KLTN - Hieu Qua Su Dung Von (18!6!09)3[1]

8/2/2019 KLTN - Hieu Qua Su Dung Von (18!6!09)3[1]

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MC LC

Trang

DANH MC K HIU VITTT................................................................. 4

LI M U.................................................................................................... 5

CHNG 1 C S L LUN V VN...................................................... 6

1.1. KHI NIM V VN.................................................................. 6

1.2. PHN LOI VN........................................................................ 6

1.3. VAI TR CA VN I VI DOANH NGHIP.................. 8

1.3.1. iu kin tin quyt thnh lp doanh nghip..................... 8

1.3.2. C s cho hot ng sn xut kinh doanh ca doanh nghip 8

1.3.3. C s cho vic m rng pht trin sn xut kinh doanh........ 9

1.4. NH GI V HIU QU S DNG VN........................ 9

1.4.1. Khi nim v hiu qu s dng vn......................................... 9

1.4.2. Cc ch tiu nh gi hiu qu s dng vn............................ 11

1.4.2.1. Cc ch tiu nh gi kh nng thanh ton.................................. 11

1.4.2.2. Cc h s hot ng..................................................................... 12

1.4.2.3. Cc h s n by ti chnh......................................................... 14

1.4.2.4. Cc h s li nhun...................................................................... 15

CHNG 2 THC TRNG TNH HNH S DNG VN CA CNGTY C PHN U T XY DNG V TRANG TRNI THT HANDICO............................................................. 17

2.1. GII THIU CHUNG V CNG TY ................................. 17


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2.1.1. Lch s hnh thnh v pht trin ca cng ty.............. 17

2.1.2. C cu t chc v ngun nhn lc ca cng ty....................... 18

2.1.2.1. C cu t chc ca cng ty.......................................................... 18

2.1.2.2. Ngun nhn lc ca cng ty........................................................ 20

2.2. THC TRNG S DNG VN CA CNG TY ...................... 21

2.2.1. Tnh hnh hot ng sn xut kinh doanh ca cng ty.......... 21

2.2.2. Thc trng s dng vn ca cng ty........................................ 23

2.2.2.1. Tnh hnh ngun vn v s bin ng ca ngun vn................. 232.2.2.2. Tnh hnh m bo ngun vn cho hot ng sn xut kinh

doanh............................................................................................ 26

2.3. PHN TCH HIU QU S DNG VN CA CNG TY........ 28

2.3.1. Phn tch cc ch tiu nh gi kh nng thanh ton............. 28

2.3.1.1. H s thanh ton ngn hn........................................................... 28

2.3.1.2. H s thanh ton nhanh................................................................ 29

2.3.2. Phn tch cc h s hot ng................................................... 30

2.3.2.1. H s vng quay hng tn kho..................................................... 30

2.3.2.2. K thu tin bnh qun................................................................... 31

2.3.2.3. H s vng quay khon phi thu.................................................. 32

2.3.2.4. H s vng quay ton b ti sn.................................................. 33

2.3.3. Phn tch cc h s n by ti chnh - h s n..................... 33

2.3.4. Phn tch cc h s li nhun.................................................... 34

2.3.4.1. H s li nhun trn doanh thu.................................................... 34

2.3.4.2. H s li nhun trn tng tng ti sn- ROA............................... 35

2.3.4.3. H s li nhun trn vn ch s hu - ROE................................ 36

2.4. NH GI CHUNG HIU QU S DNG VN CA CNGTY......................................................................................................... 36


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2.4.1. nh gi hiu qu s dng vn ca Cng ty qua cc nm......... 36

2.4.2. So snh hiu qu s dng vn ca Cng ty vi mt s cng tycng ngnh.............. 39

CHNG 3 MT S GII PHP NNG CAO HIU QU S DNGVN CA CNG TY............................................................... 43

3.1. NH HNG PHT TRIN CA CNG TY, NHNGTHUN LI V KH KHN................................................. 43

3.1.1. nh hng pht trin ca cng ty........................................... 433.1.1.1. Chin lc pht trin kinh doanh ca Cng ty............................ 43

3.1.1.2. Mc tiu huy ng vn v s dng vn ca Cng ty.................. 44

3.1.2. Thun li..................................................................................... 45

3.1.3. Khkhn..................................................................................... 46

3.2. MT S GII PHP NNG CAO HIU QU S DNGVN CA CNG TY............................................................... 47

3.2.1. K hoch ho vic s dng vn................................................. 48

3.2.2. Qun l v kim sot cht ch cc khon phi thu nhmhn ch lng vn b khch hng chim dng........................ 48

3.2.3. Thng xuyn nh gi hiu qu s dng vn....................... 49

3.2.4. y mnh cng tc marketing.................................................. 50

3.2.5. Mt s kin ngh......................................................................... 52

KT LUN........................................................................................................ 55

DANH M C TI LIU THAM KHO ......................................................... 56


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DANH MC CC K HIU VIT TT

Ch vit tt Nguyn ngha

BCTC Bo co ti chnh

DN Doanh nghip

DT Doanh thu

DTT Doanh thu thun

DTTT Doanh thu tiu th

HSXKD Hot ng sn xut kinh doanh

HTK Hng tn kho

KD Kinh doanhKPT Khon phi thu

LN Li nhun

LNST Li nhun sau thu

LNTT Li nhun trc thu

NDH N di hn

NNH N ngn hn

NPT N phi tr

NV Ngun vnNVDH Ngun vn di hn

NVL Nguyn vt liu

NVNH Ngun vn ngn hn

SX Sn xut

SXKD Sn xut kinh doanh

TS Ti sn

TSC Ti sn c nhTSDH Ti sn di hn

TSL Ti sn lu ng

TSNH Ti sn ngn hn

VC Vn c nh

VCSH Vn ch s hu

VL Vn lu ng

VLTX Vn lu ng thng xuyn

VLXD Vt liu xy dng


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LI M U

Trong bt k mt nn kinh t no th vn l mt iu kin tin quyt mt

Doanh nghip c th ra i v thc hin cc hot ng sn xut kinh doanh. Da trn

s vn cc Doanh nghip s tin hnh kinh doanh nhm mang li hiu qu ln

nht vi chi ph thp nht. Do vy, c th huy ng, qun l v s dng hiu qu

vn ca mnh, Doanh nghip phi nghin cu chi ph ca tng ngun vn c th

t xc nh cho mnh mt c cu vn hp l ph hp vi tng iu kin c th,

tng giai on c th ca Doanh nghip. ng thi, vic s dng vn cng c

ngha ht sc quan trng Doanh nghip khng nh c v tr ca mnh v tm rac ch ng vng chc trong c ch mi, mi trng cnh tranh mi. Chnh v th

m vn s dng vn ang l vn bc xc t ra i vi tt c cc Doanh

nghip.

Mt khc, tn ti v pht trin i hi cc Doanh nghip phi nng ng v

linh hot trong vic iu chnh kp thi phng hng sn xut kinh doanh, s dng

c hiu qu cc ngun lc hin c. Tuy nhin bn cnh nhng Doanh nghip lm n

c hiu qu, khng t nhng Doanh nghip cn lng tng trong sn xut kinh doanh,

lm n thua l ko di, doanh thu khng b p chi ph. Thc t ny l do nhiu

nguyn nhn quan trng l do vic s dng vn ca Doanh nghip cn nhiu hn ch.

Do vic y mnh s dng hp l vn trong cc Doanh nghip l vn ht sc

cn thit, n quyt nh n s sng cn ca mi Doanh nghip.

Chnh v vy, kho lun nghin cu v tnh hnh v hiu qu s dng vn ca

Cng ty HANDICO t a ra cc gii php nhm nng cao hiu qu dng vn.

Ngoi phn m u v kt lun, kho lun c xy dng gm ba phn, gm cc ni

dung ch yu sau:

Chng 1: C s l lun v vn

Chng 2: Thc trng tnh hnh s dng vn ca Cng ty c phn u t xy

dng v trang tr ni tht HANDICO.

Chng 3: Mt s gii php nng cao hiu qu s dng vn ca Cng ty c phn

u t xy dng v trang tr ni tht HANDICO.


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CHNG 1

C S L LUN V VN

1.1. KHI NIM V VN

Vn l iu kin khng th thiu c mt DN c thnh lp v tin hnh

HSXKD. Trong mi loi hnh DN, vn phn nh ngun lc ti chnh u t vo

SXKD. Vn cng l biu hin bng tin ca tt c cc gi tr TS c s dng vo

HSXKD ca DN, l gi tr ng ra ban u cho cc qu trnh SX tip theo ca DN

nhm mc tiu sinh li.

Vn a vo SXKD ca DN c nhiu hnh thi vt cht khc nhau t to ra

sn phm hng ho, dch v tiu th trn th trng. Lng tin m DN thu v sau

qu trnh tiu th phi b p c chi ph b ra ban u, ng thi phi c li. Qu

trnh ny phi din ra lin tc mi bo m cho s tn ti v pht trin ca DN.

Trong nn kinh t th trng, vn c coi l mt loi hng ho bi n c ch s

hu ch thc. Tuy nhin n cn c c im l ngi s hu vn c th bn quyn

s dng vn trong mt thi gian nht nh. Chi ph ca vic s dng vn chnh l lisut. Chnh nh c s tch ri quyn s hu v quyn s dng nn vn c th lu

chuyn trong u t KD sinh li.

Di gc ca DN, vn l mt trong nhng iu kin vt cht c bn kt hp

vi sc lao ng v cc yu t khc lm u vo cho qu trnh SXKD. S tham gia

ca vn khng ch b hp trong qu trnh SX vt cht ring bit m trong ton b qu

trnh SX v ti SX lin tc sut thi gian tn ti ca DN, t khi bt u qu trnh SX

u tin n chu k SX cui cng. Mt cch thng dng nht, vn c hiu l cc

ngun tin ti tr cho HSXKD ca DN. Ngun tin ny c hnh thnh di nhiu

cch thc khc nhau v ti cc thi im khc nhau.

1.2. PHN LOI VN

Ngun vn th hin trch nhim php l ca DN i vi TS ang qun l v s

dng. c th qun l vn mt cch c hiu qu, DN cn phi phn loi vn, t

c cc bin php huy ng v s dng mt cch hiu qu.


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C nhiu tiu thc khc nhau phn loi vn nh theo ngun hnh thnh, theo

phng thc chu chuyn, theo thi gian huy ng v s dng vn...

- Phn loi theo ngun hnh thnh th bao gm vn ch s hu v n phi tr:

+ Vn ch s hu l phn vn thuc v cc ch s hu ca DN, bao gm vn

gp ban u, li nhun cha chia, vn do pht hnh c phiu mi...

+ N phi tr l phn vn khng thuc s hu ca cc ch s hu ca DN, bao

gm cc khon vn chim dng v n vay.

- Phn loi theo phng thc chu chuyn th vn bao gm vn c nh v vn lu

ng:

+ Vn c nh l phn vn dng u t vo TS c nh ca DN. y l cc

TS c thi gian s dng di, tham gia vo nhiu chu k SX sn phm,

thng c gi tr ln.

+ Vn lu ng l phn vn dng u t vo TS lu ng ca DN. TS lu

ng l cc TS c thi gian s dng ngn, ch tham gia vo mt chu k SX

v thng c gi tr nh.

Cch thc phn loi ny rt quan trng bi v vn lu ng v vn c nh chnh thi tn ti v vai tr khc nhau trong qu trnh SX, do cn c cc c ch

qun l khc nhau.

- Phn loi theo thi gian th chia thnh vn ngn hn v vn di hn.

+ Vn ngn hn l vn c thi hn hon tr trong vng 1 nm; khng phi tr

li cho nhng ngun ti tr ngn hn c cc nh cung cp ti tr bng

hnh thc tn dng thng mi; li sut cc ngun ti tr ngn hn thng

thp hn n vay di hn; ngun ti tr ngn hn nhn c ch yu di

hnh thc vay n.

+ Vn di hn l vn c thi gian o hn di hn 1 nm; i vi vn di hn

th DN phi tr li cho tt c cc loi ti tr di hn m DN nhn c; li

sut ca vn di hn thng cao hn li sut cc ngun ti tr ngn hn;

ngun ti tr di hn c th nhn c di hnh thc vn c phn hay do

vay n.


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1.3. VAI TR CA VN I VI DOANH NGHIP

Vn c vai tr ht sc quan trng i vi DN. Vn l iu kin khng th thiu

c thnh lp mt DN v tin hnh cc HSXKD. Trong mi loi hnh DN, vn

phn nh ngun lc ti chnh c u t vo SXKD.

1.3.1. iu kin tin quyt thnh lp DN

Vn l iu kin khng th thiu thnh lp mt DN. V mt php l, mi DN

khi thnh lp u phi c mt lng vn nht nh v phi ln hn hoc bng mc

vn php nh do Nh nc quy nh i vi lnh vc KD . Nh vy vn lc ny

c vai tr m bo s hnh thnh v tn ti ca DN trc php lut. Gi tr vn ban

u c th t hoc nhiu tu theo quy m, ngnh ngh, loi hnh DN. Vn php nh

Vit Nam ch quy nh cho mt s ngnh ngh c lin quan n ti chnh nh

chng khon, bo him, kinh doanh vng v kinh doanh tin t. i vi cc DN

thuc cc lnh vc khc m Nh nc khng quy nh gi tr vn ban u ti thiu th

gi tr vn khi thnh lp c th dao ng t hng triu n hng t ng tu kh nng

ca ngi thnh lp DN.1.3.2. C s cho HSXKD ca DN

Vn l iu kin c bn v thit yu tin hnh bt k qu trnh v loi hnh

SXKD no. Sau khi thnh lp, DN phi tin hnh SXKD. Hot ng thc t hng

ngy i hi phi c tin chi tiu, mua sm NVL, my mc; tr lng... S tin

ny khng th ly u khc ngoi ngun vn ca DN. Khi ngun vn tm thi

khng p ng nhu cu ca HSXKD th DN s lm vo tnh trng kh khn v

ngn qu. Cc hot ng hng ngy ca DN tm thi b nh tr, suy gim. Nu tnh

hnh ny khng c khc phc kp thi, DN s ri vo tnh trng kh khn ti chnh

trin min; HSXKD b gin on; tm l cn b cng nhn vin hoang mang; mt

uy tn vi bn hng, ch n v ngn hng. Nhng kh khn ny c th nhanh chng

a cng ty n kt cc cui cng l ph sn, gii th hoc b st nhp vi cng ty

khc.


