1
6/7/2010 1
TRƯNG ðI HC BÁCH KHOA TP. HCM
Ging viên: PGS. TS.NGUYN THNG
E-mail: nguyenthong@hcmut.edu.vn or nthong56@yahoo.fr
Web: www4.hcmut.edu.vn/~nguyenthong
T
é
l
.
(08) 38 640 979
-
098 99 66 719
6/7/2010 2
NI DUNG MÔN HC
CHƯƠNG 1: Khái nim vkinh t ñu tư.
CHƯƠNG 2: Ni dung lp dán ñu tư.
CHƯƠNG 3: Dbáo.
CHƯƠNG 4: Hoch ñnh dán.
CHƯƠNG 5: Chtiêu ñánh giá & la chn dán.
CHƯƠNG 6: Phân tích Kinh t, xã hi - Tài chính.
CHƯƠNG 7: Phân tích ri ro.
CHƯƠNG 8 : Phân tích lm phát.
CHƯƠNG 9: Thmñnh dán.
Gii thiu phn mm CRYSTAL BALL
LP & THM ðNH DÁN ðU TƯ
PGS. Dr. Nguyn Thng
6/7/2010 3
TÀI LIU THAM KHO
1. Lp & Thmñnh dán ñu tưy dng. NXB
Xây Dng 2007. Tác giPGS. Dr. Nguyn Thng.
2. Phân tích kinh tk thut. NXB ði hc QG TP.
HCM. Tác giGS.TS. Phm Ph.
3. Kinh tlư!ng. NXB ði hc QG TP. HCM. Tác gi
Dr. Nguyn Thng.
4. Engineering Economy. Tác gi: E. Paul DeGarmo,
William G. Sullivan, James A. Bontadelli.
5. Phn mm phân tích rũi ro Insight, Crystal Ball.
LP & THM ðNH DÁN ðU TƯ
6/7/2010 4

    
      ! " #$$% &'
  
()*  +  ", #-$%&
 ! ", #-$%&
()   #.$%&
LP & THM ðNH DÁN ðU TƯ
Chương 1 & 2: Khái nim v ñu tư& ni dung Lp dán ñu tư
PGS. Dr. Nguyn Thng
6/7/2010 5
/01231456401
7 (!  ) 8 9(:  ; <  =: '
7 1 >   9  ? < 
 ; 9 )* =@ <  =:  # > 
9(: < AB>  ? <  
< B>  9(: ;> C ? BD&'
7 1>  <  8? , < '
LP & THM ðNH DÁN ðU TƯ
Chương 1 & 2: Khái nim v ñu tư& ni dung Lp dán ñu tư
PGS. Dr. Nguyn Thng
6/7/2010 6
ð/Ư
          
           
 !       "#   $ %
 =  =:   + =E =()* C 
7F (! ;?  9!'G!  () AH (: *EB
   ?BAC 8,(! ",+  B8,  >
( B<@ 9  ",+  D
72:  =F  (   *  F  F
=! < #I* F? (>&'6+  =  J
  *  I*  C "> =F  
=: 'F  =:   =F   =F !
" (! ? < '
LP & THM ðNH DÁN ðU TƯ
Chương 1 & 2: Khái nim v ñu tư& ni dung Lp dán ñu tư
PGS. Dr. Nguyn Thng
2
6/7/2010 7
7 F C *   <  =F A() (   (> 
*E F C  C #A() @ 8F  &9 F
C " (! K+   #A() @ 8 ; () "
(! 8! B9D&' 6 9 ,B F C  C (>
8  (!; =(! 1? =:  <   F C
" (! K+   # J  F C " (!&? F?
=(! 8,(: F ? K +  B?   =: '
6 9 , =E   =: ? =:   C   
F' 2E  , *  =:  " 9F *
J* ! +B * J* H* * =C (> <B
(> 9 * =C > ='
PGS. Dr. Nguyn Thng
LP & THM ðNH DÁN ðU TƯ
Chương 1 & 2: Khái nim v ñu tư& ni dung Lp dán ñu tư
6/7/2010 8
2() ; 9   =  =: B"  (! =:
  *  "   !; + "(!
