Slide.quản Lý Dự Án - Phan Thế Vinh

5/21/2018 Slide.qu n L D n - Phan Th Vinh

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2006-PTVinh, HBK/KTQL Qun l d n

QUN L D N

Ging vin: Phan Th Vinh B mn Qun l cng nghip KhoaKinh t v Qun l -HBK

VP: Phng 209C9, S 1 i C Vit

T: 868.3661 - 0983.56.67.78

Email: [email protected]/ [email protected]
mailto:[email protected]:[email protected]:[email protected]:[email protected]


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Chng 1: Tng quan v qun l d n

Khi nim, phn loi u t

Khi nim, c trng d n

Phn loi d n

Ni dung d n u t


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Tng quan v d n (tip)

Khi nim qun l d n

Cc chc nng qun l d n

Cc bn lin quan n d nNhng yu t nh hng n s thnh

cng, tht bi ca d n

Cc quy lut ca qun l d n


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Hot ng b vnti hin ti nhm thu cli chkinh t x hi trong tng lai sau mtthi gian di

L vic nh u t b vn bng cc loi ti sn huhnh hoc v hnh hnh thnh ti sn tin hnh cchot ng u t (iu 3.11 Lut u t 29.11.05)

Phn bit u cv u t?- Thng tin-c quyn

u t di gc ri ro?

Khi nim u t


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Chc nng qun l vn

Ngun vn u t

Theo phm vi u t

Mc ch u t

Ngnh, lnh vc u t

Theo hnh thc u t

Theo c tnh ca dng tin (xem phn loid n)

Phn loi u t


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u t bng ngun vn trong nc

u t bng ngun vn ngoi nc

u t bng vn CSH (vn t c)

u t bng vn vay

Theo ngh nh16 ca Chnh ph ngy 7/2/2005 Vn ngn sch nh nc;

Vn tn dng do Nh nc bo lnh, vn tn dng u tpht trin ca Nh nc;

Vn u t pht trin ca doanh nghip nh nc; Vn khc bao gm c vn t nhn hoc s dng hn

hp nhiu ngun vn.

Theo ngun vn u t


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u t trc tip: Ch u t trc tip thamgia qun l vn. Gm hai loiou t pht trin: gia tng gi tr ti sn

ou t dch chuyn: dch chuyn quyn shu

u t gin tip: Ch u t khng trc tiptham gia qun l vn

Chc nng qun l vn


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u t mi

u t chiu su

u t m rng

u t thay th thit b

Ch

Phn loi mang tnh cht tng i

ri ro gim dn

Theo mc ch u t


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D n l tp hp nhng xut v vic b vn tomi, m rng hay ci to nhng i tng nht nhnhm t c s tng trng v s lng, ci tin

hoc nng cao cht lng ca sn phm hay dch vno trong mt khong thi gian xc nh

(Ngh nh 16/2005/CP v Quy ch qun l u t xy dng cng trnh)

Tp hp cc xut b vn trung v di hn tin hnh u ttrn a bn c th, trong khang thi gian c th - Lut u t

Khi nim d n


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D n l n lc ln v phc tp c to thnh bi

nhiu cng vic c lin quan ln nhau, nhm hon

thnh trong mt thi gian xc nh mt tp hp ccmc tiu nh trc, vi k hoch v ngun lc c xc nh r.

Khi nim d n


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Mang tnh cht tm thi

vng i gii hnTnh duy nht

Cc mc tiu r rng v c th

Tp hp phc tp cc hot ng vi s tham gia canhiu ngi v nhiu t chc v gm nhiu chc nng

L mt thc th c to mi, xut hin ln u

Bao gm nhng thay i v ri ro

Do bn thn d n gy raDo cc yu t bn ngoi gy ra

c trng ca d n


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Phn loi theo quy m: ln-nh

D n ln: c c trng bi tng kinh ph ln, slng cc bn tham gia ng, thi gian d n di vnh hng mnh n mi trng kinh t v sinh thi

D n nh: c c tnh ngc vi d n ln, khngi hi kinh ph nhiu, thi gian thc hin ngn,khng phc tp va nh hng khng mnh n mitrng kinh t v sinh thi

Ti Vit nam: Phn loi theo quy m v tnh chtquan trngA,B,C - phn cp qun l, u i

Phn loi d n


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Phn loi d n

Phn loi theo mc ch u t (u ra)

- D n u t mi

- D n u t chiu su- D n u t m rng

- D n u t thay th thit b

Ch : Mc ri ro gim dn, phn loi mangtnh tng i


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Phn loi d n

Phn loi theo ngnh ngh:

D n trong lnh vc cng nghip

D n trong lnh vc nng nghip

D n trong lnh vc giao thng vn ti

D n trong lnh vc thng mi dch v

D n trong lnh vc xy dng, thD n trong lnh vc y t, gio dc, x hi


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Phn loi d n

Phn loi BOO, BCC BOT, BTO, BT Phn loi theo mi quan h gia cc d n

o D n c lp: Vic quyt nh u t d n nykhng nh hng n quyt nh u t (thu nhp,chi ph) cc d n khc v ngc li

o D n ph thuc

D n b sung: Tng li ch v/hoc gim chi ph

D n thay th : Tng chi ph v/hoc gim li chThay th ln nht: d n loi tr


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Phn loi d n

Phn loi theo c tnh dng tin

o D n u t thng thng: Dng tin idu mt ln

o D n u t khng thng thng: Dng tinkhng i du hoc i du nhiu ln


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Cc giai on d n

Xc nh u t

Phn tch v lp d n

Thm nh v ph duyt

Thc hin u t

Nghim thu, tng kt, gii th


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G1: Xc nh , c hi u t

C nhim v pht hin nhng lnh vc ctim nng, cc u t:

Nhu cu kh nng p ng th trng

Chin lc pht trin kinh t Khai thc v s dng cha c hiu qu

ngun lc

Thiu iu kin vt cht pht trin kinh tx hi


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G2: Phn tch v lp d n

Nghin cu chi tit u t c xuttrn mi phng din: t chc, kinh t, tichnh, k thut, mi trng,

Nghin cu tin kh thi Nghin cu kh thi

=> Bo co u t

Cc bc trong phn tch v lp d n tythuc vo quy m ca d n


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G3: Ph duyt v thm nh

Thm nh v ph duyt d n cphn tch v lp giai on trc

c thc hin bi cc ch th:

Nh nc Ch u t

Ngn hng,


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G4: Trin khai thc hin d n

Trin khai thc hin d n c lp phduyt

Thng c nhng sai lch so vi k hoch

c lp Chim thi gian ch yu trong vng i d

n

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G5: Nghim thu tng kt v gii th

Nghim thu cc thnh qu ca d n

Tng kt, rt ra cc bi hc kinh nghim

Tin hnh gii th d n: Thanh l ti sn,sp xp lao ng ca d n,

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Kim sotBo co

Yu cu Chi ph/ Tnh Mc tiu Ri ro Nhn lcch cht pht trin Li ch kh thi Cc gii php

Xc nh d n

Thc hin X l ngoi l

nh gi

Hon thnh d n

Mc tiu - Kt qu

Nhu cu/C hi

Lp k hoch

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Qun l d n

L qu trnh thc hin cc chc nng caqun l nhm t c mc tiu ca d n

Cc chc nng ca qun l d n:

