Giáo trình tài chính doanh nghiệp (dùng cho ngoài ngành tái bản lần thứ ba) phần 2

C hitdng C H I PHI V O N V A C O C A U V O N Phan tfch cac lu6ng ti£n chiet kha'u nham h6 tro cho viec cac quyet djnh Lai truoc thue = CF - D -R => Thuc thu nhap doanh nghiep - T «C'F D - R) Trong : T la thue suat thuc thu nhap doanh nghiep D - R) = (1 - T)CF + TD + TR =>dong tien sau thuc = CF - T(CF - (2) TD va TR la cac khoan tie! kiem thue tir khau hao va lai vay Di6u nav noi len rang, neu khau hao va lai vay cang cao thi dong tidn sau thue cang cao Sd dl co su gia tang dong tidn sau thue nhu vay la doanh nghiep duoc phep khau tru chi phi kha'u hao va lai vay vao loi nhuan trudc thue cua ho Tiet kiem thue khau hao la phan thu nhap hoat d^ng, tiet kiem thue chi phi lai vay lien quan tdi phuong phap tai tro cua du an Mac du tiet kidm thu£ lai vay la mdt ngudn cua dong tien sau thue Nhung theo thdng le ke toin, no duoc dua vao chi phi su dung v6n Su that la chi phi lai vav bao ham cong thuc tinh chi phi trung binh cua von (WACC) da dupe didu chinh doi vdi thue (chi phi no sau thue*) Do vay, ve ly luan cung nhu thuc tien, chung ta su dung chi phi no sau thue de tinh WACC va su dung WACC d i chiet khau thu nhap rong cua du an Thu nhap rong cua du an chinh la dong tien sau thue' nhung khong tmh phan tiet kiem thue lai vay Thu nhap rong cua du an = (1 - T)CF + TD (3) Nhu vay, thu nhap rong cua du an la toan bo lai rong va kha'u hao TSCD That vay, tir cong thuc (3) ta c q : Thu nhap rong = (1 -T)(Lai trudc thue +Lai vay+Kha'u hao)+ TD cua du an = (1 - T)Lai trudc thue +(1-T)R+(1-T)D + TD = (1 -T)Lai trudc thue +D + (1 - T)R Vi (1 - T)R chinh la chi phf no sau thue da tfnh WACC va su dung WACC de’ chiet khiu thu nhap rong cua du an, cho nen: Thu nhap rong cua du in = (1 - T)Lai trudc thue + D - Lai sau thue + Khau hao TSCD 212 Toan bo phan tfch tren cho ta thay sir khac cua lai sau thue bao cao thu nhap cua ke toan voi dong tien sau thue trong.bao cao thu nhap cua du an dau tu - Khoan thu hoi von luu dong rong: Hau nhu tat ca cac du an khong nhung doi hoi ddu tu vao tai san co dinh ma doi hoi ddu tu vao vdn liru dong rong Vdn luu dong rong dugc tfnh bang tong tai san luu dong trir di ngudn von ngan han Tai khdng phai toan bo sir tang len cua tai san luu dong (bao gdm tien mat, nguyen vat lieu, san pham dang, phdm ton kho) doi hoi phai dugc tai trg ma chi ddi hoi tai trg vao vdn luu dong rdng Van de la d chd, bat cu su tang len nao cua tai san luu dong cung phai ddi hoi tai trg bang mot cach nao do, nhien co mot so ngudn vdn ngan han cung tang ldn mdt cach tu dong hay dong thdi cung vdi vide md rdng san xuat va ban hang Do la nhung ngudn von nhu phai tra ngudi cung ca'p, luong phai tra, thue phai tra Su tang len cua cac ngudn vdn da tu dong tai trg cho mot phan su tang len cua ban than no Chung ta co the kd't luan rang: trudng hgp vd'n luu ddng rdng duong, ddi hoi cdng ty phai co mot ngudn tai trg vugt qua sd' vd'n