Nâng cao hiệu quả sử dụng vốn lưu động tại công ty cổ phần cơ điện và xây dựng việt nam số 5

CHIA:ONG 1. IS LU4N CHUNG VE HI$U QUA Sir DUNG VON CUA DOANH NGHI$P 1.1. IS luen chung ve van cis doanh nghifp 1.1.1. Mull nifm vi vin nit, doank nghifp C6 nit nhieu quan niem khic nhau ye von. Vein trong cic DN la mOt quy tier to dic hiGt. Muc tieu ciut quy la de phuc vu cho sin xuat kinh doanh, tirc la mvc dich tich lily chuff kh8ng phii mvc dich tieu thing. X& tren cac gec dO khic nhau to c6 cac khii niem khic nhau ve vOn. Theo quan diem dm Mark - thin nhon dual g6c des ciia cac yeu t6 sin xuat thi Ong cho ritng: "Van chinh li to bin, 11 gii tri dem loi gii tri thOng du, 11 mOt du vio cis qui trinh sin xuat". Tuy nhien, Mark quan niem chi c6 khu we sin xuAt vet chit mai to ra gii tri tilting du cho ne'n kinh 4. Day II mOt hp the trong quan diem ciut Mark. Con Paul A. Samuel, mOt doi dien tieu bieu ciut hqc thuyet kinh 4 hien doi cho rang: Dat dai vit lao dOng lit cic yeu 4 ban du so khai con van va hang boa wain li yeu 4 ket qui cia qua trinh sin xuAt. V6n bao gam cac looi hang h6a lau ben duqc sin xuat ra vi duqc sir dung nhu the yeu 4 du vio trong qua trinh sin xuat. Trong cue& " kinh to hoc" cisa David Begg cho rang " Win duqc phin chia theo hai birth thai li veal hien vot vi vOn tai chinh". Nhu vey, Ong da clang nhAt von Arai tai sin ciut DN. Trong de: - Von hien vet: Li di/ trit cic Wing hem di sin xuat ma sir dung de sin xuat ra cac hang hoa khac. - Van tii chinh: Li tien vit Si sari tren gay ciut DN. Ngoai ra, ce nhieu quan diem khic nhau ve van nhung mqi qua trinh sin xuat kinh doanh deu c6 the khii quit thanh T H (Tu lieu lao dOng, Tu lieu sin 'cat) SX H' T' De ce cic yeu t6 du vao (Tu lieu lao dung, Tu lieu sin xuat) phoc Ai cho hoot dung kinh doanh, DN phii c6 mOt lucong flan ling trtnk, ltrqng tier img tusk nay pi la van ctla DN. V6y: "Vin kink doank mkt DN Id bib kiln bing din cite loin b4) gill tri thi sin duvc hay Ong, sir dyng vd lima Ong sin nit kink thank nkim myc dick sink lei." (Ngudn: Lau Thj Hwang - Gido trinh tat chinh doanh nghiep - trang 57) 1 Nhung tien khong phii la von. NO chi tra thinh vim khi co di ck dieu kien sau: Thter nhat: Tien phii dai dien cho mOt lacing hing hia nhat djnh, hay pith duqc dim bio bring mOt lugng hing hia ci that. Thir hai: Tien phii dugt tich qt vi tap trong den mOt lugng nhit djnh The ba: Khi c6 di lugng tiin thi pith dugt v#n dung nhiim mac dich sinh Tir nhUng vin tren ta thiy von ci mOt s6 d#c diem sau: The nhAt: Von li hang hOa d#c biet vi: - VOn la hing hia vi ne c6 gii tri vi gii tri sir dung - Gii tri cua vein duqc the hien o chi phi ma ta ba ra de c6 duqc ni. - Gii tri sir dung von the hien b viec ta sir dung ne de diu tu vio qua trinh sun xuit kinh doanh nhu mua may mic, thiet bj, vat tu, hang hia. - VOn la hing hia dac biet vi ni c6 str tich biet it ring gifra quyen sir dung vi quyen ser hit no. Khi mua n6 citing ta chi ce the ci quyen sir dung chi khong ce quyen sa hen vi quyen sec hem vin thuOc ye chi se hitu dm no. The hai: Von phiti gin lien WA chi sa huru nhit djnh Thir ba: Vtin phii luon luon van dOng sinh lbi The hr: Von phii duqc tich ti top trong den mot lugng nhit djnh mai ce the phit huy tic dung de du tu vio sin xuit kinh doanh. Tay vio dtic diem sin suit kinh doanh ctia tong doanh nghiep ma ci mOt lugng vim nhat djnh, khitc nhau gifta cic doanh nghiep. De gip plan !tang cao hieu qui sir dung yen tai cong ty, ta can phin loci von di c6 bien phip quirt 15 , tot hon. 1.1.2. Mic