{"id":781,"date":"2023-07-22T17:38:58","date_gmt":"2023-07-22T10:38:58","guid":{"rendered":"https:\/\/tuyendung.edu.vn\/blog\/?p=781"},"modified":"2023-07-22T18:32:34","modified_gmt":"2023-07-22T11:32:34","slug":"wacc-la-gi","status":"publish","type":"post","link":"https:\/\/tuyendung.edu.vn\/blog\/wacc-la-gi.html","title":{"rendered":"WACC l\u00e0 g\u00ec: Kh\u00e1i ni\u1ec7m c\u01a1 b\u1ea3n v\u00e0 t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn quy\u1ebft \u0111\u1ecbnh t\u00e0i ch\u00ednh"},"content":{"rendered":"<div id=\"toc_container\" class=\"toc_light_blue no_bullets\"><p class=\"toc_title\">M\u1ee5c l\u1ee5c<\/p><ul class=\"toc_list\"><li><a href=\"#WACC_la_gi\"><span class=\"toc_number toc_depth_1\">1<\/span> WACC l\u00e0 g\u00ec?<\/a><ul><li><a href=\"#Dinh_nghia_WACC_Weighted_Average_Cost_of_Capital\"><span class=\"toc_number toc_depth_2\">1.1<\/span> \u0110\u1ecbnh ngh\u0129a WACC (Weighted Average Cost of Capital)<\/a><\/li><li><a href=\"#Y_nghia_va_vai_tro_cua_WACC_trong_tai_chinh_doanh_nghiep\"><span class=\"toc_number toc_depth_2\">1.2<\/span> \u00dd ngh\u0129a v\u00e0 vai tr\u00f2 c\u1ee7a WACC trong t\u00e0i ch\u00ednh doanh nghi\u1ec7p<\/a><\/li><\/ul><\/li><li><a href=\"#Cach_tinh_toan_WACC\"><span class=\"toc_number toc_depth_1\">2<\/span> C\u00e1ch t\u00ednh to\u00e1n WACC<\/a><ul><li><a href=\"#Cac_thanh_phan_cau_thanh\"><span class=\"toc_number toc_depth_2\">2.1<\/span> C\u00e1c th\u00e0nh ph\u1ea7n c\u1ea5u th\u00e0nh<\/a><\/li><li><a href=\"#Cong_thuc_tinh_WACC\"><span class=\"toc_number toc_depth_2\">2.2<\/span> C\u00f4ng th\u1ee9c t\u00ednh WACC<\/a><\/li><li><a href=\"#Vi_du_minh_hoa_cach_tinh_WACC\"><span class=\"toc_number toc_depth_2\">2.3<\/span> V\u00ed d\u1ee5 minh h\u1ecda c\u00e1ch t\u00ednh WACC<\/a><\/li><\/ul><\/li><li><a href=\"#Tam_quan_trong_cua_WACC_trong_quyet_dinh_dau_tu_va_vay_von\"><span class=\"toc_number toc_depth_1\">3<\/span> T\u1ea7m quan tr\u1ecdng c\u1ee7a WACC trong quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 v\u00e0 vay v\u1ed1n<\/a><ul><li><a href=\"#Ung_dung_WACC_trong_danh_gia_du_an_dau_tu\"><span class=\"toc_number toc_depth_2\">3.1<\/span> \u1ee8ng d\u1ee5ng WACC trong \u0111\u00e1nh gi\u00e1 d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0<\/a><\/li><li><a href=\"#Toi_uu_hoa_cau_truc_von_thong_qua_WACC\"><span class=\"toc_number toc_depth_2\">3.2<\/span> T\u1ed1i \u01b0u h\u00f3a c\u1ea5u tr\u00fac v\u1ed1n th\u00f4ng qua WACC<\/a><\/li><li><a href=\"#Tinh_toan_gia_tri_doanh_nghiep_Enterprise_Value_bang_WACC\"><span class=\"toc_number toc_depth_2\">3.3<\/span> T\u00ednh to\u00e1n gi\u00e1 tr\u1ecb doanh nghi\u1ec7p (Enterprise Value) b\u1eb1ng WACC<\/a><\/li><\/ul><\/li><li><a href=\"#Nhung_yeu_to_anh_huong_den_WACC\"><span class=\"toc_number toc_depth_1\">4<\/span> Nh\u1eefng y\u1ebfu t\u1ed1 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn WACC<\/a><ul><li><a href=\"#Lai_suat_thi_truong_va_lai_suat_khong_rui_ro\"><span class=\"toc_number toc_depth_2\">4.1<\/span> L\u00e3i su\u1ea5t th\u1ecb tr\u01b0\u1eddng v\u00e0 l\u00e3i su\u1ea5t kh\u00f4ng r\u1ee7i ro<\/a><\/li><li><a href=\"#Rui_ro_doi_voi_cong_ty_va_nganh_kinh_doanh\"><span class=\"toc_number toc_depth_2\">4.2<\/span> R\u1ee7i ro \u0111\u1ed1i v\u1edbi c\u00f4ng ty v\u00e0 ng\u00e0nh kinh doanh<\/a><\/li><li><a href=\"#Thay_doi_trong_cau_truc_von\"><span class=\"toc_number toc_depth_2\">4.3<\/span> Thay \u0111\u1ed5i trong c\u1ea5u tr\u00fac v\u1ed1n<\/a><\/li><\/ul><\/li><li><a href=\"#Ung_dung_thuc_te_cua_WACC_trong_doanh_nghiep\"><span class=\"toc_number toc_depth_1\">5<\/span> \u1ee8ng d\u1ee5ng th\u1ef1c t\u1ebf c\u1ee7a WACC trong doanh nghi\u1ec7p<\/a><ul><li><a href=\"#Vi_du_ve_viec_tinh_toan_WACC_cho_mot_cong_ty\"><span class=\"toc_number toc_depth_2\">5.1<\/span> V\u00ed d\u1ee5 v\u1ec1 vi\u1ec7c t\u00ednh to\u00e1n WACC cho m\u1ed9t c\u00f4ng ty<\/a><\/li><li><a href=\"#Su_dung_WACC_de_dua_ra_quyet_dinh_dau_tu_va_mo_rong_kinh_doanh\"><span class=\"toc_number toc_depth_2\">5.2<\/span> S\u1eed d\u1ee5ng WACC \u0111\u1ec3 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 v\u00e0 m\u1edf r\u1ed9ng kinh doanh<\/a><\/li><\/ul><\/li><li><a href=\"#Nhung_thach_thuc_va_han_che_khi_su_dung_WACC\"><span class=\"toc_number toc_depth_1\">6<\/span> Nh\u1eefng th\u00e1ch th\u1ee9c v\u00e0 h\u1ea1n ch\u1ebf khi s\u1eed d\u1ee5ng WACC<\/a><ul><li><a href=\"#Cac_gia_dinh_trong_tinh_toan_WACC\"><span class=\"toc_number toc_depth_2\">6.1<\/span> C\u00e1c gi\u1ea3 \u0111\u1ecbnh trong t\u00ednh to\u00e1n WACC<\/a><\/li><li><a href=\"#Anh_huong_cua_bien_dong_lai_suat_va_thi_truong\"><span