{"id":24383,"date":"2016-08-09T00:45:29","date_gmt":"2016-08-09T00:45:29","guid":{"rendered":"https:\/\/centax.dsoftware.vn\/?p=24383"},"modified":"2016-11-28T09:20:00","modified_gmt":"2016-11-28T09:20:00","slug":"phan-tich-bao-cao-tai-chinh-doanh-nghiep","status":"publish","type":"post","link":"https:\/\/centax.dsoftware.vn\/?p=24383","title":{"rendered":"Ph\u00e2n t\u00edch b\u00e1o c\u00e1o t\u00e0i ch\u00ednh doanh nghi\u1ec7p"},"content":{"rendered":"

Ph\u00e2n t\u00edch b\u00e1o c\u00e1o t\u00e0i ch\u00ednh doanh nghi\u1ec7p\u00a0<\/b><\/span><\/h2>\n
\"Ph\u00e2n<\/a>

Ph\u00e2n t\u00edch b\u00e1o c\u00e1o t\u00e0i ch\u00ednh doanh nghi\u1ec7p – K\u1ebf to\u00e1n Centax<\/span><\/p><\/div>\n

Ph\u00e2n t\u00edch b\u00e1o c\u00e1o t\u00e0i ch\u00ednh l\u00e0 vi\u1ec7c x\u00e1c \u0111\u1ecbnh nh\u1eefng \u0111i\u1ec3m m\u1ea1nh v\u00e0 nh\u1eefng \u0111i\u1ec3m y\u1ebfu hi\u1ec7n t\u1ea1i c\u1ee7a m\u1ed9t c\u00f4ng ty qua vi\u1ec7c t\u00ednh to\u00e1n v\u00e0 ph\u00e2n t\u00edch nh\u1eefng t\u1ef7 s\u1ed1 kh\u00e1c nhau s\u1eed d\u1ee5ng nh\u1eefng s\u1ed1 li\u1ec7u t\u1eeb c\u00e1c b\u00e1o c\u00e1o t\u00e0i ch\u00ednh. CBTD c\u1ea7n ph\u1ea3i t\u00ecm ra \u0111\u01b0\u1ee3c c\u00e1c m\u1ed1i li\u00ean h\u1ec7 gi\u1eefa c\u00e1c t\u1ef7 s\u1ed1 t\u00ednh to\u00e1n \u0111\u01b0\u1ee3c \u0111\u1ec3 c\u00f3 th\u1ec3 \u0111\u01b0a ra nh\u1eefng k\u1ebft lu\u1eadn ch\u00ednh x\u00e1c v\u1ec1 c\u00f4ng ty. Ho\u00e0n to\u00e0n kh\u00f4ng c\u00f3 m\u1ed9t chu\u1ea9n m\u1ef1c n\u00e0o cho ph\u1ea7n ph\u00e2n t\u00edch theo t\u1eebng t\u1ef7 s\u1ed1. M\u1ed9t ho\u1eb7c m\u1ed9t s\u1ed1 ch\u1ec9 s\u1ed1 l\u00e0 t\u1ed1t c\u0169ng ch\u01b0a th\u1ec3 k\u1ebft lu\u1eadn l\u00e0 c\u00f4ng ty \u0111ang trong t\u00ecnh tr\u1ea1ng t\u1ed1t. Do v\u1eady xin nh\u1eafc l\u1ea1i c\u00e1c m\u1ed1i quan h\u1ec7 gi\u1eefa c\u00e1c t\u1ef7 s\u1ed1 l\u00e0 m\u1ee5c \u0111\u00edch cu\u1ed1i c\u00f9ng c\u1ee7a ph\u00e2n t\u00edch t\u00e0i ch\u00ednh c\u00f4ng ty.<\/span><\/p>\n

I. Ph\u00e2n t\u00edch kh\u1ea3 n\u0103ng sinh l\u1eddi<\/b><\/span><\/h2>\n

Kh\u1ea3 n\u0103ng sinh l\u1eddi c\u0169ng c\u00f3 th\u1ec3 g\u1ecdi l\u00e0 hi\u1ec7u qu\u1ea3 \u0111\u1ea7u t\u01b0. Th\u00f4ng th\u01b0\u1eddng c\u00f3 hai c\u00e1ch ti\u1ebfp c\u1eadn: m\u1ed9t l\u00e0 \u0111\u1ec3 ki\u1ec3m tra hi\u1ec7u qu\u1ea3 qu\u1ea3n l\u00fd \u0111\u1ed1i v\u1edbi \u0111\u1ed3ng v\u1ed1n \u0111\u1ea7u t\u01b0 b\u1ecf ra, d\u1ef1a tr\u00ean m\u1ed1i quan h\u1ec7 gi\u1eefa v\u1ed1n v\u00e0 l\u1ee3i nhu\u1eadn (kh\u1ea3 n\u0103ng sinh l\u1eddi c\u1ee7a \u0111\u1ed3ng v\u1ed1n); v\u00e0 m\u1ed9t l\u00e0 \u0111\u1ec3 ki\u1ec3m tra m\u1ee9c l\u1ee3i nhu\u1eadn \u0111\u1ea1t \u0111\u01b0\u1ee3c c\u1ee7a m\u1ed9t c\u00f4ng ty d\u1ef1a tr\u00ean m\u1ed1i quan h\u1ec7 gi\u1eefa m\u1ee9c b\u00e1n h\u00e0ng v\u00e0 l\u1ee3i nhu\u1eadn (kh\u1ea3 n\u0103ng sinh l\u1eddi so v\u1edbi chi ph\u00ed).<\/span>
\n Kh\u1ea3 n\u0103ng sinh l\u1eddi c\u1ee7a \u0111\u1ed3ng v\u1ed1n \u0111\u01b0\u1ee3c t\u00ednh b\u1eb1ng c\u00f4ng th\u1ee9c: (L\u1ee3i nhu\u1eadn\/V\u1ed1n) x 100%. Nh\u1eefng ch\u1ec9 s\u1ed1 kh\u00e1c bao g\u1ed3m M\u1ee9c l\u00e3i t\u1eeb kinh doanh t\u00ednh tr\u00ean t\u1ed5ng s\u1ed1 v\u1ed1n s\u1eed d\u1ee5ng, Thu nh\u1eadp t\u1eeb ho\u1ea1t \u0111\u1ed9ng kinh doanh t\u00ednh tr\u00ean v\u1ed1n cho ho\u1ea1t \u0111\u1ed9ng kinh doanh, v\u00e0 T\u1ef7 l\u1ec7 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu t\u00ednh tr\u00ean l\u1ee3i nhu\u1eadn t\u1eeb ho\u1ea1t \u0111\u1ed9ng.<\/span>
\n Kh\u1ea3 n\u0103ng sinh l\u1eddi so v\u1edbi chi ph\u00ed \u0111\u01b0\u1ee3c t\u00ednh b\u1eb1ng c\u00f4ng th\u1ee9c: (L\u1ee3i nhu\u1eadn\/Doanh thu b\u00e1n h\u00e0ng) x 100%.<\/span><\/p>\n

1. M\u1ee9c sinh l\u1eddi tr\u00ean v\u1ed1n (ROA\/ROE)<\/b><\/span><\/h3>\n

M\u1ee9c sinh l\u1eddi tr\u00ean t\u1ed5ng v\u1ed1n s\u1eed d\u1ee5ng (M\u1ee9c sinh l\u1eddi tr\u00ean t\u00e0i s\u1ea3n ROA)<\/span>
\n C\u00f4ng th\u1ee9c t\u00ednh :<\/span><\/p>\n

L\u1ee3i nhu\u1eadn\/l\u1ed7 ho\u1ea1t \u0111\u1ed9ng<\/span>
\n ______________________________________ x 100%<\/span>
\n B\u00ecnh qu\u00e2n t\u1ed5ng v\u1ed1n s\u1eed d\u1ee5ng \u0111\u1ea7u k\u1ef3 v\u00e0 cu\u1ed1i k\u1ef3\u200b<\/span><\/div>\n

ROA cho bi\u1ebft kh\u1ea3 n\u0103ng sinh l\u1eddi c\u1ee7a t\u1ea5t c\u1ea3 c\u00e1c kho\u1ea3n v\u1ed1n \u0111\u1ea7u t\u01b0 trong c\u00f4ng ty v\u00e0 l\u00e0 ch\u1ec9 s\u1ed1 c\u01a1 b\u1ea3n nh\u1ea5t. T\u00fb s\u00e8 n\u00b5y c\u00b5ng cao c\u00b5ng t\u00e8t.<\/span><\/p>\n

M\u1ee9c sinh l\u1eddi tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu (ROE)<\/span>
\n C\u00f4ng th\u1ee9c t\u00ednh :<\/span><\/p>\n

L\u1ee3i nhu\u1eadn sau thu\u1ebf<\/span>
\n ___________________________________ x 100%<\/span>
\n B\u00ecnh qu\u00e2n v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu \u0111\u1ea7u k\u1ef3 v\u00e0 cu\u1ed1i k\u1ef3\u200b<\/span><\/div>\n

T\u1ef7 s\u1ed1 n\u00e0y \u0111o l\u01b0\u1eddng m\u1ee9c \u0111\u1ed9 t\u1ea1o l\u1ee3i nhu\u1eadn t\u1eeb v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu. T\u1ef7 s\u1ed1 n\u00e0y \u0111\u01b0\u1ee3c d\u00f9ng nh\u01b0 m\u1ed9t th\u01b0\u1edbc \u0111o hi\u1ec7u qu\u1ea3 \u0111\u1ea7u t\u01b0 n\u1ebfu \u0111\u1ee9ng tr\u00ean quan \u0111i\u1ec3m c\u1ee7a c\u00e1c c\u1ed5 \u0111\u00f4ng, v\u00e0 \u0111\u01b0\u1ee3c so s\u00e1nh v\u1edbi m\u1ee9c sinh l\u1eddi chung v\u1ec1 qu\u1ea3n l\u00fd v\u1ed1n. T\u1ec9 s\u1ed1 n\u00e0y c\u00e0ng cao c\u00e0ng t\u1ed1t<\/span><\/p>\n

