QUN TR VN LUN CHUYN Ti sao Qualcomn, Brighpoint , Quanex , Dell, 7-eleven, v Bestbuy li ph bin nh vy? mi cng ty ng u mi ngnh cng nghip khc nhau, c mt trong tp ch ti chnh CFO , mt trong 1000 tp ch ln nht M. Mi cng ty c bu chn da trn vn lun chuyn (khon phi thu+ hng tn kho- khon phi tr)/s ngy bn Vn lun chuyn in hnh l 55, nhng mt s cng ty c t l thp hn. V d nh Dell , Apple, Anadarko Petroleum l nhng cng ty tiu cc trong vn lun chuyn. iu c ngha l nhng cng ty ny c rt t khon phi thu v hng tn kho hn l khon phi tr. mt kha cnh no , ngha l h c th nhn c tin t khch hng trc khi tr cho nh cung cp, v th nh cung cp ca h nh hng n hot ng kinh doanh ca h. Lm th no m mt cng ty c th h thp vn lun chuyn xung? Qualcomn tp trung vo vic tip tc ci thin qun l vn lun chuyn ca n, theo l s ci thin ln trong vic chnh xc cc ha n ca khch hng v c cch c bit trong vic qun l ngy thu tin. Qualcomn tng vng quay khon phi thu v h vng quay khon phi tr xung t 42 cn 35, n ci thin c 19%. Brightpoint c 1 cch kim sot khc. Vi vic phn tch tn dng tt hn t ri ro tn dng ca khch hng, Brightpoint h thp nht cc khon tr chm v cc khon n khng i c . n cn thit lp mt chui phn mm qun l c s dng thu ht khch hng ca n trn ton h thng, n lm gim ti thiu hng tn kho bi v n c th d on doanh s mt cch chnh xc. Thu nhp trn tng ti sn l mt trong nhng im tt nht ca vic qun l vn lun chuyn. vi mt lng vn lun chuyn thp c ngha l ti sn c bn thp v mt t l ROA cao , nhn vin ca Nucor s c tng tin lng thc t sau khi tr cc khon thu nu m h lm gim vn lun chuyn. Cc cng ty v k thut ca h s c cp trong chng ny .

Qun tr vn lun chuyn cp n 2 vn chnh (1) ci g thch hp ni v vn lun chuyn, c tng hay nhng khon mc chi tit.(2) vn lun chuyn nn c u t nh th no? Qun tr vn lun chuyn nghe c v nh vt ra ngoi ti chnh. Nn bit rng quy trnh ci thin vn lun chuyn thng c tha thun bi nhng quy nh kht khe. V d chuyn gia trong lnh vc hu cn, nhng nh qun tr, v nhng k thut vin thng c lm vic vi nhng nh tip th pht trin cch tt nht c th phn phi sn phm. Hn th na k s v nhng nh chuyn mn phi tm cch tng tc trong quy trnh sn xut v lm sao gim ti thiu ho lng sn phm tn kho. Ti chnh tc ng n quy trnh hot ng ca cng ty, cc b phn hot ng hiu qu nh th no, ci thin qu trnh qun tr vn lun chuyn. Thm vo , nh qun tr ti chnh quyt nh lng tin mt nm gi v bao nhiu ti sn s c u t. y l nhng vn cn bn: 1. Vn lun chuyn: thng c gi l vn lun chuyn thun, khi nim cp n ti sn hot ng ca cng ty 2. Vn lun chuyn thun: bng ti sn hin ti tr ngha v hin ti. 3. Vn lun chuyn hot ng thun: bng ti sn hin ti hot ng tr ngha v hin ti hot ng. N tng ng vi tin mt, khon pha thu, hng tn kho tr i khon phi tr v n tch ly. Chng khon m bo v cc khon u t ngn hn khc thng khng c tnh l l ti sn hot ng hin ti, khng nm trong vn lun chuen hot ng thun. 22.1 chu k chuyn ha tin mt Chu k chuyn ha tin mt c th l vng quay hng tn kho, hng bn tn dng, v khon phi thu. Tnh ton chu k chuyn ha tin mt Cng ty RTC vo nm 2007 sn xut my tnh c bit, n c th x l vi tc 100 nghn t mi giy v c bn vi gi 250.000$ .RTC k vng rng h c th bn c 40 my tnh vo mi nm. Tc ng ca vic ra

i my tnh ny vo vn lun chuyn ca cng ty c phn tch 5 bc sau: 1.RTC s t hng v h nhn c linh kin ca my tnh ny lp rp 40 ci my tnh bn. Bi v RTC v hu ht cc cng ty khc mua chu linh kin, iu ny s lm tng khon phi tr. Vic giao dch ny khng lm nh hng n dng tin mt ca cng ty 2. ngi lao ng s lp rp linh kin thnh my tnh. Tuy nhin lng ca h s khng c tr cho n khi cng vic hon thnh , iu c ngha l khon phi tr tng ln. 3.my tnh hon thnh s c bn, nhng bn chu.theo doanh s s lm to ra khon phi thu, khng lm nh hng n dng tin vo. 4. Trc khi nhn c khon phi thu, nhng khon phi tr v tin lng phi c RTC thanh ton. Dng tin ra ny phi c tnh n. 5.vng quay s c hon thnh khi khon phi thu ca RTC phi c tp hp li. vo thi im ny, cng ty c th tr ht, iu ny ging nh quy trnh ti chnh, v vng quay li tip tc. M hnh vng quay chuyn ha tin mt, tp trung vo khong thi gian khi m cng ty to ra khon phi tr v khi n nhn c dng tin vo.nhng bc tip theo c trnh by bn di: 1.k chuyn ha hng tn kho:n l khong thi gian chuyn ha t nguyn vt liu thnh thnh phm v bn thnh phm . Lu rng k chuyn ha hng tn kho c tnh bng hng tn kho chia cho doanh s mi ngy. V d , hng tn kho trung bnh l 52 triu USD, doanh s l 10 triu $ v k chuyn ha hng tn kho l 73 ngy K chuyn ha hng tn kho=2000/(10000/365)=73 ngy T khi nguyn vt liu c sn xut cho n khi n c em bn l 73 ngy. 2.k thu tin bnh qun: l khong thi gian chuyn khon phi thu thnh tin mt, ngha l khong thi gian cn thit thu tin t khch hng t thi im ghi ha n. V d khon phi thu l 657534 USD v doanh s l 10$.

k thu tin bnh qun=657534/(10/365)=24 ngy. 24 ngy l thi gian khon phi thu chuyn thnh tin mt. 3.k thanh ton bnh qun:l di thi gian t khi mua nguyn vt liu hay thu lao ng n khi thanh ton.v d cng ty c 30 ngy tr lng v tin cho nh cung cp, chi ph bn hng l 8 t USD mi nm v khon phi thu l 657534 USD. K thanh ton bnh qun=khon phi tr/chi ph bn hng bnh qun=657534/ (8/365)=30 ngy. Con s ny cho bit s ngy s thanh ton l sau 30 ngy. 4.Chu k chuyn ha tin mt: bng tng thi gian t khi chi tin mt n khi nhn tin mt. K chuyn ha tin mt v vy bng khong thi gian bnh qun ng vn c duy tr di hnh thc ti sn lu ng. Chu k chuyn ha hng tn kho+k thu tin bnh qun-chu k thanh ton bnh qun= chu k chuyn ha tin mt . Minh ha cho vn ny ta c v d, Realtime mt 73 ngy chuyn nguyn vt liu thnh sn phm cui cng, tiu th v sau mt 24 ngy thu tin bn tn dng. tuy nhin, cng ty thng thanh ton tin sau 30 ngy k t khi nhn nguyn vt liu. Trong trng hp ny chu k chuyn ha tin mt =73+24-30=67 ngy. Ni cch khc : thi gian tr hon thu tin b tr hon thi gian thanh ton c tr hon=tr hon rng =( 73+24)-30=67 Rt ngn chu k chuyn ha tin mt: d liu trn, RTC bit rng khong thi gian t khi sn xut n lc thu tin l 67 ngy. Mc tiu ca cng ty l mun rt khong cch ny li m khng mun lm nh hng n quy trnh hot ng ca cng ty. iu ny c th lm tng gi tr kinh t ca cng ty, bi v rt ngn chu k chuyn ha tin mt, h thp vn lun chuyn thun v lm gia tng ngn qu. C th rt ngn chu k chuyn ha tin mt bng cch: Gim chu k chuyn ha hng tn kho bng thc y qu trnh sn xut v tiu th hng ha.

