p2 5748

Quan tr tai chnh doanh nghiep, tap 1 - 76 -
CHNG IV: QUAN LY VON LU ONG
I. Khai niem va phan loai von lu ong

1. Khai niem von lu ong (tai san lu ong)
Co nhieu quan iem khac nhau ve khai niem ve tai san lu ong. Tuy nhien,
mot cach n gian nhat, e phan biet vi tai san co nh, th tai san lu ong bao
gom tien mat va tat ca nhng tai san co the chuyen oi thanh tien mat trong thi han
mot nam. Hnh thai gia tr cua cac tai san nay c goi la von lu ong 26.
Tng t nh vay, cac khoan n phai tra trong thi han mot nam c coi la
n ngan han va cac khoan n co thi gian ao han ln hn mot nam c coi la n
trung va/hoac dai han.
D nhien, von lu ong thuan (hay tai san lu ong rong) chnh la phan chenh
lech gia tai san lu ong va n ngan han.
Tren goc o tong the, viec quan ly cac loai tai san lu ong co lien quan chat
che en viec quan ly cac khoan n ngan han, nen thuat ng quan ly von lu ong
(hay quan tr ngan quy luan chuyen Working capital management) thng c s
dung e e cap en s quan ly tat ca cac tai san lu ong va n ngan han cua doanh
nghiep.
2. Phan loai von lu ong
Theo vai tro cua von lu ong trong qua trnh san xuat kinh doanh, ngi ta
chia von lu ong cua doanh nghiep ra lam ba nhom ln, trong moi nhom, v cong
dung khac nhau, lai bao gom nhieu khoan von cu the.
a) Von lu ong nam trong qua trnh d tr san xuat
-Von nguyen vat lieu chnh : La so tien bieu hien gia tr cac loai vat t d tr
cho san xuat, khi tham gia san xuat hp thanh thc the chu yeu cua san pham.
-Ban thanh pham mua ngoai tnh chat giong nh nguyen vat lieu chnh.
-Von vat lieu phu : La gia tr nhng vat t d tr cho san xuat. Cac vat t nay
khong cau thanh thc the chnh cua san pham ma no ket hp vi nguyen vat lieu
chnh e giup cho viec hnh thanh san pham c thuan li hn, hoac lam cho
san pham ben va ep hn.
-Von nhien lieu la gia tr nhng loai nhien lieu d tr dung trong san xuat.
-Von phu tung thay the bao gom gia tr nhng phu tung, linh kien d tr e
thay the moi khi sa cha tai san co nh.
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Nh vay, ve can ban, von lu ong la bieu hien bang tien cua tat ca cac tai san lu ong trong
doanh nghiep. Co le nen hieu khai niem nay mot cach tng oi e tranh cam giac thieu nhat quan
khi a tha nhan rang ban than tien mat cung la mot loai tai san lu ong !
Nguyen Van Tuan Khoa QTKD

-Von vat lieu ong goi.
-Von ve cac vat re tien mau hong khac : Thc chat la gia tr nhng cong cu
dung cu nho, co gia tr thap, thi gian s dung ngan
b) Von lu ong nam trong qua trnh trc tiep san xuat
-Von san pham ang che tao : La gia tr nhng san pham d dang, ang trong
qua trnh che tao hoac nam tren cac ia iem lam viec ch che bien tiep.
-Von ban thanh pham t che la gia tr nhng san pham d dang, nhng khac
san pham ang che tao cho no a hoan thanh mot giai oan che bien nhat nh.
Mot so ban thanh pham t che con co gia tr kinh te oc lap v du nh: si cua nha
may det, cac linh kien phu tung trong nha may c kh co the em che bien tiep, hoac
cung co the em ban cho nhng doanh nghiep khac
-Von ve ph ton i phan bo la nhng chi ph chi ra trong ky nhng cha tnh
vao gia thanh san pham trong ky ma se phan bo dan vao gia thanh cua cac ky tiep
sau.
c) Von lu ong nam trong qua trnh lu thong
-Von thanh pham la gia tr so san pham a hoan thanh nhap kho chuan b tieu
thu
-Von hang hoa mua ngoai la gia tr nhng san pham doanh nghiep mua ngoai,
nhap kho e ban.
-Von hang hoa a xuat ban nhng cha thu c tien.
-Von tien te gom tien mat ton quy, tien gi ngan hang, tien ang chuyen va
au t chng khoan ngan han khac
-Von thanh toan gom nhng khoan phai thu, phai tra, tam ng phat sinh trong
qua trnh mua ban hang hoa hoac thanh toan noi bo.
Ben canh o, con co nhieu cach phan loai von lu ong da tren nhng tieu
thc khac nhau, nham phuc vu cho cac muc tieu quan ly khac nhau tng doanh
nghiep. Nhng mot cach tong quat va tren goc o quan tr, co the xem thanh phan c
ban cua von lu ong la hang ton kho, cac khoan phai thu va tien mat. Do vay viec
quan ly von lu ong thc chat chnh la viec quan ly hang ton kho, quan ly cac khoan
phai thu va quan ly tien mat.
II. Quan ly hang ton kho

1. Hang ton kho va chi ph ton kho
a) Hang hoa ton kho
La nhng tai san ma doanh nghiep d tr e phuc vu cho nhu cau san xuat
hoac tieu thu. Mot cach cu the, ay la nhng tai san :
-c doanh nghiep gi e ban trong ky san xuat, kinh doanh bnh thng ;

-ang trong qua trnh san xuat kinh doanh d dang ;
-Nguyen lieu, vat lieu, cong cu, dung cu e s dung trong qua trnh san xuat
kinh doanh hoac cung ng dch vu.
oi vi cac doanh nghiep san xuat th hang ton kho chu yeu bao gom nguyen
vat lieu, cong cu dung cu (ang ton kho, gi i gia cong che bien, hoac a mua va
ang van chuyen tren ng) ; san pham d dang (gom san pham cha hoan thanh
va san pham a hoan thanh nhng cha lam thu tuc nhap kho thanh pham) ; va thanh
pham (thanh pham ang ton kho va thanh pham gi i ban).
oi vi cac doanh nghiep kinh doanh thng mai th hang ton kho chu yeu la
hang hoa mua ve e ban (gom hang ang ton trong kho, hang a mua nhng ang i
tren ng, hang gi i ban, hang gi i gia cong che bien).
b) Chi ph ton kho (Total Inventory cost)
e d tr hang ton kho, doanh nghiep phai chu ton kem chi ph. Co ba loai
chi ph chu yeu co lien quan en viec d tr hang ton kho o la : Chi ph at hang
(ordering cost hay cost per order) ; chi ph lu gi hang ton kho (hay chi ph ton tr
holding cost) ; va chi ph c hoi lien quan en hang ton kho (opportunity cost).
-Chi ph lu gi hang trong kho (chi ph ton tr) bao gom chi ph cho cac
khoan boc d, xep at hang hoa ; chi ph bao hiem hang hoa ; chi ph do hao hut, mat
mat, h hong hang hoa ; chi ph ve bao quan hang hoa ; chi ph thue mn kho bai
(hoac tien khau hao kho) ; chi ph tra lai cho nguon von vay n e mua hang hoa d
tr ; cac chi ph khac co lien quan
-Chi ph at hang : Thng la nhng chi ph co nh (t thay oi) cho moi lan
at mua hang hoa, chu yeu gom : chi ph hoa hong moi gii mua hang ; chi ph cho
viec thiet lap va gi n hang ; chi ph van chuyen hang hoa
-Chi ph c hoi lien quan en hang ton kho : Neu mot doanh nghiep khong co
u nguyen vat lieu d tr trong kho e ap ng kp thi nhu cau san xuat th co the
gay ra nhng ton that do nh on san xuat ; Hoac do khong co u hang hoa d tr e
giao theo n at hang ung han nen b phat vi pham hp ong, dan ti lam ton hai
uy tn thng mai, lam giam sut tiem nang ban hang trong tng lai cua doanh
nghiep, hoac tham ch do khong co san hang hoa d tr e ban nen b mat i c hoi
ban hang hien tai, mat i khoan li nhuan ky vong ma ang le ra doanh nghiep c
hng Tat ca nhng ton that noi tren c xem la chi ph c hoi lien quan en viec
ton tr hang hoa.
2. Cac yeu to anh hng en mc ton kho
Nhn chung, mc d tr ton kho cua doanh nghiep chu s tac ong cua nhieu
nhan to. Chang han nh :
-Hoat ong cua doanh nghiep : oi vi cac doanh nghiep thng mai th hang
hoa ton kho e ban chiem ty trong ln hn so vi ton kho ve nguyen vat lieu.
Ngc lai, oi vi cac doanh nghiep san xuat th ton kho ve nguyen vat lieu, san

pham d dang va thanh pham chiem ty trong ln, trong khi ton kho ve hang hoa
mua ngoai e ban chiem ty trong nho hn.
-Tnh chat cua quy trnh san xuat : Ton kho nguyen vat lieu va san pham d
dang thng se gia tang khi mc o san xuat gia tang. Ngoai ra, chu ky san xuat cang
dai th lng san pham d dang ton kho se cang ln, hoac nguyen vat lieu ton kho
cung co the se tang cao neu moi cong oan san xuat cua quy trnh cong nghe eu can
en nguyen vat lieu.
-Cac rui ro trong quan he cung ng va tieu thu : Cac doanh nghiep rat kho e
tnh toan chnh xac nhu cau hang hoa tieu thu trong ky, hoac d bao c mot cach
chan chan nhng rui ro co the xay ra oi vi viec cung ng hang hoa cua nha cung
cap. Do vay can thiet phai duy tr mot lng ton kho an toan nao o e phong nga
bat trac.
Lng ton kho an toan nay nhieu hay t lai phu thuoc vao mc o tin cay cua
nhng d bao ve nhu cau tieu thu hang hoa, hoac mc o chac chan va chnh xac cua
viec cung ng hang cua nha cung cap, cung nh nhng can nhac gia mot ben la chi
ph ma doanh nghiep phai bo ra e duy tr lng ton kho an toan, va ben kia la nhng
ton that c hoi co the xay ra do doanh nghiep khong u hang e thoa man nhu cau
tieu thu.
-Cac c hoi bat thng : Chang han nh khi doanh nghiep phai mua nguyen
vat lieu hoac hang hoa nhap kho vi mot mc ln hn nhu cau can thiet e ; hoac
c hng chiet khau mua hang ; hoac v mot mc gia ac biet u ai nao o ; hoac
v muc ch au c tch tr ch gia len e hng chenh lechieu nay keo theo
lng hang hoa ton kho co the cao hn bnh thng mot cach ang ke trong mot thi
gian nhat nh.
-Mc hang hoa ton kho cung co the tang cao hoac giam thap co tnh giai oan
do tac ong cua yeu to thi vu trong qua trnh san xuat kinh doanh.
-Mc d tr hang ton kho cua doanh nghiep cung chu tac ong cua moi lien
he gia chi ph at hang va chi ph lu gi hang hoa trong kho. Quan he gia hai
loai chi ph nay la tng quan nghch bien. Khi so lan at hang nhieu, mc hang
hoa ton kho bnh quan thap, dan ti chi ph ton tr thap, nhng do at hang nhieu
lan nen tong chi ph at hang lai cao. Ngc lai, khi so lan at hang giam i, tong
chi ph at hang giam xuong, nhng khoi lng hang trong moi lan at lai phai
cao hn, lam cho lng hang ton kho bnh quan cung phai ln hn, keo theo chi
ph ton tr hang hoa cung cao hn.
Muc tieu cua quan tr ton kho la lam sao xac nh c san lng cho moi
lan at hang e tong chi ph at hang va chi ph ton tr la thap nhat. ieu nay co
ngha la phai xac nh c mot mc san lng at hang toi u nao o e toi
thieu hoa chi ph ton kho.
Co nhieu phng phap nh lng giup nha quan tr tai chnh giai quyet van
e nay, c trnh bay can ke trong giao trnh quan tr san xuat va dch vu. Di ay
ch neu len mot phng phap thong dung nhat trong so o.

3. Mo hnh san lng at hang hieu qua (EOQ)
Mo hnh EOQ la mot mo hnh nh lng c s dung e xac nh mc ton

kho toi u cho doanh nghiep. Yeu to co tam quan trong ac biet trong mo hnh nay la
nha quan ly phai d bao chnh xac tong nhu cau hang hoa tieu thu (hoac tong nhu
cau nguyen vat lieu can dung) trong ky phan tch (thng la nam27), e tren c s o
xac nh so lan at hang trong nam va kho lng hang hoa cho moi lan at hang.
Trnh t tnh toan cu the nh sau :
Goi Q la so lng hang cua moi lan at hang ; C la chi ph lu gi cho moi
n v hang ton kho ; S la tong khoi lng hang hoa ma doanh nghiep d kien se tieu
thu c hoac se s dung trong ky28 ; K la chi ph cho moi lan at hang ; T la tong chi
ph ve hang ton kho cua mot ky, ta co :
Q S
T = C + K
2 Q
Muc tieu cua mo hnh EOQ, nh tren a noi, la lam sao xac nh c mot
san lng at hang toi u nao o (ky hieu la Q*) e tong chi ph T la nho nhat. Bang
phng phap toan hoc, ngi ta xac nh cong thc tm Q* e toi thieu hoa tong ph
T nh sau :
2.S .K
Q* =
C
V du 1. Doanh nghiep A d kien san lng tieu thu trong nam ke hoach la
20.000 n v san pham. Tai lieu nam thc hien cho biet chi ph cho moi lan at hang
la 1000.000 ong ; chi ph ton tr hang nam tnh tren moi n v san pham lu kho la
10.000 ong.
Hay xac nh san lng toi u cho moi lan at hang ; So lan at hang nam ke
hoach ; va tong chi ph ton kho nam ke hoach.
Ta co : S = 20.000 VSP Q* = ?
K = 1000.000 ong/lan So lan at hang ?
C = 10.000 ong/vsp/nam T=?
San lng toi u cho moi lan at hang trong nam ke hoach la :
2 . K .S 2 1000 .000 20 .000

Q* = = = 2000 vsp
C 10 .000
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Nhng doanh nghiep co nhu cau hang hoa mang tnh mua vu co the chon ky d bao khac phu hp
vi ac iem kinh doanh cua mnh.
28
Gia tr S phai c doanh nghiep d bao bang cach s dung, chang han nh, nhng phng phap d
bao nh lng a c trnh bay trong giao trnh Ly thuyet thong ke doanh nghiep.

So lan at hang nam ke hoach = 20.000 : 2000 = 10 lan
T = (2000 : 2 x 10.000) + (20.000 : 2000 x 1000.000) = 20.000.000 ong
V du tren cho thay vi san lng at hang toi u, chi ph at hang ung bang
ch ph ton tr. V vay, muc ch cua mo hnh EOQ la can bang hai loai chi ph nay
e sao cho tong chi ph ton kho la nho nhat.
Mo hnh EOQ cho chung ta y tng ve van e quan ly ton kho. Tuy nhien, no
co mot so nhc iem v phai da tren nhng gia nh qua chat che va oi khi phi
thc te, chang han nh :
-Tong nhu cau ve hang hoa ton kho trong ky ke hoach a c biet trc mot
cach chac chan.
-Hang hoa lu kho phai c s dung het roi mi at mua chuyen tiep theo,
nhng lai phai am bao la khong xuat hien viec thieu hang trong kho.
-Nhu cau ve hang hoa hoac nguyen vat lieu la eu an cho tng thi oan
trong ky nghien cu.
4. iem at hang lai (ROP)
Trong phan tren chung ta a gia nh la ch khi nao hang lu kho nhap ky
trc het sach (bang 0) th doanh nghiep mi tien hanh at hang lai va nhap kho
lng hang hoa mi. Tuy nhien, trong thc te khong co doanh nghiep nao i en khi
trong kho het hang mi tien hanh at hang lai. Nhng neu at hang qua sm se lam
tang lng hang hoa ton kho, keo theo tang chi ph ton tr khong can thiet. Do o,
can phai lam sao xac nh c vao thi iem nao th doanh nghiep nen at hang lai
e at c hieu qua toi u ?
iem at So lng hang hoa o dai cua thi

= x
hang lai s dung moi ngay gian giao hang
5.Lng d tr an toan
Nham ne tranh nhng ton that co the xay ra do thieu hang va am bao cho
qua trnh san xuat kinh doanh c duy tr mot cach on nh, tren thc te, cac doanh
nghiep thng cong them vao hang hoa lu kho mot lng d tr an toan na.
D nhien viec tang them lng hang hoa d tr trong ky se keo theo s tang
len cua chi ph lu gi hang hoa ton kho. Lng d tr an toan phu hp se c
doanh nghiep xac nh tren c s can nhac gia mot ben la chi ph phai bo ra e lu
gi hang hoa tang them, va ben kia la cai gia ma doanh nghiep phai tra cho nhng
ton that gay ra t viec thieu hang.

Thc te cho thay khong co mot mo hnh nh lng nao that s co hieu qua
giup cho viec xac nh au la lng d tr an toan phu hp nhat cho doanh nghiep,
ngoai tr kinh nghiem va s nhay cam cua ban than nha quan ly 29.
Q*
Mc ton kho trung bnh = ------ + Lng d tr an toan
2
goc o quan ly, chi ph tang them e ton tr lng hang hoa d tr an toan
la cai gia ma doanh nghiep phai tra e giam thieu ton that gay ra bi nhng rui ro
lien quan en viec thieu hang. ieu nay c xac nh la s anh oi (trade-off)
gia li nhuan va rui ro trong qua trnh san xuat kinh doanh.
6. Thiet lap he thong kiem soat ton kho va mo hnh JIT
Viec s dung mo hnh EOQ hay bat c mot mo hnh nh lng phc tap nao
khac e xac nh san lng at hang toi u va mc ton kho bnh quan se la cha u,
va ch mi la bc au. Yeu cau cua cong tac quan ly ton kho con oi hoi nha quan
tr phai thiet lap c mot he thong kiem soat ton kho hieu qua.
He thong kiem soat ton kho co the n gian hoac phc tap tuy thuoc vao tnh
chat hoat ong va quy mo cua tng loai hnh to chc san xuat kinh doanh, cung nh
nhng ac tnh cua hang ton kho30.
Mot trong nhng ky thuat n gian e kiem soat hang ton kho bang trc giac
c s dung pho bien la phng phap ng ke o. Phng phap ng ke o la
phng phap kiem tra lng hang hoa lu kho bang cach s dung mot ng ke mau
o, c ve ben trong cho e hang e ch dan iem tai at hang. Khi nao thay hang
hoa d tr xuong ti ng ke o th ngi quan ly kho biet rang a en luc can phai
bao cao e cong ty tien hanh at lo hang mi.
Va hieu qua cua cong tac quan ly ton kho se at mc hoan hao neu nh doanh
nghiep co the thiet lap c mot c che ma theo o cho phep ieu o hieu qua gia
cung va cau hang ton kho. Mo hnh JIT (Just-In-Time Inventory model) ma ngi
Nhat khai trien a thc hien c ieu va trnh bay tren.Y tng can ban cua mo
hnh JIT la :
-Ket hp chat che va khoa hoc gia viec cung cap nguyen vat lieu, hang
hoavi qua trnh san xuat va tieu thu. Viec cung cap nguyen vat lieu hoac hang
hoa ung so lng can thiet va ung luc se lam cho lng hang hoa lu kho gan nh
bang khong, do o cc tieu hoa chi ph ton tr.
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Co the s dung cong cu thong ke e c tnh lng d tr an toan phu hp, nhng ket qua cua cong
cu nay cung oi hoi phai xac nh c thai o chap nhan rui ro cua nha quan tr !
30
Xin xem them giao trnh quan tr san xuat va dch vu-ve he thong phan loai hang ton kho ABC

-ong thi ket hp mot cach chat che va lau dai bang cac hp ong dai han
vi nha cung cap nham toi thieu hoa chi ph at hang, va quan trong hn la am bao
cho nguyen vat lieu, hang hoa c cung cap mot cach ay u va ung luc.
Nhng y tng c ban cua mo hnh JIT thoat nghe co ve n gian, nhng e
trien khai thc hien no mot cach hieu qua th khong phai la cong viec de dang. Mo
hnh JIT c ngi ta v nh con dao hao li, neu lam c hoan hao nh ngi
Nhat th that la ly tng. Nhng neu thc hien khong tot (chang han nh khong ket
hp c chat che va chnh xac vi nha cung cap) th co the se dan en nhng ton
hai to ln cho n v.
Do vay, mo hnh JIT ch at c hieu qua cao khi ma chat lng cua he
thong quan tr noi bo n v, cung nh chat lng cua mat bang quan ly noi chung
trong moi trng kinh doanh a at en mot trnh o nhat nh nao o.
III. Quan ly tien mat va chng khoan ngan han

1. Quan ly tien mat
Quan ly tien mat e cap ti viec quan ly tien giay va tien gi ngan hang. S
quan ly nay co lien quan chat che en viec quan ly cac loai tch san tai chnh gan
nh tien mat nh cac loai chng khoan co tnh thanh khoan cao 31.
Tren thc te, quan tr tien mat la mot cong viec kha phc tap va tieu ton
nhieu thi gian cung nh cong sc cua nha quan ly. Tuy vay, nguyen tac chung cua
cong tac quan ly tien mat o la : Tang toc o thu hoi va giam toc o chi tieu tien mat.
Nguyen tac nay cho phep doanh nghiep duy tr mc chi tieu tien mat trong cac giao
dch kinh doanh mot mc thap hn, do o co nhieu tien hn danh cho au t sinh
li.
Tang toc o thu hoi va giam toc o chi tieu la hai cong tac co lien quan chat
che vi nhau trong qua trnh quan ly tien mat, ben canh nhng hoat ong quan trong
khac nh d bao chnh xac nhu cau tien mat va au t mot cach thch hp nhng
khoan tien nhan roi.
Viec lu gi tien mat trong quy ro rang la khong co li, nhng doanh nghiep
van buoc phai lu gi mot lng tien mat nhat nh nao o v nhng ong lc sau ay
-ong lc kinh doanh : e am bao thoa man cac nhu cau thanh toan, giao
dch hang ngay nh : thanh toan tien hang, tra lng cho can bo cong nhan vien, nop
thue
-ong lc d phong : Trong qua trnh san xuat kinh doanh, tien mat luan
chuyen khong theo mot quy luat nao ca, no bien ong mot cach kho d oan. Do
vay, doanh nghiep can thiet phai duy tr mot lng tien mat nhat nh e ap ng
nhng nhu cau ot xuat.
31
Se e cap muc quan tr cac loai chng khoan

-ong lc au c : Ngoai muc ch thoa man cac nhu cau thanh toan trong
giao dch kinh doanh, cac doanh nghiep con lu gi tien mat nham muc ch tan
dung cac c hoi au c. Chang han nh khi co s tut gia tc thi cua hang hoa
nguyen vat lieu, doanh nghiep can mot lng ln tien mat e thu mua tch tr ch
gia len, nham hng chenh lech ve gia.
Tuy nhien, cho du lu gi tien mat vi ong lc nao i chang na, th viec
quan ly tien mat mot cach hieu qua van luon luon la mot van e quan trong oi vi
moi doanh nghiep san xuat kinh doanh. Cau hoi c at ra la doanh nghiep can phai
lu gi mot lng tien mat bao nhieu la hp ly?
a) Xac nh mc ton quy tien mat toi u
a1) Mo hnh Baumol
Xet ve ban chat, mo hnh quan ly tien mat Baumol (do William Baumol-Hoa
Ky- e xuat nam 1952) giong vi mo hnh quan ly ton kho toi u EOQ. Mo hnh
Baumol da tren s ket hp gia chi ph c hoi cua tien mat va chi ph giao dch
chng khoan, vi ieu kien a biet trc tong nhu cau tien mat trong ky phan tch.
Muc ch cua mo hnh Baumol la lam sao xac nh c mot lng d tr (ton
quy) tien mat toi u e toi thieu hoa chi ph c hoi va chi ph giao dch chng
khoan lien quan en viec lu gi tien mat.
Neu goi Q* la lng tien mat ton quy toi u th:
2 Tong nhu cau tien mat trong nam Chi ph cho mot lan giao dch
Q* =
Chi ph c hoi cho viec lu gi mot n v tien mat trong nam (%)
V du 2. Doanh nghiep thng mai B, bang phng phap d bao tuyen tnh,
d kien tong nhu cau tien mat trong nam ti la 1260.000 USD. Tai lieu nam nay cho
biet: chi ph trung bnh cho mot lan giao dch chng khoan e tang hoac giam lng
tien mat la: 20 USD; Chi ph c hoi cho viec lu gi tien mat c lay bang lai suat
trai phieu kho bac: 8% nam. Hay xac nh lng tien mat ton quy toi u cho doanh
nghiep.
Ta co : 2 1260.000 20
Q* = = 25.100 USD
0,08
Nh vay theo mo hnh nay, trong nam ke hoach cong ty nen lu gi mot
lng tien mat toi u la 25.100 USD. Khi nao dung het so tien nay, cong ty lai tien
hanh mot t huy ong mi bang cach ban ra mot lng chng khoan u e nang
lng tien mat ton quy len mc toi u mong i.
So lan huy ong tien mat trong nam ke hoach
= 1260.000 : 25.100 = 50 lan
Chi ph giao dch chng khoan trong nam ke hoach

= 20 x (1260.000 : 25.100) = 1004 USD
Chi ph c hoi lu gi tien mat trong nam ke hoach
= Tien mat ton quy bnh quan x 0,08 = 25.100 : 2 x 0,08 = 1004 USD
Tong chi ph lien quan en viec lu gi tien mat trong nam ke hoach
= 1004 + 1004 = 2008 USD
Mo hnh Baumol cho ta y tng ve viec quan ly tien mat cua mot doanh
nghiep. Tuy vay, viec ng dung mo hnh nay trong thc te khong he n gian bi v
no c xay dng da tren nhng gia nh phi thc te. Chang han nh:
-Gia nh rang cac doanh nghiep co mc chi tieu (mc nhu cau tien mat) on
nh cho moi ky trong nam. Song, tren thc te th nhu cau tien mat cua doanh nghiep
bien ong khong ngng va khong the tien oan mot cach chac chan.
-Mo hnh cho rang doanh nghiep co the d tr chng khoan thanh khoan cao,
nh la mot hnh thc au t sinh li tam thi, e san sang bu ap nhng thieu hut ve
tien mat. Tuy nhien, trong nhieu trng hp, viec ban mot lng ln chng khoan
khong phai la mot cong viec n gian va nhanh chong neu doanh nghiep khong chap
nhan nhng nhng bo ang ke ve gia.
V nhng han che o, hai nha kinh te hoc Merton Miller va Daniel Orr a cai
tien phng phap cua Baumol va phat trien mot mo hnh quan ly tien mat thc te
hn, e oi pho vi nhng bien ong ngau nhien cua cac khoan chi tieu va thu nhap
hang ngay cua doanh nghiep. e ghi nhan cong lao cua hai ong, ngi ta goi mo
hnh ay la mo hnh Miller-Orr.
a2) Mo hnh Miller-Orr
Xuat phat t quan iem cho rang cac khoan lu kim rong hang ngay (thu vao
- chi ra) cua doanh nghiep bien ong mot cach ngau nhien, khong theo mot quy luat
nao ca. ieu nay lam cho lng tien mat ton quy cua doanh nghiep cung bien ong
ngau nhien, co the bang, cao hn hoac thap hn mot gia tr d kien nao o, the hien
qua o th trang ben
o th cho thay lng tien mat ton quy bien ong mot cach ngoan ngheo kho
d oan cho en khi at mot gii han tren hoac mot gii han di. Doanh nghiep se
khong co bat c mot hanh ong can thiep nao khi lng tien mat ton quy dao ong
ngau nhien gia hai mc gii han nay.
-Tai thi iem X, khi lng tien mat ton quy at en gii han tren (U ong)
th doanh nghiep se can thiep bang cach s dung mot lng tien mat la (U - R) ong
e au t vao chng khoan ngan han nham keo giam lng tien mat ve iem on nh
(R ong).
-Tng t nh vay, vao thi iem Y, khi lng tien mat ton quy a giam en
gii han di (con L ong), th doanh nghiep se can thiep bang cach ban bt mot

lng chng khoan co gia tr la (R - L) ong e thu hoi tien mat, keo tang lng tien
mat ton quy len iem on nh R ong.
Tien mat
(Cash) Upper limit
(Gii han tren)
Return point
R (iem on nh)
L Lower limit
(Gii han di)
0 X Y Thi gian (Time)
Nh the, mo hnh Miller-Orr cho phep lng tien mat ton quy cua doanh
nghiep dao ong mot cach t do cho en khi at mot gii han tren hoac mot gii han
di. Khi o doanh nghiep se can thiep bang cach mua vao hoac ban ra mot lng
chng khoan u e tai lap mc tien mat ton quy on nh mong muon (R ong). Van
e la cho doanh nghiep nen e lng tien mat trong quy dao ong en mc nao?
Va lng tien mat ton quy on nh ma doanh nghiep mong muon la bao nhieu?.
Hai nha kinh te hoc Merton Miller va Daniel Orr a chng minh c cong
thc e xac nh iem on nh (Return point) cua lng tien mat ton quy nham cc
tieu hoa cac chi ph co lien quan en viec lu gi tien mat nh sau :
0,75 Chi ph1 lan giao dch Phngsai cua LKR

iem on nh = gi han di + 3
Chi ph c hoi mot ngay
0,75 Chi ph1 lan giao dch Phngsai cua LKR

