PHAN TCH TAI

CHNH DOANH
NGHIP

TI LiU THAM KHO

Phn tch ti TCDN,ThS. Ng Kim Phng (ch
bin), i hc Ngn hng.
Phn tch BCTC, PGS.TS. Nguyn Nng Phc,
NXB i hc kinh t quc dn.
Phn tch qun tr TC, Nguyn Tn Bnh, NXB
Thng k.
Phn tch BCTC, PGS.TS. Nguyn Ngc Quang,
NXB Ti chnh.

TI LiU THAM KHO

Bo co ti chnh, TS.Phm Th Thy, NXB i
hc KTQD.
Phn tch hot ng DN, Nguyn Tn Bnh, NXB
Thng k.
Financial Reporting & Analysis, Charles H.
Gibson.
Financial Reporting & Analysis, Revsine,Collins,
Johnson,
3

MC TIU
nh gi thc trng v d bo
tng lai ti chnh doanh nghip, lm
c s ra cc quyt nh qun tr ti
chnh doanh nghip, quyt nh u t
hay qun l nh nc i vi cc
doanh nghip.

CHNG I :
TNG QUAN VE PHAN
TCH TAI CHNH DOANH
NGHIEP

I / Khai niem va muc

tieu :
1/Khai niem:
L vic s dng cac phng
phap, cong cu thu thap, x
ly cac thong tin ke toan va
cac thong tin khac nhm
anh gia tnh hnh tai chnh
cua doanh nghiep, giup ngi
s dung thong tin a ra cac
quyet nh t c mc tiu
6

2 / Muc tieu:
*oi vi nh quan tr doanh
nghiep:
=>a ra cac quyet nh
quan tr TCDN
*oi vi ngi bn ngoai
doanh nghiep:
=>a ra quyt nh cho vay, gp
vn
*oi vi c quan thu:
7

II/ Cac phng phap

phan tch:
1/ Phng phap so
sanh :
a/ Gc so sanh :
- So ky trc.
- So ke hoach.
- So trung bnh nganh.

 b/ iu kin so sanh:
Ging nhau v:
- Ni dung kinh t
- n v tnh
- Thi gian
- Khng gian

 c/ K thut so sanh :
- Theo chieu doc: xem xet ty
trong cua tng ch tieu so vi
tong the.
- Theo chieu ngang: xem xt s bien
oi cua mot ch tieu nao o.

10

2/ Phng phap thay the

lien hoan :
- Cac nhan to nh hng
lan lt c thay the theo
mot trnh t nhat nh, qua
xac nh mc o anh
hng cua n n ch tiu ang
phn tch.
- Khi thay the nhan to nh
hng nay, th co nh cac
11

 VD: Cac nhan to quan he dang tch so

-Q : ch tieu phan tch
-a,b: nhan to anh hng en ch tieu
phan tch
Mi quan h : Q = a x b
Q1: ket qua ch tieu ky phan tch
Q1 = a1x b1
Qo: ket qua ch tieu ky gc
Q o = a o x bo
=>Mc chenh lech :

Q = Q1 Qo
12

. Thc hien thay the :

- Thay the bc 1: ( nhan
to a )
ao.bo c thay the bang a1.bo
=>Mc o anh hng cua
nhan to a la :
a = a1.bo a0.bo
- Thay the bc 2: ( nhan
to b )
a1.bo c thay the bang a1.b1

13

Tong hp mc o
anh hng cua cac
nhan to:
a + b = Q (kim tra)
. Nhn xt:
Nu c n nhn t nh hng th c
n+1 nhn xt

14

VD: Cac nhan to quan he dang

thng so:
- Q : ch tieu phan tch
- a,b,c : cac nhan to anh hng en
a
ch tieu phan
Q tch
xc
b
a1
Q1
xc1
b1
Q1 : ket qu ch tiu PT ky phan tch
a0
Q0
xc0
b0
Qo : kt qu ch tieu PT ky gc

Mc chnh lch: Q = Q1 - Q0

15

a0
a1
Q
xc1
xc0
b1
b0
* Thc hien phng phap thay the:
- Thay the bc 1: (nhan to a )

ao
a1
xc o
xc o
a =
bo to b
cua nhan
ao

: Mc o anh hng

- Thay athe bc
2: (nhan to b )
a
1
1

xc o

xc o

bo
b = b1
cua nhan to b

: Mc o anh hng

16

- Thay the bc 3: (nhan to c )

a1
a1
c =
xc1 xc o
b1 tobc1
cua nhan

: Mc o anh hng

* Tong hp mc o anh hng cua cac

nhan to :
Q = a + b + c

17

3/ Phng phap can oi :

