http://digiworldhanoi.

vn


Chng trnh Ging dy Kinh t Fulbright Phn t!"h #$i "h!nh %$i ging &
'i(n )ho* +,,-.,&
P/0' #1C/ #23 C/1'/ 42 5678# 9:'/ 9;6 #< 4='
%$i > ?@ "hA ra rBng Cuyt ?Dnh ?Eu t vFn l$ GHt trong nhIng Cuyt ?Dnh "hJ yu trong t$i "h!nh
"Kng ty. #rong b$i n$y "hLng ta MN lEn lOt PQG PRt Cu* trnh phn t!"h v$ ra Cuyt ?Dnh ?Eu t hay )hKng
v$o GHt dS *n n$o ?T "Ja "Kng ty.
>. CUC VWX3 YZ U' 9;6 #< #[W'G C\'G #7
#rong hot ?Hng "Ja "Kng ty] "*" nh$ Cun l^] ?_" bi`t l$ gi*G ?F" t$i "h!nh] thang g_p phi
nhIng dS *n ?Eu t vFn lbn. YSa v$o Gc" ?!"h] "*" dS *n ?Eu t vFn "T thd ?O" phn loi th$nh:
e YS *n ?Eu t Gbi t$i Mn "F ?Dnh
e YS *n thay th nhBG duy tr hot ?Hng Mn Puft )inh doanh ho_" "gt giG "hi ph!
e YS *n Gh rHng Mn phiG ho_" thD trang hi`n "T Mang Mn phiG ho_" thD trang Gbi
e YS *n an to$n lao ?Hng v$/ho_" bo v` GKi trang
e YS *n )h*".
j thng vk GHt dS *n ?Eu t thang Puft ph*t tl Gc" ?!"h "Ja dS *n ?T. #uy nhi(n] )hi phn t!"h PQG "T
n(n ?Eu t v$o GHt dS *n hay )hKng ngai ta )hKng "hA PQG PRt ?n Gc" ?!"h G$ "mn ?n hi`u Cu vk
G_t t$i "h!nh "Ja dS *n. 9Ki )hi nhiku dS *n ?ku "T hi`u Cu t$i "h!nh ?O" ?k Puft "nng GHt lL". Khi ?T]
vi`" phn loi dS *n thQo Gc" ?!"h ?d phn t!"h v$ ra Cuyt ?Dnh ?Eu t )hKng Cuan trong bBng vi`" phn
loi dSa v$o GFi Cuan h` giIa "*" dS *n. YSa v$o GFi Cuan h`] "*" dS *n "T thd phn "hia th$nh:
e YS *n ?H" lpp] l$ dS *n G$ vi`" "hfp nhpn hay b*" bq dS *n )hKng nh hhng g ?n nhIng
dS *n )h*" ?ang ?O" PQG PRt.
e YS *n phc thuH"] l$ dS *n G$ vi`" "hfp nhpn hay b*" bq dS *n phc thuH" v$o vi`" "hfp
nhpn hay b*" bq GHt dS *n )h*".
e YS *n loi trl nhau] l$ nhIng dS *n )hKng thd ?O" "hfp nhpn ?rng thai] nghsa l$ "hA ?O"
"hon GHt trong MF nhIng dS *n ?T G$ thKi.
+. 567 #[t'/ P/0' #1C/ 42 5678# 9:'/ 9;6 #<
Phn t!"h v$ ra Cuyt ?Dnh ?Eu t l$ Cu* trnh lpp ) ho"h "ho GHt )hon "hi ?Eu t "T Minh
lai )u vong li(n tc" trong nhiku nvG. 4i`" thS" hi`n "*" dS *n tr(n MN nh hhng ?n ngn lu "hung "Ja
"Kng ty ngay by gia v$ trong tng lai. 4 vpy] " Mh ?d ?*nh gi* hi`u Cu "Ja "*" dS *n l$
dmng ngn lu tvng th(G "Ja "Kng ty )hi "T dS *n Mo vbi dmng ngn lu "Ja "Kng ty )hi )hKng "T
dS *n v$ Muft "hit )hfu hOp l^] dSa v$o ?T ?d Cui ?wi dmng ngn lu h nhIng thai ?idG )h*" nhau
vk "nng GHt GF" "hung ?d Mo M*nh. 5uy trnh phn t!"h v$ ra Cuyt ?Dnh ?Eu t "T thd ?O" GK t
bBng hnh &.> dbi ?y.
>
http://digiworldhanoi.vn
http://digiworldhanoi.vn
'guyQ@n xinh KiQ$u/'go KiG PhyKzng >
+
http://digiworldhanoi.vn
Chng trnh Ging dy Kinh t Fulbright Phn t!"h #$i "h!nh %$i ging &
'i(n )ho* +,,-.,&
/nh &.>: 5uy trnh phn t!"h v$ ra Cuyt ?Dnh ?Eu t
{*" ?Dnh dS *n:
#G " hHi v$ ?a ra ?k
nghD ?Eu t v$o dS *n
|. <}C V<~'G 'G0' V<6
9*nh gi* dS *n: VSa "hon ti(u "huin
<b" lOng ngn lu li(n Cuyt ?Dnh:
Cuan v$ Muft "hit )hfu VSa "hon lupt Cuyt ?Dnh
hOp l^ 'P4] 3[[] PP
[a Cuyt ?Dnh:
Chfp nhpn hay tl "hFi
dS *n
'gn lu hay dmng tikn t` l$ bng dS to*n thu "hi trong MuFt thai gian tuwi tho "Ja dS *n] nT
bao grG nhIng )hon thS" thu dmng tikn v$o v$ thS" "hi dmng tikn ra "Ja dS *n t!nh thQo tlng
nvG. 5ui b" ghi nhpn dmng tikn v$o v$ dmng tikn ra "Ja dS *n ?ku ?O" P*" ?Dnh h thai ?idG "uFi
nvG. #rong phn t!"h t$i "h!nh dS *n] "hLng ta M dcng ngn lu "h )hKng M dcng lOi nhupn nh l$
" Mh ?d ?*nh gi* dS *n. 4 Mao " Mh dnng ?d ?*nh gi* dS *n )hKng phi l$ lOi nhupn G$ li l$
ngn lu
VOi nhupn )hKng phn *nh "h!nh P*" thai ?idG thu v$ "hi tikn "Ja dS *n] v vpy )hKng phn *nh
GHt "*"h "h!nh P*" twng lOi !"h "Ja dS *n thQo thai gi* tikn t`. /@y nghi(n "u bng )t Cu )inh doanh v$
bng ngn lu "Ja GHt )hon ?Eu t ,, tri`u] to ra doanh thu >.,,, tri`u trong | nvG] "hi ph! bBng tikn
Gi nvG ,, tri`u] )hfu hao ?ku trong | nvG. #hu Muft thu nhpp "Kng ty l$ |, v$ Muft "hit )hfu thS"
l$ .
'guyQ@n xinh KiQ$u/'go KiG PhyKzng +
|
Chng trnh Ging dy Kinh t Fulbright Phn t!"h #$i "h!nh %$i ging &
'i(n )ho* +,,-.,&
Kt Cu )inh doanh
'vG , > + | #wng
Yoanh thu bBng tikn >,,, >,,, >,,, |,,,
Chi ph! bBng tikn ,, ,, ,, >,,
Khfu hao |,, |,, |,, ,,
VOi nhupn trb" thu +,, +,, +,, -,,
'Hp thu -, -, -, >,
VOi nhupn Mau thu >, >, >, +,
'P4 |-,.&
'gn lu
'vG , > + | #wng
Yoanh thu bBng tikn >,,, >,,, >,,, |,,,
Chi ph! bBng tikn ,, ,, ,, >,,
xua t$i Mn ,, ,,
'gn lu rmng trb" thu .,, ,, ,, ,, -,,
'Hp thu -, -, -, >,
'gn lu rmng Mau thu .,, , , , +,
'P4 +||.+
5ua v! dc tr(n ta thfy] nu )hKng PRt gi* trD "Ja tikn thQo thai gian] twng lOi nhupn Gang li tl dS *n bBng
vbi ngn lu Gang li tl dS *n. #uy nhi(n ta )hKng thd phJ ?Dnh tikn "T gi* trD thQo thai gian] v$ nu "hi ph!
