3. Giáo trình Quản trị tài chính doanh nghiệp Tập 1 - Nguyễn Văn Tuấn, 173 Trang

TRNG AI HOC A LAT KHOA QTKD
GIAO TRNH
QUAN TR TAI CHNH DOANH NGHIEP

tap 1
NGUYEN VAN TUAN
2002
Quan tr tai chnh doanh nghiep, tap 1
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MUC LUC
Li m au ..............................................................................................................- 5 Chng I: Nhng van e can ban ve Quan tr tai chnh doanh nghiep ....................- 6 I. Khai niem ........................................................................................................- 6 1.Tai chnh doanh nghiep - mot mon hoc ve khoa hoc quan tr......................- 6 2. Cac moi quan he tai chnh ..........................................................................- 7 3. Cac quyet nh tai chnh .............................................................................- 8 4. Muc tieu cua quan tr tai chnh doanh nghiep ...........................................- 9 II. V tr, chc nang cua Nha Quan tr tai chnh va noi dung hoat ong tai chnh doanh nghiep .....................................................................................................- 10 1.V tr cua nha quan tr tai chnh trong c cau to chc cua doanh nghiep ...- 10 2.Chc nang cua nha quan tr tai chnh trong doanh nghiep.........................- 11 3. Noi dung hoat ong tai chnh doanh nghiep .............................................- 13 III. To chc tai chnh doanh nghiep ..................................................................- 13 1.Hnh thc to chc kinh doanh cua doanh nghiep .......................................- 13 2. ac iem kinh te - ky thuat cua nganh kinh doanh ..................................- 18 3. Moi trng kinh te-xa hoi .........................................................................- 18 IV. Khai quat ve th trng tai chnh.................................................................- 20 1. Khai niem ve th trng tai chnh .............................................................- 20 2. Thanh vien va hang hoa tren th trng tai chnh.....................................- 20 3. Phan loai th trng tai chnh....................................................................- 22 Chng II: yeu to lai suat trong cac quyet nh tai chnh ......................................- 25 I. Lai n va lai kep ..........................................................................................- 25 1.Truc thi gian ............................................................................................- 25 2 Tien lai va lai suat .....................................................................................- 25 3. Lai n......................................................................................................- 26 4. Lai kep......................................................................................................- 26 II. Dong lu kim................................................................................................- 28 1 Khai niem ve dong lu kim va dong lu kim bien thien ...........................- 28 2. Dong lu kim thuan nhat ..........................................................................- 29 3. Dong lu kim tang hoac giam dan tuyen tnh...........................................- 30 4. Dong lu kim lap thanh cap so nhan ........................................................- 31 III. Lai suat trong cac trng hp ghep lai khac nhau......................................- 32 1. Lai suat trong trng hp ky han ghep lai la na nam. ............................- 32 2. Lai suat trong trng hp ky han ghep lai la quy .....................................- 33 3. Cong thc tong quat ap dung trong cac trng hp ghep lai khac nhau. ..- 33 4. Chuyen lai suat thc te t ky han nay sang ky han khac ..........................- 33 IV. Nhng ng dung cua ly thuyet gia tr tien te theo thi gian trong thc tien quan tr tai chnh doanh nghiep .........................................................................- 34 1. Bai toan vay va tra n ..............................................................................- 34 2. ng dung trong lanh vc tham nh tai chnh d an au t ......................- 37 Chng III: Quan ly von co nh ...........................................................................- 46 I. Von co nh va tai san co nh.......................................................................- 46 -
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1.Von co nh ...............................................................................................- 46 2. Tai san co nh .........................................................................................- 47 II. Khau hao Tai san co nh.............................................................................- 52 1. Khai niem ve hao mon TSC ..................................................................- 52 2. Khai niem va y ngha cua cong tac khau hao TSC ................................- 54 3. La chan thue cua khau hao.......................................................................- 54 4. Cac phng phap khau hao tai san co nh ..............................................- 55 III. Ke hoach hoa cong tac khau hao TSC ....................................................- 66 1. Y ngha va trnh t cua viec lap ke hoach khau hao TSC......................- 66 2. Pham vi TSC can phai tnh khau hao.....................................................- 68 3. Lap ke hoach khau hao TSC theo phng phap gian tiep .....................- 68 4. Lap ke hoach khau hao TSC theo phng phap trc tiep ......................- 69 IV. Bao toan von co nh trong doanh nghiep ..................................................- 71 1. Y ngha va noi dung bao toan von co nh ...............................................- 71 2. Mot so bien phap bao toan von co nh....................................................- 73 Chng IV: Quan ly von lu ong.........................................................................- 76 I. Khai niem va phan loai von lu ong............................................................- 76 1. Khai niem von lu ong ..........................................................................- 76 2. Phan loai von lu ong .............................................................................- 76 II. Quan ly hang ton kho ...................................................................................- 77 1. Hang ton kho va chi ph ton kho ...............................................................- 77 2. Cac yeu to anh hng en mc ton kho....................................................- 78 3. Mo hnh san lng at hang hieu qua (EOQ) ...........................................- 80 4. iem at hang lai (ROP) ..........................................................................- 81 5.Lng d tr an toan .................................................................................- 81 6. Thiet lap he thong kiem soat ton kho va mo hnh JIT ..............................- 82 III. Quan ly tien mat va chng khoan ngan han ................................................- 83 1. Quan ly tien mat .......................................................................................- 83 2. Quan ly cac loai chng khoan mua ban c ...........................................- 90 IV.Quan ly khoan phai thu................................................................................- 93 1. Chnh sach ban chu..................................................................................- 93 2. Phan tch tn dung .....................................................................................- 96 3. Chnh sach thu hoi n ...............................................................................- 98 Chng V: Lng gia chng khoan .....................................................................- 101 I. Nhng van e can ban .................................................................................- 101 1.Ve trai phieu ............................................................................................- 101 2. Ve co phieu ............................................................................................- 102 3. Ty suat sinh li can thiet.........................................................................- 103 4. Quy trnh can ban e lng gia chng khoan .........................................- 104 II. Lng gia trai phieu ...................................................................................- 104 1. Lng gia trai phieu khong tra lai hang ky ............................................- 104 2. Lng gia trai phieu tra lai hang ky .......................................................- 105 3. Xac nh ty le sinh li cho ti khi ao han cua trai phieu (YTM) ..........- 105 III. Lng gia co phieu ...................................................................................- 106 -
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1. Lng gia co phieu pho thong ................................................................- 106 2. Lng gia co phieu u ai ......................................................................- 112 Chng VI: Cho thue tai chnh ............................................................................- 113 I. Thoa thuan cho thue, cho thue van hanh (cho thue hoat ong) va cho thue tai chnh................................................................................................................- 113 1. Thoa thuan cho thue ...............................................................................- 113 2. Cho thue van hanh..................................................................................- 114 3. Cho thue tai chnh...................................................................................- 114 4. Phan biet giao dch cho thue tai chnh va cho thue van hanh.................- 116 5. Nhng li ch cua cho thue tai chnh ......................................................- 116 II. Cac hnh thc cho thue tai chnh ................................................................- 118 1. Cho thue tai chnh co s tham gia cua hai ben .......................................- 118 2. Cho thue tai chnh co s tham gia cua ba ben ........................................- 119 3. Mot so hnh thc ac biet cua cho thue tai chnh....................................- 120 III. Phng phap tnh toan tien thue................................................................- 122 1. Mot so van e can lu y khi van dung phng phap tnh tien thue ........- 123 2. Cac phng phap tnh tien thue trong trng hp lai suat co nh . - 124 3. Cac phng phap tnh tien thue trong trng hp lai suat tha noi ..........- 130 Chng VII: chi ph s dung von - c cau tai chnh va he thong cac on bay .....- 132 I. Chi ph s dung von .....................................................................................- 132 1. Chi ph s dung von vay ( Kd va Kd* )....................................................- 132 2. Chi ph s dung von co phan u ai (Kp) ...............................................- 132 3. Chi ph s dung von co phan pho thong (Ks va Ke) ...............................- 133 4. Chi ph s dung von bnh quan gia quyen (WACC) ...............................- 136 5. Chi ph s dung von bien te (MCC)........................................................- 138 6. ng chi ph von bien te (MCC), ng c hoi au t (IOS) va van e hoach nh ngan quy au t toi u..............................................................- 141 II. C cau tai chnh va ly thuyet ve on can n...............................................- 144 1. C cau tai chnh va c cau tai chnh toi u .............................................- 144 2. Ly thuyet ve on can n .........................................................................- 144 III. Phan tch hoa von va he thong cac on bay ..............................................- 149 1. Phan loai chi ph .....................................................................................- 149 2. Phan tch hoa von ...................................................................................- 149 3. He thong cac on bay .............................................................................- 153 Chng VIII: phan tch tai chnh doanh nghiep ...................................................- 157 I. Khai niem va Y ngha cua phan tch tai chnh.............................................- 157 1. Khai niem ...............................................................................................- 157 2.Y ngha ....................................................................................................- 157 II. Noi dung va phng phap phan tch chu yeu .............................................- 158 1. Noi dung cua phan tch tai chnh ............................................................- 158 2. Phng phap phan tch............................................................................- 159 III. Thong tin trong phan tch tai chnh doanh nghiep .....................................- 160 1. Bang can oi ke toan ..............................................................................- 160 -
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2. Bang bao cao ket qua kinh doanh...........................................................- 161 IV. Mot vai he so tai chnh chu yeu ................................................................- 163 1. Cac he so ve kha nang thanh toan ..........................................................- 163 2. Cac he so ve c cau tai chnh .................................................................- 165 3. Cac he so ve c cau von .........................................................................- 166 4. Cac he so ve hoat ong ..........................................................................- 166 5. Cac he so ve doanh li ...........................................................................- 167 6. Phng trnh Dupont...............................................................................- 169 V. PHAN TCH DIEN BIEN NGUON VON VA S DUNG VON ................- 170 Tai lieu tham khao...............................................................................................- 171 A. Tai lieu tieng Viet ......................................................................................- 171 B. Tai lieu tieng nc ngoai ............................................................................- 172 -
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LI M AU
Quan tr tai chnh la mot chc nang can ban cua quan tr doanh nghiep. Vai tro cua quan tr tai chnh hien ai khong ch dng lai viec tm kiem von va am bao kha nang thanh toan, ma con bao quat hau het pham vi hoat ong san xuat kinh doanh cua doanh nghiep, nham thc hien mot muc tieu toi hau la cc ai hoa gia tr tai san cua chu s hu. Mon hoc Quan tr tai chnh nhan manh viec s dung hu hieu nhng nguyen tac can ban, s thch ng vi moi trng xung quanh, va kha nang ra quyet nh cua nha quan tr tai chnh trong tien trnh quan ly. No at trong tam vao cac e tai tong quat co the ap dung vao lanh vc tai chnh that rong ln, chang han nh : -Quan tr tai chnh doanh nghiep -Th trng tai chnh va au t tren th trng tai chnh -Cac to chc tai chnh Tap I cua giao trnh nay gii thieu mot cach co ong cac noi dung ly thuyet c ban nhat cua lanh vc quan tr tai chnh doanh nghiep, nham giup ban oc thuan li hn trong viec he thong hoa nhng kien thc kha phc tap va chi tiet trong cac tai lieu tham khao a dan. Hai lanh vc con lai thuoc vao pham vi nghien cu cua nhieu mon hoc khac co lien he. Tap II cua giao trnh bao gom cac cau hoi suy luan va bai tap c thiet ke tng ng vi tng chng trong Tap I, nham giup ban oc co the t on tap va ren luyen ky nang thc hanh, nang cao kha nang t duy e x ly nhng tnh huong kho khan hn trong thc te. Phu luc 2 cuoi tap nay ch ra nhng cach thc can ban e giup ban oc tng bc ng dung tin hoc vao qua trnh quan ly tai chnh doanh nghiep, cung nh vao thc tien i song kinh te hang ngay ang dien ra vo cung phong phu va soi ong. Mac du chung toi a rat co gang e thc hien niem mong c c gop phan tao ra nen tang cho nhng no lc nghien cu va hoc hoi lau dai hn cua cac ban sinh vien, nhng do e tai qua rong, nen se khong the tranh c nhng sai sot. Chung toi mong nhan c s ch bao va ong gop y kien cua cac thay co giao, cac chuyen gia trong nganh va ban oc xa gan, e lan tai ban c hoan chnh hn. Moi th t, trao oi xin vui long gi ve : NGUYEN VAN TUAN KHOA QUAN TR KINH DOANH-AI HOC A LAT So 01 Phu ong Thien Vng, a Lat.
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CHNG I: NHNG VAN E CAN BAN VE QUAN TR TAI CHNH DOANH NGHIEP
I. Khai niem
Bo mon Quan tr tai chnh ra i t nhng nam 1900, tnh en nay a co be day phat trien hn mot the ky. Trai qua nhieu khao hng khac nhau e ap ng cho nhng muc ch va yeu cau quan ly nhng thi iem khac nhau cua lch s kinh te the gii, quan tr tai chnh a phat trien toan dien va tr thanh mot lanh vc khoa hoc tng oi hoan chnh nh ngay nay. Tuy nhien, cho en nay, van con nhng tranh luan xoay quanh viec xac lap mot khai niem nao o cho nganh khoa hoc con kha mi me nay. Tham ch ngi ta a khong the thong nhat c vi nhau au la nhng van e co tnh cach nguyen ly, ch ng noi g en viec tm kiem c s ong thuan trong nhng khao hng khoa hoc phc tap khac 1. Do vay, cac noi dung c trnh bay di ay c hieu nh la s gii thieu mot trong nhng quan iem c chap nhan rong rai, ch khong phai la s tranh luan e m ng cho mot quan iem mi. Ngi ta nh ngha rang: Quan tr tai chnh doanh nghiep la mot mon hoc ve khoa hoc quan tr, nghien cu mot cach co he thong cac moi quan he tai chnh phat sinh trong qua trnh hoat ong san xuat kinh doanh cua doanh nghiep, e t o a ra cac quyet nh tai chnh nham muc tieu toi a hoa li ch cua cac chu s hu. Nhng noi dung di ay se lan lt lam ro cac van e c neu ra trong khai niem noi tren.
1.Tai chnh doanh nghiep - mot mon hoc ve khoa hoc quan tr
S d tai chnh doanh nghiep c xem nh la mot nganh khoa hoc quan tr ch khong phai la mot nganh khoa hoc chnh xac thuan tuy, n gian bi v no va the hien nhng ac trng cua khoa hoc chnh xac nhng ong thi cung cha ng pham chat nghe thuat vi trnh o cao, o la nghe thuat ve s quan ly va ieu hanh. Thc tien cac hoat ong kinh te a ch ro rang thanh cong trong cuoc kinh doanh ay bat trac va rui ro chac chan khong the ch trong ch vao s may rui, lai cang khong the ch la ket qua cua nhng tnh toan co tnh cach ly thuyet. ieu nay cung ham y rang mac du viec giai quyet nhng van e tai chnh cua doanh nghiep tren giay a la mot cong viec het sc kho khan, nhng trien khai thc hien nhng toan tnh o tren thc te nh the nao e at c ket qua nh nhng g nha quan tr mong i lai con kho khan hn gap boi. Noi cach khac, cho du viec tnh toan tren ban giay co chnh xac en au i na th hieu qua cua qua trnh quan ly tai chnh doanh nghiep cung van phai c
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Theo thien y, ieu nay that ra khong co g ang phan nan, bi dng nh no chnh la mot trong nhng ong lc cua qua trnh phat trien va e hoan thien tri thc khoa hoc cua nhan loai.
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anh gia thong qua ket qua (thanh cong hoac that bai) at c t thc te trien khai cac tnh toan ay. Van e la cho, nh tren a noi, ket qua nay lai khong hoan toan phu thuoc vao tnh chnh xac cua nhng tnh toan ly thuyet, ma con chu s anh hng rat ln cua nghe thuat quan ly, c chi phoi va la tong hp hai hoa cua nhieu yeu to khac nhau nh nang lc, s nhay ben, long dung cam, va oi khi la mot chut may man na. Do vay, dng nh pham chat nghe thuat cua khoa hoc nay a nghiem nhien tr thanh ranh gii, e phan biet s khac nhau rat ln va muon th gia mot ben la cac nha nghien cu ly thuyet thuan tuy, va ben kia la nhng doanh nhan tng trai 2.
2. Cac moi quan he tai chnh

Cac moi quan he tai chnh phat sinh trong qua trnh hoat ong san xuat kinh doanh cua doanh nghiep la bieu hien ban chat cua tai chnh doanh nghiep. Mot cach cu the, ay la cac moi quan he kinh te c the hien di hnh thai gia tr (nen con goi la quan he tien te) phat sinh trong qua trnh hnh thanh va s dung cac quy tien te nham phuc vu cho qua trnh tai san xuat trong moi doanh nghiep va gop phan tch luy von cho Nha nc. Noi dung cua nhng moi quan he nay bao gom : a) Mot la cac moi quan he tai chnh gia doanh nghiep vi ngan sach Nha nc: Cac moi quan he tai chnh nay phan anh nhng quan he kinh te di hnh thai gia tr phat sinh trong qua trnh phan phoi va phan phoi lai tong san pham xa hoi va thu nhap quoc dan, gia ngan sach Nha nc vi cac doanh nghiep va the hien qua cac khoan thue ma doanh nghiep nop vao ngan sach Nha nc theo luat nh. Mat khac, ngan sach Nha nc cap von cho doanh nghiep Nha nc va co the gop von vi cong ty lien doanh hoac cong ty co phan (mua co phieu) hay cho vay (mua trai phieu). Tuy theo muc ch, yeu cau quan ly oi vi tng nganh kinh te ma Nha nc quyet nh ty le gop von, cho vay nhieu hay t. b) Hai la cac moi quan he tai chnh gia doanh nghiep vi cac chu the kinh te tren th trng : S a dang cua cac thiet che trong nen kinh te th trng (nh th trng tai chnh, th trng hang hoa va dch vu, th trng tieu thu, th trng sc lao ong) a keo theo s a dang cua cac moi quan he gia doanh nghiep vi cac chu the kinh te tren cac th trng nay, nh : -Moi quan he tai chnh gia doanh nghiep vi cac doanh nghiep khac nhieu hnh thc s hu va loai hnh to chc kinh doanh khac nhau, the hien qua cac hoat ong thanh toan tien mua ban vat t, hang hoa, dch vuTrong moi quan he nay, doanh nghiep va ong vai tro la nha cung cap, lai va la nha tieu thu, va la ngi s dung dch vu lai va la ngi cung ng dch vue am bao cho quy trnh chuyen hoa cac yeu to au vao cung nh au ra cua doanh nghiep c thong suot va nhp nhang.
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Trch dan theo cach viet cua Ths. Nguyen Tan Bnh trong li bat cua tac pham Phan tch hoat ong doanh nghiep, NXB ai hoc quoc gia TP. Ho Ch Minh,2000.
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-Moi quan he tai chnh gia doanh nghiep vi cac chu the tren th trng tai chnh : Trong moi quan he nay doanh nghiep cung ong hai vai tro va la ngi can von lai va la ngi co von. ng goc o ngi can von, doanh nghiep tiep nhan cac nguon von c tai tr bi cac chu the tren th trng tai chnh (nh cac ngan hang, cac nha au t cung nh cac nh che tai chnh trung gian khac) e phuc vu cho hoat ong san xuat kinh doanh cua mnh thong qua hnh thc vay n ngan hang, phat hanh trai phieu, co phieuva ong thi co trach nhiem hoan tra von goc, tra lai, chi tra co tccho cac chu the nay. ng goc o ngi co von, doanh nghiep quan he vi th trng tai chnh vi t cach la nha au t e au t mot cach co hieu qua nguon von con tam thi nhan roi cua mnh, thong qua nhieu hnh thc khac nhau nh ky thac tai ngan hang hoac au t vao cac loai chng khoan do Chnh phu hoac cac doanh nghiep khac phat hanh. c) Ba la cac moi quan he tai chnh phat sinh trong noi bo doanh nghiep : ay la cac moi quan he rat phc tap phan anh nhng quan he kinh te bieu hien di hnh thai gia tr gia cac bo phan san xuat, kinh doanh, va quan ly, gia quyen s dung va quyen s hu von ch thc cua cac thanh vien trong doanh nghiep. Chang han nh moi quan he tien te xay ra gia chu doanh nghiep va cac can bo cong nhan vien trong qua trnh phan phoi thu nhap di hnh thc tien lng, tien thng, tien phat va lai co phan ; hoac moi quan he tai chnh gia bo phan tai vu va cac phan xng, to oi san xuat trong viec nhan tam ng, thanh toan va hach toan noi boCo muon van cac moi quan he tai chnh phc tap va roi ram phat sinh trong qua trnh hoat ong san xuat kinh doanh cua doanh nghiep, ma bieu hien cu the cua cac moi quan he nay chnh la s chuyen dch gia tr va to chc luan chuyen von trong noi bo doanh nghiep. Noi tom lai, tat ca cac moi quan he tai chnh neu tren a bao quat c toan bo nhng kha canh ve s van ong cua von tien te trong qua trnh hoat ong san xuat kinh doanh cua moi doanh nghiep. Nhng quan he nay mot mat phan anh ro doanh nghiep la mot chu the kinh te oc lap, ong thi cung cho thay ro moi lien he gia tai chnh doanh nghiep vi cac khau khac trong he thong tai chnh quoc gia.
3. Cac quyet nh tai chnh

Quan tr tai chnh nghien cu cac moi quan he tai chnh nham a ra cac quyet nh tai chnh. Tu trung lai, cac quyet nh tai chnh c chia thanh hai loai ln : a) Mot la cac quyet nh au t 3: ay la loai quyet nh rat quan trong. No khi au cho viec hnh thanh nen nhng gia tr mi cho doanh nghiep va co nhng anh hng quyet nh en s ton tai va phat trien cua moi doanh nghiep. Nha quan
Con c goi la cac quyet nh s dung ngan quy
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tr tai chnh phai huy ong va s dung cac nguon lc tai chnh cua doanh nghiep mnh vao cac hoat ong em lai ty suat li nhuan cao, vi mot mc o rui ro thoa ang co the chap nhan c nham bao toan va khong ngng phat trien cac nguon lc nay. Noi chung, cac quyet nh nay se tra li cho nhng cau hoi chang han nh : -Doanh nghiep nen au t dai han hay ngan han? -Lieu co nen m ra mot tuyen san pham mi hay khong? -Co nen ban i mot he thong trang thiet b cu? -Nen e tien mat cua doanh nghiep au?... b) Hai la cac quyet nh ve nguon von 4: Mot trong nhng chc nang quan trong cua nha quan tr tai chnh la huy ong cac nguon tai tr e ap ng cho nhu cau hoat ong cua doanh nghiep, ong thi xac lap mot c cau tai chnh hp ly sao cho chi ph s dung von bnh quan cung nh mc o rui ro tai chnh cua doanh nghiep la nho nhat. Muon vay, nha quan tr tai chnh phai can nhac e tra li cho c cac cau hoi nh : -Doanh nghiep lay au ra tien e au t ?, tc la huy ong ngan quy au t t nguon nao? va vao thi iem nao? -Co nen tiep tuc huy ong von bang con ng vay n hay khong? -Li nhuan thu c t hoat ong san xuat kinh doanh nen c s dung nh the nao? Tuy nhien, viec phan chia cac quyet nh tai chnh ra lam hai loai nh tren, hay theo bat c mot cach thc phan loai nao khac, cung ch co tnh cach tng oi va chu yeu la e phuc vu cho yeu cau nghien cu ma thoi. Bi v co rat nhieu, neu nh khong muon noi la hau nh tat ca, cac quyet nh trong kinh doanh noi chung va trong lanh vc tai chnh noi rieng, eu bao ham ong thi trong no ca cac quyet nh ve au t lan cac quyet nh ve nguon von.
4. Muc tieu cua quan tr tai chnh doanh nghiep : Toi a hoa li nhuan, toi a hoa ga tr th trng, hay toi a hoa li ch cua cac chu s hu?
Moi mot doanh nghiep luon co chu s hu ch thc cua no. Doanh nghiep c cac chu s hu lap ra e theo uoi nhng muc tieu, s mang nao o va hien nhien la nham phuc vu li ch cua ban than cac chu s hu. ieu nay co ngha la muc tieu cua quan tr tai chnh, du muon hay khong, cung phai bam sat muc tieu, s mang cua doanh nghiep, tc la e phuc vu cho li ch cua cac chu s hu, va hn na, toi a hoa cac li ch nay. Tuy nhien, s a dang cua cac loai hnh s hu trong nen kinh te th trng a keo theo s bat ong quan iem ve viec xac nh au la muc tieu cua quan tr tai
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Con c goi la cac quyet nh tai tr
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chnh 5. Do vay, tuy theo tng loai hnh doanh nghiep va li ch ch thc cua cac chu s hu cua no ma cu the hoa muc tieu toi a hoa li ch cua chu s hu thanh cac ch tieu cu the, lam can c chnh xac cho viec ra cac quyet nh. Xet cho cung va tren goc o quan tr, mot trong nhng muc tieu quan trong hang au cua hau het cac doanh nghiep san xuat kinh doanh chnh la li nhuan. Nen nhng nha quan tr doanh nghiep, hoac cac chu s hu, hoac ca hai luon luon co gang tm ra, hoac bang nhng phng cach thch hp nao o, e co the at c mot mc li nhuan cao hn va roi con cao hn na. ieu ro rang la muc tieu toi a hoa li nhuan, ve can ban, khong he mau thuan vi muc tieu toi a hoa li ch cua cac chu s hu ma trai lai no chnh la mot bc cu the hoa muc tieu nay, at trong moi quan he vi cac yeu to ve thi gian, rui ro, cung nh khat vong ton tai lau dai va phat trien ben vng cua doanh nghiep.
II. V tr, chc nang cua Nha Quan tr tai chnh va noi dung hoat ong tai chnh doanh nghiep
1.V tr cua nha quan tr tai chnh trong c cau to chc cua doanh nghiep
Trong nen kinh te th trng, c cau to chc quan ly doanh nghiep rat khac nhau t doanh nghiep nay sang doanh nghiep khac do chu tac ong cua nhieu yeu to nh : Loai hnh to chc kinh doanh, quy mo doanh nghiep, ac thu cua nganh kinh doanh, ac iem ky thuat cong ngheTuy vay chc nang quan ly tai chnh luon ng kha oc lap so vi cac chc nang quan ly khac, cung vi quan ly san xuat va quan ly nhan s tao thanh kieng quan ly nhan s-tai chnh-san xuat cua doanh nghiep. ng au lanh vc quan ly tai chnh la giam oc tai chnh 6, la nha quan tr tai chnh cap cao va c v nh la ngi tong thu quy (treasurer) cua doanh nghiep. Di quyen giam oc tai chnh co the co ba mang chuyen mon ln : a) Khau kiem toan noi bo : Chu trach nhiem kiem toan noi bo cac bao cao tai chnh, ke toanng au khau nay co the la trng phong hay trng bo phan tuy theo quy mo bo may, nhng phai tach rieng so vi khau ke toan. mot so doanh nghiep, bo phan nay con co the tach ra khoi pham vi quan ly cua giam oc tai chnh.
Ban oc co the tm hieu them ve van e nay trong giao trnh Quan tr tai chnh doanh nghiep cua Tran Van Chanh va Ngo Quang Huan, NXB ai hoc quoc gia TP. HCM, 2000.
Chc danh nay co the co ten goi khac nh pho giam oc tai chnh trong c cau ch co giam oc, khong co tong giam oc. ; hoac cha ro rang nh chc danh ke toan trng Viet Nam hien nay. cac cong ty tren the gii, viec phan biet gia hai chc danh trng bo phan tai chnh va trng bo phan ke toan la tng oi ro rang. Theo o, ke toan trng chu trach nhiem to chc cong tac ke toan tai doanh nghiep. Trng bo phan tai chnh (Chief financial officer - CFO, hay con goi la giam oc tai chnh - Financial manager) chu trach nhiem ve cac van e lien quan en cac quyet nh au t va cac quyet nh ve nguon von. Mot so cong ty do nhng ac thu rieng cua mnh lai ch nh cho trng bo phan tai chnh phu trach chung ca hai cong viec tren. Noi cach khac, trng bo phan tai chnh chu trach nhiem a dang hn bao gom ca viec thc hanh chnh sach tai chnh va cac ke hoach khac ma trong o ke toan ch la mot cong cu.
Nguyen Van Tuan
Khoa QTKD
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b) Khau tai vu : Thc hien va theo doi toan bo hoac mot so van e co lien quan en cac quyet nh ve au t va cac quyet nh ve nguon von, nhng chu yeu la phu trach cac mang nh mang thanh toan, mang tai chnh tong hp, mang phan tch hoat ong kinh te, mang quan ly quyng au khau nay co the la trng phong tai vu hoac trng bo phan tuy theo quy mo bo may. c) Khau ke toan : Chu trach nhien thc hien mang hach toan ke toan cho doanh nghiep, va ng au khau nay d nhien la ke toan trng. Noi chung, nha quan tr tai chnh cap cao thng chiem a v thng tang trong c cau to chc quan ly. v tr nay, ong ta la ngi co nhng anh hng rat to ln oi vi cac quyet nh quan trong cua doanh nghiep, va thng co rat nhieu quyen lc. oi vi cac doanh nghiep nho th thong thng chnh giam oc se la ngi co vai tro quyet nh trong cong tac quan tr tai chnh. Hn na, tham quyen quyet nh ve tai chnh rat t khi c cac nha quan tr tai chnh cap cao phan quyen hay uy quyen cho cap di, n gian la bi v cac quyet nh nay co nhng anh hng ac biet quan trong oi vi van menh va s song con cua doanh nghiep.
2.Chc nang cua nha quan tr tai chnh trong doanh nghiep
Di goc nhn rong rai nhat cua khai niem ve quan ly, ngi ta xem giam oc tai chnh, ke toan trng va trng phong tai vueu ong vai tro la nhng nha quan tr tai chnh trong doanh nghiep. Vai tro cua ho th tng oi giong nhau, nhng chc nang cua ho th khac nhau, bi ho thuoc nhng he cap quan tr khac nhau. a) Chc nang cua ke toan trng Chc nang cua ke toan trng tuy thuoc vao quy mo, tnh chat va loai hnh to chc kinh doanh cua tng doanh nghiep, nhng nhn chung th ke toan trng thng am nhiem nhng chc nang sau ay : -Mot la to chc va quan ly he thong ke toan cua doanh nghiep, e tien hanh ghi chep mot cach chi tiet cac nghiep vu kinh te phat sinh trong qua trnh kinh doanh cua doanh nghiep, theo che o hach toan ke toan hien hanh. -Hai la to chc va thc hien cong tac bao quan, lu gi cac tai lieu ke toan theo quy nh. -Ba la chu trach nhiem chnh trong viec thiet lap cac bao cao tai chnh cua doanh nghiep, cung nh to chc, pho bien, hng dan va thi hanh ay u va kp thi cac quy nh, che o ke toan cua Nha nc. -Bon la to chc thc hien cac nghiep vu ke toan quan tr, am nhiem viec hoach nh va a ra nhng quyet nh tai chnh ngan han 7.
Ke toan trng khong thc hien cac nghiep vu ke toan quan tr ma ch to chc thc hien ; va ch than ong ta phai am nhiem viec hoach nh va a ra nhng quyet nh tai chnh ngan han. Nh the ke toan trng a thc hien cac chc nang mang tnh cach quan tr nhieu hn la cac chc nang co tnh cach nghiep vu. ieu nay cho thay he cap quan tr cang thap bao nhieu th chc nang cua cac nha quan tr he cap o cang thien ve tnh nghiep vu bay nhieu.
7
Nguyen Van Tuan
Khoa QTKD
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Viet Nam, chc nang cua ke toan trng DNNN a c quy nh tai ieu 2 cua ieu le ban hanh theo Ngh nh so 26-HBT, ngay 18.03.1989 cua Hoi ong Bo trng (nay la Chnh phu), nh sau : Ke toan trng co chc nang giup giam oc doanh nghiep to chc, ch ao thc hien toan bo cong tac ke toan, thong ke, thong tin kinh te va hach toan kinh te doanh nghiep theo c che quan ly, ong thi lam nhiem vu kiem soat vien kinh te-tai chnh cua Nha nc tai doanh nghiep. nhng doanh nghiep ma cong tac tai chnh cha c to chc thanh mot bo phan rieng biet th ke toan trng am nhiem ca viec to chc va ch ao cong tac tai chnh b) Chc nang cua giam oc tai chnh Tuy theo quy mo, tnh chat hoat ong va loai hnh to chc kinh doanh cua tng doanh nghiep ma chc nang cua giam oc tai chnh co the co nhng iem d biet, nhng nhn chung nhng chc nang c ban nhat cua giam oc tai chnh co the c ch ra nh sau : -Mot la to chc viec phan tch tnh hnh tai chnh cua doanh nghiep nham nhan dien nhng iem manh va yeu cua n v mnh trong moi quan he vi nhng c hoi va e doa ma n v ang phai oi dien, e tren c s o hoach nh chien lc tai chnh cung nh ra cac quyet nh ve tai chnh cho doanh nghiep. ay la chc nang quan trong nhat, xuyen suot qua trnh hoat ong cua mot giam oc tai chnh. -Hai la kiem soat va anh gia tren phng dien hieu qua tai chnh oi vi cac quyet nh tai chnh a thc hien. Chang han nh viec anh gia tnh hieu qua cua cac d an au t, tnh hieu qua cua cac giai phap huy ong von... -Ba la thiet lap c cau von cua doanh nghiep. Tren c s nhng ac iem hoat ong cua doanh nghiep cung nh nhng anh gia ve kho khan va thuan li, ve nhng chi ph va rui ro cua cac nguon von, giam oc tai chnh se phai a ra nhng quyet nh ve viec phai huy ong nguon von nao e co the thiet lap c mot c cau von (ngan quy) toi u cho doanh nghiep mnh. -Bon la thiet lap va to chc thc hien chnh sach quan tr tien mat noi rieng, cung nh quan ly von lu ong noi chung nham am bao kha nang thanh toan cua doanh nghiep cung nh nhng nhu cau ngan quy dung cho hoat ong san xuat kinh doanh. c) Chc nang cua trng phong tai vu va nhng cong s -Xay dng va e xuat che o quan ly tai chnh cho doanh nghiep mnh da tren c s luat phap, cac che o quan ly tai chnh cua Nha nc va tnh hnh cu the cua n v. -Thc hien cac cong viec s vu hang ngay thuoc lanh vc tai chnh cua doanh nghiep nh ieu hanh thu chi tien mat, vay n ngan hang, thanh toan cac khoan phai nop, phai tra, on oc viec thu hoi cong n, trch lap va s dung cac quy theo ung
Nguyen Van Tuan
Khoa QTKD
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che o, giup giam oc tai chnh thc hien viec phan tch tnh hnh tai chnh cua doanh nghiep, tham gia xay dng cac hp ong kinh te vi cac oi tac (ac biet la kha canh tai chnh trong hp ong)..., thc hien cac cong viec khac theo yeu cau cua nha quan tr tai chnh cap cao. Cong tac quan ly tai chnh doanh nghiep la mot dien trnh nang ong, phc tap nhng rat lien tuc va thong nhat, nen viec phan chia pham vi chc nang cua cac nha quan tr tai chnh mot cach rach roi la ieu het sc kho khan. Song chc nang, nhiem vu cua tng nha quan ly, tng cong nhan vien trong lanh vc tai chnh cang c phan nh ro bao nhieu th hieu qua cua cong tac quan ly tai chnh doanh nghiep cang co the c tang cng bay nhieu.
3. Noi dung hoat ong tai chnh doanh nghiep

Tren c s chc nang, nhiem vu cua cac nha quan tr tai chnh cung nh v tr cua ho trong c cau to chc quan ly doanh nghiep, ta co the tom tat noi dung hoat ong cua tai chnh doanh nghiep trong may van e c ban sau ay : -Tham gia anh gia, la chon cac d an au t va ke hoach kinh doanh -Xac nh nhu cau von, to chc huy ong cac nguon von e ap ng kp thi cho cac hoat ong cua doanh nghiep -To chc s dung tot so von hien co, quan ly chat che cac khoan thu chi, am bao kha nang thanh toan cua doanh nghiep -Thc hien tot viec phan phoi li nhuan, trch lap va s dung cac quy cua doanh nghiep -Thc hien kiem tra thng xuyen tnh hnh hoat ong cua doanh nghiep va phan tch tai chnh doanh nghiep. -Thc hien tot viec hoach nh tai chnh doanh nghiep
III. To chc tai chnh doanh nghiep

Ve thc chat, to chc tai chnh doanh nghiep la viec hoach nh cac chien lc tai chnh va he thong cac bien phap e thc hien nhng chien lc o, nham at c cac muc tieu cua doanh nghiep trong tng thi ky nhat nh. Mo hnh to chc tai chnh doanh nghiep luon luon trang thai van ong tuy thuoc vao nhng ieu kien va hoan canh cu the ma no ton tai. Tuy nhien, ve can ban, mo hnh to chc tai chnh doanh nghiep chu tac ong bi cac nhan to chu yeu sau ay :
1.Hnh thc to chc kinh doanh cua doanh nghiep

Nhng nen tang c ban cua quan tr tai chnh (bao gom ca cac nguyen ly lan cac cong cu) co the ap dung cho moi loai hnh to chc kinh doanh moi tam c ln, nho, trung bnh khac nhau, va hau nh la giong nhau bat c ni au tren the gii nay cho du tap quan, van hoa, luat phap cac quoc gia khac nhau co the rat khac nhau.
Nguyen Van Tuan
Khoa QTKD
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Th du nh khi mot doanh nghiep bat c quoc gia nao quyet nh mua mot he thong trang thiet b mi th nha lanh ao tai chnh cua no cung phai xem xet xem quyet nh o se anh hng nh the nao en dong tien thu va chi (cash inflows and cash outflows) cua doanh nghiep trong tng lai. Bai toan tai chnh cua mot doanh nghiep nho la lam the nao e huy ong von au t, va bai toan cua mot cong ty ln la giai phap tai chnh nao e co the m rong hoat ong ra pham vi toan cau, tuy co nhng ac trng rieng nhng ve nguyen ly th can ban la nh nhau Tuy vay, moi mot loai hnh to chc kinh doanh khac nhau, vi nhng ac thu rieng c rang buoc bi nhng quy nh khac nhau cua luat phap, a keo theo s khac nhau ve mot so van e cu the cua c che quan ly tai chnh, chang han nh nhng van e ve huy ong von va phan phoi li nhuan, ve pham vi trach nhiem oi vi cac khoan n trong kinh doanh, va ieu nay cung a gay ra nhng anh hng ang ke en cong tac to chc tai chnh doanh nghiep. Phan noi dung di ay se lan lt xem xet nhng ac trng quan trong tren phng dien tai chnh cua mot so loai hnh to chc kinh doanh chu yeu Viet Nam hien nay, cung nh phan tch nhng anh hng cua chung en cong tac to chc tai chnh doanh nghiep. a) Doanh nghiep t nhan -Doanh nghiep t nhan la doanh nghiep 8 do mot ca nhan lam chu va t chu trach nhiem bang toan bo tai san cua mnh ve moi hoat ong cua doanh nghiep. -Doanh nghiep t nhan do mot ngi bo von ra thanh lap va lam chu. V ch co mot ngi lam chu nen ong ta t quan ly va t chu trach nhiem, khong phai chia se quyen lc va li nhuan cho bat ky ai khac. Phan li nhuan sau thue d nhien thuoc quyen s hu cua chu doanh nghiep. -Chu doanh nghiep t nhan phai chu trach nhiem bang toan bo tai san cua mnh ve moi hoat ong cua doanh nghiep, khong phan biet tai san o co dung vao viec kinh doanh hay khong. Noi cach khac, ong ta phai chu trach nhiem vo han ve cac khoan n trong kinh doanh. ay la mot ac iem noi bat tren phng dien tai chnh e phan biet doanh nghiep t nhan vi cong ty TNHH va cong ty co phan. -Doanh nghiep t nhan la loai hnh kinh doanh khong co t cach phap nhan v khong hoi u nhng ieu kien theo quy nh tai ieu 94 cua bo Luat dan s. Chu doanh nghiep t nhan la ngi ai dien theo phap luat cua doanh nghiep. -Doanh nghiep t nhan khong c quyen phat hanh bat ky loai chng khoan nao e huy ong von tren th trng tai chnh. Do o quy mo cua doanh nghiep thng b han che v phu thuoc vao kha nang tai chnh cua ban than ngi chu cung nh kha nang vay mn cua ong ta. V vay, cac doanh nghiep t nhan thng la cac doanh nghiep co quy mo nho.
Doanh nghiep la to chc kinh te co ten rieng, co tai san, co tru s giao dch on nh, c ang ky kinh doanh theo quy nh cua phap luat nham muc ch thc hien cac hoat ong kinh doanh.
Nguyen Van Tuan
Khoa QTKD
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-Thuan li ln nhat cua doanh nghiep t nhan la viec thanh lap kha de dang, n gian va chi ph thanh lap thap hn cac loai hnh to chc kinh doanh khac. -C cau to chc cua doanh nghiep t nhan thng gon nhe, quy mo san xuat va von au t thng mc va va nho, nen rat linh hoat trong qua trnh au t, chu au t co the de dang chuyen hng au t vao nhng nganh nghe, lanh vc co li nhuan cao. Tuy nhien, v la cong ty mot chu nen doanh nghiep t nhan khong co c hoi khai thac tr tue tap the cua cac thanh vien nh nhng loai hnh doanh nghiep khac. -i song cua doanh nghiep t nhan gan lien vi cuoc i cua ngi chu cua no. Khi ngi chu chet i, doanh nghiep t nhan tr thanh mot phan di san cua ngi qua co va c phan chia cho nhng ngi tha ke. -Theo chu trng hien nay cua Nha nc, a v phap ly cua doanh nghiep t nhan a c nang cao. Doanh nghiep t nhan c lien doanh, lien ket vi ben nc ngoai (theo Luat au t nc ngoai tai Viet Nam), va c tuyen bo pha san doanh nghiep (theo Luat pha san doanh nghiep). Trong khi o ho kinh doanh ca the khong co nhng ac quyen nay. b) Cong ty hp danh -Cac thanh vien hp danh phai chu trach nhiem lien i vo han tren san nghiep cua mnh ve cac khoan n cua cong ty. ieu nay tao ra li the ve uy tn, giup cong ty hp danh vay von hoac ky ket hp ong kinh doanh c thuan li hn. -Cong ty hp danh phai co t nhat hai thanh vien hp danh, ngoai ra co the co cac thanh vien gop von. Do vay kha nang huy ong von cua cong ty hp danh se thuan li hn so vi doanh nghiep t nhan. ong thi, rui ro trong kinh doanh se c phan tan cho cac thanh vien trong cong ty (khac vi doanh nghiep t nhan, rui ro se do ch mot mnh ngi chu ganh chu). -Thanh vien hp danh phai la cac ca nhan co trnh o chuyen mon va uy tn nghe nghiep, ho co toan quyen quan ly cong ty va phai chu trach nhiem bang toan bo tai san cua mnh ve cac ngha vu cua cong ty (trach nhiem vo han). Chnh v quy nh nay (theo Luat doanh nghiep ngay 12.06.1999) nen cong ty hp danh khong co t cach phap nhan (hoan toan khac vi cac loai hnh cong ty TNHH mot thanh vien, hai thanh vien tr len, va cong ty co phan). -Thanh vien gop von ch co quyen c chia li nhuan theo ty le quy nh trong ieu le cong ty ma khong co quyen tham gia quan ly cong ty va hoat ong nhan danh cong ty ,ong thi ho ch chu trach nhiem ve cac khoan n cua cong ty trong pham vi so von ma mnh a gop. -Cong ty hp danh khong c quyen phat hanh bat ky loai chng khoan nao nen kha nang huy ong von se b han che hn cong ty co phan va cong ty TNHH. Va mac du kha nang huy ong ngan quy cua cong ty hp danh tot hn so vi doanh nghiep t nhan, nhng chung cung khong co tiem nang e phat trien thanh nhng doanh nghiep ln.
Nguyen Van Tuan
Khoa QTKD

c) Cong ty TNHH
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Theo luat doanh nghiep hien hanh nc ta th co hai dang cong ty TNHH : cong ty TNHH co hai thanh vien tr len va cong ty TNHH mot thanh vien. Di ay chu yeu xem xet cong ty TNHH co hai thanh vien tr len -Cac thanh vien trong cong ty TNHH ch chu trach nhiem ve cac khoan n va cac ngha vu tai san khac cua doanh nghiep trong pham vi so von a cam ket gop vao doanh nghiep. ieu nay co ngha la ho khong phai chia se li nhuan va quyen kiem soat cho qua nhieu ngi, va kha nang huy ong nguon tai chnh cua cong ty TNHH co the thuan li hn so vi doanh nghiep t nhan hoac cong ty hp danh. -Cong ty TNHH khong c quyen phat hanh co phieu 9. -Cong ty TNHH co t cach phap nhan ke t ngay c cap giay chng nhan ang ky kinh doanh. -Cac thanh vien phai gop von ay u va ung han nh a cam ket. Tai thi iem gop u gia tr phan von gop, thanh vien o se c cong ty cap giay chng nhan phan von gop, tren o co ghi ro gia tr phan von gop cua thanh vien. -Cong ty TNHH co the tang von ieu le bang cach : Tang von gop cua thanh vien ; ieu chnh tang mc von ieu le tng ng vi gia tr tai san tang len cua cong ty ; hoac tiep nhan von gop cua thanh vien mi. -Cong ty TNHH ch c chia li nhuan cho cac thanh vien khi cong ty kinh doanh co lai, a hoan thanh ngha vu nop thue va cac ngha vu tai chnh khac theo quy nh cua phap luat, va ngay sau khi chia li nhuan cong ty van thanh toan u cac khoan n va cac ngha vu tai san khac en han tra. Hoi ong thanh vien cua cong ty quyet nh phng an s dung va phan chia li nhuan hoac phng an x ly lo cua cong ty. -Thanh vien cua cong ty TNHH thng t hn co ong cua cong ty co phan (Luat doanh nghiep ngay 12.06.1999 khong che khong vt qua 50 thanh vien), va thng la nhng ngi quen biet nhau, v vay viec phan cong quan ly va c cau to chc quan ly trong cong ty TNHH khong phc tap nh trong cong ty co phan. -Viec han che so lng thanh vien cong ty, trong khi cong ty TNHH lai khong c phep phat hanh co phieu, se tao ra nhng kho khan khi cong ty TNHH muon au t san xuat kinh doanh co quy mo ln ma khong muon chuyen oi hnh thc cong ty.
ay la quy nh mi cua Luat doanh nghiep ngay 12.06.1999, thoang hn so vi Luat cong ty cu. Luat cong ty cu quy nh rang : cong ty TNHH khong c phep phat hanh bat ky loai chng khoan nao. Luat mi ch quy nh cong ty TNHH khong c phep phat hanh co phieu, nh the co ngha la: Mot khi cong ty TNHH a hoat ong kinh doanh co hieu qua, co tiem nang phat trien san xuat kinh doanh tot, va hoi u nhng ieu kien luat nh, c c quan quan ly Nha nc co tham quyen khao sat, anh gia th co the phat hanh cac loai chng khoan khac.
Nguyen Van Tuan
Khoa QTKD

d) Cong ty co phan
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-Cong ty co phan co von ieu le c chia thanh nhieu phan bang nhau goi la co phan (shares). Gia tr cua moi co phan goi la menh gia co phieu. Ngi s hu co phan goi la co ong (shareholders - stockholders) va ho chnh la nhng ngi chu that s cua cong ty co phan. -Cac co ong trong cong ty co phan ch chu trach nhiem ve cac khoan n va cac ngha vu tai san khac cua doanh nghiep trong pham vi so von a gop vao doanh nghiep (trach nhiem hu han). -Cong ty co phan co quyen phat hanh chng khoan ra cong chung e huy ong von theo quy nh cua phap luat ve chng khoan. Viec phan chia li nhuan sau thue cho cac thanh vien cua cong ty se can c theo ieu le. -Mot trong nhng u iem quan trong cua loai hnh to chc kinh doanh nay la cong ty co phan co thuan li to ln so vi cac loai hnh doanh nghiep khac trong viec huy ong nguon lc tai chnh thong qua viec phat hanh co phieu va trai phieu. Do vay cong ty co phan co the de dang hn trong viec m rong quy mo san xuat kinh doanh, hay noi khac i, loai hnh nay co mot tiem nang to ln e phat trien. e) Doanh nghiep Nha nc -Doanh nghiep Nha nc la to chc kinh te do Nha nc au t von, thanh lap va to chc quan ly, hoat ong kinh doanh hoac hoat ong cong ch nham thc hien nhng muc tieu kinh te xa hoi do Nha nc giao. Hnh thc cua doanh nghiep Nha nc la doanh nghiep oc lap di dang tong cong ty hoac cong ty. Doanh nghiep Nha nc cung co the c thanh lap di hnh thc cong ty co phan hoac c co phan hoa theo chu trng co phan hoa doanh nghiep Nha nc cua Chnh phu. -Nha nc cap von au t ban au va au t bo sung, giao von, kiem tra giam sat viec bao toan va phat trien von. Von Nha nc giao cho doanh nghiep quan ly va s dung bao gom von ngan sach cap, von co nguon goc ngan sach va von cua doanh nghiep t tch luy. Viec phan phoi li nhuan sau thue c thc hien theo quy nh cua Chnh phu. -Doanh nghiep Nha nc hoat ong kinh doanh co quyen chuyen nhng, cho thue, the chap, cam co tai san thuoc quyen quan ly cua doanh nghiep, tr nhng thiet b, nha xng quan trong phai c c quan Nha nc co tham quyen phe duyet tren nguyen tac bao toan va phat trien von. -Doanh nghiep Nha nc hoat ong kinh doanh co quyen t huy ong von mien la khong thay oi hnh thc s hu, c phat hanh trai phieu, the chap gia tr quyen s dung at gan lien vi tai san thuoc quyen quan ly cua doanh nghiep tai ngan hang Nha nc Viet Nam e vay von. -Tong cong ty Nha nc la mot loai hnh ac biet cua doanh nghiep Nha nc. Tong cong ty Nha nc c thanh lap va hoat ong tren c s lien ket cua nhieu n v thanh vien co moi lien he gan bo vi nhau nham tang cng kha nang kinh doanh cua cac n v thanh vien va thc hien nhiem vu cua chien lc phat
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trien kinh te-xa hoi tng thi ky. Tuy theo quy mo va v tr quan trong ma Tong cong ty Nha nc co hoac khong co cong ty tai chnh va doanh nghiep thanh vien. Cac thanh vien gom : n v hach toan oc lap vi Tong cong ty ; n v hach toan phu thuoc vi Tong cong ty ; n v s nghiep (khong thc hien chc nang kinh doanh).
2. ac iem kinh te - ky thuat cua nganh kinh doanh

ac iem kinh te-ky thuat cua nganh kinh doanh co anh hng khong nho ti to chc tai chnh doanh nghiep, the hien qua : a) Anh hng cua tnh chat nganh kinh doanh Anh hng nay the hien trong thanh phan, c cau va quy mo von san xuatkinh doanh cua doanh nghiep, t o anh hng en toc o luan chuyen von co nh va von lu ong, anh hng en phng phap au t cung nh the thc thanh toan, chi tra Th du nh cac doanh nghiep thuoc nganh cong nghiep san xuat va cong nghiep xay dng se co quy mo von tng oi ln, von co nh chiem ty trong chu yeu trong toan bo von san xuat kinh doanh nen to chc tai chnh doanh nghiep can co s tap trung quan ly thoa ang oi vi bo phan von nay. Trong khi o oi vi cac doanh nghiep thuoc nganh thng mai th von lu ong thng chiem ty trong ln, chu yeu tap trung trong von hang hoa, nen to chc tai chnh doanh nghiep phai at trong tam vao qua trnh quan ly doanh thu va cac chi ph lu thong, nang cao hieu qua s dung von lu ong b) Anh hng cua tnh thi vu va chu ky san xuat kinh doanh Tnh thi vu va chu ky san xuat co anh hng trc het en nhu cau von s dung va doanh thu tieu thu san pham. Nhng doanh nghiep co chu ky ngan th nhu cau von lu ong gia cac thi ky trong nam thng khong co bien ong ln, doanh nghiep cung thng xuyen thu c tien ban hang, giup cho viec can oi gia thu va chi bang tien cung nh to chc va am bao nguon von cho nhu cau kinh doanh c de dang hn. Nhng doanh nghiep co chu ky san xuat kinh doanh dai phai ng ra mot lng von lu ong tng oi ln, doanh nghiep hoat ong trong nganh co tnh thi vu cao th nhu cau von lu ong gia cac quy trong nam thng co bien ong ln, tien thu ve ban hang cung khong c eugay ra nhng kho khan nhat nh oi vi cong tac thanh toan, can oi thu chi, cung nh am bao nguon von cho hoat ong san xuat kinh doanh.
3. Moi trng kinh te-xa hoi

