Thuyết Trình Chương 15 Một Doanh Nghiệp Nên Vay Bao Nhiêu

8/10/2019 Thuyt Trnh Chng 15 Mt Doanh Nghip Nn Vay Bao Nhiu

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Chng 15:

MT DOANH NGHIP

NN VAY BAO NHIU ?


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NHM 1

TRN NGC CHU

LNG HONG MINH DNG

NGUYN TH HNG HNGUYN TH M HNH

L NGUYN N HOI L

NGUYN THANH THI


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Ni dung thuyt trnh:

1. Dn nhp

2. Tm chn thu

3. Thu TNDN v thu TNCN.4. Chi ph kit qu ti chnh.

5. Trt t phn hng ca cc la chnti tr


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1.DN NHP

Theo nh I ca MM: Cutrc vncamtdoanh nghipskhng nhhngng itrcadoanh nghip.

Vi cc gi nh sau:

Khng c thu,

Th trng vn hon ho,

Tt c cc nh u t u hp l v c k vng ng nht v linhun.


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1.Dn nhp (tt)

Nuchnh sch nhon ton khng tthnh vn,th tlnthctsthay ingunhin giadoanh nghipny vidoanh nghipkhc vgiangnh ny vingnh khc.

Tuy nhin, hu ht cc hng hng khng, ngn hng, cc cng ty phttrinbtngsnutrng cyrtnhiuvo n. Ngcli,himthymtcng ty dcphm,qungco likhng c ti trchyubngvncphn.


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1.Dn nhp (tt)

Chng ta khng tbl thuytcaMM m sthm vo cc tcnhn l:

- Thu;

- Chi ph kitquti chnh,

- Cc tc nhn khc.


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2.Tm chn thu

2.1. Thuthu nhpdoanh nghip

-Ti trnc mtlithquan trng. Li tchngkhon n( li vay) lmtchi ph ckhutrthu.

-Ctcv linhungilith khng.

Xt v dsau: DN U khng c n,DN L c nvay l 1.000$ vili sutl8%


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2.1.Thu TNDN (tt)V d: Doanh nghip khng dng n(U) v doanh nghip cdng n(L)vili sut8%. Nvay l 1000$

Ch tiu MS BC li tcca DN U

BC li tc caDN L

Linhuntrcli v thu(EBIT) 1 1,000 1,000

Li trcho cc tri ch 2 0 80

Linhuntrcthu(3=1-2) 3 1,000 920

ThuTNDN 35% (4=3*35%) 4 350 322

Linhunrng (5=3-4) 5 650 598

Tng li nhun tr cho tri ch v cng(6=2+5)

6 650 678

Tm chn thu (khon khu tr thu

li tchngkhon n(7=35%*2) 7 0 28


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Nhnxt:Vi vic s dng n, L s np thu t hn U 28$(0.35x1.000$x8%), yl tmchnthudo khonnvay cadoanhnghipL. Thctchnh phchi tr35% cali tchngkhon ncaL.Do , lnhunL chi trcho cngv tri chstnglntngngbng28$

Tmchnthuc thl cc ti snc gi tr. NuncaL l cnh v vnh vin th L c dng tin vnhvinbng tm chn thu28$. Riro cacc dng tinny thng t hn riro cacc tisnsdngcho kinh doanh caL.

2.1 THU TNDN (tt)


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2.1.Thu TNDN (tt)

Xc nh hin gi ca tm chn thu

- Ginh: riro cacc tmchnthubngriro cacc chi trli phtsinh ra cc tmchnthuny. Nhvy, chng ta nn chitkhutmchnthuvit l l 8% (l tsutsinh likvngtheo yu cucacc nhutangnmgincadoanh nghip)

PV (tm chn thu) = 28/0.08 = 350$


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Hingi tmchnthuclpvili vay:

GisthusutthuTNDN l Tc, Nvay l D v chi ph li vay l rd. linhuntrcthuv li l EBIT.

Viginhl: nv li sutvay l cnhv vnhvin.

