Cng dung phi/orng phap Dupont nham phan tich kha nang sinh Icri cua Cong ty Co phan
Duoc Hau Giang
N G O Y I N TH! DAO*
Tom tat
Bdi vie't ffng dung phuang phdp Dupont trong phdn tich khd ndng sinh ldi cua Cdng ty Co phdn Duac Hdu Giang (DHG) trong ndm 2017. Ke't qud cho thdy, khd ndng sinh ldi tdng tdi sdn (TS) (ROA) vd khd ndng sinh ldi vdn chu sd hffu (ROE) cua DHG ndm 2017 gidm. Nguyen nhdn Id do, cong tdc qudn ly chi phi cua DHG chua duac tdt. Nhu vdy, viec van dung phuang phdp Dupont vdo phdn tich khd ndng sinh ldi cua DHG gidp cho cdc nhd qudn tri cua DHG ndi rieng, cdc doanh nghiep ndi chung thdy duac diem mgnh, diem ye'u cua doanh nghiep minh de cd chie'n luac ddu tu, sdn xudt phu hap. Tff do, cdc nhd ddu tucd thira cdc quye't dinh kinh te dung dan nham gia tdng hieu qud ddu tu.
T\i khoa: phuang phdp Dupont, phdn tich tdi chinh, khd ndng sinh ldi, Cong ty Co phdn Duac Hdu Giang
Summary
The article employs Dupont method to analyze the profitability of Hau Giang Pharmaceutical Company (DHG) in 2017. The results show that return on assets (ROA) and return on equity (ROE) of DHG witnessed a reduction in 2017 due to the weakness in the cost management of DHG. Thus, the application of Dupont method to analyze the profitability of DHG helps their managers in particular and enterprises in general to be aware of strengths and weaknesses of their business so as to build a proper investment and production strategy. From there, investors can make the right economic decisions to increase investment efficiency.
Keywords: Dupont method, financial analysis, profitability, Hau Giang Pharmaceutical Joint Stock Company
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GIOI THIEU phap Dupont. Day la mdt phffdng phap khdng the' thie'u khi cae nha phan tieh mud'n phan tich ve kha nang sinh Phffdng phap phan tieh la mdt he ldi eua doanh nghiep. Vi vay, viee ffng dung phffdng thd'ng cac cdng cu, bien phap ma nha phap nay vao viee phan tieh kha nang sinh ldi ciia phan tich sff dung de nghien effu eac sff DHG la vd eiing can thie't.
kien, eac hien tffdng, eac md'i quan he
kinh te'diln ra trong qua trinh boat ddng CO^SO LY THUYET VA PHU'ONG PHAP kinh doanh nham danh gia tinh hinh tai NGHIEN CUU
chinh ciia eac doanh nghiep. Khi phan
tich tinh hinh tai ehinh cua doanh nghiep, Theo Blumenthal, R. G. (1998), phffdng phap nha phan tieh cd the' van dung mdt hoac Dupont (hay md hinh Dupont hoac he thd'ng phan tieh nhieu phffdng phap khae nhau. Trong sd' Dupont) la phffdng phap do Donaldson Brown (1885- cac phffdng phap phan tieh, mdt phffdng 1965) mdt ehuyen vien cao cap ve tai ehinh va la phap cd y nghia rat ldn trong viee danh giam dd'c ciia Dupont va General Motor (GM) van gia diem manh, diem ye'u ve tinh hinh dung tai Cdng ty Dupont lan dau tien nam 1912 khi tai chinh ciia doanh nghiep, do la phffdng dng trinh ban bao cao ve viec sff dung chi tieu "Kha
* Hoc vien Ngan hang I Email: [email protected]
Ngdy nhan bdi: 07/09/2018; Ngdy phdn Men: 05/10/2018; Ngdy duyet ddng: 16/10/2018
Economy and Forecast Review O O
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'^'i:ian: Blumenthal, R. Q. (1998)
nang sinh ldi vd'n chii sd hffu" (ROE: Return on equity) len eho Ban giam dd'c. Mdt vai nam sau dd, khi Cdng ty Dupont mua lai 23% ed phie'u eiia Tap doan GM, thi Donaldson Brown dffdc giao eho viee tai ca'u true tinh hinh tai ehinh dang rat ldn xdn eiia nha san xuat xe bdi nay. Nhd sff ddng gdp tff he thd'ng hoaeh dinh va kiem soat cua Donaldson Brown, GM da dat dffdc nhffng thanh edng dang ke. Phffdng phap Dupont do vay dffde sff dung phd bie'n trong cac tap doan ldn tai My trong viec phan tieh bao eao tai ehinh va dffdc xem la mdt trong nhffng phffdng phap phan tich hieu qua ma cae nha quan tri can sff dung.