Bat c mot doanh nghiep san xuat kinh doanh nao cung hoat ong trong mot moi trng kinh te-xa hoi nhat nh, chu nhng tac ong va b chi phoi manh me bi cac yeu to cua moi trng nay. Cong tac to chc tai chnh doanh nghiep, ng nhien
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va v the, cung khong nam ngoai pham vi chu s chi phoi va tac ong cua cac yeu to ay. a) S bien ong cua nen kinh te S khong on nh cua nen kinh te c xem la nguyen nhan trc tiep va chu yeu gay ra s bien ong trong mc o hoat ong kinh doanh, anh hng ti mc doanh thu, va do o lam thay oi nhu cau ve von kinh doanh cua doanh nghiep. Nhng bien ong theo chieu hng tieu cc cua nen kinh te co the gay ra nhng rui ro kinh doanh va rui ro tai chnh, anh hng trc tiep en cac khoan chi ph ve au t, chi ph lai vay, tien thue nha xng, hay viec tm nguon tai trCac nha quan tr tai chnh can co gang nhan biet va o lng nhng rui ro nay e co the chu ong hn trong viec ra cac quyet nh tai chnh. Neu nen kinh te tang trng vi mot toc o nao o th doanh nghiep cung phai phan au e tang trng vi mot nhp o tng ng, nham duy tr v tr va gi vng th phan cua mnh. Doanh thu tang len se keo theo viec gia tang tai san, ton kho, cac khoan phai thu, va cac loai tai san khac. Mot trong nhng nhiem vu cua nha quan tr tai chnh la tm nguon von e tai tr cho s banh trng cac loai tai san, phng tien san xuat kinh doanh va doanh thu.. b) Gia ca th trng, lai suat va tien thue S thay oi cua gia ca san pham tren th trng se co anh hng ln ti doanh thu, va v the cung anh hng en kha nang tm kiem li nhuan cua doanh nghiep. S tang giam lai suat va gia co phieu cung anh hng ti s tang giam ve chi ph tai chnh va s hap dan cua cac hnh thc tai tr khac nhau, trong o co hnh thc tai tr thong qua con ng vay n. Nhng thay oi ve luat thue va bieu thue suat cung co nhng tac ong khong nho en tnh hnh kinh doanh, cung nh kha nang tiep tuc hay rut khoi qua trnh au t cua doanh nghiep. c) S canh tranh tren th trng va nhng tien bo ve ky thuat-cong nghe S canh tranh gia cac doanh nghiep ve san pham hien tai va san pham tng lai co anh hng ln ti tai chnh doanh nghiep va lien quan chat che en s ton tai va phat trien cua doanh nghiep. Mat khac, muon gi vng c v the canh tranh trong mot moi trng kinh doanh luon luon bien oi oi hoi doanh nghiep phai thng xuyen oi mi ky thuat va cong nghe, nham san xuat ra cac san pham co gia thanh ha va chat lng cao, phu hp vi nhu cau va th hieu cua ngi tieu dung. Muon vay, doanh nghiep can phai c tai tr thoa ang, va d nhien trach nhiem huy ong, s dung cac nguon tai tr cho hoat ong kinh doanh thuoc ve nha quan tr tai chnh doanh nghiep.
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d) Chnh sach kinh te va tai chnh cua Chnh phu
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Nhng chnh sach khuyen khch au t, chnh sach thue, chnh sach xuat nhap khau, che o quan ly tai chnh, che o khau hao TSC cua Chnh phu co nhng tac ong to ln en to chc tai chnh doanh nghiep. S thieu on nh cua nhng chnh sach nay co kha nang gay ra nhieu kho khan, tham ch co the lam ao lon cong tac to chc tai chnh doanh nghiep. Tren phng dien khac, nhng chnh sach phu hp do Chnh phu ban hanh se tr thanh ong lc va tao ra moi trng lanh manh cho cac hoat ong tai chnh doanh nghiep. e) S phat trien cua th trng tai chnh va he thong cac nh che tai chnh trung gian Hoat ong cua doanh nghiep gan lien vi th trng tai chnh, ni ma doanh nghiep co the huy ong von hay au t nhng nguon tai chnh con tam thi nhan roi. S phat trien cua th trng tai chnh, trong o co th trng chng khoan, cung nh s phat trien va hoan thien cua cac nh che tai chnh trung gian nh ngan hang thng mai, cong ty tai chnha keo theo s ra i cua nhieu cong cu tai chnh, lam cho cac phng thc huy ong hoac au t tai chnh cua doanh nghiep tr nen a dang va thuan li hn. Tren ay a neu len mot so yeu to chu yeu cua moi trng kinh te-xa hoi co tac ong en to chc tai chnh doanh nghiep. ieu can lu y la khi xem xet tac ong cua nhng yeu to nay, nha quan tr tai chnh doanh nghiep khong the khong at chung trong boi canh chung cua nhng bien ong kinh te-tai chnh cua khu vc va the gii nhng thi iem nhat nh, nham anh gia mot cach ung an va ay u anh hng cua nhng tac ong ay en cong tac to chc tai chnh doanh nghiep, t o gop phan nang cao hieu qua cua cong tac nay.
IV. Khai quat ve th trng tai chnh

1. Khai niem ve th trng tai chnh
Th trng tai chnh la ni dien ra cac hoat ong mua ban cac loai giay t co gia (con goi la chng khoan), la ni ma von se chuyen dch t ngi co von en ngi can von, ieu hoa nguon von t ni tha en ni thieu, t ni kem hieu qua en ni co hieu qua hn. Nh vay, oi tng cua th trng tai chnh la nhng nguon cung va cau ve von trong xa hoi cua nhng chu the kinh te nh Nha nc, doanh nghiep, gia nh
2. Thanh vien va hang hoa tren th trng tai chnh

a) Hang hoa tren th trng tai chnh Hang hoa c trao oi tren th trng tai chnh la cac loai chng khoan (hay con goi la cac cong cu tai chnh). Co hang ngan, tham ch hn na, cac loai cong cu
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tai chnh khac nhau c trao oi tren th trng tai chnh. Chung khac nhau ve ac iem, thi gian ao han, ve mc o rui ro cung nh ve hnh thc thanh toan Tu trung lai th cac cong cu tai chnh chu yeu bao gom : Cac loai cong trai Nha nc (state bonds), trai phieu kho bac (treasury bonds), trai phieu o th (municipal bonds), trai phieu va co phieu do cac doanh nghiep phat hanh, cac loai giay t co gia khac nh ngan phieu, sec thanh toanNgoai ra con co cac loai giay t co gia lien quan en chng khoan, c goi la cac cong cu co nguon goc chng khoan (hay cac chng khoan dan xuat - derivatives). Noi chung th hang hoa tren th trng tieu thu phong phu va a dang nh the nao th hang hoa tren th trng tai chnh cung phong phu va a dang nh the ay 10. -Co phieu cong ty : La mot loai cong cu tai chnh rat quan trong. Co phieu la mot giay chng nhan viec au t von cua mot ngi vao mot cong ty co phan, hay noi khac, no la mot chng th chng minh quyen s hu cua mot co ong oi vi mot cong ty co phan. D nhien, ngi nao nam gi co phieu th ngi o chnh la chu s hu cua cong ty. -Trai phieu cong ty : ay cung la mot loai cong cu tai chnh quan trong va pho bien. Trai phieu cong ty la mot loai giay chng nhan n co ky han do cac cong ty phat hanh e vay tien t cong chung, vi cam ket en mot thi han xac nh nao o, cac cong ty phat hanh trai phieu phai hoan tra ca von va lai cho cac trai chu. -Cong trai quoc gia : La mot loai trai phieu dai han ac biet, thi han thng la t nam nam tr len, do Chnh phu phat hanh nham huy ong nguon lc tai chnh trong dan chung e tai tr cho ngan sach quoc gia. ay la mot loai cong cu tai chnh an toan nhat va v vay au t vao cong trai quoc gia th hau nh rat t rui ro. -Trai phieu o th : La loai trai phieu dai han do chnh quyen a phng phat hanh nham huy ong von tai tr cho cac d an au t c s ha tang a phng. -Trai phieu kho bac : Thng la cac loai trai phieu ngan han do kho bac Nha nc phat hanh e huy ong von trong dan chung bo sung vao ngan kho quoc gia. -Cac chng khoan dan xuat : La nhng chng khoan ma gia cua no xuat phat t gia cua cac loai trai phieu va co phan thong thng. Bao gom cac quyen u tien ang ky mua co phan mi (warrants), cac quyen chon (options) va cac hp ong tng lai (future contracts). b) Thanh vien tren th trng tai chnh Cac thanh vien tren th trng tai chnh (hay cac chu the tham gia tren th trng tai chnh) la Nha nc, cac doanh nghiep va cac ca nhan -oi vi cac ca nhan : Th trng tai chnh la ni ma ho co the co c hoi e au t nhng khoan tien nhan roi cua minh (bang cach gi tiet kiem ngan hang hoac au t vao cac loai chng khoan).Vi s phong phu cua cac loai chng khoan
10
Noi dung nay se c gii thieu cu the hn trong phan mon Th trng chng khoan.
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co tren th trng tai chnh, cac ca nhan co the la chon au t vao nhng loai chng khoan nao phu hp e a dang hoa au t va phan tan rui ro. -oi vi cac doanh nghiep : th trng tai chnh la ni ma doanh nghiep co the huy ong nguon von au t mot cach thuan li thong qua viec vay n ngan hang, phat hanh trai phieu hoac co phieu e huy ong von t cong chung va cac chu the au t khac, cung nh co the thue mua cac loai bat ong san hoac ong san tren th trng tn dung thue mua. ong thi, cac doanh nghiep cung co the au t nhng khoan tien con tam thi nhan roi cua mnh bang cach gi vao ngan hang hoac au t vao chng khoan cua cac doanh nghiep khac ieu quan trong nhat oi vi cac doanh nghiep khi tham gia tren th trng tai chnh la : Th trng tai chnh la tam gng phan chieu tnh hnh hoat ong cua doanh nghiep, la ni ma gia tr th trng cua doanh nghiep c xac lap. Nhng thay oi xay ra oi vi gia tr cua doanh nghiep (bieu hien cu the qua s tang hoac giam gia cua cac loai chng khoan do doanh nghiep phat hanh) se cung cap cho nha quan tr doanh nghiep nhng tn hieu chnh xac ve phan ng cua cong chung au t oi vi cac chnh sach va quyet nh cua doanh nghiep, t o thuc ay doanh nghiep khong ngng hoan thien cac phng thc kinh doanh e at hieu qua cao hn. -oi vi Nha nc : Th trng tai chnh la ni ma Nha nc co the huy ong von e tai tr cho ngan sach quoc gia hoac cho cac d an au t ln trong nhng thi ky thieu von au t. ong thi, th trng tai chnh cung tao ieu kien thuan li cho Nha nc thc hien cac chnh sach tai chnh-tien te thong qua viec phat hanh cac loai trai phieu Chnh phu hay cac cong cu tai chnh khac e ieu chnh khoi lng tien te trong lu thong. Co the noi th trng tai chnh la mot c che cho phep Nha nc co the bm tien vao hoac hut tien ra khoi cac kenh lu thong nham thc hien cac chnh sach quan ly kinh te v mo, kem gi lam phat, hoac han che giam phat, cung nh cac chnh sach ve kinh te oi ngoainham phuc vu cho muc tieu tang trng va phat trien kinh te. Ben canh nhng thanh vien chu yeu nay, tren th trng tai chnh con co rat nhieu cac thanh vien khac nh cac ngan hang, cac cong ty tai chnh va cac nh che tai chnh trung gian khac, cung nh cac chuyen vien thao viec va mot he thong c s ha tang trang thiet b ky thuat het sc hien ai, am nhan chc nang ho tr ve mat ky thuat cung nh thc hien cac dch vu nghiep vu tren th trng tai chnh.
3. Phan loai th trng tai chnh

Da vao nhng tieu ch khac nhau ma ngi ta co the co rat nhieu cach e phan loai th trng tai chnh, va cung tuy thuoc vao cach thc van dung cua moi quoc gia ma ta co the la chon mot mo hnh thch hp vi boi canh cua nen kinh te quoc gia o. Viet Nam, e phu hp vi viec thc hien chc nang quan ly kinh te v mo cua Nha nc, th trng tai chnh c nang len v tr bao trum trong mot mo hnh gom hai bo phan cau thanh la th trng tien te va th trng von.
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TH TRNG TAI CHNH FINANCIAL MARKET
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TH TRNG TIEN TE MONEY MARKET
TH TRNG VON CAPITAL MARKET
Th trng tien te la ni chuyen giao dch cac loai cong cu tai chnh va von ngan han Th trng von la ni chuyen giao dch cac loai cong cu tai chnh va von trung va dai han. Tuy nhien, can hieu rang viec phan nh th trng tai chnh ra thanh hai bo phan nh tren, ch la bien phap e tao ieu kien thuan li cho qua trnh nghien cu tng loai th trng, nh mot khai niem kinh te ton tai oc lap va ly khai ra khoi cac moi quan he gia cac bo phan cau thanh cua no. ay ch la mot trong nhng phng phap nghien cu khoa hoc thng c ap dung khi nghien cu cac van e kinh te xa hoi ma thoi. Tren thc te, that khong de dang e ch ra au la khu vc chuyen mon hoa cua th trng von va au la khu vc chuyen mon hoa cua th trng tien te. C cau cua mo hnh noi tren c chi tiet hoa nh sau : a) Th trng hoi oai (foreign exchange market) la th trng chuyen giao dch, mua ban cac loai ngoai te. b) Th trng cho vay ngan han (short term loans market) la ni dien ra cac hoat ong vay va cho vay ngan han gia cac ngan hang thng mai, cac to chc tn dung vi cong chung va cac doanh nghiep. c) Th trng lien ngan hang (inter-bank market) la ni dien ra cac giao dch (nh thanh toan bu tr, chiet khau va tai chiet khau cac khoan n) gia cac ngan hang thng mai vi nhau va vi ngan hang Nha nc. d) Th trng tn dung thue mua (leasing market) la ni dien ra cac giao dch tn dung nham tai tr cho cac doanh nghiep thue mua cac loai may moc thiet b hoac cac loai bat ong san khac. e) Th trng cam co bat ong san (mortgage market) la mot c che chuyen cung cap cac khoan tai tr dai han c am bao bang viec cam co cac loai bat ong san hoac giay chng nhan quyen s hu cac bat ong san o. f) Th trng chng khoan (security market) la ni dien ra viec phat hanh va giao dch cac loai chng khoan trung va dai han, chu yeu bao gom cac loai trai phieu
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Chnh phu, cac loai co phieu va trai phieu cong ty. Xet tren phng dien phap ly th ta co the chia th trng chng khoan ra lam hai loai : -Th trng chng khoan chnh thc (con goi la th trng chng khoan tap trung, the hien cu the la s giao dch chng khoan the stock exchange) la th trng hoat ong theo ung nhng quy nh cua phap luat, la ni mua ban, giao dch nhng loai chng khoan a c ang bieu hoac biet le. Nhng chng khoan a ang bieu la loai chng khoan a hoi u nhng ieu kien theo quy nh cua luat phap va a c ang ky tai c quan co tham quyen (thng la Uy ban chng khoan Nha nc SSCState securities commission), va d nhien cac chng khoan nay c mua ban cong khai tai san giao dch cua s giao dch chng khoan. Nhng chng khoan biet le la nhng loai chng khoan c mien thu tuc ang ky, thng la cong trai quoc gia hoac cac loai trai phieu Chnh phu khac. -Th trng chng khoan phi chnh thc (con goi la th trng chng khoan phi tap trung - over-the-counter market OTC) la th trng mua ban chng khoan ben ngoai s giao dch chng khoan. Tai ay khong co s kiem soat, khong co a iem tap trung, khong co san giao dch, cung khong co ngay gi va thu tuc mua ban cu theCac chng khoan c mua ban tren th trng OTC thng la cac loai chng khoan cha c ang bieu.
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CHNG II: YEU TO LAI SUAT TRONG CAC QUYET NH TAI CHNH
I. Lai n va lai kep
1.Truc thi gian
Hoat ong san xuat kinh doanh cua doanh nghiep, trong mot khoang thi gian nhat nh nao o, se lam phat sinh cac mon tien thu vao (cac lu kim dng) va cac mon tien chi ra (cac lu kim am). Nhng mon tien ma doanh nghiep thu vao va chi ra trong mot khoang thi gian nhat nh tao thanh mot dong tien te (hay dong lu kim). Truc thi gian (hay con goi la bieu o dong tien te) n gian ch la cach dung s o e trnh bay dong lu kim theo mot thang thi gian nao o, nham giup chung ta de dang hnh tng hoa cac van e se xay ra oi vi dong tien te va nh hng giai quyet chung. ay la mot trong nhng cong cu quan trong thng c s dung trong viec phan tch gia tr tien te theo thi gian. Truc thi gian thng c minh hoa nh sau : I-------------I-------------I------------I-------------I------------> i = % 0 1 2 n-1 n Trong o quy c nh sau : -T = 0 la thi iem hien tai va la au thi oan th nhat -T = 1 la cuoi thi oan th nhat va la au thi oan th hai -T = 2 la cuoi thi oan th hai va la au thi oan th ba oi khi tren truc thi gian ngi ta con ve them cac mui ten e bieu dien cac mon tien tng thi iem : mui ten hng len bieu hien cho mon tien thu vao, mui ten hng xuong bieu hien cho mon tien chi ra.
2 Tien lai va lai suat

Tren goc o tai chnh th tien lai la bieu hien gia tr theo thi gian cua tien te. Cu the la : Tien lai = Von tch luy sau qua trnh au t - Von au t ban au. Lai suat la ty le % gia tien lai va von goc tnh trong mot n v thi gian. Tien lai trong mot n v thi gian Lai suat = --------------------------------------------- x 100% Von au t ban au (von goc) n v thi gian pho bien e bieu hien lai suat la nam. Tuy nhien lai suat con co the c tnh cho khoang thi gian ngan hn chang han nh na nam, quy, thang, tuan, ngay,Khoang thi gian dung e bieu hien lai suat c goi la thi han lai suat. V du 1. Doanh nghiep A au t 100 trieu ong vao ngay 01.01 nam nay, sau mot nam doanh nghiep thu c 115 trieu ong. Nh the tien lai ma doanh nghiep A thu c sau mot nam au t la : Tien lai = Von tch luy - Von au t ban au
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= 115 trieu - 100 trieu = 15 trieu Lai suat ma vu au t nay mang lai c xac nh nh sau : 15 trieu : 100 trieu x 100% = 15% nam
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3. Lai n
Lai n la tien lai ch tnh theo so von goc ban au ma khong tnh them tien lai tch luy, phat sinh t tien lai cac thi oan trc. Goi : P i n I F Ta co la gia tr goc cua mot so tien nao o co tnh lai la lai suat chuan cua mot chu ky tnh lai la so chu ky tnh lai la tien lai do P sinh ra sau n chu ky vi lai suat i la tong von va lai.
I = P.i.n F = P + I = P + P.i.n = P(1 + i.n)
V du 2. Mot ngi gi vao ngan hang 1000 USD vi lai suat n la 5% thang. Hoi sau 6 thang ngan hang se tra cho anh ta ca von lan lai la bao nhieu? Tien lai trong 6 thang la : I = P.i.n = 1000 x 0,05 x 6 = 300 USD So tien ngan hang tra la : F = P + I = 1000 + 300 = 1300 USD Nh vay, sau sau thang ngi nay se nhan c ca von va lai la 1300 USD Chu y -Phng phap tnh lai n thng ch ap dung cho nhng hoat ong tai chnh ngan han (financial operations in short term), thi gian khong qua 1 nam (0 < n 1). -Khi thi han cua hoat ong tai chnh tnh bang ngay th rat nhieu ngan hang ten the gii thc hien quy nh la nam tai chnh ch co 360 ngay.
4. Lai kep
Tien lai cac thi oan trc c gop chung vao von goc e tnh lai cho thi oan tiep theo : phng phap nay c goi la phng phap tnh lai kep, va tien lai nhan c goi la lai kep. V du 3. Lay lai so lieu cua v du 2, nhng vi lai suat kep la i = 5% thang ghep lai theo thang P = 1000 USD ; i = 5% thang; n = 6 thang ; Theo nh ngha ve lai kep, ta co : Tien lai cuoi thang th 1 : 1000 x 0,05 F = ? = 50 USD
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Tien lai cuoi thang th 2 : (1000 + 50) x 0,05 Tien lai cuoi thang th 3 : (1050 + 52,5) x 0,05 Tien lai cuoi thang th 4 :(1102,5 + 55,125) x 0,05 Tien lai cuoi thang th 5 : (1157,6 + 57,88) x 0,05 Tien lai cuoi thang th 6 :(1215,48 + 60,77) x 0,05 Tong tien lai sau sau thang Cuoi thang th sau, anh ta se nhan c = = = = = = 52,5
- 27 USD 55,125 USD 57,88 USD 60,77 USD 63,8 340 USD USD USD
F = 1000 + 340 = 1340
Nh vay, so vi phng phap tnh lai n, phng phap tnh lai kep tao ra lng tien lai tang them la : 340 300 = 40 USD. 40 USD nay chnh la so tien lai c sinh ra, khong phai t 1000 USD von goc, ma c sinh ra t tien lai cua cac thi oan trc c gop vao von goc e tnh lai mi cho cac thi oan tiep sau, ung theo y ngha cua cau noi lai me e lai con. Neu ng goc o nha au t th viec tnh lai kep cho cac hoat ong tai chnh dai han se co li hn. Chung ta thay ngay la: 1000 USD nay neu tnh theo lai n th nha au t ch c 300 USD tien lai, trong khi neu tnh theo lai kep th nha au t nhan c en 340 USD. Vi cach ky hieu tng t nh a trnh bay trong muc (I.3), ta co : -Sau 1 chu ky ghep lai ( tuan, quy, nam), so tien P co gia tr la : F1 = P + P.i = P(1 + i) -Sau 2 chu ky ghep lai, so tien P co gia tr la:(luc nay F1 lai tr thanh von goc e tnh lai cho chu ky th 2) F2 = F1 + F1 .i = P(1 + i) + P(1 + i).i = P(1 + i)2 -Sau 3 chu ky ghep lai, so tien P co gia tr la : F3 = F2 + F2 .i = P(1 + i)2 + P(1 + i)2.i = P(1 + i)3 -Sau n chu ky ghep lai, so tien P co gia tr la :
Fn = P(1 + i)n
(I.4.a)
V du 4. Mot ngi gi 1000.000 ong vao ngan hang vi lai suat 10% nam ghep lai theo nam, thi han 2 nam. Hoi so tien ma ngi o nhan c sau 2 nam la bao nhieu? Ta co : P = 1.000.000 ong Ta co : F2 = P(1 + i)2 <=> F2 = 1.000.000(1 + 0.1)2 = 1210.000 ong F2 = P( 1+ i.n) = 1000.000( 1 + 0,1 x 2) = 1200.000 ong Neu tnh theo lai n th so tien nhan c sau hai nam ch la: ; i = 10% nam ; n = 2 nam ; F = ?
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Ta thay ngay la F2 < F2 . Di ay la c che gay ra s khac nhau nay: Lai kep 1) 1000.000 x 0,1 = 100.000 Lai nam mot c nhap vao von goc e tnh lai cho nam 2 2) 1100.000 x 0,1 = 110.000 210.000 Lai n
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1) 1000.000 x 0,1 = 100.000 Lai nam mot khong c nhap vao von goc e tnh lai cho nam 2 2) 1000.000 x 0,1 = 100.000 200.000
Nh vay, theo cach tnh lai kep ta co them 10.000 lai sinh ra t 100.000 lai cua nam nhat c gop vao von goc e tnh lai cho nam tiep theo. Do o, thi han cua hoat ong tai chnh cang dai th ng tren goc o cua nha au t, tnh theo lai kep cang li. Phng phap nay thng c ap dung oi vi cac hoat ong tai chnh dai han (Financial operations in long term), nen so chu ky thng la ln hn 1. Trong cong thc (I.4.a) ta thay co ca thay 4 ai lng, nen khi a biet ba ai lng th ta hoan toan co the tnh c ai lng con lai.
F Log P n= Log(1 + i )
i=n
F -1 P
P=
F -n = F(1 + i) (I.4.b) n (1 + i)
-Tha so (1 + i)n trong cong thc (I.4.a) c goi la tha so gia tr tng lai (The future value factor) va ky hieu la FVF(i, n). -Tha so (1 + i)-n trong cong thc (I.4.b) c goi la tha so gia tr hien tai (The present value factor) va ky hieu la PVF(i,n). Vi mot chiec may tnh khoa hoc bo tui, chung ta co the de dang tnh toan cac tha so nay vi cac gia tr i va n tng ng. Tuy nhien, ngi ta con lap san cac gia tr FVF (i,n) va PVF(i,n) thanh nhng bang so e tra cu cho thuan tien, goi la bang ke tha so gia tr tng lai va bang ke tha so gia tr hien tai (Xin xem phu luc cac bang ke tha so lai suat Tap II cua cuon sach).
II. Dong lu kim

Trong phan tren chung ta a xem xet viec xac nh gia tr tng lai (tng gia) va gia tr hien tai (hien gia) cua mot mon tien n le. Bay gi trong muc II nay, chung ta se tiep tuc xem xet viec xac nh tng gia va hien gia cua mot day gom nhieu khoan tien trong mot nh ky. Ngi ta goi day ay la dong lu kim.
1 Khai niem ve dong lu kim va dong lu kim bien thien

-Dong lu kim (hay con goi la dong tien te hoac lu lng tien te), la mot day cac gia tr tien xep tren truc thi gian theo tng chu ky (thng la nam) va gia thiet
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la tat ca cac mon tien tren day tien nay eu thay oi gia tr theo thi gian, theo ung cong thc li tc kep vi lai suat cua mot chu ky la i. -Dong lu kim bien thien (a variable cash flow) la dong lu kim ma gia tr cua cac mon tien tren o khong bang nhau. Trong thc tien san xuat kinh doanh, chung ta rat thng gap nhng dong lu kim bien thien. Chang han nh oi vi cac d an au t, cac khoan tien chi ph cung nh thu nhap cua d an theo thi gian chnh la mot dong lu kim bien thien. ong thi, cung trong rat nhieu trng hp thc te, chung ta se gap phai dang dong lu kim khong gom nhng mon tien khac nhau ma la gom nhng mon tien nh nhau moi nh ky. Ngi ta goi o la dong lu kim thuan nhat.
2. Dong lu kim thuan nhat

Dong lu kim thuan nhat (Uniform cash flow), hay con goi la chuoi nien kim (An annuity), la dong lu kim ma tat ca cac so tien c xep tren truc thi gian theo tng chu ky eu bang nhau (ta thng ky hieu cac so tien bang nhau nay la U) Tuy theo y nha thc te ma ta se bieu dien dong lu kim thuan nhat tren truc thi gian cho thch hp, nhng thong thng th ta hay gap cac dang chnh sau ay : Dang 1 : Cac lu kim xuat hien cuoi cua moi thi oan
U 0 1
U 2
.. ..
U n-1
U n
I-------------I-------------I------------I-------------I------------> i%
Neu goi FVA (The future value of an annuity) va PVA (The present value of an annuity) lan lt la tng gia va hien gia cua dong lu kim thuan nhat ; U la cac khoan tien bang nhau, ta co :
(1 + i ) n 1 FVA = U i PVA = (1 + i ) n 1 FVA U = i (1 + i ) n (1 + i ) n
Dang 2 : Cac lu kim xuat hien au cua moi thi oan
U U U .. U I-------------I-------------I------------I-------------I------------> i% 0 1 2 .. n-1 n
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(1 + i ) n 1 FVA = U (1 + i ) i PVA = (1 + i ) n 1 FVA U (1 + i ) (1 + i ) n 1 = = U n 1 (1 + i ) n (1 + i ) n i i (1 + i )
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3. Dong lu kim tang hoac giam dan tuyen tnh

Dong lu kim tang hoac giam dan tuyen tnh (Cash flows in linear gradients) la dong lu kim co day cac gia tr tien lap thanh mot cap so cong co cong sai la G. Neu G > 0 th no tang dan, con neu G < 0 th no giam dan (d nhien khi G = 0 th no se tr thanh dong lu kim thuan nhat). Dang 1 : Cac lu kim xuat hien cuoi cua moi thi oan
L1 L2 L3 .. Ln - 1 Ln I-------------I-------------I------------I-------------I-------------I----------> i% 0 1 2 3 .. n-1 n
Vi FV va PV lan lt la tng gia va hien gia cua dong lu kim dang nay, Li la ky hieu cua cac mon tien tang hoac giam dan tuyen tnh, ta co : L2 = L1+ G ; L3 = L2 + G = L1+ 2G ; L4 = L3 + G = L1+ 3G ; Ln = L1 + (n 1)G
(1 + i ) n 1 (1 + i ) n 1 n .i + G FV = L 1 i2 i
PV =
(1 + i) n 1 (1 + i) n 1 n.i FV = L1 + G n 2 n (1 + i) n i(1 + i) i (1 + i)
L0 L1 L2 L3 .. Ln-1 I-------------I-------------I------------I-------------I-------------I----------> i% 0 1 2 3 .. n-1 n

Vi Li la ky hieu cua cac mon tien tang hoac giam dan tuyen tnh, ta co L1 = L0+ G ; L2 = L1 + G = L0+ 2G ; L3 = L2 + G = L0+ 3G ; Ln-1 = L0 + (n 1)G
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(1 + i ) n 1 (1 + i ) n 1 n .i FV = L 0 (1 + i ) + G (1 + i ) i2 i
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PV =
(1 + i ) n 1 (1 + i ) n 1 n.i FV = L0 + G 2 n 1 n 1 (1 + i ) n i (1 + i ) i (1 + i )
4. Dong lu kim lap thanh cap so nhan

Dong lu kim lap thanh cap so nhan la dong lu kim ma trong o day cac gia tr tien lap thanh mot cap so nhan vi cong boi la q . Dang 1 : Cac lu kim xuat hien cuoi cua moi thi oan
X1 X2 X3 .. Xn - 1 Xn I-------------I-------------I------------I-------------I-------------I----------> i% 0 1 2 3 .. n-1 n
Vi : X2 = X1.q ; X3 = X2 .q = X1.q2 Xn = X1.qn-1 X4 = X3.q = X1.q3 ;
(1 + i ) n q FV = X 1 (1 + i ) q => PV =
(1 + i ) n q X1 FV = (1 + i ) n (1 + i ) n (1 + i ) q
X0 X1 X2 X3 .. Xn-1 I-------------I-------------I------------I-------------I-------------I----------> i% 0 1 2 3 .. n-1 n

Vi : X1 = X0.q ; X2 = X1 .q = X0.q2 ; Xn-1 = X0.qn-1 X3 = X2.q = X0.q3 ;
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(1 + i ) n q n FV = X 0 (1 + i ) (1 + i ) q (1 + i ) n q n FV X0 => PV = = (1 + i ) n ( 1 + i ) n 1 (1 + i ) q
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III. Lai suat trong cac trng hp ghep lai khac nhau
Trong trng hp lai kep, so tien tch luy c sau mot thi gian nao o khong ch phu thuoc vao von goc ban au, lai suat mot ky han va so ky han ma con phu thuoc vao so lan tien lai cua ky han trc c nhap vao von goc e tnh lai mi cho ky han tiep theo (ky han ghep lai). Th du nh khi ta noi lai suat la 8% nam ghep lai moi na nam th ieu o co ngha la c sau moi sau thang, tien lai sinh ra lai c nhap vao von goc e tnh lai mi cho sau thang tiep theo. Nguyen tac chung la khi ky han ghep lai khong trung vi ky han phat bieu mc lai th lai suat phat bieu la lai suat h (co ngha la khong thc) 11.
1. Lai suat trong trng hp ky han ghep lai la na nam.

Mot cach tong quat, ta goi : itt : la lai suat thc te can tm ipb : la lai suat phat bieu vi ky han ghep lai na nam mot lan th :
itt = (1 +
i pb 2
)2 1
e tm gia tr tng lai cua mot khoan au t sau n nam vi ky han ghep lai na nam mot lan, chung ta ap dung cong thc :
i pb i pb FV = PV (1 + ) 2 = PV (1 + ) 2 n 2 2
Co tai lieu dung thuat ng "Lai suat danh ngha" trong trng hp nay. Tuy nhien, theo thien y, cach dung nh vay co the gay ngo nhan vi mot khai niem Lai suat danh ngha khac (co lien quan en yeu to lam phat).
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2. Lai suat trong trng hp ky han ghep lai la quy
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Tng t nh trng hp ghep lai na nam mot lan, chung ta co the tnh c lai suat trong trng hp ky han ghep lai la quy :
itt = (1 +
i pb 4
)4 1
la :
Gia tr tng lai cua mot khoan au t sau n nam vi ky han ghep lai theo quy
FV = PV (1 +
i pb 4
) 4n
3. Cong thc tong quat ap dung trong cac trng hp ghep lai khac nhau.
Neu goi m la so lan ghep lai trong nam th lai suat thc c tnh nh sau :
itt = (1 +
i pb m
)m 1
Gia tr tng lai cua mot khoan tien sau n nam vi chnh sach ghep lai m lan mot nam la :
FV = PV (1 +
i pb m
) m n
4. Chuyen lai suat thc te t ky han nay sang ky han khac

Goi ittd ittn h Ta co : la lai suat thc te co ky han dai hn la lai suat thc te co ky han ngan hn la so ky han ngan trong ky han dai
ittd = (1 + ittn)h -1
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IV. Nhng ng dung cua ly thuyet gia tr tien te theo thi gian trong thc tien quan tr tai chnh doanh nghiep
Ly thuyet gia tr tien te theo thi gian co lien quan en hau het cac quyet nh tai chnh cua nha quan tr doanh nghiep. Bon ng dung chu yeu cua ly thuyet nay trong thc tien quan ly tai chnh doanh nghiep co the c ke ra o la : -Th nhat : Bai toan vay n va tra n -Th hai : Van e tham nh tren goc o tai chnh d an au t -Th ba : Van e xac nh gia tr chng khoan va chi ph s dung von -Th t : Tn dung thue mua (hay cho thue tai chnh) Trong pham vi cua mot tai lieu ve quan tr tai chnh, viec khao sat cac van e noi tren ch dng lai mc o gii thieu nhng ng dung cua ly thuyet nay vao thc tien quan ly san xuat kinh doanh, ch khong at nang viec xem xet cac kha canh nghiep vu cua chung 12. Mat khac, v ly do s pham, cac ng dung trong lanh vc th ba va th t c chung toi tach ra va hnh thanh ba chng oc lap trong tai lieu nay. Di ay lan lt xem xet cac ng dung th 1 va th 2.
1. Bai toan vay va tra n

Trong qua trnh hoat ong san xuat kinh doanh, cac doanh nghiep co the vay n, co the mua tra gop hoac thue mua cac loai tai san, trang thiet b may moc Moi quan tam cua mot nha quan tr tai chnh o la khi nao th doanh nghiep phai tra n, tra bao nhieu, va con bao nhieu phai tra...Ky thuat thiet lap ke hoach tra n va theo doi cong n se giup cho nha quan tr tai chnh co u nhng thong tin can thiet phuc vu cho qua trnh quan ly cua mnh. Goi P i n la so tien vay luc ban au la lai suat vay n la so chu ky tra n
X1 ,X2 ,X3 ,..,Xn la cac mon tien thanh toan moi chu ky
Vay P Tra X1 X2 X3 .. Xn - 1 Xn I-------------I-------------I------------I-------------I-------------I----------> i % 0 1 2 3 .. n-1 n

Phng trnh c ban cua bai toan vay va tra n la
Nhng ng dung nay se c nghien cu mot cach t my hn trong cac phan mon quan ly d an au t, th trng chng khoan va nghiep vu ngan hang thng mai.
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P(1 + i) n = X 1 (1 + i) n1 + X 2 (1 + i) n2 + ... + X n1 (1 + i) + X n
Tren thc te, co nhieu phng thc vay n va tra n khac nhau. Nhng du cho la phng thc nao i na th cung phai nghiem ung phng trnh c ban noi tren. a)Phng thc 1 : Vay n va tra mot lan ca von va lai khi ao han ay la phng thc n gian nhat. Theo phng thc nay, doanh nghiep se vay P ong vao thi iem 0 va ch tra mot lan ca von va lai khi ao han tai thi iem n. Co ngha la khi ay cac mon tien : X1= 0 , X2= 0 , X3 = 0 ,.., Xn-1= 0. Khi ao han, tai thi iem n, doanh nghiep ch tra mot lan mot mon tien Xn, c xac nh ung theo cong thc can ban ve li tc kep : Xn = P(1+i)n b) Phng thc 2 : Vay n va tra n dan bang cac ky khoan co nh (con goi la tra n bang cac mon tien bang nhau moi chu ky) Theo phng thc nay cac mon tien ma doanh nghiep phai tra hang ky se bang nhau : X1= X2 = X3 = = Xn-1= Xn = U Ta lay ky hieu U (Uniform thuan nhat) la e ch rang dong tien tra n nay a lap thanh mot dong lu kim thuan nhat vi cac mon tien bang nhau la U. Ta bieu dien qua trnh vay va tra n len truc thi gian nh sau :
Vay P Tra U U U .. U U I-------------I-------------I------------I-------------I-------------I----------> i% 0 1 2 3 .. n-1 n
P (1 + i ) n = U (1 + i ) n 1 + U (1 + i ) n 2 + ... + U (1 + i ) + U (1 + i ) n 1 P (1 + i ) n = U i
V du 5. Cong ty A vay ngan hang 200.000 USD trong thi han 5 nam vi lai suat kep la i = 6% nam ghep lai theo nam. Hp ong vay quy nh cong ty c tra n dan hang nam bang cac ky khoan co nh, bat au t cuoi nam th nhat. Hay tnh so tien U ma cong ty phai tra cho ngan hang moi nam va lap ke hoach tra n. Goi U la so tien ma cong ty A phai tra cho ngan hang moi nam, ta bieu dien qua trnh vay va tra n len truc thi gian nh sau :
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Vay 200.000 U U U U U I-------------I-------------I------------I-------------I-------------I----------> i= 6% 0 1 2 3 4 5

Ap dung phng trnh bai toan vay va tra n ta co :
200.000(1,06) 5 = U (1,06) 4 + (1,06) 3 + ... + 1,06 + 1
(1,06) 5 1 200.000(1,06) 5 = U U = 47.479,28 USD 0.06

Nhan vien tai chnh cong ty lap c bang ke hoach tra n nh sau BANG KE HOACH TRA N Nam (t) 0 1 2 3 4 5 So tien tra n hang ky U 0 47.479,28 47.479,28 47.479,28 47.479,28 47.479,28 So tien con phai tra Pt 200.000 164.520,72 126.912,68 87.048,16 44.791,77 0 So tien tra lai It 0 12.000 9871,24 7614,76 5222,89 2687,5 VT : USD So tien tra vao von goc mt
0 35.479,28 37.608,52 39.684,52 42.256,39 44.791,77
Bang phan mem bang tnh Excel, chung ta co the lap c cong thc tnh U va bang theo doi viec vay va tra n. Theo o, ch can nhap cac d kien P, i, n vao may la chung ta se co ngay gia tr cua U va mot bang theo doi cong n hoan chnh. c) Phng thc 3 : Tien tra von goc hang ky la nh nhau, tien tra lai giam dan va thay oi tuy theo n ky trc. V du 6 : Cong ty B vay ngan hang 200.000 USD trong thi han 5 nam vi lai suat i = 8% nam ghep lai theo nam. Hp ong vay quy nh phng thc tra n nh sau : tien tra von goc hang ky la nh nhau, tien tra lai hang nam giam dan va thay oi tuy theo n cua nam trc. Hay tnh so tien ma cong ty B phai tra cho ngan hang vao cuoi moi nam? Ta lap bang ke hoach tra n nh sau :
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BANG KE HOACH TRA N Nam 0 1 2 3 4 5 So tien tra vao von goc moi ky 0 40.000 40.000 40.000 40.000 40.000 200.000 Von goc con phai tra 200.000 160.000 120.000 80.000 40.000 0 VT : USD Tien tra lai hang ky 0 16.000 12.800 9.600 6.400 3.200
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So tien phai tra moi ky 0 56.000 52.800 49.600 46.400 43.200
Von goc la 200.000 USD, tra von goc hang nam nh nhau trong vong 5 nam nen moi nam phai tra : 200.000/5 = 40.000 USD. so tien phai tra moi ky = Tien tra von goc ky o + Tien tra lai ky o Bay gi ta bieu dien dong tien vay va tra n nay tren truc thi gian :
e y rang so tien phai tra moi nam giam eu, nam sau giam thua nam trc 3200 USD. Ly do la tien von goc con phai tra moi nam giam i mot lng la 40.000 USD, keo theo tien tra lai moi nam cung giam i mot lng la: 40.000 x 0,08 = 3200 USD
Vay 200.000 Tra 56000 52.800 49.600 46.400 43.200 I-------------I-------------I------------I-------------I-------------I--------> i= 8 % 0 1 2 3 4 5
2. ng dung trong lanh vc tham nh tai chnh d an au t

Tren nguyen tac, tien trnh anh gia cac d an au t thng rat ton kem ve thi gian, tien bac va cong sc, oi hoi s tap hp nhng no lc tr tue cua nhieu chuyen nganh khac nhau, ma trong o mang tai chnh la mot bo phan kha quan trong can phai c xem xet va tham nh mot cach can than. Van e tham nh tai chnh cac d an au t se c gii thieu mot cach chi tiet va sau sac hn trong phan mon quan ly d an au t. Phan noi dung sau ay ch dng lai mc o trnh bay nhng ng dung can ban cua ly thuyet gia tr tien te theo thi gian oi vi hai ky thuat, trong so nhieu ky thuat tham nh tai chnh d an khac nhau, o la NPV va IRR. Trc het e dan nhap cho phan noi dung tiep theo, ta hay danh chut thi gian e phan loai cac d an au t theo moi quan he gia chung. Cach phan lai nay rat co y ngha khi doanh nghiep co nhieu d an can c anh gia trong cung mot thi iem, theo o : -Cac d an oc lap (independent projects) : Hai d an c goi la oc lap ve mat kinh te neu viec chap nhan hoac t bo d an nay khong anh hng en dong lu kim cua d an kia. Noi cach khac, khi ca hai d an la oc lap ve mat kinh te th viec
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chap nhan hoac t bo d an nay se khong anh hng g en quyet nh chap nhan hay t bo d an kia va ngc lai. -Cac d an phu thuoc (complementary projects) : Mot d an phu thuoc la d an co dong lu kim chu s tac ong cua quyet nh chap nhan hay t bo mot d an au t khac. Trong thc te, cac d an loai nay thng la nhng d an le thuoc lan nhau ve mat kinh te. Chang han nh hai d an ve ay manh tieu thu may vi tnh ca nhan va d an ve phat trien chng trnh phan mem. Ro rang viec ay manh tieu thu may vi tnh ca nhan se keo theo s gia tang nhu cau oi vi cac chng trnh phan mem kem theo. Ngc lai, d an ve phat trien chng trnh phan mem c trien khai tot se co kha nang thuc ay doanh so tieu thu may vi tnh ca nhan. -Cac d an loai tr nhau (mutually exclusive projects) : La loai d an ma mot khi c chap thuan se lam triet tieu hoan toan cac khoan li nhuan tiem tang co the thu c t mot d an au t khac . ieu nay co ngha la neu mot trong hai (hay nhieu) d an c chap thuan, th nhng d an con lai se b loai bo. Chang han neu mot doanh nghiep can mot xe tai ch hang ang xem xet hai kha nang la nen mua hay thue mua chiec xe o. Hai phng an au t nay la loai tr nhau v le chiec xe hoac la se c mua hoac la se c thue, v vay chap thuan phng an nay cung co ngha la loai bo phng an kia va ngc lai. Sau ay, hai trong so nhieu phng phap anh gia d an au t tren phng dien tai chnh se c xem xet o la : a) Phng phap gia tr hien tai thuan (net present value NPV) Gia tr hien tai thuan (NPV) cua mot d an au t bang (=) gia tr hien gia cua dong lu kim thu nhap ky vong tr (-) i khoan tien chi ph au t ban au cua d an. NPV = Tong gia tr hien gia cua tat ca cac khoan thu nhap ky vong cua d an Khoan chi ph au t ban au cua d an.
Ty le chiet khau dung e xac nh gia tr hien gia cua cac khoan thu nhap ky vong cua d an c xac nh mot cach phc tap, se c gii thieu ky hn cac chng sau. Trong phan nay chung ta tam chap nhan rang khi rui ro cua d an ung bang rui ro cua doanh nghiep va chnh sach tai tr cua doanh nghiep la phu hp vi d an, th ty le chiet khau thch hp bang vi chi ph s dung von bnh quan cua doanh nghiep (WACC). Gia s mot d an au t keo dai trong n ky han, co P la khoan au t ban au, CFt la khoan thu nhap ky vong ky han th t , i la ty le sinh li can thiet cua d an, NPV cua d an nay c xac nh nh sau :
-P CF1 CF2 .. CFn-1 CFn I-------------I-------------I---------------I---------------I---------------I---------> i% 0 1 2 n-1 n
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n CF1 CF2 CFn CFt + + ... + = P + n t 2 (1 + i ) (1 + i ) (1 + i ) t =1 (1 + i )
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NPV = P +
T cong thc tren ta thay rang, khi NPV = 0 th cung co ngha la tong hien gia tat ca cac khoan thu nhap ky vong cua d an (tong hien gia cua cac CFt) ung bang khoan chi ph au t ban au (P). T tnh chat nay ma ngi ta a xay dng nen nhng tieu chuan e anh gia mot d an thong qua tieu chuan NPV. Khi s dung NPV nh la mot tieu chuan e anh gia d an th chung ta can phan biet gia hai tnh huong, o la oi vi cac d an oc lap va oi vi cac d an loai tr nhau. -oi vi d an au t oc lap : Khi mot d an au t la oc lap ve mat kinh te vi cac d an khac cua cong ty th s chap thuan hay loai bo d an nay tuy thuoc vao gia tr NPV cua no. Co 3 trng hp co the xay ra : Neu NPV > 0 : chap thuan d an Neu NPV < 0 : loai bo d an Neu NPV = 0 : doanh nghiep se tuy theo s can thiet cua d an ma ra quyet nh phu hp. V du 7. Cong ty A ang xem xet mot d an au t mi co thi gian hoat ong d kien la 4 nam. Dong lu kim chi ph va thu nhap nh sau : Nam Cash flows (CF) USD 0 -1000 1 300 2 400 3 500 4 500
Biet lai suat chiet khau cua d an nay la 10% nam. Hay tnh NPV cua d an. Vi ky thuat hien gia a gii thieu cac phan trc, ta co the tnh c gia tr NPV = 320,47 USD. Hay gia s rang d an au t ma cong ty A ang xem xet la mot d an au t oc lap th ro rang, tren phng dien tai chnh, cong ty A co the chap nhan d an nay v NPV cua no > 0. -oi vi cac d an loai tr nhau : Trong thc te, doanh nghiep buoc phai la chon mot trong so nhieu d an au t loai tr nhau, tc la khi doanh nghiep chap thuan mot d an th phai loai bo cac d an con lai. Luc nay chung ta phai la chon d an nao co NPV cao nhat. Tieu chuan : D an nao co NPV > 0 va ln nhat th c chon. V du 8. Mot doanh nghiep muon trang b mot day chuyen san xuat mi. Co hai n chao hang t pha cac nha che tao.
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Nha che tao A chao ban vi gia 300 trieu. Tnh toan cho thay hang nam day chuyen san xuat nay co the mang lai cho cong ty khoan thu nhap 72 trieu, trong thi gian 6 nam. Nha che tao B chao ban vi gia 420 trieu. Tuy nhien day chuyen nay se s dung t lao ong, va chi ph quan ly thap hn day chuyen A nen thu nhap hang nam ma day chuyen nay co the mang lai la 103 trieu, trong thi gian 6 nam. Hay ch xem xet thuan tuy di goc o tai chnh, cho biet doanh nghiep nen chon day chuyen cua nha che tao nao, biet rang chi ph s dung von cua doanh nghiep la 10% nam. NPV cua tng phng an c xac nh nh sau :
72 1,16 1 NPV A = 300 + 6 = 13,578 trieu 1,1 0,1 NPVB = 420 + 103 1,16 1 = 28,592 trieu 1,16 0,1
Ro rang la khi a chap thuan day chuyen A chang han th doanh nghiep buoc phai t bo day chuyen B va ngc lai. Trong trng hp nay ta thay NPV cua day chuyen B la dng va ln hn NPV cua day chuyen A nen chon la day chuyen B la mot quyet nh hp ly. b) Phng phap ty suat sinh li noi bo (Suat noi hoan The internal rate of return IRR) Phng phap suat noi hoan o lng ty le sinh li cua mot d an au t va no cung c s dung e lam tieu chuan tham nh tai chnh d an. Xet ve mat ky thuat tnh toan th IRR cua mot d an la ty le chiet khau ma tai o NPV = 0. ieu nay co ngha IRR la lai suat chiet khau lam cho tong hien gia tat ca cac khoan thu nhap ky vong cua d an ung bang khoan chi ph au t ban au a bo ra. Chung ta co the van dung phng phap day cung e xac nh IRR. V du 9. Mot d an au t co chi ph au t ban au la 400 trieu, i song cua d an la 5 nam. Thu nhap hang nam cua d an la 120 trieu va gia tr con lai cua cac loai tai san cua d an la 0. IRR cua d an c xac nh nh sau : at i = IRR , i la nghiem cua phng trnh NPV = 0 :
(1 + i ) 5 1 = 400 + 120 PVFA(i %,5) = 0 NPV = 400 + 120 5 i (1 + i ) 400 PVFA(i %,5) = = 3,3333 120
Tra bang ke tha so lai suat ta thay gia tr PVFA (i%,5) = 3,3333 nay nam trong khoang gia hai mc lai suat 15% va 16% nen gia tr i can tm chac chan se nam trong khoang 15% < i < 16%.
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Tr lai phng trnh NPV = 0 noi tren, ta thay rang muon tm c i th ta phai giai mot phng trnh bac cao. Ngi ta e xuat mot cach kha n gian e giai phng trnh nay va tm c gia tr gan ung cua i, goi la phng phap day cung. (1 + i ) 5 1 xet ham so y = f(i) = NPV = 400 + 120 5 i (1 + i )
Ro rang ta can tm nghiem i sao cho y = f(i) = NPV = 0, tc la phai tm giao iem gia o th ham so y = f(i) vi truc hoanh Oi. Tren he truc vuong goc (Oiy), o th ham so y = f(i) i qua hai iem M1 va M2 co toa o lan lt la M1 (i1 = 15%, f(i1) = NPV1 = 2,259) M2 (i2 = 16%, f(i2) = NPV2 = -7,08) Ta biet o th ham so y = f(i) la mot ng cong (phi tuyen tnh), ma mot phan cua no chnh la cung M1M2. Y tng cua phng phap day cung la thay v tm giao iem cua cung M1M2 vi truc hoanh Oi, th ta tm giao iem cua day cung M1M2 vi Oi (ngha la thay v giai mot phng trnh bac cao, chung ta ch phai giai phng trnh bac mot ma thoi). Do vay phng phap nay ch cho ta nghiem so gan ung, tc gia tr i tm c khong am bao cho NPV = 0 mot cach hoan toan tuyet oi. Tuy vay, nghiem so i se cang chnh xac neu nh khoang cach gia hai iem M1 va M2 cang nho, ngha la cung M1M2 cang gan trung vi day cung M1M2 bao nhieu th gia tr i tm c se cang chnh xac bay nhieu. Do o, khi xac nh toa o cua cua hai iem M1va M2 chung ta can lu y chon : -oi vi M1, ta chon i1 sao cho f(i1) co gia tr dng cang gan 0 cang tot -oi vi M2, ta chon i2 sao cho f(i2) co gia tr am cang gan 0 cang tot -Tren o th, khoan cach gia hai iem M1va M2 cang ngan cang tot. Goi y = ai + b la phng trnh cua day cung M1M2 , ta co : He so goc a = (2,259 + 7,08) : (0,15 0,16) = -933,9 Thay toa o cua M1 hoac M2 vao phng trnh y = ai + b, ta tm c gia tr cua b = 142,344. Luc nay ta can tm giao iem cua day cung M1M2 vi truc hoanh Oi nen ta cho o th cua y = ai + b cat truc hoanh Oi, tc la giai phng trnh : y = ai + b = -933,9 i + 142,344 = 0 Suy ra i = IRR = -b/a = 15,24% Mat khac, da tren y tng cua phng phap day cung, ngi ta gii thieu mot cong thc nh sau e tnh nhanh gia tr cua IRR :
IRR = i1 + (i2 i1 )
NPV1 NPV1 + NPV2
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Hay thay cac gia tr tng ng vao cong thc noi tren, ta cung se tm c IRR la 15,24% Trong trng hp dong cac lu kim thu nhap cua d an la thuan nhat (nh v du 9) th viec c oan cac gia tr i1 , i2 la tng oi de dang nh tra bang ke tha so lai suat gia tr cua PVFA. Trong trng hp dong cac lu kim cua d an la dong lu kim bien thien th ta buoc phai chon ngau nhien cac gia tr i1 va i2 sao cho thoa man cac ieu kien ve toa o hai iem M1 va M2 a neu trong phng phap day cung. Cach lam nay c khai quat thanh phng phap mo mam hay phng phap th va sai (Trial and error method). V du 10. Cong ty A ang xem xet mot d an au t co dong lu kim nh sau Nam Cash flows Ta co : 0 -10.000 1 3500 2 5000 3 4500 4 3600
NPV = 10.000 +
3500 5000 4500 3600 + + + 2 3 (1 + i ) (1 + i ) (1 + i ) (1 + i ) 4
-Trc het, ta co gang chon ngau nhien mot gia tr i1 nao o sao cho NPV1 > 0 nhng cang gan 0 cang tot. -Sau o lai chon mot gia tr i2 nao o sao cho NPV2 < 0 nhng cung cang gan 0 cang tot. -Cuoi cung viec tnh toan e xac nh gia tr gan ung cua IRR c thc hien theo phng phap day cung hoac van dung cong thc a hng dan phan tren. Cach thc thc hien cu the nh sau : -Chon ngau nhien i1 = 20% chang han, ta co NPV1 = 729,167. Ta thay gia tr nay > 0 nhng van con cao. -Hay co gang th mot mc lai suat chiet khau cao hn, chang han 23%. Luc nay NPV1 = 141,5. -Ta lai tiep tuc th mot mc lai suat chiet khau khac i2 = 24% chang han. Luc nay NPV2 = - 42,7 Ap dung cong thc a neu, ta co the suy ra i = IRR = 23,768%. Trong trng hp khong co may tnh khoa hoc bo tui e tnh toan nhanh chong cac tha so lai suat th chung ta phai lap bang hien gia e xac nh cac NPV va d nhien la mat nhieu thi gian hn
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Nam Dong lu kim i1 = 23% He so CK 1/(1+i1)n 0 1 2 3 4 Tong -10.000 3500 5000 4500 3600 1 0,8130 0,6609 0,5374 0,4369 NPV1 - 10.000 2845,53 3304,91 2418,23 1572,83 141,5 i2 = 24% He so CK 1/(1+i2)n 1 0,8065 0,6504 0,5245 0,4230
- 43 NPV2 -10.000 2822,58 3251,82 2360,19 1522,70 - 42,44
Cac ky thuat tnh toan c trnh bay tren the hien tnh hoc thuat nhieu hn la thc tien. Tren thc te, vi s tr giup cua bang tnh Excel, viec giai quyet bai toan cac v du 9 va v du 10 tr nen kha n gian va nhanh chong13. Nh tren a noi, IRR la ty suat chiet khau ma tai o NPV = 0, ngha la gia tr hien tai cua dong lu kim thu nhap cua d an (ma a c chiet khau theo IRR) va ung bang gia tr hien tai cua khoan au t ban au. Noi cach khac, IRR chnh la ty suat sinh li toi thieu cua d an tnh tren mot n v von au t. Do vay, vi y ngha nay, khi IRR cua mot d an ln hn mc ty suat sinh li toi thieu ma nha au t yeu cau (MRRR minimum required rate of return) th d an ay se c chap thuan 14. T o ngi ta e xuat phng phap tham nh tai chnh d an au t thong qua ch tieu IRR nh sau : -oi vi cac d an au t oc lap :
Neu IRR > MRRR : chap nhan d an Neu IRR < MRRR : loai bo d an Neu IRR = MRRR : tuy theo nhng yeu cau khac cung nh s can thiet cua d an ma doanh nghiep se co quyet nh phu hp.
-oi vi cac d an loai tr nhau: Khi s dung IRR la tieu chuan e la chon mot trong so cac d an loai tr nhau, chung ta chon d an nao co IRR cao nhat. Tuy nhien, neu IRR cao nhat van nho hn lai suat sinh li toi thieu ma nha au t oi hoi (MRRR) th se khong co d an nao trong so o c chap nhan. Tieu chuan : Chon d an co IRR > MRRR va max. Khi IRR max < MRRR : Khong d an nao c chap nhan -Lu y :
13 14
Xin xem Phu luc 2 Tap II cua cuon sach Ve MRRR, se c e cap Chng V cua tai lieu nay
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Thong thng oi vi hau het cac d an oc lap ve mat kinh te, khi NPV > 0 th IRR cung > MRRR. Tng t, neu IRR > MRRR th dong lu kim c chiet khau mc lai suat MRRR se cho ra gia tr NPV > 0. Tuy nhien trong trng hp phai co s la chon mot trong nhieu d an loai tr nhau th co the xay ra xung ot gia hai ch tieu IRR va NPV. Luc ay ch tieu NPV c khuyen cao s dung nh la mot trong nhng ch tieu tham nh tai chnh d an ang tin cay nhat.
Noi cach khac, IRR ch la ch tieu tham nh ket hp, bo tr cho ch tieu NPV. n oc mot mnh ch tieu IRR oi khi khong the giai thch c tnh hieu qua cua d an, nhat la trong trng hp d an co dong lu kim bat ong hoac khi phai so sanh e la chon gia cac d an khac nhau.
oi vi nhng d an co dong lu kim bat ong, ( tc la d an co dong lu kim gom nhng mon lu kim thu nhap va chi ph an xen nhau, lam cho dong lu kim lien tuc oi dau +, - ) 15, khi o viec giai phng trnh NPV = 0 se co the cho ra nhieu nghiem so khac nhau, tham ch trai ngc nhau, va v the khong the xac nh c mot cach chnh xac au la IRR cua d an. Sau ay la mot v du :
V du 11. Mot d an co dong lu kim nh sau : Nam Cash flows (USD) 0 - 1200 1 3200 2 - 2000
at i = IRR, i la nghiem cua phng trnh :
NPV = 1200 +
3200 2000 =0 (1 + i ) (1 + i ) 2
V ay la mot phng trnh bac hai nen ta co the giai trc tiep ma khong can s dung phng phap day cung. Giai phng trnh nay ta tm c hai nghiem : IRR1 = 0% va IRR2 = 67%. Ban oc co nhan xet g ve ket qua tnh toan c? Ro rang la hai ket qua tm c a khong the giup ta xac nh au la IRR cua d an. Ta noi d an tren ri vao trng hp co IRR a tr.
Trong trng hp khac, mot s khac nhau ve quy mo au t cung co the gay ra mau thuan trong viec tham nh tai chnh d an thong qua hai ch tieu IRR va NPV. Sau ay la mot v du :
V du12. Mot doanh nghiep ang xem xet la chon hai d an A va B co dong lu kim nh sau :
Mot v du ien hnh ve d an co dong lu kim bat ong : d an khai thac mo, khai thac than, dau kh la nhng d an co lu kim chi ph (lu kim am) vao nam cuoi cung cua d an, bi v trong nam cuoi cung khi thanh ly d an can phai chi ra mot so tien kha ln e khac phuc moi trng, tra lai nguyen trang ban au cho dien tch cong trng khai thac.
15
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Nam CF cua d an A (USD) CF cua d an B (USD) 0 -10.000 -5000 1 22.400 11.200 2 -12.544 -6272
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e y la dong lu kim cua d an A gap oi so vi d an B. Giai phng trnh bac hai NPV = 0, ta co the tnh c ty suat sinh li noi bo do hai d an tao ra la IRRA = IRRB = 12%. Nh vay, khi s dung ch tieu IRR e anh gia hai d an nay, chung ta se khong biet nen chon d an nao v IRR cua chung la nh nhau. Luc nay ta phai s dung ch tieu NPV e anh gia. Gia s MRRR c xac nh la 8%, NPV cua 2 d an c xac nh lan lt la: NPVA = -13,72 USD va NPVB = - 6,86 USD.
Do vay, vi MRRR = 8%, ca hai d an eu co NPV am, nen ve nguyen tac ca hai se khong c chap nhan. e y la o th ng NPV cua hai d an nay nam trong day NPV am tnh, va ch tiem can truc hoanh tai mc lai suat 12% ma thoi (mc lai suat ma tai o NPV = 0). Noi cach khac, se khong ton tai bat c mc lai suat nao lam cho NPV cua chung > 0 !
O T H D A Y N P V A M T N H
N P V ($ )
20 0 -2 0 -4 0 -6 0 -8 0
4%
6%
8%
10% 12% 14% 16% 18% 20% 22%
(% )
Noi tom lai, cac ch tieu NPV va IRR eu anh gia kha nang sinh li cua d an au t da tren can ban dong lu kim cua chung, co tnh en yeu to gia tr tien te theo thi gian. Tuy vay, khong phai luc nao hai ch tieu nay cung dan en s la chon nh nhau, va eu nay co the dan ti nhng nham lan nguy hiem trong thc tien tham nh tai chnh d an au t. V vay, li khuyen danh cho cac nha au t o la nen s dung ket hp nhieu phng phap tham nh tai chnh khac nhau, va khi co s mau thuan ve ket qua anh gia gia cac phng phap ay, th phng phap anh gia d an thong qua ch tieu NPV can c xem nh la mot phng phap ang tin cay nhat, nham thoa man muc tieu toi a hoa li nhuan cua doanh nghiep. Nhng van e ve tham nh d an noi chung va tham nh tai chnh d an noi rieng la het sc phc tap, oi khi vt ra ngoai khuon kho cua mot giao trnh can ban ve quan tr tai chnh doanh nghiep. V vay, chung se tiep tuc c thao luan mot cach ky cang va sau sac hn trong giao trnh thiet lap va quan ly d an au t.
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CHNG III: QUAN LY VON CO NH

