This document is a graduation thesis analyzing the capital structure of company X20 from 2010-2012. It begins with an introduction thanking the teacher and others who supported the student. It then provides an outline of the thesis contents including the background of company X20, its operational results from 2010-2012, its current capital structure, and an evaluation and proposed solutions. The thesis uses methods such as analysis, synthesis, and generalization based on collected data and information to assess company X20's capital structure and make recommendations to improve capital efficiency.

1. BO GIAO DVC VA DAO TAO
TRIJIING DAI HQC THANG LONG
---o0o---
KHOA LUAN TOT NGHIEP
BE TAI:
PHAN TICH CAU VON TAI
CONG TY CO PHAN X20
Giao vien h•oug tem
Sinh vien thtyc hien
Ma sinh vien
Chuyin nganh
ThS. Ngo Thi Quyen
Phan] Anh Phtrang
A17058
Tai chinh - Ngfin hang
HA NO1— 2013

2. LEI CAM ON
Tnrac tien, em mu6n giri 16i cam an chin thanh nhAt den giao vien huang an -
giang vien Ngo Thi Quyen, ngueri da tin tinh chi bao va huerng din cho em trong su6t
th&i gian thirc hien va hoan thanh khoa luin tot nghiep.
Ben canh do, thong qua khoa luin nay, em ding cam an cac thAy c6 dang giang
day a tnremg Dai hoc Thang Long, nhimg ngueri da mang 14i cho em mOt nen tang kien
thirc can ban nhAt de co the nhin thirc va phan tich dirge nhang vAn de, s6 lieu lien
quan den kinh te, tao nen tang ve chuyen nganh hoc de em co the hoan thanh de tai
nay.
Em cling xin cam an tai dan vi thirc tip, dic biet la cac anh chi trong phong Tai
chinh - ke toan a nhiet tinh giap d6 em trong viec cung cap va Op nhit s6 lieu, thong
tin dm dan vi trong su6t thin gian thtrc hien khoa luin.
Cu6i ding, em chin thanh cam an gia dinh va ban be da Ong vien, tao dieu kien
de em có the hoan thanh khoa luin melt each tot nhAt.
Em xin chant thanh cam an!
Thang Long University Library

3. M1VC LUC
CHVONG 1. 1,)? LUAN CO BAN VE CO CAU VON TRONG DN
1.1Co. Ciu von cfia DN 1
1.1.1 Khai niOn co' cau van 1
1.1.2 Cac nhan to cat, thanh 1
1.1.3 Ccic chi lieu phiin anh co' Call von 2
1.1.4 L.,Pthuy4t ca cat, van tai tru ciia DN 3
1.1.5 Y nghia ciia vi'ec phan Lich ca cau von 4
1.2Chi phi von 4
1.2.1 Chi phi van vay 5
1.2.1.1 Chi phi van vay NH 5
1.2.1.2 Chi phi van vay DH 6
1.2.2 Chi phi van ca phitt tru dai 7
1.2.3 Chi phi van co phi :eu thireng 7
1.2.4 Chi phi van binh quint WA CC 8
1.3Tac Ong ciia co. ciu von den ty suAt sinh Rri — rfii ro 9
1.3.1 Don bay tai chink 9
1.3.1.1 Phan tich diem bang quan EBIT — EPS 9
1.3.1.2 DO bciy tai chinh 10
1.3.1.3 DO beiy va rfti ro tai chinh 11
1.3.1.4 MOt sa phtrang phap do luring rfti ro tai chinh khac. 11
1.3.2 Ttic &Ong c eta den bay tai chinh cr'en khii nang sinh 12
1.4 Tac Ong cfia co ciu von den gia tri DN 12
1.4.1 Lf, thuy't M& M trong truirng hop khang c6 thui; 13
1.4.2 Lf, thuA M&M trong Throng hop ce thu' re 13
1.4.4 Thi truirng khang hotin heio 14
CHUONG 2. THUC TRANG CO CAU VON CUA CONG TV CO PHAN X20.16
2.1 Gieri thi'0 cong ty c6 phin X20 16
2.1.1 Lich sir hinh thank cong ty 16
2.1.2 Dac di'dm nganh nghe kinh doanh ctia cong ty X20 16
2.1.3 Co. cat, to chtk caa cong ty co phan X20 17
2.1.4 Char ming nhiem vu ctia tirng be) phtin 19
2.1.4.1 Bo phOn quan 1j) 19
2.1.4.2 BO phOn san zulit kinh doanh 19
2.2 Ket qui hoat Ong san xuAt kinh doanh ctia cong ty c6 pha'n X20 nam 2010
— 2012 20
2.2.1 Tinh hinh doanh thu — chi phi — loi tthuOn nam 2010 — 2012 20
2.2.2 nth hinh tai san — nguan von tram 2010 — 2012 cat] cong ty co phan X20
21
2.2.2.1 Tinh hinh tai san 2010 - 2012 21
2.2.2.2 Tinh hinh nguan van 2010 - 2012 24

4. 2.2.2.3 Chi tieu tai chinh tang h9p 27
2.2.2.4 Chi tieu kha nang thanh loan 28
2.3 That trang co. eau von tai cong ty CP X20 30
2.3.1 No. NH 30
2.3.1.1 Ca cau na NH 30
2.3.1.2 Chi phi van NH 32
2.3.2 N9 DH 33
2.3.2.1 Ca cau n9 DH 33
2.3.2.2 Chi phi van DH 34
2.3.3 Von CSH 35
2.3.3.1 Ca cau van CSH 35
2.3.3.2 Chi phi van CSH 37
2.3.4 Chi phi van binh quan (WACC) 38
2.4 Tac Ong cua co. cau von den tS, suat sinh liri — rut ro 40
2.4.1 Anh huang ell(' ca cau van dien raj ro tai chink 40
2.4.1.1 DiAm bang quan EBIT — EPS 40
2.4.1.2 DO bay tai chinh 41
2.4.1.3 Ca cau van va rai ro tai chinh 43
2.4.2 Anh hirong cua ca cau van ign ty suit sinh loti 44
2.4.2.1 Tac d5ng caa ca cau van len ROE 44
2.4.2.2 Tdm chdn thuA tit Icii vay 46
2.5 Dinh gia ve can true von tai cong ty CP X20 47
2.5.1 Ifu diAm 47
2.5.2 Nl► tto.c diAm 48
CHUONG 3. DANH GIA VA CIA! PHAP VE CO CAU VON CUA CONG TY
CO PHAN X20 50
3.1 Thuan 191, kilo khan trong moi trtro .ng kinh doanh ciia cong ty CP X20 50
3.1.1 Th ua► 19i 50
3.1.2 Kith khan 50
3.2 Dinh htron Oat trier' ciia ding ty 50
3.3 Giai phi') cho co. cat' yen cfia cong ty X20 51
3.3.1 Thay dal 1y tryng trong thrinh phan van 51
3.3.2 TiAl kiem chi phi, tang hieu quo son kinh doanh 53
3.3.2.1 Tiet kiAm chi phi 53
3.3.2.2 Tang hieu qua san xuat kinh doanh 55
3.4 Milt so kien nghi khac 56
3.4.1 Quan ly nguon van litu &Ong 56
3.4.2 Nang cao nh'an Mar vA ca cau van hip ly 57
Thang Long University Library

5. DANH MIX VIET TAT
TS TM sin
NH Ngan han
DH Dai han
CSH Chu sir hiru
DN Doanh nghi'e'p
DANH MIX BANG BIEU
Bang 2.1 Doanh thu-chi phi-lqi nhu4n nam 2010-2012 20
Bang 2.2 Tai sin cong ty 2010-2012 22
Bang 2.3 Ty trong thanh phAn ngtiOn von 2010-2012 25
Bang 2.4 Nhom chi tieu phan anh kha nang sinh loi 27
Bang 2.5 Chi tieu kha nang thanh town 29
Bang 2.6 Co. cAu my NH 2010-2012 31
Bang 2.7 Chi phi von NH 33
Bang 2.8 Ty trong nq DH 2010-2012 34
Bang 2.9 Chi phi vOn DH 35
Bang 2.10 Ty trong cac thanh phAn vOn CSH 2010-2012 36
Bang 2.11 Chi phi vOn CSH 37
Bang 2.12 Chi phi vOn binh quan WACC 2010-2012 38
Bang 2.13 Thay dOi trong no' DH va von CSH 40
Bang 2.14 Do !Ay tai chinh DFL 2010-2012 41
Bang 2.15 Co ciiu von va rui ro tai chinh 43
Bang 2.16 Cong thin Dupont ciia ROE 2010-2012 45
Bang 2.17 TAm ctin thue 2010-2012 47
Bang 3.1 Chi phi Oat hanh co phieu thtr&ng 52
Bang 3.2 Chi phi vim binh quail WACC khi phat hanh them co phieu 52
Bang 3.3 Don !Ay tai chinh ciia cac phiron an 53
Bang 3.4 Chi phi nguyen vat lieu trqc tiep 54
Bang 3.5 Chi phi quan ly DN 54
Bang 3.6 Tinh hinh doanh thu- chi phi — lqi nhOn 55

6. DANH M>i1C BIEU DO
Bleu coo 2.1 Doanh thu-chi phi- loi nhuin 20
Bleu coo 2.2 Ty trong mot so thanh phan tai sin 2010-2012 23
Bien coo 2.3 Ca can von 2010-2012 25
Bleu coo 2.4 Chi tieu phin anh co cau von 26
Bleu coo 2.5 Chi phi von binh quail WACC 38
Bien (14 2.6 Diem bang quan EBIT - EPS 40
Bieu coo 2.7 DO bay tai chinh DFL 42
Bleu dO 2.8 ROE 45
DANH Mk1C HINH VE, SO DO
Hinh 1.1 Diem bang quan EBIT - EPS 10
Hinh 1.2 Chi phi khOn kho tai chinh 14
So coo 1.1 TO chtrc bO may quin ly cOng ty 18
Thang Long University Library

7. Len Mei DAU
1. Ly do nghien cam
Cac nha dau tir thanh lap DN voi muc Bich la tien hanh san xuat kinh doanh, tao
ra hang hoa djch vu de tien hanh trao 6i vai cac don vj kinh to khac nhim muc tieu
sinh lei. Mu6n nhtr vay, nha dau to can thiet phai co von. VOn &roc dau Pr vao qua
trinh kinh doanh tao co hOi cho DN ma rOng quy mo, nang cao san xuat, tao them
nhi'eu lqi nhuan va tang them gia tri DN. Ben canh dO, co cau v6n va hieu qua sir dung
von la yeti to rat quan trong, quyet djnh den hieu qua san xuat kinh doanh ding nhu str
song con dm DN. Vi vay, viec danh gia, nang cao hieu qua sir dung von ding vai mOt
cau true von t6i tru la rat can thiet va coy nghia trong quan trj tai chinh cua doanh
nghiep. Viec nay del hoi phai danh gia mOt each town dien de tim ra nguyen nhan,
nhang y6u t6 anh htrang tai hieu qua san xuat kinh doanh, tir do dua ra cac chinh sach,
chitin ltroc dung din a phat trien DN.
Thtrc to hien nay, v&i sir canh tranh gay git trong nen kinh to thj tn.rang de co
the ton tai va tao chi; dung tren thircrng tn.rang, van 6 Ian dang ducfc dat ra cho cac
DN la nhu cau v'e nguOn von, each quail ly von hieu qua va tim ra mOt co cau von hop
13", sao cho DN co the dat ducc lqi nhuan cao nhAt khi muc phi sir dung thip nhAt.
Tir nhang van de tren, qua qua tranh tim hieu, thtrc tap tai ding ty CP X20, em da
hinh thanh y Wang ve 6 tai khoa luan tot nghiep cua minh: "Phan tich ca eau win
tai ding ty CP X20".
2. Muc tieu nghien ctru
Khoa luan tap trung nghien ciru thtrc tang, phan tich co cau von va chi phi von
cua ding ty CP X20 trong giai doan 2010-2012. Tir do danh gia &roc uu, nhugc diem
va tim cac giai phap nhim nang cao hieu qua sir dung v6n, dua ra m6t co cau hop lY
nhAt dOi voi ding ty.
3. Phtrcrng phip nghien cum.
Phuong phap nghien dru duqc sir dung trong khoa luan la phucmg phap phan
tich, tong hop, khai quat hoa dtra tren co sa cac s8 lieu, thong tin &roc cung cap va
tinh hinh thtrc to cua ding ty.
4. Ket cau khoa Wan
Ngoai phan ma dau va ket luan, danh muc tham khao, khoa luan duoc chia thanh
ba phan chinh.
Phan 1: Ly luan co ban ye co cau von trong DN
Phan 2: ThIrc tang ca cau v6n cua eking ty CP X20.
Phan 3: Danh gia va giai phap ve co cau von cua ding ty CP X20.

8. CHVONG 1. LY LUAN CC BAN VE COr CAU VON TRONG DN
1.1 Ccr cAu von ctia DN
I. 1.1 Khdi nrem ca cau van
Trong nen kinh te, DN c6 the sir dung nhiEu ngutin von khac nhau de dap rng
nhu cAu vE v6n trong hoat dOng kinh doanh. Tuy nhien, DN phai biet phi hqp, sir
dung cac ngu6n vein de tao ra 1 ca cAu vein hap 1j, dem 14i lqi ich t6i da cho doanh
nghiep.
Ca cAu von la quan he ve t5, trong giea nq va vein CSH (bao g6m vein co phAn uu
dal va vein c6 phAn thuang) trong tong so ngutin vein dm ding ty.
Quyet (firth ve ca cAu ngutm vein la van dE tai chinh het sec quan trong ctia DN.
N6 la mOt trong nhUng yeti to guyet (firth den chi phi von binh quan , ti suAt sinh Igi d6i
veri v6n CSH ding nip" rui ro tai chinh dm DN.
1.1.2 Cdc nhan to cau themh
DN co the huy &Ong v6n cho nhu cAu kinh doanh tir nhieu ngutin khac nhau, tuy
nhien, to c6 the qui ngutin Vein cua DN vE 2 ngutin chinh: Vo'n CSH va ngutin Kr.
Vim CSH
Thy timg loci hinh DN, vein CSH dtrac hinh thanh tir nhiEu nguton khac nhau.
Tuy nhien, cac b0 phan chu yeu la v6n gop ban dAu, lai nhuan de lai va tang nguto
vein bang vi'ec phat hanh c6 phieu doi vai ding ty c6 phAn.
Van gop ban &Ili: La s6 v6n nhAt (firth ma khi mai thanh lap mci DN den can
phai co. Vai cong ty nha nuac, v6n ban dAu la win dAu tu cita nha nuac. ved ding ty
co phAn, vim do cac c6 dung dung gop la yeu to quyet djnh de hinh thanh ding ty.
Trong loci hinh DN khac nhu cong ty co von dau tu nuac ngoai thi ngu6n von ban d'Au
bao g6m: von ctia chu dAti tu, von do cac ben tham gia, cac doi tac gop... Ty le va guy
mo vein gop My thuOc vao dac diem nganh nghe va ca cAu lien doanh cua cong ty.
Lei nhudn cue Trong qua trinh san xuAt kinh doanh, net' DN hoat dOng hieu
qua thi se co diEu kien thuan lqi de tang ngulin vein hoat dOng, d6 la ngutin v6n tich
ley tir lqi nhuan dtrac sir dung de tai dAu tu, ma rOng san xuAt kinh doanh. Day la
ngutin vein CSH nOi sinh cua ding ty, ngutin v6n nay chi c6 the thkrc hien &Kit ntu
DN da va dang hoat dOng va co 19i nhuan, ducc phep tiep tigic dAu tu.
Phat hanh ca phiiu: Ngoai viec tang ngu6n vein bang cach ttr tai tra bing 19i
nhuan de 14i, DN can co the phat halal co phieu mai, day duqc coi la hoat dOng tai tra
DH ctia DN. DN co the phat hanh co phieu thtdmg va c6 phieu tru dal.
Ngutm my
Trong qua trinh san xuAt kinh doanh, hAu nhur khong DN nao chi hoat dOng dva
vao ngutin von CSH ma can phai huy dOng nhi&I ngu6n vein khac nhau, va ding ke tai
nhAt la ngu6n ng.
1Thang Long University Library

