TAI CHINH DOANH NGHIEP
(S&01(162)'2017^
Quan tri v6ii kinh doanh va danh gia hieu qua quan tri v6n kinh doanh trong cac
doanh nghiep xay dung niem yk tren thi truong chung khoan Viet Nam
Ngo Thi Kim Hda*
TOM TAT
Mgc fieu quan trgng hdng ddu trong qudn tri v6n kinh doanh cua cdc doanh nghiep ndi chung va doanh nghiip xdy dung niim yit trin thi tru&ng chung khodn ndi rieng Id nham ddm bdo cho cdc doanh nghiip sir dun^ vdn kinh doanh dgt hiiu qud kinh te cao nhdt. Do dd, cdn nghien cdu phuong phdp qudn Iri von kinh doanh vd ddnh gid hipu qud su dgng von kinh doanh trong cdc doanh nghiep thugc logi hinh ndy nhu thi ndo. Trong phgm vi bdi viit, tdc gid di sdu nghiin ciru mpt sd npi dung chu yiu thupc vdn di ndy.
• Tir khda: qudn tri von kinh doanh; vdn luu ddng, vdn cd dinh; doanh nghiep niem yit ABSTRACT
The superior objective of operating capital management of any company in general, and listed construction companies in particular is to maximize the capital efficiency. To do this, it is necessary to find out the appropriate methods of operating capital management and evaluate the efficiency of capital in listed construction companies. In this article, the author examines some theories related to operating capital management.
• Ke>'words: operating capital management, working capital, fixed capital, listed companies.
Trong kinh tc thj trudng, muc lieu quan trgng Ddi vdi san phdm xay dung, c6 nhung dac nhal cua cac doanh nghiep sdn xudl kinh doanh diim kinh t l ky thuat khac vdi cac nganh san xudt (SXKD) ndi chung \a doanh nghiep xay dung vat chdt khac. cu thi la: sdn phdm xay dung la nicm yel ndi neng la thu Igi nhuan tdi da. Qua cdc cdng trinh, vat kiln inic cd quy md ldn. tinh Irinh lien hanh SXKD eting chinh la qua trinh chdt phirc lap va mang linh dan chile, dugc \a>
Id chirc huy dong va sir dung vdn kinh doanh dung theo thiet kl va du loan rieng; san phdm ' ^' f^D). xay dung mang tinh dan chiec. cd djnh, dia diem Hoat ddng xa\' dung va san phdm xay duna ^^" ^'^^^ "^o^g "^hdi Id nai sir dung san pham: san cd nhung dac dicm CO ban sau day: pham xay dung, xay lap cd thdi gian sir dung
.Ugi Id, dia dilm san xuat khdng cd dmh. '^" ^^'- '^^^^ '^'^"g ^^" P*^^"^ ^^ ^^^ ^^^S true , , . , . , , - '. I.- • ", • ,.- tiep den hieu qua hoat done ciia cac nganh khac;
//«//a, chu k\ san xualihi conskeo dai - , , . ,i ' . ' " , , "; . viec lhanh toan tien cong xa\ dima Ihuone chi B<, la. hoal dong xiy dimg chiu anh hircmg Ion <ji,cc chu dSu tu ima trirac m'ol phin hoac thanh - ' tho, tiet. khi hau cac vung mien, no, thue hien toan theo timg hang mue. tham chi co Ichi djn luc cong trinh hoan thanh mdi thanh toan nen doanh nghiep can phai c6 so JLrcmg \6n \dn. on dtnh de- Bull la. hoal dong \;i\ dirng chi d,cn ra theo dam bao hoan thanh cong trinh dung tiin do ^a vin dat hang, klii doanh nghiep trung thiu hoac dam bao chit lugng.
