-gi-2\"<\/picture><\/p>\n

\u00dd ngh\u0129a quan tr\u1ecdng c\u1ee7a NPV c\u00f2n n\u1eb1m \u1edf vi\u1ec7c n\u00f3 ph\u1ea3n \u00e1nh nguy\u00ean t\u1eafc gi\u00e1 tr\u1ecb th\u1eddi gian c\u1ee7a ti\u1ec1n. Theo nguy\u00ean t\u1eafc n\u00e0y, m\u1ed9t \u0111\u1ed3ng ti\u1ec1n h\u00f4m nay c\u00f3 gi\u00e1 tr\u1ecb cao h\u01a1n m\u1ed9t \u0111\u1ed3ng ti\u1ec1n trong t\u01b0\u01a1ng lai do kh\u1ea3 n\u0103ng sinh l\u00e3i v\u00e0 r\u1ee7i ro kh\u00f4ng ch\u1eafc ch\u1eafn. NPV t\u00ednh to\u00e1n gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a c\u00e1c d\u00f2ng ti\u1ec1n trong t\u01b0\u01a1ng lai \u0111\u1ec3 \u0111\u01b0a ra m\u1ed9t c\u00e1i nh\u00ecn r\u00f5 r\u00e0ng v\u00e0 ch\u00ednh x\u00e1c h\u01a1n v\u1ec1 gi\u00e1 tr\u1ecb th\u1ef1c s\u1ef1 c\u1ee7a d\u1ef1 \u00e1n ho\u1eb7c kho\u1ea3n \u0111\u1ea7u t\u01b0.<\/span><\/p>\n

Ri\u00eang trong tr\u01b0\u1eddng h\u1ee3p \u0111\u00e1nh gi\u00e1 ti\u1ec1m n\u0103ng c\u1ee7a c\u1ed5 phi\u1ebfu tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n. N\u1ebfu b\u1ea1n t\u00ednh to\u00e1n \u0111\u01b0\u1ee3c NVP c\u0169ng \u0111\u00e3 g\u00f3p vai tr\u00f2 r\u1ea5t quan tr\u1ecdng trong vi\u1ec7c \u0111\u01b0a ra k\u1ebft qu\u1ea3 cho b\u00e0i to\u00e1n DCF (d\u00f2ng ti\u1ec1n chi\u1ebft kh\u1ea5u). \u0110\u00e2y l\u00e0 ph\u01b0\u01a1ng ph\u00e1p \u0111\u00e3 \u0111\u01b0\u1ee3c \u201c\u00f4ng ho\u00e0ng ch\u1ee9ng kho\u00e1n Warren Buffett\u201d s\u1eed d\u1ee5ng \u0111\u1ec3 so s\u00e1nh d\u00f2ng ti\u1ec1n t\u01b0\u01a1ng lai c\u1ee7a m\u1ed9t d\u1ef1 \u00e1n so v\u1edbi th\u1eddi \u0111i\u1ec3m hi\u1ec7n t\u1ea1i c\u1ee7a n\u00f3.\u00a0<\/span><\/p>\n

C\u00f4ng th\u1ee9c t\u00ednh NPV l\u00e0 g\u00ec?<\/b><\/h2>\n

\u0110\u1ed1i v\u1edbi c\u00e1ch t\u00ednh n\u00e0y, ch\u00fang ta s\u1ebd c\u00f3 hai c\u00f4ng th\u1ee9c d\u1ef1a theo hai kho\u1ea3ng th\u1eddi gian kh\u00e1c nhau. \u0110\u1ea7u ti\u00ean l\u00e0 t\u00ednh NPV theo d\u00f2ng ti\u1ec1n ng\u1eafn h\u1ea1n trong v\u00f2ng 1 n\u0103m. Trong \u0111\u00f3, \u201c<\/span>i<\/b>\u201d c\u00f3 \u00fd ngh\u0129a th\u1ec3 hi\u1ec7n cho t\u1ef7 su\u1ea5t l\u1ee3i t\u1ee9c y\u00eau c\u1ea7u ho\u1eb7c s\u1ed1 li\u1ec7u v\u1ec1 l\u00e3i su\u1ea5t chi\u1ebft kh\u1ea5u. Ti\u1ebfp \u0111\u1ebfn l\u00e0 \u201c<\/span>t<\/b>\u201d kho\u1ea3ng th\u1eddi gian m\u00e0 b\u1ea1n mu\u1ed1n xem gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i r\u00f2ng.\u00a0<\/span><\/p>\n

