{"id":503,"date":"2016-10-21T21:25:28","date_gmt":"2016-10-21T14:25:28","guid":{"rendered":"http:\/\/robostock.vn\/web\/?p=503"},"modified":"2016-10-21T21:25:28","modified_gmt":"2016-10-21T14:25:28","slug":"dinh-gia-co-phieu-dua-vao-doanh-thu","status":"publish","type":"post","link":"https:\/\/robostock.vn\/web\/dinh-gia-co-phieu-dua-vao-doanh-thu\/","title":{"rendered":"\u0110\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu d\u1ef1a v\u00e0o doanh thu"},"content":{"rendered":"

\t\t\t\t<\/p>\n

\u0110\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu<\/strong> lu\u00f4n lu\u00f4n l\u00e0 v\u1ea5n \u0111\u1ec1 \u00ab s\u1ed1ng c\u00f2n \u00bb c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n. \u0110\u1eb7c bi\u1ec7t l\u00e0 \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t nam c\u00f2n non tr\u1ebb th\u00ec vi\u1ec7c n\u1eafm b\u1eaft c\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu l\u00e0m c\u01a1 s\u1edf cho quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh l\u00e0 r\u1ea5t quan tr\u1ecdng. Trong h\u1ec7 th\u1ed1ng c\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng ph\u1ed5 bi\u1ebfn hi\u1ec7n nay tr\u00ean th\u1ebf gi\u1edbi v\u00e0 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng t\u1ea1i th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kh\u00f3an Vi\u1ec7t nam, t\u00f4i mong mu\u1ed1n gi\u1edbi thi\u1ec7u m\u1ed9t c\u00e1ch kh\u00e1i qu\u00e1t nh\u1eefng \u00ab ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 \u00bb \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng r\u1ed9ng r\u00e3i, , d\u1ec5 hi\u1ec3u v\u00e0 d\u1ec5 \u00e1p d\u1ee5ng. Kh\u00f4ng n\u1eb1m ngo\u00e0i mong mu\u1ed1n \u0111\u00f3, trong b\u00e0i vi\u1ebft n\u00e0y t\u00f4i s\u1ebd gi\u1edbi thi\u1ec7u \u0111\u1ebfn qu\u00fd b\u1ea1n \u0111\u1ecdc m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 n\u1eefa, \u0111\u00f3 l\u00e0 ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 d\u1ef1a v\u00e0o doanh thu c\u1ee7a c\u00f4ng ty.<\/p>\n

<\/p>\n

1. Gi\u1edbi thi\u1ec7u v\u1ec1 ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 d\u1ef1a v\u00e0o doanh thu<\/strong><\/span>
