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

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

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)

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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

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

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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

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

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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

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

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- 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

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 ir 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

ROA =

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

ROE —

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

- Hieu suit sir diking von kinh doanh

Doanh thu than Tong tai sin binh quart Hieu suet sir dung tong von cho Wit *It d6ng vim durqc DN dau to vao tai sin dem 10 may d6'ng doanh thu than Hieu suit sir dung von can 16n, trong cic dieu Icien khfic kMng d6i co nghia la hieu qui quin ly tan bo tai sin cang cao

- Doanh Igi von CSH (ROE)

Doanh lqi vim cho sa hfru = Lqi nhu$n sau thue

Von CSH binh quart Chi tieu nay phin anh mOt thing vim CSH too ra bao nhieu thing lqi nhu$n sau thug Chi tieu nay cling cao thi hieu qui sir Mpg von cang cao Chi tieu nay dirge xac djnh bang catch chia thu nhOp sau thue cho VCSH NO dirge cac nha dau to d#c biet quan tam khi ho guy& djnh bo von diu to vim DN Tang mire doanh lqi VCSH la mire tieu quan tong nhit trong hoot dung quan 1, OM chiral DN

Cfmg nhu se lei nhu$n tren tai sin, t9 so nay phu thuOc vao theri vu kinh doanh Ngoii ra, no con phu thuOc vilo quy m8 vi mire tI0 rui ro cim cong ty De so sinh chinh xic, can so sixth t9 s6 nay dm mOt cong ty co phial yeti ty s6 binh wan cis train nganh, hooc voi t9 s6 cis cong ty Mang dining trong ding nginh

Ty s6 lqi nhu$n tren vim chi so httu hay dtrqc dem so sanh voi t9 so lqi nhu$n tren tai sin (ROA) Neu t9 s6 lqi nhu$n tren von chi sec hair Ian hcm ROA thi co nghia

la don biy tai chinh ciut cong ty da co tic dung tich cue, nghia la ding ty di thanh cong trong viec huy dOng von cua co d8ng de kiem lqi nhu$n voi t9 suit cao hem t9 le lien lai ma ding ty phai tra cho clic co (long

- Doanh hyi tong thi sin (ROA)

TS, s6 nay dirge tinh ra bing rich !Ay lqi nhu$n rang (hoirtc lqi nhu$n sau thus) ciut DN trong ky bao cao (co the lit 1 thing, 1 quy, nits nam, hay mOt nam) chia cho binh quan tong gia trj tai sin dm DN trong cfing k9 SO lieu ve lqi nhu$n rang hoc lqi nhu$n tuft thug duce liy tir bao cio kit quit kinh doanh COn gia trj tai sin duqc lay tir bang can r161 ke Wan

Doanh lqi tong tai sin = Lqi nhu$n sau thusva lai vay

Tong tai sin binh quan Hieu suit sir dung vim

11

Neu t9 s6 niy Ian hart 0, thi ce nghia DN lim An co 1M T9 so cing cao cho thiy

DN lim An cing hieu qui Con neu t9 so !the hon 0, thi DN lim An thua 16 Mire Ili hay 16 duqc do bang phin trim ciut gii trj birth quirt tang tii sin cita DN T9 so cho biet hieu qui quip 19 vi sir dung tii sin de tao ra thu nhip dm DN

T9 se lqi nhuin rang tren tii sin php thuOc vio mita vu kinh doanh vi nginh nghe kinh doanh Do db, ngubi phan tich tai chinth DN chi sir dung t9 56 niy trong so sanh DN yeti binh wan thin nginh hoic vii DN khic cling nginh vi so sinh cling mOt

tiled k9

1.2.4.2 Chi tieu dinh gici hifu quci se dung vein co" djnh

— Hieu suit sir dyng von c6 dinh

Hieu suit sir dung vent co djnh = Doanh thu thuin

Von co djnh sir dung birth quart trong kt Chi tieu nay phin inh mOt dOng VCD duqc diu to vio sin xuit kinh doanh dem lai bao nhieu don vi doanh thu Chi tieu nay cing len chimg to hieu suit sir dung VCD can cao

