Giáo trình Quản trị tài chính doanh nghiệp | Đại học Kinh Tế Quốc Dân

PGS.TS PHAM QUANG TRUNG

GIAO TRINH

QUAN TRj TAI CHINH DOANH NGHIEP

DAI HOC KINH TE QUOC DAN

Quan trj tai chi'nh la mot trong nhirng chi'rc n.anig quan ly ca

f r

ban va quan trong nhat, co vai tro quyct dinh hieu qiua hoat dong

va su phat trien cua mot doanh nghiep. Quan trj tai chinh doanh

f

nghiep la mot llnli vuc kha rong Ion, dura dung rnoi dung rat

phong phu va co tinh chat chuyen nganh cua mot too mon khoa

hoc quan trong. Do la nhung van dc ve quan ly tai s;an cua doanh

nghiep, huy dong va thu hut cac nguon von, phan b>o von va cac

t y \

quyct dinh ve dau tu, cac bao cao tai chi'nh va sir diung thong tin

/ 9 \

tai chi'nh trong qua trinh ra quyet dinh. Ngoai nh’Dnig van de noi

/ w % / r

tren, cuon giao trinh xuat ban lan nay con cung cajp nhung kien

A

thirc vc cac cong cu tai chinh va phan tich churng ikhoan nliu la

t \ / /

mot cong cu het sire can thiet doi voi cac doanh nghiiep.

Giao trinh Quan tri Tai chinh doanh nghiep' la mot cong

tinh khoa hoc tap the cua Bo mon Tai chinh - Kle toan, Vien

/ r

Quan tri Kinh doanh - Dai hoc Kinh te Quoc dan. Tham gia bien

f

soan cuon giao trinh co cac ca nhan sau day:

GS.TS Nguyen Van Nam - Hieu trircmgva P'GS.TS. Pham

/

Quang Trung - chu bien cung viet cac chuong 5 va 6.

PGS.TS. Pham Quang Trung, Pho Hieu trudng, bien soan

cac chuong 1, 2, 3, 4 va chuong 8.

PGS.TS. Nguyen Van Djnh, giang vien Bo mon Tai chinh

f /

Kc toan Vien Quan trj Kinh doanh viet cac chuong 7 va chuong

1 1

.

PGS.TS. Duong Dire Lan, Pho Tongcuc trudng Tong cuc

Day nghe, bien soan chuong 9.

TS. Vu Dinh Hien, giang vien Bo mon Tai chinh Ke toan

JLGfl G I O I T i ll 1.1

3

TS. Tran Thj Minh Huang, Pho trudng Bo mon i a i chinh

f

Ke toan, Vien Quan tri Kinh doanh bien soan Chuong 1 2.

TS. Le Thi Bich Ngoc, TrutVng Bo mon Tai chinh Ke

toan, Vien Quan tri Kinh doanh, bien soan Chuong 13 va

Chuong 14.

>

r

Nhung noi dung dirge dc cap trong cuon sach la nhung

t ...... * * \

van de quan tron*? nhat ducc hra chon trong so nhung chi.i de co

ban cua quan tri tai chinh doanh nghiep. Tai lieu nay co the sir

dung trong qua trinh dao tao cho cac doi' tuong khac nlnau va

mot tai lieu tham khao cho cac ban doc quan tarn den linh virc

thu vi nay, mot llnh virc ma tarn quan trong cua no nga y cang

r %

tang trong qua trinh nuoc ta hoi nhap vcri kinh te toan cau.

Linh. virc quan tri tai chinh cung nhu quan tri kinh doanh

? t #* W

da va dang trai qua nhung bien doi sau sSe, do do kho tamg kien

\ 1

thuc ve quan tri tai chinh doanhh nghiep cung khong ngimg doi

moi va phat trien. Mac du cac*tac gia da het sue co gang] irong

qua trinh bien soan.. nhung cuon sach kho tranh khoi nhung

thieu sot nhat dinh. Chung toi xin chan thanh cam on va rat

mong nhan dugc y kien dong gop va su cong tac, giiip do cua

dong nghiep, cac nha khoa hoc, cac ban sinh vien va bran doc

\

gan xa.

Xin tran trong gioi thieu cung ban doc!

Vien Quan tri Kinh doanh viet chuong 10.

>

TM. Tap the tac gia

PGS. TS. Pham Quang Trung

Pho Hieu truong DH Kinh te Quoc dan

4

M I C L

*

i rang

LCJl }\6\ THIEU

3

Chircng !. QUAN LY TAI SAN CO DINH

13

3. 1. Cor cau cua tai san co dinh

13

1.1.1 Tai san co clink vo hlnh (intangble assets)

14

1. 1.2 Tai san co dinh him hlnh

17

1.2. ] hau hao tai san co difth va cac khia canh kinh te

cua cian ly khau hao

20

1.2.1 Khai niem ve khdu hao

20

f S

1.2.2 Khdu hao cleu theo thai gian (Straight line

methcd)

21

1.2.3 Cac pluramgphdp khdu hao "tang gid”

27

1.2.4 Phuang phdp khdu hao so die giam dan

(Decining Balance Method)

29

1.2.5 Phiccmg phdp khdu hao theo sdn hrcmg

(Output-based Depreciation)

30

1.3. r ac dong tai chinh cua khau hao doi vcri doanh

nghico

W "

. 33

1.4. Ouan ly tai san co dinh ve mat hicn vat

34

1.4.1 He thong theo doi tai san co dinh

34

1.4.2 Phan dinh trdch nhiem 35

1-4.3 Oudn ly tai .san co dinh ve mat l,y ih'uai

36

Chircng 2. QUAN LY TAj s AN LU'U DONG VA

VON LU U DONG

38

2.1. liia nang chuyen doi cua tai san (Liquidity)

38

2.2. Co cau va phan loai tai san liru done 4;)

2.3. Quan ly hang hoa vat tir ton kho 44

? 4. Phan iich vong quay cua von liru dong 48

Chiromg 3. CAC BAO CAO TAI CHINH CHU YEU 49

3.1. Bang can doi ke toan (Balancc Sheet) 49

3.2. Bao cao Ket qua hoat dong kinh doanh (Bao cao 55

thu nhap)

3.3. Bao cao liru chuven tien te (Bao cao luong tien) 7

Chirorng 4. QUAN LY VON BANG TIEN 63

% >

4.1. Hang ton kho va tien 63

4.2. Mo hinh Miller - Orr 65

•» %

4.3.Tang lurong tien bang cach di vay 66

4.4. Quan ly tien trong cac cong ty lcni 67

4.5. Quan ly viec thu tien 67

4.5.1. Tien noi 67

4.5.2. Thu tien qua hop thu (Lock box) 69

Chuong 5. QUAN LY TIN DUNG THU’ONG MAI 72

5.1. Cac hinh thuc ban hang 72

5.2. Cac cong cu tin dung thuong mai 74

5.3. Phan tich tin dung 76

5.4. Chinh sach thu no 77

5.4.1. Chinh sach va bien pluip thu no 77

5.4.2. Bao thanh toan va mua ban thmrng nigi 79

Chircrng 6. QUAN LY NGUON VON CUA DOANH 81

NGHIEP

6.1. Tong quan ve nguon von cua doanh nghiep 81

6

6.2. C; c nguon von cua doanh nghiep \.i; hifvvny thirc

kiiai tlic

82

6.2.1. \gudn von tic co cua docuih nyhicp

82

6.2.2. \!gudn von tin dung ngdn hany \\) t ’n lung

thicany mai

84

6.2.3. Vguon von phot hanh co phicu cony t :

87

f

6.2.4. °hat hanh trai phieu cong tv

93

\ / %

6.2.5. Wguon von tic loi nhuan tai dau tic. 97

Chirorg 7. GIA TRI HIEN Ta I

99

1 .1. Kiai niem ve gia tri hien tai

99

7.1.1. Tinh toan gia tri hien tai 100

7.1.2. Gia tri hien tai rong

101

7.1.3. Rui ro va gid tri hien tai.

102

7.1.4. Gid tri hien tai va ty le thu nhap

103

7.2. Quy tac gia trj hien tai rong

104

Chuong 8. CAC QUYET DjNH VA PHAN TICH

VE CHI PHI DAU TU'

107

8.1. Cac quyet dinh dau tu 107

8.2. Qua trinh duyet dir an dau tu

109

8.3. Cac cong cu phan tich du an dau tu

111

\ \ f t

8.4. Cac phan tich sir dung luong tien chiet khau

113

8.4.1. Nguyen ly gia tri hien tai rong

114

/ /

S.4.2. Nguyen ly ty sudt hoan von noi no

115

8-43. So sanh hai cong cu NPV vci IRR

119

8.4.4 Cac phan tich chiet khdu luong tien theo cac

via dnh

120

8. 4.5. Cac uuyet dinh cue; chi phi thdp nhat

8.4.0. Knau hao tai son

8.4. 7. iSo .raw/j hoi phucmg an dau tu

% *

8.5. Cac cong cu khac dung de phan tich cac ke hoach

dau tu

✓

8.5.1. Nguyen ly thai gian hoan von

8.5.2. Nguyen ly ty le sinh lai ke toan

8.6. Vai tro cua ke toan trong phan tich dau tu

3.7. Kicr.i loan du an dau tir da hoan thanh

f S

8.8. Danh gia sir thirc hien cua dir an: van de hanh vi

%

Chucmg 9. DOANH L0I, RUI RO TRONG HOAT

DONG DAU TU

*

9. i. Khai niem chung ve doanh leri va rui ro

* r

9.1.1. Doanh loi tuyet doi va doanh lai tuang doi

9.1.2. Doanh loi thirc te va doanh nghiep danh nghia

9.1.3. Doanh Ipi blnh quan

„ 9.1.4. Rvi ro va muc budtip rui ro

£L L «L £ :h w w g seu v a d $ Uek him ehudn v i S& Hett

thong ke theo then gian cua doanh leri

9.2. Doanh loi, rui ro va dircmg thi trucmg chung

khoan

9.2.1. Doanh loi dukien

9.2.2. Tinh. toanphucmgsaicua doanh lai dukien

9.2.3. Danh muc dau tu

9.2.4. Rui ro, doanh lai co he thong va khong co he

thong

9.2.5. Da dang hod va rui ro cua danh muc dau tu

0

9.2.6. Rui ro co lie thong va he so heh,

163

9.2. ~. Dirang thi truang chung khoat■

166

Chuong 10. RUI RO KINH DOANH VA DON B A Y

177

HOAT DONG

10.1. Moi quan he giira lai nhuan va chi phi

177

10.2. Don bay hoat dong

178

10.3. Rui ro hoat dong 180

10.4. Don bay hoat dong va sir quan ly 186

Chirang 1 1. TINH TOAN GIA TRj HIHX TAI \ rA

188

DANH GIA CHUNG KHOAN

11.1. Dinh gia tai san co thai gian sir dung dai

188

11.1.1. Danh gid cac luong tien trong wot so gia:

189

doqn

11.1.2. Tai sao thica so chiet khdu lai gidm khi thai 190

/ f

gian chiet khdu tang

11.2. Trai khoan vo thdi han va trai kiioan tra deu mot 192

so nam

11.2.1. Trai khoan vo thai han

192

11.2.2. Dinh gid chung khoan vo thai han co tang

193

tricang

11.2.3. Dinh gia chimg khoan tra deu nipt so nam

193

(annuities)

11.2.4. Lai gop va gid tri hien tai

194

11.2.5. Tinh lai gop cho cac khoan tinh nhieu ky

194

trong nam

11.3. Danh gia trai phieu va co phien

195

11.3.1. Khai niem trai phieu 195

9

I i .3.2. ( Y) phieu i 9 /

II 3.3 Danh gid trai phieu 197

11 3.4. Danh gid co phieu thumig i 99

Chirong !2. PHAN TICH TAI CHINH TRONG 10\

QUAN LY DOANH NGHIEP

12.1. Khai niem, vai tro, nuic lieu cua p 1;an tich tai 20%

chinh doanh nghiep

12.2. Ca so dfr lieu phuc \ii phan tich tai chinh doanh 100

nghiep

12.3. Plurong phap phan tich 210

12.4. Noi dung phan tich tai chinh doanh nghiep 2 1 S

Chuong 13. CO CAU VON - MOT SO KHAI NIEM 23s

CO BAN

13.1. Cac cau hoi ve co cau von va hoc thuyct Pie 23S

13.2. Toi da gia tri cong ty va lOi da loi ich co dong 239

13.3. Co the xac dinh dirge inof co cau von toi iru 242

khong?

13.3.1. Modigliani va Miller: Hoc thuyct 1 (khong co 242

thue)

13.3.2. Modigliani va Miller: Hoc thuyct 11 (khong 244

thue)

/ r

13.4. Thue va tac done cua thue 246

13.5. Ca cau von - nhCrne han che cua viec sir dun« 249

von vay

13.5 1. Cac chi phi tich hien tai chinh (financial 250

distress cost)

13.5.2. Thue thu nhap ca nhdn 257

13 5.3. Thue va thi trudng khong hoang hao 260

10

Chinvr«”. I -I. C! UN! I SACH COTIV

14.1. Cu tire va thu nhap ur von - C ac nha dau :ir

thick khoan thu nhap nao hon?

14.2. Cac kiem dinh cua hoc thuyct co tire

14.3. (Vic van de khac ve chinh sach cu tire

14.4 Xav dimg chinh sach co tire trong thirc te

14.5. Cache thanh toan co tire

14.6. Cac ke hoach tai dau tir co tire

14.7. Mua lai co phieu

Phu Inc. THUYET MINH BAO CAO TAI CHIN

DANll MUC TAI LIEU THAM KHAO

C h i t d m * I

QUAN LY TA! SAN CO DiNH

1.1. C<r cau cua tai san co dinh

Trong thue te, khai niem “Tai san co dinh” thuong dugc

sir dung ciing vai thuat ngu “Von co dinh”, tuy nhien hai khai

r

«* 1

niem nay ham chira mot so diem khac nhau. Hieu theo nghia

/■ / /

rong, Tai san co dinh la nhung yeu to tu lieu lao dong dugc sir

■» /

dung trong mot thai gian luan chuyen tuang doi dai va co gia tri

/ f f

tuang doi lan. Trong cac he thong ke toan a nuac ta cung nhu

cac nuac khac thuong co nhung quv dinh hoac hucmg dan ve

* /

cac tieu chuan cua mot tai san co dinh.

t /

Thong thuang, thai gian sir dung huu ich (tuoi tho kinh te)

1 f

de mot tai san dugc coi la tai san co djnh la tren 1 nam. Gia tri

f i i / r

dan vi (gia tri toi thieu) de mot tai san dugc xep vao tai san co

djnh phu thuoc vao quy dinh cua Bo Tai chinh trong timg thai

\ t /

ky va thuong dugc dieu chinh de phu hop vai su bien dong cua

\ \ *»

gia ca thi trucmg. Can nha rang hai tieu chuan noi tren (thai gian

va gia tri) co y nghia quan trgng trong quan ly tai san co dinh

/ %

nhung chi co tinh chi'nh xac tuang doi va can dugc xem xet

trong tirng truong hgp cu the.

t 0 / %

Noi den tai san co dinh la hao ham y nhan manh ve mat

✓ /

hien vat cua cac tai san do, con khai niem “von co djnh” dung

♦ . 1 \ > t

de hieu thi tri gid bang tien cua cac tai san do, tire la nhan manh

vc mat gia tri. Nhu vay, can sir dung hai thuat ngu tai chi'nh nay

phu hgp vai muc di'ch va dam bao tinh chinh xac cua thuat ngu.

13

Ve mat hinh thai vat chat, de dang nhan tliav mot so nhomj

/ • • - - ^

tai san co dinh nhu nha cira. nha van phong, xc 6 to, may moc..

Tuy niuen. quan niem ve co can tai san co dinh can duoc doij

mai va bo sung. Do sir phat trien cua kinh te thi irironr. \a cac. h

mang kiioa hoc ky thuat ncn nhieu yeu to khong co hinh thai vat

;!:at cu the cung dirc-c coi ia tai san co dinh Do vay% hinh thanh;

2 nhom tai san co dinh: tai san co dinh turn hinh va tai san co!

dinh vo hinh.

r

1.1.1. Tai san co dinh vo hinh (intanghle assets)

\ ' r

Mi.iin nav uOm mot so vcu to dac biCt. kho xac dinh hinh

v c *

that vat chat, tham chi triru tuang, nhung co anh huanij quan

r t

t

trong dot vai san xuat kinh doanit trong mot thai gian urong doi

dai. Dien hinh la cac yeu to sau dau.

• Chi phi thanh lap, chi phi khao sat, thiet ke

• Uy tin va loi the thuong mai

• Quyen scr huu cong nghiep1 va sa huu tri tue: chang han,

nhan hieu thuang mai, kieu dang cong nghe, bang phat minh

* \

sang che, ban quyen, giai phap cong nghe huu ich...

• Dac quyen khai thac kinh doanh, quyen dac nhugng

/ f

hoac giay phep dac biet (trong mot so linh vuc)

•r r

a. Dac diem cua tai sail co dinh vo hinh

• »

/ /

Trong thue te, rat kho danh gia chinh xac gia trj cua mot

tai san co dinh vo hinh vi no khong ton tai duai dang vat chat co

1 /

the do dem de dang. Su danh gia dung hay sai gia tri cua tai san

/ \ r *

co djnh vo hinh phu thuoc nhieu vao cac yeu to kho luong hoa,

1 Dieu 780 ve Quyen so huu cong nghiep trong Bo luat Dan sir cua nuac

ta (1995) quy djnh: “Quyen scr hfru cong nghiep la quyen sa huu cua ca nhan,

phap nhan doi vai sang che, giai phap hiru ich, kieu dang cong nghiep, nhan

hieu hang hoa, quyen sir dung doi vai ten goi, xuat xir hang hoa va quyen sa

huu doi vai cac doi tuang khac do luat phap quy dinh".

14

nil;; cam nhan va v kien elm v; : ■ i •it.! murai danh gia. Tuv

nhiC'i'. vdi sir phat trien eua 'in ?fu *; y i :> ■ chinh. thi tri rang ve

quyer sd him cung nghiep da t u>

d .e i.

kien hinh thanh cac mire

gia tr thi trudng eua tai san co dinh. vi hin.n.

Cu mot so phuang phap khae nhan dugc sir dung de danh

gia ta san co dinh vo hinh. Cluing ta khung de cap chi tiet cac

phiroig phap do trong cuon sach nay. V i d i: cac nha kinh doanh

co th; so sanh Igi nhuan do sir noi tieng cua mot nhan hieu

tliuorg mai tao ra Ian han bao nhieu so vai cac nhan hieu cung

i ■»

nhom tren thi trirang. Trien vong va xu hudng phat trien cung

tao ra gia tri cao cho mot nhan hieu thuong mai (gan vai quyen

hgp pidp khai thac, su dung nhan hieu do) co the dugc mua ban

tren tri trudng - thuang thong qua dau gia.

Luu y rang tren Bang can doi tai san (Balance Sheet) co

mot ituc Danh tieng (Goodwill) de phan anh tong gia tri cac Igi

the thxang nidi hinh thanh tu tai san co dinh vo hinh dugc thua

nhan.

Cac tai san co dinh chi co Igi ich khi no tao ra Igi the

thuan’ mai, chang han nhu sir veu tiiich cua ngudi tieu dung

hay n;udi sir dung. Uy tin hinh thanh qua thdi gian, co the phai

t ' y * /

mat nueu nam de tao dimg va cimg co uy tin. Tuy vay, neu

khotiL co bien phap bao ve, duy tri uy tin va Igi the thuang mai

thi co5g ty se nhanh chong mat di cac tai san quy gia do.

? r

;. Cac hien phdp quan ly vd phat trien tai san co dinh

vo hit It

• Neu cong ty da co mot qua trinh phat trien virng chac thi

can taig cudng ciing co sir tin tirdng ciia ban hang, cua khach

hang ara ngay vao chinh qua trinh phat trien do. Khi quang cao

15

chang han, can chu v lain noi bat 1 ich sir va uy tin cua cong ty.

Sir ket h<7p Inn- marketing trong vice khuvech irucne uy tin tai

chmh la mol bien phap can duoc ihire hien thmVni: xuyen.

• Chu \ bao ve cac ciuvcn so hiru conu nplucp. chonu nun

ba1 :!uro'c hoac nan bane eia. nhat la vai cac nhan hieu hanu hoa

noi tieng. Cac cong ty lan thuang danh mot ngan quy thich clang

cho viec bao hiem nhan hieu va chong nan an cap nhan hieu va

nan hang gia. Vi du cong ty Rang Dong cua Viet Nam da chi

/ « >

mot so uen thic’n dang cho viec dicu tra va phat hien thu pham

lam. gia ’•ong den Rang Dong, khen thuang nguai co dong gop,

nha do ho da dat ket qua tot trong viec ngan chan hang gia.

• Hach toan chinh xac cac chi phi ngay tu khi bat dau

*•

thanh lap doanh nghiep hay du an. Co the tinh cac chi phi sau

day vao nhom tai san co djnh vo hinh:

f r f

1. Chi phi khao sat, thiet ke xay dung luan chung kinh te -

ky thuat.

^ f

2. Chi phi can thiet va hop ly cho cac thu tuc phap ly nhu

dang ky kinh doanh, thue tnrac ba, le phi chung thu,...

3. Chi phi mua ban quyen, sang che, phat minh hoac gia

tri dugc thua nhan cua quyen sa huu cong nghiep.

W '

Tri gia cua Igi the thuang mai bao gom uy tin cua cong ty,

cua nhan hieu va vi tri thuan Igi cua no. Tri gia nay, a cac nuac

/

cong nghiep, thuang dugc hinh thanh qua danh gia cua mot so

i \ r

to chirc chuyen mon, hoac mot hoi dong dac biet, hoac dau gia

(khi chuyen nhugng cong ty).

• Du tinh tuoi tho huu ich, tuc la thdi gian tinh khau hao

cua cac tai san co dinh vo hinh. Hien nay a nuac ta, chua co

phuang phap chinh thirc nao dugc dua ra nhung co the dung

phuang phap chuyen gia de danh gia. Muc dich cua viec tinh

16

toan na khong pluu ia sir chinh './in doi ma nham phan

anh Uraig doi hop ly chi ph.i khau > \ ao sr,ia thanh san pham

hoac dich vu.

/ . 2. Tai san <. » dinh huu hlnh

N’iu quan niem tai san. co dinis vo hinh la “tai san mem”

thi cac tit san co dinh hfru hinh la “tai san cung" nhu ten goi cua

chung. Co nhieu neu thue khac nhau de phan loai tai san co dinh

him him. De hieu nhat !a cach phan loai theo tinh nang - cong

dung c u tai san co dinh. Toan bo tai san co dinh huu hinh dugc

chia thanh 4 nhom sau dav:

*

Nhom 1: Nha xuong, kho bai, van phong va cac cong

trinh x iy dung co muc dich tuang tu. Tinh nang chung cua

nhom my la tao ra moi trudng, khong gian hoac nai lam viec.

Luu y ring thai gian thu hoi khau hao cua nhom 1 thuong kha

dai, dien hinh la tir 10 nam den 30 nam, cac cong trinh lan co

1 r

the tinh khau hao tren 50 nam.

r

Niom 2: May moc thiet bi cong nghe, may cong tac, he

/ > r

thong diy chuyen va cac thiet bi le. Thong thuang cac may moc

1 / / *

hoac to hgp thiet bi nay true tiep tao ra san pham, co anh huang

r / *

quyet dnh tai chat lugng va gia thanh san pham. Trong mot

f t i

cong tysan xuat hay che tao, co the tu vai tram tai hang ngan

nhom tliet bi khac nhau, do do viec quan ly khac phuc tap. Mot

w % ^

so bien nhap quan ly se de cap o muc sau.

Vri xu hudng hien dai hoa cong nghe, cac may moc hien

9 \

nay ducc khau hao ngay cang nhanh. Nhieu cong ty may tinh

r *

cua My khau hao trong vong 3 - 4 nam cho ca mot he thong day

' * / 1 X

chuyen lien dai. Nhung day chuyen thiet bi khac co the thu hoi

/ r t \ t

khau ha) tir 5 - 7 nam. Neu khau hao deu trong tuoi tho huu ich

17

4 nam. tuc la ty !e khau hao moi nam la 25% ('-1 x !()<)% =

25%). Luu v rang toe (to khau lino co anh hirong don cm than!

va chien luge dau tu cua cong ty. dong thdi co quan he ttuc ticp

don tien thue niiai nop.

Nhom 3: Cac loai phuang lien van tai, xc co. phirong-ticrl

co giai co clurc nang van chuyen. Do dac diem luu donj», phan

ldn cac phuang tien van tai co pham vi hoat dong rong. co th^

liru dong qua cac dia ban khac nhau. Quan ly phuang tien van

tai can luu y mot so diem dac trung sau:

\ 0

• Chi phi nhicn lieu (xang, dau,...) va phu tung thay the

f *» f

chiem mot tv tron2 danc ke trony qua trinh hoat done. Mot so

•9 \

dinh muc ban hanh trudc day co the ap dung dugc nhung can

xem xet kv cac dieu kien dac thu.

*/ * »

i A /

• Tuoi tho kinh te cua phuang tien thuang tinh theo khoi

1

/ /

lugng van chuyen (tan-km hoac km), trong mot so trirang hgp

co the tinh theo nam.

• Rui ro ve tai nan va trach nhiem dan su co lien quan den

% 1

ngudi dieu khien phucmg tien va chii phuang tien. Khong nen

f

bo qua viec bao hicm tai san, dac biet doi vai tau thuy, sa lan,

may bay va cac phuang tien dudng bo ca dong thuang xuyen de

gap rui ro, tai nan bat ngd.

f f

Nhom 4: Thiet bi van phong, dung cu do hrcrng va kiem

0

dinh. Cong nghe van phong dang ngay cang doi hoi nhung thiel

bi tot han theo xu hucrng tu dong hoa van phong. May tinh, may

\ \ * \

in, may photocopy,... dang dan dan dugc noi mang tao dieu

kien tang nang suit va kha nang canh tranh.

1 0 1 '

De dam bao chat lugng san pham va do tin cay can phai

' * *

dau tu thich dang vao thiet bi do ludng, kiem dinh. Vi du cong

18

t\ he; doanh 6 to !;oa BInk (\ 'N'( ' ■ ; tir khi nitri thanh lap

da Cmu nr mot so von dana ke van t ;< {a-‘av kiem tra chat luohg,

p!«an tich cac thong >o iron a. ta* a a;a u aig dv Kin cua day

cf.Hi.yc:) lap rap \e o to nhir kiem tra do Ivu va do bong cua son,

kiem tra chat luong moi han. do km cua '■ o xe (chiu nirac, phun

ap kre cao) . .

HO thorn: k.iCm dinh 1 ham '’hi dac Net quan tromz de mot

san pham co du kha naua cam tiaun tren thuoma truonc thong

i < " < L .

qua cb§t lugng cao. da*:- bao uy );n.

Nhom tai san co dir.!’ r.av co may diem can liru y nhu sau:

• Cac thiet bi van phong gan hen vai cong nghe cao, cong

nghe tin hoc, may tinh va he thong thong tin; do do anh hirdng

' f

true tiep den kha nang thong tin va tinh nhay ben trong quan ly,

dac biet la chat luong cua san pham hay dich vu. Cac nganh nhu

thong tin buu dien, ngan hang tai chinh, hang khong phu thuqc

* r

vc ca ban vao cong nghe thong tin va cac thiet bi van phong.

Hieu suat lam viec cua nhan vien van phong, cua can bo quan ly

va “bo mat” cua cong ty the hien true tiep qua he thong thong

t

tin va trang thiet bi van phong cua ho.

• Toe do hao mon vo hinh rat cao do do phai chu y quan

/ ' s f \

ly khau hao va chien luge dau tu hien dai hoa. Rat nhieu loai

may tinh va thiet bi phu trg lac hau hoan toan sau 3-5 nam.

f /

• Quan ly nhom tai san co dinh nay ihudng lien quan den

viec bao ve bi mat thong tin, cong nghe dac biet khi phat trien

e

he thong mang (networking). Trong cac cong ty a cac nuac

cong nghiep phat trien, he thong thong tin va mang may tinh

\

dirge bao ve bang cac the ma hoa, password va phai luon dugc

tang cuang.

19

t r /

1.2. Khau hao f:'?i san co djnh v i cac khia canh kinh (c

cua quan ly khau hao

1.2.1. Khai niem ve khau hao

Trong qua trinh sir dung, cac tai san co dinh dan dan bj

/ f

xuong cap hoac hu hong - goi la su hao mon. Su hao mon do

lam giam gia tri cua chung mot cach tucmg ung. Do do. cong ty

f

phai xac dinh gia tri hao mon trong tirng ky ke toan (nam, quy,

thang,...) va hach toan vao gia thanh san pham. Gia tri da khau

V / ^ ^

hao dugc cong don lai (luy ke) phan anh lugng tien (gia tri) da

hao mon cua cac tai san co dinh.

Qua trinh hao mon bao gom 2 hinh thai: hao mon huu

hinh va hao mon vo hinh. Hao mon huu hinh la su suy giam gia

/ fry

tri cua tai san co dinh do su hao mon, xuong cap ve mat hien vat

1 r

gay ra. Cac hao mon huu hinh co the quan sat, nhan biet dugc

\ ^ /

bang tmc quan nhu su han gi, hu hong cac chi tiet, hieu suat

hoat dong giam... Hao mon huu hinh phu thuoc vao dieu kien

hoat dong, cucmg do khai thac, che do van hanh, bao dudng va

tuoi tho cua tai san co dinh.

t r ' #

Hao mon vo hinh la su mat gia tucmg doi va tuyet doi cua

tai san co dinh do tien bo khoa hoc ky thuat, do thi hieu hoac do

f f t f # y

mot so nhan to khac. Su giam sut gia tri khong true tiep bieu

' ' ' , / ’

hien qua be ngoai cua may moc. Do do, co nhung thiet bi co the

mai 100% nhung chi con lai 30%-40% gia tri ban dau, dieu do

phan anh su lac hau ve cong nghe. Trong mua sam dau tu may

t f \ ^ X

moc thiet bi rat can luu y dieu nay.

f «

Cac phuang phap xac dinh chi phi khau hao co the dugc

lira chon de ap dung phu hgp vai dieu kien cu the cua doanh

t \ r r y '

nghiep. O day, chi de cap den nhung van de ca ban nhat lien

20

quan tie:' iuan !v khau hao.

S. u u;:\ chung ta hav \cnj hii m u ■■ r ’..;: nig phap khau

hao thong uung nhat:

r \

1.2.2. K hdu hao deu theo thd'igian (Stteight line method)

* \

Phucmg phap nav tinh chi phi khau hao phan chia deu cho

cac nam. tuc la moi nam tai san co djnh dirge khau hao mot

lugng nhat dinh va khong thay doi cho den khi thu hoi hoan

toan gia tri nguycn thuy eua no.

Hinh H -l.l. Phtrong phdp khau hao duvng thang: Quan he

/ r

giu'a gid tri con lai vd khdu hao lily ke

Phuang phap khau hao theo dirang thang

12000 I—

o

'Thai izian

Tren do thi, true hoanh OX bieu dien so nam trong doi

f • ■> -s, /

cua tai san co dinh. True tune OY bieu dien sua tri eua tai san co

9 • k. ? *

21

djnh d < (iia su gia trj hat: ■ ii: (nguyen cuV) cua tai san co djnh

la tai diem N irne vdi Hl.OOO.OOOd. Moi nam thu hoi khau hao

2.000.000d. do do hct nam tlur nhat, gia trj eon lai eua tai san la

5.000.000d (10.000.000 - 2.000.000) img voi dichn A. Cuoi nam

thu hai. gia tri eon lai xac dinh tai diem 1-5. Vi vay phuang phap

nay dugc gpi la phuang phap dudng thang straight-line

•»

method). Dudng thang NE goi la “dudng gia trj con lai”. Iren

do thi dudng 0D phan anh chi phi khau hao 1 uy ke (cong don).

Sau mot nam, chi phi khau hao dat tdi diem 1)1 = 2.000.000d va

tuang ung nhu vay cho cac nam sau. Tai diem D, tong chi phi

khau hao bang tong nguyen gia tai san co djnh va gia tri con lai

= 0 (diem E tren dudng NE).

r f \

Chi phi khau hao la so tien xac dinh muc do hao mon

hang nam hay tung thdi ky cua tai san co dinh.

/

Ty le khau hao ca ban (K) dugc xac dinh theo cong thirc

sau3

K = " Z + 9 L - ..9 1 x 100% (i.i)

NgxT

Trong do:

• K: Ty le khau hao tinh bang %

t

• Ng: Nguyen gia tai san co dinh

•Ctl: Chi phi thanh ly. thao da, v.v... khi ban thanh ly

2 Hien nay tai Viet Nam, nguyen gia dirge xac dinh theo QD

1062/TC/QD/CSTC ngav 14/11/1996 eua Bo iriK-i.g Ho Tai chinh. C at quv

dinh nay co the thay doi theo tinh hinh thue te.

3 Cong thue nay la can cu de xac dinh tv le khau !''' tuv nhiCn doi vai

cac doanh nghiep thi ty le khau hao da dugc Bo Tat chin!. d jrL ,'ho tirng

nhom TS CD (QuySt dinh s6 1062 TC/QD/CSTC ngay 14 . i/]99o cua B(>

trucrne Bo Tai chinh.

22

ioac I: ii :i !oai I;\? san tv J;:;:: ukr i:nk)

«(»:h. < iia tri thu hoi uk: uni,) cua phc • icii hoac pi a tri

lhai lo.ii cua TSCI).

# e

•T. :i:6i ihu kinh te in' nam tinh kh;Ui h:■ o ) cua tai san co

linh.

TrC-n thirc to, cac you id Ct! va Gth chi la >o irde tinh, kern

'hinh ,\ae. Do Jo. cony thirc ( 1.1 > Juoc Jon gian hoa nhu sau:

K — x 100% (1.2)

T

'I rong mot nam, tinh chi phi khau hao cho tung nhom tai

p n co dinh sau Jo cong Jon lai. Cung co the tinh chung cho tat

cac tai san co dinh khi xac djnh duoc ty le khau hao binh

ijuan. Tien khau hao mot nam tinh nhu sau:

T-Kx NG (1.3)

NG: Nguyen gia tai san co dinh sir dune binh quan trong

nam.

De tinh toan NG trong cong thirc tren co the ap dung

pach tinh binh quan gia quyen (trong so) nlnr sau:

- Ngjk Ng1’' - Ngl" (1.4)

Trong Jo:

' . - ’ \

NGt)k: Nguyen gia tai san co djnh dau ky (thdi diem dau

lam).

Ng*’1 : Nguyen gia tai san co dinh tang binh quan trong

lain

Ng" : nguyen gia tin san co dinh giinn binh quan trong

23

Tinh toan chi tict nhu sau:

1

nam

m

Ng"’ = v , - Z Ns;"l,i ' <15>

1 - i - I

----------- 1 rn

va NqH = — V NgHtH (1-6)

w i '-y /.—i ° J J

i*- j=i

Trong do:

• Ng(+)i va Ng(_)j la gia tri tang (hoac giam) cua nhom tai san

f

co djnh i va j.

• t(+)j va t('j la so thang tang (hoac giam) tuang ung cua

nhom TSCD i va j.

X

Thue ra, viec tinh toan don gian han nhieu so vai cac

cong thue tinh toan hoc co ve rac roi tren day!

> r *

Can chu y m ay diem sau:

1. Nen lap rieng cac bang theo doi tinh hlnh mua sam, ban

f

giao dua vao su dung tai san co dinh, tach rieng bang theo doi

tinh hinh thanh ly, ngimg khai thac tai san co dinh.

r *

2. Viec tinh toan chi tiet nguyen gia tai san co dinh tang

* i

giam binh quan can tuan thu quy dinh cua ca quan co tham

quyen (Bo Tai chinh, ca quan chu quan).

f

3. Cach tinh toan noi tren ap dung cho cac nhom tai san co

dinh khac nhau, sau do tinh tong chi phi khau hao cua cac nhom

* * f

do. Co the ap dung ty le khau hao binh quan (neu thich hop).

Tinh toan ty le khau hao binh quan

Thong thuang, trong mot doanh nghiep co rat nhieu nhom

f r *

tai san co dinh khac nhau. Muc do hao mon va toe do ke hoach

t /

cua cac tai san co dinh do thuang khac nhau. Neu tinh toan

24

thi khoi lircrng tinh toan co the rat Ion Do do. tmng mot so

trucrng hap. chang han nb.\r !ap ke ho^h ' hau hao. dir tinh

luone tien (cash flows;, co the ap d.i;-iT *.i t nh -\ le khau hao

i V.-? v •

binh quan ( K ).

K = V K ,i (1.7)

i ' » V

i - I

Trong cong thue nay:

0 t

K;: Ty !e khau hao rieng cua mot nhom tai san co dinh

(nhom i).

d,: Tv trong ve nguyen gia cua nhom tai san co dinh i tuc

la ty le giua nguyen gia cua nhom do so voi tong nguyen gia tai

f

san co dinh cua doanh nghiep.

Duong nhien la tong cac ty trong (d,) bang 1:

td ,= l (1.8)

1=1

Khi da xac dinh dugc ty le khau hao binh quan ( K ) va

nguyen gia tai san co dinh sir dyng binh quan thi de dang tinh

(fugc s6 tikn khau hao eua ky do.

Tcb = Kcbx NG (1.9)

Truoc day, nguoi ta tinh khau hao binh quan trong do

tach rieng khau hao co ban va khau hao sira chua Ion. Tuy

* /

nhien, co the tinh gop lai thanh mot ty le khau hao binh quan

chung va hien nay hau nhu khong tinh rieng khau hao sua chua

Ion. Ducri day la vi du cach tinh theo ty le khau hao binh quan:

M in/t hoa M - l .l:

Mot phan xirang sgi cua Cong tv Dot - Sgi BIGSTAR CO

sir dung 6 nhom may moc thiet bi vai so lieu tom tat nhir sau

Tren bang B-1.1. cot (5) tinh bang each chia so tuang irng

cua cot (4) cho tong nguyen gia tai san co dinh (5.560.0O0.000

dong). Vi du. ty trong cua nhom may chai la d: ”22.800.000 :

5.560.000.000 = 0.130. Ket qua tinh toan a cot (6) cho bii-t ty le

khau hao binh quan cun 6 nhom tai san co dinh noi trim cua

congty BIGSTAR la K = 0,2030S

Bang B -l.l. Ty le khau hao binh quan eua BIGSTAR CO

(6 nhom tai san co dinh)

STT

Ten nhom TSCD

Ty le

KH %

" J]

Nguyen gia

(1000

dong)

r

Ty trong

ve nguyen

gia

M i

(1)

(2)

(3)

(4)

(5)

(6)

1

May xe tron bong

15 828.440

0,149

0,02235

2

May chai 20

722.800 0,130

0,02600

3 May sgi tho

24 1.017.480 0,183

0,04392

4

May sgi con

24

1.445.600 0,260

0,0C)240

5

Thiet bi nhuom

hap

18

639.400

0,115

0,02070

6

Cac thiet bj khac

17

906.280 0,163

0,02771

Tong cong

5.560.000 1,000

0,20308

r r

Neu ty le khau hao cho

> *

tong hop (khau hao ca ban va

so tien khau hao la:

r

biet a cot (3) la ty

khau hao sira chua

le khau hao

lan) thi tong

Tkh = K x NG = 0,20308 x 5.560.000 ncan dong

= 1.129.124,8 ngan dong

26

Liru y rang, gia tri *'* roi *-U phai la ngu\en gia tai san co

dinh sir dung binh quan cua cac: nhom Hong kv Neu khong nhir

vay th! ket uua tinh toan so kem chinh xac

1.2,3. Cac pliii’o'nx j'hap khdu hao fiiani[ i*ia "

So dT co ten goi “tang gia" (acceleration) vi cac plurong

phap no> Jam tang toe do thu hoi khau hao cao non so vai toe do

hao mon hiru hinh thue :e cua «ai s;in co uinh. Sau day. chung ta

' ' ' '

de cap tom tf>? nhung phira:!? phap pho bien nhat.

r

Phuong phap khau hao nhanh don gi:in

Dira tren ty ic khau hao thong thuang (K), ban quan ly

cong ty hoac Phong tai chinh - ke toan co the xav dung phirang

an khau hao nhanh nham dav manh toe do thu hoi von va doi

^ ♦

fs ' 9 *

smai cong nghe. Can tim ra mot lie so khau hao nhanh phu hap

(H ) Gia sir, cong ty thay rang co the day nhanh toe do khau

hao bang 120% so vai muc thong thuang, khi do he so khau hao

duqc ap dung se la K* = H* x K = l,2K. Chang han ty le khau

hao thong thuang la K = 15% thi ty le khau hao nhanh duac ap

dung la: K* = 1,2 x 0.15 = 0.18 hay 18%.

J’huong phap khau hao "tong so" (total-digit method)

De minh hoa cach tinh toan ty le ke hoach, co the theo doi

bang duai day:

Minh hoa M-1.2:

Cong ty SAND Co LTD khai thac mot nhom tai san co

dinh vai tuoi tho kinh te T = 5 nam, long nguyen gia la 360 tricu

% 9

dong. Ap dung phuang phdp nay, cong ty se xay dung bang tinh

khau hao nia tang nhu sau:

27

r r

Bang B-1.2. Tinh khdu liao theo ph u o n ” phap "ton# so"

So (ion K h fm

Nani ! So n am

fhfr I con Ini

. . . . . . . . . . I Tv It* K11 .

IvleKU i *.i i - . lino m o t n a m

i oii’ii chinh

(ItK l! UuI'H)

( I)

(2 )

(3)

(4)

1 | 5 | 5/15 = 33,3% !

U —

3

4

3

4/15 =26.6%

3/15 = 20%

33

26

21

- 4

...

15 15

2/15 = 13.3%

i

1/15 = 6.8% !

!3

7

15/15 = 100%

100

118.8

93.6

75.6

46.8

25,2

360.0

Cudi cot (1) chung ta tinh tong cac con so cua so nam tir

la: 1+2+3+4+5=15. Con so nay chi co y nghia ve thuat toan m

thoi, do la ly do tai sao goi goi phuang phap nay la "tong so

(total-digit method)

/

Tren cot (2) phan anh so nam con lai cua dcri hoat don

kinh te cua tai san co dinh (luu y tinh tir thai diem ngiiy 01/

cua nam do).

Tren cot (3) chi viec dan gian chuyen cac so tuang img <

cot (2) sang lam tir so va mau so la 15.

7 ' ' ' /

De dan gian va nham dieu chinh mot phan ty le khau hac

nguai ta lap ra cot (4) va so tien khau hao timg nam de thu

hien tren cot thu (5)

x •» 1 /

Liru y rang, co the ap dung cong thirc sau day de true tie'

t

tinh ra ty le khau hao (cot 3).

Tuy nhien, phuang phap nay co mot so han che sau da

nen it duac ap dung:

28

- Ty le khau hao cua nam dau hoac n.ain thu hai qua cao,

co the lam tang gia thanh san pham qua mire cho phep.

f t

- (,'h luong dot thich hop vai cac nhom mi san co dinh co

tuoi tho knh te (1") tir 6-iO nam. Ngoai pham vi nay cac ty ie

khau hao ;.p dung se giam y nghia tfcii cue cua no.

• U’i diem cua phucmg phap "tong so" la cho phep han

che sir ton that von co dinh do hao mon vo iiinh va tuang doi de

tinh toan. No phu hap vai cac doanh nghiep co ty le chi phi

khau hao rong gia inimh nho (ehang han o muc l%-2% trong

gia thanh)

r / \

1.2j , Phuang phdp khau hao so die guiin dan (Declining

Balance Method)

Ten goi cua phuang phap nay phan nao phan anh cach

•% f t \ f •£>

tinh loan ien khau hao. So tien khau hao moi ky (n&m) dugc

tinh tren *ia trj con !ai cua tai san co dinh a dau ky do (chu

khong tini tren nguyen gia nhu trong phucmg phap khau hao

deu). Gia ri con lai cua tai san co dinh (so du) giam dan qua cac

t > ■»

nam, do d> chi phi khau hao cang ve sau cang giam. Chang han,

mot he nong thiet bi cua MY SKY Co. co nguyen gia

360.000.0)0 dong vai ty le khau hao tong hop K = 20%.

/ y ' \ r

T he) phuang phap so dir giam dan, so tien khau hao cac

nam linh nhu sau (xem bang B-L.3)

29

Ban i’ B-J.3. Khdu hao so dtrgiant dan cua MY SKY Co

■ ■

.

.............

—

Nam

Gia (ri con

lai dau nam

So tien trich

khau hao

trong niini

Gia trj con la

cuoi nam

(31/12)

(i)

(2) i

! (3)

(4)

i

360.000

1

72.000

1

288.000

2

28S.000

57.600

230.400

46.080

184.320

4

184.320

36.864

147.456

5 147.456 29.491

117.965

Tong so

j 242.035

-

* 9 m A

Bang B.1.3. cho thay, vai phuang phap so du giam dai

sau 5 nam mai chi thu hoi duac 67,23% nguyen gia cua h

f t $ \

thong thiet bi. So vai phuang phap khau hao deu thi day la m<

nhuac diem ca ban, vi sau 5 nam khau hao deu vai ty le 20^

cong ty MY SKY Co co the thu hoi 100% von dau tu vao h

w t \ t

thong thiei bi nay. Luu y rang, neu ap dung tuang tu vc

phuang phap so du giam dan thi khong bao gia thu hoi duo

\ t %

100% tri gia ban dau cua tai san co dinh. Doi khi, nguai ta nan

f 9 t \ 9

ty le khau hao cua cac nam cuoi len gap doi nham rut ngan the

\ t \

_

gian thu hoi von dau tu. Tuy nhien, phuang phap nay chi duo

/ / 1 ' t t

ap dung rat han che, khong pho bien. No chi tuang doi phu ho

f /

vai cac nhom tai san co dinh co tnoi tho kinh te khoang 8-1

nam va de ban lai duai dang "second-hand" khi chua thu hoi h<

9

khau hao.

r

1.2.5. Phivffng phap khdu hao theo san Urffng (Outpu

based Depreciation)

f

. Trong mot so linh vuc kinh doanh (nhu i tai, xay dunj

30

n o n g n g h ie p , v.w.j co the dua . ;’sv i s.wi !uvmg iutv k iio i lu o n g

rhoat dong thirc te cua tai san co dinh de xac dinh chi phi khau

hao. Dieu kien de ap dung co hieu qua phiroim phap nav la:

I * *

• Viec xac dinh, thong ke theo doi san Urortg tirang doi de

,

dang va khong ton kcm.

O C ' ’

, /

• Sir thay doi muc do hoat dong eua tai san co dinh khong

gay dot bien lan trong gia thanh binh quan cua san pham hay.

dich vu.

• Co the ket hop theo doi san luong thue te vai muc tieu

• I ^ *

hao rnot so vat tu, nhien lieu, phu lieu.

Truac hct, can biet mire khau hao tren mot dan vi san

lugng (mkh):

m

Tong nguyen gia TSCD

(hay gia tri phai thu hoi

nikh =

-----

T------ 7— :

-------

:

-------------

(dong) (1.10)

Tong khoi lugng dinh mire

cua dai thiet bi

Trong cong thue (1.10), tnau so la tong khoi lugng ma tai

san co dinh (hay mot thiet bi nao do) co the thue hien trong suot

* *

dai hoat dong eua no. Vi du, mot loai xe tai co the van chuyen

9 f /

600.000 tan-Kilomet trong suot tuoi tho kinh te cua no. Duong

/ /

nhien, con so nay it khi chinh xac tuyet doi.

Trong mot ky nhat djnh (thang, quy hoac nam), so tien

khau hao tinh nhu sau:

Tkh = mkhxQ (1.11)

O day: Q la san luang hoac khoi lugng hoat dong thirc te

trong ky

31

Minh hoa M-1.3.

Cong ly MYSKY CO dang sir dung 3 nhom xe chuye

dung de vim chuyen hang h.oit. Mire khau hao tren moi don i

san lugng eiia cac nhom la:

-Nhom 1: 2.500 d/T-Km ,

- Nhom 2: 4.200 d/T-Km

- Nhom 3: 3.000 d/T-Km

San lugng thue te cua cac quy dugc phan anh tren ban

B.3.5 sau day. Chi phi khau hao cua timg nhom phucmg tie

cung dugc tinh cho timg quy (co the tinh theo thang, tuar

ngay).

Bang B-1.4. Tinh khau hao theo san lurpng thue te

So

TT

Nhom

phirang tien

Quy I

Quy 11

Khoi

lirong

van

•

chuven

T-Km

So tien

khau

hao

(l.ooo d)

Khoi

luyng

van

chuyen

T-Km

So tien

khau

hao

(l.ooo d)

(1)

(2) (3)

(4)

(5)

(6)

1 Nhom 1

5.000

12.500 7.100 17.750

2 Nhom 2

3.600

15.120

3.720 15.624

3

Nhom 3

2.800 8.400 4.200 12.600

*

Tong cong

36.020 45.974

r f 7

Phuang phap khau hao theo san lugng co mot so uu diem

' * '

• Chi phi khau hao gan hen vai mire do khai thac sir dun

TSCD, do do phan anh gan sat vcri qua trinh hao mon thirc te.

f t

• Ket hap dugc vice thong ke, theo doi san lugng vai tin

32

hinh sr dung may moc thiet bi va tieu hao vat tu. plni tung.

• Dan gian. de ap dung, nhat la trong cac nganh xay dung,

van ta , nong nghiep (vcri mot so nhom thiet bi va cong viec nhat

dinh).

■'Ihuge diem cua phuang phap nay co the tom tat nhu sau:

r t

• Phai co su theo doi, thong ke san lirang thue te tung thai

kv ma; co the tinh dugc chi phi khau hao cua ky do.

f t /

• Neu viec sir dung mot so nhom thiet bi hay TSCD nao

do co tinh thcri vu va ty le chi phi khau hao trong gia thanh lan

If 1

thi co the gay bien dong gia thanh dan vi san pham (hay djch

vu) qua cac ky trong nam.

$

• Pham vi ap dung khong rong, chi thich hgp vai mot so

nganh, mot so loai TSCD.

1.3. Tac dong tai chi'nh cua khau hao doi voi doanh

• o

nghiep

r * f f '

Thoat nhin sa qua, co the khong thay hct anh huang nhieu

f t

mat cua khau hao. Do qua quen thuoc vai ca che quan ly cac

doanh nghiep nha nuac (DNNN), nen nhieu nguai chi nghl rang

t f ft

khau hao anh huang den bao toan von co dinh va gia thanh.

f t

Thue ra, toe do khau hao nhanh hay cham co anh huang

\ f y t

dong thai den nhieu mat hoat dong va den quan he Igi ich xung

quanh viec nop thue. Co the tom tat nhu sau:

• Neu tang ty le khau hao thi toe do thu hoi von dau tu

vao tai san co dinh tang len, han che hao mon vo hinh, tao dieu

kien nhanh chong doi :^oi cong nghe. Dieu do cung co nghia la

tang kha nang bao toan von co djnh.

\ r r \ '

• Tuy nhien, mat khac can phai giai quyet la van de gia

33

thanh san pham va kha nang tieu thu tren thi truang (kha nang

canh tranh qua gia). Neu ty le chi phi khau hao trong gia thanh

* t f *

san pham rat nho thi cung de dang chap nhan khau hao nhanh.

Ngucrc lai, khi tang ty le khau hao sc lam tang gia thanh sail

pham mot cach dang ke, gay sue cp buoc doanh nghiep tang gia

t ' '

ban de giu: muc loi nhuan mong muon. Nhung trong dieu kien

canh tranh, viec tang gia thuang lam giam kha nang canh tranh

/ «

va mure tieu thu. Day la tac dong bat lai can xcm xct ky luong.

* r t

• Anh huang tat yeu, nhu mot he qua, cua viec tang khau

hao la lai nhuan ke toan se giam, vi noi chung mat bang gia ban

bi an dinh bai thi trirang. That ra. ban chat kinh te cua so lai

•» \ r

nhuan giam di tren so sach chi phan anh ve mat ke toan. Lai

f t

nhuan bao cao giam xuong thi thue lai tire phai nop cung giam.

jf y t \ ^ i

O nhieu nuac, rat nhieu cong ty lai dung diem nhay cam nay de

"tranh thue" mot cach hap ly. Liru v rang, day khong phai la

t r

tron thue vi doanh nghiep khong vi pham luat phap.

1.4. Quan Iv tai san co dinh ve mat hien vat

Ngoai viec quan iy thuan tuy ve mat gia tri, rat can luu y

t \ \ # A

quan ly cac tai san co dinh ve mat hien vat nham dat hieu qua

t * y

kinh te cao nhat. Tuy theo dac diem, quy mo va kha nang quan

ly, co the xay dirng che do quan ly tai san co dinh mot each

thich horp vai dieu kien cu the cua cong ty. S^a day la mot so

diem ca ban:

/ r

1.4.1. He thong theo doi tai san co dinh

Doanh nghiep can hoan thien he thong theo doi va kiem

soat toan bo tai san co djnh. Viec theo doi tai san co djnh khong

ton kem nhung co kha nang tang hieu qua sir dung cac trang

34

thiet bi hien co. Deni gian nhat la lap cac so theo doi tong hop va

chi tiet. So tong hop phan anh khai quat tinh hinh quan ly su

dung ca: nhom tai san co djnh, cac chung loai thiet bj, nhung

chi ghi cac thong tin co ban nhat.

SC chi tiet dung de liru tru day du cac thong tin ve timg

nhom mo hoac timg doi tuong thiet bi. So nay phai thuong

y y

xuyen djgc cap nhat, tuc la ghi ngay khi co nhung thay doi ve

/ j y

tai san :o djnh. Cac so nay thuong dugc sir dung nham muc

r

dich qu.m ly chat che tai san co dinh trong timg doanh nghiep

* f * * - v 1

ncn co tie thiet ke linh hoat ve khuon mau cua so.

t f 1 T

B:en phap tot nhat la ap dung may tinh de theo doi cac so

> f

noi tren Cac thong tin ve tai san co dinh lien tuc dugc cap nhat

vao co so du lieu (database) trong may tinh, khi can biet chi

dung mot lenh don gian de goi ra man hinh hoac in ra giay. Cac

cong t> hien dai con noi mang cac may tinh voi he thong

r i

camera :heo doi thiet bi de tu dong ghi lai tinh hinh van hanh va

f 1 \

hien traig cua thiet bi o muc do don gian, co the dung cac phan

mein nhu Excel, Lotus, Foxpro,v.v...)

1.4.2. Phan dinlt trach nhiem

• •

r + y

Cic nhom may moc thiet bj hoac cac to hgp day truyen

thiet bi nen dugc giao cho timg nhom hoac ca nhan quan ly.

ft

Phai can cu vao quy trinh cong nghe, su sap xep ca kip va cach

thirc to chirc phan xuong de phan dinh trach nhiem. Khong co

mo hint nao chung cho moi cong ty, moi doanh nghiep ma chi

ncn ap dung su phan cap hoac giao trach nhiem quan ly van

hanh sa) cho phu hgp , hoat dong cua doanh nghiep.

X / r

Cie do phan djnh trach nhiem ncn gan voi che do ban

giao, th;o doi va thuong phat nham khuyen khich moi nguoi co

35

y thirc tot hon trong quan ly tai san. Ncn quy dinh cho J(> hao

cao djnh ky doi vai cac quan doc phan xuong, truant, c a, to

truong hoac kv su phu trach day truycn ve tinh hinh sir cung tai

san co dinh ciia timg bo phan.

f '

1.4.x Quan ly tai san co dinh vc mat ky thuat

Nha kinh doanh muon khai thac co hieu qua nhat caic tai

f \ * \

san co dinh thi can luu tain truoc het ve mat quan ly k; t.lmat,

quy pham ky thuat va tmii trang hoat dong cua may nuc thiet

bi. Mot so loai tai san co dinh (nhu nha cira, khu van phong,

duong giao thong noi bo, v.v...) khong doi hoi thuong xiyc:n ve

\ /

mat bao duong, duy tu. Tuy nhien, phan Ion cac thiet ii may

w \

moc, he thong day truyen cong nghe yeu cau phai dim bao

nghiem ngat ve mat ky thuat. Tham chi, co the xay ra tai nam va

f t i

sir co nghiem trong neu co true trac ky thuat. Chang han ihiu su

r f

co he thong loc bui tinh dien cua Cong ty xi mang Hoang T hach

t / * # x

da gay ton that hang tram trieu dong, gay o nhiem moi trurong

trong may thang.

/ * /

Sau day la mot so diem ca ban rat dang chu y:

t \

• Quy trinh ky thuat, che do 4'an hanh can duoc duiy tri

» r + e \ ^ t

nghiem ng3t voi ky luat chat che de han che ton that ve n^u<ai va

/ /

tai san. Mot so truong hop dang tiec da timg xay ra do biuong

long quan ly ve mat quy pham. Cong ty nen chu y thici (dang

r

viec dao tao ky su va ky thuat vien gioi chuyen mon, ihiat la

r

trong nhQng nganh co mire do phirc tap cao; va khai tia<c tot

trinh do chuyen mon cua ho.

• Phai lap ljch trinh van hanh va theo doi cho tmig he

thong thiet b|, co phan dinh troch nhiem ro rang. Lich kC*nri tra

/ • r X | '

dinh kv, bao duong, duy tu may moc thiet bi la rat can tthiet.

36

Khuycii klucli can bo. cong nhan tich are -ham gia giir gin may

moc; thong bao ngav cac sir co cho tigiroi quan ly do khac phuc

kip thai.

• i)6i vai cac loai thiet bi mai. hien dai ncn thue hien kem

> ^ f

cap, dung tho co tav nghe cao huang dan kem cap true tiep cho

ngiroi chua quen viec.

f t

• Hap ly hoa viec lap dat thiet bi may moc trong nha may

t f

la mot khau qyan trong. Mac du da co thiet ke va hoach djnh

truoc nhung khong phai bao gia viec bo tri thiet bi cung hop ly;

doi khi gay lang phi tlioi gian va lam tang chi phi van hanh cua

he thong thiet bi. Doi voi cac may moc thiet bi le, khong tao

' > r \

thanh day chuyen cung can chu y viec bo tri nham giam chi phi

van chuyen va thai gian gian doan giua cac khau cong viec.

37

Chuong2

QUAN LY TAI SAN LUU DONG

VA VON LUU DONG

Toan bo cac tai san cua mot doanh nghiep dirge chia thanh

hai bo phan: tai san co dinh va tai san luu dong. So voi tai san

co dinh, tai san luu dong (current assets) quay vong nhanh han

nhieu, cho nen viec quan ly tai san liru dong co anh huang quyet

dinh den kha nang tao doanh thu va sinh Igi cua cong ty.

1 * \

Chuong nay se diem qua nhung van de quan trong nhat eua

f \

quan ly tai san luu dong bat dau tu viec nghien cuu khai niem

kha nang chuyen doi cua tai san.

2.1. Kha nang chuyen doi cua tai san (Liquidity)

Cac tai san co the mua ban trao doi dugc, va do do chung

co the chuyen hoan tir dang tai san do thanh tien vai mire do

* * *

thuan Igi khac nhau. De dang thira nhan rang: trong tat ca cac tai

san, ke ca tai san co dinh va tai san luu dong thi tien (tai san

bang tien) la dang tai san co tinh chuyen doi cao nhat, tire la no

giir vi tri so 1 ve tinh co the chuyen hoa dugc. Tien (cash) luon

luon co the chuyen doi thanh chinh ban than no. Vi vay, cac nha

r * ■» i i

kinh te coi tien la tai san chuan de do luong kha nang chuyen

*

doi cua cac tai san khac.

Kha nang chuyen doi hay ti'nh linh dong (con goi la thanh

38

khoa.i) cua mot tai san phan anh mire do de hay kho de chuyen

doi tti san do thanh lien (cash). Trnng tai chinh, khai mem kha

nang chuycn dr-i (liquidity)1 la mot trony nhirng khai niem ca

ban.

* , r r

Tren bang can doi ke toan. cac tai san dugc sap xep theo

tinh linh dong giam dan (tu tren xuong); do do von bang tien

(cash) luon luon a vi tri so 1.

Khac vai tai san co dinh, tai san luu dong phan Ion dong

t

vai tro la doi tugng lao dong, tuc la cac vat bi tac dong trong

qua trinh che bien, bai lao dong cua con nguai hay may moc.

Do do, tai san luu dong phan anh cac dang nguyen lieu, vat lieu,

\ r

nhien lieu, phu lieu, v.v... Luu y rang mot so loai cong cu lao

*

dong nho, dung cu cung dugc coi la tai san luu dong mac du ve

/ f * \

ban chat chung thuoc tai san co dinh (Dieu quy dinh nay nham

f

tao thuan Igi trong ke toan).

f

Nhu vay, trong mot chu ky san xuat, cac nguyen vat lieu

f t 1

tharn gia va bi che bien thanh san pham hoan chinh va toan bo

*

gia tri cua cac nguyen vat lieu do chuyen hoa hoan toan vao gia

t f

thanh san pham. Do la ly do tai sao khong phai tinh khau hao

/ ' *

doi vai cac loai tai san luu dong, ma chi khau hao cac tai san co

djnh.

Tri gia cac nguyen lieu, vat tu. v.v... tieu hao trong mot

chu kv (hay mot thcri ky) duac dua vao gia thanh san pham ngay

mot lan (doi khi co the phan bo dan mot so lan nhu doi vai phu

f

tung thay the, cong cu lao dong nho).

1 Trong tieng Anh, tir Liquidity co nghTa den la trang thai long, co tinh

long hay linh dong, nghTa bong la kha n5ng thanh toan.

39

2.2. Co' cau va phan loai tai san luu dong

Co the phan loai tai san liru dong theo kha nang ciuyen

> ’ *

doi va dac diem kinh te cua timg nhom nhir sau:

a. Tien (Cash)

Tai ca tien mat tai quy, tien Iren cac tai khoan ngar hang

va tien dang chuyen (ke ca noi te va ngoai te) deu thuoc nhom

% \ ^ s r \ y

"tai san bang tien". Luu y rang, 6 day tien (hay von bant: tien)

\ \ ^

khong phai chi la tien mat. Nhieu ngucri nham lan khai niem

t \

CASH trong tieng Anh va cho no dong nghTa voi khai nie n tien

mat trong tieng Viet. Theo ngon ngu tieng Viet Nam, "tier mat"

khong bao gom tien giri ngan hang. Khi cac doanh nghiep thanh

toan bang sec hoac chuyen khoan thi dirge got la "thanh toan

khong dung tien mat”. Trong linh virc tat chinh - ke toan, tat san

% % '

b&ng tien “Cash" cua mot cong ty hay doanh nghiep bao gom:

1. Tien mat (Cash on hand)

2. Tien guri ngan hang (Bank accounts)

3. Tien duoi dang sec cac loai (Cheques)

>

4. Tien trong thanh toan (Floating money, advanced

payment)

5. Tien trong the tin dung va cac loai tai khoan the ATM

b. Vang hoc, da quy va kirn khi quy

f

Day la nhom tai san dac biet, chu yeu dung vao muc dich

du tru. Tuy vay, trong mot so nganh nhu ngan hang, tai chinh,

bao hiem, tri gia kim cucmg, da quy, vang bac, kirn khi quy,

v.v. . co the rat Ion.

c. Cac tai san tuang duefng v&i tien (cash equivalents)

Nhom nay gom cac tai san tai chinh co kha nang chuyen

40

doi cao, tire la de ban, tic chuyen doi thanh tien khi can thiCt.

i uy nl'ien, khong phai tat ca cac loai chirng khoan deu tlu£c

nhom lay. Chi co cac chung khoan ngan han de ban moi dhrgc

f

coi la ai san liru dong thuoc nhom nay. Ngoai ra, cac giay to

tin rant mai ngan han. dtrac bao dam hoac co do an toan cao thi

ciing nuoc nhom nay. Vi du: hoi phieu ngan hang (banker

f

acceptance), ky phieu thuang mai (commercial bill), bo chung

tir hoan chinh (clean set of documents ), v.v...

r r

'Yen thirc te ranh giai giua cln'mg khoan ngan han va

t

chung khoan dai han khong hoan toan ro rang, viec xep loai phu

thuoc ’ao quyet dinh dau tu cua ban quan ly doanh nghiep. Gia

1 /

su cdrg ty Blues Co. dang scr huu 1000 co phieu cua cong ty

/ y f

may tinh IBM. Ban quan ly Blues quyet dinh giu 600 co philu

IBM mot cach dai han, tire la dau tu chung khoan dai han; 400

/ ^

co phiiu con lai se ban khi gia len cao (thi gia) hoac khi can

thiet b3 sung nguon tien cho cong ty. Trong truong hap nay, tuy

*

cung It mot loai chung khoan nhung chi co tri gia cua 400 co

* f

phieu noi tren la tai san luu dong (chung khoan ngcin han) cua

cong ty Blues.

c. Chi p h i tra trir&c (Prepaid expenses)

y m \

Chi phi tra truoc bao gom cac khoan tien ma cong ty da

/ f

tra trujc cho nguai ban, nha cung cap hoac cho cac doi tuang

t * 1

khac. Mot so khoan tra truoc co the co muc do rui ro cao vi phu

^ e t r

thuoc ’ao mot so yeu to kho du doan truoc.

