phân tích cơ cấu vốn tại công ty cổ phần x20

BO GIAO DVC VA DAO TAO TRIJIING DAI HQC THANG LONG o0o KHOA LUAN TOT NGHIEP BE TAI: PHAN TICH CAU VON TAI CONG TY CO PHAN X20 Giao vien h•oug tem Sinh vien thtyc hien Ma sinh vien Chuyin nganh ThS. Ngo Thi Quyen Phan] Anh Phtrang A17058 Tai chinh - Ngfin hang HA NO1— 2013 LEI CAM ON Tnrac tien, em mu6n giri 16i cam an chin thanh nhAt den giao vien huang an - giang vien Ngo Thi Quyen, ngueri da tin tinh chi bao va huerng din cho em trong su6t th&i gian thirc hien va hoan thanh khoa luin tot nghiep. Ben canh do, thong qua khoa luin nay, em ding cam an cac thAy c6 dang giang day a tnremg Dai hoc Thang Long, nhimg ngueri da mang 14i cho em mOt nen tang kien thirc can ban nhAt de co the nhin thirc va phan tich dirge nhang vAn de, s6 lieu lien quan den kinh te, tao nen tang ve chuyen nganh hoc de em co the hoan thanh de tai nay. Em cling xin cam an tai dan vi thirc tip, dic biet la cac anh chi trong phong Tai chinh - ke toan a nhiet tinh giap d6 em trong viec cung cap va Op nhit s6 lieu, thong tin dm dan vi trong su6t thin gian thtrc hien khoa luin. Cu6i ding, em chin thanh cam an gia dinh va ban be da Ong vien, tao dieu kien de em có the hoan thanh khoa luin melt each tot nhAt. Em xin chant thanh cam an! Thang Long University Library M1VC LUC CHVONG 1. 1,)? LUAN CO BAN VE CO CAU VON TRONG DN  1.1Co . Ciu von cfia DN  1 1.1.1 Khai niOn co' cau van  1 1.1.2 Cac nhan to cat, thanh  1 1.1.3 Ccic chi lieu phiin anh co' Call von  2 1.1.4 L . ,Pthuy4t ca cat, van tai tru ciia DN  3 1.1.5 Y nghia ciia vi'ec phan Lich ca cau von  4 1.2Chi phi von  4 1.2.1 Chi phi van vay  5 1.2.1.1 Chi phi van vay NH  5 1.2.1.2 Chi phi van vay DH  6 1.2.2 Chi phi van ca phitt tru dai  7 1.2.3 Chi phi van co phi : eu thireng  7 1.2.4 Chi phi van binh quint WA CC  8 1.3Tac Ong ciia co . ciu von den ty suAt sinh Rri — rfii ro  9 1.3.1 Don bay tai chink  9 1.3.1.1 Phan tich diem bang quan EBIT — EPS  9 1.3.1.2 DO bciy tai chinh  10 1.3.1.3 DO beiy va rfti ro tai chinh  11 1.3.1.4 MOt sa phtrang phap do luring rfti ro tai chinh khac.  11 1.3.2 Ttic &Ong c eta den bay tai chinh cr'en khii nang sinh  12 1.4 Tac Ong cfia co ciu von den gia tri DN  12 1.4.1 Lf , thuy't M& M trong truirng hop khang c6 thui;  13 1.4.2 Lf, thuA M&M trong Throng hop ce thu' r e  13 1.4.4 Thi truirng khang hotin heio  14 CHUONG 2. THUC TRANG CO CAU VON CUA CONG TV CO PHAN X20.16 2.1 Gieri thi'0 cong ty c6 phin X20  16 2.1.1 Lich sir hinh thank cong ty  16 2.1.2 Dac di'dm nganh nghe kinh doanh ctia cong ty X20  16 2.1.3 Co . cat, to chtk caa cong ty co phan X20  17 2.1.4 Char ming nhiem vu ctia tirng be) phtin  19 2.1.4.1 Bo phOn quan 1j)  19 2.1.4.2 BO phOn san zulit kinh doanh  19 2.2 Ket qui hoat Ong san xuAt kinh doanh ctia cong ty c6 pha'n X20 nam 2010 — 2012  20 2.2.1 Tinh hinh doanh thu — chi phi — loi tthuOn nam 2010 — 2012  20 2.2.2 nth hinh tai san — nguan von tram 2010 — 2012 cat] cong ty co phan