Bai 1 tong quan ve qttc

Embed Size (px)

Text of Bai 1 tong quan ve qttc

  • 12/6/2013

    1

    ChngChng 1:1:TNG QUAN V

    QUN TR TI CHNHQUN TR TI CHNH

    06/12/2013 1ThS. Nguyn Nh nh H MTP.HCM

    QUN TR TI CHNHQUN TR TI CHNH

    Qun tr ti chnh: lin quan n vic hoch nhchin lc ti chnh cho doanh nghip thngqua vic ra v thc hin 3 quyt nh ti chnh quyt nh u t, quyt nh ti tr vquyt nh qun tr ti sn nhm t mc tiuti a ha gi tr doanh nghip t ti aha gi tr ti sn cho ch s hu doanhnghip.

    06/12/2013ThS. Nguyn Nh nh H MTP.HCM 2

    THO LUNTHO LUNV CC MC TIU CA DNV CC MC TIU CA DN

    1. Mc tiu Ti a ha li nhun2. Mc tiu Ti a ha Li nhun trn 1 c phiu

    (EPS)3. Mc tiu ti a ha gi tr ti sn ca ch s hu.

    06/12/2013ThS. Nguyn Nh nh H MTP.HCM 3

    McMc tiutiu caca doanhdoanh nghipnghipTi a ha gi tr ti sn cho ch s hu

    doanh nghip.

    06/12/2013ThS. Nguyn Nh nh H MTP.HCM 4

    Gi tr c to ra khi ti a ha gi c phiu chocc c ng hin hu.

  • 12/6/2013

    2

    McMc tiutiu caca doanhdoanh nghipnghipTi a ha gi tr ti sn cho ch s hu

    doanh nghip.

    06/12/2013ThS. Nguyn Nh nh H MTP.HCM 5

    Gi c phiu c xem nh l phong v biu o lng hot ng kinh doanh.

    Cc yu t c quan tmLi nhun, EPS ca hin ti v tng laiYu t thi gian v ri ro ca li nhun vEPSChnh sch c tcCc yu t khc c lin quan

    3 QUYT NH TI CHNH3 QUYT NH TI CHNH Quyt nh u t Quyt nh ti tr Quyt nh qun tr ti sn

    06/12/2013ThS. Nguyn Nh nh H MTP.HCM 6

    Nhm

    Ti a ha gi tr doanh nghip

    QuytQuyt nhnh uu ttL quyt nh quan trng nht, gn lin vi phabn tri ca Bng cn i k ton. C th n baogm nhng quyt nh nh sau:

    Doanh nghip cn nhng loi ti sn no phc v chosn xut kinh doanh?

    Mi quan h gia ti sn lu ng v ti sn c nh nnnh th no?

    Doanh nghip cn u t bao nhiu vo ti sn lu ng?Bao nhiu vo ti sn c nh? Chi tit hn, doanhnghip cn u t bao nhiu vo hng tn kho, bao nhiutin mt cn c trong hot ng kinh doanh hng ngy?Nn mua sm nhng loi ti sn c nh no? v.v.

    06/12/2013ThS. Nguyn Nh nh H MTP.HCM 7

    QuytQuyt nhnh titi trtrQuyt nh ti tr li lin quan n bn phi cabng cn i k ton.

    Quyt nh nn la chn loi ngun vn no ti tr chovic mua sm ti sn: vn ch s hu hay vn vay.

    Nn s dng li nhun tch ly hay nn ku gi thm vnt c ng, nn vay ngn hng hay nn huy ng vn bngcch pht hnh cc cng c n, nn pht hnh tri phiuhay thng phiu, nn dng vn ngn hn hay vn di hn

    Xem xt mi quan h gia li nhun li ti u t v linhun c phn chia di hnh thc c tc (chnh schphn phi)

    06/12/2013ThS. Nguyn Nh nh H MTP.HCM 8

  • 12/6/2013

    3

    QuytQuyt nhnh qunqun ll titi snsn Ti sn phi c qun l sao c hiu qu nht? Qun tr ti sn lu ng c tm quan trng hn

    so vi qun tr TS c nh v ti sn lu ng lloi ti sn d gy ra tht thot v lng ph khis dng..

    06/12/2013ThS. Nguyn Nh nh H MTP.HCM 9

    T CHC QUN TR TI CHNHT CHC QUN TR TI CHNHTi cc cng ty hin i: c s tch bitgia ch s hu & nh qun tr doanhnghip.