Gii han tren = gi han di + 3 3
Chi ph c hoi mot ngay
Viec van dung mo hnh Miller-Orr khong en noi qua kho khan. Trc het
doanh nghiep can da vao kinh nghiem, s nhay cam, cung nh thai o chap nhan rui
ro cua nha quan ly e t xac nh gii han di cua lng tien mat ton quy, tc lng

tien mat ton quy toi thieu nham am bao an toan cho hoat ong cua mnh. Mc gii
han nay co the la zero, tren zero, hoac mot mc nao o, chang han, u e lam cho
cac ngan hang hai long!.
Bc tiep theo la xac nh phng sai cua lu kim rong hang ngay thong qua
cac so lieu thong ke. Thong thng ban phai thu thap c toi thieu la 100 so lieu ve
lu kim chi ra va 100 so lieu ve lu kim thu vao cua 100 ngay gan nhat. Nh the ban
co the tnh phng sai tren mau quan sat 100 so lieu ve lu kim rong hang ngay.
Bc th ba la quan sat va xac nh chi ph cho moi lan giao dch chng
khoan va chi ph c hoi cho viec lu gi tien mat trong mot ngay.
Cuoi cung mo hnh Miller-Orr se cho doanh nghiep biet nen e lng tien
mat trong quy dao ong en mc nao? va lng tien mat ton quy on nh ma doanh
nghiep mong muon la bao nhieu?.
V du 3. Gia s doanh nghiep C a xac nh c cac tai lieu sau ay cho nam
ke hoach : Lng tien mat ton quy toi thieu la 10.000 USD ; phng sai cua lu kim
rong hang ngay la 6250.000 (tng ng o lech chuan la 2500 USD mot ngay) ;
chi ph c hoi cho viec lu gi tien mat la 0,025% mot ngay ; chi ph cho moi lan
giao dch chng khoan la 20 USD. Ta co :
0,75 20 6250 .000

iem on nh = 10.000 + 3 = 17211 USD
0,00025
0,75 20 6250 .000
Gii han tren = 10.000 + 3 3 = 31.634 USD
0,00025
Phng an quan ly tien mat nam ke hoach cua doanh nghiep C can ban nh
sau :
-Lng tien mat ton quy c phep dao ong t do t 10.000 USD en 31.634
USD, va doanh nghiep khong can co bat c hanh ong can thiep nao khi tien mat dao
ong trong gii han nay.
-Khi lng tien mat ton quy qua nhieu, at gii han tren 31.634 USD, doanh
nghiep dung mot lng tien la : (31.634 17.211) = 14.423 USD e mua vao cac
chng khoan thanh khoan cao nh la mot hnh thc au t sinh li tam thi
-Khi lng tien mat ton quy xuong qua thap, en gii han di la 10.000
USD, doanh nghiep ban ra mot lng chng khoan co gia tr la : (17.211 - 10.000) =
7211 USD e thu hoi tien mat, keo lng tien mat ton quy ve iem on nh R.
Nh vay mo hnh Miller-Orr cho phep quan ly tien mat mot cach het sc linh
hoat, vi ieu kien la a ton tai mot th trng tai chnh troi chay, viec giao dch
chng khoan c thc hien mot cach de dang va nhanh chong 32.
32
That ra, mo hnh Miller-Orr ch ra cho chung ta thay y tng ve can oi tien mat nhieu hn la cho
phep tao ra mot cach thc quan ly tien mat toi u. Ban oc co the xem them trong tai lieu Principles

Trong ieu kien Viet Nam hien nay, viec khai trien mo hnh Miller-Orr se
tng oi kho khan va co the gap phai mot so tr ngai nhat nh do th trng tai
chnh noi chung va th trng chng khoan cua nc ta noi rieng con ang trong giai
oan nh hnh va hoan thien dan tng bc. Tnh thanh khoan cua th trng con
thap, lam cho viec mua ban giao dch cac tch san tai chnh con cha c troi chay
nh mong i.
Song chung ta co quyen hy vong trong mot tng lai khong xa na, th trng
tai chnh Viet Nam se phat trien en mot trnh o nhat nh, ma khi o co the khai
trien nhng mo hnh quan ly tien mat hien ai mot cach thuuan li hn, gop phan vao
viec nang cao hieu qua s dung von lu ong cua cac doanh nghiep.
b) Hoach nh ngan sach tien mat
Ngan sach tien mat la mot ke hoach ngan han c s dung e xac nh nhu
cau chi tieu va nguon thu tien mat. Ke hoach nay thng c xay dng cho tng
thang, tng tuan, tham ch tng ngay. Ve thc chat, ngan sach tien mat ch la mot bo
phan trong toan bo he thong ngan sach cua doanh nghiep (the budgeting system), va
dien trnh hoach nh ngan sach noi chung se c e cap mot cach chi tiet hn trong
giao trnh ke toan quan tr, mot phan mon rat gan gui vi quan tr tai chnh.
Mot trong nhng yeu to quan trong nhat e thiet lap c mot ngan sach tien
mat co y ngha o la tnh xac thc cua nhng d bao ve doanh so ban trong ky ke
hoach. Co nhieu phng phap khac nhau e d bao doanh so ban, nhng thong dung
nhat van la cac phng phap d bao thong ke nh phng phap d bao da vao toc
o phat trien trung bnh, phng phap ngoai suy ham xu the, phng phap d bao
bang mo hnh nhan
Tren c s so lieu d oan ve doanh thu ban hang ky ke hoach, doanh nghiep
tien hanh xay dng bang d thao nguon thu tien mat va bang d thao chi tieu tien
mat bang cach c tnh thi iem cu the se thu hoi tien ban hang va cac khoan chi
tieu co lien quan en san xuat kinh doanh nh mua nguyen vat lieu, tra lng nhan
vien33. Da vao nhng so lieu ve thu chi tien mat a c tnh c t hai bang noi
tren, va lng tien mat ton quy toi u, doanh nghiep se co the thiet lap c bang d
thao ngan sach tien mat (cho 3 thang hoac 6 thang).
Bieu mau ve bang d thao nguon thu tien mat, bang d thao chi tieu tien mat,
va bang d thao ngan sach tien mat c e ngh nh sau :
of corporate finance, fifth edition, Richard.A. Brealey and Stewart C.Myers, The McGraw-Hill
companies, Inc, 1996 e hieu ro hn ve mo hnh nay.
33
Co the can c vao thi iem thanh toan ghi trong hp ong mua hang hoac hp ong ban hang, lch
trnh san xuat, cung nh cac thong le thanh toan khac e xac nh cac noi dung nay mot cach phu
hp va sat voi tnh hnh thc te cua tng n v.

BANG D THAO NGUON THU TIEN MAT
VT :
TT Khoan muc Thang
11 12 1 2 3 4 5 6
1 Tong doanh so ban
2 Thu tien mat
3 Ban thieu
4 Thu tien ban thieu trong thang
5 Thu sau mot thang
6 Thu sau hai thang
7 Tong thu tien mat trong thang
BANG D THAO CHI TIEU TIEN MAT

VT :
TT Khoan muc Thang
11 12 1 2 3 4 5 6
1 Tong doanh so ban
2 Mua nguyen vat lieu
3 Tra tien mua nguyen vat lieu
4 Tra lng, thng
5 Tra thue
6 Cac khoan chi khac
7 au t vao TSC
8 Chia co tc
9 Tong chi tien mat trong thang
BANG D THAO NGAN SACH TIEN MAT

VT :
TT Khoan muc Thang
1 2 3 4 5 6
1 Tong thu tien mat
2 Tong chi tien mat
3 Chenh lech thu- chi
4 Ton quy tien mat au thang
(trong trng hp cha c tai tr)
5 Ton quy tien mat muc tieu
6 Sai biet so vi muc tieu

Can c vao mc sai biet gia lng tien mat ton quy d kien cua tng thang
so vi lng tien mat ton quy toi u a c xac nh, doanh nghiep co the hnh
dung c nhng d tru ve viec au t cac khoan tien con tam thi nhan roi, hoac
huy ong nguon tai tr cho lng thieu hut so vi muc tieu cua tng thang trong
ky ke hoach, nham phat huy toi a hieu qua s dung von, cung nh am bao s
an toan cua can can thanh toan cua doanh nghiep.
2. Quan ly cac loai chng khoan mua ban c
Bi cac chng khoan co tnh thanh khoan cao c xem la nhng tch san tai
chnh gan nh tien mat, nen viec quan ly tien mat co lien quan chat che en viec
quan ly cac chng khoan co tnh thanh khoan cao. Cac loai tch san tai chnh gan nh
tien mat nay gi vai tro nh mot "mieng em" cho ngan quy tien mat cua doanh
nghiep : Khi co mot lng tien mat con tam thi nhan roi, doanh nghiep co the em
chung au t vao cac loai chng khoan thanh khoan cao e sinh li. ong thi,
doanh nghiep cung co the ban chung i mot cach nhanh chong e thoa man nhng
nhu cau cap bach ve tien mat.
Tat ca cac loai chng khoan do doanh nghiep s hu tai mot thi iem nao o
tao thanh mot "danh muc au t chng khoan". Do vay, viec quan ly cac loai chng
khoan cung ong ngha vi viec quan ly danh muc au t chng khoan cua doanh
nghiep.
Mac du viec quan ly danh muc au t chng khoan la mot noi dung rat phc
tap, nhng nhn chung, khi mua ban chng khoan thanh khoan cao nh cong trai, trai
phieu kho bac, trai phieu cong ty, nha quan tr tai chnh doanh nghiep can xem xet
mot so ac iem quan trong cua chung :
-Tnh thanh khoan (liquidity) : Tnh thanh khoan cua mot chng khoan the
hien s de dang trong qua trnh chuyen oi chng khoan o sang tien mat trong mot
thi gian ngan va khong co s sut giam ve gia ban. Gia ban va o dai thi gian can
thiet e ban c mot chng khoan la hai mat co quan he mat thiet vi nhau va
khong the tach ri khi anh gia tnh thanh khoan cua chng khoan o. ieu nay cho
thay rang mot chng khoan c coi la co tnh thanh khoan cao neu no co the c
chuyen nhng nhanh chong ma ngi ban khong phai chap nhan nhng nhng bo
quan trong ve gia ban.
-Tnh rui ro (risk), bao gom :

Rui ro thanh toan hay rui ro pha san (default risk) la rui ro xuat phat t
s pha san cua cong ty phat hanh ra chng khoan. Tr nhng loai chng khoan do
chnh phu phat hanh, tat ca nhng loai chng khoan cong ty eu co rui ro pha san
mot mc o nao o.
Rui ro th trng (market risk) la loai rui ro co lien quan en s tang
giam gia tr th trng cua chng khoan, ma chu yeu la nhng bien ong ve lai suat
nh gia.

Rui ro ve sc mua (purchasing power risk) la loai rui ro gay ra do s
bien ong cua ch so gia ca (thng la do ch so gia ca tang len).
-Tnh sinh li (yield)

oi vi cac chng khoan ngan han , lai suat c tnh bang cach lay so
tien lai kiem c t chng khoan o (tren c s hang nam) chia cho tr gia von ban
au cua no, goi la ty le sinh li hien hanh (current yield).
oi vi cac chng khoan dai han, ngi ta ap dung mot khai niem sinh
li khac goi la ty le sinh li cho en khi ao han (YTM-yield to maturity). Khai niem
nay lu y en cac khoan lai hay lo tren von c thc hien vao luc chng khoan ao
han.
Cac tnh chat tren co moi quan he tng ho lan nhau, chang han nh doanh
nghiep thng phai chap nhan mot ty le sinh li thap e oi lay tnh thanh khoan cao.
Mot chng khoan dai han cang co nhieu rui ro th tnh thanh khoan cang kem va do
o mc li tra cho chng khoan o se cao hn. Ngc lai, cac trai phieu kho bac
ngan han co tnh thanh khoan cao hn, t rui ro hn nen mc li cung thap hn
Tuy theo nhu cau, muc ch au t va thai o chap nhan rui ro ma moi doanh
nghiep se co khuynh hng la chon au t vao nhng chng khoan nao o phu hp
nhat vi doanh nghiep mnh. Di ay gi thieu mot so chng khoan thanh khoan
cao c lu hanh vi t cach la nhng cong cu chu yeu tren th trng tien te.
-Trai phieu kho bac (treasury bills) va tn phieu kho bac (treasury notes): ay
la nhng cong cu tai chnh ngan han do chnh phu phat hanh (vi thi han la 3, 6, 9,
12 thang). Loai cong cu nay gan giong tien, cho rat de mua ban lai va hau nh
khong co rui ro thanh toan. Bi do tnh thanh khoan rat cao va t rui ro cua chung nen
mac du ty le sinh li thap, nhng chung van c xem la nhng cong cu tai chnh an
toan va co u the nhat so vi cac tch san tai chnh khac tren th trng tai chnh. Lai
suat cua loai cong cu nay thng c xem la lai suat chuan, lam c s tham chieu
cho viec an nh lai suat cua cac cong cu tai chnh khac co cung ky han.
-Thng phieu (commercial paper) : La mot giay hen n khong co bao am,
co thi han ao han co nh va c ban vi gia chiet khau. Loai cong cu nay thng
do cac cong ty tai chnh hay cac tap oan kinh te ln phat hanh e tai tr cho cac
khoan ton kho hoac khoan n phai thu
Trong nhng nam gan ay hnh thc vay mn nay a phat trien rat manh me
cac quoc gia phat trien bi no co tac dung thay the cho cac khoan vay ngan han t
ngan hang. Thi han cua thng phieu thng trong khoan 20 en 45 ngay. Do tnh
thanh khoan kem hn va rui ro thanh toan cung cao hn, nen lai suat cua thng
phieu cao hn ang ke so vi lai suat cua th trng tien te noi chung 34.
34
Viet Nam : theo Phap lenh thng phieu (17/1999/PL-UBTVQH10) va theo ieu 219 Luat
Thng mai th thuat ng thng phieu c hieu la chng ch co gia ghi nhan lenh yeu cau thanh

-Chng ch tien gi co the giao dch c (NCD- negotiable certificates of
deposit) : La mot loai chng ch do ngan hang phat hanh neu ro ngi gi tien a gi
mot khoan tien trong mot khoan thi gian nhat nh vi lai suat cu the tai ngan hang,
va c ngan hang s dung nh la mot cong cu huy ong von.
Cac doanh nghiep mua NCD la nhng doanh nghiep co nguon von tam thi
nhan roi, muon au t sinh li trong khi van muon duy tr tnh thanh khoan cao va o
an toan cua von goc. Noi khac i, hanh vi mua NCD khac vi hanh vi gi tien vao
ngan hang cho : Tien gi ngan hang th co tnh thanh khoan kem, con khi cam gi
NCD trong tay th cac doanh nghiep co the em no giao dch tren th trng tai
chnh. Lai suat cua NCD cao hn lai suat cua tn phieu kho bac cung ky han nhng
rui ro thanh toan lai cao hn, tnh thanh khoan cung kem hn.
-Giay chap nhan thanh toan cua ngan hang (thuan nhan ngan hang- banker's
acceptances - BA) : La mot loai giay bao am rang mot ngan hang se thanh toan vo
ieu kien so tien ma nha nhap khau con thieu nha xuat khau, vao mot ngay xac nh.
Nha nhap khau co the dung giay nay thanh toan cho nha xuat khau. en ngay ao
han nha nhap khau phai tra cho ngan hang thuan nhan so tien ghi tren giay cong vi
mot khoan ph (a c thoa thuan trc). Con nha xuat khau khong nhat thiet phai
gi BA en khi ao han ma co the ban no i vi mot gia chiet khau e thu hoi tien
mat sm35. Luc nay BA tham gia lu thong vi t cach la mot cong cu tai chnh tren
th trong tien te. Lai suat cua cong cu nay tng oi thap nhng bu lai no co tnh
thanh khoan cao.
toan hoac cam ket thanh toan vo ieu kien mot so tien xac nh trong mot thi gian nhat nh. Thng
phieu gom co hoi phieu va lenh phieu.
35
Mot cach tong quat, theo the thc tn dung thng mai trong hoat ong mua ban ngoai thng ( va
trong mot so trng hp ac biet- ke ca noi thng) th sau khi giao hang cho ngi van tai, ngi ban
(nha xuat khau) co the ky phat mot hoi phieu (la mot lenh oi tien vo ieu kien) e yeu cau thanh
toan va gi en ngan hang ai dien cua ngi mua cung vi bo chng t (gom co hoa n giao hang,
van n, cac chng nhan kiem dch). Tuy theo loai hoi phieu ma ngi mua co the : hoac la tra tien
qua ngan hang hoac cong nhan khoan n bang cach ghi ch "chap nhan- Accepted" len goc hoi phieu
va ky ten roi gi en ngan hang ai dien cua mnh.
Sau o, tuy theo phng thc thanh toan, nhng thong thng th ngan hang ai dien se gi bo chng
t cho ngi mua e ho co the nhan c hang t ngi van tai, ong thi xuc tien viec thanh toan
tien qua ngan hang hoac giao "thuan nhan thng mai" (tc hoi phieu a qua thu tuc chap nhan thanh
toan cua ngi mua-trade acceptance-noi tren) cho ngi ban.
Trong trng hp ngi ban cho rang mot thuan nhan thng mai la cha u am bao an toan cho
khoan tn dung thng mai ma ho a cap cho ngi mua, th co the yeu cau ngan hang ai dien cua
ngi mua cam ket thanh toan. Van ban cam ket thanh toan cua ngan hang goi la "thuan nhan ngan
hang" (banker's acceptance).
Luc nay, ngi ban co the s dung BA e : hoac i en khi ao han nhan thanh toan; hoac em chiet
khau ngan hang; hoac em ban i vi gia chiet khau cho nhng oi tng co nhu cau mua tren th
trng tai chnh

IV.Quan ly khoan phai thu

1. Chnh sach ban chu
Chnh sach ban chu (hay cac ieu kien cua tn dung thng mai) la mot trong
nhng yeu to co anh hng quan trong en mc o, chat lng va rui ro cua doanh
thu ban hang.
Mot chnh sach ban chu phu hp se khong nhng am bao cho mc o tang
trng cua doanh so ban (tc kch thch khach hang hien tai mua nhieu hn, thanh
toan sm hn va/hoac thu hut them cac khach hang tiem nang khac), ma con co the
duy tr mot cach hp ly chat lng cung nh o an toan cua cac khoan phai thu cua
doanh nghiep.
Thong thng mot chnh sach ban chu bao gom ba yeu to can ban sau ay :
-Thi han ban chu
-Ty le chiet khau ban hang
-Hnh thc ban chu
Cac noi dung di ay se ch ra cach thc can ban e tao lap tng ieu kien
cua mot chnh sach ban chu.
a) Thi han ban chu
La khoan thi gian t luc giao hang en khi thu tien. Noi khac i, ay la o
dai thi gian ma cac khoan tn dung thng mai c phep keo dai. Cong viec an
nh mot thi han ban chu phu hp oi hoi nha quan ly phai xem xet va can nhac
ong thi cac yeu to nh : ac trng cua hang hoa ; mc o cua thng vu ; tnh
trang cua ngi mua ; gia ban ; kha nang tai chnh cua ngi ban ; thi han ban
chu cua doanh nghiep ban cung nganh
b) Ty le chiet khau ban hang.
Viec ngi ban ap dung mot ty le chiet khau ban hang nao o la nham tao ra
s tng thng ve li ch vat chat e khuyen khch khach hang hang thanh toan tien
sm, cung nh thu hut them nhng khach hang mi. Ky thuat nay cho phep ay
nhanh toc o thu hoi tien mat cua doanh nghiep e phuc vu cho cac muc ch au t
sinh li khac.
Tuy vay, ben canh nhng tac ong tch cc en qua trnh quan tr tn dung,
mot ty le chiet khau qua cao cung co the gay ra s sut giam mot cach ang ke li
nhuan cua doanh nghiep ban.
Noi chung, mot ty le chiet khau phu hp se c an nh tren c s xem xet
nhieu phng dien nh : Thi iem ban hang, nhu cau von lu ong cua doanh
nghiep, mc o canh tranh, ty le chiet khau cua doanh nghiep ban

c) Cac hnh thc ban chu
Cung vi s phat trien cua nen kinh doanh hien ai, nhng phng thc ban
hang cung ngay cang c a dang hoa va phong phu hn, ap dung ca trong mua ban
noi va ngoai thng. Viec tm hieu can ke nhng phng thc nay nam trong pham
vi nghien cu cua cac mon hoc Nghiep vu ngan hang, Thanh toan quoc te va tai tr
ngoai thng Di ay ch neu len mot cach s lc ve mot so phng thc cap tn
dung thng mai (ban thieu chu) thong dung.
-oi vi cac khach hang noi a, co quan he lau dai va uy tn th doanh

nghiep thng ap dung hnh thc ban hang ghi so. Gia cac ben khong ky hp ong
ma ngi ban ch can ghi chep thng vu vao so va ngi mua ky nhan.
-oi vi nhng n at hang ln hn, ngi ban co the yeu cau ngi mua ky
phat lenh phieu (promissory note). Thc chat lenh phieu la mot van ban ha tra tien,
tren o ngi mua (tc ngi phat hanh lenh phieu) cam ket se tra mot so tien nhat
nh vao mot ngay nhat nh cho ngi hng li co ten tren t phieu hoac tra theo
lenh cua ngi nay. D nhien, ngi ban co the s dung t lenh phieu nh bat c giay
t co gia nao khac, ngha la co the em i chiet khau e thu hoi tien mat sm hn
neu muon.
-Ngi ban cung co the ky phat mot hoi phieu thng mai (bill of exchange)
e oi tien ngi mua. ay la mot van ban the hien mot menh lenh oi tien vo ieu
kien do ngi ban ky phat e oi tien ngi mua, yeu cau ngi mua phai tra mot so
tien nhat nh trong mot thi gian nhat nh cho ngui hng li co ten tren hoi phieu
(thng la ngi ban), hoac theo lenh cua ngi nay tra cho ngi khac, hoac tra tien
cho ngi cam phieu.
Thc te, hoi phieu thng mai la mot chng t quan trong thng c s
dung trong nhng phng thc mua ban ngoai thng nh phng thc nh thu
(collection payment), phng thc tn dung chng t (bao gom ca viec ngi ban
yeu cau ngi mua m tn dung th - letter of credit), hp ong mua ban ngoai
thng nghiep vu cua cac phng thc nay kha phc tap va vt ra ngoai khuon
kho cua mot giao trnh can ban ve quan tr tai chnh.
d) Li ch va han che cua tn dung thng mai (mua-ban chu)
Mua ban theo the thc tn dung thng mai la mot con dao hai li oi vi
doanh nghiep. Mot mat no la nguon tn dung e tai tr cho viec mua hang (mua
chu), mat khac no la mot phng thc tai tr von cho ngi mua (ban chu).
V du, neu mot doanh nghiep ban trung bnh 3 trieu ong hang hoa moi ngay
vi thi gian ban chu bnh quan la 40 ngay, th doanh nghiep se co cac khoan phai
thu cua khach hang tren bang can oi ke toan khoang 3 trieu x 40 = 120 trieu ong.
Neu doanh nghiep mua chu bnh quan moi ngay 2 trieu ong nguyen vat lieu vi
thi han thieu chu la 20 ngay th khoan phai tra cho ngi ban trung bnh la 40 trieu
ong. Nh the doanh nghiep a cap tn dung nhieu hn nhan tn dung mot khoan la
80 trieu (sai biet gia cac khoan phai thu cua ngi mua va phai tra cho ngi ban).

Do o, vi t cach la mot chu the tham gia hoat ong san xuat kinh doanh,
va ong vai tro la ngi ban nhng ong thi cung la ngi mua, ieu quan trong la
doanh nghiep co the tan dung viec mua chu nh la mot nguon tai tr, nhng ong
thi cung giam en mc toi thieu viec von cua mnh b ket trong cac khoan phai thu.
oi vi ngi ban, mac du viec ban chu gay ra nhng kho khan cho cong tac
quan tr von lu ong, nhng phng thc nay van c s dung pho bien nh la mot
cong cu khuyen mai e tang sc canh tranh trong cac giao dch. Tren goc o khac,
ngi mua thng s dung viec mua chu nh la mot hnh thc tai tr von ngan han
thong dung va tien li nhat mac du biet rang ph ton mua chu36 thng cao hn so
vi cac hnh thc tai tr t ngan hang.
Nhan thc c nhng li ch va han che cua viec mua ban chu, nha quan tr
tai chnh doanh nghiep co the van dung phng thc nay mot cach phu hp hn trong
nhng tnh huong cu the cua doanh nghiep mnh.
e) anh gia nhng thay oi cua chnh sach ban chu
Tren nguyen tac, khi quyet nh thay oi nhng yeu to cua chnh sach ban
chu, doanh nghiep can phai can nhac li nhuan va chi ph trc va sau khi thay oi.
Neu viec thay oi nay mang lai li nhuan cao hn th doanh nghiep nen thay oi ,
trng hp ngc lai th nen gi nguyen nh cu.
-Gia s ty le so d am ph cua mot doanh nghiep la 30% va doanh nghiep
nay ang tren iem hoa von (ngha la toan bo chi ph bat bien a c trang trai
het). Khi o, neu doanh so cua doanh nghiep noi tren tang them 100.000USD nh ap
dung chnh sach ban chu th mc so d am ph cung tang them 100.000 x 30% =
30.000 USD va keo theo li nhuan trc thue va lai cung tang len mot lng tng
ng. Noi khac i, li ch mang lai do ap dung chnh sach ban chu trong trng hp
nay la 30.000 USD. Vay au la cac chi ph phat sinh khi doanh nghiep ap dung mot
chnh sach ban chu?.
-Trc tien o la chi ph c hoi cua nhng khoan von b khach hang chiem
dung (di hnh thc khoan phai thu) trong thi gian ban chu, hoac nhng ton that c
hoi phat sinh khi khach hang day da co tnh tr hoan thanh toan e chiem dung von
cua doanh nghiep them mot thi gian na ngoai thi han tn dung quy nh 37 n
gian la v neu doanh nghiep ban hang thu tien ngay th so tien o co the c s
dung cho nhng muc ch au t sinh li khac.
-Th en la chi ph chiet khau ma doanh nghiep ban phai ganh chu khi khach
hang chap nhan thanh toan sm trong han nh e c hng chiet khau.
36
ay la ph ton c hoi cho viec t bo chiet khau va s dung tn dung thng mai nh mot nguon tai
tr ngan han. No c hieu la ty le chi ph ma ngi mua phai tra cho viec s dung so tien mua hang
them mot khoan thi gian na ngoai thi han c hng chiet khau.
37
Viec khai trien rong rai chnh sach ban chu co the phai bao ham mot s chap nhan rui ro khong thu
hoi c n. Trong nhng trng hp nh vay, co the coi s mat mat nay nh la mot chi ph c cong
them vao qua trnh tnh toan. Thong thng khoan mat mat nay c lng tnh bang ty le % so vi
doanh thu.

