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
kinh doanh chti yeu cua ngan hang throng mai. Lqi nhutin tit hog dOng cho vay
thuong chiem phin 16n trong t6ng lqi nhuan ala ngan hang thuong moi.
Lujt cic t6 chirc tin dung ban hanh nam 2010 guy djnh Khoin 16 Dieu 4 ve
viec cho vay dui vai khich hang tai ac t6 chirc tin dung thi: " Cho vay la m tit hinh
thtic cap tin dyng, theo do ngan hang throng mgi giao cho khach hang mot khoan tan
di dyng vao mOt myc 'itch va mOt that gian Mat dinh theo them thuan voi nguyen
tdc co hoan Ira gdc va
1.1.2. 134c dam ctia cho vay tql nein hang throng myi.

- Tinh phap ly cna cho vay:
Hoat dOng cho vay pea ngan hang thuang mai (NHTM) dutic dua trot' nguyen
tic hoan tra va sir tin Wang. Theo de ngtrei di vay se phii holm trit ca gee len lai khi
khoin vay den h?n thanh toan. Ngoiti ra trtrec khi cho vay, ngfin hang phiti c6 su tin
Wang del vii ngtrei di vay, tin ring hp se tri duqc nq cho ngan hang.
Trong quan he di vay, hieing c6 su vin dung cult quyen se httu ma chi eel RI van
dung cua quyen stl dung. Cu the b day, ngan hang chuyen qui& sir dung 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

But 5: Gil= sit thu nq vi thanh ly hqp deng cho vay.
— Lai suit trong hqp ang cho vay theo thoa thu$n gifted khich hing vi ngan
hing cho vay (lai suit to djnh, Ili suit thi not ...).
— Cic khoin cho vay c6 ho#c khong o5 dim bio thy vio viec dal* gia vi xep
hang khich hang cut% ngfin hiing cho vay.
— Khi ket that hqp demg khich hang c6 nhiem vu tri gee vi lai hotIc met at they
thu$n khic nen duqc nein hang cho vay chip thu$n. Tutting hqp khich &mg
kh8ng thuc hien duce hqp deng hay kh8ng c6 met dieu khoin nito khic thi Si
sin dim bio thut quyen guy& djnh ctia ngan hang cho vay.
1.1.3. Vai frit ail: hoot ding cho vay.
1.1.3.1. Val trb dli obi nin kink ti
— Hoot dOng cho vay that diy qui trill tich to gip bung von thin rei trong xa
hOi vi tieing cao hieu qui sfr dyng von.
Val chile Wing IA flung gian tai chink dimg gifts nguiri di giri lien vi nguiri vay
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
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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 than nit s6 hen cim minh ma can c6 the

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.
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1.2. Thiim djnh Si chinh dg in Mu to trong bout dOng cho vay cast nein hing
thuirng mui.
1.2.1. Mt& nips thins djnk Mi chink dp• tin An 1w.

Tham djnh tai chinh di/ in trong hoot dOng cho vay cue NHTM lit viec to
thu th#p xis l thong tin ye tai chin!' cua dg in mOt cich khich quan, town dien. Cic
nOi dung ca bin inh htemg trim tiep den dnh khi thi cue dg an lam can dr de ngan
thing ra guy& djnh cho vay.
— Str can thiet phii thgc hien them djnh tai chinh dg in trong hoot dOng cho vay
cue ngan hang thuong mui.
Hoot dung cho vay theo dg in trong hold dung cho vay cue NHTM la horn dOng
dem lui nhieu igi ich cho ngin hing song ?long thoi ne ding la hoot dOng doi hdi Nat
16n, thtri han k6o &Xi vi tiem in nhieu rui ro. Vi 15, do do, tram khi cho vay, nein hang
can ti'en hinh them djnh tai chinh dg an mOt cich Dion tong.
Thim djnh tai chinh dg an du tu trong NHTM dirge xem la giai dorm Ich?ri dau
quan tang nhit trong qui trinh cho vay dg in. Qua qui trinh them djnh, ngitlt hing se
dinh gii dg in. Ti nheng ket qui phan tich thu dune, ngin

