{"id":30249,"date":"2023-12-07T09:05:52","date_gmt":"2023-12-07T09:05:52","guid":{"rendered":"https:\/\/masterskills.org\/blog\/ti-le-nguong-hurdle-rate-la-gi-dac-diem-cua-ti-le-nguong.html"},"modified":"2023-12-23T06:12:30","modified_gmt":"2023-12-22T23:12:30","slug":"ti-le-nguong-hurdle-rate-la-gi-dac-diem-cua-ti-le-nguong","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/ti-le-nguong-hurdle-rate-la-gi-dac-diem-cua-ti-le-nguong.html","title":{"rendered":"T\u1ec9 l\u1ec7 ng\u01b0\u1ee1ng (Hurdle Rate) l\u00e0 g\u00ec? \u0110\u1eb7c \u0111i\u1ec3m c\u1ee7a T\u1ec9 l\u1ec7 ng\u01b0\u1ee1ng"},"content":{"rendered":"<div class=\"vnbcbc-body vceditor-content wi-active\" data-role=\"content\">\n<div type=\"Photo\" class=\"VCSortableInPreviewMode\" style=\"\">\n<div><\/div>\n<div class=\"PhotoCMS_Caption\">\n<p data-placeholder=\"[nh\u1eadp ch\u00fa th\u00edch]\">\u1ea2nh minh ho\u1ea1. Ngu\u1ed3n: Financial Investigator.<\/p>\n<\/div>\n<\/div>\n<h2><b><font style=\"line-height: 22px; font-size: 22px;\" color=\"#3d85c6\">T\u1ec9 l\u1ec7 ng\u01b0\u1ee1ng<\/font><\/b><\/h2>\n<p><b>Kh\u00e1i ni\u1ec7m<\/b><\/p>\n<p><b>T\u1ec9 l\u1ec7 ng\u01b0\u1ee1ng <\/b>hay <b>ng\u01b0\u1ee1ng thu h\u1ed3i v\u1ed1n<\/b>\u00a0trong ti\u1ebfng Anh l\u00e0\u00a0<b>Hurdle Rate<\/b>.<\/p>\n<p><b>T\u1ec9 l\u1ec7 ng\u01b0\u1ee1ng<\/b> l\u00e0 t\u1ec9 l\u1ec7 l\u1ee3i nhu\u1eadn t\u1ed1i thi\u1ec3u c\u1ee7a m\u1ed9t d\u1ef1 \u00e1n ho\u1eb7c \u0111\u1ea7u t\u01b0 theo y\u00eau c\u1ea7u c\u1ee7a ng\u01b0\u1eddi qu\u1ea3n l\u00ed ho\u1eb7c nh\u00e0 \u0111\u1ea7u t\u01b0. N\u00f3 cho ph\u00e9p c\u00e1c c\u00f4ng ty \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh quan tr\u1ecdng v\u1ec1 vi\u1ec7c c\u00f3 n\u00ean theo \u0111u\u1ed5i m\u1ed9t d\u1ef1 \u00e1n c\u1ee5 th\u1ec3 hay kh\u00f4ng.\u00a0<\/p>\n<p>T\u1ec9 l\u1ec7 ng\u01b0\u1ee1ng m\u00f4 t\u1ea3 m\u1ee9c b\u1ed3i th\u01b0\u1eddng th\u00edch h\u1ee3p cho m\u1ee9c \u0111\u1ed9 r\u1ee7i ro hi\u1ec7n t\u1ea1i &#8211; c\u00e1c d\u1ef1 \u00e1n r\u1ee7i ro cao th\u01b0\u1eddng c\u00f3 m\u1ee9c t\u1ec9 l\u1ec7 ng\u01b0\u1ee1ng cao h\u01a1n so v\u1edbi c\u00e1c d\u1ef1 \u00e1n c\u00f3 r\u1ee7i ro th\u1ea5p. \u0110\u1ec3 x\u00e1c \u0111\u1ecbnh t\u1ec9 l\u1ec7 n\u00e0y, ph\u1ea3i xem x\u00e9t nh\u1eefng y\u1ebfu t\u1ed1 nh\u01b0: r\u1ee7i