LT

ThS. Nguyn Vn Nht

Khoa Ti chnh
Email: nguyenvn@vnn.vn
1

NI DUNG
1.Qun tr ti sn ngn hn
2.Hoch nh vn u t

3.Chnh sch c tc v mua li c phiu

4.Qun tr ri ro
5.K hoch ti chnh v d bo ti chnh

TI LIU THAM KHO

1. TI CHNH DOANH NGHIP CN BN, TS.
Nguyn Minh Kiu, NXB Thng k, 2009.
2. QUN TR TI CHNH, Eugene F. Brigham, Joel F.
Houston, i hc Florida, dch bi GS.TS Nguyn Th
Cnh.
3. QUN TR TI CHNH NGN HN, Nguyn Tn
Bnh, NXB Thng k, 2010
4. FUNDAMENTALS OF CORPORATE FINANCE,
Breadley / Myers / Marcus, McGraw Hill Pub.
5. CASE STUDIES IN FINANCE, Bruner / Eades /
Schill, McGraw Hill Pub.
3

Chng 1
QUN TR TI SN NGN HN

1.1Qun tr tin mt
1.2Qun tr hng tn kho
1.3Qun tr n phi thu

Qun tr tin mt
1. Nhng l do khin doanh nghip phi
d tr tin mt?
2. Nhng u im v hn ch ca vic d
tr tin mt?
3. Nn d tr tin mt nh th no cho
hiu qu nht?

1.1. Qun tr tin mt

Nhng l do phi gi tin mt?
1. Giao dch
2. u c

3. D phng

Thu

Chi

-Tien ban hang

-Tien mua hang

-Cac khoan n, tam

ng, thu khac

-Tien lng
- Chi ph khac

au t ngan han
Cac loai chng khoan kha
nhng
7

Chi ph gi tien mat

Quyt nh tn qu tin mt
- Chi ph c hi ca tin
- Chi ph giao dch chuyn i ti sn u t sang tin

Tong chi ph gi
tien mat
Chi ph c hoi

Chi ph giao dch

C1

C*

C2

Qui mo tien mat duy tr

1.1.1. Mo hnh Baumol

Tien mat au ky:
C = 1,2 ty

Tien mat bnh quan:

C/2 = 600 trieu

Tien mat cuoi ky: C = 0

0

Tuan

Tn qu ban
u C

Tn qu trung
bnh C/2

Chi ph c hi
K = 10%

4.800

2.400

240

2.400

1.200

120

1.200

600

60

600

300

30

300

150

15

10

Tng s tin cn b
p cho 1 nm (T)

Tn qu ban u (C)

Chi ph giao dch

(T/C)*F

31.200

4.800

6,5

31.200

2.400

13,0

31.200

1.200

26,0

31.200

600

52,0

31.200

300

104,0

11

C
T
TC K F
2
C

min .

2TF
C
K
K : Li sut chng khon hng nm
F : Chi ph cho mi ln giao dch tin (khng i)
T : Tng nhu cu ti mt trong nm

12

Han che cua mo hnh Baumol

oCong ty ap dung ty le bu ap tien mat khong oi
oKhong co so thu tien mat trong ky hoach nh
oKhong co d tr tien mat cho muc ch an toan
oDong tien te ri rac ch khong phai lien tuc.

13

1.1.2. Mo hnh Miller - Orr

H
Z*

3 F .
Z* . .
L
4 k
2

H* = 3Z* - 2L

F_ Chi ph giao dch chng khoan

k Lai suat ngan han (ngy)
_ chenh lech dong tien rong hang ngay ( lch chun)
14

1.1.3. Qun tr thu chi tin mt

Qun tr tin ang chuyn

+ Tin ang chuyn

+ Chi ph do tin ang chuyn
u t tin nhn ri

15

Qua trnh thu nhan, x ly va thanh toan cheque

Thi iem
khach hang
phat hanh
cheque

Thi iem
cong ty nhan
cheque

Thi iem
cong ty nop
cheque

Thi iem
cong ty nhan
c tien

Thi gian
Tre do
chuyen
cheque

Tre do
x ly
cheque

Tre do
thanh
toan
cheque

Tien ang
chuyen do
chuyen
cheque

Tien ang
chuyen do
x ly
cheque

Tien ang
chuyen do
thanh
toan
cheque

Tien ang
chuyen do thu

16

Minh hoa cach xac nh ton that do tien ang chuyen

Gia s Cong ty ABC nhan hai khoan thanh toan moi thang nh sau:
So tien
Tien ang chuyen

Ty trong

So ngay cham tre

Khoan th 1

500.000.000

5/8

1.500.000.000

Khoan th 2

300.000.000

3/8

1.500.000.000

Tong cong

800.000.000

3.000.000.000

Xac nh ton that rong do cham tre thanh toan hang nam cua cong ty ABC

17

Giai :

So thu bnh quan hang ngay = 800.000.000 / 30 = 26.666.667

ong
Tien ang chuyen bnh quan hang ngay = 3.000.000.000 / 30 =
100.000.000 ong
So ngay cham tre bnh quan = (5/8)*3 + (3/8)*5 = 3,75 ngay
Gia s lai suat vay ngan hang la 10%/nam, lai qui ra cho ky han
3,75 ngay se la: 0,1(3,75/365) = 0,00103
Hien gia cua so thu bnh quan hang ngay = (26.666.667) / (1 +
0,00103) = 26.639.229 ong
Ton that rong do cham tre thanh toan hang ngay = 26.639.229 26.666.667 = - 27.438 ong
Ton that rong do cham tre thanh toan hang nam = - 27.438x365
= - 10.014.870 ong.
18

1.2. Qun tr hng tn kho

1.2.1. ac iem hang ton kho
Vai tro:
-am bao hoat ong SX c lien tuc
-Tang chi ph
Nhng nhan to anh hng:
-Loai hnh DN
-Tnh chat cua qui trnh san xuat
-Chi ph at hang, chi ph lu kho
-Lam phat, lai suat
19

1.2.2. Mo hnh quan ly hang ton kho hieu qua EOQ

(economic odering quantity)

Xac nh lng at hang toi u

TC
C

F
Q*

2.S .F
Q*
C

S - Tong lng hang tieu thu trong ky

F - Chi ph cho moi lan at hang
C - Chi ph lu kho moi n v hang
20

 Xac nh iem at hang lai

Q

Qt

21

1.3. Qun tr n phi thu

Chnh sach ban chu

Tang khoan
phai thu khach
hang tang
chi ph

Tang doanh thu

Li nhuan tang?
Ra quyet nh

Theo doi, quan ly n

22

1.3.1. Xay dng chnh sach ban chu

Tieu chuan ban chu:
-ng x cua khach hang
-Von t co
-Kha nang tra n
-Tai san the chap
-Kinh te v mo
ieu khoan ban chu:
-Thi han ban chu
-Chnh sach chiet khau
23

