( sdu (76) - 2009 ) NGHIEN CU'U-TRAO D 6 |
MQT SO Y KIEN VE DOC BAO CAO L U U CHUYEN TIEN TE
L6 Thanh Hai Gidng vien khoa TCDN -w-^dei cdo hill chuyin lien li (HCLCIT) Id mgt trong 3 bdo cdo tdi chinh tdng h^fp cita doanh nghiip, m-^phdn dnh vice hinh thdnh vd sii dung ludng lien phdt sinh tnmg ki. Ni'tt nltti Iidng edn ddi ke M~^ todn vd liiio cdo kei qua kinh diHinh Igp tren nguyen ldc ke lodn cif sif ddn licit thi liCLClT quay
trd lgi vifi ke tinin lien. HC l.( IT ghi nhdn tixin hg cdc hogt dgng ihuc thu, lltu'c chi hdng lien Irong ki, khong ki nd phdt sinh lii cdc sU kiin tnmg qud khii, hiin lgi hay ttiifng lai. Ngi dung quan trgng ctia BCl.CTT khong phdi if chd no phdn dnh long Itiifng lien hiin cd if Ihifi diem ddu ki, cudi ki hay phdt sinh Irong ki md nd phdn hhii ddng lien cua dixinh nghiip Oieo cdc ho^tl dgng.
Hicn nay vii^c lap BCLCTT d eac doanh nghiii'p cdn xem nhe, hau het eae doanh nghiep nhd klidng lap BCLCTT, dae biet van de phan lich BCLCTT cdn rdt md nhat ca irong thUe lii^n Ian nghien ci/u.
Trong bai viel nay ldi xin de xuai mdt sd' y kien ve dpc BCLCTT d 2 ndi dung cbinh:
phan loai cdc boat ddng tren BCLCTT va cac chi tieu sif dung de phan u'ch BCLCTT .
Phan loai cac boat dpng ciia doanh nghiep tren BCLCTT;
Tren BCLCTT, boat deing ciia doanh nghiep chia Iam 3 loai: boat ddng kinh doanh, hoat dpng dilu tu vd boat ddng tai chinh. Ddng lien tir boat ddng kinh doanh phan dnh loan bd ddng lien thu, cbi lien quan tn/c liep de^n hoat ddng kinh doanh cua doanh nghiep. Ddng tien lir hoat ddng dau lUphan dnh toan bd ddng lien thu, chi lien quan trt/c tidp den boat ddng dau tU du'di dang dau tU vao cd sd vat chat ki thuat va dau tU vao ddn vj khac. Ddng tien tir boat dpng tai
chinh phan anh loan bd eletng ticn Ihu. ehi lien quan den ngudn vdn ciia doanh nghiii'p.
Su phan loai edc boat ddng ciia doanh nghiep tren BCLCTT khac vdi sU phan loai cdc boat ddng Uen Bdo cdo ket qua kinh doanh. Tren Bdo cdo ket qua kinh doanh. boat ddng ciia doanh nghiep dUdc chia Iam 2 loai: boat ddng kinh doanh va boat ddng khdc. Hoat ddng kinh doanh bao gdm boat dpng ban hang vd cung cap djch vu va boat ddng lai chinh. Hoat ddng khdc la cdc boat ddng khdng thu'dng xuyen ciia doanh nghiep. Cac boat dpng lai ehinh tren BCLCTT khdng dUde phan dnh Iren Bao
cao kdt qua kinh doanh. Hoat dpng dau IU vdo ddn vi khac dUdi dang gdp vd'n lien doanh, lien ket, mua cd phieu...lao ra doanh Ihu va chi phi ldi chinh tren Bdo cdo kdt qua kinh doanh cdn ircn BCLCTT ddng lien cua cac boat ddng nay dUdc phan loai vao ddng tien lif hoat ddng dau lU.
Hoat dpng thanh ly, nhUdng ban lai san cd dinh dUdc phan loai vao boat ddng khdc Uen Bdo cdo kdt qua kinh doanh cdn tren BCLCTT dUdc phan loai vao boat ddng dau tU.
Mdt sd chi lieu uen BCLCTT d Viet Nam dUctc phdn loai khdc so vdi chuan mifc Bao cdo lai ehinh qudc id (IFRS).
Chi tieu I. Co li/c da tra
2. Lai vay dd tra
3. Thud da tra
4. Ldi vd cd li/c da nhiin
K d t o a n vipt Nam Ddng lidn chi lii' HDTC
Ddng lien chi li/
HDKD
Ddng lien chi lif HDKD
Ddng lien Ihu li/
HDDT
Churin nii/c BCTC quo'c td Ddng lien ehi lif HDKD hodc HDTC
Ddng lien chi lif HDKD bode HD DT
Ddng lien chi tif HDKD hoac HD DT, HDTC.
