Chuong 3 Phan Tich Bao Cao Tai Chinh

8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh

1/100

Chng 3:PHN TCH

BO COTI CHNH

ThS. Nguyn Nh nh 1


2/100

Bo co ti chnh

Gm 4 bo co Bng cni k ton Bo cokt qu kinh doanh

Bo colu chuyn tin t Thuyt minh BCTCTp hp 4 bo co ti chnh nu trn phn nhtnh hnh hot ng kinh doanh vv th tichnhca 1 doanhnghip, l c s ngi s dng d bo li nhun vc tc trongtng lai

ThS. Nguyn Nh nh 2


3/100

Cung cp thng tin hu ch cho ngi raquyt nh

- Quy m doanhnghip - Doanhnghip cang tng trng? - Doanhnghip ang lm ratin hay haoht tin?

- Doanhnghip ang c c cu ti sn ngn hn, tisn dihn nh th no?- Doanhnghip ch yu ang vayngn hn hay vay

dihn? - Doanh nghip pht hnh tri phiu hay CPmi

trongnm qua?- Chi phs dng vn nhiu hay t?....

ThS. Nguyn Nh nh 3


4/100

Bng cn i k ton

Th hin bc tranh v tnh hnh ti chca doanh nghip ti 1 thi im c

ThS. Nguyn Nh nh 4


5/100

BNG CN I K TON Ngy 31/12/200X

TI SN M s Thuyt minh

31/12/200X 01/01/200X

A.TI SN NGN HN 1001. Tin 2. u t ti chnhngn hn 3. Cckhon phi thu4. Hngtn kho5. Tisn ngn hn khcB. TISN DI HN 200

1. u t ti chnh dihn 2. Cckhon phi thu dihn 3. Tisn c nh 4. Bt ng sn u t 5. Tisn dihn khc Tng ti sn (270=100+200) 270 5ThS. Nguyn Nh nh


6/100

BNG CN I K TON Ngy 31/12/200X

NGUN VN M s Thuyt minh

31/12/200X 01/01/200X

A. N PHI TR 300 II. N ngn hn 1. Vayngn hn 2. Phi tr chongi bn3. Thu phi np NN4. Phi tr cng nhn vin I. N di hn 1. Vay dihn 2. Phi tr dihn khc B.VN CH S HU 4001. Vn u t ca ch s hu 2. Li nhun cha phn phi

Tng ngun vn 430 6ThS. Nguyn Nh nh


7/100

Bang can oi ke toan

Tisn ngn hn Tin u t ti chnhngn hn Cckhon phi thu Tn kho TSNH khc

Tisn dihn TSC hu hnh TSDH v hnh

TSDH thu dihn Bt ng sn u t u t ti chnh dihn

Tng ti sn

Ngay 31/12/200X

N phi tr N ngn hn Phi tr chongi bn N tchly Vay ngn hn N ngn hn khc

N dihn Vn ch s hu

Vn u t ca ch s hu

Thng d vn c phn Li nhun li

N v vn ch s hu

ThS. Nguyn Nh nh 7


8/100

Cc quyt nh ti chnhv Bang can oi ke toan

Tisn ngn hn Tin u t ti chnhngn hn Cckhon phi thu Tn kho TSNH khc

Tisn dihn TSC hu hnh, v hnh TSDH thu dihn

Bt ng sn u t u t ti chnh dihn

Tng ti sn

Ngay 31/12/200X

N phi tr N ngn hn Cckhon phi tr N tchly Vay ngn hn

N ngn hn khc N dihn Vn ch s hu

Vn u t ca ch SH

Thng d vn c phn

Li nhun li

N v vn ch s hu ThS. Nguyn Nh nh

Q

QTTS

Q T

Q NGUN

VN

Q PHNPHI

LN

8


9/100

Bng cn i k ton Phn nh tng gi tr ti sn v tng n v vn ch

huti 1 thi im nht nh.Phng trnh k ton:Tng TS = Tng n + Vn CS BCKT trnh by theo trnh t Tnh thanh khon

gim dn Mt TS c tnh thanh khon l ti sn d chuyn thnh ti Mt khon n c tnh thanh khon: l khon n c u

thanh ton trc

Nguyn tc k ton: Nguyn tc gi gc- Nguyn tc thntrng Qu kh- Tng lai

Gi tr s sch gi th trng ThS. Nguyn Nh nh 9


10/100

ThS. Nguyn Nh nh 10

V du: AGFCty xuat khau thuy san An Giang)

