{"id":35385,"date":"2023-12-08T08:07:20","date_gmt":"2023-12-08T08:07:20","guid":{"rendered":"https:\/\/masterskills.org\/blog\/phuong-phap-thu-nhap-income-approach-trong-dinh-gia-tai-san-la-gi.html"},"modified":"2023-12-23T20:59:59","modified_gmt":"2023-12-23T13:59:59","slug":"phuong-phap-thu-nhap-income-approach-trong-dinh-gia-tai-san-la-gi","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/phuong-phap-thu-nhap-income-approach-trong-dinh-gia-tai-san-la-gi.html","title":{"rendered":"Ph\u01b0\u01a1ng ph\u00e1p thu nh\u1eadp (Income Approach) trong \u0111\u1ecbnh gi\u00e1 t\u00e0i s\u1ea3n l\u00e0 g\u00ec?"},"content":{"rendered":"
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H\u00ecnh minh h\u1ecda. Ngu\u1ed3n: Investopedia<\/p>\n<\/div>\n<\/div>\n

Ph\u01b0\u01a1ng ph\u00e1p thu nh\u1eadp (Income Approach)<\/font><\/h2>\n

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

Ph\u01b0\u01a1ng ph\u00e1p thu nh\u1eadp<\/b> trong ti\u1ebfng Anh l\u00e0 Income Approach<\/b>.\u00a0Ph\u01b0\u01a1ng ph\u00e1p thu nh\u1eadp<\/i> hay ph\u01b0\u01a1ng ph\u00e1p v\u1ed1n h\u00f3a thu nh\u1eadp<\/i> l\u00e0 m\u1ed9t lo\u1ea1i ph\u01b0\u01a1ng ph\u00e1p th\u1ea9m \u0111\u1ecbnh gi\u00e1 b\u1ea5t \u0111\u1ed9ng s\u1ea3n cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u01b0\u1edbc t\u00ednh gi\u00e1 tr\u1ecb c\u1ee7a m\u1ed9t t\u00e0i s\u1ea3n d\u1ef1a tr\u00ean thu nh\u1eadp m\u00e0 t\u00e0i s\u1ea3n t\u1ea1o ra.<\/p>\n

(Theo Income Approach, Investopedia)<\/i><\/p>\n

C\u01a1 s\u1edf l\u00ed lu\u1eadn c\u1ee7a ph\u01b0\u01a1ng ph\u00e1p thu nh\u1eadp<\/font><\/h3>\n

– Ph\u01b0\u01a1ng ph\u00e1p thu nh\u1eadp<\/b> \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng d\u1ef1a tr\u00ean vi\u1ec7c tu\u00e2n th\u1ee7 theo c\u00e1c nguy\u00ean t\u1eafc d\u1ef1 ki\u1ebfn c\u00e1c kho\u1ea3n l\u1ee3i \u00edch t\u01b0\u01a1ng lai.<\/p>\n

– L\u1eadp lu\u1eadn theo ph\u01b0\u01a1ng ph\u00e1p cho r\u1eb1ng gi\u00e1 tr\u1ecb b\u1ea5t \u0111\u1ed9ng s\u1ea3n \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh d\u1ef1a tr\u00ean c\u00e1c kho\u1ea3n thu nh\u1eadp trong t\u01b0\u01a1ng lai m\u00e0 b\u1ea5t \u0111\u1ed9ng s\u1ea3n c\u00f3 th\u1ec3 mang l\u1ea1i cho nh\u00e0 \u0111\u1ea7u t\u01b0.\u00a0<\/p>\n

\u0110\u1ec3 thu\u1eadn ti\u1ec7n trong qu\u00e1 tr\u00ecnh t\u00ednh to\u00e1n ng\u01b0\u1eddi ta th\u01b0\u1eddng \u0111\u01b0a h\u1ebft d\u00f2ng thu nh\u1eadp d\u1ef1 ki\u1ebfn trong t\u01b0\u01a1ng lai v\u1ec1 th\u1eddi \u0111i\u1ec3m hi\u1ec7n t\u1ea1i.<\/p>\n

– V\u00ec v\u1eady gi\u00e1 tr\u1ecb b\u1ea5t \u0111\u1ed9ng s\u1ea3n \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh b\u1eb1ng gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a t\u1ea5t c\u00e1c kho\u1ea3n thu nh\u1eadp trong t\u01b0\u01a1ng lai m\u00e0 b\u1ea5t \u0111\u1ed9ng s\u1ea3n c\u00f3 th\u1ec3 mang l\u1ea1i cho ch\u1ee7 th\u1ec3.<\/p>\n

