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PGS.TS PHAM QUANG TRUNG
GIAO TRINH
QUAN TRj TAI CHINH DOANH NGHIEP
DAI HOC KINH TE QUOC DAN
Quan trj tai chi'nh la mot trong nhirng chi'rc n.anig quan ly caf r
ban va quan trong nhat, co vai tro quyct dinh hieu qiua hoat dongva su phat trien cua mot doanh nghiep. Quan trj tai chinh doanh
fnghiep la mot llnli vuc kha rong Ion, dura dung rnoi dung rat phong phu va co tinh chat chuyen nganh cua mot too mon khoa hoc quan trong. Do la nhung van dc ve quan ly tai s;an cua doanh nghiep, huy dong va thu hut cac nguon von, phan b>o von va cac
t y \
quyct dinh ve dau tu, cac bao cao tai chi'nh va sir diung thong tin/ 9 \
tai chi'nh trong qua trinh ra quyet dinh. Ngoai nh’Dnig van de noi/ w % / r
tren, cuon giao trinh xuat ban lan nay con cung cajp nhung kienA
thirc vc cac cong cu tai chinh va phan tich churng ikhoan nliu la t \ / /
mot cong cu het sire can thiet doi voi cac doanh nghiiep.
Giao trinh Quan tri Tai chinh doanh nghiep' la mot cong tinh khoa hoc tap the cua Bo mon Tai chinh - Kle toan, Vien
/ r
Quan tri Kinh doanh - Dai hoc Kinh te Quoc dan. Tham gia bienf
soan cuon giao trinh co cac ca nhan sau day:
GS.TS Nguyen Van Nam - Hieu trircmgva P'GS.TS. Pham/
Quang Trung - chu bien cung viet cac chuong 5 va 6.
PGS.TS. Pham Quang Trung, Pho Hieu trudng, bien soan cac chuong 1, 2, 3, 4 va chuong 8.
PGS.TS. Nguyen Van Djnh, giang vien Bo mon Tai chinhf /
Kc toan Vien Quan trj Kinh doanh viet cac chuong 7 va chuong 1 1 .
PGS.TS. Duong Dire Lan, Pho Tongcuc trudng Tong cuc Day nghe, bien soan chuong 9.
TS. Vu Dinh Hien, giang vien Bo mon Tai chinh Ke toan
JLGfl G I O I T i l l 1.1
3
TS. Tran Thj Minh Huang, Pho trudng Bo mon i a i chinhf
Ke toan, Vien Quan tri Kinh doanh bien soan Chuong 1 2.
TS. Le Thi Bich Ngoc, TrutVng Bo mon Tai chinh Ke toan, Vien Quan tri Kinh doanh, bien soan Chuong 13 va Chuong 14.
> r
Nhung noi dung dirge dc cap trong cuon sach la nhungt ...... * * \
van de quan tron*? nhat ducc hra chon trong so nhung chi.i de co ban cua quan tri tai chinh doanh nghiep. Tai lieu nay co the sir dung trong qua trinh dao tao cho cac doi' tuong khac nlnau va mot tai lieu tham khao cho cac ban doc quan tarn den linh virc thu vi nay, mot llnh virc ma tarn quan trong cua no nga y cang
r %
tang trong qua trinh nuoc ta hoi nhap vcri kinh te toan cau.
Linh. virc quan tri tai chinh cung nhu quan tri kinh doanh? t #* W
da va dang trai qua nhung bien doi sau sSe, do do kho tamg kien \ 1
thuc ve quan tri tai chinh doanhh nghiep cung khong ngimg doimoi va phat trien. Mac du cac*tac gia da het sue co gang] irongqua trinh bien soan.. nhung cuon sach kho tranh khoi nhungthieu sot nhat dinh. Chung toi xin chan thanh cam on va ratmong nhan dugc y kien dong gop va su cong tac, giiip d o cuadong nghiep, cac nha khoa hoc, cac ban sinh vien va bran doc
\
gan xa.
Xin tran trong gioi thieu cung ban doc!
Vien Quan tri Kinh doanh viet chuong 10.
>
TM. Tap the tac gia
PGS. TS. Pham Quang Trung
Pho Hieu truong DH Kinh te Quoc dan
4
M I C L *
i rang
LCJl }\6\ THIEU 3
Chircng !. QUAN LY TAI SAN CO DINH 13
3. 1. Cor cau cua tai san co dinh 13
1.1.1 Tai san co clink vo hlnh (intangble assets) 14
1. 1.2 Tai san co dinh him hlnh 17
1.2. ] hau hao tai san co difth va cac khia canh kinh te cua cian ly khau hao
20
1.2.1 Khai niem ve khdu hao 20f S
1.2.2 Khdu hao cleu theo thai gian (Straight line methcd)
21
1.2.3 Cac pluramgphdp khdu hao "tang gid” 27
1.2.4 Phuang phdp khdu hao so die giam dan (Decining Balance Method)
29
1.2.5 Phiccmg phdp khdu hao theo sdn hrcmg (Output-based Depreciation)
30
1.3. r ac dong tai chinh cua khau hao doi vcri doanh nghicoW "
. 33
1.4. Ouan ly tai san co dinh ve mat hicn vat 34
1.4.1 He thong theo doi tai san co dinh 34
1.4.2 Phan dinh trdch nhiem 35
1-4.3 Oudn ly tai .san co dinh ve mat l,y ih'uai 36
Chircng 2. QUAN LY TAj s AN LU'U DONG VA VON LU U DONG
38
2.1. liia nang chuyen doi cua tai san (Liquidity) 38
2.2. Co cau va phan loai tai san liru done 4;)
2.3. Quan ly hang hoa vat tir ton kho 4 4
? 4. Phan iich vong quay cua von liru dong 48
Chiromg 3. CAC BAO CAO TAI CHINH CHU YEU 49
3.1. Bang can doi ke toan (Balancc Sheet) 49
3.2. Bao cao Ket qua hoat dong kinh doanh (Bao cao 55thu nhap)
3.3. Bao cao liru chuven tien te (Bao cao luong tien) 7
Chirorng 4. QUAN LY VON BANG TIEN 63% >
4.1. Hang ton kho va tien 63
4.2. Mo hinh Miller - Orr 65•» %
4 .3 .Tang lurong tien bang cach di vay 66
4.4. Quan ly tien trong cac cong ty lcni 67
4.5. Quan ly viec thu tien 67
4.5.1. Tien noi 67
4.5.2. Thu tien qua hop thu (Lock box) 69
Chuong 5. QUAN LY TIN DUNG THU’ONG MAI 72
5.1. Cac hinh thuc ban hang 72
5.2. Cac cong cu tin dung thuong mai 74
5.3. Phan tich tin dung 76
5.4. Chinh sach thu no 77
5.4.1. Chinh sach va bien pluip thu no 77
5.4.2. Bao thanh toan va mua ban thmrng nigi 79
Chircrng 6. QUAN LY NGUON VON CUA DOANH 81NGHIEP
6.1. Tong quan ve nguon von cua doanh nghiep 81
6
6.2. C; c nguon von cua doanh nghiep \ . i ; hifvvny thirc kiiai tlic
82
6.2.1. \gudn von tic co cua docuih nyhicp 82
6.2.2. \!gudn von tin dung ngdn hany \\) t ’n lung thicany mai
84
6.2.3. Vguon von phot hanh co phicu cony t : 87f
6.2.4. °hat hanh trai phieu cong tv 93\ / %
6.2.5. Wguon von tic loi nhuan tai dau tic. 97
Chirorg 7. GIA TRI HIEN Ta I 99
1 .1. Kiai niem ve gia tri hien tai 99
7.1.1. Tinh toan gia tri hien tai 100
7.1.2. Gia tri hien tai rong 101
7.1.3. Rui ro va gid tri hien tai. 102
7.1.4. Gid tri hien tai va ty le thu nhap 103
7.2. Quy tac gia trj hien tai rong 104
Chuong 8. CAC QUYET DjNH VA PHAN TICH VE CHI PHI DAU TU'
107
8.1. Cac quyet dinh dau tu 107
8.2. Qua trinh duyet dir an dau tu 109
8.3. Cac cong cu phan tich du an dau tu 111\ \ f t
8.4. Cac phan tich sir dung luong tien chiet khau 113
8.4.1. Nguyen ly gia tri hien tai rong 114/ /
S.4.2. Nguyen ly ty sudt hoan von noi no 115
8-43. So sanh hai cong cu NPV vci IRR 119
8.4.4 Cac phan tich chiet khdu luong tien theo cac via dnh
120
8. 4.5. Cac uuyet dinh cue; chi phi thdp nhat8.4.0. Knau hao tai son
8.4. 7. iSo .raw/j hoi phucmg an dau tu% *
8.5. Cac cong cu khac dung de phan tich cac ke hoach dau tu
✓
8.5.1. Nguyen ly thai gian hoan von8.5.2. Nguyen ly ty le sinh lai ke toan8.6. Vai tro cua ke toan trong phan tich dau tu
3.7. Kicr.i loan du an dau tir da hoan thanhf S
8.8. Danh gia sir thirc hien cua dir an: van de hanh vi%
Chucmg 9. DOANH L0I, RUI RO TRONG HOAT DONG DAU TU
*
9. i. Khai niem chung ve doanh leri va rui ro* r
9.1.1. Doanh loi tuyet doi va doanh lai tuang doi9.1.2. Doanh loi thirc te va doanh nghiep danh nghia9.1.3. Doanh Ipi blnh quan
„ 9.1.4. Rvi ro va muc budtip rui ro£L L «L £:hwwg seu va d$ Uek him ehudn v i S& Hett thong ke theo then gian cua doanh leri9.2. Doanh loi, rui ro va dircmg thi trucmg chung khoan
9.2.1. Doanh loi dukien9.2.2. Tinh. toanphucmgsaicua doanh lai dukien9.2.3. Danh muc dau tu9.2.4. Rui ro, doanh lai co he thong va khong co he
thong9.2.5. Da dang hod va rui ro cua danh muc dau tu
0
9.2.6. Rui ro co lie thong va he so heh, 163
9.2. ~. Dirang thi truang chung khoat■ 166
Chuong 10. RUI RO KINH DOANH VA DON B A Y 177HOAT DONG
10.1. Moi quan he giira lai nhuan va chi phi 177
10.2. Don bay hoat dong 178
10.3. Rui ro hoat dong 180
10.4. Don bay hoat dong va sir quan ly 186
Chirang 1 1. TINH TOAN GIA TRj HIHX TAI \ rA 188DANH GIA CHUNG KHOAN
11.1. Dinh gia tai san co thai gian sir dung dai 188
11.1.1. Danh gid cac luong tien trong wot so gia: 189doqn
11.1.2. Tai sao thica so chiet khdu lai gidm khi thai 190/ f
gian chiet khdu tang
11.2. Trai khoan vo thdi han va trai kiioan tra deu mot 192so nam
11.2.1. Trai khoan vo thai han 192
11.2.2. Dinh gid chung khoan vo thai han co tang 193tricang
11.2.3. Dinh gia chimg khoan tra deu nipt so nam 193(annuities)
11.2.4. Lai gop va gid tri hien tai 194
11.2.5. Tinh lai gop cho cac khoan tinh nhieu ky 194trong nam
11.3. Danh gia trai phieu va co phien 19511.3.1. Khai niem trai phieu 195
9
I i .3.2. ( Y) phieu i 9 /
II 3.3 Danh gid trai phieu 197
11 3.4. Danh gid co phieu thumig i 99
Chirong !2. PHAN TICH TAI CHINH TRONG 10\QUAN LY DOANH NGHIEP
12.1. Khai niem, vai tro, nuic lieu cua p 1;an tich tai 20% chinh doanh nghiep
12.2. Ca so dfr lieu phuc \ii phan tich tai chinh doanh 100nghiep
12.3. Plurong phap phan tich 210
12.4. Noi dung phan tich tai chinh doanh nghiep 2 1 S
Chuong 13. CO CAU VON - MOT SO KHAI NIEM 23sCO BAN
13.1. Cac cau hoi ve co cau von va hoc thuyct Pie 23S
13.2. Toi da gia tri cong ty va lOi da loi ich co dong 239
13.3. Co the xac dinh dirge inof co cau von toi iru 242khong?
13.3.1. Modigliani va Miller: Hoc thuyct 1 (khong co 242thue)
13.3.2. Modigliani va Miller: Hoc thuyct 11 (khong 244thue)
/ r
13.4. Thue va tac done cua thue 246
13.5. Ca cau von - nhCrne han che cua viec sir dun« 249von vay
13.5 1. Cac chi phi tich hien tai chinh (financial 250distress cost)
13.5.2. Thue thu nhap ca nhdn 257
13 5.3. Thue va thi trudng khong hoang hao 260
10
Chinvr«”. I -I. C! UN! I SACH C O T IV14.1. Cu tire va thu nhap ur von - C ac nha dau :ir thick khoan thu nhap nao hon?
14.2. Cac kiem dinh cua hoc thuyct co tire
14.3. (Vic van de khac ve chinh sach cu tire
14.4 Xav dimg chinh sach co tire trong thirc te
14.5. Cache thanh toan co tire
14.6. Cac ke hoach tai dau tir co tire
14.7. Mua lai co phieu
Phu Inc. THUYET MINH BAO CAO TAI CHIN
DANll MUC TAI LIEU THAM KHAO
C h i t d m * I
QUAN LY TA! SAN CO DiNH
1.1. C<r cau cua tai san co dinh
Trong thue te, khai niem “Tai san co dinh” thuong dugc sir dung ciing vai thuat ngu “Von co dinh”, tuy nhien hai khai
r «* 1
niem nay ham chira mot so diem khac nhau. Hieu theo nghia/■ / /
rong, Tai san co dinh la nhung yeu to tu lieu lao dong dugc sir■» /
dung trong mot thai gian luan chuyen tuang doi dai va co gia tri/ f f
tuang doi lan. Trong cac he thong ke toan a nuac ta cung nhucac nuac khac thuong co nhung quv dinh hoac hucmg dan ve
* /
cac tieu chuan cua mot tai san co dinh.t /
Thong thuang, thai gian sir dung huu ich (tuoi tho kinh te)1 f
de mot tai san dugc coi la tai san co djnh la tren 1 nam. Gia trif i i / r
dan vi (gia tri toi thieu) de mot tai san dugc xep vao tai san codjnh phu thuoc vao quy dinh cua Bo Tai chinh trong timg thai
\ t /
ky va thuong dugc dieu chinh de phu hop vai su bien dong cua\ \ *»
gia ca thi trucmg. Can nha rang hai tieu chuan noi tren (thai gianva gia tri) co y nghia quan trgng trong quan ly tai san co dinh
/ %
nhung chi co tinh chi'nh xac tuang doi va can dugc xem xettrong tirng truong hgp cu the.
t 0 / %
Noi den tai san co dinh la hao ham y nhan manh ve mat✓ /
hien vat cua cac tai san do, con khai niem “von co djnh” dung♦ . 1 \ > t
de hieu thi tri gid bang tien cua cac tai san do, tire la nhan manh vc mat gia tri. N hu vay, can sir dung hai thuat ngu tai chi'nh nay phu hgp vai muc di'ch va dam bao tinh chinh xac cua thuat ngu.
13
Ve mat hinh thai vat chat, de dang nhan tliav mot so nhomj / • • - - tai san co dinh nhu nha cira. nha van phong, xc 6 to, may m o c . . Tuy niuen. quan niem ve co can tai san co dinh can duoc doij mai va bo sung. Do sir phat trien cua kinh te thi irironr. \ a cac. h mang kiioa hoc ky thuat ncn nhieu yeu to khong co hinh thai vat ;!:at cu the cung dirc-c coi ia tai san co dinh Do vay% hinh thanh;2 nhom tai san co dinh: tai san co dinh turn hinh va tai san co! dinh vo hinh.
r
1.1.1. Tai san co dinh vo hinh (intanghle assets)\ ' r
Mi.iin nav uOm mot so vcu to dac biCt. kho xac dinh hinhv c *that vat chat, tham chi triru tuang, nhung co anh huanij quan
r t t
trong dot vai san xuat kinh doanit trong mot thai gian urong doidai. Dien hinh la cac yeu to sau dau.
• Chi phi thanh lap, chi phi khao sat, thiet ke• Uy tin va loi the thuong mai• Quyen scr huu cong nghiep1 va sa huu tri tue: chang han,
nhan hieu thuang mai, kieu dang cong nghe, bang phat minh* \
sang che, ban quyen, giai phap cong nghe huu ich...• Dac quyen khai thac kinh doanh, quyen dac nhugng
/ f
hoac giay phep dac biet (trong mot so linh vuc)•r r
a. Dac diem cua tai sail co dinh vo hinh• »
/ /
Trong thue te, rat kho danh gia chinh xac gia trj cua mottai san co dinh vo hinh vi no khong ton tai duai dang vat chat co
1 /
the do dem de dang. Su danh gia dung hay sai gia tri cua tai san/ \ r *
co djnh vo hinh phu thuoc nhieu vao cac yeu to kho luong hoa,
1 Dieu 780 ve Quyen so huu cong nghiep trong Bo luat Dan sir cua nuac ta (1995) quy djnh: “Quyen scr hfru cong nghiep la quyen sa huu cua ca nhan, phap nhan doi vai sang che, giai phap hiru ich, kieu dang cong nghiep, nhan hieu hang hoa, quyen sir dung doi vai ten goi, xuat xir hang hoa va quyen sa huu doi vai cac doi tuang khac do luat phap quy dinh".
14
nil;; cam nhan va v kien elm v; : ■ i •it.! murai danh gia. Tuv nhiC'i'. vdi sir phat trien eua 'in ?fu *; y i :> ■ chinh. thi tri rang ve quyer sd him cung nghiep da t u> d . e i . kien hinh thanh cac mire gia tr thi trudng eua tai san co dinh. vi hin.n.
Cu mot so phuang phap khae nhan dugc sir dung de danh gia ta san co dinh vo hinh. Cluing ta khung de cap chi tiet cac phiroig phap do trong cuon sach nay. V i d i: cac nha kinh doanh co th; so sanh Igi nhuan do sir noi tieng cua mot nhan hieutliuorg mai tao ra Ian han bao nhieu so vai cac nhan hieu cung
i ■»
nhom tren thi trirang. Trien vong va xu hudng phat trien cung tao ra gia tri cao cho mot nhan hieu thuong mai (gan vai quyen hgp pidp khai thac, su dung nhan hieu do) co the dugc mua ban tren tri trudng - thuang thong qua dau gia.
Luu y rang tren Bang can doi tai san (Balance Sheet) co mot ituc Danh tieng (Goodwill) de phan anh tong gia tri cac Igi the thxang nidi hinh thanh tu tai san co dinh vo hinh dugc thua nhan.
Cac tai san co dinh chi co Igi ich khi no tao ra Igi the th u a n ’ mai, chang han nhu sir veu tiiich cua ngudi tieu dung hay n;udi sir dung. Uy tin hinh thanh qua thdi gian, co the phai
t ' y * /
mat nueu nam de tao dimg va cimg co uy tin. Tuy vay, neu khotiL co bien phap bao ve, duy tri uy tin va Igi the thuang mai thi co5g ty se nhanh chong mat di cac tai san quy gia do.
? r
;. Cac hien phdp quan ly vd phat trien tai san co dinh vo hit It
• Neu cong ty da co mot qua trinh phat trien virng chac thi can taig cudng ciing co sir tin tirdng ciia ban hang, cua khach hang ara ngay vao chinh qua trinh phat trien do. Khi quang cao
15
chang han, can chu v lain noi bat 1 ich sir va uy tin cua cong ty. Sir ket h<7p Inn- marketing trong vice khuvech irucne uy tin tai chmh la mol bien phap can duoc ihire hien thmVni: xuyen.
• Chu \ bao ve cac ciuvcn so hiru conu nplucp. chonu nun ba1 :!uro'c hoac nan bane eia. nhat la vai cac nhan hieu hanu hoa noi tieng. Cac cong ty lan thuang danh mot ngan quy thich clang cho viec bao hiem nhan hieu va chong nan an cap nhan hieu vanan hang gia. Vi du cong ty Rang Dong cua Viet Nam da chi
/ « >
mot so uen thic’n dang cho viec dicu tra va phat hien thu pham lam. gia ’•ong den Rang Dong, khen thuang nguai co dong gop, nha do ho da dat ket qua tot trong viec ngan chan hang gia.
• Hach toan chinh xac cac chi phi ngay tu khi bat dau*•
thanh lap doanh nghiep hay du an. Co the tinh cac chi phi sau day vao nhom tai san co djnh vo hinh:
f r f1. Chi phi khao sat, thiet ke xay dung luan chung kinh te -
ky thuat.^ f
2. Chi phi can thiet va hop ly cho cac thu tuc phap ly nhu dang ky kinh doanh, thue tnrac ba, le phi chung thu,...
3. Chi phi mua ban quyen, sang che, phat minh hoac gia tri dugc thua nhan cua quyen sa huu cong nghiep.
W '
Tri gia cua Igi the thuang mai bao gom uy tin cua cong ty,cua nhan hieu va vi tri thuan Igi cua no. Tri gia nay, a cac nuac
/
cong nghiep, thuang dugc hinh thanh qua danh gia cua mot soi \ r
to chirc chuyen mon, hoac mot hoi dong dac biet, hoac dau gia (khi chuyen nhugng cong ty).
