1

TAl CHlNH DOANH NGHlFF

1- He thong ch tieu anh gia hieu suat s dung
VC- VL cua DN
2- D bao nhu cau VKD cua DN
3- Cach ch so ac trng
4- Phan tch Phng trnh DUPONT
5- Phan tch nguon tai tr
6- on bay tai chnh va cau truc von cua DN
7- Phan tch D an au t
8- Thue Tai chnh, Co phieu, Trai phieu
9- Chi ph S dung von (Cost of Capital)

A- HF THONG CHl TlF ANH GlA
HlF SAT S DNG VC Vt
CA DN:
1 hIE0 80kT 80 0h VL.
1.1 Tor do Iuan rhuyan VL.
bq
VLD
M
L =

M: Tong muc L/c vLB trong ky (0T thuan)
L: So lan luan chuyen (vong quay)
1.Z ky Iuan rhuyan VL (k).
M
VLD N
L
N
K
bq

= =

h: So ngay (8GO, OO, 8O)
1.8 Mur IIaI kIam VL
0
1
1
0
1
1
1
0 1
1
) (
L
M
VLD
L
M
L
M
K K
N
M
V
tk
= = =

Z hIE0 80kT 80 0h V6.
2.1- Hiu sut s dng VC
bq
VLD
DTthuan
HSSDVCD =
V6 bq = (V6 dk + V6 rk)l Z
2.1 hieu suat su dung TSCB:
0T thuan

hSS0
TSCB
=
h0 TSCB
bq

2.2 Ty suat lJi nhuan vCB:
Lh TT/ LhST
TSLh vCB =
vCB
bq

2.8 he so hao mon TSCB:
KhLK cua TSCB

hS hao
mon TSCB
=
h0TSCB
2.4 he so huy dong TSCB:
0T TSCB dang dung K0

hS huy
dong TSCB
=
0T TSCB hien co
2.5 Cac chi tieu ve ket cau TSCB: Banh gia muc
do hJ ly trong cJ cau TSCB duJc trang bi J
0h

8 hIE0 80kT 80 0h Vk 60k hF.
8.1 Ty suat lJi nhuan truJc thue va lai vay:
Lh TT + Lai vay

TS Lh vK0 truJc
thue & Lai vay
=
vK0 bq sd trong ky
8.2 Ty suat lJi nhuan vK0:
Lh TT
TS Lh vK0 =
vK0 bq sd trong ky
8.8 Ty suat lJi nhuan rong vK0:
Lh ST
TS LhR vK0 =
vK0 bq sd trong ky
8.4 Ty suat lJi nhuan rong vCSh:
Lh ST
TS LhR vCSh =
vCSh bq sd trong ky


- D AO NH CA VkD CA DN:
1 Fh00h FhkF TY LE % TEh T.
Biet:
0oanh thu ky bao cao Ke hoach
Ty le tra lai co han
0oanh lJi doanh thu (R0S): g%
Thue suat Thue Th0h: T%
Ty le % giua cac khoan muc co quan he truc tie va
chat che den doanh thu.
TaI san % hguon von %
Tien Fhai tra nha cung ca
Fhai thu Fhai no ngan sach
vat tu hang hoa Fhai tra Chv
TSLB khac
k% 8%
hhu cau von bo sung ky Kh: 0elta S x(A%B%)=6
heu 0L 0T (R0S) khong thay doi (g%)
Lh TT = 0T 1 x g%
LhST = Lh TT x(1T%)
LhCL sau khi chia lai CF =
hhu cau vLB ky B/c can tang = 6

Z Fh00h FhkF 0 8k0 8kh 6h TIE0 k6 T0h.
0oanh thu = A
vong quay tong von =
a = 0T/ von SX

von SX = 0T/a
he so nJ = b% =
hFT/ Tong von

hFT = b x tong von (von

SX)
hJ hh chiem % cua
hFT

hJ hh = c% x tong hFT








2
hJ 0h = hFT hJ hh
vCSh = Tong hv hFT
hS TT hien thJi = d =
TSLB/ hJ hh

TSLB = hJ hh x d
hS TT nhanh = e =
Tien/ hJ hh

Tien = e x hJ hh
Ky thu tien trung binh
= = (Fhai thu x
8GO)/ 0oanh thu

Fhai thu = (0thu x )/8GO

TSLB = von bang tien
+ von vThh + Fhai
thu

von vThh = TSLB vBT

Fhai thu


C- CAC CHl SO AC TkNG:

1 hE 80 Thkhh T0kh.
1.1 von luan chuyen`:

von luan
chuyen
=
TSLB &
BThh
hJ hgan han
1.2 he so thanh toan tong quat:
Tong TS hien co

hS TT tong
quat
=
Tong nJ
1.8 he so thanh toan tam thJi (hien thJi):
Tong TSLB + BThh

hS TT tam
thJi
=
Tong hJ ngan han
1.4 he so thanh toan nhanh:
Tong TSLB vThhTK

hS TT
nhanh
=
Tong hJ ngan han
1.5 he so thanh toan lai vay:
Lai vay FT + Lh TT

hS TT lai
vay
=
Lai vay FT
1.G he so thanh toan nJ dai han:
TSCB (0TCL) & BT0h

hS TT nJ
dai han
=
Tong hJ dai han

Z hE 80 h0kT 0h.
2.1 vong quay tong von:
0T thuan

vong quay
tong von
=
Tong von bq
2.2 hieu suat su dung vCB:
0T thuan

hieu suat su
dung vCB
=
vCB bq
2.8 vong quay vLB:
0T thuan

vong quay
vLB
=
vLB bq
2.4 vong quay von vThh:
0T thuan

vong quay
von vThh
=
von vThh bq
2.5 Ky thu tien binh quan:
(Cac khoan FT bq x 8GO)

Ky thu tien
binh quan
=
0T thuan
2.G Ky luan chuyen vLB:
So ngay trong ky

Ky luan
chuyen vLB
=
vong quay vLB
8 6k6 hE 80 Fhkh khh 60 6k0 V0h & TkI
8kh.
8.1 he so nJ:
Tong hJ 1

he so
nJ
=
Tong TS
=
hS TT tong quat
8.2 he so vCSh:
hvCSh

he so
vCSh
=
Tong hv
= (1 he so hJ)

8.8 he so dau tu:
TSCB (0TCL) + BT0h

he so
dau tu
=
tong TS
8.4 he so tu tai trJ:
vCSh

hS tu
tai trJ
=
TSCB (0TCL) + BT0h
4 hE 80 0khh L0I.
4.1 0oanh lJi 0T (R0S):
Lh ST

R0S =
0T thuan
4.2 0oanh lJi tong von (R0):
Lh ST

R0 =
tong von bq

R0 =
0L 0T
(R0S)
x vong quay tong von

Lh ST 0T th

R0 =
0T th
x
tong von bq
4.8 0oanh lJi vCSh (R0E):
Lh ST
R0E =
vCSh bq

1

R0E = R0 x
1 hS hJ

1

R0E =
0L 0T
(R0S)
x
vong quay
tong von
x
1 hS hJ

Lh ST 0T th Tong von bq

R0E =
0T th
x
tong von bq
x
vCSh

R0E = Lh ST x 0T th x 1








3
0T th tong von bq 1 hS hJ


D- FHAN TlCH FHONG TklNH
DFONT:

0khh L0I T0h V0h
(0E)

0khh L0I 0khh Th0
(08)
X
V0h 0kY T0h
V0h

Lh . T Ihuan T Ihuan . Tong von

T 6F V6 + VL
0TCL TSCB Tien
0v CFBh BTTC0h BTTChh
Thue Th CF0L0h X0CB00 Fhai thu
CFhBTC Ton kho
CF khac TSLB khac


F- FHAN TlCH NGON TAl TkO:

86kT
TaI san hguon von
Thay doI
hguon IaI Iro


8 nguon IaI
Iro
Tang hv 0iam hv
0iam TS Tang TS


F- ON AY TAl CHlNH & CA TkC
VON CA DN:

1 0h 6kh [hh Fh Vk Fhkh T6h h0k V0h.
1.1 }nh ph (6hI ph 6o d}nh).
LuJng can bo quan ly, chuyen gia
Khau hao
Thue tai chinh dai han
Chi hi bao hiem
Chi hi thue kho
Chi hi bao tri nha xuJng thiet bi
1.Z 8Ian ph (6hI ph bIan doI).
Tien luJng cong nhan truc tie SX
Chi hi nguyen vat lieu cho SX
hoa hong ban hang
Chi hi nhien lieu
Mot so CF khac bien doi vJi dau ra
1.8 Fhan Irh hoa von.
Biem hoa von:
EBT = 0S ban Tong CF
Tong CF = Bien hi + Binh hi
EBT = 0S ban (Bien hi + Binh hi)
S = x 0
v = 0 x v
TC = v + F = 0v + F

