lAP M l CdNt IIIMNC
VAI TRO VA THlTC TRANG
Sif DUNG THUYET MINH BAO CAO TAI CHINH TRONG PHAN TICH
TAI CHINH DOANH NGHIEP
NGUYEN KIEU HOA
TOM TAT:
Trong nen kinh te thi trffdng hien nay, khdng the phu nhan vai trd cua viec phan tich BCTC trong viee dffa ra cac quye't dinh cua nhffng ngffdi sff dung thdng tin trong va ngoai doanh nghiep. Thdng qua nhffng thdng tin ma bao cao tai chinh cung cap, dd'i tffdng sff dung thdng tin mdi cd the dffa ra dffdc cac quye't dinh dung dan de dap ffng nhu can hay thda man ldi ich cua minh. Tuy nhien, thffc te hien nay, ngudn dff lieu sff dung de phan tich BCTC chu yeu dffa vao nhffng thdng tin tff he thd'ng BCTC ma chu yen la: Bang can dd'i ke toan, bao cao ke't qua boat ddng kinh doanh, bao cao Iffu chuyen tien te cdn thuye't minh bao cao tai chinh (TMBCTC) thi ban nhff khdng dffdc sff dung trong phan tich. Vi vay, trong bai vie't cua minh, tac gia mud'n de cap tdi vai trd va thffc trang sff dung TMBCTC trong phan tich tai chinh hien nay, ddng thdi dffa ra nhffng giai phap phat huy hdn nffa vai trd eua TMBCTC trong phan tich tai chinh doanh nghiep.
Tff khoa: Bao cao tai chinh, thuye't minh bao cao tai ehinh, phan tich tai chinh doanh nghiep.
1. Dat v§fn de
Thdng tin ve tai chinh doanh nghiep kha da dang va phong phii bao gdm nhieu ndi dung khac nhau. Chinh vi vay, bao cao tai chinh cung bao gdm nhieu loai khac nhau va phan anh cac thdng tin khac nhau. Tham chi ngay trong mdt bao cao tai ehinh, mdi chi tieu cung phan anh cac ndi dung va khia canh khac nhau. Tiiy thupc vao nhu eau sff dung thdng tin ciia cac dd'i tffdng trong va ngoai doanh nghiep ma thdng tin sff dung trong phan tich tai chinh se lay tff cac bao cao tai chinh khac nhau. Thdng thffdng eae van de ma ngffdi sff dung thdng tin quan tam dd la tinh hinh tai san
va ngudn vd'n; thdng tin ve doanh thu, thu nhap, ehi phi, ke't qua kinh doanh; thdng tin ve tien va ddng Iffu chuyen tien te,... De ed dffdc nguon so lieu phuc vu cho phan tich, cac nha phan tich si dung dff lieu chii ye'u lay tff: Bang can ddi ke toan, bao cao ke't qua hoat dpng kinh doanh, bao cao Iffu chuyen tien te. Vay, vai trd va thffc trang sff dung TMBCTC trong phan tich tai ehinh cua cac doanh nghiep nhff the nao?
2. Vai tro, thffc trang su" dung TMBCTC trong phan tich tai chinh doanh nghiep
He thd'ng bao cao tai chinh cung cap nhu'ng thdng tin ve tinh hinh tai san, ngudn vd'n, doanli
T A I CHINH - NGAN HANG - BAO HIEM
thu, thu nhap, chi phi, ke't qua kinh doanh, ddng Iffu chuyen tien cua doanh nghiep. Ngoai ra, cdn phan anh mdt sd thdng tin lien quan nhff: Dac diem hoat dong ciia doanh nghiep (hinh thffc sd hffu vd'n, linh vifc kinh doanh, nganh nghe kinh doanh, dac diem hoat ddng kinh doanh ciia doanh nghiep trong ky ke toan cd anh hffdng den bao eao tai chinh....), ky ke toan, ddn vi tien te sff dung trong ke toan, che do ke toan dang ap dung: Phffdng phap hach toan hang tdn kho, phffdng phap lap trich lap dff phdng hang tdn kho, phffdng phap tinh gia xua't kho, phffdng phap tinh khau hao tai san cd dinh... Cac thong tin bd sung cho eae khoan mue trinh bay trong Bang can dd'i ke toan, bao cao ke't qua hoat dong kinh doanh, bao cao Iffu chuyen tien te va cac thdng tin quan trpng khac ngoai nhffng thdng tin d tren vdi muc dich giai thich cac so' lieu da trinh bay nham giup ngffdi sff dung hieu hdn rd thong tin thi dffdc trinh bay trong TMBCTC.
