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Lun vn tt nghip
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Lun vn tt nghip
CHNG I
C S L LUN CHUNG V VN LU NG V HIU
QU S DNG VN LU NG
1.1. Tng quan v vn lu ng trong hot ng sn xut kinh doanh
1.1.1. Khi nim, c im vn lu ng
1.1.1.1. Khi nim
Vn lu ng l biu hin bng tin ca ton b ti sn lu ng nhm
m bo cho qu trnh sn xut kinh doanh c din ra thng xuyn lin tc.
Trong doanh nghip thng mi, vn lu ng thng th hin qua nhng hnh
thi: Tin v cc khon u t ti chnh ngn hn, cc khon phi thu ngn hn,
hng ho tn kho v ti sn lu ng khc.
1.1.1.2. c im
c im th nht: Vn lu ng ca doanh nghip thng xuyn
chuyn ha qua nhiu hnh thi khc nhau to thnh s tun hon ca vn lu
ng.
+ Trong doanh nghip sn xut, vn lu ng c vn ng v chuyn
ha qua 3 giai on:
Giai on 1: Giai on d tr vt t. Vn bng tin c chuyn ha
thnh vn d tr.
Giai on 2: Giai on sn xut. Vn lu ng c chuyn ha t
vn d tr thnh sn phm d dang, bn thnh phm v kt thc qu trnh sn
xut chuyn thnh phm.
Giai on 3: Giai on lu thng. Vn lu ng t hnh thi thnh
phm hng ha chuyn li thnh tin nh hnh thi ban u ca n v kt thc
k chu chuyn.
Ni chung s vn ng ca vn lu ng trong doanh nghip sn xut
c m t nh sau:
T H ... SX ... H- T
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Lun vn tt nghip
- Vn bng tin
- Cc khon u t ti chnh ngn hn
Vic tch ring khon mc ny gip cho doanh nghip d dng theo di
kh nng thanh ton nhanh ca mnh ng thi c nhng bin php linh hot
va m bo kh nng thanh ton va nng cao kh nng sinh li ca vn lu
ng.
(2) Cc khon phi thu
L cc khon n m doanh nghip cn phi thu ca cc i tng khc
nh phi thu khch hng, cc khon ng trc cho ngi bn, thu gi tr gia
tng c khu tr, phi thu ni b v cc khon phi thu khc.... Trong
khon phi thu ca khch hng chim t trng ln nht v trong nn kinh t th
trng vic mua bn chu l khng th trnh khi.
Nghin cu cc khon phi thu gip doanh nghip nng cao hiu qu s
dng vn.
(3) Hng tn kho
L cc khon vn lu ng c hnh thi biu hin bng hin vt, bao
gm:
Vn nguyn, nhin vt liu: Vn nguyn vt liu chnh, vn vt liu
Hng gi bn
Hng mua ang i trn ng
Gi tr ca hng tn kho trong n v ph thuc vo c im hot ng
cung ng, sn xut v tiu th, chnh sch d tr ca doanh nghip v c im
ca hng tn kho.
SVTH: V Th Cm Nhung LD10NH
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Lun vn tt nghip
Ti sn lu ng khc
Vn lu ng cn tn ti trong cc khon tm ng, chi ph tr trc, chi
ph ch kt chuyn, cc khon th chp, k qu, k cc ngn hn. Vic qun l
tt cc khon ny gp phn nng cao hiu qu s dng vn lu ng.
Vic phn loi vn lu ng theo cch ny to iu kin thun li cho
vic xem xt, nh gi mc tn kho d tr v kh nng thanh ton ca doanh
nghip. Mt khc, bit c kt cu vn lu ng theo hnh thi biu hin,
doanh nghip c nh hng iu chnh vn lu ng mt cch c hiu qu,
pht huy chc nng ca cc thnh phn vn.
1.1.2.3. Theo ngun hnh thnh ca vn lu ng
Ti sn lu ng s c ti tr bi hai ngun vn l vn ch s hu
v cc khon n. Trong , cc khon n ti tr c bn cho ngun vn lu ng
ca doanh nghip. Cn ngun vn ch s hu ch ti tr mt phn cho ngun
vn lu ng ca doanh nghip m thi. Bi v ngun vn ch s hu ti tr c
bn cho ti sn c nh.
+ Vn ch s hu: L s vn thuc quyn s hu ca doanh nghip,
doanh nghip c y cc quyn chim hu, s dng, chi phi v nh ot.
Tu theo loi hnh doanh nghip thuc cc thnh phn kinh t khc nhau m
vn ch s hu c ni dung c th ring...
+ N phi tr: L cc khon c hnh thnh t vn i vay cc Ngn
hng thng mi hoc cc t chc ti chnh khc, vn vay thng qua pht hnh
tri phiu, cc khon n khch hng cha thanh ton. Doanh nghip ch c
quyn s dng cc khon ny trong mt thi gian xc nh.
