{"id":76443,"date":"2024-08-02T16:50:40","date_gmt":"2024-08-02T09:50:40","guid":{"rendered":"https:\/\/jobsgo.vn\/blog\/?p=76443"},"modified":"2025-04-02T09:56:11","modified_gmt":"2025-04-02T02:56:11","slug":"npv-la-gi","status":"publish","type":"post","link":"https:\/\/jobsgo.vn\/blog\/npv-la-gi\/","title":{"rendered":"NPV L\u00e0 G\u00ec? Nh\u1eefng L\u01b0u \u00dd Khi S\u1eed D\u1ee5ng \u0110\u1ec3 Tr\u00e1nh Sai L\u1ea7m Trong \u0110\u1ea7u T\u01b0"},"content":{"rendered":"\n
Trong th\u1ebf gi\u1edbi t\u00e0i ch\u00ednh v\u00e0 \u0111\u1ea7u t\u01b0, NPV l\u00e0 m\u1ed9t thu\u1eadt ng\u1eef quen thu\u1ed9c, nh\u01b0ng kh\u00f4ng ph\u1ea3i ai c\u0169ng hi\u1ec3u r\u00f5 b\u1ea3n ch\u1ea5t c\u1ee7a n\u00f3. V\u1eady h\u00e3y c\u00f9ng JobsGO t\u00ecm hi\u1ec3u <\/em>NPV l\u00e0 g\u00ec<\/em><\/strong>, c\u00e1ch t\u00ednh v\u00e0 \u00fd ngh\u0129a c\u1ee7a ch\u1ec9 s\u1ed1 NPV<\/em> n\u00e0y nh\u00e9!<\/em><\/p>\n M\u1ee5c l\u1ee5c<\/p> NPV (vi\u1ebft t\u1eaft c\u1ee7a t\u1eeb Net Present Value) – gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i r\u00f2ng. V\u1eady gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i r\u00f2ng l\u00e0 g\u00ec<\/strong>? \u0110\u00e2y l\u00e0 m\u1ed9t ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh d\u00f9ng \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a m\u1ed9t d\u1ef1 \u00e1n ho\u1eb7c kho\u1ea3n \u0111\u1ea7u t\u01b0 b\u1eb1ng c\u00e1ch so s\u00e1nh t\u1ed5ng gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a d\u00f2ng ti\u1ec1n v\u00e0o v\u00e0 ra trong t\u01b0\u01a1ng lai. Ch\u1ec9 s\u1ed1 n\u00e0y l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 c\u1ed1t l\u00f5i trong\u00a0<\/span>ph\u00e2n t\u00edch \u0111\u1ea7u t\u01b0<\/span><\/strong><\/a>, gi\u00fap <\/span>c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 x\u00e1c \u0111\u1ecbnh xem m\u1ed9t d\u1ef1 \u00e1n c\u00f3 \u0111\u00e1ng \u0111\u1ec3 \u0111\u1ea7u t\u01b0 hay kh\u00f4ng b\u1eb1ng c\u00e1ch so s\u00e1nh gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a l\u1ee3i \u00edch d\u1ef1 ki\u1ebfn v\u1edbi chi ph\u00ed hi\u1ec7n t\u1ea1i c\u1ee7a d\u1ef1 \u00e1n.<\/p>\n NPV ph\u1ea3n \u00e1nh kh\u1ea3 n\u0103ng sinh l\u1eddi c\u1ee7a m\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0. M\u1ed9t NPV d\u01b0\u01a1ng cho th\u1ea5y d\u1ef1 \u00e1n c\u1ee7a b\u1ea1n c\u00f3 th\u1ec3 t\u1ea1o ra l\u1ee3i nhu\u1eadn cao h\u01a1n so v\u1edbi chi ph\u00ed \u0111\u1ea7u t\u01b0, trong khi m\u1ed9t NPV \u00e2m ch\u1ec9 ra r\u1eb1ng d\u1ef1 \u00e1n \u0111\u00f3 c\u00f3 th\u1ec3 kh\u00f4ng \u0111\u1ea1t \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn nh\u01b0 mong mu\u1ed1n. Do \u0111\u00f3, NPV l\u00e0 c\u00f4ng c\u1ee5 quan tr\u1ecdng gi\u00fap c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 doanh nghi\u1ec7p \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh t\u00e0i ch\u00ednh h\u1ee3p l\u00fd.