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CC QUAN IM CC QUAN IM U TU T

TrnhTrnh by: ThS.Trn B Vinhby: ThS.Trn B VinhEE--mail: vinhtbv@yahoo.commail: vinhtbv@yahoo.com

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QUAN IM TI CHNH (FINACIAL VIEWPOINTS)

QUAN IM KINH T (ECONOMIC PERSPECTIVE)

QUAN IM NGN SCH (GOVERNMENT BUDGET OFFICE)

MI QUAN H GIA CC QUAN IM U T

CC THNH PHN LIN QUAN N D N

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CH S HU V CC NH TI TR (OWNERS,

SPONSORS)

Ch u tNgn hngT chc tn dngC ng

CC I TC (PARTNERS)

Cc t chc hp tc kinh doanh vi nhau.BT, BOT, BOOT (Build-Own-Operate-Transfer), BOO

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CC NH H TR (SUPPORTERS)

Nh thu (CONTRACTORS): LABOURNh thu qun l (MANAGING CONTRACTORS)Nh cung cp (SUPPLIERS): MATERIALSNh t vn(CONSULTANTS)

NHNG BN LIN QUAN N D N

(STAKEHOLDERS)

Nh thit k (DESIGNERS)Nh vn chuyn (SHIPPERS)Nh ti chnh (FINANCIERS)Nh bo him (INSURERS)Chnh ph (GOVERNMENT)

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QUAN IM TI CHNH (FINACIAL VIEWPOINTS)

Quan im ngn hng cn gi l Quan im tng u t(Banker or Total Investment Point of View - TIP)

Quan im ch s hu (Equity Owner Point of View - EPV)

Quan im ton b vn ch s hu(All Equity Point of View - AEPV)

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Xem xt kh nng sinh li ca d n trong trng hp khng cti tr. Ngn lu khng c l chn thu t li vay. Sut chit khu .

NCF = Thc thu bng tin Thc chi bng tin Chi ph c hi +tr cp Thu

* Ch tiu thu TNDN c tnh theo EBIT (K hoch li l).

Quan im ton b vn ch s hu(All Equity Point of View - AEPV)

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Xem xt mt d n di gc an ton cho phn vn vay (khnng tr n vay) v kh nng sinh li ca d n. D n c s dng mt phn vn vay (WD), mt phn vn CSH(WE). Ngn lu c l chn thu t li vay v khng tnh dng tin tvay v tr n vay, li sut vay rD (KD). Sut chit khu WACC.

NCF = Thc thu bng tin Thc chi bng tin Chi ph c hi +tr cp Thu

* Ch tiu thu TNDN c tnh theo EBT (K hoch li l)

Quan im ngn hng cn gi l Quan im tng u t(Banker or Total Investment Point of View - TIP)

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Xem xt kh nng sinh li ca d n v ri ro ca phn vn chs hu (WE) trong trng hp d n c s dng vn vay. D n c s dng mt phn vn vay (WD), mt phn vn CSH(WE). Ngn lu c l chn thu t li vay v c tnh dng tin t vay vtr n vay, li sut vay rD (KD). Sut chit khu rE (KE).

NCF = Thc thu bng tin Thc chi bng tin Chi ph c hi +tr cp Thu + Ngn lu ti tr (+Vay-Tr n)

* Ch tiu thu TNDN c tnh theo EBT (K hoch li l)

Quan im ch s hu (Equity Owner Point of View - EPV)

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Quan tm n gi tr ca ci rng m d n mang li cho ton bnn kinh t, ton x hi, cn gi l quan im ton x hi. Ngn lu khng tnh n cc khon ti tr, thu, tr cp. Ngn lu c tnh n tc ng tch cc hay tiu cc ca cc ngoitc (mt d n sn xut, d n cng).

NCF = Thc thu bng tin Thc chi bng tin Chi ph c hi +Tc ng ca ngoi tc

* Ch s CF (Conversion Factor) = Gi kinh t / Gi ti chnh

QUAN IM KINH T (ECONOMIC PERSPECTIVE)

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Xem xt n tc ng rng ca d n n thu chi ca ngn sch. Ngn lu khng tnh n cc thc thu, thc chi, chi ph c hi,ngoi tc. Ngn lu ch tnh n cc khon ti tr (t ngun ca Chnh ph),thu, tr cp.

NCF = Thu - Tr cp - Vay + Tr n

QUAN IM NGN SCH (GOVERNMENT BUDGET OFFICE)

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1. Mt d n ko di 2 nm (nm 0, 1). D n c xy dng vo nm 0, btu hot ng vo nm 1, kt thc vo cui nm 1.2. Trong nm 0, chi ph mua my mc l 1.000USD.3. ti chnh cho d n, ch doanh nghip mun vay ngn hng tngng 50% chi ph u t ban u. Hon tr li sut v n gc vo nm 1.Li sut 10%/nm.4. Trong nm 1, d n to ra doanh thu 300 USD v nhn tr cp mt khonbng 50% gi tr doanh thu. Chi ph hot ng trong nm 1 l 140USD.Tng thu phi np l 100USD.5. Gi tr thanh l ca d n vo cui nm 1 l 950USD.6. D n gy ra nhim nc, chi ph x l nc thi nhim c tnhkhon 50USD/nm hot ng. Chnh ph khng yu cu nh u t phi xl nc thi nhim khi kt thc d n.7. t s dng cho d n ny c chi ph c hi l 30USD/nm (v nukhng s dng t cho d n ny, s c th cho thu thu c l30USD/nm).Hy xem xt li ch ca d n t cc quan im u t khc nhau?

V d ngn lu cc quan im

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V d ngn lu cc quan imQuan im Ch u t Ngn hng Ngn sch Quc giaNm 0 1 0 1 0 1 0 1Doanh thu 300 300 300Cp h.ng -140 -140 -140My mc -1000 950 -1000 950 -1000 950Tr cp 150 150 -150Thu -100 -100 100Vay 500 -500 x xLi sut -50 xNgoi tc -50Cp c hi -30 -30 -30 -30 -30 -30Li ch thun -530 580 -1030 1130 -50 -1030 1030

x: Ngun vay vay khng phi t chnh ph phi cp vn, tr gi hay cho vay u i.

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