uonii hop d:ic biel duoe ehi dinh thau r\- ^ . ^ T ' l , - . - . * - j u ' lujjuiu.au £f^ jj2t dugc Ig, nhuan toi da. eae doanh .\aiiila. k\ ihuiil thi eong phuc lap. trang thtjl nghiep cin quan trj tSl VKD. gom \6n luu done , kx thuaitonkem (VLDHa \6n co dtnh (\ CD)
e6,ig irinh \ay lap. \av dung: d,6u kien lam - na,ie nhoc
77n. \ C 5 , Ciaiif; wivi Klioa TCD\ - Hoc vien Taichinh
^0> Tap chi nghien ciiu Tai chinh ke toan
Q^01J162). 2017^ TAI CHINH DOANH NGHl|P Quan tri von liru dgng: de ndng cao hieu
qud Cdng tdc quan tri v6n luu dgng, doanh nghiep can td chuc tdt vi6c ddm bdo vdn luu dgng. Tinh hinh td chirc ddm bao ngudn vdn luu dgng ciia doanh nghiep dugc thi hien thdng qua chi tieu ngudn von luu ddng thudng xuyen vd nguon vdn luu ddng tam thdi.
Nguon VLD thudng xuySn - Tdi sdn ngdn han - Ng ngan ban
Hodc = Tdng ngudn vdn - Tai sdn dai ban Ngudn VLD tam thdi = Ng ngdn ban Phan tich chi tieu ndy cd thi thay dugc pbuong thire tdi trg VLD cua doanh nghiep cd hgp ly hay khdng, Ihl hien qua viec sir dung nhihig ngudn vdn ndo va vdi ty ie timg ngudn Id bao nhieu dl tai trg VLD Id hgp ly nhdt.
+ Trudng hgp ngudn vdn thudng xuyen Idn han (> 0): dilu nay thihien gid tri tdi san ngdn han ldn hon { >) ng ngan ban, chung id viec tdi trg CLia doanb nghiep dam bdo dugc nguyen tdc can bang tdi chinh; doanh nghiep sir dung ngudn vdn dai ban tai trg cho lai san ddi ban; dam bdo dugc kha nang thanh todn, dong thdi dam bao dugc tinh an toan ve tinh hinh tai chinh ciia doanh nghiep. Song, do sir dung nhilu ngudn vdn dai han thi chi phi sii dung vdn se cao hon, nen doanh nghiep can can nhac ky trudng hgp nay dl tilt kicm chi phi sir dung vdn. Tuy nhien, trong xay dung CO ban, viec sir dung vdn dai han la can thilt va khdch quan do linh chat ciia boat ddng xdy dung va tinh chal sdn phdm xay dung tao nen.
+ Trudng hgp ngudn vdn thudng xuyen bdng {=^) 0, the hien gia tri ldi sdn ngan han bang (=) ng ngan han. Dieu nay cd the tao ra su cdn bdng giifa rtii ro va chi phi sir dung vdn ciia doanh nghiep.
Doanh nghiep dimg ngudn vdn ngSn han lai tro cho lai san ngan ban va dimg ngudn vdn dai ban dc iai tra cho iai san dai han. Trudng hgp nay cimg sc dam bao duac an loan ve lai chinh, han die duoc rui ro Tuy nhicn, iren thuc ll dilu nay Ihuxvng kho cd the xay ra.
+ hudng hop vdn thudng xuyen nhd ban (< (I), the hien lai san ngan han nhd hon no dai han. doanh nghiep da dimg mdt ph4n ngudn vdn ng.ui lum ^\c tai tra cho tai san dai han. Dilu nay, lao dicu kicn cho doanh nghiep giam duac chi
|ilii SII iking \dn nhung cd the dem lai rui lo v6
tdi chinh trong trudng hop doanh nghiep ho£it dgng sdn xudt kinh doanh kem hieu qua, dong thdi khdng ddm bao dugc khd ndng thanh todn cac khodn ng den ban.
- Xem set viec phan bo von luu dgng cho timg khau kinh doanh hg^ ly. Do ddc thu ciia doanh ngbiep xdy dung, hoat ddng trong Imh vuc ndy cd nhthig ddc dilm rieng biet nen ket cdu von luu ddng cd su khdc nhau ddng ke so vdi cdc Imh vuc kinh doanh khdc.Viee xac dinh ket cau vdn luu ddng ciia doanh nghiep phu thugc vdo tieu thuc phdn loai VLD. Song, cd the khdi qudt each tinh nhu sau:
Ty trgng Gid tri timg loai TS timg loai _ trong TSNH vdn trong
tdng VLD
x 100%
Tdng tai sdn ngan ban Chi tieu ndy phdn anh timg loai VLD chiem trong tdng sd VLD ciia doanh ngbiep. Thdng qua chi tieu nay, nhd qudn tn nam dugc su phdn bo hgp ly hay bat hgp ly ciia timg loai vdn. Tir dd, cd bien phap dieu chinh hgp ly, phii hgp vdi dac diem boat dgng SXKD ciia doanh nghiep nhSm ndng cao hieu qud sii dung VLD ndi rieng va hieu qua sur dung VKD ndi chung,
* Qudn tri von hdng ton kho: vdn bdng tdn kbo sir dung cd hieu qud hay khdng, anh hudng Idn den hieu qua sir dung VKD ciia doanh nghiep.
