hoàn thiện công tác định giá doanh nghiệp ở việt nam

Môc lôc




 !"
#$%&'
()*+,- /&01&234546#73 
108592:;<=
>7?9-,/08592:=
#0:@:0:,/08592:@A
/0592:45?046#7: 50592:;
<=
#$%&"
>B#>CD&E0/&01&23>C1&>>C6
#73 10.2>"
>46#3.29F459?9"
#E0,/08592:4546#3.29F
"G
#$%&H
(>I*&3031;>2#J&>0#/&01&23
;$<#73 10.2>H
/<#7: 50;E0/08592:;<#7
: 50H
()*:0:KF5;2E0,/08592:,#3
.29FH"
L>!MGG
>;2!>L1GG

DANH Môc ch÷ viÕt t¾t


/08592:N5:@:0:
O+PM:
DCF
 /08592:N5:@:0:
O+P7Q
DDM

#7: 50592:;<
CPH DNNN
"
592:;<
DNNN
'
#P: 50
CPH
=
#ER7: 
CTCP
H
#0(EST
CBCNV
A
!U9S8S
UBND
G
>7Q,/FQV2F
CRA
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DANH Môc b¶ng biÓu
Trang

WX#YT;V8592: =
WX#YT;V8592:Z;
8592:
=
WX#YT;V8592:W# H
W"X#YT;V9,5D[['\[[G;
F0R>U,2.]I@^IE_42,P`
[
W'XWY)*3abc90ER(;
)d+: F-FDe
"
W=XI*f,g7: h9?909
,5D
'[
WHX#@)82-: Z4c45?*9 G
W,PXiR46,+07:  GH

LờI Mở ĐầU
1. Tính cấp thiết của đề tài
/08592:;F(+,- )5D4+:QD:
OEY.29FF;j+0?*94T<
0S;, _N)FN9O`;7Q,/0<4T<
,-,gdSR8B,f:@:0:,/04T5hF8592:9R
k;E2:8B94T0F,V,/0O09
,:0;QO5049Elmf:+^F9D8592:m
F90QO509R7: 508592:;<
.29F;?*9,945?046R,7k-OM:
4)9-O/4m2*nMoO2FB
-,/08592:j;R4T-:@82#@):0:
nc9,/08592:2cRM:4;50p,-

Y?0467: 508592:;<>RTmE0,/
08592:;<7: 5029Rj4+-+M:-
:@:0:,/0o?0464O9-;R2q?0
467: 508592:;<45pF?9,98r49
MFD:;h-+,-PD>459<m4<)Qs::
;7: 500>7ER;8592:;<h?RFE<m
E0,/0)tu:OEVOhOp 05v
w+:0kRT O0?9-nM;Brm,-;XxHoàn
thiện công tác định giá doanh nghiệp ở Việt Namy,g,fz,T
Q;:04;Mp>D)e<F5F*h:: 5;2
:@:0:,/08592:h;,/08592:;\
<,7: 50h4TKF,{R9?046,7F<8592:
;<.29F
2. Đối tợng và phạm vi nghiên cứu
2.1 Đối tợng nghiên cứu
*fTQc9Mp;E0,/08592:;
0:0:5;2E0,/08592:.29F
2.2 Phạm vi nghiên cứu
"
-;,fM:4TQ+,-nM-,/0859
2:;<,7: 50mB4DE0,/08592:
;<,7: 50.29F459?9
3. Mục tiêu nghiên cứu của đề tài
>46;R-0:@:0:,/08592:@,9,f)|
84T<;0:@:0:,/0,9,f)|8,d0
,/04/8592:;<,7: 50.29F
3SV,00B4DE0,/08592:,7
: 50.29F459?9
>4T@)nM;O?,00B4DmF()*:0:c
R)t,f,-M:KF5;2;,{R9?046,/0

