ࡱ>  jlcdefghizovq` KbjbjqPqP < ::fXXXXXXX\6qwyyyyyy$hdXXXB111 XXw1w11XXː 0t\#8?FÓ'X0FZZːZXː1D$"XdZ\XXXXXX B TI CHNH -------CNG HA X HI CH NGH(A VIT NAM c lp - T do - Hnh phc ---------------S: 126/2015/TT-BTCH ni, ngy 20 thng 08 nm 2015 THNG T BAN HNH TIU CHUN THM NH GI VIT NAM S 08, 09 V 10 Cn c Lut Gi s 11/2012/QH13 ngy 20 thng 6 nm 2012; Cn c Ngh nh s 89/2013/N-CP ngy 06 thng 8 nm 2013 ca Chnh ph quy nh chi tit thi hnh mt s iu ca Lut Gi v thm nh gi; Cn c Ngh nh s 215/2013/N-CP ngy 23 thng 12 nm 2013 ca Chnh ph quy nh chc nng, nhim v, quyn hn v c cu t chc ca B Ti chnh; Theo  ngh ca Cc trng Cc Qun l gi, B trng B Ti chnh ban hnh Thng t ban hnh Tiu chun thm nh gi Vit Nam s 08, 09 v 10. iu 1. Ban hnh km theo Thng t ny 03 (ba) Tiu chun thm nh gi Vit Nam c s hiu v tn gi nh sau: - Tiu chun thm nh gi Vit Nam s 08 - Cch tip cn t th trng; - Tiu chun thm nh gi Vit Nam s 09 - Cch tip cn t chi ph; - Tiu chun thm nh gi Vit Nam s 10 - Cch tip cn t thu nhp. iu 2. Hiu lc thi hnh 1. Thng t ny c hiu lc thi hnh k t ngy 01 thng 01 nm 2016. 2. Cc Tiu chun thm nh gi Vit Nam bao gm: Tiu chun s 07 - Phng php so snh, Tiu chun s 08 - Phng php chi ph, Tiu chun s 09 - Phng php thu nhp ban hnh km theo Quyt nh s 129/2008/Q-BTC ngy 31/12/2008 ca B trng B Ti chnh v vic ban hnh 06 Tiu chun thm nh gi Vit Nam (t 3) ht hiu lc k t ngy Thng t ny c hiu lc thi hnh. iu 3. T chc thc hin 1. Cc Qun l gi ch tr, phi hp vi cc c quan c lin quan ch o, hng dn, kim tra vic thc hin cc quy nh ti Tiu chun thm nh gi ban hnh km theo Thng t ny v cc vn bn php lut c lin quan. 2. Trong qu trnh thc hin nu c vng mc  ngh cc n v phn nh v B Ti chnh  hng dn gii quyt v sa i, b sung cho ph hp./. Ni nhn: - Th tng, cc Ph Th tng Chnh ph; - Vn phng Chnh ph; - Vn phng Tng B th; - Vn phng Ch tch nc; - Vn phng Quc hi; - Cc B, c quan ngang B, c quan thuc Chnh ph; - Ta n nhn dn ti cao; - Vin Kim st nhn dn ti cao; - Kim ton nh nc; - UBND cc tnh, thnh ph trc thuc Trung ng; - Cng bo; - Cc Kim tra vn bn - B T php; - Phng Thng mi v Cng nghip Vit Nam; - Hi Thm nh gi Vit Nam; - Cc doanh nghip thm nh gi; - Website Chnh ph; - Website B Ti chnh; - Cc n v thuc B Ti chnh; - Lu: VT; QLG (VT, CSG).KT. B TRNG TH TRNG Trn Vn Hiu H THNG TIU CHUN THM NH GI VIT NAM TIU CHUN THM NH GI VIT NAM S 8 Cch tip cn t th trng (K hiu: TGVN 08) (Ban hnh km theo Thng t s 126/2015/TT-BTC ngy 20/8/2015 ca B Ti chnh) I. QUY NH CHUNG 1. Phm vi iu chnh: Tiu chun ny quy nh v hng dn thc hin cch tip cn t th trng trong qu trnh thm nh gi ti sn. 2. i tng p dng: Thm nh vin v gi hnh ngh (sau y gi chung l thm nh vin), doanh nghip thm nh gi, cc t chc v c nhn khc thc hin hot ng thm nh gi theo quy nh ca Lut Gi v cc quy nh khc ca php lut c lin quan. 3. Khch hng thm nh gi v bn th ba s dng kt qu thm nh gi (nu c) theo hp ng thm nh gi  k kt phi c nhng hiu bit cn thit v cc quy nh trong tiu chun ny  hp tc vi doanh nghip thm nh gi trong qu trnh thm nh gi. 4. Gii thch t ng: Ti sn tng t l ti sn cng loi, tng ng vi ti sn thm nh gi v mt s c trng c bn nh mc ch s dng, cng dng, c im php l v mt s c im v kinh t - k thut ch yu nh nguyn l cu to, tnh nng k thut, tnh nng s dng,... Ti sn so snh l ti sn ging ht hoc ti sn tng t vi ti sn thm nh gi  giao dch thnh cng hoc c cho mua hoc c cho bn trn th trng vi a im giao dch, cho mua, cho bn tng t vi ti sn thm nh gi vo thi im thm nh gi hoc gn thi im thm nh gi. Cch tip cn t th trng l cch thc xc nh gi tr ca ti sn thm nh gi thng qua vic so snh ti sn thm nh gi vi cc ti sn ging ht hoc tng t  c cc thng tin v gi trn th trng. Phng php so snh l phng php thm nh gi, xc nh gi tr ca ti sn thm nh gi da trn c s phn tch mc gi ca cc ti sn so snh  c tnh, xc nh gi tr ca ti sn thm nh gi. Phng php so snh thuc cch tip cn t th trng. Giao dch thnh cng trn th trng l cc hot ng mua bn ti sn  din ra, ti sn  c bn bn giao hng, chuyn quyn s hu (quyn s dng i vi t) cho bn mua, nhn thanh ton; bn mua c ngh)a v thanh ton cho bn bn, nhn hng v quyn s hu hoc quyn s dng theo tha thun. Giao dch ph bin trn th trng l hot ng mua, bn ti sn c tin hnh cng khai trn th trng. Mt ti sn c xc nhn l c giao dch ph bin khi c t nht 3 ti sn tng t  c giao dch mua, bn trn th trng. Cc yu t so snh l cc thng s kinh t, k thut ch yu, tnh trng php l, mc gi giao dch, thi gian, iu kin giao dch (iu kin th trng, iu kin bn, iu khon ti chnh...) v cc yu t khc c lin quan (c im kinh t k thut ca ti sn, tnh trng s dng ti sn, ti sn khc bn km theo...) c nh hng ln n gi tr ti sn. n v so snh chun l n v tnh c bn ca ti sn m c th quy i theo n v  v chun  so snh gia cc ti sn cng loi vi nhau. V d: mt, m2, m3, hecta, phng, ging bnh, gh ngi, n v thu, nng sut, sn lng/hcta, sn phm/ca my, cng sut, kg, t, tn. Tng gi tr iu chnh thun l tng mc iu chnh theo cc yu t so snh c tnh n du m (iu chnh gim) v du dng (iu chnh tng), ngh)a l khng xt v gi tr tuyt i ca mi ln iu chnh. Tng gi tr iu chnh gp l tng mc iu chnh theo cc yu t so snh v gi tr tuyt i. Mc gi ch dn l mc gi ca ti sn so snh sau khi  c iu chnh theo s khc bit v cc yu t so snh vi ti sn thm nh gi. Cc mc gi ch dn l c s cui cng  c tnh mc gi ca ti sn thm nh. II. NI DUNG TIU CHUN 1. Cch tip cn t th trng c th c s dng  xc nh gi tr ti sn thm nh gi theo c s gi tr th trng hoc phi th trng theo Tiu chun thm nh gi Vit Nam.  xc nh gi tr th trng, vic p dng cch tip cn t th trng cn phn nh c quan im ca cc i tng thng thng tham gia th trng ti sn thm nh gi, cn c vo mc gi giao dch ca cc ti sn so snh sau khi  iu chnh mc  tc ng n gi ca cc yu t khc bit. Gi tr ca ti sn thm nh gi cn c c lng, nh gi trn c s nhu cu ca i tng thng thng tham gia th trng ti sn thm nh, khng da trn cc c im c bit ch c gi tr i vi mt s c bit i tng tham gia th trng ti sn thm nh gi.  xc nh gi tr phi th trng, thm nh vin cn xc nh gi tr ti sn thm nh gi trn c s cc im c bit ca ti sn thm nh gi, nhm khch hng (hoc nh u t) c bit c nhu cu s dng cc c im c bit  ca ti sn. T  kho st cc gi giao dch ca cc ti sn so snh c cc c im c bit tng t vi i tng tham gia th trng l cc khch hng (hoc nh u t) c bit, c nhu cu s dng cc c im c bit trn ca ti sn thm nh gi. 2. Phng php so snh thng c p dng  thm nh gi cc ti sn thm nh gi c giao dch ph bin trn th trng. Thm nh vin cn c vo s khc bit v cc yu t so snh ca ti sn so snh vi ti sn thm nh gi  iu chnh (tng, gim) mc gi ca ti sn so snh, t  xc nh mc gi ch dn ca ti sn so snh. Cc yu t so snh c bn cn thu thp i vi mt s loi hnh ti sn theo quy nh ti Ph lc s 01 ban hnh km theo Tiu chun ny. 3. Cc bc p dng trong thm nh gi theo cch tip cn t th trng. Vic tin hnh thm nh gi cn c thc hin theo 06 bc ca Quy trnh thm nh gi quy nh ti Tiu chun thm nh gi Vit Nam s 05. i vi mt s bc ca Quy trnh thm nh gi, khi p dng cch tip cn t th trng  xc nh gi tr ti sn cn thm nh gi, thm nh vin cn thc hin nh sau: - Ti bc 3 - Kho st thc t, thu thp thng tin, thm nh vin cn ng thi tun th cc yu cu quy nh ti im 1, im 4 mc II v cc hng dn khc c lin quan ca Tiu chun ny. - Ti bc 4 - Phn tch thng tin, thm nh vin cn ng thi tun th cc yu cu quy nh ti im 1, im 5 mc II v cc hng dn khc c lin quan ca Tiu chun ny. - Ti bc 5 - Xc nh gi tr ti sn cn thm nh gi, thm nh vin cn p dng cc k thut c hng dn ti im 6, im 7 mc II v cc hng dn khc c lin quan ca Tiu chun ny. 4. Yu cu khi kho st thc t, thu thp thng tin v ti sn so snh a) Thng tin c u tin thu thp t kt qu cc giao dch thnh cng trn th trng. Trong trng hp c s gi tr l th trng th trong cc giao dch ny bn mua, bn bn c kh nng tip cn thng tin v ti sn nh nhau, tha thun mua bn khng tri vi quy nh ca php lut, t nguyn, khng chu bt c sc p no t bn ngoi. Thng tin thu thp phi m bo khch quan ng theo thc t cc giao dch ti sn v da trn bng chng c th  chng minh v mc gi ca ti sn  giao dch thnh cng trn th trng, ghi r ngun gc, thi gian thu thp thng tin trong bo co thm nh gi. Ty tnh hnh thc t ca ti sn m thm nh vin c th thu thp cc chng c th trng la chn t mt trong cc ch dn (hoc trong tt c cc ch dn) sau: thng qua cc hp ng, ha n, chng t mua bn; cc kt qu giao dch thnh cng trn cc sn giao dch; cc phng tin thng tin i chng; cc phiu iu tra thc t th trng ca cc thm nh vin; cc chng c c ghi trong cc vn bn ca cc c quan nh nc, cc doanh nghip sn xut, kinh doanh,... i vi cc thng tin v gi ti sn  giao dch thnh cng trn th trng thu thp thng qua phng vn qua in thoi, phng vn trc tip, qua phng tin thng tin i chng, sn giao dch bt ng sn, trn mng Internet... th thm nh vin phi c s thm nh, xem xt, nh gi v kim chng thn trng bo m nhng thng tin  c th s dng c trc khi s dng vo phn tch, tnh ton. b) i vi cc ti sn c cho bn (giao dch cha thnh cng), thm nh vin cn phi thu thp thng tin, so snh gia mc gi cho bn (thng cao hn gi ph bin trn th trng) vi gi th trng  c s iu chnh hp l, tm ra mc gi ph hp trc khi s dng lm mc gi so snh. i vi cc ti sn c cho mua (giao dch cha thnh cng), thm nh vin cn phi thu thp thng tin, so snh gia mc gi cho mua (thng thp hn gi ph bin trn th trng) vi gi th trng  c s iu chnh hp l, tm ra mc gi ph hp trc khi s dng a vo lm mc gi so snh. c) Giao dch ca ti sn so snh c la chn phi din ra ti hoc gn thi im thm nh gi nhng khng qu 02 nm tnh n thi im thm nh gi. d) Thm nh vin phi lu gi cc bng chng: v gi ti sn  giao dch thnh cng hoc c cho mua hoc c cho bn trn th trng; v thi im din ra giao dch, a im giao dch, mt hoc nhiu bn tham gia giao dch, cc chng c so snh... trong H s thm nh gi  bo m p ng yu cu kim tra ca c quan qun l nh nc v thm nh gi khi cn thit hoc phc v vic x l tranh chp v kt qu thm nh gi (nu c pht sinh). 5. Yu cu khi phn tch thng tin Phn tch, so snh  rt ra nhng im tng t v nhng im khc bit, nhng li th v im bt li ca ti sn thm nh gi vi ti sn so snh. Vic phn tch c thc hin trn 2 hnh thc: - Phn tch nh lng (phn tch theo s lng): bao gm phn tch theo cp, phn tch thng k, phn tch hi qui, phn tch chi ph v.v... tm ra mc iu chnh l s tin hoc t l phn trm (%). - Phn tch nh tnh (phn tch theo cht lng) bao gm phn tch so snh tng quan, phn tch xp hng v phng vn cc bn lin quan. 6. Xc nh mc gi ch dn ca cc ti sn so snh Mc gi ch dn ca cc ti sn so snh c xc nh trn c s mc gi ca cc ti sn so snh sau khi iu chnh chnh lch do khc bit v cc yu t so snh. Trng hp gi ti sn c bin ng trong khong thi gian t thi im chuyn nhng thnh cng hoc thi im c cho mua hoc thi im c cho bn ca ti sn so snh n thi im thm nh gi th trc khi thc hin vic iu chnh mc gi ca ti sn so snh theo cc yu t so snh, cn phi iu chnh (tng hoc gim) mc gi ca ti sn so snh theo ch s bin ng gi ca loi ti sn  do cc c quan c trch nhim cng b hoc do thm nh vin thng k tnh ton cho ph hp vi bin ng ca gi th trng trong khong thi gian ny. Phn tch, so snh rt ra nhng im tng t v nhng im khc bit, nhng u im v bt li ca ti sn thm nh gi vi ti sn so snh. Vic phn tch, so snh thc hin i vi cc yu t so snh nh lng (c th lng ha thnh tin) trc, cc yu t so snh nh tnh (khng th lng ha thnh tin) sau. a) i tng iu chnh: l gi bn hoc gi quy i v n v so snh chun (gi giao dch thnh cng hoc gi cho mua, gi cho bn trn th trng sau khi  c s iu chnh hp l v mc gi mua bn ph bin trn th trng). V d gi quy i v n v so snh chun bao gm: - t ai, trang tri: gi/m2, gi/mt di mt tin, gi/so,... - Cn h chung c, bit th: gi/cn h, gi/m2,... - Kho hng: gi/m3, gi/m2,... - Cu tu, bn cng: gi/m2, gi/ha,... - Bnh vin: gi/ging bnh,... - Rp chiu phim: gi/gh ngi,... - My-thit b: gi/n v cng sut (CV...), gi/n v k thut ch yu,... i vi mt s n v do mang tnh a phng nh  so ,  thc ,  gi/ mt di mt tin , ... th thm nh vin cn nu r yu t ny trong Bo co kt qu thm nh gi, ng thi c ghi ch  so ,  thc ,... tng ng vi bao nhiu mt. b) Cn c iu chnh: da vo chnh lch cc yu t so snh (kh nng sinh li, tnh trng php l, c s h tng, cc c im t nhin: v tr, hnh dng tha t, hng, cnh quan, mi trng; thit k ni tht, ngoi tht, t l s dng t, quy nh v chiu cao cng trnh, cng sut, nng sut, h s tiu hao nguyn liu, nhin liu,...) gia ti sn so snh v ti sn thm nh gi. c) Nguyn tc iu chnh: - Ly ti sn thm nh gi lm chun  iu chnh gi ca ti sn so snh theo cc c im ca ti sn thm nh gi. - Khi iu