Li vay = Tsutsinh likvngtrn nx stinvay = rD x DPV (tm chn thu) = (Thu sut thu TNDN x li t chng khon n dkin)/Tsutsinh likvngtrn n

=Tc*rd*D/rd

= Tc*D (nghal hingi tmchnthu clpvili vay).

PV (tm chn thu) s thp hn nu doanh nghip khng vay vnh vin haykhng c khnngsdngtmchnthutrong tnglai.

2.1.Thu TNDN (tt)


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Tmchnthuli tchngkhon nnggp thno vo gi trvncphncacng?

Theo nh1 caMM, gi trcaDN khng nhhngbicutrc vn,iuny c thhiul nuginguyn ti sndoanh nghip,khi thm 1 $ nnghal gimi1 $ vncphn. Nhng thcra chng ta chatnh nphncachnh ph,btciug doanh nghipc thlm gimbtphncachnh

phslm cho cngc lihnm trong c 1 ium DN c thlm lvay n. gi trsau thucaDN tngln mtkhonbngPV(tmchnthu).

Chng ta c ththyiuny qua bngcn ikton thng thngv mrngnhsau:

2.1.Thu TNDN (tt)


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BNG CN I K TON M RNG

GI TR TI SN (hin gi ca ccdong tin trc thu)

N

TRI QUYN CA CHNH PH (HINGI CA THU TNG LAI)

VN C PHN

TNG TI SN TRC THU TNG N V VN C PHN

BNG CN I K TON THNG THNG

GI TR TI SN (hin gi ca ccdng tin sau thu)

N

VN C PHN

TNG TI SN TNG N V VN C PHN

Thu TNDN (tt)


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2.1.Thu TNDN (tt)

Xem xt v dsau: Merck l mtdoanh nghipln,thnh tvcbnt sdngndi hn. Diyl bngcn iktongi trssch v gi tr th trngnginha caMerckvo cuinm2004. Ginhcng ty quytnhvay 1 t latrn csvnhvinnhtrnh by phntrn v sdngstinny mua licphn.


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2.1.Thu TNDN (tt)

Gi tr s sch

Vn lun chuyn $1.473 $1.146 N di hn$4.123 Cc ngha v di hn khc

Tng TS di hn $14.935 $11.139 Vn c phn

Tng TS $16.408 $16.408 Tng n v VCP

Gi tr th trngVn lun chuyn $1.473 $1.146 N di hn

$4.123 Cc ngha v di hn khc

GTTT ca TS di hn $51.212 $47.416 Vn c phn

Tng TS $52.685 $52.685 Tng n v VCP


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2.1.Thu TNDN (tt)

Gi tr s sch

Vn lun chuyn $1.473 $2.146 N di hn

Ti sn di hn $14.935 $4.123 Cc ngha v di hn khc

$10.139 Vn c phn

Tng ti sn $16.408 $16.408 Tng n v vn c phn

Gi tr th trng

Vn lun chuyn $1.473 $2.146 N di hn

GTTT ca cc TS di hn $51.212 $4.123 Cc ngha v di hn khc

Hin gi ca cc tm chnthu thm

$350 $46.766 Vn c phn

Tng ti sn $53.035 $53.035 Tng n v vn c phn


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MM v Thu:

Nghin cu tc ngca thu,nh I caMM cchnh liphnnh thuTNDN nhsau :

Trnghpcbitcanvnhvin:

Cng thccho thy: Gi trdoanh nghipv ti sncacngtngkhi N tng. Nhng liu c phi chnh sch n ti u nn l 100%

khng?

Gi tr DN nu c ti trhon ton bngvnCPGi trDN = + PV(Tmchnthu)

Gi tr DN nu c ti trhon ton bngvnCPGi trDN = + Tc*D

2.1.Thu TNDN (tt)


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Mctiu cadoanh nghipl spxpcutrc vnnhmtithiuha hin

gi ttccc khonthuchi trtlinhuncadoanh nghip,ttiaha linhunsau thu.

THU THU NHP C NHN V THU THU

NHP DOANH NGHIP


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Xtv d: 1la linhuns cnli bao nhiu sau khitr thuTNDNv thuTNCN?