ro li\u00ean quan, chi ph\u00ed v\u1ed1n v\u00e0 l\u1ee3i nhu\u1eadn c\u1ee7a c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 ho\u1eb7c d\u1ef1 \u00e1n ti\u1ec1m n\u0103ng kh\u00e1c. <\/p>\n<h3><font style=\"line-height: 22px; font-size: 22px;\" color=\"#3d85c6\"><b>\u0110\u1eb7c \u0111i\u1ec3m c\u1ee7a T\u1ec9 l\u1ec7 ng\u01b0\u1ee1ng<\/b><\/font><\/h3>\n<p>T\u1ec9 l\u1ec7 ng\u01b0\u1ee1ng r\u1ea5t quan tr\u1ecdng trong gi\u1edbi kinh doanh, \u0111\u1eb7c bi\u1ec7t l\u00e0 \u0111\u1ed1i v\u1edbi nh\u1eefng k\u1ebf ho\u1ea1ch v\u00e0 d\u1ef1 \u00e1n trong t\u01b0\u01a1ng lai. C\u00e1c c\u00f4ng ty x\u00e1c \u0111\u1ecbnh li\u1ec7u h\u1ecd c\u00f3 n\u00ean \u0111\u1ea3m nh\u1eadn c\u00e1c d\u1ef1 \u00e1n v\u1ed1n d\u1ef1a tr\u00ean m\u1ee9c \u0111\u1ed9 r\u1ee7i ro li\u00ean quan \u0111\u1ebfn n\u00f3. N\u1ebfu l\u00e3i su\u1ea5t ho\u00e0n v\u1ed1n d\u1ef1 ki\u1ebfn cao h\u01a1n t\u1ec9 l\u1ec7 ng\u01b0\u1ee1ng, kho\u1ea3n \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c coi l\u00e0 h\u1ee3p l\u00ed. N\u1ebfu t\u1ec9 l\u1ec7 l\u1ee3i nhu\u1eadn gi\u1ea3m xu\u1ed1ng d\u01b0\u1edbi m\u1ee9c t\u1ed1i thi\u1ec3u, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 ch\u1ecdn kh\u00f4ng \u0111\u1ea7u t\u01b0. T\u1ec9 l\u1ec7 ng\u01b0\u1ee1ng c\u0169ng \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 t\u1ec9 l\u1ec7 l\u00e3i su\u1ea5t h\u00f2a v\u1ed1n.<\/p>\n<p>C\u00f3 hai c\u00e1ch \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 m\u1ee9c \u0111\u1ed9 kh\u1ea3 thi c\u1ee7a m\u1ed9t d\u1ef1 \u00e1n. \u0110\u1ea7u ti\u00ean, m\u1ed9t c\u00f4ng ty quy\u1ebft \u0111\u1ecbnh d\u1ef1a tr\u00ean ph\u01b0\u01a1ng ph\u00e1p\u00a0gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i r\u00f2ng\u00a0(NPV) b\u1eb1ng c\u00e1ch th\u1ef1c hi\u1ec7n ph\u00e2n t\u00edch d\u00f2ng ti\u1ec1n chi\u1ebft kh\u1ea5u (DCF).<\/p>\n<p>D\u00f2ng ti\u1ec1n \u0111\u01b0\u1ee3c chi\u1ebft kh\u1ea5u theo t\u1ec9 l\u1ec7 qui \u0111\u1ecbnh m\u00e0 c\u00f4ng ty ch\u1ecdn l\u00e0 t\u1ec9 su\u1ea5t l\u1ee3i nhu\u1eadn t\u1ed1i thi\u1ec3u c\u1ea7n thi\u1ebft cho m\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0 ho\u1eb7c d\u1ef1 \u00e1n \u2013 ch\u00ednh l\u00e0 t\u1ec9 l\u1ec7 ng\u01b0\u1ee1ng. Gi\u00e1 tr\u1ecb c\u1ee7a d\u00f2ng ti\u1ec1n chi\u1ebft kh\u1ea5u ph\u1ee5 