Giáo Trình Tài Chính Doanh Nghiệp - Phần 1 - PGS.ts. Lưu Thị Hương (Chủ Biên) - 1009215

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M T R U O N G O A I H O C KINH TE Q U O C D A N
7593
hu b i e n : PGS.TS. LUUTH| HUONG
G I A O T R I N H
N H A XUAT B A N
T H O N G KE
TRTJ6NG D A I HOC K I N H TE QUOC D A N
KHOA NGAN HANG - TAI CHINH
Chu bien: PGS. TS. LUU THi HUONG
G I A O T R i N H
TAI CHINH DOANH NGHIEP

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(Tai ban lan thCrhai)
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N H A XUAT B A N T H O N G KE
HA NOI - 2005
Số hóa bởi Trung tâm Học liệu – ĐHTN http://www.lrc-tnu.edu.vn

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TK-2005

L d i G l d l THIEU
Sii ton tai vd phat trien cua cdc doanh nghiep trong nen
kinh te thi triidng phu thuoc vao rat nhieu nhan to nhii mdi
trtidng kinh doanh, trinh dp qudn ly cua cdc nhd doanh
nghiep, dac biet Id trinh dp qudn ly tdi chinh. Nhiing kien
thUc mdi ve qudn ly tai chinh doanh nghiep trong nen kinh te
thi trUdng Id mot trong nhiing npi dung quan trong trong
chUdng trinh dao tao sinh vien cdc trUdng dai hoc kinh te'vd
cung Id mot doi hoi bUc thiet ddi vdi cdc nhd qudn ly doanh
nghiep Viet Nam hien nay. Do vay, nam 1998, Khoa Ngan
hang - Tdi chinh, Trtidng Dai hoc Kinh te Quoc ddn da xuat
bdn Gido trinh Tdi chinh doanh nghiep do PGS. TS. Li/u
Thi Hiidng lam chu bien.
Trong gido trinh, cdc tdc gid tiep can vdn de theo mot
cdch khac so vdi cdc cdch tiep can thong thtfdng ve tai chinh
doanh nghiep. Tii mot tam nhin tong quat ve tai chinh doanh
nghiep, cdc tdc gid dd trinh bay npi dung vd phiidng phap
phan tich tai chinh doanh nghiep, phat hien nhiing vdn de
cdn phdi gidi quyet lien quan den tiing npi dung cua hoat
dong tdi chinh doanh nghiep.
Nhiing npi dung ve qudn ly tdi chinh doanh nghiep dildc

trinh bay trong gido trinh dd dam bdo tinh khoa hoc, tinh
tong hop nen co the dp dung doi vdi moi loai hinh doanh
nghiep, khong phan biet hinh thvtc sd hUu cung nhii quy mo.

Cudn gido trinh la mot tdi, lieu hoc tap hitu. ich ddi rdi. sinh
vien trong cdc trtidng dai hoc kinh te, ddng thdi giup cdc n f l a
qudn ly doanh nghiep hinh thanh tti duy vd phtidng phap

tie'p can mdi, co khd ndng dtia ra cdc quyet dinh tdi chinh toi
tiu. Bdi vay, trong gido trinh nay cdc tdc gid chi tap trung vao
nhting vdn de ly ludn cd bdn ve qudn ly tdi chinh doanh
nghiep trong nen kinh te thi trtidng, nhting vdn de thtic tien d
Viet Nam se dtidc cdc gidng vien lien he trong cdc bdi gidng
phii hop vdi tiing doi tiidng.
Vdi muc tieu ndng cao chat hidng dao tao, dap ting tdt
yeu cau gidng day, nghien ciiu khoa hoc vd iing dung trong
qudn ly tdi chinh ciia cdc doanh nghiep hien nay, Hoi dong
khoa hoc Trtidng Dai hoc Kinh te Quoc ddn dd chi dao Khoa
Ngan hang - Tdi chinh vd tap the tdc gid tien hanh bo sung,
hoan thien gido trinh.
Cuon Gido trinh tdi chinh doanh nghiep tdi bdn ldn nay
da ke thiia cudn gido trinh dd xuat ban triidc ddy, ngoai ra
tap the tdc gid da tien hanh bo sung nhieu noi dung quan
trong trong tdi chinh doanh nghiep nhti: doanh thu, chi phi
vd ldi nhuan cua doanh nghiep; qudn ly tdi sdn trong doanh
nghiep; vdn de ve tdi cau true doanh nghiep tren gidc do tai
chinh. Npi dung cdc chtidng trong gido trinh dtidc bd sung,
sap xep mot cdch logic, tong hop vd khoa hoc hdn.
Ket cau Gido trinh tdi chinh doanh nghiep tdi bdn ldn
nay bao gom 10 chtidng:
Chitting 1: Tdng quan ve tai chinh doanh nghiep
Npi dung cua chtidng di cap tdi nhting y tiidng cd ban, cd

sd khoa hoc ciia hoat dong tdi chinh doanh nghiep ciing nhit
tam quan trong, noi dung, muc tieu, nguyen tac va bo may
qudn ly tai chinh doanh nghiep.
Chitting 2: Phan tich tai chinh doanh nghiep

Trong chtidng nay, cdc tdc gid trinh bay cdc noi dung Ciia
phan tich tai chinh doanh nghiep tii muc tieu, phiidng phap
thu thap thdng tin den phiidng phap va noi dung phan tich
tdi chinh.
Chitting 3: Qudn ly nguon voh cua doanh nghiep
Vdn de qudn ly nguon von cua doanh nghiep dtidc cdc tdc
gid tiep can mot cdch cd bdn, logic tit xem xet tong quan ve
voh ciia doanh nghiep din cdc nguon voh, phiidng thtic huy
dong va qudn ly.
Chitting 4: Qudn ly ddu tti cua doanh nghiep
Trong Chtidng 4, cdc tdc gid da de cap toan dien din cdc
npi dung trong qudn ly ddu tti doanh nghiep: ddu tti vd vai
trd ciia hoat ddng ddu tti ddi vdi doanh nghiep; cdc chi tieu
phan tich tai chinh dti dn ddu tti; vdn de xdc dinh luong tien
cua dti dn ddu tti; phan tich vd danh gid dti dn; vdn de ddu
tti chiing khoan cua doanh nghiep.
Chitting 5: Doanh ldi, rui ro trong hoat dong ddu tti
Chitting 6: Chi phi vdh vd cd cau vdn
Chitting 7: Doanh thu, chi phi vd ldi nhuan ciia doanh
nghiep
Chtidng nay cdc tdc gid de cap day dii cdc npi dung ve
doanh thu, chi phi vd ldi nhuan ciia doanh nghiep cung nhti
nghiin ciiu mot so loai thue chu yeu ddi vdi doanh nghiep.

ChiiOng 8: Qudn ly tdi sdn trong doanh nghiep
Npi dung cua chtidng bao gom: qudn ly tdi sdn Itiu dong,
qudn ly tdi sdn cd dinh vd quy khau hao.
Chtidng 9: Ke hoach hod tdi chinh doanh nghiep
Cudi ciing, vdn de tdi cau true doanh nghiep dtidc trinh
bay trong Chtidng 10. Chtidng nay cdc tdc gid nghien ctiu
vdn de tdi cau true doanh nghiep dtidi gidc dp tdi chinh vd
tap trung vao cdc npi dung nhti: sdp nhdp vd mua lai doanh
nghiep; thanh ly vd phd sdn doanh nghiep.
Mac du tap the tdc gid dd ddu tti nhieu thdi gian vd cdng
stic cho ldn tdi bdn, song gido trinh cd the con thieu sot,
chung tdi mong nhan dtidc y kien ddng gop, bo sung de ldn
tdi bdn sau dtidc hoan chinh hdn.
Xin trdn trong gidi thieu ciing ban doc.
CHU BIEN: PGS. TS. LUU TM HUONG

ChUdng 1
TONG QUAN VE TAI CHINH DOANH NGHIEP

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T a i c h i n h d o a n h n g h i e p la g i v a v a i t r o cua q u a n l y t a i
c h i n h t r o n g d o a n h n g h i e p q u a n t r o n g n h u t h e nao? M u c t i e u
c u a q u a n l y t a i c h i n h l a gi? H o a t dong t a i c h i n h d o a n h
n g h i e p k h o n g t h e t a c h r d i cac q u a n he t r a o doi t o n t a i g i u a
cac d o a n h n g h i e p , cac d d n v i k i n h te, do do, k h o n g t h e x e m
x e t t a i c h i n h ciia cac d o a n h n g h i e p n e u k h o n g d a t c h u n g
t r o n g m o t m o i t r U d n g n h a t d i n h . Do l a n h i i n g v a n de t r o n g
t a m c a n dUdc l a m r o trUdc k h i n g h i e n c u u t a i c h i n h doanh
n g h i e p v a q u a n l y t a i c h i n h doanh n g h i e p . D a y c u n g c h i n h l a
n h i i n g n o i d u n g c h u y e u dUdc de cap t r o n g chUdng n a y .
1.1. D o a n h n g h i e p
1.1.1. Khdi niem vd phan loai
D o a n h n g h i e p l a c h u t h e k i n h te doc l a p , co t u each p h a p
n h a n , h o a t dong k i n h doanh t r e n t h i t r U d n g n h a m l a m t a n g
gia t r i cua c h u so" h i i u .
D o a n h n g h i e p l a m o t each t h t i c to chiic h o a t dong k i n h te
cua n h i e u ca n h a n . Co n h i e \ i h o a t dong k i n h te c h i co t h e
t h i i c h i e n dUdc b d i cac doanh n g h i e p c h i i k h o n g p h a i cac ca
nhan.
O V i e t N a m , theo L u a t d o a n h nghiep: D o a n h n g h i e p l a
to chiic k i n h t § ' co t e n r i e n g , co t a i san, co t r u scl giao dich o n

d j n h , diidc d a n g k y k i n h doanh theo q u y d i n h ciia p h a p l u a t ,
n h a m muc dich t h i i c h i e n cac h o a t dong k i n h d o a n h - t u c l a
thiic h i e n mot, mot so hoac t a t ca cac cong doan c i i a qua
t r i n h d a u t i i , t i i san x u a t den t i e u t h u san p h a m hoac c u n g
i i n g dich v u t r e n t h i trUdng n h a m muc dich s i n h l d i .
Cac d o a n h n g h i e p d V i e t N a m bao gom: D o a n h n g h i e p
N h a niidc, cong t y co p h a n , cong t y t r a c h n h i e m h i i u h a n ,
cong t y hdp d a n h , cong t y l i e n doanh, d o a n h n g h i e p t U n h a n .
T r o n g n e n k i n h te t h i trUdng, cac d o a n h n g h i e p bao gom
cac c h u the k i n h d o a n h sau day:
- K i n h d o a n h ca the (sole p r o p r i e t o r s h i p )
- K i n h d o a n h gop v o n ( p a r n e r s h i p )
- Cong t y (corporation).
Kinh doanh cd the

1. L a l o a i h i n h dUdc t h a n h l a p d d n g i a n n h a t , k h o n g can
p h a i co d i e u le c h i n h t h i i c va i t c h i u s i i q u a n l y c u a N h a
nUdc.
2. K h o n g p h a i t r a t h u e t h u n h a p d o a n h n g h i e p , t a t ca l d i
n h u a n b i t i n h t h u e t h u n h a p ca n h a n .
3. C h u doanh nghiep c h i u t r a c h n h i e m vo h a n d o i v d i cac
n g h i a v u va cac k h o a n nd, k h o n g co s i i t a c h b i e t g i i i a t a i san
ca n h a n va t a i san ciia doanh n g h i e p .
4. T h d i g i a n h o a t dong ciia d o a n h n g h i e p p h u t h u o c vao
t u o i t h o ciia ngUdi c h i i .
S. K h a n a n g t h u h u t v o h b i h a n che b d i k h a n a n g ciia
ngUdi c h i i .
Kinh doanh gop vdn

1. Viec t h a n h l a p d o a n h n g h i e p n a y de d a n g v a c h i p h i

t h a n h l a p t h a p . D o i v 6 i cac hdp dong phiic t a p can p h a i diidc
vie't t a y . M o t so' t r i i d n g hdp c a n co giay phep k i n h doanh.
2. Cac t h a n h v i e n c h i n h thu'c (general p a r t n e r s ) co t r a c h
n h i e m vo h a n v d i cac k h o a n nd. M o i t h a n h v i e n co t r a c h
n h i e m doi v d i p h a n t U d n g i i n g v d i p h a n v o n gop. N e u n h u
m o t t h a n h v i e n k h o n g h o a n t h a n h t r a c h n h i e m t r a nd ciia
m i n h , p h a n con l a i se do cac t h a n h v i e n khac h o a n t r a .
3. D o a n h n g h i e p t a n v d k h i m o t t r o n g cac t h a n h v i e n
c h i n h t h i i c chet h a y r i i t v o n .
4. K h a n a n g ve v o n h a n che.
5. L a i t i i h o a t dong k i n h d o a n h ciia cac t h a n h v i e n p h a i
c h i u t h u e t h u n h a p ca n h a n .
Congty
C o n g t y l a l o a i h i n h d o a n h n g h i e p ma d do co sU ke't hdp
ba l o a i l d i i c h : cac co dong (chu sd h i i u ) , cua h o i dong q u a n t r i
v a cua cac n h a q u a n l y . Theo t r u y e n t h d n g , co dong k i e m
soat t o a n bo p h U d n g h u d n g , c h i n h sach v a h o a t dong ciia
cong t y . Co dong b a u n e n h o i dong q u a n t r i , sau do h o i dong
q u a n t r i l i i a c h o n b a n q u a n l y . Cac n h a q u a n l y q u a n l y h o a t
dong cua cong t y theo each t h t i c m a n g l a i l d i i c h t o t n h a t cho
co dong. Viec t a c h r d i q u y e n sd h i i u k h o i cac n h a q u a n l y
m a n g l a i cho cong t y cac Uu t h e so v d i k i n h d o a n h ca t h e va
gop v o n :
1. Q u y e n sd h i i u co t h e de dang c h u y e n cho co dong m d i .
2. S i i t o n t a i ciia cong t y k h o n g p h u thuoc vao s i i t h a y
doi so' lUdng co dong.
3. T r a c h n h i e m ciia co dong c h i g i d i h a n d p h a n v d n m a
co dong gop vao cong t y ( t r a c h n h i e m h i i u h a n ) .
M o i l o a i h i n h d o a n h n g h i e p co n h i i n g Uu, nhUdc d i e m

r i e n g va p h u hdp v d i q u y mo v a t r i n h do p h a t t r i e n n h a t
d i n h . H a u h e t cac d o a n h nghiep l d n h o a t dong v d i tu each la 1
cac cong t y . D a y l a l o a i h i n h p h a t t r i e n n h a t ciia doanh

nghiep.
T u y n h i e n , t r o n g p h a m v i n g h i e n c i i u , co t h e coi t a t ca
cac l o a i h i n h do l a d o a n h n g h i e p . V e n g u y e n tac, n o i dung
quan ly t a i c h i n h doanh nghiep la nhU n h a u .
1.1.2. Moi triidng hoat dong cua doanh nghiep
D e d a t dUdc m i l e d o a n h l d i m o n g m u d n , d o a n h nghiep
c a n p h a i cd n h i i n g q u y e t d j n h ve to c h i i c h o a t dong san xuat
v a v a n h a n h q u a t r i n h t r a o ddi. M o i q u y e t d i n h deu p h a i gan
k e t v d i m o i t r U d n g x u n g q u a n h . Bao q u a n h d o a n h n g h i e p la
m o t m o i t r U d n g k i n h t e - x a h o i p h i i c t a p v a l u o n b i e n dong.
Co t h e k e den m o t sd' y e u td' k h a c h q u a n tac dong t r i i c tiep t 6 i
h o a t dong cua d o a n h n g h i e p .
D o a n h n g h i e p l u o n p h a i doi d a u v d i cong n g h e . S i i phat
t r i e n cua cong n g h e l a m o t y e u to' gop p h i n t h a y d o i phUdng
t h i i c san x u a t , tao r a n h i e u k y t h u a t m d i d i n d e n n h i i n g
t h a y ddi m a n h me t r o n g q u a n l y t a i c h i n h d o a n h n g h i e p .
D o a n h n g h i e p l a d d i tUdng q u a n l y cua N h a nUdc. S i i
t h a t c h a t h a y n d i l d n g h o a t dong ciia d o a n h n g h i e p dUdc dieu
c h i n h b a n g l u a t v a cac v a n b a n q u y p h a m p h a p l u a t , b a n g cd
che q u a n l y t a i c h i n h .
D o a n h n g h i e p t r o n g n e n k i n h te t h i t r U d n g p h a i d i i t i n h
dUdc kha. n a n g x a y r a r u i ro, dac b i e t l a r u i r o t a i c h i n h de co
each i i n g pho k i p t h d i v a d i i n g d a n . D o a n h n g h i e p , v d i siic ep
ciia t h i t r U d n g c a n h t r a n h , p h a i c h u y e n d a n t i i c h i e n hide
t r o n g c u n g cd d i e n sang c h i e n hide t r o n g c a u h i e n d a i . N h i i n g
doi h d i ve chat l u d n g , m a u ma, gia ca h a n g hoa, ve c h a t

lUdng dich v u n g a y cang cao h d n , t i n h te h d n cua k h a c h h a n g
buoc cac d o a n h n g h i e p p h a i t h i i d n g x u y e n t h a y ddi c h i n h
sach s a n p h a m , d a m bao san x u a t - k i n h d o a n h co h i e u qua
v a cha't lUdng cao.
D o a n h n g h i e p t h U d n g p h a i dap i i n g dUdc doi h o i cua cac
ddi tac ve miic v d n c h u sd h i i u t r o n g cd cau v o n . S i i t a n g ,
g i a m v o n c h u sd h i i u co tac dong dang ke t d i h o a t dong cua
d o a n h n g h i e p , dac b i e t t r o n g cac d i e u k i e n k i n h te khac
nhau.
M u d n p h a t t r i e n b e n v i i n g , cac d o a n h n g h i e p p h a i l a m
c h u v a d i i doan trUdc dUdc s i i t h a y ddi cua m o i t r U d n g de san
sang t h i c h n g h i v d i nd. T r o n g m o i t r U d n g do, q u a n he t a i
c h i n h cua d o a n h n g h i e p dUdc t h e h i e n r a t p h o n g p h i i v a da
dang.
1.2. Khai niem tai chinh doanh nghiep
T a i c h i n h d o a n h n g h i e p dUdc h i e u l a n h i i n g q u a n he gia
t r i g i i i a d o a n h n g h i e p v d i cac c h u t h e t r o n g n e n k i n h te. Cac
q u a n he t a i c h i n h d o a n h n g h i e p c h u y e u bao gdm:
Quan he giiia doanh nghiep vdi Nhd niidc

D a y l a m d i q u a n he p h a t s i n h k h i d o a n h n g h i e p t h i i c
h i e n n g h i a v u t h u e d d i v d i N h a nUdc, k h i N h a nUdc gop v o n
vao d o a n h n g h i e p .
Quan he giiia doanh nghiep vdi thi triidng tdi chinh

Q u a n he n a y dUdc t h e h i e n t h o n g qua viec d o a n h n g h i e p
t i m k i e m cac n g u o n t a i t r d . T r e n t h i trUdng t a i c h i n h , d o a n h
n g h i e p cd t h e v a y n g a n h a n de dap i i n g n h u ciu. v d n n g a n
h a n , cd t h e p h a t h a n h co p h i e u v a t r a i p h i e u de dap i i n g n h u
c a u vd'n d a i h a n . NgUdc l a i , d o a n h n g h i e p p h a i t r a l a i v a y va
1 I

v o h vay, t r a l a i cd p h a n cho cac n h a t a i t r d . D o a n h n g h i e p
c u n g co t h e g i n t i e n vao n g a n h a n g , d a u t u c h i i n g k h o a n
b a n g s o ' t i e n t a m t h d i chUa s i i d u n g .
Quan he giUa doanh nghiep vdi cdc thi tritdng khac

T r o n g n e n k i n h te, doanh n g h i e p cd q u a n he c h a t che v6i
cac d o a n h n g h i e p khac t r e n t h i t r i i d n g h a n g hoa, d i c h v u , t h i
t r i i d n g siic lao dong. D a y la n h i i n g t h i t r i i d n g m a t a i do
doanh n g h i e p t i e n h a n h m u a s a m m a y moc t h i e t b i , nha
x i i d n g , t i m k i e m lao dong v.v... D i e u q u a n t r o n g la t h d n g qua
t h i trUdng, d o a n h n g h i e p co t h e xac d j n h dUdc n h u c a u hang
hoa, v a d j c h v u can t h i e t c u n g i i n g . T r e n cd sd do, doanh
n g h i e p hoach d i n h n g a n sach d a u t U , k e h o a c h s a n xua't, tiep
t h i n h a m thoa m a n n h u c i u t h i trUdng.
Quan he trong noi bo doanh nghiep
D a y la q u a n he g i i i a cac bo p h a n s a n x u a t - k i n h doanh,
giQa cd d d n g v a ngUdi q u a n l y , g i i i a cd d d n g v a c h u n d , giiia
q u y e n s i i d u n g vd'n v a q u y e n sd h i i u vd'n. Cac m d i q u a n he
n a y dUdc t h e h i e n t h o n g q u a h a n g l o a t c h i n h sach c i i a doanh
n g h i e p n h U : c h i n h sach cd t i i c ( p h a n p h d i t h u n h a p ) , c h i n h
sach d d u t u , c h i n h sach ve cd c a u v d n , c h i p h i v.v...
1.3. Cof so? tai chinh doanh nghiep va cac dong tien
M o t d o a n h n g h i e p , mud'n t i e n h a n h h o a t ddng s a n x u a t -
k i n h d o a n h , c a n p h a i cd m o t lUdng t a i s a n p h a n a n h b e n t a i
san ciia B a n g c a n dd'i k e t o a n . Ne'u n h U t o a n bd t a i s a n do
doanh n g h i e p n a m g i i i dUdc d a n h g i a t a i m o t t h d i d i e m n h a t
d i n h t h i sU v a n ddng cua c h u n g - k e t qua ciia qua t r i n h t r a o
ddi - c h i cd t h e dUdc xac d j n h cho m o t t h d i k y n h a t d j n h v a
dUdc p h a n a n h t r e n Bao cao k e t q u a k i n h d o a n h . Q u a t r i n h
12

h o a t dong cua cac d o a n h n g h i e p co su" khac b i e t d a n g ke ve
quy t r i n h cdng nghe v a t i n h c h a t h o a t dong. Su" khac b i e t n a y
p h a n l d n do dac d i e m k i n h te, k y t h u a t cua t u r i g d o a n h
n g h i e p q u y e t d i n h . Cho d u cd sU k h a c b i e t nay, ngUdi t a v a n
cd t h e k h a i q u a t n h i i n g n e t c h u n g n h a t cua cac d o a n h n g h i e p
b a n g h a n g hoa, dich v u d a u vao v a h a n g hoa, dich v u d a u r a .
M o t h a n g hoa, dich v u d a u vao h a y mdt y e u to san x u a t
la m o t h a n g hda h a y dich v u m a cac n h a d o a n h n g h i e p m u a
s a m de su" d u n g t r o n g qua t r i n h san x u a t - k i n h d o a n h cua
ho. Cac h a n g hoa, dich v u d a u vao dUdc k e t hdp v d i n h a u de
tao r a cac h a n g hoa, dich v u d a u r a - do l a h a n g loat cac h a n g
hda, dich v u cd i c h dUdc t i e u d u n g hoac dUdc su" d u n g cho qua
t r i n h s a n x u a t - k i n h d o a n h khac. N h U vay, t r o n g m o t t h d i
k y n h a t d j n h , cac d o a n h n g h i e p da c h u y e n hda cac h a n g hoa,
d j c h v u d d u vao t h a n h cac h a n g hoa, dich v u d a u r a de t r a o
dd'i (ban). Md'i q u a n he giQa t a i s a n h i e n cd v a h a n g hoa, d j c h
v u d a u vao, h a n g hoa, d j c h v u d a u r a (td'c l a q u a n he g i i i a
b a n g C a n dd'i k e t o a n v a Bao cao k e t qua k i n h doanh) cd the
dUdc m d t a n h U sau:
Hang hda va dich vu (mua vao)
San xua't - chuyen hda
Hang hda va djch vu (ban ra)
T r o n g so' cac t a i san m a d o a n h n g h i e p n a m g i i i cd m o t

l o a i t a i s a n dac b i e t - do la t i e n . C h i n h d i i t r i i t i e n cho phep
d o a n h n g h i e p m u a cac h a n g hda, d j c h v u can t h i e t de tao r a
n h i i n g h a n g hda v a d j c h v u p h u c v u cho muc dich t r a o ddi.
M o i q u a t r i n h t r a o dd'i deu dUdc thUc h i e n t h o n g q u a t r u n g
.13'

g i a n l a t i e n v a k h a i n i e m dong v a t c h a t v a ddng t i e n p h a t
s i n h t t i do, t d c l a sU dich c h u y e n h a n g hoa, d i c h v u v a sti
dich c h u y e n t i e n g i i i a cac d d n v i , t d chtic k i n h te.
N h U v a y , t U d n g ting v d i ddng v a t c h a t d i vao ( h a n g hoa,
dich v u d d u vao) la dong t i e n d i ra; ngUdc l a i , tUdng ting v6i
dong v a t chat d i r a (hang hda, dich v u d a u ra) l a ddng t i e n di
vao. Q u y t r i n h n a y dtidc m d t a q u a sd do sau:
Dong vat chat di vao Dong tien di ra (xua't quy)
1r
San xuat chuyen hoa
1
t
Dong vat chat d*i ra Dong tien di vao (nhap quy)
San xuat, chuyen hda la mot qua trinh cdng nghe. Mot
m a t , n d dUdc dac t r t i n g b d i t h d i g i a n c h u y e n h d a h a n g hda va
dich v u , m a t khac, n d dUdc dac t r U n g b d i cac y e i i to' c a n t h i e t
cho sU v a n h a n h - do l a t u l i e u lao d d n g v a stic lao dong. Qua
t r i n h cdng n g h e n a y cd tac d u n g q u y e t d j n h t d i cd ca'u vd'n va
h o a t dong t r a o d d i cua d o a n h n g h i e p .
D o a n h n g h i e p thUc h i e n h o a t d d n g t r a o d d i hoac v d i t h i
t r t i d n g c u n g cap h a n g hoa, d j c h v u d a u vao hoac v d i t h i
t r t i d n g p h a n p h d i , t i e u t h u h a n g hoa, d j c h v u d a u r a v a t u y
thuoc vao t i n h chat h o a t d o n g s a n x u a t - k i n h d o a n h cua
doanh n g h i e p . Cac q u a n he t a i c h i n h cua d o a n h n g h i e p dtidc
p h a t s i n h t t i c h i n h qua t r i n h t r a o d d i do. Q u a t r i n h nay
q u y e t d j n h sU v a n h a n h cua s a n xua't v a l a m t h a y d d i cd cau
v d h cua d o a n h n g h i e p . P h a n t i c h cac q u a n he t a i c h i n h cua
doanh n g h i e p c a n dUa t r e n h a i k h a i n i e m c a n b a n l a d d n g v a
14

d i i tru". D o n g c h i x u a t h i e n t r e n cd so" t i c h l u y b a n d a u n h i i n g
h a n g hda, dich v u hoac t i e n t r o n g m d i doanh n g h i e p v a nd se
l a m t h a y ddi k h d i hieing t a i san t i c h l u y ciia d o a n h n g h i e p .
M d t k h d i hieing t a i san, h a n g hoa hoac t i e n diidc do t a i m d t
t h d i diem la mot k h o a n d i i t r u \ Trong k h i mot khoan dii t r t i
c h i cd y n g h i a t a i m o t t h d i d i e m n h a t d i n h t h i cac dong c h i
diidc do t r o n g m o t t h d i k y n h a t d i n h . Q u a n he g i i i a dong v a
d i i t r t i l a cd sd n e n t a n g cua t a i c h i n h d o a n h n g h i e p . T u y
t h u d c vao b a n c h a t k h a c n h a u cua cac dong v a d i i tru", n g t i d i
t a p h a n b i e t ddng t i e n d d i t r o n g v a dong t i e n doc l a p .
- Ddng tien doi trong

Dong tien ddi trong trUc tiep: L a ddng t i e n c h i x u a t h i e n
ddi t r o n g v d i ddng h a n g hda, dich v u . D a y la t n i d n g hdp d d n
g i a n n h a t t r o n g d o a n h n g h i e p - t h a n h t o a n ngay. T a i t h d i
d i e m t m d i d o a n h n g h i e p co t r o n g t a y n h i i n g t a i s a n t h i i c v a
0
t i e n . G i a s i i h o a t ddng t r a o ddi d i e n r a giQa h a i d o a n h n g h i e p

A v a B t a i thdi diem t : T a i thdi diem nay, doanh nghiep A
t
t r a o d d i t a i san t h i i c cho d o a n h n g h i e p B (ban h a n g cho

d o a n h n g h i e p B ) de l a y t i e n ( m o t dong v a t c h a t d i t i i doanh
n g h i e p A sang d o a n h n g h i e p B ) , cdn d o a n h n g h i e p B c h u y e n
t i e n cho A ( m u a h a n g ciia d o a n h n g h i e p A ) de l a y h a n g ( m o t
d d n g t i e n d i t i i d o a n h n g h i e p B sang doanh n g h i e p A ) .
Dong tien doi trong co ky han: D a y l a t r u d n g hdp p h d
b i e n n h a t t r o n g h o a t dong cua doanh n g h i e p . D o a n h n g h i e p
A b a n h a n g hoa, d i c h v u cho doanh n g h i e p B d t h d i d i e m t u
d o a n h n g h i e p B t r a t i e n cho doanh n g h i e p A d t h d i d i e m t_.

D d n g t i e n d t h d i d i e m t tUdng i i n g v d i dong h a n g hda, dich
2
v u d t h d i diem t,. T r o n g t h d i k y t,, t , t r a n g t h a i can bang d i i

2
t r t i cua m d i d o a n h n g h i e p b i p h a v d . T r a n g t h a i can b a n g n a y
dtidc l a p l a i t h d n g q u a viec tao r a m o t t a i san t a i c h i n h ttic la

q u y e n su" d u n g hdp p h a p m d t t r a i q u y e n ( q u y e n d d i nd) hoac
m o t k h o a n nd. T r o n g t r U d n g hdp nay, d i i tru" t a i s a n t h u c ciia
d o a n h n g h i e p A b i g i a m d i , n h U n g ddi l a i , d o a n h n g h i e p A co
m o t t r a i q u y e n ddi v 6 i d o a n h n g h i e p B t r o n g t h d i g i a n t , - t ,
cho t d i luc ddng t i e n x u a t h i e n d t h d i d i e m U. Dd'i v d i doanh
n g h i e p B , viec n a m g i i i m o t t a i s a n t h i i c da l a m p h a t sinh
m o t k h o a n n d cho d e n k h i ddng t i e n x u a t h i e n d t h d i diem t,,
cap T r a i q u y e n - N d dUdc g i a i q u y e t m o t each t r o n v e n .
Dong tien doi trong da dang: D e k h a c phuc sti m a t can
dd'i n g a n quy, d a m bao k h a n a n g c h i tra. t h d n g q u a t h i e t lap
n g a n quy td'i Uu, d o a n h n g h i e p cd t h e c h i e t k h a u , n h t i d n g ban
t r a i q u y e n cho m o t t d chiic t a i c h i n h t r u n g g i a n hoac dung
t r a i q u y e n n h t i m o t t a i s a n t h e chap cho m o t m d n v a y t u y
theo n h t i n g d i e u k i e n c u t h e . N h t i v a y , t a i s a n t a i c h i n h - t r a i
q u y e n - cd t h e l a m dd'i t t i d n g giao dich. D a y l a m o t h i e n t t i d n g
q u a n t r o n g v a p h d bie'n t r o n g n e n k i n h t e t h i t r t i d n g .
- Dong tien doc lap
D a y l a ddng t i e n p h a t s i n h t t i cac n g h i e p v u t a i c h i n h
t h u a n tuy: K i n h doanh tien, k i n h doanh chiing khoan.
N h U v a y , sti r a ddi, v a n h a n h v a p h a t t r i e n cua doanh
n g h i e p l a m p h a t s i n h m o t he t h d n g cac ddng h a n g hoa;, dich
v u v a cac ddng t i e n , c h i i n g t h t i d n g x u y e n l a m t h a y d d i k h d i
h i d n g , cd ca'u t a i san t h i i c v a t a i s a n t a i c h i n h ( t r a i q u y e n va
nd) ciia d o a n h n g h i e p .
1.4. Cac noi dung cd ban ve quan ly tai chinh doanh

nghiep
Cac q u a n he t a i c h i n h d o a n h n g h i e p dUdc t h e h i e n t r o n g
ca qua t r i n h san xua't - k i n h d o a n h ciia d o a n h n g h i e p .

De t i e n h a n h san x u a t - k i n h doanh, n h a doanh n g h i e p
p h a i x i i ly cac q u a n he t a i c h i n h t h d n g qua phUdng t h i i c g i a i
q u y e t ba v a n de q u a n t r o n g sau day:
Thii nhat: N e n d a u t U d a i h a n vao d a u v a bao n h i e u cho
phu hdp v d i l o a i h i n h s a n x u a t k i n h d o a n h lUa chon. D a y
c h i n h l a c h i e n hide d a u t u d a i h a n cua d o a n h n g h i e p v a l a cd
sd de du* t o a n v d h d a u t u .
Thvt hai: N g u o n v d n d a u t u m a n h a d o a n h n g h i e p cd t h e
k h a i t h a c l a n g u o n nao?
Thii ba: N h a d o a n h n g h i e p se q u a n l y h o a t dong t a i
c h i n h h a n g n g a y n h t i t h e nao? C h i n g han, viec t h u t i e n t t i
k h a c h h a n g v a t r a t i e n cho n h a cung cap? D a y l a cac q u y e t
d i n h t a i c h i n h n g a n h a n v a c h i i n g l i e n q u a n c h a t che t d i
q u a n l y t a i san l t i u d o n g cua d o a n h n g h i e p .
Ba v a n de t r e n k h d n g p h a i l a t a t ca m o i v a n de ve t a i
c h i n h d o a n h n g h i e p , n h t i n g do la ba v d n de l d n n h a t v a q u a n
t r o n g n h a t . N g h i e n c t i u t a i c h i n h d o a n h n g h i e p t h t i c chat l a
n g h i e n c t i u each t h t i c g i a i q u y e t b a v a n de do.
D d i v d i m d t d o a n h n g h i e p , c h u sd h t i u (cd ddng) t h i i d n g
k h d n g t r t i c t i e p d t i a r a cac q u y e t d i n h k i n h doanh, m a d o a n h
n g h i e p t h U d n g t h u e cac n h a q u a n l y d a i d i e n cho l d i i c h cua
chu sd h i i u v a t h a y m a t ho dUa r a cac q u y e t d j n h . T r o n g
t r t i d n g hdp n a y , n h a q u a n l y t a i c h i n h cd t r a c h n h i e m dua r a
l d i g i a i cho b a v a n de n e u t r e n . C h a n g h a n , de s a n x u a t , t i e u
thu m o t h a n g hda nao dd, d o a n h n g h i e p t h u e n h a q u a n l y
m u a s a m cac y e i i t o ' v a t c h a t c a n t h i e t n h t i m a y moc, t h i e t b i ,
d t i t r t i , d a t d a i v a lao dong. D i e u dd cd n g h i a l a d o a n h n g h i e p
da d a u t t i vao cac t a i san. T a i san ciia m o t doanh n g h i e p
dtidc p h a n a n h b e n t r a i cua B a n g can dd'i k e t o a n v a dtidc c a u
t h a n h t t i t a i san l t i u d o n g v a t a i san c d d i n h . T a i san cd' d i n h

la n h i i n g t a i san co t h d i g i a n sut d u n g d a i v a t h i i d n g bao gom
t a i san h t i u h i n h v a t a i san v d h i n h . T a i s a n l i i u d d n g t h i i d n g
cd t h d i g i a n su" d u n g n g a n , t h a n h p h a n c h u y e u cua n d la dii
t r t i , cac k h o a n p h a i t h u ( t i n d u n g k h a c h h a n g ) v a t i e n .
De d a u t i i vao cac t a i san, d o a n h n g h i e p p h a i cd von, co
n g h i a l a p h a i cd t i e n de d a u t u . M o t d o a n h n g h i e p co the huy
ddng v d h b a n g , each p h a t h a n h cd p h i e u hoac v a y nd d a i han,
n g a n h a n . N d n g a n h a n cd t h d i h a n d u d i m o t n a m . N d dai
h a n l a k h o a n n d cd t h d i h a n t r e n m o t n a m . V d n c h u sd h u u
( v d n t i i co) l a k h o a n c h e n h lech gitia gia t r i cua t o a n bo t a i
s a n v a n d cua d o a n h n g h i e p . Cac n g u o n v o h cua m d t doanh
n g h i e p dtidc p h a n a n h b e n p h a i cua B a n g c a n d d i k e toan.
N h U v a y , m o t d o a n h n g h i e p n e n d a u t t i d a i h a n vao
n h t i n g t a i s a n nao? C a u h d i n a y l i e n q u a n den b e n t r a i bang
C a n d d i k e t o a n . G i a i dap cho v a n de n a y l a d t i t o a n v d h dau
t t i - dd l a q u a t r i n h k e h o a c h hda v a q u a n l y d d u t t i d a i h a n
ciia d o a n h n g h i e p . T r o n g q u a t r i n h n a y , n h a q u a n l y t a i
c h i n h p h a i t i m k i e m cd h d i d a u t U sao cho t h u n h a p do dau
t U dem l a i l d n h d n c h i p h i d d u t u . D i e u do cd n g h i a l a , gia t r i
h i e n t a i cac ddng t i e n do cac t a i s a n t a o r a p h a i l d n h d n gia
t r i h i e n t a i cac k h o a n c h i p h i h i n h t h a n h cac t a i san do. T a t
n h i e n , viec h i a c h o n l o a i t a i s a n v a cd cau t a i s a n h o a n toan
t u y t h u d c vao dac d i e m ciia t t i n g l o a i h i n h k i n h d o a n h .
N h a q u a n l y t a i c h i n h k h d n g p h a i c h i q u a n t a m t d i viec
se n h a n dUdc bao n h i e u t i e n m a cdn p h a i q u a n t a m t d i viec
k h i nao n h a n dUdc v a n h a n dtidc n h t i t h e nao. D a n h g i a quy
md, t h d i h a n v a r u i ro cua cac ddng t i e n t r o n g t U d n g l a i la
v a n de cdt l d i ciia qua t r i n h d i i t o a n v d h d a u t u . N d i d u n g cu
t h e se dtidc de cap t r o n g m o t chUdng cua c u o n sach n a y .
D o a n h n g h i e p co t h e cd dUdc v d n b a n g each nao de d a u
H I

t u d a i han? V a n de n a y l i e n q u a n den b e n p h a i b a n g C a n ddi
k e t o a n , l i e n q u a n d e n cd cau v d n cua doanh nghiep. Cd cau
v d n ciia d o a n h n g h i e p t h e h i e n t y t r o n g ciia nd v a v d n ciia
c h i i ( V o n t u cd) do c h u n d va cd ddng c u n g i i n g . N h a q u a n l y
tai c h i n h p h a i c a n nhac, t i n h t o a n de q u y e t d j n h doanh
n g h i e p n e n v a y bao nhieu? M o t cd cau g i i i a nd v a v d n ciia
c h u n h i i t h e nao l a td't n h a t ? N g u o n v d n nao l a t h i c h hdp doi
v d i d o a n h nghiep?
V a n de t h t i ' b a l i e n q u a n t d i q u a n l y t a i san l t i u ddng, tiic
la q u a n l y cac t a i s a n n g a n h a n cua d o a n h nghiep. H o a t ddng
t a i c h i n h n g a n h a n g a n h e n v d i cac dong t i e n n h a p q u y v a
ddng t i e n x u a t q u y . N h a q u a n l y t a i c h i n h c a n p h a i x i i l y sti
lech p h a cua cac ddng t i e n . Q u a n l y n g a n h a n cac dong t i e n
k h d n g t h e t a c h r d i v d i v d n h i u dong r o n g ciia doanh n g h i e p .
Vd'n h f u dong r o n g dtidc xac d j n h l a k h o a n c h e n h lech gitia
t a i s a n h i u dong v a n d n g a n h a n . M o t so' v a n de ve q u a n l y
t a i s a n l i i u dong se dtidc l a m r d n h i i : D o a n h n g h i e p n e n n a m
g i i i bao n h i e u t i e n v a d i i t r t i ? D o a n h n g h i e p co n e n b a n c h i u
k h d n g ? Ne'u b a n c h i u t h i n e n b a n v d i t h d i h a n nao? D o a n h
n g h i e p se t a i t r d n g a n h a n b a n g each nao? M u a c h j u h a y v a y
n g d n h a n v a t r a t i e n ngay? N e u v a y n g a n h a n t h i doanh
n g h i e p n e n v a y d d a u v a v a y n h t i t h e nao?
Ba v a n de ve q u a n l y t a i c h i n h d o a n h nghiep: D t i t o a n
v d h d a u t t i d a i h a n , cd cau v d h v a q u a n l y t a i san l t i u dong l a
n h i i n g v a n de bao t r u m n h a t . M o i v a n de t r e n l a i bao gom
n h i e u n d i d u n g , n h i e u k h i a canh. T r o n g cac chtidng sau nay,
n h i i n g n d i d u n g cd b a n cua t t i n g v a n de se dtidc de cap m o t
each cu t h e .
1.5. M u c t i e u q u a n l y t a i c h i n h d o a n h n g h i e p
M d t d o a n h n g h i e p t o n t a i va p h a t t r i e n v i n h i e u muc t i e u
I !

khac n h a u n h U : T d i da hoa l d i n h u a n , t d i da hoa d o a n h t h u
t r o n g r a n g budc t d i da hoa l d i n h u a n , t d i da hoa h o a t dong
h t i u ich cua cac n h a l a n h dao d o a n h n g h i e p v.v..., song t a t ca
cac muc t i e u cu t h e do deu n h a m m u c t i e u bao t r u m n h a t la
t d i da hoa gia t r i t a i san cho cac c h i i sd h t i u . B d i le, mot
d o a n h n g h i e p p h a i thudc ve cac c h u sd h i i u n h a t d i n h ; c h i n h
ho p h a i n h a n t h a y gia t r i d a u tu" cua ho t a n g l e n ; k h i doanh
n g h i e p d a t r a m u c t i e u l a t a n g g i a t r i t a i s a n cho c h u sd hu*u,
d o a n h n g h i e p da t i n h t d i sti b i e n d o n g cua t h i trUdng, cac r u i
r o t r o n g h o a t d o n g k i n h d o a n h . Q u a n l y t a i c h i n h doanh
n g h i e p c h i n h l a n h a m t h t i c h i e n dtidc m u c t i e u do.
Cac q u y e t d j n h t a i c h i n h t r o n g d o a n h n g h i e p : Quyet
d i n h d a u t t i , q u y e t d j n h h u y d o n g v d h , q u y e t d j n h ve p h a n
p h d i , n g a n q u y cd m d i l i e n he c h a t che v d i n h a u . T r o n g q u a n
l y t a i c h i n h , n h a q u a n l y p h a i c a n n h a c cac y e u to' b e n t r o n g
v a cac y e u t d ' b e n n g o a i de dtia r a cac q u y e t d i n h l a m t a n g
gia t r i t a i s a n cua c h i i sd h t i u , p h u hdp v d i l d i i c h cua c h u sb
htiu.
1.6. Vai trd quan ly tai chinh doanh nghiep
Q u a n l y t a i c h i n h l u d n l u d n g i t i m o t v j t r i t r o n g yeii
t r o n g h o a t dong q u a n l y cua d o a n h n g h i e p , n d q u y e t d j n h
t i n h doc l a p , sU t h a n h b a i cua d o a n h n g h i e p t r o n g q u a t r i n h
k i n h doanh. Dac b i e t t r o n g x u t h e h d i n h a p k h u vUc v a qud'c
te, t r o n g d i e u k i e n c a n h t r a n h d a n g d i l n r a khd'c l i e t t r e n
p h a m v i t o a n t h e gidi, q u a n l y t a i c h i n h t r d n e n q u a n t r o n g
h d n bao gid het. B a t k y a i l i e n k e t , hdp tac v d i d o a n h n g h i e p
c u n g se dtidc h u d n g l d i ne'u n h t i q u a n l y t a i c h i n h cua d o a n h
n g h i e p cd h i e u qua, ngtidc l a i , ho se b i t h u a t h i e t k h i q u a n l y
t a i c h i n h k e m h i e u qua.