Cch phn loi ny cho thy kt cu vn lu ng ca doanh nghip
c hnh thnh t vn ca bn thn doanh nghip hay t cc khon n. T
doanh nghip c cc quyt nh trong huy ng v qun l, s dng vn lu
ng hp l hn, m bo an ninh ti chnh trong s dng vn ca doanh
nghip.
1.1.3. Vai tr ca vn lu ng trong hot ng sn xut kinh doanh
ca doanh nghip
tin hnh sn xut, vn lu ng l iu kin u tin doanh
nghip i vo hot ng hay ni cch khc vn lu ng l iu kin tin quyt
SVTH: V Th Cm Nhung LD10NH
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Lun vn tt nghip
nhanh hay chm ni ln tnh hnh t chc cc mt: mua sm, d tr sn xut,
tiu th ca doanh nghip c hp l hay khng, cc khon vt t d tr s dng
tt hay khng, cc khon ph tn trong qu trnh sn xut kinh doanh cao hay
thp Thng qua phn tch ch tiu tc lun chuyn vn lu ng c th
gip cho doanh nghip y nhanh c tc lun chuyn, nng cao hiu qu
s dng vn lu ng.
C 2 ch tiu nh gi tc lun chuyn vn lu ng, l:
(1) S vng quay vn lu ng (VL) trong k
S vng
Doanh thu kinh doanh
quay vn =
lu ng Vn lu ng bnh qun trong k
Trong :
- Doanh thu kinh doanh = Doanh thu thun + Doanh thu ti chnh
- Vn lu ng bnh qun trong k (VLBQk) c tnh nh sau:
VLBQ
ky
VL
auky
+ VL
cuoiky
nam
au
thang
1
+ VL
au
thang
2
+ . . . + VL
au
thang
12
VL
12
n gin trong tnh ton ta s dng cng thc tnh VLBQ gn ng:
VLBQ
nam
VL aunam+ VL cuoinam
2
lu ng)
SVTH: V Th Cm Nhung LD10NH
Trang 10
cuoithang
12
Lun vn tt nghip
S ngy mt
vng quay =
vn lu ng
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Lun vn tt nghip
DTKD0
-
VL0
VL0
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Lun vn tt nghip
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Lun vn tt nghip
LNST0
-
VL0
VL0
LNST1
VL
LNST1
-
VL1
Nh vy:
DVL =
LNST
VL0
VL
Ch tiu
ngha
1. S vng quay
hng tn kho
(HTK)
Gi vn hng bn
2. S ngy 1
vng quay hng
tn kho
Phn nh tc chuyn i cc
khon phi thu thnh tin. Ch tiu
ny cng cao chng t tc thu hi
khon phi thu cng tt.
4.
ngy
360
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Lun vn tt nghip
vng quay
phi thu
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CHNG II
THC TRNG HIU QU S DNG VN LU NG
TI CNG TY CP VT T NNG NGHIP II - NNG
2.1. Khi qut chung v Cng ty C phn vt t nng nghip II-
Nng
2.1.1. S lc v lch s hnh thnh v pht trin
2.1.1.1. Qu trnh hnh thnh
- Cng ty CP Vt t Nng Nghip II - Nng l mt doanh nghip nh
- Nng
- Vo nm 2005, cng ty chnh thc i tn thnh Cng ty C phn Vt
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Lun vn tt nghip
GIM C
PH GIM
C
Phng ti
chnh k
ton
T thng
k
X nghip
Kinh
doanh
Vt t
NN 1
Phng t
chc hnh
chnh
Phng k
hoch
X nghip
Kinh
doanh
Vt t
NN2
X nghip
Kinh
doanh v
dch v
vn ti
T
cung
ng
iu
phi
Phng kinh
doanh
i
xe 1
Phng
nghip v
vn ti
i xe
2
Ch thch:
Quan h ch o
: Quan h phi hp chc nng
:
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Lun vn tt nghip
Nm 2008
Gi tr
VN
92,155,288,949
21,944,811
92,133,344,138
4. Gi vn hng bn
83,521,830,917
5. Li nhun gp v bn hng v cung cp dch v 8,611,513,221
6. Doanh thu hot ng ti chnh
1,436,163,162
7. Chi ph hot ng ti chnh
2,179,592,318
Trong: Chi ph li vay
8. Chi ph bn hng
9. Chi ph qun l doanh nghip
10. Li nhun thun t hot ng kinh doanh
11. Thu nhp khc
12. Chi ph khc
13. Li nhun khc
14. Tng li nhun k ton trc thu
15. CP thu TNDN hin hnh
16. CP thu TNDN hon li
SVTH: V Th Cm Nhung LD10NH
1,453,061,560
185,327,025
816,565,110
6,866,191,930
328,845,134
228,075,903
100,769,231
6,966,961,161
1,950,749,125
0
Nm 2009
Tng so
Gi tr
2008 (%)
VN
157,458,293,16
5
70.86
26,857,629
22.39
157,431,435,53
6
70.87
140,285,992,00
7
67.96
17,145,443,529
99.10
1,046,611,070
-27.12
4,259,376,761
95.42
146.5