\n*C\u00e1c b\u1ea1n \u0111\u00e3 ho\u1eb7c s\u1ebd c\u00f3 c\u01a1 h\u1ed9i \u0111\u01b0\u1ee3c l\u00e0m quen v\u00e0 ti\u1ebfp x\u00fac v\u1edbi nhi\u1ec1u ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 kh\u00e1c nhau, c\u00f3 th\u1ec3 b\u1ea1n cho r\u1eb1ng ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 d\u1ef1a tr\u00ean thu nh\u1eadp r\u00f2ng c\u1ee7a c\u1ed5 phi\u1ebfu (ph\u01b0\u01a1ng ph\u00e1p P\/E) l\u00e0 d\u1ec5 \u00e1p d\u1ee5ng nh\u1ea5t nh\u01b0ng b\u1ea1n s\u1ebd \u00e1p d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p PE th\u1ebf n\u00e0o \u0111\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty l\u00e0m \u0103n thua l\u1ed7 nh\u01b0 BTC, ho\u1eb7c nh\u01b0 c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty c\u1ed5 ph\u1ea7n Nh\u1ef1a \u0110\u00e0 n\u1eb5ng s\u1ebd r\u1ea5t kh\u00f3 c\u00f3 th\u1ec3 \u0111\u1ecbnh gi\u00e1 n\u1ebfu d\u1ef1a v\u00e0o PE v\u00ec doanh nghi\u1ec7p ch\u1ec9 c\u00f3 l\u00e3i r\u1ea5t \u00edt v\u00e0 kh\u00f4ng ph\u1ea3i l\u00e0 doanh nghi\u1ec7p t\u0103ng tr\u01b0\u1edfng m\u1ea1nh v\u1ec1 doanh thu v\u00e0 l\u1ee3i nhu\u00e2n trong khi h\u1ec7 s\u1ed1 PE c\u1ee7a DPC l\u1ea1i r\u1ea5t cao (46.31) . \u0110\u1ed1i v\u1edbi ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 d\u1ef1a tr\u00ean tr\u00ean c\u01a1 s\u1edf chi\u1ebft kh\u1ea5u d\u00f2ng ti\u1ec1n (DCF), \u0111\u00e2y l\u00e0 \u00ab ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 \u00bb \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 l\u00e0 \u0111\u00e1ng tin c\u1eady nh\u1ea5t nh\u01b0ng c\u0169ng kh\u00f3 c\u00f3 th\u1ec3 \u00e1p d\u1ee5ng ch\u00ednh x\u00e1c khi ch\u1ebf \u0111\u1ed9 k\u1ebf to\u00e1n kh\u00e1c nhau, \u0111\u1eb7c bi\u1ec7t l\u00e0 nh\u1eefng \u00ab sai s\u00f3t ch\u1ee7 \u00fd \u00bb t\u1eeb l\u00e3nh \u0111\u1ea1o c\u1ee7a c\u00f4ng ty nh\u1eb1m \u0111\u01b0a ra m\u1ed9t \u00ab b\u1ee9c tranh t\u01b0\u01a1i \u0111\u1eb9p \u00bb v\u1ec1 t\u01b0\u01a1ng lai c\u1ee7a doanh nghi\u1ec7p. Ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 d\u1ef1a v\u00e0o doanh thu th\u1ef1c t\u1ebf c\u1ee7a c\u00f4ng ty m\u00e0 t\u00f4i tr\u00ecnh b\u00e0y sau \u0111\u00e2y c\u00f3 th\u1ec3 tr\u00e1nh \u0111\u01b0\u1ee3c c\u00e1c sai s\u00f3t tr\u00ean.
\n1.1. \u0110\u1ecbnh ngh\u0129a v\u00e0 c\u00f4ng th\u1ee9c \u00e1p d\u1ee5ng<\/strong>
\n-Ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu b\u1eb1ng doanh thu \u0111\u01b0\u1ee3c t\u00ednh m\u1ed9t c\u00e1ch \u0111\u01a1n gi\u1ea3n l\u00e0 :
\n-Gi\u00e1 tr\u1ecb doanh nghi\u1ec7p = Doanh thu thu\u1ea7n t\u1eeb ho\u1ea1t \u0111\u1ed9ng s\u1ea3n xu\u1ea5t kinh doanh c\u1ee7a doanh nghi\u1ec7p trong n\u0103m hi\u1ec7n t\u1ea1i X \u00ab h\u1ec7 s\u1ed1 nh\u00e2n c\u1ee7a ng\u00e0nh \u00bb m\u00e0 doanh nghi\u1ec7p ho\u1ea1t \u0111\u1ed9ng (Value of enterprise = Revenue x Multiplier).
