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TR

NG

I H C KINH T TPHCM

KHOA TI CHNH DOANH NGHI P

MN: TCDN 1I

BI TI U LU N
TNH HU NG 1 : CHNH SCH C

T C C A CNG TY

NORTHBORO

GVHD: C Tr n Th H i L
P:

TCDN2 VB2K13

NHM 6:
L Anh Tu n
ng Ng c S n
Bi Th Ph

ng

Nguy n Tr ng Thnh
Nguy n Th Khnh Uyn

TP.HCM 03-2011
TRANG 1

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BI TI U LU N TCDN II

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I NH N XT C A GI NG VIN
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NGY: ...
GV : C Tr n Th H i L

TRANG 2

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CL C
I) Tm t t tnh hu ng ................................................................... Trang 4
II) Nn chi tr c t c hay khng?.................................................. Trang 4
III) Chi tr c t c bao nhiu l ph h p? ...................................... Trang 6
IV) C nn

i tn cng ty hay khng?......................................... Trang 9

Ph l c
................................................................................... Trang 11
1. B ng cn i k ton ....................................................... Trang 11
2. Bo co k t qu ho t ng kinh doanh............................. Trang 12
3. Cc ch s ti chnh ......................................................... Trang 12

TRANG 3

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I. Tm t t tnh hu ng:
C Christine Olsen, gim c ti chnh c a cng ty my cng c Northboro ang cn nh c
vi c nn hay khng chi tr c t c cho c ng vo n m 1992v v n
i tn v qu ng
b hnh nh cng ty th i m hi n t ic th t s c n thi t hay khng?

II. Nn chi tr c t c hay khng?

Ph n ny chng ta s tm hi u v vi c nn chi tr c t c hay khng?
Sau khi phn tch tnh hnh qu kh , hi n t i v t
chi tr c t cv cc l do sau:

ng lai. Nhm ng h quy t

nh nn

1. Duy tr chnh sch c t c:

t c

19
90

19
88

19
86

19
84

19
82

19
80

19
78

1.20
1.00
0.80
0.60
0.40
0.20
0.00

t c

Theo b ng s li u l ch s th t khi thnh l p n nay cng ty lun lun chi tr c t c h ng

m,
u ny cho th y cng ty r t ch tr ng vo vi c phn ph i l i nhu n cho c ng thng
qua chi tr c t c.
2. Uy tn cng ty:
Sau 2 qu u n m 1992 khng chi tr c t c, ban qu n tr cng ty tr n an c
t b c th
c bi t, cam k t khi ph c vi c chi tr c t c cng s m cng t t l t
m 1992
Vi c khng chi tr c t c ng ngh a v i vi c cng ty khng th c hi n
a mnh trong n m 1992, lm s t gi m ng k uy tn c a cng ty.
3. K v ng c a cc nh

ng b ng
ng l vo

c cam k t

ut :

14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
1981
Nh

ut

1991
t ng tr

ng

Nh

ut

gi tr

Xt trong kho ng th i gian t n m 1981 n 1991, t l nh u t t ng tr ng c a

Northboro gi m, ng th i t l nh u t gi tr l i t ng ln.
u ny cho th y th tr ng nh
TRANG 4

.d o

m
o

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19
76

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gi Northboro ang d n b c vo giai

n bo ha, cc c ng
c thu nh p t c t c nhi u h n l t vi c t ng gi c ph n.
4.

nh m c thu nh p cho cc c

u t gi tr hi v ng s nh n

ng l n:

30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
1991
Nh

ut

di h n, h u tr

Cc nh u t di h n v h u tr c m t t tr ng r t l n trong c c u c ng, nh ng nh
u t ny th ng c xu h ng a thch m t chnh sch c t c n nh
m b o thu nh p u
n h n l trng ch vo m t s t ng gi c ph n khng ch c ch n t ng lai.
Vi c th a mn nhu c u c a cc c ng l n c ng ng thu n v i quan
m c a ban
u
hnh: t l i ch c a c ng i chng ln hng u.
5. Trnh tc ng x u c a hi u ng khch hng:
t quy t nh khng chi tr c t c s lm cho cc c ng ngh r ng cng ty pht ra tn
hi u x u, gy ra hi u ng khch hng, cc c ng s bn c ph n cng ty
m b o l i ch
a mnh, lm gi c phi u cng ty s t gi m ng k .
6. T o ng l c y gi c ph n t ng:
Chi tr c t c
c cc nh u t nhn nh n l cng ty ang pht ra m t tn hi u t t,
ki m sot
c nh ng v n
c a mnh v t tin v nh ng dng thu nh p trong t ng lai, t
gip c ng c thm ni m tin cho cc nh u t , thc y gi c ph n t ng.
Gi c ph n t ng s t o ti n
cho cc chnh sch sau ny c a cng ty nh : d dng vay
, d pht hnh c ph n m i huy ng v n,
7. Duy tr m c chi tr c t c theo l nh v c kinh doanh:
ng th ng k cc cng ty chi tr c t c cao v khng chi tr c t c (b ng 7) cho th y
100% cng ty khng chi tr c t c u n m ngoi l nh v c kinh doanh c a Northboro,
u ny
ch ng t cc i th c nh tranh u duy tr m t chnh sch chi tr c t c n nh. Khng chi tr
t c ng ngh a v i vi c Northboro th t b i trong vi c m b o s c h p d n c a mnh i v i
nh u t so v i cc i th cng ngnh.
8. Cng ty c

kh n ng huy

ng v n

p ng nhu c u ti n m t trong t

ng

lai:
Chi tr c t c s
ng ngh a v i vi c cng ty m t i m t kho n l n l i nhu n gi l i
ti u t . Tuy nhin cng ty c ng khng g p qu nhi u kh kh n trong vi c huy ng v n b
p vo kho n thi u h t ny.
Th nh t: Northboro
c t ch c Value Line x p h ng tn nhi m lo i A v cc ch s
thanh ton c a Northboro c ng n m m c t ng i an ton, u ny cho th y Northboro c
tiu chu n huy ng v n t cc t ch c tn d ng.
TRANG 5

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CH TIU
I. T s thanh ton
s thanh ton hi n hnh Rc
s thanh ton nhanh Rq

1991

ki n
1992

1.67
0.91

Ghi ch

1.67
0.94

# TS ng n h n / n ng n h n
# (TS ng n h n - hng t n kho) / n ng n h n

Th hai: vi c tung s n ph m m i AR ra th tr ng ang em l i nh ng n hng c gi tr

n cho Northboro, k v ng m t ngu n doanh thu l n trong t ng lai
m b o cho cc kho n
vay v chi tr c t c.
Th ba: vi c chi tr c t c m b o cho gi c ph n c a cng ty m c t t, thu n l i cho
vi c huy ng v n t vi c pht hnh c ph n m i.

III. Chi tr c t c bao nhiu l ph h p?

C 2 g i cho c Christine Olsen v vi c chi tr c t c:
+ Chi tr c t c n nh 40% (t ng
ng m c 0.2$ / m i c ph n)
+ Chnh sch c t c th ng d (ch chi tr c t c sau khi p ng
c NPV d ng)

v n cho cc d n

0
-5,000,000

1992

1993
-6,000,000

-10,000,000
-15,000,000
-20,000,000
-25,000,000

-21,000,000
ng ti n thi u h t

Khi phn tch bo co ngu n v s d ng ngu n c tnh cho t ng lai (1992 n 1998)
(b ng 8), ta nh n th y trong n m 1992 v 1993 cng ty u thi u h t ti n,
u ny c ngh a l
cng ty khng th no chi tr c t c theo chnh sch c t c th ng d . Do , Christine Olsen nn
ch n Chi tr c t c 40% (t ng
ng m c 0.2$ / m i c ph n)
Tuy nhin khi phn tch k b ng 8, n u duy tr m c c t c n nh l 40% t n m 1992
n 1998 th cng ty s ph i ch p nh n thi u h t ti n trong lin t c 5 n m, t n m 1992 n
1996.

