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T sut vn ha ny t nht phi bng chi ph s dng vn ch s hu ca doanh nghip cn thm nh gi. Vic xc nh chi ph s dng vn ch s hu ca doanh nghip cn thm nh gi theo quy nh ti im d Mc 6.4 Tiu chun ny. Bc 7: c tnh tng gi tr cc ti sn v hnh khng xc nh c ca doanh nghip cn thm nh gi bng cch vn ha phn thu nhp do cc ti sn v hnh ny em li cho doanh nghip cn thm nh gi. b) Phng php 2: c tnh tng gi tr cc ti sn v hnh ca doanh nghip cn thm nh gi thng qua vn ha dng thu nhp do tt c cc ti sn v hnh em li cho doanh nghip cn thm nh gi. Bc 1: c tnh tng gi tr th trng ca cc ti sn hu hnh tham gia vo qu trnh to ra thu nhp cho doanh nghip cn thm nh gi. Gi tr th trng ca cc ti sn ny c xc nh theo quy nh ti Mc 5.4 Tiu chun ny. Bc 2: c tnh mc thu nhp m doanh nghip cn thm nh gi c th t c hng nm. Mc thu nhp ny l mc thu nhp trong iu kin hot ng bnh thng ca doanh nghip cn thm nh gi, c c tnh trn c s kt qu t c ca doanh nghip cn thm nh gi trong cc nm gn nht, c tnh n trin vng pht trin ca doanh nghip sau khi  loi tr cc yu t bt thng nh hng n thu nhp nh: cc khon thu nhp tng gim t thanh l ti sn c nh, nh gi li ti sn ti chnh, ri ro t gi& Bc 3: c tnh t sut li nhun ph hp cho ti sn hu hnh ca doanh nghip cn thm nh gi. T sut li nhun ny phi khng qu chi ph s dng vn bnh qun gia quyn ca doanh nghip cn thm nh gi. Vic xc nh chi ph s dng vn bnh qun gia quyn ca doanh nghip cn thm nh gi theo cng thc quy nh ti Mc 6.4 Tiu chun ny; trong : t trng n di hn trn tng ngun vn di hn ca doanh nghip cn thm nh gi c xc nh theo c cu vn ca doanh nghip cn thm nh gi, chi ph n di hn c xc nh trn c s bnh qun gia quyn li sut cc khon n di hn ca doanh nghip cn thm nh gi. Bc 4: c tnh thu nhp do ti sn hu hnh em li cho doanh nghip cn thm nh gi hng nm c tnh bng tng gi tr cc ti sn hu hnh ca doanh nghip cn thm nh gi c tnh ti bc 1 nhn vi () t sut li nhun c tnh ti bc 3. Bc 5: c tnh thu nhp do tt c cc ti sn v hnh em li cho doanh nghip cn thm nh gi c tnh bng thu nhp m doanh nghip cn thm nh gi c th t c tnh ti bc 2 tr i (-) thu nhp do cc ti sn hu hnh em li cho doanh nghip cn thm nh gi tnh ti bc 4. Bc 6: c tnh t sut vn ha ph hp cho thu nhp do tt c cc ti sn v hnh em li cho doanh nghip cn thm nh gi. T sut vn ha ny t nht phi bng chi ph s dng vn ch s hu ca doanh nghip cn thm nh gi. Vic xc nh chi ph s dng vn ch s hu ca doanh nghip cn thm nh gi quy nh ti im d Mc 6.4 Tiu chun ny. Bc 7: c tnh tng gi tr cc ti sn v hnh ca doanh nghip cn thm nh gi bng cch vn ha phn thu nhp do cc ti sn v hnh em li cho doanh nghip cn thm nh gi. 5.6. c tnh gi tr ca doanh nghip cn thm nh gi Gi tr th trng ca doanh nghip cn thm nh gi=Tng gi tr cc ti sn hu hnh v ti sn ti chnh ca doanh nghip cn thm nh gi+Tng gi tr cc ti sn v hnh ca doanh nghip cn thm nh giTrng hp cn xc nh gi tr vn ch s hu t gi tr th trng ca doanh nghip cn thm nh gi c xc nh theo phng php ny, gi tr vn ch s hu c xc nh theo cng thc sau: Gi tr vn ch s hu ca doanh nghip cn thm nh gi=Gi tr th trng ca doanh nghip cn thm nh gi-Gi tr cc khon nTrong : Gi tr cc khon n ca doanh nghip cn thm nh gi c xc nh theo gi th trng nu c chng c th trng, nu khng c th xc nh theo gi tr s sch k ton. 6. Phng php chit khu dng tin t do ca doanh nghip 6.1. Phng php chit khu dng tin t do ca doanh nghip xc nh gi tr doanh nghip cn thm nh gi thng qua c tnh tng ca gi tr chit khu dng tin t do ca doanh nghip cn thm nh gi vi gi tr hin ti ca cc ti sn phi hot ng ca doanh nghip ti thi im thm nh gi. Trng hp doanh nghip cn thm nh gi l cng ty c phn, phng php chit khu dng tin t do ca doanh nghip c s dng vi gi nh coi cc c phn u i ca doanh nghip cn thm nh gi nh c phn thng. Gi nh ny cn c nu r