• Du tinh tuoi tho huu ich, tuc la thdi gian tinh khau hao cua cac tai san co dinh vo hinh. Hien nay a nuac ta, chua co phuang phap chinh thirc nao dugc dua ra nhung co the dung phuang phap chuyen gia de danh gia. Muc dich cua viec tinh
16
toan na khong pluu ia sir chinh ' . / i n doi ma nham phan anh Uraig doi hop ly chi ph.i khau > \ ao sr,ia thanh san pham hoac dich vu.
/ . 2. Tai san <. » dinh huu hlnh
N’iu quan niem tai san. co dinis vo hinh la “tai san mem” thi cac tit san co dinh hfru hinh la “tai san cung" nhu ten goi cua chung. Co nhieu neu thue khac nhau de phan loai tai san co dinh him him. De hieu nhat !a cach phan loai theo tinh nang - cong dung c u tai san co dinh. Toan bo tai san co dinh huu hinh dugc chia thanh 4 nhom sau dav:*
Nhom 1: Nha xuong, kho bai, van phong va cac cong trinh x iy dung co muc dich tuang tu. Tinh nang chung cua nhom my la tao ra moi trudng, khong gian hoac nai lam viec. Luu y ring thai gian thu hoi khau hao cua nhom 1 thuong kha dai, dien hinh la tir 10 nam den 30 nam, cac cong trinh lan co
1 r
the tinh khau hao tren 50 nam.r
N iom 2: May moc thiet bi cong nghe, may cong tac, he/ > r
thong diy chuyen va cac thiet bi le. Thong thuang cac may moc1 / / *
hoac to hgp thiet bi nay true tiep tao ra san pham, co anh huangr / *
quyet dnh tai chat lugng va gia thanh san pham. Trong motf t i
cong tysan xuat hay che tao, co the tu vai tram tai hang ngan nhom tliet bi khac nhau, do do viec quan ly khac phuc tap. Mot
w % ^
so bien nhap quan ly se de cap o muc sau.
Vri xu hudng hien dai hoa cong nghe, cac may moc hien9 \
nay ducc khau hao ngay cang nhanh. Nhieu cong ty may tinhr *
cua My khau hao trong vong 3 - 4 nam cho ca mot he thong day' * / 1 X
chuyen lien dai. Nhung day chuyen thiet bi khac co the thu hoi/ r t \ t
khau ha) tir 5 - 7 nam. Neu khau hao deu trong tuoi tho huu ich
17
4 nam. tuc la ty !e khau hao moi nam la 25% ('-1 x !()<)% = 25%). Luu v rang toe (to khau lino co anh hirong don cm than! va chien luge dau tu cua cong ty. dong thdi co quan he ttuc ticp don tien thue niiai nop.
Nhom 3: Cac loai phuang lien van tai, xc co. phirong-ticrl co giai co clurc nang van chuyen. Do dac diem luu donj», phan ldn cac phuang tien van tai co pham vi hoat dong rong. co th^ liru dong qua cac dia ban khac nhau. Quan ly phuang tien vantai can luu y mot so diem dac trung sau:
\ 0
• Chi phi nhicn lieu (xang, dau,.. .) va phu tung thay the f *» f
chiem mot tv tron2 danc ke trony qua trinh hoat done. Mot so•9 \
dinh muc ban hanh trudc day co the ap dung dugc nhung canxem xet kv cac dieu kien dac thu.
*/ * »
i A /
• Tuoi tho kinh te cua phuang tien thuang tinh theo khoi1 / /
lugng van chuyen (tan-km hoac km), trong mot so trirang hgpco the tinh theo nam.
• Rui ro ve tai nan va trach nhiem dan su co lien quan den% 1
ngudi dieu khien phucmg tien va chii phuang tien. Khong nenf
bo qua viec bao hicm tai san, dac biet doi vai tau thuy, sa lan,may bay va cac phuang tien dudng bo ca dong thuang xuyen degap rui ro, tai nan bat ngd.
f f
Nhom 4: Thiet bi van phong, dung cu do hrcrng va kiem0
dinh. Cong nghe van phong dang ngay cang doi hoi nhung thielbi tot han theo xu hucrng tu dong hoa van phong. May tinh, may
\ \ * \
in, may photocopy,... dang dan dan dugc noi mang tao dieukien tang nang suit va kha nang canh tranh.
1 0 1 '
De dam bao chat lugng san pham va do tin cay can phai ' * *
dau tu thich dang vao thiet bi do ludng, kiem dinh. Vi du cong
18
t\ he; doanh 6 to !;oa BInk (\ 'N'( ' ■ ; tir khi nitri thanh lap da Cmu nr mot so von dana ke van t ;< {a-‘av kiem tra chat luohg, p!«an tich cac thong >o iron a. ta* a a;a u aig dv Kin cua day cf.Hi.yc:) lap rap \e o to nhir kiem tra do Ivu va do bong cua son, kiem tra chat luong moi han. do km cua '■ o xe (chiu nirac, phun ap kre cao) . .
HO thorn: k.iCm dinh 1 ham ' ’hi dac Net quan tromz de mot san pham co du kha naua c am tiaun tren thuoma truonc thong
i < " < L .
qua cb§t lugng cao. da*:- bao uy );n.
Nhom tai san co dir.!’ r.av co may diem can liru y nhu sau:
• Cac thiet bi van phong gan hen vai cong nghe cao, congnghe tin hoc, may tinh va he thong thong tin; do do anh hirdng
' ftrue tiep den kha nang thong tin va tinh nhay ben trong quan ly, dac biet la chat luong cua san pham hay dich vu. Cac nganh nhu thong tin buu dien, ngan hang tai chinh, hang khong phu thuqc
* r
vc ca ban vao cong nghe thong tin va cac thiet bi van phong. Hieu suat lam viec cua nhan vien van phong, cua can bo quan lyva “bo m at” cua cong ty the hien true tiep qua he thong thong
t
tin va trang thiet bi van phong cua ho.
• Toe do hao mon vo hinh rat cao do do phai chu y quan/ ' s f \
ly khau hao va chien luge dau tu hien dai hoa. Rat nhieu loaimay tinh va thiet bi phu trg lac hau hoan toan sau 3-5 nam.
f /
• Quan ly nhom tai san co dinh nay ihudng lien quan denviec bao ve bi mat thong tin, cong nghe dac biet khi phat trien
e
he thong mang (networking). Trong cac cong ty a cac nuaccong nghiep phat trien, he thong thong tin va mang may tinh
\
dirge bao ve bang cac the ma hoa, password va phai luon dugc tang cuang.
19
t r /
1.2. K hau hao f:'?i san co djnh v i cac khia canh kinh (c cua quan ly khau hao
1.2.1. Khai niem ve khau hao
Trong qua trinh sir dung, cac tai san co dinh dan dan bj / f
xuong cap hoac hu hong - goi la su hao mon. Su hao mon dolam giam gia tri cua chung mot cach tucmg ung. Do do. cong ty
f
phai xac dinh gia tri hao mon trong tirng ky ke toan (nam, quy, thang,.. .) va hach toan vao gia thanh san pham. Gia tri da khau
V / ^ ^
hao dugc cong don lai (luy ke) phan anh lugng tien (gia tri) da hao mon cua cac tai san co dinh.
Qua trinh hao mon bao gom 2 hinh thai: hao mon huu hinh va hao mon vo hinh. Hao mon huu hinh la su suy giam gia
/ f r y
tri cua tai san co dinh do su hao mon, xuong cap ve mat hien vat1 r
gay ra. Cac hao mon huu hinh co the quan sat, nhan biet dugc \ /
bang tmc quan nhu su han gi, hu hong cac chi tiet, hieu suathoat dong giam... Hao mon huu hinh phu thuoc vao dieu kienhoat dong, cucmg do khai thac, che do van hanh, bao dudng vatuoi tho cua tai san co dinh.
t r ' #
Hao mon vo hinh la su mat gia tucmg doi va tuyet doi cua tai san co dinh do tien bo khoa hoc ky thuat, do thi hieu hoac do
f f t f # y
mot so nhan to khac. Su giam sut gia tri khong true tiep bieu ' ' ' , / ’
hien qua be ngoai cua may moc. Do do, co nhung thiet bi co the mai 100% nhung chi con lai 30%-40% gia tri ban dau, dieu do phan anh su lac hau ve cong nghe. Trong mua sam dau tu may
t f \ ^ X
moc thiet bi rat can luu y dieu nay.f «
Cac phuang phap xac dinh chi phi khau hao co the dugc lira chon de ap dung phu hgp vai dieu kien cu the cua doanh
t \ r r y '
nghiep. O day, chi de cap den nhung van de ca ban nhat lien
20
quan tie:' iuan !v khau hao.
S. u u;:\ chung ta hav \cnj hii m u ■■ r ’..;: nig phap khau hao thong uung nhat:
r \
1.2.2. Khdu hao deu theo thd'igian (Stteight line method)* \
Phucmg phap nav tinh chi phi khau hao phan chia deu chocac nam. tuc la moi nam tai san co djnh dirge khau hao mot lugng nhat dinh va khong thay doi cho den khi thu hoi hoan toan gia tri nguycn thuy eua no.
Hinh H -l.l. Phtrong phdp khau hao duvng thang: Quan he/ r
giu'a gid tri con lai vd khdu hao lily ke
Phuang phap khau hao theo dirang thang
12000 I—
o
'Thai izian
Tren do thi, true hoanh OX bieu dien so nam trong doif • ■> -s, /
cua tai san co dinh. True tune OY bieu dien sua tri eua tai san co9 • k. ? *
21
djnh d < ( iia su gia trj hat: ■ i i : (nguyen cuV) cua tai san co djnh la tai diem N irne vdi Hl.OOO.OOOd. Moi nam thu hoi khau hao2.000.000d. do do hct nam tlur nhat, gia trj eon lai eua tai san la5.000.000d (10.000.000 - 2.000.000) img voi dichn A. Cuoi nam thu hai. gia tri eon lai xac dinh tai diem 1-5. Vi vay phuang phap nay dugc gpi la phuang phap dudng thang straight-line
•»
method). Dudng thang NE goi la “dudng gia trj con lai”. Iren do thi dudng 0D phan anh chi phi khau hao 1 uy ke (cong don). Sau mot nam, chi phi khau hao dat tdi diem 1)1 = 2.000.000d va tuang ung nhu vay cho cac nam sau. Tai diem D, tong chi phi khau hao bang tong nguyen gia tai san co djnh va gia tri con lai = 0 (diem E tren dudng NE).
r f \
Chi phi khau hao la so tien xac dinh muc do hao monhang nam hay tung thdi ky cua tai san co dinh.
/
Ty le khau hao ca ban (K) dugc xac dinh theo cong thircsau3
K = " Z + 9 L - ..9 1 x 100% ( i . i )N g x T
Trong do:
• K: Ty le khau hao tinh bang %t
• Ng: Nguyen gia tai san co dinh•Ctl: Chi phi thanh ly. thao da, v.v... khi ban thanh ly
2 Hien nay tai Viet Nam, nguyen gia dirge xac dinh theo QD 1062/TC/QD/CSTC ngav 14/11/1996 eua Bo iriK-i.g Ho Tai chinh. C at quv dinh nay co the thay doi theo tinh hinh thue te.
3 Cong thue nay la can cu de xac dinh tv le khau ! ' ' ' tuv nhiCn doi vai cac doanh nghiep thi ty le khau hao da dugc Bo Tat chin!. d j r L ,'ho tirng nhom TS CD (QuySt dinh s6 1062 TC/QD/CSTC ngay 14 . i / ]99o cua B(> trucrne Bo Tai chinh.
22
ioac I: ii :i !oai I;\ ? san tv J;:;:: ukr i:nk)«(»:h. < iia tri thu hoi uk: uni,) cua phc • icii hoac pi a tri
lhai lo.ii cua TSCI).# e
•T. :i:6i ihu kinh te in' nam tinh kh;Ui h:■ o ) cua tai san colinh.
TrC-n thirc to, cac you id Ct! va Gth chi la >o irde tinh, kern
'hinh ,\ae. Do Jo. cony thirc ( 1.1 > Juoc Jon gian hoa nhu sau:
K — x 100 % (1.2)T
'I rong mot nam, tinh chi phi khau hao cho tung nhom tai p n co dinh sau Jo cong Jon lai. Cung co the tinh chung cho tat
cac tai san co dinh khi xac djnh duoc ty le khau hao binh ijuan. Tien khau hao mot nam tinh nhu sau:
T - K x NG (1.3)
NG: Nguyen gia tai san co dinh sir dune binh quan trongnam.
De tinh toan NG trong cong thirc tren co the ap dung
pach tinh binh quan gia quyen (trong so) nlnr sau:
- Ngjk Ng1’ ' - Ngl" (1.4)
Trong Jo:' . - ’ \
N G t)k: Nguyen gia tai san co djnh dau ky (thdi diem daulam).
Ng*’1 : Nguyen gia tai san co dinh tang binh quan trong
lain
Ng" : nguyen gia tin san co dinh giinn binh quan trong
23
Tinh toan chi tict nhu sau:
1
nam
m
N g " ’ = v , - Z Ns ; " l,i ' <1 5 >1 - i - I----------- 1 rn
va NqH = — V NgHtH (1-6)w i '-y /.—i ° J J
i*- j=i
Trong do:
• Ng(+)i va N g(_)j la gia tri tang (hoac giam) cua nhom tai sanf
co djnh i va j.
• t(+)j va t(' j la so thang tang (hoac giam) tuang ung cua nhom TSCD i va j.
X
Thue ra, viec tinh toan don gian han nhieu so vai cac cong thue tinh toan hoc co ve rac roi tren day!
> r *
Can chu y may diem sau:
1. Nen lap rieng cac bang theo doi tinh hlnh mua sam, banf
giao dua vao su dung tai san co dinh, tach rieng bang theo doi tinh hinh thanh ly, ngimg khai thac tai san co dinh.
r *
2. Viec tinh toan chi tiet nguyen gia tai san co dinh tang* i
giam binh quan can tuan thu quy dinh cua ca quan co thamquyen (Bo Tai chinh, ca quan chu quan).
f
3. Cach tinh toan noi tren ap dung cho cac nhom tai san co dinh khac nhau, sau do tinh tong chi phi khau hao cua cac nhom
* * f do. Co the ap dung ty le khau hao binh quan (neu thich hop).
Tinh toan ty le khau hao binh quan
Thong thuang, trong mot doanh nghiep co rat nhieu nhomf r *
tai san co dinh khac nhau. Muc do hao mon va toe do ke hoacht /
cua cac tai san co dinh do thuang khac nhau. Neu tinh toan
24
thi khoi lircrng tinh toan co the rat Ion Do do. tmng mot so trucrng hap. chang han nb.\r !ap ke h o ^ h ' hau hao. dir tinh luone tien (cash flows;, co the ap d.i;-iT *.i t nh -\ le khau hao
i V.-? v •
binh quan ( K ).
K = V K ,i (1.7)i ' » V
i - I
Trong cong thue nay:0 t
K;: Ty !e khau hao rieng cua mot nhom tai san co dinh (nhom i).
d,: Tv trong ve nguyen gia cua nhom tai san co dinh i tucla ty le giua nguyen gia cua nhom do so voi tong nguyen gia tai
fsan co dinh cua doanh nghiep.
Duong nhien la tong cac ty trong (d,) bang 1:
t d , = l (1.8)1=1
Khi da xac dinh dugc ty le khau hao binh quan ( K ) va nguyen gia tai san co dinh sir dyng binh quan thi de dang tinh (fugc s6 tikn khau hao eua ky do.
Tcb = Kcbx NG (1.9)
Truoc day, nguoi ta tinh khau hao binh quan trong do tach rieng khau hao co ban va khau hao sira chua Ion. Tuy
* /
nhien, co the tinh gop lai thanh mot ty le khau hao binh quan chung va hien nay hau nhu khong tinh rieng khau hao sua chua Ion. Ducri day la vi du cach tinh theo ty le khau hao binh quan:
M in/t hoa M - l . l :
Mot phan xirang sgi cua Cong tv Dot - Sgi BIGSTAR CO sir dung 6 nhom may moc thiet bi vai so lieu tom tat nhir sau
Tren bang B -1.1. cot (5) tinh bang each chia so tuang irng cua cot (4) cho tong nguyen gia tai san co dinh (5.560.0O0.000 dong). Vi du. ty trong cua nhom may chai la d: ”22.800.000 :5.560.000.000 = 0.130. Ket qua tinh toan a cot (6) cho bii-t ty le khau hao binh quan cun 6 nhom tai san co dinh noi trim cua
c o n g ty BIGSTAR la K = 0,2030S
Bang B - l .l . Ty le khau hao binh quan eua BIGSTAR CO(6 nhom tai san co dinh)
STT Ten nhom TSCD Ty le KH %
" J] Nguyen gia
(1000 dong)
rTy trong
ve nguyen gia
M i
(1) (2) (3) (4) (5) (6)
1 May xe tron bong 15 828.440 0,149 0,02235
2 May chai 20 722.800 0,130 0,02600
3 May sgi tho 24 1.017.480 0,183 0,04392
4 May sgi con 24 1.445.600 0,260 0,0C)240
5 Thiet bi nhuom hap
18 639.400 0,115 0,02070
6 Cac thiet bj khac 17 906.280 0,163 0,02771
Tong cong 5.560.000 1,000 0,20308r r
Neu ty le khau hao cho > *
tong hop (khau hao ca ban va so tien khau hao la:
r
biet a cot (3) la ty khau hao sira chua
le khau hao lan) thi tong
Tkh = K x NG = 0,20308 x 5.560.000 ncan dong
= 1.129.124,8 ngan dong
26
Liru y rang, gia tri *'* roi *-U phai la ngu\en gia tai san co dinh sir dung binh quan cua cac: nhom Hong kv Neu khong nhir vay th ! ket uua tinh toan so kem chinh xac
1.2,3. Cac pliii’o'nx j'hap khdu hao fiiani[ i*ia "
So dT co ten goi “tang gia" (acceleration) vi cac plurong phap no> Jam tang toe do thu hoi khau hao cao non so vai toe do hao mon hiru hinh thue :e cua «ai s;in co uinh. Sau day. chung ta
' ' ' ' de cap tom tf>? nhung phira:!? phap pho bien nhat.
r
Phuong phap khau hao nhanh don gi:in
Dira tren ty ic khau hao thong thuang (K), ban quan ly cong ty hoac Phong tai chinh - ke toan co the xav dung phirang an khau hao nhanh nham dav manh toe do thu hoi von va doi^ ♦
fs ' 9 *smai cong nghe. Can tim ra mot lie so khau hao nhanh phu hap ( H ) Gia sir, cong ty thay rang co the day nhanh toe do khau hao bang 120% so vai muc thong thuang, khi do he so khau hao duqc ap dung se la K* = H* x K = l,2K. Chang han ty le khau hao thong thuang la K = 15% thi ty le khau hao nhanh duac ap dung la: K* = 1,2 x 0.15 = 0.18 hay 18%.
J’huong phap khau hao "tong so" (total-digit method)
De minh hoa cach tinh toan ty le ke hoach, co the theo doi bang duai day:
Minh hoa M-1.2:
Cong ty SAND Co LTD khai thac mot nhom tai san co dinh vai tuoi tho kinh te T = 5 nam, long nguyen gia la 360 tricu
% 9dong. Ap dung phuang phdp nay, cong ty se xay dung bang tinh khau hao nia tang nhu sau:
27
r r
Bang B-1.2. Tinh khdu liao th eophu on ” phap "ton# so"
S o ( i o n K h f mN a n i ! So n a m fhfr I co n Ini
. . . . . . . . . . I T v It* K11 .I v l e K U i * . i i - . l i n o m o t n a m
i o i i ’ii c h i n h( I t K l! U u I ' H )
( I) (2) (3) (4)
1 | 5 | 5/15 = 33,3% !
U —
3
4
3
4/15 =26.6%
3/15 = 20%
33
26
21
- 4 ...
15 15
2/15 = 13.3%i
1/15 = 6.8% !
!3
7
15/15 = 100% 100
118.8
93.6
75.6
46.8
25,2
360.0
Cudi cot (1) chung ta tinh tong cac con so cua so nam tir la: 1+2+3+4+5=15. Con so nay chi co y nghia ve thuat toan m thoi, do la ly do tai sao goi goi phuang phap nay la "tong so (total-digit method)
/
Tren cot (2) phan anh so nam con lai cua dcri hoat don kinh te cua tai san co dinh (luu y tinh tir thai diem ngiiy 01/ cua nam do).
Tren cot (3) chi viec dan gian chuyen cac so tuang img < cot (2) sang lam tir so va mau so la 15.
7 ' ' ' /
De dan gian va nham dieu chinh mot phan ty le khau hac nguai ta lap ra cot (4) va so tien khau hao timg nam de thu hien tren cot thu (5)
x •» 1 /
Liru y rang, co the ap dung cong thirc sau day de true tie' t
tinh ra ty le khau hao (cot 3).
Tuy nhien, phuang phap nay co mot so han che sau da nen it duac ap dung:
28
- Ty le khau hao cua nam dau hoac n.ain thu hai qua cao,co the lam tang gia thanh san pham qua mire cho phep.
f t- (,'h luong dot thich hop vai cac nhom mi san co dinh co
tuoi tho knh te (1") tir 6-iO nam. Ngoai pham vi nay cac ty ie khau hao ;.p dung se giam y nghia tfcii cue cua no.