Gim k thu tin bng cch thc y chnh sch bn hng v thu n hp l. Ko di thi gian thanh ton bng tr hon thi gian thanh ton cho cc nh cung cp. Cc hot ng trn c thc hin nu chng khng lm tng chi ph v cng khng lm gim doanh s. Li ch: Chng ta c th li ch nhn vo v d ca cng ty RTC. bng 2.1, RTC tha thun vn lun chuyn thun mc 2 $. RTC c th ci thin hot ng sn xut v hu cn gim k chuyn ha hng tn kho xung cn 65 ngy. Cng ty c th ct gim k thu tin bnh qun xung cn 23 ngy bng cch y nhanh qu trnh thu hi n xung cn 23 ngy. Cui cng tng k thanh ton bnh qun bng cch iu chnh thi hn tn dng s c ni trong chng tip theo. bng 22.1 cho thy tc ng ca nhng ci thin trn lm cho k chuyn ha tin mt gim c 10 ngy v nhu cu ti tr vn lu ng gim xung cn 268493$ Dng ngn qu t do li nhun rng sau thu tr i u t rng vo vn lun chuyn. Theo , nu vn lun chuyn gim FCF tng. K chuyn ha tin mt c ct gim lm cho dng ngn qu t do tng 268493$. Nu doanh thu vn khng thay i , vic gim vn lun chuyn rng l dng nhp qu mt ln. Tuy nhin nu doanh thu tng trng, v t l vn lun chuyn rng vn mc mi th nhu cu vn lun chuyn cn thit b tr cho doanh s tng thm gim lm cho dng ngn qu t do d kin hng nm trong tng lai tng. V d ca cng ty RTC, doanh s v chi ph tng 10%, lc ny vn lun chuyn rng cng tng 10%. i vi vn lun chuyn gc, vn lun chuyn rng d ton s l 110*(2.000.000$) =2.200.000 $ , iu c ngha l cng ty c khong 2.200.000-2.000.000=200.000 $ u t vo vn lun chuyn mi. Nu ci thin hn na vn lun chuyn rng = 110*(1731507)=1904658$. Vi k hoch mi ny, khong u t vo vn lun chuyn rng s l 1904658-1731507=173151$. Nhu cu ti tr vn lu ng l 26849$, t hn yu cu ban u (2.000.000$1731507$=268493$). v d ny, khng ch cho thy vic ci thin vn lu ng

to ra dng ngn qu t do 1 ln l 268493$ m cn ci thin c dng ngn qu t do vo nm ti 26849$, v s tip tc ci thin vo nhng nm tip theo. Gi tr ban u Gi vn hng bn 10.000.000$ Chi ph bn hng 8.000.000$ K chuyn ha hng tn 73 kho K thu tin bnh qun 24 K thanh ton bnh -30 qun K chuyn ha tin mt Hng tn kho Khon phi thu Khon phi tr Vn lun chuyn hot ng rng Tng thm dng ngn qu t do= ( vn lun chuyn hot ng ban u- vn lun chuyn hot ng ci thin S kt hp gia dng nhp qu mt ln v s ci thin trong di hn v vn lun chuyn c th lm tng gi tr cho cng ty. Hai gio s Huyn-Han Shin v Luc Soenen thc hin cuc iu tra 2900 cng ty trong 20 nm v tm ra mi lin h gia k chuyn ha tin mt v hiu qu hot ng. kt qu nghin cu cho thy cng ty gim chu k chuyn ha tin mt xung 10 ngy lm tng li nhun trc thu t 12,7% ln 13.02% . H chng minh rng nhng cng ty c k chuyn ha tin mt ngn hn 10 ngy s c t sut sinh li cao hn 1,7 % . vi kt qu ny khng cn nghi ng g khi cc cng ty ch n hot ng qun tr vnlunchuyn 65 2.000.000$ 657.534 -657.534 2.000.000$ Ci thin 10.000.000 8.000.000$ 65 23 -31 57 1.780.822$ 630.137$ -679.452 1.731.507$ 268.493

22.2 Cc cn nhc trong quyt nh u t vn lun chuyn: Chnh sch vn lun chuyn lin quan cht ch n khon tin v hng tn kho m cng ty c, khi mun gia tng doanh thu cng ty s khuyn khch s dng cc chnh sch tn dng ni lng thi hn tn dng cho khch hng tng ng vi mc khon phi thu cao. Vi mt chnh sch vn lun chuyn tht cht, lng tin mt nm gi v hng tn kho, khon phi thu ti thiu, khon phi thu v tch ly l ti a. Di chnh sch tht cht ny, vn lun chuyn dao ng nhiu hn, vi mi ng vn lun chuyn s to ra cho cng ty thu nhp k vng trn vn u t cao. Chnh sch u t n ha nm gia 2 chnh sch trn. Di 1 nn kinh t n nh, khi doanh thu, chi ph, thi gian t hng v k thanh ton l kh chc chn, cc cng ty s s dng vn lu n ti thiu. Vic tng vn lu ng c th lm tng nhu cu ti tr t bn ngoi m khng lm tng li nhun. Tuy nhin, vic nm gi ti sn lu ng mc thp c th dn n vic thanh ton chm cho cc nh cung cp v lm gim doanh thu tn kho thp v chnh sch tn dng hn ch. Tuy nhin, iu kin ri ro tnh hnh c th thay i. Nhng cng ty c mt lng hng tn kho v tin mt thp, k vng v doanh thu, chi ph, thi gian t hng v k thanh ton cng vi mt khon d phng, gip cng ty c th ng ph vi tnh hung khi dng ngn qu lch ra khi gi tr k vng. Mc ca khon phi thu ph thuc vo k hn tn dng, k hn tn dng cng cht ch, khon phi thu cng thp. Vi chnh sch u t hn ch vo ti sn lu ng, cng ty c th c mc thu nhp k vng trn vn u t cao nhng cha ng nhiu ri ro nht. Trong khi chnh sch u t th lng th cho kt qu ngc li. Chnh sch n ha l chnh sch gia hai chnh sch trn v mt thu nhp k vng v ri ro. Cng ty phi i mt vi cc s thay i c bn. vn lun chuyn cn phi thay i cho ph hp vi tnh hnh ca cng ty, vi mt lng vn lun chuyn cao ri ro s thp, trong khi thu nhp k vng trn vn u t cng thp. Tuy vy, vic

nm gi vn lun chuyn cng c li, n s lm gim thu nhp trn vn u t , dng ngn qu t do v gi tr. Phn tip theo s tho lun phn ny. 22.3 Qun l dng tin mt: Khon trung bnh c 15% ti sn ca cng ty trong ngnh c lu gi di dng tin mt. Tin mt c xem nh l ti sn khng sinh li. N c dng tr lng cho cng nhn, mua nguyn vt liu, ti sn c nh, tr thu, thanh ton n, v tr c tc v nhiu th khc. Tuy nhin, bn thn tin mt( v nhng ti khon thng mi khc) khng to ra li nhun. Mc ch ca nh qun tr l ti thiu ha lng tin mt, u t vo cc hot ng kinh doanh khc.. ti mi thi im th lng tin mt nm gi l khc nhau (1) thanh ton chit khu (2) duy tr t l tn dng (3) thanh ton nhng khon khc. Chng ta bt u phn tch tho lun cc nguyn nhn nm gi tin mt. 1. thc hin giao dch: cn bng tin mt l cn thit cho hot ng kinh doanh. Cng ty phi thanh ton cc ha n bng tin mt. Tin mt cng vi cc khon phi thu phi c cn bng. Dng tin vo v dng tin ra khng th on trc c, ty thuc vo cng ty v ngnh ngh kinh doanh m lng tin mt duy tr mc khc nhau. Cng ty cn nm gi mt khong tin mt d phng cho nhng bin ng bt thng trong qu trnh dch chuyn tin t. nm gi chng khong an ton chnh l ti khon d phng. V khi dng tin mt ca cng ty cng kh on th khon d phng ny cng ln. 2.khon ph cho ngn hng khi i vay v s dng dch v: ngn hng kim ra tin bng cch cho vay t ngun vn ca h, tin m cng ty gi vo ngn hng cng ln th ngn hng cng c nhiu li nhun. Nu ngn hng cung cp dch v cho khch hng , n c th yu cu khch hng c mt khon b tr v chi ph khi cung cp dch v. Hoc c th yu cu ngi i vay k qu ti ngn hng. C hai loi k qu trn gi l cn bng bi thng. Vo nm 1979, theo mt cuc iu tra, 84.7 % cng ty c yu cu c mt khon tin k qu ti ngn hng m bo cho nhng giao dch ca h. Ch c 13.3% thanh ton trc tip khon ph ti ngn hng. Nm 1996 th t l ny thay i, 28% cng ty phi k qu v 83%

thanh ton trc tip. S cn bng ny gim xung l nguyn nhn cng ty nm gi tin mt cng nhiu. Thm vo nm gi tin mt thc hin cc giao dch, d phng v cc khon cn bng bi thng, cng ty s c c mt khon chit khu. Nh cung cp thng xuyn cung cp cho cng ty mt khon chit khu nu cng ty thanh ton sm. nh chng ta bit trong chng ny, chi ph chit khu rt cao, v th cc cng ty mong mun thanh ton sm nhn c khon chit khu ny. Cui cng, cng ty c th u t vo cc hot ng mang tnh ngn hn trong gii hn tin mt cho php. iu ny s c tho lun trong phn tip theo. 22.4 Dng ngn qu: Dng ngn qu cho bit dng tin vo v dng tin ra tng hot ng ca cng ty. Ngi ta thng s dng dng ngn qu thng hoch nh dng ngn qu nm, trong khi cc thay i trong dng ngn qu ngy hoc tun s c hoch nh cho ngn qu thng. Ngn qu thng c s dng ln k hoch trong khi ngn qu ngy hoc tun kim sot tin mt hin thi. chng 14, chng ta c th thy doanh s d on ca MicroDrive l 3.300 triu $, l kt qu ca dng tin mt t hot ng kinh doanh l 163 triu $. Khi tt c cc chi ph v dng u t khng thay i, ti khon tin mt d on tng 1 triu $. Ngi ta c th lo ngi v dng tin mt ngn hn trong nm? tr li cu hi ny, chng ta phi xy dng dng ngn qu. V d n gin, chng ta ch c th xy dng dng ngn qu cho na nm sau. Chng ta s khng tp trung vo tt c cc dng tin m ch tp trung vo dng tin cho hot ng kinh doanh. Doanh thu cao im vo thng 9, v tt c khon doanh thu u c thi hn tn dng l 2/10 net 40 ; iu c ngha l khch hang s nhn c 2% chit khu nu thanh ton trong vng 10 ngy, v nu khng tr sm c th khong thi gian ti a phi thu khch hng l 40 ngy. Tuy nhin, hu ht cc cng ty, Microdrive thy rng khch hng ca h li tr hon thanh ton n 90 ngy. Kinh nghim cho thy ch c 20% doanh s c c trong thng u tin ( thanh ton