Quyet nh tieu chuan ban chu

Gia s rang gia ban san pham cua cong ty ABC Ltd. la 10$/ n v,
trong o chi ph kha bien trc thue la 8$.
Hien tai cong ty hoat ong cha het cong suat nen s gia tang
doanh thu khong oi hoi phai gia tang chi ph co nh.
Doanh thu hang nam cua cong ty hien tai la 2,4 trieu $. Neu ni
long chnh sach ban chu, doanh thu ky vong tang 25%.
Gia s rang n gia hang ban khong thay oi va chi ph c hoi thc
hien khoan phai thu tang them la 20%.
Phan tch xem cong ty ABC co nen ni long tieu chuan ban chu
san pham hay khong? Biet rang ky thu tien bnh quan cua khach
hang mi tang them la 2 thang.
24

Phan tch va quyet nh chnh sach thi han ban chu

Gia s rang gia ban san pham cua cong ty ABC Ltd. la 10$/v,
trong o chi ph kha bien trc thue la 8$.
Hien tai cong ty hoat ong cha het cong suat nen s gia tang
doanh thu khong oi hoi phai gia tang chi ph co nh.
Doanh thu hang nam cua cong ty hien tai la 2,4 trieu $.
Gia s cong ty thay oi thi han ban chu t net 30 thanh net
60 tc la gia tang thi han ban chu t 30 ngay len thanh 60
ngay.
S thay oi nay a en ket qua la ky thu tien bnh quan tang t 1
thang len thanh 2 thang va doanh thu ban hang tang them
360.000$. Cho chi ph vn = 20%.
Chung ta phan tch xem s thay oi nay anh hng nh the nao va
cong ty co nen thay oi thi han ban chu hay khong?
25

Phan tch va ra quyet nh thay oi ty le chiet khau

Gia s rang cong ty ABC Ltd. co doanh thu hang nam la 3 trieu $
va ky thu tien bnh quan la 2 thang.
Cong ty hien ang ap dung ieu khoan ban chu la net 60. Neu
cong ty thay oi ieu khoan ban chu thanh 2/10 net 60 th ky
thu tien bnh quan ky vong giam con 1 thang va c tnh co
khoang 60 phan tram khach hang (tng ng 60% doanh thu) se
lay chiet khau .
Vi nhng thong tin a cho, phan tch xem cong ty co nen thay
oi ty le chiet khau hay khong? Biet rang chi ph c hoi cua
khoan phai thu van mc 20%.

26

Anh hng cua rui ro ban chu

Chnh sach
Nhu cau, doanh thu ban chu
Doanh thu tang them
Ton that do n khong the thu hoi
Doanh thu goc
Doanh thu tang them
Ky thu tien bnh quan
Doanh thu goc
Doanh thu tang them

Hien tai
A
2.400.000 3.000.000
600.000

B
3.300.000
300.000

2%
10%

18%

2 thang

3 thang

1 thang

27

Ch tieu

Chnh sach A

Chnh sach B

1. Doanh thu tang them

2. Li nhuan tang them do tang doanh thu
(Doanh thu tang them x lai gop)
3. Khoan phai thu tang them
(Doanh thu tang them/Vong quay khoan
phai thu mi)
4. au t khoan phai thu tang them
(Khoan phai thu tang them x gia von)
5. Chi ph c hoi do au t them vao khoan
phai thu (20%)
6. Ton that do n khong the thu hoi
(Doanh thu tang them x ty le n khong
the thu hoi)
7. Tong thiet hai ( dong 5+6)
8. Li nhuan tang them sau khi tr thiet
hai: (2) (7)

28

Ch tieu

Chnh sach A

Chnh sach C

1. Doanh thu tang them

2. Li nhuan tang them do tang doanh thu
(Doanh thu tang them x lai gop)
3. Khoan phai thu tang them
(Doanh thu tang them/Vong quay khoan
phai thu mi)
4. au t khoan phai thu tang them
(Khoan phai thu tang them x gia von)
5. Chi ph c hoi do au t them vao khoan
phai thu (12%)
6. Ton that do n khong the thu hoi
(Doanh thu tang them x ty le n khong
the thu hoi)
7. Tong thiet hai ( dong 5+6)
8. Li nhuan tang them sau khi tr thiet
hai: (2) (7)

29

Chnh sach ban chu

A
B
C
D
Mc tang doanh thu cua chnh sach sau so 2,8 1,8 1,2 0,6
vi chnh sach trc (ty ong)
Ky thu tien bnh quan (ngay)

45

60

90 144

Ton that n khong the thu hoi (%)

10

15

30

1.3.2 Phan tch uy tn tai chnh

cua khach hang mua chu

T choi ban chu

Thong tin
ve khach hang
-Bao cao tai chnh
-Xep hang tn dung
-Kiem tra cua ngan hang

khong
Uy tn
cua
khach
hang

co

Quyet
nh
ban
chu

-Kiem tra thng mai khac

31

Chng 2
HOCH NH VN U T
1. Khai niem, phan loai d an au t

2. Dong tien cua d an au t

3. Cac ch tieu anh gia d an au t
4. Suat chiet khau d an

32

2.1. Khai niem, phan loai d an au t

2.1.1 Khai niem ve au t:
La viec bo von ra dung vao viec san xuat, kinh doanh nham muc
ch sinh li, bao gom hai giai oan:
1. Giai oan bo von au t
-au t ra ben ngoai DN: mua chng khoan, gop von lien
doanh
-au t vao ben trong DN: mua sam TSC va TSL
2. Giai oan thu hoi von va co lai
Doanh nghiep thu von la tien lai. Trong giai oan nay DN van
phai tiep tuc bo chi ph cho cac loai TSL.