9. Ngujn nq NH: la nhang nguan tai trg ding ty có the huy dOng dtra vao sir dung
trong mOt khoang thtri gian NH, thutmg trong yang mOt nam. ThOng thutmg, ding ty
khO co the sir dung nguan van DH de dAu tu vao tai san ltru dOng vi nhu cau van de
dAu tu vao tai san c6 dinh la rat lan va nguan DH se kho huy &Ong hcm. Do do, nguan
vay NH nay thutmg dung a du tu vao tai san Itru dOng. Tir bang can dai ke toan, to
co the thAy nguan van vay NH thterng bao gam: phai tra ngutri ban, vay NH ngan
hang, cac khoan phai tra va cac khoan vay khac. Lai suAt dm nguan vay nay thutmg
thAp han vay DH.
Nguijn nq DH: XuAt phat tir nhu cAu dAu tu van vao cac du an dau tu, mua sim
ho4c nang cap tai san ca dinh, cai tien quy trinh san xuAt kinh doanh nham nang cao
chAt lugng san phAm hoAc chi phi... Cac nhu cAu ten du la ke hoach DH can bo van
ra va thu hai ve voi thtri han Ian ham mOt nam. De dap img dugc nhu cAu do, ngoai
van CSH, DN can mOt nguan van dAu tu DH, do la nq vay DH (thtri han tren mOt
nam). Ng vay DH khong chi bao gam nq vay ngan hang ma con bao gam ca ng huy
dOng qua thi tnrimg van dutri hinh attic phat hanh trai phieu. Trai phieu la mOt cam ket
cua cong ty di vay se tra 10i von g6c vao mOt ngay nhAt dinh, thuarng bao gam: so tien
gac, lai suAt, each thirc tra lai, thai han vay va cac diEu khoan phu. Lai suAt vay DH
thutmg cao horn lai suAt vay NH. Tuy dugc khAu trir thud va CO the tan dung lgi the vE
don bAy tai chinh de gia tang lgi nhu'On cho co dong, cac khoan ng vin gay ap luc tai
chinh cho DN, gia tang raj ro va lam he so nq ctia Ong ty x'Au di.
1.1.3 Cdc chi tieu pliiin dnh co. cau von
Tang ng
Tang tai san (Tang nguan van)
He s6 nay cho biet ng phai tra chiem bao nhieu phAn tram trong tang nguan vein
DN hay trong tang tai san hinh thanh CO bao nhieu phan tram la tir nguan ng phai tra.
He s6 nay the hien mire dO php thuOc tai chinh dm DN. Neu ty s6 ng cao cho thAy dO
phu thuOc ctla DN vao chu ng cang lan, tinh tu chu dm DN cang thAp, trong twang lai
DN se kh6 huy dOng tien vay de kinh doanh. TS, s6 ng thAp cho thAy tinh tu chi' ctia
DN tang len nhung qua do ding nhan thAy rang, DN chtra CO dung kenh huy dOng von
bang ng, tirc chtra khai khac tot don bAy tai chinh.
He so ng tren van CSH =
Tang ng
Van CSH
Chi tieu nay cho biet, dr mOt d'ang tai san tai trg bang van CSH thi Wang ung
vai may d'ang tai trg bang ng phai tra. TS, le tang ng ten van CSH giiip nha dAu tu c6
mOt cai nhin khai quat ve sue mph tai chinh, cAu trim tai chinh dm DN va lam the nao
He song=
2

10. DN c6 the chi tra cho cac hoot dOng. Thong thutrng, ndu he s6 nay 16.n han 1, co nghia
la tai san cua DN dugc tai trg chu ydu beri cac khoan ng, con ngtrgc 10i thi tai san dm
DN dirge tai trq chti y6u bori ngu6n von CSH. VE nguyen tic, he s6 nay cang nhe, co
ngliia la ng phai tra chitm t-S, le nho so vai tong tai san hay tong ngu6n Win thi DN it
gap kho khan han trong tai chinh. TS, le nay cang lan thi kha nang gap kho khan trong
viec tra ng hoac pha san cua DN cang km. Tuy nhien, viec sir dung ng ding co mOt tru
didm, do la chi phi lai vay se dugc trfr vao thud thu nhap DN. Do do, DN phai can
nhic adua ra cac quyet dinh hgp 13't.
s6 tai trg =
To
„
ng nguson von
He so nay la chi tieu phan ant) kha nang ter bao dam vd mat tai chinh va mire dO
dOc lap vd mat tai chinh dm DN. Chi tieu nay cho bidt, trong tong so ngu6n von tai
trg, ngu6n von CSH chidm may phAn. Tri so cua chi tieu cang lon chirng to kha nang
to bao dam vd mat tai chinh cang cao, mire dO dOc lap vd mat tai chinh cua DN cang
tang. Ngugc 14i, tri so nay thAp thi kha nang tu bao dam cua DN se thAp va mac di) dOc
lap se giam.
Ndu DN co tri s .6 cua he so tai trg thip, he so ng tren von CSH va he so ng cao,
DN se rat kh6 khan khi thuydt phuc cac nha diu to tin dung cho vay. Do vay, DN can
phai co cac giai phap thich hap aco mOt ty' le hap nhAt.
T'Ong TS
He s6 ter tai tro. =
V6n CSH
He so nay la chi tieu phan anh mix do dAu to tai san cua DN bang von CSH. Tri
so dm chi tieu nay ndu Lan han 1, chung t6 DN sir dung ca von CSH va ng phai tra de
tai trg tai san. Tri so dm chi tieu cang lan han 1 bao nhieu, mix dO sir dung ng phai tra
de tai trg tai san cang cao biy nhieu va ngugc 14i. Tnrong hap tri so dm chi tieu nh6
han 0, ng phai tra dugc DN sir dung viva dii de bu 18 va vira a trang trai tai san cho
hog dOng.
1.1.4 1.35 thuyit ca cam von tji au cua DN
Lieu ca cAu von co anh htrong tai gia tri DN va !al nhuan cua co dong? Ly thuyEt
ca cAu von toi uu cho rang, ban quan tri ding ty co thd gia tang gia tri cua ding ty
bing each sir dung ty so don bAy tai chinh pha hgp. Vai each nay, cong ty co the h4
thAp chi phi von thong qua viec gia tang sir dung ng boi chi phi sir dung ng thAp han
do c6 khoan tidt kiem thud. Viec sir dung nq nhidu lam gia tang rui ro cong ty, nhung
ty le ng cao not chung dua ddn lgi nhuan kS, vgng cao. Rui ro tang co the lam ha thAp
gia co phidu, nhung lgi nhuan cao 14i co khuynh huorng gia tang gia co phidu cong ty.
Tir do, ca cAu von tdi uu cua DN la ca cAu von can ddi dugc giCra nil ro va lgi nhuan,
VOn CSH
3Thang Long University Library

11. t6i da hoa dugc gia ca c6 phidu ding ty. D61 von gia tri caa DN, ca cau von t6i tru se
co chi phi v6n binh quan thap nhat va se dat dugc gia tri DN la lan &tat.
Nheng nhfin to finh huirng ca au von tiii uu
Rini ro DN: Rai ro phat sinh d6i von tai san caa DN ngay ca khi DN kh6ng star
dung ng. DN nao co red ro DN cang lan thi cang ha thap ty le ng t6i uu.
Thud thu nhdp DN: Chinh sach thud dm nha nuerc ding tic dOng ddn cau trac
vein dm met DN. Trong truerng hgp DN sir dung ng thi phai tra khoan chi phi von vay.
Do lai vay la ydu t6 chi phi truck thud nen sir dung no. gill') DN tiet kiem thud. Tuy
nhien dieu nay se khong cony nghia n6a d6i von nhfkng DN nao dugc un dai hay vi 17
do gi de ma thud suAt thud thu nhap 6 mac thap hoac bang 0.
Si! chit clOng v' tat chinh: Sir dung ng nhieu lam giam di sir chit d6ng ve tai chinh
di3ng that lam xau di tinh hinh bang can d6i tai san khidn cho nh6ng nha cung cap von
ngan ngai cho vay hay du tu von vao ding ty.
HInh dirk so. hfru DN. Su khac biet ve hinh thirc sec hlhi trong cac loai hinh DN
se bi rang bu6c bti nhimg quy (firth do tinh phap 1)", ve tu cach phap nhan, dieu kien
hoat dOng, ca the van hanh va muc tieu hoot d6ng. Do vay, rnuc dich va kha nang tiep
can ctia cac ngu6n tai trg ten thi truerng tai chinh la khac nhau. Tit do, cac chinh sach
va cau trac v6n dm timg loai hinh DN ding khac nhau.
Phong cach viz thai cid ban quan If) DN: Met so ban giam d6c than trong han
nhftg ngtr6i khac, do do it sir di,mg ng han trong tong ngu6n On DN.
Xu therphat triin: Xu thd ctia nen kinh to hay lirth vuc ma DN dang hoat d6ng co
tac d'Ong rat lan ddn chitin Itrac phat tridn caa DN. Nen kinh to dang phat trien on dinh
se thac day cac DN ma r'6ng du tu, cat tien ding nghe nham tang sac canh tranh.
Ngugc lai, ndu nen kinh td khung hoang hoac suy thoai, DN ding thu hep san xuat
hoac chuydn linh vuc boat dOng. Dieu do se tic d6ng ddn cau trac von caa DN.
1.1.5 knghia cira vifc phan Itch ca cau van
DN co trach nhiem xac (firth s6 v6n can huy d6ng, ngu6n huy Ong, th6i gian huy
d6ng, chi phi huy dOng, ... sao cho vira dam bao dap ang nhu cau ve v6n cho kinh
doanh, vim Wet kiem chi phi huy d6ng, tiet kiem chi phi vein va bao dam an ninh tai
chinh DN. Vi thd, qua phan tich ca cau nguiin v6n, cac nha quan 1 , nam dugc ca cau
von huy d6ng, biet dugc trach nhiem caa DN d6i vai cac nha cho vay, nha cung cap,
ngu&i lao d6ng, ...ve s6 tai san tai trg bang ngu6n v6n cem hco. Cling qua phan tich ca
cau ngu6n v6n, cac nha quan 15, cling nam dugc mat dO d6c lap ve tai chinh ding nhu xu
huemg bidn d6ng cila ca cau nguiin vein huy Ong.
1.2 Chi phi von
Win la met yeu t6 tien to tien quyet dd DN tien hanh qua trinh san xuAt kinh
doanh. DE co quyen sir dung v6n, DN phai tra cho nha cung cap v6n met khoin thu
4

12. nhap nhAt dinh, duqc gQi la chi phi hay gia dm quyen sir dung v6n. Ve ban chAt, chi
phi von la chi phi co hOi trong viec sir dung von va dtrgc hinh thanh theo quan he cung
cAu ten thi trutmg. Chi phi von co the &lye xic dinh bang s6 tuyet d6i, bang mot s6
ti&I hoac dirge xac dinh bang so tuang d6i, mot tS, le phAn tram. Thong thuarng, to hay
dung ti le phAn tram.
Tren goc de) ctia nha dAu ttr, chi phi vein la tS , suAt sinh Lori ma nha dAu to doi hoi
khi cap von cho DN. Con d6i vori doanh nghiep, chi phi v6n dtrac coi la tS , suAt sinh
loci t6i thieu can phai dat dtrqc khi sir dung ngu6n tai trq do cho dAu to hay hog dung
kinh doanh de dam bao cho tS, suAt lgi nhuan vein CSH hay thu nhap tren mgt co phieu
khong bi sut giam.
Viec xem xet chi phi von la mot van de quan trong d6i yen cac nha guar' tri. Xem
xet chi phi vein too ra tam nhin cho cac nha quan tri khi xem xet chien lugc huy dOng
von. Ben canh do, do la mgt can cir quan twig cho viec lira chQn du an du ttr, gia
tang gia tri DN.
Sall day la chi phi von ctia tong ngth'in rieng biet.
1.2.1 Chi phi von vay
De dap Ung nhu cAu von trong hoot Ong, DN CO the huy dOng ng duai hinh auk
vay dm cac t6 chirc tin dung, ngan hang thtrang mai hoac co the phat hanh trai phieu.
Chi phi von vay la tS, suAt sinh loci t6i thieu ma DN can dat dugc tir viec sir dung
Win vay de cho tS, suAt lgi nhuan von CSH hay thu nhap ctia mot c6 phAn la kh8ng bi
sut giam. Neu vay t6 chirc tai chinh trung gian thi chi phi sir dung ng chinh la lai suAt
vay. Neu phat hanh trai phieu thi chi phi sir dung ng la lqi suAt dao hp cong ty tra cho
nha d'Au tu.
1.2.1.1 Chi phi van vay NH
Vay NH ngan hang: Day la ngu6n tai trq het sirc quan trQng d6i WA cac DN hien
nay. Dac diem dm viec sir dung vein vay ngan hang (tin dung ngan hang) la phai sir
dung dung muc dich, co hieu qua, co vat to bao dam, co thoi han va phai tra Mi. Vay
NH la cac khoan vay co thin han dtrai 12 thang. Cac hinh thirc chii yeti ngan hang cho
DN vay do la: cho vay tong l'An, cho vay theo han mix tin dung va cho vay theo ke
hooch. De sir dung ngu'on v6n nay, DN can tra lai theo dung quy dinh. TS, le lai suAt
hang nam duqc tinh bai cong thirc:
Lai suAt hang tam truck thue
Chi phi — Lai ich m
Rb = (i. +
Gia tri tai tra rang)
—
1
Lai suAt hang nam sau time
• Ri=Rb * ( 1-T)
5Thang Long University Library

13. Viec sir dung ngutm vein tin dung ngan hang atai trg nhu cAu von ltru dOng cita
DN, no c6 tac dung giup DN khic phut kho khan vd von. Tuy nhien, viec sir dung
ngu6n Win nay lam tang he so ng cua DN, lam tang rui ro tai chinh do bit buOc phai
tra lai va hoan tra ng thing han.
Tin dung thucmg mai: Day la mOt hinh thirc tai trg quan trQng dm DN, no dugc
hinh thanh khi DN mua hang hod djch vii dr nha cung cAp song chtra phai tra tin
ngay. Vi vay, DN co the sir dung cac tai san mua dugc dr nha cung cAp nhu mOt ngu6n
von b6 sung dd tai trg cho nhu cAu von Itm dOng NH ctia DN. Chi phi oh khoan tin
dung thucmg mai dugc tinh bed cong thirc:
360
(
TS, le chiet khgu tg tri ncy—tg hireling CK
Rb = 1 4- 100% — TS/ le chi& khgu
Viec sir dung tin dung thurcmg mai My co tru didm la don gian va tien Igi trong
kinh doanh nhtmg chi phi sir dung lai cao hcm so yeti tin dung dm ngan hang. Ben canh
do, no ding lam tang he so my, tang nguy ca rill ro vd thanh toan ctia DN. Dd sir dung
nguton tin dung nay mOt cach hieu qua, nha quan tri can thuong xuyen theo dOi chi tit
cac khoan ng cac nha cung cAp a chuin bi nguen tidn dap img nhu cAu thanh toan,
tranh d'd mat uy tin do khong tra ng dung han.
1.2.1.2 Chi phi van vay DH
Vay to chtic tai chinh trung gian: chi phi tra lai vay dugc tinh trir vao loi nhudn
truck khi tinh thud. Vi vay, chi phi sir dung ng ctia cong ty la chi phi da didu chinh
thud. N6 cling dugc coi la mOt la chin thud cho DN. MOt cach tong quat, chi phi sir
dung ng ctia cling ty la:
RD (1 — IC)
Trong dO:
RD la lai suAt huy dOng ng,
Tc la thud suAt thud thu nh4p cong ty.
Phcit hanh trai phiiu:Ndu cong ty huy Ong ng bing trai phieu, lai suAt huy &Ong
ng la lai sat till phidu khi dao han, (flux xac djnh cilia vao cong thirc:
(i+R p)t +
LV: I
Pnet= (i
M
(1+ RD)''
Trong do:
Pnet: tidn thu do ban trai phidu, bang gia ban trai phieu (PO) trir chi phi phat hanh (F).
I: lai phai tra hang nam
M: menh gia trai phidu.
Phucmg phap nay dugc ap dung ndu cling ty dang phat hanh ng hay gAn day da
phat hanh ng. Ndu ding ty hien dang khong co trai phidu km hanh, hoc trai phidu it
6

14. duce mua ban tren thj truing, ta có the sir dung chi phi sir dung nq truac thuE cua
nhUng cong ty khac có rtii ro Wang tu.
1.2.2 Chi phi van co phii5u int (IX
Chi phi ma cong ty phai tra cho viec huy dOng v6n•c6 phiEu tru dai &Km goi la
chi phi von c6 phi'Eu tru dai (c6 tire c6 djnh va khong co quyEn biEu quyEt).
Rp = pp/ Pnet
Trong dO:
Pnet: tiEn thu do ban trai phiEu.
Dp: Co tirc tra cho c6 phieu tru dai
Rp: tS, suit sinh lqi yeti cau ctia nha dAu to
Co tirc tru dai khong dtrcc khAu trir thuE khi tinh thu nhap chiu thuE nen chi phi
von khong dtrot diEu chinh thuE. Kern theo do la chi phi phat hinh (F) lam giam thu
nh#p sing dm ding ty khi ban c6 phiEu tru dai nen lam tang chi phi huy dOng von, va
thu?rng cao hurl chi phi von vay.
1.2.3 Chi phi van co phiiu finding
Von c6 phiEu thu6ng bao g6m lqi nhuan dE Lai va von c6 phieu tang them. DE
trac lupng chi phi von c6 phiEu thulyng, ta co the sir dung mo hinh Gordon va mo hinh
dinh gia tai san von CAPM.
MO hinh Gordon
Day la mgt ding dac bit cua mo hinh chiEt khAu c6 tirc, trong do gia dinh t6c dO
tang truing c6 tirc khong d6i. Dora vao mo hinh nay, chung ta co the xac djnh &rot chi
phi von cria chir str htiu nEu biEt gia c6 phiEu, c6 tuc nam vira qua va t6c dO tang
truing c6 tirc.
Chi phi sti dung lei nhuifin del i
D1
Rs = — +g=
Do (1 + g) +g
Chi phi szi- dung khi ph& himh co phiiu thtrang mai
1D1 Do ( + g)
P—F g
Trong do
Rs: tS, suit sinh lqi yeu cAu can thiEt cua c6 phiEu thtrong
Re: tS, suit sinh lqi yeu au dm nha diu tu. khi Oat hinh them c6 phiEu thtrlyng
P: gia c6 phiEu
Do: c6 tire nam vira qua
Di: c6 tirc nam thir 1
g: ty le tang twang co tire dEu d4n hang nam
7Thang Long University Library