class=\"toc_number toc_depth_2\">6.2<\/span> \u1ea2nh h\u01b0\u1edfng c\u1ee7a bi\u1ebfn \u0111\u1ed9ng l\u00e3i su\u1ea5t v\u00e0 th\u1ecb tr\u01b0\u1eddng<\/a><\/li><\/ul><\/li><\/ul><\/div>\n<p><span style=\"font-weight: 400;\">WACC (Weighted Average Cost of Capital) l\u00e0 m\u1ed9t kh\u00e1i ni\u1ec7m quan tr\u1ecdng trong l\u0129nh v\u1ef1c t\u00e0i ch\u00ednh doanh nghi\u1ec7p. \u0110\u00e2y l\u00e0 m\u1ed9t ch\u1ec9 s\u1ed1 quy\u1ebft \u0111\u1ecbnh \u0111\u1ebfn s\u1ef1 l\u1ef1a ch\u1ecdn v\u1ed1n \u0111\u1ea7u t\u01b0, \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn c\u00e1c quy\u1ebft \u0111\u1ecbnh v\u1ec1 m\u1edf r\u1ed9ng kinh doanh v\u00e0 th\u00fac \u0111\u1ea9y s\u1ef1 ph\u00e1t tri\u1ec3n b\u1ec1n v\u1eefng. Trong b\u00e0i vi\u1ebft n\u00e0y, c\u00e1c b\u1ea1n h\u00e3y c\u00f9ng <strong>g\u00f3c ngh\u1ec1 nghi\u1ec7p<\/strong> t\u00ecm hi\u1ec3u v\u1ec1 kh\u00e1i ni\u1ec7m <a href=\"https:\/\/tuyendung.edu.vn\/blog\/wacc-la-gi.html\" target=\"_blank\" rel=\"noopener\"><strong>WACC l\u00e0 g\u00ec<\/strong><\/a>, \u00fd ngh\u0129a, c\u00e1ch t\u00ednh to\u00e1n , c\u00f9ng v\u1edbi nh\u1eefng \u1ee9ng d\u1ee5ng th\u1ef1c ti\u1ec5n trong doanh nghi\u1ec7p nh\u00e9.<\/span><\/p>\n<h2><span id=\"WACC_la_gi\"><b>WACC l\u00e0 g\u00ec?<\/b><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-782\" src=\"https:\/\/tuyendung.edu.vn\/blog\/wp-content\/uploads\/2023\/07\/22\/wacc-la-gi.jpg\" alt=\"Wacc l\u00e0 g\u00ec\" width=\"800\" height=\"420\" srcset=\"https:\/\/tuyendung.edu.vn\/blog\/wp-content\/uploads\/2023\/07\/22\/wacc-la-gi-768x403.jpg 768w, https:\/\/tuyendung.edu.vn\/blog\/wp-content\/uploads\/2023\/07\/22\/wacc-la-gi.jpg 800w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<h3><span id=\"Dinh_nghia_WACC_Weighted_Average_Cost_of_Capital\"><b>\u0110\u1ecbnh ngh\u0129a WACC (Weighted Average Cost of Capital)<\/b><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">WACC (Weighted Average Cost of Capital) l\u00e0 m\u1ed9t ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh quan tr\u1ecdng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 t\u00ednh to\u00e1n chi ph\u00ed trung b\u00ecnh c\u1ee7a v\u1ed1n \u0111\u1ea7u t\u01b0 m\u00e0 m\u1ed9t doanh nghi\u1ec7p c\u1ea7n ph\u1ea3i tr\u1ea3 cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0. N\u00f3 th\u1ec3 hi\u1ec7n t\u1ef7 l\u1ec7 l\u1ee3i t\u1ee9c m\u00e0 doanh nghi\u1ec7p ph\u1ea3i cung c\u1ea5p cho c\u00e1c c\u1ed5 \u0111\u00f4ng v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c nhau \u0111\u1ec3 thu h\u00fat v\u1ed1n v\u00e0 duy tr\u00ec ho\u1ea1t \u0111\u1ed9ng kinh doanh.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">WACC \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n b\u1eb1ng c\u00e1ch tr\u1ecdng s\u1ed1 chi ph\u00ed v\u1ed1n g\u00f3p v\u1ed1n t\u1eeb c\u00e1c ngu\u1ed3n kh\u00e1c nhau c\u1ee7a doanh nghi\u1ec7p, bao g\u1ed3m chi ph\u00ed v\u1ed1n vay v\u00e0 chi ph\u00ed v\u1ed1n t\u1ef1 c\u00f3 (t\u1ee9c l\u00e0 chi ph\u00ed t\u1eeb c\u1ed5 phi\u1ebfu v\u00e0 c\u1ed5 t\u1ee9c). Vi\u1ec7c t\u00ednh to\u00e1n ch\u1ec9 s\u1ed1 n\u00e0y gi\u00fap doanh nghi\u1ec7p \u0111\u00e1nh gi\u00e1 hi\u1ec7u qu\u1ea3 t\u00e0i ch\u00ednh v\u00e0 \u0111\u01b0a ra c\u00e1c quy\u1ebft \u0111\u1ecbnh chi\u1ebfn l\u01b0\u1ee3c v\u1ec1 vi\u1ec7c vay v\u1ed1n, \u0111\u1ea7u t\u01b0 v\u00e0o d\u1ef1 \u00e1n, v\u00e0 t\u1ed1i \u01b0u h\u00f3a c\u1ea5u tr\u00fac v\u1ed1n.<\/span><\/p>\n<h3><span id=\"Y_nghia_va_vai_tro_cua_WACC_trong_tai_chinh_doanh_nghiep\"><b>\u00dd ngh\u0129a v\u00e0 vai tr\u00f2 c\u1ee7a WACC trong t\u00e0i ch\u00ednh doanh nghi\u1ec7p<\/b><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">WACC l\u00e0 m\u1ed9t trong nh\u1eefng ch\u1ec9 s\u1ed1 quan tr\u1ecdng nh\u1ea5t trong l\u0129nh v\u1ef1c t\u00e0i ch\u00ednh doanh nghi\u1ec7p v\u00ec n\u00f3 \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn kh\u1ea3 n\u0103ng thu h\u00fat v\u1ed1n v\u00e0 hi\u1ec7u qu\u1ea3 \u0111\u1ea7u t\u01b0 c\u1ee7a doanh nghi\u1ec7p. \u00dd ngh\u0129a v\u00e0 vai tr\u00f2 c\u1ee7a ch\u1ec9 s\u1ed1 n\u00e0y bao g\u1ed3m:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u0110\u00e1nh gi\u00e1 d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0: WACC \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 t\u00ednh kh\u1ea3 thi c\u1ee7a c\u00e1c d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0. N\u1ebfu t\u1ef7 l\u1ec7 l\u1ee3i nhu\u1eadn c\u1ee7a d\u1ef1 \u00e1n v\u01b0\u1ee3t qu\u00e1 WACC, d\u1ef1 \u00e1n c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c coi l\u00e0 l\u1ee3i nhu\u1eadn v\u00e0 \u0111\u00e1ng \u0111\u1ea7u t\u01b0.