- Phan tch anh hng cua cac
nhan to ma gia chung co
moi lien he can oi va oc
lap nhau.
- Khi mot nhan to thay oi se
lam thay oi ch tieu phan
tch mot lng tng ng.
18

V du :
T.kho CK=T.kho K+Nhap trong ky
Xuat trong ky

- Q : ch tieu phan tch.

- a,b,c : cac nhan to co quan he
oc lap

Q=a+bc
19

Q la oi tng phan tch :

Q = Q1 Q0 = a + b - c
-Mc o anh hng cua
to a :
a = a1 a0
-Mc o anh hng cua
to b :
b = b1 b0
-Mc o anh hng cua
to c :
c = c1 c0
Tong hp mc anh hng

nhan

nhan

nhan

20

4/ Phng phap Dupont :

Nghien cu tac ong lien hoan
ca cac nhan to anh hng en
ch tiu phn tch.
V du:
Phan tch cac nhan to tac ong
en LNST
ROE :
DT
TS
x
x

DT
TS
VCSH
ROE =

21

III/ Trnh t va cac bc

phan tch:
1/ Thu thap thong tin:
Thu thap nhng thong tin lien
quan en DN, chu yeu la
nhng thong tin ke toan.
2/ X ly thong tin :
Sap xep thong tin theo nhng
muc tieu nhat nh nham tnh
toan, so sanh, giai thch, anh
gia, xac nh nguyen nhan.
3/ D oan va quyet

22

IV/ Nguon tai lieu phan

tch :
Ch yu l cac bao cao tai
chnh:
- Bang can oi ke toan
- Bao cao ket qua hoat
ong KD
- Bao cao lu chuyen tien
te
23

CHNG II:
PHAN TCH C CU
TAI CHNH DOANH
NGHIEP

24

I/ Phan tch tai san cua DN:

anh gia c s vat chat, ky
thuat cua DN.
1/ Phan tch s bien
ong tai san :
Phan tch theo chieu ngang:
- Neu so cuoi ky > so au
ky: DN tng quy mo SXKD, tng
kh nng cnh tranh
- Neu so cuoi ky < so au
ky: quy mo SXKD, kh nng cnh
25

2/ Phan tch ket cau tai

san:
a/ anh gia chung ket cau
tai san cua DN:
TSNH
To
ng ta
i sa
n
+ Ty suat TSNH/TS:
TSDH
+ Ty suat TSDH/TS:
To
ng ta
i sa
n
26

b/ Phan tch ket cau tai

san co nh:
Phan tch chi tiet ty trong
tng loi TSC trong tong tai
san.
c/ Phan tch ket cau tai
san ngan han:
Phan tch ty trong TSNH
chiem trong tong tai san.
27

* Cac khoan muc trong TSNH

:
+ Von bang tien
+ Cac khoan au t tai
chnh ngan han
+ Cac khoan phai thu
+ Hang ton kho

28

II/ Phan tch nguon von cua

doanh nghiep:
1/ Phan tch s bien ong
nguon von:
Phan tch theo chieu ngang:
- Cuoi ky > au ky: nguon von
tang, tai san tng, m rong
quy mo SXKD.
- Cuoi ky < au ky : nguon von
giam, tai san gim, quy mo
SXKD giam.
29

 2/ Phan tch ket cau

nguon von:

La tng quan ty le gia von

chu s hu vi n phai tra.

30

Vo
n chush
u
Tysua
t t ta
i tr
Nguo
n vo
n

N
Tysuat
n
NV
N
Tysuat
N /VCSH
Von
CSH
31

III/ Phn tch cn bng ti chnh:

(Chnh sch ti tr)

VL Rng = NVDH - TSDH

Hay
VL Rng = TSNH N NH
32

 Bo th : VLR > 0
Mo him : VLR < 0
Dung ha : VLR = 0

33

IV/ Phan tch cong n va kha

nang thanh toan:
1/ Phan tch tnh hnh cong n:
1.1/ Phan
To
ngtch
n tnh hnh cong
n:

To
ng ta
i sa
n

He so n:

N DH
- He so n di hn so vi tai san
i sa
n DH
di han: Ta

N NH
Ta
i sa
n NH

34

- Cac he so n cang
thap => mc o an
toan von vay cang cao.
- Cac he so n cang cao
=> kha nang thanh
toan cang kho khan.
35

Pha
i thu
Pha
i tra
> 1 : B chiem dung von
nhieu hn s dung von
cua cac DN khac.
< 1 : S dung von cua cac
DN khac nhieu hn b chiem
dung vn.
36

1.2/ Phan tch phai thu khach

hang:
DT ba
n chu
Bnh qua
n pha
i thu kha
ch ha
ng

1.3/ Phan tch phai tra ngi

DS mua chu
ban:
Bnh qua
n pha
i trang
i ba
n
37

2/ Phan tch kha nang thanh

toan:
2.1/Kha nang thanh toan:

To
ng ta
i sa
n
To
ng n

+ > 2: KNTT rat tot.

+ T 1,5 - 2: KNTT bnh thng, chap
nhan c.
+ T 1 1,5: Kho khan trong thanh
toan.
38
+ < 1: Rat kho khan.

2.2/ Kha nang thanh toan n

ngan han:
- Kha nang
thanh
toan
chung:
Ta
i sa
n
nga
n ha
n

N nga
n han
. > 1,5: KNTT rat tot.
. T 1-1,5: KNTT bnh thng, chap
nhan c.
. T 0,5-1: kho khan trong viec
thanh toan.
. < 0,5: DN rat kho khan.
39

- Kha nang thanh toan nhanh:

Ta
i sa
n nga
n han - Ha
ng to
n kho
N nga
n han
. > 1: KNTT rat tot.
. T 0,5-1: KNTT bnh thng, chap
nhan c.
. T 0,3-0,5: Kho khan trong viec
thanh toan.
. < 0,3: rat kho khan.
40

- Kha nang thanh toan ngay:

(Tc thi, nhanh bng tin)

Vo
n ba
ng tie
n
N nga
n han
. > 0,5 : KNTT ngay rat tot.
. T 0,3-0,5: KNTT ngay bnh thng,
chap nhan c.
. T 0,15-0,3: kho khan trong viec
thanh toan ngay.
. < 0,15: rat kho khan trong viec
thanh toan ngay.
41

2.3/ Kha nang thanh toan n

dai han:
- Kha nang thanh toan chung:
Ta
i sa
n da
i han

N da
i han
- Kha nang thanh toan n dai
Li nhua
n sautra:
thue K ha
u hao
han en
han
N da
i han e
n han tra
42

- Kha nang thanh toan lai vay:

Li nhua
n tr
c thuevala
i vay(EBIT)
Chi ph la
i vay

43

V/Phan tch khi qut

bien ong TS v NV :

1/Lp bng k bin ng NV v SDV(TS):

Nguyn tc:
-TS tng hay NV gim => phn tng gim
c ct SDV
-TS gim hay NV tng => phn gim tng
c ct bin ng NV

2/Lp bng phn tch bin ng NV v SDV: vn

hnh thnh t u v s dng vo vic g(mc v
chim bao nhiu %)
44

CHNG III:
PHN TCH KT QU
HOT NG SXKD

45

I/ Phn tch bin ng

doanh thu v li nhun:
1. Phn tch bin ng doanh thu, chi ph
v li nhun(mc v t l tng
gim).
2. Phn tch t l chi ph trn doanh thu.
3. Phn tch t sut li nhun trn
doanh thu.
46

T l chi ph trn doanh

thu

T
T
T
T

l
l
l
l

GVHB/DT
chi ph bn hng/DT
chi ph QLDN/DT
chi ph li vay/DT

47

T sut li nhun trn doanh

thu

T
T
T
T

sut
sut
sut
sut

LN gp/DT
EBIT/DT
EBT/DT
EAT/DT

48

Mc tit kim chi ph

Mc TK = DT * (T l CP T l
CP )
chi ph k PT k PT
k gc

49

Mc gia tng li nhun

Mc gia tng=DT * (T sut LN-T sut
LN)
LN
k PT
k PT
k g c

50

II/ Phan tch tnh hnh s

dng vn KD:
1/ Phan tch hiu sut s
dng vn KD:
a/ Hiu sut SD Vn
b/ Hiu sut SD VC
c/ Hiu sut SD VL
d/ Hiu sut SD VCSH
51