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1.3.3. C s cho vic m rng pht trin sn xut kinh doanh

Vn khng ch gip DN duy tr HSXKD m cn gip DN m rng v pht

trin. Trong qu trnh pht trin ca mnh, DN lun mong mun m rng SXKD, gi

vng v vn ln trong th trng. lm c iu , i hi DN phi lin tc i

mi, u t, ti u t, ci tin my mc, thit b, cng ngh, h thng phn phi sn

phm... K nguyn ca cng ngh v s tng trng kinh t mnh m cng to sc p

cho DN; buc DN phi lin tc lm mi mnh, i mi khng ngng nu khng

mun gim chn ti ch hay b tt hu. lm c tt c nhng cng vic DN

khng th khng cn n ngun vn u t m rng SXKD.Vn cn l nhn t quan trng gip DN nng cao kh nng cnh tranh trn th

trng. Vn khng nhng l c s DN c th nng cao kh nng SX, tng cng

mng li phn phi m cn c th gip DN vt qua cc i th cnh tranh hay hn

na l loi b h bng cc chnh sch marketing hiu qu (tng cng qung co,

gim gi, khuyn mi...).

Nh vy, vn c vai tr rt quan trng trong HSXKD ca DN. DN cn phi

nhn thc vn ny mt cch r rng, t phi c mt chnh sch huy ng vn

nhanh chng, s dng hiu qu c th tn ti v khng ngng pht trin trn

thng trng.

1.4. NH GI HIU QU S DNG VN

1.4.1. Khi nim v hiu qu s dng vn

cc DN qun l HSXKD c hiu qu th vn s dng vn v hiu qu sdng l mt trong nhng vn then cht gn lin vi s tn ti v pht trin cc n

v.

Hiu qu s dng vn l mt phm tr kinh t phn nh trnh s dng cc

ngun nhn ti, vt lc ca DN sao cho li nhun t c l cao nht vi tng chi

ph thp nht. ng thi vic s dng vn mt cch hiu qu c kh nng to vn


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cho HSXKD ca DN, m bo u t m rng SX, i mi trang thit b v l c

s xc nh phng hng pht trin lu di, bn vng trong tng lai.

nh gi chnh xc, c c s khoa hc v hiu qu s dng vn ca DN, cn

phi xy dng h thng ch tiu ph hp, bao gm cc ch tiu tng qut v cc ch

tiu chi tit. Cc ch tiu phi phn nh c sc SX, sut hao ph cng nh sc

sinh li ca tng yu t, tng loi vn (k c tng s v phn gia tng). Da vo cc

ch tiu , DN c th a ra mt s gii php nhm khc phc mt hn ch cng

nh pht huy tnh tch cc ca vic s dng vn, t khai thc v s dng c hiu

qu cc NV ca mnh.

Phn tch hiu qu s dng vn l qu trnh tm hiu cc kt qu ca s qun l

v s dng vn DN, thng c phn nh trn cc BCTC ng thi nh gi thc

trng nhng g lm c, d kin nhng g s xy ra. Vic phn tch gip DN

nh gi c cht lng qun l, vch ra cc kh nng tim tng nng cao hn

na hiu qu s dng vn, hiu qu KD v tit kim vn. Trn c s , cc nh

qun l DN thy c trch nhim ca mnh v tng s vn c hnh thnh t cc

ngun khc nhau, t a ra nhng gii php tn dng trit cc im mnh,khc phc cc im yu.

Mc tiu ca nh gi hiu qu s dng vn l:

- Cung cp y , kp thi, trung thc nhng thng tin hu ch, cn thit phc v

cho ch DN v cc i tng quan tm khc nh: Hi ng qun tr, cc nh u

t, ngi cho vay, cc c quan qun l cp trn v nhng ngi s dng thng

tin ti chnh khc trong vic nh gi tnh hnh s dng vn kinh doanh, tnh hnhv kh nng thanh ton ca DN, hiu qu hot ng ca ng vn t gip

h c quyt nh ng n khi ra quyt nh u t hay quyt nh cho vay.

- Cung cp nhng thng tin v ngun VCSH, cc khon n, kt qu ca qu trnh,

s kin, cc tnh hung lm bin i cc ngun vn v cc khon n ca DN.

1.4.2. Cc ch tiu nh gi hiu qu s dng vn


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Hiu qu s dng vn thng c nh gi bng cc nhm ch tiu di y:

[Trn c Vui, Nguyn Th Hng (2001) - Tp bi ging Qun tr ti chnh DN

B mn Qun l kinh t v Qun tr KD, khoa Kinh t, trng i hc Quc gia H

Ni].

- Nhm ch tiu nh gi kh nng thanh ton, bao gm:

+ T l thanh ton ngn hn.

+ T l thanh ton nhanh.

- Nhm ch tiu nh gi hiu qu hot ng, bao gm:

+ H s vng quay hng tn kho.

+ K thu tin bnh qun.

+ H s vng quay khon phi thu.

+ H s vng quay ton b ti sn.

- Cc h s n by ti chnh, bao gm:

+ H s n.

+ H s thanh ton li tin vay.

- Cc h s li nhun, bao gm:+ H s li nhun trn doanh thu.

+ H s li nhun trn tng ti sn - ROA.

+ H s li nhun trn vn ch s hu - ROE.

1.4.2.1. Cc ch tiu nh gi kh nng thanh ton

Ch tiu nh gi kh nng thanh ton cung cp cho nh qun l v kh nng

thanh ton ca cng ty mt thi k, ng thi khi xem xt cc t l thanh ton cng

gip cho ngi phn tch nhn thc c qu kh v chiu hng trong kh nng

thanh ton cng ty.

Cc ch tiu v t l thanh ton thng c s dng l t l thanh ton ngn hn

v t l thanh ton nhanh.

T l thanh ton ngn hn

L mi quan h gia TSNH v u t ngn hn vi cc khon NNH


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T l thanh ton ngn hn =Ti sn ngn hn v u t ngn hn

N phi tr ngn hn

T l thanh ton ngn hn cho bit cng ty c bao nhiu TSNH v u t ngn

hn chuyn i thnh tin mt m bo thanh ton cho cc khon NNH. T s

ny o lng kh nng tr n ca cng ty. T l cng ln th kh nng thanh ton

NNH cng cao v ngc li.

T l thanh ton nhanh

T l thanh ton nhanh c tnh ton da trn nhng TSNH c th nhanh chng

chuyn i thnh tin, i khi chng c gi l Ti sn c tnh thanh khon (bao

gm tt c TS lu ng, tr HTK).

T l thanh ton nhanh =Tin v khon tng ng tin

NPT ngn hn

T l thanh ton nhanh cho bit Cng ty c bao nhiu ng vn bng tin v cc

khon tng ng tin thanh ton ngay cho mt ng NNH. T l ny cho bit

kh nng thanh ton thc s ca cng ty.

1.4.2.2. Cc ch tiu nh gi hiu qu hot ng

Hiu qu s dng vn ca DN lun gn lin vi s tn ti v pht trin ca mt

DN. Do qua vic phn tch cc ch tiu phn nh hot ng c th bit trnh s

dng cc ngun lc ca DN c t hiu qu cao nht vi chi ph b ra l t nht hay

khng. Cc h s hot ng bao gm: h s vng quay HTK, k thu tin bnh qun,

h s vng quay ton b ti sn.

H s vng quay hng tn kho

HTK l mt b phn TS d tr ngn hn m bo cho qu trnh SXKD din ra

thng xuyn, lin tc. H s vng quay HTK nh gi hiu qu hot ng ca DN

thng qua hiu qu s dng vn lu ng. Tc lun chuyn HTK c th hin

qua mt trong hai ch tiu sau:

S vng quay HTK = Tng gi vn hng bn trong k


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Gi vn HTK bnh qun trong k

S ngy ca mt vng quay HTK =S ngy trong k (360 ngy)

S vng quay HTK

Ch tiu ny cho bit bnh qun trong k HTK quay c my vng (ln). Ch

tiu ny cng ln chng t tc lun chuyn HTK cng nhanh, s ngy hng lu

trong kho cng gim v hiu qu s dng vn c nng cao v ngc li.

K thu tin bnh qun:

H s ny phn nh s ngy cn thit chuyn cc KPT thnh tin mt.

K thu tin bnh qun =Cc khon phi thu

Doanh thu bnh qun 1 ngy

K thu tin bnh qun ph thuc vo quy m ca DN v c th ca tng ngnh

ngh SXKD. K thu tin bnh qun cng nh th vng quay ca cc KPT cng nhanh,

cho bit hiu qu s dng vn ca DN cng cao.

H s vng quay cc khon phi thu

Ging nh HTK, cc KPT l mt b phn vn lu ng lu li trong giai on

thanh ton. Nu rt ngn qu trnh ny chng nhng tng tc lun chuyn vn lu

ng m cn gim bt c ri ro trong khu thanh ton.

Tc lun chuyn KPT va th hin kh nng lun chuyn vn va th hin

kh nng thu hi n v dng tin dng thanh ton. Ch tiu ny cng ln chng t

tin thu c v qu cng nhanh, k thu tin cng ngn v ngc li.

H s vng quay KPT = Doanh thu thunKhon phi thu

S ngy ca mt vng quay KPT =S ngy trong k (360 ngy)

S vng quay khon phi thu

H s vng quay ton b ti sn

Ch tiu hiu qu s dng tng vn l ch tiu nh gi chung hiu qu s dng

vn trong DN, l ch tiu phn nh kt qu chung nht, phn nh c vn mu


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cht ca vic s dng vn. l vn ti thiu ho s vn cn s dng hoc ti a

ho kt qu thu c trn c s s dng vn SX, m bo c nhim SXKD, trong

s ph hp vi cc ngun vn SX.

Hiu qu s dng tng ti sn =Doanh thu thun

Tng ti sn

Ch tiu ny phn nh c 1 ng vn s dng bnh qun to ra c bao nhiu

ng DTT hay vn ca DN trong k quay c bao nhiu vng. Qua ch tiu ny c

th nh gi c trnh qun l vn c hiu qu nh th no. Vng quay ton b

vn cng ln th hiu qu s dng vn cng cao, LN tng, tng kh nng cnh tranh

tng uy tn ca DN trn th trng.

1.4.2.3. Cc h s n by ti chnh

n by ti chnh cp ti vic DN s dng ngun ti tr t cc khon vay

thay cho vn c phn. Cc php o n by ti chnh l cng c xc nh xc sut

DN mt kh nng thanh ton cc hp ng n. DN cng n nhiu th cng c nguy c

cao mt kh nng hon thnh ngha v tr n. Ni cch khc, n qu nhiu s dn tixc sut ph sn v kit qu ti chnh cao.

V pha tch cc, n l mt dng ti tr ti chnh quan trng v to li th l chn

thu cho DN do li sut tin vay c tnh nh mt khon chi ph hp l v min

thu. Khi DN vay n, ch n v ch s hu c phn ca DN c th gp phi nhng

xung t v quyn li. Ch n c th mun DN thc hin cc khon u t t ri ro

hn so vi mong mun ca nhng ngi u t vo c phiu ca DN.

H s n

H s n phn nh trong mt ng KD bnh qun m Cng ty ang s dng c

my ng c hnh thnh t cc khon n.

H s n =N phi tr

Tng ti sn
http://saga.vn/dictview.aspx?id=1131http://saga.vn/dictview.aspx?id=1131


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Ch s n cung cp thng tin bo v ch n tnh hung mt kh nng thanh ton

ca DN v th hin nng lc tip nhn cc ngun ti chnh t bn ngoi p ng nhu

cu u t v pht trin ca DN.

H s ny cng so snh tng quan n vi tng TS, v c th cho bit nhng

thng tin hu ch v mc ti tr cho TS bng n ca mt cng ty, h s ny c th

dng nh gi hiu ng n by ti chnh ca cng ty.

H s thanh ton li tin vay

H s ny nh gi kh nng s dng thu nhp hot ng (thu nhp trc thu v

li- EBIT) tr li ca cng ty, h s ny cho bit cng ty c kh nng p ngc cc ngha v tr n li n mc no, thng thng h s thu nhp tr li nh

k cng cao th kh nng thanh ton li ca cng ty cho cc ch n cng ln.

H s thanh ton li tin vay =Thu nhp trc thu v li - EBIT

Li tin vay phi tr

1.4.2.4. Cc h s li nhun

Li nhun l mc ch cui cng ca qu trnh KD. Li nhun cng cao, DN

cng khng nh v tr v s tn ti ca mnh. Song nu ch nh gi qua ch tiu LN

th nhiu khi kt lun v cht lng KD c th b sai lm bi c th s LN ny cha

tng xng vi lng vn v chi ph b ra, lng TS s dng. V vy khi phn

tch cn s dng t s t LN trong mi quan h vi DT, TS, NV m DN huy

ng vo KD.