chnh gi theo s khc bit ca mt yu t so snh th c nh nhng yu t so snh cn li (coi nh ging nhau). - Nhng yu t  ti sn so snh km hn so vi ti sn thm nh gi th iu chnh tng mc gi tnh theo n v chun ca ti sn so snh (cng). Nhng yu t  ti sn so snh vt tri hn so vi ti sn thm nh gi th iu chnh gim mc gi tnh theo n v chun ti sn so snh (tr). Khi thc hin iu chnh gi theo t l phn trm, nu ti sn so snh c yu t so snh thun li hn (tt hn) th tr i (-) cn nu km hn th cng vo (+) mt t l % gi ca ti sn so snh. - Nhng yu t  ti sn so snh ging vi ti sn thm nh gi th gi nguyn mc gi ca ti sn so snh (khng iu chnh). - Mi mt s iu chnh v cc yu t so snh phi c chng minh t cc chng c iu tra thu thp c trn th trng. d) Phng thc iu chnh: - iu chnh theo s tin tuyt i: p dng i vi chnh lch cc yu t so snh c th xc nh c mc iu chnh tuyt i l mt khon tin c th thng qua vic tnh ton, v d nh iu kin thanh ton, chi ph php l, trang b ni tht, sn vn, b bi, gara t,... (i vi bt ng sn); iu kin thanh ton, thit b km theo, chi ph lp t, o to, vn hnh,... (i vi my, thit b). - iu chnh theo t l phn trm: p dng i vi chnh lch cc yu t so snh ch c th xc nh c mc iu chnh tng i theo t l, mang tnh c lng cao nh: mi trng, cnh quan, iu kin h tng, v tr (i vi bt ng sn); nm sn xut, c trng k thut ch yu (i vi my, thit b). Thm nh vin cn c vo iu tra th trng, tm ra cc bng chng v chnh lch gi ca tng yu t so snh  a vo tnh ton, iu chnh cho ph hp. V d v phn tch thng tin v phng thc iu chnh ti Ph lc s 02 ban hnh km theo Tiu chun ny. ) Mc iu chnh: Mc iu chnh mc gi do s khc bit v cc yu t so snh cn c c tnh trn c s thng tin giao dch trn th trng, ng thi c s phn tch, nh gi mc  nh hng n gi tr ti sn ca cc yu t so snh. Mc iu chnh c th c xc nh thng qua cc k thut nh: - Phn tch cc cp ti sn tng t, so snh mc gi ca tng cp ti sn ch khc bit v 01 yu t so snh duy nht, t  xc nh mc chnh lch gi ti sn do tc ng ca yu t so snh . Trong trng hp khng tm c cc cp ti sn tng t ch khc bit v 01 yu t so snh duy nht, thm nh vin c th iu chnh cc im khc bit chnh ca cp ti sn tng t  ch cn khc bit v 01 yu t so snh duy nht, t  xc nh mc chnh lch gi ti sn do tc ng ca yu t so snh . - K thut phn tch thng k,  th  xc nh xu hng bin i, mc  tc ng ph bin. e) Th t iu chnh: Thm nh vin tin hnh iu chnh nhm yu t lin quan n giao dch ca ti sn trc, iu chnh nhm yu t so snh v c im (k thut - kinh t) ca ti sn sau. Nhm yu t lin quan n giao dch ca ti sn bao gm: tnh trng php l, iu kin thanh ton, iu kin giao dch, cc chi ph pht sinh ngay sau khi mua, iu kin th trng khi giao dch. Gi sau khi iu chnh cho nhm yu t lin quan n giao dch c s dng  iu chnh cho nhm yu t c im ca ti sn. Khi iu chnh gi ti sn so snh theo tng nhm yu t trn th iu chnh cc yu t so snh theo s tin tuyt i trc, iu chnh theo t l phn trm sau. Gi sau khi iu chnh tuyt i c s dng cho iu chnh theo t l phn trm. g) Nguyn tc khng ch: Phi bo m chnh lch gia mc gi ca ti sn so snh (dng A - bng di) vi mc gi ch dn ca ti sn  (dng D - bng di) khng qu cao v khng ph hp vi cc chng c th trng. Thm nh vin cn bo m chnh lch gia mi mc gi ch dn vi mc gi trung bnh ca cc mc gi ch dn khng qu 15%. h) Bng iu chnh cc mc gi ch dn theo cc yu t so snh TTYu t so snhn v tnhTi sn thm nh giTi sn so snh 1Ti sn so snh 2Ti sn so snh 3AGi th trng (Gi trc iu chnh) bit bit bitBGi quy i v n v so snh chunCiu chnh cc yu t so snhC1Yu t so snh 1T l iu chnh%Mc iu chnhngGi sau iu chnh 1ngC2Yu t so snh 2T l iu chnh%Mc iu chnhngGi sau iu chnh 2ngC3Yu t so snh 3T l iu chnh%Mc iu chnhngGi sau iu chnh 3ngC4Yu t so snh 4T l iu chnh%Mc iu chnhngGi sau iu chnh 4ngDMc gi ch dnD1Gi tr trung bnh ca mc gi ch dnngD2Mc  chnh lch vi gi tr trung bnh ca cc mc gi ch dn%ETng hp cc s liu iu chnh ti mc CE1Tng gi tr iu chnh gpngE2Tng s ln iu chnhLnE3Bin  iu chnh.%E4Tng gi tr iu chnh thunng7. Xc nh mc gi ca ti sn thm nh gi thng qua mc gi ch dn ca cc ti sn so snh. Trn c s mc gi ch dn ca cc ti sn so snh, thm nh vin cn phn tch cht lng thng tin ca cc ti sn so snh, sau  kt hp phn tch thm nhng tiu ch sau  xc nh gi tr c tnh cui cng cho ti sn thm nh gi: - Tng gi tr iu chnh gp nh nht (tc l tr tuyt i ca tng cc iu chnh l nh nht). Nh vy, chnh lch gia mc gi trc iu chnh v mc gi sau iu chnh cui cng l nh nht. - Tng s ln iu chnh cng t cng tt. - Bin  iu chnh (ngh)a l mc hoc t l % iu chnh) ca mt yu t so snh cng nh cng tt. - Tng cc gi tr iu chnh thun nh nht tc l tng ca cc iu chnh l nh nht. V d v p dng phng php so snh  thm nh gi ti sn ti Ph lc s 03 km theo Tiu chun ny./. PH LC S 01 CC YU T SO SNH C BN I VI MT S NHM TI SN (Ban hnh km theo Tiu chun thm nh gi Vit Nam s 08) 1. Bt ng sn 1.1. Cc yu t so snh p dng i vi bt ng sn: a) c im php l ca bt ng sn Cc im khng ging nhau ph bin v c im php l ca bt ng sn nh:  c cp giy hoc cha c cp giy chng nhn quyn s dng t, thi hn s dng t n nh lu di hoc n nh c thi hn hoc thi hn s dng t cn li l bao nhiu), cc quyn ca ngi s dng i vi bt ng sn... Ch s dng bt ng sn c mc ch s dng khc vi bt ng sn thm nh gi lm bt ng sn so snh trong trng hp hn ch thng tin ph hp v ti sn so snh. Trng hp s dng phi nu r l do trong Chng th thm nh gi v Bo co kt qu thm nh gi, ng thi phi phn nh y  cc chi ph chuyn i mc ch s dng (bao gm c chi ph c hi) m bo ph hp vi mc ch s dng cao nht v hiu qu nht ca ti sn khi thc hin iu chnh. b) Cc iu khon v ti chnh ca cc giao dch Cc iu khon ti chnh khng ging nhau thng gp l: Tr tin mt ln hoc nhiu ln, h tr li sut vay th chp,... c) Chi ph phi b ra ngay sau khi mua Nu c chi ph ny pht sinh th phi cng vo mc gi giao dch thnh cng. d) Gi tr ti sn khng phi bt ng sn Trong trng hp pht sinh vic bn km cc ti sn khng phi bt ng sn th phi xem xt loi tr hoc cng gi tr cc ti sn ny vo gi bn ty thuc vo trng hp ti sn bn km ny thuc ti sn so snh hay ti sn thm nh gi. ) iu kin th trng lc giao dch Tnh hnh th trng lc giao dch ca ti sn thm nh gi v cc ti sn so snh phi tng t nhau. Nu c bin ng gi phi thc hin vic iu chnh. T l iu chnh bin ng gi phi cn c vo iu tra trn th trng. e) V tr, a im c im v tr ca ti sn thm nh gi v cc ti sn so snh: thuc trung tm thnh ph, khu ngoi , khu vc nng thn,...; khong cch n ch, siu th, trng hc, bnh vin, cng vin, bn xe bus, khu dn c... c im v giao thng, ng x,... Vic iu chnh s chnh lch v yu t a im ny cn quy i thnh chnh lch t l v gi giao dch trn th trng hoc chi ph pht sinh lin quan n vic i li, cn c vo chng c thu thp t th trng. g) Cc c im t nhin: hnh dng, chiu rng mt tin, chiu su l t, hng... Vic iu chnh yu t ny cn quy i thnh chnh lch t l v gi giao dch trn th trng hoc chi ph pht sinh  khc phc im bt li, cn c vo chng c thu thp t th trng. h) Quy hoch Khi xem xt so snh gi bn ca cc bt ng sn cn ch n bt ng sn thm nh gi vi cc bt ng sn i chiu so snh c tng t vi nhau v mt quy hoch ca khu vc hay khng. i) c im ti sn trn t Cc cng trnh xy dng trn t l mt b phn quan trng cu thnh bt ng sn v ng gp vo chi ph hnh thnh, tnh hu dng, tnh thm m ca bt ng sn do  khi xem xt so snh gi tr ca cc bt ng sn cn phi ch xem xt, iu chnh yu t ny theo s tin tuyt i. 1.2. Cc yu t so snh p dng i vi mt s loi bt ng sn c th: a) Nh  dn c - Loi nh : nh chung c, nh lin k, nh bit th,... - c im ca khu dn c: trnh  dn tr, mc  an ninh; -  sn c ca cc dch v nh trng tr, trng hc, ca hng n ung; - c im ti sn trn t (ngi nh chnh v cc hng mc xy dng khc nh gara, nh ph, ng i, cc bc tng xy, hng ro, phong cnh v bi c, cy ci v vn,... ): quy m, mt tin. b) Ca hng, ch, siu th, khu thng mi - Gi bn, thu; - V tr, kh nng sinh li; - Thi gian kinh doanh (mt bui hay c ngy); - Chiu rng mt tin; - iu kin bn, thu mn mt bng; - iu kin giao nhn v phn phi hng ha (ch  t, xe my, bi xp d hng ha); - S ph hp ca thit k vi cng nng lm ni bn hng ca cng trnh; - H thng phng chng chy n, li thot him; - Dch v v sinh, thu gom rc; - S thun tin cho ngi mua hng (ng x, ch  xe, ...); - c im v dn s, ngh nghip, thu nhp ca khch hng tim nng; - Cc yu t khc. c) Vn phng - Gi thu; - Din tch s dng; - a im, v tr; - H thng iu ha nhit , phng chy cha chy; - H thng thng tin, lin lc; - H thng nh sng; - S ph hp ca thit k vi cng nng lm vn phng ca cng trnh; - Cu thang my, li thot him; - Dch v v sinh, mi trng; - H thng bo m an ninh; - Chi ph v mc  sn c dch v qun l, duy tu; - Cht lng qun l; - iu kin bn, thu mn; - Cc yu t khc. d) Bt ng sn cng nghip - a im, v tr; - Gi thu; - Cc dch v cp v thot nc, cung cp in, kh ha lng, in thoi, vin thng, x l nc thi; - Mc  thun li hay kh khn ca h thng giao thng ni b phc v cung cp vt t, giao nhn hng ha; - H thng giao thng ni lin vi cng, ga tu ha, ga hng khng, khu dn c; - m bo nh sng t nhin; - a hnh t; - Tnh trng trt t, tr an khu vc; - Cc phng tin chng chy n, h thng v sinh v thng gi, thot him; - S ph hp ca thit k xy dng vi mc ch v loi hnh sn xut, kinh doanh; - S sn c cc ngun lao ng ca a phng v cc vng ln cn; - H thng nh n, phc li x hi v bi  t; - Cc yu t khc. ) Trang tri - t ai, mt nc; - c tnh php l; - V tr; - a hnh (dc, bng phng); - Kh hu v lng ma; - Quy m trang tri; - Nng sut; - H thng ti, tiu; - ng vo v ra; - Hng ro v cng; - iu kin v cp, thot nc v in; - Nh ca; - Loi, hng, tnh trng v c im ca cng trnh xy dng phc v trang tri; - Cc yu t khc. 2. ng sn: (tu thuyn, phng tin vn ti, my, thit b,...) a) Cc thng s kinh t k thut ch yu ca loi my, thit b i vi my, thit b cn ch cc thng s c bn: cu to my, thit b, cng sut, nng sut, kch thc (chiu di, chiu rng,  cao mn nc,...), model, mc tiu hao nhin liu, nc sn xut, nm sn xut, nm a vo s dng, bo hnh, mc  sn c ca cc linh kin thay th,... i vi phng tin vn ti cn ch thm cc thng s nh trng ti, trang thit b km theo, tin nghi ni tht,... b) iu kin thanh ton v dch v km theo nh ch  bo tr, bo hnh, lp t, hng dn s dng, lp rp, thit b thay th km theo,.../. PH LC S 02 V D V IU CHNH MT S YU T SO SNH (Ban hnh km theo Tiu chun thm nh gi Vit Nam s 08) Cc v d  c gin lc v ch mang tnh cht minh ha. 1. iu chnh v c im php l V d: Ti sn thm nh gi l nh  ti H Ni,  c cp giy chng nhn quyn s dng t l loi t . Trong s cc ti sn so snh c la chn ti khu vc ln cn c bt ng sn A l nh  c din tch 50m2, c giao dch gn thi im thm nh gi vi gi 50 triu ng/m2. Ti thi im giao dch, tha t ca bt ng sn A cha c cp giy chng nhn quyn s dng t. Tuy nhin, theo quy nh ca php lut, bt ng sn A c  iu kin  c cp giy chng nhn quyn s dng t m khng phi np tin s dng t. Sau khi iu tra, nghin cu, thm nh vin xc nh cc khon tin phi np khi lm th tc cp giy chng nhn quyn s dng t (i vi trng hp bt ng sn A) bao gm: - Tin s dng t: 0 ng. - L ph trc b: 50m2 x 0,5% x 30.000.000 = 7.500.000 ng (Trong  30.000.000 ng/m2 l n gi t ca bt ng sn A do UBND TP. H Ni quy nh c hiu lc ti thi im thm nh gi). - Ph thm nh cp quyn s dng t: 3.000.000 ng. - L ph a chnh: 100.000 ng. Nh vy, chi ph cho vic lm th tc cp giy chng nhn quyn s dng t l: 7.500.000 + 3.000.000 + 100.000 = 10.600.000 ng. Bt ng sn so snh A cn phi iu chnh chnh lch v yu t php l tng 10.600.000 ng khi so snh vi ti sn thm nh gi. 2. iu chnh v iu khon thanh ton a) V d 1: Ti sn thm nh gi l mt thit b y t d kin mua trong iu kin thng mi bnh thng ti thi im thm nh gi. Ti sn so snh l mt thit b y t tng t, tuy nhin c mua vi iu kin thanh ton l tr tin 40% sau khi k hp ng v 60% cn li c tr gp hng thng trong vng 1 nm, li sut u i 6%/nm. Gi bn ca ti sn so snh l 120.000.000 ng. Li sut cho vay thng mi ph bin trn th trng l 12%/nm. Nh vy: S tin tr gp l: 60% x 120.000.000 ng = 72.000.000 ng S tin phi tr hng thng vi li sut u i 6%/nm (hay 0,5%/thng) l: 72.000.000 ( (1/0,005  1/0,005 x 1/(1+0,005)12) = 6.196.800 ng Gi tr hin ti ca khon tin phi tr hng thng ny vi mc li sut th trng 12%/ nm (hay 1%/thng) trong 12 thng l: 6.196.800 x (1/0,01  1/(0,01 x 1,0112)) = 69.745.500 ng Vy, gi ca ti sn so snh sau khi iu chnh v iu kin thanh ton l: 40% x 120.000.000 + 69.745.500 = 117.700.000 ng ( lm trn). b) V d 2: Thm nh vin cn xc nh gi tr th trng ca mt chung c 100m2, iu kin thanh ton ph bin ti thi im thm nh gi l tr ngay 100% gi tr cn h do cng trnh  hon thnh v ang a vo s dng. Ti sn so snh l mt chung c tng t vi din tch 100 m2 v c giao dch vi gi 20 triu ng/m2 c