3,582,813,960
7
196,020,352
5.77
918,173,626
12.44
12,818,483,860
86.69
107.4
682,279,680
8
190.0
661,524,305
5
20,755,375
-79.40
12,839,239,235
84.29
3,209,809,809
64.54
0
Nm 2010
Gi tr
VN
183,762,854,93
5
25,246,212
183,737,608,72
3
164,312,930,62
1
19,424,678,102
2,137,203,102
3,503,951,822
Tng so
2008 (%)
16.71
-6.00
16.71
17.13
13.29
104.20
-17.74
2,382,932,740
201,346,785
997,246,530
16,859,336,067
-33.49
2.72
8.61
31.52
537,894,473
-21.16
519,135,360
18,759,113
16,878,095,180
4,219,523,795
0
-21.52
-9.62
31.46
31.46
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Lun vn tt nghip
17. Li nhun sau thu TNDN
9,629,429,426
91.97
12,658,571,385
31.46
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Lun vn tt nghip
Triu ng
2009
2010
Nm
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Lun vn tt nghip
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Lun vn tt nghip
Ch tiu
I. Tng ti sn
A. Ti sn ngn hn
1. Tin v cc khon tng ng tin
2. u t ti chnh ngn hn
3. N phi thu ngn hn
4. Hng tn kho
5. Ti sn ngn hn khc
B. Ti sn di hn
1. N phi thu di hn
2. Ti sn c nh
3. u t ti chnh di hn
4. Ti sn di hn khc
II. Ngun vn
A. N phi tr
1. N ngn hn
2. N di hn
SVTH: V Th Cm Nhung
Nm 2008
Gi tr
VN
51,468,239,20
2
39,857,776,97
9
3,347,736,904
126,015,219
16,373,683,78
7
19,109,317,28
7
901,023,782
11,610,462,22
3
16,781,974
11,353,021,90
4
240,658,345
268,170,412
51,468,239,20
2
30,069,198,97
7
25,898,812,45
7
4,170,386,520
Nm 2009
Gi tr
T
trng
(%)
100
77.4
4
6.50
0.24
31.8
1
37.1
3
1.75
22.5
6
0.03
22.0
6
0.47
0.52
100
58.4
2
50.3
2
8.10
VN
65,163,252,58
7
50,594,828,05
7
6,400,150,379
208,456,012
19,424,812,25
6
23,728,510,38
4
832,899,026
14,568,424,52
9
13,963,745
14,323,778,84
2
230,681,942
243,186,707
65,163,252,58
7
35,000,249,48
4
29,793,074,43
4
5,207,175,050
T
trng
(%)
Nm 2010
Tng
so
2008
(%)
100
77.6
4
26.61
9.82
0.32
29.8
1
36.4
1
1.28
22.3
6
0.02
21.9
8
0.35
0.37
91.18
65.42
100
53.7
1
45.7
2
7.99
26.94
18.63
24.17
-7.56
25.48
-16.79
26.17
-4.15
-9.32
26.61
16.40
15.04
24.86
Gi tr
VN
65,889,419,61
2
48,606,278,80
5
12,581,006,26
8
216,305,508
18,587,730,13
1
16,250,857,92
4
970,378,974
17,283,140,80
7
10,132,852
16,980,969,18
9
292,038,766
300,086,481
65,889,419,61
2
29,833,214,80
4
24,224,021,59
2
5,609,193,212
T
trng
(%)
100
73.7
7
19.0
9
0.33
28.2
1
24.6
6
1.47
26.2
3
0.02
25.7
7
0.44
0.46
100
45.2
8
36.7
6
8.51
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Tng
so
2009
(%)
1.11
-3.93
96.57
0.00
-4.31
-31.51
16.51
18.63
-27.43
18.55
26.60
23.40
1.11
-14.76
-18.69
7.72
Lun vn tt nghip
B. Ngun vn ch s hu
1. Vn ch s hu
2. Ngun kinh ph v qu khc
41.5
8
41.4
3
0.14
30,163,003,10
3
30,040,285,75
8
122,717,345
46.2
9
46.1
0
0.19
40.95
40.87
66.24
36,056,204,80
9
35,854,628,49
9
201,576,310
54.7
2
54.4
2
0.31
SVTH: V Th Cm Nhung
Trang 30
19.54
19.36
64.26
Lun vn tt nghip
Tin
GVHD: TS.H Hu
Triu ng
60,000
50,000
40,000
30,000
T i sn di hn
20,000
T i sn ngn hn
10,000
0
2008
2009
2010
Nm
Triu ng
60,000
50,000
40,000
30,000
Vn ch s hu
20,000
N phi tr
10,000
0
2008
2009
2010
Nm
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Lun vn tt nghip
Tin
GVHD: TS.H Hu
VT
Triu ng
1. Vn lu ng
Triu ng
2. Tng ti sn
3. T trng vn lu ng
4. Mc tng vn lu ng
5. Tc tng vn lu ng
6. Mc tng ti sn
7. Tc tng ti sn
%
Triu ng
%
Triu ng
%
2008
39,85
8
51,46
8
77.44
2009
50,59
5
65,16
3
77.64
10,73
7
26.94
13,69
5
26.61
2010
48,606
65,889
73.77
-1,989
-3.93
726
1.11
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Lun vn tt nghip
Tin
GVHD: TS.H Hu
Ch tiu
Tng vn lu ng
Vn bng tin