I. Von co nh va tai san co nh
1.Von co nh
Qua trnh san xuat kinh doanh cua doanh nghiep ch co the dien ra khi a hoi u cac yeu to : Sc lao ong, t lieu lao ong va oi tng lao ong. Khac vi oi tng lao ong ( nh nguyen vat lieu, san pham d dang, ban thanh pham), cac t lieu lao ong (nh may moc, thiet b, phng tien van tai, nha xng kho tang) la nhng phng tien vat chat ma doanh nghiep s dung e tac ong vao oi tng lao ong, nham bien oi chung theo muc ch cua mnh. ieu ac biet la cac t lieu lao ong nay co the tham gia vao nhieu chu ky san xuat kinh doanh ma hnh thai vat chat ban au cua chung thng khong thay oi, con hnh thai gia tr th chuyen dch dan dan tng bo phan vao san pham hoan thanh, tuy theo mc o hao mon. Do co ac iem hnh thai vat chat cua t lieu lao ong th co nh, con hnh thai gia tr th luan chuyen dan vao san pham hoan thanh nen ngi ta con goi chung la nhng tai san co nh 16. e tien hanh san xuat kinh doanh, cac doanh nghiep can phai ng ra mot so von tien te nhat nh e mua sam, xay dng, lap at cac tai san co nh noi tren. Bo phan von tien te ng trc nay c goi la von co nh. Nh vay, ve can ban, von co nh chnh la bieu hien bang tien cua toan bo tai san co nh trong doanh nghiep 17. Von co nh va tai san co nh (TSC) ve ai the la mot. Tuy nhien cung co s khac nhau cho : -Luc mi hoat ong, von co nh cua doanh nghiep co gia tr ung bang gia tr nguyen thuy (nguyen gia) cua TSC. -Ve sau, gia tr cua von co nh thng la thap hn gia tr nguyen thuy cua TSC do co khoan khau hao a trch. Bi vay, ve thc chat, qua trnh quan ly von co nh luon luon gan lien vi viec quan ly cac TSC cua doanh nghiep nham am bao cho cac TSC c toan ven va khong ngng nang cao hieu qua s dung cua chung. ong thi, cong tac quan ly TSC cung at trong tam vao viec tnh toan chnh xac so trch lap quy khau hao, cung nh phan phoi va s dung hp ly quy nay e bu ap phan gia tr hao mon, thc hien tai san xuat tai san co nh cua doanh nghiep.
Le d nhien, e c goi la tai san co nh, cac t lieu lao ong nay phai thoa man nhng tieu ch nao o. Van e nay se tiep tuc c thao luan trong muc (I.2). Theo cach hieu thong thng, thuat ng von c s dung e ch nhng oi tng bieu hien di hnh thai gia tr, con thuat ng tai san c s dung e ch nhng oi tng co hnh thai hien vat. Tuy nhien ieu nay co the tao ra s khien cng va cam giac thieu nhat quan khi phai tha nhan khai niem ve tai san co nh vo hnh-la nhng TSC khong he co hnh thai vat chat!.
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2. Tai san co nh
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Theo hnh thai bieu hien cua TSC, ngi ta chia toan bo TSC cua doanh nghiep ra thanh hai nhom : TSC hu hnh va TSC vo hnh. Cac noi dung di ay se lam ro cac khai niem cung nh cac tieu chuan e nhan biet cac loai TSC nay 18. a) Nhng khai niem chung -Tai san (an asset) c nh ngha la mot nguon lc ma doanh nghiep kiem soat c va d tnh em lai li ch kinh te trong tng lai cho doanh nghiep. -Tai san co nh hu hnh (tangible fixed assets) la nhng tai san co hnh thai vat chat do doanh nghiep nam gi e s dung cho hoat ong san xuat kinh doanh phu hp vi tieu chuan ghi nhan TSC hu hnh. -Tai san co nh vo hnh (intangible fixed assets) la nhng tai san khong co hnh thai vat chat nhng xac nh c ga tr va do doanh nghiep nam gi e s dung trong hoat ong san xuat kinh doanh, cung cap dch vu, hoac cho cac oi tng khac thue phu hp vi tieu chuan ghi nhan TSC vo hnh. Nh vay, mot cach tong quat, TSC cua doanh nghiep la nhng tai san co the co hnh thai vat chat hoac khong co hnh thai vat chat, thoa man mot so tieu ch nao o, va c doanh nghiep nam gi e phuc vu cho hoat ong san xuat kinh doanh cua mnh. b) Tieu chuan nhan biet tai san co nh hu hnh Tai san co nh hu hnh la bo phan chu yeu trong tong so tai san, c s vat chat ky thuat va ong vai tro quan trong trong viec the hien tnh hnh tai chnh cua doanh nghiep. V vay, viec xac nh mot tai san co c ghi nhan la TSC hu hnh hay ch la mot khoan chi ph san xuat kinh doanh trong ky se co anh hng ang ke en qua trnh xac nh ket qua kinh doanh cua doanh nghiep. Cac tai san ch c coi la TSC hu hnh khi thoa man ong thi tat ca bon tieu chuan sau ay : -Mot la doanh nghiep phai chac chan thu c li ch kinh te trong tng lai t viec s dung tai san o
Cac noi dung trong phan nay c c bien soan theo nhng quy nh trong chuan mc ke toan so ba va so bon cua he thong chuan mc ke toan Viet Nam, ban hanh vao ngay 31.12.2001 va co hieu lc t ngay 01.01.2002. Bo chuan mc nay se la can c cho viec ieu chnh, sa oi, bo sung cac che o, quy nh ve quan ly tai chnh, ke toan hien hanh. Do vay, tai thi iem bien soan lai bai giang nay, mac du cha cap nhat c nhng van ban sa oi, bo sung Che o quan ly, s dung va trch khau hao TSC ban hanh kem theo Quyet nh so 166/1999/Q-BTC ngay 30/12/1999 cua Bo trng Bo Tai chnh, nhng chung toi van manh dan gii thieu cac quan iem ly luan mi nham bc au chuan b cho nhng no lc oi mi va cap nhat tai lieu phuc vu giang day. Trong khi ch i c quan co tham quyen ban hanh mot che o quan ly, s dung va trch khau hao TSC co nhng sa oi bo sung cho phu hp vi he thong chuan mc ke toan mi, chung ta hay tam chap nhan nhng quy nh hien hanh e van dung vao mot so van e cu the trong cac phan noi dung tiep theo.
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-Hai la nguyen gia tai san phai c xac nh mot cach ang tin cay -Ba la thi gian s dung c tnh cua tai san phai tren mot nam
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-Bon la tai san o phai co u tieu chuan gia tr theo quy nh hien hanh. Nhng tai san hu hnh nao khong thoa man ong thi tat ca cac tieu chuan ghi nhan TSC hu hnh c trnh bay tren co the c liet vao loai cong cu cung cu, va viec mua sam d tr chung c giai quyet bang nguon von lu ong cua doanh nghiep. Khi ghi nhan tieu chuan th nhat, doanh nghiep phai xac nh mc o chan chan cua viec thu c li ch kinh te trong tng lai, da tren cac bang chng hien co tai thi iem ghi nhan ban au va phai chu moi rui ro lien quan. Can lu y la mac du nhng tai san s dung cho muc ch am bao an toan san xuat kinh doanh, hoac bao ve moi trng khong trc tiep em lai li ch kinh te nh cac TSC khac nhng chung lai can thiet cho doanh nghiep trong viec at c cac li ch kinh te nhieu hn t cac tai san khac, v vay, cung co the c ghi nhan la TSC hu hnh. Tuy nhien, cac tai san nay ch c ghi nhan la TSC hu hnh neu nguyen gia cua chung va cac tai san co lien quan khong vt qua tong gia tr co the thu hoi 19 t cac tai san o va cac tai san co lien quan. V du mot nha may hoa chat phai lap at cac thiet b va thc hien quy trnh cha va bao quan hoa chat e tuan thu yeu cau ve bao ve moi trng oi vi viec san xuat kinh doanh hoa chat cua nha may. Cac tai san lap at noi tren ch c xem la TSC hu hnh neu nh khong co chung th doanh nghiep se khong the hoat ong va ban san pham hoa chat cua mnh. Khi xac nh cac bo phan cau thanh TSC hu hnh, doanh nghiep phai ap dung cac tieu chuan TSC hu hnh cho tng trng hp cu the. Doanh nghiep co the hp nhat cac bo phan rieng biet khong chu yeu nh khuon uc, cong cu, khuon dapva ap dung cac tieu chuan TSC hu hnh vao tong gia tr o. Cac phu tung va thiet b phu tr thng c coi la tai san lu ong va c hach toan vao chi ph khi s dung. Cac phu tung chu yeu va cac thiet b bao tr c xac nh la TSC hu hnh khi doanh nghiep c tnh thi gian s dung chung nhieu hn mot nam. Neu phu tung va thiet b bao tr ch c dung gan lien vi TSC hu hnh va viec s dung chung la khong thng xuyen th chung se c ghi nhan la TSC hu hnh rieng biet va c khau hao trong thi gian t hn thi gian s dung hu ch cua TSC hu hnh lien quan. Ro rang la bon tieu chuan chi nhan TSC hu hnh neu tren co nhng khac biet kha ln so vi cac tieu chuan c quy nh trong Che o quan ly ,s dung va trch khau hao TSC ban hanh kem theo Quyet nh so 166/1999/Q-BTC ngay 30/12/1999 cua Bo trng Bo Tai chnh. Theo che o nay :
Gia tr co the thu hoi la gia tr c tnh thu c trong tng lai t viec s dung tai san, bao gom ca gia tr thanh ly cua chung.
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TSC hu hnh c hieu la nhng t lieu lao ong co hnh thai vat chat cu the, c s dung e thc hien mot, hoac mot so chc nang nhat nh trong qua trnh san xuat kinh doanh cua doanh nghiep, co gia tr ln va c s dung trong mot thi gian dai. Theo o, ch co nhng t lieu lao ong hu hnh nao thoa man ong thi ca hai tieu ch sau ay th mi c goi la TSC hu hnh : -Phai co gia tr toi thieu mot mc nhat nh. Mc gia tr nay thng xuyen c ieu chnh e phu hp vi tnh hnh thc te cua nen kinh te at nc. Theo quy nh cua che o noi tren th gii han nay la t 05 trieu ong tr len. -Phai co thi gian s dung lau dai. Theo quy nh cua che o noi tren th toi thieu la t 01 nam tr len. oi vi suc vat lam viec va/hoac cho san pham th tng con suc vat c xem la mot TSC hu hnh. oi vi vn cay lau nam th tng manh vn cay c coi la mot TSC hu hnh. c) Tieu chuan nhan biet tai san co nh vo hnh Mot tai san vo hnh c ghi nhan la tai san co nh vo hnh khi thoa man ong thi : -nh ngha ve TSC vo hnh, va bon tieu chuan sau ay : -Chac chan thu c li ch kinh te trong tng lai do tai san o mang lai -Nguyen gia tai san phai c xac nh mot cach ang tin cay -Thi gian s dung c tnh cua tai san phai tren mot nam -Co u tieu chuan gia tr theo quy nh hien hanh. Cac doanh nghiep thng au t e co cac nguon lc vo hnh nh quyen s dung at co thi han, phan mem may vi tnh, bang sang che, ban quyen, giay phep khai thac thuy san, han ngach xuat khau-nhap khau, giay phep nhng quyen, s trung thanh cua khach hang, th phan va quyen tiep th e xac nh cac nguon lc vo hnh noi tren co thoa man nh ngha ve TSC vo hnh hay khong oi hoi doanh nghiep phai xem xet cac yeu to : Tnh co the xac nh c, kha nang kiem soat nguon lc, va tnh chac chan cua li ch kinh te trong tng lai. Trng hp mot nguon lc vo hnh khong thoa man nh ngha TSC vo hnh th chi ph phat sinh e tao ra nguon lc vo hnh o c hach toan nh la mot khoan chi ph san xuat kinh doanh trong ky hoac chi ph tra trc. -Tnh co the xac nh c : Mot TSC vo hnh co the xac nh rieng biet khi doanh nghiep co the em no cho thue, ban, trao oi hoac thu c li ch kinh te cu the t tai san o trong tng lai. Nhng tai san ch tao ra li ch kinh te trong tng lai khi ket hp vi cac tai san khac van c coi la tai san co the xac nh rieng biet neu doanh nghiep xac nh c chac chan li ch kinh te trong tng lai do tai san o em lai.
Nguyen Van Tuan
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Mot so TSC vo hnh co the cha ng trong hoac tren thc the vat chat, v du nh a compact (trong trng hp phan mem may tnh c ghi tren a compact), hoac van ban phap ly (trong trng hp giay phep hoac bang sang che). e quyet nh mot tai san bao gom ca yeu to vo hnh va hu hnh nh tren la TSC hu hnh hay TSC vo hnh, doanh nghiep can phai xac nh xem yeu to nao la quan trong. V du phan mem cua may vi tnh neu la mot bo phan khong the tach ri vi phan cng cua may o e may co the hoat ong c, th phan mem nay la mot bo phan cua may va d nhien no c coi la mot bo phan cua TSC hu hnh. Trng hp phan mem la bo phan co the tach ri vi phan cng co lien quan th phan mem o co the c xem la mot TSC vo hnh neu no thoa man nhng tieu chuan ghi nhan TSC vo hnh a neu tren. -Kha nang kiem soat nguon lc : Doanh nghiep nam quyen kiem soat mot tai san neu doanh nghiep co quyen thu li ch kinh te trong tng lai ma tai san o em lai, ong thi cung co kha nang han che s tiep can cua cac oi tng khac oi vi li ch o. Kha nang kiem soat cua doanh nghiep oi vi li ch kinh te trong tng lai t TSC vo hnh thong thng c bao am bang quyen phap ly. Chang han nh tri thc ve th trng va hieu biet chuyen mon co the mang lai li ch kinh te trong tng lai va doanh nghiep co the kiem soat li ch nay khi co s rang buoc ve quyen phap ly nh ban quyen, giay phep khai thac thuy san Doanh nghiep co oi ngu nhan vien lanh nghe va thong qua viec ao tao doanh nghiep co the xac nh c viec nang cao kien thc cua nhan vien se mang lai li ch kinh te trong tng lai, nhng doanh nghiep lai khong co u kha nang kiem soat li ch kinh te o, v vay nhng chi ph doanh nghiep a chi ra cho viec phat trien kien thc cua nhan vien khong c ghi nhan la TSC vo hnh Tai nang lanh ao va ky thuat chuyen mon cung khong c ghi nhan la TSC vo hnh tr khi tai san nay c am bao bang cac quyen phap ly e s dung no va e thu c li ch kinh te trong tng lai, ong thi thoa man cac tieu chuan nhan biet TSC vo hnh a neu tren Doanh nghiep co danh sach khach hang hoac th phan nhng do khong co quyen phap ly hoac bien phap khac e bao ve va kiem soat cac li ch kinh te phat sinh t cac moi quan he vi khach hang va s trung thanh cua ho, v vay cung khong c ghi nhan la TSC vo hnh -Tnh chac chan cua kha nang thu c li ch kinh te trong tng lai cua mot TSC vo hnh phai c doanh nghiep xac nh thong qua cac gia nh hp ly va co c s ve cac ieu kien kinh te ton tai trong suot thi gian s dung hu ch cua tai san o. Li ch kinh te trong tng lai do TSC vo hnh em lai cho doanh nghiep co the bao gom tang doanh thu, tiet kiem chi ph, hoac nhng li ch khac xuat phat t viec s dung TSC vo hnh vao qua trnh san xuat kinh doanh.
Nguyen Van Tuan
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Nh vay, nhng tieu chuan nhan biet TSC vo hnh neu tren cung co nhieu khac biet so vi nhng quy nh trong Che o quan ly, s dung va trch khau hao TSC ban hanh kem theo Quyet nh so 166/1999/Q-BTC ngay 30/12/1999 cua Bo trng Bo Tai chnh. Theo o, moi khoan chi ph thc te ma doanh nghiep a chi ra thoa man ca hai ieu kien nhan biet TSC hu hnh nhng khong hnh thanh TSC hu hnh th c coi la TSC vo hnh. d) Phan loai tai san co nh TSC trong doanh nghiep rat a dang, co s khac biet ve tnh chat ky thuat, cong dung, thi gian s dungDo vay phan loai TSC theo nhng tieu ch khac nhau la cong viec het sc can thiet nham thc hien quan ly thong nhat TSC. Tuy theo yeu cau va muc ch quan ly ma TSC trong doanh nghiep c phan loai theo cac tieu ch khac nhau, chang han nh : -Phan loai theo hnh thai bieu hien : Theo tieu ch nay, toan bo TSC trong doanh nghiep c phan thanh hai loai : TSC hu hnh va TSC vo hnh (a trnh bay tren) -Phan loai theo tnh chat va muc ch s dung : Theo tieu ch nay, ngi ta chia TSC trong doanh nghiep ra lam sau nhom ln : Nha ca, vat kien truc ; May moc, thiet b ; Phng tien van tai, thiet b truyen dan ; Thiet b, dung cu quan ly ; Vn cay lau nam, suc vat lam viec va cho san pham ; Cac tai san co nh hu hnh va vo hnh khac. -Phan loai theo tnh hnh s dung : Theo tieu ch nay TSC co the c phan thanh TSC ang dung, TSC cha dung va TSC khong can dung, ch thanh ly. -Phan loai theo tnh chat s hu : Gom TSC t co va TSC i thue. Rieng TSC i thue lai c chia thanh hai phan loai nho la TSC thue hoat ong (operating lease) va TSC thue tai chnh (finance lease)20.
Theo quy nh tai khoan 3, ieu 2, Muc I nhng quy nh chung trong Che o quan ly ,s dung va trch khau hao TSC ban hanh kem theo Quyet nh so 166/1999/Q-BTC ngay 30/12/1999 cua Bo trng Bo Tai chnh th TSC thue tai chnh la nhng TSC ma doanh nghiep thue cua cong ty cho thue tai chnh, neu hp ong thue thoa man t nhat mot trong bon ieu kien sau : -Khi ket thuc thi han cho thue theo hp ong, ben thue c chuyen quyen s hu tai san thue, hoac c tiep tuc thue theo s thoa thuan cua hai ben. -Noi dung hp ong thue quy nh khi ket thuc hp ong thue, ben thue c quyen la chon mua tai san thue theo gia danh ngha thap hn gia tr thc te cua tai san thue tai thi iem mua lai. -Thi han cho thue 1 loai tai san t nhat phai bang 60% thi gian can thiet e KH tai san thue. -Tong so tien thue mot loai tai san quy nh tai hp ong thue, t nhat phai tng ng vi gia cua tai san o tren th trng vao thi iem ky hp ong. Moi hp ong thue TSC neu khong thoa man bat ky ieu kien nao trong bon ieu kien tren ay th c coi la TSC thue hoat ong.
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Moi cach phan loai TSC noi tren co nhng y ngha khac nhau. Tuy theo muc ch quan ly va tnh hnh thc te tai n v ma la chon mot phng phap phan loai phu hp. e) Ket cau tai san co nh Ket cau TSC la ty trong gia nguyen gia mot loai TSC nao o chiem trong tong nguyen gia TSC toan doanh nghiep tai mot thi iem nhat nh. Nghien cu ket cau TSC co y ngha quan trong trong viec kiem tra von au t xay dng c ban, va la mot trong nhng can c e ra nhng quyet nh au t vao TSC trong tng nganh kinh te. Trong cac nganh kinh te khac nhau, ket cau TSC se khong giong nhau. Ngay trong cung mot nganh kinh te th ket cau TSC gia cac doanh nghiep khac nhau cung se khac nhau. S khac nhau ve ket cau TSC gia cac nganh va gia cac doanh nghiep cung nganh la do nhng ac thu trong qua trnh hoat ong san xuat kinh doanh cua chung. Cu the nh : -Do tnh chat san xuat va ac iem quy trnh cong nghe : Cac doanh nghiep thuoc loai hnh cong nghiep khai thac (mo, dau kh) th vat kien truc, phng tien van tai chiem ty trong ln ; Cac doanh nghiep thuoc nganh cong nghiep c kh th TSC phan ln la may moc thiet b san xuat ; Cac doanh nghiep thuoc nganh thng mai th nha ca, kho tang chiem ty trong ln -Do trnh o quan ly TSC va to chc san xuat kinh doanh : Nhng doanh nghiep co trnh o quan ly san xuat kinh doanh cao th hieu qua von au t XDCB tot, may moc phuc vu san xuat chiem ty trong cao so vi nha xng (do bo tr may hp ly, tiet kiem c dien tch chiem dung), ty trong cua nhng TSC tch cc (phuc vu trc tiep san xuat kinh doanh) cao hn nhng TSC khong tch cc (nha ca, phng tien van tai phuc vu quan ly hanh chnh) ; Trong khi nhng doanh nghiep co trnh o quan ly san xuat kinh doanh kem th ngc lai. Nhng doanh nghiep to chc san xuat theo loi day chuyen th cong cu van chuyen trong noi bo chiem ty trong thap, trong khi cac doanh nghiep khong to chc san xuat theo loi day chuyen th ngc lai.
II. Khau hao Tai san co nh

1. Khai niem ve hao mon TSC
ac iem cua TSC la t lieu lao ong tham gia trc tiep vao nhieu chu ky cua qua trnh san xuat kinh doanh ma khong thay oi hnh thai vat chat ban au. Tuy nhien trong qua trnh s dung, do chu anh hng cua nhieu nguyen nhan khac nhau nen TSC b hao mon dan. Hao mon TSC la s giam dan gia tr s dung va gia tr cua TSC do TSC o tham gia vao qua trnh hoat ong san xuat kinh doanh, do bao mon cua t nhien, hoac do tien bo ky thuat S hao mon nay co the chia thanh hao mon hu hnh va hao mon vo hnh.
Nguyen Van Tuan
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a) Hao mon hu hnh cua TSC
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Hao mon hu hnh cua TSC la s bao mon ve vat chat, s giam dan ve gia tr s dung va keo theo s giam dan gia tr cua TSC trong qua trnh s dung. -Bao mon ve vat chat c hieu la nhng bao mon co the nhan thay c t s thay oi trang thai vat ly ban au cac bo phan, chi tiet TSC do chu s tac ong cua ma sat, tai trong, nhiet o, hoa chat trong qua trnh van hanh TSC. -S giam dan ve gia tr s dung TSC the hien qua s giam sut ve chat lng, tnh nang ky thuat ban auva dan ti ket cuc la khong the tiep tuc s dung TSC c na. Muon khoi phuc lai gia tr s dung ban au cua TSC th doanh nghiep phai tien hanh sa cha, thay the. Nguyen nhan va mc o hao mon hu hnh trc het phu thuoc vao cac nhan to trong qua trnh s dung TSC nh thi gian, cng o s dung, viec chap hanh cac quy pham ky thuat trong s dung va bao dng TSC, cung nh cac yeu to ve t nhien va moi trng s dung TSC nh o am, nhiet o, tac ong cua hoa chatNgoai ra, mc o hao mon hu hnh cua TSC cung phu thuoc vao chat lng che tao TSC o, v du nh chat lng cua nguyen vat lieu c s dung, trnh o ky thuat, cong nghe che tao Viec nhan thc ro cac nguyen nhan anh hng en mc o hao mon hu hnh TSC se giup cho doanh nghiep co nhng bien phap can thiet va hu hieu e han che chung. b) Hao mon vo hnh cua TSC Trong qua trnh s dung, ben canh nhng hao mon hu hnh, TSC con b hao mon vo hnh. Hao mon vo hnh la s giam sut thuan tuy ve mat gia tr cua TSC ma nguyen nhan chu yeu la do s tien bo cua khoa hoc va cong nghe. Ngi ta thng phan biet cac loai hao mon vo hnh sau ay : -Hao mon vo hnh loai mot : TSC b giam gia tr trao oi do tren th trng xuat hien TSC cung loai, cung tnh nang s dung nhng vi gia re hn. Nh vay, do co s xuat hien cua TSC cung loai gia re ma TSC ang dung cua doanh nghiep b mat i mot phan gia tr. -Hao mon vo hnh loai hai : TSC hien dung b giam gia tr trao oi do tren th trng xuat hien TSC tng t vi gia nh cu (hoac re hn), nhng lai hoan thien hn ve mat ky thuat, tc co cong nang s dung u viet hn do c che tao trong ieu kien cong nghe tien bo hn. -Hao mon vo hnh loai ba : TSC b mat gia hoan toan do chu ky song cua san pham c san xuat ra t TSC o a cham dt, hoac trong trng hp cac TSC, cac ban quyen phat minh sang che hien hu a lac hau, loi thi do xuat hien cac TSC, cac ban quyen phat minh mi tien bo hn vi gia re. ieu nay cho thay hao mon vo hnh khong ch xay ra oi vi nhng TSC hu hnh ma ngay ca oi vi nhng TSC vo hnh.
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Nh vay, nhn chung nguyen nhan c ban cua hao mon vo hnh chnh la s tien bo cua khoa hoc, ky thuat va cong nghe. Do o bien phap hieu qua nhat e khac phuc hao mon vo hnh la doanh nghiep can phai coi trong viec thng xuyen oi mi ky thuat, cong nghe, ng dung kp thi cac thanh tu tien bo khoa hoc ky thuat vao qua trnh san xuat kinh doanh. ieu nay la het sc co y ngha trong viec tao lap li the canh tranh cua doanh nghiep tren th trng
2. Khai niem va y ngha cua cong tac khau hao TSC

e thu hoi phan gia tr TSC b hao mon trong qua trnh san xuat kinh doanh, doanh nghiep can phai tien hanh chuyen dch dan dan phan gia tr hao mon o vao gia tr san pham san xuat trong ky. Qua trnh ay c goi la khau hao. Nh vay, khau hao TSC la viec tnh toan va phan bo mot cach co he thong gia tr phai khau hao cua TSC vao chi ph san xuat kinh doanh, trong suot thi gian s dung hu ch cua TSC o. Gia tr cua bo phan TSC tng ng vi mc hao mon chuyen dch dan dan vao san pham hoan thanh la mot yeu to chi ph san xuat, c ke toan hach toan vao gia thanh san pham, bieu hien di hnh thai tien te, goi la tien khau hao TSC. Tien khau hao nay c trch dan dan tng ng vi mc o hao mon cua TSC, tch luy thanh quy khau hao TSC cua doanh nghiep. Quy khau hao TSC cua doanh nghiep la mot nguon tai chnh quan trong c s dung e thc hien tai san xuat gian n va tai san xuat m rong TSC. Tren thc te, vai tro cua quy khau hao TSC khong dng lai viec dung e au t mua sam mi TSC, ma vao thi iem trc khi TSC ang dung c thanh ly va thay the bang TSC mi, quy khau hao con la mot nguon tai chnh tam thi nhan roi, co the c doanh nghiep s dung vao cac muc ch au t sinh li, hoac ap ng cho cac nhu cau kinh doanh khac cua mnh. Ve nguyen tac, viec tnh khau hao TSC phai phu hp vi mc o hao mon cua TSC (ca hao mon hu hnh lan hao mon vo hnh) va am bao thu hoi ay u gia tr von au t ban au cho TSC, nham thc hien bao toan von co nh cua doanh nghiep. ong thi, do tien khau hao TSC la mot yeu to chi ph san xuat kinh doanh nen viec tnh toan chnh xac so khau hao se khong nhng am bao cho doanh nghiep co u nguon von e tai san xuat TSC, tra n vayma con am bao cho viec xac nh gia thanh va ket qua kinh doanh cua doanh nghiep mot cach ung an.
3. La chan thue cua khau hao

Tien khau hao TSC c phap luat cho phep ke toan hach toan nh la mot yeu to chi ph. Va v vay, tren phng dien ke toan, chi ph khau hao TSC lam giam li nhuan cua doanh nghiep. Quan iem cua tai chnh con bo sung them : Chnh v khau hao c xem la mot loai chi ph nen a lam giam ang ke thu nhap chu thue cua doanh nghiep (Taxable income), va do o lam giam ang ke thue thu nhap ma doanh nghiep phai nop trong ky, ma thc chat th doanh nghiep khong he chi tien (payout) cho khoan
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ma ke toan goi la : chi ph khau hao nay. Hay noi khac i th chi ph khau hao theo ngha ke toan la mot khoan chi phi tien mat (noncash expense). Khoan tien thue thu nhap tiet kiem c noi tren c xem nh la mot khoan thu nhap c hoi, phat sinh t viec trch khau hao hang nam cua doanh nghiep. Hien tng nay goi la la chan thue cua khau hao (depreciation taxshield). Tom lai, la chan thue cua khau hao la mc thue thu nhap ma doanh nghiep tiet kiem c, phat sinh t viec trch khau hao va hach toan chi ph khau hao vao chi ph san xuat kinh doanh hang ky cua doanh nghiep (theo luat nh). Cong thc tnh nh sau : La chan thue cua khau hao = Mc trch khau hao x Thue suat thue TNDN V du 1. => Mc khau hao trong ky cua doanh nghiep : 100.000 USD. Thue suat thue thu nhap doanh nghiep : 32% La chan thue cua khau hao = 100.000 x 0,32 = 32.000 USD. Nh vay, trong ky, doanh nghiep a tiet kiem c 32.000 USD tien thue TNDN do trch khau hao.
4. Cac phng phap khau hao tai san co nh

Viec la chon phng phap tnh khau hao phu hp vi tng doanh nghiep khong ch la mot trong nhng bien phap quan trong e khac phuc hao mon TSC, ma con la can c chu yeu e xac nh thi gian hoan von au t TSC, cung nh anh hng trc tiep en thu nhap chu thue va thue thu nhap ma doanh nghiep phai nop. Tren ly thuyet, co nhieu phng phap tnh khau hao khac nhau vi nhng u iem va nhc iem rieng. Va viec doanh nghiep la chon phng phap nao con tuy thuoc vao nhng quy nh cua Nha nc, cung nh tnh hnh thc te tai n v 21. Cac phng phap khau hao khac nhau la cho cach phan bo chi ph khac nhau, nhng mot cach tong quat th co the chia cac phng phap tnh khau hao ra lam hai loai ln : -Loai 1 : Khau hao ng thang (straight line depreciation). Ch co mot phng phap duy nhat cho loai nay la ngi ta phan bo eu nguyen gia cua TSC trong suot thi gian s dung hu ch cua no.
Theo quy nh hien hanh nc ta - he thong chuan mc ke toan Viet Nam, tai lieu a dan - cac doanh nghiep c ap dung ba phng phap khau hao sau ay : -Phng phap khau hao ng thang (con goi la phng phap khau hao tuyen tnh ) -Phng phap khau hao theo so d giam dan (con goi la phng phap khau hao can bang giam dan) -Phng phap khau hao theo so lng san pham (hay phng phap khau hao theo n v san lng)
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-Loai 2 : Khau hao gia toc (accelerated depreciation). Co nhieu phng phap khau hao khac nhau loai nay, nhng nhn chung la ngi ta phan bo chi ph khau hao nhieu hn vao nhng nam au hoat ong cua TSC va t dan i cho cac nam tiep theo nham tang toc o khau hao TSC. Cac thuat ng va ky hieu sau ay c s dung cho cac phan noi dung tiep theo cua muc nay : -Nguyen gia TSC (cost) : La toan bo cac chi ph ma doanh nghiep phai bo ra e co c TSC tnh en thi iem a TSC o vao trang thai san sang s dung (oi vi TSC hu hnh), hoac thi iem a TSC o vao s dung theo d tnh (oi vi TSC vo hnh). Ta ky hieu nguyen gia TSC la P. -Thi gian s dung hu ch cua TSC (useful life) : La thi gian ma TSC phat huy c tac dung cho san xuat kinh doanh, c tnh bang thi gian ma doanh nghiep d tnh s dung TSC, hoac so lng san pham (hay cac n v tnh tng t) ma doanh nghiep d tnh thu c t viec s dung TSC o. Ta ky hieu thi gian s dung hu ch cua TSC la n. -Gia tr thanh ly cua TSC (residual value or salvage value) : La gia tr c tnh thu c khi het thi gian s dung hu ch cua TSC, sau khi a tr i chi ph thanh ly c tnh. Ta ky hieu gia tr thanh ly cua TSC la S. -Gia tr con lai cua TSC (carrying amount) hay gia tr con lai tren so sach cua TSC (book value) : c xac nh bang cach lay nguyen gia cua TSC tr i (-) so khau hao luy ke cua TSC o. Ta ky hieu gia tr con lai tren so sach cua TSC nam th t la Bt. Can lu y la e am bao thc hien bao toan von co nh th gia tr con lai cua TSC -tai thi iem TSC het thi gian s dung hu ch- phai tng ng vi gia tr thanh ly cua TSC o, tc (Bn = S). -Gia tr phai khau hao cua TSC (depreciable amount) : c xac nh bang cach lay nguyen gia cua TSC ghi tren bao cao tai chnh tr i (-) gia tr thanh ly c tnh cua TSC o. Theo cach ky hieu tren th gia tr phai khau hao cua TSC chnh la hieu so (P S). -So khau hao phai trch nam th t cua TSC c ky hieu la Dt . -So khau hao luy ke en het nam th t cua TSC (accumulated depreciation up to year t) c ky hieu la Tt . Theo cach ky hieu tren ta co : Tt = D1 + D2 + + Dt va Bt = P Tt = Bt-1 Dt
a) Phng phap khau hao ng thang hay khau hao eu, khau hao tuyen tnh (Straight line depreciation method - SLN) ay la phng phap tnh khau hao n gian nhat va cung la co ien nhat. Phng phap nay c s dung mot cach pho bien e tnh khau hao cho nhng TSC
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hu hnh va ca nhng TSC vo hnh. Mc khau hao hang nam theo phng phap nay eu bang nhau va khong oi trong suot thi gian s dung hu ch cua TSC. Theo o, mc trch khau hao hang nam c xac nh bang cach lay gia tr phai khau hao cua TSC chia cho thi gian s dung hu ch cua no. Cong thc tnh nh sau :
Dt =
PS n
Tren thc te, gia tr thanh ly cua TSC ch la con so d kien trong thi gian dai va trong ieu kien gia ca thng xuyen bien ong, cho nen ch co tnh cach tng oi va thng kem chnh xac. Do vay, e n gian hoa qua trnh tnh toan, mot so doanh nghiep thng bo qua viec xac nh gia tr nay, va tnh toan mc khau hao hang nam bang cach lay nguyen gia cua TSC chia cho thi gian s dung hu ch cua no. V du 2. Cong ty A mua mot he thong may moc mi, nguyen gia la 40.000 USD. Thi gian s dung hu ch c xac nh la 07 nam, gia tr thanh ly c tnh la 5000 USD. Mc khau hao hang nam phai trch la : (40.000 5000) : 7 = 5000 USD Ta lap c bang tnh khau hao cho he thong may noi tren theo phng phap khau hao ng thang nh sau : VT : USD NAM 1 2 3 4 5 6 7 MC KHAU HAO 5000 5000 5000 5000 5000 5000 5000 KHAU HAO TCH LUY 5000 10000 15000 20000 25000 30000 35000 GIA TR CON LAI 35000 30000 25000 20000 15000 10000 5000 Ben canh cach tnh khau hao theo thi gian s dung hu ch nh tren, oi vi mot so nganh, tuy theo tnh hnh s dung TSC ma ngi ta con dung cach tnh khau hao theo khoi lng cong tac cua TSC. V du nh nganh nong nghiep tnh theo so hecta cong tac may phuc vu ; nganh thi cong xay dng c ban tnh theo so ca cong tac may phuc vu ; nganh giao thong van tai tnh theo so tan/km xe chay Viec tnh khau hao theo cac cach nay cung hoan tng t nh a trnh bay tren, nhng ch co khac la phai thay oi mau so bang tong khoi lng cong tac ma TSC o co the phuc vu, vi mot n v tnh thch hp nao o. Mat khac, trong cong tac thc te, e n gian thu tuc tnh toan oi vi nhng doanh nghiep co nhieu chung loai TSC khac nhau, ngi ta thng xac nh tong mc trch khau hao cho toan bo TSC cua doanh nghiep thong qua viec tnh ty le khau hao tong hp bnh quan (Tk). Ty le nay cung thng c s dung trong cong tac lap ke hoach khau hao TSC. Co hai cach e xac nh ty le khau hao tong hp bnh quan cua doanh nghiep:
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-Hoac co the can c vao ty le khau hao tng loai TSC va ty trong cua tng loai TSC chiem trong tong so TSC cua doanh nghiep ; -Hoac cung co the can c vao tong so tien khau hao hang nam va tong nguyen gia TSC cua doanh nghiep. Cach 1 :
Tk =
(f
i =1
Ti )
Trong o : f i : Ty trong cua tng loai TSC chiem trong tong so TSC 1 : la ty le khau hao cua tng loai TSC n n : Thi gian s dung hu ch cua TSC i : loai TSC Ti =
Luc nay tong mc khau hao trong ky cua doanh nghiep c xac nh bang cach lay nguyen gia bnh quan TSC can tnh khau hao trong ky nhan (x) vi ty le khau hao tong hp bnh quan. V du 3. Mot doanh nghiep co tnh hnh TSC c chia thanh 4 nhom sau : T T 1 2 3 4 Loai TSC May moc thiet b Phng tien van tai Nha xng, vat kien truc Thiet b quan ly Thi gian HD (n) 15 nam 10 nam 30 nam 10 nam Tong Nguyen gia 200 tr 100 tr 500 tr 200 tr 1000 tr Ty trong tng loai fi 2/10 1/10 5/10 2/10 10/10 Ty le KH tng loai Ti 1/15 1/10 1/30 1/10
Tk = f i Ti =
i =i
2 1 1 1 5 1 2 1 + + + = 6% 10 15 10 10 10 30 10 10
Cach 2:
TK =
M 100 % NG
K
Trong o : M K la so tien khau hao tng loai TSC NG la nguyen gia TSC phai tnh khau hao
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V du 4. Lay lai so lieu cua v du 3, ta xac nh TK theo cach 2 nh sau : T T 1 2 3 4 Loai TSC May moc thiet b Phng tien van tai Nha xng, vat k.truc Thiet b quan ly Thi gian HD (n) 15 nam 10 nam 30 nam 10 nam Tong Nguyen gia 200 tr 100 tr 500 tr 200 tr 1000 tr Ty le KH tng loai Ti 1/15 1/10 1/30 1/10 Mc KH tng loai 13,3 trieu 10 trieu 16,7 trieu 20 trieu 60 trieu
Luc nay TK = 60 trieu : 1000 trieu x 100% = 6% Qua khao sat v du 2, chung ta rut ra c mot so nhan xet ve u iem va khuyet iem cua phng phap khau hao ng thang nh sau : -Phng phap khau hao ng thang kha n gian, de thc hien, tong mc khau khao c phan bo eu an vao chi ph san xuat kinh doanh trong suot cac nam s dung hu ch cua TSC, va do o khong gay ra s ot bien trong gia thanh san pham, t o khong tao ra kho khan cho doanh nghiep trong viec canh tranh ve gia. Hn na, trong trng hp doanh nghiep s dung ty le khau hao tong hp bnh quan e tnh khau hao cho tat ca cac TSC cua doanh nghiep th khoi lng tnh toan se giam i ang ke, tao thuan li cho qua trnh ke hoach hoa cong tac khau hao TSC cua doanh nghiep. -Tuy nhien, do mc trch khau hao hang nam eu an nen kha nang thu hoi von cham, oi khi khong phan anh ung an mc o hao mon thc te cua TSC, nhat la hao mon vo hnh. e khac phuc nhng nhc iem cua phng phap nay, ngi ta e xuat mot vai phng phap khau hao khac, goi chung la nhng phng phap khau hao gia toc (hay khau hao nhanh accelerated depreciation methods). b)Phng phap khau hao theo tong ky so hay con goi la phng phap khau hao tong so (Sum of years digits depreciation SYD) Trnh t tnh toan cu the nh sau : Trc het ta tnh tong cua cac so t nhien 22 : Z = 1 + 2 + 3 +.+ n = n(n + 1) ------------2
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ay la tong Sn cua n so hang au tien cua cap so cong co so hang au tien a1 = 1 va cong sai la G = 1. Sn c xac nh nh sau : n(a1 + an) Sn = a1 + a2 + + an = -------------2
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Trong o : Z la tong so cua day so th t t 1 cho en so hang bang thi gian s dung hu ch cua TSC (n).
Mc trch khau hao nam au tien Mc trch khau hao nam th 2 :
Mc trch khau hao nam th n : Va hien nhien la :
n Z n 1 D 2 = (P S ) Z .......... .......... .......... . 1 D n = (P S ) Z D 1 + D 2 + ...... + D n = P S D1 = (P S )
V du 5. Lay lai so lieu v du 2 tren, nhng tnh khau hao theo phng phap tong so - SYD
7 ( 7 + 1) = 28 2 Mc trch khau hao theo phng phap nay t nam th 1 en nam th 7 lan lt la :
Ta co
Z =1+ 2 + 3+ 4 + 5+ 6 + 7 =
7 28 5 D 3 = ( 40000 5000 ) 28 3 D 5 = ( 40000 5000 ) 28 1 D 7 = ( 40000 5000 ) 28 D 1 = ( 40000 5000 )
= 8750 = 6250 = 3750 = 1250
D 2 = ( 40000 5000 )
6 = 7500 28 4 D 4 = ( 40000 5000 ) = 5000 28 2 D 6 = ( 40000 5000 ) = 2500 28
Ta lap c bang tnh khau hao cho he thong may noi tren theo phng phap SYD nh sau : VT : USD NAM 1 2 3 4 5 6 7 MC KHAU HAO 8750 7500 6250 5000 3750 2500 1250 KHAU HAO TCH LUY 8750 16250 22500 27500 31250 33750 35000 GIA TR CON LAI 31250 23750 17500 12500 8750 6250 5000 c) Phng phap can bang giam dan hay phng phap so d giam dan (Declining balance depreciationDB) Theo phng phap nay, mc trch khau hao hang nam se c tnh bang cach lay gia tr con lai cua TSC nhan vi ty suat khau hao co nh (r). Trnh t tnh toan cu the nh sau :
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D 1 = P r ; D 2 = B 1 r ; D 3 = B 2 r ;...... Trong o : r =1
n
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S P
V du 6 . Lay lai so lieu v du 2 tren, nhng tnh khau hao theo phng phap can bang giam dan - DB P = 40000 USD ; Ta co : S = 5000 USD ; n = 7 nam
r =1 n
5000 S =1 7 = 0,257 40000 P
Ta lap c bang tnh mc khau hao hang nam cho he thong may moc theo phng phap DB nh sau : VT : USD NAM 1 2 3 4 5 6 7 MC KHAU HAO 10280 7638 5675 4217 3133 2328 1730 KHAU HAO TCH LUY 10280 17918 23593 27810 30943 33270 35000 GIA TR CON LAI 29720 22082 16407 12190 9057 6730 5000 d)Phng phap can bang giam dan kep (Double declining balance depreciation - DDB) Nguyen tac tnh mc khau hao hang nam cua phng phap nay cung giong nh phng phap DB nhng ty suat khau hao co nh c tnh mot cach n gian hn
r=
2 n
Trong o n la thi gian s dung hu ch cua TSC
V du 7. Lay lai so lieu v du 2 nhng tnh khau hao theo phng phap can bang giam dan kep - DDB Ta co : r = 2/7 Ta lap c bang tnh khau hao cho he thong may moc theo phng phap can bang giam dan kep - DDB nh sau : VT : USD NAM 1 2 3 4 5 6 7 MC KHAU HAO 11429 8163 5831 4165 2975 2125 312 KHAU HAO TCH LUY 11429 19592 25423 29588 32563 34688 35000 GIA TR CON LAI 28571 20408 14577 10412 7437 5312 5000
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Lu y :
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Gia tr con lai cua TSC vao nam th 6 la 5312 USD, do o mc trch khau hao trong nam cuoi cung phai la 5312 x 2 : 7 = 1518 USD, keo theo gia tr con lai cua TSC vao thi iem TSC het thi gian s dung la 5312 1518 = 3794 USD. Tuy nhien, do gia tr thanh ly c tnh cua TSC la 5000 USD, cao hn gia tr con lai mot lng la 5000 3794 = 1206 USD, nen trong nam hoat ong cuoi cung cua TSC, doanh nghiep ch can trch khau hao 1518 1206 = 312 USD la u e nang gia tr khau hao tch luy len mc 35000 USD, cong them 5000 USD gia tr thanh ly la u 40000 USD e thc hien tai san xuat TSC. Nh vay, trong v du tren, neu doanh nghiep trch khau hao nam th 7 vi mc la 1518 USD th ro rang gia tr khau hao tch luy en nam cuoi cung a vt qua gia tr ban au cua TSC. Va chung ta co the thc hien ieu chnh mc khau hao nam cuoi cho phu hp nh a trnh bay tren 23. Trong nhieu trng hp khac, viec tnh khau hao theo phng phap can bang giam dan kep lai co the dan en tnh huong gia tr khau hao tch luy en nam cuoi cung thng khong u e bu ap gia tr ban au cua TSC. V vay, e giai quyet ton tai nay, thng en na cuoi thi gian hoat ong hu ch cua TSC, ngi ta quay tr lai ap dung phng phap khau hao ng thang. Theo o, mc khau hao eu trong nhng nam cuoi cua TSC se c xac nh bang cach lay gia tr con lai cua TSC (tai thi iem bat au chuyen sang phng phap mi) tr i gia tr thanh ly roi em chia cho so nam s dung hu ch con lai cua no. Chung ta hay quan sat th du sau ay e hieu ro hn cach lam nay. V du 8 . Hay gia s gia tr thanh ly c tnh cua he thong may moc cua cong ty A (a neu v du 2) ch la 500 USD. Luc nay bang tnh khau hao cho he thong may theo phng phap DDB c trnh bay nh sau : VT : USD NAM 1 2 3 4 5 6 7 MC KHAU HAO 11429 8163 5831 4165 2975 2125 1518 KHAU HAO TCH LUY 11429 19592 25423 29588 32563 34688 36205 GIA TR CON LAI 28571 20408 14577 10412 7437 5312 3795 T bang tren ta thay gia tr khau hao tch luy nam th 7 ch la 36.205 USD, trong khi phai can en 39.500 USD th mi thu hoi u gia tr ban au cua TSC. e khac phuc khuyet iem nay cua phng phap DDB, nh tren a noi, chung ta se chuyen sang tnh khau hao theo phng phap ng thang ke t nam th 5 tr i. Theo o ta tnh lai bang khau hao cho he thong may nh sau :
23
Tren bang tnh Excel, ham DDB t ong thc hien viec ieu chnh nay va ngi s dung khong can thao tac g them.
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- 63 VT : USD
NAM 1 2 3 4 5 6 7 MC KHAU HAO 11429 8163 5831 4165 3304 3304 3304 KHAU HAO TCH LUY 11429 19592 25423 29588 32892 36196 39500 GIA TR CON LAI 28571 20408 14577 10412 7108 3804 500 T ket qua tnh toan cac v du 2, 5, 6, va 7 ta co the lap mot bang so sanh mc trch khau hao hang nam theo cac phng phap SLN, SYD, DB va DDB e rut ra nhng u - khuyet iem cua tng phng phap mot. VT : USD NAM PHNG PHAP SLN PHNG PHAP SYD PHNG PHAP DB PHNG PHAP DDB 1 5000 8750 10280 11429 2 5000 7500 7638 8163 3 5000 6250 5675 5831 4 5000 5000 4217 4165 5 5000 3750 3133 2975 6 7 5000 5000 2500 1250 2328 1730 2125 312
T bang tren, chung ta co the rut ra mot so u diem va khuyet iem cua 3 phng phap khau nhanh SYD, DB va DDB nh sau : -u iem : Bang viec thc hien cac phng phap khau hao nhanh, mc trch khau hao hang nam cua TSC giam dan theo bac thang luy thoai, tc trch khau hao nhieu nhng nam au va giam dan nhng nam sau. Do o cac phng phap khau hao nhanh cho phep thu hoi von nhanh, giam bt nhng ton that do hao mon vo hnh. ong thi ay cung la mot bien phap tao ra la chan thue e hoan thue TNDN cho doanh nghiep. ac biet, trong ba phng phap khau hao nhanh th phng phap DDB la phng phap co kha nang tao ra la chan thue tot nhat cho nhng nam au a TSC vao s dung, bi v mc trch khau hao theo phng phap nay trong nhng nam au la cao nhat so vi cac phng phap con lai. -Khuyet iem : Do chi ph khau hao ln trong nhng nam au nen co the gay ra s ot bien trong gia thanh san pham, dan ti bat li trong canh tranh. Do vay, oi vi nhng doanh nghiep kinh doanh cha on nh, lam an cha co lai th khong nen ap dung phng phap khau hao nhanh. Cac phng phap khau hao nhanh neu tren, vi nhng u iem cua mnh, a c van dung mot cach pho bien trong nhng nganh co trnh o trang thiet b may moc ky thuat hien ai nh nganh ien t, tin hoc, vien thongnham thu hoi von nhanh, tranh c s mat gia do hao mon vo hnh. Ben canh bon phng phap khau hao thong dung noi tren, trong thc tien quan ly san xuat kinh doanh, ngi ta con s dung nhieu phng phap khau hao khac e tnh khau hao cho TSC trong nhng tnh huong cu the cua tng doanh nghiep. Di ay gii thieu hai phng phap trong so o.
Nguyen Van Tuan
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e) Phng phap khau hao theo n v san lng (Unit of production depreciation - UP) Theo phng phap nay, mc trch khau hao hang nam c tnh bang cach lay san lng san xuat hang nam nhan vi mc khau hao n v san lng 24. Neu goi : ut la san lng nam th t U la tong san lng. Suy ra : U = u1 + u2 + .+ un Luc nay, mc trch khau hao hang nam la :
ut (P S ) U (P S ) Tha so U Dt =
c goi la mc khau hao n v san lng
V du 9. Mot he thong may ong gach t ong co nguyen gia la P = 200 trieu ong ; Gia tr thanh ly d kien la S = 10 trieu ong ; Tuoi tho cua he thong may tnh theo san lng gach ong la 50 trieu vien. Co tai lieu d kien ve san lng gach cua he thong may nay trong 5 nam nh sau : Nam San lng (trieu vien) 1 8 2 12 3 18 4 8 5 4
Hay tnh mc khau hao hang nam theo phng phap UP. Ta co mc khau hao n v san lng
( P S ) 200 trieu 10 trieu = = 3,8 U 50 trieu

