giải pháp nâng cao chất lượng thẩm định tài chính dự án đầu tư tại ngân hàng tmcp đại dương

MỤC LỤC
CHƯƠNG 1 3
NHỮNG VẤN ĐỀ CƠ BẢN VỀ THẨM ĐỊNH TÀI CHÍNH 3
DỰ ÁN VÀ CHẤT LƯỢNG THẨM ĐỊNH DỰ ÁN 3
CỦA NGÂN HÀNG THƯƠNG MẠI 3
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




 !
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
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 
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&'() *
$%+,- *
. /.#0+1234+5617*8
&'()*+
LỜI NÓI ĐẦU
5 9 -%:"07"#.+; +<"239 =->
; +&;30+4 +;?9 ":"0@ 25(A7 9
29 B+,C',D/4EFG"C +<"+H"+2
2;?C5705/4E70:"1I +&;3+;? 929 
5+E 60 J ; %KLMN=H"OC"#P'
%Q(R.,"9 +E .;S 60H"#C"1O&?5 ;3
T ;GC 3
U3;B>"  0'H V2C5+E
520#2+<";LM+4J%25%@W2CD/4E; ;X

%S+;X 7 ;X0% 07 ;X:"#C+,+123%@:"./"&(50
LM # += 20," J%HA7'() 20560
<C7+,C':"0@ &60HC
5 +H"A(50+=7O"E J .%%@OA+P
J 05A":".5+E (5060 J %+P=P+> 29
G,;X "#G7A":".5+E (5060 J )"E
&H"#C"17%E5 9 #C"16:"0"E2H J +=Y
$%+,'(+<"; J =P=Y $%+,
#C"1:"#C+,C+CA":".(5060%Z J =%E
Y $%+,:"#C+,Y 60%Z J 
[52#$%+,'(+<";=20I+QOA:"0@ +123
%Z J 9 -%2\0:"07%Q(RLM+4]@ +CY $%
+,; " C:".++;?;0057;0+^%5HC%E
P/> + '22#75 X  0LMB<
^007^%+4@+H_ “Giải pháp nâng cao chất lượng thẩm định tài chính dự
án đầu tư tại Ngân hàng TMCP Đại Dương” %"#G+H
U39 C>'"`+;?5 X 0C J 2
5 X 0@;X 7^%%5 %"1a+=  =%E<Y >+P5
A2J 05&;? $%+,'(=" 2&;? $%+,
'(="  J 

"#G+H %<_
Chương I: Những vấn đề cơ bản về thẩm định tài chính dự án và chất
lượng thẩm định tài chính dự án tài chính của Ngân hàng
Chương II: Thực trạng công tác thẩm định tài chính dựa án tại Ngân hàng
TMCP Đại Dương
Chương III: Một số giải pháp nâng cao chất lượng thẩm định tài chính dự
án tại Ngân hàng TMCP Đại Dương
%/J.%OEY J2GLMB<b[;
+4AFO.52Ths. Phan Hồng Mai+4 ]+c^%5

O.O55#"#G72X 0Y (2(5 32H
+E7 A%2X 0%P"C722#O2C60^%Y d
9 C7C"=%&%5 +;?+=  = ]+c7+=  =eC
2FO.5%60<#Y+PO2CG%5A
 ,'-*.'/0

CHƯƠNG 1
NHỮNG VẤN ĐỀ CƠ BẢN VỀ THẨM ĐỊNH TÀI CHÍNH
DỰ ÁN VÀ CHẤT LƯỢNG THẨM ĐỊNH DỰ ÁN
CỦA NGÂN HÀNG THƯƠNG MẠI
1.1. Tổng quan về Ngân hàng thương mại
1.1.1 Khái niệm NHTM:
 J %E5 B>':"0@ &60HC
 J O05 %H"5R#"E2P60HC="
2A1 '=G 75 +=LMP%f@ 3&2H:"#%Y
.7,<21;?  J 
LMB>"]CA%3&5 <"C%@HC
L J7E 0+2(50 A7B>C/4E+H" V
H J LM+= 20, ;X6:"`55/4E"
\ J  "":"0@ 60H"E 0+LMB>
520#6#G"+123(50 A7J7E 0+b123(50
 A7 J B>" &'() +P)2)52A%"0 7%"0
g%0 CO,(50 A2 ;X%"0 .055
5.%"0 =02(,2)7@;X V() h76#A%7i'()
0#5.+AVj2@<Y '0#C5'7
@;X %3LM+P%;2&
LM+42P -%-% gH23
P60C 5kPA1 LM+4=+E &32
:"0@ +C:"P60HC 57 ;?C
5P%%a+C 0+505&HC,;X LM

