19-1

Chng

MI QUAN H
CHI PH- KHI LNGLI NHUN

Phn tch mi quan h Chi ph khi lng - li nhun (CVP)

l nghin cu tc ng ca nhng thay i

trong chi ph v khi lng i vi li

nhun ca cng ty. Phn tch CVP ng vai
tr quan trng trong vic lp k hoch li
nhun. N l nhn t then cht i vi
quyt nh qun l khi t gi bn, xc nh
hn hp sn phm ti u v ti a ho li
ch ca cc phng tin sn xut.

McGraw-Hill/Irwin

The McGraw-Hill Companies, Inc., 2002

TNH HUNG THC T

Nam thnh lp mt cng ty chuyn sn xut thit b m
thanh, mt hm Nam hi Hnh CFO ca cng ty:
N: Ti c mt lot cu hi v tnh hnh TC ca cng ty v
mun ch tr li.
H: Chng ta ang trong tnh trng rt tt, cc khon vay s
c tr ng hn.
N: Ti bit, nhng ti lo ngi v vn m rng hot ng
chng ta va thng qua cuc hp sng nay. iu g s
xy ra nu xut hin i th cnh tranh v doanh thu ca
cng ty b gim? Doanh thu s c th gim n mc no
th chng ta s bt u b l? V DT s phi tng n mc
l bao nhiu c th b p chi ph cho chin dch
qung co ln m b phn Marketting xut.
McGraw-Hill/Irwin

The McGraw-Hill Companies, Inc., 2002

19-2

TNH HUNG THC T

H: BF marketting lun mun tng CF qung co
N: V h ang gy p lc ln ti gim gi mt hng loa,
ti ng vi h rng gim gi c th tng doanh s,
nhng ti khng chc l tng DS s b p phn mt
mt do gim gi bn.
H: C v nh tt c cc cu hi ca anh u lin quan n
mi quan h vi gi bn, chi ph v doanh s ca chng
ta. Chng ta ko th tr li ngay c, ti cn thi gian
thu thp s liu v sau s a ra m hnh anh c
th t mnh tr li ngay nhng cu hi trong tng lai.
N: tt qu, th t ny chng ta s gp nhau tho lun
vic nh!
McGraw-Hill/Irwin

The McGraw-Hill Companies, Inc., 2002

CU CHUYN MINH HA
An l mt din vin ma, khi c con gi t ca An i hc, c bt u
tm vic lm. Lc , con gi c cng mun i hc khiu v th thao.
Lp hc khiu v gn nht cch nh c 10km v An khng bit lm
th no c th sp xp a con n lp hc khiu v. t nhin,
c thm ngh ti sao khng m mt lp hc khiu v ca ring mnh?
An vch ra k hoch kinh doanh. Mt nh vn ha gn nh cho thu
a im vi gi 60.000 /gi. N khng c rng lm, v vy hn
ch s sinh vin m c c th dy, nhng b li gi thu li r. Tin
chi ph bo him l 500.000/thng. Ban u, c ch nhn dy tr em.
C ngh l c c th thu mi hc sinh 25.000 la cho mt bui hc
mt ting. C c ch cho 8 em mt lp. C s khng giu c
nhng c khng phi chu ri ro nhiu lm.
McGraw-Hill/Irwin

The McGraw-Hill Companies, Inc., 2002

An nhanh chng nhn ra rng nhu cu ca ngi hc nhiu hn s

lng c ang dy. C bt u tnh chuyn thu a im rng hn
c th dy c 15 hc vin/lp. Thay v phi tr tin thu theo
gi, c phi tr 6.000.000/thng, k c my thng h khi m nhu cu
thp. C cng phi tr c ph dch v, khong 700.000/thng.
Tuy nhin, vi a im rng hn, c c th m lp cho thiu nin v
ngi ln, khong 50.000/gi. C thu mt gio vin lm vic bn
thi gian vi gi 180.000/gi dy nhng lp nng cao. Chi ph
bo him c th ln ti 1000.000/thng v c cn mt ngi chi ph
qun l vi gi 1.000.000/thng lu tr h s. An cng thy rng
c c th tng thm thu nhp bng cch bn giy v qun o khiu
v. An t k hoch kinh doanh da vo nhng tnh ton trn v tin
tng rng mnh c th thnh cng.
Trong vng 10 nm k t khi bt u kinh doanh, An c 800 sinh
vin, 7 gio vin, 2 ngi qun l v 3 phng tp.

