{"id":2214,"date":"2020-02-25T22:18:11","date_gmt":"2020-02-25T15:18:11","guid":{"rendered":"http:\/\/hoclamgiau.vn\/?p=2214"},"modified":"2020-03-28T18:29:33","modified_gmt":"2020-03-28T11:29:33","slug":"tham-dinh-du-an","status":"publish","type":"post","link":"https:\/\/hoclamgiau.vn\/tham-dinh-du-an\/","title":{"rendered":"Th\u1ea9m \u0110\u1ecbnh D\u1ef1 \u00c1n Trong \u0110\u00e1nh Gi\u00e1 C\u01a1 H\u1ed9i \u0110\u1ea7u T\u01b0"},"content":{"rendered":"

C\u00f3 nhi\u1ec1u ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ec3 h\u1ed5 tr\u1ee3 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 trong vi\u1ec7c l\u1ef1a ch\u1ecdn hay ch\u1ea5p nh\u1eadn c\u00e1c c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 nh\u1ea5t \u0111\u1ecbnh. B\u00ean c\u1ea1nh vi\u1ec7c ph\u00e2n t\u00edch b\u00e1o c\u00e1o t\u00e0i ch\u00ednh \u0111\u01b0\u1ee3c xem nh\u01b0 m\u1ed9t c\u00f4ng c\u1ee5 c\u1ed1t l\u00f5i \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 \u0111\u1ea7u t\u01b0, ch\u00fang ta ph\u1ea3i \u01b0u ti\u00ean c\u00e1c ph\u01b0\u01a1ng ph\u00e1p th\u1ea9m \u0111\u1ecbnh d\u1ef1 \u00e1n. \u0110\u00f3 l\u00e0 c\u00e1c ph\u01b0\u01a1ng ph\u00e1p sau: th\u1eddi gian ho\u00e0n v\u1ed1n, t\u1ef7 l\u1ec7 thu nh\u1eadp tr\u00ean v\u1ed1n s\u1eed d\u1ee5ng (return on capital employed – ROCE), gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i r\u00f2ng (Net Present Value \u2013 NPV) v\u00e0 t\u1ec9 su\u1ea5t ho\u00e0n v\u1ed1n n\u1ed9i b\u1ed9 (Internal Rate of Return \u2013 IRR)<\/p>\n

M\u1ed9t c\u00f4ng ty t\u00ecm ki\u1ebfm c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 c\u00f3 kh\u1ea3 n\u0103ng sinh l\u1ee3i t\u1ed1t nh\u1ea5t \u0111\u1ec3 c\u00f3 th\u1ec3 t\u1ed1i \u0111a h\u00f3a l\u1ee3i nhu\u1eadn cho c\u00e1c c\u1ed1 \u0111\u00f4ng. Nh\u01b0ng kh\u00f4ng ph\u1ea3i l\u00fac n\u00e0o c\u0169ng d\u1ec5 d\u00e0ng th\u1ea9m \u0111\u1ecbnh. B\u1edfi v\u00ec n\u00f3 ph\u1ee5 thu\u1ed9c v\u00e0o kho\u1ea3n th\u1eddi gian v\u00e0 m\u1ee9c \u0111\u1ed9 r\u1ee7i ro c\u1ee7a d\u1ef1 \u00e1n. Ch\u00fang ta s\u1ebd \u0111i v\u00e0o chi ti\u1ebft \u0111\u1ec3 hi\u1ec3u r\u00f5 h\u01a1n v\u1ec1 nh\u1eefng \u0111i\u1ec3m m\u1ea1nh v\u00e0 y\u1ebfu c\u1ee7a t\u1eebng ph\u01b0\u01a1ng ph\u00e1p tr\u00ecnh b\u00e0y \u1edf tr\u00ean<\/p>\n

1. Ph\u01b0\u01a1ng Ph\u00e1p Th\u1eddi Gian Ho\u00e0n V\u1ed1n (Payback Period)<\/strong><\/h2>\n

\u0110\u00e2y l\u00e0 ph\u01b0\u01a1ng ph\u00e1p th\u1ea9m \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 ph\u1ed5 bi\u1ebfn nh\u1ea5t. Th\u1eddi gian ho\u00e0n v\u1ed1n l\u00e0 s\u1ed1 n\u0103m d\u1ef1 ki\u1ebfn s\u1ebd thu h\u1ed3i v\u1ed1n \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u t\u1eeb d\u00f2ng ti\u1ec1n r\u00f2ng ph\u00e1t sinh c\u1ee7a d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0 v\u1ed1n. Quy t\u1eafc quy\u1ebft \u0111\u1ecbnh khi s\u1eed d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p th\u1ea9m \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 l\u00e0 \u0111\u1ec3 ch\u1ea5p nh\u1eadn m\u1ed9t d\u1ef1 \u00e1n khi th\u1eddi gian ho\u00e0n v\u1ed1n b\u1eb1ng ho\u1eb7c nh\u1ecf h\u01a1n m\u1ee5c ti\u00eau \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh tr\u01b0\u1edbc. Th\u1eddi gian ho\u00e0n v\u1ed1n c\u00e0ng ng\u1eafn, kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u00e0ng h\u1ea5p d\u1eabn h\u01a1n. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 qu\u1ea3n l\u00fd c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p n\u00e0y \u0111\u1ec3 \u0111\u01b0a ra c\u00e1c \u0111\u00e1nh gi\u00e1 nhanh ch\u00f3ng tr\u00ean c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a h\u1ecd.<\/p>\n

V\u00ed d\u1ee5 v\u1ec1 ph\u01b0\u01a1ng ph\u00e1p th\u1eddi gian ho\u00e0n v\u1ed1n<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n
N\u0103m<\/td>\nD\u00f2ng ti\u1ec1n ($)<\/td>\nD\u00f2ng ti\u1ec1n g\u1ed9p ($)<\/td>\n<\/tr>\n
0<\/td>\n-450<\/td>\n-450<\/td>\n<\/tr>\n
1<\/td>\n100<\/td>\n-350<\/td>\n<\/tr>\n
2<\/td>\n200<\/td>\n-150<\/td>\n<\/tr>\n
3<\/td>\n100<\/td>\n-50<\/td>\n<\/tr>\n
4<\/td>\n100<\/td>\n50<\/td>\n<\/tr>\n
5<\/td>\n80<\/td>\n130<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

D\u1ef1a tr\u00ean b\u1ea3ng v\u00ed d\u1ee5 tr\u00ean, ch\u00fang ta th\u1ea5y r\u1eb1ng sau 3 n\u0103m ho\u1ea1t \u0111\u1ed9ng d\u1ef1 \u00e1n s\u1ebd t\u1ea1o ra t\u1ed5ng d\u00f2ng ti\u1ec1n r\u00f2ng l\u00e0 $400. Trong n\u0103m th\u1ee9 4, $50 c\u00f2n l\u1ea1i c\u1ee7a kho\u1ea3n \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u s\u1ebd \u0111\u01b0\u1ee3c thu h\u1ed3i. Vi\u1ec7c l\u1eadp b\u1ea3ng t\u00ednh d\u00f2ng ti\u1ec1n t\u00edch l\u0169y s\u1ebd r\u1ea5t h\u1eefu \u00edch \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh th\u1eddi gian ho\u00e0n v\u1ed1n.<\/p>\n

Th\u1eddi gian ho\u00e0n v\u1ed1n gi\u1eefa n\u0103m th\u1ee9 3 v\u00e0 n\u0103m th\u1ee9 4 l\u00e0 = 3 + 50\/100 = 3.5 n\u0103m (3 n\u0103m 6 th\u00e1ng)<\/p>\n

1.1 \u0110i\u1ec3m M\u1ea1nh C\u1ee7a Ph\u01b0\u01a1ng Ph\u00e1p Th\u1eddi Gian Ho\u00e0n V\u1ed1n<\/strong><\/h3>\n

N\u00f3 d\u1ec5 d\u00e0ng v\u00e0 \u0111\u01a1n gi\u1ea3n \u0111\u1ec3 hi\u1ec3u v\u00e0 \u00e1p d\u1ee5ng. Th\u1eddi gian ho\u00e0n v\u1ed1n \u0111\u01b0\u1ee3c t\u00ednh b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng d\u00f2ng ti\u1ec1n, kh\u00f4ng ph\u1ea3i l\u1ee3i nhu\u1eadn k\u1ebf to\u00e1n. V\u00ec th\u1ebf n\u00f3 kh\u00f4ng t\u1ea1o c\u01a1 h\u1ed9i b\u1ecb thao t\u00fang b\u1edfi c\u00e1c \u01b0u ti\u00ean qu\u1ea3n l\u00fd cho c\u00e1c ch\u00ednh s\u00e1ch k\u1ebf to\u00e1n ngo\u1ea1i l\u1ec7.<\/p>\n