• U’i diem cua phucmg phap "tong so" la cho phep han che sir ton that von co dinh do hao mon vo iiinh va tuang doi de tinh toan. No phu hap vai cac doanh nghiep co ty le chi phi khau hao rong gia inimh nho (ehang han o muc l%-2% trong gia thanh)
r / \
1.2j , Phuang phdp khau hao so die guiin dan (Declining Balance Method)
Ten goi cua phuang phap nay phan nao phan anh cach •% f t \ f •£>
tinh loan ien khau hao. So tien khau hao moi ky (n&m) dugctinh tren *ia trj con !ai cua tai san co dinh a dau ky do (chukhong tini tren nguyen gia nhu trong phucmg phap khau haodeu). Gia ri con lai cua tai san co dinh (so du) giam dan qua cac
t > ■»
nam, do d> chi phi khau hao cang ve sau cang giam. Chang han,mot he nong thiet bi cua MY SKY Co. co nguyen gia360.000.0)0 dong vai ty le khau hao tong hop K = 20%.
/ y ' \ rT he) phuang phap so dir giam dan, so tien khau hao cac
nam linh nhu sau (xem bang B-L.3)
29
Ban i’ B-J.3. Khdu hao so dtrgiant dan cua MY SK Y Co■ ■ ..............—
Nam Gia (ri con lai dau nam
So tien trich khau hao
trong niini
Gia trj con la cuoi nam
(31/12)
(i) (2) i! (3) (4)
i 360.000 1 72.0001
288.000
2 28S.000 57.600 230.400
230.400 46.080 184.320
4 184.320 36.864 147.456
5 147.456 29.491 117.965
Tong so j 242.035 -
* 9 m A
Bang B.1.3. cho thay, vai phuang phap so du giam daisau 5 nam mai chi thu hoi duac 67,23% nguyen gia cua h
f t $ \thong thiet bi. So vai phuang phap khau hao deu thi day la m< nhuac diem ca ban, vi sau 5 nam khau hao deu vai ty le 20^ cong ty MY SKY Co co the thu hoi 100% von dau tu vao h
w t \ t
thong thiei bi nay. Luu y rang, neu ap dung tuang tu vcphuang phap so du giam dan thi khong bao g ia thu hoi duo
\ t %100% tri gia ban dau cua tai san co dinh. Doi khi, nguai ta nan
f 9 t \ 9
ty le khau hao cua cac nam cuoi len gap doi nham rut ngan the\ t \ _
gian thu hoi von dau tu. Tuy nhien, phuang phap nay chi duo/ / 1 ' t t
ap dung rat han che, khong pho bien. No chi tuang doi phu hof /
vai cac nhom tai san co dinh co tnoi tho kinh te khoang 8-1 nam va de ban lai duai dang "second-hand" khi chua thu hoi h<
9
khau hao.r
1.2.5. Phivffng phap khdu hao theo san Urffng (Outpubased Depreciation)
f. Trong mot so linh vuc kinh doanh (nhu i tai, xay dunj
30
n o n g n g h i e p , v . w . j c o th e d ua . ;’sv i s.wi ! u vm g iutv k i i o i l u o n g
rhoat dong thirc te cua tai san co dinh de xac dinh chi phi khauhao. Dieu kien de ap dung co hieu qua phiroim phap nav la:
I * *• Viec xac dinh, thong ke theo doi san Urortg tirang doi de
,
dang va khong ton kcm.O C ' ’
, /
• Sir thay doi muc do hoat dong eua tai san co dinh khong gay dot bien lan trong gia thanh binh quan cua san pham hay. dich vu.
• Co the ket hop theo doi san luong thue te vai muc tieu• I ^ *
hao rnot so vat tu, nhien lieu, phu lieu.
Truac hct, can biet mire khau hao tren mot dan vi san lugng (mkh):
m
Tong nguyen gia TSCD(hay gia tri phai thu hoi
nikh = -----T------ 7— :------- :------------- (dong) (1.10)Tong khoi lugng dinh mire
cua dai thiet bi
Trong cong thue (1.10), tnau so la tong khoi lugng ma tai san co dinh (hay mot thiet bi nao do) co the thue hien trong suot
* *
dai hoat dong eua no. Vi du, mot loai xe tai co the van chuyen 9 f /
600.000 tan-Kilomet trong suot tuoi tho kinh te cua no. Duong/ /
nhien, con so nay it khi chinh xac tuyet doi.
Trong mot ky nhat djnh (thang, quy hoac nam), so tien khau hao tinh nhu sau:
Tkh = mkhx Q (1.11)
O day: Q la san luang hoac khoi lugng hoat dong thirc te trong ky
31
Minh hoa M-1.3.
Cong ly MYSKY CO dang sir dung 3 nhom xe chuye dung de vim chuyen hang h.oit. Mire khau hao tren moi don i san lugng eiia cac nhom la:
-N hom 1: 2.500 d/T-Km ,
- Nhom 2: 4.200 d/T-Km
- Nhom 3: 3.000 d/T-Km
San lugng thue te cua cac quy dugc phan anh tren ban B.3.5 sau day. Chi phi khau hao cua timg nhom phucmg tie cung dugc tinh cho timg quy (co the tinh theo thang, tuar ngay).
Bang B-1.4. Tinh khau hao theo san lurpng thue te
SoTT
Nhom phirang tien
Quy I Quy 11
Khoilirongvan•
chuvenT-Km
So tien khau hao
(l.ooo d)
Khoiluyngvan
chuyenT-Km
So tien khau hao
(l.ooo d)
(1) (2) (3) (4) (5) (6)
1 Nhom 1 5.000 12.500 7.100 17.750
2 Nhom 2 3.600 15.120 3.720 15.624
3 Nhom 3 2.800 8.400 4.200 12.600*
Tong cong 36.020 45.974r f 7
Phuang phap khau hao theo san lugng co mot so uu diem' * '
• Chi phi khau hao gan hen vai mire do khai thac sir dunTSCD, do do phan anh gan sat vcri qua trinh hao mon thirc te.
f t
• Ket hap dugc vice thong ke, theo doi san lugng vai tin
32
hinh sr dung may moc thiet bi va tieu hao vat tu. plni tung.
• Dan gian. de ap dung, nhat la trong cac nganh xay dung, van ta , nong nghiep (vcri mot so nhom thiet bi va cong viec nhat dinh).
■'Ihuge diem cua phuang phap nay co the tom tat nhu sau:r t
• Phai co su theo doi, thong ke san lirang thue te tung thaikv ma; co the tinh dugc chi phi khau hao cua ky do.
f t /
• Neu viec sir dung mot so nhom thiet bi hay TSCD naodo co tinh thcri vu va ty le chi phi khau hao trong gia thanh lan
I f 1
thi co the gay bien dong gia thanh dan vi san pham (hay djch vu) qua cac ky trong nam.
$
• Pham vi ap dung khong rong, chi thich hgp vai mot so nganh, mot so loai TSCD.
1.3. Tac dong tai chi'nh cua khau hao doi voi doanh• o
nghiepr * f f 'Thoat nhin sa qua, co the khong thay hct anh huang nhieu
f t
mat cua khau hao. Do qua quen thuoc vai ca che quan ly cacdoanh nghiep nha nuac (DNNN), nen nhieu nguai chi nghl rang
t f f t
khau hao anh huang den bao toan von co dinh va gia thanh.f t
Thue ra, toe do khau hao nhanh hay cham co anh huang\ f y t
dong thai den nhieu mat hoat dong va den quan he Igi ich xung quanh viec nop thue. Co the tom tat nhu sau:
• Neu tang ty le khau hao thi toe do thu hoi von dau tu vao tai san co dinh tang len, han che hao mon vo hinh, tao dieu kien nhanh chong doi :^oi cong nghe. Dieu do cung co nghia la tang kha nang bao toan von co djnh.
\ r r \ '• Tuy nhien, mat khac can phai giai quyet la van de gia
33
thanh san pham va kha nang tieu thu tren thi truang (kha nangcanh tranh qua gia). Neu ty le chi phi khau hao trong gia thanh
* t f *
san pham rat nho thi cung de dang chap nhan khau hao nhanh.Ngucrc lai, khi tang ty le khau hao sc lam tang gia thanh sail
pham mot cach dang ke, gay sue cp buoc doanh nghiep tang gia t ' '
ban de giu: muc loi nhuan mong muon. Nhung trong dieu kiencanh tranh, viec tang gia thuang lam giam kha nang canh tranh
/ «
va mure tieu thu. Day la tac dong bat lai can xcm xct ky luong.* r t
• Anh huang tat yeu, nhu mot he qua, cua viec tang khau hao la lai nhuan ke toan se giam, vi noi chung mat bang gia ban bi an dinh bai thi trirang. That ra. ban chat kinh te cua so lai
•» \ r
nhuan giam di tren so sach chi phan anh ve mat ke toan. Laif t
nhuan bao cao giam xuong thi thue lai tire phai nop cung giam.jf y t \ ^ i
O nhieu nuac, rat nhieu cong ty lai dung diem nhay cam nay de "tranh thue" mot cach hap ly. Liru v rang, day khong phai la
t r
tron thue vi doanh nghiep khong vi pham luat phap.
1.4. Quan Iv tai san co dinh ve mat hien vat
Ngoai viec quan iy thuan tuy ve mat gia tri, rat can luu yt \ \ # A
quan ly cac tai san co dinh ve mat hien vat nham dat hieu quat * y
kinh te cao nhat. Tuy theo dac diem, quy mo va kha nang quan ly, co the xay dirng che do quan ly tai san co dinh mot each thich horp vai dieu kien cu the cua cong ty. S^a day la mot so diem ca ban:
/ r
1.4.1. He thong theo doi tai san co dinh
Doanh nghiep can hoan thien he thong theo doi va kiem soat toan bo tai san co djnh. Viec theo doi tai san co djnh khong ton kem nhung co kha nang tang hieu qua sir dung cac trang
34
thiet bi hien co. Deni gian nhat la lap cac so theo doi tong hop va chi tiet. So tong hop phan anh khai quat tinh hinh quan ly su dung ca: nhom tai san co djnh, cac chung loai thiet bj, nhung chi ghi cac thong tin co ban nhat.
SC chi tiet dung de liru tru day du cac thong tin ve timg nhom m o hoac timg doi tuong thiet bi. So nay phai thuong
y y
xuyen djgc cap nhat, tuc la ghi ngay khi co nhung thay doi ve/ j y
tai san :o djnh. Cac so nay thuong dugc sir dung nham mucr
dich qu.m ly chat che tai san co dinh trong timg doanh nghiep* f * * - v 1
ncn co tie thiet ke linh hoat ve khuon mau cua so.t f 1 T
B:en phap tot nhat la ap dung may tinh de theo doi cac so> f
noi tren Cac thong tin ve tai san co dinh lien tuc dugc cap nhat vao co so du lieu (database) trong may tinh, khi can biet chi dung mot lenh don gian de goi ra man hinh hoac in ra giay. Cac cong t> hien dai con noi mang cac may tinh voi he thong
r i
camera :heo doi thiet bi de tu dong ghi lai tinh hinh van hanh vaf 1 \
hien traig cua thiet bi o muc do don gian, co the dung cac phanmein nhu Excel, Lotus, Foxpro,v.v...)
1.4.2. Phan dinlt trach nhiem• •
r + y
Cic nhom may moc thiet bj hoac cac to hgp day truyenthiet bi nen dugc giao cho timg nhom hoac ca nhan quan ly.
f t
Phai can cu vao quy trinh cong nghe, su sap xep ca kip va cach thirc to chirc phan xuong de phan dinh trach nhiem. Khong co mo hint nao chung cho moi cong ty, moi doanh nghiep ma chi ncn ap dung su phan cap hoac giao trach nhiem quan ly van hanh sa) cho phu hgp , hoat dong cua doanh nghiep.
X / rCie do phan djnh trach nhiem ncn gan voi che do ban giao, th;o doi va thuong phat nham khuyen khich moi nguoi co
35
y thirc tot hon trong quan ly tai san. Ncn quy dinh cho J(> hao cao djnh ky doi vai cac quan doc phan xuong, truant, c a, to truong hoac kv su phu trach day truycn ve tinh hinh sir cung tai san co dinh ciia timg bo phan.
f '
1.4.x Quan ly tai san co dinh vc mat ky thuat
Nha kinh doanh muon khai thac co hieu qua nhat caic tai f \ * \
san co dinh thi can luu tain truoc het ve mat quan ly k; t.lmat,quy pham ky thuat va tmii trang hoat dong cua may nuc thietbi. Mot so loai tai san co dinh (nhu nha cira, khu van phong,duong giao thong noi bo, v.v...) khong doi hoi thuong xiyc:n ve
\ /
mat bao duong, duy tu. Tuy nhien, phan Ion cac thiet ii mayw \
moc, he thong day truyen cong nghe yeu cau phai dim baonghiem ngat ve mat ky thuat. Tham chi, co the xay ra tai nam va
f t i
sir co nghiem trong neu co true trac ky thuat. Chang han ihiu sur f
co he thong loc bui tinh dien cua Cong ty xi mang Hoang T hach t / * # x
da gay ton that hang tram trieu dong, gay o nhiem moi trurongtrong may thang.
/ * /
Sau day la mot so diem ca ban rat dang chu y:t \
• Quy trinh ky thuat, che do 4'an hanh can duoc duiy tri» r + e \ ^ t
nghiem ng3t voi ky luat chat che de han che ton that ve n^u<ai va / /
tai san. Mot so truong hop dang tiec da timg xay ra do biuonglong quan ly ve mat quy pham. Cong ty nen chu y thici (dang
r
viec dao tao ky su va ky thuat vien gioi chuyen mon, ihiat lar
trong nhQng nganh co mire do phirc tap cao; va khai tia<c tot trinh do chuyen mon cua ho.
• Phai lap ljch trinh van hanh va theo doi cho tmig he thong thiet b|, co phan dinh troch nhiem ro rang. Lich kC*nri tra
/ • r X | 'dinh kv, bao duong, duy tu may moc thiet bi la rat can tthiet.
36
Khuycii klucli can bo. cong nhan tich are -ham gia giir gin may moc; thong bao ngav cac sir co cho tigiroi quan ly do khac phuc kip thai.
• i)6i vai cac loai thiet bi mai. hien dai ncn thue hien kem> ^ f
cap, dung tho co tav nghe cao huang dan kem cap true tiep chongiroi chua quen viec.
f t
• Hap ly hoa viec lap dat thiet bi may moc trong nha mayt f
la mot khau qyan trong. Mac du da co thiet ke va hoach djnh truoc nhung khong phai bao gia viec bo tri thiet bi cung hop ly; doi khi gay lang phi tlioi gian va lam tang chi phi van hanh cua he thong thiet bi. Doi voi cac may moc thiet bi le, khong tao
' > r \
thanh day chuyen cung can chu y viec bo tri nham giam chi phi van chuyen va thai gian gian doan giua cac khau cong viec.
37
C huong2
QUAN LY TAI SAN LUU DONG
VA VON LUU DONG
Toan bo cac tai san cua mot doanh nghiep dirge chia thanhhai bo phan: tai san co dinh va tai san luu dong. So voi tai sanco dinh, tai san luu dong (current assets) quay vong nhanh hannhieu, cho nen viec quan ly tai san liru dong co anh huang quyetdinh den kha nang tao doanh thu va sinh Igi cua cong ty.
1 * \
Chuong nay se diem qua nhung van de quan trong nhat euaf \
quan ly tai san luu dong bat dau tu viec nghien cuu khai niem kha nang chuyen doi cua tai san.
2.1. Kha nang chuyen doi cua tai san (Liquidity)
Cac tai san co the mua ban trao doi dugc, va do do chung co the chuyen hoan tir dang tai san do thanh tien vai mire do
* * * thuan Igi khac nhau. De dang thira nhan rang: trong tat ca cac tai san, ke ca tai san co dinh va tai san luu dong thi tien (tai san bang tien) la dang tai san co tinh chuyen doi cao nhat, tire la no giir vi tri so 1 ve tinh co the chuyen hoa dugc. Tien (cash) luon luon co the chuyen doi thanh chinh ban than no. Vi vay, cac nha
r * ■» i i
kinh te coi tien la tai san chuan de do luong kha nang chuyen*
doi cua cac tai san khac.
Kha nang chuyen doi hay ti'nh linh dong (con goi la thanh
38
khoa.i) cua mot tai san phan anh mire do de hay kho de chuyen doi tti san do thanh lien (cash). Trnng tai chinh, khai mem kha nang chuycn dr-i (liquidity)1 la mot trony nhirng khai niem ca ban.
* , r r
Tren bang can doi ke toan. cac tai san dugc sap xep theo tinh linh dong giam dan (tu tren xuong); do do von bang tien (cash) luon luon a vi tri so 1.
Khac vai tai san co dinh, tai san luu dong phan Ion dongt
vai tro la doi tugng lao dong, tuc la cac vat bi tac dong trong qua trinh che bien, bai lao dong cua con nguai hay may moc. Do do, tai san luu dong phan anh cac dang nguyen lieu, vat lieu,
\ r
nhien lieu, phu lieu, v.v... Luu y rang mot so loai cong cu lao*
dong nho, dung cu cung dugc coi la tai san luu dong mac du ve / f * \
ban chat chung thuoc tai san co dinh (Dieu quy dinh nay nhamf
tao thuan Igi trong ke toan).f
Nhu vay, trong mot chu ky san xuat, cac nguyen vat lieu f t 1
tharn gia va bi che bien thanh san pham hoan chinh va toan bo*
gia tri cua cac nguyen vat lieu do chuyen hoa hoan toan vao gia t f
thanh san pham. Do la ly do tai sao khong phai tinh khau hao / ' *
doi vai cac loai tai san luu dong, ma chi khau hao cac tai san codjnh.
Tri gia cac nguyen lieu, vat tu. v.v... tieu hao trong mot chu kv (hay mot thcri ky) duac dua vao gia thanh san pham ngaymot lan (doi khi co the phan bo dan mot so lan nhu doi vai phu
f
tung thay the, cong cu lao dong nho).
1 Trong tieng Anh, tir Liquidity co nghTa den la trang thai long, co tinh long hay linh dong, nghTa bong la kha n5ng thanh toan.
39
2.2. Co' cau va phan loai tai san luu dong
Co the phan loai tai san liru dong theo kha nang ciuyen > ’ *
doi va dac diem kinh te cua timg nhom nhir sau:
a. Tien (Cash)
Tai ca tien mat tai quy, tien Iren cac tai khoan ngar hang va tien dang chuyen (ke ca noi te va ngoai te) deu thuoc nhom
% \ ^ s r \ y
"tai san bang tien". Luu y rang, 6 day tien (hay von bant: tien)\ \ ^
khong phai chi la tien mat. Nhieu ngucri nham lan khai niem t \
CASH trong tieng Anh va cho no dong nghTa voi khai nie n tienmat trong tieng Viet. Theo ngon ngu tieng Viet Nam, "tier mat" khong bao gom tien giri ngan hang. Khi cac doanh nghiep thanh toan bang sec hoac chuyen khoan thi dirge got la "thanh toan khong dung tien mat” . Trong linh virc tat chinh - ke toan, tat san
% % ' b&ng tien “Cash" cua mot cong ty hay doanh nghiep bao gom:
1. Tien mat (Cash on hand)
2. Tien guri ngan hang (Bank accounts)
3. Tien duoi dang sec cac loai (Cheques)>
4. Tien trong thanh toan (Floating money, advanced payment)
5. Tien trong the tin dung va cac loai tai khoan the ATM
b. Vang hoc, da quy va kirn khi quyf
Day la nhom tai san dac biet, chu yeu dung vao muc dich du tru. Tuy vay, trong mot so nganh nhu ngan hang, tai chinh, bao hiem, tri gia kim cucmg, da quy, vang bac, kirn khi quy, v.v. . co the rat Ion.
c. Cac tai san tuang duefng v&i tien (cash equivalents)
Nhom nay gom cac tai san tai chinh co kha nang chuyen
40
doi cao, tire la de ban, tic chuyen doi thanh tien khi can thiCt.i uy nl'ien, khong phai tat ca cac loai chirng khoan deu tlu£c
nhom lay. Chi co cac chung khoan ngan han de ban moi dhrgcf
coi la ai san liru dong thuoc nhom nay. Ngoai ra, cac giay to tin rant mai ngan han. dtrac bao dam hoac co do an toan cao thiciing nuoc nhom nay. Vi du: hoi phieu ngan hang (banker
f
acceptance), ky phieu thuang mai (commercial bill), bo chung tir hoan chinh (clean set o f documents ), v.v...
r r
'Yen thirc te ranh giai giua cln'mg khoan ngan han vat
chung khoan dai han khong hoan toan ro rang, viec xep loai phu
thuoc ’ao quyet dinh dau tu cua ban quan ly doanh nghiep. Gia1 /
su cdrg ty Blues Co. dang scr huu 1000 co phieu cua cong ty/ y f
may tinh IBM. Ban quan ly Blues quyet dinh giu 600 co philuIBM mot cach dai han, tire la dau tu chung khoan dai han; 400
/ co phiiu con lai se ban khi gia len cao (thi gia) hoac khi canthiet b3 sung nguon tien cho cong ty. Trong truong hap nay, tuy
*
cung It mot loai chung khoan nhung chi co tri gia cua 400 co* f
phieu noi tren la tai san luu dong (chung khoan ngcin han) cua cong ty Blues.
c. Chi p h i tra trir&c (Prepaid expenses)y m \
Chi phi tra truoc bao gom cac khoan tien ma cong ty da/ f
tra tru jc cho nguai ban, nha cung cap hoac cho cac doi tuangt * 1
khac. Mot so khoan tra truoc co the co muc do rui ro cao vi phu e t r
thuoc ’ao mot so yeu to kho du doan truoc.
