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I. Cu truc vn :
1. inh nghia : Cu trc vn ca doanh nghip c nh ngha l quan h v t trng gia n (debt) v vn ch s hu, bao gm vn c phn u i v vn c phn thng trong tng s ngun vn ca cng ty.
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VI DU : Mt cng ty pht hnh 20 t ng c phiu v i vay n 80 t ng, th cu trc vn ca cng ty l 20 t ng t c phiu, 80 t t i vay .
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2. Cac nhn t cu thanh cu truc vn : a. Ngun vn vay :

Ngun vn vay l ngun vn ti tr t bn ngoi doanh nghip.
1
Thi gian ao han ngn hn 1 nm. Li sut thp hn tin dung di han. Thng c dung b sung vn lu ng.
2
Thi gian ao han di hn 1 nm. Li sut cao hn li sut vay ngn han. Thng c dung b sung cho vn xy dng c ban hay mua sm TSC.
VAY NGN HAN

VAY DAI HAN

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u nhc im ngun vn vay :
Nhc
o Li sut phai tra trn n c min thu. o N re hn vn ch s hu. o N gip cho cac nh iu hnh thn trng hn khi u t.
o N tao ra chi phi hao mn doanh nghip (cost of business erosion) v pha san. o Mc n cao cn tao ra s mu thun gia cac ch n v nh u t.
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b. Ngun vn ch s hu :
T trng ngun vn ch s hu trong tng ti sn n phn nh tnh hnh t ch v ti chnh ca doanh nghip. u Nhc im
u
Gi cho cng ty trong tnh tranh ti chinh lnh manh, cn bng vi n.
Nhc
Chi phi ca vn ch s hu cao hn chi phi ca n. Ap lc v k vng ca nh u t ln cac nh iu hnh cng ty cng ln.
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3.Cc t s o lng cu trc vn:

T s n di hn trn vn ch s hu =N di hn/Vn ch s hu Vn c phn = Mnh gi c phiu lu hnh x S c phiu ang
T S n =N di hn/Tng ti sn
T s t ti tr =Vn ch s hu/Tng ti sn
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4. Cc nhn t nh hng n cu trc vn trong cc doanh nghip:

Thu thu nhp doanh nghip
Chi ph ph sn C hi tng trng Quy m doang nghip
Kh nng sinh li
Ngnh kinh doanh
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5. ngha ca vic nghin cu cu trc vn trong qun tr ti chnh:

Tr li nhng cu hoi :
Xc nh cu trc vn nh th no l hp l v c li cho doanh nghip? Nn vay n hay l khng? Nu vay n, doanh nghip gnh chu ri ro mc no?
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n by tai chnh (Financial Leverage)

n by ti chnh l cng c s dng n vay hoc cc ngun ti tr c chi ph li vay ti chnh nhm gia tng t sut sinh li ca cc nh u t.
n by ti chnh xut hin khi cng ty quyt inh ti tr cho phn ln ti sn ca mnh bng n vay Cng ty c th la chn n by ti chnh
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Phn tch quan h EBIT va EPS

Phn tch quan h EBIT-EPS im bng quan
Li nhun trn c phn EPS (earnings per share)
Li nhun trc thu v li ( earnings before interest and taxes_EBIT
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Xac nh im bang quan

Bng phng php hnh hc
EPS
6
CP u i
Cp thng
3 im bng quan gia ti tr cp u i v cp thng
0 0 100 200 300 400 500 600 700
EBIT
Xac nh im bang quan

Bng phng php i s
(EBIT1,2 I1)(1- t)- PD1 = (EBIT1,2 I2)(1- t)- PD2 NS1 NS2 Trong : EBIT1,2 : EBIT bng quan gia 2 phng n ti tr 1 v 2 I1, I2 : li phi tr hng nm tng ng vi phng n ti tr 1 v 2 PD1, PD2 : c tc phi tr hng nm theo phng n ti tr 1 v 2 t : thu sut thu thu nhp cng ty NS1, NS2 : s c phn thng thng theo phng n 1 v 2
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by tai chnh DFL (Degree of Financial Leverage) DFL (Degree of Financial Leverage) l t s n by cho thy nh hng ca mt khon n vay xc nh i vi thu nhp trn mi c phn ca cng ty
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by tai chnh DFL (Degree of Financial Leverage)
Cng thc tnh DFL:

DFLEBIT= (% thay i trong EPS) / (% thay i trong EBIT) = %EPS / %EBIT = EBIT EBIT I - {PD / (1- t)} Phng n ti tr bng n th PD= 0.Khi DFLEBIT = EBIT / (EBIT-I)
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by tai chnh DFL (Degree of Financial Leverage)

V d: Cng ty cn huy ng thm 50 triu. Xem xt 3 phng n
+ Phat hnh c phiu thng + Phat hnh trai phiu li sut 12% + Phat hnh c phiu u i v tc 11%
EBIT hin tai l 15 triu nu m rng san xut EBIT k vng l 27 triu. Thu thu nhp cng ty l 40%
by ti chnh nh sau: + Dng phng n ti tr bng n: DFLEBIT=27.000.000 = EBIT / ( EBIT I) = 27.000.000 / (27.000.000 - 6.000.000 ) = 1,285 + Dng phng n ti tr bng c phiu u i: DFLEBIT=27.000.000 = EBIT EBIT I - {PD / (1- t)} = 27.000.000 27.000.000 {5.500.000 / (1 0,4 ) = 1,51
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ngha ca n by tai chnh

Cc cng ty s dng n by ti chnh vi hy vng l s gia tng c li nhun cho c ng thng
Nguy c mt kh nng thanh ton c th c gy ra bi vic s dng n by ti chnh
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N BY KINH DOANH OPERATING LEVERAGE Khai nim:
n by kinh doannh( operating leverage) l mc s dng chi phi kinh doanh c nh ca cng ty.
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N BY KINH DOANH OPERATING LEVERAGE

Chi ph y chnh la chi ph c nh va chi ph bin i. Lu : chung ta ch s dng khai nim n by kinh doanh trong phn tch ngn hn v trong dai hn tt c cac chi ph u thay i.
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Bn cht: Doanh nghip s dng cc chi ph c nh lm im ta Mt thay i nh trong doanhthu s lm Thay i trong li trc thu v doanh thu (EBIT)
n by kinh doanh
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Bn cht
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ngha ca by kinh doanh: Gia tng li nhun trc thu va li (EBIT) vi tc ln hn so vi khng s dng khi doanh thu thay i.
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V d :
Ni dung Qo=100sp Q1=110sp
F
V P DT=QxP
150
3 5 500
150
3 5 550
EBIT=Q(P-V)-F
50
70
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T bng trn ta c th thy doanh thu ch tng 10% nhng do tac ng ca n by kinh doanh nn EBIT ca cng ty tng 40%, mc tng ca EBIT > doanh thu.
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Phn tch im ha vn :
im ha vn l im m ti sn lng hoc doanh thu bng tng chi ph, do li nhun bng 0.
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Phn tch ha vn la k thut phn tch mi quan h gia chi ph c nh, chi ph bin i, li nhun va s lng tiu th.
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N BY KINH DOANH OPERATING LEVERAGE im ha vn c xac nh da trn nhng gi nh sau:
Gi bn khng i Bin ph n vi sn phm c inh v tng t l theo theo khi lng sn phm sn xut hoc tiu th. Tng inh ph khng i.
Cng thc ha vn:

t EBIT: la li nhun trc thu va li ( li nhun hot ng) P : la n gia ban V : bin pha n v P-V : la li gp Q: la s lng sn xut va tiu th
F: la nh ph Q0 : la sn lng ha vn
Ti im ha vn th doanh thu bng chi ph nn EBIT= 0.
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ta c:
P.Q0 = V.Q0 + F => ( P V).Q0 = F.Q0 F/(P - V )

Hay: Sn lng ha vn Q0=Tng nh ph (F)/(Gi bn (P) Bin ph (V))
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th : Minh ha v sn lng ha vn
doanh thu
li
Ha vn
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V d : Cng ty A chuyn sn xut xe p c n gia ban la 50$, chi ph c nh hang nm la 100 000$ va chi ph bin i la 25$ / n v.
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P(1000$)
S TC Bin ph nh Ph 100 O
200
2000
4000
Q(n v)
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Xac nh sn lng ha vn va doanh thu ha vn: p dng cng thc ta c sn lng ha vn la: Q0 = Tng nh ph (F)/ (Gi bn (P) Bin ph (v))
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Hay Q0 = = 4000 (n v) Doanh thu ha vn s la: 50 4000 = 200 000 $ Nu s lng sn phm tiu th la vt qua 4000 n v th doanh nghip s c li, ngc li di 4000 n v th doanh nghip s b l.
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N BY KINH DOANH OPERATING LEVERAGE ngha ca vic phn tch im ha vn: Gip cho Doanh nghip la chn quy m u t ph hp vi quy m th trng, ng thi la chn hnh thc u t nhm gim thiu ri ro do s bin ng sn lng tiu th sn phm
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Giup cng ty thy c tac ng ca chi ph c nh va doanh thu ti thiu ma doanh thu phi phn u vt qua duy tr li nhun kinh doanh.
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N BY KINH DOANH OPERATING LEVERAGE by kinh doanh( degree of operating leverage DOL): Khi nim : DOL la i lng o mc tac ng ca n by hot ng, c tnh bng phn trm thay i ca nhun hot ng so vi phn trm thay i ca sn lng(doanh thu tiu th).