" hHi Muft "hit )hfu "Ja vFn l$ th twng lOi !"h Gang li tl dS *n t!nh tr(n " Mh ngn lu MN )h*"
vbi twng lOi !"h Gang li tl dS *n t!nh tr(n " Mh lOi nhupn.
|.> { l^ "*" bin MF ngn lu
e Chi ph! " hHi: l$ nhIng )hon thu nhpp G$ "Kng ty phi Gft ?i do M dcng ngurn lS" "Ja "Kng
ty v$o dS *n. Chi ph! " hHi )hKng phi l$ GHt )hon thS" "hi nhng vn ?O" t!nh v$o v ?T l$
GHt )hon thu nhpp G$ "Kng ty phi Gft ?i )hi thS" hi`n dS *n.
e Chi ph! "hG Mun) "oMt: l$ nhIng "hi ph! ?@ ph*t Minh trb" )hi "T Cuyt ?Dnh thS" hi`n dS *n.
4 vpy dn dS *n "T ?O" thS" hi`n hay )hKng th "hi ph! n$y "ng ?@ Py ra rri. Yo ?T] "hi ph!
"hG )hKng ?O" t!nh v$o ngn lu dS *n.
e Chi ph! lD"h M: l$ "hi ph! "ho nhIng t$i Mn Mn "T "Ja "Kng ty] ?O" M dcng "ho dS *n. Chi ph!
n$y "T ?O" t!nh v$o ngn lu "Ja dS *n hay )hKng l$ tny thQo "hi ph! " hHi "Ja t$i Mn] nu "hi
'guyQ@n xinh KiQ$u/'go KiG PhyKzng |
Chng trnh Ging dy Kinh t Fulbright Phn t!"h #$i "h!nh %$i ging &
'i(n )ho* +,,-.,&
ph! " hHi "Ja t$i Mn bBng )hKng th )hKng t!nh] nhng nu t$i Mn "T "hi ph! " hHi th MN ?O" t!nh
v$o ngn lu dS *n nh trang hOp "hi ph! " hHi.
e 4Fn lu ?Hng: 4Fn lu ?Hng l$ nhu "Eu vFn dS *n "En phi "hi ?d t$i trO "ho nhu "Eu trn Cu tikn
G_t] "*" )hon phi thu] trn )ho Mau )hi trl ?i "*" )hon bn ?gp tl "*" )hon phi tr.
'hu "Eu vFn lu ?Hng #rn Cu tikn G_t Khon phi thu #rn )ho . Khon phi tr
Khi nhu "Eu vFn lu ?Hng tvng th dS *n "En GHt )hon "hi tvng th(G] ngO" li )hi nhu "Eu vFn lu ?Hng
giG PuFng] dS *n MN "T GHt )hon tikn thu vk.
'hu "Eu 4V9 #ikn G_t Khon phi thu #rn )ho . Khon phi tr
e #hu thu nhpp "Kng ty: #hu thu nhpp "Kng ty l$ GHt dmng ngn lu ra "Ja dS *n] ?O" P*" ?Dnh
dSa v$o b*o "*o )t Cu )inh doanh "Ja dS *n. #hu thu nhpp "Kng ty "hDu t*" ?Hng bhi phng
ph*p t!nh )hfu hao v$ "h!nh M*"h vay nO "Ja dS *n] )hfu hao v$ l@i vay MN to ra "ho dS *n GHt l*
"hgn thu v$ l$G giG thu phi nHp.
e C*" "hi ph! gi*n tip: Khi dS *n ?O" thS" hi`n "T thd l$G tvng "hi ph! gi*n tip "Ja "Kng ty] v
vpy "hi ph! gi*n tip tvng th(G n$y "ng phi ?O" t!nh to*n P*" ?Dnh ?d ?a v$o dmng ngn lu
"Ja dS *n.
Vu ^ trong trang hOp PQG PRt dS *n "Ja GHt "Kng ty ?ang hot ?Hng th lOi !"h v$ "hi ph! "Ja dS *n ?ku
?O" P*" ?Dnh tr(n " Mh lOi !"h v$ "hi ph! tvng th(G trong trang hOp "T dS *n Mo vbi trang hOp )hKng "T
dS *n.
|.+ { l^ lG ph*t
VG ph*t "ng nh hhng rft lbn ?n )t Cu "Ja GHt dS *n. 4 vpy )hi b" lOng ngn lu dS *n
"En b" lOng tA l` lG ph*t )u vong] v lG ph*t "ao "T thd l$G "ho lOi !"h Gang li tl dS *n trong
tng lai )hKng ?J bn ?gp "ho )hon ?Eu t hKG nay. VG ph*t MN l$G tvng "hi ph! thS" t v$ thu
nhpp thS" t "Ja dS *n v$ ?rng thai "ng l$G tvng "hi ph! " hHi "Ja vFn. 'u dS *n "T "hi ph! "
hHi thS" "Ja vFn ?Eu t >,] lG ph*t ] )hi ?T "hi ph! " hHi "Ja vFn "T t!nh ?n lG ph*t hay
"mn goi l$ "hi ph! " hHi danh nghsa Muft "hit )hfu danh nghsa MN ?O" P*" ?Dnh thQo "Kng th":
uft "hit )hfu danh nghsa uft "hit )hfu thS" VG ph*t uft "hit )hfu thS" VG ph*t
>, >,
>]
|.| #*"h bi`t Cuyt ?Dnh ?Eu t v$ Cuyt ?Dnh t$i trO
YS *n "T thd ?O" thS" hi`n GHt phEn tl vFn vay] GHt phEn tl vFn "w ?Kng. #uy nhi(n ?d ra Cuyt ?Dnh
?Eu t] ta "hA n(n PQG PRt dS *n trong trang hOp gi ?Dnh ?O" ?Eu t ho$n to$n bBng vFn "hJ Mh hIu. 4
vpy ta MN )hKng ?a )hon vay hay tr nO gF" v$ l@i v$o ngn lu dS *n. CT nh vpy ta Gbi t*"h bi`t
?O" Cuyt ?Dnh ?Eu t vbi Cuyt ?Dnh t$i trO vFn.
'guyQ@n xinh KiQ$u/'go KiG PhyKzng
Chng trnh Ging dy Kinh t Fulbright Phn t!"h #$i "h!nh %$i ging &
'i(n )ho* +,,-.,&
|. /ai phng ph*p b" lOng ngn lu
'gn lu dS *n bao grG | phEn: 'gn lu hot ?Hng] ngn lu ?Eu t v$ ngn lu t$i trO. #rong phG
vi nghi(n "u h ?y] ta ?@ gi ?Dnh dS *n ?O" t$i trO ho$n to$n bBng vFn "hJ Mh hIu n(n MN )hKng t!nh
?n dmng ngn lu t$i trO. 9d b" lOng ngn lu "Ja dS *n] ta "T thd thS" hi`n bBng + "*"h: trS" tip
ho_" gi*n tip. Phng ph*p b" lOng ngn lu trS" tip v$ gi*n tip "hA )h*" nhau h "*"h lpp dmng ngn
lu hot ?Hng G$ thKi.
Phng ph*p trS" tip . 'gn lu hot ?Hng bao grG:
e Ymng tikn thu v$o tl "*" hot ?Hng "Ja dS *n
e #rl ?i dmng tikn "hi ra "ho hot ?Hng "Ja dS *n.
e Ymng tikn rmng bBng dmng tikn thu v$o trl "ho dmng tikn "hi ra.
Phng ph*p gi*n tip . 'gn lu hot ?Hng bao grG:
VOi nhupn Mau thu
CHng )hfu hao
CHng ho_" trl thay ?wi nhu "Eu vFn lu ?Hng.
. CUC #36 C/6' 9U'/ G3U YZ U'
.> /i`n gi* rmng 'P4
9y l$ "hA ti(u " bn dnng ?d ?*nh gi* hi`u Cu "Ja GHt dS *n ?Eu t v nT thd hi`n gi* trD tvng th(G G$ dS
*n ?QG li "ho "Kng ty. Gi* trD hi`n ti rmng 'P4 l$ twng hi`n gi* ngn lu rmng "Ja dS *n vbi Muft "hit
)hfu th!"h hOp.
n
'CF
t
'P4

