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Culture Documents
Mt s vn c bn
KT CU CHNG
1. Tng quan v ti chnh doanh nghip 2. Ti sn v ngun vn ca DN 3. Qun l chi ph v thu nhp ca DN 4. Phn tch kt qu kinh doanh ca DN
Bn cht ca TCDN
KN:TCDN l h thng cc QHKT pht sinh trong qu trnh phn phi cc ngun TC gn lin vi qu trnh to lp v s dng cc QTT trong H SX-KD ca DN nhm t ti mc tiu nht inh. Cc quan h ti chnh bao gm:
D Quan h gia doanh nghip vi th trng. D Quan h ti chnh trong ni b doanh nghip.
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Ba vn ca TCDN
- Quyt nh u t vo u? (Investment/Capital
Budgeting Decisions). - Quyt nh v cu trc vn ti u (Capital Structure Decisions). - Qun tr vn lu ng (Working Capital Management).
c im ca TCDN
(i) TCDN gn lin vi cc H SX-KD ca DN. (ii) TCDN gn lin vi hnh thc s hu DN (ii) Mi s vn ng ca cc ngun TC trong DN u nhm t ti MT kinh doanh ca DN l ti a ho li nhun.
Vai tr ca TCDN
m bo huy ng y v kp thi vn
- T chc s dng vn tit kim v hiu qu. - To lp cc n by TC kch thch iu tit cc hot ng KT trong DN.
Gim st kim tra cht ch hot ng SX-KD
ca DN.
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Ngun vn hn 149 N phi tr (Liabilities) 149 - N ngn hn (Current 147 Liabilities) - N di hn (Long term 2 Debt) 62 211
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1. TI SN CA DOANH NGHIP
(assets)
- Ti sn ngn hn (Current assets) - Ti sn di hn(Long term Assets)
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z Thnh phm (Finished Goods) v Hng tn kho z Cc khon phi thu ngn hn (accounts receivable) z Cc khon u t ti chnh ngn hn (marketable
securities)
z Ti sn ngn hn khc
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Tin (Cash)
Bao gm: z Cc khon phi thu di hn (long term receivable) z Ti sn c nh (fixed assets) z Bt ng sn u t (immovables) z Cc khon u t ti chnh di hn (long term investments) z Cc ti sn di hn khc (other long term assets)
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Th no l TSC?
Gi tr ca TS phi ln (tu theo sc mua ng tin xc nh cho hp l) Thi gian s dng di (trn 1 nm) TS c SD trc tip hoc gin tip vo qu trnh SXKD ca DN v thu c li ch KT t vic s dng .
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4 iu kin:
Chc chn thu c li ch kinh t trong tng lai t vic s dng TS ; Nguyn gi TS phi c xc nh mt cch tin cy; C thi gian s dng t 1 nm tr ln; C gi tr t 10.000.000 ng tr ln.
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cht c th. Nh: nh ca, vt kin trc,my mc thit b, phng tin vn ti, t ai - TSC v hnh (intangible assets) l nhng ti sn khng c hnh thi vt cht c th. Nh: chi ph v s dng t, chi ph thnh lp DN, chi ph nghin cu pht trin.v.v.
b) Cn c vo quyn s hu, c:
- TSC do DN s hu - TSC do DN i thu.
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c im ca TSC:
Tham gia nhiu chu k SXKD nhng khng
thay i hnh thi vt cht. Trong qu trnh s dng nng lc SX v gi tr ca chng b gim dn do chng b hao mn dn. B phn gi tr i din cho phn hao mn c gi l tin khu hao.
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Trong :
NG MKH = ----------T - MKH: mc trch KH nm (t). - NG: nguyn gi TSC (original cost) - T: thi gian s dng nh mc TSC
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V d: Cng ty A mua mt TSC (mi 100%) vi gi thanh ton theo ho n l 119 tr.ng, chit khu mua hng l 5 tr.ng, chi ph vn chuyn l 3 tr.ng, chi ph lp t chy th l 3 tr.ng. Hy tnh mc KH hng nm theo phng php ng thng, bit rng: TSC c tui th k thut l 12 nm v thi gian s dng ca TSC d kin l 10 nm. zTa tnh: zNGTSC= 119 5 +3 +3 =120 triu ng zMc trch khu hao hng nm: zMKH= 120 triu ng :10 nm =12 triu ng/nm zMc trch khu hao trung bnh hng thng: z12 triu ng : 12 thng = 1 triu ng/thng zHng nm c.ty phi trch 12 triu ng chi ph KH TSC vo chi ph KD.
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aHSC: l H s iu chnh lun c X ln hn 1 v thi gian s dng TSC cng di th HSC cng ln. Do vy, TKH(c) thng l ln hn TKH.