33

2.1.2 Phan loai au t

Can c vao thi gian bo von au t va thc hien:
- au t ngan han: mua trai phieu, gop von lien doanh
di 1 nam
- au t dai han: mua co phieu, trai phieu, gop von
LD, mua TSC

Can c vao muc tieu au t:

- au t thay the
- au t nang cap
- au t mi
34

2.1.3 Qui trnh phan tch va ra quyet nh au t

Xac nh d an:
Tm c hoi va
a ra e ngh
au t vao d an

anh gia d an:

c lng dong
tien lien quan va
suat chiet khau
hp ly

La chon tieu
chuan quyet
nh:
(PBP, NPV, PI,
IRR, MIRR)

Tm nguon von
tai tr cho d an

Ra quyet nh:
Chap nhan hay t
choi d an
35

2.2. Dong tien cua d an

2.2.1 Khai niem
Dong tien la bang d toan thu chi trong suot thi gian
tuoi tho cua d an, no bao gom nhng khoan thc thu
(dong tien vao) va thc chi (dong tien ra) cua d an tnh
theo tng nam.
Dong tien (lu chuyen tien te cash flow) the hien
s van ong (thu vao, chi ra) cua tien te trong mot d an
au t.
Dong tin ra (outflows)
Dong tin vo (inflows)
Dong tin hot ng (operating cash flows_OCF)
Dong tin thun (net cash flows)
36

DOANH THU
- Chi ph bng tin (khng bao gm li vay)
- Khu hao
Thu nhp hot ng trc li vay v thu _ EBIT
- Thu TNDN

(EBIT * t)

Thu nhp hot ng thun sau thu _ NOPAT

+ Khu hao
OCF _ Dng tin hot ng
- Chi ph vn u t TSC
- Chnh lch vn lu ng tng thm
NCF _ Dng tin thun
37

Dng tin hot ng OCF = EBIT.(1-t) + khu hao

EBIT.(1-t) _ Li nhun hot ng thun sau thu NOPAT

38

Chnh lch vn lu ng

Nm
0 1
2
Tng nhu cu vn lu ng
hng nm
0 500 700
Thay i vn lu so vi
nm trc
0 500 200
Vn lu ng tng thm
(phi b sung thm)
0 -500 -200

3
1000

900 700

300 -100 -200

-300

100 200

39

X l dng tin cui d n

1. Ton b vn lu ng c thu hi
2. Thu thanh l ti sn c nh: s dng dng tin sau
khi tnh thu TNDN t bn thanh l ti sn.

1.
2.
3.
4.
5.
6.
7.

Nguyn gi
Khu hao
GTCL (1) (2 )
Thu thanh l
Chnh lch (4) (3)
Thu (25%)
CF

A
10,000
10,000
0
3,000
3,000
750
2,250

B
10,000
5,000
5,000
3,000
(2,000)
(500)
3,500

C
10,000
5,000
5,000
7,000
2,000
500
6,500
40

2.2.2 Cac nguyen tac trong xay dng dong tien

41

A. HOT NG
Doanh thu
Chi ph bng tin
Khu hao
EBIT
Thu TNDN
NOPAT
OCF
B. U T (VN)
TSC
TSL
ICF
C. DT cui DA
Thu thanh l
Thu hi vn L
ECF
D. NCF

42

Mt d n u t c nhu cu vn u t ban u
vo ti sn c nh l 5.000 triu ng v vo ti sn
lu ng l 1.000 triu ng.
D n c thi gian hot ng l 5 nm. Ti sn c
nh c khu hao u trong 5 nm.
Chi ph bng tin chim 40% doanh thu.
Doanh thu nm u l 10.000 triu ng, cc nm
sau mi nm l 25.000 triu ng.
Thu sut thu TNDN l 25%.
Khi kt thc d n thu thanh l ti sn c nh c
500 triu ng (sau thu). Thu hi ton b vn u t
vo ti sn lu ng.
Xc nh dng tin thun ca d n.
43

A. HOT NG
Doanh thu
Chi ph bng tin
Khu hao
EBIT
Thu TNDN
NOPAD
OCF
B. U T (VN)
TSC
TSL
ICF
C. DNG TIN
THUN NCF

44

u t
Hin ti chi u t TSC: 7.000, chi u t TSL: 2.000
Nm th 3: u t thm TSC: 1.000, TSL: 500
Thu thanh l TSC (cha tr thu TNDN): 2.389
Thu hi ton b vn lu ng

Hot ng (7 nm)
Doanh thu 3 nm u: 24.000, t nm th 4 tr i: 32.000
Chi ph bng tin 3 nm u: 20.000; t nm th 4 tr i: 25.000
Khu hao mi nm: 1.000
Thu sut thu TNDN 28%
Yu cu:
Tnh NPV, IRR, MIRR
Li sut chit khu r = 12%, li sut ti u t i = 11%
45

Nm

A. Hot ng
Doanh thu
Chi phi bng tin
Khu hao
LN trc thu
Thu (28%)
LN sau thu
Dong tin hoat
ng OCF
B. u t
u t vo TSC
u t vo TSL
Dong tin u t

NCF

46

2.3 Cac phng phap anh gia

d an au t
1. Phng php hin gi thun NPV

2. Phng php t sut sinh li ni b - IRR

3. Phng php t sut sinh li ni b hiu chnh MIRR
4. Phng php thi gian hon vn - PBP

47

2.3.1 PHNG PHP HIN GI THUN

NPV - Net present value
L gi tr hin ti ca dng tin trong tng lai c
chit khu bng chi ph s dng vn r.
Nm

NCF

-100

27

25

24

24

24

(1 r ) 1
NPV

(1 r ) 2

(1 r ) 3
(1 r ) 4

(1 r ) 5

n
CFn
CFt
CF1
CF2
NPV CF0

...

1
2
n
t
(1 r ) (1 r )
(1 r )
(
1

r
)
t 0
48

Nm
A. Hot ng
Doanh thu
Chi phi bng tin
Khu hao
LN trc thu
Thu (25%)
LN sau thu
Dong tin hoat ng OCF
B. Chi u t
u t vo TSC
u t vo TSL
Dong tin u t ICF
C. Dng tin cui d n
Thu Thanh l TSC
Thu hi vn lu ng
ECF
FCF = OCF ICF + ECF

49

LA CHN D N KHI KHNG B GII HN

V NGUN LC TI CHNH
Nhng d n c lp

Nhng d n loi tr nhau

a. Chn d n c NPV ln hn

b. Xem xt s khc bit v thi gian v qui m d

n

50

2.3.2 PHNG PHP T SUT SINH LI NI B

IRR Internal Rate of Return
Ty suat sinh li noi bo la lai suat rieng cua d an. Vi lai suat
nay th tong hien gia cua cac khoan thu nhap trong tng lai
bang tong hien gia cua von au t, v vay NPV = 0.
Nham anh gia hieu qua cua d an

Nm

NCF

-100

27

25

24

24

24

(1 IRR) 1
(1 IRR) 2

NPV =
0

(1 IRR) 3
(1 IRR) 4
(1 IRR) 5
51

NPV

0
IRR

52

So snh phng php NPV v phng php IRR

Sut chit khu giao nhau
0

A
B

-700
-700

500
100

300
300

A
B

5%
$134.68
$185.65

10%
$77.61
$89.63

15%
$27.38
$8.31

IRRA = 18%

100
600
20%
25%
($17.13) ($56.80)
($61.11) ($120.80)