u t ti chnh ngn
hn
Khon phi thu
Hng tn kho
Ti sn lu ng khc
126 0.32
208 0.41
82 65.42
216 0.45
8 3.77
16,374 41.08 19,425 38.39 3,051 18.63 18,588 38.24 -837 -4.31
19,109 47.94 23,729 46.90 4,619 24.17 16,251 33.43 -7,478 -31.51
901 2.26
833 1.65
-68 -7.56 970.38 2.00
137 16.51
Biu 4: C cu vn lu ng ca cng ty
C CU VN LU NG
60,000
T i sn lu ng khc
50,000
Hng tn kho
40,000
30,000
u t ti chnh ngn hn
20,000
Vn bng t in
10,000
0
2008
2009
2010
Nm
Trang 33
Lun vn tt nghip
Nm 2008
Gi tr
T trng
VN
(%)
Tng vn lu ng
39,857,776,979
1. Vn bng tin
3,347,736,904
- Tin mt ti qu
1,492,086,338
- Tin gi ngn hng
1,855,650,566
2. Cc khon u t ti chnh ngn hn 126,015,219
- u t ngn hn
131,672,755
- D phng gim gi u t ngn hn
(5,657,536)
3. Khon phi thu
16,373,683,787
- Phi thu khch hng
10,943,944,418
- Tr trc cho ngi bn
4,031,259,702
- Phi thu ni b
942,902,152
- Cc khon phi thu khc
461,973,540
- D phng phi thu kh i
(6,396,025)
4. Hng tn kho
19,109,317,287
- Nguyn liu, vt liu tn kho
7,696,977,792
- Cng c, dng c tn kho
4,867,801,230
6,463,142,893
- Chi ph sn xut kinh doanh d dang
- Thnh phm tn kho
81,395,372
6. Ti sn lu ng khc
901,023,782
- Tm ng
352,018,700
- Chi ph tr trc
304,258,159
- K cc, k qu ngn hn
244,746,923
SVTH: V Th Cm Nhung- LD10NH
100
8.40
3.74
4.66
0.32
0.33
(0.01)
41.08
27.46
10.11
2.37
1.16
(0.02)
47.94
19.31
12.21
16.22
0.20
2.26
0.88
0.76
0.61
Nm 2009
Nm 2010
Gi tr
T trng Tng so 2008
Gi tr
T trng Tng so 2009
VN
(%)
(%)
VN
(%)
(%)
50,594,828,05
48,606,278,80
7
100
26.94
5
100
-3.93
6,400,150,379
12.65
91.18 12,581,006,268
25.88
96.57
2,940,062,031
5.81
97.04 5,144,755,516
10.58
74.99
3,460,088,348
6.84
86.46 7,436,250,752
15.30
114.92
208,456,012
0.41
65.42
216,305,508
0.45
3.77
211,552,135
0.42
60.67
216,305,508
0.45
2.25
(3,096,123)
(0.01)
-45.27
0
0.00
-100
19,424,812,256
38.39
18.63 18,587,730,131
38.24
-4.31
13,857,080,985
27.39
26.62 12,798,022,566
26.33
-7.64
3,928,257,235
7.76
-2.56 4,180,254,428
8.60
6.41
958,411,391
1.89
1.64
953,854,135
1.96
-0.48
685,097,164
1.35
48.30
659,618,154
1.36
-3.72
(4,034,519)
(0.01)
-36.92
(4,019,152)
(0.01)
-0.38
23,728,510,384
46.90
24.17 16,250,857,924
33.43
-31.51
9,865,493,000
19.50
28.17 7,030,214,520
14.46
-28.74
4,296,123,605
8.49
-11.74 3,825,208,184
7.87
-10.96
9,470,877,896
18.72
46.54 5,290,781,250
10.88
-44.14
96,015,883
0.19
17.96
104,653,970
0.22
9.00
832,899,026
1.65
-7.56
970,378,974
2.00
16.51
294,260,000
0.58
-16.41
369,023,650
0.76
25.41
317,159,320
0.63
4.24
385,921,000
0.79
21.68
221,479,706
0.44
-9.51
215,434,324
0.44
-2.73
(Ngun: Bng cn i kt qu kinh doanh nm 2008, 2009, 2010)
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Lun vn tt nghip
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Lun vn tt nghip
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Lun vn tt nghip
19425
19378
19200
19000
18800
18600
18,587
18400
18200
18000
2008
2009
2010
Nm
n v
VN
2. Thu GTGT u ra
3. Gi tr khon phi thu
bnh qun
4. S vng quay n phi
thu (4)=((1)+(2))/(3)
5. S ngy 1 vng quay
n phi thu (5)=360/(4)
VN
2008
2009
2010
92,133,344,13
8 157,431,435,536 183,737,608,723
VN
993,102,481
805,319,867
17,899,248,022 19,006,271,194
Vng
8.851
9.710
Ngy
41
37
Qua bng phn tch trn ta thy hiu sut s dng khon phi thu c xu
hng tng. Trong c hai nm 2009, 2010 th hn mt thng cng ty mi c th
thu hi c cc khon tn dng. Tuy nhin, s ngy 1 vng quay n phi thu
gim dn. Nm 2009, cng ty phi mt 41 ngy mi quay c 1 vng n phi
thu, tng ng vi 8.851 ln thu hi n phi thu. Sang nm 2010, s vng
quay n phi thu tng 0.859 vng nn ch cn 37 ngy th quay c 1 vng.