Ngy 31/12/2006 Ngy 31/12/2007 VN CH S HU 298.959.746.271 620.611.674.951Trong : 1. Vn ch s hu: - Vn (gp) ca ch s hu 78.875.780.000 128.592.880.000- Thng d vn do pht hnh c

phiu 124.711.953.400 385.506.013.400

- Cc qu 57.279.124.695 82.867.395.446- Li nhun gi li 36.584.160.625 22.136.658.554- Ngun vn u tXDCB 1.508.727.551 1.508.727.551

2. Ngun kinh ph v qu khc: 1.355.855.891 1.129.323.270- Qu khen thng, phc li 1.244.855.891 1.038.197.470- Ngun kinh ph 111.000.000 91.125.800(Ngun: www.hsx.vn)


11/100

ThS. Nguyn Nh nh 11

Gia th trng so vi gia so sachcua von chu s hu

S lng c phiu: 12,86 triuGi c phiu (28/12/2007): 83 ngnng Gi th trng (MV):1045 t ng

Gi s sch (BV): 620,61 t ng MV/BV = 1,68 ln

AGF


12/100

ThS. Nguyn Nh nh 12

Dien bien gia th trng AGFt 04/12/2007 en 28/12/2007)

AGF

787980818283848586878889

04-12-07 09-12-07 14-12-07 19-12-07 24-12-07 29-12-07

Ngy

G

i c p

h i u

( n g

n

n g

)


13/100

Bng cn i k ton

TS ngn hn u t ti chnh ngnhn Gi gc

(D phng gim gi) TS lu ng Tin Phi thu(N phi thu

d phng phi thu khi)

Tn kho(NVL +CCDC + TP + HH + SPd dang D phnggim gi)

TSNH khc

TS di hn u t ti chnh dihn Gi gc

(D phng gim gi) BS u t Nguyn gi (Khu hao ly k)

TS c nh Nguyn gi (Khu hao ly k)

ThS. Nguyn Nh nh

PHN TI SN

13


14/100

Bng cn i k ton

N phi tr N ngn hn Cc khon phi tr N tch ly (lng,

BHXH, BHYT,thu) N NH khc

N di hn Vay di hn N di hn khc

Vn ch s hu Vn u t ca ch

s hu

Thng d vn cphn

Li nhun li

ThS. Nguyn Nh nh

PHN NGUN VN

14


15/100

Trnh t c BCKT Xem xt ccch tiut tng qutn c th (1) Tng TS, Tng NV, TSNH, TSDH,n ngn

hn, n dihn vvn ch s hu

(2) nh gi khi qutv ti sn v ngun vn: sosnhgia s liu cui k vi u k ca cc ch tiu nu (1)

(3) Xcnh c cu TS vc cu ngun vn (4) Xem xtmi quanh gia TS ngn hn v N

ngn hn

ThS. Nguyn Nh nh 15


16/100

Bng cn i k tonXem xt mi lin h gia TS ngn hn v N ngn hn

TSNH NNHTSDH NDH

VTC

TSNH NNHTSDH

NDHVTC

TSNH NNH NDH

VTCTSDH

ThS. Nguyn Nh nh

Yu cu ca nguyn tc cnbng ti chnh: Khi tnhn s n nh trong vic ti tr, nguyn tc cn bng ti chnh

i hi ti sn di hn c titr bi mt phn ca ngun vn di hn v ch mt phn ti sn ngn hn c ti tr bi ngun vn ngn hn.Mt phn ngun vn dihn u t vo TSNHc gi l Vn lunchuyn

16


17/100

Bng cn i k tonVn lun chuyn

TSNH

TSDH

NNH

NDHVTC

Vn lunchuyn

ThS. Nguyn Nh nh

VLC = Ngun vn DH Ti sn DH= Ti sn NH Ngun vn NH

17


18/100

Bng cn i k tonXem xt mi lin h gia TS ngn hn v N ngn hn

TSNH NNHTSDH NDH

VTC

TSNH NNHTSDH

NDHVTC

TSNH NNH NDH

VTCTSDH

ThS. Nguyn Nh nh

VLC = 0. Tnh hnh titr ca doanhnghip m bo s cn bng nhng cha m bo s n nh. VLC < 0. Tnh hnh titr ca doanh

nghip m bo s cn bng v gi tr, khng m bo s cn bng v thi gian. Tnh hnh titr ca doanhnghip khi l mo him v doanhnghip s dng ngun vn ngn hn ti tr cho tisn dihn. VLC > 0. Tnh hnh titr ca doanhnghip m bo s cn bng v n nh v ti chnh.