Th\u1eddi gian ho\u00e0n v\u1ed1n \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n theo c\u00f4ng th\u1ee9c sau<\/p>\n\n\n\n
Th\u1eddi Gian Ho\u00e0n V\u1ed1n = \u0110\u1ea7u T\u01b0 Ban \u0110\u1ea7u \/ D\u00f2ng Ti\u1ec1n \u01af\u1edbc T\u00ednh H\u00e0ng N\u0103m<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Ph\u01b0\u01a1ng ph\u00e1p ph\u00e2n t\u00edch n\u00e0y l\u00e0 \u0111\u1eb7c bi\u1ec7t h\u1eefu \u00edch cho c\u00e1c c\u00f4ng ty nh\u1ecf. B\u1edfi v\u00ec n\u00f3 ch\u1ec9 t\u1eadp trung ch\u1ee7 y\u1ebfu v\u00e0o d\u00f2ng ti\u1ec1n ng\u1eafn h\u1ea1n. Ti\u1ec1n s\u1eed d\u1ee5ng cho \u0111\u1ea7u t\u01b0 c\u00e0ng s\u1edbm \u0111\u01b0\u1ee3c thu h\u1ed3i, n\u00f3 c\u00e0ng s\u1edbm nhanh ch\u00f3ng \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng cho c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 kh\u00e1c.<\/p>\n

>> B\u1ea1n c\u00f3 bi\u1ebft [T\u1ed5ng h\u1ee3p] Ph\u00e2n t\u00edch b\u00e1o c\u00e1o t\u00e0i ch\u00ednh CHI TI\u1ebeT t\u1eeb chuy\u00ean gia<\/a><\/strong><\/p>\n

1.2 \u0110i\u1ec3m Y\u1ebfu C\u1ee7a Ph\u01b0\u01a1ng Ph\u00e1p Th\u1eddi Gian Ho\u00e0n V\u1ed1n<\/strong><\/h3>\n

Ph\u01b0\u01a1ng ph\u00e1p n\u00e0y b\u1ecf qua gi\u00e1 tr\u1ecb \u0111\u1ed3ng ti\u1ec1n theo th\u1eddi gian v\u00e0 \u0111i\u1ec1u ch\u1ec9nh d\u00f2ng ti\u1ec1n cho ph\u00f9 h\u1ee3p. Gi\u00e1 tr\u1ecb th\u1eddi gian c\u1ee7a \u0111\u1ed3ng ti\u1ec1n l\u00e0 gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a \u0111\u1ed3ng ti\u1ec1n, c\u00e1i s\u1ebd ph\u00e1t sinh gi\u00e1 tr\u1ecb cao h\u01a1n trong t\u01b0\u01a1ng lai b\u1edfi kh\u1ea3 n\u0103ng sinh l\u1eddi h\u00f4m nay c\u1ee7a n\u00f3.<\/p>\n

M\u1ed9t nh\u01b0\u1ee3c \u0111i\u1ec3m nghi\u00eam tr\u1ecdng kh\u00e1c c\u1ee7a ph\u01b0\u01a1ng ph\u00e1p th\u1eddi gian ho\u00e0n v\u1ed1n l\u00e0 n\u00f3 \u0111\u00e3 b\u1ecf qua t\u1ea5t c\u1ea3 c\u00e1c d\u00f2ng ti\u1ec1n b\u00ean ngo\u00e0i th\u1eddi gian ho\u00e0n v\u1ed1n. N\u00f3 kh\u00f4ng xem x\u00e9t t\u1ed5ng th\u1ec3 d\u1ef1 \u00e1n. N\u00f3 c\u0169ng th\u1ea5t b\u1ea1i trong vi\u1ec7c so s\u00e1nh kh\u1ea3 n\u0103ng sinh l\u1eddi t\u1ed5ng th\u1ec3 c\u1ee7a hai d\u1ef1 \u00e1n c\u00f3 c\u00f9ng th\u1eddi gian ho\u00e0n v\u1ed1n. D\u1ef1 \u00e1n \u1edf v\u00ed d\u1ee5 n\u00eau tr\u00ean s\u1ebd b\u1ecb lo\u1ea1i n\u1ebfu c\u00f4ng ty ch\u1ec9 quy\u1ebft \u0111\u1ecbnh ch\u1ecdn c\u00e1c d\u1ef1 \u00e1n c\u00f3 th\u1eddi gian ho\u00e0n v\u1ed1n l\u00e0 3 n\u0103m. Ngay c\u1ea3 khi d\u1ef1 \u00e1n n\u00e0y d\u1ef1 ki\u1ebfn s\u1ebd t\u1ea1o ra d\u00f2ng ti\u1ec1n $100 v\u00e0o n\u0103m th\u1ee9 4. D\u00f2ng ti\u1ec1n d\u1ef1 ki\u1ebfn n\u00e0y \u0111\u00e3 b\u1ecb b\u1ecf qua n\u1ebfu ph\u01b0\u01a1ng ph\u00e1p th\u1ea9m \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 duy nh\u1ea5t \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng l\u00e0 th\u1eddi gian ho\u00e0n v\u1ed1n.<\/p>\n

B\u00ean c\u1ea1nh \u0111\u00f3, n\u00f3 c\u0169ng kh\u00f4ng \u0111\u01b0a ra c\u00e1c ch\u1ec9 d\u1eabn d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0 s\u1ebd l\u00e0m t\u0103ng gi\u00e1 tr\u1ecb c\u1ee7a c\u00f4ng ty hay kh\u00f4ng. B\u1edfi v\u00ec n\u00f3 kh\u00f4ng \u0111o l\u01b0\u1eddng l\u1ee3i nhu\u1eadn.<\/p>\n

1.3 Ph\u01b0\u01a1ng Ph\u00e1p Th\u1eddi Gian Ho\u00e0n V\u1ed1n C\u00f3 Chi\u1ebft Kh\u1ea5u<\/strong><\/h3>\n

V\u1ea5n \u0111\u1ec1 b\u1ecf qua gi\u00e1 tr\u1ecb th\u1eddi gian c\u1ee7a \u0111\u1ed3ng ti\u1ec1n \u0111\u01b0\u1ee3c kh\u1eafc ph\u1ee5c m\u1ed9t ph\u1ea7n b\u1edfi vi\u1ec7c s\u1eed d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p th\u1eddi gian ho\u00e0n v\u1ed1n c\u00f3 chi\u1ebft kh\u1ea5u. Ph\u01b0\u01a1ng ph\u00e1p n\u00e0y \u0111\u01b0a ra s\u1ed1 n\u0103m c\u1ea7n thi\u1ebft \u0111\u1ec3 h\u00f2a v\u1ed1n t\u1eeb ngu\u1ed3n v\u1ed1n ban \u0111\u1ea7u, b\u1eb1ng c\u00e1ch chi\u1ebft kh\u1ea5u d\u00f2ng ti\u1ec1n trong t\u01b0\u01a1ng lai v\u00e0 ghi nh\u1eadn gi\u00e1 tr\u1ecb th\u1eddi gian c\u1ee7a \u0111\u1ed3ng ti\u1ec1n. N\u00f3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 t\u00ednh kh\u1ea3 thi v\u00e0 kh\u1ea3 n\u0103ng sinh l\u1eddi c\u1ee7a m\u1ed9t d\u1ef1 \u00e1n \u0111\u01b0\u1ee3c \u0111\u01b0a ra.<\/p>\n