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">T\u1ed1i \u01b0u h\u00f3a c\u1ea5u tr\u00fac v\u1ed1n: Ch\u1ec9 s\u1ed1 n\u00e0y gi\u00fap doanh nghi\u1ec7p t\u1ed1i \u01b0u h\u00f3a c\u1ea5u tr\u00fac v\u1ed1n b\u1eb1ng c\u00e1ch x\u00e1c \u0111\u1ecbnh t\u1ef7 l\u1ec7 ph\u00f9 h\u1ee3p gi\u1eefa v\u1ed1n vay v\u00e0 v\u1ed1n t\u1ef1 c\u00f3 \u0111\u1ec3 gi\u1ea3m chi ph\u00ed v\u1ed1n v\u00e0 t\u0103ng c\u01b0\u1eddng gi\u00e1 tr\u1ecb doanh nghi\u1ec7p.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ra quy\u1ebft \u0111\u1ecbnh vay v\u1ed1n: WACC cung c\u1ea5p th\u00f4ng tin quan tr\u1ecdng cho vi\u1ec7c ra quy\u1ebft \u0111\u1ecbnh v\u1ec1 vi\u1ec7c vay v\u1ed1n v\u00e0 l\u1ef1a ch\u1ecdn c\u00e1c ngu\u1ed3n t\u00e0i ch\u00ednh hi\u1ec7u qu\u1ea3 v\u1edbi m\u1ee9c chi ph\u00ed th\u1ea5p nh\u1ea5t.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u0110\u00e1nh gi\u00e1 hi\u1ec7u su\u1ea5t t\u00e0i ch\u00ednh: Ch\u1ec9 s\u1ed1 n\u00e0y l\u00e0 m\u1ed9t th\u01b0\u1edbc \u0111o hi\u1ec7u su\u1ea5t t\u00e0i ch\u00ednh c\u1ee7a doanh nghi\u1ec7p. N\u1ebfu l\u1ee3i nhu\u1eadn c\u1ee7a doanh nghi\u1ec7p v\u01b0\u1ee3t qu\u00e1 WACC, doanh nghi\u1ec7p c\u00f3 th\u1ec3 ho\u1ea1t \u0111\u1ed9ng hi\u1ec7u qu\u1ea3 trong vi\u1ec7c s\u1eed d\u1ee5ng v\u1ed1n \u0111\u1ea7u t\u01b0.<\/span><\/li>\n<\/ul>\n<blockquote><p>Xem th\u00eam: <a href=\"https:\/\/tuyendung.edu.vn\/blog\/business-model-la-gi.html\" target=\"_blank\" rel=\"noopener\"><strong>Business Model l\u00e0 g\u00ec? \u00dd ngh\u0129a v\u00e0 T\u1ea7m quan tr\u1ecdng trong kinh doanh<\/strong><\/a><\/p><\/blockquote>\n<h2><span id=\"Cach_tinh_toan_WACC\"><b>C\u00e1ch t\u00ednh to\u00e1n WACC<\/b><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-783\" src=\"https:\/\/tuyendung.edu.vn\/blog\/wp-content\/uploads\/2023\/07\/22\/wacc.jpg\" alt=\"Wacc\" width=\"800\" height=\"408\" srcset=\"https:\/\/tuyendung.edu.vn\/blog\/wp-content\/uploads\/2023\/07\/22\/wacc-768x392.jpg 768w, https:\/\/tuyendung.edu.vn\/blog\/wp-content\/uploads\/2023\/07\/22\/wacc.jpg 800w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<h3><span id=\"Cac_thanh_phan_cau_thanh\"><b>C\u00e1c th\u00e0nh ph\u1ea7n c\u1ea5u th\u00e0nh<\/b><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Chi ph\u00ed v\u1ed1n vay (Cost of Debt): Chi ph\u00ed v\u1ed1n vay l\u00e0 t\u1ef7 l\u1ec7 l\u00e3i su\u1ea5t m\u00e0 doanh nghi\u1ec7p ph\u1ea3i tr\u1ea3 cho ngu\u1ed3n t\u00e0i ch\u00ednh t\u1eeb vay v\u1ed1n. Th\u00f4ng th\u01b0\u1eddng, n\u00f3 \u0111\u01b0\u1ee3c t\u00ednh d\u1ef1a tr\u00ean l\u00e3i su\u1ea5t th\u1ecb tr\u01b0\u1eddng t\u01b0\u01a1ng \u1ee9ng v\u1edbi kho\u1ea3n vay v\u00e0 ph\u00ed li\u00ean quan \u0111\u1ebfn vi\u1ec7c vay, ch\u1eb3ng h\u1ea1n nh\u01b0 ph\u00ed th\u1ee7 t\u1ee5c v\u00e0 ph\u00ed b\u1ea3o l\u00e3nh.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Chi ph\u00ed v\u1ed1n g\u00f3p v\u1ed1n t\u1ef1 c\u00f3 (Cost of Equity): Chi ph\u00ed v\u1ed1n g\u00f3p v\u1ed1n t\u1ef1 c\u00f3 l\u00e0 l\u1ee3i nhu\u1eadn m\u00e0 c\u00e1c c\u1ed5 \u0111\u00f4ng mong \u0111\u1ee3i nh\u1eadn \u0111\u01b0\u1ee3c t\u1eeb vi\u1ec7c \u0111\u1ea7u t\u01b0 v\u00e0o doanh nghi\u1ec7p. N\u00f3 th\u1ec3 hi\u1ec7n m\u1ee9c \u0111\u1ed9 r\u1ee7i ro c\u1ee7a vi\u1ec7c \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu c\u1ee7a doanh nghi\u1ec7p. \u0110\u1ec3 t\u00ednh to\u00e1n chi ph\u00ed v\u1ed1n g\u00f3p v\u1ed1n t\u1ef1 c\u00f3, c\u00e1c ph\u01b0\u01a1ng ph\u00e1p nh\u01b0 m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu CAPM (Capital Asset Pricing Model) th\u01b0\u1eddng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">T\u1ef7 l\u1ec7 n\u1ee3 v\u00e0 t\u1ef7 l\u1ec7 v\u1ed1n t\u1ef1 c\u00f3 trong c\u1ea5u tr\u00fac v\u1ed1n: T\u1ef7 l\u1ec7 n\u1ee3 v\u00e0 t\u1ef7 l\u1ec7 v\u1ed1n t\u1ef1 c\u00f3 th\u1ec3 thay \u0111\u1ed5i t\u00f9y thu\u1ed9c v\u00e0o c\u1ea5u tr\u00fac v\u1ed1n c\u1ee7a doanh nghi\u1ec7p. T\u1ef7 l\u1ec7 n\u1ee3 th\u1ec3 hi\u1ec7n ph\u1ea7n tr\u0103m v\u1ed1n c\u1ee7a doanh nghi\u1ec7p \u0111\u01b0\u1ee3c t\u00e0i tr\u1ee3 b\u1eb1ng vay v\u1ed1n, trong khi t\u1ef7 l\u1ec7 v\u1ed1n t\u1ef1 c\u00f3 l\u00e0 ph\u1ea7n tr\u0103m v\u1ed1n do c\u1ed5 \u0111\u00f4ng g\u00f3p.