S vng quay n phi thu t 9.710 vng, tng ln so vi nm 2009, l
do s d bnh qun cc khon phi thu ch tng 6.18% trong khi doanh thu thun
v thu gi tr gia tng u ra tng 16.49%. Thi gian ti cng ty cn phi tip
tc ch trng tm bin php thu hi nhanh cc khon b chim dng nhm y
nhanh vng quay cc khon phi thu, gim s ngy ca k thu tin, nng cao
hiu qu s dng vn lu ng.
Trang 37
Lun vn tt nghip
n v
2008
2009
2010
21,418,913,836 19,989,684,154
6.550
8.220
55
44
Qua bng phn tch trn ta thy tc lun chuyn hng tn kho ca
cng ty t nm 2008 n nm 2010 c xu hng tng dn. Nm 2009, hng tn
kho ch quay c 6.55 vng nn mi vng quay ht 55 ngy. Sang nm 2010,
Trang 38
Lun vn tt nghip
Trang 39
Lun vn tt nghip
60,000
Triu ng
50,000
40,000
Vn ch s hu
30,000
N di hn
20,000
N ngn hn
10,000
0
2008
2009
2010
Nm
Triu ng
30,000
25,000
20,000
N ngn hn khc
15,000
10,000
5,000
0
Vay v n ngn hn
2008
2009
2010
Nm
Trang 40
Lun vn tt nghip
n v
Nm 2008
Nm 2009
Nm 2010
VN
3. Vn lu ng bnh qun
VN
45,226,302,518 49,600,553,431
4. S vng quay VL
(4)=(1)/(3)
Vng
3.504
3.747
Ngy
103
96
0.285
0.267
6. H s m nhim ca
VL (6)=(3)/(1)
SVTH: V Th Cm Nhung LD10NH
Trang 41
Lun vn tt nghip
7. H s sinh li ca VL
(7)=(2)/(3)
8. VL tit kim (-) hay
lng ph (+)
0.213
0.255
VN
-3,444,209,867
185,874,811,825
= -0.363
49,600,553,431
45,226,302,518
* nh hng ca nhn t doanh thu kinh doanh: Nu gi s vn lu ng
VL =
185,874,811,825
158,478,046,606
45,226,302,518
45,226,302,518
= +0.606
Trang 42
Lun vn tt nghip
lu ng)
Ngc vi s vng quay ca vn lu ng, nu thi gian lun chuyn
vn lu ng c xu hng gim xung phn nh hiu qu s dng vn lu ng
gia tng ln v ngc li. Da vo bng tnh ton ta thy: Nm 2009, cng ty
phi mt 103 ngy hon thnh mt vng quay vn lu ng th n nm 2010
ch mt 96 ngy thc hin mt vng quay vn lu ng. y l mt s ci
thin ng k trong hiu qu s dng vn lu ng, tuy nhin trong iu kin
nn kinh t th trng cnh tranh t do, cng ty cn n lc hn na nhm nng
cao tc lun chuyn vn lu ng, nng cao hiu qu hot ng ch c th
mi m bo c mt ch ng vng chc v mt s pht trin lu di ca
cng ty.
Biu 8: Tc lun chuyn vn lu ng
Trang 43
Lun vn tt nghip
Vng
3.8
3.75
3.7
3.65
3.6
3.55
3.5
3.45
3.4
3.35
103
Ngy
104
3.747
102
100
\
3.504
96
98
96
S vng quay vn lu
ng
S ngy mt vng quay
VL
94
92
2009
2010
Nm
Mc tit kim vn lu ng
Qua bng trn ta thy, nm 2010, cng ty tit kim c
3,444,209,867 ng vn lu ng so vi nm 2009. Nh vy, cng ty tit kim
c lng vn lu ng kh cao, iu ny l do cng ty tng c tc
lun chuyn vn lu ng, vng quay vn lu ng nhanh hn. Kt qu ny
phn nh hiu qu s dng vn lu ng ca cng ty l kh tt v cn c pht
huy nhiu hn na.