Ch\u00fang ta h\u00e3y xem x\u00e9t v\u00ed d\u1ee5 d\u01b0\u1edbi \u0111\u00e2y, t\u1ec9 l\u1ec7 chi\u1ebft kh\u1ea5u l\u00e0 15%<\/p>\n\n\n\n\n\n\n\n\n\n
N\u0103m<\/td>\nD\u00f2ng ti\u1ec1n ($)<\/td>\n15% PV<\/td>\nGi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i ($)<\/td>\nNPV g\u1ed9p ($)<\/td>\n<\/tr>\n
0<\/td>\n-5000<\/td>\n1<\/td>\n-5000<\/td>\n-5000<\/td>\n<\/tr>\n
1<\/td>\n2300<\/td>\n0.87<\/td>\n2001<\/td>\n-2999<\/td>\n<\/tr>\n
2<\/td>\n2500<\/td>\n0.756<\/td>\n1890<\/td>\n-1109<\/td>\n<\/tr>\n
3<\/td>\n1200<\/td>\n0.658<\/td>\n790<\/td>\n-319<\/td>\n<\/tr>\n
4<\/td>\n1000<\/td>\n0.572<\/td>\n572<\/td>\n253<\/td>\n<\/tr>\n
5<\/td>\n1000<\/td>\n0.497<\/td>\n497<\/td>\n750<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Th\u1eddi gian ho\u00e0n v\u1ed1n c\u00f3 chi\u1ebft kh\u1ea5u l\u00e0 kho\u1ea3ng 3.5 n\u0103m. Th\u1eddi gian ho\u00e0n v\u1ed1n kh\u00f4ng c\u00f3 chi\u1ebft kh\u1ea5u l\u00e0\u00a0 kho\u1ea3ng 2.2 n\u0103m. N\u00f3 c\u00f3 ngh\u0129a l\u00e0 n\u1ebfu s\u1eed d\u1ee5ng th\u1eddi gian ho\u00e0n v\u1ed1n c\u00f3 chi\u1ebft kh\u1ea5u, s\u1ebd c\u00f3 kho\u1ea3n th\u1eddi gian d\u00e0i h\u01a1n \u0111\u1ec3 thu h\u1ed3i v\u1ed1n \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u.<\/p>\n

2. Ph\u01b0\u01a1ng Ph\u00e1p T\u1ef7 L\u1ec7 Thu Nh\u1eadp Tr\u00ean V\u1ed1n S\u1eed D\u1ee5ng (Return on Capital Employed – ROCE)<\/strong><\/h2>\n

N\u00f3 c\u0169ng \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 l\u1ee3i t\u1ee9c \u0111\u1ea7u t\u01b0 (Return on Investment \u2013 ROI) hay t\u1ef7 l\u1ec7 thu nh\u1eadp k\u1ebf to\u00e1n (Accounting Rate of Return \u2013 ARR). N\u00f3 \u0111o l\u01b0\u1eddng thu nh\u1eadp h\u00e0ng n\u0103m c\u1ee7a m\u1ed9t d\u1ef1 \u00e1n theo t\u1ef7 l\u1ec7 ph\u1ea7n tr\u0103m c\u1ee7a t\u1ed5ng chi ph\u00ed \u0111\u1ea7u t\u01b0. \u0110\u00f3 l\u00e0 \u0111i\u1ec1u m\u00e0 ph\u01b0\u01a1ng ph\u00e1p th\u1eddi gian ho\u00e0n v\u1ed1n \u0111\u01a1n gi\u1ea3n kh\u00f4ng l\u00e0m \u0111\u01b0\u1ee3c.<\/p>\n\n\n\n
ROCE = (Thu Nh\u00e2p Trung B\u00ecnh H\u00e0ng N\u0103m \/ \u0110\u1ea7u T\u01b0 Trung B\u00ecnh) x 100<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
\u0110\u1ea7u T\u01b0 Trung B\u00ecnh = (\u0110\u1ea7u T\u01b0 Ban \u0110\u1ea7u + Gi\u00e1 Tr\u1ecb Ph\u1ebf Li\u1ec7u) \/ 2<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

M\u1ed9t d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0 s\u1ebd \u0111\u01b0\u1ee3c ch\u1ea5p nh\u1eadn n\u1ebfu t\u1ef7 l\u1ec7 thu nh\u1eadp tr\u00ean v\u1ed1n s\u1eed d\u1ee5ng cao h\u01a1n t\u1ec9 l\u1ec7 ho\u00e0n tr\u1ea3 m\u1ee5c ti\u00eau hay t\u1ec9 l\u1ec7 ho\u00e0n tr\u1ea3 t\u1ed1i thi\u1ec3u c\u1ee7a c\u00f4ng ty \u0111\u1ea7u t\u01b0. N\u1ebfu ch\u1ec9 c\u00f3 m\u1ed9t trong hai d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n, d\u1ef1 \u00e1n n\u00e0o v\u1edbi t\u1ec9 l\u1ec7 thu nh\u1eadp tr\u00ean v\u1ed1n s\u1eed d\u1ee5ng cao s\u1ebd \u0111\u01b0\u1ee3c ch\u1ea5p nh\u1eadn.<\/p>\n

2.1 \u0110i\u1ec3m M\u1ea1nh C\u1ee7a Ph\u01b0\u01a1ng Ph\u00e1p T\u1ef7 L\u1ec7 Thu Nh\u1eadp Tr\u00ean V\u1ed1n S\u1eed D\u1ee5ng<\/strong><\/h3>\n

N\u00f3 \u0111o l\u01b0\u1eddng kh\u1ea3 n\u0103ng sinh l\u1eddi c\u1ee7a m\u1ed9t d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0 v\u00e0 hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng v\u1ed1n c\u1ee7a n\u00f3. N\u00f3 c\u0169ng l\u00e0 m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p \u0111\u01a1n gi\u1ea3n h\u1ee3p l\u00fd \u0111\u1ec3 \u00e1p d\u1ee5ng v\u00e0 c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng \u0111\u1ec3 so s\u00e1nh c\u00e1c d\u1ef1 \u00e1n ph\u1ea3i lo\u1ea1i tr\u1eeb l\u1eabn nhau. Kh\u00f4ng gi\u1ed1ng nh\u01b0 ph\u01b0\u01a1ng ph\u00e1p th\u1eddi gian ho\u00e0n v\u1ed1n, n\u00f3 c\u00e2n nh\u1eafc t\u1ea5t c\u1ea3 d\u00f2ng ti\u1ec1n ph\u00e1t sinh trong v\u00f2ng \u0111\u1eddi c\u1ee7a m\u1ed9t d\u1ef1 \u00e1n. N\u00f3 c\u0169ng ch\u1ec9 ra m\u1ed9t d\u1ef1 \u00e1n \u0111\u01b0\u1ee3c ch\u1ea5p nh\u1eadn hay kh\u00f4ng b\u1eb1ng c\u00e1ch so s\u00e1nh ROCE c\u1ee7a d\u1ef1 \u00e1n v\u1edbi t\u1ef7 su\u1ea5t m\u1ee5c ti\u00eau.<\/p>\n

\u0110\u00e2y l\u00e0 ph\u01b0\u01a1ng ph\u00e1p t\u01b0\u01a1ng \u0111\u1ed1i \u0111\u01a1n gi\u1ea3n n\u00ean c\u0169ng d\u1ec5 d\u00e0ng \u0111\u1ec3 hi\u1ec3u.<\/p>\n

2.2 \u0110i\u1ec3m Y\u1ebfu C\u1ee7a Ph\u01b0\u01a1ng Ph\u00e1p T\u1ef7 L\u1ec7 Thu Nh\u1eadp Tr\u00ean V\u1ed1n S\u1eed D\u1ee5ng<\/strong><\/h3>\n

Ph\u01b0\u01a1ng ph\u00e1p n\u00e0y s\u1eed d\u1ee5ng l\u1ee3i nhu\u1eadn trung b\u00ecnh. N\u00f3 c\u0169ng b\u1ecf qua th\u1eddi \u0111i\u1ec3m c\u1ee7a l\u1ee3i nhu\u1eadn.<\/p>\n

V\u00ed d\u1ee5<\/h4>\n

Ch\u00fang ta h\u00e3y c\u00e2n nh\u1eafc 2 d\u1ef1 \u00e1n A v\u00e0 B d\u01b0\u1edbi \u0111\u00e2y<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
N\u0103m<\/td>\n0<\/td>\n1<\/td>\n2<\/td>\n3<\/td>\n4<\/td>\n<\/tr>\n
D\u1ef1 \u00e1n A<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
D\u00f2ng ti\u1ec1n<\/td>\n-45000<\/td>\n11000<\/td>\n12250<\/td>\n12250<\/td>\n32000<\/td>\n<\/tr>\n
Chi\u1ebft kh\u1ea5u<\/td>\n<\/td>\n11250<\/td>\n11250<\/td>\n11250<\/td>\n11250<\/td>\n<\/tr>\n
L\u1ee3i nhu\u1eadn<\/td>\n<\/td>\n-250<\/td>\n1000<\/td>\n1000<\/td>\n20750<\/td>\n<\/tr>\n
D\u1ef1 \u00e1n B<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
D\u00f2ng ti\u1ec1n<\/td>\n-45000<\/td>\n17250<\/td>\n17250<\/td>\n1670<\/td>\n16250<\/td>\n<\/tr>\n
Chi\u1ebft kh\u1ea5u<\/td>\n<\/td>\n11250<\/td>\n11250<\/td>\n11250<\/td>\n11250<\/td>\n<\/tr>\n
L\u1ee3i nhu\u1eadn<\/td>\n<\/td>\n6000<\/td>\n6000<\/td>\n5500<\/td>\n5000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