M\u1ee9c sinh l\u1eddi tr\u00ean t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh<\/span>
\n C\u00f4ng th\u1ee9c t\u00ednh :<\/span><\/p>\n

Thu nh\u1eadp t\u1eeb c\u00e1c kho\u1ea3n l\u00e3i, c\u1ed5 t\u1ee9c<\/span>
\n ____________________________________ x 100%<\/span>
\n B\u00ecnh qu\u00e2n t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh \u0111\u1ea7u k\u1ef3 v\u00e0 cu\u1ed1i k\u1ef3\u200b<\/span><\/div>\n

T\u00e0i s\u1ea3n t\u00e0i ch\u00ednh = C\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 + ti\u1ec1n m\u1eb7t v\u00e0 ti\u1ec1n g\u1eedi + ch\u1ee9ng kho\u00e1n+ c\u00e1c TSTC kh\u00e1c<\/b><\/span>
\n C\u1ea7n ch\u00fa \u00fd r\u1eb1ng c\u00e1c c\u00f4ng ty t\u1ea1o l\u1ee3i nhu\u1eadn kh\u00f4ng ch\u1ec9 d\u1ef1a tr\u00ean t\u00e0i s\u1ea3n ho\u1ea1t \u0111\u1ed9ng m\u00e0 c\u00f2n d\u1ef1a tr\u00ean t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh. N\u1ebfu t\u1ef7 l\u1ec7 c\u1ee7a lo\u1ea1i t\u00e0i s\u1ea3n n\u00e0y l\u1edbn trong t\u1ed5ng gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n C\u00f3 th\u00ec vi\u1ec7c ph\u00e2n t\u00edch t\u1ef7 s\u1ed1 n\u00e0y c\u00e0ng quan tr\u1ecdng h\u01a1n.<\/span><\/p>\n

2. M\u1ee9c sinh l\u1eddi t\u1eeb ho\u1ea1t \u0111\u1ed9ng b\u00e1n h\u00e0ng
\nT\u1ec9 su\u1ea5t l\u1ee3i nhu\u1eadn g\u1ed9p<\/b><\/span>
\n C\u00f4ng th\u1ee9c t\u00ednh :<\/span><\/h3>\n
L\u1ee3i nhu\u1eadn g\u1ed9p t\u1eeb b\u00e1n h\u00e0ng<\/span>
\n ___________________________________ x 100%<\/span>
\n Doanh thu\u200b<\/span><\/div>\n

\u0110\u00e2y l\u00e0 t\u1ef7 s\u1ed1 th\u1ec3 hi\u1ec7n m\u1ee9c \u0111\u1ed9 t\u1ea1o l\u1ee3i nhu\u1eadn tr\u1ef1c ti\u1ebfp t\u1eeb ho\u1ea1t ss\u1ed9ng b\u00e1n h\u00e0ng. L\u1ee3i nhu\u1eadn g\u1ed9p t\u1eeb b\u00e1n h\u00e0ng \u0111\u01b0\u1ee3c t\u00ednh b\u1eb1ng c\u00e1ch l\u1ea5y Doanh thu tr\u1eeb \u0111i chi ph\u00ed h\u00e0ng b\u00e1n (chi ph\u00ed c\u1ea7n thi\u1ebft \u0111\u1ec3 s\u1ea3n su\u1ea5t ho\u1eb7c mua h\u00e0ng). T\u1ef7 s\u1ed1 n\u00e0y c\u00e0ng cao c\u00e0ng t\u1ed1t.<\/span><\/p>\n

M\u1ee9c l\u00e3i ho\u1ea1t \u0111\u1ed9ng<\/b><\/span>
\n C\u00f4ng th\u1ee9c t\u00ednh :<\/span><\/p>\n

L\u1ee3i nhu\u1eadn t\u1eeb ho\u1ea1t \u0111\u1ed9ng kinh doanh v\u00e0 c\u00e1c ho\u1ea1t \u0111\u1ed9ng ph\u1ee5<\/span>
\n ______________________________________________ x 100%<\/span>
\n Doanh thu\u200b<\/span><\/div>\n

\u0110\u00e2y l\u00e0 t\u1ef7 s\u1ed1 gi\u1eefa l\u1ee3i nhu\u1eadn t\u1eeb ho\u1ea1t \u0111\u1ed9ng kinh doanh v\u00e0 c\u00e1c ho\u1ea1t \u0111\u1ed9ng ph\u1ee5 so v\u1edbi doanh thu. N\u00f3 l\u00e0 m\u1ed9t ch\u1ec9 s\u1ed1 \u0111\u1ea1i di\u1ec7n cho kh\u1ea3 n\u0103ng sinh l\u1eddi t\u1ed5ng th\u1ec3 c\u1ee7a m\u1ed9t c\u00f4ng ty. C\u00e1c ho\u1ea1t \u0111\u1ed9ng ph\u1ee5 \u1edf \u0111\u00e2y g\u1ed3m c\u1ea3 vi\u1ec7c t\u0103ng v\u1ed1n c\u1ee7a c\u00f4ng ty. Do \u0111\u00f3 \u0111\u00e2y l\u00e0 t\u1ef7 l\u1ec7 quan tr\u1ecdng nh\u1ea5t trong vi\u1ec7c \u0111\u00e1nh gi\u00e1 kh\u1ea3 n\u0103ng sinh l\u1eddi chung.<\/span><\/p>\n

II. Ph\u00e2n t\u00edch t\u00ednh \u1ed5n \u0111\u1ecbnh<\/b><\/span><\/h2>\n

R\u1ea5t nhi\u1ec1u c\u00f4ng ty b\u1ecb ph\u00e1 s\u1ea3n do thi\u1ebfu v\u1ed1n. Do v\u1eady, b\u1eb1ng c\u00e1ch ki\u1ec3m tra vi\u1ec7c t\u0103ng v\u1ed1n v\u00e0 kh\u1ea3 n\u0103ng qu\u1ea3n l\u00fd t\u1eeb nhi\u1ec1u g\u00f3c \u0111\u1ed9 kh\u00e1c nhau, s\u1ef1 \u1ed5n \u0111\u1ecbnh v\u00e0 v\u1eefng v\u00e0ng c\u1ee7a c\u00f4ng ty \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 qua vi\u1ec7c ki\u1ec3m tra kh\u1ea3 n\u0103ng c\u1ee7a c\u00f4ng ty \u0111\u00f3 c\u00f3 th\u1ec3 tr\u1ea3 \u0111\u01b0\u1ee3c c\u00e1c kho\u1ea3n n\u1ee3 th\u01b0\u01a1ng m\u1ea1i v\u00e0 ho\u00e0n tr\u1ea3 v\u1ed1n vay hay kh\u00f4ng. Do nh\u1eefng t\u1ef7 s\u1ed1 n\u00e0y \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n d\u1ef1a tr\u00ean t\u00e0i s\u1ea3n C\u00f3 t\u1ea1i m\u1ed9t th\u1eddi \u0111i\u1ec3m nh\u1ea5t \u0111\u1ecbnh (l\u1ea5y t\u1eeb s\u1ed1 li\u1ec7u c\u1ee7a b\u1ea3ng t\u1ed5ng k\u1ebft t\u00e0i s\u1ea3n), n\u00ean ch\u00fang c\u0169ng \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 c\u00e1c t\u1ef7 s\u1ed1 t\u0129nh.<\/span><\/p>\n

1. T\u00ednh l\u1ecfng
\n1.1. H\u1ec7 s\u1ed1 thanh to\u00e1n ng\u1eafn h\u1ea1n<\/b><\/span>
\n C\u00f4ng th\u1ee9c t\u00ednh :<\/span><\/h3>\n
T\u00e0i s\u1ea3n C\u00f3 ng\u1eafn h\u1ea1n<\/span>
\n _______________________________ x 100%<\/span>
\n T\u00e0i s\u1ea3n N\u1ee3 ng\u1eafn h\u1ea1n + N\u1ee3 d\u00e0i h\u1ea1n \u0111\u1ebfn h\u1ea1n\u200b<\/span><\/div>\n