Phffdng phap Dupont tich hdp nhieu ye'u to ciia bao eao ket qua boat ddng kinh doanh va eiia bang can dd'i ke toan va la ky thuat phan tieh dffde sff dung de phan tieh kha nang sinh ldi eiia mdt cdng ty bang cac edng eu quan ly hieu qua truyen tbdng. De' van dung phffdng phap Dupont, cac nha phan tieh can tie'n hanh thu thap cac sd'lieu lien quan tff bd phan ke'toan rdi sff dung cac bang tinh de' ra ke't qua. Tff dd, dffa ra nhan xet va ke't luan ve ke't qua phan tich. Trffdng hdp cac nhan xet va ke't luan dffa ra khdng thffe te', thie'u tinh chan thffe, eac nha phan tieh se kiem tra va tinh toan lai so lieu.
De' van dung phffdng phap Dupont trong phan tich tai chinh, cae nha phan tich phai dffa vao md'i quan he tffdng hd giffa cac ehi tieu tai ehinh de bie'n ddi chi tieu gdc thanh mdt ham sd' ed nhieu bie'n so rdi thu thap so Heu lien quan, tinh toan ke't qua va neu nhan xet, ke't luan. Do viee bie'n ddi bang phffdng phap Dupont ma cac cbi tieu phan tich tai ehinh deu ed dang mdt phan sd. Vl the', mdi ehi tieu phan tieh tai ehinh se tang hay giam tuy thudc vao hai nhan td': mau so va tff so' eiia phan sddd.
Ban chat ciia phffdng phap Dupont la tach mdt ehi tieu kinh te' tdng hdp thanh tich eiia mdt chuoi cac ty sd ed quan he nban qua vdi nhau. Chang ban, cac nha phan tieh thffdng van dung phffdng phap Dupont de' phan tich hieu qua kinh doanh trong md'i lien he giffa
cae ye'u td' dau vao va dau ra cua doanh nghiep trong mdt ky kinh doanh (kha nang sinh ldi).
Khd ndng sinh ldi tdng TS (ROA) ROA phan anh hieu qua sff dung TS cua doanh nghiep va dffdc xac dinh nhff sau:
ROA = —, — X 100%
Tdng TS binh qudn
Chi tieu nay eho bie't sau mdt ky boat ddng, doanh nghiep dau tff 100 dong TS thi tao ra bao nhieu ddng ldi nhuan (LN).
Chi tieu nay cang cao cang td't, nd chu'ng td hieu qua sff dung TS cang eao, doanh nghiep ed kha nang thu hut va hap din cac nha dau tff, tffc ed phieu eua doanh nghiep cang cd sffc but hap dan hdn bdi chi tieu nay cho thay kha nang sinh ldi tff chinh ngudn TS boat ddng eiia doanh nghiep.
Ngffdc lai, ROA giam lien tue cho thay, edng ty dang sff dung TS khdng hieu qua, ne'u khdng ed bien phap quan ly khai thac TS td't thi edng ty ed the gap khd Idian ldn.
Tuy nhien, khi phan tieh ROA, neu nha phan tieh ehi phan tich md'i quan he ddn thuan giffa LN va TS thi dieu dd chffa the hien dffde nhieu y nghia eua ehi tieu nay, tffc la chffa bie't dffde nguyen nhan sau xa gay ra sff bie'n ddng eua nd, do do, nha phan tieh se dung phffdng phap Dupont.
Van dung phffdng phap Dupont vao phan tieh ROA ta cd:
„^, LN DTvdTNkhdc ROA = X—-,
DT vd TN khdc Tong TS binh quan
= (Ty sua't LN/DT) x (Hieu sua't sff dung tdng TS) = PM x AU
Tff phffdng phap Dupont eho tha'y, tac ddng de'n ROA la do anh hffdng ciia hai nhan to ty sua't LN/doanh thu (DT) va bieu sua't sff dung tdng TS. De' nang cao kha nang sinh ldi cua TS doanh nghiep dang sff dung, nha quan tri ed the gia tang kha nang sinh ldi DT hoac nang cao hieu sua't sff dung tdng TS.
Md hinh phan tich Dupont cd the dffdc khai quat qua Sd do.