McGraw-Hill/Irwin

The McGraw-Hill Companies, Inc., 2002

19-3

MC TIU
Vic phn tch mi quan h CVP nhm tr li
cc cu hi:
S lng SP cn tiu th t im ha vn, t
c mc li nhun mong mun?
Nu DN gim gi bn tng mc
doanh thu bn hng th nh hng
n li nhun ca DN ra sao?
Li nhun s thay i nh th
no nu thay i nng lc
hot ng?

PHN TCH MI QUAN H

CHI PH-KHI LNG-LI NHUN (CVP)

Hy m rng s
s hiu bit v
cch ng x CF
i phn tch
mqh CVP.

THUT NG
Li trn bin ph/S d m ph. L phn
cn li ca doanh thu sau khi tr i bin ph. N s
c dng b p nh ph v sau l li nhun.

Li trn bin ph n v. Ch tiu ny c dng

tnh ton tng li trn bin ph khi c s thay i v
doanh s.
T l li trn bin ph. L t l li trn bin ph so vi
doanh thu. N th hin li trn BF s thay i nh th no
nu doanh thu thay i, ch tiu ny d s dng hn li
trn BF, c bit khi cng ty c nhiu SP.

McGraw-Hill/Irwin

The McGraw-Hill Companies, Inc., 2002

19-4

XC NH IM HA VN
im ha vn (the break-even point) (c
biu hin l s lng SP hoc DT) l mc
doanh thu duy nht m ti DN khng thu
c li nhun nhng cng khng b l.

XC NH IM HA VN

Doanh thu (2,000 v SP)

Tr: Chi ph bin i
Li trn bf/ S d m ph
Tr: Chi ph c nh
Thu nhp t hot ng

Tng s
100,000
60,000
40,000
30,000
10,000

n v
50
30
20

Li trn BF l s chnh lch gia doanh thu v chi ph

bin i to ra lng doanh thu .

XC NH IM HA VN

Doanh thu (2,000 v SP)

Tr: Chi ph bin i
Li trn bf/ S d m ph
Tr: Chi ph c nh
Thu nhp t hot ng

Tng s
100,000
60,000
40,000
30,000
10,000

n v
50
30
20

Li trn BF m cng ty cn t c l bao nhiu

c th b p CF c nh ca n (break even)?

19-5

XC NH IM HA VN

Doanh thu (2,000 v SP)

Tr: Chi ph bin i
Li trn bf/ S d m ph
Tr: Chi ph c nh
Thu nhp t hot ng

Tng s
100,000
60,000
40,000
30,000
10,000

n v
50
30
20

Li trn BF m cng ty cn t c l bao nhiu

c th b p CF c nh ca n (break even)?
Tr li: 30,000

XC NH IM HA VN

Doanh thu (2,000 v SP)

Tr: Chi ph bin i
Li trn bf/ S d m ph
Tr: Chi ph c nh
Thu nhp t hot ng

Tng s
100,000
60,000
40,000
30,000
10,000

n v
50
30
20

S lng sn phm m DN cn bn c th b p
chi ph ca n (break even)?

XC NH IM HA VN

Doanh thu (2,000 v SP)

Tr: Chi ph bin i
Li trn bf/ S d m ph
Tr: Chi ph c nh
Thu nhp t hot ng

Tng s
100,000
60,000
40,000
30,000
10,000

n v
50
30
20

S lng sn phm m DN cn bn c th b p
chi ph ca n (break even)?
30,000 20/ 1v= 1,500 v

19-6

CNG THC TNH

Finding
theVN
Break-Even
Point
IM
HA
(theo s lng)
Chng ta va xem xt mt trong nhng mi
quan h c bn CVP Tnh im ha vn.
im ha vn theo s lng =

Chi ph c nh
Li trn bin ph/ v

n gi bn tr CF bin i cho 1 SP
( v d trc l 20)