18


19/100

Bo co kt qu kinh doanh

ThS. Nguyn Nh nh 19


20/100

Bo co kt qu kinh doanh1.Doanh thu

2.Cac khoan giam tr3.Doanh thu thuan4.Gia von hang ban 5.Lai gop

6. Doanh thu H tai chnh7. Chi ph H tai chnh- Chi ph lai vay

8. CP kinh doanh Chi ph ban hang Chi ph quan ly

9. LN t hoat ong SXKD

Nm 200X

10. Doanh thu khac

11. Chi ph khac

12. Li nhuan khac

13. Li nhuan KT trc thue

14. Thue thu nhap15. Li nhuan sau thue

ThS. Nguyn Nh nh 20


21/100

Thng tin ti chnh s dng trong phn tchDoanh thu thun (-) Gi vn hng bn (=) Li nhun gp (-) CP hot ngkhng c CP khu hao, li vay (=) EBITDA(-) CP khu hao(=)EBIT

(-) CP li vay(=)EBT(-) Thu TNDN (=) Li rng (EAT)

ThS. Nguyn Nh nh

Ti sao li quantm EBIT?

?

21


22/100

Bo co kt qu kinh doanh Phan anh tong doanh thu va chi ph kinh doanhtrong mot ky,

the hien ket qua hoat ong kinh doanh trong ky cua doanhnghiep.

Nguyen tac ke toan

Nguyen tac don tch (k toan theo thc te phat sinh) va ke toantheo tien mat / Nguyen tac phu hp (gia von hang ban, phanbo chi ph, khau hao)

CP lai vay, CP khau hao vaLa chan thue

Khong biet dong tien thu vao, chi ra trong kyLi nhuan ke toan co the b bop meo.

Van e: Lai gia, lo that

ThS. Nguyn Nh nh 22


23/100

Mi lin h gia BCKT & BCKQKD

TS = NPT + Vn CSH

Vn gp + LN li

ThS. Nguyn Nh nh

Doanh thu

-

Chi ph-

Thu TNDN

LN sau thu

LN li u k +

LN sau thu -

C tc u i c tc thng

BNG CN I K TON

BO CO KQKD BO CO LN LI

23


24/100

Bo co lu chuyn tin t

ThS. Nguyn Nh nh 24


25/100

Bo co lu chuyn tin t L 1 trongnhng bo co quantrng nh gi tnh thanhkhon ca doanhnghip.

Mt doanh nghip c th thnh cngv mt kinh t (li nhun cao)nhng li tht bi v mt ti chnh do khngkim sot

v qun l c dngtin

ThS. Nguyn Nh nh 25


26/100

Thng tin trn BCLCTT

Cung cp cc thng tin m BCKT v Bo c KQKD cha th hin BCKT th hin gi tr TS v ngun vn ti 1thi im khng xcnh c s liu phtsinh trongk (gi tr TS u t thm, gitr TSthanh l, vay thm bao nhiu, tr n baonhiu?)

BCKQKDth hin kt qu hot ng trong k v vn li gi l tht.

ThS. Nguyn Nh nh 26


27/100

Thng tin trn BCLCTT

Gii thchs tng gim tin v cckhon tng ng tin gia cui k v u k trnBCKT

Cung cp thng tinv nhng hot ng to ra tin v nhng hot ng chi tiutin trongk kinh doanh.Ch ra mi quanh gia Li nhun rng v Ngn lu rngnh gikh nng tr n ng hn;

L c s d on dng tin trongtng lai

ThS. Nguyn Nh nh 27


28/100

Dng tin trn BCLCTT

Thu: thutin bn hng hadch v, thu khc Chi: chitin mua hng ha,tr cckhon chi ph

kinh doanh,chi tr tin li vay. Lu chuyn tin thun t hot ng kinh doanh

(Thu Chi)

Dngtin t hot ng kinhdoanh

ThS. Nguyn Nh nh 28


29/100

Dng tin trn BCLCTT

Thu: thutin thanh lTSC, thu tin thu hi cckhon u t ti chnh (chng khon, lin doanh,u t vo cng ty con, thutin cho vay), thutin li t cc hot ng u t (li c chia, licho vay,)

Chi: chi tin mua TSC, chi tin u t vo cckhon u t ti chnh Lu chuyn tin thun t hot ng u t (Thu Chi)

Dngtin t hot ng u t

ThS. Nguyn Nh nh 29


30/100

Dng tin trn BCLCTT

Thu: thutin gpvn, thu doi vay Chi: chitr vn gp cho nhu t, tr n vay

gc, chi tr c tc Lu chuyn tin thun t hot ng ti chnh

(Thu Chi)

