B\u1eb1ng ch\u1ee9ng v\u1ec1 gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng c\u1ee7a c\u00e1c doanh nghi\u1ec7p c\u1ee5 th\u1ec3 r\u1ea5t kh\u00e1c nhau, ph\u1ea7n l\u1edbn ph\u1ee5 thu\u1ed9c v\u00e0o c\u00e1c giao d\u1ecbch th\u1ecb tr\u01b0\u1eddng \u0111\u01b0\u1ee3c b\u00e1o c\u00e1o trong v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu c\u1ee7a c\u00f4ng ty. M\u1ed9t ph\u1ea7n nh\u1ecf c\u00e1c doanh nghi\u1ec7p \u0111\u01b0\u1ee3c giao d\u1ecbch c\u00f4ng khai, c\u00f3 ngh\u0129a l\u00e0 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu c\u1ee7a h\u1ecd c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c mua v\u00e0 b\u00e1n b\u1edfi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n c\u00f3 s\u1eb5n cho c\u00f4ng ch\u00fang. C\u00e1c c\u00f4ng ty giao d\u1ecbch c\u00f4ng khai tr\u00ean c\u00e1c th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n l\u1edbn c\u00f3 v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n d\u1ec5 d\u00e0ng, \u01b0\u1edbc t\u00ednh tr\u1ef1c ti\u1ebfp gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng c\u1ee7a v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu c\u1ee7a c\u00f4ng ty. M\u1ed9t s\u1ed1 c\u00f4ng ty giao d\u1ecbch c\u00f4ng khai c\u00f3 t\u01b0\u01a1ng \u0111\u1ed1i \u00edt giao d\u1ecbch \u0111\u01b0\u1ee3c ghi nh\u1eadn (bao g\u1ed3m nhi\u1ec1u c\u00f4ng ty giao d\u1ecbch qua qu\u1ea7y ho\u1eb7c trong c\u00e1c t\u1edd m\u00e0u h\u1ed3ng). M\u1ed9t s\u1ed1 l\u01b0\u1ee3ng l\u1edbn h\u01a1n nhi\u1ec1u c\u00e1c c\u00f4ng ty \u0111\u01b0\u1ee3c t\u1ed5 ch\u1ee9c t\u01b0 nh\u00e2n. Th\u00f4ng th\u01b0\u1eddng, l\u1ee3i \u00edch v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu trong c\u00e1c c\u00f4ng ty n\u00e0y (bao g\u1ed3m c\u00e1c t\u1eadp \u0111o\u00e0n, c\u00f4ng ty h\u1ee3p danh, c\u00f4ng ty tr\u00e1ch nhi\u1ec7m h\u1eefu h\u1ea1n v\u00e0 m\u1ed9t s\u1ed1 h\u00ecnh th\u1ee9c t\u1ed5 ch\u1ee9c kh\u00e1c) \u0111\u01b0\u1ee3c giao d\u1ecbch ri\u00eang t\u01b0 v\u00e0 th\u01b0\u1eddng kh\u00f4ng th\u01b0\u1eddng xuy\u00ean. Do \u0111\u00f3, c\u00e1c giao d\u1ecbch tr\u01b0\u1edbc \u0111\u00e2y cung c\u1ea5p b\u1eb1ng ch\u1ee9ng h\u1ea1n ch\u1ebf v\u1ec1 gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a m\u1ed9t c\u00f4ng ty t\u01b0 nh\u00e2n ch\u1ee7 y\u1ebfu l\u00e0 do gi\u00e1 tr\u1ecb kinh doanh thay \u0111\u1ed5i theo th\u1eddi gian v\u00e0 gi\u00e1 c\u1ed5 phi\u1ebfu c\u00f3 li\u00ean quan \u0111\u1ebfn s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn \u0111\u00e1ng k\u1ec3 do ti\u1ebfp x\u00fac th\u1ecb tr\u01b0\u1eddng h\u1ea1n ch\u1ebf v\u00e0 chi ph\u00ed giao d\u1ecbch cao.<\/p>\n\n\n\n
M\u1ed9t s\u1ed1 ch\u1ec9 s\u1ed1 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n \u1edf Hoa K\u1ef3 v\u00e0 c\u00e1c qu\u1ed1c gia kh\u00e1c cung c\u1ea5p m\u1ed9t d\u1ea5u hi\u1ec7u v\u1ec1 gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng c\u1ee7a c\u00e1c c\u00f4ng ty giao d\u1ecbch c\u00f4ng khai. Kh\u1ea3o s\u00e1t T\u00e0i ch\u00ednh Ti\u00eau d\u00f9ng \u1edf M\u1ef9 c\u0169ng bao g\u1ed3m \u01b0\u1edbc t\u00ednh quy\u1ec1n s\u1edf h\u1eefu c\u1ed5 phi\u1ebfu c\u1ee7a h\u1ed9 gia \u0111\u00ecnh, bao g\u1ed3m c\u1ea3 quy\u1ec1n s\u1edf h\u1eefu gi\u00e1n ti\u1ebfp th\u00f4ng qua c\u00e1c qu\u1ef9 t\u01b0\u01a1ng h\u1ed7. SCF n\u0103m 2004 v\u00e0 2007 cho th\u1ea5y xu h\u01b0\u1edbng s\u1edf h\u1eefu c\u1ed5 phi\u1ebfu ng\u00e0y c\u00e0ng t\u0103ng, v\u1edbi 51% h\u1ed9 gia \u0111\u00ecnh cho bi\u1ebft quy\u1ec1n s\u1edf h\u1eefu c\u1ed5 phi\u1ebfu tr\u1ef1c ti\u1ebfp ho\u1eb7c gi\u00e1n ti\u1ebfp, v\u1edbi ph\u1ea7n l\u1edbn nh\u1eefng ng\u01b0\u1eddi \u0111\u01b0\u1ee3c h\u1ecfi cho bi\u1ebft quy\u1ec1n s\u1edf h\u1eefu gi\u00e1n ti\u1ebfp th\u00f4ng qua c\u00e1c qu\u1ef9 t\u01b0\u01a1ng h\u1ed7. R\u1ea5t \u00edt d\u1ea5u hi\u1ec7u c\u00f3 s\u1eb5n v\u1ec1 gi\u00e1 tr\u1ecb c\u1ee7a c\u00e1c c\u00f4ng ty t\u01b0 nh\u00e2n. Anderson (2009) g\u1ea7n \u0111\u00e2y \u0111\u00e3 \u01b0\u1edbc t\u00ednh gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng c\u1ee7a c\u00e1c c\u00f4ng ty t\u01b0 nh\u00e2n v\u00e0 giao d\u1ecbch c\u00f4ng khai c\u1ee7a Hoa K\u1ef3, s\u1eed d\u1ee5ng d\u1eef li\u1ec7u c\u1ee7a S\u1edf Thu\u1ebf v\u1ee5 v\u00e0 SCF. \u00d4ng \u01b0\u1edbc t\u00ednh r\u1eb1ng c\u00e1c c\u00f4ng ty t\u01b0 nh\u00e2n t\u1ea1o ra nhi\u1ec1u thu nh\u1eadp h\u01a1n cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 c\u00f3 nhi\u1ec1u gi\u00e1 tr\u1ecb h\u01a1n c\u00e1c c\u00f4ng ty \u0111\u1ea1i ch\u00fang, v\u00e0o n\u0103m 2004.<\/p>\n\n\n\n
2. Ti\u00eau chu\u1ea9n v\u00e0 ti\u1ec1n \u0111\u1ec1 c\u1ee7a gi\u00e1 tr\u1ecb<\/strong><\/p>\n\n\n\n Tr\u01b0\u1edbc khi c\u00f3 th\u1ec3 \u0111o l\u01b0\u1eddng \u0111\u01b0\u1ee3c gi\u00e1 tr\u1ecb c\u1ee7a m\u1ed9t doanh nghi\u1ec7p, vi\u1ec7c \u0111\u1ecbnh gi\u00e1 ph\u1ea3i n\u00eau r\u00f5 l\u00fd do v\u00e0 ho\u00e0n c\u1ea3nh xung quanh vi\u1ec7c \u0111\u1ecbnh gi\u00e1 doanh nghi\u1ec7p. Ch\u00fang \u0111\u01b0\u1ee3c ch\u00ednh th\u1ee9c g\u1ecdi l\u00e0 ti\u00eau chu\u1ea9n gi\u00e1 tr\u1ecb kinh doanh v\u00e0 ti\u1ec1n \u0111\u1ec1 c\u1ee7a gi\u00e1 tr\u1ecb.<\/p>\n\n\n\n Ti\u00eau chu\u1ea9n gi\u00e1 tr\u1ecb l\u00e0 c\u00e1c \u0111i\u1ec1u ki\u1ec7n gi\u1ea3 \u0111\u1ecbnh theo \u0111\u00f3 doanh nghi\u1ec7p s\u1ebd \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1. Ti\u1ec1n \u0111\u1ec1 c\u1ee7a gi\u00e1 tr\u1ecb li\u00ean quan \u0111\u1ebfn c\u00e1c gi\u1ea3 \u0111\u1ecbnh, ch\u1eb3ng h\u1ea1n nh\u01b0 gi\u1ea3 \u0111\u1ecbnh r\u1eb1ng doanh nghi\u1ec7p s\u1ebd ti\u1ebfp t\u1ee5c m\u00e3i m\u00e3i \u1edf d\u1ea1ng hi\u1ec7n t\u1ea1i (li\u00ean t\u1ee5c) ho\u1eb7c gi\u00e1 tr\u1ecb c\u1ee7a doanh nghi\u1ec7p n\u1eb1m trong s\u1ed1 ti\u1ec1n thu \u0111\u01b0\u1ee3c t\u1eeb vi\u1ec7c b\u00e1n t\u1ea5t c\u1ea3 t\u00e0i s\u1ea3n tr\u1eeb \u0111i kho\u1ea3n n\u1ee3 li\u00ean quan (t\u1ed5ng c\u00e1c b\u1ed9 ph\u1eadn ho\u1eb7c l\u1eafp r\u00e1p t\u00e0i s\u1ea3n kinh doanh). Khi \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n ch\u00ednh x\u00e1c, vi\u1ec7c \u0111\u1ecbnh gi\u00e1 s\u1ebd ph\u1ea3n \u00e1nh n\u0103ng l\u1ef1c c\u1ee7a doanh nghi\u1ec7p \u0111\u1ec3 ph\u00f9 h\u1ee3p v\u1edbi nhu c\u1ea7u th\u1ecb tr\u01b0\u1eddng nh\u1ea5t \u0111\u1ecbnh, v\u00ec n\u00f3 l\u00e0 y\u1ebfu t\u1ed1 d\u1ef1 b\u00e1o th\u1ef1c s\u1ef1 duy nh\u1ea5t v\u1ec1 d\u00f2ng ti\u1ec1n trong t\u01b0\u01a1ng lai.<\/p>\n\n\n\n Ti\u00eau chu\u1ea9n gi\u00e1 tr\u1ecb<\/strong><\/p>\n\n\n\n – Gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng h\u1ee3p l\u00fd – gi\u00e1 tr\u1ecb c\u1ee7a m\u1ed9t doanh nghi\u1ec7p kinh doanh \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh gi\u1eefa ng\u01b0\u1eddi mua s\u1eb5n s\u00e0ng v\u00e0 ng\u01b0\u1eddi b\u00e1n s\u1eb5n s\u00e0ng c\u1ea3 hai \u0111\u1ec1u c\u00f3 ki\u1ebfn th\u1ee9c \u0111\u1ea7y \u0111\u1ee7 v\u1ec1 t\u1ea5t c\u1ea3 c\u00e1c s\u1ef1 ki\u1ec7n li\u00ean quan v\u00e0 kh\u00f4ng b\u1eaft bu\u1ed9c ph\u1ea3i k\u1ebft th\u00fac giao d\u1ecbch.<\/p>\n\n\n\n – Gi\u00e1 tr\u1ecb \u0111\u1ea7u t\u01b0 – m\u1ed9t gi\u00e1 tr\u1ecb m\u00e0 c\u00f4ng ty c\u00f3 \u0111\u1ed1i v\u1edbi m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ee5 th\u1ec3. Hi\u1ec7u qu\u1ea3 c\u1ee7a s\u1ee9c m\u1ea1nh t\u1ed5ng h\u1ee3p \u0111\u01b0\u1ee3c \u0111\u01b0a v\u00e0o \u0111\u1ecbnh gi\u00e1 theo ti\u00eau chu\u1ea9n \u0111\u1ea7u t\u01b0 v\u1ec1 gi\u00e1 tr\u1ecb.<\/p>\n\n\n\n – Gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i \u2013 th\u01b0\u1edbc \u0111o gi\u00e1 tr\u1ecb doanh nghi\u1ec7p ph\u1ea3n \u00e1nh s\u1ef1 hi\u1ec3u bi\u1ebft s\u00e2u s\u1eafc c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1ec1 ti\u1ec1m l\u1ef1c kinh t\u1ebf c\u1ee7a c\u00f4ng ty.<\/p>\n\n\n\n Ti\u1ec1n \u0111\u1ec1 c\u1ee7a gi\u00e1 tr\u1ecb<\/p>\n\n\n\n – S\u1ef1 quan t\u00e2m: Gi\u00e1 tr\u1ecb trong vi\u1ec7c ti\u1ebfp t\u1ee5c s\u1eed d\u1ee5ng nh\u01b0 m\u1ed9t doanh nghi\u1ec7p kinh doanh ho\u1ea1t \u0111\u1ed9ng li\u00ean t\u1ee5c.<\/p>\n\n\n\n – R\u00e1p t\u00e0i s\u1ea3n: Gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n t\u1ea1i ch\u1ed7 nh\u01b0ng kh\u00f4ng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 ti\u1ebfn h\u00e0nh ho\u1ea1t \u0111\u1ed9ng kinh doanh.<\/p>\n\n\n\n – \u0110\u1ecbnh \u0111o\u1ea1t c\u00f3 tr\u1eadt t\u1ef1: Gi\u00e1 tr\u1ecb c\u1ee7a t\u00e0i s\u1ea3n kinh doanh trao \u0111\u1ed5i, trong \u0111\u00f3 t\u00e0i s\u1ea3n s\u1ebd \u0111\u01b0\u1ee3c x\u1eed l\u00fd ri\u00eang l\u1ebb v\u00e0 kh\u00f4ng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng cho ho\u1ea1t \u0111\u1ed9ng kinh doanh.<\/p>\n\n\n\n – Thanh l\u00fd: gi\u00e1 tr\u1ecb trao \u0111\u1ed5i khi t\u00e0i s\u1ea3n kinh doanh \u0111\u01b0\u1ee3c x\u1eed l\u00fd trong m\u1ed9t thanh l\u00fd b\u1eaft bu\u1ed9c.<\/p>\n\n\n\n Ti\u1ec1n \u0111\u1ec1 gi\u00e1 tr\u1ecb \u0111\u1ec3 t\u00ednh gi\u00e1 tr\u1ecb h\u1ee3p l\u00fd<\/strong><\/p>\n\n\n\n – \u0110ang s\u1eed d\u1ee5ng:n\u1ebfu t\u00e0i s\u1ea3n s\u1ebd cung c\u1ea5p gi\u00e1 tr\u1ecb t\u1ed1i \u0111a cho nh\u1eefng ng\u01b0\u1eddi tham gia th\u1ecb tr\u01b0\u1eddng ch\u1ee7 y\u1ebfu th\u00f4ng qua vi\u1ec7c s\u1eed d\u1ee5ng k\u1ebft h\u1ee3p v\u1edbi c\u00e1c t\u00e0i s\u1ea3n kh\u00e1c nh\u01b0 m\u1ed9t nh\u00f3m.<\/p>\n\n\n\n – \u0110\u1ed5i l\u1ea1i: N\u1ebfu t\u00e0i s\u1ea3n s\u1ebd cung c\u1ea5p gi\u00e1 tr\u1ecb t\u1ed1i \u0111a cho nh\u1eefng ng\u01b0\u1eddi tham gia th\u1ecb tr\u01b0\u1eddng ch\u1ee7 y\u1ebfu tr\u00ean c\u01a1 s\u1edf \u0111\u1ed9c l\u1eadp.<\/p>\n\n\n\n K\u1ebft qu\u1ea3 \u0111\u1ecbnh gi\u00e1 doanh nghi\u1ec7p c\u00f3 th\u1ec3 thay \u0111\u1ed5i \u0111\u00e1ng k\u1ec3 t\u00f9y thu\u1ed9c v\u00e0o s\u1ef1 l\u1ef1a ch\u1ecdn c\u1ee7a c\u1ea3 ti\u00eau chu\u1ea9n v\u00e0 ti\u1ec1n \u0111\u1ec1 c\u1ee7a gi\u00e1 tr\u1ecb. Trong m\u1ed9t giao d\u1ecbch b\u00e1n kinh doanh th\u1ef1c t\u1ebf, ng\u01b0\u1eddi ta hy v\u1ecdng r\u1eb1ng ng\u01b0\u1eddi mua v\u00e0 ng\u01b0\u1eddi b\u00e1n, m\u1ed7i ng\u01b0\u1eddi c\u00f3 \u0111\u1ed9ng l\u1ef1c \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c k\u1ebft qu\u1ea3 t\u1ed1i \u01b0u, s\u1ebd x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng h\u1ee3p l\u00fd c\u1ee7a m\u1ed9t t\u00e0i s\u1ea3n kinh doanh s\u1ebd c\u1ea1nh tranh tr\u00ean th\u1ecb tr\u01b0\u1eddng cho vi\u1ec7c mua l\u1ea1i \u0111\u00f3. N\u1ebfu s\u1ef1 hi\u1ec7p l\u1ef1c d\u00e0nh ri\u00eang cho c\u00f4ng ty \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1, ch\u00fang c\u00f3 th\u1ec3 kh\u00f4ng \u0111\u01b0\u1ee3c xem x\u00e9t. Gi\u00e1 tr\u1ecb h\u1ee3p l\u00fd c\u0169ng kh\u00f4ng bao g\u1ed3m chi\u1ebft kh\u1ea5u v\u00ec thi\u1ebfu ki\u1ec3m so\u00e1t ho\u1eb7c th\u1ecb tr\u01b0\u1eddng.<\/p>\n\n\n\n Tuy nhi\u00ean, c\u00f3 th\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng h\u1ee3p l\u00fd cho m\u1ed9t t\u00e0i s\u1ea3n kinh doanh \u0111ang \u0111\u01b0\u1ee3c thanh l\u00fd tr\u00ean th\u1ecb tr\u01b0\u1eddng th\u1ee9 c\u1ea5p. \u0110i\u1ec1u n\u00e0y nh\u1ea5n m\u1ea1nh s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa ti\u00eau chu\u1ea9n v\u00e0 ti\u1ec1n \u0111\u1ec1 c\u1ee7a gi\u00e1 tr\u1ecb.<\/p>\n\n\n\n Nh\u1eefng gi\u1ea3 \u0111\u1ecbnh n\u00e0y c\u00f3 th\u1ec3 kh\u00f4ng, v\u00e0 c\u00f3 l\u1ebd kh\u00f4ng, ph\u1ea3n \u00e1nh c\u00e1c \u0111i\u1ec1u ki\u1ec7n th\u1ef1c t\u1ebf c\u1ee7a th\u1ecb tr\u01b0\u1eddng m\u00e0 doanh nghi\u1ec7p ch\u1ee7 \u0111\u1ec1 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c b\u00e1n. Tuy nhi\u00ean, c\u00e1c \u0111i\u1ec1u ki\u1ec7n n\u00e0y \u0111\u01b0\u1ee3c gi\u1ea3 \u0111\u1ecbnh v\u00ec ch\u00fang mang l\u1ea1i m\u1ed9t ti\u00eau chu\u1ea9n gi\u00e1 tr\u1ecb th\u1ed1ng nh\u1ea5t, sau khi \u00e1p d\u1ee5ng c\u00e1c k\u1ef9 thu\u1eadt \u0111\u1ecbnh gi\u00e1 \u0111\u01b0\u1ee3c ch\u1ea5p nh\u1eadn chung, cho ph\u00e9p so s\u00e1nh c\u00f3 \u00fd ngh\u0129a gi\u1eefa c\u00e1c doanh nghi\u1ec7p c\u00f3 v\u1ecb tr\u00ed t\u01b0\u01a1ng t\u1ef1.<\/p>\n\n\n\n 3. C\u00e1c y\u1ebfu t\u1ed1<\/strong><\/p>\n\n\n\n \u0110i\u1ec1u ki\u1ec7n kinh t\u1ebf<\/strong><\/p>\n\n\n\n B\u00e1o c\u00e1o \u0111\u1ecbnh gi\u00e1 doanh nghi\u1ec7p th\u01b0\u1eddng b\u1eaft \u0111\u1ea7u b\u1eb1ng m\u1ed9t b\u1ea3n t\u00f3m t\u1eaft v\u1ec1 m\u1ee5c \u0111\u00edch v\u00e0 ph\u1ea1m vi th\u1ea9m \u0111\u1ecbnh doanh nghi\u1ec7p c\u0169ng nh\u01b0 ng\u00e0y v\u00e0 \u0111\u1ed1i t\u01b0\u1ee3ng \u0111\u00e3 n\u00eau. Sau \u0111\u00e2y l\u00e0 m\u00f4 t\u1ea3 v\u1ec1 c\u00e1c \u0111i\u1ec1u ki\u1ec7n kinh t\u1ebf qu\u1ed1c gia, khu v\u1ef1c v\u00e0 \u0111\u1ecba ph\u01b0\u01a1ng hi\u1ec7n c\u00f3 k\u1ec3 t\u1eeb ng\u00e0y \u0111\u1ecbnh gi\u00e1, c\u0169ng nh\u01b0 c\u00e1c \u0111i\u1ec1u ki\u1ec7n c\u1ee7a ng\u00e0nh m\u00e0 doanh nghi\u1ec7p \u0111\u1ed1i t\u01b0\u1ee3ng ho\u1ea1t \u0111\u1ed9ng. M\u1ed9t ngu\u1ed3n th\u00f4ng tin kinh t\u1ebf ph\u1ed5 bi\u1ebfn cho ph\u1ea7n \u0111\u1ea7u ti\u00ean c\u1ee7a b\u00e1o c\u00e1o \u0111\u1ecbnh gi\u00e1 doanh nghi\u1ec7p l\u00e0 S\u00e1ch m\u00e0u be c\u1ee7a \u1ee6y ban D\u1ef1 tr\u1eef Li\u00ean bang, \u0111\u01b0\u1ee3c xu\u1ea5t b\u1ea3n t\u00e1m l\u1ea7n m\u1ed9t n\u0103m b\u1edfi Ng\u00e2n h\u00e0ng D\u1ef1 tr\u1eef Li\u00ean bang. Ch\u00ednh quy\u1ec1n ti\u1ec3u bang v\u00e0 hi\u1ec7p h\u1ed9i ng\u00e0nh c\u00f4ng nghi\u1ec7p c\u0169ng c\u00f4ng b\u1ed1 s\u1ed1 li\u1ec7u th\u1ed1ng k\u00ea h\u1eefu \u00edch m\u00f4 t\u1ea3 c\u00e1c \u0111i\u1ec1u ki\u1ec7n khu v\u1ef1c v\u00e0 ng\u00e0nh. C\u00e1c nh\u00e0 \u0111\u1ecbnh gi\u00e1 s\u1eed d\u1ee5ng nh\u1eefng \u0111i\u1ec1u n\u00e0y c\u0169ng nh\u01b0 c\u00e1c cu\u1ed9c kh\u1ea3o s\u00e1t v\u00e0 b\u00e1o c\u00e1o ng\u00e0nh \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 kh\u00e1c. Gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i r\u00f2ng (NPV) cho c\u00e1c c\u00f4ng ty t\u01b0\u01a1ng t\u1ef1 c\u00f3 th\u1ec3 thay \u0111\u1ed5i t\u00f9y thu\u1ed9c v\u00e0o qu\u1ed1c gia v\u00ec gi\u00e1 tr\u1ecb th\u1eddi gian kh\u00e1c nhau c\u1ee7a ti\u1ec1n, r\u1ee7i ro qu\u1ed1c gia v\u00e0 t\u1ef7 l\u1ec7 phi r\u1ee7i ro.<\/p>\n\n\n\n Ph\u00e2n t\u00edch t\u00e0i ch\u00ednh<\/strong><\/p>\n\n\n\n Ph\u00e2n t\u00edch b\u00e1o c\u00e1o t\u00e0i ch\u00ednh th\u01b0\u1eddng bao g\u1ed3m ph\u00e2n t\u00edch quy m\u00f4 chung, ph\u00e2n t\u00edch t\u1ef7 l\u1ec7 (thanh kho\u1ea3n, doanh thu, l\u1ee3i nhu\u1eadn, v.v.), ph\u00e2n t\u00edch xu h\u01b0\u1edbng v\u00e0 ph\u00e2n t\u00edch so s\u00e1nh ng\u00e0nh. \u0110i\u1ec1u n\u00e0y cho ph\u00e9p nh\u00e0 ph\u00e2n t\u00edch \u0111\u1ecbnh gi\u00e1 so s\u00e1nh c\u00f4ng ty ch\u1ee7 th\u1ec3 v\u1edbi c\u00e1c doanh nghi\u1ec7p kh\u00e1c trong c\u00f9ng ng\u00e0nh ho\u1eb7c t\u01b0\u01a1ng t\u1ef1 v\u00e0 kh\u00e1m ph\u00e1 c\u00e1c xu h\u01b0\u1edbng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn c\u00f4ng ty v\u00e0 \/ ho\u1eb7c ng\u00e0nh theo th\u1eddi gian. B\u1eb1ng c\u00e1ch so s\u00e1nh b\u00e1o c\u00e1o t\u00e0i ch\u00ednh c\u1ee7a c\u00f4ng ty trong c\u00e1c kho\u1ea3ng th\u1eddi gian kh\u00e1c nhau, chuy\u00ean gia \u0111\u1ecbnh gi\u00e1 c\u00f3 th\u1ec3 xem s\u1ef1 t\u0103ng tr\u01b0\u1edfng ho\u1eb7c suy gi\u1ea3m doanh thu ho\u1eb7c chi ph\u00ed, thay \u0111\u1ed5i c\u1ea5u tr\u00fac v\u1ed1n ho\u1eb7c c\u00e1c xu h\u01b0\u1edbng t\u00e0i ch\u00ednh kh\u00e1c. L\u00e0m th\u1ebf n\u00e0o c\u00f4ng ty ch\u1ee7 \u0111\u1ec1 so s\u00e1nh v\u1edbi ng\u00e0nh s\u1ebd gi\u00fap \u0111\u00e1nh gi\u00e1 r\u1ee7i ro v\u00e0 cu\u1ed1i c\u00f9ng gi\u00fap x\u00e1c \u0111\u1ecbnh t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u v\u00e0 l\u1ef1a ch\u1ecdn b\u1ed9i s\u1ed1 th\u1ecb tr\u01b0\u1eddng.<\/p>\n\n\n\n \u0110i\u1ec1u quan tr\u1ecdng c\u1ea7n \u0111\u1ec1 c\u1eadp l\u00e0 trong s\u1ed1 c\u00e1c b\u00e1o c\u00e1o t\u00e0i ch\u00ednh, b\u00e1o c\u00e1o ch\u00ednh \u0111\u1ec3 th\u1ec3 hi\u1ec7n t\u00ednh thanh kho\u1ea3n c\u1ee7a c\u00f4ng ty l\u00e0 d\u00f2ng ti\u1ec1n. D\u00f2ng ti\u1ec1n cho th\u1ea5y d\u00f2ng ti\u1ec1n v\u00e0o v\u00e0 ra c\u1ee7a c\u00f4ng ty.<\/p>\n\n\n\n Chu\u1ea9n h\u00f3a b\u00e1o c\u00e1o t\u00e0i ch\u00ednh<\/strong><\/p>\n\n\n\n M\u1ee5c ti\u00eau ch\u00ednh c\u1ee7a b\u00ecnh th\u01b0\u1eddng h\u00f3a l\u00e0 x\u00e1c \u0111\u1ecbnh kh\u1ea3 n\u0103ng c\u1ee7a doanh nghi\u1ec7p \u0111\u1ec3 t\u1ea1o thu nh\u1eadp cho ch\u1ee7 s\u1edf h\u1eefu c\u1ee7a n\u00f3. M\u1ed9t th\u01b0\u1edbc \u0111o thu nh\u1eadp l\u00e0 l\u01b0\u1ee3ng d\u00f2ng ti\u1ec1n m\u00e0 ch\u1ee7 s\u1edf h\u1eefu c\u00f3 th\u1ec3 lo\u1ea1i b\u1ecf kh\u1ecfi doanh nghi\u1ec7p m\u00e0 kh\u00f4ng \u1ea3nh h\u01b0\u1edfng x\u1ea5u \u0111\u1ebfn ho\u1ea1t \u0111\u1ed9ng c\u1ee7a n\u00f3. C\u00e1c \u0111i\u1ec1u ch\u1ec9nh chu\u1ea9n h\u00f3a ph\u1ed5 bi\u1ebfn nh\u1ea5t r\u01a1i v\u00e0o b\u1ed1n lo\u1ea1i sau:<\/p>\n\n\n\n – \u0110i\u1ec1u ch\u1ec9nh kh\u1ea3 n\u0103ng so s\u00e1nh. Ng\u01b0\u1eddi \u0111\u1ecbnh gi\u00e1 c\u00f3 th\u1ec3 \u0111i\u1ec1u ch\u1ec9nh b\u00e1o c\u00e1o t\u00e0i ch\u00ednh c\u1ee7a c\u00f4ng ty \u0111\u1ed1i t\u01b0\u1ee3ng \u0111\u1ec3 t\u1ea1o \u0111i\u1ec1u ki\u1ec7n so s\u00e1nh gi\u1eefa c\u00f4ng ty \u0111\u1ed1i t\u01b0\u1ee3ng v\u00e0 c\u00e1c doanh nghi\u1ec7p kh\u00e1c trong c\u00f9ng ng\u00e0nh ho\u1eb7c v\u1ecb tr\u00ed \u0111\u1ecba l\u00fd. Nh\u1eefng \u0111i\u1ec1u ch\u1ec9nh n\u00e0y nh\u1eb1m lo\u1ea1i b\u1ecf s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa c\u00e1ch tr\u00ecnh b\u00e0y d\u1eef li\u1ec7u ng\u00e0nh \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 v\u00e0 c\u00e1ch tr\u00ecnh b\u00e0y d\u1eef li\u1ec7u c\u1ee7a c\u00f4ng ty \u0111\u1ed1i t\u01b0\u1ee3ng trong b\u00e1o c\u00e1o t\u00e0i ch\u00ednh c\u1ee7a m\u00ecnh.