Cc h s LN thng c s dng l: h s li nhun trn doanh thu, h s linhun trn tng tng ti sn - ROA v H s li nhun trn vn ch s hu ROE.

H s li nhun trn doanh thu

H s li nhun trn doanh thu c xc nh bng t s gia LNST v DT

thun. H s ny cho bit trong 1 ng DT s sinh ra bao nhiu ng LNST.

H s li nhun trn doanh thu =Li nhun sau thu

Doanh thu thun


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H s li nhun trn tng ti sn - ROA

y l mt ch s th hin tng quan gia mc sinh li ca mt cng ty so vi

TS ca n. ROA s cho ta bit hiu qu ca cng ty trong vic s dng TS kim

li. H s LN trn tng TS (tng vn) cho bit 1 ng u t vo TS th thu c bao

nhiu li rng.

H s li nhun/tng ti sn =Li nhun sau thu

Tng ti sn (tng vn)

H s li nhun trn vn ch s hu ROE.

Kh nng sinh li ca VCSH l ch tiu phn nh kh nng sinh li ca VCSHni ring v kh nng sinh li ca ton b vn ca DN ni chung.

H s li nhun/vn ch s hu =Li nhun trc thu (Li nhun sau thu)

Vn ch s hu bnh qun

Thng qua ch tiu ny c th nh gi c kh nng sinh li v hiu qu s

dng vn, hiu qu KD ca DN. Ch tiu ny cng cao chng t kh nng sinh li

ca DN cng cao.
http://www.saga.vn/dictview.aspx?id=1062http://www.saga.vn/dictview.aspx?id=1062


17/57

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CHNG 2

THC TRNG TNH HNH S DNG VN CA CNG TY

CP U T XY DNG V TRANG TR NI THT HANDICO

2.1. GII THIU CHUNG V CNG TY

2.1.1. Lch s hnh thnh v pht trin ca Cng ty

Cng ty C phn u t xy dng v Trang tr ni tht HANDICO l n v trc

thuc Tng Cng ty u t v Pht trin nh H Ni, c S K hoch u t

Thnh ph H Ni cp chng nhn ng k KD ln u ngy 24/01/2005.

Tr s chnh : s 17 Ngc Khnh Ba nh H Ni.

Vn phng giao dch : Phng 804B - The MANOR - M Tr - H Ni.

in thoi lin h : 04.22134082 - 04.2134083 Fax : 04.37940286.

Cng ty hot ng ch yu trong cc lnh vc sau:

- u t KD bt ng sn.

- Lnh vc t vn, thit kt, xy dng.- Lnh vc SXKD VLXD.

- Khoan kho st a cht cng trnh.

- Dch v dit cn trng, phng chng mi mt.

- KD pht trin nh.

Ngay t nhng ngy u thnh lp, Cng ty khng ngng xy dng i ng cn

b giu kinh nghim, c nng lc, k lut cao khng ngng vn ln tr thnh

n v tin tin trong Tng cng ty, hon thnh xut sc mi nhim v Tng cng tygiao. T nhng thnh qu t c Cng ty khng ch xy dng uy tn vng chc vi

cc i tc trong a bn thnh ph H Ni m cn trn c nc.

Vi tim lc sn c v cng m rng lnh vc hot ng ca mnh, u nm

2006 Cng ty lin kt cc n v c nng lc, kinh nghim trong cc lnh vc lin

quan n xy dng thnh lp cc x nghip, bao gm: x nghip t vn thit k, x


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nghip xy lp, x nghip KD VLXD, x nghip kho st v a cht cng trnh, x

nghip thi cng h tng; x nghip Phng chng mi v kh trng.

Nm 2007, nh du bc pht trin t ph ca cng ty khi quyt nh u t

xy dng Nh my SX gch tuynel ti Hu. Nh my i vo hot ng khng ch

em v LN cao cho Cng ty m cn gii quyt nhu cu lao ng d tha ti Ph Lc

ng thi gp phn thc y kinh t a phng pht trin.

2.1.2. C cu t chc v ngun nhn lc ca cng ty

2.1.2.1. C cu t chc ca cng ty

S 2.1. - S t chc iu hnh ca cng ty HANDICO

i hi ng c ng gm tt c cc c ng c quyn biu quyt trong cng ty

v l c quan quyt nh cao nht ca Cng ty.

Hi ng qun tr l c quan qun l ca Cng ty do i hi ng c ng Cng

ty bu ra v c ton quyn nhn danh Cng ty quyt nh mi vn lin quan

n mc ch, quyn li ca Cng ty.

Pg kd ptnh

Pg kdvlxd

P. ti chnhk ton

hi ng qun tr

gim c cng ty

ban kim sot

Pg xy lp Pg d n

P. t chchnh chnh P. d n

P. k hochtng hp

x nghip t- vn thit k

xn KD vt liu xy dng

XN kho st i cht cng trnh xn phng chng mi v kh trng

x nghip thi cng h tng

x nghip xy lp

i hi c ng


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- 19 -

Ban kim sot Cng ty do i hi c ng bu ra kim tra, gim st tnh hnh

hot ng ca cng ty, m bo cho HSXKD ca cng ty theo ng nh hng

ca Cng ty.

Gim c l ngi iu hnh mi hot ng hng ngy ca Cng ty v chu trch

nhim trc Hi ng qun tr v trc c quan Nh nc c thm quyn v vic

thc hin cc quyn v nhim v c giao. Gim c c trch nhim bo co kt

qu HSXKD, tnh hnh chung ca Cng ty v bo v quyn li ca Cng ty trc

Hi ng qun tr, ban gim c.

Ph Gim c c phn cng ph trch lnh vc cng tc theo nng lc v chu

trch nhim trc Gim c v lnh vc c giao v gii quyt cng vic khi Gim

c i vng. Trong cng ty c 4 ph Gim c ph trch cc mng: Xy lp; D n;

KD VLXD; KD pht trin nh.

Phng K hoch - Tng hp: Chu trch nhim lp k hoch KD v thc hin

cng tc ngoi giao trn th trng, d tho cc hp ng, iu l bun bn quc t,

tham mu cho Gim c trong cc quyt nh mt hng v th trng.

Phng D n: Chu trch nhim ln k hoch lp, qun l cc d n u t docng ty lm ch u t cng nh cc d n ca cc i tc.

Phng K ton - Ti chnh: c nhim v t chc cng tc k ton theo ng quy

nh php lut, lp k hoch s dng cc NV, k hoch chi ph bo m an ton s

dng c hiu qu NV.

Phng T chc - Hnh chnh: Lm cng tc ph trch hnh chnh, bo v TS ca

Cng ty v Qun l cn b, nhn vin cng nh m bo thc hin cc quyn li ca

cn b cng nhn vin trong Cng ty.

Cc n v thnh vin: Cng ty c 6 x nghip trc thuc ph trch mt lnh vc

trong ngnh xy dng, to nn s chuyn nghip trong cng tc t chc v thc hin.

Vic lin kt thnh lp cc x nghip to cho Cng ty v cc n v nhiu thun li

trong hot ng KD. V c kh nng thc hin cc mng trong hot ng xy dng,

p ng mi yu cu ca khch hng. ng thi to tim lc cho Cng ty v li ch

cho X nghip trong cc d n ln.


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2.1.2.2. Ngun nhn lc ca cng ty

Ngay sau thnh lp, Cng ty tuyn dng c lc lng cn b cng nhn

vin c trnh t cc trng i hc v cao ng c uy tn, nng ng, sng to, lc

lng cng nhn lnh ngh, k lut tt, kinh nghim lu nm.

Cng ty thng xuyn to iu kin cho cn b cng nhn vin tham gia vo cc

lp o to, bi dng nhm nng cao trnh nghip v v nng lc.

Bng 2.1 - Ngun nhn lc trong Cng ty HANDICO

TT Trnh chuyn mn S

lng(Ngi)

Theo thm nin cng tc

Di 5nm

T 5-10nm

Trn 10nm

A CAO NG, I HC V TRN I HC

1 K s xy dng, giao thng 31 14 11 6

2 Kin trc s 18 8 7 3

3 Thc s, k s a cht, c kh 10 5 4 1

4 C nhn kinh t 10 5 3 2

5 C nhn Lut 4 2 2 0

6 K s tin hc 5 2 2 1

B TRNH TRUNG CP

7 Xy dng, giao thng, thy li 13 5 7 1

8 Ti chnh k ton, thng mi 3 1 2 0

9 Chnh tr 1 0 0 1

10 Tin hc 1 1 0 0

C CNG NHN BC CAO

11 Bc 4/7 10 2 4 412 Bc 5/7 15 5 5 5

13 Bc 6/7 10 3 5 2

D CNG NHN K THUT, LAO NG KHC

14 Cng nhn 66 30 22 8

Tng cng 197 83 74 34

Lc lng cn b cng nhn vin c Cng ty quan tm v mi mt i sng,

m bo mc thu nhp cho tng c nhn, c mi trng lm vic khoa hc, to ng


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- 21 -

lc cho tng c nhn pht huy nng lc v kh nng ca h. Chnh sch ny m

bo cho tng c nhn lao ng nng cao nng sut lao ng, t hiu qu cao trong

vic thc hin cc mc tiu ca Cng ty ra.

2.2. THC TRNG S DNG VN CA CNG TY

2.2.1. Tnh hnh hot ng sn xut kinh doanh ca cng ty

Tuy mi thnh lp c hn bn nm v cn gp nhiu hn ch trong cng tc

qun l, kinh nghim KD v quan h i tc KD, nhng c s gip nhit tnh

ca Tng cng ty u t v pht trin nh H Ni, Cng ty bit kt hp khoa hc

v hp l mi ngun lc v c hi em li kt qu HSXKD kh quan cho cng ty.

Bng 2.2 - Bng tng hp kt qu HSXKD ca Cng ty HANDICO

(VT: triu ng)

Ch tiu 2006 2007 2008

DT bn hng v cung cp dch v 1.715 5.131 10.525

1. DT thun v hng bn v cung cp dch v 1.715 5.131 10.525

2. Gi vn hng bn 996 1.479 4.0263. LN gp v hng bn v cung cp dch v 715 3.651 6.500

4. DT hot ng ti chnh 1,97 0,73 1,16

5. Chi ph hot ng ti chnh 0,40 0,61 0,48

7. Chi ph qun l DN 19,45 41,72 471

8. LN thun t hot ng KD 700 3.610 6.029

9. Thu nhp khc 22,39

10. Chi ph khc 28,2711. LN khc -5,88

12. Tng LN trc thu 700 3.604 6.029

13. Thu thu nhp DN phi np 196 1.009 1.688

14. Li nhun sau thu 504 2.595 4.341

Nm 2006, vi uy tn ca Tng HANDICO, Cng ty nhn c mt s cng

trnh thi cng nh San nn kho bo qun hng ha Ngn hng k thng Vit Nam


22/57

- 22 -

c gi tr trn 3,2 t ng ca ch u t l Ngn hng Thng Vit Nam chi nhnh

Bc Ninh, cng trnh Khu bit th Ty H vi gi tr 1,76 t ng ca ch u t

l Cng ty khch sn du lch v cng on H Ni, ...; mt s hp ng t vn thit

k nh Tr s lm vic Tng cng ty Ha cht Vit Nam, S Ngoi v Tha

Thin Hu, ...; v mt s cng trnh kho st a cht nh Trung tm thng mi

Bc Trng Tin ti Thnh ph Hu; Kho st a cht S ngoi V tnh Tha

Thin Hu. Tuy nhin hu ht cc cng trnh u ang thc hin, gi tr thanh ton

l tm ng, cng trnh cha hon thnh tin hnh thanh quyt ton, nn DT nm

2006 ch t 1,71 t ng. Cng trong nm nay, Cng ty xy dng chin lc u t

d n Nh my SX nc tinh khit ti Ph Lm H ng H Ty. Nhng vi

s nm kinh nghim t i, ngun lc nhn lc non tr v tim lc kinh t cn hn ch,

d n khng th thuyt phc c cc cp c thm quyn ph duyt trin khai.

Mt khc, giai on chun b u t lun chim mt lng vn kh ln ca cc ch

u t v vy m LNST thu v ca nm 2006 ch t 504 triu ng.

Nm 2007, cc lnh hot ng ca Cng ty m rng a dng cng vi s gp mt

ca cc n v thnh vin. Lnh vc kho st a cht cng trnh, phng chng mi vkh trng cng mang v nhiu hp ng ln cho cng ty nh: Phng chng mi

Nh vn phng Hi ng nhn dn tnh Hng Yn,... ng thi, cc cng trnh thi

cng ca nm 2006 hon thnh v c tin hnh thanh quyt ton nn DT ca

nm 2007 t 5,13 t ng. DT tng gp 3 ln so vi nm 2006, LNST t 2,59 t

ng tng gp 5 ln so vi nm trc. Rt kinh nghim t d n Nh my SX nc

tinh khit ti Ph Lm H ng H Ty, nm 2007, Cng ty nghin cu tm

hiu th trng v quyt nh trin khai d n u t xy dng Nh my gch

Tuynel HANCICO ti Ph Lc Tha Thin Hu. D n khng nhng nhanh

chng c ph duyt m cn c ra i vo ng thi im th trng gch tuynel

ti min trung ang khan him.

Nm 2008, sau khi hon thnh xy dng nh my gch ti Hu, cng ty tp trung

mi tim lc a nh my vo vn hnh SX kp thi nm bt c hi v th trng.

