BO MAO DUC DAO TAO
TRUtING D4I HQC MANG LONG
—o0o
KHOA LUAN TOT NGHIEP
DE TAI
GIAI
PHAP NANG CAO CHAT LUCiNG
THAI
*
VI DINH TAI CHINN
DU'
AN DAU TU
.

TRONG HOST DQNG CHO VAY
TA!
NGAN HANG THU'ONG MAI CO PHAN
SAI GON - HA NO CM NHANH BAC
NINH

DAI
HOC
THiANG
#
1_0861
.
7111.1 V1p4
MA
SO:
Giao vien hurting
dan

gian hqc t$p tui twang.
Em xin chin thhnh aim an!.
Sith vien
_AL
Luang Minh Phuang
Thang Long University Library
LEI CAM DOAN
Em xin cam doan Khali
lukin tot ngbiep
nay la do to ban than thvc hien co sv h8
trq tir giao vien hirerng din vi khong sao chop cac cong trinh nghien ciru dui ngubi
khac. Cac du lieu thong tin dui cip sil dim; trong Khoo Mn IA co
nguOn
goic vi duqc
trich din re ring.
Em xin chju hoin tan trich nhiem ve lei cam doan nay!
Sinh vien
Luang Minh Phircmg
MVC LVC
DANH MVC CAC Ti! VIET TAT
DANH MVC SUDO, BANG BLEU
IA MO DAU
CRUC%NG 1. LY LIWI CHUNG VE CHAT WONG TRAM DINH TAI CHINH
DV' AN DAU TI! TRONG HOOT BONG CHO VAY CUA NGAN HANG
THUONG M.I.
1
1.1. Rout dung cho vay cis ngin Wang throng mai

1
1.1.1. Khii nifm cho vay cum ngin ding thirong msi.


6
1.2.4. NO dung cda thEm dinh Si chinh dir in au fir.

9
1.2.5. Host dung thEm dials tii chink dy in diu fir trong host Ong cho
vay cum ngin ping thurmg msi

9
1.2.5.1. Theim djnh
tAng
mac dau twva nguan tea try cho du an.

9
1.2.5.2. Thdm djnh doanh thu, chi phi ctia Mr dn.

10
1.2.5.3. Thim djnh tj, suit chili khAu "r" cid die an.

11
1.2.5.4. Therm djnh dong tan king tulm.

13
1.2.5.5. Tam djnh the chi lieu tai chink

14
1.2.5.6. Thdm djnh rcii ro die eh:.

16
1.2.5.7. Alm djnh kith ?tang trd nq mia dtr dn.

cha quan.

20
1.13.2. Nhan Mulch quan.

23
CHITONG 2. TIII/C TWIG CHAT LU'QNG THAM DJMI TM CHINA DU AN
DAU TIT THONG 1104T HONG CHO VAY CiJA NGAN HANG THUONG
M4I CO PHAN Sil CON-HA NOI - CHI NHANH BAC NINTH. 25
2.1. Ting plan vi hold ding cis Ngin hAng throng mai co phin Ski Gin
-
Hi NOi - chi
nhinh Bic Ninh

25
2.1.1. Lich sfr hinh thinh vi plat
triin
cda Ngin hing thweng mpi
ci
phin 511 Gin - HI - chi Dinka Bic Ninh.

25
2.1.2. Ca ciu
ti
chic vi nhin sy.

28
2.1.3. Nhierng kith khan vi tin*, 10 cis Ngiin hang throng mpi
ci
phin

phin phin 511 G6n - Hi NO -
chi nhinh Bic Ninh. 38
2.2.2.1. min: djnh vi tong mac van ddu to vet cdc ngu
.
On tat try cling nhtt

phttang thew tai try.

39
2.2.2.2 Thdm djnh chi phi,Ivi nhuan va dong tiin aid At dn.

40
2.2.2.3. Xcic djnh IS) suit chat kW:it "r" coo die dn.

40

Thdm djnh ve hieu qud tai chinh va khti ndng trir no. &to dv an.

40
2.2.2.5. Thdm djnh khd ndng rut ro coa At dn.

