{"id":29803,"date":"2023-12-07T08:41:36","date_gmt":"2023-12-07T08:41:36","guid":{"rendered":"https:\/\/masterskills.org\/blog\/chi-phi-von-khong-don-bay-unlevered-cost-of-capital-la-gi-tinh-toan-chi-phi-von-khong-don-bay.html"},"modified":"2023-12-23T06:10:36","modified_gmt":"2023-12-22T23:10:36","slug":"chi-phi-von-khong-don-bay-unlevered-cost-of-capital-la-gi-tinh-toan-chi-phi-von-khong-don-bay","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/chi-phi-von-khong-don-bay-unlevered-cost-of-capital-la-gi-tinh-toan-chi-phi-von-khong-don-bay.html","title":{"rendered":"Chi ph\u00ed v\u1ed1n kh\u00f4ng \u0111\u00f2n b\u1ea9y (Unlevered Cost of Capital) l\u00e0 g\u00ec? T\u00ednh to\u00e1n Chi ph\u00ed v\u1ed1n kh\u00f4ng \u0111\u00f2n b\u1ea9y"},"content":{"rendered":"
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Hi\u0300nh minh ho\u0323a. Ngu\u00f4\u0300n: Investopedia<\/p>\n<\/figcaption><\/figure>\n

Chi ph\u00ed v\u1ed1n kh\u00f4ng \u0111\u00f2n b\u1ea9y<\/font><\/h2>\n

Kha\u0301i ni\u00ea\u0323m<\/b><\/p>\n

Chi ph\u00ed v\u1ed1n kh\u00f4ng \u0111\u00f2n b\u1ea9y<\/b> hay c\u00f2n g\u1ecdi l\u00e0 chi ph\u00ed v\u1ed1n kh\u00f4ng vay n\u1ee3 <\/b>trong ti\u00ea\u0301ng Anh la\u0300 Unlevered Cost of Capital.<\/b><\/p>\n

Chi ph\u00ed v\u1ed1n kh\u00f4ng \u0111\u00f2n b\u1ea9y <\/b>l\u00e0 m\u1ed9t ph\u00e9p t\u00ednh \u0111o l\u01b0\u1eddng\u00a0chi ph\u00ed s\u1eed d\u1ee5ng v\u1ed1n\u00a0c\u1ee7a m\u1ed9t c\u00f4ng ty khi c\u00f4ng ty \u0111\u00f3 kh\u00f4ng s\u1eed d\u1ee5ng n\u1ee3, c\u1ea3 m\u1eb7t l\u00ed thuy\u1ebft v\u00e0 th\u1ef1c t\u1ebf, \u0111\u1ec3 t\u00e0i tr\u1ee3 cho m\u1ed9t d\u1ef1 \u00e1n v\u1ed1n c\u1ee5 th\u1ec3.\u00a0 <\/p>\n

Chi ph\u00ed v\u1ed1n kh\u00f4ng \u0111\u00f2n b\u1ea9y n\u00ean cho th\u1ea5y d\u1ef1 \u00e1n kh\u00f4ng s\u1eed d\u1ee5ng n\u1ee3 l\u00e0m \u0111\u00f2n b\u1ea9y l\u00e0 m\u1ed9t l\u1ef1a ch\u1ecdn thay th\u1ebf \u00edt t\u1ed1n k\u00e9m h\u01a1n so v\u1edbi m\u1ed9t d\u1ef1 \u00e1n kh\u00e1c c\u00f3 s\u1eed d\u1ee5ng\u00a0<\/i>\u0111\u00f2n b\u1ea9y. Chi ph\u00ed v\u1ed1n kh\u00f4ng \u0111\u00f2n b\u1ea9y l\u00e0 m\u1ed9t bi\u1ebfn th\u1ec3 c\u1ee7a chi ph\u00ed v\u1ed1n.\u00a0<\/i><\/p>\n

C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u0169ng c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng bi\u1ec7n ph\u00e1p chi ph\u00ed v\u1ed1n kh\u00f4ng \u0111\u00f2n b\u1ea9y \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh xem c\u00f4ng ty c\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0 \u0111\u00fang \u0111\u1eafn hay kh\u00f4ng.\u00a0<\/p>\n