(. Cac khoan phai thu (Accounts receivable)
Cac khoan phai tnu la mot loai tai san rat quan trong cua doanh nghiep, dac biet la cac cong ty kinh doanh thuang mai, mua bin hang hoa. Hoat dong mua ban chiu giua cac ben, phat
41
sinh cac khoan tin dung thu<mg mai. Thirc ra, cac khoar n'hai thu gom nhieu khoan muc khac nhau tuy theo tinh chat cua quan
-v
he mua ban, quan he hop dong. Phu thuoc vao mire do rii ro,
cac khoan phai thu co the chia thanh cac loai sau:
- Do tin cay cao (Loai A)
- Do tin cay trung binh (Loai B)
- Do tin cay thap (Loai C)*
- Khong the thu hoi dirge (Loai D)
Khi phan tich tin dung hoac danh gia kha nang thanh toan
eua mot cong ty, loai A dugc tinh 100% tri gia ghi tren tai
khoan, loai B chi dugc tinh 90% - 95%, loai C dugc tinh ' 0 % -
80% tri gia va khong tinh den loai D. Loai D coi nhu khoig cohy vong thu hoi (bad debt), sau mot thai gian xac dinh khong
doi dugc thi co the xoa khoi tai khoan phai thu (write-off)2/ *»
Trong thue te hoat dong kinh doanh, de quan ly cac khoanng thuang mai, cac khoan phai thu, nguai ta phai xay dung he
Jthong chinh sach va cong cu cua cong ty; cac cong cu do durgc ap dung trong linh virc quan ly tin dung va co the do mot pidmg,
ban hoSc mot bo phan chuyen mon hoa quan ly.
/ Tien dat coc
Trong nhieu truong hgp, cac ben lien quan den hgp d o n gr \ * \ \ y.
phai dat coc mot so tien nhat dinh. Phan lan cac dieu khoan ve
tien dat coc quy dinh theo 2 cach:r ^ t
- So tien dat coc tinh theo ty le phan tram tri gia hoac
2 Trong ke toan, ngirdi ta dun” tai khoan "Dir phong ng khc cdoi" (Allowance for uncollectible accounts) de theo doi va hach toAn doi \y[ cac khoan phai thu.
42
dong hcac tri gia tai san dirge mua ban.
- So tien dat coc dugc an dinh bang so tien cu the (chang han 5 0.300.000 dong), hoac mot tri gia toi thieu cho hgp dong.
T'ong cac truong hgp ben dat coc thue hien troi chay hgp dong tli ho co toan quyen lay lai tien dat coc. Neu co su vi
pham hoac huy bo hgp dong, hoac khong tiep tuc tham gia (vi
du dau diau) thi ho co the bi mat tien dat coc. N hu vay, tien datf t *
coc la not khoan muc tai san khong chac chan, do tin cay co the
dao dorg lan, tu 90% den 30% hay 40%./
Co tinh chat la mot tai san bao dam nhu vay nen mac duA ' ftien da: coc thuoc ve tai san luu dong nhung no khong dugc cac
ngan hang tinh den khi xac dinh kha nang thanh toan bang tien cua cloaih nghiep.
g Hang hod vat tir (Inventory)
Kang hoa vat tu dugc theo doi trong mot tai khoan goi lahang- on kho. "Hang ton kho" trong khai niem nay khong co
f
nghia Sa hang hoa bi u dong, khong ban dugc, ma thue chat bao\
ham tcan bo cac hang hoa vat lieu, nguyen lieu dang ton tai acac lkho, quay hang hoac trong xuong. Tren thirc te, hang hoa
* 1 •» \
ton lkho co the bao gom hang tram chung loai khac nhau. Tuy
nhien,co the gop lai thanh nhung nhom sau:
• Nguyen lieu, vat lieu chinh.
• Vat lieu phu, vat lieu bo trg.*
• Nhien lieu va cac loai dau mo.
• Thanh pham.1 i
• San pham do dang va ban thanh pham.
43
• Cong cu nho, cac dung cu lao dong thuoc ta: san luu dong (da de cap a phan 3).
• Phu tung thay the.
• San pham hong va cac loai khac
h. Cac chi p h i chir phan hor * e
Trong thirc te, mot khoi lugng nguyen vat lieu va mot so
khoan chi phi da phat sinh nhung co the chua dugc phan bo vao
gia thanh san pham tu-j dich vu. Nhung khoan nay se dugc dua
vao gia thanh trong khoang thai gian thich hgp (xem phan quan
ly chi phi).
2.3. Quan ly hang hoa vat tu- ton kho
Trong viec quan ly tai chinh doanh nghiep, quan ly hang ^ f \ f *
ton kho la mot van de rat dang chu y. Hien nay con mot so yf \ ' ___ 1
kien khac nhau ve quan ly hang ton kho. Trong khuon kho euae r \ r
muc nay chung ta se nghien ciru mot so van de co ban nhat.*
a. Xac dinh nhu cau nguyen lieu, vat lieu die trie
Neu muc do du tru nguyen lieu, vat lieu, phu timg (ggi
chung la vat tu) khong phu hgp voi yeu <?au san xuat kinh doanh*
thi co the xay ra hai truong hgp:
• Muc du trur qua Ion, du thua gay u dong, lang phi von
va hieu qua thap.
• Muc du tru qua nho, thieu vat tu, gay ra tinh trang cangJ / 4 f
thang hoac tham chi phai tarn ngirng san xuat do thieu nguyen vat lieu.
\ r
Ro rang, ca hai thai cuc noi tren deu khong tot, do do ngucri ta muon xac dinh muc du tru thich hgp nhat voi cong ty
44
troii'.: tunu dieu kien cu the. Lam the n;io de tinh toan dune mire^ - V .. ' .
d<) ilnck hoi) do? Mac du con mot so v i- ii-n khac nhau nhunu co• * „ hai plurong phap sau day dirac thira nluju -ong rai nhat.
Phuong phap dieu chinh don gian.
Theo phuang phap nay, co the dira vao tinh hinh tieu hao
vat tir ciia nam truoc (hoac kv truoc) de uoc tinh so vat tu can. X % r
tiet cho ky nay. Ty le dieu chinh dira tren mot so dir lieu va
thong tin nhu: muc do giam tieu hao vat tir (tiet kiem vat tu),
san lirang dir kien, gia vat tu, v.v... Phuang phap nay co tinh ^ •» f
chat kinh nghiem nhung de ap dung; tuy nhien co the sai so
dang ke. Trucmg hop cong ty (doanh nghiep) mai di vao hoat
dong thi khong the ap dung phuang phap nay vi chua co du lieu
va kinh nghiem cua ky truoc. Sau day la mot vi du minh hoa.
Minh hoa M -2.1.
Cong ty Thanh Thanh Co.Ltd chuyen san xuat cac mathang nhua cao cap voi nguyen lieu chinh la nhua P.E. Tinh hinh
f; /
thue te san xuat va cung img nguyen lieu chinh nam 1996 nhusau:
** *> /
• Tong san luong thanh pham: 850 tan
• Nguyen lieu chinh (P.E) da sir dung: 930 tan*» 4 t /
• San pham hong (khong tai che duac): 4,5 tan
• Dan gia nguyen lieu binh quan: 28.000 d/kgr 9
• Nhip do san xuat va cung img nguyen lieu tuang doi deu dan tromz nam.o
/ * t
Nam 1997 Ban Giam doc cua cong ty du kien ke hoachr
voi mot si) thong tin nhu sau:
45
•> i t
• Tong san lugng thue hien (thanh pham): 11 < )0 tan
• Ty le san pham hong so vcri thanh pham giam >(.)'’;> so vai nam 1996.
• Thay the 5% nguyen lieu chinh bang phu lieu rat re tien vcri gia khong dang ke.
r
• D an gia nguyen lieu binh quan du kien tang 4% so vai
nam 1996.%
T u cac du lieu tren day co the irac tinh nhu cau va muc
cung ung vat lieu chinh (P.E) nam 1997 nhu sau
- Ty le san pham hong du kien nam 1997:%
(4,5 / 850) x 0,5 = 0,00265 (hay 0,265%).
Khoi luong nhua P.E can thiet nam 1997 la:
9 3 0 x 1100/850 x (1 - 0,05) x (1 - 0,00265) = 1140,3 tan\ 1 f *
Lucmg tien can thiet de mua nhua P.E la:
1140,3 x 28 x 1,04 = 33.205,5 trieu dong
Moi thang phai mua it nhat la 95,03 tan (=1140,3/12) va
luong tien can thiet de mua luong nguyen lieu do la:
2.767,2 trieu d6ng (= 95,03 x 28 x 1,04)
Luu y rang luong vat tu xac dinh theo cach tren day chua
tinh den luong du phong. Muc do du phong phu thuoc vao* ^
nguon hang, kha nang bien dong gia ca, thai gian cho cung img,* -
khoang cach van chuyen, v.v... Trong cac truong hap co du lieu*
tuang tu, co the ap dung cong thue sau:
3 Noi chung, de chinh xac horn phai tinh den chi phi cua vat lieu phu <iung de thay the, tuy nhien viec tinh toan tu a n g doi dan gian khi biet gia cua cac vat lieu phu va cac du kien khac.
46
M , - M , ( Q , 0 , i x (I - h ) ( ! k 2) ( 2 .1 )
Vi I-'., -- M; x P| - Mi \ Po x L, (2.2)
Troiq do:
- M0 : Khoi l u g n g n g u j e n iicu sir dung t rong nam truoc.
- M i: Khoi lugng nguyen lieu sir dung trong nam nay.
- Q i : San lugng nam nay.
- Qo: San lugng nam truoc.f r f t
- ki. k?: He so tiet kiem nguvcn lieu va he so thay the
ngmcn lieu
- Po, P ; : Don gia nguyen lieu nam i;ucjc va nam nay.r
- kr : He so tang gia, giam gia nguyen lieu< _ ' ■>
- I ' i : So tien dung de mua nguyen lieu nam nay.
Phuong phap dieu chinh kha don gian, thuong dugc apdu nf rong rai trong thue te. Nhieu khi nha quan ly chi can uoc
' / * tin.h not so thong so co ban va bam may tinh cam tay vai phep
tin.h le uac lugng so vat tu can cung img. Cac nha quan ly co veua tlich phuong phap nay vi no nhanh gon, de ap dung, va khi
%
kh'dtg can muc do chinh xac that cao.* t ** f
Tuy nhien, de tinh toan chi tiet va lap cac bieu tien do\ r t f
cumi img vat tu thi can xem xet anh hucmg cua mot so yeu to
kh.ac
Phirong phap dinh muc: Day la mot phuong phap cung
d u w sir dung rong rai, trong do dua tren cac dinh mire hay tieu» ■» r r \ r
ch uai chi phi de xac dinh so von luu done can thiet.
47
2.4. Phan tich vdng quay cua von lu u dong* * * >
Toe do iuan chuyen cua son luu d ! r.g '*:» nv>: chi t;cu i.V. quan trong de danh gia hieu qua tai chinh cua von. phan anh toe
do quay vdng cua VLD trong mot nam ha> mot then ky nao do.Tronc dieu kien cac neuon luc va niruon von co han, viec tanu
f /
so vong quay cua VLD trong nam la mot huang giat quyet ca* 9
ban nhat cua cac doanh nghiep, nhat la cac cong ty thuang mai
De danh gia hieu qua hoat dong cua VLD co the ap dung mot so* 0
chi tieu chu yeu nhu: so vong luan chuyen mot nam va thai gian
cua mot vong luan chuyen trung binh.
48
C huong3
CAC BAO CAO TAI CHINH CHU YEU
r
Cac bao cao tai chir.h la cong cu quan trong bac nhat giup nha quan ly co the nam dugc mot each khai quat tinh hinh tai chi'nh cua doanh nghiep, tir do co co so ra quyet djnh quan ly mot each phu hop va co hieu qua. Bao cao tai chi'nh khong nhung phuc voi cho ngucn su dung ben trong doanh nghiep, ben trong cong ty ma con la nguon thong tin him ich doi voi cac nha kinh doanh, cac co dong, nha dau tu va cong chung co quan tarnden doanh nghiep. Co nhieu bao cao tai chi'nh khac nhau, bao
% f
gom nhung bao cao tai chi'nh phuc vu cho ke toan tai chinh va cac bao cao tai chinh phuc vu theo yeu cau cua ke toan quan tri. Trong chucmg nay, chung ta chi tap trung vao 3 bao cao chu yeu nhat la Bang Can doi ke toan, Bao cao Ket qua kinh doanh va
» %
Bao cao Luu chuyen tien te.' ____ /
Thuet minh bao cao Tai chinh cung la mot bo phan rat*
quan trong cua cac bao cao tai chinh cua doanh nghiep. PhanPhu luc o cuoi sach se cung cap cho ngudi doc ban minh hoa
/ ♦ \
Thuyet minh bao cao Tai chi'nh cua Cong ty Co phan Dugc Hau / ’ • * /Giang de giup ban doc hieu ro hem ve bao cao tai chinh cua doanh nghiep.
3.1 Bang can doi ke toan (Balance Sheet)r p
Muc dich cua Bang can doi ke toan (Balance Sheet) la
49
phan anh tone quat tinh hinh nguon von va tai .can cua doanh nghiep tai mot thai diem, xac dinh. 'Iat ca cac .doanh nglr.yp deu can lap Bang can doi ke toan vao cuoi nam la: chinh. r.hicii doanh nghiep con lap bang nay vao cuoi moi quy v a moi thang. Trong he thong ke toan cua Viet Nam. nam tai chinh I rung vai nam lich ncn ngay ket thue nam tai chinh cunu la ntiav 31/12
*— ' j „
** r
hang nam. O mot so nuac cong nghiep phat trien, luat phap cho phep cac cong ty co the lira chon nam tai chinh phu hap vai dac
■* •* r
diem rieng cua minh, vi du nam tai chinh co the ket thue vao 31/1 hoac 31/3, v.v...
Truac nam 1996, trong he thong ke toan cu cua Viet Nam,•> f
bao cao nay duac goi la Bang tong ket tai son va ten goi nay^ A
hien nay van duac nhieu nguai su dung do thoi quen. Su khacnhau giua Bang can doi ke toan (mai) va Bang tong ket tai san(cu) khong chi cr ten goi, ma quan trong han la nhung doi mai
\ , r " f r t f
ve mat ket cau cua bang. Su cai tien ve ket cau, cach sap xepf r
cac chi tieu va su dan gian hoa da lam cho Bang can doi ke toan / f
trong he thong ke toan cua Viet Nam tucmg thich vai Bang can f t \ ^ t f
doi ke toan cua cac nuac cong nghiep va gan vai he thang ke / f
toan quoc te, nha do thuan tien hern trong giao djch thuang mai\ f f > r
va dau tu, nhat la trong tien trinh nen kinh te Viet Nam hoi nhap \ f t
vai nen kinh te the giai.N / ^ / f t
Ve ca ban, bang can doi ke toan trong lie thong ke toan mai gom hai phan: phan Tai san va plidn Nguon von (Xem bang duai day).
Theo quy dinh, phan Tai san phan anh khai quat tat ca cac
Luu y r3ng Bang con co mot so chi tieu co ten la “Cac chi tieu ngoaibang can doi ke toan”
50
dant' tai san cua doanh nghiep tai thm diem lap bang theo mot trinh tir nhat dinh. Cac loai tai san dugc hOt ke theo muc giam dan cua do linh dong (con goi la thanh khoan - liquidity). Loai tai san co do linh dong cao nhat la Tien, do do tien luon duac
t r \ * A
xcp thu nhat trong bang. Tien hao gom tien mat, tien gici ngan han\ >a tien Jang chuyen .
Muc thu ha i la Cac khoan dau tir tai chinh ngan han, bao gom: dau tu chung khoan ngan han va dau tu ngan han khac. Trong Bang can doi ke toan cua cong ty kinh doanh tong hop so
* S '
9, tong gia tri cac khoan dau tu tai chi'nh ngan han la 805.670.000 d6ng (bang 400.000.000 + 450.750.000 - 45.080.000 ddng).
\ t y
Khoan Du phong giam gia dau tu ngan han (45.080.000 dong)phan anh tri gia dugc du tinh se giam gia cua cac khoan dau tu tai
9 t / /
chinh ngan han, do do mang dau (-), trong cac bang, cac con soco dau (-) thuong dugc dat trong dau ngoac don, vi du (45.080).
f t \
Tiep den la Cac khoan phai thu, Hang tong kho va cac Taif ____ t
san luu dong khac, cuoi cung la Tai san co dinh.\ \ r \
Phan thu hai cua bang la Nguon von, bao gom cac khoant r r
ng va von cua chu so huu. Mot so khoan muc quan trong nhat la:
• No1 phai tra : dugc chia thanh ng ngan han va ng dait \ /
han. No ngan han gom cac khoan vay ngan han, cac mon ng dai / f
han nhung den han tra trong ky, cac khoan ng ngudi cung cap,ngudi ban ve hang hoa, dich vu chua tra tien, cac khoan ngngudi mua, ng thue doi voi nha nude va cac khoan ng ngan hankhac. No dai han (trong bang la 2.105.800.000 dong) phan anh
t \
so tien vay dai han ngan hang hoac vay cac cong ty, cac to chuc hay ca nhan khac, ke ca cac so ng ve mua hang hoa co thdi han
51
tir 1 nam tra Ion.
• Von cua chu s<V huu: Phan nay cho hid so von tlr.rc sir thuoc sd hiru cua doanh nghiep, tuc la cua chit sa hiru sounh nghiep do. C'ong ty kinh doanh tong hop so 9 co nguon von eua
■* > r
chii sa huu la 5.747.547.000 dong trong do. nguon von quv chien 100% va cong ty khong su dung nguon kinh phi do ngan sach nha nude cap. Cac loai quy cua doanh nghiep duac chia thanh:
- Q u y phat trien kinh doanh
- Q u y du tru (du phong tai chinh)
- Q u y khen thudng va phuc lai
Dae tinh von co eua bang la Tong tai san = Tong nguonX * 1 ' f
von. Noi each khac: Tong tai san = Tong so cong ng + Von ciia chu sd hiru. Trong bang tren, con so nay la 11.729.638.000 ddng.
Doi vdi cac doanh nghiep quy mo vira va nho, cac yeu totrong bang can doi ke toan tuang doi dan gian, de danh gia.
/ m f
Nhung vdi cac cong ty ldn thi viec xem xet bang can doi ke toan* 9 1
khong dan gian vi co nhieu muc khac nhau. Tren thue te, de co* > t r y
the phan tich chi'nh xac va day du bang can doi ke toan can coy f s r % • r
hieu biet thue su ve ke toan va kinh nghiem phan tich tai chinh. Tuy nhien, co the phan tich khai quat mot so chi tieu co ban
tuang doi de dang.
Sau day, chung ta hay quan sat noi dung ciia mot bao cao
tai chinh dan gian hoa.
52
M inh hoa M-3.1: Being can doi ke loan cua Cong ty kinh doanh tong hop so 9
CONG TY KINH DOANH I OM , HOP SO 9
B/-NG CAN DOI Kl- TOAN Dim vi: 1.000 dong j Ntav 31 thang 12 nam 2006
TAI 5ANA. Ta san liru dong va dau tir ngan hanI. Tiet 672.6001. Tiei mat tai quy 97.0002. Tici mri nean hang 432.4003 . Tiei dang chuyen 143.200
\ t II. Cic khoan dau tir tai chinh ngan han 805.6701. Dai tu CK ngan han 400.0002. Dai tir ngan han khac 450.7503. Duphong giam gia dau tu ngan han -45.080III. Cic khoan phai thu 765.9301. Phu thu cua khach hang 290.7002. Tn truac cho ngucri ban 159.0003. I*h;i thu noi bo khac 300.3404. ("ai khoan phai thu khac 120.8905. Duphong cac khoan phai thu kho doi -105.000IV tiing ton kho 2.329.5801. I iaig mua dang di tren duong 205.1202. Ngiyen lieu, vat lieu ton kho 780.9003. Coig cu, dung cu trong kho 450.2004. Oh phi SXKD da dang 123.5605. Th;nh pham ton kho 590.5006. I hug hoa ton kho 450.3007. Haig giri di ban 129.8008. Duphong giam gia hang ton kho -400.800
53
IV. Tai san lieu dong khac | 263. / "V |1. Tam img 1 3.1902. Chi phi tra trircrc l_ ____________________?0.S003. Chi phi chcr ket chuyen 57.4904. Tai san thieu chcr xu lv, , „ V - , ...... 1.2985. Cac khoan the chap, ky circrc. ky quy ngan han 100.500VI. Chi sir nghiep 0Tong tai san luru dong 4.836.958B. Tai san co dinh va dau tir dai hanI. Tai san co dinh 5.592.430f1. Tai san co djnh hiru hinh 4.289.500Nguyen gia 5.270.200Gia trj hao mon luy ke -980.7002. TSCD thue tai chinh 929.930Nguyen gia 1.230.500Gia tri hao mon luy ke -300.5703. TSCD vo hinh 373.000Nguyen gia 430.000Gia trj hao mon luy ke -57.000II. Cac khoan dau tu tai chinh dai han 1.300.3001. Dau tu CK dai han 500.300
/
2. Gop von lien doanh 850.0003. Cac khoan dau tu dai han khac 04. Du phong giam gia dau tu tai chinh dai han -50.000III. Chi ph i xay dirng ca ban da dang 0n n a n - « * • •» Ji - » * ■Tong Tai san co dinh 6.892.730TONG TAI SAN 11.729.688NGUON VONA. N<y phai tra 5.982.141L Ncr ngan han 2.913.370
r
1. Vay ngan han 2.750.000
54
2. No dai han den han tra 12.390 |3. Ph;:i tra ntiirm ban 56.400 I4. Nu'.rai mua tra tien trirac I 45.7805. Thue va cac khoan phai nop Nha niroc ! 29.8006. Cac khoan phai tra khac 19.000II. N(j dai han 2.105.800
' 1. Vay dai han \ 1.230.4002. No dai han j 875.400III. AV/ khac 962.9711. Chi phi phai tra 772.9712. Tai san thira cho xir ly 03. Nhan ky quy, ky curgc dai han 190.000
* r
B. Nguon von chu so- huu 5.747.547\ r
/. fcgtion von - quy 5.747.5471. Nguon von kinh doanh 4.540.0002. Chenh lech danh gia lai tai san 03. Chenh lech ty gia 120.0004. Quy phat trien kinh doanh i 90.000J ---------------------------------------------------------------- 1 - - - ■ ]
5. Quy dir trir 75.0006. Lai chua phan phoi 140.0007. Quy_khen thiromg, phuc Igi 56.5008. Nguon von dau tur xay dirng co ban 726.047//. Nguon kinh phi 0TONG CONG NGUON VON
--------------------------------- ------------ ------------- j ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- -------------11.729.688
3.2. Bao cao Ket qua hoat dong kinh doanh (Bao cao thu nhap)
Bao cao Ket qua hoat dong kinh doanh (Income statement) phan anh tinh hinh thu nhap cua doanh nghiep trong
t 9
mot thai ky nhat dinh. Thai ky do goi la thai ky ke toan/ f
(accounting period). Tinh hinh kinh doanh tot hay xau, muc do
55
thu nhap cao hay thap cua cong ty trong thai ky do d.re'c phan anh qua cac chi tieu cu the. Bang nay phan anh mot phan ket qua tai chinh, muc do thanh cong hay that bai cua cong ty trong thdi ky.