trong thi gian ny khch hng s nhn c chit khu)- y l chit khu bn hng ca cng ty, cng ty thu tin c 70% doanh thu trong thng tip theo v 20 % cn li trong thng tip theo na. Chi ph trung bnh chim 70% gi thnh. Nguyn vt liu c mua trc 1 thng khi i vo sn xut. Cng ty ch thanh ton cho nh cung cp sau 30 ngy k t ngy mua. Thm vo , nu thng 7 doanh s d on l 300 triu $ , th vo thng 6 lng hng mua vo l 210 triu $, khon tin ny s c s thanh ton vo thng 7. Nhng khon chi ph nh lng, khon phi tr phi c a vo trong dng ngn qu v MicroDrive s phi thanh ton tin thu 30 triu $ vo ngy 15 thng 9, v 20 triu $ vo ngy 15 thng 12. 100 triu $ phi tr cho d n mi vo thng 10. Ga nh l an ton 10 triu $ v n d on l 15 triu $ vo thng 7. MicroDrive s lp ngn sch nh th no t thng 7-11 Ngn sch thng c th hin trn bng 22-2. Phn 1 l nhng khon doanh thu v chi ph. Dng u tin l d on v doanh s t thng 7 n thng 11.( doanh s thng 5 v thng 6 c phn to ra doanh s thng thng 7 v thng 8). Dng 2 l doanh s thu c trong mi thng. 20% doanh thu c thu ngay trong thng. Nhng khch hng thanh ton ngay trong thng ny s c chit khu 2%. Dng 3 l doanh s thu c trong thng tip theo, gm 70% doanh s ca thng trc. Dng 4 l doanh s thu c trong thng th 3, gm 10% doanh s ca thng u tin. Dng 5 l tng cng doanh thu thc t mi thng. Tip theo l chi ph nguyn vt liu. Doanh s d on ca cng ty l 300 triu $ trong thng 7, trong khi chi ph nguyn vt liu l 210 triu $ c mua vo thng 6( dng 6) v tr tin cho chi ph ny ( dng 7). Tng t nh vy, cng ty d on doanh s l 400 triu $ vo thng 8 v quyt nh mua lng hng tr gi 280 triu $ t thng 7. Phn 2 l cc khon chi ph bao gm 14 khon mc phi tr mi thng v nhng khon mc ny c tng cng vo dng 15. S chnh lch gia khon thu ( trn

danh ngha ) v chi s c th hin bng cch ly gi tr dng 8 tr dng 15. Thng 7 dng tin chi ra l 11 triu $ c th hin dng 16. Phn 3 , chng ta cn bng dng tin mi thng (bao gm c s d u k). N c th hin dng 17, MicroDrive c sn 15 triu $ vo ngy 1 thng 7. Dng 18 c gi tr bng s d u k cng vi cn i thu chi mi thng. Ch c 4 triu $ vo thng 7, trong khi l an ton l 10 triu $, cng ty cn phi vay thm 6 triu $ na vo cui thng 7.( Trc cng ty khng c bt k khon vay no vo u thng). Dng tin mt thm vo hoc khon vay cn thit c th hin dng 20. th ng 5 th ng 6 th ng 7 th ng 8 th ng 9 th ng 10 th ng 11 th ng 12

I cc khon thu v chi ph (1) doanh thu t hot ng kinh $20 $25 $30 $40 $50 $35 $25 $20 doanh 0 thu (2)hng thng ( 0,2*0.98* doanh thu) (3)doanh thu c sau thng th 1 (0.7* doanh s thng trc) (4) doanh thu thu c sau thng th 2(0.1*doanh thu trc 2 thng) chi (5) tng thu (6) chi ph mua hng (cha tr) 0 0 0 0 0 0 0

$59 $78 $98 $69 $49 $39 $17 $21 $28 $35 $24 $17 5 0 0 0 5 5 $20 $25 $30 $40 $50 $35

$25 $31 $40 $45 $34 $24 4 3 8 9 4 9 $21 $28 $35 $24 $17 $14 $0

=0.7* doanh s thng tip theo 0 0 0 5 5 0 (7) phi tr ( chi ph tr cho vic mua hng $21 $28 $35 $24 $17 $14 thng trc) II ngn qu tng hoc gim (8) tng thu 0 0 0 5 5 0

$25 $31 $40 $45 $34 $24

(9) chi ph mua hng thc s tr (10) tin lng (11) tin mt bng (12) chi ph khc (13) thu (14) tr cho vic xy dng (15) tng chi (16) chnh lch thu chi III nhu cu vay hoc dng ngn qu tng thm (17) tin mt u k (18) tin mt u k + cn i thu chi (19)l an ton (20) nhu cu ti tr ( 18-19)

4 3 8 9 4 9 $21 $28 $35 $24 $17 $14 0 $30 $15 $10 0 $40 $15 $15 0 $50 $15 $20 $30 5 $40 $15 $15 $10 0 $26 $35 $46 $41 $23 $21 5 0 5 5 0 5 $44 $11 $34 4 5 $30 $15 $10 0 $30 $15 $10 $20

$11 $37 $57

15 $4

$4 -

-

-

-

$68

$33 $90 $46 $68 $10

$33 $90 $46 2 $10 $10 $10 $10 $10 $10 -$6 $58 $92 $43 $10 $56 0

QUN TR TIN MT: Mi nm , tp ch CFO xut bn th im qun l tin mt chun b cho nhm t vn REL bu chn trn 1000 cng ty ln nht. H s thu nhp trn vn s dng c xc nh bng cng thc ( EBIT/ ( n ngn hn+ n di hn + vn ch s hu)). Nu cng ty nm gi lng tin mt nhiu hn vic u t vo cc hot ng kinh doanh, ROCE c th gim xung bi v tin mt sinh li rt thp. mt kha cnh khc, nu cng ty khng c tin mt th cng c th gp ri ro. Vy bao nhiu tin mt th ?

Tin mt bao nhiu l ti u ty thuc vo tnh hnh ca mi cng ty. REL nhn thy rng t l c bn ca tin mt trn doanh s l 5,5% . tuy nhin, lng tin mt trung bnh trn doanh s l 11,4% c ngha l nhiu cng ty c nhiu tin mt hn mc quy nh . REL c lng rng tt c cc cng ty t mc tiu chun khi m t l ROCE mc 14% n 15,2% . S pht trin tim nng ca mi cng ty cng c nh gi khc nhau. V d, Microsoft vi 4,2 t $ tin mt, c th ci thin t s ROCE t 12.1 ln 27,4% -t l trung bnh chung tiu chun ca ngnh. Motorola vi 7 t $ tin mt , t l ROCE tng t 16.8 ln 26,4% . Texas Instrument, vi hn 3 t $ tin mt, ci thin ch s ROCE t 16.4 ln 21,6 % C th gim lng tin mt, nhng bng cch no??mt mi quan h tt vi ngn hng cng l cch bo m cho tin mt mc thp. Cn phi c 1 vng quay tn dng tt mt chuyn gia caWickes ni. iu ny ng vi Haverty furniture CFO Dennis Fink ni bn s khng lo lng d on s thay i bt thng trong ngn hn ca dng tin nu bn c mi quan h mt thit vi ngn hng . Lu rng dng tin tng ca khon vay dng 20 l khon tch ly. MicroDrive phi mn thm 6 triu $ vo thng 7. Cng gi tr ny vi khon cn i thu chi l 38 triu $ ( dng 16) thng 8- ta c c 43 triu $ dng 20 . Tha thun gia MicroDrive vi ngn hng cho php n tng khon vay cha tr hng ngy n mc ti a, bn c th tng khon vay tn dng n mc cho php. MicroDrive s s dng bt k khon vn thng d no thanh ton khon vay ca h v v khon vay c th tr bt k lc no. Cng ty s khng c s cn bng gia tin mt v khon vay cha tr. Tin trnh ny c tip tc trong nhng thng tip theo. Doanh s cao nht vo thng 9, do cc khon chi ph cng s tng theo. Dng tin ra ca cng ty vn l 57 t $ mi thng. Tng n vo cui thng 9 s b y ln mc 100 triu $. Mc tin tch ly cui thng cng vi l an ton. 100 triu ny gm 43 triu vo cui thng 8 cng vi 57 triu thm ht tin mt vo thng 9.