 9 "  ( * 9 (: =: '
G(: ;F <(  8!  B"(!  ; 
F  9    (  8? , =(: (!
9L * > (: " (! =! F =() =  (  8?
 ! 9 (: * E " (!BK+  'G(: ; F
<(   < ( ;B "(!  (+  ;
? =:   (  =F "(!  =: 
? *  9 , 9 (+ *  (  8?
 C  !'
PGS. Dr. Nguyn Thng
LP & THM ðNH DÁN ðU TƯ
Chương 1 & 2: Khái nim v ñu tư& ni dung Lp dán ñu tư
6/7/2010 9
G 9 ,B" (! =:  =F K(*  *   A
;  ? "  (! < ( ;B   <
C  (!   ?B C B
=  *  <  =:  E =(: K !
*  F  =:  ) F; 
(: ;F  "?  =()   * 
;F  =:  ! '
PGS. Dr. Nguyn Thng
LP & THM ðNH DÁN ðU TƯ
Chương 1 & 2: Khái nim v ñu tư& ni dung Lp dán ñu tư
6/7/2010
6/7/2010 10
10
M56
M56
ð
ð
/Ư
/Ư
PGS. Dr. Nguyn Thng
LP & THM ðNH DÁN ðU TƯ
Chương 1 & 2: Khái nim v ñu tư& ni dung Lp dán ñu tư
6/7/2010 11
2:   (!;
2>,    =:  * F A? 9! 9
F 8 ? , ? < 9!  *   ? ()'
2:   (!;
2>,    =:  * F A? 9! 9
F 8 ? , ? <  9! "> ;?  * 
? ()'M) A(! !    =:  ,
 =:  AH 9! ? F  # () 
9! 9, 4N&'GF   4N(+  8, (!
 =   (>'
PGS. Dr. Nguyn Thng
LP & THM ðNH DÁN ðU TƯ
Chương 1 & 2: Khái nim v ñu tư& ni dung Lp dán ñu tư
6/7/2010 12
2:  F   G(  6*
O J  =:  F B  =:  F
 =  9 G(  6* 9! AH (: E
A! ",  ?  "  =() (!   = 
=:  ( 8, =@  ?   ;; G(  6*'
2:   F 
2>,    =:  ? )  E  >
? F ,  F "'
2:  *F
2:  *F  =:  =() K>, < *F  >
B * ,B ; *F  > ,B ? B
<@ 9 *F' 9F =:  *F  =:  ?
B*F?  '
PGS. Dr. Nguyn Thng
LP & THM ðNH DÁN ðU TƯ
Chương 1 & 2: Khái nim v ñu tư& ni dung Lp dán ñu tư
3
6/7/2010
6/7/2010 13
13
P6
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QR1
12
2
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Q
PGS. Dr. Nguyn Thng
LP & THM ðNH DÁN ðU TƯ
Chương 1 & 2: Khái nim v ñu tư& ni dung Lp dán ñu tư
6/7/2010 14
2:   (!;
  ; )  "  (! $$% 9! ?
 =:   F E F '
  ; )  (> <  +  
=:   F TF '
2:  (   F; =: F; 
" < #U11&B < U4B < U4B
< UB< U44'
2:  ; () " <'
 ) ;: E ; 9! =() * 
8? ,  =  =: '
2:   (   ;  ; 9 * 
< ( ;'
PGS. Dr. Nguyn Thng
LP & THM ðNH DÁN ðU TƯ
Chương 1 & 2: Khái nim v ñu tư& ni dung Lp dán ñu tư
6/7/2010 15
2:   (!;
 ) ;:B) ;(!B  ;(! 9 
!, F   @ "'
> 88,+ =:   "'
> 8 =@ (!  C  
"'
PGS. Dr. Nguyn Thng
LP & THM ðNH DÁN ðU TƯ
Chương 1 & 2: Khái nim v ñu tư& ni dung Lp dán ñu tư
6/7/2010
6/7/2010 16
16
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2
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PGS. Dr. Nguyn Thng
LP & THM ðNH DÁN ðU TƯ
Chương 1 & 2: Khái nim v ñu tư& ni dung Lp dán ñu tư
6/7/2010 17
6 =:   ) B >  (   =  =:
BA :*
1 < ( ;     ;: "  (! 