8592:;<,7: 50N5FT;c4@,7
F<8592:;<c9;;<
4. Phơng pháp nghiên cứu
>45?046TQ,B2,-;m0)|87
f:0:@:0:TQO09:@:0:8RM2Qm
8RM/)|m:@:0::SV2*m*OTM:ME
5. Kết cấu của đề tài
>T,-;X" Hoàn thiện công tác định giá Doanh nghiệp ở Việt Nam}
L+,-;X5;: F, mOMm89F;29F
O5m(8Vc9,-;PF@X
Ch ơng 1 : "Một số vấn đề về định giá doanh nghiệp trong tiến trình cổ
phần hoá doanh nghiệp Nhà nớc"
Ch ơng 2 : "Thực trạng công tác định giá doanh nghiệp Nhà nớc trong
tiến trình cổ phần hoá ở Việt Nam"
Ch ơng 3 : "Một số giải pháp hoàn thiện công tác định giá doanh nghiệp
Nhà nớc cổ phần hoá ở Việt Nam"
CHƯƠNG I
'
Mét sè vÊn ®Ò VÒ §ÞNH GI¸ DOANH NGHIÖP trong
tiÕn tr×nh Cæ PHÇN HO¸ doanh nghiÖp nhµ níc
1.1 Tæng quan vÒ ®Þnh gi¸ doanh nghiÖp
1.1.1 Kh¸i niÖm vÒ ®Þnh gi¸ doanh nghiÖp
L-O/4:04,F(46,(+,/m859
2:4;;50mh ,fF9m0;, 4(4g4T/
465D,(,/08592:o4T)E,(;;R;
,fl4z
/08592:;2d0,/04/8592:KFF
TV50md0,/)B9R,704/c98592:DF(,F
+,/>Em,SR;?046<VO5-F;F9h
4,zh,f?R-);?R-f8592:;fD

o;)B<VO5-,fc90O08592:c9
F6
L0<2,/0;F90F(;)Em859
2:;F(5D;50,u2<9(V;04/;04/)|
8;5D;50,u268592:;2*:QD:c9
-R*+;;F*?9290R*,h#hR*
M+0;)6^;;)h6+R,f
F0RFhm/m;|9m;50mM)58592:oh
hR*:M+;)E6^;;)OE
4B:6+R,f04/fm04/@2m0?R-O9
0&04/c90R*+;;)c98592:DE
9R,7N59mFq8592:Dh,uZ4Tm85,h
908592:h)BO02,0O-04/
>RTm04/c98592:OEY204/;)
2;8592:,9)F;?94z@V;Op
fM@9c98592:Lp;ROEY:(;5
OpfM45?0OQ;2Dc98592:F;j
:(;5-R*O0 f@FDmRVc9859
2:m;-O859mV?RO859mOpF4(/4\
=
m)B0,(c90V)0Oc9;<,*<;-
O859c98592:45@9
5,hm,/08592:;:dNFds5;820R*+
;04/8592:h;04/;)6;;)E6c9
8592:04/c98592:F*,fdg(k9M 
:,fE?9495,7mQ;04/F;F9;0,-
+:M,f
/08592:KF:-F,VO09mR
T2,/0,f;N5F()*F,VV)9,SRX
- q4fF9452d0,/FQ0)~);F9

- q4f0452dNFds00
- q4f59R452,/fQO50
+:,*<F(O59R
- /f004/,9;50505O50
- >B22,00,(M:-F(ER,Dl
:52ShFm)0:M:5uN5?R,/TFRc9@
?9?n/4QO50
1.1.2 Vai trß cña ®Þnh gi¸ doanh nghiÖp
wsh,(c8592:mE?92,/08592:m
c8592:h,/49,fFQ0f:nKF,F5F9
_;, `)~);+:MFQ0,h•,P8592:o
OE/285/,/0+:-;R,F5)B;Ec995
8/F90;R
wsh,(;, m2, ;58592:hOpf
M95ohu:4c45<,,?R,/, ,l
,,j€:B9z8592:Vf:-TV, m0;
hFQ,(4c45F;;, h+:M,f4c45;<,P
]9<RT -f)+, :;955,h;,  :
;,/08592:KFd0,/FQ0;,(4c45c9
8592:,hh:Zf:<9;:Zf:<TV, c9F6
9ROE•;, ,/0,f,l04/c98592:6
,h)t,fFQf)+, F5F*
H
ws:V90@?9?n;<,*</4;V;2
*8592:m2F,fOep,/08592:)tl:5
0@?9;R,00,fB4D0c90;);V4T
/4>k,h)thV)0;2:0:f:n,,-Y/
44T F]FE;FE
1.2 Các phơng pháp định giá doanh nghiệp cơ bản
/08592:;F(+,-:QD:>V,98D;,uZ