<\/span><\/li>\n<\/ul>\n<h3><span id=\"Cong_thuc_tinh_WACC\"><b>C\u00f4ng th\u1ee9c t\u00ednh WACC<\/b><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">C\u00f4ng th\u1ee9c t\u00ednh WACC l\u00e0: WACC = (E\/V) * Re + (D\/V) * Rd * (1 &#8211; T)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Trong \u0111\u00f3:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">E\/V l\u00e0 t\u1ef7 l\u1ec7 v\u1ed1n t\u1ef1 c\u00f3 (Equity\/Value)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Re l\u00e0 chi ph\u00ed v\u1ed1n g\u00f3p v\u1ed1n t\u1ef1 c\u00f3 (Cost of Equity)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">D\/V l\u00e0 t\u1ef7 l\u1ec7 n\u1ee3 (Debt\/Value)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Rd l\u00e0 chi ph\u00ed v\u1ed1n vay (Cost of Debt)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">T l\u00e0 thu\u1ebf su\u1ea5t hi\u1ec7n h\u00e0nh<\/span><\/li>\n<\/ul>\n<h3><span id=\"Vi_du_minh_hoa_cach_tinh_WACC\"><b>V\u00ed d\u1ee5 minh h\u1ecda c\u00e1ch t\u00ednh WACC<\/b><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Gi\u1ea3 s\u1eed m\u1ed9t doanh nghi\u1ec7p c\u00f3 t\u1ef7 l\u1ec7 v\u1ed1n t\u1ef1 c\u00f3 (E\/V) l\u00e0 60%, chi ph\u00ed v\u1ed1n g\u00f3p v\u1ed1n t\u1ef1 c\u00f3 (Re) l\u00e0 12%, t\u1ef7 l\u1ec7 n\u1ee3 (D\/V) l\u00e0 40%, chi ph\u00ed v\u1ed1n vay (Rd) l\u00e0 6%, v\u00e0 thu\u1ebf su\u1ea5t hi\u1ec7n h\u00e0nh (T) l\u00e0 20%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">WACC = (0.60 * 0.12) + (0.40 * 0.06 * (1 &#8211; 0.20)) WACC = 0.072 + 0.024 = 0.096<\/span><\/p>\n<p><span style=\"font-weight: 400;\">V\u1eady WACC c\u1ee7a doanh nghi\u1ec7p trong v\u00ed d\u1ee5 n\u00e0y l\u00e0 9.6%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">L\u01b0u \u00fd r\u1eb1ng ch\u1ec9 s\u1ed1 n\u00e0y c\u00f3 th\u1ec3 thay \u0111\u1ed5i theo th\u1eddi gian v\u00e0 t\u00f9y thu\u1ed9c v\u00e0o c\u00e1c y\u1ebfu t\u1ed1 t\u00e0i ch\u00ednh v\u00e0 kinh doanh c\u1ee7a doanh nghi\u1ec7p. T\u00ednh to\u00e1n WACC gi\u00fap doanh nghi\u1ec7p \u0111\u00e1nh gi\u00e1 hi\u1ec7u qu\u1ea3 c\u1ee7a c\u1ea5u tr\u00fac v\u1ed1n v\u00e0 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh t\u00e0i ch\u00ednh ph\u00f9 h\u1ee3p \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee5c ti\u00eau kinh doanh.<\/span><\/p>\n<blockquote><p>Xem th\u00eam: <a href=\"https:\/\/tuyendung.edu.vn\/blog\/quy-luat-kinh-te-la-gi.html\" target=\"_blank\" rel=\"noopener\"><strong>Quy lu\u1eadt kinh t\u1ebf l\u00e0 g\u00ec? T\u00ecm hi\u1ec3u kh\u00e1i ni\u1ec7m c\u01a1 b\u1ea3n v\u00e0 \u00fd ngh\u0129a<\/strong><\/a><\/p><\/blockquote>\n<h2><span id=\"Tam_quan_trong_cua_WACC_trong_quyet_dinh_dau_tu_va_vay_von\"><b>T\u1ea7m quan tr\u1ecdng c\u1ee7a WACC trong quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 v\u00e0 vay v\u1ed1n<\/b><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-784\" src=\"https:\/\/tuyendung.edu.vn\/blog\/wp-content\/uploads\/2023\/07\/22\/chi-so-wacc.jpg\" alt=\"\" width=\"800\" height=\"488\" srcset=\"https:\/\/tuyendung.edu.vn\/blog\/wp-content\/uploads\/2023\/07\/22\/chi-so-wacc-768x468.jpg 768w, https:\/\/tuyendung.edu.vn\/blog\/wp-content\/uploads\/2023\/07\/22\/chi-so-wacc.jpg 800w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<h3><span id=\"Ung_dung_WACC_trong_danh_gia_du_an_dau_tu\"><b>\u1ee8ng d\u1ee5ng WACC trong \u0111\u00e1nh gi\u00e1 d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0<\/b><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">WACC \u0111\u00f3ng vai tr\u00f2 quan tr\u1ecdng trong vi\u1ec7c \u0111\u00e1nh gi\u00e1 t\u00ednh kh\u1ea3 thi c\u1ee7a c\u00e1c d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0. Khi t\u00ednh to\u00e1n gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a d\u00f2ng ti\u1ec1n thu v\u1ec1 t\u1eeb d\u1ef1 \u00e1n, ta s\u1eed d\u1ee5ng WACC l\u00e0m t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u \u0111\u1ec3 \u0111\u01b0a c\u00e1c l\u1ee3i nhu\u1eadn trong t\u01b0\u01a1ng lai v\u1ec1 hi\u1ec7n t\u1ea1i. N\u1ebfu gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a d\u00f2ng ti\u1ec1n v\u01b0\u1ee3t qu\u00e1 chi ph\u00ed \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u, d\u1ef1 \u00e1n c\u00f3 th\u1ec3 coi l\u00e0 l\u1ee3i nhu\u1eadn v\u00e0 \u0111\u00e1ng \u0111\u1ea7u t\u01b0.<\/span><\/p>\n<h3><span id=\"Toi_uu_hoa_cau_truc_von_thong_qua_WACC\"><b>T\u1ed1i \u01b0u h\u00f3a c\u1ea5u tr\u00fac v\u1ed1n th\u00f4ng qua WACC<\/b><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Ch\u1ec9 s\u1ed1 n\u00e0y gi\u00fap doanh nghi\u1ec7p t\u1ed1i \u01b0u h\u00f3a c\u1ea5u tr\u00fac v\u1ed1n b\u1eb1ng c\u00e1ch x\u00e1c \u0111\u1ecbnh t\u1ef7 l\u1ec7 ph\u00f9 h\u1ee3p gi\u1eefa v\u1ed1n vay v\u00e0 v\u1ed1n t\u1ef1 c\u00f3. Khi WACC \u0111\u1ea1t gi\u00e1 tr\u1ecb th\u1ea5p nh\u1ea5t, t\u1ee9c l\u00e0 t\u1ef7 l\u1ec7 ph\u00f9 h\u1ee3p gi\u1eefa v\u1ed1n vay v\u00e0 v\u1ed1n t\u1ef1 c\u00f3 l\u00e0 t\u1ed1i \u01b0u, doanh nghi\u1ec7p s\u1ebd \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee9c chi ph\u00ed v\u1ed1n th\u1ea5p nh\u1ea5t v\u00e0 t\u0103ng c\u01b0\u1eddng gi\u00e1 tr\u1ecb doanh nghi\u1ec7p.