{"id":26256,"date":"2023-12-07T02:29:32","date_gmt":"2023-12-07T02:29:32","guid":{"rendered":"https:\/\/masterskills.org\/blog\/phuong-phap-chiet-khau-dong-co-tuc-dividend-discount-method-la-gi.html"},"modified":"2023-12-22T14:40:50","modified_gmt":"2023-12-22T07:40:50","slug":"phuong-phap-chiet-khau-dong-co-tuc-dividend-discount-method-la-gi","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/phuong-phap-chiet-khau-dong-co-tuc-dividend-discount-method-la-gi.html","title":{"rendered":"Ph\u01b0\u01a1ng ph\u00e1p chi\u1ebft kh\u1ea5u d\u00f2ng c\u1ed5 t\u1ee9c (Dividend discount method) l\u00e0 g\u00ec?"},"content":{"rendered":"
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H\u00ecnh minh h\u1ecda (Ngu\u1ed3n: proov)<\/p>\n<\/div>\n<\/div>\n

Ph\u01b0\u01a1ng ph\u00e1p chi\u1ebft kh\u1ea5u d\u00f2ng c\u1ed5 t\u1ee9c<\/font><\/h2>\n

Kh\u00e1i ni\u1ec7m<\/b><\/p>\n

Ph\u01b0\u01a1ng ph\u00e1p chi\u1ebft kh\u1ea5u d\u00f2ng c\u1ed5 t\u1ee9c<\/b> trong ti\u1ebfng Anh g\u1ecdi l\u00e0:\u00a0Dividend discount method.<\/b><\/p>\n

Ph\u01b0\u01a1ng ph\u00e1p chi\u1ebft kh\u1ea5u d\u00f2ng c\u1ed5 t\u1ee9c<\/b> l\u00e0 ph\u01b0\u01a1ng ph\u00e1p x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu c\u1ee7a doanh nghi\u1ec7p c\u1ea7n th\u1ea9m \u0111\u1ecbnh gi\u00e1 th\u00f4ng qua \u01b0\u1edbc t\u00ednh t\u1ed5ng c\u1ee7a gi\u00e1 tr\u1ecb chi\u1ebft kh\u1ea5u d\u00f2ng c\u1ed5 t\u1ee9c c\u1ee7a doanh nghi\u1ec7p c\u1ea7n th\u1ea9m \u0111\u1ecbnh gi\u00e1.\u00a0<\/p>\n

Tr\u01b0\u1eddng h\u1ee3p doanh nghi\u1ec7p c\u1ea7n th\u1ea9m \u0111\u1ecbnh gi\u00e1 l\u00e0 c\u00f4ng ty c\u1ed5 ph\u1ea7n, ph\u01b0\u01a1ng ph\u00e1p chi\u1ebft kh\u1ea5u d\u00f2ng ti\u1ec1n c\u1ed5 t\u1ee9c c\u1ee7a doanh nghi\u1ec7p \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng v\u1edbi gi\u1ea3 \u0111\u1ecbnh coi c\u00e1c c\u1ed5 ph\u1ea7n \u01b0u \u0111\u00e3i c\u1ee7a doanh nghi\u1ec7p c\u1ea7n th\u1ea9m \u0111\u1ecbnh gi\u00e1 nh\u01b0 c\u1ed5 ph\u1ea7n th\u01b0\u1eddng.\u00a0<\/p>\n

Gi\u1ea3 \u0111\u1ecbnh n\u00e0y c\u1ea7n \u0111\u01b0\u1ee3c n\u00eau r\u00f5 trong ph\u1ea7n h\u1ea1n ch\u1ebf c\u1ee7a Ch\u1ee9ng th\u01b0 th\u1ea9m \u0111\u1ecbnh gi\u00e1 v\u00e0 B\u00e1o c\u00e1o k\u1ebft qu\u1ea3 th\u1ea9m \u0111\u1ecbnh gi\u00e1.<\/p>\n