41
2.2.3. Tinh hinh thim djnh Si chinh dy in diu tsr trong host Ong cho
vay tsi NOB Ming thwerng mpi
a
phin phin Sai Gbn - HI Nui -
chi nhinh Bic Ninh. 42
2.2.3.1. Giai thieu chung ve khdch hang

42

57
2.3.2. Nhiing km chi

58
CHUONG 3. MOT SO GIAI PHAP NHAM NANG CAO CHAT LONG THAM
DINH TAI CHI NH Dki AN DAU TIr T41 NGAN HANG THUONG MCI CO
PHAN SAIGON - HA NQI - CHI NHANH BAC NINH. 61
3.1. Djnh hiring cis ngin hing thwang mpi a phin Ski Gin - Hi NOi - chi
nhinh Bic Ninh

61
3.1.1. Djnh hiring chung.

61
3.1.2. Djnh haying
vi
hopt dung thint djnh tii chinh dy in diu tw.

61
Thang Long University Library
3.2. MOt st giii phi') nhim ning cao chit luvng thim dinh tki chinh dy in
din hr ugh hing throng mai ci phin Ski Gin — Hi NOl — chi nhinh
Bic Ninh 62
3.2.1. Gill phial)
vi
con fluid.

62
3.2.2. Gill phip vi phwung phip thim dinh


NHTM

Ngan hang thucmg mai
NH TMCP

Nglin hang thircng mai
co
phin
NI-INN

Ngan hang Nha nu&
NPV

Gia tri hitn di rang
Thang Long University Library
DAM! MtJC SO DO, BANG BLEU
So d6 2.1. Cos cau t6 chile va nhan so curt SHB chi nhanh Bic Ninh

28
Bang 2.1 Tong huy dung von tai SHB Bic Ninh

30
Bang 2.2. Co ciu huy dOng von ta
SHB Bac Ninh

31
Bang 2.3. Tinh hinh cho vay von tai
SHB Bic Ninh.

32

49
Bang 2.12. Chi phi do kien ctia Wan b0 do an

50
Bang 2.13. Lqi nhuon do kien caa than
b0 dv in

51
Bang 2.14. Deng
tien caa imbibe' do an.

52
Bang 2.15. Hieu qua tai chinh caa toan
bi) dv
an.

53
Bang 2.16. Ke hooch tra nq g6c vi
lai vay.

54
Bang 2.17. Ke hooch giii
ngAn vim vay nein hang

56
Bang 2.18. Ty le nq qua
han trong
cho vay
trung dii han
tai

de chi tra cho cac khoan vay. Chinh vi voy, de dam bao hog dOng kinh doanh edit
minh ngan hang an phiti nang cao chit Itrong thim dinh tai chinh dv in diu to de e6
the lya chon dirge dv in tat trinh xay ra rii ro gay thit thoit cho chinh minh.
XuAt phat tilt nhu ciu cap thiet tren kat hop vii qui frith hoc gip tpi tnri.mg
Dpi
hoc Than Long va qui trinh thyc t$p tai phang khich hang doanh nghiOp ngan hang
thuong mai c6 phin Sai Gen — Ha NOi — chi nhanh Bic Ninh em da chon de tai: "Giii
phip nang cao chit lugng thtun dinh tai chinh dv an diu to trong hog dOng cho vay
tpi
ngin hang thuong mai ci
s
, past Sai Gen — Ha NOi — chi nhinh Bic Ninh."
2.
Myc den nghien cfru.
Th8ng qua qui trinh nghien thu, khia lu#n t$p trung lam r6 ba myc tieu sau:
—
Mac tieu 1: Lam r8 co so 19 luon ve chit luong thim dinh tai chink dv in
du
to
trong hoat dung cho vay caa ngan hang thuong mai.
—
Myc tieu 2: Dinh gia chit lucmg thim (firth ill chinh dy An diu to trong hoot
Ong cho vay tai nein hang thuong
mai c6
phin Sai Gen — Ha NOi — chi nhinh
Thang Long University Library
Bic Ninh, tir d6 rat m &rot nhang him chi con
ten tai
tong cong tit thim
dinh tai chinh dg in diu to tai chi nhanh.

ngiin hang
thuung mai
co
phan Ski Gen — HE NOi — chi SIAM Bic Ninh.
—
Phwang phtip so sank
la phuong phip sa clang nhang se) lieu thu th#p duqc de
so skill vai nhau nhim xac djnh duce mirc dO Bien dOng qua timg nam trong
giai doan 2012 - 2014. Qua de c6 the &rill gia ve chit lucmg them dinh tii
chinh dg an
du to trong hog
dung cho vay tai ngin hang thuong
mai co
phin
Ski Gen — Hi NOi — chi nhanh Bic Ninh.
—
Phuung phip pkin tick — tang hop:
la phuong phip
tong
hap vl phtin tich cac
thong tin,
s6
lieu thu th$p dirge nhim mac Bich hieu duqc nguyen nhan,
9
nghia dm mqi sa bien dOng caa that hlnh cho vay da An
du
to vi chit luqng
them dinh tai chinh du An
diu to tai
nein hang thuong mai

