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Ging vin: Trn Th Thy Dung Khoa Ngn hng Ti chnh i hc Kinh t Quc dn H ni
GV. Trn Th Thy Dung -NEU
Ni dung mn hc
Chng 1: Tng quan v Ti chnh DN Chng 2: Qun l thu, chi trong DN Chng 3: Phn tch ti chnh DN Chng 4: Ngun vn ca DN Chng 5: Chi ph vn, c cu vn DN Chng 6: Qun l ti sn trong DN Chng 7: u t di hn trong DN
Khi nim Ti chnh doanh nghip Ba vn c bn ca qun l TCDN Cc nguyn tc qun tr ti chnh Mc tiu ca Doanh nghip
GT TCDN
o Kinh doanh c th o Kinh doanh gp vn (Cng ty hp danh & Cng ty TNHH) o Cng ty c phn
GV. Trn Th Thy Dung -NEU
Nhc im
- Ch DN chu trch nhim v hn - Hn ch kh nng huy ng vn - Khng lin tc hkd khi ch DN qua i
- Thnh vin hp danh chu trch nhim v hn - Kh nng huy ng vn hn ch - Kh nng mu thun c nhn cao - Kh nng huy ng vn hn ch
- Chi ph thnh lp cao - Thu nhp cc c ng b nh thu 2 ln (Thu TNDN v Thu TNCN) - Tim n kh nng mu thun gia nh qun l v ch s hu
NH NC (thu, NN gp vn)
DOANH NGHIP
III. Ba vn c bn ca TCDN
Chin lc u t di hn Quyt nh huy ng vn (ngn hn v di hn) Qun l ti chnh ngn hn (qun l TSL)
Ti sn c nh 1 Hu hnh 2 V hnh
GV. Trn Th Thy Dung -NEU
Vn ch s hu
III. Ba vn c bn ca TCDN
1. Chin lc u t di hn:
Tng gi tr ti sn:
Ti sn lu ng N Di hn Tng gi tr ca doanh nghip i vi nh u t N ngn hn
Ti sn c nh 1 Hu hnh 2 V hnh
GV. Trn Th Thy Dung -NEU
Doanh nghip nn u t di hn vo u?
Vn ch s hu
III. Ba vn c bn ca TCDN
1. Chin lc u t di hn:
Nn u t di hn vo u v Chng 6 v Chng 7 bao nhiu cho ph hp vi loi hnh sn xut kinh doanh la chn?
C s d ton vn u t
1. Tm kim c hi u t
GV. Trn Th Thy Dung -NEU
III. Ba vn c bn ca TCDN
2. Quyt nh huy ng vn
Tng gi tr ti sn:
Ti sn lu ng Tng gi tr ca doanh nghip i vi nh u t N ngn hn
Ti sn c nh 1 Hu hnh 2 V hnh
GV. Trn Th Thy Dung -NEU
N Di hn
Vn ch s hu
III. Ba vn c bn ca TCDN
2. Quyt nh huy ng vn
Chng 4 v Chng 5
NGUN VN
Xy dng c cu vn ti u
III. Ba vn c bn ca TCDN
3. Qun l hot ng ti chnh hng ngy
Tng gi tr ti sn:
Ti sn lu ng Vn lu ng rng N Di hn Tng gi tr ca doanh nghip i vi nh u t N ngn hn
Ti sn c nh 1 Hu hnh 2 V hnh
GV. Trn Th Thy Dung -NEU
Vn ch s hu
Qun l doanh thu, chi ph, li nhun Qun l dng tin, ngn qu La chn chnh sch ti chnh ph hp
Nguyn tc gi tr thi gian ca tin Nguyn tc nh i ri ro v li nhun Nguyn tc chi tr Nguyn tc gn kt li ch ca nh qun l v c ng Nguyn tc th trng hiu qu Nguyn tc sinh li Nguyn tc tc ng ca thu
Chi ph c hi
Tin c gi tr khc nhau ti thi im khc nhau. Gi tr hin ti (PV) & Gi tr tng lai (FV) Mt ng tin nhn c ngy hm nay c gi tr hn mt ng tin nhn c trong tng lai
GV. Trn Th Thy Dung -NEU
FVn = PV*(1+i)n
Mt dng tin
Bi tp 2: Tnh gi tr hin ti ca cc dng tin sau y bit rng li sut chit khu l 8%:
Nm Dng tin A Dng tin B 1 100 300 2 400 400 3 400 400 4 400 400 5 300 100
Ngun: Da trn Stocks, Bonds, Bills, and Inflation: (Valuation Edition) 2002 Yearbook (: Ibbotson Associates, 2002), 28.
= i=1 n pi ki
Li nhun k ton
Hi ng qun tr Ch s hu
Ban gim c
N Ti sn VCSH
GV. Trn Th Thy Dung -NEU
Ch n
Thu nhp = lng cng + thng Thu nhp = c tc + chnh lch theo LNST nn mun LNST tng gi CP nn mun gi CP tng Coi v tr gim c nh mt du mc trong s nghip (trong CV) nn thng thn trng, mun doanh nghip pht trin lu di, an ton Coi vic s hu doanh nghip nh mt hot ng u t thng thng, khng lin quan ti s nghip nn thng mun mo him k vng LN cao
Mu thun
C ng
Nh qun l buc phi tun th mc tiu ti a ha gi tr ti sn ca ch s hu S dng c ch gim st kt hp khen thng, k lut
GV. Trn Th Thy Dung -NEU
Qu kh
Cng khai Sn phm, dch v Cht lng qun l Kt cu TS-NV Nguyn tc k ton D on li nhun
Gi thuyt th trng hiu qu (EMH): Gi c phiu phn nh y tt c nhng thng tin lin quan.
GV. Trn Th Thy Dung -NEU
Li nhun trc thu v li vay Li vay Li nhun trc thu Thu TNDN (t=28%)
100 tr 0 100 tr 28 tr
7200
Quyt nh c cu vn
- DN c th tit kim thu thng qua cc chnh sch v khu hao, li vay, hng tn kho, cc khon d phng, etc.
GV. Trn Th Thy Dung -NEU
Ti a ha gi tr c phiu
GV. Trn Th Thy Dung -NEU