{"id":22721,"date":"2023-12-06T05:19:56","date_gmt":"2023-12-06T05:19:56","guid":{"rendered":"https:\/\/masterskills.org\/blog\/quyet-dinh-dau-tu-dua-vao-hien-gia-thuan-npv-va-ty-suat-sinh-loi-noi-bo-irr.html"},"modified":"2023-12-06T05:19:56","modified_gmt":"2023-12-06T05:19:56","slug":"quyet-dinh-dau-tu-dua-vao-hien-gia-thuan-npv-va-ty-suat-sinh-loi-noi-bo-irr","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/quyet-dinh-dau-tu-dua-vao-hien-gia-thuan-npv-va-ty-suat-sinh-loi-noi-bo-irr.html","title":{"rendered":"Quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 d\u1ef1a v\u00e0o Hi\u1ec7n gi\u00e1 thu\u1ea7n NPV v\u00e0 T\u1ef7 su\u1ea5t sinh l\u1ee3i n\u1ed9i b\u1ed9 IRR"},"content":{"rendered":"
\n

Gi\u00e1 tr\u1ecb t\u01b0\u01a1ng lai l\u00e0 kh\u00e1i ni\u1ec7m d\u1ec5 n\u1eafm b\u1eaft, v\u00ec h\u1ea7u h\u1ebft ch\u00fang ta \u0111\u1ec1u hi\u1ec3u \u0111\u01b0\u1ee3c nguy\u00ean t\u1eafc l\u00e3i k\u00e9p. Ti\u1ec1n \u0111\u1ec3 c\u00e0ng l\u00e2u th\u00ec t\u1ef7 su\u1ea5t l\u00e3i k\u00e9p c\u00e0ng cao ho\u1eb7c gi\u00e1 tr\u1ecb t\u01b0\u01a1ng lai c\u00e0ng l\u1edbn ho\u1eb7c c\u1ea3 hai. Gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a m\u1ed9t kho\u1ea3n ti\u1ec1n t\u01b0\u01a1ng lai \u00edt quen thu\u1ed9c v\u00e0 \u00edt t\u00ednh tr\u1ef1c gi\u00e1c th\u1ebf nh\u01b0ng t\u1ea1i sao n<\/strong>h\u1eefng ng\u01b0\u1eddi trong gi\u1edbi t\u00e0i ch\u00ednh v\u00e0 c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd hi\u1ec3u bi\u1ebft \u0111\u1ec1u s\u1eed d\u1ee5ng th\u01b0\u1eddng xuy\u00ean?<\/strong><\/p>\n

Hi\u1ec7n gi\u00e1 thu\u1ea7n\u00a0NPV (Net present value)<\/em><\/strong><\/span><\/h2>\n

M\u1edf r\u1ed9ng kh\u00e1i ni\u1ec7m c\u1ee7a gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i th\u00e0nh hi\u1ec7n gi\u00e1 thu\u1ea7n\u00a0<\/strong>NPV (Net present value)<\/em><\/strong> l\u00e0 gi\u00e1 tr\u1ecb t\u1ea1i th\u1eddi \u0111i\u1ec3m hi\u1ec7n nay c\u1ee7a m\u1ed9t hay to\u00e0n b\u1ed9 d\u00f2ng ti\u1ec1n trong t\u01b0\u01a1ng lai \u0111\u01b0\u1ee3c chi\u1ebft kh\u1ea5u v\u1ec1 hi\u1ec7n t\u1ea1i<\/p>\n

Hi\u1ec7n gi\u00e1 thu\u1ea7n NPV (Net present value) = gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a d\u00f2ng ti\u1ec1n v\u00e0o (thu) – gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a d\u00f2ng ti\u1ec1n ra (chi)<\/em><\/strong><\/p>\n