EBT = F0 (0v +F) = 0 (F v) F
San luJng hoa von (SL
O
)
F
SL
O
=
v
Be dat duJc LhTT 1OOOtr = x thi:
F + x
SL
O
=
v
0oanh thu hoa von (0T
O
)
0T
O
= SL
O
x

F

0T
O
(SX) =
v

1
0T
Cong suat hoat dong hoa von (CS
O
)
SL
O

CS
O
=
SL
max


ThJi gian hoan von (T0
O
):
0T hoa von

T0
O
= CS
O
x 12 =
0T nam
x
12
Z 0h 6kh h0.
Z.1 on bay kInh doanh (0L).

TL thay doi
EBT
0(v)
(EBT
1
EBT
O
)
EBT
O


0L =
TL thay doi SL
or 0T
=
0(v) F
=
(0
1
0
O
)
0
O

Z.Z on bay IaI rhnh (FL).

TL thay doi 0L
vTC (R0E)
0(v)F
(R0E
1
R0E
O
)
R0E
O


FL =
TL thay doi
EBT
=
0(v)F
=
(EBT
1
EBT
O
)
EBT
O

Z.8 on bay Iong hop (TL).

TL thay doi 0L
vTC (R0E)
0(v)
(R0E
1
R0E
O
)
R0E
O


TL =
TL thay doi SL
or 0T
=
0(v)F
=
(0
1
0
O
)
0
O



0E = |R0E
O
x
(0
1
0
O
)
0
O

x 0TLj + R0E
O


TL = 00L x 0FL









4

G- FHAN TlCH D AN A T:

I. Fh00h FhkF Th0I Ikh Th0 h0I V0h.
ThJi gian thu hoi von (TTh) la khoang thJi gian
ma Th cua 0A bu da du CF da bo ra.
Th = Lh st + Khau hao
1.1 Thu nhap dau.
vBT

TTh =
Th
1.Z Thu nhap khong dau.

Lay vBT tru dan Th J cac nam cho den khi tru
het vBT
Z Fh00h FhkF hIEh Ik Th0kh (I
0
)
Z.1 ThoI gIan hoaI dong rua k = nhau.
hFv = Fv
Th
Fv
BT



Th
i
BT
j


hFv =
(1+ r)
i


(1+ r)
j

So sanh: hFv O, = O & >O
Z.Z ThoI gIan hoaI dong rua k khong = nhau.
Sau khi tinh hFv cua moi 0A dan deu Th ra

= hFv


1 (1+ r)
T


Th


r


Sau khi da dan deu chon 0A co hFv dan deu Max
8 Fh00h FhkF TY 80kT 8Ihh L0I h0I 80

RR la LS rieng cua 0A ma tai muc LS nay,
no lam can bang giua tong hien gia BT va
tong hien gia Th, hay no lam cho hFv cua 0A
bang O

RR = R


Th

BT
j



(1+ r)

=
(1+ r)
j
So sanh: RR r, = r & >r
4 Fh00h FhkF 6h 80 8Ihh L0I (I
p
)
(Profiatability Index)
Fv
Th

=
Fv
BT


S- THF TAl CHlNH, CO FHlF, TkAl
FHlF:

LkI 80kT
G thang: (1+r%)
2
1
0uy: (1+r%)
4
1
1 Th0E TkI 6hhh.

Tra cuoi nam (t
1
= t
O)


1 1 (1+ r)
T


h0 = A
(1+ r)

= A
r

Tra dau nam (t
1 #
t
O)


1 1 (1+ r)
T+1


h0 =A+ A
(1+ r)

= A+ A
r

Tinh duJc A
Z TkI FhIE0 (V0h 06 Tk 1 Lkh 600I kY).
von huy dong Menh
gia (F)
=
von goc
tra 1 lan
=
So Trai hieu hat hanh



Lai TF = C% x F
BuJng thang (Tra lai dinh ky):
1 F

Fv = C
(1+ r)

+
(1+ r)

1 (1+ r)
T


= C
r
+ F (1+ r)
T


TF Chiet khau (Khong tra lai dinh ky khau
tru vao gia TF):
1 F

Fv = C
(1+ r)

+
(1+ r)

