Chng 1:

TNG QUAN V QUN TR TI CHNH

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ThS. Nguyn Nh nh H M TP.HCM

CC HNH THC T CHC DN

Doanh nghip t nhn Cng ty hp danh

Cng ty TNHH Cng ty c phn

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MC TIU CA DOANH NGHIP Ti a ha gi tr doanh nghip

Gi tr c to ra khi ti a ha gi c phiu ca c ng hin hu Yu t nh hng: li nhun v li nhun trn mi c phiu (EPS earnings per share) hin ti v tng lai; yu t thi gian v ri ro ca li nhun v EPS; chnh sch c tc;... Gi c phiu o lng hot ng kinh doanh?
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QUN TR TI CHNH & CC QUYT NH TI CHNH

Qun tr ti chnh: lin quan n vic hoch nh chin lc ti chnh cho doanh nghip thng qua vic ra v thc hin 3 quyt nh ti chnh quyt nh u t, quyt nh ti tr v quyt nh qun tr ti sn nhm t mc tiu ti a ha gi tr doanh nghip t ti a ha gi tr ti sn cho ch s hu doanh nghip.

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Gi tr ti sn ca ch s hu
i vi cng ty c phn: ch s hu l c ng thng. Ti a ha gi tr ti sn ca ch s hu gm:

Tng gi c phiu Ti a thu nhp ca ch s hu

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Quyt nh u t
L quyt nh quan trng nht, gn lin vi pha bn tri ca Bng cn i k ton. C th n bao gm nhng quyt nh nh sau:

Doanh nghip cn nhng loi ti sn no phc v cho sn xut kinh doanh? Mi quan h gia ti sn lu ng v ti sn c nh nn nh th no? Doanh nghip cn u t bao nhiu vo ti sn lu ng? Bao nhiu vo ti sn c nh? Chi tit hn, doanh nghip cn u t bao nhiu vo hng tn kho, bao nhiu tin mt cn c trong hot ng kinh doanh hng ngy? Nn mua sm nhng loi ti sn c nh no? v.v.
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Quyt nh ti tr
Quyt nh ti tr li lin quan n bn phi ca bng cn i k ton.

Quyt nh nn la chn loi ngun vn no ti tr cho vic mua sm ti sn: vn ch s hu hay vn vay. Nn s dng li nhun tch ly hay nn ku gi thm vn t c ng, nn vay ngn hng hay nn huy ng vn bng cch pht hnh cc cng c n, nn pht hnh tri phiu hay thng phiu, nn dng vn ngn hn hay vn di hn Xem xt mi quan h gia li nhun li ti u t v li nhun c phn chia di hnh thc c tc (chnh sch phn phi)

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ThS. Nguyn Nh nh H M TP.HCM

Quyt nh qun l ti sn
Ti sn phi c qun l sao c hiu qu nht? Qun tr ti sn lu ng c tm quan trng hn so vi qun tr TS c nh v ti sn lu ng l loi ti sn d gy ra tht thot v lng ph khi s dng..

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ThS. Nguyn Nh nh H M TP.HCM

MC TIU CA QUN TR TI CHNH

u t bao nhiu vo cc loi ti sn v theo c cu no? Cc loi ti sn u t nn ti tr t ngun no v nn theo c cu vn no l ti u nht? Qun tr ti sn nh th no c hiu qu nht?

Nhm

Ti a ha gi tr doanh nghip
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GIM C TI CHNH - CFO

Hi ng qun tr

Tng gim c (CEO)

Gim c sn xut
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Gim c ti chnh (CFO)

ThS. Nguyn Nh nh H M TP.HCM

Gim c Marketing
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Gim c ti chnh (CFO)

Phng ti chnh
- Hoch nh ngn sch vn u t di hn - Qun tr tin mt v u t ngn hn - Qun tr tn dng v tn kho Chnh sch phn phi c tc Phn tch v hoch nh ti chnh Quan h cng ty chng khon, NHTM

Phng k ton
- K ton chi ph - Qun tr chi ph - Bo co k ton

- Kim sot ni b
- Chun b cc d bo

Quan h vi cc c ng

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Vai tro ca Giam c tai chinh

Hot ng Cng ty
(2) (1) Nh u t

Tai sn
(3)

Gim c tai chinh CFO

(4a)

(4b)
(1) Nhn tin t nh u t (2) u t tin vo hot ng cng ty (3) Mang tin v t hot ng (4a) Tin dung ti u t (4b) Tin hon tr cho nh u t

(nhng ngi tha tin nhng cha lm gi)

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TH TRNG TI CHNH

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Th trng ti chnh
Th trng ti chnh bao gm tt c cc nh ch v cc th tc cho vic mua bn cc ti sn ti chnh (cng c ti chnh) Mc ch ca th trng ti chnh nhm phn phi cc khon tit kim mt cch c hiu qu cho nhng ngi s dng cui cng.

