Ứng dụng quyền chọn thực trong thẩm định dự án đầu tư

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<b>CONG NGHE NGAN HANG </b>

<b>I </b>

1. Gidi thieu

De tdn tai va phat trien
trong mdi trttdng canh
tranh khdc liet, cac nha d i u ttt
(NDT) phai t h a t stt sang sudt
trong cac quyet dinh cua minh.
Vi vay, len ke hoach cho cac y
tttdng dau ttt bang cac dtt an cu
the dttgc xem la n h a n to' cttc ky
quan trgng. Tuy nhien, dtt an
diu ttt chi thttc stt la clu nd'i
cho cac y tttdng trd t h a n h hien
thttc khi nd dttgc phan anh mdt
each trung thttc va mang tinh
chinh xac cao. Do vay, cdng tac
tham dinh la hoat ddng khdng
the thie'u nham gdp phan dtta
cac dtt an dau ttt di de'n t h a n h

<i>i'r:.i^S^^E^Wk^j^mi'^ </i>

<b>UNG DUNG </b>

<b>N CHON THUC </b>

<b>TRONG THAM DjNH </b>

<b>DU AN DAU TU </b>

cdng. De lam dttgc dieu dd ddi
hdi cac cong cu hd trg phai

ludn dttgc nang cao va hoan
thien hon. Cac phttOng phap
truyen thdng da tdn tai qua
nhieu thap ky va hau t h u i n
kha manh me cho tie'n trinh ra
quyet dinh. Lgi Ich ma chung
mang lai la khdng the phu
nhan. Ben canh dd, nhttng ban
che cua phttOng phap cu van
gay anh httdng khdng nhd den
hieu qua cua mdt dtt an dau
ttt. Van de nay ludn tao ap Ittc
vdi cac chuyen vien tham dinh
cho den khi quyen chgn thttc
(QCT) xua't hien. Kha nang lap
day nhttng khoang trdng trong
cdng cu truyen thdng da giup
cho QCT tham gia vao kha
nhieu dtt a n dau ttt tren the
gidi va d i n trd t h a n h xu httdng
chung ciia thdi dai. Viet Nam
la mdt bg p h a n cua nen kinh te
the gidi, viec tie'p thu nhttng ky

thuat tien bd cua n h a n loai g i n
nhtt la dieu kien khach quan de
tdn tai va phat trien.

Muc tieu cua bai viet nay
nham tim hieu va phan tich

ttng dung QCT trong tham
dinh dtt an dau ttt. So sanh lgi
ich ma phttOng phap nay mang
lai so vdi cac cdng cu truyen
thdng, ttt dd xem xet trien
vgng tham gia cua QCT vao
tien trinh ra quyet dinh d i u
ttt tai Viet Nam. Thdng qua
dd, nang cao hieu qua cdng tac
tham dinh dtt an va ra quyet
dinh d i u ttt tai Viet Nam, thuc
day nen kinh te nttdc ta ngay
mgt phat trien.

2. Do! net ve QCT

QCT la mdt quyen - khdng
phai la mdt ngbia vu - de cd
mdt h a n h ddng (vi du nhtt

ThS. Nguyen Xuan Trttdng
Dinh Hoai Vu

tri hoan, md rgng, thu hep,
ttt bd) t r e n mgt tai san eg sd
phi tai chinh vdi chi phi xac
dinh trttdc vao mdt ngay xac
dinh trong tttong lai hoac bat
ky thdi diem nao ttt luc quyen
chgn cd hieu Ittc cho den mdt

ngay xac dinh trong tttOng lai.
Trong dd ngttdi n a m gitt quyen
chgn phai m a t mgt khoan phi
ban d i u de cd dttgc quyen chgn
ggi la phi quyen chgn. Cac tai
san thttc cd the bao gdm bat
ddng san, cac dtt an d i u ttt va
chttng n h a n sd httu tri tue....

