Chng trnh Giang day Kinh te Fulbright

Nien khoa 2003-2004

Bai 10

Phan tch tai chnh

Bai giang

Bai giang 10

THUE TAI SAN

Thue tai san la mot phng tien tai tr gan giong vi viec i vay di nhieu kha canh, tuy
nhien no xng ang co mot chng rieng biet toi thieu v 2 ly do sau:
Ly do th nhat la nganh cong nghiep nay ang phat trien vi mot toc o va quy mo ang
ke. Khoang hn 20% tong von au t hien nay Anh Quoc c tai tr theo hng hp
ong cho thue tai chnh, va con so nay la 33% My.
Ly do th 2 la viec khao sat hoat ong cho thue tai san se cho ta mot v du rat hay ve s
tng tac gia quyet nh au t va quyet nh tai tr, ma trc en gi ta van xem xet
chung mot cach oc lap.
Noi dung nghien cu bai nay bao gom nhng van e sau :

Phan biet s khac nhau gia thue hoat ong va thue tai chnh
Cac li ch cua viec i thue
So sanh NPV cua viec mua tai san va thue tai san e ra quyet nh nen thue hay
mua tai san
Tac ong cua thue hoat ong va thue tai chnh en bao cao tai chnh cong ty

I. THUE TAI SAN LA G

Giao dch thue tai san la mot hp ong thng mai, trong o ngi s hu tai san (ngi
cho thue) ong y cho mot ngi nao o (ngi thue) quyen s dung tai san trong mot
khoang thi gian e oi lay mot chuoi thanh toan nh ky.
Chuoi thanh toan nh ky thng co ac tnh cua mot dong nien kim, co the c tra
tng thang hay na nam (semi-annual), vi t tra au tien thng la ngay sau khi hp
ong c ky ket. ay la ac iem cua mot dong nien kim au ky.
Tuy nhien, mo thc cua dong ngan lu nay co the c thiet ke e phu hp va ap ng
c nhu cau cua khach hang. V du, mot nha san xuat thue mot may e san xuat, thi
gian au thng la thi gian van hanh co tnh th nghiem trc khi i vao san xuat ai tra.
Trong trng hp nay, ngi cho thue (lessor) co the ong y vi phng an theo o khoan
tien ma ngi i thue (leasee) phai tra trong nhng nam au thap hn nhng nam sau o.

Diep Dung / Ngo Kim Phng

Hieu nh: nh Khoi

Chng trnh Giang day Kinh te Fulbright

Nien khoa 2003-2004

Phan tch tai chnh

Bai giang

Bai giang 10

Mot cong ty co the la chon mot trong hai cach e co the s dung mot tai san : thue
hoac mua. Trong bai nay ta se phan tch cac li ch va s khac nhau gia thue va mua tai
san cung nh s khac nhau gia thue hoat ong va thue tai chnh.
II. CAC LOAI THUE TAI SAN
Trong mot giao dch thue, ve phap ly, ngi cho thue co quyen s hu tai san, ngi i
thue khong co quyen s hu ma ch co quyen s dung tai san trong thi gian thue. Dch vu
i kem cung rat khac nhau, oi vi loai thue tai chnh co dch vu tron goi (full services),
ngi cho thue (lessor) chu trach nhiem duy tu bao dng, mua bao hiem va tham ch
ong thue tai san. Ngc lai, oi vi loai thue tai san khong bao dch vu (net leases),
ngi i thue (leasee) se chu trach nhiem duy tu bao dng, mua bao hiem va tham ch
ong thue tai san. Thong thng, thue tai chnh (financial lease) la loai thue tai san khong
bao dch vu (net leases). Co nhieu hnh thc thue, c phan biet can c vao tnh chat cua
tng hp ong thue.
1) Thue hoat ong
Mot hp ong thue hoat ong la mot hp ong thue ngan han (short-term) va ngi
cho thue (lessor) c quyen ket thuc hp ong trc thi han.
Chi ph thue thng bao ham ca hao mon tai san, chi ph bao dng, bao hiem, va
mc li nhuan cua ben cho thue. Chi ph thue thng cao v ben cho thue chu nhieu rui ro
oi vi s lac hau va giam gia th trng cua tai san .
2) Thue tai chnh
Thue tai chnh hay con c goi la thue von, n gian ay ch la mot phng phap
tai tr. Thong thng mot hoat ong thue tai chnh c tien hanh qua cac bc nh sau:
ngi i thue la chon tai san va thng lng gia ca, sau o se thng lng vi mot
cong ty cho thue tai san. Cong ty cho thue vi t cach la ngi cho thue se mua tai san va
chuyen thang tai san en ben thue. Ngi i thue trong tnh huong nay giong nh i vay
mot khoan n va ngc lai ngi cho thue la ngi cho vay vi t cach la mot chu n co
am bao. (Con 1 cach khac la, ngi i thue ban tai san ma mnh ang s hu cho ben cho
thue, sau o thue lai tai san nay. Thng phng phap nay c ap dung trong nganh bat
ong san).