Ddng tien thu lif HDKD hoac HD DT
Tap chf nghien cdu Tdi chfnh ke'todn <(31
NGHICN C U ' U - T R A O D 6 | ( So 11(76)-2009 )
Theo chuan mife BCTC qu("ic tc thi vice phim loai cae ehi lieu ircn BCLCTl' hnh boat hdn.
cho phep ngUdi ldm kdlodn phim anh dirng ban ehal, edng dung ciia Clie khoiin thu, ehi. Theo leii, vi(;e phan letai Idi vay da tni va thanh todn gdc vay d ViCl Nam khdng thdng nhat. Thanh io;in gde vav ihudc ddng tit'U elu tif boat ddng lai chinh du'dc eoi h((|i ly bdi e1d Id 1 ngudn liii ua eiia doanh nghiei-p. Neu vdy tbi lai vay - chi phi eiia khoiin tai trd d(i.
lifeing lUnhUed life da tni (elu phi cua ngudn von eiui sd hifu) eiing phiii thude ddng lien chi li/ boat ddng lai ehinh nhifng chung la Iai phan loai vao boat dpng kinh doanh. Neu di/ng tren gdc dp tdc dung cua ehi phi thi lai vay khdng chi phuc vu eho boat ddng kinh doanh ma ed the doanh nghiep vay vd'n de dau lU vao lai san cd djnh, vdy ldi vay vi/a thudc boat dpng kinh doanh vi/a thupc boat dpng dau lU.
De phan loai cac hoaiddng cua doanh nghiep tren BCLCTT chinh xde, chiing la can gdn vdi loai hinh boat deing cila doanh nghit'p. Vi du khoiin chi cho vay dd'i vdi cdc doanh nghiep SXKD thdng thudng dUetc phdn loai vao ddng lien chi li/hoat dpng diiu IU nhung ddi vdi cac edng ty tai chinh hay cac ngan hang lai dUetc phan loai vao boat ddng kinh doanh.
C a t chi tiOu sii dung de phiin tich B C L C r i ;
De phdn tich BCLCTT, ldi xin de xua't 2 nhdm chi lieu chinh: ddng tien cd the sii' dung cua toan doanh nghiep vd cua cd
ddng thirdng, vd cdc h$ so vc done tidn.
Dong lien cd the sii dung ddi vifi loiin doanh nghiip (ki hii^u:
I'CP'I-") la toiin I-H) ddng tidn cd thd SLf elung ddi viii moi thiinh phan Uong doanh nelue'p felui sii hifii vil eiui ndi
1 ( 1 1 - CH) I Illl *(1 I) ICInv
Tronn dd: CEO: ddng lien thuan tirllDKD
lut: lai vay da tra t: thud suai ihueTNDN.
FClnv: ddng lidn chi cho dilu tu vein cd djnh.
Vi day la ddng lien cd the SLf dung deii vdi ca chii na nen phai cdng them phan ldi da tra eho chu nd vdo ddng lien thuan ti/ HDKD. Ddng lien cbi cho dau tl/vdn CO djnh di/dc phan loai vdo boat dpng dau IU, ehUa i\\iac loai tri/ khi linh ddng ticn ihuan lif HDKD nen phai iri/ ra khi linh FCFF.
Ddng lien cd the sir dung ddi vdi ed ddng ihudng (ki hieu FCFEj la ddng lien cd the sir dung ddi vdi cd ddng ihudng ciia eloanh nghiep.
FCFE= CFG - FCInv + Nel borrowing -i- dividend paid Trong dd: CFG: ddng lien ihuan li/HDKD
FClnv: ddng lien chi cho diiu Uf vdn CO djnh
Nel borrowing: khoan vay rdng - khoiin vay mdi nhan - khoan vay da Ua
Dividend paid: cd lufc da Ira.
Vi cd lufc da tra dUdc phan loai la ddng lien chi tir boat dpng lai chinh nen phai dUele cdng vao ddng lien thuiin lir HDKD khi linh FCFE.
Hi so ddng lien hao gom cdc hi so phdn dnh khd ndng tgo den vd cdc hi vei do liiifng khd ndng trang trdi th{tc te.
a. Hi .so khd ndng tgo tiin:
H^ sd ddng ti^n thuan kmh doanh trdn DTT Dong tien thuiin ti/ HDKD
Doanh thu thuan He so ndy cho bidt 1 ddng doanh thu thuan lao ra bao nhicu ddng lien thuan lir HDKD.
He so dong ti§n thuan kinh doanh tren tai san binh quan
Ddng tien thucin lii HDKD Tiii Stin binh quan He sdnay cho biet 1 ddng ldi san dem vao boat deing SXKD lao ra bao nhieu ddng lien ihuan itr HDKD
a 3 .
