Ch tiu 07

Cng ty

X1

X2

X3

X4

X5

Cng ty CP XNK Thy sn Bn Tre

0.4193

0.0944

0.1141

2.2519

1.0339

3.3968

Cng ty CP XNK Thy sn Cu Long An Giang

0.7497

0.1828

0.2161

1.5314

1.7700

4.5575

Cng ty CP XNK Thy sn An Giang

0.4268

0.0450

0.0622

2.7948

1.4614

3.9186

Cng ty c phn BASA (*)

0.4434

0.0471

0.0790

0.9379

1.0269

2.4483

Cng ty C phn Thc phm Sao Ta

0.7292

0.0718

0.0982

0.7399

2.6093

4.3526

Cng ty CP u t Thng mi Thy Sn (*)

0.5939

0.0629

0.0803

0.7581

0.9699

2.4906

Cng ty C phn Thy hi sn Minh Ph

0.6581

0.1044

0.1144

1.0843

1.1116

3.0757

Cng ty C phn Thy sn S 1

0.9278

0.0682

0.0765

4.5448

1.7030

5.8911

Cng ty C phn Thy sn S 4

0.4606

0.0520

0.0582

3.5547

1.2002

4.1507

Cng ty CP CB v XNK TS CADOVIMEX (*)

0.8423

0.0253

0.0696

0.3402

1.0932

2.5733

Cng ty CP XNK Lm Thy sn Bn Tre (*)

0.6351

0.0260

0.0669

0.3609

0.5872

1.8229

Ch tiu 08
Cng ty

X1

X2

X3

X4

X5

Cng ty CP XNK Thy sn Bn Tre

0.4345 0.0585 0.0745

7.9726 1.2260

6.8586

Cng ty CP XNK Thy sn Cu Long An Giang

0.7281 0.1822 0.2327

0.7199 1.6549

3.9835

Cng ty CP XNK Thy sn An Giang (*)

0.4760 0.0085 0.0424

0.9013 1.5436

2.8075

Cng ty c phn BASA (*)

0.3890 0.0007 0.0473

0.7942 1.0719

2.1724

Cng ty C phn Thc phm Sao Ta

0.6362 0.0363 0.0965

0.8481 3.0357

4.6773

Cng ty C phn u t Thng mi Thy Sn (*)

0.6263 0.0338 0.0595

0.6949 1.0964

2.5086

Cng ty C phn Thy hi sn Minh Ph (*)

0.7237 -0.0168 0.0639

0.7728 1.2689

2.7884

Cng ty C phn Thy sn S 1

0.8550 0.1525 0.2152

5.0295 1.8752

6.8427

Cng ty C phn Thy sn S 4 (*)

0.3745 0.0417 0.0550

1.8056 0.7379

2.5107

Cng ty CP CB v XNK TS CADOVIMEX (*)

0.7268 0.0017 0.0728

0.2768 0.9770

2.2580

Cng ty CP XNK Lm Thy sn Bn Tre (*)

0.7220 0.0114 0.0533

0.8565 1.0394

2.6117

Ch tiu 09
Cng ty

X1

X2

X3

X4

X5

Cng ty CP XNK Thy sn Bn Tre

0.6991 0.1693 0.1939 4.5620 1.0129 5.4661

Cng ty CP XNK Thy sn Cu Long An Giang

0.7339 0.0775 0.1128 0.4075 1.1730 2.7788

(*)
Cng ty CP XNK Thy sn An Giang (*)

0.5487 0.0119 0.0472 1.0755 1.1028 2.5791

Cng ty c phn BASA (**)

0.3530 -0.0187 0.0129 0.8670 0.4201 1.3803

Cng ty C phn Thc phm Sao Ta (*)

0.8112 0.0224 0.0564 0.3225 1.5080 2.8923

Cng ty C phn u t Thng mi Thy Sn

0.5441 0.0787 0.1168 1.0862 1.2071 3.0074

Cng ty C phn Thy hi sn Minh Ph (*)

0.6308 0.0425 0.0515 0.9510 0.4629 2.0198

Cng ty C phn Thy sn S 1

0.7154 0.0976 0.1299 2.4631 1.4898 4.3913

Cng ty C phn Thy sn S 4 (*)

0.3794 0.0732 0.0845 0.8877 0.7909 2.1603

Cng ty CP CB v XNK TS CADOVIMEX (**)

0.6387 0.0019 0.0077 0.1821 0.2554 1.1592

Cng ty CP XNK Lm Thy sn Bn Tre (*)

0.6693 -0.1488 -0.1234 0.6686 1.3780 1.9667

 Qua bng 1 cho thy, trong nm 2007,

c 4 doanh nghip nm trong vng
cnh bo, c th c nguy c ph sn
l cng ty c phn BASA ( Z = 2.4483 ),
cng ty c phn u t thng mi
Thy sn ( Z = 2. 4960 ), cng ty c
phn ch bin v xut nhp khu thy
sn CADOVIMEX ( Z = 2.5733 ), cng ty
c phn xut nhp khu lm thy sn
Bn tre( Z = 1.8229 ).