tam cuts vin Khii niem ve von di duqc neu h phin 1.1.1, toy nhien den kh8ng phii li von. NO chi ter thinh von khi hOi tu du the dieu kien sau: The nhit: Von phii dai dien cho mOt ltrqng tai sin &tit djnh. CO nghia la von phii duqc bieu hien bing gii tri tai sin hOn hinh vi tai sin vo hinh ctia DN nhu nhi xtring, may mac, dit dai, bin quyen phit minh sing che, The hal: Von phiti v#n dung vi sinh lbi. Tien chi li clang tiem ning cia von. Di bien thinh von thi tiin phii dua vio sin xuit kinh doanh vai muc dich shit kri. The ba: Von phiii duce tich tu vi tap trung mOt lugng nhat djnh thi mai ci khi ning phit huy tic dung khi din tu vio catfilth we kinh to dac biet trong linh we kinh doanh. Do d6, de diu tu vao sin xuAt kinh doanh cic DN khong chi khai thic cic tient Wing ve yen ma con phii tim citch thu hitt nguk yen nhu keu ggi gip von, him vein, phit hinh co phieu, lien doanh. 2 Thang Long University Library Thfr tin Win c6 gii tri vie mit thai gian, dieu nay cling co nghia la phai xet tai yeu to theri gian tha von. Trong dieu Icien kinh to thj twang, do inh huang cum gia ca, lam phat ne'n sire mua cum &mg tien o can then diem khan nhau cling khan nhau. Chinh vi v3y khi guy& dinh be von diu to va xic djnh hieu qua do boat dOng diu to mang lai, can DN phii xem xet den gia tri th6i gian cim von. Thu. nim: VOn phai gin lien yeti chu so hau nhit djnh, von se khong duqc duo ra de tau to khi ma ngtrai chu cOa no nghi ve mOt six diu to khing co Iqi nhuin. Vi viy, khi vim duqc gin vai mOt chi, se Mu nhit dinh thi n6 mei duqc chi tieu hqp ly va co lieu qua. Thu. sin: VOn duqc quan them nhu mOt thfr hang hoa va co the duqc coi la the hang hoa dic biet vi no c6 khining duqc mua bin quyen so hem tren thj truang von, tren thj twang tai chink 1.1.3. Ph& lopi win De quan ly va kiem tra chit the viec thuc hien cac dinh mire chi phi, hieu quit sir dung yen, tiet kiem chi phi 6 tang khau son xuit va Man doanh nghiep. din phai tien hank, phan loai von, phan logi win co tic dung kiem tra, phan tich qua trinh phit sinh nhUmg loai chi phi ma doanh nghiep phai b6 ra de den hanh sin xuAt kinh doanh. CO nhieu each phan loai von, thy thuOc vim mil g6c dO ma to co cac each phiin loai von khan nhau. 1.1.3.1 Can cfr theo dpc dam ludn chuyin trio yin Theo 4c diem ban chuyen cos von thi von cua doanh nghiep bao gem hai loai la yen km dung va von co djnh: Von ea dinh: La bieu hien bang tien mkt Si sin co djnh. TSCD dung trong kinh doanh tham gia hoan toast vao qua trinh kinh doanh niumg ve mat gia tri thi chi co the thu 101 din sau nhieu chu ky kinh doanh. VOn co djnh bieu hien dtrai hai hinh thii: - Binh thtii hifn vet: D6 la Man b0 TSCD dimg trong kinh doanh cua cac doanh nghiep. NO bao gem nha cira, may mom thiit bj, Ong - Binh dull din tf: D6 la toast b0 TSCD chua khiu hao va von khith hao khi chin duqc sir dung de son xuat, TSCD la b0 phin VCD de hoan thimh yang luin chuyen va tra thanh hinh thai tien to ban diu. Von km dung: La Neu hien bing tien cis TSCD va VLD. VLD tham gia hoiln town vao qui thrill kinh doanh va gia tri c6 the tra lai hinh thu ban diu sau mei yang chu chuyen mkt hang h6a. VLD ling vai loai hinh doanh nghiep khan nhau thi 'chic 3 nhau. DM WA doanh nghiep thuong mat thi VLD bao  VLD djnh mirc vi VLD khong djnh mac. Trong d6: — Von lint ilOng gni: mar: Li sty von t61 thieu can thiet cho boat dOng sin xuAt kinh doanh ctia doanh nghiep trong Icy, n6 bao g6m von du tra vet to hang h6a vi von phi hang Ma de phuc vu cho hog dung kinh doanh. — Vin lint ilOng khong dinh mar: Li VLD c6 the phit sinh trong qua trinh kinh doanh nhung khong c6 c>tn dr de firth toin djnh mac duqc nhtr lien giri ngin hang, thanh toin tien tam img Doi v6i doanh nghiep sin xuit thi VLD bao  Vet tit, nguyen nhie'n vat lieu, c8ng cu dung cu li dau vio cho qui trinh sin xuAt kinh doanh cos doanh nghiep. 