TAI CHNH DOANH NGHIEP

1- He thong ch tieu anh gia hieu suat s dung

VC- VL cua DN
2- D bao nhu cau VKD cua DN
3- Cach ch so ac trng
4- Phan tch Phng trnh DUPONT
5- Phan tch nguon tai tr
6- on bay tai chnh va cau truc von cua DN
7- Phan tch D an au t
8- Thue Tai chnh, Co phieu, Trai phieu
9- Chi ph S dung von (Cost of Capital)

A- HE THONG CH TIEU ANH GIA

HIEU SUAT S DUNG VC VL
CUA DN:
1- HIEU SUAT S DUNG VL:
1.1Toc o luan chuyen VL:

L =

M
VLD

Ky luan chuyen VL (K):

K=

N NVLDbq
=
L
M

N: So ngay (360, 90, 30)

Mc tiet kiem VL

1.3-

Vtk =

M1
M
M
M
( K 1 K 0 ) = 1 1 = VLD1 1
N
L1
L0
L0

2- HIEU SUAT S DUNG VC:

2.1- Hiu sut s dng VC

HSSDVCD =
2.1-

DTthuan
VLDbq

VC bq = (VC k + VC ck)/ 2

Hieu suat s dung TSC:

DT thuan
HSSD
=
TSC
NG TSC bq
2.2Ty suat li nhuan VC:
LN TT/ LNST
TSLN VC =
VC bq
2.3He so hao mon TSC:
KHLK cua TSC
HS hao
=
mon TSC
NGTSC
2.4He so huy ong TSC:
HS huy
ong TSC

Cac ch tieu ve ket cau TSC: anh gia mc

o hp ly trong c cau TSC c trang b
DN

3- HIEU SUAT S DUNG VKD CUA DNP:

3.1Ty suat li nhuan trc thue va lai vay:
LN TT + Lai vay
TS LN VKD trc
=
thue & Lai vay
VKD bq sd trong ky
3.2Ty suat li nhuan VKD:
LN TT
TS LN VKD
=
VKD bq sd trong ky
3.3Ty suat li nhuan rong VKD:
LN ST
TS LNR VKD
=
VKD bq sd trong ky
3.4Ty suat li nhuan rong VCSH:
LN ST
TS LNR VCSH =
VCSH bq sd trong ky

B- D BAO NHU CAU VKD CUA DN:

bq

M: Tong mc L/c VL trong ky (DT thuan)

L: So lan luan chuyen (vong quay)

1.2-

2.5-

GT TSC ang dung KD

GT TSC hien co

1- PHNG PHAP TY LE % TREN DT:

Biet:
Doanh thu ky bao cao Ke hoach
Ty le tra lai co phan
Doanh li doanh thu (ROS): g%
Thue suat Thue TNDN: T%
Ty le % gia cac khoan muc co quan he trc tiep va
chat che en doanh thu.
Tai san
%
Nguon von
%
- Tien
- Phai tra nha cung cap
- Phai thu
- Phai nop ngan sach
- Vat t hang hoa
- Phai tra CNV
- TSL khac
A%
B%
Nhu cau von bo sung ky KH: Delta S x(A%-B%)=C
Neu DL DT (ROS) khong thay oi (g%)
LN TT = DT 1 x g%
LNST = LN TT x(1-T%)
LNCL sau khi chia lai CP = D
Nhu cau VL ky B/c can tang = C D
2- PHNG PHAP D BAO BANG CH TIEU AC TRNG:
Doanh thu = A
Vong quay tong von =
Von SX = DT/a

a = DT/ Von SX
He so n = b% =
NPT = b x tong von (von

NPT/ Tong von

SX)
N NH chiem % cua
N NH = c% x tong NPT

NPT

 N DH = NPT N NH
VCSH = Tong NV NPT
HS TT hien thi = d =
TSL = N NH x d

TSL/ N NH
HS TT nhanh = e =
Tien = e x N NH

Tien/ N NH
Ky thu tien trung bnh
Phai thu = (Dthu x f)/360

= f = (Phai thu x
360)/ Doanh thu
TSL = Von bang tien
Von VTHH = TSL VBT
Phai thu
+ Von VTHH + Phai
thu

C- CAC CH SO AC TRNG:
1- HE SO THANH TOAN:
1.1Von luan chuyen*:
Von luan
TSL &
=
N Ngan han
chuyen
TNH
1.2He so thanh toan tong quat:
Tong TS hien co
HS TT tong
=
quat
Tong n
1.3He so thanh toan tam thi (Hien thi):
Tong TSL + TNH
HS TT tam
=
thi
Tong N ngan han
1.4He so thanh toan nhanh:
Tong TSL VTHHTK
HS TT
=
nhanh
Tong N ngan han
1.5He so thanh toan lai vay:
Lai vay PT + LN TT
HS TT lai
=
vay
Lai vay PT
1.6He so thanh toan n dai han:
TSC (GTCL) & TDH
HS TT n
=
dai han
Tong N dai han
2- HE SO HOAT ONG:
2.1Vong quay tong von:
Vong quay
DT thuan
=
tong von
Tong von bq
2.2Hieu suat s dung VC:
DT thuan
Hieu suat s
=
dung VC
VC bq
2.3Vong quay VL:
DT thuan
Vong quay
=
VL
VL bq