-Tiep theo la nhng chi ph co lien quan en viec ap dung chnh sach ban
chu -goi tat la chi ph quan ly khoan phai thu. Chang han nh nhng chi ph cho
viec phan tch tn dung, thu thap thong tin ve khach hang, chi ph quan ly so
sach
-Th na la nhng chi ph gay ra do nhng mon n kho oi (chang han
nhng chi ph cho viec thue mot ai dien oi n ho e thu hoi nhng mon n kho
oi, chi ph thue mn luat s bao cha trong trng hp phai tien hanh nhng
thu tuc phap ly e oi n, ton that n kho oi)
Sau khi a lng tnh c hau het nhng li ch va chi ph co the phat
sinh khi ap dung mot chnh sach ban chu mi, nha quan tr tai chnh doanh
nghiep tien hanh so sanh gia hai yeu to nay e xem co nen thc hien hay
khong?. Nguyen tac chung la cho en khi nao li nhuan gia tang them nh doanh
so tang them con vt tong cac khoan chi ph phat sinh t viec ap dung mot chnh
sach ban chu mi, th cong ty c khuyen nen ap dung chnh sach tn dung ci
m nay.
2. Phan tch tn dung
Thu tuc phan tch tn dung la mot dien trnh gom ba bc co lien quan chat
che vi nhau
-Thu thap thong tin ve khach hang.
-Phan tch thong tin e xac nh v the tn dung cua khach hang
-Ra quyet nh ve viec co chap nhan ban chu cho khach hang hay khong? va
gia tr toi a cua khoan tn dung la bao nhieu?
a) Thu thap thong tin ve khach hang
Nhng thong tin ve khach hang xin mua chu c cung cap t nhieu nguon
khac nhau nh t kinh nghiem cua doanh nghiep oi vi khach hang trong qua kh;
thong tin do khach hang cung cap ; thong tin t cac ngan hang va to chc tn dung ;
va thong tin t nhng nguon khac
b) Phan tch v the tn dung cua khach hang
Sau khi thu thap c nhng thong tin ve khach hang muon mua chu, nha
quan tr tai chnh doanh nghiep can tien hanh phan tch nhng thong tin nay e lam
c s cho viec ra quyet nh co chap thuan ban chu cho khach hang o hay khong?.
Noi chung, muc ch cua cong viec nay la xac minh pham chat tn dung cua khach
hang va so sanh chung vi nhng tieu chuan tn dung toi thieu ma doanh nghiep co
the chap nhan c.
Mc o cua nhng nh chuan tn dung la cao hay thap, khat khe hay de dai,
n gian hay phc tapphu thuoc vao hoan canh cua tng doanh nghiep, boi canh
cua nganh kinh doanh, thai o chap nhan rui ro cua nha quan ly.va nhieu yeu to
khac na. Do vay, thc te cha co mot mo hnh nh lng nao that s co hieu qua
e giup xac nh au la nhng tieu chuan tn dung phu hp cho tng doanh nghiep,

ngoai tr kha nang va s nhay ben cua nha quan ly kinh doanh, c van dung cho
tng tnh huong cu the.
Tuy vay, mot trong nhng phng phap anh gia, phan tch v the tn dung
cua khach hang c ap dung pho bien va to ra kha thuyet phuc o la "phng phap
phan oan 5Cs", bao gom : T cach tn dung (character) ; nang lc tra n (capacity) ;
von (capital) ; the chap (collacterall) ; va ieu kien cua moi trng kinh doanh
(conditions).
-T cach tn dung : c hieu la thai o t nguyen cua khach hang oi vi
cac ngha vu ra n. Mac du that kho co the o lng mot cach chnh xac ve t cach
tn dung cua khach hang, nhng chung ta cung co the anh gia ieu nay da tren
nhng d lieu thong ke ve nhng lan mua chu trc o cua ho. Qua o se co the
lng tnh c mc o tieu cc hoac tch cc ve t cach tn dung cua khach hang
trong qua kh e roi xet oan cho tng lai. Tuy nhien, viec xet oan nay can c
tien hanh mot cach than trong va co cu xet en nhng tnh tiet khac, khong nen qua
voi va.
-The chap : Xem xet en nhng tai san ma khach hang co the s dung e am
bao cho cac mon n.
-Nang lc tra n : e cap en kha nang thanh toan nhanh cac mon n cua
khach hang.
-Von : Xem xet en sc manh ve mat tai chnh cua khach hang
Ca hai yeu to nang lc tra n va von noi tren c xem xet va anh gia trong
qua qua trnh phan tch cac bao cao tai chnh do khach hang cung cap, at trong boi
canh nhng ieu kien cua moi trung kinh doanh cua nganh va moi trng kinh te
noi chung 38.
-ieu kien moi trng kinh doanh : Xem xet en tiem nang va xu the phat
trien cua nganh kinh doanh. Kha nang thch ng tot cua khach hang trc nhng dien
bien xau cua nen kinh te se la can c quan trong e xet oan nang lc tai chnh va
kha nang quan ly cua ho. Bi v thong thng ch nhng khach hang nao co nang lc
tai chnh lanh manh va kha nang quan ly cao th mi co the vt qua c nhng giai
oan nen kinh te co nhng dien bien khong thuan li.
Thc te th phng phap phan oan 5Cs cung chu yeu da vao kha nang phan
oan cua nha quan ly, do o can co gang khac phuc tnh chu quan khi thu thap va
phan tch thong tin .
c) Ra quyet nh tn dung
Viec doanh nghiep chap thuan hay t choi ban hang theo hnh thc tn dung
thung mai oi vi mot khach hang tiem nang phu thuoc vao mc o ma khach hang
o thoa man cac tieu chuan tn dung do doanh nghiep at ra. Sau o, neu chap thuan
38
Noi dung nay se c e cap mot cach he thong trong Chng VIII : Phan tch tai chnh doanh
nghiep.

th can xac nh lng hang ban chu cung nh chnh sach ban chu ma cong ty se
cung cap cho khach hang.
Tuy nhien, can nh rang muc ch cua mot nha quan tr tai chnh, xet cho
cung, khong phai la toi thieu hoa cac khoan tn dung toi, ma la toi a hoa li nhuan.
Do vay, trong nhieu trng hp, nha quan tr tai chnh can can nhac chap nhan mot
mc o rui ro nhat nh nao o e co c hoi khai thac nhieu li nhuan hn.
ong thi, cung khong nhat thiet phai ton qua nhieu sc lc nh nhau vao
viec phan tch tat ca cac quyet nh tn dung. Phan ln cac nha quan tr tai chnh
khong ra quyet nh tren c s tng n hang mot (order by order). Thay vao o, ho
at ra mot gii han tn dung cho moi khach hang trong mot khoan thi gian nhat
nh, va van e ch c a ra xem xet lai khi khoan tn dung khach hang yeu cau
vt qua gii han ma doanh nghiep a an nh cho ho.
3. Chnh sach thu hoi n
Sau khi a chap thuan ban chu cho khach hang, cong viec tiep theo cua nha
quan tr tai chnh doanh nghiep la thc hien viec kiem soat cac khoan phai thu nay
nham xac nh thc trang cua chung, cung nh anh gia tnh hu hieu cua chnh sach
tn dung ma doanh nghiep khai trien, qua o nhan dien nhng khoan phai thu co van
e va tien hanh x ly bang cac thu tuc thu hoi n. Toan bo cac cong viec nay hnh
thanh nen chnh sach thu hoi n cua doanh nghiep.
Chnh sach thu hoi n co muc ch la s dung cac nguon lc cua doanh nghiep
e thc hien viec thu tien oi vi cac hoa n qua han. No cung lien quan en viec
xac nh thi han thch hp cho viec chi tieu cac nguon lc o.
Hai trong so cac cong cu o lng co the ho th cho nha quan tr theo doi cac
khoan phai thu la ky thu tien bnh quan (ACP-the average collection period) va bieu
theo doi khoan phai thu.
a) Ky thu tien bnh quan
Ky thu tien bnh quan c hieu la thi gian trung bnh can thiet e thu hoi
cac khoan ban chu.
Cac khoan phai thu cua ngi mua

Ky thu tien bnh quan =
Doanh thu ban chu bnh quan moi ngay trong ky
Ky thu tien bnh quan dai hay ngan con tuy thuoc vao chnh sach ban chu cua
doanh nghiep, cung nh ac thu cua nganh kinh doanh. Tuy nhien, theo thong ke
kinh nghiem th ky thu tien bnh quan khong nen vt qua (1 +1/3) lan thi han ban
chu ma doanh nghiep ap dung cho khach hang cua mnh.
V du mot cong ty ap dung thi han ban chu la 30 ngay th ky thu tien bnh
quan trong trng hp nay khong nen vt qua 30 x (1 + 1/3) = 40 ngay. Neu vt
qua gii han nay, cong ty nen tap trung xem xet cac khoan phai thu va tien hanh
nhng thu tuc can thiet e thu hoi n.

b) Bieu theo doi khoan phai thu
Tren c s ghi chep va thong ke so lieu t cac hoa n ban hang, nha quan tr
tai chnh doanh nghiep co the thiet lap c bieu theo doi cac khoan phai thu theo
mau e ngh di ay. Bieu nay giup cho nha quan tr co the theo doi mot cach chi
tiet doanh so ban chu cho tng khach hang.
BIEU THEO DOI CAC KHOAN PHAI THU VT : Trieu ong
T Thi han Ten khach A B C D Tong

T thanh toan hang cong
1 Cha qua han 30 20 30 10 90
2 Qua han t 1 en 15 ngay 10 5 3 2 20
3 Qua han t 16 en 45 ngay 2 1 1 0 4
4 Qua han t 46 en 75 ngay 2 2 0 0 4
5 Qua han tren 75 ngay 1 1 0 0 2
Tong cong 45 29 34 12 120
Ban oc co the rut ra c nhng thong tin g t bieu theo doi cac khoan phai
thu nay? Hay th anh gia s bo chat lng khoan phai thu cua cong ty tren, va cho
biet mc o ton trong ky luat thanh toan cua tng khach hang cua cong ty.
c) Thu tuc thu hoi n qua han
Doanh nghiep can ap dung thu tuc thu hoi oi vi cac khoan n qua han, o la
ieu ng nhien. Van e la cho, neu ap dung cac thu tuc nay qua sm va khong
hp ly se co the lam phat long nhng khach hang tot co ly do chnh ang cho s
cham tre thanh toan cua ho. Ngc lai, doanh nghiep cung khong the ch i qua lau
oi vi cac hoa n qua han trc khi khi s thu tuc thu tien. Noi chung, thu tuc thu
hoi n thng bao gom mot trnh t hp ly cac bien phap, chang han nh :
MC O HANH ONG CAN THIET

Qua han 15 ngay -Gi th thong bao kem theo so hoa n en khach hang e
nhac nh thanh toan ung han
Qua han t 16 ngay -Gi th thuc giuc thanh toan, kem theo nhng khuyen cao
en 45 ngay ve tnh trang tr hoan thanh toan cua khach hang
Qua han t 46 ngay -Lien he ien thoai trc tiep vi nhng ngi co trach
en 75 ngay nhiem e hoi thuc tra n, kem theo nhng khuyen cao
nghiem khac rang neu khong thanh toan trong han 05 ngay
ke t ngay nhan th, th doanh nghiep se huy bo cac gia tr
tn dung a thiet lap
Qua han t 80 en -Goi ien thoai , gi fax, e thong bao nhng khang nh
105 ngay cuoi cung.
Qua han tren 106 -Thong bao ve viec doanh nghiep se huy bo nhng gia tr
ngay tn dung cua khach hang ngay ca khi a tra u tien, kem

theo khuyen cao nghiem khac ve viec doanh nghiep se tien
hanh cac thu tuc phap ly e oi n.
Qua han tren 135 Co t nhat ba giai phap cho doanh nghiep chon la :
ngay -a vao n kho oi
-Thue ai dien oi n thay.
-Tien hanh cac thu tuc phap ly e kien con n ra toa.
Thu tuc thu hoi n neu tren ch co tnh cach hng dan. Doanh nghiep can can
c vao tnh hnh thc te tai n v, chnh sach tn dung thng mai ang c khai
trien, tap quan thanh toan cua khach hang, mc o quan trong cua tng thng vu,
cung nh ac thu cua nganh kinh doanh, e xay dng mot thu tuc thu hoi n phu
hp cho doanh nghiep mnh.
ieu can lu y la thu tuc nay phai co tnh he thong cao, e am bao rang cac
hanh ong can thiet ma doanh nghiep thc hien ng vi tng mc o qua han se i t
t nghiem trong ti nghiem trong hn.

CHNG V: LNG GIA CHNG KHOAN

Chng khoan c hieu la t giay lam bang chng, chng nhan cho ngi
cam gi no co nhng quyen nhat nh oi vi mot loai tai san nao o. Theo cach hieu
rong rai nhat th chng khoan la moi san pham hang hoa tren th trng tai chnh nh
co phieu, trai phieu, tn phieu, hoi phieu, lenh phieuva cac chng t co gia khac.
Gia tr cua cac loai chng khoan nay phu thuoc vao nhng khoan thu nhap ky
vong do chung mang lai cho chu s hu trong tng lai. Noi dung cua chng nay e
cap en nhng phng thc can ban e c nh gia tr cua chng khoan 39 bang cach
chiet khau nhng khoan thu nhap ky vong trong tng lai cua chung theo mot lai suat
chiet khau c goi la ty le sinh li can thiet.
I. Nhng van e can ban

1.Ve trai phieu
Trai phieu (bond) la chng ch vay n cua chnh phu hoac doanh nghiep, the
hien ngha vu cua ngi phat hanh cam ket tra n cho ngi s hu trai phieu mot so
tien nhat nh (ca goc va lai) vao mot thi iem nhat nh.
Theo khai niem tren, ngi phat hanh trai phieu trong trng hp nay ong
vai tro la ngi i vay (con n-debtor), va ngi mua trai phieu la ngi cho vay
(chu n-con goi la trai chu-bondholder). Tren th trng tai chnh co rat nhieu loai
trai phieu khac nhau, vi nhng ac iem va tnh chat khac nhau, nhng nhn chung
chung co mot vai ac iem c ban sau ay :
a) Menh gia trai phieu (par value hoac face value), con goi la gia tr danh
ngha hay gia tr be mat cua trai phieu, la gia tr c ghi tren t trai phieu. Gia tr
nay la can c e xac nh so li tc tien vay, va ong thi la so von goc ma ngi
phat hanh phai thanh toan khi ao han.
b) Lai suat trai phieu (interest rate) : Do ngi phat hanh cong bo hoac c
ghi tren trai phieu. Lai suat nay c xac nh theo ty le phan tram so vi menh gia
cua trai phieu trong mot ky han nhat nh (thng la nam).
c) Ngay ao han (maturity date) : La ngay ma ngi phat hanh cam ket thanh
toan cho trai chu, c ghi tren be mat cua t trai phieu.
d) Phieu lanh lai (coupon) : Co hai loai trai phieu thong dung la trai phieu
khong co phieu lanh lai, va trai phieu co phieu lanh lai.
39
That ra, gia tr cua chng khoan c c nh t cac mo hnh c gii thieu trong chng nay co
tnh cach ly thuyet nhieu hn la thc tien. Gia tr thc te tren th trng cua chng khoan (th gia
chng khoan) se co the giao ong xung quanh gia tr ly thuyet nay, bi s tac ong cua quy luat cung
cau, ty le lam phat, chnh sach lai suat cua chnh phu, tam ly cua nha au t,va nhieu yeu to khac
na.

-Trai phieu khong co phieu lanh lai (zero coupon bonds) : Loai trai phieu nay
khong c thanh toan lai hang nam, gom hai phan loai :
Gia phat hanh (gia ban ra cua trai phieu tai thi iem phat hanh) ung
bang menh gia, vi lai suat nh trc. Khi ao han ngi mua se c thanh toan
mot lan ca lai va von goc
Gia phat hanh thap hn menh gia (tc gia ban a c chiet khau bang
mot lai suat nao o). Khi ao han ngi mua c thanh toan so tien ung bang
menh gia trai phieu
-Trai phieu co phieu lanh lai (coupon bond) : Loai trai phieu nay c tra lai
hang ky (thng la na nam mot lan - semiannual interest). Cuong cua loai trai
phieu nay co nh nhng tem thanh toan (hay phieu lanh lai - coupons), khi en thi
han thanh toan lai, ngi chu trai phieu ch viec dt cac coupons nay em en ngi
phat hanh e lanh lai. Lai suat ghi tren t trai phieu loai nay c goi la lai suat
coupon (coupon rate).
2. Ve co phieu
Co phieu (share, stock) la mot chng th chng minh quyen s hu cua mot
co ong oi vi mot cong ty co phan. Mot so ac trng quan trong cua co phieu co
the ke ra la :
a) Khac vi trai phieu, co phieu khong co ngay ao han, no ton tai cung vi
s ton tai cua cong ty phat hanh ra no.
b) Menh gia co phieu : La gia tr danh ngha ma cong ty phat hanh quy nh
cho mot co phan va c ghi tren t co phieu. Menh gia co phieu khong lien quan
en gia tr th trng cua co phieu o va thng c s dung e tnh gia tr ke toan
cua co phieu trong bang can oi ke toan cua cong ty co phan.
c) Gia tr so sach (book value) cua co phieu : La gia tr c xac nh da

tren so sach cua cong ty.
d) Gia tr th trng (hay th gia-market value) : La gia tr cua co phieu do th

trng xac lap thi iem hien tai, c the hien trong giao dch cuoi cung c ghi
nhan. Gia tr th trng cua co phieu phu thuoc vao rat nhieu nhan to, c xac nh
bi quan he cung-cau, la mc gia ma tai o ngi mua th san long mua con ngi
ban cung san sang ban. Do vay gia tr th trng cua co phieu co the thay oi thng
xuyen va s trung khp vi giatr ke toan ch la ngau nhien.
e) Co phieu pho thong (hay thong thng-common stock) : La mot chng th
chng minh quyen s hu cua mot co ong oi vi mot cong ty co phan, va cho phep

co ong ay c hng nhng quyen li thong thng trong cong ty. Ngi s hu co
phieu pho thong la co ong pho thong, va la cac ong s hu cua cong ty co phan 40.
f) Co phieu u ai (preferred stock) : La mot chng th chng minh quyen s

hu cua mot co ong oi vi mot cong ty co phan, va cho phep co ong ay c
hng nhng quyen li u ai hn so vi cac co ong pho thong trong cong ty. Ngi
s hu co phieu u ai c goi la co ong u ai, va cung la cac ong s hu chu
cua cong ty co phan.
3. Ty suat sinh li can thiet
Ty suat sinh li can thiet la mot trong nhng can c quan trong trong viec xac
lap gia tr chng khoan. Van e c at ra la : C che nao e hnh thanh mot ty suat
sinh li can thiet tren th trng? 41
a) Tren phng dien tng nha au t
Ban than moi mot nha au thng t xac lap cho mnh mot ty suat hoan von
hap dan toi thieu (MARR - Minimum Attractive Rate of Return) hay con goi la ty
suat hoan von yeu cau toi thieu (MRRR-Minimum Required Rate of Return), va s
dung ty suat hoan von nay nh la mot chuan mc co tnh cach ca nhan e anh gia
cac tch san tai chnh va ke ca nhng d an au t cua mnh. Nh the goc o ca biet
tng nha au t hay tng doanh nghiep th ty suat sinh li can thiet c hieu la ty le
sinh li toi thieu cua chng khoan hay mot d an au t nao o ma nha au t co the
chap nhan hoac ky vong.
Mot trong cac nguyen tac e xac nh MARR hay MRRR la quyet nh au t
cang mang tnh rui ro nhieu (tc la mc o khong chac chan cua cac dong lu kim
trong tng lai cang ln) th lai suat oi hoi toi thieu cua nha au t phai cang cao.
Xet ve ban chat th MRRR bao gom hai bo phan :
Gia phai tra cho + Gia phai tra cho nhng rui ro
MRRR =
von au t ma nha au t phai ganh chu
-Bo phan gia phai tra cho von au t c hieu la lai suat e bu tr cho thi
gia cua ong tien (compensation for the time value of money). ay la thanh phan
ng nhien phai co trong MRRR. No co the la lai suat vay von cua ngan hang hay
lai suat trai phieu kho bac Nha nc (trong trng hp la von vay thuan tuy) hoac
cung co the la chi ph s dung von bnh quan gia quyen c tnh t gia cua nhieu
nguon von khac nhau trong c cau nguon von au t (WACC-Weighted Average
Cost of Capital) 42
40
Luat doanh nghiep ngay 12/06/1999 quy nh kha cu the ve quyen li va ngha vu cua co ong pho
thong va co ong u ai, ngha la a xac lap cac ac tnh khac biet va tng ong gia hai loai co
phieu neu tren. Ban oc co the xem them luat nay e hieu ro hn.
41
Co tai lieu goi la Ty suat von hoa th trng The market capitalization rate
42
Van e xac nh WACC la kha phc tap, se c khai trien trong Chng VII cua tai lieu nay.

-Bo phan gia phai tra cho nhng rui ro ma nha au t phai ganh chu c
hieu la lai suat e bu tr cho nhng rui ro o (compensation for risk). Rui ro cang cao
th lai suat e bu tr phai cang ln. Van e la cho lai suat nay la bao nhieu th u
e bu tr cho nhng rui ro ma nha au t phai ganh chu? 2%, 5%, hay 10% ? Tat ca
phu thuoc vao viec anh gia mc o rui ro va quan trong hn la thai o chap nhan
nhng rui ro o cua nha au t.
b) Tren phng dien tong the
Ty suat sinh li can thiet c xac lap tren th trng a phan anh tam trang
chung cua hang ngan nha au t, va chu s tac ong cua rat nhieu yeu to nh : tnh
hnh cung cau von, lam phat, lai suat c ban cua ngan hang Nha nc, mc o rui
rova nhieu yeu to khac na.
Song yeu to quan trong nhat , co s tac ong mang tnh quyet nh nhat oi
vi ty le sinh li can thiet cua mot tch san tai chnh nao o chnh la yeu to rui ro. Bi
vay, nhng tch san tai chnh nao co mc o rui ro cao th cung se co ty le sinh li
can thiet c xac lap tren th trung cao hn nhng tch san tai chnh khac.
4. Quy trnh can ban e lng gia chng khoan
-Da vao ac iem cua chng khoan va tnh hnh tai chnh cua cong ty phat
hanh chng khoan e a ra d bao ve dong lu kim tng lai cua chng khoan o.
-Nghien cu tnh hnh th trng tai chnh, lai suat phi rui ro cung nh rui ro
cua cac chng khoan e c nh mot ty suat chiet khau phu hp.
-Hien gia dong lu kim cua chng khoan theo ty suat chiet khau a chon. o
chnh la gia tr cua chng khoan tai thi iem tien hanh lng gia. Gia tr th trng
cua chng khoan phu thuoc vao nhieu yeu to, nhng ve can ban se dao ong xung
quanh gia tr va tm c noi tren.
II. Lng gia trai phieu

1. Lng gia trai phieu khong tra lai hang ky
Viec xac nh gia tr cua cac trai phieu khong tra lai hang ky (zero coupon
bonds), loai co gia phat hanh thap hn menh gia, c thc hien thong qua viec s
dung cong thc can ban ve li tc kep nh a trnh bay trong Chng II cua tai lieu .
Goi : PV la gia tr cua trai phieu tai thi iem tien hanh lng gia
FV la menh gia trai phieu
k la lai suat chiet khau (k co the la ty suat sinh li can thiet tren
th trng hoac lai suat hoan von toi thieu ma nha au t oi hoi)
n la so ky han
Ta co : FV
PV =
(1 + k ) n

2. Lng gia trai phieu tra lai hang ky
Hau het cac trai phieu coupon thng c tra lai hai lan mot nam, nhng so
khac co the c tra lai moi nam mot lan. Ty le lai suat ghi tren t trai phieu (lai suat
coupon) xac nh phan tien lai ma n v phat hanh cam ket thanh toan cho trai chu
khi en han, bat ke gia tr th trng cua t trai phieu la cao hn hay thap hn menh
gia cua no.
Mot cach tong quat, goi :

PV la gia tr cua trai phieu tai thi iem tien hanh lng gia
FV la menh gia trai phieu
k la lai suat chiet khau (k co the la ty suat sinh li can thiet tren th
trng hoac lai suat hoan von toi thieu ma nha au t oi hoi)
I la tien lai moi ky tra lai (tien lai coupon)
n la so ky tra lai
Ta co cong thc lng gia trai phieu nh sau :
n
I I I FV I FV
PV = +
(1 + k ) (1 + k) 2
+ ... + + =
(1 + k) n (1 + k ) n t =1 (1 + k ) t
+
(1 + k) n
Mo hnh xac nh gia tr trai phieu (hoac ke ca cac tch san tai chnh khac)
bang cach chiet khau cac khoan thu nhap ky vong trong tng lai cua chung nh tren
c goi la mo hnh dong lu kim chiet khau (The Discounted Cash Flow Model
DCF model).
3. Xac nh ty le sinh li cho ti khi ao han cua trai phieu (YTM)
YTM chnh la lai suat hoan von trung bnh cua trai phieu neu trai phieu c
mua thi iem hien tai va c gi cho en ngay ao han. Co the xac nh YTM
bang phng phap day cung a gii thieu trong Chng II cua tai lieu nay.
V du 1. e huy ong von phuc vu san xuat kinh doanh, ngay 01.01.2002
cong ty M phat hanh t trai phieu coupon co menh gia 2000 USD, lai suat coupon la
8%, lai tra moi sau thang, ao han vao 31.12.2005. Sau ky tra lai th 4 mot nha au
t mua lai trai phieu tren vi gia 1950 USD va d nh se gi cho en ngay ao han.
Hay xac nh YTM (%/6 thang) cua trai phieu trong trng hp nay.
Giai Ta thay lai suat coupon la 8% nam, menh gia 2000 USD, nen tien lai
phat sinh t trai phieu nay hang nam la 2000 x 8% = 160 USD. Do lai tra moi nam 2
lan nen tr gia cua moi coupon thanh toan la 80 USD. Ta bieu dien dong lu kim nay
tren truc thi gian nh sau :

80 80 80 80 80 80 80 80
+ 2000 I--------I--------I--------I--------I--------I----------I-------I---------I--------->
0 1 2 3 4 5 6 7 8
01.01.02 31.12.02 31.12.03 31.12.04 31.12.05
Chi 1950 80 80 80 80 + 2000
I--------I----------I----------I---------I-------->
0 1 2 3 4
Goi k la YTM cua trai phieu noi tren, k la nghiem cua phng trnh :
1950 (1 + k ) 4 = 80 (1 + k ) 3 + 80 (1 + k ) 2 + 80 (1 + k ) + 80 + 2000
(1 + k ) 4 1
1950 (1 + k ) = 80
4
+ 2000
k
Ap dung phng phap day cung e xac nh k nh sau :
(1 + k ) 4 1
Xet ham so y = f(k) = - 1950 (1 + k ) 4 + 80 + 2000
k
i qua hai iem M1 va M2 lan lt co toa o la:
M1 (k1 = 4% ; f1 = 58,5) M2 (k2 = 5% ; f2 = -25,4)
Goi y = ak + b la phng trnh ng thang cua day cung M1M2, ta co :
a = (58,5 + 25,4) : (0,04 0,05) = - 8390
Luc nay phng trnh day cung M1M2 co dang y = -8390k + b. Thay toa o
cua M1 (hoac M2) vao ta tm c tham so b
b = 58,5 + 8390 x 0,04 = 394
Cho day cung M1M2 cat truc hoanh, tc la giai phng trnh :
y = ak + b = -8390k + 394 = 0 => k = -b/a = 4,7% na nam
Vay ty le sinh li cho ti khi ao han (YTM) cua trai phieu tren la 4,7%/6
thang
III. Lng gia co phieu

1. Lng gia co phieu pho thong
Viec c nh gia tr co phieu cho phep nha au t co the so sanh vi gia co

phieu tren th trng e xem xet co phieu ay ang c th trng anh gia la cao
hay thap, t o co the giup nha au t ra quyet nh au t ung an hn. Tuy nhien
cong viec nay khong he n gian bi gia cua co phieu tren th trng bien ong
khong ngng va chu s tac ong cua rat nhieu yeu to.

Noi dung di ay ch ra cach thc can ban e c nh gia tr co phieu thong
qua viec chiet khau dong lu kim co tc d tnh cua chung 43. Can lu y rang mc o
chnh xac cua gia co phieu c lng tnh t cac phng phap nay hoan toan chu s
chi phoi cua nhng phan oan, anh gia, va gia nh cua nha au t ve trien vong
cua cong ty phat hanh co phieu trong tng lai.
a) Trng hp nha au t d tnh ban lai co phieu vao mot thi iem nao o
trong tng lai
Tren ly thuyet cac co ong c chia co tc (dividend), con goi la li nhuan

co phan, tuy thuoc vao tnh hnh kinh doanh cua cong ty. Trong nhng nam kinh
doanh thanh cong, co tc chia cho co ong cung se cao va ngc lai.
Tuy vay, cac cong ty thng an nh mc chia co tc hang nam tng oi on
nh va co gang chia theo mc o nham tao ra s an tam cho cac co ong va tranh
gay ra s bien ong ve gia tr th trng cua co phieu mot cach khong can thiet.
V ly do tren, trong muc nay, chung ta gia nh rang cac khoan co tc c
chia hang nam la khong oi (ieu nay co ngha la dong cac co tc d tnh se la mot
dong lu kim thuan nhat), va nha au t se ban lai co phieu cua mnh vao mot thi
iem (n) nao o trong tng lai vi gia ban (Pn) nao o co the c d tnh trc.
Luc nay gia tr cua co phieu thi iem hien nay chnh la hien gia cua tat ca
cac khoan thu nhap trong tng lai cua no tnh en thi iem c nhng ban, bao
gom cac khoan co tc d tnh se nhan c hang nam va khoan tien d tnh thu c
khi nhng ban co phieu. Goi :
P0 la gia tr cua co phieu thi iem hien nay (thi iem lng gia)
Pn la gia ban d tnh thi iem n (thi iem nhng ban co phieu)
D la khoan co tc co nh cho cac nam
k la lai suat chiet khau
Luc nay dong lu kim co tc c bieu dien nh sau :
D D .. D D + Pn
I--------I--------I--------I--------I--------I-------I---------------->
0 1 2 .. n-1 n
n
D D D Pn Dt Pn
P0 = + + ... + + = +
(1 + k ) (1 + k ) 2
(1 + k ) n
(1 + k ) n
t =1 (1 + k )
t
(1 + k ) n
43
That ra ay ch la phng phap thong dung va to ra thuyet phuc hn ca trong so nhieu phng phap
lng gia co phieu khac nhau. Cac phng phap lng gia khac nhau, bi da tren nhng nen tang gia
nh khac nhau, nen se cho ra nhng ket qua, co the, khong hoan toan giong nhau. Ban oc co the
nghien cu sau hn noi dung nay trong cac tai lieu tham khao a dan.