Thdi gian nguyen vdt lieu, hang hda du trtr trong kho ddi hay ngan se dnh hudng true tiep den hieu qua cua cdng lac quan trj hang tdn kho, Vi vdy, dl qudn trj lot hang tdn kho, doanh nghiep can thuc hien tdt cdc cdng viec sau ddy;
- Lap ke hoach du tru nguyen vat lieu, hdng hda tdn kho dam bao day dii de dap ung yeu cau san xuat kinh doanh ky ldi, tranh hien lugng du trtf thira hoac thieu gay dnh hudng den qud irinh san xuat kinh doanh. Can cir tinh hinh san xudt kinh doanh, nhu cau ve san pham hoan thanh cua khdch hang va dinh mirc lieu hao nguyen vat lieu cho timg cdng trinh, hang muc cdng trinh da nhan thdu dc tinh toan ke hoach du trif hgp ly,
- Xay dung che dd trach nhiem vat chat trong cdng tac bao qudn hang tdn kho bang quy che quan l>' cu the, trong do quy dmh ro trach nhiem ddi vdi tirng ca nhan va lap the vl nhtrng sai pham
Tap ch! nghien cufu Tai chinh ke toan <51
TAI CHINH DOANH NGHIEP (So 01 (162) • 2017^
trong cdng tac mua, van chuyen va quan ly hang trong kho. Dong thdi, cd che do khen thudng kjp thdi vdi nhiing cd nhan tap the idm tdt cdng tdc bao quan hang tdn kho.
- Bg phan nghiep vu va bd phdn ke toan can md sd kho theo doi thudng xuyen tinh hinh hien cd va su bien ddng ciia hang tdn Idio cd ve so lugng vd gia trj ciia mdi loai nguyen vat lieu, hang hda tdn kho tren ca sd cdc chiing tu nhdp, xuat va bien ban kiem nhan, bien bdn kiem ke bdng tdn kbo. Djnh ky phai cd su ddi chieu gitfa thii kho vd ke loan kho de phat hien nhijng hien tugng chenh lech ve gia trj hang tdn kho. Cudi ky, phai kiem ke hang ton kho bdi nhtfng ngudi bao qudn hang ldn kho, dai dien phdng ke loan vd lanh dao don V! de kjp thai xac dinh mgt each chfnh xac nhdt ve sd lugng va chat lugng hang tdn kho nham cd bien phap xir ly phii hgp.
- Hang nam. td chuc danh gia hieu qua cong lac quan trj hang tdn kho thdng qua chi tieu so vdng quay hang tdn kho,
^ So vong quay hdng ion kho: chi tieu nay phan anh mgl ddng vdn hang ldn kho ciia doanh nghiep quay dugc bao nhieu vdng trong mot k>'
\a dugc xac djnh bang cdng thirc:
Sd \ dno ^ ^ ^^^ ^ ° " ^^"S ^^^^ ^ ^ Irons kv quay hang
tdn kho Tri gia hang tdn kho binh quan trong ky Chitieu nay cang cao cang ihl hien vdng quay hang tdn kho cang nhanh, cdng tac id chifc quan in \ dn_ hang tdn kho cang tdt, giiip doanh nghiep i-iit ngan dugc chu ky kinh doanh va giam bdi duoc Iirong vdn bo vao hang tin kho. \ g u g c Iai, chi sd nay thap the hien vdng quay hang tdn kho cham. chu k\ kinh doanh keo dai, gay tinh trans Ll dong \ dn. kmh doanh kem hieu qua.
