{"id":31608,"date":"2023-12-07T10:52:13","date_gmt":"2023-12-07T10:52:13","guid":{"rendered":"https:\/\/masterskills.org\/blog\/dinh-gia-co-phieu-theo-luong-tien-discounted-cash-flow-la-gi.html"},"modified":"2023-12-23T09:38:36","modified_gmt":"2023-12-23T02:38:36","slug":"dinh-gia-co-phieu-theo-luong-tien-discounted-cash-flow-la-gi","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/dinh-gia-co-phieu-theo-luong-tien-discounted-cash-flow-la-gi.html","title":{"rendered":"\u0110\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu theo lu\u1ed3ng ti\u1ec1n (Discounted Cash Flow) l\u00e0 g\u00ec?"},"content":{"rendered":"
\n
\n
<\/div>\n
\n

H\u00ecnh minh h\u1ecda (Ngu\u1ed3n: income-outcome)<\/p>\n<\/div>\n<\/div>\n

\u0110\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu theo lu\u1ed3ng ti\u1ec1n\u00a0<\/font><\/h2>\n

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

Ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu theo lu\u1ed3ng ti\u1ec1n<\/b>\u00a0hay ph\u01b0\u01a1ng ph\u00e1p chi\u1ebft kh\u1ea5u lu\u1ed3ng thu nh\u1eadp<\/b> trong ti\u1ebfng Anh g\u1ecdi l\u00e0\u00a0Discounted Cash Flow, <\/b>vi\u1ebft t\u1eaft l\u00e0\u00a0DCF.<\/b><\/p>\n

Ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 theo DCF d\u1ef1a tr\u00ean nguy\u00ean t\u1eafc c\u01a1 b\u1ea3n nh\u1ea5t l\u00e0 \u01b0\u1edbc t\u00ednh gi\u00e1 tr\u1ecb t\u1ea5t c\u1ea3 c\u00e1c lu\u1ed3ng thu nh\u1eadp t\u1ef1 do m\u00e0 t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh s\u1ebd thu \u0111\u01b0\u1ee3c trong t\u01b0\u01a1ng lai v\u00e0 qui ch\u00fang v\u1ec1 gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i b\u1eb1ng c\u00e1ch chi\u1ebft kh\u1ea5u c\u00e1c lu\u1ed3ng thu nh\u1eadp n\u00e0y theo m\u1ed9t m\u1ee9c l\u00e3i su\u1ea5t chi\u1ebft kh\u1ea5u th\u00edch h\u1ee3p.\u00a0<\/p>\n

X\u00e9t tr\u00ean ph\u1ea1m vi to\u00e0n c\u00f4ng ty, lu\u1ed3ng ti\u1ec1n kh\u00f4ng \u0111\u01b0\u1ee3c gi\u1eef l\u1ea1i \u0111\u1ec3 \u0111\u1ea7u t\u01b0 g\u1ecdi l\u00e0 lu\u1ed3ng ti\u1ec1n t\u1ef1 do s\u1eed d\u1ee5ng:<\/p>\n

Lu\u1ed3ng ti\u1ec1n t\u1ef1 do s\u1eed d\u1ee5ng = Doanh thu \u2013 Chi ph\u00ed \u2013 \u0110\u1ea7u t\u01b0<\/p>\n

T\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng ngu\u1ed3n thu nh\u1eadp c\u1ee7a m\u00ecnh theo nhi\u1ec1u c\u00e1ch kh\u00e1c nhau, tu\u1ef3 thu\u1ed9c v\u00e0o chi\u1ebfn l\u01b0\u1ee3c v\u00e0 \u0111\u1eb7c \u0111i\u1ec3m c\u1ee7a t\u1eebng c\u00f4ng ty.\u00a0<\/p>\n

– M\u1ed9t l\u00e0, c\u00f3 th\u1ec3 d\u00f9ng to\u00e0n b\u1ed9 s\u1ed1 ti\u1ec1n \u0111\u00f3 \u0111\u1ec3 chia c\u1ed5 t\u1ee9c.\u00a0<\/p>\n

– Hai l\u00e0, gi\u1eef l\u1ea1i m\u1ed9t ph\u1ea7n \u0111\u1ec3 \u0111\u1ea7u t\u01b0, ph\u1ea7n c\u00f2n l\u1ea1i \u0111\u1ec3 chia c\u1ed5 t\u1ee9c ho\u1eb7c c\u00f3 th\u1ec3 ngu\u1ed3n thu nh\u1eadp \u0111\u00f3 \u0111\u01b0\u1ee3c \u0111\u01b0a to\u00e0n b\u1ed9 v\u00e0o \u0111\u1ea7u t\u01b0, \u0111\u1ed3ng th\u1eddi c\u00f2n ph\u1ea3i vay th\u00eam v\u1ed1n \u0111\u1ec3 \u0111\u1ea7u t\u01b0. S\u1ed1 ti\u1ec1n thu nh\u1eadp c\u00f2n l\u1ea1i sau khi gi\u1eef l\u1ea1i m\u1ed9t ph\u1ea7n \u0111\u1ec3 t\u00e1i \u0111\u1ea7u t\u01b0 v\u00e0o kinh doanh ch\u00ednh l\u00e0 \u0111\u1ec3 tr\u1ea3 c\u1ed5 t\u1ee9c.\u00a0<\/p>\n

