Cu 1

T sut hon vn ni b(IRR)

T sut hon vn ni b l mc li sut m d n c th t c m bo
cho tn! cc "hon thu c#$ d n c%n b&n! v'i cc "hon chi ( m)t b&n!
hi*n ti+
, t-nh .// c nhi0u 1h2n! 1h13nhn! t-nh .// th4o 1h2n! 1h1 ni
su5 th6n! c s7 d8n! v9 vi*c t-nh ton "h:n! 1hc t13 ch-nh ;c h1
l- c th ch1 nh<n c+
=:n! thc>
?
? @ ?
? @
A B C A?B
NPV
IRR r r r
NPV NPV
= +

TDon! >
.//> h* s hon vn ni b cEn ni su5AFB
?
r
> t sut chiGt "hu th1 h2n ti ?
NPV
HI !En st I nht
@
r
> t sut chiGt "hu c$o h2n ti @
NPV
JI !En st I nht
KLM> !i tDN hi*n ti DOn!
.// cEn t9mAn! v'i KLMPIBsQ n&m !i7$ ?
r
v @
r
Rn cht c#$ .// c th hi*n tDon! c:n! thc s$u>
I I
? ?
C A@B
A? B A? B
n n
t t t t
t t
CI CO
IRR IRR
= =
=
+ +

TDon! >
n > s nSm hot n! c#$ d n
t > nSm bTt Eu thc hi*n d n c coi l nSm !c
t
CI
> !i tDN luUn! ti0n m)t thu ti nSm t
t
CO
> !i tDN luUn! ti0n m)t chi ti nSm tA!Um chi 1h- Eu t v chi 1h- v<n
hnh hn! nSm c#$ d nB
Vu im
Wh:n! biGt sut chiGt "hu vXn t-nh c .//
TDon! tD6n! h1 c nhi0u n!uUn ti tD "hc nh$u i v'i d n3
th:n! Yu$ ch tiZu .// nh Eu t c th nh !i c n!uUn Eu t
no l th-ch h1 i v'i i0u "i*n hot n! c#$ d n
Khc im
Whi s7 d8n! ch tiZu .// tDon! tD6n! h1 d n loi tD[ lXn nh$u
th6n! "h:n! $ D$ "Gt Yu \n! tDon! ;G1 hn! cc d n+
]o nGu nh Eu t ch d$ vo ch tiZu n5 Yu5Gt Nnh l$ ch^n d n
ti u tDon! cc d n loi tD[ lXn nh$u c th mTc s$i lEm+
Gi tr hin ti rng (!")
Thu nh<1 cOn li s$u "hi tD[ i cc chi 1h- !^i l thu nh<1 DOn!
AKLMB+_i tDN hi*n ti DOn! l tn! !i tDN hi*n ti c#$ dOn! thu nh<1 DOn! m
d n m$n! li tDon! c vOn! 6i c#$ n+`8c -ch c#$ vi*c t-nh !i tDN hi*n
ti DOn! c#$ d n l ;4m ;at vi*c s7 d8n! cc n!uUn lcAvnB tDon! th6i
!i$n thc hi*n d n c 4m li li -ch l'n h2n cc n!uUn lc s7 d8n!
h$5 "h:n!
KLM c ;c Nnh th4o c:n! thc s$u
I
A B+A? B C AbB
n
t
t t
t
NPV CI CO r

=
= +

TDon! >
t
CI
3 t
CO
3D3t3n t2n! t nh c:n! thc A?B v A@B
Vu nhc im>
TiZu chucn KLM !hi nh<n ti0n t* c !i tDN th4o th6i !i$n
KLM ch d$ tDZn @ dd li*u l dOn! ti0n c d on t[ d n v chi
1h- c2 hi c#$ vn+ Rt "e mt d n Eu t no m "Gt Yu thcm Nnh
bN tc n! b(i ch# Yu$n c#$ nh Yun lf3 s l$ ch^n 1h2n! 1h1
"G ton ho)c "h nSn! sinh li c#$ nhdn! d n c l<1 "hc Zu dXn
Gn nhdn! Yu5Gt Nnh "h:n! \n!+
KLM c t-nh cht cn! >KLM AghRB P KLMAgBhKLMARB
KLM c nhc im l n "h:n! $ D$ "Gt lu<n l$ ch^n "hi cc d
n "h:n! Un! nht v0 m)t th6i !i$n cin! nh ;G1 hn! tiZn tDon!
vi*c l$ ch^n cc d n Eu t "hi n!uUn vn cu$ do$nh n!hi*1 bN
!i'i hn
Cu #
Lh2n! n ? Lh2n! n @
Tn! mc Eu t ?I ?b
=hi 1h- hn! nSm b+j b
Thu nh<1 hn! nSm k l
_i tDN cOn li AmMB b+l j
Tui th^ d n AnSmB n o
DPI+?
Lh2n! n ? c tui th^ l n nSm cOn 1h2n! n @ c tui th^ l o nSm nZn
t$ l5 bi s chun! nhp nht l ?@ nSm so snh+m$u n nSm th9 1h2n! n
? hon vn v Eu t li+m$u o nSm th9 1h2n! n @ hon vn v Eu t li
I
A? B
n
i i
i
i
B C
NPV
r
=

=
+

LqVrK_
sK ?
Kt` =i Ri Riu=i KLM
I ?I I u?I u?I
? b3j k b3j b3?l
@ b3j k b3j @3lv
b b3j k b3j @3o@
n ?b3j ?I3l u@3k u?3ln
j b3j k b3j @3?k
o b3j k b3j ?3vk
k b3j k b3j ?3kv
l ?b3j ?I3l u@3k u?3@j
v b3j k b3j ?3nl
?I b3j k b3j ?3bn
?? b3j k b3j ?3@@
?@ b3j ?I3l k3b @3b@
KLM 1h2n! n ? tDon! ?@ nSm > k3lv
A? B
n
NFV
NPV
r
=
+
KwM 1h2n! n ? tDon! ?@ nSm > @n3koA?B
LqVrK_
sK @
Kt` =i Ri Riu=i KLM
I ?b I u?b u?b
? b l j n3jn
@ b l j n3?b
b b l j b3kj
n b l j b3n?
j b l j b3?
o ?o ?b ub u?3ov
k b l j @3jo
l b l j @3bb
v b l j @3?@
?I b l j ?3v@
?? b l j ?3kj
?@ b l j ?3jv
KLM 1h2n! n @ tDon! ?@ nSm > ?o3jj
KwM 1h2n! n @ tDon! ?@ nSm > j?3vnA@B
T[ A?B v A@B > 1h2n! n @ c li h2n