BI TP BT NG SN

Bi 1. Bt ng sn cn thm nh gi l mt khunh xng c din tch 20.000m2, hin l

t trng. Hy tnh gi tr th trng ca khu t ny. c bit:
a) Khu t ny theo quy hoch d kin l khu dn c, t l s dng t theo quy nh
60%. Cng theo quy hoch 50% din tch t thng phm dnh cho xy dng chung c 8
tng, 50% dnh cho vic phn l bn nn vi 40 nn nh lin k c din tch 90m2/nn v 10
nn nh bit th c din tch 240m2/nn.
Gi bn cn h chung c bnh qun 4.500.000/m2 cha c thu GTGT, din tch cn h
chung c bn c bng 75% tng din tch sn xy dng.
Gi bn nn t theo gi t ph hp vi gi th trng khu vc .
Qua thu thp thng tin c 3 BS cc d n gn cn khu t ny va mi giao dch
thnh:
- BS 1 c din tch t 80m2, dic tch sn xy dng 120m2, nh 2 tng kt cu khung,
sn, mi b tng ct thp, nn lt gch ceramic, cht lng cn li 90% va bn c
vi gi 594.400.OOO. n gi xy dng mi nh tng t 1.800.000/m2
- BS 2 c din tch t 180m2, din tch sn xy dng 180m2, nh 2 tng kt cu
khung, sn mi b tng ct thp, mi ngi, tng gch, tng t lt gch granite, lu 1
lt gch ceramic, cht lng cn li 85% va c bn vi gi 1.170.000.000. n
gi xy dng mi nh tng t 2.000.000/m2
- BS 3 c din tch t 240 m2, din tch sn xy dng 200m2, nh 2 tng kt cu
khung, sn b tng ct thp, tng gch, mi ngi, ton b nn lt gch granite, cu
thang g, cht lng cn li 95% va c bn vi gi 1.498.000.000. n gi xy
dng mi nh tng t 2.200.000/m2.
b) Chi ph pht trin:
- u t h tng bnh qun 250.000/m2.
- Quy hoch 500.000.000.
- Xy dng chung c bnh qun 2.500.000/m2.
- Vay ngn hng 50% chi ph xy dng chung c, thi hn vay 1 nm, li sut 10% nm.
- Chi v bn 1% doanh thu.
- Li cho nh u t 20% gi tr t, chi ph u t h tng, chi ph quy hoch v tin chuyn
mc ch s dng t.
- Gi t theo quy nh ca Nh nc ti khu vc ny: t 2.000.000/m2, t sn xut phi
nng nghip 1.200.000/m2.
Bi lm:
1. Doanh thu pht trin d kin
1.1 Din tch t thng phm

20.boOm2 X 60% = IZOOOm2 ^

1.2 Din tch t phn l bn nn
12.000m2 X 50% = 6.000m2
1.3 Din tch t xy dng chung c
12.00m2 X 50% = 6.000m2
1.4 Din tch sn xy dng chung c
6.000m2 X 8 tng = 48.000m2
1.5 Doanh thu bn cn h chung c
48.000m2 X 75% X 4,5tr/m2 = 162 t
1.6 Doanh thu bn nn t
a) Xc nh n gi bn nn t
a.l Phn tch ga bn BS 1
- Gi tr phn xy dng ca BS 1
l,8tr/m2 X 90% X 120m2 = 194,4 tr
- Gi tri t ca BS 1
594,4 - 194,4 = 400
- n gi t ca BS
1
400 tr /80m2 = 5tr/m2
a.2 Phn tch ga bn BS 2
- Gi tr phn xy dng ca BS 2
2tr/m2 X 85% X 180m2 = 306
- Gi tr t ca BS 2
1.170- 306= 864
- n gi t ca BS
2
864 tr /180m2 = 4,8tr/m2
a.3 Phn tch ga bn BS 3
- Gi tr phn xy dng ca BS 3
2,2tr/m2 X 95% X 200m2 = 418
- Gi tr t ca BS 3

1.498-418= 1.080

- om gi t ca BS 3
1.080 tr /240m2 = 4,5tr/m2
Qua xem xt n gi t ca cc BS trn cho thy c s chnh lch hp l vi thc
t th trng ti khu vc . Do vy c th c tnh n gi t ca nn t 90m 2 khong
5tr/m2 v nn t 240m2 khong 4,5/m2.
b) Doanh thu bn nn t
(90m2/nn X 40 X 5tr/m2) +(240m2/nn X 10 X 4,5tr/m2) = 28,8 t
1.7 Tng doanh thu pht trin
162 t + 28,8 t = 190,8 t
2)

Ch ph pht trin (cha k li cho nh u t)

- u t h tng 0,25/m2 X 20.000m2

= 5 t

- Quy hoch

= 0,5 t

- Xy dng chung c 2,5tr/m2 X 48.000m2

= 120 t
= 6 t

- Li vay ngn hng 120ty X 50% X 10%

- Tin chuyn mc ch s dng t
20.000m2 X (2tr/m2 - 1,2 tr/m2)

= 16 t
= 1,908 t

- Chi v bn 1% doanh thu

Tng Ch ph

= 149,408 t

3) Chnh lch gia doanh thu v ch ph pht trin (cha k li cho nh u t)

198,8 t - 149,408 t = 41,392 t
4) Li cho nh u t bng 20% gi tr t, chi ph u t h tng, ch ph quy
hoch, tin chuyn mc ch s dng t
= 20% (gi t + 5 t +0.5 t + 16 t)
5) Gi tr khu t
[41,392 t - 20% ( 5 t +0.5 t + 16 t) ] /1,2 = 30,910 t
Bi 2. Bt ng sn cn thm nh gi l mt khu nh xng c din tch t 8.000m2, nh
xng c din tch xy dng 4.000m2 l nh t tng gch, v ko thp, mi tn, nn lng xi
mng, cht lng cn li 30%, nm trong khu dn c. c bit:

1. Khu vc ny khng c tip tc sn xut. Theo quy hoch ti khu vc ny d kin

xy dng nh cao tng, tng cao cho php 20 tng, t l xy dng t theo quy nh
60%, d n ny d kin thc hin trong 2 nm.
1.1 Nm th nht:
Chi u t xy dng h tng bnh qun 400.000/m2
Chi thit k, quy hoch 1 t ng.
Chi xy dng chung c bnh qun 4.500.000/m2, d kin thc hin 40% tng gi tr
xy dng.
Chi np tin chuyn mc ch s dng t.
Chi ph ph d nh xng c 1 OOtr, bn ph liu thu hi c 50tr.
Thu ca khch hng 40% gi bn cn h theo gi giao dch trn th trng trong khu
vc ny: t tng 10 tr xung: 10.000.000/m2, t tng 11 n tng 15:
11.000.000/m2, t tng 16 tr ln: 12.000.000/m2. Gi ny cha bao gm thu
GTGT.
1.2 Nm th 2:
- Chi xy dng chung c khi lng cn li.
- u nm thu tip ca khch hng 30% gi bn cn h.
- Cui nm thu nt 30% cn li khi giao cn h.
2. Gi t theo quy nh ca Nh nc ti khu t ny 2.000.000/m2 i vi t ,
1.200.000/m2 i vi t sn xut kinh doanh phi nng nghip. n gi xy dng mi nh
xng c kt cu tng t 1.000.000/m2. Chi ph v bn 1% doanh thu. Li cho nh u t
20% chi ph mua t v chi ph u t h tng trn khu dt, chi ph quy hoch, chi ph ph d
nh xng c, tin chuyn mc ch s dng t. Li sut chit khu 10%. D kin ca nh
u t tng 1 v tng 2 khng bn dnh cho sinh hot chung v xe, t tng 3 tr ln bn 80
% tng din tch sn xy dng.
Bi lm
Phng php thng d kt hp k thut dng tin chit khu
I) Doanh thu c tnh
1. Din tch xy dng chung c
8.000m2 X 60% = 4.800m2
2. Doanh thu nm th nht
[(4.800m2 X (10-2) X 10tr/m2) + (4.800m2 X (15-10) X ll/m2) + (4.800m2 X (20-15) X
12tr/m2)] X 80% X 40% = 299,52 t

3. Doanh thu nm th hai

3.1 u nm: 299,52 t X 30% /40% = 224,64 t
3.2 Cui nm:
= 224,64 t
4. Tng doanh thu
299,52 t + 224,64 t (1 +10%y1 + 224,64 t (1 +10%y2 = 689,3909 t
II) Chi ph
1. Ch ph nm th nht:
2
2
- Chi u t h tng : 0,4tr/m X 8.000m

= 3,2 t

- Chi v thit k, quy hoch

=1

- Chi ph d nh xng c: 0,1 t - 0,05 t

- Chi v bn: 1% X 299,52 t

= 0,05 t
= 2,9952 t

- Chi xy dng chung c:

4,5tr/m2x 4.800m2 X 20 tng X 40%

= 172,8

- Tin chuyn mc ch s dng t

8.000m2 X (2tr/m2 - 1,2 tr/m2 )
- Tng chi ph nm th nht

= 6,4 t
= 186,4452 t

2. Chi ph nm th 2
- Chi xy dng chung c
4,5tr/m2x 4.800m2 X 20 tng X 60%

= 259,2

- Chi v bn: 1% X (224,64 t + 224,64 t(l+10%)'1

- Tng chi ph nm th hai

= 263,4885t

3. Tng chi ph
186,4452 t + 263,4885t (1 +10%)'1

t
= 4,2885 t

= 425,9803 t

III) Gi tr xy dng cn ca nh xng

ltr/m2 X 4.000m2 X 30% = 1,2 t
Tuy nhin, khu t ny khng c tip tc sn xut phi ph d nn v mt kinh t
ch cn gi tr ph liu thu hi, do vy gi tr khu nh xng ny thc cht ch l gi tr t
ng.
IV) Chnh lch gia doanh thu v ch ph pht trin (cha k li cho nh u t)
689,3909 t - 425,9803 t = 263,410 t
Li cho nh u t 20% chi ph mua t v chi ph u t h tng trn khu dt, chi ph
quy hoch, chi ph ph d nh xng c, tin chuyn mc ch s dng t.

263,410 t = Gi tr t + 20% ( gi ti t + 3,2 t + 1 t + 0,05 t + 6,4 t)

V) Gi ti khu t =[ 263,410 t - 20% X (3,2 t + 1 t + 0,05 t + 6,4 t)]/l,2 =217,733
t
Bi 3: Hy tnh v hnh by kt qu thm nh gi bt ng sn sau y a ra u gi
di dng mt bo co thm nh gi:
A) c im BS cn thm nh gi:
- L nh xng sn xut phi nm trong khu vc phi di di
- a ch: s 6, ng Phan Chu Trinh, Phng A, Thnh Ph B, Tnh c
- V tr: nm trong hm chnh rng 8m cch mt tin ng 100m
- Din tch t khun vin: 15.000m2, rng 60m, di 250m
- Din tch sn xy dng nh xng trn t 6.000m2 bao gm:
+ Nh lm vic 2 tng: kt cu khung, sn, mi b tng ct thp, nn lt gch ceramic,
cht lng cn li 60%: 360m2.
+ Nh bo v: trt, kt cu tng gch chu lc, mi tn mu, cht lng cn li 50%:
2

40m

+ Nh xng, nh v sinh, nh xe: trt, kt cu tng gch, v ko thp, mi tn,

cht lng cn li 40%: 5.600m2
- Tng gch bao quanh di 51 Om, cao 2m, cht lng cn li 50%
- Ca st cao 2m, di 10m, cht lng cn li 70%
B) Cc thng tin khc c lin quan
b. 1 Theo quy hoch khu ny l khu dn c khng c duy tr sn xut phi di di.
b.2 Trong khu vc ny khng c bt c mt giao dch BS no c quy m din tch
t t 40m2 ln trong vng 3 nm trc ngy thm nh gi.
b.3 Trong vng 2 thng trc ngy thm nh gi, ti khu vc ny c cc giao dch
thnh nh sau:
- BS 1 nm trong hm chnh rng 8m, cch mt tin ng 80m, c din tch t
320m2 (rng 8m, di 40m), din tch sn xy dng 200m2, nh 2 tng kt cu khung sn
BTCT, mi BTCT lt ngi, tng gch, nn lt gch granite, hang tr ni tht kh, cht lng
cn li 80% c thm phn sn vn, b bod, gara t tr gi 160tr, gi bn c 400 lng
vng, gi vng thi im giao dch l 6/lng.
- BS 2 nm trong hm chnh rng 8m, cch mt tin ng 100m, c din tch t