30%
($92.35)
($172.46)

IRRB = 16%

53

$250,000

$200,000
$150,000
$100,000
$50,000
$,000

5%

10%

15%

20%

25%

30%

($50,000)
($100,000)
($150,000)
($200,000)

rc = 11,8% NPV = $58,8

54

So snh phng php NPV v phng php IRR

Sut chit khu giao nhau
Nhng d n c lp
Nhng d n loi tr nhau
Xem xt s khc bit v thi gian v qui m d n

55

2.3.3 PHNG PHP T SUT SINH LI NI B HIU CHNH

MIRR Modified Internal Rate of Return
Ty suat sinh li noi bo co hieu chnh la ty suat sinh li lam
cho hien gia cua dong tien chi ra cho au t d an bang vi
hien gia gia tr ti han (terminal value) cua dong tien thu ve t
d an.
Gi tr ti hn l tng gi tr tng lai ca dng tin thu vo
c tnh li kp theo li sut ti u t.

i
ty suat ti u t
r
Ty suat chiet khau (lai suat yeu cau cua d an)
TV
gia tr ti han cua dong tien thu ve t d an
MIRR ty suat sinh li noi bo co hieu chnh
n
so nam d an hoat ong
56

Nm

NCF

-100

27

25

24

24

24

(1 i )n 1

(1 i )n 2

(1 i )n 3

TV

PVdt
MIRR ?

MIRR n

TV
1
PVt
57

2.3.4 PHNG PHP THI GIAN HON VN

Thi gian
hon vn

S nm trc
khi thu hi ton +
b vn (t)

Chi ph cha thu hi

u nm (t +1)
Dong tin trong nm thu
hi ton b vn (t+1)

58

PHN LOI D N
D an oc lap, la d an ma viec chap nhan hay bac bo d
an khong anh hng g en nhng d an khac ang c
xem xet.
D an phu thuoc, la d an ma viec chap nhan hay bac bo
d an phu thuoc vao viec chap nhan hay bac bo mot d an
khac.

D an loai tr nhau, la nhng d an khong the c chap

nhan ong thi, ngha la ch c chon mot trong so nhng
d an o ma thoi.
59

D an
oc
lap

Loai ch tieu Quyet nh

Thi gian hoan
Chap nhan neu nho hn
von
thi gian hoan von yeu
(PBP)
cau
T choi neu ln hn thi
gian hoan von yeu cau
Chap nhan neu NPV > 0
Hien gia thuan
(NPV)
T choi neu NPV < 0
Chap nhan neu PI > 1
Ch so li nhuan
(PI)
T choi neu PI < 1
Ty suat sinh li
Chap nhan neu IRR > Suat
sinh li yeu cau
noi bo
(IRR)
T choi neu IRR < Suat
sinh li yeu cau
60

D an
Hai d an
loai
tr
nhau

Loai ch tieu Quyet nh

Thi gian hoan von

Chap nhan d an nao co

(PBP)
thi gian hoan von ngan
hn

T choi d an co thi
gian hoan von dai hn
Hien gia thuan

Chap nhan d an co NPV

(NPV)
ln hn

T choi d an co NPV
nho hn
Ch so li nhuan

Chap nhan d an co PI
(PI)
ln hn

T choi d an co PI nho
hn
Ty suat sinh li noi bo Chap nhan d an co IRR
(IRR)
ln hn

T choi d an co IRR nho

61
hn

 2.4. Chi ph s dung von bnh quan

Nguon von
N vay
Vay dai han ngan hang
Phat hanh trai phieu)
Von chu s hu

Li nhuan gi lai
Co phan u ai
Co phan thng

C phn mi pht hnh

Ty trong (%)

Chi ph
(%)

Wd

rd

Wre
Wp
We
Wne

rre
rp
re
rne

rWACC Wd rd (1 - t) Wp rp We re Wre rre Wnerne

62

Chi ph s dung von co phan thng (re)

D1
re
g
P0
S dung mo hnh CAPM

re rf (rm rf ).
63

Chi ph s dung von co phan mi phat hanh

D1
rne
g
P0 .(1 c)
Chi ph s dung von co phan u ai (rp)

rp

Dp
P' p
64

4.1.2. Chi ph s dung von co phan u ai (rp)

rp

Dp

Pp - Menh gia co phan u ai

P' p

Pp: tien thu c t phat hanh co phan

u ai

V du:

Cong ty o to Trng Hai d kien phat hanh co phieu

u ai co menh gia 1.000.000 /cp vi mc chia co
tc la 15%/nam. Chi ph phat hanh 2% menh gia.

Dp

150.000
rp

15,31%
P' p 980.000
priority 65

oi vi khoan n dai han

Tra lai va von goc 1 lan

P0: MV _ menh gia trai phieu

P0: von vay thc te nhan c
Fn: Von goc va lai phai tra khi ao han

P F(1 r )

rD n

Fn
1
P'0

66

Chng 3
QUN TR RI RO
3.1 Mc tiu ca qun tr ri ro
- Khi nim, phn loi
- Nhn din
3.2 Cc hnh thc qun tr ri ro

- Mua bo him
- S dng cc cng c phi sinh

Khi nim ri ro

Phn loi ri ro

-Ri ro bt thng Mua bo him

- Ri ro k vng S dng cc cng c phi sinh

Nhn din ri ro ti chnh

-Ri ro bin ng gi
-Ri ro t gi

- Ri ro li sut

Mc tiu qun tr ri ro
- Ri ro bt thng
- Ri ro k vng

Cc cng c bo him ri ro
Cc cng c bo him ri ro ra i trn nguyn tc
Zero sum game. y l mt l thuyt tr chi m tng
thit hi v li ch ca nhng ngi tham gia bng
zero, li ch ca bn ny bng thit hi ca bn kia.
Quyn chn (options)
Hp ng k hn (forwards)
Hp ng tng lai (futures)
Hp ng hon i (swaps)

Hp ng quyn chn (Options)

Khi nim, phn loi
Cn c vo v th ca ngi mua hp ng quyn chn
Cn c vo thi gian thc hin hp ng quyn chn
Cn c vo ti sn c s

Gi tr quyn chn

P0 l gi thc hin ca ti sn c s
Pt l gi th trng ca ti sn c s vo thi im
thc hin hp ng