<\/p>\n\n\n\n – \u0110i\u1ec1u ch\u1ec9nh kh\u00f4ng ho\u1ea1t \u0111\u1ed9ng. Th\u1eadt h\u1ee3p l\u00fd khi gi\u1ea3 \u0111\u1ecbnh r\u1eb1ng n\u1ebfu m\u1ed9t doanh nghi\u1ec7p \u0111\u01b0\u1ee3c b\u00e1n trong m\u1ed9t giao d\u1ecbch b\u00e1n h\u00e0ng gi\u1ea3 \u0111\u1ecbnh (l\u00e0 ti\u1ec1n \u0111\u1ec1 c\u01a1 b\u1ea3n c\u1ee7a ti\u00eau chu\u1ea9n gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng h\u1ee3p l\u00fd), ng\u01b0\u1eddi b\u00e1n s\u1ebd gi\u1eef l\u1ea1i b\u1ea5t k\u1ef3 t\u00e0i s\u1ea3n n\u00e0o kh\u00f4ng li\u00ean quan \u0111\u1ebfn vi\u1ec7c t\u1ea1o ra thu nh\u1eadp ho\u1eb7c \u0111\u1ecbnh gi\u00e1 c\u00e1c t\u00e0i s\u1ea3n kh\u00f4ng ho\u1ea1t \u0111\u1ed9ng \u0111\u00f3 m\u1ed9t c\u00e1ch ri\u00eang bi\u1ec7t. V\u00ec l\u00fd do n\u00e0y, c\u00e1c t\u00e0i s\u1ea3n kh\u00f4ng ho\u1ea1t \u0111\u1ed9ng (nh\u01b0 ti\u1ec1n m\u1eb7t d\u01b0 th\u1eeba) th\u01b0\u1eddng b\u1ecb lo\u1ea1i kh\u1ecfi b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n.<\/p>\n\n\n\n – \u0110i\u1ec1u ch\u1ec9nh kh\u00f4ng \u0111\u1ecbnh k\u1ef3. B\u00e1o c\u00e1o t\u00e0i ch\u00ednh c\u1ee7a c\u00f4ng ty \u0111\u1ed1i t\u01b0\u1ee3ng c\u00f3 th\u1ec3 b\u1ecb \u1ea3nh h\u01b0\u1edfng b\u1edfi c\u00e1c s\u1ef1 ki\u1ec7n d\u1ef1 ki\u1ebfn s\u1ebd kh\u00f4ng t\u00e1i di\u1ec5n, ch\u1eb3ng h\u1ea1n nh\u01b0 mua ho\u1eb7c b\u00e1n t\u00e0i s\u1ea3n, v\u1ee5 ki\u1ec7n ho\u1eb7c doanh thu ho\u1eb7c chi ph\u00ed l\u1edbn b\u1ea5t th\u01b0\u1eddng. C\u00e1c kho\u1ea3n m\u1ee5c kh\u00f4ng \u0111\u1ecbnh k\u1ef3 n\u00e0y \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh \u0111\u1ec3 b\u00e1o c\u00e1o t\u00e0i ch\u00ednh s\u1ebd ph\u1ea3n \u00e1nh t\u1ed1t h\u01a1n k\u1ef3 v\u1ecdng c\u1ee7a ban l\u00e3nh \u0111\u1ea1o v\u1ec1 hi\u1ec7u su\u1ea5t trong t\u01b0\u01a1ng lai.<\/p>\n\n\n\n – \u0110i\u1ec1u ch\u1ec9nh t\u00f9y \u00fd. Ch\u1ee7 s\u1edf h\u1eefu c\u1ee7a c\u00e1c c\u00f4ng ty t\u01b0 nh\u00e2n c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c tr\u1ea3 ti\u1ec1n ch\u00eanh l\u1ec7ch so v\u1edbi m\u1ee9c b\u1ed3i th\u01b0\u1eddng th\u1ecb tr\u01b0\u1eddng m\u00e0 c\u00e1c gi\u00e1m \u0111\u1ed1c \u0111i\u1ec1u h\u00e0nh t\u01b0\u01a1ng t\u1ef1 trong ng\u00e0nh c\u00f3 th\u1ec3 y\u00eau c\u1ea7u. \u0110\u1ec3 x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng h\u1ee3p l\u00fd, b\u1ed3i th\u01b0\u1eddng, l\u1ee3i \u00edch, tinh t\u1ebf v\u00e0 ph\u00e2n ph\u1ed1i c\u1ee7a ch\u1ee7 s\u1edf h\u1eefu ph\u1ea3i \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh theo ti\u00eau chu\u1ea9n ng\u00e0nh. T\u01b0\u01a1ng t\u1ef1, ti\u1ec1n thu\u00ea \u0111\u01b0\u1ee3c tr\u1ea3 b\u1edfi doanh nghi\u1ec7p ch\u1ee7 th\u1ec3 \u0111\u1ec3 s\u1eed d\u1ee5ng t\u00e0i s\u1ea3n thu\u1ed9c s\u1edf h\u1eefu c\u1ee7a ch\u1ee7 s\u1edf h\u1eefu c\u00f4ng ty ri\u00eang l\u1ebb c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c xem x\u00e9t k\u1ef9 l\u01b0\u1ee1ng.<\/p>\n\n\n\n Ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1<\/strong><\/p>\n\n\n\n Ba c\u00e1ch ti\u1ebfp c\u1eadn kh\u00e1c nhau th\u01b0\u1eddng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng trong \u0111\u1ecbnh gi\u00e1 doanh nghi\u1ec7p: ph\u01b0\u01a1ng ph\u00e1p thu nh\u1eadp, c\u00e1ch ti\u1ebfp c\u1eadn d\u1ef1a tr\u00ean t\u00e0i s\u1ea3n v\u00e0 c\u00e1ch ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng. Trong m\u1ed7i c\u00e1ch ti\u1ebfp c\u1eadn n\u00e0y, c\u00f3 nhi\u1ec1u k\u1ef9 thu\u1eadt kh\u00e1c nhau \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb c\u1ee7a m\u1ed9t doanh nghi\u1ec7p b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng \u0111\u1ecbnh ngh\u0129a v\u1ec1 gi\u00e1 tr\u1ecb ph\u00f9 h\u1ee3p cho vi\u1ec7c ph\u00e2n c\u00f4ng th\u1ea9m \u0111\u1ecbnh nh\u01b0 sau:<\/p>\n\n\n\n M\u1ed9t s\u1ed1 m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 doanh nghi\u1ec7p c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng s\u1eed d\u1ee5ng c\u00e1c ph\u01b0\u01a1ng ph\u00e1p kh\u00e1c nhau theo ba ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 doanh nghi\u1ec7p. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m v\u00e0 c\u00e1c chuy\u00ean gia c\u1ed5 ph\u1ea7n t\u01b0 nh\u00e2n t\u1eeb l\u00e2u \u0111\u00e3 s\u1eed d\u1ee5ng Ph\u01b0\u01a1ng ph\u00e1p Chicago \u0111\u1ea7u ti\u00ean, v\u1ec1 c\u01a1 b\u1ea3n k\u1ebft h\u1ee3p ph\u01b0\u01a1ng ph\u00e1p thu nh\u1eadp v\u1edbi c\u00e1ch ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng. Trong m\u1ed9t s\u1ed1 tr\u01b0\u1eddng h\u1ee3p nh\u1ea5t \u0111\u1ecbnh, v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu c\u0169ng c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 b\u1eb1ng c\u00e1ch \u00e1p d\u1ee5ng c\u00e1c k\u1ef9 thu\u1eadt v\u00e0 khu\u00f4n kh\u1ed5 \u0111\u01b0\u1ee3c ph\u00e1t tri\u1ec3n cho c\u00e1c l\u1ef1a ch\u1ecdn t\u00e0i ch\u00ednh, th\u00f4ng qua khung quy\u1ec1n ch\u1ecdn th\u1ef1c, nh\u01b0 \u0111\u01b0\u1ee3c th\u1ea3o lu\u1eadn d\u01b0\u1edbi \u0111\u00e2y. C\u00e1ch ti\u1ebfp c\u1eadn \u0111\u1ecbnh gi\u00e1 c\u0169ng c\u00f3 th\u1ec3 kh\u00e1c nhau t\u00f9y theo ng\u00e0nh v\u00e0 \/ ho\u1eb7c trong b\u1ed1i c\u1ea3nh kinh doanh.<\/p>\n\n\n\n Khi x\u00e1c \u0111\u1ecbnh ph\u01b0\u01a1ng ph\u00e1p n\u00e0o trong s\u1ed1 c\u00e1c ph\u01b0\u01a1ng ph\u00e1p n\u00e0y \u0111\u1ec3 s\u1eed d\u1ee5ng, chuy\u00ean gia th\u1ea9m \u0111\u1ecbnh gi\u00e1 ph\u1ea3i th\u1eadn tr\u1ecdng. M\u1ed7i k\u1ef9 thu\u1eadt \u0111\u1ec1u c\u00f3 nh\u1eefng \u01b0u \u0111i\u1ec3m v\u00e0 nh\u01b0\u1ee3c \u0111i\u1ec3m, ph\u1ea3i \u0111\u01b0\u1ee3c xem x\u00e9t khi \u00e1p d\u1ee5ng c\u00e1c k\u1ef9 thu\u1eadt \u0111\u00f3 cho m\u1ed9t c\u00f4ng ty ch\u1ee7 \u0111\u1ec1 c\u1ee5 th\u1ec3. H\u1ea7u h\u1ebft c\u00e1c chuy\u00ean lu\u1eadn v\u00e0 quy\u1ebft \u0111\u1ecbnh c\u1ee7a t\u00f2a \u00e1n khuy\u1ebfn kh\u00edch ng\u01b0\u1eddi \u0111\u1ecbnh gi\u00e1 xem x\u00e9t nhi\u1ec1u h\u01a1n m\u1ed9t k\u1ef9 thu\u1eadt, ph\u1ea3i \u0111\u01b0\u1ee3c h\u00f2a gi\u1ea3i v\u1edbi nhau \u0111\u1ec3 \u0111i \u0111\u1ebfn k\u1ebft lu\u1eadn gi\u00e1 tr\u1ecb. M\u1ed9t th\u01b0\u1edbc \u0111o c\u1ee7a \u00fd th\u1ee9c chung v\u00e0 n\u1eafm b\u1eaft t\u1ed1t v\u1ec1 to\u00e1n h\u1ecdc l\u00e0 h\u1eefu \u00edch.<\/p>\n\n\n\n 4. \u0110\u1ecbnh gi\u00e1<\/strong><\/p>\n\n\n\n C\u00e1c c\u00e1ch ti\u1ebfp c\u1eadn kh\u00e1c nhau \u0111\u1ec3 \u0111\u1ecbnh gi\u00e1 \u0111\u01b0\u1ee3c tr\u00ecnh b\u00e0y chi ti\u1ebft trong c\u00e1c ph\u1ea7n sau:<\/p>\n\n\n\n Ph\u01b0\u01a1ng ph\u00e1p ti\u1ebfp c\u1eadn thu nh\u1eadp<\/strong><\/p>\n\n\n\n C\u00e1ch ti\u1ebfp c\u1eadn thu nh\u1eadp d\u1ef1a tr\u00ean nguy\u00ean t\u1eafc kinh t\u1ebf c\u1ee7a k\u1ef3 v\u1ecdng: gi\u00e1 tr\u1ecb c\u1ee7a doanh nghi\u1ec7p d\u1ef1a tr\u00ean l\u1ee3i \u00edch kinh t\u1ebf d\u1ef1 ki\u1ebfn v\u00e0 m\u1ee9c \u0111\u1ed9 r\u1ee7i ro li\u00ean quan \u0111\u1ebfn \u0111\u1ea7u t\u01b0. C\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 d\u1ef1a tr\u00ean thu nh\u1eadp x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng h\u1ee3p l\u00fd b\u1eb1ng c\u00e1ch chia d\u00f2ng l\u1ee3i \u00edch \u0111\u01b0\u1ee3c t\u1ea1o ra b\u1edfi \u0111\u1ed1i t\u01b0\u1ee3ng ho\u1eb7c c\u00f4ng ty m\u1ee5c ti\u00eau cho t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u ho\u1eb7c v\u1ed1n h\u00f3a. T\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u ho\u1eb7c v\u1ed1n h\u00f3a chuy\u1ec3n \u0111\u1ed5i d\u00f2ng l\u1ee3i \u00edch th\u00e0nh gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i.<\/p>\n\n\n\n C\u00f3 m\u1ed9t s\u1ed1 ph\u01b0\u01a1ng ph\u00e1p thu nh\u1eadp kh\u00e1c nhau, bao g\u1ed3m v\u1ed1n h\u00f3a thu nh\u1eadp ho\u1eb7c d\u00f2ng ti\u1ec1n, d\u00f2ng ti\u1ec1n chi\u1ebft kh\u1ea5u trong t\u01b0\u01a1ng lai (“DCF”) v\u00e0 ph\u01b0\u01a1ng ph\u00e1p thu nh\u1eadp v\u01b0\u1ee3t m\u1ee9c (l\u00e0 s\u1ef1 k\u1ebft h\u1ee3p gi\u1eefa ph\u01b0\u01a1ng ph\u00e1p ti\u1ebfp c\u1eadn t\u00e0i s\u1ea3n v\u00e0 thu nh\u1eadp). K\u1ebft qu\u1ea3 c\u1ee7a vi\u1ec7c t\u00ednh to\u00e1n gi\u00e1 tr\u1ecb theo ph\u01b0\u01a1ng ph\u00e1p thu nh\u1eadp n\u00f3i chung l\u00e0 gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng h\u1ee3p l\u00fd c\u1ee7a l\u1ee3i \u00edch ki\u1ec3m so\u00e1t, c\u00f3 th\u1ec3 b\u00e1n \u0111\u01b0\u1ee3c trong c\u00f4ng ty ch\u1ee7 th\u1ec3, v\u00ec to\u00e0n b\u1ed9 d\u00f2ng l\u1ee3i \u00edch c\u1ee7a c\u00f4ng ty \u0111\u1ed1i t\u01b0\u1ee3ng th\u01b0\u1eddng \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 cao nh\u1ea5t, v\u00e0 v\u1ed1n h\u00f3a v\u00e0 t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u \u0111\u01b0\u1ee3c l\u1ea5y t\u1eeb s\u1ed1 li\u1ec7u th\u1ed1ng k\u00ea li\u00ean quan \u0111\u1ebfn c\u00e1c c\u00f4ng ty \u0111\u1ea1i ch\u00fang. Ph\u00e1n quy\u1ebft Doanh thu 59-60 c\u1ee7a IRS tuy\u00ean b\u1ed1 r\u1eb1ng thu nh\u1eadp l\u00e0 \u01b0u vi\u1ec7t \u0111\u1ed1i v\u1edbi vi\u1ec7c \u0111\u1ecbnh gi\u00e1 c\u00e1c c\u00f4ng ty ho\u1ea1t \u0111\u1ed9ng ch\u1eb7t ch\u1ebd.<\/p>\n\n\n\n Tuy nhi\u00ean, c\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 thu nh\u1eadp c\u0169ng c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 thi\u1ebft l\u1eadp gi\u00e1 tr\u1ecb c\u1ee7a m\u1ed9t t\u00e0i s\u1ea3n kinh doanh c\u00f3 th\u1ec3 t\u00e1ch r\u1eddi mi\u1ec5n l\u00e0 m\u1ed9t d\u00f2ng thu nh\u1eadp c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c quy cho n\u00f3. M\u1ed9t v\u00ed d\u1ee5 l\u00e0 s\u1edf h\u1eefu tr\u00ed tu\u1ec7 c\u00f3 th\u1ec3 c\u1ea5p ph\u00e9p c\u00f3 gi\u00e1 tr\u1ecb c\u1ea7n \u0111\u01b0\u1ee3c thi\u1ebft l\u1eadp \u0111\u1ec3 \u0111i \u0111\u1ebfn m\u1ed9t c\u1ea5u tr\u00fac ti\u1ec1n b\u1ea3n quy\u1ec1n c\u00f3 th\u1ec3 h\u1ed7 tr\u1ee3.<\/p>\n\n\n\n K\u1ef9 thu\u1eadt \u0111\u1ecbnh gi\u00e1 doanh nghi\u1ec7p b\u1eb1ng d\u00f2ng ti\u1ec1n chi\u1ebft kh\u1ea5u<\/strong><\/p>\n\n\n\n \u0110\u1ecbnh gi\u00e1 b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng d\u00f2ng ti\u1ec1n chi\u1ebft kh\u1ea5u (\u0111\u1ecbnh gi\u00e1 DCF) l\u00e0 m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p \u01b0\u1edbc t\u00ednh gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a m\u1ed9t c\u00f4ng ty d\u1ef1a tr\u00ean d\u00f2ng ti\u1ec1n d\u1ef1 ki\u1ebfn trong t\u01b0\u01a1ng lai \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh theo gi\u00e1 tr\u1ecb th\u1eddi gian c\u1ee7a ti\u1ec1n. D\u00f2ng ti\u1ec1n \u0111\u01b0\u1ee3c t\u1ea1o th\u00e0nh t\u1eeb nh\u1eefng d\u00f2ng ti\u1ec1n trong giai \u0111o\u1ea1n d\u1ef1 b\u00e1o “r\u00f5 r\u00e0ng”, c\u00f9ng v\u1edbi gi\u00e1 tr\u1ecb ti\u1ebfp t\u1ee5c ho\u1eb7c \u0111\u1ea7u cu\u1ed1i \u0111\u1ea1i di\u1ec7n cho d\u00f2ng ti\u1ec1n sau giai \u0111o\u1ea1n d\u1ef1 b\u00e1o. Trong m\u1ed9t s\u1ed1 b\u1ed1i c\u1ea3nh, \u0111\u1ecbnh gi\u00e1 DCF \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 “ph\u01b0\u01a1ng ph\u00e1p thu nh\u1eadp”.<\/p>\n\n\n\n \u0110\u1ecbnh gi\u00e1 d\u00f2ng ti\u1ec1n chi\u1ebft kh\u1ea5u \u0111\u00e3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng trong c\u00f4ng nghi\u1ec7p ngay t\u1eeb nh\u1eefng n\u0103m 1700 ho\u1eb7c 1800; n\u00f3 \u0111\u00e3 \u0111\u01b0\u1ee3c John Burr Williams gi\u1ea3i th\u00edch trong L\u00fd thuy\u1ebft gi\u00e1 tr\u1ecb \u0111\u1ea7u t\u01b0 n\u0103m 1938; N\u00f3 \u0111\u00e3 \u0111\u01b0\u1ee3c th\u1ea3o lu\u1eadn r\u1ed9ng r\u00e3i trong kinh t\u1ebf t\u00e0i ch\u00ednh trong nh\u1eefng n\u0103m 1960; v\u00e0 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng r\u1ed9ng r\u00e3i t\u1ea1i c\u00e1c t\u00f2a \u00e1n Hoa K\u1ef3 trong nh\u1eefng n\u0103m 1980 v\u00e0 1990.<\/p>\n\n\n\n N\u1ed9i dung sau \u0111\u00e2y tr\u00ecnh b\u00e0y chi ti\u1ebft c\u00e1c c\u01a1 ch\u1ebf \u0111\u1ecbnh gi\u00e1, th\u00f4ng qua m\u1ed9t v\u00ed d\u1ee5 l\u00e0m vi\u1ec7c; N\u00f3 c\u0169ng th\u1ea3o lu\u1eadn v\u1ec1 c\u00e1c s\u1eeda \u0111\u1ed5i \u0111i\u1ec3n h\u00ecnh cho c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p, v\u1ed1n c\u1ed5 ph\u1ea7n t\u01b0 nh\u00e2n v\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m, “d\u1ef1 \u00e1n” t\u00e0i ch\u00ednh doanh nghi\u1ec7p, s\u00e1p nh\u1eadp v\u00e0 mua l\u1ea1i, v\u00e0 \u0111\u1ec3 \u0111\u1ecbnh gi\u00e1 theo ng\u00e0nh c\u1ee5 th\u1ec3 trong c\u00e1c d\u1ecbch v\u1ee5 t\u00e0i ch\u00ednh v\u00e0 khai th\u00e1c m\u1ecf. <\/p>\n\n\n\n Xem th\u00eam chi ti\u1ebft ph\u1ea7n D\u00f2ng ti\u1ec1n chi\u1ebft kh\u1ea5u v\u00e0 \u0110\u1ecbnh gi\u00e1 (t\u00e0i ch\u00ednh) v\u00e0 T\u1ed5ng quan v\u1ec1 \u0111\u1ecbnh gi\u00e1 \u0111\u1ec3 hi\u1ec3u h\u01a1n.<\/p>\n\n\n\n C\u00f4ng th\u1ee9c c\u01a1 b\u1ea3n \u0111\u1ec3 \u0111\u1ecbnh gi\u00e1 c\u00f4ng ty b\u1eb1ng m\u00f4 h\u00ecnh DCF<\/strong><\/p>\n\n\n\n Gi\u00e1 tr\u1ecb c\u00f4ng ty s\u1ebd b\u1eb1ng<\/p>\n\n\n\n Trong \u0111\u00f3:<\/em><\/p>\n\n\n\n – FCFF l\u00e0 d\u00f2ng ti\u1ec1n t\u1ef1 do cho c\u00f4ng ty (v\u1ec1 c\u01a1 b\u1ea3n l\u00e0 d\u00f2ng ti\u1ec1n ho\u1ea1t \u0111\u1ed9ng tr\u1eeb chi ph\u00ed v\u1ed1n) \u0111\u01b0\u1ee3c gi\u1ea3m thu\u1ebf<\/p>\n\n\n\n – WACC l\u00e0 chi ph\u00ed v\u1ed1n b\u00ecnh qu\u00e2n gia quy\u1ec1n, k\u1ebft h\u1ee3p chi ph\u00ed v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu v\u00e0 chi ph\u00ed n\u1ee3 sau thu\u1ebf<\/p>\n\n\n\n – t l\u00e0 kho\u1ea3ng th\u1eddi gian<\/p>\n\n\n\n – n l\u00e0 s\u1ed1 kho\u1ea3ng th\u1eddi gian \u0111\u1ec3 “\u0111\u00e1o h\u1ea1n” ho\u1eb7c tho\u00e1t ra<\/p>\n\n\n\n – G l\u00e0 t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng b\u1ec1n v\u1eefng t\u1ea1i th\u1eddi \u0111i\u1ec3m \u0111\u00f3<\/p>\n\n\n\n N\u00f3i chung, “Gi\u00e1 tr\u1ecb c\u1ee7a c\u00f4ng ty” \u0111\u1ea1i di\u1ec7n cho gi\u00e1 tr\u1ecb doanh nghi\u1ec7p c\u1ee7a c\u00f4ng ty (t\u1ee9c l\u00e0 gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng c\u1ee7a n\u00f3 kh\u00e1c bi\u1ec7t v\u1edbi gi\u00e1 th\u1ecb tr\u01b0\u1eddng); \u0111\u1ed1i v\u1edbi \u0111\u1ecbnh gi\u00e1 t\u00e0i ch\u00ednh doanh nghi\u1ec7p, \u0111i\u1ec1u n\u00e0y th\u1ec3 hi\u1ec7n gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i r\u00f2ng c\u1ee7a d\u1ef1 \u00e1n ho\u1eb7c NPV. Thu\u1eadt ng\u1eef th\u1ee9 hai th\u1ec3 hi\u1ec7n gi\u00e1 tr\u1ecb li\u00ean t\u1ee5c c\u1ee7a d\u00f2ng ti\u1ec1n trong t\u01b0\u01a1ng lai ngo\u00e0i th\u1eddi h\u1ea1n d\u1ef1 b\u00e1o; \u1edf \u0111\u00e2y \u00e1p d\u1ee5ng “m\u00f4 h\u00ecnh t\u0103ng tr\u01b0\u1edfng v\u0129nh vi\u1ec5n”.<\/p>\n\n\n\n L\u01b0u \u00fd r\u1eb1ng \u0111\u1ec3 \u0111\u1ecbnh gi\u00e1 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu, tr\u00e1i ng\u01b0\u1ee3c v\u1edbi “c\u00f4ng ty”, d\u00f2ng ti\u1ec1n t\u1ef1 do tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu (FCFE) ho\u1eb7c c\u1ed5 t\u1ee9c \u0111\u01b0\u1ee3c m\u00f4 h\u00ecnh h\u00f3a v\u00e0 ch\u00fang \u0111\u01b0\u1ee3c chi\u1ebft kh\u1ea5u theo chi ph\u00ed v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu thay v\u00ec WACC k\u1ebft h\u1ee3p chi ph\u00ed n\u1ee3. D\u00f2ng ti\u1ec1n t\u1ef1 do v\u00e0o c\u00f4ng ty l\u00e0 nh\u1eefng d\u00f2ng ti\u1ec1n \u0111\u01b0\u1ee3c ph\u00e2n ph\u1ed1i gi\u1eefa – ho\u1eb7c \u00edt nh\u1ea5t l\u00e0 do – t\u1ea5t c\u1ea3 c\u00e1c ch\u1ee7 s\u1edf h\u1eefu ch\u1ee9ng kho\u00e1n c\u1ee7a m\u1ed9t th\u1ef1c th\u1ec3 c\u00f4ng ty (xem T\u00e0i ch\u00ednh doanh nghi\u1ec7p \u00a7 C\u01a1 c\u1ea5u v\u1ed1n); \u0111\u1ebfn v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu, l\u00e0 nh\u1eefng th\u1ee9 ch\u1ec9 \u0111\u01b0\u1ee3c ph\u00e2n ph\u1ed1i cho c\u00e1c c\u1ed5 \u0111\u00f4ng. Tr\u01b0\u1eddng h\u1ee3p sau n\u00e0y l\u00e0 c\u1ed5 t\u1ee9c th\u00ec c\u00f3 th\u1ec3 \u00e1p d\u1ee5ng m\u00f4 h\u00ecnh chi\u1ebft kh\u1ea5u c\u1ed5 t\u1ee9c, s\u1eeda \u0111\u1ed5i c\u00f4ng th\u1ee9c tr\u00ean.<\/p>\n\n\n\n S\u1eed d\u1ee5ng<\/strong><\/p>\n\n\n\n S\u01a1 \u0111\u1ed3 cho th\u1ea5y m\u1ed9t c\u00e1i nh\u00ecn t\u1ed5ng quan v\u1ec1 qu\u00e1 tr\u00ecnh \u0111\u1ecbnh gi\u00e1 c\u00f4ng ty. T\u1ea5t c\u1ea3 c\u00e1c b\u01b0\u1edbc trong s\u01a1 \u0111\u1ed3 \u0111\u01b0\u1ee3c gi\u1ea3i th\u00edch chi ti\u1ebft d\u01b0\u1edbi \u0111\u00e2y.<\/p>\n\n\n\n X\u00e1c \u0111\u1ecbnh giai \u0111o\u1ea1n d\u1ef1 b\u00e1o<\/strong><\/p>\n\n\n\n B\u01b0\u1edbc \u0111\u1ea7u ti\u00ean l\u00e0 quy\u1ebft \u0111\u1ecbnh kho\u1ea3ng th\u1eddi gian d\u1ef1 b\u00e1o, t\u1ee9c l\u00e0 kho\u1ea3ng th\u1eddi gian m\u00e0 d\u00f2ng ti\u1ec1n h\u00e0ng n\u0103m ri\u00eang l\u1ebb \u0111\u1ea7u v\u00e0o c\u00f4ng th\u1ee9c DCF s\u1ebd \u0111\u01b0\u1ee3c m\u00f4 h\u00ecnh h\u00f3a r\u00f5 r\u00e0ng. D\u00f2ng ti\u1ec1n sau k\u1ef3 d\u1ef1 b\u00e1o \u0111\u01b0\u1ee3c th\u1ec3 hi\u1ec7n b\u1eb1ng m\u1ed9t s\u1ed1 duy nh\u1ea5t;<\/p>\n\n\n\n Giai \u0111o\u1ea1n d\u1ef1 b\u00e1o ph\u1ea3i \u0111\u01b0\u1ee3c ch\u1ecdn \u0111\u1ec3 ph\u00f9 h\u1ee3p v\u1edbi chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a c\u00f4ng ty, th\u1ecb tr\u01b0\u1eddng ho\u1eb7c ng\u00e0nh c\u1ee7a c\u00f4ng ty; V\u1ec1 m\u1eb7t l\u00fd thuy\u1ebft t\u01b0\u01a1ng \u1ee9ng v\u1edbi th\u1eddi gian \u0111\u1ec3 c\u00f4ng ty (d\u01b0 th\u1eeba) tr\u1edf l\u1ea1i “h\u1ed9i t\u1ee5” v\u1edbi ng\u00e0nh c\u1ee7a m\u00ecnh, v\u1edbi s\u1ef1 t\u0103ng tr\u01b0\u1edfng li\u00ean t\u1ee5c, d\u00e0i h\u1ea1n \u00e1p d\u1ee5ng cho gi\u00e1 tr\u1ecb li\u00ean t\u1ee5c sau \u0111\u00f3; m\u1eb7c d\u00f9, b\u1ea5t k\u1ec3, 5-10 n\u0103m l\u00e0 ph\u1ed5 bi\u1ebfn trong th\u1ef1c t\u1ebf.