Trong he thong ke toan moi cua Viet Nam, bao cao nay gom 2 phan:
• Phan I: Bao cao Lai, LoX
• Phan II: NghTa vu tai chinh
Tren bao cao thu nhap, co mot so chi tieu co ban nhu:
- Doanh thu ve ban hang- Cac khoan chi phi kinh doanh
■» '
- Tong thu nhap truoc thue- Thu nhap rong sau thufi
M inh hoa M -3.2: B ao cao Ket qua hoat dong kinh doanh
KET QUA HOAT DONG KINH DOANH Mau so B02-DN
Quy Nam 2005 Phan I: Lai, Lo
D/v tinh: trieu ddng
Chi tieu Maf
soQuy
trirtfcQuynay
LK tir dau nam
Tong doanh thu 1 15.902
Trong do: Doanh thu hang XK
2 9.541
Cac khoan giam tru (04 + 05 + 06 + 07)
3 451
* Chiet khau 4 134
56
| * Ciam gia ; 5 I (i S iI
[ * Cjia tri hang ban bj tra lai : <> 67 |
i * '{'hue DT, thue XXK ph;h j nop
i
j !|
1
142
I . Doanhthuthuan(01 * 03) | I (i : 15.451
2. < iia von hang ban ' 11 1 1 •
T •
li 12.000
3. Lgi turc gop (10 - 11) i 20i
j 3.451
4. Chi phi ban hang | 21r ........... ............. ■ ■f
ii
|i}1 - _ 230
5. Chi phi QL doanh nghiepij 110
6. Lai tuc thuan tu hoat dong kinh doanh (20-21-22)
30t
I
iI
i
3.111
Thu nhap hoat dong tai chinhi 31
1iL 40
Chi phi hoat dong tai chinh 32 12
7. Lai tire hoat dong tai chinh (31-32)
40 28
Cac khoan thu nhap bat thucrng
41tI 20
Chi phi bat thircxng 42 12
8. Lai tire bat thircmg (41-42) 50 8.. t 1 ■ i
9. Tong loi tire truoc thue (30 4 40 + 50)
60 3.147
10. Thue loi tire phai nop 70 913
11. Lai tire sau thue (60-70) 80 I 2.234
3.3. Bao cao luu chuyen tien te (Bao cao luong tien)f / •* >
Trong he thong ke toan, Bao cao luu chuyen tien te la motbao bieu het sire quan trong, rat dugc chu y. Tuy nhien, do moi
57
chuyen sang ho thong ke toan nidi nen vice ap dung hao cao navd nude ta con eo mot so han che nhat dinh ( rong qua trinh hoatdong cua cac doanh nghiep, ban quan ly can quan lam den cacsd lieu vc luong lien nhieu lion la cac so lieu tren bang can doike toan. Bao cao ve luong tien (cash flows) va viec theo doiluong tien (con goi la dong tien hay luu kirn) giup cong ty tranhdugc su mat can doi ve tien mat va tien ghi so so vdi cac nhom
* /
tai san khac, giup nha quan ly kiem soat tot kha nang thanh toan cua cong ty.
Muc dich ca ban cua bao cao luong tien la cung cap thongs r \ r /
tin ve sd tien thu dugc va so lieu chi tra trong mot thdi ky ke toan. Ngoai ra, bao cao luong tien con cho biet khai quat ve tinh
%
hinh dau tu va hoat dong tai chinh cua cong ty trong ky. Dua tren bao cao luong tien, nha quan ly, cac nha dau tu va ngudi
•» r 9 9 9
cho vay co the nhan biet dugc mot so yeu to nhu:
- Kha nang cua doanh nghiep trong viec tao ra luong tien9
ducrng trong cac ky sap tdi. Kha nang chi tra cac khoan ng va% •* *
thanh toan Igi tire co phan (cong ty co phan).\ %
- Nhu cau cua cong ty ve tai trg tir ben ngoai.- Su khac nhau giua thu nhap rong va luong tien tir hoat
dong kinh doanh.- Tinh hinh dau tu bang tien va khong bang tien, cac giao
dich trong ky.
Trong he thong ke toan theo FASB, ngudi ta chia luong* 9 9
tien thanh cac nhom yeu to sau:
- Luong tien tir hoat dong kinh doanh (Operating activities)- Luong tien tir hoat dong dau tu (Investing activities)- Luong tien tir hoat dong tai chinh (Financing activities)
58
Man so B 03-DNDan v ; (Ban hanh theo OD I N 1-TC/CDKT...... ........................... ngay 01/1 I/i 995 cua Bo Tai chinh)
BAO CAO LU U CHUYEN I ILN TE(Theo phuang phdp true tiep)
Quy.......namChi tieu Ma
i soNamnay
Nam t ruffe
I. Luru chuyen tien tu hoat dong SXKD
1. Tien thu ban hang 012. Tien thu tir cac khoan ng phai thu 02
3. Tien thu tir cac khoan khac 034. Tien da tra cho nguai ban 045. Tien da tra cho cong nhan vien 056. Tien da nop thue va cac khoan khac cho Nha nuac
06
7. Tien da tra cho cac khoan ng phai tra khac
07
8. Tien da tra cho cac khoan khac 08Liru chuyen tien thuan tu hoat dong SXKD 20
11. Luu chuyen tien tir hoat dong dau tu
1. Tien thu hoi cac khoan dau tu vao dan vi khac
21
2. Tien thu lai tu cac khoan dau tu vao dan vj khac
22
3. Tien thu do ban TSCD 23
4. Tien dau tu vao cac dan vi khac 24
5. Tien mua tai san co dinh 25Luu chuyen tien thuan tu hoat dong dau tu 30III. Liru chuyen tien tu hoat dong tai chinh
59
i. Tien thu do di vav j 312. Tien thu do cac chu sa hiru gop \ on ' 32 j i ........I\ »
3. Tien thu tir lai tien giri j - j
4. Tien da tra ng vay 34
5. Tien da hoan von cho cac chu sa hiru 35 ix
6. Tien lai da tra cho cac nha dau tir vao DN
p i " 1r
Liru chuyen thuan tir hoat dong tai chinh 40Luu chuyen tien thuan trong ky 50
— i
\ * ^
Tien ton dau ky 60
Tien ton cuoi ky 70
Lap ngay....... thang....... nam** f
N guai lap bieu Ke toan trirang Giam ddi
Dan vi Mau so B 03-DN(Ban hanh theo QD 1141-TC/CDKT ngay 01/11/1995 cua Bo Tai chinh)
BAO CAO LU*U CHUYEN TIEN TE(Theo phucmg phdp gian tiep)
Q u y ......... n a m ........
Chi tieu Mat so
Kynay
Kytruoc
I. Liru chuyen tien tir hoat dong SXKD
Loi turc triroc thue •
01>
Dieu chinh cho cac khoan
Khau hao tai san co dinh 02
Cac khoan du phong 03
Lai, lo do ban tai san co dinh 04
60
Liu 16 do dan h gia lai tai san va ch iy en doi ngoai te
L;i do dau tir vao cac don vi khac
UN
: ()()
J 07L a i tu; k inh d o a n h tr irac nhun<z thav doi ' 10
T tu lai t ien giri
von liri d o n g
Ting, giam cac khoan phai thu
Ting giam hang ton kho
Ting, giam cac khoan phai tra
Tim thu tu cac khoan khac
1 1
12
13
14
Tim chi cho cac khoan khac 15
Liru c iuyen tien thuan tir hoat ( longSXKD
II. Liri chuyen tien tir hoat dong dau tir
Tien tlu hoi cac khoan dau tu vao dan vi khac
20
21
Tien thi tu lai cac khoan dau tu vao dan vi khac
n
Tien thi do ban TSCD
Tien d;u tu vao cac don vi khac 24
Tien mia tai san co dinh 25
Liru ciuyen tien thuan tir hoat dong dau tu
30
III. Lru chuyen tien tir hoat dong tai chinh
Tien thi do di vay
Tien thi do cac chu sa huu gop von
31
32
61
Tien thu lai tir tien eiri 33
Ti6n da tra no vay 34
Tien da hoan von cho chu so lu'ru 35
Tien lai da tra cho cac nha dau tu vao DN 36
Luu chuyen tien thuan tir hoat dong tai
chinh
40
Luu chuyen tien thuan trong kv 50
Tien ton dau ky 60
l ien ton cuoi ky 70
Lap ngay........thang........nam
Ngudi lap biiu K£ toan trucmg Giam doc
62
Chuang4
QUAN LY VON BANG TIEN
4.1. Hang ton kho va tienr \ \ 1 1
Chung ta hay xcm xet van de quan ly ton kho de co the apdung vao viec quan ly tien. Gia su, mot cong ty thuong maidang ban mot loai bang video co ten la "Music 1". Gia sir rangcong ty ban dugc 100 cuon bang loai nay mot nam. Cong ty dat hang moi lan Q cuon bang, tuc la can dat hang 100/Q lan trong mot nam.
t / % \
Co the thay ngay rang: muc ton kho trung binh la Q/2 vigia thiet chi khi het hang cong ty moi mua ngay lai hang do.
% /
Viec gid hang ton kho phat sinh mot so chi phi nhu sau:/ f ‘9 * \
- Chi phi co hoi cua so von dung de mua so hang ton kho.* /
- Chi phi bao quan nhu van chuyen vao kho, xep dd, phi luii kho (thue kho), v.v....
Hai loai chi phi nay dugc goi chung la chi phi ton kho./ /
Ngoai ra, phai tinh den chi phi dat hang, la chi phi giay td thutuc, nhan cong cho moi lan dat hang.
r
Muc giam bien cua chi phi dat hang = [Doanh so ban trong nam x Chi phi dat hang moi lan] / Q2.
Vi chi phi ton kho ty le thuan vdi quy mo moi lan datr
hang (Q) con chi phi dat hang ty le nghich vdi Q nen sd lugng dat hang toi uu Q* phai thoa man:
63
Mire giam bien ciia chi phi dat hang - Chi phi ton khobien
Hay:
S x C Chi phi ton kho = ' 2
Q* —
2SCChi phi ton kho
Trong do:
Q*: Quy mo (so lugng) dat hang toi uu
S: So lugng (doanh so) trong nam
C: Chi phi moi lan dat hang (Chi phi dat hang)
Co the minh hoa bang do thi sau day:
(4.1)
(4.2)
Trong do thi tren, quy mo dat hang la 20 cuon bang moi lan, tire la phai dat hang 5 lan trong mot nam (100:20 = 5). Thai gian trung binh giua cac lan mua hang la 10 tuan (360/5:7 = 10 tuan)
Co the ap dung nhung luan giai tren day vao vicc tinh toan ^ t
lugng tien toi uu ma cong ty nen gift.
64
4.2. Mo hinh Miller - O rr
- Mot mo hinh ve so lugng tien can duy tri trong cong ty do Miller va Orr da nghien ciru xem cac cong ty nen quan ly tai san Dang tien nhu the nao neu khong the dir doan dugc luong tien vao va luong rieng ra hang ngay. Mo hinh ve dao dong cua tien .luge neu ra nhu trong do thi sau day:
H inh 4.1. Mo hlnh M iller - Orr
Upper limit
r J■n
Purchase of Securities
A vl_A
Return point
Sale of Securities
Lower limit
T im e
f / t f t \
Thirc te, nhu tren hinh cho thay, su bien doi so lugng tienla nut dudng ngoan ngheo khong the du doan dugc. Muc giaodon; cua tien dugc khong che gifra dudng gidi han tren vadiirdig gidi han dudi.
Miller va Orr dua ra eons thirc sau:
S„ = 3 x l | x y = 3.3 Tv4r
(4.3)
65
tien
• 0 Jay:
+ S.,: Khoang cach giua 2 dudng gidi han <; Spread)
+ T: Chi pin' giao dich nidi lan ban chi'mg khoar de thu
v - Phuang sai cua luong tien hang ngay •- den2
r - Lai suat ngav
Diem trd lai: (Return point ~ Rp)
Rp ~ Gidi han dirdi • Sp 3
* Chung ta thu ap dung vao vi du sau:
Gia sir cong ty cd cac du lieu sau:
1. Mire du toi thieu eua tien S 10000
2. Phuang sai luong tien hang ngay = S6.250,000
(img dung vdi do lech chuan S2500 mot ngay)
3. Lai suat = 0,25% /ngay
4. Chi phi giao dich moi lan ban chung khoan ~ $20.
Cd the tinh duac ket qua sau^
- Khoang cach giua cac dudng gidi han: (Spread)
'3/4 x 20 x 6250000 \ ‘/jS* = H --------000025-------) ’ 21634 = $21600
- Gidi han tren (upper limit)
Up = L + 21600 =■• 10000 + 216000 = S31600
- Diem trd lai: (Return point)
Rp = L S Sp/3 - 10000 + 21600/3 = 17200r X '
4.3. Tang Iirong tien bang cach di vay
Viec di vay de tang them von bang tien trong nhung ithdi diem nao do la mot viec kha pho bien. Kin vay tien, dieu ca b;in
66
/ ' '
nhat la tinh den chi phi lai vay *;'! tinh qua eua dong von.Phan nay lien he vai phan hu suat va <11;i crs i ien tai eua tien.
X
4.4. Quan ly tien trong cac cong t\ lo n
Doi vai nhung cong ty hay n h u n g tap doan khong 16, cac chi phi giao dich mua va ban chung khoan la nho khong dang keneu so vdi chi phi co hoi cua viec giir tien. Gia sir lai suat la r --8% mot nam, tire la 0,022%/ngay (■--- 0.08/365). Vai lai suat nay,
% / •
tien lai ciia so tien mot trieu do ia mot ngay se la: 0,00022 x 1.000.000 ~ $220. Nhu the, ngay ca kin plii giao dich mua ban chung khoan la 50 do la mot lan thi cGng ty van nen mua tin phieu kho bac va ban lai sau 1 ngay vi van cd loi han viec giu tien ton dong 1 trieu do la. MJ.t vi du thirc te khac: Cong ty Exxon (My) cd doanh so binh quan hang ngay ia 248 trieu do la.
* y r '
So tien lai cua mot ngay tin phiei; kho bac in a cong ty mua bang sd tien nay se la: (Lai suat 10% mot nam)
248 trieu x 0.10 / 365 = 68.000 do la
Day qua that la mot khoan thu nlujp tiein tang dang ke.
4.5. Q uan ly viec thu tien' y / \
Trong viec quan ly tien cua cong ty, can liru y rang sd tien dugc phan anh tren cac tai khoan ma cung ty dang theo doi khong phai bao gid cung bang so dir cd tren ta: khoan tai ngan hang - Tai sao vay? Chung ta se de cap nguyen nhan cua no qua vice xem xet khai niem "Tien noi" sau day.
4.5.1. Tien nut
Cac nha kinli doanh ldn rat chu y den anh hudng cua tien noi (float) trong boat dong thanh toan. Tien noi la sd chenh lech
9 y f
giua sd du tien tai khoan tai ngan hang va so du tren tai khoan
67
tai cong ty. Tien noi phan anh sir chenh lech tarn thai (trong mot so thai gian ngan) giua hai he thong theo doi tai chinh no; tren. Tuy nhien, do cac nghiep vu thanh toan lan nhau nen tu- lain
t * n f \ y r
xuat hien tien noi, nen tri so cua tien noi co the tra ncn kha Ion.
Mot each tong quat, tien noi tinh nhu sau:
F =: So du tai khoan tien gui tai NH - So du tai khoan tien tai cong ty.
Nguyen nhan cua tien noi co the tom tat nhu sau:■V . . . . . .
Do do lech ve thai gian giua nghiep vu phat hanh sec va nghiep vu tat toan sec tao ra 'khoang trong" tren so sach. Tren
r
thue te, khi phat sinn ra mot sec va gui va ngan hang thi cong typhat hanh sec da giam di mot so tien tuang img vai trj gia tasec. Tai khoan tai cong ty phan anh so giam do. Nlnrng, id secphai mat mot khoang thai gian luu chuyen, xir ly va tat toan,
1
chang han 7 ngay. Trong kJ^oang thai gian do, tren tai khoan tai ngan hang chua phan anh sir thay doi gi ve tien.
Tien noi do viec thu lien tu mot nsiuoi khac yay ra duac goi la tien noi thu ng (collection float); neu do viec phat hanh sec de chi tra thi goi la tien noi chi ra (disbursment float).
Vi du:
Gia su cong ty GMI dugc mot khach hang tra bang sec100.000 do la. Truoc do, so du tren tai khoan tai ngan hang la
% i
100.000 do la va tinh trang tien noi cua cong ty la trung tinh (bang khong). Khi nhan dugc sec, cong ty gui vao NH va ghi so tang them 100.000 do la vao ngay horn do 8/11. Tuy nhien, phai tai ngay 15/11 ngan hang moi hoan tat viec thanh toan ta sec, tuc la khi do tai khoan cua GMI tai ngan hang mai duac jjhi cd100.000 do la. N hu vay, trong thai gian tir 8/1 i ten 14/11 co
So dtr tai khoan So du tai khoan nen !’ iri tai ngan hang lien tai cony ty
■ o o • o J
- 100.000 - 200.000 - -100.000 do la
Trong cung mot khoang thai gian, mot cong ty co the dong thai duac leri nha tien noi chi ra va vira bi thiet thoi do co
V*- * • « •
. ' 7 . ' ' 1 » \ ' f
tien noi thu no. So tien noi rong la tong cua tien noi chi ra (dau' > r ____ r \ *
du<mg) va tien noi thu na (dau am). Trong tieng Anh, tien noi rong goi la Net float.
1 *
Vai mot kv thuat quan ly chat che, co the khai thac triet detien noi vao muc tieu dau tu ngan han va cai thien he so khanang thanh toan tren tai khoan tai ngan hang. Chang han, neu Cong ty Exxon co so tien noi 300 trieu do la trong 7 ngay thi so lai co duac voi lai suat nam 10% la:
300 trieu x 0.10 / 365 x 7 = 575.342 do la
So tien nay co qua nho khong? Can nha rang vai nhung cong ty da quoc gia khong lo thi khong qua kho khan de khai
r * y
thac so tien noi hang trieu do la trong vai ngay. Tuy nhien, viec* v * i t r
theo duoi tien noi co the lam xau moi quan he lam an va uy tin tren ihirang truong.
4.5.2. Thu tien qua hop thu (Lock box)
Kieu thu tien qua hop thu duac goi la lock box system. He t ^ 1 f
thong hop thu lock box la mot cong cu dac biet day nhanh toedo thu tien. Cac cong ty lan a My ap dung phuang phap lockbox rat hieu qua vi nuac My co dien tich lan vai 50 bang. Hieuqua cua he thong hop thu chi phat huy khi cac diem thanh toana xa nhau.
Cach thue to chuc va hoat dong cua lock box duac minh
lien itoi la:
69
hoa a sor do ckrai day. M o t many 1 ir<Vi hop th ir diroc mot ngan
han;.: qua;: !y d r g:up cong t\ «hu p r nhanh h<vn N<vw hnne nay
::<i thu naan cac: see: tir hop thu do v;ii lan trong n o t ngay. Sau
do. n r an hang nhanh chong chuycn car. sec do vao tai khoan cua
cong ty.
:: * hop ihur rut rman thoi man rj’ri :>cc va thanh toan
vi cung ty ii.ru chon nhung dia diem gan khu virc co nhieu khachhang dc via I. cm c lock box. Neu knong co lock box, khach hang
f *
se giri sec hoa dan den thnng tru sa hoac chi nhanh cua cong• . ' • ay ’-.mrng ciiaro nan nnicu so ■ ai he thong lock box.