V vy, khi i vo vn hnh hot ng, Nh my gch em li DT kh cao cho


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cng ty. Khng ch hon thnh tt cc hp ng to uy tn ca mnh trn trng xy

dng m cn lun tm kim th trng tim nng m rng hot ng v mang li

hiu qu KD. Chin lc pht trin vng chc H Ni, m rng mng li hot

ng ra cc tnh thnh nh Bc Giang, Hi Phng, Tha Thin Hu em v DT

trn 10 t ng cho Cng ty. Vi chnh sch qun l, s dng hiu qu NV, LNST

m Cng ty thu c l 4,34 t ng.

2.2.2. Thc trng s dng vn ca cng ty

2.2.1.1. Tnh hnh ngun vn v s bin ng ca ngun vn

Tnh hnh NV ca Cng ty th hin qua c cu v s bin ng ca NV. C cu

NV l t trng ca tng loi vn trong tng NV. Thng qua t trng ca tng NV

chng nhng nh gi c chnh sch ti chnh ca DN, mc mo him ti chnh

m cn cho thy kh nng t ch hay ph thuc v ti chnh ca Cng ty.

Mi loi NV ca Cng ty li bao gm nhiu b phn khc nhau, nhng b phn

c nh hng khng khc nhau n mc c lp hay ph thuc v ngha v

ca Cng ty i vi tng NV y cng khng ging nhau.Vic t chc huy ng vn trong k ca Cng ty nh th no, c p ng nhu

cu SXKD hay khng c phn nh thng qua s bin ng ca NV v chnh s

bin ng khc nhau gia cc loi NV cng s lm c cu NV thay i.

Bng 2.3 - Tnh hnh v s bin ng ca NV nm 2007

(n v tnh: triu ng)

Ngun vn Nm 2006 Nm 2007 Chnhlchgi tr

T l tng/gim

(%)

Chnhlch c

cuGi tr T

trng(%)

Gi tr Ttrng(%)

1 2 3 4 5 6=4-2 7= %(6/2) 8=5-3

A. N PHI TR 398 14,73 781 15,08 382 96,06 0,35

I. N ngn hn 398 14,73 781 15,08 382 96,06 0,35

Phi tr ngi bn 233 8,63 424 8,19 191 81,72 (0,44)


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1 2 3 4 5 6=4-2 7= %(6/2) 8=5-3

Ngi mua tr tin trc 324 12,00 532 10,27 207 63,97 (1,72)Thu v cc khon phi npnh nc

(160) (5,90) (250) (4,83) (91) 56,80 1,07

Phi tr cng nhn vin - - 75 1,45 75 - 1,45

B. NGUN VN CHS HU

2.304 85,27 4.395 84,92 2.090 90,71 (0,35)

I. Ngun vn qu 2.304 85,27 4.395 84,92 2.090 90,71 (0,35)

Ngun vn kinh doanh 1.800 66,60 1.800 34,78 - - (31,82)

Li nhun cha chia 504 18,67 2.595 50,14 2.090 414,38 31,47

TNG NGUN VN 2.703 100 5.175 100 2.473 91,50 -

Tng NV ca Cng ty nm 2007 l 5,17 t ng tng 2,47 t ng tng ng vi

t l tng 91,5% so vi nm 2006. Trong s gia tng ch yu l do VCSH tng

ng k l 2,09 t ng vi t l tng 90,71%, cn NPT tng 382 triu ng tng

ng vi t l tng 96,06%.

VCSH tng ch yu do LN cha chia tng t 504 triu ng nm 2006 ln thnh2,59 t ng nm 2007, ng vi t l tng l 441,38%.

Trong phn NPT th ch c s bin ng ca NNH, khng c s tham gia ca

NPT di hn hay n khc. Nguyn nhn bin ng ca NNH ch yu l do khon

mc Ngi mua tr tin trc tng 207,43 triu ng tng ng t l tng 63,97%,

v khon mc Phi tr ngi bn tng 190,7 triu ng tng ng vi t l tng l

81,72%. Khon mc Phi tr cn b cng nhn vin tng 74,9 triu ng. Thu v

cc khon phi np Nh nc gim 90,61 triu ng tng ng vi t l gim l

56,8%. Nhng iu ny cng chng t cng ty ang chim dng vn kh ln. Ch

tiu ngi mua tr tin trc tng v phi tr ngi bn tng cng cho thy uy tn ca

DN ang ngy cng c khng nh. l du hiu tt cho thy kh nng pht trin

ca cng ty. Tuy nhin cng ty cng cn lu n kh nng thanh ton. Nu cng ty

vn m bo c kh nng thanh ton th iu ny cho thy cng ty c uy tn trn

th trng.


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Bng 2.4 - Tnh hnh v s bin ng ca ngun vn nm 2008

(n v tnh: triu ng)

Ngun vn Nm 2007 Nm 2008 Chnhlch

gi tr

T ltng/gim

(%)

Chnhlch c

cuGi trT

trng(%)

Gi trT

trng(%)

1 2 3 4 5 6=4-2 7=%(6/2) 8=5-3

A. N PHI TR 781 15,08 2.390 28,02 1.610 206,23 12,94

I. N ngn hn 781 15,08 2.390 28,02 1.610 206,23 12,94

Phi tr ngi bn 424 8,19 506 5,94 82 19,44 (2,26)Ngi mua tr tin trc 532 10,27 1.374 16,10 842 158,39 5,83

Thu v cc khon phinp nh nc

(250) (4,83) (85) (1,00) 165 (65,93) 3,83

Phi tr cng nhn vin 75 1,45 50 0,58 (25) (33,77) (0,87)

B. NGUN VN CHS HU

4.395 84,92 6.141 71,98 1.746 39,73 (12,94)

I. Ngun vn qu 4.395 84,92 6.141 71,98 1.746 39,73 (12,94)

Ngun vn kinh doanh 1.800 34,78 1.800 21,10 - - (13,68)Li nhun cha chia 2.595 50,14 4.341 50,88 1.746 67,29 0,75

TNG NGUN VN 5.175 100 8.531 100 3.356 64,84 -

Sang nm 2008, Tng NV ca Cng ty l 8,53 t ng tng 3,35 t ng so vi

nm 2007 vi t l tng l 64,84%, trong NPT l 2,39 t ng chim 28,02%,

ngun VCSH l 6,14 t ng chim 71,98%. iu ny chng t rng, NV ch yu

c ti tr cho HSXKD ca cng ty c huy ng t VCSH m y l LNcha phn phi.

NPT trong nm 2008 tng 1,6 t ng so vi nm 2007 tng ng vi t l tng

206,23%, nguyn nhn ch yu do cc gi tr Ngi mua tr tin trc ca Cng ty

tng 842 triu ng tng ng t l tng 158,39%. Ch tiu ny tng do hai nguyn

nhn chnh: th nht l do c th ca ngnh SXKD VLXD th khch hng lun t

tin trc cho mi l hng; th hai l do c im v quy nh ca ngnh xy dng

th khch hng lun phi tm ng trc cho nh thu mt phn gi tr hp ng. Vic


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nh my gch ca Cng ty ti Hu ra i ng thi im, nm bt c thi c v th

trng nn nhn c nhiu n hng gi tr ln. Tip theo l Phi tr theo tin

xy dng tng 545 triu ng, ri n Phi tr cho ngi bn tng 82 triu ng

tng ng vi t l tng 19,44%.

T trng NPT c ba nm u di 30% cho thy ti chnh cng ty l s dng

ngun tin t ngun VCSH m y ch yu l t LN cha chia cho mc ch KD.

iu ny cng cho thy s vng chc v ti chnh ca DN, cng ty s khng phi

chu gnh nng v tr n vay. Tuy nhin, nhn vo bng bo co kt qu HSXKD

ca cng ty, ta thy cng ty c kh nng pht trin kh ln trn th trng, v vy

cng ty nn mnh dn m rng quy m KD, mnh dn i vay huy ng vn vo

HSXKD.

2.2.1.2. Tnh hnh m bo ngun vn cho hot ng sn xut kinh doanh

tin hnh SXKD, Cng ty cn c TS bao gm TSNH v TSDH. hnh

thnh 2 loi TS ny phi c NV ti tr tng ng bao gm NVNH v NVDH.

Ngun vn di hn trc ht c u t hnh thnh TSDH, phn d caNVDH v NVNH c u t hnh thnh TSNH.

Kh nng p ng ca NV cho HSXKD c th hin thng qua 3 ch tiu l:

Vn lu ng thng xuyn; Nhu cu vn lu ng thng xuyn; Vn bng tin.

- Vn lu ng thng xuyn ca DN l chnh lch gia TSNH v NNH, hay

gia NV di hn vi TSDH. Mc an ton ca TSNH ph thuc vo mc

an ton ca VLTX:

Vn lu ngthng xuyn

= TSNH v u tngn hn

- N ngn hn

Hay:

Vn lu ng

thng xuyn= Ngun vn di hn -

TSDH v u t

di hn

- Nhu cu Vn lu ng thng xuyn l lng vn ngn hn m Cng ty dng

ti tr cho TSNH. c tnh theo cng thc :

Nhu cu Vn lu = Hng + Cc khon - N ngn


27/57

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ng thng xuyn tn kho phi thu hn

- Vn bng tin l hiu s ca Vn lu ng thng xuyn v nhu cu vn lu

ng thng xuyn.

Vn bng tin =Vn lu ng

thng xuyn-

Nhu cu vn lu

ng thng xuyn

Bng 2.5 - Bng tng hp ch tiu vn lu ng

(n v tnh: Triu ng)

Ch tiu Din gii 2006 2007 2008

TSNH v u t ngn hn 1 1.072,38 3.489,23 6.549,40Hng tn kho 2 275,11 423,01 898,42

Cc khon phi tr 3 455,46 1.176,89 2.910,77

N ngn hn 4 398,11 780,52 2.390,14

Vn lu ng thng xuyn 5=1-4 674,27 2.708,71 4.159,27

Nhu cu VLTX 6=2+3-4 332,46 819,39 1.419,05

Vn bng tin 7=5-6 341,81 1.889,32 2.740,21

VLTX trong 3 nm ca Cng ty u dng cho thy NVDH ln hn TSC,

hay TSNH ln hn n di hn. iu ny c ngha NDH u t cho TSC, v

phn d tha c b sung vo cho u t ngn hn. VLTX nm 2007 tng gp

4,02 ln so vi nm 2006, v nm 2008 tng gp 1,54 ln so vi nm 2007, chng t

kh nng thanh ton ca Cng ty vn c m bo kh tt.

Nhu cu VLTX dng phn nh HTK v cc KPT ln hn NNH. Ti y cc

TSNH ca Cng ty ln hn NVNH c c t bn ngoi, do Cng ty phi dng

NVDH ti tr vo phn chnh lch. Nguyn nhn do trong kho cn tn ng kh

nhiu HTK v khch hng cn n thanh ton. Nm 2008, nhu cu VLDTX tng ln

thnh 1,14 t ng, nguyn nhn ch yu do cc KPT m ch yu l khon mc Tr

trc cho ngi bn tng ln. iu ny c l gii l do, khi Cng ty nhp cc sn

phm ca g, v cc sn phm ngnh xy dng, cng ty thanh ton trc cc hp

ng mua bn, nhng li cha phn b ht cho cc cng trnh. Bn cnh , khi bn


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hng v thi cng xy dng cc cng trnh, qu trnh thanh quyt ton ko di, cc n

v khch hng cn n thanh ton kh nhiu.

Mc d HTK v cc KPT khch hng ln, nhu cu vn lu ng cao hn cc

khon NNH th vn bng tin trong 3 nm u dng. VLTX ln hn nhu cu

VLTX th hin nhu cu vn cho hot ng ca cng ty vn lun c m bo tt.

l do khon LN cha chia c huy ng vo ti tr m bo cho

HSXKD ca cng ty. iu ny cho thy chnh sch t ti tr ca cng ty pht

huy c hiu qu, v kh nng t ch v ti chnh ca cng ty kh tt

2.3. PHN TCH HIU QU S DNG VN CA CNG TY HANDICO

2.3.1. Phn tch cc ch tiu nh gi kh nng thanh ton

Trong qu trnh SXKD lun xut hin vic thu chi v thanh ton cc khon cng

n cn phi c mt khong thi gian nht nh mi thanh ton, cn thi gian di hay

ngn l hon ton ph thuc vo mi quan h v s tho thun gia cc n v vi

nhau. Bi vy vic thanh ton tnh hnh cng n ca cng ty c ngha quan trng

vi s tn ti v pht trin ca Cng ty.

2.3.1.1. H s thanh ton ngn hn

Bng 2.6 - Bng tng hp h s thanh ton ngn hn

(n v tnh: triu ng)

Ch tiu Din gii 2006 2007 2008

Ti sn ngn hn v u t ngn hn 1 1.072 3.489 6.549

N phi tr ngn hn 2 398 781 2.390

H s thanh ton ngn hn 3 = 1/2 2,69 4,47 2,74

Nm 2006, c 1 ng NNH c ti tr bng 2,69 ng TSNH v u t ngn

hn, nm 2007 th 1 ng NNH c ti tr bng 4,47 ng TSNH v u t ngn

hn v nm 2008 con s ny l 2,74 ng, cho thy kh nng tr n ca cng ty kh

tt.


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H s thanh ton ngn hn ca cng ty trong nm 2006 v 2008 u ln hn 2,

ring nm 2007 h s ny ln hn 4. Kh nng tr n ca Cng ty HANDICO l rt

ln v c xu hng tng vo nm 2007 do Cng ty d tr nhiu tin mt (539 triu

ng) v tin gi ngn hng (763 triu ng). iu ny c l gii l bi thi im

cui nm 2007, Cng ty xy dng hon chnh cng trnh Nh my gch Tuynel

HANCICO 38 v nm 2008 i vo hot ng nm bt th trng. Chnh v vy

Cng ty d tr lng ln tin mt ti qu v trong ngn hng phc v cho cc

cng tc mua sm NVL u vo. Nhng sang nm 2008, h s ny gim ti con s

hp l l 2,74 ln. iu ny hp l vi tin trnh HSXKD ca Cng ty, ngun tin

li c phn b thc hin cc hp ng vi bn hng. iu cho thy, Cng ty

s dng hp l NV vo SXKD em li hiu qu cho cng ty.

