Nghltn cdt trao Itfi
Thidu auan tam tdi thdng tin ddng tidn.
sai lam tren thj triTdng chulkig lihoan Viet Nam
k W Thi Tram A n h *
Tifiong tin ddng tien la nguon thdng tin quan trong cho nha dau tirra quyit dinh, bdi nd phin inh tinh hinh thu chi, ti> dd phan inh tinh hinh tii chinh cOa doanh nghi$p. Thong tin ddng tiin con li casdde di/bao kha ning phit triin cung nhw nhimg rdi ro ma doanh nghiep cd thi gip phai trong twcmg lai. Bii viit danh gii thi,K trang quin ly, cdng bi thdng tin va nh$n thOc cua nhi diu tw vi thdng tin ddng tiin, ti> do di xuit cic giai phip vi kiin nghj liin quan ten: (1) B6 sung cic quy djnh quan ly vi hwCmg din, khuyin khich cic doanh nghidp niim yit cdng b6 thong tin di/ bao ddng tiin; (2) Ning cao nhan thirc cua nha diu tw doi vai bio cio Iwu chuyin tiin t$; (3) Cdng bi cac chi tiiu phan tich cd sd- dting din ddng tiin; (4) Kiin nghj vi phia doanh nghi$p va ca s d dio tao.
Tt^ khoi: Cdng bo thong tin ddng tiin; Iwu chuyen tiin t$; thong tin tai chinh
Abstract
Disclosure of cash flow is an importance for investors to make descision because it reflects accurately the revenue and expenditure, thereby ob- jectively reflecting the financial performance of company. Disclosure of cash flow is also a basis for forcasting the development ability as well as risks that enterprises may face in the furture. The paper evalutes the prac- tices of management, cash flow information disclosure and perceptions of invesstors on cash flow information with regrard to (1) Supplementing the managemnet regulations on guiding, encouraging listed companies to pub- lic information on cash flow forecast; (2) Rasing investors' awareness of cash flow statement; (3) Publishing the analytical criteria using cash flow;
(4) recomending for enterprises and traning institutions.
Key words: Cash flow disclosure; cash flow; financial information
1. Ly thuylt vl dong tien Ddng tien phdn anh sy vgn dpng ciia lien vdo va tiln ra phdt sinh trong mpt thdi ky nhdt dinb. Ddng tien vdo ciia doanh n ^ f p (DN) bao gom ddng ti8n tft bogt ddng sdn xudt - kinb doanh, buy dpng, bdn tai san,
t
vdn cbu sd bihi. Ddng tiln ra sft dyng de frd cdc khodn ng, sam tai sdn co dinh, chia co tuc tiln, mua lgi cd philu, ftng -i, tbudng.Bdo cdo luu chuyen tien tf (BCLCTT) phdn anb cac ddng tiln tbeo boat ddng, nbu ddng tiln tir boat dpng kmh doanb, ddng tien hi bogt dfng ddu tu, ddng tien hi boat dpng ldi cbinb. Cung vdi bang can ddi kl todn va bdo cdo ket qua kinb doanh ( B C K Q K D ) , BCLCTT tgo nen bftc tranb todn cdnh ve tinb bmh tdi cbinb cua DN. BCLCTT giiip
Nhdn: 19/5/2020 Bien tgp: 01/6/2020 Duyet dang: 10/6/2020 cbo ngudi su dung biet dugc DN da tgo ra lien tft nhftng ngudn nao va cbi tieu liln cho nhiing myc dich gi.
Tren co sd do, BCLCTT se giup cdc ddi hrgng sft dyng ddnh gid ve khd nang ttang ttai cdng ng, chi ttd cd hie ttong tuong lai ciia DN.
Ddng tiln ttong DN dugc vi nbu mach mau ttong co thi con ngudi, ludn luu chuySn vd biSn ddi. Mdi quan hf gifta ddng tien vdi tinb hinb tdi cbinh cua DN dugc thi bifn bet sue chat cbe, nlu mgch mau nay bi tac nghen ngbiem ttpng hay cbi Id thieu but tgm tbdi ciing din DN din chd phd sdn.
2. Vai trd cua cdng b l thong tin ddng tiln dh\ vdi quyet dinh cua nhd dau t u
D I dua ra cdc quylt dinb diu tu, cdc nbd ddu tu can can eft vdo tinh lunb kinb doanb, tinb binb lai chinb ciia DN. Tu^* tftng myc dich ddu tu kbdc nbau ma ho pbdi lya chpn cdc tbdng tin kbdc nbau, tuy nhien cac tbdng tin dd phu thupc khd nbieu vao ddng tiln ma DN cdng bd.