CHIYONG 1. Lir LUAN CHUNG VI CHAT LUONG THAM DINH TAI
CHINH DU AN RAU
TI!
TRONG HOST HONG CHO VAY
CI.JA NGAN HANG THUONG
1.1. Hoot dOog cho way ala agio hang thuong mot.
1.1.1. Mal :dem cho vay cats ngan hang throng mgt.
Quan he cho vay duqc hinh thanh va ra dei te rit lau. Cling yen su phat
trim cita
nen kinh
te
thi throng, ac hlnh thi c cho vay mei ngiy citing ceo trinh dt, cao han.
Trong thuc tier c6 rit nhieu hinh thirc cho vay,
m&i
mOt hlnh thee cho vay deu c6 dicta
hen kinh te
xA
hOi cu the, chung
t6n tni song
song va
b6
sung cho nhau, Clang gip vai
tr6 quan tang trong qua trinh phat trien call nen kinh
Trong cac hlnh thirc cho vay thi hinh thirc cho vay ngan hang deng vai quan
tang trong nen
kinh te,
n6 dap ling phin lon nhu au di vay cua cac ca nhan, doanh
nghiep vi cic
t6
chirc Utile trong nen kinh te. Hoot dung cho vay cling la ho$ dOng

vin ala
mirth
cho khach hang di vay trong mOt khoang thbi gian nhit djnh da them thu$n.
Kink yen quan he mua bin, gia ci ngang biing yen gad tri trao d6i, trong quan he
cho vay thi gia ci
duqc
hieu IA lai suit. Lai suit cao hay thip phtt thuOc vao thbi gian
dm khan vay. Khoin vay c6 thbi gian cing dii dieu nay d6ng nghia vii rid ro cing
cao thi lai suit alit khoan vay ring cao vi nguqc kti khoin vay c6 thin gian tang ngin
thi lai suit cult khoin vay ring thip.
1
— Phan loci cho vay:
Tuy
theo cat tieu thirc phan

khic nhau mrl hoot dOng cho vay cua NHTM duqc
phan ra khic nhau.
+
Phan loci theo dii tuqng khich hung bao gem: chlnh phtl; the to chile Si
chinh khic nhir: Ngan hing, ding ty tii chinh, ; doanh nghiep; ci nhin.
+
Phan

theo thin hon khoin vay: ngin hon; trim lion; dii hon.
+
Phan loci theo phuong thirc cho vay: thin chi; tirng lin; theo hon mile tin
dung; Juan chuyen; tri g6p;
+
Phan loci theo muc dich sir dung yin vay: diu Us; phim Ai sin xuit kinh
doanh; tieu dung.

tien, nazi fling da glop t#p truing moi nguen tier nhin nit trong xi het thanh ngu6n
yin lam, qua d6 dieu tiet quan he cung — ciu ve lien to trong xa hOi, thea man tot nhu
2
Thang Long University Library
cau
cite khach hang. LI mOt don vi kinh doanh trong
Cush
voc den te vii moc dich lqi
nit*, the NHTM lutin tim catch de
t6i
da hem lqi nhufm cia minh. Lqi tic thu duerc
cis ngin hang dirge hinh thanh ter 'lilting hoot dung chtl yen cho vay vi cac hoot
dOng, djch vo khitc cilia ngin hang. Trong d6 thu tir hoot dung cho vay la chit
yeu.
Vey
cac ngin hang phii ay
von
6 diu de cho vay? Phil chang la vOn to cet cim ngfin Wing.
Cau tra lbi 6 day 11 the ngin hang phil di huy dOng
vOn nhan r8i tir cac t6
chirc kinh
ti, ca than vi the tang 15p din cu trong nen kinh
te
sau de phan ph6i loi mOt catch hqp
ljt. Chin!' nh6 c6 hoot dOng cho vay ctla ngin hing ma the chit the trong nen kinh
to
"thus
von"
c6 as hOi lcheing nhemg bito
ton