<\/span><\/p>\n<h3><span id=\"Tinh_toan_gia_tri_doanh_nghiep_Enterprise_Value_bang_WACC\"><b>T\u00ednh to\u00e1n gi\u00e1 tr\u1ecb doanh nghi\u1ec7p (Enterprise Value) b\u1eb1ng WACC<\/b><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">WACC c\u0169ng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 t\u00ednh to\u00e1n gi\u00e1 tr\u1ecb doanh nghi\u1ec7p (Enterprise Value). Gi\u00e1 tr\u1ecb doanh nghi\u1ec7p th\u1ec3 hi\u1ec7n t\u1ed5ng gi\u00e1 tr\u1ecb c\u1ee7a doanh nghi\u1ec7p, bao g\u1ed3m c\u1ea3 gi\u00e1 tr\u1ecb v\u1ed1n t\u1ef1 c\u00f3 v\u00e0 gi\u00e1 tr\u1ecb n\u1ee3. B\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng ch\u1ec9 s\u1ed1 n\u00e0y nh\u01b0 t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u, ch\u00fang ta c\u00f3 th\u1ec3 t\u00ednh to\u00e1n gi\u00e1 tr\u1ecb doanh nghi\u1ec7p d\u1ef1a tr\u00ean d\u00f2ng ti\u1ec1n t\u1ef1 do ho\u1eb7c l\u1ee3i nhu\u1eadn c\u1ee7a doanh nghi\u1ec7p.<\/span><\/p>\n<blockquote><p>Xem th\u00eam: <a href=\"https:\/\/tuyendung.edu.vn\/blog\/tham-phan-la-gi.html\" target=\"_blank\" rel=\"noopener\"><strong>Th\u1ea9m ph\u00e1n l\u00e0 g\u00ec? 7 t\u1ed1 ch\u1ea5t c\u1ea7n c\u00f3 c\u1ee7a m\u1ed9t ng\u01b0\u1eddi th\u1ea9m ph\u00e1n gi\u1ecfi<\/strong><\/a><\/p><\/blockquote>\n<h2><span id=\"Nhung_yeu_to_anh_huong_den_WACC\"><b>Nh\u1eefng y\u1ebfu t\u1ed1 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn WACC<\/b><\/span><\/h2>\n<h3><span id=\"Lai_suat_thi_truong_va_lai_suat_khong_rui_ro\"><b>L\u00e3i su\u1ea5t th\u1ecb tr\u01b0\u1eddng v\u00e0 l\u00e3i su\u1ea5t kh\u00f4ng r\u1ee7i ro<\/b><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">L\u00e3i su\u1ea5t th\u1ecb tr\u01b0\u1eddng l\u00e0 m\u1ee9c l\u00e3i su\u1ea5t m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 mong \u0111\u1ee3i thu \u0111\u01b0\u1ee3c t\u1eeb vi\u1ec7c \u0111\u1ea7u t\u01b0 v\u00e0o m\u1ed9t t\u00e0i s\u1ea3n c\u00f3 r\u1ee7i ro trung b\u00ecnh. L\u00e3i su\u1ea5t kh\u00f4ng r\u1ee7i ro th\u1ec3 hi\u1ec7n m\u1ee9c l\u00e3i su\u1ea5t t\u1ed1i thi\u1ec3u m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 mong \u0111\u1ee3i n\u1ebfu \u0111\u1ea7u t\u01b0 v\u00e0o m\u1ed9t t\u00e0i s\u1ea3n ho\u00e0n to\u00e0n kh\u00f4ng c\u00f3 r\u1ee7i ro. Nh\u1eefng bi\u1ebfn \u0111\u1ed5i trong l\u00e3i su\u1ea5t th\u1ecb tr\u01b0\u1eddng v\u00e0 l\u00e3i su\u1ea5t kh\u00f4ng r\u1ee7i ro c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn gi\u00e1 tr\u1ecb v\u1ed1n t\u1ef1 c\u00f3 v\u00e0 gi\u00e1 tr\u1ecb n\u1ee3 c\u1ee7a doanh nghi\u1ec7p, t\u1eeb \u0111\u00f3 l\u00e0m thay \u0111\u1ed5i WACC.<\/span><\/p>\n<h3><span id=\"Rui_ro_doi_voi_cong_ty_va_nganh_kinh_doanh\"><b>R\u1ee7i ro \u0111\u1ed1i v\u1edbi c\u00f4ng ty v\u00e0 ng\u00e0nh kinh doanh<\/b><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">M\u1ee9c r\u1ee7i ro \u0111\u1ed1i v\u1edbi m\u1ed9t c\u00f4ng ty v\u00e0 ng\u00e0nh kinh doanh c\u0169ng c\u00f3 t\u00e1c \u0111\u1ed9ng \u0111\u00e1ng k\u1ec3 \u0111\u1ebfn WACC. C\u00e1c c\u00f4ng ty ho\u1ea1t \u0111\u1ed9ng trong c\u00e1c ng\u00e0nh c\u00f3 m\u1ee9c r\u1ee7i ro cao h\u01a1n, ch\u1eb3ng h\u1ea1n nh\u01b0 c\u00f4ng ngh\u1ec7, y t\u1ebf, ho\u1eb7c n\u0103ng l\u01b0\u1ee3ng, th\u01b0\u1eddng ph\u1ea3i tr\u1ea3 m\u1ee9c chi ph\u00ed v\u1ed1n cao h\u01a1n \u0111\u1ec3 thu h\u00fat c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0. Do \u0111\u00f3, WACC s\u1ebd t\u0103ng l\u00ean khi r\u1ee7i ro \u0111\u1ed1i v\u1edbi c\u00f4ng ty v\u00e0 ng\u00e0nh kinh doanh t\u0103ng cao, v\u00e0 gi\u1ea3m xu\u1ed1ng khi r\u1ee7i ro gi\u1ea3m \u0111i.<\/span><\/p>\n<h3><span id=\"Thay_doi_trong_cau_truc_von\"><b>Thay \u0111\u1ed5i trong c\u1ea5u tr\u00fac v\u1ed1n<\/b><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">B\u1ea5t k\u1ef3 thay \u0111\u1ed5i n\u00e0o trong c\u1ea5u tr\u00fac v\u1ed1n c\u1ee7a doanh nghi\u1ec7p c\u0169ng c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn WACC. N\u1ebfu doanh nghi\u1ec7p t\u0103ng t\u1ef7 l\u1ec7 vay v\u1ed1n so v\u1edbi t\u1ef7 l\u1ec7 v\u1ed1n t\u1ef1 c\u00f3, \u0111i\u1ec1u n\u00e0y s\u1ebd l\u00e0m t\u0103ng chi ph\u00ed v\u1ed1n vay v\u00e0 t\u1eeb \u0111\u00f3 l\u00e0m t\u0103ng ch\u1ec9 s\u1ed1 n\u00e0y. Ng\u01b0\u1ee3c l\u1ea1i, n\u1ebfu doanh nghi\u1ec7p gi\u1ea3m t\u1ef7 l\u1ec7 vay v\u1ed1n v\u00e0 t\u0103ng t\u1ef7 l\u1ec7 v\u1ed1n t\u1ef1 c\u00f3, ch\u1ec9 s\u1ed1 n\u00e0y s\u1ebd gi\u1ea3m xu\u1ed1ng.