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MC LC
Trang
Trang ph ba
Li cam oan
Mc lc
Danh mc cc t vit tt
Danh mc cc bng

LI NI U
CHNG I: TNG QUAN V PHN TCH CH S V M
HNH D BO .................................................................................. 01
1.1. PHN TCH CH S TRUYN THNG.............................................01
1.2. PHNG PHP PHN TCH A BIT THC..................................02
1.3. M HNH Z-SCORE..............................................................................04
1.4. M HNH Z-SCORE P DNG CHO CC CNG TY T NHN...17
1.5. M HNH IU CHNH P DNG CHO CC DOANH NGHIP
KHNG SN SUT .....................................................................................19
1.6. M HNH CH S CHO NN KINH T MI NI V QU TRNH
X L

.......................................................................................................20

KT LUN CHNG I: ..............................................................................22

CHNG II: NGHIN CU C IM KHNH KIT TI


CHNH V CC BIN PHP I PH MT S NC
CHU

....................................................................................... 24

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2.1 KHI QUT V L THUYT KIT QU TI CHNH .....................24


2.2. C IM KHNH KIT TI CHNH MT S NC CHU 26
2.2.1. Hon cnh nghin cu .................................................................26
2.2.2. Nhng nhn t ph sn ................................................................29
2.2.3. Quyn li ca ch n v nh hng ca h thng lut php ng

.......................................................................................................33

2.2.4. c trng ca doanh nghip........................................................38


2.3. CC BI HC V GII PHP I PH KHNH KIT TI CHNH
.......................................................................................................45
2.3.1. Hon cnh nghin cu .................................................................45
2.3.2 C ch v n, mi quan tm v nguyn l vn hnh ...................47
2.3.3. Kit qu h thng v ti cu trc doanh nghip ..........................53
KT LUN CHNG II: .............................................................................64

CHNG III: KHNH KIT TI CHNH VIT NAM ......... 66


3.1 NHNG YU T TH CH (V M) NH HNG N HNH VI
CA CC CNG TY KIT QU TI CHNH ..........................................68
3.1.1. Cu trc s hu v kit qu ti chnh ..........................................68
3.1.2. Lut php/ chnh quyn v kit qu ti chnh..............................70
3.1.3. S pht trin ti chnh v kit qu ti chnh ................................71
3.2. C S PHP L V PH SN DOANH NGHIP VIT NAM....73
3.3. THC TRNG NH GI XP HNG TN NHIM DOANH
NGHIP VIT NAM .................................................................................87
3.4. TNH HNH N XU V M HNH CNG TY X L N XU
VIT NAM.....................................................................................................92
3.4.1. Thc trng n xu ti Vit Nam ..................................................92
3.4.2. M hnh cng ty mua bn n v ti sn tn ng DATC............94

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KT LUN CHNG III:............................................................................99

CHNG IV: CC GII PHP NNG CAO KH NNG D


BO V GII QUYT MT CCH HIU QU TNH TRNG
KHNH KIT TI CHNH CA CC DOANH NGHIP VIT
NAM

..................................................................................... 101

4.1 NG DNG M HNH Z-SCORE VO VIT NAM D ON KH


NNG KIT QU TI CHNH..................................................................101
4.1.1. Cc kch bn nghin cu............................................................101
4.1.2. Nhng iu cn lu khi s dng m hnh Z-Score ................104
4.2. CC GII PHP NNG CAO KH NNG D BO V GII
QUYT HIU QU TNH TRNG KHNH KIT TI CHNH DOANH
NGHIP VIT NAM ...............................................................................105
4.2.1 Nng cao tnh minh bch v trch nhim ca thng tin .............105
4.2.2 Pht trin h thng nh gi xp hng tn nhim doanh nghip theo
tiu chun quc t ................................................................................112
4.2.3 Hon thin Lut ph sn v cc vn bn c lin quan................113
4.2.3.1 Tp trung vo cc gii php tng cng tnh thc thi ca
Lut Ph Sn ........................................................................................113
4.2.3.2 Sm ban hnh quy nh hng dn th tc ph sn cho cc
TCTD...................................................................................................116
4.2.4 Ban hnh cc quy nh h tr nng cao hiu qu hot ng ca
DATC ..................................................................................................122
KT LUN CHNG IV: .........................................................................124
KT LUN CHUNG: ...................................................................................................126

TI LIU THAM KHO


PH LC

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CC T VIT TT

DATC:

Debts and Assets Trading Company:


Cng Ty Mua Bn N v Ti Sn
Tn ng ca doanh nghip

DN:

Doanh nghip

DNNN:

Doanh nghip nh nc

EBIT:

Earning before interest and tax:Li


nhun trc thu v li vay

MDA:

Multiple discriminant analysis: Phn tch


a bit thc

MVE:

Market value of equity: Gi tr th trng


ca vn ch s hu

NHNN:

Ngn hng nh nc

NHTM:

Ngn hng thng mi

RE:

Retained earnings: Li nhun gi li

S:

Sales: Doanh thu

TA:

Total assets: Tng ti sn

TCTD:

T chc tn dng

TL:

Book value of total liabilities: Gi tr


s sch ca n

TTCK:

Th trng chng khon

XHTD:

Xp hng tn dng

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DANH MC CC BNG
Trang

Bng 1.1 Bin trung v v kim nghim mc ngha ........................................... 10


Bng 1.2 Kt qu phn loi ca mu gc. ............................................................. 12
Bng 1.3 Kt qu phn loi mu cho thi gian hai nm trc ph sn ................. 13
Bng 1.4 Kt qu sp xp mu th cp ca cc cng ty ph sn........................... 13
Bng 1.5 Phn loi v chnh xc ca m hnh d bo ph sn ......................... 17
Bng 1.6 M hnh iu chnh Z-Score: Phn loi kt qu, trung bnh nhm, ranh
gii im phn bit................................... ............................................................. 19
Bng 1.7 Xp hng tri phiu Hoa K quy i da trn EMS .............................. 20
Bng 2.1 Cc c im chnh ca o lut ph sn mt s nc Chu .......... 34
Bng 2.2 Quyn gii ch n, hiu qu lut php, v ngun gc lut ph sn ....... 36
Bng 2.3 Thng k tm tt c im doanh nghip (tng mu)............................ 40
Bng 2.4 Thng k tm tt cc v np n ph sn trong nm 1997 v 1998 ...... 42
Bng 2.5 c im ca cng ty b kit qu ti chnh............................................. 43

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