\n+Ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 n\u00e0y \u0111\u00e1nh gi\u00e1 gi\u00e1 tr\u1ecb c\u1ee7a doanh nghi\u1ec7p d\u1ef1a v\u00e0o doanh thu m\u00e0 doanh nghi\u1ec7p t\u1ea1o ra trong m\u1ed9t k\u1ef3 s\u1ea3n xu\u1ea5t kinh doanh. C\u0169ng gi\u1ed1ng nh\u01b0 c\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 kh\u00e1c, ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 d\u1ef1a v\u00e0o doanh thu \u0111\u00f2i h\u1ecfi s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a c\u00e1c th\u00f4ng s\u1ed1 nh\u01b0 : l\u1ee3i nhu\u1eadn \/ doanh thu, l\u1ee3i nhu\u1eadn sau thu\u1ebf \/ doanh thu…N\u1ebfu doanh nghi\u1ec7p hi\u1ec7n t\u1ea1i \u0111ang \u0111\u01b0\u1ee3c giao d\u1ecbch th\u1ea5p h\u01a1n gi\u00e1 tr\u1ecb c\u1ee7a doanh thu c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c coi l\u00e0 r\u1ebb v\u00e0 n\u1ebfu \u0111\u01b0\u1ee3c giao d\u1ecbch v\u1edbi v\u1edbi gi\u00e1 l\u1edbn h\u01a1n gi\u00e1 tr\u1ecb c\u1ee7a doanh thu th\u00ec \u0111\u1ef1\u1ee3c coi l\u00e0 \u0111\u1eaft.
\n+\u0110\u1ed1i v\u1edbi h\u1ec7 s\u1ed1 (multiplier) ta c\u00f3 th\u1ec3 t\u00ecm \u0111\u01b0\u1ee3c trong r\u1ea5t nhi\u1ec1u \u1ea5n ph\u1ea9m t\u00e0i ch\u00ednh kh\u00e1c nhau, th\u00f4ng th\u01b0\u1eddng \u0111\u00f3 l\u00e0 con s\u1ed1 chu\u1ea9n \u0111\u01b0\u1ee3c th\u1ed1ng k\u00ea b\u1edfi c\u01a1 quan nh\u00e0 n\u01b0\u1edbc c\u00f3 th\u1ea9m quy\u1ec1n (\u1edf Vi\u1ec7t nam c\u00f3 th\u1ec3 l\u00e0 T\u1ed5ng c\u1ee5c th\u1ed1ng k\u00ea). Trong tr\u01b0\u1eddng h\u1ee3p m\u00e0 kh\u00f4ng th\u1ec3 t\u00ecm \u0111\u01b0\u1ee3c h\u1ec7 s\u1ed1 t\u01b0\u01a1ng \u1ee9ng \u0111\u1ed1i v\u1edbi t\u1eebng doanh nghi\u1ec7p c\u1ee5 th\u1ec3 (\u0111\u1eb7c bi\u1ec7t trong m\u00f4i tr\u01b0\u1eddng th\u1ed1ng k\u00ea s\u1ed1 li\u1ec7u \u1edf Vi\u1ec7t nam) ta c\u00f3 th\u1ec3 \u00e1p d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p so s\u00e1nh \u0111\u01a1n gi\u1ea3n l\u00e0 : L\u1ea5y \u00ab h\u1ec7 s\u1ed1 nh\u00e2n \u00bb (multiplier) c\u1ee7a m\u1ed9t ng\u00e0nh \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ea5p nh\u1eadn b\u1edfi \u0111\u00f4ng \u0111\u1ea3o c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 r\u1ed3i \u00e1p d\u1ee5ng v\u00e0o doanh nghi\u1ec7p m\u00e0 ta s\u1eafp \u0111\u1ecbnh gi\u00e1 ho\u1ea1t \u0111\u1ed9ng trong c\u00f9ng ng\u00e0nh ngh\u1ec1. Ti\u00eau chu\u1ea9n \u0111\u01b0\u1ee3c nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ea5p nh\u1eadn c\u00f3 th\u1ec3 l\u00e0 gi\u00e1 tr\u1ecb \u0111\u01b0\u1ee3c giao d\u1ecbch trung b\u00ecnh ph\u1ed5 bi\u1ebfn trong m\u1ed9t th\u1eddi gian d\u00e0i c\u1ee7a c\u1ed5 phi\u1ebfu \u0111\u00f3 tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ni\u00eam y\u1ebft.