X20  21 2.2.2.1 Tinh hinh tai san 2010 - 2012  21 2.2.2.2 Tinh hinh nguan van 2010 - 2012  24 2.2.2.3 Chi tieu tai chinh tang h9p  27 2.2.2.4 Chi tieu kha nang thanh loan  28 2.3 That trang co . eau von tai cong ty CP X20  30 2.3.1 No . NH  30 2.3.1.1 Ca cau na NH  30 2.3.1.2 Chi phi van NH  32 2.3.2 N9 DH  33 2.3.2.1 Ca cau n9 DH  33 2.3.2.2 Chi phi van DH  34 2.3.3 Von CSH  35 2.3.3.1 Ca cau van CSH  35 2.3.3.2 Chi phi van CSH  37 2.3.4 Chi phi van binh quan (WACC)  38 2.4 Tac Ong cua co . cau von den tS , suat sinh liri — rut ro  40 2.4.1 Anh huang ell(' ca cau van d i en raj ro tai chink  40 2.4.1.1 DiAm bang quan EBIT — EPS  40 2.4.1.2 DO bay tai chinh  41 2.4.1.3 Ca cau van va rai ro tai chinh  43 2.4.2 Anh hirong cua ca cau van ign ty suit sinh loti  44 2.4.2.1 Tac d5ng caa ca cau van len ROE  44 2.4.2.2 Tdm chdn thuA tit Icii vay  46 2.5 Dinh gia ve can true von tai cong ty CP X20  47 2.5.1 Ifu diAm  47 2.5.2 Nl ~ tto . c diAm  48 CHUONG 3. DANH GIA VA CIA! PHAP VE CO CAU VON CUA CONG TY CO PHAN X20  50 3.1 Thuan 191, kilo khan trong moi trtro . ng kinh doanh ciia cong ty CP X20  50 3.1.1 Th ua ~~ 19i  50 3.1.2 Kith khan  50 3.2 Dinh htron Oat trier' ciia ding ty  50 3.3 Giai phi') cho co . cat' yen cfia cong ty X20  51 3.3.1 Thay dal 1y tryng trong thrinh phan van  51 3.3.2 TiAl kiem chi phi, tang hieu quo son  kinh doanh  53 3.3.2.1 Tiet kiAm chi phi  53 3.3.2.2 Tang hieu qua san xuat kinh doanh  55 3.4 Milt so kien nghi khac  56 3.4.1 Quan ly nguon van litu &Ong  56 3.4.2 Nang cao nh'an Mar vA ca cau van hip ly  57 Thang Long University Library DANH MIX VIET TAT TS  TM sin NH  Ngan han DH  Dai han CSH  Chu sir hiru DN  Doanh nghi'e'p DANH MIX BANG BIEU Bang 2.1 Doanh thu-chi phi-lqi nhu4n nam 2010-2012  20 Bang 2.2 Tai sin cong ty 2010-2012  22 Bang 2.3 Ty trong thanh phAn ngtiOn von 2010-2012  25 Bang 2.4 Nhom chi tieu phan anh kha nang sinh loi  27 Bang 2.5 Chi tieu kha nang thanh town  29 Bang 2.6 Co . cAu my NH 2010-2012  31 Bang 2.7 Chi phi von NH  33 Bang 2.8 Ty trong nq DH 2010-2012  34 Bang 2.9 Chi phi vOn DH  35 Bang 2.10 Ty trong cac thanh phAn vOn CSH 2010-2012  36 Bang 2.11 Chi phi vOn CSH  37 Bang 2.12 Chi phi vOn binh quan WACC 2010-2012  38 Bang 2.13 Thay dOi trong no' DH va von CSH  40 Bang 2.14 Do !Ay tai chinh DFL 2010-2012  41 Bang 2.15 Co ciiu von va rui ro tai chinh  43 Bang 2.16 Cong thin Dupont ciia ROE 2010-2012  45 Bang 2.17 TAm ctin thue 2010-2012  47 Bang 3.1 Chi phi Oat hanh co phieu thtr&ng  52 Bang 3.2 Chi phi vim binh quail WACC khi phat hanh them co phieu  52 Bang 3.3 Don !Ay tai chinh ciia cac phiron an  53 Bang 3.4 Chi phi nguyen vat lieu trqc tiep  54 Bang 3.5 Chi phi quan ly DN  54 Bang 3.6 Tinh hinh doanh thu- chi phi — lqi nhOn  55 DANH M>i1C BIEU DO Bleu coo 2.1 Doanh thu-chi phi- loi nhuin  20 Bleu coo 2.2 Ty trong mot so thanh phan tai sin 2010-2012  23 Bien coo 2.3 Ca can von 2010-2012  25 Bleu coo 2.4 Chi tieu phin anh co cau von  26 