Q u a n l y t a i c h i n h l a sU tac dong ciia n h a q u a n l y t d i cac
h o a t ddng t a i c h i n h ciia d o a n h nghiep. N d dUdc thUc h i e n
t h d n g qua m o t cd che. D d l a cd che q u a n l y t a i c h i n h d o a n h
n g h i e p . Cd che q u a n l y t a i c h i n h d o a n h n g h i e p dtidc h i e u l a
m o t t d n g t h e cac phUdng phap, cac h i n h t h t i c va cong cu dtidc
v a n d u n g de q u a n l y cac h o a t dong t a i c h i n h ciia doanh
n g h i e p t r o n g n h t i n g d i e u k i e n cu t h e n h a m dat dtidc n h t i n g
muc t i e u n h a t dinh.
N o i d u n g c h u y e u ciia cd che q u a n l y t a i c h i n h d o a n h
n g h i e p bao gom: Cd che q u a n l y t a i san; cd che h u y ddng v d h ;
cd che q u a n l y d o a n h t h u , c h i p h i v a l d i n h u a n ; cd che k i e m
soat t a i c h i n h cua d o a n h n g h i e p .
T r o n g cac q u y e t d j n h ciia doanh nghiep, v a n de can dtidc
q u a n t a m g i a i q u y e t k h d n g c h i l a l d i i c h ciia cd dong v a n h a
q u a n l y m a con ca l d i i c h cua ngUdi l a m cdng, k h a c h h a n g ,
n h a c u n g cap v a C h i n h p h i i . Do la n h d m n g t i d i cd n h u c a u
t i e m n a n g ve cac ddng t i e n cua doanh n g h i e p . G i a i quyet v a n
de n a y l i e n q u a n t d i cac q u y e t d j n h ddi v d i bo p h a n t r o n g
d o a n h n g h i e p v a cac q u y e t d j n h gitia d o a n h nghiep v d i cac
d d i tac n g o a i d o a n h n g h i e p . Do vay, n h a q u a n l y t a i c h i n h ,
mac d t i cd t r a c h n h i e m n a n g ne ve h o a t ddng n o i bo ciia
d o a n h n g h i e p v a n p h a i l t i u y den sU n h i n n h a n , d a n h gia ciia
n g U d i n g o a i d o a n h n g h i e p n h t i cd dong, c h i i nd, k h a c h h a n g ,
N h a ntidc v.v...
Do q u a n l y t a i c h i n h cd t h e dUdc n h i n n h a n t r e n giac do
ciia n h a q u a n l y b e n n g o a i ddi v d i d o a n h n g h i e p v a t r e n giac
do c i i a n h a q u a n l y t r o n g d o a n h n g h i e p n e n co h a i each t i e p
c a n ve cd che q u a n l y t a i c h i n h doanh n g h i e p : Cd c h d q u a n l y
t a i c h i n h n g o a i d o a n h n g h i e p va cd che q u a n l y t a i c h i n h
t r o n g doanh nghiep.

Giao t r i n h T a i c h i n h d o a n h n g h i e p , x u a t p h a t t t i cd sd
do, dildc v i e t theo q u a n d i e m ciia n g U d i t r o n g d o a n h nghiep
va ngUdi n g o a i d o a n h n g h i e p . L e dUdng n h i e n , v i n h a q u a n ly
t a i c h i n h c h i u t r a c h n h i e m t r i i c t i e p ve m o i h o a t dong t a i
c h i n h ciia d o a n h n g h i e p n e n q u a n d i e m ciia n g i l d i trong
d o a n h n g h i e p c a n dildc n h a n m a n h h d n .
Q u a n l y t a i c h i n h l a m d t h o a t dong cd m d i l i e n he chat
che v 6 i m o i h o a t dong k h a c cua d o a n h n g h i e p . Q u a n l y t a i
c h i n h t d t cd t h e k h a c p h u c dtidc n h t i n g k h i e m k h u y e t trong
cac h n h vtic k h a c . M o t q u y e t d j n h t a i c h i n h k h o n g dtidc can
nhac, h o a c h d i n h k y l t i d n g co t h e gay n e n t o n t h a t khon
l i i d n g cho d o a n h n g h i e p v a cho n e n k i n h te. H d n ntia, do
d o a n h n g h i e p h o a t dong t r o n g m o t m d i t r t i d n g n h a t d i n h nen
cac d o a n h n g h i e p h o a t dong co h i e u qua se gop p h a n thuc
day n e n k i n h t e p h a t t r i e n . B d i v a y , q u a n l y t a i c h i n h doanh
n g h i e p t d t cd v a i t r d q u a n t r o n g d d i v d i viec n a n g cao hieu
q u a q u a n l y t a i c h i n h qud'c g i a .
1.7. N g u y § n t a c q u a n l y t a i c h i n h d o a n h n g h i e p
H o a t dong t a i c h i n h ciia d o a n h n g h i e p d u n h d h a y ldn
c a n b a n la g i d n g n h a u n e n n g u y e n tdc q u a n l y t a i c h i n h deu
cd t h e ap d u n g c h u n g cho cac l o a i h i n h d o a n h n g h i e p . T u y
n h i e n , gitia cac d o a n h n g h i e p k h a c n h a u c u n g cd sU k h a c biet
n h a t d j n h n e n k h i ap d u n g n g u y e n tdc q u a n l y t a i c h i n h p h a i
g a n v d i n h t i n g d i e u k i e n cu t h e .
* Nguyen tdc danh doi rui ro vd lai nhuan

Q u a n l y t a i c h i n h p h a i dUdc d i l a t r e n q u a n he g i t i a r u i ro
va l d i n h u a n . N h a d a u t U co t h e l t i a c h o n n h t i n g d d u t t i k h a c
n h a u t u y thuoc vao mtic dd r u i ro m a ho chap n h a n v a l d i
n h u a n k y v o n g m a ho m o n g m u d n . K h i ho bo t i e n vao n h t i n g

d i l a n co m i i c do n i l ro cao, ho h y vong d i l a n dem l a i l d i
n h u a n k y v o n g cao.
* Nguyen tac gid tri thdi gian cua tien
D e do h i d n g gia t r i t a i san ciia c h u sd h i i u , cdn s i i d u n g

k h a i n i e m gia t r i t h d i g i a n ciia t i e n , tiic la p h a i dila l d i i c h v a
c h i p h i c i i a d i i a n ve m o t t h d i d i e m , t h i i d n g l a t h d i d i e m h i e n
t a i . T h e o q u a n d i e m cua n h a d a u tii, dxi a n dtidc chap n h a n
k h i l d i i c h l d n h d n c h i p h i . T r o n g t r U d n g hdp nay, c h i p h i cd
h d i c i i a v d h dUdc de cap n h i i l a t y le chiet kha'u.
* Nguyen tdc chi trd
T r o n g h o a t dong k i n h doanh, doanh nghiep can bao d a m

mtic n g a n q u y t d i t h i e u de t h i i c h i e n c h i t r a . Do vay, dieu
d a n g q u a n t a m d cac d o a n h n g h i e p la cac ddng t i e n c h t i
k h d n g p h a i l d i n h u a n ke t o a n . D d n g t i e n r a va ddng t i e n vao
dUdc t a i d a u tu" p h a n a n h t i n h chat t h d i g i a n cua l d i n h u a n
v a c h i p h i . K h d n g n h t i n g the, k h i dUa r a cac quyet d i n h k i n h
doanh, n h a d o a n h n g h i e p c a n t i n h den ddng t i e n t a n g t h e m ,
dac b i e t c a n t i n h den cac ddng t i e n sau t h u e .
* Nguyen tdc sinh ldi
N g u y e n tac q u a n t r o n g dd'i v d i n h a q u a n l y t a i c h i n h
k h d n g c h i l a d a n h gia cac ddng t i e n m a d t i a n dem l a i m a cdn
l a tao r a cac ddng t i e n , ttic la t i m k i e m cac d t i a n s i n h l d i .
T r o n g t h i t r U d n g c a n h t r a n h , n h a d a u t t i k h o co the k i e m
dtidc n h i e u l d i n h u a n t r o n g m d t t h d i g i a n dai, k h d cd the t i m
k i e m dUdc n h i e u d u a n td't. Mud'n vay, can p h a i biet cac d i i
a n s i n h l d i t o n t a i n h U t h e nao v a d d a u t r o n g mdi t r t i d n g
c a n h t r a n h . T i e p den, k h i d a u t u , n h a d a u t u p h a i biet l a m
g i a m t i n h c a n h t r a n h c i i a t h i t r U d n g t h d n g qua viec tao r a
23

n h i i n g san p h a m k h a c b i e t v d i san p h a m c a n h t r a n h v a bang
each d a m bao miic c h i p h i t h a p h d n miic c h i p h i c a n h t r a n h .
* Nguyen tac thi triidng co hieu qua

T r o n g k i n h doanh, n h i i n g q u y e t d i n h n h a m t d i da hoa
gia t r i t a i san cua cac c h u sd h i i u l a m t h i gia cd p h i e u tang.
N h U v a y , k h i dUa r a cac q u y e t d j n h t a i c h i n h hoac d i n h gia
c h i i n g k h o a n , c a n h i e u r d k h a i n i e m t h i t r U d n g cd h i e u qua.
T h i t r U d n g cd h i e u q u a l a t h i t r U d n g m a d do gia t r i cua cac
t a i s a n t a i b a t k y m o t t h d i d i e m nao deu p h a n a n h day dii cac
t h d n g t i n m o t each cdng k h a i . T r o n g t h i trUdng cd h i e u qua,
gia ca dtidc xac d i n h c h i n h xac. T h i gia cd p h i e u p h a n anh tat
ca n h t i n g t h d n g t i n s a n cd v a cdng k h a i ve gia t r i cua mot
d o a n h n g h i e p . D i e u do cd n g h l a l a muc t i e u t d i da hoa gia t r i
t a i s a n ciia cac cd ddng cd t h e d a t dtidc t r o n g n h t i n g dieu kien
n h a t d j n h b a n g each n g h i e n c t i u tac ddng cua cac quyet dinh
t d i t h i gia cd p h i e u .
* Gan ket lai ich cua ngudi qudn ly vdi lai ich cua
co dong
N h a q u a n l y t a i c h i n h c h i u t r a c h n h i e m p h a n tich, ke
hoach hda t a i c h i n h , q u a n l y n g a n quy, c h i t i e u cho d a u t t i va
k i e m soat. Do do, n h a q u a n l y t a i c h i n h t h U d n g g i i i d j a v i cao
t r o n g cd cau t d chtic ciia d o a n h n g h i e p v a t h a m q u y e n t a i
c h i n h i t k h i dUdc p h a n q u y e n hoac u y q u y e n cho cap dudi.
N h a q u a n l y t a i c h i n h c h i u t r a c h n h i e m d i e u h a n h hoat
ddng t d i c h i n h va t h u d n g d u a r a cac q u y e t d i n h t a i c h i n h
t r e n cd sd cac nghiep v u t a i c h i n h t h U d n g n g a y do cac n h a n
v i e n cap t h a p h d n p h u t r a c h . Cac quyet d j n h v a hoat ddng
cua n h a q u a n l y t a i c h i n h deu n h a m vao cac muc t i e u ciia
d o a n h nghiep: D d la sU t o n t a i v a p h a t t r i e n cua doanh

n g h i e p , t r a n h dUdc s i i c a n g t h a n g ve t a i c h i n h va p h a san, co
k h a n a n g c a n h t r a n h v a c h i e m dildc t h i p h a n td'i da t r e n
t h i i d n g t r U d n g , td'i t h i e u hda c h i p h i , v a t a n g t h u n h a p cua
c h i i sd h i i u m d t each v i i n g chac. N h a q u a n l y t a i c h i n h d i l a r a
cac q u y e t d i n h v i l d i i c h ciia cac cd ddng ciia doanh nghiep. V i
v a y , de l a m r d muc t i e u q u a n l y t a i c h i n h , can p h a i t r a l d i
m d t c a u h d i cd b a n h d n : Theo q u a n d i e m cua cd ddng, mot
q u y e t d j n h q u a n l y t a i c h i n h td't l a gi?
Ne'u gia s i i cac cd ddng m u a cd p h i e u v i ho t i m k i e m l d i
i c h t a i c h i n h t h i k h i do, cau t r a l d i h i e n n h i e n l a : Q u y e t d j n h
t d t l a q u y e t d j n h l a m t a n g gia t r i t h i t r i i d n g ciia cd p h i e u , cdn
q u y e t d j n h y e i i k e m l a q u y e t d j n h l a m g i a m gia t r i t h i t r i i d n g
c i i a cd p h i e u . N h U v a y , n h a q u a n l y t a i c h i n h h a n h dong v i
l d i i c h td't nha't ciia cd d d n g b a n g cac q u y e t d i n h l a m t a n g gia
t r i t h i t r U d n g cd p h i e u . M u c t i e u cua q u a n l y t a i c h i n h l a td'i
da h d a gia t r i h i e n h a n h t r e n m o t cd p h i e u , l a t a n g gia t r i
c u a d o a n h n g h i e p . D o do, p h a i xac d j n h dUdc ke hoach d a u t u
v a t a i t r d sao cho gia t r j cd p h i e u cd t h e dUdc t a n g l e n . T r e n
t h i i c te, h a n h ddng cua n h a q u a n l y v i l d i i c h td't n h a t cua cd
d d n g p h u thudc vao h a i y e u td'. Thti nhat, muc t i e u q u a n l y co
sat v d i muc t i e u ciia cd ddng khdng? D i e u n a y l i e n q u a n t d i
each k h e n t h U d n g , t r d cap q u a n l y . Thti hai, n h a q u a n l y cd
t h e b i t h a y t h e ne'u ho k h d n g theo d u d i muc t i e u cua cd ddng?
V a n de n a y l i e n q u a n t d i hoat dong k i e m soat ciia doanh
n g h i e p . N h U v a y , d u t h e nao, n h a q u a n ly cung k h d n g the
h a n h ddng khac dtidc, ho cd day du l y do de dem l a i l d i i c h
cho cac cd ddng.
* Tdc ddng cua thue

TrUdc k h i dtia r a b a t k y mot q u y e t d i n h t a i c h i n h nao,
n h a q u a n l y t a i c h i n h l u d n t i n h t d i tac ddng ciia thue, dac
25

b i e t l a t h u e t h u n h a p d o a n h n g h i e p . K h i x e m x e t m d t quyet
d j n h d a u t U , d o a n h n g h i e p p h a i t i n h t d i l d i i c h t h u dUdc t r e n
cd sd ddng t i e n sau t h u e do dU a n tao r a . H d n n i i a , tac ddng
cua t h u e c a n dtidc p h a n t i c h k y l t i d n g k h i t h i e t l a p cd cau vdn
cua doanh n g h i e p . B d i le, k h o a n n d cd m d t l d i t h e n h a t d i n h
ve c h i p h i so v d i v d h c h u sd h t i u . Dd'i v d i d o a n h nghiep, chi
p h i t r a l a i l a c h i p h i g i a m t h u e . V i t h u e l a m d t cdng cu quan
l y v i md cua C h i n h p h u n e n t h d n g q u a t h u e , C h i n h p h u co
t h e k h u y e n k h i c h hoac h a n che t i e u d u n g v a d a u t t i . Cac
d o a n h n g h i e p c a n c a n nhac, t i n h t o a n de d i e u c h i n h cac
q u y e t d j n h t a i c h i n h cho p h u hdp, d a m bao dtidc l d i ich cua
cac cd ddng.
N g o a i ra, t r o n g q u a n l y t a i c h i n h n d i c h u n g v a q u a n ly
t a i c h i n h d o a n h n g h i e p n d i r i e n g , n g u y e n tac h a n h v i dao dtic
va t r a c h n h i e m dd'i v d i x a h d i cd v i t r i td'i q u a n t r o n g . H a n h v i
dao dtic cd n g h i a l a viec l a m d u n g d a n . M a c d u k h d cd the
d i n h n g h i a dUdc "viec l a m d u n g dan", n h U n g m d i ngUdi co
mdt thudc do gia t r i de l a m n e n t a n g cho h a n h v i cua m i n h ,
dieu g i d u n g de l a m . T r o n g m d t c h t i n g mUc nao do, cd t h e coi
l u a t le, quy tac p h a n a n h t i e u c h u a n x t i s i i t r o n g x a h d i ma
n h a q u a n l y t a i c h i n h p h a i t u a n theo. N h t i n g h a n h v i vd dao
dtic se l a m m a t n i e m t i n , m a t h i e u n i e m t i n t h i d o a n h nghiep
k h d n g the thUc h i e n dUdc hoat ddng k i n h doanh. B e n canh
dd, n h a q u a n l y t a i c h i n h d o a n h n g h i e p c u n g c a n cd t r a c h
n h i e m dd'i v d i xa h d i n g o a i viec td'i da gia t r i t a i s a n cho cac
cd ddng.
1.8. Bo may quan ly tai chinh
Q u a n l y t a i c h i n h la hoat ddng cd t a m q u a n t r o n g sd mdt

t r o n g hoat ddng cua d o a n h n g h i e p . Q u a n l y t a i c h i n h t h i i d n g

t h u o c ve n h a l a n h dao cap cao cua d o a n h nghiep nhu" pho
t d n g g i a m ddc t h i i n h a t hoac g i a m ddc t a i c h i n h . D d i k h i
c h i n h t d n g g i a m ddc l a m n h i e m v u cua n h a q u a n l y t a i c h i n h .
T r o n g cac d o a n h n g h i e p l d n , cac q u y e t d j n h q u a n t r o n g ve t a i
c h i n h t h u d n g do m d t u y b a n t a i c h i n h dUa r a . T r o n g cac
d o a n h n g h i e p n h d , c h i n h c h u n h a n - t d n g g i a m ddc d a m n h a n
q u a n l y h o a t ddng t a i c h i n h ciia d o a n h nghiep.
B e n c a n h dd l a ca m d t bd m a y - Phong, b a n t a i c h i n h v d i
k e t o a n t r u d n g , k e t o a n v i e n , t h u quy - phuc v u n h a m cung
cap t h d n g t i n phuc v u cho qua t r i n h r a q u y e t d j n h m o t each
c h i n h xac v a k i p t h d i , g i i i p g i a m dd'c t a i c h i n h dieu h a n h
c h u n g h o a t ddng t a i c h i n h ciia doanh nghiep.
Phong, ban tai chinh cd nhiem vu:
T r e n cd sd l u a t v a che dd q u a n l y t a i c h i n h ciia N h a nUdc,

x a y dUng che do q u a n l y t a i c h i n h t h i c h hdp v d i doanh
nghiep, cu the:
L a p k e h o a c h t a i c h i n h ddng t h d i v a t h d n g n h a t v d i k e t
qua. s a n x u a t - k i n h d o a n h cua d o a n h n g h i e p .
L U a c h o n cac p h U d n g t h i i c h u y ddng v d h va dau t u cd
h i e u qua nhat.
T d chiic t h a n h t o a n k i p t h d i , day d i i , d i i n g h a n va d i i n g
che do cac k h o a n n d v a ddn ddc t h u nd.
T o chiic p h a n t i c h t a i c h i n h doanh nghiep v a k i e m t r a t a i
chinh.
T h a m gia x a y dUng gia b a n va t h i e t lap cac hdp ddng
k i n h te vdi khach hang.
T r o n g giao t r i n h n a y , cac tac gia de cdp t d i cac v a n de cd
b a n n h a t , c h u n g n h a t ve q u a n l y t a i c h i n h ciia mot doanh
t§f'

n g h i e p t r o n g n e n k i n h te t h i t r U d n g v a c h u t r o n g n h i e u hdn
t d i h i n h t h a i t d chiic k i n h d o a n h k h a q u a n t r o n g v a pho bien
h i e n n a y - do l a cdng t y cd p h a n . H o a t dong q u a n l y t a i chinh
d o a n h n g h i e p c a n dUdc t u a n theo n h t i n g n g u y e n tac nhat
d j n h va t h u d n g h u d n g vao n h i i n g k h i a c a n h c h i i yeu nhif:
Tam vdc, q u y m d p h a t t r i e n d o a n h n g h i e p , cac h i n h thiic
n a m g i i i t a i s a n cua d o a n h n g h i e p , t h a n h p h a n va ket cau
n g u o n t a i t r d ciia d o a n h n g h i e p v.v...
D a y c h i n h l a cac n d i d u n g se dtidc de clip t r o n g tting
c h t i d n g c u t h e cua giao t r i n h .
C a u hoi on tap
1. Vi tri ciia doanh nghiep trong he thdng tai chinh?

2. Cd sd n e n t a n g ciia h o a t dong t a i c h i n h doanh nghiep?
3. M u c t i e u n g h i e n ctiu t a i c h i n h d o a n h nghiep?
4. K h a i n i d m t a i c h i n h doanh n g h i e p v a cac q u a n he tai
c h i n h d o a n h nghiep?
5. N d i d u n g cd b a n ve q u a n l y t a i c h i n h d o a n h nghiep?
6. N h a n x e t ve cd che q u a n l y t a i c h i n h dd'i v d i cac doanh
nghiep Viet N a m h i e n nay.
7. N g u y e n tac q u a n l y t a i c h i n h d o a n h nghiep? L i e n he
t h i i c t i l n Viet N a m .

Chuong 2
P H A N TICH TAI C H I N H D O A N H NGHIEP
P h a n t i c h t a i c h i n h chide cac n h a q u a n l y b a t d a u c h u y
t i i cud'i t h e k y X I X . T i i d a u t h e k y X X den nay, p h a n t i c h t a i
c h i n h t h i i c sti dtidc p h a t t r i e n v a dtidc c h u t r o n g h d n bao gid
h e t b d i n h u c a u q u a n l y d o a n h n g h i e p co h i e u qua n g a y cang
t a n g , s t i p h a t t r i e n m a n h m e cua he t h d n g t a i c h i n h , sti p h a t
t r i e n c u a cac t a p d o a n k i n h d o a n h v a k h a n a n g sti d u n g r o n g
r a i c d n g n g h e t h d n g t i n . N g h i e n ctiu p h a n t i c h t a i c h i n h l a
k h a u q u a n t r o n g t r o n g q u a n l y d o a n h nghiep. Valy, p h a n t i c h
t a i c h i n h l a gi? C h u t h e nao c a n p h a n t i c h t a i chinh? N d i
d u n g p h a n t i c h v a sti d u n g p h t i d n g p h a p p h a n t i c h n h t i t h e
nao? D d l a n h t i n g n d i d u n g cd b a n dUdc de cap t r o n g chtidng
nay.
2.1. M u c tieu p h a n t i c h t a i c h i n h
P h a n t i c h t a i c h i n h l a sti d u n g m o t t a p hdp cac k h a i

n i e m , p h t i d n g p h a p v a cac cdng c u cho phep x t i l y cac t h d n g
t i n k e t o a n v a cac t h d n g t i n k h a c ve q u a n l y n h a m d a n h gia
t i n h h i n h t a i c h i n h cua m o t d o a n h nghiep, d a n h gia r u i ro,
m t i c do v a c h a t l i i d n g h i e u q u a h o a t dong cua d o a n h nghiep
do. Q u y t r i n h t h t i c h i e n p h a n t i c h t a i c h i n h n g a y cang dtidc
ap d u n g r d n g r a i t r o n g m o i d d n v i k i n h t e dtidc t t i c h u n h a t
d j n h ve t a i c h i n h n h t i cac d o a n h n g h i e p thuoc m o i h i n h thtic,

dUdc ap d u n g t r o n g cac t d chtic x a h o i , t a p t h e v a cac cd q u a n
q u a n l y , t d chtic cong cong. Dac biet, sU p h a t t r i e n cua cac
doanh nghiep, cua cac n g a n h a n g v a cua t h i t r U d n g v d n da
tao n h i e u cd h d i de p h a n t i c h t a i c h i n h c h t i n g t d thUc sU l a co
ich v a vd cting can t h i e t .
N h t i n g n g t i d i p h a n t i c h t a i c h i n h d n h t i n g c t i d n g v i khac
n h a u n h a m cac muc t i e u khac n h a u .
2.1.1. Phan tich tdi chinh ddi vdi nhd qudn tri
Nha quan t r i phan tich t a i chinh n h a m d a n h gia hoat

ddng k i n h doanh cua d o a n h n g h i e p , xac d j n h d i e m m a n h ,
d i e m y e u cua doanh n g h i e p . D d l a cd sd de d i n h h u d n g cac
q u y e t d i n h cua B a n T d n g g i a m ddc, G i a m ddc t a i c h i n h , dU
bao t a i c h i n h : ke hoach d a u t U , n g a n q u y v a k i e m soat cac
h o a t ddng q u a n l y .
2.1.2. Phan tich tdi chinh doi vdi nhd ddu tit
N h a d a u t t i can b i e t t i n h h i n h t h u n h a p cua c h u sd h t i u -
l d i ttic cd p h a n v a gia t r i t a n g t h e m ciia v d n d a u t u . H o q u a n
t a m t d i p h a n t i c h t a i c h i n h de n h a n b i e t k h a n a n g s i n h l a i
cua doanh nghiep. D d l a m d t t r o n g n h t i n g c a n c t i g i u p ho r a
q u y e t d i n h bd v d n vao d o a n h n g h i e p h a y k h d n g ?
2.1.3. Phan tich tdi chinh ddi vdi ngudi cho vay
N g t i d i cho v a y p h a n t i c h t a i c h i n h de n h a n b i e t k h a n a n g
v a y v a t r a n d cua k h a c h h a n g . C h a n g h a n , de q u y e t d j n h cho
vay, m o t t r o n g n h t i n g v a n de m a ngUdi cho v a y c d n x e m x e t
la doanh n g h i e p t h t i c sti cd n h u cdu v a y h a y k h d n g ? K h a
n a n g t r a nd cua doanh n g h i e p n h U t h e nao?
Ngoai ra, phan tich t a i chinh cung r a t can t h i e t ddi v d i
30

ngUdi hUdng l i i d n g t r o n g doanh n g h i e p , ddi v d i can bd t h u e ,
t h a n h t r a , c a n h sat k i n h te, l u a t su"... D u ho cdng tac d cac
h n h viic k h a c n h a u , n h i i n g ho deu m u d n h i e u biet ve h o a t
ddng ciia d o a n h nghiep de t h i i c h i e n t d t h d n cdng viec ciia ho.
Giai doan do" doan Nghiep vu phan tich
Chuan bi va xu" ly cac nguon Ap dung cac cdng cu phan tich tai
thdng tin: chinh
+ Thdng tin ke toan noi bo + Xii ly thdng tin ke toan
+ Thong tin khac tu" ben ngoai + Tmh toan cac chi sd
+ Tap hdp cac bang bieu
Giai thich va danh gia cac chi so

Xac djnh bieu hien dac trung
va bang bieu, cac ke't qua
- Trieu chung hoac hdi chuTig - - Can bang tai chinh
nhung khd khan. - Nang liic hoat dong tai chfnh
- Diem manh va diem yeu - Cd ca'u vdn va chi phi vd'n
- Cd cau dau til va doanh Idi
i
Phan tich thuyet minh
Nguyen nhan khd khan Tdng hdp quan sat
Nguyen nhan thanh cdng
i
Tien luting Xac dinh:
va chi dan Hudng phat then
Giai phap tai chinh hoSc
giai phap khac

N h U v a y , m d i q u a n t a m h a n g d d u cua cac n h a p h a n tich
t a i c h i n h la d a n h gia k h a n a n g x a y r a r u i ro p h a s a n tac
ddng t d i cac doanh n g h i e p m a b i e u h i e n ciia n d l a k h a nang
t h a n h t o a n , k h a n a n g can ddi v d h , k h a n a n g h o a t d o n g cung
n h U k h a n a n g s i n h l a i ciia d o a n h n g h i e p . T r e n cd sd do, cac
n h a p h a n t i c h t a i c h i n h t i e p t u c n g h i e n c i i u v a dUa r a n h i i n g
d i i d o a n ve k e t qua h o a t dong n d i c h u n g v a m i i c d o a n h l d i noi
r i e n g cua d o a n h n g h i e p t r o n g t U d n g l a i . N d i each khac, phan
t i c h t a i c h i n h l a cd sd de d i i d o a n t a i c h i n h . P h a n t i c h t a i
c h i n h cd t h e dtidc ting d u n g theo n h i e u h t i d n g k h a c n h a u : V d i
muc dich tac n g h i e p ( c h u a n b i cac q u y e t d j n h n d i bd), v d i muc
dich n g h i e n ctiu, t h d n g t i n hoac theo v i t r i cua n h a p h a n tich
( t r o n g d o a n h n g h i e p hoac n g o a i d o a n h n g h i e p ) . T u y nhien,
t r i n h t t i p h a n t i c h v a d t i d o a n t a i c h i n h deu p h a i t u a n theo
cac n g h i e p v u p h a n t i c h t h i c h ting v d i t t i n g g i a i doan dti
doan.
2.2. Thu thap thdng tin svt dung trong phan tich tai
chinh
T r o n g p h a n t i c h t a i c h i n h , n h a p h a n t i c h p h a i t h u thap,
sti d u n g m o i n g u o n t h d n g t i n : T t i n h t i n g t h d n g t i n n o i bo
d o a n h n g h i e p den n h t i n g t h d n g t i n b e n n g o a i d o a n h nghiep,
t t i t h d n g t i n sd l t i d n g den t h d n g t i n gia t r i . N h t i n g t h d n g t i n
do deu g i i i p cho n h a p h a n t i c h cd t h e dtia r a dtidc n h t i n g
n h a n xet, k e t l u a n t i n h t e v a t h i c h dang.
T r o n g n h t i n g thdng t i n ben ngoai, can l u u y t h u thap
nhting thdng t i n chung (thdng t i n lien q u a n den t r a n g t h a i
n l n k i n h te, cd h d i k i n h doanh, c h i n h sach t h u e , l a i suat),
t h d n g t i n ve n g a n h k i n h d o a n h ( t h d n g t i n l i e n q u a n den v i t r i
32

cua n g a n h t r o n g n e n k i n h te, cd cau n g a n h , cac san p h a m
cua n g a n h , t i n h t r a n g cong nghe, t h i phan...) va cac t h o n g t i n
ve p h a p l y , k i n h te doi v d i d o a n h nghiep (cac t h o n g t i n m a
cac d o a n h n g h i e p p h a i bao cao cho cac cd q u a n q u a n l y nhU:
T i n h h i n h q u a n l y , k i e m t o a n , k e hoach su" d u n g k e t qua k i n h
d o a n h cua d o a n h nghiep...).
T u y n h i e n , de d a n h gia m o t each cd b a n t i n h h i n h t a i
c h i n h cua d o a n h n g h i e p , cd t h e s i i d u n g t h d n g t i n k e t o a n
t r o n g n d i bd d o a n h n g h i e p n h u l a m d t n g u o n t h d n g t i n q u a n
t r o n g bac n h a t . V d i n h i i n g dac t r U n g he t h d n g , ddng n h a t va
p h o n g p h u , k e t o a n h o a t ddng n h u m d t n h a cung cap q u a n
t r o n g n h i i n g t h d n g t i n d a n g gia cho p h a n t i c h t a i c h i n h . V a
l a i , cac d o a n h n g h i e p c u n g cd n g h i a v u cung cap n h i i n g t h d n g
t i n k e t o a n cho cac d d i tac b e n t r o n g v a b e n n g o a i doanh
n g h i e p . T h d n g t i n k e t o a n dUdc p h a n a n h k h a ddy d i i t r o n g
cac bao cao k e t o a n . P h a n t i c h t a i c h i n h dtidc thUc h i e n t r e n
cd sd cac bao cao t a i c h i n h - dUdc h i n h t h a n h t h d n g q u a viec
xti l y cac bao cao k e t o a n c h u y e u : D d l a B a n g c a n ddi k e
t o a n , Bao cao k e t q u a k i n h doanh, N g a n quy (Bao cao l U u
c h u y e n t i e n te).
2.2.1. Bang cdn ddi ke todn
B a n g c a n d d i k e t o a n l a m d t bao cao t a i c h i n h m d t a t i n h
t r a n g t a i c h i n h cua m d t d o a n h n g h i e p t a i m d t t h d i d i e m n h a t
d i n h n a o dd. D a y l a m d t bao cao t a i c h i n h cd y n g h i a r a t q u a n
t r o n g d d i v d i m o i d d i tUdng cd q u a n he sd h t i u , q u a n he k i n h
d o a n h v a q u a n he q u a n l y v d i doanh nghiep. T h d n g thUdng,
B a n g c a n ddi k e t o a n dUdc t r i n h b a y dtidi dang b a n g can ddi
sd' d t i cac t a i k h o a n k e t o a n : M d t b e n p h a n a n h t a i san v a

m o t b e n p h a n a n h n g u o n v o h cua d o a n h n g h i e p .
B e n t a i san cua B a n g can ddi k e t o a n p h a n a n h gia t r i
cua t o a n bo t a i s a n h i e n co den t h d i d i e m l a p bao cao thuoc
q u y e n q u a n l y v a su" d u n g cua doanh n g h i e p : D d l a t a i san co
d i n h , t a i san h i u ddng. B e n n g u o n v d h p h a n a n h so vdn de
h i n h t h a n h cac l o a i t a i san cua d o a n h n g h i e p d e n t h d i diem
l a p bao cao: D d l a v d h cua c h u (vdh t i i cd) v a cac k h o a n nd.
Cac k h o a n muc t r e n B a n g c a n ddi k e t o a n diidc sap xep
t h e o k h a n a n g c h u y e n hoa t h a n h t i e n g i a m d a n t i i tren
xudng.
Ben tdi sdn

T a i s a n h i u ddng ( t i e n v a c h i i n g k h o a n n g a n h a n d i ban,
cac k h o a n p h a i t h u , du" truf); t a i s a n t a i c h i n h ; t a i san cd dinh
h i i u h i n h va vd h i n h .
Ben nguon vdn

Nd ngan han (nd p h a i t r a n h a c u n g cap, cac k h o a n phai
nop, p h a i t r a khac, n d n g a n h a n n g a n h a n g t h i i d n g m a i va
cac t d chiic t i n d u n g k h a c ) ; nd ddi han (nd v a y d a i h a n ngan
h a n g t h i i d n g m a i v a cac t d chiic t i n d u n g khac, v a y b a n g each
p h a t h a n h t r a i p h i e u ) ; vdh chu sd hiiu ( t h i i d n g bao gdm: Vdh
gdp b a n dau, l d i n h u a n k h d n g chia, p h a t h a n h cd p h i e u mdi).
V e m a t k i n h te, b e n t a i s a n p h a n a n h q u y m d v a k e t cau
cac l o a i t a i san; b e n n g u d n v d h p h a n a n h cd c a u t a i t r d , cd
cau v d h c u n g n h i i k h a n a n g ddc l a p ve t a i c h i n h ciia doanh
nghiep.
B e n t a i san v a b e n n g u d n v d h ciia B a n g c a n d d i k e t o a n
deu cd cac cdt c h i t i e u : Sd' d d u k y , sd'cud'i k y . N g o a i cac k h o a n
muc t r o n g n d i b a n g cdn cd m d t so' k h o a n muc n g o a i B a n g can
1 1

doi k e t o a n n h U : M d t s d t a i san t h u e ngoai, v a t tu", h a n g hoa
n h a n giu" h d , n h a n gia cdng, h a n g hoa n h a n b a n ho, n g o a i te
cac l o a i v.v...
N h i n vao B a n g c a n ddi ke t o a n , n h a p h a n t i c h cd the
n h a n b i e t dUdc l o a i h i n h d o a n h nghiep, quy md, miic do t i i
c h u t a i c h i n h cua d o a n h n g h i e p . B a n g can ddi k e t o a n l a m d t
tu" l i e u q u a n t r o n g bac n h a t g i u p cho cac n h a p h a n t i c h d a n h
gia dUdc k h a n a n g c a n b a n g t a i c h i n h , k h a n a n g t h a n h t o a n
v a k h a n a n g c a n d d i v d n ciia d o a n h nghiep.
2.2.2. Bao cao ke't qua kinh doanh
M d t t h d n g t i n k h d n g k e m p h a n q u a n t r o n g dUdc su" d u n g
t r o n g p h a n t i c h t a i c h i n h l a t h d n g t i n p h a n a n h t r o n g bao cao
K e t q u a k i n h d o a n h . K h a c v d i B a n g can ddi k e t o a n , bao cao
K e t q u a k i n h d o a n h cho b i e t s i i dich c h u y e n ciia t i e n t r o n g
q u a t r i n h san x u a t - k i n h d o a n h cua d o a n h n g h i e p v a cho
phep d i i t i n h k h a n a n g h o a t ddng ciia d o a n h n g h i e p t r o n g
t i i d n g l a i . Bao cao K e t q u a k i n h d o a n h c u n g g i i i p n h a p h a n
t i c h so s a n h d o a n h t h u v d i so' t i e n t h i i c n h a p quy k h i b a n
h a n g hda, d i c h v u ; so s a n h td'ng c h i p h i p h a t s i n h v d i sd' t i e n
t h i i c xua't q u y de v a n h a n h d o a n h n g h i e p . T r e n cd sd doanh
t h u v a c h i p h i , cd t h e xac d j n h dtidc ke't qua san xua't - k i n h
d o a n h : L a i h a y l d t r o n g n a m . Nhu" v a y , bao cao K e t qua k i n h
d o a n h p h a n a n h ke't q u a h o a t dong san x u a t - k i n h doanh,
p h a n a n h t i n h h i n h t a i c h i n h cua doanh n g h i e p t r o n g m d t
t h d i k y nha't d j n h . N d c u n g cap n h t i n g t h d n g t i n t d n g hdp ve
t i n h h i n h v a k e t q u a sti d u n g cac t i e m n a n g ve vd'n, lao dong,
k y t h u a t v a t r i n h dd q u a n l y san xud't - k i n h doanh cua
doanh nghiep.
35

N h t i n g k h o a n muc c h u y e u chide p h a n a n h t r e n bao cao
K e t qua k i n h doanh: D o a n h t h u t t i h o a t ddng san x u a t k i n h
doanh; d o a n h t h u t t i h o a t ddng t a i c h i n h ; d o a n h t h u t t i hoat
ddng b a t t h i i d n g va c h i p h i t t i d n g ting v d i t t i n g h o a t dong do.
N h t i n g l o a i t h u e nhu : V A T , T h u e t i e u t h u dac biet, ve
-
b a n chat, k h d n g p h a i l a d o a n h t h u v a k h d n g p h a i la c h i phi
ciia d o a n h n g h i e p n e n k h d n g dtidc p h a n a n h t r e n bao cao Ket
q u a k i n h doanh. T o a n bd cac k h o a n t h u e ddi v d i doanh
n g h i e p v a cac k h o a n p h a i nop k h a c dtidc p h a n a n h trong
p h a n : T i n h h i n h t h i i c h i e n n g h i a v u v d i N h a niidc.
2.2.3. Ngan quy (Bao cao liiu chuyen tien te)
De d a n h gia m d t d o a n h nghiep cd d a m bao dtidc c h i tra

h a y k h d n g , c a n t i m h i e u t i n h h i n h N g a n q u y cua doanh
nghiep. N g a n q u y t h i i d n g dtidc xac d i n h cho t h d i h a n ngan
(thiidng la tting thang)
Xac d i n h hoac d i i bao ddng t i e n t h t i c n h a p q u y ( t h u N g a n
quy), bao gdm: D d n g t i e n n h a p q u y t t i h o a t dong k i n h doanh
( t t i b a n h a n g hoa hoac dich v u ) ; ddng t i e n n h a p q u y t t i hoat
ddng d a u tu", t a i c h i n h ; ddng t i e n n h a p q u y t t i h o a t dong bat
thiidng.
Xac d i n h hoac d i i bao ddng t i e n t h i i c x u a t q u y ( c h i N g a n
quy), bao gdm: D d n g t i e n x u a t q u y t h t i c h i e n san x u a t k i n h
doanh; ddng t i e n x u a t q u y thtic h i e n h o a t ddng d a u t t i , t a i
c h i n h ; ddng t i e n x u a t quy t h t i c h i e n h o a t dong b a t t h i i d n g .
T r e n cd sd ddng t i e n n h a p quy v a ddng t i e n x u a t quy,
n h a p h a n t i c h t h i i c h i e n can ddi n g a n q u y v d i so' d t i n g a n quy
d a u k y de xac d i n h sd d u n g a n q u y c u d i k y . T t i dd, cd the

t h i e t l a p m i i c n g a n q u y dU p h o n g t d i t h i e u cho doanh nghiep
n h a m m u c t i e u d a m bao c h i t r a .
T o m l a i , de p h a n t i c h t i n h h i n h t a i c h i n h cua mot doanh
n g h i e p , cac n h a p h a n t i c h c a n p h a i doc v a h i e u dtidc cac bao
cao t a i c h i n h , qua do, ho n h a n b i e t dUdc v a t a p t r u n g vao cac
c h i t i e u t a i c h i n h l i e n q u a n trUc t i e p t d i muc t i e u p h a n t i c h
cua ho. T a t n h i e n , m u d n dUdc n h U v a y , cac n h a p h a n t i c h can
t i m h i e u t h e m n o i d u n g c h i t i e t cac k h o a n muc cua cac bao
cao t a i c h i n h t r o n g m o t so' m d n hoc l i e n q u a n .
2.3. P h u f c f n g p h a p v a n o i d u n g p h a n t i c h t a i c h i n h
2.3.1. Phildng phap phan tich tdi chinh
P h U d n g p h a p t r u y e n thd'ng dUdc ap d u n g p h d b i e n t r o n g
p h a n t i c h t a i c h i n h l a phUdng p h a p t y so'. PhUdng p h a p t y so'
l a p h U d n g p h a p t r o n g dd cac t y sd' dtidc sti d u n g de p h a n t i c h .
D d l a cac t y sd' d d n dUdc t h i e t l a p b d i c h i t i e u n a y so v d i c h i
t i e u k h a c . D a y l a phUdng p h a p cd t i n h h i e n t h i i c cao v d i cac
d i e u k i e n ap d u n g n g a y c a n g dtidc bd sung v a h o a n t h i e n . B d i
le, thu nhat: N g u d n t h d n g t i n k e t o a n va t a i c h i n h dUdc cai
t i e n v a dUdc c u n g cap day d u h d n . D d l a cd sd de h i n h t h a n h
n h t i n g t y le t h a m c h i e u t i n cay cho viec d a n h gia m o t t y so
cua m d t d o a n h n g h i e p h a y m o t n h d m doanh nghiep; thti hai:
Viec ap d u n g cdng n g h e t i n hoc cho phep t i c h l u y d t i l i e u v a
t h t i c day n h a n h qua t r i n h t i n h t o a n h a n g loat cac t y so'; thti
ba: P h t i d n g p h a p p h a n t i c h n a y g i u p n h a p h a n t i c h k h a i thac
cd h i e u q u a n h i i n g sd' l i e u v a p h a n t i c h mdt each he thd'ng
h a n g l o a t t y sd' theo c h u d i t h d i g i a n l i e n tuc hoac theo t t i n g
g i a i doan.
37

Ve n g u y e n tac, v d i phu"dng p h a p t y so', c a n xac d i n h dtfdc
cac ngUdng, cac t y sd t h a m chieu. D e d a n h g i a t i n h t r a n g tai
c h i n h cua m o t d o a n h n g h i e p c a n so s a n h cac t y sd cua doanh
n g h i e p v d i cac t y sd' t h a m chieu. Nhu" v a y , phUdng phap so
s a n h l u d n dUdc s i i d u n g k e t hdp v d i cac p h i i d n g phap phan
t i c h t a i c h i n h khac. K h i p h a n t i c h , n h a p h a n t i c h t h i i d n g so
s a n h theo t h d i g i a n (so s a n h k y n a y v d i k y trUdc) de nhan
b i e t x u h u d n g t h a y ddi t i n h h i n h t a i c h i n h cua doanh nghiep,
theo k h d n g g i a n (so s a n h v d i mtic t r u n g b i n h nganh) de danh
gia v i t h e ciia d o a n h n g h i e p t r o n g n g a n h .
B e n c a n h dd, cac n h a p h a n t i c h c d n s i i d u n g phUdng
p h a p p h a n t i c h t a i c h i n h D U P O N T . V d i p h i l d n g phap nay,
cac n h a p h a n t i c h se n h a n b i e t diidc cac n g u y e n n h a n dan
d e n cac h i e n t t i d n g td't, x a u t r o n g h o a t dong cua doanh
n g h i e p . B a n c h a t cua p h t i d n g p h a p n a y l a t a c h mdt t y sdtdng
hdp p h a n a n h stic s i n h l d i ciia d o a n h n g h i e p n h t i t h u nhap
t r e n t a i s a n (ROA), t h u n h d p s a u t h u e t r e n vd'n c h u sd hiiu
(ROE) t h a n h t i c h sd'cua c h u d i cac t y sd'cd md'i q u a n he nhan
q u a v d i n h a u . D i e u do cho phep p h a n t i c h a n h h u d n g cua cac
t y sd' do dd'i v d i t y sd' t d n g hdp.
2.3.2. Npi dung phan tich tdi chinh
2.3.2.1. Phan tich cdc ty so tdi chinh
T r o n g p h a n t i c h t a i c h i n h , cac t y sd' t a i c h i n h c h i i yeii

thUdng dUdc p h a n t h a n h 4 n h d m c h i n h :
* Ty so ve khd nang thanh todn: D a y la n h d m chi tieu
du<?c sti d u n g de d a n h g i a k h a n a n g dap ting cac k h o a n nd
n g a n h a n ciia doanh n g h i e p .
* Ty sove khd ndng cdn doi vdn hoac ca cau von: N h d m
38

c h i t i e u n a y p h a n a n h mtic do d n d j n h va t i l c h u t a i c h i n h
c u n g n h u k h a n a n g s i i d u n g nd v a y ciia doanh nghiep.
1
* Ty so vi khd ndng hoat ddng: D a y la n h o m c h i t i e u dac

t n i n g cho viec s i i d u n g t a i n g u y e n , n g u d n liic cua doanh
nghiep.
* Ty so' vi khd ndng sinh lai: N h d m c h i t i e u n a y p h a n

a n h h i e u q u a san x u a t - k i n h d o a n h t d n g hdp n h a t cua m d t
doanh nghiep.
T u y theo muc t i e u p h a n t i c h t a i c h i n h m a n h a p h a n t i c h
c h i i t r o n g n h i e u h d n t d i n h d m t y sd'nay h a y n h d m t y sd'khac.
C h a n g h a n , cac c h i i n d n g a n h a n dac b i e t q u a n t a m t d i t i n h
h i n h k h a n a n g t h a n h t o a n cua n g i l d i vay. T r o n g k h i dd, cac
n h a d a u tu" d a i h a n q u a n t a m n h i e u h d n den k h a n a n g hoat
d d n g v a h i e u qua s a n x u a t - k i n h doanh. H o cung can n g h i e n
c i i u t i n h h i n h ve k h a n a n g t h a n h t o a n de d a n h gia k h a n a n g
cua d o a n h n g h i e p dap i i n g n h u cdu t h a n h t o a n h i e n t a i va
x e m x e t l d i n h u a n de d i i t i n h kha. n a n g t r a nd cudi c u n g cua
d o a n h n g h i e p . B e n c a n h dd, ho c u n g c h i i t r o n g t d i t y sd've cd
c a u vd'n v i s i i t h a y d d i t y so' n a y se a n h h i i d n g dang ke t d i l d i
i c h c i i a ho.
M d i n h d m t y sd' t r e n bao g d m n h i e u t y sd' v a t r o n g tufng
t r i i d n g hdp cac t y sd' diidc l i i a chon se p h u thudc vao b a n
chat, q u y m d cua hoat ddng p h a n t i c h . P h a n tiep theo se de
cap t d i n h i i n g t y sd' c h i i y e u n h a t , p h d b i e n n h a t diidc d u n g
t r o n g p h a n t i c h , d a n h gia t i n h h i n h t a i c h i n h ciia mdt doanh
n g h i e p . T u y n h i e n , viec p h a n t i c h cac t y sd' se cd y n g h i a h d n
n e u s i i d u n g sd' l i e u t r o n g cac bao cao t a i c h i n h de m i n h hoa
b a n chat, each t i n h t o a n va y n g h i a ciia cac t y sd'. V i le dd,