II/ Phan tch tnh hnh s

dng vn KD:
2/ Phn tch hiu qu s dng vn KD:
a/ Hiu qu SD Vn
b/ Hiu qu SD VC
c/ Hiu qu SD VL
d/ Hiu qu SD VCSH

52

III/ Phan tch tnh hnh s

dng ti sn:
1/ Phan tch hiu sut s
dng TS:

a/ Hiu sut SD tng TS

b/ Hiu sut SD TSC

c/ Hiu sut SD TSL

53

III/ Phan tch tnh hnh

s dng ti sn:
2/

Phn tch hiu qu s dng TS:

a/ Hiu qu SD tng TS
b/ Hiu qu SD TSC
c/ Hiu qu SD TSL

54

IV.CHU K VN LU NG
(Chu K Ngn Qu)
1. Khi nim:
Chu k VL c tnh t lc DN
tr tin mua hng cho n lc thu
c tin bn hng.

55

2. Cch tnh:
CK VL = SN tn kho BQ
+ SN thu tin BH BQ
- SN tr tin MH BQ
56

S NGY TN KHO
BNH QUN
HngTn Kho BQ
SNTK BQ = ----------------GVHB BQ 1 NGY

57

S NGY THU TiN BN HNG

BNH QUN
Phi thu khch hng BQ
SNTTBH BQ =------------------DT bn chu BQ 1 ngy

58

S NGY TR TiN MUA HNG

BNH QUN

Phi tr ngi bn BQ
SNTTMH BQ=------------------DS mua chu BQ 1 ngy

59

V D:

(VT:1.000.000)
Ch tiu
31/12/12 31/12/13 31/12/14
Phi thu KH 2800
3200
2300
HTK
6320
6240
7600
Phi tr NB 2550
1700
2380

60

V D:
Ch tiu
2013
Doanh thu BC 27500
GVHB
19100
Doanh s MC 18900

2014
31000
22000
23300

61

CHU K VL
Ch tiu
SNTKBQ
SNTTBHBQ
SNTTMHBQ
CK VL

2013 2014
118
39
40
117

113
32
32
113

Chnh
lch
-5
-7
-8
-4

62

MC TiT KiM VL
Mc tit kim VL =
Mc tit kim tn kho
+ Mc tit kim phi thu KH
- Mc tit kim gia tng phi tr
NB

63

MC TiT KiM TN KHO

Mc tit kim
CLSN
=
*
tn kho
TKBQ

GVHB
BQ 1 ngy

64

MC TiT KiM PHI THU

KHCH HNG

Mc tit kim
CLSN
DTBC
=
*
phi thu KH
TTBHBQ
BQ 1 ngy

65

MC TiT KiM GIA TNG

PHI TR NGI BN

Mc tit kim

CLSN
=

gia tng phi tr

ngi bn

DSMC
*

TTMHBQ

BQ 1 ngy

66

V/ Phan tch s am
bao nhu cau VC va
VL:
1/ Nhu cau VC va nguon
am bao:
- Nhu cau VC phu thuoc quy
mo SXKD.
- Phan tch s am bao nhu cau
VC la so sanh gia nhu cau
VC va nguon von C(ngun
67

2/ Nhu cau VL va nguon

am bao:
Nhu cau VL phu thuoc:
Khoi lng san pham hang
hoa, quy trnh cong nghe, quan
he thanh toan, tnh thi vu
cung cau v c cau san pham
hang hoa.
68

*Xac nh nhu cau von

lu ong:
Nhu cau VL (VL TX): la lng
von can thiet toi thieu e
am bao qua trnh SXKD bnh
thng, lien tuc.
Nhu cu = Vn
Phi tr
VL
HTK
NCC

Phi
thu KH

69

 + Phng php trc tip:

- Nhu cu vn HTK:
Khu d tr
Khu SX
Khu lu thng
- Nhu cu phi thu khch hng
- Nhu cu phi tr nh cung cp

70

+ Phng php gip tip:

Da vo s vng quay VL.
Da vo s ngy lun chuyn vn lu ng.
Da vo t l % doanh thu.