2.4-

Vong quay von VTHH:

Vong quay
DT thuan
=
von VTHH
Von VTHH bq
2.5Ky thu tien bnh quan:
Ky thu tien
(Cac khoan PT bq x 360)
=
bnh quan
DT thuan
2.6Ky luan chuyen VL:
So ngay trong ky
Ky luan
=
chuyen VL
Vong quay VL
3- CAC HE SO PHAN ANH C CAU VON & TAI
SAN:
3.1He so n:
He so
Tong N
1
=
=
n
Tong TS
HS TT tong quat
3.2He so VCSH:
He so
NVCSH
=
=
(1- He so N)
VCSH
Tong NV
3.3-

He so au t:
TSC (GTCL) + TDH
he so
=
au t
tong TS
3.4He so t tai tr:
VCSH
HS t
=
tai tr
TSC (GTCL) + TDH
4- HE SO DOANH LI:
4.1Doanh li DT (ROS):
LN ST
ROS =
DT thuan
4.2Doanh li tong von (ROI):
LN ST
ROI =
tong Von bq
ROI =

DL DT
(ROS)

Vong quay tong von

LN ST
DT th
x
DT th
tong von bq
4.3Doanh li VCSH (ROE):
LN ST
ROE =
VCSH bq
ROI =

ROE

ROE =
ROE =

ROI

DL DT
(ROS)

LN ST
DT th

x
x

ROE = LN ST x

1
1- HS N

Vong quay
x
tong von

DT th
x
tong von bq
DT th

1
1- HS N
Tong von bq
VCSH

DT th

tong von bq

1- HS N

D- PHAN TCH PHNG TRNH

DUPONT:
DOANH LI TONG VON
(ROE)
DOANH LI DOANH THU
VONG QUAY TONG
X
(ROS)
VON
LN

DT thuan

DT thuan : Tong von

DT

CP

VC
+
VL
GTCL TSC
Tien
TTCDH
TTCNH
XDCBDD
Phai thu
Ton kho
TSL khac

GV
Thue TN

CPBH
CPQLDN
CPHTC
CP khac

- Mot so CP khac bien oi vi au ra

1.3Phan tch hoa von:
iem hoa von:
EBIT = DS ban Tong CP
Tong CP = Bien ph + nh ph
EBIT = DS ban (Bien ph + nh ph)
S=pxQ
V=Qxv
TC = V + F = Qv + F
EBIT = PQ (QV +F) = Q (P V) F
San lng hoa von (SL0)
F
SL0
=
pv
e at c LNTT 1000tr = x th:
F+x
SL0
=
pv
Doanh thu hoa von (DT0)
DT0 I
=
SL0 x p
DT0 (SX)

E- PHAN TCH NGUON TAI TR:

BCKT
Tai san

Nguon von
Thay oi

Nguon tai tr
- Tang NV
- Giam TS

V
DT
Cong suat hoat ong hoa von (CS0)
SL0
CS0
=
SLmax
1 -

Thi gian hoan von (TG0):

DT hoa von x
= CS0 x 12
=
TG 0
12
DT nam
2- ON CAN N:
2.1on bay kinh doanh (DOL):
TL thay oi
(EBIT1- EBIT0)
Q(p-V)
EBIT
EBIT0
=
=
DOL =
(Q1-Q0)
TL thay oi SL
Q(p-v)- F
or DT
Q0
2.2on bay tai chnh (DFL):
TL thay oi DL
(ROE1- ROE0)
Q(p-V)-F
VTC (ROE)
ROE0
=
=
DFL =
TL thay oi
(EBIT1- EBIT0)
Q(p-v)-F-I
EBIT
EBIT0
2.3on bay tong hp (DTL):
TL thay oi DL
(ROE1- ROE0)
Q(p-V)
VTC (ROE)
ROE0
=
=
DTL =
(Q1-Q0)
TL thay oi SL
Q(p-v)-F-I
or DT
Q0
(Q1-Q0)
x DTL] + ROE0
ROE = [ROE0 x
Q0
DTL = DOL x DFL

SD nguon tai
tr
- Giam NV
- Tang TS

F- ON BAY TAI CHNH & CAU TRUC

VON CUA DN:
1- ON CAN NH PH VA PHAN TCH HOA VON:
1.1nh ph (Chi ph Co nh):
- Lng can bo quan ly, chuyen gia
- Khau hao
- Thue tai chnh dai han
- Chi ph bao hiem
- Chi ph thue kho
- Chi ph bao tr nha xng thiet b
1.2Bien ph (Chi ph bien oi):
- Tien lng cong nhan trc tiep SX
- Chi ph nguyen vat lieu cho SX
- Hoa hong ban hang
- Chi ph nhien lieu

6 thang:
(1+r%)2-1
Quy:
(1+r%)4-1
1- THUE TAI CHNH:

G- PHAN TCH D AN AU T:
i.