100m2 (rng 4m, di 25m), din tch sn xy dng llOm2, nh 2 tng kt cu khung sn
BTCT, mi tn mu, tng gch, nn lt gch ceramic, cht lng cn li 75%, gi bn c
118 lng vng, gi vng thi im giao dch l 6,6/lng.
- BS 3 nm trong hm chnh rng 3-5m cch mt tin ng 90m, c din tch t
250m2 (rng 5m, di 50m), din tch sn xy dng 200m2, nh 2 tng kt cu khung sn
BTCT, mi ngi, tng gch, tng 1 lt gch granite, tng 2 lt gch ceramic, cht lng cn
li 70%, gi bn c 218 lng vng, gi vng thi im giao dch l 6,35tr/lng.
- BS 4 nm trong hm chnh rng 3-5m cch mt tin ng 85m, c din tch t
120m2 b mt tip gip mt tin hm rng 6,2m, pha sau tp hu cn 5,8m, di 20m, din
tch sn xy dng 160m2, nh 2 tng kt cu khung sn BTCT, mi ngi, tng gch, nn lt
gch granite, cht lng cn li 75%, gi bn c 119 lng vng, gi vng thi im giao
dch l 6,4tr/lng.
b.4. om gi xy dng mi nh lm vic 2 tng l,2tr/m2, nh bo v 0,9tr/m2, nh
kt cu tng gch, v ko thp, mi tn ltr/m2; BS1: 2tr/m2; BS2: l,2tr/m2; BS3:
l,5tr/m2; BS4: l,6tr/m2, tng gch 0,15tr/m2, ca st 0,7tr/m2
b.5. Gi vng thi im thm inh gi 6,4tr/lng
b.6. Tomg quan gi t trn th trng thi im thm nh gi nh sau:
* Quy m din tch:
- T 60m2 - 100m2/cn: 100%
- T 100m2 - 200m2/cn: 95%
- Trn 200m2 - 500m2/cn: 90%
- T 30m2 - di 60m2/cn: 105%
- Di 30m2/cn: 95%
* Chiu rng l t:
- T 3,8 - 4m: 100%
- Trn 4m - 6m: 105%
- Trn 6m - 12m: 110%
- Trn 12m - 24m: 115%
-Trn 24m:

120%

* Chiu di l t
-

< 25m :100%

- T m th 26 -50m

:80%

T m th 51 tr i :60%

* Hnh dng
- Vung vc: 100%
-N hu :110%
- Tp hu : 90%
* rng ca hm:
Hm 3-5m gi t bng 80% gi t hm rng 8m
* Gi t sn xut kinh doanh bng 60% gi t cng ti v tr
* Theo quy hoch ti khu t ny c th xy dng chung c cao 20 tng, t l s dng
t theo quy nh 50%, vi cc thng s v thi gian hon thnh d n, chi ph u t v
doanh thu u ra theo mt bng th trng vo thi im thm nh gi nh sau:
Thi gian hon thnh d n sau 2 nm:

Nm th nht:
+ Chi u t h tng bnh qun 200.000/m2
+ Chi thit k quy hoch 1 t
+ Chi ph d nh xng c lOOtr (sau khi tr i gi ph liu thu hi)
+ Chi xy dng chung c 60% khi lng, om gi bnh qun 4tr/m2
+ Vay ngn hng 50% chi ph xy dng chung c li sut 10% nm.
+ Chi ph v bn 0,5% doanh thu
+ Np tin chuyn mc ch s dng t
+ Thu ca khch hng 30% gi tr cc cn h bn. D kin tng 1 v tng 2 khng bn
lm ni sinh hot chung, t tng 3 n tng 10 bn 7/m2, t tng 11-15 bn 8tr/m2, t
tng 16 bn 9tr/m2, vi tng din tch bn bng 80% tng din tch sn xy dng t
tng 3 -20.

Nm th hai:
+ u nm:

- Chi xy dng khi lng chung c cn li

- Vay ngn hng 50% gi tr xy dng chung c, tr li vay nm trc
- Chi v bn 0,5% doanh thu c nm
- Thu ca khch hng 30% gi tr cc cn h
+ Cui nm:
- Tr li vay ngn hng v tr n vay ngn hng
- Thu ca khch hng 40% gi cc cn h.
* Gi t theo quy nh ca nh nc ti v ny: t 4tr/m2, t sn xut kinh
doanh phi nng nghip 2,4tr/m2
+ H s chit khu bng li sut vay ngn hng
Li cho nh u t bng 6% doanh thu.

Bi lm:
I) Theo phng php thng d:
1. Doanh thu c tnh:
- Din tch t thng phm
15.000m2 X 50% = 7.500m2
a) Nm th nht
[(7.500m2

X 80% X 30%

(10-2)

7tr/m2) + (7.500m2

(15-10)

8tr/m2) + (7.500m2

= 253,8 t

b) Nm th hai:
- u nm = 253,8 t
- Cui nm = 253,8 t /30% X 40% = 338,4 t
c) Tng doanh thu
253,8 t + 253,8 t (1+10%)1 +338,4 t (1+10%)'2 = 764,196 t
2. Tng chi ph c tnh
a) Nm th nht

(20-15)

9tr/m2)]

15.000m2 X 0,2 tr/m2 = 3 t

- Ch u t h tng

= 1 t

- Ch thit k quy hoch

= 0,1 t

- Ch ph d nh chung c
- Ch xy dng chung c
4tr/m2 X 7.500m2 X 20 tng X 60%
- Chi v bn

= 360 t
253,8 t X 0,5%

- Tin chuyn mc ch s dng t

2

= 1,269 t

= 24 t

15.000m X (4tr/m - 2,4/m )

= 389,369 t

- Tng ch ph nm th nht
b) Nm th hai
* u nm:
Chi xy dng tip chung c:
Chi v bn

360 t /60% X 40% - 240 t

(253,8 t + 338,4 t (1+10%)'1) X 0,5 % = 2,807 t

Tr li vay ngn hng

Tng ch ph u nm th hai

360 t X 50% X 10% = 18 t

= 260,81 t

* Cui nm
- Tr li vay ngn hng
(360 t X 50% X 10%) + (240 t X 50% X 10%)
c) Tng ch ph:
389,369 t + 260,81 t (+10%)'1 +30 t
(1+10%)'2 = 651,259 t
3. Li cho nh u t bng 6% doanh thu
6% X 764,196 t = 45,85176 t
4. Gi tr bt ng sn
764,196 t - 651,259 t - 45,85176 t = 67,084 t

II. Theo phng php chi ph

1. c tnh gi tr l t coi nh l l t trng

= 30 t

a) c tnh on gi t BS 1
* Gi tr phn xy dng ca BS 1
- Nh : 200m2 X 2/m2 X 80%
- Cng trnh ph