<\/p>\n\n\n\n \u0110\u1ed1i v\u1edbi \u0111\u1ea7u t\u01b0 v\u1ed1n c\u1ed5 ph\u1ea7n t\u01b0 nh\u00e2n v\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m, giai \u0111o\u1ea1n n\u00e0y s\u1ebd ph\u1ee5 thu\u1ed9c v\u00e0o th\u1eddi gian \u0111\u1ea7u t\u01b0 v\u00e0 chi\u1ebfn l\u01b0\u1ee3c r\u00fat lui.<\/p>\n\n\n\n X\u00e1c \u0111\u1ecbnh d\u00f2ng ti\u1ec1n cho t\u1eebng k\u1ef3 d\u1ef1 b\u00e1o<\/strong><\/p>\n\n\n\n Nh\u01b0 tr\u00ean, m\u1ed9t d\u1ef1 b\u00e1o d\u00f2ng ti\u1ec1n r\u00f5 r\u00e0ng l\u00e0 c\u1ea7n thi\u1ebft cho m\u1ed7i n\u0103m trong giai \u0111o\u1ea1n d\u1ef1 b\u00e1o. \u0110\u00e2y ph\u1ea3i l\u00e0 “D\u00f2ng ti\u1ec1n t\u1ef1 do” ho\u1eb7c c\u1ed5 t\u1ee9c.<\/p>\n\n\n\n Th\u00f4ng th\u01b0\u1eddng, d\u1ef1 b\u00e1o n\u00e0y s\u1ebd \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng d\u1eef li\u1ec7u k\u1ebf to\u00e1n v\u00e0 b\u00e1n h\u00e0ng n\u1ed9i b\u1ed9 l\u1ecbch s\u1eed, ngo\u00e0i d\u1eef li\u1ec7u ng\u00e0nh b\u00ean ngo\u00e0i v\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 kinh t\u1ebf (\u0111\u1ed1i v\u1edbi c\u00e1c t\u1ed5 ch\u1ee9c sau, b\u00ean ngo\u00e0i c\u00e1c t\u1ed5 ch\u1ee9c l\u1edbn, th\u01b0\u1eddng d\u1ef1a v\u00e0o c\u00e1c cu\u1ed9c kh\u1ea3o s\u00e1t v\u00e0 b\u00e1o c\u00e1o ng\u00e0nh \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1).<\/p>\n\n\n\n Kh\u00eda c\u1ea1nh ch\u00ednh c\u1ee7a d\u1ef1 b\u00e1o l\u00e0, \u0111\u01b0\u1ee3c cho l\u00e0, d\u1ef1 \u0111o\u00e1n doanh thu, m\u1ed9t ch\u1ee9c n\u0103ng c\u1ee7a d\u1ef1 b\u00e1o c\u1ee7a nh\u00e0 ph\u00e2n t\u00edch v\u1ec1 quy m\u00f4 th\u1ecb tr\u01b0\u1eddng, nhu c\u1ea7u, h\u00e0ng t\u1ed3n kho s\u1eb5n c\u00f3, th\u1ecb ph\u1ea7n v\u00e0 s\u1ee9c m\u1ea1nh th\u1ecb tr\u01b0\u1eddng c\u1ee7a c\u00f4ng ty. Chi ph\u00ed trong t\u01b0\u01a1ng lai, c\u1ed1 \u0111\u1ecbnh v\u00e0 bi\u1ebfn \u0111\u1ed5i, v\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o PPE v\u1edbi c\u00e1c y\u00eau c\u1ea7u v\u1ed1n t\u01b0\u01a1ng \u1ee9ng, sau \u0111\u00f3 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u01b0\u1edbc t\u00ednh nh\u01b0 m\u1ed9t ch\u1ee9c n\u0103ng b\u00e1n h\u00e0ng th\u00f4ng qua “ph\u00e2n t\u00edch quy m\u00f4 chung”.<\/p>\n\n\n\n \u0110\u1ed3ng th\u1eddi, c\u00e1c m\u1ee5c \u1edf h\u00e0ng k\u1ebft qu\u1ea3 ph\u1ea3i c\u0103n c\u1ee9 logic v\u1edbi ho\u1ea1t \u0111\u1ed9ng c\u1ee7a doanh nghi\u1ec7p: n\u00f3i chung, t\u0103ng tr\u01b0\u1edfng doanh thu s\u1ebd \u0111\u00f2i h\u1ecfi s\u1ef1 gia t\u0103ng t\u01b0\u01a1ng \u1ee9ng v\u1ec1 v\u1ed1n l\u01b0u \u0111\u1ed9ng, t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh v\u00e0 t\u00e0i ch\u00ednh li\u00ean quan; v\u00e0 trong d\u00e0i h\u1ea1n, l\u1ee3i nhu\u1eadn (v\u00e0 c\u00e1c t\u1ef7 l\u1ec7 t\u00e0i ch\u00ednh kh\u00e1c) s\u1ebd c\u00f3 xu h\u01b0\u1edbng trung b\u00ecnh ng\u00e0nh, nh\u01b0 \u0111\u00e3 \u0111\u1ec1 c\u1eadp \u1edf tr\u00ean.<\/p>\n\n\n\n C\u00e1c ph\u01b0\u01a1ng ph\u00e1p ti\u1ebfp c\u1eadn \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh gi\u1ea3 \u0111\u1ecbnh n\u00e0o c\u00f3 t\u00e1c \u0111\u1ed9ng nh\u1ea5t \u0111\u1ebfn gi\u00e1 tr\u1ecb – v\u00e0 do \u0111\u00f3 c\u1ea7n \u0111\u01b0\u1ee3c ch\u00fa \u00fd nh\u1ea5t – v\u00e0 m\u00f4 h\u00ecnh “hi\u1ec7u chu\u1ea9n” \u0111\u01b0\u1ee3c th\u1ea3o lu\u1eadn d\u01b0\u1edbi \u0111\u00e2y (qu\u00e1 tr\u00ecnh n\u00e0y sau \u0111\u00f3 h\u01a1i l\u1eb7p \u0111i l\u1eb7p l\u1ea1i). \u0110\u1ed1i v\u1edbi c\u00e1c th\u00e0nh ph\u1ea7n \/ b\u01b0\u1edbc c\u1ee7a m\u00f4 h\u00ecnh kinh doanh \u1edf \u0111\u00e2y.<\/p>\n\n\n\n C\u00f3 m\u1ed9t s\u1ed1 s\u1eeda \u0111\u1ed5i ph\u1ee5 thu\u1ed9c v\u00e0o ng\u1eef c\u1ea3nh:<\/p>\n\n\n\n Khi \u0111\u1ecbnh gi\u00e1 c\u00e1c c\u00f4ng ty d\u1ecbch v\u1ee5 t\u00e0i ch\u00ednh, FCFE ho\u1eb7c c\u1ed5 t\u1ee9c th\u01b0\u1eddng \u0111\u01b0\u1ee3c m\u00f4 h\u00ecnh h\u00f3a, tr\u00e1i ng\u01b0\u1ee3c v\u1edbi FCFF. \u0110i\u1ec1u n\u00e0y l\u00e0 do, th\u00f4ng th\u01b0\u1eddng, chi ph\u00ed v\u1ed1n, v\u1ed1n l\u01b0u \u0111\u1ed9ng v\u00e0 n\u1ee3 kh\u00f4ng \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh r\u00f5 r\u00e0ng cho c\u00e1c c\u00f4ng ty n\u00e0y (“n\u1ee3… g\u1ea7n gi\u1ed1ng v\u1edbi nguy\u00ean li\u1ec7u th\u00f4 h\u01a1n l\u00e0 m\u1ed9t ngu\u1ed3n v\u1ed1n”), v\u00e0 d\u00f2ng ti\u1ec1n ch\u1ea3y v\u00e0o c\u00f4ng ty, v\u00e0 do \u0111\u00f3 gi\u00e1 tr\u1ecb doanh nghi\u1ec7p, sau \u0111\u00f3 kh\u00f4ng th\u1ec3 d\u1ec5 d\u00e0ng \u01b0\u1edbc t\u00ednh. Chi\u1ebft kh\u1ea5u t\u01b0\u01a1ng \u1ee9ng v\u1edbi chi ph\u00ed v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu. H\u01a1n n\u1eefa, khi c\u00e1c c\u00f4ng ty n\u00e0y ho\u1ea1t \u0111\u1ed9ng trong m\u1ed9t m\u00f4i tr\u01b0\u1eddng \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd ch\u1eb7t ch\u1ebd, c\u00e1c gi\u1ea3 \u0111\u1ecbnh d\u1ef1 b\u00e1o ph\u1ea3i k\u1ebft h\u1ee3p th\u1ef1c t\u1ebf n\u00e0y v\u00e0 \u0111\u1ea7u ra t\u01b0\u01a1ng t\u1ef1 ph\u1ea3i b\u1ecb “r\u00e0ng bu\u1ed9c” b\u1edfi c\u00e1c gi\u1edbi h\u1ea1n quy \u0111\u1ecbnh (C\u00e1c giao \u01b0\u1edbc cho vay t\u1ea1i ch\u1ed7 s\u1ebd t\u00e1c \u0111\u1ed9ng t\u01b0\u01a1ng t\u1ef1 \u0111\u1ebfn c\u00e1c m\u00f4 h\u00ecnh t\u00e0i ch\u00ednh doanh nghi\u1ec7p v\u00e0 M&A.)<\/p>\n\n\n\n C\u00e1c c\u00e1ch ti\u1ebfp c\u1eadn thay th\u1ebf trong \u0111\u1ecbnh gi\u00e1 DCF s\u1ebd xem x\u00e9t tr\u1ef1c ti\u1ebfp h\u01a1n l\u1ee3i nhu\u1eadn kinh t\u1ebf v\u00e0 c\u00e1c \u0111\u1ecbnh ngh\u0129a v\u1ec1 “d\u00f2ng ti\u1ec1n” s\u1ebd kh\u00e1c nhau t\u01b0\u01a1ng \u1ee9ng; \u0111\u01b0\u1ee3c bi\u1ebft \u0111\u1ebfn nhi\u1ec1u nh\u1ea5t l\u00e0 EVA. V\u1edbi chi ph\u00ed v\u1ed1n \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh ch\u00ednh x\u00e1c v\u00e0 t\u01b0\u01a1ng \u1ee9ng, vi\u1ec7c \u0111\u1ecbnh gi\u00e1 s\u1ebd mang l\u1ea1i k\u1ebft qu\u1ea3 t\u01b0\u01a1ng t\u1ef1, cho c\u00e1c tr\u01b0\u1eddng h\u1ee3p ti\u00eau chu\u1ea9n. Nh\u1eefng c\u00e1ch ti\u1ebfp c\u1eadn n\u00e0y c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c coi l\u00e0 ph\u00f9 h\u1ee3p h\u01a1n \u0111\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty c\u00f3 d\u00f2ng ti\u1ec1n t\u1ef1 do \u00e2m v\u00e0i n\u0103m, nh\u01b0ng d\u1ef1 ki\u1ebfn s\u1ebd t\u1ea1o ra d\u00f2ng ti\u1ec1n d\u01b0\u01a1ng sau \u0111\u00f3. H\u01a1n n\u1eefa, ch\u00fang c\u00f3 th\u1ec3 \u00edt nh\u1ea1y c\u1ea3m h\u01a1n v\u1edbi gi\u00e1 tr\u1ecb \u0111\u1ea7u cu\u1ed1i.<\/p>\n\n\n\n X\u00e1c \u0111\u1ecbnh h\u1ec7 s\u1ed1 chi\u1ebft kh\u1ea5u \/ t\u1ef7 l\u1ec7<\/strong><\/p>\n\n\n\n M\u1ed9t y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n c\u1ee7a vi\u1ec7c \u0111\u1ecbnh gi\u00e1 l\u00e0 x\u00e1c \u0111\u1ecbnh t\u1ef7 l\u1ec7 l\u1ee3i nhu\u1eadn y\u00eau c\u1ea7u th\u00edch h\u1ee3p, d\u1ef1a tr\u00ean m\u1ee9c \u0111\u1ed9 r\u1ee7i ro li\u00ean quan \u0111\u1ebfn c\u00f4ng ty v\u00e0 th\u1ecb tr\u01b0\u1eddng c\u1ee7a n\u00f3.<\/p>\n\n\n\n Th\u00f4ng th\u01b0\u1eddng, \u0111\u1ed1i v\u1edbi m\u1ed9t c\u00f4ng ty \u0111\u01b0\u1ee3c th\u00e0nh l\u1eadp (ni\u00eam y\u1ebft):<\/p>\n\n\n\n Ng\u01b0\u1ee3c l\u1ea1i, \u0111\u1ed1i v\u1edbi v\u1ed1n \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m v\u00e0 \u0111\u1ecbnh gi\u00e1 v\u1ed1n c\u1ed5 ph\u1ea7n t\u01b0 nh\u00e2n – v\u00e0 \u0111\u1eb7c bi\u1ec7t l\u00e0 khi c\u00f4ng ty l\u00e0 m\u1ed9t c\u00f4ng ty kh\u1edfi nghi\u1ec7p, nh\u01b0 trong v\u00ed d\u1ee5 – h\u1ec7 s\u1ed1 chi\u1ebft kh\u1ea5u th\u01b0\u1eddng \u0111\u01b0\u1ee3c thi\u1ebft l\u1eadp theo giai \u0111o\u1ea1n t\u00e0i tr\u1ee3, tr\u00e1i ng\u01b0\u1ee3c v\u1edbi m\u00f4 h\u00ecnh (“Nh\u00f3m r\u1ee7i ro” trong v\u00ed d\u1ee5). Trong giai \u0111o\u1ea1n \u0111\u1ea7u, khi doanh nghi\u1ec7p c\u00f3 nhi\u1ec1u kh\u1ea3 n\u0103ng th\u1ea5t b\u1ea1i, l\u1ee3i nhu\u1eadn cao h\u01a1n \u0111\u01b0\u1ee3c y\u00eau c\u1ea7u b\u1ed3i th\u01b0\u1eddng; Khi tr\u01b0\u1edfng th\u00e0nh, m\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn t\u01b0\u01a1ng t\u1ef1 nh\u01b0 tr\u01b0\u1edbc \u0111\u00f3 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng. (Thay v\u00e0o \u0111\u00f3, m\u1ed9t s\u1ed1 nh\u00e0 ph\u00e2n t\u00edch c\u00f3 th\u1ec3 gi\u1ea3i th\u00edch cho s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn n\u00e0y b\u1eb1ng c\u00e1ch \u0111i\u1ec1u ch\u1ec9nh tr\u1ef1c ti\u1ebfp d\u00f2ng ti\u1ec1n: s\u1eed d\u1ee5ng c\u00e1c kho\u1ea3n t\u01b0\u01a1ng \u0111\u01b0\u01a1ng ch\u1eafc ch\u1eafn; ho\u1eb7c \u00e1p d\u1ee5ng “c\u1eaft t\u00f3c” (ch\u1ee7 quan) cho c\u00e1c con s\u1ed1 d\u1ef1 b\u00e1o, “gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i b\u1ecb ph\u1ea1t”; ho\u1eb7c th\u00f4ng qua tr\u1ecdng s\u1ed1 x\u00e1c su\u1ea5t nh\u01b0 trong rNPV.)<\/p>\n\n\n\n C\u00e1c nh\u00e0 ph\u00e2n t\u00edch t\u00e0i ch\u00ednh doanh nghi\u1ec7p th\u01b0\u1eddng \u00e1p d\u1ee5ng c\u00e1ch ti\u1ebfp c\u1eadn \u0111\u1ea7u ti\u00ean, c\u00f4ng ty ni\u00eam y\u1ebft: \u1edf \u0111\u00e2y m\u1eb7c d\u00f9 \u0111\u00f3 l\u00e0 c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m r\u1ee7i ro c\u1ee7a d\u1ef1 \u00e1n ph\u1ea3i x\u00e1c \u0111\u1ecbnh chi ph\u00ed v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu ch\u1ee9 kh\u00f4ng ph\u1ea3i c\u1ee7a c\u00f4ng ty m\u1eb9. C\u00e1c nh\u00e0 ph\u00e2n t\u00edch M&A c\u0169ng \u00e1p d\u1ee5ng c\u00e1ch ti\u1ebfp c\u1eadn \u0111\u1ea7u ti\u00ean, v\u1edbi r\u1ee7i ro c\u0169ng nh\u01b0 c\u1ea5u tr\u00fac v\u1ed1n m\u1ee5c ti\u00eau th\u00f4ng b\u00e1o cho c\u1ea3 chi ph\u00ed v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu v\u00e0, m\u1ed9t c\u00e1ch t\u1ef1 nhi\u00ean, WACC. \u0110\u1ed1i v\u1edbi c\u00e1ch ti\u1ebfp c\u1eadn \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n trong ng\u00e0nh khai th\u00e1c m\u1ecf, trong \u0111\u00f3 c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m r\u1ee7i ro c\u00f3 th\u1ec3 kh\u00e1c nhau (\u0111\u00e1ng k\u1ec3) theo t\u00e0i s\u1ea3n,<\/p>\n\n\n\n X\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i<\/strong><\/p>\n\n\n\n \u0110\u1ec3 x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i, nh\u00e0 ph\u00e2n t\u00edch t\u00ednh to\u00e1n gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a d\u00f2ng ti\u1ec1n trong t\u01b0\u01a1ng lai ch\u1ec9 \u0111\u01a1n gi\u1ea3n b\u1eb1ng c\u00e1ch nh\u00e2n d\u00f2ng ti\u1ec1n c\u1ee7a m\u1ed7i th\u1eddi k\u1ef3 v\u1edbi h\u1ec7 s\u1ed1 chi\u1ebft kh\u1ea5u cho giai \u0111o\u1ea1n \u0111\u01b0\u1ee3c \u0111\u1ec1 c\u1eadp;<\/p>\n\n\n\n Tr\u01b0\u1eddng h\u1ee3p d\u1ef1 b\u00e1o l\u00e0 h\u00e0ng n\u0103m, \u0111\u00f4i khi \u0111i\u1ec1u ch\u1ec9nh \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n: m\u1eb7c d\u00f9 d\u00f2ng ti\u1ec1n h\u00e0ng n\u0103m \u0111\u01b0\u1ee3c chi\u1ebft kh\u1ea5u, nh\u01b0ng kh\u00f4ng \u0111\u00fang l\u00e0 to\u00e0n b\u1ed9 d\u00f2ng ti\u1ec1n \u0111\u1ebfn v\u00e0o cu\u1ed1i n\u0103m; Thay v\u00e0o \u0111\u00f3, ti\u1ec1n m\u1eb7t s\u1ebd ch\u1ea3y v\u00e0o trong c\u1ea3 n\u0103m. \u0110\u1ec3 gi\u1ea3i th\u00edch cho \u0111i\u1ec1u n\u00e0y, m\u1ed9t “\u0111i\u1ec1u ch\u1ec9nh gi\u1eefa n\u0103m” \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng th\u00f4ng qua t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u (ch\u1ee9 kh\u00f4ng ph\u1ea3i cho ch\u00ednh d\u1ef1 b\u00e1o), \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn m\u1ee9c trung b\u00ecnh b\u1eaft bu\u1ed9c.<\/p>\n\n\n\n \u0110\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty c\u00f3 t\u00ednh th\u1eddi v\u1ee5 m\u1ea1nh m\u1ebd – v\u00ed d\u1ee5: nh\u00e0 b\u00e1n l\u1ebb v\u00e0 doanh s\u1ed1 b\u00e1n h\u00e0ng trong k\u1ef3 ngh\u1ec9; kinh doanh n\u00f4ng nghi\u1ec7p c\u00f3 bi\u1ebfn \u0111\u1ed9ng v\u1ec1 v\u1ed1n l\u01b0u \u0111\u1ed9ng g\u1eafn v\u1edbi s\u1ea3n xu\u1ea5t; C\u00e1c c\u00f4ng ty d\u1ea7u kh\u00ed c\u00f3 nhu c\u1ea7u li\u00ean quan \u0111\u1ebfn th\u1eddi ti\u1ebft \u2014 c\u00f3 th\u1ec3 c\u1ea7n \u0111i\u1ec1u ch\u1ec9nh th\u00eam;<\/p>\n\n\n\n X\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb ti\u1ebfp t\u1ee5c<\/strong><\/p>\n\n\n\n Gi\u00e1 tr\u1ecb ti\u1ebfp t\u1ee5c l\u00e0 gi\u00e1 tr\u1ecb \u01b0\u1edbc t\u00ednh c\u1ee7a t\u1ea5t c\u1ea3 c\u00e1c d\u00f2ng ti\u1ec1n sau giai \u0111o\u1ea1n d\u1ef1 b\u00e1o.<\/p>\n\n\n\n Th\u00f4ng th\u01b0\u1eddng, c\u00e1ch ti\u1ebfp c\u1eadn l\u00e0 t\u00ednh to\u00e1n gi\u00e1 tr\u1ecb n\u00e0y b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng “m\u00f4 h\u00ecnh t\u0103ng tr\u01b0\u1edfng v\u0129nh vi\u1ec5n”, v\u1ec1 c\u01a1 b\u1ea3n tr\u1ea3 v\u1ec1 gi\u00e1 tr\u1ecb c\u1ee7a d\u00f2ng ti\u1ec1n trong t\u01b0\u01a1ng lai th\u00f4ng qua m\u1ed9t chu\u1ed7i h\u00ecnh h\u1ecdc. Ch\u00eca kh\u00f3a \u1edf \u0111\u00e2y l\u00e0 vi\u1ec7c x\u1eed l\u00fd t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n, v\u00e0 t\u01b0\u01a1ng \u1ee9ng, s\u1ed1 n\u0103m d\u1ef1 b\u00e1o \u0111\u01b0\u1ee3c gi\u1ea3 \u0111\u1ecbnh \u0111\u1ec3 c\u00f4ng ty \u0111\u1ea1t \u0111\u1ebfn giai \u0111o\u1ea1n tr\u01b0\u1edfng th\u00e0nh n\u00e0y;<\/p>\n\n\n\n C\u00e1ch ti\u1ebfp c\u1eadn thay th\u1ebf, c\u00e1c ph\u01b0\u01a1ng ph\u00e1p tho\u00e1i v\u1ed1n b\u1eb1ng nhi\u1ec1u c\u00e1ch, (ng\u1ea7m) gi\u1ea3 \u0111\u1ecbnh r\u1eb1ng doanh nghi\u1ec7p s\u1ebd \u0111\u01b0\u1ee3c b\u00e1n v\u00e0o cu\u1ed1i k\u1ef3 d\u1ef1 b\u00e1o \u1edf m\u1ed9t s\u1ed1 b\u1ed9i s\u1ed1 c\u1ee7a d\u00f2ng ti\u1ec1n d\u1ef1 b\u00e1o r\u00f5 r\u00e0ng cu\u1ed1i c\u00f9ng c\u1ee7a n\u00f3. \u0110\u00e2y th\u01b0\u1eddng l\u00e0 c\u00e1ch ti\u1ebfp c\u1eadn \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n \u0111\u1ec3 \u0111\u1ecbnh gi\u00e1 v\u1ed1n m\u1ea1o hi\u1ec3m, trong \u0111\u00f3 m\u1ed9t giao d\u1ecbch tho\u00e1i v\u1ed1n \u0111\u01b0\u1ee3c l\u00ean k\u1ebf ho\u1ea1ch r\u00f5 r\u00e0ng.<\/p>\n\n\n\n Cho d\u00f9 c\u00e1ch ti\u1ebfp c\u1eadn n\u00e0o, gi\u00e1 tr\u1ecb thi\u1ebft b\u1ecb \u0111\u1ea7u cu\u1ed1i sau \u0111\u00f3 \u0111\u01b0\u1ee3c chi\u1ebft kh\u1ea5u theo h\u1ec7 s\u1ed1 t\u01b0\u01a1ng \u1ee9ng v\u1edbi ng\u00e0y r\u00f5 r\u00e0ng cu\u1ed1i c\u00f9ng.<\/p>\n\n\n\n L\u01b0u \u00fd r\u1eb1ng b\u01b0\u1edbc n\u00e0y mang nhi\u1ec1u r\u1ee7i ro h\u01a1n b\u01b0\u1edbc tr\u01b0\u1edbc: \u1edf xa h\u01a1n v\u1ec1 th\u1eddi gian v\u00e0 t\u00f3m t\u1eaft hi\u1ec7u qu\u1ea3 t\u01b0\u01a1ng lai c\u1ee7a c\u00f4ng ty, c\u00f3 (\u0111\u00e1ng k\u1ec3) s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn h\u01a1n so v\u1edbi giai \u0111o\u1ea1n d\u1ef1 b\u00e1o r\u00f5 r\u00e0ng; Tuy nhi\u00ean, c\u00f3 kh\u1ea3 n\u0103ng (th\u01b0\u1eddng) k\u1ebft qu\u1ea3 n\u00e0y \u0111\u00f3ng g\u00f3p m\u1ed9t t\u1ef7 l\u1ec7 \u0111\u00e1ng k\u1ec3 trong t\u1ed5ng gi\u00e1 tr\u1ecb. \u1ede \u0111\u00e2y, m\u1ed9t t\u1ef7 l\u1ec7 r\u1ea5t cao c\u00f3 th\u1ec3 cho th\u1ea5y m\u1ed9t l\u1ed7 h\u1ed5ng trong \u0111\u1ecbnh gi\u00e1 (nh\u01b0 nh\u1eadn x\u00e9t trong v\u00ed d\u1ee5); Nh\u01b0ng \u0111\u1ed3ng th\u1eddi, tr\u00ean th\u1ef1c t\u1ebf, c\u00f3 th\u1ec3 ph\u1ea3n \u00e1nh c\u00e1ch c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ki\u1ebfm ti\u1ec1n t\u1eeb \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu – t\u1ee9c l\u00e0 ch\u1ee7 y\u1ebfu t\u1eeb t\u0103ng v\u1ed1n ho\u1eb7c t\u0103ng gi\u00e1. B\u1ed9i s\u1ed1 tho\u00e1t ng\u1ee5 \u00fd c\u1ee7a n\u00f3 sau \u0111\u00f3 c\u00f3 th\u1ec3 ho\u1ea1t \u0111\u1ed9ng nh\u01b0 m\u1ed9t ki\u1ec3m tra, ho\u1eb7c “tam gi\u00e1c”, tr\u00ean s\u1ed1 d\u1eabn xu\u1ea5t v\u0129nh vi\u1ec5n.<\/p>\n\n\n\n Do s\u1ef1 ph\u1ee5 thu\u1ed9c n\u00e0y v\u00e0o gi\u00e1 tr\u1ecb \u0111\u1ea7u cu\u1ed1i, c\u00e1c nh\u00e0 ph\u00e2n t\u00edch th\u01b0\u1eddng s\u1ebd thi\u1ebft l\u1eadp m\u1ed9t “ph\u1ea1m vi \u0111\u1ecbnh gi\u00e1” ho\u1eb7c b\u1ea3ng \u0111\u1ed9 nh\u1ea1y (xem \u0111\u1ed3 h\u1ecda), t\u01b0\u01a1ng \u1ee9ng v\u1edbi c\u00e1c t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u ph\u00f9 h\u1ee3p v\u00e0 nh\u1ea5t qu\u00e1n n\u1ed9i b\u1ed9 kh\u00e1c nhau, b\u1ed9i s\u1ed1 tho\u00e1t v\u00e0 t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng v\u0129nh vi\u1ec5n. \u0110\u1ec3 th\u1ea3o lu\u1eadn v\u1ec1 r\u1ee7i ro v\u00e0 l\u1ee3i th\u1ebf c\u1ee7a hai ph\u01b0\u01a1ng ph\u00e1p.<\/p>\n\n\n\n \u0110\u1ed1i v\u1edbi vi\u1ec7c \u0111\u1ecbnh gi\u00e1 c\u00e1c d\u1ef1 \u00e1n khai th\u00e1c(t\u1ee9c l\u00e0 tr\u00e1i ng\u01b0\u1ee3c v\u1edbi c\u00e1c c\u00f4ng ty khai th\u00e1c ni\u00eam y\u1ebft), giai \u0111o\u1ea1n d\u1ef1 b\u00e1o gi\u1ed1ng nh\u01b0 “tu\u1ed5i th\u1ecd c\u1ee7a m\u1ecf” – t\u1ee9c l\u00e0 m\u00f4 h\u00ecnh DCF s\u1ebd d\u1ef1 b\u00e1o r\u00f5 r\u00e0ng t\u1ea5t c\u1ea3 c\u00e1c d\u00f2ng ti\u1ec1n do khai th\u00e1c tr\u1eef l\u01b0\u1ee3ng (bao g\u1ed3m c\u1ea3 chi ph\u00ed do \u0111\u00f3ng c\u1eeda m\u1ecf) – v\u00e0 do \u0111\u00f3, m\u1ed9t gi\u00e1 tr\u1ecb li\u00ean t\u1ee5c kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t ph\u1ea7n c\u1ee7a vi\u1ec7c \u0111\u1ecbnh gi\u00e1.