 ; (   N ( ;
7 N ( ;  >'
7 1> ,   ( * + '
7 1> , 1) ;:'
7 1> , F; <
F;  K+B(> ( ; K+   ; (   F;  K+'
 " <B >'
) B > F BF G(  6* =@  F?
F BF F  F   G(  6*'
1 )  " ( 8, =@ ? ;;  '
PGS. Dr. Nguyn Thng
LP & THM ðNH DÁN ðU TƯ
Chương 1 & 2: Khái nim v ñu tư& ni dung Lp dán ñu tư
6/7/2010 18
N ( ;  > #N66&
   =:  ,B =:  ;? @
 ( *  * F " <  AH  &
 ? ? *'2(: =  LB"  WB
;? < "> X ;:  ? A?  "
< *B(! :B A  ?  > ?
* =()    * F ='N=B<
( ;  > ? G(  6*     < 
( ; '#   '
2>,    =:  * ()* 9 +  =B
9(  , =  9! F E; " "I'
PGS. Dr. Nguyn Thng
LP & THM ðNH DÁN ðU TƯ
Chương 1 & 2: Khái nim v ñu tư& ni dung Lp dán ñu tư
4
6/7/2010 19
1> ,   ( * +  #6&
YZ  1> , 6BF =: B " A? 
*  ; : 9! = () ; 9! 1> ,B  (+ "> 
J  9(: ;: [ ?  (>\ ? *'
6(! 1> , A@ ; ?B X *! (: !
AH "? (: =+ A?  ; 9! E * )
;: =' 6 9 ,B F 9(   K(?  + :
 "> "J ; =F ?   =  =:
B   < ( ; ,  () 
*  8, *> " < FB? K ! FB ( 
8? 9(: *E " (! ",+   '
 ,  1> , 6 "> =F ;(; ;
   "  #2 (: ]   1>
,&'
PGS. Dr. Nguyn Thng
LP & THM ðNH DÁN ðU TƯ
Chương 1 & 2: Khái nim v ñu tư& ni dung Lp dán ñu tư
6/7/2010 20
1> , ) ;:
2(: "  F A? + 1> , 6
9 1> , ) ;:  1> , 6
"> =F ;(; ;   
"   " = 1> , ) ;: 
() =F ;(; ;  ) ;(! E 
;(! #2(: -.  1 > ,&'
PGS. Dr. Nguyn Thng
LP & THM ðNH DÁN ðU TƯ
Chương 1 & 2: Khái nim v ñu tư& ni dung Lp dán ñu tư
6/7/2010 21
1R1O24062S/Q
2:   (  ,F? G(  6*=F ; > 
- = #( 62 ! .^1M,
_^$`^aa_&
7 1) A@ =: '
7   (  =: '
7 (!  K>, < 9 = <  9 "
 ? <'
PGS. Dr. Nguyn Thng
LP & THM ðNH DÁN ðU TƯ
Chương 1 & 2: Khái nim v ñu tư& ni dung Lp dán ñu tư
6/7/2010 22
O = ) A@ =: 
  = , (+ ? 8,(!  >
9(   =>,
7 6(>  9(:  : (! ;? =: 9
8*> =: '
7 (!  (!; KBI* < @ F (>
8 =(! :   9   B (! A@B
(>  ? ;)*B " ? I , =  9!B
   =: '
PGS. Dr. Nguyn Thng
LP & THM ðNH DÁN ðU TƯ
Chương 1 & 2: Khái nim v ñu tư& ni dung Lp dán ñu tư
6/7/2010 23
7 (!  =(:  9  =@ =()* K>,
<'
7  ; A  =() =   ? F =: '
7  ; <  =: 9 )* =@ < '
(!   = , "   =F O !,
;(; =:  ơ8  ă (
 ;; G6'
PGS. Dr. Nguyn Thng
LP & THM ðNH DÁN ðU TƯ
Chương 1 & 2: Khái nim v ñu tư& ni dung Lp dán ñu tư
6/7/2010 24
O =  (  =: 
  = , (+ ? 8,(!  >
9(  
7 b !,    8,(: ? < =! E