= 320
= 160

- Tng cng

= 480tr /6tr/lng

= 80 lng vng
* Gi tr t ca BS 1
400 lng vng - 80 lng vng = 320 lng vng
* n gi t ca BS 1
320 lng vng/320m2 = 1 lng vng /m2
b) c tnh n gi t BS 2
* Gi tr phn xy dng ca BS 2
110m2 X l,2tr/m2 X 75%

= 99 /6,6tr/lng

= 15 lng vng
* Gi tr t ca BS 2
118 lng vng -15 lng vng = 103 lng vng
* n gi t ca BS 2
103 lng vng/100m2 = 1,03 lng vng /m2
c) c tnh n gi t BS 3
* Gi tr phn xy dng ca BS 3
200m2 X l,5tr/m2 X 70%

= 210 tr/6,35tr/lng

= 33 lng vng
* Gi tr t ca BS 3
218 lng vng - 33 lng vng =185 lng vng
* n gi t ca BS 3
185 lng vng/250m2 = 0,74 lng vng /m2
d) c tnh n gi t BS 4
* Gi tr phn xy dng ca BS 4
160m2 X l,6tr/m2 X 75%

=192 /6,4/lng

= 30 lng vng
* Gi tr t ca BS 4
119 lng vng - 30 lng vng = 89 lng vng
* n gi t ca BS 4
89 lng vng/120m2 = 0,74 lng vng /m2
So snh i chiu t ca cc BS so snh vi nn t chun c din tch 100m2 (4m X
25m) nm
Yu t

Nn t

BS 1

BS 2

BS 3

BS 4

Din tch

chun
100m2

320m2

100m2

250m2

120m2

t
Chiu

4m

8m

4m

5m

6,2m

rng
Chiu

25m

40m

25m

5 Om

20m

di
Hnh

Vung

vung

vung

Vung

Tp hu

8m

8m

8m

3-5m

3-5m

1 lng

1,03 lng

0,75
lng /m2

0,74

hm 8m, cch
mt tin
ng 100m.

dng
B rng
hm
n gi
t

/m2

/m

lng
/mi2

Theo tng quan gi t trn th trng, cho thy gi t ca nn t chun:

- So vi BS 1 thun li hn 11,11% v quy m din tch, 8,11% v chiu di l t,
nhng km thun li hn 9,09% v chiu rng.
- So vi BS 2 khng c g khc nhau.
- So vi BS 3 thun li hn 11,11% v quy m din tch, 11,11% v chiu di l
t, 25% v b rng hm, nhng km thun li hn 4,76% v chiu rng.
- So vi BS 4 thun li hn 5,26% v quy m din tch, 11,11% v hnh dng, 25%

v b rng hm, nhng km thun li hn 9,09% v chiu rng.

Qua thc hin iu chnh gi t cc BS trn v gi l t chun (4m X 20m)
nm hm rng 8m.

Yu t

BS 1

BS 2

BS 3

BS 4

n gi t

1 lng /m2

1,03 lg /m2

0,75 lg /m2

0,74 lg /m2

+ 11,11%

+ 5,26%

tch + 11,11%

Din
t
Chiu rng

- 9,09%

- 4,76%

- 9,09%

Chiu di

+ 8,11%

+ 11,11%

0
rng 0

0
0

0
+25%

+ 11,11%
+25%

iu +9,2%

+46,97%

32,9%

1,03 lg /m2

1,102 lg
/m2

0,983 lg

Hnh dng
B
hm
Tng
chnh
n

gi

sau

khi

t 1,092 lg /m
iu

/m2

chnh

n gi bnh qun ca cc l t sau khi iu chinh bng l,051g/m2. T n gi ny ta

thc hin iu chnh xc inh gi tr ca l t thm nh.
- Ta c gi t sn xut kinh doanh bng 60% gi t cng v tr.
- Vy n gi t ca BS m chng ta cn thm nh gi
l,051g/m2 X 60% X 6,4tr/m2 = 4,032 tr/m2
- Gi tr t ca BS thm nh gi
15.000m2 X 4,032 tr/m2 = 60,480 t
2. Gi tr phn xy dng cn li trn t
- Nh lm vic :
- Nh bo v :

360m2 X 1,2 tr/m2 X 60% = 0,2592 t

40m2 X 0,9 tr/m2 X 50% = 0,018 t

- Nh xng, nh v sinh, nh xe : 5.600m2 X 1 /m2 X 40% = 2,24 t

-

Tng

= 0,0765 t

Ca

0,0098 t
Tng cng gi tr phn xy dng cn li trn t = 2,6035 t

2. Gi tr ca BS TG l : 60,480 t + 2,6035 t = 63,0835 t

Do n th trng trong khu vc ny khng c gio dch cc ti sn c quy m
din tch ln nh ti sn cn thm nh gi v khu vc ny khng c s dng t
cho mc ch sn xut. L t ny li c tim nng pht in, cc thng tin lm c s
thm nh gi theo phng php thng d c thu thp t chng c th trng nn
chn kt qu theo phng php thng d lm kt qu thm nh gi ti sn ny.
Vy mc ga c th a ra bn u gi bt ng sn ny l 67,084 t

BI TP THM NH GI MY MC THIT B
Bl: Cng ty c phn sx v u t cng ngh c nhu cu thm nh gi thit b
quang ph t ngoi phc v thm nh gi tr doanh nghip cho mc ch c phn ha.
H s thit b do ch s hu cung cp c d liu sau:
Model: Nicolet 200
Hng sn xut: Thermo Eleon
Nc sn xut: M
Nm sn xut: 2000.
c tnh k thut:
Bc sng: 190 - llOOmm
Khon trc quang: - 3.0 - 6.0 A
rng khe ph: 0.5; 1.0; 2.0; 4-0mm
phn gii bc sng: 0. lmm
Tc qut: 1 - 3800mm/pht
Tc iu khin b to n sc: 4000 mm/pht
Cu hnh chun ca my bao gm:
My quang ph Nicolet Evolution 200
Gi
Phn mn
My tnh v my in
Theo hp ng nhp khu, thit b c mua cui nm 2004, mi 100% vi tng tr
gi 200 iu ng (bao gm c chi ph vn chuyn, lp t ti phng th nghim).Thit b

c s dng lin tc t khi mua n thi im hin ti - cui nm 2008.

