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Chuong 1
BAN CHAT TAI CHNH DOANH
NGHIEP
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BAN CHAT TA CHNH
OOANH NGHKP
Cac nha quan tr tai chnh cua mot doanh nghiep luon phai oi mat
vi 3 cau hoi quan trong, o la:
Trong rat nhieu cac c hoi au t th doanh nghiep se phai a ra
quyet nh la chon c hoi au t nao?
Doanh nghiep nen dung nhng nguon tai tr nao e tai tr cho
nhu cau von au t a c hoach nh o?
Doanh nghiep nen thc hien chnh sach co tc nh the nao?
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BAN CHAT TA CHNH
OOANH NGHKP
Cuu ho thu nhut len quun den vec ch teu ten .
Cuu ho thu hu len quun den vec tIm cuch lum gu tung
ten huy lum gu tung gu tr{ dounh nghep.
Cuu ho thu bu len quun den su ket hop quyet d{nh 1 vu 2
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1.1 CONG TY CO PHAN LA G ?
Cong ty co phun no bo (The prvute corporuton).
Thuong lu mot cong ty co phun mo duoc
thunh lup vu cuc co pheu cuu no ch duoc num
gu bo mot nhom nho cuc nhu duu tu.
Cuc co pheu cuu cong ty co phun no bo
khong duoc muu bun guo d{ch rong ru trong
cong chung.
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1.1 CONG TY CO PHAN LA G ?
Cong ty co phun du chung ( The publc corporuton).
Lu kh cong ty co phun no bo but duu tung
truong vu nhung co pheu cuu no duoc guo d{ch
muu bun rong ru tren th{ truong.
Huu het cuc cong ty no teng tren the go vu
cuc cong ty lon deu lu nhung cong ty co phun
du chung.
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1.1 CONG TY CO PHAN LA G ?
Cong ty co phun co khu nung thu hut rut nheu cuc
nhu duu tu.
Co dong lu nhung nguo dung num quyen so huu
CTCP nhung thuy vI thum gu quun ly truc tep thI
nhung co dong nuy se bo pheu de luu chon mot hoi
ong quan tr
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1.1 CONG TY CO PHAN LA G ?
Su tuch bet guu quyen so huu vu quyen quun ly du
mung lu cho lou hInh cong ty co phun mot tho gun
hout dong duoc xem nhu lu vInh ven.
Cong ty co phun ch co truch nhem huu hun tren
phun von gop cuu mInh,
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1.1 CONG TY CO PHAN LA G ?
HOQT du den cho quyen lo cuu cuc co dong vu bo
nhem cuc chuc dunh quun ly cuo nhut cuu cong ty.
HOQT co nhem vu dum buo cuc hout dong cuu cuc
nhu quun ly luon tuun theo dung muc teu to du hou
gu tr{ lo Ich cuu cuc chu so huu.
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1.1 CONG TY CO PHAN LA G ?
Cong ty co phun thI duoc tuch buch ve mut luut phup
do vo cuc co dong, do vuy:
CTCP duoc quyen phut hunh cuc lou chung khoun
ru th{ truong,
CTCP co the thuc hen d{nh gu muu lu mot cong
ty khuc vu suu do thuc hen sut nhup hu cong ty.
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1.1 CONG TY CO PHAN LA G ?
Co mot vu su khong thuun lo trong vec to chuc mot
cong ty co phun:
Vec quun ly mot bo muy theo luut d{nh vu vec
thong dut nhung thong tn cun thet cuu no den cuc
co dong se phu ton nheu tho gun vu ch phI.
CTCP lu mot phup nhun ton tu doc lup vo cuc co
dong nen cuc khoun thue thu nhup mu cong ty nuy
vu cuc co dong cuu no phu nop cung se duoc tuch
bet.
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1.2 VA TRO CA NHA QAN TR| TA
CHNH
Thu nhut, nhung tu sun thuc nuo se duoc cong
ty duu tu ? (quyet nh ngan sach von cua cong
ty)
Thu hu, cong ty nen su dung nguon tu tro nuo
cho du un duu tu du duoc luu chon do? (quyet
nh tai tr cua cong ty)
Thu bu ket hop cu hu quyet d{nh tren se tuo
thunh chInh such phun pho nhu the nuo?
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1.2 VA TRO CA NHA QAN TR| TA
CHNH
CAC HOAT
OONG CA
MOT CONG TY
( TAT CA CAC
TA SAN THC)
NHA
QUAN
TR TAI
CHNH
TH TRNG
TAI CHNH
(2)
(3)
(1)
(4b)
(4a)
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1.3 NHA QAN TR| TA CHNH LA
A?