' I ,; <> :ong ty jilifu tiv phi djrh "!.! cho ngan hang ve vicev :v i 'ck b o x nlurnn vai so t i 'e lan. cac cong ty van co loi
■ phuang phap hop thu lot.k box de day nhanh qua
Hinh H-4.2. Mo hinh so' I h o c ci ia he thong lock box
71
C h u a n g 5
QUAN LY TIN DUNG THUONG MAI• •
5.1. Cac hinh thirc ban hang
Cac phuong thue ban hang gan her. voi cac phuang taucthanh toan, cong cu thanh loan va do do luon luon di kem voihoat dong tai chinh. Cac hoat dong tin dung thuang mai chiu
\
anh huang cua cac hinh thue ban hang, do do chung ta can xuat phat tir viec xcm xet cac hinh thue ban hang.
Cac phuang thue thanh toan trong ban hang (tenns o f sale) la mot yeu to quan trong trong chinh sach thanh toan euacong ty, co anh huang lan den hieu qua sir dung von. 0 day, can
* t f
xem xet nhung diem ca ban nhat lien quan den qua trinh thanhtoan gan voi moi hinh thue ban hang ma cong ty co the ap dung.
r \
Khong phai tat ca cac giao dich ban hang deu lien quanden tin dung thuong mai. Neu cong ty san xuat hang hoa theo
i _ •»
yeu cau cua khach hang hoac trang trai cac chi phi van chuyen 1 %
thi co the ap dung phuong thue tra tien truoc (cash before' • A
delivery - CBD). Neu cong ty cung ung hang hoa do nhieukhach hang khong deu dan va khac nhau thi co the thanh toankhi giao hang (Cash on delivery - COD). Duong nhien, phianguoi mua thircmg muon tri hoan thanh toan de co the ehiem
\ t t '
dung mot phan von cua nha cung cap, do do ho muon ap dung
72
phiMru thue tra chain, tire lit ban han;: di kem vdi tin dung llurcng mai.
Trong cac trudng hgp phat sirih ng thuang mai vdi so tien du 1 jn thi ncn ky ket mot hgp dong chinh thirc. Ncn quy dinhdiou khoan ve thanh toan theo tien do cong viec. Vi du, mot
' •* \ ■*
hop dong mua ban tong tri gia la 500.000.000 dong co the dugc thanh toan 30% tong tri gia hgp dong (tire la 150.000.000 dong) sau chi giao 16 hang dot 1, 30% thanh toan khi giao lo thu 2 (tire la 150.000.000 dong) va 40% con lai (tire la 200.000.000 dong) thar,a toan khi hoan tai vice giao hang va thanh ly hgp dong.
9 ■* > f
Ti er thue te, nhung thoa thuan cu the ciia cac hgp dong la het sire ia dang va linh hoat, tuy thuoc cac dieu kien cu the va thoa thuaa dugc dam phan giua cac ben lien quan. Cac ben deu muongian: thieu cac rui ro cho phia minh va tan dung nguon tai chinh
* f i
toi ca den mire co the. Vi vay, viec thoa thuan va sir dung cac1 9 f
conc cu quan ly doi hoi nhung ky nang va su hieu biet sau sacve moi giao dich va quan he ung xir giua cac ben.
Trong cac giao dich kinh te lien quan den tin dung, chung\ r r
ta tludng gap nhieu tinh tiet dang chu y va nhung dan xep khac nhat. Trong thue te, moi nganh, moi linh vuc thuong su dung nh ihg phuang thirc thanh toan rieng, hinh thanh cac thong le.
■> 9
C o he de thay mot logic dan gian nhu sau: Cac thu hang hoa q u y de hu hong thi thuong phai thanh toan sdm han. Khach hanp cang thieu tin cay thi cang can thanh toan sdm han de
9
traini riii ro. Vi vay, khi an dinh phuang thirc thanh toan va thdiham thanh toan can xem xet ky mire do rui ro va cac thong tinkbia< nhau ve khach hang.
V 9
De khuyen k h r h khach hang thanh toan mot cach nhanh chioig, ngudi ta thudng ap dung viec chiet khau. Vi du, mot nha
* *> *
sa.n <uat co the yeu cau ngudi mua hang thanh toan trong vong 3 0 igay nhimg se chiet khau 5% neu thanh toan trong vong 10
73
ngay. Trong tieng Anh, cach chiet khau nhu vay dugc goi la "5/10, net 30". N£u ap dung "2/SO, net 60" co nghia la khach hang dugc chiet khau 2% khi thanh toan trong vong 30 ngay vu
r
khong dugc giam gia neu thanh toan trong vong 60 ngay.f
Trong thirc te, muc giam gia (discount rate) phai du Ion,i r
de kich thich khach hang thanh toan nhanh cho so hang hoa dich vu da mua. Co the vi ly do tai chi'nh, ngudi mua hang van bo
X
qua quyen Igi dugc giam gia de thanh toan chain bon. Tire la ho/ f t f
chap nhan tra gia cao hem, nhu la di vay mot so von ngan han.*
Vice on dinh cac phuang thue thanh toan nhu noi tren dayf
lien quan den ca 2 khia canh: gia ca cua hang hoa dich vu va laisuat ap dung. Chang han, neu chung ta giam muc chiet khau tir
f t
5% xuong 4% tire ia tang gia 1%, nhung trong quy tac "1/10,x /
net 30" thi dieu nay nghTa la giam lai suat tu 5% trong 20 ngayf
xuong con 4% trong 20 ngay. Viec thanh toan cham ciia khachhang trong giai han 30 ngay tire la ho chiu mot chi phi ca hoi
* \
(lai suat ngam dinh).*
Ngudi ta co the ap dung thanh toan rieng cho timg lo hang neu nhu viec mua ban dien ra djnh ky hoac viec thanh toan tien
1 ____ X X
la tien Igi cho timg dgt van chuyen. Tuy nhien, can luu y rang, viec ap dung cac phuang thirc thanh toan nen mem deo, linh
•* r *
hoat de khong bi mat khach hang, giir dugc quan he lam an tot vai khach hang.
5.2. Cac cong cu tin dung thirong mai*
Ky han va phuang thirc thanh toan xac dinh khoi lugng tint \
dung nhung khong phan anh toan bo tinh chat ciia hgp dong. Khi cong ty ban hang thuong xuyen, nhieu lan cho mot khach hang tin cay thi co the chi can thanh toan theo phuang thirc tai
* X
khoan md (open account). Co the chi can su thoa thuan dan gian va chi can ghi so vai chu ky bien nhan cua ben mua.
74
Doi vai nhung dan hang co gia tri dang ke va khong kemr / ' r
theo chiet khau thi nen yeu cau nguoi mua ky mot giay nof f t
(Promissory Note). Giay nay con duac goi la hoi phieu nhan nohay khe irac. Trong dieu kien thi t.ruang tai chinh tuang doi linhhoat thi viec ky mot hoi phieu nhan no co nhieu uu diem:
f t
- Nguoi sa hiru hoi phieu nay co the ban lai.■* * f
- Co the dung lam vat the chap khi vay muon.
- La bang chung co tinh phap ly ve khoan no.t t i t
Viec ap dung hoi phieu trong thanh toan dugc pho bienr r 9 f • K
kha rong rai, nhat la trong thuang mai quoc te. Tuy theo dieukien cu the va tinh chat ciia quan he, co the ap dung nhung loaihoi phieu nhu:
- Hoi phieu tra tien ngay
- Hoi phieu tra cham/ f r r
Cac hoi phieu nay thuang dugc goi chung la hoi phieuf f ■»
thuang mai (commercial draft). Cac hoi phieu con co the dugct
sir dung a hinh thirc co chap nhan cua ngan hang (bank1 f t
acceptance) de tang tinh chac chan.
Thir tin dung - Letter o f credit (L/C)t t \
Trong thuang mai, dac biet la buon ban quoc te, can apdung thanh toan qua thu tin dung (Letter o f credit L/C). Day la
t \
mot phuong thirc thanh toan rat uu viet, thuan Igi va cong bangcho ca hai ben. Qua trinh hoat dong cua mot thu tin dung dugc
* \
minh hoa bang sa do sau day:
1Ngirai mua
BUYER IMPOTER
Ngirai ban SELLER
EXPOTER
2
i
r
i
9
6 i
4
k i.... -
7/
riN^an hang mua 3
-------------------------------------► Ngan han aISSUING BANK thong bao^ -- .... '
8 ADVISING BA JK1
Hgp dong C
%
Co nhieu loai thu tin dung khac nhau dugc ap ding; vaif 1
nhung loai giao dich nhat dinh de tang tinh hieu qua va nutc do thich hgp. Chang han:
- Thu tin dung khong the huy ngang- Thu tin dung co the huy ngang- Thu tin dung du phong- Thu tin dung giap lungMot L/C co the dugc mot ngan hang xac nhan nhan tang
do tin cay cua no. Tuy nhien, viec xac nhan (confirmatioi) <ciing lam tang chi phi doi vai L/C. Tuy theo muc do rui ro 'a kimngach L/C, phi xac nhan co the tu 0.05 den 1% tri gia cuaL//C.
5.3. Phan tich tin dung
Viec phan biet doi xu qua gia giua cac khach hang a dieux *
7 nhieu quoc gia. Tuy nhien, vai cac loai khach lanig co y tin dung khac nhau thi hang co the ap dungnlhung uc ban hang khac nhau. Chung ta cung co the a) (dimg
f / f khau theo khoi lugng, hoac chien lu re cho kihach
bans, r.ao chan nhan cac hop donu mua hanu dai han. Vcri motv ■ » i v ' V_- *
khach han;: thieu tin cav. can liru v tir ve bang cach han che so hang hoa ma ho co the mua chiu.
Co nhieu cach khac nhau de thu thap thong tin va danh gia do tm cay cua khach hang. Chang han, co the ke toi may diem sau -
- Danh gia qua viec thanh toan trong qua khir ma khach hang do da the hien.
- Tham khao cac thong tin danh gia ve cong ty do.
- Danh gia qua thong tin tren thi truong chung khoan (doi voi cong ty co phan).
X y \
Trong nhung nguon thong tin de danh gia, can chu y thong tin ve tai khoan ngan hang va tinh hinh kinh doanh cua
* 5
cong ty do cac ngan hang cung cap. Cung co the su dung thong/ f 9
tin do mot so ban hang Ion cung cap. Doi voi nhung cong ty co9 * * * r *
phat hanh trai phieu-thi co the dua vao diem xep hang trai phieu de danh gia uy tin tai chinh cua cong ty. Chang han, a My nguoi
I r *
ta co the sir dung bang xep hang trai phieu (bond ratings) do cacf t
cong, ty Moody's hoac Standard and Poor's cung cap. Bang xepr > f
hang, trai phieu ciia Moody's gom cac bac tir Aaa den C. NhungA , ' ' f y \
thong tin ve xep hang chung khoan chu yeu de danh gia dau tu,* X
nhung cung la nguon tham khao dang quan tam ve phucmg dien thanh toan.
5.4. Chinh sach thu n c
5.4.1. Chinh sach va bien phdp thu nff\
Trong cong ty Ion, nen co mot ngudi chiu trach nhiem vequan lv tin dung, tire la theo doi va giam sat viec thanh toan cac
^ f
khoan no. Viec quan ly tin dung khong chi can phoi hop voi quan ly tien quy va tai chinh, ma ca voi cong tac ban hang va marketing.o
77
Ngudi quan ly tin dung phai co bang kc chi tiet thee doi tinh hinh ng cua khach hang. Can nam virng thai han va tinh chat cac mon ng, dong thai hieu ro timg khach hang ve mat thanh toan ng.
Mot ky thuat quan ly quan ly ng la viec lap bang phan tuoi cac khoan phai thu (Aging Schedule of receivables). Bang nay cho biet cac mon no cua timg khach hang, phan theo ky ban va
y r s \
tong so ng can thu hoi.
Bang B-5.1. Bang phan tuoi cac khoan ph ai thu
Dan vi: 1000 dong
Ten khach hang
So ngr
chua den han
Ng qua mot thang
Ng qua 2 thang
Qua han tren 2 thang
i
♦ / rp a aI ong so
1. Cong ty kirn khi X
15.000 -% 15.000
2. XN xay dung X
70.000 40.000 10.000 - 120.000
3. Cong ty thuang mai Y
20.000 45.000 10.000 75.000
4. Cong ty A
150.000 100.000 150.000 - 40.000
5. Cong ty B
250.000 - 90.000 110.000 450.000
tk f
Tong so 505.000 140.000 295.000 120.000 1.060.000
Dua tren c a sa theo d5i ng, co the phan tich mire do tra ng va khong tra no dung han cua khach hang. Truang hap khach hang co dau hieu khong thanh toan ng dung han, can thue hien
r * \
mot so viec nhu sau vai mire do gay gat tang dan:
78
- Nhac nho vice thanh toan bang dien thoai. tlur hoac fax tuy theo moi quan he giua 2 ben.
- Gui mot ban thong bao ve tai khoan hoac ve mon ng.- Tim hieu va danh uia tnonu tin them ve con no.- Nhac nho co tinh chat de doa ve viec xet xir theo luat
f
phap neu khach hang khong tra ng.
- Tim bien phap ep khach hang thanh toan cho minh truac khi thanh toan cho nguai khac.
- Xem xet kha nang ban phat mai hoac nhan thanh toan bang hang hoa, vat tu.
- Cuoi cung la bien phap khieu kien len toa an kinh te.
5.4.2. Bao thanh toan va mua han thiro’ng mai
Trong lTnh vuc tai chinh, mot so hang chuyen mon hoa%
trong viec kinh doanh ng (mua ban ng). So di ton tai loai kinhf
doanh nay la do mot so nguyen nhan nhu sau:t \
- Cac to chuc nay co du kha nang thu thap thong tin ve tinnhiem va tinh hinh kinh doanh cua nhieu cong ty, do do de danh gia kha nang tai chinh ciia con ng.
- Thue hien kinh doanh bao thanh toan tren pham vi 1cm,/
cac cong ty nay dat dugc tinh kinh te nha quy mo (economies o f scale).
^ ^ / \
- Dap img dugc nhu cau ve von ciia nhieu khach hang - dola cac chu ng.
- Cac hang mua ban ng co kha nang dao tao va sir dung doi ngu chuyen gia gioi, co kinh nghiem trong linh vuc nay. Cac hang nay thuang dugc goi la Factor va nghiep vu ciia ho goi la Factoring. M ot trong nhung nghiep vu do goi la bao thanh toan.
Cach thirc hoat dong cua vice bao thanh toan nhu sau:1. Hatng factoring (the factor) va phi'a chu ng thoa thuan
79
* "N \
bang hop dong ve viec bao thanh toan. Time uuit la viec m u:; ban ng co chiet khau. Chi phi cho viec bao thanh toan la k!ha> lan, thuang chiem tir 1% den 2% tri gia hoa dan.
2. Chu ng thong bao cho phia con ng biet ve viec haing factor da mua khoan ng va co quyen thu hoi ng.
j . Phia chu ng giri mot ban hoa dan cho moi chuyen hamg■»
de hang factor thanh toan. Nguai mua hang (con no) se thanih /
toan true tiep cho factor.
4. Hang factor thanh toan lai cho ngudi ban theo muc tihn ng trung binh thdi ky ma hai ben da thoa thuan.
Cac djch vu factoring hien nay cho ra ddi mot so phuamg, thirc thanh toan khac nhau nhu:
- Bao thanh toan mot phan- Bao thanh toan toan bo
t •* r '
Trong nhieu trudng hgp, hang factor co the cung cap tiien(tra trudc) tdi 70% hoac 80% gia tri khoan phai thu vdi muc Hai
/ /
suat cao han lai suat c a sd tir 2% - 3% /nam. ' 9 9 9
Trong trudng hgp can mot sir dam bao chac chan, phu a ban hang co the mua bao hiem tin dung. Duong nhien, nhu iniot
9 t *» ^
quy tac bao hiem, ben dugc bao hiem khong dugc lam dung b;ao hiem hoac vo trach nhiem trong quan ly gidi han tin dung.
Khi co bao hiem tin dung, khong chi nhung mon ing khong ddi dugc ma ca nhung khoan ng qua han deu co the ducge
9
dam bao va cac ngan hang de chap thuan tai trg cho nnuing loan tin dung co bao hiem. O My, Hiep hoi bao hiem tin cluing Edc ngoai (Foreign Credit Insurance Association - FCIA) la to'ire rat co uy tin trong viec bao hiem cho cac khoan tin dum&
/ 1
xuat nhap khau.
80
C h i i a n g G
QUAN LY NGUON VON
CUA DOANH NGHilP
> / 1
Von la dieu kien khong the tlncu dugc <3c thanh iap motdoanh nghiep va tien hanh cac hoat dong san xuat kinh doanh. — 9 • - %
Trong moi loai hinh doanh nghiep, von phan anh trj gia nguon tai chi'nh dugc dau tu vao san xuat kinh doanh. Tuy nhien, doi vdi viec quan ly von va quan ly tai chinh, chung ta ue cap chu
r r i /
yeu den hoat ddng luan chuyen cua von. sir anh hudng qua laicua cac hinh thai khac nhau cua tai san va hieu qua cua su quay
' ____ f /
vdng von. Tuc la, von chu veu dugc xem xet dudi trang thaidong (chu khong phai trang thai tfnh), va muc tieu hieu qua cua
f f
von cd y nghTa quan trong nhat.A Jk X r6.1. Tong quan ve nguon von cua doanh nghiep
f \ \
Trong moi doanh nghiep, von deu bao gom hai bo phan:r / r **
von co dinh va von luu dong; moi bo phan nay dugc chia nho • ' 9 * 9
thanh nhieu yeu to hoac khoan muc khac nhau tuy theo tinh chat cua chung. Tuy nhien, ca cau von trong cac doanh nghiep
* * 9khong gidng nhau, ca cau von phu thuoc vao mot loat cac nhanto nhu sau:
• Nganh kinh doanh hay lTnh virc hoat dong cua doanh nghiep.
81
• Quy mo va ca cau to clu'rc cua doanh nghiep.
• Trinh do khoa hoc ky thuat va trinh do quan ly.9 1 f '
• Chien luge phat trien va chien luge dau tu cua lioanh nghiep.
\ ' f
• Nguon von va quan he sa hiru von va tai san trong cong
ty-r f r \ p t /
Mot so yeu to ca ban ve quan ly von co djnh va von luruX \ t
dong se dugc de cap trong nhung phan tiep sau.
6.2. Cac nguon von cua doanh nghiep va phuong thue khai thac
* y
Tuy theo loai hinh doanh nghiep va cac dac diem c\i the, moi doanh nghiep co the co cac phuang thue tao von va huy
t x r
dong von khac nhau. Trong dieu kien kinh te thj trudng, cac phuang thue huy dong von cho doanh nghiep dugc da d;ing
' ' ' f 1 hoa, giai phong cac nguon tai chinh trong nen kinh te, thue clay
r _____ % n
su thu hut von vao cac doanh nghiep. Tuy nhien, can luu y rang,trong hoan canh cu the cua Viet Nam, do thi trudng tai chinh
* f
chua phat trien hoan chinh nen viec khai thac von co nhirng netdac trung rat dang chu y. Su phat trien nhanh chdng cua nen
t \ 1
kinh te va thi trudng tai chinh se sdm tao dieu kien de cac doanhf
nghiep md rong kha nang thu hut von vao kinh doanh.y f f
Sau day la cac nguon von va cac phuong thue tao von (con goi la phuang thue tai trg) ma cac doanh nghiep cd the khai thac.
6.2.1. Ngudti von tu co cua doanh nghiep
Day la mot thuat ngu de gay lan Ion mac du ngudi ta da quen sir dung thuat ngu nay. Khi doanh nghiep dugc thanh lap
82
bao g;d chu doanh nghiep cung phai dau tu mot so von nhat dinli. Khi noi den nguon von tu co cua doanh nghiep bao gia ciin.g phai xem xet hinh thue sd hiru cua doanh nghiep do, do lavi hinh thirc s d huu se quyet dinh tinh chat va hinh thue tao von tir co cua chu sd huu cua doanh nghiep nhung se dugc de capruing a muc sau.
Doi vdi doanh nghiep Nha nude, nguon von tu co ban dauchinh la von dau tu cua ngan sach Nha nude. Chu sd huu cua
f ____ **
cac doanh nghiep quoc doanh la Nha nude. Trudc day, Tong cue quan ly tat -san Nha nude tai doanh nghiep thuoc Bd Tai chinh cd trach nhiem quan ly tai chinh ddi vdi cac doanh nghiep Nha nude. Hien nay, ca che quan ly tai chinh cung nhu quan ly nguon von cua doanh nghiep Nha nude dang cd nhung thay ddi dc phu hgp vdi tinh hinh thue te. O nude ta, trong kc toan tai
t r
chinh co thuat ngu "von tu cd va coi nhu tu cd" hoac "von nganr \ * y y \ r
sach cap va cd nguon goc ngan sach" de bieu thi nguon vont \ r i x
dugc ngan sach Nha nude cap ban dau, cap bd sung va nguont r
von khac hinh thanh tren ca sd von cua Nha nude.
