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Qun tr Ti chnh
Th.S Trn Quang Trung
Trong ti liu ny p n l nhng phn ch s m, mu . (Ch cc bn tham kho)
Cng ty my in PIONEER
Russ Wadleight, ch tch ca cng ty my in Pioneer tm tt cc s liu sau t h s ca ng i chiu kt qu hot ng ca cng ty vi cc gi tr trung bnh ca ngnh Russ hi lo v kt qu hot ng ca cng ty trong nm. K ton Walt Schoolcraft ngh ng tng gi sn phm 8% trong nm 19X2 b p cho gi tng, nhng Lil, gim c bn hng cho rng khch hng ch chp nhn tng gi 5%, v vi s tng gi ny ch yu l ng cn tng cng n lc bn hng. Russ chp nhn chnh sch ca gim c bn hng v gi tng 5% bt u t 19X2. Do tng n lc bn hng, hu ht cc khch hng c cng ty u gi c v c thm mt vi khch hng mi
Trung bnh ngnh Cng ty Piooneer Tng kt von cui nm (31/12)
19X2 19X1 Doanh thu Gi vn hng bn Chi ph bn hng Chi ph chung Li Thu thu nhp
100%
55.5% 4.5%
20.5% 3% 8%
$700,000
400,000 75,000
125,000 20,000 40,000
$650,000
357,500 32,500
130,000 19,500 55,250
Cng vic cn lm: 1. Chun b bng bo co kt qu hot ng sn xut kinh doanh (tnh theo % doanh
thu) ca cng ty Plooner Printer trong nm 19X2 v 19X1. 2. Gp cho quyt nh ca Russ, rt ra kt lun t cc bo co ti chnh chun b.
Ch ra nhng nguyn nhn c th c v nhng g c th lm ci thin tnh hnh
COCHITUATE COOLING PRODUCT, INC y l mt cng ty chuyn bn s h thng iu ho nhit v t lnh, c thnh lp vo nm 1960 bi 5 c ng sng lp. Vi s gip ca bn b, h gom gp c s vn cn thit hot ng. Nhng ngi bn ny u t vo cng ty bng cch mua nhng c phiu thng. Hin nay, cng ty c 155 c ng, khng mt ai trong s nhng ngi ny gi qu 5% c phn ca cng ty. Nhng c ng ny quan tm ch yu vo khong c tc m h c chia u n t nm 1965. Trong vi nm u hot ng, cng ty pht trin mt cch nhanh chng n mc nm 1963 n tr mt cch vng chc nh mt cng ty c tnh cnh tranh trong khu vc. Khi mt cng ty vng vng, ban qun tr c khuynh hng bo th hn. Cng ty mun xy dng mt nn ti chnh vng mnh c th hon li tin u t cho c ng v m bo s tn ti ca cng ty. Do giai on 1964 n 19X1 c mt cht thay i trong hot ng ca cng ty m s thay i ny vn phi duy tr nhng gii hn nghim ngt i vi khi thnh vng chung ca Massachusetts.
Qun tr Ti chnh
Th.S Trn Quang Trung
Vo thng 1, 19X2, ban qun tr quyt nh m mt chi nhnh Concord, New Hampshire. H phi ng u vi vn l c nn mua ca hng, vn phng v nhng tin nghi ni tht hoc thu chng. Ban qun tr quyt nh mua ht nhng ti sn . iu ngha l u t 700.000$ vo ti sn c nh (500.000 $ cho to nh, 80.000 $ cho trang thit b v 120.000 $ cho tin nghi ni tht). Cochituate cng phi u t 200.000 $ cho hng tn kho v dnh sn mt qu hot ng 100.000 $ cho nhng khon chi tin mt s vt qu cc khon thu trong nhng thng u hot ng. V vy vic m chi nhnh cn phi u t 1.000.000 $. Ban qun tr Cochituate