- Thim dinh tai chinh du an ginp clic NHTM dua ra kit
qui ye mit tai chinh ciut du an, tir d6 xac djnh duce khi nang hoan vin ctla du
in. Tren co so nay, cac NHTM men dua ra guy& djnh tai trq cho du in hay
khan, neu ce thi tii trq b mire nao ve gia tri khoin vay, then hart vay, du kien
lien dO gill ngin, lai suet cho vay, cach thtic thu my, cite hien phap Wm dam
tien vay...
- Them dinh tai chinh du an gulp the NHTM luting fru& duqc cic ruff ro e6 the
)(ay ra nhu: su hien dOng elm thi truing diu vao, cac sin pham diu ra, cic yeu
t6 ding nghe, mat yeti t6 chinh sich, m8i truing phap 19_ gay inh huling den
qua trinh trien khai thuc hien du in do. Tir d6 cac NHTM se co co sea de tham
gia gap St, tu van, bA sung them cat gill phap cho chi diu tu Main hen the
den mix thap shat mqi nilro ce the thy ra.
- Thong qua qua trinh tham djnh, cac NHTM se co can cu de kiem tra viec sir
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

'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 dAu tit, vj tri
dau tu, tong mirc dau tit, yen to co, von vay, sin phaim dau ra, chit tau tu,
sir can thiet dau tit, lien de, thoc hien ke hoach, lien dO thoc hien thoc te.
+ Phip ly ctia do in bao gem: cic 116 so, van ban, chung tir lien quan chimg
mink phip 151 do an.
+ Titian dinh tinh hop It tits quy mto dau tit: so sixth suit dau to vai suit din
to do BO xay dung ctia do in tuang to.
+ Thong tin ve ding nghe do in bao g6m: cong nghe do in do kien ip dung
vi inh hutmg tit chinh sich ctia chinh

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. Vai moi van di
di kern voi d6 la vied nhan djnh ac ruf ro c6 the xay ra, di tir 46 dua ra ac bier phap
khac phuc kip th6i.
,

Mak het, la can b0 Mn djnh can xem xet din mat hqp 13, cua tong inqc dau
tit. mOt s6 Icholin von dau hi an xem xet chi tilt nhu von dsu to xay lip, von dau to
thiet bj, vOn kiln thiet ca bin vi ac loci von khric. Trong met so trubng hqp ac chi
dau to dittoing khai gilun so vai s6 von thus ti dl a ding hon trong vies xin vay von
ngan himg. Neu !thong xem xet lc, rat c6 khi !tang trong giai down thud hien du In se
yip phii rirf ro thieu vOn din din thin be du an bj dinh tre, anh hu?mg nghiem tong
den hieu qua cia du an. Ben canh do cling c6 met s6 trutmg hqp khai vtryt qui s6 vim
an thiet, dieu nay lai gay ra tinh trang lang phi von khOng an thiet vi inh hutmg tryc
tiep toi cac chi tieu hieu quit di chfrilt cia du an. Nei chung, cac can be thiun djnh can

hien qui di chinh sau nay cis du an.
Them djnh tong mile du to li mOt nOi dung quan trong vi dirge ip dung vii tit ci
cac du an ki ci du in cda tu item hay ciia chinh phu. De tinh town tong tuft dit' tu cis
du an etc NHTM 6 Viet Nam thubng ding phuong phip tong chi phi de xem xet lei tOng
mire tthu tu ma Ichich hang dua ra, the 'chain chi phi cling nhu tOng mat diu to thuemg
duqc so sanh doi chi& tren mOt miu cia rat nhieu du an tucmg duong trong ding Mil we
ma ngen hAng da tong cho vay. Viec yen dung phuong phip so sash d6i chieu nhu v#y se
lam giim then gian cho etc can b0 thiun djnh trong qui trinh phan tich danh gii cling nhu
dua ra cic ket luen trong doi chinh xic ve tong mac von diu tu cia du an.
1.2.5.2. Thins *h doanh dm, chi phi cut; dy dn.
Viec xic dinh doanh thu vi chi phi du in cult chi Mu to thir?mg ce rat nhieu sai
sat do phu thuOc vio rat that' yeu t6, yeu to chi quan vi yeu to ichach quan. Trong
khi d6 doanh thu vi chi phi lei ail nhftng yin to quyet dinh tai lqi nhuen trong tuong Iii
cia du in vi ant huing true tiep ten den hoot dung cia doanh nghiep cling nhu khi
Wing tri nq cia hq desi vii nem hang. Chinh vi vey nOi dung My dirge etc can 130
thin djnh thim di/1h het sire kg luting vi then tong.
V'e doanh thu coat du in an phii kiem tra den tinh hqp 15 , cia gii bin sin phiun.
Gil bin phii phi hqp yea mit gia Chung cis thj twang vi dOc tinh sin phim cling
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tranh cfra doanh nghiep di vay tren thi trutmg. Gil ban con thay d6i
nhu kha Wing
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