C\u1ea3 hai d\u1ef1 \u00e1n c\u00f3 c\u00f9ng l\u1ee3i nhu\u1eadn h\u00e0ng n\u0103m trung b\u00ecnh nh\u01b0 nhau<\/p>\n

    \n
  • D\u1ef1 \u00e1n A: (-250+1000+1000+20750)\/4 = $5625<\/li>\n
  • D\u1ef1 \u00e1n B: (6000+6000+5500+5000)\/4 = $5625<\/li>\n<\/ul>\n

    V\u00ec th\u1ebf t\u1ef7 l\u1ec7 thu h\u1ed3i tr\u00ean v\u1ed1n s\u1eed d\u1ee5ng c\u1ee7a n\u00f3 c\u0169ng \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n gi\u1ed1ng nhau<\/p>\n

    ROCE = (100×5625)\/22500 = 25%<\/p>\n

    Ch\u00fang ta th\u1ea5y r\u1eb1ng d\u1ef1 \u00e1n B c\u00f3 m\u00f4 h\u00ecnh l\u1ee3i nhu\u1eadn tr\u01a1n tru h\u01a1n, trong khi d\u1ef1 \u00e1n A th\u00ec kh\u00f4ng. D\u1ef1 \u00e1n A nh\u1eadn kho\u1ea3n l\u1ed7 trong n\u0103m \u0111\u1ea7u ti\u00ean, nh\u1eadn r\u1ea5t \u00edt l\u1ee3i nhu\u1eadn trong 2 n\u0103m ti\u1ebfp theo, v\u00e0 sau \u0111\u00f3 l\u00e0 kho\u1ea3n l\u00e3i l\u1edbn trong n\u0103m cu\u1ed1i c\u00f9ng. M\u1eb7c d\u00f9 c\u1ea3 2 \u0111\u1ec1u c\u00f3 c\u00f9ng ROCE, d\u1ef1 \u00e1n B s\u1ebd \u0111\u01b0\u1ee3c \u01b0a th\u00edch h\u01a1n d\u1ef1 \u00e1n A. N\u00f3 c\u00f3 ngh\u0129a l\u00e0 ph\u01b0\u01a1ng ph\u00e1p n\u00e0y \u0111\u00e3 b\u1ecf qua m\u00f4 h\u00ecnh d\u00f2ng ti\u1ec1n khi ch\u00fang x\u1ea3y ra.<\/p>\n

    N\u00f3 c\u0169ng th\u1ea5t b\u1ea1i khi kh\u00f4ng \u0111\u01b0a v\u00e0o \u0111\u1ed9 d\u00e0i c\u1ee7a v\u00f2ng \u0111\u1eddi d\u1ef1 \u00e1n khi n\u00f3 \u0111\u01b0\u1ee3c bi\u1ec3u th\u1ecb b\u1eb1ng t\u1ef7 l\u1ec7 ph\u1ea7n tr\u0103m. \u0110\u1ed9 d\u00e0i c\u1ee7a d\u1ef1 \u00e1n c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t \u01b0\u1edbc t\u00ednh n\u00ean d\u00f2ng ti\u1ec1n sau n\u00e0y s\u1ebd kh\u00f3 ch\u00ednh x\u00e1c . V\u00ec ch\u00fang l\u00e0 c\u00e1c d\u1ef1 b\u00e1o d\u00e0i h\u1ea1n.<\/p>\n

    M\u1ed9t h\u1ea1n ch\u1ebf nghi\u1ec7m tr\u1ecdng h\u01a1n l\u00e0 ph\u01b0\u01a1ng ph\u00e1p t\u1ef7 l\u1ec7 thu nh\u1eadp tr\u00ean v\u1ed1n s\u1eed d\u1ee5ng \u0111\u00e3 kh\u00f4ng xem x\u00e9t gi\u00e1 tr\u1ecb th\u1eddi gian c\u1ee7a \u0111\u1ed3ng ti\u1ec1n. N\u00f3 cho r\u1eb1ng l\u1ee3i nhu\u1eadn ph\u00e1t sinh trong c\u00e1c th\u1eddi \u0111i\u1ec3m l\u00e0 nh\u01b0 nhau. M\u1ed9t d\u1ef1 \u00e1n thu v\u1ec1 nhi\u1ec1u doanh thu h\u01a1n trong nh\u1eefng n\u0103m \u0111\u1ea7u \u0111\u01b0\u1ee3c so s\u00e1nh v\u1edbi d\u1ef1 \u00e1n m\u00e0 doanh thu \u0111\u01b0\u1ee3c thu v\u1ec1 \u1edf nh\u1eefng n\u0103m sau \u0111\u00f3. V\u00e0 d\u1ef1 \u00e1n \u0111\u00f3 kh\u00f4ng \u0111\u01b0\u1ee3c ch\u1ec9 \u0111\u1ecbnh \u01b0u ti\u00ean n\u1ebfu s\u1eed d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p n\u00e0y.<\/p>\n

    V\u1edbi nh\u1eefng l\u00fd do n\u00eau tr\u00ean, ph\u01b0\u01a1ng ph\u00e1p t\u1ef7 l\u1ec7 thu nh\u1eadp tr\u00ean v\u1ed1n s\u1eed d\u1ee5ng kh\u00f4ng th\u1ec3 \u0111\u01b0\u1ee3c coi l\u00e0 \u0111\u01b0a ra l\u1eddi khuy\u00ean h\u1ee3p l\u00fd v\u1ec1 vi\u1ec7c m\u1ed9t d\u1ef1 \u00e1n c\u00f3 t\u1ea1o ra \u0111\u01b0\u1ee3c s\u1ef1 gi\u00e0u c\u00f3 hay kh\u00f4ng.<\/p>\n

    3. Ph\u01b0\u01a1ng Ph\u00e1p Gi\u00e1 Tr\u1ecb Hi\u1ec7n T\u1ea1i R\u00f2ng (Net Present Value \u2013 NPV)<\/strong><\/h2>\n

    Ph\u01b0\u01a1ng ph\u00e1p th\u1ea9m \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng d\u00f2ng ti\u1ec1n chi\u1ebft kh\u1ea5u \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0 v\u1ed1n. \u0110\u1ed3ng ti\u1ec1n ki\u1ebfm \u0111\u01b0\u1ee3c trong t\u01b0\u01a1ng lai s\u1ebd kh\u00f4ng c\u00f3 gi\u00e1 tr\u1ecb b\u1eb1ng ti\u1ec1n ki\u1ebfm \u0111\u01b0\u1ee3c trong hi\u1ec7n t\u1ea1i do y\u1ebfu t\u1ed1 l\u1ea1m ph\u00e1t. Do \u0111\u00f3, n\u1ebfu doanh nghi\u1ec7p mu\u1ed1n so s\u00e1nh hai kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 mang l\u1ea1i nh\u1eefng kho\u1ea3n l\u1ee3i nhu\u1eadn kh\u00e1c nhau trong t\u01b0\u01a1ng lai, doanh nghi\u1ec7p ph\u1ea3i chuy\u1ec3n \u0111\u1ed5i t\u1ea5t c\u1ea3 l\u1ee3i nhu\u1eadn trong t\u01b0\u01a1ng lai th\u00e0nh gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i b\u1eb1ng c\u00e1ch chi\u1ebft kh\u1ea5u l\u1ee3i nhu\u1eadn t\u01b0\u01a1ng lai. \u0110\u1ec3 \u0111\u00e1nh gi\u00e1 gi\u00e1 tr\u1ecb c\u1ee7a m\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0, ch\u00fang ta c\u1ea7n ph\u1ea3i t\u00ednh to\u00e1n gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i r\u00f2ng (NPV).<\/p>\n\n\n\n
    NPV = -I\u2080 + C1 \/ (1+r) + C2 \/ (1+r)\u00b2 + C3 \/ (1+r)\u00b3 +\u2026+ Cn \/ (1+r)\u207f<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    Trong \u0111\u00f3: I\u2080 l\u00e0 kho\u1ea3n \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u<\/p>\n

    C1, C2, C3,\u2026, Cn l\u00e0 d\u00f2ng ti\u1ec1n d\u1ef1 \u00e1n ph\u00e1t sinh trong n\u0103m 1, 2, 3,…, n<\/p>\n

    r l\u00e0 chi ph\u00ed v\u1ed1n hay t\u1ec9 l\u1ec7 ho\u00e0n v\u1ed1n y\u00eau c\u1ea7u<\/p>\n