Tp:thu sutthuTNCNnh trnlichngkhonn

TpE:thu sutthuTNCNnh trnlinhuntCP

THU THU NHP C NHN V THUTHU NHP DOANH NGHIP


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Cho tri ch

Chi tr di gc linhun t vn c phn

Chi tr di gc li tchng khon n

Li nhun hot ng 1$

Khng

Tp

TC

1$

1 - Tp

1$ - TC

(1 - TpE)(1 - TC)

TpE(1- TC)

Thu thu nhp

doanh nghipLi nhun sau thu thu

nhp DN

Thu thu nhp cnhn

Li nhun sau ttc thuCho c ng

Phn tch li nhun hot ng 1$

THU THU NHP C NHN V THU THUNHP DOANH NGHIP


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(1TpE)(1TC)

1 - TpLi th tng i ca nso vi vn c phn

(X) =

Nu (X) >1: DN nn i vay n

(X) =1: DN vay hay pht hnh CP mi u nh nhau

(X)


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Li nhun t n v vn CP chu cng mt mc thu TNCN (Tp=T

pE)

- Trng hp 1:

2 TRNG HPC BIT:

Li th tng i ty thuc vo thu sut thu TNDN

Li th tng i ca nso vi vn c phn

=(1TpE)(1TC)

1 - Tp

(1TC)

1=



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Thuthu nhpDN v thuthu nhpc nhn b qua stli,lm cho chnh sch nkhng tthnh vn.

iuny ihi: (x)=1 =>1Tp= (1 - TpE)(1 - Tc)

TH ny xyra nu thusut thuTNDN Tc thphn thusut thuTNCN Tp vnuthusutnhtrn linhuntvncphnTpE rtthp

- Trng hp 2:


THU THU NHP C NHN V THU THU


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Nv ThucaMerton Miller

Cutrc vntc ngthno ngi trdoanh nghipkhi cc nh utccc thusutkhc nhau.

Gid:

Ttccc nh utukhng chi trthutrn linhunvncphn;TpE= 0.

Nhng thu sut thu nh trn li t chng khon n ty thuc vokhung thucanh ut.



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V TpE= 0, nn 1$ linhunhotngssinh linhsau:

Li tchngkhon n: 1 - Tp.

Linhunvncphn: (1 - TpE)(1 - Tc) = (1 - Tc)

Khi doanh nghipvay n, DN sthuytphccc nh ut chuyntcphnsangtri phiu hngkhontitkimthu

/v NT cTp < Tc, DNs d dngthuytphch chuyni CP sangtriphiuv(1-Tp) > (1- Tc).

/v NT cTp > Tc, DNphi chocctrichrD cao h chuyni sangtriphiu




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Vic chuyn t c phn sang tri phiu ngng li khi khon tit kim thu thunhpDN bngkhonthuthu nhpc nhn phinp.iuny xyra khi Tp cacc NTchuynhngbngTc

Trong tnh trngcn bngny, thunnhtnglngnDN chkhng phislngnl do mtDN cthno pht hnh.




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Mt im cui cng v cn bng thu ca Miller:Do ng gi nh TpE =0, cc NT sn sng nm gi c phn thng c ri ro thp nhn c t sut sinh li thp hn t t sut sinh li t n vay. Mt c phn an ton (c bta bng 0): r = rfNhng nh u t chuyn hng t vn c phn sang n: t b r v t c rf(1-Tp) lli sut sau thu. Trng thi cn bng:

r = rf (1-Tp)Tp = Tc

=> r = rf (1-Tc)

Nuchpnhnton blpluncaMiller, ngthtrngchngkhon singangli sutphi riro sau thu




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15.3. CHI PH KIT QU TI CHNH

Kitqu ti chnh xyra khi DN khng thpngcc hahnvicc chnhay pngmtcch kh khn.

ikhi kitquti chnh anph sn.ikhi n chc nghal anggpkh khn,rcri.

Cc nh utbitrngcc doanh nghipc vay nc thrivotnh trngkitquti chnh v hlo ngiiuny. Lo nginy cphnnh trong gi trthtrngcadoanh nghipc vay n.