vch k hoch m rng ny trong nhiu nm v gom gp c 250.000 $ hin ang u t vo tri phiu cng ty vi li sut 6%. Tt c nhng tri phiu ny s c bn ti tr cho k hoch m rng. Ban qun tr cng pht hnh thm c phiu u i, hy vng bn c 500.000 $ nhng thc t ch bn c 150.000 $. Do cng ty buc vay c th chp mt khon n 300.000 $ vi li sut hng nm l 8% v ti sn th chp l ca hng v vn phng Concord. Mt khon vay khng c th chp 200.000 $ trong 5 nm cng c ngn hng a phng ng . iu kin ca khon vay ny l thanh ton mi 6 thng 27.000 $, 10 ln thanh ton, li sut thc l 16,6% nm. Vo nm 19X2, chi nhnh chim 25% hot ng ca cng ty. Cu trc ca chi ph v gi thnh ca chi nhnh tng t nh tr s chnh Massachusettes. Trong nm, mt s c ng yu cu cng ty mua li c phn ca h v cng ty mua. Cng ty phi tr cho h 300.000$ nhng c phiu lc u pht hnh vi gi 200.000 $. Cc c phiu ny c hy b v phn chnh lch v gi s c tr vo li nhun gi li Ban qun tr cng ty nhn bo co ti chnh t nhn vin k ton, cc t s ca ngnh cng c lit k chun b cho vic nh gi. Ban qun tr rt quan tm n tnh hnh tin mt ca cng ty v n b st gim gi tr rt nhiu
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Th.S Trn Quang Trung
COCHITUATE COOLING PRODUCT,INC
Bng cn i k ton 31/12,19X2 v 19X1
19X2 19X1 S lng % S lng % Ti sn lu ng Tin mt $120 2 $390 7 u t ngn hn 250 4 Cc khon phi thu 2400 37 2000 33 Tn kho 1900 29 2100 35 Chi ph tr trc 60 1 65 1 4485 69 4800 82 Ti sn c nh 2015 31 1200 20 6500 100 6000 100 N ngn hn Thanh ton n vay (n hn) 15 0.3 N ngn hng 110 1.7 50 0.9 Cc khon phi tr 2345 36 2230 37.1 N khc 130 2 120 2 N di hn Thanh ton n vay 270 4.2 Vay di hn 146 2.2 100 1.7 3016 46.4 2500 41.7 Vn ch s hu C phiu u i, 8% 150 2.3 C phiu thng 1800 27.7 2000 33.3 Li nhun gi li 1534 23.6 1500 25 6500 100 6000 100
Qun tr Ti chnh
Th.S Trn Quang Trung
COCHITUATE COOLING PRODUCT
Bo co kt qu hot ng sn xut kinh doanh
31/12/19X2 31/12/19X1 s lng % s lng %
Doanh thu 25000 100 20000 100 Gi vn hng bn 20000 80 16000 80 Li gp 5000 20 4000 20
Chi ph hot ng 4025 16.1 3185 15.93 Li tc t hot ng 975 3.9 815 4.07
Li 45 .2 15 .7 Li tc trc thu 930 3.7 800 4 Thu li tc 205 .8 200 1 Li nhun thun 725 2.9 600 3
COCHITUATE COOLING PRODUCT Bo co li nhun gi li
31/12,19X1
Bng quyt ton (1/1/1974) 1500 Cng: Li nhun thun 725 2225 Tr: C tc u i 12 C tc thng 579 Mua li c phiu thng 100 691 S d (31/12/1974) $1534
Yu cu 1. Phn tch v nh gi kh nng sinh li ca cng ty qua so snh vi 19X1 v trung bnh ca
ngnh 2. C phi chi nhnh ca cng ty c li sut ln hn chi ph vn vay? Gii thch 3. Phn tch v nh gi kh nng thanh ton ca cng ty qua so snh vi 19X1 v trung bnh
ca ngnh. Cch ban qun tr dng ti tr cho k hoch m rng nh hng n tnh hnh ti chnh ca cng ty nh th no?