sau : Ta lap c bang tnh khau hao cho he thong may theo phng phap UP nh VT : Trieu ong NAM 1 MC KHAU HAO 30,4 KHAU HAO TCH LUY 30,4 GIA TR CON LAI 169,6 2 45,6 76 124 3 68,4 144,4 55,6 4 30,4 174,8 25,2 5 15,2 190 10
Thuat ng "san lng" co the c hieu la so lng san pham ma may moc san xuat ra trong ky, hoac cung co the la so gi hoat ong cua may moc
24
Nguyen Van Tuan
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f) Phng phap khau hao theo mo hnh ACRS
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Phng phap khau hao nay ra i Hoa Ky sau khi co s cai cach ve thue nc nay vao nam 1986. ARCS la viet tat cua cum ch tieng Anh : Accelerated Cost Recovery System - he thong tang toc thu hoi von. He thong nay quy nh viec tnh khau hao da tren thi gian thu hoi von can thiet (recovery periods) thay v da tren thi gian s dung hu ch hay tuoi tho kinh te cua TSC (useful life or economic life of an asset). Mo hnh nay cho phep tnh mc khau hao hang nam kha n gian, do khong can phai d tnh thi gian s dung hu ch (n) cung nh gia tr thanh ly cua TSC. Thi gian khau hao nham thu hoi von nhanh theo mo hnh ACRS thng ngan hn rat nhieu so vi thi gian s dung hu ch that s cua TSC. Mo hnh ACRS chia cac TSC cua doanh nghiep ra lam 04 loai, moi loai co thi gian khau hao khac nhau : LOAI TAI SAN CO NH Loai 1 : xe hi, phng tien van chuyen nhe khac, thiet b s dung cho nghien cu va phat trien Loai 2 : Xe tai hang nang, cac may moc thiet b va TSC gia tr ln khac Loai 3 : TSC vi thi gian s dung hu ch t 18 en 25 nam Loai 4 : TSC s dung lau dai (> 25 nam) THI GIAN KHAU HAO ACRS 3 nam
5 nam 10 nam 15 nam
Ty suat khau hao hang nam theo mo hnh ACRS ng vi tng loai TSC ke tren c cho trong bang ke di ay. Ch can xac nh TSC cua doanh nghiep thuoc vao loai nao trong bon loai tren ay, sau o lay gia tr can phai khau hao cua TSC nhan vi ty suat khau hao se cho ta mc khau hao hang nam tng ng.
Ty suat khau hao hang nam theo mo hnh ACRS (rt) Nam 1 2 3 4 5 6 7 TSC loai 1 (3 nam) 35% 38 27 TSC loai 2 (5 nam) 15% 22 21 21 21 TSC loai 3 (10 nam) 8% 14 12 10 10 10 9 TSC loai 4 (15 nam) 5% 10 9 8 7 7 6
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8 9 10 11 12 13 14 15 100% 100% 9 9 9 6 6 6 6 6 6 6 6 100%
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100%
Nam 1991, he thong nay a c sa cha ve cach thc phan loai TSC theo cac nhom co cung thi gian khau hao. ong thi, cung co nhng thay oi nhat nh ve ty suat khau hao hang nam ap dung cho tng loai TSC. Ngi ta goi he thong khau hao ACRS a c ieu chnh nay la MACRS (modified accelerated cost recovery system). V du 10. Mot chiec xe hi 4 cho ngoi co tuoi tho ky thuat theo thiet ke la 5 nam ; nguyen gia (a co le ph trc ba) la 20.000 USD; gia tr thanh ly khong ang ke. Hay tnh mc trch khau hao hang nam cho chiec xe tren theo mo hnh ACRS. Do TSC tren la xe hi nen thuoc vao TSC loai 1, co thi gian khau hao la 3 nam theo mo hnh ACRS. Mc khau hao hang nam nh sau : D1 = 20.000 x 0,35 = D2 = 20.000 x 0,38 = D3 = 20.000 x 0,27 = 7000 USD 7600 USD 5400 USD 20.000 USD
III. Ke hoach hoa cong tac khau hao TSC

1. Y ngha va trnh t cua viec lap ke hoach khau hao TSC
Ke hoach khau hao TSC la mot cong cu quan trong e quan ly va nang cao hieu qua s dung von co nh cua doanh nghiep, va viec lap ke hoach khau hao TSC nam trong noi dung cua cong tac ke hoach hoa tai chnh doanh nghiep hang nam. Thong qua ke hoach khau hao TSC, doanh nghiep co the d kien c nhu cau tang giam von co nh trong nam ke hoach, cung nh kha nang nguon tai chnh e ap ng cho nhng nhu cau o. V the ke hoach khau hao cung la mot trong nhng can c e doanh nghiep xem xet la chon cac quyet nh au t oi mi TSC trong tng lai. e phat huy vai tro va tac dung cua ke hoach khau hao, oi hoi viec lap ke hoach khau hao phai phu hp, kp thi va tuan thu nhng trnh t nhat nh.
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-Khi lap ke hoach khau hao TSC, trc het can xac nh tong gia tr TSC hien co vao au nam ke hoach, c cau theo nguon hnh thanh gia tr o va pham vi TSC can tnh khau hao. Thong thng ke hoach khau hao c lap vao cuoi quy 3 cua nam bao cao, do o e xac nh chnh xac tong gia tr TSC hien co vao au nam ke hoach th can thiet phai d tnh tnh hnh tang giam TSC ngay trong quy 4 nam bao cao. -Sau o, phai can c vao ke hoach au t dai han va tnh hnh thc te cua doanh nghiep e d kien tnh hnh tang giam TSC trong nam ke hoach, bi v viec tang giam quy mo TSC trong nam ke hoach se la nguyen nhan trc tiep dan en s bien ong cua mc trch khau hao TSC trong nam. Tnh chnh xac, phu hp cua viec d kien tnh hnh tang giam TSC trong nam ke hoach mang mot y ngha ac biet quan trong, anh hng ln en tnh co y ngha va s phu hp tnh hnh thc te cua ke hoach khau hao TSC c lap ra. -Tren c s nhng d kien ve tnh hnh tang giam TSC trong nam ke hoach, doanh nghiep co the tien hanh xac nh tong mc trch khau hao TSC trong nam ke hoach thong qua hai phng phap trc tiep va gian tiep. -Sau khi a xac nh c tong mc trch khau hao TSC trong nam ke hoach, doanh nghiep tiep tuc d kien viec phan phoi va s dung so tien nay. Van e phan phoi va s dung tien khau hao TSC phu thuoc vao c cau nguon von au t ban au e hnh thanh TSC. Mot cach tong quat, c cau von au t bao gom von vay n va von chu s hu. Tuy theo loai hnh to chc kinh doanh va hnh thc s hu cua doanh nghiep ma thc hien phan phoi, s dung tien khau hao cho hp ly. oi vi cac doanh nghiep thuoc cac thanh phan kinh te khac th viec phan phoi va s dung tien khau hao TSC se do Hoi ong quan tr hoac ban lanh ao n v quyet nh. Rieng oi vi cac doanh nghiep Nha nc :
Nhng TSC c au t mua sam bang nguon von ngan sach c Nha nc cho phep e lai toan bo so khau hao c ban e khuyen khch doanh nghiep au t, oi mi trang thiet b. Khi cha co nhu cau tai tao TSC th doanh nghiep co the s dung linh hoat so tien khau hao e au t sinh li hoac ap ng cho nhng nhu cau san xuat kinh doanh phu hp. oi vi nhng TSC c au t mua sam bang nguon von t bo sung, doanh nghiep c toan quyen chu ong s dung so tien khau hao e tai au t, thay the, oi mi TSC cua mnh tren nguyen tac bao toan va khong ngng phat trien von co nh. oi vi nhng TSC c mua sam t nguon von i vay th, ve nguyen tac, doanh nghiep phai s dung so tien khau hao e tra n theo nhng ky han a thoa thuan.
Nguyen Van Tuan
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2. Pham vi TSC can phai tnh khau hao
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V khong phai tat ca TSC hien co cua doanh nghiep eu phai trch khau hao cho nen viec au tien khi lap ke hoach khau hao TSC la phai xac nh c pham vi TSC can tnh khau hao. Ve nguyen tac, tat ca cac TSC co lien quan en hoat ong san xuat kinh doanh (ke ca nhng TSC ngng hoat ong e sa cha ln) eu phai trch khau hao. Nhng TSC khomg tham gia vao hoat ong san xuat kinh doanh th khong phai trch khau hao.
3. Lap ke hoach khau hao TSC theo phng phap gian tiep
Theo phng phap nay, so tien khau hao TSC d kien trong ky ke hoach c xac nh nh sau :
M KH = NG KH TK Trong o : M KH TK : T ong mc khau hao TSC d kien trong ky ke hoach : Ty le khau hao tong hp bnh quan
NG KH : Nguyen gia bnh quan TSC can tnh khau hao trong ky ke hoach.
NG KH c xac nh nh sau : NG KH = NG + NG t NG g Vi : NG : Nguyen gia TSC phai tnh khau hao au ky ke hoach NG t : Nguyen gia bnh quan TSC phai tnh khau hao tang len trong ky ke hoach NG g : Nguyen gia bnh quan TSC phai tnh khau hao giam bt trong ky ke hoach NG t = NG t (12 t t ) 12 Tr ong o NG t va NG g lan lt la nguyen gia TSC d kien phai tnh khau hao tang len hoac giam bt trong ky ke hoach. tt tg : la thang ma d kien TSC se tang len (t t = 1,2,3,....,12) : la thang ma d kien TSC se giam xuong (tg = 1,2,3,....,12) NG g = NG g (12 t g ) 12
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4. Lap ke hoach khau hao TSC theo phng phap trc tiep
Theo phng phap nay, tong so tien khau hao TSC d kien trong ky ke hoach c xac nh nh sau :
so tien khau hao d kien nam ke hoach
Tong so tien khau hao d kien cua 12 thang trong nam ke hoach
So tien khau hao cua tng thang co the xac nh theo cong thc sau :
KH t = KH t t ki i
(NG
i =1
t ki )
: So tien khau hao cua toan bo TSC trong thang th t : Ty le khau hao theo thang cua tng loai TSC : Loai TSC
NG i : Nguyen gia can tnh khau hao au thang cua tng loai TSC
Lu y : Viec tnh khau hao TSC theo tng thang c ap dung theo nguyen tac tnh tron thang , ngha la TSC tang len hoac giam i trong thang nay th thang sau mi trch hoac thoi trch khau hao. Theo o, ta co the suy ra cong thc thc hanh e tnh so khau hao cua tng thang nh sau : So khau hao TSC thang nay = So khau hao TSC thang trc So khau hao tang + them trong thang nay So khau hao _ giam i trong thang nay
So khau hao tang them hoac giam i trong thang nay c xac nh bang cach lay nguyen gia cua TSC tang them hoac giam i trong thang trc nhan vi ty le khau hao theo thang tng ng. V du 11. Cong ty A co tnh hnh khau hao TSC thang 12 nam N nh sau : VT : Trieu ong TT 1 2 3 4 Loai TSC Nha ca, vat kien truc May moc san xuat Phng tien van tai Thiet b quan ly Cong Nguyen gia 5000 3500 1000 800 10.300 Ty le khau hao nam Ti 6% 16% 13% 9%
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Trong nam ke hoach cong ty d kien tnh hnh tang giam TSC nh sau -Thang 01 se mua va a vao van hanh mot so may moc san xuat co tong nguyen gia 600 trieu ong. -Thang 02 se thanh ly mot phng tien van tai a khau hao het, co nguyen gia 250 trieu ong -Thang 04 se khanh thanh va a vao s dung mot van phong mi, gia quyet toan cong trnh XDCB hoan thanh ban giao la 750 trieu ong. -Thang 05 se mua them mot so thiet b van phong e phuc vu quan ly tr gia 120 trieu ong. -Thang 11 se mua them mot chiec o to trang b cho phan xng vat t, nguyen gia (a co le ph trc ba) la 350 trieu ong. Hay xac nh tong mc trch khau hao TSC cho nam ke hoach (N+1) theo cac phng phap : a) Phng phap trc tiep b) Phng phap gian tiep Ban co nhan xet g ve hai ket qua tnh toan c? a) Theo phng phap trc tiep : Ta co so khau hao thang 12/N cua cong ty c xac nh nh sau: VT : trieu ong TT 1 2 3 4 Loai TSC Nha ca, vat k.truc May moc san xuat Ph.tien van tai Thiet b quan ly Cong Nguyen gia 5000 3500 1000 800 10.300 Ty le Ti 6% 16% 13% 9% Ty le Tki 6%/12 16%/12 13%/12 9%/12 So KH thang 12 25 46,67 10,83 6 88,5 VT : trieu ong So khau hao thang 1 2 3 4 5 6 88,5 + 0 0 88,5 + (600 x 16% : 12) 0 96,5 + 0 (250 x 13% : 12) 93,79 + 0 0 93,79 + (750 x 6% : 12) 0 97,54 + (120 x 9% : 12) 0 Dien giai So tien 88,5 96,5 93,79 93,79 97,54 98,44
Trong nam ke hoach (N+1) :
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7+8+9+10+11 12 98,44 x 5 98,44 + (350 x 13% : 12) 0
- 71 492,2 102,23 1163
Tong mc khau hao phai trch d kien trong nam ke hoach (N+1) b) Theo phng phap gian tiep
Ta co cong thc Vi : TK = 6% Va NG KH M KH = NG KH T K
5000 3500 1000 800 + 16% + 13% + 9% = 10,31% 10.300 10.300 10.300 10.300 = NG + NG t NG g
Ta co : NG = 10.300 trieu NG t =
600 tr (12 - 1) + 750 tr (12 - 4) + 120 tr (12 - 5) + 350 tr(12 - 11) = 1149,17 trieu 12 250tr (12 2 ) NG g = = 208,33 trieu 12 Luc nay : NG KH = 10.300 + 1149,17 208,33 = 11.240,84 trieu
Do o
M KH = 11.240,84 trieu 10,31% = 1158,93 trieu
Nhan xet -Ta thay mc khau hao ke hoach chenh lech gia hai phng phap trc tiep va gian tiep la 4,07 trieu ong. -Phng phap gian tiep kem chnh xac hn do c s tnh so khau hao ke hoach la nguyen gia bnh quan va ty le khau hao tong hp bnh quan. -Phng phap trc tiep cho ket qua chnh xac hn do lay trc tiep nguyen gia TSC tang va giam trong ky va ty le khau hao trc tiep cua tng loai TSC lam c s tnh so khau hao ke hoach => do vay phng phap trc tiep thng c s dung rong rai hn trong cac doanh nghiep.
IV. Bao toan von co nh trong doanh nghiep

1. Y ngha va noi dung bao toan von co nh
Trong boi canh canh tranh ngay cang khoc liet cua tien trnh hoi nhap kinh te, viec bao toan von san xuat noi chung, von co nh noi rieng la mot trong nhng yeu cau co tnh chat song con cua moi doanh nghiep. S can thiet khach quan phai bao toan von co nh con xuat phat t nhng ac thu cua loai von nay, o la : -Trong c cau von kinh doanh cua moi doanh nghiep, von co nh thng chiem ty trong ln. Quy mo va trnh o trang b may moc thiet b la mot trong nhng
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nhan to quan trong hang au quyet nh kha nang tang trng va canh tranh cua doanh nghiep. -Von co nh tham gia vao nhieu chu ky san xuat kinh doanh va gia tr cua no c thu hoi dan dan thong qua hnh thc khau hao. Trong chu ky van ong cua mnh, gia tr cua von co nh luon luon b e doa bi cac nhan to chu quan va khach quan nh lam phat, hao mon vo hnh, thien tai, kinh doanh kem hieu qua Do vay can phai to chc tot viec quan ly va s dung von co nh e giup cho doanh nghiep bao toan va phat trien von kinh doanh, tiet kiem chi ph va ha gia thanh san pham, gop phan lam gia tang li nhuan cho doanh nghiep. Van e at ra la nen hieu noi dung cua cong tac bao toan von co nh nh the nao cho ung? Tren ly thuyet, bao toan von co nh co ngha la phai thu hoi u phan gia tr von tien te a ng ra ban au e mua sam TSC. ieu nay ch ung trong ieu kien nen kinh te khong co lam phat, ong tien luon co sc mua on nh va khong co hao mon vo hnh. Tuy nhien nhng ieu kien nh the la rat kho xay ra, bi s bien ong khong ngng cua c che th trng va s phat trien nhanh chong cua khoa hoc ky thuat. Trong boi canh nh vay, viec thu hoi u nguyen gia cua TSC se tr nen vo ngha, v vi chng ay se khong u e doanh nghiep thc hien tai san xuat gian n TSC cua mnh. V the, mot cach ay u, bao toan von co nh phai c hieu la thu hoi ay u gia tr thc cua TSC, e sao cho vi lng gia tr thu hoi t nhat cung co the tai au t c gia tr s dung ban au cua TSC. Gia tr thc can thu hoi va nguyen gia cua TSC co the la nhng ai lng khong hoan toan tng ong, song ieu quan trong la ca hai ai lng nay t nhat cung phai co cung mot sc mua e tao ra mot gia tr s dung tng ng. Bi vay, noi dung cua cong tac bao toan von co nh luon bao gom hai mat hien vat va gia tr. Trong o bao toan ve mat hien vat cua von co nh (bao toan TSC) la tien e cho viec bao toan von co nh ve mat gia tr. Bao toan von co nh ve mat hien vat khong ch la viec gi nguyen hnh thai vat chat va ac tnh s dung ban au cua TSC ma quan trong hn la phai duy tr c mot cach thng xuyen nang lc san xuat ban au cua no. Muon vay, doanh nghiep phai quan ly chat che, thc hien ung quy che s dung va bao dng trong suot thi gian hoat ong hu ch cua TSC nham duy tr va khong ngng nang cao nang lc hoat ong cua TSC, khong e TSC b h hong trc thi han quy nh. Bao toan von co nh ve mat gia tr co ngha la phai duy tr c sc mua cua von co nh thi iem hien tai so vi thi iem bo von au t ban au, bat ke s bien ong cua gia ca, s thay oi cua ty gia hoi oai va anh hng cua tien bo khoa hoc ky thuat. Trng hp doanh nghiep khong ch duy tr c sc mua cua von co nh, ma con m rong c quy mo von au t ban au th cang chng to doanh nghiep a s dung mot cach co hieu qua von co nh cua mnh.
Nguyen Van Tuan
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2. Mot so bien phap bao toan von co nh
-Huy ong toi a TSC hien co vao hoat ong san xuat kinh doanh
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-Khi nen kinh te mc lam phat cao th can ieu chnh lai nguyen gia va gia tr con lai cua TSC e am bao thu hoi ay u von co nh cua doanh nghiep (ve mat gia tr). Viec ieu chnh tren co the thc hien bang cach anh gia lai TSC. anh gia lai TSC la viec xac nh lai gia tr cua TSC tai mot thi iem nhat nh. Trnh t tnh toan cu the nh sau :
Xac nh nguyen gia TSC Xac nh gia anh lai (con goi la gia khoi phuc) cua TSC : la gia cua TSC tai thi iem kiem ke anh gia.
GL = GCL x CL Trong o: GL : Gia anh lai cua TSC, tc la gia tr con lai cua TSC a c anh gia lai theo gia th trng tai thi iem anh gia lai. GCL: La gia tr con lai cua TSC tren so sach ke toan CL : La ch so anh gia lai TSC thi iem anh gia lai Vi :
C L =
NG t NG 0
NGt : la gia tr hien tai cua TSC tai thi iem anh gia NG0 : la nguyen gia cua TSC Do anh hng cua tien bo khoa hoc ky thuat, gia anh lai thng thap hn gia tr con lai cua TSC. Tuy nhien, trong trng hp co s bien ong cua gia ca, gia anh lai co the cao hn. Tuy theo tng trng hp cu the ma doanh nghiep quyet nh bien phap x ly thch hp : ieu chnh lai mc khau hao, hien ai hoa hoac thanh ly, nhng ban TSC. Tuy nhien, viec anh gia lai TSC la mot cong viec phc tap, v the sau mot so nam nhat nh ngi ta mi tien hanh anh gia lai mot lan. Theo quy nh hien hanh th cac doanh nghiep c anh gia lai TSC trong cac trng hp : Kiem ke anh gia lai tai san theo quyet nh cua Nha nc, thc hien co phan hoa, a dang hoa hnh thc s hu, dung tai san e gop von co phan hay lien doanh, ieu chnh gia e am bao gia tr thc te cua tai san theo chu trng cua Nha nc. -Thc hien khau hao TSC mot cach hp ly, tnh ung tnh u hao mon hu hnh lan hao mon vo hnh e am bao bao toan von co nh. Khau hao nhanh qua se la tang chi ph va giam li nhuan mot cach gia tao, de gay ra s ot bien trong gia thanh san pham, lam giam tnh canh tranh cua doanh nghiep. Ngc lai, neu khau hao qua thap so vi s hao mon thc te cua TSC th lai
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Khoa QTKD
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la mot trong nhng nguyen nhan gay that thoat von co nh cua doanh nghiep, khong thc hien c yeu cau bao toan von co nh. Do vay, doanh nghiep can can nhac moi quan he cu the gia chi ph san xuat au vao va gia ban san pham au ra e co chnh sach khau hao phu hp vi quan he cung cau tren th trng, e va am bao thu hoi von, va am bao khong gay ra s ot bien cua ga thanh san pham. Trong trng hp TSC thuoc loai chu mc o hao mon vo hnh ln th can thiet phai ap dung phng phap khau hao nhanh e han che anh hng cua hao mon vo hnh va bao toan von co nh. -ieu ro rang la von co nh se khong c bao toan neu nh TSC b h hong, phai sa thai trc thi han phuc vu cua no. Bi vay cho nen thc hien tot viec bao dng, sa cha thng xuyen va sa cha ln nh ky TSC e tranh tnh trang TSC b h hong trc thi han, ong thi keo dai tuoi tho cua TSC cung c xem la mot trong nhng bien phap e bao toan von co nh. Can c vao ac iem kinh te ky thuat, ngi ta phan sa cha TSC ra lam hai loai : Sa cha thng xuyen va sa cha ln TSC 25. Sa cha thng xuyen la nhng sa cha nho, thi gian ngan, chi ph t va c tien hanh kha thng xuyen theo quy pham ky thuat. Sa cha ln c tien hanh nh ky, chi ph ln va thi gian keo dai nham khoi phuc nang lc hoat ong bnh thng cua TSC. Tren phng dien ky thuat, hieu qua cua cong tac sa cha TSC co the c anh gia trc tiep thong qua hieu nang hoat ong thc te cua TSC o trc va sau khi tien hanh sa cha ln. Tren phng dien quan ly, hieu qua cua cong tac sa cha ln TSC co the c anh gia da tren s can nhac gia mot ben la nhng chi ph phai bo ra e thc hien sa cha ln, va ben kia la gia tr co the thu hoi khi thanh ly, nhng ban TSC, e tren c s o quyet nh co nen chi ph cho viec keo dai tuoi tho nham tiep tuc duy tr s ton tai cua TSC, hay cham dt s hoat ong cua no va thc hien thanh ly, nhng ban e oi mi TSC. Nhng can nhac nay thng c xem xet trong nhng lan sa cha ln cuoi cung cua TSC thong qua cong thc sau ay :
H SCL =
25
PSCL + PTH GL
Theo quy nh hien hanh th cac chi ph sa cha TSC c coi nh khoan ph ton va c hach toan trc tiep hoac phan bo dan vao chi ph kinh doanh trong ky. Trong khi o, cac chi ph doanh nghiep chi ra e nang cap TSC c phan anh tang nguyen gia TSC o, khong c hach toan vao chi ph kinh doanh trong ky. -Sa cha TSC la viec duy tu, bao dngnham khoi phuc lai nang lc hoat ong bnh thng cua TSC -Nang cap TSC la viec cai tao, xay lap, trang b bo sung themnham keo dai thi gian s dung, nang cao nang suat va tnh nang s dung cua TSC.
Nguyen Van Tuan
Khoa QTKD

HSCL : la he so sa cha ln TSC PSCL : la chi ph cho cong tac sa cha ln TSC
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PTH : Gia tr thiet hai co lien quan en viec tam ngng s hoat ong cua TSC e a vao sa cha ln. GL : nh chu thch phan tren : la gia tr con lai cua TSC a c anh gia lai theo gia th trng tai thi iem tien hanh sa cha ln. Neu HSCL < 1 : chng to viec au t cho SCL la co hieu qua Neu HSCL 1 : chng to viec au t cho SCL la kem hieu qua v so chi ph phai bo ra gia tr co the thu hoi cua TSC. Trong trng hp nay, tuy theo tnh hnh cu the ma doanh nghiep can nhac tien hanh thanh ly TSC e oi mi TSC, phuc vu tot hn cho qua trnh san xuat kinh doanh. V du 12. Doanh nghiep C co mot TSC d kien se a vao sa cha ln lan cuoi cung. Gia tr con lai tren so sach ke toan cua TSC nay tai thi iem d kien sa cha la 60 trieu ong. Ch so anh gia lai TSC nay theo thi gia la 60%. D toan chi ph sa cha ln la 30 trieu ong. Tai lieu cho thay gia tr thiet hai co lien quan en viec tam ngng s hoat ong cua TSC e a vao sa cha ln d kien la 15 trieu ong. HSCL c xac nh nh sau : GL = GCL x CL = 60 trieu x 60% = 36 trieu HSCL = (30 trieu + 15 trieu) : 36 trieu = 1,25 > 1 Nh vay neu xet di goc o tai chnh th cong tac sa cha ln TSC noi tren la khong co hieu qua. Doanh nghiep can can c vao tnh hnh thc te e co them thong tin nham e ra bien phap x ly phu hp nhat. -Chu trong thc hien oi mi TSC mot cach kp thi nham tang cng sc manh canh tranh cua doanh nghiep, nhat la trong boi canh xu the toan cau hoa, khu vc hoa kinh te quoc te ang dien ra manh me, ong thi vi s phat trien nhay vot cua ky thuat va cong nghe. -Chu ong thc hien cac bien phap phong nga va chia se rui ro e bao toan von co nh bang cach mua bao hiem tai san, lap quy d phong tai chnh
Nguyen Van Tuan
Khoa QTKD
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CHNG IV: QUAN LY VON LU ONG

I. Khai niem va phan loai von lu ong
1. Khai niem von lu ong (tai san lu ong)
Co nhieu quan iem khac nhau ve khai niem ve tai san lu ong. Tuy nhien, mot cach n gian nhat, e phan biet vi tai san co nh, th tai san lu ong bao gom tien mat va tat ca nhng tai san co the chuyen oi thanh tien mat trong thi han mot nam. Hnh thai gia tr cua cac tai san nay c goi la von lu ong 26. Tng t nh vay, cac khoan n phai tra trong thi han mot nam c coi la n ngan han va cac khoan n co thi gian ao han ln hn mot nam c coi la n trung va/hoac dai han. D nhien, von lu ong thuan (hay tai san lu ong rong) chnh la phan chenh lech gia tai san lu ong va n ngan han. Tren goc o tong the, viec quan ly cac loai tai san lu ong co lien quan chat che en viec quan ly cac khoan n ngan han, nen thuat ng quan ly von lu ong (hay quan tr ngan quy luan chuyen Working capital management) thng c s dung e e cap en s quan ly tat ca cac tai san lu ong va n ngan han cua doanh nghiep.
2. Phan loai von lu ong

Theo vai tro cua von lu ong trong qua trnh san xuat kinh doanh, ngi ta chia von lu ong cua doanh nghiep ra lam ba nhom ln, trong moi nhom, v cong dung khac nhau, lai bao gom nhieu khoan von cu the. a) Von lu ong nam trong qua trnh d tr san xuat -Von nguyen vat lieu chnh : La so tien bieu hien gia tr cac loai vat t d tr cho san xuat, khi tham gia san xuat hp thanh thc the chu yeu cua san pham. -Ban thanh pham mua ngoai tnh chat giong nh nguyen vat lieu chnh. -Von vat lieu phu : La gia tr nhng vat t d tr cho san xuat. Cac vat t nay khong cau thanh thc the chnh cua san pham ma no ket hp vi nguyen vat lieu chnh e giup cho viec hnh thanh san pham c thuan li hn, hoac lam cho san pham ben va ep hn. -Von nhien lieu la gia tr nhng loai nhien lieu d tr dung trong san xuat. -Von phu tung thay the bao gom gia tr nhng phu tung, linh kien d tr e thay the moi khi sa cha tai san co nh.
Nh vay, ve can ban, von lu ong la bieu hien bang tien cua tat ca cac tai san lu ong trong doanh nghiep. Co le nen hieu khai niem nay mot cach tng oi e tranh cam giac thieu nhat quan khi a tha nhan rang ban than tien mat cung la mot loai tai san lu ong !
26
Nguyen Van Tuan
Khoa QTKD

-Von vat lieu ong goi.
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-Von ve cac vat re tien mau hong khac : Thc chat la gia tr nhng cong cu dung cu nho, co gia tr thap, thi gian s dung ngan b) Von lu ong nam trong qua trnh trc tiep san xuat -Von san pham ang che tao : La gia tr nhng san pham d dang, ang trong qua trnh che tao hoac nam tren cac ia iem lam viec ch che bien tiep. -Von ban thanh pham t che la gia tr nhng san pham d dang, nhng khac san pham ang che tao cho no a hoan thanh mot giai oan che bien nhat nh. Mot so ban thanh pham t che con co gia tr kinh te oc lap v du nh: si cua nha may det, cac linh kien phu tung trong nha may c kh co the em che bien tiep, hoac cung co the em ban cho nhng doanh nghiep khac -Von ve ph ton i phan bo la nhng chi ph chi ra trong ky nhng cha tnh vao gia thanh san pham trong ky ma se phan bo dan vao gia thanh cua cac ky tiep sau. c) Von lu ong nam trong qua trnh lu thong thu -Von thanh pham la gia tr so san pham a hoan thanh nhap kho chuan b tieu
-Von hang hoa mua ngoai la gia tr nhng san pham doanh nghiep mua ngoai, nhap kho e ban. -Von hang hoa a xuat ban nhng cha thu c tien. -Von tien te gom tien mat ton quy, tien gi ngan hang, tien ang chuyen va au t chng khoan ngan han khac -Von thanh toan gom nhng khoan phai thu, phai tra, tam ng phat sinh trong qua trnh mua ban hang hoa hoac thanh toan noi bo. Ben canh o, con co nhieu cach phan loai von lu ong da tren nhng tieu thc khac nhau, nham phuc vu cho cac muc tieu quan ly khac nhau tng doanh nghiep. Nhng mot cach tong quat va tren goc o quan tr, co the xem thanh phan c ban cua von lu ong la hang ton kho, cac khoan phai thu va tien mat. Do vay viec quan ly von lu ong thc chat chnh la viec quan ly hang ton kho, quan ly cac khoan phai thu va quan ly tien mat.
II. Quan ly hang ton kho

1. Hang ton kho va chi ph ton kho
a) Hang hoa ton kho La nhng tai san ma doanh nghiep d tr e phuc vu cho nhu cau san xuat hoac tieu thu. Mot cach cu the, ay la nhng tai san : -c doanh nghiep gi e ban trong ky san xuat, kinh doanh bnh thng ;
Nguyen Van Tuan
Khoa QTKD

-ang trong qua trnh san xuat kinh doanh d dang ;
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-Nguyen lieu, vat lieu, cong cu, dung cu e s dung trong qua trnh san xuat kinh doanh hoac cung ng dch vu. oi vi cac doanh nghiep san xuat th hang ton kho chu yeu bao gom nguyen vat lieu, cong cu dung cu (ang ton kho, gi i gia cong che bien, hoac a mua va ang van chuyen tren ng) ; san pham d dang (gom san pham cha hoan thanh va san pham a hoan thanh nhng cha lam thu tuc nhap kho thanh pham) ; va thanh pham (thanh pham ang ton kho va thanh pham gi i ban). oi vi cac doanh nghiep kinh doanh thng mai th hang ton kho chu yeu la hang hoa mua ve e ban (gom hang ang ton trong kho, hang a mua nhng ang i tren ng, hang gi i ban, hang gi i gia cong che bien). b) Chi ph ton kho (Total Inventory cost) e d tr hang ton kho, doanh nghiep phai chu ton kem chi ph. Co ba loai chi ph chu yeu co lien quan en viec d tr hang ton kho o la : Chi ph at hang (ordering cost hay cost per order) ; chi ph lu gi hang ton kho (hay chi ph ton tr holding cost) ; va chi ph c hoi lien quan en hang ton kho (opportunity cost). -Chi ph lu gi hang trong kho (chi ph ton tr) bao gom chi ph cho cac khoan boc d, xep at hang hoa ; chi ph bao hiem hang hoa ; chi ph do hao hut, mat mat, h hong hang hoa ; chi ph ve bao quan hang hoa ; chi ph thue mn kho bai (hoac tien khau hao kho) ; chi ph tra lai cho nguon von vay n e mua hang hoa d tr ; cac chi ph khac co lien quan -Chi ph at hang : Thng la nhng chi ph co nh (t thay oi) cho moi lan at mua hang hoa, chu yeu gom : chi ph hoa hong moi gii mua hang ; chi ph cho viec thiet lap va gi n hang ; chi ph van chuyen hang hoa -Chi ph c hoi lien quan en hang ton kho : Neu mot doanh nghiep khong co u nguyen vat lieu d tr trong kho e ap ng kp thi nhu cau san xuat th co the gay ra nhng ton that do nh on san xuat ; Hoac do khong co u hang hoa d tr e giao theo n at hang ung han nen b phat vi pham hp ong, dan ti lam ton hai uy tn thng mai, lam giam sut tiem nang ban hang trong tng lai cua doanh nghiep, hoac tham ch do khong co san hang hoa d tr e ban nen b mat i c hoi ban hang hien tai, mat i khoan li nhuan ky vong ma ang le ra doanh nghiep c hng Tat ca nhng ton that noi tren c xem la chi ph c hoi lien quan en viec ton tr hang hoa.
2. Cac yeu to anh hng en mc ton kho

Nhn chung, mc d tr ton kho cua doanh nghiep chu s tac ong cua nhieu nhan to. Chang han nh : -Hoat ong cua doanh nghiep : oi vi cac doanh nghiep thng mai th hang hoa ton kho e ban chiem ty trong ln hn so vi ton kho ve nguyen vat lieu. Ngc lai, oi vi cac doanh nghiep san xuat th ton kho ve nguyen vat lieu, san
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pham d dang va thanh pham chiem ty trong ln, trong khi ton kho ve hang hoa mua ngoai e ban chiem ty trong nho hn. -Tnh chat cua quy trnh san xuat : Ton kho nguyen vat lieu va san pham d dang thng se gia tang khi mc o san xuat gia tang. Ngoai ra, chu ky san xuat cang dai th lng san pham d dang ton kho se cang ln, hoac nguyen vat lieu ton kho cung co the se tang cao neu moi cong oan san xuat cua quy trnh cong nghe eu can en nguyen vat lieu. -Cac rui ro trong quan he cung ng va tieu thu : Cac doanh nghiep rat kho e tnh toan chnh xac nhu cau hang hoa tieu thu trong ky, hoac d bao c mot cach chan chan nhng rui ro co the xay ra oi vi viec cung ng hang hoa cua nha cung cap. Do vay can thiet phai duy tr mot lng ton kho an toan nao o e phong nga bat trac. Lng ton kho an toan nay nhieu hay t lai phu thuoc vao mc o tin cay cua nhng d bao ve nhu cau tieu thu hang hoa, hoac mc o chac chan va chnh xac cua viec cung ng hang cua nha cung cap, cung nh nhng can nhac gia mot ben la chi ph ma doanh nghiep phai bo ra e duy tr lng ton kho an toan, va ben kia la nhng ton that c hoi co the xay ra do doanh nghiep khong u hang e thoa man nhu cau tieu thu. -Cac c hoi bat thng : Chang han nh khi doanh nghiep phai mua nguyen vat lieu hoac hang hoa nhap kho vi mot mc ln hn nhu cau can thiet e ; hoac c hng chiet khau mua hang ; hoac v mot mc gia ac biet u ai nao o ; hoac v muc ch au c tch tr ch gia len e hng chenh lechieu nay keo theo lng hang hoa ton kho co the cao hn bnh thng mot cach ang ke trong mot thi gian nhat nh. -Mc hang hoa ton kho cung co the tang cao hoac giam thap co tnh giai oan do tac ong cua yeu to thi vu trong qua trnh san xuat kinh doanh. -Mc d tr hang ton kho cua doanh nghiep cung chu tac ong cua moi lien he gia chi ph at hang va chi ph lu gi hang hoa trong kho. Quan he gia hai loai chi ph nay la tng quan nghch bien. Khi so lan at hang nhieu, mc hang hoa ton kho bnh quan thap, dan ti chi ph ton tr thap, nhng do at hang nhieu lan nen tong chi ph at hang lai cao. Ngc lai, khi so lan at hang giam i, tong chi ph at hang giam xuong, nhng khoi lng hang trong moi lan at lai phai cao hn, lam cho lng hang ton kho bnh quan cung phai ln hn, keo theo chi ph ton tr hang hoa cung cao hn. Muc tieu cua quan tr ton kho la lam sao xac nh c san lng cho moi lan at hang e tong chi ph at hang va chi ph ton tr la thap nhat. ieu nay co ngha la phai xac nh c mot mc san lng at hang toi u nao o e toi thieu hoa chi ph ton kho. Co nhieu phng phap nh lng giup nha quan tr tai chnh giai quyet van e nay, c trnh bay can ke trong giao trnh quan tr san xuat va dch vu. Di ay ch neu len mot phng phap thong dung nhat trong so o.
Nguyen Van Tuan
Khoa QTKD

3. Mo hnh san lng at hang hieu qua (EOQ)
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Mo hnh EOQ la mot mo hnh nh lng c s dung e xac nh mc ton kho toi u cho doanh nghiep. Yeu to co tam quan trong ac biet trong mo hnh nay la nha quan ly phai d bao chnh xac tong nhu cau hang hoa tieu thu (hoac tong nhu cau nguyen vat lieu can dung) trong ky phan tch (thng la nam27), e tren c s o xac nh so lan at hang trong nam va kho lng hang hoa cho moi lan at hang. Trnh t tnh toan cu the nh sau : Goi Q la so lng hang cua moi lan at hang ; C la chi ph lu gi cho moi n v hang ton kho ; S la tong khoi lng hang hoa ma doanh nghiep d kien se tieu thu c hoac se s dung trong ky28 ; K la chi ph cho moi lan at hang ; T la tong chi ph ve hang ton kho cua mot ky, ta co :
T =
Q S C + K 2 Q
Muc tieu cua mo hnh EOQ, nh tren a noi, la lam sao xac nh c mot san lng at hang toi u nao o (ky hieu la Q*) e tong chi ph T la nho nhat. Bang phng phap toan hoc, ngi ta xac nh cong thc tm Q* e toi thieu hoa tong ph T nh sau :
Q* =
2.S .K C
V du 1. Doanh nghiep A d kien san lng tieu thu trong nam ke hoach la 20.000 n v san pham. Tai lieu nam thc hien cho biet chi ph cho moi lan at hang la 1000.000 ong ; chi ph ton tr hang nam tnh tren moi n v san pham lu kho la 10.000 ong. Hay xac nh san lng toi u cho moi lan at hang ; So lan at hang nam ke hoach ; va tong chi ph ton kho nam ke hoach. Ta co : S = 20.000 VSP K = 1000.000 ong/lan C = 10.000 ong/vsp/nam Q* = ? So lan at hang ? T=?
San lng toi u cho moi lan at hang trong nam ke hoach la :
Q* =
2 . K .S = C
2 1000 .000 20 .000 = 2000 vsp 10 .000
Nhng doanh nghiep co nhu cau hang hoa mang tnh mua vu co the chon ky d bao khac phu hp vi ac iem kinh doanh cua mnh. Gia tr S phai c doanh nghiep d bao bang cach s dung, chang han nh, nhng phng phap d bao nh lng a c trnh bay trong giao trnh Ly thuyet thong ke doanh nghiep.
28
27
Nguyen Van Tuan
Khoa QTKD

So lan at hang nam ke hoach = 20.000 : 2000 = 10 lan
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T = (2000 : 2 x 10.000) + (20.000 : 2000 x 1000.000) = 20.000.000 ong V du tren cho thay vi san lng at hang toi u, chi ph at hang ung bang ch ph ton tr. V vay, muc ch cua mo hnh EOQ la can bang hai loai chi ph nay e sao cho tong chi ph ton kho la nho nhat. Mo hnh EOQ cho chung ta y tng ve van e quan ly ton kho. Tuy nhien, no co mot so nhc iem v phai da tren nhng gia nh qua chat che va oi khi phi thc te, chang han nh : -Tong nhu cau ve hang hoa ton kho trong ky ke hoach a c biet trc mot cach chac chan. -Hang hoa lu kho phai c s dung het roi mi at mua chuyen tiep theo, nhng lai phai am bao la khong xuat hien viec thieu hang trong kho. -Nhu cau ve hang hoa hoac nguyen vat lieu la eu an cho tng thi oan trong ky nghien cu.
4. iem at hang lai (ROP)

Trong phan tren chung ta a gia nh la ch khi nao hang lu kho nhap ky trc het sach (bang 0) th doanh nghiep mi tien hanh at hang lai va nhap kho lng hang hoa mi. Tuy nhien, trong thc te khong co doanh nghiep nao i en khi trong kho het hang mi tien hanh at hang lai. Nhng neu at hang qua sm se lam tang lng hang hoa ton kho, keo theo tang chi ph ton tr khong can thiet. Do o, can phai lam sao xac nh c vao thi iem nao th doanh nghiep nen at hang lai e at c hieu qua toi u ? iem at hang lai = So lng hang hoa s dung moi ngay x o dai cua thi gian giao hang
5.Lng d tr an toan
Nham ne tranh nhng ton that co the xay ra do thieu hang va am bao cho qua trnh san xuat kinh doanh c duy tr mot cach on nh, tren thc te, cac doanh nghiep thng cong them vao hang hoa lu kho mot lng d tr an toan na. D nhien viec tang them lng hang hoa d tr trong ky se keo theo s tang len cua chi ph lu gi hang hoa ton kho. Lng d tr an toan phu hp se c doanh nghiep xac nh tren c s can nhac gia mot ben la chi ph phai bo ra e lu gi hang hoa tang them, va ben kia la cai gia ma doanh nghiep phai tra cho nhng ton that gay ra t viec thieu hang.
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Thc te cho thay khong co mot mo hnh nh lng nao that s co hieu qua giup cho viec xac nh au la lng d tr an toan phu hp nhat cho doanh nghiep, ngoai tr kinh nghiem va s nhay cam cua ban than nha quan ly 29. Q* Mc ton kho trung bnh = ------ + Lng d tr an toan 2
goc o quan ly, chi ph tang them e ton tr lng hang hoa d tr an toan la cai gia ma doanh nghiep phai tra e giam thieu ton that gay ra bi nhng rui ro lien quan en viec thieu hang. ieu nay c xac nh la s anh oi (trade-off) gia li nhuan va rui ro trong qua trnh san xuat kinh doanh.
6. Thiet lap he thong kiem soat ton kho va mo hnh JIT

Viec s dung mo hnh EOQ hay bat c mot mo hnh nh lng phc tap nao khac e xac nh san lng at hang toi u va mc ton kho bnh quan se la cha u, va ch mi la bc au. Yeu cau cua cong tac quan ly ton kho con oi hoi nha quan tr phai thiet lap c mot he thong kiem soat ton kho hieu qua. He thong kiem soat ton kho co the n gian hoac phc tap tuy thuoc vao tnh chat hoat ong va quy mo cua tng loai hnh to chc san xuat kinh doanh, cung nh nhng ac tnh cua hang ton kho30. Mot trong nhng ky thuat n gian e kiem soat hang ton kho bang trc giac c s dung pho bien la phng phap ng ke o. Phng phap ng ke o la phng phap kiem tra lng hang hoa lu kho bang cach s dung mot ng ke mau o, c ve ben trong cho e hang e ch dan iem tai at hang. Khi nao thay hang hoa d tr xuong ti ng ke o th ngi quan ly kho biet rang a en luc can phai bao cao e cong ty tien hanh at lo hang mi. Va hieu qua cua cong tac quan ly ton kho se at mc hoan hao neu nh doanh nghiep co the thiet lap c mot c che ma theo o cho phep ieu o hieu qua gia cung va cau hang ton kho. Mo hnh JIT (Just-In-Time Inventory model) ma ngi Nhat khai trien a thc hien c ieu va trnh bay tren.Y tng can ban cua mo hnh JIT la : -Ket hp chat che va khoa hoc gia viec cung cap nguyen vat lieu, hang hoavi qua trnh san xuat va tieu thu. Viec cung cap nguyen vat lieu hoac hang hoa ung so lng can thiet va ung luc se lam cho lng hang hoa lu kho gan nh bang khong, do o cc tieu hoa chi ph ton tr.
Co the s dung cong cu thong ke e c tnh lng d tr an toan phu hp, nhng ket qua cua cong cu nay cung oi hoi phai xac nh c thai o chap nhan rui ro cua nha quan tr !
30
29
Xin xem them giao trnh quan tr san xuat va dch vu-ve he thong phan loai hang ton kho ABC
Nguyen Van Tuan
Khoa QTKD
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-ong thi ket hp mot cach chat che va lau dai bang cac hp ong dai han vi nha cung cap nham toi thieu hoa chi ph at hang, va quan trong hn la am bao cho nguyen vat lieu, hang hoa c cung cap mot cach ay u va ung luc. Nhng y tng c ban cua mo hnh JIT thoat nghe co ve n gian, nhng e trien khai thc hien no mot cach hieu qua th khong phai la cong viec de dang. Mo hnh JIT c ngi ta v nh con dao hao li, neu lam c hoan hao nh ngi Nhat th that la ly tng. Nhng neu thc hien khong tot (chang han nh khong ket hp c chat che va chnh xac vi nha cung cap) th co the se dan en nhng ton hai to ln cho n v. Do vay, mo hnh JIT ch at c hieu qua cao khi ma chat lng cua he thong quan tr noi bo n v, cung nh chat lng cua mat bang quan ly noi chung trong moi trng kinh doanh a at en mot trnh o nhat nh nao o.
III. Quan ly tien mat va chng khoan ngan han