(. Cac khoan phai thu (Accounts receivable)

Cac khoan phai tnu la mot loai tai san rat quan trong cua

doanh nghiep, dac biet la cac cong ty kinh doanh thuang mai,

mua bin hang hoa. Hoat dong mua ban chiu giua cac ben, phat

41

sinh cac khoan tin dung thu<mg mai. Thirc ra, cac khoar n'hai

thu gom nhieu khoan muc khac nhau tuy theo tinh chat cua quan

-v

he mua ban, quan he hop dong. Phu thuoc vao mire do rii ro,

cac khoan phai thu co the chia thanh cac loai sau:

- Do tin cay cao (Loai A)

- Do tin cay trung binh (Loai B)

- Do tin cay thap (Loai C)

*

- Khong the thu hoi dirge (Loai D)

Khi phan tich tin dung hoac danh gia kha nang thanh toan

eua mot cong ty, loai A dugc tinh 100% tri gia ghi tren tai

khoan, loai B chi dugc tinh 90% - 95%, loai C dugc tinh '0 % -

80% tri gia va khong tinh den loai D. Loai D coi nhu khoig co

hy vong thu hoi (bad debt), sau mot thai gian xac dinh khong

doi dugc thi co the xoa khoi tai khoan phai thu (write-off)2

/ *»

Trong thue te hoat dong kinh doanh, de quan ly cac khoan

ng thuang mai, cac khoan phai thu, nguai ta phai xay dung he

J

thong chinh sach va cong cu cua cong ty; cac cong cu do durgc

ap dung trong linh virc quan ly tin dung va co the do mot pidmg,

ban hoSc mot bo phan chuyen mon hoa quan ly.

/ Tien dat coc

Trong nhieu truong hgp, cac ben lien quan den hgp dong

r \ * \ \ y.

phai dat coc mot so tien nhat dinh. Phan lan cac dieu khoan ve

tien dat coc quy dinh theo 2 cach:

r ^ t

- So tien dat coc tinh theo ty le phan tram tri gia hoac

2 Trong ke toan, ngirdi ta dun” tai khoan "Dir phong ng khc cdoi"

(Allowance for uncollectible accounts) de theo doi va hach toAn doi \y[ cac

khoan phai thu.

42

dong hcac tri gia tai san dirge mua ban.

- So tien dat coc dugc an dinh bang so tien cu the (chang

han 5 0.300.000 dong), hoac mot tri gia toi thieu cho hgp dong.

T'ong cac truong hgp ben dat coc thue hien troi chay hgp

dong tli ho co toan quyen lay lai tien dat coc. Neu co su vi

pham hoac huy bo hgp dong, hoac khong tiep tuc tham gia (vi

du dau diau) thi ho co the bi mat tien dat coc. Nhu vay, tien dat

ft *

coc la not khoan muc tai san khong chac chan, do tin cay co the

dao dorg lan, tu 90% den 30% hay 40%.

/

Co tinh chat la mot tai san bao dam nhu vay nen mac du

A ' f

tien da: coc thuoc ve tai san luu dong nhung no khong dugc cac

ngan hang tinh den khi xac dinh kha nang thanh toan bang tien

cua cloaih nghiep.

g H ang hod vat tir (Inventory)

Kang hoa vat tu dugc theo doi trong mot tai khoan goi la

hang- on kho. "Hang ton kho" trong khai niem nay khong co

f

nghia Sa hang hoa bi u dong, khong ban dugc, ma thue chat bao

\

ham tcan bo cac hang hoa vat lieu, nguyen lieu dang ton tai a

cac lkho, quay hang hoac trong xuong. Tren thirc te, hang hoa

* 1 •» \

ton lkho co the bao gom hang tram chung loai khac nhau. Tuy

nhien,co the gop lai thanh nhung nhom sau:

• Nguyen lieu, vat lieu chinh.

• Vat lieu phu, vat lieu bo trg.

*

• Nhien lieu va cac loai dau mo.

• Thanh pham.

1 i

• San pham do dang va ban thanh pham.

43

• Cong cu nho, cac dung cu lao dong thuoc ta: san luu

dong (da de cap a phan 3).

• Phu tung thay the.

• San pham hong va cac loai khac

h. Cac chi p h i chir phan ho

r * e

Trong thirc te, mot khoi lugng nguyen vat lieu va mot so

khoan chi phi da phat sinh nhung co the chua dugc phan bo vao

gia thanh san pham tu-j dich vu. Nhung khoan nay se dugc dua

vao gia thanh trong khoang thai gian thich hgp (xem phan quan

ly chi phi).

2.3. Quan ly hang hoa vat tu- ton kho

Trong viec quan ly tai chinh doanh nghiep, quan ly hang

^ f \ f ^ *

ton kho la mot van de rat dang chu y. Hien nay con mot so y

f \ '

___

1

kien khac nhau ve quan ly hang ton kho. Trong khuon kho eua

e r \ r

muc nay chung ta se nghien ciru mot so van de co ban nhat.

*

a. Xac dinh nhu cau nguyen lieu, vat lieu die tr ie

Neu muc do du tru nguyen lieu, vat lieu, phu timg (ggi

chung la vat tu) khong phu hgp voi yeu <?au san xuat kinh doanh

*

thi co the xay ra hai truong hgp:

• Muc du trur qua Ion, du thua gay u dong, lang phi von

va hieu qua thap.

• Muc du tru qua nho, thieu vat tu, gay ra tinh trang cang

J / 4 f

thang hoac tham chi phai tarn ngirng san xuat do thieu nguyen

vat lieu.

\ r

Ro rang, ca hai thai cuc noi tren deu khong tot, do do

ngucri ta muon xac dinh muc du tru thich hgp nhat voi cong ty

44

troii'.: tunu dieu kien cu the. Lam the n;io de tinh toan dune mire

^ - V .. ' .

d<) ilnck hoi) do? Mac du con mot so v i- ii-n khac nhau nhunu co

• * „ ^

hai plurong phap sau day dirac thira nluju -ong rai nhat.

Phuong phap dieu chinh don gian.

Theo phuang phap nay, co the dira vao tinh hinh tieu hao

vat tir ciia nam truoc (hoac kv truoc) de uoc tinh so vat tu can

. X % r

tiet cho ky nay. Ty le dieu chinh dira tren mot so dir lieu va

thong tin nhu: muc do giam tieu hao vat tir (tiet kiem vat tu),

san lirang dir kien, gia vat tu, v.v... Phuang phap nay co tinh

^ •» f

chat kinh nghiem nhung de ap dung; tuy nhien co the sai so

dang ke. Trucmg hop cong ty (doanh nghiep) mai di vao hoat

dong thi khong the ap dung phuang phap nay vi chua co du lieu

va kinh nghiem cua ky truoc. Sau day la mot vi du minh hoa.

Minh hoa M -2.1.

Cong ty Thanh Thanh Co.Ltd chuyen san xuat cac mat

hang nhua cao cap voi nguyen lieu chinh la nhua P.E. Tinh hinh

f; /

thue te san xuat va cung img nguyen lieu chinh nam 1996 nhu

sau:

** *> /

• Tong san luong thanh pham: 850 tan

• Nguyen lieu chinh (P.E) da sir dung: 930 tan

*» 4 t /

• San pham hong (khong tai che duac): 4,5 tan

• Dan gia nguyen lieu binh quan: 28.000 d/kg

r 9

• Nhip do san xuat va cung img nguyen lieu tuang doi

deu dan tromz nam.

o

/ * t

Nam 1997 Ban Giam doc cua cong ty du kien ke hoach

r

voi mot si) thong tin nhu sau:

45

•> i t

• Tong san lugng thue hien (thanh pham): 11 < )0 tan

• Ty le san pham hong so vcri thanh pham giam >(.)'’;> so

vai nam 1996.

• Thay the 5% nguyen lieu chinh bang phu lieu rat re tien

vcri gia khong dang ke.

r

• Dan gia nguyen lieu binh quan du kien tang 4% so vai

nam 1996.

%

Tu cac du lieu tren day co the irac tinh nhu cau va muc

cung ung vat lieu chinh (P.E) nam 1997 nhu sau

- Ty le san pham hong du kien nam 1997:

%

(4,5 / 850) x 0,5 = 0,00265 (hay 0,265%).

Khoi luong nhua P.E can thiet nam 1997 la:

930x 1100/850 x (1 - 0,05) x (1 - 0,00265) = 1140,3 tan

\ 1 f *

Lucmg tien can thiet de mua nhua P.E la:

1140,3 x 28 x 1,04 = 33.205,5 trieu dong

Moi thang phai mua it nhat la 95,03 tan (=1140,3/12) va

luong tien can thiet de mua luong nguyen lieu do la:

2.767,2 trieu d6ng (= 95,03 x 28 x 1,04)

Luu y rang luong vat tu xac dinh theo cach tren day chua

tinh den luong du phong. Muc do du phong phu thuoc vao

* ^

nguon hang, kha nang bien dong gia ca, thai gian cho cung img,

* -

khoang cach van chuyen, v.v... Trong cac truong hap co du lieu

*

tuang tu, co the ap dung cong thue sau:

3 Noi chung, de chinh xac horn phai tinh den chi phi cua vat lieu phu <iung

de thay the, tuy nhien viec tinh toan tuang doi dan gian khi biet gia cua cac

vat lieu phu va cac du kien khac.

46

M, - M , (Q, 0 , i x (I - h ) ( ! k 2) (2.1)

Vi I-'., -- M; x P| - Mi \ Po x L, (2.2)

Troiq do:

- M0 : Khoi lugng ngujen iicu sir dung trong nam truoc.

- M i: Khoi lugng nguyen lieu sir dung trong nam nay.

- Qi: San lugng nam nay.

- Qo: San lugng nam truoc.

f r f t

- ki. k?: He so tiet kiem nguvcn lieu va he so thay the

ngmcn lieu

- Po, P;: Don gia nguyen lieu nam i;ucjc va nam nay.

r

- kr: He so tang gia, giam gia nguyen lieu

< _ ' ■>

- I'i: So tien dung de mua nguyen lieu nam nay.

Phuong phap dieu chinh kha don gian, thuong dugc ap

du nf rong rai trong thue te. Nhieu khi nha quan ly chi can uoc

' ^ / *

tin.h not so thong so co ban va bam may tinh cam tay vai phep

tin.h le uac lugng so vat tu can cung img. Cac nha quan ly co ve

ua tlich phuong phap nay vi no nhanh gon, de ap dung, va khi

%

kh'dtg can muc do chinh xac that cao.

* t ** f

Tuy nhien, de tinh toan chi tiet va lap cac bieu tien do

\ rtf

cumi img vat tu thi can xem xet anh hucmg cua mot so yeu to

kh.ac

Phirong phap dinh muc: Day la mot phuong phap cung

duw sir dung rong rai, trong do dua tren cac dinh mire hay tieu

» ■» r r \ r

ch uai chi phi de xac dinh so von luu done can thiet.

47

2.4. Phan tich vdng quay cua von lu u dong

* * * >

Toe do iuan chuyen cua son luu d ! r.g '*:» nv>: chi t;cu i.V.

quan trong de danh gia hieu qua tai chinh cua von. phan anh toe

do quay vdng cua VLD trong mot nam ha> mot then ky nao do.

Tronc dieu kien cac neuon luc va niruon von co han, viec tanu

f /

so vong quay cua VLD trong nam la mot huang giat quyet ca

* 9

ban nhat cua cac doanh nghiep, nhat la cac cong ty thuang mai

De danh gia hieu qua hoat dong cua VLD co the ap dung mot so

* 0

chi tieu chu yeu nhu: so vong luan chuyen mot nam va thai gian

cua mot vong luan chuyen trung binh.

48

Chuong3

CAC BAO CAO TAI CHINH CHU YEU

r

Cac bao cao tai chir.h la cong cu quan trong bac nhat giup

nha quan ly co the nam dugc mot each khai quat tinh hinh tai

chi'nh cua doanh nghiep, tir do co co so ra quyet djnh quan ly

mot each phu hop va co hieu qua. Bao cao tai chi'nh khong

nhung phuc voi cho ngucn su dung ben trong doanh nghiep, ben

trong cong ty ma con la nguon thong tin him ich doi voi cac nha

kinh doanh, cac co dong, nha dau tu va cong chung co quan tarn

den doanh nghiep. Co nhieu bao cao tai chi'nh khac nhau, bao

% f

gom nhung bao cao tai chi'nh phuc vu cho ke toan tai chinh va

cac bao cao tai chinh phuc vu theo yeu cau cua ke toan quan tri.

Trong chucmg nay, chung ta chi tap trung vao 3 bao cao chu yeu

nhat la Bang Can doi ke toan, Bao cao Ket qua kinh doanh va

» %

Bao cao Luu chuyen tien te.

'

____

/

Thuet minh bao cao Tai chinh cung la mot bo phan rat

*

quan trong cua cac bao cao tai chinh cua doanh nghiep. Phan

Phu luc o cuoi sach se cung cap cho ngudi doc ban minh hoa

/ ♦ \

Thuyet minh bao cao Tai chi'nh cua Cong ty Co phan Dugc Hau

/ ’ • * /

Giang de giup ban doc hieu ro hem ve bao cao tai chinh cua

doanh nghiep.

3.1 Bang can doi ke toan (Balance Sheet)

r p

Muc dich cua Bang can doi ke toan (Balance Sheet) la

49

phan anh tone quat tinh hinh nguon von va tai .can cua doanh

nghiep tai mot thai diem, xac dinh. 'Iat ca cac .doanh nglr.yp deu

can lap Bang can doi ke toan vao cuoi nam la: chinh. r.hicii

doanh nghiep con lap bang nay vao cuoi moi quy va moi thang.

Trong he thong ke toan cua Viet Nam. nam tai chinh I rung vai

nam lich ncn ngay ket thue nam tai chinh cunu la ntiav 31/12

*— ' j „

** r

hang nam. O mot so nuac cong nghiep phat trien, luat phap cho

phep cac cong ty co the lira chon nam tai chinh phu hap vai dac

■* •* r

diem rieng cua minh, vi du nam tai chinh co the ket thue vao

31/1 hoac 31/3, v.v...

Truac nam 1996, trong he thong ke toan cu cua Viet Nam,

•> f

bao cao nay duac goi la Bang tong ket tai son va ten goi nay

^ A

hien nay van duac nhieu nguai su dung do thoi quen. Su khac

nhau giua Bang can doi ke toan (mai) va Bang tong ket tai san

(cu) khong chi cr ten goi, ma quan trong han la nhung doi mai

\ , r " f r t f

ve mat ket cau cua bang. Su cai tien ve ket cau, cach sap xep

f r

cac chi tieu va su dan gian hoa da lam cho Bang can doi ke toan

/ f

trong he thong ke toan cua Viet Nam tucmg thich vai Bang can

ft \ ^ t f

doi ke toan cua cac nuac cong nghiep va gan vai he thang ke

/ f

toan quoc te, nha do thuan tien hern trong giao djch thuang mai

\ f f > r

va dau tu, nhat la trong tien trinh nen kinh te Viet Nam hoi nhap

\ ft

vai nen kinh te the giai.

N / ^ / ft

Ve ca ban, bang can doi ke toan trong lie thong ke toan

mai gom hai phan: phan Tai san va plidn Nguon von (Xem

bang duai day).

Theo quy dinh, phan Tai san phan anh khai quat tat ca cac

Luu y r3ng Bang con co mot so chi tieu co ten la “Cac chi tieu ngoai

bang can doi ke toan”

50

dant' tai san cua doanh nghiep tai thm diem lap bang theo mot

trinh tir nhat dinh. Cac loai tai san dugc hOt ke theo muc giam

dan cua do linh dong (con goi la thanh khoan - liquidity). Loai

tai san co do linh dong cao nhat la Tien, do do tien luon duac

t r \ * ^ A

xcp thu nhat trong bang. Tien hao gom tien mat, tien g ic i ngan

han\>a tien Jang chuyen.

Muc thu hai la Cac khoan dau tir tai chinh ngan han, bao

gom: dau tu chung khoan ngan han va dau tu ngan han khac.

Trong Bang can doi ke toan cua cong ty kinh doanh tong hop so

* S '

9, tong gia tri cac khoan dau tu tai chi'nh ngan han la 805.670.000

d6ng (bang 400.000.000 + 450.750.000 - 45.080.000 ddng).

\ t y

Khoan Du phong giam gia dau tu ngan han (45.080.000 dong)

phan anh tri gia dugc du tinh se giam gia cua cac khoan dau tu tai

9 t / /

chinh ngan han, do do mang dau (-), trong cac bang, cac con so

co dau (-) thuong dugc dat trong dau ngoac don, vi du (45.080).

ft \

Tiep den la Cac khoan phai thu, Hang tong kho va cac Tai

f

____

t

san luu dong khac, cuoi cung la Tai san co dinh.

\ \ r \

Phan thu hai cua bang la Nguon von, bao gom cac khoan

t r r

ng va von cua chu so huu. Mot so khoan muc quan trong nhat

la:

• No1 phai tra: dugc chia thanh ng ngan han va ng dai

t \ /

han. No ngan han gom cac khoan vay ngan han, cac mon ng dai

/ f

han nhung den han tra trong ky, cac khoan ng ngudi cung cap,

ngudi ban ve hang hoa, dich vu chua tra tien, cac khoan ng

ngudi mua, ng thue doi voi nha nude va cac khoan ng ngan han

khac. N o dai han (trong bang la 2.105.800.000 dong) phan anh

t \

so tien vay dai han ngan hang hoac vay cac cong ty, cac to chuc

hay ca nhan khac, ke ca cac so ng ve mua hang hoa co thdi han

51

tir 1 nam tra Ion.

• Von cua chu s<V huu: Phan nay cho hid so von tlr.rc sir

thuoc sd hiru cua doanh nghiep, tuc la cua chit sa hiru sounh

nghiep do. C'ong ty kinh doanh tong hop so 9 co nguon von eua

■* >

r

chii sa huu la 5.747.547.000 dong trong do. nguon von quv

chien 100% va cong ty khong su dung nguon kinh phi do ngan

sach nha nude cap. Cac loai quy cua doanh nghiep duac chia

thanh:

-Q uy phat trien kinh doanh

-Q uy du tru (du phong tai chinh)

-Q uy khen thudng va phuc lai

Dae tinh von co eua bang la Tong tai san = Tong nguon

X * 1 ' f

von. Noi each khac: Tong tai san = Tong so cong ng + Von ciia

chu sd hiru. Trong bang tren, con so nay la 11.729.638.000

ddng.

Doi vdi cac doanh nghiep quy mo vira va nho, cac yeu to

trong bang can doi ke toan tuang doi dan gian, de danh gia.

/ m f

Nhung vdi cac cong ty ldn thi viec xem xet bang can doi ke toan

* 9 1

khong dan gian vi co nhieu muc khac nhau. Tren thue te, de co

* > try

the phan tich chi'nh xac va day du bang can doi ke toan can co

y f s r % • r

hieu biet thue su ve ke toan va kinh nghiem phan tich tai chinh.

Tuy nhien, co the phan tich khai quat mot so chi tieu co ban

tuang doi de dang.

Sau day, chung ta hay quan sat noi dung ciia mot bao cao

tai chinh dan gian hoa.

52

Minh hoa M-3.1: Being can doi ke loan cua Cong ty

kinh doanh tong hop so 9

CONG TY KINH DOANH I OM, HOP SO 9

B/-NG CAN DOI Kl- TOAN Dim vi: 1.000 dong

j Ntav 31 thang 12 nam 2006

TAI 5AN

A. Ta san liru dong va dau tir ngan han

I. Tiet 672.600

1. Tiei mat tai quy

97.000

2. Tici mri nean hang 432.400

3 .Tiei dang chuyen

143.200

\ t

II. Cic khoan dau tir tai chinh ngan han

805.670

1. Dai tu CK ngan han

400.000

2. Dai tir ngan han khac

450.750

3. Duphong giam gia dau tu ngan han

-45.080

III. Cic khoan phai thu

765.930

1. Phu thu cua khach hang

290.700

2. Tn truac cho ngucri ban 159.000

3. I*h;i thu noi bo khac

300.340

4. ("ai khoan phai thu khac

120.890

5. Duphong cac khoan phai thu kho doi

-105.000

I V tiin g ton kho

2.329.580

1. I iaig mua dang di tren duong

205.120

2. Ngiyen lieu, vat lieu ton kho

780.900

3. Coig cu, dung cu trong kho 450.200

4. Oh phi SXKD da dang

123.560

5. Th;nh pham ton kho

590.500

6. I hug hoa ton kho

450.300

7. Haig giri di ban

129.800

8. Duphong giam gia hang ton kho -400.800

53

I

V. Tai san lieu dong khac

| 263. / "V |

1. Tam img

1 3.190

2. Chi phi tra trircrc

l_

____________________?0.S00

3. Chi phi chcr ket chuyen

57.490

4. Tai san thieu chcr xu lv

, , „ V - , ......

1.298

5. Cac khoan the chap, ky circrc. ky quy ngan han

100.500

VI. Chi sir nghiep

0

Tong tai san luru dong

4.836.958

B. Tai san co dinh va dau tir dai han

I. Tai san co dinh

5.592.430

f

1. Tai san co djnh hiru hinh 4.289.500

Nguyen gia

5.270.200

Gia trj hao mon luy ke

-980.700

2. TSCD thue tai chinh 929.930

Nguyen gia

1.230.500

Gia tri hao mon luy ke -300.570

3. TSCD vo hinh

373.000

Nguyen gia 430.000

Gia trj hao mon luy ke

-57.000

II. Cac khoan dau tu tai chinh dai han 1.300.300

1. Dau tu CK dai han

500.300

/

2. Gop von lien doanh

850.000

3. Cac khoan dau tu dai han khac

0

4. Du phong giam gia dau tu tai chinh dai han

-50.000

III. Chi p h i xay dirng ca ban da dang

0

n n a n - « * • •» Ji - » * ■

Tong Tai san co dinh

6.892.730

TONG TAI SAN

11.729.688

NGUON VON

A. N<y phai tra

5.982.141

L Ncr ngan han

2.913.370

r

1. Vay ngan han

2.750.000

54

2. No dai han den han tra

12.390 |

3. Ph;:i tra ntiirm ban

56.400 I

4. Nu'.rai mua tra tien trirac

I 45.780

5. Thue va cac khoan phai nop Nha niroc

! 29.800

6. Cac khoan phai tra khac 19.000

II. N(j dai han

2.105.800

' 1. Vay dai han

\ 1.230.400

2. No dai han

j 875.400

III. AV/ khac

962.971

1. Chi phi phai tra

772.971

2. Tai san thira cho xir ly

0

3. Nhan ky quy, ky curgc dai han

190.000

* r

B. Nguon von chu so- huu

5.747.547

\ r

/. fcgtion von - quy

5.747.547

1. Nguon von kinh doanh

4.540.000

2. Chenh lech danh gia lai tai san

0

3. Chenh lech ty gia

120.000

4. Quy phat trien kinh doanh i

90.000

J ---------------------------------------------------------------- 1 - - - ■ ]

5. Quy dir trir

75.000

6. Lai chua phan phoi

140.000

7. Quy_khen thiromg, phuc Igi

56.500

8. Nguon von dau tur xay dirng co ban

726.047

//. Nguon kinh phi

0

TONG CONG NGUON VON

---------------------------------

------------

-

------------

j -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

-

------------

11.729.688

3.2. Bao cao Ket qua hoat dong kinh doanh (Bao cao

thu nhap)

Bao cao Ket qua hoat dong kinh doanh (Income

statement) phan anh tinh hinh thu nhap cua doanh nghiep trong

t 9

mot thai ky nhat dinh. Thai ky do goi la thai ky ke toan

/ f

(accounting period). Tinh hinh kinh doanh tot hay xau, muc do

55

thu nhap cao hay thap cua cong ty trong thai ky do d.re'c phan

anh qua cac chi tieu cu the. Bang nay phan anh mot phan ket

qua tai chinh, muc do thanh cong hay that bai cua cong ty trong

thdi ky.

Trong he thong ke toan moi cua Viet Nam, bao cao nay

gom 2 phan:

• Phan I: Bao cao Lai, Lo

X

• Phan II: NghTa vu tai chinh

Tren bao cao thu nhap, co mot so chi tieu co ban nhu:

- Doanh thu ve ban hang

- Cac khoan chi phi kinh doanh

■» '

- Tong thu nhap truoc thue

- Thu nhap rong sau thufi

M in h hoa M -3.2: B a o cao Ket qua hoat dong kinh doanh

KET QUA HOAT DONG KINH DOANH

Mau so

B02-DN

Quy Nam 2005

Phan I: Lai, Lo

D/v tinh: trieu ddng

Chi tieu

Ma

f

so

Quy

trirtfc

Quy

nay

LK tir

dau nam

Tong doanh thu

1

15.902

Trong do: Doanh thu hang

XK

2

9.541

Cac khoan giam tru (04 + 05

+ 06 + 07)

3

451

* Chiet khau

4

134

56

| * Ciam gia

; 5

I (i S i

I

[ * Cjia tri hang ban bj tra lai

: <>

67 |

i

* '{'hue DT, thue XXK ph;h

j nop

i

j !

|

1

142

I. Doanhthuthuan(01 * 03)

| I (i :

15.451

2. < iia von hang ban

' 11

1 1 •

T •

l

i

12.000

3. Lgi turc gop (10 - 11)

i

20

i

j

3.451

4. Chi phi ban hang

| 21

r

.........

..

.

............

■ ■

f

i

|

i

}

1 - _

230

5. Chi phi QL doanh nghiep

i

j

110

6. Lai tuc thuan tu hoat dong

kinh doanh (20-21-22)

30

t

I

i

I

i

3.111

Thu nhap hoat dong tai chinh

i 31

1

i

L

40

Chi phi hoat dong tai chinh

32

12

7. Lai tire hoat dong tai chinh

(31-32)

40 28

Cac khoan thu nhap bat

thucrng

41

t

I

20

Chi phi bat thircxng

42 12

8. Lai tire bat thircmg (41-42)

50

8

..

t 1 ■ i

9. Tong loi tire truoc thue (30

4 40 + 50)

60

3.147

10. Thue loi tire phai nop 70

913

11. Lai tire sau thue (60-70)

80

I

2.234

3.3. Bao cao luu chuyen tien te (Bao cao luong tien)

f / •* >

Trong he thong ke toan, Bao cao luu chuyen tien te la mot

bao bieu het sire quan trong, rat dugc chu y. Tuy nhien, do moi

57

chuyen sang ho thong ke toan nidi nen vice ap dung hao cao nav

d nude ta con eo mot so han che nhat dinh ( rong qua trinh hoat

dong cua cac doanh nghiep, ban quan ly can quan lam den cac

sd lieu vc luong lien nhieu lion la cac so lieu tren bang can doi

ke toan. Bao cao ve luong tien (cash flows) va viec theo doi

luong tien (con goi la dong tien hay luu kirn) giup cong ty tranh

dugc su mat can doi ve tien mat va tien ghi so so vdi cac nhom

* /

tai san khac, giup nha quan ly kiem soat tot kha nang thanh toan

cua cong ty.

Muc dich ca ban cua bao cao luong tien la cung cap thong

s r \ r /

tin ve sd tien thu dugc va so lieu chi tra trong mot thdi ky ke

toan. Ngoai ra, bao cao luong tien con cho biet khai quat ve tinh

%

hinh dau tu va hoat dong tai chinh cua cong ty trong ky. Dua

tren bao cao luong tien, nha quan ly, cac nha dau tu va ngudi

•» r 9 9 9

cho vay co the nhan biet dugc mot so yeu to nhu:

- Kha nang cua doanh nghiep trong viec tao ra luong tien

9

ducrng trong cac ky sap tdi. Kha nang chi tra cac khoan ng va

% •* *

thanh toan Igi tire co phan (cong ty co phan).

\ %

- Nhu cau cua cong ty ve tai trg tir ben ngoai.

- Su khac nhau giua thu nhap rong va luong tien tir hoat

dong kinh doanh.

- Tinh hinh dau tu bang tien va khong bang tien, cac giao

dich trong ky.

Trong he thong ke toan theo FASB, ngudi ta chia luong

* 9 9

tien thanh cac nhom yeu to sau:

- Luong tien tir hoat dong kinh doanh (Operating activities)

- Luong tien tir hoat dong dau tu (Investing activities)

- Luong tien tir hoat dong tai chinh (Financing activities)

58

Man so B 03-DN

Dan v ; (Ban hanh theo OD I N 1-TC/CDKT

......

...........................

ngay 01/1 I/i 995 cua Bo Tai chinh)

BAO CAO LU U CHUYEN I ILN TE

(Theo phuang phdp true tiep)

Quy

.......

nam

Chi tieu

Ma

i

so

Nam

nay

Nam

t ruffe

I. Luru chuyen tien tu hoat dong SXKD

1. Tien thu ban hang

01

2. Tien thu tir cac khoan ng phai thu

02

3. Tien thu tir cac khoan khac

03

4. Tien da tra cho nguai ban

04

5. Tien da tra cho cong nhan vien

05

6. Tien da nop thue va cac khoan khac

cho Nha nuac

06

7. Tien da tra cho cac khoan ng phai tra

khac

07

8. Tien da tra cho cac khoan khac

08

Liru chuyen tien thuan tu hoat dong SXKD

20

11. Luu chuyen tien tir hoat dong dau tu

1. Tien thu hoi cac khoan dau tu vao dan

vi khac

21

2. Tien thu lai tu cac khoan dau tu vao

dan vj khac

22

3. Tien thu do ban TSCD

23

4. Tien dau tu vao cac dan vi khac 24

5. Tien mua tai san co dinh

25

Luu chuyen tien thuan tu hoat dong dau tu

30

III. Liru chuyen tien tu hoat dong tai chinh

59

i. Tien thu do di vav j 31

2. Tien thu do cac chu sa hiru gop \ on ' 32

j

i

........

I

\ »

3. Tien thu tir lai tien giri

j

- j

4. Tien da tra ng vay

34

5. Tien da hoan von cho cac chu sa hiru

35

i

x

6. Tien lai da tra cho cac nha dau tir vao

DN

p i " 1

r

Liru chuyen thuan tir hoat dong tai chinh

40

Luu chuyen tien thuan trong ky

50

— i

\ * ^

Tien ton dau ky 60

Tien ton cuoi ky 70

Lap ngay

.......

thang

.......

nam

** f

N g u a i lap bieu Ke toan trirang

Giam ddi

Dan vi

Mau so B 03-DN

(Ban hanh theo QD 1141-TC/CDKT

ngay 01/11/1995 cua Bo Tai chinh)

BAO CAO LU*U CHUYEN TIEN TE

(Theo phucmg phdp gian tiep)

Q u y

.........

nam

........

Chi tieu

Ma

t

so

Ky

nay

Ky

truoc

I. Liru chuyen tien tir hoat dong SXKD

Loi turc triroc thue

•

01

>

Dieu chinh cho cac khoan

Khau hao tai san co dinh

02

Cac khoan du phong 03

Lai, lo do ban tai san co dinh

04

60

Liu 16 do danh gia lai tai san va

chiyen doi ngoai te

L;i do dau tir vao cac don vi khac

UN

: ()()

J 07

Lai tu; kinh doanh trirac nhun<z thav doi ' 10

Ttu lai tien giri

von liri dong

Ting, giam cac khoan phai thu

Ting giam hang ton kho

Ting, giam cac khoan phai tra

Tim thu tu cac khoan khac

11

12

13

14

Tim chi cho cac khoan khac

15

Liru ciuyen tien thuan tir hoat (long

SXKD

II. Liri chuyen tien tir hoat dong dau tir

Tien tlu hoi cac khoan dau tu vao dan vi

khac

20

21

Tien thi tu lai cac khoan dau tu vao dan vi

khac

n

Tien thi do ban TSCD

Tien d;u tu vao cac don vi khac

24

Tien mia tai san co dinh

25

Liru ciuyen tien thuan tir hoat dong dau

tu

30

III. Lru chuyen tien tir hoat dong tai

chinh

Tien thi do di vay

Tien thi do cac chu sa huu gop von

31

32

61

Tien thu lai tir tien eiri

33

Ti6n da tra no vay

34

Tien da hoan von cho chu so lu'ru

35

Tien lai da tra cho cac nha dau tu vao DN

36

Luu chuyen tien thuan tir hoat dong tai

chinh

40

Luu chuyen tien thuan trong kv

50

Tien ton dau ky

60

l ien ton cuoi ky

70

Lap ngay

........

thang

........

nam

Ngudi lap biiu K£ toan trucmg Giam doc

62

Chuang4

QUAN LY VON BANG TIEN

4.1. Hang ton kho va tien

r \ \

1

Chung ta hay xcm xet van de quan ly ton kho de co the ap

dung vao viec quan ly tien. Gia su, mot cong ty thuong mai

dang ban mot loai bang video co ten la "Music 1". Gia sir rang

cong ty ban dugc 100 cuon bang loai nay mot nam. Cong ty dat

hang moi lan Q cuon bang, tuc la can dat hang 100/Q lan trong

mot nam.

t / % \

Co the thay ngay rang: muc ton kho trung binh la Q/2 vi

gia thiet chi khi het hang cong ty moi mua ngay lai hang do.

% /

Viec gid hang ton kho phat sinh mot so chi phi nhu sau:

/ f ‘9 * \

- Chi phi co hoi cua so von dung de mua so hang ton kho.

* /

- Chi phi bao quan nhu van chuyen vao kho, xep dd, phi

luii kho (thue kho), v.v....

Hai loai chi phi nay dugc goi chung la chi phi ton kho.

/ /

Ngoai ra, phai tinh den chi phi dat hang, la chi phi giay td thu

tuc, nhan cong cho moi lan dat hang.

r

Muc giam bien cua chi phi dat hang = [Doanh so ban

trong nam x Chi phi dat hang moi lan] / Q2.

Vi chi phi ton kho ty le thuan vdi quy mo moi lan dat

r

hang (Q) con chi phi dat hang ty le nghich vdi Q nen sd lugng

dat hang toi uu Q* phai thoa man:

63

Mire giam bien ciia chi phi dat hang - Chi phi ton kho

bien

Hay:

S x C Chi phi ton kho

= ' 2

Q

* —

2SC

Chi phi ton kho

Trong do:

Q*: Quy mo (so lugng) dat hang toi uu

S: So lugng (doanh so) trong nam

C: Chi phi moi lan dat hang (Chi phi dat hang)

Co the minh hoa bang do thi sau day:

(4.1)

(4.2)

Trong do thi tren, quy mo dat hang la 20 cuon bang moi lan,

tire la phai dat hang 5 lan trong mot nam (100:20 = 5). Thai gian

trung binh giua cac lan mua hang la 10 tuan (360/5:7 = 10 tuan)

Co the ap dung nhung luan giai tren day vao vicc tinh toan

^ t

lugng tien toi uu ma cong ty nen gift.

64

4.2. Mo hinh Miller - Orr

- Mot mo hinh ve so lugng tien can duy tri trong cong ty

do Miller va Orr da nghien ciru xem cac cong ty nen quan ly tai

san Dang tien nhu the nao neu khong the dir doan dugc luong

tien vao va luong rieng ra hang ngay. Mo hinh ve dao dong cua

tien .luge neu ra nhu trong do thi sau day:

H in h 4.1. Mo hlnh M iller - Orr

Upper limit

r J

■n

Purchase of Securities

A

vl_A

Return point

Sale of Securities

Lower limit

T im e

f / t f t \

Thirc te, nhu tren hinh cho thay, su bien doi so lugng tien

la nut dudng ngoan ngheo khong the du doan dugc. Muc giao

don; cua tien dugc khong che gifra dudng gidi han tren va

diirdig gidi han dudi.

Miller va Orr dua ra eons thirc sau:

S„ = 3 x l | x y

= 3.

3 Tv

4r

(4.3)

65

tien

• 0 Jay:

+ S.,: Khoang cach giua 2 dudng gidi han <; Spread)

+ T: Chi pin' giao dich nidi lan ban chi'mg khoar de thu

v - Phuang sai cua luong tien hang ngay •- den2

r - Lai suat ngav

Diem trd lai: (Return point ~ Rp)

Rp ~ Gidi han dirdi • Sp 3

* Chung ta thu ap dung vao vi du sau:

Gia sir cong ty cd cac du lieu sau:

1. Mire du toi thieu eua tien S10000

2. Phuang sai luong tien hang ngay = S6.250,000

(img dung vdi do lech chuan S2500 mot ngay)

3. Lai suat = 0,25% /ngay

4. Chi phi giao dich moi lan ban chung khoan ~ $20.

Cd the tinh duac ket qua sau^

- Khoang cach giua cac dudng gidi han: (Spread)

'3/4 x 20 x 6250000

\

‘/j

S* = H

--------

000025

-------

) ’ 21634 = $21600

- Gidi han tren (upper limit)

Up = L + 21600 =■• 10000 + 216000 = S31600

- Diem trd lai: (Return point)

Rp = L S Sp/3 - 10000 + 21600/3 = 17200

r X '

4.3. Tang Iirong tien bang cach di vay

Viec di vay de tang them von bang tien trong nhung ithdi

diem nao do la mot viec kha pho bien. Kin vay tien, dieu ca b;in

66

/ ' '

nhat la tinh den chi phi lai vay *;'! tinh qua eua dong von.

Phan nay lien he vai phan hu suat va <11;i crs i ien tai eua tien.

X

4.4. Quan ly tien trong cac cong t\ lo n

Doi vai nhung cong ty hay n h u n g tap doan khong 16, cac

chi phi giao dich mua va ban chung khoan la nho khong dang ke

neu so vdi chi phi co hoi cua viec giir tien. Gia sir lai suat la r --

8% mot nam, tire la 0,022%/ngay (■--- 0.08/365). Vai lai suat nay,

% / •

tien lai ciia so tien mot trieu do ia mot ngay se la: 0,00022 x

1.000.000 ~ $220. Nhu the, ngay ca kin plii giao dich mua ban

chung khoan la 50 do la mot lan thi cGng ty van nen mua tin

phieu kho bac va ban lai sau 1 ngay vi van cd loi han viec giu

tien ton dong 1 trieu do la. MJ.t vi du thirc te khac: Cong ty

Exxon (My) cd doanh so binh quan hang ngay ia 248 trieu do la.

* y r '

So tien lai cua mot ngay tin phiei; kho bac in a cong ty mua bang

sd tien nay se la: (Lai suat 10% mot nam)

248 trieu x 0.10 / 365 = 68.000 do la

Day qua that la mot khoan thu nlujp tiein tang dang ke.

4.5. Quan ly viec thu tien

' y / \

Trong viec quan ly tien cua cong ty, can liru y rang sd tien

dugc phan anh tren cac tai khoan ma cung ty dang theo doi

khong phai bao gid cung bang so dir cd tren ta: khoan tai ngan

hang - Tai sao vay? Chung ta se de cap nguyen nhan cua no qua

vice xem xet khai niem "Tien noi" sau day.

4.5.1. Tien nut

Cac nha kinli doanh ldn rat chu y den anh hudng cua tien

noi (float) trong boat dong thanh toan. Tien noi la sd chenh lech

9 y f

giua sd du tien tai khoan tai ngan hang va so du tren tai khoan

67

tai cong ty. Tien noi phan anh sir chenh lech tarn thai (trong mot

so thai gian ngan) giua hai he thong theo doi tai chinh no; tren.

Tuy nhien, do cac nghiep vu thanh toan lan nhau nen tu- lain

t

* n

f \ y

r

xuat hien tien noi, nen tri so cua tien noi co the tra ncn kha Ion.

Mot each tong quat, tien noi tinh nhu sau:

F =: So du tai khoan tien gui tai NH - So du tai khoan tien

tai cong ty.

Nguyen nhan cua tien noi co the tom tat nhu sau:

■V . . . . . .

Do do lech ve thai gian giua nghiep vu phat hanh sec va

nghiep vu tat toan sec tao ra 'khoang trong" tren so sach. Tren

r

thue te, khi phat sinn ra mot sec va gui va ngan hang thi cong ty

phat hanh sec da giam di mot so tien tuang img vai trj gia ta

sec. Tai khoan tai cong ty phan anh so giam do. Nlnrng, id sec

phai mat mot khoang thai gian luu chuyen, xir ly va tat toan,

1

chang han 7 ngay. Trong kJ^oang thai gian do, tren tai khoan tai

ngan hang chua phan anh sir thay doi gi ve tien.

Tien noi do viec thu lien tu mot nsiuoi khac yay ra duac

goi la tien noi thu ng (collection float); neu do viec phat hanh

sec de chi tra thi goi la tien noi chi ra (disbursment float).

Vi du:

Gia su cong ty GMI dugc mot khach hang tra bang sec

100.000 do la. Truoc do, so du tren tai khoan tai ngan hang la

% i

100.000 do la va tinh trang tien noi cua cong ty la trung tinh

(bang khong). Khi nhan dugc sec, cong ty gui vao NH va ghi so

tang them 100.000 do la vao ngay horn do 8/11. Tuy nhien, phai

tai ngay 15/11 ngan hang moi hoan tat viec thanh toan ta sec,

tuc la khi do tai khoan cua GMI tai ngan hang mai duac jjhi cd

100.000 do la. Nhu vay, trong thai gian tir 8/1 i ten 14/11 co

So dtr tai khoan So du tai khoan

nen !’iri tai ngan hang lien tai cony ty

■ o o • o J

- 100.000 - 200.000 - -100.000 do la

Trong cung mot khoang thai gian, mot cong ty co the

dong thai duac leri nha tien noi chi ra va vira bi thiet thoi do co

V*- * • « •

. ' 7 . ' ' 1 » \ ' f

tien noi thu no. So tien noi rong la tong cua tien noi chi ra (dau

' > r

____

r \ *

du<mg) va tien noi thu na (dau am). Trong tieng Anh, tien noi

rong goi la Net float.

1 *

Vai mot kv thuat quan ly chat che, co the khai thac triet de

tien noi vao muc tieu dau tu ngan han va cai thien he so kha

nang thanh toan tren tai khoan tai ngan hang. Chang han, neu

Cong ty Exxon co so tien noi 300 trieu do la trong 7 ngay thi so

lai co duac voi lai suat nam 10% la:

300 trieu x 0.10 / 365 x 7 = 575.342 do la

So tien nay co qua nho khong? Can nha rang vai nhung

cong ty da quoc gia khong lo thi khong qua kho khan de khai

r * y

thac so tien noi hang trieu do la trong vai ngay. Tuy nhien, viec

* v * i t r

theo duoi tien noi co the lam xau moi quan he lam an va uy tin

tren ihirang truong.

4.5.2. Thu tien qua hop thu (Lock box)

Kieu thu tien qua hop thu duac goi la lock box system. He

t ^ 1 f

thong hop thu lock box la mot cong cu dac biet day nhanh toe

do thu tien. Cac cong ty lan a My ap dung phuang phap lock

box rat hieu qua vi nuac My co dien tich lan vai 50 bang. Hieu

qua cua he thong hop thu chi phat huy khi cac diem thanh toan

a xa nhau.

Cach thue to chuc va hoat dong cua lock box duac minh

lien itoi la:

69

hoa a sor do ckrai day. M ot many 1 ir<Vi hop thir diroc mot ngan

han;.: qua;: !y d r g:up cong t\ «hu p r nhanh h<vn N<vw hnne nay

::<i thu naan cac: see: tir hop thu do v;ii lan trong n o t ngay. Sau

do. nr an hang nhanh chong chuycn car. sec do vao tai khoan cua

cong ty.

:: * hop ihur rut rman thoi man rj’ri :>cc va thanh toan

vi cung ty ii.ru chon nhung dia diem gan khu virc co nhieu khach

hang dc via I. cm c lock box. Neu knong co lock box, khach hang

f *

se giri sec hoa dan den thnng tru sa hoac chi nhanh cua cong

• . ' • ay ’-.mrng ciiaro nan nnicu so ■ ai he thong lock box.

' I ,; <> :ong ty jilifu tiv phi djrh "!.! cho ngan hang ve vice

v :v i 'ck

b o x

nlurnn vai so ti'e lan. cac cong ty van co loi

■ phuang phap hop thu lot.k box de day nhanh qua

Hinh H-4.2. Mo hinh so' I hoc ciia he thong lock box

71

C h u a n g 5

QUAN LY TIN DUNG THUONG MAI

• •

5.1. Cac hinh thirc ban hang

Cac phuong thue ban hang gan her. voi cac phuang tauc

thanh toan, cong cu thanh loan va do do luon luon di kem voi

hoat dong tai chinh. Cac hoat dong tin dung thuang mai chiu

\

anh huang cua cac hinh thue ban hang, do do chung ta can xuat

phat tir viec xcm xet cac hinh thue ban hang.

Cac phuang thue thanh toan trong ban hang (tenns of

sale) la mot yeu to quan trong trong chinh sach thanh toan eua

cong ty, co anh huang lan den hieu qua sir dung von. 0 day, can

* t f

xem xet nhung diem ca ban nhat lien quan den qua trinh thanh

toan gan voi moi hinh thue ban hang ma cong ty co the ap dung.

r \

Khong phai tat ca cac giao dich ban hang deu lien quan

den tin dung thuong mai. Neu cong ty san xuat hang hoa theo

i _ •»

yeu cau cua khach hang hoac trang trai cac chi phi van chuyen

1 %

thi co the ap dung phuong thue tra tien truoc (cash before

' • A

delivery - CBD). Neu cong ty cung ung hang hoa do nhieu

khach hang khong deu dan va khac nhau thi co the thanh toan

khi giao hang (Cash on delivery - COD). Duong nhien, phia

nguoi mua thircmg muon tri hoan thanh toan de co the ehiem

\ t t '

dung mot phan von cua nha cung cap, do do ho muon ap dung

72

phiMru thue tra chain, tire lit ban han;: di kem vdi tin dung

llurcng mai.

Trong cac trudng hgp phat sirih ng thuang mai vdi so tien

du 1 jn thi ncn ky ket mot hgp dong chinh thirc. Ncn quy dinh

diou khoan ve thanh toan theo tien do cong viec. Vi du, mot

' •* \ ■*

hop dong mua ban tong tri gia la 500.000.000 dong co the dugc

thanh toan 30% tong tri gia hgp dong (tire la 150.000.000 dong)

sau chi giao 16 hang dot 1, 30% thanh toan khi giao lo thu 2 (tire

la 150.000.000 dong) va 40% con lai (tire la 200.000.000 dong)

thar,a toan khi hoan tai vice giao hang va thanh ly hgp dong.

9 ■* > f

Ti er thue te, nhung thoa thuan cu the ciia cac hgp dong la het

sire ia dang va linh hoat, tuy thuoc cac dieu kien cu the va thoa

thuaa dugc dam phan giua cac ben lien quan. Cac ben deu muon

gian: thieu cac rui ro cho phia minh va tan dung nguon tai chinh

* f i

toi ca den mire co the. Vi vay, viec thoa thuan va sir dung cac

1 9 f

conc cu quan ly doi hoi nhung ky nang va su hieu biet sau sac

ve moi giao dich va quan he ung xir giua cac ben.

Trong cac giao dich kinh te lien quan den tin dung, chung

\ r r

ta tludng gap nhieu tinh tiet dang chu y va nhung dan xep khac

nhat. Trong thue te, moi nganh, moi linh vuc thuong su dung

nhihg phuang thirc thanh toan rieng, hinh thanh cac thong le.

■> 9

Co he de thay mot logic dan gian nhu sau: Cac thu hang hoa

quy de hu hong thi thuong phai thanh toan sdm han. Khach

hanp cang thieu tin cay thi cang can thanh toan sdm han de

9

traini riii ro. Vi vay, khi an dinh phuang thirc thanh toan va thdi

ham thanh toan can xem xet ky mire do rui ro va cac thong tin

kbia< nhau ve khach hang.

V 9

De khuyen khrh khach hang thanh toan mot cach nhanh

chioig, ngudi ta thudng ap dung viec chiet khau. Vi du, mot nha

* *> *

sa.n <uat co the yeu cau ngudi mua hang thanh toan trong vong

30 igay nhimg se chiet khau 5% neu thanh toan trong vong 10

73

ngay. Trong tieng Anh, cach chiet khau nhu vay dugc goi la

"5/10, net 30". N£u ap dung "2/SO, net 60" co nghia la khach

hang dugc chiet khau 2% khi thanh toan trong vong 30 ngay vu

r

khong dugc giam gia neu thanh toan trong vong 60 ngay.

f

Trong thirc te, muc giam gia (discount rate) phai du Ion,

i r

de kich thich khach hang thanh toan nhanh cho so hang hoa dich

vu da mua. Co the vi ly do tai chi'nh, ngudi mua hang van bo

X

qua quyen Igi dugc giam gia de thanh toan chain bon. Tire la ho

/ f t f

chap nhan tra gia cao hem, nhu la di vay mot so von ngan han.

*

Vice on dinh cac phuang thue thanh toan nhu noi tren day

f

lien quan den ca 2 khia canh: gia ca cua hang hoa dich vu va lai

suat ap dung. Chang han, neu chung ta giam muc chiet khau tir

f t

5% xuong 4% tire ia tang gia 1%, nhung trong quy tac "1/10,

x /

net 30" thi dieu nay nghTa la giam lai suat tu 5% trong 20 ngay

f

xuong con 4% trong 20 ngay. Viec thanh toan cham ciia khach

hang trong giai han 30 ngay tire la ho chiu mot chi phi ca hoi

* \

(lai suat ngam dinh).

*

Ngudi ta co the ap dung thanh toan rieng cho timg lo hang

neu nhu viec mua ban dien ra djnh ky hoac viec thanh toan tien

1

____

X X

la tien Igi cho timg dgt van chuyen. Tuy nhien, can luu y rang,

viec ap dung cac phuang thirc thanh toan nen mem deo, linh

•* r *

hoat de khong bi mat khach hang, giir dugc quan he lam an tot

vai khach hang.

5.2. Cac cong cu tin dung thirong mai

*

Ky han va phuang thirc thanh toan xac dinh khoi lugng tin

t \

dung nhung khong phan anh toan bo tinh chat ciia hgp dong.

Khi cong ty ban hang thuong xuyen, nhieu lan cho mot khach

hang tin cay thi co the chi can thanh toan theo phuang thirc tai

* X

khoan md (open account). Co the chi can su thoa thuan dan gian

va chi can ghi so vai chu ky bien nhan cua ben mua.

74

Doi vai nhung dan hang co gia tri dang ke va khong kem

r / ' r

theo chiet khau thi nen yeu cau nguoi mua ky mot giay no

f ft

(Promissory Note). Giay nay con duac goi la hoi phieu nhan no

hay khe irac. Trong dieu kien thi t.ruang tai chinh tuang doi linh

hoat thi viec ky mot hoi phieu nhan no co nhieu uu diem:

ft

- Nguoi sa hiru hoi phieu nay co the ban lai.

■* * f

- Co the dung lam vat the chap khi vay muon.

- La bang chung co tinh phap ly ve khoan no.

t ^ t it

Viec ap dung hoi phieu trong thanh toan dugc pho bien

r r 9 f • K

kha rong rai, nhat la trong thuang mai quoc te. Tuy theo dieu

kien cu the va tinh chat ciia quan he, co the ap dung nhung loai

hoi phieu nhu:

- Hoi phieu tra tien ngay

- Hoi phieu tra cham

/ f

r r

Cac hoi phieu nay thuang dugc goi chung la hoi phieu

f f ■»

thuang mai (commercial draft). Cac hoi phieu con co the dugc

t

sir dung a hinh thirc co chap nhan cua ngan hang (bank

1 ft

acceptance) de tang tinh chac chan.

Thir tin dung - Letter of credit (L/C)

t t \

Trong thuang mai, dac biet la buon ban quoc te, can ap

dung thanh toan qua thu tin dung (Letter of credit L/C). Day la

t \

mot phuong thirc thanh toan rat uu viet, thuan Igi va cong bang

cho ca hai ben. Qua trinh hoat dong cua mot thu tin dung dugc

* \

minh hoa bang sa do sau day:

1

Ngirai mua

BUYER

IMPOTER

Ngirai ban

SELLER

EXPOTER

2

i

r

i

9

6

i

4

k

i

....

-

7

/

r

i

N^an hang mua

3

------------------------------------- ►

Ngan han

a

ISSUING BANK

thong bao

^

--

.... '

8

ADVISING BA JK1

Hgp dong C

%

Co nhieu loai thu tin dung khac nhau dugc ap ding; vai

f 1

nhung loai giao dich nhat dinh de tang tinh hieu qua va nutc do

thich hgp. Chang han:

- Thu tin dung khong the huy ngang

- Thu tin dung co the huy ngang

- Thu tin dung du phong

- Thu tin dung giap lung

Mot L/C co the dugc mot ngan hang xac nhan nhan tang

do tin cay cua no. Tuy nhien, viec xac nhan (confirmatioi) <ciing

lam tang chi phi doi vai L/C. Tuy theo muc do rui ro 'a kim

ngach L/C, phi xac nhan co the tu 0.05 den 1% tri gia cuaL//C.

5.3. Phan tich tin dung

Viec phan biet doi xu qua gia giua cac khach hang a dieu

x *

7 nhieu quoc gia. Tuy nhien, vai cac loai khach lanig co

y tin dung khac nhau thi hang co the ap dungnlhung

uc ban hang khac nhau. Chung ta cung co the a) (dimg

f / f

khau theo khoi lugng, hoac chien lu re cho kihach

bans, r.ao chan nhan cac hop donu mua hanu dai han. Vcri mot

v ■ » i v ' V_- *

khach han;: thieu tin cav. can liru v tir ve bang cach han che so

hang hoa ma ho co the mua chiu.

Co nhieu cach khac nhau de thu thap thong tin va danh gia

do tm cay cua khach hang. Chang han, co the ke toi may diem

sau-

- Danh gia qua viec thanh toan trong qua khir ma khach

hang do da the hien.

- Tham khao cac thong tin danh gia ve cong ty do.

- Danh gia qua thong tin tren thi truong chung khoan (doi

voi cong ty co phan).

X y \

Trong nhung nguon thong tin de danh gia, can chu y

thong tin ve tai khoan ngan hang va tinh hinh kinh doanh cua

* 5

cong ty do cac ngan hang cung cap. Cung co the su dung thong

/ f 9

tin do mot so ban hang Ion cung cap. Doi voi nhung cong ty co

9 * * * r *

phat hanh trai phieu-thi co the dua vao diem xep hang trai phieu

de danh gia uy tin tai chinh cua cong ty. Chang han, a My nguoi

I r *

ta co the sir dung bang xep hang trai phieu (bond ratings) do cac

ft

cong, ty Moody's hoac Standard and Poor's cung cap. Bang xep

r > f

hang, trai phieu ciia Moody's gom cac bac tir Aaa den C. Nhung

A , ' ' f y \

thong tin ve xep hang chung khoan chu yeu de danh gia dau tu,

* X

nhung cung la nguon tham khao dang quan tam ve phucmg dien

thanh toan.

5.4. Chinh sach thu nc

5.4.1. Chinh sach va bien phdp thu nff

\

Trong cong ty Ion, nen co mot ngudi chiu trach nhiem ve

quan lv tin dung, tire la theo doi va giam sat viec thanh toan cac

^ f

khoan no. Viec quan ly tin dung khong chi can phoi hop voi

quan ly tien quy va tai chinh, ma ca voi cong tac ban hang va

marketing.

o

77

Ngudi quan ly tin dung phai co bang kc chi tiet thee doi

tinh hinh ng cua khach hang. Can nam virng thai han va tinh

chat cac mon ng, dong thai hieu ro timg khach hang ve mat

thanh toan ng.

Mot ky thuat quan ly quan ly ng la viec lap bang phan tuoi

cac khoan phai thu (Aging Schedule of receivables). Bang nay

cho biet cac mon no cua timg khach hang, phan theo ky ban va

y r s \

tong so ng can thu hoi.

Bang B-5.1. Bang phan tuoi cac khoan p h a i thu

Dan vi: 1000 dong

Ten khach

hang

So ng

r

chua den

han

Ng qua

mot thang

Ng qua 2

thang

Qua han

tren 2

thang

i

♦ /

rp a a

I ong so

1. Cong ty

kirn khi X

15.000

-

%

15.000

2. XN xay

dung X

70.000

40.000

10.000

-

120.000

3. Cong ty

thuang

mai Y

20.000 45.000

10.000 75.000

4. Cong ty

A

150.000 100.000

150.000

-

40.000

5. Cong ty

B

250.000

-

90.000

110.000

450.000

tk f

Tong so

505.000

140.000 295.000

120.000

1.060.000

Dua tren ca sa theo d5i ng, co the phan tich mire do tra ng

va khong tra no dung han cua khach hang. Truang hap khach

hang co dau hieu khong thanh toan ng dung han, can thue hien

r * \

mot so viec nhu sau vai mire do gay gat tang dan:

78

- Nhac nho vice thanh toan bang dien thoai. tlur hoac fax

tuy theo moi quan he giua 2 ben.

- Gui mot ban thong bao ve tai khoan hoac ve mon ng.

- Tim hieu va danh uia tnonu tin them ve con no.

- Nhac nho co tinh chat de doa ve viec xet xir theo luat

f

phap neu khach hang khong tra ng.

- Tim bien phap ep khach hang thanh toan cho minh truac

khi thanh toan cho nguai khac.

- Xem xet kha nang ban phat mai hoac nhan thanh toan

bang hang hoa, vat tu.

- Cuoi cung la bien phap khieu kien len toa an kinh te.

5.4.2. Bao thanh toan va mua han thiro’ng mai

Trong lTnh vuc tai chinh, mot so hang chuyen mon hoa

%

trong viec kinh doanh ng (mua ban ng). So di ton tai loai kinh

f

doanh nay la do mot so nguyen nhan nhu sau:

t \

- Cac to chuc nay co du kha nang thu thap thong tin ve tin

nhiem va tinh hinh kinh doanh cua nhieu cong ty, do do de danh

gia kha nang tai chinh ciia con ng.

- Thue hien kinh doanh bao thanh toan tren pham vi 1cm,

/

cac cong ty nay dat dugc tinh kinh te nha quy mo (economies of

scale).

^ ^ / \

- Dap img dugc nhu cau ve von ciia nhieu khach hang - do

la cac chu ng.

- Cac hang mua ban ng co kha nang dao tao va sir dung

doi ngu chuyen gia gioi, co kinh nghiem trong linh vuc nay. Cac

hang nay thuang dugc goi la Factor va nghiep vu ciia ho goi la

Factoring. Mot trong nhung nghiep vu do goi la bao thanh toan.

Cach thirc hoat dong cua vice bao thanh toan nhu sau:

1. Hatng factoring (the factor) va phi'a chu ng thoa thuan

79

* "N \

bang hop dong ve viec bao thanh toan. Time uuit la viec m u:;

ban ng co chiet khau. Chi phi cho viec bao thanh toan la k!ha>

lan, thuang chiem tir 1% den 2% tri gia hoa dan.

2. Chu ng thong bao cho phia con ng biet ve viec haing

factor da mua khoan ng va co quyen thu hoi ng.

j. Phia chu ng giri mot ban hoa dan cho moi chuyen hamg

■»

de hang factor thanh toan. Nguai mua hang (con no) se thanih

/

toan true tiep cho factor.

4. Hang factor thanh toan lai cho ngudi ban theo muc tihn

ng trung binh thdi ky ma hai ben da thoa thuan.

Cac djch vu factoring hien nay cho ra ddi mot so phuamg,

thirc thanh toan khac nhau nhu:

- Bao thanh toan mot phan

- Bao thanh toan toan bo

t •* r '

Trong nhieu trudng hgp, hang factor co the cung cap tiien

(tra trudc) tdi 70% hoac 80% gia tri khoan phai thu vdi muc Hai

/ /

suat cao han lai suat ca sd tir 2% - 3% /nam.

^ ' 9 9 9

Trong trudng hgp can mot sir dam bao chac chan, phu a

ban hang co the mua bao hiem tin dung. Duong nhien, nhu iniot

9 t *» ^

quy tac bao hiem, ben dugc bao hiem khong dugc lam dung b;ao

hiem hoac vo trach nhiem trong quan ly gidi han tin dung.

Khi co bao hiem tin dung, khong chi nhung mon ing

khong ddi dugc ma ca nhung khoan ng qua han deu co the ducge

9

dam bao va cac ngan hang de chap thuan tai trg cho nnuing

loan tin dung co bao hiem. O My, Hiep hoi bao hiem tin cluing

Edc ngoai (Foreign Credit Insurance Association - FCIA) la to

'ire rat co uy tin trong viec bao hiem cho cac khoan tin dum&

/ 1

xuat nhap khau.

80

C h i i a n g G

QUAN LY NGUON VON

CUA DOANH NGHilP

> / 1

Von la dieu kien khong the tlncu dugc <3c thanh iap mot

doanh nghiep va tien hanh cac hoat dong san xuat kinh doanh.

— 9 • - %

Trong moi loai hinh doanh nghiep, von phan anh trj gia nguon

tai chi'nh dugc dau tu vao san xuat kinh doanh. Tuy nhien, doi

vdi viec quan ly von va quan ly tai chinh, chung ta ue cap chu

r r i /

yeu den hoat ddng luan chuyen cua von. sir anh hudng qua lai

cua cac hinh thai khac nhau cua tai san va hieu qua cua su quay

'

____

f /

vdng von. Tuc la, von chu veu dugc xem xet dudi trang thai

dong (chu khong phai trang thai tfnh), va muc tieu hieu qua cua

f f

von cd y nghTa quan trong nhat.

A Jk X r

6.1. Tong quan ve nguon von cua doanh nghiep

f \ \

Trong moi doanh nghiep, von deu bao gom hai bo phan:

r / r **

von co dinh va von luu dong; moi bo phan nay dugc chia nho

• ' 9 * 9

thanh nhieu yeu to hoac khoan muc khac nhau tuy theo tinh chat

cua chung. Tuy nhien, ca cau von trong cac doanh nghiep

* * 9

khong gidng nhau, ca cau von phu thuoc vao mot loat cac nhan

to nhu sau:

• Nganh kinh doanh hay lTnh virc hoat dong cua doanh

nghiep.

81

• Quy mo va ca cau to clu'rc cua doanh nghiep.

• Trinh do khoa hoc ky thuat va trinh do quan ly.

9 1 f '

• Chien luge phat trien va chien luge dau tu cua lioanh

nghiep.

\ ' f

• Nguon von va quan he sa hiru von va tai san trong cong

ty-

r f r \ p t /

Mot so yeu to ca ban ve quan ly von co djnh va von luru

X \ t

dong se dugc de cap trong nhung phan tiep sau.

6.2. Cac nguon von cua doanh nghiep va phuong thue

khai thac

* y

Tuy theo loai hinh doanh nghiep va cac dac diem c\i the,

moi doanh nghiep co the co cac phuang thue tao von va huy

t x r

dong von khac nhau. Trong dieu kien kinh te thj trudng, cac

phuang thue huy dong von cho doanh nghiep dugc da d;ing

' ' ' f 1

hoa, giai phong cac nguon tai chinh trong nen kinh te, thue clay

r

_____

% n

su thu hut von vao cac doanh nghiep. Tuy nhien, can luu y rang,

trong hoan canh cu the cua Viet Nam, do thi trudng tai chinh

* f

chua phat trien hoan chinh nen viec khai thac von co nhirng net

dac trung rat dang chu y. Su phat trien nhanh chdng cua nen

t \ 1

kinh te va thi trudng tai chinh se sdm tao dieu kien de cac doanh

f

nghiep md rong kha nang thu hut von vao kinh doanh.

y f f

Sau day la cac nguon von va cac phuong thue tao von

(con goi la phuang thue tai trg) ma cac doanh nghiep cd the

khai thac.

6.2.1. Ngudti von tu co cua doanh nghiep

Day la mot thuat ngu de gay lan Ion mac du ngudi ta da

quen sir dung thuat ngu nay. Khi doanh nghiep dugc thanh lap

82

bao g;d chu doanh nghiep cung phai dau tu mot so von nhat

dinli. Khi noi den nguon von tu co cua doanh nghiep bao gia

ciin.g phai xem xet hinh thue sd hiru cua doanh nghiep do, do la

vi hinh thirc sd huu se quyet dinh tinh chat va hinh thue tao von

tir co cua chu sd huu cua doanh nghiep nhung se dugc de cap

ruing a muc sau.

Doi vdi doanh nghiep Nha nude, nguon von tu co ban dau

chinh la von dau tu cua ngan sach Nha nude. Chu sd huu cua

f

____

**

cac doanh nghiep quoc doanh la Nha nude. Trudc day, Tong

cue quan ly tat -san Nha nude tai doanh nghiep thuoc Bd Tai

chinh cd trach nhiem quan ly tai chinh ddi vdi cac doanh nghiep

Nha nude. Hien nay, ca che quan ly tai chinh cung nhu quan ly

nguon von cua doanh nghiep Nha nude dang cd nhung thay ddi

dc phu hgp vdi tinh hinh thue te. O nude ta, trong kc toan tai

t r

chinh co thuat ngu "von tu cd va coi nhu tu cd" hoac "von ngan

r \ * y y \ r

sach cap va cd nguon goc ngan sach" de bieu thi nguon von

t \ r i x

dugc ngan sach Nha nude cap ban dau, cap bd sung va nguon

t r

von khac hinh thanh tren ca sd von cua Nha nude.

Doi vdi doanh nghiep tu nhan hoac cong ty trach nhiem

r * \ \. /

hfru han, chu doanh nghiep phai cd mot sd von ban dau can .thiet

do xin dang ky thanh lap doanh nghiep. Quy mo cua so von tu

cd ban dau cua chu doanh nghiep la mot yeu to quan trgng, tuy

' r

nhien do khong phai la nhan to quyet djnh lau dai. Trong qua

trinh hoat dong san xuat kinh doanh, neu doanh nghiep hoat

dong co hieu qua thi doanh nghiep se cd nhung dieu kien thuan

Igi de md rong nguon von. Nguon von tich luy tu Igi nhuan de

lai la bo phan Igi nhuan dugc sir dung tai dau tu, md rong san

xuat kinh doanh cua doanh nghiep. Sd Igi nhuan de lai tai dau tu

se lam tang them nguon von ciia chu sd hiru, dugc phan anh tren

83

Bang can doi kc toan cua doanh nghiep (Balance sheet). Quy

mo va ty le von de lai tir lai nhuan phu thuoc vao til'll! hinh kinh

doanh, ket qua hoat dong cua thai ky da qua va quyel dinh cu

the cua chu doanh nghiep.

Doi vai cong ty co phan, nguon von do cac co dong dong

gdn la veu to quyct dinh dc hinh thanh cong ty. Moi co done la

mot chu sd hfm cua cone tv va chi chiu trach nhiem huu han

• J • * •

tren tri gia sd cd phan ma ho nam giir. Tuy nhien, cac cong ty co

phan cung cd mot sd dang tuang doi khac nhau. do do cach thirc

' ** > / * X

huy dong von cd phan cung khac nhau. Cac yeu to co ban ve ccj

• f f X \ f

phieu va huy dong von cd phan se duac de cap trongmuc "Von

phat hanh co phieu va irai phieu".