\u0110i\u1ec1u ki\u1ec7n \u00e1p d\u1ee5ng<\/font><\/h3>\n

–<\/span>\tPh\u01b0\u01a1ng ph\u00e1p thu nh\u1eadp \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 \u0111\u1ecbnh gi\u00e1 \u0111\u1ed1i v\u1edbi c\u00e1c b\u1ea5t \u0111\u1ed9ng s\u1ea3n c\u00f3 kh\u1ea3 n\u0103ng mang l\u1ea1i c\u00e1c kho\u1ea3n thu nh\u1eadp \u1ed5n \u0111\u1ecbnh h\u00e0ng n\u0103m v\u00e0 c\u00f3 th\u1ec3 d\u1ef1 b\u00e1o tr\u01b0\u1edbc m\u1ed9t c\u00e1ch h\u1ee3p l\u00ed<\/span>.<\/p>\n

–<\/span>\tTrong \u0111i\u1ec1u ki\u1ec7n xu h\u01b0\u1edbng th\u01b0\u01a1ng m\u1ea1i h\u00f3a c\u00e1c b\u1ea5t \u0111\u1ed9ng s\u1ea3n, b\u1ea5t k\u00ec b\u1ea5t \u0111\u1ed9ng s\u1ea3n n\u00e0o \u0111\u01b0\u1ee3c \u0111\u01b0a v\u00e0o kinh doanh v\u00e0 t\u1ea1o ra th\u00e0nh thu nh\u1eadp, c\u00f3 c\u01a1 s\u1edf t\u00ednh d\u00f2ng thu nh\u1eadp th\u00ec c\u00f3 th\u1ec3 \u00e1p d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p thu nh\u1eadp \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb.<\/p>\n

–<\/span>\tPh\u01b0\u01a1ng ph\u00e1p n\u00e0y th\u01b0\u1eddng \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng \u0111\u1ec3 t\u01b0 v\u1ea5n trong c\u00e1c quy\u1ebft \u0111\u1ecbnh l\u1ef1a ch\u1ecdn c\u00e1c ph\u01b0\u01a1ng \u00e1n \u0111\u1ea7u t\u01b0.<\/p>\n

C\u00e1c b\u01b0\u1edbc ti\u1ebfn h\u00e0nh<\/font><\/h3>\n

B\u01b0\u1edbc 1: U\u1edbc t\u00ednh thu nh\u1eadp h\u00e0ng n\u0103m c\u1ee7a b\u1ea5t \u0111\u1ed9ng s\u1ea3n (B\u0110S)<\/p>\n

B\u01b0\u1edbc 2: \u01af\u1edbc t\u00ednh chi ph\u00ed h\u00e0ng n\u0103m m\u00e0 B\u0110S t\u1ea1o ra thu nh\u1eadp h\u00e0ng n\u0103m<\/p>\n

B\u01b0\u1edbc 3: \u01af\u1edbc t\u00ednh thu nh\u1eadp r\u00f2ng h\u1eb1ng n\u0103m d\u1ef1a v\u00e0o ch\u00eanh l\u1ec7nh gi\u1eefa thu nh\u1eadp h\u00e0ng n\u0103m v\u00e0 chi ph\u00ed h\u00e0ng n\u0103m (= B\u01b0\u1edbc 1 \u2013 B\u01b0\u1edbc 2)<\/p>\n

B\u01b0\u1edbc 4: X\u00e1c \u0111\u1ecbnh t\u1ec9 l\u1ec7 l\u00e3i th\u00edch h\u1ee3p d\u00f9ng \u0111\u1ec3 t\u00ednh to\u00e1n<\/p>\n

+ C\u00e1ch 1: L\u1ea5y l\u00e3i su\u1ea5t trong \u0111i\u1ec1u ki\u1ec7n kh\u00f4ng r\u1ee7i ro + ph\u1ee5 ph\u00ed<\/p>\n

+ C\u00e1ch 2: L\u1ea5y chi ph\u00ed s\u1eed d\u1ee5ng v\u1ed1n b\u00ecnh qu\u00e2n (WACC) l\u00e0m t\u1ec9<\/span> su\u1ea5t chi\u1ebft kh\u1ea5u<\/p>\n

+ C\u00e1ch 3: X\u00e1c \u0111\u1ecbnh t\u1ec9<\/span> l\u1ec7 chi\u1ebft kh\u1ea5u theo t\u1ec9 su\u1ea5t sinh l\u1eddi<\/span> trung b\u00ecnh c\u1ee7a c\u00e1c lo\u1ea1i h\u00ecnh kinh doanh tr\u00ean th\u1ecb tr\u01b0\u1eddng.<\/p>\n