Nh vay trong trng hp nay mo hnh lng gia co phieu cung tng t nh
mo hnh dong lu kim chiet khau ma tai lieu a e cap trong muc lng gia trai
phieu. Ch khac la trai phieu th co thi iem ao han va c hoan tra menh gia,
trong khi o a gop von co phan roi th khong c rut ra (tr khi cong ty b phasan)
nen trng hp nay mo hnh a gia nh rang nha au t se ban co phieu cua mnh
vao thi iem n nao o vi gia Pn c d kien trc.
b) Trng hp co phieu c gi vnh vien
Thong thng viec au t vao co phieu c xem la au t dai han nen neu
ng tren quan iem nay th ro rang viec nha au t mua co phieu cua mot cong ty
nao o a the hien kha nang gan bo lau dai cua ong ta vi s nghiep cua cong ty, va
niem ky vong c hng li t s kinh doanh thanh cong cua cong ty, thong qua so
co tc c chia hang nam va s gia tang cua gia tr th trng cua von co phan.
Tren ly thuyet th chng nao cong ty con ton tai, chng o cac co ong van
tiep tuc c hng co tc. Bi vay cho nen neu xet trong hoan canh cong ty khong
b pha san th cac khoan co tc co nh hang nam a tao thanh mot dong lu kim
thuan nhat vo han (a perpetuity).
Nh the theo quan iem nay, gia tr cua co phieu thi iem hien nay chnh
la hien gia cua tat ca cac khoan co tc ky vong trong tng lai cua no. Bai toan lng
gia co phieu trong trng hp nay a tr thanh bai toan xac nh gia tr hien tai cua
mot dong lu kim thuan nhat vo han (the present value of a perpetuity). Goi :
P0 la gia tr cua co phieu thi iem hien nay (thi iem lng gia)
D la khoan co tc co nh hang nam
Luc nay P0 la hien gia cua dong lu kim thuan nhat vo han c bieu dien
nh sau
D D .. D .. D
I--------I--------I--------I--------I--------I------------------------>
0 1 2 .. n . +


D D D D Dt
P0 = +
(1 + k ) (1 + k ) 2
+
(1 + k ) 3
+ ... +
(1 + k )
= (1 + k )
t =1
t
1 1 1 1
P0 = D + + + ... +
(1 + k ) (1 + k ) (1 + k ) (1 + k )
2 3
1 1
e y rang day so , .... la mot cap so nhan lui vo han co so
(1 + k) (1 + k) 2
1 1
hang au tien la a 1 = va cong boi q = . Luc nay tong cac so
(1 + k ) (1 + k )
hang trong dau ngoac [ ] chnh la tong cua mot cap so nhan lui vo han.
Do o :
1 1

Dt (1 + k ) (1 + k ) D
P0 = = D = D =
t =1 (1 + k ) 1 1 k k
t
(1 + k ) (1 + k )
c) Trng hp co phieu co co tc gia tang eu an hang nam
Trong muc III.1.a va III.1.b chung ta a khao sat hai mo hnh lng gia co
phieu trong ieu kien gia nh rang cac khoan co tc hang nam la khong oi (tc
mc tang trng co tc bang khong). Tuy nhien tren thc te ieu nay rat kho thc
hien bi theo thi gian th hoat ong san xuat kinh doanh cua cong ty se co the tang
trng (hoac suy thoai) keo theo s tang len (hoac giam i) cua li nhuan rong sau
thue. ieu nay lam cho y muon duy tr mot mc chi tra co tc on nh hang nam cho
cac co ong tr nen kho c chap nhan.
Xet ve nguon goc, s gia tang co tc hang nam xuat phat t viec mot phan li
nhuan cua nam trc c gi lai va tai au t e tao ra nhieu li nhuan hn cho
nam sau. Goi :
ROE la ty suat li nhuan tren von co phan 44 (Return on Equity)
Li nhuan thuan
ROE =
Gia tr ke toan cua toan bo
von co phan pho thong
44
Neu goi EPS (Earning per share) la thu nhap tren mot n v co phan th EPS = Li nhuan thuan
chia cho (:) So n v co phan pho thong a phat hanh. Luc nay ROE con c viet nh sau :
Li nhuan thuan Thu nhap tren mot n v co phan
ROE = ------------------------------------------------- = ---------------------------------------------
So VCP x Gia tr ke toan cua 1 VCP Gia tr ke toan cua 1 VCP

Rp la ty le chi tra co tc (Payout ratio)
=> (1 Rp) la ty le (li nhuan) gi lai e tai au t (plowback ratio)
g ty suat tang trng co tc (Dividend growth rate)
Ta co : g = ROE(1 Rp)
(Dividend growth rate = ROE x Plowback ratio)
Nh a noi tren, co tc chia cho cac co ong co xu hng tang len (hoac
giam xuong) tuy thuoc vao hoat ong san xuat kinh doanh cua cong ty. Hay gia s co
tc cua mot cong ty tang len hang nam vi mot ty suat tang trng (g) on nh nao
o. Luc nay mo hnh lng gia co phieu c xac lap nh sau :
D0 la co tc thi iem hien tai
D1 la co tc nhan c sau mot nam. Do co tc tang trng theo mot ty
suat tang trng co nh la (g) nen :
D1 = D0(1 + g)
Tng t : D2 = D1(1 + g) = D0(1 + g)2
D3 = D2(1 + g) = D0(1 + g)3
D = D0(1 + g)
Ta bieu dien dong lu kim cac co tc ky vong nay tren truc thi gian nh sau
D1 D2 .. Dn .. D
I--------I--------I--------I--------I--------I------------------------>
0 1 2 .. n . +

D0 (1 + g ) D0 (1 + g ) 2 D0 (1 + g )
P0 = + + ... +
(1 + k ) (1 + k ) 2 (1 + k )
1 + g 1 + g 2 1+ g

P0 = D0 + + ... +
1 + k 1 + k 1 + k
1+ g
e y rang neu g < k th < 1, va luc o bieu thc trong dau ngoac [ ] chnh la
1+ k
1+ g 1+ g
tong cua mot cap so nhan lui vo han co a1 = va q =
1+ k 1+ k
Do o :
(1 + g ) (1 + g )
(1 + k ) (1 + k ) D (1 + g ) D
P0 = D0 = D0 = 0 = 1
1 (1 + g ) (k g ) kg kg
(1 + k ) (1 + k )
Bieu thc tren c goi la mo hnh tang trng on nh Gordon

d) Trng hp co phieu co co tc tang giam khong on nh
Mac du thc te ton tai nhng doanh nghiep ln co ty le tang trng khong
ngnng, nhng van co nhng doanh nghiep khac phai trai qua nhng giai oan thang
tram cua vong i phat trien. Va le d nhien se khong co mot c s vng chac nao e
ky vong rang mot cong ty nao o se tiep tuc phat trien mai mai ma khong phai trai
qua thi ky phat trien giam dan.
Do vay ve nguyen tac, mo hnh tang trng on nh Gordon van co the c
ap dung, nhng do ty suat tang trng li nhuan khong on nh nen oi hoi phai co
nhng ieu chnh thch hp.
Mot cach tong quat , gia s co phieu cua mot cong ty co ty suat tang trng co
tc trong (n) nam au la g1% moi nam. Trong nhng nam tiep theo, tc t nam (n +
1) tr i, co tc tang trng theo mot ty suat on nh la g2% moi nam. Mo hnh lng
gia co phieu co co tc tang trng theo giai oan c xac lap nh sau :
n
D1 D2 Dn Pn Dt Pn
P0 = +
(1 + k ) (1 + k ) 2
+ ... +
(1 + k ) n
+
(1 + k ) n
=
t =1 (1 + k )
t
+
(1 + k ) n
D (1 + g 2 )
vi Pn = n
k g2

2. Lng gia co phieu u ai
Co phieu u ai, nh tren a noi, la mot chng khoan lai, bi no va co nhng

ac tnh giong trai phieu, lai va co nhng ac iem giong co phieu pho thong. No
giong co phieu pho thong cho no cung la von gop, va v vay no khong co ngay ao
han, ngha la khong the rut ra.
Mat khac, co phieu u ai giong nh trai phieu cho a so cac co phieu u
ai cho phep cac co ong c hng mot khoan co tc co nh va eu an hang
nam, tng t nh li nhuan cua trai phieu coupon.
Do tnh chat neu tren nen mo hnh lng gia co phieu u ai cung tng t
nh mo hnh lng gia co phieu pho thong c lu gi vnh vien va co co tc khong
oi (a gii thieu muc III.1.b cua chng nay).
Goi : P0 la gia tr cua co phieu u ai thi iem lng gia
Dp la khoan co tc co nh hang nam cua co phan u ai
Ta co
Dp
P0 =
k

CHNG VI: CHO THUE TAI CHNH
Cho thue tai chnh la mot phng thc giao dch lau i va c phat trien
manh me vao au the ky th XIX nhieu quoc gia t ban. Ngay nay cho thue tai
chnh a tr thanh mot trong nhng phng thc tai tr pho bien tren the gii bi tnh
an toan, tien li, va hieu qua cua no oi vi cac ben tham gia.
Viet Nam, nh che cho thue tai chnh c thanh lap vao thang 10/1995
khi Thu tng chnh phu ra quy che tam thi ve to chc va hoat ong cua cong ty cho
thue tai chnh. Tuy con non tre, nh che cho thue tai chnh nc ta a khong ngng
c cung co va hoan thien. Gan ay, viec Chnh phu ban hanh Ngh nh
16/2001/N-CP ngay 02/05/2001 ve to chc va hoat ong cua cong ty cho thue tai
chnh la mot s kien noi bat, anh dau bc phat trien mi cua nh che nay.
Cung vi s ra i va phat trien cua nh che cho thue tai chnh Viet Nam,
viec tm hieu ly luan va nghiep vu ve cho thue tai chnh a chnh thc tr thanh noi
dung nghien cu cua nhieu mon hoc co lien quan trong lanh vc kinh te xa hoi, ac
biet la lanh vc tai chnh-ngan hang cac trng ai hoc nc ta. Tuy nhien, nh a
tng co dp e cap, trong pham vi nghien cu cua tai chnh doanh nghiep, chng
nay se khong at nang viec xem xet cac kha canh nghiep vu cua hnh thc cho thue
tai chnh cung nh cua toan bo cong nghiep thue, ma chu yeu tap trung vao hai noi
dung c ban sau ay:
-Khai niem va cac hnh thc cho thue tai chnh
-ng dung cua ly thuyet gia tr tien te theo thi gian trong cac ky thuat tnh
toan tien thue. Thc chat, ay la phan noi dung noi tiep cua chng II.
I. Thoa thuan cho thue, cho thue van hanh (cho thue hoat ong) va
cho thue tai chnh
1. Thoa thuan cho thue
Thoa thuan cho thue (leasing agreement) la mot hp ong gia hai hay nhieu
ben lien quan en mot hay nhieu tai san. Ben cho thue chuyen giao tai san cho ben
thue oc quyen s dung va hng dung nhng li ch kinh te trong mot khoang thi
gian nhat nh. oi lai, ben thue phai tra mot so tien cho ben cho thue tng xng
vi quyen s dung va quyen hng dung o.
Nh vay, ac trng noi bat cua mot giao dch cho thue o la viec tach ri gia
quyen s hu va quyen s dung oi vi tai san. Ben cho thue van gi lai cho mnh
quyen s hu tai san (trong o co quyen nh oat), va chuyen giao quyen s dung
va phan ln quyen chiem hu cho ben i thue. ac trng nay lam cho giao dch cho
thue khac han vi cac giao dch mua ban may moc thiet b khac.
Nhn chung, thoa thuan cho thue thng co hai hnh thc chu yeu la :
-Cho thue van hanh (operating lease) : Ch e s dung

-Cho thue tai chnh (finance lease) : Con goi la thue e roi mua
2. Cho thue van hanh
Mot giao dch cho thue c xem la cho thue van hanh (cho thue hoat ong,
ch e s dung) neu tat ca rui ro va li ch gan lien vi quyen s hu tai san hau nh
khong c chuyen giao t ben cho thue sang ben i thue.
Di ay tom tat mot so ac trng chu yeu cua loai hnh cho thue nay :
-Thong thng, ben i thue ch tam s dung tai san trong thi gian ngan hn
tuoi tho kinh te hoac thi gian hu dung cua tai san va khong co y nh mua lai tai
san o khi hp ong thue ket thuc.
-Ben cho thue khong thu hoi c toan bo so tien bo ra au t trong suot thi
ky cho thue au tien ma phai trong ch vao nhieu hp ong cho thue tiep theo.
-Ben cho thue c hng tien thue va nhng li ch gan lien vi quyen s
hu tai san nhng phai chu moi chi ph van hanh tai san nh chi ph bao tr, sa
cha tai san, chi ph bao hiem tai san, thuecung nh moi rui ro va hao mon (hu
hnh va vo hnh) cua tai san.
-Ben i thue co quyen s dung tai san va co trach nhiem thanh toan tien thue
theo thoa thuan. Ben i thue khong phai chu cac ph ton ve bao tr, van hanh, hay
nhng rui ro lien quan en tai san neu khong phai do loi cua ho gay ra.
-Cho thue van hanh thng c thc hien oi vi cac tai san co thi gian s
dung hu ch lau dai, t lac hau ve ky thuat cong nghe hoac co th trng thiet b cu
nang ong.
3. Cho thue tai chnh
Mot giao dch cho thue c xem la cho thue tai chnh neu nh hau het cac
rui ro va li ch gan lien vi quyen s hu tai san c chuyen giao t ben cho thue
sang ben i thue. Di ay la mot so ac trng chu yeu cua loai hnh cho thue nay :
-Thi han cho thue chiem phan ln thi gian s dung hu ch cua tai san, va
tong so tien ma ben cho thue thu c trong suot thi han cho thue thng la u e
bu ap gia goc cua tai san cong them phan li nhuan hp ly.
-Thong thng quyen s hu tai san c chuyen giao cho ben i thue khi
hp ong thue ket thuc, hoac trong hp ong co quy nh ben i thue c quyen
chon phng an tiep tuc thue vi tien thue thap, hay mua lai tai san thue vi gia danh
ngha thap hn gia tr con lai thc te cua tai san thue tai thi iem mua lai.
-Cac loai chi ph bao tr, van hanh, bao hiem va cac rui ro lien quan en tai
san thng do ben i thue ganh chu. Tuy nhien, do gi quyen s hu phap ly oi vi
tai san cho thue nen moi u ai ve thue va cac khoan tien boi thng do c quan bao
hiem tra cho tai san eu do ben cho thue hng, tr phi co thoa thuan khac trong hp
ong cho thue tai chnh.

Viet Nam, cho thue tai chnh c nh ngha la mot hoat ong tn dung
trung dai han, thong qua viec cho thue may moc thiet b va cac ong san khac 45.
Di ay tom tat mot vai quy nh co lien quan :
-Ben cho thue cam ket mua may moc thiet b va ong san theo yeu cau cua
ben thue, va nam gi quyen s hu tai san thue
-Thi han cho thue tai chnh toi thieu phai bang 60% thi gian s dung hu
ch cua tai san.
-Ben i thue c s dung tai san thue, phai thanh toan tien thue va phai mua
bao hiem cho tai san o trong suot thi han thue a c hai ben thoa thuan.
-Khi ket thuc thi han thue, ben i thue c chuyen quyen s hu, mua lai
hoac tiep tuc thue tai san theo cac ieu kien a thoa thuan trong hp ong thue.
-Ben i thue khong c huy bo hp ong thue trc thi han. Tuy nhien, s
huy ngang hp ong van co the xay ra neu nh co s ong thuan cua cac ben lien
quan, hoac theo nhng quy nh cua c quan quan ly Nha nc co tham quyen.
Thong t so 08/2001/TT-NNNH ngay 06/09/2001 cua Ngan hang Nha nc
hng dan thc hien Ngh nh 16/2001/N-CP ngay 02/05/2001 cua Chnh phu ve
to chc va hoat ong cua cong ty cho thue tai chnh a quy nh ro cac trng hp
cham dt hp ong cho thue tai chnh trc han nh sau :
Ben cho thue co quyen cham dt hp ong cho thue tai chnh trc khi ket
thuc thi han cho thue khi co mot trong cac trng hp sau :
Ben i thue khong tra tien thue theo quy nh trong hp ong ;
Ben i thue vi pham cac ieu khoan cua hp ong ;
Ben i thue b pha san, giai the ;
Ngi bao lanh b pha san, giai the va ben cho thue khong chap nhan
e ngh cham dt bao lanh hoac e ngh ngi bao lanh khac thay the cua ben i
thue.
Ben i thue cung co quyen cham dt hp ong thue tai chnh trc khi ket
thuc thi han thue khi co mot trong cac trng hp sau :
Ben cho thue khong giao ung han tai san cho thue do loi cua ben cho
thue ;
Ben cho thue vi pham cac ieu khoan cua hp ong
Hp ong cho thue tai chnh c cham dt trc khi ket thuc thi han cho
thue trong trng hp tai san cho thue b mat, hong khong the phuc hoi sa cha ;
45
Theo quy nh hien hanh, cho thue tai chnh Viet Nam ch thc hien oi vi may moc thiet b
cong nghiep, thiet b xay dng, giao thong van tai, thiet b van phong, thiet b y te, thiet b o lng ,
kiem tra chat lng san pham, va tat ca cac loai ong san khac. Khong cho thue tai chnh oi vi cac
bat ong san.

hoac trong trng hp ben cho thue chap nhan e ben i thue thanh toan toan bo tien
thue trc thi han cho thue ghi trong hp ong.
4. Phan biet giao dch cho thue tai chnh va cho thue van hanh
Ngi ta e xuat 4 tieu ch lam can c c ban cho viec phan biet gia giao
dch cho thue tai chnh va giao dch cho thue van hanh nh sau :
-Quyen s hu tai san thue co c chuyen giao cho ben i thue khi ket thuc
hp ong khong? Neu co th o la giao dch thue tai chnh, neu khong th la thue van
hanh.
-Trong hp ong co quy nh ben i thue co quyen chon mua tai san thue khi
ket thuc hp ong vi gia tng trng khong? Neu co th o la giao dch thue tai
chnh, neu khong th la thue van hanh.
-Thi gian thue ghi trong hp ong co chiem phan ln thi gian s dung hu
ch cua tai san thue hay khong? Neu co th o la giao dch thue tai chnh, neu khong
th la thue van hanh.
-Gia tr hien tai thuan cua toan bo cac khoan tien thue toi thieu do ben i thue
tra co tng ng hoac ln hn gia tr th trng cua tai san tai thi iem bat au
hp ong khong? Neu co th o la giao dch thue tai chnh, neu khong th la thue van
hanh.
Tat ca cac giao dch cho thue tai san neu thoa man bat ky mot trong bon tieu
ch tren ay th eu thuoc giao dch cho thue tai chnh. Neu khong th ch la giao dch
cho thue van hanh.
5. Nhng li ch cua cho thue tai chnh
a) Li ch oi vi nen kinh te
-Cho thue tai chnh la mot hnh thc tai tr kha linh hoat, ac biet phu hp vi
cac doanh nghiep va va nho ang co nhu cau oi mi trang thiet b san xuat, gop
phan giup loai hnh doanh nghiep nay phat trien.
-Cho thue tai chnh gop phan thu hut von au t vao nen kinh te, phuc vu cho
s nghiep cong nghiep hoa hien ai hoa at nc.
-Cho thue tai chnh gop phan thuc ay oi mi cong nghe, thiet b, cai tien
khoa hoc ky thuat phuc vu san xuat, t o nang cao sc canh tranh cho nen kinh te.
b) Li ch oi vi ben cho thue
Cho thue tai chnh la mot hnh thc tai tr co mc o an toan cao hn han
nhieu hnh thc tai tr tn dung khac. Bi le trong suot thi han cho thue, ben cho
thue van nam gi quyen s hu phap ly oi vi tai san nen hoan toan co quyen
chiem hu lai tai san bat c luc nao, neu xet thay ben i thue co hanh vi vi pham hp
ong.

Mat khac, du trong trng hp doanh nghiep i thue lam vao tnh trang pha
san th tai san thue tai chnh van khong b phat mai, va van thuoc quyen s hu hp
phap cua ben cho thue.
c) Li ch oi vi ben i thue
-Neu trong hnh thc cho vay trung dai han ngi i vay phai co von t co
tham gia vao d an, th cho thue tai chnh la loai hnh tn dung tai tr 100% nhu cau
von nen tao nhieu thuan li hn cho doanh nghiep i thue.
-Do cho thue tai chnh la mot hnh thc tai tr t rui ro nen quy trnh thu tuc tai
tr c thc hien kha nhanh chong, t o cho phep ben i thue rut ngan thi gian
trien khai au t, ap ng kp thi cac c hoi kinh doanh.
-Do ben cho thue van gi quyen s hu phap ly oi vi tai san cho thue nen
thng se khong at ra yeu cau ben i thue phai the chap hoac cam co tai san. Tham
ch nhng doanh nghiep khong thoa man cac yeu cau am bao oi vi cac hnh thc
tn dung thong thng khac van co the co c hoi c nhan tai tr t hnh thc cho
thue tai chnh.
-Nh hnh thc cho thue tai chnh, ben i thue co the gia tang nang lc san
xuat va thc hien oi mi may moc, thiet b e theo kp toc o phat trien cua cong
nghe mi cung nh am bao kha nang canh tranh cua mnh trong ieu kien han che
ve nguon lc. ong thi cho thue tai chnh cung giup ben i thue tranh c tnh
trang nguon lc tai chnh b ong trong cac tai san co nh, t o tao ieu kien giai
quyet nhu cau von lu ong.
Cac doanh nghiep co tai san co nh ln nhng khong u von e mua nguyen
vat lieu va tra lng nhan cong co the lien he vi cac cong ty cho thue tai chnh e
thc hien giao dch ban roi thue lai. Cach lam nay se am bao cho ben cho thue
(ngi va mua lai tai san) co c khach hang va tm kiem li nhuan t s tai tr,
ong thi giup cho ben i thue (ngi em ban tai san cua mnh e roi thue lai) va
co tai san co nh e phuc vu san xuat, va co tien e mua nguyen vat lieu va tra
lng nhan cong.
-oi vi nhng quoc gia khong quy nh von hoa tai san thue tai chnh th
viec thue tai chnh se khong anh hng bat li en cac ty so ve c cau tai chnh, do
o giup duy tr hnh anh tot ep ve tai chnh cua doanh nghiep i thue oi vi cac oi
tng quan tam.
-Cho thue tai chnh em lai cho doanh nghiep i thue nhng khoan tiet kiem
ve thue TNDN do tien thue c hach toan nh la mot yeu to chi ph cua qua trnh
san xuat kinh doanh. Khi hp ong thue cham dt, gia tr con lai cua tai san thue
thng la rat ang ke va se tr thanh li ch cua ben i thue neu ho c chuyen giao
quyen s hu tai san thue, hoac c mua lai vi gia tng trng thap hn gia tr con
lai thc te cua tai san o.
Mac du mang lai kha nhieu li ch cho ben i thue nhng cho thue tai chnh
khong phai hoan toan khong co nhng bat li. Chang han nh doanh nghiep i thue

khong phai la chu s hu tai san thue nen khong the s dung no e the chap, cam co
hoac am bao cho bat ky mot ngha vu tai chnh nao ; ben i thue cung khong hoan
toan chu ong trong viec s dung tai san thue v khong the thay oi v tr lap at may
moc, khong c thay oi ket cau, hnh dang cua may moc thiet b cho phu hp vi
day chuyen san xuat hien co ; chi ph thue tai chnh ma ben i thue phai ganh chu
thng cao hn chi ph vay trung dai han ; ben i thue con phai ton kem chi ph cho
viec bao dng, sa cha tai san thue trong thi han thue cung nh phai thanh toan
cac chi ph co lien quan en tai san thue nh thue nhap khau tai san, ph bao hiem
II. Cac hnh thc cho thue tai chnh
Cho thue tai chnh co nhieu hnh thc rat a dang va phong phu e ap ng
cho cac nhu cau khac nhau cua ben i thue. Cac hnh thc nay khong gii han trong
mot khuon kho nhat nh nao ma an xen vao nhau, tao ra nhng bien the tai tr vo
cung linh hoat. Di ay gii thieu mot so hnh thc cho thue tai chnh pho bien.
1. Cho thue tai chnh co s tham gia cua hai ben
ay la loai hnh cho thue tai chnh ma trc khi giao dch dien ra, tai
san tai tr a co san va thuoc quyen s hu cua ben cho thue. Hnh thc tai tr nay
thng c cac nha san xuat cong nghiep s dung e ay manh viec tieu thu san
pham. No cung co the c van dung e cho thue nhng tai san c xiet n bi cac
nh che tai chnh trung gian.
Cac quan he c ban trong giao dch cho thue tai chnh co s tham gia cua hai
ben c minh hoa trong S o (1). di ay :
(a) Ky hp ong
(b) Quyen s dung tai san
BEN BEN
(c) Tra tien thue
CHO I
THUE (d) Ket thuc hp ong THUE
(a) Ben cho thue va ben i thue ky hp ong cho thue tai chnh
(b) Ben cho thue chuyen giao quyen s dung tai san cho ben i thue
(c) Ben i thue thanh toan tien thue, ph bao dng, tien mua phu tung, ph
bao hiem, cac loai ph khac cho ben cho thue
(d) Ket thuc hp ong, hai ben cung x ly cac noi dung co lien quan en
quyen li va ngha vu cua mnh.

2. Cho thue tai chnh co s tham gia cua ba ben
Hnh thc nay c goi la cho thue tai chnh thuan (net financial leasing).
ay la loai hnh cho thue tai chnh ma trc khi giao dch dien ra, tai san tai tr cha
co san. Ben cho thue se mua tai san theo ung yeu cau cua ben i thue. Cac quan he
c ban trong giao dch cho thue nay co s gop mat cua ba ben : ben cho thue, ben i
thue, va nha cung cap.
S o (2)
Cac moi quan he ba ben trong hnh thc cho thue tai chnh thuan
(1)Hp ong thue tai san

BEN BEN
CHO (4a)Quyen s dung tai san I
THUE THUE
(4b)Tra tien thue tai san
(2) (3c) (3b) (3a) (5a) (5b)

Hp Quyen Tra Giao Bao tr Tra tien
ong s hu tien tai va phu bao tr
mua phap ly mua san tung va phu
tai /v tai tai thay tung
san san san the
NHA SAN XUAT,

CUNG CAP THIET B
(1) Sau khi tham khao y kien cua ben cho thue, ben i thue t mnh la chon
nha cung cap tai san va thoa thuan e i en ky ket mot bien ban ghi nh vi nha
cung cap ve cac noi dung : mau ma, cac ac tnh ky thuat cua tai san, ngay giao tai
san, bao trva nhng van e khac co lien quan en tai san. ong thi tien hanh
thng lng vi ben cho thue e i en ket hp ong cho thue tai chnh.
(2) Sau khi hp ong cho thue tai chnh a c ky ket, ben cho thue se lien
he vi nha cung cap e at hang theo yeu cau cua ben i thue, va ky ket hp ong

mua ban tai san can c vao bien ban ghi nh ma ben i thue va nha cung cap a ky
ket trc o.
(3a), (3b), (3c) Nha cung cap, can c vao hp ong a ky ket vi ben cho
thue, se tien hanh van chuyen va lap at tai san thiet b tai a iem va thi gian theo
yeu cau cua ben i thue. Ben i thue se thc hien viec giam nh tai san, neu tai san
la phu hp vi hp ong thue th lap bien ban chap nhan tai san thue. Can c vao
bien ban chap thuan tai san thue cua ben i thue, ben cho thue se thanh toan tien
mua tai san cho nha cung cap theo hp ong, va chnh thc xac lap quyen s hu
phap ly cua mnh oi vi tai san cho thue.
(4a), (4b) Ben cho thue va ben i thue kiem tra lai lan cuoi cung tai san c
lap at, to chc van hanh th va lap bien ban ban giao tai san thue e chnh thc
chuyen giao quyen s dung tai san t ben cho thue sang ben i thue. Hp ong thue
tai chnh bat au co hieu lc tren thc te. Ben i thue co trach nhiem thanh toan tien
thue theo nhng thoa thuan a ky ket trong hp ong thue tai chnh va khong c
huy ngang hp ong thue tr phi nhan c s ong thuan t ben cho thue.
(5a), (5b) Trong qua trnh s dung, ben i thue co trach nhiem bao quan tai
san thue, mua bao hiem cho tai san, lien he vi nha cung cap e thc hien viec bao
tr, sa cha tai san khi can thiet va phai chu moi ph ton cho cac hoat ong nay,
cung nh phai ganh chu tat ca nhng rui ro xay ra trong qua trnh s dung tai san
thue.
Hnh thc giao dch cho thue tai chnh co s tham gia cua ba ben co nhieu u
iem va tao thuan li cho cac ben tham gia, chang han nh :
-Ben cho thue khong phai mua tai san trc khi giao dch nen ong von
khong b ong di dang hang ton kho
-Ben i thue hoan toan chu ong trong viec la chon nha cung cap va tai san
thue nen se am bao hieu qua va tnh phu hp cua qua trnh thue mua tai san thiet b.
ong thi, cung han che c rui ro cho ben cho thue lien quan en viec t choi
nhan tai san thue cua ben i thue.
3. Mot so hnh thc ac biet cua cho thue tai chnh
a) Ban roi thue lai (Sale and leaseback)
Ban roi thue lai la mot bien the ac biet cua cho thue tai chnh thuan. Theo
o, chu s hu ban au cua tai san (cong ty A) se ban mot tai san cua chnh ho cho
ben cho thue (cong ty cho thue tai chnh B) e nhan c mot so tien nhat nh.
ong thi, ngay luc o mot hp ong cho thue tai chnh se c ky ket vi noi dung
ben cho thue (cong ty B) ong y cho cong ty A thue lai chnh tai san ma ho va ban.
Neu giao dch nay hoan tat, cong ty A va co nguon tai chnh e kinh doanh ma van
duy tr c viec s dung tai san, con cong ty B th a tm c khach hang va co c
hoi e tm kiem li nhuan thong qua tai tr.
S o (3.a). Cac moi quan he c ban trong hnh thc ban roi thue lai

Hp ong mua ban tai san
Cong ty cho Quyen s hu phap ly Chu s hu

thue tai chnh ban au
Tra tien mua tai san

Ben mua Ben ban
lai tai san tai san
Quyen s dung tai san
Ben cho thue Ben i thue

Tra tien thue tai san
Hp ong cho thue tai chnh
Hnh thc ban roi thue lai tao ra nhieu li ch cho ben i thue, nh :
-Giai quyet nhu cau von lu ong : Tren thc te, co mot so doanh nghiep co
tai san co nh gia tr ln nhng lai khong u von lu ong e khai thac nang lc tai
san co nh hien co.
Trong ieu kien cac doanh nghiep nay can phai duy tr nang lc san xuat nen
khong the ban bt tai san co nh e chuyen thanh tai san lu ong, th hnh thc ban
roi thue lai se la mot giai phap kha d co the la chon nham giup doanh nghiep va
thu c mot so tien nhat nh e bu ap thieu hut von lu ong, va duy tr c
quyen s dung tai san e phuc vu san xuat kinh doanh. Khi ket thuc thi han thue,
doanh nghiep co the mua lai tai san thue va khoi phuc vai tro chu s hu tai san cua
mnh.
-Hnh thc nay cung c ap dung e tai tai tr trung dai han oi vi nhng
tai san trc o ben i thue a mua bang nguon von vay n, hoac c dung e giam
chi ph s dung von neu hnh thc nay co mc lai suat thap hn cac chi ph s dung
von khac.
b) Cho thue giap lng (under lease)
Cho thue giap lng la hnh thc cho thue tai chnh ma thong qua s ong y
cua ben cho thue, ben i thue th nhat cho ben i thue th hai thue lai tai san ma
trc o ho a thue.
Ngay sau khi hp ong cho thue giap lng c ky ket, moi quyen li, ngha
vu, rui ro, va tai san c chuyen giao t ben thue th nhat sang ben thue th hai.
Tuy nhien, ben thue th nhat van phai chu trach nhiem lien i oi vi nhng rui ro

va thiet hai lien quan en tai san thue bi v ho la ngi trc tiep ky ket hp ong
thue tai chnh vi ben cho thue.
Trong trng hp nay, ben thue th nhat va ong vai tro la ngi i thue tai
san, va la ngi cho thue tai san, va ben cho thue ban au ch biet en ben thue th
nhat ma khong can biet ben thue th hai la ai.
Hnh thc cho thue giap lng thng c s dung trong trng hp ben thue
th nhat khong con nhu cau s dung tai san thue nhng thi han thue van cha cham
dt va hp ong thue khong the huy ngang, nen ho phai tm ben thue th hai e
chuyen giao hp ong va trut bo ganh nang thanh toan tien thue.
c) Cho thue bac cau (leveraged lease)
Hnh thc nay ra i xuat phat t thc te cac cong ty cho thue tai chnh co han
che ve nguon lc tai chnh nen khong u kha nang t tai tr nhng tai san co gia tr
ln cho khach hang.
Hnh thc nay cho phep ben cho thue i vay phan ln chi ph mua sam tai san
cho thue t mot hoac nhieu ben cho vay. The chap cho khoan vay nay la quyen s
hu tai san thue va cac khoan tien thue ma ben i thue se thanh toan trong tng lai.
Ben cho vay c hoan tra tien vay (von goc va lai) t cac khoan tien thue, thng
do ben i thue trc tiep chuyen tra theo yeu cau cua ben cho thue. Sau khi tra het
khoan n vay, nhng khoan tien thue con lai se c tra cho ben cho thue.
Nhn chung, hnh thc cho thue bac cau thng co s tham gia cua bon ben :
ben cho vay, ben cho thue, ben i thue, va nha cung cap. Moi quan he giao dch gia
ben cho thue, ben i thue va nha cung cap khong co s khac biet ln so vi hnh thc
cho thue tai chnh thuan. Rieng ben cho thue phai ky them hp ong tn dung vi ben
cho vay va chu trach nhiem tra tien vay.
Qua trnh tai tr thue mua nay a boc lo moi quan he tng ho gia cac ben
lien quan, tao ra nhng li ch cho cac ben tham gia va cho ca nen kinh te. No cho
phep em lai li nhuan va m rong kha nang tai tr ra khoi pham vi nguon lc tai
chnh cua ben cho thue. No thng c s dung trong cac giao dch cho thue tai
chnh oi hoi lng von au t ln cho nhng tai san thue co gia tr cao nh may bay,
tau bien ch hang trong tai ln
III. Phng phap tnh toan tien thue

Tren goc o ben cho thue, viec tnh toan tien thue mot cach hp ly se am
bao mot mc li nhuan thoa ang, han che rui ro, va thu hut c khach hang tham
gia giao dch cho thue tai chnh.