      \n
    • NPV l\u00e0 s\u1ed1 d\u01b0\u01a1ng: kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u00f3 kh\u1ea3 n\u0103ng sinh l\u1eddi<\/li>\n
    • NPV l\u00e0 zero: d\u00f2ng ti\u1ec1n v\u00e0o b\u1eb1ng ra. D\u1ef1 \u00e1n c\u00f3 th\u1ec3 b\u1ecb t\u1eeb ch\u1ed1i<\/li>\n
    • NPV l\u00e0 s\u1ed1 \u00e2m: \u0111\u00f3 l\u00e0 k\u1ebft qu\u1ea3 c\u1ee7a l\u1ed7. N\u00ean t\u1eeb b\u1ecf d\u1ef1 \u00e1n<\/li>\n<\/ul>\n

      V\u00ed d\u1ee5<\/strong><\/h4>\n\n\n\n\n\n\n\n\n\n\n\n
      Th\u1eddi gian<\/td>\nD\u1ef1 \u00e1n A ($)<\/td>\nD\u1ef1 \u00e1n B ($)<\/td>\n<\/tr>\n
      0<\/td>\n-5000<\/td>\n-5000<\/td>\n<\/tr>\n
      1<\/td>\n800<\/td>\n2000<\/td>\n<\/tr>\n
      2<\/td>\n900<\/td>\n2000<\/td>\n<\/tr>\n
      3<\/td>\n1200<\/td>\n2000<\/td>\n<\/tr>\n
      4<\/td>\n1400<\/td>\n100<\/td>\n<\/tr>\n
      5<\/td>\n1600<\/td>\n100<\/td>\n<\/tr>\n
      6<\/td>\n1300<\/td>\n100<\/td>\n<\/tr>\n
      7<\/td>\n1100<\/td>\n100<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

      NPV cho d\u1ef1 \u00e1n A<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
      Th\u1eddi gian<\/td>\nD\u00f2ng ti\u1ec1n ($)<\/td>\n10%<\/td>\nPV ($)<\/td>\n<\/tr>\n
      0<\/td>\n-5000<\/td>\n1<\/td>\n-5000<\/td>\n<\/tr>\n
      1<\/td>\n800<\/td>\n0.909<\/td>\n727<\/td>\n<\/tr>\n
      2<\/td>\n900<\/td>\n0.826<\/td>\n744<\/td>\n<\/tr>\n
      3<\/td>\n1200<\/td>\n0.751<\/td>\n902<\/td>\n<\/tr>\n
      4<\/td>\n1400<\/td>\n0.683<\/td>\n956<\/td>\n<\/tr>\n
      5<\/td>\n1600<\/td>\n0.621<\/td>\n993<\/td>\n<\/tr>\n
      6<\/td>\n1300<\/td>\n0.564<\/td>\n734<\/td>\n<\/tr>\n
      7<\/td>\n1100<\/td>\n0.513<\/td>\n564<\/td>\n<\/tr>\n
      <\/td>\n<\/td>\nNPV<\/strong><\/td>\n621<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

      NPV cho d\u1ef1 \u00e1n B<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
      Th\u1eddi gian<\/td>\nD\u00f2ng ti\u1ec1n ($)<\/td>\n10%<\/td>\nPV ($)<\/td>\n<\/tr>\n
      0<\/td>\n-5000<\/td>\n1<\/td>\n-5000<\/td>\n<\/tr>\n
      1<\/td>\n2000<\/td>\n0.909<\/td>\n1818<\/td>\n<\/tr>\n
      2<\/td>\n2000<\/td>\n0.826<\/td>\n1653<\/td>\n<\/tr>\n
      3<\/td>\n2000<\/td>\n0.751<\/td>\n1503<\/td>\n<\/tr>\n
      4<\/td>\n100<\/td>\n0.683<\/td>\n68<\/td>\n<\/tr>\n
      5<\/td>\n100<\/td>\n0.621<\/td>\n62<\/td>\n<\/tr>\n
      6<\/td>\n100<\/td>\n0.564<\/td>\n56<\/td>\n<\/tr>\n
      7<\/td>\n100<\/td>\n0.513<\/td>\n51<\/td>\n<\/tr>\n
      <\/td>\n<\/td>\nNPV<\/strong><\/td>\n212<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

      N\u1ebfu c\u00e1c d\u1ef1 \u00e1n l\u00e0 lo\u1ea1i tr\u1eeb l\u1eabn nhau, d\u1ef1 \u00e1n A n\u00ean \u0111\u01b0\u1ee3c ch\u1ecdn v\u00ec n\u00f3 c\u00f3 NPV cao h\u01a1n d\u1ef1 \u00e1n B. N\u1ebfu c\u00e1c d\u1ef1 \u00e1n kh\u00f4ng lo\u1ea1i tr\u1eeb l\u1eabn nhau, kh\u00f4ng c\u00f3 h\u1ea1n ch\u1ebf v\u1ec1 v\u1ed1n \u0111\u1ea7u t\u01b0, c\u1ea3 2 d\u1ef1 \u00e1n n\u00ean \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n v\u00ec c\u1ea3 2 \u0111\u1ec1u c\u00f3 NPV d\u01b0\u01a1ng.<\/p>\n

      3.1 \u0110i\u1ec3m M\u1ea1nh C\u1ee7a Ph\u01b0\u01a1ng Ph\u00e1p Gi\u00e1 Tr\u1ecb Hi\u1ec7n T\u1ea1i R\u00f2ng<\/strong><\/h3>\n

      Ph\u01b0\u01a1ng ph\u00e1p n\u00e0y c\u00f3 t\u00ednh \u0111\u1ebfn gi\u00e1 tr\u1ecb th\u1eddi gian c\u1ee7a \u0111\u1ed3ng ti\u1ec1n, c\u00e1i \u0111\u01b0\u1ee3c xem l\u00e0 m\u1ed9t trong nh\u1eefng kh\u00e1i ni\u1ec7m quan tr\u1ecdng trong t\u00e0i ch\u00ednh doanh nghi\u1ec7p. N\u00f3 s\u1eed d\u1ee5ng d\u00f2ng ti\u1ec1n trong t\u00ednh to\u00e1n thay v\u00ec l\u1ee3i nhu\u1eadn k\u1ebf to\u00e1n. C\u1ea3 s\u1ed1 l\u01b0\u1ee3ng v\u00e0 th\u1eddi gian c\u1ee7a d\u1ef1 \u00e1n \u0111\u1ec1u \u0111\u01b0\u1ee3c \u0111\u01b0a v\u00e0o trong ph\u01b0\u01a1ng ph\u00e1p n\u00e0y. N\u00f3 c\u0169ng xem x\u00e9t t\u1ea5t c\u1ea3 c\u00e1c d\u00f2ng ti\u1ec1n c\u00f3 li\u00ean quan trong v\u00f2ng \u0111\u1eddi c\u1ee7a m\u1ed9t d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0. N\u00f3 khoa h\u1ecdc h\u01a1n so v\u1edbi c\u00e1c ph\u01b0\u01a1ng ph\u00e1p kh\u00e1c. V\u00ec t\u1ea5t c\u1ea3 c\u00e1c l\u00fd do tr\u00ean, ph\u01b0\u01a1ng ph\u00e1p gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i r\u00f2ng l\u00e0 ph\u01b0\u01a1ng ph\u00e1p th\u1ea9m \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c \u01b0a th\u00edch v\u1ec1 m\u1eb7t h\u1ecdc thu\u1eadt.<\/p>\n

      3.2 \u0110i\u1ec3m Y\u1ebfu C\u1ee7a Ph\u01b0\u01a1ng Ph\u00e1p Gi\u00e1 Tr\u1ecb Hi\u1ec7n T\u1ea1i R\u00f2ng<\/strong><\/h3>\n

      Ph\u01b0\u01a1ng ph\u00e1p n\u00e0y c\u00f3 v\u1ebb ph\u1ee9c t\u1ea1p \u0111\u1ec3 t\u00ednh to\u00e1n. N\u00f3 c\u0169ng \u0111\u00e3 ch\u1ec9 ra r\u1eb1ng r\u1ea5t kh\u00f3 \u0111\u1ec3 \u01b0\u1edbc t\u00ednh gi\u00e1 tr\u1ecb c\u1ee7a d\u00f2ng ti\u1ec1n trong su\u1ed1t v\u00f2ng \u0111\u1eddi c\u1ee7a d\u1ef1 \u00e1n. N\u1ebfu vi\u1ec7c \u01b0\u1edbc t\u00ednh d\u00f2ng ti\u1ec1n l\u00e0 sai, ch\u00fang ta kh\u00f3 c\u00f3 th\u1ec3 t\u00ednh ch\u00ednh x\u00e1c NPV. R\u1ea5t kh\u00f3 \u0111\u1ec3 d\u1ef1 b\u00e1o d\u00f2ng ti\u1ec1n. \u0110\u00f3 l\u00e0 v\u1ea5n \u0111\u1ec1 chung c\u1ee7a vi\u1ec7c th\u1ea9m \u0111\u1ecbnh d\u1ef1 \u00e1n.<\/p>\n