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<b>li </b>

<b>CONG NGHE NGAN HANG </b>
cho san pham nay la khdng
cbac chan, ban quan ly khdng
mud'n cam ke't d i u ttt toan bd
vao viec phat trien nd va chgn
mdt quyen chgn de ban cdng
nghe- tttc la mua mgt quyen
chgn ban, vao bat ctt luc nao
trong qua trinh phat trien ma
cdng nghe dd trd nen rd rang
la khdng cd trien vgng ve lgi
nhuan trong tttong lai cua san
pham. Gens & Foods (G & F) la
mgt cdng ty thttOng mai vdi mdt
thi trttdng kha rgng ve thttc
pham bien ddi gen. Cdng ty nay
dtt tinh se thu dttgc lgi nhuan
ldn trong cdng nghe mdi cua
GeneMiracles. Ca hai
cdng ty ky hgp ddng
quyen chgn ban, cho phep

GeneMiracles ban bang sang
che cdng nghe cua minh cho
G & F vdi mdt mttc gia 60
trieu USD vao bat ctt luc nao
trong sud't ba n a m cua thdi
gian phat trien san pham.
De cd dttgc quyen chgn nay,
GeneMiracles phai t r a G & F
10 trieu USD. Gia dinh sau khi
hoan t h a n h hai n a m p h a t trien
cdng nghe, dtta t r e n thdng tin
thi trttdng dang tin cay nhat,
GeneMiracles ttdc tinh lgi
nhuan rdng trong tttong lai
ve san pham khdng dat den
50 trieu USD. Do dd, ban
quan ly thttc hien quyen chgn
bang each ban bang sang che
cdng nghe cho G & F n h a n
60 trieu USD.

<b>3. Ufng dung QCT trong </b>
<i><b>tham dinh dif an dau tU </b></i>

Tham dinh dtt a n dttdi gdc
do tai chinh dtta t r e n cac cdng
cu truyen thd'ng cung cd nhttng
han che n h a t dinh nhtt phu
thudc vao ty le chiet khau, cd
dinh cac yeu to' d i u vao, khdng

tinh den stt linh dgng cua ban
quan ly cd the lam thay ddi
tien trinh dtt an, chang ban
cd the md rdng dtt an neu ket
qua bttdc diu thuan lgi hoac
trong trttdng hgp ngttgc lai cd
the thu hep hay t h a m chi ttt bd

nd. Dieu nay cung ddi hdi phai
xuat hien nhttng phttOng phap
mdi hd trg td't hon trong tie'n
trinh ra quye't dinh. PhttOng
phap dd la QCT.

Tham dinh dtt an d i u ttt
dtta t r e n QCT, cung cap each
thttc mdi de giai quye't nhttng
ban che cua cdng cu tham dinh
truyen thd'ng ve phttOng dien
tai chinh. Day khdng phai
la mdt stt thay the ma la bd
sung, lap d i y nhttng khoang
trdng ma cac phttOng phap
trttdc day khdng lam dttgc. Nd
tich hgp cac cdng cu dinh gia
truyen thd'ng vao mdt khudn
khd phttc t a p hon nhttng cung
cap cho viec ra quyet dinh cua
cac nha phan tich tai chinh
va cac NDT d i y du thdng tin

hon, cd y nghia hon, thdng qua
dd cac chu the cd lien quan cd
the chinh xac hon trong viec ra
quyet dinh.

De cd the hieu rd kha nang
ttng dung cua QCT, chung ta
se tim hieu chi tie't hon tinh
<b>hudng "ca c h u a h i n h k h o i </b>