Hi\u1ec7n gi\u00e1 thu\u1ea7n (NPV) c\u00f2n \u0111\u01b0\u1ee3c xem l\u00e0 ph\u01b0\u01a1ng ph\u00e1p t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 kh\u1ea3 n\u0103ng sinh l\u1eddi c\u1ee7a d\u1ef1 \u00e1n. N\u1ebfu NPV d\u01b0\u01a1ng th\u00ec d\u1ef1 \u00e1n \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 kh\u1ea3 thi. Kh\u1ea3 thi b\u1edfi su\u1ea5t chi\u1ebft kh\u1ea5u \u0111\u00e3 l\u00e0 chi ph\u00ed c\u01a1 h\u1ed9i c\u1ee7a d\u1ef1 \u00e1n, v\u00ec v\u1eady, n\u1ebfu \u0111\u00e3 kh\u1ea5u tr\u1eeb chi ph\u00ed c\u01a1 h\u1ed9i m\u00e0 v\u1eabn c\u00f3 l\u1eddi th\u00ec d\u1ef1 \u00e1n c\u00f3 l\u1ee3i t\u1ee9c kinh t\u1ebf. Cho n\u00ean, khi \u0111\u00e1nh gi\u00e1 d\u1ef1 \u00e1n b\u1eb1ng NPV c\u1ea7n quan t\u00e2m \u0111\u1ebfn gi\u00e1 tr\u1ecb c\u1ee7a su\u1ea5t chi\u1ebft kh\u1ea5u (th\u01b0\u1eddng b\u1eb1ng v\u1edbi l\u00e3i su\u1ea5t c\u1ee7a c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 t\u1ed1t nh\u1ea5t nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1eb7t \u0111\u01b0\u1ee3c n\u1ebfu kh\u00f4ng \u0111\u1ea7u t\u01b0 v\u00e0o d\u1ef1 \u00e1n \u0111ang \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1. NPV d\u01b0\u01a1ng s\u1ebd th\u1ec3 hi\u1ec7n k\u1ebft qu\u1ea3 \u0111\u1ea7u t\u01b0 c\u00f3 l\u1eddi b\u1edfi gi\u00e1 tr\u1ecb c\u1ee7a d\u00f2ng ti\u1ec1n m\u1eb7t sau khi kh\u1ea5u hao \u0111\u00e3 cao h\u01a1n m\u1ee9c \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u.<\/p>\n

Th\u1ef1c t\u1ebf kinh doanh lu\u00f4n r\u1ea5t ph\u1ee9c t\u1ea1p, c\u00e1c d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0 hi\u1ebfm khi g\u00f3i g\u1ecdn ngay t\u1ea1i th\u1eddi \u0111i\u1ec3m b\u1eaft \u0111\u1ea7u v\u00e0 c\u00e1c d\u00f2ng ti\u1ec1n th\u01b0\u1eddng kh\u00f4ng tu\u00e2n theo m\u1ed9t quy t\u1eafc n\u00e0o: s\u1ed1 n\u00e0y d\u01b0\u01a1ng, s\u1ed1 kh\u00e1c \u00e2m \u2013 theo th\u1eddi gian. Th\u00eam v\u00e0o \u0111\u00f3, r\u1ea5t kh\u00f3 ho\u1eb7c th\u1eadm ch\u00ed kh\u00f4ng th\u1ec3 \u01b0\u1edbc t\u00ednh \u0111\u01b0\u1ee3c ch\u00ednh\u00a0 x\u00e1c d\u00f2ng ti\u1ec1n trong t\u01b0\u01a1ng lai s\u1ebd nh\u01b0 th\u1ebf n\u00e0o v\u00e0 khi n\u00e0o d\u00f2ng ti\u1ec1n \u0111\u00f3 s\u1ebd ch\u1ea5m d\u1ee9t. V\u00ec v\u1eady, ph\u01b0\u01a1ng ph\u00e1p NPV \u0111\u00f2i h\u1ecfi t\u00ednh to\u00e1n ch\u00ednh x\u00e1c chi ph\u00ed (nguy\u00ean v\u1eadt li\u1ec7u, nh\u00e2n c\u00f4ng, ti\u1ebfp th\u1ecb, v\u00e0 t\u1ea5t c\u1ea3 c\u00e1c chi ph\u00ed kh\u00e1c) li\u00ean quan m\u00e0 \u0111i\u1ec1u n\u00e0y th\u01b0\u1eddng kh\u00f3 th\u1ef1c hi\u1ec7n \u0111\u1ed1i v\u1edbi c\u00e1c d\u1ef1 \u00e1n c\u00f3 \u0111\u1eddi s\u1ed1ng d\u00e0i.<\/p>\n