\"npv-la-gi-3\"<\/picture><\/p>\n

C\u00f4ng th\u1ee9c th\u1ee9 hai l\u00e0 t\u00ednh NPV theo d\u00f2ng ti\u1ec1n d\u00e0i h\u1ea1n c\u1ee7a m\u1ed9t d\u1ef1 \u00e1n. Trong \u0111\u00f3, \u201c<\/span>Rt<\/b>\u201d l\u00e0 d\u00f2ng ti\u1ec1n r\u00f2ng d\u1ef1 ki\u1ebfn thu \u0111\u01b0\u1ee3c t\u1ea1i th\u1eddi \u0111i\u1ec3m \u201c<\/span>t<\/b>\u201d. Ti\u1ebfp \u0111\u1ebfn l\u00e0 \u201c<\/span>i<\/b>\u201d l\u00e0 l\u00e0 t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u (hay t\u1ef7 l\u1ec7 ho\u00e0n v\u1ed1n c\u00f3 th\u1ec3 nh\u1eadn \u0111\u01b0\u1ee3c t\u1eeb \u0111\u1ea7u t\u01b0 thay th\u1ebf) v\u00e0 \u201c<\/span>t<\/b>\u201d l\u00e0 th\u1eddi gian (th\u01b0\u1eddng t\u00ednh b\u1eb1ng n\u0103m).<\/span><\/p>\n

\"npv-la-gi-4\"<\/picture><\/p>\n

N\u1ebfu <\/span>NPV d\u01b0\u01a1ng > 0<\/b>, ngh\u0129a l\u00e0 gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a c\u00e1c d\u00f2ng ti\u1ec1n thu \u0111\u01b0\u1ee3c t\u1eeb d\u1ef1 \u00e1n v\u01b0\u1ee3t qu\u00e1 chi ph\u00ed \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u, \u0111i\u1ec1u n\u00e0y cho th\u1ea5y d\u1ef1 \u00e1n c\u00f3 kh\u1ea3 n\u0103ng sinh l\u1eddi v\u00e0 \u0111\u00e1ng \u0111\u1ec3 th\u1ef1c hi\u1ec7n. Ng\u01b0\u1ee3c l\u1ea1i, n\u1ebfu <\/span>NPV \u00e2m < 0<\/b>, \u0111i\u1ec1u n\u00e0y cho th\u1ea5y d\u1ef1 \u00e1n c\u00f3 th\u1ec3 kh\u00f4ng b\u00f9 \u0111\u1eafp \u0111\u1ee7 chi ph\u00ed \u0111\u1ea7u t\u01b0 v\u00e0 c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn t\u1ed5n th\u1ea5t t\u00e0i ch\u00ednh.\u00a0<\/span><\/p>\n

Ngo\u00e0i ra, c\u0169ng c\u00f3 tr\u01b0\u1eddng h\u1ee3p <\/span>NPV = 0<\/b>,<\/span> n\u1ebfu gi\u00e1 tr\u1ecb b\u1eb1ng 0 th\u00ec kh\u00f4ng c\u00f3 ngh\u0129a l\u00e0 d\u1ef1 \u00e1n c\u00f3 kh\u1ea3 n\u0103ng sinh l\u1eddi, c\u0169ng kh\u00f4ng c\u00f3 ngh\u0129a l\u00e0 d\u1ef1 \u00e1n s\u1ebd l\u1ed7. L\u00fac n\u00e0y \u0111\u00e2y c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n xem x\u00e9t th\u00eam nhi\u1ec1u y\u1ebfu t\u1ed1 kh\u00e1c tr\u01b0\u1edbc khi quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0. Ch\u1eb3ng h\u1ea1n nh\u01b0 \u0111\u1ecbnh v\u1ecb chi\u1ebfn l\u01b0\u1ee3c, t\u00e0i s\u1ea3n th\u01b0\u01a1ng hi\u1ec7u, th\u00eam kh\u00e1ch h\u00e0ng trung th\u00e0nh, s\u1ef1 h\u00e0i l\u00f2ng,…<\/span><\/p>\n

