Bo co ti chnh l cng c cui cng chn ra nhng cng ty tt, u t.

t. Trc chng ta phi lc theo ngnh, xu hng th trng ca ngnh, vn iu l ca cty so vi cc cng ty khc trong ngnh, cc ch s c bn nh PE, ROA, ROE, EPS, Cn lu rng tt c cc ch s kia c tuyt p th cng khng th m bo cho 1 c phiu ca cng ty s tng gi trong tng lai bi c nhiu yu t chi phi. Chng ta phi nhn ra v bit kt hp cc yu t ny trong vic d on.

V xin nh rng cc ch s trn c tnh ti 1 thi im c nh trong hin ti, v iu ng ngha vi vic n hon ton c th thay i trong tng lai theo c hai chiu hng tt v xu. Vy mt nh u t gii l ngi bit d on cc ch s trn tng lai ca n ch ko phi hin ti. Vy lm sao bit c chng trong tng lai?

Chng ta khng th bit chnh xc nhng c th d on vi xc sut cao bng cch nhn vo cc kh nng ca cng ty trong tng lai. Trong tng lai mt hng cng ty kinh doanh s nh th no ? u vo liu c bin ng g khng ? Tnh hnh ti chnh ni chung trong hin ti v tng lai gn l tt hay xu v.vTnh hnh ti chnh ca cc cng ty thuc cc lnh vc khc ni chung l tt hay xu ?

Mt vd c th hiu vn ny : C phiu ca nhit in Ph Li, m PPC ti thi im th trng ang xu c cc ch s rt p, nu mua n khng c g phi bn.

(ni thm cht xu l ti sao n p : in l ngnh nng lng, ch yu l thy in ch c 1 khu hao duy nht l khu hao my mc. u vo l g ? Nc. Nc c mt tin mua khng? Khng. u ra th khng bao gi thiu. Vy cc ch s ca n p l iu tt nhin.

Khi th trng bt u uptrend, v n mi ch bt u thot ra khi vng xu nn ch s ca PPC vn c coi l p so vi cc CP khc. Nhiu nh u t lo luyn ngh bng vi nhng ch s nh m nh vy, khi m th trng bt u uptrend, cn g tuyt hn l mua vo v i mt mn li ln. V iu xy ra th khng nh h mong i. PPC rt gi ! Cu hi l ti sao.

Nhiu nh u t, k c NT lo luyn u nhn vo nhiu ci qu cao siu m ko ti nhng ci b nh. in th khng th c t ph v li nhun c, hay ni cch khc l nu tnh hnh c tt n th no, doanh thu ngnh in l kh tng nhiu, n gin l h khng th ph gi in v cng kh c th tng sn lng- l vic ca nh nc .

Khi m cc CP khc c mc t ph v li nhun, n s thu ht cc nh u t. Tng tin l khng i, ng nhin khi tin chy v ch ny nhiu th ch kia s phi t i. Ch t tr thnh ch km hp dn, thanh khon thp. v do vy gi down l chuyn t xy ra..

Kt thc phn ni qua loa 1 cht trc khi i vo BCTC

c c BCTC 1 cch chi tit th khng n gin, nhng i vi nh u t mi th cng c cch : C 1 s th cn quan tm sau y : 1. Dng tin : tin v cc th lin quan n tin 2. Li nhun 3. N ngn hn 4. Hng tn kho 5. Cc khon phi chi 6. D tr, d phng

Ti khng ni cc ci khc khng quan trng, nhng vi nhng ngi mi th nhng ch s trn va l xem lt tng i ok, va l hc cch xem BCTC su hn sau ny.

1. Dng tin Ni ln quy m hot ng ca DN thi im no . Dng tin m tng th chng t quy m hot ng ca DN ang m rng. Ni chung dng tin cng nhiu cng tt, nhng khng phi lc no m rng sx cng l tt c, chng ta phi xem vi tng tnh hnh c th tng thi im c th.