thu\u1ed9c v\u00e0o t\u1ec9 l\u1ec7 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 chi\u1ebft kh\u1ea5u ch\u00fang. Chi ph\u00ed t\u1ed5ng th\u1ec3 c\u1ee7a d\u1ef1 \u00e1n sau \u0111\u00f3 \u0111\u01b0\u1ee3c tr\u1eeb v\u00e0o t\u1ed5ng s\u1ed1 d\u00f2ng ti\u1ec1n chi\u1ebft kh\u1ea5u s\u1eed d\u1ee5ng t\u1ec9 l\u1ec7 ng\u01b0\u1ee1ng \u0111\u1ec3 t\u00ednh \u0111\u01b0\u1ee3c gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i r\u00f2ng c\u1ee7a d\u1ef1 \u00e1n. N\u1ebfu NPV t\u00edch c\u1ef1c, c\u00f4ng ty s\u1ebd ph\u00ea duy\u1ec7t d\u1ef1 \u00e1n. Th\u00f4ng th\u01b0\u1eddng c\u00e1c c\u00f4ng ty s\u1eed d\u1ee5ng\u00a0chi ph\u00ed s\u1eed d\u1ee5ng v\u1ed1n b\u00ecnh qu\u00e2n\u00a0(WACC) l\u00e0m t\u1ec9 l\u1ec7 ng\u01b0\u1ee1ng.<\/p>\n<p>\u0110\u1ed1i v\u1edbi ph\u01b0\u01a1ng ph\u00e1p th\u1ee9 hai,\u00a0t\u1ec9 l\u1ec7 ho\u00e0n v\u1ed1n n\u1ed9i b\u1ed9\u00a0(IRR) c\u1ee7a d\u1ef1 \u00e1n \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n v\u00e0 so s\u00e1nh v\u1edbi t\u1ec9 l\u1ec7 ng\u01b0\u1ee1ng. N\u1ebfu IRR v\u01b0\u1ee3t qu\u00e1 t\u1ec9 l\u1ec7 ng\u01b0\u1ee1ng, d\u1ef1 \u00e1n r\u1ea5t c\u00f3 th\u1ec3 s\u1ebd ti\u1ebfn h\u00e0nh. <\/p>\n<h3><b><font style=\"line-height: 22px; font-size: 22px;\" color=\"#3d85c6\">C\u00e1ch s\u1eed d\u1ee5ng t\u1ec9 l\u1ec7 ng\u01b0\u1ee1ng<\/font><\/b><\/h3>\n<p>Th\u00f4ng th\u01b0\u1eddng, ph\u00ed b\u1ea3o hi\u1ec3m r\u1ee7i ro \u0111\u01b0\u1ee3c g\u00e1n cho m\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0 ti\u1ec1m n\u0103ng \u0111\u1ec3 bi\u1ec3u th\u1ecb s\u1ed1 l\u01b0\u1ee3ng r\u1ee7i ro d\u1ef1 ki\u1ebfn li\u00ean quan. R\u1ee7i ro c\u00e0ng cao, ph\u00ed b\u1ea3o hi\u1ec3m r\u1ee7i ro c\u00e0ng cao, v\u00ec ph\u1ea3i t\u00ednh \u0111\u1ebfn th\u1ef1c t\u1ebf l\u00e0 n\u1ebfu r\u1ee7i ro m\u1ea5t ti\u1ec1n c\u1ee7a b\u1ea1n c\u00e0ng cao, th\u00ec l\u1ee3i t\u1ee9c \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n c\u00e0ng cao. Ph\u00ed b\u1ea3o hi\u1ec3m r\u1ee7i ro th\u01b0\u1eddng \u0111\u01b0\u1ee3c th\u00eam v\u00e0o WACC \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c t\u1ec9 l\u1ec7 ng\u01b0\u1ee1ng ph\u00f9 h\u1ee3p h\u01a1n.