\u0110\u1eb7c \u0111i\u1ec3m Chi ph\u00ed v\u1ed1n kh\u00f4ng \u0111\u00f2n b\u1ea9y<\/font><\/h3>\n

\u0110\u1ea7u t\u01b0 v\u00e0o m\u1ed9t d\u1ef1 \u00e1n c\u00f3 chi ph\u00ed v\u1ed1n kh\u00f4ng \u0111\u00f2n b\u1ea9y<\/b> l\u00e0 m\u1ed9t l\u1ef1a ch\u1ecdn thay th\u1ebf \u00edt t\u1ed1n k\u00e9m h\u01a1n so v\u1edbi vi\u1ec7c \u0111\u1ea7u t\u01b0 v\u00e0o m\u1ed9t d\u1ef1 \u00e1n c\u00f3 s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh. C\u00e1c d\u1ef1 \u00e1n c\u00f3 chi ph\u00ed s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y, c\u00f3 chi ph\u00ed cao h\u01a1n do c\u00e1c lo\u1ea1i ph\u00ed li\u00ean quan \u0111\u1ebfn vi\u1ec7c\u00a0ph\u00e1t h\u00e0nh\u00a0n\u1ee3 ho\u1eb7c c\u1ed5 ph\u1ea7n.\u00a0<\/p>\n

M\u1ed9t s\u1ed1 chi ph\u00ed c\u1eadn bi\u00ean c\u1ee7a c\u00e1c d\u1ef1 \u00e1n c\u00f3 s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y g\u1ed3m c\u00f3\u00a0chi ph\u00ed b\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh, ph\u00ed m\u00f4i gi\u1edbi v\u00e0 c\u00e1c kho\u1ea3n thanh to\u00e1n c\u1ed5 t\u1ee9c v\u00e0 thanh to\u00e1n l\u00e3i\u00a0coupon. \u00a0\u00a0<\/p>\n

Chi ph\u00ed v\u1ed1n kh\u00f4ng \u0111\u00f2n b\u1ea9y \u0111\u1ea1i di\u1ec7n cho chi ph\u00ed d\u1ef1 \u00e1n \u0111\u01b0\u1ee3c ch\u00ednh c\u00f4ng ty t\u00e0i tr\u1ee3 m\u00e0 kh\u00f4ng ph\u00e1t sinh n\u1ee3. \u0110\u1ea1i l\u01b0\u1ee3ng n\u00e0y cung c\u1ea5p m\u1ed9t t\u1ec9 l\u1ec7 l\u1ee3i nhu\u1eadn gi\u00fap c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh s\u00e1ng su\u1ed1t v\u1ec1 vi\u1ec7c c\u00f3 n\u00ean \u0111\u1ea7u t\u01b0 hay kh\u00f4ng.\u00a0<\/p>\n

N\u1ebfu c\u00f4ng ty kh\u00f4ng \u0111\u00e1p \u1ee9ng \u0111\u01b0\u1ee3c m\u1ee9c l\u1ee3i nhu\u1eadn d\u1ef1 ki\u1ebfn cho d\u1ef1 \u00e1n kh\u00f4ng s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 t\u1eeb ch\u1ed1i \u0111\u1ea7u t\u01b0. \u00a0\u00a0<\/i><\/p>\n

T\u00ednh to\u00e1n Chi ph\u00ed v\u1ed1n kh\u00f4ng \u0111\u00f2n b\u1ea9y\u00a0<\/font><\/h3>\n