t ,
t
> r
trong ?T 'CFt l$ ngn lu rmng nvG t] r l$ Muft "hit )hfu "Ja dS *n] v$ n l$ tuwi tho "Ja dS *n.
e 4bi "nng GHt Muft "hit )hfu] dS *n n$o "T 'P4 lbn "hng tq dS *n ?T "T hi`u Cu hn v nT
to ra ?O" gi* trD "ho "Kng ty.
e xHt dS *n "T 'P4 , "T nghsa l$ dS *n "T Muft Minh lai "ao hn "hi ph! " hHi "Ja vFn Muft
Minh lai "ao hn Muft "hit )hfu.
e xHt dS *n "T 'P4 , "T nghsa l$ dS *n "T Muft Minh lai bBng vbi "hi ph! " hHi "Ja vFn
Muft Minh lai "Ja dS *n bBng vbi Muft "hit )hfu.
e xHt dS *n "T 'P4 , "T nghsa l$ dS *n "T Muft Minh lai thfp hn "hi ph! " hHi "Ja vFn
Muft Minh lai "Ja dS *n Muft "hit )hfu.
'guyQ@n xinh KiQ$u/'go KiG PhyKzng
Chng trnh Ging dy Kinh t Fulbright Phn t!"h #$i "h!nh %$i ging &
'i(n )ho* +,,-.,&
'Ti "hung dS *n "hA ?*ng ?Eu t )hi n$o "T 'P4 lbn hn ho_" bBng , v "hA )hi fy thu nhpp tl dS *n Gbi ?J
trang tri "hi ph! v$ Gang li lOi nhupn tvng th(G "ho nh$ ?Eu t.
<u ?idG "Ja ti(u "huin 'P4:
e CT t!nh ?n thai gi* "Ja tikn t`
e {QG PRt to$n bH ngn lu dS *n
e 9n gin v$ "T t!nh "hft "Hng: 'P4 % 'P4 'P4 %
e CT thd Mo M*nh giIa "*" dS *n "T Cui GK )h*" nhau.
'hO" ?idG:
4i`" t!nh to*n P*" ?Dnh "hA ti(u n$y phc thuH" v$o Muft "hit )hfu] do ?T] ?mi hqi phi Cuyt ?Dnh Muft "hit
)hfu phn hOp Gbi *p dcng ti(u "huin n$y ?O".
dcng 'P4 ?d ra Cuyt ?Dnh lSa "hon dS *n:
e %*" bq dS *n )hi 'P4 ,
e Khi phi lSa "hon giIa "*" dS *n loi trl nhau] "hon dS *n n$o "T 'P4 "ao nhft
e #rong trang hOp ngn M*"h bD hn "h] MN "hon tw hOp "*" dS *n "T twng 'P4 "ao nhft.
.+ uft Minh lai nHi bH 3[[
uft Minh lai nHi bH l$ Muft "hit )hfu ?d 'P4 "Ja dS *n bBng ,. 9d P*" ?Dnh Muft Minh lOi nHi bH] 3[[]
"hLng ta thit lpp phng trnh:
n
'CF
t
'P4