<\/p>\n Ch\u1ec9 s\u1ed1 NPV c\u00f3 \u00fd ngh\u0129a quan tr\u1ecdng trong vi\u1ec7c \u0111\u00e1nh gi\u00e1 hi\u1ec7u qu\u1ea3 t\u00e0i ch\u00ednh c\u1ee7a m\u1ed9t d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0.<\/p>\n Ch\u1ec9 s\u1ed1 NPV c\u0169ng gi\u00fap so s\u00e1nh hi\u1ec7u qu\u1ea3 gi\u1eefa c\u00e1c d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0 kh\u00e1c nhau. B\u1eb1ng c\u00e1ch ph\u00e2n t\u00edch NPV, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 quy\u1ebft \u0111\u1ecbnh ch\u1ecdn l\u1ef1a d\u1ef1 \u00e1n n\u00e0o c\u00f3 kh\u1ea3 n\u0103ng t\u1ea1o ra gi\u00e1 tr\u1ecb cao h\u01a1n. \u0110\u1ed1i v\u1edbi c\u00e1c doanh nghi\u1ec7p, NPV l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 h\u1eefu \u00edch trong vi\u1ec7c l\u1eadp k\u1ebf ho\u1ea1ch t\u00e0i ch\u00ednh v\u00e0 x\u00e1c \u0111\u1ecbnh c\u00e1c c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 c\u00f3 ti\u1ec1m n\u0103ng mang l\u1ea1i l\u1ee3i \u00edch t\u1ed1i \u01b0u.<\/p>\n \u0110\u1ec3 t\u00ednh ch\u1ec9 s\u1ed1 NPV, b\u1ea1n c\u1ea7n ph\u1ea3i x\u00e1c \u0111\u1ecbnh ch\u00ednh x\u00e1c c\u00e1c y\u1ebfu t\u1ed1 \u0111\u1ea7u v\u00e0o v\u00e0 th\u1ef1c hi\u1ec7n m\u1ed9t s\u1ed1 b\u01b0\u1edbc c\u01a1 b\u1ea3n. C\u00f4ng th\u1ee9c t\u00ednh NPV<\/strong> c\u01a1 b\u1ea3n l\u00e0 t\u1ed5ng gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a c\u00e1c lu\u1ed3ng ti\u1ec1n trong t\u01b0\u01a1ng lai tr\u1eeb \u0111i chi ph\u00ed \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u.<\/p>\n Trong \u0111\u00f3:<\/p>\n V\u00ed d\u1ee5: Gi\u1ea3 s\u1eed b\u1ea1n \u0111ang c\u00e2n nh\u1eafc m\u1ed9t d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0 v\u1edbi s\u1ed1 v\u1ed1n \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u l\u00e0 100.000 USD. D\u1ef1 \u00e1n n\u00e0y d\u1ef1 ki\u1ebfn s\u1ebd t\u1ea1o ra c\u00e1c lu\u1ed3ng ti\u1ec1n m\u1eb7t h\u00e0ng n\u0103m l\u00e0 30.000 USD, 40.000 USD v\u00e0 50.000 USD trong ba n\u0103m t\u1edbi. N\u1ebfu t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u l\u00e0 10% th\u00ec b\u1ea1n c\u00f3 th\u1ec3 t\u00ednh NPV nh\u01b0 sau:<\/p>\n X\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a c\u00e1c lu\u1ed3ng ti\u1ec1n:<\/p>\n T\u00ednh t\u1ed5ng gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a c\u00e1c lu\u1ed3ng ti\u1ec1n: 27.273 + 32.231 + 37.690 = 97.194 USD<\/p>\n T\u00ednh NPV: 97.194 – 100.000 = -2.806 USD<\/p>\n Tr\u01b0\u1edbc khi t\u00ecm hi\u1ec3u s\u00e2u v\u1ec1 nh\u1eefng \u01b0u \u0111i\u1ec3m v\u00e0 nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a