\u0110\u00e1nh gi\u00e1 \u01b0u \u0111i\u1ec3m c\u1ee7a gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i r\u00f2ng NPV<\/b><\/h2>\n

Sau khi ch\u00fang ta \u0111\u00e3 c\u00f9ng nhau t\u00ecm hi\u1ec3u v\u1ec1 kh\u00e1i ni\u1ec7m v\u00e0 c\u00f4ng th\u1ee9c c\u1ee7a <\/span>NPV l\u00e0 g\u00ec.<\/b> Ti\u1ebfp theo \u0111\u00e2y Ho\u00e0ng H\u00e0 Mobile s\u1ebd gi\u00fap b\u1ea1n hi\u1ec3u r\u00f5 h\u01a1n v\u1ec1 l\u1ee3i \u00edch v\u00e0 h\u1ea1n ch\u1ebf khi s\u1eed d\u1ee5ng c\u00f4ng th\u1ee9c \u0111\u00e1nh gi\u00e1 d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0 n\u00e0y nh\u00e9.<\/span><\/p>\n

\u0110\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i<\/b><\/h3>\n

NPV gi\u00fap x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a c\u00e1c d\u00f2ng ti\u1ec1n t\u01b0\u01a1ng lai t\u1eeb m\u1ed9t d\u1ef1 \u00e1n ho\u1eb7c kho\u1ea3n \u0111\u1ea7u t\u01b0. B\u1eb1ng c\u00e1ch quy \u0111\u1ed5i c\u00e1c d\u00f2ng ti\u1ec1n t\u01b0\u01a1ng lai v\u1ec1 gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i, NPV cung c\u1ea5p m\u1ed9t c\u00e1i nh\u00ecn ch\u00ednh x\u00e1c h\u01a1n v\u1ec1 gi\u00e1 tr\u1ecb th\u1ef1c s\u1ef1 c\u1ee7a d\u1ef1 \u00e1n, cho ph\u00e9p so s\u00e1nh tr\u1ef1c ti\u1ebfp v\u1edbi chi ph\u00ed \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u.<\/span><\/p>\n

\"npv-la-gi-5\"<\/picture><\/p>\n

B\u00ean c\u1ea1nh \u0111\u00f3, NPV c\u00f2n t\u00edch h\u1ee3p nguy\u00ean t\u1eafc gi\u00e1 tr\u1ecb th\u1eddi gian c\u1ee7a ti\u1ec1n. T\u1ee9c ngh\u0129a l\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 hi\u1ec3u \u0111\u01b0\u1ee3c gi\u00e1 tr\u1ecb th\u1ef1c c\u1ee7a c\u00e1c d\u00f2ng ti\u1ec1n t\u01b0\u01a1ng lai. Nh\u01b0 th\u1ebf, b\u1ea1n s\u1ebd \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh r\u1eb1ng s\u1ed1 ti\u1ec1n c\u1ee7a m\u00ecnh b\u1ecf v\u00e0o \u0111\u00e2y hi\u1ec7n t\u1ea1i c\u00f3 th\u1ef1c s\u1ef1 h\u1eefu \u00edch hay kh\u00f4ng.<\/span><\/p>\n

T\u00ednh to\u00e1n d\u1ef1a tr\u00ean d\u00f2ng ti\u1ec1n r\u00f2ng<\/b><\/h3>\n