Tren goc o ben i thue, viec nam bat c ky thuat tnh toan tien thue se
giup cho doanh nghiep thuan li hn trong cac thng lng hp ong thue tai chnh
vi oi tac.
C s cua phng phap tnh toan tien thue trong cac giao dch cho thue tai
chnh la ly thuyet ve gia tr tien te theo thi gian a e cap Chng II cua tai lieu
nay.
1. Mot so van e can lu y khi van dung phng phap tnh tien thue
Viec van dung mot phng phap tnh toan tien thue nao o cho phu
hp vi tng tnh huong cu the tuy thuoc vao may yeu to chu yeu sau ay :
-Lai suat ap dung e tnh toan tien thue la co nh hay tha noi? (thc te
thng ap dung lai suat co nh)
-Cac ky han thanh toan tien thue la eu nhau hay khong eu nhau? (thc te
thng ap dung ky han thanh toan eu nhau)
-Tien thue c thanh toan va au hay cuoi cua moi ky han? (thc te thng
ap dung thanh toan vao cuoi moi ky han)
-Tien thue c phan phoi eu cho tat ca cac ky han thanh toan (ky khoan co
nh), hoac tang dan theo mot he so nhat nh (ky khoan tang dan), hoac giam dan
theo mot he so nhat nh (ky khoan giam dan), hoac thay oi khong theo mot quy
luat chung nao ca (ky khoan bien thien)? (thc te thng ap dung ky khoan co nh)
-Ben cho thue co thu trc tien thue cua mot so ky han cuoi hay khong? (thc
te thng khong thu trc)
-Mc hoan von trong thi han thue la toan bo hay ch mot phan? Ket thuc hp
ong ben cho thue chuyen giao quyen s hu tai san thue cho ben i thue, hay ben i
thue phai mua lai tai san thue vi mot mc gia nao o?
Moi mot yeu to tren se anh hng trc tiep en qua trnh tnh toan tien thue,
tao ra s a dang va phong phu cua cac ky thuat toan tai chnh ap dung cho qua trnh
nay. Tuy nhien, du cho viec tnh toan tien thue c thc hien theo ky thuat nao i
na th cung phai nghiem ung phng trnh can ban cua bai toan vay va tra n a
c e cap Chng II cua tai lieu nay. Cac ky hieu sau ay se c s dung cho
cac phan noi dung tiep theo :
P Tong so tien tai tr (la nguyen gia cua tai san co nh cho thue)
n So ky han thanh toan tien thue
m So ky han cuoi ma ben cho thue thu tien thue ngay khi tai tr
i Lai suat cho moi ky han (%)
S Gia tr con lai c tnh cua tai san thue thi iem ket thuc hp ong,
dung lam can c xac nh gia ban tai san thue cho ben i thue vao thi iem o.
S = 0 neu mc hoan von trong thi han thue la toan bo

S > 0 neu mc hoan von trong thi han thue ch mot phan
Xi Cac khoan tien thue ma ben i thue phai tra cho ben cho thue moi
ky han thanh toan. (i [0 , n] ).
q He so tang hay giam cac khoan tien thue neu cac khoan tien thue tang
hay giam dan theo thi gian
Neu cac khoan tien thue la eu an (ky khoan co nh) th cac
mon tien thue theo thi gian a lap thanh mot dong lu kim thuan nhat. Luc nay q =
1 va X0 = X1 = X2 = = Xn
Neu cac khoan tien thue tang dan : q > 1
Neu cac khoan tien thue giam dan : q < 1
Chang han : tien thue thanh toan vao cuoi moi quy va tang dan
theo ty le 20%/quy co ngha : tien thue se c thanh toan vao cuoi cua moi ky han
la quy, ong thi tien thue quy sau se tang hn quy trc 20%, tc q = 1,2. Luc nay:
X2 = X1.1,2 ; X3 = X2.1,2 = X1.1,22
2. Cac phng phap tnh tien thue trong trng hp lai suat co nh
a) Trng hp tong quat 1 : Tien thue thanh toan vao au cua moi ky
han, cac ky han thanh toan eu nhau va so tien thue ky sau bang q lan so tien thue
ky ng lien trc o. Ben cho thue co thu trc so tien thue cua m ky han cuoi ngay
khi tai tr. Mc hoan von trong thi han thue ch mot phan, gia tr con lai cua tai san
thue tai thi iem ket thuc hp ong la S.
Ta bieu dien dong tien thue len truc thi gian nh sau :
mX0 + X0 X1 X2 X3 . Xn-m-1 S
I---------I---------I----------I---------------I-----------I------------> i%
0 1 2 3 . n-m-1 n
Vi X1 = X0.q ; X2 = X1.q = X0.q2 ; X3 = X0.q3 ; Xn-m-1 = X0.qn-m-1
Dong tien thue theo thi gian t X0 en Xn-m-1 a lap thanh mot cap so nhan
vi cong boi la q. Muon xac nh c cac mon tien thue phai tra au cua moi ky
han, ta ch can xac nh c mon tien thue phai tra thi iem bat au cua ky han
au tien : X0. Ta co X0 la nghiem cua phng trnh :
Tong gia tr tai tr = Tong cac mon tien se thanh toan (quy ve cung mot thi
iem nhat nh vi mot lai suat nao o)
Bang ky thuat xac nh gia tr tng lai cua dong lu kim a gii thieu
Chng II, chung ta co the thiet lap cong thc tong quat e tnh toan tien thue trong
trng hp nay nh sau :

P (1 + i ) n

m (1 + i ) (1 + i q ) + (1 + i )
= X0
n m +1
(1 + i ) n m q n m [ ] + S
1+ i q

X0 =
[P (1 + i ) n
]
S (1 + i q )
m (1 + i ) n (1 + i q ) + (1 + i ) m + 1 (1 + i ) n m q n m[ ]
X0 =
[P (1 + i ) n
]
S (1 + i q )
m (1 + i ) n (1 + i q ) + (1 + i ) n + 1 (1 + i ) m + 1 .q n m
X0 =
[P (1 + i ) n
]
S (1 + i q )
[
(1 + i ) n m + mi mq + 1 + i (1 + i ) m + 1 .q n m ]
X0 =
[P (1 + i ) n
]
S (1 + i q )
(III.2.a)
(1 + i ) n
[(1 + i )( m + 1) mq ] (1 + i ) m +1
.q nm
Cong thc (III.2.a) co the ap dung cho trng hp tong quat a noi tren.
ong thi, tuy vao nhng quy nh cu the trong hp ong thue tai chnh ma ieu
chnh cong thc nay e tnh toan so tien thue mot cach phu hp. Chang han nh :
Neu ben cho thue khong thu trc tien thue cua m ky han cuoi ngay khi tai
tr, tc m = 0 ; va so tien thue c phan bo eu cho moi ky han (ky khoan co nh),
tc q = 1. Cong thc (III.2.a) tr thanh :
P.i.(1 + i) n S.i
X0 =
[
(1 + i) (1 + i) n 1 ]
tr, tc m = 0 ; So tien thue c phan bo eu cho moi ky han (ky khoan co nh),
tc q = 1 ; Va mc hoan von trong thi han thue la toan bo, ket thuc hp ong tai san
thuoc ve ben i thue, tc S = 0. Cong thc (III.2.a) tr thanh :
P.i.(1 + i) n
X0 =
[
(1 + i) (1 + i) n 1 ]
tr, tc m = 0. Cong thc (III.2.a) tr thanh :
X0 =
[P(1 + i) S](1 + i q)
n
(1 + i)[(1 + i) q ] n n
b) Trng hp tong quat 2 : Tien thue thanh toan vao cuoi cua moi ky han,
cac ky han thanh toan eu nhau va so tien thue ky sau bang q lan so tien thue ky

ng lien trc o. Ben cho thue co thu trc so tien thue cua m ky han cuoi ngay
khi tai tr. Mc hoan von trong thi han thue ch mot phan, gia tr con lai cua tai san
thue tai thi iem ket thuc hp ong la S.
Ta bieu dien dong tien thue len truc thi gian nh sau :
mX1 X1 X2 X3 . Xn-m S
I----------I----------I-----------I--------------------I-----------I------------> i%
0 1 2 3 . n-m n
Vi X2 = X1.q ; X3 = X2.q = X1.q2 ; X4 = X1.q3 ; Xn-m = X1.qn-m-1

Dong tien thue theo thi gian t X1 en Xn-m a lap thanh mot cap so nhan
vi cong boi la q. Muon xac nh c cac mon tien thue phai thanh toan cuoi cua
moi ky han, ta ch can xac nh c mon tien thue phai thanh toan thi iem cuoi
cua ky han au tien : X1.
Bang lap luan tng t nh muc III.2.a, chung ta co the tm c cong thc
tong quat e xac nh X1 nh sau :
X1 =
[P(1+ i) S](1+ i q)
n
(III.2.b)
n m
m(1 + i) .(1 + i q) + (1 + i) (1 + i) .q
n n m
Cong thc (III.2.b) co the ap dung cho trng hp tong quat th 2 a noi tren.
ong thi, tuy vao nhng quy nh cu the trong hp ong thue tai chnh ma ieu
chnh cong thc nay e tnh toan so tien thue mot cach phu hp. Nh :
tr, tc m = 0 ; va so tien thue c phan bo eu cho moi ky han (ky khoan co nh),
tc q = 1. Cong thc (III.2.b) tr thanh :
P.i.(1 + i) n S.i
X1 =
(1 + i) n 1
V du 1. Mot cong ty cho thue tai chnh ky hp ong cho thue tai chnh mot
TSC vi doanh nghiepA. Hp ong thue ch ro nhng noi dung c ban sau ay :
Tong gia tr tai tr (nguyen gia cua TSC cho thue) la 75.000 USD. Thi han cho
thue la 5 nam. Tien thue c thanh toan eu vao cuoi moi nam. Hp ong ap dung
lai suat co nh la 8% nam. Gia tr con lai cua tai san thi iem hp ong ket thuc
la 8000 USD. Hay lap bang ke hoach tra tien thue cho giao dch nay.
Giai
P = 75000 i = 8% nam q=1
n = 5 nam S = 8000 m=0

P.i.(1 + i) n S.i 75.000 0,08 1,08 5 8000 0,08

X1 = = = 17.421 USD
[(1 + i) n
1 ] (1,08 5
)
1
Ky han Tai san n Tien thue phai tra Tai san n con lai
Lai Von goc Cong
0 75000 0 0 0 75000
1 81000 6000 11421 17421 63579
2 68666 5086 12334 17421 51245
3 55345 4100 13321 17421 37924
4 40958 3034 14387 17421 23538
5 25421 1883 15538 17421 8000
Cong 20103 67000 87103
tr, tc m = 0 ; So tien thue c phan bo eu cho moi ky han (ky khoan co nh),
tc q = 1 ; Va mc hoan von trong thi han thue la toan bo, ket thuc hp ong tai san
thuoc ve ben i thue, tc S = 0. Cong thc (III.2.b) tr thanh :
P.i.(1 + i) n
X1 =
(1 + i) n 1
V du 2. Lay lai nhng gia thiet a neu v du 1, nhng mc hoan von trong
thi han thue la toan bo, ket thuc hp ong tai san thuoc ve ben i thue. Hay lap
bang ke hoach tra tien thue cho giao dch nay.
Ta co :
P = 75000 i = 8% nam q=1
n = 5 nam S=0 m=0
P.i.(1 + i) n 75.000 0,08 1,08 5
X1 = = = 18.784 USD
[(1 + i) n
1 ] (1,08 5
)
1
Lai Von goc Cong
0 75000 0 0 0 75000
1 81000 6000 12784 18784 62216
2 67193 4977 13807 18784 48409
3 52281 3873 14912 18784 33497
4 36177 2680 16104 18784 17393
5 18784 1391 17393 18784 0
Cong 18921 75000 93921

Ban oc e y trong trng hp nay cac mon tien thue phai thanh toan thi
iem cuoi cua moi ky han la nh nhau : X1 = X2 = X3 = = Xn, va qua trnh tnh toan
tien thue tra eu hang ky luc nay co dang thc hoan toan tng t nh bai toan vay
n tra dan bang cac ky khoan co nh ma chung ta a co dp khao sat trong Chng
II trc ay.
tr, tc m = 0. Cong thc (III.2.b) tr thanh :
X1 =
[P(1 + i) S](1 + i q)
n
(1 + i) n q n
V du 3. Lay lai nhng gia thiet a neu v du 1 va bo qua gia thiet v du 2,

nhng tien thue c thanh toan giam dan theo ty le 30% moi nam. Hay lap bang ke
hoach tra tien thue cho giao dch nay.
Giai
P = 75000 i = 8% nam q = 0,7
n = 5 nam S = 8000 m=0
(75.000 1,08 5 8000) (1,08 0,7)
X1 = = 29.845 USD
(1,08 5
0,7 5
)
Lai Von goc Cong
0 75000 0 0 0 75000
1 81000 6000 23845 29845 51155
2 55248 4092 16799 20891 34356
3 37105 2748 11875 14624 22481
4 24279 1798 8438 10237 14042
5 15166 1123 6042 7166 8000
Cong 15763 67000 82763
V du 4. Cong ty cho thue thiet b ABC tai tr cho doanh nghiep Minh Hoang
tai san co nguyen gia la 1000.000 USD. Noi dung c ban cua hp ong nh sau :
Thi gian tai tr la 12 nam. Tien thue c thanh toan vao cuoi moi nam va tang dan
theo ty le 10% nam. Hp ong thue tai chnh ap dung lai suat co nh la 4% nam.
Ben cho thue thu tien thue cua 4 nam cuoi ngay khi tai tr. Ket thuc hp ong tai
san thuoc ve ben i thue. Hay lap bang ke hoach tra tien thue cho giao dch nay.
Giai
P = 1000.000 i = 4% nam q = 1,1
n = 12 nam S=0 m=4

1000.000 1,0412 (1,04 1,1)

X1 = = 74.414 USD
4 1,0412 (1,04 1,1) + 1,0412 1,04 4 1,18
Lai Von goc Cong
0 1000000 0 297656 297656 702344
1 730438 28094 46320 74414 656024
2 682264 26241 55615 81855 600409
3 624425 24016 66025 90041 534384
4 555760 21375 77670 99045 456715
5 474983 18269 90681 108950 366034
6 380675 14641 105203 119845 260830
7 271264 10433 121396 131829 139435
8 145012 5577 139435 145012 0
Cong 148647 1000000 1148647
c) Trng hp tong quat 3 : Tien thue thanh toan theo cac ky han co khoang
cach thi gian khong eu nhau.
Nguyen tac tnh toan tien thue trong trng hp nay tng t nh a trnh bay
muc III.2.a va III.2.b tren, c ap dung cho tng bai toan vi cac ky han cu the
nao o. V du sau ay cho thay cach lam nay.
V du 5. Mot cong ty cho thue tai chnh tai tr cho doanh nghiep A mot he
thong thiet b tr gia 450.000 USD. Thi gian cho thue la 2 nam. Tien thue c
thanh toan eu vao cuoi cac quy 3 , 5 , 7 , 8 (quy 5 , 7 , 8 la quy 1 , 3 , 4 cua nam
sau). Lai suat co nh la 6% quy. Ket thuc hp ong tai san thuoc ve ben i thue.
Hay lap bang ke hoach tra tien thue cho giao dch nay.
P X X X X
I--------I--------I--------I--------I--------I--------I--------I--------I-------> i%
0 1 2 3 4 5 6 7 8
P = 450.000 i = 6% quy
n = 8 quy S=0
X la nghiem cua phng trnh quen thuoc vi chung ta : Phng trnh can ban
cua bai toan vay va tra n
450.000(1,06)8 = X(1,06)5 + X(1,06) 3 + X(1,06) + X
450.000(1,06)8
X= = 156.285 USD
[(1,06) + (1,06) + (1,06) + 1]
5 3

Lai Von goc Cong
0 450000 450000
1 477000 477000
2 505620 505620
3 535957 85957 70328 156285 379672
4 402452 402452
5 426599 46927 109358 156285 270314
6 286533 286533
7 303725 33411 122875 156285 147439
8 156285 8846 147439 156285 0
Cong 175142 450000 625142
3. Cac phng phap tnh tien thue trong trng hp lai suat tha noi
oi vi trng hp lai suat ap dung la tha noi th viec tnh toan tien thue van
c thc hien tng t nh trng hp ap dung lai suat co nh, ngha la cac ky
thuat toan tai chnh van c ap dung tng t nh a trnh bay muc III.2 oi vi
tng trng hp cu the. Sau o ta se ieu chnh cac khoan tien thue theo lai suat thc
te cho tng ky han thong qua cong thc sau ay :
i i
TT C
X C = X C + I C
i
C
Trong o :
XC : Mc tien thue c ieu chnh theo lai suat thc te
XC : Mc tien thue theo lai suat co nh
IC : Phan tien lai neu tnh theo lai suat co nh
iTT : Lai suat thc te luc thanh toan
iC : Lai suat co nh
V du 6. Lay lai gia thiet a neu trong v du 4. Ta a tnh c X1 = 74414
USD, va a lap c bang ke hoach thanh toan tien thue nh a trnh bay.
Neu hp ong ap dung lai suat tha noi, gia s dien bien lai suat thc te cac
nam luc thanh toan cu the nh sau
Nam 1 2 3 4 5 6 7 8
Lai suat 4% 4,2% 4,1% 3,9% 3,9% 4% 4,2% 4,3%
Ta lap c bang tnh toan cac mc tien thue a c ieu chnh theo lai suat
thc te luc thanh toan nh sau

Ky Tien thue theo Tien lai theo Lai suat Tien thue theo
han lai suat co nh LSC (4%) thc te lai suat thc te
0 297656 0 0 297656
1 74414 28094 4.00% 74414
2 81855 26241 4.20% 83168
3 90041 24016 4.10% 90641
4 99045 21375 3.90% 98511
5 108950 18269 3.90% 108493
6 119845 14641 4.00% 119845
7 131829 10433 4.20% 132351
8 145012 5577 4.30% 145430
Luc nay, bang ke hoach thanh toan tien thue, ma a c ieu chnh theo gia
thiet dien bien cac mc lai suat thc te luc thanh toan noi tren, co the c lap ra :
Lai Von goc Cong
0 1000000 0 297656 297656 702344
1 730438 28094 46320 74414 656024
2 683576 27553 55615 83168 600409
3 625026 24617 66025 90641 534384
4 555225 20841 77670 98511 456715
5 474526 17812 90681 108493 366034
6 380675 14641 105203 119845 260830
7 271785 10955 121396 132351 139435
8 145430 5996 139435 145430 0
Cong 150508 1000000 1150508

CHNG VII: CHI PH S DUNG VON - C CAU TAI

CHNH VA HE THONG CAC ON BAY
I. Chi ph s dung von
Von la cua cai, tai san c dung e tao ra them cua cai ; la so tien e khi
au hoat ong kinh doanh cua doanh nghiep. Chi ph s dung von c nh ngha la
cai gia ma doanh nghiep phai tra trong qua trnh s dung nguon von. No chnh la lai
suat lam can bang gia nguon von s dung va tong hien gia cac khoan phai chi tra
trong tng lai (tra lai n vay, tra n goc, co tc..).
1. Chi ph s dung von vay ( Kd va Kd* )
Chi ph s dung von vay trc thue (Kd) chnh la lai suat khi vay n (i)
Kd = i
Chi ph s dung von vay sau thue (the cost of debt after tax), ky hieu la Kd*
Kd* = Kd(1 t) Trong o t la thue suat thue TNDN
Trng hp doanh nghiep c Nha nc cho phep phat hanh trai phieu e
huy ong von th lai suat vay n c xac nh la ty le sinh li cho ti khi ao han
(YTM) cua trai phieu o.
Khi doanh nghiep co nhieu loai trai phieu cha ao han th lai suat vay n co
the c xac nh bang cach lay so bnh quan gia quyen cua YTM tren nhieu loai
trai phieu khac nhau, vi quyen so la ty trong cac loai trai phieu tng ng chiem
trong tong so. Ky thuat xac nh YTM cua trai phieu a c gii thieu trong Chng
V cua tai lieu nay.
2. Chi ph s dung von co phan u ai (Kp)
Co phan u ai 46 la mot loai chng khoan lai gia n vay va co phan pho
thong. Giong nh n vay, co phan u ai c hng mot ty suat li nhuan on nh.
Trong trng hp khanh tan, trai quyen cua co ong u ai c u tien thanh toan
trc trai quyen cua co ong thong thng va sau trai quyen cua cac trai chu.
T mo hnh lng gia co phan u ai a gii thieu Chng V, ta rut ra cong
thc e xac nh chi ph s dung von co phan u ai (the cost of preferred stock
Kp) nh sau :
46
Theo Luat Doanh nghiep cua Viet Nam hien nay, co phan u ai trong cong ty co phan co cac loai
nh co phan u ai bieu quyet, co phan u ai co tc, co phan u ai hoan von

Kp la chi ph s dung von co phan u ai
Dp la li nhuan co phan u ai
Pp la gia tr th trng cua co phan u ai
Dp
Kp =
Pp
Trong trng hp chi ph phat hanh co phieu u ai la ang ke, cong thc tren
c ieu chnh lai nh sau :
Dp
Kp = Trong o f la ty le chi ph phat hanh
Pp (1 f )
ieu can lu y la khac vi lai vay, li nhuan tra cho co phan u ai khong
c xem la mot loai chi ph c hach toan e lam giam thu nhap chu thue va t o
lam giam thue TNDN phai nop, v li nhuan co phan u ai c chi tra tren so li
nhuan sau thue cua doanh nghiep. Bi vay chi ph s dung von co phan u ai, ve
ban chat, a la chi ph sau thue nen ta khong can thc hien viec ieu chnh chi ph
nay thanh chi ph sau thue na.
3. Chi ph s dung von co phan pho thong (Ks va Ke)
Khi ban lanh ao cong ty muon tang von co phan pho thong, ho co the hanh
ong theo hai cach :
- Gi lai va tai au t mot phan hoac toan bo li nhuan rong cua cong ty
- Phat hanh co phan pho thong mi
Tuy vay, ve nguyen ly, ch khi nao li nhuan gi lai khong u e ap ng nhu
cau au t th giai phap phat hanh co phan pho thong mi mi c la chon.
Ve can ban, khong co s khac biet ln ve chi ph s dung von co phan pho
thong khi thc hien hai hanh ong tren, ngoai tr viec phat hanh co phan pho thong
mi se lam phat sinh chi ph phat hanh, dan ti viec chi ph s dung von co phan pho
thong phat hanh mi (ky hieu la Ks) thng cao hn so vi chi ph s dung von co
phan pho thong co nguon t li nhuan gi lai (ky hieu la Ke).
a) Chi ph s dung von co phan pho thong co nguon goc t li nhuan gi lai
(Ke)
Mac du co the coi li nhuan gi lai la mot nguon ngan quy khong co chi ph
phat sinh, v le khong phai huy ong chung t ben ngoai doanh nghiep, va khong
phai tra lai. Nhng ieu nay khong han la hoan toan ung. Chi ph cua li nhuan gi
lai c o lng bang chi ph c hoi, tc la neu li nhuan nay khong c gi lai ma
c chia cho cac co ong th cac co ong co the s dung no e au t sinh li ben

ngoai doanh nghiep, va li ch nay c coi la chi ph c hoi cua hanh ong gi lai
li nhuan e tai au t.
Hien nhien la ch khi nao kha nang sinh li tren so li nhuan c cong ty gi
lai e tai au t cao hn (hoac t ra la bang) vi chi ph c hoi cua hanh ong nay, th
cac co ong mi chap nhan va gi cho gia tr th trng cua co phan pho thong khong
b suy giam. Noi cach khac, chi ph s dung von co phan pho thong co nguon t li
nhuan gi lai chnh bang ty suat li nhuan ma nha au t ky vong se nhan c tren
co phan pho thong.
Tren thc te, viec xac nh mot cach chnh xac chi ph s dung von co phan
pho thong co nguon t li nhuan gi lai la het sc kho khan. Ngi ta e xuat nhieu
phng phap khac nhau, ma oi khi kha phc tap va con gay ra nhieu tranh cai, e
xac nh loai chi ph nay. ieu ang tiec la mac du moi mot phng phap eu co
nhng u iem rieng khong the phu nhan, nhng nhng ket qua do chung mang lai
thng khong hoan toan tng ong.
Bi vay cac ly thuyet gia khuyen cao rang viec thc hien xen ke nhieu
phng phap khac nhau se co the cho ra mot s anh gia phu hp hn so vi viec ch
s dung mot phng phap rieng re nao o. Di ay chung toi gii thieu hai phng
phap c cho la tng oi n gian va phu hp vi ieu kien va trnh o quan ly tai
chnh nc ta.
-Phng phap 1 : S dung mo hnh tang trng on nh hoac mo hnh tang

trng theo giai oan.
T mo hnh tang trng on nh Gordon a gii thieu Chng V, ta co
D0 (1 + g ) D (1 + g ) D (1 + g )
P0 = kg = 0 ke = 0 +g
kg P0 P0
Ke : Chi ph s dung von co phan pho thong co nguon t li nhuan gi lai

D0 : Li nhuan co phan pho thong trong lan chia gan nhat
P0 : Gia tr th trng hien tai cua co phan pho thong
g : Ty suat gia tang li nhuan co phan ky vong
Tren thc te, that la kho khan e khang nh chac chan rang li nhuan co
phan cua mot cong ty nao o se tang trng theo mot ty suat on nh mai mai. Tham
ch ngay ca khi cho rang s tang trng li nhuan co phan theo mot mo hnh gia tang
on nh la co can c vng chac, th van con nhieu van e ton tai trong viec anh gia
ty suat gia tang li nhuan co phan ky vong.
Noi ro hn, chung ta khong the loai tr yeu to chu quan trong viec xac nh ty
suat gia tang li nhuan co phan ky vong, va trong rat nhieu trng hp, nhc iem
nay se co nhng anh hng kha quan trong en mc o tin cay va phu hp cua ket
qua Ke c tnh toan ra t mo hnh tren.

