TS.

N G U Y N

Ging

vin i hc

chng

trnh ging

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Kinh T TP.HCM
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G i n g v i n i h c Kinh T TP. HCM v

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( L

T H U Y T ,

B I

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B I

NGUYN!

THUN TM HC L:

NH XUT BN THNG
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G I I )

T C

G I

Tin s NGUYN MINH

K I U h i n l T r n g B M n K i n h
Doanh T i n T ca Khoa N g n h n g
thuc Trng

i hc

Kinh

Thnh p h H Ch Minh. n g cn
l g i n g v i n c h n h m n P h n tch
Ti chnh v ng Ging vin m n
T i c h n h P h t t r i n ca

Chng

Trnh Ging D y K i n h T Fulbrigth

- C h n g trnh lin k t gia

Har-

vard University v i hc Kinh t

Thnh p h H Ch Minh.
Tt nghip C nhn Kinh t
chuyn

ngnh

Ngn

hng

nm

1986, n g c i h c K i n h T
gi l i lm cn b ging dy

ca

t r n g t n m 1987. N m 1995 n g
t r n g t u y n v t h a m gia v o C h n g T r n h P h t T r i n Q u n L T h y
S - A I T - V i t N a m (SAV) v c t u y n c h n sang h c c h n g t r n h
T h c s Q u n T r K i n h D o a n h ( M B A ) t i V i n C n g N g h C h u ( A U ) ,
T h i L a n . N m 1997 sau k h i n h n b n g M B A , n g v t i p t c g i n g d y
t i i h c K i n h T n g t h i l m n g h i n c u v g i n g d y cho c h n g
t r n h S A V . N m 1998 n g n h n c h c b n g ca C h n g t r n h S A V
v c t u y n c h n v o h c c h n g t r n h T i n s Q u n T r K i n h D o a n h
( D B A ) t i S o u t h e r n Cross U n i v e r s i t y , A u s t r a l i a . N m 2001 sau k h i n h n
b n g D B A n g t r v V i t N a m g i n g d y cho i h c K i n h T v
C h n g t r n h F u l b r i g t h . N g o i ra, n g c n g i n g d y T i c h n h c n g t y ,
Q u n tr t i c h n h v T i c h n h q u c t cho c c c h n g t r n h d o i h c
n c n g o i m V i t N a m n h C F V G , BI, C u r t i n , Cao h c H

Lan,

v t h a m gia g i n g d y v t v n cho c c d o a n h n g h i p v n g n h n g
thng mi Vit

Nam.

L I

T C

G I

Lung gi i mi bt u t nm 1986 thi cc khi nim v

l t h u y t q u n t r t i c h n h v t i c h n h c n g t y t c c n c p h t t r i n ,
c b i t l M , v o V i t N a m . T n nay, n h n g k h i n i m

qun

tr v l t h u y t t i c h n h c n g t y t n g b c c h c t p v t r u y n b
v o V i t N a m . T h n g t h n m n i y l m t n g g p q u a n t r n g ,
n h n g q u a n t r n g h n n a l l m sao n g d n g c c c k h i n i m v
l t h u y t ti c h n h c x y d n g v p h t t r i n t cc nc t i n t i n
v o b i c n h ca V i t N a m .
P h n l n c c s c h t i c h n h d o a n h n g h i p v q u n tr t i c h n h
x u t b n V i t N a m t t r c n n a y u c g n g v ch d n g l i
mc b i n dch v g i i t h i u cc k h i n i m v l t h u y t ti chnh
cng ty M v o V i t Nam, ch cha l m r v n h n m n h n cch
thc c n g n h k h n n g n g d n g cc k h i n i m v l t h u y t n y n h
t h n o . K t q u l c g i , n h t l c c b n s i n h v i n c h a t r i n g h i m
qua t h c t i n , c m t h y k h h i u v b i r i k h i v n d n g v o t h c t i n .
G p p h n chia s k h k h n n y , t i b ra t h i g i a n v c n g sc h c
t p c h t h n g qua c h n g t r n h t h c s v t i n s q u n tr k i n h d o a n h
n c n g o i , t c v n g h i n c u qua k h o n g 10 q u y n s c h v q u n
tr t i c h n h (Financial M a n a g e m e n t ) v t i c h n h c n g t y ( C o r p o r a t e
Finance) t r o n g s u t l o n m t r i c n g v i k i n h n g h i m t v n v l n l n
v i cc doanh nghip V i t N a m v i t v xut b n q u y n T i c h n h
c n g t y : L t h u y t v t h c h n h q u n l n g d n g cho c n g t y V i t
Nam. Q u y n sch n y n g h i n cu k tha v v n d n g cc k h i n i m
v l t h u y t q u n t r t i c h n h v t i c h n h c n g t y c t r n h b y t r o n g
cc tc p h m n i t i n g ca cc g i o s cc t r n g i h c M . D o
v y , n i d u n g q u y n s c h n y t h h i n s v n d n g v o V i t N a m c c
k h i n i m v l t h u y t ti chnh t:
X. Van Horne, J.c, and Wachowicz, J.M., (2001), Fundamentals of
Financial Management, l l

