KHOA H O C - C O N G N G H C
Cong tac phan tich hieu qua tai chfnh
cua cac du an dau tu xay dyng cong trinh giao thong theo hinh thuc BOT 6 Viet Nam
• ThS. N G U Y I N PHl/ONG CHAM;ThS. L£ KHANH CHI - TrUdng Dal hge Giao thdng vdn tdi
TOM TAT: Bai bao giPi thieu cac phuong phap phan tich hieu qua tai chinh cua cac du an Dya tren danh gia nhung ton tai trong cong tac nay, bai bao de xuat mpt so gi^i phap hoan thi#n cong tac phan tich hieu q u i tai chinh cua cac du an dau tu xay dung cong trinh giao thong theo hinh thuc BOT hien nay P Viet Nam
T u KHOA. Dy an dau tu xay dung, phan tich hipu qu^ tai chinh
ABSTRACT: This article introduces methods for analyzing the financial efficiency of projects. Based on the assessment of the shortcomings in this work, the article proposes a number of solutions to improve the efficiency of financial analysis of the BOT projects in Vietnam now
KEYWORDS: Construction projects, financial analysis
I . O A T V A N O ^
Xay dung elc cong trinh giao thPng trong nhUng nam trUPe day thudng ehi sU dung nguon von tU ngan sleh n h l nude. Do v l y khi phan tich, d i n h g i l cae du I n dau t u chi chu trpng den phan tich hieu qua kinh te - xa hpi (tinh den nhUng lOi I'eh mang lai eho xa hpi) eua dU In. Trong nhUng nIm gan dly, khi ngan sach nha nUPe khPng eon dap Ung dUdc nhu eau von dau tU x l y dUng eho CO sd ha tang giao thong, viee huy dPng von tU khu vUc ngoai n h l nude (khu vUe t u nhan} trd thanh dat yeu.
CIc du an dau t u x l y dung cdng trinh giao thong theo hinh thdc BOT trP nen pho bien vi giai quyet dupe bai thoan thieu vdn. Neu nhU elc du I n sd dung ngudn vdn ngan sleh nha nude dat loi ich eiia xa hpi, cua cpng dong len tren thi cae n h l dau t u BOT lai quan tam den loi nhuan ma dUan mang lai. Phan tieh hieu qua tai ehinh eiia dUan dupe tien hanh trong q u i trinh l l p d u l n dau tu. Mpt du an dau tU mudn thu hut dupe nha dau t u thi p h l i mang lai hieu q u i t l i chinh eao (Ipi nhuan eao).
Nhung do llnh vUe dau t u d day la xay dUng eae eong trinh giao thong cP lien quan mat thiet den ddi sdng kinh te - x l hpi eiia nguPi dan va doanh nghiep cho nen viee tinh t o l n cac Ipi ieh eho n h l dau t u BOT can phli het
siife than trpng, dam b i o h l i hda Ipi ieh eua Nha nude, xa hpi va nha dau t u nhung nhufng Ipi ich dP cung p h l i du Idn de hap dan duoc nha dau t u ddng y bd von vao linh vuc dang vo eiing "khIt" vdn nay.
2. CAC PHl/ONG P H A P PHANTfCH HlfU Q U A T A I CHfNH C O A CAC DLT A N O A U T l /
2.1. Phuong phap SLTdung nhom chi tieu tmh Cae chi tieu tTnh la cae ehi tieu tinh eho mpt nIm eua du an va do dd khPng ke den su bien dong ciia cae ehi tieu theo thdi gian cua e l dPidU I n cung nhUkhPng tinh den g i l trj eiia tien te theo thdi gian. CIc ehi tieu nay thuPng duoc dung de tinh toan giai doan nghien edu tien k h i thi hole cho elc dU an nhd. NhPm chl tieu tinh bao gdm:
- Chi tieu ehi phi eho mdt dan vj sdn pham dugc xac djnh bang ty so gida ehi phi ve von eo dinh va von lUu dpng trong mdt nam tren so lupng s i n pham sin xuat trong nam eua dU I n . Du an eP chi phi cho mpt don vj sin pham nho nhat la du I n tot nhat.