C\u00f4ng th\u1ee9c t\u00ednh<\/font><\/h3>\n

Tr\u01b0\u1eddng h\u1ee3p th\u1ea9m \u0111\u1ecbnh gi\u00e1 doanh nghi\u1ec7p, gi\u00e1 tr\u1ecb doanh nghi\u1ec7p \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh theo c\u00f4ng th\u1ee9c sau:<\/p>\n

Gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng c\u1ee7a doanh nghi\u1ec7p =\u00a0Gi\u00e1 tr\u1ecb v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu c\u1ee7a doanh nghi\u1ec7p +\u00a0Gi\u00e1 tr\u1ecb c\u00e1c kho\u1ea3n n\u1ee3<\/p>\n

Trong \u0111\u00f3:<\/p>\n

Gi\u00e1 tr\u1ecb c\u00e1c kho\u1ea3n n\u1ee3 c\u1ee7a doanh nghi\u1ec7p c\u1ea7n th\u1ea9m \u0111\u1ecbnh gi\u00e1 \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh theo gi\u00e1 th\u1ecb tr\u01b0\u1eddng n\u1ebfu c\u00f3 ch\u1ee9ng c\u1ee9 th\u1ecb tr\u01b0\u1eddng, n\u1ebfu kh\u00f4ng c\u00f3 th\u00ec x\u00e1c \u0111\u1ecbnh theo gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch k\u1ebf to\u00e1n.<\/p>\n

C\u00e1c b\u01b0\u1edbc x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/font><\/h3>\n

a) B\u01b0\u1edbc 1<\/b>: d\u1ef1 b\u00e1o d\u00f2ng c\u1ed5 t\u1ee9c c\u1ee7a doanh nghi\u1ec7p c\u1ea7n th\u1ea9m \u0111\u1ecbnh gi\u00e1.\u00a0<\/p>\n

Th\u1ea9m \u0111\u1ecbnh vi\u00ean c\u1ea7n d\u1ef1 b\u00e1o t\u1ec9 l\u1ec7 chia c\u1ed5 t\u1ee9c v\u00e0 t\u1ec9 l\u1ec7 t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c c\u1ee7a doanh nghi\u1ec7p c\u1ea7n th\u1ea9m \u0111\u1ecbnh gi\u00e1.\u00a0<\/p>\n

\u0110\u1ed1i v\u1edbi c\u00e1c doanh nghi\u1ec7p \u0111\u00e3 t\u0103ng tr\u01b0\u1edfng b\u1ec1n v\u1eefng th\u00ec giai \u0111o\u1ea1n d\u1ef1 b\u00e1o t\u1ec9 l\u1ec7 chia c\u1ed5 t\u1ee9c, t\u1ec9 l\u1ec7 t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c th\u00f4ng th\u01b0\u1eddng l\u00e0 05 n\u0103m.\u00a0<\/p>\n

\u0110\u1ed1i v\u1edbi c\u00e1c doanh nghi\u1ec7p m\u1edbi th\u00e0nh l\u1eadp ho\u1eb7c \u0111ang t\u0103ng tr\u01b0\u1edfng nhanh th\u00ec giai \u0111o\u1ea1n d\u1ef1 b\u00e1o t\u1ec9 l\u1ec7 chia c\u1ed5 t\u1ee9c, t\u1ec9 l\u1ec7 t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c c\u00f3 th\u1ec3 k\u00e9o d\u00e0i h\u01a1n 05 n\u0103m ho\u1eb7c l\u00e2u h\u01a1n n\u1eefa cho \u0111\u1ebfn khi doanh nghi\u1ec7p b\u01b0\u1edbc v\u00e0o giai \u0111o\u1ea1n t\u0103ng tr\u01b0\u1edfng \u0111\u1ec1u, c\u00f3 t\u1ec9 l\u1ec7 c\u1ed5 t\u1ee9c kh\u00f4ng \u0111\u1ed5i ho\u1eb7c t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c \u0111\u1ec1u.\u00a0<\/p>\n