T\u1ef7 s\u1ed1 n\u00e0y \u0111\u01b0\u1ee3c d\u00f9ng \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 kh\u1ea3 n\u0103ng thanh to\u00e1n chung c\u1ee7a c\u00f4ng ty.<\/span>
\n M\u1ed9t t\u1ef7 l\u1ec7 qu\u00e1 cao c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn nh\u1eefng nh\u1eadn \u0111\u1ecbnh sau \u0111\u00e2y v\u1ec1 c\u00f4ng ty: qu\u00e1 nhi\u1ec1u ti\u1ec1n nh\u00e0n r\u1ed7i; qu\u00e1 nhi\u1ec1u c\u00e1c kho\u1ea3n ph\u1ea3i thu; qu\u00e1 nhi\u1ec1u h\u00e0ng t\u1ed3n kho. M\u1ed9t t\u1ef7 l\u1ec7 nh\u1ecf h\u01a1n 1 c\u00f3 th\u1ec3 cho ta nh\u1eefng nh\u1eadn \u0111\u1ecbnh r\u1eb1ng c\u00f4ng ty: tr\u1ea3 ch\u1eadm c\u00e1c nh\u00e0 cung \u1ee9ng qu\u00e1 nhi\u1ec1u; d\u00f9ng c\u00e1c kho\u1ea3n vay ng\u1eafn h\u1ea1n \u0111\u1ec3 mua t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh; d\u00f9ng c\u00e1c kho\u1ea3n vay ng\u1eafn h\u1ea1n \u0111\u1ec3 tr\u1ea3 c\u00e1c kho\u1ea3n n\u1ee3 thay v\u00ec d\u00f9ng l\u00e3i trong ho\u1ea1t \u0111\u1ed9ng kinh doanh \u0111\u1ec3 chi tr\u1ea3.<\/span>
\n M\u1ed9t xu h\u01b0\u1edbng t\u0103ng l\u00ean c\u1ee7a h\u1ec7 s\u1ed1 n\u00e0y c\u0169ng c\u1ea7n \u0111\u01b0\u1ee3c ki\u1ec3m tra k\u1ef9 v\u00ec c\u00f3 th\u1ec3 \u0111\u00f3 l\u00e0 k\u1ebft qu\u1ea3 c\u1ee7a m\u1ed9t s\u1ed1 b\u1ea5t l\u1ee3i: Doanh s\u1ed1 b\u00e1n h\u00e0ng gi\u1ea3m; s\u1ef1 t\u1ed3n \u0111\u1ecdng h\u00e0ng t\u1ed3n kho do vi\u1ec7c l\u1eadp k\u1ebf ho\u1ea1ch s\u1ea3n xu\u1ea5t y\u1ebfu k\u00e9m ho\u1eb7c y\u1ebfu k\u00e9m trong vi\u1ec7c ki\u1ec3m so\u00e1t h\u00e0ng t\u1ed3n kho, h\u00e0ng t\u1ed3n kho l\u1ed7i th\u1eddi; ng\u00e0y ch\u1eadm trong vi\u1ec7c thu h\u1ed3i c\u00f4ng n\u1ee3.<\/span>
\n Tuy nhi\u00ean, n\u1ebfu t\u1ef7 l\u1ec7 n\u00b5y nh\u1ecf h\u01a1n 100% c\u00f3 th\u1ec3 kh\u00f4ng ph\u1ea3n \u00e1nh r\u1eb1ng c\u00f4ng ty \u0111ang g\u1eb7p v\u1ea5n \u0111\u1ec1 v\u1edbi vi\u1ec7c ho\u00e0n tr\u1ea3 c\u00e1c kho\u1ea3n n\u1ee3 ng\u1eafn h\u1ea1n. C\u00f4ng ty v\u1eabn c\u00f3 th\u1ec3 t\u0103ng v\u1ed1n qua c\u00e1c kho\u1ea3n vay m\u00edi ho\u1eb7c b\u00e1n \u0111\u1ea5t \u0111ai v\u00e0 c\u00e1c ch\u1ee9ng kho\u00e1n c\u00f3 th\u1ec3 ti\u00eau th\u1ee5 \u0111\u01b0\u1ee3c (\u0111\u00e2y l\u00e0 nh\u1eefng t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh). Vi\u1ec7c b\u00e1n nh\u1eefng d\u1ea1ng t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh \u0111\u00f3 s\u1ebd l\u00e0m t\u0103ng t\u00e0i s\u1ea3n C\u00f3 ng\u1eafn h\u1ea1n v\u00e0 nh\u01b0 v\u1eady s\u1ebd c\u1ea3i thi\u1ec7n \u0111\u01b0\u1ee3c t\u1ef7 s\u1ed1 n\u00e0y.<\/span><\/p>\n

1.2. H\u1ec7 s\u1ed1 thanh to\u00e1n nhanh<\/b><\/span>
\n C\u00f4ng th\u1ee9c t\u00ednh :<\/span><\/p>\n

T\u00e0i s\u1ea3n c\u00f3 t\u00ednh l\u1ecfng cao<\/span>
\n ___________________ x 100%<\/span>
\n T\u00e0i s\u1ea3n N\u1ee3 ng\u1eafn h\u1ea1n\u200b<\/span><\/div>\n

\u0110\u00e2y l\u00e0 ch\u1ec9 s\u1ed1 \u0111\u00e1nh gi\u00e1 kh\u1ea3 n\u0103ng thanh to\u00e1n nhanh, \u0111\u01b0\u1ee3c t\u00ednh gi\u1eefa c\u00e1c t\u00e0i s\u1ea3n C\u00f3 c\u00f3 t\u00ednh l\u1ecfng cao (nh\u01b0 ti\u1ec1n m\u1eb7t v\u00e0 ti\u1ec1n g\u1eedi, c\u00e1c kho\u1ea3n ph\u1ea3i thu v\u00e0 ch\u1ee9ng kho\u00e1n c\u00f3 kh\u1ea3 n\u0103ng b\u00e1n ngay) v\u1edbi t\u00e0i s\u1ea3n N\u1ee3 ng\u1eafn h\u1ea1n. Do \u0111\u00f3, h\u1ec7 s\u1ed1 thanh to\u00e1n nhanh c\u00f3 th\u1ec3 ki\u1ec3m tra t\u00ecnh tr\u1ea1ng t\u00e0i s\u1ea3n m\u1ed9t c\u00e1ch ch\u1eb7t ch\u1ebd h\u01a1n so v\u1edbi h\u1ec7 s\u1ed1 thanh to\u00e1n ng\u1eafn h\u1ea1n.<\/span><\/p>\n

2. T\u00ednh \u1ed5n \u0111\u1ecbnh v\u1ec1 kh\u1ea3 n\u0103ng t\u1ef1 t\u00e0i tr\u1ee3
\n2.1. H\u1ec7 s\u1ed1 t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh<\/b><\/span>
\n C\u00f4ng th\u1ee9c t\u00ednh :<\/span><\/h3>\n
T\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh<\/span>
\n _________________ x 100%<\/span>
\n V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu\u200b<\/span><\/div>\n

T\u1ef7 s\u1ed1 n\u00e0y cho b\u1ea1n th\u1ea5y m\u1ee9c \u0111\u1ed9 \u1ed5n \u0111\u1ecbnh c\u1ee7a vi\u1ec7c \u0111\u1ea7u t\u01b0 v\u00e0o t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh. \u0110i\u1ec1u n\u00e0y d\u1ef1a tr\u00ean quan \u0111i\u1ec3m r\u1eb1ng nh\u1eefng kho\u1ea3n \u0111\u1ea7u t\u01b0 v\u00e0o t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh (nh\u01b0 \u0111\u1ea5t \u0111ai v\u00e0 nh\u00e0 c\u1eeda) c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c t\u00e1i t\u1ea1o nh\u01b0 mong mu\u1ed1n t\u1eeb v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu v\u00ec nh\u1eefng kho\u1ea3n \u0111\u1ea7u t\u01b0 nh\u01b0 v\u1eady th\u01b0\u1eddng c\u1ea7n m\u1ed9t kho\u1ea3ng th\u1eddi gian d\u00e0i \u0111\u1ec3 t\u00e1i t\u1ea1o. T\u1ef7 l\u1ec7 n\u00e0y c\u00e0ng nh\u1ecf th\u00ec c\u00e0ng an to\u00e0n. Tuy nhi\u00ean n\u1ebfu c\u00f4ng ty n\u1eafm gi\u1eef nhi\u1ec1u t\u00e0i s\u1ea3n nh\u01b0 ch\u1ee9ng kho\u00e1n c\u00f3 kh\u1ea3 n\u0103ng chuy\u1ec3n \u0111\u1ed5i ra ti\u1ec1n m\u1eb7t cao, th\u00ec th\u1ef1c t\u1ebf c\u00f4ng ty n\u00e0y an to\u00e0n h\u01a1n nhi\u1ec1u h\u01a1n l\u00e0 so v\u1edbi nh\u1eefng g\u00ec h\u1ec7 s\u1ed1 n\u00e0y c\u00f3 th\u1ec3 ph\u1ea3n \u00e1nh. \u0110\u1ed3ng th\u1eddi n\u1ebfu nhi\u1ec1u t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh thu\u1ed9c di\u1ec7n ph\u1ea3i kh\u1ea5u hao, t\u1ef7 s\u1ed1 n\u00e0y s\u1ebd t\u1ef1 \u0111\u01b0\u1ee3c c\u1ea3i thi\u1ec7n h\u01a1n (t\u1ee9c l\u00e0 s\u1ebd gi\u1ea3m \u0111i) do qu\u00e1 tr\u00ecnh kh\u1ea5u hao v\u1edbi gi\u1ea3 \u0111\u1ecbnh c\u00f4ng ty kh\u00f4ng mua m\u1edbi thi\u1ebft b\u1ecb v\u00e0 c\u00f3 m\u1ed9t d\u1ef1 tr\u1eef nh\u1ea5t \u0111\u1ecbnh v\u00e0o b\u1ea5t c\u1ee9 l\u00fac n\u00e0o. T\u1ef7 s\u1ed1 n\u00e0y v\u00e0 h\u1ec7 s\u1ed1 thanh to\u00e1n ng\u1eafn h\u1ea1n t\u1ed1t l\u00ean ho\u1eb7c x\u1ea5u \u0111i m\u1ed9t c\u00e1ch \u0111\u1ed3ng th\u1eddi nh\u01b0ng theo chi\u1ec1u ng\u01b0\u1ee3c nhau.<\/span>
\n N\u1ebfu nh\u01b0 t\u1ef7 s\u1ed1 n\u00e0y cao, b\u1ea1n c\u1ea7n thi\u1ebft ph\u1ea3i ki\u1ec3m tra h\u1ec7 s\u1ed1 th\u00edch \u1ee9ng d\u00e0i h\u1ea1n c\u1ee7a t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh v\u00e0 t\u00ecnh h\u00ecnh ho\u00e0n tr\u1ea3 c\u00e1c kho\u1ea3n vay d\u00e0i h\u1ea1n. N\u1ebfu vi\u1ec7c ho\u00e0n tr\u1ea3 nh\u1eefng kho\u1ea3n vay d\u00e0i h\u1ea1n c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n trong ph\u1ea1m vi thu nh\u1eadp r\u00f2ng hi\u1ec7n t\u1ea1i v\u00e0 chi ph\u00ed kh\u1ea5u hao, ta c\u00f3 th\u1ec3 n\u00f3i r\u1eb1ng hi\u1ec7n t\u1ea1i c\u00f4ng ty \u0111ang \u1edf m\u1ee9c \u0111\u1ed9 an to\u00e0n.<\/span><\/p>\n

2.2. H\u1ec7 s\u1ed1 th\u00edch \u1ee9ng d\u00e0i h\u1ea1n c\u1ee7a t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh <\/b><\/span><\/h3>\n

C\u00f4ng th\u1ee9c t\u00ednh :<\/span><\/p>\n

T\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh<\/span>
\n ____________________________ x 100%<\/span>
\n V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu + N\u1ee3 d\u00e0i h\u1ea1n\u200b<\/span><\/div>\n