iu kin thanh ton l tr tin 2 ln, 50% lc k hp ng v 50% sau 1 nm. Li sut cho vay mua nh ph bin ti thi im thm nh gi l 8%/nm. Nh vy, gi tr hin ti ca khon tin tr sau 1 nm l: (20.000.000 /m2 x 100 m2) ( 2 ( (0,08 + 1) = 925.925.900 ng Mc gi ca ti sn so snh sau khi iu chnh iu kin thanh ton l: (20.000.000 /m2 x 100 m2) ( 2 + 925.925.900 = 1.925.925.900 ng. 3. iu chnh bin ng ca th trng V d: Giao dch 1 - Bt ng sn A c din tch 100 m2 ti th trng X mua vo thng 3/2007 vi gi 1,5 t ng; bn li vo thng 7/2008 vi gi 1,62 t ng: tng 10,8%, tc l khong 0,68%/thng. Giao dch 2 - Bt ng sn B c din tch 100 m2 ti th trng X mua vo thng 4/2007 vi gi 1,535 t ng; bn li vo thng 2/2008 vi gi 1,642 t ng: tng 7,0%, tc l khong 0,70%/thng. Giao dch 3 - Bt ng sn C c din tch 100 m2 ti th trng X mua vo thng 10/2007 vi gi 1,480 t ng; bn li vo thng 2/2008 vi gi 1,520 t ng: tng 2,7%, tc l khong 0,67%/thng. Bt ng sn D c din tch 100 m2 ti th trng X mua vo thng 5/2007 vi gi 1,480 t ng; d kin bn li vo thng 5/2008. Cc bt ng sn A, B, C, D c c im tng t v loi bt ng sn, mc ch s dng, v tr, quy m,... Trn c s tnh ton mc  bin ng gi trn th trng ca cc bt ng sn A, B, C qua tng giai on thm nh vin c th c tnh c mc  bin ng th trng ca bt ng sn D cing vo khong 0,67%  0,7%/thng v c xu hng tng t vi mc bin ng ca bt ng sn A l mc 0,68% do c nhiu im tng ng v giai on nghin cu./. PH LC S 03 V D V P DNG CCH TIP CN T TH TRNG (Ban hnh km theo Tiu chun thm nh gi Vit Nam s 08) Cc v d  c gin lc v ch mang tnh cht minh ha. V d: Ti sn cn thm nh gi l mt l hng 80 my bm nc do i Loan sn xut nm 2012, cng sut bm: 10m3/gi,  cao ct nc y: 15m, cht lng cn li: 85%, mc ch thm nh gi l a ra bn c l hng trn th trng. Qua thu thp thng tin trn th trng c cc thng tin vo thi im thm nh gi nh sau: - My bm nc cng nhn mc do i Loan sn xut nm 2012 cng sut bm 10m3/gi,  cao ct nc y 15m, cht lng mi 100%, gi bn 14.000.000 /ci. (Ti sn so snh 1); - My bm nc cng nhn mc do i Loan sn xut nm 2012 cng sut 10m3/gi,  cao ct nc y 12m, cht lng cn li 85%, gi bn 9.000.000 /ci. (Ti sn so snh 2); - My bm cng nhn mc do i Loan sn xut nm 2014 cng sut 10m3/gi,  cao ct nc y 15m, cht lng mi 100%, gi bn 16.740.000 /ci. Trng hp mua t 10 chic tr ln c tr chm 50% sau 01 nm. (Ti sn so snh 3); - Gi my bm sn xut nm 2012 bng 80% gi my sn xut nm 2014 cng c tnh k thut; - Gi my bm c  cao ct nc y 15m bng 110% gi my bm cng cng sut c  cao ct nc 12m; - Gi my bm cht lng cn li 85% bng 80% gi my cng nm sn xut, cng c trng k thut c cht lng 100%; - Li sut cho vay ph bin l 8%/nm. Li gii: * iu chnh theo s tin tuyt i: - iu chnh iu kin thanh ton nh sau: Gi tr hin ti ca khon tin tr sau 01 nm (i vi my bm nc nm 2014) l: 16.740.000 ng ( 2 ( (0,08 + 1) = 7.750.000 ng Mc gi ca ti sn so snh l my bm nc nm 2014 sau khi iu chnh iu kin thanh ton l: 16.740.000 ng ( 2 + 7.750.000 ng = 16.120.000 ng Mc iu chnh iu kin thanh ton l: 16.120.000 ng - 16.740.000 ng = - 620.000 ng. * iu chnh theo t l phn trm: - i chiu my bm cn thm nh gi v cc my bm so snh: Yu t so snhMy bm cn thm nh giTi sn so snh 1Ti sn so snh 2Ti sn so snh 3Nm sn xut2012201220122014- Cht lng85%100%85%100%-  cao ct nc cao 15m cao 15m cao 12m cao 15m- Cng sut10m3/gi,10m3/gi,10m3/gi,10m3/gi,Gi bnCn xc nh14.000.000 9.000.000 16.740.000 - Cn c vo cc thng tin trn th trng, thm nh vin nhn thy: + Gi my bm sn xut nm 2012 bng 80% gi my sn xut nm 2014 cng c tnh k thut, do , cn iu chnh cc yu t k thut trc, sau  ly kt qu  iu chnh cc yu t k thut  lm c s iu chnh yu t nm sn xut. + Gi my bm cht lng cn li 85% bng 80% gi my cng nm sn xut, cng c trng k thut c cht lng 100%, do , cn ly kt qu  iu chnh cc yu t k thut v nm sn xut  lm c s iu chnh yu t cht lng cn li. - Nh vy, c th tnh c t l iu chnh nh sau: + T l iu chnh  cao ct nc ca my bm so snh 2: (110% - 100%) / 100% = 10% + T l iu chnh nm sn xut my bm so snh 3: (80% - 100%) / 100% = - 20% + T l iu chnh cht lng ca my bm so snh 1: (85% - 100%) / 100% = - 15 % + T l iu chnh cht lng ca my bm so snh 3: (85% - 100%) / 100% = - 15 % * Bng iu chnh cc mc gi ch dn theo cc yu t so snh: TTYu t so snhn v tnhTi sn thm nh giTi sn so snh 1Ti sn so snh 2Ti sn so snh 3AGi th trng (gi trc iu chnh)ng14.000.0009.000.00016.740.000C1iu kin thanh tonT l iu chnhMc iu chnhng-620.000Gi sau iu chnhng14.000.0009.000.00016.120.000C2 cao ct ncMt15 m15 m12 m15 mT l iu chnh-10%-Mc iu chnhng900.000Gi sau iu chnhng14.000.0009.900.00016.120.000C3Nm sn xut2012201220122014T l iu chnh---20%Mc iu chnhng-3.224.000Gi sau iu chnhng14.000.0009.000.00012.896.000C4Cht lng85%100%85%100%T l iu chnh-15%--15%Mc iu chnhng-2.100.000-2.418.000Gi sau iu chnhng11.900.0009.900.00010.478.000DMc gi ch dn11.900.0009.900.00010.478.000D1Gi tr trung bnh ca mc gi ch dnng10.759.333D2Mc  chnh lch vi gi tr trung bnh ca cc mc gi ch dn%10,60%-7,99%-2,61%ETng hp cc s liu iu chnh ti mc CE1Tng gi tr iu chnh gpng2.100.000900.0006.262.000E2Tng s ln iu chnhLn113E3Bin  iu chnh%15,00%10%3% - 20%E4Tng gi tr iu chnh thunng-2.100.000900.000-6.262.000FXc nh mc gi cho ti sn thm nh gi10.744.500* Nh vy, v nguyn tc khng ch: Theo D2 th chnh lch gia mc gi trung bnh ca cc mc gi ch dn ch nm trong khong t 2,61% - 10,60%, v vy m bo khng qu 15%. * V thng nht mc gi ch dn: - Thm nh vin nh gi cht lng thng tin v cc ti sn so snh l tng ng nhau, tuy nhin iu khon v ti chnh v cc iu khon khuyn mi khc cn tng i khc bit gia cc a im bn my bm nm 2014. Mc  chnh lch gia cc mc gi ch dn vi cc mc gi trc iu chnh l khng ng k i vi ti sn so snh 01 v 02. V vy, thm nh vin nhn nh nh sau: + Vi mc gi 9.900.000 ng/chic th kh nng giao dch thnh cng (ngi mua sn sng mua, ngi bn sn sng bn) l 40%; + Vi mc gi 11.900.000 ng/chic th kh nng giao dch thnh cng l 35%; + Vi mc gi 10.478.000 ng/chic th kh nng giao dch thnh cng l 25%. Gi th trng ca my bm c c tnh bng cch ly s bnh qun gia quyn ca cc mc gi ch dn ca 03 ti sn so snh nh sau: 11.900.000 * 0,35 + 9.900.000 * 0,4 + 10.478.000 * 0,25 = 10.744.500 ng Nh vy, gi tr th trng ca my bm cn thm nh gi l: 10.744.500 ng. - Tng gi tr l hng cn thm nh gi: 10.744.500 ng/chic x 80 chic = 859.560.000 ng Gi tr th trng ca l hng cn thm nh gi l 859.560.000 ng./. H THNG TIU CHUN THM NH GI VIT NAM TIU CHUN THM NH GI VIT NAM S 09 Cch tip cn t chi ph (K hiu: TGVN 09) (Ban hnh km theo Thng t s 126/2015/TT-BTC ngy 20 thng 8 nm 2015 ca B Ti chnh) I. QUY NH CHUNG 1. Phm vi iu chnh: Tiu chun ny quy nh v hng dn thc hin cch tip cn t chi ph trong qu trnh thm nh gi i vi tt c cc loi ti sn. Trong trng hp c Tiu chun thm nh gi Vit Nam p dng ring cho mt nhm ti sn c th th p dng tiu chun thm nh gi ring . 2. i tng p dng: Thm nh vin v gi hnh ngh (sau y gi chung l thm nh vin), doanh nghip thm nh gi, cc t chc v c nhn khc thc hin hot ng thm nh gi theo quy nh ca Lut Gi v cc quy nh khc ca php lut c lin quan. 3. Khch hng thm nh gi v bn th ba s dng kt qu thm nh gi (nu c) theo hp ng thm nh gi  k kt phi c nhng hiu bit cn thit v cc quy nh trong tiu chun ny  hp tc vi doanh nghip thm nh gi trong qu trnh thm nh gi. 4. Gii thch t ng Cch tip cn t chi ph l cch thc xc nh gi tr ca ti sn thm nh gi thng qua chi ph to ra mt ti sn c chc nng, cng dng ging ht hoc tng t vi ti sn thm nh gi v hao mn ca ti sn thm nh gi. Phng php chi ph ti to l phng php thm nh gi xc nh gi tr ca ti sn thm nh gi da trn c s chnh lch gia chi ph ti to ra ti sn ging ht vi ti sn thm nh gi theo gi th trng hin hnh v gi tr hao mn ca ti sn thm nh gi. Phng php chi ph ti to thuc cch tip cn t chi ph. Phng php chi ph thay th l phng php thm nh gi xc nh gi tr ca ti sn thm nh gi da trn c s chnh lch gia chi ph thay th  to ra mt ti sn tng t ti sn thm nh gi c cng chc nng, cng dng theo gi th trng hin hnh v gi tr hao mn ca ti sn thm nh gi. Phng php chi ph thay th thuc cch tip cn t chi ph. Hao mn vt l l tn tht v tnh hu dng ca ti sn dn ti gim gi tr ti sn do h hng v vt cht ca ti sn hoc cc b phn cu to nn ti sn, gy ra bi tc ng ca thi gian v qu trnh s dng thng thng. Hao mn chc nng l tn tht v tnh hu dng ca ti sn dn ti gim gi tr ti sn do s dng ti sn ny khng mang li hiu qu nh s dng ti sn thay th. Hao mn ngoi bin l tn tht v tnh hu dng ca ti sn dn ti gim gi tr ti sn do li thi v kinh t hoc do yu t khu vc bn ngoi tc ng n ti sn. Hao mn ngoi bin bao gm hao mn kinh t v gim gi do v tr. Hao mn kinh t l tn tht ca ti sn do cc nhn t bn ngoi, c bit l cc nhn t lin quan n s thay i v cung v cu i vi sn phm do ti sn to ra, dn ti gim gi tr ti sn. Gim gi do v tr thng p dng i vi ti sn l bt ng sn.  l s gim gi ca bt ng sn do c s tc ng tiu cc ca mi trng xung quanh n bt ng sn. Ti sn thay th l ti sn c thit k, ch to hoc xy dng vi cng ngh, nguyn vt liu v k thut mi hn, c chc nng tng t v tnh hu dng tng ng vi ti sn thm nh gi. Tng gi tr hao mn ca ti sn (gi tr hao mn liy k ca ti sn) l tng mc gim gi tr ca ti sn do cc loi hao mn vt l, chc nng v ngoi bin ti thi im thm nh gi. Tui i kinh t l tng s thi gian ti a (tui i k vng ti a ca ti sn) s dng ti sn p ng c hiu qu kinh t. Tui i kinh t ca my, thit b l s nm d tnh s dng my, thit b vo hot ng sn xut, kinh doanh theo quy nh hin hnh,  iu kin bnh thng, ph hp vi cc thng s kinh t - k thut ca ti sn v p ng c hiu qu kinh t ca vic s dng ti sn. Tui i kinh t ca bt ng sn l s nm cng trnh kin trc trn t ng gp lm tng gi tr ca ton b bt ng sn. Tui i kinh t cn li l thi gian s dng cn li (tnh t thi im thm nh gi) ca ti sn pht huy c hiu qu. Tui i thc t l s nm tnh t khi hon thnh sn xut, ch to, xy dng ti sn mi 100% a vo s dng n thi im thm nh gi. Tui i hiu qu l s nm th hin thc trng ca ti sn thm nh gi ti thi im thm nh gi. Tui i hiu qu c th bng, nh hn hoc ln hn tui i thc t ca ti sn ty thuc vo tnh trng duy tu, bo dng, khc phc ti sn. C th: - Tui i hiu qu bng tui i thc t ca ti sn nu ti sn c bo dng, duy tu, sa cha ti sn theo ng nh k, ng quy trnh. - Tui i hiu qu nh hn tui i thc t ca ti sn nu ti sn c duy tu, bo dng tt, c tn trang nng cp lm tng cht lng ca ti sn. - Tui i hiu qu ln hn tui i thc t ca ti sn nu ti sn khng c bo dng, nng cp, duy tu, sa cha ti sn theo ng nh k, ng quy trnh. Li nhun ca nh u t (li nhun ca nh sn xut) l phn chnh lch gia gi tr th trng ca ti sn thm nh gi tr (-) tng chi ph (bao gm chi ph trc tip v chi ph gin tip), tr (-) cc khon thu, ph phi np theo quy nh ca php lut. II. NI DUNG TIU CHUN 1. Cch tip cn t chi ph c th c s dng  xc nh gi tr ti sn thm nh gi theo c s gi th trng hoc phi th trng.  xc nh gi tr th trng, vic p dng cch tip cn chi ph cn phn nh c quan im ca i tng thng thng tham gia th trng ti sn thm nh gi. C th: chi ph thay th, mc  hu dng mong mun i vi ti sn, gi tr hao mn ca ti sn,... cn c nh gi trn c s kho st th trng, tm hiu quan im, nhu cu v tnh hnh ti chnh ca nhng ngi tham gia th trng. Thm nh vin cing cn xc nh mc ch s dng ti sn  p ng nguyn tc s dng tt nht v hiu qu nht.  xc nh gi tr phi th trng, vic p dng cch tip cn chi ph cn phn nh c cc c im c th ca i tng s dng c bit, c im c bit hoc tnh nng s dng c bit ca ti sn thm nh gi. V d: trong trng hp xc nh gi tr ti sn i vi ngi ch s hu, thm nh vin cn p dng cch tip cn chi ph trn c s nh gi nhu cu s dng ti sn, kh nng ti chnh,... ca ngi ch s hu. 2. Cch tip cn t chi ph thng c p dng trong trng hp: - Khng c  thng tin trn th trng  p dng cch tip cn th trng v cch tip cn thu nhp. - C d nh to ra mt ti sn mi hoc khi thm nh gi cng trnh mi c xy dng hoc ti sn mi c ch to. - Kim tra kt qu cc cch tip cn thm nh gi khc. Ty vo mc ch thm nh gi, c im ca ti sn v mc  sn c ca s liu, thm nh vin la chn phng php chi ph thay th hoc phng php chi ph ti to trong cch tip cn chi ph  tin hnh thm nh gi. 3. Cng thc xc nh gi tr ti sn thm nh gi theo cch tip cn chi ph a) Phng php chi ph ti to Phng php chi ph ti to da trn chi ph to ra ti sn ging nguyn mu vi ti sn thm nh gi. Ti sn ny bao gm c nhng im  li thi, lc hu ca ti sn thm nh gi. Cng thc: Gi tr c tnh ca ti sn=Chi ph ti to ( bao gm Li nhun ca nh sn xut / nh u t)-Tng gi tr hao mn (Gi tr hao mn liy k)b) Phng php chi ph thay th Phng php chi ph thay th da trn chi ph  to ra ti sn thay th, tng t vi ti sn thm nh gi v chc nng, cng dng, nhng c thit k, ch to hoc xy dng vi cng ngh, nguyn vt liu v k thut mi hn. Thng thng, ti sn thay th thng c chi ph to ra thp hn so vi chi ph ti to, ng thi chi ph vn hnh cing khng b cao hn so vi mc ph bin ti thi im thm nh gi. V vy, tng gi tr hao mn hay hao mn liy k ca ti sn thay th thng khng bao gm hao mn chc nng do chi ph vn cao hoc hao mn chc nng do chi ph vn hnh cao. Cng thc: Gi tr c tnh ca ti sn=Chi ph thay th ( bao gm li nhun ca nh sn xut/nh u t)-Tng gi tr hao mn (Gi tr hao mn liy k khng bao gm phn gi tr hao mn chc nng ca ti sn thm nh gi  c phn nh trong chi ph to ra ti sn thay th)4. Cc bc xc nh gi tr ti sn theo cch tip cn chi ph Sau khi thu thp v phn tch cc thng tin c lin quan n ti sn thm nh gi, thm nh vin thc hin theo cc bc sau: a) i vi bt ng sn Bc 1: c tnh ring gi tr ca l t trong tng gi tr bt ng sn. Gi tr ca t cn c xc nh trn c s mc ch s dng tt nht v hiu qu nht c tnh n mc ch s dng t hp php v ti thi im thm nh gi. Cc gi thit, iu kin tnh ton,... cn c p dng thng nht i vi tt c cc b phn cu thnh bt ng sn thm nh gi nh t ai, nh xng, my, thit b,... Bc 2: c tnh cc chi ph ti to, chi ph thay th cng trnh xy dng hin c. Bc 3: Xc nh hao mn v c tnh tng gi tr hao mn ca cng trnh xy dng hin c. Bc 4: c tnh gi tr ca cng trnh xy dng bng cch ly tng chi ph xy dng cng trnh bc 2 tr (-) gi tr hao mn  tnh bc 3. Bc 5: c tnh gi tr ca bt ng sn thm nh gi bng cch ly gi tr ca t bc 1 cng (+) gi tr c tnh ca cng trnh xy dng bc 4. b) i vi my, thit b Bc 1: c tnh chi ph ti to hoc chi ph thay th ca my, thit b. Bc 2: Xc nh hao mn v c tnh tng gi tr hao mn ca my, thit b thm nh gi. Bc 3: c tnh gi tr ca my, thit b bng cch ly kt qu bc 1 tr (-) kt qu bc 2. 