15. Mo hinh nay tuy don gian, de sir dung nhung kh6ng the hien mtt cach r8 rang
m6i quan he giaa Iqi nhuan va rui ro ding nhu mirc dq dieu chinh rui ro d6i voi ty suit
sinh loi yeu cAu cda tong du an oh DN. Voi cac cong ty kh6ng chia c6 tic thi khong
the ap dung mo hinh nay.
Mo hinh CAPM
M8 hinh dinh gia tai san von the hien moi quan he giira ty' suit sinh 16i ma nha
&Au to doi h6i va mirc bit rid ro.
Mo hinh nay cho ring ty suit sinh loi ki v9ng cita mgt khoan dAu to phu thuOc
vao nhcmg yeu t6 sau:
Lai suit phi rid ro, Rf.
LAi suit den bit rui ro thi tru6ng, (R m-Rf)
Rui ro he thong cua tai san diu to so vii rdi ro binh quan cua thi tnrtmg, ddgc
g9i la he s6 beta.
Neu biet dtruc cac yeu t6 tren, tS, suit sinh l&i yeu ciu cua nha diu to dtrqc xac
dinh theo mo hinh CAPM nhu sau:
Re = Rf (Rm —R6 13
M8 hinh nay cho ta thay dtruc tic dOng ctia rdi ro den chi phi von mOt cach ro
rang, no cling ducrc sir dung rOng rai han vi ap dung &rue cho Ca cong ty tra c6 tirc on
dinh va khong on dinh. Tuy nhien, no del h6i phai dem tinh mirc bit rui ro thi throng va
he s6 rui ro co phieu cua ding ty. Mat khac, de &lc Itrung he s6 (3, ta can vao dir
lieu qua khir de xac dinh tuang lai. Day la mat han the cita mo hinh CAPM.
1.2.4 Chi phi vein binh quan WACC
Sau lchi xac (firth chi phi sir dung tong b8 phan vein, ta co the thay cac bien nay
vao cong thdc tinh chi phi win trung binh co trQng s6 WACC de quyet dinh chi phi
von chung cita du an. Chi phi binh quan nay, duqc sir dung lam tS, suit chit khiu
trong hau het cac mo hinh dinh gia va phan tich tai chinh DN.
WACC = WDRD (1-T) + WsRs WpRp WeRe
Trong do:
WD, WS, Wp, We lin lucrt la ty trung cita v6n vay, lqi nhuan de 14i, v6n c6 phieu
dAi va v6n c6 phieu thtthng.
T: thud suit thud thu nhap cong ty.
RD, Rs, Rp, Re lin hrut la chi phi von vay, lui nhuan de 14i, von c6 phieu tru dai
va von c6 phieu thtrZ:mg.
8

16. EPS3 =
NS
(EBIT — 1)(1 — T)
1.3 Tac di:mg can ca cAu von den tj, suet sinh kri — rail ro
1.3.1 Den bay till chinh
Don by tai chinh dugc dinh nghia nhu lien quan ddn vidc sir dung cac ngutin tai
trg co chi phi c6 dinh nhu phat hanh trai phidu hay vay t6 chic tin dung. Don by tai
chinh se rat 16n trong cac DN c6 t5/ trgng ng phai tra cao hcm tS , trgng dm vein CSH.
Ngugc 14i, don bAy tai chinh se thAp khi tS, trgng ng phai tra nho han tS, trgng dm von
CSH. Don bAy tai chinh vira la mOt cong cu thiic dAy lgi nhuan sau thud tren mOt ding
von CSH, vim la mOt cong di kim ham su gia tang do. Kha nang gia tang lgi nhuan
cao la didu mong vele dm cac CSH, trong do don bAy tai chinh la mOt cong cu dugc
cac nha quan 1Y, Ira dung.
Trong cac ngutm tai trg ben ngoai thi tai trg bing ng vay luon dugc can nhic vi
ng vay thuimg c6 chi phi thAp hen tai trg bang vein c6 phin. Tuy nhien, don bAy co the
lam cho khoan to dm cling ty tra nen lem hen nhidu so yeti khi kung sir dung don
bAy. Vi vay, tim hidu tac dOng dia don bAy tai chinh len quydt dinh dAu to dugc xem
la mOt van a quan trgng trong tai chinh cong ty.
1.3.1.1 Phan tich diAm bang quan EBIT — EPS
Didm bang quan la didm dm EBIT ma 6 do cac phucmg an tai trg au mang 14i
EPS nhu nhau. Phan tich didm bang quan a thAy dirge sir anh huemg cda nhcmg
phuang an tai trg khac nhau d6i vai EPS.
EPS dugc xac dinh boi cong thirc:
EPS =
(EBIT — 1)(1 — T) — PD
NS
Trong do
I: Lai suAt hang nam phai tra
PD: Co tirc hang nam phai tra
T: Thud suAt thud thu nhap citing ty
NS: S6 lugng c6 phAn thong thuemg
Ta se xem xet veri 3 phuang an huy dOng von lin lugs la: Oat hanh c6 phidu
thuemg, phat hanh c6 phidu uu dai va phat hanh trai phidu.
EPS lAn lugt dm timg phuang an la
EPS1
= (EBIT)(1 — T)
NS
(EBIT)(1 — T) — PD
EPS2 =
NS
9Thang Long University Library

17. Tir cong thirc tren, chimg ta co 2 phucmg pilaf) xac dinh diem bang quan: phuang
phap hinh hQc va phucmg phi') dai s6.
De tim diem bang quan, ta 0 thiet lip cac phuang trinh can bang nhu sau:
EPS1 = EPS3
EPS2 = EPS3 <=:), I (1-T) = PD
EPS Nq
CP tru dai
CP thuong
Diem bang quan
EBIT-EPS
EBIT
EBIT1 FAIT,
Hinh 1.1 Diem bang quan - EPS
A (EBIT; EPS]) va B (EBIT2; EPS2) duqc goi la diem bang quan.
nghia ctia dam bang quan
D6i voi phucmg an tai trq bang nq va co phieu thuong yen A la diem bang quan,
nett EBIT nam dual diem EBIT, thi EPS dui phucrng an tai trq bang co phi& thterng
0 cao km EPS dm phuang an tai trq bang nq. Nguqc lai, neu EBIT nam tren diem
EBIT1 thi EPS dm phuang an tai trq bang nq 0 cao hon.
Twang t r, d6i veil 2 phuang an tai trq bang co phieu thuong va co phieu tru dal
veri B la diem bang quan, EBIT nam ben trai diem EBIT2 thi phuang an tai trq bang co
phieu thuong 0 cho EPS cao hon. Nguqc lai, EBIT nam ben phai diem EBIT 2 thi
phucmg an tai trq bang c6 phieu tru dai se too ra EPS cao han.
VAy veri phuang an tai trq khac nhau, EBIT glen nhau nhtmg EPS khic nhau, ta
nen chip phtrcrng an cho EPS cao nhAt.
1.3.1.2 DO bay tai chinh
DO bAy tai chinh la mOt chi tieu djnh luting dung de do luting mfrc d6 bien ding
cua EPS khi EBIT thay di. 6 met ink d6 nao dO, no dtrqc xac djnh nhu la phan tram
thay dOi dm EPS khi EBIT thay dOi 1 phAn tram.
Cong thfrc tinh d6 bay tai chinh
10

18. Cong thdc rut gon
EBIT
DF L =
PD
EBIT I F 1.1 —
Truing hop neu ta dimg 100% c6 phieu thuarng, khi do I = PD = 0, tirc IA khong
&mg don by tai chinh, khi do khong tao dirgc dO bay EPS.
1.3.1.3 DO bely viz rid ro tai chinh
Rai ro tai chinh lA rui ro bien dOng loi nhuAn tren c6 phAn ket hgp yen rui ro mat
kha nang chi tra phat sinh do cong ty sir dung don bay tai chinh. Khi ding ty tang t5 ,
tongngu6ntaitricochiphic6dinhthithingtienc6dinhchiradetric6tirchoclai
vay ding tang len. Xet cong fink tinh dO bAy tai chinh, ta thiy, neu lai vay va chi phi
chi tra c6 tirc tang len thi mau so se giam xuOng va dAy dO bay EPS tang cao hon. Tuy
nhien, chi phi cang tang thi xac suit mat kha nang chi tra tang theo, don bAy tai chinh
cling khien cong ty tang them rui ro.
Don bAy trong tai chinh giOng nhu mOt con dao hai Neu hoat dung caa ding
ty tot, don bay se khuech dai dieu do len gip nhieu lin. Mit khac, neu hog ding cong
ty ngAy mOt x'Au thi don bAy ding se khuech dai no len gip bOi. Cac nha quan tri can
luu 5, diem nay de co the dua ra nhang lua chon diing din.
1.3.1.4 MOt so phtrcrng phap do I'd:mg rui ro tai chinh khac.
De do ludmg rui ro, ta ding co the dung phan ph6i xac suit vii tham se; do Itromg
phi bien la lqi nhuAn ki vong va dO lech chuin.
Lqi nhu#n ki vong (E(R)): LA lgi nhuAn trung binh co tong so ctia cac lqi
nhuAn co the xay ra, vai tong s6 chinh la xac suit xay ra.
n
E(R) = Ri)(Pi )
i=0
Trong do:
Ri: Loi nhuan (mg vii kha nang i
Pr. xac suit xay ra kha nang i
n: S6 kha nang xay ra
DO leek chuin (d): Do ltdmg su sai biet gala loi nhuin so voi lqi nhuAn ki vong
(do luting mire dq khong chic chin dm thu nhap). DO lech chuan cang Ion chtimg to
lqi nhuAn thuc t6 cang xa gia tri ki vong, rui ro cong ty gip phai cang cao.
n
8= — E(R)12
i=0
11Thang Long University Library

19. He s6 bien d6i (CV): Dimg dE so sdnh mirc d6 rui ro giaa cac du an. CV do
ro tucmg d6i, tirc la do luemg sai bidt tren mgt don vi lqi nhudn.
a
CV =
E(R)
1.3.2 Tdc d(mg cila don bily tai chink din khd nang sink loti
Cac cong ty sir dung don by tai chinh v6i by vgng la se gia tang duqc lqi nhudn
cho c6 dong thuang. Ndu sir dung phu hqp, cong ty c6 thd dimg cac ngu6n von co chi
phi c6 dinh, bang cach phat hanh trai phidu hoc di vay to ngan hang hodc cac t6 chdc
tin dung khac atao ra lqi nhudn cao nhat. Didu nay se ducic the hidn re net nhAt khi
phan tich m6i quan he giaa don by tai chinh va t5, suAt sinh lqi cua von CSH (ROE).
Hay not cac khac, de chinh la ski tac dOng dm don by tai chinh len mire sinh
von CSH.
ROE —
LN sau thug Doanh thu Tong TS LN sau thug
Doanh thu Tong TS
*
CSH Von CSH
Chi tieu nay cho bidt, cu 1 d6ng von CSH diu to thi tao ra duqc bao nhieu (king
lqi nhudn sau thud thu nhdp DN. Chi tieu nay cang cao, cang bidu hidn xu inking tich
cue. Chi tieu cao thuting &Up cho cac nha quan tri co the di huy dOng v6n mai ten thi
tnremg tai chinh de tai trg cho su tang tnremg ctia DN. Ngtrqc lai ndu chi tieu nay nho
thi hidu qua kinh doanh thap, DN se gdp kho khan trong vidc thu but v6n. Tuy nhien,
sirc sinh 16i dm von CSH cao khong phai luc nao ding thudn lqi vi c6 thd la do anh
inrang ctia don bay tai chinh, khi d6 mirc d6 mao him cang lam. Do vay khi phan tich
chi tieu nay can kdt hap vai ca cau cua von CSH trong tong DN cu the.
1.4 Tac dOng mid ca cau von den gia tri DN
Ly thuyEt M&M do hai nha nghien cdu Franco Modigliani va Merton Miller dua
ra vao nam 1958. M&M cho rang, tong red ro d6i veri nhang nha dau tu chimg khoan
vao mgt cong ty nao d6 se kh6ng bi anh htreing beri sir thay d6i ca cau v6n ctia cong ty.
Do do, tong gia tri cua cong ty van nhu di bat chap ca cau ngu6n tai trg nhu the nao.
Gia dinh cda 15, thuydt M&M la thi truang von hoan hao, ben canh do con bao g6m:
s 'thong co cac chi phi giao dich khi mua ban chimg khoan.
s Co did nguoi mua va ngtr6i ban tren thi truting.
s Tat ca cac nha dau tu co the vay va cho vay vai ding lai suat
s Ithong co thud thu nhdp DN va thud thu nhdp ca ratan.
s Thong tin can ming.
Vd n6i dung, 15, thuyEt M&M duqc phat biEu thanh hai indnh dd quan trpng: Gid
tri cong ty va chi phi v6n. With de nay duqc xet trong hai tru6ng hap: Co thud va
khong co thud.
12

20. Vai mot gia djnh, hai cong ty U va L giOng het nhau, ngoai trir U khong vay nq
va L co vay nq. U va L al ding dung tidn tir do hang nam va cang lgi nhuan trtrac lai
vay va thud EBIT.
1.4.1 Lfi thuyet M&M trong truing hop khong c6 thug
Menh de I: Gid tri cong ty
Menh dd I phat bidu nhu sou, trong didu kien khong co thud, gia tri cong ty co
vay nq bang gia trj cong ty vay nq, do d6 ca cau von khong anh htremg gi ddn gia tri
cong ty:
VL = VU
Trong d6:
Vu la gia trj dm cling ty U.
VL la gia tri dm cong ty L, VL = D + E.
Menh de II: Chi phi von
Don by tai chinh co tac dung khudch dal EPS nhtmg d6ng thoi lam cho pham vi
bidn d6ng dm EPS cling 16n han. Didu nay cho thy don by tai chinh lam cho von di
phan troy nen nil ro han. Nhu vay lgi nhuan yeu cau dm von c6 phan phai tang len.
Menh dd M&M so II phat bidu rang: lai nhuan yeu cau tren van ca phan c6 quan he
cling chieu voi =Iv da mu dung don bay tai chinh hay ty so nq. Vd mat toan hoc, menh
dd M&M s6 II co the (lucre bidu din beri ding thirc
RE = Ru + (RU - RD) * (D/E)
Trong d6:
RE: Lai nhuan yeu cau hay Lai nhuan kj, vong tren Von co phAn
RD: lai suAt vay hay chi phi sir dung nq
Ru: chi phi von ndu cong ty sir dung 100% On c6 phan
D:gia tri dm nq hay trai phidu ctia ding ty phat hanh
E:gia tri dm von c6 phan dm cong ty
Ben canh do, khi tai cau trim von, chi phi von dm DN khong d6i, tirc la Ru= RL.
U kh6ng vay nq, Ru= REu, L sir dung nq va win CSH do do RL dtrac firth beri cong
thirc: RL = RD * DN + RE * EN = WACC.
1.4.2 Lfi thuyet M&M trong trwang hop co thue
M'enh de I: Gid tri cong ty
Trong truimg hop co thud thu nhap cong ty, gia tri cong ty co vay nq bang gia tri
cong ty khong co vay nq cong voi hien gia cita la chin thud. Vd mat toan hoc,
menh a M&M so I trong trtrong hop co thud dtrac din to b6i cong thirc:
VL =Vu + Tc*D.
13Thang Long University Library

21. Et'
Luvrig nc, tói tru
L co vay ng D !Ai suit RD nen hang nam L se tao them mOt khoan dugc goi la
la chin thud cua no vay. Gia tri cua la chin thus chinh bang Tc*D.
Ilrenh (I'd II: Chi phi von
Nhu mSnh a I da neu, vi co su hiSn din cda la chin thus nen moi quan hg gift
lgi nhuAn yeu cau tren vein co phin va mirc d8 sir dung don biy tai chinh dtrgc din to
beci cong thirc:
RE Ru + (1 — Tc) * (Ru — RD) * (DIE)
Tir do suy ra, Trong truong hop co thud, lqi nhuan you ciu tren von co phin co
quan he cang chidu vei mirc di) sir dung don bAy tai chinh (tS, s6 nq). Ben canh do, khi
tai cAu true von, gia tri cua DN co vay nq tang len bang gia tri hiSn tai cua la chin
thud, chi phi von vay ng se libel han chi phi khong vay ng, Ru > RL, trong do,
RL = RD * (1 - t) * DN + RE * EN.
1.4.4 Thj truing khong hoirn hao
Trong tnremg hgp co thud, vori gia dinh la mOt thi truong hoan hao, M&M chi ra rang,
cong ty nen sir dung ng cang nhidu cang tot, vi cang vay ng gia tri cong ty cang tang.
Tuy nhien, tren thuc td, khong co thi truemg hoan hao. Nguyen nhan khidn thi truimg
co thd khong hoan hao, ngoai anh hue:mg cila thud ra con co mgt loci chi phi, goi la chi
phi khOn kh6 tai chinh.
Gia tri cong. ty (V)
Hien gia Li chin thud
Gia trj ctia cong ty theo
MM khi c6 6114 is nq
fi = Vu + Tc13
Hien gii cua chi phi
khOn kho tai chinh
V =gia trj thu.c cva cong ty
VU = gLi tri tinrc cna cong ty
khi khong co nq
Gia tri
cao that
OP Ng, (B)
Hinh 1.2 Chi phi khOn kW, tai chinh
Khi cong ty gia tang sir dung ng, rui ro cua cong ty tang them. TS , so ng gia tang
lam phat sinh chi phi khOn khO tai chinh, tic &Ong voti lqi ich cita la chin thud'. Eldn
mgt didm nao do, chi phi kh6n kho tai chinh se lam lgi ich cua la chin thud bi giam,
din di an triSt tieu. Khi Ay, gia, tri cong ty co vay nq bit &Au giam din. Didm do dtrgc
goi la didm ca ciu von tOi tru, gia tri cong ty dat cuc dai va chi phi vein trung binh dat
14