<b>c u a c o n g ty Tailored". </b>

Tailored la mgt cdng ty cdng
nghe sinh hgc mdi ndi len
trong thdi gian gan day ve thttc
pham bien ddi gen. Nd cd mgt
bang sang che ve phat trien
ca chua hinh khd'i. Phat minh
khdng chi tao ra san pham cd
hinh dang ddc dao ma cdn it
sau benh, chat IttOng ca chua
dttgc cai thien hon r a t nhieu.
Ben canh dd nd cdn tie't kiem
dttgc mgt khoang chi phi r a t
ldn trong qua trinh trdng trgt
va van chuyen. Van de ma
cdng ty phai dd'i m a t dd la stt
khdng cbac chan ve thu nhap
cua dtt an. Ly do de hieu la bat
ky boat ddng kinh doanh nao

cung chiu tac ddng cua nhu clu
thi trttdng. Trong trttdng hgp
nay ca chua hinh khd'i lai chiu
tac ddng m a n h me bdi n h a n
thttc cua ngttdi tieu dung ve
san pham bie'n ddi gen. Cd the
khach hang se khdng ddn nhan

nhttng trai ca chua vdi hinh
dang la mat. Hg se phai dan do
ve chat Ittgng t h a t stt cua loai
ndng san nay, lieu chung cd
gay hai cho sttc khde con ngttdi.
Dieu nay dan de'n thu nhap
ttt dtt an la khdng chae chan.
Nhieu NDT lam vao hoan canh
nay se phai quyet dinh ngay
la d i u ttt hoac khdng. Hg quen
m a t rang cd the hoan viec diu
ttt lai mdt thdi gian. Stt chd
dgi cd the mang lai thiet hai
do stt xam nhap cua dd'i thu
hay ddng tien do dtt an sinh
ra bi bd qua. Nhiftig stt thiet
hai nay dttgc bu dap bdi gia
tri cua thdng tin cd dttgc them
khi hoan d i u ttt, ma gia tri
nay la r a t ldn. P h a t minh cua
Tailored da dttgc dang ky ban
quyen va nd kha ddc dao. Do

vay cdng ty tin rang trong nam
n a m tdi se khd cd nhttng ban
sao chep hay nghien cttu tttong
ttt. Ndi each khac. Tailored cd
thdi gian 5 n a m de tri hoan dtt
an, thu thap them thdng tin
trttdc khi bttdc vao nhttng nd
Ittc tiep thi ra m a t san pham
va phat trien nd. PhttOng phap
chiet khau ddng tien cho ke't
qua ve thu nhap cua dtt an dat
160 trieu USD. Bien dgng lgi
nhuan hang n a m cho ddng
tien dtt kien ttdc tinh la 30%,
lai suat phi rui ro trong nam
nam tdi khdng ddi la 5%. Chi
phi cho viec d i u ttt phat trien
va thttOng mai hda khoang
200 trieu USD. Vdi nhttng dtt
kien da tim hieu, nhttng thdng
sd can thiet ban dau dttgc xac
dinh vdi gia tri tai san co sd
SO = 200 trieu USD, ddi sd'ng
Quyen chgn T = 5 nam, ty le
bien ddng lgi nhuan d = 30%,
lai sua't phi rui ro r = 5%, gia
so' thdi gian 5t = 1 nam. Tinh
toan cac thdng sd Quyen chgn
theo cdng thttc, dttgc cac ket
qua nhtt sau:

<i>u = exp((jV5t) = exp(0.3 « VI) = 1,35C </i>

d = 1/u = 1/1.350 = 0,741
_ exp(r(St) - rf _ exp(0,05 « l ) - 0,741

<i>u-d 1,350 - 0,741 ~ </i>

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<b>CONG NGHE NGAN HANG </b>

<b>II </b>

Xay dttng cay nhi thttc nhtt

hinh 1 dttdi day, stt dung gia
sd thdi gian mdt nam trong
vdng n a m n a m va tinh toan
gia tri tai san trong ddi sdng
cua Quyen chgn. Bat d i u bang
SO, tai nut dau tien ben trai va
nhan rdng nd bang cac "yeu td
tang" u va "yeu to' giam" d se
cd dttgc SgU (160.000.000 USD
* 1,350 = 216.000.000 USD)
va SOd (160.000.000 USD
* 0,741 = 119.000.000 USD). Di
chuyen sang phai, tttong ttt cho
cac bttdc thdi gian tiep theo.
Gia tri phia tren tai mdi nut
dai dien cho gia tri tai san tai
nut dd. Tiep theo ta se tinh gia
tri Quyen chgn tai mdi nut cua
cay nhi thttc. Gia tri n a m dttdi

tai mdi nut cua cay nhi thttc
chinh la gia tri Quyen chgn.
Tai mdi nut, NDT se cd quyen
diu ttt vao dtt an, phat trien
san pham hoac tiep tuc chd dgi