dau tu vao tai san co dinh de tai trg cho su tang ldn cua tai san luu ddng Trong phan xac dinh cac ludng tidn dau tu, chung ta da ndi dd'n khoan dau tu vao vd'n luu ddng rdng Day la phan tang len cua tai san luu ddng (cac khoan phai thu va hang tdn kho) doi hoi ngudn tai trg tir ben ngoai Khi du an ket thuc, hang tdn kho duoc ban hd't va khdng dugc thay thd', cac khoan phai thu dugc chuyen tien mat, cong ty se thu hdi dugc khoan von da ddu tu vao vd'n luu dong ban ddu Luong tidn thu hdi vdn luu dong dugc cong vao ludng tien rdng cuoi cung Quan he gitfa khoan tidn ddu tu ban ddu vao vdn luu dong va viec thu hoi no vao thdi gian cuoi du an cd th i hinh dung nhu sau: 213 Von luu dong Von luu ddng Thdi gian n Von liru dong dirge dau tir d thoi gian t = (horn nay) va dugc sir dung quay vong suot thdi gian du an cho den thdi didm cudi thdi gian du an t = n thi dugc thu h 6i - Gia tri thu hdi TSCD Phan ldn cac dir an ddu co gia tri thu hdi tai san co dinh Cac phucmg tien, thiet bi san xuat, nha xudng, du an ket thuc cdn cd mdt gia tri thi trudng nha't djnh Khi chung dugc ban, se xua't hien mot luong tidn cudi du an Ludng tien cung vdi cac ludng tidn khac ndi d trdn, hgp ludng tien rdng cua du an Luong tidn xua't hien viec ban tai san cd dinh phu thu 6c vao gia ban va gia tri cdn lai theo so sach cua chung Ne'u gia tri tai san cd dinh theo so sach (gia tri cdn lai) tucmg duong vdi gia ban, thi cong ty thu hoi dugc mot lugng tidn cuoi du an tuong duong vdi gia ban dd Nhung ne'u cdng ty ban vdi gia cao hon gia tri sd sach, nghla la cong ty thu duoc mdt khoan lai ban tai san c dinh, thi phan chdnh ldch se phai chju thue thu nhap doanh nghiep 7.4 DANH GIA DU AN DAU TU TRONG D l£ u KlfcN CO RUI RO VA LAM PHAT 7.4.1 Danh gia du an dau tu dieu kien co lam phat Lam phat du tinh co anh hudng nha't dinh tdi NPV cua d u an dau tu boi no lam bien doi ca ddng tidn ky vong va ty te chiet kha'u Khi danh gia du an ddu tu chung ta phai tu&n thu nguydn tac : ty le lai sua't danh nghla chi ap dung ddi vdi nhung khoan thu nhap danh nghla va lai su£t thuc chi ap dung d 6i vdi nhung khoan thu nhap thuc te Neu chung ta ky hieu ty le lam phat la h ty le lai suat danh nghla la K, ty 1c lai sua't thirc la k giua chung co moi lien lie nhu sau : 1+K + k ~ +h De minh hoa cho nguyen tac noi tren, ta tmh toan NPV dieu kien co lam phat, chung ta bat dau bang cong thuc tmh NPV cua mot du an tinh trang khong co lam phat Trong muc 2.1 chung ta da tfnh dugc NPV theo cong thuc: NPV = -C F + £ CF + 0' Trong cong thuc (3) muc ta da tfnh dugc thu nhap rong cua du an = (1 - T)CF + TD Vay NPV cua mot du an tinh trang khdng co lam phat, ky hieu NPV 0dugc tfnh theo c 6ng thuc : w o t, npvq= ^ ( l - T ) C F , v - TD, ~ c f + y - — -— l + y Ls- it (i +*)' n r ( i •**)' Chung ta tie'p tuc xet du an di£u kien co lam phat Khi thu nhap cua du an nam thur t la: CF, (1 - T) (1 +h)‘ + TD, Bieu thuc (1 - T)CF, co su gia tang va cha'p thuan muc gia