{"id":30558,"date":"2023-12-07T09:33:10","date_gmt":"2023-12-07T09:33:10","guid":{"rendered":"https:\/\/masterskills.org\/blog\/dong-tien-deu-vo-han-perpetuity-la-gi-cong-thuc-tinh-dong-tien-deu-vo-han.html"},"modified":"2023-12-23T06:13:32","modified_gmt":"2023-12-22T23:13:32","slug":"dong-tien-deu-vo-han-perpetuity-la-gi-cong-thuc-tinh-dong-tien-deu-vo-han","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/dong-tien-deu-vo-han-perpetuity-la-gi-cong-thuc-tinh-dong-tien-deu-vo-han.html","title":{"rendered":"D\u00f2ng ti\u1ec1n \u0111\u1ec1u v\u00f4 h\u1ea1n (Perpetuity) l\u00e0 g\u00ec? C\u00f4ng th\u1ee9c t\u00ednh d\u00f2ng ti\u1ec1n \u0111\u1ec1u v\u00f4 h\u1ea1n"},"content":{"rendered":"
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Hi\u0300nh minh ho\u0323a. Ngu\u00f4\u0300n: Educba.com<\/p>\n<\/figcaption><\/figure>\n

D\u00f2ng ti\u1ec1n \u0111\u1ec1u v\u00f4 h\u1ea1n<\/span><\/font><\/h2>\n

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

D\u00f2ng ti\u1ec1n \u0111\u1ec1u v\u00f4 h\u1ea1n <\/b>hay d\u00f2ng ni\u00ean kim v\u0129nh c\u1eedu<\/b>\u00a0trong ti\u00ea\u0301ng Anh la\u0300 Perpetuity<\/b>.<\/p>\n

Trong t\u00e0i ch\u00ednh, d\u00f2ng ti\u1ec1n \u0111\u1ec1u v\u00f4 h\u1ea1n<\/span> <\/b>l\u00e0 m\u1ed9t d\u00f2ng ti\u1ec1n li\u00ean t\u1ee5c c\u00f3 gi\u00e1 tr\u1ecb b\u1eb1ng nhau v\u00e0 kh\u00f4ng c\u00f3 \u0111i\u1ec3m k\u1ebft th\u00fac. C\u00f4ng th\u1ee9c \u0111\u1ec3 t\u00ednh gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a d\u00f2ng ti\u1ec1n \u0111\u1ec1u v\u00f4 h\u1ea1n<\/span> ho\u1eb7c ch\u1ee9ng kho\u00e1n v\u1edbi d\u00f2ng ti\u1ec1n d\u00f2ng ti\u1ec1n \u0111\u1ec1u v\u00f4 h\u1ea1n<\/span> l\u00e0: \u00a0 \u00a0\u00a0<\/p>\n

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H\u00ecnh minh h\u1ecda.<\/p>\n<\/figcaption><\/figure>\n

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

– C l\u00e0 d\u00f2ng ti\u1ec1n \u0111\u1ec1u h\u1eb1ng n\u0103m.<\/p>\n

– r l\u00e0 t\u1ec9 l\u1ec7 l\u00e3i su\u1ea5t chi\u1ebft kh\u1ea5u.<\/p>\n

Kh\u00e1i ni\u1ec7m d\u00f2ng ti\u1ec1n \u0111\u1ec1u v\u00f4 h\u1ea1n<\/span> \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng trong m\u1ed9t s\u1ed1 l\u00ed thuy\u1ebft t\u00e0i ch\u00ednh nh\u01b0 trong m\u00f4 h\u00ecnh chi\u1ebft kh\u1ea5u c\u1ed5 t\u1ee9c (DDM).\u00a0<\/p>\n

Ch\u1ee9ng kho\u00e1n tr\u1ea3 d\u00f2ng ti\u1ec1n \u0111\u1ec1u v\u00f4 h\u1ea1n<\/span> \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 tr\u00e1i phi\u1ebfu v\u0129nh vi\u1ec5n hay tr\u00e1i phi\u1ebfu kh\u00f4ng c\u00f3 th\u1eddi h\u1ea1n. \u00a0\u00a0<\/i><\/p>\n

\u0110\u1eb7c \u0111i\u1ec3m\u00a0<\/span><\/font><\/h3>\n

D\u00f2ng ti\u1ec1n \u0111\u1ec1u v\u00f4 h\u1ea1n<\/span><\/b> l\u00e0 m\u1ed9t d\u00f2ng ti\u1ec1n, m\u1ed9t lo\u1ea1i ni\u00ean kim t\u1ed3n t\u1ea1i m\u00e3i m\u00e3i t\u1ea1o th\u00e0nh d\u00f2ng ti\u1ec1n kh\u00f4ng c\u00f3 \u0111i\u1ec3m k\u1ebft th\u00fac.\u00a0<\/p>\n