NDT se khdng thttc hien Quyen
chon. Tuy nhien, c i n n h a n
tha'y rang neu cdng ty chd dgi
cho den khoang thdi gian tie'p
theo, thi thu nhap vao thdi
diem nay se bang 0. Ly do la
Quyen chgn bet h a n vao cudi
nam thtt n a m va trd t h a n h vd
gia tri ne'u nd khdng dttgc thttc
hien. Vi vay, quye't dinh hgp
ly tai nut Sou5 la dau ttt chtt
khdng phai tie'p tuc chd dgi.
Gia tri Quyen chgn tai nut nay
la 517.000.000 USD.'TttOng ttt
vdi nut S„u4d, S„u3d2.

Tai nut S„u2d3, gia tri tai
san dtt kie'n la 119.000.000
USD. Ne'u NDT quyet dinh
trien khai dtt a n vdi chi phi
200.000.000 USD nghia la hg
phai chap n h a n mdt khoang Id
81.000.000 USD. NDT thdng
minh se khdng bd vd'n ra cho

h a n h dgng vd nghia nhtt vay.

<b>H i n h 1: Cay n h i thiiFc e h o Q u y e n c h o n c h d ddi </b>

cho de'n thdi diem thich hop
hon cho de'n khi het hieu Ittc
cua quyen chgn.

Bat d i u vdi cac nut phia
cud'i ben phai cay nhi thttc dai
dien cho bttdc thdi gian cud'i
cung. Tai nut Sju5, gia tri tai
san dtt kie'n ne'u tie'p tuc chd
dgi sd la 717.000.000' USD.
Neu NDT quye't dinh dau ttt
200.000.000 U S D " de thttc
hien dtt an, gia tri tai san se
la 717.000.000 - 200.000.000
USD = 517.000.000 USD. Vdi
muc tieu tdi da hda lgi nhuan,
rd rang trong trttdng hgp nay

Vi the gia tri Quyen chgn tai
nut nay la 0. TttOng ttt vdi nut
SoUd4, S„ud5.

Chuyen sang cac nut trung
gian phia trai cay nhi thttc. Bat
dau vdi nut SQU4, ta thttc hien
viec chiet kha'u gia tri Quyen

chgn trong tttOng lai vdi lai
sua't phi rui ro thdng qua stt
dung xac sua't rui ro trung lap.
Gia tri tai san dtt kie'n neu tiep
tuc n a m gitt Quyen chgn se la:
(Sou") = [ p(Sou') + (1- p)( SoU*d)] * exp(-r5t)

= [0,510 * 517 + (1-0,510) * 194 )
* exp[(-0,05)*l] = 841 (trieu USD)

Ne'u Quyen chgn dttgc thttc
hien tai nut nay bang each dau
ttt 200.000.000 USD, gia tri tai
san dtt kien se la 531.000.000
- 20ci.000.000 = 331.000.000
USD. Hanh dgng hgp ly vao
thdi diem nay la khdng d i u
ttt, thay vao dd la tiep tuc chd
dgi. Gia tri Quyen chgn tai nut
S6u4 la 341.000.000 U S D ' .

