KHOA K TON TI CHNH NGN HNG

TNG QUAN V TI CHNH

DOANH NGHIP
Ti chnh doanh nghip
TS. Phan nh Nguyn
nguyenpdinh@yahoo.com
nguyenphan@hcmchutech.edu.vn
in thoi: 0925555669
Ni dung
1. Cc loi hnh doanh nghip
2. Khi nim ti chnh doanh nghip
3. Mc tiu ca doanh nghip
4. Qun tr ti chnh doanh nghip
5. Mi trng thu
6. Mi trng ti chnh
Tng quan TCDN
2
Cc loi hnh doanh nghip
Doanh nghip?
DN l mt t chc kinh t c:
tn ring
ti sn
tr s giao dch n nh
c ng k KD theo quy nh ca php lut
nhm mc ch thc hin cc hot ng KD
(Lut DN 2005)
Tng quan TCDN
3
Cc loi hnh doanh nghip
Hnh thc s hu
Doanh nghip t nhn
Cng ty hp danh
Cng ty TNHH
Cng ty c phn
So snh u nhc im ca cc loi hnh
doanh nghip?


Tng quan TCDN
4
Cc loi hnh doanh nghip
Cng ty c phn?
S hu
Qun l
Mu thun li ch gia ch s hu v ngi qun
l
Cng ty c phn l in hnh trong nghin
cu TCDN
Tng quan TCDN
5
Khi nim ti chnh doanh nghip
Tng quan TCDN
6
Ti chnh?

QU
TIN T
Khi nim ti chnh doanh nghip
Tng quan TCDN
7
Ti chnh doanh nghip?






QU
CA
DOANH
NGHIP
Mc tiu ca doanh nghip
Tng quan TCDN
8
Mc tiu ti chnh
Tng quan TCDN
9
Mc tiu ti chnh ch yu?
Ti a ha li nhun
Ti thiu ha chi ph
Ti a ha gi tr th trng
Ti a ha gi tr ca c ng
Gi tr ca c ng?

Tng quan TCDN
10
Gi tr cng ty
Sales
Revenues
Required Investments
in Operations
Operating
Costs and Taxes
Financing
Decisions
Interest
Rates
Firm
Risk
Market
Risk
n
n
2
2
1
1
0
) WACC 1 (
FCF
...
) WACC 1 (
FCF
) WACC 1 (
FCF
FCF DCF

FCF
WACC
Mc tiu ti chnh khc
Cc mc tiu h tr cho mc tiu ch yu
Thng cp trong mt nin
V d:
T l n / vn max %?
Chi ph li vay max %?
Vn ca nh qun tr ti chnh:
C th theo ui mc tiu ngn hn m b qun
mc tiu ch yu
Cc mc tiu c th khng nht qun vi nhau
chp nhn nh i



Tng quan TCDN
12
Mc tiu phi ti chnh
Cc mc tiu:
Chnh sch an sinh x hi cho ngi lao ng
Cung cp dch v cng
p ng yu cu ca khch hng
p ng yu cu ca x hi, cng ng
S c s tha hip gia mc tiu ti chnh
v mc tiu phi ti chnh
Tng quan TCDN
13
Mc tiu ca nhng ngi c quyn li
lin quan n doanh nghip
C ng?
Ch n ngn hn?
Ch n di hn?
Ngi lao ng (qun l, nhn vin)?
Chnh ph?

Tng quan TCDN
14
Qun tr ti chnh doanh nghip

Tng quan TCDN
15
Qun tr (Management)
Hoch nh
Kim sot
T chc
Thc y v ng vin
Ra quyt nh
Cp chin lc (strategic level)
Cp chin thut (tactical level)
Cp thc hin (operational level)
Tng quan TCDN
16
Phn bit chc nng ti chnh chc nng k ton
trong qun tr ti chnh k ton cng ty
Tng quan TCDN
19






Ti chnh K ton
Hoch nh u t vn
Qun tr tin mt
Quan h giao dch vi NH
Qun tr khon phi thu
Phn chia c tc
Phn tch v hoch nh ti
chnh
Quan h vi nh u t
Qun tr qu hu bng
Qun tr bo him v ri ro
Phn tch v hoch nh thu
K ton chi ph
Qun tr chi ph
X l d liu
S k ton
Bo co cho c quan nh
nc
Kim sot ni b
Lp bo co ti chnh
Lp k hoch v cc d bo
ti chnh

Gim c ti chnh l ai?

Qun tr ti chnh?
t ra mc tiu ti chnh
Qun l ti chnh t mc tiu ti chnh
Phm vi:
K hoch ti chnh
Kim sot ti chnh
Quyt nh qun tr ti chnh
Tng quan TCDN
21
K hoch ti chnh
K hoch ngun ti chnh m bo:
Nhu cu ngn hn: vn lu ng (working capital)
Nhu cu trung v di hn: mua sm ti sn c
nh, u t d n

Tng quan TCDN
22
Kim sot ti chnh
m bo vn c s dng hiu qu
So snh thc hin k hoch nh gi
tnh hiu qu c bin php kim sot
hu hiu
S dng s liu qu kh d on
tng lai