c908592:m)B,(OEkc9FE4, ;0
R*OE,j:h0:@:0::Mp,(;
RT25k4f:d0,/04/8592:>4T
<mh4+-:@:0:,/0,g,f0:8>RTm,*f
c90:@:0:;R;08592:(0hF;m]B
O09;o8B94T,-O2m5;c9k<mk859
2:9Rmht9h97O,fh95T:@:0:,/
08592:,f0:8>RTm8Z,fdSR8B:QD:,,Sm
0 :@ :0: ,/ 0 ,- 8B9 4T F( )* RT n _995
:5)5:N)`@#hO49F()*:@:0:,/0V;
RTn@c9l)9X
1.2.1 Phơng pháp định giá theo giá trị tài sản
RTn
RTnc9:@:0:;R;X}Giá trị của một doanh
nghiệp bằng với giá trị đầu t cần thiết (hữu hình và vô hình) để lập nên
doanh nghiệp đó}#@)pc9RTn8B94TnM54K
04/8592:95@04/, ,dSR8BThm
0c, )tB9z:@0dSR8BF<8592:*
8592:,f,/09R6F9D8592:,h
3@:0:,/045hF:@:0:,/0N504/;
),f)|829R;:@:0:04/;)4j_N9))N
9NFN58`>N5:@:0:;Rm04/c98592:K<04/
4c95;(;)4k,0/4c9+0O5fc9859
2:
A
3@:0:04/;)4jcR,f)|8,OF49s5
0:@:0:O0mh)BO02,0O9O?,/0
8592:N5:@:0:O+8j-6n85c9)BO02
,h:,fOF49;,*,6F49RTSSR49)BO09
,h

,/08B94T:@:0:O+8j-+:@,0
O)5<04/;)6,-;Rh;852?nc9EROsFm
,-O2O859c9;/)RR5uh85g)+O+
,fB9zOEf:n5u;),g,f,00f04/>RTm
:@:0:,/0N504/;)4jh5;F(:@:0:
,/0@45F()*6*,u2
3@:0:,/0
#h-0O09,,/08592:N5:@:0:0
4/;)4jm)9,SR;F()*:@:0:E84T<X
Phơng pháp 1
&04/8592: &04/;)4j&04/f
>45,hX
&04/;)4jh,fd0,/N590X
Cách 1: Căn cứ vào giá trị thị trờng
LpQ;5/4m04/;)4jV;00+0
(:M+;;)c98592:4T/4_95PF,+,9m;
)*,/m;50`;5,F,/08592:)9O,g4k
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4T2#EQ8Z,d0,/04/;)4jN5:@:0:
;R;X.

=
n
i
Ai
1

>45,hX
.X>704/;)4jc98592:VN50/4
,F,/0

X&0/4c9;)
X>7)*05D;)
G
Cách 2: Căn cứ vào giá trị sổ sách (trờng hợp không xác định đợc giá trị thị
trờng)
&04/;)4j>704/;)h^#0O5fhO
pP
#0O5fc98592:95PF0O5f9RD;
8;Dm0O5:45O0;m:40(ESTm
;0O5:(:5S)0m:V:4m:4((m
0O5fO0#0O5f;R,f:0: P*4T
S,*O50c98592:
&04/fX;0R*:M+,f+;k;)E
6c98592:m,f2q8592:hhF;h
,ffM95@FQ6)5<08592:Z5D
OEh004/f;R
.V8Xh-8592:Z)d+mO859F(Fu;
hU2fM4T*6?S;[45O,hmF(8592:
O0o)d+O859Fu;,hDhU2fM4T
*6?S;'592:;RhU2fM95@)5<0
8592:O0Z;;68592:h04/f@0
8592:O0&04/f,fV50N5;V?0
OQo-Fp:04c9Fq8592:
&04/fc9F(8592:h,f;85RTS
cR)9X
!RVc98592:-+f):{F5u8/Q
./4V,/9nMf45)d+;T):{F;F50
;)d+D;)*fO0;-@
#0-Fpc98592:
WV?RE2K:0Fm)0:5?046