CNG THC TNH

IM HA VN (theo gi tr)
Cng thc tnh im ha vn cng c
th c biu hin di dng gi tr.
im ha vn theo gi tr =

nh ph
T l li trn BF

n gi bn
Bin ph n v SP

XC NH SN LNG HA VN
V d 1
Cng ty ABC bn SP Y vi gi l 5.000/1sp. Nu
CF C l 2,000,000 v CF B l 3.000/1sp, Cty
s phi bn bao nhiu SP ha vn?
a. 100,000 SP
b. 40,000 SP
c. 200,000 SP
d. 66,667 SP

19-7

XC NH SN LNG HA VN
V d 1
Cng ty ABC bn SP Y vi gi l 5.000/1sp. Nu
CF C l 200,000 v CF B l 3.000/1sp, Cty s
phi bn bao nhiu SP ha vn?
a. 100,000 SP
b. 40,000 SP
c. 200,000 SPLi trn BF v = 5.000 - 3.000 = 2.000
2,000,000
d. 66,667 SP CF C
s d f v

2.000

= 100,000 SP

XC NH DOANH THU HA VN
V d 2
S dng cng thc t l li trn BF xc nh
mc doanh thu m Cty ABC cn t c t
im ha vn. Tt c thng tin khng thay i: CF
C l 2,000,000; gi bn n v SP l 5,000; BF
n v SP l 3.000?
a. 200,000
b. 300,000
c. 400,000
d. 500,000

XC NH DOANH THU HA VN
V d 2
S dng cng thc t l li trn BF xc nh
mc doanh thu m Cty ABC cn t c t
im ha vn. Tt c thng tin khng thay i: CF
C l 2,000,000; gi bn n v SP l 5,000; BF
n v SP l 3.000?
Li trn bf n v = 5.00 - 3.00 = 2.00

a. 200,000
T l li trn bf = 2.00 5.00 = 0.40
b. 300,000
Doanh thu ha vn = 200,000 0.4 = 500,000
c. 400,000
d. 500,000

19-8

TH MI QUAN H CVP
Bt u t im gc, v ng tng DT

Doanh thu

Chi ph v Doanh thu

(1.000 VN)

vi dc bng gi bn n v sn phm.

ng CF C l
1 ng nm ngang
bt u t trc tung.

Tng CF c nh
S lng SP

TH MI QUAN H CVP
V ng tng chi ph vi dc

Doanh thu

Chi ph v Doanh thu

(1.000 VN)

bng bin ph n v.

im
ha vn

Li
Tng CF

L
Tng CF C
S lng SP

XC NH DOANH THU CN THIT

T C MC THU NHP K VNG
Cng thc im ha vn c th c iu chnh
tnh mc doanh thu cn thit Cty t
mt mc thu nhp no

Sn lng =

CF C + Mc thu nhp mc tiu

Li trn bin ph n v

Doanh thu =

CF C + Mc thu nhp mc tiu

T l li trn bin ph

19-9

XC NH DOANH THU CN THIT

T C MC THU NHP K VNG
ABC Co. bn sn phm Y vi gi bn 5.000/dv.
Nu CF C l 2,000,000 and CF B l 3.000/
dv, bao nhiu v SP s c bn thu
nhp t c l 400,000?
a. 100,000 units
b. 120,000 units
c. 80,000 units
d. 200,000 units

XC NH DOANH THU CN THIT

T C MC THU NHP K VNG
ABC Co. bn sn phm Y vi gi bn 5.000/dv.
Nu CF C l 2,000,000 and CF B l 3.000/
dv, bao nhiu v SP s c bn thu
nhp t c l 400,000?
a. 100,000 SP
b. 120,000 SP
c. 80,000 SP
d. 200,000 SP

Li trn BF n v = 5.000- 3.000 = 2.000

CF C + Thu nhp k vng
Li trn BF n v
2,000,000 + 400,000
= 120,000 units
2.000/ 1 n v

DOANH THU AN TON

Doanh thu an ton (Margin of safety) l s tin
chnh lch ln hn gia DT v im ha vn:
Doanh thu an ton = DT thc hin - DT ha vn

Doanh thu an ton a thm mt phng tin

c tnh thu nhp ti mt mc DT nht nh:
Thu nhp
thun

DT
an ton

T l
Li trn BF

19-10

DOANH THU AN TON

T l li trn BF ca cng ty Hip Hng l
40%. Nu doanh thu l 100,000 v doanh
thu ha vn l 80,000, thu nhp ca cng ty
l bao nhiu?
Thu nhp
t H