Kim tra thc t cho thy thit b hot ng bnh thng, mc hao mn thc t
tng ng vi mc hao mn c phn nh trn s k ton ca phng th nghim. Thi
gian s dng thit b trn theo quy nh ca Quyt nh 206/2003/Q-BTC l 10 nm v
phng th nghim p dng cch tnh khu hao theo phng php s d gim dn c iu
chnh (phng php khu hao nhanh) vi nguyn gi thit b l 200 triu ng.
Kho st thng tin th trng thu thp c gi bn my quang ph t ngoi ni trn
hin nay i vi my mi 100% l 220 triu ng (bao gm c chi ph vn chuyn, lp t
vVAT: 10%).
Xc nh gi ca thit b quang ph?
BI LM:
+ My quang ph t ngoi c ng A mua mi 100%, s dng lin tc ng mc ch (s
dng cao nht v tt nht) t cui nm 2004 n nay. Nh vy thi gian s dng thit b
l 4 nm.
+ Tnh trng hao mn hu hnh thc t ca ti sn:
Theo Q 206 thi gian s dng ca thit b l 10 nm, h s iu chnh theo thi gian s
dng ti sn trong trng hp ny l 2,5 ln.
+ T l khu hao hng nm theo phng php ng thng:
1:10x100= 10%
+ T l khu nhanh theo phng php s d gim dn c iu chnh: 10%
25%/nm.
n v tnh: ngGi tri cn

Nm
Nm
2005

th
1

2006
2007

2
3

2008

li ca thit
b

Mc

khu Mc

hao

hng hao

khu T
lu

200.000.000
150.000.000

nm
50.000.000

cui nm
50.000.000

37.500.000

87.500.000

112.500.000

28.125.000

115.625.000

84.375.000

21.093.750

136.718.750

k hao

2,5 =

l
mn

lu k

68,36%

T l khu hao lu k trn s k ton ca n v n thi im hin nay- sau 4 nm

s dng:
136.718.750 ng : 200.000.000 ng X 100 = 68,36%
Cht lng cn li ca thit b l: 100% - 68,36% = 31,64%
Gi th trng thi im hin ti ca thit b mi 100% l 220.000.000 ng ( c VAT

10%), gi thit b cha VAT l:

220.0.

000 ng : 1,1 = 200.000.000 ng

- Gi tr cn li ca thit b:
200.0.

000 ng X 31,64% = 63.280.000 ng

Bi 2: Cty TNHH T Pht c nhu cu nh gi li gi tr ti sn theo inh k kim k ti sn

c nh, trong c mt my bm cng nghip hiu TICO, k hiu CN65-300, sn xut ti
nm 2006 Cng ty mua mi 100% vo thng 1 nm 2006 vi gi 75 triu ng. Kim tea
thc t my bm ny c cc thng s k thut chnh nh sau:
- Cng sut: 26 KW
- Lu lng: 130m3/h
- y cao: 39m
Qua iu thng tin th trng, thu thp c gi th trng hin nay ca my TICO sn
xut ti Singapore nm 2006 l 48 triu ng v c cc thng s k thut chnh nh sau:
- Cng sut: 20 KW
- Lu lng: 100m3/h
- y cao: 30m
Catalog ca my cho thy cc thng s k thut khc ca hai my trn l tng ng.
Vi kinh nghim ca mnh, thm nh vin bit rng gi thit b c xut s Singapore thng
r hn sn phm cng loi c sn xut ti vi h s 0,8.
c bit h s iu chinh gi theo c trng k thut c bn ca my bm thng l
X=

0,75 v c bng tnh sn sau:

X

0,7

0,75

0,8

0,85

0,9

N1/N0
u

1,047

1,072

1,079

1,084

1,089

1,2
1,3

1,122
1,175

1,146

1,156

1,167

1,178

1,202

1,233

1,247

1,265

N1: Thng s k thut c bn ca thit b cn thm inh gi.

NO: Thng s k thut c bn ca thit b c chn so snh.
Lp bo co thm nh gi?
Bi lm
Tnh ton: s dng cng thc Brim tnh ton:
GI = GO X (N1/N0 )x
- Theo d liu thu thp c, c cng thc sau:
Nl/No = 130 mVlOOm3 = 1,3.
Vi x = 0,75:
GI = 48 tr X (1,3)0,75
- Gi tr th trng ca my bm c cng thng s k thut vi my cn thm
nh gi v c sn xut ti singapore l:
GI = 48 triu X 1,202 = 57,696 triu ng.
Nh trn phn tch, h s iu chnh v xut x gia Singapore v l 0,8.
vy, gi tr th trng ca my bm cn thm inh (c xut x ) l:
57,696 iu/0,8 = 72,12 iu ng (72.120.000)
2. Kt qu thm nh gi: gi tr th trng my bm cng nghip xut x , cng sut
26kw, lu lng 130m3/h, y cao 39m ti thi im thng 11/2005 qua tnh ton l:
72,12 triu ng. So vi gi Cng ty mua 75 triu ng vo thng 6/2005 l tng
i ph hyp.
3. Han ch.
- Vi s liu thu thp c, khng thng tin tnh ton theo cc phng php
khc.
- Khng c thng tin v ti sn c cng thng s k thut c trng so snh,
phi so snh vi ti sn c s chnh lch v thng s k thut, kt hp vi vic
tnh ton iu chnh, do vy kt qu c phn ch quan.
- Tng t: khng c thng tin v ti sn c cng xut x so snh, phi so snh

vi ti sn c s khc bit v xut x vi h s iu chnh theo kinh nghim bn

thn, do vy kt qu c phn ch quan.
- Cc d liu th trng s dng trong bo co mang tnh lch s, ch ph hp khi
th trng n inh
V du
Cng ty Xy dng An Bnh k hp ng thu mua Trm trn B tng hon chnh vi
Cng ty thu mua Ti Chnh A. Thi gian thu l 5 nm, t thng 1 nm 2004 n thng 1
nm 2008.
Trm trn b tng c mua vo cui nm 2003, mi 100%, nguyn gi 1.900 v
c cc dc tnh k thut sau:
Trm trn b tng hon chnh model SM 71, iu khin bng vi tnh, s dng ngun
380V/50HZ, bn ng vo ct liu, ng m bng kh nn, my trn loi 1 trc, trn hai
chiu.
- Cng sut m trn:
+ Cng sut b tng cha rung nn mi m: 1.00 m3
(thi gian trn mi m 30 giy)
+ Cng sut b tng rung nn:

57m3/gi

+ Cng sut b tng cha rung nn:

71m3/gi

- Nm sn xut: 2002.
- Nc sn xut: KOREA
Nhng n thng 1 nm 2007 Cng ty Xy dng An Bnh gii th, do vy hch ton
ng vi gi hin ti cng ty Thu mua ti chnh cn nh gi li gi tr ca trm trn.
Trm trn trn c Cng ty Xy dng An Bnh s dng lin tc t u nm 2004 cho dn
khi gii th, tnh trng hao mn thc t ca trm trn ph hp vi hao mn trn s sch, c
bit Cng ty xy dng An Bnh s dng phng php tnh khu hao s d gim dn c iu
chnh.
Th trng c giao dch v loi trm trn trn mi 100% vi gi CIF l 80.000 USD,
do Korea sn xut. Chi ph th tc hi quan, vn chuyn lp t chuyn giao cng ngh 156
triu ng. Thu nhp khu l 5%.
Theo Q 206 thi gian s dng ca thit b l 8 nm, h s iu chnh theo thi gian
s dng ti sn trong trng hp ny l 2,5 ln.
Anh, ch hy xc nh gi tr trm n b tng trn.
Bi lm
+ Xc nh hao mn tch t:

T l khu hao hng nm theo phng php ng thng:

1/8 X 100 = 12,5%
T l khu hao nhanh theo phng php s d gim dn c iu chinh
12,5 % X 2,5 = 31,25 % nm.
VT : Triu ng
Nm

Nm th

Gi

tr Mc

cn li

Mc

khu hao

khu

hang nm

ly

2004

1.900

593,75

cui nm
593,75

2005

2
3

1.306

408,20

1001,95

898

280,64

1282,59

2006

T l hao
hao mn ly
k k

67,5%

+ Xc nh chi ph thay th: Gi th trng ca trm trn b tng mi 100%

-

Gi CIF:

80.000 USD

- Thu nhp khu:

80.000 X 5% = 4.000USD

Tng:
84.000USD

Quy i sang ng Vit Nam:

84.000 USD X 16.000 VN/USD = 1.344 triu ng.
Chi ph th tc hi quan, vn chuyn lp t, chuyn giao cng ngh: 156tr
* Gi trm trn:
1.344 + 156 = 1.500tr
* c tnh gi tr th trng ca m trn b tng cn thm nh
1.500tr X (1-67,5%) = 487,23

Bi 4: Cng ty c phn A c nhu cu thm nh gi thit b quang ph t ngoi.

Theo hp ng nhp khu, thit b c mua cui nm 2004, mi 100% vi tng tr
gi 300 triu ng (bao gm c chi ph vn chuyn, lp t ti phng th nghim).Thit b
c s dng lin tc t khi mua n thi im hin ti - cui nm 2008.

Kim tra thc t cho thy thit b hot ng bnh thng, Thm nh vin xc nh mc
hao mn thc t cao hom 10% so vi mc hao mn c phn nh n s k ton.
Thi gian s dng thit b trn theo quy nh l 10 nm v p dng cch tnh khu hao theo
phcmg php s d gim dn c iu chnh .H s iu chnh l 2,5 ln.
Kho st thng tin th trng thu thp c gi bn my quang ph t ngoi ni trn
hin nay i vi my mi 100% l 220 triu ng (bao gm VAT: 10%).
Xc nh gi ca thit b quang ph?
Bi lm
+ Xc inh hao mn tch t:
T l khu hao hng nm theo phng php ng thng:
1/10 X 10% = 10%
T l khu hao nhanh theo phng php s d gim dn c iu chnh
10 % X 2,5 = 25 % nm.
VT : Triu ng
Nm
Nm th
Gi
cn li

Mc

Mc

khu hao

khu

hang nm

ly

T l hao
hao mn ly
k k

2005

300

75

cui nm
75

2006
2007

2
3

225

56,25

131,25

168,75

42,1875

173,4375

2008

126,5625

31,64

205,078

68,36%

Do mc d hao mn thc t cao hn 10% so vi mc hao mn c phn nh trn s k

ton nn mc hao mn thc t ca TB l: 68,36% + 10% = 78,36%
Cht lng cn li ca TB
100% - 78,36% = 21,64%
Gi ca thit b quang ph:
220/1+10%

2,64%

43,28

tr

BI TP THM NH GI TR DOANH NGHIP

V d 1:
Bng cn i k ton ca cng ty X ngy 31/12/200X
om v tnh: Triu ng
Ti sn
Ngun vn
A. TS ngn hn
1. Tin mt

500
30

2. Chng khon ngn hn

120

3. Khon phi thu

A. N phi tr
1. Vay ngn hn

600

2. Cc khon phi

160
40

3. Vay di hn

400

4. Hng tn kho

100
250

B. TSC v u t di hn.

150

B. Vn ch s hu

140

1. Gi cn li ca TSC
2. u t CK vo cty B (2200

0
500

1. Ngun vn kinh
doanh

0
125

c phiu).

220

3. Gp vn lin doanh

2. Li cha phn phi

0
150

600

4. TSC cho thu

180
Tng ti sn

200
0

Tng ngun vn

200
0

Ti thi im ngy 31/12/200X, chuyn vin nh gi tin hnh c tnh gi tr th

trng cc loi ti sn ca cng ty X v c cc thng tin nh sau:
1. Mt s khon phi thu khng c kh nng i c l 40 iu ng
2. Nguyn vt liu tn km phm cht, khng p ng yu cu ca sn xut c gi tr gim
theo s sch k ton l 30 iu ng.
3. TSC hu hnh nh gi li theo gi th trng tng 150 triu ng.
4. Doanh nghip X cn phi tr tin thu t trong 10 nm, mi nm 20 triu ng. Gi thu
trn th trng hin nay phi tr 25 iu ng mi nm.
5. Gi chng khon ca cng ty B ti S gio dch chng khon ti thi im nh gi l
105.000ng/c phiu.
6. S

vn

gp

lin

doanh

nh

gi

li

tng

20

triu

ng.