•^ Qudn iri no'phdi thu: dl quan In tdt cac khoan phai thu cdn cd cac bien phap ban chi linh irang vdn bi chilm dung bat hgp \<, dac biel la h;in che thap nhat cac khoan ng kfid ddi. Muon
\a>. doanh nghiep can lam tdt cac \icc sau day Trong hgp ddng \a\ dung, hgp ddna ban hang can qu> dmh chat che cac dilu khoan hen quan den thdi han ban giao san pham. qu\ dinh
ro phuong thirc thanh toan, chinh sach chilt khdu, thdi han ng va cac hinh thuc phat khi vi pham cac dilu khoan cua hgp ddng d6i vdi tumg ioai khach hang.
- Cdn thuc hien cong vice phan tich khdch hdng de cd chfnh sach ddi xii hgp Iy trong ban hang va thuc hien cdc chinh sdch chilt khau cflng nhu thdi ban ng..,
- Bd phan ke toan cdn md sd chi tilt theo doi cdc khodn phdi thu vd sdp x l p cdc khoan phdi thu theo thdi gian nham kiim tra, ddn doc khdch hdng thanh todn cac khodn ng mgt cdch kip thdi.
- Ap dung ddng bg cdc phuang phdp thu hdi ng nhu giri thu den khach hdng, cir can bg cua dan vj den khach bdng ddi chilu, ddn doc thu hdi ng...
- Thuc hien tot viec tn'ch lap du phdng phai ibu khd ddi tuong ung vdi quy md va nii ro ciia cdc khodn ng nham giam din mirc thap nhat vl cac khoan ng xau;
- Danh gia hieu qua cua cdng tac quan trj ng phdi thu thdng qua chi tieu He sd na phai thu va dugc xac djnh theo cdng thiic sau:
He so ng phai ^ -
thu
N g da thu ciia khach hang Doanh thu ban chiu (sd phai thu) Ddng thdi, phdi xem xet chi tieu sd vdng quay cdc khoan phdi ihu. Chi tieu nay phan dnh kha nang doanh nghiep thu hoi ng cua khach hang va dugc xac djnh bdng cdng thirc sau'
Doanh ihu ban chiu Vong
quay cac
khoan Ng phai thu ngan han binh qudn phai thu trong ky
Chi tieu nay cang cao the hien kha nang thu hoi cac khoan ng ciia doanh nghiep cang nhanh.
vdn ciia doanh nghiep it bi chilm dung Dilu do, giiip doanh nghiep tilt kiem dugc mot sd vdn nhat dinh, gdp phan ddy nhanh tdc do luan chuyen VLD. N I U sd vdng quay cac khoan phai thu thap chimg td tdc do thu hdi cac khoan phai thu cLia doanh nghiep cham, \dn thudng xuven bi chiem dung, Chi tieu nay phu ihudc \ao chinh sach ban chiu ciia doanh nghiep.
Tap chi nghien ciifu Tai chinh ke' toan
C^^Ol (162)-2017^ TAI CHINH DOANH NGHlgP
Chi tieu phdn dnh hiiu qud sir dung vin luu dpng: d l ddnh gia tinh hinh to chuc va su dung VLD ciia doanh nghiSp, sii dyng chi tieu Toe do ludn chuyin vdn luu dgng. Chi tieu nay dugc phan dnh qua hai chi tieu s6 ldn Iuan chuyin vdn luu dgng vd sd ngay ludn chuyin vdn luu ddng.
+ So ldn ludn chuyen vdn luu dpng: chi tiSu ndy phdn dnh trong ky kinb doanh, VLD ciia doanh nghiep ludn chuyin dugc bao nhieu Idn.
Chi tieu nay cang Idn, the hien hieu sudt sii dung VLD cang cao vd ngugc Iai. Sd Idn ludn chuyin VLD dugc tinh nhu sau:
Sd lan Tdng muc luan chuyen VLD luan ^ trong ky chuyen
VLD So VLD binh quan
+ So ngdy ludn chuyen VLD: chi tieu nay phdn anh mdt lan ludn chuyen VLD trong ky het bao nliieu ngay, Sd ngdy luan chuyen cdng thap, thi hien bieu sudt sir dung VLD cang tdt.