Gi\u00e1 tr\u1ecb c\u1ee7a NPV s\u1ebd \u0111\u01b0\u1ee3c n\u00e2ng l\u00ean n\u1ebfu NPV c\u1ee7a m\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c t\u00ednh \u0111\u1ebfn trong nh\u1eefng tr\u01b0\u1eddng h\u1ee3p t\u1ec7 h\u1ea1i nh\u1ea5t, tr\u01b0\u1eddng h\u1ee3p c\u00f3 kh\u1ea3 n\u0103ng x\u1ea3y ra nh\u1ea5t v\u00e0 tr\u01b0\u1eddng h\u1ee3p t\u1ed1t \u0111\u1eb9p nh\u1ea5t. Ph\u01b0\u01a1ng ph\u00e1p n\u00e0y s\u1ebd n\u1eafm b\u1eaft \u0111\u01b0\u1ee3c ph\u1ea1m vi quan \u0111i\u1ec3m r\u1ed9ng l\u1edbn h\u01a1n trong m\u1ed9t t\u1ed5 ch\u1ee9c v\u1ec1 doanh s\u1ed1 \u0111\u01a1n v\u1ecb s\u1ea3n ph\u1ea9m trong t\u01b0\u01a1ng lai, c\u00e1c chi ph\u00ed s\u1ea3n xu\u1ea5t kh\u00e1c nhau v\u00e0 c\u00e1c gi\u1ea3 \u0111\u1ecbnh kh\u00e1c nhau.<\/p>\n

T\u1ef7 su\u1ea5t sinh l\u1ee3i n\u1ed9i b\u1ed9 IRR (Internal Rate of Return)<\/strong><\/span><\/h2>\n

T\u1ef7 su\u1ea5t sinh l\u1ee3i n\u1ed9i b\u1ed9 (IRR) l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 quan tr\u1ecdng trong s\u1ed1 nh\u1eefng c\u00e1ch th\u1ee9c m\u00e0 c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng \u0111\u1ec3 quy\u1ebft \u0111\u1ecbnh c\u00f3 n\u00ean t\u1eadp trung to\u00e0n l\u1ef1c cho m\u1ed9t c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 c\u1ee5 th\u1ec3, hay ph\u00e2n lo\u1ea1i t\u00ednh h\u1ea5p d\u1eabn c\u1ee7a nhi\u1ec1u c\u01a1 h\u1ed9i kh\u00e1c nhau. \u00a0\u0110\u1ec3 t\u00ednh IRR, ch\u00fang ta c\u1ea7n x\u00e1c \u0111\u1ecbnh t\u1ef7 su\u1ea5t chi\u1ebft kh\u1ea5u s\u1ebd l\u00e0m gi\u1ea3m NPV = 0<\/strong>. IRR ch\u00ednh l\u00e0 t\u1ef7 su\u1ea5t chi\u1ebft kh\u1ea5u \u0111\u00f3. Tuy nhi\u00ean, nh\u1edd \u1ee9ng d\u1ee5ng tr\u00ean m\u00e1y t\u00ednh t\u00e0i ch\u00ednh v\u00e0 b\u1ea3ng t\u00ednh tr\u00ean m\u00e1y vi t\u00ednh c\u00e1 nh\u00e2n, vi\u1ec7c t\u00ednh IRR tr\u1edf n\u00ean d\u1ec5 d\u00e0ng h\u01a1n. \u0110i\u1ec1u quan tr\u1ecdng l\u00e0 hi\u1ec3u \u00fd ngh\u0129a c\u1ee7a IRR. N\u1ebfu gi\u00e1 tr\u1ecb n\u00e0y l\u1edbn h\u01a1n gi\u00e1 tr\u1ecb su\u1ea5t chi\u1ebft kh\u1ea5u (chi ph\u00ed c\u01a1 h\u1ed9i) th\u00ec d\u1ef1 \u00e1n \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 kh\u1ea3 thi.<\/p>\n