<\/p>\n<p>S\u1eed d\u1ee5ng t\u1ec9 l\u1ec7 ng\u01b0\u1ee1ng \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh ti\u1ec1m n\u0103ng c\u1ee7a kho\u1ea3n \u0111\u1ea7u t\u01b0 gi\u00fap lo\u1ea1i b\u1ecf m\u1ecdi sai l\u1ec7ch \u0111\u01b0\u1ee3c t\u1ea1o ra do nh\u1eadn \u0111\u1ecbnh ch\u1ee7 quan \u0111\u1ed1i v\u1edbi d\u1ef1 \u00e1n. B\u1eb1ng c\u00e1ch ch\u1ec9 \u0111\u1ecbnh m\u1ed9t y\u1ebfu t\u1ed1 r\u1ee7i ro th\u00edch h\u1ee3p, m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng t\u1ec9 l\u1ec7 ng\u01b0\u1ee1ng \u0111\u1ec3 ch\u1ee9ng minh li\u1ec7u d\u1ef1 \u00e1n c\u00f3 ti\u1ec1m n\u0103ng t\u00e0i ch\u00ednh b\u1ea5t k\u1ec3 gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i hay kh\u00f4ng.<\/p>\n<p>V\u00ed d\u1ee5, m\u1ed9t c\u00f4ng ty c\u00f3 t\u1ef7 l\u1ec7 ng\u01b0\u1ee1ng l\u00e0 10% \u0111\u1ec3 ch\u1ea5p nh\u1eadn c\u00e1c d\u1ef1 \u00e1n, r\u1ea5t c\u00f3 th\u1ec3 s\u1ebd ch\u1ea5p nh\u1eadn m\u1ed9t d\u1ef1 \u00e1n n\u1ebfu n\u00f3 c\u00f3 t\u1ec9 l\u1ec7 IRR l\u00e0 14% v\u00e0 kh\u00f4ng c\u00f3 r\u1ee7i ro \u0111\u00e1ng k\u1ec3. Ngo\u00e0i ra, vi\u1ec7c chi\u1ebft kh\u1ea5u d\u00f2ng ti\u1ec1n trong t\u01b0\u01a1ng lai c\u1ee7a d\u1ef1 \u00e1n n\u00e0y v\u1edbi t\u1ef7 l\u1ec7 ng\u01b0\u1ee1ng 10% s\u1ebd d\u1eabn \u0111\u1ebfn gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i r\u00f2ng l\u1edbn v\u00e0 c\u00f3 d\u1ea5u hi\u1ec7u t\u00edch c\u1ef1c h\u01a1n, \u0111i\u1ec1u n\u00e0y c\u0169ng s\u1ebd d\u1eabn \u0111\u1ebfn s\u1ef1 ch\u1ea5p nh\u1eadn c\u1ee7a d\u1ef1 \u00e1n. <\/p>\n<p> (Theo\u00a0<i>Investopedia<\/i>)<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<div class=\"vnbcbc-sapo\" data-role=\"sapo\">\n                            T\u1ec9 l\u1ec7 ng\u01b0\u1ee1ng (ti\u1ebfng Anh: Hurdle rate) l\u00e0 t\u1ec9 l\u1ec7 l\u1ee3i nhu\u1eadn t\u1ed1i thi\u1ec3u c\u1ee7a m\u1ed9t d\u1ef1 \u00e1n ho\u1eb7c \u0111\u1ea7u t\u01b0 theo y\u00eau c\u1ea7u c\u1ee7a ng\u01b0\u1eddi qu\u1ea3n l\u00ed ho\u1eb7c nh\u00e0 \u0111\u1ea7u t\u01b0.\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\/30249"}],"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=30249"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/30249\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=30249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=30249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=30249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}