Dffa vao Sd dd eho tha'y, ty suat LN/
DT phu thupe vao hai nhan td' ed ban do la LN va DT. Hai nhan td nay cd quan he eung chieu. De tang quy md ve DT, ngoai viec phai giam cac khoan giam trif DT, doanh nghiep edn phai giam chi phi san xua't, ha gia thanh san pham. Dong thdi eung phai thffdng xuyen nang cao chat Iffdng san pham de' tang gia ban, gop phan nang cao LN eho doanh nghiep.
Cdn^ sd' vdng quay TS (hieu suat suf dung tdng TS) cang eao, dieu dd ehiJng td rang, sffc san xua't ciia TS cang ldn va
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'baolam cho ty sua't sinh ldi eua TS cang cao.
De tang sd vdng quay TS, mdt mat doanh nghiep phai tang quy md DT, mat khae phai sff dung tie't kiem va hdp ly TS. Nhff vay, DT va td'ng TS cd md'i quan he mat thie't vdi nhau, thdng thffdng ehung cd md'i quan he eung chieu.
Kha ndng sinh ldi vdn chu sdhttu (ROE)
^ Ne'u nhff ROA do Iffdng tinh hieu qua ciia viec dieu hanh va quan ly cae ngudn Iffc eua doanh nghiep, thi ROE cho bie't LN mang lai eho ehu sd hffu la bao nhieu tff viee sff dung vd'n chii sd hiiXi de' kinh doanh. Day dffdc coi la ehi tieu phd bie'n nha't dung de' danh gia tinh hinb boat ddng eua eac nha quan tri va nha dau tff.
LNST
BANG 1: MOT SO THONG TIN TAI CHINH CO BAN CUA DHG CAC NAM 2015-2017
ROE = -X 100%
VCSH binh qudn
ROE eho bie't eff 100 ddng vd'n chii sd huii cua edng ty dffa vao boat ddng, thi sau mdt ky se tao ra bao nhieu ddng LN sau thue eho chu sd hiJu. ROE eua edng ty cang cao chffng td cdng ty sff dung vd'n ehu sd hifu cang hieu qua, kha nang thu hdi vd'n cua cac cd ddng se cang cao va ta't nhien gia cd phie'u cua cdng ty tren san giao dich chuhg khoan eung cang cao. ROE chinh la thffdc do td't nha't ve nang Iffc cua mdt cdng ty trong viee td'i da hda LN tff mdi ddng vd'n dau tff. Mdt edng ty dat dffdc ROE cang eao thi kha nang canh tranh cang manh, vi vay viec tang ehi tieu nay la mdt mue tieu quan trpng nha't trong boat ddng quan ly tai chinh cua doanh nghiep.
Khi phan tich ROE, ngoai viee so sanh LN vdi vd'n ehu sd hffu thi eung gid'ng nhff phan tieh ROA, nha phan tieh can sff dung phffdng phap Dupont. Dffa vao cdng thffe tinh ROE, nha phan tieh se bie'n dd'i nhff sau:
ROE LNST Doanh thu Doanh thu Tdng TS binh qudn Tong TS binh qudn
Vdn CSH binh qudn
= Ty sua't LN/DT x Hieu sua't sff dung tdng TS X Ddn bay tai ehinh = PM x AU xAOE
Nhff vay, theo md hinh phan tieh Dupont thi ROE phu thudc vao ba nban to, dd la: PM, AU va AOE. Ba nhan td nay quan be cdng chieu vdi ROE va eung qua phffdng phap Dupont phan tieh ROE, nha phan tieh tha'y rang, ne'u ehi xem xet LN sau thue' vdi vd'n chu sd hffu binh quan, thi tha'y ROE cang cao cang td't, nhffng khi phan tich ROE thdng qua phffdng phap Dupont tbi khdng phai luc nao cung nhff vay vi cd the' la do anh
Chi tidu Tone TS (tv dong) Vo'n chu sc! hiJu (tv done) DT thuan (ty dong) LN sau thue (ty dong) ROA (%)
ROE (%)
Nam 2015 3.363 2.521 3.608 593 17,3 24,6
Nam 2016 3.945 2.870 3.782 688.6 18,8 25,5
Nam 2017 4.087 2.759 4.063 642,4 16 22,8
BANG 2: ROE CUA DHG NAM 2016, 2017 Chi tieu
ROA(%) ROE(%) PM AU AOE
Nam 2016 18,8 25,5 18,2 1,0 1,4
Nam 2017 16 22,8 15,8 1,0 1,4
i'lguon: Bao cao thiTdng nien DHG
hffdng ciia ddn bay tai chinh, khi dd riii ro tai chinh se ldn. Do vay, khi phan tieh ehi tieu nay, can ke't hdp vdi ed ca'u vd'n chu sd hffu trong tffng doanh nghiep eu the', tffc la ROE phu thupe vao linh vffc kinb doanh, cd ca'u ngudn vd'n.