Dngtin t hot ng ti chnh(ti tr )

ThS. Nguyn Nh nh 30


31/100

Dng tin thun (Lu chuyn tin thun)

Lu chuyn tin thun t hot ng kinhdoanhLu chuyn tin thun t hot ng u t Lu chuyn tin thun t hot ng ti ch

ThS. Nguyn Nh nh

Lu chuyn tin thun trongk

+

31


32/100

Mi lin h vi Bng cn i k ton

TI SN S CUI K S U K Tin v cckhon tng

ng tin

A B

ThS. Nguyn Nh nh

Bo co LCTTLu chuyn tin thun trongk

A + = B

32


33/100

Mt vi hnh thi dng tin 1 2 3 4 5

LC tin thun t hot ng kinh doanh + - - + -LC tin thun t hot ng u t + + - - -

LC tin thun t hot ng ti chnh + + + - -

ThS. Nguyn Nh nh 33


34/100

Cch phng php lp BCLCTT

i vi Dngtin t hot ng kinh doanh C 2 phng php Phng phptrc tip

Phng phptrc tip da trns schk tonPhng phptrc tip suydin

Phng php gintip

i vi Dng tin t hot ng u t vDng tin t hot ng ti chnh ch s dng phng phptrc tip

ThS. Nguyn Nh nh 34


35/100

Dng tin t hot ng kinh doanhPhng php trc tip da vo s sch k ton

Dng thu Thc thu t vic bn hng Thc thu t cc khon phi thu,

Dng chi Thc chi t vic mua hng Thc chi cc khon chi ph qun l(khng

bao gm chi ph khu hao) Thc chi cc khon thu, li vay,

ThS. Nguyn Nh nh 35


36/100

Dng tin t hot ng kinh doanhPhng php trc tip suy din

Suy dinThc thu t doanh thu

ThS. Nguyn Nh nh

Doanh thu BCKQKD

(-) Chnhlch trongkhon phi thu (CK K) BCKT (=)Thc thu t doanh thu

36


37/100

Suy dinThc chi cho mua hng

ThS. Nguyn Nh nh

Gi vn hng bn BCKQKD

(+) Chnhlch trongtn kho (CK K) BCKT (=) Gi mua hng trongk (-) Chnhlch khon phi tr ngi bn (CK K) BCKT (=)Thc chi mua hng


37


38/100


Suy dinThc chi cho chi ph hot ng

ThS. Nguyn Nh nh

Chi ph hot ng kinh doanh (-Khu hao) BCKQKD

(+) Chnhlch trong CPtr trc (CK K) BCKT (-) Chnhlch trong CP phi tr (CK K) BCKT (=)Thc chi cho chi phhot ng

38


39/100


Suy dinThc chi li vay

Thc chi thu TNDN- Tng t li vay

ThS. Nguyn Nh nh

Chi ph li vayphi tr BCKQKD

(-) Chnhlch trong Li vay phi tr (CK K) BCKT (=)Thc chi li vay

39


40/100


T cc kt qu suy dinThc thu t doanh thu (-) Thc chi cho vic mua hng (-) Thc chi cho chi ph hot ng (-) Thc chi li vay (-) Thc np thu

(=) Lu chuyn tin thun t hot ng kinh doa

ThS. Nguyn Nh nh 40


41/100

Dng tin t hot ng kinh doanhPhng php gin tip

Ni dung phng php Bt u vi ch tiu Li nhun sau thu trnBCKQKD

iu chnh Cc khon chi ph khng bng tin (khu hao, d phng)

Cc khon li l t hot ng u t, hot ng ti

chnh Cc thayi trongvn lun chuyn (TSL khng bao gm tin mt v cckhon tng ng tin, N ngn hn)

ThS. Nguyn Nh nh 41


42/100

Dng tin t hot ng kinh doanhPhng php gin tip

ThS. Nguyn Nh nh

Li nhun sau thu BCKQKD(+) CPkhu hao BCKQKD(+)L do bnTSC c vchng khon dihn BCKQKD(-) Li do bnTSC c vchng khon dihn BCKQKD(-) Chnhlch TSL (khng ctin v cckhon tng ng tin) (CK K)

BCKT

(+) Chnhlch N ngn hn (CK K) BCKT (=)Lu chuyn tin thun t hot ng kinh doanh

42


43/100

Nhn xt v 2 phng php

Phng phptrc tip: cungcp thng tinc th, chi tit v dng thu, dng chica hot ng kinh doanh d hiu

Phng php gintip: cho thy mi linh gia LN sau thu v dng tin t hot ng kinh doanh cho thy cht

lng ca li nhun

ThS. Nguyn Nh nh 43

B l h ti t


44/100

I. Tien t hoat ong kinh doanh ..

. ..