T  # +;?5A2S9 +,C'Y P
C"+;?
1.1.2. Hoạt động của NHTM:
[5"<"&#C"60HC,;X 7 J Y  \ -

;X %SE (0%).$% J l%+> "<" #
 +0( 60 7V()  "21=A":".2"?"05"#
G72HO.] 0=Pg/C5+E +=25%E5 O0=%0"_
 1(!234
520#5+E X057(5+= J +4%C%%@
+P"#+E +;? "HME5 9  ":"0@ H V0
52CA%60  J0 %S(,2)H V+PO.5:".
E ;X=H20%C.H+] 5 :""] "21
 J .Od09 ' 05(,7'.4H V7.4 J
 20#25.'=G:"09 5.#+Id
 J .V() 9 + 21"#+E +;?=A":".+P=POR
+g5.'2+^%?"5 J 
 J " "#+E  "215 HC:"1(JO05
G+=7<215"<"05.0#+<";520#7LM
=P+20#\B>'() 7\Y #7B>'
G,;X '
(!567
"1
8"19/'4 0#Xm+<"7 J +4C&";
C"%C520#+1239  ;XOK ;XO"#P5.
."5 J +P&#H;3Nk0"+=O;3"#PC\C&"
; C"0 520#C+123 K ;X%"0N7 ]@
=21+P%"0 (9l%%SE ./"&(50
8"1 6:45  0+5+<"7 J Y '5
20#+123J2E 0+(5'6505k 0- "60 ;XG"

(R 20+4O"E J .;3 3 ;XG"(R ;%E
 H%- k0"CC>07'() G"(R +4S5'
() - ;S 0&;3=HCP
8%;6$4G520#"#H1 520# g7
 J T  # :"0J%252A?5/J#( %#%3
*
+QOA?5  Y  A05ME1 J I520#+P
+<";25O&+E .&G75'() #65; +105
5.520#7H%$9 65.7"YC%<3
5 B .60LC"Y +;?P%5Qa5.20#&(n
O,&O7C.;S 3?"7%'+^(560 J
 9 "<"]H V60 Y +;?+> U#7
5020#;C57:".e2AV() H20#7C"? 1240
059 2&+H% J . .:"#C;325 :"5
20#7l%=+;?9 5.520#052A":".
<=> 9
L5+E +<";6#C"60 J G,;X 'Y :"0
2A%"0O> 5_Y 2'C""60 J \
5+E #5.GA 90 O2 %"0 50 J
IR21G(5023(50 A75 :"+= J a
+;?0?"\5+E #
(! ?@$674
() 2,'"#'7"#G%Y60%%E"  0'=
H":"0A23 7=.- C23H" "Y 7
 J  #0#a" &&H"(,2)0"\(,2)0
57O.547%+e5+C2Ah 9H760.)2)5
 (,2)#=P55+E5Q=PG:"0Z?5
5+E 2H"#+E 2175+E '() K+QOA5+E 05N
; ] +H"+^%"5 J (;3( '(,2)b123
<"C J 7"\2A" &(,2) # C%f