4. Cc bc ban qun tr cn lm ci thin kh nng thanh ton ca cng ty l g?
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CC CH S CA NGNH, C T 45 CNG TY BN S H THNG IU HA V THIT B LNH
Cao Trung bnh Thp T s thanh ton hin ti 4.03 / 1 2.15 / 1 1.64 / 1 Li tc thun / Doanh thu (%) 3.88 1.94 1.03 Li sut trn ti sn s dng 14.45 9.9 5.41 H s quay vng ti sn (ln) 9.13 5.09 3.39 Chu k cc khon phi thu (ngy) 29 43 55 Doanh thu thun / Tn kho (ln) 12 7.3 4.6 Ti sn c nh / Tng ti sn (%) 5.5 10.8 31.4 N ngn hn / Gi tr hu hnh (%) 22.9 72.7 109.4 Tng n / Gi tr hu hnh (%) 56.4 85 171.9
1. Phn tch kh nng sinh li:
Li tc thun trn doanh thu 19X1 19X2
Trung bnh ngnh H s quay vng ti sn 19X1 19X2 Trung bnh ngnh Li sut ca ti sn s dng 19X1 19X2 Trung bnh ngnh Kt lun
2. Kt qu kinh doanh trn vn ch s hu Li sut do s dng cc qu
19X2 Chi ph ngun vay
Vay c th chp Vay khng th chp Kt lun
3. Phn tch kh nng thanh ton ca cng ty: T s thanh ton hin ti: 19X1 19X2
Trung bnh ngnh Chu k cc khon phi thu
19X1
Qun tr Ti chnh
Th.S Trn Quang Trung
19X2 Trung bnh ngnh H s quay vng tn kho 19X1 19X2 Trung bnh ngnh T s thanh ton nhanh 19X1 19X2 Trung bnh ngnh nh gi
4. Cc bc phi lm
3-1: Gi s bn v hu ht cc nh u t khc u hy vng t l lm pht nm ti l 7%, gim xung 5% nm tip theo, v cc nm sau l 3%. Gi s k* l 2% v MRP ca tri phiu kho bc tng t 0 trn tri phiu sp o hn trong vi ngy, vi mc tng 0.2% / nm cho n khi o hn, ti ti a l 1% trn tri phiu c k hn t 5 nm tr ln a. Tnh li sut ca tri phiu kho bc c k hn 1, 2, 3, 4, 5, 10, v 20 nm. V ng li sut b. By gi xem tri phiu ca mt cng ty c hng tn dng l AAA, c cc k hn nh tri
phiu kho bc. V i khi ng li sut ca tri phiu ny trn cng th vi ng li sut cu a. (Lu ri ro v n ca tri phiu di hn so vi ngn hn)
c. Th v ng li sut ca tri phiu ca mt nh my in ht nhn trn cng th 3-3: Gi s hin nay li sut hng nm ca tri phiu kho bc c k hn 2 nm l 11.5%, cn ca tri phiu k hn 1 nm l 10%, k* l 3%, v MRP l 0. a. Dng l thuyt k vng d bo li sut ca tri phiu k hn 1 nm nm ti.(Theo l thuyt
k vng li sut hng nm ca tri phiu c k hn 2 nm l trung bnh cng ca hai li sut ca tri phiu k hn 1 nm nm 1 v nm 2)
b. Tnh tc lm pht mong i nm 1? Nm 2? 3-4: Gi s k* l 4% v MRP l 0. Nu li sut danh ngha trn tri phiu k hn 1 nm l 11%, v trn tri phiu k hn 2 nm c ri ro tng t l 13%. Tnh li sut ca tri phiu k hn 1 nm c pht hnh nm 2? Tc lm pht nm 2 l bao nhiu? Gii thch ti sao li sut trung bnh ca tri phiu k hn 2 nm khc vi li sut ca tri phiu k hn 1 nm nm 2 3-5: Cui nm 1980 phng Thng mi M cng b mt s s liu cho thy tc lm pht khong 15% v li sut th trng l 21%, t mc cao k lc. Tuy nhin nhiu nh u t hy vng rng chnh ph mi Reagan s kim sot lm pht tt hn chnh ph Carter. Li sut cao cc v chnh sch tht cht tn dng, kt qu ca nhng n lc ca Qu d tr lin bang nhm km tc lm pht, s tm thi gy suy thoi kinh t nhng sau s h tc lm pht v gim li sut. Gi s u nm 1981 tc lm pht k vng l 13%; 1982 l 9%; 1983 l 7%; 1984 v cc nm sau n nh mc 6% a. Tc lm pht bnh qun trong thi k 5 nm t 1981-1985 l bao nhiu? b. Li sut danh ngha trung bnh trong thi k l bao nhiu to ra li sut phi ri ro thc
s trn tri phiu kho bc k hn 5 nm l 2%?
Qun tr Ti chnh
Th.S Trn Quang Trung
c. Cho k* = 2% v MRP khi u mc 0.1% v tng 0.1% mi nm, vo thng 1 / 1981 hy c lng li sut trn tri phiu c k hn 1, 2, 5, 10, v 20 nm, ri v ng li sut da trn cc s liu ny
d. Hy m t cc iu kin kinh t tng qut c th dn n ng li sut hng ln e. Nu u nm 1981 phn ln cc nh u t u hy vng tc lm pht cc nm ti n
nh mc 10%, bn ngh ng li sut s nh th no? Xt tt c cc yu t thc t c th nh hng ti n. Cu tr li ca bn y c lm bn ngh li ng li sut bn v trong phn c khng?
4-2: C phiu ca cng ty X v Y c phn phi xc sut ca li sut mong i trong tng lai nh sau:
Xc sut X% Y% 0,1 (10) (35)
0,2 2 0 0,4 12 20 0,2 20 25 0,1 38 45
a. Tnh li sut trung bnh, Yk , cho c phiu Y. ( Xk