5. Cc loi chi ph a) Chi ph ti to, chi ph thay th ng vi tng phng php chi ph ti to hoc phng php chi ph thay th, thm nh vin cn xc nh chi ph ti to hoc chi ph thay th  c tnh gi tr ti sn thm nh gi, trong : - Chi ph ti to l chi ph hin hnh ti thi im thm nh gi  xy dng, sn xut hay ch to ti sn ging nguyn mu vi ti sn thm nh gi, bao gm tt c nhng im li thi, lc hu ca ti sn thm nh gi. - Chi ph thay th l chi ph hin hnh ti thi im thm nh gi  xy dng, sn xut hay ch to ti sn c cng dng (gi tr s dng) tng t nh ti sn thm nh gi, loi tr cc b phn c chc nng li thi, nhng tnh n tin b khoa hc, cng ngh ti thi im thm nh gi  to ra sn phm thay th c tnh nng u vit hn so vi ti sn thm nh gi. b) Thnh phn ca chi ph ti to, chi ph thay th Chi ph ti to, chi ph thay th bao gm tt c cc chi ph c th pht sinh khi to ra ti sn mang li chc nng, cng dng tng t, gn vi loi c s gi tr th trng hoc phi th trng cn xc nh v cc gi thit km theo. V d: nu ti sn thm nh gi l my thit b ang c s dng, vn hnh th chi ph ti to (chi ph thay th) bao gm c chi ph lp t. Nu my thit b  ang c nh gi ring l  tch ra khi dy chuyn sn xut th chi ph lp t s khng c tnh n. Chi ph ti to v chi ph thay th bao gm cc loi chi ph nh: vt liu, nhn cng, vn chuyn, thit k, chi ph t vn, chi ph qun l, chi ph ti chnh trong thi gian sn xut, thi cng xy dng, thu khng hon li, chi ph lp t, chy th, li nhun nh thu, li nhun ca nh sn xut/nh u t v cc khon thu, ph phi np theo quy nh ca php lut,.... Chi ph ti to bao gm cc tt c cc khon mc chi ph  to ra sn phm ging ht vi ti sn thm nh gi, bao gm cc im li thi, lc hu. Trng hp khng th tm c vt liu, my mc k thut  to ra sn phm ging ht vi ti sn thm nh gi, cn cn nhc p dng loi vt liu hoc my mc k thut tng t vi ti sn thm nh gi. Chi ph thay th bao gm cc chi ph to ra sn phm c chc nng tng t v tnh hu dng tng ng vi ti sn thm nh gi, tuy nhin c thit k, ch to hoc xy dng vi cng ngh, nguyn vt liu v k thut mi ang c s dng ti thi im thm nh gi.  xc nh chi ph thay th, thm nh vin cn xc nh ti sn thay th trn c s hiu bit v cc chc nng v cng dng ca ti sn thm nh gi. Sau  xc nh chi ph  to ra hoc mua ti sn thay th. Trong trng hp ti sn thm nh gi l ti sn mi th chi ph thay th bng vi chi ph ti to. c) Thi im xc nh chi ph: cc loi chi ph thuc chi ph ti to, chi ph thay th u cn c xc nh ti thi im thm nh gi. Vic tnh ton cc loi chi ph xy dng, ch to phi cn c vo mt bng gi th trng ca nguyn nhin vt liu, cc quy nh ca c quan c thm quyn v nh mc kinh t k thut, nh mc tiu hao nguyn, nhin vt liu v cc hng dn v xc lp n gi xy dng, ch to ti thi im thm nh gi. 6. Cch xc nh chi ph ti to, chi ph thay th i vi cng trnh xy dng a) Cc chi ph ti to, chi ph thay th bao gm: - Chi ph trc tip: Chi ph cp php xy dng; chi ph vt liu trc tip; chi ph nhn cng; chi ph my thi cng, chi ph mua sm thit b; chi ph xy dng cc cng trnh, hng mc cng trnh chnh, cng trnh tm, cng trnh ph tr phc v thi cng; chi ph duy tu, bo dng cng trnh; chi ph cho nhng cng tc cn thit phc v trc tip thi cng xy dng cng trnh; chi ph an ninh trong qu trnh xy dng; li nhun nh thu; cc chi ph trc tip khc. - Chi ph gin tip: Chi ph qun l d n; chi ph thit k xy dng cng trnh, chi ph nh gi tc ng mi trng v x l cc tc ng ca d n n mi trng, chi ph t vn u t xy dng khc; chi ph kim ton; chi ph ti chnh trong thi gian thi cng xy dng; chi ph bo him cng trnh; chi ph qung co bn hng; chi ph duy tu, bo dng cng trnh; cc chi ph khc pht sinh t sau khi hon thnh xy dng cng trnh n khi bn giao cng trnh (hay khi bn hoc cho thu c ht din tch cng trnh xy dng); cc khon ph v l ph theo quy nh; cc khon chi ph gin tip khc. - Li nhun nh u t/nh sn xut c hng dn ti im 8 Mc II Thng t ny. b) Cc phng php xc nh chi ph ti to, chi ph thay th: + Phng php so snh theo n v; + Phng php c tnh chi ph theo hng mc cng trnh; + Phng php kho st s lng. Thm nh vin cn c vo loi hnh cng trnh, thng tin c c  la chn phng php p dng ph hp. b1) Phng php so snh theo n v Phng php so snh theo n v l phng php xc nh tng chi ph trn c s tng chi ph xy dng ca cng trnh tng t thng qua vic so snh cc ch tiu kinh t - k thut vi cng trnh thm nh gi. i vi cc cng trnh va mi c xy dng th s dng cc loi gi trong hp ng xy dng ca cng trnh ny  xc nh gi tr cng trnh xy dng thm nh gi. Thm nh vin cn nhc iu chnh gi cng trnh xy dng v thi im thm nh gi; loi b cc chi ph c trong cng trnh tng t nhng khng pht sinh khi xy dng cng trnh c chc nng tng t vi cng trnh thm nh gi.  p dng c phng php ny, thm nh vin cn thu thp thng tin ca cc t chc c php cung cp thng tin v s liu, chi ph bt ng sn; thu thp cc d liu t ta nh c quy m, kch thc ph hp, sau  iu chnh nhng chi ph c bn v s khc nhau gia cng trnh so snh vi cng trnh thm nh gi. i vi mt s cng trnh tng t v quy m th vn c th khc bit v thit k v cht lng xy dng. S khc nhau v thit k mi, c im thit k bn trong cng trnh, chu vi v hnh dng cng trnh c nh hng c bn n chi ph so snh theo n v. V vy, i vi nhng khc bit ny thm nh vin phi xem xt tnh ph hp khi p dng cc s liu ca cng trnh . Trong trng hp c quan nh nc c thm quyn ban hnh n gi xy dng hoc sut vn u t xy dng cng trnh c kt cu tng t th thm nh vin c th p dng n gi xy dng hoc sut vn u t xy dng  nu n gi xy dng hoc sut vn u t xy dng cng trnh ny ph hp vi gi th trng ti thi im thm nh gi. Thm nh vin cing cn iu chnh n gi, sut vn u t xy dng theo s khc bit v thit k v cht lng xy dng nh  nu  trn. b2) Phng php c tnh chi ph theo hng mc cng trnh Phng php c tnh chi ph theo hng mc cng trnh l phng php xc nh tng chi ph cng trnh bng cch cng chi ph ca tt c cc hng mc cng trnh, trong  chi ph tng hng mc cng trnh cn c vo nh mc chi ph cho mt m2 din tch, mt m3 hoc mt mt di ca hng mc cng trnh . Vic c tnh chi ph hng mc cng trnh da trn d liu thm nh vin thu thp c t cc n v thi cng, n v t vn (gm: bng xc nh gi tr khi lng cng vic hon thnh, bng xc nhn gi tr khi lng cng vic pht sinh (nu c), bin bn nghim thu hon thnh bn giao cng trnh...); cuc m thu cnh tranh hoc dch v chuyn cung cp thng tin s liu t nhng cng trnh tng t, chi ph gin tip c tnh ton ring bit. Chi ph t vn u t xy dng, chi ph qun l d n, chi ph khc v li nhun ca nh u t/nh sn xut c tnh vo chi ph cng trnh. b3) Phng php kho st s lng Phng php kho st s lng l phng php c tnh chi ph da trn bn v thit k k thut thi cng v bng d ton thit k c s dng trong cng trnh thm nh gi. Trong , cc hng mc c chia nh thnh cc b phn v s lng mi phn nguyn vt liu  c thng k, tnh ton theo gi ph bin trn th trng. Sau khi  tin hnh kho st s lng, cc chi ph ca thit b, vt t nguyn liu c c tnh ti ch. Cc chi ph v vn vay, chi ph cho thit k, chi ph t vn u t xy dng, chi ph qun l d n, ph cp php, bo him, thu cc loi, chi ph khc v li nhun ca nh u t/nh sn xut c tnh vo chi ph cng trnh. Phng php kho st s lng c p dng ph bin khi c tnh chi ph ca d n ln, phc tp, khng th so snh vi nhng d n khc, tng t  c trn th trng, phi s dng kt hp cc thng tin, s liu ca cc kin trc s, nh thu, nh thi cng v cc thm nh vin. Khi p dng phng php ny cn thit phi c cc bn v chi tit hng mc v bn v chi tit k thut, ng thi cc chi tit k thut c din gii chnh xc thnh chi ph th trng ca cc sn phm  hon chnh. Phng php ny mang tnh k thut, i hi nhiu thi gian v tn km chi ph. Ngoi ra, vic xc nh chi ph ti to, chi ph thay th c th c thc hin trn c s tham kho hng dn ca B Xy dng v lp v qun l chi ph u t xy dng cng trnh (khng bao gm chi ph d phng) v hng dn ca Tiu chun ny v xc nh li nhun nh u t. Trong trng hp thu thp c cc thng tin v chi ph xy dng cng trnh mi ca cng trnh xy dng tng t th thm nh vin c th tin hnh iu chnh (nu cn thit)  xc nh chi ph thay th ca cng trnh thm nh gi. V d v phng php xc nh chi ph ti to, chi ph thay th i vi cng trnh xy dng hng dn ti Ph lc s 01 ban hnh km theo Tiu chun ny. 7. Cch xc nh chi ph ti to, chi ph thay th i vi my, thit b Phng php xc nh chi ph ti to, chi ph thay th i vi my, thit b l phng php chi ph chi tit. Ti sn c ghi thnh tng khon chi ph chi tit  tng cng cc thnh phn chi ph phn nh chi ph ca ton b ti sn. Cc chi ph bao gm chi ph trc tip, chi ph gin tip v li nhun nh u t/nh sn xut, trong : - Chi ph trc tip: chi ph vt liu trc tip, chi ph nhn cng, chi ph vn chuyn, ng gi, chi ph lp t chy th, chi ph in, chi ph h thng ng dn, chi ph b my, thu, ph lin quan n vic mua sm thit b theo quy nh ca php lut v cc chi ph trc tip khc. - Chi ph gin tip: cc khon chi ph lin quan trong vic mua, lp t mt ti sn hoc mt nhm ti sn, chi ph qun l, chi ph kim ton, chi ph bo him, ph cp php cho vic lp t, chi ph an ninh trong qu trnh lp t hoc xy dng, chi ph hot ng, li nhun ca nh u t/nh sn xut v cc chi ph gin tip khc. - Li nhun nh u t/nh sn xut c xc nh theo hng dn ti im 8 Mc II Thng t ny. V d p dng phng php xc nh chi ph ti to hoc chi ph thay th i vi my, thit b hng dn ti Ph lc s 01 ban hnh km theo Tiu chun ny. 8. Li nhun ca nh u t/nh sn xut: Li nhun ca nh u t/nh sn xut c xc nh trn c s t l li nhun bnh qun trn th trng tnh trn tng chi ph (bao gm chi ph trc tip v chi ph gin tip) i vi vic u t kinh doanh ti sn thm nh gi. 9. Gi tr hao mn Tng gi tr hao mn ca ti sn c th xc nh c da trn mt hoc nhiu phng php sau: - Phng php so snh; - Phng php tui i; - Phng php tng cng. 9.1. Phng php so snh Phng php so snh xc nh gi tr hao mn ca ti sn thng qua gi tr hao mn ca cc ti sn so snh c giao dch trn th trng. Phng php so snh bao gm cc bc sau: - Bc 1: Thu thp thng tin v la chn t nht hai ti sn tng t vi ti sn thm nh gi  giao dch thnh cng hoc c cho mua hoc c cho bn trn th trng. - Bc 2: Trn c s nh gi mt s yu t so snh c bn (v d iu kin bn hng, iu khon v ti chnh), thm nh vin iu chnh gi giao dch ca ti sn tng t  c cc mc gi ch dn ca ti sn tng t phn nh cc c im ca ti sn thm nh gi. i vi trng hp bt ng sn, gi tr quyn s dng t hoc quyn thu t (nu c) ca cc ti sn so snh cn c loi tr  phn nh gi tr th trng ca ti sn trn t. - Bc 3: Xc nh chi ph to ra ti sn tng t mi ti thi im giao dch ca cc ti sn tng t (hoc ca ti sn trn t i vi trng hp l bt ng sn), cha c hao mn, li thi nhng  bao gm li nhun ca nh sn xut. - Bc 4: Ly kt qu bc 3 tr i kt qu bc 2  xc nh gi tr hao mn ca cc ti sn so snh. Sau , xc nh t l hao mn ca cc ti sn so snh bng cch ly gi tr hao mn chia cho chi ph to ra ti sn so snh mi. 