22. cuc tiSu. Khi cong ty tip Am sir dung nq, cong ty se vuqt qua diSm t6i tru, lqi ich la
chin thus khong du bit dip chi phi kh6n kho tai chinh, gia tri dm cong ty 8 do bit dAu
giam.
Tuy nhien, tren thuc tin rat kho quan sat va xac dinh dtrqc cac loai chi phi lien
quan an chi phi kh6n kh6 tai chinh. Ngtroi to c6 thS li'e't ke va phan loci thanh chi phi
kh6n kh6 truc tiep va gian tiSp. Vii nhang chi phi true tip nhu chi phi tra luAt su, kS
loan, nhan vien quan tri cong ty trong khi theo dOi va giai quyet phi san moi d'S xac
dinh va quan sat, con lai, cac chi phi gian tip khac nhu mat khach hang, nha cung cap,
nhan vien gioi,... rat kh6 xac dinh cu the.
15Thang Long University Library

23. CHVONG 2. THI)C TRANG CO CAU VON CUA CONG TY CO PHAN X20
2.1 Giai thi0 cong ty co phan X20
Ten giao dich: Cong ty CP X20
Ten giao dich qu6c Gatexco 20 JSC.
Dia chi: S6 35 - Phan Dinh Giot - Phtrang LiEt - Thanh Xuan - HA N6i
MA s6 thue: 0100109339
V6n dieu 1E: 172.500.000.000 diing. (Bing chic mitt trim bay mucri hai ty, nam
tram tri'Eu dUng chin).
Hinh thirc set hau: COng ty CP
2.1.1 Lich sti hinh thalth ding ty
Ngay 18 thang 02 nam 1957, "Xtrang may do hang ky", ggi tat la X20 - tin than
cua Cong ty CP X20 ra dvi. Thang 12 nam 1962, T6ng cvc Hau can giao nhiEm vv cho
X20 theo quy the Xi nghiEp Quik phong. Den thang 4 nam 1968, T6ng cvc Hatt can
ra Quyet dinh s6 136/QD xep hang 5 cong nghiEp nhe cho Xi nghiEp may 20.
Ngay 12 thang 02 nam 1992, Xi nghiEp may 20 dugc chuyen thanh Cong ty may
20. Thang 7 nam 1996, Cong ty may 20 thanh lap Xi nghiEp D'Et kim, cu6i nam 1997
thanh lap Xi nghiEp d'Et vai. Den theri diem nay, C6ng ty co 02 nganh sin xuAt chit yeu
la dEt va may.
Tit ngay 01 thang 01 nam 2009, cong ty chinh thirc hoat dung theo mo hinh CP
vai ten ggi mai cong ty CP X20.
Sau hcm 50 nam hoat Ong, den nay, cong ty vinh der 02 lAn dugc nha nuac
phong Ling danh hiEu Anh himg lao dOng nam 1989 va nam 2001. San phAm cua cong
ty c6 mat tren khip thi truang trong nuac va nhieu nuac ten the giai nhu: Dtic, Anh,
Phap, Ha Lan, My, Nhat Ban... Cac sin phAm cua ding ty da dugc tang thuang nhiEu
giai thuftg cao nhu huy chuszmg yang, bac, bing khen tai cac h6i chg hang cong
nghiEp, h6i chg thoi trang ViEt Nam, lien tvc dat cac giai thuang qu6c to vE chAt
luang, ki thuat, uy tin thuang mai. Cong ty la mitt dia chi tin cay nhAt cua nganh hau
can quan d6i d6i vai cac sin phAm quan trang. Diing thai cong ty cling la ban hang tin
cay, uy tin dm nhiEu d6i tic d6i vai cac san phAm trang phvc nganh, trang phut cong
so, quAn ao dua mo-to, jacket cac loai, comple... C6ng ty sin sang hgp tic, dAu to phat
trien, lien doanh lien ket sin xuAt kinh doanh vai cac DN, ban hang trong nuac va
ngoai nuac trEn nguyen tic hqp tic binh ding ding co lgi.
2.1.2 D'Oc (film nganh ng14 kinh doanh ctia cong ty X20
Theo giAy chimg nhan clang ki kinh doanh va clang ki thue s6 0100109339 do SO
Ke hoach va DAu to Thanh ph6 Ha N6i cap ngay 17 than 5 nam 2010, Cong ty CP
X20 co nhiEm vv:
16

24. s San xuAt, kinh doanh hang det, nhu6m, may; nguyen phi lieu hang det,
nhu6m, may.
s Kinh doanh may moc, thik bi, phi tung nginh det, nhu6m, may.
s Dich vi t• van quail li va kj' thuat trong nganh det, nhu6m, may.
s Kinh doanh nhien lieu, hoa chAt, thulic nhu6m phic vi san xuAt va tieu dung.
s Kinh doanh sieu thi, he th6ng cira hang.
s Dich vi dao tao lao dOng nganh det, nhu6m, may va cung ling lao d6ng.
s XuAt nhap khAu cac met hang ding ty kinh doanh.
Veci cac nhiem vi san xuAt kinh doanh nhu vey, cling ty c6 phAn X20 co cac san
phAm chinh sau:
s re phajc, quan phuc, quAn do phvc vu Qu6c phong.
s Ao so mi, ao vet, trang phuc cling sO.
s QuAn ao xuAt khAu: do jacket, do dua m8 t6.
s Vai, bit tat, khan met.
2.1.3 Co cau to chirc act cong ty ca phan X20
Can dr vao ca the quan 13% Nha !mac, Luat DN, DiL le Cling ty va yeu cau quan
1 , trong timg thoi 4, Dal h6i ding c6 dung guy& dinh viec t6 chirc lai cong ty, H6i
ding quan tri quye't dinh ca cau Co chirc cho phi" hap.
Hien tai cong ty &roc t6 chirc theo mo hinh truc tuyen chirc nang. Ca cau dm
1cong ty &roc the hien qua so do.
17Thang Long University Library

25. 18
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26. 2.1.4 Cluir ming nhic3m 111 (Ala fling bn phdn
2.1.4.1 BO phan quail ly
Doi h§i ding ca (long: Theo luAt DN va Dieu lE Cong ty, Dai hOi (tang Co (long
la col quan quyen lqc cao nhAt cua ding ty. Doi hOi clang Co ding guy& dinh to chirc
lai va giai the cong ty, dinh Wang phat then cua Ong ty, bo nhiEm, mien nhiEm thinh
vien HQi clang Quin tri, thinh vien Ban kiem soar.
HOi ding Quin tri: la ca quan quart tri cao nhAt cua cong ty, co dAy du quyen
han de thay mat Ong ty guy& dinh cac yin de lien quan den muc tiEu va lqi ich cua
cong ty, ngoai trir cac van de thu6c quyen han cua Dai 116i clang Co (long. H6i (tang
Quart tri do Dai h6i clang CO ding bAu ra.
Ban Kiem soit: do Dai h6i clang Co ding bAu ra, la to chirc thay mat ca (long de
kiem soat moi hog d'Ong kinh doanh, quart tri va dieu hanh cua cong ty.
Ban Giant bao gam Tang giam dac, cac pito Tang giam dac va Gam doe
dieu hanh, do H6i clang Quin tri quyet dinh 1)6 nhiEm, mien nhiEm.
Tang Giim d6c: IA ngutri dai din theo phap luAt cua cong ty va IA ngtthi dieu
hanh cao nhAt trong cong ty, chiu trach nhiEm tru6c NhA nuerc, B6 Quac pheng, Tang
cpc HAu can, HOi clang Quart tri va ca (long cua ding ty ye moi hog dOng cua cong ty.
Pho Tong Giam dOc va GiAni dac dieu Minh: IA ngtroi &rot Tang Giam dac uS,
quyenhocphancongchiufilchnhiEmtrongmgtsorinhvqcquartl)"7,chuyenmon,
chiu trach nhiEm truerc Ding uSf, Tang Gam d6c, H6i (fang Quin tri, cac ca (long ve
ket qua thqc hiEn nhiEm vu dirge giao.
Phong Kinh doanh - XuAt nhap khan: la ca quan quart ly va tivc tier) thqc hiEn
cac nhiEm vu ve kinh doanh, xuAt nhAp khAu trong toan ding ty. Timm muu giup Tang
Gam dac xic dinh phuang huong, muc tieu nhiEm vu, chien lucre kinh doanh nhim
kh6ng ngimg ma Ong hog d6ng kinh doanh - xuAt nhAp khAu cua cong ty dat hiEu qua
kinh to cao.
Phong Tai chinh - Ke toin: la ca quan tham muu cho Tang Giam (lac ve cong
tac tai chinh, ke toan, dam bao phan Anil kip that chinh xac cac nghiEp vu kinh to ph&
sinh, la ca quan sir dung chirc nang phan phi va giam dac clang tien de kiem tra giam
sat moi hog dOng kinh to ph& sinh trong Ong ty.
2.1.4.2 Bd phdn san xudt kinh doanh
Trung tam dio tao: c6 chirc nang clao tao tay nghe cho lqc luqng lao Ong cac
nganh may, theu, dEt, nhuOm cua cong ty. Phai hop tham gia sat hach tay nghe thi
tuyen dung, thi nang bAc, thi thq giei cua cong ty.
Xi nghiOp do may Quail dOi: cho yeu san xuAt quart phuc do may cho can b6,
chin si trong Quin d6i.
19Thang Long University Library

27. 2.2 Ket qua host ding san xtfit kinh doanh ctia eong ty e6 phi') X20 nam
2010 - 2012
2.2.1 Tinh hinh doanh thu - chi phi - hfi nhurin tram 2010 - 2012
Bang 2.1 Doanh thu-chi nhuin [tam 2010-2012
(Dan nghin ding)
Chi tieu Nam 2012 Nam 2011 Nam 2010
Doanh thu than ve ban
hang va cung cap dich NT
785.142.130 838.620.615 704.034.968
Gia v6n hang ban 687.008.680 748.996.639 590.762.942
Lai nhuan sau thud TNDN 35.209.281,36 27.465.075,22 47.679.678
(NguOn: Phong tai chinh - ke town)
900,000,000
800,000,000
700,000,000
600,000,000
500,000,000
400,000,000
300,000,000
200,000,000
100,000,000
0
Bleu 2.1 Doanh thu-chi phi- lqi nhu(in
(Dan v': nghin dOng)
• DTT
s GVHB
LNST
Mini 2012 Nam 2011 Mini 2010
(NguOn: Tac gia tinh town)
Doanh thu bung nam 2011, Mir tim kiem vi san xuAt duqc nhi'eu dan
hang him, kem theo do la quan tarn nhieu han den chit prang san phim va phuc vp
khach hang, doanh thu than ciia nam la 838.620.615 nghin ding trong khi nam 2010
chi la 704.034.968 nghin eking, riming img tang la 134.585.647 nghin dOng. Tuy nhien
den nam 2012, doanh thu thuAn giam xuting con 785.142.130.308 ding. Trong nam
nay, chi phi du vao cua nguyen lieu tang cao khien gia ban san phim tang, an den
doanh thu than tut giam. Cu the, d6i vii ao sa mi nt7 dai tay, gia ban nam 2011 a mat
20

28. 217 nghin d6ng/chiec thi den nam 2012 da len den 237 nghin d6ng/chiec, cac b6 quan
phtic trung binh a gia 1,1 trieu diing/b6 thi hien tai da a mire 1,25 trieu ding/b6.
Gia von hang ban: Gia v6n hang ban nam 2011 IA 748.996.639 nghin d6ng, tang
han so vai nam 2010 158.233.696 nghin d6ng, tuy nhien den nam 2012 lai giam xu6ng
con 687.008.680 nghin dong, tucmg ling giAm 61.987.959 nghin d6ng. Nam 2011, cac
chi phi cAu thAnh nen gia thanh san phAm nhu chi phi nguyen vat lieu, chi phi nhan
cong, chi phi san xuAt chung deu tang han so vai nam 2010. TS, le tang IA 26,78%, cao
horn rat nhieu so vai tS, le tang doanh thu trong nam do IA 19%. Den nam 2012, chi phi
dau vao co giam nh.mg khong ding ke, tuy nhien ty le giam chi co 8,28%. Tir do to co
the thAy, cac chi phi dAu vao tac dOng truc tiep len gia v6n hang bin, gay Anh huong
tai doanh thu va lcri nhuan cua cong ty.
Lgi nhuan sau thue: Nam 2010, lgi nhuan sau thue dm cong ty lA
51.215.416.339 ding nhung den nam 2011 giam xu6ng con 31.710.123.065 d6ng,
tuang ling tS, le giam IA 38.08%. Lgi nhuan sau thue giam khien gia tri trich lap cac
quy giam vi c6 tire chia cho cac c6 dong giam. Dieu nay d6ng nglifa vai viec ngu6n de
cham lo d6i song cho can b0 cong nhan vien, ngu'on de tai dAu to phat then cong ty
cling nhu ngu6n de giam thieu rui ro ve tai chinh cho cong ty giam. D6ng that c6 tirc
chia cho cac co dong giAm khien niem tin dm Co dong d6i vai cong ty giam, se gay rat
nhieu bAt lgi neu cong ty tang du to bang viec phat hanh them c6 phieu. Tuy nhien,
den nam 2012, mOt s6 chi phi giam manh kern theo do IA sir tang len 6 nguiin thu nhap
khac nen lgi nhuan sau thue dm cong ty tang nhe, len 38.635.862.158 d6ng, tang han
nam 2011 la 6.925.739.092 dong.
2.2.2 Tinh hinh tai srin twain van aim 2010 — 2012 ctia cong ty co phtin X20
2.2.2.1 Tinh hinh thi san 2010 - 2012
21Thang Long University Library

29. Bang 2.2 Thi san cang ty 2010-2012
(Don vi: Nghin d'6ng)
Chi flail 2012 2011 2010
TAI SAN NH 477.704.938 476.764.687 455.370.825
Ti& 173.496.843 53.857.173 119.701.811
Cac khoan dAu to tai chinh
NH
0 0 30.000.000
Cac khoan phai thu NH 193.082.712 270.546.170 127.773.384
Phai thu oh khach hang 163.591.521 230.415.819 101.811.585
Tra trtroc cho ngu&i ban 30.035.302 33.261.119 20.368.420
Cac khoan phai thu khac 5.459.575 7.704.383 5.645.579
Du phong cac khoan phai
thu kh6 doi
(6.003.686) (835.151) (52.200)
Hang ton kho 108.640.120 148.179.389 173.286.200
Tai san NH khac 2.485.263 4.181.955 4.609.430
TAI SAN DH 88.930.099 98.496.919 105.805.683
Tai san c6 Binh 87.262.927 96.837.919 104.146.683
Cac khoan dAu to tai chinh
DH
1.659.000 1.659.000 1.659.000
Tai san DH khac 8.172 0
TONG CONG TAI SAN 566.635.037 575.261.606 561.176.508
(Nguon: Phong tai chinh Ice toan)
22

30. 34%
Bleu (ICI 2.2 Ty trung mOt so thanh phAn tai sin 2010-2012
(Dan vi tinh: %)
Nam 2012
Nam 2010
Nam 2011
sTSDH
sTien
PTKH
sHang ton kho
(Ngu6n: tac gia tinh town)
Tien va cac khoiin twang throng den: Nam 2010 tien va cac khoan tucrng
dtrcmg tien ctla cong ty la 119.701.811 nghin dong thi den nam 2011 chi con la
53.857.173 nghin d6ng, giam 65.844.639 nghin d6ng, twang img veri tS, re la 55,01%.
SO di co sir skit giam manh nhu vay, nguyen nhan chu yeti la do cong ty tap trung dAu
to mot s6 dir an mua sam d6i meri cong nghe, htia hen dem 14i kha nang tang nang suAt
lao dOng, giam thieu chi phi, tang kri nhuan cho cong ty trong twang lai. Tuy nhien,
den nam 2012, khoan rrivc tien ctia cong ty tang manh, vucrt qua ca nam 2010, len den
173.496.843 nghin d6ng, ti le tang so veri nam 2011 la 222,14%. Veri nhu cAu cap thiet
ve von de chuAn bi dAu ttr cho cac dkr an lern, ngoai khoan tien vay DH ngan hang, DN
con chuyen d6i cac lo4i chimg khoan NH de gitip tang luqng tien mat cho cong ty. Ben
canh dO, cac khoan phai thu khach hang va khoan thu khac giam so veri nam tnrerc nen
khoan mvc tien cua cong ty tang cao.
Phil thu khach hang: Nam 2011, phai thu khach hang dia cong ty tang cao,
230.415.819 nghin d6ng, tang dang Ice so vai Mtn 2010, 101.811.585 nghin &Prig,
tucmg Ung tS, le tang la 126,32%. Do Lac Ong xAu tit nen kinh to nen cac d6i tac cua
23Thang Long University Library