GSAO TRINH TAI CHINH DOANH NOHlfP
m o t loat cac sd l i e u m i n h hoa dUdc c u n g cap t r o n g cac bang

2 . 1 ; 2.2. D o la B a n g can ddi k e t o a n v a bao cao K e t qua kinh
doanh. H i n h t h t i c cac bao cao t a i c h i n h dUdc t r i n h b a y d day
la c h u n g n h a t cho m o i t r U d n g hdp.
DOANH NGHIEP X
Bang 2.1. BANG CAN DOI KE TOAN

Ngay 31 thang 12 nam N-1 va N
Dan vi: 1000 dan vi tien
Tai san N-1 N Nguon von N-1 N
Tien va chirng khoan d i ban 4,0 3,9 Vay ng3n hang 5,1 18,2
Cac khoan phai thu 18,5 29,5 Cac khoan phai tra 10,3 20,0
Di/trtf 33,1 46,7 Cac khoan phai nop 5,1 7,3
Tdng nd ngan han 20,5 45,5
Vay dai han 12,2 11,9
Tong TS luu dong 55,6 80,1 Cd phieu thudng 23,3 23,3
Tai san co djnh (NG) 20,1 22,9 Loi nhuan khdng chia 15,0 15,6
Khau hao TSCD 4,7 6,7
Tai san co dinh (theo gia

cdn lai) 15,4 16,2
Tong tai san 71,0 96,3 Tong nguon vdn 71,0 96,3
40 Tnidng O g i h o c Kinh *§' Q u o c d o n

DOANH NGHIEP X
Bang 2.2. BAO CAO KET QUA KINH DOANH

den ngay 31/12 nam N-1, N
Dan vi: 1000 Son vj tiin
Chi tieu N-1 N
1. Doanh thu 184,7 195,7

2. Gia vdn hang ban 151,8 166,8
3. Lai gop 32,9 28,9
* Chi phi dieu hanh
- Chi phi tieu thu 15,3 16,9
- Chi phi thue 3,6 5,7
* Khau hao tai san cd dinh 1,7 2,0
4. Ldi nhuan trudc thue va lai 12,3 4,3
5. Lai vay 1,75 2,97
6. Ldi nhuan trudc thue (TNTT) 10,55 1,33
7. Thue thu nhap doanh nghiep 4,2 0,53
8. Ldi nhuan sau thue (TNST) 6,35 0,8
9. Tra lai cd phan 1,6 0,2

10. Ldi nhuan khdng chia 4,75 0,6
2.3.2.1.1. Cdc ty so've khd ndng thanh todn
Kha nang thanh toan Tai san luu dong

hien hanh Nd ngan han

T a i san l U u dong t h d n g t h i i d n g bao g d m t i e n , cac chung
k h o a n n g a n h a n de c h u y e n nhUdng (tUdng d i l d n g tien), cac
k h o a n p h a i t h u v a dU t r t i ( t o n k h o ) ; cdn n d n g a n h a n thudng
bao g d m cac k h o a n v a y n g a n h a n n g a n h a n g t h U d n g m a i va
cac t d chtic t i n d u n g khac, cac k h o a n p h a i t r a n h a cung cap,
cac k h o a n p h a i t r a , p h a i nop k h a c v.v... Ca t a i san l u u dong
v a n d n g a n h a n deu cd t h d i h a n n h a t d i n h - t d i m o t n a m . Ty
so' k h a n a n g t h a n h t o a n h i e n h a n h l a thtidc do kha. nang
t h a n h t o a n n g a n h a n cua d o a n h n g h i e p , n d cho b i e t mtic do
cac k h o a n nd cua cac c h u n d n g a n h a n dtidc t r a n g t r a i bang
cac t a i s a n cd t h e c h u y e n t h a n h t i e n t r o n g m o t g i a i doan
t U d n g d t i d n g v d i t h d i h a n cua cac k h o a n n d dd.
Tie so lieu tren Bang cdn ddi ke todn ta co:
T y sd' t h a n h t o a n h i e n h a n h :
Nam N - 1 = ^ = 2,71
20,5
Nam N = ^J! = 1,76

45,5
T y sd' t r u n g b i n h cua n g a n h l a 2,5.
T y sd' t h a n h t o a n h i e n h a n h n a m n a y t h a p h d n so vdi
n a m trUdc v a t h a p h d n so v d i mtic t r u n g b i n h cua nganh.
D i e u n a y cho t h a y : M t i c d i l t r t i n a m n a y cao h d n so v d i nam
t r i l d c cd t h e l a do san x u a t t a n g hoac do h a n g k h d n g ban
dtidc. T r o n g k h i dd, mtic n d n g a n h a n cua d o a n h n g h i e p cung
t a n g n h U n g v d i td'c do l d n h d n so v d i td'c do t a n g d i l t r t i . Neu
v d i mtic t r u n g b i n h cua n g a n h t h i d o a n h n g h i e p c h i c a n 40%
gia t r i t a i san l U u ddng de t r a n g t r a i d u cac k h o a n nd den
h a n . Song, d o a n h n g h i e p da p h a i d u n g t d i 56,8% gia t r i t a i
san l u u ddng m d i d u de t h a n h t o a n cac k h o a n nd. T y so' k h a
42

n a n g t h a n h t o a n h i e n h a n h cua doanh nghiep t h a p h d n
n h i e u so v 6 i mile t r u n g b i n h ciia n g a n h . D a y la mot v a n de
m a d o a n h n g h i e p can h i u y t r o n g t h d i g i a n t d i .
De d a n h gia k h a n a n g t h a n h t o a n cac k h o a n nd n g a n
h a n k h i den h a n , cac n h a p h a n t i c h con q u a n t a m den chi
t i e u v o n l u u dong r o n g (net w o r k i n g capital) h a y v d h l t i u
d o n g t h i i d n g x u y e n cua d o a n h n g h i e p . C h i t i e u nay cung la
m o t y e u t d q u a n t r o n g v a can t h i e t cho viec d a n h gia dieu
k i e n c a n b a n g t a i c h i n h cua m o t doanh nghiep. No diidc xac
d i n h l a p h a n c h e n h lech g i i i a t d n g t a i san l i i u dong va t d n g
n d n g a n h a n , hoac l a p h a n c h e n h lech g i i i a v d h t h i i d n g x u y e n
o n d j n h v d i t a i san cd' d i n h r d n g . K h a n a n g dap i i n g n g h i a v u
t h a n h t o a n , m d r d n g q u y md san x u a t k i n h doanh va k h a
n a n g n a m b a t t h d i cd t h u a n l d i cua n h i e u doanh nghiep p h u
t h u o c p h a n l d n vao v d h l i i u ddng r d n g . Do vay, s i i p h a t t r i e n
c u a k h d n g i t d o a n h n g h i e p cdn diidc the h i e n d s i i t a n g
t r i i d n g v d n l i i u ddng r d n g . T r o n g k h i dd, c h i t i e u n a y cua
d o a n h n g h i e p X n a m N (34,6) b i g i a m sut so v d i n a m N - 1
(35,1).
Ty sd khd ndng thanh todn nhanh: L a t y sd'giiia cac t a i
s a n q u a y v d n g n h a n h v d i n d n g a n h a n . T a i san quay vdng
nhanh la n h i i n g t a i san cd t h e n h a n h chong c h u y e n ddi
t h a n h t i e n , bao gdm: T i e n , c h i i n g k h o a n n g a n h a n , cac k h o a n
p h a i t h u . T a i san d i i tru" ( t o n kho) la cac t a i san k h d chuyen
t h a n h t i e n h d n t r o n g t d n g t a i san l U u ddng v a dd b i Id n h a t
n e u dtidc b a n . Do vay, t y sd' k h a n a n g t h a n h t o a n n h a n h cho
b i e t k h a n a n g h o a n t r a cac k h o a n n d n g a n h a n k h d n g p h u
t h u d c vao viec b a n t a i s a n d i i t r t i ( t o n kho) va dtidc xac d i n h
b a n g each l a y t a i san l U u ddng t r t i p h a n d t i t r t i (ton kho) chia
cho n d n g a n h a n .

Kha nang = Tai san luu dong - Dii triir
thanh toan nhanh ~T~
Nd ngan han
Ap dung vao doanh nghiep X ta tinh dtidc ty sdkha nang

thanh toan nhanh:
Nam N - 1 = 5 5 , 6
" 3 3 , 1
= 1,09
20,5
m m N = 801^46J = 0 7 3
45,5
T y sd' t r u n g b i n h cua n g a n h l a 1.
T y sd' k h a n a n g t h a n h t o a n n h a n h tha'p h d n n a m trti6c
va cung t h a p h d n so v d i mtic t r u n g b i n h cua n g a n h . Nguyen
n h a n l a do mtic d t i t r t i cua d o a n h n g h i e p t a n g l e n dang ke
n h t i n g v d i td'c dd t h a p h d n td'c do t a n g cac k h o a n n d ngan
h a n . T r o n g k h i dd, t i e n h a u n h t i k h d n g t h a y ddi, cac khoan
p h a i t h u gia t a n g p h a n nao. N h t i n g t h a y d d i ve c h i n h sach
t i n d u n g v a cd ca'u t a i t r d da l a m k h a n a n g t h a n h t o a n cua
doanh n g h i e p t r d n e n y e u k e m . D o a n h n g h i e p k h d n g the
t h a n h t o a n n h a n h cac k h o a n n d n g a n h a n den h a n neu
k h d n g sti d u n g den mdt p h a n d t i t r t i .
- Ty sodrf trie (ton kho) tren vdn liiu dong rdng: T y so'nay
cho biet d t i t r t i c h i e m bao n h i e u p h a n t r a m vd'n l t i u dong
rdng. N d dtidc t i n h b a n g each chia d t i t r t i ( t o n k h o ) cho vdh
l t i u ddng rdng.
Dd'i v d i doanh nghiep X , t y so' n a y n a m N - 1 la 94,3%,
n a m N la 135% t r o n g k h i t y sd' t h a m c h i e u l a 87%. N h t i vay,
so v d i mtic t r u n g b i n h n g a n h , t y so' d t i t r t i t r e n vd'n l t i u dong
r d n g cua doanh nghiep la qua cao, dac b i e t n a m N , d t i t r t i cao
"T-TX

t d i mtic t o a n bo v o n l t i u dong r d n g k h d n g d i i de t a i t r d cho nd.
D i e u n a y l i e n q u a n t d i cd c a u v d h , cd c a u t a i t r d cung n h t i cd
c a u t a i s a n l t i u dong ciia doanh n g h i e p .
2.3.2.1.2. Cdc ty sove khd ndng can ddi vdh

T y so n a y dtidc d t i n g de do l t i d n g p h a n v d h gop cua cac
c h u sd h t i u d o a n h n g h i e p so v d i p h a n t a i t r d cua cac c h i i nd
d d i v d i d o a n h n g h i e p v a cd y n g h i a q u a n t r o n g t r o n g p h a n
t i c h t a i c h i n h . B d i le, cac c h u n d n h i n vao sd' v d h cua c h u sd
h t i u cdng t y de t h e h i e n mtic do t i n t t i d n g vao sti bao d a m a n
t o a n cho cac m d n nd. Ne'u c h u sd h t i u doanh nghiep c h i ddng
gdp m o t t y l e n h d t r o n g t d n g sd' vd'n t h i r u i ro xay r a t r o n g
s a n xua't - k i n h d o a n h c h i i y e u do cac c h u nd g a n h chiu. M a t
k h a c , b a n g each t a n g vd'n t h d n g q u a v a y nd, cac c h u doanh
nghiep v a n nam quyen kiem soat v a dieu h a n h doanh
n g h i e p . N g o a i r a , n e u d o a n h n g h i e p t h u dtidc l d i n h u a n t t i
t i e n v a y t h i l d i n h u a n d a n h cho cac c h i i doanh nghiep se gia
t a n g d a n g ke.
- Ty so nd tren tong tai sdn (he sdnd): Ty so'nay dtidc sti
d u n g de xac d i n h n g h i a v u ciia c h u doanh nghiep ddi v d i cac
c h u n d t r o n g viec gdp vd'n. T h d n g t h t i d n g cac c h u nd t h i c h t y
so' n d t r e n t d n g t a i san v t i a p h a i v i t y so' n a y cang t h a p t h i
k h o a n n d cang dtidc d a m bao t r o n g t r t i d n g hdp doanh nghiep
b i p h a san. T r o n g k h i do, cac c h i i sd h t i u doanh nghiep tia
t h i c h t y so' n a y cao v i ho mud'n l d i n h u a n gia t a n g n h a n h va
mud'n t o a n q u y e n k i e m soat d o a n h n g h i e p . Song, n e u t y s d n d
q u a cao, d o a n h n g h i e p d i b i r d i vao t i n h t r a n g m a t k h a n a n g
t h a n h toan.
D d i v d i d o a n h n g h i e p X , t y sd' n d n a m N - 1 la 4 6 , 1 % ;
n a m N la 5 9 , 6 1 % ; t y so t r u n g b i n h cua n g a n h la 50%. T a

t h a y t y so' n d n a m n a y cao h d n n a m t r t i d c v a cao h d n n h i e u so
v 6 i t y sd t r u n g b i n h cua n g a n h . N g u y e n n h a n c h u y e u la do
t a n g cac k h o a n nd n g a n h a n (nd d a i h a n v a vd'n cua chu sd
h i i u h a u nhu" k h d n g t h a y ddi). T y so nd n a m n a y the h i e n su"
b a t l d i dd'i v d i cac c h u nd n h t i n g l a i cd l d i cho c h u sd h i i u neu
ddng v d h dtidc sti d u n g cd k h a n a n g s i n h l d i cao. De cd nhan
x e t d u n g d a n ve c h i t i e u n a y c a n p h a i k e t hdp v d i cac t y so
k h a c . T u y n h i e n , cd t h e n d i r a n g , v d i t y sd'nd 59,61%, doanh
n g h i e p k h d cd t h e h u y ddng t i e n v a y de t i e n h a n h san xuat -
k i n h doanh trong thdi gian tdi.
- Khd ndng thanh todn ldi vay hoac so'ldn co the trd ldi:
T h e h i e n d t y so' g i i i a l d i n h u a n t r t i d c t h u e v a l a i t r e n l a i vay.
N d cho bie't mtic do l d i n h u a n d a m bao k h a n a n g t r a l a i hang
n a m n h t i t h e nao. Viec k h d n g t r a dtidc cac k h o a n nd nay se
t h e h i e n k h a n a n g d o a n h n g h i e p cd n g u y cd b i p h a san.
Dd'i v d i d o a n h n g h i e p X , t a xac d i n h dtidc kha. nang

t h a n h t o a n l a i v a y n h t i sau:
Nam N - 1 = ^ = 7,02
1,75
Nam N = = 1,45
2,97
T y s d ' t r u n g b i n h cua n g a n h l a 7,7.
T y so've k h a n a n g t h a n h t o a n l a i v a y n a m N cua doanh

n g h i e p q u a t h a p so v d i n a m N - 1 v a so v d i t y so' t r u n g b i n h
ciia n g a n h . K h a n a n g t r a l a i va"y cua d o a n h n g h i e p la qua
k e m . D i e u n a y c u n g t h e h i e n k h a n a n g s i n h l d i cua t a i san
thap.

N h t i v a y , d o a n h n g h i e p X se k h o cd the v a y tiep dtidc n i i a
v i t y so nd da qua cao m a k h a n a n g t r a l a i vay l a i qua t h a p
so v d i m i i c t r u n g b i n h ciia n g a n h .
2.3.2.1.3. Cdc ty sove khd ndng hoat dong

Cac t y sd hoat ddng dtidc s i i d u n g de d a n h gia h i e u qua
s i i d u n g t a i san cua d o a n h n g h i e p . V d h cua doanh nghiep
dtidc d u n g de d a u t t i cho cac l o a i t a i san khac n h a u nhu" t a i
s a n cd' d j n h , t a i san h i u ddng. Do dd, cac n h a p h a n t i c h k h d n g
c h i q u a n t a m t d i viec do h i d n g h i e u qua su" d u n g t d n g t a i san
m a c d n c h i i t r o n g t d i h i e u qua s i i d u n g cua t i i n g bd p h a n cau
t h a n h t d n g t a i san ciia d o a n h nghiep. C h i t i e u doanh t h u
dtidc sti d u n g c h u y e i i t r o n g t i n h t o a n cac t y sd' nay de x e m
x e t k h a n a n g h o a t ddng ciia d o a n h nghiep.
- Vong quay tien

T y so' n a y dtidc xac d j n h b a n g each chia doanh t h u ( D T )
t r o n g n a m cho t d n g sd' t i e n v a cac l o a i t a i san ttidng dtidng
t i e n b i n h q u a n (chiing k h o a n n g a n h a n de chuyen nhtidng);
n d cho b i e t sd' v d n g q u a y cua t i e n t r o n g n a m .
V d n g q u a y t i e n cua d o a n h n g h i e p X n a m N - 1 va n a m N
t t i d n g ting la 46,2 v a 5 0 , 1 . So v d i mtic b i n h q u a n cua n g a n h
l a 5 5 , 0 t h i c h i t i e u n a y ciia d o a n h n g h i e p la thap. T u y n h i e n ,
v d n g q u a y t i e n n a m N cao h d n n a m N - 1 chtia chting t d h i e u
q u a k i n h doanh ciia d o a n h n g h i e p td't h d n m a p h a i ke't hdp
p h a n t i c h m d t so c h i t i e u khac.
- Vong quay dii trit (ton kho)
L a m d t c h i t i e u k h a q u a n t r o n g de d a n h gia hoat ddng

s a n x u a t k i n h d o a n h c i i a doanh nghiep, vdng quay dti t r t i
dtidc xac d i n h b a n g t y so' g i t i a doanh t h u t r o n g n a m va gia t r i
I I

chi t r i i ( n g u y e n v a t l i e u , v a t l i e u p h u , s a n p h a m del dang,
t h a n h pha'm) b i n h q u a n .
A p d u n g vao d o a n h n g h i e p X t a cd:
Vong quay dd trii: Nam N - 1 = 184,7

= 5,58
33,1
NamN = =4,19
46,7
T y so' t r u n g b i n h cua n g a n h l a 9.
So' v o n g q u a y d i i t r i i n a m n a y t h a p h d n n a m t n i d c va
t h a p h d n n h i e u so v d i m i i c t r u n g b i n h cua n g a n h . D i e u n a y
c h i i n g t d s i i b a t hdp l y v a k e m h i e u q u a t r o n g h o a t dong
quan d i i t r i i cua d o a n h n g h i e p . B e n c a n h dd, k h a u san
xua't v a t i e u t h u san p h a m c u n g c a n dtidc x e m x e t n h a m d i l a
ra giai phap x i i ly diing dan va k i p thdi.
Ky thu tien binh quan = Cac khoan phai thu x 360/DT
T r o n g p h a n t i c h t a i c h i n h , k y t h u t i e n dtidc sti d u n g de
d a n h gia k h a n a n g t h u t i e n t r o n g t h a n h t o a n t r e n cd sd cac
khoan phai t h u va doanh t h u b i n h quan mdt ngay. Cac
k h o a n p h a i t h u l d n h a y n h d p h u t h u d c vao c h i n h sach t i n
d u n g t h i i d n g m a i ciia d o a n h n g h i e p v a cac k h o a n t r a t r i l d c .
K y t h u t i e n b i n h q u a n : N a m N - 1 = -^,5 x 360 _ ^
184,41
„
XT X T 29,5x360 _. Q
Nam N = — = 54,3
195,7
M t i c t r u n g b i n h ciia n g a n h la 32.
K y t h u t i e n b i n h q u a n n a m n a y cao h d n n a m t r i l d c v a

qua cao so v d i m i i c t r u n g b i n h cua n g a n h . D a y l a m o t v a n de
d a n g c h u y , b d i le, d o a n h t h u h a u n h i i t a n g k h d n g d a n g ke,
t y so' n a y cao gap t d i 1,7 l a n mile t r u n g b i n h c i i a n g a n h ,
c h i i n g t d v d h b i Of dong l d n t r o n g k h a u t h a n h t o a n , t r o n g k h i
do, t h i t r i f d n g t i e u t h u k h d n g he t i e n t r i e n diidc.
- Hieu suat sit dung tdi sdn ci> dinh

C h i t i e u n a y cho bie't m o t ddng t a i san cd' d i n h tao r a
dtidc bao n h i e u ddng d o a n h t h u t r o n g m o t n a m .
Hieu suat sti dung t a i san cd dinh = DT/TSCD
T a i san cd' d i n h d day dtidc xac d i n h theo gia t r i cdn l a i
d e n t h d i d i e m l a p bao cao.
H i e u s u a t sti d u n g t a i san cd' d i n h cua d o a n h n g h i e p X
n a m N (12,1) h a u nhu* k h d n g t a n g so v d i n a m N - 1 (12) v a
cao h d n mtic t r u n g b i n h n g a n h (5,0). D i e u n a y c h i i n g t d
d o a n h n g h i e p sti d u n g t a i s a n cd' d i n h cd h i e u qua.
- Hieu suat sii dung tong tdi sdn:

C h i t i e u n a y cdn dtidc g o i l a v d n g q u a y t o a n bd t a i san,
n d dtidc do b a n g t y so' g i t i a d o a n h t h u v a t d n g t a i san v a cho
bie't m o t ddng t a i san d e m l a i bao n h i e u ddng d o a n h t h u .
Hieu suat sti dung tdng t a i san = DT/TS
T t i so' h e u c i i a d o a n h n g h i e p X t a t i n h dtidc h i e u s u a t sti
d u n g t d n g t a i san :
Nam N - 1 = = 2,6
71
Nam N = i ^ - = 2,03
9 7
96,3
T y le t r u n g b i n h c i i a n g a n h la: 3.
49

H i e u suat sti d u n g t d n g t a i san cd n a m n a y t h a p h d n
n a m trtidc v a t h a p h d n mtic t r u n g b i n h cua n g a n h . D i e u nay
c h t i n g to h i e u qua sti d u n g t a i san l t i u ddng cua doanh
n g h i e p t h a p . D o a n h n g h i e p c a n cd b i e n p h a p c a i t h i e n t i n h
h i n h nay.
2.3.2.1.4. Cdc ty sovikhd ndng sinh ldi

N e u n h t i cac n h d m t y sd t r e n day p h a n a n h h i e u qua
t t i n g h o a t ddng r i e n g b i e t cua d o a n h n g h i e p t h i t y sd ve k h a
n a n g s i n h l a i p h a n a n h t d n g hdp n h a t h i e u q u a s a n x u a t -
k i n h doanh va hieu nang quan l y doanh nghiep.
Doanh Idi tieu thu san pham = TNST/DT
C h i t i e u n a y dtidc xac d i n h b a n g each c h i a t h u n h a p sau
t h u e Qdi n h u a n sau t h u e ) cho d o a n h t h u . N d p h a n a n h sd ldi
n h u a n sau t h u e t r o n g m o t t r a m ddng d o a n h t h u .
Nam N - 1 = -2^2_ = 3,44%

184,7
Nam N = -^ - = 0,41%
8
195,7
T y le t r u n g b i n h cua n g a n h l a 2,9%.
M t i c d o a n h l d i t i e u t h u san p h a m n a m n a y suy g i a m v d i
mtic do r a t l d n so v d i n a m trtidc (chi cdn x a p x i 12% mtic
d o a n h l d i t i e u t h u cua n a m trtidc). N a m N d o a n h t h u t i e u
t h u t a n g k h d n g d a n g ke, t r o n g k h i dd c h i p h i m u a h a n g b a n
v a c h i p h i k h a c t a n g v d i tdc do l d n , t i n h h i n h dd d a n d e n l d i
n h u a n sau t h u e g i a m sut v a k e t q u a l a c h i t i e u d o a n h l d i t i e u
t h u san p h a m qua t h a p . D e c a i t h i e n t i n h h i n h n a y , d o a n h
n g h i e p can q u a n t a m t d i cac b i e n p h a p h a t h a p c h i p h i , t a n g
doanh t h u trong t h d i gian tdi.

- Ty so thu nhdp sau thue tren von chu sd htiu (Doanh
loi voh chu sd htiu): ROE
ROE = TNST/VCSH
C h i t i e u d o a n h l d i v o h c h u sd h i i u dtidc xac d j n h b a n g
each c h i a t h u n h a p sau t h u e cho v o h c h u sd h t i u . N d p h a n
a n h k h a n a n g s i n h l d i ciia v d h c h u sd h i i u v a dtidc cac n h a
d a u t t i dac b i e t q u a n t a m k h i ho q u y e t d j n h bd v d h d a u t t i
vao d o a n h n g h i e p . T a n g m i i c d o a n h l d i v d h c h i i sd h i i u l a m d t
m u c t i e u q u a n t r o n g n h a t t r o n g h o a t ddng q u a n l y t a i c h i n h
doanh nghiep.
D d i v d i d o a n h n g h i e p X , c h i t i e u d o a n h l d i v d h c h u sd
htiu:
Nam N - 1 = ^ = 16,6%
38,3
Nam N = = 2,05%
38,9
T y le t r u n g b i n h ciia n g a n h l a 17,5%
D o a n h l d i v d h c h u sd h i i u cua d o a n h n g h i e p n a m n a y
g i a m m a n h so v d i n a m t r t i d c v a g i a m m a n h h d n so v d i mtic
t r u n g b i n h cua n g a n h . D i e u n a y k h d n g l a m t h o a m a n cac c h i i
sd h t i u . N g u y e n n h a n cd b a n l a do d o a n h t h u h a u n h t i k h d n g
t a n g , t r o n g k h i do, c h i p h i t a n g n h a n h , d i e u do d d n d e n l d i
n h u a n s a u t h u e q u a t h a p , k h a n a n g s i n h l d i cua v d h c h i i sd
h i i u , v i t h e , g i a m s u t m o t each n g h i e m t r o n g .
- Doanh ldi tdi sdn: ROA

ROA = TNTT&L/TS hoac ROA = TNST7TS
D a y l a m d t c h i t i e u t d n g hdp n h a t dtidc d t i n g de d a n h g i a
11

k h a n a n g s i n h l d i cua m o t dong vd'n d a u t U . T u y t h u d c vao
t i n h h i n h c u t h e ciia d o a n h n g h i e p dtidc p h a n t i c h v a p h a m
v i so s a n h m a n g t i d i t a h i a c h o n t h u n h a p trtidc t h u e va l a i
hoac t h u n h a p sau t h u e de so s a n h v d i t d n g t a i san.
Ap d u n g cho d o a n h n g h i e p X , t a cd:
ROA: Nam N - 1 = — = 8,94%

71
Nam N= — = 0,83%
96,3
M t i c t r u n g b i n h cua n g a n h l a 8,8%.
D o a n h l d i t a i s a n cua d o a n h n g h i e p n a m n a y g i a m sut
qua n h a n h so v d i n a m t r t i d c v a qua t h a p so v d i mtic t r u n g
b i n h cua n g a n h , N g u y e n n h a n cua t i n h h i n h n a y l a do sti
g i a m sut n g h i e m t r o n g cua c h i t i e u d o a n h l d i t i e u t h u san
p h a m v a h i e u s u a t sti d u n g t d n g t a i san. D o a n h n g h i e p can
cd b i e n p h a p c a i t h i e n h a i c h i t i e u t r e n m d i cd h y v o n g t a n g
mtic R O A .
Nhan xet tong quat

N h t i n g t y so' c h u y e u t r e n day cho t h a y m o t btic t r a n h
c h u n g ve t i n h h i n h t a i c h i n h cua d o a n h n g h i e p X . H a u het
cac t y so' t a i c h f n h n a m n a y t h a p h d n n h i e u so v d i n a m trtidc
va so v d i t r u n g b i n h cua n g a n h t h i c h u n g b i t u t h & u q u a xa.
D i e u n a y p h a n a n h sti x u d n g ddc n h a n h c h o n g cua doanh
n g h i e p X . K h a n a n g s i n h l a i cua d o a n h n g h i e p q u a y e u k e m
cho t h a y t r o n g m o i c h f n h sach ve q u a n l y t a i c h f n h cd n h i e u
van de c a n dtidc q u a n t a m g i a i q u y e t k i p t h d i , ne'u k h d n g ,
doanh n g h i e p se cd n g u y cd b i p h a san. D o a n h n g h i e p can
dieu c h i n h cd c a u t a i s a n l t i u dong ( d t i t r t i q u a l d n v a l u a n
c h u y e n c h a m ) t r e n cd scl x e m x e t l a i v a n de s a n xua't v a t i e u
52

t h u s a n p h a m , dac b i e t p h a i x e m x e t l a i cac k h o a n c h i p h i v a
g i a b a n . C h i n h sach t i n d u n g c d n dtidc t h a y d d i theo h t i d n g
n a n g cao k h a n a n g t h a n h t o a n . H e so' n d l d n , cd c a u n d l a i
k h d n g p h u hdp, cd c a u t a i c h i n h k h d n g t d i Uu, sti d u n g vd'n
k e m h i e u q u a da dtia d o a n h n g h i e p vao t i n h t r a n g q u a y e u
k e m n h t i v a y . Mud'n t h o a t k h d i t i n h t r a n g nay, d o a n h n g h i e p
c a n t h t i c h i e n ddng bo h a n g l o a t b i e n p h a p n h a m t a n g d a n
cac t y so' t a i c h i n h sao cho n g a n g b a n g v d i cac t y so' t r u n g
b i n h cua n g a n h .
N g o a i cac t y so' t r e n day, cac n h a p h a n t i c h c u n g dac b i e t
c h u y t d i viec t i n h t o a n v a p h a n t i c h n h t i n g t y so' l i e n q u a n
t d i cac c h u sd h t i u v a gia t r i t h i t r t i d n g . C h a n g h a n :
Thu nhap sau thue

- Ty le hoan vdn cd phan = •
Vdn cd phan
Thu nhap sau thue

- Thu nhap cd phieu = •
Sd lUdng cd phieu thudng
Lai cd phieu
- Ty le tra cd ttic = —
Thu nhap cd phieu
Gia cd phieu
- Ty le gia / Idi nhuan = •—
Thu nhap cd phieu
Lai cd phieu
-Tyle ; ; v.v...
Gia cd phieu
S3

K h i sik d u n g p h t i d n g p h a p p h a n t i c h t a i c h i n h D U P O N T
n h a m d a n h gia tac dong t t i d n g ho gitia cac t y sd t a i c h i n h ,
n h a p h a n t i c h cd t h e t h t i c h i e n vide t a c h R O E ( T h u n h a p sau
t h u e / V d h c h u sd h t i u ) n h t i sau:
Tach ROE
ROE = TNST/VCSH = TNST/TS x TS/VCSH = ROA x EM (sd
nhan vd'n)
R O E p h a n a n h mtic s i n h l d i cua m d t ddng v d n c h u sd
h t i u - M t i c t a n g gia t r i t a i san cho cac c h u sd h t i u . C d n R O A
( T h u n h a p sau thueVTai san) p h a n a n h mtic s i n h l d i cua t o a n
bd d a n h m u c t a i san cua d o a n h n g h i e p - K h a n a n g q u a n l y
t a i san cua cac n h a q u a n l y d o a n h n g h i e p . E M l a he sd n h a n
v d n c h u sd h t i u , n d p h a n a n h mtic do h u y dong v d h t t i ben
n g o a i cua d o a n h n g h i e p . N e u E M t a n g , d i e u do c h t i n g td
d o a n h n g h i e p t a n g v d h h u y ddng t t i b e n n g o a i .
R O E (N-1) = 8,94% x 71/38,3 = 16,57%
R O E (N) = 0,83% x 96,3/38,9 = 2,05%
R O E n a m N g i a m sut n g h i e m t r o n g , n g u y e n n h a n cd b a n
la do R O A g i a m m a n h .
Tach ROA
ROA = TNST/TS = TNST/DT x DT/TS = PM x AU
PM: Doanh ldi tieu thu phan anh ty trong ldi nhuan sau
t h u e t r o n g doanh t h u cua doanh n g h i e p . K h i P M t a n g , d i e u
dd t h e h i e n d o a n h n g h i e p q u a n l y d o a n h t h u v a q u a n l y c h i
p h i cd h i e u qua.
A U : H i e u suat sti d u n g t a i san ciia d o a n h n g h i e p
i f

N h i i v d y , qua h a i l a n p h a n t i c h , R O E co t h e chide b i e n
ddi nhu" sau:
ROE = PM x AU x EM
D e h day, co the n h a n biet diidc cac yeu to' cd b a n tac dong
t d i R O E cua mot doanh nghiep: D d la k h a n a n g t a n g doanh t h u ,
cdng tac q u a n l y chi p h i , q u a n l y t a i san va ddn bay t a i c h i n h .
A p d u n g vao doanh n g h i e p X t a cd:
R O E (N-1) = 3,44% x 184,7/ 7 1 x 71/38,3 = 16,57%
ROE(N) = 0 , 4 1 % x 195,7/96,3 x 96,3/38,9 = 2,05%
Tach P M va A U
PM = TNST/DT
TNST = Doanh thu - Chi phi' - Thue thu thap doanh nghiep
Doanh thu = Doanh thu t i i hoat ddng kinh doanh; til hoat dong dau tu",
tai chinh; t i l hoat ddng bat thi/dng.
Tai san = Tai san lull ddng + Tai san cd dinh.
Cac t h a n h p h a n t r e n l a i diidc p h a n t a c h c h i t i e t h d n t u y
theo muc t i e u can dat cua n h a p h a n t i c h . V d i t r i n h t i i t a c h
doan nhu" t r e n , cd t h e xac d j n h cac n g u y e n n h a n l a m t a n g ,
g i a m R O E ciia d o a n h n g h i e p .
2.3.2.2. Phdn tich dien bien nguon von vd sit dung von
(Bang tdi trd)
T r o n g p h a n tich ngudn vdn va sii dung vdn, ngtidi ta
t h t i d n g x e m x e t sti t h a y ddi cua cac n g u d n vd'n v a each thtic
sti d u n g vd'n ciia m d t d o a n h n g h i e p t r o n g m d t t h d i k y theo sd
l i e u g i t i a h a i t h d i d i e m l a p B a n g can dd'i ke toan.
M d t t r o n g n h t i n g cdng cu h t i u h i e u cua n h a q u a n l y t a i
c h i n h l a b a n g ke n g u d n v d h va sti d u n g vd'n ( B a n g t a i t r d ) . N d
g i i i p n h a q u a n l y xac d j n h r d cac n g u d n c u n g ting v d h va viec
sti d u n g cac n g u d n v d n dd.

De l a p dtidc b a n g nay, trtidc het p h a i l i e t k e sti t h a y ddi
cac k h o a n muc t r e n B a n g can ddi ke t o a n t t i d d u k y d e n cudi
k y . M d i sti t h a y ddi dtidc p h a n biet d h a i cdt: Sti d u n g v d n va
n g u d n v d n theo n g u y e n tac:
- N e u cac k h o a n muc ben t a i san t a n g hoac cac k h o a n
muc b e n n g u d n v d n g i a m t h i dieu dd t h e h i e n viec sti d u n g
vdh.
- N e u cac k h o a n muc b e n t a i san g i a m hoac cac k h o a n
muc b e n n g u d n v d h t a n g t h i dieu dd t h e h i e n viec tao ngudn.
V d i v i d u m i n h hoa cua doanh n g h i e p X , t a cd t h e lap
B a n g t a i t r d (2.3).
Bieu 2.3. Bang tai trci

Dan vi: 1000 dan vi tiSn te
31/12 SCf dung Nguon

31/12/N
N-1 vd'n vdn
Tai san
Tien va chung khoan de ban 4 3,9 0,1
Cac khoan phai thu 18,5 29,5 11
Du trGr
-
33,1 46,7 13,6
Tai san CD (theo gia cdn lai) 15,4 16,2 0,8
Nguon von
Vay ngan hang 5,1 18,2 13,1
Cac khoan phai tra 10,3 20 9,7
Cac khoan phai nop 5,1 7,3 2,2
Vay dai han 12,2 11,9 0,3
Co phieu thudng 23,3 23,3
Ldi nhuan khdng chia 15 15,6 0,6
Tong cong 71 96,3 25,7 25,7
56

Viec t h i e t l a p B a n g t a i t r d l a cd sd de c h i r a n h i i n g t r o n g
d i e m d d u tu" v o h v a n h i i n g n g u o n v d h c h u y e u diidc h i n h
t h a n h de d a u tu".
D o a n h n g h i e p X k h a i thac n g u o n v d h b a n g each c h u y e u
la v a y n g a n h a n , t a n g cac k h o a n p h a i t r a , p h a i nop v.v...
T r o n g t d n g sd' n g u d n v d h diidc c u n g i i n g la 25,7 t r i e u ddng,
v a y n g a n h a n n g a n h a n g la 13,1 t r i e u - c h i e m t d i 5 1 % cac
k h o a n p h a i t r a , p h a i nop l a 11,9 t r i e u - c h i e m 46,3%. N h i i
v a y , 97,3% t d n g so' vd'n cua d o a n h nghiep diidc h i n h t h a n h
b a n g v a y n g a n h a n v a b a n g each c h i e m d u n g . V d i t d n g n g u d n
la 25,7 t r i e u ddng, d o a n h n g h i e p da s i i d u n g de t a i t r d c h i i
y e u cho p h a n gia t a n g d i i t r i i va cac k h o a n p h a i t h u (95,8%),
t a i t r d m d t p h a n n h d cho t a i san cd' d i n h v a c a n dd'i p h a n
giam vay dai han.
N g o a i viec p h a n t i c h viec s i i d u n g vd'n v a n g u d n vd'n,
n g i l d i t a cdn p h a n t i c h t i n h h i n h t a i c h i n h theo l u o n g t i e n de
xac d i n h s i i t a n g ( g i a m ) t i e n v a n g u y e n n h a n t a n g g i a m t i e n .
T r e n cd sd do, d o a n h n g h i e p se cd n h i i n g b i e n p h a p q u a n l y
n g a n q u y td't h d n .
Dd'i v d i d o a n h n g h i e p X , t i n h h i n h t a n g (giam) t i e n n a m
N du*dc t h e h i e n nhu" sau:
+ Cac k h o a n l a m t a n g t i e n :
L d i n h u a n sau t h u e : 0,8
T a n g t i e n m a t do t a n g k h o a n vay n g a n h a n n g a n hang: 13,1
T a n g cac k h o a n p h a i t r a : 9,7
T a n g cac k h o a n p h a i nop: 2,2
+ Cac k h o a n l a m g i a m t i e n :
T a n g cac k h o a n p h a i t h u : 11
57

T a n g cui t r i i ( t o n kho): 13,6
D a u tut t a i san cd d i n h : 0,8
G i a m v a y d a i h a n n g a n hang: 0,3
T r a l a i cd p h a n : 0,2
+ Tang giam tien mat cudi ky: -0,1

N h U v a y , so v d i d a u k y , t i e n cudi k y g i a m 0 , 1 .
2.3.2.3. Phan tich cdc chi tieu tdi chinh trung gian
T r o n g p h a n t i c h t a i c h i n h , cac n h a p h a n t i c h t h u d n g ket
hdp c h a t che n h i i n g d a n h gia ve t r a n g t h a i t i n h v d i n h i i n g
d a n h gia ve t r a n g t h a i ddng de dUa r a m o t hue t r a n h toan
c a n h ve t i n h h i n h t a i c h i n h ciia d o a n h nghiep. N e u n h i i
t r a n g t h a i t i n h dUdc t h e h i e n q u a B a n g c a n ddi k e t o a n t h i
t r a n g t h a i ddng (sU d i c h c h u y e n ciia cac ddng t i e n ) dUdc phan
a n h qua b a n g k e n g u d n v d n v a s i i d u n g v d h ( B a n g t a i trd),
qua bao cao k e t qua k i n h doanh. T h d n g qua cac bao cao t a i
c h i n h nay, cac n h a p h a n t i c h cd t h e d a n h gia s i i t h a y ddi ve
v d h l U u ddng r d n g , ve n h u cau v d h l U u ddng, t i i do, cd the
d a n h gia n h i i n g t h a y ddi ve n g a n q u y ciia d o a n h n g h i e p . NhU
vay, g i i i a cac bao cao t a i c h i n h cd m d i l i e n q u a n r a t c h a t che:
N h i i n g t h a y ddi t r e n B a n g can ddi k e t o a n dUdc l a p d a u k y va
cudi k y c u n g v d i k h a n a n g t u t a i t r d dUdc t i n h tu" bao cao K e t
qua k i n h d o a n h dUdc the h i e n t r e n B a n g t a i t r d v a l i e n q u a n
m a t t h i e t t d i n g a n quy ciia doanh n g h i e p .
K h i p h a n t i c h t r a n g t h a i ddng, t r o n g mdt sd t r U d n g hdp
n h a t d i n h , ngUdi t a cdn c h i i t r o n g t d i cac c h i t i e u q u a n l y
t r u n g g i a n n h a m d a n h gia c h i t i e t h d n t i n h h i n h t a i c h i n h v a
dU bao n h i i n g d i e m m a n h v a d i e m y e u ciia d o a n h n g h i e p .
I I

N h i i n g c h i t i e u n a y la cd sd de xac lap n h i e u he sd (ty le) r a t
co y n g h i a ve h o a t dong, cd cau v d n , v.v... cua doanh nghiep.
Lai gdp Doanh thu - Gia vd'n hang ban
Thu nhip tnidc Chi phi ban hang, quan ly

Lai gdp
khau hao va lai (khdng ke khau hao va lai vay)
Thu nhap trudc Thu nhap trudc

Khau hao
thue va lai khau hao va lai
Thu nhap Thu nhap trudc

Lai vay
trudc thue thue va lai
Thu nhap Thu nhap Thue thu nhap

sau thue trudc thue doanh nghiep
T r e n cd sd dd, n h a p h a n t i c h cd t h e xac d i n h mu*c t a n g

t u y e t dd'i v a m i i c t a n g t i i d n g dd'i cua cac c h i t i e u qua cac t h d i
k y de n h d n b i e t t i n h h i n h h o a t ddng cua doanh nghiep. D d n g
t h d i , n h a p h a n t i c h c u n g can so s a n h c h u n g v d i cac c h i t i e u
c u n g l o a i ciia cac d o a n h n g h i e p c u n g n g a n h de d a n h gia v i
t h e cua d o a n h n g h i e p .