@ 35 B "
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1.2. Thẩm định tài chính dự án của NHTM
1.2.1. Khái niệm và sự cần thiết của thẩm định tài chính dự án của NHTM
A$B'&'(56$C%D
 J "?6#C"X5+E 520#C520#217
 J ;X .+1%Q232Y19 65U%E(;X ah5
(5 H"-%7+Id%E;? 2132O,1OSH"#C"1%
5 ; 0=PaOC+E =;X 9 51'5T ;
9 +,+;005 (K(NF9 (C7OS2#
>0+ 'H"'6:"060 ;X( ;X(S+J#=P
6+<";75Q:"0;2&+;?"G(7Se+
(502%5 %"160(5.5;X +> G 1+Ep+P
c2&+H60(=PY '5+C2&+H=G
:"02=POd:"0%E1#C"15Q%5(SG.%E
1el%++;?6 E7?60OG=G:"0qr 6
+<";$%+,'(;3C2:"#H?60%5 @+> G
:"0+P%G 
bP=P7+QOA5 +H"A60HC,;X 23+Q
+P%(502'0&057 J T ;
J5 HCa.%C%; 7 .5
G %+P - \065=P$#$%+,'(5
Y 5+E 60 J '%E5 9 OAO.l%
I  \0655 :"520#21+<"; J ;2#G =
+E ;X?7 J B>'+ (6#C"(0G
; (A.7A":".'2/^%/h.- "?60 J 
U3:"0:".';3=$%:"#H$%+,'(+;?/^%
/h2+ G =+E605OEHC/4E60+&;3
MEB :"0=P+;00A%2H$%+,'(
+<";;0"_

s
$%+,'(Y 2A57P%0%E50@7
:"025(A%@E(" 60(2G:"0+C(l%t +,
'A":".T ;'.60(;3:"#C+,+<";
b123?7B>520#7 J _$%+,'(+<"
;%E:"+;?AOl `"J'(+4+;?CG
S9 "$%7l%]09 C"%->:"#C+,5
20#21+<";(0#Y 
 E>C&'(56$C%D
 J "?6#C"X5+E 520#'22#%Z%E
5.'() +;?&0&C.%0 ?"7+H"+=+  W0
232A+.%O.555+E +;?052A":".[5+=7+H" J
:"0J%&.- 5.5.20#. 1u4+] X60
 [5+=72A J .C$%+,(G%@;
(A`"7,;X 7B>:".e7'j+QOA:"0@ 
ME(;+4+H;X +Id%E;? 21&375 %EX
0(7<32;?:".- '7.- ?60(50
 AU2#@."#+E  "?\LMUH'0LM75
20#^5(+<";%E A2)(50"#H1 =.- 
X05; T >0+ H"65U+H .%P"65=P/.#07
 J Y I5.C$%+,(+<"
;%:"0@ &$%+,'(U0I:"0@ 60$%
+,(PASZ=->'#C"&+PLM+;00:"#C+,
?60%
UH%Q A2)7LM23; J%5+E 052A":".7
Y $%+,(a ]5 J _
•  J =S; +129 g+P/+,+;?A":".+<";
21T ;.- 52160(7:"0@ ./+,.-
.?606+<";
•  J =P(+5+;?9 65=P/.#07.;S 3