71

CHNG IV:
PHN TCH
LU CHUYN TiN T
I. ngha ca LCTT v phn tch LCTT :
- Cho thy cc ngun tin c c trong k
- Cho thy mc ch s dng tin trong k
- nh gi kh nng thanh ton, u t
- D bo dng tin tng lai
72

II. Phn loi LCTT:

1.LCTT t hot hot ng KD:

*THU :

Tin thu bn hng, cung cp dch

v v t cc khon thu nhp khc.

73

*CHI:

-Tin mua NVL, HH, cc DV

-Tin tr lng
-Tin tr li vay
-Tin np thu
-Tin chi khc

74

2. LCTT t hot ng u t:
*THU :

- Tin thu do thanh l, bn TSC

- Tin thu hi li vn cho vay, vn u
t vo n v khc
- Tin thu li cho vay, c tc, li nhun
c chia
75

*CHI:

- Tin chi mua TSC

- Tin chi cho vay, mua cng c n(TP)
- Tin chi gp vn vo n v khc, mua
c phiu

76

3. LCTT t hot ng ti chnh:

*THU :
- Tin thu t vic gp vn ca CSH

- Tin thu t cc khon vay

77

*CHI :

- Tin chi tr vn gp cho CSH, chi mua

c phiu qu
- Tin chi tr n gc vay
- Tin chi tr thu ti chnh
- C tc, li nhun tr cho CSH
- Chi khen thng phc li
78

III. Mi quan h gia cc dng

LCTT:
- LCTT rng t hot ng KD s cung
cp tin chi cho cc hot ng u t
v ti chnh

79

- Nu LCTT rng t KD thiu (m),

DN c th huy ng tin t hot
ng u t v ti chnh ti tr.

80

- Thu hp u t (bn TSDH) p

ng nhu cu chi tr cc khon n
n hn hoc b p tin thiu ht
t hot ng KD.

81

LCTT rng t KD m lin tc

nhiu nm th DN c nguy c
mt kh nng thanh ton.

82

IV.Phn tch kh nng thanh ton

t LCTT rng ca hot ng
KD:
1.Kh nng chia li nhun :

LCTT Rng t HKD

KN chia LN = -----------------------------LNST
83

2. Kh nng thanh ton n di hn n hn :

LCTT Rng t HKD

KN TT N DH = -------------------------------n hn
N DH n hn u k

84

3. Kh nng t ch ti chnh ca DN :

(Mc ph thuc vo vay ngn hn, ri ro

thanh ton)
LCTTR t HKD - N DH n hn K
KN t ch = ----------------------------------------------TC
N vay ngn hn u k

85

CHNG VII:

Phn Tch Ri Ro Trong

Kinh Doanh v u T.
I/ KHI QUT:
1/ Khai niem:
* Theo trng phi truyn
thng:
-S khng may: thit hi, tn tht, mt
mt, bt li, kh khn, nguy him.
-S bt n: s thay i, khng chc chn.
86

1/ Khai niem:
* Theo trng phi hin i:
- Ri ro l s bt trc c th mang
n nhng tn tht, cng c th mang
n nhng li ch, c hi.
- Ri ro l s bt n dn n kt qu
khc vi k vng.

87

2/ Phn loi ri ro:

2.1/ Cn c mi trng hnh thnh:
- RR chnh tr.
- RR kinh te.
- RR phap ly.
- RR iu kin t nhien.
- RR van hoa.
88

2.2/ Cn c lnh vc hot

ng:
- Ri ro KD
- Ri ro u t
- Ri ro ti chnh.

89

2.3/ Cn c bn cht:
- RR thun ty
- RR phn tn
- RR d bo

90

2.4/ Cn c ngun gc sinh ra: (mi

trng hot ng)
- RR ni sinh
- RR ngoi sinh

91

2.5/ Cn c mc nh hng:
- RR h thng( RR th trng): o bng
h s B-ta.
- RR phi h thng: c th loi tr thng
qua vic a dng ha.

92

2.5/ Cn c theo giai on ca quyt

nh u t:
- RR trc khi ra quyt nh(RR thng
tin): thu thp thng tin khng y ,
khng chnh xc.
- RR khi ra quyt nh(RR c hi):
chn phng n khng ti u.
- RR sau quyt nh: sai lch gia d
kin v thc t.
93

 3/ Y ngha cua phan tch rui

ro:
- Giup DN tranh khoi tn tht, kh khn,
bt li hay nguy c pha san.
- gia tng li nhuan.
- Tranh giam doanh thu.
- Trnh tng chi ph.