ch\u1ec9 s\u1ed1 NPV, h\u00e3y xem x\u00e9t m\u1ed9t s\u1ed1 kh\u00eda c\u1ea1nh quan tr\u1ecdng c\u1ee7a n\u00f3 trong vi\u1ec7c \u0111\u00e1nh gi\u00e1 d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0. Nh\u1eefng y\u1ebfu t\u1ed1 n\u00e0y s\u1ebd gi\u00fap b\u1ea1n hi\u1ec3u r\u00f5 h\u01a1n v\u1ec1 c\u00e1ch NPV c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 v\u00e0 nh\u1eefng \u0111i\u1ec3m c\u1ea7n c\u00e2n nh\u1eafc \u0111\u1ec3 \u00e1p d\u1ee5ng n\u00f3 m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3.<\/p>\n NPV gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 c\u00e1i nh\u00ecn r\u00f5 r\u00e0ng v\u1ec1 gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i r\u00f2ng c\u1ee7a d\u1ef1 \u00e1n \u0111\u1ec3 t\u1eeb \u0111\u00f3 x\u00e1c \u0111\u1ecbnh li\u1ec7u d\u1ef1 \u00e1n c\u00f3 mang l\u1ea1i l\u1ee3i nhu\u1eadn hay kh\u00f4ng. B\u1eb1ng c\u00e1ch so s\u00e1nh t\u1ed5ng gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a c\u00e1c lu\u1ed3ng ti\u1ec1n v\u1edbi chi ph\u00ed \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u, NPV gi\u00fap x\u00e1c \u0111\u1ecbnh t\u00ednh kh\u1ea3 thi t\u00e0i ch\u00ednh c\u1ee7a d\u1ef1 \u00e1n m\u1ed9t c\u00e1ch ch\u00ednh x\u00e1c.<\/p>\n NPV cho ph\u00e9p so s\u00e1nh hi\u1ec7u qu\u1ea3 gi\u1eefa c\u00e1c d\u1ef1 \u00e1n kh\u00e1c nhau m\u1ed9t c\u00e1ch d\u1ec5 d\u00e0ng. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 d\u1ef1a tr\u00ean s\u1ed1 li\u1ec7u NPV \u0111\u1ec3 l\u1ef1a ch\u1ecdn d\u1ef1 \u00e1n n\u00e0o mang l\u1ea1i gi\u00e1 tr\u1ecb cao h\u01a1n v\u00e0 ph\u00f9 h\u1ee3p h\u01a1n v\u1edbi m\u1ee5c ti\u00eau t\u00e0i ch\u00ednh c\u1ee7a h\u1ecd.<\/p>\n Ch\u1ec9 s\u1ed1 NPV gi\u00fap l\u00e0m r\u00f5 c\u00e1c r\u1ee7i ro ti\u1ec1m \u1ea9n li\u00ean quan \u0111\u1ebfn d\u1ef1 \u00e1n b\u1eb1ng c\u00e1ch ph\u1ea3n \u00e1nh s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn c\u1ee7a c\u00e1c lu\u1ed3ng ti\u1ec1n trong t\u01b0\u01a1ng lai. Ph\u00e2n t\u00edch r\u1ee7i ro h\u1ed7 tr\u1ee3 nh\u00e0 \u0111\u1ea7u t\u01b0 trong vi\u1ec7c hi\u1ec3u r\u00f5 h\u01a1n v\u1ec1 c\u00e1c y\u1ebfu t\u1ed1 c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn k\u1ebft qu\u1ea3 t\u00e0i ch\u00ednh c\u1ee7a d\u1ef1 \u00e1n.<\/p>\n M\u1ed9t nh\u01b0\u1ee3c \u0111i\u1ec3m \u0111\u00e1ng ch\u00fa \u00fd c\u1ee7a NPV l\u00e0 s\u1ef1 ph\u1ee5 thu\u1ed9c v\u00e0o t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u. Vi\u1ec7c ch\u1ecdn t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u kh\u00f4ng ch\u00ednh x\u00e1c c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn k\u1ebft qu\u1ea3 NPV kh\u00f4ng ch\u00ednh x\u00e1c, \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0.