1.1.3.2 Phan logi von theo nguan hinh theinh V6n neu xet tir g6c dO hitt thanh tin tong ngu6n v6n cua doanh nghiep duqc chia thinh hai log v6n chit sa hCru vi cic khoin nq phii tri: Von chit sir hen: Li v6n thtujc sa hem cua doanh nghiep (doanh nghiep Nhi nu& thi chit so hitu li Nhi mac, doanh nghiep to nhan thl chit sa huu la nhung ngueri g6p v6n). !Chi doanh nghiep mai thinh lap, VCSH hint' thanh v6n dieu le, can e6 met s6 nguan !chic ding thuOc VCSH nhu: Lqi nhuen khong chia, quy dau to phit then, quy du phang tii chinh, chech !etch tS , gilt, dinh gilt lai tit sin Cic khoin nq cia doanh nghitp: Bao gom von chiem dung vi cic khoin nq vay. V6n chiem dung the hien thin 130 s6 nq phii tri cho nguai cung cap, s6 phii Op cho nem sich, s6 phii thanh toin cho an be cling thin vien Dec diem ctia log von nay la doanh nghiep duqc sir dung nhung khong phii tri Ili. Cic khoin my vay bao Totin 130 vOn vay Ngan hing (nq vay dii han, nq vay ngin han), nq tin phieu ctia doanh nghiep. 1.1.3.3 Can cu theo Mai gian huy Ong va sir dung win Can theo that gian huy dOng vi sir dung von thi nguiin von cita doanh nghiep bao g6m: NguOn von thireng xuyen: LA ngueon von mi doanh nghiep sir dung de tai try cho town b . ° tai sin co djnh ctia mirth. Nguon vOn niy bao gem von chit slr hUu vrl nq dii han cunt doanh nghiep. Trong 46: + Ng dii ban: Li cic Idwan nq dii hat met nAm ho4c phai tri sau met ky kinh doanh, khong phan biet 461 tuqng cho vay vi muc dich vay. + Nylon von tam that Day li ngu6n von dung de tai try cho tit sin km dOng tarn that clut doanh nghiep. NguOn von nay bao g6m: Vay ngin hart, tarn (mg. 4 Thang Long University Library Nhu v(iy, to c6: TM sin = TSLD + TSCD = Ng ngin han + Ng dii han + VCSH = Vtin tam thin + Von thubmg xuyen. 1.1.14 Can cri theo pham vi huy clang sir dung win Can car theo pham vi huy dOng sir dung von thi ngu6n vOn cua doanh nghiep bao gem: Nguton von trong doanh nghiep va ngueon vOn ngoati doanh nghiep. — Ngulin von trong doanh nghitp: la s6 vOn c6 the huy dOng dirge tir hog dOng cua doanh nghiep nhu: tiers khan hao TSCD, lqi nhufm gitf lgi, cac Ichoan dv trft, chr phong, khan thu tir thanh ly, nhugng ban TSCD. — Ngulin von ben ngoli doanh nghifp: Li ngulin vOn ml doanh nghiep co the huy dOng tir ben ngoli nhAm dip ling nhu au vOn cho hog dOng sin xulit kinh doanh nhu: vay ngin han, vay ciut the t6 chic kinh to khac. Ngoli ra, doanh nghiep can c6 the c6 the ngutin vOn khac nhu ngu6n vOn FDI, ODA. 1.1.4. Vai trb ctia win 141 vdi hopt diIng sdn xuilt kink doanh mitt doanh nghifp. Ngued to thuling nei "Buon tai khong bang dai win" de they dirge tam quan trqng cua von doi v6i mei doanh nghiep. Cac doanh nghiep dli hog dOng theo m8 hinh nao, to hay rib!) thi mOt nhu au kh8ng the thiiu duqc d6i vai ck doanh nghiep d6 la vim. NO la den de cho qua trinh hinh thanh vi phat triers coa doanh nghiep. CO the thiy r8 dieu nay khi mai bit din thanh 1#p doanh nghiep, khi di clang Id giiy phep kinh doanh mei doanh nghiep pith chimg minh dirge s6 von cgs DN c6; khi bit toy vtio sin xuat kinh doanh DN cling an ce vein de xay dung ca s6 ha tang vi ghat tries quy m8 Chinh vi tam quang tong cfm von trong DN nen ne dang vai Ire to 16n vi