trong phn hn ch ca Chng th thm nh gi v Bo co kt qu thm nh gi. 6.2. Cc bc xc nh gi tr doanh nghip: - Bc 1: D bo dng tin t do ca doanh nghip cn thm nh gi. - Bc 2: c tnh chi ph s dng vn bnh qun gia quyn ca doanh nghip cn thm nh gi. - Bc 3: c tnh gi tr cui k d bo. - Bc 4: c tnh gi tr doanh nghip cn thm nh gi. 6.3. D bo dng tin t do ca doanh nghip cn thm nh gi: Thm nh vin cn c tnh giai on d bo dng tin. i vi cc doanh nghip  tng trng bn vng th giai on d bo dng tin thng thng l 05 nm. i vi cc doanh nghip mi thnh lp hoc ang tng trng nhanh th giai on d bo dng tin c th ko di hn 5 nm cho n khi doanh nghip bc vo giai on tng trng u. i vi doanh nghip hot ng c thi hn th giai on d bo dng tin c xc nh theo tui i ca doanh nghip. Cng thc tnh dng tin t do hng nm ca doanh nghip: FCFF = Li nhun trc li vay sau thu (EBIAT) + Khu hao - Chi u t vn - Thay i vn lu ng thun ngoi tin mt v ti sn phi hot ng ngn hn (chnh lch vn hot ng thun) Li nhun trc li vay sau thu (EBIAT) l li nhun trc li vay sau thu  loi tr cc khon doanh thu v chi ph t ti sn phi hot ng. Cng thc tnh li nhun trc li vay sau thu (EBIAT) t li nhun trc li vay v thu (EBIT) nh sau: EBIAT = EBIT (1 6 t) Trong : t: mc thu sut thu thu nhp doanh nghip Chi u t vn bao gm: chi u t ti sn c nh v ti sn di hn khc; chi u t ti sn hot ng nm trong nhm chi mua cng c n ca n v khc v chi u t gp vn vo n v khc (nu c). - Cng thc tnh vn lu ng ngoi tin mt v ti sn phi hot ng ngn hn: Vn lu ng ngoi tin mt v ti sn phi hot ng ngn hn = (Cc khon phi thu ngn hn + Hng tn kho + Ti sn ngn hn khc) - N ngn hn khng bao gm vay ngn hn 6.4. c tnh chi ph s dng vn bnh qun gia quyn ca doanh nghip cn thm nh gi Thm nh vin c tnh chi ph s dng vn bnh qun gia quyn ca doanh nghip cn thm nh gi theo cng thc: WACC = Rd Fd (1 - t) + Re Fe Trong : WACC: Chi ph s dng vn bnh qun gia quyn Rd: Chi ph s dng n ca doanh nghip Fd: T trng n di hn trn tng ngun vn di hn ti tr cho hot ng ca doanh nghip t: Thu sut thu thu nhp doanh nghip Re: Chi ph s dng vn ch s hu Fe: T trng vn ch s hu trn tng ngun vn di hn ti tr cho hot ng ca doanh nghip a) c tnh t trng n di hn trn tng ngun vn ca doanh nghip cn thm nh gi: T trng n di hn trn tng ngun vn ca doanh nghip cn thm nh gi c xc nh theo t trng vn vay ca cc doanh nghip c cng ngnh sn xut, kinh doanh vi doanh nghip cn thm nh gi. Trng hp khng xc nh c theo hng dn trn th c th xc nh theo t trng n di hn trn tng ngun vn trong cc nm gn nht ca doanh nghip cn thm nh gi c xem xt n c cu vn di hn trong tng lai. b) c tnh chi ph s dng n di hn ca doanh nghip cn thm nh gi Chi ph s dng n di hn ca doanh nghip cn thm nh gi c xc nh theo li sut ca cc khon vay di hn ca doanh nghip cn thm nh gi. Trng hp trong c cu vn ca doanh nghip cn thm nh gi hin khng c cc khon vay di hn, li sut ca cc khon vay di hn l mc li sut d kin trn c s nh gi kh nng thng tho ca doanh nghip cn thm nh gi vi cc nh cung cp tn dng, li vay di hn ca cc doanh nghip cng ngnh ngh sn xut kinh doanh vi doanh nghip cn thm nh gi. Trng hp doanh nghip vay t nhiu ngun vi cc mc li sut khc nhau, chi ph s dng n di hn c xc nh theo li sut bnh qun gia quyn ca cc khon n di hn. c) c tnh t trng vn ch s hu ca doanh nghip cn thm nh gi: T trng vn ch s hu ca doanh nghip cn thm nh gi c xc nh theo cng thc: Fe = (1 " Fd) d) Uc tnh chi ph s dng vn ch s hu ca doanh nghip cn thm nh gi (Re) Chi ph s dng vn ch s hu ca doanh nghip cn thm nh gi c tnh theo cc phng php sau: d1) Phng php 1: c t nht 03 doanh nghip cng ngnh ngh kinh doanh vi doanh nghip cn thm nh gi  c c phiu nim yt hoc ng k giao dch trn th trng chng khon Vit Nam. Chi ph s dng vn ch s hu ca doanh nghip cn thm nh gi c tnh theo cng thc sau: Re = Rf + (L (Rm  Rf) - T sut li nhun phi ri ro (Rf) c c tnh trn c s li sut tri phiu Chnh ph k hn 10 nm hoc k hn di nht gn thi im thm nh gi. - Phn b ri ro th trng (Rm  Rf) c c tnh bng t sut li nhun d kin khi u t trn th trng chng khon (Rm) tr i (") t sut li nhun phi ri ro (Rf). T sut li nhun d kin khi u t trn th trng chng khon Vit Nam c thm nh vin c tnh theo phng php thng k theo ch s VN-INDEX trong giai on 05 nm gn nht thi im thm nh gi. Ch s VN-INDEX c thng k theo thng, c th l ch s ng ca ca phin giao dch cui cng ca thng. - H s ri ro c tnh n nh hng ca c cu vn ((L) ca doanh nghip cn thm nh gi c c tnh thng qua h s ri ro ca cc c phn ca cc doanh nghip c cng ngnh ngh kinh doanh vi doanh nghip cn thm nh gi trn th trng chng khon. Thm nh vin cn la chn t nht 03 doanh nghip c cng ngnh ngh kinh doanh vi doanh nghip cn thm nh gi v xc nh h s (L ca cc doanh nghip ny. Vic xc nh h s (L c thc hin theo phng php hi quy bin ng gi ca c phiu vi bin ng gi ca th trng theo cng thc: (L =Hip phng sai (c phiu, th trng)Phng sai ca th trngTrong  bin ng gi c xc nh theo thng v ti thiu l 5 nm (i vi doanh nghip khng c s liu  5 nm th tnh k t ngy doanh nghip nim yt hoc ng k giao dch), thu nhp th trng c tnh ton da trn ch s VN-INDEX. Thm nh vin c th ly h s (L  c cng b trong iu kin cch tnh c thc hin tng t nh trn. Do c th c s khc nhau v c cu vn gia doanh nghip cn thm nh gi v cc doanh nghip cng ngnh ngh, thm nh vin cn iu chnh h s ri ro ca cc doanh nghip cng ngnh ngh theo c cu vn ca doanh nghip cn thm nh gi theo cc bc sau: + Bc 1: Loi b s nh hng ca c cu vn trong h s ri ro theo cng thc: (U =  EMBED Equation.3  Trong : (U : H s ri ro phi n by  QUOTE   : T trng n trn vn ch s hu ca doanh nghip cng ngnh ngh vi doanh nghip cn thm nh gi t: Thu sut thu thu nhp doanh nghip + Bc 2: Tnh ton h s ri ro phi n by bnh qun ca cc doanh nghip c cng ngnh ngh kinh doanh vi doanh nghip cn thm nh gi. + Bc 3: c tnh h s ri ro c tnh n nh hng ca c cu vn ((L) ca doanh nghip cn thm nh gi theo cng thc (L thm nh = (U bnh qun  EMBED Equation.3  Trong : (L thm nh: H s ri ro c tnh n nh hng ca c cu vn ca doanh nghip cn thm nh gi (U bnh qun: H s ri ro phi n by bnh qun  QUOTE   : T trng n trn vn ch s hu ca doanh nghip cn thm nh gi t: Thu sut thu thu nhp doanh nghip d2) Phng php 2: cha  03 doanh nghip cng ngnh ngh kinh doanh vi doanh nghip cn thm nh gi  c c phiu nim yt v giao dch trn th trng chng khon Vit Nam nhng thu thp c thng tin v t l ph ph ri ro theo ch s ph ph ri ro chng khon quc t. Chi ph s dng vn ch s hu ca doanh nghip cn thm nh gi c tnh theo cng thc sau: Re = Rf + Rp - T sut li nhun phi ri ro (Rf) c c tnh trn c s li sut tri phiu Chnh ph k hn 10 nm hoc k hn di nht ti thi im thm nh gi. - T l ph ph ri ro (Rp) c xc nh theo ch s ph ph ri ro chng khon quc t do cc t chc t vn ti chnh quc t cng b. Thm nh vin cn cn nhc lp lun, iu chnh  p dng ph hp vi thc t ca doanh nghip cn thm nh gi. d3) Phng php 3: cha  03 doanh nghip cng ngnh ngh kinh doanh vi doanh nghip cn thm nh gi  c c phiu nim yt v giao dch trn th trng chng khon Vit Nam nhng thu thp c thng tin v h s ri ro ca cc doanh nghip cng ngnh ngh kinh doanh vi doanh nghip cn thm nh gi ti th trng M. Chi ph s dng vn ch s hu ca doanh nghip cn thm nh gi c tnh theo cng thc sau: Re = Rf + ( (Rm  Rf) + ri ro quc gia + ri ro t gi (nu c) - T sut li nhun phi ri ro (Rf) c c tnh trn c s li sut tri phiu Chnh ph M k hn 10 nm. - Phn b ri ro th trng (Rm  Rf) c c tnh bng t sut li nhun d kin khi u t trn th trng chng khon M (Rm) tr i (-) t sut li nhun phi ri ro (Rf). - (: H s ri ro ca cc doanh nghip cng ngnh ngh kinh doanh vi doanh nghip cn thm nh gi ti th trng M. Trng