94

II/ nh gi ri ro:
1/ Xc sut:
2/ lch chun:
3/ H s B-ta:
4/ Phn tch nhy:
5/ Ch s Z: (Z score)

95

 nhy
Phn tch nhy: l phn tch
mi quan h gia cc i lng
u vo khng an ton v cc i
lng u ra.

96

Phn tch nhy v ri ro

cu d n u t.
Cc i lng u vo khng an ton:
- Gi bn
- Sn lng tiu th
- Bin ph
- Li sut,
Cc i lng u ra:
- NPV
- IRR
-TGHV,

97

Ch s Z
(Hm s chm im Z)
Z = aX1 + bX2 + cX3 + dX4 + eX5
-X1 = EBIT/TS
-X2 = LN gi li ly k/TS
-X3 = VLR/TS
-X4 = Doanh Thu/TS
-X5 = Gi th trng ca VCSH/Ga
tr s sch ca n phi tr
98

Ch s Z c dng cho hu
ht cc ngnh,cc loi hnh
doanh nghip nh sau:
Z = 0,0105X1 + 0,0326X2 + 0,0656X3 + 0,0672X5

Ch : X4 c a ra v n khc nhau qu
ln gia cc ngnh(TM v DV ln hn SX).
- Z>2,6: an ton,cha c nguy c ph s n.
- 1,1Z2,6: cnh bo, c th c nguy c ph sn.
- Z<1,1: nguy him, nguy c ph sn cao.
99

Tng ch s Z gim kh
nng ph sn:
Gim TS m vn gi quy m v hiu qu
hot ng: bn TS khng hot ng
Tng doanh thu, tit kim chi ph
C chnh sch phn phi LN, tr c t c h p
l
Tng th gi c phiu
Gim n
100

III/ Phan tch rui ro thng

qua cc ch s ti chnh:
1/ Phan tch rui ro hoat ong:
Mc o an toan cua DN co the
c o lng bang cac ch tieu ti
chnh.

101

Doanh thu an toan DT thc te- DT hoa von

Doanhthuantoan
He
so
doanhthuantoan

Doanhthuthcte
Doanhthuhoa
von
He
sorui
ro hoat
ong

Doanhthuthc
te

102

SLTT an toa
n SLTT thc te- SLTT ho
a vo
n

San
lng
antoan
He
so
san
lng
antoan

San
lngthcte

103

Thi
gianantoan
Thi
gianthc
te
- Thi
gianhoa
vo

Thi
gianantoan
He
so
thi
gianantoan

Thi
gianthc
te

104

2/ Phan tch rui ro tai chnh:

2.1/Phan tch RRTC thong qua cac ch
tieu phan anh kha nang thanh toan:
- Kh nng thanh ton n v li vay.
- Kh nng TT cng thp th RR cng cao.

105

2.2/Phan tch RRTC thong qua

cac ch tieu phan anh hieu
qua KD:
- Cc t sut LN: ROS, ROA, ROE,
- Cc ch s ny cng cao th ri ro cng thp.

106

2.3/ Phan tch RRTC thong

qua on bay tai chnh:

N phai
tra
He
so
n
Tong
nguon
von

Tong
tai
san
on
bay
tai
chnh
Vonchu
s hu
107

2.4/ Phan tch RRTC thong

qua cac ch tieu phai thu,
phai tra:
Ty le
Cac khoan
phai thu
= phai thu
so vi
Cac khoan
phai tra
phai tra

108

NHNG HAN CHE

CUA PHAN TCH TAI
CHNH DOANH NGHIP

109

- Cong ty hoat ong a nganh

kho xay dng va ng dung
he thong cac ty so bnh
quan nganh e so sanh.
- Lam phat co the anh hng
xau va lam sai lech thong tin
tai chnh c ghi nhan tren
cac bao cao tai chnh.
- Da vao so lieu qua kh e
nhan nh ve tng lai.
- Cac yeu to thi vu lam cho
cac ty so tai chnh co khuynh
110

- C th nha quan ly chu ong

tao ra cac bao cao tai chnh
va v th cac ty so tai chnh
khong ung thc te.
- Mt s ty so tai chnh tot
nhng vai ty so khac lai xau
lam cho viec anh gia chung
tnh hnh tai chnh se kho khan
va kem y ngha .

111