Doanh s, chi ph mua, v khon khon phi tr s gim mnh vo thng 10 nhng khon thu s ln nht trong cc thng bi nh hng ca doanh s ca thng 9. V nh vy, khon cn i thu chi l dng 44 triu $, vi khon tin ny cng ty c th chi tr cho cc khon vay, v th khon vay cha tr s gim xung 44 triu $ cn 56 triu $. MicroDrave s c khon tin thng d ln vo thng 11, iu ny gip cho cng ty thanh ton ht tt c cc khon vay trc . Trn thc t, nhu cu ti tr vo cui thng l 58 triu $ , v khon tin ny vo thng 12 l 92 triu $ Khon tch ly ca cng ty c dng u t vo cc khon m bo sinh li hoc s dng vn vi nhng cch khc. nng cao khon ngn qu ny (1) tng khon tr c tc, pht hnh c phiu, chng khon, thu nhp li v nhng khon chi ph li khc. (2) xy dng ngn qu theo thng, tun ngy, nhu cu tin mt (3) c lng phn b nhu cu tin mt (4) l an ton khc nhau ty theo ma v hoc cc hot ng kinh doanh. 22.5 k thut qun tr dng tin mt . Cc cng ty ln thu thp tin mt t nhiu ngun khc nhau, khu vc khc nhau v thm ch t nhiu nc khc nhau. V d nh IBM, General Motor , v HP c nh my sn xut khp ni trn th gii, h c nhiu ca hng v ti khon ngn hng ti nhiu thnh ph. Cc im thu tin ca cc cng ty ny c thit k theo cu trc phn phi, ngha l ch c 1 s hot ng c thc hin ti cc vn phng a phng cn hu ht c thc hin nhng khu bc din ra hot ng sn xut hoc khu vc t vn phng tr s. V vy, mt cng ty c th c hng trm, thm ch hng ngn ti khon ngn hng, v do khng c l do no cho rng dng nhp qu v dng xut qu cn i trn tng ti khon. Cc cng ty ny phi xy dng mt h thng chuyn tin mt t ni xut pht v chuyn n nhng ni cn thit, sp xp cc khon n bo m trong tnh trng thiu ht cp cng ty v c th u t nhng khon tin mt d tha. y mnh tc thu tin: C 2 k thut quan trng trong vic y mnh tc thu v cp ngn qu khi cn:

(1) h thng ti khon thu gom v (2) thanh ton qua in thoi hay ghi n t ng. H thng ti khon thu gom: y l cch qun tr tin lu i nht. Trong h thng ny, cc t sec ca khch hng c gi n hp th t bu in ca thnh ph ch khng phi l tr s cng ty. V d, tr s cng ty Newyork c th c khch hng Westcoast yu cu khch hng ny gi sec thanh ton n hp th Sanfrancisco, khch hng ca h min Ty Nam gi sec n Dallas v tt c s c kim tra New York. Ngn hng khu vc n kim tra hp th nhiu ln trong ngy v chuyn tin vo ti khon ca cng ty ngay ti thnh ph . Sau , ngn hng bo co cho cng ty nhng bin lai nhn c trong ngy, thng thng qua h thng chuyn d liu in t v h thng ny cho php cp nht trc tip nhng bo co v khon phi thu ca cng ty. H thng thu gom lm gim thi gian nhn sec t khch hng, sau gi, chuyn qua h thng ngn hng a vo qu s dng. h thng ny lm tng thi gian s dng ngn qu sm hn 2 n 5 ngy so vi h thng thng thng. Thanh ton qua in thoi hay ghi n t ng: Cc cng ty ngy cng mun c thanh ton cc ha n ln qua in thoi hoc ghi n t ng. Vi h thng ghi n t ng, ngn qu c t ng tr ra khi ti khon ny v cng vo ti khon kia. S tin b trong hot ng thu n tc cao v cng ngh thng tin ang ngy cng lm cho qu trnh ny tr nn kh thi v hiu qu hn. 22.6 Hng tn kho: K thut qun tr hng tn kho chnh l phn nh quy trnh sn xut theo chiu su. Nh qun tr ti chnh c trch nhim gia tng ngun vn cn thit to ra hng tn kho v li nhun tng th cho cng ty, lm p cho bo co ti chnh bng k thut qun tr hng tn kho. t c mc ch trong qun tr hng tn kho( 1) phi chc rng lng hng tn kho c cung cp lin tc cho hot ng kinh doanh (2) m bo lng ph b ra c c hng tn kho l thp nht. Khi phn tch vic ci thin tc

chuyn ha tin mt, chng ta nhn thy rng lng tin mt c mi quan h cht ch vi vic gim hng tn kho. Thm vo , lng hng tn kho lu tr t s gim cc khon ph tn kho, thu kho bi, sn phm hng, hng ph thi. Trande Corporation, cng ty sn xut my iu ha, qun tr hng tn kho theo m hnh Just-in-time (ng sn phm - vi ng s lng - ti ng ni - vo ng thi im cn thit). Trong qu kh, cng ty sn xut n nh, lu tr lng hng tn kho ln p ng cc n t hng khi cn. Trong tnh trng xu hn, hng ha c th b h hng nu lu tr qu thi hn. Trande b sung chnh sch hng tn kho mi- sau khi n t hng c gi ti, nguyn vt liu mi c a vo dy chuyn sn xut ngay sau . nh hng tip theo, hng tn kho gim t 40% xung cn 30% Ci tin trong qun l hng tn kho nh vy c th gii phng mt lng ng k tin mt. v d, gi s c doanh thu 120 triu USD trn doanh thu hng tn kho mt t l l 3. iu ny c ngha l cng ty c mc hng tn kho l: Hng tn kho = doanh s bn hng / (t l doanh thu hng tn kho) = 120 $ / 3 = 40 triu USD Nu cng ty c th ci thin t l doanh thu hng tn kho ca mnh n 4, sau hng tn kho ca n s gim xung Hng tn kho = 120 $ / 4 = 30 triu USD. gim 10 triu USD trong hng tn kho v tng dng tin t do khong 10 triu USD. Nhn chung, nu mt doanh nghip c lng hng tn kho thp, n phi sp xp li thng xuyn. iu ny lm tng chi ph t hng. Quan trng hn na,cng ty c th b l li nhun bn hng v cng c th b mt khch hng v dn n doanh s bn hng trong tng lai thp hn .Nh vy, iu quan trng l doanh nghip phi m bo lng hng tn kho cn thit cung cp cho khch hng trong qu trnh kinh doanh. 22.7. Qun l khon phi thu

Cc cng ty, ni chung, thch bn thu bng tin mt hn l bn tn dng, nhng p lc cnh tranh lc lng buc hu ht cc cng ty phi cho n. Do , hng ha c bn i th lng hng tn kho s gim, v mt khon phi thu ti khon c to ra.s c hnh thnh. Khi m khch hng n hn thanh ton khon phi thu ni trn (1) cng ty s nhn c tin mt v (2) cc khon phi thu ca n s gim.Thc hin thu c c chi ph trc tip v gin tip, nhng n cng c mt li ch quan trng l gia tng doanh s bn hng. Qun l cc khon phi thu bt u bng chnh sch tn dng, nhngvic gim st h thng ny rt quan trng. Cng ty cn phi d tr cc tnh hung xu xy ra cn thit, v cch duy nht bit l phng on tnh hinh khng kim sot c vi mt h thng kim sot tt cc khon phi thu. Qun l chui cung ng Herman miller lnc. Sn xut mt lot cc ni tht vn phng v mi khch hng c th yu cu cng vic ti nm nh my khc nhau. Mi nh my s dng nguyn vt liu t cc nh cung cp khc nhau v n t hng d kin cung cp cho cc khch hng khc nhau. Ga s s phi hp gia cc nh my trn l ht sc cht ch. Doanh s bn tng theo cc n t hng , b phn mua hng t hng t cc nh cung cp ca ring cng ty v yu cu vt liu t h. Sau , cc nh cung cp chuyn nguyn vt liu Herman Miller sn xut , cc sn phm ny c thit k da trn cc yu cu ring ca khch hng. Nu mt phn ca qu trnh trc trc, vic sn xut b tr hon, hng tn kho s chng cht ln, chi ph khc pht sinh, v uy tn ca cng ty b gim st, nh hng xu n doanh s trong tng lai. ngn chn hu qu nh vy, nhiu cng ty ang chuyn sang mt qu trnh c gi l ngi qun l chui cung ng (SCM). Cc yu t quan trng trong SCM l chia s thng tin t cc im bn hng ti cc nh cung cp ca sn phm. SCM i hi phn mm c bit, nhng quan trng hn, n i hi s hp tc ha gia cc cng ty v cc phng ban khc nhau trong chui cung ng. nh hng

vn ha t chc trc y khin nhiu cng ty khng mun tit l thng tin iu hnh ca h. V d, EMC Corp,sn xut cc h thng lu tr d liu, tham gia nhiu trong qu trnh thit k v kim sot ti chnh ca nh cung cp chnh ca n. iu ny cng ng nhiu cng ty khc. sau khi thc hin SCM, Herman Miller c th gim thi gian lu tr hng tn t hn mt tun v thi gian giao hng cho khch hng nhanh hn 2 tun. Herman Miller cng c th vn hnh cc nh my ca mnh ti mt sn lng cao hn 20% m khng c chi ph vn b sung. V d khc, Heineken c th nhn c bia t nh my bia hch hng ca mnh trong t hn 6 tun, so vi 10 n 12 tun trc khi thc hin SCM. SCM lm tng dng tin t do, v dn n gi c phiu cao hn.

Chnh sch tn dng S thnh cng hay tht bi ca mt doanh nghip ph thuc ch yu vo nhu cu ca th trng i vi sn phm nh l mt quy lut ca n , doanh s bn hng cng cao , li nhun v gi c phiu ca n cng cao. Bn hng, ph thuc vo mt s yu t bn ngoi nhng cng c mt s yu t nm trong tm kim sot ca t chc. Kim sot c th bao gm gi bn, cht lng sn phm, qung co, v tn dng ca cng ty chnh sch. Trong chnh sch tn dng ln lt, bao gm bn bin: 1. thi gian tn dng: l thi gian m ngi mua tr hon thanh ton, ngha l t lc ghi ha n n thi hn cui cng m "2 / 10, net 30" ch ra rng ngi mua c th tr hon n 30 ngy thanh ton. 2.Chit khu nh tr sm: c a ra khi m khch hnng thanh ton sm, bao gm t l phn trm chit khu v iu kin v thi hn thanh ton c gim gi. Cc iu khon tn dng "2 / 10, net 30" cho php ngi mua c gim gi 2% nu h tr trong vng 10 ngy. Nu khng, h phi tr ton b s tin trong vng 30 ngy.