NPV t\u00ednh to\u00e1n d\u1ef1a tr\u00ean d\u00f2ng ti\u1ec1n r\u00f2ng (thu nh\u1eadp tr\u1eeb chi ph\u00ed) thay v\u00ec ch\u1ec9 d\u1ef1a v\u00e0o l\u1ee3i nhu\u1eadn k\u1ebf to\u00e1n. \u0110i\u1ec1u n\u00e0y gi\u00fap ph\u1ea3n \u00e1nh ch\u00ednh x\u00e1c h\u01a1n t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh th\u1ef1c t\u1ebf c\u1ee7a d\u1ef1 \u00e1n hay c\u00f4ng ty ch\u1ee9ng kho\u00e1n n\u00e0o \u0111\u00f3. B\u1edfi v\u00ec d\u00f2ng ti\u1ec1n r\u00f2ng l\u00e0 ngu\u1ed3n l\u1ef1c th\u1ef1c s\u1ef1 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng ho\u1eb7c \u0111\u1ea7u t\u01b0 ti\u1ebfp.<\/span><\/p>\n

\"npv-la-gi-6\"<\/picture><\/p>\n

\u0110\u1ec3 t\u1eeb \u0111\u00e2y, b\u1ea1n s\u1ebd d\u1ec5 d\u00e0ng so s\u00e1nh c\u00e1c d\u1ef1 \u00e1n ho\u1eb7c kho\u1ea3n \u0111\u1ea7u t\u01b0 kh\u00e1c nhau m\u1ed9t c\u00e1ch tr\u1ef1c ti\u1ebfp. B\u1eb1ng c\u00e1ch t\u00ednh to\u00e1n NPV cho m\u1ed7i d\u1ef1 \u00e1n, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 so s\u00e1nh gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a c\u00e1c c\u01a1 h\u1ed9i kh\u00e1c nhau v\u00e0 ch\u1ecdn l\u1ef1a d\u1ef1 \u00e1n c\u00f3 gi\u00e1 tr\u1ecb gia t\u0103ng cao nh\u1ea5t.<\/span><\/p>\n

H\u1ed7 tr\u1ee3 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu<\/b><\/h3>\n

NPV cho ph\u00e9p nh\u00e0 \u0111\u1ea7u t\u01b0 d\u1ef1 \u0111o\u00e1n c\u00e1c d\u00f2ng ti\u1ec1n t\u01b0\u01a1ng lai t\u1eeb c\u1ed5 phi\u1ebfu d\u1ef1a tr\u00ean c\u00e1c y\u1ebfu t\u1ed1 nh\u01b0 c\u1ed5 t\u1ee9c, t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn, v\u00e0 gi\u00e1 b\u00e1n c\u1ed5 phi\u1ebfu trong t\u01b0\u01a1ng lai. T\u1eeb \u0111\u00f3 cung c\u1ea5p s\u1ef1 linh ho\u1ea1t trong vi\u1ec7c \u0111\u00e1nh gi\u00e1 c\u00e1c c\u1ed5 phi\u1ebfu v\u1edbi c\u00e1c d\u1ef1 \u0111o\u00e1n kh\u00e1c nhau v\u1ec1 hi\u1ec7u su\u1ea5t t\u00e0i ch\u00ednh c\u1ee7a c\u00f4ng ty.<\/span><\/p>\n

\"npv-la-gi-7\"<\/picture><\/p>\n

Th\u00eam v\u00e0o \u0111\u00f3, t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng trong t\u00ednh to\u00e1n NPV kh\u00f4ng nh\u1eefng ph\u1ea3n \u00e1nh chi ph\u00ed v\u1ed1n m\u00e0 c\u00f2n c\u00e1c y\u1ebfu t\u1ed1 r\u1ee7i ro li\u00ean quan \u0111\u1ebfn vi\u1ec7c \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu. Nh\u01b0 th\u1ebf s\u1ebd gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e1nh gi\u00e1 r\u1ee7i ro ti\u1ec1m \u1ea9n v\u00e0 quy\u1ebft \u0111\u1ecbnh c\u00f3 n\u00ean \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu d\u1ef1a tr\u00ean s\u1ef1 so s\u00e1nh gi\u1eefa l\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng c\u0169ng nh\u01b0 r\u1ee7i ro.<\/span><\/p>\n