Lp k hoch d n

T chc d n

iu phi thc hin d n

Kim tra gim st d n

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5 giai on ca chu trnh qun l d n

Thit k

Lp

k hoch

T chcthc hin

Gim stthc hin

Kt thcd n

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Thit k d n

Xc nh nhu cu v cc c hi

Xc nh cc mc tiu ca d n

Lit k cc mc ch ca d n

Xc nh s b cc ngun lc

Xc nh cc gi thit v ri ro gp phi

Kt qu: Thit k tng quan ca d n

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Cc mc tiu ca d n cn S.M.A.R.T

C th (Specific)

o c (Measurable)Phn cng c (Assignable)

Thc t (Realistic)

C tnh thi gian (Time-bound)

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Lp k hoch thc hin d n

Xc nh phm vi ca d n, cc cng vic, kt quv cc chi tit k thut

D kin thi gian, chi ph v cc ngun lc khc

Ln tin cc cng vic ca d n

Xc nh cc cng vic cn c bit lu tm

Lp k hoch gim st v kim sot d n

Vit v duyt cng ca d n

Tho thun v k hp ngDanh sch v lch trnh cc cng vic, m t v ngn

sch, cng d n

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T chc d n

Xc nh nhu cu nhn lc

Tuyn dng cc thnh vin d n

T chc nhm thc hin d n

Phn cng cng vic v trch nhim cho cc thnhvin ca nhm

Kt qu: S t chc v nhn lc WBS,

LRC

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Gim st v nh gi d n

Xc nh phng thc qun l ph hp

Thit lp cc cng c gim st v iu khin

Tin hnh gim st v nh gi thng xuyn

Gii quyt cc vn v mu thun

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Kt thc d n

t c s chp nhn ca khch hng v cc bn

lin quan chnh

Cung cp ti liu v d n v a ra bo co cuicng

nh gi cc nhu cu h tr d n trong tng lai

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Cc tiu ch thnh cng ca d n

Cc thng s k thut/

cc mc tiu

S chp thun

ca cc bn lin quan

Chi ph Thi gian

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Cc bn lin quan lin quan ca d n

L nhng c nhn hoc t chc

C quan tm su sc ti s thnh cng (hay thtbi) ca d n

C nh hng quan trng ti kt qu ca d n

(v cc hot ng ca d n)

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Nhng bn lin quan ca mt d n

Ban lnh o v/hoc ch d n

Ban qun l d n

Cc nh ti tr cc nh thu/ nh thu ph/ nhcung cp

Nhng ngi s dng thnh qu ca d n

Cc nhm quan tm khc

T vn v c vn

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iu kin thnh cng quan trng ca d n

mctiu dn qunl dn

nghcacplnh o

cc thnh vin trong nhm dnphnphiyngunlc

cc knh thng tin thch hp

cchkimsot thch ng vi khch hng

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Nguyn nhn tht bi thng gp ca d n

Ch c cc thnh vin ca nhm thc hin d nquan tm n thnh cng ca d n

Thiu phn cng trch nhim

K hoch d n khng hp l v khng chi tit

D n b thiu vn

Cc ngun lc khng c phn b y

Thiu h thng gim st v kim sot hu hiu

Khng c s trao i thng tin

D n i chch mc tiu ra ban u

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Cc quy lut qun l d n (1)

1. Khng c d n ln no c thc hin ng thi hn,trong gii hn v ngn sch, hoc vi cng mt ing nhn vin lc n bt u c. D n ca bn khngphi l d n u tin nh vy.

2. Cc d n tin hnh rt nhanh cho n khi t c

90% cng vic v ri s mi dng li con s 90% 3. Li th ca cc mc tiu khng r rng l gip cho

bn khi cm thy bi ri khi phi c tnh nhng chiph tng ng.

4. Khi mi vic din ra tt p th chc chn c mt cig ang trc trc. Khi mi vic tng nh l tit nht, th n cn c th ti t hn na. Khi mi vicc v c chiu hng tt ln, th c th bn b quamt ci g .

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Cc quy lut qun l d n (2)

5. Nu ni dung ca d n c cho php thay i t do,th tc thay i s vt qu tc tin trin cad n

6. Khng c h thng no hon ton khng c li. Vicc gng g li cho mt h thng chc chn s a vonhng li mi kh tm thy hn.

7. D n c lp k hoch khng cn thn s ko dithi gian hon thnh gp 3 ln so vi d kin. D nc lp k hoch cn thn s ch ko di thi giangp 2 ln thi.

8. Nhng ngi lm d n ght cay ght ng vic boco tin bi iu s lm l ra vic d n ca hthiu s tin trin.

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Cu hi kim tra

Phn bit mt d n v

mt phng chc nng

?

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So snh phng chc nng v d nD n Phng ban chc nng

C chu k hot ng r rng Tn ti lu di, t nm ny sang nm khc

Thi im bt u v kt thc theo ngy lch Khng c c im c th lin quan n ngylch (ngoi tr ngn sch ti chnh hng nm)

D n c th kt thc t ngt khi khng tmc tiu

Tn ti lin tc

Do tnh c o ca d n, cng vic khng blp li Thc hin cc cng vic v chc nng bit

N lc tng hp c hon thnh trong rngbuc v thi gian v ngun lc

Cng vic ti a c thc hin vi ngn schsn / trn hng nm (ceiling budget)

Vic d bo thi gian hon thnh v chi phgp kh khn

Tng i n gin

Lin quan n nhiu k nng v k lut trongnhiu t chc v thay i theo giai on d n

Ch lin quan n mt vi k nng v k luttrong mt t chc

T l v loi chi ph thay i lin tc Tng i n nh

Bn cht nng ng Bn cht n nh

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Chng 2Phn tch, nh gi v la chn d n

1. Ni dung phn tch v lp d n (Nghin cu khthi d n ) Lp bo co u t

2. Phn tch ti chnh d n3. Phn tch nh hng ca khu hao v li vay4. nh gi hiu qu ca d n5. Xc nh dng tin d n6. Phn tch nh hng ca lm pht7. Cc phng php nh gi v la chn d n

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Phn 1: Phn tch v lp d n

Nghin cu kh thi d n (phn tch v lp d n)

Nghin cu kh thi- FS l qu trnh iu tra nghin cumt u t (mt vn ) v pht trin gii php mcchi tit va xc nh rng n kh thi v mt k thutv c th thc hin c v phng din kinh t cng nhxng ng pht trin.

Nghin cukhthi l mtsminh chngvimtbo cothhinttcnhngkhnngcadn

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Ni dung nghin cu kh thi

1. Nghin cu tnh hnh k.t tng qut

2. Nghin cu th trng

3. Nghin cu k thut4. Nghin cu ti chnh

5. Nghin cu t chc qun l

6. Nghin cu kinh t x hi

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1. Nghin cu tnh hnh kinh t tng qut

a. c im chung

iu kin a l, t nhin, a hnh, kh hu...

Dn s v lao ng: D tnh cu v khuynh hng

tiu th sn phm.Chnh tr: Chnh sch kinh t v qun l ca gii

cm quyn

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b. c im kinh t x hiTng sn phm x hi: u t, tiu th v tch lu:

GNP, GDP, I/GDP...