C l gi ca quyn chn mt n v ti sn c s
N l s lng ti sn c s trong hp ng

Bb l gi tr nhn c ca ngi mua quyn chn

Bs l gi tr nhn c ca ngi bn quyn chn

Call Options
Bb = (Pt P0 C)*N

Bs = (P0 + C Pt)* N

Bb
P0+C
P0
0

Pt

-C
C

Put Options
Bb = (P0 Pt C)*N

Bb

P0
0
Pt
-C
C
ThS. Nguyn Vn Nht

Hp ng k hn (Forwards)
L hp ng tha thun gia hai bn, trong hai bn
cam kt s thc hin bn (hoc mua) mt s lng ti sn
c s vo mt thi im xc nh trong tng lai vi mt
mc gi c xc nh ti thi im k hp ng.
Li ch ca ngi mua, Bb = (Pt P0)* N
Li ch ca ngi bn, Bs = (P0 Pt)*N
Tng li ch = 0

Hp ng tng lai (futures)

Khi nim:
c im:
-Giao dch qua S giao dch
- K qu

- Thanh ton li (l) hng ngy

Ngy 20/3/2013, cng ty A k hp ng tng lai

mua 1.000 tn go vi gi 15 triu ng/tn vo
ngy 30/6/2013. Tng gi tr thc hin hp ng l
15 t ng.
Cng ty A phi ng mt khon tin k qu ban
u trong ti khon bo chng ti cng ty thanh ton
b tr 500 triu ng. Mc duy tr thp nht l 300
triu ng (maintenance margin), nu ti khon k
qu cn li di 300 triu, cng ty A phi np thm
tin vo duy tr mc k qu tr li 500 triu ng.

VT: ngn ng
Ngy

20/3
21/3
23/3
24/3
25/3
26/3
27/3
28/3

Gi ng ca
(ngn ng/tn)

Gi tr H
tng lai

15.000
15.040
15.025
15.012
14.968
14.947
14.730
14.742

15 (t )
15.04
15.025
15.012
14.968
14.947
14.730
14.742
Cng

Li (l) hng
ngy

40.000
(15.000)
(13.000)
(44.000)
(21.000)
(217.000)
12.000
(258.000)

S d trong TK bo
chng

500.000
540.000
525.000
512.000
468.000
447.000
230.000
512.000

Hp ng hon i (swaps)
Khi nim:
Hp ng hon i l hp ng m hai bn tham gia tha
thun hon i mt ngha v thanh ton c xc nh
trc.
Hp ng hon i c th l hp ng hon i li sut,
hon i tin t, hon i c phiu, hon i hng ha

Hon i li sut:
Vay vi li sut c nh
Ri ro khi li sut th trng gim.
Cho vay vi li sut c nh
Ri ro khi li sut th trng tng.

Cng ty A pht hnh tri phiu vi tng mnh gi l 40 t

ng, tri phiu tr li hng nm vo cui k, li sut c nh
10%/nm, thi hn 5 nm. Hng nm cng ty A phi tr mt
khon li c nh l 4 t ng. Cng ty mun hon i chi ph
li theo li sut LIBOR bng cch tham gia hp ng hon i
li sut vi ngn hng X.
Theo tha thun trong hp ng hon i, ngn hng X hng
nm phi tr cho cng ty A mt khon li c nh 8%, i li
cng ty A s tr cho ngn hng X mt khon li hng nm theo
li sut LIBOR + 2% tnh trn tng d n 40 t ng.

Nm 1 nm 2 Nm 3 Nm 4
Nm 5
Li sut LIBOR
6.2%
6%
5.9%
5.5% 6.3%
Nhn c t NH
3.2
3.2
3.2
3.2
3.2
Chi tr cho NH
-3.28
-3.2
-3.16
-3 -3.32
Chnh lch thu
chi (NCF)
-0.08
0
0.04
0.2 -0.12

Hon i tin t:
Hon i tin t nhm gip cc cng ty vay n bng ngoi
t c th hon i thnh cc khon vay ni t nhm gim
ri ro t gi.

Cng ty A vay 1 triu USD vi li sut 6%/nm, thi hn vay 5

nm, li tr nh k hng nm, gc tr khi o hn, cng ty A
cn chuyn 1 triu USD sang VN s dng cho hot ng
kinh doanh ti Vit Nam. Tuy nhin cng phi i ph vi ri
ro t gi, bi v li tr nh k v n gc phi tr bng USD
nhng cng ty khng c ngun thu t USD, nu t gi tng,
cng ty s b l. bo him ri ro t gi, cng ty k hp ng
hon i khon vay ngoi t bng mt khon vay ni t tng
ng 1 triu USD, tnh theo t gi hin ti l 21.000
ng/USD, li sut 10%/nm.
Cng ty A chuyn giao 1 triu USD vay cho bn k hp
ng hon i tin t v nhn 21 t ng. Mi nm cng ty s
b tr ngha v tr li vay v tr n gc cho bn cho vay bng
ngoi t ca bn k hp ng hon i tin t ng thi cng
ty s tr li li v gc bng tin ng tnh theo li sut vay
10%.

Nm 0
USD
1,000

1. Vay v tr n USD
2. Hon i USD sang VN
- Cng ty A nhn bng USD (1,000)
- Cng ty A tr bng VN
3. Ngn lu rng
-

VN

Nm 1- 4
USD
(60)

VN

60

21,000
21,000

Nm 5
USD
(1,060)

VN

1,060

(2,100)
(2,100)

(23,100)
(23,100)

Chng 4
CHNH SCH C TC V
MUA LI C PHIU
4.1 Cc hnh thc v cch thc chi tr c tc
4.2 Chnh sch c tc v gi tr cng ty
4.3 Chi tr c tc bng c phiu v chia tch c phn
4.4 Mua li c phn

87

4.1 Cac hnh thc va cach thc chi tra co tc

4.1.1 Cac hnh thc chi tra co tc (Dividend)

Tra co tc bang tien mat

Cash devidend
Tra co tc bang co phieu
Stock devidend

88

TDH TRA CO TC BANG CO PHIEU

Vn iu l hin c: 170 t
Tr c tc bng c phiu t 4/2006:
S lng pht hnh: 3.400.000 c phiu
T l pht hnh: 5:1 (cn c vo ngy cht danh sch, c ng s
hu 05 c phiu c s c chia 01 c phiu mi).
Pht hnh cho c ng hin hu:
S lng pht hnh: 1.700.000 c phiu
T l pht hnh: 10:1 (cn c vo ngy cht danh sch, c ng
s hu 10 c phiu s nhn c 10 quyn mua, v vi 10 quyn
mua th s c mua 1 c phiu mi vi gi l 50.000 ng/c
phiu).
89