Bleu coo 2.5 Chi phi von binh quail WACC  38 Bien (14 2.6 Diem bang quan EBIT - EPS  40 Bieu coo 2.7 DO bay tai chinh DFL  42 Bleu dO 2.8 ROE  45 DANH Mk1C HINH VE, SO DO Hinh 1.1 Diem bang quan EBIT - EPS  10 Hinh 1.2 Chi phi khOn kho tai chinh  14 So coo 1.1 TO chtrc bO may quin ly cOng ty  18 Thang Long University Library Len Mei DAU 1. Ly do nghien cam Cac nha dau tir thanh lap DN voi muc Bich la tien hanh san xuat kinh doanh, tao ra hang hoa djch vu de tien hanh trao 6i vai cac don vj kinh to khac nhim muc tieu sinh lei. Mu6n nhtr vay, nha dau to can thiet phai co von. VOn &roc dau Pr vao qua trinh kinh doanh tao co hOi cho DN ma rOng quy mo, nang cao san xuat, tao them nhi'eu lqi nhuan va tang them gia tri DN. Ben canh dO, co cau v6n va hieu qua sir dung von la yeti to rat quan trong, quyet djnh den hieu qua san xuat kinh doanh ding nhu str song con dm DN. Vi vay, viec danh gia, nang cao hieu qua sir dung von ding vai mOt cau true von t6i tru la rat can thiet va coy nghia trong quan trj tai chinh cua doanh nghiep. Viec nay del hoi phai danh gia mOt each town dien de tim ra nguyen nhan, nhang y6u t6 anh htrang tai hieu qua san xuat kinh doanh, tir do dua ra cac chinh sach, chitin ltroc dung din a phat trien DN. Thtrc to hien nay, v&i sir canh tranh gay git trong nen kinh to thj tn.rang de co the ton tai va tao chi; dung tren thircrng tn.rang, van 6 Ian dang ducfc dat ra cho cac DN la nhu cau v'e nguOn von, each quail ly von hieu qua va tim ra mOt co cau von hop 13" , sao cho DN co the dat ducc lqi nhuan cao nhAt khi muc phi sir dung thip nhAt. Tir nhang van de tren, qua qua tranh tim hieu, thtrc tap tai ding ty CP X20, em da hinh thanh y Wang ve 6 tai khoa luan tot nghiep cua minh: "Phan tich ca eau win tai ding ty CP X20". 2. Muc tieu nghien ctru Khoa luan tap trung nghien ciru thtrc tang, phan tich co cau von va chi phi von cua ding ty CP X20 trong giai doan 2010-2012. Tir do danh gia &roc uu, nhugc diem va tim cac giai phap nhim nang cao hieu qua sir dung v6n, dua ra m6t co cau hop lY nhAt dOi voi ding ty. 3. Phtrcrng phip nghien cum. Phuong phap nghien dru duqc sir dung trong khoa luan la phucmg phap phan tich, tong hop, khai quat hoa dtra tren co sa cac s8 lieu, thong tin &roc cung cap va tinh hinh thtrc to cua ding ty. 4. Ket cau khoa Wan Ngoai phan ma dau va ket luan, danh muc tham khao, khoa luan duoc chia thanh ba phan chinh. Phan 1: Ly luan co ban ye co cau von trong DN Phan 2: ThIrc tang ca cau v6n cua eking ty CP X20. Phan 3: Danh gia va giai phap ve co cau von cua ding ty CP X20. CHVONG 1. LY LUAN CC BAN VE COr CAU VON TRONG DN 1.1 Ccr cAu von ctia DN I. 1.1 Khdi nrem ca cau van Trong nen kinh te , DN c6 the sir dung nhiEu ngutin von khac nhau de dap rng nhu cAu vE v6n trong hoat dOng kinh doanh. Tuy nhien, DN phai biet phi hqp, sir dung cac ngu6n vein de tao ra 1 ca cAu vein hap 1j , dem 14i lqi ich t6i da cho doanh nghiep. Ca cAu von la quan he ve t5 , trong giea nq va vein