Ddi vdi cdc quyet dinb cho vay, ngudi cbo vay pbdi dya vdo khd ndng thanh loan ciia DN vd ddng tiln cbinb la yeu td quyet dinh kbd nang thanb todn do. Mgt cdng ty cd kbd nang tiianh todn Id mpt cdng ty cd du tiln dl ti^ ng va ngugc lgi.
Tbeo quan dilm ngudi cbo vay, tien
*B?ihQcViuangm?i
% o chi '^Stoan d'-Kim torn sd thdng 6/2020 | Q |
Nghidn cdta trao ddi
cbinb Id ddi tugng de tbyc bifn cbo vay va ddi tugng de trd khoan vay.
Theo kit qud khdo sat 266 nhdn vien tin dyng lam vifc d cac cdng ty chuyen cung cap dich vy cbo vay d My, Fumer, Gavin vd Berlin (1991) n b ^ xet rang, cd 90% nhan vien tin dyng yeu cdu ttong hd so vay vdn phai cd bdo cdo ddng lien bifn tgi cua DN; 80% nbdn vien tin dyng yeu ciu pbdi cd kl boacb ddng tien tirang lai ciia DN. Ngodi ra, nhftng DN n b ^ dugc kbodn vay la nhiing DN cd ddng tien on dinb qua cdc ndm, cd lai dn dinh, ddp iing dugc mpt so ty suit tdi cbinh tiieo yeu ciu cung cip tin dyng vd cdc yeu to khdch quan kbdc nhu quy md DN, uy tin DN, quan hf giiia DN vdi cdng ty tin dyng.
Dii vdi quyet dinb ddu tu ddi hgn de budng co tiic thi nhd ddu tu can dya tten chinb sdch chi ttd cd tftc ciia DN. Tbdng tbudng, mftc chi ttd CO tftc cua DN phy thupc vdo khd ndng chi ttd cd tftc, tftc la DN pbdi cd lgi nbu§n vd ddng thdi phdi cd tiln, bdi vi cd rit nhilu trudng hgp DN cd lgi nhugn nbung ddng tiln kbdng du de cbi trd c6 tftc cho cac CO ddng. Thdng tir 200/2014/TT - BTC ydu ciu tit cd cdc DN, kbi phdn pbdi lgi nbu^n can cdn nhde den kbodn myc pbi tiln tf ndm ttong lgi nhugn sau thue cbua phdn phdi cd the anh hudng din ludng tiln vd kbd ndng chi trd cd tftc, igi nbudn cua DN. Simon (1994) tiii cho ring, cdc DN dang ttong giai dogn kbd khan ve tdi chinh hay dang ttong giai dogn khung hodng kinh tl, lugng tiln dang rit khan hilm thi mftc cbi ttd cd tftc se bi gidm di bo^c khdng cd.
Doi vdi cdc nbd diu tu dang ban kbodn lya chpn co hfi diu tu giira cdc DN kbdc nbau thi ty suit ddng tiln chuih Id cdn eft de do ludng ket qud bogt dfng kit qua hogt dpng tdi chinb cua DN. tft dd giup cho nha diu tu de ddng dua ra quyet bon.
Giacomino&Mielke (1988/1993).
Loenie Jooster (2006) cbo ring, ty suit ddng tien rdt bihi ich ttong vifc so sdnh ket qud boat dpng kinb doanb gifta cac DN kbac nbau, giua cac nganh nghe kinb doanb kbdc nhau vd gitra cdc ky ke loan kbac nhau cua moi DN.
Thdng tin dy bao ve tinh hinh tdi chinb cua DN Id tbdng tin ma bdt eft nhd diu tu ben ngodi DN hay cdc nhd qudn tri ben frong DN dgu muon biet de phdng trdnh cdc riii ro cd the gap phai. Beaver (1996) la ngudi dau tien tien bdnh dy bdo kha nang pha san ciia DN tbdng qua cdc thdng tin ddng tiln. Chi tidu ty suit ddng tien tren tdng tdi sdn dugc danh gid la chi tieu quan frgng nhat cd khd nang dy bdo sy phd sdn cbinb xdc tai 87% nlu dy bdo tnrdc 1 nam vd nlu dy bdo tmdc 2 den 5 nam tbi dg chinh xac lin lugt dgt dugc Id 79%. 77%, 76% vd 68%.
Ngodi ra, ciing theo Beaver, ty sudt ddng tien tft hogt dpng kinb doanh/tdng ng phai trd Id ^ sudt cd sai sd dy bdo nbd nhdt, ddng tin cgy ban so vdi cdc chi tieu dugc tinh dya tren cdc tbdnb phan din tich ciia lgi nhugn khi sft dyng de ddnh gid khd nang phd sdn ciia DN.