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15.3 CHI PH KIT QU TI CHNH

Gi tr doanh nghip c th c chia thnh 3 phn:

Gi tr

doanhnghip

=

Gi tr nu c ti

tr hon ton bngvn c phn

+

PV

(tm chn thu)-

PV

(chi ph kit quchnh)


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Gi tr th trng

T l nT l n ti u

PV (chi ph kitqu ti chnh)

Gi tr nu c ti tr

hon ton vn c phn

PV (tm chn thu)


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Chi ph kitquti chnh gm:

- Chi ph ph sn;

- Chi ph trctipso vichi ph gin tipcaph sn.



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Chi ph ph sn Theo iu 3 Lut ph sn nm 2004 ca Vit Nam, Doanh nghip,

hptc x khng c khnngthanh ton ccc khonnnhnkhi chnc yu cuth coi l lm vo tnh trngph sn.

Ph sndoanh nghipxyra khi cngthi hnhquynkhng thchinnghavcah. Trch nhimhuhncho php cc cngddng ribdoanh nghip.

Khi mtdoanh nghiprivo tnh thkh khn,trch nhimhuhncho php cc cngddng ribdoanh nghip,ttccc phinphclicho cc chn. Cc chntrcytrthnh cngmi,v cc cngckhng cn quynhng iviti sndoanh nghipna.


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Chi ph ph sn

Gisc hai doanh nghip l ACE Limited v ACE Unlimited c ti snv

hotngkinh doanh ging nhau. Midoanh nghipuc ncha thanhton v uhashon tr1.000$ (vnv li) trong nm ti. ACE Limitedhngtrch Nugi trti nhimhuhnv ACE Unlimited chutrch nhimv hn(cc cngphichutrch nhimc nhn vncadoanh nghip).

sn ca mi doanh nghip ng gi 500$ (< 1.000$), cc c ng ACE

Limited khng thchinnghavcamnh v cc tri chchng tisn ca doanh nghip tr gi 500$. Tuy nhin, cc c ng ACE Unlimitedkhng thbinhvy,hphimc tinti 500$, l khongchnh lchgiagi trti snv tri quyncacc tri ch,trn.


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Chi ph ph sn

Ph sn l mtcchphp l cho php cc chnnmgi ti snkhi mtdoanh nghipkhng thchinnghavtrn. Chi ph ph snl chi ph cavicsdngcchny.

Theo Khon1 iu21 Lut ph snngy 15/06/2004 caVitNam,Phi ph sncdng tinhnh th tc ph sn. Ta n quytnhvicnpphi ph sntrong tngtrnghpcththeo quy nh

caphp lutvphi v lphi.

Chi ph ph sn


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Chi ph ph sn

Tng chi tr cho cctri ch v c ng

Gi tr ti sn

1000

1000

Chi tr

Chi ph ph sn $200(Thanhton ha vicc trich)

200


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Chng c ca cc chi ph ph sn

Nghin cu31 doanh nghipbph snt1980 n1986, chi ph phsnbnh qun khong3% gi trssch cati snv 20% gi trthtrngcavncphntrong nmtrckhi bph sn.

Chi ph ph sn cng chim mt t l ln hn ca gi tr ti sn cccng ty nhhnl cc cng ty ln.

Chi ph trc tip so vi


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Chi ph trc tip so vichi ph gin tip ca ph sn

Chi ph trctipcaph sn: tcchi ph php l v hnh chnh.

Chi ph gin tipcaph snphnnh kh khncaviciuhnhmtcng ty btktrong khi ph sn.

=> Cc chi ph ny hunhkhng tholngc

Cc tr trv rcriphp l cavicph snthngph hngnlc ca ban gim c nhm ngn chn cng vic kinh doanh cadoanh nghipkhititthm.


