Giai phap hoan thien phan tich kha nang thanh toan va nang luc sir dung von tai cac doanh nghiep duoc p h ^
niem y^t
TtM Thi Thanh Thiiy Tru6ng Dai hgc Kinh te Ky thuat Gong nghiep
Dd bidt dugc kha nang thanh todn vd ndng luc sii dung vdn eiia doanh nghiep tu do cd nhung quydt dinh buy ddng, sii dyng vdn dd trdnh cac nii ro trong thanh todn eung nhu dgt dugc hidu qud sii dung vdn cao nhdt cdc nhd qudn tri doanh nghidp ndi chung va doanh nghiep dugc phdm nidm yet ndi ridng ludn quan tdm phan tieh khd ndng theuih todn vd nang Igc sii dyng vdn ciia doanh nghiep. Mdc du vdy, hoat ddng phan tieh khd nang thcuih toan va nang lye su dyng vdn tai eac doanh nghidp duge pham niem yet van edn nhiing han chd. Bdi vidt nghidn cihi thyc trang phdn tich tidm luc tdi chinh doanh nghiep tren khia eanh phdn tich ndng luc sir dyng vdn vd khd ndng thanh todn tai 21 doanh nghidp duge pham nidm ydt trdn sdn giao dich chimg kiiodn HNX vd HOSE tii dd thay duge nhung ban chd eiia hoat ddng ndy vd dua ra cdc gidi phdp hodn thidn.
1. Danh gia Ihirc trang phan lich Hem luc lai chinh tren cac khia canh phan )ich kha nang thanh toan va nang lire sir dung von
Thri nhdt: Vd phdn tich khd ndng thanh todn Uu didm: Kdt qud khao sdt 21 doanh nghidp dugc phdm niem ydt hen sdn giao dich ehirng khodn HNX vd HOSE eho thay eac doanh nghidp dugc phdm nidm ydl ddu quan tdm phdn tich khd ndng thanh todn vdi cdc chi tidu nhu He sd khd ndng thanh loan tdng quat.
He sd khd ndng thanh toan ng ngdn ban, hd sd kha nang thanh loan nhanh. Cdc chi tidu ndy dugc tinh theo cdng thiic nhu sau:
-I- He sd khd ndng thanh todn tdng qudt:
He sd khd nang thanh todn tdng qudt = Tdng tdi sdn / Tdng sd ng phdi trd
Hd sd ndy cho biet vdi tdng sd tai sdn hidn ed, DN ed bdo dam trang trdi duge tdl cd cdc khodn ng phdi hd hay Idiong.
+ Hd sd khd nang Ihanh todn no ngdn han:
Hd sd khd ndng thanh todn ng ngdn han = TSNH / Tdng sd ng ngdn han
Hd sd ndy cho thdy khd ndng dap img eae khodn ng ngdn han eiia DN bang tai san ngdn han Id cao hay Uidp.
+ He so khd ndng thanh toan nhanh:
Hd sd khd nang thanh todn nhanh = (TSNH- Hdng ton kho) / Tdng sd no ngan ban
Chi tieu ndy cho biet vdi gia hi cdn lai ciia TSNH sau khi da logi tni hdng ton kho Id bd phdn cd khd nang chuydn ddi thdnh tidn chdm nhdt trong loan bg
TSNH, DN cd dd kha ndng hang hdi loan bg ng ngdn han hay khong..
Htin ehd:
- Rdt it doanh nghidp duge pham niem yet da phan tich khd ndng thanh todn tiic thdi, khd nang thanh loan lai vay.
H^ sd khd nang thanh todn nhanh ciia DN ciii cho biet mirc dp thanh todn nhanh hon miic dp binh thudng ma ehua du co sd de khdng dinh DN cd khd ndng thanh todn ngay cdc khodn ng ngdn han khdng. Vi vdy, DN can tinh loan he sd khd nang thanh loan tire Ihdi:
He sd kha nang thanh toan tire thdi = Tien va cac khoan tuong duong lien / Ng ngdn ban
Chi tidu ndy eho bie'l vdi lugng lien va tuong duong tien hien cd, DN ed du khd ndng trang hdi cac khodn no ngdn han hay kh6ng
-I- Hd sd khd nang thanh todn lai vay:
Chi tieu ndy cho biet bdng todn bd Igi nhuan tnidc thud va lai vay sinh ra hong mdi ky ed the dam bap cho DN thanh loan dugc bao nhieu Idn tdng lai vay phdi tra tii huy d6ng nguon vdn ng.