2.3.1.2. H s thanh ton nhanh

Bng 2.7 - Bng tng hp h s thanh ton nhanh

(n v tnh: triu ng)

Ch tiu Din gii 2006 2007 2008

Tin v khon tng ng tin 1 133,95 1.302,98 805,70

N phi tr ngn hn 2 398,11 780,52 2.390,14

H s thanh ton nhanh 3 = 1/2 0,34 1,67 0,34

H s thanh ton nhanh ca cng ty nm 2007 l 1,67 tng ln gn gp 5 ln so

vi nm 2006 l 0,34 hay 33,4%, ri li gim xung mc 0,34 ln vo nm 2008. Tuy

gim nhng h s thanh ton vn mc chp nhn c, cho thy kh nng m bo

hon tr cc khon NNH ca cng ty vn an ton.

H s thanh ton nhanh nm 2007 tng cao s d l do khon mc Tin v cc

khon tng ng tin tng gp 3,25 ln so vi nm 2006, cn NNH ch tng 1,96

ln. Nh gii thch phn 2.3.1.1. th trong nm 2007, sau khi thanh quyt ton

cc hp ng xy dng vi cc i tc, phn LN thu v cng ty ch trng li

thanh ton cc khon n cng nh p ng nhu cu mua sm NVL chun b cho

HSXKD ca nh my sp ti.


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Nm 2008, Cng ty gim t l thanh ton nhanh xung 34% phn b u

ngun tin vo chi ph HSXKD, trnh d tr qu nhiu tin m lm gim vng

quay vn ng thi gim hiu qu ng vn.

2.3.2. Phn tch cc h s hot ng

2.3.2.1. H s vng quay hng tn kho

Vng quay HTK s xem xt hiu qu ca cng ty trong vic qun l bn hng

trong kho, cng l tiu chun nh gi tnh thanh khon ca HTK.

Bng 2.8 - Bng phn tch h s vng quay hng tn kho

(n v tnh: triu ng)

Ch tiu Din gii 2006 2007 2008

Gi vn HTK u k 1 1.332,45 275,11 423,01

Gi vn HTK cui k 2 275,11 423,01 898,42

Gi vn hng bn trong k 3 996,16 1.479,33 4.025,55

Gi vn HTK bnh qun trong k 4 803,78 349,06 660,72

S ngy trong k (ngy) 5 360,00 360,00 360,00

S vng quay HTK 6=3/4 1,24 4,24 6,09

S ngy mt vng quay HTK 7=5/6 290 85 59

Nhn vo cc ch tiu v nng lc hot ng ca cng ty, c th thy vng quay

HTK nm 2006 ca cng ty l kh thp ch t 1,24 vng/nm, v s ngy lu kho

ln ti 290 ngy. S vng quay HTK nh v s ngy lu kho ln bo hiu lng vn

lu ng ca cng ty hin ang b ng kh nhiu v c nguy c nh hng n

kh nng thanh ton ngn hn ca Cng ty. Nguyn nhn HTK ln, vng quay HTK

thp l do mi bc vo lnh vc KD sn phm ca g trong khi cha nm bt c

chnh xc nhu cu tiu th ca th trng nn lng ca g m Cng ty nhp v ln

hn nhiu so vi s lng sn phm tiu th c.

Rt kinh nghim t thc tin bn hng nm trc v xy dng chnh sch bn

hng hp l, nm 2007 v 2008, s vng quay HTK c du hiu tng dn ln, s ngy

lu kho gim dn t xung cn 85 ngy (2007) v ch cn 59 ngy (2008). iu ny


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cho thy cng ty qun l v s dng hng ha sn phm lu kho tt hn, gim dn

s ngy lu kho hng ha, mang li hiu qu ngy cng cao cho SXKD, cng ng

ngha hiu qu s dng vn ca Cng ty ang dn c nng cao.

2.3.2.2. K thu tin bnh qun

Bng 2.9 - Bng phn tch k thu tin bnh qun

(n v tnh: triu ng)

Ch tiu Din gii 2006 2007 2008

Cc khon phi thu 1 455 1.177 2.911

Doanh thu tiu th 2 1.715 5.131 10.525

S ngy trong k (360 ngy) 3 360 360 360

Doanh thu bnh qun 1 ngy 4=2/3 4,76 14,25 29,24

K thu tin bnh qun 5=1/4 96 83 100

S ngy cn thit chuyn cc KPT thnh tin ca nm 2006 l 96 ngy, nm

2007 gim xung l 83 ngy, sang nm 2008 li tng ln 100 ngy. H s ny cn ln

v cng l c im chung ca ngnh xy dng. V hu ht cc cng trnh xy dngsau khi hon thnh thng phi tin hnh nhiu th tc nh lp h s hon cng,

nghim thu thanh thanh l hp ng,... v trong cn c xc nhn ca nhiu bn

nh ch u t, nh thu, t vn gim st,... Nn thanh quyt ton gi tr cng

trnh thng mt mt khong thi gian di.

Bn cnh , ngnh KD VLXD cng c thi gian thu tin bnh qun khng ngn.

l bi v, sau khi nhn y sn phm theo ng yu cu hp ng, khch

hng vn thng n thanh ton.

to li th cnh tranh vi cc cng ty khc cng ngnh v xy dng mi quan

h thng mi lu di vi khch hng, Cng ty p dng chnh sch bn chu khin

cho h s k thu tin bnh qun cao. Nhng con s ny cng s nh hng t nhiu

n kh nng thanh ton ca cng ty.

2.3.2.3. H s vng quay khon phi thu


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Bng 2.10 - Bng phn tch h s vng quay khon phi thu

(n v tnh: triu ng)

Ch tiu Din gii 2006 2007 2008

KPT u k 1 53,46 455,46 1.176,89

KPT cui k 2 455,46 1.176,89 2.910,77

Doanh thu thun 3 1.714,65 5.130,64 10.525,15

Cc KPT bnh qun 4 254,46 816,18 2.043,83

S ngy trong k (ngy) 5 360 360 360

S vng quay KPT 6=3/4 6,74 6,29 5,15

S ngy mt vng quay KPT 7=5/6 53 57 70

S vng quay KPT cc nm ca Cng ty khng cao, gim t 6,74 xung 6,29

(nm 2007) v 5,15 vng/nm (nm 2006), ng ngha vi ch tiu s ngy ca mt

vng quay tng ln t 53 ngy (2006) ln 57 ngy (2007) v 70 ngy (2008).

Vi mc ch kch cu tiu dng, tng DT v LN, Cng ty s dng chnh sch

bn chu, nhng iu ny cng khin cho tc thu hi n ca cng ty gim xung.

S tin ca Cng ty b khch hng chim dng ngy cng nhiu, lng tin mt sngy cng gim, lm gim s ch ng ca cng ty trong vic ti tr NV lu ng

trong SX. ng thi, nu cng ty s dng chnh sch bn chu qu rng ri s dn

n nguy c tng chi ph v gim LN, bn cnh cn tng ri ro i vi cc khon

n kh i, hay nh hng n nhu cu tin mt ca cng ty.

2.3.2.4. H s vng quay ton b ti sn

Bng 2.11 - Bng phn tch h s vng quay ton b ti sn

(n v tnh: triu ng)

Ch tiu Din gii 2006 2007 2008

Doanh thu tiu th 1 1.714,65 5.130,64 10.525,15

Tng ti sn 2 2.702,55 5.175,27 8.530,90

H s vng quay ton b ti sn 3=1/2 0,63 0,99 1,23


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Qua bng phn tch, ta thy h s vng quay ton b TS ca Cng ty tng dn

qua cc nm t 0,63 nm 2006 ln 0,99 nm 2007 v 1,23 nm 2008. Tuy c du hiu

tng nhng h s ny vn cn thp, c ngha l vn cha thc s c s dng hiu

qu. Nguyn nhn l do Cng ty cn tha lng ln HTK v khch hng n thanh

ton lu. Khch hng n thanh ton c phn tch trn, cn gi tr HTK ln

mt phn l v do cng ty nhp nhiu NVL phc v nhu cu SX ca nh my

gch, phn khc l do Cng ty nhp khi lng ln sn phm Ca g cng nghip

chun b cho nhng d n ln nhng v cc cng trnh vn cha hon thin lp t

nn cn tn ng li trong kho. khc phc tnh trng trn, Cng ty cn xy dng

k hoch s dng HTK theo tng giai on sn xut, t ln k hoch thu mua v

cung ng hp l, trnh tnh trng ng vn do tn kho ln. c bit, cn theo di

din bin th trng c k hoch thu mua kp thi, hn ch ri ro do lm pht,

trt gi,.. nng cao hiu qu s dng vn.

2.3.3. Phn tch cc h s n by ti chnh - H s n

Mc d, Cng ty va mi thnh lp c 4 nm, v hot ng trong nhiu lnhvc nh thi cng, thit k xy dng, nhng DT v LN thu lun m bo nhu cu hot

ng SXKD. Bn cnh , cng ty t ch c v ngun ti chnh nn chnh sch

hot ng ca cng ty khng da vo ngun ti tr t vay ngn hng. Chnh v vy

trong BCTC hng nm ca cng ty khng xut hin khon n di hn v n khc. Do

, H s thanh ton li tin vay s khng c phn tch trong kha lun ny.

H s n

Bng 2.12 - Bng phn tch h s n(n v tnh: triu ng)

Ch tiu Din gii 2006 2007 2008

N phi tr 1 398,11 780,52 2.390,14

Tng ngun vn 2 2.702,55 5.175,27 8.530,90

H s n 3=1/2 0,147 0,151 0,28


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Qua bng phn tch trn, ta thy trong giai on 2006-2008 H s n ca Cng ty

HANDICO tng dn t 0,147 (nm 2006) ln 0,151 (nm 2007) n 0,28 (nm

2008). T s n ca 3 nm u thp di 30% cho thy mc bo v dnh cho cc

ch n cng cao.

Cc con s trn phn nh, S vn KD ca Cng ty hnh thnh t cc khon n

ngy cng tng, hay kh nng tr n ca cng ty gim dn. Mc d h s n tng,

nhng h s ny vn trong mc thp, nn kh nng tr n ca cng ty vn mc

chp nhn c.

ng thi, h s ny cng th hin mc ti tr cho TS bng n ca cng ty

cn thp, hiu ng n by ti chnh cha cao, cha thc s em li hiu qu cao cho

cng ty. Cng c ngha, cc c ng ca cng ty khng mun vay n nhiu thc hin

cc khon u t mo him v m bo an ton cho gi tr c phn ca mnh.

2.3.4. Phn tch cc h s li nhun

2.3.4.1. H s li nhun trn doanh thu

Bng 2.13 - Bng phn tch h s li nhun trn doanh thu(n v tnh: triu ng)

Ch tiu Din gii 2006 2007 2008

Li nhun sau thu 1 504 2.595 4.341

Doanh thu thun 2 1.715 5.131 10.525

H s li nhun trn doanh thu 3=1/2 0,29 0,51 0,41

Nm 2006, t mt ng DTT mang v cho cng ty 0,29 ng LNST. H s nytng ln vo nm 2007 l 0,51 ng thu c v t 1 ng DTT, l do t l N/TS

gim dn n li rng tng ln. T l ny tng cho thy cng ty tit kim c chi

ph. l mt du hiu tt cho thy cng ty nn tip tc m rng quy m KD.

Nhng n nm 2008, con s ny gim thp hn xung cn 0,41 ng, cng c

ngha t l N/TS c xu hng tng cao dn n li rng gim xung. iu ny cng

cho thy chi ph HSXKD nm 2008 tng ln lm gim DTT.


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Mc d vy, t l gim ca h s ny khng cao, nn khng nh hng qu nhiu

n LNST, iu ny c chng minh rng LNST nm 2008 ca cng ty t 4.340

triu ng.

2.3.4.2. H s li nhun trn tng ti sn ROA

Bng 2.14 - Bng phn tch hiu s li nhun trn tng ti sn ROA

(n v tnh: triu ng)

Ch tiu Din gii 2006 2007 2008

Li nhun sau thu 1 504 2.595 4.341

Tng ti sn 2 2.703 5.175 8.531

H s li nhun/tng ti sn - ROA 3=1/2 0,19 0,50 0,51

H s ROA nm 2006 l 0,19 c ngha l 1 ng u t vo TS ch mang v cho

cng ty trn 0,19 ng li rng. H s ROA nm ny cn thp, nhng sang nm

2007, 2008 th h s ny c ci thin ng k, 1 ng u t vo TS mang

v cho cng ty trn 0,5 ng li rng, tng hn 3 ln so vi nm 2006.

H s ny tng dn cho thy hiu qu s dng vn ca cng ty ngy cng tng,nhng n nm 2008 th h s ny ch tng nh. Xu hng bin ng ny c gii

thch rng: vo thi im cui nm 2007, nhng d n u t ti khu vc min trung

i vo xy dng ng lot khin cho nhu cu gch xy dng tng t bin m cc nh

cung cp khng p ng c nhu cu ny. S khan him sn phm y gi gch

ln cao gp nhiu ln. Nh my gch ca Cng ty i vo hot ng ti thi im

nn doanh thu v li nhun em v cho cng ty ln.