Tng quan TCDN
23
Quyt nh qun tr ti chnh
Quyt nh u t (investment)
Quyt nh ti tr (financing)
Quyt nh chia li nhun (dividends)
Cc quyt nh khc
Tng quan TCDN
24
Mi quan h gia cc quyt nh ti
chnh ca yu ca doanh nghip
Tng quan TCDN
25

u t
Phn
phi
TN
Ti tr
Quyt nh u t
Tng quan TCDN
26
Quyt nh lin quan n phn ti sn trong
bng cn i ti sn ca doanh nghip
Quyt nh u t ti sn lu ng: tn qu, tn kho,
chnh sch bn chu, u t ti chnh ngn hn
Quyt nh u t ti sn c nh: mua sm, thay th,
u t d n, u t ti chnh di hn
Quyt nh c cu ti sn lu ng ti sn c nh:
s dng n by hot ng, im ha vn
L quyt nh quan trng nht v to ra gi tr
cho doanh nghip
Quyt nh ti tr
Tng quan TCDN
27
Quyt nh lin quan n phn ngun vn
trong bng cn i ti sn ca doanh nghip
Quyt nh huy ng vn ngn hn: vay ngn hn
tn dng thng mi?; vay ngn hn ngn hng
pht hnh tn phiu?
Quyt nh huy ng vn di hn: n di hn vn c
phn?; vay di hn ngn hng tri phiu cng ty?;
vn c phn ph thng vn c phn u i n di
hn?
Quyt nh c cu n - vn ch s hu (n by ti
chnh)
Quyt nh vay mua hay thu ti sn
Quyt nh phn phi li nhun
Tng quan TCDN
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Quyt nh ny lin quan n chnh sch
c tc ca cng ty
La chn gi li li nhun ti u t chia c
tc
Cng ty nn theo ui chnh sch c tc no?
Chnh sch c tc tc ng nh th no n gi
c phiu ca cng ty trn th trng ti chnh?
Cc quyt nh khc
Tng quan TCDN
29
Sp nhp, thu tm cng ty
Phng nga ri ro ti chnh
Chnh sch tin lng

Bng cn i k ton

Current
Assets

Fixed Assets
1 Tangible
2 Intangible

Total Value of Assets:

Shareholder
s Equity

Current
Liabilities
Long-Term
Debt

Total Firm Value to Investors:
Quyt nh u t

Current
Assets

Fixed Assets
1 Tangible
2 Intangible


Shareholder
s Equity

Current
Liabilities
Long-Term
Debt

What long-
term
investments
should the
firm choose?
Cu trc vn ca cng ty
How should the
firm raise funds
for the selected
investments?

Current
Assets

Fixed Assets
1 Tangible
2 Intangible


Shareholder
s Equity

Current
Liabilities
Long-Term
Debt

Qun tr ti sn ngn hn
How should
short-term
assets be
managed and
financed?

Net
Working
Capital

Shareholder
s Equity

Current
Liabilities
Long-Term
Debt


Current
Assets

Fixed Assets
1 Tangible
2 Intangible

Mi trng thu
Tng quan TCDN
34
Cc quyt nh ti chnh c lin quan n
thu thu nhp doanh nghip nh hng
mc tiu qun tr ti chnh
Thu nhp
chu thu
=
Doanh
thu
-
Chi ph
hp l
Khu
hao
+
Li
vay
+
Chi
ph
khc
Mi trng thu
Tng quan TCDN
35
Cng ty: khu hao, li vay ln
Nh nc (Thu): chi ph hp l Quy
nh tnh khu hao, vay
Mi trng ti chnh
Tng quan TCDN
36
Cung v vn
H gia nh
Doanh
nghip
Nh u t
t chc
Chnh ph
Nh u t
nc ngoi
Cu v vn
H gia nh
Doanh
nghip
Nh u t
t chc
Chnh ph
Nh u t
nc ngoi
Th trng
ti chnh
T chc
trung gian
ti chnh
Huy ng
vn
Phn b vn
T chc ti chnh trung gian
Ngn hng thng mi
Qu u t
Cng ty bo him
Tng quan TCDN
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38
Th trng ti chnh
Th trng tin t
Th trng gia ngn hng doanh nghip, Th
trng lin ngn hng, Th trng gia NHNN
ngn hng thng mi
Th trng vn
Th trng s cp, Th trng th cp
Th trng tn dng thu mua, Th trng cho vay
th chp, Th trng chng khon
Tng quan TCDN
39
Cc cng c ti chnh
Tri phiu
C phiu thng
C phiu u i
Chng khon phi sinh

Tng quan TCDN
40
Th trng ti chnh hu hiu
Gi tt c chng khon c giao dch
trn th trng phn nh mi thng tin lin
quan n chng khon
Khng c c hi u c
Mc hu hiu: Yu Trung bnh
Mnh

Tng quan TCDN
41
Li sut v t sut thu nhp
Li sut (rate of interest)
Chi ph s dng vn vay
Chu nh hng bi quy lut cung cu
Ngn hng thit lp
T sut thu nhp (rate of return)
Li sut gi tin ngn hng
C hi u t vo doanh nghip
Tri phiu Chnh ph: t sut thu nhp thp, ri ro
thp
C phiu cng ty: t sut thu nhp cao, ri ro cao

Tng quan TCDN
42
Cash flow
from firm (C)
Dng tin ca cng ty
T
a
x
e
s

(
D
)

Government
Retained
cash flows (F)
Invests
in assets
(B)
Dividends and
debt payments (E)
Current assets
Fixed assets
Short-term debt
Long-term debt
Equity shares
Ultimately, the firm
must be a cash
generating activity.
The cash flows
from the firm must
exceed the cash
flows from the
financial markets.
Firm
Firm issues securities (A)
Financial
markets

46 Tng quan TCDN