\u0110\u00e1nh gi\u00e1 nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i r\u00f2ng NPV<\/b><\/h2>\n

V\u1eeba r\u1ed3i ch\u00fang ta \u0111\u00e3 \u0111\u00e1nh gi\u00e1 l\u1ee3i \u00edch c\u1ee7a NPV v\u1eady h\u1ea1n ch\u1ebf c\u1ee7a <\/span>NPV l\u00e0 g\u00ec?<\/b> M\u1eb7c d\u00f9 \u0111\u00e2y l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch t\u00e0i ch\u00ednh hi\u1ec7u qu\u1ea3 nh\u01b0ng n\u00f3 c\u0169ng c\u00f3 m\u1ed9t s\u1ed1 nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ea7n l\u01b0u \u00fd khi s\u1eed d\u1ee5ng \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 d\u1ef1 \u00e1n ho\u1eb7c kho\u1ea3n \u0111\u1ea7u t\u01b0.\u00a0<\/span><\/p>\n

Ph\u1ee5 thu\u1ed9c v\u00e0o d\u1ef1 \u0111o\u00e1n d\u00f2ng ti\u1ec1n<\/b><\/h3>\n

NPV y\u00eau c\u1ea7u d\u1ef1 \u0111o\u00e1n ch\u00ednh x\u00e1c c\u00e1c d\u00f2ng ti\u1ec1n t\u01b0\u01a1ng lai c\u1ee7a d\u1ef1 \u00e1n ho\u1eb7c kho\u1ea3n \u0111\u1ea7u t\u01b0. Tuy nhi\u00ean, d\u1ef1 \u0111o\u00e1n d\u00f2ng ti\u1ec1n c\u00f3 th\u1ec3 r\u1ea5t kh\u00f3 kh\u0103n v\u00e0 kh\u00f4ng ch\u1eafc ch\u1eafn, v\u00ec n\u00f3 ph\u1ee5 thu\u1ed9c v\u00e0o nhi\u1ec1u y\u1ebfu t\u1ed1 kh\u00f4ng l\u01b0\u1eddng tr\u01b0\u1edbc \u0111\u01b0\u1ee3c, nh\u01b0 bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng, thay \u0111\u1ed5i trong ng\u00e0nh, v\u00e0 s\u1ef1 thay \u0111\u1ed5i trong \u0111i\u1ec1u ki\u1ec7n kinh t\u1ebf. S\u1ef1 kh\u00f4ng ch\u00ednh x\u00e1c trong d\u1ef1 \u0111o\u00e1n d\u00f2ng ti\u1ec1n c\u00f3 th\u1ec3 l\u00e0m gi\u1ea3m \u0111\u1ed9 tin c\u1eady c\u1ee7a NPV.<\/span><\/p>\n

T\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u c\u00f3 th\u1ec3 kh\u00f3 x\u00e1c \u0111\u1ecbnh<\/b><\/h3>\n

T\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u trong <\/span>NPV l\u00e0 g\u00ec?<\/b> Nh\u01b0 ch\u00fang ta \u0111\u00e3 bi\u1ebft t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh d\u1ef1a tr\u00ean ph\u1ea3n \u00e1nh chi ph\u00ed c\u01a1 h\u1ed9i c\u1ee7a v\u1ed1n v\u00e0 r\u1ee7i ro li\u00ean quan. Vi\u1ec7c x\u00e1c \u0111\u1ecbnh t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u ph\u00f9 h\u1ee3p c\u00f3 th\u1ec3 r\u1ea5t kh\u00f3 kh\u0103n v\u00e0 th\u01b0\u1eddng mang t\u00ednh ch\u1ee7 quan, v\u00ec n\u00f3 ph\u1ee5 thu\u1ed9c v\u00e0o c\u00e1c y\u1ebfu t\u1ed1 nh\u01b0 l\u00e3i su\u1ea5t th\u1ecb tr\u01b0\u1eddng, chi ph\u00ed v\u1ed1n c\u1ee7a doanh nghi\u1ec7p, v\u00e0 r\u1ee7i ro d\u1ef1 \u00e1n. Ch\u00ednh v\u00ec th\u1ebf, s\u1ef1 ch\u1ecdn l\u1ef1a kh\u00f4ng ch\u00ednh x\u00e1c c\u1ee7a t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng l\u1edbn \u0111\u1ebfn k\u1ebft qu\u1ea3 NPV.<\/span><\/p>\n