t ,
t ,
> 3[[
au ?T gii phng trnh n$y ?d tG 3[[. uft Minh lOi nHi bH] 3[[] "h!nh l$ Muft Minh lai thS" t "Ja dS *n
?Eu t. 4 vpy GHt dS *n ?O" "hfp nhpn )hi Muft Minh lai thS" t "Ja nT 3[[ bBng ho_" "ao hn Muft Minh
lai y(u "Eu Muft "hit )hfu. #hQo ti(u "huin 3[[] dS *n ?O" "hfp nhpn l$ dS *n "T 3[[ uft Minh lai
y(u "Eu.
<u ?idG "Ja "hA ti(u 3[[:
e CT t!nh ?n thai gi* tikn t`
e CT thd t!nh 3[[ G$ )hKng "En bit Muft "hit )hfu
e #!nh ?n to$n bH ngn lu.
'hO" ?idG:
e CT thd GHt dS *n "T nhiku 3[[. Khi dmng ngn lu "Ja dS *n ?wi dfu nhiku lEn] dS *n "T )h
nvng "T nhiku 3[[] v vpy )hKng bit "hon 3[[ n$o.
e 4! dc: ta "T dmng ngn lu rmng "Ja GHt dS *n nh Mau:
'guyQ@n xinh KiQ$u/'go KiG PhyKzng -
Chng trnh Ging dy Kinh t Fulbright Phn t!"h #$i "h!nh %$i ging &
'i(n )ho* +,,-.,&
'vG , > + |
'CF .|,, +,, +,, +,, .+,,
e YS *n n$y "T + 3[[ l$ . |],& v$ +&]&|
e %D hn "h )hi Pp hng "*" dS *n loi trl nhau "T Cui GK )h*" nhau ho_" thai ?idG ?Eu t
)h*" nhau] goi l$ "*" dS *n loi trl nhau vk G_t Cui GK ho_" "*" dS *n loi trl nhau vk G_t
thai gian.
.| #hai gian ho$n vFn P%P
#hai gian ho$n vFn l$ thai gian ?d ngn lu to ra tl dS *n ?J bn ?gp "hi ph! ?Eu t ban ?Eu. C Mh ?d
"hfp nhn dS *n dSa tr(n ti(u "huin thai gian ho$n vFn l$ thai gian ho$n vFn phi thfp hn ho_" bBng thai
gian ho$n vFn y(u "Eu hay "mn goi l$ ngng thai gian ho$n vFn.
.|.> #hai gian ho$n vFn )hKng "hit )hfu
9d *p dcng phng ph*p thai gian ho$n vFn] trb" ti(n "En t!nh MF nvG hay thai gian ho$n vFn "Ja dS *n.
CKng th" t!nh thai gian ho$n vFn nh Mau:
n
P%P n
'CF t
t ,
'CF n >
#rong ?T n l$ MF nvG ?d ngn lu t!"h ly "Ja dS *n ,] nhng ngn lu t!"h ly MN dng )hi ?n
n n >
nvG n>] t" l$:
'CF t , va
t ,
'CF t ,
t ,
4! dc thai gian ho$n vFn "ho GHt dS *n "T dmng ngn lu nh Mau:
'vG
'CF
#hai gian ho$n vFn +
,
.,,
,, +,, +,,
+,,
> + |
+,, +,, +,, +,
+ ] nvG. 'u thai gian ho$n vFn y(u "Eu l$ | nvG
th dS *n ?O" "hfp nhpn. <u ?idG "Ja "hA ti(u ho$n vFn l$ ?n gin] nT thd hi`n )h nvng thanh
)hon v$ rJi ro "Ja dS *n] nu thai gian ho$n vFn nggn "ho thfy t!nh thanh )hon "Ja dS *n "$ng "ao
v$ rJi ro ?Fi vbi vFn ?Eu t "Ja dS *n "$ng thfp. 'hO" ?idG "Ja nT l$ )hKng PQG PRt dmng ngn lu
Mau thai gian ho$n vFn] v vpy MN g_p Mai lEG )hi lSa "hon v$ Pp hng dS *n thQo ti(u "huin n$y. x_t
'guyQ@n xinh KiQ$u/'go KiG PhyKzng &
Chng trnh Ging dy Kinh t Fulbright Phn t!"h #$i "h!nh %$i ging &
'i(n )ho* +,,-.,&
)h*"] "hA ti(u ho$n vFn )hKng "hit )hfu )hKng Cuan tG ?n gi* trD "Ja tikn thQo thai gian. CuFi "nng]
thai gian ho$n vFn y(u "Eu Gang t!nh "hJ Cuan] )hKng "T " Mh n$o ?d P*" ?Dnh.
.|.+ #hai gian ho$n vFn "T "hit )hfu
9d )hg" phc" nhO" ?idG )hKng Cuan tG ?n thai gi* tikn t` "Ja "hA ti(u thai gian ho$n vFn )hKng "hit
)hfu] ngai ta "T thd M dcng phng ph*p thai gian ho$n vFn "T "hit )hfu. #hai gian ho$n vFn "T "hit
)hfu ?O" t!nh to*n giFng nh "Kng th" P*" ?Dnh thai gian ho$n vFn )hKng "hit )hfu] nhng dSa tr(n
dmng ngn lu "T "hit )hfu. Cng v! dc tr(n] nhng gi M Muft "hit )hfu >+] ta t!nh hi`n gi* "Ja dmng
ngn lu:
'vG ,
'CF .,,
P4>+ .,,
#hai gian ho$n vFn "T "hit )hfu:
,, >& ] & > ]