8
:"P0A(GS#7A2OB" G%
OAg)5QC657+.%O.5'.60(+ X
0% 0eC23:"0:".e;326+<";+P]:"#C+,
+<";+] +g
•  J =; C65'() +C%>&&/
+, ,5.20#7X74"J7%>"?2>"??e75
+H"A5(5+E A":".
•  J 50->+PP%02AV() 21+<";+] %)
+'7+] +1;? 2CA%5 :"A(
•  J ]0 A%5 520#+PJ 05&;? '() 
1.2.2. Nội dung thẩm định tài chính dự án trong hoạt động cho vay.
 "/FG@$@HI(!&'(
L5+E $%+,)"E&H"25:"#+,7 ,+,+;?
:"0"O02-O."0"+;?/^%Se55
+E $%+,(060LM
•^5v!"#C:".e+<";2/J#( wO0x%^5 ,+,60
'61oyzzzybD{7 #|}y8yzzz
•v!"#C520#60B>'() +123 wO0x%^5
!"#C+,1*yzz}y!bDL #|yzyzz}601 +1 J 
;3UA0%
•^5 ,+,60'61y|||ybD{7 #|oyoy|||2HvkV0+B7
OB" %E1+H"60:"#C:".e+<";2/J#( 7O0x%^5 ,
+,60'61oyzzzybD{7 #|}y8yzzz
•^5~""#C'+<";5 ;37V0+B #|yoyzz}
•^5 ,+,60'61oyzzzybD{7 #}y8yzzz2Hv!"#+,
C~""#C'+<";5 ;3wKV0+BN71|yzz}y!L|
•^5~"+<";;3 5UA0%7 #yyzzs•~"V0+B7OB
" %E1+H"60~"+<";;3 5UA0%7 #zysy|||KkV0+B\_
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•^5 ,+,60'61*y|||ybD{7 #y8y|||2Hv!"#+,
C~"+<";;3 5UA0%w
•^5Y ;60EC@02b<";1y|||yDL7 #oyzy|||
2HvL;3 (u@0+E +<";;3 5UA0%w
•^5 ,+,1ozy{ #y|yzzs60'6O0!"#C:".
}
e'25(50+123(50 A;3
•^5 ,+,18yzzzybD{ #|y*yzzz60'6V0+B7OB
" !"#C:".e'25(50+123(50 A;3
O0x%^5 ,+,1ozy{ #y|yzzs60'6
•!"#C+,1ssyzzzy!bD #|yyzzz60E;S E'2H
O0C+E:".e7V() 2'&"05.1+,
•!"#C+,1s8y|||y!bD #oy|y|||60E;S E'2H
2AO0C+EO55'(50 A
•Y ;1o}y||yD #}ysy||60E';3 (u!"#
C'60Y #A%9"%E2G"ES9";37B
>',7B>',D/4E
•!"#C+,1*Dy!byb #|yyzzo60E'O0
C+EC5+123(50 A
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:"0=>- O0
•2-O.=G:"0
 %&'(JF/@$@HI
0 b 6)e60(220#21
L20#21<+.%O.5'+<#+62?A7^5:"#+,60 J
 5<C.O05 %
KJF/L'9$@$@HIC<14
• b123 (50 A5 ;3_L<=O05 %
- !"#C+,5Q &#h
- B Y #z.]:"#C+,(56;3 '6'

- B Y #z|.]:"#C+,(5E;S E:".e
 e
- (50 A"EF1"E" ; (5€[
F1"E•':"#C+,
- ‚&#> +- '(50I5 XA"_(5kSC
52b<";(50 A+= )S'&7+123?/4
+- '(50(5"fO0J(J&"#A&7\;X ?(50
5   H^5:"#+,G 60'6(5€[FD
1"E•&
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z
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- !"#C+,OBA% %+1KB  %+1N2C5;S 
•b123(50 A=21+<";;3 5_eO05 %
- L?+ G(50
- bH"A(50 A_+;?:"0;3=$%:"#H&h+<"
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2120#
- ?+ C> %2A%"0O "#G2A"7 5
%#%=CO,j7?+ G").$%7 55Q?+ 
l%A(+<";+=
- A"$%+,2HC7`"60(
- b1232A20#21A(+<";60(50 A;3
<=:"#C+,+<";60&=$%:"#H

- b123 Y #B<7Y #A%9"7Y #
G(50<=2-O.60E+ :".,5Q9  2G2H2A
&"20#21 J +PA(+<";
K"$JF/HB $ $<!*?1>NHO 
(B.O 11
G+=7A"GT .+.%O.5'?A W0
A" V J ;O55 G>".7 &#+H ,20#217OGO.
@E+ :".,5Q 2GY :"0; 20#21jOg
O"E.O.'2+;?eOS ;X+(A?60OG20#
A"C"Y P" &K;_e7O55'7:"#C
+,OBA% %+15QC5;S 7 &#> %;J(JjN
V() O.55; .=> 60Y > 5Q=e+= (&"
„k05#O.'„60OG20#KC"OG20#JN5Q=9e60'
 ;X20#KC"OG20#PJN
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O b - e606+<";
!"##G"<"OE$%+,$%+,2H,V7
2P60(50 A7;606(50 A7AG
e606+<";_!"#C+,7 &#+- e(507+H"A
5+E 7:"C'7 ,:"#Cy:"#C+,OBA%>(06
1K6,Lb!7B ‚%+1y‚%+17C5;S 7jN2&+H
<.$%+,5 2A+ - e6+<";_
• ƒ"&/>(50 A
• O;3 5Q3(50 A+4.:"0_0#+B:"#%Y7Y "&7
5.$%7OE%#+H"j
• 9 =-7"?7?C7O&?60Y #
• €#'60Y #G; ;X _ 60(50 A
Y #57;35…%1:"0A%-=OH29 Y …MQ 60
(50 AC%,;X +;?O05G"523(50 AR  
 H72A./"&(50=B+,Y …