TRANG 6

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Nhu c u vay sau c t c

30,000,000
20,000,000
10,000,000
0
-10,000,000
-20,000,000
-30,000,000

1992

1993

1994

1995

1996

1997

1998

Nhu c u vay sau c t c

u ny s
t cng ty trong tnh tr ng lun ph i i vay n ho c pht hnh c ph n m i
p cho kho ng thi u h t do chi tr c t c cao, d n n r i ro ti chnh c a cng ty l r t l n.
l n trn v n c ph n
150%
100%
50%
0%

140%
127%
68%
1990

1991

ki n
1992

l n trn v n c ph n

Vi c vay n th ng xuyn s v p ph i s ph n i gay g t do T khi m i thnh l p,

Northboro c 1 m c n b o th . Ban u hnh tin r ng v i 1 s l ng n nh , ch y u l p
ng nhu c u v n lun chuy n, l thch h p, b t k m t t l n trn v n ch s h u no v t qu
40% l khng th t ng t ng n i, cho th y ban u hnh c u th v ang a c t v i v n ,
ban u hnh c p cao bi t r ng v n c ph n c chi ph cao h n n nh ng em n s hi lng
cho cng ty trong v n t ch ti chnh.
Vi c pht hnh c ph n m i th ng xuyn s gy ra hi n t ng pha long c phi u, lm
gi m tnh h p d n v lm gi m gi c a c phi u cng ty trn th tr ng ch ng khon.

TRANG 7

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lic

c phi u (tri u)
14
12
10
8
6
4
2
0

c phi u (tri u)

Theo thng tin b ng 5 th t c

gia t ng s l ng c phi u di n ra r t ch m, ch kho ng
20% trong vng 15 n m, cng ty cn ti n hnh mua l i c phi u trong 2 n m 1986 v 1990, u
ny cho th y chnh sch c a cng ty l h n ch hi n t ng pha long c phi u.
y lm th no
gi m thi u
c vi c vay n ho c pht hnh c ph n m i th ng
xuyn?
xu t c a nhm l chng ta hy xem xt l i: li u t l chi tr c t c 40% c ph h p
ch a hay chng ta c n ph i ch n 1 t l chi tr khc nh m gi m b t gnh n ng ti chnh cho
cng ty?.
ng c tnh sau s cho chng ta ci nhn t ng quan v
t c khc nhau:

t c 40%
35%
30%
29%
28%
27%
26%
25%
Ti n thi u h t
(nhu c u vay sau
t c)
t c 40%
35%
30%
29%
28%
27%
26%
25%