- Chl tieu lai nhuan tinh cho mot dan vi san pham dugc xae dmh bang doanh thu b i n h I n g trd di chi phi tinh cho mdt don vj sin pham. DU an nao eo Ipi nhuan tinh eho mpt don vi sin phl'm Idn nhat II du I n tot nhat.
- Chi tieu mUc doanh lai eua ddng vdn dau tU duac xae djnh bang ty sd ciia loi nhuan cua mpt nam hoat d p n g e u a d u a n v a t o n g vdn dau tUCLiadUln. DUan nao cP mUedoanhlpicCiadong v d n d a u t u l d n n h a t l a d u l n tot nhat.
- Chi tiiu thdi han thu hoi vdn dau tu duac xac djnh b^ng ty sd gida tdng sd von dau tUcho dUan vdi Ipi nhuan va khau hao eO b i n hIng nam. Du an nao ep ehi tieu thPi han thu hoi von dau t u nhp nhat la dU I n tdt nhat.
* Uu diem cda phuong phdp sddung nhdm ehi tieu tinh:
- Tinh toan tuong doi don gian so vdi eae phuong phap khae;
- Phan I n h dugc nhan td Ipi nhuan va chi phi I I hai ehi tieu thUPng dUOe cle n h l dau t u quan t i m .
* Han che eua phuang phdp sddung nhom ehi tieu tinh:
- Khpng xet den sU bien dpng bat ky nao ciia ea dPng tien theo thdi gian (gil trj eua tien te theo thdi gian) nen ket q u i d i n h gia cP dp chinh x l c v l tin cay ehua eao;
- Chi tinh mot thdi doan ngan (thudng la 01 nIm) ma chua tinh eho ca dpi dU I n .
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K H O A H O C - C d N G N G H l
2.2. Phuong phdp s d d u n g nhom chi t i ^ u dong CIc chi tieu dpng la cae ehi tieu cP tinh chat bien dpng theo thPi gian trong e l dPi du I n . Nhdm chi tieu dPng bao gom:
- Hieu s6 thu chi quy doi ve thdi diem hien tai (NPW):
Npw= y « — L ^ - y c, ^ J - ^ h '(l + r)' h '{! + .)'
- Hieu so thu chi quy doi ve thdi diem tuong lai
- Hieu sd thu chi san deu hang n I m (NAW):
Kl + ^T
So 10/2018
NAW-NPW- {\ + rf -\
-Suat thu loi npi tai (IRR):
N P W - y 5 - ' {l + lRR) -Tys6thuchi{B/C):
- Z Q {\+iRRy
Trong dd: B, - Kholn thu d nam IhU t; C^ - Kholn ehi d nam thUt; N -Tuoi tho cua d U i n dau tU; r - Suat chief khau.
- Chi tieu thdi gian hodn vdn (TJ.
* Ju diem eiia phuong phlpsPdung nhdm chi tieu dong:
- CP tinh den su bien dpng eua eae ehi tieu theo thPi gian, tinh t o l n hieu qua bao trum cho c l ddi du I n ;
- Cd tinh den gia trj tien te theo thdi gian;
- Cp tinh den trupt gia va lam phat thpng qua viee dieu ehinh cle ehi tieu B,, C,, r;
- CP the tinh den n h i n to rui ro tiiy theo mUe do tang g i l m ehi tieu suat chief khau r;
- Ket hop duoc hai ehi tieu: Lpl nhuin v l an t o l n ; - Co the so sanh ele phuong an ep von dau tU khIc nhau m l khdng can tinh t o l n dieu chinh.