>
+,,
>&]&
>+ ] |-
+
+,,
>]
|
+,,
>+]|-

+,
>]
P%P |
nvG th dS *n bD b*" bq.
> ]
| ] >+ na(G . 'u thai gian ho$n vFn y(u "Eu l$ |
. uft Minh lOi bnh Cun tr(n gi* trD Mw M*"h
uft Minh lOi bnh Cun Mw M*"h ?O" P*" ?Dnh dSa v$o lOi nhupn rmng bnh Cun h$ng nvG "hia "ho gi* trD
Mw M*"h rmng bnh Cun "Ja vFn ?Eu t.
uft Minh lOi bnh Cun Mw M*"h
VKzi nhuan rong bnh Cuan na(G
Gian trm Mo Man"h rong bnh Cuan
Gi* trD Mw M*"h rmng bnh Cun "Ja vFn ?Eu t bBng twng gi* trD "mn li tr(n Mw M*"h "Ja vFn ?Eu t gi* trD "mn
li "Ja t$i Mn "F ?Dnh "hia "ho thai gian M dcng. 4! dc GHt dS *n ?Eu t "T vFn ?Eu t rmng ban ?Eu l$
>+,,] ?O" )hfu hao ?ku trong nvG] doanh thu v$ "hi ph! ?O" P*" ?Dnh trong bng ) ho"h l l@i nh
Mau:
> + |
Yoanh thu >,,, >|,, >,, >,,
Chi ph! bBng tikn -,, , ,, ,,
Khfu hao |,, |,, |,, |,,
VOi nhupn trb" thu >,, >, +,, +,,
#hu |, -, -,
VOi nhupn Mau thu &, >, >, >,
VOi nhupn bnh Cun Gi nvG &, >, >, >, / >>|]&
'guyQ@n xinh KiQ$u/'go KiG PhyKzng
Chng trnh Ging dy Kinh t Fulbright Phn t!"h #$i "h!nh %$i ging &
'i(n )ho* +,,-.,&
> + |
Gi* trD ?Eu t gHp >+,, >+,, >+,, >+,,
Khfu hao ly ) |,, -,, ,, >+,,
Gi* trD Mw M*"h rmng ,, -,, |,, ,
Gi* trD Mw M*"h rmng bnh Cun ,, -,, |,, , / ,
uft Minh lOi bnh Cun tr(n Mw M*"h >>|]& / , +]+
ChA ti(u n$y ?O" Mo M*nh vbi Muft Minh lai tr(n Mw M*"h bnh Cun thS" t "Ja "Kng ty ho_" vbi Muft Minh
lai Mw M*"h bnh Cun ng$nh. <u ?idG "Ja "hA ti(u n$y l$ ?n gin. 'hng nhO" ?idG lbn nhft "Ja nT l$
)hKng PQG PRt ?n gi* trD "Ja tikn thQo thai gian do nT "hA dSa v$o lOi nhupn trung bnh "h )hKng Cuan tG
?n Cui GK lOi nhupn h nhIng nvG )h*" nhau. x_t )h*" Cui GK lOi nhupn h nhIng nvG )h*" nhau li phn
*nh )hKng "h!nh P*" thu nhpp thS" t "Ja dS *n v nT phc thuH" v$o phng ph*p v$ thai gian )hfu hao.
C Mh Mo M*nh lSa "hon dS *n dSa tr(n "hA ti(u Muft Minh lai bnh Cun Mw M*"h l$ Muft Minh lOi bnh
Cun thS" t] "h!nh ?iku n$y MN d ?a ?n nhIng Cuyt ?Dnh lSa "hon dS *n Gang t!nh "hft "c" bH. xHt
"Kng ty "T Muft Minh lai bnh Cun thS" t "ao "T thd b*" bq nhIng dS *n tFt v$ ngO" li GHt "Kng ty "T Muft
Minh lai bnh Cun thS" t thfp "T thd "hfp nhpn nhIng dS *n )RG.
. ChA MF lOi nhupn P3
ChA ti(u lOi nhupn hay "mn goi l$ tA MF lOi !"h."hi ph! l$ t MF giIa twng hi`n gi* "Ja lOi !"h rmng "hia "ho
twng hi`n gi* "Ja "hi ph! ?Eu t rmng "Ja dS *n.
P4 VKzi !"h rong
P3
P4 Chi ph! a$u ty rong
n 'CF
>