ducyc the hien qua cic mat sau: Vi m#1 phip Mgt DN khi mu6n thanh thi dieu kien du den la DN phial ce mOt lugng von What djnh ml hrgng von nay tta thieu pith bAng lugng von phip djnh, khi da dja vi phap ly caa DN mei dirge xic 14p. Trong trubng hqp qui trinh hog dOng kinh doanh, von DN khong dot duqc dieu kien ml phap luot quy djnh, thi kinh doanh d6 se bi cham dirt hoot dOng nhu: Phi sin ho#c sap nhfip DN. Vi du nhu DN c6 s6 von kh8ng qua 10 tY clang vi s6 lao dung birth quan aim khong qui 300 ngtreci la DN vita vii nho. Nhu v$y, c6 the xem von la mOt tong 'thong cc ser quan tong de dam bao sv ton tai to each phap than caa mOt DN truck phip 5 Vi null kink Trong hoot dOng sin xuAt kinh doanh, von II mot trong tilting yeu to quyet djnh sv ton tai vi phit trien &a DN. NO khong nhimg dim ha° kha nAng mua slim may mac thiet bj, cling nghe de phvc vi cho qua tranh sin xuAt ma con dim bio cho host dOng sin xuAt kinh doanh duct din ra thubng xuyen vi lien tic. Vi dv Au cong ty xay clang can von de nhon thiu mot dv in mai khi dv in cii chua dupe quyet toin; neu cong ty kheng di von se ler met ca hOi kinh doanh. Von dim bio cho qua frith sin xuAt kinh doanh din ra lien tic, gulp DN fling cao khi riling earth tranh tren thi throng clic biet trong giai (loan hien nay — mOt nen kith to phat trien theo xu htremg toin ciu h6a, hOi nhop. Dieu niy c6 the thiy TO khi so sinh gitta cic DN mak ngoii vi cic DN nOi dja. Cac DN nu& ngoii thubng c6 so von Ian hon DN nOi dja rat nhieu, do de khi earth tranh cling thi DN trong nu& thubng bj yeu the. Ngoii ra, von con la mot trong nhttng dieu kien de s* ding cic nguOn dem nimg hien co vi ttrcmg lai ve sire lao dung, ngu6n hang hOa, mO rung vi phat trien tren thi trutmg, ma tong Iuu thong vi tien thi hang h6a. Trong qua frith sin xuit kinh doanh, vim tham gia vao tit ca cic lchau tir sin xuAt den tieu thi vi cued cimg ne lai tro ye hinh that ban diu. CO the minh chimg di& nay trong mot chu frith kinh doanh cia mot sin phim nhu kgo binh. Diu lien DN an vOn de mua cic nguyen lieu diu vio nhu bOt, trirng„ sia de sin xuAt ra thinh phim hoin chinh; trong qua trash sin xuit nay DN cling pith c6 ties de chi trit cho lvc lining lao dOng; khi DN ban sin phim ra ngoii tin DN lai thu von ve vi ket thitc quy Minh. Nhu viy, sv lam chuyen vim giip DN thvc hien duqc host dOng tai sin xuAt vi tai sin xuAt ma rung Goa minh. 1.2. Hieu qui sib dung vOn can doanh nghiep. 1.2.1. Mull niem hifis qud sir dang yen ciw doank nghifp. ViOc sir clang van c6 hieu quit mang lai Iqi fch cho chit diu tu, cho ngtthi lao dOng vi cho ci xi hOi. MOt DN sir clang vOn c6 hieu qui tirc la bio toin duqc dong von hien co vi lim sinh lbi dOng vein Ay. Dieu niy giip DN tao duqc long tin nhim huy dOng vOn a ding de ma tong sin xuAt, hien dai Ma may mem duet bj, phit trien kinh doanh. Nit da, ttto ducat cong an viec lam, thu nhip On djnh cho ngutri lao dOng, tang thu cho nein sach nhA nu6c. Hieu qui sir ding vein thubng bj hieu nhim lit hieu quit kinh doanh nhtmg thvc chit ne chi la mot met coat hieu qui kinh doanh, song It met quan tang nhit. NO phis anh frith dO quart lSr vtl sir ding vim trong viec tot da has ket qui lqi ich vi toi thieu h6a so von vA thei gian std dung, theo cic (Ulu kien ve ngu6n hrc, xac djnh phi hap vei mvc tieu kinh doanh cita timg DN trong timg thbi IcS , thit djnh. 6 Thang Long University Library Hieu qui sin xuAt kinh doanh ciut DN duqc danh gia thong qua viec luting Ma cac yeu to diu ra, dau vio vi so sanh quan hg gifra chting. Hay noi