Hi\u1ec3u m\u1ed9t c\u00e1ch chung nh\u1ea5t, t\u1ec9 l\u1ec7 ho\u00e0n v\u1ed1n n\u1ed9i b\u1ed9 c\u00e0ng cao th\u00ec kh\u1ea3 n\u0103ng th\u1ef1c thi d\u1ef1 \u00e1n l\u00e0 c\u00e0ng cao. IRR c\u00f2n \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 \u0111o l\u01b0\u1eddng, s\u1eafp x\u1ebfp c\u00e1c d\u1ef1 \u00e1n c\u00f3 tri\u1ec3n v\u1ecdng theo th\u1ee9 t\u1ef1, t\u1eeb \u0111\u00f3 c\u00f3 th\u1ec3 d\u1ec5 d\u00e0ng h\u01a1n trong vi\u1ec7c c\u00e2n nh\u1eafc n\u00ean th\u1ef1c hi\u1ec7n d\u1ef1 \u00e1n n\u00e0o. N\u1ebfu gi\u1ea3 \u0111\u1ecbnh r\u1eb1ng t\u1ea5t c\u1ea3 c\u00e1c y\u1ebfu t\u1ed1 kh\u00e1c c\u1ee7a c\u00e1c d\u1ef1 \u00e1n l\u00e0 nh\u01b0 nhau th\u00ec d\u1ef1 \u00e1n n\u00e0o c\u00f3 t\u1ec9 su\u1ea5t ho\u00e0n v\u1ed1n n\u1ed9i b\u1ed9 cao nh\u1ea5t th\u00ec d\u1ef1 \u00e1n \u0111\u00f3 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u01b0u ti\u00ean th\u1ef1c hi\u1ec7n \u0111\u1ea7u ti\u00ean.<\/p>\n

\u00dd ngh\u0129a c\u1ed1t l\u00f5i c\u1ee7a IRR l\u00e0 cho nh\u00e0 \u0111\u1ea7u t\u01b0 bi\u1ebft \u0111\u01b0\u1ee3c chi ph\u00ed s\u1eed d\u1ee5ng v\u1ed1n cao nh\u1ea5t c\u00f3 th\u1ec3 ch\u1ea5p nh\u1eadn \u0111\u01b0\u1ee3c. N\u1ebfu v\u01b0\u1ee3t qu\u00e1 th\u00ec k\u00e9m hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng v\u1ed1n. Nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a IRR l\u00e0 kh\u00f4ng \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n tr\u00ean c\u01a1 s\u1edf chi ph\u00ed s\u1eed d\u1ee5ng v\u1ed1n do \u0111\u00f3 s\u1ebd c\u00f3 th\u1ec3 d\u1eabn t\u1edbi nh\u1eadn \u0111\u1ecbnh sai v\u1ec1 kh\u1ea3 n\u0103ng sinh l\u1eddi c\u1ee7a d\u1ef1 \u00e1n. Nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd kh\u00f4ng bi\u1ebft \u0111\u01b0\u1ee3c m\u00ecnh c\u00f3 bao nhi\u00eau ti\u1ec1n trong tay. T\u1ef7 su\u1ea5t thu nh\u1eadp n\u1ed9i b\u1ed9 (IRR) l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 n\u1eefa m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng \u0111\u1ec3 quy\u1ebft \u0111\u1ecbnh c\u00f3 n\u00ean t\u1eadp trung to\u00e0n l\u1ef1c cho m\u1ed9t d\u1ef1 \u00e1n c\u1ee5 th\u1ec3, hay ph\u00e2n lo\u1ea1i t\u00ednh h\u1ea5p d\u1eabn c\u1ee7a nhi\u1ec1u d\u1ef1 \u00e1n kh\u00e1c nhau.<\/p>\n