o nam thu t, nhung co su gia tang ve lam phat, boi no dugc lucmg dua trSn co so nhung chi phf qua khu Su dung nguyen tic lai sua't danh nghla ap dung doi vdi thu nhap danh nghla, chung ta co the tim dugc NPV cua du an sau da di£u chinh theo lam phat nhu s a u 215 npv = ^ CF { \ - T ) ( \ + h)' ^ TD - — - + y - cf, + y — - — rr Vi le : + K = (1 (i + A'V 11 - A ) ( 4) k)(l + h) va (1 + KY =[( -*■M 1+hJ = (1 + k)! (1 + h )' C ta co : NPVt -CF0 + ro tr (l + A) ( l + A) S ( l + * ) ' ( + A ) ’ (5) = Cf.o+y i l z ^ +yZMHW tr (i+ * )’ tr (i+ * )' Trong cong thuc (4) ty le chiet khau danh nghla K duoc ap dung doi vcn cac khoan thu nhap danh nghla; cdng thuc (5) ty le chiet khau thuc k dupe ap dung d 6i vcri cac khoan thu nhap thuc te So sanh NPVh vcri NPV chung ta co the rut ket luanlsau : Neu dieu chinh lai suat danh nghla theo lam phat thi cac khoan thu nhap va chi phi cua du an thay d 6i vdi cung mot ty 16 (tha'p hon hay cao hon ty 16 lam phat h), ngoai triir nhung khoan dua tren nhung chi phi qua khur, vi gia tri cua khoan tiet ki 6m thue kha'u hao mang lai the hien su On dinh \ i tien t6 T D ,/ (1 + h ) ‘ 7.4.2 Danh gia du an dau tu dieu kien co rui ro M 6t nhung giai phap thucmg duoc su dung de danh gia d u an ddu tu di 6u kien co rui ro la ap dung ty le chiet kha'u da di 6u chinh rui ro D6 ap dung ty 16 nay, chung ta thuc hi6n theo budc co ban sau : - Ubc tinh nhung khoan thu nhap ky vong cua du an - Su dung ty 16 chiet khau bao ham rui ro, lpi nhuan tuong xung vdi mure dd khdng chic chan cua cac khoan thu nhap de chiet khiu dong ti6n 216 Chung ta da biet, chi phi sir dung von la chi phi c a hoi, duoc dung de ludng ty le sinh lai co the thu duac tU ben ngoai doanh nghiep cac du an dau tu co m uc rui ro tuang xung vai thu nh 3p cua du an m ang lai D ie u noi len rang, ty le chiet kha'u da didu chinh rui ro voi bat ky loai rui ro nao, d£u bang vai ty le sinh lcri can thiet theo thi truong co muc rui ro thap hanWACC, se duac ap dung doi vdi nhiing du an co muc dd rui ro tha'p hon rui ro trung binh, va ngugc lai Nha quan tri tai chinh phai nhan biet va phan ung kip thdi doi vdi nhung dieu kien thi trudng va di£u chinh ty le chiet kha'u phii hap vdi su thay d 6i cua thi trucmg Ducmg nhidn la ve mat ly thuyd't, co mdt ca sa chic chan cho phuang phap tiep can tren Do la ngucri ta da chung minh dugc rang, ty 16 sinh lcri cdn thiet cua mdt du 4n thudc vao rui ro kinh doanh cua no, cung nhu thudc vao t6ng sd' ng vay dugc sir dung de tai trg cho du an 217 CAU HOI ON TAP Cac nhan td anh hudng den dau tu dai han cua doanh nghiep? Khai niem du an ddu tu va dac dilm cua du an ddu tu cua doanh nghiep? Cac phuang phap danh gia hieu qua tai chinh du an ddu tu tren giac dd nha doanh nghidp va nha ngdn hang? Gia tri thdi gian cua tidn danh gia du an ddu tu? Nhdn xet thuc td' danh gia hidu qua tai chmh du an ddu tu d Viet Nam hien nay? Nhan xet cac phuang phap xac dinh ludng tidn du an? Phan tfch cac dieu kidn