2. Li nhun (ni chung) Li nhun thu c l tng hay gim, xem li nhun thu c l do cng ty m rng sn xut, kinh doanh hiu qu ( t 1 li 2 ri li 3 ri li 4 vd nh vy ) hay l ch n gin ti 1 thi im no , do 1 nguyn nhn khch quan, gi sn phm ca cng ty tng gi do 1 nguyn nhn no (vd nh tri t ngt rt m, cc cty bn chn trng ln chng hn) . Cng ty c hng si m thc cht h ch c g thay i v cht. v.vRi li nhun h thu c c phi t ngnh chnh ca h khng? Chim bao nhiu phn trm? Hay do nhng khon u t bn ngoi mang tnh thi v

3. N ngn hn N ngn hn cho thy kh nng quay vng vn ca DN, nhng n cng cho thy quy m SX, n lin quan n dng tin. Dng tin khng i hoc t i m n ngn hn tng ln th tc l c vn . Cn nu 2 thng cng tng th fi xem xt, c th DN m rng sx, h fi vay nhiu hn sx nhiu hng ha hn. Khng sao bi nu bn c hang th li nhun cng s ln hn.

4. Hng tn kho Hng tn kho cng l 1 yu t rt quan trng, c bit khi th trng ri vo khng hong. Nhng DN gii quyt c hng tn kho s l nhng DN c kh nng sng st cao. N cng cho thy kh nng tiu th, quay vng vn ca 1 DN.

5. Cc khon phi chi Ci ny cn phi xem khi th trng ni chung ang trong tnh trng xu, khng hong. Khi nu DN bit lng trc c khng hong, h s c nhng bin php ct gim chi ph mt cch kp thi, h s gim cc khon phi chi xung. Ni cch khc h c b my qun tr tt v c kh nng chun b, d on d bo tnh hnh tt.

6. D tr, d phng c bit quan trng trong khng hong. Nu DN khng c d tr mnh th ch cn 1 tc ng nh cng c th lm n ph sn.

Trn y l nhng g chung chung nht mi ngi c th hnh dung ra cch c 1 BCTC.

Bn l ch mt doanh nghip vy khi cm mt bn bo co ti chnh ca k ton bo co ln bn c bao gi t hi bn cn phi bt u t u v cn phi c nhng lu g khng? Hay bn ch cn t bt k v tin tng mt cch tuyt i vo cc k ton ca bn v khng bao gi t cu hi Ti sao? V sao? Nh th no? u? Khi no?

Cc cng ty i chng ni chung, DN nim yt ni ring ang chun b cng b bo co ti chnh (BCTC) kim ton nm 2008. Do khng c iu kin tip xc vi cc s liu k ton t chnh DN nn NT v nhng ngi s dng thng tin ti chnh phi trng cy vo cc kim ton vin (KTV) - nhng ngi c quyn tip cn, sot xt mc tun th cc chun mc k ton, ti chnh ca DN. Vy nhng, lm th no c th c c thng tin ti chnh mt cch chun xc nht? Ngoi nhng kin thc ti chnh c bn, NT cn lu mt s im quan trng m trong phm vi bi vit ny xin c nu ngn gn nh sau:

Trc ht, NT, cc c ng phi yu cu DN cng b y BCTC kim ton nh km vi bo co kim ton, k c trng hp cng b BCTC tm tt. Ngy 18/02/2009, Tp on Mai Linh cng b BCTC tng hp nm 2007 trn Bo TCK, km theo y bo co kim ton ca Cng ty TNHH Kim ton DTL. y l mt trong s t BCTC c km theo y bo co kim ton. iu ng lu trong bo co kim ton ca DTL l thc hin ng trch nhim ca KTV l a ra kin "t chi a ra kin" khi BCTC c kim ton b hn ch, b ngoi tr nhiu thng tin trng yu v khng c s xc nhn. Mt BCTC kim ton thng c 4 loi kin ca KTV. Cn c vo mi loi kin m NT c th a ra nhn nh v tnh hnh lm n ca DN. Trng hp th nht l KTV chp thun ton phn khi tt c thng tin ti chnh v c bn c DN p ng ph hp vi cc chun mc ti chnh k ton quy nh v KTV cho rng, bn bo co ny l chp nhn c, NT c th yn tm, tin tng ra quyt nh u t. Trng hp th hai l DN khng iu chnh s liu, thng tin theo kin ca KTV. Trong trng hp ny, KTV a ra kin ngoi tr. Ngha l cc thng tin trong BCTC l nh vy, nhng c tin cy hay khng cn ph thuc vo cc vn KTV ngoi tr. Khi khng bit chc chn cc ni dung cn gii trnh (mc d c yu cu DN gii trnh) th cc KTV c quyn a ra kin ngoi tr. Trng hp th ba l KTV a ra kin khng chp nhn, ngha l qu trnh iu hnh DN, lp chng t, s sch k ton sai nhiu hn ng, sai st mang tnh cht trng yu, DN khng iu chnh theo ngh ca KTV v thng tin ti chnh khng chp nhn c, nn KTV a ra kin khng chp nhn. Khi KTV a ra kin ny th ng nhin NT khng th tin tng vo BCTC c.