S tin
NGUON VON
A-N PHAI TRA
338,000,000,000
I. N ngan han
II. N dai han
338,000,000,000
B- VON CHU S HU
753,000,000,000
I. Von chu s hu
745,000,000,000
1. Von au t cua chu s hu
170,000,000,000
2. Thang d von co phan
355,000,000,000
7. Quy au t phat trien
69,000,000,000
8. Quy d phong tai chnh
10,000,000,000
10. LNST cha phan phoi
141,000,000,000
II. Nguon kinh ph va quy khac
8,000,000,000
1. Quy khen thng, phuc li
8,000,000,000
CONG NGUON VON
1,091,000,000,000
90

S tin
NGUON VON
A-N PHAI TRA
338,000,000,000
I. N ngan han
II. N dai han
338,000,000,000
B- VON CHU S HU
753,000,000,000
I. Von chu s hu
745,000,000,000
1. Von au t cua chu s hu
170,000,000,000
2. Thang d von co phan
355,000,000,000
7. Quy au t phat trien
69,000,000,000
8. Quy d phong tai chnh
10,000,000,000
10. LNST cha phan phoi
141,000,000,000
II. Nguon kinh ph va quy khac
8,000,000,000
1. Quy khen thng, phuc li
8,000,000,000
CONG NGUON VON
1,091,000,000,000
91

4.1.2 Cach thc chi tra co tc

Cac ch tieu:
C tc: divident
T l tr c tc:
divident payout = divident/EPS

T sut li nhun c tc:

Dividend Yield = annual dividend per share / stock's
price per share

92

4.1.3 Qui trnh chi tr c tc

MCP
Ngy ng k cui cng tr c tc t I nm 2008

Loi chng khon: C phiu ph thng

Mnh gi:
10.000
Ngy giao dch khng hng quyn:
18/11/2008
Ngy ng k cui cng:
20/11/2008
T l c tc t I/2008: 10% (1.000 ng/c phiu)
Ngy chi tr c tc:
10/12/2008
30/10
Cong bo

18/11

20/11

Xac lap
quyen
hng
co tc

Khoa so

10/12
Chi tra
co tc
93

4.2 Chnh sach co tc

Li nhuan
(c phn thng)
Li nhuan gi lai

Chia co tc

Phat hanh co phan mi

hay s dung li nhuan gi lai?
Chnh sach co tc phai co tnh on nh, khong thay oi that
thng va phai ac biet than trong trc khi quyet nh thay oi
mot chnh sach co tc nay bang mot chnh sach co tc khac.
94

THIT LP CHNH SCH C TC

1. Chnh sch c tc sau u t

2. Chnh sch tr c tc n nh
(tng i, tuyt i)
3. Chnh sch tha hip
95

Kha cnh mang tnh chin lc:

-Khng chia c tc nn long c ng gi gim
- Chia c tc Phi pht hnh chng khon mi; nh
hng kh nng kim sot cng ty
Kh nng thanh ton:
-Ch n thng nh gi kh nng tr n ca cng ty.
- Nu tr c tc kh nng thanh ton gim

96

 Cc l thuyt v chnh sch c tc

1. Chnh sch c tc c nh hng n gi tr cng ty:
nu khng tn ti ngun ti tr bn ngoi, gi tr cng ty
b nh hng bi ROI.

97

Tnh huong 1:
Toan bo nguon ngan lu rong c dung e tra co tc
Gia du cong ty A tao ra mot dong ngan lu rong vnh
vien la 1000$/nam.
Cong ty quyet nh s dung toan bo nguon ngan lu
rong nay e tra co tc la D (CF = D),
Neu suat sinh li ma co ong oi hoi la ke = 10%
Gia tr cua von chu s hu theo mo hnh chiet khau
co tc se la:
V0 = D/ke = 1000 / 0,1 = 10.000$

98

Tnh huong 2: 50% cua nguon ngan lu rong c gi lai e tai

au t vao d an co suat sinh li tren von au t ROI xay ra bi
mot trong ba kha nang sau:
Neu ROI = ke = 10%
V0 = CF(1 b) / (ke b * ROI) = 1000(1 0,5) / (0,1 0,5 *0,1) =
10.000
Neu ROI = 15% > ke = 10%
V0 = CF(1 b) / (ke b * ROI) = 1000(1 0,5) / (0,1 0,5 *0,15) =
20.000
Neu ROI = 5% < ke = 10%
V0 = CF(1 b) / (ke b * ROI) = 1000(1 0,5) / (0,1 0,5 *0,05) =
6.666
99

Cc l thuyt v chnh sch c tc:

1. Chnh sch c tc c nh hng n gi tr cng ty:
nu khng tn ti ngun ti tr bn ngoi, gi tr cng ty
b nh hng bi ROI.
2. Chnh sch c tc khng nh hng n gi tr
cng ty: c tn ti ngun ti tr bn ngoi

100

Gia s rang c hoi au t mi oi hoi cong ty A phai

chi au t 1000$ vao nam nay, va nhan c mot nguon
ngan lu rong la 200$/nam t nam ti cho en vnh vien,
biet suat sinh li oi hoi cua co ong la 10%, khi ay
NPV cua d an se la:
NPV = -1000 + (200 / 0,1) = +1000$

101

Tnh hung 1:
Neu cong ty A gi lai toan bo nguon ngan lu rong cua nam
nay e au t vao d an mi va nh vay ong ngha vi viec
co ong cua cong ty A se khong nhan c co tc trong nam
nay, khi o, gia tr th trng cua von chu s hu se la:
V0 = Co tc nam nay + (PV cua co tc t hoat
ong hien hanh) + (PV cua co tc t au t mi)
= 0 + (1000 / 0,1) + (200 / 0,1) = 12.000$

0
Hin hnh
T mi

...n

1.000

1.000

1.000

1.000

200

200

200

200
102

Tnh huong 2:
.Chi ph au t 1000$ cho d an mi c huy ong t viec phat
hanh co phieu mi, khi o:
V0 = Co tc nam nay + (PV cua co tc t hoat ong hien hanh) +
(PV cua co tc t au t mi) (Chi ph au t cho d an mi co
c t phat hanh co phieu mi)
= 1000 + (1000 / 0,1) + (200 / 0,1) 1000 = 12.000$
0
Hin hnh
T mi

...n

1.000

1.000

1.000

1.000

1.000

(1.000)

200

200

200

200

103

Cai lam thay oi gia tr cua von chu s hu la quyet

nh au t ch khong phai chnh sach co tc.
Nhng phn bin cc l thuyt v chnh sch c tc:
-Mc quan tm m cc c ng dnh cho thu nhp t
c tc nh th no?