    06/12/2013ThS. Nguyn Nh nh H MTP.HCM 10

    GimGim cc titi chnhchnh (CFO)(CFO)

    Hi ngqun tr

    Tng gimc (CEO)

    Gim csn xut

    Gim cti chnh

    (CFO)

    Gim cMarketing

    06/12/2013ThS. Nguyn Nh nh H MTP.HCM 11

    Gim c ti chnh(CFO)

    Phng ti chnh- Hoch nh ngn sch vn u t di hn

    - Qun tr tin mt v u t ngn hn- Qun tr tn dng v tn khoChnh sch phn phi c tc

    Phn tch v hoch nh ti chnhQuan h cng ty chng khon, NHTM

    Quan h vi cc c ng

    Phng k ton- K ton chi ph- Qun tr chi ph- Bo co k ton- Kim sot ni b

    - Chun b cc d bo

    06/12/2013ThS. Nguyn Nh nh H MTP.HCM 12

  • 12/6/2013

    4

    13

    Gim cti chnh

    CFO

    Nh u t(nhngngitha tinnhng chalm g)

    (1) Nhn tin t nh u t

    (1)Hot ngCng ty

    (2) u t tin vo hot ng cng ty

    (2)

    (4a) Tin dng ti u t

    (4a)

    (4b) Tin hon tr cho nh u t

    (4b)

    VaiVai trotro ccaa GiGimm cc ttii chchnhnh

    (3) Mang tin v t hot ng

    (3)Ti sn

    THTHTRNGTRNGTITICHNHCHNH

    19/08/2012 ThS. Nguyn Nh nh 14

    ThTh trngtrng titi chnhchnhTh trng ti chnh bao gm tt c ccnh ch ti chnh v cc th tc cho vicmua bn cc ti sn ti chnh (cng c tichnh).

    nh ch ti chnh?

    19/08/2012 ThS. Nguyn Nh nh 15

    nhnh chch titi chnhchnh

    Cc nh ch ti chnh (Financial Institution):- Bao gm cc ngn hng, qu tit kim, qu hu

    bng v cc cng ty bo him.- L nhng trung gian ti chnh thc hin chc

    nng chu chuyn vn hiu qu nht cho nnkinh t

    19/08/2012 ThS. Nguyn Nh nh 16

    Cc c nhn, tchc trong x

    hi

    Cc nh ch tichnh

    Cc t chc, cnhn bit sdng vn chiu qu

    Gitin

    u t,Cho vay

    Vai tr:- C ch thanh ton- Hot ng vay v cho vay- Phn tn ri ro

  • 12/6/2013

    5

    ChChcc nngnng ccaa thithi trtrngng ttii chchnhnh ng vai tr l knh dn vn t ngi tit

    kim n ngi kinh doanh Gip cho vic s dng vn c hiu qu

    hn Gip a dng hoa ri ro Cung cp kh nng thanh khon cho cc

    chng khon Cung cp thng tin thi trng

    19/08/2012 17ThS. Nguyn Nh nh

    ThThtrngtrng

    titichnhchnh

    Th trng s cp

    Th trng th cp

    19/08/2012 ThS. Nguyn Nh nh 18

    Cn c vo s lun chuyn cc ngun ti chnhCn c vo s lun chuyn cc ngun ti chnh

    PhnPhn loiloi tthh trngtrng titi chnhchnh

    Th trng s cp (primary markets): nhngti sn ti chnh c pht hnh ln u tin

    Th trng th cp (secondary markets):-L ni giao dch mua bn cc ti sn ti chnh c pht hnh trn th trng s cp.-Th trng m bo tnh thanh khon cho cc tisn ti chnh pht hnh v khng lm nhhng n lng tin mt, ti sn v nhng hotng khc ca cng ty pht hnh ti sn ti chnh.

    19/08/2012 19ThS. Nguyn Nh nh

    Th trng th cpTh trng th cp Theo tnh cht t chc ca th trng:

    Th trng chng khon tp trung (th trng chngkhon c t chc): thc hin mua bn cc loi chngkhon nim yt c t chc mt cch cht ch. Hnhthi in hnh ca TTCK tp trung l S giao dchchng khon. Ti s giao dch, cc giao dch c tptrung ti 1 a im, cc lnh c chuyn n sngiao dch v gi giao dch c xc nh theo phngthc khp lnh tp trung.

    Th trng chng khon phi tp trung (OTC- over thecounter market): l th trng giao dch cc chngkhon cha nim yt c cc cng ty chng khonthc hin qua mng thng tin.

    19/08/2012 ThS. Nguyn Nh nh 20

  • 12/6/2013

    6

    19/08/2012 ThS. Nguyn Nh nh 21

    Th trng th cpTh trng th cp

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

    19/08/2012 ThS. Nguyn Nh nh 22

    PhnPhn loiloi thithi trtrngng ttii chchnhnhCn c vo thi gian s dng ngun ti chnh huy

    ng c Th trng vn: L th trng din ra vic

    mua bn cc cng c n di hn nh c phiu,tri phiu. Th trng vn c phn thnh bab phn l th trng c phiu, cc khon chovay th chp v tri phiu.