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Th trng tai chinh

Cn c vo s lun chuyn cc ngun ti chnh Th trng s cp (primary markets): nhng ti sn ti chnh c pht hnh ln u tin Th trng th cp (secondary markets): l ni giao dch mua bn cc ti sn ti chnh c pht hnh trn th trng s cp. Th trng m bo tnh thanh khon cho cc ti sn ti chnh pht hnh v khng lm nh hng n lng tin mt, ti sn v nhng hot ng khc ca cng ty pht hnh ti sn ti chnh.

Th trng th cp

Theo tnh cht t chc ca th trng:

Th trng chng khon tp trung (th trng chng khon c t chc): thc hin mua bn cc loi chng khon nim yt c t chc mt cch cht ch. Hnh thi in hnh ca TTCK tp trung l S giao dch chng khon. Ti s giao dch, cc giao dch c tp trung ti 1 a im, cc lnh c chuyn n sn giao dch v gi giao dch c xc nh theo phng thc khp lnh tp trung. Th trng chng khon phi tp trung (OTC - over the counter market): l th trng giao dch cc chng khon cha nim yt c cc Cng ty chng khon thc hin qua mng thng tin. ThS. Nguyn Nh nh H M
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Th trng th cp

Theo loi hng ha giao dch trn th trng: Th trng c phiu; Th trng tri phiu; Th trng chng khon phi sinh.

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Th trng tai chinh

Cn c vo thi gian s dng ngun ti chnh huy ng c
Th trng vn: L th trng din ra vic mua bn cc cng c n di hn nh c phiu, tri phiu. Th trng vn c phn thnh ba b phn l th trng c phiu, cc khon cho vay th chp v tri phiu. Th trng tin t: L mt th trng ti chnh ch c cc cng c ngn hn (k hn thanh ton di 1 nm);

Lung ngn qu trong nn kinh t

Khu vc u t
Mi gii ti chnh Cc t chc TC trung gian

Th trng th cp

Khu vc tit kim

Khu vc u t Doanh nghip Chnh ph Gia inh Mi gii tai chinh Ngn hng u t Ngn hng th chp
ThS. Nguyn Nh nh H M TP.HCM

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Cc t chc tai chinh trung gian Ngn hng thng mi Qu tit kim Cng ty bo him Qu hu tr Cng ty ti chnh Qu u t
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Th trng th cp S giao dch chng khon Th trng OTC Khu vc tit kim Gia inh Doanh nghip Chnh ph
ThS. Nguyn Nh nh H M TP.HCM

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Phn phi ngn qu

S phn phi ngn qu trong nn kinh t ch yu da trn c s gi c, hay chnh l li nhun k vng tt nht (ri ro c c nh) Trong th gii thun l, cng ty no chp nhn gi cao nht (LN k vng cao nht) s c nhng c hi u t c trin vng nht. Tit kim s c xu hng c phn phi cho nhng cng dng hu hiu nht

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Li nhun k vng cho cc chng khon khc nhau

CP thng c tnh u c Li nhun k vng (%) CP thng bo th C phiu u i Tri phiu cng ty bc trung

TP cng ty xp hng u t
TP chnh ph di hn Chng t thng mi xp hn

TP kho bc (CK khng c ri ro)

Ri ro

Cc yu t nh hng n li nhun k vng

Ri ro thanh ton: phn nh kh nng thanh ton cc khon n v li khi n hn Tnh thanh khon: l kh nng bn li cc chng khon trong 1 thi gian ngn trn th trng th cp vi mt gi c hp l Thi hn: c lin quan n li nhun k vng hay li sut ca mt chng khon, tng quan chnh l c cu k hn ca li sut

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Cu trc k hn ca li sut
ng cong li nhun hng ln (Thng thng) 0 2 4 6 8 10

Li sut (%)

ng cong li nhun hng xung (Him xy ra) 0 5 10 15 20 25 30 K hn

Mi quan h gia li sut v thi gian o hn ca cc chng khon

Phn loi cc chng khon theo ri ro thanh ton

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Chc nng ca thi trng tai chinh

ng vai tr l knh dn vn t ngi tit kim n ngi kinh doanh Gip cho vic s dng vn c hiu qu hn Gip a dng hoa ri ro Cung cp kh nng thanh khon cho cc chng khon Cung cp thng tin thi trng

TI LiU THAM KHO

Qun tr ti chnh - TS. Nguyn Vn Thun NXB Thng K, nm 2008 Cu hi v bi tp Qun tr ti chnh - TS. Nguyn Vn Thun - NXB Thng K Qun tr ti chnh ca tc gi Eugene F. Brigham v Houston n bn nm 2006 - Khoa Kinh t - HQG TPHCM dch sang ting Vit, NXB Cengage. Mn hc Phn tch ti chnh ca Chng trnh ging dy kinh t Fulbright. Bi ging Qun tr ti chnh ca TS. Nguyn Vn Thun.
ThS. Nguyn Nh nh - H M TPHCM 29