Lu : Nhng nm cui, khi mc KH xc nh theo p.p s d gim dn mc KH bnh qun gia GTCL v s nm SD cn li ca TSC, th k t nm mc KH c tnh bng GTCL ca TSC chia (:) cho s nm SD cn li ca TSC.
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gi l 100 triu ng. Thi gian SD ca TSC xc nh l 5 nm. Xc nh s KH hng nm theo phng php s d gim dn, bit h s iu chnh l 2,0.
i Xc nh mc KH hng nm nh sau: z T l KH hng nm theo p.p ng thng l: TKH = (1 : 5) x 100% = 20% z T l KH nhanh theo p.p s d gim dn l: TKH (c)= 20% x 2 = 40% z Mc trch KH hng nm ca TSC trn c xc nh theo bng di y:
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2 3 4 5
60 36 21,6 10,8
T l KH
5/15 4/15 3/15 2/15 1/15 100%
S tin KH
100 x 5/15 = 33,33 100 x 4/15 = 26,67 100 x 3/15 = 20 100 x 2/15 = 13,33 100 x 1/15 = 6,67 100
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MKH = mKH x Qt
Trong : - Qt: khi lng s.p thc t SX trong k (t) - mKH: mc trch KH b.q cho mt n v SP
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Thng
7 8 9 10 11 12
15.000 14.000
z V d (tip):
z Mc trch KH b.q tnh cho 1m3 l: 450 tr. : 2.400.000 m3 =187,5/m3 z Mc trch KH ca my i c tnh theo bng bn:
Thng
Mc KH thng (ng)
14.000 x 187,5 = 2.625.000 15.000 x 187,5 = 1.812.000 18.000 x 187,5 = 3.375.000 16.000 x 187,5 = 3.000.000 15.000 x 187,5 = 1.812.000 14.000 x 187,5 = 2.625.000 15.000 x 187,5 = 1.812.000 14.000 x 187,5 = 2.625.000 16.000 x 187,5 = 3.000.000 16.000 x 187,5 = 3.000.000 18.000 x 187,5 = 3.375.000 18.000 x 187,5 = 3.375.000
1 2 3 4 5 6 7 8 9 10 11 12
14.000 15.000 18.000 16.000 15.000 14.000 15.000 14.000 16.000 16.000 18.000 18.000 Cng c nm
33.562.500
32
33
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Ngun vn ch s hu (Equity)
Bao gm:
DNgun vn t s ng gp ca ch s hu
(Contributed Capital). Bao gm: ng gp vn c phn (Capital stock); v thng d vn c phn(Additional paid in capital).
D Li nhun li khng chia (Retained earnings). D(+/-) Cc khon chnh lch nh gi li ti sn. D (-) C phiu qu (Treasury stocks): L c phiu ca
chnh DN m DN b tin ra mua li t th trng. C phiu qu lm gim gi tr vn ch s hu ca DN.
D Khc
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Chnh sch ti tr
Chnh sch 1 (CS bo th): Ton b TS thng xuyn v mt phn TSL tm thi c ti tr bng ngun vn di hn, phn TSL tm thi cn li c ti tr bng ngun vn ngn hn.& Chnh sch 2 (CS mo him): Ton b TSC v mt phn TSL thng xuyn c ti tr bng ngun vn di hn, mt phn TSL thng xuyn v ton b phn TSL tm thi c ti tr bng ngun vn ngn hn.& Chnh sch 3 (CS trung dung): Ngun ti tr di hn dng ti tr cho TS thng xuyn cn ngun ti tr ngn hn dng ti tr cho TS tm thi&.
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M S
01 02 03 04 05 06 07 10 11 20 21 22 30 31 32 40 41 42 50 60 70 80
K TRC 6.600 600 50 550 6.000 3.500 2.500 300 420 1.780 200 180 100 20 50 10 40 1.840 515,2 1.324,8
K NY 8.200 1.100 100 1.000 7.100 3.800 3.300 350 550 2.400 220 190 140 30 100 20 80 2.510 702,8 42 1.807,2
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Khon mc 2008 Doanh thu bn hng v cung cp dch v (revenue) Cc khon gim tr doanh thu (less deduction) Doanh thu thun v bn hng v cung cp dch v (net revenue) Gi vn hng bn (cost of good sold) Li nhun gp v bn hng v cung cp dch v (gross profit) Doanh thu hot ng ti chnh (financial income) Chi ph ti chnh (financial expenses). Trong : - Chi ph li vay (interest expenses) Chi ph bn hng (selling expenses) Chi ph qun l doanh nghip (general and administrative expenses) Li nhun thun t hot ng kinh doanh (operating profit) Thu nhp khc (other income) Chi ph khc (other expenses) Li nhun khc (other profit) Tng li nhun k ton trc thu (Net accounting profit before tax) Chi ph thu TNDN hin hnh (income tax expenses) Chi ph thu TNDN hon li (deferred income tax) 22.586 473.428 473.428 350.384 123.043 22.447 81.297 4.635 37.676 4.596 21.922 2.836 626 2.210 24.132 1.546
Nm 2007 431.521 1.816 429.706 360.658 69.048 17.071 4.859 3.916 33.403 3.247 44.609 2.050 1.254 795 45.404 4.483
Li nhun sau thu thu nhp doanh nghip (profit after tax)
43 40.922
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c) Cn c vo cc giai on ca qu trnh
KD,c: - Chi ph sn xut trc tip - Chi ph bn hng: - Chi ph qun l doanh nghip d) Cn c vo MQH gia chi ph vi sn phm,c: - Chi ph bin i: NVL, tin cng, tin in s.x, hoa hng bn hng.v.v - Chi ph c nh: chi ph QLDN, KHTSC...