E d i t i o n , Prentice H a l l .

2.

Ross, W e s t e r f i e l d and

Jordan : F u n d a m e n t a l s o f

Corporate

F i n a n c e , Seventh e d i t i o n , 2005, M c G r a w - H i l l I n v i n .
3.

Ross, S.A.,

Westerfield, R.w.,

Finance, 6
4.

5.

t h

Jaffe, J.F.,

(2002),

E d i t i o n , M c G r a w - H i l l and I n v i n .

Ross, S.A.,

Westerfield, R.w.,

Finance, 7

E d i t i o n , M c G r a w - H i l l and I r w i n .

t h

Corporate

Jaffe, J.F.,

(2005), C o r p o r a t e

Brealey, R.A., and M y e r s , S.C., (1996), P r i n c i p l e s oi C o r p o r a t e

Finance, 5

6.

t h

Edition, M c G r a w - H i l l

Frank J. Fabozzi, Franco M o d i g l i a n i , Frank J. Jones, M i c h a e l G.

Ferri : F o u n d a t i o n s oi f i n a n c i a l m a r k e t s a n d i n s t i t u t i o n s , T h d
e d i t i o n , 2002, Prentice H a u .

7.

M a d u r a , J. (2001), F i n a n c i a l M a r k e t s a n d I n s t i t u t i o n s , 5

t h

edition,

South-VVestern College Publishing.

8.

Shapiro, A . A . , (1999), M u l t i n a t i o n a l
6

9.

t h

Financial Management,

e d i t i o n , Prentice Ht!.

E u n a n d Resnick : I n t e r n a t o n a l F i n a n c i a l M a n a g e m e n t , T h d
E d i t i o n , 2004, I n v i n - M c G r a w - H i l l

10. M o o s a , A . .,
McGraw-Hill.

(2004), I n t e r n a t i o n a l P i n a n c e ,

n d

edition,

Nt c o ca quyn sch ny khng ch dng li ch tham

k h o n h i u s c h v t i c h n h ca c c t c g i n i t i n g n c n g o i m
c n c h , t r c t i n , b i t c h t l c n h n g k h i n i m v l t h u y t

no

p h hp v c kh n n g ng d n g Vit Nam, v, k n , trnh b y

theo t r t t v h t h n g sao cho d c , d h i u , d theo d i , v
bit, d n g d n g i v i c gi. V i mc tiu n h vy, quyn

c
sch

n y c t r n h b y t h n h 6 p h n bao g m 18 c h n g :
Phn

: C n b n v t i c h n h c n g ty - P h n n y c b n c h n g

l n l t t r n h b y T n g q u a n v q u n tr t i c h n h c n g t y , Thi gi
t v m hnh
M

hnh

chit

khu dng

nh gi ti sn vn.

tin,

Quan h gia li nhun

v ri ro

tin
v

M c t i u ca p h n n y l t r a n g b k i n

t h c c n b n l m n n t n g cho v i c n g h i n c u c c p h n t i p theo
Phn

2 : P h n tch v quyt nh u t - Phn n y c b n c h n g l n

l t t r n h b y nh gi v quyt nh u t ti sn ti chnh,

nh gi v

quyt

nh u t ti sn c nh, Quyt

nh tn qu v tn kho, v

Quyt

nh chnh sch bn chu v qun l khon phi thu. M c t i u c a p h n n y

l t r a n g b k i n t h c v c n g c p h n t c h g i p ra c c q u y t
u t, m t t r o n g ba q u y t c h y u ca t i c h n h c n g t y . Phn

nh

3 : Phn

tch v q u y t n h n g u n v n - P h n n y c n m c h n g l n l t t r n h
b y n by hot ng
chnh,