+ Neu vim sir dung hoan tan IA von vay, nhung vay to nhieu ngutm thi "r" la
lei suit vay binh quan cue tAt ca cac ngu6n.
11


_ E .iliderk
',It

r=

Eln=i lvk

Trong do:

Lk: 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.
ri : 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

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
vao cuii nam.
Ding tren gific dO dm the NHTM, yen tu each la nhi tai trq dv an, cie dv in ma
ngan hang thim djnh duqc tai trq bbi cie nguis von Mn hqp bao gam yen tv co cue
doanh nghiep, va yen vay ngtin hang. Ding tien cis rata dv an la ding tien tong hqp
tir ba ding din: ding tiin hog dOng sin xuat kinh doanh, ding tien tir hog dOng diu
tu va ding tien tir hog dOng Si chinh.
Trong di ye co bin:
—Ding tien (CF) = ding lien vao — ding flan ra
— Ding tien vao (CIF — Cash Inflow): Phan anh cac khoin tien thu vao hang
nam trong Man 130 chu kt cue dv an.
— Ding tien ra (COF — Cash Outflow): Phan anh cac khoin tien chi ra hang nam
trong tom b0 chu ky cart dv an.
D6i vii cac ding tien tir hog gong du to thi ding tiin ra bao gem cac khoin
chi du iu tai sm co djnh vi nhu eau van luu dOng ban du con ding tien vao bao gom
cac khoin thu hei cued kjr nhu gia tri thanh ly di slut co djnh (thying duqc thy bing
gia tri tai sin can lai mkt tai sin co djnh mei ky hoic tric luqng thvc ti) vi yen luu
d(mg thu hii cuii k9 (thtremg &Km thy bing mhu eau vim luu dOng cuoi kt).
Doi vii ding tien tir hog dung tai chinh thi clang tien vao bao gom cac khoin
nhu ghip yin tv co, yin vay con ding titan ra bao gim cac khoin tri gic vi Iii vay,
chi tri ce rim hay khoin chi cho phic lqi, khen thuing
13

—Gin tri hien tni rong(NPV).
XuAt phit cue viec &nit gilt chi tieu Wily Ia dv an dsu to chi dirge thvc hien nett
khoin tien nhon dirge tit dv in it Whit phii bang khoin tien da be vio diu hr. Tuy
nhien, nhitng khoin tien ma dv in dem loi trong twang lai tai nhang diem khic nhau
phii dua ve cling mOt thtri diem thong qua mOt mac Ili suit chiet khau do nguyen tic
gia tri than gian cue dong Wen. NPV cho to hi& mart lqi nhuAn rang tuong duong dirge
quy ve thtri diem hien tai cue dv in thong qua mOt mac Ili suit chiet khiu (thong
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thud ng d6 la lei suet thj triRmg). DO chinh la fieu chart de xic djnh mirc der hien qui
elm &Ong viec sir dung cac ngutin Ivc dau tu.
Theo ding thus:

B.*
-0 '

NPV = Et_

1

vn r *
L'i=" 1

1

Trong do:
13; • cac khorin thu ciut nem i (doanh thu than, gia tr1 tai san thanh ly, yen ltru


Trong d6:
ri : Li lei suit chiet khiu img vOi NPV1
r2 : La lei suet chiet Ichiu img Writ NPV2
Dv an duqc chqn la dv an c6 IRR len hon lei suet' diet kheu, Urn truong hqp co
nhieu dkr an ma chi chqn mOt thi to chqn di/ an co IRR 16n nhit va len hcm lei suet chid Ichiu.
Tren tlwc de tinh IRR se rit met rat nhieu thai gian va cong sire chinh vi viy
cac NHTM thuang dung die phin mem may tinh chuyen biet nhu excel de tiet kiem
thin gian WI chi phi. Phuong phap nay se cho ket qui chinh xac nhet.
15