 =$$PPF.- ?6QH5CC(> 9
 b ./"&(50606+<";
!"01A"1 G7O55:"#C5 -%60(50 AK'
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 "$R 2'L(!Q9G.QFHS4
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ˆK~?"0""C-%D~?"0""C-%
Ny~?"0""C-%Š†||‹
s ~?"0""Cy[50" ˆ~?"0""Cy[50"Š†||‹
8 ~?"0""CyB .KqN ˆ~?"0""CyB .Š†||‹
} ~?"0""CyU16S9"
KqN
ˆ~?"0""CyU16S9"Š†||‹
z ':".e2O y[50" ˆ':".e2O y[50"Š†||‹
| ‚,."y[50" ˆ‚,."y[50"Š†||‹
 L 5y‚21 O ˆL 5y‚21 OŠ†||‹

OE$%+,.+;00/h2H%Q0"_
5+E ./"&(50=B+,J"(+;?Y …KUH?
"7(501O7%>- ?"-%…P%5I?N
H";3 P60(50 A;C5KbG0#+/"1 N "#G

J…U1(50=+.%O.52- ;S Y …V() .60
(50 A;C5…=-A0#(50 A…
bQOA+123.$%(50 A0@+<";5 (<.+
`:"%Y./"&7&;? .$%7.- G")%>+E0
"1R  J CJ'- '606+<";
l%&#+;?.- J+1 "H=PV() +P.
<C
 b - '606+<";
b '/- '60 l%/+,>
%'7.- +E76'5 (507.- 0
525.?60 ;X20# 50I./+,'/1216
S9"C0% 025; /20# J ^5:"+,60C+E
520#M"1J'+;?2&+H#.(025O55'7O.
B C.7O. :"#C5Z4"#GO55'F5&#
+H" +4/.#05 :">722#(0GC:".J'7$%+,OE
'() .OCV() ] +P+,7+ 7(O5%+,
;3 P7+P"$O,+1=232&+H5 :"
A(J'- '60 0=P+ 
FG"_
 %9(2'T

FG"#5OC.- 055.?;X /"#G7C"
Ol 5Q3B 1?.05;X /"#G1

;3+5Œ:"WH%Q•.=
H%QO:"J'd
< %UHBB

FG"#5OC =+6.;"+E +P+.%O.5.5.
? g"0ZO& X/.#0fA#Ž17C"•<J'

 "#GJC"+.%O.5
 VMH9 (!CCFG 
†U~bŒ.;"+E DB 1? g
.;"+E  %_H%Q7H V J 7H+0 "#P2
5.+<";' g75.."7 552k~b
FG"#5OC121606S9"l%5 .;"+E H"
0#'7fA216S9"0% 025(20#21FG"# 3
17C"•Œ|- 62H'60 &#C"
6 %UHB$

fA#5OC5 ;X ?Y I"\ "O 
.- "#+E  "H=P"#+E 0+P.?fA#ŽŒ
17C"•.- 05= Q=-
 QH(1
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- +20#.- /20#2160(50 AME(50 A
=.- 6'05;X =- +20#&3C"- +
20#•|7o(50 A+4+%>O4560- +20#b123(50
 A"E5#7 J ;X Y 520#
*
.- 050Œ
U1Ol H
5.?+C
- +20#Œ
 "21A=60(50 A
U1;X /"#G
fAAŒ
.;"+E
? g