C a u hoi on tap
1. M u c t i e u p h a n t i c h t a i c h i n h d o a n h n g h i e p d d i v d i chu
d o a n h n g h i e p , c h u nd, n h a d d u tu", n h a q u a n l y v.v...?
2. K h a i n i e m va n d i d u n g cac k h o a n muc t r e n B a n g can
doi k e t o a n cua d o a n h nghiep?
3. K h a i n i e m va n d i d u n g Bao cao k e t qua k i n h doanh
ciia d o a n h nghiep?
4. K h a i n i e m v a n d i d u n g Bao cao lu*u c h u y e n t i e n t §
( N g a n q u y ) cua d o a n h nghiep?
5. PhUdng p h a p p h a n t i c h t a i c h i n h d o a n h nghiep?
6. N d i d u n g p h a n t i c h t a i c h i n h d o a n h nghiep?
7. N h a n xet ve thu'c te p h a n t i c h t a i c h i n h cac doanh
n g h i e p V i e t N a m h i e n nay?
8. N h a n x e t cac bao cao t a i c h i n h ciia cac d o a n h nghiep
V i e t N a m h i e n nay?
9. Cho b i d t y n g h i a ciia cac t y sd' t a i c h i n h t r o n g p h a n
t i c h t a i chinh?
10. So s a n h su" gid'ng n h a u v a k h a c n h a u t r o n g n o i d u n g
p h a n t i c h t a i c h i n h ciia d o a n h n g h i e p v a ciia n g a n hang
thUdng m a i .

ChUdng 3
QUAN LY NGUON VON CUA DOANH NGHIEP
V o h l a d i e u k i e n k h d n g t h e t h i e u dtidc de m d t doanh
n g h i e p dtidc t h a n h l a p v a t i e n h a n h cac h o a t dong san x u a t •
k i n h d o a n h . V i v a y , q u a n l y v o h cua d o a n h n g h i e p co y n g h i a
q u a n t r o n g t r o n g q u a n l y t a i c h i n h doanh nghiep. T u y n h i e n ,
t r o n g q u a n l y n g u d n v d h , c h u n g t a de cap c h u y e u den cac
h i n h t h t i c h u y dong v d h , x e m x e t a n h h t i d n g cua cac n h a n td'
t d i each t h t i c l t i a c h o n n g u o n vd'n cua d o a n h n g h i e p .
3.1. Tong quan ve vd'n cua doanh nghiep
T r o n g m o i d o a n h n g h i e p , vd'n deu bao g d m h a i bd p h a n :

Vd'n c h u sd h t i u v a n d ; m d i bd p h a n n a y dtidc ca'u t h a n h b d i
n h i e u k h o a n muc k h a c n h a u t u y theo t i n h c h a t cua c h u n g .
T u y n h i e n , viec l t i a c h o n n g u d n vd'n t r o n g cac d o a n h n g h i e p
k h a c n h a u se k h d n g gid'ng n h a u , n d p h u thudc vao m o t l o a t
cac n h a n to n h t i :
- T r a n g t h a i cua n e n k i n h te.
- N g a n h k i n h d o a n h h a y l i n h vtic hoat dong cua doanh
nghiep.
- Q u y m d v a cd ca'u t d chtic cua doanh nghiep.
- T r i n h do k h o a hoc - k y t h u a t v a t r i n h do q u a n l y .
- C h i e n Itidc p h a t t r i e n v a c h i e n Itidc d a u t t i cua doanh
nghiep.

• T h a i do cua chu doanh nghiep.
- C h i n h sach t h u e v.v...
3.2. Cac nguon von cua doanh nghiep va phi^ng

thu'c h u y d o n g
T u y theo l o a i h i n h doanh n g h i e p v a cac dac d i e m c u the,

m d i d o a n h n g h i e p cd t h e cd cac p h t i d n g t h i i c h u y dong vdn
k h a c n h a u . T r o n g d i e u k i e n k i n h te t h i trUdng, cac phtidng
t h i i c h u y ddng v d h cua d o a n h n g h i e p dtidc da d a n g hoa n h a m
k h a i t h a c m o i n g u o n v d h t r o n g n e n k i n h te. T u y n h i e n , can
l t i u y r a n g , t r o n g h o a n c a n h c u t h e cua V i e t N a m , do t h i
t r t i d n g t a i c h i n h chtia p h a t t r i e n h o a n c h i n h n e n viec k h a i
thac v d h cd n h i i n g n e t dac t r t i n g n h a t d i n h . Sti p h a t t r i e n
n h a n h chong cua n e n k i n h te v a t h i t r t i d n g t a i c h i n h se sdm
tao d i e u k i e n de cac d o a n h n g h i e p m d r d n g k h a n a n g t h u h u t
v d h vao k i n h d o a n h .
Sau day l a cac n g u o n v d h v a cac p h t i d n g t h t i c h u y ddng
v d h (cdn goi l a p h t i d n g t h t i c t a i t r d ) m a cac d o a n h n g h i e p cd
t h e sti d u n g .
3.2.1. Nguon von chu sd hUu cua doanh nghiep
D d i v d i m o i l o a i h i n h d o a n h n g h i e p , v d h c h u sd h t i u cua
doanh n g h i e p bao gdm cac bd p h a n c h u y e u :
- V d h gdp b a n d a u
- L d i n h u a n k h d n g chia
- T a n g v d h b a n g p h a t h a n h cd p h i e u m d i .
3.2.1.1. Voh gop ban ddu

K h i doanh n g h i e p dtidc t h a n h l a p bao gid c h u d o a n h
n g h i e p c u n g p h a i cd m d t sd' vd'n b a n d a u nha't d i n h do cac cd

dong - c h i i sd h i i u gop. K h i n o i den n g u o n v d n c h i i sd hQu
ciia d o a n h n g h i e p bao gid c u n g p h a i x e m xet h i n h t h i i c sd
h i i u ciia d o a n h n g h i e p dd, v i h i n h t h i i c sd h i i u se quyet d i n h
t i n h c h a t v a h i n h t h i i c tao v d n ciia b a n t h a n doanh nghiep.
Dd'i v d i d o a n h n g h i e p N h a niidc, v d n gdp b a n d d u c h i n h
l a v d h d d u tu" cua N h a niidc. C h i i sd h i i u ciia cac d o a n h
n g h i e p N h a niidc l a N h a niidc. H i e n n a y , cd che q u a n l y t a i
c h i n h n d i c h u n g v a q u a n l y v d h ciia doanh nghiep N h a niidc
n d i r i e n g d a n g cd n h i i n g t h a y ddi de p h i i hdp v d i t i n h h i n h
t h i i c te.
Dd'i v d i cac d o a n h n g h i e p , theo L u a t doanh nghiep, c h u
d o a n h n g h i e p p h a i cd m d t so' v d h b a n d a u can t h i e t de x i n
dang k y t h a n h lap doanh nghiep.
C h a n g h a n , dd'i v d i cdng t y cd p h a n , vd'n do cac cd ddng
ddng gdp l a y e u to' q u y e t d i n h de h i n h t h a n h cdng t y . M d i cd
ddng l a m d t chu. sd h i i u ciia cdng t y v a c h i c h i u t r a c h n h i e m
hQu h a n t r e n gia t r i so' cd p h a n m a ho n a m g i i i . T u y n h i e n ,
cac cdng t y cd p h a n c u n g cd m d t sd' d a n g t i i d n g dd'i k h a c
n h a u , do dd each t h i i c h u y ddng vd'n cd p h a n c u n g khac n h a u .
T r o n g cac l o a i h i n h d o a n h n g h i e p k h a c nhu" cdng t y t r a c h
n h i e m hQu h a n , cdng t y cd v d h d d u tu" t r i i c t i e p niidc n g o a i
( F D I ) , cac n g u d n vd'n c u n g t i i d n g t i i n h i i t r e n ; tiic l a v d h cd
t h e do c h u d a u tu" bd r a , do cac b e n t h a m gia, cac dd'i tac gdp
v.v... T y le v a q u y m d gdp vd'n ciia cac b e n t h a m gia cdng t y
p h u thudc vao n h i e u y e u to k h a c n h a u (nhu" l u a t phap, dac
d i e m n g a n h k i n h te - k y t h u a t , cd c a u l i e n doanh).
3.2.1.2. Nguon voh tii loi nhuan khong chia

Q u y m d so' v d h b a n d d u ciia c h i i d o a n h nghiep la m d t y e u
td' q u a n t r o n g , t u y n h i e n , t h d n g t h t i d n g , so v d h n a y can dtidc
63

t a n g theo q u y mo p h a t t r i e n cua d o a n h n g h i e p . T r o n g qua
t r i n h h o a t dong san x u a t - k i n h doanh, n e u d o a n h nghiep
h o a t ddng co h i e u qua t h i doanh n g h i e p se cd n h i i n g dieu
k i e n t h u a n l d i de t a n g t r t i d n g n g u o n v d h . N g u d n v d h t i c h l u y
tu* l d i n h u a n k h d n g chia l a bd p h a n l d i n h u a n dtidc s i i dung
t a i d a u t t i , m d r o n g san x u a t - k i n h d o a n h cua d o a n h nghiep.
T t i t a i t r d b a n g l d i n h u a n k h d n g chia - n g u d n v d h n d i bd
la m o t p h t i d n g t h t i c tao n g u d n t a i c h i n h q u a n t r o n g v a k h a
h a p d a n ciia cac d o a n h n g h i e p , v i d o a n h n g h i e p g i a m dtidc
c h i p h i , g i a m b d t sti p h u thudc vao b e n ngoai. Ra't n h i e u
d o a n h n g h i e p coi t r o n g c h i n h sach t a i d a u t t i t i i l d i n h u a n de
l a i ( r e t a i n e d earnings), ho d a t r a m u c t i e u p h a i cd m o t k h d i
l t i d n g l d i n h u a n de l a i d u l d n n h a m t t i dap t i n g n h u cdu vdh
n g a y cang t a n g .
N g u d n v d h t a i d a u t t i t i i l d i n h u a n de l a i c h i cd t h e thtic
h i e n dtidc n e u n h t i d o a n h n g h i e p da v a d a n g h o a t ddng v a cd
l d i n h u a n , dtidc phep t i e p t u c d a u t t i . D d i v d i cac doanh
n g h i e p N h a ntidc t h i viec t a i d a u t t i p h u t h u o c k h d n g c h i vao
k h a n a n g s i n h l d i cua b a n t h a n d o a n h n g h i e p m a cdn p h u
thuoc vao c h i n h sach k h u y e n k h i c h t a i d a u t t i ciia N h a ntidc.
T u y n h i e n , d d i v d i cac cdng t y cd p h a n t h i viec de l a i ldi
n h u d n l i e n q u a n d e n m o t so' y e u td' r a t n h a y c a m . K h i cdng t y
de l a i m o t p h a n l d i n h u a n t r o n g n a m cho t a i d a u t t i , ttic la
k h d n g d u n g so l d i n h u a n dd de chia l a i cd p h a n , cac cd ddng
k h d n g dtidc n h a n t i e n l a i cd p h a n (cd ttic) n h t i n g b i i l a i , ho cd
q u y e n sd h t i u so' v d h cd p h a n t a n g l e n cua cdng t y .
N h t i vay, gia t r i g h i sd cua cac cd p h i e u se t a n g l e n c i i n g
v d i viec t t i t a i t r d b a n g n g u d n v d h n d i bd. D i e u n a y m o t m a t ,
k h u y e t k h i c h cd ddng g i t i cd p h i e u l a u d a i , n h t i n g m a t khac,
d i l a m g i a m t i n h h a p d a n cua cd p h i e u t r o n g t h d i k y trtidc
64

m a t ( n g a n h a n ) do cd dong c h i n h a n dtidc mot p h a n cd ttic
n h d h d n . N e u t y le c h i t r a cd ttic t h a p , hoac so'lai r d n g k h d n g
du h a p d a n t h i gia cd p h i e u cd t h e b i g i a m sut. •
K h i g i a i quyet v a n de cd ttic v a t a i dau t t i , c h i n h sach
p h a n p h d i cd ttic cua cdng t y cd p h a n p h a i l t i u y den m o t so'
y e u t d cd l i e n q u a n n h t i :
- T d n g sd l d i n h u a n r d n g t r o n g k y .
- M t i c c h i a l a i t r e n m o t cd p h i e u cua cac n a m trtidc.
- Sti xep h a n g cd p h i e u t r e n t h i t r t i d n g va t i n h d n d j n h
cua t h i gia cd p h i e u cua cdng t y , t a m l y va d a n h gia cua cdng
c h i i n g ve cd p h i e u dd.
- H i e u qua ciia viec t a i d a u t t i .
3.2.1.3. Phat hanh co phieu

T r o n g h o a t ddng san x u a t - k i n h doanh, doanh nghiep cd
the t a n g vd'n c h u sd h t i u b a n g each p h a t h a n h cd p h i e u m d i .
Mdt ngudn t a i chinh dai h a n r a t quan trong la phat
h a n h cd p h i e u de h u y ddng vd'n cho doanh nghiep. P h a t h a n h
cd p h i e u dtidc goi l a h o a t dong t a i t r d d a i h a n cua doanh
nghiep. C h i i n g t a se x e m x e t m o t sd'yeu to ed b a n l i e n q u a n
den viec p h a t h a n h v a k i e m soat cac l o a i cd p h i e u khac n h a u .
a. Co phieu thtidng (Common Stock/Share)

Co p h i e u t h t i d n g (cdn goi l a cd p h i e u t h d n g t h t i d n g ) la
l o a i cd p h i e u t h d n g d u n g nha't v i nd cd n h t i n g tiu t h e t r o n g
viec p h a t h a n h r a cdng c h u n g v a t r o n g qua t r i n h l t i u h a n h
t r e n t h i t r t i d n g c h t i n g k h o a n . Co p h i e u t h t i d n g l a c h t i n g
khoan q u a n t r o n g n h a t dtidc trao ddi, m u a b a n t r e n t h i
t r t i d n g c h t i n g k h o a n , d i e u dd c u n g dti de m i n h c h t i n g t d m
q u a n t r o n g cua nd so v d i cac cdng cu t a i c h i n h khac.

Gidi. han phat hanh: M a c d u viec p h a t h a n h cd p h i e u co
n h i e u tiu t h e so v d i cac p h i i d n g t h i i c h u y ddng v d h khac
n h i i n g c u n g cd n h i i n g h a n che v a cac r a n g budc c a n diidc
doanh n g h i e p can nhac k y h i d n g . G i d i h a n p h a t h a n h l a mot
quy d j n h r a n g budc cd t i n h p h a p l y . L i i d n g cd p h i e u t d i da
ma cdng t y dtidc q u y e n p h a t h a n h goi l a v d h cd p h i e u diidc
cap phep. D a y la m o t t r o n g n h i i n g quy d j n h cua Uy ban
c h i i n g k h o a n N h a niidc n h a m q u a n l y v a k i e m soat chat che
cac h o a t ddng p h a t h a n h v a giao d j c h c h i i n g k h o a n . T a i
n h i e u niidc, sd' cd p h i e u diidc phep p h a t h a n h diidc g h i trong
d i e u le ciia cdng t y ; t u y n h i e n , m d t sd' niidc k h a c k h d n g quy
d j n h g h i so' l i i d n g dd t r o n g d i e u le cdng t y . Mud'n t a n g v d h cd
p h a n t h i trtidc het c a n p h a i dtidc d a i h d i cd ddng cho phep,
sau dd p h a i h o a n t a t n h i i n g t h i i t u c q u y d j n h khac.
Hau h e t cac ntidc deu sti d u n g g i d i h a n p h a t h a n h n h d
mot cdng cu q u a n t r o n g de k i e m soat v a h a n che cac r u i ro
cho cdng c h t i n g . T h d n g t h t i d n g , m d t cdng t y cd t h e p h a t hanh
mdt l a n hoac m d t sd' l a n t r o n g g i d i h a n so' cd p h i e u da dtidc
cap phep p h a t h a n h . V i du, cdng t y X dtidc phep p h a t hanh
400 t r i e u cd p h i e u , gia sti n a m trtidc cdng t y da p h a t hanh
117 t r i e u cd p h i e u t h i cdng t y d t i d n g n h i e n cdn dtidc phat
h a n h t h e m 283 t r i e u cd p h i e u n t i a (400 - 117 = 283).
T u y n h i e n , t r e n t h t i c te, viec q u a n l y v a k i e m soat qua
t r i n h p h a t h a n h c h t i n g k h o a n t i i y thudc vao c h i n h sach cu
the ciia n h a ntidc v a cua U y b a n C h t i n g k h o a n N h a ntidc. 0
V i e t N a m h i e n nay, he thd'ng v a n b a n p h a p q u y ve chting
k h o a n m d i dtidc x a y d i i n g v a dang t r o n g qua t r i n h hoan
t h i e n de tao dieu k i e n t d t h d n cho hoat ddng h u y dong vdn
ciia d o a n h n g h i e p va l t i u c h u y e n vd'n t r o n g n e n k i n h te.

S a u k h i p h a t h a n h , p h a n 16n n h i i n g cd p h i e u n a m t r o n g
t a y cac n h a d a u t t i - cac cd ddng (shareholder). N h i i n g cd
p h i e u n a y gpi la n h t i n g cd p h i e u dang ltiu hanh tren thi
t r i i d n g . T u y n h i e n , cd t h e c h i n h cdng t y p h a t h a n h m u a l a i
m d t sd cd p h i e u ciia m i n h v a g i i i c h i i n g n h a m muc dich nao
dd. N h i i n g cd p h i e u dtidc cdng t y m u a l a i n h t i v a y goi la co
phieu ngan quy. N h i i n g cd p h i e u n a y dtidc coi n h t i t a m t h d i
k h d n g l t i u h a n h . Viec m u a l a i hoac b a n r a n h i i n g cd p h i e u
n a y p h u thudc vao m d t so'ydu t o ' n h t i :
- T i n h h i n h can dd'i vd'n v a k h a n a n g dau t t i
- T i n h h i n h b i e n ddng t h i gia c h i i n g k h o a n t r e n t h i
trtidng.
- C h i n h sach dd'i v d i viec sap n h a p hoac t h d n t i n h cdng t y
(chd'ng t h d n t i n h )
- T i n h h i n h t r e n t h i t r t i d n g c h t i n g k h o a n va q u y d j n h cua
U y b a n c h t i n g k h o a n N h a ntidc.
- M e n h gia v a t h i gia.
Gia t r i g h i t r e n m a t cd p h i e u goi la m e n h gia (par value),
gia ca cua cd p h i e u t r e n t h i t r t i d n g goi la t h i gia. G i a t r i cua
cd p h i e u dtidc p h a n a n h t r o n g sd sach ke t o a n cua cdng t y goi
la gia t r i g h i sd (book value), dd c u n g c h i n h la m e n h gia cua
cac cd p h i e u da p h a t h a n h .
M e n h gia k h d n g c h i dtidc g h i t r e n m a t cd p h i e u m a cdn
dtidc g h i r d t r o n g g i a y phep p h a t h a n h va t r e n sd sach ke
t o a n cua cdng t y . T u y n h i e n , m e n h gia c h i cd y n g h i a k h i
p h a t h a n h cd p h i e u v a dd'i v d i k h o a n g t h d i g i a n n g a n sau k h i
cd p h i e u dtidc p h a t h a n h . T h i gia p h a n a n h sti d a n h gia cua
t h i t r i i d n g ddi v d i cd p h i e u , p h a n a n h ldng t i n cua cac n h a
d a u t t i ddi v d i h o a t ddng cua cdng t y .

Quyen han cua cd ddng
Cac cd dong n a m g i d cd p h i e u t h t i d n g c h i n h la n h i i n g
n g t i d i sd h i i u cong t y , do do ho co q u y e n trtidc h e t ddi v d i t a i
san va sti p h a n chia t a i san hoac t h u n h a p cua cdng t y . Co
ddng cd q u y e n t h a m gia k i e m soat v a d i e u k h i e n cac cdng
viec cua cdng t y . T u y n h i e n , t h d n g t h t i d n g cd m o t sd' Itidng cd
ddng cua cdng t y , n e n m d i cd ddng c h i cd m d t q u y e n hie gidi
h a n n h a t d j n h t r o n g viec bd p h i e u hoac c h i d j n h t h a n h vien
cua b a n g i a m ddc. M d t sd' cdng viec h a y n h i i n g v a n de dac
b i e t c a n cd sti nha't t r i cua d a i da sd'cd ddng.
T u y theo viec q u y d j n h t r o n g d i e u le cdng t y , cd the h i n h
t h a n h cac p h t i d n g t h t i c bd p h i e u k h a c n h a u . H a i phtidng
p h a p dtidc sti d u n g r d n g r a i l a bd p h i e u theo da sd' va bd
p h i e u gdp.
Bo phieu theo da sd ( m a j o r i t y v o t i n g ) l a viec cd ddng co
t h e d u n g m d i l a p h i e u de b a u m o t n g t i d i q u a n l y , cac chtic
d a n h se dtidc b a u r i e n g re. D i e u n a y r d r a n g cd l d i cho nhting
n g t i d i d a n g n a m da sd'cd p h i e u cua cdng t y v i ho cd the tao ap
hie m a n h h d n b a n g sd' l d n cd p h i e u n a m g i i i .
Ca che bo phieu gop ( c u m u l a t i v e v o t i n g ) cho phep cung
bd p h i e u cho m d t sd' ting c t i v i e n nao dd, ttic l a m d t cd ddng co
t h e ddn t o a n bd sd' p h i e u cd t r o n g t a y cho m o t ting cti vien
dtidc tia chuong. D a y l a l y do t a i sao m d t so cac cd ddng thieu
sd' u n g ho cd che bd p h i e u gdp.
T r o n g dieu le cdng t y , cd quy d j n h r d ve p h a m v i nhting
sti v u c a n dtidc da sd' ( t r e n 50%) cd ddng t a n t h a n h va n h t i n g
v a n de c a n dtidc t u y e t d a i da sd' (75% t r d len) cd ddng nhat
tri.
V a n de chd'ng t h d n t i n h , bao ve cdng t y trtidc sti x a m

thu'c b a n g cd p h i e u cua cac cong t y khac la mot k h i a canh dac
b i e t . H u y dong v o h qua p h a t h a n h cd p h i e u p h a i xet den
n g u y cd b i t h o n t i n h . Do do, p h a i t i n h den t y le cd p h a n to'i
t h i e u c a n d u y t r i de g i i i v i i n g q u y e n k i e m soat ciia cong t y .
b. Co phieu iru tien (Preferred Stock)

Co p h i e u l i u t i e n t h i i d n g c h i chiem m o t t y t r o n g n h d
t r o n g t d n g so cd p h i e u diidc p h a t h a n h . T u y n h i e n t r o n g mot
s d t r i i d n g hdp, viec d u n g cd p h i e u l i u t i e n la t h i c h hdp. Co
p h i e u i i u t i e n cd dac d i e m l a nd t h i i d n g cd cd tdc c d d j n h .
N g t i d i c h u cua cd p h i e u n a y cd q u y e n dtidc t h a n h t o a n l a i
trtidc cac cd ddng t h t i d n g . N e u so l a i c h i d u de t r a cd ttic cho
cac cd ddng tiu t i e n t h i cac cd ddng t h t i d n g se k h d n g dtidc
n h a n cd ttic cua k y dd. Viec g i a i quyet c h i n h sach cd ttic dtidc
n e u r d t r o n g d i e u le cdng t y .
P h a n l d n cac cdng t y cd p h a n q u i d j n h rd: Cdng t y cd
n g h i a v u t r a h e t sd' l d i ttic chtia t h a n h t o a n cua cac k y trtidc
cho cac cd ddng tiu t i e n , sau dd m d i t h a n h t o a n cho cac cd
ddng t h t i d n g .
Cac cd p h i e u tiu d a i cd t h e dtidc c h i n h cdng t y p h a t h a n h
t h u h d i l a i (chudc l a i ) k h i cdng t y t h a y can t h i e t . N h t i n g
t r t i d n g hdp n h t i v a y c a n q u y d j n h r d n h t i n g diem sau:
- T r t i d n g hdp nao t h i cdng t y cd the m u a l a i cd phieu.
- G i a ca k h i cdng t y m u a l a i cd p h i e u .
- T h d i h a n td'i t h i e u k h d n g dtidc phep m u a l a i cd phieu ( v i
du 5 nam)
T r o n g t h i i c te, d m d t sd' ntidc n h t i M y chang han, rat
h i e m k h i cd ddng tiu t i e n cd q u y e n bd p h i e u mdt each ddy du.
T u y n h i e n , n e u cd i t n h a t 2/3 cd ddng tiu t i e n n h a t t r i ve mdt
v a n de nao dd t h i b a n l a n h dao cdng t y p h a i xem xet y k i e n

cua ho. N e u cac cd p h i e u tiu t i e n k h o n g dtidc t r a cd ttic t h i
cac cd dong cua n h t i n g co p h i e u do cd t h e dtidc q u y e n bd
phieu.
M o t v a n de r a t q u a n t r o n g c a n de cap k h i p h a t h a n h co
p h i e u tiu t i e n , dd l a t h u e . K h a c v d i c h i p h i l a i v a y dtidc giam
t r t i k h i t i n h t h u e t h u n h a p cdng t y , cd ttic dtidc l a y t t i ldi
n h u a n sau t h u e . D d l a h a n che cua cd p h i e u tiu t i e n . Mac du
vay, n h t i da de cap, cd p h i e u tiu t i e n v a n cd n h t i n g tiu diem
dd'i v d i ca cdng t y p h a t h a n h v a ca n h a d a u t t i .
K h i nao cac h a n g p h a t h a n h v a t h u h d i cd phieu? De tra
l d i c a u h d i n a y c a n x e m x e t n h t i n g k h i a c a n h sau:
Cac h a n g t h t i d n g c d g a n g c a n b a n g gitia nd va v d h chu so 1
h t i u de g i t i v t i n g k h a n a n g t h a n h t o a n , cung cd u y t i n t a i
c h i n h . K h i t y le n d d mtic t h a p , ne'u c a n v d h t h i cac cdng ty
t h t i d n g c h o n each p h a t h a n h t r a i p h i e u ttic l a t a n g nd (ma
k h d n g t a n g v d h b a n g p h a t h a n h cd p h i e u ) . N e i i t y le nd d
mtic cao, cdng t y p h a i t r a n h viec t a n g t h e m t y le nd va chon
each p h a t h a n h cd p h i e u .
T u y n h i e n , t h i i c te cac cdng t y k h d n g q u a n t a m nhieu
den viec g i t i m o t mtic c a n b a n g c h i n h xac. Viec dieu chinh
v d h c h u sd h t i u v a cac k h o a n n d t h t i d n g n g a u h t i n g va theo
k i e u l i n h h o a t " t u y cd ting bien".
Sti p h a n ting trtidc cac b i e n ddng ciia t h i t r t i d n g chting
k h o a n la m d t y e u to' d a n g c h u y .
M d t sd' n h a p h a n t i c h t a i c h i n h d o a n h n g h i e p da dtia ra
n h t i n g n h a n x e t n h t i sau:
P h a n l d n cac cd p h i e u dtidc p h a t h a n h b d s u n g sau k h i
t h i gia cd p h i e u ctia d o a n h n g h i e p dd t a n g t r e n t h i t r t i d n g
chting khoan.
70

G i a cd p h i e u t a n g l e n la m o t d a u h i e u co n h i e u cd h o i
d a u tu m d r o n g vao n h i i n g d\i a n co t r i e n vong t r o n g doanh
1
nghiep.
T u y n h i e n , n g t i d i t a c h t i a l y g i a i dtidc mot each t t i d n g t a n
t a i sao t r e n t h t i c te cac cdng t y t h t i d n g ltia chon viec p h a t
h a n h cd p h i e u sau k h i co sti t a n g gia cd p h i e u . M o t sd n g u y e n
n h a n cd t h e l a n h i i n g y e u to' sau day:
. D o d d i h d i c a n b a n g t y le nd ( n h t i n d i t r e n )
. D o t y le P/E ( P r i c e - E a r n i n g s Ratio) d mtic cao, ttic la t h i
gia cd p h i e u t a n g m a n h h d n tdc dd t a n g cua t y suat l d i n h u a n
rdng.
• D o y e u t d ' t a m l y cua cdng c h u n g va cac n h a d a u t t i t r e n
t h i trtidng.
N g o a i r a , vd'n c h u sd h t i u cua d o a n h n g h i e p cd t h e dtidc
b d s u n g t t i p h a n c h e n h lech d a n h gia l a i t a i san cd d j n h ,
c h e n h lech t y gia.
3.2.2. Nd vd cdc phtidng thiic huy dong nd cua

doanh nghiep
D e b d s u n g vd'n cho q u a t r i n h san x u a t - k i n h doanh,

d o a n h n g h i e p cd t h e sti d u n g n d t t i cac n g u d n : T i n d u n g n g a n
h a n g ; t i n d u n g t h t i d n g m a i v a v a y t h d n g qua p h a t h a n h t r a i
phieu.
3.2.2.1. Nguon vdh tin dung ngan hdng vd tin dung

thtidng mai
Cd t h e n d i r a n g vd'n v a y n g a n h a n g la m d t t r o n g n h t i n g
n g u d n v d h q u a n t r o n g nha't, k h d n g c h i dd'i v d i s i i p h a t t r i e n
cua b a n t h a n cac d o a n h n g h i e p m a cdn dd'i v d i t o a n bd n e n
71

k i n h te quoc dan. Su" hoat dong v a p h a t t r i e n cua cac doanh
n g h i e p deu g a n l i e n v d i cac dich v u t a i c h i n h do cac ngan
h a n g t h t i d n g m a i cung cap, t r o n g do co viec c u n g u n g cac
nguon von.
K h o n g m o t d o a n h nghiep nao k h o n g v a y v o n n g a n hang
hoac k h o n g sti d u n g t i n d u n g t h t i d n g m a i n e u d o a n h nghiep
do m u o n t o n t a i v t i n g chac t r e n t h t i d n g t r t i d n g . T r o n g qua
t r i n h h o a t dong, cac d o a n h n g h i e p t h t i d n g v a y n g a n hang de
d a m bao n g u o n t a i c h i n h cho cac h o a t dong san x u a t - kinh
doanh, dac b i e t la d a m bao co d u v d h cho cac d t i a n md rdng
hoac d a u t t i c h i e u sau cua d o a n h nghiep.
V e m a t t h d i h a n , v d h v a y n g a n h a n g cd the dtidc phan
l o a i theo t h d i h a n vay, bao gdm: vay ddi han (thtidng t i n h t i i
3 n a m t r d l e n ; cd n d i t i n h t t i 5 n a m t r d len), vay trung han
( t t i 1 n a m den 3 n a m ) v a vay ngan han (dtidi 1 n a m ) . Tieu
c h u a n v a q u a n n i e m ve t h d i g i a n de p h a n loai t r o n g thiic te
k h d n g gidng n h a u gitia cac ntidc v a cd t h e khac n h a u gitia cac
ngan hang thtidng mai.
T u y theo t i n h chat v a muc dich sti dung, n g a n h a n g cung
cd t h e p h a n l o a i cho v a y t h a n h cac l o a i n h t i : Cho v a y dau t u
t a i san cd' d j n h , cho v a y dau t t i t a i san l t i u ddng, cho vay de
thtic h i e n d i i a n . C u n g cd n h t i n g each p h a n chia khac nhU:
Cho v a y theo n g a n h k i n h te, theo l i n h vtic phuc v u hoac theo
h i n h thtic bao d a m t i e n v a y .
N g u d n v d h t i n d u n g n g a n h a n g cd n h i e u tiu diem, n h t i n g
n g u d n v d h n a y cung cd n h t i n g h a n che n h a t d j n h . D d la cac
h a n che ve dieu k i e n t i n d u n g , k i e m soat cua n g a n h a n g va
c h i p h i sti d u n g v d h (lai suat).
72

Dieu kien tin dung: Cac doanh nghiep m u o n vay t a i cac
n g a n h a n g t h t i d n g m a i can dap ting dtidc n h u n g y e u cau d a m
bao a n t o a n t i n d u n g cua n g a n h a n g . D o a n h nghiep p h a i
x u a t t r i n h ho sd v a y v d n v a n h t i n g t h d n g t i n can t h i e t m a
n g a n h a n g y e u cau. Trtidc t i e n , n g a n h a n g p h a i p h a n t i c h hd
sd x i n v a y v d h , d a n h gia cac t h d n g t i n l i e n q u a n den d t i a n
d a u t t i hoac ke hoach san x u a t - k i n h doanh cua doanh
nghiep vay vdh.
Cdc dieu kien bao dam tien vay: K h i doanh n g h i e p x i n
v a y v d h , n d i c h u n g cac n g a n h a n g t h t i d n g y e u cau doanh
n g h i e p d i v a y p h a i cd cac bao d a m t i e n vay, p h d b i e n n h a t la
t a i san t h e chap. Viec y e u c a u n g t i d i v a y cd t a i san t h e chap
t r o n g n h i e u t r t i d n g hdp l a m cho b e n d i v a y k h d n g t h e dap
ting dtidc cac dieu k i e n v a y , k e ca n h t i n g t h u tuc p h a p l y ve
g i a y t d v.v... do dd, d o a n h n g h i e p can t i n h den y e u to n a y k h i
tiep can ngudn vdh t i n dung n g a n hang.
Sti kiem soat cua ngan hang: M d t k h i doanh n g h i e p v a y
v d n n g a n h a n g t h i d o a n h n g h i e p c u n g p h a i c h i u sti k i e m soat
cua n g a n h a n g ve muc d i c h v a t i n h h i n h sti d u n g v d n v a y .
N d i c h u n g , su k i e m soat n a y k h d n g gay k h d k h a n cho doanh
n g h i e p , t u y n h i e n , t r o n g m o t sd t r t i d n g hdp, d i e u dd c u n g l a m
cho d o a n h n g h i e p cd c a m giac b i " k i e m soat".
Ldi suat vay vdn: L a i s u a t v a y v d n p h a n a n h c h i p h i sti
d u n g v d h . L a i suat v d n v a y n g a n h a n g p h u thudc vao t i n h
h i n h t i n dung tren t h i trtidng trong tting thdi ky. Neu lai
s u a t v a y q u a cao t h i d o a n h n g h i e p p h a i g a n h c h i u c h i p h i sti
d u n g v d h l d n va l a m g i a m t h u n h a p cua doanh nghiep. Cd
n h t i n g t h d i k y d ntidc t a , l a i suat vay vd'n k h a cao v a t h i e u
t i n h c a n h t r a n h do dd k h d n g tao dieu k i e n cho cac cac doanh
n g h i e p d a u t t i m d r o n g s a n x u a t - k i n h doanh.
73

Cac d o a n h n g h i e p c u n g t h i i d n g k h a i thac n g u d n v d n t i n
d u n g t h i i d n g m a i ( c o m m e r c i a l c r e d i t ) h a y cdn goi l a t i n dung
cua n g t i d i c u n g ca'p (suppliers' c r e d i t ) . N g u o n v d h n a y h i n h
t h a n h m d t each t i i n h i e n t r o n g q u a n he m u a b a n c h i u , mua
b a n t r a c h a m h a y t r a gdp. N g u d n v d h t i n d u n g t h i i d n g m a i cd
a n h h t i d n g h e t stic to l d n k h d n g c h i v d i cac d o a n h n g h i e p ma
ca d d i v d i t o a n bd n e n k i n h te. T r o n g m d t so d o a n h nghiep,
n g u d n v d h t i n d u n g t h t i d n g m a i d t i d i d a n g cdc khoan phdi trd
(Accounts payable) cd t h e c h i e m t d i 2 0 % t d n g n g u d n vdh,
t h a m c h i cd t h e c h i e m t d i 40% t d n g n g u d n v d h .
Dd'i v d i d o a n h n g h i e p , t a i t r d b a n g n g u d n vd'n t i n dung
t h t i d n g m a i l a m o t p h t i d n g t h t i c t a i t r d re, t i e n d u n g v a l i n h
h o a t t r o n g k i n h doanh; h d n n t i a , n d cdn tao k h a n a n g md
r d n g cac q u a n he hdp tac k i n h d o a n h m o t each l a u b e n . Cac
d i e u k i e n r a n g budc cu t h e cd t h e dtidc a n d i n h k h i h a i ben
k y hdp ddng m u a b a n h a y h d p ddng k i n h t e n d i c h u n g . T u y
n h i e n , c a n n h d n t h a y t i n h c h a t r u i ro cua q u a n h e t i n dung
t h t i d n g m a i k h i q u y m d t a i t r d qua l d n .
C h i p h i cua viec sti d u n g cac n g u d n v d h t i n d u n g the
h i e n q u a l a i s u a t cua k h o a n v a y , dd l a c h i p h i l a i v a y , se dtidc
t i n h vao gia t h a n h s a n p h a m h a y d i c h v u . K h i m u a b a n h a n g
hoa t r a c h a m , c h i p h i n a y cd t h e "an" dtidi h i n h t h t i c t h a y ddi
mtic gia, t u y t h u o c q u a n he v a t h o a t h u a n cu t h e gitia cac
ben. T r o n g x u h t i d n g h i e n n a y d V i e t N a m c u n g n h t i t r e n the
gidi, cac h i n h t h t i c t i n d u n g n g a y cang dtidc da d a n g hoa va
l i n h h o a t h d n , v d i t i n h c h a t c a n h t r a n h h d n ; do dd cac doanh
n g h i e p c u n g cd n h i e u cd h d i de ltia c h o n n g u d n v d h t a i t r d cho
hoat ddng cua d o a n h n g h i e p .

3.2.2.2. Phat hanh trai phieu cong ty
T r a i p h i e u l a m o t t e n c h u n g ciia cac g i a y v a y n d d a i h a n
v a t r u n g h a n , bao g d m : Trai phieu Chinh phu (government
bond) v a trai phieu cdng ty (corporate bond). T r a i p h i e u cdn
diidc goi la t r a i k h o a n . T r o n g p h a n nay, c h i i n g t a c h i x e m xet
t r a i p h i e u cdng t y t r e n m d t so'khia c a n h cd b a n .
Mdt t r o n g n h i i n g v a n de can x e m x e t trtidc k h i p h a t
h a n h l a l t i a c h o n l o a i t r a i p h i e u nao p h u hdp n h a t v d i dieu
k i e n c u t h e cua d o a n h n g h i e p v a t i n h h i n h t r e n t h i t r t i d n g t a i
chinh.
Viec l t i a c h o n t r a i p h i e u t h i c h hdp l a r a t q u a n t r o n g v i cd
l i e n q u a n den c h i p h i t r a l a i , each t h t i c t r a l a i , k h a n a n g l t i u
h a n h v a t i n h h a p d a n cua t r a i p h i e u . Trtidc k h i quyet d j n h
p h a t h a n h , c a n h i e u r d dac d i e m v a tiu nhtidc d i e m cua m d i
l o a i t r a i p h i e u . T r e n t h j t r t i d n g t a i c h i n h d n h i e u ntidc, h i e n
nay thtidng ltiu h a n h n h i i n g loai t r a i phieu doanh nghiep
n h t i sau:
a. Trai phieu co lai suat co d j n h
L o a i t r a i p h i e u n a y t h t i d n g dtidc s i i d u n g n h i e u n h a t , ttic
la p h d b i e n n h a t t r o n g cac l o a i t r a i p h i e u d o a n h n g h i e p . L a i
s u a t dtidc g h i n g a y t r e n m a t t r a i p h i e u v a k h d n g t h a y ddi
t r o n g sud't k y h a n cua n d . N h t i v a y ca d o a n h n g h i e p (ngtidi d i
vay) v a n g t i d i g i t i t r a i p h i e u (ngtidi cho v a y ) deu b i e t r d mtic
l a i s u a t cua k h o a n n d t r o n g sud't t h d i g i a n t o n t a i ( k y han)
cua t r a i p h i e u . Viec t h a n h t o a n l a i t r a i p h i e u c u n g t h t i d n g
dtidc q u y d j n h r d , v i d u t r a 2 l d n t r o n g n a m vao n g a y 30/6 v a
31/12.
D e h u y ddng vd'n t r e n t h i t r t i d n g b a n g t r a i p h i e u , p h a i
75

t i n h den muc do h a p d a n cua t r a i p h i e u . T i n h h a p d a n phu
thuoc vao n h i i n g y e u t d sau:
- Ldi suat cua trai phieu: Dtidng nhien, ngtidi dau tii
m u d n dtidc h t i d n g mtic l a i suat cao n h t i n g d o a n h n g h i e p phat
h a n h p h a i c a n n h a c l a i suat cd t h e chap n h a n dtidc ddi vdi
t r a i p h i e u cua ho, c h t i k h d n g t h e t r a t h a t cao cho n h a dau tii.
L a i s u a t cua t r a i p h i e u p h a i dtidc d a t t r o n g t t i d n g quan
so s a n h v d i l a i s u a t t r e n t h i t r t i d n g v d n , dac b i e t l a p h a i tinh
den sti c a n h t r a n h v d i t r a i p h i e u cua cac cdng t y khac va trai
p h i e u C h i n h p h u . G i a sti t r a i p h i e u k h o bac N h a ntidc k y han
5 n a m cd l a i s u a t 7,0%/nam, t r a i p h i e u t r u n g b i n h cua mdt sd
cdng t y k h a c c i i n g k y h a n : 8,0%/nam; k h i dd de p h a t hanh
t h a n h cdng t r a i p h i e u , c d n q u y d j n h l a i suat t r a i p h i e u sao
cho cd t h e c a n h t r a n h dtidc v d i mtic l a i suat dd. T u y nhien,
m o t r a n g budc k h a c la c h i p h i l a i v a y m a cdng t y p h a i t r a cho
cac t r a i c h u . N e u dtia t h e m cac y e u to k h u y e n k h i c h vao t r a i
p h i e u t h i cd t h e k h d n g c a n n a n g cao mtic l a i suat.
- Ky han cua trai phieu: D a y l a y e u t d r a t q u a n trong
k h d n g n h t i n g d d i v d i cdng t y p h a t h a n h m a ca ddi v d i nha
d a u t t i . K h i p h a t h a n h , d o a n h n g h i e p p h a i c a n cti vao t i n h
h i n h t h i t r t i d n g v d h v a t a m l y d a n c t i m d i cd t h e xac d i n h ky
h a n hdp l y . V i d u , t r o n g t h a n g 9 / 2 0 0 1 , N g a n h a n g D a u t t i va
P h a t t r i e n V i e t N a m p h a t h a n h cac l o a i t r a i p h i e u v d danh
v a g h i d a n h v d i k y h a n 5 n a m v a 7 n a m . L o a i t r a i phieu
5 n a m b a n dtidc v d i sd Itidng r a t l d n n h t i n g l o a i t r a i phieu
7 n a m t h i k h d n g h a p d a n cdng c h t i n g .
- Uy tin cua doanh nghiep: K h d n g p h a i doanh n g h i e p nao
c u n g cd t h e t h u h u t dtidc cdng c h u n g m u a t r a i p h i e u v i nha
76

clau t i i p h a i d a n h gia u y t i n ciia doanh n g h i e p t h i m d i quyet
d i n h m u a h a y k h o n g m u a . Cac d o a n h n g h i e p cd u y t i n va
v u n g m a n h t h i de d a n g h d n t r o n g viec p h a t h a n h t r a i p h i e u
r a cdng c h u n g de h u y ddng v d n .
T r o n g viec p h a t h a n h t r a i p h i e u , c u n g can c h u y den
m e n h gia v i n d cd t h e l i e n q u a n den she m u a cua d a n c h u n g .
Dac biet, d V i e t N a m k h i p h a t h a n h t r a i p h i e u , d o a n h n g h i e p
c d n xac d i n h m d t m i i c m e n h gia v i i a p h a i de n h i e u n g i i d i cd
t h e m u a diidc, tao s i i l i i u t h d n g de d a n g cho t r a i p h i e u t r e n
thi triidng.
b. Trai phieu co lai suat thay doi

T u y goi l a l a i s u a t t h a y ddi n h i i n g t h i i c r a l o a i n a y cd l a i
suat p h u t h u d c vao m d t sd' n g u d n l a i suat q u a n t r o n g khac.
C h a n g h a n , l a i s u a t L I B O R ( L o n d o n I n t e r b a n k O f f e r e d Rate)
hoac l a i s u a t cd b a n ( P r i m e Rate).
K h i nao n e n p h a t h a n h l o a i t r a i p h i e u t h a ndi? T r o n g
d i e u k i e n cd m i i c l a m p h a t k h a cao va l a i suat t h i t r i i d n g
k h d n g d n d j n h , d o a n h n g h i e p cd t h e k h a i thac t i n h l i u v i e t
ciia l o a i t r a i p h i e u n a y . Do cac b i e n ddng ciia l a m p h a t keo
theo s i i giao dong ciia l a i suat t h i i c , cac n h a d a u t i i m o n g
m u d n diidc h i i d n g m o t l a i s u a t t h o a d a n g k h i so s a n h v d i t i n h
h i n h t h i t r i i d n g . V i v a y , m d t sd' n g i i d i i i a t h i c h t r a i p h i e u t h a
n d i . T u y n h i e n , l o a i t r a i p h i e u n a y cd m d t v a i nhiidc d i e m :
D o a n h n g h i e p k h d n g t h e b i e t chac c h a n ve c h i p h i l a i v a y
ciia t r a i p h i e u , d i e u n a y gay k h d k h a n m d t p h a n cho viec l a p
ke hoach t a i chinh.
Viec q u a n l y t r a i p h i e u ddi h d i t o n n h i e u t h d i g i a n h d n do
d o a n h n g h i e p p h a i t h d n g bao cac l a n d i e u c h i n h l a i suat.
7?

c. Trai phieu co the thu hoi (callable bond)
M o t so' d o a n h n g h i e p h i a c h o n each p h a t h a n h nhung
t r a i p h i e u cd t h e t h u h d i , the l a d o a n h n g h i e p cd t h e m u a lai
vao m d t t h d i g i a n nao dd. T r a i p h i e u n h t i v a y p h a i dtidc quy
d i n h n g a y k h i p h a t h a n h de n g t i d i m u a t r a i p h i e u dtidc biet.
D o a n h n g h i e p p h a i q u y d j n h r d ve t h d i h a n v a gia ca khi
d o a n h n g h i e p chudc l a i t r a i p h i e u . T h d n g t h t i d n g , ngtidi ta
q u y d j n h t h d i h a n td'i t h i e u m a t r a i p h i e u se k h d n g b i thu
hdi, v i d u t r o n g t h d i g i a n 36 t h a n g .
L o a i t r a i p h i e u cd t h e t h u h d i cd n h t i n g tiu diem sau:
Cd t h e dtidc sti d u n g n h t i m d t each d i e u c h i n h Itidng vdn
sti d u n g . K h i k h d n g c a n t h i e t , d o a n h n g h i e p cd the mua lai
cac t r a i p h i e u , ttic l a g i a m sd'vd'n v a y .
D o a n h n g h i e p cd t h e t h a y n g u d n t a i c h i n h do p h a t hanh
t r a i p h i e u l o a i n a y b a n g m o t n g u d n t a i c h i n h k h a c t h d n g qua
m u a l a i cac t r a i p h i e u dd.
T u y n h i e n , ne'u k h d n g cd n h t i n g h a p d a n nao dd t h i t r a i
p h i e u n a y k h d n g dtidc tia t h i c h .
d. Chting khoan co the chuyen ddi

Cac d o a n h nghiep, dac b i e t l a cac cdng t y M y , thtidng
p h a t h a n h n h t i n g c h t i n g k h o a n k e m theo n h t i n g dieu k i e n co
the c h u y e n ddi dtidc. N d i c h u n g , sti c h u y e n ddi v a l t i a chon
cho p h e p cac b e n (doanh n g h i e p , n g t i d i d a u t t i ) cd the ltia
chpn each t h t i c d a u t t i cd l d i v a t h i c h hdp.
Cd m d t so h i n h t h t i c c h u y e n ddi, d day c h i de cap h a i loai:
Giay bao dam (warrant): N g t i d i sd h t i u g i a y bao d a m cd
t h e m u a m d t so Itidng cd p h i e u t h t i d n g , dtidc q u y d j n h trtidc
vdi gia ca va t h d i g i a n xac d i n h .
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Trai phieu chuyen ddi (convertible bond) la l o a i trai
p h i e u cho p h e p co the c h u y e n ddi t h a n h mot sd Itidng n h a t
d i n h cac cd p h i e u t h t i d n g . N e u t h i gia cua cd p h i e u t a n g l e n
t h i n g t i d i g i i i t r a i p h i e u cd cd m a y n h a n dtidc l d i n h u a n cao.
Cau hoi on tap
1. Vdh ciia doanh nghiep va phtidng thtic huy dong? Lien

he thtic t i e n V i e t N a m .
2. D d i v d i m o t d o a n h n g h i e p , sti d u n g nd c h i co l d i c h t i
k h o n g cd h a i . H a y b i n h l u a n .
3. Dd'i v d i m o t d o a n h n g h i e p , c h i n h sach t a i t r d td'i tiu la
c h i n h sach t a i t r d b a n g vd'n c h u sd h t i u . H a y b i n h l u a n .