hp h s ri ro c nh hng bi c cu vn th cn iu chnh theo cc bc ti trng hp 1 im ny. 6.5 c tnh gi tr cui k d bo - Trng hp 1: dng tin sau giai on d bo l dng tin khng tng trng v ko di v tn. Cng thc tnh gi tr cui k d bo l: Vn =  EMBED Equation.3  Trong : FCFFn+1: Dng tin t do nm n + 1 - Trng hp 2: dng tin sau giai on d bo l dng tin tng trng u n mi nm v ko di v tn. Cng thc tnh gi tr cui k d bo l: Vn =  EMBED Equation.3  Trong : g: tc  tng trng ca dng tin Tc  tng trng ca dng tin c xc nh theo tc  tng trng ca li nhun. Tc  tng trng ca li nhun c d bo trn c s trin vng pht trin ca doanh nghip, tc  tng trng li nhun trong qu kh ca doanh nghip, k hoch sn xut kinh doanh, t l li nhun sau thu  li  b sung vn, t sut li nhun trn tng ngun vn. - Trng hp 3: doanh nghip chm dt hot ng vo cui k d bo. Gi tr cui k d bo c xc nh theo gi tr thanh l ca doanh nghip cn thm nh gi. 6.6 c tnh gi tr doanh nghip cn thm nh gi - Tnh tng gi tr hin ti thun ca dng tin t do v gi tr cui k d bo sau khi chit khu cc dng tin t do ca doanh nghip v gi tr cui k d bo ca doanh nghip theo t sut chit khu l chi ph s dng vn bnh qun gia quyn ca doanh nghip. V0 =  EMBED Equation.3 +  EMBED Equation.3  - c tnh gi tr cc ti sn phi hot ng ca doanh nghip. - c tnh gi tr doanh nghip cn thm nh gi bng cch cng gi tr hin ti thun ca cc dng tin t do ca doanh nghip v gi tr cui k d bo vi gi tr cc ti sn phi hot ng ca doanh nghip cn thm nh gi. 7. Phng php chit khu dng c tc 7.1 Phng php chit khu dng c tc xc nh gi tr vn ch s hu ca doanh nghip cn thm nh gi thng qua c tnh tng ca gi tr chit khu dng c tc ca doanh nghip cn thm nh gi. Trng hp doanh nghip cn thm nh gi l cng ty c phn, phng php chit khu dng tin c tc ca doanh nghip c s dng vi gi nh coi cc c phn u i ca doanh nghip cn thm nh gi nh c phn thng. Gi nh ny cn c nu r trong phn hn ch ca Chng th thm nh gi v Bo co kt qu thm nh gi. Trng hp thm nh gi doanh nghip, gi tr doanh nghip c xc nh theo cng thc sau: Gi tr th trng ca doanh nghip=Gi tr vn ch s hu ca doanh nghip+Gi tr cc khon nTrong : Gi tr cc khon n ca doanh nghip cn thm nh gi c xc nh theo gi th trng nu c chng c th trng, nu khng c th xc nh theo gi tr s sch k ton. 7.2 Cc bc xc nh gi tr vn ch s hu a) Bc 1: d bo dng c tc ca doanh nghip cn thm nh gi. Thm nh vin cn d bo t l chia c tc v t l tng trng c tc ca doanh nghip cn thm nh gi. i vi cc doanh nghip  tng trng bn vng th giai on d bo t l chia c tc, t l tng trng c tc thng thng l 05 nm. i vi cc doanh nghip mi thnh lp hoc ang tng trng nhanh th giai on d bo t l chia c tc, t l tng trng c tc c th ko di hn 05 nm hoc lu hn na cho n khi doanh nghip bc vo giai on tng trng u, c t l c tc khng i hoc tng trng c tc u. i vi doanh nghip hot ng c thi hn th giai on d bo dng c tc c xc nh theo tui i ca doanh nghip. b) Bc 2: c tnh chi ph s dng vn ch s hu theo hng dn ti im d Mc 6.4 Tiu chun ny. c) Bc 3: c tnh gi tr vn ch s hu cui k d bo nh sau: - Trng hp 1: dng c tc sau giai on d bo (Dn) l dng tin khng tng trng v ko di v tn. Cng thc tnh gi tr cui k d bo l: Vn =  EMBED Equation.3  - Trng hp 2: dng c tc sau giai on d bo l dng tin tng trng u n mi nm v ko di v tn. Cng thc tnh gi tr cui k d bo l: Vn =  EMBED Equation.3  Trong : Dn+1: Dng c tc ca doanh nghip nm n + 1 g: tc  tng trng ca dng c tc Tc  tng trng ca dng c tc c d bo trn c s t l li nhun sau thu  li  b sung vn, t sut li nhun trn vn ch s hu. - Trng hp 3: doanh nghip chm dt hot ng vo cui k d bo, gi tr cui k d bo c xc nh theo gi tr thanh l ca doanh nghip cn thm nh gi. d) Bc 4: c tnh gi tr vn ch s hu ca doanh nghip cn thm nh gi: - Tnh tng gi tr hin ti thun ca cc dng c tc ca doanh nghip v gi tr vn ch s hu cui k d bo sau khi chit