3. Phinmg phdp nghien ciru Mau ngbien ciru cua bdi biet dugc xdc djnh dua tren danh sdch cdc doanh nghifp niem yIt (DNNY) uy tin dugc Td chftc Bdo cdo Vift Nam (Vietnam Report) cdng bd, nhdm dam bao tinh khdch quan ttong mau nghien cftu.
De khdo sdt sd lifu ve thyc trgng cdng bd thdng tin ddng tien vd dy bdo ddng tien cua DNNY, bai vilt da sft dyng pbuong phdp thing ke nbam xac dinh cdc thdng tin pban dnb ddng tiln va dy bdo ddng tiln dugc cdng bd tren bdo cdo tbudng nien, tft dd so sdnh doi cbilu vdi cdc thdng tin bit bugc cdng bo vd thdng tin ty nguyfn cdng bd dl ddnh gid tinb diy du cua vifc cdng bd thdng tin, lam co sd danh gid thyc trgng vd dl xudt giai phdp.
4 Thyc tr?ng cong bo thdng tin ddng tiln cua cac DNNY trgn TTCK Vift Nam
4.1. Quy djnh vi cong bo thong tin dong tiin &Vi$tJ^am
Cdc quy djnh vl cdng bd tiidng tin kl lodn ndi cbung vd cdng bd thdng tin ddng tiln ndi rieng dugc ban banh tiidng qua cdc chuin rayc, tiidng tu do cdc co quan ban hdnh.
Theo Chuin myc K I todn Vift Nam sd 21 (VAS 21), bao cdo tdi chinh phdn dnh theo mpt ciu tnic chat che tinb hinb tdi cbinh, ket qud kinh doanb cua mdt DN. Myc dicb cua bdo cao tai chinb Id cung cap cac tbdng tin vl tinb hinh ldi chinh, tinb hinh kinb doanb vd cdc ludng tiln cua mpt DN, ddp ftng nbu ciu bihi ich cbo so ddng nbung ngudi sft dyng trong vifc dua ra cdc quyel dinh kinh tl. Cdc tbdng tin nay cftng vdi cac tbdng tin trinh bay ttong ban thuylt minb bdo cdo tdi cbinb giup ngudi sft dyng dy doan dugc cdc luong tien ttong tuong lai vd d§c bift id thdi diem va mftc dg cbdc chin ciia vifc tao ra cdc ludng tiln vd cdc khodn tuang duang tien.
Theo VAS 24, BCLCTT la mgt bg phgn bgp tbdnh cua bdo cdo ldi chinb, cung cdp thdng tin giup ngudi sft dyng d ^ gid cdc thay ddi ttong tai sdn thuin, ca ciu tdi cbinb, kha ndng chuyen ddi cua tai sdn thdnh tien, khd nang thanb todn ciia DN trong vifc tgo ra cdc ludng tiln tixing qua trinb boat dfng. BCLCTT lam tang khd nang danh gid khdch quan tmh bmh hogt dgng kinb doanh ciia DN va khd ndng so sdnb giira cac DN, vi no loai lift dugc cdc dnh hudng ciia vifc sft dyng cdc phuong phdp kl toan kbac nbau cho ciing giao dich vd bifn tirgng.
BCLCTT dung d l xem xdt vd dy dodn khd nang ve sd lugng, tiidi gian vd dp tin cgy cua cdc luong tien trong tuong lai, diingdl kilm tra lgi cdc d ^ gia, dy dodn trude ddy vl cdc ludng tien; kilm tra moi quan bf giQa kha ning sinh ldi vdi lugng lim
0 3 -%? (M'- Ke toan & Kiem todn sd thdng 6/2020
Nghidn cdn trao ddi
chuyin liln thudn vd nbung tac dfng cua thay ddi gid cd.
Tbdng tir I55/2015/TT-BTC, hudng din cdng bd tbdng tin tidn tbi tnrdng chftng kboan (TTCK) cfta cac DNNY quy dinb cdng bd thdng tin dinh ky Id cac bao cao tai chinh nam da dugc kiem todn vd bdo cdo tdi cbinb ban nien da dugc kilm todn sodt xet bdi Id chftc kilm todn dugc chap thudn.