ong thi, mot khi cho rang s tang trng li nhuan co phan cua doanh
nghiep la khong on nh va d oan c ty suat gia tang li nhuan co phan ky vong
co tnh giai oan trong tng lai gan, th chung ta cung co the s dung mo hnh tang
trng theo giai oan e xac nh Ke. Ky thuat nay a c gii thieu Chng V
cua tai lieu.
-Phng phap 2 : Ke la ty suat sinh li cho ti khi ao han (YTM) cua trai
phieu cong them ty le bu ap rui ro.
Ta a biet rang li nhuan co phan ch c chia cho cac co ong sau khi cong
ty a hoan tat viec thanh toan lai vay va nop thue TNDN. ieu nay co ngha la cac
trai chu c quyen u tien nhan li nhuan trc cac co ong. ong thi trong trng
hp cong ty b pha san, cac trai chu cung c u tien thanh toan n trc. Ch sau
khi tat ca cac khoan n a c thanh toan het, cac co ong mi c chia nhau phan
tai san con lai 47.
Nh the, ro rang la cac co ong a chu rui ro trong qua trnh au t nhieu hn
la cac trai chu, nen oi lai, ty suat sinh li tren von au t cua cac co ong, tc ty
suat sinh li tren von co phan pho thong, cung phai cao hn ty suat sinh li cua cac
trai phieu.
Vi quan iem neu tren, ngi ta cho rang co the xac nh Ke bang cach lay
ty suat sinh li cho ti khi ao han (YTM) cua trai phieu rui ro nhat cong them mot
ty le bu ap rui ro nao o. Tai cac nc phat trien, nhng d lieu thong ke cho thay
ty suat sinh li trung bnh tren co phan pho thong cua cong ty thng cao hn ty suat
sinh li tren nhng trai phieu rui ro nhat t 4% en 6%. Thc te nay co the c ap
dung e xac nh Ke.
47
nc ta, theo quy nh tai ieu 39 Luat Pha san doanh nghiep, viec phan chia gia tr tai san con
lai khi giai quyet pha san doanh nghiep c thc hien theo th t u tien sau ay :
-Cac khoan le ph, cac chi ph theo quy nh cua phap luat cho viec giai quyet pha san doanh
nghiep
-Cac khoan n lng, tr cap thoi viec, bao hiem xa hoi theo quy nh cua phap luat va cac quyen
li khac theo thoa c lao ong tap the va hp ong lao ong a ky ket
-Cac khoan n thue
-Cac khoan n cua cac chu n trong danh sach chu n
Neu gia tr tai san con lai cua doanh nghiep khong u thanh toan cac khoan n cua cac chu n, th
moi chu n ch c thanh toan mot phan khoan n cua mnh theo ty le tng ng
Neu gia tr tai san con lai cua doanh nghiep sau khi a thanh toan u so n cua cac chu n ma van
con tha, th phan tha nay thuoc ve :
Chu doanh nghiep, neu la doanh nghiep t nhan.
Cac thanh vien cua cong ty, neu la cong ty
Ngan sach Nha nc, neu la doanh nghiep Nha nc

b) Chi ph s dung von co phan pho thong phat hanh mi (Ks)
Mot khi nhu cau von au t a vt qua kha nang cua nguon tai tr noi bo
doanh nghiep (li nhuan gi lai) th doanh nghiep se co the huy ong cac nguon tai
tr t ben ngoai thong qua viec phat hanh co phieu pho thong mi 48.
Viec phat hanh co phieu pho thong mi se co the lam nay sinh chi ph phat
hanh, va chnh ieu nay lam cho chi ph s dung von co phan pho thong phat hanh
mi thng cao hn (du khong ln) so vi chi ph s dung von co phan pho thong co
nguon t li nhuan gi lai.
Neu goi f la ty le chi ph phat hanh va P0 la gia ban cua co phan pho thong
mi th phan t ban thuan tuy ma doanh nghiep nhan c la P0(1 f ). Do vay khi
ap dung mo hnh tang trng on nh Gordon hoac mo hnh tang trng theo giai
oan e xac nh Ks, oi hoi chung ta phai s dung gia tr t ban thuan P0(1 f )
thay cho gia ban cua co phan pho thong mi P0.
D0 (1 + g )
kS = +g
P0 (1 f )
4. Chi ph s dung von bnh quan gia quyen (WACC)
Moi doanh nghiep thng co hai nguon can ban e huy ong von au t la
nguon von t vay n va nguon von chu s hu (hay von co phan oi vi cong ty co
phan). Hai nguon von can ban nay lai c cau thanh t cac nguon von thanh phan
nh : n ngan hang, n cac trai chu, co phan u ai, co phan pho thong
Chi ph s dung von bnh quan gia quyen (WACC Weighted average cost
of capital) cua doanh nghiep c xac nh bang cach lay bnh quan gia quyen cac
chi ph cua cac nguon von thanh phan noi tren, vi quyen so la ty trong cua tng
nguon von thanh phan tng tng trong c cau von au t cua doanh nghiep. Mot
cach tong quat, ta co :
n
WACC = W1 K 1 + W2 K 2 + W3 K 3 + .... + Wn K n = Wi K i
i =1
Wi la ty trong cua nguon von th i trong c cau von au t

Ki la chi ph cua nguon von th i
Cu the hn, neu c cau von cua doanh nghiep bao gom von vay, von co phan
u ai, va von co phan pho thong th :
48
Viet Nam hien nay, ch co cong ty co phan mi c phat hanh co phieu khi co nhu cau tang von.
oi vi cac cong ty trach nhiem hu han th co the huy ong them von gop cua cac thanh vien hoac
m rong so thanh vien gop von.

WACC = W d K d + W p K p + WeK e
Hoac WACC = W d K d + W p K p + WeK S
Wd , Wp , We : lan lt la ty trong cua von vay, von co phan u ai, va von co

phan pho thong trong c cau nguon von.
Kd* la chi ph s dung von vay sau thue
Kp la chi ph s dung von co phan u ai
Ke la chi ph s dung von co phan pho thong co nguon t li nhuan gi lai
Ks la chi ph s dung von co phan pho thong phat hanh mi
V du 1. Cong ty co phan X xac nh c cau von nh sau : Von vay : 50%. Von
co phan pho thong co nguon t li nhuan gi lai : 12,5% . Von co phan pho thong
phat hanh mi : 37,5%. Hay xac nh WACC cua cong ty biet rang :
-Lai suat vay n bnh quan la 12% nam, moi nam tra lai hai lan.
-Thue suat thue TNDN la 32%
-Gia phat hanh co phan pho thong mi d kien la 300.000 ong/vcp. Ty le
chi ph phat hanh la 10%. Li nhuan co phan pho thong nam va qua la 40.000
ong/vcp. Ty suat gia tang li nhuan co phan ky vong la 5% nam va cong ty hy
vong rang ty suat nay se on nh trong nhieu nam ti.
Giai

Chi ph s dung von vay trc thue :
2
0,12
K d = i TT = 1 + 1 = 12 ,36 %
2
Chi ph s dung von vay sau thue : K d = K d (1 t ) = 12 ,36 % (1 0,32 ) = 8,4%
Chi ph s dung von CPPT co nguon t li nhuan gi lai :

D 0 (1 + g ) 40 .000 (1 + 0,05 )
Ke = +g = + 0,05 = 19 %
P0 300 .000
Chi ph s dung von CPPT phat ha nh mi :

D 0 (1 + g ) 40 .000 (1 + 0,05 )
KS = +g = + 0,05 = 20,5%
P0 (1 f ) 300 .000 (1 0,1)
Luc nay chi ph s dung von bnh quan gia quyen cua cong ty c xac nh nh sau :
WACC = 50 % 8,4% + 12,5% 19 % + 37 ,5% 20,5% = 14 ,26 %
5. Chi ph s dung von bien te (MCC)
Chi ph s dung von bien te (MCC Marginal Cost of Capital) c nh

ngha la chi ph cua ong von cuoi cung huy ong. Noi cach khac, no la gia phai tra
cho mot ong von tang them khi vt qua mot mc nao o.
ay la khai niem rat tong quat co the s dung cho tng chi ph von thanh
phan nh : Chi ph s dung von vay bien te, chi ph s dung von co phan pho thong
bien te, chi ph s dung von co phan u ai bien te, cung nh chi ph s dung von
bnh quan gia quyen bien te. Ban oc se co the hieu ro hn ve khai niem chi ph s
dung von bien te thong qua th du ve cong ty Trng Minh sau ay.
V du 2. Cong ty co phan Trng Minh la mot cong ty co quy mo va. Tnh

hnh kinh doanh cua cong ty la kha on nh. D kien doanh thu thuan trong nam se
at mc 3500 trieu ong, va trong mot ong doanh thu thuan co 0,4 ong li nhuan
trc thue (Earning before tax - EBT).
Ban lanh ao cua cong ty theo uoi chnh sach chi tra li nhuan co phan pho
thong vi ty le la 25% li nhuan sau thue (Earning after tax - EAT) va xac nh c
cau von toi u gom co 30% von vay n va 70% con lai la von co phan pho thong.
Trong nam nay cong ty d kien huy ong 800 trieu von cho cac d an au t
mi. Cong ty d tnh neu phat hanh them co phan pho thong mi e huy ong von th
gia phat hanh la 400.000 ong/vcp, ty le chi ph phat hanh la 10% tren gia ban.
Cong ty cung a chi tra 25.000 ong cho moi n v co phan pho thong trong lan chia
li nhuan co phan nam va qua.
Tren c s anh gia thc trang va trien vong kinh doanh cua cong ty, cac nha
phan tch ky vong rang li nhuan co phan cua cong ty se tiep tuc gi vng mc tang

trng on nh 4% nam trong nhieu nam ti. Lai suat vay n bnh quan tren th
trng hien nay la 12% nam. Thue suat thue TNDN ap dung la 32%.
T d lieu c cung cap ve cong ty Trng Minh, ta co the xac nh chi ph s
dung von bnh quan gia quyen cua cong ty nh sau :
Li nhuan trc thue : 3500tr x 0,4 = 1400 trieu
Li nhuan sau thue : 1400tr(1 - 0,32) = 952 trieu
Li nhuan gi lai e tai au t : 952tr x 75% = 714 trieu
Chi ph s dung von vay sau thue : Kd* = 12%(1 0,32) = 8,16% nam
Chi ph s dung von co phan pho thong co nguon goc t li nhuan gi lai
D 0 (1 + g) 25.000 (1 + 0,04)
ke = +g = + 0,04 = 10,5%
P 400.000
Chi ph s d0 ung von co phan pho thong phat hanh mi
D 0 (1 + g ) 25.000 (1 + 0,04)
kS = +g = + 0,04 = 11,22%
P0 (1 f ) 400.000(1 0,1)
Khi nhu cau von au t la 800 trieu, e am bao duy tr c cau von toi u a
xac nh, 800 trieu ong von au t huy ong mi phai co c cau gom 30% von vay
n va 70% con lai la von co phan pho thong. Cu the nh sau :
-Von vay : 800tr x 30% = 240 trieu vi Kd* = 8,16%
-Von co phan pho thong : 800tr x 70% = 560 trieu
Tren nguyen tac, cong ty phai s dung het li nhuan gi lai co chi ph re truc
khi tien hanh huy ong them bang cach phat hanh co phan pho thong mi co chi ph
cao hn.
Do vay toan bo 560 trieu von co phan pho thong noi tren se co nguon goc t
li nhuan gi lai, tc chu chi ph von la Ke = 10,5% (lu y la tai mc tong nhu cau
von 800 trieu, cong ty van cha s dung het toan bo li nhuan gi lai. Li nhuan gi
lai la 714 trieu trong khi ch s dung en mc 560 trieu)
Luc nay chi ph s dung von bnh quan se la :
WACC = WdKd* + WeKe = 30% x 8,16% + 70% x 10,5% = 9,8%
Nh vay, trong v du tren chung ta a xac nh c chi ph s dung von bnh

quan cua cong ty Trng Minh tai mc nhu cau von 800 trieu, va tai mc nay cong ty
van cha s dung het toan bo li nhuan gi lai cua mnh.
Chuyen g se xay ra mot khi nhu cau von cua cong ty tr nen qua ln va bat
buoc cong ty phai phat hanh them co phan pho thong mi e huy ong von?. Chung
ta hay tiep tuc vi th du ve cong ty Trng Minh e tm cau tra li.

Ta biet rang von co phan pho thong (CPPT) co nguon goc t li nhuan gi lai
(LNGL) cua cong ty la 714 trieu, va muon duy tr c cau von toi u a xac nh th
li nhuan gi lai phai bang 70% cua tong nhu cau von huy ong mi, 30% con lai la
von vay n. Do o tong nhu cau von mi co the huy ong ma tai o toan bo li nhuan
gi lai cua cong ty c s dung het la :
Li nhuan gi lai = Ty trong von CPPT x Tong nhu cau von huy ong mi
Li nhuan gi lai
Tong nhu cau von huy ong mi =
Ty trong von CTPT co nguon t LNGL
Ta de dang xac nh tong nhu cau von huy ong mi nay la 1020 trieu. Nh
vay, cong ty co the huy ong mc tong nhu cau von la 1020 trieu gom 714 trieu von
co phan pho thong co nguon t li nhuan gi lai (ng vi 70%) va 306 trieu von vay
(ng vi 30%) vi chi ph s dung von bnh quan la 9,8% a tnh c tren.
Tuy nhien, khi quy mo tong nhu cau von huy ong vt qua mc 1020 trieu,
1500 trieu chang han, th ro rang cong ty phai phat hanh them co phan pho thong mi
co chi ph cao hn. Luc nay ta phai xac nh chi ph s dung von bnh quan mi.
Nh a trnh bay tren, cong ty co the huy ong 1020 trieu (bao gom 714 trieu
li nhuan gi lai va phan con lai 306 trieu la von vay) vi chi ph s dung von bnh
quan la 9,8%. So von con thieu la 1500tr 1020tr = 480 trieu se c huy ong bo
sung theo ung c cau von toi u a xac nh, gom :
-Vay n : 480 trieu x 30% = 144 trieu vi Kd* = 8,16%
-Von co phan pho thong mi : 480tr x 70% = 336 trieu vi KS = 11,22%
Nh vay khi nhu cau von au t vt qua ngng 1020 trieu co WACC = 9,8%
th moi mot ong von huy ong them se phai chu mc chi ph s dung von bien te la:
MCC = 30% x 8,16% + 70% x 11,22% = 10,3%
en ay, ta nhan ra rang ban chat cua chi ph s dung von bien te van la bnh
quan gia quyen cua cac chi ph s dung von thanh phan. Moi mot ong von ma cong
ty Trng Minh huy ong bao gom 0,7 ong von co phan pho thong va 0,3 ong von
vay n, va chi ph s dung von tong hp cua mot ong von nay chnh la so bnh quan
gia quyen cua chi ph s dung von co phan pho thong va chi ph s dung von vay. Chi
ph bnh quan cua 1 ong von huy ong di ngng 1020 trieu co nh mc 9,8%,
o cung la chi ph s dung von bien te cho khoan huy ong en 1020 trieu.
Chi ph s dung von bien te se co nh va bang chi ph s dung von bnh quan
gia quyen cho en khi gii han cua li nhuan gi lai ket hp vi von vay va von co
phan u ai (neu co) b vt qua. Trong trng hp nay, khi nhu cau von huy ong
vt qua ngng 1020 trieu th chi ph s dung von bien te tang len 10,3% do cong ty
phai phat hanh them co phan pho thong mi co chi ph cao hn.
Chi ph s dung von bnh quan gia quyen cua mc nhu cau von huy ong 1500
trieu lai chnh la bnh quan gia quyen cua chi ph von bien te trc va sau khi cong ty
phat hanh them co phan pho thong mi :

1020 480
9,8% + 10,3% = 9,96%
1500 1500
6. ng chi ph von bien te (MCC), ng c hoi au t (IOS) va van

e hoach nh ngan quy au t toi u
a) ng chi ph von bien te (ng MCC)
o th bieu dien s thay oi cua chi ph s dung von bnh quan gia quyen khi
tong nhu cau von thay oi, trong khoang thi gian cho trc, c goi la ng chi
ph von bien te.
e ve c ng chi ph von bien te, ta thc hien cac bc nh sau :
-Xac nh c cau von toi u
-Xem xet cac c hoi huy ong von co the co va cac chi ph s dung von thanh
phan tng ng.
-Xac nh cac tong mc nhu cau von ma tai o chi ph s dung von bnh quan
gia quyen bien te bat au thay oi. Ta goi ay la iem gay (break point) tren o th
MCC.
Trong mot thi gian cho trc, neu nhu cau von huy ong tang qua ln th luc
o cac chi ph s dung von thanh phan cung bat au tang, keo theo s gia tang cua
chi ph s dung von bnh quan, tao ra iem gay tren o th MCC. Noi cach khac,
iem gay se xuat hien khi mot trong cac loai chi ph s dung von thanh phan tang
len, va iem gay o c xac nh bang cong thc 49:
Mc nhu cau von thanh phan ma tai o chi ph

iem s dung von thanh phan bat au thay oi
gay =
Ty trong cua nguon von thanh phan o
-Tnh cac chi ph s dung von bnh quan gia quyen bien te ng vi moi
khoang gia cac iem gay.
-Bieu dien toan bo cac chi ph s dung von bnh quan gia quyen bien te len
he truc toa o theo nguyen tac chi ph von tang dan. Truc tung the hien cac chi ph s
dung von bnh quan gia quyen bien te 50, truc hoanh the hien cac mc tong nhu cau
von.
49
Neu ban oc e y th ay chnh la cong thc tong quat, ma mot trong nhng trng hp cu the cua
no a c chung toi e cap ngay trong muc (I.5) ke tren.
50
ay la s o chi ph von bien te nen ch lap cho chi ph von bien te ma thoi. Tuy nhien, nh a noi
muc (I.5), ban chat cua chi ph von bien te cung la bnh quan gia quyen cua cac chi ph von thanh
phan. Do vay, e tranh nham lan, ta goi loai chi ph nay la chi ph s dung von bnh quan gia quyen
bien te (tam ky hieu la MCC).

MCC %
MCC3
MCC2
MCC1 = WACC1
0 M1 M2 Nhu cau von
OM1 la mc tong nhu cau von co chi ph s dung von bnh quan gia quyen la
WACC1. Vt qua ngng OM1, moi mot ong von huy ong tang them trong
khoang M1M2 chu chi ph s dung von bnh quan gia quyen bien te MCC2. Tng t
nh vay, moi mot ong von huy ong tang them, mot khi a vt qua ngng M2, se
phai chu chi ph s dung von bnh quan gia quyen bien te MCC3.
b) ng cac c hoi au t (IOS)
o th ng cac c hoi au t (IOS Investment opportunities schedule)

bieu dien cac mc ty suat thu nhap noi bo (IRR) cua tng d an au t theo th t
giam dan . Cach thc thiet lap ng IOS cu the nh sau :
-Tren he ttruc toa o (truc tung the hien IRR, truc hoanh the hien nhu cau von
cua tng d an), cac c hoi au t c sap xep theo th t u tien, cac d an co IRR
cao nhat c u tien sap trc, sau o mi en cac d an co IRR thap hn.
-Nhu cau von cua cac d an c sap xep theo cach cong don.
Tren hnh minh hoa trang ben, ta thay : IRRA > IRRC > IRRB > IRRD
OA la nhu cau von cua d an A
AC la nhu cau von cua d an C
CB la nhu cau von cua d an B
BD la nhu cau von cua d an D
OD = OA + AC + CB + BD : Tong nhu cau von cho cac d an au t
tiem nang.

IRR %
IRRA
IRRC
IRRB
IRRD
0 A C B D Nhu cau von
c) Ket hp ng MCC va ng IOS e hoach nh ngan quy au t
Tren thc te, viec hoach nh ngan quy au t la cong viec kho khan, oi hoi
nhng no lc ln ca ve thi gian va cong sc cua nha quan ly.
Mot cach can ban, khi cac c hoi au t a c xem xet can than va co cung
mot mc o rui ro vi doanh nghiep, th qua trnh hoach nh ngan quy au t toi u
co the c thc hien thong qua viec ket hp ng IOS va ng MCC tren cung
mot he truc toa o, vi truc tung the hien cac mc IRR va cac mc chi ph s dung
von bnh quan gia quyen bien te (%), truc hoanh the hien cac mc nhu cau von.
Tren o th, ta thay IRRA > WACC1 nen ve phng dien tai chnh d an A la
kha thi. Tng t nh vay, chi ph s dung von bnh quan gia quyen bien te cua d an
C la MCC2 va do IRRC > MCC2 nen d an C cung c chap nhan au t. IRRB <
MCC2 va IRRD < MCC3 nen ca hai d an B va D eu khong c chap nhan.
Do o tong ngan quy au t toi u cua doanh nghiep ch bao gom nhu cau von
cua d an A va nhu cau von cua d an C. Tren o th, tong ngan quy au t toi u
cua doanh nghiep c bieu dien bang oan OC.
Chi ph s dung von bnh quan gia quyen cua d an A la WACC1 cho mc
huy ong OA ong. Tong mc huy ong von cho d an C la AC ong, trong o co
AM1 ong chu chi ph s dung von bnh quan gia quyen la WACC1. Phan M1C ong
con lai se c huy ong vi chi ph s dung von bnh quan gia quyen bien te la
MCC2. Do o chi ph s dung von bnh quan cho tong nhu cau von AC ong cua d
an C se la so bnh quan gia quyen cua chi ph s dung von cho hai mc huy ong
AM1 ong va M1C ong.

en lt mnh, chi ph s dung von bnh quan gia quyen cho tong nhu cau
ngan quy toi u cua doanh nghiep trong ky, OC ong, se lai la so bnh quan gia
quyen cua WACC1 va MCC2, vi cac quyen so lan lt la oan OM1 va oan M1C.
en ay chung ta nhan ra rang qua trnh hoach nh ngan quy au t va qua
trnh xac nh chi ph s dung von co moi quan he het sc mat thiet. Chung ta se
khong the tnh c chi ph s dung von neu khong xac nh c von au t. Ngc
lai, chung ta se khong the xac nh c von au t neu cha tnh c chi ph s
dung von. Bi vay, viec hoach nh ngan quy au t va viec xac nh chi ph s dung
von phai c tien hanh song song cung luc, mac du biet rang tren thc te viec thc
hien hai cong viec nay la rat phc tap va kho khan.
II. C cau tai chnh va ly thuyet ve on can n

1. C cau tai chnh va c cau tai chnh toi u
Nh tren a noi, ve can ban ch co hai nguon ln cung cap von cho qua trnh
hoat ong san xuat kinh doanh cua mot doanh nghiep o la nguon von t cac chu s
hu (equity) va cac nguon von t vay n (debts).
C cau tai chnh (financial structure) cua mot doanh nghiep la mot to hp,
hay noi khac i, la mot s ket hp nao o gia cac nguon von ke tren.
C cau tai chnh toi u (optimal financial structure), mot cach can ban, c
nh ngha la c cau tai chnh co chi ph s dung von bnh quan gia quyen (WACC)
nho nhat.
Cau hoi c at ra oi vi cac nha quan tr tai chnh la lam the nao e xac
nh c mot cau truc von toi u cho doanh nghiep cua mnh?. Tra li cau hoi nay
khong he n gian v ay la mot trong nhng bai toan hoc bua cua quan tr tai chnh,
cha ng trong long no pham chat nghe thuat am net cua khoa hoc nay.
2. Ly thuyet ve on can n
Noi dung cua muc nay tap trung vao viec phan tch nhng tac ong cua on
can n oi vi ROE, t o rut ra nhng van e can quan tam khi nha quan tr tai
chnh xem xet la chon mot c cau von nao o cho doanh nghiep.
Trc het, e dan nhap cho cac phan noi dung tiep theo, chung ta hay tn hieu
mot so khai niem can ban ve on can n, ROA, va ROE.
-He so kha nang sinh li cua tai san (ROA return on asset) hay oi khi oi
vi d an au t con c goi la he so kha nang sinh li cua von au t (ROI return
on investment). He so nay cho biet mot ong tai san co kha nang tao ra bao nhieu
ong li nhuan rong (net profit) hoac li nhuan trc thue va lai (EBIT) 51. He so nay
51
Tuy vao noi dung va muc ch phan tch cu the ma khoan muc li nhuan rong (net profit) trong ch
tieu ROA se c thay the bang khoan muc li nhuan trc thue va lai (EBIT)

cang cao cang the hien s sap xep, phan bo va quan ly tai san cua doanh nghiep
cang hp ly va hieu qua.
EBIT
ROA =
Total asset
-on can n (hay on bay tai chnh Financial leverage) : La ch tieu bieu
dien ty le gia n vay va tong tai san, cho thay mot cach ro rang cau truc von cua
doanh nghiep.
Tong n
on can n =
Tong tai san
on can n cung co the c bieu dien theo cach khac cu the hn :
Tong n
on can n =
Von chu s hu
-He so kha nang sinh li tren von chu s hu (ROE return on equity) : Ch
tieu nay cho biet mot ong von chu s hu co kha nang tao ra bao nhieu ong li
nhuan rong sau thue.
Li nhuan rong sau thue

ROE =
Von chu s hu
Khi huy ong von bang cach vay n, doanh nghiep co trach nhiem hoan tra
tien lai va von goc cho cac chu n theo ung thi gian a cam ket, neu khong se gap
rac roi ve phap ly.
Phan tien lai phai tra c xem la chi ph tai chnh, va v c hach toan nh la
mot loai chi ph nen no co tac dung lam giam bt li nhuan chu thue, t o lam giam
bt phan thue thu nhap doanh nghiep phai nop. Noi cach khac, khi s dung nguon
von vay n doanh nghiep se c li ve thue. Hien tng nay c goi la la chan
thue (tax shield) cua lai vay.
La chan thue cua lai vay c nh ngha la khoan chenh lech thue tiet kiem
c do co s khac nhau ve c cau tai chnh cua doanh nghiep.
La chan thue cua lai vay = so n vay x lai suat x thue suat thue TNDN
V du 3. Co tai lieu ve doanh nghiep A nh sau :
a) Trng hp 1:
Kha nang sinh li tren tong tai san cao hn lai suat n vay, ROA = 10% ng
vi EBIT = 200 trieu

VT : Trieu ong
T Khoan muc Khong co Co n vay Co n vay

T n vay CN = 30% CN = 50%
1 Tong nguon von 2000 2000 2000
- N vay 0 600 1000
- Von chu s hu 2000 1400 1000
2 Li nhuan truc 200 200 200
thue va lai (EBIT)
3 Tra lai vay (7%) 0 42 70
4 Li nhuan trc 200 158 130
thue (EBT)
5 Thue TNDN 32% 64 50,56 41,6
6 Li nhuan rong 136 107,44 88,4
7 ROE 6,8% 7,67% 8,84%
Ta thay cung mot mc EBIT nh nhau nhng vi cac c cau tai chnh khac
nhau th mc thue thu nhap doanh nghiep (thue TNDN) phai nop cung khac nhau.
Chang han trong trng hp khong co n vay, thue TNDN phai nop la 64 trieu ong,
nhng khi trong c cau tai chnh co 30% n vay, thue TNDN phai nop ch la 50,56
trieu ong. Mc chenh lech ve thue tiet kiem c do co s khac nhau ve c cau tai
chnh noi tren c goi la la chan thue cua lai vay.
Bang tnh tren a cho thay doanh nghiep cang s dung n vay nhieu th la
chan thue se cang ln. ieu nay co ngha la cang s dung nhieu nguon von vay n
trong c cau tai chnh th doanh nghiep cang c li ve thue. ay la mot yeu to kha
hap dan oi vi cac doanh nghiep trong viec tm kiem nguon von au t thong qua
con ng vay n.
Mat khac, chung ta thay rang trong trng hp doanh nghiep kinh doanh co
hieu qua, kha nang sinh li tren tong tai san ROA = 10% cao hn lai suat vay n, th
cang s dung n vay nhieu trong c cau tai chnh chu s hu se cang co li. Bang
chng la ch tieu ROE tang len t 6,8% trong trng hp khong co n vay en 7,67%
trong trng hp on can n la 30% ; va 8,84% trong trng hp on can n la 50%.
b) Trng hp 2
Hay xet mot trng hp ngc lai, doanh nghiep kinh doanh kem hieu qua va
ch at ROA = 4%, thap hn lai suat vay n =7%, ng vi EBIT = 80 trieu ong,
chuyen g se xay ra ?