7. Theo hp ng thu ti sn, ngi i thu cn phi tr dn trong 20 nm, mi nm tr

mt lng tin u nhau l 10 triu ng.
T sut hin ti ha l 20%.
Bi lm
1. Gi tr li th ca quyn thu t ca doanh nghip:
Hin gi gi quyn thu t ca doanh nghip theo gi th trng hin nay, mi
nm doanh nghip li c 5 iu ng (25 - 20tr), thi gian hng li 10 nm, t sut
chit khu l 20%. Ta c
5tr X PVFA (20%, 10) = 20,98 tr
2. i vi chng khon u t vo cng ty B
Gi th trng ca 2.200 c phiu u t vo cng ty B c tnh ti thi im xc
nh gi tr doanh nghip l:
2.200 X 105.000/c phiu =231 triu ng
3. Gi tr ti sn cho thu theo hp ng
Hin gi ti sn c nh cho thu theo t sut chit khu 20% v thi gian thu cn li
l 20 nm
10 X PVFA (20%,20) = 48,8696 tr
Ti sn
Gi tr s
sch
A. TS ngn hn
1. Tin mt
2. Chng khon ngn hn
3. Khon phi thu
4. Hng tn kho
B. TSC v u t ngn
hn.
1. Gi tr cn li ca TSC
2. u t CK vo cty B
(2200 c phiu).
3. Gp vn lin doanh
4. TSC cho thu
5. Quyn thu t
Tng ti sn

Gi tr th

Chnh

trng

lch

500
30

430
30

120
100
250

120
60

1500
500

220
1570,8496

(40)
(30)

650
231

150

600
180

620
48,696

20
-131,1304

20,98

20,98

2000,8496

0,8496

220

2000

11

Gi tr th trng ca vn ch s hu cng ty X thi im 31/12/200X:

VE = 2000,8496 - 600 = 1.400,8496 triu ng.

Bi 2. Bng cn i k ton ngy 31/12/2008

Ti sn
A. TS ngn hn
1. Tin mt
2. u t te ngn

VT: ng

Ngun vn
1.132.636.200
242.136.200

A. N phi tr
1. N ngn hn

1.571.050.000
971.050.000

25.000.000

- Vay ngn hn

400.000.000

hn

185.500.000

- Phi tr cho Nbn

325.000.000

3. Khon phi thu

4. Hng tn kho

560.000.000

- Ngi mua tr TT
- Thu v cc khon

143.250.000
37.800.000

phi np NSNN
- Phi tr cho CNV

65.000.000

5. TSNH khc
B. TS di h
n.
1. TSC
- MMTB
- Nh ca vt kt

120.000.000
1.435.000.000
1.200.000.000
400.000.000
800.000.000
200.000.000

2. N di hn
3. N khc
B. Vn C phn

600.000.000
-

996.586.200

35.000.000

2. u t Te di hn
3. Chi ph XDCB
DD
Tng ti sn

2.567.636.200

Tng ngun vn

2.567.636.2000

Ti thi im x GTDN, TV c tnh gi tr th trng cc loi ti sn nh sau:

- Cty c 1 s khon n di hn khng c kh nng thu hi 50.000.000.
- Cty c ng trc cho cng ty A: 20.000.000 nhng cng ty ny gii th
- Mt s hang tn kho c gi tr trn s sch l 500tr nhng c tnh thanh l l 460tr.
- MMTB c xac inh, lai theo gia tri thi trng tang len 30.000.000

- Nh ca vt kin trc c gi tr s sch k ton l 520.000.000 nay xc nh li gi tr

th trng l 610.000.000.
- C mt nh cung ng l cng ty gi th, mt ngi mt tch phi tr vi s tin l
43.000.000
- X gi tr th trng ca cc s liu trn v tnh ton li phng php ti sn.
Bi lm:

Ti sn

A. TS ngn hn
1. Tin mt

S liu
ss

k ton

S liu x li

1.132.636.200
242.136.200

242.136.200

25.000.000

25.000.000

3. Khon phi thu

185.500.000

115.500.000

4. Hng tn kho

560.000.000

520.000.000

5. TSNH khc

120.000.000

120.000.000

1.435.000.000
1.200.000.000

1.320.000.000

2. u t tc ngn hn

B. TS di
hn.
1. TSC
- MMTB
- Nh ca vt kt
2. u t Tc di hn
3. Chi ph XDCB DD
Tng t sn

Ngun vn

400.000.000
800.000.000

430.000.000
890.000.000

200.000.000
35.000.000

200.000.000
35.000.000

2.567.636.200

S liu ss k ton

2.577.636.200

S liu x
lai

A. N phi tr
1. N ngn hn

1.571.050.000
971.050.000

928.050.000

- Vay ngn hn

400.000.000

400.000.000

- Phi cho Nbn

325.000.000

282.000.000

- Ngi mua tr TT
-Thu v cc khon phi np

143.250.000
37.800.000

143.250.000
37.800.000

NSNN
- Phi tr cho CNV
2. N di hn
3. N khc
B. Vn C phn

Tng ngun vn

65.000.000

65.000.000

600.000.000

600.000.000

996.586.200

1.049.586.200

2.567.636.2000

2.577.636.200

Gi tr th trng ca vn ch s hu cng ty X thi im 31/12/200X:

yE = 2.577.636.200 - (928.050.000 + 600.000.000) = 1.049.586.200

Bi 3. Cty ABC d kin chia c tc cho cc c ng nm k tip l 2 t ng, bit li sut

mong i trn th trng vn c phn ca cng ty l 15%, t l tng c tc ca nm th 2 n
nm th 4 l 8%, t nm th 5 tr i t l tng trng n nh l 5%. Gi tr ca cng ty l
bao nhiu?
Bi lm
C tc hng nm ca cng ty:
DIVo = 2.000
DIVi = 2.000 (1+15%) = 2.300
Drv2 = DIVo(l+gi)2 = 2.000 (1+15%)2 = 2.645
DIV3 = DIVo(l+gi)3 = 2.000 (1+15%)3 = 3.041,75
DIV4 = DIV3(l+g2) = 3.041,75 (1+12%) = 3.406,76
DIVs = DIV3(l+g2)2 = 3.041,75 (1+12%)2 = 3.815,57
DIVe = DIV3(l+g2)3 = 3.041,75 (1+12%)3 = 4.273,44
Drv = 4.273,44 (1+7%) = 4.572,58

y _ PIV7 _ 4.572,58 = 57.157,25 t

6

~ r - g 3 ~ 0,15-0,07

Gi tr vcs ca cng ty ti thi im hin i

y . IV | V
0

^(1 + 10%)' (1 + 10%)5

2.300

2.645

3 041,75
2

3.046,76

3.815,57

(1 + 15%) (1 + 15%) (1 + 15%) (1 + 15%) (1 + 15%)