C\u00e1c y\u1ebfu t\u1ed1 c\u1ea7n thi\u1ebft \u0111\u1ec3 t\u00ednh to\u00e1n chi ph\u00ed v\u1ed1n kh\u00f4ng \u0111\u00f2n b\u1ea9y <\/b>bao g\u1ed3m:\u00a0h\u1ec7 s\u1ed1 beta\u00a0kh\u00f4ng c\u00f3 \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh, ph\u1ea7n b\u00f9 r\u1ee7i ro th\u1ecb tr\u01b0\u1eddng v\u00e0 t\u1ec9 l\u1ec7 ho\u00e0n v\u1ed1n phi r\u1ee7i ro. Khi c\u00f3 \u0111\u01b0\u1ee3c t\u1ea5t c\u1ea3 c\u00e1c bi\u1ebfn, chi ph\u00ed v\u1ed1n kh\u00f4ng \u0111\u00f2n b\u1ea9y c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c t\u00ednh theo c\u00f4ng th\u1ee9c sau: \u00a0\u00a0<\/p>\n

Chi ph\u00ed v\u1ed1n kh\u00f4ng \u0111\u00f2n b\u1ea9y = T\u1ec9 l\u1ec7 ho\u00e0n v\u1ed1n phi r\u1ee7i ro + H\u1ec7 s\u1ed1 beta kh\u00f4ng c\u00f3 \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh * Ph\u1ea7n b\u00f9 r\u1ee7i ro th\u1ecb tr\u01b0\u1eddng. \u00a0\u00a0<\/i><\/p>\n

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

\u00a0– H\u1ec7 s\u1ed1 beta kh\u00f4ng c\u00f3 \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh th\u1ec3 hi\u1ec7n s\u1ef1 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a m\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0 so v\u1edbi th\u1ecb tr\u01b0\u1eddng.\u00a0<\/p>\n

\u00a0–\u00a0Ph\u1ea7n b\u00f9 r\u1ee7i ro th\u1ecb tr\u01b0\u1eddng\u00a0= L\u1ee3i nhu\u1eadn k\u00ec v\u1ecdng c\u1ee7a th\u1ecb tr\u01b0\u1eddng – T\u1ec9 l\u1ec7 ho\u00e0n v\u1ed1n phi r\u1ee7i ro.\u00a0 <\/p>\n

C\u00f4ng th\u1ee9c n\u00e0y c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng nh\u01b0 m\u1ed9t ti\u00eau chu\u1ea9n \u0111\u1ec3 \u0111o l\u01b0\u1eddng m\u1ee9c \u0111\u1ed9 an to\u00e0n c\u1ee7a kho\u1ea3n \u0111\u1ea7u t\u01b0. \u00a0 \u00a0\u00a0<\/i><\/p>\n

Gi\u1ea3 s\u1eed k\u1ebft qu\u1ea3 chi ph\u00ed v\u1ed1n kh\u00f4ng \u0111\u00f2n b\u1ea9y l\u00e0 10% trong khi l\u1ee3i nhu\u1eadn c\u1ee7a c\u00f4ng ty \u1edf d\u01b0\u1edbi m\u1ee9c n\u00e0y, th\u00ec kho\u1ea3n \u0111\u1ea7u t\u01b0 v\u00e0o d\u1ef1 \u00e1n kh\u00f4ng s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y n\u00e0y c\u00f3 th\u1ec3 kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0 kh\u00f4n ngoan. \u00a0 <\/p>\n

(Theo Investopedia)<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n Chi ph\u00ed v\u1ed1n kh\u00f4ng \u0111\u00f2n b\u1ea9y (ti\u1ebfng Anh: Unlevered Cost of Capital) l\u00e0 m\u1ed9t ph\u00e9p t\u00ednh \u0111o l\u01b0\u1eddng chi ph\u00ed v\u1ed1n c\u1ee7a m\u1ed9t c\u00f4ng ty khi c\u00f4ng ty \u0111\u00f3 kh\u00f4ng s\u1eed d\u1ee5ng n\u1ee3, c\u1ea3 m\u1eb7t l\u00ed thuy\u1ebft v\u00e0 th\u1ef1c t\u1ebf, \u0111\u1ec3 t\u00e0i tr\u1ee3 cho m\u1ed9t d\u1ef1 \u00e1n v\u1ed1n c\u1ee5 th\u1ec3.\n <\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[417],"tags":[],"_links":{"self":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/29803"}],"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=29803"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/29803\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=29803"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=29803"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=29803"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}