\n-Ph\u01b0\u01a1ng ph\u00e1p n\u00e0y \u0111\u00f4i khi \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 \u0111\u1ecbnh gi\u00e1 c\u00e1c doanh nghi\u1ec7p v\u1eeba v\u00e0 nh\u1ecf b\u1eb1ng c\u00e1ch l\u1ea5y doanh thu thu\u1ea7n c\u1ee7a c\u00f4ng ty nh\u00e2n v\u1edbi m\u1ed9t h\u1ec7 s\u1ed1 nh\u1ea5t \u0111\u1ecbnh, h\u1ec7 s\u1ed1 nh\u00e2n n\u00e0y \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh d\u1ef1a v\u00e0o ti\u00eau chu\u1ea9n \u0111\u01b0\u1ee3c c\u00f4ng nh\u1eadn c\u1ee7a c\u00e1c ng\u00e0nh, l\u0129nh v\u1ef1c m\u00e0 c\u00f4ng ty ho\u1ea1t \u0111\u1ed9ng.
\n-Y\u1ebfu t\u1ed1 quan tr\u1ecdng nh\u1ea5t trong ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 n\u00e0y ch\u00ednh l\u00e0 t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn c\u1eadn bi\u00ean c\u1ee7a ng\u00e0nh m\u00e0 doanh nghi\u1ec7p ho\u1ea1t \u0111\u1ed9ng. M\u1ed9t s\u1ef1 suy gi\u1ea3m c\u1ee7a l\u1ee3i nhu\u1eadn c\u1eadn bi\u00ean c\u00f3 th\u1ec3 c\u00f3 t\u00e1c \u0111\u1ed9ng hai m\u1eb7t:
\n– Tr\u01b0\u1edbc h\u1ebft, t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn c\u1eadn bi\u00ean suy gi\u1ea3m s\u1ebd l\u00e0m cho h\u1ec7 s\u1ed1 nh\u00e2n c\u1ee7a ng\u00e0nh gi\u1ea3m tr\u1ef1c ti\u1ebfp (t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn c\u1eadn bi\u00ean th\u1ea5p th\u00ec t\u1ea1o ra gi\u00e1 tr\u1ecb th\u1ea5p v\u00e0 do \u0111\u00f3 l\u00e0m gi\u1ea3m gi\u00e1 tr\u1ecb doanh nghi\u1ec7p v\u00e0 \u201ch\u1ec7 s\u1ed1 nh\u00e2n c\u1ee7a ng\u00e0nh\u201d).
\n– Hai l\u00e0, t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn c\u1eadn bi\u00ean th\u1ea5p c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng th\u1ea5p h\u01a1n v\u00e0 do \u0111\u00f3 h\u1ec7 s\u1ed1 nh\u00e2n c\u1ee7a ng\u00e0nh th\u1ea5p \u0111i v\u00e0 do \u0111\u00f3 l\u00e0m gi\u1ea3m gi\u00e1 tr\u1ecb c\u1ee7a doanh nghi\u1ec7p.
\n2. Nh\u1eefng \u0111i\u1ec3m m\u1ea1nh v\u00e0 y\u1ebfu c\u1ee7a ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 d\u1ef1a v\u00e0o doanh thu<\/strong><\/span>
\nM\u1ed7i ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu \u0111\u1ec1u c\u00f3 nh\u1eefng \u01b0u nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a ri\u00eang m\u00ecnh. Ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 d\u1ef1a tr\u00ean doanh thu c\u0169ng kh\u00f4ng ph\u1ea3i l\u00e0 ngo\u1ea1i l\u1ec7 v\u00e0 c\u00f3 nh\u1eefng \u0111i\u1ec3m m\u1ea1nh v\u00e0 y\u1ebfu ri\u00eang c\u00f3 c\u1ee7a m\u00ecnh.