\"npv-la-gi-8\"<\/picture><\/p>\n

T\u1eadp trung v\u00e0o gi\u00e1 tr\u1ecb tuy\u1ec7t \u0111\u1ed1i<\/b><\/h3>\n

NPV cung c\u1ea5p gi\u00e1 tr\u1ecb tuy\u1ec7t \u0111\u1ed1i m\u00e0 kh\u00f4ng ch\u1ec9 ra t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn t\u01b0\u01a1ng \u0111\u1ed1i c\u1ee7a d\u1ef1 \u00e1n. \u0110i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 g\u00e2y kh\u00f3 kh\u0103n trong vi\u1ec7c so s\u00e1nh gi\u1eefa c\u00e1c d\u1ef1 \u00e1n v\u1edbi c\u00e1c quy m\u00f4 kh\u00e1c nhau. Do \u0111\u00f3, n\u1ebfu b\u1ea1n mu\u1ed1n bi\u1ebft th\u00eam th\u00f4ng tin chi ti\u1ebft c\u00f3 th\u1ec3 tham kh\u1ea3o c\u00e1c ch\u1ec9 s\u1ed1 kh\u00e1c. Ch\u1eb3ng h\u1ea1n nh\u01b0 IRR (Internal Rate of Return) c\u00f3 th\u1ec3 cung c\u1ea5p c\u00e1i nh\u00ecn t\u1ed1t h\u01a1n v\u1ec1 t\u1ef7 su\u1ea5t sinh l\u1ee3i c\u1ee7a d\u1ef1 \u00e1n.<\/span><\/p>\n

Nh\u1eefng l\u01b0u \u00fd quan tr\u1ecdng khi s\u1eed d\u1ee5ng NPV<\/b><\/h2>\n

M\u1ed9t trong nh\u1eefng y\u1ebfu t\u1ed1 quan tr\u1ecdng nh\u1ea5t khi s\u1eed d\u1ee5ng NPV l\u00e0 d\u1ef1 \u0111o\u00e1n ch\u00ednh x\u00e1c c\u00e1c d\u00f2ng ti\u1ec1n t\u01b0\u01a1ng lai. C\u00e1c d\u00f2ng ti\u1ec1n n\u00e0y c\u00f3 th\u1ec3 bao g\u1ed3m doanh thu, chi ph\u00ed, v\u00e0 c\u00e1c kho\u1ea3n l\u1ee3i nhu\u1eadn kh\u00e1c. S\u1ef1 ch\u00ednh x\u00e1c trong vi\u1ec7c d\u1ef1 \u0111o\u00e1n d\u00f2ng ti\u1ec1n s\u1ebd \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn k\u1ebft qu\u1ea3 NPV. \u0110\u1ec3 c\u1ea3i thi\u1ec7n \u0111\u1ed9 ch\u00ednh x\u00e1c, c\u00e1c d\u1ef1 \u0111o\u00e1n n\u00ean \u0111\u01b0\u1ee3c d\u1ef1a tr\u00ean d\u1eef li\u1ec7u l\u1ecbch s\u1eed v\u00e0 c\u00e1c ph\u00e2n t\u00edch th\u1ecb tr\u01b0\u1eddng chi ti\u1ebft.<\/span><\/p>\n

