{"id":26261,"date":"2023-12-07T02:29:39","date_gmt":"2023-12-07T02:29:39","guid":{"rendered":"https:\/\/masterskills.org\/blog\/phuong-phap-chiet-khau-dong-tien-tu-do-cua-doanh-nghiep-discounted-free-cash-flows-method-la-gi.html"},"modified":"2023-12-22T14:40:51","modified_gmt":"2023-12-22T07:40:51","slug":"phuong-phap-chiet-khau-dong-tien-tu-do-cua-doanh-nghiep-discounted-free-cash-flows-method-la-gi","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/phuong-phap-chiet-khau-dong-tien-tu-do-cua-doanh-nghiep-discounted-free-cash-flows-method-la-gi.html","title":{"rendered":"Ph\u01b0\u01a1ng ph\u00e1p chi\u1ebft kh\u1ea5u d\u00f2ng ti\u1ec1n t\u1ef1 do c\u1ee7a doanh nghi\u1ec7p (Discounted Free Cash Flows Method) l\u00e0 g\u00ec?"},"content":{"rendered":"
\n
\n
\"Ph\u01b0\u01a1ng<\/div>\n
\n

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 ti\u1ec1n t\u1ef1 do c\u1ee7a doanh nghi\u1ec7p<\/font><\/h2>\n

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

Ph\u01b0\u01a1ng ph\u00e1p chi\u1ebft kh\u1ea5u d\u00f2ng ti\u1ec1n t\u1ef1 do c\u1ee7a doanh nghi\u1ec7p<\/b> trong ti\u1ebfng Anh t\u1ea1m d\u1ecbch l\u00e0:\u00a0Discounted Free Cash Flows Method.<\/b><\/p>\n

Ph\u01b0\u01a1ng ph\u00e1p chi\u1ebft kh\u1ea5u d\u00f2ng ti\u1ec1n t\u1ef1 do c\u1ee7a doanh nghi\u1ec7p<\/b> l\u00e0 ph\u01b0\u01a1ng ph\u00e1p x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb 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 ti\u1ec1n t\u1ef1 do c\u1ee7a doanh nghi\u1ec7p c\u1ea7n th\u1ea9m \u0111\u1ecbnh gi\u00e1 v\u1edbi gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a c\u00e1c t\u00e0i s\u1ea3n phi ho\u1ea1t \u0111\u1ed9ng c\u1ee7a doanh nghi\u1ec7p t\u1ea1i th\u1eddi \u0111i\u1ec3m 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 t\u1ef1 do 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.<\/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

Qui tr\u00ecnh x\u00e1c \u0111\u1ecbnh<\/font><\/h3>\n

C\u00e1c b\u01b0\u1edbc x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb doanh nghi\u1ec7p:<\/p>\n

– B\u01b0\u1edbc 1:<\/b> D\u1ef1 b\u00e1o d\u00f2ng ti\u1ec1n t\u1ef1 do c\u1ee7a doanh nghi\u1ec7p c\u1ea7n th\u1ea9m \u0111\u1ecbnh gi\u00e1.<\/p>\n

– B\u01b0\u1edbc 2:<\/b> \u01af\u1edbc t\u00ednh chi ph\u00ed s\u1eed d\u1ee5ng v\u1ed1n b\u00ecnh qu\u00e2n gia quy\u1ec1n c\u1ee7a doanh nghi\u1ec7p c\u1ea7n th\u1ea9m \u0111\u1ecbnh gi\u00e1.<\/p>\n

– B\u01b0\u1edbc 3:<\/b> \u01af\u1edbc t\u00ednh gi\u00e1 tr\u1ecb cu\u1ed1i k\u00ec d\u1ef1 b\u00e1o.<\/p>\n

– B\u01b0\u1edbc 4: <\/b>\u01af\u1edbc t\u00ednh gi\u00e1 tr\u1ecb doanh nghi\u1ec7p c\u1ea7n th\u1ea9m \u0111\u1ecbnh gi\u00e1.<\/p>\n

D\u1ef1 b\u00e1o d\u00f2ng ti\u1ec1n t\u1ef1 do c\u1ee7a doanh nghi\u1ec7p c\u1ea7n th\u1ea9m \u0111\u1ecbnh gi\u00e1<\/font><\/h3>\n

Th\u1ea9m \u0111\u1ecbnh vi\u00ean c\u1ea7n \u01b0\u1edbc t\u00ednh giai \u0111o\u1ea1n d\u1ef1 b\u00e1o d\u00f2ng ti\u1ec1n. \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 d\u00f2ng ti\u1ec1n 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 d\u00f2ng ti\u1ec1n c\u00f3 th\u1ec3 k\u00e9o d\u00e0i h\u01a1n 5 n\u0103m cho \u0111\u1ebfn khi doanh nghi\u1ec7p b\u01b0\u1edbc v\u00e0o giai \u0111o\u1ea1n t\u0103ng tr\u01b0\u1edfng \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 ti\u1ec1n \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh theo tu\u1ed5i \u0111\u1eddi c\u1ee7a doanh nghi\u1ec7p.<\/p>\n