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Phng php tui i Phng php tui i xc nh t l hao mn ca ti sn thng qua t l tui i hiu qu v tui i kinh t ca ti sn thm nh gi. T l hao mn=Tui i hiu qux100%Tui i kinh tTrong : Tui i kinh t = Tui i hiu qu + Tui i kinh t cn li. Thm nh vin cn xem xt n tc ng ca vic duy tu, bo dng, sa cha v u t nng cp ca ti sn... n tui i hiu qu ca ti sn. Trn c s iu tra thng tin trn th trng v nh gi cht lng cn li ca ti sn thm nh gi, thm nh vin c lng tui i hiu qu, tui i kinh t ca ti sn thm nh gi.  chnh xc ca phng php ny ph thuc nhiu vo kinh nghim v kh nng nh gi th trng ca thm nh vin. Vic c tnh tui i kinh t c th c tnh ton thng qua t l hao mn trung bnh hng nm ca cc ti sn tng t vi ti sn thm nh  giao dch thnh cng trn th trng. Tui i kinh t ca ti sn thm nh gi c xc nh t l nghch ca t l hao mn trung bnh hng nm nu trn. V d: t l hao mn trung bnh hng nm ca 03 ngi nh tng t vi ngi nh thm nh gi l 2%. Nh vy, tui i kinh t ca ngi nh cn thm nh l 50 nm (1/0,02) ti thi im thm nh. 9.3. Phng php tng cng Hao mn bao gm nhng tn tht v tnh hu dng ca ti sn dn ti gim gi tr ti sn do h hng v vt cht ca ti sn hoc cc b phn cu to nn ti sn, do li thi v chc nng hoc do tc ng ca cc yu t bn ngoi. Trong , c nhng tn tht v tnh hu dng c th khc phc c v khng th khc phc c. Nh vy, hao mn bao gm hao mn c th khc phc v hao mn khng th khc phc. Hao mn vt l v hao mn chc nng c gy ra bi nhng nguyn nhn c th khc phc c v nhng nguyn nhn khng th khc phc c. Hao mn ngoi bin gy ra bi cc nguyn nhn bn ngoi, thng l khng th khc phc c. Hao mn vt l do h hng mt b phn cu thnh ti sn cing c coi l c th khc phc c nu vic khc phc ny s m bo gi c gi tr cho cc b phn khc ca ti sn. Hao mn c coi l c th khc phc c nu nh: (i) Chi ph  khc phc nhng im h hng hoc li thi nh hn hoc bng gi tr tng thm t vic sa cha, khc phc. (ii) Chi ph  khc phc nhng im h hng hoc li thi ln hn gi tr tng thm t vic sa cha, khc phc nhng vic khc phc ny cn thit  duy tr gi tr ca cc b phn khc ca ti sn thm nh gi. Gi tr hao mn vt l c th khc phc c o bng chi ph  khc phc, sa cha nhng h hng hoc li thi ca ti sn. Chi ph ny bao gm tng cc chi ph nh chi ph mua cc b phn mi, chi ph tho d cc b phn ci,... sau khi khu tr phn thu nhp c c t vic bn thanh l cc b phn ci b tho d (nu c). i vi trng hp hao mn khng th khc phc th tng gi tr hao mn khng th khc phc c c th c c tnh trn c s phng php tui i, vn ha thu nhp b tn tht, vn ha chi ph tng cao,... Trong trng hp ti sn c ng thi hao mn c th khc phc v hao mn khng th khc phc th gi tr hao mn c th khc phc s c tnh ton trc, sau  l gi tr hao mn khng th khc phc c. Trng hp thm nh vin xc nh gi tr tng loi hao mn (vt l, chc nng, ngoi bin) mt cch ring r, th cn xc nh theo th t u tin sau: hao mn vt l, hao mn chc nng, hao mn ngoi bin. Theo phng php tng cng, tng gi tr hao mn ca ti sn (gi tr hao mn liy k) c th c xc nh thng qua tng gi tr cc loi hao mn vt l, chc nng v ngoi bin ca ti sn, c th nh sau: a) c lng gi tr hao mn vt l Gi tr hao mn vt l c xc nh thng qua cc phng php sau: Phng php t l s dng, Phng php tui i v Phng php chuyn gia. a1) Phng php t l s dng: Phng php t l s dng da vo vic phn tch gi tr s dng ca ti sn ti thi im so snh  c tnh gi tr hao mn vt l. C th: T l hao mn vt l=Mc   s dngx100%Mc  s dng thit kV d: Mt thit b c thit k  hot ng tt c trong vng 100.000 gi. Ti thi im thm nh gi, thit b   chy c 10.000 gi, nh vy t l hao mn vt l ca thit b  l 10% (10.000/100.000 x 100%). Phng php t l s dng thng c p dng vi my, thit b. a2) Phng php tui i: Phng php tui i xc nh t l hao mn vt l thng qua t l tui i hiu qu v tui i vt l ca ti sn thm nh gi. Trong , tui i vt l l s nm ti sn c th s dng trc khi chuyn sang trng thi khng cn s dng c do h hng hoc bo mn v cc nguyn nhn vt l, cha tnh n nhng li thi v chc nng hoc tc ng ca cc yu t bn ngoi. Cng thc: T l hao mn vt l=Tui i hiu qux100%Tui i vt lTui i vt l c th c xc nh thng qua cc thng s k thut ca nh sn xut, c im cu to ca ti sn,... Tui i vt l cn c th c xc nh mt cch chnh xc hn thng qua cng thc: Tui i vt l = Tui i hiu qu + Tui i vt l cn li. Trong  tui i vt l cn li l thi gian c tnh cn li m ti sn c th tip tc c s dng trc khi chuyn sang trng thi khng cn s dng c do h hng hoc bo mn v cc nguyn nhn vt l, khng tnh n kh nng chm dt s dng ti sn sm hn do li thi v chc nng hoc tc ng ca cc yu t bn ngoi. a3) Phng php chuyn gia: i vi phng php chuyn gia cc thm nh vin s dng kin chuyn gia c kinh nghim lm vic lu nm lin quan n ti sn thm nh gi, trn c s cc thng tin, kho st ti sn thm nh gi  nh gi mc  h hng, cht lng cn li ca ti sn thm nh gi; t , c lng t l % gi tr hao mn ca ti sn thm nh gi. Trong trng hp cn c vo s h hng, hao mn ca cc kt cu ca ti sn thm nh gi  tnh gi tr hao mn ca ti sn thm nh gi, thm nh vin da vo kinh nghim thc t ca cc chuyn gia  a ra mc t trng hao mn ca ti sn thm nh gi cho ph hp. Cng thc tnh nh sau:  EMBED Equation.3  Trong : H: Hao mn ca ti sn thm nh gi tnh theo t l %; Hki: Hao mn ca kt cu th i tnh theo t l %; Tki: T trng ca kt cu th i trong tng gi tr ti sn thm nh gi; n: S kt cu ca ti sn thm nh gi. nh gi cht lng cn li bng phng php chuyn gia i vi my, thit b, c th tham kho Ph lc 04 km theo Tiu chun ny. b) c lng gi tr hao mn chc nng - Hao mn chc nng bao gm: Hao mn chc nng do thiu khuyt, hao mn chc nng do chi ph vn cao v hao mn chc nng do chi ph vn hnh cao. - i vi hao mn chc nng c th khc phc c th gi tr hao mn chc nng c tnh bng tng chi ph khc phc sau khi gim tr phn thu nhp (nu c) t vic bn thanh l cc b phn b tho d, thay th (nu c). - Hao mn chc nng do thiu khuyt l trng hp ti sn thiu mt b phn hay thit b no  m cc ti sn tng t c cng chc nng trn th trng c hoc trng hp ti sn c mt b phn hay thit b no  cn phi c thay th hoc hin i ha  ti sn c th hot ng mt cch bnh thng hoc p ng c yu cu ca th trng. Hao mn chc nng do thiu khuyt khng th khc phc c c th c tnh bng cch vn ha cc tn tht do thiu khuyt ny gy ra. Cc tn tht ny c th l tn tht v doanh thu v/hoc cc tn tht khc. - Hao mn chc nng do chi ph vn cao l trng hp thay i v thit k, nguyn liu sn xut hoc s dng cng ngh mi dn ti vic to ra ti sn thay th c cng nng tng t nhng vi chi ph u t thp hn ti sn thm nh gi. Hao mn chc nng do chi ph vn cao khng th khc phc c c lng thng qua chnh lch gia chi ph ti to v chi ph thay th ca ti sn trong trng hp chi ph ti to thng cao hn chi ph thay th ca cng mt ti sn. - Hao mn chc nng do chi ph vn hnh cao l trng hp thay i v thit k, cng ngh hoc nng sut vt tri dn ti vic to ra nhng ti sn thay th c chi ph vn hnh, sn xut thp hn ti sn thm nh gi. Thm nh vin xc nh gi tr hao mn chc nng do chi ph vn hnh cao khng khc phc c qua cc bc sau: Bc 1: Phn tch bo co hot ng ca ti sn thm nh  xc nh chi ph vn hnh tnh trn mi n v sn phm to ra bi ti sn thm nh gi. Bc 2: Xc nh chi ph vn hnh tnh trn mi n v sn phm to ra bi ti sn thay th. Sau , xc nh chnh lch chi ph vn hnh theo n v sn phm to ra bi ti sn thm nh gi v ti sn thay th. Bc 3: c tnh tui i kinh t cn li ca ti sn thm nh. Bc 4: Xc nh tng mc chnh lch chi ph vn hnh hng nm thng qua s lng sn phm to ra hng nm ca ti sn thm nh gi v mc chnh lch chi ph vn hnh xc nh  bc 2 trong sut tui i kinh t cn li ca ti sn thm nh. Bc 5: Gim tr tng mc chnh lch chi ph vn hnh hng nm tng ng vi mc tc ng ca thu thu nhp doanh nghip p dng i vi khon thu nhp tng thm (do s dng ti sn thay th c chi ph vn hnh thp hn ti sn thm nh gi). Bc 6: Hin ti ha tng mc chnh lch vn hnh hng nm (trong sut tui i kinh t cn li ca ti sn) v thi im thm nh gi vi t l chit khu phn nh ri ro gn vi vic s dng ti sn thm nh gi. Khi xc nh v c tnh cc loi gi tr hao mn chc nng, thm nh vin cn phn tch, lp lun cht ch  trnh b tnh trng dn ti lm sai lch kt qu. c) c lng gi tr hao mn ngoi bin Hao mn ngoi bin gm hao mn kinh t v gim gi do v tr. Loi hao mn ny thng khng th khc phc c. V d v hao mn kinh t: Do cung trn th trng vt xa cu trong mt thi im nht nh lm cho gi tr ti sn b gim st. iu ny nh hng ti gi tr cc doanh nghip sn xut s dng cc nguyn liu trn. V d v gim gi do v tr: Mt khch sn c xy dng bn cnh mt dng sng p gia thnh ph. Cng vi thi gian, dng sng b nhim nghim trng v c mi kh chu ta ra xung quanh. Khi , khch sn cing b gim gi tr do tc ng bn ngoi ny. Thm nh vin c th c lng gi tr hao mn ngoi bin thng qua vic phn tch thng tin t th trng, vn ha trc tip phn thu nhp mt i do hao mn ngoi bin, hoc p dng phng php chit tr phn gi tr hao mn vt l v hao mn chc nng ra khi tng gi tr hao mn ca ti sn. Gi tr hao mn ngoi bin thng c c lng sau khi c lng gi tr hao mn vt l v hao mn chc nng do hao mn ngoi bin c to ra bi cc yu t bn ngoi, khng ph thuc vo ti sn thm nh gi. c1) c tnh hao mn ngoi bin thng qua vic phn tch thng tin t th trng S dng phn tch thng tin t th trng  xem xt gi tr ca ti sn thm nh gi bng cch phn tch thng tin ca cc ti sn tng t  giao dch thnh cng trn th trng. c2) c tnh hao mn ngoi bin thng qua vic vn ha trc tip thu nhp b mt i. Khi mt ti sn to ra thu nhp th thu nhp mt i do hao mn ngoi bin c th c vn ha  xc nh tng thu nhp b mt trong tng gi tr ca ti sn. Vic c tnh thu nhp mt i c p dng hai bc sau: - Bc 1: Phn tch th trng  xc nh gi tr khon thu nhp mt i hng nm. - Bc 2: Hin ti ha cc khon thu nhp mt i hng nm  xc nh tng gi tr mt i tc ng n gi tr ca ti sn. Nu khon thu nhp mt i hng nm l n nh, u n th vic hin ti ha dng thu nhp c thc hin bng cch vn ha khon thu nhp mt i hng nm vi t sut vn ha ph hp. Nu khon thu nhp mt i bin ng hng nm th vic hin ti ha dng thu nhp c thc hin bng cch phn tch dng tin chit khu. V d v cc phng php xc nh t l hao mn ti ph lc s 02 km theo Tiu chun ny./. PH LC S 01 V D V C TNH CHI PHI TI TO, CHI PH THAY TH (Ban hnh km theo Tiu chun thm nh gi Vit Nam s 09) Cc v d  c gin lc v ch mang tnh cht minh ha. 1. Phng php so snh theo n v Cn thm nh mt cng trnh nh chung c 8 tng c tng din tch sn xy dng l 10.000m2 vi kt cu khung chu lc b tng ct thp; tng bao xy gch; sn, mi b tng ct thp  ti ch, c xy dng nm 2015. Qua iu tra thu thp thng tin th trng ca 01 cng trnh xy dng nh chung c 8 tng c tng din tch sn xy dng 12.000m2 c kt cu khung chu lc b tng ct thp; tng bao xy gch; sn, mi b tng ct thp  ti ch tng t vi cng trnh cn thm nh, n gi xy dng trn gi ca cng trnh l 8.500.000 ng/m2. Cng trnh ny c xy dng nm 2015 c lp t thm h thng bo chy t ng, h thng BMS. Cng trnh thm nh gi khng c h thng bo chy t ng, h thng BMS. Do c im thit k ca cng trnh thm nh khng lp t h thng bo chy t ng, BMS, gi tr ca ti sn thm nh gim 500.000/m2. Vy, gi tr cng trnh thm nh gi l: (8.500.000/m2  500.000/m2) x 10.000m2 = 80.000.000.000 ng. 2. Phng php c tnh chi ph theo hng mc cng trnh Cn xc nh gi tr ca ti sn thm nh gi l nh bit th A va c xy dng nm 2015, vi kt cu khung chu lc b tng ct thp, tng bao xy gch; sn, mi b tng ct thp  ti ch. Qua iu tra, kho st thm nh vin thu thp c ti liu t cc bng xc nh gi tr khi lng cng vic hon thnh, bng xc nhn gi tr khi lng cng vic pht sinh, bin bn nghim thu hon thnh bn giao cng trnh ca nh bit th A nh sau: Chi ph trc tip 10.770.028.000 ng, chi ph gin tip 3.231.000.000 ng, c bit li nhun nh u t l 10% tnh trn tng chi ph trc tip v chi ph gin tip. Li gii: TTHng mcn v tnhKhi lngn giThnh tinICHI PH TRC TIP10.770.028.0001o tm315.95010.000159.500.0002San lp mt bngm229.6804.000118.720.0003Mngm215.95040.000638.000.0004Khungm215.950100.0001.595.000.0005B tng snm215.95060.000957.000.0006B tng asphaltm22.20020.00044.000.0007Trn cch mm22.20080.000176.000.0008H thng ng ng nc- ng ng nc trong nh950.000.000450.000.000- ng ng nc ma68.000.00048.000.0009H thng chng chym215.95040.000638.000.00010H thng lm mtm213.75020.000275.000.000H thng sim22.20080.000176.000.00011in v in chiu sngm215.95040.000638.000.00012Tng baom2- Khi b tngm24.080240.000979.200.000- Gch ltm21.360260.000353.600.00013Vch ngnm2- Vch ngn tngm22.80080.000224.000.000- Vch ngn cam252.000.00010.000.00014Ca cunm252,8360.00019.008.00015Dm mi v tm lt mim215.950140.0002.233.000.00016Mi che cch nhitm215.95040.000638.000.00017Cc hng mc c bit khc400.000.000IICHI PH GIN TIP3.231.000.000IIILI NHUN NH U T (I+II)*10%)1.400.103.000IVGi tr cng trnh xy dng lm trn (I + II + III)15.401.000.000Nh vy, gi tr ti sn thm nh gi l 15.401.000.000 ng. 3. Phng php kho st s lng Cn xc nh gi tr