ng ti chnh c a cc t l chi tr

12

27

38

48

61

65

107

ng
19921998
358

-21

-6

11

23

26

67

103

4.80
4.20
3.60
3.48
3.36
3.24
3.12
3.00

10.80
9.45
8.10
7.83
7.56
7.29
7.02
6.75

15.20
13.30
11.40
11.02
10.64
10.26
9.88
9.50

19.20
16.80
14.40
13.92
13.44
12.96
12.48
12.00

24.40
21.35
18.30
17.69
17.08
16.47
15.86
15.25

26.00
22.75
19.50
18.85
18.2
17.55
16.90
16.25

42.80
37.45
32.10
31.03
29.96
28.89
27.82
26.75

143.20
125.30
107.40
103.82
100.24
96.66
93.08
89.50

-25.80
-25.20
-24.60
-24.48
-24.36
-24.24
-24.12
-24.00

-16.80
-15.45
-14.10
-13.83
-13.56
-13.29
-13.02
-12.75

-12.20
-10.30
-8.40
-8.02
-7.64
-7.26
-6.88
-6.50

-8.20
-5.80
-3.40
-2.92
-2.44
-1.96
-1.48
-1.00

-1.40
1.65
4.70
5.31
5.92
6.53
7.14
7.75

0.00
3.25
6.50
7.15
7.80
8.45
9.10
9.75

24.20
29.55
34.90
35.97
37.04
38.11
39.18
40.25

-40.20
-22.30
-4.40
-0.82
2.76
6.34
9.92
13.50

1992
Thu nh p rng
Ti n thi u h t
(nhu c u vay
tr c c t c)

nh h

1993

1994

1995

TRANG 8

1996

1997

1998

c
1992

0.39
0.34
0.29
0.28
0.27
0.26
0.25
0.24

.d o

m
o

.c

19
76
19
77
19
78
19
79
19
80
19
81
19
82
19
83
19
84
19
85
19
86
19
87
19
88
19
89
19
90
19
91

c u-tr a c k

.d o

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BI TI U LU N TCDN II

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O
W
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O
W
!

PD

c u-tr a c k

.c

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F-XC A N GE

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F-XC A N GE

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Thng th ng 1 chnh sch chi tr c t c

c nh gi t t khi n t ng tr ng n nh theo
th i gian. C t c 2 n m g n nh t 1990 v 1991 u t m c 0.25$ / m i c ph n, do theo xu
ng th c t c chi tr trong n m 1992 t i thi u c ng ph i b ng 0.25$.
m c chi tr c t c 0.25$ ny th i h i 1 t l chi tr c t c l 26%.
t khc, xt trong di h n th cng ty lun mu n lm n c li, t c l t ng gi tr cn l i
sau khi chi c t c ph i l 1 con s d ng (>0)
Chng ta d dng nh n th y r ng, v i t l chi tr 28%, th t ng nhu c u vay sau c t c c a
cng ty trong th i gian t 1992 n 1998 b t u > 0 ( t m c 2.76 tri u $), u ny cho th y
ng ti n thi u h t c a cng ty s gi m d n t n m 1992 n 1995, t 1996 n 1998 th cng
ty b t u b p
c cc kho n thi u h t c a mnh, v n u xt trong th i gian di t 1992 n
1998 th cng ty v n lm n c li d duy tr m c chi tr c t c n nh l 28% / 1 n m.
Nh v y 1 chnh sch chi tr c t c v i t l t 26%
ph h p v i tnh hnh hi n nay c a Northboro.

n 28% / 1 n m

c xem l

u Nortboro t ng t l chi tr c t c ln v t qu 28% th c th lm hi lng h n cc c

ng, tuy nhin c ng lm t ng thm gnh n ng ti chnh ln cng ty, lm gia t ng r i ro, v ng
th i s lm gi m gi ch ng khon cng ty.

IV. C nn

i tn cng ty hay khng?

Vi c
i tn Northboro Machine Tools Corporation thnh Northboro Advanced
Systems International. Theo nh ng nh n nh t
bi th ch nh m m c ch thay i nh n
th c c a nh ng nh u t v cng ty.
Theo Alice Dent cc nh u t c ci nhn khng ng v tri n v ng c a cng ty. Dent
ti n hnh m t cu c kh o st ng i c th i bo ti chnh v k t qu cho th y s hi u bi t c a
t ng i th p v Northboro v ho t ng c a n.
+ Tn Northboro Machine Tools Corporationc ng v i th i gian ho t ng 68 n m d
lm cho nh u t ngh Northboro l m t cng ty ho t ng lu i trong nh ng ngnh cng
nghi p (Machine Tools) t c s thay i c i ti n.
+ Northboro Advanced Systems International g i cho nh u t v m t cng ty l n c
ph m vi ho t ng trn nhi u qu c gia, ton c u (International) v c nh ng s n ph m c i ti n
i (Advanced).
i tn l cch thay i nh n th c c a nh u t bn ngoi t m t cng ty truy n th ng
sang m t cng ty c nh ng s n ph m h tr m i trong ngnh cng nghi p ang t ng tr ng, c
ng l c ph m vi ton c u.
ng th i, vi c gi l i tn g c Northboronh m mong mu n vi c
i tn s mang tnh k th a, mong mu n nh u t nh gi cng ty nh m t doanh nghi p
ho t ng lu i trong ngnh cng nghi p m i v l cng ty c nhi u s n ph m m i.
y Northboro nn i tn cng ty, v i vi c thay i tn m i, Northboro Advanced
Systems International, th hi n m t cch chnh xc h n nh ng s n ph m c a cng ty trong ngnh
n xu t ph n m m v ph n c ng. ng th i vi c lm ny s thu ht nh ng nh u t m i quan
tm n s t ng tr ng c a ngnh m cng ty ang tham gia. Hnh nh m i v m t chnh sch c
c ph h p s nh v s thnh cng c a h trong ngnh.