Doi vdi doanh nghiep tu nhan hoac cong ty trach nhiemr * \ \. /
hfru han, chu doanh nghiep phai cd mot sd von ban dau can .thiet do xin dang ky thanh lap doanh nghiep. Quy mo cua so von tu cd ban dau cua chu doanh nghiep la mot yeu to quan trgng, tuy
' r
nhien do khong phai la nhan to quyet djnh lau dai. Trong qua trinh hoat dong san xuat kinh doanh, neu doanh nghiep hoat dong co hieu qua thi doanh nghiep se cd nhung dieu kien thuan Igi de md rong nguon von. Nguon von tich luy tu Igi nhuan de lai la bo phan Igi nhuan dugc sir dung tai dau tu, md rong san xuat kinh doanh cua doanh nghiep. Sd Igi nhuan de lai tai dau tu se lam tang them nguon von ciia chu sd hiru, dugc phan anh tren
83
Bang can doi kc toan cua doanh nghiep (Balance sheet). Q uy mo va ty le von de lai tir lai nhuan phu thuoc vao til'll! hinh kinh doanh, ket qua hoat dong cua thai ky da qua va quyel dinh cu the cua chu doanh nghiep.
Doi vai cong ty co phan, nguon von do cac co dong dong gdn la veu to quyct dinh dc hinh thanh cong ty. Moi co done la mot chu sd hfm cua cone tv va chi chiu trach nhiem huu han
• J • * •
tren tri gia sd cd phan ma ho nam giir. Tuy nhien, cac cong ty co phan cung cd mot sd dang tuang doi khac nhau. do do cach thirc
' ** > / * X
huy dong von cd phan cung khac nhau. Cac yeu to co ban ve ccj• f f X \ f
phieu va huy dong von cd phan se duac de cap trongmuc "Von phat hanh co phieu va irai phieu".
Trong loai hinh doanh nghiep khac nhu cong ty trach nhiem huu han, cong ty cd von dau tu true tiep nude ngoai (FDI), cong ty lien doanh, cac nguon von cung tuang tu nhir tren; tire la nguon von cd the do chu dau tu bd ra, do cac ben tham gia gop von, cac ddi tac, v.v... Ty le va quy md von cua
^ / r
cac ben tham gia cong ty phu thuoc vao nhieu yeu to khac nhau1 / /
(nhu luat phap, dac diem nganh kinh te - ky thuat, ca cau lien doanh).
6.2.2. Nguon von tin dung ngan hang va tin dung thuang mai
* + r
Co the noi rang nguon von vay ngan hang la mot trong nhung nguon von quan trong nhat, khong chi ddi vdi su phat
* ' . Xtrien cua ban than cac doanh nghiep ma con ddi vdi toan bo nen
t r ’ * rs.
kinh te quoc dan. Su hoat dong va phat trien ciia cac cdng ty, cac doanh nghiep deu gan lien vai cac dich vu tai chinh do cac ngan hang thuang mai cung cap, trong do co vice cung img cae
84
Khong mot cong ty nao co the hnat dong ma khong vay von man hang hoac tin dunu tluronu mai non cony ty do muon
* ■ v - v_ W
ton :ai virng chac tren thuong truong. Trong qua trinh hoat dons., cac doanh nghiep thudnsi vav nuan hane de dam bao
v. - O • I C 1 J w w
ngucn tai chinh cho cac hoat dong san xuat kinh doanh, dac bietla dam bao co du von cho cac du an ma rong hoac dau tu chieusau cua doanh nghiep.
\ fy; »:
Ve mat thai han, von vay ngan hang cd the dugc phan loaitheo thai han vay von, bao gom: vay dai han (thuang tinh tir 3naim tra ien; co nai tinh tir 5 nam trd len), vay trung han (tir 1
*■ f
naim den 3 nam) va vay ngan han (dudi 1 nam). Tieu chuan va quar. niem ve thdi gian de phan loai trong thirc te khong giong nh.ai; giua cac nude, va co the khac nhau giua cac ngan hang thiraig mai.
r
Tuy theo tinh chat va muc dich sir dung, ngan hang cungr X ' /co de phan loai vay thanh cac loai nhir: vay dau tu tai san eo
dinh vay von luu dong, vay de phuc vu du an. Cung cd nhungcach phan chia khac nhu: theo nganh kinh te, theo ltnh vuc phucvu hoac theo hinh thirc bao dam cua khoan vay.
\ * \ »
Nguon von tin dung ngan hang co nhieu uu diem, nhung> / / /
ngiucn von nay cung cd nhung han che nhat dinh. Do la cac han t \ \ >
chej \e dieu kien tin dung, kiem soat ciia ngan hang va chi phi sir f t
duing von (lai suat).*
Dieu kien tin dung: C'ac ngan hang tlurcmg mai khi chof
do;am nghiep vay von luon luon phai dam bao an toan tin dung,* f ham :he rui ro tin dung thong qua mot he thong cac bien phap bao lam tin dung. Truoc tien, ngan hang phai phan tich ho so
ngucn von tin dung.
85
xin vay von, danh gia cac thong tin lien quan den dir an Ja.i tir hoac ke hoach san xuat kinh doanh cua doanh nghiep vay von.
/
Doanh nghiep phai cung cap nhung bao cao tai chinh va nhung' 9 '
thong tin can thiet khac theo yeu cau cua ngan hang.> j*
- Cac dieu kien bao dam tien vay: Khi doanh nghiep xinr ^
vay von, noi chung cac ngan hang thuong yeu cau doanh nghiep1 / f \
di vay phai co cac bao dam tin dung, pho bien nhat la bang tair e \ t r
san the chap. Viec yeu cau nguai vay co tai san the chap trongX *
nhieu truong hgp lam cho ben di vay khong the dap img dugcx i \ r
cac dieu kien vay, ke ca nhung thu tuc phap ly ve giay to, v.v...\ r f / r '
Do do, doanh nghiep can tinh den yeu to nay khi tiep can nguon*
von tin dung ngan hang.*
- Su kiem soat cua ngan hang cho vay: Mot khi doanh nghiep vay von ngan hang thi doanh nghiep cung phai chju su kiem soat ciia ngan hang ve muc dich va tinh hinh sir dung von vay. Noi chung, sir kiem soat nay khong gay ra van de gi qua lan cho doanh nghiep, tuy nhien, trong mot so truong hgp dieu do cung lam cho doanh nghiep co cam giac bi "kiem soat".
t r r f
- Lai suat vay von: Lai suat vay von phan anh chi phi sirdung von. Lai suat von tin dung ngan hang phu thuoc vao tinh
t t
hinh tin dung tren thi truong trong timg thcri ky. Neu lai suat vayf
qua cao thi doanh nghiep phai ganh chju chi phi sir dung von Icrn va lam giam thu nhap cua doanh nghiep. Co nhung thai ky <V nuac ta, lai suat vay von kha cao va thieu tinh canh tranh do dokhong tao dieu kien cho cac cong ty, cac doanh nghiep dau tu
/
m a rong san xuat kinh doanh.
Cac doanh nghiep cung thuang khai thac nguon von tin dung thuang mai (commercial credit) hay con goi la tin dung
86
cua nguai cua nguai cung cap (suppliers' e;coit). Nguon von
naV hi nil thanh mot cach ttr nhien trou>! <{u m he mua ban chiu.• «>_. J ■
mua ban tra chain hay tra gop. Nguon von :in dung thuang mai co anh huang hot sire to lan khong chi voi a k doanh nghiep ma ca <ioi vai toan bo ncn kinh te. Trong mot s i cong ty, nguon von tin dung thuang mai duai cac khoan phai tru (Accounts payable) co the chiem tai 20% tong nguon von, tham chi co the chiem toi 40% tong nguon von.
Nguon von tin dung thuang mai la mot phuang thirc tai tra re, tien dung va linh hoat trong kinh doanh; mat khac no con tao kha nang m d rong quan he hap tac kinh doanh mot cach lau ben. Cac dieu kien rang buoc cu the co the duac an djnh khi hai ben ky hap dong mua ban hay hap dong kinh te noi chung. Tuy
> f r
nhien, can nhan thay tinh chat rui ro ciia quan he tin dungthuang mai khi quy md tai tra vuqt qua giai han an toan.
\ r 1
Chi phi cua viec sir dung cac nguon von tin dung the hien qua lai suat cua khoan vay, do la chi phi lai vay, se duac tinh vao gia thanh san pham hay dich vu. Khi mua ban hang hoa tra cham chi phi nay co the "an" duai hinh thirc thay doi mire gia,tuy thuoc quan he va thao thuan cu the giua cac ben. Trong xu
t
huang hien nay a Viet Nam cung nhu tren the giai, cac hinh thirc tin dung ngay cang da dang va linh hoat han, vai tinh chat
X %
canh tranh hem; do do cac doanh nghiep cung co nhieu ca hoi de lira chon nguon von tai tra cho hoat dong ciia doanh nghiep.
\ r •> /
6.2.3. Nguon von plidt hanh co pliieu cong ty
Mot nguon tai chinh dai han rat quan trong la phat hanh co< r i f
phieu de huy dong von cho cong ty. Phat hanh co phieu duac goi la hoat dong tai tra dai han ciia doanh nghiep. Chung ta se
87
xem xet mot .vj you to co ban lien quan ucn viec phat hanh va kiem scat cac loai co phieu khac nhau.
a. Co ph ieu thuon ii (com m on S tock 'S hat e)
Co phieu thuang (con goi ta co phieu thong thircmg) !a loai cd phieu thong ciimg nhat vi no co nhung uu the trong viec phat hanh ra cong chung va trong qua trinh luu hanh tren thi truong chung khoan. Co phieu thuong la mat hang quan trong nhat duac trao doi mua ban tren thi truong chunc khoan. dieu
• C P ^
do cung du de minh chung tarn quan trong cua no so vai caccong cu tai chinh khac.
Giai han phat hanh: Mac du viec phat hanh co phieu co uur r
the so vai cac phuang thue huy dong von khac nhung cung co nhung han che va cac rang buoc can dugc can nhac ky lucmg. Giai han phat hanh la mot quy dinh rang buoc co tinh phap ly. Lugng co phieu toi da ma cong ty dugc quyen phat hanh goi la
r t r f
von co phieu dugc cap phep. Day la mot trong nhung quy djnh cua Uy ban chung khoan Nha nuac nham quan ly va kiem soat chat che cac hoat dong phat hanh va giao dich chung khoan. Tai
* f v r
nhieu nuac, so co phieu dugc phat phat hanh dugc ghi trong dieu le cua cong ty; tuy nhien mot so nuac khac khong quy djnh
/ X f t + \
ghi so lugng do trong dieu le cong ty. Muon tang von co phanthi truoc het can phai dugc dai hoi co dong cho phep, sau do
/
phai hoan tat nhung thu tuc quy dinh khac.
Hau het cac nuac deu su dung giai han phat hanh nhu mot% » r
cong cu quan trgng de kiem soat va han che cac rui ro cho eongchung. Thong thucmg, mot cong ty co the phat hanh mot lan
f % f '
hoac mot so lan trong giai han so co phieu da dirge phep phat1 /
hanh. Vi du, cong ty X dugc phep phat ham. ) tn 'u co phieu,
88
sir nam inrdc cone ly (in pba: hanh 1 17 trig;] co phieu thi
coin; ty duang nhien con du. rc phat hanh them 283 trieu co
ph .a i nfra MOO - 117 2S3).
'1 uy nhien. tren thirc le. vice quan 1\ va kiem soat qua
trinh phat hanh chung khoan tuy thuoc vao chinh. sach cu the
cua N’lia nuac va uy ban Chung khoan Nha nuac. 0 V iet Nam/■ '
hiCu nay. lie thong van ban. phan quy ve chung khoan mdi duac
xay dung va dang trong qua trinh hoan thicn de lao dieu kien tothan cho hoal dong huy dong von cua doanh nghiep va luu
chuyen von trona nen kinh to.
Sau khi phat hanh ra thi truong thu cap, phan lan nhung co phieu nam trong tay nhung nha dau tu, duac goi la co ddng (shareholder). Nhung co phieu nay goi la dang luu hanh tren thi trudng. Tuy nhien, cd the chinh cong ty phat hanh mua lai mot
r X * 'so cd phieu cua minh va gifr no nham muc dich nao do. Nhung
* t + t
co phieu duac cong ty mua lai nhu vay goi la cd phieu nganquy. Nhung cd phieu nay duac coi nhu tarn thdi khong luu
♦ /
hanh. Viec mua lai hoac ban ra nhirng cd phieu nay phu thuocf t /
vao mot sd yeu to nhu:_ * * '
• Tinh hinh can ddi von va kha nang dau tu./
• Tinh hinh bien ddng thi gia chung khoan tren thi trudng.r
• Chinh sach ddi vdi viec sap nhap hoac thon tinh cong tyf
(chong thon tinh).
• Tinh hinh tren thi trudng chung khoan va quy dinh cua Uy ban chung khoan Nha nude.
Menh gia va thj gia
Gia tri ghi tren mat cd phieu goi la menh gia (par value), gia ca ciia cd phieu tren thi trudng goi la thi gia. Tri gia cua cd
89
phieu dugc phan anh trong sd sach kc toan cua cong ty "Oii la gia tri ghi sd (book value), do cung chinh la menh gia ciia cic co phieu da phat hanh.
Menh gia khong chi dugc ghi tren mat cd phieu ma cdn dugc ghi ro trong giay phep phat hanh va tren sd sach kc toancua cong ty. Tuy nhien, menh gia chi cd y nghia khi phat hanh
♦ / / * ** '
cd phieu va ddi vdi khoang thdi gian ngan sau khi cd ph ieu dugc phat hanh. Thi gia phan anh su danh gia cua thi trudng (ddi vdi cd phieu, phan anh long tin cua cac nha dau tu doi vdi hioat dong cua cong ty.
x •y
Q uyen han cua co dong1 9 1 ^
Cac cd ddng nam giu cd phieu thudng chinh la murngngudi sd hiru cong ty, do do ho cd quyen trudc het ddi vcri taisan va su phan chia tai san hoac thu nhap cua cong ty. Cd lo>ng
\ \ ■» ^ 1
cd qij.y6n tham gia kiem soat va dieu khien cac cong viec c:uaf ^
cong ty. Tuy nhien, thong thudng cd mot sd lugng cd ddng c u a cong ty, nen mdi cd ddng chi cd mot quyen lire gidi han nlhat dinh trong viec bd phieu hoac chi dinh thanh vien cua ban guani
t r ^ r \
doc. Mgt sd cong viec hay nhung van de dac biet can cd su nlhat/ *
tri cua d?i da so cd ddng.\ 1
Tuy theo viec quy dinh trong dieu le cong ty, co the hiinhthanh cac phucmg thirc bd phieu khac nhau. Hai phuong phiip
f * ■ X A
dugc su dung rong rai la bd phieu theo da sd va bd phieu gop.t ? ^ • A A
Bd phieu theo da sd (majority voting) la viec cd ddng co the dung moi la phieu de bau mot ngudi quan ly, cac chuc damh se dugc bau rieng re. Dieu nay ro rang cd Igi cho nhung ngurdi
r f y f ^ r
dang nam da sd cd phieu cua cong ty vi ho cd the tao ap hue manh hon bang sd ldn cd phieu nam giu.
90
C j che bo phieu gop (cumulative votim:) cho phep cung bo phieu cho mot img cu vien nao do. Tac hi mot co dong co the don toan bo so phieu co trong tay cho mot img cu vien dugc ua chuong. Day la ly do tai sao mot so cac co Jong thieu ung ho co c he bo phieu gop.
Trong dieu le cong ty, quy dinh ro ve pham vi nhung su vu can dugc da so (tren 50%) co dong tan thanh va nhung van de can dugc tuyet dai da so (75% tra len) co dong nhat tri.
Van de chong thon tinh, bao ve cong ty truoc sir xam thue bang co phieu cua cac cong ty khac la mot khia canh dac biet.
* •* / r
Huy dong von qua phat hanh co phieu phai xet den nguy ca bi/ * * f + \
thon tinh. Do do, phai tinh den ty le cd phan toi thieu can duy trit % *
de giu vung quyen kiem soat cua cong ty.
b. Co phieu uu tien (Preferred Stock)* f r
Co phieu uu tien thuang chi chiem mot ty trong nF > trongT / > t / V
tong so co phieu duac phat hanh. Tuy nhien trong mot so truong1 ^ m *
hgp viec dung co phieu uu tien la thich hgp. Co phieu uu tien cod£c diem la no thircmg co co tuc co dinh. Nguoi chu cua co phieu
1 *» /
nay co quyen dugc thanh toan lai truoc cac co dong thuong. Neur ■» t ** a ■>
so lii chi du de tra co tire cho cac co dong iru tien thi eac co dongy t
thuong se khong dugc nhan co tuc cua ky do. Viec giai quyet f *
chinh sach co tuc dugc neu ro trong dieu le cong ty.X 1 ^
Phan lan cac cong ty co phan quy dinh rd: cong ty co✓ /
nghia vu tra het so Igi tuc chua thanh toan cua cac ky truoc cho cac co dong uu tien, sau do moi thanh toan cho cac co dong thudng.
■» t » 4
Cac co ptyejMiu dai co the dugc chinh cong ty ph*t hanh thu hoi lai (chu^c fri) khi cong ty thay can thiet. Ntotmg truong
91
- Trirang hop nao thi cong ty co the mua lai co nhieu.
- Ciia ca khi cong ty mua lai co phieu.
- Thai han toi thieu khong dirge phep mua lai co phieu (\ i du 5 nam ).
Trong thirc te, a mot so mrdc nlur My rat hiem khi co dong iru tien co quyen bo phieu mot each day du. Tuy nhien,
f t r r \
neu co it nhat 2/3 co dong iru tien nhat tri ve mot van dc nao dothi ban lanh dao cong ty phai xem xet v kien ciia ho. Neu cac co
f 1 >
phieu uu tien khong dugc tra co tire thi cac co ddng cua nhfmgr i r
co phieu do co the dugc quyen bo phieu.
Mot van de rat quan trong can de cap khi phat hanh co/ /
phieu uu tien, do la thue. Khac vai chi phi lai vay dugc giam trukhi tinh thue thu nhap cong ty, co tuc dugc lay tu Igi nhuan sau
r r + r \
thue. Do la han che cua co phieu uu tien Mac du vay, nhu da dc f f + t
cap, co phieu uu dai van co nhung uu diem ddi vai ca cong typhat hanh va ca nha dau tu.
' 1 / 1
Khi nao cac hang phat hanh va thu hoi co phieu? De tralai cau hoi nay can xem xet nhung khia canh sau:
f t \ f t
• Cac hang thudng cd gang can bang giua ng va von cophan de giu vung kha nang thanh toan, cung cd uy tin tai chinh.
e r y e
Khi ty le ng d muc thap, neu can von thi cac cong ty thudng chon cach phat hanh trai phieu tire la tang ng (ma khong tang
f i \ r • t • A
von co phan). Neu ty le ng a muc cao, cong ty phai tranh viec■y *
tang them ty le ng va chon cach phat hanh co phieu.t \
• Tuy nhien, thue te cac cong ty khong quan tarn nhieuf X \ ^
den viec giir mot mire can bang chinh xac. Viec dieu chinh lugng tien va cac khoan ng thudng ngau hung va theo kieu linh
hgp nhu vay can quy dinh ro nhung diem sau:
92
boat "tuy co irng bien".
• Sir phan ung tnrac cac bien (.Ion;.1, cua thj trirang chirng khoan la mot yeu to dang chu y.
Mot so nha phan tich tai chi'nh doanh nghiep da dira ra nhirng nhan xet nhu sau:
• Phan lan cac co phieu duac phat hanh bo sung sau khi thi gia co phieu cua cong tv do tang tren thi trirang chirng khoan.
• Gia co phieu tang len la mot dau hieu co nhieu ca hoi dau tir m a rong vao nhirng du an co trien vong trong cong ty.
Tuy nhien, nguai ta chua ly giai duac mot cach tuang tan f
tai sao tren thue te cac cong ty thuang lira chon viec phat hanh co phieu sau khi co su tang gia co phieu. Mot so nguyen nhan
** r f
co the la nhung yeu to sau day:*
• Do doi hoi can bang ty le ns? (nhu noi tren)
• Do ty le P/'E (Price - Earnings Ratio) a mire cao, tire la’ ' / f
thi gia co phieu tang manh han toe do tang cua ty suat lai nhuan rong.
• Do yeu to tarn ly cua cong chung va cac nha dau tu tren thi truong.
t
6.2.4. Phat hanh trai phieu cong tyt f
Trai phieu la mot ten chung cua cac giay ta vay no dai han\ /
va trung han, bao gom: trai phieu chinh phu (government bond) va trai phieu cong ty (corporate bond). Trai phieu con duac goi la trai khoan. Trong phan nay, chung ta chi xem xet trai phieu
r
cong ty tren mot so khia canh ca ban.r ' '
Mot trong nhung van de can xem xet truoc khi phat hanh
93
la lira chon loai trai phieu nao phu hop nhat vai dtfeu kien cu thecua cong ty va tinh hinh tren thi truong tai chinh.