Chitting 4
Q U A N LY D A U T U C U A D O A N H NGHIEP
4 . 1 . D a u t i f v a v a i t r o c u a h o a t d o n g d a u tir" do'i v d i
doanh nghiep
4.1.1. Khdi niem
Ddu tii l a h o a t dong c h i i yeu, quyet d j n h sti p h a t t r i e n va

k h a n a n g t a n g t r t i d n g ciia d o a n h n g h i e p . T r o n g h o a t dong
d a u t t i , d o a n h nghiep bd v d n d a i h a n n h a m h i n h t h a n h va bd
sung n h i i n g t a i san can t h i e t de t h t i c h i e n n h i i n g muc tieu
k i n h doanh. H o a t ddng n a y dtidc t h e h i e n t a p t r u n g thdng
qua viec t h t i c h i e n cac d t i a n d a u t t i .
Dti dn ddu tti la m o t t a p hdp cac h o a t ddng k i n h te dac
t h u v d i cac muc t i e u , p h t i d n g p h a p va p h t i d n g t i e n cu the de
dat t d i m o t t r a n g t h a i m o n g m u d n . N d i d u n g cua d t i a n dau
t t i dtidc t h e h i e n t r o n g l u a n c h i i n g k i n h te - k y t h u a t , l a van
b a n p h a n a n h t r u n g thtic, c h i n h xac k e t qua n g h i e n ctiu ve
t h i t r t i d n g , m d i t r t i d n g k i n h te - k y t h u a t v a m d i t r t i d n g phap
ly, ve t i n h h i n h t a i c h i n h v . v . . .
De cd t h e dap ting muc t i e u td'i da hoa gia t r i t a i san cua
c h i i sd h t i u , d o a n h nghiep c a n cd c h i e n Itidc t r o n g viec t i m
k i e m v a l t i a chon cac d i i a n d d u t t i . N e u k h d n g cd n h t i n g y
t t i d n g m d i va dti a n dau t t i m d i , doanh nghiep se khdng the ton
80

t a i v a p h a t t r i e n , dac b i e t la t r o n g m o i t r i i d n g c a n h t r a n h
khoe l i e t h i e n nay. H i i d n g p h a t t r i e n cho n h i i n g san p h a m
m6i, keo dai t u o i t h o cua san p h a m h a y l a m t a n g k h a n a n g
t h u l d i cua san p h a m h i e n co l a n h i i n g v a n de cac n h a q u a n
ly t a i c h i n h l u d n t i m k i e m l d i g i a i dap.
4.1.2. Phan loai ddu tu"
T u y theo cac muc dich k h a c n h a u , cd the p h a n l o a i d a u

tu" ciia d o a n h n g h i e p theo cac t i e u thu'c khac n h a u . Theo cd
cau tdi sdn ddu tu", cd t h e p h a n l o a i d a u tu ciia d o a n h n g h i e p
1
thanh:
Ddu tu" tdi sdn co dinh
D a y l a cac h o a t ddng d a u tu" n h a m m u a sam, c a i tao, m d

r d n g t a i san cd' d j n h ciia d o a n h n g h i e p . D a u tu" t a i san cd'
d j n h t h i i d n g c h i e m t y t r o n g l d n t r o n g t d n g d a u tu" cua d o a n h
nghiep, dac b i e t la cac d o a n h n g h i e p san xua't. L o a i d a u t i i
n a y bao gdm: d a u t i l x a y l a p ; d a u tu" m u a sam m a y mdc t h i e t
b i ; d a u tu" t a i san cd' d j n h khac. Cac t a i san cd d i n h diidc d a u
tu" cd t h e la t a i san cd' d j n h h i i u h i n h hoac t a i san cd d j n h vd
hinh.
Ddu tit tdi sdn ltiu ddng
D a y la k h o a n d a u tu" n h a m h i n h t h a n h cac t a i san l i i u

dong c a n t h i e t de d a m bao cho cac h o a t ddng san x u a t - k i n h
d o a n h ciia d o a n h n g h i e p dtidc t i e n h a n h b i n h t h t i d n g . N h u
cau d a u t t i t a i san l t i u ddng p h u thudc vao dac d i e m ciia h o a t
ddng s a n x u a t - k i n h doanh, vao n h u cau t a n g t r t i d n g ciia
doanh nghiep.
81

Ddu tu" tdi sdn tdi chinh
Cac d o a n h n g h i e p cd t h e d a u tu* vao cac t a i s a n t a i chinh
n h u m u a cd p h i e u , +rai p h i e u , hoac t h a m gia gdp v d n hen
doanh v d i cac d o a n h n g h i e p khac. H o a t ddng t a i c h i n h ngay
cang cd t y t r o n g cao v a m a n g l a i n h i e u l d i i c h cho cac doanh
nghiep.
P h a n l o a i d a u t i l theo cd cau t a i san d a u tu" cd the giiip
cac n h a q u a n l y t a i c h i n h x a y d i l n g m o t k e t cau t a i san thich
hop n h a m da d a n g hoa d a u tu", t a n d u n g dtidc n a n g hie san
x u a t va n a n g liic h o a t dong, ddng t h d i n a n g cao h i e u qua.
hoat ddng d a u t t i .
Can cU theo muc dich ddu til, cd t h e p h a n l o a i dau tU
t h a n h : D a u t t i t a n g n a n g hlc san x u a t ; d a u t t i ddi m d i san
pham; dau t t i ddi m d i thiet b i ; ddu t t i md rdng san xuat kinh
doanh; dau t t i n a n g cao c h a t Itidng s a n p h a m ; d d u t t i md
r d n g t h i t r t i d n g t i e u t h u san p h a m ; v.v... Viec p h a n loai nay
cd the g i u p cho cac n h a q u a n l y t a i c h i n h xac d i n h h t i d n g dau
t t i va k i e m soat dtidc t i n h h i n h d a u t t i theo n h i i n g muc tieu
da ctinh.
4.1.3. Y nghia vd cdc nhan to anh hiidng tdi quyet

dinh ddu tu
4.1.3.1. Y nghla cua quyet dinh ddu tu"
D a u t t i la m o t t r o n g n h t i n g q u y e t d j n h cd y n g h i a chien
Itidc ddi v d i d o a n h n g h i e p . V e m a t t a i c h i n h , day l a quyet
d i n h t a i t r d d a i h a n , cd tac ddng l d n t d i h i e u qua san x u a t -
k i n h doanh cua d o a n h n g h i e p . Dac d i e m cua cac d i i a n dau
t t i la t h t i d n g y e u cau m d t Itidng vd'n l d n v a sti d u n g vd'n t r o n g
mot t h d i g i a n d a i , do dd, cac d i l a n t h t i d n g b i lac h a u n g a y t t i
82

luc co y t u o n g d a u t i i . S a i l a m t r o n g viec dxi t o a n v o n d a u txi
co t h e d a n den t i n h t r a n g l a n g p h i v o h 16n, t h a m c h i gay h a u
qua n g h i e m t r o n g doi v 6 i d o a n h nghiep. V i vay, q u y e t d j n h
d a u tu" cua d o a n h n g h i e p l a q u y e t d i n l i co t i n h c h i e n hide, doi
h o i p h a i diidc p h a n t i c h va can nhac k y h i d n g cac n h a n to
anh hudng.
4.1.3.2. Cdc yeu to anh htidng den quyet dinh dau tti
- Chinh sach kinh te. T r e n cd so' l u a t phap ve k i n h te va

cac c h i n h sach k i n h te, N h a nu"dc tao m o i t r i i d n g v a h a n h
l a n g cho cac d o a n h n g h i e p p h a t t r i e n san x u a t - k i n h doanh
va h i i d n g cac hoat dong ciia d o a n h n g h i e p phuc v u cho c h i e n
hide p h a t t r i e n k i n h te - x a h o i t r o n g m o i t h d i k y . S i i t h a y ddi
t r o n g c h i n h sach p h a t t r i e n k i n h te cua C h i n h p h u cd a n h
h i i d n g r a t l d n den h o a t ddng ciia d o a n h n g h i e p , do dd can d i i
bao diidc n h u n g t h a y d d i t r o n g c h i n h sach k i n h t e v a d a n h
gia diidc n h i i n g a n h h i i d n g ciia y e u td n a y den h o a t dong ciia
d o a n h n g h i e p t r o n g t i i d n g l a i . Dac b i e t , d o a n h n g h i e p c a n
t a n d u n g cac y e u to' k h u y e n k h i c h t r o n g c h i n h sach p h a t
t r i e n k i n h te.
- Thi trtidng vd canh tranh. M u d n ton t a i va phat trien,
san p h a m ciia d o a n h n g h i e p p h a i dap i i n g cac n h u c a u cua
n g i i d i t i e u d u n g . K h d n g n h i i n g the, d o a n h n g h i e p p h a i d i n h
h i i d n g n h u cau cho cac k h a c h h a n g t i e m n a n g dd'i v d i cac san
p h a m h i e n cd v a cac san p h a m m d i . Viec n g h i e n c i i u t h i
t r i i d n g quyet d j n h k h a n a n g t o n t a i va p h a t t r i e n ciia cac san
p h a m , t i i do q u y e t d j n h t d i h i e u qua san x u a t - k i n h doanh
cua d o a n h nghiep. M a t khac, doanh n g h i e p c a n q u a n t a m t d i
k h a n a n g ciia cac d d i t h i i c a n h t r a n h , ciia n h i i n g san p h a m
t h a y t h e cho cac s a n p h a m cua doanh n g h i e p . Cac n g h i e n
83

c u u ve t h i t r i i d n g , ve cac y e i i t d c a n h t r a n h p h a i dtidc luan
g i a i c h i t i e t t r o n g l u a n c h t i n g k i n h te - k y t h u a t .
- Chi phi tdi chinh. S t i t h a y ddi ve l a i s u a t v a c h i n h sach
t h u e se co a n h h t i d n g r a t l d n den k e t c a u v d n v a d t i t o a n vdn
cua d o a n h n g h i e p . N h t i n g y e i i t d n a y c u n g a n h h t i d n g den
h i e u qua hoat dong d a u t t i . Viec d t i bao c h i n h xac sti t h a y ddi
t r o n g c h i n h sach t h u e v a l a i s u a t se cd t h e l a m g i a m r u i ro
cho h o a t ddng d a u t t i .
- Tien bp khoa hoc - ky thudt. Y e u t d n a y se a n h htidng
t d i viec l t i a c h o n cac t r a n g t h i e t b i , p h t i d n g p h a p k h a u hao
t a i san cd' d j n h , c h a t I t i d n g v a gia t h a n h san p h a m , v.v... Viec
sai l a m t r o n g d i l bao t i e n bd k h o a hoc - k y t h u a t cd the anh
h t i d n g den t i n h k h a t h i v a h i e u qua cua d t i a n d a u t t i .
- Khd nang tai chinh cua doanh nghiep. Q u y e t d j n h dau
t t i p h a i dtidc x e m xet t r o n g g i d i h a n ve k h a n a n g h u y dong
vd'n cua d o a n h n g h i e p v a d i l bao cac n h u c a u d a u t t i trong
t t i d n g l a i . Viec bd vd'n t r o n g h i e n t a i se l a m d o a n h nghiep
m a t d i k h a n a n g d a u t t i m d i t r o n g cac t h d i d i e m tiep theo.
D o a n h nghiep c u n g c a n q u a n t a m t d i d i l bao k h a n a n g huy
ddng v d h de dap ting cac n h u cau d d u t t i t r o n g t t i d n g l a i , tU
dd cd sti p h a n t i c h v a h i a c h o n cac p h t i d n g thtic, cac cdng cu
h u y ddng vd'n t h i c h hdp.
4.2. Cac chi tieu phan tich tai chinh duT an dau tti
4.2.1. Chi tieu Gid tri hien tai rdng (NPV)
P h a n t i c h t a i c h i n h m d t d t i a n d a u t t i l a p h a n t i c h can cti
t r e n cac l u o n g t i e n cua d t i a n . S a u k h i t i n h den cac y e u to,
c h u n g t a cd t h e x a y d t i n g dtidc m o t day cac l u o n g t i e n trong
cac n a m cua d t i a n n h t i sau:

Nam 0 1 2 t
Luong tien C 0 C, C 2 C,
D o i v 6 i cac d t i a n t h o n g t h t i d n g , C la c h i p h i d a u t t i b a n
u
dau, con l a i l a l u o n g t i e n r o n g do d t i a n m a n g l a i t r o n g cac

n a m h o a t dong.
T r e n cd sd cac l u o n g t i e n dtidc d t i t i n h , cac c h i t i e u ve t a i
c h i n h dtidc t i n h t o a n l a m cd sd cho viec r a q u y e t d j n h d a u t t i .
Gid tri hien tai rdng. G i a t r i h i e n t a i r d n g l a c h e n h lech
g i i i a gia t r i h i e n t a i cua cac l u o n g t i e n d t i t i n h d t i a n m a n g
l a i t r o n g t h d i g i a n k i n h te cua d t i a n v a gia t r i d d u t t i b a n
dau. Do v a y , c h i t i e u n a y p h a n a n h gia t r i t a n g t h e m (khi
NPV ditdng) hoac g i a m d i (khi NPV am) n e u d t i a n dtidc chap
nhan.
Cdng t h t i c t i n h t o a n G i a t r i h i e n t a i r d n g ( N P V ) n h t i sau:
N P V = Cu + P V
Trong do: N P V l a gia t r i h i e n t a i r d n g
C l a vd'n d a u t t i b a n d a u vao d t i an, do l a k h o a n d a u t t i -
0
luong tien ra nen C mang dau am. 0
P V la gia t r i h i e n t a i cua cac l u o n g t i e n d t i t i n h m a d t i

a n m a n g l a i t r o n g t h d i g i a n h t i u i c h cua nd. P V dtidc t i n h :
c, c c c, c
2 3 5
PV = + + + + + +...
(1+r) (1+r) 2
(1+r) 3
(1 + r)A
(1+r) 5
Trong do: C,, C , C ,..., C la cac luong tien dti tinh dti an
2 3 t
m a n g l a i cac n a m 1, 2, 3,..., t ; r la t y le chiet k h a u p h u hdp

cua d t i a n .
Viec xac d j n h c h i t i e u gia t r i h i e n t a i rdng, n h t i d t r e n da
de cap, l i e n q u a n d e n cac t i n h t o a n sau day:

Dti tinh Itidng tien ddu tti ban ddu, ttic la l u o n g t i e n tai
t h d i diem 0 (bat d a u ciia n a m t h u n h a t C„). C, la luong tien
r a n e n no m a n g d a u a m . C„ bao gom cac k h o a n d a u t t i vao tai
san, tao r a t a i san ciia dxi an. No co t h e dtidi d a n g t i e n san
sang cho d t i a n h o a t dong, tao ra t o n kho, m u a s;\m t a i sanco
d i n h . Do la cac k h o a n c h i t i e u cho d t i a n h o a t dong. Trong
thtic te, nd bao gdm cac k h o a n c h i t a i cac t h d i diem khac
n h a u t r o n g g i a i doan d a u ciia d t i an. De ddn g i a n t r o n g tinh
toan, t a coi dd l a cac k h o a n c h i t a i m o t t h d i d i e m b a n dau.
Dti tinh cdc luong tien trong thdi gian kinh te cua dti an.
D a y l a cac k h o a n t h t i c t h u b a n g t i e n t r o n g cac n a m hoat
ddng cua d t i an. N d dtidc t i n h b a n g d o a n h t h u r d n g t r t i di cac
c h i p h i b a n g t i e n cua t t i n g n a m . Cac k h o a n n a y cd the dUdc
t h u t a i cac t h d i d i e m k h a c n h a u t r o n g n a m , n h t i n g trong tinh
t o a n p h a n t i c h , n g t i d i t a t h t i d n g gia d j n h cac l u o n g t i e n d i l n
r a vao t h d i d i e m cudi n a m .
Dti tinh ty le chiet khau. R a t k h d de xac d j n h mdt ty le
chiet k h a u h o a n t o a n c h i n h xac. T y le chiet k h a u la chi phi cd
h d i cua viec d a u t t i vao d t i a n m a k h d n g d a u t t i t r e n thi
t r t i d n g v d h . T y le n a y t h t i d n g dtidc t i n h b a n g t y le t h u nhap
cua cac t a i san t a i c h i n h t t i d n g dtidng. D d la t y le t h u nhap
m a n h a d a u t t i m o n g ddi k h i d a u t t i vao d t i an.
G i a t r i h i e n t a i r d n g la c h i t i e u cd b a n dtidc sti dung
t r o n g p h a n t i c h d t i a n d a u t t i . M o t sd' n h a p h a n t i c h t a i chinh
cho day l a c h i t i e u c h i n h td't n h a t giup cho viec ra cac quyet
djnh dau t t i .
Y nghia cua chi tieu: N P V p h a n a n h k e t qua ld, l a i cua
dti a n theo gia t r i h i e n t a i ( t a i t h d i diem 0) sau k h i da t i n h
den y e u td' c h i p h i cd h d i cua v d h dau t t i . N P V dudng cd nghia
la d t i a n cd l a i . N P V = 0 c h t i n g td dti an c h i dat mtic trang
86

t r a i d i i c h i p h i vdn. D i l a n co N P V a m la d i l a n b i 16.
Nguyen tdc sti dung chi tieu. C a n cti vao y n g h i a ciia c h i
t i e u N P V , t a t h a y quy tac r a t ddn g i a n "chap n h a n dti a n co
N P V d i l d n g va l d n n h a t (neu co n h i e u h d n mot d i l a n p h t i d n g
a n cd N P V dildng)".
T u y n h i e n , viec s i i d u n g c h i t i e u n a y c u n g cd n h t i n g rui
ro nhat dinh. D d la do t i n cay cua cac dti doan dtia r a nhu
tren.
T r o n g p h a n t i c h t a i c h i n h d t i a n dau t t i , n g t i d i t a con sti
d u n g m o t so" cac c h i t i e u khac, v i d u n h t i t y le h o a n v d h n d i
bd (IRR), t h d i g i a n t h u h d i v d h dau t t i .
4.2.2. Chi tieu Ty le hodn vd'n noi bo (IRR)
N g o a i m d i q u a n t a m den k e t qua t u y e t ddi cua viec chap

n h a n d t i an, cac c h u d a u t t i cdn cd the q u a n t a m den t y le t h u
n h a p b i n h q u a n cac n a m t r e n v d h d d u t t i . C h i t i e u n a y cho
phep cd the so s a n h t r i i c t i e p v d i c h i p h i cua v d h dau t t i vao
dti an. D d c h i n h la t y le h o a n v d h n d i bd.
Ty IS hodn vd'n ndi bp la t y le chiet k h a u m a t a i dd gia t r i
h i e n t a i r d n g ctia d t i a n b a n g 0.
D d i v d i m o t k h o a n d a u t t i m o t k y (nam), t y le h o a n vd'n
n d i bd dtidc t i n h b a n g viec g i a i p h t i d n g t r i n h sau:
NPV = C + —?J— = 0
0
1+IRR
Dd'i v d i d t i a n d a u t t i cd t h d i g i a n la T n a m , cdng thtic
tren trd thanh:
NPV = C,,+ ' +- °* - + ... + ^L_- = 0

C
1 + IRR (l + IRR) 2
(1 IRR)
+
T
87

T u d n g t U nhu" c h i t i e u N P V , c h i t i e u n a y h e n q u a n den
viec dxi t i n h cac l u o n g t i e n m a dxi a n se tao r a t r o n g t h d i gian
t h u c h i e n . D o n g t h d i , t a p h a i co m o t t y le chiet k h a u (thu
nhap) m o n g ddi de so s a n h k h i r a q u y e t d j n h d a u tu".
Y nghia cua chi tieu: I R R p h a n a n h k h a n a n g sinh ldi
cua dxi an, c h i i a t i n h den c h i p h i cd h d i cua v d n d a u tu". Tuc
la, n e u nhu" chiet k h a u cac l u o n g t i e n theo I R R , P V se bang
d a u t i i b a n d a u C . H a y n d i each khac, n e u c h i p h i v d h bang
0
IRR, d i i a n se k h d n g tao t h e m diidc gia t r i h a y k h d n g cd lai.

Nguyen tac sit dung chi tieu vd ra quyet dinh. Txi phan
t i c h t r e n , t a de d a n g n h a n t h a y r a n g , n e u I R R l d n hdn chi
p h i v d h (ty le chiet k h a u cua d i i an) t h i t h i i c h i e n d i i an.
T r o n g t r i i d n g hdp n a y cd t h e n d i , d i i a n cd l a i , t i i d n g diidng
vdi gia t r i h i e n t a i r d n g d i i d n g .
T r o n g viec t i n h t o a n I R R c a n l i i u y , k h d n g can p h a i can
cd vao t y le c h i e t k h a u d i i t i n h . D i e u dd k h d n g cd nghia la ty
le c h i e t k h a u l a k h d n g q u a n t r o n g . Nhu" t r e n da de cap, mot
k h i I R R diidc t i n h t o a n , t i e u c h u a n de so sanh la t y le chiet
k h a u ciia d i i a n .
M d t so l i i u y k h i s i i d u n g I R R p h a n t i c h d i i an:
C u n g n h i i N P V , s i i c h i n h xac ciia c h i t i e u p h u thudc vao
sii c h i n h xac ciia cac d i i t i n h ve l u o n g t i e n .
IRR la m o t c h i t i e u m a n g t i n h t i i d n g ddi, tuc la nd chi
p h a n a n h t y le h o a n v d h n d i bd cua d i i a n la bao n h i e u chu
k h d n g c u n g cap q u y m d cua sd' l a i (hay ld) ciia d i i a n tinh
bang tien.
K h i d i i a n diidc lap t r o n g n h i e u n a m , viec t i n h t o a n chi
t i e u la r a t phhc t a p . Dac biet loai d i i a n cd cac l u o n g tien
r d n g vao r a x e n ke n a m nay qua n a m khac, k e t qua t i n h toan

co t h e cho n h i e u I R R k h a c n h a u gay kho k h a n cho viec r a
quyet d j n h .
Ra quyet dinh ddu tti doi vdi cdc dti dn loai trie nhau
H a i d t i a n l o a i t r t i n h a u l a h a i d t i a n ma doanh nghiep
c h i co t h e c h o n m o t . K h a c v d i h a i d t i a n doc lap la h a i du! a n
m a d o a n h n g h i e p co t h e c h o n ca h a i k h i co l d i . T r o n g mot so'
t r t i d n g hdp, k h i cd 2 d t i a n l o a i t r t i n h a u . sti d u n g h a i c h i t i e u
N P V v a I R R l a i m a n g den k e t qua t r a i ngtidc n h a u .
V i du: Cd h a i d t i a n l o a i t r t i A va B cd l u o n g t i e n n h t i
sau:
Bang 4.1. Luong tien cua 2 d u an
Nam 0 1 2 3 4
Diran A -350 50 100 150 200
Duan B -250 125 100 75 50
C a u t r a l d i cho viec h i a c h o n d t i a n nao se p h u thudc vao

chi t i e u ltia chon v a t y le t h u n h a p y e u cau t t i d t i an.
Dtia vao chi tieu IRR, d i i a n B se dtidc l i i a chon do t h o a
m a n dieu k i e n I R R l d n h d n t y le t h u n h a p y e u cau.
T u y n h i e n , khi dtia vao NPV, se cd cac each ltia chon
khac n h a u n e u v d i cac t y le chiet k h a u k h a c n h a u . V i du, n e u
t y le chiet k h a u l a 10%, d i i a n B dtidc l t i a chon v i N P V l d n
hdn. N h t i n g n e u t y le c h i e t k h a u l a 6%, d t i a n A se dtidc ltia
chon v i cd N P V l d n h d n . T r o n g t r t i d n g hdp nay, n e u xet theo
I R R t h i d a u t t i d t i a n B cd l d i hdn, n h t i n g xet theo muc t i e u
cua q u a n l y t a i c h i n h , d i i a n A m a n g l a i n h i e u gia t r i h d n cho
c h u sd h t i u .
89

V a y l a m t h e nao m a t a b i e t dildc t r o n g t r i i d n g hdp nao
t h i l i i a chon d i l a n B , hoac t r i i d n g hdp nao t h i h i a c h p n d i l an
A? C a u t r a l d i dtidc m i n h hoa d do t h i dtidi day.
K h i mo t a d i l d n g N P V ciia ca 2 d t i a n t r e n m d t do t h i , 2
dildng n a y cat n h a u t a i m o t d i e m , n e u n h t i t y le chiet khau
sii d u n g l d n h d n t y le chiet k h a u t a i d i e m do t h i t a chpn dti
a n B, cdn n e u n h t i t y le chiet k h a u s i i d u n g n h d h d n t y le
chiet k h a u t a i d i e m cat t h i t a c h p n d t i a n A .
T y le chiet k h a u t a i d i e m cat cd t h e dtidc t i n h b a n g IRR
cua d t i a n t r u n g g i a n ( A + B ) - ttic l a t d n g cua cac l u o n g tien
ctia 2 dti a n cdng l a i de r a d t i a n m d i .
Hinh 4.1. Gia trj hien tai rdng (NPV) cua 2 duan
NPV Nam 0 1 2 3 4
Duan A: -350 50 100 150 200
Duan B: -250 125 100 75 50
-60
i—r I I I I
0 2% 6% 10% 14% 18% 22% 26% Ty le chiet khau
IRR A IRR B
90

4.2.3. Chi tieu Thdi gian hodn von
Vd'n d a u t u dtidc t h u h d i n h a n h n h t i t h e nao, t r o n g v o n g

bao n h i e u n a m c u n g l a m d i q u a n t a m cua cac n h a diu t t i . B d i
le, cac n h a d a u t t i deu m u o h t h u h d i v d h n h a n h , v d i cac c h i
t i e u k h a c n h t i n h a u , t h d i g i a n h o a n v d h cang n g a n t h i r t i i ro
cua viec t h u h d i v d h c a n g t h a p .
Thdi gian thu hoi von l a t h d i g i a n m a t d n g cac l u o n g t i e n
t h u dtidc t U d t i a n b a n g t d n g v d h diu t t i b a n dau.
Vi du, ve s i i d u n g c h i t i e u t h d i g i a n h o a n v d h :
X e m x6t m o t d t i a n cd d a u t t i b a n d a u l a 50.000 dv. Cac
l u o n g t i e n t t i d n g i i n g l a 30.000 dv, 20.000 dv v a 10.000 dv
sau 3 n a m d i u t i e n . N g t i d i t a cd t h e v i e t r a sd' h e u ve d t i a n
n a y n h t i sau:
[-50.000, 30.000, 20.000, 10.000]
D a u t r t i b i e u h i e n m o t l u o n g t i e n r a cua d t i a n . Da'u p h a y
n g a n each c h i r a l u o n g t i e n dtidc n h a n vao n h i i n g t h d i d i e m
khac nhau.
D o a n h n g h i e p n h a n dtidc 30.000 dv t r o n g n a m t h t i nha't
v a 20.000 dv t r o n g n a m t h t i h a i , l u o n g t i e n l u y k e h a i n a m
d a u b a n g d u n g d a u t t i b a n diu, 50.000 dv. D i e u n a y cd n g h i a
la d o a n h n g h i e p da t r a n g t r a i dtidc h e t c h i p h i d a u t t i cua nd
t r o n g 2 n a m . T r t i d n g h d p n a y t h d i g i a n t h u h d i vd'n l a 2 n a m .
Cac n h a d a u t t i d e u mud'n cd t h d i g i a n t h u h d i vd'n d a u t t i
n g a n . T r o n g m o t sd' d t i a n , d o a n h n g h i e p g i d i h a n so' n a m t h u
h d i vd'n cho phep. V i d u , v d i d t i a n A c h i dtidc chap n h a n n e u
t h d i g i a n t h u h d i vd'n k h d n g v t i d t qua 2 n a m .
N g u y e n tac sti d u n g c h i t i e u t h d i g i a n t h u h d i vd'n: C h a p
n h a n d t i a n cd t h d i g i a n t h u h d i vd'n n g a n h d n t r o n g t h d i g i a n
cho p h e p .
I t

Cac v a n de n a y s i n h ddi v d i t h d i g i a n t h u h d i v d h :
Trong tinh todn khdng tinh den gid tri thdi gian cua tien.
Khdng quan tam den cdc luong tien sau thai gian thu hoi
vdn.
Khdng cd tieu chuan ro rang deltia chon.
M o t so" n h a p h a n t i c h d a u tu* cdn sti d u n g m o t chi tieu
t h d i g i a n h o a n v d h sau k h i da t i n h d e n y e u to' t h d i g i a n cua
cac luong t i e n . C h i t i e u n a y dtidc goi l a t h d i g i a n t h u hdi vdn
cd t i n h chiet k h a u . T h t i c c h a t day la viec t i n h t o a n t h d i gian
t h u h d i vd'n can cti theo gia t r i h i e n t a i cua cac l u o n g tien.
T u y n h i e n , p h t i d n g p h a p n a y v a n mac p h a i nhtidc diem cd
b a n cua chi t i e u t h d i g i a n h o a n vdh, v i nd k h d n g q u a n tam
den cac l u o n g t i e n sau t h d i g i a n t h u h d i vd'n. V a do v d y cd the
bd qua cac cd h d i d i u t t i td't.
Chi so'khd ndng sinh lai (PI)
C h i t i e u n a y cdn dtidc goi l a t y sd' l d i i c h - c h i p h i , la t y le
gitia gia t r i h i e n t a i cua cac l u o n g t i e n d t i a n m a n g l a i va gia
t r i cua dau t U b a n dau. C h i t i e u n a y p h a n a n h 1 ddn v i dau
t U se m a n g l a i bao n h i e u ddn v i gia t r i . N e u P I l d n h d n 1 co
n g h i a la, d t i a n m a n g l a i gia t r i cao h d n c h i p h i v a k h i dd co
the chap n h a n dtidc.
Xfu diem cua chi tieu
Chi tieu nay cd q u a n he c h a t che v d i c h i t i e u NPV,
thUdng cung dUa t d i m o t q u y e t d j n h .
De h i e u v a de d i e n dat.
T u y n h i e n , do c h i t i e u c h i dUa l a i s d ' t t i d n g ddi n e n k h d sti
d u n g t r o n g m d t so trUdng hdp, v i d u n h t i l t i a c h o n h a i dti a n
loai t r t i nhau.

4 . 3 . X a c d i n h l u o n g t i e n c u a du* a n d a u tu*
T r o n g p h a n trtidc c h u n g t a da de cap den cac c h i t i e u r a

cac q u y e t d i n h d a u tu . T r o n g p h a n nay, cac c h i t i e t ve l u o n g
1
t i e n se dtidc x e m xet. Cac so' l i e u se dtidc p h a n t i c h , m d xe de

cd t h e r a dtidc cac quyet d i n h ve d a u t t i mdt each p h u hdp.
4.3.1. Cdc luong tien cua die dn
Tac d d n g cua viec chap n h a n m d t dti a n la t h a y ddi l u o n g

t i e n cua d o a n h n g h i e p h i e n t a i v a t t i d n g l a i . De d a n h gia mot
l u a n c h t i n g k i n h te - k y t h u a t , t a p h a i x e m xet n h t i n g t h a y
ddi ve l u o n g t i e n cua d o a n h n g h i e p de x e m xet l i e u d t i a n cd
m a n g l a i t h e m gia t r i cho d o a n h n g h i e p hay k h d n g . Btidc d d u
t i e n v a q u a n t r o n g nha't l a x e m x e t l i e u l u o n g t i e n t i n h t o a n
cd p h i i hdp h a y k h d n g .
4.3.1.1. Luong tien phii hop

M d t luong t i e n p h u hdp la mot sii thay ddi trong tdng
l u o n g t i e n t r o n g t t i d n g l a i cua d o a n h n g h i e p m a dtidc coi la
h a u q u a t r i i c t i e p ctia viec t h t i c h i e n d i i an. B d i v i l u o n g t i e n
p h i i hdp dtidc d i n h n g h i a l a sie thay doi hay Id chenh lech vdi
ludng tien cua doanh nghiep, nen nd con dtidc goi Id luong
tien chenh lech ttidng ting ciia dti dn.
K h a i n i e m ve l u d n g t i e n c h e n h lech l a t r u n g t a m cua
p h a n t i c h ve d t i an, do v a y c h u n g t a can d j n h n g h i a l a i k h a i
n i e m n a y . L u d n g t i e n c h e n h lech t r o n g d a n h gia dxi a n l a b a t
cti sti t h a y d d i nao t r o n g l u d n g t i e n cua d o a n h n g h i e p t r o n g
t t i d n g l a i m a dtidc coi l a h a u qua t r i i c t i e p cua viec t h t i c h i e n
d t i an.
T t i k h a i n i e m nay, t a cd t h e tha'y, cac l u d n g t i e n m a sti
t o n t a i cua n d k h d n g l i e n q u a n den viec thtic h i e n h a y k h d n g
t h t i c h i e n d i i a n t h i k h d n g t h e coi la l u d n g t i e n c h e n h lech.
93

T r o n g thUc te, viec t i n h t o a n , so s a n h l u o n g t i e n k h i co
va k h o n g co d t i a n la r a t phtic tap, dac b i e t doi v d i nhung
doanh nghiep l d n . T u y n h i e n , r a t m a y l a viec t i n h t o a n do
k h o n g p h a i l a bao gid c u n g can t h i e t . M o t k h i c h u n g t a xac
d i n h tac dong ciia mot d t i a n de n g h i d d i v d i l u d n g t i e n cua
doanh nghiep, c h u n g t a c h i c a n t a p t r u n g vao l u d n g tien
c h e n h lech l a k e t qua c i i a d t i an. N g u y e n l y n a y dtidc goi la
n g u y e n l y t i n h doc lap.
N g u y e n l y t i n h doc l a p cho r a n g m o t k h i c h i i n g t a da xac
d i n h l u d n g t i e n c h e n h lech k h i t h t i c h i e n d t i a n , c h i i n g ta co
the n h i n n h a n d t i a n do n h t i l a m o t d o a n h nghiep nhd vdi
doanh t h u , c h i p h i , t a i san v a t a t n h i e n l a cac l u d n g t i e n ciia
nd. K h i dd c h u n g t a se x e m xet, so s a n h cac l u d n g t i e n ciia
doanh nghiep n a y v d i c h i p h i d a u t t i ciia n d . K e t qua quan
t r o n g ciia p h t i d n g p h a p n a y l a d a n h gia d t i a n ddn t h u a n vdi
cac gia t r i ddc l a p v d i h o a t dong k h a c hoac d t i a n khac.
T r e n day c h i i n g t a da de cap den l u d n g t i e n chenh lech
do d t i a n m a n g l a i . P h a n t i e p theo, c h i i n g t a se x e m xet mot
sd l u d n g t i e n dac t h u .
Chi phi chim (Sunk costs)
C h i p h i c h i m dtidc d i n h n g h i a l a c h i p h i da t r a hay da
p h a t s i n h p h a i t r a . L o a i c h i p h i n a y k h d n g c h i u a n h htidng
b d i quyet d i n h h i e n t a i l a chap n h a n h a y k h d n g chap nhan
dti a n . N d i each khac, d o a n h n g h i e p p h a i t r a c h i p h i nay ma
k h d n g p h u thudc vao viec cd chap n h a n d t i a n h a y khdng.
Theo d j n h n g h i a ve l u d n g t i e n c h e n h lech, ro r a n g c h i p h i
n a y k h d n g p h u hdp cho viec r a quyet d j n h . Do vay, chung ta
se khdng tinh den trong phan tich cua minh.
94

4.3.1.2. Chi phi cd hoi
K h i de cap den c h i p h i , c h u n g t a t h i i d n g n g h i l a cac

k h o a n t i e n da t r a h a y l a cac k h o a n t h a n h t o a n . T u y n h i e n ,
k h a i n i e m ve c h i p h i cd h d i t h i khac. Chi phi cd hoi diidc dinh
nghia la cd hoi thu nhdp bi bo qua do chap nhan dii dn nay
ma khdng chap nhan dii dn khac.
Vi du, d o a n h n g h i e p co m o t d y a n san x u a t giay t h e
t h a o . T r o n g d i i a n do, d o a n h n g h i e p co t h e sii d u n g m o t n h a
x i i d n g h i e n d o a n h n g h i e p d a n g bd k h d n g . N h a x i i d n g n a y
diidc m u a each day v a i n a m v d i gia l a 50.000 dv. Viec d i i a
n h a x i i d n g vao d i i a n r d r a n g la k h d n g t r i i c t i e p l a m t a n g
l u d n g t i e n d a u t u ciia d o a n h n g h i e p . V a y cd t h e x e m gia t r i
n h a x u d n g n a y k h d n g p h a i l a l u d n g t i e n p h u hdp? C a u t r a l d i
la k h d n g . V i n h a x u d n g v a n cd gia t r i dd'i v d i d o a n h n g h i e p .
H a y c h i i n g t a coi 50.000 dv gia m u a cu la l u d n g t i e n p h u
hdp? C a u t r a l d i c u n g l a k h d n g , v i so' t i e n da bd r a l a c h i p h i
c h i m . L u d n g t i e n p h u hdp l a g i a b a n cua n h a x u d n g h i e n t a i
ne'u d o a n h n g h i e p d e m b a n (sau k h i t r i i d i cac c h i p h i l i e n
quan).
4.3.1.3. Tdc dong phu
L U u y r a n g l u d n g t i e n c h e n h lech ciia m d t d i i a n bao gdm

t a t ca cac t h a y ddi l u d n g t i e n cua doanh n g h i e p dtidc gay r a
b d i viec t h t i c h i e n d t i a n . T r o n g n h i e u t r t i d n g hdp, viec chap
n h a n d t i a n cd the gay r a n h i i n g tac ddng p h u , k e ca td't va
x a u dd'i v d i l u d n g t i e n cua doanh nghiep.
Vi du, viec d o a n h n g h i e p chap n h a n m o t d t i a n san xua't
s a n p h a m m d i cd t h e l a m g i a m l u d n g t i e n t i i d o a n h t h u h i e n
t a i do k h a c h h a n g c h u y e n sang m u a m a t h a n g m d i cd c u n g
95

cong dung. T r o n g t r i i d n g hdp nay, l u o n g t i e n cua d i i a n mdi
can t i n h den sti sut g i a m cua l u o n g t i e n b a n san p h a m hien
t a i nay.
4.3.1.4. Vdn liiu dong rong
T h o n g t h i i d n g , m o t d i i a n y e u cau p h a i d a u tu" vao vdn

l i i u dong r o n g b e n c a n h d a u tu" vao t a i san cd' d j n h . V i du nhii
d a u tu" vao t i e n de dap ting n h u cau c h i t r a , d a u tu" vao ton
k h o b a n d a u can t h i e t de b a t d d u san x u a t v a d d u tu" vao cac
k h o a n p h a i t h u t r o n g luc b a n h a n g c h i i a t h u dtidc. Liidng
d d u t t i n a y diidc t a i t r d b d i cac k h o a n nd n g a n h a n , do vay
k e t qua l a d o a n h n g h i e p c h i p h a i d a u tu" vao p h a n v o h ltiu
ddng r o n g . T r o n g t i n h t o a n d i i an, d a u tu" vao v d h l t i u dong
r d n g diidc coi l a d a u tu" b a n dau, l i i d n g d a u tu" n a y se dtidc
t h u hdi k h i dti a n ket thtic.
4.3.1.5. Chi phi tdi trd
T r o n g p h a n t i c h l u a n c h t i n g k i n h te - k y t h u a t , ngtidi ta
k h d n g q u a n t a m den c h i p h i t a i t r d n h t i l a i v a y h a y cd ttic tra
trtidc. B d i le c h u n g t a q u a n t a m den l u d n g t i e n do t a i san cua
d i i a n tao r a . T r o n g k h i dd, cac c h i p h i t a i t r d n h t i l a i vay lai
thudc l u d n g t i e n t r a cho c h u nd, k h d n g p h a i l u d n g t i e n t t i tai
san (hay cho t a i san).
H d n n t i a , muc t i e u cua p h a n t i c h d t i a n l a so s a n h gia t r i
cac l u d n g t i e n d i i a n m a n g l a i v d i c h i p h i d a u t t i de t i n h ra
gia t r i h i e n t a i r d n g . M d i q u a n he g i t i a n d v a v d h ciia c h i i la
v a n de thudc q u a n l y v a nd q u y e t d j n h sti p h a n chia ludng
t i e n gitia c h t i sd h t i u va c h t i nd.