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u0110i\u1ec1u n\u00e0y \u0111\u1ed3ng ngh\u0129a r\u1eb1ng vi\u1ec7c thay \u0111\u1ed5i c\u1ea5u tr\u00fac v\u1ed1n c\u1ee7a doanh nghi\u1ec7p c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng m\u1ea1nh \u0111\u1ebfn m\u1ee9c WACC v\u00e0 t\u1eeb \u0111\u00f3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn c\u00e1c quy\u1ebft \u0111\u1ecbnh t\u00e0i ch\u00ednh c\u1ee7a doanh nghi\u1ec7p.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">T\u00f3m l\u1ea1i, <strong>WACC<\/strong> l\u00e0 m\u1ed9t ch\u1ec9 s\u1ed1 r\u1ea5t nh\u1ea1y c\u1ea3m \u0111\u1ebfn nh\u1eefng y\u1ebfu t\u1ed1 t\u00e0i ch\u00ednh v\u00e0 kinh doanh. L\u00e3i su\u1ea5t th\u1ecb tr\u01b0\u1eddng, r\u1ee7i ro \u0111\u1ed1i v\u1edbi c\u00f4ng ty v\u00e0 ng\u00e0nh kinh doanh, c\u0169ng nh\u01b0 thay \u0111\u1ed5i trong c\u1ea5u tr\u00fac v\u1ed1n \u0111\u1ec1u c\u00f3 th\u1ec3 t\u00e1c \u0111\u1ed9ng l\u1edbn \u0111\u1ebfn WACC v\u00e0 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn hi\u1ec7u qu\u1ea3 t\u00e0i ch\u00ednh c\u1ee7a doanh nghi\u1ec7p. Vi\u1ec7c \u0111\u00e1nh gi\u00e1 v\u00e0 qu\u1ea3n l\u00fd nh\u1eefng y\u1ebfu t\u1ed1 n\u00e0y l\u00e0 r\u1ea5t quan tr\u1ecdng \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o m\u1ee9c WACC ph\u00f9 h\u1ee3p v\u00e0 t\u1ed1i \u01b0u cho s\u1ef1 ph\u00e1t tri\u1ec3n b\u1ec1n v\u1eefng c\u1ee7a doanh nghi\u1ec7p.<\/span><\/p>\n<h2><span id=\"Ung_dung_thuc_te_cua_WACC_trong_doanh_nghiep\"><b>\u1ee8ng d\u1ee5ng th\u1ef1c t\u1ebf c\u1ee7a WACC trong doanh nghi\u1ec7p<\/b><\/span><\/h2>\n<h3><span id=\"Vi_du_ve_viec_tinh_toan_WACC_cho_mot_cong_ty\"><b>V\u00ed d\u1ee5 v\u1ec1 vi\u1ec7c t\u00ednh to\u00e1n WACC cho m\u1ed9t c\u00f4ng ty<\/b><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Gi\u1ea3 s\u1eed m\u1ed9t c\u00f4ng ty c\u00f3 c\u1ea5u tr\u00fac v\u1ed1n g\u1ed3m 60% v\u1ed1n t\u1ef1 c\u00f3 v\u00e0 40% v\u1ed1n vay. Chi ph\u00ed v\u1ed1n g\u00f3p v\u1ed1n t\u1ef1 c\u00f3 l\u00e0 12%, trong khi chi ph\u00ed v\u1ed1n vay l\u00e0 6%. T\u1ef7 l\u1ec7 thu\u1ebf su\u1ea5t hi\u1ec7n h\u00e0nh l\u00e0 20%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u0110\u1ec3 t\u00ednh to\u00e1n WACC c\u1ee7a c\u00f4ng ty n\u00e0y, ta s\u1eed d\u1ee5ng c\u00f4ng th\u1ee9c:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">WACC = (E\/V) * Re + (D\/V) * Rd * (1 &#8211; T)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Trong \u0111\u00f3:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">E\/V = 60% (t\u1ef7 l\u1ec7 v\u1ed1n t\u1ef1 c\u00f3)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Re = 12% (chi ph\u00ed v\u1ed1n g\u00f3p v\u1ed1n t\u1ef1 c\u00f3)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">D\/V = 40% (t\u1ef7 l\u1ec7 v\u1ed1n vay)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Rd = 6% (chi ph\u00ed v\u1ed1n vay)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">T = 20% (t\u1ef7 l\u1ec7 thu\u1ebf su\u1ea5t hi\u1ec7n h\u00e0nh)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">WACC = (0.60 * 0.12) + (0.40 * 0.06 * (1 &#8211; 0.20)) WACC = 0.072 + 0.024 = 0.096 = 9.6%<\/span><\/p>\n<p><span style=\"font-weight: 400;\">V\u1eady WACC c\u1ee7a c\u00f4ng ty trong v\u00ed d\u1ee5 n\u00e0y l\u00e0 9.6%.<\/span><\/p>\n<h3><span id=\"Su_dung_WACC_de_dua_ra_quyet_dinh_dau_tu_va_mo_rong_kinh_doanh\"><b>S\u1eed d\u1ee5ng WACC \u0111\u1ec3 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 v\u00e0 m\u1edf r\u1ed9ng kinh doanh<\/b><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Ch\u1ec9 s\u1ed1 n\u00e0y \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 t\u00ednh kh\u1ea3 thi c\u1ee7a c\u00e1c d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0 v\u00e0 quy\u1ebft \u0111\u1ecbnh vay v\u1ed1n. Khi t\u00ednh to\u00e1n gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a d\u00f2ng ti\u1ec1n thu v\u1ec1 t\u1eeb d\u1ef1 \u00e1n, ta s\u1eed d\u1ee5ng ch\u1ec9 s\u1ed1 n\u00e0y nh\u01b0 t\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u \u0111\u1ec3 \u0111\u01b0a c\u00e1c l\u1ee3i nhu\u1eadn trong t\u01b0\u01a1ng lai v\u1ec1 hi\u1ec7n t\u1ea1i. N\u1ebfu gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a d\u00f2ng ti\u1ec1n v\u01b0\u1ee3t qu\u00e1 chi ph\u00ed \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u, d\u1ef1 \u00e1n c\u00f3 th\u1ec3 coi l\u00e0 l\u1ee3i nhu\u1eadn v\u00e0 \u0111\u00e1ng \u0111\u1ea7u t\u01b0.