* /
Viec lua chon trai phieu thich hop la rat quan trong vi colien quan den chi phi tra lai. cach thirc tra lai, kha nang luu hanhva tinh hap dan ciia trai phieu. Truoc khi quyet dinh phat hanh,can hieu r5 dac diem va uu nhuoc diem ciia moi loai trai phieu.Tren thi truong tai chinh a nhieu nuac, hien nay thuang luuhanh nhung loai trai phieu cong ty nhu sau:
a. Trai phieu cd lai suat cd dinhf # \ /
Loai trai phieu nay thuang duac sir dung nhieu nhat, tuc* r 9 * f
la pho bien nhat trong cac loai trai phieu cong ty. Lai suat duac ghi ngay tren mat trai phieu va khong thay doi trong suot ky han ciia no. N hu vay ca cong ty (nguoi di vay) va nguoi giir trai
f \ f r
phieu (nguai cho vay) deu biet rd mire lai suat cua khoan no trong svSt thai gian ton tai (ky han cua trai phieu. Viec thanh toan lai .trai phieu cung thuong dugc quy dinh ro, vi du tra 2 lan trong nam vao ngay 30/6 va 31/12.
Be huy dong von tren thi truong bang trdi phieu, phai tinh den mire do hap dan cua trai phieu. Tinh hap dan phu thuoc may
# * yeu to Sau:
- Lai suat cua trai phieu: Duong nhien, nguai dau tu muon » /
dugc hucmg rrurc Ifii suat cao. Nhung, cong ty ph&t hanh phair f 1 / e g
can nhac lai suat co the chap nhan dugc doi voi trai phieu eua* ^
ho, chu khong the tra that cao cho nha dau tu.9 9
Lai suat cua trai phieu dugc dat trong tucmg quan so sanhr r r
vai lai suat tren thi truong von. dac biet la phai tinh den su canhf *
tranh vai trai phieu cua cac cong ty khac va trai phieu Chinhphu. Gia sir: Trai phieu kho bac Nha nuac ky han 5 nam co lai
94
.Mutt 7,0%/narn. Uai phieu trunu binh cua inn* so cong ty khac cung ky han: S.0%/nam: khi do do phat hanh thanh cong trai phiei, can quy dinh lai suat trai phieu sao cho co the canh tranh duac vai muc lai suat do. l uy nhien. mot ram* buoc khac la chi phi lai vay ma cong ty phai tra cho cac trai chu. Neu dira them cac yen to khuyen khich vao trai phieu thi co the khong can nang cao muc lai suat.
- Ky han cua trai phieu: Day la yeu to rat quan trong khong nhung doi vcri cong ty phat hanh ma ca doi vai nha dau
r
tir. Khi phat hanh, phai can cu vao tinh hinh thi trirang von vatarn ly dan cu mai co the xac dinh ky han hgp ly. Vi du, trongthang 9-2001. Ngan hang Dau tu va phat trien Viet Nam phat
/
hanh cac loai trai phieu vo danh va ghi danh vai ky han 5 nam va 7 nam. Luang trai phieu 5 nam ban dirge rat Ian nhung trai phieu 7 nam thi khong hap dan cong clning.
- Uy tin tai chinh cua cong ty va mire do rui ro: Khongphai cong ty nao cung co the thu hut duac cong chung mua trai
' \ f
phieu vi nha dau tu phai danh gia uy tin cong ty thi mai quyetdinh mua hay khong mua. Cac cong ty co uy tin va vung manhthi de dang han trong viec phat hanh trai phieu ra cong chung de
r
huy dong von.
Trong viec phat hanh trai phieu, cung can chu y den menh1 *
gia vi no co the lien quan den sire mua cua dan chung. Dac biet,* \
a Viet Nam khi phat hanh trai phieu cong ty can xac dinh mot mire menh gia vira phai de nhieu nguai co the mua dirge, tao sir luu thong de dang cho trai phieu tren thi trirang.
f r •>
b. Trai phieu co lai suat thay ddi
Tuy goi la lai suat thay doi nhung thirc ra loai nay co lai
95
suat phu thuoc vao mot so ngi\>n iai suat quan trpn.u. Chang han, lai suat I.ll 'OR (1 odon Interbank Offered Rate) hoac lai suat co ban (Prime Rate).
Khi nao ncn phat hanh ioai trai phieu tha noi? 'I'rong dieu kien co muc lam phat kha cao va lai suat thi truong khong on dinh thi co the khai thac tinh iru vii-t cua loai trai phieu nay. Do cac bien dong cua lam phat keo theo sir giao dong cua lai suat thirc, cac nha dau tu mong muon dugc huang mot iai suat thoa dang khi so sanh voi tinh hinh thi trudng. Vi vay, mot so nguoi ua thich trai phieu tha noi. Tuy nhien, loai trai phieu nay co mot vai nhugc diem:
• Cong ty khong the biet chac chan ve chi phi lai vay cua trai phieu, dieu nay gay kho khan mot phan cho viec lap ke hoach tai chinh.
' / >
• Viec quan ly trai phieu doi hoi ton nhieu thai gian hern* x f
do phai thong bao cac lan dieu chinh lai suat.
c. Trai phieu co the thu hoi (Callable bond)r r
Mot so cong ty lira chon each phat hanh nhung trai phieu 1 > •» #
co the thu hoi, tuc la cong ty co the mua lai vao mot thai gian✓
nao do. Trai phieu nhu vay phai dugc quy dinh ngay khi phathanh dc nguoi mua trai phieu duac biet. Phai quy dinh ro ve
/
thai han va gia ca khi cong ty chuoc lai trai phieu. Thong/ 1 *
thuang, nguai ta quy dinh thai han toi thieu ma trai phieu se %
khong bi thu hoi, vi du trong thai gian 36 thang.r •. \ •*
Loai trai phieu co the thu hoi co nhirng uu diem sau:■» v
• Co the dugc sir dung nhu mot each dieu chinh lugngvon sir dung. Khi khong can thiet, cong ty c. ”c mua lai cac trai
f f t
phieu, tire la giam so von vay.
96
« Cong ty co the thay trai phieu ukm i av bang mot nguon t;ii chinh khac bang cacti mua lai cac trai plucu do.
Tuy nhien, neu khong co nhung hap dan nao do thi trai phieu nay khong dirge tra thich.
d. C hung khoan cu the chuyen doi
Cac cong ty, dac biet la cac cong ty My, thuang phat hanh> -*» ^ >
chirng khoan kem theo nhung dieu kien co the chuyen doi dugc. Noi chung, sir chuyen doi va lira chon cho phep cac ben (cong ty. nguoi dau tu) co the chon mot cach thue dau tu co Igi va thic h hgp.
e ■» i \
Co mot so hinh thirc chuyen doi, d day chi de cap so luge hai loai:
f /
• Giay bao dam (warrant). Ngudi so huu giay bao damco the mua mot so lugng co phieu thudng. dirge quy dinh truocvdi gia ca va thdi gian xac djnh.
f * •*
• Trai phieu chuyen doi (convertible bond) la loai trai/ 1 » ^ r f
phieu cho phep co the chuyen doi thanh mot so lugng nhat dinh cac co phieu thudng. Neu thi gia cua co phieu tang len thi ngudigiu trai phieu co co may nhan dugc Igi nhuan cao.
\ t '
6.2.5. Nguon von (if loi nhuan tai dau hr
Tir tai trg bang nguon von noi bo la mot phuang thirc tao nguion tai chinh quan trgng ciia cac doanh nghiep, vi doanh nghiicp phat huy dugc nguon lire ciia chinh minh, giam bdt su phu, thuoc vao ben ngoai. Rat nhieu cong ty coi trong chinh sach
\ r i
tai <dau tu tir so Igi nhuan de lai (retained earnings); hg dat ra m uc tieu phai co mot khoi lugng Igi nhuan de lai dii ldn nham tu dlap img nhu cau von ngay cang tang.
97
Neuon von tai dau ttr tir loi nhuan dc lai chi co t!u ilhi.vV_ . . .
hien dugc neu nhu cone t\ da va dang hoat dong \ i d loi nhuan, cho phep co the tiep tuc dau tu. Doi voi cac >io:ar.h nghiep Nha nude thi viec tai dau tir phu thuoc khong cl i vao kha nang r ;nh Igi cua ban than doanh nghiep ma con phu .Iv.uoc vao chi'nh sach khuyen khieh tai dau tu cua Nha nuoc
Tuy nhien. doi voi cac cong ty co phan thi viec de ai Kn nhuan co lien quan den -not so yeu to rat nhay cam. Khi c<n;g ty de lai mot phan Igi nhuan trong nam cho tai dau tu, tuc la l:hiong dung so Igi nhuan do de chia lai co phieu. Cac co dong Huong dugc nhan tien lai co phieu (co tuc) nhung bii lai, hg co qu yen so huu so von co phan tang len cua cong ty.
Nhu vay, tri gia ghi so eua cac co phieu se tang len c;ung voi viec tu tai trg bang nguon vein noi bo. Dieu nay met mat
r 1 t r ^khuyen khich co dong giu co phieu lau dai, nhung mat khic., de lam giam tinh hap dan cua co phieu trong thai ky trua; mat (ngan han), do co dong chi nhan dugc mot phan co tuc nho hion.
f *• r / ^ - v
Neu ty le chi tra co tuc thap, hoac so lai rong khong du hip danthi gia co phieu co the bi giam sut.
* f * » \
Khi giai quyet van de co tire va tai dau tu, chi'nh s>ach’ r / r
phuang phap co tuc cua cong ty co phan phai luu y den no>t so yeu to co lien quan nhu:
- Tong so Igi nhuan rong trong ky.■» /
- Muc chia lai tren co phieu cua cac nam truoc.
- Sir xep hang co phieu tren thi truong va tinh on dinh cuathi gia co phieu cua cong ty, tam ly va danh gia eua cong chiungve co phieu do.
- Hieu qua cua viec tai dau tu.
98
Chuang 7
GIA TRi HIEN TAI ■ « •
Cac cong ty dau tu vao cac tai san khac nhau. Nhirng loaitai san bao gom tai san huu hinh nhu nha xucrng may moc va tai
/ f
san vo hinh nhu danh tieng va mau ma. Muc dich ciia cac quyet • ' 9 ' 9
dinh dau tu hay cac quvet dinh ve von la tim ra nhung tai san ma mang lai nhieu hon chi phi dau tu vao chung.
Chi co mot so it truong hop trong do viec danh gia cac taisan la khong kho. Con trong hau het cac truong hop viec nay lakho khan va doi hoi phai co nghien ciru sau hon la danh gia
A * \ t
thong thuong theo gia thi trucng. Thir nhat, dieu rat quan trong la ta phai xem xet bang cach thirc nao gia cua tai san lai datduac mire nhu vay tren thi truong; thir hai la thi truong cho hauhet tai san ciia cac cong ty tuang doi mong.
Cac cong ty thuong tim cho minh cac tai san dang gia hon, ** t
tai san khac. Mot tai san co the dang gia hon neu nhu ban quan ly no tot hon tai san khac. Trong truong hap do, neu chi nhin vao mot tai san tuang tu sc khong cho ta biet tai san nay dang
• ✓ ' X r gia nhu the nao duai su quan ly ciia ban. Do vay ta can biet gia ca cac tai san dugc xac dinh nhu the nao.
7.1. Khai niem vC °ia tri hien tai• • • •
Gia sua ban co trong tay S200.000 va mot lo dat tri gia $50,000. Nha tu van cho ban dir tinh rang neu nhu ban xay mot
99
j
toa nha bay gia vai tong chi phi $300,000 tren lo Jai cua b;m. sau mot nam ban co the ban diruc $400,000. Nlur vay ban <J..u hr5350.000 bav ma voi hy vom* la ihu duac so tien $40('.Uoo trong vong mot nam nira. Han sc quyct dinh dau tir neu nhir gia tri hien taicua $400,000 ban nhan duac tronu tuong lai Km hon $350,000 ban dau tir bay gid. Do vay. ban sc tu hoi "gui tri ngay hom nay cua $400,000 mot nam sau la bao nhieu va lieu r.6 co lan han $350,000 hom nay khong?"
7.1.1. Tinh toan via tri hien taio • • •
Gia tri hien toi ciia $400,000 mot nam sau phai nho honX '
$400,000. Tom lai la mot dong hom nay co gia trj hon mot dong ngay mai, bai vi mot dong hom nay co the mang dau tir thu lai tire ngay lap tuc.
Nhu vay gia tri hien tai cua mot khoan thu nhap trong tuang lai co the tinh duac bang viec nhan voi mot nhan to chiet khau nho han 1. Neu nhu ta goi C: la thu nhap mong doi cua thai ky 1, ta co:
Gia tri hien tai (PV) = Nhan to chiet khau x Cir f r t
Nhan to chiet khau nay la so nghich dao cua 1 cong mot ty le thu nhap
1Nhan to chiet khau = ~ r r1 + r
Ty le thu nhap r la phan thuang ma nha dau tu mong dai/
do chap nhan thanh toan cham.\ \ r
Tra lai vi du cua chirng ta ve dau tu bat dong san, gia sir5400.000 nhan duac sau mot nam la chac chan. Dau tu vao mot toa nha khong phai la cach duy nhat de nhan duac S400.000 sau mot nam. Ban co the dau tu vao cong trai chinh phu loai den han sau mot nam. Gia sir cong trai nay mang lai thu nhap 7%
100
mot n;.m. 15;;n can phai dau tir 'hao nhieu dc m an dirge $400,000 sau ?n-t nf.m? Cau tra loi la ban phai dau nr $400*000/1 .07 hay
$373,832. Nlnr vav, vcri Igi tire 7%, gia tri hien tai eua $400,000 sau mot nam la $373,832.
Gia sir rang khi mai bat dau xay dirnji, ban quvet dinh ban ngay dir an nay, cac nha dau tu se tra bao nhieu? Cau tra lai la gia tri hien tai cua du an, tuc la $373,832.
/ f
De tinh toan gia tri hien tai, chung ta chiet khau thu nhap nhan Juoc trong tuang lai bang mot ty le thu nhap cua cac phuong an dau tir tuang duang. Ty le thu nhap nay thuang duac
•*> a A / s /k A. rgoi la ty le chiet khau hay chi phi co' hoi cua von. No duac goi la chi phi co hoi bdi vi no la thu nhap bi bo qua boi vi dau tu vao du an chu khong dau tu vao chirng khoan. Trong vi du tren, chi phi co hoi bang 7%. Gia tri hien tai duac tinh:
PV = Nhan t6 chidt k teu x C,
1 400.000x C, - '' ~7~Z7.. =$373,8321 + r ^ 1,07
7.1.2. Gid tri hien tai rang
Toa nha dang gia $373,832 khong co nghia la ban lai dugc $373,832. Ban dau tu $350,000, va do vay gia tri hien tai rong (NPV) la $23,832. Gia tri hien tai rong dugc tinh bang cach lay gia tri hien tai cua khoan thu nhap tu dau tu tru di so
> * r
dau lu c an thiet:
NPV = PV - D5u tu can thic*t = 373.832 - 350.000 =S23.332
Noi cach khac, toa nha ciia ban dang gia hon chi phi tao ra no - no tao ra mot khoan dong gop rong cho gia tri. Neu nhu goi Co la luong tien tai thdi diem 0 (co nghTa la hom nay), Co co
101
gia trj am vi no la mot luong tien ra - clu phi Trong vi du ncn. C0 = -S3 50.000.
7.1.3. Rui ro va gid tri hien tai
Chung ta da dat ra mot gia thiet khong tlnrc to trong cac phan tich 6 vi du ve dau tu vao toa nha tren. Ngudi tu van cuaban khong the chac chan ve luong tien tuong lai cua toa nha,
' ' ' *S400.000 la con so du doan tot nhat, nhung khong phai hoan
/ /
toan chac chan.f \ / y \
Do vay ket luan cua chung ta ve so tien cac nha dau tu sansang tra cho du an nay la sai. Bdi vi ho co the co dugc S400.000
r r \ \
mot cach chac chan bang viec dau tu vao cong trai chinh phu gia $373,832 chu khong mua du an xay nha cua chung ta. Han co the giam gia de khuyen khich su quan tarn cua cac nha dau tu.
CJ day chung ta co the neu len mot nguyen ly tai san coX ' '
ban: Mot dong an toan co gia tri hon mot ddng rui ro. Phan Ion cac nha dau tu deu tranh rui ro khi anh ta co the lam dieu do ma
x
khong phai hy sinh thu nhap. Tuy nhien, khai niem ve gia tri hien tai va chi phi co hoi van co y nghTa ddi vdi cac dau tu rui
f t x
ro. Viec chiet khau thu nhap theo ty le lai cua cac nha dau tir tuong duong van dung. Nhung chung ta phai tinh den thu nhap mong doi va ty le lai mong dgi cua cac khoan dau tu khac.
Khong phai tat ca cac khoan dau tu deu cd cung mire do rui ro. Xay mot toa nha van phong rui ro hon chirng khoan ciia Chinh phu nhung cd the it rui ro hon khoan mot gieng dau. Gia
X >
sir ban cho rang du an cd cung mire do rui ro vdi mot loai dau tir tren thi trudng chirng khoan va ban du tinh ty le thu nhap ciia
X
dau tu tren thj trudng chirng khoan do la 12%. Khi do 12% trd
102
thanh chi piii co hoi phu hgp. 1 )d la thu nhap ban bd qua do khv ii;’ Jan tir \u<> cac chung khi an luoin: irni’. Ban co the tinh NPV
400.000Py --- — j = S357.143
NPV = PV - 350.000 -- $7,143
Neu nlur cac nha dau tu khac ddng y vdi ban ve du tinhS400.000 thu nhap va danh gia cua ban 12% chi phi co hoi, thi tai san cua ban cd the dang gia $357,143 khi no dang xay dung.
7.1.4. Gid tri hien tai va ty le thu nhap
Chung ta da quyet dinh rang viec xay toa nha van phong la tot, bdi vi no dang gia hon chi phi xav no - no co gia tri hien tai rong duong. De tinh dugc no dang gia bao nhieu, chung ta da tinh ra mot ngudi phai tra bao nhieu de cd dugc cung thu nhap do viec dau tu true tiep vao chirng khoan.
Chung ta cd the nhan manh lai tieu chuan cua chung ta rang dir an bat ddng san ciia chung ta dang lam vi thu nhap vugt
/ f y
qua chi phi vdn. Thu nhap tren von dau tu don gian Ia Igi nhuan tren vdn bd ra ban dau:
400.000 - 350.000 Thu nhap = 350 .OOO = /o
/ / ^
Co hai quy tac tuong duong cho cac quyet djnh dau tuvdn:
1. Quy tac gia tri hien tai rong: Chap nhan cac du an co gia tri hien tai tuong duoim.o o cr
2. Quy tac ty le thu nhap: Chap nhan cac du an mang lai ty le thu nhap vugt chi phi co hoi ciia vim.
103
7.2. Q u y tac j ia trj hien tai r o n ”
Chung ta da thno luan vc gia tri luon tai ton;: (NPV) T a r . ; :
NPV co vo nhu la mot muc tieu co y nghia cua mot cone, ty, nhung no khong don thuan la quy tac ngon lay cat. Cluing ta can phai hiCu tai sao NPV lai quan trong va tai sao lai phai xem xet thi truong co phieu va trai phieu de tim ra chi phi co hoi cua von.
Gia sir ban co luong tien vao B hom nay va F mot nam sau. Neu nhu ban khong co phuang phap nao de dau tu va du doan thu nhap, ban se tieu dung chung khi nhan duac. Dieu nay co the bat lai va co khi la toi te nhat. Neu nhu toan bo tien ban se nhan duac nam sau, ban se doi bay gid va bdi thue vao nam sau. Day la linh vuc cho thi trudng can thiep vao. No cho phep
**
chuyen cua cai qua thdi gian, nhd do ban cd the cd an vira phai cho ca nam nay va nam sau.
Thi trudng vdn dan gian la mot nai ma moi ngudi trao ddi tien hom nay lay tien ngay mai. Dudng doc xuong trong hinh 3.1 bieu dien ty le trao ddi tren thi trudng vdn giua do la hom nay va do la nam sau, do doc cua no la (1 + r), trong do ra la lai suat mot nam. Bang viec cho vay tat ca tien cua minh, ban co the lam tang tieu dung tuang lai cua ban len (1 + r) B hay FH... Nguac lai, bang viec vay luong tien tuang lai cua minh, ban co the tang tieu dung hien tai them F/(l + r) hay BD. (Xem hinh3.1. trang sau)
Ta hay xem xet vi du bang con so cu the. Chang han tinh trang cua ban nhu sau:
• Tien cd trong tay: B = S20.000
• Tien se nhan duac mot nam sau: F = S25.000
104
Neu nlnr ban khong muon tieu dung gi bay gid, ban co thedau tir $20,000 vao thi trudng von vdi lai suat gia du la 1%. Ty1c trao ddi giua dola hdm nay \ a dola nam tai la 1,07 - do la hesdc goe dudng ddc trong hinh tren.Neu ban dau tu $20,000 x1,07 = S 2 1.400 cong vdi so tien ban se nhan dugc nam sau$25,000 ban co tong cong la S46.400. Do la diem H tren so do.
f / *> \
Neu ban muon chuyen S25.000 mot nam sau thanh tienngay va chi tieu tat ca ngay bay gid, ban co the vay gia tri hientai cua $25,000:
PV =C 25.000
- $23,3641 + r 1,07
Tren hinh ve no dugc mo ta bang doan BD (hinh 3.1). Tong gia trj hien tai cua cac luong tien ban nhan dugc la:
Co +C 25.0001 + r 1,07
Tien thai diem 1
= $43,364
105
Mirth 7.1. Cac quyet dinh vay va cho vay anh huxrng Jenv \ w luong tien cua ca nhan. Bang viec vay luong ticn tuang lai f. ca nhan co the c6 them BD hom nay; Bang vicc cho vay luong .icn hien tai B, ca nhan do co the co them luong tien FH trong turmg lai.
106
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