V\u1eady n\u00ean s\u1eed d\u1ee5ng NPV hay IRR \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 c\u1ee7a d\u1ef1 \u00e1n?<\/strong><\/span><\/h2>\n

Nh\u00ecn chung, IRR th\u00ec d\u1ec5 h\u00ecnh dung v\u00ec t\u1ef7 l\u1ec7 % c\u1ee5 th\u1ec3, NPV th\u1ec3 hi\u1ec7n b\u1eb1ng ti\u1ec1n n\u00ean kh\u00f3 di\u1ec5n d\u1ecbch. V\u00ec v\u1eady ng\u01b0\u1eddi ta d\u00f9ng c\u1ea3 2 c\u00e1ch \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 m\u1ee9c \u0111\u1ed9 kh\u1ea3 thi c\u1ee7a d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0. Tuy nhi\u00ean, c\u00f3 r\u1ea5t nhi\u1ec1u tr\u01b0\u1eddng h\u1ee3p th\u00ec IRR l\u1ea1i kh\u00f4ng hi\u1ec7u qu\u1ea3 b\u1eb1ng NPV trong vi\u1ec7c t\u00ednh to\u00e1n v\u00e0 chi\u1ebft kh\u1ea5u d\u00f2ng ti\u1ec1n. H\u1ea1n ch\u1ebf l\u1edbn nh\u1ea5t c\u1ee7a IRR c\u0169ng ch\u00ednh l\u00e0 \u01b0u \u0111i\u1ec3m c\u1ee7a n\u00f3: ch\u1ec9 s\u1eed d\u1ee5ng m\u1ed9t t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u duy nh\u1ea5t \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 t\u1ea5t c\u1ea3 c\u00e1c k\u1ebf ho\u1ea1ch \u0111\u1ea7u t\u01b0.<\/p>\n

N\u1ebfu ti\u1ebfn h\u00e0nh \u0111\u00e1nh gi\u00e1 hai d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0 c\u00f9ng s\u1eed d\u1ee5ng chung m\u1ed9t t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u, c\u00f9ng d\u00f2ng ti\u1ec1n t\u01b0\u01a1ng lai, c\u00f9ng m\u1ee9c \u0111\u1ed9 r\u1ee7i ro, v\u00e0 c\u00f9ng c\u00f3 th\u1eddi gian th\u1ef1c hi\u1ec7n ng\u1eafn, IRR l\u00e0 m\u1ed9t c\u00e1ch \u0111\u00e1nh gi\u00e1 hi\u1ec7u qu\u1ea3. Tuy nhi\u00ean b\u1ea3n th\u00e2n t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u l\u1ea1i l\u00e0 m\u1ed9t nh\u00e2n t\u1ed1 \u0111\u1ed9ng, n\u00f3 lu\u00f4n bi\u1ebfn \u0111\u1ed5i theo th\u1eddi gian. N\u1ebfu kh\u00f4ng c\u00f3 s\u1ef1 \u0111i\u1ec1u ch\u1ec9nh, ph\u01b0\u01a1ng ph\u00e1p n\u00e0y s\u1ebd kh\u00f4ng ph\u00f9 h\u1ee3p v\u1edbi c\u00e1c d\u1ef1 \u00e1n d\u00e0i h\u1ea1n.<\/p>\n