Quyt

nh ngun

cng ty, v L thuyt

v n by ti chnh,

Quyt

nh

vn ca cng ty, Cc l thuyt

M&M

mua hay thu

ti

v c cu vn

ca

v c cu vn ca cng ty. M c t i u c a p h n

n y l t r a n g b k i n t h c v c n g c p h n tch n h m ra q u y t n h l i n
q u a n n h u y n g n g u n v n . N t c o c a p h n n y l b n s
t i p c n m t c c h c h t h n g v i l t h u y t M & M v c c u v n . Phn

4 :

Q u y t n h c h n h s c h c tc p h n g n g a r i r o t i c h n h - P h n n y
c hai c h n g l n l t t r n h b y Quyt
nh gii php phng

nh chnh

nga ri ro ti chnh.

sch c tc v

Quyt

M c t i u c a c h n g n y l

t r a n g b k i n t h c v c n g c p h n tch q u y t i n h c h n h s c h p h n
p h i l i n h u n c a c n g t y . N g o i ra, c n t r a n g b c n g c p h n tch
n h m g i p c n g t y n g n c h n n h h n g ca r i ro t i c h n h , g p p h n
l m gia t n g g i tr v l i n h u n cho c n g . Phn

5 : P h n tch v

h o c h i n h t i c h n h c n g t y - P h n n y c ba c h n g l n l t t r n h
b y Gii thiu cc bo co ti chnh cng ty, Phn tch cc bo co ti

chnh

cng ty, v Hoch nh ti chnh cng ty. M c t i u c a p h n n y l t r n h

b y k i n thc v c n g c g i p b n h i u c tnh h n h ti c h n h c n g
t y t r o n g q u k h v h i n t i h o c h n h t i c h n h cho t n g l a i , n h m
t m c t i u k h n g n g n g gia t n g gi tr t i sn cho c n g . Phn

6 :

Bi g i i v p n g i - P h n n y x u t cc bi gii v p n

gi

cho c c b i t p c u i m i c h n g , n h m g i p b n n t p v

nm

v n g k i n t h c t r n h b y t r o n g l t h u y t . N g o i ra, c u i m t
c h n g c n c t r n h b y c c nghin

cu tnh hung

nhm gip bn

s
c

h i u c c c h t h c n g d n g v a c c k h i n i m c n g n h l t h u y t
ti chnh hc t p c cc nc v o V i t N a m n h t h n o .
V i s u p h n v 18 c h n g c b cc v t r n h b y m t

cch

khoa h c v c h t h n g , t i h y v n g q u y n s c h n y s l m t

cm

n a n g k h n g t h t h i u c a c c n h q u n l v g i o t r n h c a c h u n g
n h t ca c c b n s i n h v i n . X i n g i i t h i u v c h n t h n h c m n s n g
h ca q u c g i n v i q u y n s c h n y .

C A M

Qu trnh bin son quyn sch ny t khi ny sinh tng cho

n k h i h o n t t b n t h o giao cho n h x u t b n m t h t k h o n g 5 n m .
N m n m l m t k h o n g t h i gian k h d i n h n g c n t h i t t c h l y
k i n t h c v k i n h n g h i m cho m t t c p h m t m h u y t c u t
k h c h u o . c c n g y h m nay, n g y m q u y n s c h n y c h n h
t h c c h o i n h m t m n q u d n h cho c g i , t i n h n

s n g h v g i p ca r t n h i u t chc v c n h n . N h n y ,
t r c t i n , t i x i n c h n t h n h b y t l n g b i t n n c c t chc:
T r n g i hc K i n h T TP.HCM (UEH)
Svviss - A I T - V i e t n a m Management D e v e l o p m e n t P r o g r a m ( S A V ) .
A s i a n I n s t i t u t e of Technology ( A U ) , Bangkok, T h a i l a n d .
S o u t h e r n Cross U n i v e r s i t y (SCU), N S W ,
Fulbright

Economics Teaching

A ustralia.