Tnh hnh ngoi hi: Cn cn thanh ton ngoi hi,

d tr ngoi t, n nc ngoi.c. H thng kinh t v cc chnh schC cu t chc h thng kinh tChnh sch pht trin, ci t c cu,..K hoch kinh t quc dnTnh hnh ngoi thng

1. Nghin cu tnh hnh kinh t tng qut

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2. Nghin cu th trng

Mc ch: Lm r 3 vn Nhu cu hng ho ca d n Tnh hnh cung ca hng ha ca d n To ra ch ng ca sn phm trn th trng bng

cnh tranh v khuyn th ra saoNi dung:Nhu cu hng ho, dch v H thng phn phi

Gi c Xc tin bn hng Cnh tranh

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3.Nghin cu k thut d n

Xc nh k thut v quy trnh sn xut, a imsx v nhu cu sx mt cch ti u v ph hpnht vi nhng iu kin hin c trong nc mvn m bo c cc yu cu v cht lng v s

lng sn phm qua nghin cu th trng

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3. Nghin cu k thut d n

c tnh sn phm v Kim tra cht lng. Phng php v k thut sn xut.

Thit b, my mc.

Cng sut ca d n.c tnh v nhu cu nguyn vt liu.

Lao ng

C s h tng, t ai v a im ca nh my,xy dng

X l cht thi nhim mi trng

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3.1. c tnh v cht lng sn phm

Xc nh c tnh k thut, cc tiu chun cn phit c. So snh vi cc sp, tiu chun trong vngoi nc.

Xc nh phng php v phng tin kim tra

cht lng sp. D tr kinh ph cho b phn kimtra cht lng sp

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3.2. K thut v pp sn xut

a. Nghin cu k thut v phng php sx:+ Bn cht ca k thut sn xut.

+ Tay ngh ca ngi lao ng, kh nng tip thu kthut.

+ Yu cu NVL, nng lng s dng.

+ Kh nng chuyn sang sx cc mt hng khc.

+ Nh cung cp, cch cung cp v quyn SHCN.

+ Yu cu v vn v ngoi t

b. La chn k thut v pp sn xut:

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3.3. My mc v thit b

My mc c la chn theo cc tiu chun: Ph hp vi quy trnh cng ngh Cht lng tt.

Gi c phi chng, hp vi vn u t. Tui th v cng sut ph hp. Ph tng thay th (10-20% chi ph TB), chi ph sa

cha.

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3.4. Cng sut ca d n

Khi nim: L s sn phm sx c trong mt nv thi gian.Vic xc nh cng sut da vo:Nhu cu tiu th sn phm

K thut sn xut v my mc thit bKh nng cung ng nguyn vt liuChi ph u t v sn xut

o Phn bit cc loi cng sut: thc t, danh ngha,..

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3.5. Nguyn vt liu

Bao gm cc nguyn vt liu chnh, ph, vt liu baob ng gi. c nghin cu:

Loi NVL c s dng trong d n.

c tnh v cht lng.Ngun v nhu cu cung cp.

Gi mua

K hoch cung ng v chuyn ch

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3.6. C s h tng

Nng lng.Nc.H thng giao thng, thng tin lin lc.H thng x l cht thi, kh thi bo v mi

trng.H thng an ton lao ng, phng chy cha chy.> nh hng n vn u t v chi ph sn xut ca

d n

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3.7. Lao ng, tr gip k thut n.ngoi

Lao ng:

Nhu cu v ngun lao ng.

Lng, ch lao ng, tin lng p.

iu kin sng, BHXH.

Trnh , tay ngh ca ngi lao ng.

S tr gip ca chuyn gia nc ngoi khi tip

nhn k thut, thit k, thi cng lp t, chy thmy, o to CN

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3.8. a im thc hin d n

Cn c vo 4 yu t sau:

Chnh sch nh nc.

Vn cung cp nguyn vt liu v tiu th snphm.

C s h tng.

Mi trng t nhin, kinh t x hi.

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3.9. t ai v xy dng nh xng

Xy dng cc cng trnh nhm to iu kin vm bo cho dy chuyn thit b sn xut, cngnhn hot ng c hiu qu v an ton

3.10. X l cht thi gy nhim mi trngNghin cu ngun gc cht thi.

Kh nng thu hi, iu ho lu lng

PP x l thch hpChi ph thc hin x l cht thi

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4. Nghin cu v tnh hnh ti chnh

Thng qua phn tch ti chnh, ta xc nh quy mu t, c cu cc loi cc loi vn, ngun ti trcho d n; tnh ton thu chi l li, nhng li chmang li cho ch u t.

Phn tch ti chnh l qu trnh nghin cu nh gi

d n trn gc li ch ca ch u t cho d n

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4. Nghin cu v tnh hnh ti chnh

1. Xc nh tng vn u t,c cu vn u t,ngun ti tr v chi ph vn.

2. Xc nh cc khon thu, chi, li nhun

3. Xc nh cc ch tiu hiu qu u t4. Phn tch kh nng huy ng vn v thanh ton

ca d n

5. Phn tch nhy ca d n

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5. Nghin cu t chc v qun l

Quy ch php l ca nh u t

C cu t chc

Kh nng ca ban gim c d n

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6. Nghin cu kinh t x hi

Khi nim: Phn tch Kinh t d n l vic xem xtnh gi chi ph v li ch m d n mang li choton b nn kinh t ( hay chnh l vic nh gihiu qu ca d n trn quan im ton b nn kinht ).

Ging nh phn tch ti chnh, phn tch kinh tcng l vic so snh li ch v chi ph ca d n,

nhng trn c s ng gp cho cc mc tiu phttrin ca nn kinh t

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Phn tch kinh t x hi

Mcch:Nhmthuytphccc cpchnh quyn,cc tchcti trquytnhti trhay cho phpthchindn

Mctiu caphn tch kinh tx hil xc nhvtr cthcadn trong tngthKH pht trinnnkinh tqucdn

Trong tng giai on, cc mc tiu c th thay

i,do vycc tiu chunnhgi kinh tx hicngthay i

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Phm vi p dng:

Phn tch kinh tthngcsdngnhgiv lachncc dn sau:Cc dn mang mcchcng chCc d n c lin quan ns ti trca nh

nc, hay ca cc t chc vin tr pht trincaquct.V vy nh nc cng nh cc c quan c thm

quyn cng s dng phn tch kinh t thm

nhcc dn ut.

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Ni dung phn tch KT-XH

Ni dung nghin cu (phn tch) kinh t x hi thng cp n cc ND sau:

K hoch v chin lc pht trin nn KT.

Tng sn phm x hi.Ngoi thng.

Vic s dng cc yu t sn xut

Ci thin c cu kinh t.

Pht trin a phng, x hi

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Cc ch tiu nh gi s ng gp ca d n vis pht trin nn KT

Gi tr sn phm gia tng (trc tip v gin tip).

Hiu qu kinh t vn u t.

Mc s dng nhn cng trong ncng gp cho ngn sch nh nc.

Tit kim ngoi t v tng thu ngoi t.

nh hng ca d n i vi mi trng sinh thi.