-Thu nhp t c tc trong tng lai c ri ro cao hn?

-S nh hng ca th trng khng hon ho?
-nh hng ca chnh sch thu?
-Chnh sch c tc cho thy sc khe ca cng ty?
104

Cac yeu to anh hng chnh sach co tc

1. Cac han che phap ly:
-Khong c dung von e tra co tc
-Co tc ch c chi tra t li nhuan rong
-Khong the chi tra co tc khi DN mat kha nang thanh
toan

105

2. Chnh sach thue:

-Co tc b anh thue thu nhap ca nhan
-Co the co qui nh han che viec khong chi tra co tc
e tranh thue thu nhap ca nhan

106

3. Kha nang thanh khoan:

-Co the DN co li nhuan cao nhng van khong co kha
nang chi tra co tc.

-Cac DN ang tang trng nhanh thng co nhieu c

hoi au t sinh li nhng van phai am bao tnh thanh
khoan.

107

4. Kha nang vay n va tiep can cac th trng von:

-Kha nang thanh khoan rat can cho DN e bao ve DN
khi gap khung hoang tai chnh va tan dung cac c hoi
au t kp thi.
-Co the i vay e lam gia tang tnh thanh khoan tc
thi

-Li nhuan gi lai lam gia tang tnh thanh khoan cua
DN.

108

5. On nh thu nhap:
Cac DN ln thng duy tr mc chi tra co tc eu
an hoac tang them
DN hoat ong on nh
Tao niem tin cho th trng
6. Trien vong tang trng:
DN tang trng nhanh thng can so von ln e
tai tr cac d an hap dan co nhu cau gi lai li
nhuan.

109

7. Bao ve chong loang gia:

Khi chi tra co tc nhieu th sau o thng phai
phat hanh co phan mi e huy ong von, hoac i vay
von.
8. Lam phat:
DN phai chuan b von ngay cang nhieu hn e au
t va mot tai san do lam phat cao Nhu cau tien mat
tang gi lai LN.

110

4.3 Chi tra co tc bang co phieu va chia tach co phan

111

4.4 Mua lai co phan

+ Th thc mua li c phn
+ Cc tc ng ca thu
+ Cc tc ng pht tn hiu

112

Chng 5
K HOCH TI CHNH V
D BO TI CHNH
5.1 D bo doanh thu
5.2 Lp bo co ti chnh d kin

113

5.1 D bo doanh thu

Lp k hoch ti chnh oi hi phi d bo v phn tch cc bo
co ti chnh.
D bo doanh thu c xy dng da trn s liu v doanh thu
nhiu nm trc v k hoch kinh doanh sp ti ca cng ty.
D bo doanh thu sai lch:
D bo t hn so vi thc t
Khng cung cp nhu cu th trng Khch hng mua hng
ca cng ty cnh tranh Mt th phn
D bo nhiu hn thc t:
Vng quy vn thp, chi ph tn kho cao, li hun thp.
Gim gi c phiu
114

Phng php d bo doanh thu trc tip

n

S1 (Qi * Pi)
1

115

Phng php cn c vo tc tng trng BQ

ca doanh thu
Nm
2008
2009
2010
2011
2012
2013

Doanh thu ( triu Tc tng

ng)
trng (thc t)
14.500
18.125
25%
19.940
10%
24.930
25%
30.000
20,3%

D bo

20%

-> D bo DT 2013 = 36.000 tr

116

Phng php bnh qun di ng

Nm ( t)
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012

Doanh thu
thc t ( St)
12.000
17.000
15.000
14.000
14.000
18.000
20.000
19.000
21.000
22.000
Tng s

Doanh thu
d bo

14.500
15.000
15.250
16.500
17.750
19.500
20.500

St+1 = ( St+ St-1+St-2 + . + St-n+1)/ n

117

Phng php bnh qun di ng

Nm ( t)
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012

Doanh thu
thc t ( St)
12.000
17.000
15.000
14.000
14.000
18.000
20.000
19.000
21.000
22.000
Tng s

Doanh thu Sai s tuyt T l sai s

d bo
i

14.500
15.000
15.250
16.500
17.750
19.500
20.500

500
3.000
4.750
2.500
3.250
2.500
16.500

0,036
0,167
0,238
0,132
0,155
0,114
0,842

Sai s bnh
phng

250.000
9000.000
22.562.500
6.250.000
10.562.500
6.250.000
54.875.000

St+1 = ( St+ St-1+St-2 + . + St-n+1)/ n

118

Bng cn i k ton
Ti sn
Tin v cc khan tng ng tin
Khon phi thu khch hng
Tn kho
Tng ti sn ngn hn
Gi tr nh xng v thit b
Tng ti sn
Ngun vn
Phi tr nh cung cp
Vay n ngn hn
Khon phi tr khc
Tng n ngn hn
Tri phiu
Tng n
C phiu thng (50 triu CP)
Li nhun gi li
Tng vn ch s hu
Tng Ngun vn

2005

2004

10
375
615
1000
1000
2000

80
315
415
810
870
1680

60
110
140
310
750
1060
130
810
940
2000

30
60
130
220
580
800
130
750
880
119
1680

Bo co thu nhp
Doanh thu thun
Chi ph hot ng cha k khu hao
Thu hp trc thu, li vay v khu hao (EBITDA)
Khu hao
Thu nhp trc thu v li vay (EBIT)
Li vay
Thu nhp trc thu (EBT)
Thu
Li rng
C tc CP thng
Li nhun gi li tng thm
S liu mi c phn
Gi c phiu thng
Thu nhp trn mi c phn (EPS)
C tc mi c phn
Gi tr s sch mi c phn (BVPS)
Dng tin trn mi c phn (CFPS)

2005
3000
2616.2

2004
2850
2497

383.8
100
283.8
88
195.8
78.3
117.5
57.5
60

353
90
263
60
203
81.2
121.8
53
68.8

23
2.35
1.15
18.8
4.35

26
2.44
1.06
17.6
1204.24

Xc nh vn cn huy ng thm t bn ngoi - AFN

Additional funds needed

Vn cn
huy ng
thm

Ti sn
d tnh
tng
thm

N phi
tr tng
thm

Li
nhun
gi li
tng
thm

A*
L*

AFN
S S

S S
M .S1 .RR
0
0

121

S0

Doanh thu nm bo co

3,000

S1

Doanh thu d bo

3,300

Doanh thu tng thm = 3.300 - 3000

A*/S0 % ti sn/doanh thu = 2.000/3.000

L*/S0

= (Phi tr ngi bn + Phi tr khc)/Doanh thu

L*

N phi tr tng t ng (Phi tr ngi bn, phi tr khc)

Li nhun rong / Doanh thu

RR

T l % LN rong c gi li

Ti sn d tnh tng thm: 66,7% * 300 =

300
66.7%
6.67%
20
3.92%
51%

200

Gia tng n phi tr tng ng: 6,67% * 300

20

Li nhun gi li tng thm: 3.300 * 3,92% * 51%

66

AFN =

114

122

Cc yu t nh hng n ngun vn cn huy ng thm?