khu cc dng c tc ca doanh nghip v gi tr vn ch s hu cui k d bo ca doanh nghip theo t sut chit khu l chi ph s dng vn ch s hu. V0 =  EMBED Equation.3 +  EMBED Equation.3  - c tnh gi tr cc ti sn phi hot ng ca doanh nghip. - c tnh gi tr vn ch s hu ca doanh nghip cn thm nh gi bng cch cng gi tr hin ti thun ca cc dng c tc ca doanh nghip v gi tr vn ch s hu cui k d bo vi gi tr cc ti sn phi hot ng (khng bao gm tin mt v tng ng tin) ca doanh nghip cn thm nh gi. 8. Phng php chit khu dng tin thun vn ch s hu 8.1. Phng php chit khu dng tin thun vn ch s hu xc nh gi tr vn ch s hu ca doanh nghip cn thm nh gi thng qua c tnh tng ca gi tr chit khu dng tin thun vn ch s hu ca doanh nghip cn thm nh gi. Trng hp doanh nghip cn thm nh gi l cng ty c phn, phng php chit khu dng tin thun vn ch s hu c s dng vi gi nh coi cc c phn u i ca doanh nghip cn thm nh gi nh c phn thng. Gi nh ny cn c nu r trong phn hn ch ca Chng th thm nh gi v Bo co kt qu thm nh gi. Trng hp thm nh gi doanh nghip, gi tr doanh nghip c xc nh theo cng thc sau: Gi tr th trng ca doanh nghip=Gi tr vn ch s hu ca doanh nghip+Gi tr cc khon nTrong : Gi tr cc khon n ca doanh nghip cn thm nh gi c xc nh theo gi th trng nu c chng c th trng, nu khng c th xc nh theo gi tr s sch k ton. 8.2. Cc bc xc nh gi tr vn ch s hu a) Bc 1: d bo dng tin thun vn ch s hu ca doanh nghip cn thm nh gi. Thm nh vin cn c tnh giai on d bo dng tin. i vi cc doanh nghip  tng trng bn vng th giai on d bo dng tin thng thng l 05 nm. i vi cc doanh nghip mi thnh lp hoc ang tng trng nhanh th giai on d bo dng tin c th ko di hn 05 nm cho n khi doanh nghip bc vo giai on tng trng u. i vi doanh nghip hot ng c thi hn th giai on d bo dng tin c xc nh theo tui i ca doanh nghip. Cng thc tnh dng tin thun vn ch s hu ca doanh nghip: FCFE = Li nhun sau thu + Khu hao - Chi u t vn - Thay i vn lu ng thun ngoi tin mt v ti sn phi hot ng ngn hn (chnh lch vn hot ng thun) - Cc khon tr n gc + Cc khon n mi pht hnh Li nhun sau thu l li nhun sau thu  loi tr cc khon doanh thu v chi ph t ti sn phi hot ng. Chi u t vn bao gm: chi u t ti sn c nh v ti sn di hn khc; chi u t ti sn hot ng nm trong nhm chi mua cng c n ca n v khc v chi u t gp vn vo n v khc (nu c). Cng thc tnh vn lu ng ngoi tin mt v ti sn phi hot ng ngn hn: Vn lu ng ngoi tin mt v ti sn phi hot ng ngn hn = (Cc khon phi thu ngn hn + Hng tn kho + Ti sn ngn hn khc) - N ngn hn khng bao gm vay ngn hn b) Bc 2: c tnh chi ph s dng vn ch s hu ca doanh nghip cn thm nh gi theo hng dn ti im d Mc 6.4 Tiu chun ny. c) Bc 3: c tnh gi tr vn ch s hu cui k d bo - Trng hp 1: dng tin sau giai on d bo l dng tin khng tng trng v ko di v tn. Cng thc tnh gi tr cui k d bo l: Vn =  EMBED Equation.3  Trong : FCFEn+1: Dng tin vn ch s hu nm n + 1 - Trng hp 2: dng tin sau giai on d bo l dng tin tng trng u n mi nm v ko di v tn. Cng thc tnh gi tr cui k d bo l: Vn =  EMBED Equation.3  Trong : g: tc  tng trng ca dng tin vn ch s hu. Tc  tng trng ca dng tin c d bo trn c s trin vng pht trin ca doanh nghip, tc  tng trng dng tin trong qu kh ca doanh nghip, k hoch sn xut kinh doanh, t l li nhun sau thu  li  b sung vn, t sut li nhun trn vn ch s hu. - Trng hp 3: doanh nghip chm dt hot ng ti cui k d bo. gi tr cui k d bo c xc nh theo gi tr thanh l ca doanh nghip cn thm nh gi. d) Bc 4: c tnh gi tr vn ch s hu ca doanh nghip cn thm nh gi: - Tnh tng gi tr hin ti thun ca cc dng tin thun vn ch s hu v gi tr vn ch s hu cui k d bo ca doanh nghip sau khi chit khu cc dng tin thun vn ch s hu v gi tr vn ch s hu cui k d bo ca doanh nghip theo t sut chit khu l chi ph s dng s dng vn ch s hu. V0 =  EMBED Equation.3 +  EMBED Equation.3  - c tnh gi tr cc ti sn