cach khac hieu qui kinh doanh cua DN phii duqc xac djnh bAng thuac do tien te. Ket qui lqi ich too ra do sir dung yen phai thea man 2 you cau: Dap Ung duqc lqi ich cim DN, lqi ich cim cac nhi dau to a mirc mong main cao nhAt dong th6i nang duqc lqi ich ctia nen kinh to xa hOi. Trong nen kinh 4 thj truing hiOn 4i, bat kSr mOt DN nao hog dOng kinh doanh mang 10 nhieu lqi nhuon cho mirth, nhung 10 lam ton hai den lqi ich chung cila nen kinh to xa hOi se khang duqc phip hoat dpng. Nguqc 131, neu DN de hog dOng dem lai lqi ich cho nen kinh te, con bin than bi 16 von se liun cho DN bi pha sin. Nhu vAy, ket quit to ra do viec sir dung vein phii la ket qua phis hop von lqi ich cua DN vi lqi ich cua nen kinh to xa hOi. VAy"Hieu qud sir dpng yin la m(it phpm trio kink ti phtin dish Irish 4, tang Arc khai fink vd sir dpng yin, tai sdn flea DN vdo hops ding sdn nit, kink doanh nhtim mpc situ tai da h6a 10 ids vet di than boa chi phL " (Nguiln: Diu Thi Huang - Tai chinh doanh nghifp - trang 247) Trong qua trinh sir dung v6n, de dot hieu quit cao, DN an phii giii quyEt mOt so van de sau: The nhat: Dim bio tinh tiet kiem, c6 nghia la yen cua DN phii duqc sir dung hop ly, dung muc dich, tranh lang phi yen hoc di von kh8ng sinh Thti hai: Phii tien hanh dau tu, phat trien ci chieu sau vi ma rang quy ma sin xuAt kinh doanh khi can thiet. 7hti. ba: Can phai dot duqc cac muc tieu de ra trong ke hooch sin xuAt kinh doanh, hieu qui sir dung vein la muc tieu quan tong that ma DN an dot tot 1.2.2. Thong tin sir (king di phan tick hifu gad sir dpng yin trong doanh nghiep. Khi phan tich hieu qui sir dung v6n, ngoai viec sir dung cac se lieu tai chinh tir cac bao cao tai chinh cim DN nhu Bang can din ke toan, Bao cao ket qua hog dpng sin xuat kinh doanh, Thuyet mirth bao cao tai chinh cac nha phan tich can can cir vao cac thong tin tai chink thong tin kinh te, vi thong tin thong nguen kirk de ce nhftng Ethan djnh va danh gia chinh xtic ve hieu quit sir dung vein colt DN, cfmg nhu trinh dO sir dung cac nguan lye cult nha quan ly Thong tin trong doanh nghitp: — Bang can del ke twin: lit bao cao tai chinh mo tit firth tong tai chinh ciut mOt doanh nghiep toi mOt thin diem nhAt djnh 7 - Bao cao kat qua san xuit kinh doanh: la boo cao tai chinh phin anh ket qua host dOng san xuit kinh doanh cua doanh nghiep. Bao cao kit qua san xuat kinh doanh dirge lip de tip hop doanh thu, chi phi, xac djnh ket qua kinh doanh dat duqc trong ki. Bao cao tai chinh dirge trinh doanh bay hit sec tong quit, phin anh mgt each tang quan nhit ve tinh hinh tai san vi cac khoin ng, nguen hinh thanh van, tinh hinh tai chinh sung nhu ket qua host dOng kinh doanh trong cac DN. Bao cao tai chinh cung cap nhftng thong tin kinh to tii chinh chit yeu de danh gii king hqp ket qua kinh doanh, thuc trong tai chinh cua DN trong cac k9 boat dOng giep cho viec kiem tra, giam sat tinh hinh se dung van va khi niing huy clang yen vio sin xuit kinh doanh dui DN. Thong tin ben ngoii: - Rang alai coa moi truing kinh to vi m6 xac djnh su lanh manh, thinh wog cith nen kinh tit, n6 luan gay ra nhang toe dOng den cac DN va cac nganh. Vi the, DN phii nghien cfru mai twang kinh to de nhin ra cac thay dal, cac khuynh hireng va cac him chien luqc caa hQ. - Chinh sach thue dugc dat ra khang chi nhilm mang 1a so thu don than cho ngan sach ma yeu eau cao hcm la qua thu g6p phin thgc hien chat fling viec hem kit, !dem soot, quan 19 hueng din vi khuyen khlch phat trier sin xuit, me ring lw thong dOi yen tit ca cic thinh phin kinh