Doanh thu
an ton

T l li trn
bin ph

Thu nhp
thun

= 20,000 0.40 = 8,000

CHNG TA C TH TC NG
VO THU NHP NH TH NO?
Bt u t im ha vn, mi mt ng tng ln
trong li trn BF th s lm tng thu nhp:
Mc tng ln
Thu nhp

Mc tng ln

= Doanh thu

T l

li trn BF

Cng ty Hip Hng k vng doanh thu tng thm

15,000. Thu nhp t H ca cng ty s tng ln
bao nhiu?
Mc tng ln
ca thu nhp

15,000 0.40

6,000

NH HNG CA KT CU CHI
PH N S THAY I THU NHP
Kt cu chi ph: th hin t trng tng loi CF (bin ph,
nh ph) trong tng chi ph

Xt v d v 2 cng ty sn xut thc phm A v B.

Cng ty A: s dng cng nhn l chnh
Cng ty B: u t vo my mc thit b tng tnh
t ng ha
Cng ty A: c chi ph bin i ln hn
Cng ty B: c chi ph c nh ln hn
McGraw-Hill/Irwin

The McGraw-Hill Companies, Inc., 2002

19-11

NH HNG CA KT CU CHI
PH N S THAY I THU NHP
Cng ty A
S tin
%
Doanh thu
Tr: CF bin i
Li trn BF
Tr: CF c nh
Thu nhp thun

100,000
60,000
40,000
30,000
10,000

100%
60%
40%

Cng ty B
S tin
%
100,000
30,000
70,000
60,000
10,000

100%
30%
70%

Cng ty no s c c cu CF tt hn??
The McGraw-Hill Companies, Inc., 2002

McGraw-Hill/Irwin

NH HNG CA KT CU CHI
PH N S THAY I THU NHP
S ph thuc vo nhiu yu t trong :
Xu hng bin ng ca doanh thu
Doanh thu
Tng?

Doanh thu
Gim?

Nn p dng c cu CF no???
The McGraw-Hill Companies, Inc., 2002

McGraw-Hill/Irwin

NH HNG CA KT CU CHI
PH N S THAY I THU NHP
Cng ty A
S tin
%
Doanh thu
Tr: CF bin i
Li trn BF
Tr: CF c nh
Thu nhp thun

110,000
66,000
44,000
30,000
14,000

100%
60%
40%

Cng ty B
S tin
%
110,000
33,000
77,000
60,000
17,000

100%
30%
70%

Khi DT tng, DN no c t l li trn BF

cao hn (t l nh ph cao hn)
s c li th hn!
McGraw-Hill/Irwin

The McGraw-Hill Companies, Inc., 2002

19-12

NH HNG CA KT CU CHI
PH N S THAY I THU NHP
Cng ty A
S tin
%
Doanh thu
Tr: CF bin i
Li trn BF
Tr: CF c nh
Thu nhp thun

90,000
54,000
36,000
30,000
6,000

Cng ty B
S tin
%

100%
60%
40%

90,000
27,000
63,000
60,000
3,000

100%
30%
70%

Khi DT gim, DN no c t l li trn BF

thp hn (t l nh ph thp hn)
tn tht s t hn!
The McGraw-Hill Companies, Inc., 2002

McGraw-Hill/Irwin

NH HNG CA KT CU CHI
PH N S THAY I THU NHP
Kt cu chi ph no cng c u v nhc!
BF nhiu hn
Km linh hot

F nhiu hn
Linh hot cao

Vn :
D on c tng lai!
The McGraw-Hill Companies, Inc., 2002

McGraw-Hill/Irwin

N BY KINH DOANH
(Operating Leverage)
L cng c s dng BF, F tc ng n
DT lm thay i li nhun

n by kinh doanh

McGraw-Hill/Irwin

The McGraw-Hill Companies, Inc., 2002

19-13

N BY KINH DOANH
(Operating Leverage)
Cng ty A- trc
S tin
%
Doanh thu
Tr: CF bin i
Li trn BF
Tr: CF c nh
Thu nhp thun