L u chuy n tin thun t hot ng KII. Tien t hoat ong au t

Mua TSC va chng khoan

Ban TSC va chng khoan .

L u chuy n tin thun t hot ng u t III. Tien t hoat ong tai chnh tai tr)

Phat hanh trai phieu

Phat hanh co phieu Tra co tc

L u chuy n tin thun t hot ng tai chnhL u chuyn tin thun trong k

Bo co lu chuyn tin t

ThS. Nguyn Nh nh 44


45/100

Phng php phn tch Xem xt nhng khon mc ring bit trn dtin thu vo v chi ra nh gi chnh sch tchnh ca doanh nghip c mu thun vi nhhay khng?Xem xt cc mi quan h sau nhn din cthng tin cn thit

Dng tin kinh doanh so vi dng tin vo

Dng tin u t so vi dng tin vo Dng tin ti tr so vi dng tin vo Dng tin tr n so vi dng tin vo Dng tin thanh ton c tc so vi dng tin vo

ThS. Nguyn Nh nh 45


46/100

Thuyt minh BCTC

ThS. Nguyn Nh nh 46


47/100

BN THUYT MINH BO CO TI CHNH NM 200X

I. c im hot ng ca doanhnghip II. Nin k ton,n v tin t s dng trongk ton

III. Ch k ton pdng IV. Tuyn b v vic tunth chun mc k ton

v ch k tonVit NamV. Cc chnh schk ton pdng

VI. Thng tin b sung cho cckhon mc trnh by trongBCKT v BCKQHKD VII. Nhng thng tin khc

47ThS. Nguyn Nh nh

Th


48/100

Cung cp s liu, thng tin phn tch,nh gi mt cchc th, chi tit hn v tnh hnh chi ph, thunhp vkt qu hot ng sn xut kinh doanhca doanhnghip.Cung cp s liu, thng tin phn tch,nh gi tnh

hnh tng gim TSC theo tng loi, tng nhm; tnhhnhtng gim vn ch s hu theotng loi ngun vn v phn tchhp l trongvic phn b vn c cu, kh nng ca doanhnghip,

Thng quathuyt minh BCTC m bit c ch k ton pdng ti doanhnghip t m kim tra vic chp hnh cc quinh, th l, ch k ton, phng php k ton m doanhnghip ng k p dng cng nh nhng kin ngh xut ca doanhnghip.

Thuyt minh BCTC

48ThS. Nguyn Nh nh


49/100

Phn tch BCTCL qu trnhs dng cc BCTCca doanhnghip phn tch v nh gi tnh hnh ti chnhca doanhnghip, lm c s ra cc quyt nh hp l

ThS. Nguyn Nh nh 49

i h hi


50/100

i tng thc hin phn tchBCTC

ThS. Nguyn Nh nh

Bn thn doanh nghip Cc i tng bn ngoi doanh nghip

50

M


51/100

Mc tiu ca phn tch

Ch n ngn hn: tnh thanhkhon ca doanhnghip Ch n di hn: kh nng thanh ton dihn v dngtin ca doanhnghip C ng: kh nng sinh li v tnh hnh tichnh dihn ca doanhnghip Nh u t : kh nng sinh li, dng tin vnhng c hi tim n.C quan chnh quyn: kim sot, ngn nga, thcy vh tr

ThS. Nguyn Nh nh

i tng bn ngoi doanh nghip

51


52/100

M


53/100

Mc tiu ca phn tch

ra quyt nh u t C nnu t khng?Khi no?

Quy m ra sao? ra quyt nh ti tr (ngun vn) Nn vay hay khng?

Vay bao nhiu?Vay dihn hayngn hn? La chn chnh schc tc? ra quyt nh qun tr ti sn

ThS. Nguyn Nh nh

Bn thn doanh nghip

53


54/100

Khun kh phn tch

ThS. Nguyn Nh nh 54


55/100

Khun kh phn tch

ThS. Nguyn Nh nh

1. Phn tch nhu cu vn

ca DN2. Phn tch tnh hnh TC,hiu sut s dng TS vkh nng sinh li ca DN

3. Phn tch ri ro kinh doanhca DN

Xc nhnhu cu titr ca DN

Thnglng

vi nhcung

cp vn

55


56/100

Khun kh phn tch 1. Phn tch nhu cu vn ca DN Cn bao nhiu vn trong tng lai? Vn c tnh thi v khng? Cng c phn tch -Boco ngun v s dng-Bo co lu chuyn tin t -D ton tin