TRANG 9

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.c

.d o

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to

BI TI U LU N TCDN II

bu

O
W
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PD

O
W
!

PD

c u-tr a c k

.c

H
F-XC A N GE

H
F-XC A N GE

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y
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to

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Tuy nhin vi c i tn c a cng ty nn

c th c hi n trong m t vi n m t i khi m
tnh hnh c a cng ty tr nn n nh h n ch khng ph i l i tn by gi .
i tn by
gi l khng ph h p b i v:
+ Cng ty v a m i tri qua hai t ti c u trc quy m l n v i chi ph ln n $104 triu
($44 tri u n m 1989 va $60 tri u n m 1991). Bn c nh s n ph m AR m i ra i ang r t c n
n
m r ng s n ph m. Cng ty by gi nn
dnh kho n $10 tri u cho nh ng cng vi c
ny h n l
i tn cng ty th i m hi n t i.
+ Cc nh t v n khng a 1 ch ng c th c nghi m no v vi c gi c ph n s ph n
ng tch c c i v i chi n d ch qu ng co hnh nh cng ty, do vi c m o hi m chi tiu ti n
trong hon c nh cng ty ang g p kh kh n v ti chnh l khng c n thi t.
+ Trong t ng lai khi m tnh hnh cng ty tr nn n nh h n, s n ph m AR va ngnh
cng ngh CAD/CAM chi m ph n l n trong vi c kinh doanh c a Northboro, cng ty ny th c s
tr thnh m t cng ty chuyn s n xu t thi t b ph n m m AR v CAD/CAM , cn cng c my
v cc s n ph m linh tinh khc ch l b tr ho c c th b qua th lc cng ty m i nn i
tn.

TRANG 10

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BI TI U LU N TCDN II

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O
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O
W
!

PD

c u-tr a c k

.c

H
F-XC A N GE

H
F-XC A N GE

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y
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c u-tr a c k

lic

PH L C
1. B ng cn

i k ton:

NG CN
CH TIU
A. TI S N NG N H N
I. Ti n v cc kho n t ng
ng
ti n
II. Cc kho n ph i thu ng n h n
III. Hng t n kho
IV.Ti s n ng n h n khc
1. Chi ph tr tr c ng n h n
2. Ti s n ng n h n khc
B. TI S N DI H N
I. Ti s n c
nh h u hnh (thu n)
- Nguyn gi
- Gi tr hao mn lu k
II. Ti s n c
nh v hnh
III. Ti s n di h n khc

NG C NG TI S N
A. N PH I TR
I. N ng n h n
1. Vay ngn hng
2. Kho n ph i tr
3. N di h n n h n tr
4. N ng n h n khc
II. N di h n
1. Thu tr hon
2. N di h n
3. Cc kho n ph i tr h u b ng tr
hon
4. Cc kho n ph i tr khc
B.V N CH S H U
I. V n ch s h u
1.V n c ph n th ng (1$)
2. Th ng d v n c ph n
3. Cc kho n u ch nh l y k
4. L i nhu n gi l i
5. Tr i c phi u qu