Nhin ehung, viec sff dung phffdng phap Dupont trong phan tich tai chinh ed kha nhieu the' manh. Phffdng phap Dupont rat ddn gian, de van dung. Ke't qua dffa ra nhd sff dung phffdng phap Dupont de dang thuye't phue cac nha quan ly, dffa ra quye't dinh hffu ieh nham nang eao hieu qua kinh doanh. Mat khac, ke't qua phan tieh bang phffdng phap Dupont ddi khi eung giiip cac nha quan ly tha'y rd rang: can nhin vao thffe trang ciia edng ty thay vi tim each thdn tinh cdng ty khac, cd the tang them LN, bii dap kha nang sinh ldi eiia minh bang each tan dung ldi the' nhd quy md kinh doanh.
Dffa tren ngudn sd'lieu ve mdt sd'thdng tin tai chinh cd ban eua DHG trong nam 2017, dd la: td'ng TS, vd'n ehii sd hffu, DT thuan, LN sau thue, ROA, ROE, bai vie't ffng dung phffdng phap Dupont trong phan tich kha nang sinh ldi ciia DHG.
KET QUA NGHIEN CLfU
DHG dffde thanh lap nam 1974, la doanh nghiep san xua't dffde pham ndi dia ldn nha't Viet Nam ve quy md DT va mang Iffdi he thd'ng phan phd'i. DHG dffng d vi tri top 5 khi chiem ITnh tren 5% thi phan toan nganh dffde va 14% thi phan thud'c san xua't trong nffdc. Hoat ddng san xua't va phan phd'i thud'c tan dffde (chie'm khoang 74% LN) va thffe pham chffc nang (chie'm khoang 11 % LN). Mang Iffdi phan phd'i ciia DHG dffde xem la manh nha't trong nganh dffde Viet Nam. Ngoai thi trffdng tieu thu trong nffdc, san pham ciia DHG dffdc xua't khau tai 13 qud'c gia. Tuy nhien, DT xua't khau cdn rat khiem ton (ehi < 1 % tdng DT) va cae san pham xua't khau ehii ye'u la nhdm ed ngudn gde thao dffde vdi the manh ngudn thao dffde thien nhien eiia Viet Nam.
Ben canh he thd'ng phan phd'i rdng khap ca nffdc, he thd'ng nha may dat ehuan GMP-WTO ke't hdp vdi DT ciia nganh dffdc trong cac nam tdi van se tang trffdng
Economy and Forecast Review
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BANG 3: KHA NANG SINH LCJl CUA MOT SO DOANH NGHIEP DOfOC
NAM 2016, 2017
Dan vi: %
Doanh nghiep DHG
Cong ty Cd phan TRAPHACO (TRA)
Tong cong ty Dung dich khoan va Hoa pham Dau khi (DMC)
Cong ty Co phan Difdc pham IMEXPHARM (IMP) Cong ty Cd phan Du'dc pham OPC (OPC)
Nam 2016 ROS
18,2 11,4 13,1 10,0 10,0
ROA 18,8 17,1 16,3 9,0 11,5
ROE 25,5 23,0 20,1 11,0 15,7
Nam 2017 ROS
15,8 13,9 15,5 10,1 9,1
ROA 16,0 18,0 17,4 8,0 11,5
ROE 22,8 24,4 22,6 10,1 15,7 Nguon; Tdng hdp ctia tac gia
BANG 4: HIEU QUA HOAT DONG CUA DHG NAM 2017 Hi^u qua hoat dOng
Vong quay hang ton kho Vong quay cac khoan phai thu Vong quay cac khoan phai tra Hieu suat suf dung TS co' dinh Hieu suat svi dung tdng TS
Nam 2016 3,0 6,3 8,0 3,48 1,03
Nam 2017 3,3 6,0 8,2 3,81 1,01 Nguon: Bao cao thu'dng nien cua DHG
va giff mffe tang trung binh 10% trong 5 nam tdi thi ed hdi va trien vpng tang trffdng trong trung va dai ban eiia DHG vin rat ldn.