\n2.1. Nh\u1eefng \u0111i\u1ec3m m\u1ea1nh c\u1ee7a ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 d\u1ef1a v\u00e0o doanh thu<\/strong>
\n– L\u00e0 ph\u01b0\u01a1ng ph\u00e1p \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng v\u00e0o lo\u1ea1i ph\u1ed5 bi\u1ebfn nh\u1ea5t \u0111\u1eb7c bi\u1ec7t l\u00e0 c\u00e1c doanh nghi\u1ec7p ho\u1ea1t \u0111\u1ed9ng trong l\u0129nh v\u1ef1c c\u00f4ng ngh\u1ec7 v\u00e0 c\u00f4ng ngh\u1ec7 th\u00f4ng tin. \u0110\u1ed1i v\u1edbi c\u00e1c doanh nghi\u1ec7p ho\u1ea1t \u0111\u1ed9ng trong l\u0129nh v\u1ef1c c\u00f4ng ngh\u1ec7 th\u00f4ng tin t\u1ea1i M\u1ef9 th\u00ec gi\u00e1 tr\u1ecb doanh nghi\u1ec7p th\u01b0\u1eddng \u0111\u01b0\u1ee3c nh\u1ea9m t\u00ednh m\u1ed9t c\u00e1ch \u0111\u01a1n gi\u1ea3n l\u00e0 b\u1eb1ng 1.5 X doanh thu c\u1ee7a doanh nghi\u1ec7p.
\n– Doanh thu c\u1ee7a doanh nghi\u1ec7p th\u00ec \u00edt b\u1ecb bi\u1ebfn \u0111\u1ed9ng h\u01a1n so v\u1edbi c\u00e1c ph\u01b0\u01a1ng ph\u00e1p d\u1ef1a v\u00e0o thu nh\u1eadp c\u1ee7a c\u1ed5 phi\u1ebfu v\u00e0 do \u0111\u00f3 \u0111\u00e1ng tin t\u01b0\u1edfng, tin c\u1eady h\u01a1n. V\u00ed d\u1ee5, \u0111\u1ed1i v\u1edbi ph\u01b0\u01a1ng ph\u00e1p PE (th\u1ecb gi\u00e1 \/ thu nh\u1eadp c\u1ee7a c\u1ed5 phi\u1ebfu) khi \u0111\u1ecbnh gi\u00e1 c\u00e1c doanh nghi\u1ec7p m\u00e0 l\u1ee3i nhu\u1eadn c\u00f3 t\u00ednh chu k\u1ef3 th\u00ec bi\u1ebfn \u0111\u1ed9ng nhi\u1ec1u h\u01a1n \u0111\u1ed1i v\u1edbi ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 d\u1ef1a v\u00e0o doanh thu b\u1edfi v\u00ec ch\u00fang ta \u0111\u00e3 bi\u1ebft l\u1ee3i nhu\u1eadn th\u00ec nh\u1ea1y c\u1ea3m h\u01a1n r\u1ea5t nhi\u1ec1u so v\u1edbi doanh thu \u0111\u1ed1i v\u1edbi nh\u1eefng thay \u0111\u1ed5i c\u1ee7a c\u00e1c \u0111i\u1ec1u ki\u1ec7n kinh t\u1ebf (gi\u00e1 d\u1ea7u t\u0103ng l\u00e0m l\u1ee3i nhu\u1eadn gi\u1ea3m nh\u01b0ng doanh thu th\u00ec c\u00f3 th\u1ec3 kh\u00f4ng gi\u1ea3m th\u1eadm ch\u00ed c\u00f2n t\u0103ng).
\n– Kh\u00f4ng gi\u1ed1ng c\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 d\u1ef1a v\u00e0o l\u1ee3i nhu\u1eadn v\u00e0 gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch th\u00ec b\u1ecb \u1ea3nh h\u01b0\u1edfng n\u1eb7ng n\u1ec1 b\u1edfi c\u00e1c quy\u1ebft \u0111\u1ecbnh k\u1ebf to\u00e1n li\u00ean quan \u0111\u1ebfn ph\u01b0\u01a1ng ph\u00e1p kh\u1ea5u hao, ph\u01b0\u01a1ng ph\u00e1p t\u00ednh h\u00e0ng t\u1ed3n kho, c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh nghi\u00ean c\u1ee9u v\u00e0 ph\u00e1t tri\u1ec3n (R&D) c\u1ee7a doanh nghi\u1ec7p v\u00e0 c\u00e1c chi ph\u00ed kh\u00e1c (nh\u1eefng chi ph\u00ed m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng th\u1ec3 ki\u1ec3m so\u00e1t \u0111\u01b0\u1ee3c), ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu d\u1ef1a v\u00e0o doanh thu \u1ed5n \u0111\u1ecbnh v\u00e0 \u0111\u00e1ng tin c\u1eady h\u01a1n do doanh thu th\u00ec r\u1ea5t kh\u00f3 b\u1ecb \u00ab \u00abb\u00f3p m\u00e9o \u00bb nh\u1eb1m t\u01b0 l\u1ee3i.