- Thiri gian thu h6i van T.
Sit dyng phuong phap de danh gia lieu quit tai chinh dv an se xac djnh duqc
Ichoang thoi gian cin thief de nhttng khan thu nhip kt wing trong tuong lai ma dv an
dem 1ui c6 the bit dip dirge Itrqng vein din to ban diu.
De xac djnh then gian hoin von cac NHTM thubng ap dung phuong phap tnt
din bring cach lep bang tinh deng tier hang nlim sau d6 tinh lily ke &Mg tier cim dv an
de xac djnh xem trong khoing thoi gian nilo clang tie ► c6 sv dei dau c6 y nghia la dv
in da bit diu thu hei vein diu to vi c6 lfi. Ket hqp von de 11 xem xet thbi gian thu hei
von diu to mit cac chit diu to dua ra xem c6 hqp Oven quit trinh tinh tofin hay thong.
Vol cac dv an &X lop, dv in duqc chqn la khi thei gian hoin von ciut n6 nim
trong khoang thin gian hoin von tieu chuin. Thbi gian hoin von tieu chuAn cim dv in
c6 the duce xac djnh dva tren kinh nghiem cua cac can be thim dinh, thiri gian hoin
von trung binh cua ngimh hoc dva tren khi nAng dv dab cim nha dau hr.
Vol cic dv an logi ft* nhau, cac dv an se duqc sip xep theo thoi gian hoin vim
giam din. Dv an c6 thin gian hoin von nhanh nhit vi nim trong khoitng then gian tieu
chuin se duqc Iva chip.
Qua vi'ec phin tich, dfinh gia cac chi tieu tren deu c6 uu vi rilitrqc diem rieng
nen trong qui% trinh thim djnh cac can be thim dinh ket hqp cac chi tieu de dua ra kit

tri nq dm du in hang nlim bao gam lqi nhuen sau thut, khiu hao vi cic nguan ba
sung khac. Tuy nhien chit yeu let van death gia nguan tra nq hing nfun tren 2 nguan
chinh let !chin hao tai sin c6 djnh let lqi nhuln sau thug.
Cin b0 thiun djnh can phii dua veto ke hooch khan hao, bang du fro doanh thu
vi chi phi cult du in di thim djnh khi nang tri nq hang nitm tir 46 xic djnh bang can
dai tri nq mia du in.
Tfr being can dai Sri nq the an 130 thiun djnh cel the tinh duqc tS , le dim bio khi
Ming tra nq eta du in trong tong vi due ra kat dfuth gii ve Wilt hieu quit vet
kha nang tri nq eta du in trong ttrcmg lai.
1.3. Chit Itrung thim dinh tii chinh dg in din hr trong hoot ding cho vay ctia
ngan hing thtrung
1.3.1. Khdi Wins chit hong Shim fink tdi chink At an au W.
Chat lugng eta viec thim djnh du an nth chung vi thim dinh tii chinh chr in
nth rieng c6 inh htremg rat lem den hoot dOng cho vay eta NHTM, tir da inh huemg
true flip tea lqi nhuin vi su an town eta ngan hang.
Trong qui trinh thim djnh Seta chinh du an, de du an duqc vay tien met nem
hing khong bj met von, cac can bo thim djnh phii xem xet, dinh gia mot cich khich
quan nheng van de c6 lien quan den khia canh teti chinh cfra du an. Can bei thim dinh
phii danh gia xem: du an c6 mang 13i lqi nhuen de c6 khi fling tri nq cho nein Ming
hay khong? Thai gian tra my lit bao lau?
MOt du an dot hieu qui ve mit tai chinh khi du in 46 da thim djnh phai ce Icha
nang tri nq (ca geic va lei vay) thing theo du kiln, thiri gian them dinh nhanh ce hieu
qua, c6 hieu qui ye xa hOi, khong phit sinh cic khan my khe doi, qua hen, tir 46
gitip cho nein hang c6 lqi nhuftn. Mot du in thim djnh kern, khong ce) hieu qui ve
tai chinh khong rtheng lim cho nem hang 'thong thu hai duqc van, suy gietm lqi nhuin
met can c6 khi nang din then bet we phi sin. Do do, 'tang cao chit luqng thim djnh tai
chinh du an diu tu la nhiem vu quan trqng hang diu ctia nitoi ngan hang, n6 dal heli
phii duce lam thtremg xuyen, ce khoa hoc vi nghiem die