31. cong ty khong có du kha nang dE thanh town tin hang cho ding ty CP X20 theo dimg
thai han a 14 kEt tren hop ding. DiEu nay chting to ding ty bi chiEm dung v6n rat
lan. Nam 2012, sau khi xem xet nang luc cua d6i tac mai tnrac khi ban hang, ding vii
cac chinh sach va diEu khoan hop ly trong chinh sach tin dung, phai thu khach hang
cua cong ty giam xuting con 163.591.521 nghin ding, giam 66.824.298 nghin ding so
va i nam 2011.
Hang ton kho: M6t diu hiEu tot trong thin diEm hiEn tai khi hang ton kho cua
cong ty lien tuc giam qua cac nam. Nam 20120 la 173.286.200 nghin ding thi nam
2012 chi con 14i 108.640.120 nghin ding. C8ng ty da co nhang biEn phap a co thE
giai phOng ducc nhiEu vat tu, thinh phAm, hang hoa ton kho hon nhtmg gia tri ton kho
van 6 tinh tang it dung 16n. Qua biEu c16' to co thE thAy, hang ton kho chiEm mOt tS ,
tongkh6ngnhotrongtongtytongTSNH.DayclinglamOtkhokhankhongnhocho
cong ty do hang ton kho thuang a Am m6c, kern phAm chAt vt mat hiEn vat, keo theo
do la sir giam gia tri cua hang hoa do.
TSCD: TSCD cua cong ty &rot hinh thinh tir TSCD him hinh va TSCD vo hinh
(bao g6m quyEn stir dung dAt, phAm mtm ke toan, phAn mEm quan 1)", TSCD). Nam
2010 TSCD cua cong ty la 104.146.683 nghin ding, nam 2011 giam xu6ng muc
96.837.919 nghin ding. Nam 2011, tuy cong ty co dAu tu them thiEt bi cong nghE mai
nhung den cu6i nam phat sinh them hoot dOng thanh 15/ mOt s6 TSCD him hinh cu nen
su skit giam trong nam nay khong clang kE. TiEp tuc ap dung dp dung phucmg phap
khAu hao nhanh nham nhanh chong thu h6i von phuc vu dAu tir cho cac nam tiEp theo,
gia tri con 14i dm TSCD nam 2012 tiep tuc giam xu6ng con 87.262.927 nghin ding.
DAu fir tai chinh DH: Khoin muc nay duvc hinh thanh tir hoat d6ng lien doanh,
lien kEt cua ding ty vai cong ty CP 199. Theo GiAy chUng nhan dang ky kinh doanh,
Cong ty dau to vao Cling ty Co phAn 199 s6 tiEn 1.659.000 nghin dong, tucmg ducmg
33,4% von diEu 1E. Cong ty da gip du v6n cam kEt nen khoin muc nay khong CO biEn
dOng trong 3 nam.
2.2.2.2Tinh hinh ngujn van 2010 - 2012
24

32. Bang 2.3 Ty tryng thank phin nguOn von 2010-2012
(Dan vi: nghin c16ng)
Chi Wen
2012 2011 2010
So tien
T5, tryng
S O
04 )So tien
Ty tryng
(%)
tien
T5, tryng
(%)
Nq phai trii 324.150.440 57,21% 335.129.844 58,26% 320.471.692 57,11%
Ng NH 272.932.613 84,20% 301.379.876 89,93% 287.993.711 89,87%
Ng DH 51.217.827 15,80% 33.749.968 10,07% 32.477.981 10,13%
Won CSH 242.483.597 42,79% 240.131.762 41,74% 240.704.816 42,89%
TONG CQNG
NGUON VON
566.634.037 100% 575.261.606 100% 561.176.508 100%
(Ngutm: phOng tai chinh ke toan va tac gia tinh town)
Bieu a 2.3 Ca ciiti von 2010-2012
(Dan %)
Nam 2012 Nam 2011
43%
a42%
Nam 2010
• Nq NH
43%
sNg DH
VOn CSH
(Ngu6n: tac gia tinh town)
25Thang Long University Library

33. Trong 3 nam, nq phai tra chiem mOt ty trQng lan trong cAu truc von cua deg ty.
Trong nam 2012, nq phai tra giam tir 58,26% tai nam 2011 xu6ng can 57,21% nhtmg
van chiem han mOt nira trong tang tS, trQng. Von CSH khong cb nhieu thay dOi qua cac
nam. Nam 2011, von CSH giam xuang con 41,74% nhtmg da tang tra loi vao nam
2012, len mirc 42,79%. CO mOt su dao d8ng nhg trong tS , trcong ctia 2 thanh phAn
nhung phin lan cong ty van sir dung nq nhieu han cho hoot &Ong kinh doanh. De di
sau vao chi tiet, to se xem xet cac chi tieu dtrai day.
Ccic chi lieu phan anh co. ctiu von
Bl
. A
do 2.4 Chi tiet, phiin A n h co. cau ‘'An
1.600
(Dan vi: l'An)
1.400
1,337 1,331
1.200
1.000
0.800
0,572 0,583 0,571
0.600
029
0.400 -
0.200 -
0.000
2012 2011 2010
--O—Hfs4 nq —0-He so au try Hg 4, my tren von CSH
(ngtiOn: tac gia tinh town)
H§ s6 nq va h§ s6 tai trol Niim 2010 vi 2012, 1 deg von b6 ra ding ty phai vay
nq 0,572 ding (2012), 0,571 dOng ( 2010) va c6 0,428 ding ( nam 2012), 0,429 ding
(2010) la tir von CSH. Dieu de cho thAy kha Wang to chu v'e tai chinh dia gong ty
turn doi On djnh. Cong ty CO vay nq nhung khong qua pity thu8c vao chu nq, dieu
nay giiip gong ty de dang thuyet phuc cac nha dAu tir de vay van cho hoot dOng sari
xuAt kinh doanh trong tuong lai ding Whir fling cao uy tin dm cong ty trong viec tra
nq. Nam 2011 CO su thay d6i nhc trong ty trQng giaa 2 thanh phAn: 1 ding von dia
ding ty thi nq phai tra chiem 0,583 ding va von CSH chi chiem 0,417 ding. SZr di c6
thay dai nho nay la do khoan muc phai tra ngtr&i ban tang len. Trong nam 2011, luqng
tien mot trong gong ty giam xuting chi con 53.857.173 nghin ding, (nam 2010 la
119.701.811 nghin clOng) de dAu to vao cac trang thiet bj moi va cac du an mai, kern
theo d6 phai thu khach hang cim cong ty tang len nen gong ty g4p mOt chtit khe khan
trong viec tra nq.
26

34. Hg so nq teen von CSH: He so nq ten von CSH cua cong ty trong 3 nam au
tan hcm 1 cho thay, tai san cua DN &cc tai trq phAn 16.n tir ngu6n nq. Nam 2011
khoan nq phai tra tang len nen he s6 thay (16'i tir 1,331 (2010) len 1,396. Tuy nhien,
nam 2012, he s6 nq ten von CSH giam xu6ng con 1,337, khong c6 nhiEu chenh lech
so von nam 2010. lfu diEm dm he s6 nq cao la chi phi !Ai vay se duqc trir vao thud thu
nhAp DN, gift]) cong ty giam chi phi, cong vii uu the cua don by tai chinh, gia tang
lqi nhuAn cita cong ty. Khong chi gia tang lqi nhuAn, don by cling co the khuEch 41
khoan to ne'u cong ty kinh doanh khong hieu qua. Khoan nq 16n cling khien cong ty
gAp Ich6 khan trong viec tra nq. Vi vay cac nha quart 1S/ can phan tich ki de dui ra mirc
sir dung nq hcrp 1Sr.
2.2.2.3Chi tieu tai chinh tang hap
Bang 2.4 Nhom chi lieu phan anh kha nang sinh loi
( Dom vi: lin
Chi lieu Cong thtic 2012 2011 2010
TS/ suAt sinhltritren
doanh thu than (ROS)
Lqi nhuAn rOng
0,04 0,03 0,07
Doanh thu thuAn
TS/ suit sinh ltri ten king
tai san (ROA)
Lqi nhulan rang
0,06 0,05 0,08
TOng TS
TS, suit sinh 16i ten von
CSH (ROE)
Lai nhuAn rong
0,15 0,11 0,20
Vtin CSH
(Nguon: tic gia tinh loan)
ROS: Chi tieu nay cho biEt trong 1 dong doanh thu thuAn se thu drat bao nhieu
&Ong lqi nhuAn sau thud. ROS !tam 2010 dot mire cao nhA't trong 3 nam, 0,07, tirc la 1
d6ng doanh thu thuAn to ra dugc 0,07 ang lqi nhu4n sau thud. Nam 2011 ty so nay giam
monk, chi con or mix 0,03. Trong nam nay, doanh thu thuAn va gia win hang ban dong
loot tang, tuy nhien, toc d6 tang ctia gia von hang ban la 27%, cao hcm rat nhi'Eu so vtri tOc
d'6 tang cila doanh thu thuAn, 19% (tic gia firth toan). Ben conh do, cac khoan chi phi tai
chinh, chi phi ban hang ding tang nhe. DiL nay cho thAy chi phi trong nam 2011 dang co
dAu hieu vugn tam kiEm soat ctia cac nha quan lS/. Nam 2012 ROS co tang nhimg khong
dang ke, len mire 0,04. KEt qua tren the hien hieu qua sir dung chi phi dm cong ty chtra
dirge tot. NEu nhu muOn phat triEn b'En yang, to sir canh truth a ma r6ng thi trutrng, cac
cap quart ly can tang cutrng kiEm soat chi phi hon.
ROA: Chi lieu nay danh gia hieu qua sir dung cac tai san da duqc dau to cita cong
ty. Nam 2010 van la nam c6 t suAt cao nhAt trong 3 nam, dot mire 0,08, co nghia 1 dOng
tai sin du tu to ra drat 0,08 dting lqi nhuA'n sau thud. Nam 2011, kha rang quan ly chi
phi kern, lai suAt cua khoan vay DH tang khiEn khoan lqi nhuAn r6ng skit giam, dOng von
ding ty bo ra khong hiu qua kin& IS/ suAt sinhltrigiam xuOng mirc 0,05. ROA nam 2012
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35. 6 mirc 0,06, khong cai thien ro3 r'et nhung ding co dAu hieu tich cuc km so yeti nam tuck
dO. T6c dO giam cua gia von hang ban cao hon so voi tic dO giam cua doanh thu cho thAy
kha nang quan l , chi phi cua ding ty da co buck cai thien. Tuy nhien, tS, suit cua cong ty
van 6 mire thAp, chi tir 6%-8%, cong ty can tim bien phap de co the sir dung tai san da
dugc dAu to hieu qua ham, qua do m6 rOng quy mo san xuAt cling nhu thi tiding tieu thu.
ROE: Day la mOt chi tieu ctrc Id quan tong oh cong ty, no do luting dugc mirc
hieu qua sir dung von CSH cho hog dOng sin xuAt kinh doanh (16 tao ra lqi nhuan. Nam
2010, ROE dat mix 0,2, nam 2011 giam xu6ng con 0,11 va a tang len den 0,15 vao nam
2012. TS, s6 nay cho biet, 1 ding v6n CSH bo ra thu dugc lAn lugt qua cac nam la 0,2
ding, 0,11 ding va 0,15 ding lqi nhuan sau thue. Nam 2010, lei suit vay NH cua cong ty
chi 6 mirc 11,7% trong khi do ROE dat mirc 20% cho thAy kha nang can ai giaa vay ng
va sir dung v6n CSH cua cong ty rat tot, lqi nhuan tao ra dugc lam hon nhieu so WA cac
khoan lei vay ngan hang. Nam 2011, do cling tac quan l)", chi phi kern, khong nhimg
khong du de tra lei vay ngan hang, lgi nhuan tao ra ten ding Win CSH giam xu6ng mirc
thAp nhit trong 3 nam, 11% ( lei suit ngan hang la 14,69%). ROE da tang ta lai vao nam
2012, 15% cho thAy dugc sq cal thien trong viec sir dung v6n cua cong ty, nang cao kha
nang dau tu. cua DN.
De co the tang truing ben yang, khai thac dugc lqi the canh tranh tir viec huy ding
von, tang sirc hAp din a thu but cac ngutm vein dAu to khac, cong ty can co nhieu bien
phap manh, sit chat trong viec quan ly chi phi cong via do la cac chin lugc hieu qua, can
d6i gitra ng vay va von CSH, sir dung hieu qua don bAy tai chinh, khuech dai loi nhuan
cho cong ty.
2.2.2.4 Chi lieu kha nang thanh toan
TS, tong cac thanh phin trong tong ngutm vim dm cong ty se gay anh hue:mg den
hieu qua hog ding san xuAt, trong dO co kha nang thanh toan. Kha nang thanh toan
phan anh ro net tinh trang tai chinh hien tai cua cong ty, danh gia dugc lieu cong ty co
dang kinh doanh hieu qua hay khong qua viec bao dam thanh toan cac ngustin ng va lei
vay. Neu cong ty dang a tinh trang xAu, ty' le ng qua cao ma khong co phircrng an tra
ng, khong dam bao kha nang thanh toan se khien uy tin cua cong ty bi ha thAp, anh
huang trqc tiep den hoat dOng cua ding ty, co the lam vao tinh trang kh6 khan, them
chi phi san.
28

36. Bang 2.5 Chi Wen kha nang thanh toan
(Dan vi: lAn)
Chi tieu CEng thac 2012 2011 2010
Kha nang thanh toan tang quat
T6ng TS/Nq
phai tra
1,75 1,72 1,75
Kha nang thanh toan NH TSNH/Nq NH 1,75 1,58 1,58
Kha nang thanh toan nq DH TSDH/ Ng DH 1,74 2,92 3,26
Kha nang thanh toan lai vay EBIT/Laivay 10,08 8,24 14,72
(Ngu n:tac gia tinh town)
Kha [Ong thanh loan tong gnat: Kha nang nay cho biEt vii tong tai san hiEn
c6, DN CO bao dam trang trai duqc cac khoan nq phai tra hay khong. Nam 2011, khoan
tin mat trong cong ty giam r6 rEt nhtmg str tang len dOt bien ve ltrqng phai thu khach
hang oh cong ty khiEn cho tang tai san tang len. Khoin phai tra ngtrari ban ctia ding ty
tang cao do cong ty trong nam do gap kho khan ve thanh khoan, anh htremg tai kha
nang thanh toan lam nq phai tra caa cong ty tang len. T6c d6 tang co phAn nhinh han
caa tong nq khiEn hE s6 kha nang thanh toan tong quat cua cong ty giam nhe, to 1,75
nam 2011 xu6ng con 1,712. Nam 2012, hg s6 tang ter 14i len mac 1,75. Trong nam
nay, My khoan mat tang dang ke nhtmg vai cac chinh sach pha hap ham nhim han ch'E
bi chiem dung von, phai thu khach hang cua cong ty ding giam. Ben earth do, Ichoin
doanh thu chtra thac hiEn ctia cong ty tang len han 20 tS , d'6ng, so veri nam 2011 chua
dEn 500 triEu d6ng. Hai thanh phAn tac d .6ng len kha nang thanh toan tong quat dEu
giam nhung t6c dO giam ctia nq phai trq nhanh han tong tai san clan dEn sir tang len
cua tri s6 thanh toan chung.
Qua cac nam, hE s6 kha nang thanh toan tong quat caa cong ty khong c6 thay
d6i lan nhtmg dEu es mac 1,7, luon 14fm han 1 cho thay duqc sir bao dam dm ding ty
luon 6 mac tot va on dinh, gift!) cong ty dE clang thu hat cac nha tin clang cho vay tiEn.
Kha nang thanh toan nq NH: Chi s6 nay cho biEt liEu tong gia tri tai san NH
cua cong ty co du kha nang thanh toan cac khoan nq NH hay kh6ng. s6 nay trong 3
nam dEu co gia tri Ian han 1 cho thay mgt b6 phan caa tai san NH duqc dAu to tir
ngu6n von on dinh, giap cong ty dam bao dtrqc kha nang thanh toan, tang tinh ta chti
cua cong ty. Nam 2012 con co sa tang len r6 rEt han so voi 2 nam trtrac, tir 1,58 nam
2010 len dEn 1,750 nam 2012. Khoin tin mat tang cao lam tang kha nang tra nq,
khoan phai thu khach hang giam mph, hang ton kho lien tuc giam qua cac nam la tin
hi u tot trong hoat d6ng kinh doanh ctia cong ty, gift') kha nang dap ang cac khoan nq
NH cang dtrqc dam bao.
Kha nang thanh town my DH: HE s6 qua cac nam co thay d6i nhtmg dEu co gia
tri rat lan nen cong ty hoan toan co du kha nang clang tai san DH de thanh toan cho
29Thang Long University Library