Tai nut S^udS, gia tri tai
san dtt kie'n neu tiep tuc nam
gitt Quyen chgn se la:

[0,510 * 0 -1- (1 - 0,510) * 0] *
exp[(-0,05) * 1] = 0 (trieu USD)
Neu thttc hien Quyen chgn
vao luc nay, gia tri tai san
dtt kie'n se la 88.000.000

-200.000.000 = - 112.000.000
USD. Mdt khoang Id kha ldn.
Trong trttdng hop nay tie'p tuc
chd dgi la dieu c i n thie't phai
lam. Gia tri Quyen chgn tai nut
nay la 0. Tinh toan tttong ttt vdi
nut Sj|d4. Tiep tuc di chuyen ve
phia trai cay nhi thttc va hoan
t h a n h viec tinh toan cho de'n
bttdc thdi gian 0.

Trttdc tien de cap de'n dtt
an t r e n cd sd phttOng phap
chiet kha'u ddng tien ta cd
thu n h a p dtt kien cua dtt a n la
160.006.00() USD. Ben canh
dd NDT cung m a t 200.000.000
USD chi phi cho boat dgng tie'p
thi, r a m a t san pham va p h a t
trien nd. Dieu nay cd nghia cac
NPV cua dtt a n la - 40.000.000
USD. Rd rang con so nay khdng
mang lai lgi ich ttt ddng vdn
bd ra. Quye't dinh dttgc xem la
sang sud't tttc la khdng dau ttt
vao dtt an.

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<b>u </b>

<b>CONG NGHE NGAN HANG </b>

bd vd'n vao dtt an ngay hdm

nay khdng n h a t thie't phai
bd roi hoan toan dtt an. Viec
chd dgi se cung cap mdt gia
tri la' 43.000.000 USD. Gia
tri nay cua Quyen chgn tao ra
stt chenh lech so vdi NPV cua
phttOng phap ddng tien chiet
khau mdt khoang 83.000.000
USD. Vdi gia tri tang them
dang ke nhtt vay, NDT cd le
se khdng ttt bd dtt an vao luc
nay. Cdng ty Tailored cd the
chi don gian la dgi cho den khi
stt khdng chae chan thi trttdng
trd nen rd rang. Mat khac, nd
cd the chu ddng tien h a n h mdt
cugc khao sat thi trttdng nham
n h a n dinh tttong dd'i chinh xac
ve nhu cau ve san pham. Neu
thi trttdng khdng thuan lgi, nd
v i n cd the tiep tuc chd dgi hay
ttt bd y tttdng dtt an hoan toan.
Ngttgc lai neu ttdc tinh cd lgi
nhuan cao se la co hdi td't de
dau ttt vao dtt an.

Trong tinh hud'ng neu tren,
ddi sd'ng cua san pham se
khdng thay ddi khi nd dttgc gidi
thieu vao bat ky luc nao trong

nam nam tdi. Do dd, khdng cd
stt mat mat trong gia tri tai
san bdi stt chd dgi. Nhttng vdi
thdi gian dai httn, chang ban
15 nam thi lai la chuyen khac.
Khi ay ve eg ban thi phttong
phap phan tich khdng ddi
nhiTng nha tham dinh can tinh
toan lai xac sua't trung lap cd
tinh de'n ye'u to rd ri. Chang
ban ne'u ty le rd ri nay la 1 =
10% va chgn gia sd thdi gian
de khao sat la 3 nam. Xac
suat trung lap p se dttgc tinh
nhtt sau:

<i>u = exp(o-V^ = e.\p(0.3 • VI) = 1,681 </i>

d = 1/u = 1/1,681 = 0,595
<i>exp[(r- ()<St)] - d e.\p[(0,05 - 0,1) - 3] - 0,595 </i>