T\u1ef7 l\u1ec7 n\u00e0y cho bi\u1ebft ph\u1ea1m vi m\u00e0 c\u00f4ng ty c\u00f3 th\u1ec3 trang tr\u1ea3i t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh c\u1ee7a m\u00ecnh b\u1eb1ng c\u00e1c ngu\u1ed3n v\u1ed1n \u1ed5n \u0111\u1ecbnh d\u00e0i h\u1ea1n (g\u1ed3m c\u00f3 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu v\u00e0 t\u00e0i s\u1ea3n n\u1ee3 c\u1ed1 \u0111\u1ecbnh). V\u1ec1 nguy\u00ean t\u1eafc, h\u1ec7 s\u1ed1 n\u00e0y c\u1ea7n kh\u00f4ng v\u01b0\u1ee3t qu\u00e1 100%. L\u00fd t\u01b0\u1edfng nh\u1ea5t l\u00e0 tr\u01b0\u1eddng h\u1ee3p c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 v\u00e0o t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c trang tr\u1ea3i trong ph\u1ea1m vi v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu, c\u00f2n n\u1ebfu kh\u00f4ng \u0111\u01b0\u1ee3c nh\u01b0 v\u1eady th\u00ec \u00edt nh\u1ea5t l\u00e0 ch\u00fang ph\u1ea3i \u0111\u01b0\u1ee3c trang tr\u1ea3i b\u1edfi nh\u1eefng ngu\u1ed3n v\u1ed1n \u1ed5n \u0111\u1ecbnh kh\u00e1c, nh\u01b0 l\u00e0 c\u00e1c kho\u1ea3n vay d\u00e0i h\u1ea1n v\u00e0 tr\u00e1i phi\u1ebfu c\u00f4ng ty nh\u01b0ng ph\u1ea3i \u0111\u01b0\u1ee3c ho\u00e0n tr\u1ea3 v\u1edbi \u0111i\u1ec1u ki\u1ec7n nh\u1eefng kho\u1ea3n n\u00e0y c\u00f3 k\u1ef3 h\u1ea1n ho\u00e0n tr\u1ea3 d\u00e0i h\u1ea1n. N\u1ebfu h\u1ec7 s\u1ed1 th\u00edch \u1ee9ng d\u00e0i h\u1ea1n c\u1ee7a t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh l\u1edbn h\u01a1n 100% th\u00ec c\u00f4ng ty s\u1ebd ph\u1ea3i trang tr\u1ea3i t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh b\u1eb1ng nh\u1eefng ngu\u1ed3n v\u1ed1n c\u00f3 k\u1ef3 h\u1ea1n ho\u00e0n tr\u1ea3 ng\u1eafn (v\u00ed d\u1ee5 nh\u01b0 c\u00e1c kho\u1ea3n vay ng\u1eafn h\u1ea1n). Tuy nhi\u00ean l\u00fac \u0111\u00f3 d\u00f2ng ti\u1ec1n c\u1ee7a n\u00f3 s\u1ebd tr\u1edf n\u00ean kh\u00f4ng \u1ed5n \u0111\u1ecbnh.<\/span><\/p>\n

2.3. H\u1ec7 s\u1ed1 n\u1ee3<\/b><\/span><\/h3>\n

C\u00f4ng th\u1ee9c t\u00ednh :<\/span><\/p>\n

T\u00e0i s\u1ea3n n\u1ee3<\/span>
\n ________________ x 100%<\/span>
\n V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu\u200b<\/span><\/div>\n

\u0110\u00e2y l\u00e0 t\u1ef7 l\u1ec7 gi\u1eefa v\u1ed1n vay (c\u00e1c kho\u1ea3n N\u1ee3, v\u00ed d\u1ee5 nh\u01b0 c\u00e1c kho\u1ea3n vay) so v\u1edbi v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu t\u00ednh t\u1edbi th\u1eddi \u0111i\u1ec3m cu\u1ed1i k\u1ef3. T\u1ef7 l\u1ec7 n\u00e0y c\u00e0ng nh\u1ecf th\u00ec gi\u00e1 tr\u1ecb c\u1ee7a v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu c\u00e0ng l\u1edbn, l\u1ea1i l\u00e0 ngu\u00f4ng v\u1ed1n kh\u00f4ng ph\u1ea3i ho\u00e0n tr\u1ea3, \u0111i\u1ec1u \u0111\u00f3 c\u00f3 ngh\u0129a kh\u1ea3 n\u0103ng t\u00e0i ch\u00ednh c\u1ee7a c\u00f4ng ty c\u00e0ng t\u1ed1t. Tuy nhi\u00ean, n\u1ebfu t\u1ec9 l\u1ec7 n\u00e0y c\u00e0ng cao th\u00ec c\u00f3 m\u1ed9t kh\u1ea3 n\u0103ng l\u1edbn l\u00e0 c\u00f4ng ty \u0111ang kh\u00f4ng th\u1ec3 tr\u1ea3 \u0111\u01b0\u1ee3c c\u00e1c kho\u1ea3n n\u1ee3 theo nh\u1eefng \u0111i\u1ec1u ki\u1ec7n t\u00e0i ch\u00ednh th\u1eaft ch\u1eb7t ho\u1eb7c c\u00f3 s\u1ef1 k\u00e9m c\u1ecfi trong qu\u1ea3n l\u00fd ho\u1eb7c c\u0169ng c\u00f3 th\u1ec3 d\u00f2ng ti\u1ec1n c\u1ee7a n\u00f3 s\u1ebd k\u00e9m \u0111i do g\u00e1nh n\u1eb7ng t\u1eeb vi\u1ec7c thanh to\u00e1n c\u00e1c kho\u1ea3n vay.Trong tr\u01b0\u1eddng h\u1ee3p thanh l\u00fd gi\u1ea3i th\u1ec3 doanh nghi\u1ec7p, H\u1ec7 s\u1ed1 n\u00e0y cho bi\u1ebft m\u1ee9c \u0111\u1ed9 \u0111\u01b0\u1ee3c b\u1ea3o v\u1ec7 c\u1ee7a c\u00e1c ch\u1ee7 n\u1ee3. C\u00e1c ch\u1ee7 n\u1ee3 \u0111\u01b0\u1ee3c h\u01b0\u1edfng quy\u1ec1n \u01b0u ti\u00ean \u0111\u00f2i l\u1ea1i ph\u1ea7n c\u1ee7a m\u00ecnh trong t\u00e0i s\u1ea3n c\u1ee7a c\u00f4ng ty.<\/span><\/p>\n

2.4. H\u1ec7 s\u1ed1 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/b><\/span><\/h3>\n

C\u00f4ng th\u1ee9c t\u00ednh<\/span><\/p>\n

V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/span>
\n ___________________ x 100%<\/span>
\n T\u1ed5ng t\u00e0i s\u1ea3n c\u00f3\u200b<\/span><\/div>\n

\u0110\u00e2y l\u00e0 t\u1ef7 s\u1ed1 gi\u1eefa V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu v\u1edbi t\u1ed5ng v\u1ed1n v\u00e0 d\u00f9ng \u0111\u1ec3 \u0111o l\u01b0\u1eddng s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a vi\u1ec7c t\u0103ng v\u1ed1n. B\u1ed5 sung v\u00e0o v\u1ed1n g\u00f3p b\u1edfi c\u00e1c c\u1ed5 \u0111\u00f4ng v\u00e0 c\u00e1c kho\u1ea3n d\u1ef1 tr\u1eef v\u1ed1n th\u00ec v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu c\u0169ng g\u00f3p ph\u1ea7n t\u1ea1o ra d\u1ef1 tr\u1eef cho v\u1ed1n \u0111i\u1ec1u l\u1ec7 v\u00e0 ph\u1ea7n th\u1eb7ng d\u01b0 m\u00e0 bao g\u1ed3m thu nh\u1eadp gi\u1eef l\u1ea1i c\u1ee7a c\u00f4ng ty. Do nh\u1eefng ngu\u1ed3n v\u1ed1n n\u00e0y kh\u00f4ng c\u1ea7n \u0111\u01b0\u1ee3c ho\u00e0n tr\u1ea3 (m\u1eb7c d\u00f9 l\u1ee3i t\u1ee9c c\u1ed5 ph\u1ea7n ph\u1ea3i \u0111\u01b0\u1ee3c tr\u1ea3 cho c\u1ed5 \u0111\u00f4ng) th\u00ec khi t\u1ef7 l\u1ec7 n\u00e0y c\u00e0ng cao, c\u00f4ng ty c\u00e0ng \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 cao. V\u1ec1 c\u01a1 b\u1ea3n th\u00ec ch\u1ec9 s\u1ed1 n\u00e0y c\u00f3 nh\u1eefng m\u1ee5c \u0111\u00edch gi\u1ed1ng nh\u01b0 h\u1ec7 s\u1ed1 n\u1ee3 \u0111\u00e3 \u0111\u1ec1 c\u1eadp \u1edf tr\u00ean.<\/span><\/p>\n

2.5. Kh\u1ea3 n\u0103ng trang tr\u1ea3i l\u00e3i vay<\/b><\/span><\/h3>\n

C\u00f4ng th\u1ee9c t\u00ednh:<\/span><\/p>\n

L\u1ee3i nhu\u1eadn t\u1eeb kinh doanh<\/span>
\n _________________________ (l\u1ea7n)<\/span>
\n Chi ph\u00ed tr\u1ea3 l\u00e3i vay\u200b<\/span><\/div>\n

Ch\u1ec9 s\u1ed1 n\u00e0y xem x\u00e9t kh\u1ea3 n\u0103ng c\u1ee7a c\u00f4ng ty khi tr\u1ea3 l\u00e3i vay t\u1eeb l\u1ee3i nhu\u1eadn thu \u0111\u01b0\u1ee3c t\u1eeb ho\u1ea1t \u0111\u1ed9ng kinh doanh.<\/span><\/p>\n

2.6. Kh\u1ea3 n\u0103ng ho\u00e0n tr\u1ea3 n\u1ee3 vay<\/b><\/span><\/h3>\n

C\u00f4ng th\u1ee9c t\u00ednh:<\/span><\/p>\n

N\u1ee3 c\u00f3 t\u00ednh l\u00e3i<\/span>
\n _________________ (s\u1ed1 n\u0103m)<\/span>
\n D\u00f2ng ti\u1ec1n\u200b<\/span><\/div>\n