TMBCTC cd vai trd quan trpng nhff vay nhffng tren thffc te, nd chffa dffdc sff dung nhieu trong qua trinh phan tich tai ehinh doanh nghiep. Cu the nhff sau:
1. Cac ndi dung phan tich ma dd'i tffdng sff dung mong mud'n cd dffdc thdng tin thffdng la: Danh gia tinh hinh huy ddng vd'n, mffc dp dpc lap tai chinh, cau true tai chinh, kha nang thanh toan, ty sua't sinh Icii,... De cd the cung cap thdng tin cho dd'i tffdng sff dung, nha phan tich chi can sff dung cac dff lieu cd san tren Bang can dd'i ke toan va bao cao ke't qua hoat ddng kinh doanh. Tuy nhien, de cd nhffng nhan xet chinh xac cac nha phan tich cdn phai sff dung thdng tin tff TMBCTC de' cd the xac dinh du'dc sff thay ddi ciia tffng khoan mue nd phai tra, ngudn vd'n chii sd hffu, cac khoan phai thu, gia tri ciia cac khoan nd phai thu phai tra qua han thanh toan hoac chffa de'n han thanh toan nhffng khd cd kha nang thu hdi dffdc... Cu the, khi phan tich kha nang thanh toan nd ngan ban, chi tieu phan tich siJ dung la He so' kha nang thanh toan ngay = (Tien/Nd den han va qua ban). Chi tieu Tien dffdc lay tff ma so' 111 tren Bang can dd'i ke toan, nd qua lan va de'n ban thi phai lay tff thuye't minh Bao cai i i chinh hoac tff cac sd ke toan ehi tie't.
2. Khi di phan tich khai quat bang can dd'i ke oan de tha'y dffdc sff bie'n ddng cua tai san giffa
;ac thdi diem, tff dd bie't dffdc tinh hinh dau tff ciia ioanh nghiep... Tuy nhien, tren Bang can dd'i ke
toan mdt so' khoan muc nhff: Tien va tffdng dffdng tien, hang tdn kho, cac khoan phai thu, cac khoan phai tra, ngudn vd'n chu sd hffu... chffa the hien dffdc nhffng ndi dung ben trong va gia tri tffng ndi dung la bao nhieu.
VI du tac gia md phdng phan tich ndi dung khoan mue tien va tffdng dffdng tien trong Bang 1:
Bang 1. Mo phong phan tfch ndi dung khoan muc tien va tiidng dadng tien
Khoan muc tien va tadng dUdng tien Tien mat
Tien gQi ngan hang khidng l<y han Tadng dUdng tien
Dau nam 780 1.500
450
Cuoi nam
810 1.400
485
Chenh l$ch +/-
30
(100) 35
% 3,85 (6,67)
7,78 Nguon: Tdc gid mo phong
Thdng qua ngudn sd'lieu sff dung tff TMBCTC, cac nha phan tich mdi cd the nhan xet chinh xac hdn la nhffng ndi dung ben trong anh hffdng de'n tffng khoan mue tien va tffdng dffdng tien, hang tdn kho, vdi gia tri bao nhieu, ndi dung nao anh hffdng tich cffc, tieu cffc de'n khoan muc phan tich.
3. Khi phan tich khai quat Bao eao ke't qua hoat dpng kinh doanh, ne'u ehi can cff vao ngudn so lieu tren bao cao nay, chung ta se khdng the bie't dffdc chinh xac ngudn phat sinh doanh thu, thu nhap va ehi phi de dffa ra nhan xet chinh xac. Vi du minh hpa phan tich khoan muc thu nhap khac the hien trong Bang 2.