      B\u00ean c\u1ea1nh \u0111\u00f3 vi\u1ec7c l\u1ef1a ch\u1ecdn t\u1ec9 l\u1ec7 chi\u1ebft kh\u1ea5u l\u00e0 r\u1ea5t quan tr\u1ecdng. N\u00f3 ph\u1ea3i kh\u00f4ng thay \u0111\u1ed5i trong su\u1ed1t v\u00f2ng \u0111\u1eddi c\u1ee7a d\u1ef1 \u00e1n. Do \u0111\u00f3 r\u1ea5t kh\u00f3 \u0111\u1ec3 \u01b0\u1edbc t\u00ednh \u0111\u01b0\u1ee3c. V\u00ec n\u00f3 ch\u1ecbu \u1ea3nh h\u01b0\u1edfng b\u1edfi m\u00f4i tr\u01b0\u1eddng kinh t\u1ebf n\u0103ng \u0111\u1ed9ng. N\u01a1i m\u00e0 t\u1ea5t c\u1ea3 c\u00e1c ho\u1ea1t \u0111\u1ed9ng kinh doanh \u0111ang \u0111\u01b0\u1ee3c di\u1ec5n ra.<\/p>\n

      3.3 Ch\u1ec9 S\u1ed1 L\u1ee3i Nhu\u1eadn (Profitability Index \u2013 PI)<\/strong><\/h3>\n

      N\u1ebfu m\u1ed9t c\u00f4ng ty kh\u00f4ng c\u00f3 \u0111\u1ee7 v\u1ed1n \u0111\u1ec3 th\u1ef1c hi\u1ec7n t\u1ea5t c\u1ea3 c\u00e1c d\u1ef1 \u00e1n c\u00f3 NPV l\u00e0 s\u1ed1 d\u01b0\u01a1ng. Nh\u1eefng c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 n\u00e0o \u0111\u01b0\u1ee3c ch\u1ecdn l\u00e0 c\u00e2u h\u1ecfi c\u1ea7n ph\u1ea3i t\u00ecm ra. C\u00e1c d\u1ef1 \u00e1n c\u1ea7n ph\u1ea3i \u0111\u01b0\u1ee3c x\u1ebfp h\u1ea1ng \u0111\u1ec3 l\u1ef1a ch\u1ecdn. Ph\u01b0\u01a1ng ph\u00e1p gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i r\u00f2ng kh\u00f4ng th\u1ec3 s\u1eed d\u1ee5ng \u0111\u1ec3 x\u1ebfp h\u1ea1ng c\u00e1c d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0 n\u1ebfu ngu\u1ed3n v\u1ed1n ph\u00e2n b\u1ed5 h\u1ea1n h\u1eb9p. V\u00ec n\u00f3 c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn c\u00e1c quy\u1ebft \u0111\u1ecbnh kh\u00f4ng ch\u00ednh x\u00e1c. N\u1ebfu d\u00f9ng NPV \u0111\u1ec3 x\u1ebfp h\u1ea1ng,\u00a0 c\u00e1c d\u1ef1 \u00e1n nh\u1ecf h\u01a1n b\u1ecb x\u1ebfp h\u1ea1ng th\u1ea5p h\u01a1n c\u00e1c d\u1ef1 \u00e1n l\u1edbn. Nh\u01b0ng n\u1ebfu c\u00e1c d\u1ef1 \u00e1n nh\u1ecf k\u1ebft h\u1ee3p l\u1ea1i v\u1edbi nhau s\u1ebd \u0111\u01b0a \u0111\u1ebfn m\u1ed9t gi\u00e1 tr\u1ecb NPV cao h\u01a1n so v\u1edbi d\u1ef1 \u00e1n l\u1edbn \u0111\u01a1n l\u1ebb.<\/p>\n

      Ch\u1ec9 s\u1ed1 l\u1ee3i nhu\u1eadn (PI) l\u00e0 m\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn \u0111\u1ec3 x\u1ebfp h\u1ea1ng c\u00e1c d\u1ef1 \u00e1n. N\u00f3 cho ch\u00fang ta bi\u1ebft ch\u00fang ta c\u00f3 th\u1ec3 mong \u0111\u1ee3i nh\u1eadn v\u1ec1 bao nhi\u00eau, v\u1ec1 m\u1eb7t gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i, cho m\u1ed7i \u0111\u1ed3ng ti\u1ec1n \u0111\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 v\u00e0o d\u1ef1 \u00e1n.<\/p>\n\n\n\n
      PI = Gi\u00e1 Tr\u1ecb Hi\u1ec7n T\u1ea1i C\u1ee7a D\u00f2ng Ti\u1ec1n T\u01b0\u01a1ng Lai \/ T\u1ed5ng V\u1ed1n \u0110\u1ea7u T\u01b0 Ban \u0110\u1ea7u<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

      Kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u00f3 ch\u1ec9 s\u1ed1 PI cao n\u00ean \u0111\u01b0\u1ee3c l\u1ef1a ch\u1ecdn \u0111\u1ec3 th\u1ef1c hi\u1ec7n. Ch\u1ec9 s\u1ed1 PI l\u1edbn h\u01a1n 1 ch\u1ec9 ra r\u1eb1ng d\u1ef1 \u00e1n n\u00ean \u0111\u01b0\u1ee3c ti\u1ebfn h\u00e0nh. Ng\u01b0\u1ee3c l\u1ea1i, d\u1ef1 \u00e1n v\u1edbi PI nh\u1ecf h\u01a1n 1 n\u00ean b\u1ecb h\u1ee7y b\u1ecf.<\/p>\n

      4. Ph\u01b0\u01a1ng Ph\u00e1p T\u1ec9 Su\u1ea5t Ho\u00e0n V\u1ed1n N\u1ed9i B\u1ed9 (Internal Rate of Return \u2013 IRR)<\/strong><\/h2>\n

      T\u1ec9 su\u1ea5t ho\u00e0n v\u1ed1n n\u1ed9i b\u1ed9 (IRR) c\u1ee7a m\u1ed9t d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0 l\u00e0 chi ph\u00ed v\u1ed1n ho\u1eb7c t\u1ef7 l\u1ec7 ho\u00e0n v\u1ed1n b\u1eaft bu\u1ed9c \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 chi\u1ebft kh\u1ea5u d\u00f2ng ti\u1ec1n, t\u1ea1o ra gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i r\u00f2ng b\u1eb1ng 0. Ph\u01b0\u01a1ng ph\u00e1p n\u00e0y \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 t\u00ednh to\u00e1n IRR c\u1ee7a m\u1ed9t d\u1ef1 \u00e1n, th\u01b0\u1eddng l\u00e0 b\u1eb1ng ph\u00e9p n\u1ed9i suy tuy\u1ebfn t\u00ednh. Sau \u0111\u00f3 n\u00f3 s\u1ebd \u0111\u01b0\u1ee3c so s\u00e1nh v\u1edbi t\u1ec9 l\u1ec7 ho\u00e0n v\u1ed1n m\u1ee5c ti\u00eau hay t\u1ed1i thi\u1ec3u. T\u1ea5t c\u1ea3 c\u00e1c d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0 \u0111\u1ed9c l\u1eadp v\u1edbi\u00a0 IRR cao h\u01a1n chi ph\u00ed v\u1ed1n hay t\u1ef7 l\u1ec7 ho\u00e0n v\u1ed1n m\u1ee5c ti\u00eau s\u1ebd \u0111\u01b0\u1ee3c ch\u1ea5p nh\u1eadn<\/p>\n\n\n\n
      C1 \/ (1+IRR) + C2 \/ (1+IRR)\u00b2 + C3 \/ (1+IRR)\u00b3 +\u2026+ Cn \/ (1+IRR)\u207f – I\u2080 = NPV = 0<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

      Trong \u0111\u00f3: C1, C2, C3,\u2026, Cn l\u00e0 d\u00f2ng ti\u1ec1n d\u1ef1 \u00e1n ph\u00e1t sinh trong n\u0103m 1, 2, 3,\u2026,n<\/p>\n

      IRR l\u00e0 t\u1ec9 su\u1ea5t ho\u00e0n v\u1ed1n n\u1ed9i b\u1ed9<\/p>\n

      I\u2080 l\u00e0 kho\u1ea3n \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u<\/p>\n