von co
djnh vi
von
luu dOng cim Mulch hang. Viec mer rung thong
thuong yeti nhieu nuerc tren thi giOi, nhu ciu ve
von Iii
cling ngiy cling cao km, the
thinh phttn kinh
te
dang rat can
von de
d6i meti c8ng nghe, mit rung sin xuat kinh
doanh phi hqp vii so phat then cim
xi
hOi, del NM ngin hang phii
no
loc hcrn nits de
dap
img nhu cliu ve von ngily cing 1611 dm the doanh nghiep.
ThOng qua
von vay
cis ngin hang, vies doanh nghiep ding ding
von
thy de
du
tu von
de hien diti hem may mac thiet bj, d6i mai deg nghe, lim cho the doanh nghiep
d6 phit trien hem, ding cao &Km chat lueing sin pham, to ra dirge nhieu sin plam
hot
th6a man nhu ciu trong vi ngoili mac. Nhu vh, hoot dOng cho vay da g6p philn

Cho vay la hog dOng cot ban cba NHTM. NO II hog dOng chit y'eu chiem tSr trong
lem trong tang thu nhip cua nem hang. Th8ng qua hog dOng cho vay, nem hang co the
dieu him van, hart chi nii ro ve van, rid ro thanh khoan , thong qua host dOng cho vay
cling g6p phin cling c6 man quan he ctia khlch hang vOi ngan hang. Trong nhttng niim
glin day, nen kith to veri nhu cau mo rung quy m8, trong bi ccr sZr vet chat hien dai, den teri
ilia mei toin bO nen kinh te, da cho thay nhu au von thing vi dui hart la cue ky an Oat
va 0 cling quart tong. Nguem van nay tato dieu kien cho ac doanh nghiep d6i mei khoa
hcc ky thuot, trong thiet b1 ding nghe mei, phuong phip san xuat mei de dtra ra nhdng
loaf hang h6a m6i. Day hi dieu kien de cac ngan hang mer rung pham vi hog dOng ctia
minh va nay cling kiting djnh vi the vi vai fro cua rninh trong nett kinh
Han nits, hog dung cho vay can 111 rich thirc kha thi de gild quyet nguan von
huy dOng can du thira tai mOi nem hang. VI v#y nghiep vu cho vay can phii duqc tang
cuing de citc nein hang c6 the tham gia na
km vio
su nghiep cling nghiep h6a, hien
dai hea did nu6c.
1.1.3.3. Dal viii Mach
hang.
Voi su phit trier nhanh cheng curt nett kinh te, da so cad doanh nghiep khOng c6
chl van de c6 thE thuc hien ac hog dOng kinh te ctia mirth, nhu au van cim ac doanh
nghiep IA rat 16n. Doanh nghiep sir dying van di den hath sin xuat kinh doanh vi ac
hog dOng kinh te khlc. Hog Ong cho vay cart ngan hang thucmg mai c6 the dap Ong
duqc nhu au ve van dm khich hang, dim bito quy m8 van vay vi tinh nhanh cheong
trong khoin vay cho khlch hang. De c6 the tan tai trong mai train canh tranh gay gat
hien nay, ck doanh nghiep an c6 sum nhay It de niim bit thi twang mix tieu, muan
den Brill ditty hien kip thin sin St kinh doanh, doanh nghiep an c6 ki hoach nguim
van de len vi On djnh de cel the mua ac yeu to diu vio, chi phi sin xuat, chi phi than
cong, Chinh vI voy, mi hog dung cho vay ctia NHTM trer thanh den bay 0 thng
can thiet cho hog dOng sin xuat kinh doanh vi tieu thing cua cac doanh nghiep.
4

qui With cho vay, qui frith thu ng nham Nut the
cac rat ro, n>ing cao hieu qui cho vay cue NHTM.
Mit khic, thong qua hoot dOng thtun djnh tai chinh dg in, dc ngan hang e6 the
giup der cho the don vi vay yen ce phuong Wing vi bien phip xi: ly the van de lien
quan den dg in mOt each
tot
nhit. Glop cic ca quan quin 15
,
nhi nuke darth gia
dirge
sir
can thief va tinh phit hqp cue dg in yeti quy hooch phit trien Chung cue ngenh, xic djnh
dirge
tich eve vi lieu eve dui dg an khi di vio hoot dOng tren
the
khia quilt
khic
nhau.
1.2.2. Mpc dick vd
,
y whin the skim djnh Mt chink dg dn Au tw.
Tr'en thgc
te,
phan len the di: an dux hien der dang, that boil la do da khong dirge
them djnh mOt
each
ki Wang
truck khi thgc hien, cen mang firth chit quan cue ngutri
1#p dg an. Do v#y khi ce nhitng thay ded dive ti ngoii dv kien, cac chu dau to thtr?mg
lam vio the bi dOng vi lung ding. Chinh vi le d6 bit 1c9 mOt dg an nio, vies thim djnh