8 60 FhIE0.
Mo binh 1 (Co tuc khong doi):
0 0: Co tuc = LS x Menh gia
F
o

=
r r : LS thi truJng=LSCK=CFS0v
Mo binh 2 (Co tuc tang deu):
0
o

g: Tocdo tang truJng
F
o
=
r g
Mo binh 8 (Co tuc tang khong deu):

0

F
n


Fv =
(1+ r)

+
(1+ r)
n
F
n
: Menh gia CF
nam thu n


6- CHl FHl S DNG VON:









S
1. 6hI Fh 80 0h V0h VkY.
Lai va von goc tra dinh ky (ThueTC,vay hh)

1 (1+ r)
T

r
1

(r1)


h0 = A
r r
2

(r2)

(r1)


r = r
1

+ (r
2
r

1
)
x

(r1)
+
(r2)


Lai tra dinh ky von goc tra 1 lan khi dao
han (Trai hieu)

BuJng thang FhuJng trinh

Chiet khau

hoi suy
Z. 6hI Fh 80 0h V0h 8k0 Th0E.

r
s

= r (1 T%)

8. 6hI Fh 80 0h V0h T0 60.
8.1 oI voI ro phIau 0u daI.
0 0

F
o

=
r

=
F
o

8.Z oI voI ro phIau Ihuong.
Mo binh 1 (Co tuc khong doi):
0
o

r =
F
o

Mo binh 2 (Co tuc tang deu):

0
1
0
1


F
o
=
r g

r =
F
o

+ g
Mo binh 8 (Co tuc tang ko deu) hoi suy

0
i
F
n


F
o

=
(1+ r)
i

+
(1+ r)
n

8.8 LoI nhuan gIu IaI bo sung VT6.

CFS0v (Lh0L) = CFS0v (CFT)
8.4 FhaI hanh ro phIau Ihuong moI.
Fhat sinh chi hi hat hanh g%
Mo binh 1 (CFuB & CFY khong tang)
0
o
r

r
M

=
F
o
(1 )
=
(1 )


Mo binh 2 (Tang deu )
0
1


r
M

=
F
o
(1 )
+ g
4. 6hI Fh 80 0h V0h 8hh 0kh.
w
i
: Ty trong nguon von

wACC = w
i
x r
i

r
i
: CFS0v vay sau thue
6. 6hI Fh 80 0h V0h 6kh 8IEh.
MCC = w
i
x r

Cch tnh h s beta
H s ri ro beta l h s o lng mc bin ng hay cn gi l thc o
ri ro h thng ca mt chng khon hay mt danh mc u t trong tng
quan vi ton b th trng. Beta c s dng trong m hnh nh gi ti
sn vn (CAPM) tnh ton t sut sinh li k vng ca mt ti sn da vo
h s beta ca n v t sut sinh li trn th trng.
Nu mt chng khon c h s beta:
+Bng 1, mc bin ng ca gi chng khon ny s bng vi mc bin
ng ca th trng.
+Nh hn 1, mc bin ng ca gi chng khon ny thp hn mc bin
ng ca th trng.
+Ln hn 1: mc bin ng gi ca chng khon ny ln hn mc bin
ng ca th trng.
C th hn, nu mt chng khon c beta bng 1,2 th trn l thuyt mc
bin ng ca chng khon ny s cao hn mc bin ng chung ca th
trng 20%.
Cng thc tnh h s beta:
Beta =Covar(Ri,Rm)/Var(Rm)
Trong :







Ri : T sut sinh li ca chng khon.
Rm: T sut sinh li ca th trng ( y l VN-Index).
Var(Rm): Phng sai ca t sut sinh li ca th trng.
Covar(Ri,Rm): Hip phng sai ca t sut sinh li ca chng khon v t
sut sinh li ca th trng.
T sut sinh li c tnh nh sau:
R =(p1-p0)/p0
Trong :
P1: gi ng ca iu chnh phin ang xt.
P0: gi ng ca iu chnh phin trc .
H s beta ca 1 chng khon c tnh da trn d liu giao dch 100 phin
lin tip gn thi im hin ti nht ca chng khon .
i vi nhng chng khon c s phin giao dch di 30: khng tin hnh
tnh beta.
i vi nhng chng khon c s phin giao dch t 30 ti nh hn 100, beta
c tnh da trn d liu t khi chng khon bt u giao dch ti phin
giao dch gn thi im hin ti nht.