Bi ging Qun tr ti chnh

NOI DUNG CHNG 2

QU N TR TI T I S N L U NG
1. KHAI QUAT VE TAI SAN LU ONG 2. QUYET NH CHNH SACH BAN CHU QUYET NH TO QUY 3. QU O N QU 4. QUYET NH TON KHO

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1. KHAI QUAT VE TAI SAN LU ONG

1.1 Khai niem 1.2 ac iem 1.3 Phan loai 1.4 Quyet nh au t TSL

1. KHAI NIEM

Tai san lu ong la b phn ti sn sn xut ca doanh nghip, tiu hao hon ton vo qu trnh sn xut trong mt ln chu chuyn n, thay i hnh thi vt cht v chuyn ton b gi tr vo sn phm c sn xut ra.

1. 2 ac iem
Ch tham gia vao mot chu ky san xuat kinh doanh

1.3 Phan loai tai san lu ong

TSL khau d tr san xuat Nguyen lieu, nhien lieu, vat lieu, ban thanh pham mua ngoai, phu tung thay the, cong cu lao ong nho.

Gia tr cua tai san lu ong c chuyen het mot lan vao gia thanh san pham trong ky

TSL khau san xuat

San pham d dang

TSL khau lu thong

Thanh pham, hang hoa, bao b, vat lieu ong goi, cac khoan phai thu, tien mat
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1.3 Phan loai tai san lu ong

Tien mat Tien mat tai quy, Tien gi tai ngan hang

1.4 Quyet nh au t tai san lu ong

Quyet nh chinh sach ban chiu

Cac khoan phai thu

La khach n co cong La so so tien tien kha ch hang hang n ng ty do mua chu hang hoa hoac dch vu Ton kho nguyen lieu Ton kho san pham d dang Ton kho thanh pham
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Quyet nh d tr ton kho

Hang ton kho

Quyet nh ton quy

2. QUYET NH CHNH SACH BAN CHU

2.1 Quyet nh ieu khoan ban chu (term of sale) 2.2 Phan tch tn dung oi vi khach hang mua chu (credit

21. Quyet nh ieu khoan ban chu

iu khon bn chu gm: t l chit khu, thi hn chit khu v thi hn bn chu.

analysis)

2.3 Quyet nh chnh sach ban chu (credit policy) 2.4 Quyet nh chnh sach thu hoi n (collection policy)

2/10net5 50

T l chit khu

Thi hn chit khu

Thi hn bn chu

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Lai suat ban chu

T lchit khu% Li = sut 100% Chitkhu % 365 x ThihntrnThihn chitkhu

2.2 Phn tch tn dng khch hng mua chu

Cch 1: nh gi khch hng thng qua qu trnh

mua bn trong qu kh, qua cc t chc xp hng tn dng, qua ngn hng Cch 2: S dng quy tc 5c: Character Capacity to pay Capital Collateral provided by the customer Condition of the customer business

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2.2 Phn tch tn dng khch hng mua chu

Cch 3: S dng phn tch chm im Z score:

Quy trnh anh gia uy tn khach hang

Ngunthng tin

Tchibnchu

Z < 2,7: cng ty sp ph sn

Bocoti chnh Bocoxp hngtn dng Kimtraca NH

nh giuy tn khch hng

C uy tn

Quyt nh bn chu

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2.3 Quyt nh chnh sch bn chu

Thi hn bn chu T l chit khu - Ni lng - Tht cht

Cach xac nh cac khoan phai thu

Cng ty Sony d inh bn 2000 u tivi trong nm ti vi gi 3 triu ng/chic. iu khon bn hng ca cng ty nh sau 2/10 net 30. D kin 15% khch hng s tr tin trong vng 10 ngy nhn chit khu, 85% khch hng cn li s tr trong vng 30 ngy. ngy Xc nh cc khon phi thu. thu Gii K thu tin bnh qun ca cng ty: = 15% x 10 + 85% x 30 = 27 ngy Doanh thu = 2.000 x 3 = 6.000 tr Khon phi thu l = (6.000/365) *27 = 443,8 tr
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iu khon bn chu Q chnh h h sch bn chu Tiu chun bn chu

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Muc tieu quan tr khoan phai thu