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Phn 2

Ni dung phn tch ti chnh

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Phn tch ti chnh

Thng qua phn tch ti chnh, ta xc nh quy mu t, c cu cc loi cc loi vn, ngun ti trcho d n; tnh ton thu chi l li, nhng li ch

mang li cho ch u t.

Phn tch ti chnh l qu trnh nghin cu nh gi

d n trn gc li ch ca ch u t cho d n

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Phn tch ti chnh

1. Xc nh tng vn u t,c cu vn u t,ngun ti tr v chi ph vn.

2. Xc nh cc khon thu, chi, li nhun

3. Xc nh cc ch tiu hiu qu u t4. Phn tch kh nng huy ng vn v thanh ton

ca d n

5. Phn tch nhy ca d n

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Phn tch ti chnh

Xc nh tng vn u t,c cu vn u t, ngunti tr v chi ph vn.

Tng mc u t ca d n:

- Vn c nh- Vn lu ng

- D phng vn u t

- Li trong thi gian xy dng- Thu VAT

1 - 69


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Phn tch ti chnh

Xc nh tng vn u t,c cu vn u t, ngunti tr v chi ph vn.

Ngun ti tr:

- Ngun vn ch s hu. Chi ph vn ch shu l chi ph c hi

- Ngun vn vay. Chi ph l li vay

Ch trc v sau thu

1 - 70


71/152


Phn 3.

Cc phng php khu hao v tr n

1 - 71


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Cc phng php khu hao

Khi nim c bn v khu hao:

Nguyn gi P

Gi tr cn li SV

Gi tr cn tnh khu hao = P - SV Khu hao nm D

Gi tr cn li theo s sch Bx

Khu hao ly k

1 - 72


73/152


Cc phng php khu hao

Phng php khu hao u (tuyn tnh,ng thng)

Phng php khu hao theo tng s nm hotng

Phng php khu hao theo kt s (gi tr

cn li) Phng php khu hao gia tc Phng php khu hao theo mc s dng

1 - 73


74/152


Khu hao tuyn tnh KH u

Tin khu hao hng nm l khng i Cng thc tnh

Dx= (P-SV)/N = const Tx= DxBx = P - Tx= P - (P-SV)*x / N

K hiu:P: Nguyn gi tr TSC d nSV: Gi tr thu hi khi thanh lN: Thi hn khu haoDx: chi ph khu hao nm xBx: Gi tr TSC cn li cui nm (Bn= SV)Tx: Tng gi tr khu hao n nm t (khu hao lu k) (Tn=

P-SV)

1 - 74

(S )


75/152


Khu hao theo tng s th t cc nm (SYD)

Tin khu hao nhiu cc nm u v gim dn ccnm sau

Tng s th t cc nm

Z = 1 + 2 ++ N = N(N+1)/2

Tin khu hao nm x

)()1(

)()1(

)12(

)(

)1(

)12(

)())1(...)1((

)()1(*

)1(*2

)(

)1(

1 SPZ

xNBB

SVPNN

xxNPB

SVP

NN

xxNT

SVPZ

tNNNT

SVPNN

xN

SVPZ

tN

D

xx

x

x

x

x

1 - 75Mt TSC c nguyn gi l 15.000$, gi tr cn li l 0$.


76/152


Thi gian s dng d kin l 5 nm. Hy tnh chi ph khu haonm, khu hao lu k v gi tr cn li theo phng php khu

hao u.

Nm Khu hao nm KH lu k G.tr cn li

1 3000 3000 12000

2 3000 6000 9000

3 3000 9000 6000

4 3000 12000 3000

5 3000 15000 0

1 - 76Hy tnh chi ph khu hao nm, khu hao lu k v gi tr


77/152


Hy tnh chi ph khu hao nm, khu hao lu k v gi trcn li theo phng php khu hao theo tng s nm

hot ng

Nm S nm Hcn li

Khu hao KH lu k Gi tr cnli

1 5a 5000 5000 10000

2 4a 4000 9000 6000

3 3a 3000 12000 3000

4 2a 2000 14000 1000

5 1a 1000 15000 0

1 - 77

H tnh chi ph kh hao nm kh hao l k gi tr cn


78/152


Hy tnh chi ph khu hao nm, khu hao lu k v gi tr cnli theo phng php s d gim dn c iu chnh.ACRS

Nm Khu hao KH lu k Gi tr cn li

1 6000 6000 9000

2 3600 9600 5400

3 2160 11760 3240

4 1620 13380 1620

5 1620 15000 0

1 - 78

Kh h th kt l i ti DB


79/152


Khu hao theo kt s cn li ca ti sn DB

Chi ph khu hao cc nm ln v sau nh dn, c xcnh bng tch s gia gi tr cn li cha khu hao cui mi nm vi mt h s khng i dx. Phng phpkhu hao ny l phng php kt s gim nhanh

Chi ph khu hao nm x

Dx= Bx-1. dxD1= B0. dx; D2= B1. dx; . Dn= Bn-1. dx; B0= PB1= B0- D1= P - P. dx= P (1 - dx)

B2= B1- D2= B1- B1. dx= P (1 - dx)2

.

Bx-1= P (1 - dx)x-1

Dx= P. (1 - dx)

x-1

Bx= Bx-1- Dx= P (1 - dx)x

1 - 79

i i


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Khu hao theo kt s cn li ca ti sn

Ti cui nm N ta c:

Bn= P (1 - dx)N = SV

H s dxc xc nh

N

P

SV1dx

Vi phng php khu hao ny, nh u t thu vnnhanh hn ngay t u

1 - 80

V d


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V d

Mt TSC c nguyn gi l 9.000$, gi tr cn li l 1.000$.Thi gian s dng d kin l 2 nm. Hy tnh chi ph khuhao v gi tr cn li cc nm theo phng php khu haotheo kt s

Mt thit b in, chi ph u t ban u: 16.000 USD, gi trthu hi d kin: 2.000 USD, tui th: 7 nm. Tnh chi phkhu hao v gi tr cn li qua cc nm vi 4 phng php.

Mt TSC c nguyn gi l 25000$,c chi ph khu hao l

mt hm tuyn tnh ca s sp sx. Sau khi sx c 100.000sp,gi tr cn li ca TSC l 5000$. n ht nm th 3 TSCny sx c 60.000sp, trong nm th t sx c 10.000sp.Hy tnh chi ph Khu hao nm th t, v gi tr cn li ca

TSC cui nm

1 - 81

V d


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V d

Mt TSC c nguyn gi l 25000$,c chi ph khu hao lmt hm tuyn tnh ca s sp sx. Sau khi sx c 100.000sp,gi tr cn li ca TSC l 5000$. n ht nm th 3 TSCny sx c 60.000sp, trong nm th t sx c 10.000sp.Hy tnh chi ph Khu hao nm th t, v gi tr cn li ca

TSC cui nm .