Trng hp th t l KTV a ra kin t chi, v trong qu trnh thc hin kim ton, KTV gp nhiu hn ch: thi gian qu ngn, chng t h s khng y , mun gii trnh vn ny, vn khc th khng gii trnh KTV khng c c s khng nh BCTC l ng hay sai.

Tnh trng xy ra ph bin trong thi gian va qua l DN ch cng b BCTC tm tt v ghi ch: BCTC c kim ton. Ti cho rng, ghi nh vy l khng c gi tr nu khng ng y cc kin ca KTV. NT cn yu cu cng ty nim yt hay c quan cng b thng tin cung cp y . Sau khi nhn c thng tin y , cng vi kin KTV th NT cn xem xt, cn nhc nhng im sau:

- Xem xt cng ty kim ton l cng ty nh th no, kim ton nhiu DN cha, c uy tn trn th trng nh th no? KTV thc hin kim ton BCTC c nhiu kinh nghim hay cha, c vng mc, ri ro trong qu trnh hnh ngh hay khng? Nu KTV l ngi c lin quan n DN c kim ton th mc tin cy cng gim i. - Xem kin c th ca KTV. Nu h a ra kin chp thun ton phn th yn tm. Nu a ra kin ngoi tr th phi quan tm n kin ny trn c hai phng din: lng v cht. Ngoi tr nhiu im th tt nhin s khng ng tin cy bng ngoi tr t im. V d, ngoi tr s d hng tn kho rt cn c quan tm. Nu l DN dch v, s d hng tn kho khng ng k, ngoi tr khng nh hng g, nhng nu l DN sn xut th ngoi tr s d hng tn kho rt nguy him, bi bn thn gi tr DN nm trong gi tr hng tn kho. Hng ho mua v bn, hoc hng ho sn xut ra cha bn c hay nguyn liu nhp v sn xut Nu ngoi tr tt c ci th khng th yn tm hoc ngoi tr v s khu hao ti sn c nh th NT phi phn tch s khu hao l ln hay nh. Vi DN sn xut, tng gim khu hao l dn n l hoc li ngay lp tc. Nu DN c ti sn c nh t th vic ngoi tr khu hao nh hng khng ng k. Hoc vn ngoi tr khon d phng u t ti chnh. Nu DN u t t th c d phng hay khng cng khng quan trng. Nhng nu DN u t mt na hoc 2/3 s vn vo cng ty khc th khon d phng tr nn rt quan trng (Ci ny lin quan n thut ng trng yu ca kim ton - phi xem i vi DN c kim ton nhng ch tiu no trong BCTC l trng yu kim ton) Mt im na, khi c bo co kim ton, NT cn phi xem xt c s thay i chnh sch k ton, thay i k ton trng, thay i ban lnh o hay khng. Thot tin, c v nh nhng thng tin ny khng lin quan, nhng thc t li rt quan trng. NT phi tm hiu xem nguyn nhn ca vic thay i, tc ng ca vic thay i .

Thay i do vn lng, thng th khng sao, nhng nu do bt ng trong quan im v tun th chun mc k ton, ti chnh th l vn ng lu tm.