10%
100,000 Tng
100%
60,000
60%
40,000
40%
30,000
10,000 Tng 40%

Cng ty A- sau
S tin
%
110,000
66,000
44,000
30,000
14,000

100%
30%
70%

The McGraw-Hill Companies, Inc., 2002

McGraw-Hill/Irwin

N BY KINH DOANH
(Operating Leverage)
Cng ty B- trc
S tin
%
Doanh thu
Tr: CF bin i
Li trn BF
Tr: CF c nh
Thu nhp thun

100,000
30,000
70,000
60,000
10,000

Tng
10%
100%
60%
40%

Tng 70%

Cng ty B- sau
S tin
%
110,000
33,000
77,000
60,000
17,000

100%
30%
70%

> Cty A
The McGraw-Hill Companies, Inc., 2002

McGraw-Hill/Irwin

N BY KINH DOANH
(Operating Leverage)
n by kinh doanh
= Li trn BF/ Thu nhp thun

Cng ty A
= 40,000/10,000
=4

McGraw-Hill/Irwin

ngha ??

Cng ty B
= 70,000/10,000
=7

The McGraw-Hill Companies, Inc., 2002

19-14

N BY KINH DOANH
TC NG N THU NHP THUN?
Tc tng thu nhp thun
= Tc tng DT x n by kinh doanh
(1)

(2)

(3)

ln
n by
KD

% Tng
Doanh thu

% Tng
Thu nhp
thun

Cng ty A

10%

40%

Cng ty B

10%

70%

The McGraw-Hill Companies, Inc., 2002

McGraw-Hill/Irwin

LN CA
N BY KINH DOANH
Cng ty A
Doanh thu
Tr: CF bin i
Li trn BF (a)
Tr: CF c nh
Thu nhp thun (b)
ln ca n by
kinh doanh = (a)/ (b)

75,000
45,000
30,000
30,000
0

80,000
48,000
32,000
30,000
2,000

100,000
60,000
40,000
30,000
10,000

150,000
90,000
60,000
30,000
30,000

225,000
135,000
90,000
30,000
60,000

16

1.5

ln n by kinh doanh khng phi

l mt s C NH
The McGraw-Hill Companies, Inc., 2002

McGraw-Hill/Irwin

LN CA
N BY KINH DOANH
ngha?
Chng ta s c gng
tng DT thm 5% na.

McGraw-Hill/Irwin

C t qu
khng ?

Khng u, lc LN
tng 30%!!

The McGraw-Hill Companies, Inc., 2002

19-15

NG DNG CVP VO HOT NG

KINH DOANH

NG DNG CVP VO HOT NG

KINH DOANH
Xem xt cc thng tin do k ton ti CyclCo,
mt nh bn l xe p, cung cp:

Doanh thu (500 xe p)

Tr: chi ph bin i
Li trn bin ph
Tr: chi ph c nh
Thu nhp t H

Tng
250,000
150,000
100,000
80,000
20,000

Trn 1 v
500
300
200

%
100%
60%
40%

NG DNG CVP VO HOT NG

KINH DOANH
Liu Cty Cycl c nn u t 12,000 cho
qung co tng doanh thu ln 10%?

Doanh thu (500 xe p)

Tr: chi ph bin i
Li trn bin ph
Tr: chi ph c nh
Thu nhp t H

Tng
250,000
150,000
100,000
80,000
20,000

Trn 1 v
500
300
200

%
100%
60%
40%

19-16

NG DNG CVP VO HOT NG

KINH DOANH
Liu Cty Cycl c nn u t 12,000 cho
qung co tng doanh thu ln 10%?
Doanh thu
Tr: Chi ph bin i
Li trn BF
Tr: Chi ph c nh
Thu nhp t hot ng

500
Xe p
250,000
150,000
100,000
80,000
20,000

550 500
550 300
80K + 12K

550
Xe p
275,000
165,000
110,000
92,000
18,000

Khng, thu nhp s gim!

NG DNG CVP VO HOT

NG KINH DOANH
By gi, cng vi chin dch qung co ,
CyclCo ang xem xt n vic gim 10% gi bn t
s gip doanh thu tng 25%. nh hng n thu nhp ra sao?

Doanh thu
Tr: CF bin i
Li trn bin ph
Tr: CF c nh
Thu nhp hot ng

500
Xe p
250,000
150,000
100,000
80,000
20,000

NG DNG CVP VO HOT

NG KINH DOANH
By gi, cng vi chin dch qung co ,
CyclCo ang xem xt n vic gim 10% gi bn t
s gip doanh thu tng 25%. nh hng n thu nhp ra sao?