Bang 1 eho thay, LN sau thue ciia DHG giam 6,7%
so vdi nam 2016 va khie'n ROE giam 2,7% so vdi nam 2016 va giam 1,8% so vdi nam 2015, dieu nay dffdc ly giai do DHG nop bd sung thue' TNDN theo dieu ehinh ciia cd quan thue' va cae ehi tieu d mSu sd' ciia cae chi tieu tren deu tang, eu the DT thuan tang 7,4% va tdng TS tang 3,6%. Ly giai eho viee giam eua ROE se 6.\ii5c phan tieh bang phffdng phap Dupont.
Bang 2 cho tha'y, ROA va ROE nam 2017 giam nguyen nhan hoan toan do PM. Viec ty sua't LN DT giam cho tha'y, cdng tac quan ly chi phi ciia DHG chffa dffdc td't.
Ngoai ra, cbi phi ban hang tang trffdng 15,9% so vdi nam 2016. Chi phi nhan vien ban hang (bao gdm Iffdng, eac khoan theo Iffdng, thffdng va eac khoan phu cap khae) tang manh 18,2% so vdi ciing ky. Nguyen nhan do DHG bat dau van banh he thd'ng kho van mdi tff thang 03/2017 va thffe hien thu hut them Iffc Iffdng nhan sff khd'i ban hang nham gia tang dp phii san pham, nen sd Iffdng nhan vien ban hang va nhan vien kho van dffdc tuye'n dung tang manh keo theo cac ehi phi cd lien quan de'n nban vien, nhff: Iffdng, thffdng, cac khoan theo Iffdng va cac khoan phu cap khac tang.
Bang 3 cho tha'y, ROE eua DHG cao nha't, nhffng da bi giam kha manh trong nam 2017, trong khi dd hau het eac doanh nghiep khac deu ed ROE tang trff IMP.
Nguyen nhan ROE eua DHG giam la do ROS eua DHG giam. Dieu nay the hien viee quan ly ehi phi eua DHG chffa di/cJc td't, trong khi dd, mpt sd'edng ty khac (TRA va DMC) lai dang ed ffu the' trong quan ly ehi phi. Do vay, neu nhff trong nhffng nam tdi, DHG khdng ed giai phap kiem soat tot eac chi phi cua minh, thi Cdng ty se gap nhieu bat ldi trong canh tranh.
Cdn nhan to AU mac du khdng thay ddi, nhffng nhin vao Bang 4 ve hieu qua boat ddng eua TS ta lai tha'y rang, vong quay hang tdn kho cai thien eho thay, Cdng ty da nang cao viec quan tri san xua't va tdn kho thdng qua viec ap dung md hinh kho trung tam. Viec quan tri hieu qua san xua't va hang hda se tae ddng tich effe de'n viee cai thien ldi nhuan gdp hang Cdng ty san xua't. Ben canh dd, Cdng ty van duy tn mffe can bang giffa vdng quay khoan phai tra va phai thu de dam bao tinh thanh khoan trong he thd'ng. Ngoai ra, hieu sua't sff dung TS cd dinh eua DHG eung tang do DT thuan tang (Bang 4).
Ben canh do, ddn bay tai ehinh khong thay ddi do he sd nd eua DHG kha dn dinh va khdng eao nen DHG ed the can nbac gia tang viee sff dung nd thay bang phat banh ed phie'u de cai thien ROE va giam bdt ganh nang thue' (Bang 5).
KET LUAN
Ke't qua nghien ciiff eho tha'y, ROA va ROE cua DHG nam 2017 giam. Nguyen nhan la do, cdng tae quan ly chi phi cua DHG chffa dffdc td't. Nhff vay, viec van dung phffdng phap Dupont vao phan tieh kha nang sinh ldi eua DHG giup cho cac nha quan tri eua DHG ndi rieng, cae doanh nghiep noi chung thay dffde diem manh, die'm ye'u cua doanh nghiep minh de ed chien IffdC dau tif, san xua't phu hdp. Tff dd, eac nha dau tif co the ra cae quye't dinh kinh tedung dan nham gia tang hieu qua dau tff.G
TAI LIEU THAMXHAO
1. Cdng ty Co phan Dffde Hau Giang (2015-2017). Bdo cdo thudng nien cdc ndm 2015, 2016, 2017 2. Blumenthal, R. G. (1998). Tis the gift to be simple - DuPont's framework for financial analysis, access to http://www.bizleaming.net/news/news.efm?newsitem=142
3. Gerald LWhite; Ashwinpaul C. Sondhi and Dov Fried (2003). The analysis and use of financial statement, Jonh Wiley and Sons, Inc