      4.1 \u0110i\u1ec3m M\u1ea1nh C\u1ee7a Ph\u01b0\u01a1ng Ph\u00e1p T\u1ec9 Su\u1ea5t Ho\u00e0n V\u1ed1n N\u1ed9i B\u1ed9<\/strong><\/h3>\n

      \u0110i\u1ec1u quan tr\u1ecdng nh\u1ea5t c\u1ee7a ph\u01b0\u01a1ng ph\u00e1p n\u00e0y l\u00e0 n\u00f3 c\u00f3 xem x\u00e9t \u0111\u1ebfn gi\u00e1 tr\u1ecb th\u1eddi gian c\u1ee7a \u0111\u1ed3ng ti\u1ec1n khi \u0111\u00e1nh gi\u00e1 m\u1ed9t d\u1ef1 \u00e1n. N\u00f3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 so s\u00e1nh l\u1ee3i nhu\u1eadn c\u1ee7a vi\u1ec7c thi\u1ebft l\u1eadp c\u00e1c ho\u1ea1t \u0111\u1ed9ng m\u1edbi v\u1edbi vi\u1ec7c m\u1edf r\u1ed9ng ho\u1ea1t \u0111\u1ed9ng hi\u1ec7n c\u00f3. M\u1ed9t d\u1ef1 \u00e1n c\u00f3 IRR cao h\u01a1n so v\u1edbi d\u1ef1 \u00e1n kh\u00e1c s\u1ebd mang l\u1ea1i c\u01a1 h\u1ed9i t\u0103ng tr\u01b0\u1edfng m\u1ea1nh m\u1ebd h\u01a1n nhi\u1ec1u.<\/p>\n

      N\u1ebfu IRR v\u01b0\u1ee3t qu\u00e1 chi ph\u00ed v\u1ed1n, \u0111\u00f3 s\u1ebd l\u00e0 d\u1ef1 \u00e1n c\u00f3 l\u1ee3i nhu\u1eadn. C\u00e1c c\u00f4ng ty th\u01b0\u1eddng thi\u1ebft l\u1eadp b\u1ea3ng t\u00ednh t\u1ef7 l\u1ec7 ho\u00e0n v\u1ed1n b\u1eaft bu\u1ed9c \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh t\u1ef7 l\u1ec7 t\u1ed1i thi\u1ec3u c\u00f3 th\u1ec3 ch\u1ea5p nh\u1eadn \u0111\u01b0\u1ee3c. T\u1ef7 l\u1ec7 t\u1ed1i thi\u1ec3u l\u00e0 bao nhi\u00eau, \u0111\u00f3 ch\u00ednh l\u00e0 c\u00e2u h\u1ecfi \u0111\u01b0\u1ee3c \u0111\u1eb7t ra trong \u0111\u1ea7u t\u01b0. T\u1ef7 l\u1ec7 t\u1ed1i thi\u1ec7u c\u0169ng r\u1ea5t kh\u00f3 \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh \u0111\u01b0\u1ee3c. Trong ph\u01b0\u01a1ng ph\u00e1p t\u1ec9 su\u1ea5t ho\u00e0n v\u1ed1n kh\u00f4ng c\u00f3 y\u00eau c\u1ea7u ph\u1ea3i t\u00ecm ra t\u1ef7 l\u1ec7 t\u1ed1i thi\u1ec3u IRR. B\u1ea5t k\u1ef3 d\u1ef1 \u00e1n n\u00e0o c\u00f3 IRR cao h\u01a1n t\u1ef7 l\u1ec7 ho\u00e0n v\u1ed1n b\u1eaft bu\u1ed9c c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c ch\u1ea5p nh\u1eadn.<\/p>\n

      Ph\u01b0\u01a1ng ph\u00e1p n\u00e0y c\u0169ng h\u1eefu \u00edch trong vi\u1ec7c \u0111\u00e1nh gi\u00e1 c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i c\u1ed5 phi\u1ebfu. N\u00f3 \u0111\u01b0\u1ee3c so s\u00e1nh v\u1edbi t\u1ec9 l\u1ec7 l\u1ee3i nhu\u1eadn hi\u1ec7n h\u00e0nh tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n. N\u1ebfu kh\u00f4ng c\u00f3 d\u1ef1 \u00e1n n\u00e0o c\u00f3 IRR cao h\u01a1n kho\u1ea3n l\u1ee3i nhu\u1eadn ph\u00e1t sinh trong th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh, c\u00f4ng ty s\u1ebd \u0111\u1ea7u t\u01b0 kho\u1ea3n thu nh\u1eadp gi\u1eef l\u1ea1i v\u00e0o th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n.<\/p>\n

      4.1.1 IRR So V\u1edbi L\u00e3i G\u1ed9p H\u00e0ng N\u0103m<\/strong><\/h4>\n

      L\u00e3i g\u1ed9p h\u00e0ng n\u0103m (Compound annual growth rate \u2013 CAGR) \u0111o l\u01b0\u1eddng l\u1ee3i nhu\u1eadn \u0111\u1ea7u t\u01b0 trong m\u1ed9t th\u1eddi gian x\u00e1c \u0111\u1ecbnh. IRR c\u0169ng l\u00e0 t\u1ef7 l\u1ec7 ho\u00e0n v\u1ed1n nh\u01b0ng n\u00f3 linh ho\u1ea1t h\u01a1n so v\u1edbi CAGR. CAGR c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n \u0111\u01a1n gi\u1ea3n b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng gi\u00e1 tr\u1ecb\u00a0 ban \u0111\u1ea7u v\u00e0 cu\u1ed1i c\u1ee7a d\u00f2ng ti\u1ec1n. IRR xem x\u00e9t t\u1ea5t c\u1ea3 c\u00e1c d\u00f2ng ti\u1ec1n, ph\u1ea3n \u00e1nh th\u1ef1c t\u1ebf c\u00e1c d\u00f2ng ti\u1ec1n v\u00e0o v\u00e0 ra th\u01b0\u1eddng xuy\u00ean x\u1ea3y ra khi \u0111\u1ea7u t\u01b0. V\u00ec v\u1eady IRR \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 ph\u1ee9c t\u1ea1p h\u01a1n. N\u01a1i m\u00e0 c\u00f3 r\u1ea5t nhi\u1ec1u d\u00f2ng ti\u1ec1n v\u00e0o ra kh\u00e1c nhau.<\/p>\n

      4.1.2 IRR So V\u1edbi T\u1ec9 Su\u1ea5t Thu Nh\u1eadp Tr\u00ean \u0110\u1ea7u T\u01b0<\/strong><\/h4>\n

      T\u1ec9 su\u1ea5t thu nh\u1eadp tr\u00ean \u0111\u1ea7u t\u01b0 (Return on Invesment \u2013 ROI) l\u00e0 t\u1ef7 l\u1ec7 ph\u1ea7n tr\u0103m t\u0103ng hay gi\u1ea3m c\u1ee7a kho\u1ea3n \u0111\u1ea7u t\u01b0 trong m\u1ed9t kho\u1ea3ng th\u1eddi gian x\u00e1c \u0111\u1ecbnh. T\u00ednh to\u00e1n ROI s\u1ebd kh\u00e1c nhau. N\u00f3 ph\u1ee5 thu\u1ed9c v\u00e0o s\u1ed1 li\u1ec7u n\u00e0o \u0111\u01b0\u1ee3c \u0111\u01b0a v\u00e0o trong thu nh\u1eadp v\u00e0 chi ph\u00ed. C\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 d\u00e0i h\u01a1n s\u1ebd g\u1eb7p nhi\u1ec1u th\u1eed th\u00e1ch h\u01a1n trong vi\u1ec7c x\u00e1c \u0111\u1ecbnh thu nh\u1eadp, chi ph\u00ed v\u00e0 c\u00e1c y\u1ebfu t\u1ed1 kh\u00e1c nh\u01b0 t\u1ec9 l\u1ec7 l\u1ea1m ph\u00e1t ho\u1eb7c thu\u1ebf su\u1ea5t. Vi\u1ec7c \u01b0\u1edbc t\u00ednh thu nh\u1eadp v\u00e0 chi ph\u00ed l\u00e0 r\u1ea5t kh\u00f3 \u0111\u1ec3 \u01b0\u1edbc t\u00ednh ch\u00ednh x\u00e1c. V\u00ec th\u1ebf IRR th\u01b0\u1eddng \u0111\u01b0\u1ee3c \u01b0a th\u00edch h\u01a1n so v\u1edbi ROI \u0111\u1ed1i v\u1edbi c\u00e1c \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n.<\/p>\n

      4.2 \u0110i\u1ec3m Y\u1ebfu C\u1ee7a Ph\u01b0\u01a1ng Ph\u00e1p T\u1ec9 Su\u1ea5t Ho\u00e0n V\u1ed1n N\u1ed9i B\u1ed9<\/strong><\/h3>\n