B\u00ean c\u1ea1nh \u0111\u00f3, chi ph\u00ed \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u c\u1ea7n ph\u1ea3i \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh ch\u00ednh x\u00e1c v\u00e0 \u0111\u1ea7y \u0111\u1ee7. V\u00ec n\u00f3 l\u00e0 y\u1ebfu t\u1ed1 \u0111\u01b0\u1ee3c tr\u1eeb kh\u1ecfi t\u1ed5ng gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a c\u00e1c d\u00f2ng ti\u1ec1n t\u01b0\u01a1ng lai. B\u1ea5t k\u1ef3 thay \u0111\u1ed5i n\u00e0o trong chi ph\u00ed \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u c\u1ea7n \u0111\u01b0\u1ee3c c\u1eadp nh\u1eadt trong t\u00ednh to\u00e1n NPV \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o k\u1ebft qu\u1ea3 ch\u00ednh x\u00e1c.<\/span><\/p>\n

\"npv-la-gi-9\"<\/picture><\/p>\n

\u0110\u1ed3ng th\u1eddi, b\u1ea1n c\u1ea7n bi\u1ebft r\u1eb1ng NPV kh\u00f4ng xem x\u00e9t quy m\u00f4 c\u1ee7a d\u1ef1 \u00e1n, \u0111i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 l\u00e0m cho vi\u1ec7c so s\u00e1nh c\u00e1c d\u1ef1 \u00e1n c\u00f3 quy m\u00f4 kh\u00e1c nhau tr\u1edf n\u00ean kh\u00f3 kh\u0103n. \u0110\u00f4i khi, m\u1ed9t d\u1ef1 \u00e1n l\u1edbn h\u01a1n c\u00f3 th\u1ec3 c\u00f3 NPV cao h\u01a1n, nh\u01b0ng \u0111i\u1ec1u \u0111\u00f3 kh\u00f4ng nh\u1ea5t thi\u1ebft c\u00f3 ngh\u0129a l\u00e0 n\u00f3 l\u00e0 s\u1ef1 l\u1ef1a ch\u1ecdn t\u1ed1t h\u01a1n so v\u1edbi c\u00e1c d\u1ef1 \u00e1n nh\u1ecf h\u01a1n v\u1edbi t\u1ef7 su\u1ea5t sinh l\u1ee3i cao h\u01a1n.<\/span><\/p>\n

Cu\u1ed1i c\u00f9ng, \u0111\u1ec3 c\u00f3 c\u00e1i nh\u00ecn to\u00e0n di\u1ec7n h\u01a1n v\u1ec1 t\u00ednh kh\u1ea3 thi c\u1ee7a m\u1ed9t d\u1ef1 \u00e1n. Nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean k\u1ebft h\u1ee3p s\u1eed d\u1ee5ng th\u00eam nhi\u1ec1u ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh kh\u00e1c. B\u1ea1n kh\u00f4ng n\u00ean \u0111\u1eb7t to\u00e0n b\u1ed9 s\u1ed1 tr\u1ee9ng v\u00e0o c\u00f9ng m\u1ed9t r\u1ed5 nh\u00e9.<\/span><\/p>\n

K\u1ebft lu\u1eadn<\/b><\/h2>\n

Nh\u01b0 v\u1eady, ch\u00fang ta \u0111\u00e3 c\u00f9ng nhau t\u00ecm hi\u1ec3u v\u1ec1 ch\u1ec9 s\u1ed1<\/span> NPV l\u00e0 g\u00ec?<\/b> V\u1edbi kh\u1ea3 n\u0103ng quy \u0111\u1ed5i c\u00e1c d\u00f2ng ti\u1ec1n t\u01b0\u01a1ng lai v\u1ec1 gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i, NPV cung c\u1ea5p m\u1ed9t c\u00e1i nh\u00ecn r\u00f5 r\u00e0ng v\u1ec1 gi\u00e1 tr\u1ecb th\u1ef1c s\u1ef1 m\u00e0 m\u1ed9t d\u1ef1 \u00e1n ho\u1eb7c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 t\u1ea1o ra so v\u1edbi chi ph\u00ed \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u.\u00a0<\/span><\/p>\n

Xem th\u00eam:<\/b><\/p>\n