ca ti sn thm nh gi l cng trnh xy dng gn lin trn t. Thm nh vin thu thp c cc ti liu cn c vo bn v thit k k thut thi cng v bng d ton thit k ca cng trnh t nh thu thi cng, c th: Chi ph trc tip 8 t ng, Chi ph gin tip 2,5 t ng v li nhun nh u t l 10% tnh trn tng chi ph trc tip v chi ph gin tip, gi t (qua iu tra th trng) l 3 t ng, c th: TTHng mcThnh tinICHI PH TRC TIP8.000.000.0001o t p ng143.720.0002B tng1.055.900.0003Sn g147.740.0004Vn khun1.126.540.0005Kt cu thp1.625.980.0006Dm, sn v tm lt mt cu1.913.000.0007Mi333.460.0008Tm cch ly187.800.0009Ca s30.480.00010Lp knh65.700.00011Sn44.140.00012Nguyn liu m thanh33.660.00013Nguyn vt liu sn19.340.00014in436.240.00015ng dn37.460.00016H thng ng nc v bnh phun chng chy398.000.00017Chi ph trc tip khc400.000.000IICHI PH GIN TIP2.500.000.000IIILI NHUN NH U T (I+II)*10%)1.050.000.000IVTng chi ph (I + II + III)11.550.000.000VGi t3.000.000.000VITng gi tr ti sn (IV + V)14.550.000.000Nh vy, gi tr ti sn thm nh l 14.550.000.000 ng. PH LC S 02 V D V CC PHNG PHP XC NH T L HAO MN (Ban hnh km theo Tiu chun thm nh gi Vit Nam s 09) Cc v d  c gin lc v ch mang tnh cht minh ha. 1. Xc nh t l hao mn theo phng php so snh Cn xc nh t l hao mn ca mt ngi nh 2 tng, c tui i hiu qu 22 nm (gi l bt ng sn A). Qua iu tra th trng, thm nh vin thu c thng tin sau: - Ti th trng ln cn c 2 bt ng sn, ti sn l nh gn lin trn t c mc  khu hao tng t vi ngi nh cn nh gi,  c bn vi gi 3,55 t ng (gi l BS so snh 1), v 3,1 t ng (BS so snh 2). - Tui i hiu qu (s nm) ca BS so snh 1 l 20 nm, ca BS so snh 2 l 21 nm. - Chi ph xy dng ngi nh tng t, mi 100% (sau khi  iu chnh so vi bt ng sn A) l: BS so snh 1: 1,765 t ng, BS so snh 2: 1,8 t ng. - Gi t (qua iu tra th trng) ca BS so snh 1 l 2,485 t ng, ca BS so snh 2 l 2,015 t ng, Li gii: Xc nh t l hao mn ca BS A thc hin theo cc bc sau: BcTrnh tBS so snh 1BS so snh 21Gi bn ca bt ng sn so snh (gi nh + t)3,5503,1002Gi tr ca t2,4852,0153Gi tr ca nh ti thi im thm nh gi (3) = (1) - (2)1,0651,0854Chi ph xy dng ngi nh tng t, mi 100%1,7651,8005Gi tr hao mn liy k ca nh ti thi im thm nh gi (5) = (4) - (3)7007156T l hao mn liy k (%) (6) = (5) : (4) x 100%39,6639,727Tui i hiu qu (nm)20218T l gi tr hao mn hng nm ca nh (%) (8) = (6) : (7) x 100%1,9831,8919Xc nh t l hao mn ca cng trnh cn thm nh  EMBED Equation.3 Nh vy, t l hao mn ca BS A l 42,61%. 2. Xc nh t l hao mn theo phng php tui i a) V d 1: Cn xc nh tui i kinh t, tui i kinh t cn li, tui i thc t, tui i hiu qu v t l hao mn ca mt ngi nh trn c s cc thng tin sau: - Hon thnh xy dng vo nm 2000. - Theo tiu chun k thut th ngi nh s tn ti trong 70 nm (n nm 2070 b ph b). Trong , gi tr ngi nh ng gp vo gi tr chung ca bt ng sn s gim dn, c tnh n nm 2068 gi tr ngi nh ng gp gi tr BS bng 0 ng v t sau nm 2068 ngi nh ng gp gi tr m (chi ph khc phc nh ln hn gi tr mang li cho BS). - Nm 2006 ngi nh c nng cp, i tu. Do c nng cp nn tui i kinh t ca ngi nh c ko di thm 8 nm na. - Nm 2014 tin hnh thm nh gi. Li gii: T cc thng tin trn c th xc nh cc thng s tui i ca ngi nh nh sau: Tui i kinh t: l s nm ngi nh ng gp lm tng gi tr ca bt ng sn (nh + t) l 68 nm (2068  2000 = 68) Tui i kinh t cn li: l s nm theo  s tn ti ca cng trnh kin trc trn t c th ng gp vo gi tr ca ton b bt ng sn l 62 nm (2068  2014 + 8 = 62) Tui i hiu qu: l s nm ca mt cng trnh da trn tnh trng duy tu, bo dng cng trnh l 6 nm (2014  2000  8 = 6) Tui i thc t: l s nm  tri qua k t hon thnh xy dng cng trnh (mi 100%) n thi im thm nh gi l 14 nm (2014  2000 = 14). T l hao mn =Tui i hiu qux 100% =6x 100% = 8,82%Tui i kinh t68b) V d 2: Cn xc nh t l hao mn ca loi cn cu HINO c cc thng s sau: sc nng 20 tn, tui i kinh t l 18 nm, tui i thc t l 12 nm (tnh n thi im thm nh gi). Li gii: T l hao mn =Tui i hiu qux 100% =12x 100% = 67%Tui i kinh t183. Xc nh t l hao mn vt l theo phng php chuyn gia Cn xc nh t l hao mn ca mt t ti nh hiu TOYOTA HI-AX, thm nh vin sau khi kho st t kinh nghim thc t c cc thng s sau: B phnHao mn ca b phn k thut ch yuT trng gi tr ca b phn i trong tng gi trGi tr hao mnng c20%55%11,0%Khung gm15%15%22,5%H thng in5%20%10%H thng khc5%10%5%Li gii: T l hao mn ca xe TOYOTA HI-AX l: (20% x 55%) + (15% x 15%) + (5% x 20%) + (5% x 10%) = 48,5% 4. Xc nh gi tr hao mn v chc nng c th khc phc bng cch thay th: Mt cng trnh xy dng c thit k khng hp l v h thng bp + phng n. Sau khi a vo s dng 2 nm phi u t chi ph khc phc li thi v chc nng nh sau: n v tnh: ng Khon mcChi phThay th h thng un ci bng bp ga20.000.000Thay th bnh un nc nng 20 lt8.000.000Di di tng ngn, sa li phng n32.000.000Tng chi ph khc phc60.000.000Li ch mang li do khc phc li thi v chc nng> 60.000.000Mc  hao mn do lc hu v chc nng60.000.0005. Xc nh gi tr hao mn vt l bng phng php tui i C hai my photocopy c c im nh sau: c imMy s 1My s 2Ghi chChi ph mi60 triu ng60 triu ngy l chi ph to ra ti sn mi hoc chi ph mua ti sn mi ging ht.Tui i thc t7 nm9 nmTui i kinh t10 nm10 nmS nm k t ln i tu, sa cha ln.2My s 01 cha c sa cha ln, my s 02  c sa cha ln cch thi im thm nh gi 2 nmT l gi tr sau khi sa cha ln so vi lc mi70%Sau khi sa cha ln, hot ng ca my s 2 c nh gi  mc 70% so vi lc mi.Hai my c s dng v bo dng nh k theo mc tiu chun, ng yu cu ca nh sn xut. Nh vy, tui i hiu qu ca my 1 chnh l tui i thc t (7 nm). Tui i hiu qu ca my 2 c tnh nh sau: 10  (10 * 0,7  2) = 5 My s 1My s 2T l hao mn vt l:= 7/10 = 70%= 5/10 = 50%Gi tr hao mn vt l:= 60 * 70% = 42 triu ng= 60 * 50% = 30 triu ng6. Xc nh gi tr hao mn ngoi bin V d: Xem xt 1.500m2 din tch kinh doanh bn l trong trung tm thng mi ca mt th trng c lng cung vt qu cu. Trong th trng cn bng th thu nhp hot ng thun l 1.000.000 ng/m2. Tuy nhin, t khi bt u c s vt cung th khon thu nhp hot ng thun gim xung cn 800.000 ng/m2 do khi lng xy dng qu nhiu. T l vn ha ca bt ng sn bn l trn th trng l 10%. Tng gi tr thu nhp mt i l: (1.000.000 - 800.000) x 1.500 m2 = 300.000.000 ng. Tng thu nhp mt i c vn ha trc tip vi t l vn ha l 10%. Nh vy, gi tr hao mn kinh t l: 3.000.000 ng (= 300.000.000 ( 10%)./. PH LC S 03 V D V P DNG CCH TIP CN T CHI PH (Ban hnh km theo Tiu chun thm nh gi Vit Nam s 09) Cc v d di y  c gin lc v ch mang tnh cht minh ha. V d: Thm nh gi trm trn b tng t (di ng) ca cng ty X ang s dng, do cng ty ABB nhp khu linh kin v sn xut lp rp ti Vit Nam vi cc thng tin sau: - Ngun gc xut x thit b: + Cc h thng u o cn in t, my tnh cng nghip, van in kh, xi lanh nn kh, thit b in ng lc do cng ty AAB nhp khu t Hoa K. + Cc b phn cn li (kiu dng cng nghip; kt cu; cabin iu khin c chng nng, chng m, bi v lp iu ha nhit ...) do ABB thit k v sn xut. - Tnh nng k thut: + Kt cu trm trn dng module tiu chun. + Ci trn c dung tch 1.650/1.200 lt. Cng sut 60m3/gi. + Tui i kinh t 30 nm, tui i hiu qu 6 nm. Li gii: 1. Cn c vo h s nhp khu thit b, h s thit k, mt bng gi th trng nguyn, nhin, vt liu v tin cng vo thi im thm nh gi; c tnh gi tr trm trn b tng t, di ng (mi 100%) do cng ty ABB sn xut, lp rp hon chnh ti cng ty X nh sau: n v tnh: ng TTKhon mcThnh tin1Gi vn nhp khu cc h thng u o cn in t, my tnh cng nghip, van in kh, xi lanh nn kh, thit b in ng lc nhp ngoi (thu sut thu nhp khu thit b 0%). Trong :Gi vn nhp: 516.000.000- Gi nhp CIF:310.000 USD x 21.500 /USD = 6.665.000.000- Chi ph vn chuyn:10.000.0002Chi ph trc tip (sn xut, ch to phn thit b trong nc), trong :800.000.000- Chi ph nguyn, nhin, vt liu370.000.000- Chi ph my, thit b220.000.000- Chi ph nhn cng310.000.0003.Chi ph qun l phn xng120.000.0004.Chi ph qun l x nghip130.000.0005.Gi thnh sn xut (1 + 2 + 3 + 4)8.615.000.0006.Li nhun (10% gi thnh)861.500.0007.Chi ph lp t23.500.0008.Gi bn ti nh my9.500.000.0002. c tnh khu hao tch liy thit b do cng ty X s dng: T l hao mn =Tui i hiu qux 100% =6x 100% = 20%Tui i kinh t303. Gi tr ca trm trn b tng: 9.500.000.000 x (100%-20%) = 7.600.000.000 Gi tr ca trm trn b tng l 7.600.000.000 (By t su trm triu ng)./. PH LC S 04 BNG THAM KHO NH GI CHT LNG CN LI CA MY, THIT B (Ban hnh km theo Tiu chun thm nh gi Vit Nam s 09) McKhong mc cht lngM t(1)90% ! 100%+ Thit b mi, cha s dng hoc mi a vo s dng (mc  s dng t), c bo dng k thut tt. + Hnh thc tng th bn ngoi v cc b phn c th quan st c trng nh mi. + Thit b vn hnh tt, thc hin tt tt c cc tnh nng theo nh thit k. + Cc cm chc nng v chi tit ngoi vi cn y . Cc b truyn ng cha c du hiu mi mn,... + H thng iu khin cn nguyn vn, m bo  tin cy v chnh xc khi hot ng.(2)80% ! 90%+ Thit b ci  qua s dng, c th va c sa cha, hon chnh, ang vn hnh sn xut tt, thc hin tt tt c cc tnh nng theo nh thit k. + Hnh thc tng th bn ngoi tt, cn lp sn nguyn thy hoc c sn tn trang k lng, m bo tnh m quan cng nghip, ... + Cc cm chc nng chnh v chi tit ngoi vi y . Mt s cm  c sa cha, thay mi. Khng c chi tit no mn r rt. + H thng iu khin tt, m bo y  cc chc nng iu khin hot ng ca thit b. + Ti thi im kho st v trong thi gian hot ng nht nh sp ti, thit b khng c du hiu cn phi bo dng b sung (ngoi bo dng nh k) hoc sa cha.(3)70% ! 80%+ Thit b ci  qua s dng, c th  tng c sa cha, hon chnh. + Thit b ang vn hnh sn xut tt, c kh nng s dng ng nh hoc gn bng vi cng sut, tnh nng thit k. + Hnh thc tng th bn ngoi kh tt, khng b r st, lp ph b mt (sn, xi m) b bong trc nh, khng ng k, khng c du hiu nt v... + Cc cm chc nng chnh cn , mt vi chi tit ngoi vi b mt mt hoc h hng, cc b truyn ng  c du hiu mi mn. + H thng iu khin m bo tnh nng hot ng. + Thit b c kh nng vn hnh kh tt, n nh. Tuy nhin  tha mn mc ch s dng nh cng sut, nng lc thit k ban u, thit b cn phi c tn trang, sa cha nh hoc thay mi v cn chnh li mt vi b phn.(4)60% ! 70%+ Thit b ci  qua s dng, ang vn hnh sn xut kh tt.  qua tn trang, sa cha. + Hnh thc tng th bn ngoi trung bnh kh, lp ph b mt b bong trc, try xc, st. + Cc cm chc nng chnh v chi tit ngoi vi hot ng kh tt tuy nhin  ci v c du hiu h hng. Cc b truyn ng mn r rt. + H thng iu khin hot ng kh. + Thit b lm vic  mc  trung bnh kh, khng n nh, khng tha mn y  mc ch s dng theo ng chc nng v cng sut theo thit k.  tha mn y  mc ch s dng thit b cn phi c sa cha cn chnh li (mc trng tu).(5)50% ! 60%+ Thit b ci  qua s dng, ang vn hnh sn xut. Bo dng km cha c tn trang sa cha (k t ngy a vo s dng). + Hnh thc tng th bn ngoi trung bnh km. Lp ph b mt b bong trc, r st. Cc chi tit ngoi vi b gy n, st m, h hng, thang my bm y du m, bi bn. + Cc cm chc nng chnh v chi tit ngoi vi hot ng kh tt tuy nhin  ci v c du hiu h hng. Cc b truyn ng mn r rt. + H thng iu khin hot ng  mc trung bnh, c du hiu chp v, d h hng. + Thit b lm vic khng n nh, d b hng hc. Khng tha mn mc ch s dng theo ng chc nng, cng sut thit k.  phc hi chc nng my cn c sa cha, cn chnh li (trn mc trng tu).(6)40% ! 50%+ Thit b ci  qua s dng,  lu khng s dng. Bo dng km. + Hnh thc tng th bn ngoi ti tn, tng t mc 5 + Cc cm chc nng chnh v ph hao mn nhiu. Cc chi tit ngoi vi mt mt, h hng. + H thng iu khin ci k, h hng cn phi sa cha, phc hi mi s dng c. + Thit b khng cn kh nng lm vic. Nhng cn kh nng sa cha phc hi (i tu).(7)30% ! 40%+ Thit b ci  qua s dng,  lu khng s dng (ang ch sa cha). + Hnh thc tng th bn ngoi ti tn, thn my r st, bong rp tng mng. + Cc cm chc nng chnh v ph h hng nng. Hu ht cc chi tit ngoi vi b tho d, mt mt, h hng. + H thng iu khin c tnh trng tng t mc 6. + Thit b khng cn kh nng lm vic. C th i tu phc hi nhng khng kinh t.(8)<30%+ Thit b ci  qua s dng mt thi gian di, h hng hon ton. + Khng cn kh nng phc hi. Ch thch hp cho vic tho d  ly li mt s b phn cn s dng c ca my hoc bn ph liu. H THNG TIU CHUN THM NH GI VIT NAM TIU CHUN THM NH GI VIT NAM S 10 Cch tip cn t thu nhp (K hiu: TGVN 10) (Ban hnh km theo Thng t s 126/2015/TT-BTC ngy 20/8/2015 ca B Ti chnh) I. QUY NH CHUNG 1. Phm vi iu chnh: Tiu chun ny quy nh v hng dn thc hin cch tip cn t thu nhp trong qu trnh thm nh gi i vi tt c cc loi ti sn. Trng hp c Tiu chun thm nh gi Vit Nam p dng ring cho mt nhm ti sn c th th p dng theo Tiu chun thm nh gi ring . 