Sang nm 2008, Cng ty trin khai thi cng xy dng cc hng mc cng trnh

ca D n LangCo Spa Resort nn cn lng vn kh ln thc hin. D n c s

nm thu hi vn l 4 nm, c tnh n nm th 3 bt u c doanh thu v nm th 5

bt u xut hin li rng. Li nhun ca d n cha thu v ngay ti thi im u

t, chi ph u t hay tng ti sn ca Cng ty ln nn h s ROA nm 2008 hu nh

khng thay i.


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2.3.4.3. Hiu s li nhun trn vn ch s hu ROE

Bng 2.15 - Bng phn tch h s li nhun trn vn ch s hu ROE

(n v tnh: triu ng)

Ch tiu Din gii 2006 2007 2008

Li nhun sau thu 1 504 2.595 4.341

VCSH u k 2 1.800 2.304 4.395

VCSH cui k 3 2.304 4.395 6.141

VCSH bnh qun 4=(2+3)/2 2.052 3.350 5.268

H s li nhun/VCSH - ROE 5 = 1/4 0,25 0,77 0,82Bng trn cho thy, mt ng VCSH mang li khon li rng ngy cng tng cho

Cng ty, nm 2006 l 0,25 ng, nm 2007 l 0,77 ng v nm 2008 l 0,82 ng.

iu ny c c l nh vo thng hiu HANDICO ca cng ty ngy cng ln

mnh, c cc bn hng tin tng v m rng thm nhiu mi quan h kinh t trong

tnh thnh v khu vc min Bc, min Trung.

Cc con s trn cng ngy cng khin cc c ng trong cng ty hi lng v hiu

qu s dng ng vn ca mnh. H s li nhun trn VCSH tng ng thi phn nh

thi rt r ca Cng ty trong vic vay vn cho HSXKD, m y l hot ng

u t d n.

2.4. NH GI CHUNG HIU QU S DNG VN CA CNG TY

2.4.1. nh gi hiu qu s dng vn ca Cng ty qua cc nm

nh gi mt cch tng quan v chun xc v tnh hnh s dng vn v hiu

qu s dng vn ca Cng ty HANDICO, cn so snh i chiu s bin ng ca cc

ch tiu nh gi gia cc nm.

Di y l bng tng hp cc ch tiu nh gi hiu qu s dng vn ca Cng

ty c phn u t xy dng HANDICO qua 3 nm 2006, nm 2007 v nm 2008.

Bng 2.16 - Tng hp cc ch tiu nh gi hiu qu s dng vn ca

Cng ty


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- 37 -

(n v tnh: triu ng)

Cc h s nh gi VT 2006 2007 2008

Nhm ch tiu nh gi kh nng thanh ton

H s thanh ton ngn hn ln 2,69 4,47 2,74

H s thanh ton nhanh ln 0,34 1,67 0,34

Nhm ch tiu h s hot ng

H s vng quay HTK ln 1,24 4,24 6,09

S ngy ca mt vng quay HTK ngy 290 85 59

K thu tin bnh qun ngy 96 83 100

H s vng quay KPT ln 6,74 6,29 5,15

S ngy ca mt vng quay KPT ngy 53 57 70

H s vng quay ton b TS ln 0,63 0,99 1,23

Ch tiu h s n by ti chnh

H s n ln 0,15 0,15 0,28

Nhm ch tiu h s LN

H s LN trn DT ln 0,29 0,51 0,41

H s LN trn tng TS ROA ln 0,19 0,50 0,51

H s LN trn VCSH ROE ln 0,25 0,77 0,82

- nh gi chung v kh nng thanh ton: C h s thanh ton ngn hn v h

s thanh ton nhanh u c xu hng tng ln ri gim xung. Tuy nhin, bin

ng bt thng ny ph hp vi tnh hnh hot ng SX v chin lc pht trin

KD ca cng ty, v vn m bo tt cho cc khon n ca cng ty, hay kh nng

thanh ton ca Cng ty ngy cng c ci thin.

- nh gi chung v tnh hnh hot ng:

+ H s vng quay HTK cn thp nhng c xu hng tng dn ln v s ngy

ca mt vng quay HTK ngy cng gim cho thy hot ng tiu th hng

ho ca cng ty ngy cng nhanh. Mc d ch s ny tng cao nhng trong

kho vn cn lng ln HTK. V vy m khi c bin ng tng t ngt ca

th trng th cng ty lun m bo sn sng cung ng gi khch hng


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v th phn.Thm na, vic d tr NVL u vo ln cho cc khu SX s

gp phn m bo mc SX v p ng c nhu cu ca khch hng.

+ K thu tin bnh qun gim ri tng v vn mc cao, s ngy m Cng ty

thu c tin t khch hng cn thp, phn nh cng tc thu hi cng n

cn yu km.

+ H s vng quay KPT c xu hng gim, t l nghch vi s ngy ca mt

vng quay KPT tng ln. iu ny cho thy chnh sch tn dng ca cng

ty i vi khch hng kh hp dn. Nhng tc thu hi cc khon n km

l du hiu cho thy lng vn b khch hng chim dng cn kh ln.

+ H s vng quay ton b TS c xu hng tng dn ln nhng vn mc

thp, phn nh hiu qu s dng vn ca cng ty cha cao. Nguyn nhn

do Cng ty cn lng ln HTK cn tn ng trong kho.

- nh gi tnh hnh m bo n: h s n nh nhng ngy cng tng. y l

du du hiu cho thy cc khon n ca cng ty ngy cng gia tng, hay p lc

tr n ca cng ty ngy cng ln.

- nh gi chung v li nhun:+ H s li nhun trn doanh thu: bin ng tng ln ri gim nh, cho thy

Cng ty ngy cng s dng hp l cc yu t u vo v tit kim c chi

ph SX, tng LN.

+ H s li nhun trn tng ti sn c xu hng tng mnh nm 2007 v tng

rt nh nm 2008, cho thy hiu qu s dng vn ca cng ty ngy cng

tng, v em li LN ngy cng cao cho cng ty.

+ H s li nhun trn vn ch s hu trong ba nm u c xu hng ngy

cng cao cho thy kh nng cnh tranh ca Cng ty ngy cng mnh.

2.4.2. So snh hiu qu s dng vn ca cng ty vi mt s cng ty trong

ngnh

c th nhn xt khch quan v chnh xc v hiu qu s dng vn ca Cng

ty CP u t XD v Trang tr ni tht HANDICO, cn phi so snh cc ch tiu ti


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chnh ca cng ty vi mt s cng ty cng ngnh trn a bn thnh ph H Ni.

Trong kho lun ny s so snh hiu qu s dng vn ca Cng ty HANDICO vi

Cng ty C phn HACINCO v Cng ty C phn u t CMC.

Cng ty C phn HACINCO (Cng ty HACINCO) l mt thnh vin trong Tng

cng ty u t v pht trin Nh H Ni, c tr s chnh ti 110 Thi Thnh - ng

a H Ni. Cng ty chuyn hot ng trong cc lnh vc xy lp cng trnh dn

dng v cng nghip vi s vn iu l 5,8 t ng. Cng l mt thnh vin trc

thuc Tng Cng ty u t v pht trin Nh H Ni nh Cng ty HANDICO nn

Cng ty HACINCO lun nhn c s quan tm, gip ca Tng cng ty. Chnh v

vy, trong qu trnh sn xut kinh doanh hai cng ty khng ch tp trung pht trin

kinh t doanh nghip m cn s dng thng hiu HANDICO. Mi hot ng, mi

kt qu kinh doanh ca hai cng ty u nh hng n thng hiu HANDICO.

Chnh v vy, vic so snh gia hai cng ty ny s phn nh r nt tc pht trin

kinh doanh, hiu qu s dng vn v uy tn thng hiu ca hai cng ty c cng iu

kin pht trin kinh doanh thun li nh nhau.

Cng ty C phn u t CMC (Cng ty CMC) chuyn hot ng trong lnh vcxy dng cng trnh dn dng, kinh doanh nh, h tng khu th mi, khu dn c

tp trung; c vn iu l l 30,4 t ng v tr s chnh t ti ng 83 Ngc Hi

Hong Mai H Ni. Khi so snh gia Cng ty HANDICO v Cng ty CMC ta s

thu c kt qu phn tch ti chnh ca hai cng ty cng hot ng trong mt lnh

vc v trong mt a bn. So snh vi cng mt i th cnh tranh s em li kt

lun khch quan v chnh xc v hiu qu hot ng kinh doanh v hiu qu s dng

vn ca Cng ty HANDICO, ng thi cng phn nh c mc cnh tranh ca

Cng ty HANDICO trn lnh vc xy dng v trong a bn thnh ph H Ni.

Bng 2.17 - So snh hiu qu s dng vn ca Cng ty vi mt s cng

ty trong ngnh (nm 2008)

Cc h s nh gi Cng ty CPTXD v

TTNT

HANDICO

Cng ty CPHACINCO

Cng ty CPu t CMC


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Nhm ch tiu nh gi kh nngthanh ton

H s thanh ton ngn hn 2,740 4,637 1,838H s thanh ton nhanh 0,337 1,428 0,180

Nhm ch tiu h s hot ng

H s vng quay HTK 6,09 97,89 22,99

S ngy ca mt vng quay HTK 59 4 16

K thu tin bnh qun 100 13 60

H s vng quay KPT 6,74 48,58 7,04

S ngy ca mt vng quay KPT 53 7 51

H s vng quay ton b TS 1,234 1,108 2,772

Ch tiu h s n by ti chnh

H s n 0,280 0,122 0,446

Nhm ch tiu h s LN

H s LN trn DT 0,412 0,238 (0,125)

H s LN trn tng TS ROA 0,509 0,263 (0,344)

H s LN trn VCSH ROE 0,824 0,315 (0,684)

[http://www.hastc.org.vn website ca Trung tm giao dch chng khon H

Ni].

- So snh v kh nng thanh ton:

+ H s thanh ton ngn hn ca Cng ty HANDICO mc trung bnh gia

3 cng ty, cho thy kh nng thanh ton nhanh ca Cng ty khng t mc

cao, nhng cng khng qu thp, vn m bo kh nng thanh ton an ton

cho cc khon n ngn hn.

+ H s thanh ton nhanh ca Cng ty HANDICO ln hn 1,87 ln so vi

Cng ty CMC nhng li thp hn 4 ln so vi ca Cng ty HACINCO,

ngha l kh nng thanh ton thc s ca Cng ty vn cn thp.

- So snh v tnh hnh hot ng:


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+ H s vng quay HTK ca Cng ty HANDICO thp hn cng ty CMC 3,7

ln v thp hn cng ty HACINCO 16 ln. Tc lun chuyn HTK ny

cn rt thp so vi cc cng ty khc trong ngnh. iu ny cng cho thy

rng cng tc qun tr HTK cn yu km, Cng ty HANDICO d tr

nhiu HTK hn mc cn thit cng l nguyn nhn khin cho hiu qu s

dng vn ca Cng ty cha t hiu qu ti a.

+ K thu tin bnh qun ca Cng ty HANDICO ln hn Cng ty CMC 1,6

ln v ln hn cng ty HACINCO 7,6 ln. V Cng ty HANDICO mi

thnh lp nn Cng ty p dng chnh sch tn dng ni lng vi khch hng

nhm tng sc hp dn v tng tnh cnh tranh xm nhp th trng.

Nhng bn cnh cng n cha cc ri ro nu khch hng mt kh nng

thanh ton, hay nh hng n DT v LN khi khch hng thanh ton qu

chm.

+ H s vng quay KPT ca Cng ty HANDICO thp hn nhiu so vi Cng

ty HACINCO nhng xp x bng Cng ty CMC. iu ny, mt ln na

khng nh, cng tc thu hi cng n ca Cng ty cn yu km.+ H s vng quay ton b ti sn ca Cng ty ln hn 1,11 ln so vi cng

ty HACINCO nhng nh hn gp 2,25 ln Cng ty CMC. Con s trn phn

nh vic s dng ti sn hay vn ca Cng ty HANDICO cha thc s hiu

qu, ti sn cha c s dng hay pht huy ht tim lc thu v li

nhun cho Cng ty.

- So snh v tnh hnh m bo n: ca Cng ty HANDICO nm mc trung

bnh gia 3 cng ty c so snh. Cho thy vic s dng n ti tr cho cc

khon u t di hn ca Cng ty l hp l v khng qu mo him. So vi Cng

ty CMC th p lc thanh ton cc khon n ca Cng ty nh hn gp 2,25 ln.

- So snh v chung v li nhun: Mc d c cc h s thanh ton, h s hot

ng mc thp v trung bnh so vi 2 cng ty trn, nhng h s LN ca Cng

ty HANDICO li t cao nht. Cc h s LN ca Cng ty ln gp 1,73 n 2,6

ln so vi Cng ty HACINCO. iu cho thy, vic s dng vn ca Cng ty


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vo HSXKD mang li hiu kh cao. Bit c nhc im ca Cng ty

HANDICO l tim lc ti chnh hn ch, i ng cn b cn non tr, ban lnh

o Cng ty c hng i ng n trong vic tit kim chi ph SXKD, c

bit l nhn nh ng n th trng m rng HSXKD em li DT v LN

cao cho cng ty.


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CHNG 3

MT S GII PHP NNG CAO HIU QU S DNG VN CA

CNG TY CP U T XD V TRANG TR NI THT HANDICO

3.1. NHNG NH HNG PHT TRIN CA CNG TY, THUN LI V

KH KHN

3.1.1. nh hng pht trin ca cng ty

3.1.1.1. Chin lc pht trin KD ca cng ty

Sau bn nm hot ng, vi nhng kinh nghim tch lu trong lnh vc KD v

qun l, Cng ty ra cho mnh nhng phng hng hot ng trong thi gian

ti l tip tc pht huy nhng thnh tch t c v pht huy sc mnh ca tp

th, quyt tm xy dng, pht trin thng hiu HANDICO ngy cng ln mnh trn

a bn thnh ph H Ni cng nh c nc.