dung von co muc Bich, thing deal ttrqng hay khling. Vigor kiem tra nay se thuc
hien truerc, trong va sau khi ngan hang tien hanh gill ngan, gOp plain thee diy
du an du tu c6 hieu qua.
-
Tham djnh tii chinh du an la Ong vies rot phi= tap, vi the kh8ng the tranh
kh6i nititng thieu set khi thuc hien. Viec tham djnh du an se giup cho tic min
b0 tilt= djnh ciut ngan hang phli thuang xuyen duqc tich lily kinh nghiern,
buff
bye, ding cao
kg
nang phan tich, danh gia va than djnh tic ruff ro ciut du In.
Nhu 4y, thin djnh tai chinh du in la v8 cling quan trqng. NO ginp tic NHTM
dish
gia duqc chinh xac hien qua tai chinh den nhu hieu qui din to du in, tir de km chqn duqc
nhOng du an ce tinh kha thi cao de tai trq, dim hi° ;dui ging thu hOi von va lei vay.
1.2.3. Quy trinh
thins
S/nh dr tin tau tar tgi ngan hang
thuring mgt
Muc
ditch cita ngan hang khi cho vay du an lit lam sao de eel the dim bao duqc an
town luqng v6n vi lam cho ne sink lbi. Tuy nhien di c6 the thu hOi dti von va vay
nhu mong mut% thi ngan hang khemg the chi diva vao ket qua thin djnh du in cue cic
ca quan qutin 19 nhi nuOc vi nha diu to ma ngan hang phii tu tham djnh du in bang
phtrcmg phlp va theo quan diem rieng ens mirth. Do vay, ngan hang tien hinh thin
djnh du in chn yen tap trung vao tinh phn hqp ve mat phlp ly, hieu quit Si chinh dac
biet la kha ning thu hOivon du tu. viec thin dinh cult nem hang duqc dien ra trong
suSt thbi gian dien ra hoot dOng diu tu ifs lum hinh thanh du an den Me du in di vlo
hoot dOng vi thu hOi dit v6n ma nein hang mong mu6n. viec thim djnh nay dbi
hOi

'lath hang, ten kilo, tai sin c6 djnh, diu to tai chinh dai han, xay thing ca
se der dang, vay nein hat, phai frit ngubi ban, vay dai han, nq dai han, von
chit sa hitu, lqi nhuin de lgi, the khoan mix thing luu y khac.
+
Phan tich bao cao kit qua kinh doanh bao gam: Doanh thu (ea au doanh
thu, xu huemg bien dung, nguyen than hien dOng, Mc dO tang truing, cat
than t6 anh htremg, ); khoan giant trt1 (ty trcmg, xu huang bien Ong,
nguyen !than, cach Ichic phyc, ); gia v6n hang ban; lqi nhuon (cc ciu, xu
htn5ng bien dOng, nguyen nhan, Mc de tang truing trung binh, nhan to filth
htremg„ ); met s6 yeu t6 ding luu y khae.
+
Phan tich cac he s6 tai chinh bao gam: t6c dO tang quern doanh thu, Mc dO
tang truing lqi nhuen, ROE (lqi nhuen sau thui/v6n chit sa httu), ROS (lqi
nhuen sau thue/doanh thu),
—
Thong tin ve quan he coa doanh nghiep vii cat t6 chat tai chinh.
+
Phan tich quan he tin dung tea doanh nghiep vii the t6 chat tin dung theo
thong tin dm khich hang cung tip va thAm djnh cart phong the
►