1.3.2. Cat chi Ulu plan fink chit Iwgmg thins trinh tdi chink ay an din tut

htemg xau den thu nhOp tha ngin hing, thorn chi de doa den khi ning thanh khoin
ciut ngin hang, den skr an town trong hoot dung a% ngfin hing. Nguqc I0i, cic khoin
vay c6 chat luqng a idling 'Meng nein hang sir dung vein thin riii de sink lei, ma
con mang lqi nhuon cho ngin hing. Neu Iqi nhunn rang tir hokit dOng cho vay du in
cang cao, the high hokit dOng cho vay du an mkt ngan hang cang hieu qua, cling chinh
li Gong tic tan djnh not chung vi them dinh tii chinh du in nen rieng thkrc hien tot
truest khi dua ra quyet djnh cho vay.
Chi tieu de dinh gii Iqi nhuth tir cho vay du in li chi tieu tSr suit Icri nhuin. Chi
tieu nay phiin ink kha nAng sinh ltri cua cic khoan vay trung va dai han, qua de phan
inh chit luqng them djnh tai chinh du in du tu. Chi tieu nay cang cao thi chit luqng
them djnh tai chinh du in diu to cling tot.
— Lq
nsi nnghu4
dunnt:cchhozyy trunnggvatrat
+ TS, suit lqi nhuan
Ngoai chi tieu ty suit lqi nhuin can co chi tieu tj lg Iqi nhuon cho vay trung va
dai hen cling phan inh chit luqng cho vay dq an trung va dai han cda ngan hang.
_ Litt nhu.in ti} cho pay Wang roa dal tan
TS, 10 nthin cho vay trung vi dii hurl
Tong lot nhu.In cfr cho vay
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Thang Long University Library


Chi tieu t' lqi nhuin cho vay tnmg va dai Mgt phan anh mtic dO quan tong ala
hoot dOng cho vay tnmg va dai han trong hoot dOng cho vay ctia nein hang. Neu tS , 1
nay cling cao chimg to nen hang c6 mOt nguen lqi rat len tir hoot dOng cho vay trung va
dai han, dieu d6 co nghia chit lugng thim djnh tai chinh do in cila ngfin hang rat tot.
1.3.2.3. Np quti hgn vd

nghia neu nhu can 130 thim djnh khong du trinh dO vi ;dieing co phucmg phip lam viec
khoa hgc, righiem tut. Sai lim Ma con ngtreci trong qua trinh thim djnh tai chinh du An
dit va tinh hay coy deu din den nlvang heu qua nghiem tong ants huerng den taisin
coa ngan hang, gay cho ngan hang kh6 khan trong viec thu hEi ng, nguy ca mit von vi
suy giam lqi ton kinh doanh la khong the trinh kh6i.
Thim djnh tai chinh du an la met tong viec phut tap, tinh vi n6 khong don gian
chi IA viec tinh totin theo !tang tong that co sin ma n6 dei hai cac can ba thim djnh
phai hai to nhitng yen t6: kien thtic, kinh nghiem, nang lire vi phim chit duo dire.
Kien thirc d6 la sir am hieu ve nghiep vu, chuyen man vit hieu biet rang rai ve cat linh
we trong den sang kinh re, xl hOi, khoa hoc. Kinh nghiem dm can 130 thim dinh cling
c6 inh huong Pit lem ten qua trinh thim djnh, nhang tich lily trong hog dOng thut tier
nhu nap xne yen khach hang, khio sat non host dOng cua doanh nghiep, phan tich the
bao cao tai chinh se &Up cho the guy& djnh Ma can 130 thim dinh chinh xic hon.
Nang km la khi Jiang nim bit vi xir I9 tang viec tren ca sa kien thirc vi kinh nghiem.
Ngoii 3 yet to tren the can bb thttm djnh can phiti c6 tinh Ic9 lukit cao, phim chit duo
dire vi long say me nghien elm vi kha Wing nhay cam trong tong viec. NM can 130
thim dinh c6 phirn chit duo due khong tat se ants huang xiu den quan he giffa ngAn
hang vi khach hang lam mit uy tin cos ngLin hang, dua ra nhftng nhan xet thitu tinh
khich quan, mirth birch lam ca so cho viec quyet djnh cho vay cua ngan hang. Ket qui
thim dinh tai chinh la tong viec caa ca nhAn nhtmg ne inh hiking den tinh hinh tai
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Thang Long University Library