Theo cac quy dinb ve cdng bd thdng tui ddng tiln cua cdc DNNY tren TTCK, cd till thiy cdc tbdng tin dugc dl c ^ den cbu ylu Id cdc thdng tin qud kbu ma thilu cdc quy djnb v l cdng bd tbdng tin dy bdo. De thay dugc cdc quy dinb ndy tdc ddng nbu thi ndo drai tbuc trgng cdng bd tbdng tin cCia cdc DNNY, tdc gid se tiln lianb khao sat 10 DNNY thudc Top 10 DN uy tin dugc cdng nhdn tren TTCK Vift Nam.
4.2. Th^c trgng cong bo thdng tin ddng tien cda cdc DNNY tren TTCK Viet Nam
Nam 2019, Cdng ty cd phan (CTCP) Bdo cdo ddnh gid Vift Nam (Vietnam Report) cdng bd 10 DNNY uy tin fren TTCK Vift Nam, bao gom CTCP Sfta Vift Nam, Ngan hdng TMCP Ngogi Thuong Vift Nam, Tdp doan Vin^oup, CTCP FPT, CTCP Ddu tir ThI gidi di dpng, CTCP Hang khdng Vietjet, CTCP T^p dodn Hod Phat, CTCP Dupe Hdu Giang, CTCP Bia Rugu nude gidi khdt Sai Gdn, Ngdn hang TMCP Qudn dpi. Day la cdc DN cd quy md kinh doanb ldn, dugc thdnh
\^p ttong rapt thdi gian ddi va cd nguon tdi cbi'tib lanh mgnh, ngudn nbdn lyc chat lugng cao. Vi vay, bao cao thudng nien, bao cao tai chinb aia cdc DN ndy dugc dau tu bdi bdn cd ve chat lugng vd ngi dung.
Trong nbieu nghien cftu tnrdc ddy ciing cbi ra rdng, kinh nghifm vd trinb df chuyen mdn cfta chuydn gia thyc bifn dy bao ed dnb budng ldi tinb chinh xac cua dy bdo. Theo Ahmed & Ali (2013), vifc tiigc hifn
dy bao ddng tifn tbudng dugc tbyc hifn d cac DN cd quy md von ldn, tbdi gian bogt ddng ddi se cd nhilu kinh nghifm ttong cdng tac dy bao ban cdc DN cd quy md nbd. Vi vdy, vifc lua chpn cac DN uy tin dugc cdng nhgn bdi Vietnam Report tbeo tdc gia se phu hgp bon d cac DN cd quy rad nbd, nen se thiy rd dugc thyc ttang cdng bd thdng tin ddng tien frong qua khft vd ca d tuang lai.
Ket qud khdo sdt ve cdng bo tbdng tin du bao dugc ting bgp d Bdng I.
Qua kit qua khdo sat cho thiy, 100% cac DNNY dugc khdo sat diu cdng bd diy du thdng tin qua kbu vl ddng tien. Cd Ihl thdy, ddy la cac thdng tin cdng bd bdt budc, vi vgy vifc thyc bifn cdng bd ddi vdi loai thdng tin nay rat ddy du, hon nua ddy Id cac DN cd quy mdn ldn, uy tin, tbdnb ldp ttong tbdi gian dai nen vifc tbuc hifn cdc quy dinb ndy se kbdng ggp nhilu kbd khan.
Tuy nhien, ddi vdi cdc tbdng tin dy bdo ddng tiln thi kbdng cd bat ky DN ndo cdng bd, md chi cd mdt vdi tbdng tm vl cdc chiln luge pbat trien, djnb hudng kinh doanh tiong tuong lai cua DN, cac thdng tin nay cung rat so sai vd md nhgt.
Trong so cdc DN dugc khdo sat, cbi cd CTCP FPT, CTCP Tap doan Hod Phdt, CTCP Dugc Hdu Giang, CTCP Vietjet cdng bd sd lifu k l bogcb cbo chi tieu doanb tbu, lgi nhugn.
4.3. Thuc trgng su d^ng thong tin cong bo dong tien ciia cdc nhd dautu
Vai ttd cfta thdng tin dugc cdng bd tten bdo cdo tai chinb ddi vdi vifc ra quylt dinb diu tu Id khdng the pbft nhgn, tuy nhien mftc dp quan tam cua nba ddu tu din tiing loai bdo cdo lgi kbac nhau. Theo ket qua ngbien cftu cfta Nguyin Dftc Dung {2015), 42% nbd ddu tir quan
Bang 1: Tong hgp cdng bo thong tin dong tien cua cac DNNY
STT
1 2 3
4
5 6 7
8
9 10
MS CK FPT MWG HPQ
DHG
VJC VIC SAB
MBB
VCB VNM
TSn doaoh nghifp
C6ng ty ofl p h k FPT CTCP Th^ gidi di (l§ng CTCP T^p doin Ho4 Phil
CTCP Dupe H5u Giang
CTCP Hing khfing Vietjet CTCP TSp doan VingTDi^
CTCP Bia Rugu NuAc eiai k h ^ Sai G6n N ^ h i n g c d p i i l n QuindOi
Ngin himg CPTM Ngof 1 Ttiinmg CTCP Saa Viel Nam
Ctagbt tbdng dp d6ng l i ^ qiiikhfr
Dlydtl Oiydu Dlydij
. . .