* Han ehecCia phUOng phap sddung nhPm chi tieu ddng:
- Chi d i m b i o ket q u i ehinh xae trong dieu kien thi trudng von hoan hlo, mpt dieu khp dam b i o trong thue te;
- Khd d u b i o chinh x l c elc ehi tieu eho e l ddi du an;
- Ket q u i lua ehpn phuong I n phu thupe rat nhieu vao dp Idn ciia chi tieu suat khau r, viee xae dinh ehi tieu nay rat phde tap;
-Thudng n I n g dP elc phuong an cP von dau tU nhP va n g l n han.
3. N H O N G T 6 N T A I T R O N G C O N G T A C P H A N TtCH
Hieu QUA TAI cnrNH COA MOT S 6 D U AN DAU J\J
XAY D U N G C O N G T R I N H G I A O T H O N G T H E O HlNH THUfC BOT H I | N NAY 6 V l | T NAM
Hien nay, de phan tich hieu qua tai ehinh ciia elc dU I n dau t u xay dUng ePng trinh giao thPng theo hinh thdc BOT, elc n h l dau t u van ehii yeu apdung phuong phap sir dung cae nhdm ehi tieu dong. Viec ap dung phuong
phap n l y hien nay co mot so ton tai v l bat cap sau:
- Trong cong t i e d u b i o luu lupng xe trong tUOng lai: Viec xac dmh lUu lupng phUOng tien giao thong tren ele tuyen dudng hien do chua cd v I n b i n quy dinh nen mpt sd d u an tinh toan ehua ehinh xac, chua phu hop lam I n h hudng den viec x l e dinh chi tieu doanh thu thu phi hoan vdn. Cu the, b i o cao ket qua g i l m s i t viee thue hien chinh sleh, p h i p lult ve dau t u va khai thIc elc cPng trinh giao thpng theo hinh thdc hop dong xay dung - kinh doanh - chuyen giao (BOT) eua Uy ban Thudng vu Qude hpi (2017) da ehi ra: CP d U i n chidua tren so lieu thong ke khio sat trong 02 ngay de suy ra lUu lupng phuong tien 365 ngay hole can eU ket q u i khao sat eu. Viee xlc dinh ty le t i n g trudng eua lUu lupng xe eho elc n I m tUOng lai ehua thue sU ehinh xae, khPng dua tren eO sp elc phIn tich khoa hoc, m l chi I I d u d o l n , uPclupng. Ngoli ra, mot so d U l n tinh toan luu lupng xe dua vao lupt lUu thong thue te ma ehUa tinh den xe dupe huPng che do uu tien, quy djnh mien, g i l m hole ve theo quy, t h i n g .
- Trong cdng tac xae dinh dPng ehi cua d u an:
+ Mpt sd kholn ehi phi hang nghin ti ddng khPng hop ly hole khPng eP quy djnh eu the dupe dUa vao dPng ehi eua dU I n de xle djnh thdi gian h o l n vdn (vidu nhu chi phi trich l i p quy d u phong duy tu b i o dudng, Ipi nhuan eua von ehii sP hdu trong thpi gian thi ePng...);
-I- Khi xae djnh thpi gian hoan vdn, cae n h l dau tU cd t'mh bP qua nhdng Uu dai dau tudupe hudng (thudng la Uu dai mien g i l m thue thu nhap doanh nghiep trong mpt so nam nhat djnh);
+ Trong ddng chl eiia mpt s6duan,eP tfnh den mpt sd kholn ehi phi ehua ep quy djnh de tinh thpi gian h o l n vdn vdi elc khoan tien len den nhieu nghin ti dong (nhu chi phi trich lap quy du phdng duy tu b i o dUdng);
+ Viec tinh ty le tang cle kholn ehi phi do trupt gia hau het duac lay theo kinh nghiem hole eua eae dU I n trudc dp da thue hien.
-Trong cdng t i e xlc djnh dPng thu cua dUin:Trong thdi gian qua, cac du I n mdi ehu yeu tinh t o l n loi ieh t p hoat dPng thu phi ma ehua tinh toan tPi loi ieh khIc tU viee khai thIe.