t
,
> r
t

/ay P3 'P4 / 3CW >

G '3'4
>
t

t
,
t
> r
#rong ?T] 3CW l$ twng hi`n gi* ?Eu t rmng] "mn '3'4t l$ gi* trD ?Eu t rmng v$o nvG t. 'guy(n tg" ra
Cuyt ?Dnh dSa tr(n P3 l$ "hfp nhpn dS *n )hi P3 > v$ b*" bq dS *n )hi P3 >. 4! dc P3 "Ja dmng
ngn lu rmng "Ja GHt dS *n nh Mau:
'vG , > + |
'CF .,, +,, +,, +,, +,
P4>+ .,, >&]& >] >+]|- >]
#wng hi`n gi* lOi !"h >&]& >] >+]|- >] -|]+] trong )hi 'P4 >|]+.
P3 -|]+ / ,, >]+ hay P3 >|]+/ ,, > >]+
'guyQ@n xinh KiQ$u/'go KiG PhyKzng
Chng trnh Ging dy Kinh t Fulbright Phn t!"h #$i "h!nh %$i ging &
'i(n )ho* +,,-.,&
ChA ti(u P3 "ng "T nhIng u nhO" ?idG nh "hA ti(u 'P4. #uy nhi(n 'P4 l$ GHt MF ?o tuy`t ?Fi lOi
nhupn hay MF "Ja "i gia tvng tl GHt dS *n] trong )hi P3 l$ MF ?o tng ?Fi] bidu thD "Ja "i to ra tr(n >
?rng ?Eu t.
. VZ C/' YZ U' #[W'G 936 K3' G3}3 /X' 'G0' UC/
ChA ti(u P3 phn hOp trong trang hOp Pp hng dS *n )hi ngn M*"h ?Eu t bD gibi hn. Ynng "hA ti(u
n$y ta "T thd lSa "hon GHt tw hOp "*" dS *n "T twng 'P4 "ao nhft] hay nTi "*"h )h*" vbi GHt ngn M*"h bD
gibi hn "T thd to ra twng "Ja "i lbn nhft. #rnh tS lSa "hon dS *n nh Mau:
e #!nh to*n "hA MF P3 "ho tft " "*" dS *n
e gp Pp "*" dS *n thQo th tS P3 tl "ao ?n thfp
e %gt ?Eu tl dS *n "T P3 "ao nhft] "*" dS *n MN ?O" lSa "hon thQo th tS "ho ?n )hi to$n bH
ngn M*"h vFn ?Eu t ?O" dnng ht
e #rong trang hOp ngn M*"h vFn ?Eu t )hKng dnng ht v dS *n "uFi "nng "T vFn ?Eu t lbn
hn ngn M*"h vFn ?Eu t "mn li] ta "T | phng *n lSa "hon:
#G GHt tw hOp dS *n Gbi] "T thd bao grG GHt v$i dS *n nhq hn] "ho phRp M dcng
ht ngn M*"h] nhng 'P4 "ao nhft
CF ggng nbi lqng r$ng buH" vk ngurn vFn ?d "T ?J vFn "hfp nhpn dS *n Mau "nng
Chfp thupn "$ng nhiku dS *n "$ng tFt] v$ ?Eu t ngurn vFn thla v$o "*" "hng
)ho*n nggn hn "ho ?n thai ?on Mau] ho_" M dcng ngurn vFn thla ?d tr nO ho_"
giG "w phiu thang ?ang lu h$nh.
4! dc "Kng ty % ?ang PQG PRt lSa "hon "*" dS *n ?Eu t trong ?iku )i`n hn "h "Ja ngn M*"h "Kng ty
nvG nay l$ |+.,, "ho vi`" ?Eu t v$o "*" dS *n:
YS *n 3CW 3[[ 'P4 P3
,, > , >.>,
% .,,, + -.,, +.|,
C .,,, |& .,, +.>,
Y &.,, +, .,,, >.-&
>+.,, +- ,, >.,
F >.,,, + +>.,,, +.,
G >&.,, > &.,, >.|
/ +.,,, > -.,,, >.+
YSa v$o "*"h Pp hng thQo P3] 'P4 v$ 3[[] ta "T )t Cu "ho h bng dbi ?y] trong ?T "*"h Pp
hng "*" dS *n thQo P3 "ho ta GHt tw hOp "*" dS *n "T twng 'P4 "ao nhft vbi "nng GHt gibi hn ngn
M*"h:
Phng ph*p YS *n ?O" "hfp nhpn Gi* trD gia tvng
P3 F] %] C] Y |.,,,
'P4 F] G +.,,
3[[ C] F] +&.,,,
'guyQ@n xinh KiQ$u/'go KiG PhyKzng >,
Chng trnh Ging dy Kinh t Fulbright Phn t!"h #$i "h!nh %$i ging &
'i(n )ho* +,,-.,&
#uy nhi(n] "ng "En phi thpn trong )hi M dcng phng ph*p n$y] v trong GHt MF trang hOp] )hi
ngurn ngn M*"h ?Eu t "Ja "Kng ty ?O" gibi hn trong tlng nvG] lL" ?T phi PQG PRt )t hOp ngn
lu to ra tl dS *n trong nvG Mau vbi ngn M*"h ?Eu t "Ja "Kng ty nvG Mau ?d "T GHt tw hOp dS *n
?Eu t "T twng 'P4 "ao nhft v$ M dcng ht ngurn ngn M*"h thQo ) ho"h "Ja "Kng ty. #a h@y PQG
v! dc Mau ?y:
YS *n

%
C
Y
'gn lu
C, C> C+
. >, |,
. +,
. >
, . , -,
'P4>, P3
+> +.>
>- |.+
>+ |.
>| ,.
'u gibi hn ngn M*"h l$ >, tri`u] "vn " v$o P3] "hon % v$ C MN "ho 'P4 "ao nhft: +. 'hng nu
"Kng ty "T thd huy ?Hng >, tri`u "ho ?Eu t v$o Gi nvG , v$ nvG > th MN "hon v$ Y v$ 'P4 |
YS *n thu hri |, tri`u v$o nvG > "Hng vbi ngurn vFn huy ?Hng nvG > MN "T ?J vFn ?Eu t v$o Y.
-. C/3 P/1 Y'G 4='
xHt trong nhIng yu tF Cuan trong li(n Cuan ?n vi`" ra Cuyt ?Dnh ?Eu t l$ Muft "hit )hfu "Ja dS *n.
xHt dS *n "T 'P4 dng )hi Muft Minh lOi Gang li tl dS *n vOt Cu* Muft Minh lai y(u "Eu ?Fi vbi dS *n.
uft Minh lai y(u "Eu "Ja GHt dS *n phi bBng vbi Muft Minh lai Gang li tl vi`" ?Eu t v$o GHt t$i Mn "T ?H
rJi ro tng ?ng tr(n thD trang t$i "h!nh.4 vpy Muft Minh lai y(u "Eu tFi thidu "h!nh l$ "hi ph! vFn "Ja
dS *n.
uft "hit )hfu "h!nh l$ "hi ph! " hHi "Ja vFn ?Eu t] l$ "*i gi* G$ "Kng ty phi tr )hi ?Eu t v$o
dS *n hay Muft Minh lOi G$ "*" nh$ ?Eu t ?mi hqi tl "hng )ho*n "Ja "Kng ty] nu rJi ro "Ja dS *n bBng rJi
ro "Ja "Kng ty. 'u dS *n "T rJi ro "ao hn rJi ro "Ja "Kng ty th Muft Minh lai y(u "Eu tFi thidu ?Fi vbi dS
*n phi "ao hn Muft Minh lai ?Fi vbi "Kng ty. Chi ph! M dcng vFn MN ?O" P*" ?Dnh tr(n thD trang vFn v$
phc thuH" v$o rJi ro "Ja "Kng ty ho_" rJi ro "Ja dS *n.
-.> Chi ph! M dcng vFn bH phpn
Chi ph! M dcng vFn bH phpn l$ "hi ph! G$ "Kng ty ho_" dS *n phi tr )hi huy ?Hng ngurn
vFn ?T. Chi ph! M dcng vFn bH phpn bao grG: Chi ph! M dcng nO v$ "hi ph! M dcng vFn "Ja "hJ Mh
hIu.
-.>.> Chi ph! M dcng nO
CKng ty "T thd huy ?Hng nO dbi hnh th" vay "Ja "*" tw "h" t$i "h!nh trung gian hay huy ?Hng tr*i phiu.
Chi ph! tr l@i vay ?O" t!nh trl v$o lOi nhupn trb" )hi t!nh thu. 4 vpy "hi ph! M dcng nO "Ja "Kng ty
"h!nh l$ "hi ph! M dcng nO ?@ ?iku "hAnh thu.
4! dc "Kng ty vay nO vbi l@i Muft >,] nu "Kng ty vay >,,] MF tikn l@i phi tr l$ >,] "Kng ty MN
?O" giG thu | nu thu Muft thu thu nhpp "Kng ty l$ |,] nh vpy thS" "hft "Kng ty "hA phi tFn &
"hi ph! )hi vay nO >,,] ?iku n$y "ho thfy "hi ph! M dcng nO "Ja GHt "Kng ty "h!nh l$ "hi ph! M dcng
nO Mau thu.
#wng Cu*t] nu l@i Muft huy ?Hng nO l$ [Y] #C l$ thu Muft thu thu nhpp "Kng ty th "hi ph! M dcng
nO "Ja "Kng ty l$: [Y >.#C.
'guyQ@n xinh KiQ$u/'go KiG PhyKzng >>
Chng trnh Ging dy Kinh t Fulbright Phn t!"h #$i "h!nh %$i ging &
'i(n )ho* +,,-.,&
'u "Kng ty huy ?Hng nO bBng tr*i phiu] l@i Muft huy ?Hng nO "h!nh l$ l@i Muft tr*i phiu )hi ?*o
hn 7#x] ?O" P*" ?Dnh dSa v$o "Kng th":
n
3 x
P
nQt