2. i tng p dng: Thm nh vin v gi hnh ngh (sau y gi chung l thm nh vin), doanh nghip thm nh gi, cc t chc v c nhn khc thc hin hot ng thm nh gi theo quy nh ca Lut Gi v cc quy nh khc ca php lut c lin quan. 3. Khch hng thm nh gi v bn th ba s dng kt qu thm nh gi (nu c) theo hp ng thm nh gi  k kt phi c nhng hiu bit cn thit v cc quy nh trong tiu chun ny  hp tc vi doanh nghip thm nh gi trong qu trnh thm nh gi. 4. Gii thch t ng Cch tip cn t thu nhp l cch thc xc nh gi tr ca ti sn thng qua vic quy i dng tin trong tng lai c c t ti sn v gi tr hin ti. Phng php vn ha trc tip l phng php thm nh gi xc nh gi tr ca ti sn thm nh gi da trn c s quy i dng thu nhp thun n nh hng nm d kin c c t ti sn v gi tr hin ti thng qua vic s dng t sut vn ha ph hp. Phng php vn ha trc tip thuc cch tip cn t thu nhp. Phng php dng tin chit khu l phng php thm nh gi xc nh gi tr ca ti sn thm nh gi da trn c s quy i cc dng tin trong tng lai d kin c c t ti sn v gi tr hin ti thng qua vic s dng t sut chit khu ph hp. Phng php dng tin chit khu thuc cch tip cn t thu nhp. T sut vn ha l t sut phn nh mi quan h gia thu nhp hot ng thun d kin c c trong mt nm v gi tr ca ti sn. T sut chit khu l t sut c s dng  chuyn i dng thu nhp trong tng lai v gi tr hin ti. T sut chit khu khng ch phn nh gi tr thi gian ca tin m cn phn nh ri ro trong vic to ra thu nhp t ti sn thm nh gi. Gi tr ti sn cui k d bo l gi tr d kin ca ti sn ti thi im kt thc giai on d bo dng tin chit khu (vo thi im cui k phn tch dng tin chit khu). Nu ti sn c bn thanh l vo cui k d bo, th gi tr thanh l l gi tr ca ti sn ti thi im cui k d bo. II. NI DUNG TIU CHUN 1. Cch tip cn t thu nhp c th c s dng  xc nh gi tr ti sn thm nh gi theo c s gi tr th trng hoc phi th trng.  xc nh gi tr th trng, vic p dng cch tip cn thu nhp cn phn nh c c im ca a s i tng tham gia th trng ti sn thm nh gi. C th: thu nhp thun, chi ph hot ng, t sut vn ha, t sut chit khu v cc d liu u vo khc cn c nh gi trn c s kho st th trng trong qu kh ca ti sn thm nh, d on tng lai, xem xt tnh hnh cung - cu, trin vng pht trin ca th trng ngnh, l)nh vc v cc yu t khc nh hng n vic d bo. Thm nh vin cing cn xc nh mc ch s dng ti sn  p ng nguyn tc s dng tt nht v hiu qu nht.  xc nh gi tr phi th trng, vic p dng cch tip cn thu nhp cn phn nh c cc c im c th ca i tng s dng c bit hoc tnh nng s dng c bit ca ti sn thm nh. V d: Thm nh vin c th p dng t sut vn ha hoc t sut chit khu m ch ring ti sn thm nh c c do nhng c im khc bit ca ti sn hoc tiu ch u t c bit ca nh u t. 2. Cch tip cn thu nhp da trn nguyn tc ti sn c gi tr v to ra thu nhp cho ngi ch s hu. Gia gi tr ti sn v thu nhp mang li t vic s dng ti sn c mi quan h trc tip, v vy nu nhng yu t khc khng i, thu nhp mang li t ti sn cho ngi s hu cng ln th gi tr ca ti sn cng cao. Cch tip cn thu nhp c p dng i vi cc ti sn to ra thu nhp cho ngi s hu, c th d bo c thu nhp t ti sn trong tng lai v tnh c t sut vn ha hoc t sut chit khu ph hp. Cch tip cn thu nhp gm hai phng php chnh: Phng php vn ha trc tip v Phng php dng tin chit khu. Trong : - Phng php vn ha trc tip c p dng trong trng hp thu nhp t ti sn l tng i n nh (khng i hoc thay i theo mt t l nht nh) trong sut thi gian s dng hu ch cn li (c tnh bng tui i kinh t cn li) ca ti sn hoc v)nh vin. - Phng php dng tin chit khu c p dng trong trng hp thu nhp t ti sn bin i qua cc giai on khc nhau (khng n nh), v d nh trng hp mt doanh nghip va bt u hot ng hoc mt cng trnh mi bt u xy dng. 3. Phng php vn ha trc tip a) Cng thc:  EMBED Equation.3  Trong : V: Gi tr ti sn thm nh gi I: Thu nhp hot ng thun R: T sut vn ha b) Cc bc tin hnh: Bc 1: c tnh thu nhp hot ng thun do ti sn mang li Bc 2: Xc nh t sut vn ha Bc 3: p dng cng thc vn ha trc tip. 4. Xc nh thu nhp hot ng thun t ti sn (I): Cng thc xc nh thu nhp hot ng thun: Thu nhp hot ng thun=Tng thu nhp tim nng-Tht thu do khng s dng ht 100% cng sut v do ri ro thanh ton-Chi ph hot ngThm nh vin xc nh tng thu nhp tim nng, tht thu, chi ph hot ng thng qua cc thng tin iu tra kho st trn th trng ca cc ti sn tng t, c tham kho thu nhp v chi ph hot ng trong qu kh ca ti sn thm nh gi, xem xt tnh hnh cung - cu, trin vng pht trin ca th trng ngnh, l)nh vc v cc yu t khc nh hng n vic d bo tng thu nhp tim nng, tht thu, chi ph hot ng d kin ca ti sn thm nh gi. - Tng thu nhp tim nng Tng thu nhp tim nng l tng s cc khon thu nhp n nh, hng nm c c t vic khai thc ht cng sut ti sn. V d: i vi mt ta nh vn phng cho thu, cc khon thu nhp tim nng c th c c t vic cho thu vn phng, kho bi, trng gi xe v cc khon thu nhp tim nng khc. i vi mt thit b c th, cc khon thu nhp tim nng c th c c t vic cho nh u t khc thu, bn cc sn phm c to ra t thit b  hoc cc khon thu nhp tim nng khc. - Tht thu khng s dng ht 100% cng sut v do ri ro thanh ton: Tng tht thu khng s dng ht 100% cng sut v do ri ro thanh ton=T l tht thuxTng thu nhp tim nngT l tht thu c c tnh t vic thu thp v phn tch thng tin ca cc ti sn tng t trn th trng. - Chi ph hot ng: l nhng chi ph hng nm cn thit cho vic duy tr dng thu nhp t ti sn, bao gm cc chi ph phi tr d c nhn c hay khng nhn c thu nhp t ti sn, chi ph phi tr ty thuc mc  thu nhp nhn c v mt s chi ph khc. Chi ph hot ng khng bao gm khon hon tr tin vay (vn v li), khu hao, thu thu nhp doanh nghip (nu c). i vi bt ng sn, cc khon chi ph hot ng c th bao gm chi ph v thu s dng t phi nng nghip; chi ph v bo him nh ca; chi ph qun l; chi ph in, nc, gas, dn v sinh; chi ph duy tu; chi ph trng coi; khon ph bo dng nh k; chi ph hot ng khc. Trong  khon ph bo dng nh k l khon chi ph bnh qun hng nm (nh k) cho vic sa cha, thay th cc b phn cu thnh trong ton b tui i ca ti sn. V d: mi nh ca mt ngi nh cn c thay th sau 20 nm s dng th khon ph thay th nh k l 1/20 chi ph thay mi nh, trong  chi ph thay mi nh c c tnh ti thi im sau 20 nm v chit khu v hin ti. i vi my, thit b, cc khon chi ph hot ng bao gm chi ph bn hng, chi ph qun l chung, chi ph tin thu, chi ph bo him, chi ph hot ng khc. V d v cch xc nh thu nhp hot ng thun ti Ph lc s 01 ban hnh km theo Tiu chun ny. 5. Xc nh t sut vn ha (R) T sut vn ha c xc nh thng qua 03 phng php: Phng php so snh, Phng php phn tch vn vay - vn u t v Phng php phn tch kh nng thanh ton n. 5.1. Phng php so snh a) Phng php so snh xc nh t sut vn ha p dng cho ti sn cn thm nh gi bng cch so snh, rt ra t nhng t sut vn ha ca cc ti sn tng t trn th trng.  p dng phng php ny, thm nh vin cn phi iu tra, kho st thng tin ca t nht 03 ti sn so snh trn th trng, bao gm cc thng tin v gi giao dch, mc ch s dng, iu khon ti chnh, iu kin th trng ti thi im bn, c im ca ngi mua, thu nhp hot ng, chi ph hot ng, t l tht thu do khng s dng ht 100% cng sut, ri ro thanh ton v cc yu t lin quan khc. Trong trng hp cc ti sn so snh c cc yu t khc bit vi ti sn thm nh gi th cn tin hnh iu chnh cc yu t khc bit ny. Cch tnh thu nhp hot ng thun, chi ph hot ng p dng vi cc ti sn so snh phi thng nht vi cch tnh p dng vi ti sn thm nh. Gi giao dch ca ti sn so snh phi phn nh c iu kin th trng hin ti cing nh iu kin th trng tng lai tng t nh ca ti sn thm nh gi. b) Phng php so snh xc nh t sut vn ha theo 02 cch: - Cch 1: Xc nh t sut vn ha trn c s thu nhp hot ng thun v gi giao dch ca cc ti sn so snh. T sut vn ha (R) =Thu nhp hot ng thunGi bn- Cch 2: Xc nh t sut vn ha trn c s thu nhp hiu qu ca cc ti sn so snh v gi giao dch ca cc ti sn so snh. T sut vn ha (R) =1 - T l chi ph hot ngS nhn thu nhp hiu quTrong : T l chi ph hot ng =Chi ph hot ngTng thu nhp hiu qu S nhn thu nhp hiu qu=Gi bn ca ti sn so snhTng thu nhp hiu qu ca ti sn so snh Tng thu nhp hiu qu=Tng thu nhp tim nng-Tht thu do khng s dng ht 100% cng sut v do ri ro thanh tonT l chi ph hot ng c th xc nh c thng qua kho st iu tra cc ti sn tng t trn th trng. Thm nh vin c th xc nh t l chi ph hot ng v s nhn thu nhp hiu qu thng qua iu tra t nht 03 ti sn tng t trn th trng  tng hp, rt ra t sut vn ha p dng cho ti sn thm nh gi. Phng php so snh theo Cch 2 thng c p dng trong trng hp khng thu thp c cc d liu yu cu nh cch tnh trn, thm nh vin c th xc nh t sut vn ha da trn mi quan h t l gia t l chi ph hot ng v s nhn thu nhp. 5.2. Phng php phn tch vn vay - vn s hu Phng php phn tch vn vay - vn s hu xc nh t sut vn ha cn c vo bnh qun gia quyn ca h s vn ha tin vay Rm v T sut vn ha vn s hu Re, trong  quyn s l t trng vn huy ng t cc ngun khc nhau u t vo ti sn. Phng php ny p dng i vi cc ti sn c u t bi ngun vn s hu v ngun vn vay, thm nh vin phi thu thp c nhng thng tin lin quan n 02 ngun ny bao gm: t l vn s hu, t l vn vay, k hn thanh ton, s k thanh ton, li vay, s k vng ca nh u t t khon u t, kh nng thu hi vn u t v cc yu t khc lin quan. R = M x Rm + (1-M) x Re R: t sut vn ha M: t l % vn vay trn tng vn u t (1-M): t l % vn s hu trn tng vn u t Rm: h s vn ha tin vay Re: t sut vn ha vn s hu Trong : - H s vn ha tin vay Rm l t l khon thanh ton n hng nm (bao gm c vn v li) trn vn vay gc. H s vn ha tin vay c tnh bng cch nhn khon thanh ton mi k (bao gm c gc v li) vi s k phi thanh ton trong nm v chia cho s tng s tin vay gc. V d v cch xc nh h s vn ha tin vay Rm ti Ph lc s 01 ban hnh km theo Tiu chun ny. - T sut vn ha vn s hu Re l t sut dng  vn ha thu nhp t vn s hu. T sut vn ha vn s hu Re c tnh bng cch chia li nhun vn ch s hu hng nm chia cho tng s vn s hu. Cch xc nh t sut vn ha vn s hu thng c xc nh thng qua kho st trn th trng, phn tch thng tin ca cc ti sn so snh. 5.3. Phng php phn tch kh nng thanh ton n Phng php phn tch kh nng thanh ton n xc nh t sut vn ha cn c vo t l % vn vay trn tng vn u t M, h s vn ha tin vay Rm v t l kh nng hon tr n DCR. Phng php ny p dng i vi cc ti sn c u t bi ngun vn s hu v ngun vn vay, thm nh vin phi thu thp c cc thng tin lin quan n kh nng thanh ton ca nh u t, iu kin/iu khon cho vay, t l cho vay, k hn thanh ton, s k thanh ton, li vay, thu nhp hot ng thun v cc yu t khc lin quan. T sut vn ha (R) = M x Rm x DCR Trong : DCR =Thu nhp hot ng thunKhon thanh ton n hng nm Khon thanh ton n hng nm=Khon thanh ton mi kxS k phi thanh ton trong nmKhon thanh ton mi k bao gm c phn gc v li phi tr mi k. V d v cch xc nh t sut vn ha xem Ph lc s 01 ban hnh km theo Tiu chun ny. 6. Phng php dng tin chit khu (DCF) a) Cng thc: % Trng hp dng tin khng u:  EMBED Equation.3  Trng hp dng tin u:  EMBED Equation.3  Trong : V: Gi tr th trng ca ti sn CFt: Dng tin nm th t CF: Dng tin pht sinh u n hng nm CFO: Dng tin pht sinh ti thi im bt u giai on d bo dng tin. (Ti thi im ny c th cha pht sinh thu nhp t ti sn nhng c th  pht sinh chi ph u t ban u) Vn: Gi tr ti sn cui k d bo n: Giai on d bo dng tin trong tng lai r: T sut chit khu t: Nm d bo b) Cc bc tin hnh: Bc 1: Xc nh giai on d bo dng tin trong tng lai. Bc 2: c tnh dng tin thun trn c s c tnh thu nhp t ti sn v c tnh chi ph lin quan n vic khai thc, vn hnh ti sn. Bc 3: c tnh gi tr ti sn cui k d bo. Bc 4: c tnh t sut chit khu thch hp. Bc 5: Xc nh gi tr ti sn bng cng thc nu trn. c) Xc nh giai on d bo dng tin trong tng lai (n): Giai on d bo dng tin trong tng lai c xc nh trn c s cn nhc cc yu t sau: - Trong trng hp dng tin bin ng khng n nh, giai on d bo dng tin trong tng lai khng nn qu di  c th c tnh tng i chnh xc cc bin ng ca dng tin trong tng lai. - Giai on d bo dng tin trong tng lai cn  di  doanh nghip hoc ti sn cn thm nh gi t n mc thu nhp tng i n nh. - Tui i kinh t ca ti sn thm nh gi. - Giai on d nh nm gi ti sn thm nh gi. Vic xc nh giai on d bo dng tin trong tng lai cn cn c vo mc ch thm nh gi, c trng ca ti sn thm nh gi, cc thng tin thu thp c v c s gi tr ca ti sn thm nh gi. V d: Trng hp mc ch thm nh gi l  xc nh gi tr u t ca ti sn th giai on d nh nm gi ti sn l cn c c u tin khi xc nh giai on d bo dng tin trong tng lai. Trng hp tui i kinh t cn li ca ti sn thm nh gi l tng i ngn th giai on d bo dng tin c th l ton b tui i kinh t cn li ca ti sn thm nh gi. d) c tnh thu nhp t ti sn: Thu nhp t ti sn l cc khon tin m nh u t nhn c t vic u t vo ti sn. Vic c tnh thu nhp c da trn c s: c im kinh t - k thut ca ti sn thm nh; thu nhp trong qu kh ca ti sn thm nh v/hoc thu nhp ca ti sn tng t; th trng ngnh, l)nh vc v cc yu t khc nh hng n vic d bo tng thu nhp. ) c tnh chi ph lin quan n vic khai thc