VT : Trieu ong

T n vay CN = 30% CN = 50%
1 Tong nguon von 2000 2000 2000
- N vay 0 600 1000
- Von chu s hu 2000 1400 1000
thue va lai (EBIT)
3 Tra lai vay (7%) 0 42 70
4 Li nhuan trc 80 38 10
thue (EBT)
5 Thue TNDN 32% 25,6 12,16 3,2
6 Li nhuan rong 54,4 25,84 6,8
7 ROE 2,72% 1,85% 0,68%
T bang phan tch tren cho thay : Khi doanh nghiep lam an kem hieu qua, kha
nang sinh li tren von au t (ROA) thap hn lai suat vay n, th cang s dung n
vay nhieu trong c cau tai chnh doanh nghiep cang b thiet hai nhieu. Bang chng la
khi on can n cang cao th ROE cang giam.
Neu ROA cang giam thap hn na th ket qua khong the tranh khoi la doanh
nghiep cang b thua lo nang, li nhuan lam ra khong u trang trai chi ph vay n, dan
ti viec phai ra nhng quyet nh tai chnh bat li cho chu s hu (v du nh phai ban
bt tai san e tra n).
Neu tnh trang nay keo dai th co the se dan doanh nghiep en b vc cua s
khanh kiet ve tai chnh (financial distress), ma cai gia phai tra se la rat ln, tham ch
co the dan ti cho pha san (bankruptcy).
c) Trng hp 3
Doanh nghiep at ROA = 7%, ung bang lai suat vay n =7%, ng vi EBIT =
140 trieu ong. Ta co :

VT : Trieu ong

T n vay CN = 30% CN = 50%
1 Tong nguon von 2000 2000 2000
- N vay 0 600 1000
- Von chu s hu 2000 1400 1000
thue va lai (EBIT)
3 Tra lai vay (7%) 0 42 70
4 Li nhuan trc 140 98 70
thue (EBT)
5 Thue TNDN 32% 44,8 31,36 22,4
6 Li nhuan rong 95,2 66,64 47,6
7 ROE 4,76% 4,76% 4,76%
Nh vay, khi kha nang sinh li tren tong tai san ROA ung bang lai suat vay
n th viec s dung on can n cao hay thap trong c cau tai chnh khong anh hng
g en ROE.
en ay, chung ta co the rut ra mot so ket luan khai quat ve cach thc ng x
cua ROE trc nhng thay oi cua ROA va on can n, e t o nh hng cho viec
to chc nguon von cua doanh nghiep :
-Khi kha nang sinh li tren tong tai san cao hn lai suat vay n, doanh nghiep
cang s dung nhieu n vay trong c cau tai chnh th kha nang sinh li tren von chu
s hu se cang tang cao. Tac ong cua on can n trong trng hp nay la tch cc,
nen c goi la on bay tai chnh co hieu ng thuan.
-Ngc lai, khi kha nang sinh li tren tong tai san thap hn lai suat vay n,
doanh nghiep cang s dung nhieu n vay trong c cau tai chnh th kha nang sinh li
tren von chu s hu se cang giam thap. Tac ong cua on can n trong trng hp
nay la tieu cc, nen c goi la on bay tai chnh co hieu ng nghch.
Tom lai, on can n (hay on bay tai chnh) c v nh con dao hai li,
theo ngha la mot cong cu ay sc manh nhng cung het sc nguy hiem neu khong
c s dung mot cach than trong. on can n cang ln cang co sc manh lam gia
tang kha nang sinh li cua von chu s hu (ROE) khi doanh nghiep kinh doanh co
hieu qua. Trong trng hp ngc lai, chnh on can n ln se lai la ong lc lam
giam manh ROE.

III. Phan tch hoa von va he thong cac on bay

1. Phan loai chi ph
oi vi cac nha quan ly th chi ph la moi quan tam hang au, bi v li nhuan
thu c nhieu hay t chu anh hng trc tiep cua nhng chi ph a chi ra. Do vay
van e kiem soat chi ph, quan ly cac khoan chi ph thong qua viec nhan dien va
phan tch cac hoat ong sinh ra chi ph la mot trong nhng hoat ong trong tam cua
nha quan tr tai chnh.
Tuy theo muc ch nghien cu ma phan chia chi ph thanh nhieu loai khac
52
nhau . Trong cong tac phan tch hoa von ngi ta quan tam en cac loai chi ph can
ban sau ay :
-Chi ph kha bien (con goi la bien ph hay chi ph bien oi)
-Chi ph bat bien (hay con goi la nh ph hay chi ph co nh)
-Chi ph tien mat : La cac chi ph hoat ong c chi tra trc tiep bang tien
trong ky hach toan nh tien lng, chi ph nguyen vat lieu
-Chi ph hach toan : La cac chi ph hoat ong trong ky ma thc te th khong
phai chi bang tien trong ky. No co the la nhng khoan a chi trong ky trc hoac d
tnh se chi cho ky sau nhng c phan bo vao chi ph cua ky nay nh chi ph khau
hao, cac khoan chi ph trch trc, d phong
2. Phan tch hoa von
Phan tch hoa von (break even analysis) la mot phng phap thng c s
dung nham xac nh li nhuan t hoat ong san xuat kinh doanh se thay oi nh the
nao so vi mc o cua san lng, va e tm hieu mc o san lng nao th qua trnh
chuyen t lo sang lai se dien ra.
a) Hoa von ly thuyet (hoa von li lo)
iem hoa von ly thuyet la tnh huong ma tai o doanh thu va u bu ap chi
ph hoat ong (tc la doanh thu va ung bang tong chi ph bat bien va tong chi ph
kha bien). Noi cach khac, la iem ma tai o li nhuan t hoat ong san xuat kinh
doanh bang khong.
Khi xem xet iem hoa von can phan biet hai trng hp :
-Trng hp 1 : Xem xet iem hoa von trong moi quan he gia doanh thu va
chi ph hoat ong kinh doanh cha ke khoan lai tien vay. Ta goi ay la iem hoa von
trc lai vay.
-Trng hp 2 : Xem xet iem hoa von trong moi quan he gia doanh thu va
chi ph hoat ong, ke ca lai vay. Ta goi ay la iem hoa von sau lai vay.
52
ay la noi dung quan trong cua mot giao trnh khac co lien he gan gui : giao trnh Ke toan quan tr

Tuy theo tnh hnh san xuat kinh doanh cu the ma nha quan tr tai chnh van
dung cac cach tiep can trng hp 1 va 2 noi tren cho phu hp. Cac phan noi dung
tiep theo cua chng nay chu yeu xem xet iem hoa von sau lai vay. Nhng trng
hp nao xem xet iem hoa von trc lai vay se c ghi chu cu the.
Tuy nhien, ve can ban, khong co s khac biet nao ang ke ve hai cach tiep can
noi tren, ngoai tr viec a hay khong a khoan chi ph lai vay vao tong chi ph bat
bien cua doanh nghiep ma thoi.
Chung ta co the minh hoa ve iem hoa von mot cach cu the hn thong qua
mo hnh khai quat ve moi quan he gia chi ph, doanh thu, va li nhuan trc thue
(EBT) nh sau :
Doanh thu thuan
(-) Chi ph kha bien
(=) So d am ph
(-) Chi ph bat bien (ke ca lai tien vay)
(=) Li nhuan trc thue (EBT)
Doanh thu = Tong chi ph hoat ong + Li nhuan trc thue
Tong chi ph hoat ong = Chi ph kha bien + Chi ph bat bien
Li nhuan trc thue (EBT) = Doanh thu Tong chi ph hoat ong
= Doanh thu Chi ph kha bien Chi ph bat bien
= So d am ph Chi ph bat bien
So d am ph 53 la phan con lai cua doanh thu ban hang, sau khi a tr i
tat ca cac chi ph kha bien. Vai tro cua so d am ph la e trang trai toan bo chi ph
bat bien (ke ca lai vay), sau o hnh thanh li nhuan trc thue cua doanh nghiep.
ieu nay co ngha la :
Khi so d am ph < chi ph bat bien => EBT < 0 : lo
Khi so d am ph = chi ph bat bien => EBT = 0 : hoa von
Khi so d am ph > chi ph bat bien => EBT > 0 : lai
Goi :
Q (Quantity) : so lng n v hang ban hoac san xuat (san lng)
P (Price) : gia ban n v san pham
V (Variable cost) : chi ph kha bien n v san pham
F (Fixed cost) : tong chi ph bat bien, ke ca lai vay
Ta co cong thc xac nh san lng va doanh thu hoa von nh sau
53
So d am ph (Contribution margin) con co nhieu cach goi khac cha thong nhat nh : hieu so gop,
he so gop phan bien te, lai sau bien ph, lai trc nh ph, Trong tai lieu nay thuat ng Contribution
margin c thong nhat goi la so d am ph.

F
San lng hoa von Q HV =
PV
Doanh thu hoa von S HV = Q HV P
b) Hoa von tien mat
Hoa von tien mat la mot cach phan tch hoa von ac biet, c xem xet en
trong tnh huong doanh nghiep ang b lo, e giai quyet van e at ra la doanh
nghiep nen tiep tuc hoat ong va chu lo hay ong ca e dng thua lo.
Trong phan trc chung ta a phan tch tong chi ph hoat ong thanh chi ph
tien mat va chi ph hach toan. Chi ph hach toan la nhng khoan a chi trong cac ky
trc hoac cha chi nhng c phan bo vao ky nay. Van e la cho phng thc
hach toan loai chi ph nay kha mem deo, trong nhng thi ky kho khan doanh nghiep
co the giam chi ph hach toan phan bo hoac tham ch ngng khong phan bo vao ky
nay ma se phan bo vao cac ky sau, nham giup doanh nghiep vt qua giai oan kho
khan trc mat.
Bi vay khi doanh nghiep ang b lo nhng doanh thu van u e bu ap cac
chi ph tien mat th van nen tiep tuc hoat ong. Trong trng hp ngc lai, tren quan
iem cua quan tr tai chnh, doanh nghiep nen ong ca e gii han ton that.
Cach tnh iem hoa von tien mat nh sau :
-Xac nh tong nh ph hoa von tien mat FTM
FTM = F li lo FHach toan (chu yeu la chi ph khau hao)
-Xac nh iem hoa von tien mat
FTM
QTM =
P V
c) Hoa von tra n
Hoa von tra n cung la mot tnh huong ac biet cua phan tch hoa von. Mot
khi cac nguon tai tr cho d an hoac cho doanh nghiep co thi han ngan hn thi han
khau hao nhng tai san co nh c au t t nhng nguon von o th se dan ti tnh
huong la n a en han tra ma quy khau hao cha u e thanh toan. Doanh nghiep
buoc phai s dung li nhuan sau thue e bu ap phan thieu hut hoac phai gia han n

vi nhng ieu kien bat li, hoac tham ch khong gia han c. ieu nay la rat nguy
hiem va co the dan ti tnh trang pha san.
Bi vay van e at ra la vi mc san lng nao th doanh nghiep at c
mc li nhuan u e bu ap cho khoan thieu hut cua quy khau hao trong viec thanh
toan n vay.
iem hoa von tra n c xac nh nh sau :
-Xac nh nh ph hoa von tra n : FTN = FTM + D tru ngan quy tra n
-Xac nh iem hoa von tra n :
FTN
QTN =
P V
d) Xac nh doanh thu hoa von trong trng hp doanh nghiep san xuat kinh
doanh nhieu mat hang.
Hay tr lai vi iem hoa von li lo, trng hp can ban nhat cua phan tch
hoa von. e y rang trong trng hp doanh nghiep san xuat kinh doanh nhieu mat
hang khac nhau, vi chi ph va gia ban khac nhau th cong thc xac nh san lng
hoa von li lo a gii thieu to ra khong con phu hp na, v chung ta khong the co
mot mc gia ban n v va mc chi ph kha bien n v chung cho nhieu mat hang
khac nhau.
Do vay, di ay ta tiep tuc xay dng cong thc e xac nh iem hoa von
oi vi nhng doanh nghiep san xuat kinh doanh nhieu mat hang.
F
T cong thc Q HV =
P V
nhan hai ve cua ang thc tren vi gia ban n v P, ta co :
PF F F
P Q HV = S HV = =
P V P V V
1
P P
V V Q Tong chi ph kha bien
e y la = =
P PQ Tong doanh thu
Nh the, oi vi nhng doanh nghiep san xuat kinh doanh nhieu mat hang, e
xac nh doanh thu hoa von chung ta can phai d kien c tong chi ph bat bien,
tong chi ph kha bien, va tong doanh thu trong ky, sau o xac nh doanh thu hoa von
thong qua cong thc va c gii thieu tren.
e) Xac nh san lng tieu thu e at c li nhuan d kien
Ro rang muc tieu ma cac doanh nghiep hng en khong phai la san xuat e
at hoa von ma la e at c li nhuan. Cau hoi c at ra la doanh nghiep can

phai san xuat va tieu thu bao nhieu san pham e at c mc li nhuan a e ra?.
Ta goi :
EF la li nhuan can at (v chung ta ang xem xet iem hoa von sau lai vay
nen li nhuan can at trong trng hp nay la li nhuan trc thue - EBT)
QF la san lng can san xuat, tieu thu e at c EF
Ta co cong thc xac nh QF nh sau
EF + F
QF =
PV
f) Xac nh cong suat hoa von
Trong nhieu trng hp, nha quan tr tai chnh doanh nghiep can tra li cau
hoi : Doanh nghiep can phai huy ong bao nhieu % cong suat e at hoa von ?. Neu
mc huy ong nang lc san xuat cao hn so vi cong suat hoa von th se a lai li
nhuan cho doanh nghiep ; ngc lai neu mc huy ong nang lc san xuat thap hn so
vi cong suat hoa von th doanh nghiep se b lo.
Ta goi :
h% cong suat hoa von
QHV San lng hoa von
QTT San lng theo nang lc san xuat thc te
Q HV
h% = 100 %
Q TT
Thong qua cong suat hoa von h%, nha quan tr tai chnh co the anh gia
doanh nghiep mnh co kha nang at hoa von hay khong :
-Neu h% > 1 : Doanh nghiep khong at hoa von trong ky (b lo)
-Neu h% < 1 : Doanh nghiep at hoa von trong ky ; h% cang nho hn 1 cang
tot va ngi ta goi chenh lech nay la khoang cach an toan ve cong suat. Khoang cach
an toan ve cong suat c xac nh nh sau :
Khoang cach an toan ve cong suat = 100% - h%

3. He thong cac on bay
Trong phan nay chung ta se tiep tuc nghien cu nhng tac ong on bay len li
nhuan va rui ro. Co hai loai on bay (on can) can c phan biet :
-on can nh ph se xac lap cau truc chi ph cua mot doanh nghiep.
-on can n c tao ra do cach thc huy ong von

a) on can nh ph va o nghieng cua on can nh ph
Neu mot doanh nghiep co chi ph bat bien mc cao th oi hoi qua trnh san
xuat kinh doanh cua doanh nghiep o phai tao ra so d am ph u ln e bu ap chi
ph bat bien. ieu nay dan ti he qua la doanh nghiep o phai san xuat va tieu thu
c mot khoi lng ln san pham th mi at hoa von. Nhng mot khi san lng a
vt qua iem hoa von roi th mot s tang len khong ln ve san lng tieu thu cung
se dan en s gia tang ang ke ve li nhuan.
Ngc lai, neu doanh nghiep ch tieu thu c mot san lng di iem hoa
von th doanh nghiep se b thua lo ln hn so vi doanh nghiep co chi ph bat bien
mc thap hn.
Viec xem xet moi quan he gia mc o ve chi ph bat bien vi kha nang tieu
thu san pham va li nhuan cua doanh nghiep uc thc hien thong qua viec tm hieu
khai niem ve on can nh ph.
on can nh ph (operating leverage - hay co tai lieu con goi la on bay kinh
doanh hay on bay hoat ong) bieu hien mc o nh ph (chi ph bat bien) ma doanh
nghiep s dung trong hoat ong san xuat kinh doanh. Noi cach khac, no bieu th moi
quan he gia tong chi ph bat bien va tong chi ph kha bien cua doanh nghiep.
e anh gia mc o tac ong cua on can nh ph en li nhuan cua doanh
nghiep, ngi ta s dung thc o : o nghieng cua on can nh ph (degree of
operating leverage DOL) 54
o nghieng cua = Ty le % thay oi cua EBIT

on can nh ph
Ty le % thay oi cua san lng tieu thu (hoac doanh thu)
Vi cach ky hieu tng t nh a neu trong muc (III.2.a), ta co cong thc

thc hanh e xac nh DOL nh sau
Q (P V )
DOL =
Q (P V ) F
o nghieng cua on can nh ph o lng ty le thay oi cua li nhuan trc

thue va lai (EBIT) khi co s thay oi cua san lng tieu thu (hoac doanh thu). Th du
mot doanh nghiep co DOL = 2 co ngha la khi san lng tieu thu (hoac doanh thu)
tang (giam) 1% th li nhuan trc thue va lai (EBIT) cua doanh nghiep se tang
(giam) 2% tng ng. Khi san lng tieu thu (hoac doanh thu) tang (giam) 3% th li
nhuan trc thue va lai (EBIT) cua doanh nghiep se tang (giam) 6% tng ng.
54
Co nhieu cach goi khac nhau ve DOL : o nhay cam cua on bay hoat ong, cap o on can nh
ph, o tac ong cua on bay kinh doanh. Trong tai lieu nay, thuat ng DOL c thong nhat goi la o
nghieng cua on can nh ph.

Nh the khi DOL cang cao th mc o nhay cam cua s bien ong cua EBIT
khi co s bien ong cua san lng tieu thu (hoac doanh thu) se cang ln. Noi cach
khac DOL cang cao th mc o rui ro trong kinh doanh cua doanh nghiep se cang
ln.
b) on can n va o nghieng cua on can n
Nhng tac ong cua on can n en li nhuan va rui ro cua doanh nghiep a
c chung ta thao luan trong muc (II) cua chng nay. Noi dung di ay tiep tuc
ch ra cach thc e o lng nhng tac ong ay thong qua mot thc o goi la o
nghieng cua on can n (degree of financial leverage DFL) 55.
o nghieng Ty le % thay oi cua EPS

=
on can n
Ty le % thay oi cua EBIT
Trong o EPS la thu nhap tren mot n v co phan pho thong :
Thu nhap tren mot n v co phan pho Thu nhap rong danh cho CPPT
=
thong (EPS Earning per share)
So CPPT hien hu
Goi I la chi ph lai vay. Ta co cong thc xac nh DFL nh sau :
Q( P V ) F EBIT
DFL = =
Q( P V ) F I EBIT I
o nghieng on can n (DFL) o lng ty le thay oi cua EPS khi co s thay

oi cua EBIT. Th du DFL cua mot doanh nghiep la 1,5 co ngha la neu li nhuan
trc thue va lai tang len (hoac giam xuong) 1% th li nhuan danh cho chu s hu
(cu the la EPS) se tang len (hoac giam xuong) 1,5% tng ng.
Cang vay n nhieu th DFL se cang cao. DFL cang cao th mc o bien ong
cua EPS khi co s bien ong cua EBIT se cang ln, tc la mc o rui ro ve mat tai
chnh cua doanh nghiep se cang cao. ieu nay, mot lan na, cho chung ta thay rang
on can n la con dao hai li ay sc manh, nhng ong thi cung rat nguy hiem
c) o nghieng cua on can tong hp
-on can nh ph tac ong en li nhuan trc thue va lai (EBIT). o nghieng
(o tac ong) cua on can nay cho thay EBIT cua doanh nghiep thay oi nh the nao
khi san lng (hoac doanh thu) thay oi.
55
Co nhieu cach goi khac cho DFL : Cap o on can n, o nhay cam cua on can tai chnh, o tac
ong cua on bay tai chnh

-on can n tac ong en li nhuan danh cho chu s hu. o nghieng cua on
can nay se cho biet li nhuan danh cho chu s hu (cu the la EPS) thay oi nh the
nao khi co s thay oi cua EBIT.
-o nghieng cua on can tong hp (degree of total leverage - DTL) la ket

qua tac ong cua ca hai on can nh ph va on can n. Noi cach khac, DTL o
lng o nhay cam cua EPS oi vi bien ong cua san lng tieu thu (hoac doanh
thu).
%EPS
DTL =
%Q hoac %S
Q( P V )
Hoac : DTL = DOL DFL =
Q( P V ) F I
Lu y : Do cac thc o DOL, DFL, DTL xem xet en EBIT nen v vay ch
tieu F trong cac cong thc tnh DOL, DFL, DTL ch la chi ph bat bien hoat ong,
ngha la khong bao gi bao gom chi ph lai vay.
Th du DTL cua mot doanh nghiep la 5,83 co ngha la ch can san lng tieu
thu (hoac doanh thu) cua doanh nghiep thay oi 1% th se lam cho EPS thay oi
5,83%. Nh the DTL cang ln cang cho thay mc o rui ro ve mat tai chnh cung nh
mc o rui ro ve kinh doanh cua doanh nghiep cang cao.
S hieu biet ve ba on can noi tren co the giup nha quan tr tai chnh anh gia
mc o va loai rui ro ma doanh nghiep co the gap phai. Hn the na, no co the ho tr
nha quan tr tai chnh trong viec la chon mot chng trnh hoat ong hu hieu va
xac nh mc o s dung n vay at hieu qua nhat.

CHNG VIII: PHAN TCH TAI CHNH DOANH NGHIEP
I. Khai niem va Y ngha cua phan tch tai chnh

1. Khai niem
Hieu theo ngha chung nhat, phan tch la viec chia nho s vat, hien tng
trong moi quan he hu c gia cac bo phan cau thanh cua s vat, hien tng o.
-Trong lanh vc t nhien, viec chia nho nay c tien hanh vi nhng vat the
va bang cac phng tien cu the (nh phan tch cac chat hoa hoc bang nhng phan
ng, dung cu th nghiem, phan tch cac vi sinh vat bang knh hien vi...).
-Trai lai, trong lanh vc kinh te xa hoi, cac hien tng can phan tch ch ton
tai bang nhng khai niem tru tng. Do o, viec phan tch cung phai c thc hien
bang nhng phng phap tru tng.
Phan tch tai chnh (con goi la phan tch cac bao cao tai chnh) la viec chon
loc, anh gia va dien giai cac thong tin ve tai chnh cung vi cac thong tin thch ang
khac e tr giup cho viec ra quyet nh ve au t va ve von. Mot cach cu the, ay la
viec anh gia nhng g a lam c, d kien nhng g se xay ra, tren c s o e ra
nhng bien phap tan dung triet e cac iem manh, khac phuc cac iem yeu (ve mat
tai chnh) cua doanh nghiep.
D nhien, phan tch cac bao cao tai chnh khong ch n thuan la mot qua trnh
tnh toan cac he so, ma thc chat la qua trnh tm hieu cac ket qua cua s quan ly va
ieu hanh tai chnh doanh nghiep, lam cho cac con so vo tri vo giac tren cac bao
cao tai chnh tr nen song ong va biet noi e nhng ngi co lien quan co the
hieu ro tnh hnh thc te cua doanh nghiep.
ong thi, cac phan tch ben trong cung khong the tach ri khoi cac phan tch,
anh gia nhng thong tin ben ngoai doanh nghiep nh thong tin ve th trng, ve oi
thu canh tranh, ve cac nha cung cap, va ac biet la nhng thong tin cua th trng tai
chnh.
2.Y ngha
Hoat ong tai chnh co moi quan he trc tiep vi hoat ong san xuat kinh
doanh. Do o, tat ca cac hoat ong san xuat kinh doanh eu co anh hng en tnh
hnh tai chnh cua doanh nghiep. Ngc lai, tnh hnh tai chnh tot hay xau eu co tac
ong thuc ay hoac km ham oi vi qua trnh san xuat kinh doanh.
V the, nam bat c nhng thong tin ve tnh hnh tai chnh doanh nghiep la
ieu het sc can thiet oi vi nhieu oi tng nh nha quan ly, nha au t, ngi cho
vay, nha cung cap, khach hang... Moi oi tng va neu lai quan tam en tnh hnh
tai chnh cua doanh nghiep tren cac goc o khac nhau phu thuoc vao hoat ong chc
nang cua ho, nen nhng thong tin ma ho can cung rat khac nhau.
Trong khi o, moi bao cao tai chnh ch phan anh mot so ch tieu ve tnh hnh
tai chnh cua doanh nghiep, nen thong tin do tng bao cao tai chnh cung cap ch co
the giup cho ngi s dung anh gia c mot kha canh tai chnh nao o cua doanh
nghiep ma thoi.

Noi cach khac, thong tin do tng bao cao tai chnh n le cung cap se khong
the nao thoa man c mot cach ay u, ro rang va de hieu cac nhu cau a dang cua
nhieu oi tng quan tam noi tren.
Vi nhng u the cua mnh, ky thuat phan tch tai chnh se co the giup tao ra
s lien ket thong tin tren cac bao cao tai chnh, cho phep cac oi tng quan tam co
mot cai nhn toan dien ve thc trang tai chnh cua doanh nghiep, cung nh ap ng
c nhng nhu cau a dang ve thong tin tai chnh doanh nghiep cua nhieu oi tng
quan tam khac nhau. Th du :
-Cac chu n (nh cac ngan hang, cac trai chu, cac nha cung cap co thc hien
chnh sach tn dung thng mai) thng quan tam en cac van e nh : Kha nang
thanh toan n va lai vay cua doanh nghiep la cao hay thap?, ty le n hien hanh cua
doanh nghiep la bao nhieu?, kha nang sinh li va hieu qua hoat ong san xuat kinh
doanh cua doanh nghiep se nh the nao? trc khi quyet nh cho vay hay cap tn
dung thng mai.
-Cac chu s hu th lai quan tam en kha nang sinh li cua mot ong von ma
ho bo ra, va cac li ch khac se thu c trong tng lai e xac nh nang lc ieu
hanh kinh doanh va kha nang huy ong von au t cua doanh nghiep ra sao
Noi tom lai, phan tch tai chnh nham cung cap thong tin hu ch va de hieu
cho nha quan tr, cac chu n va nhng ngi s dung khac e ho co the ra cac quyet
nh ve au t, ve tn dung va cac quyet nh tng t. Phan tch tai chnh cung nham
cung cap thong tin e gup cac nha quan tr, cac chu n...anh gia c cac nguon lc
kinh te cua doanh nghiep, cung nh ngha vu cua doanh nghiep oi vi cac nguon lc
o.
II. Noi dung va phng phap phan tch chu yeu

1. Noi dung cua phan tch tai chnh
a) Phan tch khai quat tnh hnh tai chnh cua doanh nghiep
-Da tren cac bao cao tai chnh dang so sanh e anh gia xu hng va trien
vong cua doanh nghiep
-Da tren cac bao cao tai chnh theo quy mo chung e anh gia ket cau va
bien ong ket cau.
-anh gia tnh hnh thc hien so vi ke hoach.
-anh gia tnh hnh chap hanh cac che o, chnh sach tai chnh, tn dung cua
Nha nc...
Viec tien hanh phan tch khai quat tnh hnh tai chnh cua doanh nghiep se
cho ta thay mot bc tranh chung ve tnh hnh tai chnh va thc trang qua trnh hoat
ong san xuat kinh doanh cung nh nhng nhan nh ban au ve xu hng va trien
vong cua doanh nghiep trong tng lai gan. e thc hien phan tch khai quat, chung

ta phai thiet ke cac bao cao tai chnh dang so sanh va cac bao cao tai chnh theo quy
mo chung :
-Cac bao cao tai chnh trnh bay so lieu tai chnh cua hai hay nhieu ky c
goi la cac bao cao tai chnh dang so sanh. Cac bao cao tai chnh dang nay cung cap
nhng thong tin quan trong ve xu hng va moi quan he cua hai hay nhieu nam.
-Trong cac bao cao tai chnh theo quy mo chung, tng khoan muc c the
hien bang mot so ty le ket cau so vi mot khoan muc lam goc co ty le 100%. Chang
han tren Bang can oi ke toan theo quy mo chung th tong tai san c xem la 100%
va nhng khoan muc con se c the hien bang ty le % so vi tong tai san. Da tren
cac bao cao tai chnh theo quy mo chung nay, chung ta co the anh gia ket cau va
nhng bien ong ket cau gia cac khoan muc.
b) Phan tch cu the bang cac he so tai chnh chu yeu : Nham anh gia mot
cach chi tiet tnh hnh va kha nang thanh toan, kha nang sinh li, vong quay ton kho,
hieu qua s dung von... cua doanh nghiep.
2. Phng phap phan tch
So sanh la phng phap chu yeu c s dung trong phan tch tai chnh, bao
gom cac noi dung so sanh nh sau :
-So sanh gia so thc hien ky nay va so thc hien cua nhieu ky trc o e
thay ro xu hng thay oi ve tai chnh cua doanh nghiep, thay c tnh hnh tai
chnh c cai thien hay xau i nh the nao e co bien phap phat huy hoac khac
phuc trong ky ti. Bi vay cach so sanh nay con c goi la phan tch xu the
-So sanh gia so thc hien vi so ke hoach e thay ro mc o phan au cua
doanh nghiep.
-So sanh so thc hien cua doanh nghiep vi so trung bnh cua nganh hoac cua
cac doanh nghiep cung nganh e thay ro tnh hnh tai chnh cua doanh nghiep la tot
hn hay xau hn so vi cac doanh nghiep ban. Khi so sanh, can lu tam en nhng
ieu kien so sanh nh n v o lng phai thong nhat, ky so sanh phai co cung o
dai ve thi gian, noi dung va phng phap tnh toan cac ch tieu so sanh phai nhat
quan
-So sanh theo chieu doc e thay c ty trong cua tng loai trong tong so
moi bang bao cao. So sanh theo chieu ngang e thay c s bien oi ca ve so tng
oi va so tuyet oi cua mot khoan muc nao o qua nhieu nien o ke toan lien tiep.
Cach so sanh nay con c goi la phan tch c cau.
Cac noi dung so sanh noi tren co moi quan he rat chat che vi nhau, noi dung
nay se bo sung cho noi dung kia va thng th ngi ta ket hp ca bon noi dung so
sanh trong qua trnh phan tch, ong thi s dung bieu o e lam cho cac phan tch
tr nen trc quan va sinh ong hn.