> [
t

n
> [
t > Y Y
trong ?T PnQt l$ tikn thu do b*n tr*i phiu] bBng gi* b*n tr*i phiu trl "*" "hi ph! ph*t h$nh. Phng
ph*p n$y ?O" *p dcng nu "Kng ty ?ang ph*t h$nh nO hay gEn ?y ?@ ph*t h$nh nO. #rong nhIng
tnh huFng )h*"] "Kng ty "T thd M dcng l@i Muft ?*o hn "Ja tr*i phiu ?ang lu h$nh dSa tr(n gi* thD
trang hi`n h$nh "Ja tr*i phiu. 'u "Kng ty hi`n ?ang )hKng "T tr*i phiu lu h$nh] ho_" tr*i phiu
!t ?O" Gua b*n tr(n thD trang] ta "T thd M dcng "hi ph! M dcng nO trb" thu "Ja nhIng "Kng ty
)h*" "T rJi ro tng tS. 4! dc GHt "Kng ty ph*t h$nh tr*i phiu G`nh gi* >,,] l@i Muft tr*i phiu:
] )u hn | nvG] tr*i phiu ?O" b*n tr(n thD trang vbi gi* -] "hi ph! ph*t h$nh t!nh bnh Cun
> tr(n Gi "w phiu.
V@i Muft "Kng ty phi tr )hi huy ?Hng tr*i phiu [Y ?O" P*" ?Dnh dSa v$o "Kng th" Mau:
|

>,, >,,
[ >> ,

>
[
t | Y
> [
t > Y Y
-.>.+ Chi ph! M dcng vFn "w phEn u ?@i
Chi ph! M dcng vFn "w phEn u ?@i "h!nh l$ "hi ph! G$ "Kng ty phi tr "ho vi`" huy ?Hng vFn "w
phEn u ?@i. Yo "w t" tr "ho "w phiu u ?@i "F ?Dnh vsnh vin] dSa v$o "Kng th" ?Dnh gi* "w phiu
ta "T: P, Yp / [p] trong ?T P, l$ gi* "w phiu] Yp l$ "w t" v$ [p l$ Muft Minh lOi y(u "Eu "Ja nh$ ?Eu
t.
Khi huy ?Hng vFn] "Kng ty phi tFn "hi ph! ph*t h$nh] v vpy thu nhpp "Ja "Kng ty )hi ph*t h$nh
"hng )ho*n l$ gi* b*n "hng )ho*n trl "hi ph! ph*t h$nh . goi l$ PnQt. Chi ph! M dcng vFn "w phEn u ?@i
?O" t!nh dSa v$o "Kng th":
PnQt Yp/[p [p Yp / PnQt
Cw t" u ?@i )hKng ?O" )hfu trl thu )hi t!nh thu nhpp "hDu thu. 4 vpy "hi ph! M dcng
vFn "w phEn u ?@i )hKng ?O" ?iku "hAnh thu. 9iku n$y ?@ l$G "ho "hi ph! M dcng vFn "w phEn u
?@i "ao hn "hi ph! M dcng nO v$ "*" "Kng ty th!"h M dcng ?mn biy t$i "h!nh bBng nO hn "w phEn
u ?@i.
-.>.| Chi ph! M dcng vFn "w phEn thang
9d b" lOng "hi ph! vFn "w phEn thang bao grG " lOi nhupn giI li v$ vFn "w phEn tvng th(G] hay
nTi "*"h )h*" l$ ?d P*" ?Dnh Muft Minh lai y(u "Eu "Ja "hJ Mh hIu] ta "T + "*"h tip "pn: > dnng GK hnh
tvng trhng "w t"] + dnng GK hnh ?Dnh gi* t$i Mn vFn CPx.
xK hnh tvng trhng "w t"
xHt "*"h ?n gin nhft ?d b" lOng "hi ph! vFn "Ja "hJ Mh hIu l$ dnng GK hnh tvng trhng "w t".
Gi ?Dnh "Kng ty "T tA l` tvng trhng "w t" "F ?Dnh g] gi* b*n GHt "w phiu l$ Po "w t" vla tr l$ Yo
'guyQ@n xinh KiQ$u/'go KiG PhyKzng >+
Chng trnh Ging dy Kinh t Fulbright Phn t!"h #$i "h!nh %$i ging &
'i(n )ho* +,,-.,&
Muft Minh lai y(u "Eu "Ja "hJ Mh hIu l$ [. #a "T thd P*" ?Dnh [ dSa v$o "Kng th" ?Dnh gi* "w phiu
nh Mau:
Y > g Y Y
P
, > >
[ g
,
[ g [ g