Giam oc ve Tai Chnh (CFO)
Giam oc von
(Treasurer)
Ke toan trng
(Controller)
TONG GIAM OC (CEO)
Bo phan quan
tr tien mat
Bo phan quan
tr tn dung
Bo phan chi
tieu ngan quy
Bo phan lap ke
hoach tai chnh
Bo phan quan
ly ve thue
Bo phan ke
toan chi ph
Bo phan ke
toan tai chnh
Bo phan quan ly
he thong d lieu
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1.4 S PHAN O|NH GA QYKN SO
H VA QYKN QAN LY
Cho phep chia nho quyen s hu theo nhng phan gop von
bang nhau.
S chuyen nhng quyen s hu se khong gay phien phc
en hoat ong kinh doanh cua doanh nghiep.
Cho phep cong ty thue nhng nha quan ly chuyen nghiep
Mang lai nhieu van e khi muc tieu cua cac chu s hu va
muc tieu cua cac nha quan ly khac nhau.
ch li cua viec phan nh quyen s hu
va quyen quan ly
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1.4 S PHAN O|NH GA QYKN SO
H VA QYKN QAN LY
Muu thuun guu muc teu cuu cuc co dong vu cuc
nhu quun ly du tuo nen nhung vun de ve ngi
chu ngi ai dien.
Ch phI du den ( Agency cost ) xuut hen kh :
Cuc nhu quun ly khong co gung thuc hen
nhem vu to du hou gu tr{ cong ty.
Cuc co dong se gunh ch{u phI ton de kem
sout bun quun ly vu tuc dong vuo cong vec cuu
ho.
Ch phI du den (Agency cost) con co the nuy
snh trong lInh vuc tu chInh.
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1.4 S PHAN O|NH GA QYKN SO
H VA QYKN QAN LY
Vun de nguo chu - nguo du den co the gu
quyet neu mo nguo cung nhun duoc nhung
thong tn ngung bung nhuu:
Cuc nhu quun ly, cuc co dong vu cuc chu no co
the co nhung thong tn rut khuc nhuu ve gu tr{
cuu cuc tu sun thuc houc cuc tu sun tu chInh
cuu cong ty.
Oeu nuy co the ton tu trong nheu num truoc
kh duoc phut hen ru.
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1.4 S PHAN O|NH GA QYKN SO
H VA QYKN QAN LY
Cuc nhu quun tr{ tu chInh cun thet phu gh
nhun nhung but cun xung thong tn.
KHAC BIET TRONG THONG
TIN
Gia co phieu va thu nhap
Phat hanh cac co phieu va cac
chng khoan khac .
Co tc
Tai tr
KHAC BIET TRONG MUC
TIEU
Gia cac nha quan ly vi
cac co ong.
Gia cac nha quan tr cap
cao vi cac nha quan ly cac
cap.
Gia co ong vi cac ngan
hang va cac nhacho vay
khac.
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1.5 TH| TRONG TA CHNH
Th{ truong so cup (prmury murkets).
Th{ truong thu cup (Secondury murkets).
Th{ truong Phi Tap Trung- OTC ( Over - The -
Counter Markets ).
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Cuc O{nh Che Tu ChInh(Fnuncul nsttuton)
O{nh che
tu chInh
Nguon von
huy dong
No dung hout dong
Cuc ngun
hung
thuong mu
Ten go
ky thuc
Nghep vu thunh toun,
muu chung khoun ngun
hun, cho vuy
To chuc tet
kem vu cho
vuy
Ten go
ky thuc
Cho vuy trung , du hun
tu tro cho vuy muu but
dong sun , nhu o , hung
hou teu dung
Ngun hung
tet kem ho
tuong
Ten go
ky thuc, chu
yeu lu cuc
cu nhun
Tu tro cho vuy de muu
nhu o vu cuc lou but dong
sun
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Cuc O{nh Che Tu ChInh(Fnuncul nsttuton)
To chuc
tIn dung
Ten go ky
thuc, thuong lu cuu
cuc to chuc nuo do
Tu tro cho vuy de muu
nhu o vu hung teu dung
Quy Huu
Bong
PhI buo hem xu
ho cuu cuc dounh
nghep vu cong
nhun ven chuc
Ouu tu vuo cuc chung
khoun. Thu nhup cuu quy
duoc dung de ch tru theo
chInh such buo hem xu
ho
Cong ty
tu chInh
Vuy ten cuu cuc
ngun hung thuong
mu vu nhung nguo
cho vuy
Tu tro cho vuy trung
du hun, cho vuy do vo
nhung du un co ru ro cuo
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Cuc O{nh Che Tu ChInh(Fnuncul nsttuton)
Quy ho
tuong
Phut hunh co
phun vo menh
gu nho
Ouu tu vuo dunh muc cuc
chung khoun theo muc
teu vu chInh such cuu quy
Cong ty
buo hem PhI buo hem
Ouu tu vuo cuc chung
khoun cong ty huy chInh
phu
Cong ty
cho thue
tu chInh
HHuy dong von
trung du hun
Vuy ngun hung
Tu tro cho cuc hop dong
thue muy moc thet b{