III. Thong tin trong phan tch tai chnh doanh nghiep
Cac thong tin ve tai chnh ma phan tch tai chnh can en c cung cap t
nhieu nguon khac nhau. Trc tien la thong tin nhan c t ben trong doanh nghiep
thong qua cac bao cao tai chnh hang nam va cac bao cao khac.
Thong tin tren cac bao cao tai chnh la can c quan trong cho viec ra cac quyet
nh ve quan ly, ieu hanh hoac au t cua nha quan tr, chu s hu, nha au t, chu
n hien tai va tng lai cua doanh nghiep.
Sau ay gii thieu mot cach s lc ve hai bao cao tai chnh chu yeu, o la
Bang can oi ke toan va Bang bao cao ket qua kinh doanh.
1. Bang can oi ke toan
a) Ban chat va muc ch cua Bang can oi ke toan
Bang can oi ke toan la mot bang bao cao tai chnh tong hp, phan anh tong
quat toan bo gia tr tai san hien co va nguon hnh thanh tai san o cua doanh nghiep
vao mot thi iem nhat nh.
Ngi ta coi Bang can oi ke toan la mot bc anh chup nhanh tnh trang tai
chnh cua doanh nghiep, bi v no c lap vao thi iem cuoi nien o ke toan. ay
cung chnh la nhc iem cua Bang can oi ke toan khi chung ta s dung so lieu cua
no phuc vu cho phan tch tai chnh
So lieu tren Bang can oi ke toan cho biet toan bo gia tr tai san hien co theo
c cau tai san va c cau nguon von. Thong qua so lieu tren Bang can oi ke toan,
ngi s dung bao cao co the nhan xet, anh gia khai quat thc trang tai chnh cua
doanh nghiep vao thi iem bao cao.
b) Noi dung va ket cau cua Bang can oi ke toan
Bang can oi ke toan c chia thanh hai phan : Tai san va nguon von
-Phan tai san : Cac ch tieu phan tai san phan anh toan bo gia tr tai san
hien co cua doanh nghiep tai thi iem bao cao theo c cau tai san va hnh thc ton
tai cua chung trong qua trnh san xuat kinh doanh.
Tai san c chia thanh: Tai san lu ong va au t ngan han ; Tai san co
nh va au t dai han
-Phan nguon von phan anh nguon hnh thanh tai san hien co cua doanh
nghiep tai thi iem bao cao. Cac ch tieu nguon von the hien trach nhiem phap ly
cua doanh nghiep oi vi tai san ma mnh ang quan ly va s dung. Nguon von gom
: N phai tra ; Von chu s hu
-Moi quan he chu yeu gia cac ch tieu tren BCKT bao gom :
Tai san = Nguon von = N phai tra + Von chu s hu

Von chu s hu = Tai san - N phai tra
Von lu ong rong = Tai san lu ong - N ngan han
-Noi dung tom lc cua Bang can oi ke toan nh sau :
BANG CAN OI KE TOAN

31 . 12 . 200X
n v tnh :
KHOAN MUC MA SO AU SO CUOI
SO NAM NAM
Tai san
A.Tai san lu ong va au t ngan han 100
I. Tien 110
II.Cac khoan au t tai chnh ngan han 120
III.Cac khoan phai thu 130
IV. Hang ton kho 140
V. Tai san lu ong khac 150
VI. Chi s nghiep 160
B. Tai san co nh va au t dai han 200
I. Tai san co nh 210
II. Cac khoan au t tai chnh dai han 220
III.Chi ph xay dng c ban d dang 230
IV. Cac khoan ky quy ky cc dai han 240
Tong cong tai san 250
Nguon von
A. N phai tra 300
I. N ngan han 310
II. N dai han 320
III. N khac 330
B. Nguon von chu s hu 400
I. Nguon von , quy 410
II. Nguon kinh ph, quy khac 420
Tong cong nguon von 430
2. Bang bao cao ket qua kinh doanh

a) Ban chat va muc ch cua Bang bao cao ket qua kinh doanh
Bao cao ket qua kinh doanh la mot bao cao tai chnh tong hp, phan anh tong
quat tnh hnh va ket qua hoat ong kinh doanh va cac hoat ong khac trong mot ky

ke toan cua doanh nghiep, tnh hnh thc hien ngha vu vi ngan sach Nha nc ve
thue va cac khoan phai nop khac.
So lieu tren Bang bao cao ket qua kinh doanh cho phep ngi s dung anh gia
mot cach khai quat ve kha nang sinh li cua ong von au t vao doanh nghiep. No
cho biet qua trnh hoat ong san xuat kinh doanh cua doanh nghiep a em lai li
nhuan hay gay ra tnh trang lo von
b) Noi dung va ket cau cua Bang bao cao ket qua kinh doanh
Bao gom cac khoan muc chu yeu sau ay (phan bao cao lo-lai) :
BANG BAO CAO KET QUA KINH DOANH

n v tnh :
Ch tieu Ma so Ky trc Ky nay

1. Doanh thu thuan 10
2. Gia von hang ban 11
3. Li nhuan gop ( 10 - 11 ) 20
4. Chi ph ban hang 21
5. Chi ph quan ly doanh nghiep 22
6. Li nhuan thuan t hoat ong kinh doanh 30
7. Li nhuan t hoat ong tai chnh 40
8. Li nhuan bat thng 50
9. Tong li nhuan trc thue ( 30 + 40 + 50 ) 60
10. Thue thu nhap doanh nghiep phai nop 70
11. Li nhuan sau thue ( 60 - 70 ) 80
Ben canh nguon thong tin ben trong nay, qua trnh phan tch tai chnh cung
can en nhng thong tin ben ngoai doanh nghiep nh cac thong tin ve th trng, cac
oi thu canh tranh, cac nha cung cap... va ac biet la cac thong tin t th trng tai
chnh cung nh cac thong tin kinh te khac. Ta co the tom tat dien trnh phan tch tai
chnh qua s o sau:

Thong tin t th Thong tin t Cac thong tin Cac s kien quan
trng tai chnh cac BCTC kinh te trong khac
Chon loc thong tin
anh gia cac thong tin
Dien giai cac thong tin
IV. Mot vai he so tai chnh chu yeu

1. Cac he so ve kha nang thanh toan
Tnh hnh tai chnh cua doanh nghiep c anh gia la lanh manh hay khong
trc het the hien kha nang thanh toan. V vay, chung ta hay bat au vi cac he so
56
ve kha nang thanh toan. ay la nhng ch tieu c nhieu ngi quan tam nh cac
nha cho vay, nha cung cap... Ho luon at ra cau hoi lieu doanh nghiep co kha nang
thanh toan cac mon n ti han hay khong ?
a) He so kha nang thanh toan hien thi (Current ratio - Liquidity ratio)
Ch tieu nay la thc o kha nang thanh toan n ngan han trong ky cua doanh
nghiep. So lieu e tnh ch tieu nay c lay trong Bang can oi ke toan
-Tai san lu ong va au t ngan han ma so 100 phan tai san
-N ti han la tong cua hai ch tieu co ma so 310 + 330 phan nguon von. Thc
chat ay la nhng khoan n ma doanh nghiep phai tra trong khoang thi gian di 12
thang, bao gom cac khoan vay ngan han, cac khoan phai tra cho ngi ban, thue va
cac khoan phai nop cho Nha nc, phai tra cho cong ngan vien, n dai han en han
tra, va cac khoan phai tra khac.
He so kha nang Tai san lu ong va au t ngan han

=
thanh toan hien thi N ti han
56
Thuat ng he so co the c thay bang thuat ng ty so, hoac ty le , hay ty suat neu chung
ta co nhan them so bach phan (%).

Th du he so kha nang thanh toan hien thi cua mot doanh nghiep tai mot thi
iem nao o la 2,5 co ngha la c mot ong n ti han c am bao thanh toan bang
2,5 ong tai san lu ong. He so nay cang cao cang chng to mc o an toan trong
thanh toan n ngan han cua doanh nghiep cang ln.
Nguyen tac c ban cho rang ty le nay la 2/1 th doanh nghiep co u kha nang
thanh toan cac mon n ngan han. Tuy nhien, ty le nay con phu thuoc vao nganh kinh
doanh va chu ky hoat ong cua tng doanh nghiep.
-Mot he so ve kha nang thanh toan hien thi qua thap la dau hieu canh bao
cho nguy c doanh nghiep se gap phai nhieu kho khan trong thanh toan.
-Tuy nhien, mot he so ve kha nang thanh toan hien thi qua cao cha chac a
phan anh nang lc thanh toan cua doanh nghiep la tot !, ma ngc lai, no co the la
dau hieu cho thay doanh nghiep a quan ly tai san lu ong cua mnh cha that chat
che, chang han doanh nghiep co qua nhieu hang ton kho, ton tr qua nhieu tien mat
nhan roi, khoan phai thu qua ln,
b) He so kha nang thanh toan nhanh (Quick ratio Acid test ratio)
Muon thanh toan cac mon n, doanh nghiep phai chuyen oi cac tai san lu
ong thanh tien mat. Cau hoi c at ra la : Neu tat ca cac mon n ti han c yeu
cau thanh toan ngay lap tc th kha nang tai chnh cua doanh nghiep co ap ng c
hay khong?. He so kha nang thanh toan nhanh se tra li cho cau hoi nay. No la mot
tieu chuan anh gia khat khe hn oi vi kha nang chi tra cac mon n ngan han cua
doanh nghiep.
He so kha nang thanh toan nhanh phan anh moi quan he gia n ti han va
nhng tai san lu ong co kha nang chuyen nhanh thanh tien e trang trai n ti han.
Cac loai tai san lu ong c xep vao loai co the chuyen nhanh thanh tien
gom tien, cac khoan au t tai chnh ngan han va cac khoan phai thu. Hang ton kho
va cac khoan ng trc khong c xep vao loai nay bi kha nang chuyen nhanh
thanh tien kem .
He so kha nang Muc I , II, III tai san loai A

thanh toan nhanh =
N ti han
c) He so kha nang thanh toan lai vay (Interest coverage ratio)

Lai n vay hang nam la mot khoan chi ph co nh (nh ph tai chnh) ma
doanh nghiep co trach nhiem phai tra ung han. Nguon e trang trai khoan chi ph
nay la li nhuan gop sau khi a tr i chi ph ban hang va chi ph quan ly doanh
nghiep.
He so kha nang thanh toan lai vay phan anh moi quan he gia li nhuan trc
thue va lai (EBIT) vi lai vay phai tra trong ky. Cong thc nh sau :

He so kha nang Tong li nhuan trc thue + Lai phai tra
thanh toan lai vay =
Lai phai tra
-Tong li nhuan trc thue la ch tieu mang ma so 60 tren Bang bao cao ket
qua kinh doanh
-So lieu lai phai tra do phong ke toan doanh nghiep cung cap 57.
He so nay cho biet doanh nghiep san sang tra tien lai en mc nao. ieu o co
ngha la so von ma doanh nghiep i vay a c s dung nh the nao? Co the mang
lai khoan li nhuan la bao nhieu va co u e bu ap tien lai vay hay khong?
2. Cac he so ve c cau tai chnh
a) He so n (Debt ratio)
He so n la ch tieu cho biet trong mot ong von hien doanh nghiep ang s
dung co may ong von vay n. He so n cang cao th mc o phu thuoc ve tai chnh
cua doanh nghiep cang ln. ieu nay cho thay rui ro ve tai chnh cua doanh nghiep
se cang cao 58.
Th du he so n cua mot doanh nghiep la 0,7 co ngha la c trong mot ong von
ma doanh nghiep ang s dung co en 0,7 ong la von vay n. Noi cach khac, co en
70% tong tai san cua doanh nghiep a c hnh thanh t nguon von n vay.
-Tong n cua doanh nghiep la toan bo n vay ngan han, dai han va cac khoan
phai thanh toan (khong phan biet ti han hay cha ti han). No c xac nh bang
ch tieu tong n phai tra mang ma so 300 phan nguon von.
-Tong tai san (tong von) la ch tieu mang ma so 250 phan tai san.
Tong n
He so n =
Tong tai san
b) He so n dai han (long term debt ratio)
Ch tieu nay la mot bc cu the hoa cua ch tieu he so n, no cho biet trong
mot ong von doanh nghiep ang s dung co may ong la n vay dai han
-N dai han la cac khoan n co thi gian ao han ln hn mot nam, c xac
nh bang ch tieu mang ma so 320 phan nguon von tren Bang can oi ke toan.
-Tong tai san la ch tieu mang ma so 250 phan tai san.
57
Tren Bang bao cao ket qua kinh doanh theo mau quy nh hien hanh tai Viet Nam khong thiet ke
ch tieu li nhuan trc thue va lai. Do vay, khi tnh toan he so nay, chung ta co the lay ch tieu tong
li nhuan trc thue cong them vao tien lai phai tra.
58
Noi dung nay a c e cap trong Chng VII cua tai lieu

He so n dai N dai han
=
han Tong tai san
3. Cac he so ve c cau von
Cac he so nay se tra li cho cau hoi trong mot ong von ma doanh nghiep
ang s dung co bao nhieu au t vao tai san lu ong, bao nhieu au t vao tai san
co nh. Tuy theo tng loai hnh san xuat, kinh doanh ma cac he so nay cao thap
khac nhau.
Tong tai san ma so 250. Tai san co nh va au t dai han ma so 200. Tai san
lu ong va au t ngan han ma so 100 thuoc phan tai san tren Bang can oi ke toan.
Ty trong tai san co Tai san co nh va au t dai han

nh =
Tong tai san
Ty trong tai san lu Tai san lu ong va au t ngan han

ong =
Tong tai san
4. Cac he so ve hoat ong

a) Vong quay hang ton kho (Inventory turnover)
ng ve mat phan tch tai chnh, neu hoat ong san xuat kinh doanh cua
doanh nghiep dien ra bnh thng th vong luan chuyen ton kho cang nhanh cang tot.
Noi chung, so vong quay hang ton kho cang cao cang cho thay viec to chc va quan
ly d tr cua doanh nghiep la tot, doanh nghiep co the rut ngan c chu ky kinh
doanh va giam c lng von b ong di hnh thc hang ton kho.
-Hang ton kho bao gom nguyen vat lieu ton kho,thanh pham ton kho... So lieu
c lay t ch tieu mang ma so 140 phan tai san tren Bang can oi ke toan .
-Gia von hang ban la chi ph e co so hang hoa tieu thu trong ky nh chi ph
nhan cong trc tiep, chi ph nguyen vat lieu trc tiep, chi ph san xuat chung...So lieu
nay c lay tren Bang bao cao ket qua kinh doanh, ma so 11.
Vong quay Gia von hang ban

=
hang ton kho Hang ton kho
Th du vong quay hang ton kho cua doanh nghiep A nam 200X bang 6,3 cho ta
biet : Neu hang ton kho vao cuoi nam cung tng ng vi lng hang ton kho
trung bnh vao cac thi iem khac trong nam th tnh t luc tien mat c au t tao
thanh cac san pham lu kho cho en khi cac san pham nay c tieu thu, trong nam
200X, doanh nghiep A a thc hien c 6,3 lan chu trnh o.

b) Vong quay tai san co nh (Noncurrent assets turnover)
Ch tieu nay cho ta biet mot ong von co nh tao ra may ong doanh thu thuan
t hoat ong kinh doanh. No cho thay hieu qua s dung von co nh cua doanh
nghiep
-Doanh thu thuan la ch tieu c lay Bang bao cao ket qua kinh doanh ma
so 10
- Von co nh la phan gia tr tai san co nh con lai tai thi iem bao cao, ma so
200 tren Bang can oi ke toan.
Vong quay Doanh thu thuan

=
von co nh Von co nh
c) Vong quay tong tai san (Total assets turnover)
ay la ch tieu o lng hieu qua s dung von trong ky, phan anh mot ong
von huy ong vao san xuat kinh doanh (khong phan biet nguon hnh thanh) mang lai
may ong doanh thu thuan. Ch tieu nay con c goi la vong quay toan bo von.
Vong quay Doanh thu thuan

=
tong tai san Tong tai san
5. Cac he so ve doanh li
Li nhuan la muc ch cuoi cung cua hoat ong san xuat kinh doanh. Li
nhuan cang cao, doanh nghiep cang khang nh v tr va s ton tai cua mnh trong
nen kinh te th trng. Nhng neu ch can c vao so li nhuan ma doanh nghiep thu
c trong ky cao hay thap e anh gia chat lng hoat ong san xuat kinh doanh tot
hay xau, th co the a ta ti nhng ket luan sai lam. Bi le so li nhuan nay co the
khong tng xng vi lng chi ph a bo ra cung nh lng tai san ma doanh nghiep
a s dung.
e khac phuc khuyet iem nay, trong qua trnh phan tch ngi ta bo sung
them nhng ch tieu tng oi bang cach at li nhuan trong moi quan he vi doanh
thu at c trong ky, hoac vi so von ma doanh nghiep a huy ong vao san xuat
kinh doanh. Cac ch tieu tng oi ay la :
a) Doanh li doanh thu (Return on sales ROS)

e anh gia hoat ong san xuat kinh doanh thnh vng hay suy thoai, ngoai
viec xem xet cac ch tieu doanh thu at c trong ky, cac nha phan tch con xac
nh trong mot ong doanh thu co may ong li nhuan sau thue. Con so nay rat ang
quan tam va no se cang co y ngha hn neu chung ta em no so sanh vi cac mc o
nhng nam trc.
Doanh thu thuan la ch tieu mang ma so 10 ; tong li nhuan sau thue ma so 80
tren Bang bao cao ket qua kinh doanh.

Doanh li Li nhuan sau thue

=
doanh thu Doanh thu thuan
b) Doanh li tong tai san (ROA)
ay la mot ten goi khac cua he so ve kha nang sinh li tren tong tai san (ROA)
ma chung ta a thao luan trong Chng VII.
Doanh li Lai phai tra + Tong li nhuan trc thue

=
tong tai Tong tai san
Tong so tai san hien nay doanh nghiep ang quan ly va s dung chu yeu c
hnh thanh t hai nguon :Von chu s hu va von vay. V vay, ket qua hoat ong san
xuat kinh doanh cung phai chia lam hai phan : Trc tien phai hoan tra phan lai vay
va phan con lai se la thu nhap cua doanh nghiep.
Bang viec cong tr lai tien lai phai tra vao li nhuan, chung ta se co c ket
qua hoat ong san xuat kinh doanh trc khi phan chia cho chu s hu va ngi cho
vay. S d phai lam nh vay la v mau so bao gom tai san c hnh thanh t nguon
von cua chu s hu va ngi cho vay nen t so cung phai bao gom so hoan von cho
ca hai.
Tuy nhien, cung co y kien cho rang nen s dung li nhuan sau thue khi tnh
toan ch tieu ROA e tao thuan li hn trong viec bieu dien moi quan he tng ho
gia cac he so tai chnh nh doanh li doanh thu, doanh li tong tai san, doanh li
von chu s hu, he so n, va vong quay tong von, t o gop phan lam sang to nguyen
nhan cua thc trang tai chnh doanh nghiep, cung nh nh hng nhng bien phap
e giai quyet cac ton tai. Theo o, ta viet lai cong thc e xac nh doanh li tong tai
san nh sau :
Doanh li Li nhuan sau thue

=
tong tai san Tong tai san
c) Doanh li von chu s hu
ay cung la mot ten goi khac cua ch tieu kha nang sinh li tren von chu s
hu (ROE) a c gii thieu Chng VII.
Ch tieu nay thng c cac nha au t quan tam. No o lng mc o li
nhuan sau thue thu c tren moi mot ong von chu s hu trong ky.

Doanh li von chu Li nhuan sau thue

=
s hu Von chu s hu
Chung ta a biet von chu s hu la mot bo phan trong tong nguon von cua doanh
nghiep. Doanh li von chu s hu, v vay, se chu anh hng cua doanh li tong tai
san. Y tng nay c bieu dien theo phng trnh dupont di ay.
6. Phng trnh Dupont
Phan tch tai chnh theo phng trnh Dupont cho thay tac ong tng ho gia
cac he so tai chnh. Phng phap nay c cong ty Dupont My ap dung au tien
nen mi co ten goi nh vay. Phng trnh Dupont c viet nh sau :
Ln sau thue Ln sau thue Dt thuan Tong tai san

ROE = = X X
Von CSH DT thuan Tong tai san Von CSH
<=> Doanh li von Doanh li Vong quay tong Tong tai san
= x x
CSH doanh thu tai san von CSH
<=> Doanh li von Doanh li tong tai san

=
CSH 1 He so n
Nhn vao phng trnh tren ta co the nhan thay rang he so n se ty le thuan
vi doanh li von chu s hu. ieu nay co ngha la doanh nghiep cang vay n nhieu,
tc co he so n cang cao, th cang ky vong gia tang doanh li von chu s hu. Tuy
nhien, khi he so n cua doanh nghiep cang cao th se lam giam cac he so thanh toan,
keo theo nhng rui ro ve mat tai chnh.
ong thi, cung qua phng trnh tren, chung ta thay rang muon co the tang
doanh li von chu s hu th doanh nghiep can phai :
-Tang so vong quay tong tai san
-Tang doanh li doanh thu
-Thay oi c cau tai chnh theo hng gia tang he so n.

Can nh la khi doanh thu tang len va doanh nghiep ang co lai, mot s gia
tang n vay se co kha nang khuyech ai doanh li von chu s hu. Trong trng hp
ngc lai, khi khoi lng hoat ong giam va doanh nghiep ang thua lo, viec gia
tang n vay se lam giam manh doanh li von chu s hu. ieu nay a c chng
minh bang sc manh cua on bay tai chnh, c o lng thong qua thc o DFL,
ma chung ta a nghien cu Chng VII.

V. PHAN TCH DIEN BIEN NGUON VON VA S DUNG VON

Viec phan tch dien bien nguon von va s dung von se giup cho nha quan tr
tai chnh nam c nhng dien bien thay oi cua cac nguon (sources) tao ra tien, va
cac cach thc s dung (uses) nguon tien o trong mot thi ky nhat nh gia hai thi
iem lap bang can oi ke toan, e t o nh hng cho qua trnh hoach nh tai
chnh cua doanh nghiep.
Noi chung, muc nh chnh cua viec phan tch dien bien nguon von va s
dung von la e tra li hai cau hoi ln o la : doanh nghiep a lay tien t au?, va
quan trong hn, so tien o a c s dung nh the nao?.
Qua trnh phan tch dien bien nguon von va s dung von c bat au bang
viec so sanh so lieu cuoi ky va au ky cua cac khoan muc tren bang can oi ke toan,
e xac nh s thay oi cua tng khoan muc theo thi gian. Sau o, ta phan biet cac
thay oi nay thanh hai phan : phan nguon tao ra tien, va phan cach thc s dung tien,
theo nguyen tac sau ay :
-S giam i cua cac khoan muc thuoc phan Tai san, hoac s tang len cua
cac khoan muc thuoc phan Nguon von tren bang can oi ke toan la nguon tao tien
cho doanh nghiep.
Th du oi vi cac khoan muc thuoc phan Tai san : Thanh ly thiet b cu, ban
bt hang ton kho, giam bt cac khoan phai thula nguon tao ra tien cho doanh
nghiep. oi vi cac khoan muc thuoc phan Nguon von : tang khoan n vay ngan
hang, tang von chu s hula nguon tao ra tien cho doanh nghiep.
- S tang len cua cac khoan muc thuoc phan Tai san, hoac s giam i cua
cac khoan muc thuoc phan Nguon von tren bang can oi ke toan ch ra cach thc
s dung tien cua doanh nghiep.
Th du nh tang hang hoa ton kho, tang cac khoan phai thu, xay dng mot nha
xng mitat ca eu lam tang tai san cua doanh nghiep va phai s dung tien. Ngc
lai, tra bt n vay ngan hang, giam bt cac khoan phai tra cho nha cung capcung la
nhng cach thc s dung tien.
Do khong the s dung ong tien ma doanh nghiep khong co, nen tong cac
khoan tien doanh nghiep a s dung trong ky phai can bang vi tong cac nguon tao
ra tien.

TAI LIEU THAM KHAO
A. Tai lieu tieng Viet

Phan tch hoat ong doanh nghiep, Nguyen Tan Bnh, NXB ai hoc quoc gia
thanh pho Ho Ch Minh, 2000.
Quan tr tai chnh doanh nghiep, Tran Van Chanh-Ngo Quang Huan, NXB
ai hoc quoc gia thanh pho Ho Ch Minh, 2000.
Tai chnh doanh nghiep, Nguyen Th Diem Chau (chu bien) cung tap the cac
thay co giao Khoa TCDN-KDTT - Trng ai hoc kinh te thanh pho Ho Ch
Minh, NXB Tai chnh, 1999
Tai chnh doanh nghiep, Bo Tai chnh, NXB Tai chnh, 2000
He thong chuan mc ke toan Viet Nam - quyen mot, Bo Tai Chnh, NXB Tai
chnh, 2002
Nhng van ban hng dan mi ve quan ly tai chnh trong doanh nghiep nha
nc, Phan Quang, NXB Lao ong, 2000
Quan tr tai chnh doanh nghiep, Nguyen Hai San, NXB Tre, 1998.
Luat trong kinh doanh dien giai, Huynh Viet Tan, NXB Chnh tr quoc gia,
2001
Quan tr tai chnh can ban, Nguyen Quang Thu, NXB Giao duc, 1998
Quan tr tai chnh, Nguyen Van Thuan, NXB Tp. Ho Ch Minh, 1993
Quan tr tai chnh (quyen I va quyen II), Bui Tng Tr, NXB Thong ke,
1997-1998
Th trng chng khoan, Le Van T-Nguyen Ngoc Hung, NXB Thong ke,
1998
Lap, oc, phan tch bao cao tai chnh va d oan nhu cau tai chnh doanh
nghiep, Vu Cong Ty - Nguyen Viet Li - oan Xuan Tien, NXB Tai chnh,
1996
Tai chnh doanh nghiep thc hanh (quyen I), Vu Cong Ty-o Th Phng,
NXB Nong nghiep, 2000.

B. Tai lieu tieng nc ngoai

Principles of corporate finance, fifth edition, Richard.A. Brealey and Stewart
C.Myers, The McGraw-Hill companies, Inc,1996
Instructors manual to accompany -Principles of corporate finance, fifth

edition, Philip R. Perry, The McGraw-Hill companies, Inc,1996
Financial institutions understanding and managing financial services, fifth

edition, Peter S. Rose, James W. Kolari.
CD-ROM program : Virtual MBA perfomance technologies and corporate

retraining solution, version 3.5-Finance

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Quan tr tai chnh doanh nghiep, tap 1 - 76 -

CHNG IV: QUAN LY VON LU ONG

I. Khai niem va phan loai von lu ong

Nguyen Van Tuan Khoa QTKD

II. Quan ly hang ton kho

Nguyen Van Tuan Khoa QTKD

Nguyen Van Tuan Khoa QTKD

Nguyen Van Tuan Khoa QTKD

3. Mo hnh san lng at hang hieu qua (EOQ)

Mo hnh EOQ la mot mo hnh nh lng c s dung e xac nh mc ton

2 . K .S 2 1000 .000 20 .000

Nguyen Van Tuan Khoa QTKD

iem at So lng hang hoa o dai cua thi

Nguyen Van Tuan Khoa QTKD

Nguyen Van Tuan Khoa QTKD

III. Quan ly tien mat va chng khoan ngan han

Nguyen Van Tuan Khoa QTKD

a1) Mo hnh Baumol

Nguyen Van Tuan Khoa QTKD

a2) Mo hnh Miller-Orr

Nguyen Van Tuan Khoa QTKD

0 X Y Thi gian (Time)

0,75 Chi ph1 lan giao dch Phngsai cua LKR

0,75 Chi ph1 lan giao dch Phngsai cua LKR

Nguyen Van Tuan Khoa QTKD

0,75 20 6250 .000

Nguyen Van Tuan Khoa QTKD

Nguyen Van Tuan Khoa QTKD

BANG D THAO CHI TIEU TIEN MAT

BANG D THAO NGAN SACH TIEN MAT

Nguyen Van Tuan Khoa QTKD

-Tnh rui ro (risk), bao gom :

Nguyen Van Tuan Khoa QTKD

-Tnh sinh li (yield)

Nguyen Van Tuan Khoa QTKD

Nguyen Van Tuan Khoa QTKD

IV.Quan ly khoan phai thu

Nguyen Van Tuan Khoa QTKD

-oi vi cac khach hang noi a, co quan he lau dai va uy tn th doanh

Nguyen Van Tuan Khoa QTKD

Nguyen Van Tuan Khoa QTKD

Nguyen Van Tuan Khoa QTKD

Nguyen Van Tuan Khoa QTKD

3. Chnh sach thu hoi n

Cac khoan phai thu cua ngi mua

Nguyen Van Tuan Khoa QTKD

BIEU THEO DOI CAC KHOAN PHAI THU VT : Trieu ong

T Thi han Ten khach A B C D Tong

MC O HANH ONG CAN THIET

Nguyen Van Tuan Khoa QTKD

Nguyen Van Tuan Khoa QTKD

CHNG V: LNG GIA CHNG KHOAN

I. Nhng van e can ban

Nguyen Van Tuan Khoa QTKD

c) Gia tr so sach (book value) cua co phieu : La gia tr c xac nh da

d) Gia tr th trng (hay th gia-market value) : La gia tr cua co phieu do th

Nguyen Van Tuan Khoa QTKD

f) Co phieu u ai (preferred stock) : La mot chng th chng minh quyen s

Nguyen Van Tuan Khoa QTKD

II. Lng gia trai phieu

Nguyen Van Tuan Khoa QTKD

2. Lng gia trai phieu tra lai hang ky

Mot cach tong quat, goi :