Ban chu Tang doanh thu T ng l Ta li nhua h n Tang khoan phai thu T ng chi Ta hi ph h lie li n quan e n khoa kh n pha h i thu h

V DU 1
Cong ty ABC. Ltd co n gia ban 10$/sp, chi ph san xuat 8$/sp, doanh thu hang nam hien tai la 2,4 trieu $, chi ph c hoi cua khoan phai thu la 20%. Cong ty d nh thay oi chnh sach ban chu t 1/10 net 30 sang 2/10 net 40. Vi chnh sach tn dung hien tai co 50% khach hang thanh toan trong vong 10 ngay au va 0% kha ac a ng t a toa o g vo gay a t a 40% ch ha thanh toan t trong vong 30 nga y va va co con lai thanh toan trong vong 40 ngay. Neu thay oi chnh sach mi d kien doanh thu se tang them 600.000$ va co 60% khach hang se thanh toan trong 10 ngay au, 20% khach hang se thanh toan trong 40 ngay va con lai se thanh toan trong 50 ngay. Hoi cong ty co nen thay oi chnh sach tn dung khong biet rang chi ph tai tr cac khoan phai thu la 20%, mot nam co 365 ngay.
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Chi ph c hoi do au t khoan phai thu

So sanh li nhuan va chi ph gia tang

Quyet nh chnh sach ban chu hp ly

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Khon mc Doanh thu Chi ph sn xut Li nhun Chit khu phi tr K thu tin bq Cc khon phi thu CF ti tr khon phi thu Li sut

1/10 net 30 2/10 net 40 2,400,000 1,920,000 480,000 24,000 21 138,082 22,093 20% 3,000,000 2,400,000 600,000 60,000 24 197,260 31,562

chnh lch 600,000 480,000 120,000 36,000 3 59,178 9,468

Tac ong cua thay oi chnh sach ban chu co s anh hng cua rui ro ban chu
Tang ky thu tien bq Tang khoan phai thu
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Tang chi ph au t khoan phai thu

Ni long chnh sach ban chu Tang doanh thu

Tang ton that do n khong the thu hoi

Tang li nhuan

Tang li nhuan u bu ap tang chi ph va ton that khong?

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V DU 2
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3. QUYET NH TON QUY

Ly do cong ty gi tien mat Quyet nh so d tien mat toi u Quan tr thu chi tien mat au t tien mat tam thi nhan roi

Cong ty ABC. Ltd vi chinh sach tin dung hien tai la 1/10 net 30 ty le n kho oi la 2,5% doanh thu. Sau khi thay oi thanh 2/10 net 40 ty le nay d kien se tang len 4%. Cong ty co nen thay oi chnh sach tn dung khong?

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Ly do cong ty gi tien mat

Gi tien mat cho muc ch giao dch Gi tien mat cho muc ch d phong Gi tien mat cho muc ch au c

Chi ph gi tien mat

Chi ph c hoi
La chi ph mat i do gi tien mat

Chi ph giao dch

La chi ph lien quan en viec chuyen oi tai san au t thanh tien mat san sang cho chi tieu

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Tong chi ph gi tien mat

Chi ph gi tien mat Tong chi ph Chi ph c hoi

Quyet nh so d tien mat muc tieu

So d tien mat muc tieu (so d tie ( ti n mat to t i u) ) la l so d tien mat o tong chi ph mc toi thieu
Chi ph giao dch 0 C* So lng tien mat
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Mo hnh Baumol
Nhng gi nh ca m hnh
Doanh nghip nh k nhn c mt lng tin mt

Mo hnh Baumol
Cac bien so lien quan
F = chi ph co nh phat sinh khi giao dch chng khoan ngan

nht nh, nhng ng thi cng phi lin tc chi tin ra theo mt t l n nh.
Nhu cu tin mt trong mt thi k ca cng ty c th d

han (ong)

T = tong so tien mat can bu ap cho giao dch trong nam K = chi ph c hoi do gi gi tien tien mat (%/nam) (%/nam) C* = ton quy toi u

bo trc chnh xc
Khi s d tin mt ban u gim xung bng 0 hay mc

an ton ti thiu th s d tin mt lp tc c tng ln do bn chng kha vi khi lng xc nh nhm t c s d tin mt ban u.
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C*

2TF K

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Mo hnh Baumol
ngha
M hnh Baumol cho bit quy m ti u trong qun tr