<\/p>\n\n\n\n X\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/strong><\/p>\n\n\n\n Gi\u00e1 tr\u1ecb v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu l\u00e0 t\u1ed5ng c\u00e1c gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a d\u00f2ng ti\u1ec1n \u0111\u01b0\u1ee3c d\u1ef1 b\u00e1o r\u00f5 r\u00e0ng v\u00e0 gi\u00e1 tr\u1ecb li\u00ean t\u1ee5c; Tr\u01b0\u1eddng h\u1ee3p d\u1ef1 b\u00e1o l\u00e0 d\u00f2ng ti\u1ec1n t\u1ef1 do cho c\u00f4ng ty, nh\u01b0 tr\u00ean, gi\u00e1 tr\u1ecb v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu \u0111\u01b0\u1ee3c t\u00ednh b\u1eb1ng c\u00e1ch tr\u1eeb \u0111i b\u1ea5t k\u1ef3 kho\u1ea3n n\u1ee3 t\u1ed3n \u0111\u1ecdng n\u00e0o kh\u1ecfi t\u1ed5ng s\u1ed1 t\u1ea5t c\u1ea3 c\u00e1c d\u00f2ng ti\u1ec1n chi\u1ebft kh\u1ea5u; trong \u0111\u00f3 d\u00f2ng ti\u1ec1n t\u1ef1 do v\u00e0o v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu (ho\u1eb7c c\u1ed5 t\u1ee9c) \u0111\u00e3 \u0111\u01b0\u1ee3c m\u00f4 h\u00ecnh h\u00f3a, b\u01b0\u1edbc sau n\u00e0y l\u00e0 kh\u00f4ng b\u1eaft bu\u1ed9c – v\u00e0 t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u s\u1ebd l\u00e0 chi ph\u00ed v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu, tr\u00e1i ng\u01b0\u1ee3c v\u1edbi WACC. (M\u1ed9t s\u1ed1 th\u00eam ti\u1ec1n m\u1eb7t c\u00f3 s\u1eb5n v\u00e0o gi\u00e1 tr\u1ecb FCFF.)<\/p>\n\n\n\n \u0110\u1ed9 ch\u00ednh x\u00e1c c\u1ee7a \u0111\u1ecbnh gi\u00e1 DCF s\u1ebd b\u1ecb \u1ea3nh h\u01b0\u1edfng b\u1edfi \u0111\u1ed9 ch\u00ednh x\u00e1c c\u1ee7a c\u00e1c \u0111\u1ea7u v\u00e0o v\u00e0 gi\u1ea3 \u0111\u1ecbnh kh\u00e1c nhau (nhi\u1ec1u). Gi\u1ea3i quy\u1ebft v\u1ea5n \u0111\u1ec1 n\u00e0y, c\u00e1c nh\u00e0 ph\u00e2n t\u00edch v\u1ed1n c\u1ed5 ph\u1ea7n t\u01b0 nh\u00e2n v\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m, \u0111\u1eb7c bi\u1ec7t, \u00e1p d\u1ee5ng (m\u1ed9t s\u1ed1) \u0111i\u1ec1u sau \u0111\u00e2y. V\u1edbi hai c\u00e1i \u0111\u1ea7u ti\u00ean, gi\u00e1 \u0111\u1ea7u ra sau \u0111\u00f3 li\u00ean quan \u0111\u1ebfn th\u1ecb tr\u01b0\u1eddng v\u00e0 m\u00f4 h\u00ecnh s\u1ebd \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi c\u00e1c bi\u1ebfn v\u00e0 gi\u1ea3 \u0111\u1ecbnh c\u00f3 li\u00ean quan. Hai c\u00e1i sau ch\u1ec9 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng \u1edf giai \u0111o\u1ea1n n\u00e0y.<\/p>\n\n\n\n – Gi\u00e1 tr\u1ecb DCF lu\u00f4n \u0111\u01b0\u1ee3c “ki\u1ec3m tra” b\u1eb1ng c\u00e1ch so s\u00e1nh P\/E ho\u1eb7c EV \/ EBITDA t\u01b0\u01a1ng \u1ee9ng c\u1ee7a n\u00f3 v\u1edbi c\u00f9ng m\u1ed9t c\u00f4ng ty ho\u1eb7c l\u0129nh v\u1ef1c c\u00f3 li\u00ean quan, d\u1ef1a tr\u00ean gi\u00e1 c\u1ed5 phi\u1ebfu ho\u1eb7c giao d\u1ecbch g\u1ea7n \u0111\u00e2y nh\u1ea5t. \u0110\u00e1nh gi\u00e1 n\u00e0y \u0111\u1eb7c bi\u1ec7t h\u1eefu \u00edch khi gi\u00e1 tr\u1ecb \u0111\u1ea7u cu\u1ed1i \u0111\u01b0\u1ee3c \u01b0\u1edbc t\u00ednh b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p v\u0129nh vi\u1ec5n; v\u00e0 sau \u0111\u00f3 c\u0169ng c\u00f3 th\u1ec3 ph\u1ee5c v\u1ee5 nh\u01b0 m\u1ed9t m\u00f4 h\u00ecnh “hi\u1ec7u chu\u1ea9n”. Vi\u1ec7c s\u1eed d\u1ee5ng b\u1ed9i s\u1ed1 truy\u1ec1n th\u1ed1ng c\u00f3 th\u1ec3 b\u1ecb h\u1ea1n ch\u1ebf trong tr\u01b0\u1eddng h\u1ee3p kh\u1edfi nghi\u1ec7p – n\u01a1i l\u1ee3i nhu\u1eadn v\u00e0 d\u00f2ng ti\u1ec1n th\u01b0\u1eddng \u00e2m – v\u00e0 c\u00e1c t\u1ef7 l\u1ec7 nh\u01b0 gi\u00e1 \/ doanh s\u1ed1 sau \u0111\u00f3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng.<\/p>\n\n\n\n – R\u1ea5t ph\u1ed5 bi\u1ebfn, c\u00e1c nh\u00e0 ph\u00e2n t\u00edch s\u1ebd \u0111\u01b0a ra m\u1ed9t ph\u1ea1m vi \u0111\u1ecbnh gi\u00e1, \u0111\u1eb7c bi\u1ec7t l\u00e0 d\u1ef1a tr\u00ean c\u00e1c gi\u1ea3 \u0111\u1ecbnh gi\u00e1 tr\u1ecb \u0111\u1ea7u cu\u1ed1i kh\u00e1c nhau nh\u01b0 \u0111\u00e3 \u0111\u1ec1 c\u1eadp. H\u1ecd c\u0169ng c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n ph\u00e2n t\u00edch \u0111\u1ed9 nh\u1ea1y – \u0111o l\u01b0\u1eddng t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn gi\u00e1 tr\u1ecb \u0111\u1ed1i v\u1edbi m\u1ed9t thay \u0111\u1ed5i nh\u1ecf trong \u0111\u1ea7u v\u00e0o – \u0111\u1ec3 ch\u1ee9ng minh gi\u00e1 tr\u1ecb \u0111\u00e3 n\u00eau “m\u1ea1nh m\u1ebd” nh\u01b0 th\u1ebf n\u00e0o; v\u00e0 x\u00e1c \u0111\u1ecbnh \u0111\u1ea7u v\u00e0o m\u00f4 h\u00ecnh n\u00e0o l\u00e0 quan tr\u1ecdng nh\u1ea5t \u0111\u1ed1i v\u1edbi gi\u00e1 tr\u1ecb. \u0110i\u1ec1u n\u00e0y cho ph\u00e9p t\u1eadp trung v\u00e0o c\u00e1c \u0111\u1ea7u v\u00e0o “th\u1ef1c s\u1ef1 th\u00fac \u0111\u1ea9y gi\u00e1 tr\u1ecb”, gi\u1ea3m nhu c\u1ea7u \u01b0\u1edbc t\u00ednh h\u00e0ng ch\u1ee5c bi\u1ebfn.<\/p>\n\n\n\n – C\u00e1c nh\u00e0 ph\u00e2n t\u00edch v\u1ec1 v\u1ed1n c\u1ed5 ph\u1ea7n t\u01b0 nh\u00e2n v\u00e0 t\u00e0i ch\u00ednh doanh nghi\u1ec7p c\u0169ng th\u01b0\u1eddng t\u1ea1o ra c\u00e1c \u0111\u1ecbnh gi\u00e1 d\u1ef1a tr\u00ean k\u1ecbch b\u1ea3n, d\u1ef1a tr\u00ean c\u00e1c gi\u1ea3 \u0111\u1ecbnh kh\u00e1c nhau v\u1ec1 c\u00e1c y\u1ebfu t\u1ed1 “to\u00e0n c\u1ea7u” tr\u00ean to\u00e0n n\u1ec1n kinh t\u1ebf c\u0169ng nh\u01b0 c\u00e1c y\u1ebfu t\u1ed1 c\u1ee5 th\u1ec3 c\u1ee7a c\u00f4ng ty. V\u1ec1 l\u00fd thuy\u1ebft, gi\u00e1 tr\u1ecb “kh\u00f4ng thi\u00ean v\u1ecb” l\u00e0 gi\u00e1 tr\u1ecb trung b\u00ecnh c\u00f3 tr\u1ecdng s\u1ed1 x\u00e1c su\u1ea5t c\u1ee7a c\u00e1c k\u1ecbch b\u1ea3n kh\u00e1c nhau (\u0111\u01b0\u1ee3c chi\u1ebft kh\u1ea5u b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng WACC ph\u00f9 h\u1ee3p v\u1edbi t\u1eebng k\u1ecbch b\u1ea3n). L\u01b0u \u00fd r\u1eb1ng trong th\u1ef1c t\u1ebf, c\u00e1c y\u1ebfu t\u1ed1 x\u00e1c su\u1ea5t c\u1ea7n thi\u1ebft th\u01b0\u1eddng qu\u00e1 kh\u00f4ng ch\u1eafc ch\u1eafn \u0111\u1ec3 l\u00e0m \u0111i\u1ec1u n\u00e0y.<\/p>\n\n\n\n – M\u1ed9t ph\u1ea7n m\u1edf r\u1ed9ng c\u1ee7a \u0111\u1ecbnh gi\u00e1 d\u1ef1a tr\u00ean k\u1ecbch b\u1ea3n l\u00e0 s\u1eed d\u1ee5ng m\u00f4 ph\u1ecfng Monte Carlo, chuy\u1ec3n c\u00e1c \u0111\u1ea7u v\u00e0o m\u00f4 h\u00ecnh c\u00f3 li\u00ean quan th\u00f4ng qua b\u1ed5 tr\u1ee3 ph\u00e2n t\u00edch r\u1ee7i ro b\u1ea3ng t\u00ednh, ch\u1eb3ng h\u1ea1n nh\u01b0 @Risk ho\u1eb7c Crystal Ball. \u0110\u1ea7u ra l\u00e0 bi\u1ec3u \u0111\u1ed3 c\u1ee7a c\u00e1c gi\u00e1 tr\u1ecb DCF, cho ph\u00e9p nh\u00e0 ph\u00e2n t\u00edch \u0111\u1ecdc gi\u00e1 tr\u1ecb d\u1ef1 ki\u1ebfn (t\u1ee9c l\u00e0 trung b\u00ecnh) tr\u00ean c\u00e1c \u0111\u1ea7u v\u00e0o ho\u1eb7c x\u00e1c su\u1ea5t \u0111\u1ea7u t\u01b0 s\u1ebd c\u00f3 \u00edt nh\u1ea5t m\u1ed9t gi\u00e1 tr\u1ecb c\u1ee5 th\u1ec3 ho\u1eb7c s\u1ebd t\u1ea1o ra l\u1ee3i nhu\u1eadn c\u1ee5 th\u1ec3. C\u00e1ch ti\u1ebfp c\u1eadn n\u00e0y \u0111\u00f4i khi \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng cho c\u00e1c d\u1ef1 \u00e1n t\u00e0i ch\u00ednh doanh nghi\u1ec7p. Nh\u01b0ng, m\u1ed9t l\u1ea7n n\u1eefa, trong b\u1ed1i c\u1ea3nh \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m, n\u00f3 kh\u00f4ng th\u01b0\u1eddng \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng, \u0111\u01b0\u1ee3c coi l\u00e0 th\u00eam “\u0111\u1ed9 ch\u00ednh x\u00e1c nh\u01b0ng kh\u00f4ng ch\u00ednh x\u00e1c” (v\u00e0 \u0111\u00f2i h\u1ecfi ki\u1ebfn th\u1ee9c v\u1ec1 c\u00e1c ph\u00e2n ph\u1ed1i c\u01a1 b\u1ea3n); V\u00e0 vi\u1ec7c \u0111\u1ea7u t\u01b0 v\u00e0o th\u1eddi gian (v\u00e0 ph\u1ea7n m\u1ec1m) sau \u0111\u00f3 \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 l\u00e0 kh\u00f4ng c\u00f3 kh\u1ea3 n\u0103ng \u0111\u01b0\u1ee3c b\u1ea3o \u0111\u1ea3m.<\/p>\n\n\n\n Gi\u00e1 tr\u1ecb DCF c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng kh\u00e1c nhau t\u00f9y thu\u1ed9c v\u00e0o ng\u1eef c\u1ea3nh. M\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu ni\u00eam y\u1ebft s\u1ebd so s\u00e1nh gi\u00e1 tr\u1ecb m\u1ed7i c\u1ed5 phi\u1ebfu v\u1edbi gi\u00e1 giao d\u1ecbch c\u1ee7a c\u1ed5 phi\u1ebfu, trong s\u1ed1 c\u00e1c ti\u00eau ch\u00ed l\u1ef1a ch\u1ecdn c\u1ed5 phi\u1ebfu kh\u00e1c. Trong ph\u1ea1m vi gi\u00e1 th\u1ea5p h\u01a1n s\u1ed1 DCF, v\u00ec v\u1eady c\u00f4 \u1ea5y s\u1ebd c\u00f3 xu h\u01b0\u1edbng quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0. Vi\u1ec7c hi\u1ec7u chu\u1ea9n \u1edf tr\u00ean s\u1ebd \u00edt li\u00ean quan h\u01a1n \u1edf \u0111\u00e2y. C\u00e1c gi\u1ea3 \u0111\u1ecbnh h\u1ee3p l\u00fd v\u00e0 m\u1ea1nh m\u1ebd h\u01a1n nh\u01b0 v\u1eady. M\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn li\u00ean quan l\u00e0 “k\u1ef9 s\u01b0 \u0111\u1ea3o ng\u01b0\u1ee3c” gi\u00e1 c\u1ed5 phi\u1ebfu; t\u1ee9c l\u00e0 “t\u00ecm ra d\u00f2ng ti\u1ec1n m\u00e0 c\u00f4ng ty d\u1ef1 ki\u1ebfn s\u1ebd ki\u1ebfm \u0111\u01b0\u1ee3c \u0111\u1ec3 t\u1ea1o ra \u0111\u1ecbnh gi\u00e1 hi\u1ec7n t\u1ea1i… [Sau \u0111\u00f3] t\u00f9y thu\u1ed9c v\u00e0o t\u00ednh h\u1ee3p l\u00fd c\u1ee7a d\u00f2ng ti\u1ec1n, h\u00e3y quy\u1ebft \u0111\u1ecbnh xem c\u1ed5 phi\u1ebfu c\u00f3 x\u1ee9ng \u0111\u00e1ng v\u1edbi gi\u00e1 hi\u1ec7n t\u1ea1i c\u1ee7a n\u00f3 hay kh\u00f4ng.” N\u00f3i r\u1ed9ng h\u01a1n, s\u1eed d\u1ee5ng m\u00f4 h\u00ecnh DCF, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 “\u01b0\u1edbc t\u00ednh [e] nh\u1eefng k\u1ef3 v\u1ecdng \u0111\u01b0\u1ee3c nh\u00fang v\u00e0o gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty…. [v\u00e0] sau \u0111\u00f3 \u0111\u00e1nh gi\u00e1 kh\u1ea3 n\u0103ng s\u1eeda \u0111\u1ed5i k\u1ef3 v\u1ecdng.”<\/p>\n\n\n\n C\u00e1c c\u00f4ng ty th\u01b0\u1eddng s\u1ebd c\u00f3 m\u1ed9t s\u1ed1 d\u1ef1 \u00e1n ti\u1ec1m n\u0103ng \u0111ang \u0111\u01b0\u1ee3c xem x\u00e9t (ho\u1eb7c \u0111ang ho\u1ea1t \u0111\u1ed9ng). NPV th\u01b0\u1eddng l\u00e0 ti\u00eau ch\u00ed l\u1ef1a ch\u1ecdn ch\u00ednh gi\u1eefa c\u00e1c ti\u00eau ch\u00ed n\u00e0y; m\u1eb7c d\u00f9 c\u00e1c bi\u1ec7n ph\u00e1p \u0111\u1ea7u t\u01b0 kh\u00e1c \u0111\u01b0\u1ee3c xem x\u00e9t, nh\u01b0 c\u00f3 th\u1ec3 nh\u00ecn th\u1ea5y t\u1eeb ch\u00ednh m\u00f4 h\u00ecnh DCF, bao g\u1ed3m ROI, IRR v\u00e0 th\u1eddi gian ho\u00e0n v\u1ed1n. C\u00e1c nh\u00f3m \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m v\u00e0 c\u1ed5 ph\u1ea7n t\u01b0 nh\u00e2n s\u1ebd xem x\u00e9t t\u01b0\u01a1ng t\u1ef1 c\u00e1c bi\u1ec7n ph\u00e1p v\u00e0 ti\u00eau ch\u00ed kh\u00e1c nhau, c\u0169ng nh\u01b0 c\u00e1c giao d\u1ecbch so s\u00e1nh g\u1ea7n \u0111\u00e2y, “Ph\u00e2n t\u00edch giao d\u1ecbch ti\u1ec1n l\u1ec7”, khi l\u1ef1a ch\u1ecdn gi\u1eefa c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 ti\u1ec1m n\u0103ng; Vi\u1ec7c \u0111\u1ecbnh gi\u00e1 th\u01b0\u1eddng s\u1ebd l\u00e0 m\u1ed9t b\u01b0\u1edbc ho\u1eb7c sau khi th\u1ea9m \u0111\u1ecbnh k\u1ef9 l\u01b0\u1ee1ng. \u0110\u1ed1i v\u1edbi \u0111\u1ecbnh gi\u00e1 M&A DCF c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t trong nhi\u1ec1u k\u1ebft qu\u1ea3 \u0111\u01b0\u1ee3c k\u1ebft h\u1ee3p \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb c\u1ee7a th\u01b0\u01a1ng v\u1ee5; Tuy nhi\u00ean, l\u01b0u \u00fd r\u1eb1ng \u0111\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty giai \u0111o\u1ea1n \u0111\u1ea7u, DCF th\u01b0\u1eddng s\u1ebd kh\u00f4ng \u0111\u01b0\u1ee3c \u0111\u01b0a v\u00e0o “kho v\u0169 kh\u00ed \u0111\u1ecbnh gi\u00e1”, do l\u1ee3i nhu\u1eadn th\u1ea5p v\u00e0 ph\u1ee5 thu\u1ed9c cao h\u01a1n v\u00e0o t\u0103ng tr\u01b0\u1edfng doanh thu.<\/p>\n\n\n\n T\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u ho\u1eb7c v\u1ed1n h\u00f3a<\/strong><\/p>\n\n\n\n T\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u ho\u1eb7c t\u1ef7 l\u1ec7 v\u1ed1n h\u00f3a \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a l\u1ee3i nhu\u1eadn d\u1ef1 ki\u1ebfn c\u1ee7a m\u1ed9t doanh nghi\u1ec7p. T\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u v\u00e0 t\u1ef7 l\u1ec7 v\u1ed1n h\u00f3a c\u00f3 li\u00ean quan ch\u1eb7t ch\u1ebd v\u1edbi nhau, nh\u01b0ng c\u00f3 th\u1ec3 ph\u00e2n bi\u1ec7t \u0111\u01b0\u1ee3c. N\u00f3i chung, t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u ho\u1eb7c t\u1ef7 l\u1ec7 v\u1ed1n h\u00f3a c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u0111\u1ecbnh ngh\u0129a l\u00e0 l\u1ee3i su\u1ea5t c\u1ea7n thi\u1ebft \u0111\u1ec3 thu h\u00fat c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o m\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee5 th\u1ec3, do nh\u1eefng r\u1ee7i ro li\u00ean quan \u0111\u1ebfn kho\u1ea3n \u0111\u1ea7u t\u01b0 \u0111\u00f3.<\/p>\n\n\n\n – Trong \u0111\u1ecbnh gi\u00e1 DCF, t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u, th\u01b0\u1eddng l\u00e0 \u01b0\u1edbc t\u00ednh chi ph\u00ed v\u1ed1n cho doanh nghi\u1ec7p, \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 t\u00ednh gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i r\u00f2ng c\u1ee7a m\u1ed9t lo\u1ea1t c\u00e1c d\u00f2ng ti\u1ec1n d\u1ef1 ki\u1ebfn. T\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u c\u0169ng c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c xem l\u00e0 t\u1ef7 l\u1ec7 ho\u00e0n v\u1ed1n y\u00eau c\u1ea7u m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 mong \u0111\u1ee3i nh\u1eadn \u0111\u01b0\u1ee3c t\u1eeb doanh nghi\u1ec7p kinh doanh, v\u1edbi m\u1ee9c \u0111\u1ed9 r\u1ee7i ro m\u00e0 h\u1ecd th\u1ef1c hi\u1ec7n.<\/p>\n\n\n\n – M\u1eb7t kh\u00e1c, t\u1ef7 l\u1ec7 v\u1ed1n h\u00f3a \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng trong c\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 doanh nghi\u1ec7p d\u1ef1a tr\u00ean d\u1eef li\u1ec7u kinh doanh trong m\u1ed9t kho\u1ea3ng th\u1eddi gian duy nh\u1ea5t. V\u00ed d\u1ee5, trong \u0111\u1ecbnh gi\u00e1 b\u1ea5t \u0111\u1ed9ng s\u1ea3n cho c\u00e1c t\u00e0i s\u1ea3n t\u1ea1o ra d\u00f2ng ti\u1ec1n, t\u1ef7 l\u1ec7 v\u1ed1n h\u00f3a c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng cho thu nh\u1eadp ho\u1ea1t \u0111\u1ed9ng r\u00f2ng (NOI) (t\u1ee9c l\u00e0 thu nh\u1eadp tr\u01b0\u1edbc kh\u1ea5u hao v\u00e0 chi ph\u00ed l\u00e3i vay) c\u1ee7a t\u00e0i s\u1ea3n trong m\u01b0\u1eddi hai th\u00e1ng sau.<\/p>\n\n\n\n C\u00f3 m\u1ed9t s\u1ed1 ph\u01b0\u01a1ng ph\u00e1p kh\u00e1c nhau \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u th\u00edch h\u1ee3p. T\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u bao g\u1ed3m hai y\u1ebfu t\u1ed1: t\u1ef7 l\u1ec7 phi r\u1ee7i ro, l\u00e0 l\u1ee3i nhu\u1eadn m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 mong \u0111\u1ee3i t\u1eeb m\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0 an to\u00e0n, th\u1ef1c t\u1ebf kh\u00f4ng c\u00f3 r\u1ee7i ro, ch\u1eb3ng h\u1ea1n nh\u01b0 tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 ch\u1ea5t l\u01b0\u1ee3ng cao; c\u1ed9ng v\u1edbi ph\u00ed b\u1ea3o hi\u1ec3m r\u1ee7i ro b\u1ed3i th\u01b0\u1eddng cho nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1ec1 m\u1ee9c \u0111\u1ed9 r\u1ee7i ro t\u01b0\u01a1ng \u0111\u1ed1i li\u00ean quan \u0111\u1ebfn m\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee5 th\u1ec3 v\u01b0\u1ee3t qu\u00e1 t\u1ef7 l\u1ec7 phi r\u1ee7i ro. Quan tr\u1ecdng nh\u1ea5t, t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u ho\u1eb7c v\u1ed1n h\u00f3a \u0111\u01b0\u1ee3c l\u1ef1a ch\u1ecdn ph\u1ea3i ph\u00f9 h\u1ee3p v\u1edbi d\u00f2ng l\u1ee3i \u00edch m\u00e0 n\u00f3 s\u1ebd \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng.<\/p>\n\n\n\n C\u00e1c t\u00ednh to\u00e1n \u0111\u1ecbnh gi\u00e1 v\u1ed1n h\u00f3a v\u00e0 chi\u1ebft kh\u1ea5u tr\u1edf n\u00ean t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1ec1 m\u1eb7t to\u00e1n h\u1ecdc v\u1edbi gi\u1ea3 \u0111\u1ecbnh r\u1eb1ng thu nh\u1eadp kinh doanh t\u0103ng tr\u01b0\u1edfng v\u1edbi t\u1ed1c \u0111\u1ed9 kh\u00f4ng \u0111\u1ed5i.<\/p>\n\n\n\n Khi t\u1ef7 l\u1ec7 v\u1ed1n h\u00f3a ho\u1eb7c t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh, n\u00f3 ph\u1ea3i \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng cho m\u1ed9t d\u00f2ng thu nh\u1eadp kinh t\u1ebf th\u00edch h\u1ee3p: d\u00f2ng ti\u1ec1n tr\u01b0\u1edbc thu\u1ebf, d\u00f2ng ti\u1ec1n sau thu\u1ebf, thu nh\u1eadp r\u00f2ng tr\u01b0\u1edbc thu\u1ebf, thu nh\u1eadp r\u00f2ng sau thu\u1ebf, thu nh\u1eadp v\u01b0\u1ee3t m\u1ee9c, d\u00f2ng ti\u1ec1n d\u1ef1 ki\u1ebfn, v.v. K\u1ebft qu\u1ea3 c\u1ee7a c\u00f4ng th\u1ee9c n\u00e0y l\u00e0 gi\u00e1 tr\u1ecb \u0111\u01b0\u1ee3c ch\u1ec9 \u0111\u1ecbnh tr\u01b0\u1edbc khi gi\u1ea3m gi\u00e1. Tuy nhi\u00ean, tr\u01b0\u1edbc khi chuy\u1ec3n sang t\u00ednh to\u00e1n chi\u1ebft kh\u1ea5u, chuy\u00ean gia \u0111\u1ecbnh gi\u00e1 ph\u1ea3i xem x\u00e9t gi\u00e1 tr\u1ecb \u0111\u01b0\u1ee3c ch\u1ec9 \u0111\u1ecbnh theo ph\u01b0\u01a1ng ph\u00e1p ti\u1ebfp c\u1eadn t\u00e0i s\u1ea3n v\u00e0 th\u1ecb tr\u01b0\u1eddng.<\/p>\n\n\n\n Vi\u1ec7c k\u1ebft h\u1ee3p c\u1ea9n th\u1eadn t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u v\u1edbi th\u01b0\u1edbc \u0111o thu nh\u1eadp kinh t\u1ebf th\u00edch h\u1ee3p l\u00e0 r\u1ea5t quan tr\u1ecdng \u0111\u1ed1i v\u1edbi t\u00ednh ch\u00ednh x\u00e1c c\u1ee7a k\u1ebft qu\u1ea3 \u0111\u1ecbnh gi\u00e1 doanh nghi\u1ec7p. D\u00f2ng ti\u1ec1n thu\u1ea7n l\u00e0 m\u1ed9t l\u1ef1a ch\u1ecdn th\u01b0\u1eddng xuy\u00ean trong c\u00e1c th\u1ea9m \u0111\u1ecbnh gi\u00e1 kinh doanh \u0111\u01b0\u1ee3c ti\u1ebfn h\u00e0nh chuy\u00ean nghi\u1ec7p. L\u00fd do \u0111\u1eb1ng sau s\u1ef1 l\u1ef1a ch\u1ecdn n\u00e0y l\u00e0 c\u01a1 s\u1edf thu nh\u1eadp n\u00e0y t\u01b0\u01a1ng \u1ee9ng v\u1edbi t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu b\u1eaft ngu\u1ed3n t\u1eeb c\u00e1c m\u00f4 h\u00ecnh x\u00e2y d\u1ef1ng, ho\u1eb7c CAPM: l\u1ee3i nhu\u1eadn thu \u0111\u01b0\u1ee3c t\u1eeb c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c c\u00f4ng ty giao d\u1ecbch c\u00f4ng khai c\u00f3 th\u1ec3 d\u1ec5 d\u00e0ng \u0111\u01b0\u1ee3c th\u1ec3 hi\u1ec7n d\u01b0\u1edbi d\u1ea1ng d\u00f2ng ti\u1ec1n r\u00f2ng. \u0110\u1ed3ng th\u1eddi, t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u n\u00f3i chung c\u0169ng \u0111\u01b0\u1ee3c l\u1ea5y t\u1eeb d\u1eef li\u1ec7u th\u1ecb tr\u01b0\u1eddng v\u1ed1n c\u00f4ng.