<\/p>\n T\u00ednh to\u00e1n NPV \u0111\u00f2i h\u1ecfi ph\u1ea3i d\u1ef1 \u0111o\u00e1n ch\u00ednh x\u00e1c c\u00e1c lu\u1ed3ng ti\u1ec1n trong t\u01b0\u01a1ng lai, \u0111i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t th\u00e1ch th\u1ee9c, nh\u1ea5t l\u00e0 khi m\u00f4i tr\u01b0\u1eddng kinh t\u1ebf \u0111ang bi\u1ebfn \u0111\u1ed9ng. N\u1ebfu d\u1ef1 \u0111o\u00e1n kh\u00f4ng ch\u00ednh x\u00e1c, \u0111i\u1ec1u \u0111\u00f3 c\u00f3 th\u1ec3 l\u00e0m sai l\u1ec7ch \u0111\u00e1nh gi\u00e1 v\u1ec1 kh\u1ea3 n\u0103ng kh\u1ea3 thi c\u1ee7a d\u1ef1 \u00e1n.<\/p>\n M\u1eb7c d\u00f9 NPV cung c\u1ea5p th\u00f4ng tin v\u1ec1 r\u1ee7i ro d\u1ef1a tr\u00ean lu\u1ed3ng ti\u1ec1n, nh\u01b0ng n\u00f3 kh\u00f4ng th\u1ec3 ho\u00e0n to\u00e0n ph\u1ea3n \u00e1nh t\u1ea5t c\u1ea3 c\u00e1c y\u1ebfu t\u1ed1 r\u1ee7i ro, \u0111\u1eb7c bi\u1ec7t l\u00e0 nh\u1eefng y\u1ebfu t\u1ed1 kh\u00f4ng d\u1ec5 \u0111\u1ecbnh l\u01b0\u1ee3ng nh\u01b0 thay \u0111\u1ed5i ch\u00ednh s\u00e1ch ho\u1eb7c bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng.<\/p>\n Khi s\u1eed d\u1ee5ng ch\u1ec9 s\u1ed1 NPV \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 d\u1ef1 \u00e1n, c\u00f3 m\u1ed9t s\u1ed1 \u0111i\u1ec3m quan tr\u1ecdng c\u1ea7n l\u01b0u \u00fd \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o t\u00ednh ch\u00ednh x\u00e1c v\u00e0 \u0111\u1ed9 tin c\u1eady c\u1ee7a k\u1ebft qu\u1ea3:<\/p>\n1. NPV L\u00e0 G\u00ec?<\/strong><\/span><\/h2>\n
2. Ch\u1ec9 S\u1ed1 NPV C\u00f3 \u00dd Ngh\u0129a G\u00ec?<\/strong><\/span><\/h2>\n
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3. C\u00e1ch T\u00ednh Ch\u1ec9 S\u1ed1 NPV<\/strong><\/span><\/h2>\n
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\n NPV = \u2211 (Ct \/ (1+r)^t) – C0<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n \n
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4. \u01afu – Nh\u01b0\u1ee3c \u0110i\u1ec3m C\u1ee7a NPV<\/strong><\/span><\/h2>\n
4.1 \u01afu \u0111i\u1ec3m<\/strong><\/span><\/h3>\n
\u0110\u00e1nh Gi\u00e1 Ch\u00ednh X\u00e1c Gi\u00e1 Tr\u1ecb Th\u1ef1c C\u1ee7a D\u1ef1 \u00c1n<\/strong><\/span><\/h4>\n
Kh\u1ea3 N\u0103ng So S\u00e1nh Hi\u1ec7u Qu\u1ea3 Gi\u1eefa C\u00e1c D\u1ef1 \u00c1n\u00a0<\/strong><\/span><\/h4>\n
Ph\u00e2n T\u00edch R\u1ee7i Ro R\u00f5 R\u00e0ng<\/strong><\/span><\/h4>\n
4.2 Nh\u01b0\u1ee3c \u0110i\u1ec3m<\/strong><\/span><\/h3>\n
Ph\u1ee5 Thu\u1ed9c V\u00e0o T\u1ef7 L\u1ec7 Chi\u1ebft Kh\u1ea5u<\/strong><\/span><\/h4>\n
\u0110\u00f2i H\u1ecfi D\u1ef1 \u0110o\u00e1n Ch\u00ednh X\u00e1c Lu\u1ed3ng Ti\u1ec1n<\/strong><\/span><\/h4>\n
Kh\u00f4ng Ph\u1ea3n \u00c1nh To\u00e0n B\u1ed9 R\u1ee7i Ro<\/strong><\/span><\/h4>\n
5. L\u01b0u \u00dd Khi S\u1eed D\u1ee5ng NPV<\/strong><\/span><\/h2>\n
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