WBFM;
 "21A=60(50 A "216S9"60O. B
C.B 1 "21(50 A+0 V() B E OG.
?"0O. B C.LA1#3m;32Ž|7o1
 A.QFHSCF.
FG"#5OC.- X60B P.=fA#
3A":".V() .052 ;?
 %UF ?H; XCMCFG
f"&#5OC%E+ 21606S9"50O05G"+ ?
"\FG"#7OE'() =P/+,+;?.- "#+E ?
"60 +P.5.?5Q+<";%SE ./"&7(50
 %UF ?H; XYC6FM<$
fA#=P'" 5Q'G 5\ %Q f"&?"
 05A":". 3fA#+P5A":".+<";21+123\
5.$%+P=0@.$%5=A":605Q523R
5.$%60(50 AG,;X +P&#r%>+E0
o
LA1?Œ
 "21A=60(50 A
B 1 "21(50 A+0 V()
f"&?"I 
60(501O
~?"I
[501O
Œ
f"&?"
60216S9"
~?"I
U16S9"
Œ

.- X60.Œ
B 1?"(50
K?";3"CN
B .=
Z"$BFM25
ST
T
Tên hệ số Cách tính
 LA1+IO$# B ?..yU16S9"
 LA1? B ?..yB .
 LA1.1
+,yB .
B .1+,yB .
** LA1•[y'
4..
K~?";3"C•~420#•&"05.
9"22YNNy~420#..
oo LA12HJ+1m
.7 "21
K?[•U16S9"Ny.(
FG"#( +P+5;X %>+E65=POR+g+;?Ol
 "21606S9"_
DB .?yB .=KfA# • 1N
DB .?yU16S9"KfA# • 1N
[ =$$5.B O .C6$
* b B %>+<";21_
b B %>+<";21bJ#E(" :"0@ +<"G</^%
/hCJ''(UA$%+,'/B %>21
+<";=e W0&:"0@ +123'.60(C"%>21+<";
(':"&(aY A+;?7 ;?C"(':"05a

Y .'/A":".'60(
B %>21+<";60(O05 %5OE121<C+PC
2+;0(255+E B %>21#+;?0005_U1+<";
25.1+,221;"+E O0+<"
Vốn đầu tư vào tài sản cố định bao gồm: +<";250 CO,7(J#"#H.
/"&j"#G7 J T <.]e+C'„%„D>'%
(50 AOd0Y G:"0+C2A(=.0#Y bP
'.5+,0+P%/J#( (7';2&CC(j
Vốn lưu động ban đầubao gồm_21+<";25.;"+E O0+<"
l%+.%O.55(=P5+E O;X ^5+H"AC7
s
`"+4('=O05 %_ "#G2A"7+A;37GA"7)R 7
H; 7 (97j221(I 
GSB 21+<";5(7 J C/^%/h "
?5(75 +=.%P"2H.- +.%O.521\%Z "2H
:"#%YT ;C+E "?5(=P(5'6?7
 J 520#721=606+<";721"#+E \ "
* b (I H60(
k0"+ B "<"217&" "212C+E"#+E
217O;3C^5+ FG"C'60(7> J
 /^%/h3#C"1"77\+=/^%/h+;?(I H60(UA
+ FG"#+;?AY :"02A$%+,O55
'('5\ -%5Q\  0+560+X(
5 $%+,'(72A$%+,(I H60(=P
=2A=&$%+,'(:"0J%3;? H+25
K(I 25N2+0K(I 0N60(b.%O.5J+1"KJ+1(I H
252(I H0N%)G":"0@ 60J''(
•[I H2560(_[I H2560((I H0""C%
(50 A=P"+P+<";25%E([I H250
'5.."60(2(5+==%0 (&"(; 5..