to theo huOng phat trien caa kit hoach nha mac, gap phin tich cut vio viec dieu chinh cac mat mit can dei I6n trong nen kinh to quk din. Vi viy, chinh sach thue thay del se anh hi:Ong den cling tic hach town kit tan vi cac chi tieu kinh to ma don vj dang ap dung. - Chinh sach ve lai suit: thay del se anh hu?mg den thu nhap tii chinh curt khoin tier geri ngan hing, met dO thuon lqi hay kh6 khan coa viec vay von, s6 luqng tien dirge vay nhieu hay it, vi chi phi till chinh caa don vj di vay. - Nganh nghe kinh doanh: Trong nen kinh to hien nay, nhu eau cua thi throng ve cac hang ltha dich vu la rat da dang vi phong ph6. San phim san xuit ra muan fieu thy dirge thi phii dap (mg dirge 3 tieu chi co ban caa thj triamg la chit lucing tot, gia thinh ha, phi hop v6i thj hieu va thu nhap elm da s6 ngtrtri tieu dung. De dip erg dieu nay doi hal cic DN phii lira chip &mg nghinh nghe kinh doanh de phat huy the math cell minh tao sire quill tranh cao trong thi 1.2.3. Phuong phdp phlin tick hien gud sk dpng win trong doanh ngkifp. 1.2.3.1 Phucmg phap phon tich ti le Phuong phap nay dua tren chain mire cic t9 li caa dai luqng tai chinh. Ve nguyen tae phuong phap nay yeu ciu phii xac dinh duqc cic nguang, cac mire de 8 Thang Long University Library nhOn xet, danh gia tinh hinh tai chinh cim DN, tren co ser so sanh cac ts , lg DN yeti cac ty lg tham chieu. Trong phan tich hieu qua sir dung von, my theo cach tiep con van de & lchia canh nao cac tY le &gm phan chia thinh cac nh6m dk trtmg. Trong moi truOng hqp lfithe nhau, tut' theo g6c do phan tich, ngu&i phin tich lira chun cac muc tieu khac nhau. trong bai nghien dm nay, cac tY le ye hieu quit sir dung von duqc phan tich thanh ba thorn la chi tieu lit : Hieu quit slim dung T6ng von; Hieu qua sir dung VCD vi Hieu qua sir dung VLD. 1.2.3.2 Phurmg phdp so stinh Ve nguyen tic, voi phucmg phap phan tich tt le, an xac djnh duce cac ngutmg, cac ts , se tham chieu. DE danh gia tinh tang tai chinh cim mOt DN can so sank can so sixth cac ty se cua DN yeti cac chi s6 than chieu. Nhu vOy phtrcmg phap so sanh luon lute duqc kit hqp veri phtrcmg phap phan tich tt le. De ap dung phuong phap so girth an phiti dam bao cac dieu kien so sanh duqc cim chi tieu tit chinh (thting rthit ye lchong gian, thin gian, nOi dung, tinh chit vi don vj tinh va theo muc dich phan tich ma xac djnh g6c so sanh. Gtic so sanh duqc chun la g6c ve thtri gian, ky phin tich duchy gui la ky bao cao hoc ky k'e hooch, gifi trj so sanh c6 the do bimg gia trj tuyet doi hok s6 binh quan. NOi dung so sanh gem: ➢ So sanh gigra s6 thtrc hien ky nay veri se thyt hien ky tuft de" thay reS xu huang thay d6i ve titi chinh DN, dinh gia sir suy giitm hay su giam sat trong hog dOng san xuit kinh doanh de c6 bien phitp khic phuc trong ky tai. > So girth gitta se lieu cim DN v6i s6 binh quart cim nganh, coa cac DN khac de danh gia DN minh tot hay xiu duqc hay khong duqc. > So sanh chieu cluc de xem xtt ty trong cua trimg chi lieu so yeti ding the, so sanh chieu ngang ciut nhieu ky de thay duqc st i r bien dOng ca ve s6 twang d6i vit so tuyet d6i cult mOt chi fieu nito de qua cac lien t10 kt toan lien tiep. 1.2.3.3 Phtaing phtip Dupont Phucmg phap Dupont la phucmg phap phap tich dua tren mei quan he twang ho giera cac chi fieu titi chinh de bien doi mOt chi fieu tong hqp thinh mOt ham se cult mot lost cac bien s6. Ching han: titch chi lieu " He s6 khit &Mg sinh lbi cim VCSH" (ROE) hay " He s6 kith nAng sinh leri dm di sin" (ROA), thanh tich so cua chwii cite he s6 co m6i