4.273,44 + 57.157,25
(1 + 15%)6

Vy gi tr VCSH cng ty ti thi im hin ti l 36.403,02

Bi 4. Hy c tnh gi tr ca vn ch s hu ca cng ty ? Bit rng :
- Doanh thu thun ca doanh nghip d tnh trong nm ti ( nm 2010) t 300.000tr,
- Chi ph hot ng d tnh ong nm 2010 l 160.000
- Khu hao TSCD d tnh trong nm ti l 20.000
- Cng ty vay ngn hng 20.000tr, li vay ngn hng 10% nm.
- Nm nay (2009) cng ty chi ht 25.000tr mua nguyn vt liu v chi tr tin cho
cng nhn sn xut. D tnh trong nm 2010 cng ty phi chi khong 30.000tr mua
nguyn vt liu v chi tin cho cng nhn sn xut.
- Cng ty d tnh trong nm 2010 s u t mua my mc thit b ht 25.000tr.
- D tnh trong nm 2010 cng ty s tr cho ngn hng khon n gc l lO.OOOtr.
- Li sut tri phiu chnh ph k hn 10 nm l 10%, li nhun trn danh mc cc loi
chng khon 18%, h s ri ro lin quan n chng khon vn 1,2.
- Tc tng trng vn CSH ca cng ty t nm th 2 v th 3 l 6%, nm th 4 v th
nm l 4%, nm th 6 i n nh l 2%.
- Thu thu nhp doanh nghip 25%.
Bi lm;
1. Bng tnh dng tin VCSH
STT Ch tiu

VT: t ng
Nm 2010

Doanh thu thun

300

2
3

Chi ph hot ng
LN trc thu, li vay v khu hao(EBITDA) = (l)-(2)

160
140

Khu hao TSC(Dp)

20

Li nhun trc thu v li vay (EBIT) = (3)-(4)

120

Chi ph li vay

Li nhun trc thu = (5)-(6)

Thu thu nhp DN

Li nhun rng Pr = (7)-(8)

10

Dng tin vo t hot ng = (9)+(4)

11

u t vo TSC (Cex)

12

Mc tng vn lu ng (Wc)

13

Thanh ton n gc RD

14

N vay mi (L)

15

FCFE = (10)-(11)-(12)-(13)+(14)

2. Chi ph s dng VCSH

ke= krf + P(km - krf) = 10% + 1,2 (18% -10%)= 19,6%
3. VCSH ca Cty qua cc nm
FCFEi= 68,5 t
FCFE2= 68,5 X 1,06 =72,61t
FCFE3 = 72,6 lx 1,06 = 76,9666t
FCFE4 = 76,9666x 1,04= 80,045t
FCFE5= 80,045 X 1,04 = 83,247t
FCFE6= 83,247X 1,02 = 84,912t
84 912
=

19,6%-2%

= 482,455 tJ

FCFE, FCFE2 FCFE- FCFE, FCFE5+V5

1,1

( 1, 1)2

( 1, 1)3

lu

r +

( 1, 1)5

= 423,316t
Bi 5. Bng cn i k ton ca cng ty X ngy 31/12/200X

n v tnh: Tru ng

Ti sn

Ngun

von

A. TS ngn hn
1. Tin mt
3. Khon phi thu
4. Hng tn kho
B. TSC v u t di
hn.
1. Gi tr cn li ca

4.700
1.000
1.200
2.500
3.850
3.700

TSC

A. N phi tr
1. Vay ngn hn
2. Cc khon phi

3.600
1.000
1.800
800

3. Vay di hn
B. Vn ch s hu

4.950

150

4. TSC cho thu

Tng ti sn

8.550

Tng ngun vn

8.550

Ti thi im ngy 31/12/200X, chuyn vin nh gi tin hnh c tnh gi tr th

trng cc loi ti sn ca cng ty X v c cc thng tin nh sau:
1. Mt s khon phi thu khng c kh nng i c l 200 tr.
2. Nguyn vt liu tn km phm cht, khng p ng yu cu ca sn xut c gi tr theo
s sch k ton l 150 tr v gi tr nh gi li l 130tr.
3. TSC hu hnh nh gi li theo gi th trng tng 150 tr.
4. C mt nh cung ng l cng ty gii th phi tr vi s tin l 140tr.
5. Theo hp ng thu ti sn, ngi i thu cn phi tr dn trong 20 nm, mi nm tr
mt lng tin u nhau l 30,35 .
6. c tnh gi tr ti sn thun c th tng 10 % hng nm trong nhng nm ti.
7. Li nhun thun c iu chnh li v tnh theo phng php bnh qun s hc gin n
ca 3 nm gn nht l 3.000 triu ng, c tnh li nhun thun c th tng 10% mi nm,
trong 5 nm ti.
8. T sut li nhun trung bnh ca cc doanh nghip c iu kin SXKD tng t l 12%.
Bit: Li sut i phiu Chnh ph l 12%, t l ri ro trung bnh n th trng chng
khon l 3%.
Yu cu: Hy xc nh gi tr th trng ca doanh nghip theo phng php nh lng
GOOGWILL?
Ti sn

S liu ss k ton

s liu x li

A. TS ngn hn
1. Tin mt
3. Khon phi thu
4. Hng tn kho
B. TSC v u t di hn.

4.480

1.000

1.000

1.200

1.000
2.480

2.500

1. Gi cn li ca TSC
4. TSC cho thu
Tng ti sn

Ngun vn

4.700

4.040
3.850

3.850

3.700
150

190

8.550

S liu ss k ton

8.520

S liu x li

A. N phi

3.600

3.460

1. Vay ngn hn

1.000

1.000

2. Cc khon phi tr

1.800

1.660

3. Vay di hn
B. Vn ch s hu

800
4.950

800
5.060

8.550

8.520

Tng ngun vn

Gi tri ti sn thun: 8520 - 3460= 5.060 tr

Da vo s liu trn, GW c th c tnh qua bng sau:
VT: T
Ch tiu
200X
200X+
200X + 2

200X+ 3

200X+ 4 200X+5

1. Gi tr TS thun

5.060

1
5566

2. Li nhun thun

3.000

3300

3630

3993

4392,3

4831,53

3.Li nhun bnh

607,2

667,92

734,712

808,18

889,00

977,904

2392,8

2632,0

2895,29
2189,13

3184,82
2094,02

3503,30
2003,18

3853,63
1916,02

thng ca Ts
4.Siu li nhun:
5.Gi hin ti ca

6122,6

6734,86

7408,34

8149,2

siu li nhun

2288,8
6

GW = 9972,28
Gi tr doanh nghip X = Gi tr ti sn thun + GW
= 5.060 tr + 10.490tr =15.550tr