Trong loai hinh doanh nghiep khac nhu cong ty trach

nhiem huu han, cong ty cd von dau tu true tiep nude ngoai

(FDI), cong ty lien doanh, cac nguon von cung tuang tu nhir

tren; tire la nguon von cd the do chu dau tu bd ra, do cac ben

tham gia gop von, cac ddi tac, v.v... Ty le va quy md von cua

^ / r

cac ben tham gia cong ty phu thuoc vao nhieu yeu to khac nhau

1 / /

(nhu luat phap, dac diem nganh kinh te - ky thuat, ca cau lien

doanh).

6.2.2. Nguon von tin dung ngan hang va tin dung

thuang mai

* + r

Co the noi rang nguon von vay ngan hang la mot trong

nhung nguon von quan trong nhat, khong chi ddi vdi su phat

* ' . X

trien cua ban than cac doanh nghiep ma con ddi vdi toan bo nen

t r ’ * rs.

kinh te quoc dan. Su hoat dong va phat trien ciia cac cdng ty,

cac doanh nghiep deu gan lien vai cac dich vu tai chinh do cac

ngan hang thuang mai cung cap, trong do co vice cung img cae

84

Khong mot cong ty nao co the hnat dong ma khong vay

von man hang hoac tin dunu tluronu mai non cony ty do muon

* ■ v- v_ W

ton :ai virng chac tren thuong truong. Trong qua trinh hoat

dons., cac doanh nghiep thudnsi vav nuan hane de dam bao

v. - O • I C 1 J w w

ngucn tai chinh cho cac hoat dong san xuat kinh doanh, dac biet

la dam bao co du von cho cac du an ma rong hoac dau tu chieu

sau cua doanh nghiep.

\ fy; »:

Ve mat thai han, von vay ngan hang cd the dugc phan loai

theo thai han vay von, bao gom: vay dai han (thuang tinh tir 3

naim tra ien; co nai tinh tir 5 nam trd len), vay trung han (tir 1

*■ f

naim den 3 nam) va vay ngan han (dudi 1 nam). Tieu chuan va

quar. niem ve thdi gian de phan loai trong thirc te khong giong

nh.ai; giua cac nude, va co the khac nhau giua cac ngan hang

thiraig mai.

r

Tuy theo tinh chat va muc dich sir dung, ngan hang cung

r X ' /

co de phan loai vay thanh cac loai nhir: vay dau tu tai san eo

dinh vay von luu dong, vay de phuc vu du an. Cung cd nhung

cach phan chia khac nhu: theo nganh kinh te, theo ltnh vuc phuc

vu hoac theo hinh thirc bao dam cua khoan vay.

\ * \ »

Nguon von tin dung ngan hang co nhieu uu diem, nhung

> / / /

ngiucn von nay cung cd nhung han che nhat dinh. Do la cac han

t \ \ >

chej \e dieu kien tin dung, kiem soat ciia ngan hang va chi phi sir

f t

duing von (lai suat).

*

Dieu kien tin dung: C'ac ngan hang tlurcmg mai khi cho

f

do;am nghiep vay von luon luon phai dam bao an toan tin dung,

* f

ham :he rui ro tin dung thong qua mot he thong cac bien phap

bao lam tin dung. Truoc tien, ngan hang phai phan tich ho so

ngucn von tin dung.

85

xin vay von, danh gia cac thong tin lien quan den dir an Ja.i tir

hoac ke hoach san xuat kinh doanh cua doanh nghiep vay von.

/

Doanh nghiep phai cung cap nhung bao cao tai chinh va nhung

' 9 '

thong tin can thiet khac theo yeu cau cua ngan hang.

> j*

- Cac dieu kien bao dam tien vay: Khi doanh nghiep xin

r ^

vay von, noi chung cac ngan hang thuong yeu cau doanh nghiep

1 / f \

di vay phai co cac bao dam tin dung, pho bien nhat la bang tai

re \ t r

san the chap. Viec yeu cau nguai vay co tai san the chap trong

X *

nhieu truong hgp lam cho ben di vay khong the dap img dugc

x i \ r

cac dieu kien vay, ke ca nhung thu tuc phap ly ve giay to, v.v...

\ r f / r '

Do do, doanh nghiep can tinh den yeu to nay khi tiep can nguon

*

von tin dung ngan hang.

*

- Su kiem soat cua ngan hang cho vay: Mot khi doanh

nghiep vay von ngan hang thi doanh nghiep cung phai chju su

kiem soat ciia ngan hang ve muc dich va tinh hinh sir dung von

vay. Noi chung, sir kiem soat nay khong gay ra van de gi qua

lan cho doanh nghiep, tuy nhien, trong mot so truong hgp dieu

do cung lam cho doanh nghiep co cam giac bi "kiem soat".

t r r f

- Lai suat vay von: Lai suat vay von phan anh chi phi sir

dung von. Lai suat von tin dung ngan hang phu thuoc vao tinh

t t

hinh tin dung tren thi truong trong timg thcri ky. Neu lai suat vay

f

qua cao thi doanh nghiep phai ganh chju chi phi sir dung von

Icrn va lam giam thu nhap cua doanh nghiep. Co nhung thai ky <V

nuac ta, lai suat vay von kha cao va thieu tinh canh tranh do do

khong tao dieu kien cho cac cong ty, cac doanh nghiep dau tu

/

ma rong san xuat kinh doanh.

Cac doanh nghiep cung thuang khai thac nguon von tin

dung thuang mai (commercial credit) hay con goi la tin dung

86

cua nguai cua nguai cung cap (suppliers' e;coit). Nguon von

naV hi nil thanh mot cach ttr nhien trou>! <{u m he mua ban chiu.

• «>_. J ■

mua ban tra chain hay tra gop. Nguon von :in dung thuang mai

co anh huang hot sire to lan khong chi voi a k doanh nghiep ma

ca <ioi vai toan bo ncn kinh te. Trong mot s i cong ty, nguon von

tin dung thuang mai duai cac khoan phai tru (Accounts

payable) co the chiem tai 20% tong nguon von, tham chi co the

chiem toi 40% tong nguon von.

Nguon von tin dung thuang mai la mot phuang thirc tai

tra re, tien dung va linh hoat trong kinh doanh; mat khac no con

tao kha nang md rong quan he hap tac kinh doanh mot cach lau

ben. Cac dieu kien rang buoc cu the co the duac an djnh khi hai

ben ky hap dong mua ban hay hap dong kinh te noi chung. Tuy

> f r

nhien, can nhan thay tinh chat rui ro ciia quan he tin dung

thuang mai khi quy md tai tra vuqt qua giai han an toan.

\ r 1

Chi phi cua viec sir dung cac nguon von tin dung the hien

qua lai suat cua khoan vay, do la chi phi lai vay, se duac tinh

vao gia thanh san pham hay dich vu. Khi mua ban hang hoa tra

cham chi phi nay co the "an" duai hinh thirc thay doi mire gia,

tuy thuoc quan he va thao thuan cu the giua cac ben. Trong xu

t

huang hien nay a Viet Nam cung nhu tren the giai, cac hinh

thirc tin dung ngay cang da dang va linh hoat han, vai tinh chat

X %

canh tranh hem; do do cac doanh nghiep cung co nhieu ca hoi de

lira chon nguon von tai tra cho hoat dong ciia doanh nghiep.

\ r •> /

6.2.3. Nguon von plidt hanh co pliieu cong ty

Mot nguon tai chinh dai han rat quan trong la phat hanh co

< r if

phieu de huy dong von cho cong ty. Phat hanh co phieu duac

goi la hoat dong tai tra dai han ciia doanh nghiep. Chung ta se

87

xem xet mot .vj you to co ban lien quan ucn viec phat hanh va

kiem scat cac loai co phieu khac nhau.

a. Co p h ieu th u o n ii (com m on S toc k 'S hat e)

Co phieu thuang (con goi ta co phieu thong thircmg) !a

loai cd phieu thong ciimg nhat vi no co nhung uu the trong viec

phat hanh ra cong chung va trong qua trinh luu hanh tren thi

truong chung khoan. Co phieu thuong la mat hang quan trong

nhat duac trao doi mua ban tren thi truong chunc khoan. dieu

• C P ^

do cung du de minh chung tarn quan trong cua no so vai cac

cong cu tai chinh khac.

Giai han phat hanh: Mac du viec phat hanh co phieu co uu

r r

the so vai cac phuang thue huy dong von khac nhung cung co

nhung han che va cac rang buoc can dugc can nhac ky lucmg.

Giai han phat hanh la mot quy dinh rang buoc co tinh phap ly.

Lugng co phieu toi da ma cong ty dugc quyen phat hanh goi la

r t r f

von co phieu dugc cap phep. Day la mot trong nhung quy djnh

cua Uy ban chung khoan Nha nuac nham quan ly va kiem soat

chat che cac hoat dong phat hanh va giao dich chung khoan. Tai

*

f v r

nhieu nuac, so co phieu dugc phat phat hanh dugc ghi trong

dieu le cua cong ty; tuy nhien mot so nuac khac khong quy djnh

/ X f t + \

ghi so lugng do trong dieu le cong ty. Muon tang von co phan

thi truoc het can phai dugc dai hoi co dong cho phep, sau do

/

phai hoan tat nhung thu tuc quy dinh khac.

Hau het cac nuac deu su dung giai han phat hanh nhu mot

% » r

cong cu quan trgng de kiem soat va han che cac rui ro cho eong

chung. Thong thucmg, mot cong ty co the phat hanh mot lan

f % f '

hoac mot so lan trong giai han so co phieu da dirge phep phat

1 /

hanh. Vi du, cong ty X dugc phep phat ham. ) tn 'u co phieu,

88

sir nam inrdc cone ly (in pba: hanh 1 17 trig;] co phieu thi

coin; ty duang nhien con du. rc phat hanh them 283 trieu co

ph.ai nfra MOO - 117 2S3).

'1 uy nhien. tren thirc le. vice quan 1\ va kiem soat qua

trinh phat hanh chung khoan tuy thuoc vao chinh. sach cu the

cua N’lia nuac va uy ban Chung khoan Nha nuac. 0 Viet Nam

/■ '

hiCu nay. lie thong van ban. phan quy ve chung khoan mdi duac

xay dung va dang trong qua trinh hoan thicn de lao dieu kien tot

han cho hoal dong huy dong von cua doanh nghiep va luu

chuyen von trona nen kinh to.

Sau khi phat hanh ra thi truong thu cap, phan lan nhung

co phieu nam trong tay nhung nha dau tu, duac goi la co ddng

(shareholder). Nhung co phieu nay goi la dang luu hanh tren thi

trudng. Tuy nhien, cd the chinh cong ty phat hanh mua lai mot

r X * '

so cd phieu cua minh va gifr no nham muc dich nao do. Nhung

* t + t

co phieu duac cong ty mua lai nhu vay goi la cd phieu ngan

quy. Nhung cd phieu nay duac coi nhu tarn thdi khong luu

♦ /

hanh. Viec mua lai hoac ban ra nhirng cd phieu nay phu thuoc

ft /

vao mot sd yeu to nhu:

_ * * '

• Tinh hinh can ddi von va kha nang dau tu.

/

• Tinh hinh bien ddng thi gia chung khoan tren thi trudng.

r

• Chinh sach ddi vdi viec sap nhap hoac thon tinh cong ty

f

(chong thon tinh).

• Tinh hinh tren thi trudng chung khoan va quy dinh cua

Uy ban chung khoan Nha nude.

Menh gia va thj gia

Gia tri ghi tren mat cd phieu goi la menh gia (par value),

gia ca ciia cd phieu tren thi trudng goi la thi gia. Tri gia cua cd

89

phieu dugc phan anh trong sd sach kc toan cua cong ty "Oii la

gia tri ghi sd (book value), do cung chinh la menh gia ciia cic co

phieu da phat hanh.

Menh gia khong chi dugc ghi tren mat cd phieu ma cdn

dugc ghi ro trong giay phep phat hanh va tren sd sach kc toan

cua cong ty. Tuy nhien, menh gia chi cd y nghia khi phat hanh

♦ / / * ** '

cd phieu va ddi vdi khoang thdi gian ngan sau khi cd ph ieu

dugc phat hanh. Thi gia phan anh su danh gia cua thi trudng (ddi

vdi cd phieu, phan anh long tin cua cac nha dau tu doi vdi hioat

dong cua cong ty.

x •y

Quyen han cua co dong

1 9 1 ^

Cac cd ddng nam giu cd phieu thudng chinh la murng

ngudi sd hiru cong ty, do do ho cd quyen trudc het ddi vcri tai

san va su phan chia tai san hoac thu nhap cua cong ty. Cd lo>ng

\ \ ■» ^ 1

cd qij.y6n tham gia kiem soat va dieu khien cac cong viec c:ua

f ^

cong ty. Tuy nhien, thong thudng cd mot sd lugng cd ddng cua

cong ty, nen mdi cd ddng chi cd mot quyen lire gidi han nlhat

dinh trong viec bd phieu hoac chi dinh thanh vien cua ban guani

t r ^ r \

doc. Mgt sd cong viec hay nhung van de dac biet can cd su nlhat

/ *

tri cua d?i da so cd ddng.

\ 1

Tuy theo viec quy dinh trong dieu le cong ty, co the hiinh

thanh cac phucmg thirc bd phieu khac nhau. Hai phuong phiip

f *

■ X A

dugc su dung rong rai la bd phieu theo da sd va bd phieu gop.

t ? ^ • A A

Bd phieu theo da sd (majority voting) la viec cd ddng co

the dung moi la phieu de bau mot ngudi quan ly, cac chuc damh

se dugc bau rieng re. Dieu nay ro rang cd Igi cho nhung ngurdi

r f y f ^ r

dang nam da sd cd phieu cua cong ty vi ho cd the tao ap hue

manh hon bang sd ldn cd phieu nam giu.

90

C j che bo phieu gop (cumulative votim:) cho phep cung

bo phieu cho mot img cu vien nao do. Tac hi mot co dong co

the don toan bo so phieu co trong tay cho mot img cu vien dugc

ua chuong. Day la ly do tai sao mot so cac co Jong thieu ung ho

co c he bo phieu gop.

Trong dieu le cong ty, quy dinh ro ve pham vi nhung su

vu can dugc da so (tren 50%) co dong tan thanh va nhung van

de can dugc tuyet dai da so (75% tra len) co dong nhat tri.

Van de chong thon tinh, bao ve cong ty truoc sir xam thue

bang co phieu cua cac cong ty khac la mot khia canh dac biet.

* •* / r

Huy dong von qua phat hanh co phieu phai xet den nguy ca bi

/ * * f + \

thon tinh. Do do, phai tinh den ty le cd phan toi thieu can duy tri

t % *

de giu vung quyen kiem soat cua cong ty.

b. Co phieu uu tien (Preferred Stock)

* f r

Co phieu uu tien thuang chi chiem mot ty trong nF^> trong

T / > t / V

tong so co phieu duac phat hanh. Tuy nhien trong mot so truong

1 ^ m *

hgp viec dung co phieu uu tien la thich hgp. Co phieu uu tien co

d£c diem la no thircmg co co tuc co dinh. Nguoi chu cua co phieu

1 *» /

nay co quyen dugc thanh toan lai truoc cac co dong thuong. Neu

r ■» t ** a ■>

so lii chi du de tra co tire cho cac co dong iru tien thi eac co dong

y t

thuong se khong dugc nhan co tuc cua ky do. Viec giai quyet

f *

chinh sach co tuc dugc neu ro trong dieu le cong ty.

X 1 ^

Phan lan cac cong ty co phan quy dinh rd: cong ty co

✓ /

nghia vu tra het so Igi tuc chua thanh toan cua cac ky truoc cho

cac co dong uu tien, sau do moi thanh toan cho cac co dong

thudng.

■» t » 4

Cac co ptyejMiu dai co the dugc chinh cong ty ph*t hanh

thu hoi lai (chu^c fri) khi cong ty thay can thiet. Ntotmg truong

91

- Trirang hop nao thi cong ty co the mua lai co nhieu.

- Ciia ca khi cong ty mua lai co phieu.

- Thai han toi thieu khong dirge phep mua lai co phieu (\ i

du 5 nam ).

Trong thirc te, a mot so mrdc nlur My rat hiem khi co

dong iru tien co quyen bo phieu mot each day du. Tuy nhien,

f t r r\

neu co it nhat 2/3 co dong iru tien nhat tri ve mot van dc nao do

thi ban lanh dao cong ty phai xem xet v kien ciia ho. Neu cac co

f

1 >

phieu uu tien khong dugc tra co tire thi cac co ddng cua nhfmg

r

i ^

r

co phieu do co the dugc quyen bo phieu.

Mot van de rat quan trong can de cap khi phat hanh co

/ /

phieu uu tien, do la thue. Khac vai chi phi lai vay dugc giam tru

khi tinh thue thu nhap cong ty, co tuc dugc lay tu Igi nhuan sau

r r + r \

thue. Do la han che cua co phieu uu tien Mac du vay, nhu da dc

f f + t

cap, co phieu uu dai van co nhung uu diem ddi vai ca cong ty

phat hanh va ca nha dau tu.

' 1 / 1

Khi nao cac hang phat hanh va thu hoi co phieu? De tra

lai cau hoi nay can xem xet nhung khia canh sau:

ft \

ft

• Cac hang thudng cd gang can bang giua ng va von co

phan de giu vung kha nang thanh toan, cung cd uy tin tai chinh.

e rye

Khi ty le ng d muc thap, neu can von thi cac cong ty thudng

chon cach phat hanh trai phieu tire la tang ng (ma khong tang

f i \ r

• t • A

von co phan). Neu ty le ng a muc cao, cong ty phai tranh viec

■y *

tang them ty le ng va chon cach phat hanh co phieu.

t \

• Tuy nhien, thue te cac cong ty khong quan tarn nhieu

f X \

^

den viec giir mot mire can bang chinh xac. Viec dieu chinh

lugng tien va cac khoan ng thudng ngau hung va theo kieu linh

hgp nhu vay can quy dinh ro nhung diem sau:

92

boat "tuy co irng bien".

• Sir phan ung tnrac cac bien (.Ion;.1, cua thj trirang chirng

khoan la mot yeu to dang chu y.

Mot so nha phan tich tai chi'nh doanh nghiep da dira ra

nhirng nhan xet nhu sau:

• Phan lan cac co phieu duac phat hanh bo sung sau khi

thi gia co phieu cua cong tv do tang tren thi trirang chirng

khoan.

• Gia co phieu tang len la mot dau hieu co nhieu ca hoi

dau tir ma rong vao nhirng du an co trien vong trong cong ty.

Tuy nhien, nguai ta chua ly giai duac mot cach tuang tan

f

tai sao tren thue te cac cong ty thuang lira chon viec phat hanh

co phieu sau khi co su tang gia co phieu. Mot so nguyen nhan

** r f

co the la nhung yeu to sau day:

*

• Do doi hoi can bang ty le ns? (nhu noi tren)

• Do ty le P/'E (Price - Earnings Ratio) a mire cao, tire la

’ ' / f

thi gia co phieu tang manh han toe do tang cua ty suat lai nhuan

rong.

• Do yeu to tarn ly cua cong chung va cac nha dau tu tren

thi truong.

t

6.2.4. Phat hanh trai phieu cong ty

t f

Trai phieu la mot ten chung cua cac giay ta vay no dai han

\ /

va trung han, bao gom: trai phieu chinh phu (government bond)

va trai phieu cong ty (corporate bond). Trai phieu con duac goi

la trai khoan. Trong phan nay, chung ta chi xem xet trai phieu

r

cong ty tren mot so khia canh ca ban.

r ' '

Mot trong nhung van de can xem xet truoc khi phat hanh

93

la lira chon loai trai phieu nao phu hop nhat vai dtfeu kien cu the

cua cong ty va tinh hinh tren thi truong tai chinh.

* /

Viec lua chon trai phieu thich hop la rat quan trong vi co

lien quan den chi phi tra lai. cach thirc tra lai, kha nang luu hanh

va tinh hap dan ciia trai phieu. Truoc khi quyet dinh phat hanh,

can hieu r5 dac diem va uu nhuoc diem ciia moi loai trai phieu.

Tren thi truong tai chinh a nhieu nuac, hien nay thuang luu

hanh nhung loai trai phieu cong ty nhu sau:

a. Trai phieu cd lai suat cd dinh

f # \ /

Loai trai phieu nay thuang duac sir dung nhieu nhat, tuc

* r 9 * f

la pho bien nhat trong cac loai trai phieu cong ty. Lai suat duac

ghi ngay tren mat trai phieu va khong thay doi trong suot ky han

ciia no. Nhu vay ca cong ty (nguoi di vay) va nguoi giir trai

f \ f r

phieu (nguai cho vay) deu biet rd mire lai suat cua khoan no

trong svSt thai gian ton tai (ky han cua trai phieu. Viec thanh

toan lai .trai phieu cung thuong dugc quy dinh ro, vi du tra 2 lan

trong nam vao ngay 30/6 va 31/12.

Be huy dong von tren thi truong bang trdi phieu, phai tinh

den mire do hap dan cua trai phieu. Tinh hap dan phu thuoc may

# *

yeu to Sau:

- Lai suat cua trai phieu: Duong nhien, nguai dau tu muon

» /

dugc hucmg rrurc Ifii suat cao. Nhung, cong ty ph&t hanh phai

r f 1 / e g

can nhac lai suat co the chap nhan dugc doi voi trai phieu eua

* ^

ho, chu khong the tra that cao cho nha dau tu.

9 9

Lai suat cua trai phieu dugc dat trong tucmg quan so sanh

r r r

vai lai suat tren thi truong von. dac biet la phai tinh den su canh

f *

tranh vai trai phieu cua cac cong ty khac va trai phieu Chinh

phu. Gia sir: Trai phieu kho bac Nha nuac ky han 5 nam co lai

94

.Mutt 7,0%/narn. Uai phieu trunu binh cua inn* so cong ty khac

cung ky han: S.0%/nam: khi do do phat hanh thanh cong trai

phiei, can quy dinh lai suat trai phieu sao cho co the canh tranh

duac vai muc lai suat do. l uy nhien. mot ram* buoc khac la chi

phi lai vay ma cong ty phai tra cho cac trai chu. Neu dira them

cac yen to khuyen khich vao trai phieu thi co the khong can

nang cao muc lai suat.

- Ky han cua trai phieu: Day la yeu to rat quan trong

khong nhung doi vcri cong ty phat hanh ma ca doi vai nha dau

r

tir. Khi phat hanh, phai can cu vao tinh hinh thi trirang von va

tarn ly dan cu mai co the xac dinh ky han hgp ly. Vi du, trong

thang 9-2001. Ngan hang Dau tu va phat trien Viet Nam phat

/

hanh cac loai trai phieu vo danh va ghi danh vai ky han 5 nam

va 7 nam. Luang trai phieu 5 nam ban dirge rat Ian nhung trai

phieu 7 nam thi khong hap dan cong clning.

- Uy tin tai chinh cua cong ty va mire do rui ro: Khong

phai cong ty nao cung co the thu hut duac cong chung mua trai

' \ f

phieu vi nha dau tu phai danh gia uy tin cong ty thi mai quyet

dinh mua hay khong mua. Cac cong ty co uy tin va vung manh

thi de dang han trong viec phat hanh trai phieu ra cong chung de

r

huy dong von.

Trong viec phat hanh trai phieu, cung can chu y den menh

1 *

gia vi no co the lien quan den sire mua cua dan chung. Dac biet,

* \

a Viet Nam khi phat hanh trai phieu cong ty can xac dinh mot

mire menh gia vira phai de nhieu nguai co the mua dirge, tao sir

luu thong de dang cho trai phieu tren thi trirang.

f r •>

b. Trai phieu co lai suat thay ddi

Tuy goi la lai suat thay doi nhung thirc ra loai nay co lai

95

suat phu thuoc vao mot so ngi\>n iai suat quan trpn.u. Chang

han, lai suat I.ll'OR (1 odon Interbank Offered Rate) hoac lai

suat co ban (Prime Rate).

Khi nao ncn phat hanh ioai trai phieu tha noi? 'I'rong dieu

kien co muc lam phat kha cao va lai suat thi truong khong on

dinh thi co the khai thac tinh iru vii-t cua loai trai phieu nay. Do

cac bien dong cua lam phat keo theo sir giao dong cua lai suat

thirc, cac nha dau tu mong muon dugc huang mot iai suat thoa

dang khi so sanh voi tinh hinh thi trudng. Vi vay, mot so nguoi

ua thich trai phieu tha noi. Tuy nhien, loai trai phieu nay co mot

vai nhugc diem:

• Cong ty khong the biet chac chan ve chi phi lai vay cua

trai phieu, dieu nay gay kho khan mot phan cho viec lap ke

hoach tai chinh.

' / >

• Viec quan ly trai phieu doi hoi ton nhieu thai gian hern

* x f

do phai thong bao cac lan dieu chinh lai suat.

c. Trai phieu co the thu hoi (Callable bond)

r r

Mot so cong ty lira chon each phat hanh nhung trai phieu

1 > •» #

co the thu hoi, tuc la cong ty co the mua lai vao mot thai gian

✓

nao do. Trai phieu nhu vay phai dugc quy dinh ngay khi phat

hanh dc nguoi mua trai phieu duac biet. Phai quy dinh ro ve

/

thai han va gia ca khi cong ty chuoc lai trai phieu. Thong

/ 1 *

thuang, nguai ta quy dinh thai han toi thieu ma trai phieu se

%

khong bi thu hoi, vi du trong thai gian 36 thang.

r •. \ •*

Loai trai phieu co the thu hoi co nhirng uu diem sau:

■» v

• Co the dugc sir dung nhu mot each dieu chinh lugng

von sir dung. Khi khong can thiet, cong ty c. ”c mua lai cac trai

f ft

phieu, tire la giam so von vay.

96

« Cong ty co the thay trai phieu ukm i av bang mot nguon

t;ii chinh khac bang cacti mua lai cac trai plucu do.

Tuy nhien, neu khong co nhung hap dan nao do thi trai

phieu nay khong dirge tra thich.

d. C h u n g khoan cu the chuyen doi

Cac cong ty, dac biet la cac cong ty My, thuang phat hanh

> -*» ^ >

chirng khoan kem theo nhung dieu kien co the chuyen doi dugc.

Noi chung, sir chuyen doi va lira chon cho phep cac ben (cong

ty. nguoi dau tu) co the chon mot cach thue dau tu co Igi va

thic h hgp.

e ■» i \

Co mot so hinh thirc chuyen doi, d day chi de cap so luge

hai loai:

f /

• Giay bao dam (warrant). Ngudi so huu giay bao dam

co the mua mot so lugng co phieu thudng. dirge quy dinh truoc

vdi gia ca va thdi gian xac djnh.

f * •*

• Trai phieu chuyen doi (convertible bond) la loai trai

/ 1 » ^ r f

phieu cho phep co the chuyen doi thanh mot so lugng nhat dinh

cac co phieu thudng. Neu thi gia cua co phieu tang len thi ngudi

giu trai phieu co co may nhan dugc Igi nhuan cao.

\ t '

6.2.5. Nguon von (if loi nhuan tai dau hr

Tir tai trg bang nguon von noi bo la mot phuang thirc tao

nguion tai chinh quan trgng ciia cac doanh nghiep, vi doanh

nghiicp phat huy dugc nguon lire ciia chinh minh, giam bdt su

phu, thuoc vao ben ngoai. Rat nhieu cong ty coi trong chinh sach

\ r i

tai <dau tu tir so Igi nhuan de lai (retained earnings); hg dat ra

muc tieu phai co mot khoi lugng Igi nhuan de lai dii ldn nham

tu dlap img nhu cau von ngay cang tang.

97

Neuon von tai dau ttr tir loi nhuan dc lai chi co t!u ilhi.v

V_ ...

hien dugc neu nhu cone t\ da va dang hoat dong \ i d loi

nhuan, cho phep co the tiep tuc dau tu. Doi voi cac >io:ar.h

nghiep Nha nude thi viec tai dau tir phu thuoc khong cl i vao

kha nang r;nh Igi cua ban than doanh nghiep ma con phu .Iv.uoc

vao chi'nh sach khuyen khieh tai dau tu cua Nha nuoc

Tuy nhien. doi voi cac cong ty co phan thi viec de ai Kn

nhuan co lien quan den -not so yeu to rat nhay cam. Khi c<n;g ty

de lai mot phan Igi nhuan trong nam cho tai dau tu, tuc la l:hiong

dung so Igi nhuan do de chia lai co phieu. Cac co dong Huong

dugc nhan tien lai co phieu (co tuc) nhung bii lai, hg co qu yen

so huu so von co phan tang len cua cong ty.

Nhu vay, tri gia ghi so eua cac co phieu se tang len c;ung

voi viec tu tai trg bang nguon vein noi bo. Dieu nay met mat

r 1 t r ^

khuyen khich co dong giu co phieu lau dai, nhung mat khic., de

lam giam tinh hap dan cua co phieu trong thai ky trua; mat

(ngan han), do co dong chi nhan dugc mot phan co tuc nho hion.

f *• r / ^ - v

Neu ty le chi tra co tuc thap, hoac so lai rong khong du hip dan

thi gia co phieu co the bi giam sut.

* f * » \

Khi giai quyet van de co tire va tai dau tu, chi'nh s>ach

’ r / r

phuang phap co tuc cua cong ty co phan phai luu y den no>t so

yeu to co lien quan nhu:

- Tong so Igi nhuan rong trong ky.

■» /

- Muc chia lai tren co phieu cua cac nam truoc.

- Sir xep hang co phieu tren thi truong va tinh on dinh cua

thi gia co phieu cua cong ty, tam ly va danh gia eua cong chiung

ve co phieu do.

- Hieu qua cua viec tai dau tu.

98

Chuang 7

GIA TRi HIEN TAI

■ « •

Cac cong ty dau tu vao cac tai san khac nhau. Nhirng loai

tai san bao gom tai san huu hinh nhu nha xucrng may moc va tai

/ f

san vo hinh nhu danh tieng va mau ma. Muc dich ciia cac quyet

• ' 9 ' 9

dinh dau tu hay cac quvet dinh ve von la tim ra nhung tai san

ma mang lai nhieu hon chi phi dau tu vao chung.

Chi co mot so it truong hop trong do viec danh gia cac tai

san la khong kho. Con trong hau het cac truong hop viec nay la

kho khan va doi hoi phai co nghien ciru sau hon la danh gia

A * \ t

thong thuong theo gia thi trucng. Thir nhat, dieu rat quan trong

la ta phai xem xet bang cach thirc nao gia cua tai san lai dat

duac mire nhu vay tren thi truong; thir hai la thi truong cho hau

het tai san ciia cac cong ty tuang doi mong.

Cac cong ty thuong tim cho minh cac tai san dang gia hon

, ** t

tai san khac. Mot tai san co the dang gia hon neu nhu ban quan

ly no tot hon tai san khac. Trong truong hap do, neu chi nhin

vao mot tai san tuang tu sc khong cho ta biet tai san nay dang

• ✓ ' X r

gia nhu the nao duai su quan ly ciia ban. Do vay ta can biet gia

ca cac tai san dugc xac dinh nhu the nao.

7.1. Khai niem vC °ia tri hien tai

• • • •

Gia sua ban co trong tay S200.000 va mot lo dat tri gia

$50,000. Nha tu van cho ban dir tinh rang neu nhu ban xay mot

99

j

toa nha bay gia vai tong chi phi $300,000 tren lo Jai cua b;m.

sau mot nam ban co the ban diruc $400,000. Nlur vay ban <J..u hr

5350.000 bav ma voi hy vom* la ihu duac so tien $40('.Uoo

trong vong mot nam nira. Han sc quyct dinh dau tir neu nhir gia

tri hien taicua $400,000 ban nhan duac tronu tuong lai Km hon

$350,000 ban dau tir bay gid. Do vay. ban sc tu hoi "gui tri ngay

hom nay cua $400,000 mot nam sau la bao nhieu va lieu r.6 co

lan han $350,000 hom nay khong?"

7.1.1. Tinh toan via tri hien tai

o • • •

Gia tri hien toi ciia $400,000 mot nam sau phai nho hon

X '

$400,000. Tom lai la mot dong hom nay co gia trj hon mot dong

ngay mai, bai vi mot dong hom nay co the mang dau tir thu lai

tire ngay lap tuc.

Nhu vay gia tri hien tai cua mot khoan thu nhap trong

tuang lai co the tinh duac bang viec nhan voi mot nhan to chiet

khau nho han 1. Neu nhu ta goi C: la thu nhap mong doi cua

thai ky 1, ta co:

Gia tri hien tai (PV) = Nhan to chiet khau x Ci

r f r t

Nhan to chiet khau nay la so nghich dao

cua 1 cong mot ty le thu nhap

1

Nhan to chiet khau = ~ r r

1 + r

Ty le thu nhap r la phan thuang ma nha dau tu mong dai

/

do chap nhan thanh toan cham.

\ \ r

Tra lai vi du cua chirng ta ve dau tu bat dong san, gia sir

5400.000 nhan duac sau mot nam la chac chan. Dau tu vao mot

toa nha khong phai la cach duy nhat de nhan duac S400.000 sau

mot nam. Ban co the dau tu vao cong trai chinh phu loai den

han sau mot nam. Gia sir cong trai nay mang lai thu nhap 7%

100

mot n;.m. 15;;n can phai dau tir 'hao nhieu dc m an dirge $400,000

sau ?n-t nf.m? Cau tra loi la ban phai dau nr $400*000/1 .07 hay

$373,832. Nlnr vav, vcri Igi tire 7%, gia tri hien tai eua $400,000

sau mot nam la $373,832.

Gia sir rang khi mai bat dau xay dirnji, ban quvet dinh ban

ngay dir an nay, cac nha dau tu se tra bao nhieu? Cau tra lai la

gia tri hien tai cua du an, tuc la $373,832.

/ f

De tinh toan gia tri hien tai, chung ta chiet khau thu nhap

nh an Juoc trong tuang lai bang mot ty le thu nhap cua cac

phuong an dau tir tuang duang. Ty le thu nhap nay thuang duac

•*> a A / s /k A. r

goi la ty le chiet khau hay chi phi co' hoi cua von. No duac goi

la chi phi co hoi bdi vi no la thu nhap bi bo qua boi vi dau tu

vao du an chu khong dau tu vao chirng khoan. Trong vi du tren,

chi phi co hoi bang 7%. Gia tri hien tai duac tinh:

PV = Nhan t6 chidt k teu x C,

1 400.000

x C, - '' ~7~Z7

..

=$373,832

1 + r ^ 1,07

7.1.2. Gid tri hien tai rang

Toa nha dang gia $373,832 khong co nghia la ban lai

dugc $373,832. Ban dau tu $350,000, va do vay gia tri hien tai

rong (NPV) la $23,832. Gia tri hien tai rong dugc tinh bang

cach lay gia tri hien tai cua khoan thu nhap tu dau tu tru di so

> * r

dau lucan thiet:

NPV = PV - D5u tu can thic*t = 373.832 - 350.000 =

S23.332

Noi cach khac, toa nha ciia ban dang gia hon chi phi tao ra

no - no tao ra mot khoan dong gop rong cho gia tri. Neu nhu goi

Co la luong tien tai thdi diem 0 (co nghTa la hom nay), Co co

101

gia trj am vi no la mot luong tien ra - clu phi Trong vi du ncn.

C0 = -S3 50.000.

7.1.3. Rui ro va gid tri hien tai

Chung ta da dat ra mot gia thiet khong tlnrc to trong cac

phan tich 6 vi du ve dau tu vao toa nha tren. Ngudi tu van cua

ban khong the chac chan ve luong tien tuong lai cua toa nha,

' ' ' *

S400.000 la con so du doan tot nhat, nhung khong phai hoan

/ /

toan chac chan.

f \ / y \

Do vay ket luan cua chung ta ve so tien cac nha dau tu san

sang tra cho du an nay la sai. Bdi vi ho co the co dugc S400.000

r r \ \

mot cach chac chan bang viec dau tu vao cong trai chinh phu

gia $373,832 chu khong mua du an xay nha cua chung ta. Han

co the giam gia de khuyen khich su quan tarn cua cac nha dau

tu.

CJ day chung ta co the neu len mot nguyen ly tai san co

X ' '

ban: Mot dong an toan co gia tri hon mot ddng rui ro. Phan Ion

cac nha dau tu deu tranh rui ro khi anh ta co the lam dieu do ma

x

khong phai hy sinh thu nhap. Tuy nhien, khai niem ve gia tri

hien tai va chi phi co hoi van co y nghTa ddi vdi cac dau tu rui

ft ^ x

ro. Viec chiet khau thu nhap theo ty le lai cua cac nha dau tir

tuong duong van dung. Nhung chung ta phai tinh den thu nhap

mong doi va ty le lai mong dgi cua cac khoan dau tu khac.

Khong phai tat ca cac khoan dau tu deu cd cung mire do

rui ro. Xay mot toa nha van phong rui ro hon chirng khoan ciia

Chinh phu nhung cd the it rui ro hon khoan mot gieng dau. Gia

X >

sir ban cho rang du an cd cung mire do rui ro vdi mot loai dau tir

tren thi trudng chirng khoan va ban du tinh ty le thu nhap ciia

X

dau tu tren thj trudng chirng khoan do la 12%. Khi do 12% trd

102

thanh chi piii co hoi phu hgp. 1 )d la thu nhap ban bd qua do

khv ii;’ Jan tir \u<> cac chung khi an luoin: irni’. Ban co the tinh

NPV

400.000

Py --- — j = S357.143

NPV = PV - 350.000 -- $7,143

Neu nlur cac nha dau tu khac ddng y vdi ban ve du tinh

S400.000 thu nhap va danh gia cua ban 12% chi phi co hoi, thi

tai san cua ban cd the dang gia $357,143 khi no dang xay dung.

7.1.4. Gid tri hien tai va ty le thu nhap

Chung ta da quyet dinh rang viec xay toa nha van phong

la tot, bdi vi no dang gia hon chi phi xav no - no co gia tri hien

tai rong duong. De tinh dugc no dang gia bao nhieu, chung ta da

tinh ra mot ngudi phai tra bao nhieu de cd dugc cung thu nhap

do viec dau tu true tiep vao chirng khoan.

Chung ta cd the nhan manh lai tieu chuan cua chung ta

rang dir an bat ddng san ciia chung ta dang lam vi thu nhap vugt

/ f y

qua chi phi vdn. Thu nhap tren von dau tu don gian Ia Igi nhuan

tren vdn bd ra ban dau:

400.000 - 350.000

Thu nhap = 350.OOO = /o

/ / ^

Co hai quy tac tuong duong cho cac quyet djnh dau tu

vdn:

1. Quy tac gia tri hien tai rong: Chap nhan cac du an co

gia tri hien tai tuong duoim.

o o cr

2. Quy tac ty le thu nhap: Chap nhan cac du an mang lai ty

le thu nhap vugt chi phi co hoi ciia vim.

103

7.2. Quy tac j^ia trj hien tai ron”

Chung ta da thno luan vc gia tri luon tai ton;: (NPV) T a r .;:

NPV co vo nhu la mot muc tieu co y nghia cua mot cone, ty,

nhung no khong don thuan la quy tac ngon lay cat. Cluing ta can

phai hiCu tai sao NPV lai quan trong va tai sao lai phai xem xet

thi truong co phieu va trai phieu de tim ra chi phi co hoi cua

von.

Gia sir ban co luong tien vao B hom nay va F mot nam

sau. Neu nhu ban khong co phuang phap nao de dau tu va du

doan thu nhap, ban se tieu dung chung khi nhan duac. Dieu nay

co the bat lai va co khi la toi te nhat. Neu nhu toan bo tien ban

se nhan duac nam sau, ban se doi bay gid va bdi thue vao nam

sau. Day la linh vuc cho thi trudng can thiep vao. No cho phep

**

chuyen cua cai qua thdi gian, nhd do ban cd the cd an vira phai

cho ca nam nay va nam sau.

Thi trudng vdn dan gian la mot nai ma moi ngudi trao ddi

tien hom nay lay tien ngay mai. Dudng doc xuong trong hinh

3.1 bieu dien ty le trao ddi tren thi trudng vdn giua do la hom

nay va do la nam sau, do doc cua no la (1 + r), trong do ra la lai

suat mot nam. Bang viec cho vay tat ca tien cua minh, ban co

the lam tang tieu dung tuang lai cua ban len (1 + r) B hay FH...

Nguac lai, bang viec vay luong tien tuang lai cua minh, ban co

the tang tieu dung hien tai them F/(l + r) hay BD. (Xem hinh

3.1. trang sau)

Ta hay xem xet vi du bang con so cu the. Chang han tinh

trang cua ban nhu sau:

• Tien cd trong tay: B = S20.000

• Tien se nhan duac mot nam sau: F = S25.000

104

Neu nlnr ban khong muon tieu dung gi bay gid, ban co the

dau tir $20,000 vao thi trudng von vdi lai suat gia du la 1%. Ty

1c trao ddi giua dola hdm nay \a dola nam tai la 1,07 - do la he

sdc goe dudng ddc trong hinh tren.Neu ban dau tu $20,000 x

1,07 = S21.400 cong vdi so tien ban se nhan dugc nam sau

$25,000 ban co tong cong la S46.400. Do la diem H tren so do.

f

/ *> \

Neu ban muon chuyen S25.000 mot nam sau thanh tien

ngay va chi tieu tat ca ngay bay gid, ban co the vay gia tri hien

tai cua $25,000:

PV =

C

25.000

- $23,364

1 + r 1,07

Tren hinh ve no dugc mo ta bang doan BD (hinh 3.1).

Tong gia trj hien tai cua cac luong tien ban nhan dugc la:

Co +

C

25.000

1 + r 1,07

Tien thai diem 1

= $43,364

105

Mirth 7.1. Cac quyet dinh vay va cho vay anh huxrng Jen

v \ w

luong tien cua ca nhan. Bang viec vay luong ticn tuang lai f. ca

nhan cothe c6 them BD hom nay; Bang vicc cho vay luong .icn

hien tai B, ca nhan do co the co them luong tien FH trong turmg

lai.

106

C huong8

CAC QUYET OiNH VA PHAN TICH

VE CHI PHI DAU TU

Cac nha quan ly trong tat ca cac cong ty phat xem xet cac

' r \ \ x

quyet djnh quan trong lien quan den cac luong tien sau nhieu

w r f

nam. Cac quyet dinh do lien quan den nhung ket qua thu duqc

tu cac tai san ma cong ty da dau tu nhu: may moc, phucmg tien

f t t

giao thong, nha cua, dat dai. Cac quyet dinh khac co the lien

r •% r

quan den nhung thay doi quan trong cua qua trinh san xuat hoac

r x t v

vice lap them mot day chuyen san xuat san pham, djch vu mai

f X

va anh hucrng tai cac hoat dong cua cong ty. Cac quyet dinh dau

tu do anh huang lan tai vi the canh tranh cua cong ty.

8.1. Cac quyet djnh dau tir

/ * > \ 1

Cac quyet dinh lien quan tai luong tien vao va luong tien

r f x

ra trong cac nam tiep theo dugc goi la cac quyet djnh dau tu.

Cac quyet djnh nay thuang dugc xem xet dai han va co tac dong

nhieu nam.

/ \

Cac quyet dinh dau tu thudng dugc xem xet cho cac du an

1 '

X t

hoac chuang trinh cu the. Doanh nghiep can xem xet ve tiet

i /

kiem chi phi co the tao ^a dugc tir viec mua mot he thong may

mdi hien co bii dap dugc chi phi mua ban dau va chi phi trong

hoat dong hay khong? Ngay ca cac to chirc phi Igi nhuan cung

107

can phai xcm xct trong quyet dinh dau tir nlur vay. Yi du, eo'iig

ty A phai xcm xct cac van de nlur viec sir dung kem hieu q]ua

cua cac may loc khong klii ma cong ty dang sir dung, xcm xct

den chat luong san pham co phai do van de nay gay ra khong.

Rat kho dinh luong khi no khong dirge tinh vao chi phi ngay ilap

tuc. nhung vice danh gia rat quan trong trong ra quyet dinh dlau

tu co ban.

Hon nua, khi nha quan ly ra cac quyet dinh ve n:ioi

phuang an khac nhau c„.a cac clurong trinh, dir an cu the, to'ng

i

r

the cong ty se lien quan den cac hoat dong, cac clurong triinh

hay du an dau tu khac cua cong ty. Chung ta co the nhin nhian

qua trinh thuc hien cua du an tren mot nam khi chuyen doi ccac

/ f \

ket qua cua tat ca cac du an ve nam hien tai. Hinh sau day mc> ta

du an nay bang cac diem tuong trimg cac hoat dong cua du am.

Ifin/i H-8.1. Mot to clurc nlur la mot sir tup hop cua cac dir an

va cac cltir&ng trinh

Cac du an hoac chuong trinh

C

B

A

1 2 3 4 5 6

Nam

Cac quyet djnh dau tu trong cac dir an dai han thirong tao

108

tin'n: mot bg phan cua qua trinh xay d u n ; ke hoach chien luge.

( ac .Liu Ur Ion tron>i cong nghe san xu.a va vice mua sam cac

tai s;n co ma tri Ion duac thirc hien co the dan toi cac thay doi,

nangcao nang suat va tinh canh tranh cita cac cong ty.

8.2. Qua tr inh duvet dir an dau tu

■» /

Sue manh iau dai cua mot cong t\ co the bj anh hudng rat

f \ \

l>Vn Idi cac quyct dinh dau tu co ban, vi vay nhieu cong ty ldn

cd qi y trinh duyet du an dau tir rat phuc tap, thudng bi bat buoc

thue hien theo dung quy cach. Cac bieu mau cu the dugc sir

dung va cac yeu cau dugc xem xet vdi nhieu cap do quan ly.

Hau let cac tong cong ty ldn d Viet Nam cd phong ke hoach

dau tx hoac Ban dau tu cd chirc nang phan tich cac de an dau tu.

■> ^ \

Qua trinh tham djnh va phe duyet mot dir an dau tu gom 6

bueVe

% r

B uoc 1: De xuat d u an

Trong nhieu cong ty ldn, cac du an dugc cac nha quan ly

cua. cong ty de xuat y tudng va chi dao qua trinh xay dung de

an. Sr lira chon dir an can phu hgp vdi kc hoach chien luge phat

■» f

tiien )di cac nha quan ly cong ty va veVi cac dudng loi chi dao,

lien cuan den dir an nao co the dugc chap nhan cho cong ty. Cac

nhat cuan ly vdi su than trpng, sir suy xet cita minh khong chap

•t

thu;ar cac du an mac du co the phu hgp vcri cong ty, bdi vi ho

can.i hay cac du an do co mot sd rui ro cho ho hoac cac don vi

ma ho phu trach.

x \

Buoc 2: Gia djnh va phan tich cat. luong tien cua du an

Cac luong tien ciia du an phai dugc tinh cho toan bo thdi

giam on tai ciia dir an. Co nhieu cong cu dung de phan tich cac

luditu tien, mot so cong cu trong so dd dugc gidi thieu trong

clnrrcng khac ciia giao trinh nay. Trong thue te, co mot sd nha

109

quan ly lap dir an da co tinh lam cho cac luong tien trong de an

dau tu cua ho tang tinh hap dan. Vice phat hien ra nhung gian

f *

lan do thucrng la kho neu cac nha quan lv do co kien thuc sau

rong ve hoat dong kinh doanh cua ho va thi truong cua ho.

B uac 3: Qua trinh phe duyet d u an dau lie

Cac muc do tham quyen de duyet cac de an dau tu la khac

nhau giua cac cong ty. Chi phi cua mot du an cang Ion thi nguoi

% \ \ f

co tham quyen phe duyet du an phai co vi tri cang cao. Hau net,

f > * x

cac nha quan ly cap cao moi dugc phep duyet cac de nghi dau tu

* r r

co ban quan trong, nguoi de xuat du an phai ’ban1 cac ke hoach

* 9

de xuat cua ho cho cac nha quan ly trong cong ty. Qua trinh nay

\ *

can co su quan ly Nha nuoc khi trong nhieu cong ty co canh

tranh manh vi gioi han nguon luc. Nguoi quan ly can tap hop sir

i y f

ung ho cho du an cua ho va chuan bj cac ly le de thuyet phuc tai

W ^

sao du an cua minh lai tot hon cac du an khac. Cac phan tich ve

f \ ^ ^

so lieu tai chinh chi la mot khia canh cua de an dau tu. Can co

cac y kien phan tich, tranh luan cua nguoi co tham quyen de

chumg minh ve su chap thuan cua du an: thuong duoc thuc hien

tren co so nhung luan cu chien luge, marketing, tai chinh hoac

moi trudng.

B uac 4. Phan tich va lua chon du an

' • ' *

Theo cac hoat dong xuc tien thuc hien cua nguoi de xuat

du an, du an se dugc tham dinh va lua chon boi cac nha quan ly

1 ^

co tham quyen cua cong ty.

B u ac 5. Trien khai thuc hien d u an

' f

Cac du an da dugc phe duyet se dugc trien khai. Cac van

de lien quan la xay dung hoac mua sam tai san moi, tuyen cac

nhan vien moi va dao tao cac nhan vien cu.

B uac 6: Kieni tra, danh gid muc do hoan thanh d u an

110

kc; hoach han dau va dir tinh cac luon:.; tien. Tien trinh bao cao

dira tren ket qua cita dir an trong ky hoat dong hoac kv tai chinh.

Tat nhien, khong phai tat ca cac dir an dugc phe duyet

th eo cac buac tren. Trong cac cong ty nho, cac buac tien hanh

khac xa voi mau tren. Trong cac cong ty Ion, giam doc cac dan

» * ' 9 s

v] kinh doanh true thuoc co tham quyen ra quyet djnh dau tu ca

biin ma khong can phe duyet cua tong cong ty, vi du quan ly bo

phan san xuat co the chi can sir phe duyet cho du an dau tu cua

r

gi am doc chi nhanh vai gia trj du an hon 15.000 USD.

/ r \

Sau day, chung ta se xem xet chi tiet han van de quan

trong dugc thue hien nhu la mot phan cua qua trinh dau tu.

8.3. Cac cong cu phan tich dy an dau tu'

Cac cong ty co quyet dinh thirc hien hay khong mot du an

X f X

d;au tu nhu the nao? R5 rang cac anh huang ve tai chinh cua du

an phai dugc xem xet. Do la, cac chi phi cua moi du an phai

durgc so sanh vai cac !gi ich ma cong ty se nhan dugc tu thue

hiien du an. Trong quyet dinh chi dau tu, cac chi phi va Igi ich

* ' ' 1

cl(6 phat sinh trong nhieu nam, chung dirge coi la cac luong tien

X X ' X X

v;ao va luong tien ra theo timg ky. Luong tien ra bao gom cac

cltii phi ban dau cua du an va cac chi phi phat sinh trong qua

/

trinh hoat dong, chi phi nay se phat sinh suot qua trinh thue hien

X X x /

dtu an. Luong tien vao bao gom tiet kiem chi phi va doanh thu

/ • X

tamg them tu ket qua thirc hien dir an va so tien lai tir ban cac tai

sain. Vi du, neu cong ty A dang nghien ciru ve viec mua mot day

« X ' ' 1 * ' '

clhuyen mai. luong tien ra se bao gom so tien mua may ban dau

v;a sir phat sinh cac chi phi khac khi may mai dugc dua vao hoat

d<ong trong suot du an. Luong tien vao tuang img se bao gom:

so tien thu dugc tir ban may cu. chi phi tiet kiem dirge tir khi sir

diing may moi, va gia tri dugc ket chuven lai tir khi ket thuc dir

an mua may mai nay.

Co nhieu cong cu khac nhau de phan tich cac luong tien

do nhu: thai gian hoan von, ty suat Igi tire ke toan, luong tien

ft \ \ r

chiet khau (DCF). Hai cong cu dau khong de cap den gia trj thai

gian cua luong tien. Do dugc gia dinh rang mot dong nhan dirge

trong tucmg lai co gia tri bang mot dong nhan ngay hom nay.

\ \ t r t '

Cong cu luong tien chiet khau do xem xet cu the anh fnrang den

gia tri thoi gian cua luong tien. Cac luong tien lien quan den dir

J f '

an nay dugc gia dinh va tong ket trong cot thu nhat cua bang

8.1. Co khoan tien chenh lech giua luong tien ra va luong tien

vao va luong tien ra cua bo phan phuc vu va cua cong ty la rong,

khong bao gom cac phan tich khi chung khong thich hop voi

, ' ’ * A

quyet dinh dau tu. Bai vi chung se khong thay doi o bat ky

1 / X / '

phucrng an nao. Ban co the thay rang tiet kiem chi phi co xu

huong tai nam nam, de gia dinh vugt ra ngoai thai gian lien

p \ r r t #

quan den nhieu yeu to khong on dinh.

Bang B-8.1. M ay CT - cac luong tien cho hai phitffng an

Dan vi tinh: USD

P/a 1: Mua them

mot may CT mai

P/a 2: Thay may

CT cu bang may

CT mai

Dau tu ban dau (thai diem 0)

(585.000)

(676.000)

Chi phi mua may (74.715)

0

Phi lap dat

0

Thu tir ban may cu

150.000

* 1

Dau tu rong (thai diem 0)

(659.715)

(526.000)

\ *

Luong tien tir nam 1 -5

(107.000)

63.000

112

lan^'tiet kiem chi phi hoat

d o n :

90.000

; I

i * i

0 1

1

I)Oc:nh thu tang them do tang

kha njng hoat dong

200.000

80.000

i

T ie’ kiem do giam thai gian

cho cua benh nhan noi tru

0

i

(15.000)

Phi dao tao nhan vien sir dung

may moi (nam thir 1)

183.000

128.000 (nam tlu'r

1), 143.000 (nam

thir 2-5)

Tiet kiem chi phi hang nam

Gia mua may dugc gia dinh la 585.000 do la va chi phi

f X

lap dat la 74715 do la. Vi vay chi phi ban dau dugc gia dinh la

659.715 do la. Chi phi them cho thay the cac bo phan, chi phi

dich vu va hoa chat se la S107.000/moi nam. Co hoi tang them

doanh thu do tang them kha nang lam viec cua bo phan phuc vu

dugc gia dinh la 90.000 do la moi nam. Tiet kiem do giam thai

gian cho cua khach hang la 200.000 do la mot nam

8.4. Cac phan tich su- dung luong tien chiet khau

i \ \ f r >

Be su dung nguyen ly luong tien chiet khau de phan tich

f \ t \

quyet dinh dau tu co ban cua cong ty A, truoc het chung ta can

■> % ^ ^

hieu khai niem co ban ve gid tri (hai gian cua luong den. Ban

muon nhan 100 trieu dong trao ngay ngay hom nay hay 100

x \ * r *

trieu dong vao ngay nay nam sau. Hau het tat ca chung ta muon

nhan tien ngay hom nay. Hai ly do giai thich sir lira chgn nay.

f f y

Ly do thu nhat, neu chung ta nhan dugc tien hom nay, chung ta

sc sir dung no ngay thay vi phai dgi den nam sau. Ly do thu hai,

\ X 9

chung ta se dau tu 100 trieu dong nhan dugc voi lai suat 7%, khi

t \

do euoi nam chung ta se co 107 trieu dong. Vi vay gia tri thoi

113

gian di cimg vdi tien to. Do do 100 trieu dung chung ta cc nga\

horn nay se khong ngang bang vai 100 trieu dong sau mo: nam ,

hai nam, hay nnrcri nam.

Khi phan tich luong tien kco dai trong nhieu nam. phan

tich chi dung khi dua tat ca gia tri tien trong cac nam vc cung

> \ \

mot thai diem. Phuang phap phu hop de sir dung la luong tien

chiet khau, cong cu nay se tinh toan gia tri theo thai gian cua

^ > \ r r \ \

luong tien. Chung ta can chiet khau luong tien trong ttrang lai

1 x *

de lam chung ngang bang ve gia tri hien tai.

Co hai nguyen ly dugc sir dung rong rai trong phan tich

f r \ \

chiet khau cac luong tien: nguyen ly gia tri hien tai rong va ty

f f

suat hoan von noi tai. Moi nguyen ly do se duac sir dung de

phan tich cac luong tien lien quan den quyet dinh mua may cua

cong ty A.

8.4.1. Nguyen ly gia tri hien tai rong

Nguyen ly gia tri hien tai rong xac dinh gia tri hien tai cua

^ ^ *

cac luong tien trong tucmg lai cua mot du an de lam can cir

/ \

phan tich. Phan tich gia tri hien tai rong cita mot ke hoach dau

tu gom 4 buac:

* \ \

B u ac 1: Lap bang the hien cac luong tien moi nam cua du

%

an dau tu.

B uac 2: Tinh toan gia tri hien tai rong cua moi luong tien,

sir dung lai suat chiet khau la ty le sinh lai nho nhat dugc chap

nhan de dau tu cua cong ty. No thirang dung de do luang chi

t

phi von cua cong ty.

*

B u ac 3: Tinh gia tri hien tai rong (NPV), la tong gia tri

hien tai rong cua cac luong tien trong tirng giai doan thai gian.

114

Hia/c 4: Neu NPV duong (NPV > 0). co nghTa dir an kha

thi dira tren phuang dien tai chinh. NPV cang cao, du an cang

kha thi han va duac lira chon. Tuy nhien can luu y rang thong

tin tai chinh chi la mot khfa canh do dira vao do ra quyet dinh.

Chien lirac hay cac cong cu dinh lirang khac co the du kha nang

va co trong luong trong cac quyet dinh quan ly

8.4.1.1. Xcic dinh N P V cua cac luong tien trong d u an

mua them mot may mai (M).

y y

Luong tien lien quan tai du an mua them may M (phuang

an 1) duac ghi trong bang 8.1. Trong bang 8.2, cac luong tien

ciugc trinh bay theo cach de lam rd thcri gian thue hien cua moi

' > x i

luong tien. Dau tu ban dau mua may M duac coi tai thai diem

goc bang 0. Moi luong tien cua moi nam tir nam thu 1 den nam

thir 5 duac chiet khau ve thai diem 0, su dung NPV de chiet

khau moi luong tien vai lai suat chiet khau la 10%/nam. Cach

de nhat de tim gia tri hien tai rong cho moi luong tien la su dung

cac bang gia tri hien tai.

*

8.4.1.2. Quyet dinh dua tren gid tri hien tai rong (NPV)

f

Phan tich gia tri hien tai rong cho thay mua them mot may

M (so tien 659.715 USD) se thu duac tiet kiem chi phi doanh

thu tang them (gia tri hien tai la 693.570 USD) tuc la se cao han

chi phi ban dau. Gia tri hien tai cua luong tien vao se cao han

• 9 • % '

gia tri hien tai luong tien ra la 35.855 do la. Vi vay theo phan

tich NPV phuang an 1 la kha thi.

8.4.2. Nguyen ly ty suat hoan vdn noi bo

Mot nguyen ly khac cung dung de chiet khau cac luong

• i . ' ' >

tien trong phan tich du an dau tu la nguyen ly ty suat hoan von

noi bo. Ty suat hoan von noi bo duac dir an thu lai qua cac

115

hoat dong kinh doanh trong suot dai dir an. Mot phirong an Khac

dung de chiet khau la ty suat noi hoan la t\ le chiet khau td do

eia tri hien tai morm muon thu lai luomz tien vao imane bam: vai

V - ' . * • V.V - ». ^ v.

gia tri hien tai cua luong tien. vi vay 1RR la lai chiet khai: ma

vai lai suat do thi NPV cua luong tien bang 0.

Hang B-S.2. Nguyen ly gia tri hien tai rong: Phuang (in 1

Don vi: USD

Tong gia tri Gia tri hien tai Cac luong tien moi nam

hien tai cua SI vai 10% 0 1 2 3 4 5

Dau tu ban dau

Tiet kiem chi

phi hang nam

(659.715)

1,000 (651.000)

166.347 0,909

183.000

151.158

0,826

183.000

137.433

0,751

183.000

124.989

0,683

183.000

113.643

0,621

183.000

T6ng ti5t kiem chi phi: 693.570 USD

Gia trj hien tai rong: 33.855 USD

Ty suat hoan von noi bo cua dir an mua may M (phuang

an 1) la bao nhieu? Trong phan truac du an danh gia theo NPV

la kha thi, vai lai suat chiet khau la 10%. Vay IRR se cao hern

hay thap han lai suat chiet khau (i = 10%). Lai suat chiei khau

duac sir dung trong tinh NPV cang cao thi gia tri hien tai cua tat

ca cac luong tien trong tuang lai cang thap. Bai vi lai suat chiCrn

liroc cao nghTa la mong muon thu duac hoi von nhanh. Vi vay

t f -

trong vi du lai suat chien luac cao han 10% se lam cho gia tri

116

hi<;n tai rung dan tai ().

S.-/ 2. 1. Xac dinh IRR

IRR co the duac tinh theo cong time sau:

n

P = I Ct/(1 + r)"

t=l

P: Chi phi ban dau

Ct: Gia tri luong tien rong duac tao ra hai du an trong giai

doan t

n: So nam cua du an

r: IRR

Tat nhien co the tim IRR de ban bang each su dung may

tinh tai chinh va cac phuang trinh phan mem nhu excel. Ngoai

ra chung ta sir dung nguyen ly thir va loai trir. Bang cac thu

nhieu Iai chiet khau vao cong thirc tren, co the xac djnh IRR

chinh xac cho du an. Dav la lai suat ma tai do NPV = 0. Tuv

nhien nguyen ly nay tuang doi kho neu luong tien trong moi

f 9 9

giai doan la khac nhau. Bang 8.3 cho thay lai chiet khau la 12%,

NPV = 0.

Vi vay IRR cua du- an mua may M (phircmg an 1) la

12%

117

Being B-8.3. Nguyen ly ty su noi hoan: ph u an g an I

Dan vi tinh: USD

Tong gia tri

Gia tri hien tai

Cac luong tien raoi nam

hien tai cua SI vai 10% 0 1 2 3 4 5

\ \

Dau tu ban dau

(659.715)

1,000

(651.000)

r— 163.419

0,893

183.000

Tiet kiem chi

145.851 0,797 183.000

phi hang nam

130.296

0,712

183.000

116.388 0,636

183.000

— 103.761

0,56

183.000

* T6ng tiet kiem chi phi: 659.715 USD

Gia tri hien tai rong: 0 USD

8.4.2.2. Cac quyet dinh dua tren IRR

Bay gia chung ta tinh duac IRR la 12%. Cong ty A su

i f f

dung thong tin nay de ra quyet dinh nhu the nao?

Mot de an dau tu duac chap thuan ve phuang dicn tai

chinh neu IRR Ion han lai suat chiet khau 10%. Vi vay, theo

r r \ > it f

phan tich chiet khau luong tien thi co the chap nhan phuang an

mua mot may M mai.

/ f f '

Ket luan: van dung nguyen ly IRR khi chiet khau luong

*

tien theo cac buac sau:

• Lap mot bang ve cac luong tien moi nam cua ke hoach

dau tu. Cac luong tien do giong cac luong tien dung de tinh

118

NPV (cot 1).

• Tinh IRR cho du an dau tu. Sir dung may tinh tai chinh

hoac chuong trinh phan mem. Co trudng he rp dung phuong

phap thu va loai tru de tim lai suat chiet khau tai do NPV = 0.

• Neu IRR lan han lai suat chien luge thi du an kha thi

ve phuang dien tai chinh.

8.4.3. S o sanlt hai cong cu N P V va IR R

Trong truong hop nay NPV va IRR deu ung ho phuong an

mua may M moi. Khi xem xet viec chap thuan hay loai bo mot

X

du an, nguyen ly thuong hoac ca hai cong cu deu ung ho hoac

x /

ca hai cong cu cung khong ung ho de xuat du an.

8.4.3.1. Cac iru diem cua viec ap dung phucmg phdp N P V

Nguyen ly NPV co nhieu uu diem han nguyen ly IRU.

f \ X

Mot la, neu tinh toan trong phan tich du an dau tu bang phuang

phap thu cong, each tinh NPV la de han tinh IRR. Uu diem nay

khong con quan trong khi sir dung may vi tinh hoac may tinh tai

chinh de tinh toan.

l/u diem thu hai cua nguyen ly NPV la su phan tich co the

x / f f \ \ \

dieu chinh rui ro. Doi voi mot so ke hoach dau tu, cac luong tien

thue hien trong tuang lai cang xa, tinh on djnh cua cac phan tich

x A X X X X

ve do lan ciia luong tien se cang it han. Vi vay, cac luong tien

X / f 1

cua du an keo dai, nhieu yeu to rui ro co the xay ra. Phan tich

NPV eo the su dung lai suat chiet khau cao hon khi tinh NPV

*

cua du an co dai dir an dai han. Khong the dir phong rui ro

trong each tinh IRR bcri vi khi phan tich chi tinh lai suat chiet

f

khau trung binh, IRR ciia du an.

l/u diem thir ba, NPV luon chi nhan dugc mot ket qua.

119

Khi luong tien thay doi tir duang sang am ngoai doi du an, co

nhieu IRR dugc tinh cho mot dir an. Dieu nay co the xay ra. neu

co luong tien am trong nam thu 3. nam thu 4. 5 la duong v.'t am

trong nam thu 6.

\

8.4.3.2. Gia dinh tai dau tic

0 * r

Uu diem cuoi cung cua NPV so vai IRR lien quan toi gia

dinh tai dau tu ngam dinh trong nguyen ly IRR. Trong nguyen

ly IRR, cac luong tien co kha nang dicn ra suot du an dugc gia

dinh dugc tai dau tu vai lai suat bang lai suat IRR cua dir an.

\ -I

r r

Dieu gia djnh nay co the khong thuc te neu IRR cua du an cao

f r f r

han lai suat chiet khau. NPV lam gia dinh nay tra thanh thuc te

\ \ % t g f /

khi cac luong tien duac tai dau tu vai lai suat chict khau.