Binh bao
7
gem: ten t6
chirc tin (long, loai vay, s6 tien theo tong hop dong, tai sin dim
Ho, moc dich sir dung, du nq hien 4i, tinh hinh khoin vay.
—
Phan tich nhu tau vay von.
+
Thong tin co ban ve do an bao gem: ten do in, quy m8 von

du
to bao
gem:
nAng loc ban Binh duo
quin bit do in, kinh nghiem quin ly tii chinh do in, Wing lot don vi giim
sit thi cong,
nguen von nr
c6 cua doanh nghiep.
+
Thim djnh khi nAng trim khai thi cong ctia cic nhii thin bao g6m: nhi thin
chinh thi cong phAn xi y dung, kinh nghiem mkt nhi than trong thoc hien
Ong trinh tuong ttic, nhi thin cung cAp cong nghe, kinh nghiem cua nhi
tau cung
cAp
ding nghe trong thus hien cong trInh tuong
+
Tham djnh khi nAng von hinh dm do an bao g6m: kinh nghiem quin
dieu hinh dm ban Binh duo, tj
,
tong the nguyen vet lieu
du vio
de sin
xuAt ra met sin pham dau ra, khi nAng cung (mg cic nguyen slot lieu
du
vac,
tren thj trutmg,
nheng
thu$n lqi vi eche khAn cda do in de co nguyen
lieu
dAu

du
Ur.
Thim djnh tai chinh du an bao g6m nhieu nOi dung lien quan chat the yen nhau.
Nhang nOi dung chi yeu ma clic nhi them tlinh chi trqng :
- Xdc djnh tong du tan von du tir vi citc ngu6n tai trq ding nhu ac phut:mg
thin till trq du tin.
-
Xac djnh chi phi vi lqi fch colt du in, to 46 xfic djnh dung tien cia du an.
-
Xac djnh
tY
suit chiet khau elm du An.
-
Xac djnh ac chi tieu hien qua tai chfnh du In.
- Dinh gilt nii ro tong du an.
1.2.5. Hoot
ding thins djnh tai chink dr in Au tr trong hops king cho vay
cira
ngdn hang throng mpi.
1.2.5.1. Thins din!: Sing met diu tir va nguin tai try cho dr sin.
ThAm
djnh tong mire dau to li met trong tilang nOi dung quan tong b?ri tong
mirc dau to ce anh hu?mg rat lifm den soot qui trinh durc hien va hien khai du an diu
hr. Chi can nhOng thay d6i nh6 trong tong mire dau to nhu thieu von hoac lang phi von
da tao ra nhOng anh hthmg len 461 yeti tom b0 du an. Trong nOi dung tham djnh nay
can chit frog den cac van de nhu &nit gia tlnh hqp lY cia quy mo von vi ca cau
ngu6n von
,
kiem tra sit day 46 ciut cac khoitn chi phi, xac djnh nhu eau von diu to cho
tong thai Icy va cu6i cling la kiem tra cac ngu6n tai trq von cho du

An
du to chieu sau va mo rang, tY le dau to thiet bj
can dat la 60%. Tuy nhien phii hit she firth host then firth chit va dieu hen cy the ciut
du dn. Trong twang hqp ac du in sin xuit cong nghiep c6 tY le xay lip va kiln thiet
9
cc ban cao can phii
duqc
ri soli tim hieu de c6 bien phap elfin bat quy me vi Ich6i
luqng xay lip mOt cich hqp 15r. Cic can 1)0 thin djnh can phii luem ket hqp xic djnh
tong mut von diu tu di d8i v6i viec xic djnh mOt cc cao von dau tu hqp 1ST cho du an
de
diun bio tinh hien qui.
Tren cc so danh gil quy m8 vi cc ciu hqp ly cia king vein dau tu the can b0
them dinh con can &th gii nhu ciu sir dung von cho timg thbi lcjr. Cin phii &Snit gii
dirge tien dO thuc hien du in vi kM Wing dip emg von mkt doanh ng,hiep trong timg
giai down,
day Ii
mOt nOi dung quan tong, ne khong nhftng chi giip giim bat ren ro
g#p phli do thiku von trong qui trinh thuc hien du An vi von Muth ket qua Mu tu mi
con li can cu quan trong
a
xic
djnh mire lAi suit cho vay hqp ljr trong timg giai down
cis du in, $c biet lii giai down thut hien du in.
Ket hqp yen viec dinh gii tong mile Mu tu cac can 1,0 them djnh phii danh gii
phan
tich dirge the nguOn tai trq von cho du an, dieu nay lien quan an mic dO chic
chin ve nguOn von dm du an. Ben canh nguOn von vay ngan hang, du An con c6 the
huy dOng yen to rat nhieu nguOn khlc nhau vi viec diinh gii tOng quan etc nguOn tii
trq d6 se glop cho cic can b0 them djnh ce the xic djnh dirge nhu cao ve von cho timg

