1

1
CHNG 2: THM NH D N U
T
MC TIU NGHIN CU:
THM NH D N L G?
CC GIAI ON THM NH D N
NI DUNG THM NH D N
CC QUAN IM THM NH D N.
V D V CC QUAN IM THM NH.
2
THM NH D N L G?
THM NH D N NHM LM SNG T V
PHN TCH V PHN TNH TNH KH THI V
CC PHNG DIN C LIN QUAN N D
N SP C THC HIN: TH TRNG, K
THUT, NHN S, KH NNG NG VNG V
MT TI CHNH TRONG SUT I SNG HU
DNG CA D N, PHN NG GP KINH T
D KIN CA D N VO TNG TRNG
KINH T. BN CNH CHNG TA CNG CN
NH GI XC NH XEM D N C GIP
CC QUC GIA T C CC MC TIU X
HI HAY KHNG. NU C TH BNG CCH
NO V LIU D N C T C HIU QU
3
CC PHNG DIN THM NH C
MI QUAN H NH TH NO?
THM NH TI CHNH L BC TNG HP
CC BIN S TI CHNH THM NH 3
PHNG DIN: TH TRNG - K THUT
NHN S.
THM NH KINH T TRN C S THM
NH TI CHNH BNG CCH CHUYN CC
BIN S TI CHNH THNH BIN S KINH
T.
THM NH TI CHNH V KINH T LM C
S THM NH PHN PHI THU NHP.
2
4
+ + +
TA TA SA SAh L h Luuu u BB00 h0 h0
h0A h0Ahh hh
00u u T0A T0Ahh BBAAu RA u RA
h0uYE h hhEh vA h0uYE h hhEh vAT LEu T LEu
TE TEh L h Luu0h0 0h0
Ch Fh Ch Fh 0uA 0uAh LY h LY FhAh X FhAh Xuu00h0 h0
0A 0A v0 v0h hA h hA h0 BA h0 BA hh
C0h0 SuA C0h0 SuAT SA T SAh XuA h XuATT
hhA hhA XXuu00h0, MA h0, MA Y M0 Y M0C ThE C ThET B T B
++
v0 v0h L h Luuu u BB00h0 h0
TA TA SA SAh C0 h C0 BBhh hh
h0 h0 0uh0 K 0uh0 K ThuA ThuATT
KE KE h0A h0ACh MARKETh0 Ch MARKETh0 Ch Fh Ch Fh BA BA h hA h hAh0 h0
h0 h0 0uh0 Th TR 0uh0 Th TRuu00 h0 h0 h0 h0 0uh0 TA 0uh0 TA Ch Chhh hh
ThE ThEu hu u huT 0 T 0uuA Cuh0 A Cuh0 CA CAuu Th FhA Th FhA hh KE KET 0uA T 0uA Khh 00Ahh Khh 00Ahh BA BAh0 CAh h0 CAh BB00 KE KE T0A T0Ahh
SA SAh L h Luu00h0 BA h0 BA hh 0A 0A BA BA hh 00Ahh Thu 00Ahh Thu
Ch Fh Ch Fh Ch0 0 Ch0 0u u AAhh
+ + +
v0 v0h vAY h vAY
v0 v0h Cu h CuA Chu A Chu BBAAu T u Tuu
Ch Fh Ch Fh TRA LA TRA LA
h0 h0
v0 v0h Chu h Chu S0 S0 huu huu
h0 h0 0uh0 0u 0uh0 0uh TR h TR
0uA 0uAh TR Chuh0 h TR Chuh0
CA CAC 0Ch vu C 0Ch vu h0 h0 TR0 TR0
CA CAC 0uAh hE C 0uAh hE v0 v0 Ch Chhh 0uYE hh 0uYEhh
Ch Fh Ch Fh 0uA 0uAh LY h LY
ThuE ThuE
LA/ L0 LA/ L0
LLuuu ChuYE u ChuYEh TE h TE h TE h TE
5
CH TH NO THM NH
GIAI ON NO?
CH U T THM NH TT C
CC GIAI ON TRONG CHU TRNH
D N.
CC C QUAN C THM QUYN
THM NH GIAI ON NGHIN
CU KH THI, THC HIN V VN
HNH D N.
NH TI TR THM NH GIAI
ON NGHIN CU KH THI, THC
6
CC
GIAI
ON
THM
NH
CHP THUN D N
XC NH D N
NGHIN CU TIN KH THI
NGHIN CU KH THI
THIT K CHI TIT
NH GI HU D N
IM
RA
QUYT
NH
3
7
Thm nh th trng
D bo cung cp v sn phm ca d n
trong tng lai:
Phn tch cung cu th trng v sn phm
ca d n hin ti v trong qu kh
D bo cu sn phm d n trong tng lai.
D bo cung sn phm trong tng lai
8
Thm nh th trng
Thm nh v chin lc tip th ca
d n:
Xc nh i tng tiu th sn phm
ca d n
Thm nh hiu qu cc phng php
tip th
Thm nh v mng li tiu th sn
phm
9
Thm nh th trng
nh gi cc ch tiu v kh nng cnh
tranh v chim lnh th trng:
Th phn ca d n so vi ton b th trng:
l t l % gia doanh s bn sn phm ca
d n so vi ton ngnh.
Th phn tng i: t l so snh v doanh s
ca d n vi i th cnh tranh ln nht.
Doanh thu ca d n/doanh thu ca cc i
th cnh tranh.
T l chi ph Marketing/Tng doanh thu
T sut li nhun
4
10
Thm nh k thut
Thm nh cng sut kh thi ca d n:
Cn c vo nhu cu ca th trng hin ti v
tng lai
Kh nng chim lnh th trng ca ch u t
Kh nng cung cp NVL cn thit
Nng lc v t chc, iu hnh sn xut.
Kh nng v vn u t ca ch u t.
11
Thm nh k thut
Tiu chun v cng ngh k thut cho d n:
Cho php sn xut ra nhng sn phm c tnh
cnh tranh cao.
Cho php s dng nhng li th so snh hin c:
sc lao ng, ti nguyn thin nhin, kh hu..
Gi c hp l
Nng nng sut lao ng, gim chi ph sn xut.
12
Thm nh k thut
Nguyn vt liu u vo:
u tin vt liu thng dng, d tm kim trn th
trng trong nc v th gii.
u tin loi nguyn liu c th d dng kim
nguyn vt liu thay th m khng phi thay i
dy chuyn cng ngh nhiu.
Gi c thch hp
5
13
Thm nh k thut
a im thc hin d n:
Gn ngun cung cp NVL, th trng tiu th.
C s h tng thun li
Ph hp vi quy hoch cng b
14
Thm nh qun l, nhn s
Tnh cht ca d n: cn c vo y l d n
u t mi hay u t m rng, hin i ha.
Quy m ca d n: quyt nh m hnh t
chc qun l ca d n.
Mc phc tp ca d n.
Thi gian thc hin d n.
15
CC QUAN IM THM NH D
N:
A. Quan im tng vn u t
(Total Investment Point of View - TIPV):
Xc nh hiu qu sinh ra t ton b s vn
u t ban.
TIPV cn c xem nh l quan im ca
ngn hng
hui cJ hi Chi
tie truc
chinh tai hi Chi