1. Quan ly tien mat
Quan ly tien mat e cap ti viec quan ly tien giay va tien gi ngan hang. S quan ly nay co lien quan chat che en viec quan ly cac loai tch san tai chnh gan nh tien mat nh cac loai chng khoan co tnh thanh khoan cao 31. Tren thc te, quan tr tien mat la mot cong viec kha phc tap va tieu ton nhieu thi gian cung nh cong sc cua nha quan ly. Tuy vay, nguyen tac chung cua cong tac quan ly tien mat o la : Tang toc o thu hoi va giam toc o chi tieu tien mat. Nguyen tac nay cho phep doanh nghiep duy tr mc chi tieu tien mat trong cac giao dch kinh doanh mot mc thap hn, do o co nhieu tien hn danh cho au t sinh li. Tang toc o thu hoi va giam toc o chi tieu la hai cong tac co lien quan chat che vi nhau trong qua trnh quan ly tien mat, ben canh nhng hoat ong quan trong khac nh d bao chnh xac nhu cau tien mat va au t mot cach thch hp nhng khoan tien nhan roi. Viec lu gi tien mat trong quy ro rang la khong co li, nhng doanh nghiep van buoc phai lu gi mot lng tien mat nhat nh nao o v nhng ong lc sau ay -ong lc kinh doanh : e am bao thoa man cac nhu cau thanh toan, giao dch hang ngay nh : thanh toan tien hang, tra lng cho can bo cong nhan vien, nop thue -ong lc d phong : Trong qua trnh san xuat kinh doanh, tien mat luan chuyen khong theo mot quy luat nao ca, no bien ong mot cach kho d oan. Do vay, doanh nghiep can thiet phai duy tr mot lng tien mat nhat nh e ap ng nhng nhu cau ot xuat.
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Se e cap muc quan tr cac loai chng khoan
Nguyen Van Tuan
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-ong lc au c : Ngoai muc ch thoa man cac nhu cau thanh toan trong giao dch kinh doanh, cac doanh nghiep con lu gi tien mat nham muc ch tan dung cac c hoi au c. Chang han nh khi co s tut gia tc thi cua hang hoa nguyen vat lieu, doanh nghiep can mot lng ln tien mat e thu mua tch tr ch gia len, nham hng chenh lech ve gia. Tuy nhien, cho du lu gi tien mat vi ong lc nao i chang na, th viec quan ly tien mat mot cach hieu qua van luon luon la mot van e quan trong oi vi moi doanh nghiep san xuat kinh doanh. Cau hoi c at ra la doanh nghiep can phai lu gi mot lng tien mat bao nhieu la hp ly? a) Xac nh mc ton quy tien mat toi u a1) Mo hnh Baumol Xet ve ban chat, mo hnh quan ly tien mat Baumol (do William Baumol-Hoa Ky- e xuat nam 1952) giong vi mo hnh quan ly ton kho toi u EOQ. Mo hnh Baumol da tren s ket hp gia chi ph c hoi cua tien mat va chi ph giao dch chng khoan, vi ieu kien a biet trc tong nhu cau tien mat trong ky phan tch. Muc ch cua mo hnh Baumol la lam sao xac nh c mot lng d tr (ton quy) tien mat toi u e toi thieu hoa chi ph c hoi va chi ph giao dch chng khoan lien quan en viec lu gi tien mat. Neu goi Q* la lng tien mat ton quy toi u th:
Q* =
2 Tong nhu cau tien mat trong nam Chi ph cho mot lan giao dch Chi ph c hoi cho viec lu gi mot n v tien mat trong nam (%)
V du 2. Doanh nghiep thng mai B, bang phng phap d bao tuyen tnh, d kien tong nhu cau tien mat trong nam ti la 1260.000 USD. Tai lieu nam nay cho biet: chi ph trung bnh cho mot lan giao dch chng khoan e tang hoac giam lng tien mat la: 20 USD; Chi ph c hoi cho viec lu gi tien mat c lay bang lai suat trai phieu kho bac: 8% nam. Hay xac nh lng tien mat ton quy toi u cho doanh nghiep. Ta co :
Q* =
2 1260.000 20 = 25.100 USD 0,08
Nh vay theo mo hnh nay, trong nam ke hoach cong ty nen lu gi mot lng tien mat toi u la 25.100 USD. Khi nao dung het so tien nay, cong ty lai tien hanh mot t huy ong mi bang cach ban ra mot lng chng khoan u e nang lng tien mat ton quy len mc toi u mong i. So lan huy ong tien mat trong nam ke hoach = 1260.000 : 25.100 = 50 lan Chi ph giao dch chng khoan trong nam ke hoach
Nguyen Van Tuan
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= 20 x (1260.000 : 25.100) = 1004 USD Chi ph c hoi lu gi tien mat trong nam ke hoach
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= Tien mat ton quy bnh quan x 0,08 = 25.100 : 2 x 0,08 = 1004 USD Tong chi ph lien quan en viec lu gi tien mat trong nam ke hoach = 1004 + 1004 = 2008 USD Mo hnh Baumol cho ta y tng ve viec quan ly tien mat cua mot doanh nghiep. Tuy vay, viec ng dung mo hnh nay trong thc te khong he n gian bi v no c xay dng da tren nhng gia nh phi thc te. Chang han nh: -Gia nh rang cac doanh nghiep co mc chi tieu (mc nhu cau tien mat) on nh cho moi ky trong nam. Song, tren thc te th nhu cau tien mat cua doanh nghiep bien ong khong ngng va khong the tien oan mot cach chac chan. -Mo hnh cho rang doanh nghiep co the d tr chng khoan thanh khoan cao, nh la mot hnh thc au t sinh li tam thi, e san sang bu ap nhng thieu hut ve tien mat. Tuy nhien, trong nhieu trng hp, viec ban mot lng ln chng khoan khong phai la mot cong viec n gian va nhanh chong neu doanh nghiep khong chap nhan nhng nhng bo ang ke ve gia. V nhng han che o, hai nha kinh te hoc Merton Miller va Daniel Orr a cai tien phng phap cua Baumol va phat trien mot mo hnh quan ly tien mat thc te hn, e oi pho vi nhng bien ong ngau nhien cua cac khoan chi tieu va thu nhap hang ngay cua doanh nghiep. e ghi nhan cong lao cua hai ong, ngi ta goi mo hnh ay la mo hnh Miller-Orr. a2) Mo hnh Miller-Orr Xuat phat t quan iem cho rang cac khoan lu kim rong hang ngay (thu vao - chi ra) cua doanh nghiep bien ong mot cach ngau nhien, khong theo mot quy luat nao ca. ieu nay lam cho lng tien mat ton quy cua doanh nghiep cung bien ong ngau nhien, co the bang, cao hn hoac thap hn mot gia tr d kien nao o, the hien qua o th trang ben o th cho thay lng tien mat ton quy bien ong mot cach ngoan ngheo kho d oan cho en khi at mot gii han tren hoac mot gii han di. Doanh nghiep se khong co bat c mot hanh ong can thiep nao khi lng tien mat ton quy dao ong ngau nhien gia hai mc gii han nay. -Tai thi iem X, khi lng tien mat ton quy at en gii han tren (U ong) th doanh nghiep se can thiep bang cach s dung mot lng tien mat la (U - R) ong e au t vao chng khoan ngan han nham keo giam lng tien mat ve iem on nh (R ong). -Tng t nh vay, vao thi iem Y, khi lng tien mat ton quy a giam en gii han di (con L ong), th doanh nghiep se can thiep bang cach ban bt mot
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lng chng khoan co gia tr la (R - L) ong e thu hoi tien mat, keo tang lng tien mat ton quy len iem on nh R ong.
Tien mat (Cash)
Upper limit (Gii han tren)
Return point (iem on nh)
L 0 X Y
Lower limit (Gii han di) Thi gian (Time)
Nh the, mo hnh Miller-Orr cho phep lng tien mat ton quy cua doanh nghiep dao ong mot cach t do cho en khi at mot gii han tren hoac mot gii han di. Khi o doanh nghiep se can thiep bang cach mua vao hoac ban ra mot lng chng khoan u e tai lap mc tien mat ton quy on nh mong muon (R ong). Van e la cho doanh nghiep nen e lng tien mat trong quy dao ong en mc nao? Va lng tien mat ton quy on nh ma doanh nghiep mong muon la bao nhieu?. Hai nha kinh te hoc Merton Miller va Daniel Orr a chng minh c cong thc e xac nh iem on nh (Return point) cua lng tien mat ton quy nham cc tieu hoa cac chi ph co lien quan en viec lu gi tien mat nh sau :
iem on nh = gi han di + 3
0,75 Chi ph1 lan giao dch Phngsai cua LKR Chi ph c hoi mot ngay
Gii han tren = gi han di + 3 3
0,75 Chi ph1 lan giao dch Phngsai cua LKR Chi ph c hoi mot ngay
Viec van dung mo hnh Miller-Orr khong en noi qua kho khan. Trc het doanh nghiep can da vao kinh nghiem, s nhay cam, cung nh thai o chap nhan rui ro cua nha quan ly e t xac nh gii han di cua lng tien mat ton quy, tc lng
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tien mat ton quy toi thieu nham am bao an toan cho hoat ong cua mnh. Mc gii han nay co the la zero, tren zero, hoac mot mc nao o, chang han, u e lam cho cac ngan hang hai long!. Bc tiep theo la xac nh phng sai cua lu kim rong hang ngay thong qua cac so lieu thong ke. Thong thng ban phai thu thap c toi thieu la 100 so lieu ve lu kim chi ra va 100 so lieu ve lu kim thu vao cua 100 ngay gan nhat. Nh the ban co the tnh phng sai tren mau quan sat 100 so lieu ve lu kim rong hang ngay. Bc th ba la quan sat va xac nh chi ph cho moi lan giao dch chng khoan va chi ph c hoi cho viec lu gi tien mat trong mot ngay. Cuoi cung mo hnh Miller-Orr se cho doanh nghiep biet nen e lng tien mat trong quy dao ong en mc nao? va lng tien mat ton quy on nh ma doanh nghiep mong muon la bao nhieu?. V du 3. Gia s doanh nghiep C a xac nh c cac tai lieu sau ay cho nam ke hoach : Lng tien mat ton quy toi thieu la 10.000 USD ; phng sai cua lu kim rong hang ngay la 6250.000 (tng ng o lech chuan la 2500 USD mot ngay) ; chi ph c hoi cho viec lu gi tien mat la 0,025% mot ngay ; chi ph cho moi lan giao dch chng khoan la 20 USD. Ta co :
iem on nh = 10.000 +
0,75 20 6250 .000 = 17211 USD 0,00025 0,75 20 6250 .000 = 31.634 USD 0,00025
Gii han tren = 10.000 + 3 3
Phng an quan ly tien mat nam ke hoach cua doanh nghiep C can ban nh sau : -Lng tien mat ton quy c phep dao ong t do t 10.000 USD en 31.634 USD, va doanh nghiep khong can co bat c hanh ong can thiep nao khi tien mat dao ong trong gii han nay. -Khi lng tien mat ton quy qua nhieu, at gii han tren 31.634 USD, doanh nghiep dung mot lng tien la : (31.634 17.211) = 14.423 USD e mua vao cac chng khoan thanh khoan cao nh la mot hnh thc au t sinh li tam thi -Khi lng tien mat ton quy xuong qua thap, en gii han di la 10.000 USD, doanh nghiep ban ra mot lng chng khoan co gia tr la : (17.211 - 10.000) = 7211 USD e thu hoi tien mat, keo lng tien mat ton quy ve iem on nh R. Nh vay mo hnh Miller-Orr cho phep quan ly tien mat mot cach het sc linh hoat, vi ieu kien la a ton tai mot th trng tai chnh troi chay, viec giao dch chng khoan c thc hien mot cach de dang va nhanh chong 32.
That ra, mo hnh Miller-Orr ch ra cho chung ta thay y tng ve can oi tien mat nhieu hn la cho phep tao ra mot cach thc quan ly tien mat toi u. Ban oc co the xem them trong tai lieu Principles
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Trong ieu kien Viet Nam hien nay, viec khai trien mo hnh Miller-Orr se tng oi kho khan va co the gap phai mot so tr ngai nhat nh do th trng tai chnh noi chung va th trng chng khoan cua nc ta noi rieng con ang trong giai oan nh hnh va hoan thien dan tng bc. Tnh thanh khoan cua th trng con thap, lam cho viec mua ban giao dch cac tch san tai chnh con cha c troi chay nh mong i. Song chung ta co quyen hy vong trong mot tng lai khong xa na, th trng tai chnh Viet Nam se phat trien en mot trnh o nhat nh, ma khi o co the khai trien nhng mo hnh quan ly tien mat hien ai mot cach thuuan li hn, gop phan vao viec nang cao hieu qua s dung von lu ong cua cac doanh nghiep. b) Hoach nh ngan sach tien mat Ngan sach tien mat la mot ke hoach ngan han c s dung e xac nh nhu cau chi tieu va nguon thu tien mat. Ke hoach nay thng c xay dng cho tng thang, tng tuan, tham ch tng ngay. Ve thc chat, ngan sach tien mat ch la mot bo phan trong toan bo he thong ngan sach cua doanh nghiep (the budgeting system), va dien trnh hoach nh ngan sach noi chung se c e cap mot cach chi tiet hn trong giao trnh ke toan quan tr, mot phan mon rat gan gui vi quan tr tai chnh. Mot trong nhng yeu to quan trong nhat e thiet lap c mot ngan sach tien mat co y ngha o la tnh xac thc cua nhng d bao ve doanh so ban trong ky ke hoach. Co nhieu phng phap khac nhau e d bao doanh so ban, nhng thong dung nhat van la cac phng phap d bao thong ke nh phng phap d bao da vao toc o phat trien trung bnh, phng phap ngoai suy ham xu the, phng phap d bao bang mo hnh nhan Tren c s so lieu d oan ve doanh thu ban hang ky ke hoach, doanh nghiep tien hanh xay dng bang d thao nguon thu tien mat va bang d thao chi tieu tien mat bang cach c tnh thi iem cu the se thu hoi tien ban hang va cac khoan chi tieu co lien quan en san xuat kinh doanh nh mua nguyen vat lieu, tra lng nhan vien33. Da vao nhng so lieu ve thu chi tien mat a c tnh c t hai bang noi tren, va lng tien mat ton quy toi u, doanh nghiep se co the thiet lap c bang d thao ngan sach tien mat (cho 3 thang hoac 6 thang). Bieu mau ve bang d thao nguon thu tien mat, bang d thao chi tieu tien mat, va bang d thao ngan sach tien mat c e ngh nh sau :
of corporate finance, fifth edition, Richard.A. Brealey and Stewart C.Myers, The McGraw-Hill companies, Inc, 1996 e hieu ro hn ve mo hnh nay. Co the can c vao thi iem thanh toan ghi trong hp ong mua hang hoac hp ong ban hang, lch trnh san xuat, cung nh cac thong le thanh toan khac e xac nh cac noi dung nay mot cach phu hp va sat voi tnh hnh thc te cua tng n v.
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Nguyen Van Tuan
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BANG D THAO NGUON THU TIEN MAT
- 89 VT :
TT 1 2 3 4 5 6 7
Khoan muc 11 Tong doanh so ban Thu tien mat Ban thieu Thu tien ban thieu trong thang Thu sau mot thang Thu sau hai thang Tong thu tien mat trong thang 12 1
Thang 2 3 4 5 6
BANG D THAO CHI TIEU TIEN MAT VT : TT 1 2 3 4 5 6 7 8 9 Khoan muc 11 Tong doanh so ban Mua nguyen vat lieu Tra tien mua nguyen vat lieu Tra lng, thng Tra thue Cac khoan chi khac au t vao TSC Chia co tc Tong chi tien mat trong thang BANG D THAO NGAN SACH TIEN MAT VT : TT 1 2 3 4 5 6 Khoan muc 1 Tong thu tien mat Tong chi tien mat Chenh lech thu- chi Ton quy tien mat au thang (trong trng hp cha c tai tr) Ton quy tien mat muc tieu Sai biet so vi muc tieu 2 Thang 3 4 5 6 12 1 Thang 2 3 4 5 6
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Can c vao mc sai biet gia lng tien mat ton quy d kien cua tng thang so vi lng tien mat ton quy toi u a c xac nh, doanh nghiep co the hnh dung c nhng d tru ve viec au t cac khoan tien con tam thi nhan roi, hoac huy ong nguon tai tr cho lng thieu hut so vi muc tieu cua tng thang trong ky ke hoach, nham phat huy toi a hieu qua s dung von, cung nh am bao s an toan cua can can thanh toan cua doanh nghiep.
2. Quan ly cac loai chng khoan mua ban c

Bi cac chng khoan co tnh thanh khoan cao c xem la nhng tch san tai chnh gan nh tien mat, nen viec quan ly tien mat co lien quan chat che en viec quan ly cac chng khoan co tnh thanh khoan cao. Cac loai tch san tai chnh gan nh tien mat nay gi vai tro nh mot "mieng em" cho ngan quy tien mat cua doanh nghiep : Khi co mot lng tien mat con tam thi nhan roi, doanh nghiep co the em chung au t vao cac loai chng khoan thanh khoan cao e sinh li. ong thi, doanh nghiep cung co the ban chung i mot cach nhanh chong e thoa man nhng nhu cau cap bach ve tien mat. Tat ca cac loai chng khoan do doanh nghiep s hu tai mot thi iem nao o tao thanh mot "danh muc au t chng khoan". Do vay, viec quan ly cac loai chng khoan cung ong ngha vi viec quan ly danh muc au t chng khoan cua doanh nghiep. Mac du viec quan ly danh muc au t chng khoan la mot noi dung rat phc tap, nhng nhn chung, khi mua ban chng khoan thanh khoan cao nh cong trai, trai phieu kho bac, trai phieu cong ty, nha quan tr tai chnh doanh nghiep can xem xet mot so ac iem quan trong cua chung : -Tnh thanh khoan (liquidity) : Tnh thanh khoan cua mot chng khoan the hien s de dang trong qua trnh chuyen oi chng khoan o sang tien mat trong mot thi gian ngan va khong co s sut giam ve gia ban. Gia ban va o dai thi gian can thiet e ban c mot chng khoan la hai mat co quan he mat thiet vi nhau va khong the tach ri khi anh gia tnh thanh khoan cua chng khoan o. ieu nay cho thay rang mot chng khoan c coi la co tnh thanh khoan cao neu no co the c chuyen nhng nhanh chong ma ngi ban khong phai chap nhan nhng nhng bo quan trong ve gia ban. -Tnh rui ro (risk), bao gom :
Rui ro thanh toan hay rui ro pha san (default risk) la rui ro xuat phat t s pha san cua cong ty phat hanh ra chng khoan. Tr nhng loai chng khoan do chnh phu phat hanh, tat ca nhng loai chng khoan cong ty eu co rui ro pha san mot mc o nao o. Rui ro th trng (market risk) la loai rui ro co lien quan en s tang giam gia tr th trng cua chng khoan, ma chu yeu la nhng bien ong ve lai suat nh gia.
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Rui ro ve sc mua (purchasing power risk) la loai rui ro gay ra do s bien ong cua ch so gia ca (thng la do ch so gia ca tang len).
-Tnh sinh li (yield)
oi vi cac chng khoan ngan han , lai suat c tnh bang cach lay so tien lai kiem c t chng khoan o (tren c s hang nam) chia cho tr gia von ban au cua no, goi la ty le sinh li hien hanh (current yield). oi vi cac chng khoan dai han, ngi ta ap dung mot khai niem sinh li khac goi la ty le sinh li cho en khi ao han (YTM-yield to maturity). Khai niem nay lu y en cac khoan lai hay lo tren von c thc hien vao luc chng khoan ao han.
Cac tnh chat tren co moi quan he tng ho lan nhau, chang han nh doanh nghiep thng phai chap nhan mot ty le sinh li thap e oi lay tnh thanh khoan cao. Mot chng khoan dai han cang co nhieu rui ro th tnh thanh khoan cang kem va do o mc li tra cho chng khoan o se cao hn. Ngc lai, cac trai phieu kho bac ngan han co tnh thanh khoan cao hn, t rui ro hn nen mc li cung thap hn Tuy theo nhu cau, muc ch au t va thai o chap nhan rui ro ma moi doanh nghiep se co khuynh hng la chon au t vao nhng chng khoan nao o phu hp nhat vi doanh nghiep mnh. Di ay gi thieu mot so chng khoan thanh khoan cao c lu hanh vi t cach la nhng cong cu chu yeu tren th trng tien te. -Trai phieu kho bac (treasury bills) va tn phieu kho bac (treasury notes): ay la nhng cong cu tai chnh ngan han do chnh phu phat hanh (vi thi han la 3, 6, 9, 12 thang). Loai cong cu nay gan giong tien, cho rat de mua ban lai va hau nh khong co rui ro thanh toan. Bi do tnh thanh khoan rat cao va t rui ro cua chung nen mac du ty le sinh li thap, nhng chung van c xem la nhng cong cu tai chnh an toan va co u the nhat so vi cac tch san tai chnh khac tren th trng tai chnh. Lai suat cua loai cong cu nay thng c xem la lai suat chuan, lam c s tham chieu cho viec an nh lai suat cua cac cong cu tai chnh khac co cung ky han. -Thng phieu (commercial paper) : La mot giay hen n khong co bao am, co thi han ao han co nh va c ban vi gia chiet khau. Loai cong cu nay thng do cac cong ty tai chnh hay cac tap oan kinh te ln phat hanh e tai tr cho cac khoan ton kho hoac khoan n phai thu Trong nhng nam gan ay hnh thc vay mn nay a phat trien rat manh me cac quoc gia phat trien bi no co tac dung thay the cho cac khoan vay ngan han t ngan hang. Thi han cua thng phieu thng trong khoan 20 en 45 ngay. Do tnh thanh khoan kem hn va rui ro thanh toan cung cao hn, nen lai suat cua thng phieu cao hn ang ke so vi lai suat cua th trng tien te noi chung 34.
Viet Nam : theo Phap lenh thng phieu (17/1999/PL-UBTVQH10) va theo ieu 219 Luat Thng mai th thuat ng thng phieu c hieu la chng ch co gia ghi nhan lenh yeu cau thanh
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-Chng ch tien gi co the giao dch c (NCD- negotiable certificates of deposit) : La mot loai chng ch do ngan hang phat hanh neu ro ngi gi tien a gi mot khoan tien trong mot khoan thi gian nhat nh vi lai suat cu the tai ngan hang, va c ngan hang s dung nh la mot cong cu huy ong von. Cac doanh nghiep mua NCD la nhng doanh nghiep co nguon von tam thi nhan roi, muon au t sinh li trong khi van muon duy tr tnh thanh khoan cao va o an toan cua von goc. Noi khac i, hanh vi mua NCD khac vi hanh vi gi tien vao ngan hang cho : Tien gi ngan hang th co tnh thanh khoan kem, con khi cam gi NCD trong tay th cac doanh nghiep co the em no giao dch tren th trng tai chnh. Lai suat cua NCD cao hn lai suat cua tn phieu kho bac cung ky han nhng rui ro thanh toan lai cao hn, tnh thanh khoan cung kem hn. -Giay chap nhan thanh toan cua ngan hang (thuan nhan ngan hang- banker's acceptances - BA) : La mot loai giay bao am rang mot ngan hang se thanh toan vo ieu kien so tien ma nha nhap khau con thieu nha xuat khau, vao mot ngay xac nh. Nha nhap khau co the dung giay nay thanh toan cho nha xuat khau. en ngay ao han nha nhap khau phai tra cho ngan hang thuan nhan so tien ghi tren giay cong vi mot khoan ph (a c thoa thuan trc). Con nha xuat khau khong nhat thiet phai gi BA en khi ao han ma co the ban no i vi mot gia chiet khau e thu hoi tien mat sm35. Luc nay BA tham gia lu thong vi t cach la mot cong cu tai chnh tren th trong tien te. Lai suat cua cong cu nay tng oi thap nhng bu lai no co tnh thanh khoan cao.
toan hoac cam ket thanh toan vo ieu kien mot so tien xac nh trong mot thi gian nhat nh. Thng phieu gom co hoi phieu va lenh phieu. Mot cach tong quat, theo the thc tn dung thng mai trong hoat ong mua ban ngoai thng ( va trong mot so trng hp ac biet- ke ca noi thng) th sau khi giao hang cho ngi van tai, ngi ban (nha xuat khau) co the ky phat mot hoi phieu (la mot lenh oi tien vo ieu kien) e yeu cau thanh toan va gi en ngan hang ai dien cua ngi mua cung vi bo chng t (gom co hoa n giao hang, van n, cac chng nhan kiem dch). Tuy theo loai hoi phieu ma ngi mua co the : hoac la tra tien qua ngan hang hoac cong nhan khoan n bang cach ghi ch "chap nhan- Accepted" len goc hoi phieu va ky ten roi gi en ngan hang ai dien cua mnh. Sau o, tuy theo phng thc thanh toan, nhng thong thng th ngan hang ai dien se gi bo chng t cho ngi mua e ho co the nhan c hang t ngi van tai, ong thi xuc tien viec thanh toan tien qua ngan hang hoac giao "thuan nhan thng mai" (tc hoi phieu a qua thu tuc chap nhan thanh toan cua ngi mua-trade acceptance-noi tren) cho ngi ban. Trong trng hp ngi ban cho rang mot thuan nhan thng mai la cha u am bao an toan cho khoan tn dung thng mai ma ho a cap cho ngi mua, th co the yeu cau ngan hang ai dien cua ngi mua cam ket thanh toan. Van ban cam ket thanh toan cua ngan hang goi la "thuan nhan ngan hang" (banker's acceptance). Luc nay, ngi ban co the s dung BA e : hoac i en khi ao han nhan thanh toan; hoac em chiet khau ngan hang; hoac em ban i vi gia chiet khau cho nhng oi tng co nhu cau mua tren th trng tai chnh
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Quan tr tai chnh doanh nghiep, tap 1 IV.Quan ly khoan phai thu
1. Chnh sach ban chu
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Chnh sach ban chu (hay cac ieu kien cua tn dung thng mai) la mot trong nhng yeu to co anh hng quan trong en mc o, chat lng va rui ro cua doanh thu ban hang. Mot chnh sach ban chu phu hp se khong nhng am bao cho mc o tang trng cua doanh so ban (tc kch thch khach hang hien tai mua nhieu hn, thanh toan sm hn va/hoac thu hut them cac khach hang tiem nang khac), ma con co the duy tr mot cach hp ly chat lng cung nh o an toan cua cac khoan phai thu cua doanh nghiep. Thong thng mot chnh sach ban chu bao gom ba yeu to can ban sau ay : -Thi han ban chu -Ty le chiet khau ban hang -Hnh thc ban chu Cac noi dung di ay se ch ra cach thc can ban e tao lap tng ieu kien cua mot chnh sach ban chu. a) Thi han ban chu La khoan thi gian t luc giao hang en khi thu tien. Noi khac i, ay la o dai thi gian ma cac khoan tn dung thng mai c phep keo dai. Cong viec an nh mot thi han ban chu phu hp oi hoi nha quan ly phai xem xet va can nhac ong thi cac yeu to nh : ac trng cua hang hoa ; mc o cua thng vu ; tnh trang cua ngi mua ; gia ban ; kha nang tai chnh cua ngi ban ; thi han ban chu cua doanh nghiep ban cung nganh b) Ty le chiet khau ban hang. Viec ngi ban ap dung mot ty le chiet khau ban hang nao o la nham tao ra s tng thng ve li ch vat chat e khuyen khch khach hang hang thanh toan tien sm, cung nh thu hut them nhng khach hang mi. Ky thuat nay cho phep ay nhanh toc o thu hoi tien mat cua doanh nghiep e phuc vu cho cac muc ch au t sinh li khac. Tuy vay, ben canh nhng tac ong tch cc en qua trnh quan tr tn dung, mot ty le chiet khau qua cao cung co the gay ra s sut giam mot cach ang ke li nhuan cua doanh nghiep ban. Noi chung, mot ty le chiet khau phu hp se c an nh tren c s xem xet nhieu phng dien nh : Thi iem ban hang, nhu cau von lu ong cua doanh nghiep, mc o canh tranh, ty le chiet khau cua doanh nghiep ban
Nguyen Van Tuan
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c) Cac hnh thc ban chu
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Cung vi s phat trien cua nen kinh doanh hien ai, nhng phng thc ban hang cung ngay cang c a dang hoa va phong phu hn, ap dung ca trong mua ban noi va ngoai thng. Viec tm hieu can ke nhng phng thc nay nam trong pham vi nghien cu cua cac mon hoc Nghiep vu ngan hang, Thanh toan quoc te va tai tr ngoai thng Di ay ch neu len mot cach s lc ve mot so phng thc cap tn dung thng mai (ban thieu chu) thong dung. -oi vi cac khach hang noi a, co quan he lau dai va uy tn th doanh nghiep thng ap dung hnh thc ban hang ghi so. Gia cac ben khong ky hp ong ma ngi ban ch can ghi chep thng vu vao so va ngi mua ky nhan. -oi vi nhng n at hang ln hn, ngi ban co the yeu cau ngi mua ky phat lenh phieu (promissory note). Thc chat lenh phieu la mot van ban ha tra tien, tren o ngi mua (tc ngi phat hanh lenh phieu) cam ket se tra mot so tien nhat nh vao mot ngay nhat nh cho ngi hng li co ten tren t phieu hoac tra theo lenh cua ngi nay. D nhien, ngi ban co the s dung t lenh phieu nh bat c giay t co gia nao khac, ngha la co the em i chiet khau e thu hoi tien mat sm hn neu muon. -Ngi ban cung co the ky phat mot hoi phieu thng mai (bill of exchange) e oi tien ngi mua. ay la mot van ban the hien mot menh lenh oi tien vo ieu kien do ngi ban ky phat e oi tien ngi mua, yeu cau ngi mua phai tra mot so tien nhat nh trong mot thi gian nhat nh cho ngui hng li co ten tren hoi phieu (thng la ngi ban), hoac theo lenh cua ngi nay tra cho ngi khac, hoac tra tien cho ngi cam phieu. Thc te, hoi phieu thng mai la mot chng t quan trong thng c s dung trong nhng phng thc mua ban ngoai thng nh phng thc nh thu (collection payment), phng thc tn dung chng t (bao gom ca viec ngi ban yeu cau ngi mua m tn dung th - letter of credit), hp ong mua ban ngoai thng nghiep vu cua cac phng thc nay kha phc tap va vt ra ngoai khuon kho cua mot giao trnh can ban ve quan tr tai chnh. d) Li ch va han che cua tn dung thng mai (mua-ban chu) Mua ban theo the thc tn dung thng mai la mot con dao hai li oi vi doanh nghiep. Mot mat no la nguon tn dung e tai tr cho viec mua hang (mua chu), mat khac no la mot phng thc tai tr von cho ngi mua (ban chu). V du, neu mot doanh nghiep ban trung bnh 3 trieu ong hang hoa moi ngay vi thi gian ban chu bnh quan la 40 ngay, th doanh nghiep se co cac khoan phai thu cua khach hang tren bang can oi ke toan khoang 3 trieu x 40 = 120 trieu ong. Neu doanh nghiep mua chu bnh quan moi ngay 2 trieu ong nguyen vat lieu vi thi han thieu chu la 20 ngay th khoan phai tra cho ngi ban trung bnh la 40 trieu ong. Nh the doanh nghiep a cap tn dung nhieu hn nhan tn dung mot khoan la 80 trieu (sai biet gia cac khoan phai thu cua ngi mua va phai tra cho ngi ban).
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Do o, vi t cach la mot chu the tham gia hoat ong san xuat kinh doanh, va ong vai tro la ngi ban nhng ong thi cung la ngi mua, ieu quan trong la doanh nghiep co the tan dung viec mua chu nh la mot nguon tai tr, nhng ong thi cung giam en mc toi thieu viec von cua mnh b ket trong cac khoan phai thu. oi vi ngi ban, mac du viec ban chu gay ra nhng kho khan cho cong tac quan tr von lu ong, nhng phng thc nay van c s dung pho bien nh la mot cong cu khuyen mai e tang sc canh tranh trong cac giao dch. Tren goc o khac, ngi mua thng s dung viec mua chu nh la mot hnh thc tai tr von ngan han thong dung va tien li nhat mac du biet rang ph ton mua chu36 thng cao hn so vi cac hnh thc tai tr t ngan hang. Nhan thc c nhng li ch va han che cua viec mua ban chu, nha quan tr tai chnh doanh nghiep co the van dung phng thc nay mot cach phu hp hn trong nhng tnh huong cu the cua doanh nghiep mnh. e) anh gia nhng thay oi cua chnh sach ban chu Tren nguyen tac, khi quyet nh thay oi nhng yeu to cua chnh sach ban chu, doanh nghiep can phai can nhac li nhuan va chi ph trc va sau khi thay oi. Neu viec thay oi nay mang lai li nhuan cao hn th doanh nghiep nen thay oi , trng hp ngc lai th nen gi nguyen nh cu. -Gia s ty le so d am ph cua mot doanh nghiep la 30% va doanh nghiep nay ang tren iem hoa von (ngha la toan bo chi ph bat bien a c trang trai het). Khi o, neu doanh so cua doanh nghiep noi tren tang them 100.000USD nh ap dung chnh sach ban chu th mc so d am ph cung tang them 100.000 x 30% = 30.000 USD va keo theo li nhuan trc thue va lai cung tang len mot lng tng ng. Noi khac i, li ch mang lai do ap dung chnh sach ban chu trong trng hp nay la 30.000 USD. Vay au la cac chi ph phat sinh khi doanh nghiep ap dung mot chnh sach ban chu?. -Trc tien o la chi ph c hoi cua nhng khoan von b khach hang chiem dung (di hnh thc khoan phai thu) trong thi gian ban chu, hoac nhng ton that c hoi phat sinh khi khach hang day da co tnh tr hoan thanh toan e chiem dung von cua doanh nghiep them mot thi gian na ngoai thi han tn dung quy nh 37 n gian la v neu doanh nghiep ban hang thu tien ngay th so tien o co the c s dung cho nhng muc ch au t sinh li khac. -Th en la chi ph chiet khau ma doanh nghiep ban phai ganh chu khi khach hang chap nhan thanh toan sm trong han nh e c hng chiet khau.
ay la ph ton c hoi cho viec t bo chiet khau va s dung tn dung thng mai nh mot nguon tai tr ngan han. No c hieu la ty le chi ph ma ngi mua phai tra cho viec s dung so tien mua hang them mot khoan thi gian na ngoai thi han c hng chiet khau. 37 Viec khai trien rong rai chnh sach ban chu co the phai bao ham mot s chap nhan rui ro khong thu hoi c n. Trong nhng trng hp nh vay, co the coi s mat mat nay nh la mot chi ph c cong them vao qua trnh tnh toan. Thong thng khoan mat mat nay c lng tnh bang ty le % so vi doanh thu.
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Nguyen Van Tuan
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-Tiep theo la nhng chi ph co lien quan en viec ap dung chnh sach ban chu -goi tat la chi ph quan ly khoan phai thu. Chang han nh nhng chi ph cho viec phan tch tn dung, thu thap thong tin ve khach hang, chi ph quan ly so sach -Th na la nhng chi ph gay ra do nhng mon n kho oi (chang han nhng chi ph cho viec thue mot ai dien oi n ho e thu hoi nhng mon n kho oi, chi ph thue mn luat s bao cha trong trng hp phai tien hanh nhng thu tuc phap ly e oi n, ton that n kho oi) Sau khi a lng tnh c hau het nhng li ch va chi ph co the phat sinh khi ap dung mot chnh sach ban chu mi, nha quan tr tai chnh doanh nghiep tien hanh so sanh gia hai yeu to nay e xem co nen thc hien hay khong?. Nguyen tac chung la cho en khi nao li nhuan gia tang them nh doanh so tang them con vt tong cac khoan chi ph phat sinh t viec ap dung mot chnh sach ban chu mi, th cong ty c khuyen nen ap dung chnh sach tn dung ci m nay.
2. Phan tch tn dung

Thu tuc phan tch tn dung la mot dien trnh gom ba bc co lien quan chat che vi nhau -Thu thap thong tin ve khach hang. -Phan tch thong tin e xac nh v the tn dung cua khach hang -Ra quyet nh ve viec co chap nhan ban chu cho khach hang hay khong? va gia tr toi a cua khoan tn dung la bao nhieu? a) Thu thap thong tin ve khach hang Nhng thong tin ve khach hang xin mua chu c cung cap t nhieu nguon khac nhau nh t kinh nghiem cua doanh nghiep oi vi khach hang trong qua kh; thong tin do khach hang cung cap ; thong tin t cac ngan hang va to chc tn dung ; va thong tin t nhng nguon khac b) Phan tch v the tn dung cua khach hang Sau khi thu thap c nhng thong tin ve khach hang muon mua chu, nha quan tr tai chnh doanh nghiep can tien hanh phan tch nhng thong tin nay e lam c s cho viec ra quyet nh co chap thuan ban chu cho khach hang o hay khong?. Noi chung, muc ch cua cong viec nay la xac minh pham chat tn dung cua khach hang va so sanh chung vi nhng tieu chuan tn dung toi thieu ma doanh nghiep co the chap nhan c. Mc o cua nhng nh chuan tn dung la cao hay thap, khat khe hay de dai, n gian hay phc tapphu thuoc vao hoan canh cua tng doanh nghiep, boi canh cua nganh kinh doanh, thai o chap nhan rui ro cua nha quan ly.va nhieu yeu to khac na. Do vay, thc te cha co mot mo hnh nh lng nao that s co hieu qua e giup xac nh au la nhng tieu chuan tn dung phu hp cho tng doanh nghiep,
Nguyen Van Tuan
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ngoai tr kha nang va s nhay ben cua nha quan ly kinh doanh, c van dung cho tng tnh huong cu the. Tuy vay, mot trong nhng phng phap anh gia, phan tch v the tn dung cua khach hang c ap dung pho bien va to ra kha thuyet phuc o la "phng phap phan oan 5Cs", bao gom : T cach tn dung (character) ; nang lc tra n (capacity) ; von (capital) ; the chap (collacterall) ; va ieu kien cua moi trng kinh doanh (conditions). -T cach tn dung : c hieu la thai o t nguyen cua khach hang oi vi cac ngha vu ra n. Mac du that kho co the o lng mot cach chnh xac ve t cach tn dung cua khach hang, nhng chung ta cung co the anh gia ieu nay da tren nhng d lieu thong ke ve nhng lan mua chu trc o cua ho. Qua o se co the lng tnh c mc o tieu cc hoac tch cc ve t cach tn dung cua khach hang trong qua kh e roi xet oan cho tng lai. Tuy nhien, viec xet oan nay can c tien hanh mot cach than trong va co cu xet en nhng tnh tiet khac, khong nen qua voi va. -The chap : Xem xet en nhng tai san ma khach hang co the s dung e am bao cho cac mon n. -Nang lc tra n : e cap en kha nang thanh toan nhanh cac mon n cua khach hang. -Von : Xem xet en sc manh ve mat tai chnh cua khach hang Ca hai yeu to nang lc tra n va von noi tren c xem xet va anh gia trong qua qua trnh phan tch cac bao cao tai chnh do khach hang cung cap, at trong boi canh nhng ieu kien cua moi trung kinh doanh cua nganh va moi trng kinh te noi chung 38. -ieu kien moi trng kinh doanh : Xem xet en tiem nang va xu the phat trien cua nganh kinh doanh. Kha nang thch ng tot cua khach hang trc nhng dien bien xau cua nen kinh te se la can c quan trong e xet oan nang lc tai chnh va kha nang quan ly cua ho. Bi v thong thng ch nhng khach hang nao co nang lc tai chnh lanh manh va kha nang quan ly cao th mi co the vt qua c nhng giai oan nen kinh te co nhng dien bien khong thuan li. Thc te th phng phap phan oan 5Cs cung chu yeu da vao kha nang phan oan cua nha quan ly, do o can co gang khac phuc tnh chu quan khi thu thap va phan tch thong tin . c) Ra quyet nh tn dung Viec doanh nghiep chap thuan hay t choi ban hang theo hnh thc tn dung thung mai oi vi mot khach hang tiem nang phu thuoc vao mc o ma khach hang o thoa man cac tieu chuan tn dung do doanh nghiep at ra. Sau o, neu chap thuan
Noi dung nay se c e cap mot cach he thong trong Chng VIII : Phan tch tai chnh doanh nghiep.
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th can xac nh lng hang ban chu cung nh chnh sach ban chu ma cong ty se cung cap cho khach hang. Tuy nhien, can nh rang muc ch cua mot nha quan tr tai chnh, xet cho cung, khong phai la toi thieu hoa cac khoan tn dung toi, ma la toi a hoa li nhuan. Do vay, trong nhieu trng hp, nha quan tr tai chnh can can nhac chap nhan mot mc o rui ro nhat nh nao o e co c hoi khai thac nhieu li nhuan hn. ong thi, cung khong nhat thiet phai ton qua nhieu sc lc nh nhau vao viec phan tch tat ca cac quyet nh tn dung. Phan ln cac nha quan tr tai chnh khong ra quyet nh tren c s tng n hang mot (order by order). Thay vao o, ho at ra mot gii han tn dung cho moi khach hang trong mot khoan thi gian nhat nh, va van e ch c a ra xem xet lai khi khoan tn dung khach hang yeu cau vt qua gii han ma doanh nghiep a an nh cho ho.
3. Chnh sach thu hoi n

Sau khi a chap thuan ban chu cho khach hang, cong viec tiep theo cua nha quan tr tai chnh doanh nghiep la thc hien viec kiem soat cac khoan phai thu nay nham xac nh thc trang cua chung, cung nh anh gia tnh hu hieu cua chnh sach tn dung ma doanh nghiep khai trien, qua o nhan dien nhng khoan phai thu co van e va tien hanh x ly bang cac thu tuc thu hoi n. Toan bo cac cong viec nay hnh thanh nen chnh sach thu hoi n cua doanh nghiep. Chnh sach thu hoi n co muc ch la s dung cac nguon lc cua doanh nghiep e thc hien viec thu tien oi vi cac hoa n qua han. No cung lien quan en viec xac nh thi han thch hp cho viec chi tieu cac nguon lc o. Hai trong so cac cong cu o lng co the ho th cho nha quan tr theo doi cac khoan phai thu la ky thu tien bnh quan (ACP-the average collection period) va bieu theo doi khoan phai thu. a) Ky thu tien bnh quan Ky thu tien bnh quan c hieu la thi gian trung bnh can thiet e thu hoi cac khoan ban chu.
Ky thu tien bnh quan =
Cac khoan phai thu cua ngi mua Doanh thu ban chu bnh quan moi ngay trong ky
Ky thu tien bnh quan dai hay ngan con tuy thuoc vao chnh sach ban chu cua doanh nghiep, cung nh ac thu cua nganh kinh doanh. Tuy nhien, theo thong ke kinh nghiem th ky thu tien bnh quan khong nen vt qua (1 +1/3) lan thi han ban chu ma doanh nghiep ap dung cho khach hang cua mnh. V du mot cong ty ap dung thi han ban chu la 30 ngay th ky thu tien bnh quan trong trng hp nay khong nen vt qua 30 x (1 + 1/3) = 40 ngay. Neu vt qua gii han nay, cong ty nen tap trung xem xet cac khoan phai thu va tien hanh nhng thu tuc can thiet e thu hoi n.
Nguyen Van Tuan
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b) Bieu theo doi khoan phai thu
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Tren c s ghi chep va thong ke so lieu t cac hoa n ban hang, nha quan tr tai chnh doanh nghiep co the thiet lap c bieu theo doi cac khoan phai thu theo mau e ngh di ay. Bieu nay giup cho nha quan tr co the theo doi mot cach chi tiet doanh so ban chu cho tng khach hang. BIEU THEO DOI CAC KHOAN PHAI THU T T 1 2 3 4 5 Thi han Ten khach thanh toan hang Cha qua han Qua han t 1 en 15 ngay Qua han t 16 en 45 ngay Qua han t 46 en 75 ngay Qua han tren 75 ngay Tong cong A 30 10 2 2 1 45 B 20 5 1 2 1 29 C 30 3 1 0 0 34 VT : Trieu ong D 10 2 0 0 0 12 Tong cong 90 20 4 4 2 120
Ban oc co the rut ra c nhng thong tin g t bieu theo doi cac khoan phai thu nay? Hay th anh gia s bo chat lng khoan phai thu cua cong ty tren, va cho biet mc o ton trong ky luat thanh toan cua tng khach hang cua cong ty. c) Thu tuc thu hoi n qua han Doanh nghiep can ap dung thu tuc thu hoi oi vi cac khoan n qua han, o la ieu ng nhien. Van e la cho, neu ap dung cac thu tuc nay qua sm va khong hp ly se co the lam phat long nhng khach hang tot co ly do chnh ang cho s cham tre thanh toan cua ho. Ngc lai, doanh nghiep cung khong the ch i qua lau oi vi cac hoa n qua han trc khi khi s thu tuc thu tien. Noi chung, thu tuc thu hoi n thng bao gom mot trnh t hp ly cac bien phap, chang han nh : MC O Qua han 15 ngay Qua han t 16 ngay en 45 ngay Qua han t 46 ngay en 75 ngay HANH ONG CAN THIET -Gi th thong bao kem theo so hoa n en khach hang e nhac nh thanh toan ung han -Gi th thuc giuc thanh toan, kem theo nhng khuyen cao ve tnh trang tr hoan thanh toan cua khach hang -Lien he ien thoai trc tiep vi nhng ngi co trach nhiem e hoi thuc tra n, kem theo nhng khuyen cao nghiem khac rang neu khong thanh toan trong han 05 ngay ke t ngay nhan th, th doanh nghiep se huy bo cac gia tr tn dung a thiet lap -Goi ien thoai , gi fax, e thong bao nhng khang nh cuoi cung. -Thong bao ve viec doanh nghiep se huy bo nhng gia tr tn dung cua khach hang ngay ca khi a tra u tien, kem
Qua han t 80 en 105 ngay Qua han tren 106 ngay
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theo khuyen cao nghiem khac ve viec doanh nghiep se tien hanh cac thu tuc phap ly e oi n. Qua han tren 135 ngay Co t nhat ba giai phap cho doanh nghiep chon la : -a vao n kho oi -Thue ai dien oi n thay. -Tien hanh cac thu tuc phap ly e kien con n ra toa.
Thu tuc thu hoi n neu tren ch co tnh cach hng dan. Doanh nghiep can can c vao tnh hnh thc te tai n v, chnh sach tn dung thng mai ang c khai trien, tap quan thanh toan cua khach hang, mc o quan trong cua tng thng vu, cung nh ac thu cua nganh kinh doanh, e xay dng mot thu tuc thu hoi n phu hp cho doanh nghiep mnh. ieu can lu y la thu tuc nay phai co tnh he thong cao, e am bao rang cac hanh ong can thiet ma doanh nghiep thc hien ng vi tng mc o qua han se i t t nghiem trong ti nghiem trong hn.
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CHNG V: LNG GIA CHNG KHOAN

Chng khoan c hieu la t giay lam bang chng, chng nhan cho ngi cam gi no co nhng quyen nhat nh oi vi mot loai tai san nao o. Theo cach hieu rong rai nhat th chng khoan la moi san pham hang hoa tren th trng tai chnh nh co phieu, trai phieu, tn phieu, hoi phieu, lenh phieuva cac chng t co gia khac. Gia tr cua cac loai chng khoan nay phu thuoc vao nhng khoan thu nhap ky vong do chung mang lai cho chu s hu trong tng lai. Noi dung cua chng nay e cap en nhng phng thc can ban e c nh gia tr cua chng khoan 39 bang cach chiet khau nhng khoan thu nhap ky vong trong tng lai cua chung theo mot lai suat chiet khau c goi la ty le sinh li can thiet.
I. Nhng van e can ban

1.Ve trai phieu
Trai phieu (bond) la chng ch vay n cua chnh phu hoac doanh nghiep, the hien ngha vu cua ngi phat hanh cam ket tra n cho ngi s hu trai phieu mot so tien nhat nh (ca goc va lai) vao mot thi iem nhat nh. Theo khai niem tren, ngi phat hanh trai phieu trong trng hp nay ong vai tro la ngi i vay (con n-debtor), va ngi mua trai phieu la ngi cho vay (chu n-con goi la trai chu-bondholder). Tren th trng tai chnh co rat nhieu loai trai phieu khac nhau, vi nhng ac iem va tnh chat khac nhau, nhng nhn chung chung co mot vai ac iem c ban sau ay : a) Menh gia trai phieu (par value hoac face value), con goi la gia tr danh ngha hay gia tr be mat cua trai phieu, la gia tr c ghi tren t trai phieu. Gia tr nay la can c e xac nh so li tc tien vay, va ong thi la so von goc ma ngi phat hanh phai thanh toan khi ao han. b) Lai suat trai phieu (interest rate) : Do ngi phat hanh cong bo hoac c ghi tren trai phieu. Lai suat nay c xac nh theo ty le phan tram so vi menh gia cua trai phieu trong mot ky han nhat nh (thng la nam). c) Ngay ao han (maturity date) : La ngay ma ngi phat hanh cam ket thanh toan cho trai chu, c ghi tren be mat cua t trai phieu. d) Phieu lanh lai (coupon) : Co hai loai trai phieu thong dung la trai phieu khong co phieu lanh lai, va trai phieu co phieu lanh lai.
That ra, gia tr cua chng khoan c c nh t cac mo hnh c gii thieu trong chng nay co tnh cach ly thuyet nhieu hn la thc tien. Gia tr thc te tren th trng cua chng khoan (th gia chng khoan) se co the giao ong xung quanh gia tr ly thuyet nay, bi s tac ong cua quy luat cung cau, ty le lam phat, chnh sach lai suat cua chnh phu, tam ly cua nha au t,va nhieu yeu to khac na.
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-Trai phieu khong co phieu lanh lai (zero coupon bonds) : Loai trai phieu nay khong c thanh toan lai hang nam, gom hai phan loai :
Gia phat hanh (gia ban ra cua trai phieu tai thi iem phat hanh) ung bang menh gia, vi lai suat nh trc. Khi ao han ngi mua se c thanh toan mot lan ca lai va von goc Gia phat hanh thap hn menh gia (tc gia ban a c chiet khau bang mot lai suat nao o). Khi ao han ngi mua c thanh toan so tien ung bang menh gia trai phieu -Trai phieu co phieu lanh lai (coupon bond) : Loai trai phieu nay c tra lai hang ky (thng la na nam mot lan - semiannual interest). Cuong cua loai trai phieu nay co nh nhng tem thanh toan (hay phieu lanh lai - coupons), khi en thi han thanh toan lai, ngi chu trai phieu ch viec dt cac coupons nay em en ngi phat hanh e lanh lai. Lai suat ghi tren t trai phieu loai nay c goi la lai suat coupon (coupon rate).
2. Ve co phieu
Co phieu (share, stock) la mot chng th chng minh quyen s hu cua mot co ong oi vi mot cong ty co phan. Mot so ac trng quan trong cua co phieu co the ke ra la : a) Khac vi trai phieu, co phieu khong co ngay ao han, no ton tai cung vi s ton tai cua cong ty phat hanh ra no. b) Menh gia co phieu : La gia tr danh ngha ma cong ty phat hanh quy nh cho mot co phan va c ghi tren t co phieu. Menh gia co phieu khong lien quan en gia tr th trng cua co phieu o va thng c s dung e tnh gia tr ke toan cua co phieu trong bang can oi ke toan cua cong ty co phan. c) Gia tr so sach (book value) cua co phieu : La gia tr c xac nh da tren so sach cua cong ty. d) Gia tr th trng (hay th gia-market value) : La gia tr cua co phieu do th trng xac lap thi iem hien tai, c the hien trong giao dch cuoi cung c ghi nhan. Gia tr th trng cua co phieu phu thuoc vao rat nhieu nhan to, c xac nh bi quan he cung-cau, la mc gia ma tai o ngi mua th san long mua con ngi ban cung san sang ban. Do vay gia tr th trng cua co phieu co the thay oi thng xuyen va s trung khp vi giatr ke toan ch la ngau nhien. e) Co phieu pho thong (hay thong thng-common stock) : La mot chng th chng minh quyen s hu cua mot co ong oi vi mot cong ty co phan, va cho phep
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co ong ay c hng nhng quyen li thong thng trong cong ty. Ngi s hu co phieu pho thong la co ong pho thong, va la cac ong s hu cua cong ty co phan 40. f) Co phieu u ai (preferred stock) : La mot chng th chng minh quyen s hu cua mot co ong oi vi mot cong ty co phan, va cho phep co ong ay c hng nhng quyen li u ai hn so vi cac co ong pho thong trong cong ty. Ngi s hu co phieu u ai c goi la co ong u ai, va cung la cac ong s hu chu cua cong ty co phan.
3. Ty suat sinh li can thiet