1.
2.
3.
4.
5.

S tng trng doanh thu : S

Mc thm dng vn: A*/S0
T l n hot ng so vi doanh thu: : L*/S0
T l li rong: M
T l li nhun gi li: RR

123

TS
1. TSNH
Tin
HTK
Phi thu
2. TSDH

CNG

2006

2005
NV
1.000 1. N
10 PT n. bn
615 Vay NH
375 P.Tr khc
1.000 Vay DH
2. VN
CP thng
LN g.li
2.000

2006

2005
1.060
60
110
140
750
940
130
810
2.000

Doanh thu 2005: 3.000 $

D kin DT nm 2006 tng 10%
LN sau thu nm 2005: 117,5 $
LN gi li tng thm nm 2005: 60$
124

iu chnh cng sut d tha

Doanh thu mc cng
sut ti a
T l TS c
nh/DT mc tiu
Mc TS c
nh cn thit

Doanh thu thc t

T l % s dng TS c nh
TS c nh thc t
Doanh thu ti a

T l TS c nh/DT
x Doanh thu d kin
mc tiu

125

5.2 Lp bo co ti chnh d kin

Ln 1

D ton 2006
Ln 2
Ln 3

Ln 4

10.0
375.0
615.0
1,000.0
1,000.0
2,000.0

11.0
412.5
676.5
1,100.0
1,100.0
2,200.0

11.0
412.5
676.5
1,100.0
1,100.0
2,200.0

11.0
412.5
676.5
1,100.0
1,100.0
2,200.0

11.0
412.5
676.5
1,100.0
1,100.0
2,200.0

60.0
110.0
140.0
310.0
750.0
1,060.0
130.0
810.0
940.0
2,000.0

66.0
110.0
154.0
330.0
750.0
1,080.0
130.0
881.3
1,011.3
2,091.3
108.7

66.0
122.1
154.0
342.1
832.4
1,174.5
144.3
875.5
1,019.8
2,194.2
5.8

66.0
122.7
154.0
342.7
836.8
1,179.5
145.0
875.2
1,020.2
2,199.7
0.3

66.0
122.8
154.0
342.8
837.0
1,179.8
145.1
875.2
1,020.2
2,200.0
126
0.0

Nm 2005

TI SN
Tin
Khon phi thu
Tn kho
Tng TS lu ng
TS c nh rong
Tng ti sn
NGUN VN
Phi tr ngi bn
Vay ngn hn
Phi tr khc
Tng n ngn hn
N di hn
Tng n
Vn gp ca c ng
LN gi li
Tng vn CP thng
Tng ngun vn
AFN

Doanh thu
Chi ph (cha KH)
Khu hao
Tng CP hot ng
EBIT
Li vay
EBT
Thu (40%)
LN rng
C tc
LN gi li

Nm 2005
3,000.0
2,616.2
100.0
2,716.2
283.8
88.0
195.8
78.3
117.5
57.5
60.0

Ln 1
3,300.0
2,877.8
110.0
2,987.8
312.2
88.0
224.2
89.7
134.5
63.3
71.3

D ton 2006
Ln 2
Ln 3
3,300.0
3,300.0
2,877.8
2,877.8
110.0
110.0
2,987.8
2,987.8
312.2
312.2
97.6
98.2
214.5
214.0
85.8
85.6
128.7
128.4
63.3
63.3
65.5
65.2

Ln 4
3,300.0
2,877.8
110.0
2,987.8
312.2
98.2
214.0
85.6
128.4
63.3
65.2

127

 Doanh thu tng 10%

C tc tng 10%
Cc khon phi tr ngi bn, phi tr khc tng t ng theo mc tng
doanh thu
Ti sn tng thm c ti tr t Vay ngn hn, N di hn v Vn c phiu
thng
Li vay = 10,23%*(Vay ngn hn + N di hn)

128

D ton 2006
Doanh thu
Chi ph (cha KH)
Khu hao
Tng CP hot ng
EBIT
Li vay
EBT
Thu (40%)
LN rng
C tc
LN gi li

Nm 2005
3,000.0
2,616.2
100.0
2,716.2
283.8
88.0
195.8
78.3
117.5
57.5
60.0

Ln 1
3,300.0
2,877.8
110.0
2,987.8
312.2
88.0
224.2
89.7
134.5
63.3
71.3

Ln 2
3,300.0
2,877.8
110.0
2,987.8
312.2
97.6
214.5
85.8
128.7
63.3
65.5

Ln 3
3,300.0
2,877.8
110.0
2,987.8
312.2
98.2
214.0
85.6
128.4
63.3
65.2

Ln 4
3,300.0
2,877.8
110.0
2,987.8
312.2
98.2
214.0
85.6
128.4
63.3
65.2

D ton 2006
Nm 2005
TI SN
Tin
Khon phi thu
Tn kho
Tng TS lu ng
TS c nh rong
Tng ti sn
NGUN VN
Phi tr ngi bn
Vay ngn hn
Phi tr khc
Tng n ngn hn
N di hn
Tng n
Vn gp ca c ng
LN gi li
Tng vn CP thng
Tng ngun vn
AFN

Ln 1

Ln 2

Ln 3

Ln 4

10.0
375.0
615.0
1,000.0
1,000.0
2,000.0

11.0
412.5
676.5
1,100.0
1,100.0
2,200.0

11.0
412.5
676.5
1,100.0
1,100.0
2,200.0

11.0
412.5
676.5
1,100.0
1,100.0
2,200.0

11.0
412.5
676.5
1,100.0
1,100.0
2,200.0

60.0
110.0
140.0
310.0
750.0
1,060.0
130.0
810.0
940.0
2,000.0

66.0
110.0
154.0
330.0
750.0
1,080.0
130.0
881.3
1,011.3
2,091.3
108.7

66.0
122.1
154.0
342.1
832.4
1,174.5
144.3
875.5
1,019.8
2,194.2
5.8

66.0
122.7
154.0
342.7
836.8
1,179.5
145.0
875.2
1,020.2
2,199.7
0.3

66.0
122.8
154.0
342.8
837.0
1,179.8
145.1
875.2
1,020.2
2,200.0
0.0

129