TQ:04KFmF4(?046)d+O
8595u?n8592:m,(?R-)d+5u0
):{F,(?R-F;8592::0F49
#004/fO0,u?R-O90mg2@FDm
0?R-
[
&04/fc98592:,fd0,/)9X
 >4f:04/f,g,f,00;5)7O506+R)*8B
4T)7O50,V;504/8592:
 >4f:9d0,/,f04/f604/fc9859
2:,fVpQ;5U)+fM)TD6?Sc9
pF-O-<,F,/08592:
&04/fc98592:,fVpQ;5U)+fM
)TD6?Sc9pF-O-<,Fd0,/04/859
2:N5EQX
>U)+fM6?S‚
>7)*fMB2
c9pF-O-
>7*O859c98592:
pF-O-
>U)+
fM)TD‚
>U)+fM
6 ?S   pF
c98592:
\
>U)+fM6
?SpFc9
8592:Z
;-

&04/f ‚
.*  )  d+  O
859c9#ERN5
)7  )0  O  50  6
?Sc9pF-O-
d
>U)+f
M)T
D
Ph¬ng ph¸p 2:
&04/8592:
&04/;)4jƒ&04/Op)
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;,/,h;9,5DhFQp4OE,7I9,h0:8E
Qc94f:;9)tV,f0c97:
F(ERkpFQ,pFFQp47Q;
OE*,/<004/<,50 f;X.

m.

m.

>kpF
ƒ4,FQp47Q;*,/mO,h07:)t;X
3
[
‚
∑
=
n
t 1

.

ƒ

ƒ
a_4\`
_ƒ4`

_ƒ4`

I9OV,f07:m
&04/ER‚07:d)*f7::0;
h8BVF(0Vd00E)*,,9;5EQ
V5045,/07:m;, :;:SVVd0
66;Vc98592:,h8B054z:04
c98592:RT,f0:8)9X
9 >V.

X.2<V7QpF, _.

`,f8B94T)*2-
7Q45?0OQmV)0:S97Q45@9m<V
M:pF)9c9ER,k,h<V4904/7Qh
M,f45pF, T_.

`
Cæ tøc = DIV= Tû lÖ chia cæ tøc x EPS
>45,hmM:4TFŽ7:_b3I`,fVK0+Rf
M4j4k,7Q ,g;95)*f7:,g:0
;

 >VX.2<VU2p47Qc9ER:8B94T
,00-Fp:04c9ER458;DQOEY
8B9,@ 45F()*pF<6*,(p4,f,/;
FQp4,-,uc9ER45)*?g,5D,(5

MRm0)*2,V50:;FQ8B,506?S458;
D
>U2p47Q,fd0,/8B94TU2p4fM
;U2fM8Z,47Q>45Bm*,(p4\
7Q,f,/;K<*,(p4M:;,f
VN5EQX
C1bd
>45,hX
;fM,f,D0, _\U27Q\.

ab3I

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C1b>M:4ja.*7,Eb3Ia&04/)7)0c97
:
>V4
$<VU)+fM, 9Rjz;U2O+ 8B9
4TFQ,(4c45c9ER:0;d0,/49h
8ZEQ,g,f46;RD: _9`F
Ví dụ
Trờng hợp định giá doanh nghiệp theo phơng pháp DCF.
&)|8592:W#h0)*2)9X
WX#YT;V8592:W#
pF[ pF pF pFH pFA &0 4/
jD

Bảng CĐKT
T;),(
m[ mGG= mG' "m=H 'm[G
fD G'' 'H ='G mG m'
*,( m"= m" m== m"" mGH"
>I#_RT0` m[G= mH[ mH m=A mHH
L+95eO '== ='H H= m"G mH[
>I#4j '[ H G' mAH= m[H
Tổng tài sản 1,676 2,136 2,587 5,301 6,045
"
f4j
" HH '= "' "="
.*c)
m'= mA'G m "mA== 'm'A
Tæng nguån vèn 1,676 2,136 2,587 5,301 6,045
Sè lîng cæ phÇn 1,500
'