<\/p>\n\n\n\n Chi ph\u00ed v\u1ed1n b\u00ecnh qu\u00e2n gia quy\u1ec1n<\/strong><\/p>\n\n\n\n Chi ph\u00ed v\u1ed1n b\u00ecnh qu\u00e2n gia quy\u1ec1n (WACC) l\u00e0 m\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u k\u1ebft h\u1ee3p c\u1ea3 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu v\u00e0 t\u00e0i tr\u1ee3 n\u1ee3; Ph\u01b0\u01a1ng ph\u00e1p n\u00e0y x\u00e1c \u0111\u1ecbnh chi ph\u00ed v\u1ed1n th\u1ef1c t\u1ebf c\u1ee7a c\u00f4ng ty \u0111\u1ed1i t\u01b0\u1ee3ng b\u1eb1ng c\u00e1ch t\u00ednh trung b\u00ecnh gia quy\u1ec1n c\u1ee7a chi ph\u00ed n\u1ee3 v\u00e0 chi ph\u00ed v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu c\u1ee7a c\u00f4ng ty. Chi ph\u00ed n\u1ee3 th\u1ef1c ch\u1ea5t l\u00e0 l\u00e3i su\u1ea5t sau thu\u1ebf c\u1ee7a c\u00f4ng ty; chi ph\u00ed v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu, nh\u01b0 \u0111\u01b0\u1ee3c th\u1ea3o lu\u1eadn d\u01b0\u1edbi \u0111\u00e2y, th\u01b0\u1eddng \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n th\u00f4ng qua CAPM, nh\u01b0ng th\u01b0\u1eddng s\u1eed d\u1ee5ng m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p thay th\u1ebf.<\/p>\n\n\n\n T\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u k\u1ebft qu\u1ea3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng cho c\u00e1c tr\u01b0\u1eddng h\u1ee3p d\u00f2ng ti\u1ec1n t\u1ed5ng th\u1ec3 \u0111\u01b0\u1ee3c chi\u1ebft kh\u1ea5u \u2014 t\u1ee9c l\u00e0 tr\u00e1i ng\u01b0\u1ee3c v\u1edbi d\u00f2ng ti\u1ec1n tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu \u2014 v\u00e0 do \u0111\u00f3 \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng cho d\u00f2ng ti\u1ec1n r\u00f2ng c\u1ee7a c\u00f4ng ty \u0111\u1ed1i t\u01b0\u1ee3ng tr\u00ean t\u1ed5ng v\u1ed1n \u0111\u1ea7u t\u01b0.<\/p>\n\n\n\n M\u1ed9t trong nh\u1eefng v\u1ea5n \u0111\u1ec1 v\u1edbi ph\u01b0\u01a1ng ph\u00e1p n\u00e0y l\u00e0 ng\u01b0\u1eddi \u0111\u1ecbnh gi\u00e1 c\u00f3 th\u1ec3 ch\u1ecdn t\u00ednh to\u00e1n WACC theo c\u1ea5u tr\u00fac v\u1ed1n hi\u1ec7n c\u00f3 c\u1ee7a c\u00f4ng ty ch\u1ee7 th\u1ec3, c\u01a1 c\u1ea5u v\u1ed1n trung b\u00ecnh c\u1ee7a ng\u00e0nh ho\u1eb7c c\u1ea5u tr\u00fac v\u1ed1n t\u1ed1i \u01b0u. S\u1ef1 th\u1eadn tr\u1ecdng nh\u01b0 v\u1eady l\u00e0m m\u1ea5t \u0111i t\u00ednh kh\u00e1ch quan c\u1ee7a ph\u01b0\u01a1ng ph\u00e1p n\u00e0y, trong t\u00e2m tr\u00ed c\u1ee7a m\u1ed9t s\u1ed1 nh\u00e0 ph\u00ea b\u00ecnh.<\/p>\n\n\n\n V\u00ec WACC n\u1eafm b\u1eaft r\u1ee7i ro c\u1ee7a ch\u00ednh doanh nghi\u1ec7p ch\u1ee7 \u0111\u1ec1, c\u00e1c c\u1ea5u tr\u00fac v\u1ed1n hi\u1ec7n c\u00f3 ho\u1eb7c d\u1ef1 t\u00ednh, thay v\u00ec m\u1ee9c trung b\u00ecnh c\u1ee7a ng\u00e0nh, l\u00e0 nh\u1eefng l\u1ef1a ch\u1ecdn th\u00edch h\u1ee3p \u0111\u1ec3 \u0111\u1ecbnh gi\u00e1 doanh nghi\u1ec7p.<\/p>\n\n\n\n M\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 t\u00e0i s\u1ea3n v\u1ed1n<\/strong><\/p>\n\n\n\n M\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 t\u00e0i s\u1ea3n v\u1ed1n (CAPM) cung c\u1ea5p m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p x\u00e1c \u0111\u1ecbnh t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u trong \u0111\u1ecbnh gi\u00e1 doanh nghi\u1ec7p. CAPM b\u1eaft ngu\u1ed3n t\u1eeb c\u00e1c nghi\u00ean c\u1ee9u \u0111o\u1ea1t gi\u1ea3i Nobel c\u1ee7a Harry Markowitz, James Tobin v\u00e0 William Sharpe. Ph\u01b0\u01a1ng ph\u00e1p n\u00e0y l\u1ea5y \u0111\u01b0\u1ee3c t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u b\u1eb1ng c\u00e1ch th\u00eam ph\u00ed b\u1ea3o hi\u1ec3m r\u1ee7i ro v\u00e0o t\u1ef7 l\u1ec7 phi r\u1ee7i ro. Ph\u00ed b\u1ea3o hi\u1ec3m r\u1ee7i ro \u0111\u01b0\u1ee3c l\u1ea5y b\u1eb1ng c\u00e1ch nh\u00e2n ph\u00ed b\u1ea3o hi\u1ec3m r\u1ee7i ro v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu v\u1edbi beta, th\u01b0\u1edbc \u0111o bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ed5 phi\u1ebfu. Beta \u0111\u01b0\u1ee3c bi\u00ean so\u1ea1n b\u1edfi c\u00e1c nh\u00e0 nghi\u00ean c\u1ee9u kh\u00e1c nhau cho c\u00e1c ng\u00e0nh c\u00f4ng nghi\u1ec7p v\u00e0 c\u00f4ng ty c\u1ee5 th\u1ec3, v\u00e0 \u0111o l\u01b0\u1eddng r\u1ee7i ro \u0111\u1ea7u t\u01b0 c\u00f3 h\u1ec7 th\u1ed1ng.<\/p>\n\n\n\n M\u1ed9t trong nh\u1eefng l\u1eddi ch\u1ec9 tr\u00edch c\u1ee7a CAPM l\u00e0 beta b\u1eaft ngu\u1ed3n t\u1eeb s\u1ef1 bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ee7a c\u00e1c c\u00f4ng ty giao d\u1ecbch c\u00f4ng khai, kh\u00e1c v\u1edbi c\u00e1c c\u00f4ng ty kh\u00f4ng c\u00f4ng khai v\u1ec1 t\u00ednh thanh kho\u1ea3n, kh\u1ea3 n\u0103ng ti\u1ebfp th\u1ecb, c\u1ea5u tr\u00fac v\u1ed1n v\u00e0 ki\u1ec3m so\u00e1t. C\u00e1c kh\u00eda c\u1ea1nh kh\u00e1c nh\u01b0 ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng t\u00edn d\u1ee5ng, quy m\u00f4 v\u00e0 chi\u1ec1u s\u00e2u qu\u1ea3n l\u00fd nh\u00ecn chung c\u0169ng kh\u00e1c nhau. Tr\u01b0\u1eddng h\u1ee3p m\u1ed9t c\u00f4ng ty t\u01b0 nh\u00e2n c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh l\u00e0 \u0111\u1ee7 gi\u1ed1ng v\u1edbi m\u1ed9t c\u00f4ng ty \u0111\u1ea1i ch\u00fang, CAPM c\u00f3 th\u1ec3 ph\u00f9 h\u1ee3p. Tuy nhi\u00ean, n\u00f3 \u0111\u00f2i h\u1ecfi ki\u1ebfn th\u1ee9c v\u1ec1 gi\u00e1 c\u1ed5 phi\u1ebfu th\u1ecb tr\u01b0\u1eddng \u0111\u1ec3 t\u00ednh to\u00e1n. \u0110\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty t\u01b0 nh\u00e2n kh\u00f4ng b\u00e1n c\u1ed5 phi\u1ebfu tr\u00ean th\u1ecb tr\u01b0\u1eddng v\u1ed1n \u0111\u1ea1i ch\u00fang, th\u00f4ng tin n\u00e0y kh\u00f4ng c\u00f3 s\u1eb5n. Do \u0111\u00f3, vi\u1ec7c t\u00ednh to\u00e1n beta cho c\u00e1c c\u00f4ng ty t\u01b0 nh\u00e2n l\u00e0 v\u1ea5n \u0111\u1ec1. Chi ph\u00ed x\u00e2y d\u1ef1ng m\u00f4 h\u00ecnh v\u1ed1n, \u0111\u01b0\u1ee3c th\u1ea3o lu\u1eadn d\u01b0\u1edbi \u0111\u00e2y, l\u00e0 l\u1ef1a ch\u1ecdn \u0111i\u1ec3n h\u00ecnh trong nh\u1eefng tr\u01b0\u1eddng h\u1ee3p nh\u01b0 v\u1eady.<\/p>\n\n\n\n Ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 thay th\u1ebf v\u00e0 m\u00f4 h\u00ecnh nh\u00e2n t\u1ed1<\/strong><\/p>\n\n\n\n \u0110\u1ed1i v\u1edbi c\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 theo \u0111\u1ecbnh h\u01b0\u1edbng th\u1ecb tr\u01b0\u1eddng v\u1ed1n, c\u00f3 r\u1ea5t nhi\u1ec1u ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 b\u00ean c\u1ea1nh m\u00f4 h\u00ecnh CAPM truy\u1ec1n th\u1ed1ng. Ch\u00fang bao g\u1ed3m, v\u00ed d\u1ee5, l\u00fd thuy\u1ebft \u0111\u1ecbnh gi\u00e1 ch\u00eanh l\u1ec7ch gi\u00e1 (APT) c\u0169ng nh\u01b0 m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 t\u00e0i s\u1ea3n v\u1ed1n d\u1ef1a tr\u00ean ti\u00eau d\u00f9ng (CCAPM). H\u01a1n n\u1eefa, c\u00e1c m\u00f4 h\u00ecnh th\u1ecb tr\u01b0\u1eddng v\u1ed1n thay th\u1ebf \u0111\u00e3 \u0111\u01b0\u1ee3c ph\u00e1t tri\u1ec3n, c\u00f3 \u0111i\u1ec3m chung l\u00e0 l\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng xoay quanh nhi\u1ec1u ngu\u1ed3n r\u1ee7i ro v\u00e0 do \u0111\u00f3 \u00edt h\u1ea1n ch\u1ebf h\u01a1n:<\/p>\n\n\n\n C\u00e1c m\u00f4 h\u00ecnh c\u1ee7a l\u00fd thuy\u1ebft Q<\/p>\n\n\n\n – M\u00f4 h\u00ecnh ba y\u1ebfu t\u1ed1 Fama\u2013Ph\u00e1p<\/p>\n\n\n\n – M\u00f4 h\u00ecnh b\u1ed1n y\u1ebfu t\u1ed1 Carhart<\/p>\n\n\n\n – M\u00f4 h\u00ecnh n\u0103m y\u1ebfu t\u1ed1 Fama\u2013Ph\u00e1p<\/p>\n\n\n\n Tuy nhi\u00ean, ngay c\u1ea3 nh\u1eefng m\u00f4 h\u00ecnh n\u00e0y c\u0169ng kh\u00f4ng ho\u00e0n to\u00e0n nh\u1ea5t qu\u00e1n, v\u00ec ch\u00fang c\u0169ng cho th\u1ea5y s\u1ef1 b\u1ea5t th\u01b0\u1eddng c\u1ee7a th\u1ecb tr\u01b0\u1eddng. Tuy nhi\u00ean, ph\u01b0\u01a1ng ph\u00e1p sao ch\u00e9p kh\u00f4ng \u0111\u1ea7y \u0111\u1ee7 v\u00e0 bao ph\u1ee7 r\u1ee7i ro xu\u1ea5t hi\u1ec7n m\u00e0 kh\u00f4ng c\u1ea7n d\u1eef li\u1ec7u th\u1ecb tr\u01b0\u1eddng v\u1ed1n v\u00e0 do \u0111\u00f3 v\u1eefng ch\u1eafc h\u01a1n. Ngo\u00e0i ra, s\u1ef1 t\u1ed3n t\u1ea1i c\u1ee7a c\u00e1c ph\u01b0\u01a1ng ph\u00e1p ti\u1ebfp c\u1eadn d\u1ef1a tr\u00ean \u0111\u1ea7u t\u01b0, xem x\u00e9t c\u00e1c c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 kh\u00e1c nhau v\u00e0 x\u00e1c \u0111\u1ecbnh ch\u01b0\u01a1ng tr\u00ecnh \u0111\u1ea7u t\u01b0 b\u1eb1ng ph\u01b0\u01a1ng ph\u00e1p t\u1ed1i \u01b0u h\u00f3a tuy\u1ebfn t\u00ednh. Trong s\u1ed1 \u0111\u00f3, ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 ph\u00e2n t\u00e1ch g\u1ea7n \u0111\u00fang c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c t\u00ecm th\u1ea5y.<\/p>\n\n\n\n M\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 t\u00e0i s\u1ea3n v\u1ed1n \u0111\u00e3 s\u1eeda \u0111\u1ed5i<\/strong><\/p>\n\n\n\n Chi ph\u00ed v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu (Ke) \u0111\u01b0\u1ee3c t\u00ednh b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 t\u00e0i s\u1ea3n v\u1ed1n \u0111\u00e3 s\u1eeda \u0111\u1ed5i (Mod. CAPM)<\/p>\n\n\n\n Trong \u0111\u00f3:<\/strong><\/p>\n\n\n\n \ud835\udefd\u00a0= Gi\u00e1 tr\u1ecb beta (\u0111\u1ed9 nh\u1ea1y c\u1ee7a l\u1ee3i nhu\u1eadn c\u1ee7a c\u1ed5 phi\u1ebfu so v\u1edbi l\u1ee3i nhu\u1eadn th\u1ecb tr\u01b0\u1eddng)<\/p>\n\n\n\n \ud835\udc58\ud835\udc52\u00a0= Chi ph\u00ed v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/p>\n\n\n\n \ud835\udc45\ud835\udc5a\u00a0= T\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn th\u1ecb tr\u01b0\u1eddng<\/p>\n\n\n\n SCRP = Ph\u00ed b\u1ea3o hi\u1ec3m r\u1ee7i ro c\u1ee7a c\u00f4ng ty nh\u1ecf<\/p>\n\n\n\n CSRP = Ph\u00ed b\u1ea3o hi\u1ec3m r\u1ee7i ro c\u1ee5 th\u1ec3 c\u1ee7a c\u00f4ng ty<\/p>\n\n\n\n Ph\u01b0\u01a1ng ph\u00e1p x\u00e2y d\u1ef1ng<\/strong><\/p>\n\n\n\n Ph\u01b0\u01a1ng ph\u00e1p x\u00e2y d\u1ef1ng l\u00e0 m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p \u0111\u01b0\u1ee3c c\u00f4ng nh\u1eadn r\u1ed9ng r\u00e3i \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u d\u00f2ng ti\u1ec1n r\u00f2ng sau thu\u1ebf, t\u1eeb \u0111\u00f3 mang l\u1ea1i t\u1ef7 l\u1ec7 v\u1ed1n h\u00f3a. C\u00e1c s\u1ed1 li\u1ec7u \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng trong ph\u01b0\u01a1ng ph\u00e1p x\u00e2y d\u1ef1ng \u0111\u01b0\u1ee3c l\u1ea5y t\u1eeb nhi\u1ec1u ngu\u1ed3n kh\u00e1c nhau. Ph\u01b0\u01a1ng ph\u00e1p n\u00e0y \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 ph\u01b0\u01a1ng ph\u00e1p x\u00e2y d\u1ef1ng v\u00ec n\u00f3 l\u00e0 t\u1ed5ng r\u1ee7i ro li\u00ean quan \u0111\u1ebfn c\u00e1c lo\u1ea1i t\u00e0i s\u1ea3n kh\u00e1c nhau. N\u00f3 d\u1ef1a tr\u00ean nguy\u00ean t\u1eafc r\u1eb1ng c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd y\u00eau c\u1ea7u l\u1ee3i nhu\u1eadn l\u1edbn h\u01a1n \u0111\u1ed1i v\u1edbi c\u00e1c lo\u1ea1i t\u00e0i s\u1ea3n c\u00f3 r\u1ee7i ro cao h\u01a1n.<\/p>\n\n\n\n – Y\u1ebfu t\u1ed1 \u0111\u1ea7u ti\u00ean c\u1ee7a t\u1ef7 l\u1ec7 v\u1ed1n h\u00f3a t\u00edch l\u0169y l\u00e0 t\u1ef7 l\u1ec7 phi r\u1ee7i ro, l\u00e0 t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn cho tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 d\u00e0i h\u1ea1n.<\/p>\n\n\n\n – C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 mua c\u1ed5 phi\u1ebfu v\u1ed1n h\u00f3a l\u1edbn, v\u1ed1n c\u00f3 nhi\u1ec1u r\u1ee7i ro h\u01a1n tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 d\u00e0i h\u1ea1n, \u0111\u00f2i h\u1ecfi l\u1ee3i nhu\u1eadn cao h\u01a1n, v\u00ec v\u1eady y\u1ebfu t\u1ed1 ti\u1ebfp theo c\u1ee7a ph\u01b0\u01a1ng ph\u00e1p x\u00e2y d\u1ef1ng l\u00e0 ph\u00ed b\u1ea3o hi\u1ec3m r\u1ee7i ro v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu. Khi x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb c\u1ee7a c\u00f4ng ty, ph\u00ed b\u1ea3o hi\u1ec3m r\u1ee7i ro v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu d\u00e0i h\u1ea1n \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng v\u00ec tu\u1ed5i th\u1ecd c\u1ee7a C\u00f4ng ty \u0111\u01b0\u1ee3c gi\u1ea3 \u0111\u1ecbnh l\u00e0 v\u00f4 h\u1ea1n. T\u1ed5ng t\u1ef7 l\u1ec7 phi r\u1ee7i ro v\u00e0 ph\u00ed b\u1ea3o hi\u1ec3m r\u1ee7i ro v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu mang l\u1ea1i t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn trung b\u00ecnh th\u1ecb tr\u01b0\u1eddng d\u00e0i h\u1ea1n tr\u00ean c\u00e1c c\u1ed5 phi\u1ebfu c\u00f4ng ty \u0111\u1ea1i ch\u00fang l\u1edbn.<\/p>\n\n\n\n – T\u01b0\u01a1ng t\u1ef1, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c c\u1ed5 phi\u1ebfu v\u1ed1n h\u00f3a nh\u1ecf, r\u1ee7i ro h\u01a1n c\u1ed5 phi\u1ebfu blue-chip, \u0111\u00f2i h\u1ecfi l\u1ee3i nhu\u1eadn l\u1edbn h\u01a1n, \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 “ph\u00ed b\u1ea3o hi\u1ec3m quy m\u00f4”. D\u1eef li\u1ec7u ph\u00ed b\u1ea3o hi\u1ec3m k\u00edch th\u01b0\u1edbc th\u01b0\u1eddng c\u00f3 s\u1eb5n t\u1eeb hai ngu\u1ed3n: C\u1ed5 phi\u1ebfu, Tr\u00e1i phi\u1ebfu, H\u00f3a \u0111\u01a1n &L\u1ea1m ph\u00e1t c\u1ee7a Morningstar (tr\u01b0\u1edbc \u0111\u00e2y l\u00e0 Ibbotson &Associates) v\u00e0 B\u00e1o c\u00e1o ph\u00ed b\u1ea3o hi\u1ec3m r\u1ee7i ro c\u1ee7a Duff &Phelps.<\/p>\n\n\n\n B\u1eb1ng c\u00e1ch th\u00eam ba y\u1ebfu t\u1ed1 \u0111\u1ea7u ti\u00ean c\u1ee7a t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u t\u00edch l\u0169y, ch\u00fang ta c\u00f3 th\u1ec3 x\u00e1c \u0111\u1ecbnh t\u1ef7 l\u1ec7 l\u1ee3i nhu\u1eadn m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd y\u00eau c\u1ea7u \u0111\u1ed1i v\u1edbi c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a h\u1ecd v\u00e0o c\u1ed5 phi\u1ebfu c\u00f4ng ty \u0111\u1ea1i ch\u00fang nh\u1ecf. Ba y\u1ebfu t\u1ed1 n\u00e0y c\u1ee7a t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u t\u00edch l\u0169y \u0111\u01b0\u1ee3c g\u1ecdi chung l\u00e0 r\u1ee7i ro h\u1ec7 th\u1ed1ng. Lo\u1ea1i r\u1ee7i ro \u0111\u1ea7u t\u01b0 n\u00e0y kh\u00f4ng th\u1ec3 tr\u00e1nh \u0111\u01b0\u1ee3c th\u00f4ng qua \u0111a d\u1ea1ng h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0. N\u00f3 ph\u00e1t sinh t\u1eeb c\u00e1c y\u1ebfu t\u1ed1 b\u00ean ngo\u00e0i v\u00e0 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn m\u1ecdi lo\u1ea1i h\u00ecnh \u0111\u1ea7u t\u01b0 trong n\u1ec1n kinh t\u1ebf. Do \u0111\u00f3, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ea5p nh\u1eadn r\u1ee7i ro c\u00f3 h\u1ec7 th\u1ed1ng s\u1ebd \u0111\u01b0\u1ee3c th\u01b0\u1edfng b\u1eb1ng m\u1ed9t kho\u1ea3n ph\u00ed b\u1ea3o hi\u1ec3m b\u1ed5 sung.<\/p>\n\n\n\n Ngo\u00e0i r\u1ee7i ro h\u1ec7 th\u1ed1ng, t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u ph\u1ea3i bao g\u1ed3m r\u1ee7i ro kh\u00f4ng c\u00f3 h\u1ec7 th\u1ed1ng \u0111\u1ea1i di\u1ec7n cho ph\u1ea7n \u0111\u00f3 trong t\u1ed5ng r\u1ee7i ro \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 tr\u00e1nh \u0111\u01b0\u1ee3c th\u00f4ng qua \u0111a d\u1ea1ng h\u00f3a. Th\u1ecb tr\u01b0\u1eddng v\u1ed1n c\u00f4ng kh\u00f4ng cung c\u1ea5p b\u1eb1ng ch\u1ee9ng v\u1ec1 r\u1ee7i ro kh\u00f4ng c\u00f3 h\u1ec7 th\u1ed1ng v\u00ec c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng \u0111a d\u1ea1ng h\u00f3a kh\u00f4ng th\u1ec3 mong \u0111\u1ee3i l\u1ee3i nhu\u1eadn b\u1ed5 sung. R\u1ee7i ro kh\u00f4ng h\u1ec7 th\u1ed1ng r\u01a1i v\u00e0o m\u1ed9t trong hai lo\u1ea1i sau:<\/p>\n\n\n\n – Ph\u00ed b\u1ea3o hi\u1ec3m r\u1ee7i ro c\u1ee7a ng\u00e0nh. N\u00f3 c\u00f2n \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 r\u1ee7i ro \u0111\u1eb7c tr\u01b0ng v\u00e0 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c quan s\u00e1t b\u1eb1ng c\u00e1ch nghi\u00ean c\u1ee9u l\u1ee3i nhu\u1eadn c\u1ee7a m\u1ed9t nh\u00f3m c\u00e1c c\u00f4ng ty ho\u1ea1t \u0111\u1ed9ng trong c\u00f9ng m\u1ed9t l\u0129nh v\u1ef1c c\u00f4ng nghi\u1ec7p. Ni\u00ean gi\u00e1m c\u1ee7a Morningstar ch\u1ee9a d\u1eef li\u1ec7u th\u1ef1c nghi\u1ec7m \u0111\u1ec3 \u0111\u1ecbnh l\u01b0\u1ee3ng r\u1ee7i ro li\u00ean quan \u0111\u1ebfn c\u00e1c ng\u00e0nh c\u00f4ng nghi\u1ec7p kh\u00e1c nhau, \u0111\u01b0\u1ee3c nh\u00f3m theo m\u00e3 ng\u00e0nh SIC.<\/p>\n\n\n\n – R\u1ee7i ro c\u1ee5 th\u1ec3 c\u1ee7a c\u00f4ng ty.<\/p>\n\n\n\n Trong l\u1ecbch s\u1eed, kh\u00f4ng c\u00f3 d\u1eef li\u1ec7u \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 n\u00e0o c\u00f3 s\u1eb5n \u0111\u1ec3 \u0111\u1ecbnh l\u01b0\u1ee3ng r\u1ee7i ro c\u1ee5 th\u1ec3 c\u1ee7a c\u00f4ng ty. Tuy nhi\u00ean, t\u00ednh \u0111\u1ebfn cu\u1ed1i n\u0103m 2006, nghi\u00ean c\u1ee9u m\u1edbi \u0111\u00e3 c\u00f3 th\u1ec3 \u0111\u1ecbnh l\u01b0\u1ee3ng ho\u1eb7c c\u00f4 l\u1eadp r\u1ee7i ro n\u00e0y \u0111\u1ed1i v\u1edbi c\u00e1c c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c giao d\u1ecbch c\u00f4ng khai th\u00f4ng qua vi\u1ec7c s\u1eed d\u1ee5ng c\u00e1c t\u00ednh to\u00e1n beta t\u1ed5ng th\u1ec3. Butler v\u00e0 Pinkerton \u0111\u00e3 ph\u00e1c th\u1ea3o m\u1ed9t quy tr\u00ecnh \u0111\u1eb7t hai ph\u01b0\u01a1ng tr\u00ecnh sau l\u1ea1i v\u1edbi nhau:<\/p>\n\n\n\n T\u1ed5ng chi ph\u00ed v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu (TCOE) = t\u1ef7 l\u1ec7 phi r\u1ee7i ro + t\u1ed5ng beta * ph\u00ed b\u1ea3o hi\u1ec3m r\u1ee7i ro v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu = t\u1ef7 l\u1ec7 phi r\u1ee7i ro + beta * ph\u00ed b\u1ea3o hi\u1ec3m r\u1ee7i ro v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu + ph\u00ed b\u1ea3o hi\u1ec3m quy m\u00f4 + ph\u00ed b\u1ea3o hi\u1ec3m r\u1ee7i ro c\u1ee5 th\u1ec3 c\u1ee7a c\u00f4ng ty<\/em><\/p>\n\n\n\n \u1ea8n s\u1ed1 duy nh\u1ea5t trong hai ph\u01b0\u01a1ng tr\u00ecnh l\u00e0 ph\u00ed b\u1ea3o hi\u1ec3m r\u1ee7i ro c\u1ee5 th\u1ec3 c\u1ee7a c\u00f4ng ty. M\u1eb7c d\u00f9 c\u00f3 th\u1ec3 t\u00e1ch bi\u1ec7t ph\u00ed b\u1ea3o hi\u1ec3m r\u1ee7i ro c\u1ee5 th\u1ec3 c\u1ee7a c\u00f4ng ty nh\u01b0 \u0111\u01b0\u1ee3c hi\u1ec3n th\u1ecb \u1edf tr\u00ean, nhi\u1ec1u th\u1ea9m \u0111\u1ecbnh vi\u00ean ch\u1ec9 c\u1ea7n nh\u1eadp v\u00e0o TCOE \u0111\u01b0\u1ee3c cung c\u1ea5p b\u1edfi ph\u01b0\u01a1ng tr\u00ecnh \u0111\u1ea7u ti\u00ean.