\u0110\u1ed1i v\u1edbi doanh nghi\u1ec7p ho\u1ea1t \u0111\u1ed9ng c\u00f3 th\u1eddi h\u1ea1n th\u00ec giai \u0111o\u1ea1n d\u1ef1 b\u00e1o d\u00f2ng c\u1ed5 t\u1ee9c \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh theo tu\u1ed5i \u0111\u1eddi c\u1ee7a doanh nghi\u1ec7p.<\/p>\n

b) B\u01b0\u1edbc 2<\/b>: \u01b0\u1edbc t\u00ednh chi ph\u00ed s\u1eed d\u1ee5ng v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu theo h\u01b0\u1edbng d\u1eabn t\u1ea1i \u0111i\u1ec3m d M\u1ee5c 6.4 Ti\u00eau chu\u1ea9n Th\u1ea9m \u0111\u1ecbnh gi\u00e1 Vi\u1ec7t Nam s\u1ed1 12.<\/p>\n

c) B\u01b0\u1edbc 3:<\/b> \u01b0\u1edbc t\u00ednh gi\u00e1 tr\u1ecb v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu cu\u1ed1i k\u00ec d\u1ef1 b\u00e1o nh\u01b0 sau:<\/p>\n

– Tr\u01b0\u1eddng h\u1ee3p 1: d\u00f2ng c\u1ed5 t\u1ee9c sau giai \u0111o\u1ea1n d\u1ef1 b\u00e1o (Dn<\/sub>) l\u00e0 d\u00f2ng ti\u1ec1n kh\u00f4ng t\u0103ng tr\u01b0\u1edfng v\u00e0 k\u00e9o d\u00e0i v\u00f4 t\u1eadn. C\u00f4ng th\u1ee9c t\u00ednh gi\u00e1 tr\u1ecb cu\u1ed1i k\u00ec d\u1ef1 b\u00e1o l\u00e0:<\/p>\n

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– Tr\u01b0\u1eddng h\u1ee3p 2: d\u00f2ng c\u1ed5 t\u1ee9c sau giai \u0111o\u1ea1n d\u1ef1 b\u00e1o l\u00e0 d\u00f2ng ti\u1ec1n t\u0103ng tr\u01b0\u1edfng \u0111\u1ec1u \u0111\u1eb7n m\u1ed7i n\u0103m v\u00e0 k\u00e9o d\u00e0i v\u00f4 t\u1eadn. C\u00f4ng th\u1ee9c t\u00ednh gi\u00e1 tr\u1ecb cu\u1ed1i k\u00ec d\u1ef1 b\u00e1o l\u00e0:<\/p>\n

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Trong \u0111\u00f3:<\/p>\n

Dn+1: <\/sub>D\u00f2ng c\u1ed5 t\u1ee9c c\u1ee7a doanh nghi\u1ec7p n\u0103m n + 1<\/p>\n

g: t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng c\u1ee7a d\u00f2ng c\u1ed5 t\u1ee9c<\/p>\n

T\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng c\u1ee7a d\u00f2ng c\u1ed5 t\u1ee9c \u0111\u01b0\u1ee3c d\u1ef1 b\u00e1o tr\u00ean c\u01a1 s\u1edf t\u1ec9 l\u1ec7 l\u1ee3i nhu\u1eadn sau thu\u1ebf \u0111\u1ec3 l\u1ea1i \u0111\u1ec3 b\u1ed5 sung v\u1ed1n, t\u1ec9 su\u1ea5t l\u1ee3i nhu\u1eadn tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu.<\/p>\n