H^ sd dong tien thuan kinh doanh tren vdn chu sd hdu
binh quan
Ddng tien thuan tir HDKD vdn chu sd huU binh quan He .sd nay cho bidt 1 ddng vd'n chu sd hi/u binh quan tham gia vdo boat ddng SXKD too ra bao nhieu ddng tien thuan ti/ HDKD (Xem tiep trang 62) ,32> T a p chf nghien cdu Tdi chfnh k e ' t o d n
T A I CHiNH QU6C T t ( So 11 (76) - 2009 ) quy an todn vd cdc cdng ty ddu lif
cd phidu tu nhiin pluii dang ky boat ddng \i(i ehmh plni - eiing da dUdc iiy ban cua dng Frank phe chuan hdm qua. I ly ban ndy ciing da phe ehuan dU lual thanh lap mOt cdquan giam sal mdi nluim bao v'd ngUdi tidu diing sif dung cdc djch \u lai ehinh nhU\iiy tidn qua the chiip nhii cifa, vay lien qua the tin dung, vd dicu hdnh vice mua ban eiie siin pham t.ii cbinh phai sinh ihco hinh thu'c trao tay (OTC). Di/lual thanh lap
Cdquan Bao vp NgUdi tidu diing djch Vll lai chfnh (CFPA) - cfing la mdt |ihan trpng lam Uong chifdng uinh cai cdch ciia chinb plni My - dif kid'n se dUdc dUa ra lo.in the I la vicn My dd xem xel phd chuan .sdm nhdt la vao ngay 29-10.
Trong liie Ha viijin My do dang Dan clni kidm soal dang cd nhifng licii bd deu dan va miinb mc trong vide cai td hd thd'ng tdi ehinh thi TbUdng vipn My td ra
a4.
Hd so ddng tien thuiin kmh doanh tren cd phie'u thddng Ddngtien thuan t l / H D K D
So cd phieu binh quan.
He sd nay cho biel mdi cd phid'u Ihudng cd dUdc bao nhidu ddng tien thuiin li/HDKD
Cling vdi cdc chi tidu truyen thd'ng: d sua't ldi nhuan Udn DTT.
hidu qua sif dung \ d'n hay EPS tbi cac he sd trdn cho la tha'y hidu qua ihUe id' hdn ( bdng tien) cua vdn.
b. He sd plidn dnh khd ndng tnmg trdi thuc te;
bl.
Hp sd kha ndng thanh tOcIn thi/c te
Ddngtien thuan tC/HDKD Np phai tra binh quan.
He .sdnay cho biet doanh nghidp cd kha ndng thanh loan dUde bao nhieu lan nd phai tra bdng ddng
lien nuKin lif HDKD. Nd phan anh nil ro lai cbinh ciia doanh nghidp.
b2.
Hp sd kha ndng thanh toan lai vay
Ddng tien thuan ti/ HDKD-i- lai vay da tra -i- thue da nop
Lai vay da tra
He sd ndy cho bidt doanh nghidp cd khd ndng thanh loan lai vay hay khdng. Trdn lif sd chimg ta phai cdng Ihdm ldi \ay da tni.
thud da nop vao ddng lien ihuiln 11/ HDKD vi ddng tien thuan li/
HDKD da loai tra lai vay dd Ua vd doanh nghidp Ira lai \ay in/dc khi nop thud.
b3.
H$ sdtai dau tu Ddngtidn thuan t i / H D K D
Ddng tien chi cho TSCD Hd sdnay do lUdng kha nang dau tu vao TSCD biing ddng tien thuiin li/HDKD.
khd chdm chap vl vap phai sd khdng cU manh me cua gidi van ddng hanh lang vd edc nghj sT ihudc ddng Cdng hda. Cac nha lam lual chii yd'u ciia ThUdng vidn My van edn nhidu quan didm khdc xa nhau ehung quanh nhufng van de chu chd't, ke ca van dc Ihanh lap cit quan bao vp ngUdi lieu diing CFPA.
tlhro: TUKTSC Online. Thai bdo NH id ra J0/lfW9 ,,5^ .{
MQT SO Y KIEN VE DQC BAO CAO...
(Tiep theo trang 32)M.
H^ so thanh loan cd tdc Dong tien thuan lii HDKD
Co tile da tr5
He so' nay do ludng kha ndng thanh todn cd tufc ti/ ddng lien thuan ti/ HDKD ciia doanh nchidp.
S- ''•" '
h:>.
He sddau ti/va tai trd Ddng tien thudn ti/ HDKD Tien chi ti/ H D DT va HDTC Hd so ndy do ludng khii ndng mua sdm TSCD, trang uai nd va tra cd tu'c cua doanh nghidp ti/ddng tien Ihuiln 11/HDKD.
Tai lipu tham khao:
/. Quyet dinh 15/2006-BTC 2. Chudn mitc BCTC qudc te IFRS
3. Gido tnnh phdn tich TCDN 4. Tai lieu CFA.
< ^ T a p chf n g h i e n cdu Tdi chfnh k e ' t o d n