"60(;X +;?'^5-%2+;?(025C5./"&7G"
) -%60(+P/+,5 O;3#7OE$%+,/+,
Y "&"#+E ('606(='/0#Y •.- G"
).$%• .60.$%O0•j(025+,;3 P60
  H2(O5.;S 60#C"1%Y;X 
•[I H060(_[I H060(+;?PAY :"0
'60(G%0 (&"J%[I H0G:"0+C'+<";5
.1+,75/J#( 25%"0g%UFG".'T
+;?'^5\ -%^5"12I +X60(UA(''.
/"&7(,2)+;?(0GC5./"& -%7C5&"057C5
8
.?60(OE$%+,/^%/h'+<#+6605'7C5
'&"05=R?;0j&"05%E#C"160'./"&S2#
%>&"05=.;S +C?"7+C%>"C".E -%
60(50 AC"&"05- 7?" .%2(5+="C"(50
 A .%2 ;?[52#72A/+,'/%>&"05=e W0
&:"0@ 5 J''(M>&"05+;?/+, -%
))"E25; '&"05
GS1A"('2H(I H252(I H0\ -%=P(
'%>4Z -%60(5 $%+,'(72A$%
+,(I H60(=P=2A=&$%+,'(
:"0J%3;? H+25K(I 25N2+0K(I 0N60(b.%O.5
J+1"KJ+1(I H252(I H0N'%)G":"0@
60J''(
* b FG"'60(_
ME(+;?+ &1(+=.50+;?%>?
""#A+1D>1;? 60.I 3&•=f"&X05D'
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"0AC"5OE1H+<";5(2120#2?20#K. 124E
(N+;?.Ol  "H"+;?\(%Z] 
UT ;FG"{U7FG"•qqT +;?/+,50
"1 +<";
DC"(+E0"(=•qqŽa+;?0@
DC"(5\0"0@(=•qqŽ23&
‘"+P%'Ol fA<-%G(n( 523'V() 21
;?+P%FG"#F.+;?fA521EOE60(
O05G">Y " &:"#%Y6014K0#ZN60('Ol
H(+;?5 H"-%72A'5FG"&>bQ
OA5(=" H(I 250/^a-%#:"0-%7C:".
'5=P5H"•qq0" J#=-52A0:"#C+,[5
+=7•qqFG"C?7OB?5FG"{U
~;"e_5 ;X ?=/" +E 90; {U2•qq
2A0@(^5{U<+;?5@ +P+%)G"1+05?
"60(
|
 FG"X 0521K{{N
X 052160%E(%E5 FG";X +;?V
() +P+  ,C60(+<";X 052160%E(
+<";+E(X 0+P"5OE5.+<";O0+<"5G7X
0"2160%E(  g 1+P+;?9 OC+E 7
65O&+,
Y >'
X 0"21 Œ

B 21+<";
Œ K-%N
[I "O:"J -%
‘"+P%+ .7(n&#29"'+123(=%>+E6
5057<"210
"#G=T =;?+P%Y '+C ,X 060H
2:"%Y60(
( F1.- ?K{•N
FG"#I+;? @f1?'D'7fA 90 ,A
60" H(%0 2 ,60+<";O0+<"FG"#.
+2,+<";a%0 O05G"+2, ,C"{•3= W0
7(%0  ,05'2+==P&+;?
Y >/+,;0"_PI =
5 +=_ {U"I A
{21+<";O0+<"
U3{UŒ{U•{
^5G""${•%Z; +<";+^%0/^%/h<.'F
1{•{; +;?@; ={•ŽC"; +EI
C"; 5OdI.@G%{•3&
** b .- .?60(_
.- .?60(+;?+ GS ""2?K? 1
24N.. -%60(UA/^%/h#+;?PAY :"0O.
J+1"2f1.- .?60(

f1.- .?60( Œ
 ".? -%60(
?.. -%K 124N
f1.- .?60(+;?523%>:"#+,"$M>
#+;?/+,^5\   H[+;?+ =.- .?
f1.- .?60(.++;?%>:"#+,"$

 507.- .?60(I+;?+ Y :"02A/^%/h
.;? 2(50"+P%21.?
.- .?60(+= 20,:"0@ 5 2A+ +E0
52H%Q'60(+ XT FG"+;? J +QOA
:"0J%25%E5 G""$+P&" &'() 5(
0#Y 
1.3. Chất lượng thẩm định tài chính dự án đầu tư:
1.3.1. Khái niệm chất lượng thẩm định tài chính dự án đầu tư4
&;? 602A$%+,'(=" 2$%+,'(
=G =.;S &3+C5+E 520#60 J 7\+=.;S
C+C?"20560 J 
&;? $%+,'((;3 =+E J /^%/h(+==
+> 1&9 #G"<"60 J 7Y :"0FG";:"#$%
+,=50@25(AY 7X 0$%+,00#%7'$%
+,050#&72A0@; $%+,=R?23(Y 7
&;? $%+,'(+<";+> %E1&
#G"<"60 J 5 5+E 520#_J 05&;? 520#7
Z?52A0:"#C+,520#23; J%?20560 J
 5 :"$%+,'(+<";7OE./^%/h7
+ %E:"09 2&+H=G:"0+C'0'
60%E(+<";OE.+ /^%_(=%0 ?"
+P=.- .?5 J Y …X 0.?O05J"…22
1.3.2. Các chỉ tiêu phản ánh chất lượng thẩm định tài chính dự án đầu tư
$%+,'(%EY ):".e2P%0:"0@ 60
 J l%+;009 :"#C+,520#5Q\1520#+ X