Bang 2. IVlinh hoa phan tfch Idioan muc thu nh§p idiac Thu nh§p ichac
Lai thanh ly, nhuong ban tai san cd dinh
Lai do danh gia lai tai san Tien phat thu dUdc Thue dUdc giam, dUdc hoan
Cac khoan khac
Dau nam 120 50 12
6
Cuoi nam
110 52 15
7
Chenh l^ch +/-
(10)
2 3 - 1
% 8,33
4,0 25 - 16,67 Nguon: Tdc gid md phdng
Tffdng tff nhff khi phan tich bang can dd'i ke
So 14-Thdng 11/2018 341
TAP CHi CONG THirONG
toan, ne'u nha phan tich ehi su* dung dff lieu tff Bao eao ke't qua boat ddng kinh doanh ma khdng suf dung thdng tin tff TMBCTC thi se khdng the bie't dffdc ndi dung nao cd anh hffdng de'n bao cao, ndi dung nao anh hffdng tich cffc tieu cffc de'n khoan muc phan tich.
4. Sff dung cac chi sd tai ehinh khdng chi ed y nghia vdi nha phan tich tai chinh, ma cdn rat quan trpng vdi nha dau tff cung nhff vdi chinh ban than doanh nghiep va eae chu nd... Cac chi sd tai chinh cho phep ehung ta so sanh cac mat khac nhau ciia cac bao cao tai chinh trong mot doanh nghiep vdi cac doanh nghiep khac trong toan nganh de xem xet kha nang chi tra ed tffc cung nhff kha nang chi tra nd vay... Dd'i vdi cac doanh nghiep ed niem yet tren thi trffdng chffng khoan ed mdt sd eae chi tieu ma nha dau tff can quan tam thu nhap mdi cd phie'u (EPS), chi sd P/E eua ed phie'u, danh gia kha nang sinh ldi (ROA, ROE),... De xac dinh nhffng gia tri theo tffng ndi dung thi hau bet cac doanh nghiep sff dung ngudn dff lieu tff bao eao tai chinh chii ye'u tff bang can dd'i ke toan va Bao cao ke't qua boat ddng kinh doanh phuc vu cho ndi dung phan tich ROA, ROE,... Tuy nhien, dd'i vdi mot sd chi tieu, cac nha phan tich phai sff dung tdi thuye't minh bao cao tai ehinh mdi cd the phan tich dffdc, vi du chi tieu Thu nhap eua mdi ed phie'u (EPS), P/E cua cd phie'u... Tac gia minh hpa viee phan tich qua dff lieu ciia mdt so' doanh nghiep thude nganh Giao due (Bang 3).
Bang 3. Phan tfch qua dO li$u ciia mdt so doanh nghi$p thude nganh Giao due
Congty
1. Cong ty cd phan Sach Viet Nam
2. Cong ty co phan Dau tu va Phat trien giao duo Ha Noi
3. Cong ty cd phan Van hoa PhUdng Nam
Chi tieu ROA
(%)
4
8
-9 ROE
(%)
4
15
-145
EPS (1.000 dong)
0,4
2.500
-4,9
P/E (lan)
42,5
57
-3,6
Nguon: www.cophieu68.vn, dff lieu tinh din hit quy 11/2018.
Nhin vao Bang 3 chiing ta cd the thay rang, de de tinh toan dffdc gia tri tren cdng thiic xac dinh ROE = (LNST/DTT)* (DTT/VCSH)*100%, ROA = (LNST/DTT)* (DTT/TS)*100%, trong do:
Ldi nhuan ke toan sau the (LNST), doanh thu thuan (DTT), vd'n chii sd hffu (VCSH), Tai san (TS). De xac dinh ROE, ROA, nha phan tich chi can suf dung dff lieu dffdc lay tff Bang can doi ke toan va Bao cao ke't qua boat dpng kinh doanh, dff lieu trong TMBCTC khdng dffdc sff dung. Tuy nhien, de dffa ra dffdc ke't luan la ROE, ROA tang hay giam, doanh nghiep cd sff dung hieu qua von chu sd hffu hay khdng thi phai dffa vao nhii'ng chi tieu giai thich rd ldi nhuan, doanh thu, tai san cua doanh nghiep the hien trong TMBCTC. Qua di?
lieu tren cho thay Ty sua't sinh ldi ciia Cong ty ed phan Van hda Phffdng Nam la tha'p, khong hap din nha dau tff.