V du
Cong ty che bien thuy san xuat khau MM&Co. len ke hoach chi tien mat theo tuan. Bat au tuan le 0 cong ty co so d tien mat la 600 trieu ong va so chi d kien bu ap hang tuan la 300 trieu ong. Het tien chi tie ti u cong ty t se bu b a p ba b ng cach ba b n tn t phie hi u kho kh bac va chu chi ph co nh khoang 1 trieu ong moi lan giao dch. Neu tha tien chi tieu cong ty co the gi NH vi lai suat 0,65%/ thang. Cong ty co the s dung mo hnh Baumol e xac nh so d tien mat toi u nh the nao?
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tin mt. Do tng nhu cu tin mt (T) tng ln theo mt t l cho trc s dn n s gia tng ca (C) nhng vi t l nh h hn. Da trn s d ti in mt C c th h, c th h tnh c s d tin mt bnh qun (C/2) v s ln giao dch (T/C)

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Vi F = 1 trieu ong K = 0,65% x 12 = 7,8%/nam = 0,078 T = 300 x 52 = 15.600 trieu ong So d tien mat toi u:
C* 2TF K 2 (15600 )1 632 trieu ong 0 , 078

ng dung mo hnh Baumol

Loai hnh cong ty nao thch hp?
Cong ty chi tien mat nhieu hn la thu tien mat V du cong ty thu mua va che bien hang xuat khau: xuat

Tong chi ph mc toi thieu:

kh u thu kha th y san, xuat kha kh u nong san, may xuat kha kh u co s dung gia cong, nghien cu tiep th,

T C 15 . 600 632 Z F K 1 7 ,8 % 49 ,33 C 2 632 2

So lan ban chng khoan:

T 15 .600 24 ,7 l n 632 C

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ng dung mo hnh Baumol

Cong ty phai chuan b g?
c lng tong so tien mat can bu ap moi nam c lng chi ph giao dch khi ban chng khoan ngan han c c l lng ng lai lai sua suat t ngan ngan han han e e xac xac nh chi ph c hoi

u iem mo hnh Baumol

Giup nha quan tr a ra quyet nh ve khoi lng

tien mat trong moi tng quan vi chi ph thap nhat

De dang cap nhat

ieu kien th trng: phai co th trng tien te san

sang cung cap chng khoan ngan han va giai quyet thanh khoan khi can thiet

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Nhc iem mo hnh Baumol

Tong nhu cau tien mat (T) phu thuoc hoan toan vao

Mo hnh Miller-Orr
Nhng gia nh cua mo hnh
Thu chi tien mat bien ong ngau nhien Luong tien mat rong bien ong theo phan phoi chuan

s chnh xac tuyet oi cua viec d bao nhu cau tien mat
Chi ph (F) co nh cho moi lan giao dch la khong

Cac bien so lien quan

F = chi ph co nh phat sinh khi giao dch chng khoan K = chi ph c hoi do gi tien mat (%/nam) C = so d tien mat thi iem nao o L = so d tien mat toi thieu (gii han di) H = so d tien mat toi a (gii han tren) Z = so d tien mat muc tieu H*, Z* = so d tien mat toi u

phu hp
Tien mat c nhan ve nh ky trong khi mc chi tieu

lien tuc.

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Tien mat

Mo hnh Miller-Orr
Cao (H)

Xac nh so d tien mat theo mo hnh Miller-Orr

So d tien mat muc tieu (Z)

Muc tieu (Z)

3F 2 L 4K So S d tie ti n mat to t i a (H) Z* 3

2: phng sai cua dong tien ma rong hang ngay

H * 3Z * 2 L
So d tien mat trung bnh Caverage

Thap (L) X Y Thi gian

Caverage
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4Z * L 3
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ng dung mo hnh Miller-Orr

Thiet lap gii han di cua so d tien mat c lng o lech chuan dong tien mat thu chi hang

au t tien nhan roi tam thi

Tai sao phai au t? au t nh the nao? Gi ngan hang Mua cac cac co cong ng cu cu tren tren th trng trng tie tien n te

ngay

Quyet Q t nh h lai l i suat t danh d h ngha h e tnh t h chi hi ph h giao i

dch hang ngay c lng chi ph giao dch lien quan en mua ban chng khoan ngan han

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4. Quyt nh ton kho

Muc tieu cua quan tr ton kho Quan tr ton kho Tac ong hai mat cua ton kho Phan Phan loai loai to ton n kho Mo hnh quyet nh mc ton kho Xac nh iem at hang