Tm li, nm 2010 so vi nm 2009 th tc lun chuyn ca vn lu
ng tng ln, cng ty tit kim c mt lng vn lu ng kh cao.
Nguyn nhn chnh l do cng ty c chnh sch kinh doanh hp l, cht lng
sn phm vt liu xy dng c nng cao nn tng c doanh thu thun v
doanh thu ti chnh, t tng c doanh thu kinh doanh, gip y nhanh tc
lun chuyn vn lu ng.
2.3.4.2. Ch tiu h s m nhim ca vn lu ng
Nhn li bng 5 ta thy h s m nhim vn lu ng ca cng ty qua
cc nm c s bin ng gim dn, nm 2009 cng ty phi mt 0.285 ng vn
lu ng mi to ra c mt ng doanh thu kinh doanh nhng n nm 2010
cng ty ch cn mt 0.267 ng to c mt ng doanh thu kinh doanh. H
s m nhim vn lu ng ca cng ty ang gim phn nh hiu qu s dng
vn lu ng c ci thin ng k. V y thc s l mt du hiu tt ni ln
kh nng v trnh v cng tc qun l ca cng ty trong vic s dng vn lu
ng. V vy m cng ty trong thi gian ti cn pht huy hn na iu kin ny
nhm mc tiu ti a ho li nhun.
Trang 44
Lun vn tt nghip
0.285
0.28
H s m
nhim ca vn
lu ng
0.275
0.27
0.27
0.265
0.26
2009
2010
Nm
Biu 9: H s m nhim ca vn lu ng
2.3.4.3. Ch tiu h s sinh li ca vn lu ng
Nhn chung, thng qua s phn tch cc ch tiu chng ta thy hiu qu s
dng vn lu ng ca cng ty xt trn tc lun chuyn vn lu ng v h
s m nhim ca vn lu ng th hiu qu s dng vn lu ng nm sau tt
hn nm trc. Ta thy kh nng sinh li ca vn lu ng nm sau cao hn so
vi nm trc vi mc tng 19.86%. C th l:
+ Nm 2009, 1 ng vn lu ng to ra 0.213 ng li nhun sau thu.
+ Nm 2010, 1 ng vn lu ng to ra 0.255 ng li nhun sau thu.
Nh vy doanh li vn lu ng nm 2010 tng gp 1.2 ln (0.2550.213)
so vi nm 2009. iu ny cho thy hiu qu ca vic s dng vn lu ng
nm 2010 cao hn nm 2009.
Nguyn nhn ca s bin ng ny l do li nhun sau thu vn lu ng
bnh qun nm 2010 u tng ln so vi nm 2009 nhng mc tng ca li
nhun sau thu (31.457%) l cao hn so vi mc tng ca vn lu ng bnh
qun (9.671%). Ta s i vo phn tch c th nh hng ca 2 nhn t n doanh
li vn lu ng.
* i tng phn tch:
Mc tng (gim) doanh li vn lu ng:
DVL = 0.255 0.213 = +0.042
* nh hng ca nhn t vn lu ng bnh qun: Nu li nhun sau
thu khng thay i, vn lu ng bnh qun thay i ta s c:
VL =
12,658,571,385
49,600,553,431
12,658,571,385
= -0.025
45,226,302,518
Trang 45
Lun vn tt nghip
9,629,429,426
LNST =
Tng hp hai s45,226,302,518
thay i trn ta c: 45,226,302,518
= +0.067
0.25
0.24
0.23
H s sinh
li ca vn
lu ng
0.22
0.21
0.213
0.2
0.19
2009
2010
Nm
Trang 46
Lun vn tt nghip
Nm 2008
Nm 2009
Nm 2010
832,899,026
970,378,974
9,392,307,423
9,254,168,673
9,025,632,825
3,771,678,951
Trang 47
Lun vn tt nghip
CHNG III
MT S GII PHP NHM NNG CAO HN NA
HIU QU S DNG VN LU NG TI CNG TY
C PHN VT T NNG NGHIP II NNG
3.1. nh gi chung v cng tc s dng vn lu ng ti cng ty
3.1.1. Nhng kt qu t c
Cng ty ngy cng s dng hp l, hiu qu hn vn lu ng ca mnh
cng vi s gia tng v quy m sn xut. iu ny c nh gi qua cc ch
tiu phn tch trn. Chng ta cng nhn li nhng kt qu m cng ty t
c trong cng tc qun l v s dng vn lu ng:
- Th nht, gi tr vn lu ng rng u dng v tng kh quan qua cc
nm, chng t n di hn v vn ch s hu khng ch ti tr cho ti sn di
hn m cn ti tr mt phn cho ti sn ngn hn, cng ty c xem l cn bng
ti chnh trong di hn, p lc hon tr n thp, chng t cng ty bc u t
c cn bng ti chnh trong ngn hn.
- Th hai, ngun ti tr cho vn lu ng ca cng ty l ngun vn vay
ngn hn v v mt phn nh t ngun di hn (vn ch s hu v vay di hn).
vic huy ng vn li n gin, tin li, tit kim chi ph s dng vn so vi
vic s dng ngun vn vay di hn; ng thi cch thc ti tr ny lun mang
li s n nh v an ton v mt ti chnh ca cng ty.
