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tài liệu về cách tính NPV, B/C, IRR

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  • Bi ging Xy dng v qun l{ d n

    ThS. V Ngn Th 1

    Ch tiu Hiu qu ti chnh

    Bi ging b sung

    Mn Xy dng v qun l{ d n

    Hin gi thun NPV

    2

    Tn gi:

    Net Present Value

    Gi tr hin ti rng gi tr hin ti thun

    Hin gi thu hi thun hin gi thun...

    ngha:

    tng Ngn lu rng ca c i d n c chit khu v nm hin ti theo t l chit khu nht nh.

    NPV > 0 : c hiu qu

    Hin gi thun NPV

    3

    n

    0t

    n

    0t

    n

    0t )1()1()1(NPV

    t

    t

    t

    t

    t

    tt

    r

    C

    r

    B

    r

    CB

    Trong : Bt (Benefit) tin thu v Ct (Cost) tin chi ra r T sut chit khu. n S nm hot ng kinh t ca d t Thi gian (t = 0,1,n)

    V d 1

    4

    0 1 2 3 4

    NCF

    (USD)

    -100.000 40.000 30.000 30.000 35.000

    Tm NPV ca d n t thng tin sau

    Ngn lu rng cho trong bng

    Sut chit khu p dng: 7%/nm

    Cch 1: Lp bng tnh

    5

    0 1 2 3 4

    NCF (USD) -100.000 40.000 30.000 30.000 35.000

    HSCK (7%) (tra bng hin gi)

    (1+0,07)-0

    = 1

    (1+0,07)-1

    =0,935

    (1+0,07)-2

    =0,873

    (1+0,07)-3

    =0,816

    (1+0,07)-4

    =0,763

    PV(NCF) (= NCFxHSCK)

    -100.000 37.400 26.190 24.480 26.705

    PV(NCF) ly k -100.000 -62.600 -36.410 -11.930 14.775

    NPV = 14.775 USD

    Cch 2: V dng tin

    6

    a dng tin v hin ti

    NPV = -100 + 40(1+0,07)-1 + 30(1+0,07)-2 + 30(1+0,07)-3 + 35(1+0,07)-4

    NPV = -100 + 40 x 0,935 + 30 x 0,873 + 30 x 0,816 + 35 x 0,763

    NPV = 14,775 (nghn USD)

    0 1 2 3 4

    40 30 30 35

    100

    r = 7%/nm

    VT: 103USD

  • Bi ging Xy dng v qun l{ d n

    ThS. V Ngn Th 2

    Cch 3: Tnh bng Excel

    7

    Hin gi thun NPV

    11

    u im:

    Cho bit quy m tin li thu c ca c i d n.

    Nhc im:

    Ph thuc nhiu vo t sut chit khu

    Phi xc nh r rng dng thu v dng chi ca c

    i d n

    Cha ni ln hiu qu s dng mt ng vn.

    Ch s dng la chn cc d n loi b nhau

    trong trng hp tui th nh nhau.

    Ch tiu B/C

    15

    ngha: Cho bit mc sinh li hiu qu

    B/C > 1 NPV > 0

    Khi no nn dng t s B/C?

    T s B/C = PV(li ch)

    PV(chi ph)

    B/C dng thng

    16

    0 1 2 3 4 5 6 7 8 9 10 11 12

    Th

    c th

    u t

    r t

    h

    c ch

    i

    Vn u t

    Tin thu t hot ng

    Tin chi cho hot ng

    B =

    PV (Thu t H) =

    PV (NL vo)

    C PV(Vn u t + Chi cho H) PV (NL ra)

    B/C dng sa i

    17

    0 1 2 3 4 5 6 7 8 9 10 11 12

    Th

    c th

    u t

    r t

    h

    c ch

    i

    Vn u t

    Thu chi trong thi gian hot ng

    B =

    PV (thu chi trong tg H) =

    PV (Thu nhp rng)

    C PV(Vn u t) PV (vn u t)

    Ch tiu B/C

    18

    u im:

    cho bit hiu qu ca mt ng vn b ra.

    Nhc im:

    Ph thuc vo t l chit khu la chn tnh ton.

    L ch tiu nh gi tng i nn d dn n sai lm khi la chn cc d n loi b nhau

    Tuz thuc vo quan nim v li ch v chi ph ca ngi nh gi.