37. g6c vay DH den han phai tra. Nam 2010, he s6 thanh toan ncs DH 6 ding ty la 3.258,
mot con s6 rAt lan. Trong nam 2011, no DH ctia cong ty cif) tang nhe do CO mot vii
thay d6i trong thanh phAn. Dieu dO din den gia tri oh chi tieu nay trong nam 2011
giam xu6ng con 2,918. Nam 2012, tong tai san DH giam xu6ng con 88.929.998 nghin
doting, trong khi do Kr DH tang len den 51.217.826 nghin d6ng. Ric d6 tang cua nq
DH nhanh hcm V dO giam dm tai san DH nen lam he so giam r6 ret xulting con 1.736.
ICha nang thanh toin lai vay: Chi tieu nay khong nhng danh gia kha nang tra
lai dm cong ty ma con the thAy dircic tinh hieu qua trong viec sir dung nguiln no. nay.
Nam 2010, hi s6 nay rAt cao 6 mac 2 con so, 14,07, con s6 cao nhAt trong 3 nam. Dieu
do cho thAy cong ty hoan town dii kha nang thanh Wan lai vay, th'am chi CO the thanh
town nq gotic vay. Tuy nhien, sang nam 2011, gia tri cOa he s6 nay giam manh, chi con
6 mirc 8,24, tucmg img giam 5,83. EBIT trong nam nay giam ro ret, con 45.991.035
nghin dong nam 2011. Chi phi dAu vao tang cao cong veil lai suit huy dOng ncs ciing
tang la nguyen nhan lam EBIT nam 2011 giam ding ke. Den nam 2012, EBIT cila
cong ty tang len, kha nang thanh town Jai vay oh ding ty cai thin hcm, gia tri dm no
tang len den 10,08. DO he s6 kha nang thanh town lai vay khong the (tat rarc 2 con s6
nhtr nam 2010 nhung gia tri dm no yin 6 ram cao, du de dam bao cho cong ty trong
viec thanh town lai vay.
Kha nang thanh town cho thAy, tinh tv chu dm cong ty kha on dinh do dam bao
dirge kha nang thanh town no. NH ding nhtr nq DH, tang hinh anh va uy tin dm cong
ty, tao sv hAp din cho cac nha dAu to dang mu6n dAu to vao cong ty.
2.3 Ting trang ca call von tai cong ty CP X20
2.3.1 Nv NH
2.3.1.1Ca ceiu nq NH
30

38. BAng 2.6 Cu cAu nq NH 2010-2012
(Dan vi: nghin d6ng)
Chi tau .
2012 2011 2010
So Lien
T5, tr9ng
(%)
„
So tien
TS, trcong
(%) So tien
TS, trcong
(%)
Vay va ng NH 70.000.000 25,65% 85.000.000 28,20% 90.000.000 31,25%
Phai tra nguoi ban 69.049.912 25,30% 105.220.860 34,91% 93.101.141 32,33%
Ngtrai mua tra tin truac 689.703 0,25% 2.311.169 0,77% 380.000 0,13%
Thud va cac khoin phai
n6p NhA nuac
14.319.978 5,25% 13.791.334 4,58% 9.866.496 3,43%
Phai tra ngtrai lao dOng 33.725.965 12,36% 8.992.445 2,98% 15.264.712 5,30%
Chi phi phai tra 8.606.641 3,15% 5.806.538 1,93% 3.498.990 1,21%
Cac khoan phai tra, phai
flop NH khac
73.532.118 26,94% 77.628.496 25,76% 74.007.462 25,70%
Quy khen thuang phac
lqi
3.008.296 1,10% 2.629.034 0,87% 1.874.910 0,65%
Nci NH 272.932.613 100% 301.379.876 100%287.993.711 100%
(Nguon: Phong tai chinh Ice to6n va tinh loan ctia tac gia)
Nhin chung, cac khoin mvc chitm ti tang cao trong ngu6n ng NH ca 3 nam chu
ytu la: Vay va ng NH, phai tra ngtroi ban, va cac khoin phai tra phai nOp NH khac. Sr
chenh lech ty tang cua cac khoan mvc chinh qua kh6ng Ian nhtmg sir thay d6i ty
tong ctia tong khoin mvc qua cac nam loi kha r6 ret.
Vay va nq NH ctia cong ty: LA khoin king truck tin tit Cvc tai chinh B6 Qu6c
ph6ng de phvc vv hoot Ong san xuAt kinh doanh. Khoan mvc nay lien tvc giam, nam
2010 la 31,25% thi sang nam 2011 chi con 28,2% va dtn nam 2012 chi con 25,65%.
Sy skit giam nay lA do cong ty da thanh town duqc mOt phAn khoan vay NH to dun vi
cap ten nhung gia tri von cling ty dang chitm dvng van con rat Ian. Vai tinh hinh kinh
to trong nhffng nam vita r6i, day cling ducc coi la uu dai d6i vai cong ty. Du co sir
thay d6i theo chitu huang giam nhtmg no van chitm trong kh6ng nhe trong ding tS ,
trongngNHtangnam.
Phai tra nproi ban: NAm 2010- 2011 khoan mimic nay chitm ty tang cao nhAt
trong tong ngu6n na. NH, 32,33% va 34,91%. Luang tin mat ctia ding ty skit giam
monh (dr 119.701.811 nghin diing nam 2010 xu6ng con 53.857.173 nghin dtng nam
2011) kern theo do khoan von bi chitm dung Ian nen dp lirc tra ng cua cong ty tang
len. Day la nguyen nhan don dtn khA nang thanh toan ctia cong ty bi giam, phai tra
ngtroi ban dm cong ty tang len. Tuy nhien, nam 2012, cong ty da thu h6i dtrac ding ng
31Thang Long University Library

39. phai thu khach hang nen kha nang thanh town cho ngutri ban dm ding ty dugc cai
thien. Dieu do the hien qua su sut giam cua khoan muc nay trong nam. (tir
105.220.860 nghin deng nam 2011 xueng 69.049.912 nghin deng), tuang (mg vori tS, le
giam trong tS, tong xueng con 25,3%.
Phai tra nguoi lao deng: Day la khoan luting du phong cho nam sau. The hien
su dieu tiet cua Cong ty dei yeti khoan luong du phong se chi cho nguoi lao deng trong
nam sau va khoan lqi nhuin tram thus nam nay. Khoan muc nay chiem met ph'A'n nho
trong tong tS, tong 'lilting lai co su thay del lom trong timg nam. Cu the, nam 2010,
phai tra nguoi lao deng chiem 5,3% nhung den nam 2011 chi con 2,98% vi det nget
tang manh, len den 12,36% trong nam 2012, tuang (mg tang 9,38%, kin ham rat nhieu
so vai 2 nam truac do. So vai nam 2011, nam 2010 va 2012, lugng tien mit trong
ding ty tang len cao, do do ding ty cung trich luong tien mg vao quy lucmg tra cho
nhan vien cung tang cao han.
Ng NH luon chiem met ty tong rat Ian trong tong rig phai tra cua ding ty (nam
2010-2012 la 89,97% va 89,93%, nam 20121a 84,2%). Vai tinh linh hog trong huy Ong
yen va chi phi thAp han ng DH nen ng NH lain dugc ding ty uu tien lua chon. Tuy nhien,
viec sir dung ng NH nhieu se din den ap luc thanh town cho cong ty. Hinh anh, uy tin vi
kha nang canh tranh ding ninr huy deng yen trong Wong lai co the se gip nhieu khO khan
neu cong ty khong dim bao dugc kha nang Ira ng.
2.3.1.2 Chi phi von NH
Khoan ng vay NH dm cong ty dugc huy deng tir Cuc TAi chinh Be Quec phong,
khong tinh lai suAt vay giup cling ty giam thieu met khoan chi phi khong nho trong
viec sir dung ng de thgc hien hog deng sin xuAt kinh doanh. Cac khoan muc phai tra
phai n'ep khac, ngoai trir phai tra ngtr?ri ban, deu khong mat chi phi sir dung.
Ben canh nhUng del tic 16n nhu tong cong ty may 28, cong ty ccr khi 17 — BQP,
cong ty TNHH MTV det may 7, cong ty cling co nhung nhA cung cAp IA cic ca nhan
va cac cong ty nho co quy mo yen khiem ten han. Vi nguyen nhan do, de khuyen
khich cong ty tra tien sam tranh chiem dung yen lau, cic nha cung cAp nhO le dua ra
mirc chi khAu thanh town sam. Qua d6, neu thanh town truck met th6i gian dugc hai
ben them thuin, cong ty se dtrgc hu6ng mirc chiet khAu. Ngtrgc lai, de keo dii th6i gian
chiem dung yen, t le chiet khAu thanh town se bi b6 qua. Chi phi phit sinh neu DN be
qua chiet khAu dugc the hien a bang dual day:
32

40. Bang 2.7 Chi phi von NH
(Dom vi: %)
Chi tieu 2012 2011 2010
DiEu kien ban 1/10 net 30 2/10 net 31 1/10 net 32
ThCri gian tra nq
binh quan (ngay)
61 62 72
Chi phi vim 7,35% 15,01% 6,01%
(Ngu n:tac gia tinh town)
Mac chit khAu thong thtrong dugc cac d6i tac nhe dua ra la 1/10 net 30. Tuy
nhien, nam 2011, cong ty ducc nang intic chi khAu len thanh 2/10 net 30, thay vi
ducc huemg 1% nEu tra truac 10 ngay, cong ty se duqc huang 2% chit khau n6u
thanh town semi Trong nam 2011, nhiEu du an va hQp ding dtrqc thuc hien, dim dal
hang cac nguyen vat lieu dau vao cho ding ty tang cao hon. Nhung ben canh do, phai
thu khach hang oh cong ty tong nam lai rat len, tin mat du trir giam khiEn kha nang
thanh toan cua cong ty gap khet khan. DE tranh viec bi chiEm dung vein, cac nha cung
cap nang mirc chiEt khau de khuyEn khich cong ty. Veci nhu cau von NH tang cao,
cong ty be qua mire chit khau hap an, di lai tiled gian chiEm dung vein duqc keo dai
hon. Tin dung thucmg mai tuy kha tien lqi nhung chi phi sir dung lai kha cao. Ta co the
thay, chi phi von NH ctia cong ty nam 2010 la 6,01% nhung dEn nam 2011 tang len
dEn 15,01%, gap 2,5 tan so veri nam truer. Cac nha quart 11 , can theo dOi chi tiet cac
khoan nq a kip chuAn bi ngu6n tin dap (mg nhu cau thanh town, tranh tra cham, anh
hueng dEn uy tin dm cong ty.
2.3.2 Ng DH
2.3.2.1 Ca cciu nq DH
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41. Bang 2.8 Ty trong nq DH 2010-2012
(Dan vi: nghin d6ng)
Chi den
2012 2011 2010
, A
SO tien
T5, tiling
(%)
4 A
So tien
TS, trgng
(%)
4 x
So tien
TS, trgng
(%)
Phai tra DH khac 520.832 1,02% 500.000 1,48% 300.000 0,92%
Vay nq DH 30.000.000 58,57% 30.000.000 88,89% 30.000.000 92,37%
Du phong try
cap mat vi* lam
- - 2.779.786 8,24% 1.817.981 5,60%
Doanh thu chua
thin hi0
20.696.995 40,41% 470.182 1,39% 360.000 1,11%
NO DH 51.217.827 100% 33.749.968 100% 32.477.981 100%
(Ngu n:tdc gia tinh town)
Ng DH lye hinh thanh chti ydu tir ngu6n vay va ng DH, cdc muc con lai chitm
mOt phAn rat nho. Tuy nhien, doanh thu chua thvc hien nam 2012 d6t ngOt tang manh,
chidm mOt ty trgng lan trong tong tS, trgng.
Vay va nq DH: Hinh thanh tir ngutin von vay ngan hang cua cong ty dd phvc vu
hoat dOng kinh doanh. Khoin nq qua cdc nam khong thay d6i (30.000.000 nghin d6ng)
nhtmg tS, trgng cua cdc nam hien Ong giam khd rd. Nam 2011, khoan mvc nay chidm
92,37% tong tS, trgng nhtmg nam 2011 chi con 88,89%, nam 2012 skit gidm manh
xu6ng con 58,57%, twang img giam 30,32%. Sir skit giam ten bat ngu6n tir sir tang len
dOt ngOt cua khoan doanh thu chua thirc hien trong nam 2012.
Doanh thu china t h krc hi?n: Day la cac khoan ding ty da thu dtrgc tien tir khdch
hang nhtmg djch vki phat sinh cho nhidu nam tidp theo. Nam 2010-2011, khoan mvc
nay chidm mgt tS7trgng rat nho trong thanh phAn nq DH (1,11% va 1,39%). Tuy nhien
nam 2012, doanh thu chua thkrc hien ctia ding ty tang len ddn 20.696.995 nghin d6ng,
chidm 40,41% tong tj, trgng ng DH. CO the thay day IA mgt hien phdp than trgng cua
ding ty trong kinh doanh, gfirp cong ty tang luvng tien mat dkr trU, tao ca hOi dAu tir
cdc dkr an khdc cua cong ty cling nhtr bdo dam khd nang thanh town.
Du có nhidu bin d6ng trong tong cdc thanh phAn cua ng DH, khoan mvc nay
van chiem mgt phan nho trong ng phai tra. Do chi phi cao hon ng NH nen ng DH dugc
ding ty sir dicing it han. Tuy nhien, tam chin thud tir lai vay tao mOt tru thd nhAt djnh
cho nq DH. Cong ty can can nhic de dua ra trgng hgp ly giffa hai ngu6n ng dd tan
ding tof da tru diem ctia moi loaf va tidt lciem dtrgc nhieu chi phi han.
2.3.2.2 chiphi von DH
Trong cdc thanh phAn von DH, khoan vay DH ngan hang cling ty phai tra lai vay
theo lai suit ngan hang yeu cAu, tao ra chi phi lai vay hang nam, cdc khoan phai tra
34

42. DH, quy du gong, doanh thu chua thuc hien deu khong phdt sinh chi phi. Do da. chi
phi von DH cua cling ty chi dugc ciu thanh tir chi phi sir dung ng DH.
Bing 2.9 Chi phi vim DH
(Dam vi:nghin diing)
Chi flit' 2012 2011 2010
LAi vay 4.392.000 5.580.000 4.680.000
Chi phi von truac thud 14,64% 18,60% 15,60%
Thud TNDN 18% 21% 25%
Chi phi von sau thus (%) 12,00% 14,69% 11,70%
(NguOn:tdc gia tinh Wan)
Khodn vay cua cong ty khOng (16i nhung lai vay co khdc biet qua timg ram do
chi phi von vay khdc nhau.
Nam 2010, Ngan hang Nhd nuor Viet Nam ban hanh thong to so 27, thong to
07/2010/TT-NHNN de 11'6 trg vay vOn trung va DH nhim dap ling nhu cAu diu to san
xuAt kink doanh. Do do, raj suit huy dOng ng cua ding ty 6 mirc 15,6%. Tuy nhien,
sang den nam 2011, lam phat tang cao, ngan hang buOc phai tang lai suit huy thing
Ice() theo !Ai suit cho vay cling tang len. Lai suit cua cong ty theo do tang len mire
18,6%, khien lai vay tang len den 5.580.000 nghin dOng. Den nam 2012, lai suit ha
xuOng con 14,64%, lai vay hien tai giam xuOng con 4.392.000 nghin dOng. Du bi huy
dOng a mire lai suit khd cao, nhung nho Id chin thud, chi phi 1/6n vay cua ding ty
dugc giam clang ke. Cong ty da tiet kiem dugc mOt lugng Ian chi phi nher chi phi sir
dung ng dugc dieu chinh thud. Tuy nhien, cong ty yin sir dung rat it ng DH, elm tan
dung dugc het Igi ich cua viec tiet kiem time tir lAi vay. Cong ty nen xem xet dieu
chinh tS7trgng ng de co the sir dung don by tai chinh hieu qui cling nhu khodn lgi ich
ma Id chin thud dem lai.
2.3.3 Vidn CSH
2.3.3.1 Ca cciu von CSH
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43. Bang 2.10 TS, wig cac thanh phin von CSH 2010-2012
(Don vi: nghin ding)
Chi den
2012 2011 2010
So tien
TS, trqng
(%)
SO tie n
A TS, trong
(%) So tien
TS, trcng
(% )
V6n du to cita CSH 172.500.000 71,14% 172.500.000 71,84% 172.500.000 71,66%
Chenh lh ty gid hiii
dodi
- - (21.435) (0,01)% 102.938 0,04%
Quy ddu to phat tri 7.327.716 3,02% 5.742.210 2,39% 3.181.439 1,32%
Quy du phong tai
chinh
7.023.265 2,90% 5.742.209 2,39% 3.181.439 1,32%
Quy khdc thut)c von
CSH
636.288 0,26% 636.288 0,27% 636.277 0,26%
Lqi nhudn sau thud.
chua phan phtii
54.996.328 22,68% 55.532.490 23,13% 61.102.723 25,38%
VON CSH 242.483.597 100% 240.131.762 100% 240.704.816 100%
(NguOn: phong tai chinh ke toan va tinh toan cila tac gia)
Von CSH bao vim Vim dAu to dm CSH, Chive ghi nhan theo so thuc te‘da dAu to
dm cac co ding va cac quy duqc trich lap, sir dung theo dieu le ding ty.
VOn dau to dm CSH: Khong thay dOi qua cac nam, cho thAy cling ty van bao
toan duce s6 von ban dAu. Luon c6 mgt nguOn von thtremg xuyen va on djnh de phuc
vv cho hoot d6ng kinh doanh, ding ty se de clang rat von a can thiep neu gap rill ro,
trong tinh hung xAu nhAt la pha san ding c6 nguOn vim dam bao a tra ng. VOn du
to CSH chiem ty' tong 16n nhAt trong cac khoan invc va khong co bien dOng Ian trong
3 nam, thu6ng dot mire 71%.
Lqi nhuOn sau thue chua phan phOi: Sau von du to ban dAu, day la khoan
mvc chiem ti trong lan a cAu thanh nen von CSH, chiem ti tong 22%-25% trong tong
tS, trong. Nam 2010, lqi nhuan sau thud. chua phan phi dot 61.102.733 nghin ding
nhung den nam 2011 giam xuting con 55.532.490 nghin ding. Trong nam nay, lai vay
kern cac chi phi tang monh khien lqi nhuan sau thue ctia ding ty 6 mirc thAp nhAt trong
3 nam, ding vii khoan lqi nhuan trich lap quy du phong va quy du to tang len la
nguyen clan an den sir svt giam dm lqi nhuan sau thud chtra phan phOi. Den nam
2012, lqi nhuan sau thud. dot duqc nhieu hcrn nam trtrac nhung khoan tien trich lap quy
ding ty a ra nhieu han, miii quy tang dr 5,7 ty' ding len khoang 7 ty. Dieu nay to
mgt sir bien dOng giam rat 'the trong khoin invc lqi nhuan sau thud phan ph6i, mire
giam ttrong ting chi khoang 0,1%. Du trong 3 nam lqi nhuan sau thue chua phan phOi
co giam nhe, con s6 dm khoan muc nay luon la con s6 dtrcmg cho thAy tinh hieu qua
36