phi hot ng ca doanh nghip. - c tnh gi tr vn ch s hu ca doanh nghip cn thm nh gi bng cch cng gi tr hin ti thun ca cc dng tin thun vn ch s hu v gi tr vn ch s hu cui k d bo vi gi tr cc ti sn phi hot ng ca doanh nghip cn thm nh gi. 8.3. i vi ni dung cha c quy nh c th ti Tiu chun thm nh gi ny thm nh vin cn cn c thm cc hng dn v p dng phng php dng tin chit khu quy nh ti Tiu chun thm nh gi Vit Nam v cch tip cn t thu nhp. 9. Kt lun v gi tr doanh nghip Gi tr doanh nghip cui cng c th c xc nh thng qua vic tnh bnh qun c trng s kt qu ca cc phng php thm nh gi c p dng. Vic xc nh trng s cho tng phng n da trn  tin cy ca tng phng php, thng tin d liu u vo, mc ch thm nh gi& m bo ph hp vi th trng./. PH LC V D MINH HA (Ban hnh km theo Tiu chun thm nh gi Vit Nam s 12) Cc v d  c gin lc v ch mang tnh cht minh ha 1. V d 1: p dng phng php ch s bnh qun  xc nh gi tr doanh nghip Cn thm nh gi mt doanh nghip hot ng trong l)nh vc bt ng sn. Thng tin v doanh nghip cn thm nh gi nh sau: - Cc ch s ti chnh: Ch s phn nh quy m doanh nghip (VT: t ng)Vn iu l4.500Doanh thu3.395Li nhun gp1.155Ch s phn nh kh nng tng trng ca doanh nghip (VT: %)Tc  tng trng li nhun sau thu thu nhp doanh nghip trung bnh trong 03 nm gn nht7Ch s phn nh hiu qu hot ng ca doanh nghip (VT: %)ROE7ROA4- Li nhun sau thu 4 qu gn nht: 458.08 t ng - Doanh thu thun 4 qu gn nht: 3.395 t ng - EPS: 1.017,96 ng/c phn - EBITDA (khng bao gm cc khon thu nhp t tin v cc khon tng ng tin): 1.155 t ng - Gi tr s sch ca vn ch s hu ca doanh nghip cn thm nh gi gn nht vi thi im thm nh gi: 6.544 t ng - Gi tr n vay: 4.908 t ng - Ti thi im thm nh gi, gi tr tin v cc khon tng ng tin ca doanh nghip l khng c. Li gii: Qua thu thp thng tin, thm nh vin c bit hin doanh nghip cn thm nh gi c 5 doanh nghip l i th cnh tranh trong l)nh vc bt ng sn. Cc doanh nghip ny u  c c phiu c nim yt v giao dch trn th trng chng khon. Thm nh vin nhn nh cc doanh nghip ny u l i th cnh tranh vi doanh nghip cn thm nh gi, do , c nhiu im tng ng vi doanh nghip cn thm nh gi v ngnh ngh kinh doanh chnh, nhm khch hng v th trng tiu th. C phiu ca cc doanh nghip ny  nim yt v ang c giao dch trn th trng chng khon. Do , thm nh vin tin hnh thu thp thng tin ti chnh ca cc doanh nghip ny  nh gi s tng ng gia cc doanh nghip ny v doanh nghip cn thm nh gi v cc ch tiu ti chnh. Sau khi tnh ton cc ch s ti chnh ca cc doanh nghip ny thu c kt qu nh sau: Ch s phn nh quy m doanh nghip (VT: t ng)Ch s phn nh kh nng tng trng ca doanh nghip (VT: %)Ch s phn nh hiu qu hot ng ca doanh nghip (VT: %)Vn iu lDoanh thuLi nhun gpTc  tng trng li nhun sau thu thu nhp doanh nghip trung bnh trong 03 nm gn nhtROEROADoanh nghip s 13.5003.1879228106Doanh nghip s 24.0004.7691.4314115Doanh nghip s 32.0003.7128546126Doanh nghip s 43.0003.223903674Doanh nghip s 51.0001.550387473- nh gi s tng ng v cc ch tiu ti chnh: + nh gi s tng ng v ch s phn nh quy m doanh nghip Ch s phn nh quy m doanh nghipDoanh nghip cn thm nh giDoanh nghip s 1Doanh nghip s 2Doanh nghip s 3Doanh nghip s 4Doanh nghip s 5Vn iu l4.5003.5004.0002.0003.0001.000Tng ngTng ngt tng ngTng ngt tng ngDoanh thu3.3953.1874.7693.7123.2231.550Tng ngt tng ngTng ngTng ngt tng ngLi nhun gp1.1559221.431854903387Tng ngTng ngt tng ngTng ngt tng ngnh gi chungTng ngTng ngt tng ngTng ngt tng ng+ nh gi s tng ng v ch s phn nh kh nng tng trng ca doanh nghip Ch s phn nh kh nng tng trng ca doanh nghip (VT: %)Doanh nghip cn thm nh giDoanh nghip s 1Doanh nghip s 2Doanh nghip s 3Doanh nghip s 4Doanh nghip s 5Tc  tng trng li nhun sau thu thu nhp doanh nghip trung bnh trong 03 nm gn nht784664nh gi chungTng ngt tng ngTng ngTng ngt ng ng+ nh gi s tng ng v ch