4. GiAi PHAP HOAN T H I | N CONG TAC CONG TAC P H A N TfCH H I | U QUA TAI CHfNH CUA MOT s d D l / A N o A U T U X A Y blTNG C O N G T R I N H GIAO T H O N G THEO HlNH THUfC BOT H l | N NAY 6 VI^T NAM
- Can eP quy djnh ey the ve phuong p h i p x l c dinh lUu lupng giao thpng tren tuyen dUdng. D l y la can ed quan trong de xle dinh ddng thu cua dU an. Trong d u bio, ed the dUa ra elc tinh huong tang truPng luu lUpng phuong tien trong ele trUPng hpp khae nhau.
- Trong cPng t i e xae dinh dong chi ciia d u I n : -t-Tuan thu eae quy dinh cua Nha nude ve elc kholn duoc tinh vao ddng ehi eua du an;
+ Xly dung phuong p h i p dU b i o de l l m can ed khoa hpe xae djnh ty le trUpt g i l , lam phIt;
- Trong cong t i e x l c djnh ddng thu cua du an: Can tinh t o l n day du ele Ipi ich eP the thu duoc t d viee khai thae d u an sau khi hoan thanh. Cac loi ich n l y bao gom:
+ Loi ieh hang nam do kinh doanh ddc quyen h l n h
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KHOA H O C - C 6 N G NGHE
lang hai ben dUdng (dieh vu elc tram xIng, tram b i o dudng sda chUa cle phuong tien giao thdng, tram thong tin lien lac, n h l nghi, khaeh san, cifa hIng...;
-H Lpi ieh hang nam eho thue dat kinh doanh hai ben dudng;
+ Loi ieh hang nam thu duac ti^ hoat dpng quIng elo;
-I- Loi ieh thu dupe tU viec kinh doanh, x l y dung v l cho thue he thong kho bai hat ben duPng.
5. K I T LUAN
Viee phIn tieh hieu q u i t l i ehinh eiia mdt du an dau t u la nham giiip eho n h l dau tU nhUng thong sd can thiet trong viee quyet djnh dau t u hay khdng dau t u mpt du I n . CPn ddi vPl co quan q u I n ly nha nuPe co tham quyen, viee quan tam qua ele thdng sd can thiet trong phan tieh hieu qua tai ehinh de eho phep dau t u hay khdng cho phep dau t u du I n . Viee phan tieh hieu q u i t i l chinh cua cle du an dau tU x l y dUng cdng trinh giao thPng la rat phde tap (nguyen nhan chu yeu II do khP cP the xle djnh ehinh xle ddng thu, ddng ehi eua d u I n trong elc nam tuong lai). Do vly, khi tien h l n h phan tich hieu q u i tai chinh eua cic dU an nay, can t u I n theo cac nguyen t i e xay dUng phUOng an tai ehinh eua p h i p luat de tinh dung, tinh dii elc thu nhap va ehi phi eua du I n nham d i m b l o hai hoa Ipi ich gida eae ben Q
Tai lieu tham khdo
[1]. Dang Thi XuIn Mai (20M), Bdi gidng Lap vd phdn tich tudn dau fu,TrUdng Dai hoe GTVT.
[2] BUI Ngpe Toan (2015), Ldp vdphdn tich dudn dau tu, NXB. GTVT
[3], Nghiem VIn Dinh va cic tae gia (2006), Kinh te xdy dung cdng trinh giao thong, NXB. GTVT,
[4]. Mot so dudn dau tutheo hinh thdc BQTdd dugc phe duyet.
[5]. Uy ban Thudng vu Qudc hpi (2017), Bdo edo ket qud gidm sdt chuyen de viec thuc hien chinh sdch, phdp ludt ve dau tu vd khai thdc cdc eong trinh giao thdng theo hinh thdc hgp ddng Xdy dung - Kinh doanh - Chuyen giao (BOT).
Ngay nhSn bai: 3/9/2018 Ngay chap nhan dang: 1 1 /9/2018 Nguoi phdn bi^n: PGS. TS. Oang Thj Xuan Mai
TS. Nguyin Thi Van Ha