Program

(FETP),

Harvard

University.
V i c t o r i a U n i v e r s i t y of VVellgton ( V U W ) , N e w Zealand.
c cng trong vic cung cp phng tin hc tp, nghin cu, kin
t h c v l n h n g h i m cho t i tch l y qua n h i u n m c t h v i t n n
quyn sch ny.
K n, ti chn thnh cm n cc gio s cc bc thy du
d t v t r u y n t k i n t h c v k i n h n g h i m cho t i , c t h l t h y P h m
V n N n g - H i u t r n g i h c K i n h T , G i o s Jyoti G u p t a - N g u y n
H e a d of School oi M a n a g e m e n t , A s i a n Institute of Technology ( A I T ) , G i o
s G e o f f r e y M e r e d i t h - N g u y n Director of Graduate College of M a n agement, S o u t h e r n Cross U n i v e r s i t y (SCU), G i o s N e i l Q u i q l e y - ProVice
Chancellor, V i c t o r i a U n i v e r s i t y oi VVellington ( V U W ) .

N g o i ra, t i c n g x i n c m n c c b n n g n g h i p bao g m D r .
V i k t o r i a D a l k o , c h N g K i m P h n g , c c anh D i p D n g v H u n h T h
D u C h n g trnh G i n g D y K i n h T Fulbright n g g p m t

k i n , t i l i u v d l i u h t r cho v i c b i n s o n q u y n s c h n y .
C u i c n g l l i t r i n t n y l n g x i n d n h cho cha v m l
n h n g n g i sinh t h n h v d y d ti n n n g i , c n g n h l i c m n
y y u t h n g v t r u m n d n h cho T r n T h Q u l n g i b n i
chu n g k h k h n v t v n h t v l u n s t c n h c n g t i t r o n g l c
k h a u cng n h h n h p h c . M t l n na xin c h n t h n h c m n tt
c n h n g ai c c n g n v n h h n g n t h n h q u n g y n a y
ti.

ca

M c LC

M C

L C

Trang
-

V Tc gi

Li

Cm

Mc

lc

Tc gi

PHN
C N B N V TI CHNH C N G

TY

Chng 1 : TONG QUAN V QUN TR TI CHNH CNG TY 17

1. C c l o i h n h d o a n h n g h i p

17

2. M c t i u ca c n g t y

20

3. Q u n t r t i c h n h c n g t y l g ?

22

4. C c q u y t n h c h y u ca t i c h n h c n g t y

23

5. M i t r n g k i n h d o a n h ca c n g t y

26

Tm tt
N g h i n cu t n h h u n g : I m e x Co. L t d

35

Cu hi tho lun

41

Bi tp

41

Chng 2: THI GI TIN T V M HNH

CHIT KHU DNG TIN

42

1. L i n , l i k p v t h i g i t i n t ca m t s t i n

42

2. T h i g i ca d n g t i n t

45

3. T h i g i t i n t k h i g h p l i n h i u l n t r o n g n m

51

4. L i s u t d a n h n g h a v l i s u t h i u d n g

52

5. T h i g i t i n t v cho v a y t r g p

53

6. M h n h c h i t k h u d n g t i n ( D C F m o d e l )

54

Tm tt

57

Bi tp

58

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10

Chng

3 : Q U A N H LI N H U N V R I RO

61

1. n h n g h a l i n h u n v r i ro

61

2. o l n g r i r o

62

3. T h i i v i r i r o

64

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65

5. a d n g h a d a n h m c u t n h m g i m r i r o

67

Tm tt

70

Bi tp

70

Chng 4 : M HNH NH GI TI SN VN 73
1. G i i t h i u c h u n g

73

2. N h n g g i n h

74

3. N i d u n g ca m h n h C A P M

74

4. u n h c i m ca m h n h C A P M

80

5. L t h u y t n h g i k i n h d o a n h c h n h l c h
(Arbitrage Pricing Theory)

81

6. L t h u y t t h t r n g v n v m h n h C A P M

83

7. M h n h C A P M t r o n g i u k i n t h t r n g v n V i t N a m

86

Tm tt

88

N g h i n cu t n h h u n g : T i g e r C a p i t a l L t d .

89

Cu hi tho lun

95

Bi tp

100

PHN 2
PHN TCH V QUYT NH AU

Chng 5: NH GI V QUYT NH AU T
TAI SN TI CHNH

105

1. T n g q u a n v n h g i t i s n t i c h n h

105

2. n h g i t r i p h i u

107

3. n h g i c p h i u u i

114

4. n h g i c p h i u t h n g

114

5. L i s u t c p h i u

118

Tm tt

119

N g h i n cu t n h h u n g : P e t r o v i e t n a m

119

Cu hi tho lun

122

Bi tp

123