Diytfu Diydi.
Diydu
D ^ d u
O i y d u Daydu
Cdng b6 tbSng tin d y bdo ddng t d n (cbi ueu d r bio) - Ke hoBCh doanh thu - K£ ho^ch \tj\ nhuiln K.e hoach hoai dgng mang dnh djnh ifnh v i khdoR c6 sd hfu cu tlie - K£ hofch doanh thu - Ki ho8ch l(ri nhujn Chitn hi^rc ph&t ttign gjai dotn 2019 - 2023 cho cic chi lieu: doanh thu, lgi nhu$n, t^ If chia c6 tCic, tj' If (rich qu^
Idien thudng, phiic 1^; thi:i lao K^i ding quin tii, ban I d ^ soit.. ; Igi nhufn b6 sung qu^ diu tu phil t r i ^ v i cic djnh hudrng chien lu^c phit tn£n - Kf hoach doanh diu - K^ hoach lgi nhu|n - DSnh gii irifin vgng kinh te nhung kh6nic c6 s6 lifu cu M Kh6ng cd chi lifu ke hoach cv thf Chi ti£u k£ hogch cu thf vt tfag tii sin; v6n difai If, huy d ^ g von din cu.
TCKT; du ng cho vay khich hing; ty If ng xju; Igi nhujn tiuAc thuJ; LKTT (rienR NH); t* If chi tri cfl Ite Dg kifn ty If tfing ttudng ciia cic cbi tifti- i6ng Tai san; h i ^ dfng v ^ tii nen kinh ti; tin dyn^ ty If ng xiu; Igi nhufn Dirtc ihui
KhdoR c6 chi tiiu ke hogch
(Ngudn: tdc gid tong hgp)
^^(M^StGdn&^KiSi todn sdthdng 6/2020 { [ j Q
Ngman Giini uao a6l
tam tdi BCKQKD, 28% nbd ddu tii quan tdm din BCDKT va 20% quan tam din BCLCTT vd 10% con lai quan tam din thuylt minb bao cdo tdi chinb. Hon nfta, BCLCTT con dugc coi la bao cao kbo bilu nhdt tiong cdc loai bdo cdo va cac cbi ti8u dg tbyrc hien phdn ticb ddu tu cung it dugc sft dung tft cdc tbdng tin dugc cung cdp tien BCLCTT.
Cbinb vi su quan tam cfta cac nha dau tu tgp trung cbu ylu vdo BCKQKD da ldm cbo cdc bdo cdo ndy cfta DN de dang bi dilu chinb boi cdc nbd qudn 1;^. D6i cbilu voi bdo cdo tdi chinh cfta cdc DNNY tren TTCK Vi?t Nam, co the thay ro dilu ndy. Chdng bgn, CTCP Cavico Viet Nam bi buy niem yIt vdo ngdy n/5/2012 yi thua l6 lien ti^c trong 2 ndm vdi sd Io liiy k l vugt von cbu sft hftu. Trude d6, nam 2010, cong ty nay van bdo lai ban 6 ty dong, nbung dong tiln tft boat dpng kinb doanb cua C6ng ty da gidm tft ban 19 ty dong tiong nam 2009 xuong con dm 32,693 ty d6ng tiong nam ndy. Tuong i^, CTCP Thep Vi^t Bdc tru6c khi thua 16 3 nam lien tiep vd bi buy niem yIt tft ngdy 21/5/2015 thi DN bdo eao lgi nbudn ticb c\re, song nhin ky vao BCLCTT nhung nam do, co the thdy dong tiln tft hoat ddng kinb doanh am lien tyc.
Nam 2017, tiong bao cao tai cbinh da dugc Idem todn cfta CTCP Van Pbat Hung (VPH), don vi kilm loan nhdn mgnh su ton tai cfta yeu 16 khong chkc chdn trong ySu ddn din nghi ngft ddng kl v l Idid ndng hogt d§ng lien tuc cua Cong ty.