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im ho vn (Breakeven Point)
KN: l im m ti tng doanh thu bng tng chi ph (EBIT=0).
DT CF
im ha vn
E
L
F
S.lng
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im ho vn (Breakeven Point)
z HV c x.nh theo 3 ch tiu: Sn lng ho vn Detail Qhv = F/(P-Vu)
Trong : - F: l chi ph c nh (Fixed cost) - Vc: l chi ph bin i (Variable cost) - P: l gi ca n v SP
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im ho vn (Breakeven Point)
i vi DN SX-KD nhiu loi h.ho th HV c x.nh theo 2 ch tiu: DT ho vn:
Ti im ho vn: DT=Tng chi ph, tc l: Vc DThv = F + Vc= F + ---------- x DThv = F+Vc.DThv DThv JDThv= F/(1- Vc) Trong : Vc l t l bin ph so vi doanh thu. Vc thng khng i khi DT bin i Thi im ho vn: Thv= Snx DThv/DT Trong : - Sn l s ngy trong k - DT l doanh thu trong k
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50
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LI NHUN (Earnings)
Li nhun l khon tin chnh lch gia doanh thu v chi ph m DN b ra t c doanh thu t cc hot ng kinh doanh ca DN a li.
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Ti sn
A-TS NGN HN
I-Tin
1- Tin mt 2 - TGNH
s K
2000 800 300 500 200 200 170 150 20 800 300 500 30 30 -
Ngun vn
A- N PHI TR
I- N ngn hn
1- vay ngn hn
2-N di hn n hn tr
s K
1400 1000
500 250 50 100 100
3- Phi tr ngi bn
4- Ng.mua tr tin trc
II- N di hn
1- Vay di hn 2- N di hn khc
400
400 -
V- TSL khc
1- tm ng 2- chi ph tr trc
2600
2500
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(tip)
s K
2000 1800
1900 200 -300
Ngun vn
I- Ngun vn,qu
1- ngun vn KD 2-Chnh lch nh gi li TS 3- Chnh lch t gi 4- Qu T pht trin 5- Qu d phng TC 6- Li nhun cha p/phi 7- Ngun vn XDCB
s K
2500
1500 500 300 200
II- T TC di hn
1- u t CK di hn 2- gp vn lin doanh 3- Cc khon T di hn khc 4- D phng gim gi T di hn
200
180 100 20
100
100
-
Tng cng TS
4000
T. cng ngun vn
4000
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M S
01 02 03 04 05 06 07 10 11 20 21 22 30 31 32 40 41 42 50 60 70 80
K TRC 6.600 600 50 550 6.000 3.500 2.500 300 420 1.780 200 180 100 20 50 10 40 1.840 515,2 1.324,8
K NY 8.200 1.100 100 1.000 7.100 3.800 3.300 350 550 2.400 220 190 140 30 100 20 80 2.510 702,8 63 1.807,2
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21 22 23
31 32 33 34
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1. T s v kh nng thanh ton (Liquidity ratios) 2. T s kt cu ti chnh/t s n (Leverage ratios) 3. T s hot ng hay hiu sut s dng VKD (Efficiency/turnover ratios) 4. T s doanh li (Profitability ratios) 5. T s gi th trng (Market value ratios) 6. Phn tch Dupont.
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Cash Ratio =
z T s n/vn ch s hu: Debt-equity ratio = Total debt/Total equity z H s nhn vn ch s hu: Equity multiplier = Total assets/Total equity z T s n di hn (Long term debt ratio - LDR)
LDR = Long term Debt Total Assets
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ROA =
70
ROE =
71
P/E = Price/EPS
z Li c bn trn c phiu (Earning per share EPS) Earning EPS = Shares z T s gi trn gi tr s sch (Market to Book ratio P/B)
P/B = Market Pr ice Book Pr ice
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Net Income Assets Net Income Assets x = x Equity Assets Assets Equity
ROE =
ROE =
Net Income Sales Assets x x Assets Equity Sales = Pr ofit M arg in x Total Asset Turnover x Equity Multiplier
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74
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