Trong t\u00e0i ch\u00ednh, ph\u00e9p t\u00ednh d\u00f2ng ti\u1ec1n \u0111\u1ec1u v\u00f4 h\u1ea1n<\/span> \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng trong c\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 \u0111\u1ec3 t\u00ecm ra gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a d\u00f2ng ti\u1ec1n m\u1ed9t c\u00f4ng ty b\u1eb1ng c\u00e1ch chi\u1ebft kh\u1ea5u b\u1edfi m\u1ed9t m\u1ee9c t\u1ec9 l\u1ec7 nh\u1ea5t \u0111\u1ecbnh.\u00a0<\/p>\n

M\u1ed9t v\u00ed d\u1ee5 \u0111i\u1ec3n h\u00ecnh v\u1ec1 c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh c\u00f3 d\u00f2ng ti\u1ec1n \u0111\u1ec1u v\u00f4 h\u1ea1n<\/span> l\u00e0 tr\u00e1i phi\u1ebfu do ch\u00ednh ph\u1ee7 Anh ph\u00e1t h\u00e0nh \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 consol. B\u1eb1ng c\u00e1ch mua m\u1ed9t consol t\u1eeb ch\u00ednh ph\u1ee7 Anh, tr\u00e1i ch\u1ee7 c\u00f3 quy\u1ec1n nh\u1eadn \u0111\u01b0\u1ee3c kho\u1ea3n thanh to\u00e1n l\u00e3i h\u00e0ng n\u0103m k\u00e9o d\u00e0i cho \u0111\u1ebfn m\u00e3i m\u00e3i.\u00a0<\/i><\/p>\n

Tuy c\u00f3 v\u1ebb h\u01a1i phi logic, m\u1ed9t s\u1ed1 d\u00f2ng ti\u1ec1n \u0111\u1ec1u v\u00f4 h\u1ea1n<\/span> c\u00f3 gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i h\u1eefu h\u1ea1n do t\u00ednh ch\u1ea5t gi\u00e1 tr\u1ecb th\u1eddi gian c\u1ee7a ti\u1ec1n, m\u1ed7i kho\u1ea3n thanh to\u00e1n trong d\u00f2ng ti\u1ec1n ch\u1ec9 l\u00e0 m\u1ed9t ph\u1ea7n r\u1ea5t nh\u1ecf c\u1ee7a gi\u00e1 tr\u1ecb cu\u1ed1i c\u00f9ng. C\u1ee5 th\u1ec3, c\u00f4ng th\u1ee9c d\u00f2ng ti\u1ec1n \u0111\u1ec1u v\u00f4 h\u1ea1n<\/span> s\u1ebd x\u00e1c \u0111\u1ecbnh d\u00f2ng ti\u1ec1n trong n\u0103m ho\u1ea1t \u0111\u1ed9ng cu\u1ed1i c\u00f9ng.\u00a0<\/p>\n

Trong \u0111\u1ecbnh gi\u00e1 t\u00e0i s\u1ea3n, m\u1ed9t c\u00f4ng ty \u0111\u01b0\u1ee3c cho l\u00e0 m\u1ed9t gi\u00e1 tr\u1ecb ho\u1ea1t \u0111\u1ed9ng (going concern) c\u00f3 ngh\u0129a l\u00e0 n\u00f3 s\u1ebd ti\u1ebfp t\u1ee5c h\u1ecdat \u0111\u1ed9ng m\u00e3i m\u00e3i. V\u00ec l\u00ed do n\u00e0y, n\u0103m ho\u1ea1t \u0111\u1ed9ng cu\u1ed1i c\u00f9ng l\u00e0 v\u00f4 h\u1ea1n n\u00ean c\u00e1c nh\u00e0 ph\u00e2n t\u00edch s\u1eed d\u1ee5ng c\u00f4ng th\u1ee9c d\u00f2ng ti\u1ec1n \u0111\u1ec1u v\u00f4 h\u1ea1n<\/span> \u0111\u1ec3 t\u00ecm gi\u00e1 tr\u1ecb c\u1ee7a c\u00f4ng ty n\u00e0y.\u00a0<\/p>\n

C\u00f4ng th\u1ee9c t\u00ednh d\u00f2ng ti\u1ec1n \u0111\u1ec1u v\u00f4 h\u1ea1n<\/span>\u00a0<\/font><\/h3>\n

Ph\u01b0\u01a1ng ph\u00e1p n\u1ec1n t\u1ea3ng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 t\u00ednh to\u00e1n d\u00f2ng ti\u1ec1n \u0111\u1ec1u v\u00f4 h\u1ea1n<\/span><\/b> l\u00e0 chia d\u00f2ng ti\u1ec1n cho m\u1ed9t m\u1ee9c t\u1ec9 l\u1ec7 chi\u1ebft kh\u1ea5u. C\u00f4ng th\u1ee9c n\u00e0y \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 t\u00ednh gi\u00e1 tr\u1ecb cu\u1ed1i c\u00f9ng trong d\u00f2ng ti\u1ec1n cho c\u00e1c m\u1ee5c \u0111\u00edch \u0111\u1ecbnh gi\u00e1 ph\u1ee9c t\u1ea1p.<\/p>\n