C\u00f4ng th\u1ee9c t\u00ednh d\u00f2ng ti\u1ec1n t\u1ef1 do h\u00e0ng n\u0103m c\u1ee7a doanh nghi\u1ec7p:<\/b><\/p>\n

FCFF = L\u1ee3i nhu\u1eadn tr\u01b0\u1edbc l\u00e3i vay sau thu\u1ebf (EBIAT) + Kh\u1ea5u hao – Chi \u0111\u1ea7u t\u01b0 v\u1ed1n – Thay \u0111\u1ed5i v\u1ed1n l\u01b0u \u0111\u1ed9ng thu\u1ea7n ngo\u00e0i ti\u1ec1n m\u1eb7t v\u00e0 t\u00e0i s\u1ea3n phi ho\u1ea1t \u0111\u1ed9ng ng\u1eafn h\u1ea1n (ch\u00eanh l\u1ec7ch v\u1ed1n ho\u1ea1t \u0111\u1ed9ng thu\u1ea7n)<\/p>\n

L\u1ee3i nhu\u1eadn tr\u01b0\u1edbc l\u00e3i vay sau thu\u1ebf (EBIAT) l\u00e0 l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc l\u00e3i vay sau thu\u1ebf \u0111\u00e3 lo\u1ea1i tr\u1eeb c\u00e1c kho\u1ea3n doanh thu v\u00e0 chi ph\u00ed t\u1eeb t\u00e0i s\u1ea3n phi ho\u1ea1t \u0111\u1ed9ng.<\/p>\n

C\u00f4ng th\u1ee9c t\u00ednh l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc l\u00e3i vay sau thu\u1ebf (EBIAT) t\u1eeb l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc l\u00e3i vay v\u00e0 thu\u1ebf (EBIT) nh\u01b0 sau:<\/p>\n

EBIAT = EBIT \u00d7 (1 \u0336 t)<\/p>\n

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

t: m\u1ee9c thu\u1ebf su\u1ea5t thu\u1ebf thu nh\u1eadp doanh nghi\u1ec7p<\/p>\n

Chi \u0111\u1ea7u t\u01b0 v\u1ed1n bao g\u1ed3m: chi \u0111\u1ea7u t\u01b0 t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh v\u00e0 t\u00e0i s\u1ea3n d\u00e0i h\u1ea1n kh\u00e1c; chi \u0111\u1ea7u t\u01b0 t\u00e0i s\u1ea3n ho\u1ea1t \u0111\u1ed9ng n\u1eb1m trong nh\u00f3m chi mua c\u00f4ng c\u1ee5 n\u1ee3 c\u1ee7a \u0111\u01a1n v\u1ecb kh\u00e1c v\u00e0 chi \u0111\u1ea7u t\u01b0 g\u00f3p v\u1ed1n v\u00e0o \u0111\u01a1n v\u1ecb kh\u00e1c (n\u1ebfu c\u00f3).<\/p>\n

– C\u00f4ng th\u1ee9c t\u00ednh v\u1ed1n l\u01b0u \u0111\u1ed9ng ngo\u00e0i ti\u1ec1n m\u1eb7t v\u00e0 t\u00e0i s\u1ea3n phi ho\u1ea1t \u0111\u1ed9ng ng\u1eafn h\u1ea1n:<\/p>\n

V\u1ed1n l\u01b0u \u0111\u1ed9ng ngo\u00e0i ti\u1ec1n m\u1eb7t v\u00e0 t\u00e0i s\u1ea3n phi ho\u1ea1t \u0111\u1ed9ng ng\u1eafn h\u1ea1n = (C\u00e1c kho\u1ea3n ph\u1ea3i thu ng\u1eafn h\u1ea1n + H\u00e0ng t\u1ed3n kho + T\u00e0i s\u1ea3n ng\u1eafn h\u1ea1n kh\u00e1c) – N\u1ee3 ng\u1eafn h\u1ea1n kh\u00f4ng bao g\u1ed3m vay ng\u1eafn h\u1ea1n<\/p>\n

\u01af\u1edbc t\u00ednh chi ph\u00ed s\u1eed d\u1ee5ng v\u1ed1n b\u00ecnh qu\u00e2n gia quy\u1ec1n c\u1ee7a doanh nghi\u1ec7p c\u1ea7n th\u1ea9m \u0111\u1ecbnh gi\u00e1<\/font><\/h3>\n

Th\u1ea9m \u0111\u1ecbnh vi\u00ean \u01b0\u1edbc t\u00ednh chi ph\u00ed s\u1eed d\u1ee5ng v\u1ed1n b\u00ecnh qu\u00e2n gia quy\u1ec1n c\u1ee7a doanh nghi\u1ec7p c\u1ea7n th\u1ea9m \u0111\u1ecbnh gi\u00e1 theo c\u00f4ng th\u1ee9c:<\/p>\n

WACC = Rd<\/sub> \u00d7 Fd<\/sub> \u00d7 (1 – t) + Re<\/sub> \u00d7 Fe<\/sub><\/p>\n