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Tn Cty

Gi c phnS c phn

(triu)

Thay i trong

gi tr

(triu)

Th 6

(10/04/1987)

Th 2

(13/04/1987)Thay i

Texaco $ 31,875 $ 28,50 -$3,375 242 -$817

Pennzoi l $ 92,125 $ 77,00 -$15,125 41,5 -$628

Tngcng -$1.445

Chi ph trc tip so vichi ph gin tip ca ph sn

Kit qu ti chnh


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Kit qu ti chnhkhng a n ph sn

Khi mt doanh nghip gp kh khn, c tri ch ln c ng u mun doanhnghipphchi,tuy nhin quynlicahc thmu thunnhau.

Cc cngthngtbmctiu tiaha gi trthtrngcadoanh nghip,v theo uimctiu v quynliring camnh. Vitcch l ngikimsot

u t v chin lchotngh thngc khuynh hng thchincc trchiring m phnthithisdo cc chngnh chu.


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Bng cn i k ton ca cng ty Circular File

Giscng ty Circular File c mtcphnv mt tri phiu ang lu hnh, c ngcngl gim ccng ty.

Cng ty Circular File (Gi tr s sch)

Vn lun chuyn $20 $50 Tri phiu ang lu hnh

Ti sn c nh $80 $50 C phn thng

Tng ti sn $100 $100 Tng n v vn c phn


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Bng cn i k ton ca cng tyCircular File

Bngcn ikton vigi thtrng:yl mttrnghpkitquti chnhv MG n (50$) cao hn tnggi tr thtrngcadoanh nghip(30$)

Cng ty Circular File (Gi tr th trng)





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Tr chi th nht: Chuyn dch ri ro

Gi s Circular c 10$ tin mt v c c hi u t nh sau:

GisNPV cadn l -$2 nhngdn vncthchinv lmgimgi trdoanh nghipi$2.

t

Tin thu c Xc sut

120$ 10%

0$ 90%

T h i th ht Ch d h i


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Bng cn i gi tr th trng mi ca Circular lcny l:


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Khi thchindn ny NPV m th gi trdoanh nghipcn 28$, n slm cho gi tri phiugim5$, trong khi gi cphnthngtngln 3$.

Nh vy, khi thc hin tr chi ny, ch s hu chuyn dch ri ro tcc c ng sang cho cc tri ch


Tr chi th hai:


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Tr chi th hai:T chi ng gp vn c phn

Do mu thunquynlicacc cngc thanbqua cc dnc NPV dnghay cc chiuttt.

GidCircular c mtchiuttt: mtti sntngian ton c chiph 10$, sc gi trtnglai quy vhingi 15$ v NPV bng+5$.

Circular pht hnh mtchngkhon mic c10$ v tinhnh ut. Vicphiucgi 5$, cng ty spht hnh thm 2 cphiumi cho

chshunguyn thyc c$10 tinmt.

Tr chi th hai:


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Vn lun chuyn $20 $33 Tri phiu ang lu hn

Ti sn c nh $25 $12 C phn thn

Tng ti sn $45 $45 Tng n v vn c ph


Bng cn i gi tr th trng mi ca Circular lc ny l:

T h i th h i


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Tnggi trdoanh nghiptng15$, lc ny gi trcatri phiukhngphil 25$ nam l 33$ do tri ch nhncli vnl 8$

Cngbra 10$ utcho dn ny, nhnggi trcphiuchtngc 7$ .Victinhnh dn ny c licho doanh nghipnhngkhng c licho cc cng,mcd NPV dng. V thcc cng

khng mun gp vncphnmi,khng munmua thm cphnmi.


V tm lc ba tr chi na


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Thu tinv bchy:Cng ty huy ng tinca tri chu tdn, nhng thc tkhngavo cc dn m dng tinchia ctccho cc cng. Ctcny cao hnsstgimcagi trcphn,v nhvysstgimgi trdoanh nghipcchia scho cc chn.

Ko di thigian:

Khi kitquti chnh xyra, cc chnmunnhanh chng thu hivnv bng cch buc doanh nghip phi thanh ton, nhng cc doanhnghipbngmicch (chnhsasliukinh doanh, tohy vnggivsphchi)tr hon iuny cng lu cng tt.