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">H\u01a1n n\u1eefa, Ch\u1ec9 s\u1ed1 n\u00e0y c\u0169ng gi\u00fap doanh nghi\u1ec7p \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh t\u1ed1i \u01b0u h\u00f3a c\u1ea5u tr\u00fac v\u1ed1n \u0111\u1ec3 gi\u1ea3m thi\u1ec3u chi ph\u00ed v\u1ed1n v\u00e0 t\u0103ng c\u01b0\u1eddng gi\u00e1 tr\u1ecb doanh nghi\u1ec7p. N\u1ebfu ch\u1ec9 s\u1ed1 n\u00e0y cao, doanh nghi\u1ec7p c\u00f3 th\u1ec3 xem x\u00e9t t\u0103ng t\u1ef7 l\u1ec7 v\u1ed1n t\u1ef1 c\u00f3 ho\u1eb7c gi\u1ea3m t\u1ef7 l\u1ec7 vay v\u1ed1n \u0111\u1ec3 gi\u1ea3m chi ph\u00ed v\u1ed1n v\u00e0 c\u1ea3i thi\u1ec7n hi\u1ec7u qu\u1ea3 t\u00e0i ch\u00ednh.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u0110\u1ed3ng th\u1eddi, khi doanh nghi\u1ec7p m\u1edf r\u1ed9ng ho\u1eb7c th\u00e2m nh\u1eadp v\u00e0o c\u00e1c l\u0129nh v\u1ef1c m\u1edbi, vi\u1ec7c s\u1eed d\u1ee5ng WACC gi\u00fap \u0111\u00e1nh gi\u00e1 ti\u1ec1m n\u0103ng l\u1ee3i nhu\u1eadn v\u00e0 r\u1ee7i ro c\u1ee7a vi\u1ec7c \u0111\u1ea7u t\u01b0, t\u1eeb \u0111\u00f3 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh th\u00f4ng minh v\u00e0 c\u00e2n nh\u1eafc v\u1ec1 vi\u1ec7c s\u1eed d\u1ee5ng v\u1ed1n v\u00e0 chi\u1ebfn l\u01b0\u1ee3c kinh doanh.<\/span><\/p>\n<h2><span id=\"Nhung_thach_thuc_va_han_che_khi_su_dung_WACC\"><b>Nh\u1eefng th\u00e1ch th\u1ee9c v\u00e0 h\u1ea1n ch\u1ebf khi s\u1eed d\u1ee5ng WACC<\/b><\/span><\/h2>\n<h3><span id=\"Cac_gia_dinh_trong_tinh_toan_WACC\"><b>C\u00e1c gi\u1ea3 \u0111\u1ecbnh trong t\u00ednh to\u00e1n WACC<\/b><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Vi\u1ec7c t\u00ednh to\u00e1n WACC \u0111\u00f2i h\u1ecfi ph\u1ea3i d\u1ef1a v\u00e0o m\u1ed9t s\u1ed1 gi\u1ea3 \u0111\u1ecbnh, v\u00e0 nh\u1eefng gi\u1ea3 \u0111\u1ecbnh n\u00e0y c\u00f3 th\u1ec3 g\u00e2y \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn t\u00ednh ch\u00ednh x\u00e1c c\u1ee7a k\u1ebft qu\u1ea3:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Gi\u1ea3 \u0111\u1ecbnh c\u1ea5u tr\u00fac v\u1ed1n kh\u00f4ng thay \u0111\u1ed5i: Ch\u1ec9 s\u1ed1 n\u00e0y gi\u1ea3 \u0111\u1ecbnh r\u1eb1ng c\u1ea5u tr\u00fac v\u1ed1n c\u1ee7a doanh nghi\u1ec7p s\u1ebd kh\u00f4ng thay \u0111\u1ed5i trong t\u01b0\u01a1ng lai. Tuy nhi\u00ean, th\u1ef1c t\u1ebf l\u00e0 c\u1ea5u tr\u00fac v\u1ed1n c\u00f3 th\u1ec3 thay \u0111\u1ed5i theo th\u1eddi gian do c\u00e1c y\u1ebfu t\u1ed1 kinh doanh v\u00e0 t\u00e0i ch\u00ednh. N\u1ebfu c\u1ea5u tr\u00fac v\u1ed1n thay \u0111\u1ed5i m\u1ed9t c\u00e1ch \u0111\u00e1ng k\u1ec3, ch\u1ec9 s\u1ed1 n\u00e0y c\u0169ng s\u1ebd thay \u0111\u1ed5i theo.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Gi\u1ea3 \u0111\u1ecbnh m\u1ee9c l\u1ee3i nhu\u1eadn kh\u00f4ng bi\u1ebfn \u0111\u1ed5i: WACC gi\u1ea3 \u0111\u1ecbnh r\u1eb1ng m\u1ee9c l\u1ee3i nhu\u1eadn c\u1ee7a doanh nghi\u1ec7p s\u1ebd kh\u00f4ng thay \u0111\u1ed5i trong t\u01b0\u01a1ng lai. Tuy nhi\u00ean, m\u1ee9c l\u1ee3i nhu\u1eadn c\u00f3 th\u1ec3 bi\u1ebfn \u0111\u1ed5i do \u1ea3nh h\u01b0\u1edfng c\u1ee7a nhi\u1ec1u y\u1ebfu t\u1ed1 nh\u01b0 bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng, r\u1ee7i ro kinh doanh, thay \u0111\u1ed5i trong m\u00f4i tr\u01b0\u1eddng kinh doanh, v.v. N\u1ebfu m\u1ee9c l\u1ee3i nhu\u1eadn thay \u0111\u1ed5i, ch\u1ec9 s\u1ed1 n\u00e0y c\u0169ng s\u1ebd kh\u00f4ng c\u00f2n ch\u00ednh x\u00e1c nh\u01b0 ban \u0111\u1ea7u.<\/span><\/li>\n<\/ul>\n<h3><span id=\"Anh_huong_cua_bien_dong_lai_suat_va_thi_truong\"><b>\u1ea2nh h\u01b0\u1edfng c\u1ee7a bi\u1ebfn \u0111\u1ed9ng l\u00e3i su\u1ea5t v\u00e0 th\u1ecb tr\u01b0\u1eddng<\/b><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Bi\u1ebfn \u0111\u1ed9ng l\u00e3i su\u1ea5t th\u1ecb tr\u01b0\u1eddng v\u00e0 th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh c\u00f3 th\u1ec3 g\u00e2y ra s\u1ef1 bi\u1ebfn \u0111\u1ed5i c\u1ee7a c\u00e1c th\u00e0nh ph\u1ea7n trong WACC, l\u00e0m thay \u0111\u1ed5i m\u1ee9c l\u00e3i su\u1ea5t v\u00e0 r\u1ee7i ro c\u1ee7a c\u1ea3 v\u1ed1n t\u1ef1 c\u00f3 v\u00e0 v\u1ed1n vay.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Thay \u0111\u1ed5i l\u00e3i su\u1ea5t th\u1ecb tr\u01b0\u1eddng: N\u1ebfu l\u00e3i su\u1ea5t th\u1ecb tr\u01b0\u1eddng t\u0103ng, chi ph\u00ed v\u1ed1n g\u00f3p v\u1ed1n t\u1ef1 c\u00f3 c\u0169ng t\u0103ng l\u00ean, t\u1eeb \u0111\u00f3 l\u00e0m t\u0103ng WACC. Ng\u01b0\u1ee3c l\u1ea1i, n\u1ebfu l\u00e3i su\u1ea5t th\u1ecb tr\u01b0\u1eddng gi\u1ea3m, WACC c\u0169ng s\u1ebd gi\u1ea3m xu\u1ed1ng.