cia gii bin sin phiun.
Gil bin phii phi hqp yea mit gia Chung cis thj twang vi dOc tinh sin phim cling
10
Thang Long University Library
nhu kha Wing

tranh cfra doanh nghiep di vay tren thi trutmg. Gil ban con thay d6i
theo nhu ciu ciut thi throng vi chinh sach cos doanh nghiep trong timg thbi k9. Cac
can be thim dinh cin nim re duqc xu the bien dOng gil ca. Ben sh de quy mo
sin luqng hqp 1, cling la met nit t6 quan trqng, neu c6 qua nhieu hang tan kho trong
khi kh8ng phai do chinh slch ban chiu cos doanh nghiep thi dig thut su la met m6i lo
vOi bit ke doanh nghiep nio. Nam bit duqc gilt ban va sin luqng cola sin phirn
dich vu ctia du an cac can be thim dinh c6 the
a
danh danh gia duqc chinh xlc doanh
thu ala du an trong cac nam sau My.
D6i vai chi phi vim de hang du la kiem tra str dAy dti vi chinh xic cue
cac
khoin chi phi. De lam duqc (Lieu d6 S can be thtun dinh an lop bang tinh chi phi cho
du an. Chi phi g6m nhieu tool khlc nhau
—
Chi phi xay lip g6m : chi phi v$t lieu, chi phi thiet bi, chi phi kho bai
—
Chi phi nhan cong gam : chi phi tit Luang, phu cap, chi tra bao hiem xa hOi va
cac khoan thutmg
—
Chi phi quan 1y gom : tom be chi phi cho be may quan I, doanh nghiep.
—
Chi phi khlc nhu : chi phi khiu hao, chi phi bao tri, bao clueing, chi phi thue to
vin, chi phi thug quang c.ao

k
: S6 von
vay tir nguim k.
rk: Lai suit vay tir nguen k.
m:
S6 ngu6n vay.
+
Neu vay theo cac kjr hart khic nhau thi phiti chuyen Iii
suit
di vay ve cnng
met lcjr han, thong thu&ng la theo nAm.
r,, = (1 + re — 1
Trong de:
r„ :
Lai suit
theo kir han theo nim.
r
i
: Lai suit theo lcSr han t (thong, quSr, ).
m : se kt han t trong 1 nom.
— Truing liqp 2:
+
Neu chr an huy dOng von tir hai ngu6n: Van chit str hfru va vein vay, thi'Y' la chi
phi sir dung von binh quart gia guy& (WACC — Weighted average cost
of capital).
WACC = %E * e + %D * d
Trong do:
%E: TS' le
von
chit so Mu.

lam phut (lAi
suit
thqc te).
f: TS/ le lam phut.
r: Lai suit chi& khiu chua firth den yeti
t6
lam phut (Ili suit danh nghia).
12
El
n
=i
l
vk
Thang Long University Library
1.2.5.4. Them gnh dbng din hdng nim.
Doi vii
cac NHTM not chung khi lien hanh thiun djnh hieu qui tai chinh cue dv
in thi cic chi tieu Wm chi phi sin xuit kinh doanh, doanh thu, lqi nhuin, Ur dv in
chua chic di la chi tieu thvc sv ding quan tam nhit. Bii le cac chi tieu nay chi mang
nghia tong kit hog dung kinh doanh cue dv in tren s6 sich ke tom (chi mang tinh
chit thii Icy) ma kh8ng the phan inh chinh xic thu nhip vi chi phi duqc thu vao hay
chi ra, hay not each khic chin to kheing the xic djnh &Km thii diem 'cat hien cia
cac khoin din nay. Chinh vi voy, de co the dua ra duct nheng phin tich, dinh gia
chinh xic nhim xic djnh dv in co hieu qua ye met Si chinh hay Ichong, ben earth cic
chi tieu chi phi, doanh thu the can bt, thim dinh cart quan tam Uri ding tien hang nim
cita dv an (CF).
Ding tien cue dv in duqc dinh nghia lit phin chenh tech trong ding tien cis
doanh nghiep trong giai don mil dv in duce dive hien so yeti lic khong thvc hien dv
an. Ding tien dv in bao gem ding tien vao vi ding tien ra. De don gam hia vi tiet
kiem chi phi thvc hien, trong cie dv an ding tiin daring duqc gia djnh Ii xuit hien