<i>V — = ~ = 0 745 </i>
<i>u-d 1,631-0,595 ' </i>

Khi ddi sd'ng Quyen chgn
dttgc keo dai hgn va chiu tac
ddng cua ty le rd ri thi thu
nhap, chi phi ttdc tinh cua dtt
an cung thay ddi. Luc dd, NDT
se tien h a n h xay dttng cay nhi

thttc mdi va p h a n tich ke't qua.
C i n chu y t h e m rang mttc do
rd ri cd the khdng gid'ng nhau
trong sud't ddi sd'ng cua Quyen
chgn, nen can phai tinh toan
cac gia tri rieng ciia p tai mdi
nut cua cay nhi thttc cho phu
hop. Cd the n h a n ra rang so
vdi phttOng phap chiet khau
ddng tien, viec ttng dung
Quyen chgn chd dgi hau nhtt
khdng lam thay ddi quyet dinh
cua Tailored de d i u ttt vao dtt
an trong thdi diem hien tai.
Nhttng nd Ittgng hda gia tri cua
stt chd dgi va cung cap mdt ban
dd chien Ittgc cho tttong lai dd'i
vdi quyet dinh cua chu dau ttt.
Dieu nay giup cho hg gitt dttgc
stt chu ddng hon va cd nhttng
quyet dinh hop ly hOn.

4. Trien vpng ufng dung
QCT trong tham djnh dU an
dau t i i tai Viet Nam

Thttc te ttng dung cho thay
trttdc tinh hinh kinh te bie'n
ddng, suf dung QCT giup ban

quan ly cd the linh ddng lam
thay ddi ket qua cua dtt an.
Thay vi thttc hien d i u ttt toan
dien hoac quyet dinh ttt bd dtt
an ngay ttt luc diu, NDT cd
the tien h a n h mdt cugc khao
sat thi trttdng hoac thttc hien
trien khai san pham thtt
ng-hiem trong pham vi hep de
giai quyet stt khdng cbac chan.
Neu ke't qua thuan lgi, cd the
tien h a n h cac dtt a n vdi quy
md hien cd hoac t h a m chi md
rdng nd hon ntta de t a n dung
tiem nang phat trien. Mat
khac, trong trttdng hop ket
qua khdng may kha quan, tuy
theo mttc do chap n h a n cua
thi trttdng ma thu hep quy md
xud'ng hoac ttt bd dtt an hoan
toan. Khi dd, QCT lai trd t h a n h
mgt bien phap bao hiem n h a m
giam thieu thiet hai. Ben canh
dd, trong mgt danh muc d i u
ttt, khi cac dtt a n cd NPV tttOng
dttOng nhau, gia tri tang them
ttt QCT lai trd t h a n h can ctt
xep hang noi d i u ttt vd'n mang

lai hieu qua nhat. Tdm lai QCT

chinh la stt bd sung va tich hgp
cac cdng cu truyen thd'ng t h a n h
mdt ky thuat t h a m dinh hoan
thien hon hd trg cho tien trinh
ra quye't dinh. Day la m a t tich
cttc n h a t tao ra stt khac biet
gitta QCT vdi cac cdng cu truyen
thd'ng trttdc dd. Vdi nhttng tien
ich nay cbac chan QCT se thu
hut dttgc stt chu y cua cac chu
the trong dtt an d i u ttt tren the
gidi ndi chung.va d Viet Nam
ndi rieng, ttt NDT den chuyen
vien t h a m dinh, ttt cac doanh
nghiep de'n ca co quan nha
nttdc, bat ky ai quan tam de'n
boat dgng tai chinh dtt an deu
se n h a n ra day thttc stt la mgt
can ctt khoa hgc cho tien trinh
ra quye't dinh. Dd la bttdc khdi
d i u d i y htta hen cho mgt ky
thuat tham dinh mdi dttdi gdc
nhin tai chinh.

Nhan td thtt hai tao them
ddng Ittc cho stt xuat hien
cua QCT trong cac dtt an dau
ttt chinh la kha nang tham
gia mdt each rdng rai cua nd
vao cac linh vttc da dang cua