quan he mot thiet yeti nhau. LNST  DTT ROA =  DTT  Vag TS 9 Nhin vio ben phii ta they 56 vong quay ciut tai sin cing cao chimg to sire sin xuit cim cic tii sin cing nhanh, d6 Ii nhin t6 Ling sire sinh ltfi elm tai sin, yang quay cua tai sin bj kill hterng b?ri nfrang yOu — TOng doanh thu thuin ding Ion so Wing quay cling nhieu — TOng tai sin cling nhei , 56 yang quay cing nhieu Ben trii cho biet nherng ratan t6 Ann htremg den tj , suit sinh 16i cim doanh thu thuin, DN mu6n Ling tS , suit sinh 16i cua doanh thu thuin thi phii ceo bien phip de nang cao doanh thu vi giam cac Ichoin phii trir. LNST  DTT  TOng TS ROE — DTT  Tiring TS  VOn CSH Nhu voy qua khai trim chi tieu ROE chimg ta c6 the they chi tieu nay duqc eau thinh beri ba ytu to chinh la Iqi nhuon rang bien, Wing quay tii sin vi don biy tai chinh co nghia la de tang hieu qui sin xuit kinh doanh (tire 11 gia tang ROE) DN co 3 sir Iva chon cu bin li tAng mOt trong ba yeti t6 tren. Thin nhit DN c6 the gia tang khit nang conh tranh nhim Ming cao doanh thu vi dOng thin tiet giitm chi phi nhim gia tang lqi nhu$n rang bien. Thu hai DN c6 the nang cao hieu qui kinh doanh bang cacti sir dung tot hon cic tii sin sin ce cim minh nhim fling cao Wing quay tii sin. Hay not mOt each de hien him la DN can too ra nhieu doanh thu hun tfr nheng di sin sin co. Thir ba DN c6 the nang cao hien qui kinh doanh biing each Tian cao den bay tai chinh hay not each khic la vay no them von de du tu. Neu mire lqi nhuon trot ' ding tii sin cua DN cao hcm muc lAi suit cho vay thi viec vay tien de du to cim DN la hieu qui. (Ngutin: btu Thj Huang - Tai chinh doanh nghidp - trang 54) 1.2.4. CM thu think gib hieu qud sri bung van cria bank ngliiep. Trong qui trinh sin xuit kinh doanh, mOt DN to ra cic sin phim vi dich vu c6 sire fieu thu 16n, thi tru6ng ngay cing on djnh vi ma rOng, nhu eau elm lchtich Wing ngity cing 16n thI duong nhien la can nhieu von de phit then kinh doanh. Do 46, neu cling tic quip tri vi dieu hinh khong tot se inh huOng den hieu qui hoot dOng sin xuit kinh doanh vi c6 !chi dim DN den chg phi sin. BE dinh gia chinh xic hien quit sir dung von cos DN ta dua vio cic chi tieu sau: 1.2.4.1 Chi tieu danh gib chung 10 Thang Long University Library [...]... cong ty CO phin Ca difn vi Xiy dung Vitt Nam s6 5 giai Boon 2011-2013 Don vi gong CM tieu Nam 2011 Nam 2012 Nam 2013 Chenh Itch Chenh lit (%) (%) (2012-2011) (2013-201 Tang doanh thu 93.724.742.424 1 15. 1 25. 489.762 109323.887.483 22,83 (4,8 Teng chi phi 91.4 35. 532.229 109 .50 3.294.608 1 05. 399.091.201 19,76 (3,7 76 .57 5.026.936 93.843.3 95. 866 90.776.449.723 22 ,55 (3,2 34.9 25. 924 75. 676.032 63.782 .56 4 116,68... 107.488.134. 055 141.673. 352 . 059 148.966.1 65. 628 1 15. 729.330.320 158 .166. 358 .309 168.443 .57 1.196 (8.241.196.2 65) (16.493.006. 250 ) (19.477.4 05. 568) (Ngudn: Nguan so lit u phdng ki Wein giai dogn 2011-2013) 32 Thang Long University Library Qua bang 2.6 ta they, Sim 2011 thu ciu VLD elm ding ty la 1 15. 729.330.320 ding, ding ty da di vay ngin hon 107.488.134. 055 ding de dim bio cho hoot ding cue ding ty, phin... tien Mint 2011 5. 016 Nita 2012 13.666 Man 2013 Chenh Itch 2012-2011 2013-2012 Tuyet di Twang di (%) Tuytt diii Twang diii (%) 9.460 8. 650 172, 45 (4.260) (30,78) 23, 95 22 .52 0 26.83 (8.690) (14,38) Khoan phai thu 67.723 83.944 106.464 16.221 Hang ton kho 42. 853 60.4 35 51.7 45 17 .58 2 136 121 7 75 ( 15) (11,03) 654 54 0 ,5 158 .166 168.444 42.438 36,67 10.278 6 ,5 TSNH khac T6ng VLD 1 15. 