Nhuac diem cua IRR so vai NPV lien quan tai su sap xep

cua du an. Sir dung IRR co the dan tai cac quyet dinh kem chinh

r \

xac han so vai sir dung cong cu NPV. Cac van de nay dugc thao

luan trong phan cuoi cua chuang. Noi chung cong cu NPV

thuang dugc sir dung nhieu han cong cu IRR khi danh gia du an

\

dau tu.

8.4.4. Cac phan tich chiet khau luong tien theo cac gia

dinh

Giong nhu bat cir mot mo hinh quyet dinh nao, nguyen ly

chict khau luong tien dua trcn cac gia djnh. Ngoai gia dinh tai

\ / r ' \

dau tu dugc trinh bay a trcn, nguyen ly chiet khau luong tien

dua trcn hai gia djnh quan trong:

• Thai diem kct thuc cua luong tien: Trong tinh toan gia

tri hien tai dugc sir dung trong nguyen ly NPV va IRR, tat ca

luong tien dugc coi la tinh vao cuoi nam. Tuy nhien, neu cong

ty A mua may M so tien tien 183.000 do la thu dugc moi nam

120

do tiet kiem chi phi va doanh tim lane them se dirge thue hien a

cac thoi diem khac nhau trout.: nu;i nam. Khi .sir dune may dien

toan yeu cau phan anh chinh xac thoi gian eua moi luong tien se

lam rac roi hon cho pluin tich dau tu. Han che khi sir dung quy

irac thai gian linh moi luon" tien vao cuoi nam noi chung la

khong anh huang Ion tiri sir phan tich dau tu.

• Sir on dinh cua luong tien: Chiet khau luong tien phan

tich xem cac luong tien co thich hgp voi du dau tu hay khong

khi chiing dugc coi la on djnh. Mae du trong cac phuang phap

phan tich dau tu neu cac yeu to khong on dinh da dugc phat

trien, chiing khong dugc sir dung rong trong thue te. Nhu dugc

de cap a tren, su dieu chinh do rui ro dugc thue hien trong phan

tich NPV de tinh cac kha nang hien doi khong on dinh ciia

luong tien.

Trong thue te, cac gia dinh do hiem khi dugc dap ung.

Tuy nhien, mo hinh chiet khau cac luong tien tao ra nguyen ly

sir dung rong rai va hieu qua trong phan tich dau tu.

8.4.4.1. Xac dinh ty le chiet khdu (Discount Rate)

/ / % ' r r \ \

Ty le chiet khau sir dung de chiet khau luong tien trong

phan tich NPV, hay lai suat hoan von trong nguyen ly IRR, no

f 0

thuang dugc dura tren chi phi von trung binh. Chi phi von la

khoan tien can bu dap so von da dau tu cho mot du an. Mot du

an moi tang them gia tri von cho cac co dong bang cach tao

luong tien lan han chi phi nguon von da sir dung trong du an

dau lu.

Chi phi von dugc tinh toan dira tren chi phi ciia tat ca cac

loai von cua mot cong ty. Cac cong ty tao nguon von nhu the

nao? Chinh phii va cac don vi kinh doanh ciia Nha nuac thuang

121

vay von bam; each phat hanh lrai phieu hoac vav cac to chirc tai

chinh. Cac cony ty lien doanh lao cac nguon von bang cacti phat

hanh co phieu. hoac vay muon. Vi vay. chi phi \ on so la chi phi

trung binh cua cac nguon von do.

Danh gia du an, lai suat chict khau dira trcn chi phi \'6n

trung binh, do do no dugc dieu chinh cac rui ro cho phu hgp vai

tung dir an cu the.

Vai lai suat 10% dung de chiet khau cac luong tien moi

nam trong du an mua may M. Muc lai nay dugc tinh bdi vi no la

chi phi von trung binh cua cong ty tra cho nguon von vay.

r ft

8.4.5. Cac quyet dinh cua chi p h i thap nhat

* » ^

Trong mot so truang hgp chi phi dau tu ca ban co the

dugc phe duyet bai nha quan ly tham chi du an NPV < 0 hoac

IRR nho han lai suat chiet khau. Vi du, cong ty dau tu he thong

may tinh de cung cap cac loai dich vu cho khach hang va cung

cap cac thong tin cho nguai quan ly. Tuy nhien, rat kho trong

dinh lugng luong tien vao tang them, tuc la cac khoan nhan

f \

dugc va cac lap luan chii yeu ve cac khoan nhan dugc. Chiing ta

se hoan thanh viec phan tich chiet khau cac luong tien nhung

muc tieu se dugc lua chon phuang an co chi phi thap. Day la

/ p 9 r \

quyet dinh chi phi thap nhat: han la toi da hoa NPV cua luong

tien vao trir di luong tien ra, muc tieu la toi thicu NPV cua chi

phi phat sinh.

f r f *

Vi du khac ma quyet dinh chi phi thap nhat co the dugc

thuc hien la: mua thiet bi an toan, chi phi cho cac thiet bi dc dap

ung cac yeu cau ve chat lugng moi truang. nlur la die u klnen

khong khi hay sir dung chat thai.

122

Khi tai san dai han dirge mua. chi phi thu hoi ciia tai san

do duac tinh nizirac vai loi nhuan tronu nhieu uiai doan banu

khau hao. Tuy nhien, chung ta khong cong chi phi khau hao vao

trong phan tich luong tien. Ca NPV va IRR tap trung chu yeu

tren cac luong tien, va chi phi khau hao dinh ky khong phai la

X X /

luong tien. Gia sir cong ty A khau hao tai san sir dung phuong

phap khau hao duong thang, va thoi gian sir dung may M la 5

/

nam. Neu cong ty mua them mot may vdi gia la 659.715 do la

thi ty le hao mon se nhu sau:

Chi phi ban dau: S659.715

M uc khdu hao hang nam theo phuang phap duong thang (D)

D = S I31943 D = S 131943 D = S131943 D = S131943 D = $131943

(V.4.6). Khau hao tai sau

Thai

gian

Nam 1

Nam 2

Nam 3 Nam 4 Nam 5

Chi phi ban dau, Chi phi khau hao khong phai la cac

ludng tien la mot luong tien ra.

\ x % \

Tuy nhien chi co luong tien 659.715 do la la luong tien

dien ra de thu hoi cho may mai. Khoan tien 131.943 do la la so

tien khau hao hang nam khong phai la luong tien. Vi vay, chiing

ta ghi chi phi thu hoi duac la mot luong tien trong phan tich dau

tu, nlurnu chiinu ta khonu ehi mire khau hao hany nam, chiina

khong phu lujp trong phan tich chiet khau luong tien.

123

H.4J). 1 Khau hao irony, cac cony, ty phai )i(p thuC

Gia su quyet dinh dau Ur cr ban da tinrc hien, con;’. ty,

mot to cln'rc trong kinh doanh co tnich nhiem phai nop thuc thu

nhap. Vi du, Cong ty C co the xcm xct mua mot lie thong may

tinh. Dieu nay se thay doi sir giai quyet cua chung ta ve khau

hao hang nam trong phan tich luong tien - khau hao van khong

phai la luong tien. Tuv nhicn, khau hao gan vai sir khau trir

thue. Thanh toan thue la cac luong tien, va giam thuc do khau

hao dugc tinh trong phan tich cac luong tien. Chucmg tiep theo

t \ *

se xcm xct anh huang cua thue ve khau hao tai san trong phan

tich chi phi dau tu.

•x

8.4.7. So sanh ha iph iro ’ng an dau tu

Chung ta thay co hai giai phap de giai quyet van de cua

cong ty. Phuang an 1 la mua mot may M mai. Cac tranh luan

ung ho manh me phuang an nav, va no cung dugc ung ho bai

f r \ \

phan tich chiet khau luong tien, thu dugc NPV duang va IRR la

12%, cao hem lai suat chict khau la 10%. Phuang an hai la thay

the may M cu bang may M mai.

Cac luong tien lien quan tai ca hai phuang an ducrc mo ta

trong bang 8.2. Chung ta xcm xct su so sanh giCra hai phucmg an

^ / r \ *

bang cach sir dung cong cu chiet khau luong tien. Bang 8.4 dua

ra gia tri hien tai rong cua hai phuang an. Gia tri hien tai rong

cua phuang an mua them mot may M mai dugc so sanh vcri gia

tri hien tai rong cua phuang an thay the may M. Trong khi

NPV cua ca hai phuang an deu lan han 0; NPV cua phuang an

1 cao han cua phuang an 2 la 31.520 do la.

124

fu n r.; !l-n.4. Phan tich i’id tri hien ta i r u n :/ cua die an may M

Dan vi tinh: USD

j

Phuong an 1

j

0

j

1

! i

1

i

3

[Chi phi mua J

f

5x5000)j

I

1

j

Phi lap dat

J I

i (74715,

1 j .

jTiet kieni chi phi

! 1 107000

! i

|

0/I H >

j 107000

107000

iDoanh thu tanu

*-

9000

7.H j(

1

; 9000

9000

Tiet kiem do giam thoi

jgian doi cua khach hang

200000

20O00U

j

| 200000

I

200000 200000

Toni’ cong luong tien

(959715)

I S3000

j 1S3o(uj

!

| 183000

183000

Thua so chiet khau

xl

x 0,907

j x 0.826

1

i x 0.751

i

x 0,683 x 0,621

Gia trj hien tai cua

luong tien

(659715)

166347

| 15115S

1

1 137433

1

124989

113643

NPV

3 3 S 5 5

Phuong an 2

0

A*

1

>

[ 4

i

P

5

6

Gia mua may

(676000)

So tien ban mav cu

150000

1

|

..

Tiet kiem chi phi

63000

1

63000 j

I

63000 ,

63000

Tiet kiem do giam thai

gian dai cua khach hang

80000

1

80000

80000 80000 80000

Phi dao tao

(15000)

i

j

!

X \

T6nj> luong tien

(526000)

128000

1430000

143000

Thua so chiet khau

@ 1 0 %

1

0.909

i

1

0,826

i

________j

0,751

0,683

0,621

Gia tri hien tai cua

luon” tien

v >

(526000)

1 16.325

i

1

IS !

1

s |

1

. i

107393 97669 88803

NPV

2335

125

Chcnh lech gia tri hien tai rong cua pluron g an I va

phuang an 2 la: 31.520 do la.

8.4.7.1. IRR cua hai dir an

Chung ta da tinh IRR cua phuang an 1 la 12%. NPV cua

phuang an 2 la 2335 USD thap han NPV cua phuang .in 1,

chung ta du tinh la IRR xap xi 10%. IRR chinh xac duac tinh

bang phuang an thir va loai trir hoac bang bang tai chinh. IRR

cua phuang an 2 la 10.18%. So ngay duac kiem tra bang ciich

thay IRR vao NPV va tai mire lai suat do NPV = 0.

8.4.7.2. So sanh cac phan tich cua hai dir an m ua may M

Chung ta co thong tin tai chinh can cho bao cao cua chit

/ t \ \

du an. Phan tich chiet khau luong tien ling ho phuang an mua

them may M trong khi phuang an thay the may cu bang may

x r r r

mai co IRR gan vai lai suat chiet khau:

Phuang an 1 Phuang an 2

NPV (10%)

S33855

S2335

IRR

12%

10,18%

Trong truang hap nay ca phan tich NPV va IRR deu co

chung mot ket qua la phuang an 1 kha thi han phuang an 2.

Doi vai tSt ca cac du an, ket qua phan tich NPV va IRR

/ /

luon cung dua ra mot ket luan. Neu phan tich NPV va phan tich

IRR khong cung mot ket luan thi du an nao co NPV cao nhat se

\ t > *

duac chon. Do gia dinh la cac luong tien co the tai dau tu, cong

r

cu NPV luon dua ra ket luan dung han.

Chung ta thay ro chii du an tai cong ty dua ra cac tranh

luan co sire thuyet phuc cao hem doi vai yeu cau mua mot may

M mai han yeu cau thay the may cu. Ket qua phan tich tai chinh

126

ciini! mg ho phuang an I.

.)icu gi xay ra neu phuang an 2 o \ i’V cao han phuang

an 1 >eu phuang an i co NPV am? Bam: a, h chirng minh cac

iru ciiini Ion ve vice mua them mot ma\ M cac y kien tranh

luan co trong luang co the hieu qua hern cac ket qua tai chinh.

Olni du an ket luan rang phuang an lot nhat la mua mot

tin'lli not may M mai. Bao cao hoan chinh cua ba ta duac giri

leu bai giam doc cua cong ty cho phep ho xcm xet cac y kien

cua ibata va may mai duac dau tu nlur the nao. Trong bao cao,

t \

chu di an xem xct ca van de tai chinh va thong tin quan trong

/ /

khi xen cac y kien cua ba ta. Day la phuang phap ra quyet djnh

dau Hudien ra trong cac to chirc kinh doanh. Trong khi mot phan

tich vi khia canh tai chinh cua du an chinh xac la huu ich cho

r

/ \

vice qiyet djnh, ke hoach phai duqc ling ho manh me tu nhieu

X / % t

phut7n’ dien khac gom cac van de lien quan den canh tranh va

r

chicm kxorc.

f

1.5. Cac cong cu khac dung de phan tich cac ke hoach

dau te

ling dung cua cac nguyen ly chict khau luong tien la

chunig inh toan dugc cac gia tri thai gian cua tien.

'uy nhien, nha quan ly doi khi sir dung cac cong cu khac

de plhai tich cac luong tien cua mot du an dau tu. Cac cong cu

khac k: thai gian hoan von va ty le sinh lai ke toan. Doi khi cac

\ t t

cong cu do duac su dung dong thai vai phan tich chiet khau

luonjg ien doi khi no duac sir dung doe lap. Co nhieu ly do doi

vai rrnct cong ty de lua chon cac cong cu khac. Hay xem xet cac

* * t »

luoiv.g ien lien quan vai hai ke hoach dau ur cho bo phan dich

vu ciuacong ty A.

127

Thai gian hoan von cua ii' t dir an dau tir la so nam r.ia lai

do cac luong tien cua dir an dirge luy kc den mot khoan r.ia bu

dap dirge chi phi dau tir ban dau. Cong thirc tinh thai gian hoan

von:

i Von dau tir ban dau

I hai uian hoan von = —— i

------

rr

-------

t :—:—

Luong tien moi nam

Trong cong thue thoi gian hoan von khong de cap den gia

\ % ' % t /

tri thai gian cua tien. Cac luong tien tu nam thu nhat den nam

f % *

thir nam giong nhau ve gia tri. Day chinh la mot han che.

Tinh thai gian hoan von cua du an mua them mot may M

mai nhau sau:

x 659715 .

Thai gian hoan von = - — = 3,61 nam.

Vi vay thai gian hoan von trong phuang an 1 la 4 nam.

8.5. J. 1. Nguyen ly thai gian hoan von vai cac luong tien

khong on dinh

Cong thue thai gian hoan von dan gian khong dung neu

* * > \ x

du an co luong tien khong deu. Thay vi cac luong tien phai dugc

\ f f \ * %

cong don hang nam den khi luy ke can bang vai von dau tu ban

\ f ' %

dau. Thai gian hoan von cho phuang an 2 co cac luong tien

khong deu dugc tinh nhu trong bang 8.5

o.5./. Aguycn ly thd'i gian oan von

/ * ^

Bring B-H. 5 Thai gian hoan von cua cac luong tien

\

khong dcu nhan: phuong an 2

1

....

!

Nam

Cac luong tien (do la)

Cac luong tien luy ke vao

| cuoi nam (do la)

0

(526.000) (526.000)

" “ T l

128.000 ^ (398.000)

--

..

.........

1

I

2

143.000 (255.000)

3

143.000

(112.000)

[

4

,

143.000

31.000

5

143.000 174.000

/

Thoi gian hoan von la nam thu1 4

Theo nguyen ly thai gian hoan von, thai gian ho&n v6n

cua phuang an 2 cung nhu phuang an mot, la nam thu 4. Tuy

nhicn nguyen ly nay bo qua cac luong tien dien ra sau n&m thu 4

va khong xem xet den gia tri thai gian cua tien. Co hai han che

cua nguyen ly nay nhu sau.

f f

8.5.1.2. Nguyen ly thai gian hoan von: cac y kien tan

themh va phan hoi

f \

Nguyen ly thoi gian hoan von trong danh gia du an dau tu

co hai han che chu yeu sau:

• Bo qua gia tri thai gian cua tien: Nguyen ly thai gian

r \ \

hoan von gia dinh la luong tien nhan duac trong tuang lai cung

ngang bang ve gia tri cua luong tien nhan duac trong n&m hien

f \ r * 1 \

tai. Trong thuc te, chung ta can chiet khau cac luong tien trong

* ' ' > >

tuang lai de lam chung ngang bang ve gia tri vai cac luong tien

hien tai, bai vi cac Iti0 ii6 tien hien tai co the duac dau tu de thu

dugc lai trong tuang lai. Tuy nhien, trong khi nguyen ly thai

f r x

gian hoan von khong xem xet den gia tri thai gian cua tien,

129

khong co ly do giai thich tai sao chiet khau luong tien Um'ii '

dugc su dung trong cac phan tich nay. %

« Bo qua cac luong tien phat sinh sau thoi gian hoan von:

Chi co luong tien 6 giai doan cuoi cung ma von ban dau da

dugc bii dap dugc coi la phu hgp trong cac phan tich nay. va \ i

vay nguyen ly thai gian hoan von tao ra mot bite tranh khong

hoan chinh ve tai chinh eua du an dau tu. Tat ca cac luong tien

phat sinh sau thoi gian hoan von bi bo qua.

Mac du co cac ban che tren, phuong phap thoi gian hoan

/ r \

von dugc su dung rong rai trong thirc te, vi nhieu ly do.

- Dan g ian : Chi tieu thai gian hoan von de hieu va de tinh

r » \ \

han so vcri nguyen ly chiet khau luong tien.

- Tao buc man che cho d u an dau tu: Nguyen l v thai gian

t y f r

hoan von dau tu cung ^ ap mot cong cu che dau du an dau tu.

Neu mot du an khong tim dugc tieu chuan thai gian hoan von,

nha quan ly co the tir choi du an mac du cac luong tien lan tiem

an dugc tinh trong tuang lai.

f s ' »

- Khan hiem tien: Khi mot cong ty bi khan hiem tien, cong

■> r f \ '

ty se lira chon cac dir an co the bu dap dugc von dau tu ban dau

ft f •*

trong thai gian ngan nhat. Mot cong ty it von co the khong doi

X f

dugc ky tra tien lan ciia mot du an vai thai gian hoan von lan,

nhung NPV kha thi. Tham chi trong cac truong hgp, no ncn sir

t / \ *

dung cimg vai mot phuang phap chiet khau luong tien.

f

- Cac rui ro cua d u an: Cong cu thai gian hoan von cung

t ' . X

cap nhung cach nhin nhan riii ro ciia mot du an. Cac luong tien

thu duac trong thai gian sdm thi se on dinh ban cac luong tien

nhan dugc tu cac nam sau. Cac luong tien cang xa trong lui?ng

lai thi muc do khong on dinh cang cao.

«

no

S. 5.2. Xtfuyeii ly ty /<? sin It tin ke loan

Ty le sinh lai hach toan tap trung vao cac Igi nhuan ke

toan luy kc dirge nhan tir du an. Lgi nhuan kc toan dugc dua

trcn thuc te phat sinh. Vi vay doanh thu dugc nhan trong suot

<]ua trinh ban hang ehir khong nhat thiet la khi tien dugc thu

vao. chi phi dugc xcm xct trong suot ca thoi ky dugc thu vao,

chi phi dugc xem xet trong suot ca thoi ky ma chung phat sinh

r / > n

chir khong nhat thiet la khi chung dugc thanh toan bang tien

mat.

■t /

Cong thuc sau dugc sir dung de tinh ty le sinh lcri ke toan

trong mot du an:

Ty le sinh lcn Lgi nhuan trung binh mot nam cua du an

hach toan = 77 ~ ~ "71

So tien dau tu ban dau

Chu y rang cong thuc ty le sinh lai du toan giong cong

9 r \

_____

/

thirc tinh ty suat hoan von dau tu (ROI). Ty le sinh lai ke toan la

mot ROI hang nam hieu qua cho mot du an.

Hay xem xet phuang an 1 ciia cong ty, mua mot may M

■* * % X

mai. Be ap dung nguyen ly ty le sinh lgi ke toan, luong tien

%

trong bang 8.1 can dugc phan tich lai theo thuat ngu doanh thu

va chi phi (Trong vi du chung ta gia dinh rang luong tien vao la

f -w > >

doanh thu hay tiet kiem chi phi moi nam, luong tien ra la chi phi

trong cung mot nam).

Doanh thu cong don cua du an gia dinh la 90.000 do la

mot nam. Chi phi cong don la so am, khi chung bao gom tiet

kiem chi phi la 93.00C do la. Dieu nay dugc chinh lai ve tiet

kiem chi phi la 200.000 do la cong vai 107.000 do la. Gia sir M

co thoi gian sir dung la 5 nam, theo phuang phap khau hao

duang thang, mire khau hao hang nam dugc tinh nhau sau:

131

vOOOO USD - (-V30UO t 13 1V45)

I v le sinh lai ke toa:• • •

---------------

- - ; — ------~

05971.') USD

= 7,74%

Chu y ty le sinh lai ke toan la 7,74%, thap ban IRR la

12%.

S.5.2.1. Sir dung dau nr trung binh

Mot so nha quan ly thich. tinh ty le sinh lai ke toan sir

dung khoan dau ur trung binh trong mot dir an cho mau so, han

day du cae chi phi cho dir an. Cong thirc nlnr sau:

Ty le sinh lai Lot nhuan trung binh hang nam cua dir an

ke toan Dau tu truuy binh

Trung binh dau tir ciia mot dir an la gia tri ghi so ke toan

trung binh ciia du an. Gia tri ghi so trung binh ciia du an mua

may M la:

_ , , . ,x (Dau tu ban dau + Gia tri tan dung)

Trung binh dau tu ~ —

------------------

---------

*—1

----

:—

- (659715 + 0) 12 =329857 USD

Vi vay ty le sinh lai ke toan sir dung dau tu trung binh hi:

15,48% = 51057/329857 * 100%.

Chu y ket qua eiia ty le sinh liri ke toan cao han ty suat noi

t

hoan (12%). Koi chung, moi quan he duoc mo ta nhu sau:

Ty le sinh ^ Ty suat hoan Tv le sinh lai

lai ke toan vdn noi bo ke toan

(S u d u n e dau tu han dau) (S ir d u n : dau tu tru n g binh)

t i .y . 2 . 2 . T y !c s i n h l a i k e t o a n : c a c y f i c n r f a n h g i d

Cac mi d ie m cua n g u y e n ly ty le sinh lai kc toan, so sanh

vai cac cong cu khac nhu nhau:

/ ' r

• Tao man chan cho dir an dau tir tru ng binh: Giong nhu

nguyen ly thai gian hoan von, ty le sinh la i ke toan la mot cach

thuc dan gian de phan tich du an dau tu.

r f

• Tuang ung vai cac nguyen ly ke toan tai chinh: Mot so

nha quan ly sir dung phuang phap nay hai vi no tuang xirng vai

t /

c;ic bao cao tai chinh ke toan, no dua tren ghi chep ke toan.

• Tuang img vai he thong gia tri thuc hien dua tren lgi

/ r r y \

nhuan: Khong giong nhu nguyen ly chiet khau luong tien, co su

r

tuang thich gitra ty le sinh lai ke toan va thuc hien do luong dua

/ \

tren ke toan, nhu la tai dau tu.

• Theo doi toan bo du an: Khong giong nhu nguyen ly

f \ r

thai gian hoan von dau tu, nguyen ly ty le sinh lai ke toan theo

doi toan bo du an.

i r r

Nhugc diem cua phuang phap ty le sinh lai ke toan, giong

f f \

nhu phuang phap thai gian hoan von ke toan la khong de cap

> %

gia tri thai gian cua luong tien.

t

Phuang phap ty le sinh lai ke toan co cac ten goi khac

f

nhau nhu: Ty le sinh lai dan gian, ty le hoan von cua tai san, ty

f \ * \

le hoan von khong dieu chinh, ty le hoan von dau tu (ROI).

A '

8.6. Vai tro cua ke toan trong phan tich dau tu-

** r / \ \ / >

Be chiet khau luong tien trong cac quyet dinh ve du an

dau tir, nha quan ly can co su doi chieu luong tien chinh xac.

* * r /

Muon vay can co vai tro cua ke toan quan tri. Ke toan thuang

i ’ / f

dugc yeu cau dir tinh cac luong tien lien quan den tiet kiem chi

133

phi hoat dong, yeu cau von hoat dong tang them, hay chi ohi

cong don va doanh thu. Rat kho dir tinh khi co rat nhieu cac you

to thay ddi. Chung ta tlnrdng nhd den cac so lieu ke toan cu do

dir tinh chi phi. Cac hieu biet vc dieu kien thi trudng, xu hu<Tn$>

kinh te va cac phan img cua ddi thu canh tranh la quan trong

trong cac luong tien dir an.

Hai cong cu dirge sir dung trong thue te de phan tich kc

hoach dau tu ma cac du tinh luong tien khong on dinh:

f r r \ '

a. Lai suat chiet khdu duc/c linh cau han. Cac luong tien

*» / / r

eua mot dir an cang khong on dinh, lai suat chiet khau cang cao.

/ t

Sir dung cong cu IRR, cac cong ty tang lai chiet khau tren chi

r f \ * *»

phi von ciia cong ty neu cac luong tien la khong on dinh. Vdi

nguyen ly NPV, lai chiet khau dugc ap dung de tinh gia tri hien

X X ■»

tai cho cac luong tien khong on dinh dugc tang len.

*

b. Sic dung p han tich do nhay cam. Phan tich nhay cam

dugc sir dung de danh gia do nhay cam cua cac anh hudng ciia

/ rtf'*

so lugng ban toi doanh thu va chi phi tdi cac yeu to bien doi

■»

khong on dinh. Phan tich do nhay cam cung dugc sir dung trong

phan tich dau tu de xac dinh cac luong tien cho mot quyet dinh

dugc ung ho. Be minh hoa, hay xem xet quyet djnh ciia cong ty

A mua may M mdi.

9 ' /

Cac so lieu can thiet ciia phuang an 1 nhu sau:

Ban vi: Do la

X X

Loai luong tien

I

\

Luong

X

tien

ii

Thira sd

chiet khau

Gia tri

hien tai

Chi phi ban dau (659.715) 1

(659.715)

Tiet kiem chi phi hang

nam duac du tinh

@10%

183

3,791

693.753

134

NPV - 34.038 USD

Gia sir clui cur an khong bict ch.a.; \ c so tien tiet kiem chi

phi hang nam. Tiet kiem chi phi hang nan: giam bao nhieu truac

khi quyet djnh se co ket qua NPV nho lion 0? Can hoi luong tu

la: Chi phi tiet kiem hang nam la bao nhiei de NPV - 0 trong

quyet dinh nay? Khi NPV = 0, gia trj hien tai ciia tiet kiem chi

phi bang vai chi phi ban dau:

r

,, PV cua chi Chi phi Thua so

' 11 Px1 = phi tiet kiem = tiet kiem x chiet khau

ban dau ' , , ,

hang nam hang nam tuong xung

Phi tiet kiem Chi phi ban dau „ _

=

-------------------

t * ~ 7

----------

t-----------------------------— f . ^ Q 7 1 ^ / 7 7 Q 1

hang nam Thua so chiet khau hang nam

= 174021 USD

Neu chi phi tiet kiem hang nam la 174021 USD, NPV cua

phuong an 1 se bang 0 (659715 - (174021 x 3.791) = 0). Vi vay

/

chi phi tiet kiem hang nam dugc du tinh truac tien la 183000

USD co the giam xuong con 74023 USD, du an van dugc chap

thuan ve phuang dien tai chinh.

8.7. Kiem toan dir an dau tu- da hoan thanh

/ >

Su chap thuan mot du an dau tu piiu thuoc vao do chinh

\ \ s > \

xae cua cac du tinh luong tien. Neu cac luong tien co do chinh

xae khong cao, co the dan tai chap thuan mot du an khong

/ /

inong muon hoac tir choi cac du an kha thi. Bai vi su quan trgng

cua qua trinh du toan dau tu, mot so cac cong ty theo doi co cac

4 f

du an de xem chung thuc hien nhu the nao. Cac buac nay dugc

goi la "hau kilm" (PCA).

-i \

Trong hau kiem, thong tin dugc iien quan tai cac luong

> r

tien thuc te dugc tao ra bai du an va dugc so sanh vai cac gia

135

dinh da dirge tong ket trong kc hoach dai: tir. P( A dirge sir dung

de cung cap cac thong tin phan hoi ve do chinh xac cua cac gia

djnh ban dau cho dir an. Doi khi. PCA se chi ra cac thu nhap

t »

ngin han trong qua trinh du tinh cac luong tien. 1 rong khi hai

Ivjfi ioi co the xay ra trong quyet dinh dau tir co ban - hau kiem

i e

cki tham dinh cac dir an da dugc chap thuan. No khong danh gia

§ r

chat lugng ciia cac gia dinh cua dir an da bi tu choi.

Khi trong nhieu qua trinh danh gia su thue hien, viec hau

khong nen sir dung cac cong cu gay kho khan. Trong diem

hau kiem se la cung cap thong tin toi cac nhan vien phong

dg toan dau tir. nguoi quan ly du an va doi quan ly. Phuong

phap hau kiem lam cho vice tong ket. rut kinh nghiem dugc de

dang va de hoan thien cac du tinh luong tien va quyet dinh dir

\

toan dau tu.

•+ \

Kiem tra cac dir ait dau tic

Nhieu du an dau tu co thoi gian dai de hoan thanh nhu

1 -» '

chang han xay mot toa nha Ion hay phat trien vung dau mo. Lgi

ich thu dugc tir du an sau khi hoan thanh dugc thay ro tren ca

thoi gian dai. De giup kiem tra cac du an dau tu co ban, cac nha

quan ly co the dua tren nhieu khai niem va cong cu dugc nghien

+ f f r r

cuu. Du toan co the dugc doi chieu voi cac ket qua thirc te, su

chenh lech dugc tinh toan va bao cao thue hien du tinh dugc

chuan bj. Qua trinh kiem tra doi vai cac du an dau tu ca ban la

f t t / / ■»

rat kho khan. He thong ke toan thuong khong dugc thiet ke de

theo doi timg du an nho. Boi vi moi du an la duy nhat, co the

khong dugc thue hien trong thoi gian trd ve truoc do do khong

A* f \ / f

co kinh nghiem huang dan cho ke toan. Dong thai rat kho xac

dinh dugc ket qua thue hien thue te nao bi trech huang hay cac

du tinh nao bi sai. Han nua, bao cao du tinh thue hien co the

dinh huang cho nha quan ly can tap trung vao van de gi nhat.

136

r ^

<S.S. Danh gia su thuc hien cua du an: van de hanh vi

Xcm bang X I theo each khac. mo ta mot to chirc khi tap

trung cac dir an dau tir ca ban. Khi bieu do chi ra, sir thuc hien

dirge mot thai gian cu the bao gom cac kct qua dugc ket noi cua

sir 11urc hien cua cac dir an dang thuc hien trong suot thai kv do.

0 -7

Prong thue te, co sir khac nhau giira cac tieu chuan danh gia cac

du an thanh vien va cac tieu chuan dugc sir dung de danh gia

tong the ca du an cua nha quan ly va cac phan doan kinh doanh.

Sir khac nhau nay dugc phan tich qua vi du sau. Gia su lanh dao

phoug ban cua cong ty A dang xem xet mua mot may mai. Thai

gian sir dung la 5 nam, viec dua may mai vao su dung dugc

mong dgi se tang doanh thu cho cong ty. Chi phi ban dau cua

may mdi, doanh thu du tinh, chi phi du tinh va gia tri hien tai

rong nhu sau:

Dan vi: USD

Thoi gian 0 1

2

3

4 5

Chi phi ban dau

/

Tiet kiem chi phi

(800.000) 140.000

150.000

260.000 280.000

300.000

x 1 x 0,909

x 0,826

x 0,751 x 0,683

x 0,61

(800.000) 127.260 123.900

195.260 191.240 186.300

NPV = 23.960 USD

Lai chiet khau la 10%

Mac du he thong mai co NPV ducmg, doanh thu trong cac

\ * r

nam dau tuang doi thap. Bai vi se co su vugt qua mire kha nang

' • v . '

trong nhung nam dau. Tai sao lai phat sinh van de nay? Giong

nhu nhieu dan vi khac, cong ty A sir dung lgi nhuan phan chia

de danh gia su thuc hien cua dich vu dugc cung ung. Gia sir

137

; Tien 1l.: j]40.000j 150.000 i 2o0.000 ! 2SO.OOO .'00.000 J

jTru di khau hao j 160.0001 160.000 | 160.000 j 160.000 • i 60.000 j

tai tang them ;( 20.000)!10.000) j 100.000 | 120.000 : 140.000 I

Chi phi khau h-o san khong phai la luong tien. va vi

vav cac chi phi do knorm duac tinh tronu nhan tich uia tri hien

• - 4 »w »— <. w

tai rong. Man nfra, miie khau hac hang nam dm re tru di theo

phuang phap ke uan theo phat sinh thirc te de xac dinh lai

nhuan da tinh. Vi vay mot sir khac biet co the xay ra git'ra

phuang phap chiet khau luong tien va danh gia sir thue hien

theo ke toan phat sinh thirc te. Van de nay it khi xay ra khi

phuang phap ty le sinh lai ke toan (tai dau tu) duac sir dung de

danh gia cac ke hoach dau tu. Tuy nhien, cac phong ban va cac

nha quan ly su dung phuang phap tai dau tu. neu ty le sinh lai

ke toan duac sir dung la phuang phap danh gia du an, no duac

tinh nhu la tv le truns.' binh hang nam. tren toan bo cac nam thirc

hien dir an. Trong khi phuang phap ty le sinh loi ke toan co the

duac chan thuan de danh gia du an, ROI than dtrae dir tinh

trong cac nam dau tien co the lain cac nha quan ly nan chi khi

dau tu du an.

Don gian, mot nha quan ly co the tir choi mot du an co

NPV duang mac du no da duac toan bi) cong ty chap thuan. Bai

vi no se giam leri nhuan phan chia trong cac nam dau, vao tao

earn giac la cac nha quan ly khong thirc hien tot. Di nhien, trong

dai han, du an se co ket quit vai mire lai nhuan cao cho bp phan,

nhung chi trong cac nam thue hien dir an ve sau.

Giai phap ticm nang cho van de hanh vi dupe mo ta tren la

vico iir dung cong cu do luong dira trcn ioi nhuan. Khi thuc

hien phuang phap chict khau luong tien do ra quyet dinh lira

chon du an dau tu, danh gia sir thuc luon du an dua trcn hau

kiem ciia du an do. Tuy nhicn, do luirng hicu qua dua tren ke

toan phat sinh theo thirc te la phuang phap tot trong thuc te. Co

/ t •* / * \

le giai phap mang tinh thue te nhat de giai quyet van de nay la

lam to cho cac nha quan ly ve su khac biet giira ke toan thuc te

r * \ \ t

va phan tich chict khau luong tien. Neu su thuc hien dugc danh

| | %

gia bai ca hai phuang phap ke toan theo so phat sinh thuc te va

% > f

haii kiem cua cac du an dau tu, su khac biet co the dugc khac

phi ic

139

t

\

Ch itGng i)

DOANH LOI, RUI RO

TRONG HOAT DONG DAU TU

9.1. Khai niun chung vc doanh lgi va rul ro

r /

9.1.1. Doanh in tuyet doi va doanh loi lining doi

Thu nhap cua khoan dau tir \ao mot tai san dirge cau

thanh bai hai bg phan: Thu nhat la thu nhap do chinh ban than

tai san do mang lai va thu hai la 16 hoac lai do giam hoac tang

gia cua tai san dau tu (con dugc ggi la 16 hoac lai ve von).

, . Thu nhap Lai (hoac trir 16)

Doanh lai = . .. '* + * x (9.1)

tu tai san \re von '

Dc minh hoa ro han, chung ta hay nghicn ciru thi du sau:

Thi du 1:

\ 'if

Dau nam gia mot co phieu cua doanh nghiep A la 37 dan

\ f

vi tien te (dv), neu mua 100 co phieu. ta phai chi mot khoan la

3.700 dv. Gia su rang: Sau 1 nam doanh nghiep A se tra lai co

> t \

phan la 1,85 dv cho 1 co phan, vay ta se nhan dugc:

Thu nhap tir co phan = 1,85 dv x 100 = 185 dv

Lai gia sir tiep rang vao cuoi nam gia moi co phieu tang

len la 40,33 dv vay ta co lai ve von:

Lai vc von - (40,33 dv - 37 dv) x 100 = 333 dv

140

I rong tnrong hon eia cua moi c-i rheu giam xuong 34.78

dv ta sc bj lo vc von:

Lo vc von = (34,78 dv - 37 dv) \ 100 - -222 dv

Tong so doanh loi trorm turoni: hop co lai vc von:

W * v v . • I

l ong doanh loi - 185 dv + 333 dv - 518 dv

Gia dinh rang: ta co mot so co phan ciia doanh nghiep A

va khong ban co phieu vao cuoi nam, lieu ta co nghT rang co

mot khoan thu nhap ve von trong tong so doanh loi ciia ta hay

r

khong? Tat nhien cau tra loi la co, bai vi tren thi truong da

* i / * r

khang dinh su tang gia co phieu ma ta dang co, neu ta muon co

* -* » 9

tien mat thi ta co the ban cd phieu mot cach de dang. Ta quyet

dinh khong ban la vi ta cho rang viec tiep tuc dau tu vao doanh

nghiep A la su lira chon toi uu.

Tren day chiing ta da noi ve doanh loi tinh bang so tuyet

r >

doi. Tuy nhien, tren thirc te, nguoi ta hay sir dung thong tin ve

doanh loi duai dang so tuong doi va goi no la doanh loi tuong

* / /

doi. Viec sir dung doanh loi tuong doi rat thuan tien vi no khong

\ r

____

r

phu thuoc vao luong dau tu thue te ciia chung ta. Thue chat

9 9

chung ta chi muon tra loi mot so cau hoi se nhan dugc bao

nhieu lai tir mot don vi von dau tu.

Cong thirc tinh doanh loi tuong doi:

■* \

r

Lai co phan cuoi ky + Mire thay

1 T 9 9

Doanh l o i

______

doi gia co phieu cuoi ky

tirong doi ~~ Gia co phieu dau ky \ ■ )

Theo thi du 1, doanh loi tuong doi duoc xac dinh nhu sau:

Doanh loi tuong doi = = 0,14 — 14%

t \

Do su thuan tien ciia doanh lai tuang doi, tu nay ve sau

141

khi ta noi thuat ngir doanh lai thi co nglmi hi ta noi vc doanh ■

tuang doi.

f

9.1.2. D oanh lo'i thu c te va doanh loi danh n<>/ua

* ♦ « o

Doanh lai thuc te duac tinh toan theo cach a tren duac goi

• * • O «

la: doanh lai danh nghTa. So di ta goi do la doanh lai danh nghia

* * f

vi ket qua do chua duac dieu chinh theo lam phat. Cung vai ket

/ \ r

qua tren, neu ta dieu chinh no theo toe do lam phat thi so co

t

doanh lai thuc te.

*

Lam phat tac dong den doanh lai thirc te nhu the nao? Gia

sir dau nam ma 1 kg nhom la 5dv. Von I OOdv vao dau nam ta co

the mua dugc 20kg nhom. Den cud! do lam phat la 5% non

gia nhom tang len 5% nghla la: 1kg nhom vao cuoi nam so la:

5dv + (5dv x 0,05) - 5,25dv. Neu dau nam ta bo ra lOOdv de

mua co phieu, cuoi nam ta se ban co phieu ya thu duac tong so

\ ■* 1

tien la 115,5dv. Gia sir vao thai diem do ta dung tien thu duac

de mua nhom, ta se mua dugc: 115,5/5,25 = 22kg nhom. Neu ta

% p

do doanh lgi bang lugng nhom mua dugc thi doanh lgi tuyet doi

se la: (115,5/5,25) - 20 = 2kg nhom. Doanh lgi tuang doi sc la:

2/20 = 0,1 = 10%. Nhu vay, doanh lgi danh nghTa a day la

15,5% nhune tren thuc te sue mua cua ta chi tanu 10%. niihla la

f \ f

doanh lgi thuc te bang 10%. Vai chi so lam phat la 5%, moi dv

trong tong thu nhap danh nghTa (115,5dv) se giam 5% trong gia

tri thuc te cua no. Vi vay, gia tri thuc te trong khoan dau tu cua

ta duac xae dinh nhu sau: 115.5/1.05 = 110 dv (doanh lgi thirc

/ / r r

te tuyet doi la lOdv va doanh lgi thuc te tuang doi la 10%).

Neu ta goi R la doanh lgi danh nghTa. r la doanh lgi thuc

/ i f f

te, h la ty le lam phat thi ta co the thay moi quan he giua doanh

r

lgi danh nghTa, doanh lgi tlnrc te va ty le lam phat qua cong thirc

142

sau dav.

Suy ra:

(1 * R) : ( ! • r) i I + h) (9.3)

! + R

r = - - p - - ! (9.4)

R - r + h v rh (9.5)

Cong thirc tren chi ra rang: doanh len danh nghia co ba bo

phan hop thanh. Bo phan thu nhat la doanh loi thue to (r), bo

phan thu hai chi'nh ia su den bd viec giam gia tri cua khoan tien

dau tu ban dau do lam phat (h), bo phan cuoi cung ia sir den bii

ve viec giam gia tri ciia doanh leu do lam nhat (rh).

Thanh phan thir ba thuong rat nho, 'd vay, tren thue te khi

tinh toan nguoi ta thuong bo di. iMur vay, cong thue tinh toan

doanh loi danh ptihla thue te nhu sau:

*

R = r + h (9.6)

9.1.3. D oanh Iffi binh quan

/ 1 \ *

Tren thi truong von, chung ta co the dau tu vao nhieu loai

1 / f

tai san khac nhau nhu la: co phieu thuong. trai phieu doanh

/ f

nghiep dai han, trai phieu dai han ciia Chinh phii, thuong phieu,

• v \

v.v... Moi loai dau tu nay mang lai mire doanh loi khac nhau

r f t

theo timg thai ky nhat dinh. De thay duac muc doanh Igi cua

v x t '

moi loai dau tu cho timg nam. nguoi ta can thu thap doanh loi

thue te ciia moi loai va tinh doanh loi binh quan cho timg loai d

moi nam cu the.

Thi du 2:

/

Nam 1990, d mot nude nao do co 10 loai co phieu thudng

ciia 10 doanh nghiep khac nhau. Cuoi nam 1990 doanh loi ciia

143

cac loai co phieu nay nhu sau:

0,10 0,12 0,08 0,20 0,25 0,01 0,04 0,05 0.20 0,25

Doanh lgi binh quan cua co phieu thong thuong nam 19°0

cua doanh nghiep dang xem xet la:

3,10 + 3,12 +3,08 +0,20 +3,25 +0,01 +3,04 +3,05 +3,20 +0,25 _

10

= 0,175

Tuang tu nhu vay ta co the tinh doanh lgi binh quan cho

cac loai dau tu khac. Dua tren co so cua doanh lgi binh quan

hang nam da thu thap dugc, ta co the xae dinh doanh lgi binh

quan cho mot thoi ky dai nhu: 5 nam, 10 nam, 100 nam...

1 /

Chang han, neu ta thu thap dugc doanh lgi binh quan hang

V 9 9

nam cua co phieu thuong tir nam 1981 den 1990, ta cong doanh

* /

lgi binh quan cua cac nam do, roi chia cho 10. Ket qua se cho ta

nr 9

doanh lgi binh quan cua co phieu thuong cho suot thoi ky 1981

- 1990.

9.1.4. Rui ro va mivc bu dap riii ro

S 9 .

Co nhieu loai chung khoan tren thi trucmg von, tai sao

/ *

nguoi ta khong chi chon nhung loai co doanh lgi cao nhat de

dau tu? Nguyen nhan dan den nhung quyet dinh dau tu khac

nhau la vi cac loai dau tu nay co do rui ro khac hau.

r

'

Thong thuong, cac Chinh phu tien hanh vay ng bang cach

phat hanh chung khoan. Nhung chung khoan nay dugc the hien

duoi nhieu hinh thirc khac nhau. Trong so cac chimg khoan cua

Chinh phu thi tin phieu thuong co thoi han ngan nhat va lai suat

9 r 9^ £ A ' o

cung thuong thap nhat. Tai sao tin phieu co lai suat thap nhat?

Cau tra loi se la: Vi co do rui ro, hay noi cach khac, day la tai

% \ 9 ' \

san co do rui ro bang 0. Co nhieu nguoi mong muon viec dau tu

144

cua ho phai co do tin cay cao nhat nen ho rat thich mua tin

phieu. lu y nhien, cung co nhirng nguoi thich mao hiem vai hy

vong .se dat duac doanh lai cao hon.

r ■* '

Nguac lai voi tin phieu, co phieu thuang la loai tai san co

f ■> r

do nil ro cao nhat. Doanh lai ciia co phieu thuang hoan toan

f ' /

phu hap vao ket qua kinh doanh ciia doanh nghiep, ma ket qua

/ / \ f r

kinh doanh lai la ham so ciia rat nhieu bien so.

f r

Theo so lieu thong ke, doanh loi binh quan hang nam cua

cho thai ky 1926 - 1988 cua mot so tai san tren thi trudng von

•y

ciia My duac the hien nhu sau:

Cac loai dau tu

Doanh Igi binh quan

Co phieu thudng

12,1%

Trai phieu doanh nghiep dai han

5,3%

Trai phieu Chinh phu dai han

4,7%

Tin phieu

3,6%

/

Thong thudng, rui ro cang cao thi doanh lai cang ldn. Neu

f \ f

ta coi tin phieu co do rui ro bang 0 thi trai phieu Chinh phu dai

t * f

han, trai phieu doanh nghiep dai han, co phieu thudng la nhung

tai san co rui ro d nhung mire do khac nhau. Su chenh lech giua

doanh lai binh quan ciia cac tai san rui ro so vdi doanh lai cua

tai san khong co rui ro dugc goi la muc bu dap rui ro.

■» f

Theo bang tren, ta co the tinh muc bu dap rui ro cua cac

tai san riii ro nhu sau:

Cac tai san rui ro

Muc bu dap rui ro

Co phieu thuong

8,5%

' r

Trai phieu doanh nghiep dai han

1,7%

Trai phieu Chinh phu dai han

1,1%

145

9.I .\ Phuo’ng sai va do lech tieu chuan ve so lieu thong

ke theo thoi gian cua doanh loi

Phirong sai ia tone cac binh phuang trung binh cua do

chenh lech giira doanh lot thuc tc va doanh lgi binh quan (ky

^ t

hieu la 6 ). Phuang sai cang Ian thi doanh lai tlnrc tc cang ci> xu

huang khac biet nhieu han so vai doanh lai binh quan. Do lech

tieu chuan la can bfic hai cua phuang sai (ky hieu la 6). Trong

muc nay chung ta se tinh toan phuang sai va do lech tieu chuan

dua trcn so lieu lich sir cua doanh nghiep. Vi vay viec tinh toan

se giai thieu sau day chi dung cho truang hap tinh toan phuang

sai dua tren so lieu lich sir. Trong truang hap ta muon xae djnh

phuang sai cho cac khoan doanh lai du kien trong tuang lai thi

each xae dinh phuang sai se khac so voi phuang phap xae dinh

duac giai thieu trong muc nay. De hieu ro each xae dinh

phuang sai dua tren so lieu lich sir cua doanh lai, chung ta hay

nghien ciru thi du sau day:

Thi du 3: De tinh toan phuang sai va do lech tieu chuan,

ta gia sir rang: co mot khoan dau tu da tien hanh duac bon nam

vai doanh lai thuc te cua timg nam: 0.10 0,12 0,03 -0,09.

Doanh lgi binh quan se la (0,10 + 0,12 + 0,03 - 0,09)/4 = 0,14.

Chung ta hay xem xet bang sau day:

(D

(2)

(3) (4)

Doanh lgi

Doanh lcri

Chenh lech

Binh phircrng

thirc te

binh quan

(1) - (2)

chenh lech

0,10

0,04

0,06

0,0036

0,12

0,04

0,08

0,0064

0,03

0,04

-0,01

0,0001

Tone

-0,09

0,04 -0,13

0,0169

o

cong

0,16 0,00

0,0270

I . . -

...

146

P Strong sai Var <!v i .Urge -:".‘i a

Vai t K j O.iU" M - .<><)9

Do loch neu chuan SD i’ R) dugc in i' r.lur sau:

S u . i< . o n.ouo 0j'94S 7

Theo bang tren ta thay: tong cua chenh lech luon luon

banc 0, dieu nav cnin chum; ta co the kiem tia vice linh toan

meat ';ach de dang.

Neu ta ky hieu T la so nam quan sat. R. la doanh loi thirc

ic cib. nam thir i. R ia doanh loi binh auan hang nam cho suot

thoi ky xem xet. Ta se co cong thirc tinh phucmg sai nhu sau:

S (R, - K

Var (R) = jT~j

-----

(9-7)

Trong do: i = 1,2. 3.... T

SD (R) = \l Var (R) (9.8)

9.2. Doanh loi, rui ro va duong thj truong chung khoan

Phan tren chung ta da ban ve doanh Igi, doanh lai binh

quan, cach tinh phuang sai va do lech tieu chuan cua doanh lai.

Trong phan nay, chung ta se tap trung nghien cuu xem lam the

nao de phan tich doanh lai va phuang sai khi chung ta co duac

thong tin lien quan den doanh lai dir kien va xac suat de dat

dirge doanh lai du kien do.

9.2.1. D oanh loi du kien

■% >

Gia su rang: chiing ta xem xet hai co phan L va U cho mot

thai ky la mot nam. Du kien doanh Igi ciia co phan L cho nam

r ■> v

toi la 25%. dir kien doanh Igi cua co phan U cho cung thai ky

la: 20%.

147

Khi 111a cac nha dau tir den dong y ve doanh lgi di' kien

cho hai loai co phan trcn thi tai sao van co nguoi muon chon co

phan U? Rui ro la khi lira chon dau tu vao dau. cac nha dau tu

co tinh den muc do rui ro cua no.

Trong non kinh tc thi truiTng, nguoi ta thuang quan tarn

tai hai tinh trang kinh tc doi lap nhau, do la: nen kinh tc a trang

thai hung thinh va nen kinh te suy thoai. Trong nam tai co the

' * t

nen kinh te a trang thai hung thinh trong suot ca nam hoac cung

co the mot phan cua nam se la hung thinh va pluin con lai cua

nam se la suy thoai. Tom lai, cac tinh trang khac nhau cua nen

kinh te dugc xem nhu la nhung dai lugng ngau nhicn.

Thi du 4:

9 ' 9 1

Nguoi ta dir kien rang: or tinh trang kinh te hung thinh, co

phan L se co doanh lgi la 70% va co phan U se co doanh loi la

/ * / * x

10%. Neu nen kinh te a tinh trang suy thoai, co phan L se co

1 ^ t 1

doanh lgi la -20% va co phan U se co doanh lgi la 30%. Ciia sir

t i v f * y

xae suat cho moi tinh trang kinh te ke tren deu la 0,5. Chung ta

co the tong ket bang bang sau:

Tinh trang

\

cua nen

kinh te

/

Xae suat xay

ra cho moi

tinh trang kinh

te

Doanh lgi dur kien (%) cho timg

/

tinh trang kinh te

Co phan L Co ph;\n U

Suy thoai

0,5

-20

30

Hung thinh

0,5

70

10

1,0

Neu ta mua co phan U, mot nira thai gian se cho ta doanh

lai la 30% va nira thai gian con lai se cho ta doanh lgi la 10%.

Nhu vay, doanh lgi du kien cho co phan U ky hieu la E(Ru) se

I:(R. ) - 0.50 x 30% 0.50 x 10% =■■ 20%

Noi not cach khac. chung ta chd dai mot khoan doanh lai

binh -]uan la 20% cho suot thai ky xem xet.

Ttrang tir, doanh lai du kien binh quan cho co phan L ky

hie u la !:.(1%) se duac tinh nhu sau:

H(Ri) = 0,50 x -20%+ 0,50 x 70% = 25%

Den day ta co the biet ro: vi sao cd phan L co thu nhap du

kien cao han so vai co phan U ma van co ngudi thich mua co

phan U? Co phan L mac du co doanh lai du kien cao han nhung

do rt i ro cao han. Neu nhu sir suy thoai kinh te xay ra va keo

dai t ong suot thai ky thi co phan L se bi lo 20%, trong khi do,

du ii.n kinh te d tinh trang nao di nua thi co phan U van co lai.

' m r

Trong phan trudc, chung ta da dinh nghia muc bu dap rui

ro la phan chenh lech giua doanh lai cua tai san rui ro va doanh

lai cua tai san khong co rui ro. Chung ta co the ap dung dinh

f

' /

iigihn nay de tinh toan muc bu dap rui ro du kien nhu la sir

f \

chieni lech giua doanh lai du kien cua khoan dau tu co rui ro va

clo.am Igi chac chan cua khoan dau tu khong co rui ro.

Thi du 5:

Doanh Igi cua khoan dau tu khong co rui ro la 8%, ta goi

8%) a ty suat khong co rui ro va ky hieu la Rf. Ta co the viet

r f

co! ig thirc tinh muc bu dap rui ro du kien nhu sau:

/ /

Mire bu dap _ Doanh Igi Ty suat khong

rui ro du kien du kien co rui ro

Muc bu dap rui ro du kien - E(R) - Rf (9.9)

Sir dung cong thue nay, ta co the tinh muc bu dap rui ro

du ken cho co phan L va co phan U:

Muc bu dap rui ro dir kien cho co phan U =

149

~»o/

w / 0

I:(Ri ) - Rf -- 20% - S';

r 0 s \

Muc bii dap rui ro dir kic; iso cu phan I. -

--- I:(R , J - R r - 25% - 8"- 17%

Vicc tinh toan doanh Ig; dir kien cho co phan U va co

phan L trong truang hap xae suat xay ra cho timg tinh tiang

kinh te la bang nhau duac tong ket a bang sau day:

Co phan L

- ~ — • —»

Co phan U

(1)

Tinh

trang

kinh te

(2)

Xae suat

xav ra

cua moi

tinh

trang

kinh te

/ ^ n :

(-V ;

Doanh

lgi dir

kien cho

timg

tinh

trang

r

kinh te

{

(4 ) .

Tich so

(2) x (3)

(5)

Doanh

lgi dur

r

kien cho

timg

tinh

trang

kinh te

(6)

Tich so

(2) x (5)

Suy thoai

0,50 |

|

| -0,20

-0,10

0,30

0,15

Hirng

thjnh

0,50 0,70 0,35

0.10 0,05

1,00

E(Rl ) =25%

E(Ru) =20%

* •>

Chung ta hay nghien cuu mot thi du khac de hieu ro han

\ f

ve cach tinh doanh lgi du kien.

Thi du 6:

\ r

Gia sir nguai ta tinh toan dugc rang: xae suat de xiiy ra

tinh trang kinh te hung thinh sc keo dai 20% thai gian xcm xet

/ 1 ^ *1 '

Hay xae dinh doanh lgi du kien cho co phan U va co phan L.

Neu ty le khong co riii ro la: 10%, hay tinh muc bu dap rui ro du

kien cho timg co phan.

Viec tinh toan the hien cr bang sau day:

150

( o pi'.an !

T m

Iran;

kinh :c

(!)

Xac suat

xay ra

cua moi

tinh

trang

kinh to

(2)

Suy

thoai

Hirng

| thinh

0,8

Doanh

loi dir

kien cho

tirng

tinh

trang

kinh te

- 0,20

(3)

(A)

I'kh so

( 2 ) x (3)

it) j (0)

I V>anh i Tich so

Co phan l ;

Sen dir

kiei. cho

timg

tinh

trang

kinh te

(2) x (5)

( I

0

-0.16

0.14

0 >0

,0

! E(R| )--2%

0,24

0,02

E(Rl;)«26%

Vi chi co hai kha nang co the xay ra la: hirng thinh va suy

thoai. Do vay. khi ta biet xac suat xav ra cua tinh trang hirng

thinh la 0,2 thi ta co the tinh dugc xac suat xay ra tinh trang suy

thoai la: (1 - 0,2 - 0,8).

/ * >

Mire bu dap rui ro cua cd phan U ~ 26% - 10% = 16%

Mire bu dap rui ro ciia co phan L = -2% - 10% = -12%

9.2.2. Tinh toan p hu ffng sai cua doanh loi dir kien

I)c tinh toan phuang sai ciia doanh Igi du kien cho cac

khoan dau tu khac nhau, trudc hot ta phai xac dinh cac chenh

lech binh phuang giua doanh Uri du kien cho tirng khoan dau tu

d mdi tinh trang kinh te va doanh Igi du kien binh quan. Sau do,

ta nhan tirng ket qua chenh lech binh phuang do vdi xac suat

tuang irng ciia no. Tong ciia cac tich so se la phuang sai cua

doanh Igi du kien cho khoan dau tu ma ta dang xem xet. Do

lech tieu chuan dugc tinh bang can bac hai ciia phuang sai.

151

Thi du 7:

Do minh hoa ro han dieu vira noi a trcn, ta Hop tuc ay co

phan L va co phan U lam thi du. Trong truang hop xae suit xay

ra tinh trang hung thinh va suy thoai deu la 0.5. Plurang s.u cua

co phan U va co phan L sc la bao nhieu? Ta biet. E(Rl) :r 20%

va H(Rl) = 25%. Viec tinh toan phuang sai cua hai co ph;.n nay

the hien trong bang sau:

(1)

Tinh

trang

kinh te

(2)

Xae

suat

xay ra

cua moi

tinh

trang

kinh te

(3)

Chenh lech ve

doanh lgi ciia

moi tinh trang

kinh te so vai

doanh lgi binh

quan du- kien

(4)

Binh phuang

chenh lech

D)

Ti'ci so

(2)x (5)

Co phan L

Suy thoai

0,5

-0,20 - 0,25 = 0,45

(-0,45)2 =

0,2025

0,1012.5

Hung thjnh

0,5

-0,70 - 0.25 = 0,45

(0,45): = 0,2025

0,10125

5l2 = 0,2025

Co phan U

Suy thoai

0,5

0,30-0.20 = 0,10

(-0,10)2 = 0,01

0,005

Hung thinh

0,5

0,10-0,20 = -0,10 (0,10)2 = 0,01

0,005

6L-2 = 0,010

f \ + \ f

Ta thay rang: co phan L co thu nhap du kien binh quan

i > » > ^ 1

cao han co phan U, nhung co phan U co do rui ro thap han co

phan L. Neu ta chon co phan L, ta co the dat dugc muc doanh

lgi la 70% trong dieu kien cua nen kinh te hung thinh. Tuy

’ ' • Ji

nhien, ta cung co the bi lo 20% trong dieu kien nen kinh te lam

vao tinh trang suy thoai. Ngugc lai, trong moi dieu kien thi co

152

phan IJ deu co doanh lgi it nhat la 10” V:W ta ien mua co phan

naoV Rat kho tra liri, vice mua co phan nav la do sd thich cua

ngudi mua. Mot so nguoi tiuch duonu dau vdi rui ro de hy vong

co dugc doanh lgi cao hon .ien ho illicit mua cd phan L. Mot so

ngudi khac khong thich lieu lTnh nen ho sc chon mua co phan U.

9.2.3. Danh muc dau tu

\ %

Danh muc dau tu ia mot nhom cac tai san nhu la co phan

t \ t

va trai phieu do mot nguoi dau tu nam giu. Noi chung, cac nha

X > ' t \ ^ #

dau tu thuong dau tu vao nhieu noi the hien bang nhieu loai trai

/

_

phieu khac nhau. Trong phan tren ta da nghien cuu rui ro va

doanh lgi cua tung tai san rieng biet. Trong phan nay chung ta

se tap trung nghien cuu doanh lgi du kien va phuang sai cua

\

danh muc dau tu.

9.2.3.1. Trong so cua danh muc dau tu

Co nhieu cach khac nhau de dien ta mot danh muc dau tu,

t

tuy nliien, cach thuan tien nhat la liet ke danh sach cua tung

khoan dau tu vai gia tri cua no dugc tinh theo ty le phan tram so

* / \ \ \

vai tong so tien dau tu cua mot ngudi dau tu nao do. Chung ta

\ /

goi nhung ty le phan tram nay la nhung trong so cua danh muc

dau tu.

Thi du 8:

• r \ \ '

Tong so tien dau tu cua mot ngudi dau tu nao do la 200dv,

anh ta dau tu vao mot loai tai san vdi go tien la 50dv, con lai

150dv anh ta dau tu vao mot tai san khac. Vay, trong so danh

muc dau tu cho tai san thu nhat la: 50/200 - 0,25. Trong so

danh muc dau tu cho tai san thu hai la: 150/200 = 0,75. Neu

danh muc dau tu cua ta bao gom mot tram loai tai san khac

153

nhau, chung ta sc co mot tram trong so cho danh muc dau tir do.

Tuy nhien. can luu y rang: tong cua tat ca cac trong so cun danh

muc dau tir bao gid cung bang 1.

9.2.3.2. Doanh lai du kien cua danh muc dau tir

Thi du 9

Trd lai co phan U va co phan L, neu ta dung m d riira so

tien dau tu vao cd phan U va mot nua sd tiC-n con lai ti dau tu

•* \ \ t

vao cd phan L, trong dieu kien xac xuat xay ra cho t'nh trang

kinh te hung thinh va suy thoai la nhu nhau va bang (,5. Vay

0 \

doanh Igi du kien cho danh muc dau tu cua ta la bao nhuu?

\ t f

Gia sir, nen kinh te lam vao tinh trang suy thoai mot thdi

ky xem xet, mot nua sd tien dau tu vao cd phan L se bi lo 20%,

r \ \ •» x

mot nira sd tien dau tu vao cd phan U se cd lai 30%. Nh u vay

doanh Igi cua danh muc dau tu (ky hieu la Rp) se dugc inii nhu

sau:

RP = 0,5 x (-20%) + 0,5 x 30% = 5%

t \ r ^ #

Neu nen kinh te hoan toan hung thinh trong suot tida gian

xem xet, ta cd:

RP = 0,5 x 70% + 0,5 x 30% = 40%

Nhung xac suat xay ra tinh trang kinh te suy thoai /a hung

x r

thinh la nhu nhau va bang 0,5. Do do, doanh nghiep du lie:n cho

\

danh muc dau tu cua ta dugc ky hieu la E(Rp) se la:

E(RP) = 0,5 x 5% + 0,5 x 40% = 22,5%

Trong phan trudc chung ta da nghien cim cach tim (doanh

Igi du kien cho timg loai tai san rieng biet nhu la cho ccplhan U

cho ta E(Ru) va cd phan L cho ta E(Rl). De tinh dam llai du

kien cho danh m uc dau tu mot cach nhanh chong hon via true

154

tiep Ivrn, ta co he lav trong so cua tirng /o<// /az .vc/// rieng biet

\ /

trong danh muc dau tir nhan vai doanh Uri dir kien cua tai san

t r

do. Cong tat ca cac tich so do vov nhau /<: sc co doanh lai d u

kien cua danh muc dau he.

0 thi du 4 ta da tinh dugc doanh lgi dir kien cua co phan

U la I ( R u ) 20% va doanh lgi du kien cua co phan L la E(Rl)

= 25%, theo dieu kien neu ra a thi du 9, trong so cua co phan U

> % r r

va co phan L deu la 0,5. Ta tinh dugc doanh lgi du kien cho

*

danh muc dau tu nhu sau:

E(RP) = 0,5 x E(Rl ) + 0,5 x E(Ru) = 0,5 x 25% + 0,5 x

20% == 22,5%

Cach tinh toan nay khong phu thuoc vao viec co bao nhieu

loai tai san trong danh muc dau tu. Gia sir danh muc dau tu cua

ta co n tai san, x* la trong so cua tai san i. Vay, cong thuc chung

1 / ' /

de tinh doanh lgi dir kien cho danh muc dau tu se dugc viet nhif

sau:

n

E(R) = X,E(R,) + X2E(R2) + ... + XnE(Rn) = SX,E(Ri)

i=l

vdi i = 1, 2, 3,... n (9.10)

9.2.3.3. Phuang sai cua danh muc dau tu

Thi du 10:

1 f t / y \

De trinh bay mot cach ngan gon, ta tiep tuc lay co phan U

■» > x r \

va co phan L lam thi du. Trcn day, ta da tinh dugc rang, neu nen

r r

kinh te hoan toan roi vao tinh trang suy thoai trong suot thdi ky

nghien cuu thi doanh lgi du kien cho danh muc dau tu la 5%,

^ > f f

neu non kinh te hung thinh trong suot thai ky nghien cuu thi

doanh lgi du kien cho danh muc dau tu se la 40%. Trong dieu

155

kien xac suat xay ra cho ca hung thinh va suy thoai ecu la 0>,5 ta

da tinh dugc Hi Ri>) = 0.225. Vav. phucmg sai va do lech cihiian

cua danh muc dau tu la hao nhieu?