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Thmibtbng:

Tr chi ny c p dng trong cc trnghpkit qu tichnh. Ban ucng ty vay vit lntngian ton, to

nim tin cho cc tri ch,sau khi c cnim tin th cng tytngtvay rtnhiun, lm cho ri ro cao hn. Lvncatri chchnh l li cacc cng.


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Chi ph ca cc tr chi l g?

Victhchincc tr chimang nghacc quytnhtivu t v hot ng. Cc quyt nh ti ny l ch i phidincavicvay n.

Doanh nghipcng vay nnhiuth shpdncavicthchin tr chiny cng ln. Tuy nhin cc nh cho vay cngnhnthccrngcc tr chiti chnh cthchinviriro do chnh hgnh chunn htbovmnh bngcch tra cc iukintthncho mnh.


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Cc iukhontrong cc hpngncthitkngnngacc tr chiny, nhngcc iukhonny lm gia tngchi ph sontho,gim st v thcthi hpngn. Nhvy,hphitrthm tintitkimctin.

Mtn lcngncntr chichuyndchriroc thcngngncncc doanh nghiptheo uicc chiuttt.

Chi ph ca cc tr chi l g?


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Chi ph kit qu thay ity theo loi ti sn

Cc cng ty c ti sn hu hnh nh bt ng sn c gi trthngmitt,c thtriqua ph snv ti tchcm gi trkhng suy suyn; trong khi gi trcacc ti snkhc hunhbinmt.

Cc cng ty c ti snv hnh khi rivo kitquti chnh, gitrti snhunhbinmtv cc ti snv hnh chc gi trkhi l doanh nghipthnh t.

L thuyt nh i cu trc vn


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y Vnl : C mtnhigiatmchnthuv chi ph cakitquti chnh,tcl c songmgialich m trgi tmchnthumang liv thithilnnhtcanhngkh khnti chnh m doanh nghipphiimt. (hnh 15.2 minh ha)

Do ,khngphivay cng nhiucng tt. Cc gim cti chnh nhnthyc thtiaha gi trdoanh nghipbngcch thay icutrc vntheo mttlnmctiu.

Ni dung L thuyt nh i cu trc vn


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g y

Cc doanh nghipc tlnmctiu khc nhau, nh: cc cng ty c ti snhuhnh anton v nhiuthu nhpchuthuckhutrth nn c tlnmctiu cao, cn cc

cng ty khng sinh lic ti snv hnh nhiuriro th nn dachyuvo ti trvncphn.

Cc cng ty c nvay qu nngnn pht hnh cphn,hnchctc,hay bnbtti snhuy ngtinmtnhmti cn icutrc vn,hnchnhngedalnvkh khnti chnh.

Victhay icutrc vnihiphichi trchi phv n khincc doanh nghipikhikhng thtctlnmctiu camnh.

=> C thktlun: l thuytcutrc vnnhmnvichpl ha mttlntrung bnh v tiaha gi trdoanh nghip. Titlnmctiu ny, chnh lchgialich ca tmchnthuv chi ph kitquti chnh l lnnhtnn stiaha gi trcadoanh nghip.


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Hn ch ca l thuyt nh i cu trc vn

L thuytnhicho rnglinhuncao sc nhiukhnngvay nv c nhiulinhunchuthuckhutrthuv scho mttlnmctiu cao hn.Do ,n khng thgiithch trong cng mtngnh cc cng ty sinh linhiunhtthngvay t nht.

Hnchtrn cal thuytnhic thcgiithchbngl thuyttrttphn

hng.

L thuyt trt t phn hng ca cc la


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L thuyttrt tphn hnganmtkt lunrng: cc dnscutbngngunvnnibtrc,chyul LN li,riminnmi v cuicng l pht hnh cphnmi. Phthnh cphnmil phngn cuicng khi cng ty sdnghtkhnngvay n

Thctrng: Cc cng ty vay n nhiu th pht hnh c phn mi s l

phngn tiu. Vinhngcng ty cng nghcao, c tsutsinh licao v ti sn

huhtul v hnh th pht hnh cphnmil cch duy nhtgip cng ty ny tngtrngnhanh nht.