4.3.2. Cdc bdo cdo tdi chinh dti todn vd phtidng
phdp xdc dinh luong tien cua dti dn
Trildc t i e n , de d a n h gia mot l u a n c h i i n g k i n h te - k y

t h u a t , n h a p h a n t i c h p h a i bat dau v d i cac bao cao t a i c h i n h
ke hoach (hay d u toan). T d do, co the t i n h t o a n l u o n g t i e n
cua du' a n de t r e n cd sd do, s i i d u n g cac c h i t i e u de danh gia
du" an.
4.3.2.1. Cdc bdo cdo tdi chinh dti todn

Cac bao cao t a i c h i n h d i l t o a n la p h i i d n g t i e n t h u a n l d i va
de h i e u de torn t a t cac t h d n g t i n p h i i hdp ve d i i an. De cd
diidc cac bao cao nay, c d n cd cac t h d n g t i n nhu" d i i t i n h ve san
l i i d n g ban, gia b a n ddn v i , c h i p h i b i e n ddi ddn v i , t d n g c h i
p h i cd' d i n h , t d n g d a u tu" c d n t h i e t (bao gdm ca dau tu" vao vd'n
l i i u ddng rdng). T h cac t h d n g t i n nay, t a cd t h e lap diidc Bao
cao t h u n h a p d i i t o a n v a Bao cao d i i t o a n v d h d a u tu". V d i h a i
bao cao nay, t a cd t h e t i n h diidc l u d n g t i e n ciia d i i an.
4.3.2.2. Ludng tien cua dti dn

Nhu" da de cap d p h a n triidc, l u d n g t i e n cua d i i a n gdm 3
bd p h a n : l u d n g t i e n t h h o a t ddng k i n h doanh (OCF), c h i t i e u
vd'n va t h a y ddi vd'n l i i u ddng r d n g . Nhu" vay:
Luong tien tu* Thay ddi vd'n Chi tieu

Ludng tien ,. , , ,
= hoat dong kinh + luu dong rong + von cua
cua di/an , ' . ' » . - % '^ •
doanh cua du"an cua duan dil an
Trong do:
Ludng tien td hoat Ldi nhuan Khau

ddng kinh doanh sau thue hao

4.3.2.3. Cdc phtidng phdp tinh todn luong tien tti hoat
dong kinh doanh
Co cac p h i l d n g p h a p khac n h a u t r o n g viec xac d i n h luong
t i e n tu" h o a t dong k i n h doanh, song c u n g m a n g l a i m o t ket
qua gidng n h a u .
Gia s i i c h u n g t a cd cac sd' l i e u sau day:
Doanh t h u = 1.500 dv
Chi phi = 700 dv
K h a u hao = 600 dv
V d i cac sd' l i e u nay, t i n h t o a n l d i n h u a n trildc t h u e va lai

vay:
EBIT = Doanh thu - Chi phi - Khau hao
= 1 . 5 0 0 - 7 0 0 - 6 0 0 = 200 dv
G i a sd d o a n h n g h i e p k h d n g cd c h i p h i l a i vay, t h u e suat
T la 34%, v a y t h u e p h a i t r a l a :
Thue = Loi nhuan trirdc thue (EBIT) * T
= 200 x 0,34 = 68 dv
T i n h t o a n l u d n g t i e n h o a t ddng (OCF):
OCF = Ldi nhuan sau thue + Khau hao
= (200 - 68) + 600 = 7 3 2 dv
X e m xet cac p h i l d n g p h a p sau:
a. Phi/dng phap h i d i / d i len

V i d i l a n bd qua c h i p h i l a i v a y k h i t i n h O C F , t a cd the
t i n h l d i n h u a n r d n g ciia d i l a n nhu" sau:
Ldi nhuan rong cua d i i an = EBIT-Thue
= 2 0 0 - 6 8 = 132 dv
98

X u a t p h a t tu sd dtidi c u n g - l d i n h u a n rdng, cdng v d i
1
k h a u hao, t a dtidc l u d n g t i e n t t i h o a t ddng k i n h doanh O C F :

OCF = Ldi nhuan rong + Khau hao
= 132 + 600 = 732 dv
P h t i d n g p h a p v t i a t i n h dtidc goi l a p h t i d n g p h a p t t i
dtidi l e n ( B o t t o m - u p approach).
b. Phtidng phap t t i tren x u o n g

P h t i d n g p h a p t t i t r e n x u d n g (Top-down approach) xuat
p h a t t t i d o a n h t h u de t i n h t o a n l u d n g t i e n t t i hoat dong k i n h
doanh cua d\i a n . T i n h t o a n n h t i sau:
OCF = Doanh thu - Chi phi - Thue
= 1.500 - 700 - 68 = 732 dv
c. Phtidng phap tiet kiem nhd thue

Cdng t h t i c t i n h O C F theo p h t i d n g p h a p t i e t k i e m n h d
t h u e n h t i sau:
O C F = (Doanh thu - Chi phi) x (1 - T) + Khau hao x T
= (1.500 - 700) x 0,66 + 600 x 0,34
= 528 + 204 = 732 dv
Cdng t h t i c t r e n cd 2 p h a n : Phan thii nhat la ludng tien t t i
h o a t ddng k i n h d o a n h cua d t i a n n e u n h t i k h d n g cd k h a u hao.
T r o n g v i d u t r e n , p h a n n a y l a 528 dv; Phan thii hai l a c h i p h i
k h a u hao n h a n (x) v d i t h u e suat. P h a n n a y dtidc goi l a t i e t
k i e m n h d t h u e do k h a u hao b d i le c h i p h i k h a u hao la c h i p h i
k h d n g x u a t quy, viec t i n h c h i p h i k h a u hao cd tac d u n g l a m
g i a m t h u e p h a i nop v a do v a y l a m t a n g l u d n g t i e n t t i h o a t
ddng k i n h d o a n h ctia d t i a n .
99

4.3.3. Mot so trtidng hap ddc biet
Sau day la mot sd' t r t i d n g hdp ap d u n g p h t i d n g phap

p h a n t i c h l u o n g t i e n chiet k h a u de r a cac q u y e t d j n h :
4.3.3.1. Danh gid de dn giam chi phi
Trong thtic te, chung ta thtidng gap phai cac tinh hudng
p h a i r a q u y e t d i n h t h a y t h e hoac n a n g cap t h i e t b i de giam
c h i p h i s a n x u a t k i n h doanh. V a n de d day la l i e u chi phi
g i a m dtidc co d t i l d n de t r a n g t r a i c h i t i e u v d n dau t t i hay
k h d n g . De l a m r d v a n de nay, cd t h e n g h i e n ctiu v i d u sau:
M o t d o a n h nghiep d a n g x e m x e t t i i ddng hoa mdt sd' bo
p h a n de g i a m c h i p h i san x u a t . T h i e t b i can d d u t t i cd gia
80.000 dv. T h i e t b i n a y se gitip g i a m c h i p h i san xua't (trtidc
t h u e ) h a n g n a m la 22.000dv do tie't k i e m dtidc n g u y e n vat
l i e u v a lao ddng. T h i e t b i cd t h e sti d u n g dtidc 5 n a m , doanh
n g h i e p sti d u n g p h t i d n g p h a p k h a u hao t u y e n t i n h het gia t r i
t a i s a n t r o n g 5 n a m (mac d t i d t i t i n h t h i e t b i se b a n dtidc
20.000 dv vao c u d i n a m t h t i 5). T h u e sud't doanh nghiep la
34%, t y le t h u n h a p y e u cau l a 10%.
Viec d a u t i e n l a c h t i n g t a c a n xac d j n h cac l u d n g t i e n phu
hdp:
- Thti nhat: L u d n g t i e n c h i t i e u vd'n d a u t t i dtidc xac djnh
la 80.000 dv. G i a t r i t h u h d i sau t h u e la 20.000 x (1 - 0,34) =
13.200 dv do da k h a u hao h e t gia t h i e t b i .
- Thii hai: K h d n g cd n h u cau t a n g vd'n l t i u ddng r d n g hen
quan.
- Thti ba: T i n h t o a n l u d n g t i e n t t i h o a t ddng k i n h doanh
OCF:
100

Chi phi tiet kiem tntdc thue hang nam 22.000 dv
Khau hao hang nam la 80.000/5 = 16.000 dv
N h t i v a y , E B I T h a n g n a m se t a n g 22.000 - 16.000 =
6.000 dv. D d n g t h d i , t h u e c u n g t a n g do E B I T t a n g la 6.000 x
0,34 = 2.040 dv h a n g n a m .
Theo n h t i n g t h o n g t i n v t i a r d i , ta co the t i n h dtidc O C F
hang nam:
O C F = Ldi nhuan sau thue + Khau hao
= (6.000 - 2.040) + 16.000 = 19.960 dv
N h U v a y l u o n g t i e n h a n g n a m tu" hoat dong k i n h doanh
cua dU a n l a 19.960 dv.
T a c u n g co t h e t i n h dtidc l u d n g t i e n v t i a r d i b a n g each
sau: C h i p h i t i e t k i e m t r t i d c t h u e la 22.000 dv, v i no l a m t a n g
l d i n h u a n n e n t a p h a i nop t h u e cho p h a n t a n g n a y . N h t i vay,
c h i p h i t i e t k i e m dtidc sau t h u e l a 22.000 x (1 - 34%) = 14.520
dv. C h i p h i k h a u hao l a 16.000 dv, song k h o n g p h a i l a c h i p h i
b a n g t i e n n e n l a m g i a m t h u e 16.000 x 34% = 5.440 dv.
N h t i v a y t d n g l u d n g t i e n h o a t dong b a n g 14.520 dv +
5.440 dv = 19.960 dv.
T a cd t h e k e t t h u c b a n g viec p h a n t i c h cac l u d n g t i e n v t i a
t i n h dtidc.
Bang 4.2. Cac luong tien cua d u an
" "— .Nam 0 1 2 3 4 5
LT tu" hoat dong OCF 19.960 19.960 19.960 19.960 19.960

Chi tieu von -80.000 13.200
T6ng luong tien -80.000 19.960 19.960 19.960 19.960 33.160
101

V d i t y le chiet k h a u la 10%, N P V = 3.860 dv. Nhu" vay
doanh n g h i e p n e n d a u tu" vao t h i e t b i .
4.3.3.2. Dat gid thdu
P h a n t i c h l u o n g t i e n chiet k h a u co t h e su" d u n g trong

t r t i d n g hdp dat gia t h a u t h a p n h a t de cd t h e t h a n g t h a u ma
doanh n g h i e p k h o n g b i 16.
Vi du: D o a n h n g h i e p d a n g co m o t d d n h a n g chao t h a u 20
xe t a i , m d i n a m 5 xe t r o n g v o n g 4 n a m . D d n h a n g yeu cau
d o a n h n g h i e p p h a i m u a xe t a i m d i v a t h a y ddi mot so' thiet ke
theo y e u c a u cua k h a c h h a n g . G i a m u a m o t xe la 10.000 dv,
d o a n h n g h i e p p h a i t h u e m a t b a n g n h a xtidng 24.000 dv/nam.
C h i p h i n g u y e n v a t l i e u v a lao dong de l a m mot xe dti t i n h la
4.000 dv. N g o a i r a , doanh nghiep cdn p h a i m u a sam thiet bi
phuc v u san x u a t gia 60.000 dv. T h i e t b i n a y dtidc k h a u hao
deu h e t t r o n g v d n g 4 n a m . T u y n h i e n , gia t r i t h u hdi cua
t h i e t b i d t i t i n h l a 5.000 dv vao cudi n a m t h t i 4. Thue suat
d o a n h n g h i e p l a 39% v a doanh nghiep y e u cau t y le t h u nhap
20% t r e n k h o a n d a u t t i . D a u t t i b a n dau vao vd'n l t i u dong
r d n g l a 40.000 dv.
N h t i v a y t a cd:
Tong chi p h i hang n a m la:
24.000 dv + 5 x (10.000 dv + 4.000 dv) = 94.000 dv
C h i t i e u vd'n l a : 60.000 dv
Gia t r i t h u h d i sau t h u e la: 5.000 dv x (1 - 39%) = 3.050 dv.
- D a u t t i vao vd'n l t i u ddng rdng: 40.000 dv.
Sap xep cac y e u to' t r e n vao b a n g t a cd dtidc b a n g sau
day:

Bang 4.3. Cac chi tieu cua d u an
0 1 2 3 4
LT tir hoat dong OCF +OCF +OCF +OCF +OCF
Thay ddi VLOR -40.000 dv 40.000 dv
Chi tieu von -60.000 dv 3.050 dv
Tdng luong tien -100.000 dv +OCF +OCF +OCF + CF+43.050
L t i u y la, muc gia t h a p n h a t d o a n h nghiep cd t h e chap

n h a n l a gia l a m cho N P V = 0. T a i muc gia dd, d t i a n m a n g l a i
t h u n h a p c h i n h xac b a n g 20% n h t i y e u cau. G i a i p h t i d n g
t r i n h N P V = 0 t a i t y le c h i e t k h a u 20% t a dtidc: O C F =
30.609 dv.
T a da biet, theo p h t i d n g p h a p t t i dtidi l e n , O C F = T N R +
K h a u hao; k h a u hao = 15.000 dv, do v a y T N R = 15.609 dv.
T t i T N R ta t i n h ra doanh t h u , v i :
D o a n h t h u - C h i p h i - K h a u hao - T h u e (39%) = T N R
D o a n h t h u = 134.589 dv
G i a b a n m d t xe l a 134.589/5 = 26.918 dv.
4.3.3.3. Ltia chon thiet bi co thdi gian sti dung khac

nhau
T r o n g d a n h gia l t i a c h o n de m u a sam t h i e t b i , muc t i e u
l t i a c h o n t h i e t b i cd c h i p h i t h a p n h a t . D d i v d i cac t h i e t b i cd
t h d i g i a n sti d u n g k h a c n h a u , cd the d t i n g phtidng p h a p c h i
p h i q u y d d i h a n g n a m de so sanh.
V i d u : de t h t i c h i e n m d t chtic n a n g t r o n g day c h u y e n san
H i

x u a t , doanh nghiep co the h i a chon m o t t r o n g h a i p h u tung
sau:
P h u t u n g A co gia m u a l a 100 dv, c h i p h i v a n h a n h het
10 d v / n a m va cd t h e d u n g dtidc 2 n a m .
P h u t u n g B cd gia m u a la 140 dv, c h i p h i v a n h a n h la 8
d v / n a m v a p h a i t h a y t h e sau 3 n a m sti d u n g
Bd qua t h u e , t y le t h u n h a p y e u cau l a 10%, doanh
nghiep n e n c h o n p h u t u n g nao?
Trtidc h e t t a t i n h gia t r i h i e n t a i cua c h i p h i ca 2 phu
tung:
P V = -100 - 10/1,1 - 1 0 / 1 , l = -117,36 dv
A
2
P V = -140 - 8/1,1 - 8 / 1 , l - 8 / 1 , l
B
2 3
= -159,89 dv
N e u t i n h t d n g c h i p h i theo gia h i e n t a i t h i p h u t u n g B cd
cho p h i cao hdn, t u y n h i e n k h d n g t h e can cti vao c h i t i e u nay
de r a quyet d j n h v i , p h u t u n g B dtidc d t i n g cho 3 n a m trong
k h i p h u t t i n g A c h i d u n g dtidc 2 n a m . Cach d u y n h a t de co
the so s a n h dtidc l a quy ve c h i p h i b i n h q u a n q u y ddi hang
n a m (EAC). Thtic chat la quy ve t a i san t t i d n g dtidng cd cung
gia t r i h i e n t a i n h t i n g cd l u d n g n i e n k i m deu cac n a m .
Cac t i n h t o a n cho k e t qua sau:
E A C = - 67,62 dv
A
E A C = - 64,29 dv
B
N h t i vay, d o a n h nghiep n e n c h o n m u a p h u t u n g B .
4.4. P h a n t i c h v a d a n h g i a d t i a n
T r o n g p h a n trtidc, c h u n g t a da x e m xet l a m t h e nao de

dti t i n h dtidc l u d n g t i e n p h u hdp, t r e n cd sd dd, t i n h t o a n chi
104

t i e u gia t r i h i e n t a i r o n g N P V va cac c h i t i e u khac. T r o n g
c h t i d n g nay, c h u n g t a se cti sau p h a n t i c h t i n h t i n cay cua cac
d i i t i n h do.
4.4.1. Ddnh gid dti tinh ve NPV
N h i i da de cap, m o t d t i a n co N P V dildng la d i l a n co t h u
n h a p l d n h d n c h i p h i . T r o n g t n i d n g hdp do, d i l a n dtidc coi la
tao r a gia t r i cho c h u sd h i i u . V a n de v d i viec xac d i n h cd h o i
la t r o n g h a u h e t cac t r t i d n g hdp, c h u n g t a k h o n g q u a n sat
dtidc gia t r i t h i t r t i d n g m a p h a i d t i t i n h c h u n g . V a n de dat ra
la l a m t h e nao de d t i t i n h dtidc sat n h a t v d i gia t r i thtic.
4.4.1.1. Vdn deed bdn

G i a sti c h u n g t a da l a m r a t t d t cac biidc t r o n g xac d i n h
l u d n g t i e n p h u hdp, da l o a i t r t i c h i p h i c h i m , c h i p h i t a i t r d ,
v a t i n h den cac y e u t d k h a c n h t i c h i p h i cd h o i , dau t t i vao
v d n l t i u ddng r d n g c u n g n h t i t i n h den cac l d i cd the mac p h a i
t r o n g t i n h t o a n . T r e n cd sd dd, c h t i n g t a t i n h r a chi t i e u N P V
dtidng. N h t i vay, da d u de r a q u y e t d j n h chtia? Cau t r a l d i la
chiia, v i N P V dtidng da l a mdt dau h i e u t d t , n h t i n g de r a cac
q u y e t d j n h d a u t t i , c h u n g t a cdn x e m xet v a n de mot each k y
Itidng h d n .
Cd t h e cd 2 t i n h h u d n g d a n den N P V dtidng. Thti nhat,
dti a n t h t i c sti m a n g l a i N P V dtidng. TM hai, d t i a n cd N P V
d t i d n g b d i cac d t i t i n h sai. T t i d n g t t i n h t i v a y ddi v d i d i i a n cd
N P V a m , ne'u k h d n g x e m xet k y Itidng, cd t h e d o a n h n g h i e p
b d Id m a t cd h d i d a u t t i .
4.4.1.2. Rui ro trong dti tinh

So l i e u cd b a n de t i n h t o a n l u d n g t i e n chiet k h a u (DCF)

la cac d t i t m h ve l u o n g t i e n t r o n g t i i d n g l a i . N e u cac d i i tinh
k h o n g d a n g t i n cay, c h u n g t a gap p h a i v a n de G1GO - chat
Itidng ddu vao vd nghia t h i quyet d j n h d a u r a c u n g k h o n g co
y n g h i a g i . T r o n g t r i i d n g hdp do, cac t i n h t o a n c a n cu vao cac
d i i t i n h t r d n e n vo n g h i a v a d a n t d i n h i i n g quyet d j n h sai
lam.
Xac s u a t r a quyet d j n h k h d n g d i i n g v i n h i i n g sai sot
t r o n g l u o n g t i e n d i i t i n h goi la "Rui ro dti tinh". V i r u i ro dii
t i n h , m d t so' d i i a n t h i i c r a cd N P V a m t r o n g k h i k e t qua tinh
t o a n l a i cho sd' diidng. D i e u dd x a y r a ne'u cac n h a p h a n tich
qua lac q u a n t r o n g d i i t i n h cac l u d n g t i e n da k h d n g p h a n anh
h e t diidc k h a n a n g t r o n g t i i d n g l a i .
Nhu vay, c h u n g t a da de cap den r i i i ro d i i t i n h h a y kha
1
n a n g x a y r a cac sai sot t r o n g d i i t i n h , v a muc t i e u cua chtidng

n a y la t i m h i e u ap d u n g m o t sd' cdng c u de h a n che cac r u i ro
dd qua viec xac d j n h v a d a n h gia cac tac ddng cua c h i i n g .
4.4.1.3. Nguon gdc cua gid tri

G i a t r i m o t d t i a n dtidc ddng gdp t t i r a t n h i e u y e u td' khac
n h a u . V i d u v d i m d t d t i a n p h a t t r i e n san p h a m mdi, gia t r i
ciia nd dtidc tao r a b d i g i a i quyet cac v a n de sau: L i e u san
p h a m cd td't h d n san p h a m c i i n g l o a i ciia dd'i t h u c a n h tranh?
L i e u cd the san x u a t v d i c h i p h i t h a p hdn? P h a n p h d i hieu
qua hdn? Xac d j n h dtidc d t i n g n h u c d u dac b i e t ciia t h j
trtidng? K i e m soat h a y t h u y e t phuc dtidc t h i trtidng?
M o t v a n de q u a n t a m la t i n h c a n h t r a n h cua t h i trtidng.
N g u y e n l y cd b a n la, t r o n g m d t t h i t r t i d n g cd t i n h c a n h t r a n h
cao, r a t h i e m cd n h t i n g d t i a n d a u t t i cd N P V dtidng. Viec de
d a n g t i m t h a y n h t i n g d i i a n cd N P V dtidng c h t i n g t d mdt
t r o n g h a i k h a n a n g . Thii nhat, da t i m dtidc H n h vtic i t canh
t r a n h . T r o n g t r t i d n g hdp n a y n e n m a n h d a n d a u t t i . Thd hai

la cac t f n h t o a n ciia c h i i n g t a c h i i a hdp l y , chiia t h i i c te. H a i
k h a n a n g n a y t h i i d n g gap d cac t h i t r i i d n g chiia p h a t t r i e n .
4.4.2. Phan tich tinh hudng vd cdc phan tich khdc
P h i i d n g p h a p cd b a n de d a n h gia cac d i i t i n h ve l u o n g
t i e n v a N P V l i e n q u a n den cau h o i " D i e u g i se xay r a neu...?"
- hay p h a n t i c h n h a n - qua. M u c t i e u cua viec ap dung
p h i i d n g p h a p n a y la n h a m d a n h gia mhc do r u i ro d i i t i n h doi
v 6 i cac y e u to' dildc coi la t r o n g y e u doi v d i sii t h a n h cong h a y
t h a t b a i cua d i i an.
4.4.2.1. Tinh hudng cd sd

De b a t d a u p h a n t i c h d i i an, c h u n g t a d i i t i n h N P V can
cu" vao cac l u d n g t i e n da diidc d i i t i n h . Cac l u d n g t i e n d i i t i n h
b a n d a u v a cac gia d j n h de d i i t i n h c h u n g diidc goi la t i n h
h u d n g cd sd (base case). T u y n h i e n , gid day can n h a n bie't cac
k h a n a n g x a y r a cac sai sot l a m sai lech cac t i n h t o a n . V a do
vay, sau k h i h o a n t h a n h t i n h t o a n t i n h h u d n g cd sd, c h u n g t a
t h a y ddi m o t sd gia t h i e t ve cac d i i t i n h t r o n g t i i d n g l a i .
M o t each p h d b i e n de t i e n h a n h p h i i d n g p h a p n a y la dat
cac miic cao h d n v a t h a p h d n cac y e u to' cua d i i an. V i du, d i i
t i n h b a n d a u c i i a c h u n g t a la b a n r a 100 ddn v i , d i i t i n h n a y
cd the cao hoac t h a p h d n k h a n a n g n h i i n g sai so' t d i da la 10
ddn v i , do v a y t a cd t h e d a t r a 2 t r i i d n g hdp: trUdng hdp cao
h d n l a b a n diidc 110 ddn v i va trUdng hdp t h a p h d n la b a n
dUdc 90 ddn v i . TUdng t i i n h U vay, c h u n g ta cd the t h a y ddi
mhc dd'i v d i cac y e u td' k h a c a n h h u d n g den l u d n g t i e n .
K h i l i i a chon cac t r U d n g hdp t h a p h d n va cao hdn, c h u n g
t a k h d n g l o a i t r u het cac trUdng hdp cac y e i i td' cd the t h a p
-
hoac cao h d n mhc dd. T u y n h i e n , trUdng hdp vUdt r a n g o a i

g i d i h a n dd i t cd k h a n a n g x a y ra.
I l l

De m i n h hoa, t a x e m xet v i d u sau: D i i a n cd c h i p h i dau
tu" 200.000 dv, t h d i g i a n 5 n a m , k h a u hao t u y e n t i n h het
x u d n g b a n g 0, k h d n g cd gia t r i t h u h d i . T y le t h u n h a p yeu
c a u l a 12%, t h u e suat 34%. Cd cac t h d n g t i n sau:
Bang 4.4. Cac chi tieu cua d u an trong cac tinh hudng
Tinh hudng Trudng Trudng

Chi tieu
cd sd hdp thap hdp cao
So don vj ban 6.000 5.500 6.500
Gia ban ddn vi 80 dv 75 dv 85 dv
Chi phi bien ddi ddn vi 60 dv 58 dv 62 dv
Chi phi cd dinh nam 50.000 dv 45.000 dv 55.000 dv
V d i cac t h d n g t i n nay, cd t h e t i n h N P V t r o n g t i n h hudng

cd sd b a n g viec t i n h t h u n h a p :
Bang 4.5. Xac d j n h t h u nhap cua d u a n

Don vj: dv
Doanh thu 480.000

Chi phi bien doi 360.000
Chi phi cd dinh 50.000
Khau hao 40.000
EBIT 30.000
Chi tra lai 0
Ldi nhuan trudc thue 30.000
Thue (34%) 10.200
Ldi nhuan rdng 19.800

L u o n g t i e n h o a t dong h a n g n a m b a n g 19.800 + 40.000
= 5 9 . 8 0 0 dv. T a i 12%, n h a n t i i n i e n k i r n 5 n a m la 3.6048, do
vay, N P V t i n h h u d n g cd sd la:
N P V „ = -200.000 + 59.800 x 3.6048 = 15.567 dv
N h i i v a y , t a i t r i i d n g hdp n a y , co the chap n h a n d i i a n d a u

tu .
1
4.4.2.2. Phan tich tinh hudng
H i n h thu'c c h u a n cua p h a n t i c h " n h a n - qua" dUdc goi l a

p h a n t i c h t i n h h u d n g . T r i i d n g hdp n a y c h u n g ta t i m h i e u sii
t h a y ddi cua N P V k h i sd' d d n v i h a n g b a n dat d miic 5.500
t h a y cho 6.000.
K h i t i e n h a n h x e m x e t cac t i n h h u d n g cd the x a y r a , n e u
nhu" t h a y d h a u h e t cac t r i i d n g hdp cd the x a y r a deu cho ke't
qua N P V d i i d n g . V d i k e t q u a dd, cd t h e m a n h d a n t h i i c h i e n
d i i a n . C d n ne'u h a u h e t cac t r U d n g hdp x e m xet cho N P V a m ,
cd t h e t a m ke't l u a n mhc r u i r o d i i t i n h l a cao v a c a n x e m x e t
ky liidng hdn niia triidc k h i ra quyet d j n h .
Cd n h i e u t i n h h u d n g cd t h e diidc x e m xet, t h i i d n g n g i i d i
t a x e m x e t v d i t r U d n g hdp x a u n h a t . T r U d n g hdp n a y cho t a
gia t r i t h a p nha't cd t h e cua N P V v a n e u N P V dUdng la d a u
h i e u td't cho d i i a n . S a u dd cd t h e tie'p tuc x e m xet t h a i ciic
k h a c - t r U d n g hdp td't n h a t . T r U d n g hdp n a y cho t a gia t r i d i i
t i n h N P V cao nha't.
De cd t r U d n g hdp x a u nha't, t a cho cac gia t r i k h d n g cd l d i
n h a t cho cac k h o a n muc. V i d u n h u gia b a n t h a p , c h i p h i cao.
L a m ngUdc l a i v d i t r U d n g hdp t r e n , t a cd t r U d n g hdp td't nha't.
Dd'i v d i v i d u t r e n , cd cac t r U d n g hdp x a u nha't va td't nha't:

Bang 4.6. Phan tich tinh h u o n g
Trudng hdp TrUdng hdp

Chi tieu
xau nha't tdt nha't
So don vi ban 5.500dv 6.500dv
Gia ban don vi 75 dv 85 dv
Chi phi bie'n ddi ddn vj 58 dv 62 dv
Chi phi cd dinh nam 45.000 dv 55.000 dv
V d i cac t h d n g t i n n a y , t a cd t h e t i n h dUdc t h u n h a p rdng

v a l u d n g t i e n cho m d i t r U d n g hdp:
Bang 4.7. Phan tich cac tinh huong cua d u a n
Thu nhap
Tinh hudng Ludng tien NPV IRR
rdng
Cd sd 19.800 dv 59.800 dv 15.567 dv 15,1%
Xau nha't 15.510 dv 24.490 dv - 111.719 dv - 14,4%
Td't nha't 59.730 dv 99.730 dv 159.504 dv 40,9%
T a cd t h e t h a y , t h a m c h i t r o n g t i n h h u d n g x a u nhat,
l u d n g t i e n v a n dUdng v d i 24.490 dv. T u y n h i e n , I R R cd gia t r i
a m v a t a m a t d i h d n n i i a ciia gia t r i d a u t U b a n d a u v d i NPV
= - 111.719 dv. C d n t r U d n g hdp t o t n h a t t h i t y le t h u nhap
dat t d i 4 1 % .
T r U d n g hdp x a u n h a t v a td't n h a t d day c h i i n g t a de cap
c h i cd t i n h chat tUdng ddi v a m a n g t i n h chu. q u a n . Cdn
t r U d n g hdp td't nha't v a x a u n h a t t r e n thUc t e cdn mang
n h i i n g y e u td' k h a c h q u a n n d a . Td't n h a t v a x a u nha't d day

c h i co n g h i a l a t a lidc t i n h m o t loat cac k h a n a n g , k h a n a n g
g a n v d i t i e m n a n g cao n h a t t a goi l a t o t n h a t , con k h a n a n g
g a n v d i g i d i h a n t h a p n h a t t r o n g lidc t i n h t a goi l a x a u n h a t .
N g i i d i t a con g o i t i i d n g h n g cac t r i i d n g hdp n a y la lac q u a n v a
b i q u a n t h a y cho t o t n h a t v a x a u n h a t .
T r o n g p h a n t i c h , co t h e tao r a m o t so" hieing k h o n g h a n
che cac t i n h h u o n g . T u y n h i e n , n g i i d i t a t h i i d n g p h a n t i c h
t h e m cac t r i i d n g hdp t r u n g g i a n g i h a t o t n h a t v a cd sd, giQa
x a u n h a t v a cd sd. Song c u n g c a n xac d j n h gidi h a n cac t i n h
h u d n g p h a n t i c h de t r a n h l a n g p h i t h d i g i a n v a cong she v i
cac t i n h t o a n k h d n g c a n t h i e t .
4.4.2.3. Phan tich tinh nhay cam

P h a n tich t i n h nhay cam (Sensitivity Analysis) la mdt
b i e n t i i d n g cua p h a n t i c h t i n h h u d n g . P h a n t i c h n a y r a t h h u
d u n g t r o n g viec xac d j n h c h i n h xac cac y e u t d m a tac ddng
cua r u i ro d i i t o a n n h i e u n h a t . T r o n g p h a n t i c h n h a y cam,
n g i i d i t a p h a n t i c h s i i t h a y ddi cua N P V k h i cd m d t n h a n t d
t h a y d d i v d i gia d i n h cac n h a n t d k h a c diidc cd d i n h . K h i N P V
r a t n h a y c a m ( t h a y d d i n h i e u ) v d i m o t t h a y ddi n h d cua m o t
y e u t d , t a n d i r u i ro d i i t i n h ddi v d i y e u t d dd l a cao.
P h a n t i c h t i n h n h a y c a m diidc s i i d u n g p h d b i e n t r o n g
p h a n t i c h d i i a n . V i d u , n a m 1998, Cdng t y C u m b e r l a n d cd
m o t d i i a n d a u t i t k h a i t h a c v a n g . D i i a n cd I R R d i i t i n h cao
t d i 18,9% t r o n g t h d i g i a n 10 n a m v a t h d i g i a n t h u h d i v d n l a
2 7 n a m . Cac so' l i e u dd t i n h t o a n t r e n cd sd d i i t i n h gia v a n g
l a 3 2 5 U S D / o u n c e . T u y n h i e n , p h a n t i c h n h a y c a m theo gia
v a n g , k h i gia v a n g x u d n g 300 U S D , I R R cdn 1 5 , 1 % v a k h i gia
v a n g x u d n g 275 U S D , I R R c h i cdn 1 1 , 1 % .
m i

T r d l a i v d i v i d u t r e n k h i x e m x e t n h a y c a m cua N P V v6i
so l i i d n g b a n , t a cd:
Bang 4.8. Phan tich nhay cam theo so' ludng ban
Tinh huong So luong ban Luong tien NPV IRR
Coscf 6.000 59.800 dv 15.567 dv 15,1%
Xau nhat 5.500 53.200 dv - 8.226 dv 10,3%

Tot nhat 6.500 66.400 dv 39.357 dv 19,7%
P h a n t i c h n h a y c a m cua N P V k h i c h i p h i cd' d j n h thay

dd'i, t a cd b a n g sau:
Bang 4.9. Phan tich nhay cam theo chi phi c d djnh
Tinh hudng Chi phi co djnh Luong tien NPV IRR
Cosd 50.000 dv 59.800 dv 15.567 dv 15,1%
Xau nhat 55.000 dv 56.500 dv 3.670 dv 12,7%
Tot nhat 45.000 dv 63.100 dv 27.461 dv 17,4%
T a cd t h e t h a y r a n g , t r o n g cac y e u t d x e m xet, N P V nhay

c a m n h i e u h d n v d i su" t h a y dd'i ciia sd' hieing h a n g ban. Cdn
dd'i v d i s i i t h a y ddi cua c h i p h i cd' d j n h , n g a y t r i i d n g hdp xau
n h a t , d i l a n c u n g cd N P V dildng.
Cd the md t a q u a n he giQa sd' l i i d n g h a n g b a n va NPV
n h i i h i n h sau. L i i u y l a dildng N P V cang dd'c c h i i n g to do
n h a y cam cua N P V ddi v d i bie'n sd'dang x e m xet cang l d n .

Hinh 4.2. Phan tich tinh nhay cam d o i v d i so ludng ban
NPV (ngan dv)
P h a n t i c h t i n h n h a y c a m c h i r d y e u to' cd r u i ro d u t i n h
c l n q u a n t a m n h a t . V i d u t r e n c h i r a r a n g , r u i ro d u t i n h dd'i
v d i y e u to' sd'lUdng h a n g b a n l a cao v a c l n q u a n t a m h d n ca.
4.4.2.4. Phan tich tinh hudng md phong

P h a n t i c h t i n h h u d n g v a p h a n t i c h n h a y c a m l a phUdng

phap dUdc su d u n g p h d b i e n t r o n g p h a n t i c h dU a n . Trong
p h a n t i c h t i n h h u d n g , ngUdi t a t h a y d d i h a n g l o a t cac yeu td
c u n g c h i e u v d i n h i i n g t h a y ddi n h d . Song p h a n t i c h n h a y cam
c h i t h a y d d i m o t y e u t d , n h u n g l a sU t h a y d d i v d i gia t r i ldn
h d n . K e t hdp ca h a i phUdng phap p h a n t i c h t r e n , ta co
phUdng p h a p p h a n t i c h t i n h h u d n g m d p h o n g (Simulation
Analysis).
N e u t h a y d d i t a t ca cac y e u t d c u n g liic, k h d i Itidng tinh
h u d n g c a n t i n h t o a n se r a t l d n , do do c a n cd ho t r d cua may
t i n h . V d i v i d u t r e n , n e u l a y k h o a n g gia t r i so'hang b a n ra t i i
5.500 den 6.500, t r o n g k h o a n g dd, m o i gia t r i deu cd xac suat
x a y r a l a n h t i n h a u . C h t i n g t a chon n g a u n h i e n mot gia t r i ,
sau do n g a u n h i e n chon gia b a n ddn v i , chon c h i p h i bien ddi
d d n v i . . . t r o n g k h o a n g p h a n t i c h . M o t chUdng t r i n h may tinh
se g i t i p n h a p h a n t i c h l a m vide do m o t each d l dang. Viec
t i n h t o a n n a y dtidc lap l a i h a n g n g a n l a n v d i cac k e t hdp gia
t r i cac y e u to k h a c n h a u . T r e n cd sd cac N P V t i n h dtidc, co
t h e sti d u n g cac cdng c u thd'ng k e de p h a n t i c h .
T r o n g thUc te, p h a n t i c h t i n h h u d n g t r e n m a y t i n h it
dtidc sti d u n g t r o n g p h a n t i c h d t i an.
4.4.3. Phan tich hoa von
T h d n g t h t i d n g , khd'i lUdng h a n g b a n l a mot b i e n so' quan

t r o n g t r o n g p h a n t i c h d i i an, do v a y , t h t i d n g dtidc p h a n tich
n h i e u h d n so v d i cac b i e n sd' khac. P h a n t i c h hoa v d n la mot
cdng cu p h d b i e n dUdc d u n g de p h a n t i c h md'i q u a n he gitia so
lUdng h a n g b a n v a l d i n h u a n .
Cd n h i e u c h i t i e u hoa vd'n khac n h a u , v i d u n h u t h d i gian
hoa vd'n h a y c h i t i e u hoa v d h ke t o a n . P h a n n a y se gidi t h i e u
cac c h i t i e u hoa v d h h t i u i c h t r o n g p h a n t i c h dU a n .
I P "

4.4.3.1. Chi phi co'dinh vd chi phi bien ddi
V i e c p h a n chia c h i p h i t h a n h c h i p h i b i e n ctoi v a c h i p h i
co' d j n h r a t q u a n t r o n g t r o n g p h a n t i c h hoa von. C h i p h i dtidc
p h a n c h i a nhu" sau:
Chi phi bien ddi l a l o a i c h i p h i t h a y ddi (gia d i n h v d i
c u n g t y le) k h i san hieing t h a y ddi. C h i p h i n a y b a n g k h d n g
k h i s a n hieing b a n g k h d n g . V i d u nhu" c h i p h i lao ddng t r i i c
t i e p v a n g u y e n v a t l i e u t r i i c t i e p . T r o n g cac p h a n t i c h , n g t i d i
t a gia d j n h c h i p h i b i e n d d i d d n v i l a m o t sd k h d n g d d i t r o n g
q u y m d h d p l y . Md'i q u a n he g i t i a t d n g c h i p h i b i e n ddi (VC),
c h i p h i b i e n d d i ddn v j (V), s a n I t i d n g (Q) dtidc t h e h i e n n h t i
sau:
VC = Q x V
Chi phi cd dinh la loai c h i p h i khdng thay ddi trong k y
san xua't k i n h d o a n h n h a t d i n h . N h t i v d y , l o a i c h i p h i n a y
k h d n g p h u thudc vao sd I t i d n g h a n g hoa, d j c h v u san xua't v a
b a n r a t r o n g k y . V i d u n h t i t i e n t h u e t a i san, Itidng g i a m ddc
doanh nghiep.
Tdng chi phi: T o n g c h i p h i (TC) t a i m d t mtic san Itidng l a
t o n g cua c h i p h i b i e n doi (VC) v a c h i p h i c d d i n h (FC). N h t i
vdy:
TC = V C + FC
C h i t i e u hoa vd'n dUdc sti d u n g p h d b i e n nha't l a hoa v d n
k e t o a n . D i e m hoa vd'n k e t o a n ddn g i a n l a mtic d o a n h t h u
l a m cho t h u n h a p b a n g k h d n g .
Vi du: D o a n h n g h i e p b a n dia CD v d i gia 5 dv/dia. G i a
m u a v a o l a 3 dv/dra. C h i p h i cd d i n h h a n g n a m l a 600 dv,
k h a u hao l a 300 dv. D o a n h n g h i e p can p h a i b a n dtidc bao
n h i e u d i a de hoa v d n , cd n g h i a l a t h u n h d p b a n g 0.