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

WACC: Chi ph\u00ed s\u1eed d\u1ee5ng v\u1ed1n b\u00ecnh qu\u00e2n gia quy\u1ec1n<\/p>\n

Rd<\/sub>: Chi ph\u00ed s\u1eed d\u1ee5ng n\u1ee3 c\u1ee7a doanh nghi\u1ec7p<\/p>\n

Fd<\/sub>: T\u1ec9 tr\u1ecdng n\u1ee3 d\u00e0i h\u1ea1n tr\u00ean t\u1ed5ng ngu\u1ed3n v\u1ed1n d\u00e0i h\u1ea1n t\u00e0i tr\u1ee3 cho ho\u1ea1t \u0111\u1ed9ng c\u1ee7a doanh nghi\u1ec7p<\/p>\n

t: Thu\u1ebf su\u1ea5t thu\u1ebf thu nh\u1eadp doanh nghi\u1ec7p<\/p>\n

Re<\/sub>: Chi ph\u00ed s\u1eed d\u1ee5ng v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/p>\n

Fe<\/sub>: T\u1ec9 tr\u1ecdng v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu tr\u00ean t\u1ed5ng ngu\u1ed3n v\u1ed1n d\u00e0i h\u1ea1n t\u00e0i tr\u1ee3 cho ho\u1ea1t \u0111\u1ed9ng c\u1ee7a doanh nghi\u1ec7p<\/p>\n

\u01af\u1edbc t\u00ednh gi\u00e1 tr\u1ecb cu\u1ed1i k\u00ec d\u1ef1 b\u00e1o<\/font><\/h3>\n

– Tr\u01b0\u1eddng h\u1ee3p 1: d\u00f2ng ti\u1ec1n sau giai \u0111o\u1ea1n d\u1ef1 b\u00e1o l\u00e0 d\u00f2ng ti\u1ec1n kh\u00f4ng t\u0103ng tr\u01b0\u1edfng v\u00e0 k\u00e9o d\u00e0i v\u00f4 t\u1eadn.<\/p>\n

C\u00f4ng th\u1ee9c t\u00ednh gi\u00e1 tr\u1ecb cu\u1ed1i k\u00ec d\u1ef1 b\u00e1o l\u00e0:<\/p>\n

\n
<\/div>\n
\n<\/div>\n<\/div>\n

– Tr\u01b0\u1eddng h\u1ee3p 2: d\u00f2ng ti\u1ec1n 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.<\/p>\n

C\u00f4ng th\u1ee9c t\u00ednh gi\u00e1 tr\u1ecb cu\u1ed1i k\u00ec d\u1ef1 b\u00e1o l\u00e0:<\/p>\n

\n
<\/div>\n
\n<\/div>\n<\/div>\n

T\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng c\u1ee7a d\u00f2ng ti\u1ec1n \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh theo t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng c\u1ee7a l\u1ee3i nhu\u1eadn.\u00a0<\/p>\n

T\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng c\u1ee7a l\u1ee3i nhu\u1eadn \u0111\u01b0\u1ee3c d\u1ef1 b\u00e1o tr\u00ean c\u01a1 s\u1edf tri\u1ec3n v\u1ecdng ph\u00e1t tri\u1ec3n c\u1ee7a doanh nghi\u1ec7p, t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn trong qu\u00e1 kh\u1ee9 c\u1ee7a doanh nghi\u1ec7p, k\u1ebf ho\u1ea1ch s\u1ea3n xu\u1ea5t kinh\u00a0doanh, 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 t\u1ed5ng ngu\u1ed3n v\u1ed1n.<\/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

\u01af\u1edbc t\u00ednh gi\u00e1 tr\u1ecb doanh nghi\u1ec7p c\u1ea7n th\u1ea9m \u0111\u1ecbnh gi\u00e1<\/font><\/h3>\n

– T\u00ednh t\u1ed5ng gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i thu\u1ea7n c\u1ee7a d\u00f2ng ti\u1ec1n t\u1ef1 do v\u00e0 gi\u00e1 tr\u1ecb cu\u1ed1i k\u00ec d\u1ef1 b\u00e1o sau khi chi\u1ebft kh\u1ea5u c\u00e1c d\u00f2ng ti\u1ec1n t\u1ef1 do c\u1ee7a doanh nghi\u1ec7p v\u00e0 gi\u00e1 tr\u1ecb 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 b\u00ecnh qu\u00e2n gia quy\u1ec1n c\u1ee7a doanh nghi\u1ec7p.<\/p>\n

\n
<\/div>\n
\n<\/div>\n<\/div>\n

– \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 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 ti\u1ec1n t\u1ef1 do c\u1ee7a doanh nghi\u1ec7p v\u00e0 gi\u00e1 tr\u1ecb 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 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 ti\u1ec1n t\u1ef1 do c\u1ee7a doanh nghi\u1ec7p (ti\u1ebfng Anh: Discounted Free Cash Flows 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\/26261"}],"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=26261"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/26261\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=26261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=26261"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=26261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}