M\u1ed9t h\u1ea1n ch\u1ebf n\u1eefa trong vi\u1ec7c \u00e1p d\u1ee5ng IRR l\u00e0 ph\u1ea3i bi\u1ebft \u0111\u01b0\u1ee3c t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u c\u1ee7a d\u1ef1 \u00e1n. \u0110\u1ec3 ti\u1ebfn h\u00e0nh \u0111\u00e1nh gi\u00e1 d\u1ef1 \u00e1n th\u00f4ng qua IRR th\u00ec ta ph\u1ea3i so s\u00e1nh n\u00f3 v\u1edbi t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u. N\u1ebfu IRR cao h\u01a1n t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u th\u00ec d\u1ef1 \u00e1n l\u00e0 kh\u1ea3 thi. Kh\u00f4ng bi\u1ebft t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u ho\u1eb7c t\u1ec9 l\u1ec7 chi\u1ebft kh\u1ea5u v\u00ec l\u00fd do n\u00e0o \u0111\u00f3 kh\u00f4ng th\u1ec3 \u00e1p d\u1ee5ng cho d\u1ef1 \u00e1n th\u00ec ph\u01b0\u01a1ng ph\u00e1p IRR s\u1ebd kh\u00f4ng c\u00f2n gi\u00e1 tr\u1ecb.<\/p>\n

\u0110\u1ec3 kh\u1eafc ph\u1ee5c nh\u1eefng h\u1ea1n ch\u1ebf c\u1ee7a ph\u01b0\u01a1ng ph\u00e1p IRR ta c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng NPV<\/strong><\/p>\n

\u01afu \u0111i\u1ec3m c\u1ee7a vi\u1ec7c s\u1eed d\u1ee5ng NPV \u0111\u00f3 l\u00e0 ph\u01b0\u01a1ng ph\u00e1p n\u00e0y cho ph\u00e9p s\u1eed d\u1ee5ng c\u00e1c t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u kh\u00e1c nhau m\u00e0 kh\u00f4ng d\u1eabn \u0111\u1ebfn sai l\u1ec7ch. \u0110\u1ed3ng th\u1eddi c\u0169ng kh\u00f4ng c\u1ea7n ph\u1ea3i so s\u00e1nh NPV v\u1edbi ch\u1ec9 s\u1ed1 n\u00e0o kh\u00e1c, n\u1ebfu nh\u01b0 NPV l\u1edbn h\u01a1n 0 c\u00f3 ngh\u0129a l\u00e0 d\u1ef1 \u00e1n l\u00e0 kh\u1ea3 thi v\u1ec1 m\u1eb7t t\u00e0i ch\u00ednh.<\/p>\n

V\u1eady th\u00ec t\u1ea1i sao IRR v\u1eabn \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng ph\u1ed5 bi\u1ebfn h\u01a1n trong vi\u1ec7c t\u00ednh to\u00e1n ph\u00e2n b\u1ed5 ngu\u1ed3n v\u1ed1n?<\/strong><\/p>\n