3.Tiu chun tn dng: cp n sc mnh ti chnh cn thit khch hng tn dng c chp nhn mua tn dng. Tiu chun tn dng thp thc y doanh s tng nhng lm tng cc khon n xu 4.chnh sch thu hi n:, c o bng cht ch hoc lng lo ca cng ty trong c gng thu hi cc ti khon n. Mt chnh sch kh khn c th tng tc thu hi, nhng n cng c th lm khch hng khng hi lng. Ngi qun l tn dng chu trch nhim iu hnh chnh sch tn dng ca cng ty. Tuy nhin, v tm quan trng ca Chnh sch m thng thng chnh hi ng qun tr s quyt nh v thit lp chnh sch tn dng. S tch ly cc khon phi thu Tng s tin ca ti khon phi thu tn ng ti mt thi gian nht nh c xc nh bi hai yu t (1) khi lng hng bn tn dng v (2) chiu di trung bnh ca thi gian gia bn hng v thu n. V d, gi s Cng ty Boston Lumber (BLC), mt cng ty chuyn cung cp g , m kho vo ngy 1thng , doanh s bn hng trung bnh mi ngy l 1000$. n gin, chng ti gi nh rng tt c u l doanh s bn hng tn dng, v khch hng c c 10 ngy thanh ton. Vo cui ngy u tin, cc khon phi thu l 1000 $; h s tng ln 2000 $ vo cui ngy th hai, vo ngy 10/10 khon phi thu lc ny l 1000$*10=10.000; Vo ngy 11 thng 1 khon phi thu gim 1000 $, do , tng s cc khon phi thu s khng thay i 10.000 USD. Ni chung, hot ng ny vn tip tc nu cng ty ang trong trng thi n nh: Cc khon phi thu = doanh thu tn dng mi ngy x k thu tin bnh qun = 1000 $ x 10 ngy = 10000 $ Nu mt trong hai doanh s bn hng tn dng hoc thay i thi gian thu n, nhng thay i s c phn nh trong cc ti khon phi thu. Gim st khon phi thu Nh u t c c ng v ngn hng u quan tm n cc khon phi thu, nh chng ta s thy, ngi ta c th sai lm bi cc bo co ti chnh v sau b thit hi nghim trng v u t. Khi bn hng tn dng c thc hin, cc vn

sau y c th xy ra:(1) hng tn kho b gim bi gi bn, (2) khon phi thu lm tng gi bn , v (3) s khc bit li nhun, c thm vo li nhun gi li. Nu bn hng thu bng tin mt, sau cng ty thc s nhn c khon tin ny. Nhng nu bn hng tn dng, cng ty s khng nhn c tin mt t vic bn cho n khi ht hn tn dng. Cc cng ty mun nng cao doanh s thng nhm n khch hng mun mua n nng cao li nhun. iu ny c th thc y gi c phiu ca cng ty, t nht l n khi ri ro tn dng bt u lm gim thu nhp, thi gian gi c phiu s gim. Phn tch dc theo cc ngh trong cc phn sau y s pht hin cc vn nh vy, cng nh s suy gim t ngt trong cht lng cc khon phi thu.Pht hin sm nh vy s gip cc nh u t v ngn hng trnh mt mt. Vng quay khon phi thu (DSO) Mt nh sn xut truyn hnh, bn 200.000 my truyn hnh mt nm mt mc gi ca 198 mi sn phm. Nu thanh ton c thc hin trong vng 10 ngy, khch hng s c gim gi 2%; nu khng th ton b s tin phi thanh ton trong thi hn 30 ngy. Cui cng, gi s rng 70% khch hng gim gi v thanh ton vo ngy 10, trong khi 30% tr vo ngy 30. Vng quay khon phi thu (DSO), i khi c gi l giai on thu trung bnh (ACP), l 16 ngy: DSO = ACP = 0,7 (10day) 0,3 (30 ngy) = 16 ngy. Doanh s bn hng trung bnh hng ngy (ADS) l 108.493 $: ADS = doanh s hng nm /365 = (n v bn X gi bn hng) / 365 = 200,000 ($ 198) / 365 = 39600000 / 365 = 108.493 $ Khon phi thu ca cng ty , gi nh mt t l lin tc, thng nht ca doanh s bn hng trong sut c nm, ti thi im bt k l 1.735.888 $ Cc khon phi thu = ADS X dso = 108.493 x16 = 1,735 0,888 V d, nu tt c cc nh sn xut truyn hnh bn trn cc iu kin tn dng tng t, v nu ngnh cng nghip trung bnh DSO l 25 ngy so vi Super Sets

l 16 ngy, km theo Super Sets hoc c mt t l chit khu cao hn cho khc khch hng hoc b phn tn dng ca n m bo cho kh nng thanh ton. Cui cng, lu rng nu bn ch c doanh s bn hng hng nm v cc khon phi thu. Bn c th tnh DSO nh sau: DSO = khon phi thu / doanh thu trn mi ngy = 16 ngy DSO cng c th c so snh vi cc iu khon tn dng ca cng ty. v d,gi s Super Sets c DSO trung bnh 35 ngy. Vi mt DSO ngy 35, mt s khch hng s thanh ton ha n sau 30 ngy. Trn thc t, nhiu khch hng tr tin trong vng 10 ngy tn dng li th gim gi, nhng ngi khc th tr trong vng hn 35 ngy. Mt cch kim tra kh nng ny l s dng mt lch trnh qun l phi thu khch hng qu hn Bng cn i theo thi gian , mt bng cn i theo thi gian qun l cc khon phi thu qu hn. Bng 22-3, bng cn i theo thi gian ca hai nh sn xut truyn hnh, Super Sets v Wonder Vision vo ngy 31/12/2006.C hai cng ty cung cp cc iu khon tn dng tng t, v c hai cho thy tng s cc khon phi thu. Tuy nhin, bng cn i theo thi gian ca Super Sets ch ra rng tt c cc khch hng ca mnh tr tin 70% vo ngy 10 trong khi 30% tr vo ngy 30. Thi hn tn Super Sets dng (ngy) Khon phi % trn tng s 70% 30 thu 0-10 1215122 $ 11-30 520766 31-45 0 46-60 0 Hn 60 0 Tng khon 1735888 $ phi thu Mt khc, Wonder Vision cho thy rng nhiu khch hng ca mnh l khng tun th thi hn tn dng ca cng ty , 27% khon phi thu ca n l hn 30 ngy, Wonder Vision Khon thu 815867 451331 260383 173859 34718 1735888 $ phi % trn tng s 47% 26 15 10 2 100%

100%

mc d iu kin tn dng ca Wonder Vision ku gi thanh ton y tnh n ngy 30. Bng k thi hn c th khng c xy dng t cc loi d liu tm tt bo co trong bo co ti chnh; h phi c pht trin t s ci .Tuy nhin mt cng ty vn hnh tt s tnh ton cc khon phi thu v xc nh thi hn phi thu, ln k hoch cho bng cn i thi gian ni trn Qun l nn thng xuyn theo di c hai DSO v bng k thi hn pht hin cc xu hng, xem cch cn i khon phi thu ca cng ty so snh vi cc iu khon tn dng ca n, v lm th no cho cc b phn tn dng hot ng hiu qu trong so snh vi cc cng ty khc trong ngnh cng nghip. Nu DSO ko di, hoc bng k thi hn bt u cho thy mt t l ngy cng tng ca cc ti khon qu hn, th lc ny chnh sch tn dng ca cng ty c th cn phi c tht cht. Mc d mt s thay i trong DSO hoc bng k thi hn l tn hiu cng ty xem xt li chnh sch tn dng ca n, mt s suy gim trong mt trong cc yu t trn khng nht thit ch ra rng chnh sch tn dng ca cng ty lm suy yu. Trn thc t, nu kinh nghim cho thy doanh s ca cng ty bin i mnh theo ma, hoc nu doanh s t tng nhanh, th bng k thi hn v cc DSO c th b bp mo. Trong thi im ny, lu rng DSO c tnh nh sau: khon phi thu / (doanh s/365) Khon phi thu thay i tc ng n doanh s trong thng cui, nhng doanh s trong mu s ca cng thc trn l cho 12 thng cui, doanh s tng theo ma v s lm t s tng mnh hn mu s, dn n khon phi thu tng theo. iu ny xy ra nu khch hng tr sm. Vn tng t cng xy ra vi bng k thi hn trn nu doanh s dao ng vi bin rng. Theo mt s thay i trong vng quay khon phi thu hoc bng k thi hn cc khon phi thu s lm cho u t nhanh hn, nhng y khng phi l du hiu chng t chnh sch tn dng ca cng ty ang yu i. 22.8 N tch ly v khon phi tr ( tn dng thng mi )

Ta bit rng vn lun chuyn hot ng bng tng ti sn ngn hn hot ng tr i cc khon phi tr hin ti hot ng. Cc phn trc tho lun v qun l cc ti sn hot ng hin hnh (tin mt, hng tn kho, v cc ti khon phi thu), v cc phn sau y tho lun hai loi chnh ngha v hot ng hin ti l n tch ly v cc khon phi tr. N tch ly :

Cc cng ty thng tr lng cho nhn vin hng tun, hoc hng thng, do , do trong bng cn i thng s hin th mt s tin lng tch ly. Tng t nh vy, cng ty c tnh thu nhp thu, bo m x hi v thu thu nhp khu tr t bng lng ca nhn vin, v thu c tr theo tun, thng hoc qu .Trn bng cn i k ton, cc khon thu s i i vi cc khon lng phi tr.