Viec tinh toan phuang sai va do lech tieu chum cua (danh

X /

muc dau tu dugc toim ket a bane; sau:

( 1)

Tinh

trang

kinh te

(2)

Xac

suat

xay ra

cua moi

tinh

trang

kinh te

(3)

Doanh

Igi cua

danh

muc

dau tir

cho

moi

tinh

trang

kinh te

(4)

Binh phuang cac

chenh lech giura doanh

lai theo timg tinh trang

kinh te va doanh lai dir

kien binh quan ciia

danh muc dau tu

(5)>

Tich so

(2) x «(5)

Suy thoai

Hung

thinh

0,5

5%

40%

(0,05 - 0,225)2 = 0,030625

(0,40-0,225)2 = 0,030625

0.0153 125

0,0153 12.5

6 ; = 0,03(0625

5 P = V 0,030625 = 17,5%

Thi du 11:

■* r \

Gia sir, chung ta thay doi cac trong so cua dam muc: dau

f \ i » _ '

tu: 2/11 so tien dung de dau tu vao co phan L va so ien com lai

■» X *» X \ X f

9/11 dung de dau tu vao cd phan U. Trong dieu kien ien kirnh te

suy thoai trong suot thai ky nghien cim, doanh Igi or kiem cua

danh muc dau tu dugc xac djnh nhu sau:

R, = (2/11) x (-20%) + (9/11) x 30% = 20,9P/o

156

i rong dieu kien nen kinh te hirr;i1 thin'i mot thai ky xem

\e i, d()«iiih loi du kien eua danh m uc ur dirge xac dinh nlnr

sau:

R P - (2/11) x 7 0 % + ((9/1 I ) x 10%) 20,91%

Nhu vay, neu ta bo tri danh muc dau nr theo cac trong so

nhu tren thi du ncn kinh te d trang thai nao di nua. chung ta van

co doanh lai du kien la 20.91%. Khong can phai tinh toan, ta co

the (hay dugc la trong truang hgp nay phuang sai cua doi mai

dau tu bang 0. Dieu nay rat quan trong cho vice bo tri mot danh

* ■» r t

muc dau tu sao cho co the loai bo dugc mot so rui ro nhat dinh.

Chung ta se ban ky van de nay d nhung phan sau.

/ r

2.4. Rui ro, doanh l<ri cd he thong va khong cd he ihong

O.2.4. J. Rid ro cd he thong va khong co he thong

Rui ro co he thdne la loai rui ro tac dorm den toan bo hoac

V -/ 1 * -* •

\ /

hau het cac tai san. Vi the ngudi ta con goi no la rui ro cua thi

/ f S

trudng. Nhu chung ta da thay, su bap benh cua cac dieu kien

kinh te chung nhu viec giam GDP, tang lai suat tien vay, tang

toe do lam phat... la nhung thi du cho rui ro cd he thong. Nhung

\ r y f

dieu kien nay tac dong den hau het cac doanh nghiep.

r /

Rui ro khong cd he thong la loai rui ro chi tac dong den

mot tai san hoac mot nhom nho cac tai san. NghTa la, loai rui ro

•» f

nay chi lien quan tdi timg doanh nghiep cu the nao do. Vi the,

✓

ngudi ta con goi la rui ro dan nhat hay rui ro cho mot tai san cu

the. Chang han, su bai cong ciia cong nhan (hade doanh nghiep

A se chi anh hudng den san xuat kinh doanh ciia doanh nghiep

A. ddi khi no cung anh hudng chut it den mdt vai doanh nghiep

khac dang cd mdt sd hap ddng mua ban vdi doanh nghiep nay.

157

Cac doanh nghiep khong co lien quan toi doanh nghiep A thi

hoan toan khony bi tac donu.

O <—

9.2.4.2. Cac thanh phan doanh lai co he thong \;a khong

co he thong

Khi ta dir kien doanh loi cho mot khoan dau tu nao do. Co

nhung khoan khong du kien duac. Trong qua trinh thuc hien,

doanh lgi co the tang len giam di so vdi du kien. Neu ta ky hieu

phan tang len hoac giam di do la U, ta co the viet cong thuc tinh

doanh lgi nhu sau:

R = E(R) + U (9.11)

Trong do: R la doanh lgi dat dugc

E(R) la doanh lgi du kien

r

U la doanh lgi khong dir kien dugc

Nhu d phan tren, ta thay: co hai loai rui ro, rui ro co he

f / \

thong va rui ro khong co he thong. Phan doanh lgi khong du

kien dugc la do hai loai rui ro nay gay ra. Ta cung co the chia bo

phan doanh lgi khong du kien dugc thanh hai phan, phan thu

r \ f *

nhat la phan khong co he thong va do rui ro khong co he thong

gay ra, ta ky hieu phan nay la s. Phan thu hai la phan co he

/ f t f

thong do rui ro co he thong gay ra va dugc ky hieu la ni- Den

day, ta co the viet cong thuc tinh doanh lgi dat dugc la:

R = E(R) + U + m + 8 (9.12)

f

Viec phan chia hai bo phan doanh lgi khong du kien dugc

thanh hai phan la rat quan trong. De thay dugc tai sao no quan

\ 1

trong, chung ta se nghien cuu d phan sau day noi ve rui ro cua

\

danh muc dau tu

158

fJ. 5.1 Tac dong cua da dang hod

Klii ta co mot lugng tien nao do. neu ta dung toan bo so

tien de dau tu vao mot loai tai san thi muc do rui ro cao hon la

vice dau tu so tien nay vao nhieu tai san khac nhau.

Dc thay dugc moi quan he giua cach bo tri mot danh muc

dau tu va rui ro cua danh muc dau tu. cluing ta hay nghien ciru

bang sau day:

r > > >

Chung ta thay rang: Do lech chuan cho danh muc dau tu

co mot co phan la neu ta lira chon mot each ngau nhien mot loai

co phan cua mot doanh nghiep nao do va dau tu toan bo so tien

cua ta vao do thi do lech chuan cua doanh Igi se la 49,24% cho

* -V 1 \

mot num. Neu ta lua chon mot cach ngau nhien hai loai co phan

va dau tu vao moi loai mot nua so tien do thi do lech tieu chuan

binh quan se la 37,36%...

Dieu quan trong rut ra a day la: do lech tieu chuan giam

% '» \ r

khi ma so lugng cac loai co phan tang len. Neu ta lira chon mot

cach ngau nhien 100 loai co phan khac nhau thi do lech tieu

* \ t r

chuan binh quan cua danh muc dau tu se giam xuong 19,69%.

Neu ta lira chon mot cach ngau nhien 500 co phan khac nhau thi

A t 1 ' t

do lech tieu chuan binh quan se la 19,27%. Neu ta tiep tuc tang

t * \ ' /

them so lugng co phan cho danh muc dau tu cua ta thi ta thay

ket qua giam cua do lech tieu chuan rat nho hoac khong thay

doi.

(K2.5. Da ilang hoa va ru i ro cua danh muc dau tu

159

(1)

So lugng cac co

phan khac nhau cua

mot danh muc dau

tu

(2)

Do lech tieu chuan

binh quan cua doanh

lgi hang nam cua

danh muc dau tu (%)

~

.......

m ]

I

Ty le giira do lech ^

tieu chuan cua danh

muc dau tu so vdi do

lech tieu chuan cua

viec dau tu vao mot

co phan

I 49,24 1,00

2 37,36 0,76

4

29,69

0,60

6 26,64

0,54

8 24,98

0,51

10

23,93

0,49

20 21,68

0,44

30

20,87 0,42

40 20,46

0,42

50

20,20

0,41

100 19,69

0,40

200

19,42

0,39

300

19,34 0,39

400 19,29

0,39

500

19,27

0,39

1000

19,21

0,39

Nguon: Tap chi phan tich lucmg va tai chinh. 22/9/1987

0 A * X

so: 353-64, nhan de "Bao nhieu co pha n se tao nen m ot danh

m uc dau tu da dang hod ”

160

9 2.5.2. Nguyen Iv cua da dang hoa

Tir bang trcn ta co the ve dugc do thi sau day

danh muc dau tir

\ r ■> \ '

Nhin vao do thi, ta thay co hai diem can luu y. Thu nhat,

/ r 1

mot so rui ro co lien quan den timg loai tai san co the bj loai tru

' r \ t

bang cach bo tri danh muc dau tu. Qua trinh bo tri danh muc

dau tu dugc tien hanh bang cach dan trai viec dau tu nhieu loai

tai san khac nhau dugc goi la da dang hoa.

Nguyen ly cua da dang hoa chi cho chung ta rang: dan trai

vice dau tu vao nhieu loai tai san khac nhau se loai tru dugc mot

so rui ro. Phan dien f,'ch tren hinh ve ky hieu "rui ro co the loai

' *

tru bang da dang hoa" chinh la bo phan rui ro co the loai tru

thong qua da dang hoa.

•> / ' , . X

Diem thu hai cGng rat quan trong. Se co mot muc toi thieu

I6l

cua rui ro ma ta khong the loai uu nu kuw \ ic< da oarc ia a.

Muc toi thieu na\ u uefc the ii»en tt en hmn ve v$.tt- k\ hien rm io

khong the loai tru bang da dang hoa”. !!ai diem na\‘ oho ta ket

luan rang: da dang hoa co the ! u:i giam rui ro, nlium1 vice

nay chi co the dat den mot diem nhat dinh chu* khong the gir.m

mai.

9.2. 5 3. Do Jan? hod nd ro khans co he (homr

Iren da> chung ta a';- - hang djnh: mot so rui ro co the loai

trur bang da dang hoa mot so nil ro khac thi khong the loai a ir

dirge theo cach nay. Sc co mot cau hot la: ta> -sao lai nhu vay?

Chiing ta hay nho la; jvutn truoc day noi ve rui ro co he thing

va rui ro khong co he t l x v Theo dinh nghTa. rui ro khong c«>

he thong la mi ro chi lien quan den mot vai tai san. Chang han,

neu ta xem \et mot loai co phan cua mot doanh nghiep nao Jo.

du an ve che tao san pham mdi hoac su tiet kiem do cai tien quy

trinh cong nghe co die mang ia' g:a trj thuan tuy duong va do do

co the lam tang gia tri co phan cua doanh nghiep. Ngirgc lai, ncn

\ \ '

doanh nghiep pham phap \ a phai den bu bang mot lugng tien

£ / /

dang ke, hoac do sir co bat r.gd gay thiet hai cho doanh nghiep.

hoac do bai cong cua cong nhan trong doanh nghiep v.v... co thi:

t 1 %

dan den giam gia tri cd phan ciia doanh nghiep.

r ■> * \ r %

Den day ta cd the nhan rhiiy rang: neu ta chi dau tu \ao

mot loai co phan ciia mot doanh nghiep nao do thi nghTa la ket

\ f \

qua dau tu ciia ta phu thuoc rat nhieu vao nhirng sir kien xin ra

doi vdi doanh nghiep. Neu ta dau tir vao nhieu loai tai sail d

nhieu doanh nghiep khac nhau thi sir phu thuoc nay giam di

nhieu. bdi vi neu chang ma> ta bi io d doanh nghiep nay thi ta

van co lai d doanh nghiep khac. Viec bu trtr do se lam cho rin ro

162

Nlnr vay, rui ro khong co lie tht.n; st; ],j loai trir thong qua

vict: da dang hoa. Vi vav, mot danh muc d.iu tu vdi so lugng ldn

cac tai san khac nhau co the dan den mot dieu la: rui ro khong

co lie thong ciia no bang 0. Tren thuc tc, khai niem "co the da

dang lu>a" va khai niem "rui to khong co he thong" co the sir

dung thay the cho nhau.

r

9.2.5.4. Da dang hod va rui ro co he lhong

Rui ro co he thong khong the loai trir bang cach da dang

/ 9 r

hoa bdi vi theo dinh nghTa. riii ro co he thong lac dong den tat ca

c;ic loai tai san khac nhau. Vi le do. cho du ta co tdi bao nhieu

loai tai san khac nhau trong mot danh muc dau tu di nira thi

cung khong loai trir dugc rui ro co he thong. Vi vay, tren thuc

te, khai niem "khong the da dang hoa" va khai niem "rui ro co

t f f

he thong" co the sir dung thay the cho nhau.

9.2.6. Rui ro co he thong va he so beta

• o *

Trong muc nay ta se nghien curu de tra ldi cau hoi: cai gi

quyet djnh mire bii dap rui ro cho mot tai san co rui ro? hay noi

mot each khac: tai sao muc bii dap rui ro cua tai san nay lai cao

*

h<m muc bii dap rui ro cua tai san khac0 Viec tra ldi cau hoi nay

f /

chit yeu dua vao su khac biet giira rui ro co he thong va rui ro

khong co he thong.

9.2.6.1. Nguyen ly cua rui ro co he thong

r t \ n f

/

Den day ta da nhan thay rang: tony so rui ro lien quan den

*

r

mot tai san bao gom i.n' bo phan: riii ro co he thong va rui ro

khong co he thong. Chung ta cung da nhan thirc dugc la: rui ro

khong co he thong co the bi loai trir thong qua viec da dang hoa.

cua danh muc dau tu giam di

163

Ngugc lai, chung ta khong the loai trir dtroc rui ro co lie th.V.g

bang cach da dang boa.

Dua Iren ca so nghien cuu trcn, chung ta thay: can phai

xae dinh chinh xae rui ro co nghTa la gi? Nguyen ly cua rui ro co

he thong da chi ra rang: phan tlurdng trao cho viec chi a dung rui

ro chi phu thuoc vao rui ro co he thong cua khoan dau tu. Rui t o

khong co he thong co the loai trir thong qua viec da dang hoa

ma khong can co chi phi, vi vay se khong co phan tlurong cho

loai rui ro nay. Hay noi mot each khac, thi truang se khong den

bit cho loai rui ro khong can thiet phai sinh ra.

Nguyen ly cua rui ro co he thong khang dinh: doanh lgi

du kien cho mot tai san eh; phu thuoc vao rui ro to he thong.

NghTa la, chi rieng rui ro co he thong la loai riii ro eo lien quan

den viec quyet dinh mux doanh lgi du kien va muc bu dap nil ro

cua mot tai san.

9.2.6.2. Do lu('mg riii ro co he thong

/ / t t t

Rui ro co he thong la mot trong nhung yeu to quyet dinh

r / X ■ •

muc doanh lgi du kien cua mot tai san, vi the chung ta can biet

cach do muc do rui ro cua he thong cho cac khoan dau tu khac

■* / /

nhau. De do muc do rui ro co he thong, chung ta sir dung he so

r f f

beta (P). He so P cho ta biet mire rui ro co lie thong cua mot tiii

1 f

san cu the so vcri mire rui ro co he thong binh quan cua mot tai

san la bao nhieu. Theo djnh nghTa nay, mot tai san nao do eo P -

0,5 thi co nghTa la: muc rui ro co he thong cua tai sari bang mol

nira so vai muc riii ro binh quan cho mot tai san, neu mot tat san

co p = 2 thi co nghTa la: muc rui ro co he thong ciia tai san nay

bang hai lan so vai mire rui ro binh quan cho mot tai san v.v...

iM

() _?.6.3. HeTu cua danli muc ihiu nr

Thi du 12:

Gia sir fa co thdm* tin ve mot so chtrne khoan cua cac

c . . - •

doanh nghiep khac nhau vdi cac he so beta the hien d bang sau

i n)

(2)

Co phan ciia cac: doanh nghiep

He so p

H

j Doanh nghiep K

0,75

Doanh nghiep M

0,70

Doanh nghiep L 1.05

I

Doanh nghiep O

0,99

i

Doanh nghiep P

1,01

Doanh nghiep Q 0,64

Doanh nghiep R

1,16

Doanh nghiep S

1,42

' * f

Beta cua danh muc dau tu cd the dugc tinh toan giong nhu

/ \ f

tinh toan doanh Igi dir kien cua danh muc dau tu. Theo so lieu a

t \ \ r

bang tren, gia sir ta co mot sd tien nao do, ta dau tu mot nua sd

tien vao cd phan cua doanh nghiep O va mot nua con lai dugc

dau tu vao doanh nghiep R. Vay P cua danh muc dau tu la bao

nhieu?

pP = 0,50 x Po + 0,50 x Pr — 0,50 x 0,99 + 0,50 x 1,16 = 1,075

Tronu do:

P p la beta cua danh muc dau tu

** X '

Po la beta ciia co phan dau tu vao doanh nghiep O

Pi< la beta cua co phan dau tu vao doanh nghiep R

165

N oi chung. de tinh j' cho mot danh muc dau tir, ta lay urng

/ i

trong so cua cianh muc dau Ur nhan vdi [5 tuong irng \ di tai san

do. Sau cung ta cong tat ca cac tich so do lai. ta sc co [> cua cianh

muc dau Ur.

9.2.7. Du &ng thi tru ting chung khoan

Trong phan nay chung ta hay xcm xet rui ro sc dugc den

trcn thi truant: nhu the nao?

♦ w

9.2. 7.1. Beta va m uc hit dap rui ro

Thi du 13

Gia sir rang: tai san A co thu nhap du kien h(R.\) - 20%

va Pa = 1,6. Tv suat khong co riii ro Rf =8%. Luu y rang tai san

khong co riii ro la tai san khong co riii ro co he thong (tham chi

khong co ca riii ro khong co he thong), vi vay tai san khong co

riii ro se co p = 0.

f * \ \

Neu ta bo tri mot danh muc dau tir gom co tai san A va tai

san khong co rui ro, ta co the tinh toan dugc mot vai phirang an

doanh lgi dir kien khac nhau va cac he so P khac nhau. Chang

r y *

han neu ta dau tu 25% vao tai san A thi thu nhap dir kien se la:

E(RP) = 0,25 x E(Ra) + (1-0,25)xRf = 0,25 x 20% + 0,75 x

8%= 11%

Tuang tu, p cua danh muc dau tu se la:

pP = 0,25 x pA + (1 - 0,25) x 0 = 0,25 x 1,6 = 0,4

Liru y rang: tong cac trong so ciia mot doi mdi dau tir bao

gid cung bang 1. Do vay, trong danh muc dau tir nay. 25% dau

tu vao tai san A thi co nghTa ia 0,75% se dugc dfiu tir vao tai san

0,50 la trong so cua danh muc dau tu

166

f'd moi dieu nhan van la: lieu t\ ie tir vao tai san A co

i •

kha nang v ira l qua 1 0 0 % hay k h d in f a t : tra Idi d day la co.

Dieu nay cd the xay ra v d i nha dau tir khi ma anh ta di vay tien

tai tv suat khonu cd rui ro ! hi du. nha dau tu cd lOOdv, anh ta

di vay them 50dv nira tai lai suat X% la ty suat khong co rui ro.

\ \ /

f

Hay cd the noi nha dau tu nay da dau tu 150% von so vdi von

rieng cua anh ta Trong trudng hop nay thu nhap du kien se la:

E(Rp) - 1,50 x E(RA) ^ (1-1,50) x Rf - 1,50 x 20% - 0,50

x 8% - 26%

He so p ciia danh muc dau tu se hi:

P, - 1,50 x pA + (1 - 1,50) x 0 = 1,50 x 1,6 = 2,4

Tuang tu nhu vay, ta co the tinh toan duac mot so phuang

an khac biet va ta liet ke d bansj sau day:

\D J

khong cd rui ro.

Trong so ciia tai san

A trong danh muc

dau tu

Doanh loi du kien

cua danh muc dau tir

E(Rp)

1

Beta cua danh muc

1 dau tir

0%

8%

0,0

2.5% 11%

0,4

50%

14%

0,8

75%

17%

1,2

100% 20%

1,6

125%

•

— . ' / U

2,0

150%

26%

.

....................

-

____

j

2,4

L

* \ * r

Dua vao bang tren, ta co the ve duac do thi bieu thj moi

r \ /

quan he giua thu nhap dir kien ciia danh inuc dau tu va he so

beta ciia tai san A nhu sau:

167

E(R,>)|

Do thi 2

E(Ra) =

7,50%

Ef - 8%

Pr =1,6

(3

* x f r * % • X \

Nhin vao do thi tren ta thay neu ta di chuyen tu diem ma

tai san A khong co rui ro vai pA - 1,6 thi dong thai vai viec tang

r \ ^

beta, doanh lai dir kien cho danh muc dau tu thi cung tang tir

8% len 20%.

Nhu ta da biSt, E(RA) - Rr = 20% - 8% = 12%, dugc goi la

9 1 '

muc bu dap rui ro cua tai san A. Ta co the tinh duac do doc cua

•s \ f /

duorng thang nay bang cach lay muc bu dap rui ro cua tai san A

f

chia cho he so P cua no.

Do d6c _ E(Ra) - Rf _ 20% - 8% _

(tai san A) pA _ 1,6 0

(9 .1 3 )

r y \ \

Do doc noi len rang: tai san A de nghj dugc den bu rui ro

r 0

voi ty suat 7,50%. Noi mot cach khac, tai san A co muc bii dap

f

rui ro la 7,50% cho mot dv riii ro co he thong.

Thi du 14:

Ta gia dinh la co mot tai san khac, tai san B. Tai san nay

168

co [3 = 1,2 va doanh lgi dir kien la 16%. Vay dau tu vao tai san

n.ao thi tot han? Tai san A hay tai san B? Thuc su la rat kho tra

len. Mot so ngudi thich dau tu vao tai san A con mot so ngudi

klhac lai dau tu vao tai san B. Tuy nhien, de co the tra ldi dugc

' \ ^ t

ramg nen dau tu vao tai san nao, ta can xae dinh them mot so

thiong tin ve tai san B thong qua viec tinh toan sau day: Cung

f t f

la.m giong nhu doi vdi tai san A d tren. Ta tinh toan mot so

r

phuang an tuang hgp giua thu nhap du kien va (3 cua danh muc

' % ' * *

ddu tu gorn tai san B va tai san khong co rui ro. Chang han, neu

ta dau tu 25% so tien vao tai san B thi co nghTa la 75% so tien

con lai se dugc dau tu vao tai san khong co rui ro. Doanh lgi du

ki en ciia danh muc dau tu se la:

0,25 x E(Rb) + 0,75 x Rf = 0,25 x 16% + 0,75 x 8% =

10%

Tuang tu, p ciia danh muc dau tu Pp se la:

pP = 0,25 x pB + 0,75 x 0 = 0,25 x 1,2 = 0,30

Tuang tu lam nhu vay ta se co bang sau day:

t

iTrong so ciia tai san

B trong danh muc

>

dau tu

Doanh lgi du kien

%

ciia danh muc dau tu

E(Rp)

Beta ciia danh muc

dau tu (Pp)

0% 8% 0,0

25% 10% 0,3

50% 12% 0,6

75%

14% 0,9

100%

16%

1,2

125%

18%

1,5

150%

20%

1,8

169

H(Rjf) - R; 16% -8% .

Do doc = —t

------

-----

r r 6.67 o

)

Tir bang tren, ta co the ve duoc do thi sau day:

Do thi 3

1 > t

Dira tren cac thong tin tren day ta co the noi rang: dau tur

vao tai san A tot hem la dau tu vao tai san B, boi vi tai san B de

nghi muc bu dap cho rui ro khong du cho mire rui ro co lie

r / i /

thong cua no neu ta so voi tai san A. De thay ro hem, ta hay so

sanh tai san A va tai san B t^en cung mot do thi sau day:

170

06 (hi 4

> f * f

Nhin vao do thi tren ta nhan thay: duong bieu thi sir ket

/ \

hop giua doanh loi du kien va p cua tai san A nam cao hon so

1 ■» /

voi dudng thang bieu thi doanh loi du kien va P cua tai san B.

Dieu nay co the nhan biet de dang ngay ca trong trudng hop

khong co do thi thong qua su khac biet ve do doc cua hai dudng

thfing nay (7m50% > 6,67%). Su khac biet nay chi cho ta biet

rang: vai bat ky muc rui ro co he thong nao cho truac (ducrc do

*

bang P) thi tai san A cung co muc doanh loi cao hon so vdi tai

san B. Nhin vao do thi, gia su p = 1,2 ta co:

E (R b) = 16%

Trong khi do: E(RA) = 16% = ?*R

* \

Vdi nhan xet nhu tren, chung ta co the goi y cho nha dau

\ %

tu rang: anh ta nen dau tu vao tai san A.

171

Tuy nhien, tinh trang cua tai san A va tai san B nhu da

rnieu ta tren day khong the keo dai mai tren thi truang von. Bai

vi cac nha dau tir do xo dau tu vao tai san A va hau nlur khon<j

co ai dau tir vao tai san B nen se xay ra mot dieu rang: gia cua

tai san A se tang len va gia cua tai san B se bi ha thap. Nlur ta da

biet, gia cua tai san va doanh loi du kien cua no van dong nguoc

chieu nhau, do vay doanh loi cua tai san A se giam di va doanh

loi cua tai san B se tang len. Viec mua va ban hai loai tai san

nay tiep tiic dicn ra cho den khi ca hai tai san nay cung nam trcn

*

_

%

mot duong thang. Dieu do co nghTa la: ca hai loai tai san nay

' \ N o

cung de nghj mot muc den bu ve sir chiu dung rui ro. Noi mot

cach khac, tren thi truonc canh tranh ta co:

E(Ra) - Rf = E(Rb) - Rf

Pa ' Ph 1 j

Day la moi quan he co ban giira riii ro va doanh lgi. Tren

f *

day ta lay hai tai san de lam vi du, cach lap luan ciia chung ta co

■» *

the mo rong cho nhieu loai tai san khac nhau tuang tu nhu cach

lam tren. Tren thuc te, du co bao nhieu tai san di nira thi cac tai

san nay cung phai van dong theo huang la cimg co mot ty suat

0 * ' X

bii dap rui ro. Gia sir tai san nay co mire rui ro co he thong gap

/ /

doi tai san khac thi mire bu dap riii ro cho tai san nay nhat dinh

phai gap doi so vai cac tai san khac. Do cac tai san tren thi

/ t % ^ f

truang phai co cung ty suat bii dap rui ro nen chung ta phai

1 > ■»

dugc ve tren cung mot duang thang. Dieu nay co the duac minh

\ A

hoa bang do thj sau:

172

Pa Pb Pc Pd

Pi

Nhu da chi ra tren do thi, tai san A va tai san B dugc ve

/ i r \

true tiep tren duong thang, vi vay chung co ty suat den bu rui ro

r \ J

nhu nhau. Neu co mot tai san nao do nam phai tren duong thang

f

nay, thi du nhu tai san C, thi gia cua tai san C nhat dinh se tang

/ f S

len va doanh Igi du kien cua no se giam cho den khi nam vao

* ’ ' '

duong thang. Tuong tu nhu vay, neu co mot tai san nao do nam

phia duoi duong thang nay, thi du nhu tai san D, thi gia cua no

* t

nhat dinh se giam di va doanh Igi du kien cua no se tang len cho

f m % * *

den khi nam vao dudng thang. Tren thi trudng von, hien tugng

nhu tai san C dugc goi la gia ca cao hon gia tri cua no. Con hien

tugng nhu tai san D thi dugc goi la gia ca thap hon gia trj cua

•> f * f

no. Day la quan diem rat quan trong de kiem nghiem cac thi

trirdng tai chi'nh.

173

Duong thang sc duoc ve nhu tren cho moi tai san thi

truong tai chinh la rat quan trong. Duong thang the hien moi

quan he giua rui ro co he thong va doanh loi du kien duoc goi la

dudng thi trudng chung khoan (SML). Trong tai chinh doanh

nghiep, quan diem ve gia trj hien tai thuan (NPV) duoc coi la

/ /

quan trong nhat, ke theo do la dudng SML.

* \

Do SML co tarn quan trong nhu vay, nen chung ta can tim

t r t

cach de biet duoc phuong trinh cua no. Gia su ta bo tri mot

danh muc dau tu vdi toan bo cac loai tai san cua thi trudng. Mot

\ \

danh muc dau tu nhu vay duoc goi la danh muc dau tu cua thi

f r

trudng. Doanh loi du kien duoc viet la E(Rm).

Do tat ca cac tai san tren thi trudng phai duoc ve tren

r x

dudng SML, vi the danh muc dau tu cua thi trudng phai bao

\ r * •»

gom tat ca cac tai san do. De xac dinh xem co the ve dudng

/ t X

SML nhu the nao, trudc het ta can phai xac djnh cho cho dugc

* \

he so P cho danh muc dau tu cua thi trudng (Pm)- Do danh muc

dau tu nay dai dien nay dai dien cho tat ca cac tai san tren thi

* f \ \

trudng, nen chac chan rang: danh muc dau tu nay co muc rui ro

f f

binh quan co he thong, hay noi mot cach khac, Pm = 1. Den day

1 / /

ta co the viet dugc do doc cua dudng SML nhu sau:

Ddddc _ E(Rm)_: Rf _ E(Rm) -Af _ FrR , R ,Ql5.

ciia SML" pM " l " E(Rm) ' Rf (9’l5)

/

E(Rm) - Rf dugc ggi la muc bii dap rui ro cua thi trudng

* ' ' ,

bdi vi no la mire bii dap riii ro cho danh muc dau tu ciia tin

trudng.

Gia su ta goi E(Rj) va p, la doanh Igi du kien va beta ciia

mot danh muc dau tu bat ky nao do tren thi trudng. Ta biet rang

9.2. 7.2. Du ('mg thi truong chung khoan

174

danh muc dau tir nay phai dugc vc trcn d rd-ng SML vi no phai

co i;unc ty suat den bu rui ro uioim nlur cac ’.ai san khac tren thi

ti u<mg. Vay ta co the viet:

E(R,) - Rf _ r o x o

n ~ E(Rm) - Rf

Pi

Nc;u vidt lai, ta se co: E(R,) = Rf + p, [E(RM) - Rf] (9.16)

/ ft

Cong thuc tren dugc goi la mo hinh gia tai san von viet tat

la CAPM.

% r

CAPM chi ra rang: doanh lgi du kien cua mot tai san cu

\ 9 9

the nao do phu thuoc vao ba yeu to:

Yeu to thu nhat, do la gia tri thai gian thuan tuy cua tien

\ t ^ f \

dirge do bang ty suat khong co rui ro (Rf), ty suat nay dan thuan

' . ' ' '

chi den bu cho sir cho dgi tien cua nha dau tu va khong he co rui

ro.

r * \ f

Yeu to thu hai, la sir den bii cho riii ro co he thong dugc

d<> bang mire riii ro cua thi truang [E(RM) - Rf].

t r f \

Yeu to thir ba, la mire riii ro co he thong dugc do bang Pi,

r *

day la mire rui ro co he thong cho timg tai san cu the.

9-2.73. Moi lien he giira duong thi truang chung khoan

t

va chi p h i cua von

\

Duong thj truang chimg khoan chi cho chung ta mire den

/ %

bii rui ro tren thi truang tai chinh. Bat ky mot khoan dau tu mdi

/ / \

nao cung doi bai mot mire doanh lgi du kiC'n it nhat la bang muc

' r r m

den bu cua thi truang. Neu khong dat den muc do thi nguoi ta

y A /

se khong dau tu. Cac nha dau tu chi thuc sir co lgi neu ho tim

dugc cac khoan dau tu ma mire doanh lgi dir kien ciia chung cao

han mire de nghi ciia thi trudng, bai vi nhung khoan dau tu nhu

175

vay sc co gia tri hien tai thuan duong. I ren co so nhan thu: nh;u

vay, neu ta hoi: ty suat chiet khau de xac dinh gia tri hien tai lia

gi? thi cau tra loi se la: ta nen chon doanh loi dir kien na thi

truong de nghi cho khoan dau tu voi cung mot muc do rui ro c o

he thong. Noi mot each khac, de xac dinh xem khoan dau tu cuia

ta co gia tri hien tai duong hay khong thi ta can phai so sanh thiu

f \ *

nhap du kien ma thi truong de nghi cho khoan dau tu co ciinig

f t

mire rui ro co he thong (tuc la co cung he so P).

rtf'* x * n

Ty suat chiet khau bieu thi bang muc doanh loi toi thie-u

\ /

can dat duoc thuong dugc goi la chi phi cua von cho met khoatn

\ f

____

* f

dau tu nhat dinh. Ta goi la chi phi von bdi vi: neu dat duoc mure

r 1 /

doanh loi toi thieu nay thi ta moi dat diem hoa von. Chi phi cuia

/ '

von con duoc coi nhu la chi phi co hoi cho khoan dan tu cuia

doanh nghiep.

' ' . r

Khi ta noi rang khoan dau tu moi co doanh loi du cien lom

hon muc doanh loi ma thi trudng den bii cho khoan diu tu c:o

cung mire do rui ro co he thong thi co nghia la chung ta dang s:u

f \

dung mot cach co hieu qua von dau tu.

176

C hiM ng 10

RUI RO KINH DOANH

VA DON BAY HOAT DONG

10.1. Moi quan he giua loi nhuan va chi phi

\ / r

Lgi nhuan cua cong ty co nguon goc chu yeu tir hoat dong

ban hang hoa hoac cung cap dich vu cho khach hang. Khi doanh

so ban hang thay doi se dan den thay doi ve lgi nhuan. Doi vdi

i > f

quan ly, anh hudng cua thay doi ve doanh so tac dong lgi nhuan

r \ r

la quan trong, dac biet trong viec ra quyet dinh ve chien luge,

/ /

____

/

hay cac quyet dinh phuang an san xuat kinh doanh. The nhung

j r t *

lgi nhuan se thay doi nhu the nao khi doanh so thay doi?

\

Theo dinh nghTa, lgi nhuan cua mot cong ty la phan con

f f

lai cua doanh thu ban hang sau khi bu dap tat ca cac chi phi hoat

dong. Chi phi hoat dong cua mot cong ty thuong phat sinh dudi

f 1 f

dang chi phi bien doi hoac chi phi co dinh.

f -* ■*

Chi phi bien doi co xu hudng thay doi cung vdi mire do

hoat dong, trong khi do chi phi co dinh dugc xem nhu khong

doi muc do hoat dong thay doi.

t t * /

Ca cau chi phi bien doi va chi phi co dinh phu thuoc chu

yeu vao loai hinh kinh doanh. Chang han, doi vdi mot hang

hang khong thi chi phi co dinh bao gid cung chiem mot ty trong

Idn trong tong chi phi hoat dong; du dong khach hay vang khach

177

thi hang hang khong van phai tra chi phi san bay, tra luvng chu

doi bay va van phai mua nhien lieu - chi phi nhien lieu turdng

•khong khac nhau lam cho du may bay co cho mot hay mo t ram

hanh khach.

f •* n f

Chi phi bien ddi - la chi phi thay doi khi khoi luon; h;atih

khach thay doi, chang han chi phi cho xuat an cua hanh chiach

t f f ^

tren mot chuyen bay - thuong rat nho neu so sanh voi chi )h i co

dinh, chang han nhu chi phi ve nhien lieu.

Doi voi linh vuc khach san, chi phi ve dich vu buons, ban,

*» X ft

bar la cac vi du dien hinh ve chi phi bien doi. Chung ;o xu

1 / / % f

hucmg thay doi cung voi so lugng khach den khach san. I hu so

luong khach tang thi cac chi phi do se tang va ngugc lai cic chi

phi do se giam di khi so luong khach nghi giam. Trai lai c>c chi

f \ ^

phi nhu khau hao, tien lucmg nhan vien thi van phat sinh h;ang

r

ngay cho du luong khach co cao hay thap.

10.2. Don bay hoat dong

Thong thuong thi khi doanh so ban hang thay doi tri kri

* . '

nhuan cua cong ty cung thay doi theo, nhung khong pha buen

% %

dong ve loi nhuan cua cac cong ty deu nhu nhau ma cac cing* ty

/

khac nhau se co muc bien dong khac nhau, phu thuoc vio co

cau chi phi hoat dong cua cong ty.

Gia sir co hai cong ty A va B voi ket qua hoat donj mhu

sau:

178

Dan vi: nghin dong

Cong ty A

Cong ty B

Tony so

%

f » -> A A

Tong so

%

Do;m h :hu

100.000 100%

Chi p hi bien doi 60.000 60%

30.000

30%

Lai g<6p 40.000 40%

70.000

70%

Chi pihi'co dinh 30.000

60.000

Lgi n huan

10.000

% *

Ca hai cong ty A va B deu co doanh thu, tong chi phi va

9 \ t

lgi nShuan giong nhau, chi khac mot dieu la co ca cau chi phi

r

^

f

7

khac nhau. Ty trong chi phi co djnh so vai chi phi bien doi cua

cong t) B la 2:1 (60.000/30.000), trong khi do d cong ty A ty le

do la 1 2 (30.000/60.000)

Cia sir doanh thu cua ca hai cong ty deu tang 10%

Dan vj: nghin dong

Cong ty A Cong ty B

♦ /

r p a a

Tong so

%

» f

Tong so

%

Doanh t.iu

110.000 100% 110.000

100%

Chi ph' bien

doi

66.000 60% 33.000

30%

Lai gc>p 44.000

40% 77.000

70%

Chi phi ;o dinh

30.000

60.000

Lgi nhuin

14.000 17.000

Khi doanh thu tang 10% thi lgi nhuan cua ca hai cong ty

deu t;arg nhung muc do tang khac nhau. Khi doanh thu tang

10% bi nhuan cua cong ty B tang 70% (17.000 -

10.()0>0)' 10.000 trong khi muc tang lgi nhuan cua cong ty A chi

179

la 40. Sa di lai nhuan cua cong ty B tang nhanh han so vdi cong

ty A khi doanh so tang la vi trong co cau chi phi, chi phi cd dinh

cua cong ty B chiem ty trong ldn hon so vdi chi phi bien doi.

Khi xet moi quan he giua thay doi cua Igi nhuan va thay

doi cua doanh thu thi ty trong cua chi phi co dinh trong tong chi

phi hoat dong dong vai tro "don bay" - quyet dinh toe do thay

doi cua Igi nhuan thay doi cao hay thap khi doanh thu thay doi.

i

f

Khai niem "don bay hoat dong" (operating leverage) xuat hien

/ *

khi cong ty co phat sinh cac chi phi hoat dong co dinh chang

han nhu chi phi thue nha, chi phi lucmg quan ly va cac chi phi

t

khac co tinh chat tuang tu.

10.3. Rui ro hoat dong

Trong vi du tren, khi doanh so tang 10% thi Igi nhuan cua

cong ty B tang 70%, ldn hon nhieu so vdi muc tang Igi nhuan

cua cong ty A - chi 40% vdi cung muc tang doanh so 10%.

Phai chang vdi co cau chi phi ma trong do ty trong chi phi

180

cu d.nh ldn han so vai chi phi bien doi thi cong ty B co lai han?

tjia sir, doanh thu ciia ca hai cong ty cung giam 10% thi bien

di>ni< cua lai nhuan ciia hai cong ty se nlur sau:

I )<m vi: Nghin dong

Cong ty A ! Cong ty B

.

Tong so

%

Ton<4 so

%

Doanh thu

90.000 100% 90.000

100%

Clu phi bien doi

54.000 60% 27.000 30%

Lai gop

36.000 40% 63.000 70%

Chi phi co djnh

30.000 60.000

Lgi nhuan 6.000 3.000

Khi doanh so giam thi lgi nhuan ciia ca hai cong ty deu

giam, tuy nhien mire giam ciia ciia B la 70% (3.000 -

10.000)/10.000 lan hon so vdi mire giam lgi nhuan cua cong ty

i ■* r > r

chi co 40%. O day co the nhan thay rang vdi ca cau chi phi ma

r r v

ty trong chi phi co dinh ldn (so vdi chi phi bien doi) thi khi

doanh thu tang lgi nhuan cung tang nhanh han, nhung ngugc

lai, neu doanh thu giam thi lgi nhuan cua cong ty cung giam

/ \ f

nhanh han - uu the luc nay lai trd thanh dieu bat lgi.

' /

Vdi cong ty co ca cau chi phi ma ty trong chi phi co dinh

/ ^

cang ldn (so vdi chi phi bien doi) nhu cong ty B trong vi du tren

thi muc do bien dong cua In cang ldn khi doanh thu thay doi va

nhu vay riii ro hoat dong ldn han.

Rui ro hoat dong la rui ro phat sinh va gan lien vdi mot ca

cau chi phi bao gom chi phi eo djnh va chi phi bien doi. Chi phi

co dinh cang ldn (so vdi chi phi bien doi) thi rui ro hoat dong

cang cao va nhu vay thi riii ro chung ciia cong ty cung cao han.

181

Nhir vay, khai niem don ! hoat dong phan anh mire do

nhay cam cua lai nhuan cua c-V.g ty khi doanh thu bien dong.

Vai moi ca cau chi phi khac au, mire do nhay cam cua Igi

nhuan bien doi vai bien dong cua doanh thu cung rat khac nhau.

Han nua, mire do nhay cam do cung rat khac nhau tai cac khoi

lugng ban hang khac nhau.

Trong quan ly de xac dinh mire do nhay cam cua Igi

9 . . 9 f

nhuan doi vai bien dong ciia doanh thu, nguai ta sir dung He so

7 t ^

don bay - DOL (Degree o f Operating Leverage). He so don bay

f \ >

hoat dong la ty so giua ty le phan tram thay doi cua Igi nhuan

x • #

hoat dong (operating income) va ty le phan tram thay doi cua

/

doanh so ban hang.

Ty le (%) thay ddi cua Igi nhuan hoat dong

DOL j* c^a hang

Vi du ve tinh roan he so don bay hoat dong (DOL)

Gia sir ta co thong tin ve hoat dong cua mot cong ty nhu

sau1:

• Gia ban mot dan vi san pham 30.000 dong

ft ^ ^

• Chi phi bien doi eua mot dan vi san pham 20.000 dong

• Tong chi phi co dinh 5.000.000 dong

/ *>

• Khoi lugng ban hang hien tai la 1.000 san pham

r

Trir&ng hap th u nhat

* 4

Hay xem Igi nhuan hoat dong eua cong ty se thay doi nhu

the nao khi khoi lugng ban hang tang tir 1.000 san pham len

1 Trong cac vi du, de dom gian ta gia djnh gia ban ciia mot dan vi vs chi

phi bien doi cho mot dan vj khong gitr nguyen khi khoi lugng ban hang !hay

doi

182

1 ,'iO'j .van pham.

)cm vi: Nghin dong

1.000 san pham

1.500 san pham

Doanh thu ban hang

30.000

45.000

Trirdi: Chi phi bien doi 20.000

30.000

Chi phi co dinh

5.000

■

5.000

j Loi nhuan hoat dong

5.000 S

10.000

Khi doanh thu ban hang tang 50% (45 trieu - 30 trieu)/30

trieu. thi loi nhuan hoat dong tang 100% (10 trieu - 5 trieu)/ 5

trieu.

t ^ f

He so don bay hoat dong (DOL) tai khoi luong ban hang

1.000 san pham la:

_ Ty le (%) thay doi cua lai nhuan hoat dong

J0 • ooosp jy jg ^o/Q^ thay doi eua doanh so ban hang

100%

50%

= 2

He so don bay hoat dong DOL bang 2 co nghTa la neu

/ i

doanh so ban hang thay doi 1% thi Igi nhuan hoat dong se thay

doi 2%.

Gia su cung cong ty do nhirng trong truong hgp nay quan

f t + t

ly quyet dinh tang ty le chi phi bien doi so vai chi co dinh trong

1

<

r \ f

tong chi phi hoat dong bang cach thay the mot phan chi phi co

dinh bang chi phi bien doi.

Trudng h(/p thu' hai:

Vdi quyet dinh tren tinh hoat dong ciia cong ty nhu sau:

• Gia ban mot don vj san pham 30.000 dong

183

• Chi phi bien doi cua mot don vi san pham 24.00 dong

• Tong chi phi co dinh 1.000.000 dong

y 9

Luc nay tong chi phi co dinh ciia cong ty giam tir

5.000.000 xuong con 1.000.000, trong khi do chi phibien doi

cho mot don vi san pham tang them 4.000 dong, tir 20.00 dong

len den 24.000 dong cho mot dan vi san pham.

Neu khoi luong ban tang 50%, tir 1.000 san nam len

* 9

1.500 san pham thi ket qua se ra sao?

Dan vi: Npin dong

1.000 san pham

1.500 sa plnam

Doanh thu ban hang 30.000 45.00

Trir di: Chi phi bien doi 24.000

36.00

Chi phi co dinh 1.000 1.00

Lgi nhuan hoat dong 5.000

8.00

Khi doanh so ban hang tang 50%, thi lai nhuan bait dong

^ 8 trieu - 5 trieu

I5"g 60%

---------

5 trieu '

60%

D O L iooosp - 5 qo/ 0 “ 1 ,2

He so don bay hoat dong bang 1,2 co nghTa la ciil°//o thay

doi cua doanh so ban hang se lam cho lgi nhuan hoat onig thay

doi 1,2%.

’ r ' '

Qua hai vi du tren, co the thay rang khi ty trong oi phi co

, 9 ■%

dinh trong tong chi phi hoat dong giam so voi chi phbicen doi

thi don bay hoat dong cung giam theo, dong thdi ri rco hoat

dong cung giam di.

184

Mire do nhay cam cua loi nhuan hop dong doi vai bien

dong cua doanh thu phan anh muc do rui ro heat dong ciia cong

ty va dirac xac dinh ban 12 he so don bav heat dorm. Rui to hoat

dong cua cong ty. nlnr ta da biet, phat sinh do noi quan he gifra

yeu to nhu chi phi co dinh, chi phi bien doi va > ioanh thu tai mot

r f ■» r

khoi lucmg ban hang nhat dinh. Vi vay ta co the xac dinh he so

O w 1 • J •

don bay hoat dong tai mot khoi luong ban hang nhat dinh khong

dua vao quan he cua cac yeu to tren.

Goi:

P la gia ban mot dan vi san pham

VC la chi phi bien doi cua mot dan vi san pham

FC la tong chi phi co dinh

Qo la khoi lugng ban hang tai thai diem hien tai

r y f

He so don bay hoat dong tai khoi lugng ban hang Qo dugc

tinh nhu sau:

DOIO = - Qo (P - VC)

UUL^o Qo (p . VC) . FC

Ap dung cong thirc nay vao vi du tren. trong truong hgp

/ f y t

thir nhat ta tinh dugc he so don bay hoat dong tai khoi lugng

ban hang 1.000 san pham la:

1.000 (30.000 - 20.000)

1.000 (30.000 - 20.000) - 5.000.000

/ 1

Trong truong hgp thir hai, khi chi phi bien doi cua mot

I ' * ' ** r

dan vi san pham va long chi phi co djnh thay doi thi he so don

bay hoat dong tai khoi lugng ban hang 1.000 san pham se la:

n n I = 1000 (30.000 - 24.000)

________

ooosp l .000 (30.000 - 24.000) - 1.000.000 ’

D O L , . ooosp=

----------

= 2

185

10.4. Don bay hu.it <lon«» va sfl' quan ly

Trcn thuc tc, quan ly cua cong ty co the lac dong toi don

bay hoat dong, iliong qua cac quyet dinh lam thay doi t> trong

cua chi phi co dinh va chi phi bien doi trong co cau chi phi hoat

dong cua cong ty. Chang han, quan ly cong ty co the thay the

lao dong thu cong bang may moc va nhu vay se lam timg ty

trong cua chi phi co dinh len, kct qua la don bay hoat don>; cung

tang len. Viec chuyen dich ty trong chi phi theo cach nay khong

nhung dap ung dugc nhu cau cua quan ly vc tang nang suat iao

dong - mot muc tieu ma bat ky cong ty nao trong moi che do xa

hoi, moi nen kinh te deu huong toi, ma con cai thien dugc tinh

hinh lgi nhuan ciia cong ty.

Tuy nhien neu co cau chi phi thay doi theo huong tang chi

phi co dinh cung sc dong thoi lam tang riii ro hoat dong ciia

r \ •»

cong ty. Neu thi truang ve san pham hay dich vu ciia cong ty

■* f

dang co xu huong giam sut thi viec thay doi co cau chi phi hoat

\ f /

dong nham tang ty trong chi phi co dinh - tir do lam tang he so

don bay hoat dong - cung se khong cai thicn dugc nhieu ve lgi

r r f

nhuan. Han the nua neu doanh so ban hang hoa, dich vu cua

/ \

cong ty bi giam thi lgi nhuan se giam rat nhanh. Khi do, du rang

r +

nang suat lao dong co the tang len thi quan ly cong ty cung van

1 f *»

co xu huong tri hoan viec thay doi ca cau chi phi nha chuyen

r ■> r

dich tir chi phi bien doi sang chi phi co dinh.

Nam dugc ban chat cua don bay hoat dong trong kinh

f

doanh co y nghTa Ion trong quan ly, dac biet trong viec ra quyet

% 9

dinh ve phuang an san xuat, kinh doanh. Quan ly cua cac cong

y / x

ty co the lira chon giai phap cat giam chi phi nham tang loi

nhuan, hoac co the thuc day ban hang de tir do tang lgi nhuan.

186

V oi v. ac cong ty ma Ik >o d^n iv.\ \:t dfi’c thap thi vice tung

doanh tiiu bail harm khonu lain io; nhuan taim nhanh nlur cac

V V- tw

cong t\ co he so don bay cao. \ i va\ ma cac cong ty nay thuang

tap trung sire lire vao v.Cc i;uan ly, kiem boat chat chi phi nham

giaii\ chi phi de tang !rn nhu: ... C on cac cong ty co lie so don

bav n oat dong cao thi thuan l; tau trunu no iuc nham tana doanh

* ■ *•.«.' L v * > C. •

so ban hanc vi lai nhuan se taniz nhanh han.

C'ac nganli nhu hang khong. san xuat 6 to co he so don

bay h oat dong cao do dac trung la chi phi co dinh chiem ty trong

Ion ti ong tong chi phi hoat dong. Day chinh la cac nganh co rui

ro ho.at dong cao. Doi voi cac cong ty hoat dong trong cac linh

vuc niav thi hudng cai thien loi nhuan hop ly se la lam sao co the

tang dirge doanh so ban hang, vi khi doanh thu tang lgi nhuan se

y \ ■»

tann .nhanh han nhieu. Han nua. ho khotm co nhieu kha nans de

chuycn dich chi phi tir co dinh sang bien doi nham lam giam rui

ro ho.at dong. Do do cung khong co gi la la khi cac cong ty nay

tren t;hirc te khong tiec tien cho hoat dong quang cao vdi muc

dich inham tang doanh so ban hang.

187

C huang 11

TINH TOAN GIA TRi HIEN TAI

•

9

VA OANH GIA CHUNG KHOAN

11.1. Djnh gia tai san co thoi gian su- dung dai

Cong thue de tinh gia trj hien tai cua mot luong tier Ci co

duoc mot nam sau la:

PV = DF| x Ci = C '

1+ r,

t r t \ y

Nhan to chiet khau cho luong tien sau mot nam la L)F i, va

ri la chi phi co hoi cua dau tu tien cua ban trong mot nan. Gia

\ r t

sir ban se nhan duac mot khoan tien chac chan $100 trorg nam

t t

tai (Ci = 100) va lai suat cua trai phieu kho bac My mot laim la

7% (ri = 0,07). Gia trj hien tai se bang:

C, 100

PV = DF, xC , = y - ^ r = — = S93,46

^ % 1 /

Gia trj hien tai ciia luong tien sau 2 nam do vay co tie viet

tuang tu nhu sau:

PV = DF2 x C 2 = y ^ r

C2 la luong tien sau 2 nam, DF2 la nhan to chiet klriu cho

cac luong tien 2 nam. Tiep tuc vi du ciia chung ta, gia ;ir ban

nhan duac mot khoan tien khac la $100 sau 2 nam (C2 = 1 00).

188

I iii .mi;it cir.i trai phieu kho hao 2 mini ia (r2 -• 0,777); dieu

nay "6 nghia hi mot do la dau tu vao tra : phieu 2 nam se thanh

1,077* - S 1,16 cuoi nam thir 2 . Gia it i litcu tai ciia khoan tien

sau nam thir 2 cua ban bang:

C-> 100

PV 7 7 “ ''' - 7 7 — H =- -N6.21 USD

( l + r 2)‘ (1,077)

/ /. 1 . /. D a n I t g i d c a c l u o n g t i e n t r o n g m o t s o g i a i d o a n

Mot dieu thuan !oi ciia gia tri hien tai la chung duoc bieu

hien bang dong tien ngay hom nay, do vay ban co the cong

cluing lai vdi nhau. Noi mot cach khac, gia tri hien tai ciia luong

tien (A+ B) bang gia tri hien tai eua A cong gia tri hien tai ciia

/ f \

B. Ket qua nay co y nghTa quan trong doi vdi cac khoan dau tu

mang lai luong tien trong mot so giai doan.

Chung ta tinh toan d tren gid tri ciia mot tai san mang lai

\ %

luong tien Ci sau nam 1, chiing ta lai tinh gia tri ciia rrioc tai san

khac mang lai luong tien C'2 sau nam 2. Ta co cong thirc sau ve

gia tri hien tai cua mot tai san mang iai luong tien hang nam

trong 2 nam:

PV = — L- +

1 + i'i (1 + r 2)"

Chung ta co the de dang rut ra cong thirc tinh gia tri hien

tai cho mot day luong tien qua nhieu nam:

p v “ T + n + ( i r i y j 5 + ( T + 7 T 3' +

V ) /

Cong thirc nay goi la cong thirc chiet khau luong tien hay

tinh gia trj hien tai. Cong thirc co the duoc viet ngan gon nhu

sau:

189

1>V • < . V riV

I

t=M

De tinh gia trj hien tai rong (NPV), ta cong them s' tien

dau tu ban dau (tlurdng la so am) vao gia trj hien tai:

n

NPV - Co + PV = Co + ^ C 7

(1 + r2y

t=l

11.1.2. Tai sao thua so chiet khau lai giam khi then gian

chiet khau tang

* #

Nhu chung ta da biet, mot do la hom nay co gia tri han

mot do la ngay mai, va mot do la ngay kia tham chi con eo gia

r r * r

tri thap hem. Noi cach khac, thua so chiet khau (hay con goi la

t f t

nhan to chict khau) giam khi thoi gian tang len.

Co truang hop nguac lai hay khong? Ta hay xem xet vi du

sau:

Gia sir rj la 20% va r2 la 7%. Khi do:

Dp, = 7^20 = 0 ’83

= = 0 '87

' f X

Vay dieu nay co dung khong? Neu dung, ban co the trcr

thanh trieu phu ngay lap tire bang viec vay va cho vay voi cac lai

/

suat trcn. Trong truang hap nay, da co mot "money machines" -

(may tao tien). Gia sir ban co 1.000 USD, ban co the dau tu vai

190

Lt! s;;ii moi nam \a hap. chac : r.nan duoc S I.200

sau ii *: i '• in . kc Sai suat cua. r.am thu !;*.: •• 10 nhieu. Ban co

t!v * a/ v ua i;;.’an ham: troiiL*. 2 nam yia tri !;’•.• ,.a cua S I.200 vai

lai siiai s* mot nam. (PV 1.200 (1,o'7' SI .048. Nhu vay

miay i :p tire ban da co S4S I at nhien ilicp n-y khong the ton tai

lau da; iron tin truanu von. Bai vi mzan ha?:a khum* the ton tai

v— V- v-/

neu filar v a y lien vdi lai suat 2 0 % m d t nan; va eho v a y v d i lai

suat 7°,, iro n y hai nam.

Ve mat nguyen tae. cd the co cac lai suat khac nhau cho

cac ilia; Joan khac nhau trong tuong lai. Mdi quan he giua lai

suat va tiidi han eua cac luong tien goi la cua true thdi han cua

iai sum.

! )c don gian hoa cac tinh toan, chung la i.:a sir rang cau true

ky han ciia lai suat la nhu nhau. cd nghi la r, i? ~ n = ... = rn.

( .dng (hire tinh gia tri hien tai cd the duac viet lai nlur sau:

C i C 2 e -

P Y

-

-----------------------------

— 4 - ------------------------

-

" .4-

-------------------

r

1 -r (l ‘ r)- (I

x y

"

Trong vi du d cite chuong trudc. chime ta hay da xem xet

du an dau nr vao toa nha van phong trong mot nam. Cac tinh

* ' r \

toan trong vi du do don gian bdi vi tien dau tu het mot lan va

chi trong mol nam. Cd mdt sd du kien mdi la toa nha phai mat 2

nam mdi hoan thanh va yeu cau ve thanh loan cua ben xay dung

nhir sau:

I. S I 0 0 .0 0 0 phai thanh toan ngay cung vdi S 5 0 .0 0 0 gia tri

Id dat dun vao xay dung.

? 0 I OO.DOO thanh toan sau mot nam

3. Khoan thanh toan cuoi cium duoc tra vao cuoi nam thir

191

hai khi vice xav dirng hoan thanh.

Tri gia ban ngoi nha dir kien khong doi la $400,000

Ta co hieu sau vc dir an:

r

1 Thai eian

1

t = 0

t = l j 1=2 1

1

Dat

-50.000

j

Xay dung

I ... _ . -

-100.000

-100.000 -100.000

Thu lai + 100.000

f

Ket qua

..

'

-

C 0 = -150.000

1

C, = -100.000

C2 =^300.000

sau:

/ r

Neu lai suat la 7% gia tri hien tai rong NPV dugc tinh nhu

C, C-> -100.000 300.000

PV = ~ ~ + ‘ , = -150.000 +

1,07

(1.07)

1 + r (1 + r)

= $18,400

Nhu vay, NPV van Ion hem 0, du an van dang thuc hien

11.2. Trai khoan vo thoi han va trai khoan tra deu mot

• •

r

so nam

11.2.1. Trai khoan vo thoi han

Co mot loai chung khoan do Chinh phu Anh phat hanh goi

la trai khoan vo thoi han (perpetuities). Do la mot loai cong, trai

khong hoan tra nhung phai tra mot khoan thu nhap co dinh hang

nam. Ty le thu nhap cua chung khoan vo thoi han bang khoan

thanh toan se nhan dugc hang nam chia cho gia tri hien tai:

Khoan thanh toan haim nam

Thu nhap

Gia tri hien tai

c

r= PV

PV

192

Theo cunu tln'rc toan hoc, ta co the tinli toan uia tri hien tai

• C' * * *

cua mot chung khoan vo thoi han co ty le chict khau r va thanh

toan ham> nam C:

PV ---- -

r

11.2.2. Dinh gid chung khoan vo tluri han co tang trir&ng

Chung khoan vo thoi han co tang truang dugc dinh gia

theo cong thuc sau day:

C,

PV =

r - g

Trong do g la toe do tang cua luong tien nhan dugc hang

nam, gia sir g < r.

11.2.3. Dinh gid chung khoan tra deu m ot so nam

(annuities)

\ r

Chimg khoan tra dan mot so nam la mot tai san mang lai

/ r t t

thu nhap co dinh hang nam trong mot so nam nhat dinh. Mot so

f * \ \ ' %

vi du cu the nhu mua tra dan deu hay hgp dong tin dung tra dan

A \ ■»

deu. Mot chimg khoan tra deu trong t nam co the dugc xem xet

nhu la mot hieu so ciia hai chimg khoan vo thoi han, mot chung

khoan bat dau tir nam 1 trir mot chimg khoan bat dau tir nam t +

1. Gia tri chimg khoan tra deu trong t nam nay dugc tinh nhu

sau:

° ( - ) - Cl

V r j

PV = - +

r

(I-fry

= c

1 1

_r r (1 + r)1

193

11.2.4. Ldi gop vd gid tri hien tai

Co mot sir phan biet quan trong giira lai gop \ a lai i n

Khi tien dugc dau tu theo lai gop. moi khoan thanh toan lg: Ur.-

tai dau tu de kiem them lgi tuc trong nhung giai doan tiep tlieo

Trai lai, enr hoi tim kiem lgi tire trcn lgi tire la khong co trong

trudng hgp dau tu vdi lai don.

Noi chung trong tai chinh, van de lien quan den lai gop

\

nhieu hon lai don, do • aw ngudi lam cong tac tai chinh thuong

hieu rang ban noi vc lai gop trir phi ban chi ro la trudng hup

khong phai lai gop. Chiet khau la mot qua trinh ngugc lai cua

tinh lai gop.

Hai cau hoi dat ra cho van de co the la: "Gia tri hien tai

ciia SI00 nhan dugc 10 nam sau !a bao nhieu, neu chi phi co hoi

cua von dau tu la 10%?" hoac ” Can dau tu bao nhieu bay gid de

co duoc $100 trone 10 nam sau neu lai suat la 10%?".

Cau tra ldi cho cau hoi thu nhat la:

100

C a o )

Va cau tra ldi cho cau hoi thir hai la:

PV = ,^ io = S38,55

DSu tux (1,10)10 = 100

Dau tu = TTTTTio = $38,55

100

(1,10)

*

11.2.5. Tinh lai gop cho cac khoan tinh nhieu ky trong

nam

Neu nhu khoan tien vay trong nam tinh lai nhieu lan (m

lan), r la lai suat nam thi ty le lai gop bang [1 + r/m]m - 1. Vi du

cac ky tinh lai co the hang thang (m = 12), hang quy (m ; 4)

hoac nira nam (m = 2).

194

I rong trudng hgp lai suat dugc tinh gop thudng xuyen (m

ca) sau nam thu nhat, SI ban dau tu sc mang lai gia tri la er va

sau t nam sc la cn.

Vi du 1: Ban dau tu $1 vdi lai suat 10% nam tinh gop

thudng xuycn (r = 0,10) trong 1 nam (t = 1). Gia trj cuoi nam la

c ■ SI, 105 (xem bang tinh trong phu luc kem theo - Bang 4).

Noi cach khac, dau tu vdi lai suat 10 nam mot tinh lai gop

thudng xuycn dung bang dau tu vdi lai suat 10,5% mot nam vdi

lai suat tinh gop theo nam.

Vi dii 2: Neu ban dau tu SI vdi lai suat 11% nam tinh gop

% r

thuong xuycn (r = 0,11) trong 1 nam (t = 1). Gia tri cuoi nam la

e0,11 =■• S 1,116 (xem bang tinh trong phu luc kem theo - Bang 4).

\ /

Noi cach khac, dau tu vai lai suat 10 nam mot tinh lai gop

thuong xuyen dung bang dau tu vdi lai suat 11,6% mot nam vdi

Iai suat tinh gop theo nam.

f \ r

Vi du 3: Neu ban dau tu $1 vdi lai suat 11% nam tinh gop

thudng xuyen (r = 0,11) trong 2 nam (t = 2). Gia tri cuoi cung

cua khoan dau tu hai nam nay la ert = e0,22 = $1,246.

11.3. Danh gia trai phieu va co phieu

11.3.1. Khai niem trai phieu

f \

Trai phieu la mot chung chi ve ng do ngudi vay phat hanh

cho ngudi cho vay.

m * *»

Ngudi sd hun trai phieu la chu ng cua chu the phat hanh

ra no. Anh ta cd quyen dugc nhan Igi tuc dinh ky theo loai trai

# t * \

phieu (neu co) va nhan bo so tien gia theo gia tri be mat

ciia phieu khi den han.

f *► f

Tuy theo chu the phat hanh, trai phieu dugc phan lam cac

195

- Trai phieu do Nha mroc phat hanh - cong trai

- Trai phieu do dia phuang phat hanh - cung trai dja

phuang

/ /

- Trai phieu do cong ty phat hanh - trai phieu cong ty

r

Cac loai trai phieu trcn co mire do rui ro khac nhau Thong

thuong cong trai co muc do rui ro thap nhat. roi den cong trai

dia phuang va rui n. nhat la trai phieu cong ty. Cac loai trai

/

phieu cong ty do cac cong ty khac nhau phat hanh cung co mire

do rui ro khac nhau <uy theo kha nang tai chinh, kha nang phat

trien va uy tin ciia cong ty phat hanh. Do riii ro nay dugc cac

cong ty chuyen mon danh gia thong qua diem tin dung.

Tuy theo thai gian phat hanh, trai phieu co the dugc goi

theo cac ten sau day:

f '

- Trai phieu: co thai han dai nhat

- Phieu ng: co thai han ngan hem

/ f r

- Tin phieu: co thai han ngan nhat

Noi chung, cac phieu ng co thoi han tren mot nam co the

dugc goi chung la trai phieu.

Tuy theo hinh thirc tra lai, trai phieu dugc chia lam cac

loai sau:

- Trai phieu vo han

/ X *» '

- Trai phieu tra dan deu mot so nam

- Trai phieu chiet khau hay trai phieu co coupon bang 0

- Trai phieu coupon

Trong do pho bien la loai trai phieu coupon. Trong

chuang nay ta chi de cap den loai trai phieu nay.

loai:

196

Cd phieu la chirng chi vc quyen si< hiru doi vcri mot so

phan von bang nhau (co phan) cua von com: ty.

Nguai sa hum cd phan duac goi la co dong co quyen sd

huu doi vdi mot phan cong ty theo luat dinh. Anh ta co quyen

i r ^ / *

tham gia dai hoi co dong (neu sd him co phieu thudng) bau hoi

x ^ r f

dong quan trj va quyet dinh cac van de co tinh chat chien luge

cua cong ty; dugc quyen nhan lai theo co phan (co tuc) mot

phan Igi nhuan cua cong ty.

** / x r y

Ngudi sd hiru co phieu khong co quyen nhan lai so tien da

dau tu vao cong ty nhung anh ta co the ban no tren thj trudng

< x x r

chimg khoan de thu tien ve khi anh ta thay co Igi.

x * » /

Theo quyen han va Igi ich co dong dugc hudng, co phieu

^ / V f ' ' *> /

dugc chia thanh co phieu thudng (co phieu goc) va co phieu uu

11.3.2. Co phieu

11.3.3. Danh gid trai phieu

Khi ban co trai phieu (coupon), ban nhan dugc mot khoan

9 9 f W

thu nhap cd dinh. Hang nam cho den khi trai phieu den thdi han,

•%

ban nhan dugc mot khoan Igi tire va tai thdi diem dao han ban

se nhan dugc mot so tien bang gia tri mat (menh gia) cua trai

phieu.

Gia sir vao thang 8 nam 1989 ban dau tu vao mot cong trai

9 S % * 9

kho bac My, lai suat 12 /* phan tram, thai han 5 nam. Trai phieu

co ty 1C' coupon 125/g phan tram va menh gia $1.000. Co nghTa la

hang nam cho den nam 1994 ban se nhan dugc mot khoan Igi

tire bang 0,12625 x 1.000 = % 126,25. Trai phieu den han vao

*

thang 8/1994, tai thdi diem do kho bac se tra ban khoan Igi tuc

$126,25 cuoi cung va SI.000 menh gia. Nhu vay, luong tien tir

197

trai phieu nay co the dirge mo ta nhu sau:

Cac luong tien. dola

1990 1991

1992

1993

994

126,25 126,25

126,25

_

.........................

1126,25

1 .