N\u1ebfu d\u00f2ng ti\u1ec1n t\u0103ng tr\u01b0\u1edfng, gi\u00e1 tr\u1ecb cu\u1ed1i c\u00f9ng c\u1ee7a d\u00f2ng ti\u1ec1n \u0111\u1ec1u v\u00f4 h\u1ea1n<\/span> s\u1ebd b\u1eb1ng \u01b0\u1edbc t\u00ednh c\u1ee7a d\u00f2ng ti\u1ec1n v\u00e0o n\u0103m th\u1ee9 n c\u1ee7a c\u00f4ng ty, nh\u00e2n v\u1edbi m\u1ed9t c\u1ed9ng v\u1edbi t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n c\u1ee7a c\u00f4ng ty, sau \u0111\u00f3 chia cho ch\u00eanh l\u1ec7ch gi\u1eefa chi ph\u00ed v\u1ed1n v\u00e0 t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng.<\/p>\n

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H\u00ecnh minh h\u1ecda.<\/p>\n<\/figcaption><\/figure>\n

Trong \u0111\u00f3:\u00a0<\/p>\n

– TV l\u00e0 gi\u00e1 tr\u1ecb cu\u1ed1i c\u00f9ng c\u1ee7a d\u00f2ng ti\u1ec1n \u0111\u1ec1u v\u00f4 h\u1ea1n<\/span>.<\/p>\n

– r l\u00e0 t\u1ec9 l\u1ec7 l\u00e3i su\u1ea5t chi\u1ebft kh\u1ea5u.<\/p>\n

– g l\u00e0 t\u1ec9 l\u1ec7 t\u0103ng tr\u01b0\u1edfng c\u1ee7a d\u00f2ng ti\u1ec1n.<\/p>\n

C\u00f4ng th\u1ee9c \u0111\u01a1n gi\u1ea3n h\u00f3a t\u00ednh gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a gi\u00e1 tr\u1ecb cu\u1ed1i c\u00f9ng c\u1ee7a d\u00f2ng ti\u1ec1n \u0111\u1ec1u v\u00f4 h\u1ea1n<\/span> b\u1eb1ng d\u00f2ng ti\u1ec1n cu\u1ed1i c\u00f9ng chia cho m\u1ee9c t\u1ec9 l\u1ec7 l\u00e3i su\u1ea5t chi\u1ebft kh\u1ea5u tr\u1eeb \u0111i t\u1ec9 l\u1ec7 t\u0103ng tr\u01b0\u1edfng.\u00a0 \u00a0\u00a0<\/p>\n

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H\u00ecnh minh h\u1ecda.<\/p>\n<\/figcaption><\/figure>\n

V\u00ed d\u1ee5 v\u1ec1 d\u00f2ng ti\u1ec1n \u0111\u1ec1u v\u00f4 h\u1ea1n<\/span>\u00a0<\/font><\/h3>\n

M\u1ed9t c\u00f4ng ty d\u1ef1 ki\u1ebfn ki\u1ebfm \u0111\u01b0\u1ee3c 100,000$ v\u00e0o n\u0103m th\u1ee9 10 v\u00e0 chi ph\u00ed v\u1ed1n c\u1ee7a c\u00f4ng ty l\u00e0 8%, v\u1edbi t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n l\u00e0 3%, gi\u00e1 tr\u1ecb d\u00f2ng ti\u1ec1n \u0111\u1ec1u v\u00f4 h\u1ea1n<\/span> l\u00e0: \u00a0\u00a0<\/p>\n

FV10<\/sub> = CF10<\/sub> * (1 + g) \/ (r \u2013 g) = 100,000$ \u00d7 1.03 \/ (0.08 \u2013 0.03) = 2,06 tri\u1ec7u \u0111\u00f4 la.\u00a0<\/p>\n

Hay c\u00f3 ngh\u0129a l\u00e0 d\u00f2ng ti\u1ec1n \u0111\u1ec1u v\u00f4 h\u1ea1n<\/span><\/b> tr\u1ea3 100.000$ v\u1edbi t\u1ec9 l\u1ec7 t\u0103ng tr\u01b0\u1edfng 3% v\u00e0 chi ph\u00ed v\u1ed1n 8% c\u00f3 tr\u1ecb gi\u00e1 2,06 tri\u1ec7u \u0111\u00f4 la trong v\u00f2ng 10 n\u0103m n\u1eefa.\u00a0<\/p>\n

\u0110\u1ec3 \u0111\u01b0a gi\u00e1 tr\u1ecb 2.06 tri\u1ec7u \u0111\u00f4 la v\u1ec1 th\u1eddi \u0111i\u1ec3m hi\u1ec7n t\u1ea1i s\u1eed d\u1ee5ng c\u00f4ng th\u1ee9c gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i (PV) \u1edf tr\u00ean. \u00a0 <\/p>\n

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

\n D\u00f2ng ti\u1ec1n \u0111\u1ec1u v\u00f4 h\u1ea1n (ti\u1ebfng Anh: Perpetuity) l\u00e0 m\u1ed9t d\u00f2ng ti\u1ec1n li\u00ean t\u1ee5c c\u00f3 gia tr\u1ecb b\u1eb1ng nhau v\u00e0 kh\u00f4ng c\u00f3 k\u1ebft th\u00fac.\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\/30558"}],"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=30558"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/30558\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=30558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=30558"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=30558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}