 Qua bng 2 cho thy, trong nm 2008, c 7 doanh

nghip nm trong vng cnh bo, c th c nguy
c ph sn l cng ty c phn u t thng
mi Thy sn (Z = 2. 5086), cng ty c phn BASA
(Z = 2.1724), cng ty c phn ch bin v xut nhp
khu thy sn CADOVIMEX (Z = 2.580), cng ty c
phn xut nhp khu lm thy sn Bn tre(Z =
2.6117), cng ty CP XNK Thy sn An Giang (Z =
2.8075), cng ty C phn Thy hi sn Minh Ph (Z
= 2.7884), cng ty C phn Thy sn S 4 (Z =
2.5107). Nh vy, so vi nm 2007, s lng cc
doanh nghip Thy sn nm trong vng cnh bo,
c th c nguy c ph sn tng ln 3 doanh nghip.

 Qua bng 3 cho thy, trong nm 2009, c 6

doanh nghip nm trong vng cnh bo, c
th c nguy c ph sn l cng ty CP XNK
Thy sn Cu long An Giang (Z = 2.7788),
cng ty CP XNK Thy sn An Giang (Z =
2.5791), Cng ty C phn Thc phm Sao Ta
(Z = 2.8923), cng ty C phn Thy hi sn
Minh Ph (Z = 2.0198), cng ty C phn
Thy sn S 4 (Z = 2.1603), cng ty c phn
xut nhp khu lm thy sn Bn tre(Z =
1.9667).

 Bn cnh , c 2 cng ty Doanh

nghip nm trong vng nguy him,
nguy c ph sn cao, l cng ty c
phn BASA (Z = 1.3803), cng ty c
phn ch bin v xut nhp khu thy
sn CADOVIMEX (Z = 1.1592). Nh vy,
so vi nm 2008, s lng cc doanh
nghip Thy sn nm trong vng cnh
bo, c th c nguy c ph sn tng ln
1 doanh nghip. Trong , c 2 doanh
nghip c nguy c ph sn cao.

Vi ngn hng
xut 1: ng dng
m hnh im s Z
trc khi quyt nh
tn dng

 xut 2: p dng cc
chnh sch tn dng
linh hot i vi cc
doanh nghip ch bin
Thy sn Vit Nam

 i vi cc doanh nghip
ch bin Thy sn:

xut 1: Qun l
v s dng hiu qu
ti sn ca doanh
nghip

 Cn phi phn loi v xc nh ti

sn no khng hot ng, tc l
nhng ti sn khng gp phn
trc tip hay gin tip to ra
doanh s v thanh l ngay nhng
ti sn ny. Bi v, khi thanh l
cc ti sn ny, doanh nghip s
chuyn ha ti sn c nh
thnh ti sn ngn hn lm cho
X1 s tng ln

Chi ph khu hao cng

s gim xung, dn
n t sut li nhun
tng, tc l X2 v X3
s tng theo v lm
cho Z tng ln

 i vi cc doanh nghip
ch bin Thy sn:

xut 2: Ti cu
trc ti chnh theo
hng gia tng vn
ch s hu

 Mun vy, cc doanh nghip

ri vo trng thi c nguy c
ph sn cn phi n
chnh sch phn chia c tc
cho nh u t. C tc chia t
i th li nhun gi li s tng
ln lm vn ch s hu sng
tng ln v X3 s tng theo v
lm cho Z tng

 Doanh nghip khng th

gim c tc n mc qu
thp v khi nh u t s
phn ng, dn n gi c
phiu thp, lc ny s gy
ra tc ng ngc li s
lm gim c X3 v X4

 Doanh nghip nn hn ch
vic vay n, thay vo c
th pht hnh thm c
phiu, tng th gi c phiu
khi c c hi. Thc hin gii
php ny s lm cho X4
tng

 i vi cc doanh nghip
ch bin Thy sn:
xut 3: Nng cao hiu
qu hot ng sn xut
kinh doanh ca doanh
nghip

 Qua kt qu phn tch cho

thy, ch tiu X2, X3 ca hu
ht cc doanh nghip ri
vo trng thi nguy c ph
sn u rt thp thm ch
b m

 tng X2, X3 doanh nghip

cn phi cn bng gia chi ph
ca vic tng doanh s. Nu
chi ph tng qu cao, th t s
X1, X2, X3 s gim, khi vic
tng t s X5 s l v ngha v
khng sc b p cho s
gim ca cc ch s X1, X2, X