Gii:

1 - 82

C h th t & t li


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Cc phng thc tr vn gc & tr li

Tr vn gc u hng nm, tr li hng nm tnh theovn vay cn li

Tr vn gc cui thi hn vay, tr li u hng nm

Tr vn gc v li vo cui thi hn vay

Tr vn gc v li u hng nm Tr li vo u k hn vay, gc vo cui k hn vay

VD: Mt doanh nghip vay vn u t. Vn vay: 10.000triu ng. Li sut vay: 10%/nm. Thi hn vay: 5nm. Lp bng tr vn gc, tr li vay theo 5 phngthc. Nhn xt cc phng thc trn quan im ngivay v cho vay. Hnh thc no c li nht?

1 - 83

Li t


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Li sut l chi ph s dng vn ca vn vayLi kp: L cch tnh li m li ca k ny c tnhvo vn gc tnh li cho k tip theo.

Li n: Thng nhng khon vay c thi hn tnh li

t mt nm tr xung.Li sut danh ngha: Tnh theo tin t

Li sut thc t: Tnh theo sc mua

Li vay trc thu

Li vay sau thu

Li sut

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PHN 4 CC TIU CHUN

NH GI HIU QU D N

1 - 85

nh gi hiu qu d n


86/152


nh gi hiu qu d n

Cc phng php la chn nh lng

Cc phng php gi tr tng ng

Sut thu li ni ti

Phn tch li ch - chi ph

Phn tch ho vn nh gi phn tch kinh t k thut.

Cc phng php la chn khc:

- Phng php lit k.

- Phng php cho im

- Phn tch chi ph

1 - 86

Cc phng php nh gi hiu qu


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Cc phng php nh gi hiu qud n u t

Hai nhm phng php:

1. Cc phng php tnh: khng tnh n gi tr ca tin ttheo thi gian.

2. Cc phng php ng: tnh n gi tr ca tin t theothi gian:

Gi tr hin ti thun

T s li ch/chi ph

H s hon vn ni ti

Thi gian hon vn

1 - 87

Y khi h d


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Yu cu khi so snh cc d n

1. Cng mc tiu u t

2. Cng mi trng u t

3. Cng thi gian u t. - Phng php gia s thi gian

u t4. Cng vn u t. -Phng php gia s vn u t

1 - 88

1 Gi t hi t i th NPV


89/152


1. Gi tr hin ti thun - NPV

NPV?

Chnh lch gia thu nhp

v chi ph ca d n quy v thiim hin ti vi t sut chit

khu thch hp

1 - 89

NPV (tip)


90/152


NPV (tip)

Trong :

At dng tin mt nm t Btdng thu nm t

Ct dng chi nm t

i: t sut chit khu

Thng thng

C0 Chi ph u t

C1,2n Chi ph khai thc

n

t

tt

n

t

t CBA

00

)(

n

t

t

tt

n

t

t

t iCBiANPV

00

)1)(()1(

1 - 90

NPV (tip)


91/152


( p)

La chn phng n u t theo tiu chun NPV

Phng n c lpNPV >= 0 Chp nhn

NPV < 0 Loi b

Phng n loi trNPV = Max v >=0 Ti u

Ch :Cng c th s dng gi tr tng lai thun NFV,gi tr u hng nm, gi tr hin ti doanh thu, gi tr

hin ti chi ph nh gi d n. Cc phng php u cho kt qu tng t

1 - 91



92/152


Gi tr hin ti thun (rng) - NPVGi tr u hng nm - AV

Gi tr tng lai - FV

mt kt qu ging nhau (nht qun).

Gi tr hin ti rng thun (NPV)

Gi tr tng ng hng nm AV

n)i,(A/P,*NPVAV

k)i,(P/F,*CFNPVn

0k k


1 - 92

Gi tr hin ti thun - NPV


93/152


Gi tr hin ti thun NPV

Nhn xt Tiu chun cho bit gi tr tuyt i ca li qui i

v hin ti Tiu chun NPV l hiu s ca PVB v PVC;

NPV = PVB - PVC Tiu chun NPV c s dng rng ri trong phn

tch v nh gi d n u t Tiu chun NPV ph thuc vo h s chit khu i

tnh n c thu, chi trong sut i d n L ch tiu c CSH quan tm nht

1 - 93

T sut chit khu


94/152


T sut chit khuSut thu li ti thiu chp nhn c (MARR)

Sutthu litithiuchpnhnc(MARR) l mcli suttithiu(thpnht)cadn hay cavnchshum nhutchpnhnc.

Tlchitkhucsdngxc nhgi tri hintica

dng tinkvngphai tngxngvimcriro cadn ut L chi ph chicavnut(gc ti chnh) Khi quytnh, c tha ra MARR trc v sau thu,cn

cncvo dng sau thucaCSH.

Cnxc nhchnh xc MARR trckhi tnh ton cc chtiuhiuqudn Can cxc nhMARR

1 - 94

2 H s hon vn ni ti - IRR


95/152


2. H s hon vn ni ti - IRR

IRR?

L mc li m d n to ratrn vn u t trong thigian hot ng

1 - 95

IRR (tip)


96/152


IRR (tip)

Cng thc

Hay chnh l gi tr chit khu NPV = 0

IRR biu din t l thu hi ca mi d n

Nu d n ch c t l hon vn (IRR) l bng i, th cckhonthu nhptdn chhon trphnvngcutban uvo dn v trli.

Mtkhc, sut thu liniti IRR cn phnnh chi ph sdngvntiam nh utc thchpnhnc.

n

t

t

ttIRRCBNPV

0

0)1)((

1 - 96

IRR (ti )


97/152


IRR (tip)

Cng thc tnh gn ng

21

1

121)(

NPVNPV

NPViiiIRR

i1: L h s chit khu ng viNPV1 > 0

i2: L h s chit khu ng viNPV2 < 0

ii2

i1

IRRNPV1

NPV2

1 - 97


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-Gi s:

NPV (I) = a >0NPV (I+5%) = -b


99/152


Sut thu li ni ti IRR

nh gi phng n- D n c lp

IRR >MARR chp nhn phng n, phng n

ng gi IRR < MARR phng n s b bc b

IRR = MARR chp nhn phng n

- So snh ccphngn loitrnhau

Nuchnphngn viIRRmax th sc thcligiikhc viphngphp NPV.

1 - 99



100/152


Nguyn tc so snh Phngn utlnhnchso snh viphngn c u

tb hn khi phng n c u t b hn l nggi theoIRR (IRR MARR)

Phngn c utlnhncchnkhi sutthu licagia s vn u t ln hn sut thu li ti thiu chp nhnc v ngc liphng n u t b hncchn khisutthu liniticagia svnutnhhnMARR.

1 - 100



101/152


So snh cc d n loi tr nhau1. Sp xp cc d n theo th t tng dn v vn u t.

2. Chn phng n khng u t l p.n c th.

3. So snh phng n u tin vi p.n c th nu IRR (AI)MARR Th p.n so snh vi phng n c th c chn l

phng n c th

NuIRR (AI ) < MARR ginguynphngn cth

4. Lp li bc 3 n phng n cui cng. Phng n c th cui cng l PA tt nht.

1 - 101



102/152


u im:Chobithiusutsdngvnutcadn. Hay tl

li trn vnutKhng gpkh khnkhi xc nhtsutchitkhu.

Thun li khi so snh cc d n c thi gian thc hin, vnu t khc nhau

Nhc im:Kh khn trong vic tnh tonKhng ph thuc vo chi ph vn =>nhn nh sai v kh

nng sinh li ca d n.Gp kh khn trong cc trng hp u t khng thng

thng.