de ndng cao c h it luong tham dinh tai chrnh du an ddu tu d Vidt Nam hidn nay? Mdt du an ddu tu co NPV cao thi co IRR cao Hay binh ludn 218 DANH MUC TAI LIEU THAM KHAO i t i £:n g v i £ t TS Liru Thi Hucrng, Gido trinh Tai chinh doanh nghiep, NXB Giao due, 1998 Nguydn Hai San, Quan tri Tai chinh doanh nghiep, NXB Thong KS, 2001 TS Vu Duy Hao, Quan tri Tai chinh doanh nghiep, NXB Tai chmh, 1998 TS Nguydn Huu Tai (Chu bidn), Giao trinh ly thuyet tai chinh tien te, NXB Thdng ke 2002 Frank - John Stermole, Danh gid kinh te va quyet dinh ddu tu cdc doanh nghiep vita va nho, NXB Thdng kd, 1995 Peter Rose, Quan tri Ngdn hang Thucmg mai, NXB Tai chmh 2001 (Ban dich cua Nguydn Huy Ho&ng, Nguydn Due Hi£n va Pham Long) * Trudng Dai hoc kinh td' TP.HCM, Ly tuyet tai chinh - tien te, NXB Dai hoc qudc gia TP.HCM Frederic S.Minshkin, Tien te, ngan hdng va thj trucmg tai chinh, NXB Khoa hoc Ky thufit -2001 Hoc vidn ngin hdng, Giao trinh thi trudng chung khoan, NXB Thdng kd 2001 10 Tnrdng Dai hoc Ngoai thuong, Gido trinh Thi trudng chiing khoan, NXB Giao due, 1998 11 Trudng Dai hoc Tai chinh K6 toan HI Ndi, Gido trinh TTCK 12 Trudng Dai hoc Kinh t£ TP.HCM, Gido trinh Thi trudng chung khoan 13 Uy ban Chiftig khoin, Giao trinh Nhung van de co ban ve chung khoan vd Thi trudng chung khoan 14 PGS.TS Ld Van Td, Ths Nguydn Thi XuSn Kieu, Phdn tich tlii trucmg tai chinh, NXB Thdng kd - 2000 219 15 T u d ien thudt n g u kinh tt’ hoc Nha xual han tu dien ft ich khoa- 2001 16 PGS Mai Sicu G i d o tnni i T o d n tdi c hm h N X B G i a i ’ due - 1998 17 Heinz Richz - M R'xieiguez, Thi trifi'mg hoi d od i wj rhi t ruong tien te N X B C T Q G - 19% “ II TII^NG ANH Charles J.Corrado & Bradford D.Jordan Fundamentals of Investments - Valuation and Management, Me Graw Hill 2000 Aswath Damodaran, Corporate Finance - Theory and Practice, John Wiley & Sons, Inc, Copyright 1997 William F.Sharpe, Fortfolio Theory and Capital Markets, McGraw-Hill, copyright 2000 ELTON/GRUBER Modern Fortfolio Theory and Investment Analysis, John Wiley & Sons INC, 1985 Keith Cuthbeitson, Quantitative Financial Economics Stock, Bonds and Foreign Exchange, Wiley, copyright 1999 Risk Management and analysis, Volume I: Measuring and Modelling Financial Risk William Sackley, Fundamental of Corporate Finance (Text Book and Test Bank), McGraw - Hill, 2000 Richard A Brealey and Stewart C Myers, Principles of Corporate Fianance, McGraw - Hill, Inc, 1996 Moshe Ben - Horim, Essentials of Corporate Finance Allyn and Bacon, Copy right 1987 10 David M.Weiss, After the trade is made: Processing Securities Transactions, NewYork Institute of Finance 11 Jonh Dalton, How the stock market works, NewYork Institute of Finance 12 Keith Cuthbertson - NXB: Wiley, copyright 1999, Quantitative Financial Economics 13 Robert Zipf, How the bond Market Works, NewYork Institute of Finance 970 14 Charles J Corrado & Bradford D.Jordan, Fundamentals of Investments - Valuation and M