ti sn: Chi ph lin quan n vic khai thc ti sn bao gm cc loi chi ph cn thit cho vic duy tr thu nhp t vic khai thc ti sn. Vic c tnh chi ph c da trn c s: c im kinh t - k thut ca ti sn thm nh; chi ph trong qu kh ca ti sn thm nh v/hoc chi ph ca ti sn tng t; th trng ngnh, l)nh vc v cc yu t khc nh hng n vic d bo chi ph. Thng tin thu thp c  xc nh dng tin c th l thu nhp hot ng thun, tng thu nhp tim nng, tng thu nhp hiu qu, ty thuc vo thng tin, d liu thu thp c. Trong trng hp ti sn thm nh gi c s dng bi doanh nghip th dng tin thun l dng tin trc khi khu tr thu thu nhp doanh nghip. Trong trng hp thm nh gi tr doanh nghip th gi tr doanh nghip c xc nh trn c s dng thu nhp sau thu. e) c tnh gi tr cui k d bo (Vn): Trong trng hp ti sn thm nh gi c tip tc s dng hoc doanh nghip c k vng s tip tc hot ng sau khi kt thc giai on d bo (hay k d bo), thm nh vin cn xc nh phn gi tr ti thi im ny ca ti sn hoc doanh nghip. Gi tr cui k d bo c th coi l gi tr th trng ca ti sn hoc doanh nghip cui k d bo. Trong trng hp gi tr u t, gi tr cui k d bo cn phn nh gi tr cn li i vi nh u t c th tip tc nm gi ti sn sau giai on d bo. Gi tr ti sn cui k d bo c th l gi tr thanh l ti sn ti thi im cui k d bo; trong trng hp ti sn c tip tc s dng trong cc nm tip theo ca nm cui k d bo th gi tr ti sn cui k d bo c xc nh bng cch s dng t sut vn ha thch hp  vn ha s tin d kin c c t vic tip tc s dng ny. T sut vn ha ny c cn c trn t sut chit khu ca ti sn ti thi im cui k d bo, c im ca ti sn v d bo trin vng ca th trng ti thi im . Tuy nhin, i vi mt s ti sn c th c th c trng hp gi tr ti sn cui k d bo c t hoc khng c mi lin h vi dng tin trc thi im cui k d bo, v d mt ging du sau khi ht giai on khai thc c th khng cn hoc c rt t gi tr s dng. Trong thm nh gi doanh nghip, vic c tnh gi tr ti sn cui k d bo c xc nh da vo m hnh tng trng ca doanh nghip. Trong trng hp doanh nghip c tc  tng trng u n l g trong cc nm tip theo ca k d bo, t sut chit khu trong giai on cui ca k d bo l r, cng thc tnh gi tr cui k d bo l:  EMBED Equation.3  Trong : CFn: Dng tin nm th n Vn: Gi tr ti sn cui k d bo n: Thi gian u t d kin r: T sut chit khu g: Tc  tng trng u n sau k d bo. V d v cch tnh gi tr cui k d bo hng dn Ph lc s 02 ban hnh km theo Tiu chun ny. g) c tnh t sut chit khu (r): T sut chit khu cn phn nh c gi tr bin i theo thi gian ca tin t v cc ri ro lin quan n dng thu nhp d kin c c trong tng lai t vic s dng ti sn thm nh gi. Vic xc nh t sut chit khu ph thuc vo c s gi tr, loi ti sn thm nh gi v cc dng tin c xem xt. Trong trng hp c tnh gi tr th trng, t sut chit khu cn phn nh ri ro i vi a s i tng tham gia th trng. Trong trng hp c tnh gi tr u t, t sut chit khu cn phn nh t l li nhun k vng ca nh u t c th v ri ro ca khon u t ny. T sut chit khu c c lng thng qua cc thng tin t th trng ca cc ti sn tng t, c th l t sut sinh li trung bnh ca cc loi ti sn  trn th trng theo phng php thng k. Trong trng hp ti sn thm nh gi ang c vn hnh v khai thc bi mt doanh nghip th c th cn nhc s dng chi ph s dng vn bnh qun gia quyn (WACC) ca doanh nghip  lm t sut chit khu. Cng thc tnh WACC:  EMBED Equation.3  Trong : WACC: Chi ph s dng vn bnh qun gia quyn E: Vn s hu D: Vn vay Re: Chi ph vn s hu Rd: Chi ph vn vay Tc: Thu sut thu thu nhp doanh nghip Ngoi ra, i vi thm nh gi doanh nghip, thm nh vin c th xc nh t sut chit khu da trn cng thc sau: T sut chit khu = T sut li nhun khng ri ro + T l ri ro (nu c) Trong : - T sut li nhun khng ri ro c xc nh trn c s li sut tri phiu chnh ph k hn 10 nm (hoc tri phiu chnh ph k hn di nht ti thi im thm nh gi). - T l ri ro c xc nh trn c s nh gi t l ri ro ca th trng giao dch ca nhm, loi doanh nghip cn thm nh gi v t l ri ro i vi doanh nghip cn thm nh gi. V d v phng php vn ha trc tip v phng php dng tin chit khu xem ph lc s 02 km theo tiu chun ny./. PH LC S 01 V D V XC NH T SUT CHIT KHU V T SUT VN HA (Ban hnh km theo Tiu chun thm nh gi Vit Nam s 10) Cc v d  c gin lc v ch mang tnh cht minh ha. 1. Xc nh thu nhp rng t cho thu ti sn Mt chung c gm c: - 20 cn h, mi cn h c 01 phng ng, c cho thu vi gi 8.000.000 ng/thng/cn h; - 20 cn h, mi cn h c 02 phng ng, c cho thu vi gi 12.000.000 ng/thng/cn h. - Tng thu nhp tim nng t chung c  l: Cn h mt phng ng = 20 x 8.000.000 x 12 thng = 1.920.000.000 (ng) Cn h hai phng ng = 20 x 12.000.000 x 12 thng = 2.880.000.000 (ng) Tng thu nhp tim nng t cho thu = 4.800.000.000 (ng) - Xc nh t l tn tht do phng trng v khch thu n kh i: Qua iu tra th trng ln cn c 03 chung c tng t c cc t l phng c khch thu v trng nh sau: Chung cS cn hS cn h c khch thuS cn h b trngT l trng (%)A322939,4B353138,6C222029,1Nh vy t l phng trng ph bin l 9,0% Qua iu tra th trng t l tn tht do khch thu n kh i l 1,0% Do  tng thu nhp hiu qu t chung c cn nh gi l: 4.800.000.000  (4.800.000.000 x 10%) = 4.320.000.000 (ng) - Xc nh chi ph vn hnh: Qua iu tra th trng ln cn c 03 chung c tng t c chi ph duy tu vn hnh nh sau: Chung cTng thu nhp hiu quChi phT l chi ph/Tng thu nhp hiu qu (%)A3.190.000.0001.116.500.00035,0B4.120.000.0001.425.520.00034,6C3.360.000.0001.209.600.00036,0Chi ph vn hnh ca chung c cn nh gi4.320.000.000 x (0,35+0,346+0,36)/3 = 1.520.640.000 (ng)Thu nhp rng t hot ng cho thu chung c l: 4.320.000.000 - 1.520.640.000 = 2.799.360.000 (ng) 2. Xc nh t sut vn ha 2.1. Phng php so snh a) V d 1: Gi s c 03 ti sn tng ng nhau v tng ng vi ti sn thm nh, c cng cch tnh thu nhp hot ng thun, cc iu khon ti chnh v iu khon th trng khng nh hng n gi c ca cc ti sn so snh. D liu thu thp cho mi ti sn c th nh sau: ABCGi bn (triu ng)380004000042000Thu nhp hot ng thun (NOI)700075007800T sut vn ha (Thu nhp thun/Gi bn)0,18420,18750,1857Vi cc iu kin  gi thit, t sut vn ha p dng cho ti sn thm nh l: (0,1842 + 0,1875 + 0,1857) : 3 = 0,1858 b) V d 2: Gi s c 03 ti sn tng ng nhau v tng ng vi ti sn thm nh, c cng cch tnh tng thu nhp hiu qu, chi ph hot ng, cc iu khon ti chnh v iu khon th trng khng nh hng n gi c ca cc ti sn so snh. D liu thu thp cho mi ti sn c th nh sau: ABCGi bn (triu ng)380004000042000Tng thu nhp hiu qu (triu ng)150001700018000S nhn thu nhp hiu qu (Gi bn/Tng thu nhp hiu qu)2,53332,35292,3333T l chi ph hot ng (Chi ph hot ng/Tng thu nhp hiu qu)0,53330,58820,6111T sut vn ha ((1-T l chi ph hot ng)/S nhn thu nhp hiu qu)0,18420,1750,1667Vi cc iu kin  gi thit, mc  tin cy ca thng tin l ng u gia cc ti sn so snh, t sut vn ha p dng cho ti sn thm nh l: (0,1842 + 0,175 + 0,1667) : 3 = 0,1753 2.2. Phng php u t Trong phng php ny, t sut vn ha bng bnh qun gia quyn ca cc li sut t cc ngun huy ng vn khc nhau u t vo ti sn. a) V d 1: Gi s cn u t vo mt ti sn mt khon u t tr gi 1.000 triu ng. Trong  66% tng vn u t l t vn vay ngn hng vi h s vn ha tin vay 13%/nm; 34% tng vn u t l t vn do nh u t b ra vi t sut vn ha vn s hu l 8%/nm. Tnh t sut vn ha? Li gii: - T l % vn vay trn tng vn u t: M = 66% - T l % vn s hu trn tng vn u t: (1  M) = 34% - T sut vn ha: R = M x Rm + (1-M) x Re = 66% x 13% + 34% x 8% = 11,3% b) V d 2: Gi s cn u t vo mt ti sn s vn u t l 1.000 t ng. Trong  66% tng s vn u t l phn vn c vay t ngn hng vi li sut 13,5%/nm, khon thanh ton mi k c tr theo thng v thi gian thanh ton 25 nm; 34% tng s vn u t l t vn do nh u t b ra vi t sut vn ha vn s hu l 8%/nm (rt ra t th trng, phn tch cc ti sn so snh). Tnh t sut vn ha? Li gii: (1) Xc nh h s vn ha tin vay - S k phi thanh ton trong 25 nm l: n = 25 x 12 = 300 - Li sut mi k l: i = 13,5% / 12 = 0,01125 = 1,125% - Khon thanh ton mi k l:  EMBED Equation.3  = 660 x 0,11656 = 7,693 (t ng) (Trong trng hp ny PV l khon vay) - Khon thanh ton n hng nm l: 7,693 x 12 = 92,316 (t ng) - H s vn ha tin vay l: 92,316 ( 660 x 100% = 13,99% (2) Xc nh t sut vn ha - T l % vn vay trn tng vn u t: 66% - T l % vn s hu trn tng vn u t: 34% - T sut vn ha: 66% x 13,99% + 34% x 8% = 11,95% 2.3. Phng php phn tch kh nng thanh ton n Xc nh t sut vn ha ca ti sn thm nh bit rng ti sn c thu nhp hot ng thun hng nm d kin l 100.000 triu ng, ngn hng cho vay 75% trn tng gi tr ti sn vi li sut vay hng nm l 9%, khon thanh ton mi k c tr theo thng, thi hn vay l 20 nm. Ngn hng c tnh T l kh nng hon tr n vay (DCR) ca nh u t l 1,2. Li gii: (1) Xc nh h s vn ha tin vay: - S k phi thanh ton trong 20 nm l: 20 x 12 = 240 - Li sut mi k l: i = 9% ( 12 = 0,0075 - Khon thanh ton mi k l:  EMBED Equation.3  (Trong trng hp ny PV l khon vay) - Khon thanh ton n hng nm l: PV x 0,008997 x 12 = PV x 0,107964 - H s vn ha tin vay: Rm = (PV x 0,107964) ( PV = 0,107964 (2) Xc nh t sut vn ha R = 0,75 x 0,107964 x 1,2 = 0,09717 PH LC S 02 V D V P DNG CCH TIP CN T THU NHP (Ban hnh km theo Tiu chun thm nh gi Vit Nam s 10) Cc v d  c gin lc v ch mang tnh cht minh ha. 1. Phng php vn ha trc tip V d: Cn thm nh gi tr th trng mt cn nh  mt tin ng ph X. Hin ch s hu ang cho thu ton b cn nh, doanh thu 360.000.000ng/nm, chi ph tu b, sa cha hng nm 10.000.000 ng, thu 90.000.000 ng, t sut vn ha qua iu tra th trng cho thy t sut li nhun k vng i vi hot ng cho thu nh ph bin trn th trng l 12% nm. Thu nhp rng hng nm t vic cho thu cn nh l: 360.000.000  10.000.000  90.000.000 = 260.000.000 (ng) Gi tr th trng ca cn nh:  EMBED Equation.3 (ng) Lm trn thnh: 2.166.700.000 ng. 2. Phng php dng tin chit khu (DCF) a) V d 1: Xc nh gi tr cui k d bo ca ti sn bit rng: Sau thi gian 15 nm (thi im kt thc k d bo) ti sn c kh nng tip tc to ra 80 t ng hng nm. T sut vn ha ca giai on  c c tnh l 15%. T sut chit khu l 10%. Li gii: Gi tr cui k d bo ca ti sn (gi tr sau nm th 15) quy v thi im hin ti l:  EMBED Equation.3 ng Lm trn thnh: 127.700.000 ng (Mt trm hai mi by triu by trm ngn ng). b) V d 2: Xc nh gi tr cui k d bo ca mt hp ng cho thu ti sn bit rng: Thi hn cho thu: 5 nm; Thu nhp hng nm l 100.000.000 ng; Sau thi hn cho thu, cc nm tip theo thu nhp cho thu tng u 10%/nm; T sut vn ha l 15% /nm. Li gii: - Thu nhp ca hp ng cho thu ti sn ti nm th 6 l: 100.000.000 x (1 + 10%) = 110.000.000 ng - Gi tr ti sn cui k d bo ca hp ng (gi tr sau nm th 5) l:  EMBED Equation.3 ng (Hai t hai trm triu ng) c) V d 3: Cn thm nh gi chng khon X c mc tr c tc ca nm sau l 400.000 ng, ca nm tip theo l 500.000 ng. Sau khi nhn c tc ca nm tip theo , chng khon c th bn li vi gi 100.000.000 ng. T sut chit khu l 15%. Li gii: - Gi tr ti sn cui k d bo hay gi tr thanh l ca chng khon l 100.000.000 ng - Gi tr hin ti ca chng khon X l:  EMBED Equation.3  = 76.340.264 (ng) Lm trn thnh: 76.000.000 ng (By mi su triu ng) d) V d 4: Cn thm nh gi mt ca hng thng mi c din tch sn xy dng 2.000m2, din tch cho thu 80% din tch sn xy dng. Gi cho thu 1.100.000 ng/m2/thng (bao gm thu gi tr gia tng). Chi ph khu hao, tu sa, bo dng 3 t ng/nm, chi ph qun l iu hnh 1 t ng, thu gi tr gia tng 10%. Thi hn cho thu 4 nm na ht hn cho thu, gi thu mi d kin s tng 15%, chi ph khu hao tu sa bo dng tng 5%, chi ph qun l iu hnh tng 10% v sau  n nh. T sut chit khu v t sut vn ha l 12%. Tin thu v c tnh vo cui mi nm. Li gii: (1) Tnh thu nhp thun hin nay: Thu nhp tim nng hin nay: 1.100.000 ng/m2/thng x 2.000m2 x 80% x 12 thng = 21.120.000.000 ng Thu GTGT:  EMBED Equation.3 (ng) Thu nhp hot ng thun hng nm: 21.120.000.000  3.000.000.000  1.000.000.000  1.920.000.000 = 15.200.000.000 (ng) (2) Tnh thu nhp thun vo thi k sau khi kt thc hp ng cho thu hin nay Thu nhp tim nng: 21.120.000.000 x (1+ 15%) = 24.288.000.000 (ng) Chi ph hot ng: (3.000.000.000 x 1,05) + (1.000.000.000 x 1,1) = 4.250.000.000 (ng) Thu GTGT:  EMBED Equation.3 (ng) Thu nhp thun: 24.288.000.000  4.250.000.000  2.208.000.000 = 17.830.000.000 (ng) (3) Gi tr ca ca hng thng mi c tnh vo nm kt thc hp ng cho thu hin nay (cui nm th t) - Gi tr ti sn cui k d bo:  EMBED Equation.3 ng (4) Gi tr ca hng thng mi  EMBED Equation.3  = 15.200.000.000 x (3,037) + 94.427.394.460 = 46.162.400.000 + 94.427.394.460 = 140.058.979.450 Lm trn thnh: 140.060.000.000 (Mt trm bn mi t khng trm su mi triu ng chn)./. zzzzzzzqccccc$x$Ifa$gd5kd$$Ifl4rp@  0 t644 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