Nguyen nbdn cbinh la do dong tien boat dOng kinb doanb ttong kj' cua VPH bi dm 247,7 ty ddng. Tai CTCP ThI gioi di d6ng (MWG), voi dac thft Id DN ban 16 nen viSc thanb todn bdng tiln mat Id cbu yen tbi dong tiln tft bogt dfing ldnh doanh cua DN se d i i dao ban cdc logi binb DN kbdc. Tuy nhien, kit qud doanb thu cua DN dgt dugc tten 2 ty USD, lgi nhugn tten 1.500 ty ddng, nhung ddng tien bogt dpng
kinb doanb Igi gbi dm 2 nam Uen tiep ban 586 ty ddng Id mgt dau bieu ddng lo nggi.
5. Gidi phap tang cirJmg bi^u qud sft dung thSng tin dong tiln cua DNNY trfen TTCK Vi$t Nam Tft vai ttd, y ngbia cua tbdng tin ddng tiln trong DN va thuc ttang cdng bd, sft dyng thdng tin ddng tiln cua cac DNNY ttdn TTCK Vi?t Nam. Tdc gid dl xudt mOt so gidi phdp nbdm tang cudng hieu qud sft dyng thdng tin ddng ti&i cua DNNY ti^n TTCK Viet Nam.
Thvrnhat, cctquan qudn lyNhd nu&c cdn bd sung quy dinh ve cong bo thong tin </{r bdo dong tien Chudn muc K I loan Vi$t Nam sd21 (VAS21)daneur6:"Bdoedo tai cbinb giftp ngudi sft dyng du dodn dugc cac ddng tiln trong tuong lai vd dac bi?t la thdi diem vd mftc dg chae chan cfta vi§c tgo ra cdc ludng liln va cdc khodn hiong duong tien". Tuy nhien, cdng lac dy bdo ddng tiln b i ^ nay con thieu ca sd phap ly ttong qud trinh thyc bien, bdi Thdng tir 155/2015/TT- BTC (budng dan v l cdng b l tbdng tin tten TTCK) cbua quy djnh ciing nhu cbua khuyen khich cdc DNNY cong bd thdng tin dy bao ddng tien.
Do vdy, cac nha dau tu dft c6 mudn sft dung tbdng tin ndy d l pbyc vu cho vi^c ra quylt dinb ciing kbdng thi tilp cgai dugc. Vi v&y, dl ho ttg cbo nha ddu tu ttong vi?c ra quyet dinh vd tang cudng tinh minb bgeb tien TTCK, Bg Tdi chinb cdn sdm cd quy dinb ve viec cdc DNNY pbdi cdng bd bdo cdo dy bao tdi chinb ndi cbung va dy bdo ddng tiln ndi rieng.
J/tir hai, nhd dau tu can ndng cao nhgn (hue ve BCLCTT
K I I qud khdo sdt tbyc trgng cbo thay, cdc nbd ddu tu chu ylu quan tdm tdi BCKQKD cfta DN md it quan tdm din BCLCTT. Sy thieu quan tdm tdi bdo cao ndy Id mgt sai lam cfta nhd ddu tu tiong vi^c ra quyet dinb ddu tu vd no cung lam
tang kha nang gian lan cfta cdc nha qudn ly, ttong vi$c dieu chinb lgi nhudn tten BCKQKD nhdm de dang thu bftl vdn ddu tu.
Thdr ba, cdc DNNY chn tdng cuctng cong bo cdc chi tiiu phdn tich cd su dung din ddng tien
Vai ttd cua cac cbi tieu ty suat tdi chinb da dugc sft dyng tiong nhilu ngbien cftu de du bdo kbd nang phd sdn cua DN nhu ttong nghien ciiu cua Beaver (1996); Alt- man (1968), Zeljana (2010); Leonie Jooster (2006). Cac ty sudt tdi chinh dugc tinh todn tft thdng tin ddng tiln, vi nd tbudng cung cap thdng tin sdt tbyc t l v l tinb hmh tdi cbinh ban Id cbi dya vdo tbdng tin ddn tich. Ty sudt ddng ti6n dya tten co sd sd tien cd thyc cua cdng ty, nen cbdc chan se co dg tin cay ban cdc ty su4t tdi cbinh dugc lap tten co sd ddn ticb ROA bay ROE. Hon nfta, cdc cbi lieu ly sual ndy cd kha nang dy bdo ddng tiln luong lai. Cy the la ty sudt ciia cdc cbi tieu nhu ddng tien bogt dgng kinh doanb/t6ng tdi sdn; lien mua tdi sdn co d)nb/ddng liln tft hogt dgng kinh doanh; chi pbi khdu bao/ddng tiln boat dgng kinb doanh.