1 - 102

3 2 T s li ch v chi ph B/C


103/152


3.2 T s li ch v chi ph B/C

B/C?

L t sgia tng gi trhin ti ca thu nhpv

tng gi tr hin ti ca chiphd n

1 - 103

B/C (ti )


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B/C (tip)

Cng thc

n

t

t

t

n

t

t

t

iC

iB

PVC

PVB

C

B

0

0

)1(

)1(

1 - 104

B/C (tip)


105/152


/C ( p)

nh gi phng n theo tiu chun B/C

Cc phng n c lp:B/C >= 1 Chp nhn

B/C < 1 Loi b

Cc phng n loi tr nhau:nh gi nh ch tiu IRR

Tiu chun B/C mang tnh tng i

B/C c p dng rng ri trong vic phn tch vnh gi cc d n c qui m khc nhau.

1 - 105


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Thng

B Thu nhp hin ti hng nm

I Vn u tO Chi ph vn hnh

M Chi ph bo dng

M)+(O+I

B=B/C

orM)]+(O+[IP

[B]P=

CostTotal

BenefitTotal=B/C

T sut li ch / chi ph (B/C)

1 - 106


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Thng

B Thu nhp hin ti hng nm

CR Vn u tO Chi ph vn hnh

M Chi ph bo dng

M)+(O+CRB=B/C

orM)+(O+[CRP

[B]P=

CostTotal

BenefitTotal=B/C

T sut li ch / chi ph (B/C)

1 - 107

3.4 Thi gian hon vn - Tp


108/152


3.4 Thi gian hon vn Tp

Tp?

L thi gian cn thit thuhi vn u t ban u cho

d n

1 - 108

Phng php thi gian hon vn


109/152



Bao gm2 loil thigian hon vnginnvthigian hon vnc chitkhu.

Thi gian hon vn Tp l khong thi gian k

vng thu hi vn u t ca d n, bng cckhontch luvnhng nm.

Hay khongthigian cnthitthu hitonbvnutban ucadn.

1 - 109

T (ti )


110/152


Thn(tip)

Cng thc

pT

t

t

tt iCBCF0

0)1)((

nh gi phng n theo tiu chun ThnTp< Tp* Chp nhn

Tp> Tp* Loi b

Tp= Tp* Xem xt

Tp= Min Ti u

Tp* l thi gian hon vn qui nh hoc mongmun

1 - 110

T (ti )


111/152


Tp(tip)

Cng thc tnh gn ng

21

2121 )(

CFCF

CFtttTP

t1: L thi Im ng vi < 0

t2: L thi Im ng vi > 0

Thv t2tt1

NPV2

NPV1

1CF

2CF

1 - 111

TP (tip)


112/152


TP(tip)

Tiu chun TPcho nh u t bit d n ny s honvn trong bao nhiu nm.

Tiu chun TPkhng xt dng tin sau khi hon vn.Khng nh gi ng mc sinh li ca d n C

trng hp d n A th c thi gian hon vn sm hnd n B, nhng NPV d n B li ln hn NPV d n A

Tiu chun TPo lng mc ri ro, c p dngrng ri trong phn tch v nh gi d n mang tnh riro cao

1 - 112



113/152


Thi gian han vn gin n ca d n

Nm 0 Nm1 Nm2 Nm3

CFt -100 30 30 60

CF tch ly -100 -70 -40 +20

nampT 67.2)23(4020

402

1 - 113


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Mi quan h gia cc phng n

Mt d n ng gi theo ch tiu NPV th c nh githeo cc ch tiu khc hay khng v ngc li?

Cc ch tiu NPV, IRR v B/C l tng ngMt phng n ng gi theo Tp th ng gi theo

NPV, IRR v B/C nhng khng c iu ngc li

1 - 114

Phn 4 Phn tch ti chnh


115/152


Phn 4 Phn tch ti chnh

1. Xc nh dng tin d n, ch s hu

2. Phn tch nh hng ca khu hao

3. Phn tch nh hng ca lI vay

4. Phn tch nh hng ca lm pht

1 - 115

Dng tin d n


116/152


Dng tin trc thu - CFBT

CFBT : (Cash flow befor tax)

CFBT = Doanh thu - Chi ph vn hnh - chi phu t

CFBTx = Rx - Cvhx - Ix

x = 0 CFBTo = Io

x 0 thng thng CFBTx = Rx Cvhx

Ch khi c thanh l TSC v thu hi VL Chi ph vn hnh: cc chi ph ca d n khng k

chi ph khu hao v li vay

1 - 116

Dng tin d n


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Dng tin sau thu - CFAT

CFAT = CFBT - thu thu nhp (TI) (1)TI =Thu nhp chu thu *Thu sut thu thu nhp(t)

(Li nhun trc thu)

TN chu thu =Doanh thu - Chi ph hp l hp l

(CP vn hnh + CP khu hao)

Thu nhp chu thu = CFBTx - Dx

Thu thu nhp = (CFBTx - Dx) . t

g

1 - 117

Dng tin d n


118/152


g

CFATx = CFBTx - (CFBTx - Dx ) . t CFATx = CFBTx (1-t) + Dx . t (2)Dx . t :phn gim thu do khu hao

LN sau thu = (CFBTx - Dx ) - (CFBTx - Dx ) . t

= CFBTx (1 - t) + Dx. t - Dx

Li sau thu = CFATx - Dx

CFATx = LN sau thu + Dx (3)

Ch :dng tin sau thu khng phi l li sau thu

1 - 118

V d p dng


119/152


Mt d n u t, u t 500 tr mua mt thit b dkin thc hin trong 5 nm, gi tr cn li cui nm T5l 0.Thu sut thu TN l 30%.TSC c khu haou trong 5 nm . Xc nh CFAT ca d n.D kindoanh thu hng nm v chi ph vn hnh hng nm nhsau :

Nam 1 2 3 4 5

Rx 270 260 250 240 230

CVHx 100 105 110 115 120

1 - 119Gii


120/152


Khon mc 0 1 2 3 4 5

1 Chi ph u t ban u 500

2 Doanh thu 270 260 250 240 230

3 Chi ph vn hnh 100 105 110 115 120

4 CFBT (2-3-1) -500 170 155 140 125 110

5 Khu hao 100 100 100 100 100

6 Thu nhp chu thu (2-3-5) 70 55 40 25 10

7 Thu thu nhp (6xt) 21 16,5 12 7,5 3

8 Li sau thu (6-7) 49 38,5 28 17,5 7

9 CFAT (4-7) -500 149 138,5 128 117,5 107

1 - 120

Dng tin ch s hu


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Dng tin sau thu ca CSH CFATcsh CFATcsh = CFBT - tr vn gc - tr li vay - thu thunhp (1)

Thu thu nhp = Thu nhp chu thu x thu sut

TNCT = CFBT - D - Tr li vay

Thu thu nhp = (CFBT - Dtr li) . t

= (CFBT - D) . ttr li . t

Tr li . t = Phn gim thu do li vay

CFATcsh = LN sau thu Tr gc + Khu hao (2)