– Tr\u01b0\u1eddng h\u1ee3p 3: doanh nghi\u1ec7p ch\u1ea5m d\u1ee9t ho\u1ea1t \u0111\u1ed9ng v\u00e0o cu\u1ed1i k\u00ec d\u1ef1 b\u00e1o, gi\u00e1 tr\u1ecb cu\u1ed1i k\u00ec d\u1ef1 b\u00e1o \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh theo gi\u00e1 tr\u1ecb thanh l\u00ed c\u1ee7a doanh nghi\u1ec7p c\u1ea7n th\u1ea9m \u0111\u1ecbnh gi\u00e1.<\/p>\n

d) B\u01b0\u1edbc 4<\/b>: \u01b0\u1edbc t\u00ednh gi\u00e1 tr\u1ecb v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu c\u1ee7a doanh nghi\u1ec7p c\u1ea7n th\u1ea9m \u0111\u1ecbnh gi\u00e1:<\/p>\n

– T\u00ednh t\u1ed5ng gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i thu\u1ea7n c\u1ee7a c\u00e1c d\u00f2ng c\u1ed5 t\u1ee9c c\u1ee7a doanh nghi\u1ec7p v\u00e0 gi\u00e1 tr\u1ecb v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu cu\u1ed1i k\u00ec d\u1ef1 b\u00e1o sau khi chi\u1ebft kh\u1ea5u c\u00e1c d\u00f2ng c\u1ed5 t\u1ee9c c\u1ee7a doanh nghi\u1ec7p v\u00e0 gi\u00e1 tr\u1ecb v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu cu\u1ed1i k\u00ec d\u1ef1 b\u00e1o c\u1ee7a doanh nghi\u1ec7p theo t\u1ec9 su\u1ea5t chi\u1ebft kh\u1ea5u l\u00e0 chi ph\u00ed s\u1eed d\u1ee5ng v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu.<\/p>\n

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– \u01af\u1edbc t\u00ednh gi\u00e1 tr\u1ecb c\u00e1c t\u00e0i s\u1ea3n phi ho\u1ea1t \u0111\u1ed9ng c\u1ee7a doanh nghi\u1ec7p.<\/p>\n

– \u01af\u1edbc t\u00ednh gi\u00e1 tr\u1ecb v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu c\u1ee7a doanh nghi\u1ec7p c\u1ea7n th\u1ea9m \u0111\u1ecbnh gi\u00e1 b\u1eb1ng c\u00e1ch c\u1ed9ng gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i thu\u1ea7n c\u1ee7a c\u00e1c d\u00f2ng c\u1ed5 t\u1ee9c c\u1ee7a doanh nghi\u1ec7p v\u00e0 gi\u00e1 tr\u1ecb v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu cu\u1ed1i k\u00ec d\u1ef1 b\u00e1o v\u1edbi gi\u00e1 tr\u1ecb c\u00e1c t\u00e0i s\u1ea3n phi ho\u1ea1t \u0111\u1ed9ng (kh\u00f4ng bao g\u1ed3m ti\u1ec1n m\u1eb7t v\u00e0 t\u01b0\u01a1ng \u0111\u01b0\u01a1ng ti\u1ec1n) c\u1ee7a doanh nghi\u1ec7p c\u1ea7n th\u1ea9m \u0111\u1ecbnh gi\u00e1.<\/p>\n

(T\u00e0i li\u1ec7u tham kh\u1ea3o: Th\u00f4ng t\u01b0 122\/\/TT-BTC Ti\u00eau chu\u1ea9n th\u1ea9m \u0111\u1ecbnh gi\u00e1 Vi\u1ec7t Nam s\u1ed1 12)<\/i><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n Ph\u01b0\u01a1ng ph\u00e1p chi\u1ebft kh\u1ea5u d\u00f2ng c\u1ed5 t\u1ee9c (ti\u1ebfng Anh: Dividend discount method) l\u00e0 m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p trong c\u00e1ch ti\u1ebfp c\u1eadn t\u1eeb thu nh\u1eadp \u0111\u1ec3 th\u1ea9m \u0111\u1ecbnh gi\u00e1 doanh nghi\u1ec7p.\n <\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[414],"tags":[],"_links":{"self":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/26256"}],"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=26256"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/26256\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=26256"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=26256"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=26256"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}