Ty suat sinh li can thiet la mot trong nhng can c quan trong trong viec xac lap gia tr chng khoan. Van e c at ra la : C che nao e hnh thanh mot ty suat sinh li can thiet tren th trng? 41 a) Tren phng dien tng nha au t Ban than moi mot nha au thng t xac lap cho mnh mot ty suat hoan von hap dan toi thieu (MARR - Minimum Attractive Rate of Return) hay con goi la ty suat hoan von yeu cau toi thieu (MRRR-Minimum Required Rate of Return), va s dung ty suat hoan von nay nh la mot chuan mc co tnh cach ca nhan e anh gia cac tch san tai chnh va ke ca nhng d an au t cua mnh. Nh the goc o ca biet tng nha au t hay tng doanh nghiep th ty suat sinh li can thiet c hieu la ty le sinh li toi thieu cua chng khoan hay mot d an au t nao o ma nha au t co the chap nhan hoac ky vong. Mot trong cac nguyen tac e xac nh MARR hay MRRR la quyet nh au t cang mang tnh rui ro nhieu (tc la mc o khong chac chan cua cac dong lu kim trong tng lai cang ln) th lai suat oi hoi toi thieu cua nha au t phai cang cao. Xet ve ban chat th MRRR bao gom hai bo phan : MRRR = Gia phai tra cho + von au t Gia phai tra cho nhng rui ro ma nha au t phai ganh chu
-Bo phan gia phai tra cho von au t c hieu la lai suat e bu tr cho thi gia cua ong tien (compensation for the time value of money). ay la thanh phan ng nhien phai co trong MRRR. No co the la lai suat vay von cua ngan hang hay lai suat trai phieu kho bac Nha nc (trong trng hp la von vay thuan tuy) hoac cung co the la chi ph s dung von bnh quan gia quyen c tnh t gia cua nhieu nguon von khac nhau trong c cau nguon von au t (WACC-Weighted Average Cost of Capital) 42
Luat doanh nghiep ngay 12/06/1999 quy nh kha cu the ve quyen li va ngha vu cua co ong pho thong va co ong u ai, ngha la a xac lap cac ac tnh khac biet va tng ong gia hai loai co phieu neu tren. Ban oc co the xem them luat nay e hieu ro hn.
41 42 40
Co tai lieu goi la Ty suat von hoa th trng The market capitalization rate Van e xac nh WACC la kha phc tap, se c khai trien trong Chng VII cua tai lieu nay.
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-Bo phan gia phai tra cho nhng rui ro ma nha au t phai ganh chu c hieu la lai suat e bu tr cho nhng rui ro o (compensation for risk). Rui ro cang cao th lai suat e bu tr phai cang ln. Van e la cho lai suat nay la bao nhieu th u e bu tr cho nhng rui ro ma nha au t phai ganh chu? 2%, 5%, hay 10% ? Tat ca phu thuoc vao viec anh gia mc o rui ro va quan trong hn la thai o chap nhan nhng rui ro o cua nha au t. b) Tren phng dien tong the Ty suat sinh li can thiet c xac lap tren th trng a phan anh tam trang chung cua hang ngan nha au t, va chu s tac ong cua rat nhieu yeu to nh : tnh hnh cung cau von, lam phat, lai suat c ban cua ngan hang Nha nc, mc o rui rova nhieu yeu to khac na. Song yeu to quan trong nhat , co s tac ong mang tnh quyet nh nhat oi vi ty le sinh li can thiet cua mot tch san tai chnh nao o chnh la yeu to rui ro. Bi vay, nhng tch san tai chnh nao co mc o rui ro cao th cung se co ty le sinh li can thiet c xac lap tren th trung cao hn nhng tch san tai chnh khac.
4. Quy trnh can ban e lng gia chng khoan

-Da vao ac iem cua chng khoan va tnh hnh tai chnh cua cong ty phat hanh chng khoan e a ra d bao ve dong lu kim tng lai cua chng khoan o. -Nghien cu tnh hnh th trng tai chnh, lai suat phi rui ro cung nh rui ro cua cac chng khoan e c nh mot ty suat chiet khau phu hp. -Hien gia dong lu kim cua chng khoan theo ty suat chiet khau a chon. o chnh la gia tr cua chng khoan tai thi iem tien hanh lng gia. Gia tr th trng cua chng khoan phu thuoc vao nhieu yeu to, nhng ve can ban se dao ong xung quanh gia tr va tm c noi tren.
II. Lng gia trai phieu

1. Lng gia trai phieu khong tra lai hang ky
Viec xac nh gia tr cua cac trai phieu khong tra lai hang ky (zero coupon bonds), loai co gia phat hanh thap hn menh gia, c thc hien thong qua viec s dung cong thc can ban ve li tc kep nh a trnh bay trong Chng II cua tai lieu . Goi : PV FV la gia tr cua trai phieu tai thi iem tien hanh lng gia la menh gia trai phieu
k la lai suat chiet khau (k co the la ty suat sinh li can thiet tren th trng hoac lai suat hoan von toi thieu ma nha au t oi hoi) n Ta co : la so ky han
PV =
FV (1 + k ) n
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2. Lng gia trai phieu tra lai hang ky
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Hau het cac trai phieu coupon thng c tra lai hai lan mot nam, nhng so khac co the c tra lai moi nam mot lan. Ty le lai suat ghi tren t trai phieu (lai suat coupon) xac nh phan tien lai ma n v phat hanh cam ket thanh toan cho trai chu khi en han, bat ke gia tr th trng cua t trai phieu la cao hn hay thap hn menh gia cua no. Mot cach tong quat, goi : PV FV la gia tr cua trai phieu tai thi iem tien hanh lng gia la menh gia trai phieu
k la lai suat chiet khau (k co the la ty suat sinh li can thiet tren th trng hoac lai suat hoan von toi thieu ma nha au t oi hoi) I n la tien lai moi ky tra lai (tien lai coupon) la so ky tra lai
Ta co cong thc lng gia trai phieu nh sau :

n I I I FV I + + ... + + = (1 + k ) (1 + k) 2 (1 + k) n (1 + k ) n t =1 (1 + k ) t
PV =
FV (1 + k) n
Mo hnh xac nh gia tr trai phieu (hoac ke ca cac tch san tai chnh khac) bang cach chiet khau cac khoan thu nhap ky vong trong tng lai cua chung nh tren c goi la mo hnh dong lu kim chiet khau (The Discounted Cash Flow Model DCF model).
3. Xac nh ty le sinh li cho ti khi ao han cua trai phieu (YTM)

YTM chnh la lai suat hoan von trung bnh cua trai phieu neu trai phieu c mua thi iem hien tai va c gi cho en ngay ao han. Co the xac nh YTM bang phng phap day cung a gii thieu trong Chng II cua tai lieu nay. V du 1. e huy ong von phuc vu san xuat kinh doanh, ngay 01.01.2002 cong ty M phat hanh t trai phieu coupon co menh gia 2000 USD, lai suat coupon la 8%, lai tra moi sau thang, ao han vao 31.12.2005. Sau ky tra lai th 4 mot nha au t mua lai trai phieu tren vi gia 1950 USD va d nh se gi cho en ngay ao han. Hay xac nh YTM (%/6 thang) cua trai phieu trong trng hp nay. Giai Ta thay lai suat coupon la 8% nam, menh gia 2000 USD, nen tien lai phat sinh t trai phieu nay hang nam la 2000 x 8% = 160 USD. Do lai tra moi nam 2 lan nen tr gia cua moi coupon thanh toan la 80 USD. Ta bieu dien dong lu kim nay tren truc thi gian nh sau :
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80 80 80 80 80 80 80 80
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+ 2000 I--------I--------I--------I--------I--------I----------I-------I---------I---------> 0 1 2 3 4 5 6 7 8 01.01.02 31.12.02 31.12.03 31.12.04 31.12.05 Chi 1950 80 80 80 80 + 2000 I--------I----------I----------I---------I--------> 0 1 2 3 4
Goi k la YTM cua trai phieu noi tren, k la nghiem cua phng trnh :
1950 (1 + k ) 4 = 80 (1 + k ) 3 + 80 (1 + k ) 2 + 80 (1 + k ) + 80 + 2000 (1 + k ) 4 1 1950 (1 + k ) = 80 + 2000 k Ap dung phng phap day cung e xac nh k nh sau :
4
(1 + k ) 4 1 Xet ham so y = f(k) = - 1950 (1 + k ) 4 + 80 + 2000 k i qua hai iem M1 va M2 lan lt co toa o la:
M1 (k1 = 4% ; f1 = 58,5) M2 (k2 = 5% ; f2 = -25,4) Goi y = ak + b la phng trnh ng thang cua day cung M1M2, ta co : a = (58,5 + 25,4) : (0,04 0,05) = - 8390 Luc nay phng trnh day cung M1M2 co dang y = -8390k + b. Thay toa o cua M1 (hoac M2) vao ta tm c tham so b b = 58,5 + 8390 x 0,04 = 394 Cho day cung M1M2 cat truc hoanh, tc la giai phng trnh : y = ak + b = -8390k + 394 = 0 => k = -b/a = 4,7% na nam Vay ty le sinh li cho ti khi ao han (YTM) cua trai phieu tren la 4,7%/6 thang
III. Lng gia co phieu

1. Lng gia co phieu pho thong
Viec c nh gia tr co phieu cho phep nha au t co the so sanh vi gia co phieu tren th trng e xem xet co phieu ay ang c th trng anh gia la cao hay thap, t o co the giup nha au t ra quyet nh au t ung an hn. Tuy nhien cong viec nay khong he n gian bi gia cua co phieu tren th trng bien ong khong ngng va chu s tac ong cua rat nhieu yeu to.
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Noi dung di ay ch ra cach thc can ban e c nh gia tr co phieu thong qua viec chiet khau dong lu kim co tc d tnh cua chung 43. Can lu y rang mc o chnh xac cua gia co phieu c lng tnh t cac phng phap nay hoan toan chu s chi phoi cua nhng phan oan, anh gia, va gia nh cua nha au t ve trien vong cua cong ty phat hanh co phieu trong tng lai. a) Trng hp nha au t d tnh ban lai co phieu vao mot thi iem nao o trong tng lai Tren ly thuyet cac co ong c chia co tc (dividend), con goi la li nhuan co phan, tuy thuoc vao tnh hnh kinh doanh cua cong ty. Trong nhng nam kinh doanh thanh cong, co tc chia cho co ong cung se cao va ngc lai. Tuy vay, cac cong ty thng an nh mc chia co tc hang nam tng oi on nh va co gang chia theo mc o nham tao ra s an tam cho cac co ong va tranh gay ra s bien ong ve gia tr th trng cua co phieu mot cach khong can thiet. V ly do tren, trong muc nay, chung ta gia nh rang cac khoan co tc c chia hang nam la khong oi (ieu nay co ngha la dong cac co tc d tnh se la mot dong lu kim thuan nhat), va nha au t se ban lai co phieu cua mnh vao mot thi iem (n) nao o trong tng lai vi gia ban (Pn) nao o co the c d tnh trc. Luc nay gia tr cua co phieu thi iem hien nay chnh la hien gia cua tat ca cac khoan thu nhap trong tng lai cua no tnh en thi iem c nhng ban, bao gom cac khoan co tc d tnh se nhan c hang nam va khoan tien d tnh thu c khi nhng ban co phieu. Goi : P0 Pn D k la gia tr cua co phieu thi iem hien nay (thi iem lng gia) la gia ban d tnh thi iem n (thi iem nhng ban co phieu) la khoan co tc co nh cho cac nam la lai suat chiet khau
Luc nay dong lu kim co tc c bieu dien nh sau :
D D .. D D + Pn I--------I--------I--------I--------I--------I-------I----------------> 0 1 2 .. n-1 n
n Pn Dt D D D P0 = + + ... + + = 2 n n t (1 + k ) (1 + k ) (1 + k ) (1 + k ) t =1 (1 + k )
Pn (1 + k ) n
That ra ay ch la phng phap thong dung va to ra thuyet phuc hn ca trong so nhieu phng phap lng gia co phieu khac nhau. Cac phng phap lng gia khac nhau, bi da tren nhng nen tang gia nh khac nhau, nen se cho ra nhng ket qua, co the, khong hoan toan giong nhau. Ban oc co the nghien cu sau hn noi dung nay trong cac tai lieu tham khao a dan.
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Nh vay trong trng hp nay mo hnh lng gia co phieu cung tng t nh mo hnh dong lu kim chiet khau ma tai lieu a e cap trong muc lng gia trai phieu. Ch khac la trai phieu th co thi iem ao han va c hoan tra menh gia, trong khi o a gop von co phan roi th khong c rut ra (tr khi cong ty b phasan) nen trng hp nay mo hnh a gia nh rang nha au t se ban co phieu cua mnh vao thi iem n nao o vi gia Pn c d kien trc. b) Trng hp co phieu c gi vnh vien Thong thng viec au t vao co phieu c xem la au t dai han nen neu ng tren quan iem nay th ro rang viec nha au t mua co phieu cua mot cong ty nao o a the hien kha nang gan bo lau dai cua ong ta vi s nghiep cua cong ty, va niem ky vong c hng li t s kinh doanh thanh cong cua cong ty, thong qua so co tc c chia hang nam va s gia tang cua gia tr th trng cua von co phan. Tren ly thuyet th chng nao cong ty con ton tai, chng o cac co ong van tiep tuc c hng co tc. Bi vay cho nen neu xet trong hoan canh cong ty khong b pha san th cac khoan co tc co nh hang nam a tao thanh mot dong lu kim thuan nhat vo han (a perpetuity). Nh the theo quan iem nay, gia tr cua co phieu thi iem hien nay chnh la hien gia cua tat ca cac khoan co tc ky vong trong tng lai cua no. Bai toan lng gia co phieu trong trng hp nay a tr thanh bai toan xac nh gia tr hien tai cua mot dong lu kim thuan nhat vo han (the present value of a perpetuity). Goi : P0 D k la gia tr cua co phieu thi iem hien nay (thi iem lng gia) la khoan co tc co nh hang nam la lai suat chiet khau
Luc nay P0 la hien gia cua dong lu kim thuan nhat vo han c bieu dien nh sau
D D .. D .. D I--------I--------I--------I--------I--------I------------------------> 0 1 2 .. n . +
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P0 =
D D D D + + + ... + = 2 3 (1 + k ) (1 + k ) (1 + k ) (1 + k )
(1 + k )
t =1
Dt
1 1 1 1 P0 = D + + + ... + 2 3 (1 + k ) (1 + k ) (1 + k ) (1 + k ) 1 1 e y rang day so .... la mot cap so nhan lui vo han co so , (1 + k) (1 + k) 2 1 1 hang au tien la a 1 = va cong boi q = . Luc nay tong cac so (1 + k ) (1 + k ) hang trong dau ngoac Do o :
[ ] chnh la tong cua mot cap so nhan lui vo han.
1 1 (1 + k ) (1 + k ) D Dt = D = = D P0 = t 1 1 k k t =1 (1 + k ) (1 + k ) (1 + k )
c) Trng hp co phieu co co tc gia tang eu an hang nam Trong muc III.1.a va III.1.b chung ta a khao sat hai mo hnh lng gia co phieu trong ieu kien gia nh rang cac khoan co tc hang nam la khong oi (tc mc tang trng co tc bang khong). Tuy nhien tren thc te ieu nay rat kho thc hien bi theo thi gian th hoat ong san xuat kinh doanh cua cong ty se co the tang trng (hoac suy thoai) keo theo s tang len (hoac giam i) cua li nhuan rong sau thue. ieu nay lam cho y muon duy tr mot mc chi tra co tc on nh hang nam cho cac co ong tr nen kho c chap nhan. Xet ve nguon goc, s gia tang co tc hang nam xuat phat t viec mot phan li nhuan cua nam trc c gi lai va tai au t e tao ra nhieu li nhuan hn cho nam sau. Goi : ROE la ty suat li nhuan tren von co phan 44 (Return on Equity) ROE = Li nhuan thuan Gia tr ke toan cua toan bo von co phan pho thong
Neu goi EPS (Earning per share) la thu nhap tren mot n v co phan th EPS = Li nhuan thuan chia cho (:) So n v co phan pho thong a phat hanh. Luc nay ROE con c viet nh sau : Li nhuan thuan Thu nhap tren mot n v co phan ROE = ------------------------------------------------- = --------------------------------------------So VCP x Gia tr ke toan cua 1 VCP Gia tr ke toan cua 1 VCP
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=> Rp (1 Rp) g Ta co :
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la ty le chi tra co tc (Payout ratio) la ty le (li nhuan) gi lai e tai au t (plowback ratio) ty suat tang trng co tc (Dividend growth rate) g = ROE(1 Rp) (Dividend growth rate = ROE x Plowback ratio)
Nh a noi tren, co tc chia cho cac co ong co xu hng tang len (hoac giam xuong) tuy thuoc vao hoat ong san xuat kinh doanh cua cong ty. Hay gia s co tc cua mot cong ty tang len hang nam vi mot ty suat tang trng (g) on nh nao o. Luc nay mo hnh lng gia co phieu c xac lap nh sau : D0 la co tc thi iem hien tai
la co tc nhan c sau mot nam. Do co tc tang trng theo mot ty D1 suat tang trng co nh la (g) nen : D1 = D0(1 + g) Tng t : D2 = D1(1 + g) = D0(1 + g)2 D3 = D2(1 + g) = D0(1 + g)3 D = D0(1 + g) Ta bieu dien dong lu kim cac co tc ky vong nay tren truc thi gian nh sau
D1 D2 .. Dn .. D I--------I--------I--------I--------I--------I------------------------> 0 1 2 .. n . +
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D0 (1 + g ) D0 (1 + g ) 2 D0 (1 + g ) P0 = + ... + + (1 + k ) (1 + k ) (1 + k ) 2
1 + g 1 + g 2 1+ g P0 = D0 + ... + + 1+ k 1 + k 1 + k
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1+ g < 1, va luc o bieu thc trong dau ngoac [ ] chnh la 1+ k 1+ g 1+ g tong cua mot cap so nhan lui vo han co a1 = va q = 1+ k 1+ k Do o : e y rang neu g < k th (1 + g ) (1 + g ) (1 + k ) (1 + k ) D (1 + g ) D = D0 = 0 P0 = D0 = 1 kg kg 1 (1 + g ) (k g ) (1 + k ) (1 + k )
Bieu thc tren c goi la mo hnh tang trng on nh Gordon d) Trng hp co phieu co co tc tang giam khong on nh Mac du thc te ton tai nhng doanh nghiep ln co ty le tang trng khong ngnng, nhng van co nhng doanh nghiep khac phai trai qua nhng giai oan thang tram cua vong i phat trien. Va le d nhien se khong co mot c s vng chac nao e ky vong rang mot cong ty nao o se tiep tuc phat trien mai mai ma khong phai trai qua thi ky phat trien giam dan. Do vay ve nguyen tac, mo hnh tang trng on nh Gordon van co the c ap dung, nhng do ty suat tang trng li nhuan khong on nh nen oi hoi phai co nhng ieu chnh thch hp. Mot cach tong quat , gia s co phieu cua mot cong ty co ty suat tang trng co tc trong (n) nam au la g1% moi nam. Trong nhng nam tiep theo, tc t nam (n + 1) tr i, co tc tang trng theo mot ty suat on nh la g2% moi nam. Mo hnh lng gia co phieu co co tc tang trng theo giai oan c xac lap nh sau :
n Dn Pn Dt D1 D2 + + ... + + = n n t 2 (1 + k ) (1 + k ) (1 + k ) (1 + k ) t =1 (1 + k ) D (1 + g 2 ) vi Pn = n k g2
P0 =
Pn (1 + k ) n
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2. Lng gia co phieu u ai
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Co phieu u ai, nh tren a noi, la mot chng khoan lai, bi no va co nhng ac tnh giong trai phieu, lai va co nhng ac iem giong co phieu pho thong. No giong co phieu pho thong cho no cung la von gop, va v vay no khong co ngay ao han, ngha la khong the rut ra. Mat khac, co phieu u ai giong nh trai phieu cho a so cac co phieu u ai cho phep cac co ong c hng mot khoan co tc co nh va eu an hang nam, tng t nh li nhuan cua trai phieu coupon. Do tnh chat neu tren nen mo hnh lng gia co phieu u ai cung tng t nh mo hnh lng gia co phieu pho thong c lu gi vnh vien va co co tc khong oi (a gii thieu muc III.1.b cua chng nay). Goi : P0 la gia tr cua co phieu u ai thi iem lng gia Dp la khoan co tc co nh hang nam cua co phan u ai k la lai suat chiet khau Ta co
P0 =
Dp k
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CHNG VI: CHO THUE TAI CHNH

Cho thue tai chnh la mot phng thc giao dch lau i va c phat trien manh me vao au the ky th XIX nhieu quoc gia t ban. Ngay nay cho thue tai chnh a tr thanh mot trong nhng phng thc tai tr pho bien tren the gii bi tnh an toan, tien li, va hieu qua cua no oi vi cac ben tham gia. Viet Nam, nh che cho thue tai chnh c thanh lap vao thang 10/1995 khi Thu tng chnh phu ra quy che tam thi ve to chc va hoat ong cua cong ty cho thue tai chnh. Tuy con non tre, nh che cho thue tai chnh nc ta a khong ngng c cung co va hoan thien. Gan ay, viec Chnh phu ban hanh Ngh nh 16/2001/N-CP ngay 02/05/2001 ve to chc va hoat ong cua cong ty cho thue tai chnh la mot s kien noi bat, anh dau bc phat trien mi cua nh che nay. Cung vi s ra i va phat trien cua nh che cho thue tai chnh Viet Nam, viec tm hieu ly luan va nghiep vu ve cho thue tai chnh a chnh thc tr thanh noi dung nghien cu cua nhieu mon hoc co lien quan trong lanh vc kinh te xa hoi, ac biet la lanh vc tai chnh-ngan hang cac trng ai hoc nc ta. Tuy nhien, nh a tng co dp e cap, trong pham vi nghien cu cua tai chnh doanh nghiep, chng nay se khong at nang viec xem xet cac kha canh nghiep vu cua hnh thc cho thue tai chnh cung nh cua toan bo cong nghiep thue, ma chu yeu tap trung vao hai noi dung c ban sau ay: -Khai niem va cac hnh thc cho thue tai chnh -ng dung cua ly thuyet gia tr tien te theo thi gian trong cac ky thuat tnh toan tien thue. Thc chat, ay la phan noi dung noi tiep cua chng II.
I. Thoa thuan cho thue, cho thue van hanh (cho thue hoat ong) va cho thue tai chnh
1. Thoa thuan cho thue
Thoa thuan cho thue (leasing agreement) la mot hp ong gia hai hay nhieu ben lien quan en mot hay nhieu tai san. Ben cho thue chuyen giao tai san cho ben thue oc quyen s dung va hng dung nhng li ch kinh te trong mot khoang thi gian nhat nh. oi lai, ben thue phai tra mot so tien cho ben cho thue tng xng vi quyen s dung va quyen hng dung o. Nh vay, ac trng noi bat cua mot giao dch cho thue o la viec tach ri gia quyen s hu va quyen s dung oi vi tai san. Ben cho thue van gi lai cho mnh quyen s hu tai san (trong o co quyen nh oat), va chuyen giao quyen s dung va phan ln quyen chiem hu cho ben i thue. ac trng nay lam cho giao dch cho thue khac han vi cac giao dch mua ban may moc thiet b khac. Nhn chung, thoa thuan cho thue thng co hai hnh thc chu yeu la : -Cho thue van hanh (operating lease) : Ch e s dung
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-Cho thue tai chnh (finance lease) : Con goi la thue e roi mua
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2. Cho thue van hanh

Mot giao dch cho thue c xem la cho thue van hanh (cho thue hoat ong, ch e s dung) neu tat ca rui ro va li ch gan lien vi quyen s hu tai san hau nh khong c chuyen giao t ben cho thue sang ben i thue. Di ay tom tat mot so ac trng chu yeu cua loai hnh cho thue nay : -Thong thng, ben i thue ch tam s dung tai san trong thi gian ngan hn tuoi tho kinh te hoac thi gian hu dung cua tai san va khong co y nh mua lai tai san o khi hp ong thue ket thuc. -Ben cho thue khong thu hoi c toan bo so tien bo ra au t trong suot thi ky cho thue au tien ma phai trong ch vao nhieu hp ong cho thue tiep theo. -Ben cho thue c hng tien thue va nhng li ch gan lien vi quyen s hu tai san nhng phai chu moi chi ph van hanh tai san nh chi ph bao tr, sa cha tai san, chi ph bao hiem tai san, thuecung nh moi rui ro va hao mon (hu hnh va vo hnh) cua tai san. -Ben i thue co quyen s dung tai san va co trach nhiem thanh toan tien thue theo thoa thuan. Ben i thue khong phai chu cac ph ton ve bao tr, van hanh, hay nhng rui ro lien quan en tai san neu khong phai do loi cua ho gay ra. -Cho thue van hanh thng c thc hien oi vi cac tai san co thi gian s dung hu ch lau dai, t lac hau ve ky thuat cong nghe hoac co th trng thiet b cu nang ong.
3. Cho thue tai chnh

Mot giao dch cho thue c xem la cho thue tai chnh neu nh hau het cac rui ro va li ch gan lien vi quyen s hu tai san c chuyen giao t ben cho thue sang ben i thue. Di ay la mot so ac trng chu yeu cua loai hnh cho thue nay : -Thi han cho thue chiem phan ln thi gian s dung hu ch cua tai san, va tong so tien ma ben cho thue thu c trong suot thi han cho thue thng la u e bu ap gia goc cua tai san cong them phan li nhuan hp ly. -Thong thng quyen s hu tai san c chuyen giao cho ben i thue khi hp ong thue ket thuc, hoac trong hp ong co quy nh ben i thue c quyen chon phng an tiep tuc thue vi tien thue thap, hay mua lai tai san thue vi gia danh ngha thap hn gia tr con lai thc te cua tai san thue tai thi iem mua lai. -Cac loai chi ph bao tr, van hanh, bao hiem va cac rui ro lien quan en tai san thng do ben i thue ganh chu. Tuy nhien, do gi quyen s hu phap ly oi vi tai san cho thue nen moi u ai ve thue va cac khoan tien boi thng do c quan bao hiem tra cho tai san eu do ben cho thue hng, tr phi co thoa thuan khac trong hp ong cho thue tai chnh.
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Viet Nam, cho thue tai chnh c nh ngha la mot hoat ong tn dung trung dai han, thong qua viec cho thue may moc thiet b va cac ong san khac 45. Di ay tom tat mot vai quy nh co lien quan : -Ben cho thue cam ket mua may moc thiet b va ong san theo yeu cau cua ben thue, va nam gi quyen s hu tai san thue -Thi han cho thue tai chnh toi thieu phai bang 60% thi gian s dung hu ch cua tai san. -Ben i thue c s dung tai san thue, phai thanh toan tien thue va phai mua bao hiem cho tai san o trong suot thi han thue a c hai ben thoa thuan. -Khi ket thuc thi han thue, ben i thue c chuyen quyen s hu, mua lai hoac tiep tuc thue tai san theo cac ieu kien a thoa thuan trong hp ong thue. -Ben i thue khong c huy bo hp ong thue trc thi han. Tuy nhien, s huy ngang hp ong van co the xay ra neu nh co s ong thuan cua cac ben lien quan, hoac theo nhng quy nh cua c quan quan ly Nha nc co tham quyen. Thong t so 08/2001/TT-NNNH ngay 06/09/2001 cua Ngan hang Nha nc hng dan thc hien Ngh nh 16/2001/N-CP ngay 02/05/2001 cua Chnh phu ve to chc va hoat ong cua cong ty cho thue tai chnh a quy nh ro cac trng hp cham dt hp ong cho thue tai chnh trc han nh sau : Ben cho thue co quyen cham dt hp ong cho thue tai chnh trc khi ket thuc thi han cho thue khi co mot trong cac trng hp sau :
Ben i thue khong tra tien thue theo quy nh trong hp ong ; Ben i thue vi pham cac ieu khoan cua hp ong ; Ben i thue b pha san, giai the ; Ngi bao lanh b pha san, giai the va ben cho thue khong chap nhan e ngh cham dt bao lanh hoac e ngh ngi bao lanh khac thay the cua ben i thue. Ben i thue cung co quyen cham dt hp ong thue tai chnh trc khi ket thuc thi han thue khi co mot trong cac trng hp sau : Ben cho thue khong giao ung han tai san cho thue do loi cua ben cho
thue ;
Ben cho thue vi pham cac ieu khoan cua hp ong

Hp ong cho thue tai chnh c cham dt trc khi ket thuc thi han cho thue trong trng hp tai san cho thue b mat, hong khong the phuc hoi sa cha ;
Theo quy nh hien hanh, cho thue tai chnh Viet Nam ch thc hien oi vi may moc thiet b cong nghiep, thiet b xay dng, giao thong van tai, thiet b van phong, thiet b y te, thiet b o lng , kiem tra chat lng san pham, va tat ca cac loai ong san khac. Khong cho thue tai chnh oi vi cac bat ong san.
45
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hoac trong trng hp ben cho thue chap nhan e ben i thue thanh toan toan bo tien thue trc thi han cho thue ghi trong hp ong.
4. Phan biet giao dch cho thue tai chnh va cho thue van hanh
Ngi ta e xuat 4 tieu ch lam can c c ban cho viec phan biet gia giao dch cho thue tai chnh va giao dch cho thue van hanh nh sau : -Quyen s hu tai san thue co c chuyen giao cho ben i thue khi ket thuc hp ong khong? Neu co th o la giao dch thue tai chnh, neu khong th la thue van hanh. -Trong hp ong co quy nh ben i thue co quyen chon mua tai san thue khi ket thuc hp ong vi gia tng trng khong? Neu co th o la giao dch thue tai chnh, neu khong th la thue van hanh. -Thi gian thue ghi trong hp ong co chiem phan ln thi gian s dung hu ch cua tai san thue hay khong? Neu co th o la giao dch thue tai chnh, neu khong th la thue van hanh. -Gia tr hien tai thuan cua toan bo cac khoan tien thue toi thieu do ben i thue tra co tng ng hoac ln hn gia tr th trng cua tai san tai thi iem bat au hp ong khong? Neu co th o la giao dch thue tai chnh, neu khong th la thue van hanh. Tat ca cac giao dch cho thue tai san neu thoa man bat ky mot trong bon tieu ch tren ay th eu thuoc giao dch cho thue tai chnh. Neu khong th ch la giao dch cho thue van hanh.
5. Nhng li ch cua cho thue tai chnh

a) Li ch oi vi nen kinh te -Cho thue tai chnh la mot hnh thc tai tr kha linh hoat, ac biet phu hp vi cac doanh nghiep va va nho ang co nhu cau oi mi trang thiet b san xuat, gop phan giup loai hnh doanh nghiep nay phat trien. -Cho thue tai chnh gop phan thu hut von au t vao nen kinh te, phuc vu cho s nghiep cong nghiep hoa hien ai hoa at nc. -Cho thue tai chnh gop phan thuc ay oi mi cong nghe, thiet b, cai tien khoa hoc ky thuat phuc vu san xuat, t o nang cao sc canh tranh cho nen kinh te. b) Li ch oi vi ben cho thue Cho thue tai chnh la mot hnh thc tai tr co mc o an toan cao hn han nhieu hnh thc tai tr tn dung khac. Bi le trong suot thi han cho thue, ben cho thue van nam gi quyen s hu phap ly oi vi tai san nen hoan toan co quyen chiem hu lai tai san bat c luc nao, neu xet thay ben i thue co hanh vi vi pham hp ong.
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Mat khac, du trong trng hp doanh nghiep i thue lam vao tnh trang pha san th tai san thue tai chnh van khong b phat mai, va van thuoc quyen s hu hp phap cua ben cho thue. c) Li ch oi vi ben i thue -Neu trong hnh thc cho vay trung dai han ngi i vay phai co von t co tham gia vao d an, th cho thue tai chnh la loai hnh tn dung tai tr 100% nhu cau von nen tao nhieu thuan li hn cho doanh nghiep i thue. -Do cho thue tai chnh la mot hnh thc tai tr t rui ro nen quy trnh thu tuc tai tr c thc hien kha nhanh chong, t o cho phep ben i thue rut ngan thi gian trien khai au t, ap ng kp thi cac c hoi kinh doanh. -Do ben cho thue van gi quyen s hu phap ly oi vi tai san cho thue nen thng se khong at ra yeu cau ben i thue phai the chap hoac cam co tai san. Tham ch nhng doanh nghiep khong thoa man cac yeu cau am bao oi vi cac hnh thc tn dung thong thng khac van co the co c hoi c nhan tai tr t hnh thc cho thue tai chnh. -Nh hnh thc cho thue tai chnh, ben i thue co the gia tang nang lc san xuat va thc hien oi mi may moc, thiet b e theo kp toc o phat trien cua cong nghe mi cung nh am bao kha nang canh tranh cua mnh trong ieu kien han che ve nguon lc. ong thi cho thue tai chnh cung giup ben i thue tranh c tnh trang nguon lc tai chnh b ong trong cac tai san co nh, t o tao ieu kien giai quyet nhu cau von lu ong. Cac doanh nghiep co tai san co nh ln nhng khong u von e mua nguyen vat lieu va tra lng nhan cong co the lien he vi cac cong ty cho thue tai chnh e thc hien giao dch ban roi thue lai. Cach lam nay se am bao cho ben cho thue (ngi va mua lai tai san) co c khach hang va tm kiem li nhuan t s tai tr, ong thi giup cho ben i thue (ngi em ban tai san cua mnh e roi thue lai) va co tai san co nh e phuc vu san xuat, va co tien e mua nguyen vat lieu va tra lng nhan cong. -oi vi nhng quoc gia khong quy nh von hoa tai san thue tai chnh th viec thue tai chnh se khong anh hng bat li en cac ty so ve c cau tai chnh, do o giup duy tr hnh anh tot ep ve tai chnh cua doanh nghiep i thue oi vi cac oi tng quan tam. -Cho thue tai chnh em lai cho doanh nghiep i thue nhng khoan tiet kiem ve thue TNDN do tien thue c hach toan nh la mot yeu to chi ph cua qua trnh san xuat kinh doanh. Khi hp ong thue cham dt, gia tr con lai cua tai san thue thng la rat ang ke va se tr thanh li ch cua ben i thue neu ho c chuyen giao quyen s hu tai san thue, hoac c mua lai vi gia tng trng thap hn gia tr con lai thc te cua tai san o. Mac du mang lai kha nhieu li ch cho ben i thue nhng cho thue tai chnh khong phai hoan toan khong co nhng bat li. Chang han nh doanh nghiep i thue
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khong phai la chu s hu tai san thue nen khong the s dung no e the chap, cam co hoac am bao cho bat ky mot ngha vu tai chnh nao ; ben i thue cung khong hoan toan chu ong trong viec s dung tai san thue v khong the thay oi v tr lap at may moc, khong c thay oi ket cau, hnh dang cua may moc thiet b cho phu hp vi day chuyen san xuat hien co ; chi ph thue tai chnh ma ben i thue phai ganh chu thng cao hn chi ph vay trung dai han ; ben i thue con phai ton kem chi ph cho viec bao dng, sa cha tai san thue trong thi han thue cung nh phai thanh toan cac chi ph co lien quan en tai san thue nh thue nhap khau tai san, ph bao hiem
II. Cac hnh thc cho thue tai chnh

Cho thue tai chnh co nhieu hnh thc rat a dang va phong phu e ap ng cho cac nhu cau khac nhau cua ben i thue. Cac hnh thc nay khong gii han trong mot khuon kho nhat nh nao ma an xen vao nhau, tao ra nhng bien the tai tr vo cung linh hoat. Di ay gii thieu mot so hnh thc cho thue tai chnh pho bien.
1. Cho thue tai chnh co s tham gia cua hai ben

ay la loai hnh cho thue tai chnh ma trc khi giao dch dien ra, tai san tai tr a co san va thuoc quyen s hu cua ben cho thue. Hnh thc tai tr nay thng c cac nha san xuat cong nghiep s dung e ay manh viec tieu thu san pham. No cung co the c van dung e cho thue nhng tai san c xiet n bi cac nh che tai chnh trung gian. Cac quan he c ban trong giao dch cho thue tai chnh co s tham gia cua hai ben c minh hoa trong S o (1). di ay :
(a) Ky hp ong BEN CHO THUE (b) Quyen s dung tai san (c) Tra tien thue (d) Ket thuc hp ong BEN I THUE
(a) Ben cho thue va ben i thue ky hp ong cho thue tai chnh (b) Ben cho thue chuyen giao quyen s dung tai san cho ben i thue (c) Ben i thue thanh toan tien thue, ph bao dng, tien mua phu tung, ph bao hiem, cac loai ph khac cho ben cho thue (d) Ket thuc hp ong, hai ben cung x ly cac noi dung co lien quan en quyen li va ngha vu cua mnh.
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2. Cho thue tai chnh co s tham gia cua ba ben
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Hnh thc nay c goi la cho thue tai chnh thuan (net financial leasing). ay la loai hnh cho thue tai chnh ma trc khi giao dch dien ra, tai san tai tr cha co san. Ben cho thue se mua tai san theo ung yeu cau cua ben i thue. Cac quan he c ban trong giao dch cho thue nay co s gop mat cua ba ben : ben cho thue, ben i thue, va nha cung cap. S o (2) Cac moi quan he ba ben trong hnh thc cho thue tai chnh thuan
(1)Hp ong thue tai san
BEN CHO THUE
(4a)Quyen s dung tai san (4b)Tra tien thue tai san
BEN I THUE
(2) (3c) (3b) Hp Quyen Tra ong s hu tien mua phap ly mua tai /v tai tai san san san
(3a) Giao tai san
(5a) Bao tr va phu tung thay the
(5b) Tra tien bao tr va phu tung
NHA SAN XUAT, CUNG CAP THIET B
(1) Sau khi tham khao y kien cua ben cho thue, ben i thue t mnh la chon nha cung cap tai san va thoa thuan e i en ky ket mot bien ban ghi nh vi nha cung cap ve cac noi dung : mau ma, cac ac tnh ky thuat cua tai san, ngay giao tai san, bao trva nhng van e khac co lien quan en tai san. ong thi tien hanh thng lng vi ben cho thue e i en ket hp ong cho thue tai chnh. (2) Sau khi hp ong cho thue tai chnh a c ky ket, ben cho thue se lien he vi nha cung cap e at hang theo yeu cau cua ben i thue, va ky ket hp ong
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Khoa QTKD
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mua ban tai san can c vao bien ban ghi nh ma ben i thue va nha cung cap a ky ket trc o. (3a), (3b), (3c) Nha cung cap, can c vao hp ong a ky ket vi ben cho thue, se tien hanh van chuyen va lap at tai san thiet b tai a iem va thi gian theo yeu cau cua ben i thue. Ben i thue se thc hien viec giam nh tai san, neu tai san la phu hp vi hp ong thue th lap bien ban chap nhan tai san thue. Can c vao bien ban chap thuan tai san thue cua ben i thue, ben cho thue se thanh toan tien mua tai san cho nha cung cap theo hp ong, va chnh thc xac lap quyen s hu phap ly cua mnh oi vi tai san cho thue. (4a), (4b) Ben cho thue va ben i thue kiem tra lai lan cuoi cung tai san c lap at, to chc van hanh th va lap bien ban ban giao tai san thue e chnh thc chuyen giao quyen s dung tai san t ben cho thue sang ben i thue. Hp ong thue tai chnh bat au co hieu lc tren thc te. Ben i thue co trach nhiem thanh toan tien thue theo nhng thoa thuan a ky ket trong hp ong thue tai chnh va khong c huy ngang hp ong thue tr phi nhan c s ong thuan t ben cho thue. (5a), (5b) Trong qua trnh s dung, ben i thue co trach nhiem bao quan tai san thue, mua bao hiem cho tai san, lien he vi nha cung cap e thc hien viec bao tr, sa cha tai san khi can thiet va phai chu moi ph ton cho cac hoat ong nay, cung nh phai ganh chu tat ca nhng rui ro xay ra trong qua trnh s dung tai san thue. Hnh thc giao dch cho thue tai chnh co s tham gia cua ba ben co nhieu u iem va tao thuan li cho cac ben tham gia, chang han nh : -Ben cho thue khong phai mua tai san trc khi giao dch nen ong von khong b ong di dang hang ton kho -Ben i thue hoan toan chu ong trong viec la chon nha cung cap va tai san thue nen se am bao hieu qua va tnh phu hp cua qua trnh thue mua tai san thiet b. ong thi, cung han che c rui ro cho ben cho thue lien quan en viec t choi nhan tai san thue cua ben i thue.
3. Mot so hnh thc ac biet cua cho thue tai chnh

a) Ban roi thue lai (Sale and leaseback) Ban roi thue lai la mot bien the ac biet cua cho thue tai chnh thuan. Theo o, chu s hu ban au cua tai san (cong ty A) se ban mot tai san cua chnh ho cho ben cho thue (cong ty cho thue tai chnh B) e nhan c mot so tien nhat nh. ong thi, ngay luc o mot hp ong cho thue tai chnh se c ky ket vi noi dung ben cho thue (cong ty B) ong y cho cong ty A thue lai chnh tai san ma ho va ban. Neu giao dch nay hoan tat, cong ty A va co nguon tai chnh e kinh doanh ma van duy tr c viec s dung tai san, con cong ty B th a tm c khach hang va co c hoi e tm kiem li nhuan thong qua tai tr. S o (3.a). Cac moi quan he c ban trong hnh thc ban roi thue lai
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Hp ong mua ban tai san
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Cong ty cho thue tai chnh
Quyen s hu phap ly Tra tien mua tai san
Chu s hu ban au
Ben mua lai tai san Ben cho thue
Quyen s dung tai san Tra tien thue tai san
Ben ban tai san Ben i thue
Hp ong cho thue tai chnh Hnh thc ban roi thue lai tao ra nhieu li ch cho ben i thue, nh : -Giai quyet nhu cau von lu ong : Tren thc te, co mot so doanh nghiep co tai san co nh gia tr ln nhng lai khong u von lu ong e khai thac nang lc tai san co nh hien co. Trong ieu kien cac doanh nghiep nay can phai duy tr nang lc san xuat nen khong the ban bt tai san co nh e chuyen thanh tai san lu ong, th hnh thc ban roi thue lai se la mot giai phap kha d co the la chon nham giup doanh nghiep va thu c mot so tien nhat nh e bu ap thieu hut von lu ong, va duy tr c quyen s dung tai san e phuc vu san xuat kinh doanh. Khi ket thuc thi han thue, doanh nghiep co the mua lai tai san thue va khoi phuc vai tro chu s hu tai san cua mnh. -Hnh thc nay cung c ap dung e tai tai tr trung dai han oi vi nhng tai san trc o ben i thue a mua bang nguon von vay n, hoac c dung e giam chi ph s dung von neu hnh thc nay co mc lai suat thap hn cac chi ph s dung von khac. b) Cho thue giap lng (under lease) Cho thue giap lng la hnh thc cho thue tai chnh ma thong qua s ong y cua ben cho thue, ben i thue th nhat cho ben i thue th hai thue lai tai san ma trc o ho a thue. Ngay sau khi hp ong cho thue giap lng c ky ket, moi quyen li, ngha vu, rui ro, va tai san c chuyen giao t ben thue th nhat sang ben thue th hai. Tuy nhien, ben thue th nhat van phai chu trach nhiem lien i oi vi nhng rui ro
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va thiet hai lien quan en tai san thue bi v ho la ngi trc tiep ky ket hp ong thue tai chnh vi ben cho thue. Trong trng hp nay, ben thue th nhat va ong vai tro la ngi i thue tai san, va la ngi cho thue tai san, va ben cho thue ban au ch biet en ben thue th nhat ma khong can biet ben thue th hai la ai. Hnh thc cho thue giap lng thng c s dung trong trng hp ben thue th nhat khong con nhu cau s dung tai san thue nhng thi han thue van cha cham dt va hp ong thue khong the huy ngang, nen ho phai tm ben thue th hai e chuyen giao hp ong va trut bo ganh nang thanh toan tien thue. c) Cho thue bac cau (leveraged lease) Hnh thc nay ra i xuat phat t thc te cac cong ty cho thue tai chnh co han che ve nguon lc tai chnh nen khong u kha nang t tai tr nhng tai san co gia tr ln cho khach hang. Hnh thc nay cho phep ben cho thue i vay phan ln chi ph mua sam tai san cho thue t mot hoac nhieu ben cho vay. The chap cho khoan vay nay la quyen s hu tai san thue va cac khoan tien thue ma ben i thue se thanh toan trong tng lai. Ben cho vay c hoan tra tien vay (von goc va lai) t cac khoan tien thue, thng do ben i thue trc tiep chuyen tra theo yeu cau cua ben cho thue. Sau khi tra het khoan n vay, nhng khoan tien thue con lai se c tra cho ben cho thue. Nhn chung, hnh thc cho thue bac cau thng co s tham gia cua bon ben : ben cho vay, ben cho thue, ben i thue, va nha cung cap. Moi quan he giao dch gia ben cho thue, ben i thue va nha cung cap khong co s khac biet ln so vi hnh thc cho thue tai chnh thuan. Rieng ben cho thue phai ky them hp ong tn dung vi ben cho vay va chu trach nhiem tra tien vay. Qua trnh tai tr thue mua nay a boc lo moi quan he tng ho gia cac ben lien quan, tao ra nhng li ch cho cac ben tham gia va cho ca nen kinh te. No cho phep em lai li nhuan va m rong kha nang tai tr ra khoi pham vi nguon lc tai chnh cua ben cho thue. No thng c s dung trong cac giao dch cho thue tai chnh oi hoi lng von au t ln cho nhng tai san thue co gia tr cao nh may bay, tau bien ch hang trong tai ln
III. Phng phap tnh toan tien thue

Tren goc o ben cho thue, viec tnh toan tien thue mot cach hp ly se am bao mot mc li nhuan thoa ang, han che rui ro, va thu hut c khach hang tham gia giao dch cho thue tai chnh.
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Tren goc o ben i thue, viec nam bat c ky thuat tnh toan tien thue se giup cho doanh nghiep thuan li hn trong cac thng lng hp ong thue tai chnh vi oi tac. C s cua phng phap tnh toan tien thue trong cac giao dch cho thue tai chnh la ly thuyet ve gia tr tien te theo thi gian a e cap Chng II cua tai lieu nay.
1. Mot so van e can lu y khi van dung phng phap tnh tien thue
Viec van dung mot phng phap tnh toan tien thue nao o cho phu hp vi tng tnh huong cu the tuy thuoc vao may yeu to chu yeu sau ay : -Lai suat ap dung e tnh toan tien thue la co nh hay tha noi? (thc te thng ap dung lai suat co nh) -Cac ky han thanh toan tien thue la eu nhau hay khong eu nhau? (thc te thng ap dung ky han thanh toan eu nhau) -Tien thue c thanh toan va au hay cuoi cua moi ky han? (thc te thng ap dung thanh toan vao cuoi moi ky han) -Tien thue c phan phoi eu cho tat ca cac ky han thanh toan (ky khoan co nh), hoac tang dan theo mot he so nhat nh (ky khoan tang dan), hoac giam dan theo mot he so nhat nh (ky khoan giam dan), hoac thay oi khong theo mot quy luat chung nao ca (ky khoan bien thien)? (thc te thng ap dung ky khoan co nh) -Ben cho thue co thu trc tien thue cua mot so ky han cuoi hay khong? (thc te thng khong thu trc) -Mc hoan von trong thi han thue la toan bo hay ch mot phan? Ket thuc hp ong ben cho thue chuyen giao quyen s hu tai san thue cho ben i thue, hay ben i thue phai mua lai tai san thue vi mot mc gia nao o? Moi mot yeu to tren se anh hng trc tiep en qua trnh tnh toan tien thue, tao ra s a dang va phong phu cua cac ky thuat toan tai chnh ap dung cho qua trnh nay. Tuy nhien, du cho viec tnh toan tien thue c thc hien theo ky thuat nao i na th cung phai nghiem ung phng trnh can ban cua bai toan vay va tra n a c e cap Chng II cua tai lieu nay. Cac ky hieu sau ay se c s dung cho cac phan noi dung tiep theo : P n m i Tong so tien tai tr (la nguyen gia cua tai san co nh cho thue) So ky han thanh toan tien thue So ky han cuoi ma ben cho thue thu tien thue ngay khi tai tr Lai suat cho moi ky han (%)
S Gia tr con lai c tnh cua tai san thue thi iem ket thuc hp ong, dung lam can c xac nh gia ban tai san thue cho ben i thue vao thi iem o. S = 0 neu mc hoan von trong thi han thue la toan bo
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S > 0 neu mc hoan von trong thi han thue ch mot phan
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Cac khoan tien thue ma ben i thue phai tra cho ben cho thue moi Xi ky han thanh toan. (i [0 , n] ). q He so tang hay giam cac khoan tien thue neu cac khoan tien thue tang hay giam dan theo thi gian Neu cac khoan tien thue la eu an (ky khoan co nh) th cac mon tien thue theo thi gian a lap thanh mot dong lu kim thuan nhat. Luc nay q = 1 va X0 = X1 = X2 = = Xn Neu cac khoan tien thue tang dan : q > 1 Neu cac khoan tien thue giam dan : q < 1 Chang han : tien thue thanh toan vao cuoi moi quy va tang dan theo ty le 20%/quy co ngha : tien thue se c thanh toan vao cuoi cua moi ky han la quy, ong thi tien thue quy sau se tang hn quy trc 20%, tc q = 1,2. Luc nay: X2 = X1.1,2 ; X3 = X2.1,2 = X1.1,22
2. Cac phng phap tnh tien thue trong trng hp lai suat co nh
a) Trng hp tong quat 1 : Tien thue thanh toan vao au cua moi ky han, cac ky han thanh toan eu nhau va so tien thue ky sau bang q lan so tien thue ky ng lien trc o. Ben cho thue co thu trc so tien thue cua m ky han cuoi ngay khi tai tr. Mc hoan von trong thi han thue ch mot phan, gia tr con lai cua tai san thue tai thi iem ket thuc hp ong la S. Ta bieu dien dong tien thue len truc thi gian nh sau :
mX0 + X0 X1 X2 X3 . Xn-m-1 S I---------I---------I----------I---------------I-----------I------------> i% 0 1 2 3 . n-m-1 n

Vi X1 = X0.q ; X2 = X1.q = X0.q2 ; X3 = X0.q3 ; Xn-m-1 = X0.qn-m-1
Dong tien thue theo thi gian t X0 en Xn-m-1 a lap thanh mot cap so nhan vi cong boi la q. Muon xac nh c cac mon tien thue phai tra au cua moi ky han, ta ch can xac nh c mon tien thue phai tra thi iem bat au cua ky han au tien : X0. Ta co X0 la nghiem cua phng trnh : Tong gia tr tai tr = Tong cac mon tien se thanh toan (quy ve cung mot thi iem nhat nh vi mot lai suat nao o) Bang ky thuat xac nh gia tr tng lai cua dong lu kim a gii thieu Chng II, chung ta co the thiet lap cong thc tong quat e tnh toan tien thue trong trng hp nay nh sau :
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P (1 + i )
n
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n m +1 (1 + i ) n m q n m m (1 + i ) (1 + i q ) + (1 + i ) = X0 1+ i q
] + S