(D\u00f2ng ti\u1ec1n = L\u1ee3i nhu\u1eadn sau thu\u1ebf – L\u1ee3i t\u1ee9c – C\u00e1c kho\u1ea3n ti\u1ec1n th\u01b0\u1edfng cho ban gi\u00e1m \u0111\u1ed1c + Kh\u1ea5u hao + C\u00e1c qu\u1ef9 d\u1ef1 tr\u1eef v\u00e0 d\u1ef1 ph\u00f2ng kh\u00e1c)<\/span>
\n T\u1ef7 l\u1ec7 n\u00e0y t\u00ednh ra s\u1ed1 n\u0103m m\u00e0 m\u1ed9t c\u00f4ng ty c\u1ea7n m\u1ea5t \u0111\u1ec3 ho\u00e0n tr\u1ea3 c\u00e1c kho\u1ea3n n\u1ee3 c\u00f3 l\u00e3i t\u1eeb d\u00f2ng ti\u1ec1n thu \u0111\u01b0\u1ee3c h\u00e0ng n\u0103m.<\/span><\/p>\n

III. Ph\u00e2n t\u00edch t\u00ednh hi\u1ec7u qu\u1ea3<\/b><\/span><\/h2>\n

Nh\u1eefng t\u1ef7 s\u1ed1 \u1edf ph\u1ea7n n\u00e0y cho bi\u1ebft nh\u1eefng ho\u1ea1t \u0111\u1ed9ng c\u1ee7a v\u1ed1n v\u00e0 t\u00e0i s\u1ea3n m\u00e0 c\u00f4ng ty c\u00f3. Ch\u00fang ch\u1ec9 ra t\u00e0i s\u1ea3n c\u1ee7a c\u00f4ng ty \u0111\u00e3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng nhanh v\u00e0 hi\u1ec7u qu\u1ea3 \u0111\u1ebfn m\u1ee9c n\u00e0o \u0111\u1ec3 t\u1ea1o ra l\u1ee3i nhu\u1eadn. T\u1eeb khi nh\u1eefng t\u1ef7 s\u1ed1 n\u00e0y \u0111\u01b0\u1ee3c d\u00f9ng \u0111\u1ec3 xem x\u00e9t hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng c\u1ee7a t\u00e0i s\u1ea3n c\u00f4ng ty trong m\u1ed9t th\u1eddi k\u1ef3 (t\u1eeb nh\u1eefng s\u1ed1 li\u1ec7u tr\u00ean b\u1ea3ng t\u1ed5ng k\u1ebft t\u00e0i s\u1ea3n v\u00e0 b\u00e1o c\u00e1o thu nh\u1eadp chi ph\u00ed), ch\u00fang \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 nh\u1eefng t\u1ef7 s\u1ed1 n\u0103ng \u0111\u1ed9ng.<\/span>
\n<\/b><\/p>\n

1. Doanh thu t\u1eeb t\u1ed5ng t\u00e0i s\u1ea3n <\/b><\/span><\/h3>\n

C\u00f4ng th\u1ee9c t\u00ednh:<\/span><\/p>\n

Doanh thu<\/span>
\n ____________________________________ (S\u1ed1 l\u1ea7n\/n\u0103m)<\/span>
\n T\u1ed5ng t\u00e0i s\u1ea3n s\u1eed d\u1ee5ng b\u00ecnh qu\u00e2n \u0111\u1ea7u k\u1ef3 v\u00e0 cu\u1ed1i k\u1ef3\u200b<\/span><\/div>\n

T\u1ef7 s\u1ed1 n\u00e0y cho bi\u1ebft t\u1ed5ng v\u1ed1n \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c chuy\u1ec3n \u0111\u1ed5i bao nhi\u00eau l\u1ea7n th\u00e0nh doanh thu. N\u1ebfu t\u1ef7 l\u1ec7 n\u00e0y th\u1ea5p, c\u00f3 ngh\u0129a l\u00e0 v\u1ed1n \u0111ang kh\u00f4ng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng hi\u1ec7u qu\u1ea3, v\u00e0 c\u00f3 kh\u1ea3 n\u0103ng c\u00f4ng ty c\u00f3 th\u1eeba h\u00e0ng t\u1ed3n kho ho\u1eb7c t\u00e0i s\u1ea3n nh\u00e0n r\u1ed7i ho\u1eb7c vay ti\u1ec1n qu\u00e1 nhi\u1ec1u so v\u1edbi nhu c\u1ea7u th\u1ef1c s\u1ef1.<\/span><\/p>\n

2. Th\u1eddi gian chuy\u1ec3n \u0111\u1ed5i h\u00e0ng t\u1ed3n kho th\u00e0nh doanh thu<\/b><\/span><\/h3>\n

C\u00f4ng th\u1ee9c t\u00ednh:<\/span><\/p>\n

H\u00e0ng t\u1ed3n kho b\u00ecnh qu\u00e2n \u0111\u1ea7u k\u1ef3 v\u00e0 cu\u1ed1i k\u1ef3<\/span>
\n ______________________________________ (s\u1ed1 th\u00e1ng)<\/span>
\n Doanh thu trung b\u00ecnh th\u00e1ng\u200b<\/span><\/div>\n

T\u1ef7 s\u1ed1 n\u00e0y cho bi\u1ebft c\u00f4ng ty l\u01b0u h\u00e0ng t\u1ed3n kho, g\u1ed3m c\u00f3 nguy\u00ean v\u1eadt li\u1ec7u v\u00e0 h\u00e0ng ho\u00e1, trong bao nhi\u00eau th\u00e1ng. H\u00e0ng ho\u00e1 s\u1edbm hay mu\u1ed9n s\u1ebd \u0111\u01b0\u1ee3c b\u00e1n, n\u00ean c\u1ea7n gi\u1eef h\u00e0ng t\u1ed3n kho \u1edf m\u1ed9t s\u1ed1 l\u01b0\u1ee3ng c\u1ea7n thi\u1ebft n\u00e0o \u0111\u00f3. Tuy nhi\u00ean, l\u01b0u gi\u1eef qu\u00e1 nhi\u1ec1u h\u00e0ng t\u1ed3n kho \u0111\u1ed3ng ngh\u0129a v\u1edbi vi\u1ec7c v\u1ed1n \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng k\u00e9m hi\u1ec7u qu\u1ea3 (d\u00f2ng ti\u1ec1n s\u1ebd b\u1ecb gi\u1ea3m \u0111i do v\u1ed1n k\u00e9m ho\u1ea1t \u0111\u1ed9ng v\u00e0 g\u00e1nh n\u1eb7ng tr\u1ea3 l\u00e3i vay t\u0103ng l\u00ean). \u0110i\u1ec1u n\u00e0y l\u00e0m t\u0103ng chi ph\u00ed l\u01b0u gi\u1eef h\u00e0ng t\u1ed3n kho v\u00e0 t\u0103ng r\u1ee7i ro kh\u00f3 ti\u00eau th\u1ee5 h\u00e0ng t\u1ed3n kho n\u00e0y do c\u00f3 th\u1ec3 kh\u00f4ng h\u1ee3p nhu c\u1ea7u ti\u00eau d\u00f9ng c\u0169ng nh\u01b0 t\u00ecnh h\u00ecnh th\u1ecb tr\u01b0\u1eddng k\u00e9m \u0111i. Do v\u1eady, th\u1eddi gian chuy\u1ec3n \u0111\u1ed5i h\u00e0ng t\u1ed3n kho th\u00e0nh doanh thu ph\u1ea3i \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh li\u1ec7u h\u00e0ng t\u1ed3n kho c\u00f3 \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd t\u1ed1t hay kh\u00f4ng (n\u1ebfu c\u1ea7n c\u00f3 th\u1ec3 xem x\u00e9t h\u00e0ng t\u1ed3n kho c\u1ee7a th\u00e0nh ph\u1ea9m, s\u1ea3n ph\u1ea9m d\u1edf dang v\u00e0 nguy\u00ean v\u1eadt li\u1ec7u).<\/span><\/p>\n

3. Th\u1eddi gian thu h\u1ed3i c\u00f4ng n\u1ee3 <\/b><\/span><\/h3>\n

C\u00f4ng th\u1ee9c t\u00ednh:<\/span><\/p>\n

Gi\u00e1 tr\u1ecb c\u00e1c kho\u1ea3n ph\u1ea3i thu th\u01b0\u01a1ng m\u1ea1i<\/span>
\n b\u00ecnh qu\u00e2n \u0111\u1ea7u v\u00e0 cu\u1ed1i k\u1ef3 (tr\u01b0\u1edbc khi chi\u1ebft kh\u1ea5u)<\/span>
\n _____________________________________ (s\u1ed1 th\u00e1ng)Doanh thu trung b\u00ecnh th\u00e1ng<\/span>
\n \u200b<\/span><\/div>\n