- Chin lc pht trin KD:

+ Th nht: Nhanh chng chim lnh c th trng min Trung vi sn

phm chnh l gch tuynel. p dng quy trnh SX tin tin, qun l cht ch

hot ng SX nhm to nn sn phm cht lng cao, trnh lng ph NVL,

nng cao nng sut lao ng nhm p ng nhu cu khan him ca th

trng, to nhiu vic lm cho lng ln lao ng ti a phng, gp phn

kch thch kinh t huyn Ph Lc ni ring v Tha Thin Hu ni chung

pht trin.

+ Th hai: Gi vng th trng min Bc bng vic hon thnh ng tin

v cht lng cc cng trnh nhn thu. Xy dng uy tn v hnh nh

Cng ty ngy cng tt p khng ch

+ Th ba: Tin n pht trin bn vng v lu di ti min Trung vi D n

Khu bit th, du lch sinh thi bin Lng C - LangCo Spa Resort. Tng

vn u t ca D n c tnh ln ti 144 t ng, v DT hng nm thu v

c t 13 t ng. Chnh v vy, Cng ty tp trung ton lc trin khai xy


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dng d n a d n vo hot ng kp thi im khai thc hiu qu

tim nng du lch bin Lng C v nm bt th trng du lch ti Hu;

Thng xuyn xy dng cc chin lc pht trin c th, ph hp vi tng

thi k cng nh tc pht trin hin ti ca th trng du lch trong nc

v ti Hu.

- Mc tiu hot ng ca Cng ty nm 2009:

+ Doanh thu ton cng ty : 50 t ng.

+ Li nhun sau thu : 10 t ng.

+ Tng s lao ng : 300 ngi.+ Thu nhp bnh qun : 2.500.000 ng/ngi/thng.

- Mc tiu hot ng ca Nh my gch ti Hu nm 2009:

+ Doanh thu nh my : 30 t ng.

+ Li nhun sau thu : 3 t ng.

+ Tng lao ng nh my : 150ngi.

+ Thu nhp bnh qun : 2.000.000 ng/ngi/thng.

+ M rng h thng phn phi sn phm trn a bn min Trung: 5 i l.

3.1.1.2. Mc tiu huy ng vn v s dng vn ca cng ty

Trong Bo co tng kt HSXKD nm 2008 v phng hng nhim v

HSXKD ca Cng ty HANDICO 38 nm 2009 kt lun: t c cc mc

tiu ra v thc hin cc chin lc pht trin KD, Cng ty cn xc nh r mc

tiu huy ng vn, phng thc huy ng vn hp l v s dng vn khoa hc mang li hiu qu cao nht cho Cng ty.

- Mc tiu huy ng vn:

+ Huy ng vn cho hot ng t vn thit k, thi cng xy dng: 20 t ng.

+ Huy ng vn cho HSXKD ca nh my gch: 10 t ng.

+ Huy ng vn gp trin khai d n Khu bit th, du lch sinh thi bin

Lng C LangCo Spa Resort: 70 t ng.

- Phng thc huy ng v cch thc s dng vn:


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+ Hot ng t vn thit k, thi cng xy dng: mt phn vn s c huy

ng bng gi tr tm ng ca cc hp ng, mt phn c huy ng t

ngun LN cha chia ca Cng ty.

+ HSXKD ca Nh my gch: p ng nhu cu vn cho qu trnh SXKD

nh thu mua NVL u vo, thanh ton cc chi ph HSXKD, thanh ton cc

khon tin lng cho cn b cng nhn vin nh my,... ngun vn s c

huy ng t gi tr t hng trc ca mi l hng, bn cnh l huy ng

t ngun LN bn hng ca Nh my.

+ D n Khu bit th, du lch sinh thi bin Lng C LangCo Spa Resort:

Trong k hoch thc hin d n, giai on 1 - xy dng h tng k thut ca

d n s c thc hin bng ngun vn gp hp php t cc c ng v

ngun LN ca Cng ty v ngun vn vay tn dng. ng thi, Cng ty lin

tc tin hnh tm kim i tc u t nc ngoi tin cy cng kt hp thc

hin d n m bo ngun vn v mang n hiu qu u t cao.

3.1.2. Thun li- Cng ty C phn u t xy dng v trang tr ni tht HANDICO l mt n v

thnh vin ca Tng Cng ty u t pht trin nh H ni. Cng ty lun nhn

c s quan tm ca Ban lnh o Tng Cng ty. Tuy Cng ty mi thnh lp

c hn 4 nm, nhng trong mi hot ng KD hay qun l ca Cng ty u

c Tng Cng ty v cc n v thnh vin t vn gip .

- Hi ng qun tr ca Cng ty hi t c cc thnh vin u t ca Tng Cng

ty v cc Cng ty xy dng vng mnh trc kia. Bi vy, Cng ty c c cc

mi quan h thit lp sn to iu kin cho Cng ty ch ng nhiu hn trong

KD.

- Gim c iu hnh cng ty l mt doanh nhn thi i mi, c nhiu sng to

trong cng vic, bn lnh cng trc, xng ng l ngi thuyn trng cho li

con tu DN tin bc trong nn kinh t hi nhp.


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- Cng ty c i ng cn b nng ng, sng to, thc trch nhim cao vi kinh

nghim nhiu nm cng tc trong lnh vc u t, t vn thit k, xy dng cng

trnh... v lc lng cng nhn tay ngh cao, thc k lut lao ng nghim tc

hon ton c kh nng pht huy hiu qu cao nht trong cng vic.

- Trong lnh vc tiu th sn phm, Cng ty c th mnh trong quan h ngoi

giao vi cc bn hng quen thuc, ng thi c th s dng sn phm cho cc

cng trnh xy dng cng nghip v dn dng m cng ty k hp ng.

- Sau khi thnh lp c 1 nm, Cng ty lin kt vi nhiu n v thnh lp x

nghip thnh vin, m rng quy m v lnh vc HSXKD ca Cng ty.

- Trong nhng nm va qua, Cng ty nhn c nhiu hp ng c gi tr cao,

mang li DT ln cho Cng ty v cc x nghip thnh vin.

3.1.3. Kh khn

- V Cng ty mi thnh lp c hn 3 nm, nn kinh nghim trong KD cn hn

ch. Sau khi thnh lp, cng ty gp nhiu s thay i trong ban lnh o Cng ty

v cc c ng gp vn.- Cc hot ng xy dng ph thuc nhiu vo cc yu t bn ngoi, v tc

thanh quyt ton cc cng trnh chm tr, hot ng t vn thit k, t vn lp d

n cng gp phi tnh trng tng t khin cho lng vn b ng.

- Vi mc tiu to uy tn, v th ca Cng ty trn trng xy dng, Cng ty ang

huy ng mi ngun lc trin khai d n u t xy dng Khu bit th, du

lch sinh thi bin Lng C LangCo Spa Resort ti tnh Tha Thin Hu vi

quy m 11ha. D n cn huy ng mt lng vn ln ti 144 t ng, trong khi

DT ca d n cha thu hi c trong thi im hin ti.

- Gi tr TS c nh ca cng ty thp nn khng th em th chp vay ngn hng

khi cn thit. Chnh v vy, ngun vn huy ng ch yu l t cc c ng. Kh

huy ng c ngun vn nhanh chng.

- Mt s s kin c nh hng quan trng n tnh hnh ti chnh:


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+ Do mi c thnh lp nn cng ty phi u t cho trang thit b, TS c

nh, u t cho cc d n ...

+ Do mi thnh lp nn chi ph i li, chi ph giao dch pht trin th trng

ca cng ty cn cao.

+ Cng ty cn t kinh nghim trong cng tc qun l bn hng, nn cng tc

thu hi cng n km, n ng ko di lm gim hiu qu ng vn.

+ Trong qu trnh trin khai cc d n u t, Cng ty cn gp kh khn khi

lin h cc s ban ngnh thc hin th tc hnh chnh. Thi gian ko di

khin cng ty l nhiu c hi KD.

- Mt s s kin nh hng n tnh hnh KD:

+ Do mi thnh lp nn lng khch hng ca Cng ty trong nm va qua cn

t, trong khi nhng chi ph c nh Cng ty tn ti v pht trin vn phi

trang tri.

+ Bn cnh , Cng ty phi cnh tranh vi cc cng ty ln, hot ng lu

nm v c uy tn trn th trng.

3.2. MT S GII PHP NNG CAO HIU QU S DNG VN CA

CNG TY

Hot ng s dng vn khng ch quan trng i vi cc DN m n cn ht sc

quan trng i vi nn kinh t hin nay. S dng vn nh th no t hiu qu cao

trong hot ng KD? DN nn u t tin bc vo u thu c LN cao nht? hay

khi m rng HSXKD th nn s dng vn vay hay gp thm vn.

Trong thi k hi nhp kinh t quc t, cc i tc nc ngoi c iu kin n

Vit Nam nhiu hn, mc cnh tranh trong nc ngy cng gia tng. i vi mt

nc ang pht trin nh Vit Nam th vic s dng vn hiu qu li cng tr nn

quan trng v cn thit hn. ng trc thi k quc t ho, nhiu thch thc v c

hi t ra, i hi Cng ty cn c phng hng, mc tiu v gii php c th trong

vic s dng vn hiu qu ngn hn v lu di.


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3.2.1. K hoch ho vic s dng vn

Mun t hiu qu s dng vn cao, trc tin cn phi c k hoch s dng vn

hp l v khoa hc. Mt s gii php nn p dng nh:

- Tin hnh phn tch v a ra mt c cu chi ph v ngun vn huy ng ti u

cho DN trong tng thi k.

+ Hng qu trn c s s liu thc hin ca k trc cng vi kt qu kim

tra, phn tch v d on th trng, xy dng k hoch lun chuyn vn.

+ Xc nh nhu cu vn hp l cho tng khu trong qu trnh HSXKD

trn c s tit kim c vn.- Thit lp mt chnh sch phn chia chi ph cng cc mc LN mt cch hp l i

vi DN.

- i vi Nh my SX gch tuynel: tng hp kt qu SXKD nm 2008, xy dng

k hoch s dng vn chi tit cho cc HSXKD nm 2009 nhm m bo nhu

cu vn cho cc khu SX, bn hng.

- i vi d n Khu ngh dng Lng C cn xy dng k hoch huy ng vn,

phng thc s dng vn, v cch thc s dng vn hp l, khoa hc theo tng

khi lng cng vic ca tng giai on thc hin theo tng qu m bo NV

thc hin d n, ng tin cam kt vi UBND Tnh Tha Thin Hu.

3.2.2. Qun l v kim sot cht ch cc khon phi thu nhm hn ch

lng vn b khch hng chim dng

- Trc khi k kt cc hp ng thng mi, Cng ty cn phi thu thp, phn tch

k cc thng tin cn thit v khch hng nh t cch tn dng, nng lc hin c

trc khi k kt hp ng hoc cp tn dng cho h:

+ Cng ty c th thu thp thng tin t kinh nghim lm n vi khch hng

trong qu kh, hoc yu cu h cho xem xt s sch k ton nh bng

BCTC, bng tng kt TS. Cng ty phi tm mi cch bit r nht v

khch hng m mnh sp k kt hp ng c chnh thc v khng chnh

thc.


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+ ng thi cng ty cn c bin php khuyn khch nhn vin ca cng ty

cung cp nhng thng tin cn thit v khch hng.

- Trong khi k kt v thc hin cc hp ng kinh t, Cng ty nn xy dng cc

iu khon thanh ton r rng, hp l, ng thi qun l, kim sot cht ch cc

KPT nhm hn ch lng vn b khch hng chim dng:

+ Khi xy dng hp ng kinh t, hp ng thi cng, xy dng, hp ng

thng mi, hp ng dch v,... Cng ty cn c xc nh v th hin r cc

iu khon quy nh v thi hn thanh ton, iu kin thanh ton nhm m

bo cho khch hng thc hin thanh quyt ton ng hn nh: yu cu mt

lng k qu, th chp mt lng TS hp l hoc quy nh mc x pht

hnh chnh nu khch hng chm thanh ton so vi thi hn qui nh.

+ Theo di cht ch thi hn thanh ton ca cc hp ng v cng n ca

khch hng. Xy dng li quy trnh thanh ton ca k ton cng n v

phng thc lm vic ca phng k ton nhm mang li hiu qu cao trong

vic thu hi cc KPT.

3.2.3. Thng xuyn nh gi hiu qu s dng vn

- Thng xuyn nh gi hiu qu s dng vn: Cng ty phi thng xuyn nh

gi hiu qu s dng vn hng thng, hng qu thng qua h thng cc ch tiu,

t a ra cc bin php c th thay v vic nh gi mang tnh hnh thc

hin nay.

- Nhanh chng thu hi cc khon n: Cc khon n v cc khon n kh i

khng nhng lm gim hiu qu KD ca cng ty m cn lm nh hng n khnng thanh ton ca cng ty. Chnh v vy, Cng ty cn nhanh chng thu hi cc

khon n, khng cp tn dng thng mi cho nhng khch hng vn cn n c

hay khng c tn nhim trong tr n vay.

- Xy dng li chnh sch bn hng hp l va m bo ngun thu ca Cng ty

va p ng nhu cu ca khch hng:


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+ Khi cp tn dng thng mi, Cng ty cn kim tra k v uy tn v kh nng

ca khch hng, k kt hp ng cht ch trnh gy ra nhng thit hi v

vn.

+ Trong trng hp c nhng khon ph thu kh i, hn ch nhng t

bin trong KD, Cng ty cn d kin trc v hch ton vo chi ph KD

trong k cc khon n kh i.