Sd ngay luan chuyen VLD
Sd ngay trong ky Sd lan ludn chuyen VLD + Muc tiit kiem vdn luu dpng: chi lieu ndy phdn anh sd vdn luu ddng tiet kiem dugc do tang tdc do luan chuyen va dugc tinh bang cdng thirc sau:
Muc luan ^ ; I i ; So ngay rut chuyen von ^ r , , , , . , . X ngan ky luan binh quan ° A \ r T r, , . 7- L'TT chuyen VLD i ngay ky KH
+ Hdm luffng vdn luu dpng: chi lieu nay phan dnh, de cd mdt ddng doanh thu thudn thi doanh nghiep can bd vao kinh doanb bao nhieu dong VLD, Chi lieu nay cang thap thi VLD sir dung cang hicu qua va ngugc lai.
Mirc liet kiem
VLD
llam lirang Vi.l)
VLD binh quan Doanh ihu thudn trong ky + 7)' ^ttdt Ipi nhudn vdn luu dfmg: ty sudl lgi nhuiin vdn hru ddng cho biel kha nang sinh idi Lua ddng ^dn luu ddng khi dua vao kinh doanh
\ :"t diKX \.ic dinii bang cdng thirc sau
Ty suat Led nhuan sau thue lgi nhuan = '• x 100%
VLD ^ L D binh quan trong ky Chi tieu nay phan dnh mdt ddng VLD hoat ddng trong ky kinh doanh thi tao ra bao nhieu ddng Igi nhu^n sau thui. Chi tieu ndy cang cao cdng tdt.
Quan tri von co dinh
Bt cd phucmg phap qudn U-i va nang cao hieu qua qudn trj VCD cdn thuc hien mdt sd vdn de cbu yeu dudi ddy;
- Nam dugc tinh hinh bien ddng vd sd hien cd ciia TSCD trong ky theo timg loai vd theo tdng sd ca ve gid trj Idn hien vdt;
- Phdn loai TSCD theo cdc tieu chudn phdn ioai khac nhau de nhan bill dugc tinh nang, tdc dung cung nhu tieu chudn kinh te ky thudt ciia TSCD nhdm cd co sd danh gid su ddi mdi TSCD ciing nhu nhtfng bien phap xii ly nhtfng TSCD can sira chtfa Idn, nhifng TSCD Idi thdi, lac bdu...
- Bg phdn ke loan ciia doanh nghiep cdn md sd/the chi tiet TSCD de theo doi chi tiel sd hien cd va linh hinh bien ddng, hien trang TSCD, khdu hao TSCD tren co sd cdc chimg tir tang, gidm TSCD.
- Xay dung quy che ve trdch nhiem vdt chdt trong cdng tdc bao qudn, bao dudng va sir dung TSCD. Trong trudng hgp TSCD chua sir dung den cd the cho thue theo nguyen tdc hieu qud, an loan va phat trien vdn Iheo quy dmh ciia phap luat.
- Tang cudng ddi mdi mdy mdc thiet bj phuc vu cho viec Ihi cdng cdng trinh, hang muc cdng trinh nham Ihuc hien tdt lien do thi cdng, nhanh chdng dua cdng trinh hoan thanb bdn giao cho khach hang, gdp phdn sir dung VKD hicu qua;
De danh gia hieu qua trong cdng tac qudn trj VCD, doanh nghiep su dung mdt sd chi tieu chii yeu sau;
+ Chi tiiu kit cdu TSCD: mdi loai hinh doanh nghiep boat ddng tren Imh vuc SXKD khac nhau cd ket cau TSCD cung khac nhau. Chi lieu nay phdn anh su phti hgp ciia vice trang bi TSCD ciia doanb nghiep nham dam bao cho qua trinh SXKD dugc thudn Igi va phat huy hieu qua cao nhat, Chi lieu nay dugc tinh theo cdng thirc;
Tap chi nghien ciTu Tai chinh ke toan <5S
TAI CHINH DOANH NGHl|P (§^01(162)-2017^
Ket cau Gia tri tCmg loai TSCD timg Ioai = '• X 100%
TSCD *^'^ ^ ^ ^ ^ ^ TSCD + Hiiu suit su dung TSCD: chi tieu nay phdn anh mdt ddng TSCD sir dung trong ky mang Iai cho doanb ngbiep bao nhieu ddng doanh thu thuan.