Diep Dung / Ngo Kim Phng

Hieu nh: nh Khoi

Chng trnh Giang day Kinh te Fulbright

Nien khoa 2003-2004

Phan tch tai chnh

Bai giang

Bai giang 10

Mot hp ong thue tai chnh phai am bao mot trong cac yeu cau sau:
-

Quyen s hu tai san c chuyen giao cho ngi thue khi cham dt thi han
thue
Hp ong co qui nh quyen chon mua
Thi gian thue toi thieu bang 75% thi gian hu dung cua tai san
Hien gia cua cac khoan tien thue phai ln hn 90% hoac bang gia th trng
cua tai san tai thi iem thue

III. CAC LI CH CUA VIEC THUE TAI SAN

Co nhieu ly do khien viec la chon hnh thc thue tai san ngay cang tr nen pho bien.
Chung ta se nghien cu mot so li ch co the mang lai t viec thue tai san, tuy nhien
khong phai tat ca nhng li ch nay eu ung trong moi trng hp
A. Nhng ly do thuyet phuc
1) Tranh c nhng rui ro do s hu tai san
Khi mua mot tai san, ngi s dung phai oi au vi nhng rui ro do s lac hau cua
tai san, nhng dch vu sa cha bao tr, gia tr con lai cua tai san. Thue la mot cach e
giam hoac tranh nhng rui ro nay. Rui ro ve s lac hau cua tai san la mot rui ro ln nhat
ma ngi chu s hu tai san phai ganh chu. Trong nhieu hp ong thue, ngi i thue co
quyen cham dt hp ong thue trc thi han va chu mot khoan phat. V vay rui ro ve s
lac hau cua tai san va gia tr con lai cua tai san se do ngi cho vay ganh ch. e bu ap
rui ro nay, ngi cho thue phai tnh cac chi ph thiet hai vao chi ph thue, ngc lai ngi
i thue phai tra them chi ph e tranh nhng rui ro nay.

2) Tnh linh hoat (quyen huy bo hp ong thue)

Cac hp ong thue tai san vi cac ieu khoan co the huy ngang giup ngi i thue
co the phan ng nhanh chong trc nhng thay oi cua th trng. Ngi i thue co the
thay oi tai san mot cach de dang hn so vi viec s hu tai san.

3) Li ch ve thue
oi vi thue hoat ong, cong ty thue (leasee) se c mot khoan li thue v chi ph
thue c tnh vao chi ph trc khi xac nh li nhuan nop thue. Tuy nhien cung can lu y

Diep Dung / Ngo Kim Phng

Hieu nh: nh Khoi

Chng trnh Giang day Kinh te Fulbright

Nien khoa 2003-2004

Phan tch tai chnh

Bai giang

Bai giang 10

la cong ty ch c hng li t la chan thue khi cong ty co li nhuan. Ngc lai cong ty
khong the giam c chi ph thue nh vao la chan thue khi cong ty b lo.
oi vi thue tai chnh, cong ty cho thue (lessor) hng li t thue do chi ph khau
hao tai san c khau tr thue, trong khi cong ty i thue khong c hng li t ieu nay.
Da vao iem nay ma cong ty thue (leasee) co the thng lng e co chi ph thue thap
hn.
4) Tnh kp thi
Viec mua mot tai san thng phai mat mot thi gian dai cho mot quy trnh ra
quyet nh au t. Trong mot so trng hp, quy trnh ra quyet nh thue tai san co the se
nhanh chong hn va ap ng kp thi hn nhu cau s dung tai san cua cong ty.
5) Giam c nhng han che tn dung
i thue tai san se giup cho ngui i thue co c tai san s dung trong ieu kien
han hep ve ngan quy, trong trng hp cong ty khong co tien e mua tai san hoac khong
co von oi ng trong cac hp ong vay e mua tai san. Mat khac, viec i thue tai san co
kha nang khong lam tang t so n cua cong ty (vi nhng quy nh hien tai, ieu nay
khong con ton tai nh mot nguyen nhan na). Trong trng hp cong ty khong c xep
hang tn dung cao, i thue tai san la mot hnh thc huy ong n de dang nhat v hp ong
thue c coi nh mot khoan n co am bao oi vi ngi cho thue.
B. Nhng ly do thieu tnh thuyet phuc
1) Thue tai san giup tranh thu tuc rm ra cua quy trnh mua sam tai san
oi vi mot so cong ty, cac quy nh thue tai san th cung nghiem ngat nh cac quy
nh mua sam tai san mi. Tuy nhien oi vi mot so khac th khong. Do o, Giam oc ieu
hanh cua cac cong ty thuoc nhom th 2 se tranh thu s khac biet trong quy nh nay va
thch i thue hn mua sam tai san mi (e tranh s rm ra trong quy trnh mua sam tai
san mi). Thng de dang nhan thay ieu nay trong khu vc cong. V du: mot benh vien
cong thng thch i thue thiet b y te hn la xin hoi ong thanh pho cap ngan quy t thanh
pho e mua cac thiet b nay.