Chi ph tch ly c xu hng tng ln hoc gim xung ty theo quy m hot ng ca cng ty. Cng ty khng th kim sot khon ph tch ly ny. Thi gian tr lng ty thuc vo ngnh v nhng quy nh ca nn kinh t, trong khi thu th c p t theo quy nh ca php lut. V vy, cng ty c th s dng n tch ly m h mun nhng h c rt t quyn sot trong khon ph ny. kim

Cc khon phi tr ( tn dng thng mi) Cng ty mua hng t nh cung cp v c quyn tr chm hn thi im mua, nh vy ta ni h c cp tn dng thng mi. Cc khon phi tr, hoc tn dng thng mi, chim nhiu nht trong n hot ng hin ti ca cng ty, i din cho khong 40% n ngn hn ca nhng cng ty phi ti chnh. T l ny kh ln cho cng ty nh hn: bi v cc cng ty nh thng khng iu kin huy ng ti chnh t cc ngun khc, h da rt nhiu vo ngun tn dng thng mi. Tn dng thng mi l mt ngun "t pht" ngun ti chnh theo ngha l n pht sinh t cc giao dch kinh doanh thng thng. V d, gi s mt cng ty mua trung bnh 2.000 $ / sn phm mt ngy vi thi hn net 30, c ngha rng

n phi thanh ton ha n trong vng 30 ngy, k t ngy nhn ha n. Trung bnh, n s n 30 ln 2.000 $, hoc 60.000 $, cc nh cung cp ca n. Nu doanh s bn hng ca n, lng hng mua tng gp i, th khon phi tr cng s tng gp i, 120.000 $. nh vy, ch n gin bng cch gia tng lng mua, cng ty mt cch t nhin s tng thm $ 60.000 Tng t, nu thi hn li c m rng 30-40 ngy, khon phi tr ca s tng t $ 60.000 n $ 80.000. Nh vy, ko di thi hn tn dng, cng nh m rng bn hng v mua hng, s ra ngun ti tr t pht sinh Chi ph tn dng thng mi : Cng ty chuyn bn v tn dng c chnh sch tn dng bao gm cc iu khon ca tn dng. V d, vi mch in t bn k hn 2 / 10, net 30, c ngha l n mang li cho khch hng ca mnh mt khon gim gi 2% nu h phi tr trong vng 10 ngy k t ngy ghi trn ho n, nhng nu h thanh ton sau 30 ngy h s khng c gim gi. Lu rng gi bn thc t ca sn phm chnh l gi rng hoc 0,98 ln gi bn, bi v bt k khch hng no cng c th mua mt mn hng mc gi min l khch hng tr tin trong vng 10 ngy. By gi xem xt cng ty my tnh c nhn (PCC), mua chip in t t Microchip. Gi chnh thc l 100 $, do , "gi" ng m cng ty PCC a ra l 98$. Nh vy, PCC c th s dng 98$ ti trong 20 ngy v c s dng ngun vn ny h phi tr 2 $. V vy gi bn 100 $ bao gm 2 thnh t: Gi bn = 98$ + 2$ =100$ Cu hi t ra cho PCC trc khi quyt nh loi b chit khu hng thm 20 ngy tn dng na l : h c th c c 1 ngun tn dng vi thi hn tt hn t nhng ngi cho vay khc hay khng? Ni cch khc, cng ty c th hng 20 ngy tn dng vi chi ph thp nht hay khng? PCC mua trung bnh l $ 11.923.333 tin chip vi mc gi rng, hay gi thc. S tin ny $ 11.923.333 / 365 = $ 32,666.67 mi ngy. n gin, gi nh rng Mirochip l nh cung cp duy nht ca PCC. Nu PCC quyt nh khng hng

tn dng thng mi tng thm, nu n tr tin vo ngy th 10 v c chit khu, phi np s trung bnh 10 ($ 32,666.67) = $ 326.667. do , PCC s nhn c 326.667 $ tn dng t Microchip By gi gi s PCC quyt nh hng thi hn tn dng 20 ngy tng thm v v th phi tr chi ph ti tr. Khi PCC tr vo ngy 30, khon phi tr ca n s tng ln 30 ($ 32,666.67) = $ 980.000. Microchip s cung cp cho PCC thm khon tn dng l $ 980,000 - $ 326667 = $ 653.333 tn dng, v PCC c th s dng khon tin ny m ti khon tin mt, tr n, u t vo hng tn kho hoc thm ch m rng tn dng cho khch hng thng mi ca h Tn dng thng mi tng thm m Microchip i hi cung cp mt khon chi ph -PCC phi tr mt khon chi ph ti tr bng 2% chit khu .PCC mua 11.923.333 $ chip in t mc gi thc chi ph ti tr tng thm lm tng tng chi ph 11.923.333 $ / 0,98 $ 12.166.666. do , chi ph ti tr hng nm l 12.166.666 $ = 11.923.333 $ = $ 243,333. Phn chia chi ph ti tr y $ 243.333 cho $ 653.333 triu ng tng thm, chng ta xc nh t sut chi ph hng nm danh ngha ca tndngthngmil37,2%: Chi ph ti tr hng nm = $ 243.333 / $ 653.333 = 37,2% Nu PCC c th vay t ngn hng (hoc t cc ngun khc) vi li sut thp hn 37,2%, nn chp nhn chit khu v t b tn dng tng thm Phng trnh sau y c th c s dng tnh ton chi ph danh ngha ca vic t b chit khu, trn mt c s hng nm, minh ha vi iu khon ca 2 / 10, net 30: chi ph ti tr hng nm = [% chit khu / (100 % chit khu)] * [365 / (ngythanhtons ngy c chit khu)] = (2 / 98) * (365/20) = 2,04% * 18,25% = 37,2% T s ca s hng th nht, phn trm chit khu l chi ph trn mi ng tn dng trong khi mu s ca s nhn ny, 100- phn trm chit khu chnh l vn cung cp trong thng hp khng chit khu. V vy, s hng th nht, 2,04%, l chi ph cho mi thi k tn dng thng mi. Mu s ca s hng th hai l s ngy

ca tn dng c c nu khng hng chit khu, v vy ton b s hng th 2 cho bit mi nm cng ty chu bao nhiu ln chi ph, trong v d ny l 18,25 ln Cng thc chi ph danh ngha hng nm khng tnh n vic ghp li. Khon chit khu theo li sut thc, thi hn 2 / 10, net 30, cng ty c th s dng qu trong 30-10 = 20 ngy, s c 365 / 20 = 18,25 thi k tnh li mi nm. S hng th nht trong phng trnh trn (phn trm chit khu) / (100 - phn trm chit khu) = 0.002/0.98 = 0,0204. L li sut thi k v li sut ny s c t 18,25 ln mi nm, vy chi ph thc ca tn dng thng mi l : Li sut thc hng nm = (1,0204) ^ 1825 -1,0 = 1,4459-1,0 = 45,6% Nh vy li sut danh ngha l 37.2 % c tnh theo phng trnh trn.Tuy nhin, lu , rng chi ph ca tn dng thng mi c th c gim gim i bng cch tr hon thanh ton.Nu PCC c th tr hon thanh ton trong 60 ngy ch khng phi l trong vng 30 ngy k t ngy quy nh, th thi hn tn dng thc s l 60-10=50 ngy , s ln chit khu s gim xung 365/50 = 7.3 v chi ph danh ngha s gim 37,2% n 2,04% * 7,3 = 14,9%. Li sut th s gim xung t 44,6% n 15,9% Li sut thc hng nm = (1,0204) ^ 7,3 -1,0 = 1,1589-1,0 = 15,9% Trong nhng giai on hot ng ca cng ty vt qu nng sut hin c, cng ty c th tm cch thanh ton chm hn. Tuy nhin, h cng phi chu nhiu vn lin quan n vic b a vo nhm khch hng thanh ton chm. Thi hn tn dng Tn dng thng mi tng thm nu cng ty khng nhn chit khu Li sut danh ngha 36.9% 18.4 74.5 37.6 Li sut thc 44.3 20.1 109 44.9

1/10, net 20 1/10 net 30 2/10 net 20 3/15 net 45

22.9 cc ngun ti tr ngn hn:

Chng ti tp trung v tm hiu qun tr vn lu chuyn rng (net operating working capital). By gi chng ta chuyn s ch ca chng ta n cc quyt nh lin quan n u t ngn hn v ti tr ngn hn. Hu ht cc doanh nghip gp nhng bin ng theo ma v / hoc theo chu k. V d, cc cng ty Xy dng c thi im doanh thu cao nht trong ma xun v ma h, cc nh bn l c ma cao im xung quanh ma ging sinh, v cc nh sn xut cung cp cho cc cng ty xy dng v cc nh bn l theo m hnh tng t. Tng t nh vy, hu nh tt c cc doanh nghip phi xy dng vn lu chuyn rng ln(NOWC) khi nn kinh t mnh m, nhng sau h bn ra hng tn kho v gim cc khon phi thu khi nn kinh t gim st . Tuy nhin, NOWC him khi gim xung bng khng-cc cng ty lun c mt s NOWC ti thiu-l an ton m bo cho cc hot ng ca mnh ( l NOWC thp nht ti thi im thp ca chu k). Sau , nh bn hng tng trong xu hng i ln, NOWC phi c tng ln, v phn NOWC tng thm c xem nh l NOWC tm . Cch thc m NOWC vnh vin v tm thi c ti tr c gi l chnh sch ti tr ngn hn ca cng ty .