  • Bi ging Xy dng v qun l{ d n

    ThS. V Ngn Th 3

    V d

    19

    0 1 2 3 4

    NCF

    (USD)

    -100.000 40.000 30.000 30.000 35.000

    Tm B/C ca d n t thng tin sau

    Ngn lu rng cho trong bng

    Sut chit khu p dng: 7%/nm

    Lp bng tnh

    20

    0 1 2 3 4

    NCF (USD) -100.000 40.000 30.000 30.000 35.000

    PV(NCF) -100.000 37.400 26.190 24.480 26.705

    Cch 1

    Tng hin gi li ch = 37.400 + 26.190 + 24.480 + 26.705

    = 114.775 USD

    Tng hin gi vn u t = 100.000 USD

    B/C = 114.775 / 100.000 = 1,148

    Ngha l c 1 USD vn u t ban u b ra s thu c 1,148 USD thu

    nhp rng trong thi gian hot ng

    Lp bng tnh

    21

    0 1 2 3 4

    NCF (USD) -100.000 40.000 30.000 30.000 35.000

    PV(NCF) -100.000 37.400 26.190 24.480 26.705

    Cch 2

    B/C = 1+ (14.775 / 100.000)

    = 1,148

    D n PVincome PVcost B/C NPV

    A 1200 1000 1.2 200

    B 450 300 1.5 150

    Chnh lch

    A B

    750 700 1.07 50

    V d 3

    24

    C s liu v d n A v B nh sau. La chn d n no u t?

    Ch tiu IRR

    25

    Tn gi:

    Internal Rate of Return

    Sut ni hon

    Sut thu hi ni b

    ngha:

    L sut thu hi do bn thn d n c th to ra c

    Kh nng sinh li ca bn thn d n ang xt

    IRR chnh l r lm cho NPV c gi tr bng 0

    IRR > r : d n c hiu qu

    Ch tiu IRR

    26

    Phng php tnh: Gii phng trnh

    PP ni suy

    PP hnh hc

    MS Excel

  • Bi ging Xy dng v qun l{ d n

    ThS. V Ngn Th 4

    Tnh IRR bng PP gii phng trnh

    27

    Nm 0 1

    NCF -1000 1100

    Ta c

    NPV = -1000 + 1100*(1+IRR)-1 = 0

    IRR = 10%

    Tnh IRR bng PP ni suy

    28

    Trong :

    r1: l sut chit khu lm cho d n c NPV1>0

    r2: l sut chit khu lm cho d n c NPV2

  • Bi ging Xy dng v qun l{ d n

    ThS. V Ngn Th 5

    Dng tin i du nhiu ln

    33

    Nm 0 1 2

    NCF -1200 3200 -2000

    tnh IRR, ta cho NPV = 0, khi :

    0

    )1(

    2000

    )1(

    32001200

    21

    rrNPV

    T phng trnh trn ta thit lp phng trnh bc hai nh sau:

    -1200 (1 + r)2 + 3200 (1 + r) 2000 = 0

    Phng trnh c hai nghim: r1 = 0.67 tc IRR = 67%

    r2 = 0.00 tc IRR = 0%

    Quy m khc nhau

    34

    Ta tnh c IRR(A) = IRR(B) = 20%

    t 0 1 NPV (10%)

    A -100 120 9,09

    B -1000 1200 90,9

    Thi k phn tch khc nhau

    35

    t 0 1 2 3 4 5 NPV(8%) IRR

    A -1000 1120 37 12%

    B -1000 0 0 0 0 1607,7 94 10%

    Thi im u t khc nhau

    36

    t 0 1 2 3 4 5 NPV(10%) IRR

    A - 1000 1200 90,9 20%

    B - 1000 1200 62,09 20%

    37

    Ch tiu thi gian hon vn

    L thi gian cn thit c th hon tr li vn u t b ra

    L thi gian cn thit tng hin gi thu hi bng tng hin gi vn u t

    Ch tiu thi gian hon vn

    38

    T

    t

    t

    t

    T

    t

    t

    t rCrB00

    11

    Cch tnh:

    Tnh da trn dng Ngn lu rng

    Tnh hin gi dng Ngn lu

    Tnh hin gi ngn lu ly k

  • Bi ging Xy dng v qun l{ d n

    ThS. V Ngn Th 6

    V d 5.

    39

    0 1 2 3 4

    NCF

    (USD)

    -100.000 40.000 30.000 30.000 35.000

    Tm PP ca d n t thng tin sau

    Ngn lu rng cho trong bng

    Sut chit khu p dng: 7%/nm

    0 1 2 3 4

    NCF (USD) -100.000 40.000 30.000 30.000 35.000

    HSCK (7%) 1 0,935 0,873 0,816 0,763

    PV(NCF) -100.000 37.400 26.190 24.480 26.705

    PV(NCF) ly k -100.000 -62.600 -36.410 -11.930 14.775

    Xt n ht nm 3, d n vn cn thiu li 1 khon l 11.930 USD.

    Hin gi li nhun trong nm th 4 l 26.705 USD

    mi thng = 26.705 / 12 = 2.225,42 USD

    S thng trong nm 4 hon vn = 11.930 / 2.225,42 = 5,4 ~ 6 thng

    Vy PP = 3 nm 6 thng

    Cch khc: PP = 3+ 11.930/26.705 3,5 nm

    40

    Ch tiu thi gian hon vn

    u im:

    Cho bit lc no th vn c thu hi.

    T c gii php rt ngn thi gian .

    Nhc im:

    Khng cp n s din bin ca chi ph v li ch ca d n sau khi hon

    vn.

    D ng nhn phi chn d n c PP nh nht, do c th b qua cc d n

    c NPV ln.

    Ph thuc nhiu vo li sut tnh ton r

    41