<\/p>\n\n\n\n N\u00f3 t\u01b0\u01a1ng t\u1ef1 nh\u01b0 s\u1eed d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng trong ph\u01b0\u01a1ng ph\u00e1p thu nh\u1eadp thay v\u00ec th\u00eam c\u00e1c bi\u1ec7n ph\u00e1p r\u1ee7i ro ri\u00eang bi\u1ec7t (v\u00e0 c\u00f3 kh\u1ea3 n\u0103ng d\u01b0 th\u1eeba) trong ph\u01b0\u01a1ng ph\u00e1p x\u00e2y d\u1ef1ng. Vi\u1ec7c s\u1eed d\u1ee5ng t\u1ed5ng beta \u1edf \u0111\u00e2y, \u0111\u01b0\u1ee3c ph\u00e1t tri\u1ec3n b\u1edfi Aswath Damodaran, l\u00e0 m\u1ed9t kh\u00e1i ni\u1ec7m t\u01b0\u01a1ng \u0111\u1ed1i m\u1edbi. Tuy nhi\u00ean, n\u00f3 \u0111ang \u0111\u01b0\u1ee3c ch\u1ea5p nh\u1eadn trong c\u1ed9ng \u0111\u1ed3ng t\u01b0 v\u1ea5n \u0111\u1ecbnh gi\u00e1 doanh nghi\u1ec7p v\u00ec n\u00f3 d\u1ef1a tr\u00ean l\u00fd thuy\u1ebft danh m\u1ee5c \u0111\u1ea7u t\u01b0 hi\u1ec7n \u0111\u1ea1i. Total beta c\u00f3 th\u1ec3 gi\u00fap c\u00e1c th\u1ea9m \u0111\u1ecbnh vi\u00ean ph\u00e1t tri\u1ec3n chi ph\u00ed v\u1ed1n, nh\u1eefng ng\u01b0\u1eddi h\u00e0i l\u00f2ng v\u1edbi vi\u1ec7c s\u1eed d\u1ee5ng tr\u1ef1c gi\u00e1c c\u1ee7a h\u1ecd m\u1ed9t m\u00ecnh khi tr\u01b0\u1edbc \u0111\u00e2y th\u00eam ph\u00ed b\u1ea3o hi\u1ec3m r\u1ee7i ro ho\u00e0n to\u00e0n ch\u1ee7 quan d\u00e0nh ri\u00eang cho c\u00f4ng ty trong ph\u01b0\u01a1ng ph\u00e1p x\u00e2y d\u1ef1ng.<\/p>\n\n\n\n T\u1ef7 l\u1ec7 v\u1ed1n h\u00f3a n\u00e0y \u0111\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty t\u01b0 nh\u00e2n nh\u1ecf, cao h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi l\u1ee3i nhu\u1eadn m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 mong \u0111\u1ee3i nh\u1eadn \u0111\u01b0\u1ee3c t\u1eeb c\u00e1c lo\u1ea1i \u0111\u1ea7u t\u01b0 ph\u1ed5 bi\u1ebfn kh\u00e1c, ch\u1eb3ng h\u1ea1n nh\u01b0 t\u00e0i kho\u1ea3n th\u1ecb tr\u01b0\u1eddng ti\u1ec1n t\u1ec7, qu\u1ef9 t\u01b0\u01a1ng h\u1ed7 ho\u1eb7c th\u1eadm ch\u00ed l\u00e0 b\u1ea5t \u0111\u1ed9ng s\u1ea3n. Nh\u1eefng kho\u1ea3n \u0111\u1ea7u t\u01b0 n\u00e0y li\u00ean quan \u0111\u1ebfn m\u1ee9c \u0111\u1ed9 r\u1ee7i ro th\u1ea5p h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi \u0111\u1ea7u t\u01b0 v\u00e0o m\u1ed9t c\u00f4ng ty \u0111\u01b0\u1ee3c t\u1ed5 ch\u1ee9c ch\u1eb7t ch\u1ebd. T\u00e0i kho\u1ea3n l\u01b0u k\u00fd \u0111\u01b0\u1ee3c b\u1ea3o hi\u1ec3m b\u1edfi ch\u00ednh ph\u1ee7 li\u00ean bang (l\u00ean \u0111\u1ebfn m\u1ed9t s\u1ed1 gi\u1edbi h\u1ea1n nh\u1ea5t \u0111\u1ecbnh); C\u00e1c qu\u1ef9 t\u01b0\u01a1ng h\u1ed7 bao g\u1ed3m c\u00e1c c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c giao d\u1ecbch c\u00f4ng khai, trong \u0111\u00f3 r\u1ee7i ro c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c gi\u1ea3m thi\u1ec3u \u0111\u00e1ng k\u1ec3 th\u00f4ng qua \u0111a d\u1ea1ng h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0.<\/p>\n\n\n\n M\u1eb7t kh\u00e1c, c\u00e1c c\u00f4ng ty \u0111\u01b0\u1ee3c t\u1ed5 ch\u1ee9c ch\u1eb7t ch\u1ebd th\u01b0\u1eddng th\u1ea5t b\u1ea1i v\u00ec nhi\u1ec1u l\u00fd do qu\u00e1 nhi\u1ec1u \u0111\u1ec3 \u0111\u1eb7t t\u00ean. Kh\u00f4ng c\u00f3 b\u1ea3o \u0111\u1ea3m li\u00ean bang. R\u1ee7i ro khi \u0111\u1ea7u t\u01b0 v\u00e0o m\u1ed9t c\u00f4ng ty t\u01b0 nh\u00e2n kh\u00f4ng th\u1ec3 gi\u1ea3m thi\u1ec3u th\u00f4ng qua \u0111a d\u1ea1ng h\u00f3a v\u00e0 h\u1ea7u h\u1ebft c\u00e1c doanh nghi\u1ec7p kh\u00f4ng s\u1edf h\u1eefu lo\u1ea1i t\u00e0i s\u1ea3n c\u1ee9ng c\u00f3 th\u1ec3 \u0111\u1ea3m b\u1ea3o t\u0103ng gi\u00e1 v\u1ed1n theo th\u1eddi gian. \u0110\u00e2y l\u00e0 l\u00fd do t\u1ea1i sao c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 y\u00eau c\u1ea7u l\u1ee3i t\u1ee9c \u0111\u1ea7u t\u01b0 c\u1ee7a h\u1ecd cao h\u01a1n nhi\u1ec1u v\u00e0o c\u00e1c doanh nghi\u1ec7p \u0111\u01b0\u1ee3c t\u1ed5 ch\u1ee9c ch\u1eb7t ch\u1ebd; Nh\u1eefng kho\u1ea3n \u0111\u1ea7u t\u01b0 nh\u01b0 v\u1eady v\u1ed1n \u0111\u00e3 r\u1ee7i ro h\u01a1n nhi\u1ec1u.<\/p>\n\n\n\n Ph\u01b0\u01a1ng ph\u00e1p ti\u1ebfp c\u1eadn d\u1ef1a tr\u00ean t\u00e0i s\u1ea3n<\/strong><\/p>\n\n\n\n Trong ph\u00e2n t\u00edch d\u1ef1a tr\u00ean t\u00e0i s\u1ea3n, gi\u00e1 tr\u1ecb c\u1ee7a m\u1ed9t doanh nghi\u1ec7p b\u1eb1ng t\u1ed5ng t\u00e0i s\u1ea3n c\u1ee7a n\u00f3. Gi\u00e1 tr\u1ecb c\u1ee7a c\u00e1c t\u00e0i s\u1ea3n n\u00e0y ph\u1ea3i \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh theo gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng h\u1ee3p l\u00fd b\u1ea5t c\u1ee9 khi n\u00e0o c\u00f3 th\u1ec3. Gi\u00e1 tr\u1ecb c\u1ee7a t\u00e0i s\u1ea3n v\u00f4 h\u00ecnh c\u1ee7a c\u00f4ng ty, ch\u1eb3ng h\u1ea1n nh\u01b0 l\u1ee3i th\u1ebf th\u01b0\u01a1ng m\u1ea1i, th\u01b0\u1eddng kh\u00f4ng th\u1ec3 x\u00e1c \u0111\u1ecbnh ngo\u00e0i gi\u00e1 tr\u1ecb doanh nghi\u1ec7p t\u1ed5ng th\u1ec3 c\u1ee7a c\u00f4ng ty (xem v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu chung h\u1eefu h\u00ecnh). V\u00ec l\u00fd do n\u00e0y, c\u00e1ch ti\u1ebfp c\u1eadn d\u1ef1a tr\u00ean t\u00e0i s\u1ea3n kh\u00f4ng ph\u1ea3i l\u00e0 ph\u01b0\u01a1ng ph\u00e1p ch\u1ee9ng minh nh\u1ea5t \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb c\u1ee7a c\u00e1c m\u1ed1i quan t\u00e2m kinh doanh. Trong nh\u1eefng tr\u01b0\u1eddng h\u1ee3p n\u00e0y, c\u00e1ch ti\u1ebfp c\u1eadn d\u1ef1a tr\u00ean t\u00e0i s\u1ea3n mang l\u1ea1i k\u1ebft qu\u1ea3 c\u00f3 th\u1ec3 th\u1ea5p h\u01a1n gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng h\u1ee3p l\u00fd c\u1ee7a doanh nghi\u1ec7p. C\u00e1ch ti\u1ebfp c\u1eadn d\u1ef1a tr\u00ean t\u00e0i s\u1ea3n l\u00e0 gi\u00e1 tr\u1ecb r\u00e0o c\u1ea3n gia nh\u1eadp v\u00e0 t\u1ed1t nh\u1ea5t n\u00ean \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng trong c\u00e1c doanh nghi\u1ec7p c\u00f3 chu k\u1ef3 t\u0103ng tr\u01b0\u1edfng tr\u01b0\u1edfng th\u00e0nh ho\u1eb7c suy gi\u1ea3m, v\u00e0 ph\u00f9 h\u1ee3p h\u01a1n v\u1edbi ng\u00e0nh th\u00e2m d\u1ee5ng v\u1ed1n.<\/p>\n\n\n\n Khi xem x\u00e9t c\u00e1ch ti\u1ebfp c\u1eadn d\u1ef1a tr\u00ean t\u00e0i s\u1ea3n, chuy\u00ean gia \u0111\u1ecbnh gi\u00e1 ph\u1ea3i xem x\u00e9t li\u1ec7u c\u1ed5 \u0111\u00f4ng c\u00f3 l\u1ee3i \u00edch \u0111ang \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 c\u00f3 b\u1ea5t k\u1ef3 th\u1ea9m quy\u1ec1n n\u00e0o \u0111\u1ec3 ti\u1ebfp c\u1eadn tr\u1ef1c ti\u1ebfp gi\u00e1 tr\u1ecb c\u1ee7a t\u00e0i s\u1ea3n hay kh\u00f4ng. C\u1ed5 \u0111\u00f4ng s\u1edf h\u1eefu c\u1ed5 ph\u1ea7n trong m\u1ed9t c\u00f4ng ty, nh\u01b0ng kh\u00f4ng ph\u1ea3i t\u00e0i s\u1ea3n c\u1ee7a n\u00f3, thu\u1ed9c s\u1edf h\u1eefu c\u1ee7a c\u00f4ng ty. C\u1ed5 \u0111\u00f4ng ki\u1ec3m so\u00e1t c\u00f3 th\u1ec3 c\u00f3 th\u1ea9m quy\u1ec1n ch\u1ec9 \u0111\u1ea1o c\u00f4ng ty b\u00e1n to\u00e0n b\u1ed9 ho\u1eb7c m\u1ed9t ph\u1ea7n t\u00e0i s\u1ea3n m\u00e0 m\u00ecnh s\u1edf h\u1eefu v\u00e0 ph\u00e2n ph\u1ed1i s\u1ed1 ti\u1ec1n thu \u0111\u01b0\u1ee3c cho c\u00e1c c\u1ed5 \u0111\u00f4ng. Tuy nhi\u00ean, c\u1ed5 \u0111\u00f4ng kh\u00f4ng ki\u1ec3m so\u00e1t thi\u1ebfu th\u1ea9m quy\u1ec1n n\u00e0y v\u00e0 kh\u00f4ng th\u1ec3 ti\u1ebfp c\u1eadn gi\u00e1 tr\u1ecb c\u1ee7a t\u00e0i s\u1ea3n. Do \u0111\u00f3, gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n c\u1ee7a m\u1ed9t c\u00f4ng ty kh\u00f4ng ph\u1ea3i l\u00e0 ch\u1ec9 s\u1ed1 gi\u00e1 tr\u1ecb th\u1ef1c s\u1ef1 \u0111\u1ed1i v\u1edbi m\u1ed9t c\u1ed5 \u0111\u00f4ng kh\u00f4ng th\u1ec3 t\u1eadn d\u1ee5ng gi\u00e1 tr\u1ecb \u0111\u00f3.<\/p>\n\n\n\n Gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch r\u00f2ng \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh c\u00f3 th\u1ec3 l\u00e0 ti\u00eau chu\u1ea9n gi\u00e1 tr\u1ecb ph\u00f9 h\u1ee3p nh\u1ea5t khi vi\u1ec7c thanh l\u00fd s\u1eafp x\u1ea3y ra ho\u1eb7c \u0111ang di\u1ec5n ra; trong tr\u01b0\u1eddng h\u1ee3p thu nh\u1eadp ho\u1eb7c d\u00f2ng ti\u1ec1n c\u1ee7a c\u00f4ng ty l\u00e0 danh ngh\u0129a, \u00e2m ho\u1eb7c c\u00f3 gi\u00e1 tr\u1ecb th\u1ea5p h\u01a1n t\u00e0i s\u1ea3n c\u1ee7a c\u00f4ng ty; ho\u1eb7c n\u01a1i gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch r\u00f2ng l\u00e0 ti\u00eau chu\u1ea9n trong ng\u00e0nh m\u00e0 c\u00f4ng ty ho\u1ea1t \u0111\u1ed9ng. Gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch r\u00f2ng \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh c\u0169ng c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng nh\u01b0 m\u1ed9t “ki\u1ec3m tra s\u1ef1 t\u1ec9nh t\u00e1o” khi so s\u00e1nh v\u1edbi c\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 kh\u00e1c, ch\u1eb3ng h\u1ea1n nh\u01b0 thu nh\u1eadp v\u00e0 ph\u01b0\u01a1ng ph\u00e1p ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng.<\/p>\n\n\n\n Ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 v\u0103n h\u00f3a<\/strong><\/p>\n\n\n\n B\u00ean c\u1ea1nh c\u00e1c ph\u01b0\u01a1ng ph\u00e1p to\u00e1n h\u1ecdc \u0111\u1ec3 \u0111\u1ecbnh gi\u00e1 c\u00e1c c\u00f4ng ty, m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p kh\u00e1 ch\u01b0a \u0111\u01b0\u1ee3c bi\u1ebft \u0111\u1ebfn c\u0169ng bao g\u1ed3m kh\u00eda c\u1ea1nh v\u0103n h\u00f3a. C\u00e1i g\u1ecdi l\u00e0 “ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 v\u0103n h\u00f3a” (th\u1ea9m \u0111\u1ecbnh v\u0103n h\u00f3a) t\u00ecm c\u00e1ch k\u1ebft h\u1ee3p ki\u1ebfn th\u1ee9c, \u0111\u1ed9ng l\u1ef1c v\u00e0 v\u0103n h\u00f3a n\u1ed9i b\u1ed9 hi\u1ec7n c\u00f3 v\u1edbi k\u1ebft qu\u1ea3 c\u1ee7a ph\u01b0\u01a1ng ph\u00e1p gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n r\u00f2ng. \u0110\u1eb7c bi\u1ec7t l\u00e0 trong qu\u00e1 tr\u00ecnh ti\u1ebfp qu\u1ea3n c\u00f4ng ty, vi\u1ec7c ph\u00e1t hi\u1ec7n ra c\u00e1c v\u1ea5n \u0111\u1ec1 ti\u1ec1m \u1ea9n c\u00f3 t\u1ea7m quan tr\u1ecdng cao \u0111\u1ed1i v\u1edbi s\u1ef1 th\u00e0nh c\u00f4ng sau n\u00e0y c\u1ee7a li\u00ean doanh kinh doanh.<\/p>\n\n\n\n Ph\u01b0\u01a1ng ph\u00e1p ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng<\/strong><\/p>\n\n\n\n C\u00e1ch ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng \u0111\u1ec3 \u0111\u1ecbnh gi\u00e1 doanh nghi\u1ec7p b\u1eaft ngu\u1ed3n t\u1eeb nguy\u00ean t\u1eafc c\u1ea1nh tranh kinh t\u1ebf: r\u1eb1ng trong m\u1ed9t th\u1ecb tr\u01b0\u1eddng t\u1ef1 do, l\u1ef1c l\u01b0\u1ee3ng cung v\u00e0 c\u1ea7u s\u1ebd \u0111\u1ea9y gi\u00e1 t\u00e0i s\u1ea3n kinh doanh \u0111\u1ebfn m\u1ed9t tr\u1ea1ng th\u00e1i c\u00e2n b\u1eb1ng nh\u1ea5t \u0111\u1ecbnh. Ng\u01b0\u1eddi mua s\u1ebd kh\u00f4ng tr\u1ea3 nhi\u1ec1u ti\u1ec1n h\u01a1n cho doanh nghi\u1ec7p v\u00e0 ng\u01b0\u1eddi b\u00e1n s\u1ebd kh\u00f4ng ch\u1ea5p nh\u1eadn \u00edt h\u01a1n gi\u00e1 c\u1ee7a m\u1ed9t doanh nghi\u1ec7p kinh doanh t\u01b0\u01a1ng \u0111\u01b0\u01a1ng. Ng\u01b0\u1eddi mua v\u00e0 ng\u01b0\u1eddi b\u00e1n \u0111\u01b0\u1ee3c cho l\u00e0 \u0111\u01b0\u1ee3c th\u00f4ng tin \u0111\u1ea7y \u0111\u1ee7 nh\u01b0 nhau v\u00e0 h\u00e0nh \u0111\u1ed9ng v\u00ec l\u1ee3i \u00edch ri\u00eang c\u1ee7a h\u1ecd \u0111\u1ec3 k\u1ebft th\u00fac giao d\u1ecbch. N\u00f3 t\u01b0\u01a1ng t\u1ef1 \u1edf nhi\u1ec1u kh\u00eda c\u1ea1nh v\u1edbi ph\u01b0\u01a1ng th\u1ee9c b\u00e1n h\u00e0ng t\u01b0\u01a1ng \u0111\u01b0\u01a1ng th\u01b0\u1eddng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng trong th\u1ea9m \u0111\u1ecbnh gi\u00e1 b\u1ea5t \u0111\u1ed9ng s\u1ea3n. Gi\u00e1 th\u1ecb tr\u01b0\u1eddng c\u1ee7a c\u1ed5 phi\u1ebfu c\u1ee7a c\u00e1c c\u00f4ng ty giao d\u1ecbch c\u00f4ng khai tham gia v\u00e0o c\u00f9ng m\u1ed9t ng\u00e0nh ngh\u1ec1 kinh doanh ho\u1eb7c t\u01b0\u01a1ng t\u1ef1, c\u00f3 c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c giao d\u1ecbch t\u00edch c\u1ef1c trong th\u1ecb tr\u01b0\u1eddng t\u1ef1 do v\u00e0 m\u1edf, c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t ch\u1ec9 s\u1ed1 gi\u00e1 tr\u1ecb h\u1ee3p l\u1ec7 khi c\u00e1c giao d\u1ecbch trong \u0111\u00f3 c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c giao d\u1ecbch \u0111\u1ee7 gi\u1ed1ng nhau \u0111\u1ec3 cho ph\u00e9p so s\u00e1nh c\u00f3 \u00fd ngh\u0129a.<\/p>\n\n\n\n Kh\u00f3 kh\u0103n n\u1eb1m \u1edf vi\u1ec7c x\u00e1c \u0111\u1ecbnh c\u00e1c c\u00f4ng ty \u0111\u1ea1i ch\u00fang \u0111\u1ee7 kh\u1ea3 n\u0103ng so s\u00e1nh v\u1edbi c\u00f4ng ty ch\u1ee7 th\u1ec3 cho m\u1ee5c \u0111\u00edch n\u00e0y. Ngo\u00e0i ra, \u0111\u1ed1i v\u1edbi m\u1ed9t c\u00f4ng ty t\u01b0 nh\u00e2n, v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu \u00edt thanh kho\u1ea3n h\u01a1n (n\u00f3i c\u00e1ch kh\u00e1c l\u00e0 c\u1ed5 phi\u1ebfu c\u1ee7a n\u00f3 \u00edt d\u1ec5 mua ho\u1eb7c b\u00e1n h\u01a1n) so v\u1edbi m\u1ed9t c\u00f4ng ty \u0111\u1ea1i ch\u00fang, gi\u00e1 tr\u1ecb c\u1ee7a n\u00f3 \u0111\u01b0\u1ee3c coi l\u00e0 th\u1ea5p h\u01a1n m\u1ed9t ch\u00fat so v\u1edbi \u0111\u1ecbnh gi\u00e1 d\u1ef1a tr\u00ean th\u1ecb tr\u01b0\u1eddng nh\u01b0 v\u1eady.<\/p>\n\n\n\n Khi thi\u1ebfu s\u1ef1 so s\u00e1nh v\u1edbi c\u1ea1nh tranh tr\u1ef1c ti\u1ebfp, m\u1ed9t gi\u1ea3i ph\u00e1p thay th\u1ebf c\u00f3 \u00fd ngh\u0129a c\u00f3 th\u1ec3 l\u00e0 c\u00e1ch ti\u1ebfp c\u1eadn chu\u1ed7i gi\u00e1 tr\u1ecb theo chi\u1ec1u d\u1ecdc, v\u00ed d\u1ee5, c\u00f4ng ty ch\u1ee7 \u0111\u1ec1 \u0111\u01b0\u1ee3c so s\u00e1nh v\u1edbi, v\u00ed d\u1ee5, m\u1ed9t ng\u00e0nh c\u00f4ng nghi\u1ec7p h\u1ea1 ngu\u1ed3n \u0111\u00e3 bi\u1ebft \u0111\u1ec3 c\u00f3 c\u1ea3m gi\u00e1c t\u1ed1t v\u1ec1 gi\u00e1 tr\u1ecb c\u1ee7a n\u00f3 b\u1eb1ng c\u00e1ch x\u00e2y d\u1ef1ng m\u1ed1i t\u01b0\u01a1ng quan h\u1eefu \u00edch v\u1edbi c\u00e1c c\u00f4ng ty h\u1ea1 ngu\u1ed3n. So s\u00e1nh nh\u01b0 v\u1eady th\u01b0\u1eddng ti\u1ebft l\u1ed9 nh\u1eefng hi\u1ec3u bi\u1ebft h\u1eefu \u00edch gi\u00fap c\u00e1c nh\u00e0 ph\u00e2n t\u00edch kinh doanh hi\u1ec3u r\u00f5 h\u01a1n v\u1ec1 m\u1ed1i quan h\u1ec7 hi\u1ec7u su\u1ea5t gi\u1eefa c\u00f4ng ty ch\u1ee7 \u0111\u1ec1 v\u00e0 ng\u00e0nh c\u00f4ng nghi\u1ec7p h\u1ea1 ngu\u1ed3n c\u1ee7a n\u00f3. V\u00ed d\u1ee5: n\u1ebfu m\u1ed9t c\u00f4ng ty ch\u1ee7 \u0111\u1ec1 \u0111ang ph\u00e1t tri\u1ec3n n\u1eb1m trong m\u1ed9t ng\u00e0nh t\u1eadp trung h\u01a1n ng\u00e0nh h\u1ea1 ngu\u1ed3n v\u1edbi m\u1ee9c \u0111\u1ed9 ph\u1ee5 thu\u1ed9c l\u1eabn nhau cao, ng\u01b0\u1eddi ta n\u00ean mong \u0111\u1ee3i m\u1ed9t c\u00e1ch h\u1ee3p l\u00fd r\u1eb1ng c\u00f4ng ty ch\u1ee7 \u0111\u1ec1 ho\u1ea1t \u0111\u1ed9ng t\u1ed1t h\u01a1n ng\u00e0nh h\u1ea1 ngu\u1ed3n v\u1ec1 t\u0103ng tr\u01b0\u1edfng, l\u1ee3i nhu\u1eadn v\u00e0 r\u1ee7i ro.<\/p>\n\n\n\n H\u01b0\u1edbng d\u1eabn ph\u01b0\u01a1ng ph\u00e1p c\u00f4ng ty \u0111\u1ea1i ch\u00fang<\/p>\n\n\n\n Ph\u01b0\u01a1ng ph\u00e1p c\u00f4ng ty \u0111\u1ea1i ch\u00fang h\u01b0\u1edbng d\u1eabn \u0111\u00f2i h\u1ecfi ph\u1ea3i so s\u00e1nh c\u00f4ng ty ch\u1ee7 th\u1ec3 v\u1edbi c\u00e1c c\u00f4ng ty giao d\u1ecbch c\u00f4ng khai. Vi\u1ec7c so s\u00e1nh th\u01b0\u1eddng d\u1ef1a tr\u00ean d\u1eef li\u1ec7u \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 li\u00ean quan \u0111\u1ebfn gi\u00e1 c\u1ed5 phi\u1ebfu v\u00e0 thu nh\u1eadp, doanh s\u1ed1 ho\u1eb7c doanh thu c\u1ee7a c\u00e1c c\u00f4ng ty \u0111\u1ea1i ch\u00fang, \u0111\u01b0\u1ee3c bi\u1ec3u th\u1ecb d\u01b0\u1edbi d\u1ea1ng m\u1ed9t ph\u1ea7n \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 b\u1ed9i s\u1ed1. N\u1ebfu h\u01b0\u1edbng d\u1eabn c\u00e1c c\u00f4ng ty \u0111\u1ea1i ch\u00fang \u0111\u1ee7 gi\u1ed1ng nhau v\u00e0 c\u00f4ng ty ch\u1ee7 th\u1ec3 cho ph\u00e9p so s\u00e1nh c\u00f3 \u00fd ngh\u0129a, th\u00ec b\u1ed9i s\u1ed1 c\u1ee7a ch\u00fang ph\u1ea3i t\u01b0\u01a1ng t\u1ef1 nhau. C\u00e1c c\u00f4ng ty \u0111\u1ea1i ch\u00fang \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh cho m\u1ee5c \u0111\u00edch so s\u00e1nh ph\u1ea3i t\u01b0\u01a1ng t\u1ef1 nh\u01b0 c\u00f4ng ty ch\u1ee7 th\u1ec3 v\u1ec1 ng\u00e0nh, d\u00f2ng s\u1ea3n ph\u1ea9m, th\u1ecb tr\u01b0\u1eddng, t\u0103ng tr\u01b0\u1edfng, l\u1ee3i nhu\u1eadn v\u00e0 r\u1ee7i ro.<\/p>\n\n\n\n Tuy nhi\u00ean, n\u1ebfu c\u00f4ng ty ch\u1ee7 th\u1ec3 thu\u1ed9c s\u1edf h\u1eefu t\u01b0 nh\u00e2n, gi\u00e1 tr\u1ecb c\u1ee7a n\u00f3 ph\u1ea3i \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh v\u00ec thi\u1ebfu t\u00ednh th\u1ecb tr\u01b0\u1eddng. \u0110i\u1ec1u n\u00e0y th\u01b0\u1eddng \u0111\u01b0\u1ee3c th\u1ec3 hi\u1ec7n b\u1eb1ng chi\u1ebft kh\u1ea5u ho\u1eb7c gi\u1ea3m t\u1ef7 l\u1ec7 ph\u1ea7n tr\u0103m gi\u00e1 tr\u1ecb c\u1ee7a c\u00f4ng ty khi so s\u00e1nh v\u1edbi c\u00e1c \u0111\u1ed1i t\u00e1c giao d\u1ecbch c\u00f4ng khai. \u0110i\u1ec1u n\u00e0y ph\u1ea3n \u00e1nh r\u1ee7i ro cao h\u01a1n li\u00ean quan \u0111\u1ebfn vi\u1ec7c n\u1eafm gi\u1eef c\u1ed5 phi\u1ebfu trong m\u1ed9t c\u00f4ng ty t\u01b0 nh\u00e2n. S\u1ef1 kh\u00e1c bi\u1ec7t v\u1ec1 gi\u00e1 tr\u1ecb c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u0111\u1ecbnh l\u01b0\u1ee3ng b\u1eb1ng c\u00e1ch \u00e1p d\u1ee5ng chi\u1ebft kh\u1ea5u cho vi\u1ec7c thi\u1ebfu t\u00ednh th\u1ecb tr\u01b0\u1eddng. M\u1ee9c chi\u1ebft kh\u1ea5u n\u00e0y \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh b\u1eb1ng c\u00e1ch nghi\u00ean c\u1ee9u gi\u00e1 tr\u1ea3 cho c\u1ed5 phi\u1ebfu s\u1edf h\u1eefu trong c\u00e1c c\u00f4ng ty t\u01b0 nh\u00e2n cu\u1ed1i c\u00f9ng cung c\u1ea5p c\u1ed5 phi\u1ebfu c\u1ee7a h\u1ecd trong m\u1ed9t \u0111\u1ee3t ch\u00e0o b\u00e1n c\u00f4ng khai. Ngo\u00e0i ra, s\u1ef1 thi\u1ebfu t\u00ednh th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 b\u1eb1ng c\u00e1ch so s\u00e1nh gi\u00e1 tr\u1ea3 cho c\u1ed5 phi\u1ebfu b\u1ecb h\u1ea1n ch\u1ebf v\u1edbi c\u1ed5 phi\u1ebfu c\u00f3 th\u1ec3 b\u00e1n \u0111\u01b0\u1ee3c \u0111\u1ea7y \u0111\u1ee7 c\u1ee7a c\u00e1c c\u00f4ng ty \u0111\u1ea1i ch\u00fang.