M d i m o t dia ban, t a cd 5 dv - 3 dv = 2 dv d u n g de trang
t r a i c h i p h i cd' d j n h v a k h a u hao (2 dv c h e n h lech giua lai
d o a n h t h u v a c h i p h i bie'n dd'i ddn v i goi l a l a i gop). Doanh
n g h i e p c a n t r a n g t r a i 600 dv + 300 dv = 900 dv, do vay phai
b a n dtidc 900/2 = 450 dia de dat dUdc hoa vd'n. T a i mtic hoa
v d h n a y t a cd:
D o a n h t h u : (450 d v x 5) = 2.250 dv
C h i p h i b i e n ddi: (450 dv x 3) = 1.350 dv
C h i p h i cd' d i n h : 600 dv
K h a u hao: 300 dv
T h u e t h u n h a p d o a n h n g h i e p (34%): 0 dv
T h u n h a p r d n g : 0 dv
C6 t h e m d t a t i n h t o a n t r e n b a n g dd t h i n h t i sau:
Hinh 4.3. Hoa von ke toan
Doanh thu va
chi phi (dv)
Doanh thu = 5 dv/dla
TN>0
Tdng chi phi = 900 3 dv/dia
^TN<0
_ »
• Sd lUdng ban
111

B i e u d i l n d i e m hoa v d h ke t o a n :
Goi:
P l a gia b a n ddn v i ; V l a c h i p h i b i e n ddi ddn v i ; Q l a san

l u d n g b a n ; S l a t d n g d o a n h t h u (S = P x Q); V C l a t d n g c h i
p h i b i e n d o i ( V C = V x Q); F C l a t o n g c h i p h i cd d i n h ; D la
k h a u hao; T l a t h u e s u a t t h u e t h u n h a p doanh nghiep. T h u
n h a p r d n g cua d o a n h n g h i e p dtidc t i n h n h t i sau:
TNR = (Doanh thu - Chi phi bien ddi - Chi phi cd djnh - Khau hao) x (1-T)
= (S - VC - FC - D) x (1 - T)
T a i d i e m hoa v d h , t h u n h a p r d n g b a n g 0, t a cd:
T N R = 0 = (S - V C - F C - D) x ( l - T )
C h i a ca 2 ve cho (1 - T ) t a dtidc:
(S - V C - F C - D) = 0, h a y : (S - V C ) = (FC + D )
T h a y S = P x Q v a V C = V x Q t a dtidc:
(P x Q - V x Q) = ( F C + D)
Q = ( F C + D)/(P - V )
K e t qua. v t i a t i m dtidc l a cdng t h t i c t i n h san Itidng hoa
vdh ke toan.
4.5. D a u tu! c h t i n g k h o a n
T r o n g h o a t ddng san x u a t - k i n h doanh, n g o a i d a u t t i vao

cac t a i s a n t h t i c n h t i t a i san c d d i n h va t a i san l t i u ddng,
d o a n h n g h i e p cdn d a u t t i vao cac t a i san t a i c h i n h n h t i m u a
cd p h i e u , t r a i p h i e u , d d u t t i l i e n doanh l i e n ket, cho vay v.v...
T h u n h a p t t i h o a t ddng t a i c h i n h cd t y t r o n g n g a y cang t a n g
t r o n g t d n g t h u n h a p ctia d o a n h nghiep.
H i

Ddu tie chting khoan la mot loai hinh ddu tU tdi chinh.
T r o n g h o a t dong nay, doanh n g h i e p m u a cac c h i i n g khoan
theo m o t d a n h muc d a u t u r a t da dang, bao g o m ca cac cong
c u t r e n t h i t r U d n g t i e n v a cac cdng cu t r e n t h i t r U d n g von.
Viec d a u t u cac t a i san t r e n t h i t r U d n g t i e n , n h t i t i n phieu va
cac cdng c u khac, cd y n g h i a c h u y e u l a de dap ting n h u cau
t h a n h t o a n , n h u cau d t i p h o n g v a n h u cau t i c h t r t i cua doanh
n g h i e p v a da dtidc de cap t r o n g p h a n q u a n l y t a i san luu
dong, muc cac c h t i n g k h o a n de b a n . P h a n n a y de cap t d i hoat
dong d a u t t i vao cac c h t i n g k h o a n t r e n t h i t r t i d n g v d n nhu
t r a i p h i e u , cd p h i e u .
4.5.1. Dac diem cua ddu tu chting khoan
K h a c v d i h o a t dong d i u t t i vao cac t a i san thtic, hoat

ddng d i u t t i c h t i n g k h o a n l a h o a t dong d a u t t i t a i chinh. Tai
san d a u t t i t r o n g t r t i d n g hdp n a y l a cac chting k h o a n hay cac
g i a y t d cd gia. G i a t r i cua cac giay t d n a y p h u thudc vao gia
t r i k i n h t e cd b a n cua cac q u y e n dtidc bao h a m t r o n g mdi loai
c h t i n g k h o a n , h a y p h u thuoc vao n a n g ltic t a i c h i n h cua nha
p h a t h a n h . D d n g t h d i , gia c h t i n g k h o a n p h u thuoc vao quan
he c u n g c a u c h t i n g k h o a n t r e n t h i t r t i d n g . D a u t t i chting
k h o a n g i u p d o a n h n g h i e p cd the t h u dtidc l d i n h u a n t t i phan
l d i ttic dtidc chia v a p h a n t a n g gia c h t i n g k h o a n t r e n thi
t r t i d n g . M a t khac, doanh n g h i e p cd t h e dtidc htidng quyen
q u a n l y , q u y e n k i e m soat doanh n g h i e p khac t t i cd phieu.
Cac c h t i n g k h o a n la cac t a i s a n s i n h l d i cd t i n h thanh
k h o a n cao, cd r u i ro l d n . V d i gia t r i n h d cua cac c h t i n g khoan
v a sti da d a n g cua cac loai c h t i n g k h o a n t r e n t h i t r t i d n g , danh
muc d a u t t i c h t i n g k h o a n cua doanh n g h i e p d i dang dtidc
t h i e t ke theo cac mtic dd r u i ro k h a c n h a u va d i d a n g t h a y ddi.
I l l

Do dac d i e m cua t a i san d a u tu", h o a t dong dau tu" c h t i n g
k h o a n l a h o a t ddng phtic t a p , doi h d i cac n h a q u a n l y p h a i cd
t r i n h dd c h u y e n m d n cao, a m h i e u ve t h i t r t i d n g , ddng t h d i ,
d d i h d i p h a i cd t h i t r t i d n g c h t i n g k h o a n p h a t t r i e n , tao r a sti
s a n cd cua cac cdng c u d a u t t i cd t i n h t h a n h k h o a n cao. M a t
k h a c , he thd'ng p h a p l u a t c a n dtidc h o a n t h i e n n h a m bao ve
q u y e n l d i cua cac n h a d a u t t i .
4.5.2. Vai trd cua hoat dong ddu tu chting khoan
D a u t t i c h t i n g k h o a n cd v a i t r d q u a n t r o n g dd'i v d i h o a t
dong cua d o a n h n g h i e p . Thti nhat, d a n h muc d a u t t i n a y l a m
t a n g v a gdp p h a n d n d i n h t h u n h a p cua d o a n h nghiep. Thti
hai, t a o r a sti da d a n g t r o n g h o a t ddng d a u t t i , bao gdm da
d a n g h o a ve h n h vtic k i n h doanh, da d a n g hoa ve p h t i d n g
d i § n d i a l y . C h i n h sti da d a n g hoa n a y tao cd sd c a n b a n g ve
r u i r o t r o n g d a n h m u c t a i s a n cua d o a n h n g h i e p v a t a n g t i n h
t h a n h k h o a n cho cac t a i san, t r e n cd sd dd, tao s i i m e m deo
t r o n g viec q u a n l y t a i s a n cua doanh n g h i e p . Thti ba, cac
c h t i n g k h o a n cd t h e dtidc sti d u n g n h t i l a cac t a i san t h e chap
cho cac k h o a n v a y n g a n h a n g . Thti tti, k i n h doanh c h t i n g
k h o a n g i u p cho cac d o a n h n g h i e p cd the t a n d u n g dtidc l d i t h e
t t i c h i n h sach t h u e . Thti nam, cac c h t i n g k h o a n cd the dtidc
m u a v a b a n n h a n h chong, do dd, cd t h e l a n g u d n d t i t r t i t h t i
cap cho k h a n a n g t h a n h t o a n cua doanh n g h i e p v a gitip cho
d o a n h n g h i e p cd t h e de d a n g t a i cau t r t i c l a i t a i san. N g a y
n a y , cac d o a n h n g h i e p cd t h e dd dang p h a t t r i e n hoat ddng
s a n g cac h n h vtic m d i , cac k h u vtic k i n h doanh m d i t h d n g qua
q u a t r i n h t h a u torn v a sap n h a p doanh n g h i e p .
H o a t ddng d a u t t i c h t i n g k h o a n t h t i d n g dtidc cac n h a
q u a n l y h o a c h d j n h t h a n h c h i n h sach d a u t t i c h t i n g k h o a n cu
119

the. C h i n h sach n a y p h a i l a m ro muc t i e u cua d i u tu" la de
p h a t t r i e n l i n h vtic k i n h doanh m d i , dd t h a u torn v a sap n h i p
d o a n h n g h i e p khac, h a y de da d a n g hoa d a u tu". C h i n h sach
c i i n g c l n hoach d j n h cu thi l o a i c h i i n g k h o a n dtidc ltia chon
v d i mtic do r u i ro co t h e chap n h a n d d i v d i doanh nghiep, kha
n a n g t r a o d d i cac c h t i n g k h o a n t r e n t h j t r t i d n g , v.v...
"
4.5.3. Phan loai ddu tti chting khodn
T u y theo muc dich q u a n l y , h o a t dong d i u t t i chting

k h o a n cua d o a n h n g h i e p cd t h e dtidc p h a n l o a i theo nhieu
each k h a c n h a u . Ne'u can cti vao loai cdng cu ddu tti, co the
p h a n l o a i d a u t t i c h t i n g k h o a n cua d o a n h n g h i e p t h a n h dau
t t i t r a i p h i e u C h i n h p h u , d i u t t i t r a i p h i e u doanh nghiep va
d i u t t i cd p h i e u cua d o a n h n g h i e p khac. Viec p h a n loai nay
co t h e g i u p cac n h a q u a n l y x a y d t i n g d a n h muc d i u t t i v6i
mtic do r u i ro p h i i hdp, t r e n cd sd do, de d a n g t h a y ddi ket
c i u d a n h muc d i u t t i .
Neii phdn loai theo muc dich ddu tti, cd t h e p h a n loai
d i u t t i c h t i n g k h o a n t h a n h d i u t t i n h a m h t i d n g l d i ttic v a d i u
t t i n h a m n a m q u y e n q u a n l y , k i e m soat. T r o n g h o a t dong d i u
t t i n h a m h t i d n g l d i ttic, doanh n g h i e p cd t h e m u a t r a i phi&u
c h i n h p h u , t r a i p h i e u doanh n g h i e p v a cd p h i e u do doanh
n g h i d p k h a c p h a t h a n h . K h i d o a n h n g h i e p d i u t t i chting
k h o a n v d i muc dich n a m q u y e n k i e m soat, doanh nghiep co
t h e v t i a da d a n g hoa t a i san, v t i a p h a t t r i e n l i n h vtic k i n h
d o a n h m d i t h d n g qua t h d n t i n h va sap n h a p . Viec p h a n loai
n a y gitip cho cac n h a q u a n l y cd t h e k i e m soat dtidc hoat
ddng d i u t t i theo cac muc dich da dtidc xac d i n h .
i n

4.5.4. Phdn tich, ra quyet dinh dau tti chting khoan
P h a n t i c h c h u n g k h o a n l a h o a t dong q u a n t r o n g n h a m
t r d g i u p cho viec r a q u y e t d j n h d a u t U . Viec p h a n t i c h t u y
theo m u c d i c h d a u t U c h i i n g k h o a n . T r o n g hoat dong dau t U
c h i i n g k h o a n n h a m h u d n g l d i tdc, d o a n h nghiep hoat dong
n h U l a n h a d a u t U c h i i n g k h o a n , do do cac phUdng p h a p p h a n
t i c h c h u y e u dtidc s i i d u n g l a p h t i d n g p h a p Phdn tich cd bdn
(Phdn tich tai chinh) vd Phdn tich ky thudt. P h a n t i c h cd b a n
g i i i p cho d o a n h n g h i e p cd t h e l t i a chpn dtidc k e t cau d a n h
muc d a u t t i p h i i hdp. P h t i d n g p h a p p h a n t i c h k y t h u a t g i i i p
cho cac n h a q u a n l y cd t h e l t i a c h o n dtidc t h d i d i e m v a c h i e n
hide m u a b a n c h t i n g k h o a n t u y theo d i e n b i e n cua t h i t r t i d n g .
Cac p h U d n g p h a p p h a n t i c h n a y dtidc de cap t r o n g m o n hoc
" T h j trtidng chting khoan".
V d i m u c d i c h n a m q u y e n q u a n l y , k i e m soat, viec p h a n
t i c h dtidc t h t i c h i e n c h i t i e t h d n d d i v d i mot doanh nghiep
dtidc d t i d i n h t h d n t i n h , sap n h a p , do do c h u y e u sti d u n g
p h t i d n g p h a p p h a n t i c h t a i c h i n h . T r t i d n g hdp n a y g a n gidng
v d i p h U d n g p h a p l t i a c h o n d t i a n d a u t t i t h d n g t h t i d n g . Cac
p h a n t i c h c a n c h i r d : t h t i c t r a n g cua doanh nghiep t h d n t i n h ,
sap n h d p v a d o a n h n g h i e p b i t h d n t i n h , sap n h a p d t h d i d i e m
h i e n t a i ; d t i bao cac k h a n a n g t h a y ddi t r o n g t t i d n g l a i doi v d i
d o a n h n g h i e p . T r e n cd sd cac p h a n t i c h do, Itidng hoa t h a n h
cac l u d n g t i e n v a d a n h gia mtic do r u i ro cua cac l u d n g t i e n
do. Cac p h t i d n g p h a p l t i a c h o n dtidc ap d u n g la cac phtidng
p h a p N P V ; P I ; I R R ; v.v...
121

C a u hoi on tap
1. Cac n h a n to' a n h h t i d n g t d i d a u t t i d a i h a n cua doanh

nghiep.
2. K h a i n i e m d t i a n d a u t t i v a dac d i e m cua d t i a n dau t u
cua d o a n h nghiep?
3. Cac c h i t i e u d a n h gia h i e u qua t a i c h i n h d t i a n dau t u
cua d o a n h n g h i § p ?
4. D a n h gia h i e u qua t a i c h i n h d t i a n d a u t t i t r e n giac do
nha doanh nghiep va nha n g a n hang?
5. G i a t r i t h d i g i a n cua t i e n t r o n g d a n h gia d t i a n d a u tti?
6. N h d n x e t t h t i c te d a n h gia h i e u qua t a i c h i n h d t i an
d i u t t i d V i e t N a m h i e n nay?
7. N h a n x e t cac p h t i d n g t h t i c da'u t h a u d V i e t N a m hien
nay?
8. P h a n t i c h cac d i e u k i e n de n a n g cao c h a t I t i d n g t h a m
d i n h t a i c h i n h d t i a n d i u t u d V i e t N a m h i e n nay?
9. M o t d t i a n d i u t t i cd N P V cao t h i cd.IRR cao. H a y b i n h
luan.
10. P h t i d n g p h a p xac d i n h l u o n g t i e n cua d t i an?
1 1 . H a i d t i a n A & B cd t d n g vd'n d i u t t i n h t i n h a u . N P V
cua A > N P V cua B ; I R R cua A < I R R cua B . N h a d i u t t i chi
cd t h e l t i a c h p n m o t t r o n g h a i d t i a n . H a y l t i a chon.

ChUdng 5
D O A N H L O I , RUI R O T R O N G H O A T D O N G D A U TU
5.1. K H A I Q U A T C H U N G V E D O A N H L 0 I V A R U I R O
5.1.1. Doanh loi tuyet doi va doanh loi ttidng doi
T h u n h i p cua k h o a n d a u t u vao m o t t a i s a n dtidc cau

t h a n h b d i h a i b d p h i n : Thti nhat l a t h u n h a p do c h i n h b a n
t h a n t a i s a n do m a n g l a i v a thti hai l a ld hoac l a i do g i a m
hoac t a n g g i a cua t a i s a n d i u t u (cdn dtidc g o i l a Id hoac l a i
ve vd'n).
Doanh loi = Thu nhap tti tai san + Lai (hoSc Id) ve vdn (5.1)
D e m i n h hoa r d h d n , c h u n g t a h a y n g h i e n c t i u v i d u sau:
Vidu 1
D a u n a m g i a m o t cd' p h i e u cua d o a n h n g h i e p A l a 37 ddn

v i t i e n t e (dv), n e i i m u a 100 cd p h i e u , t a p h a i c h i m o t k h o a n
la 3 7 0 0 dv. G i a sti r a n g : S a u 1 n a m d o a n h n g h i e p A se t r a l a i
cd p h a n l a 1,85 d v cho 1 cd p h i n . V a y t a se n h a n dtidc:
T h u n h d p t t i cd p h i n = 1,85 dv x 100 = 185 dv
L a i gia sti t i e p r a n g vao cudi n a m gia m d i cd p h i e u t a n g
l e n l a 40,33 dv, v a y t a cd l a i ve v d h :
L a i ve v d h = (40,33 dv - 37 dv) x 100 = 333 dv
T r o n g t r t i d n g h d p gia cua m d i cd p h i e u g i a m x u d n g 34,78
dv t a se b i ld ve vd'n:

L o ve v d n = (34,78 dv - 37 dv) x 100 = -222 dv
T d n g sd' d o a n h l d i t r o n g t r i i d n g hdp cd l a i ve vd'n:
T d n g d o a n h l d i = 185 dv + 333 dv = 518 dv
T d n g so' d o a n h l d i t r o n g t r i i d n g h d p cd l d ve vd'n:
T d n g d o a n h l d i = 185 dv - 222 = - 37 dv
G i a d i n h r a n g m o t n g i l d i cd m o t so' cd p h a n cua doanh
n g h i e p A v a k h d n g b a n cd p h i e u vao c u d i n a m , l i e u a n h t a co
n g h i r a n g cd m o t k h o a n t h u n h d p ve vd'n t r o n g t d n g so' doanh
l d i h a y k h d n g ? T a t n h i e n c a u t r a l d i l a cd, b d i v i t r e n t h i
t r U d n g da k h a n g d j n h sti t a n g gia cd p h i e u m a a n h t a dang
cd, ne'u a n h t a mud'n cd t i e n m a t t h i cd t h e b a n cd p h i e u mot
each de dang. A n h t a q u y e t d j n h k h d n g b a n l a v i cho rang
viec tie'p t u c d a u t u vao d o a n h n g h i e p A l a sti l t i a c h o n td'i tiu.
T r e n day t r i n h b a y ve d o a n h l d i t i n h b a n g so' t u y e t dd'i.
T u y n h i e n , t r e n t h t i c te, n g t i d i t a h a y sti d u n g t h d n g t i n ve
d o a n h l d i d t i d i d a n g sd' t t i d n g dd'i v a goi n d l a d o a n h l d i ttidng
dd'i. Viec sti d u n g d o a n h l d i t t i d n g dd'i r a t t h u d n t i e n v i nd
k h d n g p h u t h u d c vao Itidng d a u t t i t h t i c t e cua n h a diu t t i .
T h t i c cha't c h t i n g t a c h i mud'n t r a l d i m o t cau h d i se n h a n
dtidc bao n h i e u l a i t t i m o t ddn v i vd'n d a u t t i .
Cdng t h t i c t i n h d o a n h l d i t t i d n g dd'i:
Lai cd phan Mtic thay ddi gia

+
Doanh Idi c u
d ' ky cd phieu cudi ky
tudng doi G i i | £
c p h j e u d £ u k ^
Theo vi du 1, doanh ldi ttidng dd'i dtidc xac dinh nhti sau:
„ ... 1,85 + 3,33

D o a n h l d i t t i d n g ddi = • — = 0,14 = 14%
37

Do su* t h u a n t i e n cua d o a n h l d i tUdng ddi, tu: n a y ve sau
k h i n d i t h u a t n g i i d o a n h l d i t h i cd n g h i a la d o a n h l d i tUdng
ddi.
5.1.2. Doanh loi thu'c te va doanh loi danh nghia
D o a n h l d i dtidc t i n h t o a n theo each d t r e n dtidc goi l a

doanh l d i d a n h n g h i a . Sd d i goi do l a d o a n h l d i d a n h n g h i a l a
v i k e t qua do chtia dtidc d i e u c h i n h theo l a m p h a t . C u n g v d i
k e t qua t r e n , n e u d i e u c h i n h n d theo tdc do l a m p h a t t h i se cd
doanh l d i t h t i c te.
L a m p h a t tac d d n g d e n d o a n h l d i t h t i c te n h t i t h e nao?
G i a sti d a u n a m gia 1 k g n h d m l a 5 dv. V d i 100 dv vao d a u
n a m t a cd t h e m u a dtidc 20 k g n h d m . D e n c u d i n a m do l a m
p h a t l a 5% n e n gia n h d m t a n g l e n 5%, n g h i a l a gia 1 k g n h d m
vao c u d i n a m se l a 5dv + (5dv x 0,05) = 5,25 dv. N e u d a u n a m
bd r a 100 dv de m u a cd p h i e u , c u d i n a m b a n cd p h i e u v a t h u
dtidc t d n g s o ' t i e n l a 115,5 dv. G i a sti vao t h d i g i a n do d u n g
t i e n t h u dtidc de m u a n h d m se m u a dtidc: 115,5 / 5,25 = 22 k g
n h d m . N e u do d o a n h l d i b a n g Itidng n h d m m u a dtidc t h i
doanh l d i t u y e t dd'i se l a : (115,5/5,25) - 20 = 2 k g n h d m .
D o a n h l d i t t i d n g dd'i se l a : 2/20 = 0,1 = 10%. N h t i v a y , d o a n h
l d i d a n h n g h i a d day l a 15,5% n h t i n g t r e n t h t i c te stic m u a
c h i t a n g 10%, n d i k h a c d i c h u n g t a c h i t h t i c sti g i a u cd h d n
trtidc 10%, n g h i a l a d o a n h l d i t h t i c te b a n g 10%. V d i c h i so
l a m p h a t l a 5%, m d i dv t r o n g t d n g t h u n h a p d a n h nghia
(115,5 dv) se g i a m 5% t r o n g gia t r i t h t i c te cua n d . V i v a y gia
t r i t h t i c te t r o n g k h o a n d a u t t i cua t a dtidc xac d i n h n h t i sau:
115,5/1,05 = 110 d v ( d o a n h l d i t h t i c te t u y e t dd'i l a 10 dv v a
d o a n h l d i t h i i c t e t t i d n g dd'i l a 10%).
lii!

N e u t a goi R l a d o a n h l d i d a n h n g h i a , r l a d o a n h l d i thuc
te, h la t y le l a m p h a t t h i t a cd t h e t h a y m d i q u a n he giiia
d o a n h l d i d a n h n g h i a , d o a n h l d i t h t i c te v a t y le l a m p h a t qua
cdng t h t i c sau day:
(1 + R) = (1 + r ) (1 + h) (5.2)
Suy ra: r = i±f -1 (5.3)

3
l + h
R = r + h + rh (5.4)
Cdng thtic tren chi ra rang: Doanh ldi danh nghia cd ba

bd p h d n hdp t h a n h . B d p h a n t h t i n h a t l a d o a n h l d i t h t i c te (r),
bo p h a n t h t i h a i c h i n h l a sti d e n b u viec g i a m g i a t r i cua
k h o a n t i e n d a u t t i b a n d a u do l a m p h a t (h), bo p h i t i i cudi
c u n g l a sti d e n b u ve viec g i a m g i a t r i cua d o a n h l d i do lam
phat (rh). u
T h a n h p h a n t h t i ba t h t i d n g r £ t n h d , v i vky, t r e n thtic te
k h i t i n h t o a n n g t i d i t a t h t i d n g bd d i . N h t i v&y, cdng t h t i c t i n h
d o a n h l d i d a n h n g h i a t r e n t h t i c t e n h t i sau:
R = r + h (5.5)
5.1.3. Doanh loi binh quan
T r e n t h i t r t i d n g v d h n g t i d i t a cd t h e d a u t t i vao n h i e u loai
t a i san k h a c n h a u n h t i : Co p h i e u t h t i d n g , t r a i p h i e u doanh
n g h i e p d a i h a n , t r a i p h i e u d a i h a n cua C h i n h p h u , thtidng
p h i e u v.v... M d i l o a i d a u t t i n a y m a n g l a i mtic d o a n h l d i khac
n h a u theo t t i n g t h d i k y n h a t danh. D e t h a y dtidc mtic doanh
l d i cua m d i l o a i d a u t t i cho t t i n g n a m , n g t i d i t a c a n t h u t h a p
d o a n h l d i t h t i c t e ctia m d i l o a i v a t i n h d o a n h l d i b i n h q u a n
cho t t i n g l o a i d m d i n a m c u the.

Vidu2
N a m N , d m o t ntidc nao do co 10 l o a i cd' p h i e u t h u d n g cua
10 doanh n g h i e p k h a c n h a u . C u o i n a m N d o a n h l d i ciia cac cd
p h i e u n a y n h U sau: 0,1 0,12 0,08 0,20 0,25 0,01 0,04 0,50
0,20 0,25
D o a n h l d i b i n h q u a n cua cd p h i e u t h t i d n g n a m N cua
ntidc dang x e m x e t l a :
0,1 +0,12 + 0,08 + 0,20 + 0,25 + 0,01 + 0,04 + 0,50 + 0,20 + 0,25
= 0,175
Ttidng tti nhti vay ta cd the tinh doanh ldi binh quan cho
cac l o a i d a u t t i khac. D t i a t r e n cd sd cua d o a n h l d i b i n h q u a n
h a n g n a m da t h u t h a p dtidc, t a cd t h e xac d i n h d o a n h l d i
b i n h q u a n cho m o t t h d i k y d a i n h t i : 5 n a m , 10 n a m , 100
nam...
C h a n g h a n , n e u t a t h u t h a p dtidc d o a n h l d i b i n h q u a n
h a n g n a m cua cd p h i e u t h t i d n g t t i n a m 1 9 8 1 den 1990, t a
cdng doanh l d i b i n h q u a n cua cac n a m do r d i chia cho 10. K e t
qua se cho t a d o a n h l d i b i n h q u a n cua cd p h i e u t h t i d n g cho
sud't t h d i k y 1981 - 1990.
5.1.4. Rui ro va mute bu dap rui ro
Cd n h i e u l o a i c h t i n g k h o a n t r e n t h i t r t i d n g vd'n, t a i sao
n g t i d i t a k h d n g c h i c h o n n h t i n g l o a i cd d o a n h l d i cao nha't de
d a u tti? N g u y e n n h a n d a n den n h t i n g q u y e t d i n h d a u t t i k h a c
n h a u la v i cac l o a i d a u t t i n a y cd do r u i ro k h a c n h a u .
T h d n g t h t i d n g , cac C h i n h p h u t i e n h a n h v a y n d b a n g
each p h a t h a n h c h t i n g k h o a n . N h t i n g c h t i n g k h o a n n a y t h e
h i e n d u d i n h i e u h i n h t h t i c khac n h a u . T r o n g sd' cac c h t i n g
k h o a n ctia C h i n h p h u t h i t i n p h i e u t h t i d n g cd t h d i h a n n g a n
111

n h a t v a l a i s u a t c u n g t h t i d n g t h a p n h a t . T a i sao t i n p h i e u co
l a i s u a t t h a p n h a t ? C a u t r a l d i se la: v i co do r u i r o t h a p nhat
v a t r e n t h t i c te n g t i d i t a coi t i n p h i e u l a t a i san k h d n g co r u i
ro, h a y n d i k h a c d i day l a t a i san cd do r u i ro b a n g 0. Co
n h i e u n g t i d i m o n g m u d n viec d a u t t i cua ho p h a i cd do t i n cay
cao n h a t n e n ho r a t t h i c h m u a t i n p h i e u n g a n h a n . Tuy
n h i e n , c u n g cd n h t i n g n g t i d i t h i c h mao h i e m v d i h y vong se
dat dtidc d o a n h l d i cao h d n .
NgUdc l a i v d i t i n p h i e u , cd' p h i e u t h t i d n g l a l o a i t a i san co
do r u i ro cao n h a t . D o a n h l d i cua cd' p h i e u t h t i d n g h o a n toan
p h u thudc vao k e t qua k i n h d o a n h cua d o a n h n g h i e p , m a ket
qua k i n h d o a n h l a i l a h a m so' cua r a t n h i e u bie'n sd'.
Theo so' l i e u thd'ng ke, d o a n h l d i b i n h q u a n h a n g n a m cho
t h d i k y 1926 - 1988 cua m o t sd' t a i san t r e n t h i t r t i d n g vdh
cua M y dtidc t h e h i e n qua b a n g sau:
Cac loai dau tu Doanh Idi binh quan

Co phieu thudng 12,1%
Trai phieu doanh nghiep dai han 5,3%
Trai phieu Chinh phd dai han 4,7%
Tin phieu 3,6%
T h d n g t h t i d n g , r u i ro cang cao t h i d o a n h l d i k y v o n g cang

l d n . N e u t a coi t i n p h i e u cd do r u i ro b a n g 0 t h i t r a i phieu
C h i n h p h u d a i h a n , t r a i p h i e u d o a n h n g h i e p d a i h a n , cd'
p h i e u t h t i d n g l a n h t i n g t a i san cd r u i ro d n h t i n g mtic do khac
n h a u . Sti chenh lech giiia doanh ldi binh quan cua cdc tdi
sdn rui ro so vdi doanh ldi cua tai sdn khdng co rui ro dtidc
goi la mtic bii dap rui ro.
I l l
Theo b a n g t r e n , t a co t h e t i n h mute b u dap r u i ro ciia cac
t a i san r u i ro n h t i sau:
Cac tai san rui ro Mtic bu dap rui ro
Cd phieu thudng 8,5%
Trai phieu doanh nghiep dai han 1,7%
Trai phieu chinh phu dai han 1,1%
5.1.5. P h u f c f n g s a i v a d o l e c h t i e u c h u a n v e so l i e u
t h o n g k e t h e o theft g i a n c u a d o a n h l d i
Phtidng sai Id tdng cdc binh phitdng trung binh cua do

chenh lech gitia doanh loi, thtic te va doanh loi binh quan (ky
hieu la 6 ). P h t i d n g sai cang l d n t h i d o a n h l d i t h t i c te cang cd
s
x u h t i d n g k h a c b i e t n h i e u h d n so v d i d o a n h l d i b i n h q u a n . Dp
lich tiiu chuan la can bac hai cua phtidng sai (ky hiiu Id a).
T r o n g c h t i d n g n a y c h u n g t a se t i n h t o a n p h t i d n g sai v a do
lech t i e u c h u a n dtia t r e n sd' l i e u l i c h sti cua d o a n h l d i . V i v a y ,
viec t i n h t o a n se g i d i t h i e u sau day c h i d u n g cho t r t i d n g hdp
t i n h t o a n p h t i d n g s a i dtia t r e n so' l i e u l i c h sti. T r t i d n g hdp
mud'n xac ctinh p h t i d n g sai cho cac k h o a n d o a n h l d i d t i k i e n
t r o n g t t i d n g l a i t h i each xac d i n h p h t i d n g sai se khac so v d i
p h t i d n g p h a p xac d i n h dtidc g i d i t h i e u t r o n g muc nay. D e
h i e u r d each xac d i n h p h t i d n g sai dtia t r e n sd' l i e u l i c h sti cua
d o a n h l d i h a y n g h i e n c t i u v i d u sau:
Vi du 3: De t i n h t o a n p h t i d n g sai v a do lech t i e u c h u a n ,
gia sti r a n g : cd m o t k h o a n d a u t t i da t i e n h a n h dtidc b d n n a m
v d i d o a n h l d i t h t i c te cua t t i n g n a m la: 0,10; 0,12; 0,03; -0,09.
129

D o a n h l d i b i n h q u a n se l a : (0,10 + 0,12 + 0,03 - 0,09)/4 = 0,04.
C h u n g t a h a y x e m x e t b a n g sau:
(1) (2) (3) (4)

Doanh Idi Doanh Idi Chenh lech (1)- Binh phi/dng
thirc te binh quan (2) chenh lech
0,10 0,04 0,06 0,0036
0,12 0,04 0,08 0,0064
0,03 0,04 -0,01 0,0001
-0,09 0,04 -0,13 0,0169
0,16 0,00 0,0270
P h t i d n g sai V a r (R) chide t i n h n h t i sau:
V a r (R) = 6 2
= 0,027 / (4 - 1) = 0,009
Do lech t i e u c h u a n S D (R) dtidc t i n h n h i i sau:
SD(R) = o = ^ 0 , 0 0 9 = 0,09487
Theo b a n g t r e n t a t h a y : T d n g cua c h e n h lech l u d n ludn

b a n g 0, d i e u n a y g i u p c h u n g t a cd t h e k i e m t r a viec t i n h toan
m d t each de dang.
N e u t a k y h i e u : T l a s d n a m q u a n sat, R j la doanh ldi

t h t i c t e cua n a m t h t i i , R l a d o a n h l d i b i n h q u a n h a n g nam
cho sud't t h d i k y x e m xet. T a se cd cdng t h t i c t i n h p h t i d n g sai
n h t i sau:
Var(R) = Z f r i - * ) ' ( 5 .6)

T - l
Trong do: i = 1, 2, 3, ... T
SD(R) = V V a r
( )
R
(5-7)
l i i

5.2. D O A N H L 0 I , R U I RO VA DU6NG THI T R U I N G
CHLfNG K H O A N
P h i n t r e n c h i i n g t a da t r i n h b a y ve doanh l d i , d o a n h l d i
b i n h q u a n , each t i n h phUdng sai v a do lech t i e u c h u a n cua
d o a n h l d i . T r o n g p h a n n a y se t a p t r u n g n g h i e n c i i u l a m t h e
nao de p h a n t i c h d o a n h l d i v a phUdng sai k h i cd dtidc t h d n g
t i n l i e n q u a n den d o a n h l d i d t i k i e n va xac suat de dat dtidc
d o a n h l d i d t i k i e n do.
5 . 2 . 1 . D o a n h ldi dii kien
Gia sti: X e m x e t h a i cd p h a n L va U cho t h d i k y l a m o t

n a m . D t i k i e n d o a n h l d i cua cd p h a n L cho n a m t d i l a : 25%,
dti k i e n d o a n h l d i cua cd p h a n U cho c u n g t h d i k y la: 20%.
K h i cac n h a d a u t t i deu d d n g y ve d o a n h l d i d t i k i e n cho
h a i l o a i cd p h a n t r e n t h i t a i sao v d n cd n g t i d i mud'n c h o n cd
p h i n U? Ro r a n g l a k h i l t i a c h o n d i u t t i vao dau, cac n h a d i u
t t i cd t i n h den mtic do r u i ro cua n d .
T r o n g n e n k i n h te t h i t r U d n g , n g t i d i t a t h t i d n g q u a n t a m
t d i h a i t i n h t r a n g k i n h te dd'i l i p n h a u , do la: N e n k i n h te d
t r a n g t h a i h t i n g t h i n h v a n e n k i n h te suy t h o a i . T r o n g n a m
t d i cd t h e n e n k i n h te d t r a n g t h a i h t i n g t h i n h t r o n g sud't ca
n a m , c u n g cd t h e b i suy t h o a i t r o n g sud't ca n a m hoac c u n g cd
t h e m o t p h i n cua n a m se l a h t i n g t h i n h v a p h i n cdn l a i cua
n a m se l a suy t h o a i . T o m l a i , cac t i n h t r a n g k h a c n h a u cua
n e n k i n h te dtidc x e m n h t i la n h t i n g d a i Itidng n g i u n h i e n .
Vidu4
N g t i d i t a d t i k i e n r a n g : O t i n h t r a n g k i n h te h t i n g t h i n h ,
cd p h i n L se cd d o a n h l d i l a : 70% v a cd p h i n U se cd d o a n h
l d i l a : 10%. N e u n e n k i n h te d t i n h t r a n g suy t h o a i , cd p h i n L
se cd d o a n h l d i l a : -20% v a cd p h i n U se cd d o a n h l d i la: 30%.
I l l

G i a su xac s u a t cho m d i t i n h t r a n g k i n h t e k e t r e n deu la:
0,5. C h u n g t a cd t h e t d n g k e t b a n g b a n g sau:
Tinh trang Xac suat xay ra Doanh Idi du kien (%)

cda nen kinh cho moi tinh cho tung tinh trang kinh te
te trang kinh te Co phan L Co phan U
Suy thoai 0,5 -20 30
Hung thinh 0,5 70 10
1,0
N e u t a m u a cd p h a n U , m d t n t i a t h d i g i a n se cho ta
d o a n h l d i l a : 30% v a n t i a t h d i g i a n cdn l a i se cho t a doanh ldi
l a : 10%. N h U v d y , d o a n h l d i d t i k i e n cho cd p h a n U k y hieu E
(R„) se l a :
E ( R ) = 0,50 x 30% + 0,50 x 10% = 20%
U
N d i m o t each khac, c h u n g t a chd d d i m o t k h o a n doanh ldi

b i n h q u a n l a 20% cho sud't t h d i k y x e m x e t .
T U d n g t U , d o a n h l d i d t i k i e n b i n h q u a n cho cd p h a n L ky
h i e u l a : E ( R J se dtidc t i n h n h t i sau:
E C R J = 0,50 x (-20%) + 0,50 x 70% = 25%
D e n day cd t h e b i e t r o : V i sao cd p h a n L cd t h u n h a p dti
k i e n cao h d n so v d i cd p h a n U m a v a n cd n g t i d i t h i c h m u a cd
p h a n U ? Cd p h d n L mac d t i cd d o a n h l d i d t i kie'n cao hdn
n h t i n g do r u i r o cao h d n . N e u n h t i sti suy t h o a i k i n h t e x a y ra
v a keo d a i t r o n g sud't t h d i k y t h i cd p h a n L b i l d 20%, trong
k h i do, d t i n e n k i n h te d t i n h t r a n g nao d i n t i a t h i cd p h a n U
v a n cd l a i .
T r o n g p h a n trtidc da d i n h n g h i a mtic b u dap r u i ro la
p h a n c h e n h lech g i t i a d o a n h l d i cua t a i s a n r u i r o v a doanh
l d i cua t a i san k h d n g cd r u i ro. N g t i d i t a cd t h e a p d u n g d i n h

n g h i a n a y de t i n h t o a n m i i c b u dap r u i ro d i i k i e n nhu" la sii
c h e n h lech g i i i a d o a n h l d i d i i k i e n ciia k h o a n d d u tu" cd r u i ro
va d o a n h l d i chac c h a n cua k h o a n dau tu" k h d n g cd r i i i ro.
Vi du 5
D o a n h l d i ciia k h o a n d a u tu* k h d n g cd r u i ro l a : 8%; ta goi
8% l a t y sud't k h d n g cd r u i ro v a k y h i e u la: R . T a cd the vie't
f
cdng t h i i c t i n h miic b u dap r i i i ro d i i kie'n nhu" sau:
Miic bu dap rui ro dii kien = Doanh Ipi dii kien - Ty sua't khdng cd rui ro
= E (R) - R (5.8)
f
Sii dung cdng thiic nay, cd the tinh miic bu dap riii ro dii
k i e n cho cd' p h i n L v a cd' p h a n U :
M i i c b i i dap r u i ro d i i kie'n cho cd p h d n U = E(Ru) - R f
= 20% - 8% = 12%
M i i c b u dap r i i i ro d i i kie'n cho cd p h d n L — E ( R ) - R L f
= 25% - 8% = 17%
Viec t i n h t o a n d o a n h l d i d i i kie'n cho cd p h a n U v a cd
p h a n L t r o n g t r i i d n g hdp xac suat x a y r a cho t i i n g t i n h t r a n g
k i n h te la b a n g n h a u diidc t d n g k e t d b a n g sau:
Cd phan L Cd phan U
(1) (2) (3) (4) (5) (6)

Tinh trang Xac suat Doanh Ipi Tich sd Doanh Ipi Tich sd
kinh te xay ra cua du kien cho (2) x (3) du kie'n cho (2) x (5)
mdi tinh tiing tinh tung tinh
trang kinh te trang kinh t^ trang kinh te'
Suy thoai 0,50. -0,20 -0,10 0,30 0,15
Hung thinh 0,50 0,70 0,35 0,10 0,05
1,00 E(R ) = 25%
L E(Ru) = 20%
l i s

H a y n g h i e n c i i u m o t v i d u k h a c de h i e u r d h d n ve each
t i n h d o a n h l d i du" k i e n .
Vi du 6
G i a s i i n g t i d i t a t i n h t o a n dtidc r a n g : Xac s u a t de xay
t i n h t r a n g k i n h te hu*ng t h i n h se keo d a i 20% t h d i g i a n xem
xet. H a y xac d i n h d o a n h l d i dti k i e n cho cd p h a n U va cd
p h a n L . . . N e u t y le k h d n g cd r u i ro l a : 10%, h a y t i n h mdc bii
dap r u i ro d t i k i e n cho t i i n g cd p h a n .
Viec t i n h t o a n t h e h i e n d b a n g sau:
Cd phan L Cd phan U
(1) (2) (3) (4) (5) (6)

Tinh trang Xac suat Doanh Idi Tich sd Doanh loi Tich so"
kinh t6 xay ra cua du kie'n cho (2)x(3) du kie'n cho (2)x(5)
moi tinh tung tinh trang tung tinh
trang kinh t£ kinh te trang kinh te
Suy thoai 0,8 -0,20 -0,16 0,30 0,24
Hung thjnh 0,2 0,70 0,14 0,10 0,02
1,0 E(R ) = -2%
L E(Ru) = 26%
V i c h i cd h a i k h a n a n g cd t h e x a y r a l a : H u n g t h i n h va
suy t h o a i . Do vay, k h i bie't xac s u a t x a y r a ciia t i n h trang
h u n g t h i n h l a 0,2 t h i t a cd t h e t i n h dtidc xac suat x a y r a t i n h
t r a n g suy t h o a i l a : (1 - 0,2 = 0,8).
M i i c b u dap r u i ro ciia cd p h a n U = 26% - 10% = 16%
M i i c b u dap r i i i ro ciia cd p h a n L = -2% - 10% = -12%
5.2.2. Tinh toan phufdng sai cua doanh ldi duf kieii
De t i n h t o a n phUdng sai ciia d o a n h l d i du" kie'n cho cac

k h o a n d a u t t i k h a c n h a u , trtidc h e t t a can p h a i xac d i n h cac
chenh lech b i n h p h t i d n g g i i i a d o a n h l d i d t i k i e n cho t i i n g
k h o a n d i u t t i d m d i t i n h t r a n g k i n h te v a d o a n h l d i d t i k i e n
b i n h q u a n . Sau dd t a n h a n t i i n g k e t qua c h e n h lech b i n h
phtidng dd v d i xac s u a t t t i d n g ting cua nd. T o n g cua cac t i c h
sd' se l a p h t i d n g sai cua d o a n h l d i d t i k i e n cho k h o a n d a u t t i
ma t a d a n g x e m xet. D o lech t i e u c h u a n dtidc t i n h b a n g c a n
bac h a i cua p h t i d n g sai.
Vidu 7
De m i n h hoa r d h d n d i e u v t i a n d i d t r e n , t a t i e p tuc l a y cd'
p h i n L v a cd p h a n U l a m v i d u . T r o n g t r t i d n g hdp xac s u a t
xay r a t i n h t r a n g h t i n g t h i n h v a suy t h o a i deu l a 0,5. P h t i d n g
sai cua cd p h a n U v a cd p h d n L se l a bao n h i e u ?
T a biet, E(R ) V = 2 0 % v a E(Rj) = 25%. Viec t i n h t o a n
phtidng sai cua h a i cd p h i n n a y t h e h i e n t r o n g b a n g sau:
(1) (2) (3) (4) (5)

Tinh trang Xac suat xay Chenh l§ch v i doanh Binh phudng Tich sd'
kinh te ra cua moi loi cua moi tinh trang cac chSnh lech (2)x(4)
tinh trang kinh t^ so vdi doanh
kinh te' loi binh quan du kien
Co phan L
Suy thoai 0,5 -0,20-0,25 = -0,45 (-0.45) = 0,2025
2
0,10125
Hung thinh 0,5 0,70-0,25= 0,45 (0.45) = 0,2025
2
0,10125
o2
L =0,2025
Co phan U
Suy thoai 0,5 0,30-0,20= 0,10 (0,10) = 0,01
2
0,005
Hung thjnh 0,5 0,10-0,20 = -0,10 (-0,10) = 0,01
2
0,005
of, =0,010

NgUdi tha'y r a n g : Cd p h d n L co t h u n h a p d i l k i e n binh
q u a n cao h d n cd p h a n U , n h i i n g cd p h a n U cd do r i i i ro thap
h d n cd p h a n L . N e u chon cd p h a n L cd t h e d a t dtidc miic
d o a n h l d i l a 70% t r o n g d i e u k i e n cua n e n k i n h te h i l n g thinh,
t u y n h i e n c u n g cd t h e b i Id 20% t r o n g d i e u k i e n n e n k i n h te
l a m vao t i n h t r a n g suy t h o a i . NgUdc l a i , t r o n g m o i dieu kien
t h i cd p h a n U deu cd doanh l d i i t n h a t l a 10%. V a y n e n mua
cd p h a n nao? R a t k h d t r a l d i , viec m u a cd p h a n nao la do sb
t h i c h c i i a n g t i d i m u a . M o t so'ngtidi t h i c h dtidng d a u v d i r u i ro
de h y v o n g cd dtidc d o a n h l d i cao h d n n e n ho t h i c h mua cd
p h d n L . M o t so' n g t i d i k h a c k h d n g t h i c h h e u l i n h n e n ho se
c h o n m u a cd p h a n U .
5.2.3. Danh muc dau tti
Danh muc ddu tu" la mot nhom cdc tai san nhu" la co
phieu vd trai phieu do mot ngtidi ddu tti nam giii. N d i chung,
cac n h a d a u t t i t h t i d n g d d u t t i vao n h i e u n d i t h e h i e n bang
n h i e u l o a i cd p h i e u v a n h i e u l o a i t r a i p h i e u k h a c n h a u . Trong
p h a n t r e n da n g h i e n c t i u r u i ro v a d o a n h l d i cua t t i n g t a i san
r i e n g b i e t . T r o n g p h a n n a y se t d p t r u n g n g h i e n c t i u doanh ldi
d u k i e n v a p h t i d n g sai cua d a n h muc d a u t t i .
5.2.3.1. Trong sd ciia danh muc ddu tti
Cd n h i e u each k h a c n h a u de d i e n t a m o t d a n h muc dau

t t i , t u y n h i e n , each t h u a n t i e n nha't l a l i e t ke d a n h sach cua
t t i n g k h o a n d d u t t i v d i gia t r i cua no dtidc t i n h theo t y le
p h d n t r a m so v d i t d n g so' t i e n d a u t t i cua m o t n g t i d i d a u t i l
nao do. N g t i d i t a goi n h t i n g t y le p h a n t r a m n a y l a n h t i n g
t r o n g sd' cua d a n h muc d d u t t i .