1 - 121

Dng tin n


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Dng tin vay n trc thu CFBTnCFBTn = Tr gc + Tr li vay

Dng tin vay n sau thu - CFATn

CFATn = CFBTn + Phn gim thu do tr lI

CFATcsh = CFATda + CFATn

1 - 122

V d p dng


123/152


Mt d n u t, u t 500 tr mua mt thit b d kin

thc hin trong 5 nm, gi tr cn li cui nm T5 l 0.Thusut thu TN l 30%.TSC c khu hao u trong 5 nm .Xc nh CFAT ca d n, ch s hu, n. Bit rng d n

phi huy ng 200 tr vn vay , r = 10% /nm, tr u vn gc

trong 5 nm. D kin doanh thu hng nm v chi ph vn hnhhng nm nh sau :

Nam 1 2 3 4 5

Rt 270 260 250 240 230

CVHt 100 105 110 115 120

1 - 123Gii


124/152


0 1 2 3 4 5

1 CFBT -500 170 155 140 125 110

2 Khu hao 100 100 100 100 100

3 Tr vn gc

4 Tr li vay

5 Tng tr n (CFBT n)

6 T.Nhp chu thu = 1-2-4

7 Thu thu nhp (6xt)

8 Li sau thu (6-7)

9 CFATCSH= 1-3-4-7

10 Gim thu do tr li vay

11 CFAT n = 5+10

12 CFATda = 9 - 11

1 - 124Gii


125/152


0 1 2 3 4 5

1 CFBT -500 170 155 140 125 110

2 Khu hao 100 100 100 100 100

3 Tr vn gc (200/5) 40 40 40 40 40

4 Tr li vay

5 Tng tr n (CFBT n)

6 T.Nhp chu thu = 1-2-4

7 Thu thu nhp (6xt)

8 Li sau thu (6-7)

9 CFATCSH= 1-3-4-7

10 Gim thu do tr li vay

11 CFAT n = 5+10

12 CFATda = 9 - 11

1 - 125Ch


126/152


Nu phng n huy ng c vn vay th CFAT ca d nkhc vi li sau thu + khu hao.

Chi ph u t ban u bao gm TSC v TSL (vn L)

Gi tr TSC nm cui cng c cng vo dng tin trcthu v cng thm vo dng tin sau thu ca d n thu thunhp (Thu nhp hot ng bt thng)

Vn lu ng : a dng gia tng VL vo dng tin ca dn.

Ch tiu Nm 0 1 2 3 4 5

Doanh thu 500 550 600 700 700

Nhu cu VLD 200 220 240 280 280

Gia tang vn -200 -20 -20 -40 0 +280

1 - 126BI tp p dng


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Mt d n u t c tng s vn u t ban u l 150 triu ng.

Trong vn u t cho TSC l 120 triu ng, cn li l vn lung. D kin d n thc hin trong nm nm. Doanh thu hng nm l80 triu ng v chi ph vn hnh hng nm l 30 triu ng. TSCc php tnh khu hao u vi thi gian tnh khu hao l 5 nm (gitr cn li bng 0). Cui nm th nm d n thanh l ti sn c nh vigi tr l 20 triu ng v thu hi vn lu ng l 30 triu ng.Thusut thu thu nhp l 20%.

a. Ch u t c u t d n hay khng khi chi ph s dng vn sauthu l 10%

b. Nu c NH cho vay 40% vn u t vi li sut 10%/nm, tr uvn gc trong 5 nm. Nh u t c nn vay hay khng?

1 - 127Gii NPV = 48.39


128/152


0 1 2 3 4 5

1 Tng vn u t

2 Doanh thu

3 Chi ph vn hnh

4 Khu hao

5 Thanh l TSC

6 Thu hi Vn L

7 CFBT

8 Thu nhp chu thu

9 Thu TN

10 CFAT

11 B

12 C

1 - 128Gii


129/152


0 1 2 3 4 5

1 CFBT -150 50 50 50 50 100

2 Tr gc (40%x150=60) 12 12 12 12 12

3 Tr li 6 4,8 3,6 2,4 1,2

4 Thu nhp chu thu 20 21.2 22,4 23,6 44.8

5 Thu thu nhp 4 4,24 4,48 4,72 8,96

6 CFATcsh -90 28 28,96 29,92 30,88 77,84

7

8

9

10

11

12

1 - 129

Phn 6: Phn tch nh hng khu hao


130/152


CFATx = CFBTx (1-t) + Dx . t

1.nh hng ca thi gian tnh khu hao trong m

hnh khu hao u.

2.nh hng ca m hnh khu hao

1 - 130VD


131/152


VD : Mt d n u t, u t vo thit b cng nghip l 1.200tr , c tnh dng trong 10 nm v gi tr cn li ca ti sn cnh cui nm th 10 l 200 tr nh thit b mi ny hng nmc th gim c 240 tr chi ph vn hnh.a) Xc nh dng tin sau thu ca d n trong trng hp lutquy dnh thi gian tnh khu hao l 10 nm v gi tr cn li = 0,

thu sut thu thu nhp 20%.b) Xc nh CFAT ca d n trong trng hp lut quy nh khoch trong 4 nm.c) Xc nh CFAT ca d n trong trng hp lut quy nh k

hoch trong 15 nmd) Xc nh NPV khi MARR = 10%

1 - 131

a, Thi gian khu hao l 10 nm


132/152


0 1 2 3 4 5 6 7 8 9 10

CFBT -1200 +240 +240 +240 +240 +240 +240 +240 +240 +240 +240

DKH 120 120 120 120 120 120 120 120 120 120

TN chuthu 120 120 120 120 120 120 120 120 120 320

ThuTN 24 24 24 24 24 24 24 24 24 64

Li sau thu 96 96 96 96 96 96 96 96 96 256

CFAT -1200 216 216 216 216 216 216 216 216 216 376

200

1 - 132Thi gian tnh l 4 nm: Hot ng khc c LN


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0 1 2 3 4 5 6 - 9 10

CFBT -1200 240 240 240 240 240 240 440

Khuhao 300 300 300 300 0 0 0

LN trcthu -60 -60 -60 -60 240 240 440

T.N chuthu 0 0 0 0 0 240 440

ThuTN 0 0 0 0 0 48 88

Li sau thu -60 -60 -60 -60 240 192 352

CFAT 240 240 240 240 240 192 352

1 - 133Thi gian tnh l 4 nm: Hot ng khc c LN>= 60


134/152


0 1 2 3 4 5 6 - 9 10

CFBT -1200 240 240 240 240 240 240 440

Khuhao 300 300 300 300 0 0 0

LN trcthu -60 -60 -60 -60 240 240 440

T.N chuthu 240 440

ThuTN 48 88

Li sau thu 192 352

CFAT 192 352

1 - 134

Thi gian KH l 15 nm


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0 19 10

CFBT -1200 240 440

D 80 80 + 400

TNCT 160 -40

Thu TN 32 -8

Li sau thu 128 -32

CFAT -1200 208 448

1 - 135

Phn tch nh hng ca khu hao


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nh hng ca m hnh khu hao

D n tng kinh ph u t ban u l 10.000 v trong

gi tr ca TSC l 9000, VL 1000 d n tin hnh trong

2 nm gi tr cn li cui nm th 2 l 2000 trong gi

tr cn li ca TSC l 1000

D tnh doanh thu thun hng nm l 10.000, CPVH

hng nm 3000 xc nh dng tin sau thu ca d n khi

s dng m hnh khu hao u, theo kt s gi tr cn li,SYD thu sut thu thu nhp l 25%.