De xac dinh ehi tieu EPS la: Lai chia co ddng/Sd' Iffdng cd phie'u dang Iffu hanh va cong thffc xac dinh P/E la: Gia thffc te ciia cd phieu/Thu nhap cua mdi cd phie'u (EPS). Lai chia ed ddng dffdc tam tinh tff mffc lai sau thue triif cho lai phai tra cho cd ddng CP ffu dai va phan chia cho dd'i tac trong lien doanh, gdp vd'n khac. Chtfa trff phan trich lap cac quy ne'u chffa cd quy dinh cua phap luat. De tinh toan dffdc chi tieu EPS va P/E nha phan tich can sff dung thdng tin trong TMBCTC (chi tieu so' 25 vdn chu sd hffu) mdi cd the tinh toan va cho nhan xet. Can cff vao dif lieu thu thap dffdc cd the tha'y rang thu nhap tren cd phie'u cua Cdng ty ed phan Dau tff va Phat trien giao due Ha Ndi la cao nha't hap din cac nha dau tff, ky vpng eao nha't cho cac nha dauW la Cdng ty cd phan Sach Viet Nam. Tai Congty cd phan Van hda Phffdng Nam ea 2 chi tieu deu am (-) khdng hap dan nha dau tff.
Tff viee phan tich tren cd the dffa ra danh gia ve vai trd va thffc trang siir dung TMBCTC trong phan tich tai chinh doanh nghiep nhff sau:
Thff nhdt: TMBCTC nham giai thich ro sif thay ddi ciia cac chi tieu trong cac bao cao tai chinh, do vay khi phan tich mot ndi dung nao do thi TMBCTC cung phat huy tac dung cua minh.
TAI CHiNH - N G A N HANG - BAO HIEM
Thdng qua TMBCTC, cac doanh nghiep se tha'y ro dffdc cac anh hffdng ciia cac chi tieu ben trong tac ddng den ndi dung phan tich nhff the nao, tff do de ed nhan xet chinh xac va thau dao hdn.
Thff hai: TMBCTC khdng phuc vu cho viec lay so lieu trong qua trinh phan tich cac ndi dung, tuy nhien thdng tin trong bao cao giup nha phan tich cd phan nhan xet chi tie't hdn ve ndi dung ciia ehi tieu.
Mat khac, hien nay cac doanh nghiep ke ca cac doanh nghiep Idn, tap doan chffa that sff quan tam nhieu de'n viec phan tich tai chinh, cac ehi tieu sff dung de phan tich chffa nhieu va lap lai qua cac nam lam cho viec sff dung cac bao cao tai ehinh trong phan tich chffa that sff hieu qua, trong do ed thuye't minh BCTC.
Vi vay, de phat huy td'i da vai trd ciia thuye't minh BCTC trong phan tich, tac gia dffa ra cac giai phap trong cac ndi dung dffdi day.
3. Giai phap nang cao vai tro cua thuye't minh BCTC trong phan tich tai chinh
De TMBCTC that sff phat huy vai trd ciia nd trong phan tich tai cbinb tac gia xin de xua't mdt sd giai phap sau:
Thff nhdt, sff dung them ngi dung phdn tich vd he thdng chi tieu phdn tich.
Hau he't cac doanh nghiep hien nay va dd'i tufdng sff dung thdng tin khac quan tam ehu ye'u den 3 ndi dung phan tich la: cau true tai ehinh doanh nghiep, phan tich kha nang sinh ldi va phan tich kha nang thanh toan, chinh vi vay nen TMBCTC hau nhff khdng dffdc sff dung. Vi vay, doanh nghiep can md rdng them ndi dung phan tich tiiy thupc vao tinh hinh thffc te va dac thu ciia mdi doanh nghiep. Cu the', khi phan tich bao cao tai chinh, chi tieu nao ed sff bie'n ddng Idn thi nha phan tich cd the' tim hieu ve chi tieu do de' tim ra nhffng van de ma doanh nghiep dang gap phai.
Vi du, khi tha'y khoan tien va tffdng dffdng tien Men ddng nhieu, nha phan tich ed the suf dung thdng tin tff chi tieu 1-Tien va tffdng dffdng tien trong thuyet minh BCTC de cd the tha'y dffdc sff bie'n ddng ciia khoan muc nay la do tien mat, tien gu'i ngan hang hay cac khoan tffdng dffdng tien.
Tffdng tff dd'i vdi khoan muc hang tdn kho, khi
tha'y bie'n ddng Idn ve khoan muc nay giffa dau nam va cud'i nam, nha phan tich can siJ dung thdng tin tff thuye't minh BCTC de ed the thay dffdc nguyen nhan bie'n ddng khoan muc nay la do nguyen vat lieu, cdng eu dung cu, thanh pham hay san pham dd dang... de ed the dffa ra quye't dinh chinh xac cho tffng ndi dung trong khoan mue hang tdn kho.