Vay gia tri thuong nam 1989 cua cac luong tier tren la

bao nhieu? Be xae dinh dugc dieu do chung ta can xerr xet thu

nhap cua cac chung khoan tuang tu. Cac trai phieu trrng han

cua kho bac My giua nam 1989 cho lai suat 7,6 phan t-arn. Do

\ r

la khoan ma cac nha dau tu phai bo khi ho mua trai pheiu kho

5 % i t

bac loai 12 1% phan tram. Do vay, de danh gia trai phieu tb o bac

^ A # / / 1 #

12 /g phan tram, ta can chiet khau cac luong tien tuon^ hai vdi

muc 7,6%.

5

P V = £ (T + 7y 1-202,77

t=l

f 1 ' '

Gia trai phieu thuong dugc bieu hien nhu mot ;o phan

tram cua menh gia. Nhu vay, chung ta co the noi rang, tni ;phieu

kho bac 12s/g phan tram dang gia $1,202,77 hay 102,28?-..

Chung ta co the dat cau hoi dudi giac do khac: >etu nhu

gia cua trai phieu la $ 1.202,77 thi nha dau tu mong dgi noit ty le

X

_

thu nhap bang bao nhieu? Trong trudng hgp nay, ta dm phai

giai tim ra r ciia phuang trinh sau day:

-126,25 -126,25 -126,25 -126,25 1226,25

$1,202,77- l + r + (1 + r)2 + +r)J + (i + r)4 + i T T f

r f

Ty le r thudng dugc goi la thu nhap den han cua tni jphieu

hay ty le hoan von noi bo. Trong vi du tren, r = 7,6%. N eu ta

chiet khau cac luong tien theo ty le 7,6%, ta se tinh dugcgiia trai

198

Trong viec tinh toan gia tri trai phieu kho bac 12% phan

tram chung ta da can cir vao mot gia dinh. Thir nhat, ta gia sir

ran)', loi tire duoc tra hang nam. trong thue te, hau het cong trai

o My tra dinh ky nua nam. Do vav. thay vi nhan dugc 5126,25

hang nam, nha dau tu vao trai phieu kho bac 12^/8 phan tram

nhan dugc $63,13 vao hang nua nam. Thir hai, chung ta coi

% t S ' £

7.6% la lai suat tinh gop hang nam ma lai suat trai phieu thuong

dirge yeu theo lai suat tinh gop nua nam.

r

11.3.4. Danh gid cd phieu (hirirng

11.3.4.1. Gid hien tai cua cd phieu

\ * * \

Tien thu dugc cua chu so huu co phieu co tir hai nguon:

(1) Tien cd tire va (2) lo hoac lai von. Thong thuong nguoi dau

' 1 f

tu mong nhan dugc ca hai. Gia sir rang gia hien tai ciia co phieu

i /

la P0, gia mong dgi ciia tren co phieu la DIV). Ty le thu nhap

ma nha dau tu mong dgi tir co phieu nay cho den nam sau dugc

> y f

coi la co tire mong dgi DIV] cong voi su tang gia co phieu

f •* / X

mong dgi Pi - P0, tat ca chia cho gia tai thoi diem bat dau nam

Po:

TK K*

A '

K* ^ V»+P|-Po

I hu nhap mong dgi bang r = ^

Day la ty le ma nha dau tu mong dgi thuong dugc goi la

f

ty le von hoa cua thi trudng.

Vi du ve ap dung cong thirc tren'

* f

Gia sir co phieu ciia cong ty dien tir Fledgling dang ban

* r x

vai gia Si00 mot co phieu (Po = 100). Cac nha dau tir mong dgi

y s \

nam sau co $5 co tire (DIVi = 5). Dong thdi ho cung cho rang

co phieu se ban dugc SI 10 mot nam sau. Khi do, ty le thu nhap

phit'U la S1.202.77.

199

5 + 100 - 100

r = Jqq - 0,15 hay 1 5%

Tuang tu nhu vay, neu nhu ban biet du doan cua ca; nha

dau tu ve co tire, ve gia va ty le thu nhap mong dgi ciu cac

chung khoan co cung muc do rui ro, ban co the du doan dugc

gia ca hien tai:

DIV, +P,

mong doi la 155 dugc tinh nhu sau:

Gia bang PG

1 + r

/ ■» /

Doi voi co phieu cua cong ty dien tu Fledgling co D Vi : =

5 va Pi = 110, thu nhap mong dgi cua cac chung khoan cocung

muc do rui ro nhu cua cong ty la 15% thi hien gia cua nc phai

la:

5 + 1.00

P o - , J 5 - $ 1 0 0

t ’ '

Do dau chung ta biet dugc $ 100 la gia hgp ly cua co )hieu

nay? Bai vi khong gia ca nao khac co the ton tai tren rmt thi

trudng canh tranh.

r r * ft

113.4.2. Cac yeu to quyet dinh gid co p h ieu nam sau

* f

Chung ta da tinh toan gia ca co phieu hien tai can cr vao

■» * / *

co tuc DIV| va gia co phieu mong dgi nam sau P|. Gia cia co

/ > -v A

phieu trong tuang lai khong phai la mot dieu de du doai mot

/ > i r

cach true tiep. De xae dinh dugc gia cua co phieu mot nan sau,

%

chung ta co the sir dung cong thirc tuang tu:

DIV2 + P2

Pi =

1 + r

Co nghTa la, mot nam sau nha dau tu se xem xet co ire d

nam 2 va gia co phieu cuoi nam 2. Nhu vay chung ta co tie dir

200

tnih P| bang dir tinh DIVi va P2, va cluing ta co the bieu hien Po

qua DIV|, DIV; va P?:

1 1 ( DIV2 + P2'

Po = T T 7 tf>l v . + P.) = T T 7 1)1 V| + i + 7

.•l' *

Pi = ’ , — = $110

DIV1 PIV2 + P:

I 4 r ( I + r)“

Trd lai vai vi du cua chung ta, mot cach ly giai tai sao cac

nha dau tu lai mong dgi gia ca a cuoi nam 1 lai tang la ho mong

dtri co tire cao han va lai von nhieu han a nam thu hai. Gia sir

> /

bay gia ho du doan co tuc la $5,5 va gia la $ 121 a cuoi nam thu

\ X

hai. Dieu do ngam chi mot gia cua cua nam 1 la:

5,5 + 121

1,15

Gia ca hien tai co the dugc tinh theo cong thue cu (1) hoSc

•* *

co t he tinh theo cdng thue mo rong (2). Va ket qua mang lai nhu

nhau bang 100 USD.

/ *

Chung ta da tinh gia ca hien tai qua cac con so du doan ve

X *

co t'uc nam 1 va 2 (DIV( va DIV2), cung vai du doan ve gia cuoi

narm thu 2 (P2). Vai qua trinh tuang tu, ta co the thay P2 =

(DIV3 + Pj)/(1 + r), va cu tiep tuc nhu vay ta co cong thue nhu

sau:

D DIV, DIV2 l DIV3 ^ ^ DIVh + Ph

Po= 1+r + ( T T i y + o T 7 7 + + (l+r)H

H

D V DIV. , Ph

Po X (1 +r), + (l + r)H

t=l

Neu nhu H tien den vo cung, cong thirc co the viet lai nhu

sau::

201

cc

Z

DIV,

(1 4 r)‘

t-1

Neu chung ta gia dinh co tuc co dinh den vo han, lai suat

thi trudng khong doi den vo han, gia ciia co plneu co the dirge

tinh mot cach don gian nhu sau:

DIV

P =

------

r

Tren day la mot so img dung cua gia tri hien tai va cac

khai niem lien quan den NPV trong viec danh gia co phieu va

/ *

trai phieu. Cac khai niem va cac cong thuc con co the dugc sir

dung trong viec danh gia cac chung khoan trong thuc te. Doi vdi

X

cac cong ty kinh doanh chimg khoan va cac nha dau tu, viec sir

dung cac phuang phap va cong cu danh gia chimg khoan nhu

noi tren la rat quan trong, vi qua viec danh gia cac cong cu tai

' ’ / # ' ,

chinh nha dau tu co the dua ra cac quyet dinh dung dan va co

hieu qua.

202

Chita ng 12

PHAN TICH TAI CHINH

TRONG QUAN LY DOANH NGHIEP

12.1. Khai niem, vai tro, muc tieu cua phan tich tai

chinh doanh nghiep

* K hai niem phan tich tai chinh doanh nghiep

Phan tich tai chinh la mot cong cu cua quan ly, trcn co so

t

sir clung lie thong chi tieu phan tich phu hop thong qua cac

phuang phap phan tich nham danh gia tinh hinh tai chinh cua

doanh nghiep trong mot khoang thai gian hoat dong nhat dinh.

Tien ca sd do, giup cho cac nha quan tri doanh nghiep va cac

' ' '

dia tuang quan tarn dua ra cac quyet dinh nham tang cudng

quan ly tai chinh va dat hieu qua cao nhat trong kinh doanh.

* Vai tro ciia phan tich ldi chinh doanh nghiep

Trong nen kinh tc thi trudng co su quan ly vi mo cua Nha

nude, co nhieu doi tuang quan tam den tinh hinh tai chinh cua

doanh nghiep nhu cac nha dau tu, cung cap tin dung ngan han

f

va dai han, cac nha quan ly doanh nghiep, ca quan thue, cac ca

quan quan ly Nha nude, ngudi lao dong,... Cac doi tuang quan

tam den tinh hinh tai cni..h ciia doanh nghiep dudi nhung goc

do khac nhau. Phan tich tai chinh giiip cho tat ca cac doi tuang

nay co thong tin phii hap vdi muc dich ciia minh, tren ca sd do

203

ho co the dua ra cac quyet dinh hop ly trong Kinh doanh. C :W

nha dau tir tim kiem igi nhuan nen moi quan tan 1 ldn nha; cua

ho la kha nang sinh lai cua doanh nghiep. Ben canh do, trong

nen kinh te thi trudng vdi sir canh tranh gay gat. cac nha dau tu

cung phai chit trong den tilth an toan cho dong von cita ho do

do ho cung quan tain nhieu den tm'rc do rui ro cua cac dir an dau

tu dac biet la rui ro tai chinh ciia doanh nghiep. Phan tich tai

chinh giup cho ho danh gia dugc kha nang sinh Igi cung nhu sir

*

on dinh lau dai ciia doanh nghiep.

Cac nha cung cap tin dung quan tarn den kha nang doanh

nghiep co the hoan tra cac khoan ng. Tuy nhien, cac chu ng

/ / r

ngan han va dai han cd mdi luu tarn khac nhau. Cac chu ng ngan

han thudng quan tarn den kha nang thanh toan ciia doanh nghiep

nham dap ung cac yeu cau chi tra trong thai gian ngan. Con cac

r

chu ng dai han lai quan lam den kha nang ciia doanh nghiep co

dap img dugc yeu cau chi tra tien lai va tra ng goc khi den han

r *

khong do do ho phai chu trong den ca kha nang sinh lai va su on

/ \

dinh lau dai ciia doanh nghiep Tren co sd cung cap thong tin vc

cac khia canh nay, phan tich tai chinh giup cho cac chu ng dua

ra cac quyet dinh ve khoan ng nhu co cho vay khong, thdi han

bao lau, vay bao nhieu?

\ ■» ■*

Cac nha quan ly doanh nghiep can thong tin de kiem soat

va chi dao tinh hinh san xuat kinh doanh ciia doanh nghiep do

vay ho thudng phai quan tam den moi khia canh phan tich tai

f \

chinh. Phan tich giup ho cd dinh hudng cho cac quyet dinh ve

dau tu, ca cau nguon tai chinh, phan chia Igi nhuan, danh gia

hieu qua hoat dong kinh doanh dc co nhung bien phap dieu

chinh phu hgp.

204

C 1 quaii thuc quan tam den so thuc n,a doanh nghiep phai

nop. Hong tin tai chinh giup ho nam diroc '"\h hinh thirc hien

nghia va nop time doi vai ngan sach, so ph;!; nop, da nop va con

phai nop

Ca quan thong kc hay nghien ciru ihong qua phan tich tai

chinh co the tong hap cac chi tieu kinh tc cua toan nganh, kliu

virc hay toan bo nen kinh te de phan tich a tam vi mo, dua ra

/ ^ r

cac chien luge phat trien kinh te dai han.

Nguai lao dong cung quan tam den tinh hinh tai chinh cua

doanh nghiep de danh gia trien vong cua no trong tuang lai.

f

Nguoi lao dong dang lam viec tai doanh nghiep mong muon

biet duac sue manh thirc sir cua doanh nghiep minh, tinh hinh

/

sir dung cac quy, phan chia lai nhuan, cac kc hoach kinh doanh

* *

trong tuang lai de co duac niem tin vai doanh nghiep va tao

0 \

dong lire lam viec tot. Con nhtrng nguoi dang di tim viec deu

t

mong muon dugc lam viec a nhung doanh nghiep co kha nang

sinh lai cao va co kha nang phat trien on dinh lau dai de hy vong

*

co mire lucmg ximg dang va cong viec lam on dinh. Phan tich

tai chinh se cung cap nhung thong tin nay giiip cho ho co dugc

/

quyet dinh hgp ly.

*» f

Nhu vay, co the thay, vai tro co ban cua phan tich tai

r f t

chinh la cung cap thoq^-tin hyu ich cho tat ca cac doi tugng

quan tam den tinh hinh tai chinh cua doanh nghiep tren nhung

t t

khia canh khac nhau, giup cho ho co co so vung chac de dua ra

cac quyet dinh phu hop voi muc dich ciia minh.

* M uc tieu cua phan tich tai chinh doanh nghiep

De tro thanh rnot?c6ng cu dac lire giup cho cac nha quan

tri doanh nghiep va cac doi tugng quan tam den hoat dong cua

205

doanh nghiep co dirge eae quyet dinh dung dan trong kinh

doanh, phan tich tai chinh doanh nghiep can dat duoc cac muc

tieu sau:

- Danh gia chinh xac tinh hinh tai chinh cua doanh nghiep

tien cac khia canh khac nhau nhu ca cau nguon von, tai san. kha

nang thanh toan. hm chuyen tien te, hieu qua sir dung tai san,

kha nang sinh lai, rui ro tai chinh.... nham dap img thong tin

r * •

cho tat ca cac doi tugng quan tarn den hoat dong ciia doanh

> *

nghiep nhu cac nha dau tu, cung cap tin dung, quan ly doanh

nghiep, ca quan thue, nguei lao dong....

- Djnh huang cac quyet dinh ciia cac doi tugng quan tam

theo chicu huang phu hgp vai tin!', hinh thirc te ciia doanh

nghiep nhu quvet dinh dau tu. tai trg, phan chia Igi nhuan,...

- Tra thanh ca sa cho cac du bao tai chinh, giup ngirai

phan tich du doan dugc tiem nang tai chinh ciia doanh nghiep

trong tuang lai.

> *

- La cong cu de kiem soat hoat dong kinh doanh ciia

doanh nghiep tren ca sd kiem tra, danh gia cac chi tieu ket qua

f

dat dugc so vdi cac chi tieu ke hoach, du toan, dinh mire,... Tir

1 * f

do, xac dinh dugc nhung diem manh va diem yeu trong hoat

/

dong kinh doanh, giup cho doanh nghiep co dugc nhung quyet

djnh va giai phap dung dan, dam bao kinh doanh dat hieu qua

cao. Muc tieu nay dac biet quan trong vdi cac nha quan tri

doanh nghiep.

12.2. Co' sd du- lieu phuc vu phan tich tai chinh doanh

nghiep

De dat duoc cac muc tieu cua phan tich tai chinh doanh

206

r.v1. i'u’:p you c;lu phai co mot co so du : : can thiet. cung cap

tlu n.i tin il'\\ du, kip then va phu hop. -'none tin nhuc vu cho

plun lid- tai chmh co the ph;'*n loai theo ; hieu tieu thuc khac

nhau. Theo pham vi va noi dung phan anh, thong tin sir dung

troiL' nhan tich tai chinh bao uom hai neuen co ban la thong tin

w ; w* ^

tir he thong kc toan va thong tin ben ngoai h 2 thong ke toan.

/ / ' X

Thonv tin tic he thong ke toan chu vcu bao eom cac bao

O • CT* 0/ i-/

t in) tai chinh va mot so tai lieu so sach ke toan nhu bang can doi

r *i X

kc toan, bao cao kct qua kinh doanh, bao cao luu chuyen tien te,

/ S * 9 /

bao cao chi tiet vc chi phi san xuat kinh doanh theo yeu to, bao

cao chi tiet ve ket qua san xuat kinh doanh ciia doanh nghiep,

r % 9

bao cao chi tiet ve tinh hinh tang giam tai san co dinh, tang giam

\ bn chu so hiru, cac khoan phai thu va no nhai tra...

* r *

Thong tin hen ngoai he thong ke toan duac sir dung de

j)han tich nguyen nhan, cac yeu to anh huong cua moi trudng

kinh doanh cung nhu cac chinh sach cua doanh nghiep tac dong

f X

den tinh hinh tai chinh doanh nghiep nhu the nao. Nguon thong

tin nay giup cho cac ket luan trong phan tich tai chinh co tinh

thuyet phuc cao. Cac thong tin nay dugc chia thanh ba nhom:

% / x

thong tin chung ve tinh hinh kinh te, thong tin ve nganh kinh

doanh ciia doanh nghiep va thong tin vc dac diem hoat dong cua

doanh nghiep:

* f

- Thong tin chung ve tinh hinh kinh te

X /

Cac thong tin phan anh tinh hinh chung ve kinh te tai mot

thoi kv nhat dinh co lien quan den hoat dong kinh doanh cua

X

doanh nghiep la nhung thong tin quan trong can xem xet. Hoat

x r

dong kinh doanh ciia doanh nghiep chiu tac dong bdi nhieu yeu

to thuoc moi trudng vi mo nen phan tich tai chinh can dat trong

207

hoi canh chung cua kinh te trong nuac \a khu \irc I ren c a ^

ket hap nhirng thong tin nay se tao dieu kien danh gia day Ju

hem tinh hinh tai chinh va dong thai co the dir bao nhirng ngay

r

ca. co hoi doi vai hoat dong cua doanh nghiep. Nhung thong '.in

can quan lam thuang bao gom:

4 Thong tin ve tang truong hay suy thoai kinh te. dac b.et

vai- pham vtiretig nuac va khu vuc.

Cac chi'nh sach kinh te lan ciia Nha nuac, chinh sach

chinh tri, ngoai giao, phap luat, che do tai chinh, ke toan,... co

lien quan.

*

+ Thong tin ve ty le lam phat.

> /

+ Thong tin ve lai suat ngan hang, ty gia ngoai te

- Thong tin ve nganh kinh doanh ciia doanh nghiep

*

Trong pham vi nganh can xem xet su phat trien ciia doanh

0 ^ +

nghiep trong moi lien he vai cac hoat dong va dac diem chung

r ^

cua nganh kinh doanh. Nhirng thong tin lien quan den nganh can

chu trong quan tam thuang bao gom:

+ Nhip do va xu huang van dong cua nganh

+ Muc do va yeu cau cong nghe cua nganh

+ Quy mo cua thi truong va trien vong phat trien

+ Tinh chat canh tranh cua thi truong, moi quan he vai

0

nha cung cap va khach hang

9 r ^ • i \

+ Nguy ca xuat hien nhung doi thu canh tranh tiem tang

0 \ 0 • % • /

Cac van de tren se anh huang den cac chi tieu tai chinh

cua doanh nghiep nhu kha n^ng sinh lai, toe do luan chuyen

von, ca cau nguon von,... Do vay thong tin ve nganh kinh

doanh la rat quan trong. Chang han, khi tien hanh phan tich tinh

208

<c - »

hinh tai chinh cua mot hang hang khoni; thi can phai biet boi

canh cua tin trirang hang khong quoc te. cac dac diem cua

nganh hang khong quoc gia muc do canh tranh cua nganh, cac

chinh sach ciia Nha nuac doi vai rieng nganh hang khong co

anh huang den su phat trien nhu chinh wash thue, chinh sach ve

gia ve...

- Thong tin ve dac diem hoat dong cua doanh nghiep

Moi doanh nghiep co dac diem rieng trong chien luge

kinh doanh va to chirc hoat dong nen de danh gia chi'nh xac tinh

hinh tai chinh, nguai phan tich can nghien ciru cac dac diem

/ \

hoat dong cua doanh nghiep, chu yeu bao gom cac khia canh

sau:

f

+ Muc tieu va chien luge kinh doanh cua doanh nghiep

+ Chinh sach tai chinh, tin dung cua doanh nghiep

+ Dac diem cong nghe va chinh sach dau tu cua doanh

nghiep

i ■% r

+ Dac diem luan chuyen von trong qua trinh kinh doanh

+ Tinh thai vu, tinh chu ky trong hoat dong kinh doanh

+ Moi lien he giua doanh nghiep vai ngan hang, nha cung

cap, khach hang va cac doi tugng khac

Ngoai cach phan loai nhu tren, thong tin phuc vu cho phan

tich tai chi'nh con co the dugc phan loai theo cac tieu thue khac

nhir nguon thong tin, thai diem ghi nhan thong tin, muc do quan

/ y f

trong va do chinh xac cua thong tin, chu ky xuat hien va tan so

sir dung thong tin.

Theo nguon thong tin thi bao gom cac thong tin tir ca

quan quan ly cap tren (vi du nhu thong tin ve ca che chinh sach

209

cua Nha niroc\ chu ti'irani!. chrom* loi, lua!, cac chi thi an han

v V

cua cac cap chinh quyen i. tin’ii^: un t-'r cac ho phan d '• dirdi,

thong tin tir cao phuang tien thong tin dai chung

Theo thoi diem ghi nhan. thong tin dugc ehia thani thong

tin qua klur. thong tin ihuc tai va thong tin dir bao. Thong tin

qua khir la thong tin phat sinh trong cac ky truac, thong in thuc

tai la thong tin phat sinh trong ky bao cao con thong tindi.r hao

la nhung thong tin du tinh se xay ra trong ky tuang lai.

Theo mire do quan trong va do chinh xae cua thorn t n thi

co thong tin chinh thuc rnang tint) phap lenh. thong tin huong

dan, thong tin tham khao...

Theo chu ky xuat hien va tan so sir dung cua thorn ti n tin

co thong tin hang ngay, thong tin hang thang, hang qiy hoac

hang nam,...

\ *

Tuy theo yeu cau phan tich in a se co nhung yeu du khac

* t

nhau ve thong tin phuc vu cho phan tich. Viec nam vCng cac

*

cach phan loai thong tin se la ca sd do lua chon thong in phu

\

hap vdi muc dich, yeu cau phan tich tai chinh.

12.3. Phuong phap phan tich

Phuang phap phan tich la tong hgp cac cach thrc.. thu

phap, cong thirc, mo hinh,... dugc sir dung trong qua trim jphan

tich. Trong phan tich tai chinh, cac phuang phap dugc vai (dung

de nghien cuu cac chi tieu, y nghTa, cac moi quan he va :u thay

doi cua chimg, tir do phan anh thuc trang tai chinh va heu qua

hoat dong cua doanh nghiep. Phan tich tai chinh cc nihieu

phuang phap. trong qua trinh phan tich, can dua vao loii hinh

doanh nghiep, dac diem san xuat kinh doanh, nguon tii lieu,

210

niuc dich phan tich... dc lira chon phuvng phap phu hgp. Cac

phuang phap chu yeu dugc sir dung dc phan tich tai chi'nh co

the dirge phan loai nhu sau:

* Phucmg phap s< > sank

f *

Day la phuang phap duoc su dung pho bien trong phan

tich. Nguai sir dune phuang phap nay can nam chac cac van de

sau

Thu nhat la lua chon tieu chuan so sanh. Tieu chuan so

sanh la chi tieu dugc lua chon lam can cu de so sanh, hay con

dugc goi la goc so sanh. Tuy theo muc dich phan tich ma goc so

sanh dugc lira chon cho phu hgp. Cac goc so sanh co the su

dung la:

A '

- So lieu cua ky truoc trong trirang hgp can danh gia xu

huang phat trien, bien dong cua cac chi tieu

* f r

- So lieu du kien (ke hoach, dy toan, dinh mire) trong

> /

truong hgp can danh gia tinh hinh thue te so vai du tinh

r

- So lieu trung binh cua nganh, linh vuc kinh doanh trong

> r

truong hgp can danh gia vj tri cua doanh nghiep trong moi

tuang quan vai cac doanh nghiep khac trong nganh

Thu hai la dieu kien so sanh dugc. Dieu kien quan trong

de dam bao phep so sanh co y nghTa la cac chi tieu dem so sanh

> / #

phai dam bao tinh dong nhat, tuc la phai dam bao phan anh cung

mot noi dung kinh te, cung mot phuang phap tinh toan, sir dung

cung mot dan vi do lucmg, ngoai ra cac doanh nghiep can co

*

quy mo va dieu kien kinh doanh tucmg tir nhau.

Thir ba la ky thuat so sanh. Cac ky thuat so sanh thuomg

dugc su dung bao gom:

211

- So sanh tuyet doi: la kct qua chenh lech giira so lieu cua

ky phan tich vdi so lieu gOc. Ket qua so sanh tuyet doi phan anh

sir bien dong ve quy mo cua doi tugng phan tich.

- So sanh tuong doi: the hien bang ty le giua so lieu ilia

ky phan tich vdi so lieu goc. Ket qua so sanh tuang doi thudng

/ f

phan anh toe do phat trien cua doi tugng phan tich.

- So sanh vdi so binh quan: so binh quan the hien tinh pho

bien, tinh dai dien cua cac chi tieu khi so sanh giua cac ky phan

tich hoac chi tieu binh quan cua nganh.

* P huang phap thay the lien hoan

Phuang phap thay the lien hoan dugc sir dung nham xae

ft /

dinh anh hudng cua timg nhan to den sir bien dong cua chi tieu

phan tich. Qua trinh thuc hien phuang phap thay the lien hoan

gom cac budc nhu sau:

Budc mot, xae dinh doi tugng phan tich la mire chenh

f /

lech chi tieu ky phan tich so vdi so lieu goc.

Vi du:

Goi Y1 la chi tieu ky phan tich va YO la chi tieu goc.

Doi tugng phan tich dugc xae dinh la muc chenh lech Y I -

YO

/ ' , A

Budc hai, thiet lap phuang trinh phan anh moi quan hie

/ ' ' Z

cua cac nhan to vdi chi tieu phan tich va sap xep cac nhan to

theo trinh tu nhat dinh.

Vi du:

Ky phan tich: Y1 = al * bl * cl

So lieu goc: YO = aO * bO * cO

Budc ba, lan lugt thay the cac nhan to ky phan tich vao k y

212

goc thct) trinh tir sap xep d birac hai

Vi cu:

Thay the lan 1: al * bO * cO

Thay the lan 2: a I * bi * cO

Thay the lan 3: al * bl * cl

/ r

Birdc bon, xac dinh muc do anh hudng cua tirng nhan to

den doi tugng phan tich bang cach lay ket qua thay the lan sau

f t \

so vdi ket qua thay the lan trudc.

Vi du:

Anh hudng ciia nhan to a : al * bO * cO - aO * bO *c0

Anh hudng cua nhan to b: a 1 * b I * cO - a 1 * bO * cO

Anh hudng cua nhan toe: al * b 1 * c I - al * b I * cO

■»

f

I rons do, tong muc chcnh lech cua chi tieu so vdi ky goc

phai bang tong mire anh hudng ciia cac nhan to.

f

Phuang phap thay the lien hoan co uu diem la dan gian,

~ r r r

d<3 thirc hien va xac dinh dugc anh hudng ciia timg yeu to den

✓

ddi tugng phan tich. Tuy nhien nhugc diem ciia phuang phap

nay la cac mdi quan he giua cac yeu to phai dugc gia dinh la cd

f r r

mdi lien quan theo md hinh tich sd hay thuang so. Trong khi do,

> rt •» *

tren thirc te cac yeu to co the cd nhung mdi lien quan theo cac

md hinh khac. Han nua, khi xac dinh anh hudng ciia mot yeu to,

* ft > e

can phai gia dinh cac yeu to khac khong (hay dot. Nhung thue te

thi cac veu to thudng luon bien dong.

* Phuong ph a p so chcnh lech

Phuang phap sd chenh lech la mdt dang dac biet cua

phuang phap thay the lien hoan dugc sir dung nham phan tich

anh hudng ciia cac yeu to den su bien ddng ciia chi tieu phan

213

tich. Do vay. phuang phap n:'"-' ng co cac uu vfi nhua- d'icm

cua phuang phap thay the 11cn Ben canh Jo. phuam ph :p

so chenh lech cung co Jay du - budc thue hien nhu purarv.

phap thay the lien hoan. Tuv n .on cach tinh cua phuoii' p>iup

nay dan gian han. K.hi tinh muc do anh hudng cua nhan 6 nao

thi lay muc do chenh lech cua nhan to ay nhan vdi cac ma n to

khac theo nguyen tac: nhan vdi so lieu ky phan tich cia cue

f r *

nhan to dung trudc no va nhan vdi so lieu ky goc cua ca-. nihan

to dung sau no.

r r

Vi du: lay tiep vi du duac trinh bay d phuang pha) t.hay

/ r

the lien hoan. Theo phuang phap so chenh lech, anh hudtg cua

cac nhan to duac tinh nhu sau:

Anh hudng cua nhan to a: (al-aO)*bO*cO

Anh hudng cua nhan to b: al*(bl-bO)*cO

Anh hudng cua nhan to c: al*bl*(cl-cO)

* Phucmg phap can doi

Trong cac chi tieu tai chinh cua doanh nghiep co nhi*u chi

\ r t

tieu co lien he vdi nhau bang nhung moi lien he mang tim ichat

/

r t

’ ^

can doi, vi du nhu can doi giua tong tai san va tong nguoi von,

can doi giua nhu cau vdi kha nang thanh toan, can doi tiu chi

tien mat. can doi giua xuat, nhap va ton kho nguyen vat leui,...

/ / 1 < '

Nhung moi lien he can doi nay thudng duac the hien bang

r *

phuang trinh kinh te, chang han:

*i •* \ r

Tong tai san = tong nguon von

NVLtdn ^ NVl.nhap NVL sur dung ^ NV. non

dau ky trong ky trong ky cue ky

f f 4 '

Tren ca sd cac moi lien he mans tinh can doi trei, neu

* W '

214

mot chi tieu thay doi se dan den sir thay dot cua chi tieu khac.

Do v;';v. can phai lap cong thirc can doi, thu thap so lieu dc xac

dinh mire do anh lnrang ciia cac nhan to den chi tieu phan tich

khi tien hanh phan tich mot chi tieu kinh te co lien he vai cac

chi tieu khac bang moi lien he can doi.

♦

Phuang phap can doi thuang duac sir dung trong truong

hap moi quan he giua cac chi tieu la moi quan he “tong so”.

f

* Phucmg phap phan tich chi tiet

t t

Khi tien hanh phan tich mot doi tuong nghien cini phuc

tap, nguai phan tich thuang khong chi danh gia mot cach tong

quat ma eon tien hanh phan chia nho doi tugng de nghien ciru

ky han. Do la phuang phdp phan tich chi tiet. Phuang phdp nay

^ t r

dugc sir dung nham cu the hoa timg bo phan cau thanh va qua

* f

trinh phat trien eua doi tugng phan tich trong khong gian, thai

gian khac nhau. Cac chi tieu tai chinh thuong dugc phan tich chi

tiet theo yeu to cau thanh, theo thai gian va theo dia diem.

Chi tiet theo yeu to cau thanh the hien duac anh huang

ciia tirng bo phan den chi tieu tong hgp nen dugc sir dung pho

r y

bien trong phan tich. Phucmg phdp nay nham xac djnh muc do

bien dong cua chi tieu phan tich do anh huang ciia cac yeu to.

Chi tiet theo thai gian giup cho nguoi phan tich danh gia

% /

ket qua kinh doanh mot each chi'nh xac hon. Ket qua kinh doanh

bao gia cung la ket qua cua mot qua trinh, tien do thue hien qua

trinh do trong timg dan vj thai gian xac dinh thuong khong

dong deu do nhieu nguyen nhan chu quan va khach quan khac

r

nhau. Do vay, vice phan tich chi tiet theo thai gian se giup ich

cho vice danh gia ket qua kinh doanh dugc sat dung va tim dugc

cac giai phdp co hieu qua trong timg khoang thai gian nhat dinh.

215

Ngoai ra, chi tiet hoa theo thin gian con giup ich cho viec xay

dung ke hoach sir dung tiem nang ciia doanh nghiep trong tirng

khoang then gian nhat dinh. Tuy theo muc dich ciia phan tich,

dac diem ciia hoat dong kinh doanh, noi dung kinh te eiu chi

tieu phan tich co the lira chon khoang thai gian can chi tiet theo

thang, quy. nam,...

/ > f

Chi tiet theo dia diem giup cho viec danh gia ket qua hoat

r

dong kinh doanh theo tirng bo phan, qua do thay dugc mire do

dong gop, nhung uu nhugc diem ciia timg bo phan trong viec

tao ra ket qua chung, phat hien cac dan vj tien tien hay lac hau

tren ca sa do de co cac giai phap phu hgp.

t r

Chi tiet hoa giup cho ket qua phan tich dugc chinh xac va

\

da dang. Tuy nhien, trong qua trinh phan tich can can cu vao

> » »

muc dich, yeu cau phan tich va dac diem cua chi tieu de lira

f

chon cach thirc chi tiet cho phu hop.

* P huang p h a p ph a n tich ty le

0 * i

Phuong phap phan tich ty le sir dung so tucmg doi de

nghien ciru cac chi tieu trong moi quan he vcri cac chi tieu khac.

Ban chat cua phuang phap nay la thong qua quan he ty le de

danh gia. De phan anh chinh xac tinh hinh tai chinh va hieu qua

hoat dong ciia doanh nghiep, neu chi so sanh cac thong tin co

san trong cac bao cao tai chinh cua doanh nghiep thi chua du,

X f f

ma can thong qua phan tich cac ty so tai chinh. Cac ty so tai

chinh bao gom cac ty le phan anh kha nang thanh toan, kha

nang hoat dong, kha nang sinh lai, hieu qua sir dung tai san, toe

do luan chuyen von,... Cac ty le nay cho thay cac moi quan he

giua cac khoan muc khac nhau trong cac bao cao tai chinh.

Phuang phap nay thuang dugc sir dung ket hgp vai phuang

216

phap so sanh nham phan anh sir bien Jon:’ cua cac ty so tai

chinh qua nhieu giai d>an \a so sanh \oi Yanh nghiep khac

troim cunu neanli.

* Ph trong phap do thi

Plum tich tai chinh sir dung plnrang phap do thi de phan

anh true quan cac so lieu phan tich bang hieu do, do thj. qua do

mo ta xu hudng. muc do bien dong cua chi tieu nghien ciru hay

the hien moi quan he ket cau cua cac bo phan trong mot tong

the. Phuang phap nay co uu diem the hien ro rang, true quan su

bien dong tang giam hay moi lien he giua cac chi tieu. Phuang

% % \ ' >

phap do thi gom nhieu dang nhu do thi hinh cot, do thi hinh

tron,... dugc sir dung de phan tich nhung 1101 dung kinh te thich

hgp. Chang han, do thi hinh cot thudng dugc sir dung de mo ta

xu hudng bien dong cua chi tieu nghien cuu hoac so sanh chi

tieu giua cac dan vi, do thi hinh tron thudng dugc sir dung de

f r ■» % f

phan anh ket cau cua cac bo phan trong mot tong the nhu ket

cau nguon von, ket cau tai san.

* Phuang phap Dupont

r

Day la phuang phap phan tich tren co sd moi quan he

\ ft

tuang ho giira cac ty so tai chinh nham xae djnh cac yeu to tac

dong den cac ty so tai chinh ciia doanh nghiep. Noi cach khac,

, y t

ban chat ciia phuang phap nay la the hien mot ty so tong hgp

bang tich so cua chuoi cac ty so co moi quan he tuang ho vdi

/ t

nhau vdi muc dich phan tich anh hudng cua cac ty so do doi vdi

ty so tong hgp.

Vi du: Khi xcm xct chi tieu tv suat lgi nhuan tren tong tai

san, co the phan tich chi tieu nay thanh tich si> cua cac chi tieu

ty suat lgi nhuan tren doanh thu va lie so quay vong tai sail, tir

217

do xac dinh anh lunVnu cua tung veu to t> suat loi nhi:;i:i tren

doanh thu va he so quay vong tai san ddi vdi ty suat lo; r.huan

tren tons' tai san. Cu the. conn thirc nav duoc dien eiai nhu sau:

Ty suat Igi nhuan Ty suat Igi nhuan 1 le so q.iav

tren tong tai san tren doanh thu vong ciia t.u san

hay:

Lgi nhuan Lgi nhuan Doanh thu thuan

TS binh quan Doanh thu thuan TS binh quan

Kha phan tich cung co the phan tich chi tieu ty su.it lgi

nhuan tren von chu sd huu theo md hinh Dupont nhu sau:

Nha phan tich cung cd the phan tich chi tieu ty suat lgi

nhuan tren vdn chu sd huu theo md hinh Dupont nhu sau:

r . , „ T . . . Doanh thu . . .

Loi nhuan Loi nhuan . i Tone tai san

thuan

x

--------------------

x

VCSH Doanh thu Tdng tai san VCSH

thuan °

V oi p h u on g phap duoc lua chon phu hop, ngu oi phan

tich se v?n dung vao nhung noi dung phan tich cu the nhu-

sau.

12.4. Noi dung phan tich tai chinh doanh nghiep

Phan tich tai chinh doanh nghiep bao gom mot sd noi

dung ca ban nham phan anh tinh hinh tai chinh cua doanh

\

nghiep mot cach toan dien tren nhieu khia canh, dam bao dap

* * \ f

img dugc nhu cau ve phan tich tai chinh cho nhieu ddi tirgng

r

khac nhau. Noi dung phan tich dirge thirc hien thong qua mot sd

chi tieu, thong thudng bao gom nhirng noi dung nhu sau: danh

218

gia khai quat tinh hinh tai chinh. phan tich k.ia nang thanh toan.

phan lich luong tien. phan tich hieu qua hoat dong, phan tich

kha nang sinh lai va phan tich don bay tai chinh.

* Danh gid khai quat tinh hinli tai chinh cua doanh

nghiep.

Danh gia khai quat tinh hinh tai chinh la nhan dinh chung

ve tinh hinh tai chinh cua doanh nghiep. Cong viec nay se cung

^ /

cap cho ngudi su dung thong tin biet dugc tinh hinh tai chinh

cua doanh nghiep la kha quan hay khong kha quan. Danh gia

khai quat tinh hinh tai chinh thudng sir dung cac chi tieu trong

t r

timg bao cao tai chinh rieng le nhu bang can doi ke toan, bao

/

cao ket qua kinh doanh ma chua co su lien he giua cac bao cao

nay.

Trong bang can doi ke toan, chi tieu dugc quan tam trudc

tien la chi tieu tong tai san va tong nguon von. Chi tieu nay phan

* f

anh tong hgp quy mo von ma dcrn vi su dung trong ky cung nhu

kha nang huy dong von tu cac nguon khac nhau cua doanh

nghiep. Chi tieu nay dugc so sanh theo chieu ngang qua cac ky

ke toan se cho thay muc do tang trudng cua von. Mat khac, viec

w

so sanh vdi cac doanh nghiep khac trong cung nganh se thay

r \ *

dugc moi tuang quan ve quy mo von ciia doanh nghiep.

x X /

Cac chi tieu ve cac loai tai san va nguon von dugc phan

tich theo ca chieu ngang va chieu doc. Phan tich theo chieu

ngang giiip nha phan tich thay dugc sir bien dong cua cac khoan

\ t t

muc tai san va nguon von, tuy nhien chua phan anh dugc moi

quan he giua cac khoan muc trong tong tai san hay tong nguon

von. Moi quan he nay dugc thay ro qua phan tich chieu doc, cac

khoan muc dugc tinh ty le vdi tong tai san hoac tong nguon von

219

do xac dinh ty le ket can ciia tirng loai tai san hoac ngU'V \on

tren tong si). Vice so sanh mire thay doi cua mdi khoan n uc

theo so luvet doi cung nhir so ty le cho thay sir thay doi vc iuy

mo ciia moi khoan muc cung nhir thay ro cac khoan muc co b on

dong lan. Bat ky khoan muc nao co sir bien dong ldn so vai sir

bien dong chung ciia cac khoan muc khac luon can nha phan

tich phai quan tam xem xet ky luang.

Ca cau tai san va nguon von dirge tinh toan dc danh r.ia

kha nang huy dong von ciia doanh nghiep tir cac nguon khic

nhau va viec phan bo, sir dung lugng von nay dau tu vao cac

? •*

loai tai san co hop ly khong. Cu the doanh nghiep co the sir

dung mot so chi tieu nhu sau:

. - Tai san co dinh da va daniz dfiu tir

Ty suat dau tu =

-----------------------

-tt—

-----

“---------- x 100 (%)

J Tong tai san v

> f

Chi tieu nay phan anh tinh hinh dau tu vao ca sa vat chat

f

ky thuat, may moc thiet bi ciia doanh nghiep. Qua chi tieu nay

co the thay dugc nang lire san xuat va xu huang phat trien lau

dai ciia doanh nghiep. Tuy nhien, chi tieu nay se phu thuoc vao

dac diem kinh doanh cua cac nganh khac nhau. Co mot so

nganh sc doi hoi chi tieu nay cao han cac nganh khac nhu cac

nganh cong nghiep nang (vi du nganh cong nghiep tham do va

*

khai thac dau mo, cong nghiep luyen kirn,...). Ngoai ra, chi tieu

■» *

nay cung thay doi tuy thuoc vao dieu kien va cac giai doan kinh

■» / /

doanh nhu doi mai, thay the, nang cap trong noi bo doanh

nghiep.

■* r

Ngoai viec xem xet tinh hinh phan bo von, doanh nghiep

va cac ddi lugng quan tam khac can phan tich ca can nguon von

nham danh gia dugc kha nang tu tai trg vc mat tai chinh cua

220

doanh nghiep eung nlur mire d>; t\r chu. cliu dong trong kinh

doanh. Dieu na\ dirge phan anh qua \ :ic x ic dinh ty suat tir tai

trg. Chi tieu nay cang eao thi kha nunc J"c up ve mat tai chinh

hay mire do tir tai trg cua doanh nghiep can;: ion:

Von chu so hfru

I v suat tir tai tra = *^rr * i r x 100 (% )

1 ong nguon von

Ben canh chi tieu trcn, doanh nghiep cung eo the sir dung

chi tieu ty le ng de phan tich co cau nguon von. Chi tieu nay

tinh theo ty le giua nguon von vay ng va tong nguon von.

Ng irgc vai chi tieu tren, ty le ng cang ldn thi kha nang doc lap

ve mat tai chinh hay muc do tu tai trg cua doanh nghiep cang

thap:

Nct phai tra

Ty le na = v r : —

-

-----

x 100 (%)

J ■ 1 ong nguon von

/ /

Ben canh cac chi tieu tinh dugc tir bang can doi ke toan,

thdng qua bao cao ket qua hoat dong kinh doanh co the danh gia

khai quat lgi nhuan cua doanh nghiep dua tren cac chi tieu

t

doanh thu, gia von hang ban, lgi nhuan gop, lgi nhuan truac va

f f t

san thue. Viec so sanh lgi nhuan cua cac ky ke toan lien tiep

thc-o so tuyet doi va so tuang doi se cho thay xu hudng bien

doing cua chi tieu nay. Him nua, cung co the danh gia sir bien

■> / \

doii cua ca cau lgi nhuan bang cach so sanh ty trong lgi nhuan

■* / 1

cii;a timg hoat dong trong tong so lgi nhuan qua cac nam de xem

xcit nguon lgi nhuan chinh ciia doanh nghiep la do hoat dong

naio mang lai.

Tuy nhien, viec phan tich tren moi chi dirng d mire do

khiai quat. De co danh gia chinh xae va chi tiet han can phai di

saiu phan tich tai chinh ciia doanh nghiep tren nhieu khia canh

221

cu the nlur trinh bav diroi dav.

* Phan tich kha nang thank, ' \in.

De danh i>ia kha naim thar toan co the sir dune, cic chi

tieu sau:

r y

He so kha nang Tong tai san

thanh toan tong quat Tong no phai tra

Day la chi tieu phan anh kha nang thanh toan ton» quat

cua doanh nghiep. Chi tieu nay the hien moi tuang quai giua

tong tai san ma doanh nghiep co the su dung de tra no vi tong

so no phai tra. Chi tieu nay cang Ion thi kha nang tham toan

tong quat cua doanh nghiep cung cang Ion. Ngurgc lai, n;u chi

tieu nay cang nho thi doanh nghiep cang mat dan kh: nang

thanh toan.

/ t

He so thanh toan Tai san ngan han

hien hanh No ngan han

Chi tieu nay dugc dung de danh gia kha nang tham toan

tam thai cac khoan ng ngan han cua doanh nghiep. Cli tieu

/ /

phan anh moi quan he giua gia tri tai san ngan han la loai ai san

ma doanh nghiep co the chuyen doi thanh tien trong vorg mot

nam hay mot chu ky kinh doanh va cac khoan ng ngan lan la

cac khoan ng phai thanh toan cung trong khoang mot nan. Qua

do, co the thay dugc kha nang dap ung cac khoan ng ngm han

f

__

r

cua doanh nghiep la cao hay thap. Thong thuang, neu cii tieu

nay xap xi 1 thi doanh nghiep co du kha nang thanh toin cac

/ r

khoan ng ngan han, ngugc lai neu chi tieu cang nho hai 1 thi

kha nang doanh nghiep thanh toan dugc cac khoan ng ngm han

cang thap.

Tuy nhien, ca cau cua tai san ngan han cung co anh iuang

222

lan dvii \iui nan<j I hanh loan do cac loai l.’u ' n rman han co kha

*

Man;-' ln>in d'M thanh tien khac nhau. I ;■> :i;- > cac loai tai san

ngan a a i co tien \ a tai san tirong ihnnm ti 'n (vac khoan dau tir

ngan aai khong qua 3 thang, cd kha nar.j e.iu\en doi dc dang

thanh m)t hrgng tien xac dinh va khong cu nhieu rui ro trong

chuyen Joi thanh tien) dirge coi la loai tai sur co the sir dung

ngay <le thanh toan cac khoan ng. Do vay. de danh gia kha nang

thanh tom nhanh cac khoan ng ngan han co ih£ sir dung chi tieu

he so thmh loan nhanh. He so nay phan anh ty le giua tong so

tien va tram.’ ducmsi tien vai tons so na nuan han.

1 le so _ Tong so tien va tuvmg duong tien

tlanh toan nhanh Tong so no ngan han

rong do, du lieu ve tong so tien va tuong duong tien

duoc la} tir bao cao luu chuyen tien te, ma so 70. Cac khoan dau

tu ngan lan dugc coi la tuong duong tien trinh bay tren bao cao

luu chu cn tien te chi bao gom cac khoan dau tu ngan han co

thdi hai thu hoi hoac dao han khong qua 3 thang ke tir ngay

mua klnan dau tu do. Vi du, ky phieu ngan hang, tin phieu kho

bac, chmg chi tien giri,... co thdi han thu hoi hoac dao han

khong qia 3 thang ke tir ngay mua.

Cli tieu nay cang Ion thi kha nang thanh toan nhanh cua

doanh nghiep cang cao. Tuy nhien, neu he so nay qua cao thi

cung klung tot vi nhu vay co nghia la doanh nghiep duy tri

lugng v)n bang tien qua ldn se lam giam toe do luan chuyen

vdn dan Jen hieu qua sir dung vdn thap.

Ncoai cac chi tieu tren, de phan anh kha nang thanh toan

ciic khom ng ngan han ciia doanh nghiep con cd the dung chi

tieu von hoat ddng thuan. Khac vdi cac he sd phan anh theo ty

le. chi teu nay phan anh mire chenh lech gifra tong sd tai san

223

• . Tong tai san Tong ng

Von hoat dons thuan - : , - . , „

• ngan nan ngan ban

Doanh nghiep can duy tri muc von boat dong tl uan hgp

lv de dam bao kha nanu thanh toan cac khoan no nuan ian. Khi

chi tieu nay giam sut thi doanh nghiep sc mat dan kha nang

r \

thanh toan. Trong truang hgp von hoat dong thuan < 0 thi co

nghTa la tong gia trj tai san ma doanh nghiep co the chuyen doi

thanh tien trong vong 1 nam hay 1 chu ky kinh doanh nho han

r \

cac khoan ng den han cung trong khoang thdi gian 1 n£m. Dieu

/ X

nay lam can can thanh toan mat can bang, doanh ngh ep phai

1 f

dung tai san dai han de thanh toan cac khoan ng den han

* Phan tich luong tien

X X

Khi phan tich luong tien, nha phan tich thuong ;ir dung

cac chi tieu nhu sau:

He so dam nhan na Tong so ng

ngan ban va tong so ng ngan ban.

cua dong tien chuyen tien thuan tu HDKD

f ■» f

He so nay phan anh ty le giua tong so ng phai tra vai

X X * x X

luong tien rong (luu chuyen tien thuan) cua hoat dong; kinh

r

doanh, qua do thay dugc kha nang thanh toan cac khoar mg cua

^ t * t

doanh nghiep. Do tong so ng a day bao gom ca ng ngan ban va

t

dai han nen he so nay phan anh kha nang thanh toan tcng quat

cac khoan ng. He so nay cang nho, kha nang thanh toar nig cua

doanh nghiep cang cao va ngugc lai.

He so dam nhan _ Co tl^rc

chi tra co tuc chuyen tien thuan tu I IDKD

224

, ■»

Chi tieu trcn phan anh ty Ic giua tong gia tri co tuc vai

luong tien rong (luu chuyen tien thuan) cua hoat dong kinh

/ *

doanh, qua do thay dugc kha nang thanh toan co tuc cua doanh

f f / A *

nghiep. He so nay cang thap, kha nang thanh toan co tuc cua

doanh nghiep cang ldn va ngugc lai.

Ben canh viec phan tich luong tien de danh gia kha nSng

X X *»

thanh toan, luong tien con dugc phan tich de danh gia kha nang

X

tao tien cua doanh nghiep. Trong khi'a canh nay, nha phan tich

co the su dung cac chi tieu sau:

1 X X

He s6 ludng tiSn Lu11 chuyen tien thuan tu HDKD

tren doanh thu Doanh thu

/ X X 1

He so tren phan anh ty le giua luong tien rong (luu chuyen

• A ' f

tien thuan) cua hoat dong kinh doanh vdi doanh thu, qua ao thay

dugc kha nang tao tien tir doanh thu cua doanh nghiep. Chi tieu

x / /• t

nay cho thay “chat lugng” cua doanh thu. Doanh nghiep co the

c6 doanh thu ldn nhung van kho khan trong thanh toan do

doanh thu bao gom ca doanh thu tra cham lam doanh nghiep

thieu tien de trang trai cac khoan ng. He so tren cang cao, kha

x x w

nang tao tien tir doanh thu cang ldn va cang tao dieu kien tot

cho hoat dong thanh toan cua doanh nghiep va ngugc lai.

He s6 lu6ng tiSn ^u11 chuyen tien thuan tir HDKD

tren tai san Tong tai san

Chi tieu nay cung dugc sir d\ing de danh gia kha nang tao

, j » %

tien nhung d muc do quat han, phan anh mire do tao tien tir

viec sir dung toan bo tai san cua doanh nghiep. Tuong tu he so

tren, chi tieu nay cang ldn, kha nang tao ti6n tir tai san cang cao

X X /

va cang tao dieu kien tot cho hoat dong thanh toan cua doanh

225

nghiep va nguac lai.

Trong cac chi tieu tren su dune iuu ciiuven tien thuan tit

^ v_ ./

hoat dong kinh doanh la hoat dong ca ban cua doanh nghep.

Ngoai ra, ckc chi tieu nhan tich luong tien noi tren co the dJOc

mo rong thanh liru chuyen tien thuan trong ky thay cho luu

t \ \

chuyen tien thuan tur hoat dong kinh doanh. ben canh dc sir

dung chi tieu mire do tao tien tir boat dong kinh doanh dc sc

sanh muc do tao tien cua hoai dong nay vai toan bo hoat d5ng

ciia doanh nghiep:

Mire do tao ti£n _ Luu chuySn fir, thuan tir HDKD

tir HDKD Liru chuyen tien thuan trong k>

* Phan tich hieu qua heat dong

De phan tich hieu qua boat dong, doanh nghiep thircmg sir

dung nhung chi tieu sau:

f f

He so quay vong

_

__________

Gia vort hang ban

hang ton kho Gia tri hang hoa ton kho binh quan

Trong chi tieu nay, mau sd co the la gia tri hang hoa ton

s r t

kho binh quan hoac gia trj hang hoa ton kho cuoi ky. Tuy nhien,

%

su dung gia tri hang hoa ton kho binh quan se tang tinh chinh

xac cua chi tieu. Hon nua, he so nay phan anh su quay vong cua

\ >v f , ' ^ \ '

hang ton kho dien ra trong suot ca ky nen viec lay mau so la so

r r f f

binh quan se hap ly han la chi lay so cuoi ky. Trong do, gia tri

\

hang hoa ton kho binh quan duac tinh nhu sau:

Gia tri hane Gia tri hang hoa Gia tri hang iioa

hoa t6ri kho t° n ky ton kho cuoi ky

binh quan 2

226

lie so quay vong hang hoa ton kho phan anh so lan ma

hang hoa ton kho dugc ban trong kv ke toan. Day la chi tieu

quan trgng cho thay nang luc hoat dong kinh doanh cua doanh

nghiep. Neu he so nay cao thi tinh hinh tieu thu cua doanh

r

nghiep thudng dugc danh gia tot va ngugc lai. Mat khac, xet

7 ' 9

tren goc do luan chuyen von, doanh nghiep co he so quay vong

cao thudng doi hoi muc dau tu thap cho hang ton kho so vdi

doanh nghiep co cung muc doanh thu nhung co he so quay vong

/ r r f

thap. Neu he so nay thap thudng phan anh tinh hinh doanh

nghiep bi u dong hang hoa do dir tru qua mire hoac hang hoa

*

tieu thu cham do chua dap ung dugc yeu cau cua thi trudng.

r \ r

Tuy nhien, neu mire ton kho cua doanh nghiep qua thap thi cung

*> / / >

co the gay anh hudng khong tot vi neu muc ton kho khong du

dap ung cho tieu thu se lam giam hieu qua hoat dong kinh

doanh cua doanh nghiep.

/■ *

Ben canh he so tren ngudi phan tich cung co the su dung

/ \

chi tieu so ngay cua mot vong quay hang ton kho:

/

So ngay cua mot vong So ngay cua ky phan tich

quay hang ton kho ^e so quay vong hang ton kho

Trong do, so ngay cua ky phan tich co the la tinh theo

thang (30 ngay), quy (90 ngay) hoac nam (360 ngay).

t /

Chi tieu nay the hien so ngay trung binh cua mQt vong

* 1 X

quay hang ton kho hay noi cach khac, de hang ton kho quay

dugc mot vong can bao nhieu ngay. Do vay, ngugc vdi h? so

tren, chi tieu nay cang nho, thdi gian quay vong cang ng&n thi

toe do luan chuyen hang ton kho cang ldn, kha nang hoat dong

kinh doanh cua doanh nghiep cang tot va ngugc lai.

227

De danh gia toe do thu hoi cac khoan phai thu, doanh

nghiep co the sir dung chi tieu lie so quay vong cac khoan phai

thu:

He so quay vong cac Doanh so ban chiu

khoan phai thu 3 5 ^ binh quan cac khoan phai thu

Trong chi tieu tren, mau so co the la so binh quan hoac so

r /

cuoi ky. Tuy nhien, voi ly do tuang tu nhu a chi tieu he so quay

vong hang ton kho, mau so nen lay la so binh quan. Cu the, mau

so dugc tinh nhu sau:

S6 du binh khoan phai Cac khoan phai

quan cac ^au ky l^u cu^‘ ky

khoan phai thu 2

f

He so quay vong cac khoan phai thu phan anh hieu qua

y r '

thu hoi ng. He so nay cang cao, chimg to doanh nghiep thu hoi

cac khoan ng cang nhanh. Dieu nay dugc danh gia la tot vi giam

f r * * ^ f

dugc von bi chiem dung. Tuy nhien, neu he so nay qua cao co

the se anh huang khong tot den qua trinh tieu thu, lam giam

doanh thu do phuang thirc tin dung qua han che. Vi tren thi

truang hien nay, viec mua ban chiu la pho bien va neu doanh

nghiep khong co chinh sach ban tra cham mem deo co the se

khong thu hut dugc khach hang.

Ben canh he so quay vong cac khoan phai thu, nguc/i phan

tich con co the sir dung chi tieu so ngay ciia mot vong quay

khoan phai thu de danh gia kha nang thu hoi ng cua doanh

nghiep:

So ngay ciia mot vong _ So ngay cua ky phan tich

quay cac khoan phai thu He so quay vong cac khoan phai thu

Trong do. so ngay cua ky phan tich co the la tinh theo

thang (30 ngay), quy (90 ngay) hoac nam (360 ngay).

r r

Neu chi tieu so ngay cua mot vong quay cac khoan phai

thu tinh dugc Ion hon thcri han thanh toan thong thuong cua cac

hgp dong ban hang tra cham thi co nghTa la doanh nghiep da

* 9 '

khong kiem soat tot cac khoan ng phai thu, dieu nay la khong

t r f

tot do lam tang von bi chiem dung, tang chi phi ng qua han va

1 iV / >

co the dan den khong thu hoi dugc ng.

* ■*

Be danh gia kha nang kiem soat cac khoan phai tra, doanh

t A > t

nghiep co the su dung he so quay vong cac khoan phai tra:

*

He so quay vong _ Gia tri hang mua tra cham

cac khoan phai tra So du binh quan cac khoan phai tra

t \

Cung tucmg tu nhu cr he so quay vong hang ton kho va he

f r ~ f

so quay vong cac khoan phai thu, trong he so tren, mau so co

the Ia so binh quan hoac so cuoi ky nhung su dung so cuoi ky se

r

tang tinh chinh xac cua chi tieu, hem nua, he so nay phan anh su

^ /

quay vong cua cac khoan phai tra dien ra trong suot ca ky nen

* X * f i t

viec lay so binh quan la hgp ly thay vi chi lay so cuoi ky. Cu

the, mau so dugc tinh nhu sau:

So du binh Cac khoan phai Cac khoan phai

quan cac tra diu ky tra cu6i ky

khoan phai tra 2

A < 1

He so nay phan anh kha nang kiem soat cac khoan ng phai

tra ciia doanh nghiep. Neu kiem soat khong tot, doanh nghiep co

1 X

the bo lo cac co hoi dugc giam gia mua hang khi thanh toan tien

scrm hem thcri han tra cham dugc quy dinh, hon nua doanh

nghiep se bi giam uy tin neu thanh toan tien cham hon thoi han

229

quy dinh. Trong trudng bop nay, co the doan!) nghiep sC' khdrg

duac tiep tuc mua tra cham trong tuang lai. lam anh huana xau

den hoat done kinh doanh.

O'

Ben canh he so nay, cung co the sir dung chi tieu so ni:ay

cua mot vong quay cac khoan phai tra de danh gia kha nang

kiem so.ii cac khoan ng cua doanh nghiep:

So ngay cua mot vong So ngay ciia ky phan tich

quay cac khoan phai tra He so quay vong cac khoan phai tra

/ *

Trong do, so ngay cua ky phan tich co the la tinh theo

thang (30 ngay), quy (90 ngay) hoac nam (360 ngay).

* /

Ngudi phan tich co the so sanh chi tieu so ngay cua mot

vong quay cac khoan phai tra vdi thdi ban thanh toan thong

thudng cua cac hgp dong mua hang tra cham. Neu chi tieu nay

* /

ldn han co nghTa la doanh nghiep da khong kiem soat tot cac

khoan ng phai tra cua minh. Dieu nay co the se gay ra anh

t r

hudng xau doi vdi hoat dong kinh doanh.

* Phan tich kha nang sinh lai

f t

Phan tich kha nang sinh lai rat quan trong, dac biet gan

' » /

lien vdi lgi ich cua cac nha dau tu cung nhu cac nha cung cap

tin dung. Dc danh gia kha nang sinh lai, ngudi phan tich co the

sir dung cac chi tieu sau:

- Ty suat lgi nhuan tren doanh thu:

Ty suat lgi nhuan sau _ Lgi nhuan sau thue TNDN

thue tren doanh thu Doanh thu thuan x * ^

Trong chi tieu tren, mau so co the sir dung tong doanh thu

hoac doanh thu thuan. Tuy nhien, nen sir dung doanh thu thuan

de tang tinh chinh xae ciia chi tieu do doanh thu thuan phan anh

230

ria tri doanh thu thirc sir dirge thirc hien trong ky. Chi tscu nay

danh gia so lgi nhuan thirc te de lai cho doanh nghiep chiem hao

r.hieu phan trong doanh thu thuar. Do vay, chi tieu nay cang cao

t.iii nhan anh kha nang sinh Iai cua doanh nghiep cang Ian.

■> t * T

Ben canh do. de loai tru anh hudne cua yeu to thue thu

• » W.<

r r 1

nhan doanh nehiep la veu to ma doanh nghien khong kiem soat

v— *

i *

W • * C /

du>;c. nguoi phan tich co the sir dung chi tieu ty suat loi nhuan

truoc thue tren doanh thu:

Tv suat kn nhuan trudc Lai nhuan truoc thue TNDN

thue tren doanh thu Doanh thu thuan '

t y

■ Ty suat lgi nhuan tren tong tai san (ROA):

De danh gia kha nang sinh lai ciia doanh nghiep mot cach

/

khai quat lion, nguoi phan tich thuang sir dung chi tieu ty suat

■* 1

lgi nhuan tren tong tai san. Chi tieu nay phan anh mot dong tai

san binh quan "ua doanh nghiep tao ra bao nhieu dong lgi nhuan

trudc hoac sau thue.

Tv suat lai nhuan sau Loi nhuan sau thue TNDN

.1 ■ - =

------

:—r r r — 7 x 100 (%)

time tren tong tai san Tai san binh quan v ’

Trong chi tieu nay, mau so dugc dung co the la gia tri tai

* ^ t f

san binh quan hoac gia tri tai san cuoi ky. Tuy nhien, do tu so

/

trong chi tieu nay phan anh lgi nhuan dugc tao ra trong suot ca

^ t > r f

ky nen viec lay mau so la so binh quan se hgp ly han la chi lay

so cuoi ky. Cu the, gia tri tai san binh quan dugc tinh nhu sau:

Tong TS dau ky + Tong TS cuoi ky

TS binh quan = -------------------------

> r

Cung vdi ly do nham loai bo anh huang cua thue thu nhap

' r

:loanh nghiep. ngudi phan tich co the sir dung chi tieu ty suat lgi

231

r y

nhuan truac thue tren tong tai san:

f t

Ty suat lai nhuan truac _ Lai nhuan truac thue TNDN

thue tren tong tai san ~ Tai san binh quan x 100 ( />)

y * % r

Mat khac, de loai bo anh huong cua ca cau nguon von,

ngirdi phan tich co the su dung chi tieu ty suat lgi nhuan ruroc

r *

thue va lai vay tren tong tai san. Hai doanh nghiep voi cunj, m ot

gia tri tong tai san va hieu qua su dung tai san nhu nhau mumg

t r \ f f

neu co cau nguon von khac nhau thi chi tieu ty suat lgi rhuan

*

tren tong tai san se khac nhau do co chi phi lai vay khac nhau

*

lam cho lgi nhuan khac nhau. Do do, nham loai bo anh hromg

9 r t \ f % r r ^ *

cua yeu to co cau nguon von bang cach loai tru yeu to la Men

vay, chi tieu ty suat lgi nhuan truac thue va lai vay tren toig tai

%

san se dugc sir dung:

Ty suSt lgi nhuan Ufi nhuan truac thua

truac thue va lai vay tnin/

. z „ c = -------------------------------------- x 10(%)

vay tren tong TS TS binh quan

- Ty suat lgi nhuan tren von chu so huu (ROE):

De danh gia kha nang sinh lai cua von chu so hih cua

doanh nghiep, nguoi phan tich co the su dung chi tieu ty suit lgi

nhuan sau thue tren von chu so huu, chi tieu nay chi rc nnot

dong von chu so huu tao ra bao nhieu dong lgi nhuan sai thiue

thu nhap doanh nghiep:

Ty suat lgi nhuan sau _ Lgi nhuan sau thue TNDN

thue tren von chu scr huu ~ Von chu scr huu binh quan x °'

/ /

Cung tuong tu nhu d chi tieu ty suat lgi nhuan sai thiue

* f + 9

tren tong tai san, d chi tieu nay, mau so co the sir dung vdi cchu

/ / m

so huu binh quan hoac von chu scr huu cuoi ky nhung nn sir

dung von chu so hiru binh quan voi ly do tucmg tu .

232

Cung vcri ly do de loai bo anh huang cua thue thu nhap

doanh nghiep, nguai phan tich co the sir dung chi tieu ty suat lgi

nhuan truoc thue tren von chu so hiru

Ty suat lai nhuan truoc thue Lgi nhuan truac thue TNDN

, — ■ ■ ■ —, — 1

tren von chu so hiru Von chu so hiru binh quan

xlOO (%)

Trong khi sir dung cac chi tieu tren, nguoi phan tich cung

co the xem xet moi quan he va tac dong lan nhau giua cac chi

tieu nay. Moi quan he do dugc the hien nhu sau:

Ty suat lgi nhuan _ Ty suat lgi nhuan He so quay

tren tong TS tren doanh thu X vong cua TS

Trong do:

r %

He so quay vong _ Doanh thu thuan

cua tai san Tai san binh quan

t

He so quay vong cua tai san phan anh trong ky kinh

f

doanh, tai san quay dugc bao nhieu vong. He so nay cang Ion

thi hieu qua sir dung tai san cang cao.

Nhu vay, ty suat lgi nhuan tren tong tai san chiu anh

* * \ ' * A

hircrng cua hai yeu to la ty suat lgi nhuan tren doanh thu va he so

quay vong cua tai san. Hai yeu to nay co tac dong cung chieu

/ / *

den ty suat lgi nhuan tren tong tai san.