s phn nh hiu qu hot ng ca doanh nghip Ch s phn nh kh nng tng trng ca doanh nghip (VT: %)Doanh nghip cn thm nh giDoanh nghip s 1Doanh nghip s 2Doanh nghip s 3Doanh nghip s 4Doanh nghip s 5ROE710111277Tng ngt tng ngt ng ngTng ngTng ngROA465643t tng ngTng ngt tng ngTng ngTng ngnh gi chungt tng ngTng ngt tng ngTng ngTng ngNhn nh: cc doanh nghip s 1, 2 v 4 c nhiu im tng ng v mt cc ch s ti chnh vi doanh nghip cn thm nh gi, do , cc doanh nghip ny c la chn l doanh nghip so snh. Theo , t s th trng ca cc doanh nghip ny c s dng  xc nh gi tr ca doanh nghip cn thm nh gi. - Thu thp thng tin th trng, thm nh vin xc nh 4 t s th trng ca cc doanh nghip so snh ny ( QUOTE  ,  QUOTE  ,  QUOTE  ,  QUOTE  ) nh sau: Doanh nghip s 112,021,201,768,4Doanh nghip s 214,711,622,519,7Doanh nghip s 412,990,911,328,5- Xc nh gi tr ca doanh nghip cn thm nh gi: Nhn nh: cc doanh nghip so snh v c bn u tng ng vi doanh nghip cn thm nh, do , t s bnh qun c th c xc nh bng trung bnh cng t s th trng ca cc doanh nghip so snh nh sau:  QUOTE   bnh qun QUOTE   bnh qun QUOTE   bnh qun QUOTE   bnh qun13,241,241,868,87Theo , gi tr ca doanh nghip c xc nh theo cc t s th trng nh sau: Gi tr doanh nghip xc nh theo t s  QUOTE   bnh qunGi tr doanh nghip xc nh theo t s  QUOTE   bnh qunGi tr doanh nghip xc nh theo t s  QUOTE   bnh qunGi tr doanh nghip xc nh theo t s  QUOTE   bnh qun10.972,98 t VN13.044,4 t VN11.234 t VN10.241 t VNNhn nh: t s  QUOTE  ,  QUOTE   c bn tng ng gia cc doanh nghip so snh, t s  QUOTE  ,  QUOTE   t tng ng hn, do , gi tr doanh nghip xc nh theo t s  QUOTE  ,  QUOTE   bnh qun c tnh theo trng s 30% cho mi t s, gi tr doanh nghip xc nh theo t s  QUOTE  ,  QUOTE   bnh qun c tnh theo trng s 20% cho mi t s. Gi tr doanh nghip cn thm nh gi = 10.972,98 30% + 13.044,4 20% + 11.234 20% + 10.241 30% = 11.219,87 t VN 2. V d 2: p dng phng php ti sn  xc nh gi tr doanh nghip Cn thm nh gi mt doanh nghip c thng tin nh sau: - Bng cn i k ton ca doanh nghip ngy 31/12/N n v tnh: triu ng Ti snS tinNgun vnS tinTi sn ngn hn Tin mt Chng khon ngn hn. Cc khon phi thu. Hng tn kho. Ti sn di hn Gi tr cn li ca TSC hu hnh u t chng khon vo cng ty Hong Sa (1.000.000 c phiu) Gp vn lin doanh40.000 10.000 2.000 17.600 8.000 80.000 62.000 15.000 3.000A. N phi tr. 1. Vay ngn hn. 2. Vay di hn. B. Ngun vn ch s hu. 1. Ngun vn kinh doanh. 2. Li cha phn phi.50.000 20.000 30.000 70.000 60.000 10.000Tng ti sn120.000Tng ngun vn120.000- Vic nh gi li ton b ti sn ca doanh nghip cho thy c nhng thay i nh sau: + Kim qu tin mt thiu 20 triu ng khng r nguyn nhn. + Mt s khon phi thu khng c kh nng i c l 1.000 triu ng; 15.000 triu ng chc chn thu c. + Nguyn vt liu tn kho h hng 200 triu ng; s cn li theo kt qu nh gi li tng 300 triu ng. + TSC hu hnh nh gi li theo gi th trng tng 5.000 triu ng. + Gi chng khon ca cng ty Hong Sa theo tnh ton ti thi im nh gi l 25.000 ng/c phiu. + S vn gp lin doanh c nh gi li tng 3.000 triu ng. + Thu sut thu nhu nhp doanh nghip: 20% - Cc thng tin khc nh sau: + Chi ph s dng vn ch s hu ca Cng ty l 20%, li sut cc khon vay di hn l 7,625%/nm. Theo , chi ph s dng vn bnh qun gia quyn ca doanh nghip l 15,83% + Li nhun bnh qun 3 nm gn nht ca Cng ty l 20.000 triu ng (trong 3 nm gn nht cng ty khng ghi nhn cc khon li nhun bt thng do thanh l ti sn c nh hay ngun thu t li nhun ti chnh). Li gii: * c tnh gi tr cc ti sn hu hnh v ti sn ti chnh ca doanh nghip nh sau: 1. Kim qu: - 20 2. Gi tr ca khon phi thu: Khng c kh nng thu: -1.000 3. Nguyn vt liu: + H hng: - 200 + Tng: +300 4. TSC hu hnh: + 5.000 5. Gi tr ca s chng khon u t vo cng ty Trng Sa: Gi th trng ca 1.000.000 c phiu c tnh ti thi im xc nh gi tr doanh