44. trong hog d6ng quan 1S, va kinh doanh cua cong ty trong !than nam kinh td gap nhidu
kho khan.
2.3.3.2 Chi phi von CSH
Bang 2.11 Chi phi von CSH
(Dan vi: Nghin ng)
Chi tieu 2012 2011 2010
EPS 2.041 1.592 2.764
TS, le chia c6 ttic (%) 14% 18% 18%
DPS 285,76 286,59 497,53
PO 12.100 12.100 12.400
g (lat) 0,058 0,051 0,079
Chi phi von (%) 8,16% 7,47% 11,91%
(Nguon:tac gia tinh town)
Nam 2010-2011: Chi phi von c6 phAn giam manh, tir 11,91% nam 2010 xuOng
con 7,47% nam 2011, tuang ling giam 4,44%. Trong nam 2011, chi phi dAu vao cita
cong ty Lang cao lam Icri nhuan sau thud ctia cong ty thAp ham, clan dgn lai c6 phidu
cling giam xuOng, chi con 1.592 nghin d6ng (so yeti nam 2010 la 2.764 nghin ding).
Ben canh do, t6c d6 gia tang c6 tirc cua cong ty trong nam nay cling thAp hcrn nam
2010. Didu do khidn cho chi phi von c6 ph'A'n giam xu6ng chi O. mirc 1 con so.
Nam 2011-2012: Gia von hang ban trong nam 2012 giam xueing cong v6i cac
khoan lqi nhuan khac Bang a con s6 ducmg giap cho lei nhuan sau thud ctia citing ty
tang ding kd len mirc 35.209.281 nghin d6ng, trong khi do nam 2011 chi dot
27.465.075 nghin d6ng. Didu do giitp lai co phidu tang ter lai, du khong bang nam
2010 nhtmg cling dat mirc 2.041 nghin (king. Tuy nhien trong nam nay, cong ty xac
dinh lai ti le chia c6 dm, chi con 14%, so vori mcoi nam la 18%, giam 4%. Vi nhang
nguyen nhan ten khidn chi phi von tang nhc, tir 7,47% len 8,16%.
Mirc chi phi ctia ding ty trong nam 2012 thAp han nam 2010 la didu ding mimg cho
cong ty trong viec tilt kiem chi phi nhung lai co thd anh hung ddn su thu hot cac nha dau
to trong twang lai. Didu do t:4 anh huang bai tS, le chia co ttic cua cong ty kha thAp, red
20% trong 3 nam, khong nhimg thd nam 2012 ty' le con tiEp tic giam xuOng. Cac nha dau
to co thd nit gia tinh hieu qua trong sir clking von cua ding ty, nghi ng•;:r ve kha nang sinh
kri cua von CSH, gay kho khan cho cong ty trong viec xin tai trcr de dAu tu.
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45. 2.3.4 Chi phi van binh quail (WACO
Bang 2.12 Chi phi v6n binh quin WACC 2010-2012
(Dan vi: %)
Chi tieu 2012 2011 2010
Phiti tra nguii ban (nghin diing) 69.049.912 105.220.860 93.101.141
TS, tong 21,15% 28,97% 26,10%
Chi phi von NH 7,35% 15,01% 6,01%
Nq vay DH (nghin (king) 30.000.000 30.000.000 30.000.000
Ty tong 9,19% 8,26% 8,41%
Chi phi v6n DH 12,00% 14,69% 11,70%
VOn CSH vA lqi nhurp sau thue
chua phAn phOi het (nghin d6ng)
227.496.328 228.032.490 233.602.723
TS, tong 69,67% 62,78% 65,49%
Chi phi van CSH 8,16% 7,47% 11,91%
'Ring NV sir dung chi phi
(tS, tong 100%)
326.546.240 363.253.350 356.703.864
WACC 8,34% 10,25% 10,35%
(Ngu n:tac gia tinh town)
Bleu 2.5 Chi phi von binh quin WACC
(Dun vi: %)
WACC
8,34%
11). 1 5°/„ 10,35%
2012 2011 2010
(Ngu6n: tac gia tinh town)
WACC ctia cling ty la chi phi binh quart ctia b4 phAn nq NH, nq vay DH va v6n
c6 phan thtrong. WACC cho thity, dr 1 dOng von ciut ding ty thi mat may ding chi phi
sir dung. Tir (16 cling ty dAt ra ke hooch hoot dOng kinh doanh sao cho Iqi nhuAn tOi
38

46. thidu phai bang WACC. Noi cach khdc, WACC la ti suAt sinh lod toi thidu ma cac nha
dau tir CO thd chAp nhdn khi ho dAu to tidn von vao cong ty.
Nam 2010-2011: WACC cua cong ty khong co su thay d6i ra ret (tir 10,35%
xu6ng 10,25%). Nam 2011, tS, tong va chi phi sir di,ing cua thanh phAn Ks tang len.
Khoan mix phai tra ngutri ban tang len kern theo do chi phi sir ding tang gAp 2,5 lin
so v6i nam 2010 (6,01% len 15,01%). Trong nam dO, du tS► tong giam nhung chi phi
vay nq NH cling tang len mix 14,69% (so WA nam truck chi co 11,7%). Tuy nhien,
tong tS, tong 2 thanh phAn chi dat 37,23% trong nam 2011 (nam 2010 la 34,51%).
Chidm tS, tong 16n, gay anh hu6ng nhidu nhAt d'dn WACC la thanh phAn V6n CSH va
lqi nhudn sau thud chua phan ph6i hdt. V6n CSH va lai nhudn sau thud chua phan phi
cling co su chenh Lech nhe, tir 65,49% xu6ng 62,78% nam 2011. TS , le chia c6 tirc cua
cong ty khong thay d6i trong nam 2011 nhung chi phi von co phAn giam ding kE, tir
12,87% nam 2010 giam 4,91% xueing con 7,96% nam 2011. Chi phi sir ding giam la
do lai nhudn sau thud cong ty dat dtrac trong nam nay thAp han so vii nam ngoai lam
EPS giam (2.764 d6ng xuting 1.592 d6ng), tan ddn c6 tirc cho m c6 dong thAp han.
Du teic dO tang chi phi v6n cua thanh phAn nq cao han vein CSH nhung tS, tong dm
thanh phAn v6n CSH chidm han 60% tong tong nen khong gay ra bidn d6ng lan
trong WACC.
Nam 2011-2012: WACC tidp tpc giam tir 10,25% xu6ng con 8,34% trong nam
2012. Cac chi phi cAu thanh nen WACC trong thanh phAn nq lai co xu huang giam.
Khoan rntic phai tra ngtroi ban trong 2012 chi con 69.049.912 nghin d6ng, ty tong
21,15% cong vii do chi phi vein hien tai chi 6 mire 1 con s6, 7,35%. Ben canh do, lai
suAt vay DH ctia cong ty giam gitip cho chi phi vein vay sau thud twang ling giam con
12%. Cling trong nam nay, EPS dm cong ty cao han so yeti nam 2011 nhung ty le chia
c6 tirc cua cong ty chi 6 mix 14% nen chi phi v6n CSH tang nhe len mirc 8,65%. Chi
phi nq vay ding vii ty tong cua cong ty giam r6 ret, nhung tS, le ctia v6n CSH lai tang
len giup sir giam chi phi ctia WACC khong 16n.
Tuy WACC cua ding ty trong 3 nam ddu kha nho, chua an 11% giap cong ty
tidt kiem dtrac mot Wang chi phi khong nh6 nhung Igi tirc cua cac c6 dong giam c6
thd se gay anh htrang cho cong ty. Viec giam lai tirc khidn c6 dong khong vui, ben
canh dO c6 the nghi ng6 ve tinh hieu qua trong float dOng kinh doanh cua cong ty, qua
do se lam cong ty gdp kho khan cho viec thu but dAu to trong twang lai.
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47. 2.4 Tic d(ing ciia co. cau yin den ty suit sinh lei - riii ro
2.4.1 Anh !strong caa co' cau van di 5n rid ro tai chink
2.4.1.1 Die'm bang quan EBIT - EPS
Trong 3 nam ter 14i day, khoan no. DH dm cong ty khong thay dtii, cang,va i dO
cau trilc von khong CO nhieu bin dOng, cong ty khong Oat hanh them c6 phieu mai.
Do dO, to se xet 2 tnrang hap sau day:
Bang 2.13 Thay dOi trong nq DH va von CSH
(Dan vi:nghin eking)
Chi tieu
Phircrng in 1
(hit'n tiii)
Phircrng an 2
Ng DH 30.000.000 172.500.000
Vein CSH 172.500.000 30.000.000
S6 co phieu 17.250 3000
Lai vay 4.392.000 25.254.000
EBIT bang quan 29.646.000
EPS bang quan 1.464
(Nguon:tac gia tinh town va dat gia thiet)
Bien clt) 2.6 Diem bang quan EBIT - EPS
(Dan vi: Nghin d6ng)
Pinning In 1
limning an 2
2.041
1.464
EPS
4 I
EBIT4.392.000 25.254.000 29.646.000 44.251.974
(Ngu6n: tic gia tinh toan)
40

48. Nhiti chung Ca 3 nam deu co EBIT vtrqt qua diem EBIT bang quan, cho thAy EPS
neu clugc tai trg bang nq se cao han EPS sir dung 100% co phieu thu6ng, cong ty nen
ti'ep tuc sir dung don bAy tai chinh de gia tang lqi nhuan cho cong ty. Du6ng bleu din
phtrcmg an 1 CO d6 d6c Ian han hall so vai dtr?mg bieu din phucmg an 2 cho thAy sg
nhay cam dm EPS khi EBIT thay dOi cua phuang an 1 Ian han. Dieu nay the hien
phuang an veri ca cAu v6n hien tai cua cong ty hqp 15 , han so vai phuang an gia thiet
ten. Cong ty sir dung nq vay DH, tao d6 bAy tai chinh, khuech dai lqi nhuan cong ty
mOt cach nhanh chung neu cong ty kinh doanh hieu qua. Mac di] phuang an hien tai
dem lai lqi nhuan cao han, cac nha quan 15, can tinh toan, xem xet ca cAu von aim the
nao la t6i tru nhAt de tan dung t6i da kha nang ctia d6 bAy tai chinh. Ben canh do cling
can nang cao nang luc quan 15, de kiem soat rui ro di kern cong yeti kha nang thanh
toan khi cac khoan nq tang len.
2.4.1.2 DO beiy tai chinh
Rui ro tai chinh la phAn rui ro cua CSH phai ginh chit' do sir dung v6n tir khoan
vay nq. De ltrqng hoa rui ro tai chinh cong ty co the do Wong d6 Ian ctia don bAy tai
chinh (DFL). D6 Ian don bAy 6 mirc cao hay thAp phu thu6c vao viec cong ty sir dung
nq vay nhieu hay khong. D6 bAy tai chinh c6 the gia tang lqi nhuan nhanh chOng
nhung cling co the tang ganh nq cho cong ty vi kha nang khuech dai cua no.
Bang 2.14 DO bAy tai chinh DFL 2010-2012
(Dan vi: Nahin diing)
Chi trill 2012 2011 2010
EBIT 44.251.974 45.991.035 68.891.571
I 4.392.000 5.580.000 4.680.000
DFL (tAn) 1,11 1,14 1,07
% EBIT (3,78)% (33,24)%
(Ngu'on:tac gia tinh toan)
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49. 1.14
1.07
Bien (16' 2.7 Di) bay tai chinh DFL
(Dan vi: lin)
1.16 -
1.14 -
1.12 -
1.1 -
1.08 -
1.06 -
1.04 -
1.02
2012 2011 2010
(Ngu6n:tac gia tinh town)
Nam 2010- 2011: DFL dui nam 2010 la 1,08 cho thay, neu EBIT nam 2010 tang
1% thi EPS se tang 1,07%. Nam 2011 co DFL cao nhat trong 3 nam, dat mirc 1,14, tirc
la neu EBIT cong ty thay d6i 1%, EPS se thay dOi 1,14%. Mira vao bang to thay, EBIT
nam 2011 giiun 33,24% do de EPS se giam 37,89%. Ong trong nam nay, ding ty da
nhan thay rO dtrqc rai ro tai chinh ma cong ty gap phai khi sir dung nq. Khoan lqi
nhuan dm cong ty sut giam, t6c d6 giam EPS hi khuech dai len khi sir dung don by
tai chinh. Ben earth do, lai vay dm ding ty tang cao gift!, gia tri cita DFL tang len r8 rest
so yeti nam 2010. Dieu nay the hien rO DFL gi6ng nhu mOt con dao hai ltrori, cong ty
kinh doanh khong hieu qua se lam tang ganh nang khi d6 by tai chinh khuech dai
khoim 113 aim cong ty len, gay kh6 khan va tao ap hrc 16n trong kha nang tra nq.
Nam 2011-2012: DFL cita cong ty giiun xu6ng con 1,11 cho bi'et, EBIT tang 1%
thi EPS se tang len 1,11%. Tuy nhien, EBIT cita cong ty trong nam nay alp tuc giam
dit t6c d6 giam rat nh6, 3,78%. Ve mat 157 thuyet, EPS cita ding ty se giam 4,2% nhtmg
ten thtrc te, EPS cita cong ty tang tir 1.592 nghin ding len mirc 2.041 nghin ding.
Trong nam 2012, EBIT va lai vay deu giant tuy nhien t6c di) giam caa EBIT chi la
3,78%, trong khi d6 t6c di) giam cita lai vay la 21,3%. Mat khac, thu nhap khac tang
(lett bien tir han 266 trieu len den han 3,5 ty ding, cong vai d6 chi phi khic giam tir
ga'n 6 tS, d6ng xu6ng con khoin 430 trieu ding giiip lqi nhuan khac ctia cong ty Fan
dAu tien dat gia tri ducmg trong 3 nam voi gia tri rat 16n. Dieu nay gop mOt phAn kheing
nhe vao khoin lqi nhuan trtrac thud. Han ntka, trong nam nay, cong ty con duqc huang
tru dai thud la 18% (nam 2011 la 21%). Nhieu yeu t6 thuon lqi trong nam 2012 gulp
cho lqi nhuan sau thud ctia cong ty cao han so yen nam 2011, lam gia tri ctia EPS tang
len.
42