Ben canh cac chi tieu tren, nguai phan tich cung co the sir

/ ^ 1 #

dung chi tieu suat hao phi von de danh gia kha nang sinh lai cua

doanh nghiep nhu sau:

„ i , , , - Von kinh doanh

_____

uat ao p i von n}lu^n jj0gc [)oanh thu

Day la chi tieu phan anh de co mot dong lgi nhuan hay

233

doanh thu thi doanh nghiep phai dau tu bao nhieu dong von. Chi

tieu nay cang nho thi kha nang sinh lai cua doanh nghiep cang

cao va ngugc lai, chi tieu nay cang lan thi kha nang sinh lai cua

f 9

doanh nghiep cang thap. Trong he so nay, tuy theo muc dich

1 r

phan tich ma nguoi phan tich co the lua chon cac chi tieu von

kinh doanh, lgi nhuan va doanh thu khac nhau. Chi tieu von

* y r \ 9 9

kinh doanh co the la tong so nguon von neu ngudi phan tich

/ ' 9

muon danh gia kha nang sinh lai chung cua toan bo nguon von,

■* r f r '

co the la von chu sd huu neu chi muon danh gia kha nang sinh

t * * / r

lai cua rieng von chu sd huu hoac cung co the la tong so von

vay de danh gia hieu qua cua von vay. Chi tieu lgi nhuan dugc

■» r 9 # /

lira chon co the la lgi nhuan trudc thue neu nguoi phan tich

t

muon danh gia kha nans sinh lai chung va loai trir anh hudng

/ *> 9 /

cua thue thu nhap doanh nghiep, co the la lgi nhuan sau thuc thu

9 9 * / •

nhap doanh nghiep neu muon biet kha nang sinh lai sau khi da

* X

lam nghTa vu vdi nha nude, co the la lgi nhuan gop ve ban hang

9 r 9 9

va cung cap djch vu neu muon biet kha nang sinh lai trudc khi

loai trir chi phi ban hang va chi phi quan ly. Chi tieu doanh thu

* ' 9 * x

co the la doanh thu ve ban hang va cung cap dich vu neu ngudi

phan tich muon danh gia kha nang sinh lai cua hoat dong san

xuat kinh doanh cua doanh nghiep, co the la doanh thu cua tat

f 9 #

ca cac hoat dong kinh doanh neu muon danh gia kha nang smh

lai chung cua moi hoat dong kinh doanh cua doanh nghiep.

* %

Vdi cac cong ty co phan, ben canh cac chi tieu tren, ngudi

phan tich con sir dung cac chi tieu phan anh kha nang sinh lai co

9 9 \ ^ >

lien quan den von co phan, cu the bao gom nhung chi tieu sau:

/ n % *

Lai ca ban tren von co phan pho thong:

234

9 « y '

Lai ca ban tren Lgi nhuan sau thue - Co tuc co phieu uu dai

von co phan = 7 7 1 I~TV 7 7 T 7

, ; , \ Von co phan pho thong

pho thong 1 * b

/ r *> \ y

Chi tieu nay cho biet thu nhap tren von co phan pho

f t

thong la cao hay thap. He so nay cang cao thi kha nang sinh lai

cua doanh nghiep cang ldn va ngugc lai.

n f *»

- Lai ca ban tren co phieu pho thong:

/ i + r

Lai ca ban Lgi nhuan sau thue - Co tuc co phieu uu dai

tren co phieu = Z 1 I 7 7 7 . ; , .

ph6thong So co phieu pho thong

/ 1 / y

Chi tieu nay cho biet moi co phieu pho thong thu dugc

A ' '

may dong lgi nhuan. Trong dieu kien kinh doanh thong thuong

* •»

va khong co thay ddi dac biet trong chinh sach chia co tuc thi

chi tieu nay cang cao phan anh kha nang sinh lai cua doanh

nghiep cang lan.

- He so lgi tuc co phan:

f t r

He so lgi tuc Lai co ban tren co phieu

■> \ 1 ^ i f

co phan Gia thi truong cua moi co phieu

Chi tieu nay phan anh mot dong co dong dau tu vao mua

c6 phieu (theo gia thi trudng hien tai) tuang ung vdi bao nhieu

dong lgi nhuan. Nhu vay, chi tieu nay cang cao cang co kha

’I

n;lng doanh nghiep sinh lai lan va cang thu hut cac nha dau tu

* r

mua co phieu cua doanh nghiep.

/ 1 /

- He so gia ca co phieu so voi lgi nhuan:

He so gia ca co phieu _ Gia thi trudng cua moi cd phieu

so vdi lgi nhuan Lai ca ban tren co phieu

f t \

Ngugc voi he so lgi tuc co phan, chi tieu nay phan anh

'V t x X 1

moi dong lgi nhuan tuong ung vai bao nhieu dong ma co dong

235

phai dau tir de mua co phieu (theo gia thi trudng hien tai). Nhu

vay, khac vdi chi tieu trudc, chi tieu nay cang thap thi cang co

kha nang doanh nghiep sinh lai cao, doanh nghiep cang trd

thanh mot muc tieu hap dan ciia cac nha dau tu.

t

* Phan tich don bay tai chinh

f r \ t

Don bay tai chinh dugc phan anh qua co cau nguon von

cua doanh nghiep va cung qua do the hien mire do rui ro tai

chinh. Neu nguon von vay ng chiem ty trong ldn trong tong

\ %

nguon von, doanh nghiep se phai chiu sire ep ldn ve mat tai

* f

chinh va mire do rui ro tai chinh cao. Ngugc lai, khi nguon von

chu sd hiru chiem ty trong ldn, doanh nghiep se tu chu cao trong

X /

tai chinh, muc do rui ro tai chinh se giam. Tuy nhien, nguon von

* r

vay ng co the dugc su dung huu hieu trong huy dong von, dac

biet la cho cac du an dai han. Do vay, doanh nghjep can phan

t \ f * +

tich co cau nguon von, duy tri co cau nay a muc thich hgp de

giam bdt rui ro tai chinh nhung dong thdi dap ung dugc cac yeu

i \ r

cau ve von cho hoat dong kinh doanh.

J 1 **

De phan tich don bay tai chinh, doanh nghiep co the sir

dung chi tieu ty le ng. Ben canh do, co the su dung he so von

t •* /

vay ng tren von chu sd huu de phan anh moi tuong quan true

r y w

tiep giua hai nguon von nay:

t r i '

He so von vay ng _ Tong ng phai tra

tren von chu sd huu von chu sd huu

f f f .

He so von vay ng tren von chu sd huu cang ldn, muc do

rui ro tai chinh cua doanh nghiep se cang cao va ngugc lai.

1 1 _

Ngoai ra, cung co the xem xet don bay tai chinh cua

doanh nghiep tren mot goc do khac, do la he so dam nhan lai

vay:

I 10 so dam LN truac thue va chi phi lai vay (EBIT)

n :un lai vay (^j p^j ]aj vay

r r r

Chi tieu nay cho biet lgi nhuan truac thue va lai vay gap

\ \ f

bao ’-hieu lan chi phi lai vay. Nguon von vay ng cang lan, lai

vay <e cang cao, he so dam nhan lai vay cua doanh nghiep se

* 9 9 '

cang thap va dan den kha nang bu dap chi phi lai vay tu lgi

nhna i truac thue va lai vay cung se cang thap.

y

Vai muc tieu phan tich tai chinh cu the, nha phan tich se

lira cion cac phuang phap phu hgp vao noi dung phan tich tinh

bin h tai chinh doanh nghiep tren nhung khia canh khac nhau

' / y r f

nhan cung cap thong tin can thiet cho cac doi tugng co quan

tfim.

237

Chitong 13

CO CAU VON - MOT SO KHAI NIEM

• ft

CO BAN

9 \ 9 9

Chuong nay se thao luan cac quyet dinh ve co cau von

% 9

trong dieu kien khong co thue va d thi trudng hoan hao. Trong

nhung moi trudng nhu vay, co cau von cua cac cong ty nhu the

x % _____ r

nao khong phai la dieu dang quan tam. Tiep theo chuong nay se

ft \ *

thao luan co cau von trong moi trudng co su ton tai cua thue.

9

Ket luan cua chuong la huy dong thong qua hinh thuc di vay se

\ 9

lam tang dong thdi ca gia tri cua cong ty va gia tri von cua chu

(equity).

13.1. Cac cau hoi ve co* cau von va hoc thuyet Pie.

' *

Cong ty nen lira ch<?n ty le giua von no va von cua chu

9 9 9 9 9 9

nhu the nao? Co cau von cua cong ty the nao la tot nhat. Gia tri

cua cong ty duac the hien nhu sau:

V = B + S

Trong do: V: Gia tri cong ty

B: Gia tri thi trudng cua von no

9

S: Gia tri thi trudng cua von cua chu t

1 *

Phuang trinh tren duac the hien bang mo hinh sau:

238

Hmh 11-13.1: C:rcuu von

Gia tri conn !v

Co phieu 40%

Trai phieu 60%

\Thiem vu cua cac nha quan ly tai chinh cua cong ty la

r ^

phai l..m tang gia trj cong ty den muc co the.

3 day co hai cau hoi chung ta can thao luan:

1

# ^ 0

t. Vi sao cac co dong lai quan tain den viec toi da hoa gia

' ' f

tri C ue cong ty? Gia tri cua cong ty bang tong gia tri von vay va

f f *

gia 'tri von cua chu. Vay, vi sao cac co dong khong quan tam

r f r

den chien luge chi toi da lgi ich cua minh?

* 0

3. Cong ty phai co ty le giua von vay va von cua chu nhu

the nib de toi da lgi ich cua cac co dong?

.3.2. Toi da gia tri cong tv va toi da loi fch co dong

n • o v • d

t 0 9

Vi du sau day mo ta ca cau von vira toi da gia tri cong ty

f y

vira to da lgi ich cua co dong.

Vi du: Gia sir gia tri thi truong cua J.J. Sprint Co. la

$1000 Hien tai toan bo von cua cong ty deu do co dong dong

) ' J r H, t

gop voi tong so co phieu la 100 va gia thi trudng cua moi co

•A. '

phieiu a $10. Cung gia sir rang J.J. Sprint du djnh se vay $500.

f \ > 1

So t:iei $500 nay se dugc sir dung de thanh toan cho cac co

239

dong duai hinh thuc co tuc phu them. Moi co phieu se duac

f t

thanh toan $5. Sau khi vay, ca cau von cua cong ty co ur thay

y f \ *

doi. Von cua cong ty dugc hinh thanh tu hai nguon. Von vay va

von cua chu. Sir thay doi ve ca cau von khong lam thay d!>i hoat

\

dong dau tu cua cong ty. Vay gia tri cua cong ty se la bao nhieu

sau su thay doi co cau von nay?

f \ r * t r

Cac nha quan ly nhan thay rang, neu thay doi co ciu von

se co mot trong ba kha nang sau xay ra:

1. C-ia tri cua cong ty se lan han gia tri ban dau (>$ .000)

2. Gia tri cong ty bang SI000

3. Gia tri cong ty nho han $1000

Sau khi tinh toan, cac nha quan y tin rang gia tri cui cong

ty se khong thay doi nhieu han $250. Nhu vay gia tri con* ty co

the trong khoang $1,250; $1000 va $750. Ca cau von bin dau

* I / A

va ba kha nang co the xay ra sau khi thay doi ca cau voi dugc

trinh bay cr bang duai day.

f ^ ^

Gia tri cong ty = Gia tri von vay + gia tri von cua ;h u

Sau khi tra co tuc (3 kha r.ing)

Von vay

I

II

III

Von ng 0

$500

$500 $5)0

Von cua chu $1000

750 500 250

Gia trj cong ty

$1000 $1250 $1000 $7J0

Gia tri von cua chu nho han $1000 a ca ba kha nanj. Dieu

i \ r

nay co the dugc giai thich bang hai cach. Cach thu nha', bang

1 / 1

tren the hien gia tri von cua ch u sau khi cong ty thanh bam co

1 1 4

tuc bo sung cho co dong. Vi tien phai chi ra de thanh toancc.) tuc

240

the hien sir giam di trong gia tri cua cung ty. Thir hai, neu trong

tuang lai cong ty hi giai the, cac co dong sc chi duac thanh toan

sau khi cac chu ng da titgc thanh toan day du. Chinh vi vay,

von vay la mot ganh nang cua cong ty, lam giam gia tri von cua

chu.

' \ /

Tat nhien, cac nha quan !y nhan thue dugc rang, ket qua a

bang tren chi la ket qua mang tiflfc. dai dien. Bay gia chung ta co

* % t

the xac djnh phan tra cho cac co dong duai ba kha nang.

Thanh toan cho co dong sau khi

♦ t r

thay doi co cau von

I

III-

HI

Thu nhap tir von (capital gain)

-250

-500 -750

Co tire

500

Lai hoac lo cua co dong

250

0

-250

1 / * f

Khong ai co the biet trudc mot cach chac chanla kha nang

%

nao se xay ra. Tuy nhien, gia sir rang cac nha quan ly tin tudng

i r / / r

kha nang I co the xay ra nhat. Ho se quyet dinh thay dor ca cau

von cua cong ty, nhu vay cac co dong co the lai $250. Chinh vi

vay, mac dau gia co phieu giam tir $1000 xuong $750, song cac^

* * ^

co dong nhan dugc $500 co tuc. Gia tri cong ty cung se tang

$250.

\

Gia sir, cac nha quan ly tin tudng rang kha nang thir ba co

^ 1 f

nhieu trien vong xay ra nhat. Trong trudng hop nay, ho khong

nen thay doi ca cau von bdi vi cac co dong se lo $250. Chinh vi

vay gia trj co phan giam tir $1000 xuong con $250, cac co dong

nhan duac $500 co tire.

241

Cuoi cung, neu cac nha quan ly tin rang kha nang thu hai

se xay ra. Thay doi co cau von se khong anh hudng den lgi ich

cua cac co dons va cia tri cua cong tv cunu khono co ui thav

doi. Vi du tren giai thich vi sao cac nha quan ly non cd gang

thay doi gia tri cong ty. Su thay doi trong ca cau von se mang

lai lgi ich cho cac co dong khi va chi khi gia tri cong ty tang len.

N gugc lai, su thay doi ca cau von se lam thiet hai cho cac co

/ i

dong neu nhu su thay doi nay lam cho gia tri cong ty giam

xuong.

A

£ £ J k

13.3. Co the xae dinh diro’c mot co■ cau von toi iru khong?

• I •

13.3.1. Modigliani va Miller: Hoc thuyet I (khong co thuS)

Modigliani va Miller (MM) co nhung tranh luan co sire

r \ * - *

thuyet phuc rang mot cong ty khong the thay doi tong gia tri cua

\ * f f

no bang cach thay doi ca cau von. Noi cach khac gia tri cua

1 r t

cong ty khong thay doi d cac ca cau von khac nhau va khong

r r r ' ’

ton tai mot ca cau von toi uu doi vdi cac co dong cua cong ty.

/ /

Ket qua kha bi quan nay goi la hoc thuyet MMI.

% r

Hay xem xet mot cong ty 100 phan tram von cua chu.

1 / '

Cong ty co the thu dugc mot khoi lugng thu nhap thuan tiiy

hang nam bang Earn. Toan bo khoi lugng thu nhap thuan tuy

1 1

nay dugc tra cho co dong dudi hinh thirc co tuc. Gia tri cua

cong ty 100 phan tram von cua chu nay dugc ky hieu la Vu. Neu

*

nhu mot ca nhan mua 15 phan tram cong ty. Anh ta phai thanh

toan ,15Vu va se nhan dugc .15Eam dudi hinh thirc co tire moi

♦

nam. Nghiep vu nay co the dugc mo ta nhu sau:

Chien luge I (mua 15% cong ty 100% von cua chu)

242

*«

Dau tir ban dau Co tire hang nam

.! 5 Vu 15 bam

___________________

1

________

_

*

f

Bay gicr chung ta hay xem xet mol cong ty co ca von vay

va von eua chu. Gia tri cua co phieu duoc ky hien la SL va B la

ky hieu gia tri cua trai phieu. Nhu vay, gia trj cua cong ty nay

(VL) se bang:

VL = SL + B

Ngoai sir khac nhau ve ca cau von, gia sir hai cong ty

/ f

(cong ty 100% von ciia chu va cong ty co von vay) la tuong

^ > f

dong. Dieu nay co nghTa la cong ty co von vay cung se thu dirge

lgi nhuan truoc khi thanh toan lai tien vay la Earn. Gia sir, cac

chu ng nhan dugc lai tien cho vay la Int, nhu vay co tuc cac co

dong se nhan dugc hang nSm la:

Earn - Int.

r \ + f

Neu mot ca nhan mua 15 phan trSm c6 phieu cua cong t y

nay sS phai tra .15 SL va thu dugc .15 (Earn - Int) moi n5m.

Nghiep vu nay co the dugc mo ta nhu sau:

Chien luge II (mua 15% co phieu cua cong ty co von ng)

Von dau tu ban dau Co tuc nhan dugc hang nam

.15 SL .15 (Earn - Int)

f * r

Chien luge II rui ro hon chien luge I bcri vi chien luge II

lien quan den cong ty co von vay.

Bay gia hay xem xet chien luge cua mot nha dau tu khac

(nha dau tu thu ba). Ke hoach cua anh ta nhu sau:

1. Vay . 15BL tir ngan hang

243

2. Sir dung tien vay cong von cua ban than de mua i5

phan tram co phieu cua cong ty 100 phan tram von cua chu.

Chien luge III (mua 15% co phieu cua cong ty 100 % v3n

' / t r

cua chu bang von cua ban than ket hop vai von vay).

Dau tu ban dau Co tire nhan duac hang nam sau khi :ra

lai tien vay

. 15Vu -. 15BL . 15Eam -. 15Int

r t

Bay gia hay so sanh chien luge III vai chien luge II, tu >u

t \ r r

so sanh nay MM da xay dung nen hoc thuyet ve von so I.

Chien luge II Chien luge III

Dau tu ban dau Dau tu ban dau

.15 SL . 15Vu -. 15BL

* X t t

Vi co tuc thuan tuy cua 2 chien luge nhu nhau, vay von

dau tu ban dau cua 2 chien luge phai bang nhau. Hay:

.15 SL = .I5Vu - .15 BL

Vu = BL + SL

Hay Vu = VL

Hoc thuyet MMI (khong thue):

Neu co hai cong ty tuang dong: Mot cong ty 100 phan

W *

tram von cua chu va mot cong ty co von vay, thi hai cong ty

do co cung gia tri

13.3.2. Modigliani va Miller: Hoc thuyet II (khong thue)

Vi cac co dong a cong ty co von vay se rui hon so vai cac

co dong d cong ty tuong dong 100 phan tram von cua chu. Ly

1 r

do nay cho phep chung ta phat trien hoc thuyet MM II. Theo

244

/ /

MM. ty le hoan von cua chu co quan he ty le thuan voi ca cau

/ / f

von, vi sir rui ro von cua chu tang len khi ty le: von vay trong ca

cau von tans len.

r

1. Vi chi phi von binh quan duac xac djnh bai cong thue

sau:

rWACC = rB* B/(B+S) + rS*(B+S)

> /

Trong do: rB : ty le lai tien vay (chi phi von vay)

y f f

rS: ty le thu hoi von cua chu (chi phi von cua chu)

rWACC : Chi phi von binh quan

f

B: Gia tri cua von vay

S: Gia tri von cua chu

/ t

Theo hoc thuyet MMI, doi vai mot cong ty nao do, chi phi

f •* t

von binh quan khong thay doi va khong phu thuoc vao ca cau

/ /

von. Hay noi cach khac, trong mot moi truong khong co thue,

r y r

chi phi von binh quan phai bang chi phi von cua mot cong ty

tuang dong 100% von cua chu (ro). (rWACC = rO).

Theo hoc thuyet MM II, ty le thu hoi von cua chu rS cua

mot cong ty co von vay co the dugc xac dinh bang cong thue

sau:

rS = rO +(B/S)*(rO-rB)

Theo cong thue tren, ty le thu hoi von cua chu la mot

' ' r r 9

phuang trinh tuyen tinh ma bien so la ty le giua von vay va von

cua chu.

^ f f

Hinh sau mo ta moi quan he giua chi phi von cua chu, rS

r f

va ty le giua vdn ng va von cua chu B/S.

245

Chi phi von: r

Hinh H-13.2: Hoc thuyet MM II & moi truang khong co thue

Ty le gifra von ng va

von cua chu (B/S)

r \ 1

Hoc thuyet MM da chi ra rang cac nha quan ly khong the

1 ^ * m r w

thay doi gia tri cua cong ty bang cach thay doi lai co cau von

cua cong ty. Va chi phi von binh quan cua cong ty khong thay

i f f * \ r

doi khi ca cau von cua cong ty thay doi. Mac dau vay, cac ket

luan tren cua MM lai dua tren cac gia thuyet khong co tinh hien

r r ^

thuc. Hoc thuyet nay da loai tru su tac dong cua thue va cac chi

phi nhu chi phi pha san va cac chi phi khac.

13.4. T hue va tac dong cua thue

Gia su rang, tat ca cac luong tien khong thay doi va vo

tan. EBIT la tong luong tien cua cong ty truoc khi tra lai tien

r r *

vay va thue va neu chung ta bo qua anh huong cua khau hao va

f > '

cac khoan muc khac nhu thue cac loai thi thu nhap chiu thue cua

cong ty 100 phan tram von cua chu chinh bang EBIT.

So thue cong ty nay phai nop la: EBIT x Tc

246

Thu nhap sau khi nop cac loai thue thu nhap cong ty la:

EBIT x (1 - Tc)

/ r e

Con doi voi cong ty co von vay, thu nhap chiu thue cua no

la: I.BIT - rB*B

* 0 r 0

Tong so thue thu nhap cong ty co von vay phai nop la: Tc

(EBIT - rB*B)

So tien cac co dong thue su nhan duoc d cong ty co von

vav la:

J

EBIT - rB*B - Tc (EBIT - rB*B) = (EBIT - rB*B) x (1 -

Tc)

•» e x >

Tong so tien cac co dong va cac chu no cua cong ty co

r

vdn vay nhan dugc la:

EBIT x (1 - Tc) + Tc*rB*B.

f f

* Lgi ich thue cua von vay (Tax shield)

f r / \ / t

So voi von cua chu, von ng co nhung uu the ve thue. Tong

0 t \ *» 0

so tien cac chu ng va co dong d cong ty co von vay nhan dugc

Ion lion tong so tien cac co dong d cong ty 100 phan tram vdn

cua chu nhan dugc la Tc*rB.

Tc*rB*B dugc goi la lgi ich thue cua vdn vay. Lgi ich

' # ' f \ \

thue co cung muc do nii ro nhu li tien vay. Neu nhu luong tien

* ' r

lgi ich thue la vo tan, thi gia tri lgi ich thue cua vdn ng la:

Tc*rB*B/ rB = Tc*B

/

* Gia tri cua cong ty cd vdn vay

f /

Chung ta vira tinh gia tri hien tai lgi ich thue cua vdn vay.

* f

Biroe tiep theo chung ta phai tinh gia tri cua cong ty co vdn vay.

Doan tren chung ta da chi ra tong sd tien cac cd ddng va cac chu

(Tc : Ty le thue thu nhap cung ty)

247

ng cua cong ty co von vay nhan duy>_ iu.

EBIT x (1 - Tc) + Tc*rB*B

EBIT x (1 - Tc) chinh la luong tien sau tliue d congty 100

\ r \ 0

phan tram von cua chu. Gia tri cua cong ty 100 phan trem von

cua chu chinh la gia tri hien tai ciia EBIT x (1 - Tc),

Vu = EBIT x (1 - Tc)/rO

t * y

TcrBB la lgi ich thue cua von vay va gia tri cua n) bang

t

TcB. Nhu vay, gia tri cua cong ty co von vay VL se la:

VL = EBIT x (1 - Tc)/rO + Tc*rB*B/ rB

= Vu + TcB

i f m x

Dang thirc tren chinh la hoc thuyet MMI trong moi :ruang

t

co thue thu nhap cong ty.

Hoc thuyet MM II a moi trucmg co thue thu nhap d n g ty

/ r

Theo MM II, d moi trudng co thue thu nhap cong ry, moi

quan he giua ty le hoan von cua chu rS va ty le giua von va^y va

f 1 ^ ^

von cua chu dugc the hien bang cong thirc sau:

rS= rO + (B/S) x (l-Tc) x(rO-rB)

Trong trudng hgp nay chi phi von binh quan du?c xae

dinh nhu sau:

rWACC = (B/VL)rB(l-Tc) +(SA^L)rS

ft f

Tac dong cua ca cau von tai chinh doi vdi gia tri o n g ty,

chi phi v6n ng va von cua chu dugc the hien bang cac Hn.h ve

sau:

248

Hlnh H-13.3:

Chi phi von: r

Ty le giua von vay

va von cua chu (B/S)

Gia trj

cong ty

13.5. C a cau von - nhirng han che cua viec su* dung

r

von vay

Chung ta da biet rang, theo hoc thuyet MM, VL = Vu +

*

TcB. Theo phuang trinh nay, de tang gia tri cua cong ty, cong ty

» f r r

co the tang ca cau von vay/von cua chu, hay cac cong ty nen sir

249

dung toi da von vay. Dieu nay, khong dung vaj thirc t'J A cac

cong ty thuang chi sir dung m ot khoi iirang von vay ban. che

T u y nhien. hoc thuyet M M m ai chi huang dan cho :hung

ta nen nuhicn cuu nhfrm? dieu gi kh i tim kiem nhunu vc * :o cua

*—✓ c _ ‘ V ? - '

c a cau von. Hoc thuyct con m ot so han che, hoc thuyct khdng

de cap toi van dc pha san va cac chi phi kem theo -.or vay.

Them vao do, hoc thuyet M M khong dc cap den cac loai thue

thu nhap ca nhan. Trong thirc te, ty le thue thu nhap ca nhan

danh vao thu nhap lai tien vay cao han ty le thue thu nhap ca

nhan danh vao thu nhap tu von cua chu. Chinh vi vay, thue ca

nhan danh vao chu no co xu huang bu dap lgi ich thue cua von

vay dung tren giac do doanh nghiep. Tac dong cua chi pin' pha

san va thue ca nhan se dugc nghien ciru trong chirang nay.

13.5.1. Cac ch i p h i tich hien tai chinh (financial distress

cost)

* Rui ro pha san va chi phi pha san

Nhu chung ta da de cap a chuong truoc, von vay man!; lai

/ e /

lgi ich thue cho cong ty. Tuy nhien, von vay cung gav ap lire dot

% % r v

vai cong ty bcri vi cac khoan thanh toan ve von goc va lai tien

vay la nghTa vu ma cong ty phai thirc hien. Neu nhu cong ty

khong tra dugc cac khoan ng goc va lai vay, cong ty co the se

gap phai rui ro tich bien tai chinh va giai doan cuoi cung cua

%

viec tich bien tai chinh la pha san. Tuc la, quyen so huu tai san

cua cong ty bi chuyen hgp phap sang cho chu ng va co dong.

* Cac chi phi pha san

Neu nhu cong ty dang duong dau vai kha nang pha san va

neu nhu cac chi phi hanh chinh va cac chi phi gan vai vice pha

san lan thi cong ty co von vay co the se it hap dan cac nha dau

tu hem so vai cong ty 100 phan tram von cua chu. Trong cac thi

250

': rcw\ yo" hoan hao ch* <\\\ vh? s .^ . i nhu* h <1112 k h o n u ,

V ' ( I V.y

vj- cai- tni san cd the <'hrgo ^an :hv.• ;!nr > ;lh tri kinh tc i",ia

!•• -Mt;.; ivi-i li 6n;' ; 'o.i; c"'. phi ,;>an hep phap nao

pha* ' 'c*; ha:; ta • Mu: .. du-f • ; han phdi theo mi'rc

do tu hen doi vdi iai Neu niur thi tru-.Y.g von it hoan hao

'•< a- cac chi phi hanh chinh c- the phat sinh . a cac tai san co the

dirge han d gia thap non gia trj kinh te cua chung.

Trong trucmg hep, cong ty hi pha san. tong so tien phan

phoi cho nhung ngudi gifr cac chung khoan se it hem so tien le

ra ho dugc nhan vi trong trudng hop nay ed cac chi phi pha san

pha! sinh. N’eu nhu moi nhan to khac deu nhu nhau, kha nang

pha san ciia cong ty cd vdn vay ldn hon so vdi cong ty 100 phan

tram vdn cua chu, va nhu vav, cong ty cd von vay se it hap dan

cac nha dau tu horn. Kha nang pha san khong ty le thuan vdi ty

f r t

le vdn vay/von cua chu. Khi ty le giua vdn vay/von cua chu

vugt qua mot ngudng nao do thi kha nang pha san tang nhanh

hon muc do tang cua ty le vdn vay/von cua chu. Va nhu vay,

cac chi phi pha san cung se tang nhanh theo kha nang pha san.

Viec tang nhanh chi phi pha san se lam giam gia tri cua cong ty.

Tom lai: Kha nang pha san cd anh hudng tieu cuc den gia

tri cua cong ty. Tuy nhien, ban than kha nang pha san khong

/

lam giam gia trj cua cong ty ma chinh cac chi phi phat sinh gan

vdi kha nang pha san lam cho gia tri cua cong ty giam.

y ? * Chi phi tich bien tai chinh

r \ **

Khi van de tich bien tai chinh xay ra, cong ty cd the phai

duong dau vdi nhung van de sau:

1. Nhung tranh chap giua cac chu ng va cac cd dong

thudng lam tri hoan viec ban tai san. Trong trudng hgp cong ty

bi pha san, ed the phai mat vai nam de giai quyet cac tranh chap

251

/ f

nay. Trong thai gian giai quyet cac tranh chap do. nha xuong

r * f %

xuong cap, may moc thiet bi hao mon, han gi, hang du tru ton

/

kho lac mot, v.v...

\ f

2. Tien thue luat su, cac chi phi lien quan den toa an, cac

chi phi hanh chinh co the phat sinh mot lugng lan va lam giam

/

gia trj cong ty. Tat ca cac chi phi hanh chi'nh, chi phi phap luat

va chi phi cua su giam sut cua tai san dugc goi la chi phi tich

bien tai chinh true tiep.

f

3. Cac nha quan ly va cong nhan thuang bj mat viec khi

r r \

cong ty that bai. Biet dugc dieu nay, cac nha quan ly cua cong

ty khi cong ty dang trong thai ky bi tich bien tai chinh se co

f y f

nhung quyet dinh de curu vat sir song sot cua cong ty trong mot

f %

thai gian ngan, nhung dieu nay lai lam giam gia tri cua cong ty.

Vi du, cong ty co the tri hoan viec bao duong may moc thiet bj,

r i /

ban het cac tai san co gia tri de thu hoi tien mat, hoac cat giam

\ f r +

qua muc cac loai chi phi, dieu nay dan den chat lugng san pham

v& dich vu cua cong ty giam sut va vi vay, vi tri thi truong dai

f

han ciia cong ty bj suy yeu.

f % f

4. Cac khach hang va nguai cung cap deu nhan biet dugc

r \ x / *

cac van de co the xuat hien, doi vai cong ty, do vay, ho thuong

tien hanh cac hanh dong de bao ve minh, nhung hanh dong nay

khien cong ty da kho khan lai cang kho khan han.

r ^ *

Cac chi phi phat sinh do cac quyet dinh quan ly khong toi

uu trong giai doan tich bien tai chinh cong vai cac chi phi do

khach hang, nguai cung cap ap dat goi la cac chi phi tich bien

tai chinh gian tiep.

Nhin chung, cac chi phi tich bien tai chinh true tiep va

/ / f

gian tiep thuong rat cao. Hon the nua, tjch bien tai chinh thuang

r ^

chi xay ra khi cong ty co von vay. Cac cong ty 100 phan tram

252

V

von cua chu thudng khong trai qua giai do an tich hien tai chinh.

C h in h vi vay, cang sir dung von vay cang nhieu. chi phi tra lai

tien v ay co dinh cang ldn thi xae suat g iam silt trong thu nhap

dan den tich bien tai chinh cang cao, vi xae suat cac chi phi tich

bien tai chinh xay ra se cang cao.

Xae suat tich bien tai chinh trong tuong lai tang len se lam

gisrn gia trj hien tai ciia cong ty va lam tang cac chi phi von ciia

** / X

no 0e nhin thay vi sao, gia sir chung ta du doan rang

Fredrickson Co. sc ganh chiu chi phi tich bien tai chinh S7 trieu

• t

neu cong ty bj that bai vao mot ngay nao do trong tuong lai, va

f

gia trj hien tai ciia chi phi tich bien nay la S5 trieu. Hon the nua,

' r r

xae suat tich bien tai chinh tang len khi ty le giua von vay/von

ciia chii tang da lam cho gia trj tjch bien tai chinh hien tai da du

doan tang tir 0 (trong trudng hop cong ty khong vay ng) den $

* e r

4,75 trieu (khi trong co cau von cua cong ty co S 30 trieu von

ng). Hay xem bang sau:

Frcdrickson Water Co.: Chi phi tjch bien tai chinh du

doan

Tong von ng

SO $5

trieu

S10

trieu

S20

trieu

$30

trieu

r

Xae suat tich bien

tai chinh

0,0

0,05

0,15 0,50

0,95

Gia tri hien tai chi

phi tich bien tai

chinh dir doan*

so

S250.000

S750.000

S2.500.000

S4.750.000

* $5 trieu nhan vdi xae suat

/

Gia tri tjch bien tai chinh du doan se tang tir $0 den

$4,750,000 khi ca cau von vay/von cua chu tang len se lam cho

gia trj cong ty va gia trj von co phan (V va S) giam. Cac nha

253

dau nr sc yen cau tang iy !o hoan vdn. Dieu n av sc lain cir, phi

vdn binh quan tang len. Vi du, a nu’rc S20 trieu \d n n g e in irg ta

co cac m a in o bans’ sau:

Fredrickso n W a te r Co.: A nh h u d n g ciia tich bien tai chm li

D a n vi: trieu do la

i

I

1

]

i

Cac gia tri khi von ng ~ i

S20 trieu neu nhir anh

hudng tich bien tai chinh J

khonu tinh den

i

1

-

Cac gia tri khi von ng j

= S20 trieu co tinh

den anh huang tich

bien tai chinh

:

J

j

" v 1

1

$28.00 |

$28,00 - $2,5 ~ $25.5 |

S

$ 8 ,0 0

S8.00 - S2,5 = S5,5

rS 18,00%

26,18%

rW A C C

i

8,57% j

9,41% |

Nhir vay, can cir vao bang tren chung ta cd the thav rang

khi ty le vdn vay/von cua chu tang len se lam cho chi phi vdn

binh quan va gia tri cong ty giam xuong.

* Cac chi phi va thiet hai thue quan ly trung gian (Agcncy

Costs)

f y f

Loai chi phi nay gan lien vdi viec sir dung vdn vay. Trong

f t

cac cong ty cd vdn vay neu nhu giua cac chu ng va cong ty

' ' A \ A ^

khong ky bat cu dieu khoan han che hoac rang budc nao, cac

nha quan ly se cd khuynh hudng dira ra cac quyet dinh dira vao

cac chi phi cua chu ng de mang lai lgi ich cho cac cd ddng. Vi

du, neu Fredrick Water mdi chi phai vay mot khoi lugng nho,

f

thi khoan vdn ng nay chi co mot chut rui ro vi phan loai tin

dung (credit rating) con cao va lai suat tien vay thap. Nhirng khi

cong ty do phat hanh them cac trai phieu trong khi gia tri tai san

254

bao dam khong i!ia \ doi. Dieu nay cn nuiua !a cac chu ng phai

duong dau voi muc do rui. ro cao i on. nl a ’ ay cac chu ng men

sc yeu cau lai yuat tien cho \ a> uio ho;- (rf J tang), song chinh

dieu nay cac chu ng cu lai ganh chiu nhung mua thiet ve von.

i iron<> tu, 'dii\ su ram* sau khi nhai hanh m oi khoi iirarvj ian von

jr

vay. I’ redrickson da quyet djnh to cnuc lai ca cau tai san cua no

bring each ban hot cac tai san co rui ro kinh doanh thap va mua

vao cac tai san co muc do rui ro cao va cung eo ty !e thu hoi von

dau tu dir kien cao hon. Neu nhu moi viec deu troi chay, cac co

dong se thu d u a c nhieu lo i ich. Song nC-u nhu m oi viec khong

scon se. hau her cac ton that trong cong ty eo ty le von ng cao sc

do vao dau cac chu ng. N h u vay, cac co dong da "danh bac"

bang Uong tien cua cac chu ng.

Bang nhieu cach, cac co dong eo die loi dung cac chu ng,

vi vav, cac trai phieu d u g c bao ve bang mot so giao keo (restrict

covenants). N hung giao keo nay iam tro ngai cac hoat dong cua

cong ty a m ot muc do nao do. Hon the nira, cong ty phai bi

giam sai de cac giao keo dugc tuan thu, va cac chi phi cua vice

j’ iam sai nay lai do cac co donu uanh chiu duai hinh thuc eanh

chiu chi phi von vay cao han. Cac chi phi vi giam hieu qua va

cac chi phi giam sat nay iam tang chi phi v-jn vay va giam gia tri

/ / f

von cua chu va nhir vay, iam uiam loi the cua von no.

- J * O • •

* Gia ui cong ty va chi phi von co tinh den cac chi phi va

thiet hai thue quan ly trung gian

Neu nhu mo hinh MM trong dieu kien ton tai thue thu

nhap cong ty la diing thi gia tri cong ty se khong ngung tang len

khi cong ty do tang tv le von vay/von cua chu tir 0 den 100%.

Dieu do co nghTa la gia tri circ dai ciia cong ty xay ra khi cong

255

' / #

ty hoat dong bang 100% von vay. Gia tri cong ty tang la do gia

0

r

tri hien tai lgi ich thue tang khi von vay tang. Tuy nhien mo

\ / f 9

hinh MM chua de cap den hai nhan to lam giam gia tri cong ty

do la chi phi va thiet hai thue quan ly trung gian. Neu hai loai

0

chi phi nay dugc tinh den thi moi quan he giua gia tri cong ty va

0 0 ^

co cau von cua no phai dugc the hien bai phuang trinh sau:

VL = VU +

Gia trj hien tai

cua lai ich thue

Gia trj hien tai

du doan chi phi

tich bien tai chinh

Gia trj hien tai

chi phi va thiet hai

thue quan ly

trung gian

Phuang trinh tren dugc mo ta bang hinh ve sau:

Hinh H-13.4: Anh hudng cua cor cau vdn den gid tri cong ty

Gia trj cong ty ($)

Chi phi va thiet hai

thue quan ly trung

gian va chi phi tich

bien tai chinh

Gia trj thirc ciia

cong ty

Gia trj ciia cong

ty 100% von

cua chu

Tong so von vay toi uu

Von vay ($)

256

Anh lurune cua Un ich time hoan toan chiem iru the khi

long so von vay dat den diem A. Sau diem A, eae chi phi va

thiet hai time quan ly trung gian cang tnr nen quan trong. O

diem B, lgi ich thue bien ciia $ 1 von no cong them dung bang

cac bat lgi bien cua SI vdn vay cong them, va vugt qua diem B

bat lgi bien hoan toan I an han va chiem tru the so vdi lgi ich

thue bien.

13.5.2. Thue thu nhap cd nhau

\ r f

Mac dau hoc thuyet MM 11 da cd tinh den tac dong cua

thue thu nhap den gia tri cong ty, song hoc thuyet da khong

phan tich tac dong cua thue thu nhap ca nhan. Tuy nhien sau do

9 9 ^ 7

Merton Miller da gidi thieu mot md hinh dugc thiet ke de the

hien tac dong cua ca cau von den gia tri cong ty. Trong mo hinh

nay ca thue thu nhap cong ty va thue thu nhap ca nhan cung da

dugc de cap den. De giai thich md hinh Miller, hay dat Tc la ty

le thue thu nhap cong ty, Ts la ty le thue thu nhap ca nhan danh

vao thu nhap la lai tien cho vay. Hay chu y rang thu nhap tu cd

tire cd the den tu hai nguon: l) Cd tire va 2) thu nhap tu vdn,

/ r

chinh vi vay Ts chinh la binh quan trong sd cua cac ty le thue

thirc danh vao cd tire va thu nhap tir vdn, trong khi toan bo thu

nhap tur vdn cho vay lai do tien cho vay mang lai.

Tronj dieu kien cd tinh den thue thu nhap cong ty va thue

thu nhap ca nhan, gia trj cong ty 100% vdn cua chu se dugc xac

dinh nhu sau:

Vu - EBIT(1-Tc)( 1 -Ts)/rO( 1 -Ts)

Trong cong thue noi tren, tir sd the hien bao nhieu thu

nhap kinh doanh con lai cho cac nha dau tu sau khi cong ty

r 9

100% vdn eua chii thanh toan thue thu nhap cong ty va cac nha

dau tu ciia no thanh toan thue thu nhap ca nhan danh vao thu

257

nhap tir co phan. Vi sir hien dien cua thue thu nhap ca nhan hun

giam thu nhap ciia cac nha dau tu, nen thue thu nhap ca naan

cung lam giam gia tri cong ty (neu nhu cac nhan to khac khong

thay doi).

t > t

Gi.l tri cong ty co von vay trong dieu kien co tinh den ca

r r

thue thu nhap cong ty va thue thu nhap ca nhan duoc xac dinh

%

bang cong thirc sau:

VL + Vu +[ 1-(1 -Tc)( 1 -Ts)/1 - TB)J xB

\

Mo hinh Miller dugc mo ta bang hinh ve sau:

f r r

Hinh H-13.5: an It hic&ng cua co cau van den gia tri cong ty

\ f * ^

trong dieu kien co thue thu nhap cd nhan va thue thu nhap

cong ty

Gia tri

Mo hinh Miller co mot so y nghTa quan trong sau:

1. Cum s6 [1- (1-Tc)(l-Ts)/1- Tb)]><B th£ hien thu nhap

f f * t *

hoSc lo do co von vay trong ca cau von, cum so tren thay the

cho ty le thue thu nhap cong ty trong mo hinh MM khi chi de

cap den thue thu nhap cong ty, va khi do VL = Vu + TcB.

258

2. Neu ehung ta khong de cap den tat ca cac loai thue, hay

no; each khac neu Tc = Ts = T(i = 0 thi cum so trong ngoac bang

0, 'rong trudng hop nay mo hinh Miller hoan toan trung hop vdi

f t

me hinh MM trong trudng hgp khong tinh den tat ca cac loai

thue.

r \ / f

3. Neu chung ta khong de cap den thue thu nhap ca nhan,

f ' ' r

co nghTa la neu Ts = TB = 0, cum so trong ngoac se giam xuong

[1 • fl-Tc)] = Tc, nhu vay mo hinh Miller cung chinh la mo

hinh MM trong dieu kien chi tinh den thue thu nhap cong ty.

4. Neu ty le thue thu nhap ca nhan thuc danh vao thu nhap

i ' r * t

tir co phieu va thu nhap tir trai phieu bang nhau, nghTa la, neu Ts

_

r

- TB thi (1 - Ts) va (1 - Tb) se nit gon cho nhau va cum so trong

ngoac se bang Tc.

5. Neu (1-Tc)(l- Ts) = (1 - TB), cum so trong ngoac se

' f r

bang 0. Nhu vay, co cu vdn khong anh hudng den gia tri cong ty

va chi phi von binh quan ciia no va chung ta lai quay lai hoc

f \ t

thuyet MM dau tien khi hoc thuyet MM dugc nghien cuu trong

moi trudng hoan toan khong co thue.

6. Vi thue danh vao thu nhap tir von thap hon ty le thu

nhap ca nhan bac cao nhat va lai co the tri hoan viec thanh toan

f t f /

thue, ty le thue thuc danh vao thu nhap tir co phieu thudng it

/ r

hon so vdi ty le thue thu nhap danh vao thu nhap tir trai phieu.

Trudng hgp nay, mo hinh Miller du doan thu nhap (lai) do co

cau von la bao nhieu? De tra ldi cau hoi nay, gia sir ty le thue

thu nhap cong ty la Tc = 34%, ty le thue danh vao thu nhap tir

trai phieu la T« = 28% va ty le thuc thirc danh vao thu nhap tir

* /

co phieu la Ts= 20%. 7 Ur>v cac gia tri nay vao mo hinh Miller

f * r

chung se thay gia tri cong ty co von se cao hon gia tri cua cong

.< r r

ty 100 phan tram von ciia chu la 27% gia tri thi trudng von vay

259

cua cong ty.

Thu nhap

i , - r, ( i - T j ( ! -1',)

do trong ca cau ’- [ I - ____

____________

j 5 j 3

; , , " ( 1 -Th)

von co von vay

(1-0,34X1-0,02)

= [ 1

-

------------------------------

1 (1-0,28)

= [1 - 0,73]5B = 0,27B

Chu y rang, mo hinh MM trong moi trirang co time thu

nhap cong ty, gia tri iai ich thue do vay vdn la 0.34 B hay hang

f r

34% gia tri von vay. Chinh vi vay, vai cac ty le thue gia sir nay,

sir hien dien cua thue thu nhap ca nhan lam giam lai ich thue thu

V /

f

duac do tai tra bang von vay. Nhin chung, bat cir khi nao ty le

thue tlrac danh vao thu nhap tir co phieu nho han ty le thue thirc

danh vao thu nhap tir trai phieu, thi lai thu duoc do vay von tinh

theo mo hinh Miller se hon lai tinh theo mo hinh MM.

13.5.3. Thue va thi trudng khong hoan hao

Trong phan nay chufig ta lai quay lai vai nhung anh

huang cua cac nhan to trong thi trirang khong hoan hao ma

chung ta da de cap a nhung phan dau ciia chuang do la chi phi

pha san, chi phi va thiet hai thue quan ly trung gian.

* Chi phi pha san, chi phi va thiet hai thue quan ly trung

gian va cac loai thue.

Neu nhu mot cong ty nao do co the bi pha san, cong ty

r r

tinh toan cac chi phi phat sinh do pha san, va neu nhu xac suat

pha san cang tang len khi ty le von vay/von ciia chii tang len, ty

le von vay/von ciia chu tang len den mot diem nao do. cac chi

phi von do cac chii ng va cac nha dau tu ap dat se cao han nhieu

so vai mire trung binh. Trong mot the giai co ton tyi cua cac loai

thuc \a cac chi phi lien quan den pha san. ;o the co ca cau von

toi iru neu nhir tat ca cac nguyen ly khac ci.ia hoc thuyet M M

khoia_» thay doi. Chi phi von cua com: \\ e pi am khi S! von vav

dau tien dirac sir dumi. Khi von va\ n$jav caaa tanLr len va kha

nang pha san cung tang len sc lam cho chi pi: i von giam theo ty

1c giam dan khi ty le von vav/von cua chu tang len. Khi ty le

von vay/von cua chu dat den muc do nao do. cac chi phi phat

sinh lien quan den kha nang pha san se tang len va lan han ca

r * t

gia trj loi ich thue cua von vay, luc do chi phi von cua cong ty

sc tana len.

Ngoai cac chi phi phat sinh co lien quan den kha nang pha

san, trong cong ty co von vay con co sir hien dien cua cac chi

phi quan ly va giai quyet lgi ich giua cac nha dau tu. Tuang tu,

vdi loai chi phi phat sinh co lien quan den kha nang pha san, chi

phi quan ly va giai quyet lgi ich giua cac nha dau tu se tang theo

nhung ty le tang dan khi ty le von vay/von cua chu tang len. Ket

t

hgp anh hudng cua cac loai chi phi tren va cac loai thue, gia trj

cua cong ty dugc xae dinh bdi cong thuc sau:

(1 -Tc)( 1 -Ts)

_

___

__

___

_

____

]5B - C(B)

Vl = Vu+[1- (i.Tb)

Trong do C(B) la gia tri hien tai cua cac chi phi lien quan

t

/

den pha san va cac chi phi quan Iv va giai quvet lgi ich giua cac

nha dau tu.

Gia tri cong ty va chi phi von binh quan trong trudng hgp

nay dugc mo ta bang hinh ve sau:

261

Hinh H-I3.6: Leri ich thue, cac chi p h i lien quan den pha san

r f r

dir tinh va ca cau van toi uu

Lai dong 1cm nhat

(Chi phi bien =

lgi ich bien)

Diem toi iru

Chi phi pha san dir kien

Lai ich thue

B /S

W A C C

262

Chu'it Jig I t

CHINH SACH C O TUC

Trong nhirng nam gan day nhieu cong ty da thanh toan

khoang 50 phan train thu nhap ciia cong ty cho cac co dong duai

hi nh thirc co tire bang tien. Tuy nhien. mot so lan cac cong ty lai

\ \ f \

khong thanh toan co tire bang tien va cung co rat nhieu cong ty

thanh toan co tire cho co ddng nhieu han thu nhap thuan tuy ciia

cong ty.

Mac du viec thanh toan co tire cua cac cong ty co the rat

khac nhau, song tat ca cac cong ty deu cho rang cac quyet dinh

\ * 9 <1

vc co tire la rat quan trong vi quyet dinh thanh toan co tire se

an;h huang den luong tien ra cua cong ty !a bao nhieu va tien

cong ty giu lai cho tai dau tu la bao nhieu. Them vao do, chinh

y * f +

sdich co tire cung co the cung cap cac thong tin cho cac co dong

ve- tinh hinh hoat dong ciia cong ty. Noi dung chinh cua chuong

naiv de cap den cac ly do vi sao mot so cong ty lai ap dung chinh

f

sdich tv le thanh toan co tire cao, song lai co mot so cong ty su

duing ty le thanh toan co tire thap.

14.1. Co tuc va thu nhap tir von - Cac nha dau tu- thich

klnoan thu nhap nao hon?

Khi chiing ta noi den co tire, thudng cd nghTa la noi den

> \ \ / ■»

nndt bd phan thu nhap thuan tuy bang tien phan phdi cho cd

263

dong. Neu so tien phan phoi cho cac co dong dtroc lay tu in;uon

khac chu khong phai tir thu nhap thuan tuy cua nam hien hanh

hay thu nhap thuan tuy duoc gifr lai cho tai clau tu. thi so tien

phan phoi nay khong duoc coi la co tire. Co phieu eo the niang

k?: cho nguoi sd hiru no hai nguon thu nhap do la co tire va thu

nhap tir von (capital gain). Thu nhap tir von la phan chenh lech

giua gia tri thi trudng hien tai cua cd phieu va gia mua co phieu

(Pt#Po). Thuc te, nhin chung bat cu mot khoan thanh toan true

tiep do cong ty thuc hien doi vdi co dong cua minh co the duoc

coi la mot phan ciia chinh sach co tire.

1 \ r r \

Chinh sach co tire thudng de cap den ba van de co ban:

1) Ty le thanh toan co tire trung binh nen la bao nhieu'.’ Co

nghTa la ty le thanh toan co tire muc tieu (target payout ratio)

cua cong ty cho ca mot thdi ky dai la bao nhieu?

t f t s

2) Cong ty nen co gang duy tri toe do tang trudng co tire

tir tir va on dinh hay viec thanh toan co tire nen phu thuoc vao

nhu cau von va phu thuoc vao luong tien ciia cong ty timg thdi

ky?

r \ ' , Z.

3) Khoi lugng tien cong ty nen sir dung de thanh toan co

tire trong nam hien hanh la bao nhieu?

Ty le thanh toan co tire muc tieu khi xay dung can dua

t > *> A x

tren mong muon ciia cac nha dau tu la co tire hay thu nhap tu

/ \ r / A

von. Cac nha dau tu muon cong ty phan phoi toan bo lgi nhuan

cho minh dudi dang co tire bang tien hay su dung lgi nhuan de

tai dau tu vao kinh doanh de sau do thu dugc thu nhap tir von.

Su mong muon nay dugc the hien bang mo hinh sau:

P = _P|

0 rs_g

264

01: Co tuc monu doi sc dm> thanh tuan vao cuoi nam

hien hanh

rS: Ty le hoan von co phieu.

g: 1 uc do tang co tire mong do;

Phuang trinh tren chi ra rang neu cung ty tang ty le thanh

toan co tire va vi vay lam tang 1)1. tang trong tir so mot cach co

1;tp se lam cho gia co phieu tang len. nhu vay luong tien giu lai

\ 9 ' .... \

cho tai dau tu se giam va ty le tang trudng du kien se giam, dieu

» / r

nay co the lai lam giam gia co phieu. Chinh vi vay, bat cir mot

% ■»

sir thay doi nao trong chinh sach thanh toan co tuc cung se gay

X t f

ra hai loai anh hudng trai ngugc nhau, cong ty can co gang can

doi gifra viec thanh toan co tire cho nam hien hanh va toe do

•t ** * / *

phat trien ciia cong ty trong tuong lai de co the toi da gia co

phieu.

Trong phan dudi day, chung ta se nghien ciru ba hoc

thuyet ve mong muon ciia cac nha dau tu: 1) Hoc thuyet su

khong thich hgp cua co tire (Dividend Inrelevance: Modigliani

& Miller; 2) Hoc thuyet " Ao anh chim trong long - bird - in -

/ ' 9

the hand" va 3) Hoc thuyet sir khac biet ve thue (Tax differential

theory).

9

* Hoc thuyet sir khong thich hgp ciia co tire:

■v 7

Trong mot bai bao quan trong ve chinh sach co tire,

%

Merton Miller va Franco Modigliani (MM) da tranh luan rang

chinh sach cd tire khong anh hudng den gia co phieu va chi phi

von cua mot cong ty - MM cho rang chinh sach co tire khong

quan trong. Cac ong da ly luan rang, gia tti cong ty dugc xac

dinh bdi kha nang sang tao thu nhap thuan tuy va mire do rui ro

I’d : Ciia co phieu hien tai

265

cua no, va nhu vay thi gia tri cong ty phu thuoc vao chinh sich

dau tu chu khong phu thuoc vao hao nhieu phan loi nhuar sir

dung de thanh toan cho cac co dong diroi dang co lire va 3ao

nhieu lgi nhuan giir lai cho tai dau tu. Dua tren mot so cue gia

t \

thiet, MM da chime minh rane neu mot cone tv thanh tear, cd

/

tire cao han thi cong ty phai ban them cd phieu cho cac nha Jau

tu mdi, va phan gia tri cong ty do cac nha dau tu mdi dong gdp

dung bang tong sd cd tire thanh toan ra. Vi du, neu trong ke

hoach vdn, hang may Lay Boeing can SI ty tir viec tai tra thong

qua phat hanh cd phieu trong nam 1994, va neu hang nay du

doan se thu dugc ?! ty igi nhuan thi (1) hang Boeing cd the

» •»

thanh toan toan bo lgi nhuan ciia no cho cd dong dudi dang cd

tire va ban SI ty co phieu mdi; 2) hang Boeing cd the giir lai

toan bo $1 ty lgi nhuan khong thanh toan cd tire va khong phat

If f ■> ^

hanh cd phieu mdi va cung cap cho cac cd dong thu nhap tir vdn

i r

gia tri hien tai la $1 ty; hoac (3) hang co the ap dung bat cd mot

ty le thanh toan cd tire nao trong vong tir 0 den 100% va cung

f y *» ' t *

cap cho cac cd dong ca cd tuc va ca thu nhap tu vdn vdi tong

gia tri la SI ty.

MM da chimg minh hoc thuyet nay dung ve mat ly thuyet

neu nhu phai cd nam gia thuyet sau:

f f

1) Khong cd thue thu nhap cong ty va thue thu nhap ca

nhan

2) Khong cd chi phi giao djch va cac chi phi phat hanh cd

t

phieu

3) Cac nha dau tu cd thai do nhu nhau giua cd tire va thu

/

nhap tu vdn

4) Chinh sach dau tu vdn ciia cong ty doc lap vdi chinh

266

5) Cac nha dau tu va cac nha quan Iv tiep nhan cung mot

' r \

kho i lugng thong tin lien quan den cac co hoi dau tu tuong lai.

Cac gia thuyet ciia MM la khong hien thue va ro rang la

khong ton tai trong tkirc te. Cac cong ty va cac ca nhan deu phai

f

thanh toan thue thu nhap, cac cong ty phai ganh chju cac chi phi

7 9 \

phat hanh co phieu, con cac nha dau tu lai phai ganh chiu cac

chi phi giao dich. Hon the nua, cac nha quan ly thucmg thu nhan

\ X

dirge nhieu thong tin quan trong hon cac nha dau tu ben ngoai.

r ft

N hu vay, cac ket luan cua hoc thuyet nay co the khong co gia tri

trong the giai hien thue.

ft y

* Hoc thuyet "Ao anh chim trong long - Bird - in - the -

hanid": (Gordon va Lintner):

\ r y

0

Khia canh gay ra nhieu tranh cai nhat ve hoc thuyet khong

* y

thic;h hap cua co tuc cua MM do la cac nha dau tu co thai do

-» r 9 y

nhur nhau giua co tuc va thu nhap tir von. Van de nay gay ra

*

nhumg tranh luan khoa hoc soi noi. Myron Gordon va John

' *

Linitner mot mat tranh luan rang rS tang khi ty le thanh toan co

y 9 9

i

tire giam, bcri vi cac nha dau tu chac chan nhan dugc co tuc han

/ f

la mhan dugc thu nhap tir von vi khoan thu nhap tir von bj phu

thu(5c vao hieu qua sir dung thu nhap tai dau tu. Gordon va

\ S 1

Linitner cho rang, cac nha dau tu danh gia $1 co tire cho dgi

9

dugrc thanh toan cao han $1 thu nhap tir von cho dgi dugc thanh

toain boi vi Dl/Po it rui ro hern g trong phucmg trinh ty le hoan

vom mong dgi:

= d i /p o + g

MM lai tranh luan rang cac nha dau tu co thai do nhu

nhaiu giua Dl/Po va g. Vi vay, khong chiu anh huang cua chinh

sach co tire cua no

267

,s;ich co tuc. M M da goi nlum c tranh iuan cua C ordon - i m iner

!a "A o anh chim trong long 1’. Theo quat; diem cua M M . : at

nhieu cac nlut dau tu nhung khdng phai tat ca cac nha dau t;r sir

dung thu nhap tir cd tuc de tai dau ttr vao chinh cong t> da thanh

toan cd tire cho m inh hoac vao cac cong t\ tuong tir. T hem vao

do. muc do rui ro cua luong tien cac cong ty dung de thanh toan

cho cac nha dau tu pint tln idc vao muc do rui ro cua luong tien

tir hoat dong kinh d :>rh chu khdng phu thuoc vao chinh sach

thanh toan cd tuc e,u4 cone tv.

o

* Hoc thu;, ct sir khac biet vc thue: Litzcnbcrgcr va

Ramaswamy.

Hoc thuyet thu 3 dua tren co so anh huong cua thuc do

Litzenberaer va Ramaswamy dtra ra. Vao nam 1993, tv le thue

W J 7 J

toi da danh vao thu nhap tir vdn dai han la 28% trong khi ty le

thue bien cao nhat du kien ap dat len thu nhap tir cd tire la

39,6% (va la hon 40% khi viec mien va giam thuc bi giam hot).

Chinh vi vay, mot nha dau tu thuoc nhom thuc 40% sc phai

thanh toan 40% thue doi vdi thu nhap tir cd tire, nhung chi phai

ndp 28% thue ddi vdi thu nhap tir vdn. Hon the nua, neu nha

dau tu do khdng ban cd phieu thi nha dau tu cd the tri hoan vice

ndp thuc thu nhap danh len thu nhap tir vdn, va vi "dong tien

hom nay cd gia tri hon dong tien ngay mai", nen kha nang co

the tri hoan nop thue mang lai uu the cho thu nhap tir vdn.

14.2. Cac kiem dinh cua hoc thuvct co tuc

Trong phan trudc, chimg ta da trinh bay ba hoc thuyet ve

cd tire:

1. MM cho rang chinh sach cd tire la khong thich hop, cd

nghTa la chinh sach cd tire khdng anh hudng den gia tri cong ty

268

VC Cl: pill \OM CIK1 COtlg tV. 1 hinh W \ > MM SC kllOllg C<>

m J.iuh '.:ch co r.rc Cu ;ru.

2. Cordon va Lintner da khong li-.' a; vdi MM, cac ung

tranh luan rang co lire it rui ro lion thu nhip tir von, ncn cong ty

co the ap dung ty le thanh toan co tire cao \ a ty le loi tire (D/Po)

cao de toi da gia co phieu cua no. MM goi dieu nay la "Ao anh

chini trong long".

3. 1 loc thuyct thir 3 la cac nha dau tu thich lgi nhuan dc lai

hon la cd tire bdi vi co su khac biet ve thue danh vao co tire va

• f \

danh vao thu nhap tir vdn. Hoe thuyet nay air. chi rang cac cong

ty chi ncn thanh toan co tire d mire thap neu cac cong ty muon

toi da gia cd phieu.

Ba hoc thuyet tren dira ra cac Idi khuyen trai ngugc nhau

ddi vdi cac nha quan Iv ciia cac cong ty. nlur vay trong ba hoc

thuyet tren. cd hoc thuyet nao cluing ta cd the tin cay dirge? Hai

loai kiem dinh dau tien da dugc tien hanh dc xac djnh mdi quan

he thue giira chinh sach co tire va ty le hoan vdn yeu cau. Trong

loai kiem dinh DCF, cac so lieu kiem dinh ve tv lc lgi tire va ty

le tang trudng dirge ve trung bieu do cho cac cong ty khac nhau

va dd doe cua bieu do da duoc nghien ciru. Neu nhu do doc la -

1,0. dieu nay chi ra rang cac nha dau tir co thai do nhu nhau doi

vdi cd tire va thu nhap tir von, va nhu vav kiem dinh nay iing ho

> / /

MM. Rt khong may, kiem dinh DCF khong di den ket luan vi

hai ly do: 1) De mdt kiem dinh thong ke co y nghTa. ngoai chinh

sach co tire, cac nhan to khac phai giu co dinh. dieu nay co

nglua hi tat ca cac cong ty nam trong mau kiem dinh chi khac

nhau trong chinh sach co tire ciia ho. va 2) Chiing ta phai co kha

nang do ludng chinh xac toe dd tang trudng du doan cua cac

269

cong ty trong mau. Ca hai dieu kien tren deu khong tun tai.

Chung ta khong the tim duac mot mau gom cac cong ty sd hiru

cong cong ma lai chi khac nhau ve chinh sach co tuc, va cluing

ta cung khong the co duac nhung du doan chinh xae ve toe do

tang trudng cua cac cong ty. Chinh vi vay, kiem dinh PC'F

khong the xae djnh muc anh hudng ciia chinh sach co tuc doi

/ *>

vdi chi phi von cua chu. Vi vay khdng the giai toa dugc nhung

tranh cai ve chinh sach co tuc.

14.3. Cac van de khac vc chinh sach co tuc

\ »

'1'nrdc khi chung ta thao luan ve chinh sach cd tuc trong

thuc tc. chung ta can phai xae dinh ha van de khac cd the anh

hudng den quan diem ciia chung ta ddi vdi cac hoc thuyet da

dugc trinh bay tren. Do la cac van de: 1) Noi dung thong tin (the

information content); 2) anh hudng ciia cac cd dong (clientele

f *

effect), va 3) mdi quan he giua chinh sach cd tuc va cac chi phi

quan ly va giai quyet quyen lgi giua cac nha dau tu.

* Noi dung thong tin:

Khi MM dua ra hoc thuyet su khdng thich hgp cua chinh

** \ f *

sach cd tuc, cac ong da gia su rang tat ca cac nha dau tu cung

\ ^

nhu cac nha quan ly deu cd chung mong dgi vc lgi nhuan tuang

\ t r

lai ciia cong ty va luong cd tuc. Tuy nhien, trong thuc te, cac

nha dau tu cd nhung y kien trai ngugc ve ca muc thanh toan co

t r f

tuc tuang lai va muc do khdng chac chan gan vdi khoan thanh

toan nay, va thudng thi cac nha quan ly cd day du cac thong tin

ve trien vong tuong lai ciia cong ty hon la cac nha dau tu ben

ngoai.

Ngudi ta da quan sat thay rang tang cd tire thudng lam

tang gia cd phieu, va giam trong cd tuc thudng lam giam gia co

270

phieu Dieu nay co the chi ra rami Cic :Ma dau tu thich co tuc

!r n. la thu nhap tir von. T u y nlucn. M M ia: t ranh luan khac. Cac

one da luu v den su kien cac cone tv ma 11 cudng cat mam co

- • C m w

tire va khong tang co tire tru phi cac M m ; ty du doan trong

tuong lai se thu duoc loi nhuan ngang hang hoac cao hon trong

tuong lai. Chi'nh vi vay, MM khang dinh tang phan img eua cac

nha dau tu doi vdi nhung thay doi trong chinh sach co tuc

khong nhat thiet chi ra rang cac nha dau tu thich co tire hon thu

*» / 9 ^ r

nhap de lai. Hon the nua, thue te su thay doL trong gia co phieu

klii co nhung thay doi trong chinh sach co tuc don gian da chi

cho MM rang co nhung thong tin quan trong, hoac co nhung

dau hieu hay noi dung trong cac thong bao ve co tuc.

Giong nhu hau het cac khia canh khac cua chinh sach co

* /

tuc, kiem dinh thue te anh hudng cua noi dung thong tin co cac

ket qua hon hop. Ro rang co dau hieu trong cac thong bao ve co

9 1 / t

tuc. Tuy nhien, rat kho xac dinh co phai la gia co phieu thay doi

•» ^

theo sat su thay doi trong thanh toan co tuc chi do anh hudng

cua cac dau hieu trong cac thong tin ve co tire hay ca do cac nha

\ •+ 0

dau tu thich co tuc hon thu nhap tu von.

* Anh hudng cua cac co dong

1 t

Cac nhom co dong khac nhau thich cac chi'nh sach ve ty le

thanh toan co tuc khac nhau. Vi du, nhom nhung ngudi huu tri,

cac quy ung ho cac trudng dai hoc thudng thich thu nhap hien

9 *

tai, vi vay ho muon cong ty ap dung ty le thanh toan co tuc cao.