Do \u0111\u00f3, c\u1ed5 t\u1ee9c ch\u00ednh l\u00e0 lu\u1ed3ng ti\u1ec1n t\u1ef1 do t\u00ednh tr\u00ean m\u1ed9t c\u1ed5 phi\u1ebfu. Tr\u01b0\u1eddng h\u1ee3p m\u1ed9t n\u0103m n\u00e0o \u0111\u00f3 ch\u01b0a c\u00f3 thu nh\u1eadp ho\u1eb7c c\u00f3 thu nh\u1eadp nh\u01b0ng \u00edt h\u01a1n l\u01b0\u1ee3ng ti\u1ec1n \u0111\u01b0a v\u00e0o \u0111\u1ea7u t\u01b0 th\u00ec lu\u1ed3ng ti\u1ec1n t\u1ef1 do n\u0103m \u0111\u00f3 b\u1eb1ng \u00e2m, v\u00e0 do \u0111\u00f3 c\u00f4ng th\u1ee9c t\u00ednh gi\u00e1 c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c vi\u1ebft l\u1ea1i nh\u01b0 sau;<\/p>\n

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

Do nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng th\u1ec3 x\u00e1c \u0111\u1ecbnh m\u1ed9t c\u00e1ch c\u1ee5 th\u1ec3 v\u00e0 ch\u00ednh x\u00e1c gi\u00e1 tr\u1ecb c\u1ee7a t\u1eebng lu\u1ed3ng thu nh\u1eadp cho \u0111\u1ebfn v\u00f4 h\u1ea1n, v\u00ec v\u1eady, \u0111\u1ec3 cho \u0111\u01a1n gi\u1ea3n c\u1ea7n ph\u1ea3i \u01b0\u1edbc t\u00ednh c\u00e1c kho\u1ea3n doanh thu, chi ph\u00ed v\u00e0 lu\u1ed3ng ti\u1ec1n t\u1ef1 do s\u1eed d\u1ee5ng c\u1ee7a doanh nghi\u1ec7p d\u1ef1a v\u00e0o k\u1ebf ho\u1ea1ch s\u1ea3n xu\u1ea5t kinh doanh c\u1ee7a doanh nghi\u1ec7p trong m\u1ed9t s\u1ed1 n\u0103m c\u1ee5 th\u1ec3 (th\u01b0\u1eddng l\u00e0 5 n\u0103m).\u00a0<\/p>\n

Vi\u1ec7c d\u1ef1 \u0111o\u00e1n c\u00e1c y\u1ebfu t\u1ed1 tr\u00ean kh\u00f4ng nh\u1eefng ch\u1ec9 ph\u1ee5 thu\u1ed9c v\u00e0o \u0111\u1eb7c \u0111i\u1ec3m c\u1ee7a c\u00f4ng ty, m\u00e0 c\u00f2n ph\u1ee5 thu\u1ed9c v\u00e0o t\u00ecnh h\u00ecnh c\u1ee7a ng\u00e0nh s\u1ea3n xu\u1ea5t kinh doanh, m\u00f4i tr\u01b0\u1eddng kinh doanh, khu\u00f4n kh\u1ed5 ph\u00e1p l\u00ed v\u00e0 c\u1ea7n l\u01b0u \u00fd \u0111\u1ebfn ch\u1ebf \u0111\u1ed9 k\u1ebf to\u00e1n.<\/p>\n

Trong tr\u01b0\u1eddng h\u1ee3p c\u00f4ng ty c\u00f3 v\u1ed1n n\u1ee3 th\u00ec ph\u1ea3i l\u1ea5y gi\u00e1 tr\u1ecb lu\u1ed3ng thu nh\u1eadp c\u1ee7a c\u00f4ng ty tr\u1eeb \u0111i gi\u00e1 tr\u1ecb lu\u1ed3ng thu nh\u1eadp v\u1ed1n n\u1ee3 r\u1ed3i m\u1edbi chia cho s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu \u0111\u1ec3 t\u00ednh gi\u00e1 tr\u1ecb m\u1ed7i c\u1ed5 phi\u1ebfu.<\/p>\n

(T\u00e0i li\u1ec7u tham kh\u1ea3o: Gi\u00e1o tr\u00ecnh Th\u1ecb tr\u01b0\u1eddng Ch\u1ee9ng kho\u00e1n, , NXB T\u00e0i ch\u00ednh)<\/i><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n Ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu theo lu\u1ed3ng ti\u1ec1n (ti\u1ebfng Anh: Discounted Cash Flow) l\u00e0 m\u1ed9t trong nh\u1eefng ph\u01b0\u01a1ng ph\u00e1p ch\u00ednh trong \u0111\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu.\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\/31608"}],"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=31608"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/31608\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=31608"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=31608"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=31608"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}