He sd kha nang thanh toan ldi vay = Lgi nhuan trudc thue va ldi vay / Ldi vay phdi trd
- Chua ed doanh nghidp dugc phdm niem ydt nao phan tich khd ndng chi trd bang tien do do khdng biet dugc khd nang thanh todn thyc eho cac khoan ng ciia DN bdng luang lien luu chuyen thuan trong ky cd ddm bao hay khdng.
- Chua cd doanh nghiep nidm yet nao phan tich kha nang tiianh loan theo thdi gian ndn nhieu khi cdn ehua chu ddng duge eac nguon lyc tai ehinh de thanh
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NGHIEN CUU
toAn cAc khoan na khi den han Uk.
Thti hai: V^ phan tich nang lire si> dung vdn LTu diem:
cung khdng c6 doanh nghiep nao phan " * [I„"*thJy sil dung lilng loai h^ng ton kho cu the n«"J^^ ^^^ ^^^
hidu qua s i dung tCmg loai h4ng ton Wi"
U4 u^, . .. . u. . >.i -^ i,A- D N d « r a d u 9 c cdc quy«t dinh kinh doanh l'«"<i™
H4u hft cSc doanh nghiep duoc phdm nidm ydt da ^^^ ,£„g ,^,,1 ^^^^ 1^^ 1^^ ^ ^ij3 DN.
- Chua CO DN dugc phdm niem y^t nao phan hch nang luc sii dung TSDH. Do dd chua tiidy duoc kha ndng tao ra doanh thu tiiudn cua DN til TSDH cua UN d miic dd nao, cd hieu qud hay khdng-
phdn tieh ndng lyc sii dyng vdn qua phdn Uch nang luc sii dyng long tai sdn qua chi tidu vdng quay tdi san, phan Uch nang lyc sii dung tdi sdn ngdn han qua ehi tidu vdng quay vdn luu ddng, phan Uch ndng luc su dung hdng tdn kho qua eW tieu sd vdng quay hdng tdn kho, phdn tieh nang lue sii dung TSCD qua ehi tidu vdng quay TSCD.
- Cdng Ihu'c tinh cdc chi tidu phdn tich trdn ciia cae doanh nghidp dugc phdm nhu sau:
Vdng quay tai sdn = Doanh thu thudn vd BH &
CCDV / Tdng tai sdn binh qudn
Chi lieu ndy phan anh mdi ddng tai sdn binh quan sii dyng hong kj' tao ra bao nhieu ddng doanh thu thudn. Chi lieu ndy cdng Idn phdn dnh khd nang tao ra doanh thu thudn ciia tdng tdi sdn cdng eao, ndng lue sii dyng tdng tdl sdn ctia DN cdng hieu qud.
Vdng quay TSNH = Doanh thu thuan ve BH &
CCDV/TSNH binh qudn
Chi tidu ndy phan anh mdt ddng TSNH binh qudn sii dyng trong ky tao ra bao nhidu dong doanh thu thudn. Chi tidu nay cdng Idn phdn dnh khd ndng lao ra doanh thu thuan til TSNH cang cao, ndng luc sir dgng TSNH ciia DN cang hidu qud.
Vdng quay HTK ^ Gid vdn hdng bdn / Tri gia hang ton kho binh qudn
Chi tidu ndy phan anh hong mdt ky kinh doanh HTK quay dugc may vdng. Nd thd hidn mdi quan he gitia Gia vdn hdng bdn va HTK binh quan trong ky.