anagem ent , Me Graw Hill, 2000 15 Keith Cuthbertson, Q uantitative Financial Econom ics, Stock, Bonds and Foreign Exchange , Wiley, copyright 1999 16 William Sackley, Fundam ental of C orporate Finance (Text Book and Test Bank), McGraw - Hill, 2000 17 Aswath Damodaran, C orporate Finance - Theory and Practice , John Wiley & Sons, Inc, Copyright 1997 18 Richard A Brealey and Stewart C Myers, Principles o f Corporate Fianance, McGraw - Hill, Inc, 1996 III TlfiNG PHAP ROBERT COBBAUT, Theorie Financiere, Gestion - Economica, 1997 GABRlfi H.ET JACQUIER J.L., La theorie moderne de T’emreprise VAN HORNE J.C., Principes de gestion financiere MOURGUES N., Financement et cout du capital de I'entreprise 221 MUC LUC Trang Loi noi ddu Chuomg Tong quan ve tdi chinh doanh nghiep 11 Doanh nghiep 1.2 Khai nidm tai chinh doanh nghiep 1.3 Co so tai chinh doanh nghiep va cac dong tidn 10 1.4 Cac noi dung co ban vd quan ly tai chmh doanh nghiep 13 1.5 Muc tieu quan ly tai chinh doanh nghiep 16 1.6 Vai tro quan ly tai chinh doanh nghidp 17 1.7 Nguyen tic quan ly tai chinh doanh nghidp 18 1.8 Bo may quan ly tai chfnh 22 Cau hoi on tap 23 Chuong Quan ly thu chi doanh nghiep 25 Quan ly doanh thu chi phi va loi nhu&n kinh doanh 25 2.2 Chi phi kinh doanh 26 2.3 Thue va cach tinh thue' doanh nghidp 31 2.4 Lpi nhu&n va phin phoi loi nhuan 34 2.5 Quan ly ngin quy xf nghidp 39 Ciu hoi on tip 50 Chuong Phdn tich tdi chinh doanh nghiep 51 3.1 Doc va kidm tra cac bao cao tai chinh doanh nghidp 51 3.2 Phin tich tai chinh doanh nghidp 66 Cau hoi on tip 108 Chuong Chi phi von vd co cdu von 109 4.1 Khai nidnrchi phi von 109 • 4.2 Chi phi cua cac loai v6n 222 110 Co ca'u vdn cua doanh nghiep 127 C3u hoi on tap 138 Chuong Nguon von cua doanh nghiep 139 5.1 Tdng quan vd von cua doanh nghiep 139 5.2 Phuong phap lira chon ngudn vdn 139 5.3 Cac ngudn vdn cua doanh nghiep va phirong thuc huy dong 140 Cau hoi on tap 154 Chucrng Quan ly tdi san doanh nghiep 155 6.1 Quan ly tai san luu dong 155 6.2 Quan ly tai san cd dinh va quy kha'u hao 177 Cau hoi 6n tip 188 Chuong Ddu tu ddi han doanh nghiep 189 7.1 Cac yeu td anh hudng tdi diu tu dai han cua doanh nghidp 189 7.2 Cac phucmg phap thdm dinh hidu qua tai chinh du an diu tu 201 7.3 Xac dinh ludng ti6n cua du an diu tu 209 7.4 Danh gia du an diu tu didu kidn cd rui ro va lam phat 215 Q u hoi fin tip 218 Danh muc tdi lieu tham khdo 219 223 TAI CHINH DOANH NGHIEP N H A X U A T BAN D AI HO C KINH TE Q U O C DAN DC: 207 O i/d n g G iai P hong - Ha Noi DT: (04) 38696407 - 36282486 - 36 28 24 F a x : (04) 82485 C hiu trach nhiem xu at ban GS TS NGUYEN THANH DO C hiu ndi • trach nhiem • • du ng o PGS.TS L iru THI H U dN G PG S.TS VU DUY HAO B ie n t a p C he b a n vi tin h T h iS t k e b ia NGOC LAN - TR IN H QUYEN NGUYEN TH I HAO TRAN MAI HOA In 3.000 cutfn kh6 14.5 x 20.5cm tai Xuong in Nha xuit ban DH KTQD Giiy phep xuit ban s6: 717-2008/CXB/01-104/DHKTQD In xong va n6p luu chilu thang 02/2009