Vi^c cdng bd cdc cbi tieu tJ suit ndy se giup cho cdc co quan quan ly Nha nude ndm bdt dugc tbuc Irang boat ddng kinb doanh cfta cdc DN dl ban banh cdc cbinb sach qudn 1^
DN, giup cho nhd d4u tu am bilu tudng tdn bon ve tinb hinh tdi chinh cfta DN, tft dd giup ich cbo nhilu ddi tugng sft dyng tiidng tin cdng bd cftaDN.
Cdng ldc dy bao ddng tien kbdng chi giup cbo DN lay dugc nilm tin ciia nha dau tu md cdn giup cho chinh bdn thdn DN ttong vi^c xdy dyng ke hogch, phdng ngfta nii ro. De tbyc hifn tit cdng tdc dy bdo, cdc DN can cd ngudn lyc tot, cd sy phdi bgp cbdt chS gifta cdc b$ phgn ttong DN. Vi vgy, DN can thanh lgp
(Xem tiep irang 110)
Q Q <^ chf^Stodn S'^iM torn sdthdng 6/2020
Hghifincdiitnodlii
cong, kbi dd chftng ta lya chgn nbieu tieu tbftc d l pban bo dya tten ngudn sinh phi cfta cac boat dfng. Dilu ndy cbiing td viec v§n dyng phuang pbap ABC xac dinb gia tbdnb cbinb xac hem.
3. K i t lu^n
Nbu vgy, cung cap be thdng thdng tin k l toan phuc vu cho k l todn quan tri chi pbi Id khong tbi thilu vd ngay cdng ddng gdp vai ttd quan ttgng, ttong vifc giftp cdc nhd qudn tri dua ra cdc quyft dinb sdn xudt kinh doanb.
Vifc van dyng pbuong phdp tinh gia dya tren c a sd bogt ddng (ABC) cbo nganh may ndi cbung vd CTCP May Trudng Giang ndi rieng, cd nhiing thdng tin chi phi cbinb xdc giup cbo vifc xac dinb gia thanb san pbdm dung dan bon.D
Tdi ligu tham khdo
flj Khoa Ke todn - Kiem todn trudng Dgi hpc Kinh te TP H6 ChiMinh (2002). Ki todn qudn tri. NXB Thong Ke. TP.H6 Chi Minh.
[2] PGS TS Phgm Vdn Du(xc (2006), Ki todn qudn trf, NXB Thdng Ke. TP. Hd Chi [3] PGS.TS. TrvangBd Thanh, Ke todn qudn trf, Dgi hpc Kinh te Dd Ndng. ndm 2007.
[4] Nguyin Vi$t (1997), lpi ich ciia vi?c tinh gid thdnh theo phuangphdp ABC. Tqp chi phdt triin kinh ti, trucmg Dgi hgc Kinh ti Tp. HCM. so 82, thdng OS/1997.
[5] Rober S.Kaplan; Robin Cooper and H.Thomas Johnson (1998), Cost S Effect.
Harvard Business School Press [6] Peter B.B. TUmey (1999). Easy ABC Quick Tiitorial. 2nd Edition. Darden Shool, University of Virginia and Cost Technology.
Inc.
[7] Rober S.Kaplan, Anthony A Atkinson (1998), Advanced Mananganent Accounting, Prentice Hall Intemational. Inc.
[8] Charles T. Horngren. Srikanl M.Daiar. George Foster (2003) Cost Ac- counting - A Managerial Emphasis, llth Edition. Prentice Hall. Upper Saddle Rive
(Tiep theo trang 104}
mgt bg phdn chuyen trach thuc hifn cdng tdc dy bao, cd k l hogch bdi duong chuyen mdn nghiep vy cho cac chuySn vi6n nay, bdi ket qua ciia du bao cd tdt bay kbdng se phy thudc rdt Idn vdo kbd nang cua ngudi thyc bifn.
Thur tir. Si tang cu&ng trinh dp khai thdc thong tin cdng bd vd ndng cao trinh dg chuyen mon cua dpi ngU chuyen vien dy bdo cua cdc DNNY thi vai tro cua cdc cff s&
ddo tgo hitsdrc quan trgng Gido due vd ddo tao cbinh Id nhdn td ca ban tac dgng ticb cue tdi kien tbftc cfta nba dau tu cung nbu gdp phdn ndng cao sy boat ddng bieu qud cfta cdng tdc dy bdo ttong DN. Vi vgy, cdc co sd dao tao cdn hodn thifn chuang trinh dao tao, ndng cao chat Iugng ddo tgo chuyen ngdnh k l todn ddp ftng nhu cau xa bgi bdng cdcb ldng cudng cdc ngi dung kiln tbftc ftng dyng tbyc te, dge biet la cdc kiln tbftc lien quan din bdo cao luu chuyin tiln tf.