Diep Dung / Ngo Kim Phng

Hieu nh: nh Khoi

Chng trnh Giang day Kinh te Fulbright

Nien khoa 2003-2004

Phan tch tai chnh

Bai giang

Bai giang 10

IV. THUE VA VAN E THUE TAI SAN

Noi chung, ngi cho thue nhan c li thue do s hu tai san. Thu nhap cua ngi cho
thue la tien thue tai san, con khau hao cua tai san thue la chi ph c tnh vao thu nhap
chu thue. Ve pha ngi i thue, chi ph thue c tnh vao thu nhap nhap chu thue. V
vay chi ph thc te ma cong ty i thue chu la chi ph thue sau khi khau tr phan giam thue
(giong nh chi ph lai vay).
Ta co the tach chi ph thue tai san thanh 2 thanh phan : khau hao cua tai san thue
(n goc) va lai. Ngi i thue tai san c khau tr thue ca lai va goc. Khac vi trng
hp i vay von e mua tai san, thue ch c tnh giam tren chi ph lai vay, phan n goc
khong c khau tr thue. ay la ly do tai sao c quan thue phai lam ro mot hp ong
thue tai san co phai la mot hp ong that hay la mot tai san mua nhng c nguy trang
bang mot hp ong thue. Neu mot hp ong that s la mua tai san ch khong phai thue th
chi ph thue se c xem nh gom 2 phan la n goc va mot phan la lai vay. V vay ch
c giam thue phan chi ph lai vay ch khong c khau tr thue phan n goc.
V. PHAN TCH NGAN LU CUA CONG TY KHI QUYET NH THUE SO VI
MUA TAI SAN
1) Ngan lu cua cong ty khi i thue tai san
Gia s tai san thue vi n thi oan, chi ph thue tnh cho moi thi oan la Lt va Kd la
chi ph n sau thue. Chi ph thue tai san chnh la tong gia tr hien tai cua chuoi tien thue Lt
ma cong ty phai tra trong n thi oan.

Chi ph thue =

(1 Tc ) Lt

(1 + Kd )
t =1

V sao suat chiet khau c s dung e chiet khau chi ph thue la ch ph s dung n?
Suat chiet khau thch hp e tnh gia tr hien tai ve mat tong quat se bang suat sinh li cua
mot tai san co rui ro tng ng. Dong tien thue tai san la mot khoan chi ph phai tra co
nh oi vi cong ty, no c xem nh mot khoan thanh toan co nh cho mot mon n, v
vay rui ro cua chi ph thue tai san c xem tng tng vi rui ro cua mot khoan n vay.

Diep Dung / Ngo Kim Phng

Hieu nh: nh Khoi

Chng trnh Giang day Kinh te Fulbright

Nien khoa 2003-2004

Phan tch tai chnh

Bai giang

Bai giang 10

V du: Cong ty ZN can mot he thong may tnh mi. He thong may tnh nay co the
c thue vi vi chi ph la $21.000 moi nam, tien thue thi oan au c thanh toan
ngay khi bat au thue, thi gian thue 7 nam. Thue suat thue thu nhap cong ty la 35%. Neu
i vay cong ty phai tra lai suat 12.31%, v vay chi ph s dung n sau thue la 12.31%*(135%) = 8%.
Hien gia cua chi ph thue =

t =1

(1 35%) * 21.000
= $76.753
(1 + 8%) t

2) Chi ph mua tai san

Gia s tai san mua co gia tr thanh ly la S, s khac nhau ve chi ph sa cha bao
tr gia tai san thue va tai san mua (neu co) la Mt, gia mua tai san la IO, chi ph khau
hao Dt. Chi ph mua tai san la tong hien gia cua dong tien chi ra mua tai san, chi ph bao
tr sa cha sau thue tr phan tiet kiem thue nh khau hao (la chan thue cua khau hao) va
tr khoan thu t gia tr thanh ly tai san.