      Khi ch\u00fang ta xem x\u00e9t 2 d\u1ef1 \u00e1n lo\u1ea1i tr\u1eeb l\u1eabn nhau, d\u1ef1 \u00e1n c\u00f3 IRR cao s\u1ebd \u0111\u01b0\u1ee3c \u01b0a th\u00edch h\u01a1n. Th\u1ebf nh\u01b0ng ph\u01b0\u01a1ng ph\u00e1p n\u00e0y kh\u00f4ng \u0111\u1ee7 \u0111\u1ec3 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ed1i v\u1edbi c\u00e1c d\u1ef1 \u00e1n ph\u1ea3i lo\u1ea1i tr\u1eeb nhau. \u0110\u1ed1i v\u1edbi tr\u01b0\u1eddng h\u1ee3p n\u00e0y, ch\u00fang ta n\u00ean tham kh\u1ea3o ph\u01b0\u01a1ng ph\u00e1p NPV. Quy\u1ebft \u0111\u1ecbnh ch\u00ednh x\u00e1c l\u00e0 ch\u1ecdn d\u1ef1 \u00e1n c\u00f3 NPV cao h\u01a1n ngay c\u1ea3 khi n\u00f3 c\u00f3 IRR th\u1ea5p h\u01a1n so v\u1edbi d\u1ef1 \u00e1n kh\u00e1c. IRR ch\u1ec9 l\u00e0 th\u01b0\u1edbc \u0111o t\u01b0\u01a1ng \u0111\u1ed1i c\u1ee7a l\u1ee3i nhu\u1eadn. NPV m\u1edbi \u0111o l\u01b0\u1eddng \u0111\u01b0\u1ee3c s\u1ef1 gia t\u0103ng tuy\u1ec7t \u0111\u1ed1i c\u00e1c gi\u00e1 tr\u1ecb c\u1ee7a c\u00f4ng ty.<\/p>\n

      M\u1ed9t d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0 c\u00f3 c\u00e1c d\u00f2ng ti\u1ec1n \u00e2m r\u1ed3i l\u1ea1i d\u01b0\u01a1ng, ti\u1ebfp \u0111\u1ebfn l\u00e0 \u00e2m… n\u00f3 c\u00f3 th\u1ec3 c\u00f3 nhi\u1ec1u h\u01a1n m\u1ed9t IRR. N\u1ebfu ph\u01b0\u01a1ng ph\u00e1p IRR ch\u1ec9 \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng, vi\u1ec7c t\u1ed3n t\u1ea1i nhi\u1ec1u IRR kh\u00e1c nhau s\u1ebd khi\u1ebfn vi\u1ec7c ra quy\u1ebft \u0111\u1ecbnh kh\u00f4ng ch\u00ednh x\u00e1c. Trong tr\u01b0\u1eddng h\u1ee3p n\u00e0y, NPV s\u1ebd \u0111\u01b0a ra l\u1eddi khuy\u00ean \u0111\u1ea7u t\u01b0 ch\u00ednh x\u00e1c v\u00ec n\u00f3 c\u00f3 th\u1ec3 \u0111i\u1ec1u ti\u1ebft c\u00e1c d\u00f2ng ti\u1ec1n \u0111\u1eb7c bi\u1ec7t n\u00e0y.<\/p>\n

      D\u00f2ng ti\u1ec1n th\u01b0\u1eddng \u0111\u01b0\u1ee3c t\u00e1i \u0111\u1ea7u t\u01b0 t\u1ea1i chi ph\u00ed v\u1ed1n, kh\u00f4ng c\u00f9ng t\u1ef7 l\u1ec7 m\u00e0 n\u00f3 \u0111\u01b0\u1ee3c ph\u00e1t sinh t\u1eeb \u0111\u1ea7u. V\u00ec th\u1ebf s\u1ebd c\u00f3 s\u1ef1 thay \u0111\u1ed5i v\u1ec1 chi ph\u00ed v\u1ed1n trong v\u00f2ng \u0111\u1eddi c\u1ee7a m\u1ed9t d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0. Trong khi ph\u01b0\u01a1ng ph\u00e1p IRR l\u1ea1i gi\u1ea3 \u0111\u1ecbnh l\u00e0 t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng \u0111\u01b0\u1ee3c duy tr\u00ec kh\u00f4ng thay \u0111\u1ed5i. V\u00ec th\u1ebf n\u00f3 d\u1ec5 d\u00e0ng ph\u00f3ng \u0111\u1ea1i kh\u1ea3 n\u0103ng sinh l\u1eddi c\u1ee7a m\u1ed9t d\u1ef1 \u00e1n. Ph\u01b0\u01a1ng ph\u00e1p NPV s\u1ebd \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 gi\u1ea3i quy\u1ebft c\u00e1c v\u1ea5n \u0111\u1ec1 n\u00e0y khi n\u00f3 d\u1ec5 d\u00e0ng k\u1ebft h\u1ee3p v\u1edbi s\u1ef1 thay \u0111\u1ed5i t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u n\u00e0y.<\/p>\n

      L\u1eddi K\u1ebft<\/h2>\n

      Sau khi t\u00ecm hi\u1ec3u c\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng, NPV \u0111\u01b0\u1ee3c coi l\u00e0 ph\u01b0\u01a1ng ph\u00e1p c\u00f3 gi\u00e1 tr\u1ecb nh\u1ea5t trong vi\u1ec7c \u0111\u00e1nh gi\u00e1 m\u1ed9t d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0. Do \u0111\u00f3 m\u1ed9t c\u00f4ng ty s\u1eed d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p th\u1ea9m \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 b\u1eb1ng chi\u1ebft kh\u1ea5u d\u00f2ng ti\u1ec1n s\u1ebd th\u1ef1c hi\u1ec7n t\u1ed1t h\u01a1n so v\u1edbi c\u00e1c c\u00f4ng ty s\u1eed d\u1ee5ng c\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u01a1n gi\u1ea3n. D\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0 t\u1ed1t nh\u1ea5t \u0111\u01b0\u1ee3c l\u1ef1a ch\u1ecdn s\u1ebd t\u1ed1i \u0111a h\u00f3a s\u1ef1 gi\u00e0u c\u00f3 c\u1ee7a c\u00e1c c\u1ed5 \u0111\u00f4ng.<\/p>\n","protected":false},"excerpt":{"rendered":"

      Th\u1ea9m \u0111\u1ecbnh d\u1ef1 \u00e1n \u0111\u1ec3 \u0111\u01b0a ra c\u00e1c quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 \u0111\u00fang \u0111\u1eafn l\u00e0 vi\u1ec7c kh\u00f4ng \u0111\u01a1n gi\u1ea3n. C\u00f3 nhi\u1ec1u ph\u01b0\u01a1ng ph\u00e1p th\u1ea9m \u0111\u1ecbnh v\u1edbi c\u00e1c \u0111i\u1ec3m m\u1ea1nh y\u1ebfu kh\u00e1c nhau l\u00e0 c\u00f4ng c\u1ee5 m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n c\u00e2n nh\u1eafc l\u1ef1a ch\u1ecdn. Vi\u1ec7c hi\u1ec3u r\u00f5 c\u00e1c c\u00f4ng c\u1ee5 n\u00e0y s\u1ebd gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u00e1nh \u0111\u01b0\u1ee3c c\u00e1c sai l\u1ea7m trong vi\u1ec7c ra quy\u1ebft \u0111\u1ecbnh.<\/p>\n","protected":false},"author":155708572,"featured_media":976,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[433938639],"tags":[],"_links":{"self":[{"href":"https:\/\/hoclamgiau.vn\/wp-json\/wp\/v2\/posts\/2214"}],"collection":[{"href":"https:\/\/hoclamgiau.vn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hoclamgiau.vn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hoclamgiau.vn\/wp-json\/wp\/v2\/users\/155708572"}],"replies":[{"embeddable":true,"href":"https:\/\/hoclamgiau.vn\/wp-json\/wp\/v2\/comments?post=2214"}],"version-history":[{"count":0,"href":"https:\/\/hoclamgiau.vn\/wp-json\/wp\/v2\/posts\/2214\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hoclamgiau.vn\/wp-json\/wp\/v2\/media\/976"}],"wp:attachment":[{"href":"https:\/\/hoclamgiau.vn\/wp-json\/wp\/v2\/media?parent=2214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hoclamgiau.vn\/wp-json\/wp\/v2\/categories?post=2214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hoclamgiau.vn\/wp-json\/wp\/v2\/tags?post=2214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}