CSH (bao g6m vein co phAn uu dal va vein c6 phAn thuang) trong tong so ngutin vein dm ding ty. Quyet (firth ve ca cAu ngutm vein la van dE tai chinh het sec quan trong ctia DN. N6 la mOt trong nhUng yeti to guyet (firth den chi phi von binh quan , ti suAt sinh Igi d6i veri v6n CSH ding nip" rui ro tai chinh dm DN. 1.1.2 Cdc nhan to cau themh DN co the huy &Ong v6n cho nhu cAu kinh doanh tir nhieu ngutin khac nhau, tuy nhien, to c6 the qui ngutin Vein cua DN vE 2 ngutin chinh: Vo'n CSH va ngutin Kr. Vim CSH Thy timg loci hinh DN, vein CSH dtrac hinh thanh tir nhiEu nguton khac nhau. Tuy nhien, cac b0 phan chu yeu la v6n gop ban dAu, lai nhuan de lai va tang nguto vein bang vi'ec phat hanh c6 phieu doi vai ding ty c6 phAn. Van gop ban &Ili: La s6 v6n nhAt (firth ma khi mai thanh lap mci DN den can phai co. Vai cong ty nha nuac, v6n ban dAu la win dAu tu cita nha nuac. ved ding ty co phAn, vim do cac c6 dung dung gop la yeu to quyet djnh de hinh thanh ding ty. Trong loci hinh DN khac nhu cong ty co von dau tu nuac ngoai thi ngu6n von ban d'Au bao g6m: von ctia chu dAti tu, von do cac ben tham gia, cac doi tac gop Ty le va guy mo vein gop My thuOc vao dac diem nganh nghe va ca cAu lien doanh cua cong ty. Lei nhudn cue Trong qua trinh san xuAt kinh doanh, net' DN hoat dOng hieu qua thi se co diEu kien thuan lqi de tang ngulin vein hoat dOng, d6 la ngutin v6n tich ley tir lqi nhuan dtrac sir dung de tai dAu tu, ma rOng san xuAt kinh doanh. Day la ngutin vein CSH nOi sinh cua ding ty, ngutin v6n nay chi c6 the thkrc hien &Kit ntu DN da va dang hoat dOng va co 19i nhuan, ducc phep tiep ti g ic dAu tu. Phat hanh ca phiiu: Ngoai viec tang ngu6n vein bang cach ttr tai tra bing 19i nhuan de 14i, DN can co the phat halal co phieu mai, day duqc coi la hoat dOng tai tra DH ctia DN. DN co the phat hanh co phieu thtdmg va c6 phieu tru dal. Ngutm my Trong qua trinh san xuAt kinh doanh, hAu nhur khong DN nao chi hoat dOng dva vao ngutin von CSH ma can phai huy dOng nhi&I ngu6n vein khac nhau, va ding ke tai nhAt la ngu6n ng. 1 Thang Long University Library Ngujn nq NH: la nhang nguan tai trg ding ty có the huy dOng dtra vao sir dung trong mOt khoang thtri gian NH, thutmg trong yang mOt nam. ThOng thutmg, ding ty khO co the sir dung nguan van DH de dAu tu vao tai san ltru dOng vi nhu cau van de dAu tu vao tai san c6 dinh la rat lan va nguan DH se kho huy &Ong hcm. Do do, nguan vay NH nay thutmg dung a du tu vao tai san Itru dOng. Tir bang can dai ke toan, to co the thAy nguan van vay NH thterng bao gam: phai tra ngutri ban, vay NH ngan hang, cac khoan phai tra va cac khoan vay khac. Lai suAt dm nguan vay nay thutmg thAp han vay DH. Nguijn nq DH: XuAt phat tir nhu cAu dAu tu van vao cac du an dau tu, mua sim ho4c nang cap tai san ca dinh, cai tien quy trinh san xuAt kinh doanh nham nang cao chAt lugng san phAm hoAc chi phi Cac nhu cAu ten du la ke hoach DH can bo van ra va thu hai ve voi thtri han Ian ham mOt