Chi ph mua tai san = I 0 +

(1 Tc)Mt TcDt
S(1 Tc)

(1 + Kd ) t
(1 + K 0 ) n
t =1
n

e phan tch quyet nh mua tai san, ta phai so sanh chi ph mua vi chi ph thue, chi
ph phat sinh trong qua trnh s dung tai san a ieu chnh la chan thue cua khau hao cung
c chiet khau vi mc rui ro thap nhat la chi ph s dung n sau thue. Gia tr thanh ly
tai san la mot khoan thu co rui ro gan vi rui ro hoat ong cua cong ty nen phai c
chiet khau vi ch ph von trung bnh trong so cua cong ty.
V du : Cong ty ZN, trong th du trc, co the mua mot he thong may vi tnh vi gia
$100.000 e s dung ngay vao au nam. He thong co tuoi tho kinh te 7 nam, thi gian
khau hao 5 nam, chi ph khau hao hang nam la $20.000. Gia tr thanh ly tai san d kien
sau khi tr thue thu c vao cuoi nam 7 la $20.000. Neu ZN mua he thong, chi ph bao tr
vao cuoi moi nam la $6.000 trong vong 6 nam. Chi ph s dung n sau thue la 8%, WACC
la 12%.
Hien gia cua chi ph mua tai san :
6

100.000 +
t =1

6.000 * (1 35%)

(1 + 8%) t

Diep Dung / Ngo Kim Phng

t =1

20.000 * 35%
20.000

= 81.033
t
(1 + 8%)
(1 + 12%) 7

Hieu nh: nh Khoi

Chng trnh Giang day Kinh te Fulbright

Nien khoa 2003-2004

Phan tch tai chnh

Bai giang

Bai giang 10

Chi ph mua tai san the hien trong bang ngan lu sau:
Nam
Gia mua tai san
Chi ph bao tr sau thue
La chan thue cua khau hao
Gia tr thanh ly rong
Ngan lu rong
Chi ph mua = 81.033

0
100.000

2-5

3.900
7.000

100.000

6
3.900

3.900
7.000

-3.100

3900

-3.100

20.000
-20.000

3) Quyet nh mua hay thue tai san

Neu chi ph cho viec mua tai san ln hn chi ph thue tai san th cong ty nen thue tai
san v i thue co li hn va ngc lai.
Li ch cua viec thue tai san = Chi ph mua Chi ph thue.
Trong v du tren, li ch cua viec thue tai san = 81.033 76.753 = 4.280.
Nh vay cong ty ZN nen thue tai san v thue tai san co chi ph thap hn mua tai san
la $4.280.
Trong trng hp li ch cua viec thue tai san bang li ch cua viec mua tai san th
quyet nh nen mua hay thue tai san phu thuoc vao ieu kien cu the cua tng cong ty. Vay
ta th xac nh mc tien thue tai san la bao nhieu th li ch cua viec thue tai san so vi
mua tai san la nh nhau. Luc nay ta co chi ph mua bang chi ph thue.

(1 Tc) Mt TcDt
S(1 Tc)

I0 +
=
(1 + Kd ) t
(1 + K 0 ) n
t =1
n

(1 Tc ) Lt

(1 + Kd )
t =1

Giai phng trnh tren, ta tm c Lt, ay chnh la chi ph tien thue a en chi ph
thue bang vi chi ph mua.
Trong v du tren ta co:
n

(1 Tc ) Lt

(1 + Kd )
t =1

= 81 .033 Lt = 22 .171

Diep Dung / Ngo Kim Phng

Hieu nh: nh Khoi

Chng trnh Giang day Kinh te Fulbright

Nien khoa 2003-2004

Phan tch tai chnh

Bai giang

Bai giang 10

Neu chi ph thue la 23,500, co thue khong?

a) Neu la thue tai chnh, cau tra li la khong, v mua co li hn.

b) Neu la thue hoat ong, cau tra li co the se khac i oi chut tuy tng tnh huong cu
the.

Neu ban ch Viet Nam co 1 nam va can s dung he thong vi tnh ac thu nay
trong thi gian ch 1 nam o, th viec thue se giup ban thoat khoi nhng rac roi
nh tm ngi mua lai he thong nay vao cuoi nam th 1, thng lng gia ban,
thng lng ve ieu khoan duy tu bao dng sau khi ban

Neu gia thue nay kem theo ieu khoan la ban co quyen c tiep tuc keo dai
hp ong thue hoac cham dt trc thi han, th lieu ban co thue khong? Co
the, v sau 1 nam, biet au se xuat hien 1 he thong vi tnh mi co cong suat cao
hn, nhieu tnh nang hn, nhng gia thue lai re hn. Khi o viec tra them 1.500
ong cho quyen la chon nay co the la ang gia, v ban c quyen huy bo hp
ong thue nay e ky hp ong thue khac re hn, li the hn va thoat khoi rui ro
phai om lay mot dan may co the se tr nen lac hau ch sau 1 nam s dung.