728 41, 05 (Nguan: Nguan... ding VLD Nam 2012 tai sin nay giam tir 136 trieu dOng nAm 2011 xuting 121 trieu dOng Deg nam 2013 lai tang len 7 75 then ang Wong dtrcmg veri taqung 54 0 ,5% DAy la nAm tAng manh nhat trong 3 nam Kb Wm VIM dk thu cea met cong ty xay dgng, yOy nen TSLD cua cong ty In& 6 mirc cao va kheng ngimg tAng len qua cac nam Cu the, nAm 2011 lugng VLD la 1 15. 728 trieu dong; nam 2012 la 158 .166 trieu egg va nAm 2013... sir thing von tai Cong ty Co phan Ca then vi Xay dung Viet Nam so 5 t 17 CHU'ONG 2 PHAN TICH TH •C TRANG HItU QUA sir DUNG VON TAI CONG TY CO PHAN DAU XAY DUNG VIET NAM SO 5 2.1 Gi6i thi§u ve Cong ty C6 phin Ca difn vi Xliy cltrng Viet Nam so 5 2.1.1 ladi qudt chung vi Cling ty phAn Co dien vd Xdy dung r* Nam Si 5 Ten cliy di: C8ng ty Co phin vi Xiy dung Viet Nam so 5 Dia chi: 56 102, dtrong Truing... 2012-2011 Toyer Twang ithi diii (%) Nam 2012 Nam 2013 93.7 25 1 15. 1 25 109 .52 4 21.400 22,83 (5. 601) (4,87) 1 45. 1 45 181.431 187.892 36.286 25 6.461 3 ,56 0 ,58 (0,02) (3,08) (0, 05) (7,94) Nam 2011 0, 65 0,63 (Nguen: So lieu phong ke toan ) Kit Mn: Chi tieu nay cia DN kh8ng phai la qua thipodumg DN can chit tang han den tien dO thi ding , chit Itrang cong trinh de nang cao hieu qua san xuAt nhAm tang doanh... dam bao tai chinh Ha cong ty trong tuang lai Bing 2.4 Khi fling dim bio van co djnh Don vi: clang Chi tieu Nam 2012 Nam 2011 Nam 2013 Von CSH 24.180.923.133 26.269.714.787 25. 438.372.987 VCD 29.4 15. 213 .57 1 23.264 .52 7.448 19.448.786.330 Kb* ning dim bio VCD (5. 234.290.438) 3.0 05. 187.339 5. 989 .58 6. 657 (Nguo'n: Nguon so lieu phdng ke tocin ) Luang von dau to cho TSCD cua cong ty giam Ltrqng VCD trong 3... hOi me rung diu to de phat tren c8ng ty trong dii h?n Doanh 10 tong tdi san Hieu quA Unit doanh cilia ding ty the hitn qua chi fieu Doanh lgi tong tai sin (ROA) Bing 2.8 Doanh Iqi tang tAi sin Dan vi tinh: dang Lqi ran* sau thue ROA(%) Nam 2012 Nam 2013 181.430.8 85. 757 187.892. 357 .52 6 1.669.337.286 3.312.826.490 2 .57 8.1 15. 332 0,01 Ttong tai sin Nam 2011 1 45. 144 .54 3.891 Chi tau 0,02 0,01 (Nguiin: Nguan... 8.241.196.2 65 ding DN phii di chiem dgig 6 dun vj khac Nim 2012, thu cAu VLD tang moth len la 158 .166. 358 .309 ding khien ding ty phai tang khoin vay ngin hon len tai 141.673. 352 . 059 ding vi tiep Mc bit dip khoan thieu but 16.493.006. 250 ding bang each chiem dung yin tir c8ng ty khac Nam 2013, thu cAu VLD tiep tic tang len tai 168.443 .57 1.196 clang, khoan vay ngin hon cling tang len 148.966.1 65. 628 ding,... 1 05. 399.091.201 19,76 (3,7 76 .57 5.026.936 93.843.3 95. 866 90.776.449.723 22 ,55 (3,2 34.9 25. 924 75. 676.032 63.782 .56 4 116,68 ( 15, 7 3.844.209.831 1.143.192.027 2.102 .52 5 .55 1 (70,26) 83,! 10.981.369 .53 8 14.441.030.683 12. 456 .333.363 31 ,50 (13,7 1.669.337.286 3.312.826.490 2 .57 8.1 15. 332 98, 45 (22, 1 Gut von hen ban Chi phi ban hang Chi phi gain Ii DN Chi phi tit' chinh Lqi nhusin sau thue (Ngwin: Nguan so 11014 . ve Cong ty C6 phin Ca difn vi Xliy cltrng Viet Nam so 5 2.1.1. ladi qudt chung vi Cling ty phAn Co dien vd Xdy dung r* Nam Si 5 Ten cliy di: C8ng ty Co phin vi Xiy dung Viet Nam so 5. Dia. von tai Cong ty Co phan Ca then vi Xay dung Viet Nam so t 5. 17 CHU'ONG 2. PHAN TICH TH • C TRANG HItU QUA sir DUNG VON TAI CONG TY CO PHAN DAU XAY DUNG VIET NAM SO 5. 2.1. Gi6i. gip(VND) T* If (%) Cong ty Co phin Ca dien vi Xi y ch,mg Viet Nam 600.000 6.000.000.000 30,00 DA Minh Vuang 50 0.000 5. 000.000.000 20,00 D6 Quang Minh 50 0.000 5. 000.000.000 20,00 Nguyen