nam. De dap img dugc nhu cAu do, ngoai van CSH, DN can mOt nguan van dAu tu DH, do la nq vay DH (thtri han tren mOt nam). Ng vay DH khong chi bao gam nq vay ngan hang ma con bao gam ca ng huy dOng qua thi tnrimg van dutri hinh attic phat hanh trai phieu. Trai phieu la mOt cam ket cua cong ty di vay se tra 10i von g6c vao mOt ngay nhAt dinh, thuarng bao gam: so tien gac, lai suAt, each thirc tra lai, thai han vay va cac diEu khoan phu. Lai suAt vay DH thutmg cao horn lai suAt vay NH. Tuy dugc khAu trir thud va CO the tan dung lgi the vE don bAy tai chinh de gia tang lgi nhu' On cho co dong, cac khoan ng vin gay ap luc tai chinh cho DN, gia tang raj ro va lam he so nq ctia Ong ty x'Au di. 1.1.3 Cdc chi tieu pliiin dnh co . cau von Tang ng Tang tai san (Tang nguan van) He s6 nay cho biet ng phai tra chiem bao nhieu phAn tram trong tang nguan vein DN hay trong tang tai san hinh thanh CO bao nhieu phan tram la tir nguan ng phai tra. He s6 nay the hien mire dO php thuOc tai chinh dm DN. Neu ty s6 ng cao cho thAy dO phu thuOc ctla DN vao chu ng cang lan, tinh tu chu dm DN cang thAp, trong twang lai DN se kh6 huy dOng tien vay de kinh doanh. TS , s6 ng thAp cho thAy tinh tu chi' ctia DN tang len nhung qua do ding nhan thAy rang, DN chtra CO dung kenh huy dOng von bang ng, tirc chtra khai khac tot don bAy tai chinh. He so ng tren van CSH = Tang ng Van CSH Chi tieu nay cho biet, dr mOt d'ang tai san tai trg bang van CSH thi Wang ung vai may d'ang tai trg bang ng phai tra. TS , le tang ng ten van CSH giiip nha dAu tu c6 mOt cai nhin khai quat ve sue mph tai chinh, cAu trim tai chinh dm DN va lam the nao He song= 2 DN c6 the chi tra cho cac hoot dOng. Thong thutrng, ndu he s6 nay 16 . n han 1, co nghia la tai san cua DN dugc tai trg chu ydu beri cac khoan ng, con ngtrgc 10i thi tai san dm DN dirge tai trq chti y6u bori ngu6n von CSH. VE nguyen tic, he s6 nay cang nhe, co ngliia la ng phai tra chitm t - S , le nho so vai tong tai san hay tong ngu6n Win thi DN it gap kho khan han trong tai chinh. TS , le nay cang lan thi kha nang gap kho khan trong viec tra ng hoac pha san cua DN cang km. Tuy nhien, viec sir dung ng ding co mOt tru didm, do la chi phi lai vay se dugc trfr vao thud thu nhap DN. Do do, DN phai can nhic a dua ra cac quyet dinh hgp 13't. s6 tai trg = To „  ng ngu s on von He so nay la chi tieu phan ant) kha nang ter bao dam vd mat tai chinh va mire dO dOc lap vd mat tai chinh dm DN. Chi tieu nay cho bidt, trong tong so ngu6n von tai trg, ngu6n von CSH chidm may phAn. Tri so cua chi tieu cang lon chirng to kha nang to bao dam vd mat tai chinh cang cao, mire dO dOc lap vd mat tai chinh cua DN cang tang. Ngugc 14i, tri so nay thAp thi kha nang tu bao dam cua DN se thAp va mac di) dOc lap se giam. Ndu DN co tri s . 