nen kinh te. Trong dd, nhttng
nganh nghe da dttgc ttng
dung phd bie'n t r e n the gidi
nhtt hang khdng, cdng nghiep
dtd, dttgc pham, dau khi, cdng
nghe thdng tin va truyen
thdng... lai la nhttng nganh
dang phat trien d Viet Nam.
Mdi linh vttc mang nhttng
net dac trttng rieng cua tttng
nganh nhttng cung cd mgt sd
diem chung n h a t dinh trong
bd'i canh nen kinh te nttdc ta.
Chung vtta la nhttng nganh cd
tiem nang r a t ldn, co hdi phat
trien dd'i vdi cac doanh nghiep
trong nganh kha cao di kem vdi
chi phi diu ttt khdng nhd. Mat
khac, cac nganb nay deu chiu
nhttng tac ddng m a n h me bdi
yeu to' canb t r a n h va bie'n ddng
thi trttdng. Khi tim hieu ve thttc
tidn ttng dung QCT trong t h a m
dinh dtt an d i u ttt t r e n the gidi,
cd the n h a n ra r a n g QCT mang
lai hieu qua cao n h a t khi hoat

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<span class='text_page_counter'>(5)</span><div class='page_container' data-page=5>

<b>CONG NGHE NGAN HANG </b>

<i><b>u </b></i>

ddng kinh te cd tinh bien ddng

cao. Vi vay, vdi dac diem kinh
te Viet Nam, khdng chi nhttng
Hnh vttc da dttgc nhac den ma
h i u nhtt mgi hoat dgng d i u ttt
deu dem den trien vgng tham
gia cua QCT trong tien trinh ra
quye't dinh. Tan dung nhttng ttu
the do ky thuat tien tien mang
lai mgt each phu hgp se thttc
stt mang lai lgi ich, lam tang
hieu qua cho cac dtt an d i u ttt
cua nttdc ta.

<i>high-risk world, John Wiley and </i>
<i>Sons. </i>

<i>6. johnathan Mun (2006), Real </i>
<i>options analysis: tools and </i>
<i>tech-niques for valuing strategic </i>
<i>invest-ments and decisions, John Wiley </i>
<i>and Sons. </i>

<i>7. Reto R.Gallati (2003), Risk </i>
<i>man-agement and capital adequacy, </i>
<i>McGraw-Hill Professional. </i>
<i>8. Le Khuang Ninh (2010), Quyen </i>
<i>chon thuc -quan diem diu tu hien </i>
<i>dai. Tap chi Cong nghe Ngan hang </i>
<i>sd48, thang 3/2010. </i>

<b>5. Ket luan </b>

Cd the ndi, tich hgp QCT
vao tie'n trinh ra quyet dinh
la phu hgp vdi xu the chung
ciia thdi dai. Thanh cdng cua
ky thuat nay da md ra trien
vgng cho stt ttng dung phd
bie'n d nttdc ta, thuc day hoat
ddng dau ttt trd nen hieu qua
hOn. Tuy nhien, de trien khai
thanh cdng qua trinh ttng dung
QCT trong t h a m dinh duf an
dau ttt tai Viet Nam ddi hdi
phai cd stt thttc hien ddng bg
cua mgi t h a n h p h i n lien quan
de'n boat ddng kinh te, ttt co
quan nha nttdc cho de'n cac
doanh nghiep va cac ca n h a n
thttc hien cdng tac tham dinh.
Mttc do t h a n h cdng se cdn phu
thudc kha nhieu vao viec trien
khai cua cac chu the trong
nen kinh te Viet Nam, dac
biet la vai trd cua nha nttdc"

<i>Tai lieu tham khao </i>

<i>1. Dinh Thd Hien (2008), Lap va </i>
<i>tham dinh hieu qua tai chinh du </i>

<i>an diu tu, Nha xuat ban thdng k§. </i>
<i>2. Nguyin Qudc An, Pham Thi </i>
<i>Ha, Phan Thi Thu Huang, NguySn </i>
<i>Quang Thu (2006), Thidt lap va </i>
<i>tham djnh dU an diu tu, Nha xuat </i>
<i>ban Thdng ke. </i>

<i>3. Phude Minh Hiep, Le Thi Van </i>
<i>Dan (2007), Thidt lap va tham </i>
<i>dinh du an diu tu, Nha xuit ban </i>
<i>Thdng ke. </i>

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