Chi tieu nay cdng idn thi bien muc do sij dung TSCD cdng cao, hieu suat sir dung TSCD cang tot vd ngugc Iai vd dugc linh theo cdng thuc sau:
Hieu suat Doanh thu thudn trong ky sd dung = -
TSCD Nguyen gia TSCD binh quan + Hieu sudt su dung vdn cd dinh: cbi tieu nay cho biet binh qudn mdi ddng VCD doanh nghiep bd ra trong ky mang lai bao nhieu ddng doanh thu thudn. Chi tieu nay cdng cao the hien mirc dd sir dung VCD cdng cao, hieu suat sir dung VCD cang tdt va ngugc lai. Xac djnh chi tieu ndy bang cdne ihuc sau;
Doanh thu thuan trong k>' VCD binh quan trong ky Hieu sudt
su dung VCD "
-r Ham Im/ng vdn cd dinh: chi lieu nay phdn anh sd VCD can thiel de lao ra mdt ddng doanh thu thuan trong k\, Ham lugng vdn cd djnh cang thap. hieu suat sir dung vdn cd djnh cang cao va nmrac lai.
Hdm luong
\dn cd djnh
VCD binh quan Doanh thu thuan trona kv - /)• sudl Ipi nhudn VCD: chi tieu nay phan anh mdt ddng vdn cd dinh binh quan doanh nghiep sir dung trong k\ mang lai bao nhieu ddng loi nhuan trucVc thue hoac Igi nhuan sau ihul va diroc xac dinh ihco cdng ihirc sau;
J\ suat loi nhuan
\dn cd dinh
Lgi nhuan trudc (hoac sau)thuc
\'dn cd dmh binh quan Chi lieu na\ danh gia hieu qua sir dung \on CO Jinh cua doanh nghiep trong k> san xudt kinh Joanh Ket qua chi iieu cang lan thi hieu qua su J u n g \ CD uong k\ kinh doanh cua doanh nghiep cang lot \a IILIIKIC lai
De ddnh gia day du hieu qud trong cdng tac qudn trj VKD can xem xet tr€n nhieu goc do vd sur dung cdc chi tieu tdng hgp sau:
+ Vong quay toan bg VKD: chi tieu nay phdn dnh trong ky kinh doanh, VKD cua doanh nghiep chu chuyin dugc bao nhieu vdng (hay bao nhieu Ian). Chi tieu ndy cdng cao the hien hieu sudt sii dung VKD cdng cao va ngugc !ai. Cdng thiic xdc dinh vdng quay todn bd VKD nhu sau:
Vdng quay toan bg
VKD
Doanh thu thuan trong ky VKD binh quan sir dung
trong ky + Ty suat sinh Idi ciia tai san (BEP): chi tieu ndy cdn ggi Id chi tieu lgi nhuan trudc lai vay vd thue tren vdn kinh doanh; phdn dnh khd nang sinh ldi ciia mdt ddng VKD, khdng tinh den anh hudng ciia thue thu nhdp doanh nghiep va ngudn gdc ciia VKD. Cdch tinh chi tieu ndy nhu sau;
Ty suat sinh ldi ciia tai san
(BEP)
Lgi nhuan trudc thue va trudc lai vay (EBIT) VKD binh qudn sir dung
trons kv Ty suat sinh Idi ciia tai san cdng Idn the hien khd nang sinh Idi ciia tai san cdng cao, doanh nghiep sir dung VKD cd bieu qud tdt va ngugc lai
+ Ty suat Igi nhuan trudc thue von kinh doanh
Cbi tieu nay phdn anh quan he t>' le giija lgi nhuan Irudc thue vdi VKD binh qudn ciia doanh nghiep sir dung trong ky, the hien moi ddng VKD binh quan doanh nghiep sir dung trong ky mang lai bao nhieu ddng Igi nhuan trudc ihue va dugc xac dinh ihco cdng thirc sau;
Tv suat lai nhuan trudc thui \"KD
Lai nhuan trudc thuc (EBT) VKD binb quan su dung
trona k\
+ Ty sudt Igi nhudn sau thue \6n kinh doanh (ROA): chi lieu na> con goi la chi lieu U suat smh ldi lai chinh, phan anh quan he i_\ le gitfa lai nhuan sau thue \di \'KD binh quan cua doanh
Tap chi nghien cCfu Tai chinh ke toan
Cs£02jM2) - 2017^ TAI CHINH DOANH NGHlgP
Lgi n h u ^ sau thue (NI) nghiep su dung trong ky, die hien moi dong VKD binh qudn doanh nghiep s^ dung trong ky mang lai bao nhieu dong Igi nhudn sau thui va dugc xac dinh theo cong thiirc sau:
Ty sudt sinh ldi _ __^
tai chinh VKD bhih quan su dung (ROA) trong ky + Ty suat Igi nhuSn von chii sd hiru (ROE):
chi tieu nay phdn dnh quan he ty le giCfa lgi nhudn sau thue vdi vdn ehu sd huu binh qudn cua doanh nghiep su dung trong ky, the hien mdi ddng v6n chil sd htfu binh qudn doanh nghiep su dung trong ky mang lai bao nhieu ddng lgi nhuan sau thue va dugc xac djnh theo cdng thuc sau:
Ty- suat lgi nhuan von chu = sd hiiu (ROE)
Lgi nhu|n sau thuS (NI) Von chii sd huu binh quan
sii dung trong ky Tren ddy Id mdt so vdn de mang tinh trao ddi vl cong tdc quan tri va ddnh gid hieu qud cua cdng tdc qudn tri VKD trong cdc doanh nghiep xdy dung niem yit tren thi trudng chung khoan.