Cng thc tnh :
DOL =
EBIT / EBIT Q / Q
Q( P V ) Q (P V ) DOL = Q ( P V ) F = Q Q0 (P V )

Xt v d a ra v cng ty A, ta c: DOL ti mc sn lng Q= 6000 ( v) la: DOL=6000/(6000-4000)=3 DOL ti mc sn lng Q= 7000 ( v ) la: DOL=7000/(7000-4000)=2,33

Quan h gia by kinh doanh v im ha vn :
by hot ng tin dn n v cc khi s lng sn xut ca tiu th dn tin n im ha vn. Khi s lng sn xut va tiu th cang vt xa im ha vn th by s tin dn n 1.
N BY KINH DOANH OPERATING LEVERAGE Quan h gia by hot ng v ri ro ca doanh nghip : Mt b phn ca ri ro ca doanh nghip. Tac ng khuch i s thay i ca li nhun nn n cng khuch i ri ro ca doang nghip.
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ngha ca by kinh doanh i vi doanh nghip: cng c giup nha qun tr bit c s thay i doanh thu c nh hng nh th nao n li nhun hot ng kinh doanh ca doanh nghip. d dang hn trong vic quyt nh chnh sach thu va chi ca mnh.
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2. Cac nhn t cu thanh cu truc vn : a. Ngun vn vay :

VAY NGN HAN

VAY DAI HAN

u nhc im ngun vn vay :

3.Cc t s o lng cu trc vn:

4. Cc nhn t nh hng n cu trc vn trong cc doanh nghip:

Chi ph ph sn C hi tng trng Quy m doang nghip

5. ngha ca vic nghin cu cu trc vn trong qun tr ti chnh:

n by tai chnh (Financial Leverage)

Phn tch quan h EBIT va EPS

Li nhun trn c phn EPS (earnings per share)

Li nhun trc thu v li ( earnings before interest and taxes_EBIT

Xac nh im bang quan

3 im bng quan gia ti tr cp u i v cp thng

0 0 100 200 300 400 500 600 700

Xac nh im bang quan

by tai chnh DFL (Degree of Financial Leverage)

Cng thc tnh DFL:

by tai chnh DFL (Degree of Financial Leverage)

ngha ca n by tai chnh

Nguy c mt kh nng thanh ton c th c gy ra bi vic s dng n by ti chnh

N BY KINH DOANH OPERATING LEVERAGE Khai nim:

N BY KINH DOANH OPERATING LEVERAGE

N BY KINH DOANH OPERATING LEVERAGE

N BY KINH DOANH OPERATING LEVERAGE

N BY KINH DOANH OPERATING LEVERAGE

N BY KINH DOANH OPERATING LEVERAGE

N BY KINH DOANH OPERATING LEVERAGE

N BY KINH DOANH OPERATING LEVERAGE

N BY KINH DOANH OPERATING LEVERAGE

N BY KINH DOANH OPERATING LEVERAGE im ha vn c xac nh da trn nhng gi nh sau:

N BY KINH DOANH OPERATING LEVERAGE

Cng thc ha vn:

N BY KINH DOANH OPERATING LEVERAGE

N BY KINH DOANH OPERATING LEVERAGE

P.Q0 = V.Q0 + F => ( P V).Q0 = F.Q0 F/(P - V )

N BY KINH DOANH OPERATING LEVERAGE

N BY KINH DOANH OPERATING LEVERAGE

N BY KINH DOANH OPERATING LEVERAGE

N BY KINH DOANH OPERATING LEVERAGE

N BY KINH DOANH OPERATING LEVERAGE

N BY KINH DOANH OPERATING LEVERAGE

N BY KINH DOANH OPERATING LEVERAGE

N BY KINH DOANH OPERATING LEVERAGE

N BY KINH DOANH OPERATING LEVERAGE

N BY KINH DOANH OPERATING LEVERAGE

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