B\u01b0\u1edbc 5: \u01af\u1edbc t\u00ednh gi\u00e1 tr\u1ecb c\u1ee7a B\u0110S m\u1ee5c ti\u00eau c\u1ea7n th\u1ea9m \u0111\u1ecbnh d\u1ef1a v\u00e0o c\u00f4ng th\u1ee9c v\u1ed1n h\u00f3a c\u01a1 b\u1ea3n.<\/p>\n

\u01afu \u0111i\u1ec3m<\/font><\/h3>\n

–<\/span>\tPh\u01b0\u01a1ng ph\u00e1p thu nh\u1eadp v\u1ec1 l\u00ed<\/span> thuy\u1ebft c\u00f3 c\u01a1 s\u1edf ch\u1eb7t ch\u1ebd. Ph\u01b0\u01a1ng ph\u00e1p n\u00e0y s\u1ebd ti\u1ebfp c\u1eadn m\u1ed9t c\u00e1ch tr\u1ef1c ti\u1ebfp t\u1eeb c\u00e1c kho\u1ea3n thu nh\u1eadp hay c\u00e1c kho\u1ea3n l\u1ee3i \u00edch m\u00e0 b\u1ea5t \u0111\u1ed9ng s\u1ea3n mang l\u1ea1i cho nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n

–<\/span>\tV\u1ec1 c\u01a1 b\u1ea3n ph\u01b0\u01a1ng ph\u00e1p n\u00e0y \u0111\u01a1n gi\u1ea3n, d\u1ec5 \u00e1p d\u1ee5ng, d\u1ec5 t\u00ednh to\u00e1n ngo\u1ea1i tr\u1eeb k\u0129<\/span> thu\u1eadt chi\u1ebft kh\u1ea5u d\u00f2ng ti\u1ec1n.<\/p>\n

–<\/span>\u00a0Ph\u01b0\u01a1ng ph\u00e1p n\u00e0y s\u1ebd \u0111\u1ea1t \u0111\u01b0\u1ee3c \u0111\u1ed9 ch\u00ednh x\u00e1c cao h\u01a1n n\u1ebfu c\u00f3 th\u1ec3 d\u1ef1 ki\u1ebfn \u0111\u01b0\u1ee3c c\u00e1c kho\u1ea3n thu nh\u1eadp trong t\u01b0\u01a1ng lai \u0111\u1ea3m b\u1ea3o \u0111\u1ed9 tin c\u1eady cao.<\/p>\n

H\u1ea1n ch\u1ebf<\/font><\/h3>\n

– Vi\u1ec7c \u01b0\u1edbc t\u00ednh, d\u1ef1 ki\u1ebfn, d\u1ef1 b\u00e1o d\u00f2ng ti\u1ec1n trong t\u01b0\u01a1ng lai l\u00e0 r\u1ea5t kh\u00f3 kh\u0103n; sai s\u1ed1 c\u00f3 th\u1ec3 x\u1ea3y ra v\u00ec v\u1eady k\u1ebft qu\u1ea3 \u0111\u1ecbnh gi\u00e1 s\u1ebd b\u1ecb \u1ea3nh h\u01b0\u1edfng l\u1edbn tr\u01b0\u1edbc s\u1ef1 thay \u0111\u1ed5i nh\u1ecf c\u1ee7a c\u00e1c tham s\u1ed1 trong qu\u00e1 tr\u00ecnh t\u00ednh to\u00e1n.<\/p>\n

(T\u00e0i li\u1ec7u: Gi\u00e1o tr\u00ecnh \u0110\u1ecbnh gi\u00e1 t\u00e0i s\u1ea3n, NXB T\u00e0i ch\u00ednh; Gi\u00e1o tr\u00ecnh Kinh doanh b\u1ea5t \u0111\u1ed9ng s\u1ea3n, NXB T\u00e0i ch\u00ednh)<\/i><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n Ph\u01b0\u01a1ng ph\u00e1p thu nh\u1eadp (ti\u1ebfng Anh: Income Approach) hay ph\u01b0\u01a1ng ph\u00e1p v\u1ed1n h\u00f3a thu nh\u1eadp l\u00e0 m\u1ed9t lo\u1ea1i ph\u01b0\u01a1ng ph\u00e1p th\u1ea9m \u0111\u1ecbnh gi\u00e1 b\u1ea5t \u0111\u1ed9ng s\u1ea3n cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u01b0\u1edbc t\u00ednh gi\u00e1 tr\u1ecb c\u1ee7a m\u1ed9t t\u00e0i s\u1ea3n d\u1ef1a tr\u00ean thu nh\u1eadp m\u00e0 t\u00e0i s\u1ea3n t\u1ea1o ra.\n <\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[420],"tags":[],"_links":{"self":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/35385"}],"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=35385"}],"version-history":[{"count":1,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/35385\/revisions"}],"predecessor-version":[{"id":68409,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/35385\/revisions\/68409"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=35385"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=35385"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=35385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}