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Thay \u0111\u1ed5i th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh: Th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh c\u00f3 th\u1ec3 bi\u1ebfn \u0111\u1ed9ng v\u00e0 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn gi\u00e1 tr\u1ecb c\u1ed5 phi\u1ebfu v\u00e0 c\u00e1c y\u1ebfu t\u1ed1 kh\u00e1c trong t\u00ednh to\u00e1n WACC. Bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 l\u00e0m thay \u0111\u1ed5i m\u1ee9c l\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng c\u1ee7a doanh nghi\u1ec7p v\u00e0 t\u0103ng l\u00ean r\u1ee7i ro \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0, l\u00e0m thay \u0111\u1ed5i <strong>WACC<\/strong>.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Nh\u1eefng bi\u1ebfn \u0111\u1ed5i n\u00e0y c\u00f3 th\u1ec3 l\u00e0m cho ch\u1ec9 s\u1ed1 n\u00e0ykh\u00f4ng \u1ed5n \u0111\u1ecbnh v\u00e0 kh\u00f3 d\u1ef1 \u0111o\u00e1n, g\u00e2y kh\u00f3 kh\u0103n cho doanh nghi\u1ec7p trong vi\u1ec7c \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh t\u00e0i ch\u00ednh.<\/span><\/p>\n<blockquote><p>Xem th\u00eam: <a href=\"https:\/\/tuyendung.edu.vn\/blog\/boc-truc-la-gi.html\" target=\"_blank\" rel=\"noopener\"><strong>B\u1ed9c tr\u1ef1c l\u00e0 g\u00ec: Kh\u00e1m ph\u00e1 t\u00ednh c\u00e1ch n\u1ed5i b\u1eadt v\u00e0 \u00fd ngh\u0129a c\u1ee7a ng\u01b0\u1eddi b\u1ed9c tr\u1ef1c<\/strong><\/a><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Trong b\u00e0i vi\u1ebft n\u00e0y, ch\u00fang ta \u0111\u00e3 t\u00ecm hi\u1ec3u v\u1ec1 <strong>WACC l\u00e0 g\u00ec<\/strong> &#8211; \u0111\u00e2y m\u1ed9t ch\u1ec9 s\u1ed1 quan tr\u1ecdng trong t\u00e0i ch\u00ednh doanh nghi\u1ec7p. Ch\u00fang ta \u0111\u00e3 \u0111\u1ecbnh ngh\u0129a WACC, t\u00ecm hi\u1ec3u vai tr\u00f2 c\u1ee7a n\u00f3 trong quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 v\u00e0 vay v\u1ed1n, c\u0169ng nh\u01b0 c\u00e1ch t\u00ednh to\u00e1n WACC d\u1ef1a tr\u00ean c\u00e1c th\u00e0nh ph\u1ea7n c\u1ea5u th\u00e0nh.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tuy nhi\u00ean, ch\u00fang ta c\u0169ng nh\u1eadn th\u1ea5y r\u1eb1ng ch\u1ec9 s\u1ed1 n\u00e0y kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 ho\u00e0n h\u1ea3o v\u00e0 c\u00f3 nh\u1eefng gi\u1edbi h\u1ea1n. C\u00e1c gi\u1ea3 \u0111\u1ecbnh trong t\u00ednh to\u00e1n v\u00e0 \u1ea3nh h\u01b0\u1edfng c\u1ee7a bi\u1ebfn \u0111\u1ed9ng l\u00e3i su\u1ea5t v\u00e0 th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 l\u00e0m thay \u0111\u1ed5i gi\u00e1 tr\u1ecb WACC v\u00e0 t\u1ea1o ra nh\u1eefng sai s\u00f3t trong \u0111\u00e1nh gi\u00e1 t\u00e0i ch\u00ednh. Do \u0111\u00f3, b\u1ea1n c\u1ea7n s\u1eed d\u1ee5ng WACC \u0111i k\u00e8m v\u1edbi s\u1ef1 c\u00e2n nh\u1eafc v\u00e0 ph\u00e2n t\u00edch k\u1ef9 l\u01b0\u1ee1ng c\u1ee7a c\u00e1c y\u1ebfu t\u1ed1 kh\u00e1c n\u1eefa nh\u00e9! H\u1eb9n g\u1eb7p l\u1ea1i c\u00e1c b\u1ea1n trong nh\u1eefng b\u00e0i vi\u1ebft ti\u1ebfp theo c\u1ee7a <\/span><a href=\"https:\/\/tuyendung.edu.vn\/blog\/\" target=\"_blank\" rel=\"noopener\"><b>g\u00f3c ngh\u1ec1 nghi\u1ec7p<\/b><\/a><span style=\"font-weight: 400;\"> nh\u00e9!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>M\u1ee5c l\u1ee5c1 WACC l\u00e0 g\u00ec?1.1 \u0110\u1ecbnh ngh\u0129a WACC (Weighted Average Cost of Capital)1.2 \u00dd ngh\u0129a v\u00e0 vai tr\u00f2 c\u1ee7a WACC trong t\u00e0i ch\u00ednh doanh nghi\u1ec7p2 C\u00e1ch t\u00ednh to\u00e1n WACC2.1 C\u00e1c th\u00e0nh ph\u1ea7n c\u1ea5u th\u00e0nh2.2 C\u00f4ng th\u1ee9c t\u00ednh WACC2.3 V\u00ed d\u1ee5 minh h\u1ecda c\u00e1ch t\u00ednh WACC3 T\u1ea7m quan tr\u1ecdng c\u1ee7a WACC trong quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":782,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"class_list":["post-781","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cam-nang-doanh-nghiep"],"acf":[],"_links":{"self":[{"href":"https:\/\/tuyendung.edu.vn\/blog\/wp-json\/wp\/v2\/posts\/781","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tuyendung.edu.vn\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tuyendung.edu.vn\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tuyendung.edu.vn\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/tuyendung.edu.vn\/blog\/wp-json\/wp\/v2\/comments?post=781"}],"version-history":[{"count":4,"href":"https:\/\/tuyendung.edu.vn\/blog\/wp-json\/wp\/v2\/posts\/781\/revisions"}],"predecessor-version":[{"id":793,"href":"https:\/\/tuyendung.edu.vn\/blog\/wp-json\/wp\/v2\/posts\/781\/revisions\/793"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tuyendung.edu.vn\/blog\/wp-json\/wp\/v2\/media\/782"}],"wp:attachment":[{"href":"https:\/\/tuyendung.edu.vn\/blog\/wp-json\/wp\/v2\/media?parent=781"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tuyendung.edu.vn\/blog\/wp-json\/wp\/v2\/categories?post=781"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}