1 - 136Gii -m hnh khu hao u


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0 1 2ut -10.000

Khuhao D 4000 4.000

Doanh thu 10.000 10.000

CFVH 3.000 3.000

CFBT -10.000 7.000 7.000 + 2000

TNCT 3.000 3.000

ThuTN 750 750Li sau thu 2.250 2.250 + 2000

CFAT -10000 6.250 8.250

1 - 137Gii -m hnh khu hao nhanh


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0 1 2

ut -10000

Doanh thu 10000 10000

CFVH 3000 3000

CFBT 7000 7000 + 2000

K.h 6000 2000

TNCT 1000 5000

ThuTN 250 1250Li sau thu 750 5750

CFAT -10000 6750 7750

1 - 138

Gii -m hnh khu hao SYD


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0 1 2

ut -10000

Doanh thu 10000 10000

CFVH 3000 3000

CFBT 7000 7000 + 2000

K.H 5333 2667

TNCT 1667 4333

ThuTN 417 1083Li sau thu 1250 3250 + 2000

CFAT -10000 6583 7917

1 - 139

Phn tch nh hng khu hao


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Kt lun

1.nh hng ca thi gian tnh khu hao: Thi

gian tnh khu hao cng ngn cng c tt

2.nh hng ca m hnh khu hao: M hnh khu

hao cng nhanh cng tt

1 - 140

Phn 6: Phn tch nh hng ca lI vay


141/152


Mt d n u t i hi doanh nghip b ra 1000$ v cho thunhp 1120$ cui mt nm. s tin l 1000$ l s tin chi mua1 ti sn s tin 1120$ l s tin thu c do hot ng v thuhi ti sn cui nm. nh gi d n ny nh u t sdng chi ph s dng vn l 10%.

+ t = 0%/ t = 20%

- 100% vn ch u t

- 100% vn vay vi li vay 10%

-50% vn vay vi li vay 10%

-Xc nh NPV, IRR ca CSH, DA v N

1 - 141

Phn tch nh hng ca lI vay


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g y

Nam 0 1 NPV (10%) IRR

CFBTDA -1000 1120 18,18 12%

CFBTn +1000 -1100 0 10%

CFBTCSH 0 20 18,18 Vo cung

1. Thu sut thu thu nhp = 0

2. Vay 100%

1 - 142



143/152


1. Thu sut thu thu nhp = 0

2. Vay 50%

t 0 1 NPV (10%) IRR NPV (13%)

CFBTDA -1000 1120 18,18 12% -8,85

CFBTn +500 -550 0 10% +13,27

CFBTCSH -500 +570 18,18 14% 4,42

1 - 143



144/152


+ MARR = rvay NPVn = 0

CFATcsh = CFATda + CFATn

NPVcsh = NPVda + NPVn

NPVcsh = NPVda

+ IRRda > rvay IRRcsh > IRRda

+ MARR > rvay

NPVn (MARR) > 0NPVcsh > NPVda

1 - 144



145/152


1. Vi thu sut thu thu nhp = 20%

2. D n huy ng 50% vn vay

t 0 1 NPV (8%) IRR NPV (10%)

CFATDA -1000 1096 14,81 9,6% -3,64

CFATn +500 -540 0 8% 9,091

CFATCSH -500 556 14,81 11,2% 5,455

1 - 145



146/152


1. Vi thu sut thu thu nhp = 20%

2. D n huy ng 100% vn vay

t 0 1 NPV (8%) IRR NPV (10%)

CFATDA -1000 1096 14,81 9,6% -3,64

CFATn +1000 -1080 0 8% 18,18

CFATCSH 0 16 14,81 V

cng

14,54

1 - 146

Phn 7: Phn tch lm pht v phn tch gi


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Phn 7: Phn tch lm pht v phn tch gi

c bit trong phn tch d n

Hai trng hp:1. Khng c thu sut thu nhp doanh nghip

2. C thu sut thu nhp doanh nghip

1 - 147Khng c thu sut thu nhp doanh nghip


148/152


Mt doanh nghip u t vo mua thit b mi vi gi 10000$

d kin s dng trong 5 nm v gi tr cn li = 0. c tnhmi nm DA bn 1600 sp, sn xut s sn phm ny ngita phi dng 2000 kg NV theo gi hin hnh 2$/1kg NVL. Gi

bn 10$/1SP, chi ph tin cng 8000$/1 nm. Gi s khng c

thu thu nhp, TSC c khu hao u trong 5 nm1. Gi tr trong 5 nm thc hin DA gi c u trn thc tkhng bin ng v gi ca cc hng ho v dch v s dngtrong DA cng khng bin ng. MARR = 10%.

2. Gi s mc tng gi khung trn TT l 5% (lp = 5%) v cchng ho v dch v trong DA cng tng theo 5%.

1 - 148Gii


149/152


0 1 2 5

1 Chi ph u t -10.000

2 Doanh thu 16.000 16.000 16.000

3 CVH 12.000 12.000 12.000

4 CFBT -10.000 4.000 4.000 4.000

C lm pht

1 Chi ph ut -10.000

2 Doanh thu 16.000.1,05 16.000. 1,055

3 CVH 12.000.1,05 12.000. 1,055

4 CFBT -10.000 4000.1,05 4000.1,052 4000.1,055

1 - 149Khng c thu sut thu nhp doanh nghip


150/152


Khi khng c lmpht:

NPV= -10.000+4.000 (P/A,10%,5)=5163,16Khi c lmpht R = 15,5 %

NPV = 5163,168

Nhn xt

Trong trng hp khng phi ng thu thu nhp cc hng ho vdch v ca DA cng tng theo ng t l lm pht.

NPV trong trng hp c lm pht v khng c lm pht cng nhnhau.

Trong phn tch DA c th dng dng tin thc vi li sut thccng ging nh dng tin danh ngha vi li sut danh ngha.

1 - 150Trong trng hp thu sut 030%

0 1 5


151/152


0 1 ..... 5

1 CFBT -10.000 4000 4000

2 Khuhao (D) 2000 2000

3 CFBT (1-t) 2800 2800

4 Dt 600 600

5 CFAT -10.000 3400 3400

C lm pht1 CFBT -10.000 4000.1,05 ........ 4000.1,055

2 Khuhao (D) 2000 ........ 2000

3 CFBT (1-t) 2800.1,05 ........ 2800. 1,055

4 Dt 600 ........ 600

5 CFAT -10.000 2800.1,05 + 600 ........ 2800. 1,055+600

1 - 151

Trong trng hp thu sut 0,30%


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NPV = -10.000 + 3400 (P/A, 10%, 5) = 2888,2NPVlf = 2601,9

Nhn xt:

Lm pht lm cho li nhun DA gim

Lm pht nh hng n kh nng thanh ton caDA

Gi tr thc ca ng i vay s gim khi c lm

pht.

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