6 cua he so tai trg thip, he so ng tren von CSH va he so ng cao, DN se rat kh6 khan khi thuydt phuc cac nha diu to tin dung cho vay. Do vay, DN can phai co cac giai phap thich hap a co mOt ty' le hap nhAt. T'Ong TS He s6 ter tai tro. = V6n CSH He so nay la chi tieu phan anh mix do dAu to tai san cua DN bang von CSH. Tri so dm chi tieu nay ndu Lan han 1, chung t6 DN sir dung ca von CSH va ng phai tra de tai trg tai san. Tri so dm chi tieu cang lan han 1 bao nhieu, mix dO sir dung ng phai tra de tai trg tai san cang cao biy nhieu va ngugc 14i. Tnrong hap tri so dm chi tieu nh6 han 0, ng phai tra dugc DN sir dung viva dii de bu 18 va vira a trang trai tai san cho hog dOng. 1.1.4 1.35 thuyit ca cam von tji au cua DN Lieu ca cAu von co anh htrong tai gia tri DN va !al nhuan cua co dong? Ly thuyEt ca cAu von toi uu cho rang, ban quan tri ding ty co thd gia tang gia tri cua ding ty bing each sir dung ty so don bAy tai chinh pha hgp. Vai each nay, cong ty co the h4 thAp chi phi von thong qua viec gia tang sir dung ng boi chi phi sir dung ng thAp han do c6 khoan tidt kiem thud. Viec sir dung nq nhidu lam gia tang rui ro cong ty, nhung ty le ng cao not chung dua ddn lgi nhuan kS , vgng cao. Rui ro tang co the lam ha thAp gia co phidu, nhung lgi nhuan cao 14i co khuynh huorng gia tang gia co phidu cong ty. Tir do, ca cAu von tdi uu cua DN la ca cAu von can ddi dugc giCra nil ro va lgi nhuan, VOn CSH 3 Thang Long University Library [...]... su, kS loan, nhan vien quan tri cong ty trong khi theo dOi va giai quyet phi san moi d'S xac dinh va quan sat, con lai, cac chi phi gian tip khac nhu mat khach hang, nha cung cap, nhan vien gioi, rat kh6 xac dinh cu the 15 Thang Long University Library CHVONG 2 THI)C TRANG CO CAU VON CUA CONG TY CO PHAN X20 2.1 Giai thi0 cong ty co phan X20 Ten giao dich: Cong ty CP X20 Ten giao dich qu6c Gatexco 20... 0100109339 V6n dieu 1E: 172.500.000.000 diing (Bing chic mitt trim bay mucri hai ty, nam tram tri'Eu dUng chin) Hinh thirc set hau: COng ty CP 2.1.1 Lich sti hinh thalth ding ty Ngay 18 thang 02 nam 1957, "Xtrang may do hang ky", ggi tat la X20 - tin than cua Cong ty CP X20 ra dvi Thang 12 nam 1962, T6ng cvc Hau can giao nhiEm vv cho X20 theo quy the Xi nghiEp Quik phong Den thang 4 nam 1968, T6ng cvc Hatt... nghiEp may 20 dugc chuyen thanh Cong ty may 20 Thang 7 nam 1996, Cong ty may 20 thanh lap Xi nghiEp D'Et kim, cu6i nam 1997 thanh lap Xi nghiEp d'Et vai Den theri diem nay, C6ng ty co 02 nganh sin xuAt chit yeu la dEt va may Tit ngay 01 thang 01 nam 2009, cong ty chinh thirc hoat dung theo mo hinh CP vai ten ggi mai cong ty CP X20 Sau hcm 50 nam hoat Ong, den nay, cong ty vinh der 02 lAn dugc nha nuac... met hang ding ty kinh doanh Veci cac nhiem vi san xuAt kinh doanh nhu vey, cling ty c6 phAn X20 co cac san phAm chinh sau: I re phajc, quan phuc, quAn do phvc vu Qu6c phong I Ao so mi, ao vet, trang phuc cling sO I QuAn ao xuAt khAu: do jacket, do dua m8 t6 I Vai, bit tat, khan met 2.1.3 Co cau to chirc act cong ty ca phan X20 Can dr vao ca the quan 13% Nha !mac, Luat DN, DiL le Cling ty va yeu cau... Theo luAt DN va Dieu lE Cong ty, Dai hOi (tang Co (long la col quan quyen lqc cao nhAt cua ding ty Doi hOi clang Co ding guy& dinh to chirc lai va giai the cong ty, dinh Wang phat then cua Ong ty, bo nhiEm, mien nhiEm thinh vien HQi clang Quin tri, thinh vien Ban kiem soar HOi ding Quin tri: la ca quan quart tri cao nhAt cua cong ty, co dAy du quyen han de thay mat Ong ty guy& dinh cac yin de lien... hinh thanh tir hoat d6ng lien doanh, lien kEt cua ding ty vai cong ty CP 199 Theo GiAy chUng nhan dang ky kinh doanh, Cong ty dau to vao Cling ty Co phAn 199 s6 tiEn 1.659.000 nghin dong, tucmg ducmg 33,4% von diEu 1E Cong ty da gip du v6n cam kEt nen khoin muc nay khong CO biEn dOng trong 3 nam 2.2.2.2Tinh hinh ngujn van 2010 - 2012 a 24 Bang 2.3 Ty tryng thank phin nguOn von 2010-2012 (Dan vi: nghin... trong cong ty giam r6 rEt nhtmg str tang len dOt bien ve ltrqng phai thu khach hang oh cong ty khiEn cho tang tai san tang len Khoin phai tra ngtrari ban ctia ding ty tang cao do cong ty trong nam do gap kho khan ve thanh khoan, anh htremg tai kha nang thanh toan lam nq phai tra caa cong ty tang len T6c d6 tang co phAn nhinh han caa tong nq khiEn hE s6 kha nang thanh toan tong quat cua cong ty giam nhe,... Lfi thuyet M&M trong trwang hop co thue M' nh de I: Gid tri cong ty e Trong truimg hop co thud thu nhap cong ty, gia tri cong ty co vay nq bang gia tri cong ty khong co vay nq cong voi hien gia cita la chin thud Vd mat toan hoc, menh a M&M so I trong trtrong hop co thud dtrac din to b6i cong thirc: VL =Vu + Tc*D 13 Thang Long University Library L co vay ng D !Ai suit RD nen hang nam L se tao them mOt... phat then cong ty cling nhu ngu6n de giam thieu rui ro ve tai chinh cho cong ty giam D6ng that c6 tirc chia cho cac co dong giAm khien niem tin dm Co dong d6i vai cong ty giam, se gay rat nhieu bAt lgi neu cong ty tang du to bang viec phat hanh them c6 phieu Tuy nhien, den nam 2012, mOt s6 chi phi giam manh kern theo do IA sir tang len 6 nguiin thu nhap khac nen lgi nhuan sau thue dm cong ty tang nhe,... Thang Long University Library cong ty khong có du kha nang dE thanh town tin hang cho ding ty CP X20 theo dimg thai han a 14 kEt tren hop ding DiEu nay chting to ding ty bi chiEm dung v6n rat lan Nam 2012, sau khi xem xet nang luc cua d6i tac mai tnrac khi ban hang, ding vii cac chinh sach va diEu khoan hop ly trong chinh sach tin dung, phai thu khach hang cua cong ty giam xuting con 163.591.521 nghin . CUA CONG TV CO PHAN X20. 16 2.1 Gieri thi'0 cong ty c6 phin X20  16 2.1.1 Lich sir hinh thank cong ty  16 2.1.2 Dac di'dm nganh nghe kinh doanh ctia cong ty X20  16 2.1.3 Co ty c6 pha'n X20 nam 2010 — 2012  20 2.2.1 Tinh hinh doanh thu — chi phi — loi tthuOn nam 2010 — 2012  20 2.2.2 nth hinh tai san — nguan von tram 2010 — 2012 cat] cong ty co phan X20. 3. DANH GIA VA CIA! PHAP VE CO CAU VON CUA CONG TY CO PHAN X20  50 3.1 Thuan 191, kilo khan trong moi trtro . ng kinh doanh ciia cong ty CP X20  50 3.1.1 Th ua ~~ 19i  50 3.1.2 Kith