Kh nng t thanh ton:

Kh nng t thanh ton th hin s trng khp gia vic mua ti sn v k hn thanh ton, c biu din trong hnh 22-2 a. Chin lc ny gim thiu ri ro khi m cng ty khng th tr ht n ca mnh khi n hn. minh ha, gi s mt cng ty vay thi hn 1 nm v s dng khon vay xy dng v trang b cho mt nh my. Dng tin t cc nh my (li nhun cng vi khu hao) s khng tr ht khon vay vo cui thi hn ch c 1 nm, do , khon vay s phi c gia hn thm . Nu v mt s l do m ngi cho vay t chi gia hn khon vay th cng ty s gp vn . Nh my c ti tr bng n di hn , tuy nhin , cc yu cu thanh ton khon vay hn s ph hp nht vi dng tin t li nhun v trch khu hao, v vn gia hn s khng pht sinh .

Hnh 22-a gii hn no , mt cng ty c th c gng ph hp vi chnh xc cc cu trc o hn ca ti sn v n phi tr ca n. Hng tn kho d kin s c bn trong 30 ngy c th c ti tr bng mt khon vay ngn hng 30 ngy, mt my d kin s s dng trong 5 nm c th c ti tr vi 1 khon vay 5 nm. mt ta nh 20 nm c th c ti tr bng mt tri phiu th chp 20 nm, Trong thc t, cc cng ty khng thc s ti tr cho tng ti sn c th vi mt loi ngun vn c k hn bng thi gian khu hao ca ti sn . Tuy nhin, nghin cu hc thut cho thy rng hu ht cc cng ty c xu hng ti tr cho ti sn ngn hn t cc ngun ngn hn v ngun di hn Phng php tip cn tn cng Bng iu khin b Hnh 22-2 minh ha cng ty s dng phng php tn cng tng i. Nhng ngi theo khuynh hng ny ti tr mt phn ti sn lu ng thng xuyn bng ngun vn ngn hn, thm ch, c cng ty cn ti tr c mt phn ti sn c nh bng ngun vn ngn hn. Lu rng chng ti s dng thut ng "tng i" trong cc tiu cho Biu b c th c rt ra di mc

ch nh ti sn c nh, cho thy rng tt c cc thnh phn ca NOWC v mt phn ca ti sn c nh c ti tr bng tn dng ngn hn, iu ny s dn n nguy him nu c tng li sut cng nh cc vn i mi vay. Tuy nhin, n ngn hn thng c chi ph r hn so vi n di hn, v mt s cng ty sn sng chp nhn ri ro i vi c hi li nhun cao hn. Phng php tip cn bo th

Hnh 22- c Bng iu chnh c ca hnh 22-2 c dng gch t trn phn NOWC ,ch ra rng cc ngun di hn c s dng ti tr cho ton b ti sn lu ng v cng p ng mt s nhu cu theo ma. Trong trng hp ny, cng ty s dng mt lng nh cc khon n ngn hn p ng cc yu cu cp thit ca n, nhng n cng p ng mt phn nhu cu theo ma ca n bng cch "thanh khon lu tr" trong th trng chng khon.phn nh ln trn i din cho nhu cu ngn hn, trong khi cc phn di mc ng t khc i din cho u t ngn

hn.Bng iu chnh c i din cho mt chnh sch ,rt an ton ,m bo cho ngun ti sn hin ti. 22,10 u t ngn hn: th trng chng khon Thc t, vic qun l tin mt v th trng chng khon khng th tch ri. By gi, chng ta chuyn sang th trng chng khon. Th trng chng khon thng cung cp li ch thp hn nhiu so vi ti sn hot ng. V d, gn y DaimlerChrysler c 5.8 t $ trn th trng chng khon, trong khi 9.1 t $ l tin mt Ti sao mt cng ty nh DaimlerChrysler c c phn ln nh vy li nm gi lng ln ti sn sinh li thp ? Trong nhiu trng hp, cc cng ty nm gi chng khon vi th trng v nhng l do ging nh h gi tin mt.Mc d cc chng khon ny khng ging nh tin mt, trong nhiu trng hp h c th chuyn ha thnh tin mt rt nhanh (thng ch l mt vi pht) vi mt cuc gi in thoi duy nht.Hn na, trong khi tin mt v v cc ti khon thng mi khc em li li nhun thp, trong khi chng khon c th c xem nh l mt ti sn to ra li nhun va phi.V l do ny, nhiu cng ty nm gi t nht mt s chng khon thay cho s d tin mt ln hn, thanh l mt phn danh mc u t tng ti khon tin mt khi dng ra nhiu hn dng tin vo. Trong tnh hung nh vy, th trng chng khon c th c s dng nh l mt thay th cho s d giao dch hoc cho mc ch phng nga .Hu ht cc cng ty thch da vo tn dng ngn hng thc hin cc giao dch tm thi, nhng h vn c th gi mt s ti sn lu ng bo v chng li s thiu ht c th c ca ngn hng tn dng trong thi im kh khn. C c li ch v chi ph lin quan vi t chc th trng chng khon. Cc li ch gm hai phn: (1) cng ty lm gim ri ro v chi ph giao dch bi v n s khng c pht hnh chng khon hoc vay thng xuyn tng lng tin mt, v (2) n s c tin mt sn sng tn dng li th mua thng lng hoc c hi tng trng . Qu c t chc vi l do th hai c gi l s d tin mt c

tnh cht u c.Nhng bt li chnh l li nhun sau thu ca chng khong ngn hn thp. V vy, cc cng ty phi i mt vi s nh i gia chi ph v li nhun Nghin cu gn y ng h gi thuyt nh i l mt li gii thch cho cc cng ty nm gi tin mt. Cc cng ty c c hi tng trng cao gnh chu nhiu nht nu h khng c tin mt sn sng nhanh chng tn dng li th c hi, v cc d liu cho thy rng cc cng ty gi mc tng i cao chng khon. Cc cng ty vi dng tin mt bin ng l nhng ngi cng ty c kh nng chuyn ha tin mt thp nht v vy h c xu hng gi tin mt nhiu.Ngc li, nm gi tin mt l t quan trng hn cho cc cng ty ln vi xp hng tn dng cao, bi v h c th trng tip cn ngun vn nhanh chng v khng tn km . V vy cc cng ty gi mc tng i thp tin mt. Tt nhin, chng ta cng c ngoi l, nh Microsoft l mt cng ty ln, mnh, gi mt lng tin mt ln, nhng li nhun ca cng ty li c s bin ng trn th trng chng khon. 22.11 Ti tr ngn hn Ba chnh sch ngn hn c th m t cc chnh sch s dng n ngn hn khc nhau. Chnh sch tn cng ku gi s dng n ngn hn ln nht.trong khi chnh sch bo th th khon ny l thp nht. Mc d tn dng ngn hn thng ri ro cao hn hn tn dng di hn, s dng vn ngn hn c nhng li ch nht nh. u im ca ti chnh ngn hn u tin, mt khon vay ngn hn c th thu c nhanh hn nhiu so vi tn dng di hn. Ngi cho vay s nhn mnh vo mt cuc kim tra ti chnh k lng hn trc khi m rng tn dng di hn, v tha thun cho vay s phi c gii thch r rng chi tit ng k bi v c th c khon vay 10-20 nm V vy, nu cng ty cn mt lng kinh ph gp, cng ty nn s xem xt th trng ngn hn. Th hai, nu nhu cu v vn theo ma v hoc theo chu k, mt cng ty c th khng mun cam kt n di hn. (1) chi ph pht sinh ca cc khon n di hn thng cao hn so vi tn dng ngn hn. (2) Mc d n di hn c th c hon

tr sm, cung cp tha thun cho vay bao gm mt iu khon tr trc, ph tr trc c th tn km. Theo , nu mt cng ty cho rng nhu cu v vn s gim trong tng lai gn, nn chn n ngn hn. (3) tha thun cho vay di hn lun lun c cha quy nh, hoc giao c, trong hn ch cc hnh ng trong tng lai cng ty. Chnh sch tn dng ngn hn thng t hn ch hn. Th ba, cc ng cong li sut bnh thng tr ln dc, cho thy rng t l li sut thng thp hn n ngn hn. Nh vy, trong iu kin bnh thng, chi ph li sut ti thi im cc khon tin thu c s thp hn nu cng ty vay mn ngn hn ch khng phi l lu di. Nhc im ca n ngn hn Mc d li sut ngn hn thng thp hn li sut di hn, tn dng ngn hn vn c nhng ri ro v hai l do: (1) nu mt cng ty vay mt khon tn dng di hn, chi ph li sut ca n s tng i n nh theo thi gian, nhng nu n s dng tn dng ngn hn, chi ph li vay s dao ng rng ri ti nhng thi im kh cao. V d, ph tn cho cc khon n ngn hn tng gp ba trong khong thi gian hai nm trong nhng nm 1980, tng t 6,25% n 21%. Nhiu doanh nghip vay rt nhiu khon n ngn hn m li sut khng gia tng, sau ny khi li sut tng ln, cc doanh nghip tr tay khng kp v kt qu mc ph sn n k lut. (2) nu mt cng ty vay mt lng ln tin trong ngn hn, s suy thoi tm thi c th nh hng n kh nng chi tr ca cng ty. 22.12 khon vay ngn hn Cc khon cho vay t cc ngn hng thng mi ni chung xut hin trn bng cn i k ton nh cc khon phi np. nh hng ca ngn hng l ln bi y l ngun vn khng t pht Khi nhu cu ti chnh ca mt cng tng ln, n yu cu ti chnh b sung t ngn hng ca mnh.Nu yu cu b t chi, cng ty c th b buc phi t b cc c hi mang tnh nng chnh tng trng hp dn .Nhng c tnh ca cc khon vay ngn hng c tho lun sau y. K hn:

Mc d ngn hng cung cp cc dch v cho vay di hn nhng hu ht cc khon cho vay l ngn hn- hai phn ba tng d n ca ngn hng c thi hn di mt nm. Cc doanh nghip thng c vay vn ngn hng trong khong thi gian l 90 ngy, do , khon vay phi c hon tr hoc gia hn vo cui ngy th 90. Tt nhin, nu tnh hnh ti chnh ca cc cng ty xu i, ngn hng c th t chi gia hn .iu s gy rc ri nghim trng cho khch hng vay. Ha tr : Khi mt khon vay ngn hng c chp thun, tha thun c thc hin bng cch k vo mt giy hn. Giy hn xc nh r (1) khon tin cho vay (2) li sut (3) k hoch tr n , c th l gm tn sut tr li v thi hn thanh ton(4) vt k qu c th m bo cho khon vay (5) s k hn v cc iu kin khc m ngn hng v ngi i vay cam kt. Khi giy hn c k,, ngn hng ghi c vo ti khon ca ngi i vay s tin vay, tin mt v n phi tr trong bng cn i k ton ca ngi i vay cng tng ln. S d b tr: i lc cc ngn hng yu cu ngi i vay phi duy tr mt khon tin t cc t 10-20% khon tin vay. Th tc ny gi l ti khon b tr v hnh thc vay ny lm li sut thc ca khon vay tng ln. Chng hn nu cng ty cn 80.000$ thanh ton cc khon n hin ti nhng phi duy tr trong ti khon b tr 20% s tin vay th h phi vay tng cng 100 triu ong c c tin vay rng l 80 triu ng. Nu li sut danh ngha hng nm l 8% th chi ph ti tr thc t cho khon vay l 10%. Nh chng ta lu trc , cuc iu tra gn y ch ra rng s d b tr nhiu t ph bin hn so vi 20 nm trc y. Trong thc t, s d b tr bt hp php nhiu bang. Mc d vi xu hng ny, mt s ngn hng nh l nhng tiu bang m s d b tr l hp php vn cn yu cu khch hng ca h duy tr s d b tr. Hn mc tn dng

Hn mc tn dng l cam kt khng chnh thc gia ngn hng vi ngi i vay. V d, vo ngy 31 Thng Mi Hai, nhn vin ngn hng c th bo cho cc nh qun tr ti chnh ca cng ty rng h s cho vay 80.000$ trong nm nu iu kin ti chnh ca ngi i vay khng b gim st.Vo ngy 10 thng 1 nu nh qun tr ti chnh k 1 giy hn vi khong 15.000 la trong vng 90 ngy, iu ny s lm tng hn mc tn dng "gim xung" 15.000 la. S tin ny s c ghi vo ti khon kim tra ca cng ty ti ngn hng, v trc khi tr n 15000 la, cng ty c th vay nhng khon b sung cho n khi tng s ca khon vay ln n 80.000 la ti bt k mt thi im no. Cam kt tn dng tun hon: Mt cam kt tn dng tun hon l vng quay ca tn dng thng c s dng bi cc cng ty ln. minh ha, trong nm 2007 Cng ty Du kh Texas m phn v mt tha thun tn dng quay vng cho 100.000.000 la vi mt nhm cc ngn hng. Cc ngn hng chnh thc cam kt cho cc cng ty vay ln n 100.000.000 la trong vng 4 nm nu c nhu cu vn. Ngc li, cng ty phi tr 1 khon ph cam kt hng nm bng ca 1% trn khon vn vay khng s dng trong cam kt b p cho ngn hng khi thc hin cam kt ny . V vy, nu texas du kh vay mt ng no trong 100.000.000 la cam kt, n vn s c yu cu phi tr mt khon ph 250.000 la hng nm, hay phi tr mi thng l 20833,33 la.Nu vay 50.000.000 la vo ngy u tin ca tha thun, phn cha s dng ca dng tn dng s gim xung 50.000.000 la, v v phi hng nm phi np l 125.000$. Tt nhin, cng ty vn phi tr li trn vn vay . Theo nguyn tc chung, li sut trong cam kt ny c c nh theo li sut ngn hng, t l T-bill, hoc mt s th trng c t l khc, v vy chi ph ca khon vay khc nhau theo thi gian khi thay i li sut. Lu rng mt cam kt tn dng tun hon tng t nh nhm tn dng phi chnh thc nhng vi c s khc bit quan trng: Ngn hng c mt ngha v php l tn trng cam kt tn dng tun hon, v b li hnhn c mt khon

ph cam kt. i vi nhm tn dng phi chnh thc, ngn hng khng c ngha v php l ny v cng khng thu c khon ph no. Thng th mt dng tn dng s c mt iu khon yu cu vay gim s d n xung n khng t nht mi nm 1 ln. Hy ghi nh nhm tn dng thng c thit k ti tr cho dng ngn qu hot ng m c th xy ra trong thi k kinh doanh, khng phi l mt ngun vn thng xuyn. V d tng ngn qu hot ng hng nm ca Toy R thng dng mc d dng ngn qu ny thng m trong ma thu khi h xy dng tn kho cho ma ging sinh . Tuy nhin, Toy R li c dng ngn qu dng t thng 2 n thng 12, tin thu c t ma ging sinh. Cc ngn hng ca h hi vong cng ty s s dng dng ngn qu dng ny thanh ton khon vay m h s dng t mc tn dng ca cng ty. Nu khng Toys-R c th s dng nhm tn dng ny nh l ngun ti tr thng xuyn. 22.13 chng t thng mi Chng t thng mi l mt loi phiu nhn n khng c bo m c pht hnh bi cc cng ty ln, ch yu bn cho cc cng ty kinh doanh khc, cc cng ty bo him, cc qu hu tr, v cho cc ngn hng. Vo gia nm 2006, c khong 1.793 t USD cc khon vay bng chng t thng mi. Hu ht cc chng t thng mi c ban hnh bi cc t chc ti chnh. K hn v chi ph: K hn ca chng t thng mi ni chung thay i t 1 ngy n 9 thng, mc trung bnh khong 5 thng. Li sut ca chng t thng mi bin ng vi ngun cung cp v nhu cu thc t-n c xc nh bi th trng, thay i hng ngy khi cc iu kin thay i. Gn y, t l thng phiu dao ng t 1,5 n 3,5 phn trm thp hn li sut c bn, v cao hn 0,5 phn trm trn li sut T_bill. V d, trong thng 8 nm 2006, t l bnh qun chng t thng mi trn 3 thng l 5,21%, li sut c bn nu l 8.25%, v t l T_bill thng 3 l 5,10%. Li ch ca chng t thng mi: Vic s dng chng t thng mi b hn ch trong phm vi nh bi ch c 1 s cng ty ln mi c th chp nhn ri ro tn dng cao. Mt vn na vi chng t

thng mi l ngi i vay ang gp kh khn ti chnh tm thi c th c gii quyt bi ngn hng v chng t thng mi thng t mang tnh c nhn hn so vi cc mi quan h ngn hng, V vy, cc ngn hng ni chung l c kh nng v sn sng gip khch hng vt qua bt n thi hn l cc nh mi gii chng t thng mi. Mt khc, s dng chng t thng mi cho php mt cng ty khai thc mt lot cc ngun tn dng, bao gm c cc t chc ti chnh bn ngoi khu vc ring ca mnh v cc tp on cng nghip trn khp t nc, v iu ny c th gim chi ph li sut. 22,14 S dng an ton ti chnh ngn hn Nh vy n nay, chng ti khng c gii quyt cu hi liu hoc khng phi l khon vay ngn hn cn c bo m. Chng t thng mi l khng c bo m, nhng cc loi hnh cho vay khc c th c bo m nu iu ny c coi l cn thit hoc mong mun. Trong iu kin l tng, vay c m bo l tt hn so vi vay trn c s khng c bo m, v chi ph s sch k ton cc khon cho vay c bo m thng cao. Tuy nhin, cc cng ty thng thy rng h c th vay ch khi h t mt s loi ti sn th chp bo v ngi cho vay, hoc bng cch s dng an ton, h c th vay mt t l thp hn nhiu. Mt s loi khc nhau ca ti sn th chp c th c s dng, bao gm c c phiu hoc tri phiu th trng, t ai ca cc ta nh, thit b, hng tn kho, v ti khon phi thu. Chng khon th trng l ti sn th chp tuyt vi, nhng s t cng ty cn cc khon vay cng gi danh mc u t c phiu v tri phiu. Tng t nh vy, bt ng sn (t ai v xy dng) v cc tht b l cc hnh thc ti sn th chp, nhng chng thng c s dng bo m cho cc khon vay di hn hn l i vi cc khon vay vn lu ng. V vy, cc khon vay c m bo trong kinh doanh lin quan n vic s dng cc khon phi thu v hng tn kho l ti sn th chp. hiu vic s dng an ton, hy xem xt trng hp ca mt i l bun bn phn cng Chicago, nhng ngi mun hin i ha v m rng ca hng ca ng. ng yu cu khon vay ngn hng l 200.000 la. Sau khi xem xt bo co

ti chnh ca kinh doanh ca mnh, ngn hng ch ra rng n s cho vay ti a 100.000 la v t li sut thc l 12.1%.. ch s hu c mt danh mc u t c nhn c phiu ng k, v ng ngh a ln 300.000 la c phiu cht lng cao h tr cc khon vay 200.000 la. Cc ngn hng cp khon vay 200.000 la, v li sut c bn 9,5%. C th ch ca hng cng s dng hng tn kho hoc cc khon phi thu ca mnh bo m cho khon vay, nhng chi ph x l cao.