PHNG PHAP THI GIAN THU HOI VON:

Thi gian thu hoi von (TTH) la khoang thi gian
ma TN cua DA bu ap u CP a bo ra.
TN
=
LN st + Khau hao
1.1Thu nhap eu:
VT
TTH =
TN
1.2Thu nhap khong eu:
Lay VT tr dan TN cac nam cho en khi tr
het VT
2- PHNG PHAP HIEN GIA THUAN (t0)
2.1Thi gian hoat ong cua DA = nhau:
NPV
NPV

PVTN
TN

PVT
T

(1+ r)
(1+ r)
So sanh: NPV <0, = 0 & >0
2.2Thi gian hoat ong cua DA khong = nhau:
Sau khi tnh NPV cua moi DA dan eu TN ra
TN
=
NPV
1- (1+ r)
r

Sau khi a dan eu chon DA co NPV dan eu Max

3- PHNG PHAP TY SUAT SINH LI NOI BO

IRR la LS rieng cua DA ma tai mc LS nay,
no lam can bang gia tong hien gia T va
tong hien gia TN, hay no lam cho NPV cua DA
bang 0
IRR
=
R
TN

(1+ r)
So sanh: IRR <r, = r & >r

(1+ r)

4- PHNG PHAP CH SO SINH LI (Ip)

(Profiatability Index)
I

PVTN

Tra cuoi nam (t1 = t

NG = A

(1+ r)
1
(1+ r)

1- (1+ r)

=A

Tra au nam (t1 # t

NG =A+ A

0)

0)

= A+ A

1- (1+ r)

T+1

Tnh c A
2- TRAI PHIEU (VON GOC TRA 1 LAN CUOI KY):
Von huy ong
So Trai phieu phat hanh

Menh
Von goc
=
=
gia (F) tra 1 lan

Lai TP I =
C% x F
ng thang (Tra lai nh ky):
1
PV = C
I +
(1+ r)
=

1- (1+ r)

F
(1+ r)

F (1+ r)

I
T

TP Chiet khau (Khong tra lai nh ky khau

tr vao gia TP):
1
F
PV = C
+
I
I
(1+ r)
(1+ r)
3- CO PHIEU:
Mo bnh 1 (Co tc khong oi):
D
D: Co tc = LS x Menh gia
Po =
r
r : LS th trng=LSCK=CPSDV
Mo bnh 2 (Co tc tang eu):

D o g: Toco tang trng

rg
Mo bnh 3 (Co tc tang khong eu):

Po =

PV =

Pn
DI
+
I
(1+ r)
(1+ r)

P n : Menh gia CP
nam th n

6- CHI PH S DUNG VON:

PVT

5- THUE TAI CHNH, CO PHIEU, TRAI

PHIEU:
LAI SUAT

1. CHI PH S DUNG VON VAY:

Lai va von goc tra nh ky (ThueTC,vay NH)
1- (1+ r)
r

NG = A
= r1

r1 f(r1)
r2 f(r2)

+ (r2 r

f(r1)
f(r1) + f(r2)

1)

Lai tra nh ky Von goc tra 1 lan khi ao

han (Trai phieu)
Phng trnh
ng thang

Noi suy
Chiet khau
2. CHI PH S DUNG VON SAU THUE:

rs

r (1 T%)

3. CHI PH S DUNG VON T CO:

3.1Po

oi vi co phieu u ai:
D

=
R
r

D
Po

3.2oi vi co phieu thng:

Mo bnh 1 (Co tc khong oi):
Do
r
=
Po
Mo bnh 2 (Co tc tang eu):
P

D1
rg

+g
Po
Mo bnh 3 (Co tc tang ko eu) Noi suy
=

Pn
Di
+
i
n
(1+ r)
(1+ r)
3.3Li nhuan gi lai bo sung VTC:
CPSDV (LNGL)
=
CPSDV (CPT)
3.4Phat hanh co phieu thng mi:
Phat sinh chi ph phat hanh g%
Mo bnh 1 (CP & CPY khong tang)
Do
r
=
rM =
(1 f)
Po (1 f)
Mo bnh 2 (Tang eu )
D1
+ g
rM =
Po (1 f)
4. CHI PH S DUNG VON BNH QUAN:
Po

wi: Ty trong nguon von

WACC = wi x ri

ri: CPSDV vay sau thue

5. CHI PH S DUNG VON CAN BIEN:

MCC

= w i x rI