VI. TAC ONG CUA THUE TAI SAN EN BAO CAO TAI CHNH

Tac ong cua thue tai san en ngan lu a c xem xet khi phan tch chi ph cua thue tai
san va mua tai san phan tren, ay ta ch xem xet tac ong cua thue oi vi bang can
oi ke toan va ket qua kinh doanh.
Tac ong cua thue tai san, khong phan biet thue tai chnh hay thue hoat ong, eu
giong nhau oi vi ngan lu. Nhng thue tai chnh hoac thue hoat ong se co tac ong
khac nhau oi vi bang can oi ke toan va ket qua kinh doanh.
Theo tieu chuan ke toan quoc te hien nay, gia tr cua tai san thue tai chnh se c the
hien tren gia tr tai san cua cong ty; mot cach tng ng, nguon von cua cong ty se the
hien mot khoan n dai han. Trong trng hp thue hoat ong th gia tr tai san thue khong
c ghi nhan vao gia tr tai san cua cong ty.
Chi ph thue co tac ong cuoi cung en li nhuan cua cong ty nh nhau, nhng the
hien chi tiet tren bao cao ket qua kinh doanh co the khac nhau. Trong trng thue hoat
ong, chi ph thue c phan anh trc tiep vao chi ph hoat ong cua cong ty di hnh

Diep Dung / Ngo Kim Phng

Hieu nh: nh Khoi

Chng trnh Giang day Kinh te Fulbright

Nien khoa 2003-2004

Phan tch tai chnh

Bai giang

Bai giang 10

thc chi ph thue tai san. Trong trng hp thue tai chnh, chi ph thue c tach ra thanh
hai thanh phan la khau hao va chi ph tra lai, v vay se cho ket qua khac nhau ch tieu
EBIT, nhng li nhuan trc thue va li nhuan rong nh nhau trong ca hai trng hp
thue hoat ong va thue tai chnh. Nh vay, se co s khac nhau gia mot so ch tieu t suat
li nhuan cua cong ty.
V du : au nam 2002, cong ty co nhu cau tang them 1 tai san co nh vi gia mua la
200.000, thi gian khau hao la 10 nam, do o chi ph khau hao hang nam la 20.000, chi ph
lai vay 10%. e co tai san s dung, cong ty co the s dung cac hnh thc tai tr nh sau:
-

Thue hoat ong vi chi ph thue : 32.550

Thue tai chnh vi chi ph thue : 32.550
Vay toan bo so tien e mua tai san

Gia s cac yeu to khac khong oi trong 2 nam 2001 va2002 , ta co bang ket qua
kinh doanh va can oi tai san nam 2001 va ke hoach nam 2002 ng vi cac phng thc
tai tr nh sau:
2001

Ke hoach nam 2002

Thue hoat ong Thue tai chnh

Bang ket qua kinh doanh

Doanh thu
Gia von hang ban
Chi ph quan ly
Khau hao
Chi ph thue tai san
EBIT
Chi ph lai vay
Li nhuan trc thue
Thue (35%)
Li nhuan sau thue

1.000.000
600.000
140.000
60.000
0
200.000
40.000
160.000
56.000
104.000

1.000.000
600.000
140.000
60.000
32.550
167.450
40.000
127.450
44.608
82.842

1.000.000
600.000
140.000
80.000
0
180.000
52.550
127.450
44.608
82.842

Bang can oi ke toan

Tong tai san
N
Von chu s hu
Tong nguon von

1.000.000
400.000
600.000
1.000.000

1.000.000
400.000
600.000
1.000.000

1.180.000(*)
580.000
600.000
1.180.000

Diep Dung / Ngo Kim Phng

Hieu nh: nh Khoi

Chng trnh Giang day Kinh te Fulbright

Nien khoa 2003-2004

Phan tch tai chnh

Bai giang

Bai giang 10

(*) V bang can oi ke toan lap cuoi nam nen gia tr taisan tang them la gia mua tai
san tr khau hao trch trong nam (200.000 20.000), va n vay cung giam do n goc c
tra bt tng ng vi chi ph khau hao.

Diep Dung / Ngo Kim Phng

10

Hieu nh: nh Khoi