X0 =
[P (1 + i )
S (1 + i q )
m (1 + i ) n (1 + i q ) + (1 + i ) m + 1 (1 + i ) n m q n m
X0 =
[P (1 + i )
n
S (1 + i q )
m (1 + i ) n (1 + i q ) + (1 + i ) n + 1 (1 + i ) m + 1 .q n m
X0 =
(1 + i ) n m + mi mq + 1 + i (1 + i ) m + 1 .q n m
[P (1 + i )
S (1 + i q )
X0 =
(1 + i )
[(1 + i )( m + 1) mq ] (1 + i )
[P (1 + i )
S (1 + i q )
m +1
(III.2.a) .q
nm
Cong thc (III.2.a) co the ap dung cho trng hp tong quat a noi tren. ong thi, tuy vao nhng quy nh cu the trong hp ong thue tai chnh ma ieu chnh cong thc nay e tnh toan so tien thue mot cach phu hp. Chang han nh :
Neu ben cho thue khong thu trc tien thue cua m ky han cuoi ngay khi tai tr, tc m = 0 ; va so tien thue c phan bo eu cho moi ky han (ky khoan co nh), tc q = 1. Cong thc (III.2.a) tr thanh :
X0 =
P.i.(1 + i) n S.i (1 + i) (1 + i) n 1
Neu ben cho thue khong thu trc tien thue cua m ky han cuoi ngay khi tai tr, tc m = 0 ; So tien thue c phan bo eu cho moi ky han (ky khoan co nh), tc q = 1 ; Va mc hoan von trong thi han thue la toan bo, ket thuc hp ong tai san thuoc ve ben i thue, tc S = 0. Cong thc (III.2.a) tr thanh :
X0 =
P.i.(1 + i) n (1 + i) (1 + i) n 1
Neu ben cho thue khong thu trc tien thue cua m ky han cuoi ngay khi tai tr, tc m = 0. Cong thc (III.2.a) tr thanh :
X0
[P(1 + i) S](1 + i q) = (1 + i)[(1 + i) q ]

n n n
b) Trng hp tong quat 2 : Tien thue thanh toan vao cuoi cua moi ky han, cac ky han thanh toan eu nhau va so tien thue ky sau bang q lan so tien thue ky
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ng lien trc o. Ben cho thue co thu trc so tien thue cua m ky han cuoi ngay khi tai tr. Mc hoan von trong thi han thue ch mot phan, gia tr con lai cua tai san thue tai thi iem ket thuc hp ong la S. Ta bieu dien dong tien thue len truc thi gian nh sau :
mX1 X1 X2 X3 . Xn-m S I----------I----------I-----------I--------------------I-----------I------------> i% 0 1 2 3 . n-m n

Vi X2 = X1.q ; X3 = X2.q = X1.q2 ; X4 = X1.q3 ; Xn-m = X1.qn-m-1
Dong tien thue theo thi gian t X1 en Xn-m a lap thanh mot cap so nhan vi cong boi la q. Muon xac nh c cac mon tien thue phai thanh toan cuoi cua moi ky han, ta ch can xac nh c mon tien thue phai thanh toan thi iem cuoi cua ky han au tien : X1. Bang lap luan tng t nh muc III.2.a, chung ta co the tm c cong thc tong quat e xac nh X1 nh sau :
X1 =
[P(1+ i) S](1+ i q)
n n
(III.2.b)
m n m
m(1 + i) .(1 + i q) + (1 + i) (1 + i) .q
n
Cong thc (III.2.b) co the ap dung cho trng hp tong quat th 2 a noi tren. ong thi, tuy vao nhng quy nh cu the trong hp ong thue tai chnh ma ieu chnh cong thc nay e tnh toan so tien thue mot cach phu hp. Nh :
Neu ben cho thue khong thu trc tien thue cua m ky han cuoi ngay khi tai tr, tc m = 0 ; va so tien thue c phan bo eu cho moi ky han (ky khoan co nh), tc q = 1. Cong thc (III.2.b) tr thanh :
X1 =
P.i.(1 + i) n S.i (1 + i) n 1
V du 1. Mot cong ty cho thue tai chnh ky hp ong cho thue tai chnh mot TSC vi doanh nghiepA. Hp ong thue ch ro nhng noi dung c ban sau ay : Tong gia tr tai tr (nguyen gia cua TSC cho thue) la 75.000 USD. Thi han cho thue la 5 nam. Tien thue c thanh toan eu vao cuoi moi nam. Hp ong ap dung lai suat co nh la 8% nam. Gia tr con lai cua tai san thi iem hp ong ket thuc la 8000 USD. Hay lap bang ke hoach tra tien thue cho giao dch nay. Giai P = 75000 n = 5 nam i = 8% nam S = 8000 q=1 m=0
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X1 = P.i.(1 + i) n S.i
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[(1 + i)
75.000 0,08 1,08 5 8000 0,08
(1,08
= 17.421 USD
Ky han 0 1 2 3 4 5 Cong
Tai san n 75000 81000 68666 55345 40958 25421
Tien thue phai tra Lai Von goc Cong 0 0 0 6000 11421 17421 5086 12334 17421 4100 13321 17421 3034 14387 17421 1883 15538 17421 20103 67000 87103
Tai san n con lai 75000 63579 51245 37924 23538 8000
Neu ben cho thue khong thu trc tien thue cua m ky han cuoi ngay khi tai tr, tc m = 0 ; So tien thue c phan bo eu cho moi ky han (ky khoan co nh), tc q = 1 ; Va mc hoan von trong thi han thue la toan bo, ket thuc hp ong tai san thuoc ve ben i thue, tc S = 0. Cong thc (III.2.b) tr thanh :
X1 =
P.i.(1 + i) n (1 + i) n 1
V du 2. Lay lai nhng gia thiet a neu v du 1, nhng mc hoan von trong thi han thue la toan bo, ket thuc hp ong tai san thuoc ve ben i thue. Hay lap bang ke hoach tra tien thue cho giao dch nay. Ta co : P = 75000 n = 5 nam i = 8% nam S=0 q=1 m=0
X1 =
[(1 + i)
P.i.(1 + i) n
n
75.000 0,08 1,08 5
(1,08
= 18.784 USD
Tai san n con lai 75000 62216 48409 33497 17393 0
Ky han 0 1 2 3 4 5 Cong
Tai san n 75000 81000 67193 52281 36177 18784
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Ban oc e y trong trng hp nay cac mon tien thue phai thanh toan thi iem cuoi cua moi ky han la nh nhau : X1 = X2 = X3 = = Xn, va qua trnh tnh toan tien thue tra eu hang ky luc nay co dang thc hoan toan tng t nh bai toan vay n tra dan bang cac ky khoan co nh ma chung ta a co dp khao sat trong Chng II trc ay.
Neu ben cho thue khong thu trc tien thue cua m ky han cuoi ngay khi tai tr, tc m = 0. Cong thc (III.2.b) tr thanh :
X1
[P(1 + i) S](1 + i q) =
n
(1 + i) n q n
V du 3. Lay lai nhng gia thiet a neu v du 1 va bo qua gia thiet v du 2, nhng tien thue c thanh toan giam dan theo ty le 30% moi nam. Hay lap bang ke hoach tra tien thue cho giao dch nay. Giai P = 75000 n = 5 nam i = 8% nam S = 8000 q = 0,7 m=0
X1 =
(75.000 1,08 5 8000) (1,08 0,7)
(1,08
0,7
= 29.845 USD
Tai san n con lai 75000 51155 34356 22481 14042 8000
Ky han 0 1 2 3 4 5 Cong
Tai san n 75000 81000 55248 37105 24279 15166
V du 4. Cong ty cho thue thiet b ABC tai tr cho doanh nghiep Minh Hoang tai san co nguyen gia la 1000.000 USD. Noi dung c ban cua hp ong nh sau : Thi gian tai tr la 12 nam. Tien thue c thanh toan vao cuoi moi nam va tang dan theo ty le 10% nam. Hp ong thue tai chnh ap dung lai suat co nh la 4% nam. Ben cho thue thu tien thue cua 4 nam cuoi ngay khi tai tr. Ket thuc hp ong tai san thuoc ve ben i thue. Hay lap bang ke hoach tra tien thue cho giao dch nay. Giai P = 1000.000 n = 12 nam i = 4% nam S=0 q = 1,1 m=4
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X1 = 1000.000 1,0412 (1,04 1,1) = 74.414 USD 4 1,0412 (1,04 1,1) + 1,0412 1,04 4 1,18
Tai san n 1000000 730438 682264 624425 555760 474983 380675 271264 145012 Tien thue phai tra Lai Von goc Cong 0 297656 297656 28094 46320 74414 26241 55615 81855 24016 66025 90041 21375 77670 99045 18269 90681 108950 14641 105203 119845 10433 121396 131829 5577 139435 145012 148647 1000000 1148647
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Ky han 0 1 2 3 4 5 6 7 8 Cong
Tai san n con lai 702344 656024 600409 534384 456715 366034 260830 139435 0
c) Trng hp tong quat 3 : Tien thue thanh toan theo cac ky han co khoang cach thi gian khong eu nhau. Nguyen tac tnh toan tien thue trong trng hp nay tng t nh a trnh bay muc III.2.a va III.2.b tren, c ap dung cho tng bai toan vi cac ky han cu the nao o. V du sau ay cho thay cach lam nay. V du 5. Mot cong ty cho thue tai chnh tai tr cho doanh nghiep A mot he thong thiet b tr gia 450.000 USD. Thi gian cho thue la 2 nam. Tien thue c thanh toan eu vao cuoi cac quy 3 , 5 , 7 , 8 (quy 5 , 7 , 8 la quy 1 , 3 , 4 cua nam sau). Lai suat co nh la 6% quy. Ket thuc hp ong tai san thuoc ve ben i thue. Hay lap bang ke hoach tra tien thue cho giao dch nay.
P X X X X I--------I--------I--------I--------I--------I--------I--------I--------I-------> i% 0 1 2 3 4 5 6 7 8
P = 450.000 n = 8 quy i = 6% quy S=0
X la nghiem cua phng trnh quen thuoc vi chung ta : Phng trnh can ban cua bai toan vay va tra n
450.000(1,06)8 = X(1,06)5 + X(1,06) 3 + X(1,06) + X X=
[(1,06) + (1,06) + (1,06) + 1]

5 3
450.000(1,06)8
= 156.285 USD
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Ky han 0 1 2 3 4 5 6 7 8 Cong Tai san n Tien thue phai tra Lai Von goc Cong
- 130 Tai san n con lai 450000 477000 505620 379672 402452 270314 286533 147439 0
450000 477000 505620 535957 85957 402452 426599 46927 286533 303725 33411 156285 8846 175142
70328 109358 122875 147439 450000
156285 156285 156285 156285 625142
3. Cac phng phap tnh tien thue trong trng hp lai suat tha noi
oi vi trng hp lai suat ap dung la tha noi th viec tnh toan tien thue van c thc hien tng t nh trng hp ap dung lai suat co nh, ngha la cac ky thuat toan tai chnh van c ap dung tng t nh a trnh bay muc III.2 oi vi tng trng hp cu the. Sau o ta se ieu chnh cac khoan tien thue theo lai suat thc te cho tng ky han thong qua cong thc sau ay :
X C = X C
Trong o :
i i TT C + I C i C
XC : Mc tien thue c ieu chnh theo lai suat thc te XC : Mc tien thue theo lai suat co nh IC : iTT : Phan tien lai neu tnh theo lai suat co nh Lai suat thc te luc thanh toan
iC : Lai suat co nh V du 6. Lay lai gia thiet a neu trong v du 4. Ta a tnh c X1 = 74414 USD, va a lap c bang ke hoach thanh toan tien thue nh a trnh bay. Neu hp ong ap dung lai suat tha noi, gia s dien bien lai suat thc te cac nam luc thanh toan cu the nh sau Nam Lai suat 1 4% 2 4,2% 3 4,1% 4 3,9% 5 3,9% 6 4% 7 4,2% 8 4,3%
Ta lap c bang tnh toan cac mc tien thue a c ieu chnh theo lai suat thc te luc thanh toan nh sau
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Ky han 0 1 2 3 4 5 6 7 8 Tien thue theo lai suat co nh 297656 74414 81855 90041 99045 108950 119845 131829 145012 Tien lai theo LSC (4%) 0 28094 26241 24016 21375 18269 14641 10433 5577 Lai suat thc te 0 4.00% 4.20% 4.10% 3.90% 3.90% 4.00% 4.20% 4.30% Tien thue theo lai suat thc te
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297656 74414 83168 90641 98511 108493 119845 132351 145430
Luc nay, bang ke hoach thanh toan tien thue, ma a c ieu chnh theo gia thiet dien bien cac mc lai suat thc te luc thanh toan noi tren, co the c lap ra : Ky han 0 1 2 3 4 5 6 7 8 Cong Tai san n Lai 1000000 0 730438 28094 683576 27553 625026 24617 555225 20841 474526 17812 380675 14641 271785 10955 145430 5996 150508 Tien thue phai tra Von goc 297656 46320 55615 66025 77670 90681 105203 121396 139435 1000000 Cong 297656 74414 83168 90641 98511 108493 119845 132351 145430 1150508 702344 656024 600409 534384 456715 366034 260830 139435 0 Tai san n con lai
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CHNG VII: CHI PH S DUNG VON - C CAU TAI CHNH VA HE THONG CAC ON BAY
I. Chi ph s dung von
Von la cua cai, tai san c dung e tao ra them cua cai ; la so tien e khi au hoat ong kinh doanh cua doanh nghiep. Chi ph s dung von c nh ngha la cai gia ma doanh nghiep phai tra trong qua trnh s dung nguon von. No chnh la lai suat lam can bang gia nguon von s dung va tong hien gia cac khoan phai chi tra trong tng lai (tra lai n vay, tra n goc, co tc..).
1. Chi ph s dung von vay ( Kd va Kd* )

Chi ph s dung von vay trc thue (Kd) chnh la lai suat khi vay n (i)
Kd = i
Chi ph s dung von vay sau thue (the cost of debt after tax), ky hieu la Kd*
Kd* = Kd(1 t)
Trong o t la thue suat thue TNDN
Trng hp doanh nghiep c Nha nc cho phep phat hanh trai phieu e huy ong von th lai suat vay n c xac nh la ty le sinh li cho ti khi ao han (YTM) cua trai phieu o. Khi doanh nghiep co nhieu loai trai phieu cha ao han th lai suat vay n co the c xac nh bang cach lay so bnh quan gia quyen cua YTM tren nhieu loai trai phieu khac nhau, vi quyen so la ty trong cac loai trai phieu tng ng chiem trong tong so. Ky thuat xac nh YTM cua trai phieu a c gii thieu trong Chng V cua tai lieu nay.
2. Chi ph s dung von co phan u ai (Kp)

Co phan u ai 46 la mot loai chng khoan lai gia n vay va co phan pho thong. Giong nh n vay, co phan u ai c hng mot ty suat li nhuan on nh. Trong trng hp khanh tan, trai quyen cua co ong u ai c u tien thanh toan trc trai quyen cua co ong thong thng va sau trai quyen cua cac trai chu. T mo hnh lng gia co phan u ai a gii thieu Chng V, ta rut ra cong thc e xac nh chi ph s dung von co phan u ai (the cost of preferred stock Kp) nh sau :
Theo Luat Doanh nghiep cua Viet Nam hien nay, co phan u ai trong cong ty co phan co cac loai nh co phan u ai bieu quyet, co phan u ai co tc, co phan u ai hoan von
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Nguyen Van Tuan
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Kp la chi ph s dung von co phan u ai Dp la li nhuan co phan u ai Pp la gia tr th trng cua co phan u ai
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Kp =
Dp Pp
Trong trng hp chi ph phat hanh co phieu u ai la ang ke, cong thc tren c ieu chnh lai nh sau :
Kp =
Dp Pp (1 f )
Trong o f la ty le chi ph phat hanh
ieu can lu y la khac vi lai vay, li nhuan tra cho co phan u ai khong c xem la mot loai chi ph c hach toan e lam giam thu nhap chu thue va t o lam giam thue TNDN phai nop, v li nhuan co phan u ai c chi tra tren so li nhuan sau thue cua doanh nghiep. Bi vay chi ph s dung von co phan u ai, ve ban chat, a la chi ph sau thue nen ta khong can thc hien viec ieu chnh chi ph nay thanh chi ph sau thue na.
3. Chi ph s dung von co phan pho thong (Ks va Ke)

Khi ban lanh ao cong ty muon tang von co phan pho thong, ho co the hanh ong theo hai cach : - Gi lai va tai au t mot phan hoac toan bo li nhuan rong cua cong ty - Phat hanh co phan pho thong mi Tuy vay, ve nguyen ly, ch khi nao li nhuan gi lai khong u e ap ng nhu cau au t th giai phap phat hanh co phan pho thong mi mi c la chon. Ve can ban, khong co s khac biet ln ve chi ph s dung von co phan pho thong khi thc hien hai hanh ong tren, ngoai tr viec phat hanh co phan pho thong mi se lam phat sinh chi ph phat hanh, dan ti viec chi ph s dung von co phan pho thong phat hanh mi (ky hieu la Ks) thng cao hn so vi chi ph s dung von co phan pho thong co nguon t li nhuan gi lai (ky hieu la Ke). a) Chi ph s dung von co phan pho thong co nguon goc t li nhuan gi lai (Ke) Mac du co the coi li nhuan gi lai la mot nguon ngan quy khong co chi ph phat sinh, v le khong phai huy ong chung t ben ngoai doanh nghiep, va khong phai tra lai. Nhng ieu nay khong han la hoan toan ung. Chi ph cua li nhuan gi lai c o lng bang chi ph c hoi, tc la neu li nhuan nay khong c gi lai ma c chia cho cac co ong th cac co ong co the s dung no e au t sinh li ben
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ngoai doanh nghiep, va li ch nay c coi la chi ph c hoi cua hanh ong gi lai li nhuan e tai au t. Hien nhien la ch khi nao kha nang sinh li tren so li nhuan c cong ty gi lai e tai au t cao hn (hoac t ra la bang) vi chi ph c hoi cua hanh ong nay, th cac co ong mi chap nhan va gi cho gia tr th trng cua co phan pho thong khong b suy giam. Noi cach khac, chi ph s dung von co phan pho thong co nguon t li nhuan gi lai chnh bang ty suat li nhuan ma nha au t ky vong se nhan c tren co phan pho thong. Tren thc te, viec xac nh mot cach chnh xac chi ph s dung von co phan pho thong co nguon t li nhuan gi lai la het sc kho khan. Ngi ta e xuat nhieu phng phap khac nhau, ma oi khi kha phc tap va con gay ra nhieu tranh cai, e xac nh loai chi ph nay. ieu ang tiec la mac du moi mot phng phap eu co nhng u iem rieng khong the phu nhan, nhng nhng ket qua do chung mang lai thng khong hoan toan tng ong. Bi vay cac ly thuyet gia khuyen cao rang viec thc hien xen ke nhieu phng phap khac nhau se co the cho ra mot s anh gia phu hp hn so vi viec ch s dung mot phng phap rieng re nao o. Di ay chung toi gii thieu hai phng phap c cho la tng oi n gian va phu hp vi ieu kien va trnh o quan ly tai chnh nc ta. -Phng phap 1 : S dung mo hnh tang trng on nh hoac mo hnh tang trng theo giai oan. T mo hnh tang trng on nh Gordon a gii thieu Chng V, ta co
P0 =
D (1 + g ) D (1 + g ) D0 (1 + g ) kg = 0 ke = 0 +g P0 P0 kg
Ke : Chi ph s dung von co phan pho thong co nguon t li nhuan gi lai D0 : Li nhuan co phan pho thong trong lan chia gan nhat P0 : Gia tr th trng hien tai cua co phan pho thong g : Ty suat gia tang li nhuan co phan ky vong Tren thc te, that la kho khan e khang nh chac chan rang li nhuan co phan cua mot cong ty nao o se tang trng theo mot ty suat on nh mai mai. Tham ch ngay ca khi cho rang s tang trng li nhuan co phan theo mot mo hnh gia tang on nh la co can c vng chac, th van con nhieu van e ton tai trong viec anh gia ty suat gia tang li nhuan co phan ky vong. Noi ro hn, chung ta khong the loai tr yeu to chu quan trong viec xac nh ty suat gia tang li nhuan co phan ky vong, va trong rat nhieu trng hp, nhc iem nay se co nhng anh hng kha quan trong en mc o tin cay va phu hp cua ket qua Ke c tnh toan ra t mo hnh tren.
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ong thi, mot khi cho rang s tang trng li nhuan co phan cua doanh nghiep la khong on nh va d oan c ty suat gia tang li nhuan co phan ky vong co tnh giai oan trong tng lai gan, th chung ta cung co the s dung mo hnh tang trng theo giai oan e xac nh Ke. Ky thuat nay a c gii thieu Chng V cua tai lieu. -Phng phap 2 : Ke la ty suat sinh li cho ti khi ao han (YTM) cua trai phieu cong them ty le bu ap rui ro. Ta a biet rang li nhuan co phan ch c chia cho cac co ong sau khi cong ty a hoan tat viec thanh toan lai vay va nop thue TNDN. ieu nay co ngha la cac trai chu c quyen u tien nhan li nhuan trc cac co ong. ong thi trong trng hp cong ty b pha san, cac trai chu cung c u tien thanh toan n trc. Ch sau khi tat ca cac khoan n a c thanh toan het, cac co ong mi c chia nhau phan tai san con lai 47. Nh the, ro rang la cac co ong a chu rui ro trong qua trnh au t nhieu hn la cac trai chu, nen oi lai, ty suat sinh li tren von au t cua cac co ong, tc ty suat sinh li tren von co phan pho thong, cung phai cao hn ty suat sinh li cua cac trai phieu. Vi quan iem neu tren, ngi ta cho rang co the xac nh Ke bang cach lay ty suat sinh li cho ti khi ao han (YTM) cua trai phieu rui ro nhat cong them mot ty le bu ap rui ro nao o. Tai cac nc phat trien, nhng d lieu thong ke cho thay ty suat sinh li trung bnh tren co phan pho thong cua cong ty thng cao hn ty suat sinh li tren nhng trai phieu rui ro nhat t 4% en 6%. Thc te nay co the c ap dung e xac nh Ke.
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nc ta, theo quy nh tai ieu 39 Luat Pha san doanh nghiep, viec phan chia gia tr tai san con lai khi giai quyet pha san doanh nghiep c thc hien theo th t u tien sau ay : -Cac khoan le ph, cac chi ph theo quy nh cua phap luat cho viec giai quyet pha san doanh nghiep -Cac khoan n lng, tr cap thoi viec, bao hiem xa hoi theo quy nh cua phap luat va cac quyen li khac theo thoa c lao ong tap the va hp ong lao ong a ky ket -Cac khoan n thue -Cac khoan n cua cac chu n trong danh sach chu n Neu gia tr tai san con lai cua doanh nghiep khong u thanh toan cac khoan n cua cac chu n, th moi chu n ch c thanh toan mot phan khoan n cua mnh theo ty le tng ng Neu gia tr tai san con lai cua doanh nghiep sau khi a thanh toan u so n cua cac chu n ma van con tha, th phan tha nay thuoc ve : Chu doanh nghiep, neu la doanh nghiep t nhan. Cac thanh vien cua cong ty, neu la cong ty Ngan sach Nha nc, neu la doanh nghiep Nha nc
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b) Chi ph s dung von co phan pho thong phat hanh mi (Ks)
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Mot khi nhu cau von au t a vt qua kha nang cua nguon tai tr noi bo doanh nghiep (li nhuan gi lai) th doanh nghiep se co the huy ong cac nguon tai tr t ben ngoai thong qua viec phat hanh co phieu pho thong mi 48. Viec phat hanh co phieu pho thong mi se co the lam nay sinh chi ph phat hanh, va chnh ieu nay lam cho chi ph s dung von co phan pho thong phat hanh mi thng cao hn (du khong ln) so vi chi ph s dung von co phan pho thong co nguon t li nhuan gi lai. Neu goi f la ty le chi ph phat hanh va P0 la gia ban cua co phan pho thong mi th phan t ban thuan tuy ma doanh nghiep nhan c la P0(1 f ). Do vay khi ap dung mo hnh tang trng on nh Gordon hoac mo hnh tang trng theo giai oan e xac nh Ks, oi hoi chung ta phai s dung gia tr t ban thuan P0(1 f ) thay cho gia ban cua co phan pho thong mi P0.
kS =
D0 (1 + g ) +g P0 (1 f )
4. Chi ph s dung von bnh quan gia quyen (WACC)

Moi doanh nghiep thng co hai nguon can ban e huy ong von au t la nguon von t vay n va nguon von chu s hu (hay von co phan oi vi cong ty co phan). Hai nguon von can ban nay lai c cau thanh t cac nguon von thanh phan nh : n ngan hang, n cac trai chu, co phan u ai, co phan pho thong Chi ph s dung von bnh quan gia quyen (WACC Weighted average cost of capital) cua doanh nghiep c xac nh bang cach lay bnh quan gia quyen cac chi ph cua cac nguon von thanh phan noi tren, vi quyen so la ty trong cua tng nguon von thanh phan tng tng trong c cau von au t cua doanh nghiep. Mot cach tong quat, ta co :
WACC = W1 K 1 + W2 K 2 + W3 K 3 + .... + Wn K n = Wi K i
i =1
Wi la ty trong cua nguon von th i trong c cau von au t Ki la chi ph cua nguon von th i Cu the hn, neu c cau von cua doanh nghiep bao gom von vay, von co phan u ai, va von co phan pho thong th :
Viet Nam hien nay, ch co cong ty co phan mi c phat hanh co phieu khi co nhu cau tang von. oi vi cac cong ty trach nhiem hu han th co the huy ong them von gop cua cac thanh vien hoac m rong so thanh vien gop von.
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WACC = W d K d + W p K
+ WeK e
p
Hoac WACC = W d K d + W p K
+ WeK S
Wd , Wp , We : lan lt la ty trong cua von vay, von co phan u ai, va von co phan pho thong trong c cau nguon von. Kd* la chi ph s dung von vay sau thue Kp la chi ph s dung von co phan u ai Ke la chi ph s dung von co phan pho thong co nguon t li nhuan gi lai Ks la chi ph s dung von co phan pho thong phat hanh mi V du 1. Cong ty co phan X xac nh c cau von nh sau : Von vay : 50%. Von co phan pho thong co nguon t li nhuan gi lai : 12,5% . Von co phan pho thong phat hanh mi : 37,5%. Hay xac nh WACC cua cong ty biet rang : -Lai suat vay n bnh quan la 12% nam, moi nam tra lai hai lan. -Thue suat thue TNDN la 32% -Gia phat hanh co phan pho thong mi d kien la 300.000 ong/vcp. Ty le chi ph phat hanh la 10%. Li nhuan co phan pho thong nam va qua la 40.000 ong/vcp. Ty suat gia tang li nhuan co phan ky vong la 5% nam va cong ty hy vong rang ty suat nay se on nh trong nhieu nam ti. Giai
Nguyen Van Tuan
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Chi ph s dung von vay trc thue : K d = i TT 0,12 = 1 + 1 = 12 ,36 % 2
2
- 138 -
Chi ph s dung von vay sau thue : K = K d (1 t ) = 12 ,36 % (1 0,32 ) = 8,4% d Chi ph s dung von CPPT co nguon t li nhuan gi lai : Ke = D 0 (1 + g ) 40 .000 (1 + 0,05 ) +g = + 0,05 = 19 % P0 300 .000
Chi ph s dung von CPPT phat ha nh mi : KS = D 0 (1 + g ) 40 .000 (1 + 0,05 ) + 0,05 = 20,5% +g = 300 .000 (1 0,1) P0 (1 f )
Luc nay chi ph s dung von bnh quan gia quyen cua cong ty c xac nh nh sau : WACC = 50 % 8,4% + 12,5% 19 % + 37 ,5% 20,5% = 14 ,26 %
5. Chi ph s dung von bien te (MCC)

Chi ph s dung von bien te (MCC Marginal Cost of Capital) c nh ngha la chi ph cua ong von cuoi cung huy ong. Noi cach khac, no la gia phai tra cho mot ong von tang them khi vt qua mot mc nao o. ay la khai niem rat tong quat co the s dung cho tng chi ph von thanh phan nh : Chi ph s dung von vay bien te, chi ph s dung von co phan pho thong bien te, chi ph s dung von co phan u ai bien te, cung nh chi ph s dung von bnh quan gia quyen bien te. Ban oc se co the hieu ro hn ve khai niem chi ph s dung von bien te thong qua th du ve cong ty Trng Minh sau ay. V du 2. Cong ty co phan Trng Minh la mot cong ty co quy mo va. Tnh hnh kinh doanh cua cong ty la kha on nh. D kien doanh thu thuan trong nam se at mc 3500 trieu ong, va trong mot ong doanh thu thuan co 0,4 ong li nhuan trc thue (Earning before tax - EBT). Ban lanh ao cua cong ty theo uoi chnh sach chi tra li nhuan co phan pho thong vi ty le la 25% li nhuan sau thue (Earning after tax - EAT) va xac nh c cau von toi u gom co 30% von vay n va 70% con lai la von co phan pho thong. Trong nam nay cong ty d kien huy ong 800 trieu von cho cac d an au t mi. Cong ty d tnh neu phat hanh them co phan pho thong mi e huy ong von th gia phat hanh la 400.000 ong/vcp, ty le chi ph phat hanh la 10% tren gia ban. Cong ty cung a chi tra 25.000 ong cho moi n v co phan pho thong trong lan chia li nhuan co phan nam va qua. Tren c s anh gia thc trang va trien vong kinh doanh cua cong ty, cac nha phan tch ky vong rang li nhuan co phan cua cong ty se tiep tuc gi vng mc tang
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trng on nh 4% nam trong nhieu nam ti. Lai suat vay n bnh quan tren th trng hien nay la 12% nam. Thue suat thue TNDN ap dung la 32%. T d lieu c cung cap ve cong ty Trng Minh, ta co the xac nh chi ph s dung von bnh quan gia quyen cua cong ty nh sau : Li nhuan trc thue : Li nhuan sau thue : Li nhuan gi lai e tai au t : Chi ph s dung von vay sau thue : 3500tr x 0,4 = 1400 trieu 1400tr(1 - 0,32) = 952 trieu 952tr x 75% = 714 trieu Kd* = 12%(1 0,32) = 8,16% nam
Chi ph s dung von co phan pho thong co nguon goc t li nhuan gi lai
ke =
D 0 (1 + g) P
+g =
25.000 (1 + 0,04) 400.000
+ 0,04 = 10,5%
0 Chi ph s dung von co phan pho thong phat hanh mi
kS =
D 0 (1 + g ) P0 (1 f )
+g =
25.000 (1 + 0,04) 400.000(1 0,1)
+ 0,04 = 11,22%
Khi nhu cau von au t la 800 trieu, e am bao duy tr c cau von toi u a xac nh, 800 trieu ong von au t huy ong mi phai co c cau gom 30% von vay n va 70% con lai la von co phan pho thong. Cu the nh sau : -Von vay : 800tr x 30% = 240 trieu vi Kd* = 8,16% -Von co phan pho thong : 800tr x 70% = 560 trieu Tren nguyen tac, cong ty phai s dung het li nhuan gi lai co chi ph re truc khi tien hanh huy ong them bang cach phat hanh co phan pho thong mi co chi ph cao hn. Do vay toan bo 560 trieu von co phan pho thong noi tren se co nguon goc t li nhuan gi lai, tc chu chi ph von la Ke = 10,5% (lu y la tai mc tong nhu cau von 800 trieu, cong ty van cha s dung het toan bo li nhuan gi lai. Li nhuan gi lai la 714 trieu trong khi ch s dung en mc 560 trieu) Luc nay chi ph s dung von bnh quan se la : WACC = WdKd* + WeKe = 30% x 8,16% + 70% x 10,5% = 9,8% Nh vay, trong v du tren chung ta a xac nh c chi ph s dung von bnh quan cua cong ty Trng Minh tai mc nhu cau von 800 trieu, va tai mc nay cong ty van cha s dung het toan bo li nhuan gi lai cua mnh. Chuyen g se xay ra mot khi nhu cau von cua cong ty tr nen qua ln va bat buoc cong ty phai phat hanh them co phan pho thong mi e huy ong von?. Chung ta hay tiep tuc vi th du ve cong ty Trng Minh e tm cau tra li.
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Ta biet rang von co phan pho thong (CPPT) co nguon goc t li nhuan gi lai (LNGL) cua cong ty la 714 trieu, va muon duy tr c cau von toi u a xac nh th li nhuan gi lai phai bang 70% cua tong nhu cau von huy ong mi, 30% con lai la von vay n. Do o tong nhu cau von mi co the huy ong ma tai o toan bo li nhuan gi lai cua cong ty c s dung het la : Li nhuan gi lai = Ty trong von CPPT x Tong nhu cau von huy ong mi Tong nhu cau von huy ong mi = Li nhuan gi lai Ty trong von CTPT co nguon t LNGL Ta de dang xac nh tong nhu cau von huy ong mi nay la 1020 trieu. Nh vay, cong ty co the huy ong mc tong nhu cau von la 1020 trieu gom 714 trieu von co phan pho thong co nguon t li nhuan gi lai (ng vi 70%) va 306 trieu von vay (ng vi 30%) vi chi ph s dung von bnh quan la 9,8% a tnh c tren. Tuy nhien, khi quy mo tong nhu cau von huy ong vt qua mc 1020 trieu, 1500 trieu chang han, th ro rang cong ty phai phat hanh them co phan pho thong mi co chi ph cao hn. Luc nay ta phai xac nh chi ph s dung von bnh quan mi. Nh a trnh bay tren, cong ty co the huy ong 1020 trieu (bao gom 714 trieu li nhuan gi lai va phan con lai 306 trieu la von vay) vi chi ph s dung von bnh quan la 9,8%. So von con thieu la 1500tr 1020tr = 480 trieu se c huy ong bo sung theo ung c cau von toi u a xac nh, gom : -Vay n : 480 trieu x 30% = 144 trieu vi Kd* = 8,16% -Von co phan pho thong mi : 480tr x 70% = 336 trieu vi KS = 11,22% Nh vay khi nhu cau von au t vt qua ngng 1020 trieu co WACC = 9,8% th moi mot ong von huy ong them se phai chu mc chi ph s dung von bien te la: MCC = 30% x 8,16% + 70% x 11,22% = 10,3% en ay, ta nhan ra rang ban chat cua chi ph s dung von bien te van la bnh quan gia quyen cua cac chi ph s dung von thanh phan. Moi mot ong von ma cong ty Trng Minh huy ong bao gom 0,7 ong von co phan pho thong va 0,3 ong von vay n, va chi ph s dung von tong hp cua mot ong von nay chnh la so bnh quan gia quyen cua chi ph s dung von co phan pho thong va chi ph s dung von vay. Chi ph bnh quan cua 1 ong von huy ong di ngng 1020 trieu co nh mc 9,8%, o cung la chi ph s dung von bien te cho khoan huy ong en 1020 trieu. Chi ph s dung von bien te se co nh va bang chi ph s dung von bnh quan gia quyen cho en khi gii han cua li nhuan gi lai ket hp vi von vay va von co phan u ai (neu co) b vt qua. Trong trng hp nay, khi nhu cau von huy ong vt qua ngng 1020 trieu th chi ph s dung von bien te tang len 10,3% do cong ty phai phat hanh them co phan pho thong mi co chi ph cao hn. Chi ph s dung von bnh quan gia quyen cua mc nhu cau von huy ong 1500 trieu lai chnh la bnh quan gia quyen cua chi ph von bien te trc va sau khi cong ty phat hanh them co phan pho thong mi :
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1020 1500 9,8% + 480 1500 10,3% = 9,96%
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6. ng chi ph von bien te (MCC), ng c hoi au t (IOS) va van e hoach nh ngan quy au t toi u
a) ng chi ph von bien te (ng MCC) o th bieu dien s thay oi cua chi ph s dung von bnh quan gia quyen khi tong nhu cau von thay oi, trong khoang thi gian cho trc, c goi la ng chi ph von bien te. e ve c ng chi ph von bien te, ta thc hien cac bc nh sau : -Xac nh c cau von toi u -Xem xet cac c hoi huy ong von co the co va cac chi ph s dung von thanh phan tng ng. -Xac nh cac tong mc nhu cau von ma tai o chi ph s dung von bnh quan gia quyen bien te bat au thay oi. Ta goi ay la iem gay (break point) tren o th MCC. Trong mot thi gian cho trc, neu nhu cau von huy ong tang qua ln th luc o cac chi ph s dung von thanh phan cung bat au tang, keo theo s gia tang cua chi ph s dung von bnh quan, tao ra iem gay tren o th MCC. Noi cach khac, iem gay se xuat hien khi mot trong cac loai chi ph s dung von thanh phan tang len, va iem gay o c xac nh bang cong thc 49: Mc nhu cau von thanh phan ma tai o chi ph s dung von thanh phan bat au thay oi Ty trong cua nguon von thanh phan o
iem gay
-Tnh cac chi ph s dung von bnh quan gia quyen bien te ng vi moi khoang gia cac iem gay. -Bieu dien toan bo cac chi ph s dung von bnh quan gia quyen bien te len he truc toa o theo nguyen tac chi ph von tang dan. Truc tung the hien cac chi ph s dung von bnh quan gia quyen bien te 50, truc hoanh the hien cac mc tong nhu cau von.
Neu ban oc e y th ay chnh la cong thc tong quat, ma mot trong nhng trng hp cu the cua no a c chung toi e cap ngay trong muc (I.5) ke tren. 50 ay la s o chi ph von bien te nen ch lap cho chi ph von bien te ma thoi. Tuy nhien, nh a noi muc (I.5), ban chat cua chi ph von bien te cung la bnh quan gia quyen cua cac chi ph von thanh phan. Do vay, e tranh nham lan, ta goi loai chi ph nay la chi ph s dung von bnh quan gia quyen bien te (tam ky hieu la MCC).
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MCC %
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MCC3 MCC2
MCC1 = WACC1
M1
M2
Nhu cau von
OM1 la mc tong nhu cau von co chi ph s dung von bnh quan gia quyen la WACC1. Vt qua ngng OM1, moi mot ong von huy ong tang them trong khoang M1M2 chu chi ph s dung von bnh quan gia quyen bien te MCC2. Tng t nh vay, moi mot ong von huy ong tang them, mot khi a vt qua ngng M2, se phai chu chi ph s dung von bnh quan gia quyen bien te MCC3. b) ng cac c hoi au t (IOS) o th ng cac c hoi au t (IOS Investment opportunities schedule) bieu dien cac mc ty suat thu nhap noi bo (IRR) cua tng d an au t theo th t giam dan . Cach thc thiet lap ng IOS cu the nh sau : -Tren he ttruc toa o (truc tung the hien IRR, truc hoanh the hien nhu cau von cua tng d an), cac c hoi au t c sap xep theo th t u tien, cac d an co IRR cao nhat c u tien sap trc, sau o mi en cac d an co IRR thap hn. -Nhu cau von cua cac d an c sap xep theo cach cong don. Tren hnh minh hoa trang ben, ta thay : IRRA > IRRC > IRRB > IRRD
OA la nhu cau von cua d an A AC la nhu cau von cua d an C CB la nhu cau von cua d an B BD la nhu cau von cua d an D OD = OA + AC + CB + BD : Tong nhu cau von cho cac d an au t
tiem nang.
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IRR %
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IRRA IRRC
IRRB IRRD
Nhu cau von
c) Ket hp ng MCC va ng IOS e hoach nh ngan quy au t Tren thc te, viec hoach nh ngan quy au t la cong viec kho khan, oi hoi nhng no lc ln ca ve thi gian va cong sc cua nha quan ly. Mot cach can ban, khi cac c hoi au t a c xem xet can than va co cung mot mc o rui ro vi doanh nghiep, th qua trnh hoach nh ngan quy au t toi u co the c thc hien thong qua viec ket hp ng IOS va ng MCC tren cung mot he truc toa o, vi truc tung the hien cac mc IRR va cac mc chi ph s dung von bnh quan gia quyen bien te (%), truc hoanh the hien cac mc nhu cau von. Tren o th, ta thay IRRA > WACC1 nen ve phng dien tai chnh d an A la kha thi. Tng t nh vay, chi ph s dung von bnh quan gia quyen bien te cua d an C la MCC2 va do IRRC > MCC2 nen d an C cung c chap nhan au t. IRRB < MCC2 va IRRD < MCC3 nen ca hai d an B va D eu khong c chap nhan. Do o tong ngan quy au t toi u cua doanh nghiep ch bao gom nhu cau von cua d an A va nhu cau von cua d an C. Tren o th, tong ngan quy au t toi u cua doanh nghiep c bieu dien bang oan OC. Chi ph s dung von bnh quan gia quyen cua d an A la WACC1 cho mc huy ong OA ong. Tong mc huy ong von cho d an C la AC ong, trong o co AM1 ong chu chi ph s dung von bnh quan gia quyen la WACC1. Phan M1C ong con lai se c huy ong vi chi ph s dung von bnh quan gia quyen bien te la MCC2. Do o chi ph s dung von bnh quan cho tong nhu cau von AC ong cua d an C se la so bnh quan gia quyen cua chi ph s dung von cho hai mc huy ong AM1 ong va M1C ong.
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en lt mnh, chi ph s dung von bnh quan gia quyen cho tong nhu cau ngan quy toi u cua doanh nghiep trong ky, OC ong, se lai la so bnh quan gia quyen cua WACC1 va MCC2, vi cac quyen so lan lt la oan OM1 va oan M1C. en ay chung ta nhan ra rang qua trnh hoach nh ngan quy au t va qua trnh xac nh chi ph s dung von co moi quan he het sc mat thiet. Chung ta se khong the tnh c chi ph s dung von neu khong xac nh c von au t. Ngc lai, chung ta se khong the xac nh c von au t neu cha tnh c chi ph s dung von. Bi vay, viec hoach nh ngan quy au t va viec xac nh chi ph s dung von phai c tien hanh song song cung luc, mac du biet rang tren thc te viec thc hien hai cong viec nay la rat phc tap va kho khan.
II. C cau tai chnh va ly thuyet ve on can n

1. C cau tai chnh va c cau tai chnh toi u
Nh tren a noi, ve can ban ch co hai nguon ln cung cap von cho qua trnh hoat ong san xuat kinh doanh cua mot doanh nghiep o la nguon von t cac chu s hu (equity) va cac nguon von t vay n (debts). C cau tai chnh (financial structure) cua mot doanh nghiep la mot to hp, hay noi khac i, la mot s ket hp nao o gia cac nguon von ke tren. C cau tai chnh toi u (optimal financial structure), mot cach can ban, c nh ngha la c cau tai chnh co chi ph s dung von bnh quan gia quyen (WACC) nho nhat. Cau hoi c at ra oi vi cac nha quan tr tai chnh la lam the nao e xac nh c mot cau truc von toi u cho doanh nghiep cua mnh?. Tra li cau hoi nay khong he n gian v ay la mot trong nhng bai toan hoc bua cua quan tr tai chnh, cha ng trong long no pham chat nghe thuat am net cua khoa hoc nay.
2. Ly thuyet ve on can n
Noi dung cua muc nay tap trung vao viec phan tch nhng tac ong cua on can n oi vi ROE, t o rut ra nhng van e can quan tam khi nha quan tr tai chnh xem xet la chon mot c cau von nao o cho doanh nghiep. Trc het, e dan nhap cho cac phan noi dung tiep theo, chung ta hay tn hieu mot so khai niem can ban ve on can n, ROA, va ROE. -He so kha nang sinh li cua tai san (ROA return on asset) hay oi khi oi vi d an au t con c goi la he so kha nang sinh li cua von au t (ROI return on investment). He so nay cho biet mot ong tai san co kha nang tao ra bao nhieu ong li nhuan rong (net profit) hoac li nhuan trc thue va lai (EBIT) 51. He so nay
Tuy vao noi dung va muc ch phan tch cu the ma khoan muc li nhuan rong (net profit) trong ch tieu ROA se c thay the bang khoan muc li nhuan trc thue va lai (EBIT)
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cang cao cang the hien s sap xep, phan bo va quan ly tai san cua doanh nghiep cang hp ly va hieu qua. ROA = EBIT Total asset
-on can n (hay on bay tai chnh Financial leverage) : La ch tieu bieu dien ty le gia n vay va tong tai san, cho thay mot cach ro rang cau truc von cua doanh nghiep. on can n = Tong n Tong tai san
on can n cung co the c bieu dien theo cach khac cu the hn : on can n = Tong n Von chu s hu
-He so kha nang sinh li tren von chu s hu (ROE return on equity) : Ch tieu nay cho biet mot ong von chu s hu co kha nang tao ra bao nhieu ong li nhuan rong sau thue. ROE = Li nhuan rong sau thue Von chu s hu
Khi huy ong von bang cach vay n, doanh nghiep co trach nhiem hoan tra tien lai va von goc cho cac chu n theo ung thi gian a cam ket, neu khong se gap rac roi ve phap ly. Phan tien lai phai tra c xem la chi ph tai chnh, va v c hach toan nh la mot loai chi ph nen no co tac dung lam giam bt li nhuan chu thue, t o lam giam bt phan thue thu nhap doanh nghiep phai nop. Noi cach khac, khi s dung nguon von vay n doanh nghiep se c li ve thue. Hien tng nay c goi la la chan thue (tax shield) cua lai vay. La chan thue cua lai vay c nh ngha la khoan chenh lech thue tiet kiem c do co s khac nhau ve c cau tai chnh cua doanh nghiep. La chan thue cua lai vay = so n vay x lai suat x thue suat thue TNDN V du 3. Co tai lieu ve doanh nghiep A nh sau : a) Trng hp 1: Kha nang sinh li tren tong tai san cao hn lai suat n vay, ROA = 10% ng vi EBIT = 200 trieu
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VT : Trieu ong T T 1 Khoan muc Tong nguon von - N vay - Von chu s hu 2 3 4 5 6 7 Li nhuan truc thue va lai (EBIT) Tra lai vay (7%) Li nhuan thue (EBT) Li nhuan rong ROE trc Khong co n vay 2000 0 2000 200 0 200 64 136 6,8% Co n vay CN = 30% 2000 600 1400 200 42 158 50,56 107,44 7,67% Co n vay CN = 50% 2000 1000 1000 200 70 130 41,6 88,4 8,84%
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Thue TNDN 32%
Ta thay cung mot mc EBIT nh nhau nhng vi cac c cau tai chnh khac nhau th mc thue thu nhap doanh nghiep (thue TNDN) phai nop cung khac nhau. Chang han trong trng hp khong co n vay, thue TNDN phai nop la 64 trieu ong, nhng khi trong c cau tai chnh co 30% n vay, thue TNDN phai nop ch la 50,56 trieu ong. Mc chenh lech ve thue tiet kiem c do co s khac nhau ve c cau tai chnh noi tren c goi la la chan thue cua lai vay. Bang tnh tren a cho thay doanh nghiep cang s dung n vay nhieu th la chan thue se cang ln. ieu nay co ngha la cang s dung nhieu nguon von vay n trong c cau tai chnh th doanh nghiep cang c li ve thue. ay la mot yeu to kha hap dan oi vi cac doanh nghiep trong viec tm kiem nguon von au t thong qua con ng vay n. Mat khac, chung ta thay rang trong trng hp doanh nghiep kinh doanh co hieu qua, kha nang sinh li tren tong tai san ROA = 10% cao hn lai suat vay n, th cang s dung n vay nhieu trong c cau tai chnh chu s hu se cang co li. Bang chng la ch tieu ROE tang len t 6,8% trong trng hp khong co n vay en 7,67% trong trng hp on can n la 30% ; va 8,84% trong trng hp on can n la 50%. b) Trng hp 2 Hay xet mot trng hp ngc lai, doanh nghiep kinh doanh kem hieu qua va ch at ROA = 4%, thap hn lai suat vay n =7%, ng vi EBIT = 80 trieu ong, chuyen g se xay ra ?
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VT : Trieu ong T T 1 Khoan muc Tong nguon von - N vay - Von chu s hu 2 3 4 5 6 7 Li nhuan truc thue va lai (EBIT) Tra lai vay (7%) Li nhuan thue (EBT) Li nhuan rong ROE trc Khong co n vay 2000 0 2000 80 0 80 25,6 54,4 2,72% Co n vay CN = 30% 2000 600 1400 80 42 38 12,16 25,84 1,85% Co n vay CN = 50% 2000 1000 1000 80 70 10 3,2 6,8 0,68%
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Thue TNDN 32%
T bang phan tch tren cho thay : Khi doanh nghiep lam an kem hieu qua, kha nang sinh li tren von au t (ROA) thap hn lai suat vay n, th cang s dung n vay nhieu trong c cau tai chnh doanh nghiep cang b thiet hai nhieu. Bang chng la khi on can n cang cao th ROE cang giam. Neu ROA cang giam thap hn na th ket qua khong the tranh khoi la doanh nghiep cang b thua lo nang, li nhuan lam ra khong u trang trai chi ph vay n, dan ti viec phai ra nhng quyet nh tai chnh bat li cho chu s hu (v du nh phai ban bt tai san e tra n). Neu tnh trang nay keo dai th co the se dan doanh nghiep en b vc cua s khanh kiet ve tai chnh (financial distress), ma cai gia phai tra se la rat ln, tham ch co the dan ti cho pha san (bankruptcy). c) Trng hp 3 Doanh nghiep at ROA = 7%, ung bang lai suat vay n =7%, ng vi EBIT = 140 trieu ong. Ta co :
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VT : Trieu ong T T 1 Khoan muc Tong nguon von - N vay - Von chu s hu 2 3 4 5 6 7 Li nhuan truc thue va lai (EBIT) Tra lai vay (7%) Li nhuan thue (EBT) Li nhuan rong ROE trc Khong co n vay 2000 0 2000 140 0 140 44,8 95,2 4,76% Co n vay CN = 30% 2000 600 1400 140 42 98 31,36 66,64 4,76% Co n vay CN = 50% 2000 1000 1000 140 70 70 22,4 47,6 4,76%
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Thue TNDN 32%
Nh vay, khi kha nang sinh li tren tong tai san ROA ung bang lai suat vay n th viec s dung on can n cao hay thap trong c cau tai chnh khong anh hng g en ROE. en ay, chung ta co the rut ra mot so ket luan khai quat ve cach thc ng x cua ROE trc nhng thay oi cua ROA va on can n, e t o nh hng cho viec to chc nguon von cua doanh nghiep : -Khi kha nang sinh li tren tong tai san cao hn lai suat vay n, doanh nghiep cang s dung nhieu n vay trong c cau tai chnh th kha nang sinh li tren von chu s hu se cang tang cao. Tac ong cua on can n trong trng hp nay la tch cc, nen c goi la on bay tai chnh co hieu ng thuan. -Ngc lai, khi kha nang sinh li tren tong tai san thap hn lai suat vay n, doanh nghiep cang s dung nhieu n vay trong c cau tai chnh th kha nang sinh li tren von chu s hu se cang giam thap. Tac ong cua on can n trong trng hp nay la tieu cc, nen c goi la on bay tai chnh co hieu ng nghch. Tom lai, on can n (hay on bay tai chnh) c v nh con dao hai li, theo ngha la mot cong cu ay sc manh nhng cung het sc nguy hiem neu khong c s dung mot cach than trong. on can n cang ln cang co sc manh lam gia tang kha nang sinh li cua von chu s hu (ROE) khi doanh nghiep kinh doanh co hieu qua. Trong trng hp ngc lai, chnh on can n ln se lai la ong lc lam giam manh ROE.
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Quan tr tai chnh doanh nghiep, tap 1 III. Phan tch hoa von va he thong cac on bay
1. Phan loai chi ph
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oi vi cac nha quan ly th chi ph la moi quan tam hang au, bi v li nhuan thu c nhieu hay t chu anh hng trc tiep cua nhng chi ph a chi ra. Do vay van e kiem soat chi ph, quan ly cac khoan chi ph thong qua viec nhan dien va phan tch cac hoat ong sinh ra chi ph la mot trong nhng hoat ong trong tam cua nha quan tr tai chnh. Tuy theo muc ch nghien cu ma phan chia chi ph thanh nhieu loai khac nhau . Trong cong tac phan tch hoa von ngi ta quan tam en cac loai chi ph can ban sau ay :
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-Chi ph kha bien (con goi la bien ph hay chi ph bien oi) -Chi ph bat bien (hay con goi la nh ph hay chi ph co nh) -Chi ph tien mat : La cac chi ph hoat ong c chi tra trc tiep bang tien trong ky hach toan nh tien lng, chi ph nguyen vat lieu -Chi ph hach toan : La cac chi ph hoat ong trong ky ma thc te th khong phai chi bang tien trong ky. No co the la nhng khoan a chi trong ky trc hoac d tnh se chi cho ky sau nhng c phan bo vao chi ph cua ky nay nh chi ph khau hao, cac khoan chi ph trch trc, d phong
2. Phan tch hoa von