- Th ba, doanh nghip c chnh sch qun l vn bng tin v c cu
tng i tt. Tin gi ngn hng lun chim mt t trng ln trong c cu vn
bng tin. iu ny khng nhng gip cho cng ty gi tin an ton, t b tht
thot m tn dng c c hi sinh li cho tin lc s tin ny cha u t vo
hot ng kinh doanh.
- Th t, mc d hng tn kho chim t trng ln nhng ta thy hng tn
kho nm 2010 c xu hng gim xung, vng quay hng tn kho nhanh hn
chng t hot ng qun l hng tn kho tt hn, hiu qu s dng vn lu ng
ca cng ty ngy cng nng cao
- Th nm, cng ty c nhiu n lc nhm gim n phi thu nh cng
ty quy nh li sut pht trong trong trng hp khch hng thanh ton chm v
SVTH: V Th Cm Nhung LD10NH
Trang 48
Lun vn tt nghip
Trang 49
Lun vn tt nghip
Trang 50
Lun vn tt nghip
212,500,000,000
Vn lu ng bnh qun =
= 53,125,000,000 ng
Trang 51
Lun vn tt nghip
Tng
N qu hn
Trang 52
Lun vn tt nghip
gi tr
n
trong
hn
1 - 15
ngy
15 - 30 30 - 60 60 - 90 Trn 90
ngy
ngy
ngy
ngy
1. Cng ty X
2. Cng ty Y
Tng
Vi bng phn tch ny, cng ty c th d dng kim sot c cc khon
n n hn v qu hn, t lm th tc thu hi n.
+ i vi ha n qu hn hn 15 ngy: Gi th nhc nh n khch
hng khon n qu hn.
+ i vi ha n qu hn hn 30 ngy: Gi th yu cu khch hng tr
n.
+ i vi ha n qu hn hn 60 ngy: Trc tip lm vic vi khch
hng , nhc li iu kin rng buc trong hp ng khi mua bn gia hai bn,
quyn v ngha v ca khch hng trn hp ng kinh t, yu cu h tr n nh
tha thun.
+ i vi ha n qu hn hn 90 ngy: Thng bo ln cui cng yu
cu tr n, nu khch hng khng chu tr th c th nh s can thip ca c
quan php lut. Tuy nhin, trong kinh doanh vic s dng php lut trong cng
tc i n l bin php cui cng v p buc, ch nn p dng i vi cc khon
n khng th thu hi c. V cng khng qu cng nhc trong cng tc i n.
Th t: Xy dng v p dng chnh sch chit khu thanh ton hp l
nhm gim cc khon phi thu khch hng.
khuyn khch khch hng thanh ton tin hng trc thi hn, y
nhanh vng quay cc khon phi thu, rt ngn s ngy ca k thu tin bnh qun
v nng cao hiu qu s dng vn lu ng cng ty cn phi c mt chnh sch
chit khu thanh ton hp l.
bin php ny t hiu qu cao th khi xy dng v p dng chnh
sch chit khu cng ty cn tun th mt vi yu cu sau:
- Mc chit khu phi khuyn khch c khch hng, tc l cng ty a
ra mc chit khu sao cho khch hng c th chp nhn c v li ch mang li
cho h khi tr tin sm cho cng ty ln hn li ch m h u t vo lnh vc
khc.
SVTH: V Th Cm Nhung LD10NH
Trang 53
Lun vn tt nghip
Trang 54
Lun vn tt nghip
Trang 55
Lun vn tt nghip
Trang 56
Lun vn tt nghip
Trang 57
Lun vn tt nghip
Trang 58
Lun vn tt nghip
LI KT
Vn kinh doanh ni chung, vn lu ng ni ring l yu t m bo cho
qu trnh sn xut ca doanh nghip c din ra thng xuyn v lin tc. Tuy
nhin, vic s dng vn nh th no mang li hiu qu l mt vn khng
n gin. ng vn s dng khng hiu qu s ko theo s tr tr ca hot ng
sn xut kinh doanh. Mi hot ng ca doanh nghip s l khng hiu qu nu
nh l vn kinh doanh khng c m bo. ng vn c hiu qu i hi
phi c nhng quyt nh ng n v phng thc s dng vn.
Nng cao hiu qu s dng vn l nhim v thng xuyn, lu di ca
cc doanh nghip. Trong s nghip i mi hin nay ca t nc v tnh trng
trong nc v khu vc c nhiu bin ng, vic nng cao hiu qu s dng vn
lu ng l mt thch thc i vi cc doanh nghip ni chung v doanh nghip
nh nc ni ring.