P
,
'u GHt "Kng ty "T "hng )ho*n Gua b*n tr(n thD trang] ta "T thd Cuan M*t ngay ?O" Yo]
Po] "hA "T g th phi b" lOng. CT + "*"h b" lOng g: > M dcng tA l` tvng trhng trb" ?y] ho_"
+ M dcng tF" ?H tvng trhng dS b*o "Ja "*" nh$ phn t!"h.
<u nhO" ?idG "Ja GK hnh:
. <u ?idG "Ja phng ph*p n$y l$ ?n gin] d hidu v$ d *p dcng
. 'hO" ?idG: )hKng thd *p dcng ?O" ?Fi vbi nhIng "Kng ty )hKng "hia "w t"] "ng )hKng phn
hOp )hi phi gi ?Dnh GHt tA l` tvng trhng "w t" "F ?Dnh. x_t )h*" phng ph*p n$y )hKng thd hi`n
GHt "*"h r r$ng GFi Cuan h` giIa lOi nhupn v$ rJi ro "ng nh G" ?H ?iku "hAnh rJi ro ?Fi vbi Muft
Minh lai y(u "Eu "Ja tlng dS *n "Ja "Kng ty.
xK hnh ?Dnh gi* t$i Mn vFn CPx
xK hnh ?Dnh gi* t$i Mn vFn "ho rBng Muft Minh lai )u vong "Ja GHt )hon ?Eu t phc thuH" v$o nhIng
yu tF Mau ?y:
V@i Muft phi rJi ro] [-
V@i Muft ?kn bn rJi ro thD trang riM) prQGiuG] [x. [-
[Ji ro h` thFng "Ja t$i Mn ?Eu t Mo vbi rJi ro bnh Cun "Ja thD trang] ?O" goi l$ h` MF bQta.
uft Minh lai y(u "Eu "Ja nh$ ?Eu t v$o GHt t$i Mn t$i Mn h ?y "T thd l$ GHt "Kng ty] GHt dS *n..]
l$ [ vbi h` MF bQta tng ng ] ?O" P*" ?Dnh thQo GK hnh CPx nh Mau: [ [- [x . [-
. 9d vpn dcng GK hnh n$y] "hLng ta phi bit ?O" "*" yu tF: l@i Muft phi rJi ro] l@i Muft ?kn bn rJi
ro thD trang v$ b" lOng GHt h` MF bQta tng ?ng. 'u dS *n "T rJi ro tng ?ng rJi ro "Kng
ty th dnng bQta "Ja "Kng ty] nu dS *n "T rJi ro "ao hn rJi ro "Ja "Kng ty th phi tvng h` MF bQta v$
ngO" li.
<u nhO" ?idG "Ja GK hnh CPx:
xK hnh n$y "ho ta thfy MS ?iku "hAnh trS" tip lOi nhupn v$ rJi ro "Ja t$i Mn] nT ?O" M dcng rHng r@i hn
GK hnh tvng trhng "w t". #uy nhi(n ?d b" lOng h` MF bQta] ta "ng phi dSa v$o dI li`u Cu* )h ?d P*"
?Dnh.
#rong thS" t hai phng ph*p b" lOng "hi ph! vFn "hJ Mh hIu thang "ho )t Cu )h*"
nhau. #uu thQo Cuan ?idG] thKng thang ?d dung hma ngai ta thang lfy trung bnh giIa "*" )t Cu
b" lOng n$y. 4! dc: xHt "Kng ty "T h` MF bQta >]+] l@i Muft ?kn bn rJi ro thD trang l$ v$ l@i Muft
phi rJi ro -. Cw t" vla "hia "Ja "Kng ty + GHt "w phiu] tA l` tvng trhng )u vong "Ja "w t" l$
. Gi* b*n "hng )ho*n tr(n thi trang |, GHt "w phiu. 4py "hi ph! M dcng vFn "Ja "hJ Mh hIu
l$ bao nhi(u
'u M dcng GK hnh CPx] ta t!nh ?O" "hi ph! M dcng vFn "Ja "hJ Mh hIu nh Mau:
[ [- [x. [-
[ - >]+ P >]-
'guyQ@n xinh KiQ$u/'go KiG PhyKzng >|
Chng trnh Ging dy Kinh t Fulbright Phn t!"h #$i "h!nh %$i ging &
'i(n )ho* +,,-.,&
'u M dcng GK hnh tvng trhng "w t" "F ?Dnh] ta t!nh ?O" "hi ph! vFn "Ja "hJ Mh hIu nh Mau:
[
Y , >
g
P
+ >
g > ] +
|,
/ai phng ph*p b" lOng "ho )t Cu )h*" nhau] trong trang hOp n$y ta "T thd lfy trung bnh
"Ja hai )t Cu n$y l$G "hi phi ph! vFn "Ja "hJ Mh hIu [ >].
.+ Chi ph! vFn trung bnh trong MF CC
Chi ph! M dcng vFn "hung "Ja GHt "Kng ty "h!nh l$ Muft Minh lai y(u "Eu tr(n t$i Mn "Ja "Kng ty. 'u
GHt "Kng ty "T vay nO] " "fu vFn "Ja "Kng ty bao grG GHt phEn l$ nO v$ GHt phEn l$ vFn "hJ Mh hIu] th
"hi ph! M dcng vFn "Ja "Kng ty MN ?O" P*" ?Dnh thQo "Kng th" Mau:
CC
Y
> # [ [
4
" Y
4
#rong ?T l$ gi* thD trang "Ja vFn "hJ Mh hIu] ?O" t!nh bBng gi* thD trang Gi "w phiu
nhn vbi MF lOng "w phiu ?ang lu h$nh] 4 Y l$ gi* thD trang "Ja "Kng ty] v$ Y l$ gi* thD
trang "Ja nO] #" l$ thu Muft thu thu nhpp "Kng ty] [Y l$ "hi ph! M dcng nO] v$ [ l$ "hi ph! M dcng
vFn "hJ Mh hIu. 9Fi vbi nO d$i hn] ta "T thd t!nh gi* thD trang bBng "*"h lfy gi* thD trang "Ja tr*i phiu
nhn vbi MF tr*i phiu ?ang lu h$nh. 9Fi vbi tr*i phiu )hKng ?O" Gua b*n rHng r@i tr(n thD trang] ta "T
thd t!nh gi* thD trang "Ja nO bBng "*"h "vn " v$o Muft Minh lOi "Ja nhIng tr*i phiu "T rJi ro tng tS ?d
l$G Muft "hit )hfu "ho tr*i phiu. 9Fi vbi nO nggn hn] gi* thD trang "Ja nO v$ gi* Mw M*"h ?O" "oi l$
tng ?ng nhau.
'guyQ@n xinh KiQ$u/'go KiG PhyKzng >