Vdng quay TSCD = Doanh thu tiiudn vd BH &
CCDV / TSCD binh quan
Chi tieu nay phan anh mot ddng TSCD binh quan sii dyng trong ky tao ra bao nhidu ddng doanh thu thudn. Chi Ueu nay cdng Idn phan dnh khd ndng t£io
2. Giai phap hoan thien phan tich kha nang thanh loan va nang lire sir dung von tai cac doanh nghiep dirge pham niem yet.
Tir nhimg han ehd hen tdc gia dd xudt cac gidi phap hodn thidn phdn Uch kha nang thanh todn v^
ndng luc sii dyng vdn tai cae doanh nghidp duQC pham niem ydt nhu sau:
Thir nhdl: Hodn thidn phdn tich khd nang tiianh todn
- Cac DN dugc pham nidm ydt can quan tdm chii hgng hon ddn vide phan tieh eac chi tieu khd nang thanh toan tiic thdi, khd nang thanh todn ldi vay
- Can bd sung phdn tieh thdm khd ndng chi tri bdng Uen qua chi tidu "hd s6 khd ndng ehi trd bdng tien" theo edng thiie:
Hd sd khd ndng ehi trd bang tidn = Luu ehuydn ti^n thudn trong ky / Ng ngdn han binh quan
Chi tieu nay phdn dnh bang ddng lidn thudn tgo ra trong ky eiia DN cd thd hodn ha dugc bao nhidu Idn tdng du ng ngdn ban binh quan. Luu ehuydn ti^n thuan phdn dnh ddng tidn bien dpng hong m6i kjf cila DN thdng qua ehdnh Idch ciia ddng ti^n thu v^ vdi ddng tien chi ra. Ndu trong moi ky luu ehuydn ti^n thuan duong se gia ldng tiidm du trti tien cho ky sau, lugng tien gia tdng ndy dii dd hodn trd tdng du ng ngdn han binh quan tiie la khd ndng thanh loan thue cua DN rdt cao vd an loan eho chu ng, ngugc lai, ndu luu chuyen tidn thudn dm Ihi se gay khd khan Idn eho DN doanh thu thuan tir TSCD eang cao, ndng lyc sir dyng khi ling phd vdi nhu cdu thanh todn ngan hgn c TSCD cOa DN eang hieu qud.
Han ehd:
- Cd mdt sd doanh ngiiiep dugc pham niem ydt van tinh todn cac hi sd ndy la sd tai mot thdi diem ma khdng phdi Id sd binh quan. Trong khi dd tong tai san, tai sdn luu dpng vd hang Ion kho, TSCD deu cd sy bien ddng tang gidm hong ky do dd neu eac mau sd nay khSng phai Id sd binh qudn tiii se khong phdn dnh thuc td nang lue sii dyng ede loai tai san nay eiia doanh nghidp duge phdm nidm ydt hong cd ky kinh doanh .
Hdu hdt eae doanh nghidp dugc phdm nidm ydt ddu khdng phdn Uch ehi Ueu "Ky luan chuyen hang tdn kho" ndn cdn chua bidt duge sd ngay de hang Ion kho cua DN quay dugc 1 vdng la bao nhieu ngdy, tir dd cd kd hoach du tni hdng ton kho phu hgp. Ddng thai
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lugng tidn dg trtr cudi ky suy giam, tinh trang luu chuyen tidn thudn am id ddu hieu khong tdt vdi khd nang thanh todn.
- Cdc DN nen bd sung phan tich them chi tidu H^
sd kha nang thanh toan theo thdi gian:
He sd kha nang thanh toan theo thdi gian = Nang Igc lai chinh trong tiing khoang thdi gian nhdt dinh / Nhu cdu thanh loan trong tiing khoang th^
gian tuong irng
Chi tidu ndy cung cdp thdng tin ve nang lyc thanh todn trude mdt (thanh loan ngay, thanh todn trong thdng tdi,...) va nang Igc thanh loan lau ddi (thanh toan trong nam tdi, 2 nam tdi,..) cua DN. Kha nanB thanh todn theo thdi gian eua DN dugc bao ddm khi nang lue tai chinh cua DN dii dd thanh todn cdc khodn
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