Tffdng tff dd'i vdi bao eao ke't qua boat dpng kinh doanh, khi bie'n ddng chi tieu doanh thu, thu nhap khac Idn, nha phan tich se sff dung them thdng tin tren TMBCTC, chi tieu 1 Tong doanh thu ban hang va cung cap dich vu, chi tieu 7 Thu nhap khac de biet dffdc bie'n dpng ciia ehi tieu la do dau.
Thff hai, ve phia doanh nghiep.
Nhff phan tich d tren, hien nay cac doanh nghiep chffa chii trpng nhieu de'n ndi dung phan tich tai chinh, nen viee sff dung TMBCTC trong phan tich phu thupc nhieu vao nhin nhan vai trd phan tich tai chinh trong doanh nghiep. Ne'u doanh nghiep ehu trpng de'n phan tich thi viec md rdng ndi dung va he thd'ng ehi tieu phan tich se phat huy dffdc td'i da vai trd ciia TMBCTC, ngffdc lai ne'u doanh nghiep va cac nha phan tich ehi can nhffng so' lieu phuc vu phan tich cho nhffng ndi dung cd ban thi TMBCTC se khdng phat huy dffdc he't tae dung.
4. Ke't luan
Phan tich tai chinh cd y nghia rat Idn dd'i vdi doanh nghiep, vi vay de boat ddng cd hieu qua, tranh dffdc rui ro gap phai, doanh nghiep can chii trpng nhieu hdn nffa de'n phan tich tai ehinh de cd dffdc nhffng danh gia chinh xac ve tinh hinh tai ehinh cua doanh nghiep de dffa ra dffdc cac quye't dinh diing dan, kip thdi. TMBCTC khdng chi trinh bay eae van de ma 3 bao eao tai ehinh chffa de cap tdi ma nd cdn la ngudn cung cap dff lieu quan trpng tiiy thupc vao ndi dung phan tich de dffa ra dffdc nhan xet chinh xac. Vi vay, viec nhin nhan diing ve tam quan trpng ciia phan tich tai chinh de xac dinh diing va dii eae ndi dung phan tich la dieu kien de nhan tha'y dffdc vai trd eua TMBCTC trong phan tich tai chinh doanh nghiep •
So 14-Thdng 11/2018 343
TAP CHi CONG THIfONG
TAI LIEU THAM KHAO:
1. Nguyin Nggc Quang, Phdn tich bdo cdo tdi chinh (2011), Nhd xua't bdn Tdi chink 2. Nguyin Vdn Cdng, Phdn tich bdo cdo tdi chinh (2010), Nhd xua't bdn Gido due.
3. Vd Vdn Nhi (2011) Hudng ddn lap, dgc vd phdn tich bdo cdo tdi chinh, bdo cdo ki todn qudn tri, Nha xuat bdn Tdi chinh.
4. www.cophieu68.vn
Ngay nhSn bai: 6/10/2018
Ngay phan bidn danh gia va sufa chffa: 16/10/2018 Ngay chap nh§n dang bai: 26/10/2018
Thong tin tdc_gid:
ThS. NGUYfeN KIEU HOA
Trffdng Dai hoc Tai nguyen va Mdi trffdng Ha Noi
THE ROLE AND THE CURRENT SITUATIONS OF ANALYZING THE FINANCIAL STATEMENTS
IN THE CORPORATE FINANCIAL ANALYSIS
• Master. NGUYEN KIEU HOA
Hanoi University of Natural Resources and Environment
ABSTRACT:
In the current market economy, analyzing the financial statements of enterprises plays a key role in the decision making process of both internal and external users related to enterprises. By analyzing information in the financial statements, users are able to make appropriate decisions to achieve their interests. However, the data which is used to analyze mainly base on the balance sheet, the income statement and the cash flow statement. Meanwhile, the notes to the financial statement are hardly ever used in the analyzing process. As a result, this paper is to discuss the role and the current situation of analyzing the financial statements, and propose solutions to unprove the effectiveness of analyzing the financial statements in the corporate financial analysis.
Keywords: Fuiancial statements, notes to the financial statement, corporate financial analysis.