ThS. Nguyn Nh nh 56


57/100


58/100

Khun kh phn tch 3. Phn tch ri ro kinh doanh Ri ro kinh doanh: ri ro vn c trong hot nkinh doanh ca DN C th xem xt: - Tnh khng n nh ca doanh thu v chi ph - im ha vn

ThS. Nguyn Nh nh 58


59/100

Ni dung phn tch 1. c hiu khi qut cc ni

dung trong BCTC

ThS. Nguyn Nh nh 59


60/100

Ni dung phn tch 2. Phn tch kt cu & phn

tch mc bin ng caBCKT, BCKQKD

ThS. Nguyn Nh nh 60


61/100

Phn tch theo kt cu Cac ch tieu tai chnh tren BCKT theo ket caco the c trnh bay theo dang % cua tong tasan.Cac ch tieu tren Bang BCKQKD theo ket cau cthe c trnh bay theo dang % cua doanh ththun. Muc ch: so sanh cac ch tieu tai chnh the

thi gian va so sanh vi cac doanh nghiep khac

ThS. Nguyn Nh nh 61


62/100

Phn tch mc bin ng

L vic phn tch theo t l % ca BCKT v BCKQKD.Bng cch chn nm no lm nm c s vi t l 100%, ccnm cn li s so snhvi nm c s theo gitr ca chng. Mc ch: phn tchnhng bin ng

ca cckhon mc trn BCTC

ThS. Nguyn Nh nh 62

Ni dung phn tch


63/100

Ni dung phn tch 3. Phn tch t s Cc bc phn tcht s Bc 1: Xcnh ng cng thc o lng ch tiu cn phn

tch

Bc 2: Xcnh ng s liu t cc BCTC lp vo cngthc Bc 3: Gii thch ngha ca t s va tnh tonBc 4: nh gi t s va tnh ton (cao,thp hay phhp)

bng cch phn tch xu hng - la chn c s sosnh: (1)t s cc k trc (so snh bn trong); (2) cct s bnh qun ngnhhoc t s ca 1 DN khc trongcng ngnh (so snh bn ngoi)

Bc 5: Rt rakt lun v tnh hnh ti chnhca doanhnghip ThS. Nguyn Nh nh 63


64/100

Cc nhm t s ti chnh

T s kh nng thanh ton T s n cn n T s hot ng T s doanh li (TS li nhun)

ThS. Nguyn Nh nh 64


65/100

T s kh nng thanh ton

ThS. Nguyn Nh nh 65

T s = a Trung bnh c mi ng N ngn hn ca doanh nghip c n a ng TS ngn hn sn sng chi tr

phn nh kh nng thanh ton n ca DN Nu a1

kh nng thanh ton n vay ca DN tt, DN TS thanh ton n vay khi n hn. a l mt s ln khi so snh vi k trc, vi bnh qun

ngnh l tt? Vi ch n? Vi c ng?

Vn hng tn kho


66/100

T s kh nng thanh ton

T s = a a ng TS ngn hn c th thanh lnhanh chng thanh ton 1 ng N ngn hn a > 1a < 1

a ln khi so snh vi k trc, TB ngnh. Tt h xu? Vi ch n? Vi c ng?

ThS. Nguyn Nh nh 66


67/100

ThS. Nguyn Nh nh 67

2007 2008

T S THANH TON T s thanh ton hin thi 1,29 3,74

T s thanh ton nhanh 0,75 1,70

?


68/100

? ngha Phn tch xu hng cho tng t s

ThS. Nguyn Nh nh

1,5

1,7

1,9

2,1

2,3

2,5

2005 2006 2007

Doanh nghip A

TB ngnh

Bn ngh g khi t s thanh ton hin thi ca DN mnh hn TB ngnh, nhng t s thanhton nhanh ca DN li yu hn TB ngnh?

68

T s n cn n


69/100

T s n cn n

T s m bo n = 0,6. ngha? Tng ng vi mi 100ng doch doanhnghip cungcp, ch n cungcp 60ng.

T s cho thy quanh i ng gia vn ca doanhnghip v vn vay. o lng mc m bo thanh tontt c cckhon n, thng dng nh gi kh nng thanh tonn dihn.

ng gc ngn hng 0 T s m bo n 1 T s m bo n > 1

ThS. Nguyn Nh nh 69

Ri ro ca doanh nghip dnht cho ch n!