Phan tch hoa von (break even analysis) la mot phng phap thng c s dung nham xac nh li nhuan t hoat ong san xuat kinh doanh se thay oi nh the nao so vi mc o cua san lng, va e tm hieu mc o san lng nao th qua trnh chuyen t lo sang lai se dien ra. a) Hoa von ly thuyet (hoa von li lo) iem hoa von ly thuyet la tnh huong ma tai o doanh thu va u bu ap chi ph hoat ong (tc la doanh thu va ung bang tong chi ph bat bien va tong chi ph kha bien). Noi cach khac, la iem ma tai o li nhuan t hoat ong san xuat kinh doanh bang khong. Khi xem xet iem hoa von can phan biet hai trng hp : -Trng hp 1 : Xem xet iem hoa von trong moi quan he gia doanh thu va chi ph hoat ong kinh doanh cha ke khoan lai tien vay. Ta goi ay la iem hoa von trc lai vay. -Trng hp 2 : Xem xet iem hoa von trong moi quan he gia doanh thu va chi ph hoat ong, ke ca lai vay. Ta goi ay la iem hoa von sau lai vay.
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ay la noi dung quan trong cua mot giao trnh khac co lien he gan gui : giao trnh Ke toan quan tr
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Tuy theo tnh hnh san xuat kinh doanh cu the ma nha quan tr tai chnh van dung cac cach tiep can trng hp 1 va 2 noi tren cho phu hp. Cac phan noi dung tiep theo cua chng nay chu yeu xem xet iem hoa von sau lai vay. Nhng trng hp nao xem xet iem hoa von trc lai vay se c ghi chu cu the. Tuy nhien, ve can ban, khong co s khac biet nao ang ke ve hai cach tiep can noi tren, ngoai tr viec a hay khong a khoan chi ph lai vay vao tong chi ph bat bien cua doanh nghiep ma thoi. Chung ta co the minh hoa ve iem hoa von mot cach cu the hn thong qua mo hnh khai quat ve moi quan he gia chi ph, doanh thu, va li nhuan trc thue (EBT) nh sau : Doanh thu thuan (-) Chi ph kha bien (=) So d am ph (-) Chi ph bat bien (ke ca lai tien vay) (=) Li nhuan trc thue (EBT)
Doanh thu = Tong chi ph hoat ong + Li nhuan trc thue Tong chi ph hoat ong = Chi ph kha bien + Chi ph bat bien Li nhuan trc thue (EBT) = Doanh thu Tong chi ph hoat ong
= Doanh thu Chi ph kha bien Chi ph bat bien = So d am ph Chi ph bat bien
So d am ph 53 la phan con lai cua doanh thu ban hang, sau khi a tr i tat ca cac chi ph kha bien. Vai tro cua so d am ph la e trang trai toan bo chi ph bat bien (ke ca lai vay), sau o hnh thanh li nhuan trc thue cua doanh nghiep. ieu nay co ngha la :
Khi so d am ph < chi ph bat bien => Khi so d am ph = chi ph bat bien => EBT < 0 : lo EBT = 0 : hoa von
Khi so d am ph > chi ph bat bien => EBT > 0 : lai Goi : Q (Quantity) : so lng n v hang ban hoac san xuat (san lng) P (Price) : gia ban n v san pham V (Variable cost) : chi ph kha bien n v san pham F (Fixed cost) : tong chi ph bat bien, ke ca lai vay Ta co cong thc xac nh san lng va doanh thu hoa von nh sau
So d am ph (Contribution margin) con co nhieu cach goi khac cha thong nhat nh : hieu so gop, he so gop phan bien te, lai sau bien ph, lai trc nh ph, Trong tai lieu nay thuat ng Contribution margin c thong nhat goi la so d am ph.
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San lng hoa von Doanh thu hoa von
Q HV =
F PV
S HV = Q HV P
b) Hoa von tien mat Hoa von tien mat la mot cach phan tch hoa von ac biet, c xem xet en trong tnh huong doanh nghiep ang b lo, e giai quyet van e at ra la doanh nghiep nen tiep tuc hoat ong va chu lo hay ong ca e dng thua lo. Trong phan trc chung ta a phan tch tong chi ph hoat ong thanh chi ph tien mat va chi ph hach toan. Chi ph hach toan la nhng khoan a chi trong cac ky trc hoac cha chi nhng c phan bo vao ky nay. Van e la cho phng thc hach toan loai chi ph nay kha mem deo, trong nhng thi ky kho khan doanh nghiep co the giam chi ph hach toan phan bo hoac tham ch ngng khong phan bo vao ky nay ma se phan bo vao cac ky sau, nham giup doanh nghiep vt qua giai oan kho khan trc mat. Bi vay khi doanh nghiep ang b lo nhng doanh thu van u e bu ap cac chi ph tien mat th van nen tiep tuc hoat ong. Trong trng hp ngc lai, tren quan iem cua quan tr tai chnh, doanh nghiep nen ong ca e gii han ton that. Cach tnh iem hoa von tien mat nh sau : -Xac nh tong nh ph hoa von tien mat FTM FTM = F li lo FHach toan (chu yeu la chi ph khau hao) -Xac nh iem hoa von tien mat
QTM =
FTM P V
c) Hoa von tra n Hoa von tra n cung la mot tnh huong ac biet cua phan tch hoa von. Mot khi cac nguon tai tr cho d an hoac cho doanh nghiep co thi han ngan hn thi han khau hao nhng tai san co nh c au t t nhng nguon von o th se dan ti tnh huong la n a en han tra ma quy khau hao cha u e thanh toan. Doanh nghiep buoc phai s dung li nhuan sau thue e bu ap phan thieu hut hoac phai gia han n
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vi nhng ieu kien bat li, hoac tham ch khong gia han c. ieu nay la rat nguy hiem va co the dan ti tnh trang pha san. Bi vay van e at ra la vi mc san lng nao th doanh nghiep at c mc li nhuan u e bu ap cho khoan thieu hut cua quy khau hao trong viec thanh toan n vay. iem hoa von tra n c xac nh nh sau : -Xac nh nh ph hoa von tra n : FTN = FTM + D tru ngan quy tra n -Xac nh iem hoa von tra n :
QTN =
FTN P V
d) Xac nh doanh thu hoa von trong trng hp doanh nghiep san xuat kinh doanh nhieu mat hang. Hay tr lai vi iem hoa von li lo, trng hp can ban nhat cua phan tch hoa von. e y rang trong trng hp doanh nghiep san xuat kinh doanh nhieu mat hang khac nhau, vi chi ph va gia ban khac nhau th cong thc xac nh san lng hoa von li lo a gii thieu to ra khong con phu hp na, v chung ta khong the co mot mc gia ban n v va mc chi ph kha bien n v chung cho nhieu mat hang khac nhau. Do vay, di ay ta tiep tuc xay dng cong thc e xac nh iem hoa von oi vi nhng doanh nghiep san xuat kinh doanh nhieu mat hang.
F P V nhan hai ve cua ang thc tren vi gia ban n v P, ta co : PF F F P Q HV = S HV = = P V V P V 1 P P V V Q Tong chi ph kha bien e y la = = P PQ Tong doanh thu T cong thc Q HV =
Nh the, oi vi nhng doanh nghiep san xuat kinh doanh nhieu mat hang, e xac nh doanh thu hoa von chung ta can phai d kien c tong chi ph bat bien, tong chi ph kha bien, va tong doanh thu trong ky, sau o xac nh doanh thu hoa von thong qua cong thc va c gii thieu tren. e) Xac nh san lng tieu thu e at c li nhuan d kien Ro rang muc tieu ma cac doanh nghiep hng en khong phai la san xuat e at hoa von ma la e at c li nhuan. Cau hoi c at ra la doanh nghiep can
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phai san xuat va tieu thu bao nhieu san pham e at c mc li nhuan a e ra?. Ta goi : EF la li nhuan can at (v chung ta ang xem xet iem hoa von sau lai vay nen li nhuan can at trong trng hp nay la li nhuan trc thue - EBT) QF la san lng can san xuat, tieu thu e at c EF Ta co cong thc xac nh QF nh sau
QF =
EF + F PV
f) Xac nh cong suat hoa von Trong nhieu trng hp, nha quan tr tai chnh doanh nghiep can tra li cau hoi : Doanh nghiep can phai huy ong bao nhieu % cong suat e at hoa von ?. Neu mc huy ong nang lc san xuat cao hn so vi cong suat hoa von th se a lai li nhuan cho doanh nghiep ; ngc lai neu mc huy ong nang lc san xuat thap hn so vi cong suat hoa von th doanh nghiep se b lo. Ta goi : h% QHV QTT cong suat hoa von San lng hoa von San lng theo nang lc san xuat thc te
h% =
Q HV Q TT
100 %
Thong qua cong suat hoa von h%, nha quan tr tai chnh co the anh gia doanh nghiep mnh co kha nang at hoa von hay khong : -Neu h% > 1 : Doanh nghiep khong at hoa von trong ky (b lo) -Neu h% < 1 : Doanh nghiep at hoa von trong ky ; h% cang nho hn 1 cang tot va ngi ta goi chenh lech nay la khoang cach an toan ve cong suat. Khoang cach an toan ve cong suat c xac nh nh sau : Khoang cach an toan ve cong suat = 100% - h%
3. He thong cac on bay

Trong phan nay chung ta se tiep tuc nghien cu nhng tac ong on bay len li nhuan va rui ro. Co hai loai on bay (on can) can c phan biet : -on can nh ph se xac lap cau truc chi ph cua mot doanh nghiep. -on can n c tao ra do cach thc huy ong von
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a) on can nh ph va o nghieng cua on can nh ph
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Neu mot doanh nghiep co chi ph bat bien mc cao th oi hoi qua trnh san xuat kinh doanh cua doanh nghiep o phai tao ra so d am ph u ln e bu ap chi ph bat bien. ieu nay dan ti he qua la doanh nghiep o phai san xuat va tieu thu c mot khoi lng ln san pham th mi at hoa von. Nhng mot khi san lng a vt qua iem hoa von roi th mot s tang len khong ln ve san lng tieu thu cung se dan en s gia tang ang ke ve li nhuan. Ngc lai, neu doanh nghiep ch tieu thu c mot san lng di iem hoa von th doanh nghiep se b thua lo ln hn so vi doanh nghiep co chi ph bat bien mc thap hn. Viec xem xet moi quan he gia mc o ve chi ph bat bien vi kha nang tieu thu san pham va li nhuan cua doanh nghiep uc thc hien thong qua viec tm hieu khai niem ve on can nh ph. on can nh ph (operating leverage - hay co tai lieu con goi la on bay kinh doanh hay on bay hoat ong) bieu hien mc o nh ph (chi ph bat bien) ma doanh nghiep s dung trong hoat ong san xuat kinh doanh. Noi cach khac, no bieu th moi quan he gia tong chi ph bat bien va tong chi ph kha bien cua doanh nghiep. e anh gia mc o tac ong cua on can nh ph en li nhuan cua doanh nghiep, ngi ta s dung thc o : o nghieng cua on can nh ph (degree of operating leverage DOL) 54 o nghieng cua = on can nh ph Ty le % thay oi cua EBIT Ty le % thay oi cua san lng tieu thu (hoac doanh thu)
Vi cach ky hieu tng t nh a neu trong muc (III.2.a), ta co cong thc thc hanh e xac nh DOL nh sau
Q (P V ) Q (P V ) F
DOL =
o nghieng cua on can nh ph o lng ty le thay oi cua li nhuan trc thue va lai (EBIT) khi co s thay oi cua san lng tieu thu (hoac doanh thu). Th du mot doanh nghiep co DOL = 2 co ngha la khi san lng tieu thu (hoac doanh thu) tang (giam) 1% th li nhuan trc thue va lai (EBIT) cua doanh nghiep se tang (giam) 2% tng ng. Khi san lng tieu thu (hoac doanh thu) tang (giam) 3% th li nhuan trc thue va lai (EBIT) cua doanh nghiep se tang (giam) 6% tng ng.
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Co nhieu cach goi khac nhau ve DOL : o nhay cam cua on bay hoat ong, cap o on can nh ph, o tac ong cua on bay kinh doanh. Trong tai lieu nay, thuat ng DOL c thong nhat goi la o nghieng cua on can nh ph.
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Nh the khi DOL cang cao th mc o nhay cam cua s bien ong cua EBIT khi co s bien ong cua san lng tieu thu (hoac doanh thu) se cang ln. Noi cach khac DOL cang cao th mc o rui ro trong kinh doanh cua doanh nghiep se cang ln. b) on can n va o nghieng cua on can n Nhng tac ong cua on can n en li nhuan va rui ro cua doanh nghiep a c chung ta thao luan trong muc (II) cua chng nay. Noi dung di ay tiep tuc ch ra cach thc e o lng nhng tac ong ay thong qua mot thc o goi la o nghieng cua on can n (degree of financial leverage DFL) 55. o nghieng on can n = Ty le % thay oi cua EPS Ty le % thay oi cua EBIT
Trong o EPS la thu nhap tren mot n v co phan pho thong : Thu nhap tren mot n v co phan pho thong (EPS Earning per share) = Thu nhap rong danh cho CPPT So CPPT hien hu
Goi I la chi ph lai vay. Ta co cong thc xac nh DFL nh sau :
DFL =
Q( P V ) F Q( P V ) F I
EBIT EBIT I
o nghieng on can n (DFL) o lng ty le thay oi cua EPS khi co s thay oi cua EBIT. Th du DFL cua mot doanh nghiep la 1,5 co ngha la neu li nhuan trc thue va lai tang len (hoac giam xuong) 1% th li nhuan danh cho chu s hu (cu the la EPS) se tang len (hoac giam xuong) 1,5% tng ng. Cang vay n nhieu th DFL se cang cao. DFL cang cao th mc o bien ong cua EPS khi co s bien ong cua EBIT se cang ln, tc la mc o rui ro ve mat tai chnh cua doanh nghiep se cang cao. ieu nay, mot lan na, cho chung ta thay rang on can n la con dao hai li ay sc manh, nhng ong thi cung rat nguy hiem c) o nghieng cua on can tong hp -on can nh ph tac ong en li nhuan trc thue va lai (EBIT). o nghieng (o tac ong) cua on can nay cho thay EBIT cua doanh nghiep thay oi nh the nao khi san lng (hoac doanh thu) thay oi.
Co nhieu cach goi khac cho DFL : Cap o on can n, o nhay cam cua on can tai chnh, o tac ong cua on bay tai chnh
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-on can n tac ong en li nhuan danh cho chu s hu. o nghieng cua on can nay se cho biet li nhuan danh cho chu s hu (cu the la EPS) thay oi nh the nao khi co s thay oi cua EBIT. -o nghieng cua on can tong hp (degree of total leverage - DTL) la ket qua tac ong cua ca hai on can nh ph va on can n. Noi cach khac, DTL o lng o nhay cam cua EPS oi vi bien ong cua san lng tieu thu (hoac doanh thu).
DTL =
%EPS %Q hoac %S Q( P V ) Q( P V ) F I
Hoac : DTL = DOL DFL =
Lu y : Do cac thc o DOL, DFL, DTL xem xet en EBIT nen v vay ch tieu F trong cac cong thc tnh DOL, DFL, DTL ch la chi ph bat bien hoat ong, ngha la khong bao gi bao gom chi ph lai vay. Th du DTL cua mot doanh nghiep la 5,83 co ngha la ch can san lng tieu thu (hoac doanh thu) cua doanh nghiep thay oi 1% th se lam cho EPS thay oi 5,83%. Nh the DTL cang ln cang cho thay mc o rui ro ve mat tai chnh cung nh mc o rui ro ve kinh doanh cua doanh nghiep cang cao. S hieu biet ve ba on can noi tren co the giup nha quan tr tai chnh anh gia mc o va loai rui ro ma doanh nghiep co the gap phai. Hn the na, no co the ho tr nha quan tr tai chnh trong viec la chon mot chng trnh hoat ong hu hieu va xac nh mc o s dung n vay at hieu qua nhat.
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CHNG VIII: PHAN TCH TAI CHNH DOANH NGHIEP

I. Khai niem va Y ngha cua phan tch tai chnh
1. Khai niem
Hieu theo ngha chung nhat, phan tch la viec chia nho s vat, hien tng trong moi quan he hu c gia cac bo phan cau thanh cua s vat, hien tng o. -Trong lanh vc t nhien, viec chia nho nay c tien hanh vi nhng vat the va bang cac phng tien cu the (nh phan tch cac chat hoa hoc bang nhng phan ng, dung cu th nghiem, phan tch cac vi sinh vat bang knh hien vi...). -Trai lai, trong lanh vc kinh te xa hoi, cac hien tng can phan tch ch ton tai bang nhng khai niem tru tng. Do o, viec phan tch cung phai c thc hien bang nhng phng phap tru tng. Phan tch tai chnh (con goi la phan tch cac bao cao tai chnh) la viec chon loc, anh gia va dien giai cac thong tin ve tai chnh cung vi cac thong tin thch ang khac e tr giup cho viec ra quyet nh ve au t va ve von. Mot cach cu the, ay la viec anh gia nhng g a lam c, d kien nhng g se xay ra, tren c s o e ra nhng bien phap tan dung triet e cac iem manh, khac phuc cac iem yeu (ve mat tai chnh) cua doanh nghiep. D nhien, phan tch cac bao cao tai chnh khong ch n thuan la mot qua trnh tnh toan cac he so, ma thc chat la qua trnh tm hieu cac ket qua cua s quan ly va ieu hanh tai chnh doanh nghiep, lam cho cac con so vo tri vo giac tren cac bao cao tai chnh tr nen song ong va biet noi e nhng ngi co lien quan co the hieu ro tnh hnh thc te cua doanh nghiep. ong thi, cac phan tch ben trong cung khong the tach ri khoi cac phan tch, anh gia nhng thong tin ben ngoai doanh nghiep nh thong tin ve th trng, ve oi thu canh tranh, ve cac nha cung cap, va ac biet la nhng thong tin cua th trng tai chnh.
2.Y ngha
Hoat ong tai chnh co moi quan he trc tiep vi hoat ong san xuat kinh doanh. Do o, tat ca cac hoat ong san xuat kinh doanh eu co anh hng en tnh hnh tai chnh cua doanh nghiep. Ngc lai, tnh hnh tai chnh tot hay xau eu co tac ong thuc ay hoac km ham oi vi qua trnh san xuat kinh doanh. V the, nam bat c nhng thong tin ve tnh hnh tai chnh doanh nghiep la ieu het sc can thiet oi vi nhieu oi tng nh nha quan ly, nha au t, ngi cho vay, nha cung cap, khach hang... Moi oi tng va neu lai quan tam en tnh hnh tai chnh cua doanh nghiep tren cac goc o khac nhau phu thuoc vao hoat ong chc nang cua ho, nen nhng thong tin ma ho can cung rat khac nhau. Trong khi o, moi bao cao tai chnh ch phan anh mot so ch tieu ve tnh hnh tai chnh cua doanh nghiep, nen thong tin do tng bao cao tai chnh cung cap ch co the giup cho ngi s dung anh gia c mot kha canh tai chnh nao o cua doanh nghiep ma thoi.
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Noi cach khac, thong tin do tng bao cao tai chnh n le cung cap se khong the nao thoa man c mot cach ay u, ro rang va de hieu cac nhu cau a dang cua nhieu oi tng quan tam noi tren. Vi nhng u the cua mnh, ky thuat phan tch tai chnh se co the giup tao ra s lien ket thong tin tren cac bao cao tai chnh, cho phep cac oi tng quan tam co mot cai nhn toan dien ve thc trang tai chnh cua doanh nghiep, cung nh ap ng c nhng nhu cau a dang ve thong tin tai chnh doanh nghiep cua nhieu oi tng quan tam khac nhau. Th du : -Cac chu n (nh cac ngan hang, cac trai chu, cac nha cung cap co thc hien chnh sach tn dung thng mai) thng quan tam en cac van e nh : Kha nang thanh toan n va lai vay cua doanh nghiep la cao hay thap?, ty le n hien hanh cua doanh nghiep la bao nhieu?, kha nang sinh li va hieu qua hoat ong san xuat kinh doanh cua doanh nghiep se nh the nao? trc khi quyet nh cho vay hay cap tn dung thng mai. -Cac chu s hu th lai quan tam en kha nang sinh li cua mot ong von ma ho bo ra, va cac li ch khac se thu c trong tng lai e xac nh nang lc ieu hanh kinh doanh va kha nang huy ong von au t cua doanh nghiep ra sao Noi tom lai, phan tch tai chnh nham cung cap thong tin hu ch va de hieu cho nha quan tr, cac chu n va nhng ngi s dung khac e ho co the ra cac quyet nh ve au t, ve tn dung va cac quyet nh tng t. Phan tch tai chnh cung nham cung cap thong tin e gup cac nha quan tr, cac chu n...anh gia c cac nguon lc kinh te cua doanh nghiep, cung nh ngha vu cua doanh nghiep oi vi cac nguon lc o.
II. Noi dung va phng phap phan tch chu yeu

1. Noi dung cua phan tch tai chnh
a) Phan tch khai quat tnh hnh tai chnh cua doanh nghiep -Da tren cac bao cao tai chnh dang so sanh e anh gia xu hng va trien vong cua doanh nghiep -Da tren cac bao cao tai chnh theo quy mo chung e anh gia ket cau va bien ong ket cau. -anh gia tnh hnh thc hien so vi ke hoach. -anh gia tnh hnh chap hanh cac che o, chnh sach tai chnh, tn dung cua Nha nc... Viec tien hanh phan tch khai quat tnh hnh tai chnh cua doanh nghiep se cho ta thay mot bc tranh chung ve tnh hnh tai chnh va thc trang qua trnh hoat ong san xuat kinh doanh cung nh nhng nhan nh ban au ve xu hng va trien vong cua doanh nghiep trong tng lai gan. e thc hien phan tch khai quat, chung
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ta phai thiet ke cac bao cao tai chnh dang so sanh va cac bao cao tai chnh theo quy mo chung : -Cac bao cao tai chnh trnh bay so lieu tai chnh cua hai hay nhieu ky c goi la cac bao cao tai chnh dang so sanh. Cac bao cao tai chnh dang nay cung cap nhng thong tin quan trong ve xu hng va moi quan he cua hai hay nhieu nam. -Trong cac bao cao tai chnh theo quy mo chung, tng khoan muc c the hien bang mot so ty le ket cau so vi mot khoan muc lam goc co ty le 100%. Chang han tren Bang can oi ke toan theo quy mo chung th tong tai san c xem la 100% va nhng khoan muc con se c the hien bang ty le % so vi tong tai san. Da tren cac bao cao tai chnh theo quy mo chung nay, chung ta co the anh gia ket cau va nhng bien ong ket cau gia cac khoan muc. b) Phan tch cu the bang cac he so tai chnh chu yeu : Nham anh gia mot cach chi tiet tnh hnh va kha nang thanh toan, kha nang sinh li, vong quay ton kho, hieu qua s dung von... cua doanh nghiep.
2. Phng phap phan tch

So sanh la phng phap chu yeu c s dung trong phan tch tai chnh, bao gom cac noi dung so sanh nh sau : -So sanh gia so thc hien ky nay va so thc hien cua nhieu ky trc o e thay ro xu hng thay oi ve tai chnh cua doanh nghiep, thay c tnh hnh tai chnh c cai thien hay xau i nh the nao e co bien phap phat huy hoac khac phuc trong ky ti. Bi vay cach so sanh nay con c goi la phan tch xu the -So sanh gia so thc hien vi so ke hoach e thay ro mc o phan au cua doanh nghiep. -So sanh so thc hien cua doanh nghiep vi so trung bnh cua nganh hoac cua cac doanh nghiep cung nganh e thay ro tnh hnh tai chnh cua doanh nghiep la tot hn hay xau hn so vi cac doanh nghiep ban. Khi so sanh, can lu tam en nhng ieu kien so sanh nh n v o lng phai thong nhat, ky so sanh phai co cung o dai ve thi gian, noi dung va phng phap tnh toan cac ch tieu so sanh phai nhat quan -So sanh theo chieu doc e thay c ty trong cua tng loai trong tong so moi bang bao cao. So sanh theo chieu ngang e thay c s bien oi ca ve so tng oi va so tuyet oi cua mot khoan muc nao o qua nhieu nien o ke toan lien tiep. Cach so sanh nay con c goi la phan tch c cau. Cac noi dung so sanh noi tren co moi quan he rat chat che vi nhau, noi dung nay se bo sung cho noi dung kia va thng th ngi ta ket hp ca bon noi dung so sanh trong qua trnh phan tch, ong thi s dung bieu o e lam cho cac phan tch tr nen trc quan va sinh ong hn.
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III. Thong tin trong phan tch tai chnh doanh nghiep
Cac thong tin ve tai chnh ma phan tch tai chnh can en c cung cap t nhieu nguon khac nhau. Trc tien la thong tin nhan c t ben trong doanh nghiep thong qua cac bao cao tai chnh hang nam va cac bao cao khac. Thong tin tren cac bao cao tai chnh la can c quan trong cho viec ra cac quyet nh ve quan ly, ieu hanh hoac au t cua nha quan tr, chu s hu, nha au t, chu n hien tai va tng lai cua doanh nghiep. Sau ay gii thieu mot cach s lc ve hai bao cao tai chnh chu yeu, o la Bang can oi ke toan va Bang bao cao ket qua kinh doanh.
1. Bang can oi ke toan

a) Ban chat va muc ch cua Bang can oi ke toan Bang can oi ke toan la mot bang bao cao tai chnh tong hp, phan anh tong quat toan bo gia tr tai san hien co va nguon hnh thanh tai san o cua doanh nghiep vao mot thi iem nhat nh. Ngi ta coi Bang can oi ke toan la mot bc anh chup nhanh tnh trang tai chnh cua doanh nghiep, bi v no c lap vao thi iem cuoi nien o ke toan. ay cung chnh la nhc iem cua Bang can oi ke toan khi chung ta s dung so lieu cua no phuc vu cho phan tch tai chnh So lieu tren Bang can oi ke toan cho biet toan bo gia tr tai san hien co theo c cau tai san va c cau nguon von. Thong qua so lieu tren Bang can oi ke toan, ngi s dung bao cao co the nhan xet, anh gia khai quat thc trang tai chnh cua doanh nghiep vao thi iem bao cao. b) Noi dung va ket cau cua Bang can oi ke toan Bang can oi ke toan c chia thanh hai phan : Tai san va nguon von -Phan tai san : Cac ch tieu phan tai san phan anh toan bo gia tr tai san hien co cua doanh nghiep tai thi iem bao cao theo c cau tai san va hnh thc ton tai cua chung trong qua trnh san xuat kinh doanh. Tai san c chia thanh: Tai san lu ong va au t ngan han ; Tai san co nh va au t dai han -Phan nguon von phan anh nguon hnh thanh tai san hien co cua doanh nghiep tai thi iem bao cao. Cac ch tieu nguon von the hien trach nhiem phap ly cua doanh nghiep oi vi tai san ma mnh ang quan ly va s dung. Nguon von gom : N phai tra ; Von chu s hu -Moi quan he chu yeu gia cac ch tieu tren BCKT bao gom :
Tai san = Nguon von = N phai tra + Von chu s hu
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Von chu s hu = Tai san - N phai tra Von lu ong rong = Tai san lu ong - N ngan han
-Noi dung tom lc cua Bang can oi ke toan nh sau :
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BANG CAN OI KE TOAN

31 . 12 . 200X n v tnh : KHOAN MUC MA SO AU SO NAM 100 110 120 130 140 150 160 200 210 220 230 240 250 300 310 320 330 400 410 420 430 SO CUOI NAM
Tai san
A.Tai san lu ong va au t ngan han I. Tien II.Cac khoan au t tai chnh ngan han III.Cac khoan phai thu IV. Hang ton kho V. Tai san lu ong khac VI. Chi s nghiep B. Tai san co nh va au t dai han I. Tai san co nh II. Cac khoan au t tai chnh dai han III.Chi ph xay dng c ban d dang IV. Cac khoan ky quy ky cc dai han Tong cong tai san Nguon von A. N phai tra I. N ngan han II. N dai han III. N khac B. Nguon von chu s hu I. Nguon von , quy II. Nguon kinh ph, quy khac Tong cong nguon von
2. Bang bao cao ket qua kinh doanh

a) Ban chat va muc ch cua Bang bao cao ket qua kinh doanh Bao cao ket qua kinh doanh la mot bao cao tai chnh tong hp, phan anh tong quat tnh hnh va ket qua hoat ong kinh doanh va cac hoat ong khac trong mot ky
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ke toan cua doanh nghiep, tnh hnh thc hien ngha vu vi ngan sach Nha nc ve thue va cac khoan phai nop khac. So lieu tren Bang bao cao ket qua kinh doanh cho phep ngi s dung anh gia mot cach khai quat ve kha nang sinh li cua ong von au t vao doanh nghiep. No cho biet qua trnh hoat ong san xuat kinh doanh cua doanh nghiep a em lai li nhuan hay gay ra tnh trang lo von b) Noi dung va ket cau cua Bang bao cao ket qua kinh doanh Bao gom cac khoan muc chu yeu sau ay (phan bao cao lo-lai) : BANG BAO CAO KET QUA KINH DOANH n v tnh : Ch tieu 1. Doanh thu thuan 2. Gia von hang ban 3. Li nhuan gop ( 10 - 11 ) 4. Chi ph ban hang 5. Chi ph quan ly doanh nghiep 6. Li nhuan thuan t hoat ong kinh doanh 7. Li nhuan t hoat ong tai chnh 8. Li nhuan bat thng 9. Tong li nhuan trc thue ( 30 + 40 + 50 ) 10. Thue thu nhap doanh nghiep phai nop 11. Li nhuan sau thue ( 60 - 70 ) Ma so 10 11 20 21 22 30 40 50 60 70 80 Ky trc Ky nay
Ben canh nguon thong tin ben trong nay, qua trnh phan tch tai chnh cung can en nhng thong tin ben ngoai doanh nghiep nh cac thong tin ve th trng, cac oi thu canh tranh, cac nha cung cap... va ac biet la cac thong tin t th trng tai chnh cung nh cac thong tin kinh te khac. Ta co the tom tat dien trnh phan tch tai chnh qua s o sau:
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Thong tin t th trng tai chnh Thong tin t cac BCTC Cac thong tin kinh te
- 163 Cac s kien quan trong khac
Chon loc thong tin anh gia cac thong tin Dien giai cac thong tin
IV. Mot vai he so tai chnh chu yeu

1. Cac he so ve kha nang thanh toan
Tnh hnh tai chnh cua doanh nghiep c anh gia la lanh manh hay khong trc het the hien kha nang thanh toan. V vay, chung ta hay bat au vi cac he so 56 ve kha nang thanh toan. ay la nhng ch tieu c nhieu ngi quan tam nh cac nha cho vay, nha cung cap... Ho luon at ra cau hoi lieu doanh nghiep co kha nang thanh toan cac mon n ti han hay khong ? a) He so kha nang thanh toan hien thi (Current ratio - Liquidity ratio) Ch tieu nay la thc o kha nang thanh toan n ngan han trong ky cua doanh nghiep. So lieu e tnh ch tieu nay c lay trong Bang can oi ke toan -Tai san lu ong va au t ngan han ma so 100 phan tai san -N ti han la tong cua hai ch tieu co ma so 310 + 330 phan nguon von. Thc chat ay la nhng khoan n ma doanh nghiep phai tra trong khoang thi gian di 12 thang, bao gom cac khoan vay ngan han, cac khoan phai tra cho ngi ban, thue va cac khoan phai nop cho Nha nc, phai tra cho cong ngan vien, n dai han en han tra, va cac khoan phai tra khac.
He so kha nang = thanh toan hien thi
Tai san lu ong va au t ngan han N ti han
Thuat ng he so co the c thay bang thuat ng ty so, hoac ty le , hay ty suat neu chung ta co nhan them so bach phan (%).
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Th du he so kha nang thanh toan hien thi cua mot doanh nghiep tai mot thi iem nao o la 2,5 co ngha la c mot ong n ti han c am bao thanh toan bang 2,5 ong tai san lu ong. He so nay cang cao cang chng to mc o an toan trong thanh toan n ngan han cua doanh nghiep cang ln. Nguyen tac c ban cho rang ty le nay la 2/1 th doanh nghiep co u kha nang thanh toan cac mon n ngan han. Tuy nhien, ty le nay con phu thuoc vao nganh kinh doanh va chu ky hoat ong cua tng doanh nghiep. -Mot he so ve kha nang thanh toan hien thi qua thap la dau hieu canh bao cho nguy c doanh nghiep se gap phai nhieu kho khan trong thanh toan. -Tuy nhien, mot he so ve kha nang thanh toan hien thi qua cao cha chac a phan anh nang lc thanh toan cua doanh nghiep la tot !, ma ngc lai, no co the la dau hieu cho thay doanh nghiep a quan ly tai san lu ong cua mnh cha that chat che, chang han doanh nghiep co qua nhieu hang ton kho, ton tr qua nhieu tien mat nhan roi, khoan phai thu qua ln, b) He so kha nang thanh toan nhanh (Quick ratio Acid test ratio) Muon thanh toan cac mon n, doanh nghiep phai chuyen oi cac tai san lu ong thanh tien mat. Cau hoi c at ra la : Neu tat ca cac mon n ti han c yeu cau thanh toan ngay lap tc th kha nang tai chnh cua doanh nghiep co ap ng c hay khong?. He so kha nang thanh toan nhanh se tra li cho cau hoi nay. No la mot tieu chuan anh gia khat khe hn oi vi kha nang chi tra cac mon n ngan han cua doanh nghiep. He so kha nang thanh toan nhanh phan anh moi quan he gia n ti han va nhng tai san lu ong co kha nang chuyen nhanh thanh tien e trang trai n ti han. Cac loai tai san lu ong c xep vao loai co the chuyen nhanh thanh tien gom tien, cac khoan au t tai chnh ngan han va cac khoan phai thu. Hang ton kho va cac khoan ng trc khong c xep vao loai nay bi kha nang chuyen nhanh thanh tien kem .
He so kha nang thanh toan nhanh
Muc I , II, III tai san loai A N ti han
c) He so kha nang thanh toan lai vay (Interest coverage ratio) Lai n vay hang nam la mot khoan chi ph co nh (nh ph tai chnh) ma doanh nghiep co trach nhiem phai tra ung han. Nguon e trang trai khoan chi ph nay la li nhuan gop sau khi a tr i chi ph ban hang va chi ph quan ly doanh nghiep. He so kha nang thanh toan lai vay phan anh moi quan he gia li nhuan trc thue va lai (EBIT) vi lai vay phai tra trong ky. Cong thc nh sau :
Nguyen Van Tuan
Khoa QTKD
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He so kha nang Tong li nhuan trc thue + Lai phai tra = thanh toan lai vay Lai phai tra
-Tong li nhuan trc thue la ch tieu mang ma so 60 tren Bang bao cao ket qua kinh doanh -So lieu lai phai tra do phong ke toan doanh nghiep cung cap 57. He so nay cho biet doanh nghiep san sang tra tien lai en mc nao. ieu o co ngha la so von ma doanh nghiep i vay a c s dung nh the nao? Co the mang lai khoan li nhuan la bao nhieu va co u e bu ap tien lai vay hay khong?
2. Cac he so ve c cau tai chnh

a) He so n (Debt ratio) He so n la ch tieu cho biet trong mot ong von hien doanh nghiep ang s dung co may ong von vay n. He so n cang cao th mc o phu thuoc ve tai chnh cua doanh nghiep cang ln. ieu nay cho thay rui ro ve tai chnh cua doanh nghiep se cang cao 58. Th du he so n cua mot doanh nghiep la 0,7 co ngha la c trong mot ong von ma doanh nghiep ang s dung co en 0,7 ong la von vay n. Noi cach khac, co en 70% tong tai san cua doanh nghiep a c hnh thanh t nguon von n vay. -Tong n cua doanh nghiep la toan bo n vay ngan han, dai han va cac khoan phai thanh toan (khong phan biet ti han hay cha ti han). No c xac nh bang ch tieu tong n phai tra mang ma so 300 phan nguon von. -Tong tai san (tong von) la ch tieu mang ma so 250 phan tai san.
He so n
Tong n Tong tai san
b) He so n dai han (long term debt ratio) Ch tieu nay la mot bc cu the hoa cua ch tieu he so n, no cho biet trong mot ong von doanh nghiep ang s dung co may ong la n vay dai han -N dai han la cac khoan n co thi gian ao han ln hn mot nam, c xac nh bang ch tieu mang ma so 320 phan nguon von tren Bang can oi ke toan. -Tong tai san la ch tieu mang ma so 250 phan tai san.
Tren Bang bao cao ket qua kinh doanh theo mau quy nh hien hanh tai Viet Nam khong thiet ke ch tieu li nhuan trc thue va lai. Do vay, khi tnh toan he so nay, chung ta co the lay ch tieu tong li nhuan trc thue cong them vao tien lai phai tra.
58
57
Noi dung nay a c e cap trong Chng VII cua tai lieu
Nguyen Van Tuan
Khoa QTKD

He so n dai han
- 166 -
N dai han Tong tai san
3. Cac he so ve c cau von

Cac he so nay se tra li cho cau hoi trong mot ong von ma doanh nghiep ang s dung co bao nhieu au t vao tai san lu ong, bao nhieu au t vao tai san co nh. Tuy theo tng loai hnh san xuat, kinh doanh ma cac he so nay cao thap khac nhau. Tong tai san ma so 250. Tai san co nh va au t dai han ma so 200. Tai san lu ong va au t ngan han ma so 100 thuoc phan tai san tren Bang can oi ke toan.
Ty trong tai san co = nh
Tai san co nh va au t dai han Tong tai san
Ty trong tai san lu Tai san lu ong va au t ngan han = ong Tong tai san
4. Cac he so ve hoat ong
a) Vong quay hang ton kho (Inventory turnover) ng ve mat phan tch tai chnh, neu hoat ong san xuat kinh doanh cua doanh nghiep dien ra bnh thng th vong luan chuyen ton kho cang nhanh cang tot. Noi chung, so vong quay hang ton kho cang cao cang cho thay viec to chc va quan ly d tr cua doanh nghiep la tot, doanh nghiep co the rut ngan c chu ky kinh doanh va giam c lng von b ong di hnh thc hang ton kho. -Hang ton kho bao gom nguyen vat lieu ton kho,thanh pham ton kho... So lieu c lay t ch tieu mang ma so 140 phan tai san tren Bang can oi ke toan . -Gia von hang ban la chi ph e co so hang hoa tieu thu trong ky nh chi ph nhan cong trc tiep, chi ph nguyen vat lieu trc tiep, chi ph san xuat chung...So lieu nay c lay tren Bang bao cao ket qua kinh doanh, ma so 11.
Vong quay hang ton kho
Gia von hang ban Hang ton kho
Th du vong quay hang ton kho cua doanh nghiep A nam 200X bang 6,3 cho ta biet : Neu hang ton kho vao cuoi nam cung tng ng vi lng hang ton kho trung bnh vao cac thi iem khac trong nam th tnh t luc tien mat c au t tao thanh cac san pham lu kho cho en khi cac san pham nay c tieu thu, trong nam 200X, doanh nghiep A a thc hien c 6,3 lan chu trnh o.
Nguyen Van Tuan
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b) Vong quay tai san co nh (Noncurrent assets turnover) Ch tieu nay cho ta biet mot ong von co nh tao ra may ong doanh thu thuan t hoat ong kinh doanh. No cho thay hieu qua s dung von co nh cua doanh nghiep so 10 -Doanh thu thuan la ch tieu c lay Bang bao cao ket qua kinh doanh ma
- Von co nh la phan gia tr tai san co nh con lai tai thi iem bao cao, ma so 200 tren Bang can oi ke toan.
Vong quay von co nh
Doanh thu thuan Von co nh
c) Vong quay tong tai san (Total assets turnover) ay la ch tieu o lng hieu qua s dung von trong ky, phan anh mot ong von huy ong vao san xuat kinh doanh (khong phan biet nguon hnh thanh) mang lai may ong doanh thu thuan. Ch tieu nay con c goi la vong quay toan bo von.
Vong quay tong tai san
Doanh thu thuan Tong tai san
5. Cac he so ve doanh li
Li nhuan la muc ch cuoi cung cua hoat ong san xuat kinh doanh. Li nhuan cang cao, doanh nghiep cang khang nh v tr va s ton tai cua mnh trong nen kinh te th trng. Nhng neu ch can c vao so li nhuan ma doanh nghiep thu c trong ky cao hay thap e anh gia chat lng hoat ong san xuat kinh doanh tot hay xau, th co the a ta ti nhng ket luan sai lam. Bi le so li nhuan nay co the khong tng xng vi lng chi ph a bo ra cung nh lng tai san ma doanh nghiep a s dung. e khac phuc khuyet iem nay, trong qua trnh phan tch ngi ta bo sung them nhng ch tieu tng oi bang cach at li nhuan trong moi quan he vi doanh thu at c trong ky, hoac vi so von ma doanh nghiep a huy ong vao san xuat kinh doanh. Cac ch tieu tng oi ay la : a) Doanh li doanh thu (Return on sales ROS) e anh gia hoat ong san xuat kinh doanh thnh vng hay suy thoai, ngoai viec xem xet cac ch tieu doanh thu at c trong ky, cac nha phan tch con xac nh trong mot ong doanh thu co may ong li nhuan sau thue. Con so nay rat ang quan tam va no se cang co y ngha hn neu chung ta em no so sanh vi cac mc o nhng nam trc. Doanh thu thuan la ch tieu mang ma so 10 ; tong li nhuan sau thue ma so 80 tren Bang bao cao ket qua kinh doanh.
Nguyen Van Tuan
Khoa QTKD

Doanh li doanh thu Li nhuan sau thue Doanh thu thuan
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b) Doanh li tong tai san (ROA) ay la mot ten goi khac cua he so ve kha nang sinh li tren tong tai san (ROA) ma chung ta a thao luan trong Chng VII.
Doanh li tong tai
Lai phai tra + Tong li nhuan trc thue Tong tai san
Tong so tai san hien nay doanh nghiep ang quan ly va s dung chu yeu c hnh thanh t hai nguon :Von chu s hu va von vay. V vay, ket qua hoat ong san xuat kinh doanh cung phai chia lam hai phan : Trc tien phai hoan tra phan lai vay va phan con lai se la thu nhap cua doanh nghiep. Bang viec cong tr lai tien lai phai tra vao li nhuan, chung ta se co c ket qua hoat ong san xuat kinh doanh trc khi phan chia cho chu s hu va ngi cho vay. S d phai lam nh vay la v mau so bao gom tai san c hnh thanh t nguon von cua chu s hu va ngi cho vay nen t so cung phai bao gom so hoan von cho ca hai. Tuy nhien, cung co y kien cho rang nen s dung li nhuan sau thue khi tnh toan ch tieu ROA e tao thuan li hn trong viec bieu dien moi quan he tng ho gia cac he so tai chnh nh doanh li doanh thu, doanh li tong tai san, doanh li von chu s hu, he so n, va vong quay tong von, t o gop phan lam sang to nguyen nhan cua thc trang tai chnh doanh nghiep, cung nh nh hng nhng bien phap e giai quyet cac ton tai. Theo o, ta viet lai cong thc e xac nh doanh li tong tai san nh sau :
Doanh li tong tai san
Li nhuan sau thue Tong tai san
c) Doanh li von chu s hu ay cung la mot ten goi khac cua ch tieu kha nang sinh li tren von chu s hu (ROE) a c gii thieu Chng VII. Ch tieu nay thng c cac nha au t quan tam. No o lng mc o li nhuan sau thue thu c tren moi mot ong von chu s hu trong ky.
Nguyen Van Tuan
Khoa QTKD

Doanh li von chu s hu Li nhuan sau thue Von chu s hu
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Chung ta a biet von chu s hu la mot bo phan trong tong nguon von cua doanh nghiep. Doanh li von chu s hu, v vay, se chu anh hng cua doanh li tong tai san. Y tng nay c bieu dien theo phng trnh dupont di ay.
6. Phng trnh Dupont

Phan tch tai chnh theo phng trnh Dupont cho thay tac ong tng ho gia cac he so tai chnh. Phng phap nay c cong ty Dupont My ap dung au tien nen mi co ten goi nh vay. Phng trnh Dupont c viet nh sau :
ROE <=> <=> = Ln sau thue Von CSH Doanh li von CSH Doanh li von CSH = Ln sau thue DT thuan Doanh li doanh thu X Dt thuan Tong tai san Vong quay tong tai san X Tong tai san Von CSH Tong tai san von CSH
= =
Doanh li tong tai san 1 He so n
Nhn vao phng trnh tren ta co the nhan thay rang he so n se ty le thuan vi doanh li von chu s hu. ieu nay co ngha la doanh nghiep cang vay n nhieu, tc co he so n cang cao, th cang ky vong gia tang doanh li von chu s hu. Tuy nhien, khi he so n cua doanh nghiep cang cao th se lam giam cac he so thanh toan, keo theo nhng rui ro ve mat tai chnh. ong thi, cung qua phng trnh tren, chung ta thay rang muon co the tang doanh li von chu s hu th doanh nghiep can phai : -Tang so vong quay tong tai san -Tang doanh li doanh thu -Thay oi c cau tai chnh theo hng gia tang he so n. Can nh la khi doanh thu tang len va doanh nghiep ang co lai, mot s gia tang n vay se co kha nang khuyech ai doanh li von chu s hu. Trong trng hp ngc lai, khi khoi lng hoat ong giam va doanh nghiep ang thua lo, viec gia tang n vay se lam giam manh doanh li von chu s hu. ieu nay a c chng minh bang sc manh cua on bay tai chnh, c o lng thong qua thc o DFL, ma chung ta a nghien cu Chng VII.
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Khoa QTKD
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V. PHAN TCH DIEN BIEN NGUON VON VA S DUNG VON

Viec phan tch dien bien nguon von va s dung von se giup cho nha quan tr tai chnh nam c nhng dien bien thay oi cua cac nguon (sources) tao ra tien, va cac cach thc s dung (uses) nguon tien o trong mot thi ky nhat nh gia hai thi iem lap bang can oi ke toan, e t o nh hng cho qua trnh hoach nh tai chnh cua doanh nghiep. Noi chung, muc nh chnh cua viec phan tch dien bien nguon von va s dung von la e tra li hai cau hoi ln o la : doanh nghiep a lay tien t au?, va quan trong hn, so tien o a c s dung nh the nao?. Qua trnh phan tch dien bien nguon von va s dung von c bat au bang viec so sanh so lieu cuoi ky va au ky cua cac khoan muc tren bang can oi ke toan, e xac nh s thay oi cua tng khoan muc theo thi gian. Sau o, ta phan biet cac thay oi nay thanh hai phan : phan nguon tao ra tien, va phan cach thc s dung tien, theo nguyen tac sau ay : -S giam i cua cac khoan muc thuoc phan Tai san, hoac s tang len cua cac khoan muc thuoc phan Nguon von tren bang can oi ke toan la nguon tao tien cho doanh nghiep. Th du oi vi cac khoan muc thuoc phan Tai san : Thanh ly thiet b cu, ban bt hang ton kho, giam bt cac khoan phai thula nguon tao ra tien cho doanh nghiep. oi vi cac khoan muc thuoc phan Nguon von : tang khoan n vay ngan hang, tang von chu s hula nguon tao ra tien cho doanh nghiep. - S tang len cua cac khoan muc thuoc phan Tai san, hoac s giam i cua cac khoan muc thuoc phan Nguon von tren bang can oi ke toan ch ra cach thc s dung tien cua doanh nghiep. Th du nh tang hang hoa ton kho, tang cac khoan phai thu, xay dng mot nha xng mitat ca eu lam tang tai san cua doanh nghiep va phai s dung tien. Ngc lai, tra bt n vay ngan hang, giam bt cac khoan phai tra cho nha cung capcung la nhng cach thc s dung tien. Do khong the s dung ong tien ma doanh nghiep khong co, nen tong cac khoan tien doanh nghiep a s dung trong ky phai can bang vi tong cac nguon tao ra tien.
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TAI LIEU THAM KHAO

A. Tai lieu tieng Viet
Phan tch hoat ong doanh nghiep, Nguyen Tan Bnh, NXB ai hoc quoc gia thanh pho Ho Ch Minh, 2000. Quan tr tai chnh doanh nghiep, Tran Van Chanh-Ngo Quang Huan, NXB ai hoc quoc gia thanh pho Ho Ch Minh, 2000. Tai chnh doanh nghiep, Nguyen Th Diem Chau (chu bien) cung tap the cac thay co giao Khoa TCDN-KDTT - Trng ai hoc kinh te thanh pho Ho Ch Minh, NXB Tai chnh, 1999 Tai chnh doanh nghiep, Bo Tai chnh, NXB Tai chnh, 2000 He thong chuan mc ke toan Viet Nam - quyen mot, Bo Tai Chnh, NXB Tai chnh, 2002 Nhng van ban hng dan mi ve quan ly tai chnh trong doanh nghiep nha nc, Phan Quang, NXB Lao ong, 2000 Quan tr tai chnh doanh nghiep, Nguyen Hai San, NXB Tre, 1998. Luat trong kinh doanh dien giai, Huynh Viet Tan, NXB Chnh tr quoc gia, 2001 Quan tr tai chnh can ban, Nguyen Quang Thu, NXB Giao duc, 1998 Quan tr tai chnh, Nguyen Van Thuan, NXB Tp. Ho Ch Minh, 1993 Quan tr tai chnh (quyen I va quyen II), Bui Tng Tr, NXB Thong ke, 1997-1998 Th trng chng khoan, Le Van T-Nguyen Ngoc Hung, NXB Thong ke, 1998 Lap, oc, phan tch bao cao tai chnh va d oan nhu cau tai chnh doanh nghiep, Vu Cong Ty - Nguyen Viet Li - oan Xuan Tien, NXB Tai chnh, 1996 Tai chnh doanh nghiep thc hanh (quyen I), Vu Cong Ty-o Th Phng, NXB Nong nghiep, 2000.
Nguyen Van Tuan
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Quan tr tai chnh doanh nghiep, tap 1 B. Tai lieu tieng nc ngoai
- 172 -
Principles of corporate finance, fifth edition, Richard.A. Brealey and Stewart C.Myers, The McGraw-Hill companies, Inc,1996 Instructors manual to accompany -Principles of corporate finance, fifth edition, Philip R. Perry, The McGraw-Hill companies, Inc,1996 Financial institutions understanding and managing financial services, fifth edition, Peter S. Rose, James W. Kolari. CD-ROM program : Virtual MBA perfomance technologies and corporate retraining solution, version 3.5-Finance
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3. Giáo trình Quản trị tài chính doanh nghiệp Tập 1 - Nguyễn Văn Tuấn, 173 Trang

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TRNG AI HOC A LAT KHOA QTKD

QUAN TR TAI CHNH DOANH NGHIEP

NGUYEN VAN TUAN

Quan tr tai chnh doanh nghiep, tap 1

Nguyen Van Tuan

Quan tr tai chnh doanh nghiep, tap 1

Nguyen Van Tuan

Quan tr tai chnh doanh nghiep, tap 1

Nguyen Van Tuan

Quan tr tai chnh doanh nghiep, tap 1

Nguyen Van Tuan

Quan tr tai chnh doanh nghiep, tap 1

Nguyen Van Tuan

Quan tr tai chnh doanh nghiep, tap 1

Nguyen Van Tuan

Quan tr tai chnh doanh nghiep, tap 1

2. Cac moi quan he tai chnh

Nguyen Van Tuan

Quan tr tai chnh doanh nghiep, tap 1

3. Cac quyet nh tai chnh

Con c goi la cac quyet nh s dung ngan quy

Nguyen Van Tuan

Quan tr tai chnh doanh nghiep, tap 1

Con c goi la cac quyet nh tai tr

Nguyen Van Tuan

Quan tr tai chnh doanh nghiep, tap 1

Nguyen Van Tuan

Quan tr tai chnh doanh nghiep, tap 1

Nguyen Van Tuan

Quan tr tai chnh doanh nghiep, tap 1

Nguyen Van Tuan

Quan tr tai chnh doanh nghiep, tap 1

3. Noi dung hoat ong tai chnh doanh nghiep

III. To chc tai chnh doanh nghiep

1.Hnh thc to chc kinh doanh cua doanh nghiep

Nguyen Van Tuan

Quan tr tai chnh doanh nghiep, tap 1

Nguyen Van Tuan

Quan tr tai chnh doanh nghiep, tap 1

Nguyen Van Tuan

Quan tr tai chnh doanh nghiep, tap 1

Nguyen Van Tuan

Quan tr tai chnh doanh nghiep, tap 1

Nguyen Van Tuan

Quan tr tai chnh doanh nghiep, tap 1

2. ac iem kinh te - ky thuat cua nganh kinh doanh

3. Moi trng kinh te-xa hoi

Nguyen Van Tuan

Quan tr tai chnh doanh nghiep, tap 1

Nguyen Van Tuan

Quan tr tai chnh doanh nghiep, tap 1

IV. Khai quat ve th trng tai chnh

2. Thanh vien va hang hoa tren th trng tai chnh

Nguyen Van Tuan

Quan tr tai chnh doanh nghiep, tap 1

Nguyen Van Tuan

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3. Phan loai th trng tai chnh

Nguyen Van Tuan

Quan tr tai chnh doanh nghiep, tap 1

TH TRNG TIEN TE MONEY MARKET

TH TRNG VON CAPITAL MARKET

Nguyen Van Tuan

Quan tr tai chnh doanh nghiep, tap 1