Tac ong hai mat cua ton kho

Tac ong tch cc cua ton kho
Giup cong ty chu ong trong d tr va san xuat Giup cho qua trnh san xuat c ieu hoa va lien tuc Giup chu ong trong hoach nh san xuat, tiep th va tieu

thu h san pha h m

Tac ong tieu cc

Lam phat sinh chi ph lien quan en ton kho nh:

Chi ph kho bai Chi ph bao quan Chi ph c hoi do von au t vao ton kho

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Phan loai ton kho

Phan loai theo giai oan cua qua trnh san xuat
Ton kho nguyen vat lieu Ton kho san pham d dang Ton kho thanh pham

Phan tram gia tr ton kho 100 90

Phan loai ton kho ABC

Phan loai theo gia tr Ton kho ABC

Loai A loai ton kho co gia tr cao Loai B - loai ton kho co gia tr trung bnh Loai C loai ton kho co gia tr thap

70 C B A Phan tram loai ton kho

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0
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15

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100

Lng at hang kinh te

Lng at hang kinh te (Economic Order Quantity

Mo hnh at hang kinh te

Mo hnh xac nh lng at hang toi u (Q*). Cac bien lien quan trong mo hnh:
Chi ph moi n at hang (O) Chi ph nay co nh khong

EOQ) lng at hang toi u, lng at hang sao cho tong chi ph thap nhat Tong chi ph lien quan en ton kho bao gom:

Chi ph at hang (O): bao gom toan bo chi ph lien quan

phu h thuo h c qui i mo a t ha h n g

en at hang va kiem nhan hang hoa. Chi ph nay co nh khong phu thuoc qui mo at hang.
Chi ph duy tr ton kho n v (C) : bao gom chi ph lu

Chi ph duy tr ton kho n v (C) Tong chi ph ton kho (T) So lng hang can dung (S) So lng hang at (Q)

kho, bao hiem, bao quan va chi ph c hoi do au t vao ton kho
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Mo ta tnh hnh ton kho theo thi gian

So lng ton kho (n v)
Q

Tong chi ph ton kho

Chi ph Tong chi ph ton kho Chi ph duy tr ton kho

Q/2

Chi ph at hang
Q*

So lng at hang

Thi gian
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Xac nh lng at hang toi u

TC C

Xay dng mo hnh at hang kinh te

Tong chi ph = C(Q/2) + O(S/Q) Nhan xet: Q ln => chi ph at hang nho nhng chi ph duy tr ton kho ln Q nho => chi ph at hang ln nhng chi ph duy tr ton kho nho Q toi u khi tong chi ph at toi thieu

F Q*

Q*

2.O.S C

S So lng ton kho can dung O Chi ph cho moi lan at hang C Chi ph lu kho moi n v hang
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Xay dng mo hnh at hang kinh te (tt)

Tong chi ph = C(Q/2) + O(S/Q)

V du minh hoa
Mc s dung ton kho la 2000 n v trong thi ky

dT C OS dQ 2 Q 2
Tong chi ph toi thieu khi

hoach nh la 100 ngay. Chi ph at hang la 10 trieu ong cho moi n at hang va chi ph duy tr ton kho g thi ky y 100 la 1 trieu ong n v hang ton kho trong ngay. So lng at hang toi u:
Q* 2OS 2(10)(2000) 200 n v C 1

dT C OS 0 dQ 2 Q 2

2OS Q* C

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Xac nh iem at hang

at hang e am bao ke hoach s dung iem at hang = (Thi gian ch hang at) g nga g y) = 5 nga g y x 20 n x (So lng s dung trong v/ngay = 100 n v iem at hang
Ve so lng, at hang khi trong kho ch con 100 n v Ve thi gian, at hang c sau 5 ngay ke t ngay nhan

Xac nh iem at hang

So lng ton kho
200

iem at hang iem ton kho o cong ty phai

iem at hang=100

So l So lng ng at hang toi u Q*

0 5 10 20

hang

Thi gian

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