T\u1ef7 s\u1ed1 n\u00e0y cho bi\u1ebft th\u1eddi gian ch\u1eadm tr\u1ea3 trung b\u00ecnh c\u1ee7a c\u00e1c kho\u1ea3n ph\u1ea3i thu b\u00e1n h\u00e0ng ho\u1eb7c th\u1eddi gian trung b\u00ecnh \u0111\u1ec3 chuy\u1ec3n c\u00e1c kho\u1ea3n ph\u1ea3i thu th\u00e0nh ti\u1ec1n m\u1eb7t.<\/span>
\n Th\u1eddi gian thu h\u1ed3i c\u00f4ng n\u1ee3 r\u1ea5t ng\u1eafn c\u00f3 th\u1ec3 cho ta nh\u1eefng th\u00f4ng tin sau: Ch\u00ednh s\u00e1ch t\u00edn d\u1ee5ng b\u00e1n tr\u1ea3 ch\u1eadm cho kh\u00e1ch h\u00e0ng c\u1ee7a c\u00f4ng ty qu\u00e1 kh\u1eaft khe; vi\u1ec7c thu h\u1ed3i c\u00f4ng n\u1ee3 c\u1ee7a c\u00f4ng ty ho\u1ea1t \u0111\u1ed9ng c\u00f3 hi\u1ec7u qu\u1ea3; kh\u1ea3 n\u0103ng sinh l\u1eddi v\u00e0 \u0111i\u1ec1u ki\u1ec7n t\u00e0i ch\u00ednh c\u1ee7a c\u00e1c kh\u00e1ch h\u00e0ng l\u00e0 t\u1ed1t; c\u00f4ng ty ch\u1ec9 ho\u1eb7c th\u01b0\u1eddng b\u00e1n h\u00e0ng tr\u1ea3 ngay b\u1eb1ng ti\u1ec1n m\u1eb7t.<\/span>
\n Th\u1eddi gian thu h\u1ed3i c\u00f4ng n\u1ee3 r\u1ea5t d\u00e0i c\u00f3 th\u1ec3 cho ta nh\u1eefng th\u00f4ng tin sau: ch\u00ednh s\u00e1ch b\u00e1n tr\u1ea3 ch\u1eadm c\u1ee7a c\u00f4ng ty l\u00e0 d\u1ec5 d\u00e0ng; c\u00e1c ti\u00eau chu\u1ea9n t\u00edn d\u1ee5ng k\u00e9m; c\u00f4ng ty v\u00e0 b\u1ea1n h\u00e0ng g\u1eb7p kh\u00f3 kh\u0103n v\u1ec1 t\u00e0i ch\u00ednh. Do \u0111\u00f3, c\u00f4ng ty s\u1ebd m\u1ea5t nhi\u1ec1u th\u1eddi gian h\u01a1n \u0111\u1ec3 thu \u0111\u01b0\u1ee3c ti\u1ec1n m\u1eb7t. T\u1eeb \u0111\u00f3, vi\u1ec7c l\u01b0u chuy\u1ec3n v\u1ed1n l\u01b0u \u0111\u1ed9ng s\u1ebd tr\u1edf n\u00ean kh\u00f3 kh\u0103n h\u01a1n v\u00e0 n\u1ebfu nh\u01b0 ch\u00fang \u0111\u01b0\u1ee3c tr\u1ee3 gi\u00fap b\u1edfi c\u00e1c kho\u1ea3n vay ng\u00e2n h\u00e0ng ho\u1eb7c b\u1eb1ng c\u00e1ch chi\u1ebft kh\u1ea5u ch\u1ee9ng t\u1eeb c\u00f3 gi\u00e1 th\u00ec g\u00e1nh n\u1eb7ng tr\u1ea3 l\u00e3i s\u1ebd t\u0103ng l\u00ean. C\u0169ng nh\u01b0 v\u1eady, khi m\u00e0 c\u00f3 nhi\u1ec1u nghi ng\u1edd \u0111\u1ed1i v\u1edbi l\u00f2ng tin c\u1ee7a b\u1ea1n h\u00e0ng th\u00ec vi\u1ec7c tr\u00ec ho\u00e3n vi\u1ec7c thu h\u1ed3i ti\u1ec1n b\u00e1n h\u00e0ng s\u1ebd l\u00e0m t\u0103ng kh\u1ea3 n\u0103ng kh\u00f4ng thu \u0111\u01b0\u1ee3c nh\u1eefng kho\u1ea3n n\u00e0y. N\u1ebfu th\u1eddi gian chuy\u1ec3n \u0111\u1ed5i c\u00e1c kho\u1ea3n ph\u1ea3i thu th\u00e0nh doanh thu d\u00e0i th\u00ec c\u00f3 kh\u1ea3 n\u0103ng vi\u1ec7c qu\u1ea3n l\u00fd \u0111\u1ec3 thu h\u1ed3i nh\u1eefng kho\u1ea3n ph\u1ea3i thu n\u00e0y kh\u00f4ng \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n hi\u1ec7u qu\u1ea3, c\u00e1c \u0111i\u1ec1u ki\u1ec7n thanh to\u00e1n tr\u1edf n\u00ean b\u1ea5t l\u1ee3i do kh\u1ea3 n\u0103ng b\u00e1n h\u00e0ng c\u1ee7a c\u00f4ng ty k\u00e9m ho\u1eb7c l\u00e0 do l\u01b0u chuy\u1ec3n ti\u1ec1n t\u1ec7 c\u1ee7a c\u00f4ng ty tr\u1edf n\u00ean kh\u00f3 kh\u0103n h\u01a1n.<\/span><\/p>\n

4. Th\u1eddi gian thanh to\u00e1n c\u00f4ng n\u1ee3 <\/b><\/span><\/h3>\n

C\u00f4ng th\u1ee9c t\u00ednh:<\/span><\/p>\n

Gi\u00e1 tr\u1ecb c\u00e1c kho\u1ea3n ph\u1ea3i tr\u1ea3<\/span>
\n th\u01b0\u01a1ng m\u1ea1i b\u00ecnh qu\u00e2n \u0111\u1ea7u v\u00e0 cu\u1ed1i k\u1ef3<\/span>
\n ________________________________ (s\u1ed1 th\u00e1ng)<\/span>
\n Doanh thu trung b\u00ecnh th\u00e1ng\u200b<\/span><\/div>\n

T\u1ef7 s\u1ed1 n\u00e0y cho bi\u1ebft th\u1eddi gian t\u1eeb khi mua h\u00e0ng ho\u00e1 v\u00e0 nguy\u00ean v\u1eadt li\u1ec7u cho t\u1edbi khi thanh to\u00e1n ti\u1ec1n. Kh\u00f4ng th\u1ec3 n\u00f3i r\u1eb1ng chu k\u1ef3 c\u00e1c kho\u1ea3n ph\u1ea3i tr\u1ea3 n\u00ean ng\u1eafn hay d\u00e0i. N\u1ebfu chu k\u1ef3 d\u00e0i th\u00ec c\u0169ng c\u00f3 ngh\u0129a l\u00e0 nh\u1eefng \u0111i\u1ec1u ki\u1ec7n thanh to\u00e1n v\u1edbi ng\u01b0\u1eddi cung c\u1ea5p l\u00e0 thu\u1eadn l\u1ee3i cho c\u00f4ng ty; th\u1eddi gian tr\u1ea3 ch\u1eadm d\u00e0i c\u00f2n gi\u00fap cho c\u00f4ng ty d\u1ec5 d\u00e0ng t\u0103ng v\u1ed1n \u0111i\u1ec1u l\u1ec7. M\u1eb7t kh\u00e1c, c\u0169ng c\u00f3 th\u1ec3 n\u00f3i r\u1eb1ng gi\u00e1 mua h\u00e0ng l\u00e0 b\u1ea5t l\u1ee3i (gi\u00e1 cao) ho\u1eb7c c\u00f4ng ty c\u00f3 th\u1ec3 \u0111ang ph\u1ee5 thu\u1ed9c v\u00e0o c\u00e1c \u0111i\u1ec1u ki\u1ec7n t\u00edn d\u1ee5ng th\u01b0\u01a1ng m\u1ea1i do thi\u1ebfu c\u00e1c kho\u1ea3n t\u00edn d\u1ee5ng ng\u00e2n h\u00e0ng. C\u00f2n n\u1ebfu chu k\u1ef3 n\u00e0y ng\u1eafn, th\u00ec c\u00f3 th\u1ec3 do c\u00e1c \u0111i\u1ec1u ki\u1ec7n thanh to\u00e1n l\u00e0 b\u1ea5t l\u1ee3i v\u00ec quan h\u1ec7 v\u1edbi nh\u00e0 cung c\u1ea5p tr\u1edf n\u00ean x\u1ea5u \u0111i. Tuy nhi\u00ean c\u0169ng c\u00f3 kh\u1ea3 n\u0103ng c\u00f4ng ty c\u00f3 nhi\u1ec1u v\u1ed1n trong tay, v\u00e0 thay v\u00ec gia t\u0103ng c\u00e1c kho\u1ea3n thanh to\u00e1n b\u1eb1ng ti\u1ec1n m\u1eb7t, c\u00f4ng ty \u0111ang mua h\u00e0ng v\u1edbi gi\u00e1 c\u1ea3 thu\u1eadn l\u1ee3i (c\u00f3 chi\u1ebft kh\u1ea5u).<\/span><\/p>\n