Trong chuong trinb ddo tgo ke todn bifn nay, cdc ngi dung lien quan din BCLCTT tiiudng dugc it quan tdm bon so vdi BCDKT va BCKQKD, dilu nay cung cd thi lam cho ngudi bgc cdm thdy day la bao cdo it quan trgng dan din it dau tu ngbien cftu. Dilu nay cftng khidn cho tbdng tin tten BCLCTT ttd nen kbd bilu vdi ngudi dge, it dem lai bifu qua sft dung cbo nha dau tu.D
Tdi lieu tham khdo 1. Altman. E.L (1968). "Financial ra- tios, discriminant annalysis and the prediction of corporate bankruptcy", Journal of Fi- nance, vol. 23, no.4. pp.589 - 609
2. Ahmed. K..& Ali. M.J. (2013). "De- terminants and usefitlness of analysts cash flow forecasts: evidiencefrom Australia", In-
lemational Joumal of Accounting and Infor- mation Management. 21(1). 4-21
3. Beaver.W.H (1996), "Financial ra- tios as predictors of failure " Joumal of Ac-
counting Research. voL4. supplement.pp.71- 111
4. Fulmer. J.G.. Gavin.T.A and Bertin.WJ (1991) "What Factors Influence the Lending Descision A Survey of Commer- cial Loan Clfficers". Commercial Lending Re- view. Vol.?. No.l.pp.64'70
5. Leonie Jooster (2006). "Cashflow ratio as yardstick for evaluating financial per- formance ia African ". Managerial Finance.
Vol.32. Issue.7. Pages 569-576 6. Giacomino. D.E. & Mielke. D.E.
(1988). "Using the statement of cash flows lo analyze corporation performance". Manage- ment Accounting, vol 69. no.Il. pp.54 - 57
7. Giacomino. D.E. & Mielke. DE.
(1993). "Cashflows: Another approach to ratio analysis. Joumal or Accountancy.
March, pp 55 - 58
8. Simon. K (1994) "The Relationship Between Dividend Changes and Cash Flow:
An Empirical Analysis", Joumal of Business Finance
9. Wasley. C .&Wu. J S (2006). "Why do managers voluntarily issue cash flow for- casts?". Journal of Accouting Research, Vol 44. pp.387'429.
10. ZelijanaAB. (2010). "Cashftowra- tios vs. Accrual ratios: empirical research on incremental information Content", ITte Busi- ness Review, Cambrigde. Voll5(2). 206-213.
11. Bg Tdi chinh (2002), Quyet dinh so 165/2002/QB-BTC. ngdy 31/12/2002 ve vifc ban hdnh Chudn mifcKe todn so 24 "Bdocdo luu chuyen tien (p ",
12. Bo Tdichinh (2003). Quyit dinh sS 234/2003/QD-BTC ngdy SO/12/2003 cua Bp tru&ng BQ Tdi chink ve vi4c ban hdnh Chuan muc Ke todn Vi^t Nam so 21 "THnh bdy Bdo cdo tdi chinh".
13 BO Tdi chinh (2014). Thong tu so 200/2014/Tr-BTC. ngdy 22/12/2014 ve Che do ki todn DN Vi^t Nam.
14. Bd Tdi chinh (2015). Thdng tu so l55/2015/rr-BTC, ngdy 6/10/2015 ve cdng bd thong tin trin TTCK.
15. Nguyin Thanh Hieu. Dtf bdo ddng tien tit hoat dgng hnh doanh cua cdc cong ty phi tdi chinh mem yet tren TTCK Vi?i Nam, 2015, LATS. Dai hgc Kinh te Qudc ddn
16. Nguyen Due Dung. Nghien cuu bdo cdo luu chuyen tien le trong cdc cdng ty niim yit tren sdn chung khodn Vift Nam. 2016.
LA TS. Dgi hgc Kmh te Quoc ddn 17. Ngo The Chi. Nguyen Trgng Cff (2015) Gido trinh phdn tich tdi chinh DN.
NXB Tdi chinh
18. Nguyin HOu Anh. Nguyen Thanh Hieu (2014). Cdng tdcdtfbdo ddng tiin Irong cdcDN&Vi^iNam: Thuc trgng vd gidi ph^.
Tt/p chi Kinh ti vd Phdt tnen.
i n i i1y>chi^etom£-'mantoms6tluiiiff6/2(W