<\/p>\n\n\n\n Ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn<\/strong><\/p>\n\n\n\n Nh\u01b0 tr\u00ean, trong m\u1ed9t s\u1ed1 tr\u01b0\u1eddng h\u1ee3p nh\u1ea5t \u0111\u1ecbnh, v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 b\u1eb1ng c\u00e1ch \u00e1p d\u1ee5ng c\u00e1c k\u1ef9 thu\u1eadt v\u00e0 khu\u00f4n kh\u1ed5 \u0111\u01b0\u1ee3c ph\u00e1t tri\u1ec3n cho c\u00e1c l\u1ef1a ch\u1ecdn t\u00e0i ch\u00ednh, th\u00f4ng qua khung quy\u1ec1n ch\u1ecdn th\u1ef1c.<\/p>\n\n\n\n N\u00f3i chung, v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c xem nh\u01b0 m\u1ed9t quy\u1ec1n ch\u1ecdn mua \u0111\u1ed1i v\u1edbi c\u00f4ng ty,v\u00e0 \u0111i\u1ec1u n\u00e0y cho ph\u00e9p \u0111\u1ecbnh gi\u00e1 c\u00e1c c\u00f4ng ty g\u1eb7p kh\u00f3 kh\u0103n m\u00e0 n\u1ebfu kh\u00f4ng c\u00f3 th\u1ec3 kh\u00f3 ph\u00e2n t\u00edch. \u1ee8ng d\u1ee5ng c\u1ed5 \u0111i\u1ec3n c\u1ee7a ph\u01b0\u01a1ng ph\u00e1p n\u00e0y l\u00e0 \u0111\u1ecbnh gi\u00e1 ch\u1ee9ng kho\u00e1n \u0111au kh\u1ed5, \u0111\u00e3 \u0111\u01b0\u1ee3c th\u1ea3o lu\u1eadn trong b\u00e0i b\u00e1o g\u1ed1c c\u1ee7a Black-Scholes. \u1ede \u0111\u00e2y, v\u00ec nguy\u00ean t\u1eafc tr\u00e1ch nhi\u1ec7m h\u1eefu h\u1ea1n b\u1ea3o v\u1ec7 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu, c\u00e1c c\u1ed5 \u0111\u00f4ng s\u1ebd ch\u1ecdn kh\u00f4ng tr\u1ea3 n\u1ee3 c\u1ee7a c\u00f4ng ty khi gi\u00e1 tr\u1ecb c\u1ee7a c\u00f4ng ty \u0111\u01b0\u1ee3c nh\u1eadn th\u1ee9c nh\u1ecf h\u01a1n gi\u00e1 tr\u1ecb c\u1ee7a kho\u1ea3n n\u1ee3 ch\u01b0a thanh to\u00e1n; Xem \u0110\u1ecbnh gi\u00e1 tr\u00e1i phi\u1ebfu. Khi gi\u00e1 tr\u1ecb c\u00f4ng ty l\u1edbn h\u01a1n gi\u00e1 tr\u1ecb n\u1ee3, c\u00e1c c\u1ed5 \u0111\u00f4ng s\u1ebd ch\u1ecdn tr\u1ea3 n\u1ee3 (t\u1ee9c l\u00e0 th\u1ef1c hi\u1ec7n quy\u1ec1n ch\u1ecdn c\u1ee7a h\u1ecd) v\u00e0 kh\u00f4ng thanh l\u00fd. Do \u0111\u00f3, t\u01b0\u01a1ng t\u1ef1 nh\u01b0 c\u00e1c l\u1ef1a ch\u1ecdn ti\u1ec1n tuy nhi\u00ean c\u00f3 gi\u00e1 tr\u1ecb, v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu c\u00f3 th\u1ec3 c\u00f3 gi\u00e1 tr\u1ecb ngay c\u1ea3 khi gi\u00e1 tr\u1ecb c\u1ee7a c\u00f4ng ty gi\u1ea3m xu\u1ed1ng d\u01b0\u1edbi m\u1ec7nh gi\u00e1 c\u1ee7a kho\u1ea3n n\u1ee3 ch\u01b0a thanh to\u00e1n v\u00e0 gi\u00e1 tr\u1ecb n\u00e0y c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh b\u1eb1ng k\u1ef9 thu\u1eadt \u0111\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn th\u00edch h\u1ee3p.<\/p>\n\n\n\n M\u1ed9t s\u1ed1 t\u00ecnh hu\u1ed1ng kinh doanh nh\u1ea5t \u0111\u1ecbnh, v\u00e0 c\u00e1c c\u00f4ng ty m\u1eb9 trong nh\u1eefng tr\u01b0\u1eddng h\u1ee3p \u0111\u00f3, c\u0169ng \u0111\u01b0\u1ee3c ph\u00e2n t\u00edch m\u1ed9t c\u00e1ch h\u1ee3p l\u00fd theo khu\u00f4n kh\u1ed5 quy\u1ec1n ch\u1ecdn. Gi\u1ed1ng nh\u01b0 m\u1ed9t l\u1ef1a ch\u1ecdn t\u00e0i ch\u00ednh mang l\u1ea1i cho ch\u1ee7 s\u1edf h\u1eefu c\u1ee7a n\u00f3 quy\u1ec1n, nh\u01b0ng kh\u00f4ng ph\u1ea3i l\u00e0 ngh\u0129a v\u1ee5, \u0111\u1ec3 mua ho\u1eb7c b\u00e1n ch\u1ee9ng kho\u00e1n \u1edf m\u1ed9t m\u1ee9c gi\u00e1 nh\u1ea5t \u0111\u1ecbnh, c\u00e1c c\u00f4ng ty th\u1ef1c hi\u1ec7n \u0111\u1ea7u t\u01b0 chi\u1ebfn l\u01b0\u1ee3c c\u00f3 quy\u1ec1n, nh\u01b0ng kh\u00f4ng c\u00f3 ngh\u0129a v\u1ee5, khai th\u00e1c c\u00e1c c\u01a1 h\u1ed9i trong t\u01b0\u01a1ng lai; Qu\u1ea3n l\u00fd t\u1ea5t nhi\u00ean s\u1ebd ch\u1ec9 th\u1ef1c hi\u1ec7n khi \u0111i\u1ec1u n\u00e0y c\u00f3 \u00fd ngh\u0129a kinh t\u1ebf. Do \u0111\u00f3, \u0111\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn c\u1ee7a lo\u1ea1i h\u00ecnh n\u00e0y, gi\u00e1 c\u1ed5 phi\u1ebfu c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c coi l\u00e0 t\u1ed5ng gi\u00e1 tr\u1ecb c\u1ee7a c\u00e1c doanh nghi\u1ec7p hi\u1ec7n t\u1ea1i (t\u1ee9c l\u00e0 gi\u00e1 tr\u1ecb d\u00f2ng ti\u1ec1n chi\u1ebft kh\u1ea5u) c\u1ed9ng v\u1edbi b\u1ea5t k\u1ef3 gi\u00e1 tr\u1ecb quy\u1ec1n ch\u1ecdn th\u1ef1c n\u00e0o. \u0110\u1ecbnh gi\u00e1 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu \u1edf \u0111\u00e2y, do \u0111\u00f3, c\u00f3 th\u1ec3 ti\u1ebfn h\u00e0nh t\u01b0\u01a1ng t\u1ef1.<\/p>\n\n\n\n M\u1ed9t \u1ee9ng d\u1ee5ng ph\u1ed5 bi\u1ebfn l\u00e0 \u0111\u1ea7u t\u01b0 t\u00e0i nguy\u00ean thi\u00ean nhi\u00ean. \u1ede \u0111\u00e2y, t\u00e0i s\u1ea3n c\u01a1 b\u1ea3n l\u00e0 ch\u00ednh t\u00e0i nguy\u00ean; Gi\u00e1 tr\u1ecb c\u1ee7a t\u00e0i s\u1ea3n l\u00e0 m\u1ed9t h\u00e0m c\u1ee7a c\u1ea3 s\u1ed1 l\u01b0\u1ee3ng t\u00e0i nguy\u00ean c\u00f3 s\u1eb5n v\u00e0 gi\u00e1 c\u1ee7a t\u00e0i nguy\u00ean \u0111\u01b0\u1ee3c \u0111\u1ec1 c\u1eadp. Gi\u00e1 tr\u1ecb c\u1ee7a t\u00e0i nguy\u00ean sau \u0111\u00f3 l\u00e0 ch\u00eanh l\u1ec7ch gi\u1eefa gi\u00e1 tr\u1ecb c\u1ee7a t\u00e0i s\u1ea3n v\u00e0 chi ph\u00ed li\u00ean quan \u0111\u1ebfn vi\u1ec7c ph\u00e1t tri\u1ec3n t\u00e0i nguy\u00ean. Khi t\u00edch c\u1ef1c, “b\u1eb1ng ti\u1ec1n”, ban qu\u1ea3n l\u00fd s\u1ebd \u0111\u1ea3m nh\u1eadn vi\u1ec7c ph\u00e1t tri\u1ec3n v\u00e0 s\u1ebd kh\u00f4ng l\u00e0m nh\u01b0 v\u1eady n\u1ebfu kh\u00f4ng, v\u00e0 m\u1ed9t d\u1ef1 \u00e1n t\u00e0i nguy\u00ean do \u0111\u00f3 c\u00f3 hi\u1ec7u qu\u1ea3 l\u00e0 m\u1ed9t l\u1ef1a ch\u1ecdn cu\u1ed9c g\u1ecdi. Do \u0111\u00f3, m\u1ed9t c\u00f4ng ty t\u00e0i nguy\u00ean c\u0169ng c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c ph\u00e2n t\u00edch b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p t\u00f9y ch\u1ecdn. C\u1ee5 th\u1ec3, gi\u00e1 tr\u1ecb c\u1ee7a c\u00f4ng ty bao g\u1ed3m gi\u00e1 tr\u1ecb c\u1ee7a c\u00e1c d\u1ef1 \u00e1n \u0111\u00e3 ho\u1ea1t \u0111\u1ed9ng \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh th\u00f4ng qua \u0111\u1ecbnh gi\u00e1 DCF (ho\u1eb7c c\u00e1c k\u1ef9 thu\u1eadt ti\u00eau chu\u1ea9n kh\u00e1c) v\u00e0 d\u1ef1 tr\u1eef ch\u01b0a ph\u00e1t tri\u1ec3n nh\u01b0 \u0111\u01b0\u1ee3c ph\u00e2n t\u00edch b\u1eb1ng khung quy\u1ec1n ch\u1ecdn th\u1ef1c.<\/p>\n\n\n\n B\u1eb1ng s\u00e1ng ch\u1ebf s\u1ea3n ph\u1ea9m c\u0169ng c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c coi l\u00e0 quy\u1ec1n ch\u1ecdn v\u00e0 gi\u00e1 tr\u1ecb c\u1ee7a c\u00e1c c\u00f4ng ty n\u1eafm gi\u1eef c\u00e1c b\u1eb1ng s\u00e1ng ch\u1ebf n\u00e0y – \u0111i\u1ec3n h\u00ecnh l\u00e0 c\u00e1c c\u00f4ng ty trong l\u0129nh v\u1ef1c khoa h\u1ecdc sinh h\u1ecdc, c\u00f4ng ngh\u1ec7 v\u00e0 d\u01b0\u1ee3c ph\u1ea9m – c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c xem t\u01b0\u01a1ng t\u1ef1 nh\u01b0 t\u1ed5ng gi\u00e1 tr\u1ecb c\u1ee7a s\u1ea3n ph\u1ea9m t\u1ea1i ch\u1ed7 v\u00e0 danh m\u1ee5c b\u1eb1ng s\u00e1ng ch\u1ebf ch\u01b0a \u0111\u01b0\u1ee3c tri\u1ec3n khai. Li\u00ean quan \u0111\u1ebfn ph\u00e2n t\u00edch quy\u1ec1n ch\u1ecdn, v\u00ec b\u1eb1ng s\u00e1ng ch\u1ebf cung c\u1ea5p cho c\u00f4ng ty quy\u1ec1n ph\u00e1t tri\u1ec3n s\u1ea3n ph\u1ea9m, n\u00f3 s\u1ebd ch\u1ec9 l\u00e0m nh\u01b0 v\u1eady n\u1ebfu gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a d\u00f2ng ti\u1ec1n d\u1ef1 ki\u1ebfn t\u1eeb s\u1ea3n ph\u1ea9m v\u01b0\u1ee3t qu\u00e1 chi ph\u00ed ph\u00e1t tri\u1ec3n v\u00e0 quy\u1ec1n b\u1eb1ng s\u00e1ng ch\u1ebf do \u0111\u00f3 t\u01b0\u01a1ng \u1ee9ng v\u1edbi quy\u1ec1n ch\u1ecdn mua. Ph\u00e2n t\u00edch t\u01b0\u01a1ng t\u1ef1 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng cho c\u00e1c l\u1ef1a ch\u1ecdn v\u1ec1 phim (ho\u1eb7c c\u00e1c t\u00e1c ph\u1ea9m s\u1edf h\u1eefu tr\u00ed tu\u1ec7 kh\u00e1c) v\u00e0 \u0111\u1ecbnh gi\u00e1 c\u1ee7a c\u00e1c h\u00e3ng phim.<\/p>\n\n\n\n 5. Gi\u1ea3m gi\u00e1 v\u00e0 ph\u00ed b\u1ea3o hi\u1ec3m<\/strong><\/p>\n\n\n\n C\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 mang l\u1ea1i gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng h\u1ee3p l\u00fd c\u1ee7a to\u00e0n b\u1ed9 c\u00f4ng ty. Tuy nhi\u00ean, khi \u0111\u1ecbnh gi\u00e1 thi\u1ec3u s\u1ed1, l\u1ee3i \u00edch kh\u00f4ng ki\u1ec3m so\u00e1t trong m\u1ed9t doanh nghi\u1ec7p, chuy\u00ean gia th\u1ea9m \u0111\u1ecbnh gi\u00e1 ph\u1ea3i xem x\u00e9t kh\u1ea3 n\u0103ng \u00e1p d\u1ee5ng chi\u1ebft kh\u1ea5u \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn l\u1ee3i \u00edch \u0111\u00f3.<\/p>\n\n\n\n C\u00e1c cu\u1ed9c th\u1ea3o lu\u1eadn v\u1ec1 gi\u1ea3m gi\u00e1 v\u00e0 ph\u00ed b\u1ea3o hi\u1ec3m th\u01b0\u1eddng b\u1eaft \u0111\u1ea7u b\u1eb1ng vi\u1ec7c xem x\u00e9t c\u00e1c m\u1ee9c gi\u00e1 tr\u1ecb. C\u00f3 ba m\u1ee9c gi\u00e1 tr\u1ecb chung: ki\u1ec3m so\u00e1t l\u1ee3i \u00edch, thi\u1ec3u s\u1ed1 th\u1ecb tr\u01b0\u1eddng v\u00e0 thi\u1ec3u s\u1ed1 kh\u00f4ng th\u1ec3 b\u00e1n \u0111\u01b0\u1ee3c.<\/p>\n\n\n\n M\u1ee9c trung gian, l\u1ee3i \u00edch thi\u1ec3u s\u1ed1 c\u00f3 th\u1ec3 b\u00e1n \u0111\u01b0\u1ee3c, th\u1ea5p h\u01a1n m\u1ee9c l\u00e3i su\u1ea5t ki\u1ec3m so\u00e1t v\u00e0 cao h\u01a1n m\u1ee9c l\u1ee3i \u00edch thi\u1ec3u s\u1ed1 kh\u00f4ng th\u1ec3 b\u00e1n \u0111\u01b0\u1ee3c. M\u1ee9c l\u00e3i su\u1ea5t thi\u1ec3u s\u1ed1 c\u00f3 th\u1ec3 b\u00e1n \u0111\u01b0\u1ee3c \u0111\u1ea1i di\u1ec7n cho gi\u00e1 tr\u1ecb nh\u1eadn th\u1ee9c c\u1ee7a l\u1ee3i \u00edch v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu \u0111\u01b0\u1ee3c giao d\u1ecbch t\u1ef1 do m\u00e0 kh\u00f4ng c\u00f3 b\u1ea5t k\u1ef3 h\u1ea1n ch\u1ebf n\u00e0o. Nh\u1eefng l\u1ee3i \u00edch n\u00e0y th\u01b0\u1eddng \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean S\u1edf giao d\u1ecbch ch\u1ee9ng kho\u00e1n New York, AMEX, NASDAQ v\u00e0 c\u00e1c s\u00e0n giao d\u1ecbch kh\u00e1c, n\u01a1i c\u00f3 th\u1ecb tr\u01b0\u1eddng s\u1eb5n s\u00e0ng cho ch\u1ee9ng kho\u00e1n v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu. Nh\u1eefng gi\u00e1 tr\u1ecb n\u00e0y \u0111\u1ea1i di\u1ec7n cho l\u1ee3i \u00edch thi\u1ec3u s\u1ed1 trong c\u00e1c c\u00f4ng ty ch\u1ee7 th\u1ec3 \u2014 c\u00e1c kh\u1ed1i c\u1ed5 phi\u1ebfu nh\u1ecf chi\u1ebfm \u00edt h\u01a1n 50% v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu c\u1ee7a c\u00f4ng ty v\u00e0 th\u01b0\u1eddng \u00edt h\u01a1n 50%.<\/p>\n\n\n\n Ki\u1ec3m so\u00e1t m\u1ee9c l\u00e3i su\u1ea5t l\u00e0 gi\u00e1 tr\u1ecb m\u00e0 m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd s\u1eb5n s\u00e0ng tr\u1ea3 \u0111\u1ec3 c\u00f3 \u0111\u01b0\u1ee3c h\u01a1n 50% c\u1ed5 ph\u1ea7n c\u1ee7a c\u00f4ng ty, do \u0111\u00f3 c\u00f3 \u0111\u01b0\u1ee3c c\u00e1c \u0111\u1eb7c quy\u1ec1n ki\u1ec3m so\u00e1t k\u00e8m theo. M\u1ed9t s\u1ed1 \u0111\u1eb7c quy\u1ec1n ki\u1ec3m so\u00e1t bao g\u1ed3m: b\u1ea7u gi\u00e1m \u0111\u1ed1c, thu\u00ea v\u00e0 sa th\u1ea3i qu\u1ea3n l\u00fd c\u1ee7a c\u00f4ng ty v\u00e0 x\u00e1c \u0111\u1ecbnh m\u1ee9c l\u01b0\u01a1ng c\u1ee7a h\u1ecd; tuy\u00ean b\u1ed1 c\u1ed5 t\u1ee9c v\u00e0 ph\u00e2n ph\u1ed1i, x\u00e1c \u0111\u1ecbnh chi\u1ebfn l\u01b0\u1ee3c v\u00e0 ng\u00e0nh ngh\u1ec1 kinh doanh c\u1ee7a c\u00f4ng ty, v\u00e0 mua, b\u00e1n ho\u1eb7c thanh l\u00fd doanh nghi\u1ec7p. M\u1ee9c gi\u00e1 tr\u1ecb n\u00e0y th\u01b0\u1eddng ch\u1ee9a ph\u00ed b\u1ea3o hi\u1ec3m ki\u1ec3m so\u00e1t \u0111\u1ed1i v\u1edbi m\u1ee9c gi\u00e1 tr\u1ecb trung gian, th\u01b0\u1eddng dao \u0111\u1ed9ng t\u1eeb 25% \u0111\u1ebfn 50%. M\u1ed9t kho\u1ea3n ph\u00ed b\u1ea3o hi\u1ec3m b\u1ed5 sung c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c tr\u1ea3 b\u1edfi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 chi\u1ebfn l\u01b0\u1ee3c, nh\u1eefng ng\u01b0\u1eddi \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi \u0111\u1ed9ng c\u01a1 hi\u1ec7p \u0111\u1ed3ng.<\/p>\n\n\n\n Kh\u00f4ng th\u1ec3 b\u00e1n \u0111\u01b0\u1ee3c, m\u1ee9c thi\u1ec3u s\u1ed1 l\u00e0 m\u1ee9c th\u1ea5p nh\u1ea5t tr\u00ean bi\u1ec3u \u0111\u1ed3, \u0111\u1ea1i di\u1ec7n cho m\u1ee9c \u0111\u1ed9 m\u00e0 l\u1ee3i \u00edch v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu kh\u00f4ng ki\u1ec3m so\u00e1t trong c\u00e1c c\u00f4ng ty t\u01b0 nh\u00e2n th\u01b0\u1eddng \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 ho\u1eb7c giao d\u1ecbch. M\u1ee9c gi\u00e1 tr\u1ecb n\u00e0y \u0111\u01b0\u1ee3c chi\u1ebft kh\u1ea5u v\u00ec kh\u00f4ng c\u00f3 th\u1ecb tr\u01b0\u1eddng s\u1eb5n s\u00e0ng t\u1ed3n t\u1ea1i \u0111\u1ec3 mua ho\u1eb7c b\u00e1n l\u1ee3i \u00edch. C\u00e1c c\u00f4ng ty t\u01b0 nh\u00e2n \u00edt “thanh kho\u1ea3n” h\u01a1n c\u00e1c c\u00f4ng ty giao d\u1ecbch c\u00f4ng khai v\u00e0 c\u00e1c giao d\u1ecbch trong c\u00e1c c\u00f4ng ty t\u01b0 nh\u00e2n m\u1ea5t nhi\u1ec1u th\u1eddi gian h\u01a1n v\u00e0 kh\u00f4ng ch\u1eafc ch\u1eafn h\u01a1n. Gi\u1eefa m\u1ee9c trung b\u00ecnh v\u00e0 th\u1ea5p nh\u1ea5t c\u1ee7a bi\u1ec3u \u0111\u1ed3, c\u00f3 c\u1ed5 phi\u1ebfu h\u1ea1n ch\u1ebf c\u1ee7a c\u00e1c c\u00f4ng ty giao d\u1ecbch c\u00f4ng khai.<\/p>\n\n\n\n M\u1eb7c d\u00f9 IRS v\u00e0 t\u00f2a \u00e1n thu\u1ebf ng\u00e0y c\u00e0ng c\u00f3 xu h\u01b0\u1edbng th\u00e1ch th\u1ee9c chi\u1ebft kh\u1ea5u \u0111\u1ecbnh gi\u00e1, Shannon Pratt \u0111\u00e3 \u0111\u1ec1 xu\u1ea5t trong m\u1ed9t b\u00e0i thuy\u1ebft tr\u00ecnh h\u1ecdc thu\u1eadt g\u1ea7n \u0111\u00e2y r\u1eb1ng chi\u1ebft kh\u1ea5u \u0111\u1ecbnh gi\u00e1 th\u1ef1c s\u1ef1 \u0111ang t\u0103ng l\u00ean khi s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa c\u00e1c c\u00f4ng ty nh\u00e0 n\u01b0\u1edbc v\u00e0 t\u01b0 nh\u00e2n \u0111ang m\u1edf r\u1ed9ng. C\u00e1c c\u1ed5 phi\u1ebfu giao d\u1ecbch c\u00f4ng khai \u0111\u00e3 t\u0103ng t\u00ednh thanh kho\u1ea3n cao h\u01a1n trong th\u1eadp k\u1ef7 qua do giao d\u1ecbch \u0111i\u1ec7n t\u1eed nhanh ch\u00f3ng, hoa h\u1ed3ng gi\u1ea3m v\u00e0 b\u00e3i b\u1ecf quy \u0111\u1ecbnh c\u1ee7a ch\u00ednh ph\u1ee7. Tuy nhi\u00ean, nh\u1eefng ph\u00e1t tri\u1ec3n n\u00e0y \u0111\u00e3 kh\u00f4ng c\u1ea3i thi\u1ec7n t\u00ednh thanh kho\u1ea3n c\u1ee7a l\u1ee3i \u00edch trong c\u00e1c c\u00f4ng ty t\u01b0 nh\u00e2n. Chi\u1ebft kh\u1ea5u \u0111\u1ecbnh gi\u00e1 l\u00e0 nh\u00e2n l\u00ean, v\u00ec v\u1eady ch\u00fang ph\u1ea3i \u0111\u01b0\u1ee3c xem x\u00e9t theo th\u1ee9 t\u1ef1. Ph\u00ed b\u1ea3o hi\u1ec3m ki\u1ec3m so\u00e1t v\u00e0 chi\u1ebft kh\u1ea5u l\u00e3i su\u1ea5t thi\u1ec3u s\u1ed1, ngh\u1ecbch \u0111\u1ea3o c\u1ee7a ch\u00fang, \u0111\u01b0\u1ee3c xem x\u00e9t tr\u01b0\u1edbc khi \u00e1p d\u1ee5ng chi\u1ebft kh\u1ea5u th\u1ecb tr\u01b0\u1eddng.<\/p>\n\n\n\n Gi\u1ea3m gi\u00e1 cho s\u1ef1 thi\u1ebfu ki\u1ec3m so\u00e1t<\/strong><\/p>\n\n\n\n Kho\u1ea3n chi\u1ebft kh\u1ea5u \u0111\u1ea7u ti\u00ean ph\u1ea3i \u0111\u01b0\u1ee3c xem x\u00e9t l\u00e0 chi\u1ebft kh\u1ea5u v\u00ec thi\u1ebfu ki\u1ec3m so\u00e1t, trong tr\u01b0\u1eddng h\u1ee3p n\u00e0y c\u0169ng l\u00e0 chi\u1ebft kh\u1ea5u l\u00e3i su\u1ea5t thi\u1ec3u s\u1ed1. Gi\u1ea3m gi\u00e1 l\u00e3i su\u1ea5t thi\u1ec3u s\u1ed1 l\u00e0 ngh\u1ecbch \u0111\u1ea3o c\u1ee7a ph\u00ed b\u1ea3o hi\u1ec3m ki\u1ec3m so\u00e1t, trong \u0111\u00f3 t\u1ed3n t\u1ea1i m\u1ed1i quan h\u1ec7 to\u00e1n h\u1ecdc sau: MID = 1 – [1 \/ (1 + CP)] Ngu\u1ed3n d\u1eef li\u1ec7u ph\u1ed5 bi\u1ebfn nh\u1ea5t li\u00ean quan \u0111\u1ebfn ph\u00ed b\u1ea3o hi\u1ec3m ki\u1ec3m so\u00e1t l\u00e0 Nghi\u00ean c\u1ee9u ph\u00ed b\u1ea3o hi\u1ec3m ki\u1ec3m so\u00e1t, \u0111\u01b0\u1ee3c xu\u1ea5t b\u1ea3n h\u00e0ng n\u0103m b\u1edfi Mergerstat k\u1ec3 t\u1eeb n\u0103m 1972. Mergerstat t\u1ed5ng h\u1ee3p d\u1eef li\u1ec7u li\u00ean quan \u0111\u1ebfn c\u00e1c v\u1ee5 s\u00e1p nh\u1eadp, mua l\u1ea1i v\u00e0 tho\u00e1i v\u1ed1n \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 c\u00f4ng khai li\u00ean quan \u0111\u1ebfn 10% tr\u1edf l\u00ean l\u1ee3i \u00edch v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu trong c\u00e1c c\u00f4ng ty \u0111\u1ea1i ch\u00fang, trong \u0111\u00f3 gi\u00e1 mua t\u1eeb 1 tri\u1ec7u \u0111\u00f4 la tr\u1edf l\u00ean v\u00e0 \u00edt nh\u1ea5t m\u1ed9t trong c\u00e1c b\u00ean tham gia giao d\u1ecbch l\u00e0 m\u1ed9t th\u1ef1c th\u1ec3 Hoa K\u1ef3. Mergerstat \u0111\u1ecbnh ngh\u0129a “ph\u00ed b\u1ea3o hi\u1ec3m ki\u1ec3m so\u00e1t” l\u00e0 ch\u00eanh l\u1ec7ch ph\u1ea7n tr\u0103m gi\u1eefa gi\u00e1 mua l\u1ea1i v\u00e0 gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a c\u1ed5 phi\u1ebfu c\u00f4ng khai \u0111\u01b0\u1ee3c giao d\u1ecbch t\u1ef1 do n\u0103m ng\u00e0y tr\u01b0\u1edbc khi c\u00f4ng b\u1ed1 giao d\u1ecbch M&A. M\u1eb7c d\u00f9 kh\u00f4ng ph\u1ea3i l\u00e0 kh\u00f4ng c\u00f3 nh\u1eefng l\u1eddi ch\u1ec9 tr\u00edch h\u1ee3p l\u1ec7, nh\u01b0ng d\u1eef li\u1ec7u ph\u00ed b\u1ea3o hi\u1ec3m ki\u1ec3m so\u00e1t Mergerstat (v\u00e0 chi\u1ebft kh\u1ea5u l\u00e3i su\u1ea5t thi\u1ec3u s\u1ed1 c\u00f3 \u0111\u01b0\u1ee3c t\u1eeb \u0111\u00f3) \u0111\u01b0\u1ee3c ch\u1ea5p nh\u1eadn r\u1ed9ng r\u00e3i trong ngh\u1ec1 \u0111\u1ecbnh gi\u00e1.