\n2.2. Nh\u1eefng \u0111i\u1ec3m y\u1ebfu c\u1ee7a ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 d\u1ef1a v\u00e0o doanh thu<\/strong>
\n– Ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 n\u00e0y kh\u00f4ng t\u00ednh \u0111\u1ebfn gi\u00e1 tr\u1ecb c\u1ee7a d\u00f2ng ti\u1ec1n theo th\u1eddi gian.
\n– Vi\u1ec7c \u0111\u1ecbnh gi\u00e1 theo ph\u01b0\u01a1ng ph\u00e1p n\u00e0y \u0111\u00f2i h\u1ecfi ch\u1ea5t l\u01b0\u1ee3ng l\u1ee3i nhu\u1eadn c\u1ee7a c\u00f4ng ty ph\u1ea3i \u1ed5n \u0111\u1ecbnh qua c\u00e1c n\u0103m ho\u1ea1t \u0111\u1ed9ng v\u00e0 gi\u1ea3 thi\u1ebft s\u1ebd \u0111\u01b0\u1ee3c ti\u1ebfp t\u1ee5c trong c\u00e1c n\u0103m ho\u1ea1t \u0111\u1ed9ng ti\u1ebfp theo (v\u00ed d\u1ee5 t\u1ec9 su\u1ea5t l\u1ee3i nhu\u1eadn \/ doanh thu = 10%, \u0111i\u1ec1u \u0111\u00f3 c\u00f3 ngh\u0129a l\u00e0 c\u1ee9 10 \u0111\u1ed3ng doanh thu ph\u1ea3i t\u1ea1o ra \u0111\u01b0\u1ee3c 1 \u0111\u1ed3ng l\u1ee3i nhu\u1eadn v\u00e0 t\u1ec9 l\u1ec7 n\u00e0y c\u1ea7n ph\u1ea3i \u0111\u01b0\u1ee3c duy tr\u00ec v\u00e0 n\u00e2ng cao trong su\u1ed1t \u0111\u1eddi ho\u1ea1t \u0111\u1ed9ng c\u1ee7a doanh nghi\u1ec7p).
\n– \u0110i\u1ec3m y\u1ebfu l\u1edbn nh\u1ea5t c\u1ee7a ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 d\u1ef1a v\u00e0o doanh thu ch\u00ednh l\u00e0 kh\u1ea3 n\u0103ng c\u00f3 th\u1ec3 l\u00e0m b\u1ea1n \u00ab m\u1edd m\u1eaft \u00bb tr\u01b0\u1edbc nh\u1eefng doanh nghi\u1ec7p c\u00f3 doanh thu l\u1edbn trong khi v\u1eabn b\u1ecb thua l\u1ed7. \u0110\u1ec3 t\u1ea1o ra \u0111\u01b0\u1ee3c gi\u00e1 tr\u1ecb \u0111\u00edch th\u1ef1c cho c\u00f4ng ty v\u00e0 gi\u00e1 tr\u1ecb gia t\u0103ng cho c\u1ed5 \u0111\u00f4ng doanh nghi\u1ec7p c\u1ea7n l\u00e0m ra l\u1ee3i nhu\u1eadn, tuy nhi\u00ean v\u1eabn c\u00f3 nh\u1eefng giai \u0111o\u1ea1n d\u00f9 c\u00f4ng ty t\u1ed1t \u0111\u1ebfn bao nhi\u00eau c\u0169ng c\u00f3 th\u1ec3 g\u1eb7p kh\u00f3 kh\u0103n v\u00e0 thua l\u1ed7, trong tr\u01b0\u1eddng h\u1ee3p n\u00e0y, \u0111\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a doanh nghi\u1ec7p th\u00f4ng qua \u0111\u1ecbnh gi\u00e1 doanh nghi\u1ec7p b\u1eb1ng doanh thu \u0111em l\u1ea1i m\u1ed9t c\u00e1ch \u0111\u00e1nh gi\u00e1 ch\u00e2n th\u1ef1c v\u1ec1 gi\u00e1 tr\u1ecb c\u1ee7a c\u00f4ng ty.<\/p>\n

\"K\u1ebft<\/p>\n

K\u1ebft lu\u1eadn :<\/strong><\/span>
\n– B\u1ea1n c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng nhi\u1ec1u ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 kh\u00e1c nhau \u0111\u1ec3 \u0111\u01b0a ra m\u1ed9t \u0111\u00e1nh gi\u00e1 v\u1ec1 c\u1ed5 phi\u1ebfu m\u00e0 b\u1ea1n \u0111\u1ecbnh giao d\u1ecbch l\u00e0 \u00ab r\u1ebb \u00bb hay \u00ab \u0111\u1eaft \u00bb.