Tai lieu tham khao:
POSTS Bui Vdn Vdn, PGSJS Vu Vdn Ninh (2013), gido trinh Tdi chinh doanh nghiap - Hpc vien Tdi chinh.
Nghi dinh 48/20I0/ND-CP vi hpp ddng trong hoal dong xdy dung.
Ross,Christemen, Drew, Thompson, Westerfield, Jordan, Fundamentals of Corporate Finance, 5"' edition. MC Grow Hill.
Van de tham dinh tai chinh
doi vdi cac dir an dau tu
(Tiep theo trang 34) hoac = " 12 thang x Tdng dinh phiTdng lai gdp cd nam Nggoc
vay trung dai han
Thue lai Tdng Khau
dinh hao
* Oilni phi caban hoa vdn = ———^ •
ya ,.,„ Tdng doanh thu - Tdng bien ph Dicm hoa vdn tra ng cho biet tir diem nay trd di doanh nghiep phai cd tien de tra ng vay.
Diem boa vdn ciing thap thi tinh kha thi cua du an cang cao va ngugc lai Phan lich diem hod vdn se cung cap nhung thdng lin can thiet ve san lugng can ucu ihu. doanh Ihu can dat dugc khi biet san pham \a doanh thu hoa vdn Phan tich dilm hoa von cdn chi ra ngudng doanh nghiep khdng bj lo. dc xac dmh quy md dau lu, quy md san xuat nli^im dai duac lgi nhuan mong mudn Tdm lau cho di.1 dung tren gdc dd chii ng hay chii sd htfu [loiii.' danh gia hicu qua ciia du an ddu lu thi nen
danh gia chu yeu tren quan diem tdng ddu tu se tdt ban. Kbi dd, hieu qua do ludng dugc phdn anh thuc chdt mgt ddng vdn dem vdo ddu tu cbo tai san mang lai mirc sinh Idi bao nhicu ma chua chju tdc dgng cua ddn bay tai chinh. Cdn cdch tiep can hieu qua vdn chii sd htfu chi sir dung de xem xet them hieu qua ciia chii sd htfu sau khi da chac chan xac lap dugc ca cdu ngudn vdn tdi uu ma thoi
Tai lieu tham khao:
Gido trinh "Kinh te - Icy thudt phdn tich vd lira chon dir dn ddu tu", Truang Dai hoc Bdch khoa TP HS Chi Minh - GS Pham Thu, 199J;
2 Gido trmh "Kinh le ddu tu". Hoc vien Tdi chinh - TS Trdn Vdn Phiing. NXB Tdi chinh 2002,
3 Gido trinh "Lap vd qudn ly dif dn ddu tu".
Tru&ng Dai hoc Kinh te quoc ddn - PGS, T^.S' Nguyen -Xgoc Mai. NXB Gido due 1996.
4 Gido trinh "Thdm dinh idi chinh du dn".
PGS. 7;^ Luu Thi Hucmg chu hien
Tap chi nghien ciiu Tai chinh ke toan <(55