    Th trng tin t: L mt th trng tichnh ch c cc cng c ngn hn (k hnthanh ton di 1 nm);

    19/08/2012 23ThS. Nguyn Nh nh

    CC HNH THC T CHC DNCC HNH THC T CHC DN

    06/12/2013 24ThS. Nguyn Nh nh H MTP.HCM

    Doanh nghip t nhn

    Cng ty hp danh

    Cng ty TNHH

    Cng ty c phn

  • 12/6/2013

    7

    Doanh nghip t nhnDoanh nghip t nhn Khng c t cch php nhn Ch s hu duy nht l 1 c nhn, l i din

    theo php lut ca doanh nghip, chu trchnhim v hn i vi mi mn n ca doanhnghip.

    Ch DNTN c ton quyn quyt nh i vimi hot ng sn xut kinh doanh ca doanhnghip v i vi li nhun sau khi thc hincc ngha v i vi nh nc. Ch DNTN cth trc tip qun l hoc thu ngi khc qunl

    06/12/2013ThS. Nguyn Nh nh H MTP.HCM 25

    Doanh nghip t nhnDoanh nghip t nhnTHUN LI- n gin, d thnh

    lp- CP thnh lp thp- Ph hp vi quy m

    SXKD nh- To s tin tng cho

    i tc

    KH KHN- Mc ri ro ca

    ch DNTN cao- Kh khn trong huy

    ng vn- C cu t chc n

    gin- K nng qun l hn

    ch- i sng hu hn

    06/12/2013ThS. Nguyn Nh nh H MTP.HCM 26

    Cng ty hp danhCng ty hp danh C t cch php nhn Phi c t nht 2 thnh vin hp danh, ngoi ra c

    th c cc thnh vin gp vn Thnh vin hp danh:

    Phi l c nhn c trnh chuyn mn v uy tn ngh nghip C quyn qun l cng ty, tin hnh cc hot ng SXKD nhn

    danh cng ty Chu trch nhim bng ton b ti sn ca mnh v cc ngha v

    ca cng ty. Thnh vin gp vn:

    Khng c tham gia qun l cng ty v khng c tin hnhcc hot ng SXKD nhn danh cng ty

    c quyn chia li nhun theo t l quy nh ti iu l cng ty Chu trch nhim i vi cc ngha v ca cng ty trong phm vi

    s vn gp vo cng ty06/12/2013

    ThS. Nguyn Nh nh H MTP.HCM 27

    Cng ty hp danhCng ty hp danhTHUN LI- n gin, d

    thnh lp- CP thnh lp thp,

    nhng cao hnDNTN

    - Trch nhim huhn i vi ccthnh vin gpvn

    KH KHN- Mc ri ro cao i vi

    thnh vin hp danh: trchnhim v hn vi ccngha v n ca DN.

    - Kh trong vic huy ngvn nhng d hn DNTN

    - Kh trong vic chuyndch vn gia cc thnhvin

    06/12/2013ThS. Nguyn Nh nh H MTP.HCM 28

  • 12/6/2013

    8

    Cng ty TNHH 2 thnh vinCng ty TNHH 2 thnh vin C t cch php nhn Cng ty TNHH khng c quyn pht hnh c

    phiu huy ng vn Thnh vin gp vn c th l t chc hoc c nhn.

    S lng thnh vin gp vn ti thiu l 2, ti a l50

    Thnh vin gp vn chu trch nhim i vi cckhon n ca cng ty trong phm vi vn gp camnh trong cng ty.

    Cng ty TNHH c t 2 thnh vin tr ln phi cHi ng thnh vin, Ch tch Hi ng thnh vin,Gim c. Cng ty TNHH c t 11 thnh vin tr lnphi c Ban kim sot.

    06/12/2013ThS. Nguyn Nh nh H MTP.HCM 29

    Cng ty TNHHCng ty TNHH 22 thnh vinthnh vinTHUN LI- t gy ri ro cho

    ngi gp vn- Ch chuyn

    nhng vn ciu chnh chtch nn nh ut d dng kimsot c victhay i cc thnhvin.

    KH KHN- Trch nhim hu hn i

    vi cc thnh vin gpvn.

    - Vic huy ng vn b hnch do cng ty khngc pht hnh c phiu.

    - Vic chuyn nhng vncho nh u t khckhng d dng.

    - ng thu 2 ln06/12/2013

    ThS. Nguyn Nh nh H MTP.HCM 30

    CngCng tyty cc phnphn C t cch php nhn Vn iu l c chia thnh nhiu phn bng nhau c

    gi l c phn (stock) C phiu (Share) l loi chng khon xc nhn quyn v li

    ch hp php ca ngi s hu i vi mt phn vn cphn ca t chc pht hnh

    Ngi s hu c phn ca cng ty c gi l c ng. C ng chu trch nhim v n v cc ngha v ti sn khc ca

    cng ty trong phm vi vn gp vo cng ty C ng c quyn t do chuyn nhng c phn ca mnh cho

    ngi khc, t