* 9

Nhom cac nha dau tu nay thudng thuoc nhom chiu thue thu

/ 0 9

nhap thap hoac khong bi danh thue. Mat khac, doi vdi nhom cac

1 ♦ \

co dong co thu nhap cao, ho lai thich tai dau tu vi ho khong can

/ \ 9 1

den thu nhap hien hanh va ho se tai dau tu bat cu khoan co tuc

271

nao nhan duac sau khi thanh toan thuc thu nhap ddi vdi co tdc.

Neu cac com: ty khdng thanh toan cd tire ma giu lgi nhuan

lai de tai dau nr. nhom cac cd dong can thu nhap hien tai sc that

vong. Ciia tri cd phieu cua ho sc tang, nlnrng nhung cd dong nay

buoc pha. ban bdt mdt sd cd phieu ciia ho de co tien. Nhdm cac

nha dau tu muon tiet kiem han chi tieu se thich chinh sach tra cd

tuc thap. Nhdm cac nha dau tu nay se phai ganh chiu them

phien toai v;i chi phi neu cac cong ty cua ho ap dung chinh sach

thanh toan cd tire cao vi ho phai thanh toan ngay thue thu nhap

ca nhan ddi vdi sd cd tire nhan dugc va sau khi ndp thue lai tai

dau tu phan thu nhap con lai. Vi vav, cac nha dau tu mudr. cd

thu nhap hien tai nen dau tu vao cd ph.eu cua cac cong ty cd

chinh sach thanh toan cd tire cao. trong khi do cac nha dau tir

khdng can ‘hu nhap hien tai nen dau tu vao cac cd phieu cua cac

cong tv cd ty le thanh toan cd tuc thap.

Cac nha dau tu cd the chuyen ddi viec dau tu cua minh tir

cong ty nay sang cong ty khac, mdt cong ty cung cd the thay doi

chinh sach cd tire va sau do neu nha dau tu nao khdng thich

i * n f

chinh sach cd tuc mdi cd the ban cd phieu cua minh cho nhung

ngudi thich chinh sach cd tire mdi do. Tuy nhien. viec mua ban

lai cd phieu cd the khdng hieu qua vi: 1) Cac chi phi phai tra

•y r >

cho ngudi mdi gidi, 2) kha nang ngudi ban cd phieu cd the phai

thanh toan thue thu nhap doi vdi thu nhap tir vdn, va 3) kha

nang se khdng cd nhieu nha dau tu thich chinh sach cd tuc mdi

cua cong ty. Chinh vi vay. cac nha quan ly co the mien cudng

thay ddi chinh sach cd tire ciia cong ty minh, vi nlurng thay ddi

nhu the cd the lam cho cac cd dong hien tai ban cd phieu cua ho,

hanh dong do sc lam giam gia cd phieu. Sir giam gia cd phieu cd

the la tam thdi nhunc cun<> cd the dien ra tronu mdt thdi iiian

272

din. Neu chi'nh sach co tire m m ehi hap dan n ot so nha d au tir

m m d.i gia co phieu se giam . N iurng c a m 1 e '> ihe chinh sach co

tire nvVi hap dan m ot so luong khach hang I'm h a n truac, trong

truam;. h a p nay, gia co phieu se tang.

C ac baivj ciiirnu thue nuhrcrn cho ra

r u i .

cac nha d au tu

cun:; cu tac dong den gia co phieu. MM va cac hoc thuyet khac

tranh luan rang khach hang cung co tac dong den gia co phieu

nhu cac nhan to khac, vi vay. sir ton tai tac dong cua khac hang

/ r \ ■» t

khong nhat thiet co nghia rang co mot chinh sach co tire nay tot

hon chinh sach co tuc khac, MM cung co the sai, mac du chua

' •» \ y r

mot ai, ke ca ho co the dua ra cac bang chung tong hop ban chat

cua cac nha dau tu de cho phep cac cong ty khong quan tam den

\ f t \

tac dong cua eac nha dau tu. Giong nhu cac van de khac lien

quan den co tire, van de nay chua duoc lam sang to.

* Su on dinh co tire

X X 1 X

Lgi nhuan va cac luong tien thudng xuyen thay doi, dieu

*>

nay goi y cac cong ty nen thudng xuyen thay doi chinh sach

thanh toan co tuc, tang co tire khi luong tien vao ldn, nhu cau ve

tien thap, va giam co tuc khi luong tien vao it so vdi co hoi dau

tu. l uy nhien, doi vdi nhieu cd ddng, co tuc la nguon thu nhap

chinh de chi tieu hang ngay, thi luong co tuc khong on dinh se

* * . ' / i 1

vo cung bat tien doi vdi ho. Hon the nua, viec giam co tire de co

tien cho dau tu co the phat ra cac dau hieu khong dung, va cac

dau hieu nay co the lam giam gia co phieu. Chinh vi vay, de toi

da gia co phieu cua minh yeu can cong ty phai can doi giua nhu

cau ve von cua ban than cong ty vdi nhu cau va mong muon cua

cac cd ddng.

Cong ty nen xay dung chinh sach cd tire nhu the nao? kho

273

co the dua ra mot cau tra ldi ro rang, tuy nhien chrdi day l.'i cac

diem co the tham khao.

1. Hau nhu tat ca cac cong ty sd huu cong cong deu thuc

hien cac du doan ve lai nhuan va co tuc tir 5 den 10 nam. Cac

dir doan nay khong cong bo ra cong chung, cac du doan nay chi

nham phuc vu muc dich ke hoach hoa noi bo cong ty. Tuy

nhien, cac nha phan tich chung khoan cung xay dimg cac du

doan tucmg tu va cong bo cho cac nha dau tu.

2. Cac nam trudc, khi lam it xay ra, tap hop tir "chinh sach

<» <* %

co tire on dinh" co nghTa la chinh sach thanh toan co tire nhu

%

nhau tir nam nay qua nam khac. Ngay nay, phan ldn cac cong ty

va cac co dong chd dgi lgi nhuan khong ngimg tang len, theo do

co tire cung tang len. Chinh vi vay, ngay nay "chinh sach co tire

on dinh" thudng co nghTa la tang co tuc d mot ty le on dinh htjp

ly-

\ *

3. Phan ldn cac nha quan sat tin tudng rang, moi ngudi

* t n 1

deu mong muon co mot chinh sach co tuc on dinh. Nhung han

r r ’ . • /»

che trong llnh virc thong ke da can trg viec kiem dinh quan diem

nay. Song, neu quan diem nay dung, cac nha dau tu se thich cac

1 ^ 1 1 1 1

co phieu co the nhan co tuc co the du doan trudc han so vdi co

r f

phieu chd dgi nhan dugc khoi lugng co tuc trung binh dung nhu

tren nhung co tuc dugc tra khong deu dan. Dieu nay co nghTa la

r ft f

chi phi von cua chu se toi thieu, va gia co phieu se toi da, neu

> * *

cong ty on dinh chinh sach co tuc cua no den muc co the.

14.4. Xay dung chinh sach co tire trong thirc te

Trong cac phan truac, chung ta da biet rang co nhom nha

dau tu thich co tire han thu nhap tir von, song co nhom lai thich

thu nhap tu von hon co tire. Tuy nhien, ca hai nhom nav deu

274

thi\ h a* tuc co the dir doan tri roc h<*n cm ti'a khone the dir doan

t;ir>Tc Vay cac cong ty ncn xay dung cac ch.in sach co tire nhu

tl.c nao .' Trong phan nay. cluing ta sc n,6 ta thirc te xay dirng

chinh sach co tire a cac cung.

* Xay dung ty le thanh toan co tuc muc tieu : "Mo hinh

thanh toan co tuc cuoi cung".

Ty le thanh toan co tire toi uu la mot ham so cua bon nhan

to sau: 1) Muc do cac nha dau tu thich co tire hon thu nhap tir

von. 2) Co hoi dau tu cua cong ty, 3) Co cau von muc tieu ciia

cong ty, va 4) muc do san co va chi phi cua nguon von ben

ngoai. Ba nhan to sau ket hop thanh mo hinh thanh toan co tire

cuoi ciing. Theo mo hinh nay, sau khi cong ty xac djnh ty le

thanh toan co tire muc tieu, cong ty se thue hien bon buac sau:

f f f * \

1) Xac dinh ngan sach von toi uu; 2) Xac dinh so lugng von can

thiet; 3) Sir dung thu nhap de lai de bo sung phan von cua chu

f l r

den mire co the; va 4) Chi thanh toan co tire neu nhu lgi nhuan

^ A ^ / /

san co nhieu hon nhu cau bo sung cho ngan sach von toi uu. Mo

hinh thanh toan co tire nay co nghia la co tire dugc thanh toan

bang phan lgi nhuan con lai sau khi da thoa man tat ca cac nhu

cau khac.

Chi phi cua lgi nhuan giu lai la chi phi ca hoi phan anh ty

t y r *»

le hoan von cua co dong. Neu nhu cac co dong cua mot cong ty

* y r

co the mua cac co phieu khac co mire do rui ro tuong duong va

thu dugc tong ty le co tire va ty le thu nhap tir von 12%, thi chi

* r

phi lai nhuan giu lai chinh bang 12%. Neu nhu cong ty huy

t \ ^ /

dong von bang cach phat hanh co phieu moi, chi phi cua viec

phat hanh co phieu mai se lan han 12% vi viec phat hanh se

phat sinh them chi phi. Them vao do thong bao phat hanh co

275

phieu m d i co the phat ra eac tin hieu tieu cue lam p.iam a.a co

phieu.

Hau hot cac c o n e ty thiet lap cho minh c a cau von m u c

tieu. Trong ca cau vdn nay. nluit thiet phai co von vay. vi vay

viec tai tro mdi phai dirge thirc hien mot phan thong qua phat

hanh chung khoan ng, mot phan bang nguon von cua chu. Neu

nhu cac cong ty dirge tai trg bang mot ca cau vdn hon hgp toi

uu (gom mot lugng hgp ly von vay va mot lugng hgp ly von cua

chu) va neu nhu phan von ciia chu dugc tai trg chi bang phan lgi

nhuan giu lai, thi cong ty se toi thieu chi phi bien cua moi dong

von mdi huy dong. Lgi nhuan giu lai la co gidi han. khi nhu cau

dau tu mdi ciia cong ty vucrt qua mot gidi han nao do. cong ty se

r > \ \ -

phai huy dong them von co phan bang cach phat hanh co phieu

r * *

thudng mdi vdi chi phi dat han va ket qua la chi phi von binh

quan se tang len.

Nhung khai niem nav co the dirge mo ta d hinh ve "Chi

r *

phi von bien" phia dudi. Gia sir cong ty DOC co chi phi von

binh quan rWACC la 10% va toan bo von ciia chu la tu lgi

nhuan de lai. Dudng chi phi von bien ciia cong ty (MCC) bat

dau tang tai thdi diem phat hanh co phieu mdi. DOC co S(>0

trieu lgi nhuan va ty le von vay toi uu la 40 phan tram. Neu

K X * A

cong ty khong tra lgi tuc bang tien cho co dong, DOC co the sir

dung SI00 trieu (bao gom S60 trieu lgi nhuan de lai va $40 trieu

/

* * \ \ \

von vay mdi vdi chi phi von la 10%) dc dau tu thuan tuy (dau tu

\ ' 1

thuan tuy chinh la chenh lech giira dau tu bo sung vao cac tai

san co dinh va chi phi khu hao). Vi vay rWACC se duoc giu

vung d ty le 10% khi von dau tu trong vong S i00 trieu. Von d;iu

tu vugt qua Si00 trieu, rWACC se tang vi phai sir dung co

phieu pho thong phat hanh mdi co chi phi cao han.

276

I'at nhien neu IX )(" k h o ng giir hu i< ho loi nhuan dc tai

dai l.r. r\Y A C C se hat dau tang m r - v i u trieu. Vi du, neu

D O C c h i giir lai $30 trieu, thi rW A C C se K it dau tang a diem

$3(7 trieu loi nhuan giir lai + $20 trieu von v;-y = $50 trieu.

Bay g id gia sir giam doc tai chinh eua D O C xay dirng cac

bieu do vc co hoi dau tir. ('hung ta the hien cac ca hoi dau tir

nay tren hinh ve "Sir ket hap ca hoi dau tu va chi phi von bien".

C hiing ta ket h o p cac bieu do ve ca hoi dau tir vdi bieu do chi

phi von. Diem giao nhau giCra dudng 10S va dudng M C C chinh

la chi phi von bien va mire dau tu toi iru eua cong ty. Khi ca hoi

dau tir tuang doi xau (10SB), muc dau tu toi iru la $40 trieu; khi

\ > f

ca hoi dau tu binh thudng, (IOSN), mire dau tu toi uu la $70

trieu; va khi ca hoi dau tu tuang doi tot tIOSG), cong ty nen

dau tir mdi bang mot luong len tdi SI50 trieu.

Neu nhir ca hoi dau tu tot, va khoi lugng dau tu toi uu cua

cong ty DOC la 150 trieu dola. Cong ty co 60 trieu do la lgi

f t % f * \

nhuan va tv le von ng muc tieu (von ng/tong so von) la 40 phan

tram. Chinh vi vay, thi cong ty co the tai trg 100 trieu dola, bao

gom 60 trieu do tir lgi nhuan giu lai va 40 trieu dola ng mdi va

chiu chi phi von binh quan la 10% (neu cong ty giu lai toan bo

l % X f

lgi nhuan de tai dau tu). Phan con lai S50 trieu von huy dong

bang each phat hanh co phieu va vi vay se co chi phf cao han.

Neu DOC' sir dung mot phan lgi nhuan de thanh toan co tire cho

* /

co dong, cong ty se phai phai phat hanh co phieu mdi vdi chi

phi cao han sdm han trudng hgp dau (giir lai toan bo lgi nhuan

de tai dau tu). va nhu vay dudng chi phi von bien MCC se tang

len Sam han trudng hgp dau. Dieu nay goi y rang, d dieu kien

\ f "t *

ca hoi dau tu tot cong ty ncn giu lai toan bo lgi nhuan de tai dau

tir. Theo mo hinh "thanh toan co tire cuoi cuim ", ty le thanh toan

277

Neu ca hoi dau tu bin’ .nrdng, DOC chi nen <!au tu

S70 trieu. Nen dung nguon nao 'e tai trg viec dau tu nay? I rude

het, nen chu y rang neu DOC. g r lai toan bo S60 trieu lgi nhuan

va chi vay mai S10 trieu. Neu cong ty lam nhu vay, thi cong ty

da khong duy tri dugc ca cau von muc tieu cua minh. De duy tri

ca cau von muc tieu, DOC phai tai trg 60% cua $70 trieu bang

•> r 1 ^ ,

phat hanh co phieu va tir thu nhap de lai va 40% dugc tai trg

\ f \

bang von vay; dieu nay co nghTa la DOC phai giu lai S42 trieu

lgi nhuan, va di vay $28 trieu. Neu DOC chi giu lai $42 trieu

lgi nhuan de tai dau tu thi phan lgi nhuan con lai ($18 trieu),

DOC se phai thanh toan cho co dong cua minh. Nhu vay, d dieu

' * 9

kien dau tu binh thudng, ty le thanh toan co tuc toi uu se la

S18/S60 = 30%.

Neu ca hoi dau tu xau, DOC chi nen dau tu $40 trieu.

Vi DOC co $60 trieu lgi nhuan, cong ty co the sir dung toan bo

$40 trieu de dau tu va van con $20 trieu de thanh toan co tuc

cho co dong. Cong ty co nen lam nhu vay khdng? Theo mo hinh

"Thanh toan co tuc cuoi cung" do khong phai la mot quyet dinh

/ * t *

tot, vi DOC se khong duy tri dugc ca cau von muc tieu. De dam

/ y r r

bao duy tri ty le von vay/tong so von la 40%, DOC chi nen giu

lai $24 trieu lgi nhuan de tai dau tu va vay them $16 trieu, phan

lgi nhuan eon lai $36 trieu nen dung de thanh toan co tuc cho co

dong. Nhu vay ty le thanh toan co tuc trong trudng hgp nay se

la S36/S60 = 60%.

* 9 f *

Nhin chung, mo hinh "thanh toan co tuc cuoi cung" co the

v i *

dugc sir dung nhu mot chi dan de xay dung ty le thanh toan co

tire muc tieu dai han, tuy nhien ty le thanh toan co tire hang nam

co tuc cua cong ty nen bang 0 r c o hoi dau tu tot.

278

khong. nen qua phu thuoc vao mo hinh nay.

Mo hinh "thanh loan co tire cuoi c u n ;/' giup cac cong ty

hieu dirge cac nhan to cua mot chinh sac!; co tire toi iru, nhung

thuong cac cong ty lai sir dung mo hinh dir Juan tai chinh lam

ca so cho viec xae dinh ty le thanh toan co tire muc tieu. Hau

het cac cong ty lan deu co mot mo hinh de dir doan cac bao cao

tai chinh cua cong ty minh cho 5 den 10 nam tai. Trong mo hinh

nay. cac thong tin ve chi phi dau tu. nhu cau vc von luu dong du

kien duac lap trinh cung voi cac du doan ve doanh thu ban

r / ' / 1

hang, lgi nhuan, khau hao va cac nhan to can thiet khac de du

doan cac luong tien cua cong ty. Co cau von muc tieu cung

duac xae dinh ro, va mo hinh duac thiet ke de chi ra tong so von

vay va tong so von cua chu can thiet de thoa man cac nhu cau

von d dir doan trong khi van duy tri co cau von muc tieu.

Ve ban chat, ty le thanh toan co tuc cang cao thi nhu cau

von cua chu tu nguon phat hanh cd phieu mdi cung cang cao.

Hau het cac cong ty da sir dung mo hinh du doan tai chinh de

xae dinh md hinh thanh toan cd tuc cho thdi ky du doan thudng

5 nam. Viec thanh toan co tuc theo md hinh tren se dam bao day

du vdn cua chu cho ngan sach von ma khdng can phai phat hanh

cd phieu mdi hoac thay doi ca cau vdn muc tieu.

14.5. Co1 che thanh toan co tuc

^ / %

Co tuc thudng dugc thanh toan hang quy va neu cac dieu

kien cho phep, cd tuc nam sau thudng cao han nam trudc. Ca

che thanh toan cd tuc thuc sir dicn ra nlur sau:

*

1. Ngay cong bo (declaration date):

Gia sir vao ngay 15 thang Mdt, hoi dong quan tri thong

279

qua quyct dinh sc thanh tuan mot do la co tire cho moi cu phieu

vao ngay 16 thang Hai eho tat ca nhfrng nguoi co ten trung danh

sach ngay 30 thang Mot.

H inh 11-14.1: I T du ve co' d ie thanh toan cd tii\-

Thir Nam Tliur Tir Thir Sau Thir \ Iai

Thang Mot Thang Mot Thang Mot Thang Hai

15 28 30 16

Ngay cong bo Ngay lap danh Ngay dirge Ngay thanh

sach thanh toan toan co tire

co tire

2. Ngay lap danh sach (Date of Record)

Do la ngay cong ty lap mot danh sach (gia sir vao ngay 30

thang Mot), tat ca cac ca nhan tin rang ho la co dong cua cong

x r

ty vao ngay nay. Tir tin rang a day rat quan trong bai vi nhung

y r

ca nhan mua co phieu cua cong ty va cong ty nhan dugc thong

tin xac nhan viec mua do sau ngay 30 thang Mot se khong dugc

thanh toan co tuc.

y

3. Ngay khong dugc tinh co tuc (Ex-dividend date)

f y y

Ca che thanh toan co tire chi can cu vao danh sach co

\ r

dong a ngay lap danh sach se khong cong bang neu nhir 2 ca

y * 9 >

nhan mua co phieu cua cong ty vao cung mot ngay (gia sir vao

ngay 29 thang Mot) nhung thong tin xac nhan do cac nha moi

giai chung nhan hanh dong mua ban do lai den cong ty vao ci'ic

y f

thai diem khac nhau. Gia sir nghiep vu mua ban thir nhat dugc

280

tlnrc iii' :i thong qua m ot nha moi giai nam: ' non xae nhan

hoat m ua ban do nha moi giai nav giri iK i!cn cong ty vao

n r a v 2(; tham : M ol. Va d c - w k lai. hanh cioiv/ ;: ua ban thir hai

C. V • •

dirge ilnr, liicn thong qua mot nha moi giai a dong kem hieu

qua !uv-.. Va phai sau 2 ngay ke ur ngav m m • ire la vao ngay 2

thaim Mai, eiav xae nhan cua nha m oi eiai na\ m ai den cone ty.

w V .’ ✓ • C? J

Nlur vay ngudi mua co phieu trong trudng hop thu nhat sc co

ten trore danh sach duoc nhan co tuc, con neudi mua tron si

*>

trudng hop thu hai sc khong co ten trong danh sach. Dc loai tru

van dc nav, tat ca cac nha moi gidi cho phcp cac co dong dugc

nhan co tuc neu ho mua co phieu 5 ngay trudc ngay lap danh

sach. Ngav thu hai trudc ngay lap danh sach (tuc la thu tu ngay

28 tilling Mot) trong vi du cua chung ta goi la ngay khong dugc

nhan co tuc. Trudc ngay nay, ai mua co phieu .se dugc nhan co

tuc.

4. Ngay thanh toan co tuc (Date of payment)

i •>

Ngay cong ty thanh toan co tuc cho co dong (theo vi du la

ngay 16 thang Mot).

14.6. Cac kc hoach tai dau tir co tuc

*

Vao nhung nam 1970, dai bo phan cac cong ty ldn xay

dung cac ke hoach tai dau tu co tuc, thong qua do, cac co dong

’ ' 1 ■* t

co the tai dau tu tu dong co tuc cua minh de mua co phieu cua

*

cong ty tra co tuc. Hien nay, ngudi ta du doan co khoang 1000

cong ly co dua ra ke hoach tai dau tu co tire, mac dau cac ty le

tham gia thay doi dang kc, khoang 25% cac co dong ciia mot

t f t

cong ty trung binh dugc ket nap. Co hai loai ke hoach: 1) Cac ke

hoach chi lien quan den cac co phieu "cu" - do la so cac co

281

phieu da ton tat tren th ; trud n g; va 2 ) cac kc hoach chi hen ouan

den cac co phieu pha! hanh. T ron g ca hai tri rang k n \ co

dong phai thanh toan thue thu nhap la co tuc hat kc co uu: do

d u g c th anh toan h an g tien hay b an g co phieu.

Doi voi ca hai loai ke hoach nay, co dong phai chon giua

viec tiep tuc nhan co tuc bang tier, mat hay sir dung co tire de

mua them co phieu cua cong ty. Doi vdi loai ke hoach co phieu

"cu", neu co dong lua chon viec tai dau tu, ngan hang hoat dong

vdi tu cach don vi uy thac se nhan so co tire danh cho tai dau tu.

Sau khi trich ra mo: khoan tien phi dich vu cho minh se dung

toan bo so tien con iai de mua co phieu cua cong ty tren thi

trudng md va sau do nhan cilia so co phieu mua dugc \ao cac

tai khoan cua cac co dong tham gia tren co sd ty ie. Chi phi giao

dich cua viec mua co phieu thap vi so lugng mua ldn, vi vay,

cac ke hoach nay rat co lgi cho cac co dong nho - nhung ngudi

\ t

khong can thu nhap tir co tire cho tieu dung hien tai.

/ *i f %

Loai ke hoach "co phieu mdi" yeu cau co tuc dugc tai dau

* *

tu vao cac co phieu mdi phat hanh. Vi vay, loai ke hoach nay

/ /

lam tang so lugng von mdi cho cong ty.

14.7. Mua lai co phieu

Thay viec thanh toan co tire bang tien, cong ty co the phan

phoi thu nhap cho cac co dong bang viec mua lai co phieu cua

ban than cong ty. Cac co phieu dugc cong ty mua lai dugc goi la

co phieu ngan quy "treasury stock". Neu nhu mot bo phan cd

phieu dang luu hanh dugc mua lai va dugc giur lam co phieu

ngan quv, so co phieu luu hanh tren thi trudng sc it han. Gia sir,

viec mua lai nay khong anh hudng xau den lgi nhuan ciia cong

282

ty thi so lgi nhuan tren mot co phieu se tang. dieu nay sc lam

tang gia thi trudng cua co phieu. Dieu do cung cd nghia cac co

dong se thu dugc lgi nhuan tir von thay cho viec nhan co tire.

Uu diem cua viec mua lai co phieu

/ t /

1. Thong bao mua lai se nhu la dau hieu tot doi vdi cac

nha dau tu bdi viec mua lai chinh la dau hieu cac nha quan ly

cong ty tin rang gia co phieu cong ty dang thap hon gia tri thue

cua no.

y y > /

2. Cac co dong co the sir lua chon co ban lai co phieu cho

y y

cong ty hay khong. Tuy nhien cac co dong phai dugc nhan co

/

tuc va cung phai thanh toan thue thu nhap. chinh vi vay, nhung

i > > *» r t r

co dong nao can tien co the ban mot so co phieu cua ho, ngugc

1 X X y y /

lai nhung co dong khong can tien ngay co the giu co phieu cua

hg lai.

** . ' * f

3. Viec mua lai co phieu co the lam giam mot so lugng

* ' ' r » /

ldn co phieu tren thi trudng. Ma chinh vi so luong co phieu qua

a y f

ldn tren thi trudng do da lam giam gia thi trudng cua co phieu.

y t

4. Cac nha quan ly se mien cudng tang co tuc neu nhu

f

viec tang nay khong dugc duy tri dugc. Chinh vi vay, neu cac

\ > ^ ^

nha quan ly cho rang luong tien du thira chi la tam thdi thi hg se

/ 1

thich phan phoi thu nhap cho co dong thong qua hinh thue mua

■* » r ■» % \ r

lai co phieu hon la cong bo se tang co tuc bang tien neu nhu

y

viec lam nay khong the duy tri trong tuong lai.

y r y * •» /

5. Mua lai co phieu co the su dung de thay doi lai co cau

r

von.

i y r

Nhugc diem cua viec mua lai co phieu:

283

1. C ac co dong co the khong bang quan giira co tire va thu

nhap tir von. Co tire bang tien co the co tac dong den gia eo

phieu nhieu hon so vdi viec mua lai.

2. Cac co dong ban lai co phieu co the khong nhan biet

dirge tat ca y nghTa nam trong chien dich mua lai co phieu cua

cong ty hoac cung co the ho khong dugc biet tat ca cac thong tin

ve hoat dong hien tai cung nhu tuang lai ciia cong ty.

3. Cac cong ty co the ap dat gia rat cao doi vdi cac co

phieu dugc mua lai va do la mot bat lgi cho cac cd dong con lai

ciia conc tv.

284

Phu luc

THUYET MINH bA o CAO TAi CHiNH

• k ' k ' k ' k ^ ' k - k ' k ' k ' k ' k ' k ' k

Cong t\ co phan Duoc Hau Giang (DUG)

BAN TH UYET MINH BAO CAO TAI CHINH

Quv 1 Nam 2008

I. DAC DIEM HOAT DONG CUA CONG TY

• « *

1. Hinh tiitic so' hu u von : Cong ty co phan.

/ / /

2. Linh vuc kinh doanh : San xuat - che bien.

3. Nganh nghe kinh doanh

San xuat kinh doanh dugc. Xuat khau: dugc lieu, dugc

•> t * / r

pham theo qui dinh cua Bo Y te. Nhap khau: thiet bi san xuat

/ i /

thuoc, chrgc lieu, dugc pham theo qui dinh cua Bo Y te. San

9 9 9 i

xuat kinh doanh xuat khau cac mat hang thirc pham che bien. In

bao bi. Dich vu nhan va chi tra ngoai te. Gia cong, lap dat, sira

> 9 9 9

chua dien, dien lanh. Nhap khau true tiep trang thiet bj y te. San

xuat kinh doanh xuat khau thiet bi san xuat thuoc tu che tao tai

Cong ty. Djch vu du lich va van chuyen lu hanh noi dia. Kinh

9 / / ■»

doanh bat dong san. San xuat, kinh doanh, xuat khau cac mat

hang thirc pham chuc nang, my pham. Kinh doanh, xuat nhap

khau nguyen lieu thuoc thu y, thirc an gia sue, gia cam va thuy

hai san.

4. Cong ty con: Cong ty Co phan Dugc Song Hau

Dia chi: So 413 dudng Tran Hung Dao, phudng 2, thj xa

Vi Thanh, tinh Hau Giang

Giay chirng nhan dang ky kinh doanh so: 6403000044 do

285

phong Dang ky kinh doanh s kc hoach va Dau tu tinh Hau

(Jiang cap ngay 20/07'2007 v.'.n dieu le 5 ty dong.

Ty lc lgi ich cua Cong ty 'c: 5 1%

Quyen bieu quyet cua con.;, ty me: 51 %

5. Cong ty lien doanh, lien ket

Cong ty co phan Tao VInh Hao

Dia chi: Thon VTnh Son, xa VInh Hao, huycn Tuy Phong,

tinh Binh Thuan

Giay chung nhan dang ky kinh doanh so: 4803000150 do

phong Dang ky kinh doanh - So Ke hoach va Dau tu tinh Binh

Thuan cap ngay 04 thang 02 nam 2008 voi von dieu le 12 tv

dong.

Ty le co phan so him: 30%

Quyen bieu quyet: 30%

II. NAM TAI CH IN H , DON VI TIEN TE SU* DDNG

7 * • •

TR O N G KE T O A N

1. Nam tai chinh

f \

Nam tai chinh cua Cong ty bat dau tir ngay 01 thang 01 va

*

ket thuc vao ngay 31 thang 12 hang nam.

2. D on vi tien te sir dung trong ke toan

\ * r %

Don vi tien te sir dung trong ke toan la Dong Viet Nam

(VND).

III. CHUAN MlTC VA CHE DO KE TOAN AP D I/N G

1. Che do ke toan ap dung

f e

Cong ty ap dung Che do Ke toan Doanh nghiep Viet Nam.

2. Tuyen bo ve viec tuan thu chuan m yc ke toan va che

d§ ke toan

f r ' \

Ban Tong Giam doc dam bao da tuan thu day du yeu cau

286

• cua cac Chuan nitre ke toan va Che do Kc toan Doanh nghiep

Viet Ntm hien hanh trong viec lap Bao cao tai chinh.

3. Hinh thirc ke toan ap dung

Cong ty sir dung hinh thirc chirng tir ghi so.

IV. CAC CHINH SACH KE TOAN AP DDNG

1. Co’ so- lap Bao cao tai chi'nh

Bao cao tai chinh duoc trinh bay theo nguyen tac gia goc.

2. Tien va tiromg durong tien

Tien va cac khoan tuong duong tien bao gom tien mat,

\ S t \ f

tien gui ngan hang, tien dang chuyen va cac khoan dau tu ngan

0 \ *

han co thoi han thu hoi hoac dao han khong qua 3 thang ke tir

^ 1 X

ngay mua, de dang chuyen ddi thanh mot luong tien xac dinh

* 1 ’

cung nhu khong co nhieu rui ro trong viec chuyen doi.

3. Hang ton kho

Hang ton kho duoc xac dinh tren ca so gia goc. Gia goc

\ \ / r

hang ton kho bao gom chi phi mua, chi phi che bien va cac chi

# f % S

phi lien quan true tiep khac phat sinh de co duoc hang ton kho d

dia diem va trang thai hien tai.

/ X

Gia goc hang ton kho duoc tinh theo phuang phap binh

quan gia quyen va dugc hach toan theo phuong phap ke khai

thudng xuyen.

Dir phong giam gia hang ton kho dugc ghi nhan khi gia

goc ldn han gia tri thuan co the thue hien dugc. Gia tri thuan co

the thue hien dugc la gia ban udc tinh cua hang ton kho tru chi

phi udc tinh de hoan thanh san pham va chi phi udc tinh can

thiet cho viec tieu thu chung.

4. Cac khoan phai thu thirong mai va phai thu khac

Cac khoan phai thu thuang mai va cac khoan phai thu

khac dugc ghi nhan theo hoa dan, chung tir.

287

r

5. lai san co dinh huu hinh

•

Tai san co dinh dugc the men theo nguyen gia trir hao

rnon luy ke. Nguyen gia tai san cd dinh bao gom toan ho c.ic chi

phi ma Cong ty phai bo ra de co dugc tai san co dinh tinh den

thdi diem dua tai san do vao trang thai san sang su dung. Cac

chi phi phat sinh sau ghi nhan ban dau chi duoc ghi tang nguyen

gia tai san co dinh neu cac chi phi nay chac chan lam tang lgi

ich kinh te trong tuang lai do su dung tai san do. Cac chi phi

khong thoa man dieu kien tren dugc ghi nhan la chi phi trong

nam.

Khi tai san co dinh dugc ban hay thanh ly, nguyen gia va

khau hao luy ke dugc xoa so va bat ky khoan lai 16 nao phat

sinh do viec thanh ly deu dugc tinh vao thu nhap hay chi phi

trong ky.

t /

Tai san co djnh dugc khau hao theo phuang phap dudng

1 ' *

thang dua trcn thdi gian huu dung udc tinh. So nam khau hao

cua cac loai tai san co dinh nhu sau:

Loai tai san co dinh

So nam

t

Nha cua, vat kien true

5 - 10

f

May moc va thiet bi

5 -6

Phuang tien van tai, truyen dan

6 - 10

Thiet bj, dung cu quan ly

3 -5

6. Tai san co dinh vo hinh

•

* f

Quyen su’ d u n g dat

Quyen su dung dat la to' ; bo cac chi phi tlnrc te C ong ty

da chi ra co lien quan true tiep tdi dat sir dung, bao gom: tien

chi ra de co quyen sir dung dat, chi phi cho den bu, giai phong

mat bang, san lap mat bang, le phi trudc ' . Quyen su dung

dat dugc khau hao tu 43 nam. Rieng quyen du dat dugc

288

xac dinh lau dai khong tinh khau hao.

X X

Phan m em m ay tinh

Phan mem may tinh la toan bo cac chi phi ma Cong ty da

chi ra tinh den thai diem dira phan mem vao su dung. Phan

\ /

mem may vi tinh ducrc khau hao trong 3 - 5 nam.

7. Chi phi di vay

Chi phi di vay dugc ghi nhan vao chi phi trong nam.

f / X

Truong hgp chi phi di vay lien quan true tiep den viec dau tu

r x

xay dung hoac san xuat tai san do dang can co mot thoi gian du

1 1

dai (tren 12 thang) de co the dua vao sir dung theo muc dich

dinh trudc hoac ban thi chi phi di vay nay dugc von hoa.

/ t

Ddi vdi cac khoan von vay chung trong do co su dung cho

X f

muc dich dau tu xay dung hoac san xuat tai san dd dang thi chi

9 f f f

phi di vay von hoa dugc xac dinh theo ty le von hoa doi vdi chi

f \ X

phi luy ke binh quan gia quyen phat sinh cho viec dau tu xay

dung co ban hoac san xuat tai san do. Ty le von hoa dugc tinh

theo ty le lai suat binh quan gia quyen cua cac khoan vay chua

tra (rong nam, ngoai tru cac khoan vay rieng biet phuc vu cho

•*

muc dich hinh thanh mot tai san cu the.

0 ♦ *

8. Dau tir tai chinh

Cac khoan dau tu vao chung khoan dugc ghi nhan theo

r

gia goc.

Du phong giam gia chung khoan dugc lap cho timg loai

chung khoan dugc mua ban tren thi trudng va co gia thi trudng

giam so vdi gia dang hach toan tren so sach. Du phong ton that

n v r

cho cac khoan dau tu tai chinh vao cac to chuc kinh te khac

1 f , N

dugc trich lap khi cac to chuc kinh te nay bi lo (tru truong hop

^ f

lo theo ke hoach da dugc xac dinh trong phuang an kinh doanh

X ^

trudc khi dau tu) vdi muc trich lap tuang ung vdi ty le gop von

* r

cua Cong ty trong cac to chuc kinh te nay.

289

\ >

Khi thanh ly mot khoan dau tu, phan chenh led giua gia

tri thanh ly thuan va gia tri ghi so dugc hach toan vao thu nhan

hoac chi phi trong nam.

9. Chi phi phai tra

Chi phi phai tra dugc ghi nhan dua tren cac udc tinh hgp

% r '

ly ve so tien phai tra cho cac hang hoa, dich vu da su ding trong

nam.

t

Chi phi khuyen mai dugc trich tu 10 - 25% trin doanh

thu ban hang.

F r

10. Trich lap quy du- phong tro1 cap mat viec lira

Quy du phong trg cap mat viec lam dugc dung Ce chi tra

t f ^ '

trg cap thoi viec, mat viec. Muc trich quy du phong trc cap mat

f

viec lam la 3% quy luong lam co so dong bao hiem ;.a hoi va

dugc hach toan vao chi phi trong nam. Trudng hgj quy du

ft v m f

phong trg cap mat viec lam khong du de chi trg cap cio ngudi

lao dong thoi viec, mat viec trong nam thi phan chenh l;ch thieu

dugc hach toan vao chi phi.

11. Nguon von kinh doanh - quy

\ t \

Nguon von kinh doanh cua Cong ty bao gom:

• Von dau tu cua chu sd huu: dugc ghi nhar theo so

thuc te da dau tu cua cac co dong.

t i y y

• Thang du von co phan: chenh lech do phat hanh co

phieu cao hon menh gia.

Cac quy dugc trich lap va su dung theo Dieu le Cong ty.

12. C6tu-c

, j

Co tuc dugc ghi nhan la no phai tra trong nam co uc dugc

cong bo.

13. Thue thu nhap doanh nghiep

Cong ty co nghTa vu nop thue thu nhap doanh njhiep vdi

290

thue suat 20% tren thu nhap chiu thue trong thdi gian 10 nam

dau ke tu khi chuyen sang hoat dong dirdi hinh thue Cong ty co

phan va bang 28% trong cac .nam tiep theo. Cong ty dugc mien

thue thu nhap doanh nghiep trong 02 nam ke tu nam 2005 va

giam 50% trong 05 nam tiep theo. Ngay 21 thang 12 nam 2006,

1 f ' • * f

co phieu cua Cong ty Co phan Dugc Hau Giang dugc niem yet

tai Sd Giao dich Chung khoan TP. Ho Chi Minh, do vay Cong

ty dugc giam 50% thue thu nhap doanh nghiep trong 02 nam

(2007 -2008).

Chi phi thue thu nhap doanh nghiep trong nam bao gom

/ f

thue thu nhap hien hanh va thue thu nhap hoan lai.

r f

Thue thu nhap hien hanh la khoan thue dugc tinh dua tren

f f r 9

thu nhap chju thue trong nam vdi thue suat ap dung tai ngay

cuoi nam. Thu nhap chiu thue chenh lech so vdi lgi nhuan ke

toan la do dieu chinh cac khoan chenh lech tam thdi giua thue

f \

va ke toan cung nhu dieu chinh cac khoan thu nhap va chi phi

khong phai chiu thue hay khong dugc khau tru.

/ f

Thue thu nhap hoan lai la khoan thue thu nhap doanh

nghiep se phai nop hoac se dugc hoan lai do chenh lech tam thdi

giua gia tri ghi so cua tai san va ng phai tra cho muc di'ch Bao

f f

cao tai chinh va cac gia tri dung cho muc dich thue. Thue thu

nhap hoan lai phai tra dugc ghi nhan cho tat ca cac khoan chenh

lech tam thdi chiu thue. Tai san thue thu nhap hoan lai chi dugc

f f r

ghi nhan khi chac chan trong tuong lai se co loi nhuan tinh thue

de sir dung nhung chenh lech tam thdi dugc khau trir nay.

Gia tri ghi so cua tai san thue thu nhap doanh nghiep hoan

lai duoc xem xet lai vao ngay ket thue nam tai chinh va se duoc

f f r t

ghi giam den muc dam chac chan co du lgi nhuan tinh thue

cho phep lgi ich cua mot phan hoac toan bo tai san thue thu

nhap hoan lai dugc su dung.

r r

Tai san thue thu nhap hoan lai va thue thu nhap hoan lai

291

phai tra duoc xae dinh theo thue suat du tinh se ap dun; cho

*

nam tai san duoc thu hoi hay ng phai tra dugc thanh toai dua

* r t

tren cac muc thue suat co hieu lire tai ngay ket thuc nan tai

t

chinh. Thue thu nhap hoan lai dugc ghi nhan trong Bao Cio ket

t

qua hoat dong kinh doanh trir khi lien quan den cac khoar rnuc

1 f /

dugc ghi thang vao von chu so huu khi do thue thu nhap coanh

-» f

nghiep se dugc ghi thang vao von chu scr huu.

14. Nguyen tac chuyen doi ngoai te

Cac nghiep vu phat sinh bang ngoai te dugc chuyei doi

f

theo ty gia tai ngay phat sinh nghiep vu. So du cac khoan muc

tien te co goc ngoai te cuoi ky dugc qui doi theo ty gia tai ngay

f

cuoi ky.

Chenh lech ty gia phat sinh trong nam va chenh lech ty giu

do danh gia lai cac khoan muc tien te co goc ngoai te cuoi nSm

dugc ghi nhan vao thu nhap hoac chi phi trong nam.

15. Nguyen tac ghi nhan doanh thu

Khi ban hang hoa, thanh pham doanh thu dugc ghi ih;an

' ' ' t

khi phan Ion rui ro va lgi ich gan lien vai viec scr huu hanj hioa

do dugc chuyen giao cho nguoi mua va khong con ton tai y*u to

f / 1 ' ^ • A 1 •

khong chac chan dang ke lien quan den viec thanh toan tier, chi

phi kem theo hoac kha nang hang ban bi tra lai.

Tien lai dugc ghi nhan tren ca sa thdi gian va lai suat onng

nam.

16. Ben lien quan

t

Cac ben dugc coi la lien quan neu mot ben co kha iamg

kiem so&t hoac co anh hudng dang ke doi vdi ben kia trong viiec.

9

ra quyet dinh cac chinh sach tai chinh va hoat dpng.

Giao djch vdi cac ben co lien quan trong nam dugc rimh

bay d thuyet minh so VII.

V. THONG TIN BO SUNG CHO CAC KHOAN MUC

TRINH BAY TRONG BANG CAN DOI KE TOAN

■» ^

1. T ien va cac khoan tuong duong tien

So cuoi kv

r \

So dau nam

Tien m.it

10.973.801 731

17.391.454.585

Tien gti ngan hang 160.136.847.439

112.559.994.135

%

Tien dsng chuyen

3.422.496.394

-

Cong

174.533.145.640

129.951.448.720

2 . Dau tir ngan han

So cuoi ky

So dau nam

Co phieu

2.027.112.420

1.955.112.420

Tien gi'i co ky han tir 1 nam

trcr xuong

50.000.000.000

Cong

2.027.112.420

51.955.112.420

3. Phai thu khach hang

So cuoi ky So dau nam

Cac khach

trong mac

hang

286.780.729.784

234.603.263.447

Cac khach

nuac ngoai

hang

3.534.128.311

835.514.437

C(»ng

290.314.858.095

235.438.777.884

4. Tra trirffc cho ngiroi ban

f t X X » * »

So cuoi kv

So dau nSm

Cac nla cung cap trong

nirac 10.488.508.719 2.438.978.191

293

So cuoi kv So dau nam

a/

XX X

Cac nha cung cap nircrc

ngoai

2.282.689.958

123.301 700

Cong

12.771.198.677

2.562.339.391

5. Cac khoan phai thu khac

So cuoi ky So dau nam

Cho mircm tien va tai

trg 5.307.293.234

7.036.418 329

Phai thu cac chi nhanh

tien hang chua nop

7.765.640.640

Chi ho tien xay dung

cho Cty TNHH Him

Lam

1.052.485 000

1.052.485.000

Phai thu khac

4.523.076.177

3.526.299.986

Cong

10.882.854.411

19.380.843.955

6. Hang ton kho

So cuoi ky So dau nam

Hang mua dang di

tren dircmg

9.435.054.090

36.547.193.668

Nguyen lieu, vat lieu

80.518.978.507

76.877.138.482

e

Chi phi san xuat, kinh

doanh da dang

23.856.677.041

15.107.019.223

Thanh pham

83.559.762.563

96.235.251.331

Hang hoa 5.347.569.928

5.512.374.816

Hang gui di ban

11.542.581.447

-

Cong

214.260.623.576

230.278.977.520

294

Ket chuyen vao

chi phi SXKD So cuoi ky

So (tiiu n5m TSng trong ky trong ky

0

7. Chi phi tra triroc ngan han

Tien thue

nha 445.432.66S 718.917.82C

438.033.654

726.316.835

Chi phi

si>a chua

8.812.00C

547.916.263 192.895.145

363.833.1 18

Chi phi

khac

525.785.82C 2.794.263.421 1.406.697.835 1.913.351.406

C$ng

980.030.489

4.061.097.504 2.037.626.634

3.003.501.359

8. T hue va cac khoan phai thu Nha niro’c

So cuoi ky So aau nam

Thue xuat nhap khau

244.793.403

Thue thu nhap ca nhan

820.829.534

Tien thue.dat

-

Cong 1.065.622.937

9. Tai san ngan han khac

So cuoi ky

So dau nam

Tam ung

4.769.491.771

3.239.570.529

Cac khoan cam co, ky quy, ky

cugc ng&n han

-

Cong

4.769.491.771

3.239.570.529

10. Phai thu dai han khac

•

So cuoi ky

So dau n§m

Phai thu khac

100.469.612 114.269.612

Cong

100.469.612 114.269.612

295

11. Tang, giam tai san co dinh huu hinh

Nha cu-a,

vat kien

true

Nguyen gia

So dau nam 26.826.973.10C

Tang trong

ky 37.809.825

Mua sarn

m a i

*

D a u t u x a y

d u n g c a b an

h o a n th a n h 37.809.825

G iam trong

ky

Thanh ly,

nhu an g ban

S 6 c u 6 i k y 26.864.782.925

Trong do:

B a khau hao

het van con

SU d yng 1.985.460.381

Gia tri hao

mon

So dau nam g 268.358.522

Khau hao

trong ky 763.054.102

M ay m o c

v a thiet

bi

•

Phurcmg

tien van

tai,

*

tr u y en

dan

86.129.255.8

30.084.064.07*

648.031.405 2.151.417.976

%

75.152.000

86.702.135.223 32.235.482.054

6.078.686.430

416.09Z072

27.082.223.56

4 8.277.110.570

3.698.677.709 1.259.475.904

T h ie t bi,

d u n g cu

q u a n ly C ong

168,877.796.56

25.837.503.58$

*

415.713.836

3.252.973.042

415.713.836

3 . 2 1 5 . 1 6 3 . 2 1 7

37. 809.825

503.364.830 578.516.830

503.364.830 578. 516.830

25.749.852.595

171.552^52.79

7

3.788.169.634

12.268.408.517

57.582.850.7

12.955.158.061

17

6.919.820.98

1.198.613.268

3

296

Giam trong

ky

Thanh ly,

nhucmg ban

So cuoi ky

N ha cura, M ay m oc

va th iet

vat kien

true

hi

75.152.000

10.031.412.62 30.705.749.27

4 3

Phirong

# * A A

tien van

tai,

truyen

dan

T h iet bj,

d u n g cu

quan ly

Cong

503.364.830 578.516.830

63.924.154.8

9.536.586.474 13.650.406.499 70

Gia tri con

lai

/ \

So dau nam

So cu oi ky

17.558.614.57 59.047.032.25 21.806.953.50

8

111.294.945.

8

12.882.345.528 868

16.833.370.30 55.996.385.95 22.698.895.58 107.628.097.

1 0 0 12.099.446.096 927

12. Tang, giam tai san co djnh vo hinh

X. a X

Quyen sir dung Phan mem

dat may vi tinh

Nguyen gia

So dau nam

Tang trong ky

Mua trong ky

So cuoi ky

Cong

104.570.482.635

1.700.000.000

975.822.044 105.546.304.679

1.700.000.000

106.270.482.635 975.822.044 107.246.304.679

Gia tri hao

mon

So dau nam

Tang trong ky

89.956.029

38.554.281

183.805.671

55.349.829

273.761.700

93.904.110

297

n \ >

Quyen sur dung Phan mem

dat may vi tinh Cong

Khau hao

trong ky

38.554.281

55.349.829

93.904.110

So cuoi ky

128.510.312

239.155.498 367.66S.810

Gia tri con lai

• •

f %

So dau nam

104.480.526.606 792.016.373

105.272.542.970

So cuoi ky

106.141.972.323 736.666.546

106.878.638.869

13. C hi phi xay dirng ca ban dir dang

Ket

chuyen Ket

So dau nam

Chi phi phat

sinh trong ky

vao

TSCD

trong

ky

chuyen

giam

khac

So cuoi ky

Mua

sam

TSCD

9.559.004.475

1.372.758.822

10.931.763.297

XDCB

dcr

dang

2.654.858.586

460.702.576 3.115.561.162

Sua

chira

Ion

TSCD

Cong 12.213.863.061

1.833.461 J98

14.047.324.459

14. Dau tir vao C ong ty con

So cuoi ky So dau nam

Dau tu vao Cong ty Cp Dirge

Song Hau 2.550.000.000

C?ng 2.550.000.000

298

15. Dau tu- vao Cong ty lien doanh, lien ket

So cuoi kv So dau nam

Dau 1 tr vao Cong ty Cp Frio

VTtih l!\o 3.600.000 "00

Cong _ _ _ _ _

16. Dau tu- dai han khac

So cuoi kv

3.600.000.000

So dau nam

Dau tir co phieu

55.896.850.200

35.674.890.200

Dau tir trai phieu

-

Con^

55.896.850.200 35.674.890.200

17. Tai san dai han khac

•

So cuoi ky

So dau nam

Ky quy, ky cirgc dai han

1.540.559.084

1.300.951.659

f * *

Cong

1.540.559.084

1.300.951.659

r

18. Vay va no* ngan han

So cuoi ky

So dau nam

Vay ngan han ngan hang 91.855.968.610 29.787.654.844

- Ngan hang Thuang mai Co

phan Hang hai Viet Nam - Chi

nhanh Cdn Tha,a>

66.317.631.677

29.787.654.844

- Ngan hang Thuong mai Co

phan A Chau Viet Nam - Chi

nhanh Cdn Tha w

8.023.666.560

\

- Ngan hang Hong Kong va

Thuang Hai -Chi nhanh Cdn Tha

(C)

16.602.948.600

Vay cac ca nhan vcri lai suat 0,82%

<» 1 /

de bo sung von kinh doanh

12.218.838.836 13.642.206.572

Cong 103.163.085.673

43.429.861.416

299

(a) Vay Ngan hang Thuang mai Co phan Hang hai Viet

Nam - Chi nhanh Can Tha vai lai suat theo thai diem nhan ng,

de bo sung von luu dong. Khoan vay nay duac dam bao bang

viec the chap hang ton kho.

y \ r

(b) Vay Ngan hang Thuang mai Co phan A Chau Viet Nam

- Chi nhanh Can Tha vai lai suat theo thai diem nhan no, dc

mua nguyen vat lieu.

>

(c) Vay Ngan hang Hong Kong va Thuang Hai - Chi

* ' » « * *

nhanh Can Tha vai lai suat theo thdi diem nhan ng, de mua

^nguyen vat lieu.

Chi tiet so phat sinh ve cac khoan vay nhu sau:

S6 dau nam 43.429.861 416

So tien vay phat sinh trong ky 107.424.451.613

So tien vay da tra trong ky 47.691.227.356

So cuoi ky

103.163.085.673

19. Phai tra ngtroi ban

So cuoi ky

So dau nam

r

Cac nha cung cap

trong nude

18.010.132.971

16.042.466.368

Cac nha cung cap

nude ngoai

6.974.938.818

39.599.540.717

Cong

24.985.071.789

55.642.007.085

20. Ngu-di mua tra tien trudc

So cuoi ky

So dau nam

Ngudi mua trong nude

142.454.939 293.206.185

Ngudi mua nucrc ngoai

46.569.600

Cong

189.024.539

293.206.185

300

21.

Thue va cac khoan phai nop Nha niro'c

So dau nam

So phai nop

trong ky

So da nop

trong ky

So cuoi ky

Thue G TGT

hang ban noi

dia

1.863.044.315

7.319.414.300

5.211.220.200

3.971.238.415

Thue G TG T

hang nhap

khau

6.410.577.019

Thue xuat,

nhap khau

478.803.101

1.375.666.892 2.099.263.396 (244.793.403)

Thue thu

nhap ca

nhan

12.723.885

2.835.621.263

3.669.174.682 (820.829.534)

Tien thue

dat

2.030.414.428

Thue mon

bai

40.000.000 40.000.000

Cong

2.354.571.30!

20.011.693.902 17.430.235.297

4.936.029.906

Thue nop thira dugc trinh bay d chi tieu Thue va cac

r r

khoan khac phai thu Nha nude (xem thuyet minh sd V.8).

Thue gid tri gia tang

t f

Cong ty nop thue gia tri gia tang theo phuang phap khau

tru. Thue suat thue gia tri gia tang cho cac nhom mat hang nhu

sau:

Dugc pham 5 %

Hoa chat, dugc lieu 10%

Thue xuat, nhap khau

Cong ty ke khai va nop theo thong bao cua Hai quan.

Thue thu nhap doanh nghiep

301

Xem thuyet minh so IV. 13.

r

Thue thu nhap doanh nghiep phai nop trong ky dugc du

tinh nhu sau:

Ky nay Ky triro’c

Tong lgi nhuan ke toan truac

thue

%

Cac khoan dieu chinh tang,

r *

giam loi nhuan ke toan de xae

djnh loi nhuan chju thue thu

nhap doanh nghiep:

Cac khoan dieu chinh

tang

Cac khoan dieu chinh

giam

41.835.340.672 29.209.307.585

Tong thu nhap chju thue

41.835.340.672

29.209.307.585

Thue suat thue thu nhap doanh

nghiep

20% 20%

Thue thu nhap doanh nghiep

phai npp

8.367.068.134

5.841.861.517

Thue thu nhap doanh nghiep

dugc giam

(8.367.068.134) (5.841.861.517)

Thue thu nhap doanh

nghiep con phai nop

-

Cac loai thue khac

Cong ty ke khai va nop theo qui dinh.

22. Phai tra ngiroi lao dong

So cuoi ky

So dau nam

Phai tra ngudi lao dong

27.039.517.714

40.455.717.787

Cong

27.039.517.714

40.455.717.787

302

23. Chi phi phai tra

So cuoi ky

So dau nam

Chi phi khuyen mai, quang

cao

118.505.475.169

102.491.709.182

Chi phi lai vay phai tra

342.9S7.S53

171.047.174

Tien dien, nirac, dien thoai... 779.981.202

626.459.214

Chi phi khac

640.186.941 5.295.225.860

Cong

120.268.631.164

108.584.441.430

r

24. Cac khoan phai tra, phai nop ngan han khac

r *

/V A « | >

So cuoi kv So dau nam

Bao hiem xa hoi

Bao hiem y te

1.174.417

1.972.397

Kinh phi cong doan

1.096.446.755 503.579.977

Co tire phai tra

20.016.200.000 20.024.000.000

Tam thu tien chuyen quyen sa

hfru nha

11.350.000.000

Phai tra khac

6.989.784.052

7.178.485.073

Cong

39.453.605.224

39.058.037.447

25. Phai tra dai han khac

•

r r

n a a • « >

So cuoi ky

So dau nam

Ky quy, ky cirgc dai han

46.792.342

Cong

46.792.342 46.792.342

JT r ^

26. Du-phong tro1 cap mat viec lam

So dau nam

766.782.945

So trich lap trong ky

233.961.372

So chi trong ky

215.476.200

So cuoi ky 785.268.117

303

27. Von chii so huu

f ft r

Bang doi chien bien dong cua van chii so' huu

\ t f r

Thong tin ve bien dong cua von chu sd huu dirge :rinhbay

d Phu luc 1.

f f S

Chi tiet vdn dau tir cua chii sff huu

A. A • | *

So cuoi ky

r

So diu nan

Von dau tu cua Nha nuac

88.400.000.000

88.4)0.0(0.000

/ *

Von gop cua cac co dong khac

111.600.000.000

111.600.0(0.000

Cong

200.000.000.000

200.000.0(0.000

•7 f

/ ~ f A f • A

Lo p h ieu

So cuoi ky

A i

So dau nan

f 1 ^ /

So lugng co phieu dang ky phat

hanh

/ y f

So lugng co phieu da ban ra cong

chung 20.000.000

20.0(0.000

- Co phieu pho thong

20

.

000.000

20

.

0

(

0.000

♦ t

- Co phieu uu dai

- -

So lugng co phieu dugc mua lai

- -

- Co phieu pho thong

- -

- Co phieu tru dai

-

f *r

So lugng co phieu dang liru hanh

20.000.000

20.0(0.000

- Co phieu pho thong

20

.

000.000

20

.

0

(

0.000

- Co phieu uu dai

- -

Menh gia cd phieu dang luu hanh: 10.000 VND.

> •>

M uc dich trich lap quy dau tu p h a t trien, quy die pldn g

tai chinh

\ t i i F m *

Quy dau tu phat trien dugc dung de bd sung voi dieu le

cua Cong ty.

304

- Bu dap nhung ton that, thiet hai ve tai san, cong ng

khong doi dugc xay ra trong qua trinh kinh doanh;

r ~ r

- Bu dap khoan lo cua Cong ty theo quyet dinh cua Hoi

dong quan tri.

28. Quy khen thirong, phuc loi

Quy du phong tai chinh dugc dung de:

Tang Chi quy trong

So dau nam

khac

ky

So cuoi ky

Quy khen

tlnrcrng

10.827.141.374 900.000

7.638.596.285 3.189.445.089

Quy phuc

lai

5.001.697.336 1.662.491.680 3.339.205.656

Cons'

15.828.838.710

900.000

9.301.087.965

6.528.650.745

VI. THO NG TIN BO

SUNG

CHO CAC KHOAN M UC

TRINH BAY TR O N G BAO CAO KET QUA HOAT DONG

KINH DOANH

1. Doanh thu ban hang va cung cap dich vu

Ky nay Ky trirdc

Tong doanh thu 380.858.259.283 274.044.915.411

Doanh thu ban thanh

phdm 359.380.371.640 258.782.861.060

Doanh thu ban hang

hoa 7.653.337.992 10.308.506.717

Doanh thu ban nguyen

vat lieu 13.824.549.651 4.953.547.634

Cac khoan giam tru doanh

thu: (3.544.622.220) (4.127.791.400)

Chiet khau th u ^ a

mai

Giam gid hang ban (19.692.655) (15.610.463)

305

Ky nav Kv triroc

%■' W V

H ang ban bi trd lai

(3.524.929.565) (4.112.180.937)

'I

Doanh thu thuan

377.313.637.063

269.917.124.011

Trong do:

\

D oanh thu thuan ban

thanh pham

355.843.011.386 254.682.349.802

>

D oanh thu thuan ban

hang hoa

7.646.076.026 10.281.226.575

D oanh thu thuan ban

nguyen vat lieu 13.824.549.651 4.953.547.634

2. Gia von hang ban

Ky nay Ky triro-c

t 1

Gia von cua thanh pham

T

da cung cap

159.515.829.582 135.971.527.010

f

Gia von cua hang hoa da

f

cung cap

6.941.622.640

9.483.349.891

Gia von cua nguyen vat

lieu da cung cap

12.404.755.824

4.393.304.221

C ong 178.862.208.046

149.848.181.122

3. Doanh thu hoat <J?ng tai chinh

Ky nay

Ky triroc

# X

Lai tien gui

4.036.272.201

53.513.961

Lai chenh lech ty gia da thirc

hien 513.032.419 310.144.079

\ * f r

Lai dau tu co phieu, trai phieu

503.789.000

Cong

5.053.093.620

363.658.040

4. Chi phi tai chinh

306

Ky nay

Ky trir6c

Lai tien vay

Chi phi khac

1.460X40.5 18

545.619.632

5.259.272.171

278.747.557

Cong 2.006.460.150

5.538.019.728

5. Chi phi ban hang

Kv nav

Ky

. f

tru-o'c

Chi phi cho nhan vien 23.069.209.754 12.080.918.383

Chi phi nguyen lieu, vat lieu

866.190.900

412.856.426

Chi phi dung cu do dung

519.770.263

473.610.372

Chi phi khau hao tai san co djnh

1.272.410.133

487.044.671

Chi phi bao hanh

-

Chi phi djch vy mua ngoai

98.754.889.418

50.532.396.284

Chi phi khac *

18.024.562.912

11.249.360.474

C$ng

142.507.033.380

75.236.186.610

6. C hi phi quan ly doanh nghiep

Ky nay

Ky tru-o’c

Chi phi cho nhan vien

11.237.680.819

5.394.022.526

Chi phi nguyen lieu, vat li?u

-

Chi phi cong cy van phong

446.535.002

191.009.358

Chi phi khau hao tai san co djnh

480.117.937

1.164.000.077

Thue, phi va le phi

39.000.000 29.000.000

Chi phi dy phong

233.961.372 161.087.670

Chi phi djch vy mua ngoai

1.300.789.899

1.956.882.499

Chi phi khac

3.090.018.672 1.576.020.161

Ky nay Ky truoc

Cong 16.828.103.701

10.472.022.291

7. Thu nhap khac

Ky nay

Ky triro'c

t

Thu thanh ly tai san co djnh

10.380.953

37.171.429

Thu ban phe li?u

100.438.095

186.738.143

Thu khac

20.228.626 7,988.994

A

-png

131.047.674

231.8*0.56*

8. Chi phi khac

Ky n iy

Ky truoc

3ia trj tai san thanh ly nhirgng

•

jan

143.321.903

Zhi phi kh&c

458.632.408

65.641.378

C?ng 458.632.408

208.963.281

9. Lai cv ban tren co phieu

Kyn4y Ky truac

Lgi nhu$n ke toan sau thue thu nh|p

ioanh nghiep

41.835.340.672 29.209.307.585

Zic khoan dieu chinh tang, giim lgi

ihu$n ke toan de xac djnh lgi nhuan

)han bo cho co dong sd huu cd

■>hi£u pho thong

Lgi nhuan phUn b6 cho cd dong sd

♦

f

liru co phieu pho thong 41.835.340.672

29.209.307.585

2o phieu pho thong dang luu hanh

)inh quan trong nam

20.000.000

8.000.000

L,ii ca ban tren co phiiu

2.092

3.651

308

/ * *

10. Chi phi san xuat kinh doanh theo yeu to

Ky nay Ky trircVc

Chi phi nguyen lieu, vat lieu

135.227.059.143

106.255.888.395

Chi phi nhan cong

53.323.102.433

41.339.971.725

Chi phi khau hao tai san co dinh

7.013.725.093

5.293.040.998

Chi phi dich vy mua ngoai

105.844.696.983

79.754.428.878

Chi phi khac

25.758.367.797 15.092.420.508

C$ng

327.166.951.449

247.735.750.504

VII. n h Ct n g t h 6 n g t i n k h a c

G iao djch v6i c4c ben lien quan

Thu nhap cua c&c thanh vien quan ly chu chot nhu sau:

Ky nay

Ky trirofc

Tien luong 618.268.877

675.562.534

Thu lao

168.000.000 48.000.000

TiSn thircmg

*

C<?ng 786.268.877

723.562.534

Can Tha, ngay 24 thang 04 n&m 2008

05ng Pham Huyin Nhung Bui Minh Dire Le Chinh Dao

Ngirfri lfip bleu Quyen Ke toAn trirfrng Ph6 Tong Giim doc

♦

309

DANH MUC TAI LIEU THAM KHAO

• »

TAI LIEU TIENG VIET

• •

t i r

1. Cac quy dinh mai ve doanh nghiep Nha nuac, NXB Thong

ke, Ha Noi, 1997.

f r *

2. Che do quan ly, su dung va trich khau hao tai sai co dinh, Bo

Tai chinh, NXB Tai chinh, Ha Noi, 1996.

3. Che dp mdi ve quan ly tai chinh doanh nghiep Mia nuac, Bo

Tai chinh, NXB Tai chinh, Ha Npi, 1998.

4. Liru Thj Huang (chu bien), Giao trinh Tai :hinh doanh

nghiep, Dai hpc Kinh tS Quoc dan, NXB Giao luc, Ha Noi,

1998.

5. Kinh te Vift Nam, Van phong Chinh phu - Chucng trinh phat

trien Lien hap quoc - Vien phat trien kinh te N;an hang the

giai, NXB Ha Noi, 1993.

6. Truong Moc Lam va Duong Dang Chinh (chi bien), Giao

trinh tai chinh hoc, NXB Th6ng ke, Ha Noi, 199:.

7. Luat cac to chuc tin dung, NXB Chinh tri quoc >ia, Ha Noi,

1998.

8. Luat cong ty, NXB Chinh tri quoc gia, Ha Noi, 1'96.

9. Luat doanh nghiep Nha nuac, NXB Chinh tri gia» Ha

NOi, 19.

10. Lu|it Ngan hang Nha nuac Viet Nam, NXB Clinlh tri quoc

gia, Ha Noi, 1998.

11. Luat thuS gia tri gia tang, NXB Chinh tri quoc;iai, Ha Noi,

1997.

310

12. Luat tlue thu nhap doanh nghiep, NXB Chinh tri quoc gia,

Ha Noi, 1997.

TAI LIE U TIE N G ANH

13. Business, 3rd Edition, Ricky VV.Griffin Ronald J. Ebert,

Prentice Hall, 1993 [p.33],

14. Financial Management and policy, James C. Van Horn,

Prentice - Hall International Inc., 8th Edition U.S.A. 1989.

15. Principles of finance with corporate applications, Douglas

R.Emery and John D.Finnerty, West Publishing Company,

New York, USA, 1991.

16. Management accounting, Kim Langfild - Smith - Helen

Thone, The McGraw - Hill Companies, Incl., 2000.

17. Principles of Corporate Finace, Fourth Edition, Richard A.

Brealey/S:ewart C.Myer 1991.

18. Corpora:e Finace, Fourth Edition, Ross, Westerfield and

Jaffe, 1995.

311

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