IV. Ph\u00e2n t\u00edch hi\u1ec7u qu\u1ea3 s\u1ea3n xu\u1ea5t<\/b><\/span><\/h2>\n

Hi\u1ec7u qu\u1ea3 s\u1ea3n xu\u1ea5t l\u00e0 n\u1ec1n t\u1ea3ng cho kh\u1ea3 n\u0103ng sinh l\u1eddi c\u1ee7a m\u1ed9t c\u00f4ng ty v\u00e0 n\u00f3 \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1eb1ng vi\u1ec7c gia t\u0103ng hi\u1ec7u qu\u1ea3 c\u1ee7a l\u1ef1c l\u01b0\u1ee3ng lao \u0111\u1ed9ng, c\u1ee7a m\u00e1y m\u00f3c thi\u1ebft b\u1ecb. Kh\u1ea3 n\u0103ng sinh l\u1eddi c\u1ee7a m\u1ed9t c\u00f4ng ty c\u00f3 m\u1ed1i quan h\u1ec7 h\u1ebft s\u1ee9c ch\u1eb7t ch\u1ebd v\u1edbi hi\u1ec7u qu\u1ea3 s\u1ea3n xu\u1ea5t v\u00e0 do \u0111\u00f3, ch\u00fang ta ph\u1ea3i ph\u00e2n t\u00edch m\u1ed1i quan h\u1ec7. Hi\u1ec7u qu\u1ea3 s\u1ea3n xu\u1ea5t \u0111\u01b0\u1ee3c \u0111o b\u1eb1ng gi\u00e1 tr\u1ecb gia t\u0103ng.<\/span>
\n Gi\u00e1 tr\u1ecb gia t\u0103ng c\u00f3 ngh\u0129a l\u00e0 gi\u00e1 tr\u1ecb m\u1edbi t\u1ea1o \u0111\u01b0\u1ee3c th\u00f4ng qua ho\u1ea1t \u0111\u1ed9ng kinh doanh. N\u00f3i chung ch\u1ec9 s\u1ed1 n\u00e0y ng\u1ee5 \u00fd v\u1ec1 gi\u00e1 tr\u1ecb m\u00e0 c\u00f4ng ty b\u1ed5 sung v\u00e0o vi\u1ec7c mua h\u00e0ng ho\u00e1 v\u00e0 nguy\u00ean v\u1eadt li\u1ec7u th\u00f4. C\u00f3 hai ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ec3 t\u00ednh gi\u00e1 tr\u1ecb gia t\u0103ng. M\u1ed9t l\u00e0 ph\u01b0\u01a1ng ph\u00e1p kh\u1ea5u tr\u1eeb, t\u1ee9c l\u00e0 l\u1ea5y doanh thu tr\u1eeb \u0111i gi\u00e1 tr\u1ecb h\u00e0ng mua t\u1eeb b\u00ean ngo\u00e0i (nh\u01b0 chi ph\u00ed nguy\u00ean v\u1eadt li\u1ec7u v\u00e0 chi ph\u00ed ch\u1ebf bi\u1ebfn thu\u00ea ngo\u00e0i). C\u00e1ch th\u1ee9 hai l\u00e0 ph\u01b0\u01a1ng ph\u00e1p b\u1ed5 sung, t\u1ee9c l\u00e0 b\u1ed5 sung v\u00e0o nh\u1eefng kho\u1ea3n m\u1ee5c t\u1ea1o ra gi\u00e1 tr\u1ecb gia t\u0103ng. Theo ph\u01b0\u01a1ng ph\u00e1p b\u1ed5 sung, t\u1ed5ng gi\u00e1 tr\u1ecb gia t\u0103ng bao g\u1ed3m nh\u1eefng chi ph\u00ed nh\u00e2n s\u1ef1 v\u00e0 lao \u0111\u1ed9ng, chi ph\u00ed thu\u00ea, thu\u1ebf v\u00e0 c\u00e1c kho\u1ea3n kh\u00e1c, c\u00e1c kho\u1ea3n l\u1ec7 ph\u00ed, chi ph\u00ed t\u00e0i ch\u00ednh r\u00f2ng v\u00e0 l\u1ee3i nhu\u1eadn ho\u1ea1t \u0111\u1ed9ng sau khi thanh to\u00e1n l\u00e3i vay. L\u1ea5y t\u1ed5ng gi\u00e1 tr\u1ecb gia t\u0103ng tr\u1eeb \u0111i chi ph\u00ed kh\u1ea5u hao s\u1ebd \u0111\u01b0\u1ee3c gi\u00e1 tr\u1ecb gia t\u0103ng r\u00f2ng. Chi ph\u00ed kh\u1ea5u hao chuy\u1ec3n \u0111\u1ed5i t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh th\u00e0nh chi ph\u00ed trong th\u1eddi gian h\u1eefu \u00edch c\u1ee7a t\u00e0i s\u1ea3n. Hi\u1ec7u qu\u1ea3 s\u1ea3n xu\u1ea5t \u0111\u01b0\u1ee3c chia th\u00e0nh M\u1ee9c \u0111\u1ed9 t\u1eadp trung V\u1ed1n v\u00e0 Hi\u1ec7u qu\u1ea3 c\u1ee7a V\u1ed1n, \u0111\u01b0\u1ee3c di\u1ec5n gi\u1ea3i d\u01b0\u1edbi \u0111\u00e2y:<\/span><\/p>\n

(a) Hi\u1ec7u su\u1ea5t lao \u0111\u1ed9ng<\/b><\/span>
\n C\u00f4ng th\u1ee9c t\u00ednh:<\/span><\/p>\n

T\u1ed5ng gi\u00e1 tr\u1ecb gia t\u0103ng<\/span>
\n ___________________________________ (\u0111\u1ed3ng)<\/span>
\n S\u1ed1 lao \u0111\u1ed9ng b\u00ecnh qu\u00e2n \u0111\u1ea7u k\u1ef3 v\u00e0 cu\u1ed1i k\u1ef3\u200b<\/span><\/div>\n

L\u01b0u \u00fd: T\u1ed5ng gi\u00e1 tr\u1ecb gia t\u0103ng = L\u1ee3i nhu\u1eadn t\u1eeb ho\u1ea1t \u0111\u1ed9ng + chi ph\u00ed nh\u00e2n s\u1ef1 v\u00e0 lao \u0111\u1ed9ng + chi ph\u00ed thu\u00ea + thu\u1ebf v\u00e0 c\u00e1c chi ph\u00ed x\u00e3 h\u1ed9i + c\u00e1c kho\u1ea3n chi ph\u00ed + chi ph\u00ed kh\u1ea5u hao<\/span><\/p>\n

(b) T\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh h\u1eefu h\u00ecnh tr\u00ean s\u1ed1 nh\u00e2n c\u00f4ng (M\u1ee9c \u0111\u1ed9 t\u1eadp trung v\u1ed1n)<\/b><\/span>
\n C\u00f4ng th\u1ee9c t\u00ednh:<\/span><\/p>\n

Gi\u00e1 tr\u1ecb b\u00ecnh qu\u00e2n \u0111\u1ea7u k\u1ef3 v\u00e0 cu\u1ed1i k\u1ef3 cho<\/span>
\n (T\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh h\u1eefu h\u00ecnh \u2013 gi\u00e1 tr\u1ecb x\u00e2y d\u1ef1ng d\u1edf dang)<\/span>
\n _______________________________________________ (\u0111\u1ed3ng)<\/span>
\n S\u1ed1 lao \u0111\u1ed9ng b\u00ecnh qu\u00e2n \u0111\u1ea7u k\u1ef3 v\u00e0 cu\u1ed1i k\u1ef3\u200b<\/span><\/div>\n

T\u1ef7 s\u1ed1 n\u00e0y th\u1ec3 hi\u1ec7n gi\u00e1 tr\u1ecb \u0111\u1ea7u t\u01b0 v\u00e0o thi\u1ebft b\u1ecb tr\u00ean \u0111\u1ea7u nh\u00e2n c\u00f4ng v\u00e0 gi\u00fap ng\u01b0\u1eddi ph\u00e2n t\u00edch hi\u1ec3u \u0111\u01b0\u1ee3c m\u1ee9c \u0111\u1ed9 ti\u1ebft ki\u1ec7m lao \u0111\u1ed9ng v\u00e0 s\u1ef1 h\u1ee3p l\u00fd ho\u00e1 c\u1ee7a c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 v\u00e0o thi\u1ebft b\u1ecb nh\u00e0 m\u00e1y trong qu\u00e1 tr\u00ecnh s\u1ea3n xu\u1ea5t v\u00e0 b\u00e1n h\u00e0ng.<\/span><\/p>\n

(c) Hi\u1ec7u qu\u1ea3 c\u1ee7a \u0111\u1ed3ng v\u1ed1n<\/b><\/span>
\n C\u00f4ng th\u1ee9c t\u00ednh:<\/span><\/p>\n

T\u1ed5ng gi\u00e1 tr\u1ecb gia t\u0103ng<\/span>
\n _________________________________ (%)<\/span>
\n Gi\u00e1 tr\u1ecb b\u00ecnh qu\u00e2n \u0111\u1ea7u k\u1ef3 v\u00e0 cu\u1ed1i k\u1ef3 cho\u200b<\/span><\/div>\n

(T\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh h\u1eefu h\u00ecnh – gi\u00e1 tr\u1ecb x\u00e2y d\u1ef1ng d\u1edf dang)<\/span>
\n T\u1ef7 s\u1ed1 n\u00e0y t\u00ednh to\u00e1n gi\u00e1 tr\u1ecb gia t\u0103ng tr\u00ean m\u1ed9t \u0111\u1ed3ng v\u1ed1n t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh h\u1eefu h\u00ecnh ho\u1ea1t \u0111\u1ed9ng. \u0110\u00e2y l\u00e0 m\u1ed9t ch\u1ec9 s\u1ed1 th\u1ec3 hi\u1ec7n hi\u1ec7u qu\u1ea3 s\u1ea3n xu\u1ea5t<\/span><\/p>\n

(d) H\u1ec7 s\u1ed1 chi ph\u00ed lao \u0111\u1ed9ng \u0111\u1ed1i v\u1edbi gi\u00e1 tr\u1ecb gia t\u0103ng<\/b><\/span>
\n C\u00f4ng th\u1ee9c t\u00ednh:<\/span><\/p>\n

Chi ph\u00ed lao \u0111\u1ed9ng v\u00e0 nh\u00e2n s\u1ef1<\/span>
\n _____________________________ (%)<\/span>
\n T\u1ed5ng gi\u00e1 tr\u1ecb gia t\u0103ng\u200b<\/span><\/div>\n

Ch\u1ec9 ti\u00eau n\u00e0y t\u00ednh to\u00e1n t\u1ef7 l\u1ec7 gi\u1eefa chi ph\u00ed nh\u00e2n s\u1ef1 ph\u00e2n b\u1ed5 nh\u01b0 l\u00e0 ti\u1ec1n c\u00f4ng lao \u0111\u1ed9ng \u0111\u1ed1i v\u1edbi t\u1ed5ng gi\u00e1 tr\u1ecb gia t\u0103ng. H\u1ec7 s\u1ed1 n\u00e0y d\u00f9ng \u0111\u1ec3 xem x\u00e9t g\u00e1nh n\u1eb7ng c\u1ee7a chi ph\u00ed nh\u00e2n s\u1ef1. N\u1ebfu t\u1ef7 s\u1ed1 n\u00e0y cao th\u00ec g\u00e1nh n\u1eb7ng chi ph\u00ed nh\u00e2n s\u1ef1 l\u00e0 l\u1edbn. Trong tr\u01b0\u1eddng h\u1ee3p \u0111\u00f3, c\u00f3 kh\u1ea3 n\u0103ng c\u00f4ng ty g\u1eb7p v\u1ea5n \u0111\u1ec1 trong qu\u1ea3n l\u00fd do gi\u1ea3m l\u1ee3i nhu\u1eadn m\u00e0 c\u00f3 th\u1ec3 d\u00f9ng \u0111\u1ec3 t\u00e1i \u0111\u1ea7u t\u01b0.<\/span><\/p>\n