<\/p>\n\n\n\n Gi\u1ea3m gi\u00e1 v\u00ec thi\u1ebfu t\u00ednh th\u1ecb tr\u01b0\u1eddng<\/strong><\/p>\n\n\n\n “Gi\u1ea3m gi\u00e1 cho vi\u1ec7c thi\u1ebfu t\u00ednh th\u1ecb tr\u01b0\u1eddng” (DLOM) c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng cho m\u1ed9t kh\u1ed1i c\u1ed5 phi\u1ebfu thi\u1ec3u s\u1ed1 \u0111\u1ec3 thay \u0111\u1ed5i \u0111\u1ecbnh gi\u00e1 c\u1ee7a kh\u1ed1i \u0111\u00f3.<\/p>\n\n\n\n M\u1ed9t y\u1ebfu t\u1ed1 kh\u00e1c c\u1ea7n \u0111\u01b0\u1ee3c xem x\u00e9t trong vi\u1ec7c \u0111\u1ecbnh gi\u00e1 c\u00e1c c\u00f4ng ty \u0111\u01b0\u1ee3c t\u1ed5 ch\u1ee9c ch\u1eb7t ch\u1ebd l\u00e0 kh\u1ea3 n\u0103ng ti\u1ebfp th\u1ecb c\u1ee7a l\u1ee3i \u00edch trong c\u00e1c doanh nghi\u1ec7p \u0111\u00f3. Kh\u1ea3 n\u0103ng ti\u1ebfp th\u1ecb \u0111\u01b0\u1ee3c \u0111\u1ecbnh ngh\u0129a l\u00e0 kh\u1ea3 n\u0103ng chuy\u1ec3n \u0111\u1ed5i l\u1ee3i \u00edch kinh doanh th\u00e0nh ti\u1ec1n m\u1eb7t m\u1ed9t c\u00e1ch nhanh ch\u00f3ng, v\u1edbi chi ph\u00ed giao d\u1ecbch v\u00e0 h\u00e0nh ch\u00ednh t\u1ed1i thi\u1ec3u v\u00e0 v\u1edbi m\u1ee9c \u0111\u1ed9 ch\u1eafc ch\u1eafn cao v\u1ec1 s\u1ed1 ti\u1ec1n thu \u0111\u01b0\u1ee3c r\u00f2ng. Th\u01b0\u1eddng c\u00f3 chi ph\u00ed v\u00e0 \u0111\u1ed9 tr\u1ec5 th\u1eddi gian li\u00ean quan \u0111\u1ebfn vi\u1ec7c x\u00e1c \u0111\u1ecbnh v\u1ecb tr\u00ed ng\u01b0\u1eddi mua quan t\u00e2m v\u00e0 c\u00f3 kh\u1ea3 n\u0103ng quan t\u00e2m \u0111\u1ebfn l\u1ee3i \u00edch trong c\u00e1c c\u00f4ng ty t\u01b0 nh\u00e2n, b\u1edfi v\u00ec kh\u00f4ng c\u00f3 th\u1ecb tr\u01b0\u1eddng \u0111\u01b0\u1ee3c thi\u1ebft l\u1eadp c\u1ee7a ng\u01b0\u1eddi mua v\u00e0 ng\u01b0\u1eddi b\u00e1n c\u00f3 s\u1eb5n.<\/p>\n\n\n\n T\u1ea5t c\u1ea3 c\u00e1c y\u1ebfu t\u1ed1 kh\u00e1c \u0111\u1ec1u b\u00ecnh \u0111\u1eb3ng, l\u1ee3i \u00edch trong m\u1ed9t c\u00f4ng ty giao d\u1ecbch c\u00f4ng khai c\u00f3 gi\u00e1 tr\u1ecb h\u01a1n v\u00ec n\u00f3 d\u1ec5 d\u00e0ng b\u00e1n \u0111\u01b0\u1ee3c. Ng\u01b0\u1ee3c l\u1ea1i, l\u1ee3i \u00edch trong m\u1ed9t c\u00f4ng ty t\u01b0 nh\u00e2n c\u00f3 gi\u00e1 tr\u1ecb th\u1ea5p h\u01a1n v\u00ec kh\u00f4ng c\u00f3 th\u1ecb tr\u01b0\u1eddng \u0111\u01b0\u1ee3c thi\u1ebft l\u1eadp t\u1ed3n t\u1ea1i. “H\u01b0\u1edbng d\u1eabn \u0110\u1ecbnh gi\u00e1 c\u1ee7a IRS v\u1ec1 Thu\u1ebf Thu nh\u1eadp, B\u1ea5t \u0111\u1ed9ng s\u1ea3n v\u00e0 Qu\u00e0 t\u1eb7ng, \u0110\u00e0o t\u1ea1o \u0110\u1ecbnh gi\u00e1 cho C\u00e1n b\u1ed9 Kh\u00e1ng c\u00e1o” th\u1eeba nh\u1eadn m\u1ed1i quan h\u1ec7 gi\u1eefa gi\u00e1 tr\u1ecb v\u00e0 kh\u1ea3 n\u0103ng ti\u1ebfp th\u1ecb, n\u00eau r\u00f5: “C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00edch m\u1ed9t t\u00e0i s\u1ea3n d\u1ec5 b\u00e1n, ngh\u0129a l\u00e0 c\u00f3 t\u00ednh thanh kho\u1ea3n.”<\/p>\n\n\n\n Gi\u1ea3m gi\u00e1 cho s\u1ef1 thi\u1ebfu ki\u1ec3m so\u00e1t l\u00e0 ri\u00eang bi\u1ec7t v\u00e0 c\u00f3 th\u1ec3 ph\u00e2n bi\u1ec7t v\u1edbi chi\u1ebft kh\u1ea5u v\u00ec thi\u1ebfu t\u00ednh th\u1ecb tr\u01b0\u1eddng. Nhi\u1ec7m v\u1ee5 c\u1ee7a chuy\u00ean gia \u0111\u1ecbnh gi\u00e1 l\u00e0 \u0111\u1ecbnh l\u01b0\u1ee3ng s\u1ef1 thi\u1ebfu t\u00ednh th\u1ecb tr\u01b0\u1eddng c\u1ee7a l\u1ee3i \u00edch trong m\u1ed9t c\u00f4ng ty t\u01b0 nh\u00e2n. B\u1edfi v\u00ec, trong tr\u01b0\u1eddng h\u1ee3p n\u00e0y, l\u1ee3i \u00edch ch\u1ee7 th\u1ec3 kh\u00f4ng ph\u1ea3i l\u00e0 l\u1ee3i \u00edch ki\u1ec3m so\u00e1t trong c\u00f4ng ty v\u00e0 ch\u1ee7 s\u1edf h\u1eefu l\u1ee3i \u00edch \u0111\u00f3 kh\u00f4ng th\u1ec3 bu\u1ed9c thanh l\u00fd \u0111\u1ec3 chuy\u1ec3n \u0111\u1ed5i l\u00e3i su\u1ea5t ch\u1ee7 th\u1ec3 th\u00e0nh ti\u1ec1n m\u1eb7t m\u1ed9t c\u00e1ch nhanh ch\u00f3ng v\u00e0 kh\u00f4ng c\u00f3 th\u1ecb tr\u01b0\u1eddng \u0111\u01b0\u1ee3c thi\u1ebft l\u1eadp n\u00e0o t\u1ed3n t\u1ea1i \u0111\u1ec3 c\u00f3 th\u1ec3 b\u00e1n l\u00e3i su\u1ea5t \u0111\u00f3, chi\u1ebft kh\u1ea5u v\u00ec thi\u1ebfu t\u00ednh th\u1ecb tr\u01b0\u1eddng l\u00e0 ph\u00f9 h\u1ee3p.<\/p>\n\n\n\n Nghi\u00ean c\u1ee9u th\u1ef1c nghi\u1ec7m<\/strong><\/p>\n\n\n\n M\u1ed9t s\u1ed1 nghi\u00ean c\u1ee9u th\u1ef1c nghi\u1ec7m \u0111\u00e3 \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 c\u1ed1 g\u1eafng \u0111\u1ecbnh l\u01b0\u1ee3ng chi\u1ebft kh\u1ea5u v\u00ec thi\u1ebfu t\u00ednh th\u1ecb tr\u01b0\u1eddng. Nh\u1eefng nghi\u00ean c\u1ee9u n\u00e0y bao g\u1ed3m c\u00e1c nghi\u00ean c\u1ee9u c\u1ed5 phi\u1ebfu b\u1ecb h\u1ea1n ch\u1ebf v\u00e0 c\u00e1c nghi\u00ean c\u1ee9u tr\u01b0\u1edbc IPO. T\u1ed5ng h\u1ee3p c\u1ee7a c\u00e1c nghi\u00ean c\u1ee9u n\u00e0y cho th\u1ea5y m\u1ee9c chi\u1ebft kh\u1ea5u trung b\u00ecnh l\u1ea7n l\u01b0\u1ee3t l\u00e0 35% v\u00e0 50%. M\u1ed9t s\u1ed1 chuy\u00ean gia tin r\u1eb1ng vi\u1ec7c thi\u1ebfu ki\u1ec3m so\u00e1t v\u00e0 chi\u1ebft kh\u1ea5u th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 t\u1ed5ng h\u1ee3p chi\u1ebft kh\u1ea5u l\u00ean t\u1edbi ch\u00edn m\u01b0\u01a1i ph\u1ea7n tr\u0103m gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng h\u1ee3p l\u00fd c\u1ee7a c\u00f4ng ty, \u0111\u1eb7c bi\u1ec7t l\u00e0 v\u1edbi c\u00e1c c\u00f4ng ty gia \u0111\u00ecnh.<\/p>\n\n\n\n Nghi\u00ean c\u1ee9u ch\u1ee9ng kho\u00e1n b\u1ecb h\u1ea1n ch\u1ebf<\/strong><\/p>\n\n\n\n C\u1ed5 phi\u1ebfu b\u1ecb h\u1ea1n ch\u1ebf l\u00e0 ch\u1ee9ng kho\u00e1n v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu c\u1ee7a c\u00e1c c\u00f4ng ty \u0111\u1ea1i ch\u00fang t\u01b0\u01a1ng t\u1ef1 v\u1ec1 m\u1ecdi m\u1eb7t v\u1edbi c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c giao d\u1ecbch t\u1ef1 do c\u1ee7a c\u00e1c c\u00f4ng ty \u0111\u00f3 ngo\u1ea1i tr\u1eeb vi\u1ec7c ch\u00fang c\u00f3 m\u1ed9t h\u1ea1n ch\u1ebf ng\u0103n c\u1ea3n ch\u00fang \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng m\u1edf trong m\u1ed9t kho\u1ea3ng th\u1eddi gian nh\u1ea5t \u0111\u1ecbnh, th\u01b0\u1eddng l\u00e0 m\u1ed9t n\u0103m (hai n\u0103m tr\u01b0\u1edbc n\u0103m 1990). H\u1ea1n ch\u1ebf n\u00e0y t\u1eeb giao d\u1ecbch t\u00edch c\u1ef1c, d\u1eabn \u0111\u1ebfn thi\u1ebfu t\u00ednh th\u1ecb tr\u01b0\u1eddng, l\u00e0 s\u1ef1 kh\u00e1c bi\u1ec7t duy nh\u1ea5t gi\u1eefa c\u1ed5 phi\u1ebfu b\u1ecb h\u1ea1n ch\u1ebf v\u00e0 \u0111\u1ed1i t\u00e1c giao d\u1ecbch t\u1ef1 do c\u1ee7a n\u00f3. C\u1ed5 phi\u1ebfu b\u1ecb h\u1ea1n ch\u1ebf c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c giao d\u1ecbch trong c\u00e1c giao d\u1ecbch t\u01b0 nh\u00e2n v\u00e0 th\u01b0\u1eddng l\u00e0m nh\u01b0 v\u1eady v\u1edbi gi\u00e1 chi\u1ebft kh\u1ea5u. C\u00e1c nghi\u00ean c\u1ee9u c\u1ed5 phi\u1ebfu b\u1ecb h\u1ea1n ch\u1ebf c\u1ed1 g\u1eafng x\u00e1c minh s\u1ef1 kh\u00e1c bi\u1ec7t v\u1ec1 gi\u00e1 m\u00e0 t\u1ea1i \u0111\u00f3 c\u1ed5 phi\u1ebfu b\u1ecb h\u1ea1n ch\u1ebf giao d\u1ecbch so v\u1edbi gi\u00e1 m\u00e0 c\u00f9ng m\u1ed9t giao d\u1ecbch ch\u1ee9ng kho\u00e1n kh\u00f4ng h\u1ea1n ch\u1ebf tr\u00ean th\u1ecb tr\u01b0\u1eddng m\u1edf k\u1ec3 t\u1eeb c\u00f9ng m\u1ed9t ng\u00e0y. D\u1eef li\u1ec7u c\u01a1 b\u1ea3n m\u00e0 c\u00e1c nghi\u00ean c\u1ee9u n\u00e0y \u0111\u01b0a ra k\u1ebft lu\u1eadn c\u1ee7a h\u1ecd ch\u01b0a \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1. Do \u0111\u00f3, kh\u00f4ng th\u1ec3 khi \u0111\u1ecbnh gi\u00e1 m\u1ed9t c\u00f4ng ty c\u1ee5 th\u1ec3 \u0111\u1ec3 so s\u00e1nh c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m c\u1ee7a c\u00f4ng ty \u0111\u00f3 v\u1edbi d\u1eef li\u1ec7u nghi\u00ean c\u1ee9u. Tuy nhi\u00ean, s\u1ef1 t\u1ed3n t\u1ea1i c\u1ee7a chi\u1ebft kh\u1ea5u th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 \u0111\u01b0\u1ee3c c\u00e1c chuy\u00ean gia \u0111\u1ecbnh gi\u00e1 v\u00e0 t\u00f2a \u00e1n c\u00f4ng nh\u1eadn, v\u00e0 c\u00e1c nghi\u00ean c\u1ee9u c\u1ed5 phi\u1ebfu b\u1ecb h\u1ea1n ch\u1ebf th\u01b0\u1eddng \u0111\u01b0\u1ee3c tr\u00edch d\u1eabn l\u00e0m b\u1eb1ng ch\u1ee9ng th\u1ef1c nghi\u1ec7m. \u0110\u00e1ng ch\u00fa \u00fd, m\u1ee9c chi\u1ebft kh\u1ea5u trung b\u00ecnh th\u1ea5p nh\u1ea5t \u0111\u01b0\u1ee3c b\u00e1o c\u00e1o b\u1edfi c\u00e1c nghi\u00ean c\u1ee9u n\u00e0y l\u00e0 26% v\u00e0 chi\u1ebft kh\u1ea5u trung b\u00ecnh cao nh\u1ea5t l\u00e0 40%.<\/p>\n\n\n\n Gi\u00e1 quy\u1ec1n ch\u1ecdn<\/strong><\/p>\n\n\n\n Ngo\u00e0i c\u00e1c nghi\u00ean c\u1ee9u ch\u1ee9ng kho\u00e1n b\u1ecb h\u1ea1n ch\u1ebf, c\u00e1c c\u00f4ng ty giao d\u1ecbch c\u00f4ng khai c\u1ee7a Hoa K\u1ef3 c\u00f3 th\u1ec3 b\u00e1n c\u1ed5 phi\u1ebfu cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i (Quy \u0111\u1ecbnh S c\u1ee7a SEC, ban h\u00e0nh n\u0103m 1990) m\u00e0 kh\u00f4ng c\u1ea7n \u0111\u0103ng k\u00fd c\u1ed5 phi\u1ebfu v\u1edbi \u1ee6y ban Ch\u1ee9ng kho\u00e1n v\u00e0 Giao d\u1ecbch. Ng\u01b0\u1eddi mua \u1edf n\u01b0\u1edbc ngo\u00e0i c\u00f3 th\u1ec3 b\u00e1n l\u1ea1i s\u1ed1 c\u1ed5 phi\u1ebfu n\u00e0y t\u1ea1i Hoa K\u1ef3, v\u1eabn kh\u00f4ng c\u1ea7n ph\u1ea3i \u0111\u0103ng k\u00fd c\u1ed5 phi\u1ebfu, sau khi n\u1eafm gi\u1eef ch\u00fang ch\u1ec9 trong 40 ng\u00e0y. Th\u00f4ng th\u01b0\u1eddng, c\u00e1c c\u1ed5 phi\u1ebfu n\u00e0y \u0111\u01b0\u1ee3c b\u00e1n v\u1edbi gi\u00e1 th\u1ea5p h\u01a1n 20% \u0111\u1ebfn 30% so v\u1edbi gi\u00e1 c\u1ed5 phi\u1ebfu giao d\u1ecbch c\u00f4ng khai. M\u1ed9t s\u1ed1 giao d\u1ecbch n\u00e0y \u0111\u00e3 \u0111\u01b0\u1ee3c b\u00e1o c\u00e1o v\u1edbi m\u1ee9c chi\u1ebft kh\u1ea5u h\u01a1n 30%, do thi\u1ebfu t\u00ednh th\u1ecb tr\u01b0\u1eddng. Nh\u1eefng chi\u1ebft kh\u1ea5u n\u00e0y t\u01b0\u01a1ng t\u1ef1 nh\u01b0 chi\u1ebft kh\u1ea5u th\u1ecb tr\u01b0\u1eddng \u0111\u01b0\u1ee3c suy ra t\u1eeb c\u00e1c nghi\u00ean c\u1ee9u h\u1ea1n ch\u1ebf v\u00e0 tr\u01b0\u1edbc IPO, m\u1eb7c d\u00f9 th\u1eddi gian n\u1eafm gi\u1eef ch\u1ec9 l\u00e0 40 ng\u00e0y. C\u00e1c nghi\u00ean c\u1ee9u d\u1ef1a tr\u00ean gi\u00e1 tr\u1ea3 cho c\u00e1c t\u00f9y ch\u1ecdn c\u0169ng \u0111\u00e3 x\u00e1c nh\u1eadn m\u1ee9c chi\u1ebft kh\u1ea5u t\u01b0\u01a1ng t\u1ef1. N\u1ebfu m\u1ed9t ng\u01b0\u1eddi n\u1eafm gi\u1eef c\u1ed5 phi\u1ebfu b\u1ecb h\u1ea1n ch\u1ebf v\u00e0 mua quy\u1ec1n ch\u1ecdn b\u00e1n c\u1ed5 phi\u1ebfu \u0111\u00f3 theo gi\u00e1 th\u1ecb tr\u01b0\u1eddng (quy\u1ec1n ch\u1ecdn), ng\u01b0\u1eddi n\u1eafm gi\u1eef tr\u00ean th\u1ef1c t\u1ebf \u0111\u00e3 mua kh\u1ea3 n\u0103ng ti\u1ebfp th\u1ecb cho c\u1ed5 phi\u1ebfu. Gi\u00e1 c\u1ee7a \u0111\u1eb7t b\u1eb1ng v\u1edbi chi\u1ebft kh\u1ea5u th\u1ecb tr\u01b0\u1eddng. Ph\u1ea1m vi chi\u1ebft kh\u1ea5u th\u1ecb tr\u01b0\u1eddng c\u00f3 \u0111\u01b0\u1ee3c t\u1eeb nghi\u00ean c\u1ee9u n\u00e0y l\u00e0 32% \u0111\u1ebfn 49%. Tuy nhi\u00ean, vi\u1ec7c g\u00e1n to\u00e0n b\u1ed9 gi\u00e1 tr\u1ecb c\u1ee7a quy\u1ec1n ch\u1ecdn b\u00e1n cho kh\u1ea3 n\u0103ng ti\u1ebfp th\u1ecb l\u00e0 sai l\u1ec7ch, b\u1edfi v\u00ec ngu\u1ed3n gi\u00e1 tr\u1ecb b\u00e1n ch\u00ednh \u0111\u1ebfn t\u1eeb vi\u1ec7c b\u1ea3o v\u1ec7 gi\u00e1 gi\u1ea3m. M\u1ed9t ph\u00e2n t\u00edch kinh t\u1ebf ch\u00ednh x\u00e1c s\u1ebd s\u1eed d\u1ee5ng c\u00e1c h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai ti\u1ec1n t\u1ec7 ho\u1eb7c h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai m\u1ed9t c\u1ed5 phi\u1ebfu, ch\u1ee9ng minh r\u1eb1ng kh\u1ea3 n\u0103ng ti\u1ebfp th\u1ecb c\u1ee7a c\u1ed5 phi\u1ebfu b\u1ecb h\u1ea1n ch\u1ebf c\u00f3 gi\u00e1 tr\u1ecb th\u1ea5p v\u00ec d\u1ec5 d\u00e0ng ph\u00f2ng ng\u1eeba r\u1ee7i ro b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng c\u00e1c giao d\u1ecbch c\u1ed5 phi\u1ebfu ho\u1eb7c h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai kh\u00f4ng h\u1ea1n ch\u1ebf.<\/p>\n\n\n\n C\u00e1c nghi\u00ean c\u1ee9u tr\u01b0\u1edbc IPO<\/strong><\/p>\n\n\n\n M\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn kh\u00e1c \u0111\u1ec3 \u0111o l\u01b0\u1eddng chi\u1ebft kh\u1ea5u th\u1ecb tr\u01b0\u1eddng l\u00e0 so s\u00e1nh gi\u00e1 c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c ch\u00e0o b\u00e1n trong c\u00e1c \u0111\u1ee3t ch\u00e0o b\u00e1n c\u00f4ng khai ban \u0111\u1ea7u (IPO) v\u1edbi c\u00e1c giao d\u1ecbch trong c\u00f9ng m\u1ed9t c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty tr\u01b0\u1edbc khi IPO. C\u00e1c c\u00f4ng ty s\u1eafp ni\u00eam y\u1ebft \u0111\u01b0\u1ee3c y\u00eau c\u1ea7u ti\u1ebft l\u1ed9 t\u1ea5t c\u1ea3 c\u00e1c giao d\u1ecbch trong c\u1ed5 phi\u1ebfu c\u1ee7a h\u1ecd trong kho\u1ea3ng th\u1eddi gian ba n\u0103m tr\u01b0\u1edbc khi IPO. C\u00e1c nghi\u00ean c\u1ee9u tr\u01b0\u1edbc IPO l\u00e0 gi\u1ea3i ph\u00e1p thay th\u1ebf h\u00e0ng \u0111\u1ea7u cho c\u00e1c c\u1ed5 phi\u1ebfu b\u1ecb h\u1ea1n ch\u1ebf trong vi\u1ec7c \u0111\u1ecbnh l\u01b0\u1ee3ng chi\u1ebft kh\u1ea5u th\u1ecb tr\u01b0\u1eddng.<\/p>\n\n\n\n C\u00e1c nghi\u00ean c\u1ee9u tr\u01b0\u1edbc IPO \u0111\u00f4i khi b\u1ecb ch\u1ec9 tr\u00edch v\u00ec k\u00edch th\u01b0\u1edbc m\u1eabu t\u01b0\u01a1ng \u0111\u1ed1i nh\u1ecf, c\u00e1c giao d\u1ecbch tr\u01b0\u1edbc IPO c\u00f3 th\u1ec3 kh\u00f4ng d\u00e0i tay v\u00e0 c\u1ea5u tr\u00fac t\u00e0i ch\u00ednh v\u00e0 d\u00f2ng s\u1ea3n ph\u1ea9m c\u1ee7a c\u00e1c c\u00f4ng ty \u0111\u01b0\u1ee3c nghi\u00ean c\u1ee9u c\u00f3 th\u1ec3 \u0111\u00e3 thay \u0111\u1ed5i trong th\u1eddi gian ba n\u0103m tr\u01b0\u1edbc IPO.<\/p>\n\n\n\n \u00c1p d\u1ee5ng c\u00e1c nghi\u00ean c\u1ee9u<\/strong><\/p>\n\n\n\n C\u00e1c nghi\u00ean c\u1ee9u x\u00e1c nh\u1eadn nh\u1eefng g\u00ec th\u1ecb tr\u01b0\u1eddng bi\u1ebft b\u1eb1ng tr\u1ef1c gi\u00e1c: C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00e8m mu\u1ed1n thanh kho\u1ea3n v\u00e0 gh\u00e9t nh\u1eefng tr\u1edf ng\u1ea1i l\u00e0m gi\u1ea3m thanh kho\u1ea3n. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 th\u1eadn tr\u1ecdng ch\u1ec9 mua c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 k\u00e9m thanh kho\u1ea3n khi c\u00f3 \u0111\u1ee7 chi\u1ebft kh\u1ea5u v\u1ec1 gi\u00e1 \u0111\u1ec3 t\u0103ng t\u1ef7 l\u1ec7 ho\u00e0n v\u1ed1n l\u00ean m\u1ee9c \u0111\u01b0a ph\u1ea7n th\u01b0\u1edfng r\u1ee7i ro tr\u1edf l\u1ea1i c\u00e2n b\u1eb1ng. C\u00e1c nghi\u00ean c\u1ee9u \u0111\u01b0\u1ee3c tham kh\u1ea3o thi\u1ebft l\u1eadp m\u1ed9t ph\u1ea1m vi chi\u1ebft kh\u1ea5u \u0111\u1ecbnh gi\u00e1 h\u1ee3p l\u00fd t\u1eeb gi\u1eefa 30% \u0111\u1ebfn 50% th\u1ea5p. C\u00e1c nghi\u00ean c\u1ee9u g\u1ea7n \u0111\u00e2y d\u01b0\u1eddng nh\u01b0 mang l\u1ea1i m\u1ed9t ph\u1ea1m vi gi\u1ea3m gi\u00e1 th\u1eadn tr\u1ecdng h\u01a1n so v\u1edbi c\u00e1c nghi\u00ean c\u1ee9u c\u0169, c\u00f3 th\u1ec3 \u0111\u00e3 b\u1ecb k\u00edch th\u01b0\u1edbc m\u1eabu nh\u1ecf h\u01a1n. M\u1ed9t ph\u01b0\u01a1ng ph\u00e1p kh\u00e1c \u0111\u1ec3 \u0111\u1ecbnh l\u01b0\u1ee3ng vi\u1ec7c thi\u1ebfu chi\u1ebft kh\u1ea5u th\u1ecb tr\u01b0\u1eddng l\u00e0 m\u00f4 h\u00ecnh chi\u1ebft kh\u1ea5u th\u1ecb tr\u01b0\u1eddng \u0111\u1ecbnh l\u01b0\u1ee3ng (QMDM).<\/p>\n","protected":false},"excerpt":{"rendered":" \u0110\u1ecbnh gi\u00e1 doanh nghi\u1ec7p l\u00e0 m\u1ed9t qu\u00e1 tr\u00ecnh v\u00e0 m\u1ed9t t\u1eadp h\u1ee3p c\u00e1c th\u1ee7 t\u1ee5c \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 \u01b0\u1edbc t\u00ednh gi\u00e1 tr\u1ecb kinh t\u1ebf c\u1ee7a l\u1ee3i \u00edch c\u1ee7a ch\u1ee7 s\u1edf h\u1eefu trong m\u1ed9t doanh nghi\u1ec7p. \u1ede \u0111\u00e2y c\u00e1c k\u1ef9 thu\u1eadt \u0111\u1ecbnh gi\u00e1 kh\u00e1c nhau \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng b\u1edfi nh\u1eefng ng\u01b0\u1eddi tham gia th\u1ecb tr\u01b0\u1eddng […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","template":"","meta":{"footnotes":""},"doc_category":[5],"doc_tag":[],"class_list":["post-24","docs","type-docs","status-publish","hentry","doc_category-dau-tu"],"year_month":"2026-04","word_count":22326,"total_views":0,"reactions":{"happy":0,"normal":0,"sad":0},"author_info":{"author_nicename":"admin","author_url":"https:\/\/a.funds.io.vn\/?author=1"},"doc_category_info":[{"term_name":"\u0110\u1ea7u t\u01b0","term_url":"https:\/\/a.funds.io.vn\/?doc_category=dau-tu"}],"doc_tag_info":[],"author_list":[{"ID":"1","user_login":"admin","display_name":"admin","id":"1"}],"_links":{"self":[{"href":"https:\/\/a.funds.io.vn\/index.php?rest_route=\/wp\/v2\/docs\/24","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/a.funds.io.vn\/index.php?rest_route=\/wp\/v2\/docs"}],"about":[{"href":"https:\/\/a.funds.io.vn\/index.php?rest_route=\/wp\/v2\/types\/docs"}],"author":[{"embeddable":true,"href":"https:\/\/a.funds.io.vn\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/a.funds.io.vn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24"}],"version-history":[{"count":6,"href":"https:\/\/a.funds.io.vn\/index.php?rest_route=\/wp\/v2\/docs\/24\/revisions"}],"predecessor-version":[{"id":32,"href":"https:\/\/a.funds.io.vn\/index.php?rest_route=\/wp\/v2\/docs\/24\/revisions\/32"}],"wp:attachment":[{"href":"https:\/\/a.funds.io.vn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24"}],"wp:term":[{"taxonomy":"doc_category","embeddable":true,"href":"https:\/\/a.funds.io.vn\/index.php?rest_route=%2Fwp%2Fv2%2Fdoc_category&post=24"},{"taxonomy":"doc_tag","embeddable":true,"href":"https:\/\/a.funds.io.vn\/index.php?rest_route=%2Fwp%2Fv2%2Fdoc_tag&post=24"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
![\"\"](\"https:\/\/a.funds.io.vn\/wp-content\/uploads\/2024\/07\/dinh-gia-doanh-nghiep_2.png\")
<\/figure>\n\n\n\n\n
\n
![\"\"](\"https:\/\/a.funds.io.vn\/wp-content\/uploads\/2024\/07\/dinh-gia-doanh-nghiep_1.png\")
<\/figure>\n\n\n\n\u00a0= T\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn phi r\u1ee7i ro (th\u01b0\u1eddng \u0111\u01b0\u1ee3c coi l\u00e0 l\u1ee3i su\u1ea5t\u00a0tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7\u00a0k\u1ef3 h\u1ea1n 10 n\u0103m)<\/p>\n\n\n\n