Ph\u01b0\u01a1ng ph\u00e1p IRR \u0111\u01a1n gi\u1ea3n ho\u00e1 d\u1ef1 \u00e1n th\u00e0nh m\u1ed9t con s\u1ed1 duy nh\u1ea5t t\u1eeb \u0111\u00f3 nh\u00e0 qu\u1ea3n l\u00fd c\u00f3 th\u1ec3 x\u00e1c \u0111\u1ecbnh \u0111\u01b0\u1ee3c li\u1ec7u d\u1ef1 \u00e1n n\u00e0y c\u00f3 kinh t\u1ebf, c\u00f3 kh\u1ea3 n\u0103ng \u0111em l\u1ea1i l\u1ee3i nhu\u1eadn hay kh\u00f4ng. Nh\u00ecn chung th\u00ec IRR l\u00e0 ph\u01b0\u01a1ng ph\u00e1p \u0111\u01a1n gi\u1ea3n nh\u01b0ng \u0111\u1ed1i v\u1edbi c\u00e1c d\u1ef1 \u00e1n d\u00e0i h\u1ea1n c\u00f3 d\u00f2ng ti\u1ec1n kh\u00e1c nhau v\u00e0 t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u kh\u00e1c nhau, c\u00e1c d\u1ef1 \u00e1n c\u00f3 d\u00f2ng ti\u1ec1n kh\u00f4ng \u1ed5n \u0111\u1ecbnh, th\u00ec IRR kh\u00f4ng ph\u1ea3i l\u00e0 ch\u1ec9 s\u1ed1 t\u1ed1t m\u00e0 NPV m\u1edbi ch\u00ednh l\u00e0 s\u1ef1 l\u1ef1a ch\u1ecdn \u0111\u00fang \u0111\u1eafn. V\u00ec v\u1eady, khi so s\u00e1nh hi\u1ec7u qu\u1ea3 c\u1ee7a c\u00e1c d\u1ef1 \u00e1n, c\u1ea7n xem x\u00e9t b\u1ea3n ch\u1ea5t c\u1ee7a ng\u00e0nh ngh\u1ec1 kinh doanh v\u00e0 chi ph\u00ed v\u1ed1n b\u1ecf ra ban \u0111\u1ea7u \u0111\u1ec3 c\u00f3 nh\u1eefng so s\u00e1nh k\u1ebft lu\u1eadn ch\u00ednh x\u00e1c.<\/p>\n

Nh\u1eefng y\u1ebfu t\u1ed1 c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn k\u1ebft qu\u1ea3 c\u1ee7a NPV v\u00e0 IRR:<\/strong><\/p>\n

    \n
  • \n

    Kho\u1ea3n \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u: <\/strong>Kho\u1ea3n \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u l\u1edbn h\u01a1n s\u1ebd d\u1eabn \u0111\u1ebfn NPV gi\u1ea3m v\u00e0 IRR th\u1ea5p h\u01a1n.<\/p>\n<\/li>\n

  • \n

    Th\u1eddi gian \u0111\u1ea7u t\u01b0:<\/strong> Th\u1eddi gian \u0111\u1ea7u t\u01b0 c\u00e0ng d\u00e0i th\u00ec NPV c\u00e0ng cao v\u00e0 IRR c\u00e0ng th\u1ea5p.<\/p>\n<\/li>\n

  • \n

    L\u00e3i su\u1ea5t:<\/strong> L\u00e3i su\u1ea5t c\u00e0ng th\u1ea5p th\u00ec NPV c\u00e0ng cao v\u00e0 IRR c\u00e0ng th\u1ea5p.<\/p>\n<\/li>\n

  • \n

    D\u00f2ng ti\u1ec1n:<\/strong> S\u1ef1 thay \u0111\u1ed5i v\u1ec1 k\u00edch th\u01b0\u1edbc v\u00e0 th\u1eddi \u0111i\u1ec3m c\u1ee7a d\u00f2ng ti\u1ec1n c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn NPV v\u00e0 IRR.<\/p>\n<\/li>\n

  • \n

    R\u1ee7i ro: <\/strong>R\u1ee7i ro trong qu\u00e1 tr\u00ecnh \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 l\u00e0m gi\u1ea3m gi\u00e1 tr\u1ecb c\u1ee7a d\u1ef1 \u00e1n v\u00e0 l\u00e0m gi\u1ea3m NPV v\u00e0 IRR.<\/p>\n<\/li>\n

  • \n

    M\u1ee9c \u0111\u1ed9 tin c\u1eady c\u1ee7a d\u1ef1 \u00e1n:<\/strong> Khi m\u1ee9c \u0111\u1ed9 tin c\u1eady c\u1ee7a d\u1ef1 \u00e1n cao, NPV v\u00e0 IRR s\u1ebd \u0111\u01b0\u1ee3c c\u1ea3i thi\u1ec7n, c\u00f2n khi m\u1ee9c \u0111\u1ed9 tin c\u1eady c\u1ee7a d\u1ef1 \u00e1n th\u1ea5p, NPV v\u00e0 IRR s\u1ebd b\u1ecb \u1ea3nh h\u01b0\u1edfng.<\/p>\n<\/li>\n<\/ul>\n