Doanh thu
Tr: CF bin i
Li trn bf
Tr: CF c nh
Thu nhp t hot ng

500
Xe p
250,000
150,000
100,000
80,000
20,000

1.25 500
625 450
625 300
80K + 12K

Thu nhp li gim thm na!

625
Xe p
281,250
187,500
93,750
92,000
1,750

19-17

NG DNG CVP VO HOT

NG KINH DOANH

By gi, cng vi vic qung co v gim gi bn, Cty CyclCo

s thay lng cho NV bn hng l 50,000 bng vic tr
25 cho mi xe p c bn, tng doanh thu 50% so vi mc
ban u l 500 xe. nh hng n thu nhp nh th no?

Doanh thu
Tr: CF bin i
Li trn bin ph
Tr: CF c nh
Thu nhp hot ng

500
Xe p
250,000
150,000
100,000
80,000
20,000

NG DNG CVP VO HOT

NG KINH DOANH
By gi, cng vi vic qung co v gim gi bn, Cty CyclCo
s thay lng cho NV bn hng l 50,000 bng vic tr
25 cho mi xe p c bn, tng doanh thu 50% so vi mc
ban u l 500 xe. nh hng n thu nhp nh th no?

Doanh thu
Tr: CF bin i
Li trn BF
Tr: CF c nh
Thu nhp t hot ng

500
Xe p
250,000
150,000
100,000
80,000
20,000

1.5 500
750 450
750 325
92K - 50K

750
Xe p
337,500
243,750
93,750
42,000
51,750

S kt hp gia vic qung co, s gim gi bn,

v thay i CF B lm thu nhp tng.

NHNG VN CN XEM XT
THM TRONG CVP
Nhiu sn phm khc nhau
vi cc s d m ph khc nhau
Xc nh cc nhn t ca
CF hn hp.

Tun th nhng gi nh
trong vic phn tch CVP.

19-18

MI QUAN H CVP KHI

CNG TY BN NHIU LOI SP
DT hn hp (Sale mix) l mi quan h kt
hp khi cng ty bn nhiu loi SP khc nhau.
Cc SP khc nhau s khc nhau gi bn,
chi ph, v li trn bin ph.
Nu CyclCo bn xe p v xe nga, chng ta
s phn tch im ha vn nh th no?

PHN TCH CVP TRONG DN

BN NHIU SN PHM
Cng ty CyclCo cung cp cho chng ta
nhng thng tin nh sau:
Xe p
250,000 100%
150,000 60%
100,000 40%

Doanh thu
CF bin i
Li trn BF
CF c nh
thu nhp t H

Xe nga
300,000 100%
135,000 45%
165,000 55%

Total
550,000 100%
285,000 52%
265,000 48%
170,000
95,000

PHN TCH CVP TRONG DN

BN NHIU SN PHM
T l li trn bin ph chung l:
Doanh thu
CF bin i
Li trn BF
CF c nh
thu nhp t H

Xe p
250,000 100%
150,000 60%
100,000 40%

265,000
550,000

Xe nga
300,000 100%
135,000 45%
165,000 55%

= 48%

Total
550,000 100%
285,000 52%
265,000 48%
170,000
95,000

19-19

PHN TCH CVP TRONG DN

BN NHIU SN PHM
Doanh thu ha vn:
Doanh thu
CF bin i
Li trn BF
CF c nh
thu nhp t H

Xe p
250,000 100%
150,000 60%
100,000 40%

170,000
0.48

Xe nga
300,000 100%
135,000 45%
165,000 55%

Total
550,000 100%
285,000 52%
265,000 48%
170,000
95,000

= 354,167

NHNG GI NH KHI
PHN TCH MI QUAN H CVP
1. Trong mt phm vi H xem xt, gi l vng thch
hp, MQH CVP l quan h tuyn tnh.
Gi bn n v sn phm khng thay i.
CF bin i n v khng thay i.
Tng CF c nh khng thay i.

2. Doanh thu hn hp khng i- kt cu sn phm

kinh doanh khng i.

3. Sn xut = tiu th (hng tn kho khng i).

HT CHNG 5