chinh cua flan hang, d#c biet la tilang dv an lon doi hoi phiti co tau yen va then
gian keo dal, do da can be tham djnh can phai co tinh kt lu#t cao va king thin nai,
tuan thu quy trinh tham dinh cala ngen hang Qe ra va co nhang sang do trong qua trinh
tham djnh. Su hei hr nhemg you t6 tren la co so tien de cho nhang quyet djnh dimg din
dm can b0 thim djnh tai chiral dv an, tir d6 gitlp ngan hang lira chop nhttng dv an t6i

mang nghia tucmg Van de la cac nguon thong tin phii dam bao dO tin c#y co
nghia quyet djnh. Trong moi twang canh tranh nhu hien nay, tinh kjp thei cult cac
21


nguin thong tin thu thep dugc ci sinh htemg khong nhe den chit lucmg thim djnh. Sr
chfun tre ciia thong tin lam anh huing khong tot trong In& quan he gift khach hang
yeti ngfin hang, nhit la khach hang truyen thing va c6 the lam mit cu hei tai trq cho
mot du in tot.
Ngoai ra, ben cunh viec ci dugc cac ngu6n thong tin day de, chinh xac va kip
died thi viec km chgn phucmg phap xir 11, km trtt vi sir dung cac thong tin de dung
new dich cling can duqc quan tarn.
Nhu vjy, thong tin c6 vai tr6 tit quan trong tong qua trinh thim dinh tii chinh
du an, nhtmg de c6 the thu xir 1Y, Wu tilt thong tin mot each c6 hieu qui can phai
c6 the trang thiet bj vi cac phan mem h8 trq.
— Phuong phip va fieu chuin thim djnh.
Tren ca se cac thong tin da thu th#p dirge thi viec 1ua chqn phuong phap thtun
djnh cling rit quan Mpg. DO la viec Ilia chqn cac chi tieu danh gii, each thec xi/ 15 ,
th8ngimoeackq,tniphvgadunctheipoa13)
thtun djnh phftn tich, tinh town hieu qui tai chinh du an nhanh chong, chinh xac, du bio
cac khi nang c6 the thy ra trong tuong lai de tranh duqc the raj ro.
Mai du an c6 nhfkng dOc thu nhat djnh, khong phai bit car du an nao cling lip
clung dirge cac tit ci cac chi tieu trong he thing tham clink do di viec lira chqn
phuang phap va cac chi tieu lam sao danh gia dugc tinh khi thi ve m*t tai chinh cim
du an cling nhu tinh kha thi ve kha nang tri nq nghI hang. Phuong phap thim djnh
phai mang day de not dung va de cap din tit ci cac vin de tai chinh co lien quan dung
tren gee dO ngan hang. Vgi nheng phtrang phap thim djnh tai chink trong giai down
hien nay se giep cho qua trinh tham djnh dugc tilt* Iii, chinh xac va tom dien hon.
Trong qua trinh tham djnh viec lira chip tieu chuan de danh gia hieu qua tai
chinh cfm du an dAu to cling rat quan trong. Viec tinh thin den gia trj thed gian cM tien

thanh mOt he thong doing 150 se ning cao chit luqng thin" atilt tai chinh dv in. Doing
Uri, nem hang phi c6 co the kiem tra, &in sit chat the qui trinh them dinh &Si von
timg ca nhan va be ph#n thim dinh. Tuy nhien, cic quy djnh tren khting dugc cling
nhic, g6 be mat di tinh chti dung, sac sang too cos timg ca than lam giam chit luqng
thim dinh dv an.
1.3.3.2. Nlan 14 khdch quan.
Tharp djnh dv an n6i chung va thim djnh tai chinh dtr in mai rieng bi chi ph6i bed
nhieu nhfin t6 khach quan, d6 la nhUng thin t6 ben ngoai tic dOng vao dv an lam cho
chit luqng thim djnh tat chinh dv an bi giam slit. Cic dv an thutmg c6 men thq dfli, do
de rat ro ma cac than to khkh quan mang l3i la rat kW) dy bio nhu: tinh hinh kinh te,
chinh tri, cic cc the chinh skh, phip lu$t cue nha nuOc... ma cic thin t6 nay in&
loon thay d6i va nim ngoai tam kiem soit cos ngan hang va chit dv in.
MOt nen kinh to cue mOt ow& gia phit then thieu ding b0, kh8ng On dinh, chua
phit trien se hart the trong viec cung cap nhitng thong tin chinh xic phuc vtt cho viec
thim djnh. Deng thai nhfing djnh hi:Ong, chinh sich, chief' luqc phit trien kinh te, xi
hOi theo vimg, lath th6, nganh... chua duct xiy ding cv the, thing b0 va on dinh ding
li met yeu t6 gay rtii ro trong phin tich, dinh gii va di den chip nh#n dv an. Nhieu
yeu t6 nun ngoii tam dy bio ctia ngan hang nhu: thien tai, chien tranh , khting b6...
lam cho ngan hang kh8ng the thu h6i duqc van bOi vi run ro nay anh hut:mg nghiem
trqng den dv in va doanh nghiep khong the chting der duqc.
23