    \u2013 C\u1ea9m nang kinh doanh Havard<\/em><\/strong><\/p>\n

    <\/p>\n

    \n

    CH\u01af\u01a0NG TR\u00ccNH \u0110\u00c0O T\u1ea0O<\/strong><\/span><\/p>\n

    GI\u00c1M \u0110\u1ed0C KINH DOANH – CCO<\/strong><\/span><\/p>\n

    (CHIEF CUSTOMER OFFICER)<\/strong><\/span><\/p>\n

    V\u1edbi nh\u1eadn th\u1ee9c s\u00e2u s\u1eafc v\u1ec1 nh\u1eefng thay \u0111\u1ed5i c\u1ee7a ng\u00e0nh qu\u1ea3n tr\u1ecb b\u00e1n h\u00e0ng t\u1ea1i Vi\u1ec7t Nam v\u00e0 tr\u00ean th\u1ebf gi\u1edbi, c\u00e1c chuy\u00ean gia c\u1ee7a Masterskills \u0111\u00e3 nghi\u00ean c\u1ee9u v\u00e0 bi\u00ean so\u1ea1n Ch\u01b0\u01a1ng tr\u00ecnh \u0111\u00e0o t\u1ea1o Gi\u00e1m \u0111\u1ed1c Kinh doanh (CCO). Ch\u01b0\u01a1ng tr\u00ecnh \u0111\u1eb7c bi\u1ec7t n\u00e0y \u0111\u01b0\u1ee3c tri\u1ec3n khai nh\u1eb1m g\u00f3p ph\u1ea7n x\u00e2y d\u1ef1ng m\u1ed9t l\u1ef1c l\u01b0\u1ee3ng ph\u00e1t tri\u1ec3n kinh doanh chuy\u00ean nghi\u1ec7p cho c\u1ed9ng \u0111\u1ed3ng doanh nghi\u1ec7p \u0111ang ho\u1ea1t \u0111\u1ed9ng t\u1ea1i Vi\u1ec7t Nam.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    Gi\u00e1 tr\u1ecb t\u01b0\u01a1ng lai l\u00e0 kh\u00e1i ni\u1ec7m d\u1ec5 n\u1eafm b\u1eaft, v\u00ec h\u1ea7u h\u1ebft ch\u00fang ta \u0111\u1ec1u hi\u1ec3u \u0111\u01b0\u1ee3c nguy\u00ean t\u1eafc l\u00e3i k\u00e9p. Ti\u1ec1n \u0111\u1ec3 c\u00e0ng l\u00e2u th\u00ec t\u1ef7 su\u1ea5t l\u00e3i k\u00e9p c\u00e0ng cao ho\u1eb7c gi\u00e1 tr\u1ecb t\u01b0\u01a1ng lai c\u00e0ng l\u1edbn ho\u1eb7c c\u1ea3 hai. Gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a m\u1ed9t kho\u1ea3n ti\u1ec1n t\u01b0\u01a1ng lai \u00edt quen thu\u1ed9c v\u00e0 \u00edt t\u00ednh tr\u1ef1c gi\u00e1c th\u1ebf nh\u01b0ng t\u1ea1i sao n<\/strong>h\u1eefng ng\u01b0\u1eddi trong gi\u1edbi t\u00e0i ch\u00ednh v\u00e0 c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd hi\u1ec3u bi\u1ebft \u0111\u1ec1u s\u1eed d\u1ee5ng th\u01b0\u1eddng xuy\u00ean?<\/strong><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[168],"tags":[],"_links":{"self":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/22721"}],"collection":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/comments?post=22721"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/22721\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=22721"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=22721"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=22721"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}