NG C NG NGU N V N
(440 = 300 + 400)

1989

I K TON
1990
326,161

1991
298,055

ki n 1992
331,110

9,278
139,027
153,561
24,295
9,506
14,789
123,561
106,793
218,402
-111,609
6,286
10,482

14,820
124,824
135,925
22,486
8,677
13,809
130,094
116,903
239,227
-122,324
1,399
11,792

17,110
145,000
145,000
24,000
10,000
14,000
150,000
137,000
274,000
-137,000
1,000
12,000

449,722
182,274
133,545
22,797
24,299
200
86,249
48,729
11,324
6,000

428,149
239,767
178,223
47,563
22,826
100
107,734
61,544
9,179
5,850

481,110
281,000
198,000
50,000
25,000
1,000
122,000
83,000
11,000
20,000

29,860
1,545
267,448
267,448
12,570
71,916
-4,377
194,332
-6,993

42,886
3,629
188,382
188,382
12,570
71,938
13,472
97,398
-6,996

47,000
5,000
200,110
200,110
12,570
71,938
18,000
104,598
-6,996

449,722

428,149

481,110

TRANG 11

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BI TI U LU N TCDN II

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H
F-XC A N GE

H
F-XC A N GE

N
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lic

2. Bo co k t qu ho t

ng kinh doanh:

BO CO K T QU HO T
CH TIU
Doanh thu thu n
Chi ph ng v i doanh thu
i nhu n g p
Chi ph nghin c u v pht tri n
Chi ph chung, bn hng v qu n l
Chi ph ti c u trc
i nhu n (l ) ho t ng
Thu nh p (chi ph) khc
Thu nh p (l ) tr c thu
Thu thu nh p (l i ch thu )
Thu nh p (l ) rng
Thu nh p (l ) m i c ph n ($)
t c m i c ph n ($)

1989
572,175
360,498
211,677
51,785
153,314
43,632
-37,054
-3,000
-40,054
827
-40,881
-3.31
0.78

NG KINH DOANH
1990
543,986
334,305
209,681
47,030
149,089
0
13,562
710
14,272
5,610
8,662
0.70
0.25

1991
504,425
332,586
171,839
50,278
154,005
59,607
-92,051
-2,305
-94,356
-500
-93,856
-7.62
0.25

ki n 1992
580,000
366,500
213,500
51,500
141,000
0
21,000
-2,800
18,200
6,188
12,012
0.97
0.40

3. Cc ch s ti chnh:

CC CH S
CH TIU
I. T s thanh ton
s thanh ton hi n hnh Rc
s thanh ton nhanh Rq
II. T s ho t ng
vng quay cc kho n ph i thu
vng quay hng t n kho
Hi u su t s d ng TSC
Hi u su t s d ng ton b TS
Hi u su t s d ng v n c ph n
III. T s n b y
s n trn t ng ti s n
s n trn v n c ph n
s t ng ti s n trn v n c ph n

TI CHNH

1989

Kh n ng thanh ton li vay

IV. T su t sinh l i
su t sinh l i trn doanh thu
su t sinh l i trn t ng ti s n (ROA)
su t sinh l i trn v n c ph n
(ROE)
V. T su t gi th tr ng
Thu nh p m i c ph n
t c m i c ph n

TRANG 12

1990

1991

ki n 1992

2.44
1.29

1.67
0.91

1.67
0.94

3.91
3.54
4.40
1.21
2.03

4.04
3.71
3.88
1.18
2.68

4.00
4.00
3.87
1.21
2.90

41%
68%
168%

56%
127%
227%

58%
140%
240%

1.59%
1.93%

-18.61%
-21.92%

2.07%
2.50%

3.24%

-49.82%

6.00%

0.70
0.25

-7.62
0.25

0.97

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to

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bu

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