V. Ph\u00e2n t\u00edch s\u1ee9c t\u0103ng tr\u01b0\u1edfng<\/b><\/span><\/h2>\n

Nh\u1eefng ch\u1ec9 s\u1ed1 thu\u1ed9c ph\u1ea7n n\u00e0y nh\u1eb1m m\u1ee5c \u0111\u00edch gi\u00fap ng\u01b0\u1eddi ph\u00e2n t\u00edch hi\u1ec3u r\u00f5 m\u1ee9c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng v\u00e0 s\u1ef1 m\u1edf r\u1ed9ng v\u1ec1 quy m\u00f4 c\u1ee7a c\u00f4ng ty. Ch\u00fang t\u00ednh to\u00e1n m\u1ee9c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng h\u00e0ng n\u0103m c\u1ee7a doanh thu v\u00e0 l\u1ee3i nhu\u1eadn. Tr\u01b0\u1eddng h\u1ee3p l\u00fd t\u01b0\u1edfng l\u00e0 khi t\u0103ng tr\u01b0\u1edfng doanh thu \u0111i li\u1ec1n v\u1edbi t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn<\/span><\/p>\n

(a) T\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng doanh thu<\/b><\/span>
\n C\u00f4ng th\u1ee9c t\u00ednh:<\/span><\/p>\n

Doanh thu k\u1ef3 hi\u1ec7n t\u1ea1i<\/span>
\n _______________________ – 1 (%)<\/span>
\n Doanh thu k\u1ef3 tr\u01b0\u1edbc\u200b<\/span><\/div>\n

\u0110\u00e2y l\u00e0 ch\u1ec9 s\u1ed1 quan tr\u1ecdng nh\u1ea5t ph\u1ea3n \u00e1nh m\u1ee9c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng c\u1ee7a c\u00f4ng ty. C\u1ea7n ghi nh\u1eadn khi t\u1ef7 l\u1ec7 n\u00e0y l\u1edbn h\u01a1n ch\u1ec9 s\u1ed1 l\u1ea1m ph\u00e1t, (c\u00f2n n\u1ebfu n\u00f3 nh\u1ecf h\u01a1n th\u00ec c\u00f3 ngh\u0129a m\u1ee9c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng l\u00e0 \u00e2m) ho\u1eb7c l\u1edbn h\u01a1n m\u1ee9c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng c\u1ee7a th\u1ecb tr\u01b0\u1eddng (n\u1ebfu nh\u1ecf h\u01a1n th\u00ec c\u00f3 ngh\u0129a c\u00f4ng ty \u0111ang g\u1eb7p v\u1ea5n \u0111\u1ec1 v\u1ec1 kh\u1ea3 n\u0103ng c\u1ea1nh tranh v\u00e0 th\u1ecb ph\u1ea7n c\u1ee7a n\u00f3 \u0111ang gi\u1ea3m)<\/span><\/p>\n

(b) T\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn kinh doanh <\/b><\/span>
\n C\u00f4ng th\u1ee9c t\u00ednh:<\/span><\/p>\n

L\u1ee3i nhu\u1eadn kinh doanh k\u1ef3 hi\u1ec7n t\u1ea1i<\/span>
\n _________________________________ – 1 (%)<\/span>
\n L\u1ee3i nhu\u1eadn kinh doanh k\u1ef3 tr\u01b0\u1edbc\u200b<\/span><\/div>\n

\u0110\u00e2y l\u00e0 ch\u1ec9 s\u1ed1 quan tr\u1ecdng nh\u1ea5t \u0111\u1ec3 xem x\u00e9t m\u1ee9c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng c\u1ee7a l\u1ee3i nhu\u1eadn c\u00f4ng ty. Trong khi t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng doanh thu \u0111\u00e1nh gi\u00e1 m\u1ee9c \u0111\u1ed9 m\u1edf r\u1ed9ng v\u1ec1 m\u1eb7t s\u1ed1 l\u01b0\u1ee3ng th\u00ec t\u1ef7 l\u1ec7 n\u00e0y \u0111\u00e1nh gi\u00e1 m\u1ee9c \u0111\u1ed9 m\u1edf r\u1ed9ng v\u1ec1 m\u1eb7t ch\u1ea5t l\u01b0\u1ee3ng.<\/span><\/p>\n

V. \u0110\u1ecbnh gi\u00e1 tr\u00ean th\u1ecb tr\u01b0\u1eddng (\u0111\u1ed1i v\u1edbi nh\u1eefng c\u00f4ng ty ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu)<\/b><\/span><\/h2>\n

C\u00e1c s\u1ed1 li\u1ec7u \u0111\u1ec3 ph\u00e2n t\u00edch t\u00e0i ch\u00ednh n\u00f3i tr\u00ean l\u00e0 nh\u1eefng gi\u00e1 tr\u1ecb ghi s\u1ed5 t\u1eeb b\u00e1o c\u00e1o t\u00e0i ch\u00ednh v\u00e0 do \u0111\u00f3, c\u00e1n b\u1ed9 ph\u00e2n t\u00edch c\u0169ng c\u1ea7n ph\u1ea3i ph\u00e2n t\u00edch th\u00eam tr\u00ean c\u01a1 s\u1edf gi\u00e1 tr\u1ecb tr\u00ean th\u1ecb tr\u01b0\u1eddng. Sau \u0111\u00e2y l\u00e0 nh\u1eefng ch\u1ec9 s\u1ed1 c\u01a1 b\u1ea3n:<\/span><\/p>\n

1. T\u1ef7 l\u1ec7 G\u00eda c\u1ea3 tr\u00ean thu nh\u1eadp m\u1ed9t c\u1ed5 ph\u1ea7n (PER) <\/b><\/span><\/h3>\n

Ch\u1ec9 s\u1ed1 n\u00e0y so s\u00e1nh gi\u00e1 c\u1ed5 phi\u1ebfu v\u1edbi thu nh\u1eadp t\u00ednh tr\u00ean m\u1ed9t c\u1ed5 ph\u1ea7n. PER c\u00e0ng cao th\u00ec c\u00f4ng ty c\u00e0ng \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 cao. PER kh\u00f4ng ch\u1ec9 ph\u1ea3n \u00e1nh kh\u1ea3 n\u0103ng sinh l\u1eddi hi\u1ec7n t\u1ea1i m\u00e0 c\u00f2n cho th\u1ea5y tri\u1ec3n v\u1ecdng sinh l\u1eddi t\u01b0\u01a1ng lai c\u1ee7a c\u00f4ng ty. Do v\u1eady, PER thay \u0111\u1ed5i theo ng\u00e0nh v\u00e0 chi\u1ebfn l\u01b0\u1ee3c kinh doanh. N\u00f3 c\u0169ng b\u1ecb \u1ea3nh h\u01b0\u1edfng b\u1edfi c\u00e1c y\u1ebfu t\u1ed1 kinh t\u1ebf (v\u00ed d\u1ee5 nh\u01b0 l\u00e3i su\u1ea5t)<\/span>
\n C\u00f4ng th\u1ee9c t\u00ednh:<\/span><\/p>\n

G\u00eda c\u1ed5 phi\u1ebfu<\/span>
\n _________________________________ (l\u1ea7n)<\/span>
\n Thu nh\u1eadp c\u1ee7a m\u1ed9t c\u1ed5 ph\u1ea7n<\/span>
\n \u200b<\/span><\/div>\n

2. T\u1ef7 l\u1ec7 gi\u00e1 c\u1ea3 tr\u00ean gi\u00e1 tr\u1ecb ghi s\u1ed5 (PBR)<\/b><\/span><\/h3>\n

C\u00f4ng th\u1ee9c t\u00ednh:<\/span><\/p>\n

Gi\u00e1 c\u1ed5 phi\u1ebfu<\/span>
\n _____________________________ (l\u1ea7n)<\/span>
\n G\u00eda tr\u1ecb ghi s\u1ed5 r\u00f2ng c\u1ee7a m\u1ed9t c\u1ed5 ph\u1ea7n\u200b<\/span><\/div>\n

N\u1ebfu nh\u01b0 t\u1ef7 l\u1ec7 n\u00e0y nh\u1ecf h\u01a1n 1 th\u00ec r\u1ea5t c\u00f3 kh\u1ea3 n\u0103ng c\u00f4ng ty ho\u1ea1t \u0111\u1ed9ng k\u00e9m<\/span>
\n<\/b><\/p>\n

S\u01b0u t\u1ea7m: Internet<\/span><\/div>\n

\n","protected":false},"excerpt":{"rendered":"

Ph\u00e2n t\u00edch b\u00e1o c\u00e1o t\u00e0i ch\u00ednh doanh nghi\u1ec7p\u00a0 Ph\u00e2n t\u00edch b\u00e1o c\u00e1o t\u00e0i ch\u00ednh l\u00e0 vi\u1ec7c x\u00e1c \u0111\u1ecbnh nh\u1eefng \u0111i\u1ec3m m\u1ea1nh v\u00e0 nh\u1eefng \u0111i\u1ec3m y\u1ebfu hi\u1ec7n t\u1ea1i c\u1ee7a m\u1ed9t c\u00f4ng ty qua vi\u1ec7c t\u00ednh to\u00e1n v\u00e0 ph\u00e2n t\u00edch nh\u1eefng t\u1ef7 s\u1ed1 kh\u00e1c nhau s\u1eed d\u1ee5ng nh\u1eefng s\u1ed1 li\u1ec7u t\u1eeb c\u00e1c b\u00e1o c\u00e1o t\u00e0i ch\u00ednh. CBTD..<\/p>\n","protected":false},"author":7,"featured_media":9253,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"tags":[3184,1775,2258,3182,3183],"_links":{"self":[{"href":"https:\/\/centax.dsoftware.vn\/index.php?rest_route=\/wp\/v2\/posts\/24383"}],"collection":[{"href":"https:\/\/centax.dsoftware.vn\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/centax.dsoftware.vn\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/centax.dsoftware.vn\/index.php?rest_route=\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/centax.dsoftware.vn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24383"}],"version-history":[{"count":0,"href":"https:\/\/centax.dsoftware.vn\/index.php?rest_route=\/wp\/v2\/posts\/24383\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/centax.dsoftware.vn\/index.php?rest_route=\/wp\/v2\/media\/9253"}],"wp:attachment":[{"href":"https:\/\/centax.dsoftware.vn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24383"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/centax.dsoftware.vn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}