50. Don bay tai chinh da the hien rat r6 ret kha nang ding nhu he qua dm no
den hoat d6ng sari xuAt kinh doanh cua cong ty trong nam 2010-2011. Neu ding ty
khOng sir dung hieu qua citing von minh bO ra, don bay tai chinh se khien khoan nq cua
cong ty tang len m6t cach nhanh choing, tao m)t ap luc kh6ng he nho trong 'viec tra ncs
khi den han hoac thu but ngu6n dAu tu. Ngugc lai, neu cong ty kinh doanh CO lai, don
bAy tai chinh giup cong ty khuech dai lai nhuan, dem lai thu nhap cao, tang tinh hieu
qua trong viec sir dung von, qua de tao long tin va tang hinh anh cua ding ty trong mat
nha dAu tu. Tuy nhien, voi cong tac chi phi quan ly tot han cimg vai cdc uu dai khdc,
ding ty vAn co the han the rui ro do don bAy tai chinh dem lai, tang lai nhuan cho ding
ty trong nam 2012.
2.4.1.3 Ca cjuv.642 va rid ro tai chinh
Bang 2.15 Co* du vim va nil ro tai chinh
Chi tieu Dan vi tinh 2012 2011 2010
DFL Lan 1,11 1,14 1,07
ROE LAn 0,15 0,11 0,20
EPS Nghin diing 2.041 1.592 2.764
P(i) Lan 0,33 0,33 0,33
ROE binh quan Lan 0,15
a (ROE)
7..
Lan 0,03
CV (ROE) LAn 0,23
EPS binh quan Nghin dog 2132,4
a(EPS) LAn 480,33
CV (EPS)
1
Lan 0,2252
(Ngu n:tac gia tinh town)
Nam 2010: EBIT va ROE trong nam dat mirc cao nhAt trong 3 nam, gid tri lAn
lugt la 68.891.571 nghin d .6'ng va 0,2. EBIT cao, lai suAt vay DH thAp kern vai dO DFL
dm ding ty hien tai la 1,07 giup khuech dai tai chinh, tang thu nhap tren von CSH cua
cling ty. Day la nam kinh doanh kha hieu qua dm cong ty, nhung ty trong nq dia ding
ty luon dr mut cao. Cu the, hg so Kr ten von CSH cua cong ty luon Lan han 1, nam
2010 la 1,331. Du kinh doanh kit nhung viec phu thu6c vao nq nhieu ding lam gill')
kha nang tir tai chinh cua cong ty, tao ap luc ve thanh toan nq n'eu vAn khong ngimg
gia tang ncr trong nam
Nam 2011: Htr s6 nq ten von CSH dat mire cao nhAt trong 3 nam, vori tri s6 la
1,396. Mat khac, kha nang quan b'r chi phi dm cong ty kem hieu qua an den EBIT
nam 2011 giam xu6ng gAn 35 ty'. Khong chi c6 vay, DFL nam nay ding dat Binh trong
3 nam or mirc 1,14 khien cho no dm ding ty gia tang nhanh va manh hon. Sr gia tang
ganh nang nq kem voi chi phi cao khien tj, suAt sinh loi ten von CSH cfing giam
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51. manh. CO the thiy, nam 2011 la nam cong ty gap nhitu rui ro tai chinh nhit trong 3
nam. TS, trong ng 6 mire cao, kinh doanh khong hieu qua gay dp lirc khong nho len kha
nang chi tra ng cua cong ty, Ong th6i kha nang nr chu tai chinh cua cong ty ding giam
di.
Nam 2012: Tinh hinh kinh doanh cua cong ty da co chin kheri sic khi EBIT cua
cong ty tang len ding veri do lai suit vay ng cua cong ty ding giam di clang kt, tir 5,58
tS, ding xu6ng con 4,392 tS, mg. DFL co giam nhe xu6ng con 1,11 nhung yin gulp
ding ty gia tang lqi nhuan cao han, bang cluing la ty le thu nhap tren von CSH cua
cong ty da cai thien, dat mirc 0,145. He s6 ng cua ding ty giam ding cho thy Ong ty
da ditu chinh lai tS, trQng ng, giam nguy ca mat kha nang thanh town, tang tinh to chu
dm ding ty, Von dam bao dtrac cac khoin ng, qua d6 thu but them nhitu ngu6n dau to
khac trong Wang lai.
Cac chi so bien thien: ROE binh quan trong 3 nam cua ding ty la 0,15 kern theo
do dO lech chuin la 0,03, c6 ngifia la lgi nhuan thuc to ding ty dat dtrgc CO the sai biet
so vii Lai nhuan ki vgng 15% a mirc 3%. Nhtr vay, lgi nhuan cua cong ty co the bien
dOng tir 12%-18%. Ben canh dO, he se; bien d6i lai a mix cao, 0,23, tirc la rui ro sai
biet tren mOt dan vi lgi nhuan cua cong ty co tht len den 23%. Day mOt van dt ding lo
ngai do von cua cong ty huy Ong chit yeu tir ngu6n ng. Neu ROE chi data milt 12%
trong khi lai suit ngan hang ma cong ty phai tra cho khoa ng DH thu6ng a mirc 11%-
15%, dp hrc tra ng cua cong ty rat cao. Kha nang thanh town khong dam bao, boat dOng
san xuit kinh doanh khong hieu qua, nguy ca phi san dm ding ty se tang len nhanh
chong.
Sir dung ng giup cong ty tan dung dugc uu the cua don biy tai chinh la gia tang
lqi nhuari mOt cach nhanh chong. Tuy nhien, nhu da phan tich, don bay gi6ng nhu mOt •
con dao hai no ding co the lam cong ty lam vao tinh trang kho khan mOt cach de .
dangkhikhuechdainhimgkhoantokhicongtykhongkinhdoanhhieuqua.3nam
vim qua tht hien 18 rang dac ditm cua don biy tai chinh. Vi vay, de co the kinh doanh
co hieu qua nhung van dam bao dugc tinh ter chti, cong ty can tinh toan dt tim ra mOt
ca ciu von hieu qua.
2.4.2 Anh huifrng cua co eau van cl'n ty suit sinh kn
2.4.2.1 Tac clang cua ca cau van len ROE
44

52. Bang 2.16 Cong thin Dupont ciia ROE 2010-2012
(Dan vi:nghin deng)
Chi tieu Dan vi tinh 2012 2011 2010
Lai nhun rung Nghin (long 35.209.281 27.465.075 47.679.678
DTT Nghin Citing 785.142.130 838.620.615 704.034.968
Ring TS Nghin dOng 566.635.037 575.261.606 561.176.508
V8n CSH Nghin (tong 242.483.597 240.131.762 240.704.816
Lai nhu'in reng/DTT LAn 0,05 0,03 0,07
DT/TOng TS Lan 1,39 1,46 1,26
Tong TSN'on CSH Lan 2,34 2,40 2,33
ROE Lan 0,15 0,11 0,20
(Nguen:tac gia tinh town)
Bleu dA 2.8 ROE
0.2
0.2
0.15
0.18
0.16 411111.•
0.11
0.14
0.12 4111111110
0.1 s ROE
0.08
0.06
0.04
0.02
0
2012 2011 2010
(Nguen: tic gia tinh town)
COng tit Dupont la mOt cOng cu don gian nhtmg vO ding hieu qua cho phep
nha phin tich co the nhin khai quit dtrqc tan b4 cac van cfe ca ban curt DN tir do dtra
ra cac quyet (fifth dung din. Ta co the thAy chi tieu ROE dtrgc ciu thanh bei ba yeu t6
do la he s6 sinh loci ten doanh thu, hieu suit sir dung tong tai san va he s6 to tai trg.
Nam 2010-2011: ROE nim 2011 giam tir 0,2 trong nim 2010 xu6ng con 0,11.
Nhirt thiy, nguyen nhatn din den su tut giam tren la do yeu t6 tS, suit sinh loi ten
doanh thu, giam tir 0,068 xu6ng mire 0,033. Trong nim 2011, t6c dO tang chi phi dAu
vao cfmg nhu chi phi von vay cao hart so vai t6c dO tang doanh thu lam anh htrong tai
ROE
45Thang Long University Library

53. lgi nhukt rung, khien lgi nhub rung cua cong ty (tat mitt tang truemg am. Ngugc lai
veri kha nang sinh lOi cua doanh thu, hieu suit sir dung tong tai san cua cling ty lai thay
d6i theo xu htrang tich c1rc, nam 2011 dat 1,46 (so veri nam 2010 la 1,26, tucmg ling
tang 0,20). Ben cash d6, he s6 ter tai trg tang nhe len mix 2,4. He so nay luon co gia tri
cao chimg t6 tai san cua cong ty chit yeu dugc tai trg tir ngu'on ng va dang tiep tut tang
khi tri s6 nam 2011 lem hon nam 2010. Du co scr tang len trong hieu suit sir dung tai
san nhung lqi nhuan dat dugc tren doanh thu er mut thip lai anh htrong manh me ham
vao ROE. Cac nha quan tri cling ty can xem xet adtra ra cac phurmg An tiet giam chi
phi mOt cach phu hop, giap ROE cai thin hcrn.
Nam 2011-2012: ROE trong nam 2012 lai co xu huang tang len, tir 0,11 len mire
0,15. Nguyen nhin can den thay d6i nay la do su tang len dm he so sinh 16i tren doanh
thu. Nam 2012, doanh thu cua cong ty tuy co giam nhung chi phi diu vao cua ding ty
cling giam theo, ben canh d6 cong ty dugc tru dai ve thue khi thue thu nhap DN trong
nam 2012 chi con 18%, gitlp lgi nhuOn sau thue tang. Doanh thu giam clang von do lgi
nhuOn sau thue tang khien ty' suit sinh 16i cua doanh thu tang len. Ngtrgc lai, hieu suit
sir dung tong tai san cua cong ty co xu huang giam, xueing con 1,389. Tang tai san cua
cong ty tang len nhung doanh thu tit hoat dOng kinh doanh cua ding ty giam xu6ng
lam hieu suit sir dung kern hieu qua hon so von nam 2011. Yeu t6 thu ba cAu thanh nen
ROE cling giam xu6ng nhe xuling 2,34. Nam 2012, ding tai san va von CSH cua cong
ty au tang nhtmg tot dO tang khong bing nhau din den bien dOng tren. Tuy nhien, he
s6 nay van lom horn 2 cho thay cong ty van phu thuOc nhieu vao ng de tai trg cho tai
san.
De nh#n thay anh hu6ng r8 ret nhAt len ROE chinh la tS, suit sinh kri tren doanh
thu qua cac nam, ROE co si,r thay doi cling chieu v6i ti le tang giam cua he s6 nay.
Qua d6 to thiy dugc nguyen nhan din den sv thay al ROE khong bit ngu6n tir cAu
tile vein cua cling ty (trong 3 nam co cAu von bien d'Ong khong dang ke) ma bi anh
huang beri cong tic quan ly chi phi. Cling ty can tim phucrng an sao cho sir dung von
va chi phi von mOt cach hieu qua, tao thu nh4p tot nhit cho cong ty.
2.4.2.2 Mini than thui tit lai vay
46

54. Bang 2.17 TAm chAn thud 2010-2012
(Dan vi:Nghin d6ng)
Chi tali 2012 2011 2010
T6ng NV 566.635.037 575.261.606 561.176.508
Nq vay 30.000.000 30.000.000 30.000.000
Lai vay 4.392.000 5.580.000 4.680.000
Tim chin thud 790.560 1.171.800 1.170.000
(Nguon:tac gia tinh toan)
Gia tang sir dung nq ding se lam gia tang nil ro tai chinh cho cong ty, tuy nhien
cong ty van Won sir dung mOt khoan nq nhAt dint) do kri ich ma no dem lai giup cong
ty tiet kiem chi phi, dO chinh la la chin thud tir !Ai vay nq. COng ty dtrqc lcri khi sir
dung mOt b0 phAn von ma khong mat chi phi do khoan lai vay tir huy dOng nq dem lai.
Khoan lai nay dtrqc trir di trong chi phi tai chinh, khong tinh thud thu nhAp DN, dtrcrc
nha mac khAu trir cho cong ty.
NAm 2010-2011: Lai suit huy dOng trong nam 2011 tang cao khien chi phi lai
tang len tir 4.680.000 nghin eking den 5.580.000 nghin d6ng. Dieu de giup la chin thud
cua DN trong nam 2011 tang han so voi nam 2010. NhAn thAy 2 nam DN deu duqc
mien thud tren khoan lai vay nay vao khoang 1,2 ty d6ng, day la mOt khoan chi phi
khong he nho cho cong ty. Dieu d6 the hien firth hieu qua trong sir dung d6ng nq de tai
trq cho hoat dOng kinh doanh ctia cong ty, gia tang vao ngu6n von diu tu cho cac hog
dOng khac.
Nam 2011-2012: La chin thud cua cong ty sut giam xu6ng mirc 790.560 nghin
d6ng, twang img giam 381.240 nghin ding. Si di co su skit giam nay la do nam 2012,
du khoan nq vay khong d6i nhtmg vii lai suit huy d(ing de tha han, lai vay cua ding
ty bien dOng giam. Kem theo do, trong nam nay, thud thu nhAp DN cua along ty chi a
mirc 18%, lam cho khoan tiet kiem tir lai vay giam hin, PM 1 ti d6ng. Vi co them uu
dai thud nen viec la chin thud c6 giam r6 ret nhtmg kh6ng the khing dinh duqc cong
ty khong sir dung d6ng nq hieu qua.
La chin thud thirc sir dem lai cho ding ty mOt khoan lqi rat 16n, vira tiet kiem chi
phi, vira co them ngu6n von diu tu. De co the huerng lqi mOt cach t6i da tir la chin
thud ma van dam bao duqc tu chu tai chinh, mOt ca cAu von hieu qua la van de quan
trong giup cong ty co the phat trien ben yang trong twang lai.
2.5 Dinh gia ve ciu true yin tai cong ty CP X20
2.5.1 U'u diem
Hg so my: Qua cac nam, he s6 luon a mire nhO han 1 cho thAy nq phai tra cua
cong ty chi tai trq mOt phin cho tai san dung cho hoat dOng, con lai la bang vim tu co
47Thang Long University Library

55. dm ding ty. TS, s6 nq thAp thu6ng thu hitt cac chit nq vi khi nang tra nq oh cong ty se
cao han, mirc dO bao vd cho cac chit nq tang len trong truZmg hgp DN gap tinh hu6ng
pha san phai thanh l)', tai san. Ditu nay gill') cong ty thu hitt ducc nhitu ngu6n tin dung
hon cho cac nam tip theo. Ben canh d6, chi tieu trong 3 nam kh6ng co nhitu bin
dOng tht hidn cong tac quan 1S1 nq dm cong ty tuang d6i tot, cong ty kh6ng qua phu
thuOc vao ngu6n nq a tien hanh hoot dOng kinh doanh.
H? so tai try: Cung nhtr hd s6 nq, hd s6 tai tra khong co nhitu thay d6i trong 3
nam cho thay bin dOng cita v6n CSH IA khong clang kt. V6n dAu to ban dAu cita CSH
van duqc bao toan qua cac nam (172.500.000 nghin deg) tht hidn khA nang W . chi' tai
chinh oh ding ty Won on dinh, dam bao tai trq duqc cac tai sin dang sir dung trong
hoot dOng kinh doanh. Qua d6 gift duqc hinh anh, uy tin oh cong ty, tang khA !tang
canh tranh trong till tnr6ng.
He s6 no teen von CSH: TS, tong nq cita cong ty luon dao dOng 6 Ink 57%-59%,
chitm hon mOt nira tong tS, tong do do hd s6 nq tren v6n CSH luon c6 gia trilem hon 1.
Ng vay DH ngan hang dm cong ty tao ra mOt khoan lai vay hang nam, duqc trir vAo
thu thu nhap DN, gill!) ding ty titt kidm duqc mOt khoin chi phi trong sir dung ngu6n
v6n. Ben canh d6, sir dung nq gill!) cong ty tao ra don bAy tai chinh. Sir dung don bAy
tai chinh hidu quA se giup cong ty tang khA nang gia tang 19i nhuan, tao them ngu6n
v6n dAu to cho cac nam tip theo.
Kha nang thanh toan: Cac chi tieu Idth rang thanh toan cita ding ty dtu kin han 1,
dac bidt, chi tieu khA nang thanh toan lai vay luon 6 mitt 2 con s6 (nam 2011 dat mitt 8,24).
Ditu nay tht hidn, cong ty khong nhUng co du khA nang a dam bao thanh toan cho
cac ngu6n nq ma con tao duqc ngu6n lai nhuan de lai, tang ngu6n v6n dAu to trong
tucmg lai. Ngu6n v6n tu co tang len giup khA nang dOc lap tai chinh dm ding ty cao
han, nang cao uy tin, de clang thu hitt them cac ngu6n tai trq khac a au to cho cac du
an trong nhftg nam ten.
2.5.2 Nhw(Yc diim
Kha nang sinh la-i teen tai san thip hem chi phi binh quan: Tai sin cua cling
ty duqc hinh thanh to von vay va v6n CSH. CA hai ngu6n v6n nay duqc sir dung a tai
trq cho cac boat dOng oh cong ty. Hi'du qua dm vidc chuytn v6n dAu to thAnh lqi
nhuan duqc phan anh qua ROA. ROA cita cong ty trong 3 nam dat tir 5%-8%, mOt con
s6 khong 16n. Ben canh d6, chi phi cac khoan nq vay DH, nq NH, v6n CSH khien chi
phi birth quan WACC trong cac nam dtu han 10% (nam 2012 la 8,34%). Day la mOt
dAu hidu xAu cho tinh hinh hoot dOng kinh doanh dm cong ty khi chi phi dAu to cao
ham khoan tin ma ding ty kitm duqc.
Cong tic quill 15, chi phi: Trong 3 nam doanh thu dm ding ty rat lem, nam 2010
chi han 700 tS, d6ng nhtrng dtn nam 2011 len dtn han 838 tS, mg va dtn nam 2012
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