0% 0 =eC56+<";75H+H+.%O.5A":".520#7"
+6 124+] 7C65S%>&&MQ7$%+,
'(IS+P/+,1H520#7%>"?7X?e7
5H+H5(50 A5+E =A":".5 :"5

+E (5060%
U2#7&;? 60Y $%+,'(=.;S &
3+CW25 +X1 /4EGS#C"17:"#
$%+,70=P/J#( %EA1 FG".&;? $%
+,%S7->5Y $%+,b=#G"<"2A%+
XT %5 %"160&.A1  J LA0#S;30;0=
%E:"07O0 5A+;?+H"#
&;? $%+,PASZ7C"7+ 2H(=
.->:"0@ +P+<";+;00:"#C+,+<";5(0#
Y b123:".e J 75+E $%+,+;?5=&
;? =Z?+g52A0:"#C+,=+<";7=520#0#Y
2&G7+<";.057?5 J 
k0"+J#%E1FG")P.&;? $%+,_
•$%+,+] :"#50@25(A
•Y "+0( +;?V() 1+P%->50:"#C+,
+ :"0
•Y B>2:".eOE%#$%+,R?235+E 60
 J
•$%+,23X 0 g7'&K .%X 02'$%
+,GS+.%O.5#G"<"N
•{A2(O51/";3 765G:"0+C:"+<"
;7=OA+HI C65
•ƒJ#( +;?A1 FG"+ (R?23\ (
1.3.3. J1.;S +C&;? $%+,'(0d_
&;? $%+,'(+<";SLM)"E&H"#C"
10"7%"1J 05&;? 5+E # J ./^%/h`

\ J1Y ;X &;? $%+,',"+E 60
%E1J10"_
\5*4

•5 ;I_bJ#J1+;?/^%O.2:"0@ &5
Y $%+,[bLM7OE J  ;XC
$%+,&;? $%+,=++;?0#Y 7+E$%+,W+<#
+60#Y )"E&H"25+E60OE=PP"+J#0%
P"2H:"#7g%gE(" 7`"6#C"/^%/h(60
OEG+=7+P5J'+;?/7#G"<"+Q05OE
.=P"OCJ"E 23W2 5 J b=
9 C>2HC',7"jG+E2 A%7
2&+H+5+> H AT %E2&+H+ :"0J%
•Y _$%+,[b+;?CGSY "
\H" "UCY #C"1:"0@  ]52A$%+,+;?
Y UA"Y +] 7+67'/a5+H"A5
OE$%+,+ '/2H(2(50 A70:"#C+,+] +g7
+.%O.50555+E ?60 J 
•{; $%+,_U3 "Y +4"+;?7(5%Z(
=%E+Q; G &+,GOE$%+,.0@7+;00+;?
; $%+,1 &2R?~%+;?+H"+=a+.%O.55
 J 5+E =A":".2Y 
•Y B>+H"_$%+,[b?H"5+E =
G:"0Qa230"Y $%+,O05 %. 0+5_;37
5 20"520#G2AJ&+H"&<C+PO;3
A%E?e250@MQ7; >+H"?e
60O04+5aS"#- 60OE$%+,UAJ
+,:"#H2A%5\ OEa ]52A$%+,+;?
'/7:"02(n( 
•’ () 50@Y  A_LA0#5  J 2A;"9
2/VeY <"C+;?AG%#'b XA1 %
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