Mei trutmg phip ly voi &Cling ;Nem khuyet trong tinh hqp ly, dling bit vi hieu
lye cda cic van bin phip ly, chinh sich quin 15, elm nhit mac deu tic dung xtiu den
chit luqng thim djnh tii chinh du in cling nhu ket qui hoot dOng dm du in. Cic du an
thuemg ceo then gian keo dii vi thubng lien quan den nhieu van bin luat, dueri luat ve
cic rinh vuc nhu cic van bin ve quan ly tai chinh trong clic doanh nghiep, ck van bin
ve thue, luot doanh nghiep, D6 de neu cic van bin lujt nay khong c6 firth On djnh
trong then gian dii ding nhu ;thong re ring, mirth bach, chOng chto... Se lam thay doi

a phin Sdi

Ngin hing thircmg mai c6 phin (NH TMCP) Sii Gen — Hi NOi (SHB) yeti ten
quOc te: SAIGON — HANOI COMMERCIAL JOINT STOCK BANK, tien than la NH
TMCP Ming then Nhan Ai, hoat (ging theo &ay chimg nhin ding 14 kink doanh s6
5703000085 do So ke hoach vi dau to Minh Ph6 Cin Thu cap ngay 10/12/1993 vi
giay phip s6 0041/NN/GP do NHNN Viet Nam cep ngay 13/11/1993, SHB chink that
di vio hoat dOng tir new 12/12/1993. Ngly 20/01/2006 Thong Dec NHNN Viet Nan)
di 14 quyet djnh s6 93/QD-NHNN ve viec chip thuon cho SHB chuy'en doi tir NH
TMCP ding diem sang NH TMCP do thj.
Ngdnh vizi kink doanh :
—Huy dOng von ngin han, trung hurl vi dii han cira cac think phan kinh to vi
din cu duei hinh thisic tilt girl kheing ky han vi c6 k5r han. Phat hinh kt phi&
ce muc (Bch sau khi duqc NHNN cho phep.

to vi phat trien ala t6 chirc vi ca nhan trong nubs
—Tiep Wien win uy thic
vi ngoii nu& khi duqc NHNN cho phep.
—Vay yen NHNN vi cac t6 chirc tin dung Ichac.
—Cho vay ngin hen, trung han, dii han del voi cac t6 chat vi ca nhan sin xuit,
kinh doanh tren dia ban thy theo tinh chit va kha ning ctia ngu6n von.
- Chiet khiu thuong phieu, trai phieu vi giiy tb ceo gia.
—Him vim vi lien doanh theo phap lust hien hanh
- Thut hien thanh than gbh cac khach hang.
—Thvc hien cac hoat dOng ngogi hei theo Quyet djnh s6 1946/QD-NHNN ctia
Thong d6c NHNN Viet Nam ngay 09/10/2006.
Giai don du mai thanh lip (12/12/1993), yeti von dieu le 400 trieu thing, inking
luai ngfin hang chi c6 try sa chInh dit tai so 341 - Ap Nhcm LOc 2 — Thj iu Phong Dien
— Huyen Chau Thanh — Tinh Cim Thu nay la Huyen Phong DiEn Thanh Pho Cin Thu.
Tong s6 thin vien ban diu chi gOm 8 ngtroi, dia bin hoat dOng chi bao glim vai xi