Vi thi gian thc tp qu bu ti cng ty CP Vt t Nng nghip II -
Nng, bng nhng kin thc hc c, em nh gi kh c th v thc
trng hiu qu s dng vn lu ng ti cng ty. C th thy cng ty s dng
vn lu ng tng i hiu qu trong nhng nm gn y. iu ny phn nh
s quan tm v nhng bin php hu hiu m cng ty a ra nhm nng cao
hiu qu s dng vn lu ng. Tuy nhin, kt qu phn tch cng cho thy
nhng hn ch m cng ty cn mc phi lm gim hiu qu s dng vn lu
ng. V vy, nng cao hn na hiu qu s dng vn lu ng ca mnh,
cng ty cn c nhng gii php khc phc nhng tn ti ny.
Mt ln na, em xin chn thnh cm n Thy gio TS.H Hu Tin cng
Trang 59
Lun vn tt nghip
2010
3. Gio trnh K ton ti chnh doanh nghip NXB Nng, nm 2008
4. Cc Bo co ti chnh ca cng ty CP Vt t Nng nghip II -
Nng
5. Cc bo, tp ch ti chnh
Trang 60
Lun vn tt nghip
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Lun vn tt nghip
MC LC
SVTH: V Th Cm Nhung LD10NH
Trang 62
Lun vn tt nghip
LI M U...................................................................................................................1
CHNG I.......................................................................................................................3
C S L LUN CHUNG V VN LU NG V HIU QU S DNG
VN LU NG............................................................................................................3
1.1. Tng quan v vn lu ng trong hot ng sn xut kinh doanh......................3
1.1.1. Khi nim, c im vn lu ng....................................................................3
1.1.1.1. Khi nim.......................................................................................................3
1.1.1.2. c im........................................................................................................3
1.1.2. Phn loi vn lu ng.......................................................................................4
1.1.2.2. Cn c theo cc hnh thi biu hin...............................................................7
1.1.2.3. Theo ngun hnh thnh ca vn lu ng.....................................................8
1.2. Hiu qu s dng vn lu ng v s cn thit phi nng cao hiu qu s dng
vn lu ng......................................................................................................................9
1.2.1. Khi nim hiu qu s dng vn lu ng.......................................................9
1.2.2. Cc ch tiu nh gi hiu qu s dng vn lu ng....................................9
1.2.2.1. Tc lun chuyn vn lu ng ................................................................9
1.2.2.2. H s m nhim ca vn lu ng............................................................12
1.2.2.3. H s sinh li ca vn lu ng..................................................................13
1.2.2.4. Mt s ch tiu phn tch lin quan..............................................................14
1.2.3. Phn tch tnh hnh qun l v s dng vn lu ng nh hng n cn
bng ti chnh ca cng ty..........................................................................................15
1.2.4. S cn thit phi nng cao hiu qu s dng vn lu ng.........................16
1.3. Cc bin php nng cao hiu qu s dng vn lu ng ....................................16
1.3.1. Cc nhn t nh hng n hiu qu s dng vn lu ng.......................16
1.3.1.1. Nhn t khch quan.....................................................................................16
1.3.1.2. Nhng nhn t ch quan ............................................................................17
1.3.2. Cc bin php c bn nng cao hiu qu s dng vn lu ng trong
doanh nghip...............................................................................................................19
1.3.2.1. K hoch ho vn lu ng.........................................................................19
1.3.2.2. T chc qun l vn lu ng c k hoch v khoa hc.............................20
1.3.2.3. Rt ngn chu k sn xut kinh doanh, gim gi thnh sn xut thng qua
vic p dng cc tin b khoa hc k thut vo sn xut ........................................20
1.3.2.4. T chc tt cng tc qun l ti chnh trn c s khng ngng nng cao
trnh cn b qun l ti chnh..............................................................................20
CHNG II...................................................................................................................21
THC TRNG HIU QU S DNG VN LU NG TI CNG TY CP
VT T NNG NGHIP II - NNG...................................................................21
2.1. Khi qut chung v Cng ty C phn vt t nng nghip II- Nng..............21
2.1.1. S lc v lch s hnh thnh v pht trin....................................................21
2.1.1.1. Qu trnh hnh thnh....................................................................................21
2.1.1.2. Qu trnh pht trin......................................................................................21
2.1.2. c im hot ng sn xut kinh doanh ca cng ty..................................22
2.1.2.1. c im ngnh ngh kinh doanh...............................................................22
2.1.3. T chc b my qun l ca cng ty...............................................................22
2.1.3.2. Chc nng v nhim v ca tng b phn...................................................23
2.2. Khi qut tnh hnh ti chnh ca cng ty CP Vt t Nng nghip II- Nng
..................................................................................................................................24
2.2.1. Khi qut hot ng sn xut kinh doanh ca cng ty.................................24
2.2.2. C cu ti sn - ngun vn ca cng ty..........................................................27
2.3. Phn tch hiu qu s dng vn lu ng ti cng ty..........................................31
2.3.1. Phn tch chung.................................................................................................31
2.3.2. C cu vn lu ng ca cng ty....................................................................32
SVTH: V Th Cm Nhung LD10NH
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Lun vn tt nghip
Trang 64