70/100

T s n cn n

T s n = 30% 30% vn dng ti trcho ti sn ca doanh nghip l N phi Phn nhkh nng t ch ti chnhcadoanh nghip 0 T s n < 1 T s n = 1

ThS. Nguyn Nh nh 70

Nu ch n i n cng mt lc? DN s ph sn.


71/100

T s n cn n

o lng kh nng thanh ton li vay vhiu qu ca vic s dng n.

ThS. Nguyn Nh nh 71


72/100

Tng ti sn


73/100

gT s hot ng

Bnh qun mi ng gi tr ti sn ca

doanh nghip to ra c bao nhiung doanh thu.Vng quaytng ti sn cao hay thp ph

thuc voc im ngnh m doanhnghip ang hot ng.

ThS. Nguyn Nh nh 73

TSC


74/100

T s hot ng

Bnh qun mi ng gi tr TSC ca doanh

nghip to ra c bao nhiung doanh thu.Phn nh tnh hnhs dng v trnh s dng TSC ca doanhnghip.Hiu sut s dng TSC cao hay thp ph thuc vo c im ngnh m doanhnghip ang hot ng.Vng quaytng TS &Hiu sut s dng TSC

ThS. Nguyn Nh nh 74

Hng tn kho


75/100

T s hot ng

ThS. Nguyn Nh nh 75

Vng quay HTK = 11 vng Trung bnh hng tn kho ca doanh nghip quay 11 vng/nm

Vng quay cngnhanh (cng ln)

S ngy tn khocng thp

Hiu qu hotng tn kho tt

Phi thu khch hng


76/100

T s hot ng

ThS. Nguyn Nh nh 76

K thu tin bnh qun = 30ngy

Doanh nghip phi mt 30ngy thu hi cc khon

phi thu

Vng quay chm l tt hay xu? Chnh sch bn hng?


77/100

ThS. Nguyn Nh nh 77

T S HoT NG 2007 2008Vng quay tng TS 4,86 4,03Hiu sut s dng TSC 7,61 8,82Vng quay khon phi thu 70 16,38K thu tin bnh qun 5,14 21,98Vng quay hng tn kho 31,82 13,64

S ngy tn kho 11,31 26,40


78/100

d h l2


79/100

T s doanh li

ThS. Nguyn Nh nh 79

T S DOANH LI


80/100

ThS. Nguyn Nh nh 80

T l li gp 0,17 0,19H s li nhun hot ng

kinh doanh 0,05 0,07Doanh li tiu th (ROS) 0,03 0,05Doanh li ti sn (ROA) 0,16 0,19Doanh li vn t c (ROE) 0,23 0,22

T h kh 1


81/100

T s chng khon

ThS. Nguyn Nh nh 81

Phn nh gi tr s sch ca 1 c phn thng

Phn nh Li nhun sau thu cho 1 c phn thng

T h kh 2


82/100

T s chng khon

ThS. Nguyn Nh nh 82

Phn nh tng quan gia gi th trng v li

nhun sau thu ca 1 c phn thng


83/100

Ni dung phn tch 4. Phn tch DupontM hnh Dupont chothy mi quan h ln nhauca cc t s lin quann kh nng sinh li ca doanhnghip.

ThS. Nguyn Nh nh 83


84/100

ThS. Nguyn Nh nh

ROA S nhn VCSH

ROS Vng quay TS

84

S nhn VCSH


85/100

ThS. Nguyn Nh nh

ROS Vng quay TS S nhn VCSH

85

ROS Vng quay TS

Bin ng ca ROE l kt qu ca 3 bin


86/100

ThS. Nguyn Nh nh

Bin ng ca ROE l kt qu ca 3 binng:

- Kh nng sinh li trn mt ng doanh thu(ROS)- Kh nng to ra doanh thu trnmt ng vn

(TS) s dng trong kinh doanhca DN (Vngquay TS)

- n cnn ca doanhnghip.

86

ROS & Vng quay ti sn


87/100

g q yROS: phn nh kh nng sinh li

Vng quay tisn: phn nh hiu sut s dng tisn. i khi ROS v vng quay TS vn ng ngc chiu nhau Ph thuc voChin lc kinh doanh?Mt ngnh khng

i hi phi u t nhiu vo TS (thch tiu doanhthu/tisn thng cao) thng chp nhn li t (li rng/doanh thuthp).