Tuy nhin, cc cng ty cngkhng nn cgngpht hnh cphnmim nn u tin sdngngun ti tr t linhungi litrnh cc vnvchi phi pht hnh v thng tin.

L thuyt trt t phn hng ca cc lachn ti tr (tt)

L thuyt trt t phn hng ca cc la


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Cc hm cal thuyttrttphn hngnhsau:

Cc doanh nghipthch ti nnibhn.

Cc iuchnhtngngcc tlchi trctcmctiu theochiut,trnh cc thay itxuttrong ctc.

Cc chnh sch ctccngnhc,cngcc dao ngtrong khnng sinh li v cc chiu t, c ngha l dng tinphtsinh nibikhi lnhncc chi tiu vnv ikhi nhhn.

Nucnti trvntbn ngoi, cc doanh nghipbtuvin, ri n cc chng khon ghp, v c phn thng l giiphp cuicng.



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L thuytny giithch tisao cc DN c khnngsinh linhtthngvay t hnkhng phiv hc cc tlnmctiu thpm v hkhngcn tinbn ngoi. Cc DN c khnngsinh li t hnth spht hnhnv khng ngunti trnibcho cc dn utv v pht hnhnngutrong trttphn hngcati trbn ngoi.

L thuyt trt t phn hng ca cc la chnti tr (tt)


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Trong l thuyttrttphn hng,shpdncatmchnthuchl tc nghngnh. Cc DN c khnngsinh licao vichiuthnchscgngttlnthp.Ngclicc DN c chiutlnhncc ngunvnpht sinh nibthngphivay nngy cng nhiu.iuny giithch mitngquan nghchtrong ngnh giakhnngsinh liv nbyti chnh.



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Tha thi ti chnh

Thathi ti chnh nghal c tinmt,chngkhon thtrng,cc btngsndbn v c sn tipcnvicc th trngnhay ti trngn hng.

Thathi ti chnh nhm2 mcchchyu:

Thanh ton cc nghavli v nspnhntheo cc hpngcadoanh nghip;

Ti trnhanh chng cho cc uttt,c NPV dng.

Vai tr ca tha thi ti chnh


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Khi khng c tha thi ti chnh, doanh nghip c th b tut

xungcuitrttphn hng,tcl bucphilachngiaphthnh cphndigi v vay nviriro kitquti chnh, hayphibqua cc chiutc NPV dng.

Thathi ti chnh ttcho cc doanh nghipc nhiuchitngtrngviNPV dngv n pngnhanh nhu cuutca

doanh nghip.


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Dng tin t do v mt tri

ca tha thi ti chnh Tha thi qu nhiuc thkhuynkhch cc gim cch

quan, bnh trngquynlicamnh, hay xy dngmtchbngtinm nglphitrlicho cc cng.

Dng tintdo dtha(Thathi ti chnh khng cnthit)ddnnutvo cc danh mcboha v hiuquutthphnchi ph sdngvnvay, l khng tt.

Ti t bn ha bng vn vay ca SealedAi Gi th thi ti h h


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AirGim tha thi ti chnh

Nm1989, Sealed Air mtcng ty c tsutsinh licao, linhuncacng ty nqu ddng, v cc snphmchnh ccc bngsng chbov. Tuy nhin, lnh ocng ty lo ngi2 vn:

o Linhunnqu ddng dnnthathiti chnh cng ty, hiuqucavngim.

o Khi cc bngsng chhthn,cng ty khng thtrnh khicnhtranhmnhtcc ith,v cng ty chasnsng cho iuny.

Giiphp: ban lnh ocng ty tbnha bngvnvay, tinhnh vaynchi trmtctctinmtcbit,sctcny nhiunmclmvncphnbm sau khi chia. iuny nhmctgimbt tha thitchnh, v thc ythay inibtheo hngtch cchnbngcch tora cc p lc, lm cho nhn vin snsng cho scnhtranh gy gtmcng ty c thimttrong tnglai.


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THANKS FOR YOUR ATTENTION !

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Thuyết Trình Chương 15 Một Doanh Nghiệp Nên Vay Bao Nhiêu