nghip l: 1.000.000 c phiu ( 25.000/c phiu = 25.000 triu ng, tng 25.000 -15.000 = 10.000 triu ng. 6. Vn gp lin doanh tng: + 3.000 * Nhn nh: cc ti sn bao gm: chng khon ngn hn, u t chng khon, gp vn lin doanh khng tham gia vo qu trnh to ra doanh thu cho doanh nghip cn thm nh gi, do , khng c tnh vo ti sn hot ng ca doanh nghip. Tng gi tr ti sn hot ng: TI SNGi tr theo s schGi tr theo th trngChnh lchI. Ti sn ngn hn40.000- Tin10.0009.980(-20)- Cc khon phi thu17.60016.600(-1000)- Hng tn kho8.0008.100+100II. Ti sn di hn80.0001. Gi cn li TSC hu hnh62.00067.000+5.000Tng gi tr ti sn hot ng101.680* Thu nhp c c t ti sn hot ng hu hnh v ti sn ti chnh ca doanh nghip = 101.680 15,83% = 16.095,944 triu ng * Thu nhp do cc ti sn v hnh em li cho doanh nghip = 20.000 - 16.095,944 = 3.904,056 triu ng * Gi tr cc ti sn v hnh ca doanh nghip =  QUOTE   = 19.520,28 triu ng TI SNGi tr theo s schGi tr theo th trngChnh lchI. Ti sn ngn hn40.000- Tin10.0009.980(-20)- Chng khon ngn hn2.0002.0000- Cc khon phi thu16.60016.6000- Hng tn kho8.0008.100+100II. Ti sn di hn80.0001. Gi cn li TSC hu hnh62.00067.000+5.0002. u t chng khon15.00025.000+10.0003. Gp vn lin doanh3.0006.000+3.000III. Gi tr ti sn v hnh019.520,28+19.520,28IV. Gi tr cng ty154.200,28Kt lun: Vy gi tr doanh nghip cn thm nh gi l: 154.200,28 triu ng. 3. V d 3: p dng phng php chit khu dng tin t do ca doanh nghip  xc nh gi tr doanh nghip Cn thm nh gi mt doanh nghip c thng tin nh sau: - Thng tin t bo co ti chnh ca doanh nghip ti thi im 31/12/N nh sau: n v tnh: Triu ng STTCh tiuS tin1. 2. 3. 4. 5. 6.Li nhun trc thu TNDN Khu hao Li vay u t vo ti sn c nh Gim vn lu ng ngoi tin mt Thu sut thu TNDN200.000 50.000 10.000 35.000 5.000 25%- Cn c vo tnh hnh sn xut kinh doanh 3 nm gn nht ca doanh nghip cn thm nh gi, mi trng kinh doanh, trin vng kinh t v) m, d bo trong vng 5 nm ti, t l tng trng hng nm ca doanh nghip l 5%, sau  tng n nh hng nm l 3%. - Chi ph s dng vn vay di hn l 10%/nm v t trng n di hn trn tng vn di hn l  QUOTE  . - Li sut tri phiu Chnh ph k hn 10 nm l 6%/nm. - H s ri ro phi n by bnh qun c tnh ton trn c s h s ri ro c n by ca c phiu ca 5 doanh nghip c cng ngnh ngh kinh doanh vi doanh nghip cn thm nh gi hin ang nim yt trn th trng chng khon Vit Nam l 1,145. - T sut li nhun d kin trn th trng chng khon Vit Nam c tnh ton theo phng php thng k theo ch s VN-INDEX l 12%/nm. - Doanh nghip khng c ti sn phi hot ng. Li gii: * Xc nh dng tin d bo FCFF ti thi im 31/12/N c tnh nh sau: FCFF = Thu nhp trc li vay sau thu (EBIAT) + Khu hao - Chi u t vn - Thay i vn lu ng thun ngoi tin mt v ti sn phi hot ng ngn hn (chnh lch vn hot ng thun) FCFF = (200.000 + 10.000) (1 - 22%) + 50.000 - 35.000 - (-5.000) FCFF = 183.800 triu ng FCFF giai on t nm 1 - 5 c tnh nh sau: FCFF1 = 183.800 (100% + 5%) = 192.990 triu ng FCFF2 = 192.990 (100% + 5%) = 202.639,5 triu ng FCFF3 = 202.639,5 (100% + 5%) = 212.771,48 triu ng FCFF4 = 212.771,48 (100% + 5%) = 223.410,05 triu ng FCFF5 = 223.410,05 (100% + 5%) = 234.580,55 triu ng * H s ri ro c tnh n nh hng ca c cu vn ((L) ca doanh nghip cn thm nh gi c tnh theo cng thc    Chi ph s dng vn ch s hu ca doanh nghip cn thm nh gi: Re = Rf + (L (Rm  Rf) Re = 6% + 1,431 (13% - 6%) = 16% Chi ph s dng vn bnh qun gia quyn ca doanh nghip cn thm nh gi:    QUOTE  13.17% * Gi tr cui k d bo FCFF nm th 6 FCFF6 = 234.580,55 (100% + 3%) = 241.617,97 triu ng Gi tr cui k d bo nh sau:    * Gi tr doanh nghip cn thm nh gi nh sau:   Kt lun: Do doanh nghip cn thm nh gi khng c ti sn phi hot ng, do , gi tr ca doanh nghip cn thm nh gi l 2.017.944,75 triu ng./.     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