+ C cc hnh thc khuyn khch i vi khch hng khi thanh ton ng hn:

nh thng doanh s, thng thanh ton ng hn,...

- Lp qu d phng ti chnh: Qu d phng s c s dng vo cc mc ch

nh: D phng thiu ht NVL u vo, d phng tr cp mt vic cho lc lng

lao ng,... b p nhng pht sinh t bin, nhng thit hi khng lng

trc c, Cng ty nn lp mt qu d phng ti chnh. Ngun d phng ti

chnh ny m bo cho Cng ty trnh c nhng tn tht lm gin on KD,

khi cn c th dng u t pht trin SX.

3.2.4. y mnh cng tc marketing

Khi mt nn kinh t cng pht trin hin i th cng tc Marketing cng tr ln

quan trng hn. Bi v, ch c tng cng cng tc Marketing th hnh nh, thng

hiu ca DN mi c th n c vi khch hng, v t to nim tin, to uy tn

i vi khch hng. c bit khi m s lng cc DN ngy cng nhiu, s cnh tranh

gia cc DN ngy cng tr ln quyt lit th hnh nh, uy tn ca DN cng tr ln

quan trng. Do trong thi gian ti Cng ty, x nghip, nh my v chi nhnh cn

c bit quan tm ti hot ng Marketing, m thm cc phng chc nng chuyntrch ring ph trch cng tc Marketing. V cc bin php c th l:

- y mnh cng tc tuyn truyn, qung co v thng hiu ca cng ty :

Khi mun t thu ht s ch ca khch hng i vi Cng ty th cc hnh thc

qung co, thng tin em li cho ngi tiu dng phi va gy n tng, nu

bt tnh nng, cng dng, a ch lin h r rng khi khch hng c yu cu. Hot

ng ny khng cn mi m i vi Vit Nam nhng hin nay, Cng ty cha


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ch trng n cng tc qung b rng ri thng hiu v sn phm ca mnh, nn

cha gy c nhiu s ch i vi khch hng. V vy, Cng ty nn p dng

mt s hnh thc tuyn truyn, qung cao nh sau:

+ Trn cc phng tin thng tin i chng nh: i, bo, truyn hnh

+ Tham gia vo cc hi ch hng cng nghip c th va qung co va

tm kim cc bn hng.

+ Nhanh chng hon thin website ca Cng ty ng ti rng ri cc thng

tin v cc lnh vc hot ng, thnh tch t c... ca Cng ty em n

s la chn nhanh nht cho khch hng.

- Xy dng, pht trin phng marketing: hin nay, cng ty vn cha c phng

chuyn trch phc v cho cng tc Marketing. iu ny phn no hn ch

cng tc Marketing ca cng ty trong thi gian qua.

+ Nhim v ca phng marketing: phng marketing ca Cng ty va c nhim

v xy dng cc bin php gi vng thng hiu HANDICO va c chc

nng m rng th trng hot ng ca Cng ty trn c nc.

+ Quy m ca phng marketing: B phn ny c th ch cn t 2 n 3 ngi

ch chuyn trch tng hp, phn tch, t chc cc ngun thng tin ri sau khi

x l s cung cp cho Ban lnh o cng nh cc b phn khc phi hp

c k hoch thc y vic tiu th hng ho mt cch hp l nht.

+ k hoch trong thi gian ti Chi nhnh s hng ti thnh lp mt phng

chuyn trch phc v cho hot ng Marketing, t nng cao uy tn v

thng hiu ca cng ty .

- Thc hin vn minh thng mi, tng cng cht lng phc v khch

hng.

+ Trong qu trnh HSXKD, Cng ty nn tun th theo tiu chun quc t

mi nht ISO 9001:2008 nng cao cht lng sn phm v tng kh nng

cnh tranh ca Cng ty trn th trng trong v ngoi nc.


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+ Thnh lp cc h thng dch v khch hng v cc lnh vc thit k cng

nh bt ng sn. Thng qua s thu hp c khong cch gia khch

hng v cng ty, to iu kin cho cng tc huy ng vn c hiu qu

hn.

+ i vi Cng ty s xy dng phng dch v t vn: phng s xy dng v

trin khai cc chng trnh nh t vn, h tr i vi cc dch v KD ca

cng ty,...

+ i vi Nh my s l phng dch v k thut v hu mi: nhm p ng

cc yu cu, thc mc ca khch hng v sn phm, em n cho khch

hng cht lng phc v tt nht v thay mt cng ty gii quyt cc vn

lin quan n hu mi. Hot ng ny khng ch to li th cnh tranh cho

Nh my m cn xy dng uy tn ca Nh my v Cng ty trn th trng.

- Nng cp, u t vo c s h tng, c bit l mng cng ngh thng tin t

qung b cc hot ng KD cng nh dch v ca cng ty n khch hng to

nim tin trong u t.

3.2.5. Mt s kin ngh

Trc khi ngh n vic qun l v s dng vn nh th no cho hiu qu th

nh qun tr ti chnh phi c c vn, ngha l phi tm ngun ti tr cho n vy

ngun ti tr u v la chn n nh th no cho hiu qu?

- Nh nc cn to iu kin thun li cho DN hot ng:

+ Cn xy dng mi trng th ch minh bch, bnh ng gia cc loi hnh

DN.

+ Ban hnh y cc vn bn hng dn thi hnh Lut Doanh nghip, Lut

u t, Lut Xy dng, Lut t ai v cc b lut khc trn c s nm bt

nhng im bt hp l, cha r rng ca cc vn bn t pha a phng.

+ Tip tc y mnh ci cch hnh chnh theo hng phc v DN. B T

php cn ch o cc c quan cng chng thc hin cng chng giao dch


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bo m i vi cc giy chng nhn quyn s dng t cn n thu khi th

chp ti ngn hng.

+ Cc ngnh chc nng cn trin khai, thc hin tt C ch mt ca lin

thng ti S K hoch v u t trong cp ng k KD. Xy dng chng

trnh ng dng cng ngh thng tin trong qun l DN, bao gm: c s d

liu, ni mng thng tin gia cc c quan chc nng, trc ht l gia S

K hoch v u t, Cc Thu, Cng an tnh, S Cng Thng... h tr

pht trin thng mi in t;

- Li sut ngn hng: Vay v thanh ton qua ngn hng l hot ng thng xuyn

ca cc DN. Do cc ngn hng c vai tr rt ln i vi DN thng qua li sut

v hot ng giao dch. DN lun mun ti a ho LN hay ti thiu ho chi ph.

Khung li sut do ngn hng Nh nc quy nh phi m bo khuyn khch cc

DN SXKD c hiu qu sao cho LN DN thu c ti thiu phi b p c chi

ph vn. Cc hot ng giao dch, thanh ton ca ngn hng nh hng khng

nh ti nhu cu vn ca DN. Nu ngn hng qu kht khe trong vic la chn

khch hng th DN kh c th vay vn ca ngn hng. Ngc li, nu ngn hngqu d di trong vic cho khch hng vay vn c th khin DN xc nh khng

ng nhu cu vn ca mnh, thy iu kin xin vay qu thun li th c vay,

khng cn bit c cn thit hay khng.

+ Cn thc hin ng b cc gii php huy ng vn m rng tn dng c

hiu qu, ph hp vi quy nh ca php lut; p dng li sut cho vay hp

l trong iu kin DN ang gp kh khn v SXKD, x l kp thi cc

vng mc v n vay v tip cn tn dng ca DN, b tr vn v p dng li

sut hp l theo chnh sch u tin khch hng i vi nng nghip, nng

thn, xut khu; DN nh v va; SX hng tiu dng, hng ho thay th hng

nhp khu v s dng nguyn liu trong nc, to c nhiu vic lm cho

ngi lao ng.

+ Tng cng hot ng ca Qu Bo lnh tn dng, thc hin tt Quy ch

phi hp gia Chi nhnh Ngn hng Nh nc, cc Chi nhnh ngn hng


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thng mi vi Qu Bo lnh tn dng to mi iu kin thun li cho

cc DN tip cn NV tn dng khi khng TS th chp.

- Tng cng vai tr ca Hip hi Doanh nghip nh v va:

+ Hip hi hot ng c hiu qu th khi son tho cc vn bn php quy

nn ly kin ca cc DN v ca hip hi trc khi ban hnh.

+ Pht trin thm nhiu hi vin mi qua gip cho cc DN hi vin nm

bt c thng tin th trng u ra, u i v vn vay, h tr li sut tin

vay, tiu th sn phm hng ho v cc vn lin quan kh. ng thi

gip cc DN c c hi gp g, tm hiu, lin doanh, lin kt vi nhau nhm

h tr nhau tho g kh khn n nh, pht trin SXKD.

+ Cn kin ton t chc b my lnh o ca Hip hi, b sung cn b c

nng lc tm huyt, xy dng uy tn v chc nng Hi pht huy c vai

tr thc s ca mnh trong vic h tr cc DN Vit Nam trn pht trin,

gp phn xy dng t nc Vit Nam ngy cng giu mnh.

- Th tc hnh chnh: y l mt nhn t nh hng khng nh ti qu trnh

SXKD ca DN. Nhng th tc hnh chnh rm r, quan liu, hi l... c th lmmt c hi KD ca DN. Do vy, Nh nc cn ci thin cc th tc hnh chnh

gn nh, ng n to mi trng thun li cho DN kinh doanh c hiu qu,

ng thi khuyn khch cc nh u t nc ngoi.


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KT LUN

Trn y l nhng vn thc t v tnh hnh s dng vn ti Cng ty C phnu t xy dng v Trang tr ni tht HANDICO. i vi Cng ty vic nng cao

hiu qu s dng vn l mt nhim v quan trng, thc y hot ng sn xut

kinh doanh ngy cng pht trin.

Trong iu kin kinh t th trng hin nay, Cng ty gp khng t kh khn.

Nhng vi s n lc khng ngng v c Tng Cng ty quan tm gip , Cng ty

tm kim v thc hin nhiu bin php cho tng vn c th, t mc tiu sn

xut kinh doanh c hiu qu hn. Tuy nhin, vi s bin i khng ngng ca nn

kinh t, Cng ty lun phi i mt vi nhng th thch mi m nu Cng ty mun

t c hiu qu cao trong sn xut kinh doanh th khng cn cch no hn l phi

lun tm ti c nhng gii php, bin php mi cho ph hp vi s thay i .

Vic nng cao hiu qu s dng vn ti Cng ty HANDICO ang l vn c

ban lnh o Cng ty c bit quan tm. i vi Cng ty vic s dng hiu qu vn

c ngha quyt nh trong s thnh bi ca Cng ty.Vi kh nng cho php ca mnh, em nghin cu iu kin thc t ca Cng

ty v a ra mt s kin v cc bin php nng cao hiu qu s dng vn. y l

mt vn kh khn c v l thuyt v thc tin, song em c gng tm hiu,

nghin cu vi s mong mun c nng cao kin thc v ng gp mt phn kin

nh b vo s pht trin ca Cng ty. Do trnh l lun cng nh thc tin cn

nhiu hn ch, nn vn em nghin cu khng th trnh khi nhng sai st.

hon thnh chuyn ny, em nhn c s hng dn, ch bo nhit tnh

ca c gio TS. Phm Thu Linh v t pha Cng ty.

Em xin chn thnh cm n !


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DANH MC TI LIU THAM KHO

1. Bo co ti chnh ca Cng ty c phn u t xy dng v trang tr ni tht

HANDICO cc nm 2006, 2007, 2008.

2. Bo co thng nin nm 2008 ca Cng ty c phn u t CMC.

3. Bo co thng nin nm 2008 ca Cng ty c phn HACINCO.

4. Bo co ti chnh nm 2008 ca Cng ty c phn HACINCO.

5. Bo co ti chnh nm 2008 ca Cng ty c phn u t CMC.

6. H s nng lc Cng ty c phn u t xy dng v trang tr ni tht

HANDICO.

7. K hoch sn xut kinh doanh nm 2009 - Cng ty c phn u t xy dng

v trang tr ni tht HANDICO.

8. Nguyn nh Kim, Nguyn ng Nam (1999), Qun tr ti chnh doanh

nghip, Nh xut bn Ti chnh.

9. Nguyn Hi Sn (1996) Qun tr ti chnh doanh nghip, Nh xut bnThng K.

10. Trn c Vui, Nguyn Th Hng (2001), Tp bi ging Qun tr ti chnh

doanh nghip B mn Qun l kinh t v Qun tr kinh doanh, khoa

Kinh t, trng i hc Quc gia H Ni, nm 2001.

11. V Duy Ho, m Vn Hu Nguyn Quang Ninh (1997), Qun tr ti chnh

doanh nghip, Nh xut bn Thng K.

12. Website ca i truyn hnh VTC http://www.vtc.vn (Bi Doanh nghip va

v nh lao ao v li sut ng ngy 22/5/2008)

13. Website ca Hip hi cc Doanh nghip va v nh thnh ph H Ni

http://www.hasmea.org.vn.

14. Website ca Ngn hng nh nc Vit Nam http://www.sbv.gov.vn.

15. Website ca S Giao dch chng khon H Ni http://www.hastc.org.vn.

16. Website ca Thi bo kinh t Vit Nam http://www.vneconomy.com.vn.
http://www.vtc.vn/http://www.hasmea.org.vn/http://www.sbv.gov.vn/http://www.hastc.org.vn/http://www.vneconomy.com.vn/http://www.vtc.vn/http://www.hasmea.org.vn/http://www.sbv.gov.vn/http://www.hastc.org.vn/http://www.vneconomy.com.vn/


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KLTN - Hieu Qua Su Dung Von (18!6!09)3[1]