Mt ngnhi hi phi u t nhiu vo TS (thch tiudoanh thu/tisn thng thp) thng i hi li nhiu (li rng /doanh cao)

ThS. Nguyn Nh nh 87


88/100


89/100

Ni dung phn tch 5. Phn tch ngun vn v s

dng ngun vn

ThS. Nguyn Nh nh 89

Bo co ngun v s dng


90/100

g gngn qu

L mt tm tt v s thay i v th ti chnhca doanh nghip t thi im ny n thi im khc cn c gi l bo co thay i v th ti chnh ca doanh nghip L 1 bo co bt buc trongh s kim tonca doanhnghip t nm 1989 M Nguyntc

ThS. Nguyn Nh nh

Ti sn Ngun vn Ngun - +S dng ngun + -

90

Trong k, DN to ra ngun ngn qu t


91/100

Trong k, DN to ra ngun ngn qu tu?

So snhs cui k v s u k trn BCKT ca cc khon mc bn phn TS, nu gim Ngun ngnqu c to ra t vic gim TSSo snhs cui k v s u k trn BCKT ca cc khon mc bn phn NV, nu tng Ngun ngnqu c to ra t vic tng ngun vn

ThS. Nguyn Nh nh 91


92/100

Bng cn i k ton


93/100

ThS. Nguyn Nh nh 93

Bng cn i k ton

TI SN 2007 2008 N V VN 2007 2008

Tin mt 200

2

Vay ngn hng 250

130

Khon phi thu 100 458 Khon phi tr 152 140

Hng tn kho 220 550 Cng n ngn hn 402 270

Cng ti sn ngn hn 520 1.010 Vn ch s hu 800 1.028

Ti sn c nh (rng) 920 850 Li nhun gi li 238 562

Trong , Cng vn ch shu

1.038 1.590

Nguyn gi (gi gc) 1000 970 Khu hao tch ly -80 -120

Tng cng 1.440 1.860 Tng cng 1.440 1.860


94/100

ThS. Nguyn Nh nh 94

TI SN CK-K N/SD N V VN CK-K N/SD Tin mt -198 N Vay ngn hng -120 SD Khon phi thu 358 SD Khon phi tr -12 SD Hng tn kho 330 SD

VnCSH 228 N TSC(rng) LN gi li 324 N Trong ,

Nguyn gi -30 N KHtch ly -40 N


95/100


96/100

IU CHNH BNG K NGUN V S DNG NGN QU

Ch tiu LN gi li b nh hng bi ch tiLi nhun rng v ch tiu Chia c tc

Cn c vo Bo co Kt qu kinh doanh

ThS. Nguyn Nh nh 96


97/100

ThS. Nguyn Nh nh 97

Ngun ngn qu Li nhun rng 354

S dng ngun

Chia c tc 30

Ngun rng

Tng LN li 324

Bng k ngun v s dng ngn qu sau iu chnh


98/100

ThS. Nguyn Nh nh 98

Bng k ngun v s dng ngn qu sau iu chnh Ngun ngn qu Gim tin mt tn qu 198 23,29% Khu hao 40 4,71% Gim nguyn gi TSC 30 3,53% Tng vn ch s hu 228 26,82% LN rng 354 41,65% Tng cng 850 S dng ngn qu Tng khon phi thu 358 42,12% Tng hng tn kho 330 38,82%

Gim vay ngn hng 120 14,12% Gim khon phi tr 12 1,41% Chia c tc 30 3,53% Tng cng 850

Y ngha phan tch bang ke


99/100

Nguon va s dung ngan quy

-Cho thay mot tam nhn ve cac hoat ong tai chnh e xemxet cac ke hoach m rong trong qua kh va tng lai vatac ong cua chung vi kha nang thanh toan

-anh gia kha nang tai tr, t ben ngoai hay t ben trong.Co the s dung ty so co tc tren thu nhap.

-Phan oan s m rong co nhanh qua hay khong, hay khanang tai tr co b han che hay khong?

-La c s cho viec hoach nh cac ke hoach tai tr trung han va dai han.

TI LiU THAM KHO


100/100

TI LiU THAM KHO

Qun tr ti chnh - TS. Nguyn Vn Thun - NXBThng K,nm 2008Cu hi v bi tp Qun tr ti chnh - TS. Nguyn Vn Thun - NXBThng KQun tr ti chnh ca tc gi Eugene F.Brigham v Houstonn bn nm 2006 - KhoaKinh t - HQG TPHCMdch sang ting Vit, NXB Cengage.Mn hc Phn tch ti chnhca Chng trnhging dy kinht Fulbright.Bi ging Qun tr ti chnhca TS. Nguyn Vn Thun.

Chuong 3 Phan Tich Bao Cao Tai Chinh

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