Vidu8
T d n g so' t i e n d a u tu" ciia m d t n g t i d i d a u t t i nao do l a 200
dv, a n h t a d a u t t i vao m o t l o a i t a i san v d i so' t i e n la 50 dv, con
l a i 150 dv a n h t a d a u t t i vao m d t t a i san khac. V a y , t r o n g so'
d a n h m u c d d u t t i cho t a i s a n t h i i n h a t l a : 50/200 = 0,25.
T r o n g so' d a n h muc d a u t t i cho t a i s a n thu* h a i la: 150/200 =
0,75. Ne'u d a n h muc d a u t t i bao g d m m o t t r a m l o a i t a i san
khac n h a u se cd m o t t r a m t r o n g so' cho d a n h muc d a u t t i dd.
T u y n h i e n , c a n l t i u y r a n g : T d n g cua t a t ca cac t r o n g so' cua
d a n h muc d a u t t i bao gid c u n g b a n g 1.
5.2.3.2. Doanh Ipi dtf kien cua danh muc ddu tu"
Vidu9
T r d l a i cd p h a n U v a cd p h a n L , ne'u d u n g m d t n i i a so'
t i e n d i u t t i vao cd p h a n U v a m d t n t i a so' t i e n cdn l a i d a u t t i
vao cd p h a n L , t r o n g d i e u k i e n xac suat x a y r a cho t i n h t r a n g
k i n h t e h t i n g t h i n h v a suy t h o a i l a n h t i n h a u v a b a n g 0,5.
Vay, d o a n h l d i d t i k i e n cho d a n h m u c d a u t t i l a bao nhieu?
G i a sd, n e n k i n h t e l a m vao t i n h t r a n g suy t h o a i sud't
t h d i k y x e m xet, m o t n t i a s o ' t i e n d i u t t i vao cd p h i n L se b i l d
20%, m o t n t i a so' t i e n cdn l a i d i u t t i vao cd p h i n U se cd l a i l a
30%. N h t i v a y , d o a n h l d i cua d a n h muc d a u t t i ( k y h i e u l a R ) P
se dtidc t i n h n h t i sau:
R P = 0,5 x (-20%) + 0,5 x 30% - 5%
Ne'u n e n k i n h te h o a n t o a n h t i n g t h i n h t r o n g sud't t h d i
g i a n x e m xet, t a cd:
R P = 0,5 x 70% + 0,5 x 10% = 4 0 %
N h t i n g xac s u a t x a y r a t i n h t r a n g k i n h t e suy t h o a i v a
h t i n g t h i n h l a n h t i n h a u v a b a n g 0,5. Do dd, d o a n h ldi d t i

k i e n cho d a n h muc d a u t t i cua t a (dtidc k y h i e u l a E ( R ) se la: P
E ( R ) = 0,5 x 5% + 0,5 x 40% = 2 2 , 5 %

P
T r o n g p h a n trtidc da n g h i e n c t i u each t i n h d o a n h l d i du*

k i e n cho t t i n g l o a i t a i san r i e n g b i e t n h t i l a cho cd p h d n U cho
t a E(Ru) v a cd p h d n L cho t a E ( R ) . Be tinh doanhL loi die kien
cho danh muc ddu txl mot cdch nhanh chong hdn va true tiep
hdn, ta co the lay trong so' cua tieng loai tai sdn rieng biet
trong danh muc ddu tie nhan (x) vdi doanh loi die kien ciia tdi
sdn dd. Cong tdt cd cdc tich sd dd lai vdi nhau ta se cd doanh
ldi die kie'n cua danh muc ddu tu".
0 v i d u 4, t a da t i n h dtidc d o a n h l d i d t i k i e n cua cd phan
U l a : E ( R ) = 2 0 % v a d o a n h l d i d t i k i e n cua cd p h a n L la:
D
E ( R J = 25%, theo d i e u k i e n n e u r a b v i d u 9, t r o n g so'cua cd

p h a n U v a cd p h d n L deu l a 0,5. T a t i n h dtidc d o a n h l d i du*
k i e n cho d a n h m u c d d u t t i n h t i sau:
E(R )
P = 0,5 x E ( R L ) + 0,5 x E(Ru)
= 0,5 x 2 5 % + 0,5 x 20% = 22,5%
Cach t i n h t o a n n a y k h d n g p h u thuoc vao viec cd bao
n h i e u l o a i t a i san t r o n g d a n h m u c d a u t t i . Gia. sti d a n h muc
d d u t t i cua t a cd n t a i san, x l a trc-ng so' cua t a i s a n i . Vay,
;
cdng t h t i c c h u n g de t i n h d o a n h l d i d t i k i e n cho d a n h muc ddu

t t i se dtidc v i e t n h t i sau:
E(R ) = X, x E(R ) + X x E(R ) + ... + X x E(R ) = E X E(R) (5.9)

P 1 2 2 n n i
V d i : i = 1, 2, 3,... n
5.2.3.3. PhUdng sai cua danh muc ddu tie
Vi du 10
De t r i n h b a y m o t each n g a n gon, t i e p t u c l a y cd p h a n U
H I

va cd p h a n L l a m v i d u . T r e n day, t a da t i n h dtidc r a n g : n e u
n e n k i n h te h o a n t o a n r d i vao t i n h t r a n g suy t h o a i t r o n g suot
t h d i k y n g h i e n c t i u t h i d o a n h l d i d t i k i e n cho d a n h muc d d u
t t i l a : 5%, n e u n e n k i n h t e h t i n g t h i n h t r o n g sud't t h d i k y
n g h i e n c t i u t h i d o a n h l d i d t i kie'n cho d a n h muc d a u t t i se la:
40%. T r o n g dieu k i e n xac s u a t x a y r a cho ca h t i n g t h i n h v a
suy t h o a i deu l a 0,5 t a da t i n h dtidc E ( R ) = 0,225. V a y ,
P
p h t i d n g sai va do lech t i e u c h u a n cua d a n h muc d a u t t i l a bao

nhieu?
Viec t i n h t o a n p h t i d n g sai v a do lech t i e u c h u a n cua
d a n h muc d a u t t i dtidc t d n g k e t d b a n g sau:
(1) (2) (3) (4) (5)

Tinh trang Xac suat Doanh loi cua Binh phuong cac chenh Tich s6
kinh te xay ra cua danh muc dau Ifchgiua doanh loi theo (2)x(4)
moi tinh tu cho m&i tinh tung tinh trang kinh te va
trang kinh t^ trang kinh \6 doanh Ipi du kien binh
quan cua danh muc
dau tu
Suy thoai 0,5 5% (0,05 - 0.225) = 0,30625

2
0,0153125
Hung thjnh 0,5 40% (0,40 - 0.225) = 0,30625
2
0,0153125
o-p = 0,030625
a p - V - 0 0 3 0 6 2 5
= >% 17 5
Vidull
Gia sti thay ddi cac trong sdcua danh muc ddu tti 2/11 so
t i e n d u n g de d a u t t i vao cd p h d n L v a so t i e n cdn l a i 9/11
d u n g de d a u t t i vao cd p h a n U . T r o n g d i e u k i e n n e n k i n h te
i l l

suy t h o a i t r o n g suot t h d i k y n g h i e n c i i u , d o a n h l d i d u kien
c i i a d a n h muc d a u t u dtidc xac d i n h n h t i sau:
R = (2/11) x (-20%) + (9/11) x (30%) = 20,91%

P
T r o n g d i e u k i e n n e n k i n h te h t i n g t h i n h sud't t h d i k y xem
xet, d o a n h l d i dti k i e n cua d a n h muc d a u t t i dtidc xac dinh
n h t i sau:
R = (2/11) x (70%) + (9/11) x (10%) = 20,91%

P
Nhti vay, neu bd' tri danh muc dau tti theo cac trong so
n h t i t r e n t h i d u n e n k i n h t e d t r a n g t h a i nao d i n i i a , van co
d o a n h l d i d t i k i e n l a 2 0 , 9 1 % . K h d n g c a n p h a i t i n h toan, ta co
t h e t h a y l a : t r o n g t r U d n g hdp n a y p h t i d n g sai cua d a n h muc
d a u t t i b a n g 0. D i e u n a y r a t q u a n t r o n g cho viec b d t r i mot
d a n h muc d a u t t i sao cho cd t h e l o a i bd dtidc m o t sd r u i ro
nha't d i n h . V a n de n a y se dtidc b a n k y d n h t i n g p h a n sau.
5.2.4. Rui ro, doanh ldi co he thong va khdng cd he

thong
5.2.4.1. Rui ro co he thong vd khong cd he thdng
Rui ro co he thong Id loai rui ro tdc dong den toan bp"

hoac hau het cdc tdi sdn. Vi the ngtidi ta con goi nd la rui
ro cua thi trtidng. N h t i da t h a y , sti bap b e n h cua cac dieu
k i e n k i n h te c h u n g n h t i viec g i a m G D P , t a n g l a i sud't tien
vay, t a n g tdc do l a m phat... l a n h t i n g v i d u cho r u i ro cd he
thd'ng. N h t i n g d i e u k i e n n a y tac ddng den h a u h e t cac doanh
nghiep.
R i i i ro k h d n g cd he thd'ng la loai r u i ro c h i tac ddng den
m o t t a i san hoac m d t n h d m n h d cac t a i san, n g h i a la l o a i r u i
ro n a y c h i l i e n q u a n t d i t t i n g d o a n h n g h i e p c u t h e nao dd. V i

t h e n g t i d i t a con g o i l a r i i i ro d d n n h a t h a y r i i i ro cho m o t t a i
san c u t h e . C h a n g h a n , sti b a i cdng ciia cdng n h a n thudc
doanh n g h i e p A se c h i a n h h t i d n g den san s u a t k i n h doanh
cua d o a n h n g h i e p A , ddi k h i n d c u n g cd a n h h t i d n g c h i i t i t
den m o t v a i d o a n h n g h i e p k h a c d a n g cd m d t sd hdp ddng m u a
b a n v d i d o a n h n g h i e p n a y . Cac d o a n h n g h i e p k h d n g cd l i e n
q u a n t d i d o a n h n g h i e p A t h i h o a n t o a n k h d n g b i tac ddng.
5.2.4.2. Cdc thanh phdn doanh lefi cd he thdng vd

khong co he thdng
K h i t a d t i k i e n d o a n h l d i cho m d t k h o a n d d u t t i nao dd, cd

n h i i n g k h o a n k h d n g d t i k i e n dtidc. T r o n g qua t r i n h t h t i c h i e n ,
doanh l d i cd t h e t a n g l e n hoac g i a m d i so v d i d t i k i e n . N e u t a
k y h i e u p h a n t a n g l e n hoac g i a m d i dd la U , t a cd t h e vie't
cdng t h t i c t i n h d o a n h l d i n h t i sau:
R = E(R) + U (5.10)
Trong do: R - D o a n h l d i d a t dtidc

E(R) - D o a n h l d i d t i kie'n
U - D o a n h l d i k h d n g d t i k i e n dtidc.
N h t i d p h a n t r e n , t a t h a y : Cd h a i l o a i r u i r o , r u i ro cd he
thd'ng v a r u i r o k h d n g cd h e thd'ng. P h a n d o a n h l d i k h d n g d t i
kie'n dtidc l a do h a i l o a i r u i ro n a y gay r a . T a c u n g cd t h e chia
bd p h a n d o a n h l d i k h d n g d t i k i e n dtidc t h a n h h a i p h d n , p h a n
t h t i nha't l a p h a n k h d n g cd he thd'ng v a do r u i ro k h d n g cd he
thd'ng gay r a , t a k y h i e u p h a n n a y la E. P h d n t h t i h a i l a p h a n
cd he thd'ng do r u i r o cd he thd'ng gay r a v a dtidc k y h i e u la m .
Den day, t a cd t h e vie't cdng t h t i c t i n h d o a n h l d i d a t dtidc l a :
R=E(R) + m + e (5.11)

Viec p h a n chia bo p h a n d o a n h l d i k h d n g d i i k i e n diidc
t h a n h h a i p h d n l a r a t q u a n t r o n g . D e t h a y dtidc t a i sao no
q u a n t r o n g , c h u n g t a se n g h i e n c t i u d p h a n sau day n d i ve r u i
r o cua d a n h m u c d a u t t i .
5.2.5. Da dang hoa va rui ro cua danh muc dau tu*
5.2.5.1. Tdc dong cua da dang hod
K h i t a cd m o t I t i d n g t i e n nao dd, n e u t a d t i n g t o a n bo so'

t i e n de d a u t u vao m o t l o a i t a i s a n t h i mtic do r u i ro cao hdn
la viec d a u t t i so' t i e n n a y vao n h i e u t a i s a n khac n h a u .
D e t h a y dtidc md'i q u a n he g i t i a each b d ' t r i m o t d a n h muc
d i u t t i v a r u i r o cua d a n h m u c d i u t t i , c h u n g t a h a y nghien
c t i u b a n g t r a n g 143.
Q u a b a n g t a t h a y r a n g : D o lech t i e u c h u a n cho d a n h muc
d i u t t i cd m o t cd' p h i n l a 49,24%. D i e u n a y cd n g h i a l a ne'u ta
ltia c h o n m o t each n g i u n h i e n m o t l o a i cd' p h i n cua mot
d o a n h n g h i e p nao do v a d i u t t i t o a n b d so' t i e n cua t a vao do
t h i do lech t i e u c h u a n cua d o a n h l d i se l a 49,24% cho mot
n a m . N e u t a l t i a c h o n m o t each n g i u n h i e n h a i l o a i cd' p h i n
v a d i u t t i vao m o i l o a i m o t n t i a so' t i l n t h i do lech t i e u chuan
b i n h q u a n se l a 37,36% v.v...
D i e u q u a n t r o n g n i t r a d day l a : do lech t i e u c h u a n giam
k h i m a sd' Itidng cac l o a i cd' p h i n t a n g l e n . N e u t a l t i a chon
m o t each n g i u n h i e n 100 l o a i cd' p h i n k h a c n h a u t h i do lech
t i e u c h u a n b i n h q u a n ciia d a n h m u c d i u t t i se g i a m xudng
19,69%. N e u t a l t i a c h o n m o t each n g i u n h i e n 500 cd' p h i n
k h a c n h a u t h i do lech t i e u c h u a n b i n h q u a n se l a 19,27%.
Ne'u t a t i e p t u c t a n g t h e m so' Itidng cd p h i n cho d a n h muc
d i u t u cua t a t h i t a t h l y k e t qua g i a m cua do lech t i e u chuan
r a t n h d hoac k h d n g t h a y dd'i.

(1) (2) (3)
So lUdng cac co Do lech tieu chuan Ty le giua do lech tieu chuan
phan khac nhau binh quan cua doanh cua danh muc dau tu so vdi
cua mot danh Idi hang nam cua do lech tieu chuan cua viec
muc dau tu danh muc dau tu dau tu"vao mdt cd phan
1 49,24% 1,00
2 37,36 0,76
4 29,69 0,60
6 26,64 0,54
8 24,98 0,51
10 23,93 0,49
20 21,68 0,44
30 20,87 0,42
40 20,46 0,42
50 20,20 0,41
100 19,69 0,40
200 19,42 0,39
300 19,34 0,39
400 19,29 0,39
500 19,27 0,39
1000 19,21 0,39
Nguon: Tap chi phdn tich Itidng vd tdi chinh 22/9/1987, so': 353-64
Nhan de: "Bao nhieu cd phdn se tao nen mot danh muc ddu tti da
dang hod".
143

5.2.5.2. Nguyen ly cua da dang hod
T t i b a n g t r e n co the ve dtidc dd t h i sau day:
49,24%
Rui ro co the loai tru duoc bing da dang hoa
Rui ro khdng t h i loai trti dude bing da dang hoa

23,93%
19,21%
1000
Sd luong cac loai cd phin
cua 1 danh muc diu tu
N h i n vao dd t h i , t a t h a y cd h a i d i e m c a n l t i u y :
Thii nhat, m o t so' r u i r o cd l i e n q u a n den t t i n g loai t a i
san cd t h e b i l o a i t r t i b a n g each bo' t r i d a n h muc d d u t t i . Qua
t r i n h bd' t r i d a n h muc d a u t t i dtidc t i e n h a n h b a n g each dan
t r a i viec d a u t t i vao n h i e u l o a i t a i s a n k h a c n h a u dtidc goi la
da d a n g hoa.
N g u y e n l y cua da d a n g hoa cho t h a y r a n g : D a n t r a i viec
d a u t t i vao n h i e u t a i s a n k h a c n h a u se l o a i t r t i dtidc mot sd
r u i ro. P h a n d i e n t i c h t r e n h i n h ve k y h i e u " r u i ro cd t h e loai
t r t i b a n g da d a n g hoa" c h i n h l a bo p h a n r u i ro cd t h e l o a i t r t i
t h d n g q u a da d a n g hoa.
Thii hai,cimg r a t q u a n t r o n g , l a se cd m d t mtic t d i thieu
ctia r u i r o m a k h d n g t h e l o a i t r t i n d b a n g viec da d a n g hoa.

Muc t o i t h i e u n a y dtidc the h i e n t r e n h i n h ve v d i k y h i e u : " r u i
ro k h o n g t h e l o a i t r t i b a n g da d a n g hoa". H a i d i e m n a y cho t a
ket l u a n r a n g : D a d a n g hoa cd t h e l a m g i a m r u i ro, n h t i n g
viec g i a m n a y c h i cd t h e d a t den m o t d i e m n h a t d i n h c h t i
khdng the giam mai.
5.2.5.3. Da dang hod vd rui ro khong co he thdng
T r e n day n g t i d i t a da k h a n g d i n h : M d t sd' r u i ro cd t h e
loai t r t i b a n g da d a n g hoa, m o t sd' r u i ro k h a c t h i k h d n g t h e
loai t r t i dtidc theo each n a y . Se cd m d t cau h d i la: t a i sao l a i
n h t i vay? C a n n h d l a i p h a n t r t i d c day n d i ve r u i ro cd he
thd'ng v a r u i ro k h d n g cd he thd'ng. Theo d i n h n g h i a , r u i ro
k h d n g cd h e thd'ng l a r u i ro c h i l i e n q u a n den m d t hoac m d t
v a i t a i san. C h a n g h a n , ne'u x e m x e t m o t l o a i cd p h a n cua
mdt d o a n h n g h i e p nao dd, d i l a n ve che tao san p h a m m d i
hoac sti t i e t k i e m do c a i t i e n q u y t r i n h cdng n g h e cd t h e
m a n g l a i gia t r i t h u a n t u y d t i d n g v a do dd cd t h e l a m t a n g gia
t r i cd' p h a n cua d o a n h n g h i e p . Ngtidc l a i , n e u d o a n h n g h i e p
p h a m p h a p v a p h a i d e n b u b a n g m o t Itidng t i e n d a n g ke,
hoac do sti cd'bat n g d gay t h i e t h a i cho doanh n g h i e p , hoac do
b a i cdng cua cdng n h a n t r o n g d o a n h n g h i e p v.v... cd t h e d a n
den g i a m g i a t r i cd p h a n cua doanh n g h i e p .
7
D e n day cd t h e n h a n t h a y r a n g : n e u c h i d d u t t i vao m d t
loai cd p h a n cua m o t d o a n h nghiep nao dd t h i n g h i a l a ke't
qua d a u t t i b i p h u t h u d c r a t n h i e u vao n h t i n g sti k i e n x a y r a
dd'i v d i d o a n h n g h i e p . N e u d a u t t i vao n h i e u l o a i t a i san d
n h i e u d o a n h n g h i e p k h a c n h a u t h i sif p h u thudc n a y g i a m d i
n h i e u , b d i v i ne'u c h a n g m a y h i ld d doanh n g h i e p n a y t h i v a n
cd l a i d d o a n h n g h i e p khac. Viec b u t r t i dd se l a m cho r u i r o
cua d a n h m u c d a u t t i g i a m d i .
i l l

N h t i vay, r u i ro k h o n g co he t h o n g se b i l o a i tru" thong
qua viec da d a n g hoa. V i vay, m d t d a n h muc d a u tu" vdi sd
hieing l d n cac t a i san k h a c n h a u cd t h e d d n d e n m d t dieu la:
r u i ro k h d n g cd he t h d n g cua n d b a n g 0. T r e n t h i i c te, khai
n i e m "cd t h e da d a n g hoa" v a k h a i n i e m " r u i r o k h d n g cd he
t h d n g " cd t h e s i i d u n g t h a y t h e cho n h a u .
5.2.5.4. Da dang hod vd rui ro co he thong
R i i i ro cd he t h d n g k h d n g t h e l o a i t r i i b a n g each da dang
hoa, b d i v i theo d i n h n g h i a , r u i ro cd he t h o n g t i e ddng den
t a t ca cac l o a i t a i san k h a c n h a u . V i le dd, cho d u t a cd t d i bao
n h i e u l o a i t a i san k h a c n h a u t r o n g m o t d a n h muc dau t t i di
n t i a t h i c u n g k h d n g l o a i t r t i dtidc r u i ro cd he thd'ng. V i vay
t r e n t h t i c te, k h a i n i e m " k h d n g t h e da d a n g hoa" va khai
n i e m " r u i ro cd he thd'ng" cd t h e sti d u n g t h a y t h e cho nhau.
5.2.6. R i i i r o c o h e t h o n g v a h e so b § t a
T r o n g muc n a y se n g h i e n c t i u de t r a l d i cau h d i : cai gi

q u y e t d i n h mtic b u dap r i i i r o cho m o t t a i san cd r u i ro? Hay
n d i m o t each khac: T a i sao mtic b u dap r u i ro cua t a i san nay
l a i cao h d n mtic b u dap r u i r o cua t a i san khac? Viec t r a ldi
c a u h d i n a y c h u y e u d i l a vao sti k h a c b i e t g i t i a r i i i ro cd he
thd'ng v a r i i i ro k h d n g cd he thd'ng.
5.2.6.1. Nguyen ly cua rui ro cd he thdng
D e n day da n h a n t h a y r a n g : T o n g so' r u i ro l i e n q u a n den

m d t t a i san bao gdm h a i bd p h a n : R u i ro cd h e thd'ng v a r u i ro
k h d n g cd he thd'ng. C h i i n g t a c u n g da n h a n t h t i c dtidc la:'Rui
ro k h d n g cd he thd'ng cd t h e b i l o a i t r t i t h d n g qua v i f c -da

dang hoa. Ngiidc l a i , c h u n g t a k h d n g the loai t r i i diidc r u i ro
cd he t h d n g b a n g each da dang hoa.
D i i a t r e n cd sd n g h i e n c i i u t r e n , c h i i n g t a t h a y : C a n p h a i
xac d i n h c h i n h xac r i i i ro n g h i a l a gi? N g u y e n l y ciia r u i ro cd
he t h d n g da c h i r a r a n g : P h a n t h i i d n g t r a o cho viec c h i u d i i n g
r u i ro c h i p h u thudc vao r u i ro cd he t h d n g ciia k h o a n d a u tu".
R i i i ro k h d n g cd he t h d n g cd t h e l o a i t r i i t h d n g qua viec da
dang hoa m a k h d n g c a n cd c h i p h i , v i vay se k h d n g cd p h a n
t h i i d n g cho l o a i r u i r o n a y . H a y n d i m d t each khac, t h i t r i i d n g
se k h d n g den b u cho l o a i r i i i ro k h d n g can t h i e t p h a i s i n h r a .
N g u y e n l y cua r u i r o cd he thd'ng k h a n g d i n h : D o a n h l d i
dii k i e n cho m d t t a i san c h i p h u thudc vao r u i ro cd he t h d n g .
N g h i a la, c h i r i e n g r i i i ro cd he thd'ng la l o a i r u i ro cd h e n
q u a n den viec q u y e t d i n h miic d o a n h l d i d i i kie'n v a m i i c b u
dap r i i i ro ciia m d t t a i san.
5.2.6.2. Do liidng rui ro co he thong
R u i ro cd he thd'ng l a m d t t r o n g n h i i n g y e u td' q u y e t d i n h
miic d o a n h l d i d i i kie'n ciia m d t t a i san, v i t h e c a n bie't each
do miic dd r i i i ro cd he thd'ng cho cac k h o a n d a u t i i k h a c
n h a u . Thtidc do m a c h i i n g t a se s i i d u n g l a he sd'beta p.
H e sd' P cho t a b i e t miic r u i ro cd he thd'ng cua m d t t a i
san c u t h e so v d i m i i c r u i ro cd he thd'ng b i n h q u a n cua m d t
t a i san l a bao n h i e u ? Theo d i n h n g h i a nay, m d t t a i san nao
do cd p = 0,5 t h i cd n g h i a l a : miic r u i ro cd he t h d n g ciia t a i
san n a y b a n g m d t n i i a so v d i miic r u i ro b i n h q u a n cho m o t
t a i san, n e i i m d t t a i san cd p = 2 t h i cd n g h i a la: mute r u i ro cd
he thd'ng c u a t a i san n a y b a n g h a i l a n so v d i miic r u i ro b i n h
q u a n cho m d t t a i s a n v.v...
147

5.2.6.3. Beta cua danh muc ddu tii
Vi du 12:
Gia su t a co t h o n g t i n ve m o t so' c h i i n g k h o a n ciia cac

d o a n h n g h i e p khac n h a u v d i cac he so" beta t h e h i e n ci bang
sau day:
(1) (2)
Cd phan cua cac doanh nghiep He sdp
Doanh nghiep K 0,75
Doanh nghiep M 0,70
Doanh nghiep L 1,05
Doanh nghiep O 0,99
Doanh nghiep P 1,01
Doanh nghiep Q 0,64
Doanh nghiep R 1,16
Doanh nghiep S 1,42
B e t a cua d a n h m u c d a u tu" co the diidc t i n h t o a n giong

n h i i t i n h t o a n d o a n h l d i d i i k i e n ciia d a n h muc d a u tu". Theo
so' l i e u d b a n g t r e n , gia su* cd m o t so' t i e n nao do, n g i i d i t a dau
t i i m o t n i i a so t i e n vao cd p h a n ciia d o a n h n g h i e p O va mot
n i i a con l a i diidc d a u t i i vao d o a n h n g h i e p R. V a y p ciia danh
muc d a u t i i l a bao n h i e u ?
p = 0,50 x p + 0,50 x p = 0,50 x 0,99 + 0,50 x 1,16 = 1,075
p G R
Trong do: p - B e t a ciia d a n h muc d a u t i i

P
Po - B e t a ciia co p h a n d a u t i i vao d o a n h n g h i e p O
p R - B e t a ciia cd p h a n d d u t i i vao d o a n h n g h i e p R
0,50 - T r o n g so'ciia d a n h muc d a u t i i .

N o i c h u n g , de t i n h p cho m o t d a n h muc d a u tu", t a l a y
tufng t r o n g so' cua d a n h muc d d u tu" n h a n v d i p t i i d n g ting v d i
t a i s a n do. S a u c t i n g t a cdng t a t ca cac t i c h sd dd l a i , se cd p
cua d a n h muc d a u t t i .
5.2.7. D t i d n g t h i t r t i t i n g c h t i n g k h o a n
T r o n g p h a n n a y c h t i n g t a h a y x e m r u i ro se dUdc den b t i
t r e n t h i t r t i d n g n h t i t h e nao?
5.2.7.1. Beta vd mite bu dap rui ro
Vidu 13:
Gia sti rang: T a i san A cd t h u n h a p du" kie'n E ( R A ) = 20% va
p = 1,6. T y suat k h d n g cd r u i ro la R = 8%. Lu"u y r a n g t a i
A f
san k h d n g cd r u i ro l a t a i s a n k h d n g cd r u i ro cd he thd'ng
( t h a m c h i k h d n g cd ca r u i ro k h d n g cd he t h d n g ) , v i v a y t a i
san k h d n g cd r u i ro se cd p = 0.
Ne'u t a bd' t r i m d t d a n h muc d d u t i l g d m cd t a i san A va
t a i san k h d n g cd r u i ro, t a cd t h e t i n h t o a n dtidc m o t v a i
p h i l d n g a n d o a n h l d i d i i k i e n k h a c n h a u v a cac he sd' p khac
n h a u . C h a n g h a n n e u t a d a u t i l 25% vao t a i san A t h i t h u
n h a p d i l kie'n se l a :
E ( R ) = 0,25 x E ( R A ) + (1 - 0,25) x R
P f
= 0,25 x 20% + 0,75 x 8% = 1 1 %

Ttidng til, P c u a
d a n h muc d a u t u se l a :
p P = 0,25 x p A + (1 - 0,25) x 0 = 0,25 x 1,6 = 0,4
L t i u y r a n g : T d n g cac t r o n g so cua m d t d a n h muc d a u t t i

bao gid c u n g b a n g 1. Do v a y , t r o n g d a n h muc d a u t i l nay,

25% d a u t t i vao t a i san A t h i cd n g h i a l a 75% se dtidc dau t u
vao t a i san k h o n g cd r u i ro.
Cd m o t d i e u p h a n v a n la: L i e u t y le d a u t t i vao t a i san A
cd k h a n a n g v t i d t qua 100% h a y khdng? C a u t r a l d i d day la
cd. D i e u n a y cd t h e x a y r a v d i n h a d d u t t i k h i m a a n h ta di
v a y t i e n t a i t y suat k h d n g cd r u i ro. V i du, n h a d a u t t i cd 100
dv, a n h t a d i v a y t h e m 50 dv n i i a t a i l a i suat 8% l a t y suat
k h d n g cd r u i ro. N h t i vay, t d n g sd' d a u t t i vao t a i san A la 150
dv. H a y cd t h e n d i n h a d a u t t i n a y da d a u t t i 150% v d n so vdi
vd'n cua r i e n g a n h t a . T r o n g t r t i d n g hdp n a y t h u nhap du
k i e n se la:
E ( R ) = 1,50 x E ( R A ) + (1 - 1,50) x R
P f
= 1,50 x 20% - 0,50 x 8% = 26%
H e sd' p cua d a n h muc d a u t t i se la:

P = 1,50 x p + (1 - 1,50) x 0 = 1,50 x 1,6 = 2,4
P A
T t i d n g t t i n h t i vay, cd t h e t i n h t o a n dtidc m o t sd' phtidng

a n khac v a l i e t ke d b a n g sau day:
Trong sd cua tai san Doanh Idi du kien cua Beta cua danh muc
A trong danh muc danh muc dau tu dau tu (P )
1
P
' dau tif E(R ) P
0% 8% 0,0
25% 11% 0,4
50% 14% 0,8
75% 17% 1,2
100% 20% 1,6
125% 23% 2,0
150% 26% 2,4

D t i a vao b a n g t r e n t a co the ve dtidc do t h i b i e u d i l n m o i
q u a n h e gitia t h u n h a p d t i k i e n cua d a n h muc d a u ' t t i v a he so'
beta cua t a i san A n h t i sau:
N h i n vao do t h i t r e n t a t h a y : n e u d i c h u y e n t t i d i e m m a
t a i san A k h o n g cd r u i ro v d i p = 0 t d i d i e m m a t a i dd p = 1,6
A A
t h i dong t h d i v d i viec t a n g beta, d o a n h l d i d t i k i e n cho d a n h

muc d d u t t i c u n g t a n g t t i 8% l e n 20%.
N h t i n g t a b i e t , E ( R A ) - R = 20% - 8% = 12% dtidc goi l a
f
mtic b t i dap r u i r o cua t a i san A . Cd t h e t i n h dtidc do ddc cua

dtidng t h a n g n a y b a n g each l a y mtic b u dap r u i ro cua t a i san
A c h i a cho he so p cua n d .
E(R )-R,
A 20%-8%
0 d ddc tai san A = ~ = — =7,50% (5.12)
PA 1,6
Dd dd'c cua tai san ndi len rang: Tai san A de nghi dtidc
d e n b u r u i ro v d i t y sud't 7,5%. N d i each khac, t d i san A cd
m t i c b t i dap r t i i ro l a 7,50% cho mdt ddn v i r u i ro cd he thd'ng.

Vi du 14:
G i a d i n h l a cd m o t t a i sari khac, t a i san B . T a i s a n nay co
P = 1,2 v a d o a n h l d i d i l k i e n l a 16%. V a y d a u tu" vao t a i san
nao t h i t d t hdn? T a i san A h a y t a i s a n B? T h t i c sti l a r a t kho
t r a l d i . M o t so' n g t i d i t h i c h d d u t t i vao t a i san A , cdn mot sd'
n g t i d i k h a c l a i t h i c h d d u t t i vao t a i san B . T u y n h i e n , de co
t h e t r a l d i dtidc r a n g : n e n d a u t t i vao t a i san nao t h i can xac
d i n h t h e m m o t sd t h d n g t i n ve t a i san B t h d n g qua viec tinh
t o a n sau day: C u n g l a m gid'ng n h t i dd'i v d i t a i san A d tren.
T a t i n h t o a n m d t so p h t i d n g a n t h i c h hdp giiia t h u n h a p du"
kie'n v a p cua d a n h muc d a u t t i bao g d m t a i san B v a t a i san
k h d n g cd r u i ro. C h a n g h a n , ne'u t a d a u t t i 25% sd' t i e n vao
t a i san B t h i n g h i a l a 75% so t i e n cdn l a i se dtidc d d u t t i vao
t a i san k h d n g cd r u i ro. D o a n h l d i d t i k i e n cua d a n h muc dau
t t i se l a :
0,25 x E ( R ) + 0,75 x R
B f = 0,25 x 16% + 0,75 x 8% = 10%
T t i d n g t t i , b e t a qua d a n h muc d a u t t i p se l a :
P
p P = 0,25 x p B + 0,75 x 0 = 0,25 x 1,2 = 0,30
T t i d n g t t i l a m n h t i v a y t a se cd b a n g sau day:
Trong so cua tai san B Doanh Idi du kien cua Be ta cua danh
trong danh muc dau tu danh muc dau tu" E (R ) P
muc dau tu (p )P
0% 8% 0,0
25% 10% 0,3
50% 12% 0,6
75% 14% 0,9
100% 16% 1,2
125% 18% 1,5
150% 20% 1,8

E(R )-R
B f 16%-8%
Do doc = 6,67%
PB 1,2
T t i b a n g t r e n co t h e ve dtidc do t h i sau day:
E(R )
P
= 6,67%
E(R ) = 16%
A
R, = 8%
D t i a t r e n cac t h o n g t i n t r e n day co t h e n o i r a n g : D a u t t i
vao t a i san A t d t h d n l a d a u t t i vao t a i san B , b d i v i t a i san B
de n g h i mtic b u dap r u i ro k h d n g d u cho mtic r u i ro cd he
t h d n g cua n d n e u so v d i t a i san A . De t h a y r d hdn, h a y so
sanh t a i san A v a t a i san B t r e n c t i n g m d t do t h i sau day:
E(Rp)
= 7,5%
E(R ) = 20%
A
E(R )= 16% + AR
A
= 6,67%
E(R ) = 16%
A
R = 8%
f

Do t h i t r e n cho t h a y : D i i d n g t h a n g b i e u t h i s i i k e t hdp
g i i i a d o a n h l d i d i i k i e n v a p cua t a i san A n a m cao h d n so v6i
d i i d n g t h a n g b i e u t h i d o a n h l d i d i i k i e n v a p cua t a i san B.
D i e u n a y co t h e n h a n b i e t de d a n g n g a y ca t r o n g t r i i d n g hdp
k h d n g cd do t h i t h d n g qua s i i khac b i e t ve do ddc cua hai
d i i d n g t h a n g n a y (7,50% > 6,67%). S i i k h a c b i e t cho biet: Vdi
b a t k y m i i c r u i ro cd he t h d n g nao cho t r i i d c (diidc do bang P)
t h i t a i san A c i i n g cd m i i c d o a n h l d i cao h d n so v d i t a i san B.
N h i n vao do t h i , gia s i i p = 1,2 t a cd: E ( R ) = 16% t r o n g k h i
B
dd E ( R A ) = 16% + AR.
V d i n h a n x e t nhu" t r e n , cd t h e gdi y cho n h a d a u t i i rang
a n h t a n e n d a u tu" vao t a i san A .
T u y n h i e n t i n h t r a n g cua t a i san A v a t a i san B n h i i da
m i e u ta. t r e n day k h d n g t h e kdo d a i m a i t r e n t h i t r t i d n g vdn,
b d i v i cac n h a d a u t t i do x d d a u t t i vao t a i san A v a h a u n h i i
k h d n g cd a i d a u t t i vao t a i san B n e n se x a y r a t i n h trang:
G i a cua t a i san A se t a n g l e n v a gia ciia t a i san B se b i ha
t h a p . N h t i da biet, gia c i i a t a i san v a d o a n h l d i d t i k i e n cua
n d v d n dong ngiidc c h i e u n h a u , do v a y d o a n h l d i cua t a i san
A se g i a m d i v a d o a n h l d i c i i a t a i san B se t a n g l e n . Viec mua
v a b a n h a i l o a i t a i san n a y t i e p tuc d i e n r a cho den k h i ca hai
t a i san n a y c i i n g n a m t r e n m d t dtidng t h a n g . D i e u dd cd
n g h i a la: Ca h a i l o a i t a i san n a y c u n g de n g h i m o t miic den
b u ve sti c h i u d t i n g r i i i ro. N d i each khac, t r e n t h i trtidng
c a n h t r a n h t a cd:
E(R ) —R E(R ) —Rf

A f B
PA ~ PB

D a y l a m d i q u a n he cd b a n g i i i a r i i i ro v a d o a n h ldi. T r e n
day l a y h a i t a i san l a m v i du, each lap l u a n t r e n cd t h e m d
rdng cho n h i e u l o a i t a i san k h a c n h a u t i i d n g t i i nhu each l a m
1
t r e n . T r e n t h i i c te, d u cd bao n h i e u t a i san d i n i i a t h i cac t a i

san n a y c u n g p h a i v a n ddng theo h t i d n g l a cd c u n g m d t t y
suat b t i dap r i i i ro. G i a sti t a i san n a y cd mtic r u i ro cd he
thdng gap ddi t a i san k h a c t h i mtic b u dap r u i ro cho t a i s a n
nay n h a t d i n h p h a i gap ddi so v d i t a i san khac. Do cac t a i san
t r e n t h i t r i i d n g p h a i cd c t i n g t y s u a t b t i dap r u i ro n e n c h i i n g
p h a i diidc ve t r e n c t i n g m o t d t i d n g t h a n g . D i e u n a y cd t h e
dtidc m i n h hoa b a n g do t h i sau:
E (Rp) A
= 6,67%
N h t i da c h i r a t r e n do t h i , t a i san A va t a i san B diidc ve

t r i i c t i e p t r e n d i i d n g t h a n g , v i vay c h t i n g cd t y suat den b i i
r i i i ro n h t i n h a u . N e u cd m d t t a i san nao dd n a m p h i a t r e n
diidng t h a n g n a y , v i d u n h i i t a i san C t h i gia t r i ciia t a i san C
n h a t d i n h se t a n g l e n v a doanh l d i d i i k i e n cua nd se g i a m

cho den k h i n a m vao d i i d n g t h a n g . T i i d n g t i i n h i i vay, neu co
m o t t a i san nao do n a m p h i a d i i d i d i i d n g t h a n g nay, v i du
n h i i t a i san D t h i gia ciia no n h a t d i n h se g i a m d i va doanh
l d i d i i k i e n ciia n d se t a n g l e n cho den k h i n a m vao dtidng
t h a n g . T r e n t h i t r t i d n g v d n , h i e n t t i d n g n h i i t a i san C t h i
dtidc goi l a gia ca cao h d n gia t r i cua nd. C d n h i e n t t i d n g nhu
t a i san D t h i dtidc goi la gia ca t h a p h d n gia t r i cua nd. Day la
q u a n d i e m r a t q u a n t r o n g de k i e m n g h i e m cac t h i t r t i d n g tai
chinh.
5.2.7.2. Diidng thi triidng chiing khoan
D i i d n g t h a n g diidc ve n h i i t r e n cho m o i t a i san t r e n t h i

t r i i d n g t a i c h i n h la r a t q u a n t r o n g . Dtidng thdng the hien mdi
quan he giiia rui ro co he thdng vd doanh loi dii kien diidc goi
la dtidng thi trtidng chting khoan (SML). T r o n g t a i chinh
d o a n h n g h i e p , q u a n d i e m ve gia t r i h i e n t a i t h u a n t u y (NPV)
diidc coi l a q u a n t r o n g n h a t , k e theo dd la d i i d n g S M L .
Do S M L cd t a m q u a n t r o n g n h t i v a y , n e n c d n t i m each de
b i e t diidc p h i i d n g t r i n h cua nd. Gia sti bd' t r i m d t d a n h muc
d d u tu" v d i t o a n bd cac l o a i t a i san cua t h i t r t i d n g . M d t danh
muc d a u tu" nhu" v a y dtidc goi la d a n h muc d a u t i i ciia t h i
t r t i d n g . D o a n h l d i d t i k i e n ciia n d diidc vie't la E ( R ) . M
Do t a t ca cac t a i san t r e n t h i t r t i d n g p h a i dtidc ve tren

d i i d n g S M L , v i t h e d a n h muc d d u t t i ciia t h i t r t i d n g p h a i bao
gdm t a t ca cac t a i san dd. De xac d i n h x e m cd t h e ve dtidng
S M L n h i i t h e nao, t r i i d c h e t can p h a i xac d i n h cho dtidc he sd
P cho d a n h muc d d u t i i ciia t h i t r i i d n g ( p ) . Do d a n h muc dau
M
t i i n a y d a i dien cho t a t ca cac t a i san t r e n t h i t r i i d n g , nen

chac c h a n r a n g d a n h muc d a u tu" n a y cd mtic r u i ro b i n h
q u a n cd he thd'ng, h a y n d i m d t each khac, p M = 1. D e n day cd
the bie't dtidc dd dd'c cua dtidng S M L n h t i sau:
Dd ddc E(R ) - R
M f E(RJ - R,
M 1»QMI = = =
E(R ) - R
M f (5.13)
cua SML p w -j
E(R ) - R dtidc goi la mtic bti dap rui ro cua thi trtidng
M f
bdi v i nd l a mtic b t i dap r u i ro cho d a n h muc d a u t t i cua t h i

trtidng.
Goi E(Ri) v a p l a d o a n h l d i d t i kie'n v a beta cua m o t d a n h
;
muc d d u t t i b a t k y nao dd t r e n t h i t r t i d n g . T a b i e t r a n g d a n h
muc d a u t t i n a y p h a i dtidc ve t r e n dtidng S M L v i n d p h a i cd
cting t y s u a t d e n b t i r u i ro gid'ng n h t i cac t a i san k h a c t r e n t h i
t r t i d n g . V a y t a cd t h e bie't:
—T = ECRM ) - f
L R
Pi
Ne'u vie't l a i , t a se cd: E(R ) = R + P; [ E ( R ) - Rf]

; f M (5.14)
Cdng t h t i c t r e n dtidc g o i l a m d h i n h d i n h gia t a i san vie't
t a t la: C A P M .
C A P M c h i r a r a n g : D o a n h l d i d t i k i e n cua m o t t a i san cu
the nao do p h u thudc vao ba y e u td':
Yeu to thti nhat, do l a gia t r i t h d i g i a n t h u a n t u y cua t i e n
dtidc do b a n g t y s u a t k h d n g cd r u i ro R . T y suat n a y ddn f
t h u a n c h i d e n b t i cho sti chd ddi t i e n cua n h a d a u t t i v a

k h d n g he cd r u i ro
Yeu to thti hai, la sti den b u cho r u i ro cd he t h d n g dtidc
do b a n g mtic r t i i ro cua t h i t r t i d n g [ E ( R ) - R J . M

Yeu to thti ba, la miic r i i i ro co he t h d n g chide do b a n g p is
day la m i i c r i i i ro cd he t h d n g cho t i i n g t a i san cu the.
5.2.7.3. Mdi lien he gitia dtidng thi trtidng chting

khodn vd chi phi cua vdn
D t i d n g t h i t r U d n g c h t i n g k h o a n c h i cho t h a y mtic den bii

r u i ro t r e n t h i t r t i d n g t a i c h i n h . B a t k y m d t k h o a n d d u t u mdi
nao c u n g ddi h d i m o t mtic d o a n h l d i d t i k i e n i t n h a t la bang
mtic den b u ciia t h i trUdng. N e u k h d n g dat den mtic dd t h i
n g t i d i t a se k h d n g d a u t t i . Cac n h a d a u t t i c h i t h i i c sti cd ldi
n e u ho t i m dtidc cac k h o a n d d u t t i m a mtic d o a n h l d i dti kien
ciia c h i i n g cao h d n mtic de n g h i cua t h i t r t i d n g , b d i v i nhiing
k h o a n d d u t t i n h t i v a y se cd gia t r i h i e n t a i t h u a n t u y dtidng.
T r e n cd sd n h a n t h t i c n h t i vay, n e u dat cau h d i : t y suat chiet
k h a u de xac d i n h gia t r i h i e n t a i l a gi? t h i cau t r a l d i se la:
N e n chon d o a n h l d i d t i k i e n m a t h i t r t i d n g de n g h i cho khoan
dau t t i v d i c t i n g m o t mtic r i i i ro cd he t h d n g . N d i mdt each
khac, de xac d i n h x e m k h o a n d a u t t i cua t a cd gia t r i h i e n t a i
dtidng h a y k h d n g t h i c d n p h a i so s a n h t h u n h a p d t i k i e n ve
k h o a n d a u t t i m d i v a mtic d o a n h l d i dii* k i e n m a t h i t r t i d n g de
n g h i cho k h o a n d d u t t i cd c u n g mtic r u i ro cd he t h d n g (ttic la
cd c i i n g he so P).
T y s u a t chiet k h a u b i e u t h i b a n g mtic d o a n h l d i t d i thieu
c a n dat dtidc t h t i d n g dtidc goi l a c h i p h i cua vd'n cho mdt
k h o a n d a u t t i n h a t d i n h . C* day goi l a c h i p h i vd'n b d i v i neii
dat dtidc mtic d o a n h l d i td'i t h i e u n a y t h i m d i dat den diem
hoa vd'n. C h i p h i ciia vd'n cdn dtidc coi n h t i la c h i p h i cd hdi
cho k h o a n d a u t t i cua d o a n h n g h i e p .
M
K h i n o i r a n g k h o a n d a u t i l m d i co doanh l d i d i i k i e n l d n
h d n mile d o a n h l d i m a t h i t r i f d n g den b u cho k h o a n d a u tu" cd
c u n g m i i c dd r u i r o cd he t h d n g t h i cd n g h i a l a d a n g s i i d u n g
mot each cd h i e u q u a v d n d a u tu".
C a u hoi on tap
1. Giua rui ro va ldi nhuan cd mdi tUdng quan ty le

t h u a n , ttic l a , r i i i r o c a n g cao t h i l d i n h u a n cang cao. H a y
binh luan.
2. H a y g i a i t h i c h r i i i ro cd he t h d n g v a r i i i ro k h d n g cd he
thd'ng?

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336

hu b i e n : PGS.TS. LUUTH| HUONG

KHOA NGAN HANG - TAI CHINH

Chu bien: PGS. TS. LUU THi HUONG

TAI CHINH DOANH NGHIEP

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Nhiing npi dung ve qudn ly tdi chinh doanh nghiep dildc

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qudn ly doanh nghiep hinh thanh tti duy vd phtidng phap

Npi dung cua chtidng di cap tdi nhting y tiidng cd ban, cd

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Chitting 2: Phan tich tai chinh doanh nghiep

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Xin trdn trong gidi thieu ciing ban doc.

CHU BIEN: PGS. TS. LUU TM HUONG

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TONG QUAN VE TAI CHINH DOANH NGHIEP

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Kinh doanh cd the

Kinh doanh gop vdn

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cac cong t y . D a y l a l o a i h i n h p h a t t r i e n n h a t ciia doanh

1.1.2. Moi triidng hoat dong cua doanh nghiep

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1.2. Khai niem tai chinh doanh nghiep

Quan he giiia doanh nghiep vdi Nhd niidc

Quan he giiia doanh nghiep vdi thi triidng tdi chinh

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Quan he giUa doanh nghiep vdi cdc thi tritdng khac

Quan he trong noi bo doanh nghiep

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Hang hda va dich vu (mua vao)

San xua't - chuyen hda

Hang hda va djch vu (ban ra)

T r o n g so' cac t a i san m a d o a n h n g h i e p n a m g i i i cd m o t

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Dong vat chat di vao Dong tien di ra (xua't quy)

San xuat chuyen hoa

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- Ddng tien doi trong

t i e n . G i a s i i h o a t ddng t r a o ddi d i e n r a giQa h a i d o a n h n g h i e p

t r a o d d i t a i san t h i i c cho d o a n h n g h i e p B (ban h a n g cho

d o a n h n g h i e p B t r a t i e n cho doanh n g h i e p A d t h d i d i e m t_.

v u d t h d i diem t,. T r o n g t h d i k y t,, t , t r a n g t h a i can bang d i i

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- Dong tien doc lap

1.4. Cac noi dung cd ban ve quan ly tai chinh doanh

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1.6. Vai trd quan ly tai chinh doanh nghiep

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* Nguyen tdc danh doi rui ro vd lai nhuan

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* Nguyen tac gid tri thdi gian cua tien

D e do h i d n g gia t r i t a i san ciia c h u sd h i i u , cdn s i i d u n g

* Nguyen tdc chi trd

T r o n g h o a t dong k i n h doanh, doanh nghiep can bao d a m

* Nguyen tdc sinh ldi