(> =! ( 8, =@ ? 6 F'
7 1) A@ *E AH K>, <B)  
:  9! "? B(! "(!B*  ",+
 B! F >  '
7 )* =@ (! "(! > '
PGS. Dr. Nguyn Thng
LP & THM ðNH DÁN ðU TƯ
Chương 1 & 2: Khái nim v ñu tư& ni dung Lp dán ñu tư
5
6/7/2010 25
7 )  =! :* J* (! A@B >
K>, J;'
7 b !, ;(; K>, < 9 !, ;(; "
  ,(> #(! :&'
7 , "(! F; =: 9F   >B)  
(> 8 =()   (  < '
7  > K>, J; > '
7 ( < + "()*  9(   (   F;
=:'
PGS. Dr. Nguyn Thng
LP & THM ðNH DÁN ðU TƯ
Chương 1 & 2: Khái nim v ñu tư& ni dung Lp dán ñu tư
6/7/2010 26
O = "(!  K>, < T= <  9
" 
  = , (+ ? 8,(!  >
9(  
7 U  > '
7 G   <  '
7 U?  > '
7 UJ =:  ? 9! 9, =: '
PGS. Dr. Nguyn Thng
LP & THM ðNH DÁN ðU TƯ
Chương 1 & 2: Khái nim v ñu tư& ni dung Lp dán ñu tư
6/7/2010 27
2()  ; *  <  =: B  9! =(: C 
=>, (+ = F K (* K( *   ? =
7   ? ;)*'M> C @ F'
7 b =@ 8, *> #> !&? < '
7   > ( B (! A@'
7 b =@ 9@ C K>, < < '
7     =: B)  8? @
< '
7 b>, < "(!  ? K!B" <'
7 M> CB =  (  8?B =: '
D
PGS. Dr. Nguyn Thng
LP & THM ðNH DÁN ðU TƯ
Chương 1 & 2: Khái nim v ñu tư& ni dung Lp dán ñu tư
6/7/2010 28
M>  <  =: 
U? M>  <  =:  K>, < > 
#6@ =@ ! _^$$]^6271M&
> "() * 9!N    ;* 9 A ? 9(
  8! ;  C
A? *  c! B  , L
C @7K+   8 '
6* 
( 6@ 8,(!
? c!  
N  8  8! 
) * =:  <  =:  K>, <
> 
PGS. Dr. Nguyn Thng
LP & THM ðNH DÁN ðU TƯ
Chương 1 & 2: Khái nim v ñu tư& ni dung Lp dán ñu tư
6/7/2010 29
PGS. Dr. Nguyn Thng
(> .$$ ,?
=:
1 <  K>, < >   ?, FB
 > #" 7-&B !;  F 9
>   : ",+  B" ,+   =( B
? K! (! A@ > B=( ?B B
 <FB (! A@ , (!B >  F "C
"B ? K! 9  (  A  CB 9(W
>'
.
(> _$$ ,?
=:
1 <  =:  K>, < >  >
( ; = ( B <: "CB  !B ; > AB
(!  * ,BK * IB  ,(  "*B " 
(! A(! ?, ?B <   > #:B
? A()B > A,B =F JB =F 8!
 &BK>, <  "  F?'
-
> "()
* 9!
N  ? K ! ! =   B ! )B 
: " > ( ;
LP & THM ðNH DÁN ðU TƯ
Chương 1 & 2: Khái nim v ñu tư& ni dung Lp dán ñu tư
6/7/2010 30
PGS. Dr. Nguyn Thng
(> $$,? =:1 <  K>, < >  
, (!B 9I B  <B ;
B ,(: B K>, <
<> < " # K>, <
"  F?&B " B < @B
() < () B (> 
"  9  <  "'
_
(> -$$,? =:1 <  K>, < >  
> ( ; (B  B ?,
BB9F 8! B" A?
: (> (>B? K! >B
>* ( ;B > : ?,
?B(! A(! > >* ?'
]
LP & THM ðNH DÁN ðU TƯ
Chương 1 & 2: Khái nim v ñu tư& ni dung Lp dán ñu tư