tie truc
chinh tai ich LJi
A =
6
16
CC QUAN IM THM NH D
N:
B. Quan im vn ch s hu (Equity
Point of View - EPV):
Dng tin ra cn li c b p c
chi ph c hi ca vn s hu hay
khng
B = A + Vay Tr li v tr n vay
17
CC QUAN IM THM NH D
N:
C. Quan im ca c quan qun l ngn
sch (Government Budget Point of
View):
Ngn sch tr gi hay tr cp i vi
cc sn phm u ra hay s dng yu t
u vo ca d n
Ngn sch thu c t d n cc khon
ph v thu trc tip hay gin tip
tie gian va tie truc
ca trJ va gia TrJ

tie gian va tie truc

hi va Thue
C =
18
CC QUAN IM THM NH D
N:
D. Quan im kinh t (Economic Point of View):
Tnh ton li ch rng ca d n theo quan im ca
ton quc gia
S dng gi c kinh t xc nh gi tr thc ca cc
hng ho v dch v m d n to ra cng nh l gi
tr thc ca cc hng ho v dch v m d n s
dng.
Tnh n cc ngoi tc tch cc hay tiu cc do d n
to ra bn ngoi khu vc d n c xem l cc li
ch hay chi ph m nn kinh t phi gnh chu
D = Tng li ch kinh t Tng chi ph kinh t
7
19
CC QUAN IM THM NH D
N:
E. Quan im phn phi thu nhp (Social
Distribution Point Of View):
Li ch ti chnh rng m d n mang li
cho nhng nhm i tng khc nhau khi
h b nh hng trc tip hoc gin tip
bi d n sau khi tr chi ph c hi
ca h.
Thc hin trn c s ca thm nh kinh
t v ti chnh c tnh n cc ngoi tc
do d n to ra lm thay i thu nhp ca
20
CC QUAN IM THM NH D
N:
F. Quan im nhu cu c bn (Basic
Needs Point of View):
Nh thm nh s cng thm mt khon
tin thng cho mi n v gi tr hng
ho gia tng p ng nhu cu c bn ca
x hi.
Nu d n to ra mt sn phm hay dch
v ng trch cho x hi nh thuc l th
cc nh thm nh s quy ra mt khon
tin pht cho mi n v gi tr hng ho
21
CC QUAN IM THM NH D
N:
F E D Quc
gia
E C Ngn
sch
E B Ch s
hu
E A Ngn
hng
Nhu cu
c bn
Phn
phi thu
nhp
Kinh t Ti
chnh
8
22
V D V CC QUAN IM THM NH
D N:
Tui th ca d n l hai nm bao gm mt nm u t v mt
nm hot ng.
Chi ph u t thit b nm 0 l 1.000 USD.
Trong nm hot ng d n to ra c 300 USD doanh thu v
nhn c khon tr gi bng 50% doanh thu.
Chi ph hot ng 140 USD.
Thu thu nhp doanh nghip nm hot ng l 100 USD
Gi tr cn li ca thit b trn s sch k ton vo cui nm hot
ng l 950 USD.
D n s gy nhim, chi ph lm sch mi trng c tnh l 50
USD v chnh quyn s khng yu cu ch u t phi phi dn
sch hin trng khi kt thc d n.
D n s dng t thuc quyn s dng ca ch u t vi chi ph
c hi ca t l 30 USD/nm c tnh theo gi c th cho thu.
D n c ngn hng ti tr 50% chi ph u t ban u vi li
sut ti tr l 10%/nm. Li v gc thanh ton vo cui nm hot
ng
23
Quc gia Ngn sch Ch u t Ngn hng Quan im
1030 1030 -50 580 530 1130 1030 Li ch rng
30 30 30 30 30 30 Chi ph c
hi ca t
50 Ngoi tc
50 Tr li
500 500 Vay v tr n
vay
100 100 100 Thu
140 140 140 Chi ph hot
ng
1000 1000 1000 Thit b
- 150 150 150 Tr cp
300 300 300 Doanh thu
1 0 1 0 1 0 1 0 Nm
D C B A
Kinh t Tai chnh