\n– \u0110\u1ed1i v\u1edbi m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb d\u1ef1a tr\u00ean ph\u00e2n t\u00edch c\u01a1 b\u1ea3n l\u00e0 ch\u00ednh th\u00ec c\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 kh\u00e1c nhau s\u1ebd cho b\u1ea1n m\u1ed9t c\u00e1ch nh\u00ecn \u0111\u1ea7y t\u1ef1 tin v\u1ec1 gi\u00e1 tr\u1ecb doanh nghi\u1ec7p. Tuy m\u1ed7i ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 \u0111\u1ec1u c\u00f3 nh\u1eefng \u01b0u nh\u01b0\u1ee3c \u0111i\u1ec3m ri\u00eang c\u1ee7a m\u00ecnh, nh\u01b0ng n\u1ebfu b\u1ea1n c\u00f3 th\u1ec3 n\u1eafm b\u1eaft \u0111\u01b0\u1ee3c \u01b0u nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a t\u1eebng ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 s\u1ebd gi\u00fap b\u1ea1n tr\u00e1nh \u0111\u01b0\u1ee3c nh\u1eefng sai l\u1ea7m kh\u00f4ng \u0111\u00e1ng c\u00f3.
\n– Khi \u0111\u1ecbnh gi\u00e1 doanh nghi\u1ec7p b\u1ea1n c\u1ea7n ph\u1ea3i s\u1eed d\u1ee5ng k\u1ebft h\u1ee3p v\u00e0 linh ho\u1ea1t c\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 kh\u00e1c nhau th\u00ec m\u1edbi c\u00f3 th\u1ec3 ph\u00e1t huy \u0111\u01b0\u1ee3c h\u1ebft s\u1ee9c m\u1ea1nh c\u1ee7a ph\u00e2n t\u00edch c\u01a1 b\u1ea3n.\t\t<\/p>\n","protected":false},"excerpt":{"rendered":"

\u0110\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu lu\u00f4n lu\u00f4n l\u00e0 v\u1ea5n \u0111\u1ec1 \u00ab s\u1ed1ng c\u00f2n \u00bb c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n. \u0110\u1eb7c bi\u1ec7t l\u00e0 \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t nam c\u00f2n non tr\u1ebb th\u00ec vi\u1ec7c n\u1eafm b\u1eaft c\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu l\u00e0m c\u01a1 … Continue reading “\u0110\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu d\u1ef1a v\u00e0o doanh thu”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13,6],"tags":[],"class_list":["post-503","post","type-post","status-publish","format-standard","hentry","category-dau-tu","category-kien-thuc"],"_links":{"self":[{"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/posts\/503","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/comments?post=503"}],"version-history":[{"count":0,"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/posts\/503\/revisions"}],"wp:attachment":[{"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/media?parent=503"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/categories?post=503"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/tags?post=503"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}