De dinh gii dung mire ket qui quirt 19 vi sir dung VCD cua timg 1(9, chi tieu hieu suit sir dung phii duqc xem xet trong mai lien he vii chi tieu hieu suit sir dung TSCD

—Hieu suit sir dyng tali sin co dinh

Hieu suit sir dung tii sin co djnh = Doanh thu thuin

Nguyen gii TSCD binh qu'i'n Chi tieu niy phin inh mOt dOng TSCD trong ky tham gia t4to ra bao nhieu dong doanh thu thuin Thong qua chi tieu nay cling cho phtp dinh gii trinh dO sir dung VCD dui DN

(Nguan: PGS TS Nguyin Dinh Kifm viz TS Bach Dec Hiin - Gilt° trinh tai

chinh doanh nghlep - trang 81) 1.2.4.3 Chi tieu dtinh gici hi fu qua su dung von btu dOng

—Wang quay von ku dung

Vong quay van luu dung = Doanh thu thuin

VLD binh quit Wong quay VLD phin inh trong 1c9 VLD quay dirge may Wing Neu so yang quay cing nhieu chimg to hieu qui sir dung VLD cing cao

—Hien qui sir titling van luu dOng

Hi'Ou qui sir dtmg von km dOng = Lqi nhuan sau thut

Van luu dOng binh quan

TS, suit Iqi nhuan tren VLD li mOt chi tieu tang hqp phin anh mOt (ging VLD mang vio sin xuit kinh doanh trong ky se mang 13i bao nhieu dang lqi nhuan TS, suit nay citing cao thi hieu qui sir dung VLD cling tot vi ngtrqc lai

—Wong quay hing Mn kho

SO Ong quay hing tan kho = Gii van hing ban

Hang ton kho binh quin Chi tieu nay phan anh s6 Wong luan chuyen hang tan kho trong mOt that ky nhit djnh Qua chi tieu nay gulp nhi quin tri tat chinh xic djnh mirc dtr trft v#t ttr, hang boa hqp 1St trong chu ky sin xuit kinh doanh So Wing lukt chuyen cling cao thi vi0c kinh doanh &Km dmnh gia cling tot

—V6ng quay cic khoin phai thu

\fang quay cic khoin phii thu = Doanh thu

S6 du birth quan cic khoin phii thu Vong quay cic khoin phii thu phin tinh tOc do chuyen doi cic khoin phii thu thinh tien mat ciut DN Wing quay cling lam, chug to thc d0 thu hat cic khoin thu la

tat

(Nguiln: Luu Thj Huang — Gitio trinh tat chinh doanh nghlep — trang 249-251)

1.3 Cic nhan to inh hustling tei hieu qui sk dung von tui doanh nghilp

1.3.1 Man hi kilin soot dupe

Nhin to nay g6m nhiEu yeu to tic dOng true dip den ket qua cuOi cling dm hogt dOng kinh doanh ca ve tram mit cling nhu Mu did Bei vay, vi0c xem x6t, dinh gii vi

ra quyet djnh di vet cic yeu to nay aim Icy quan trong Th8ng thutmg, trot gec 40 tong quit, ngu&i to xem xet nheng yeu t6 sau:

— Nganli nghe kinh doanh:

Nhin to nay too ra diem xuit phit cho DN cling nhu djnh huong cho n6 trong snot qua trinh tan tai Vat mOt ngtinh nghe kinh doanh di duqc chgn, chi DN buOc phii giii guy& nhitng vim di diu tien ve tui chinh bao

+ Ca du win hqp ly VI dg nhu mOt Ong ty c6 20% veal 1a VCSH vi 80% von con lai lii nq phai tri

13

+ Chi phi von ctia cong ty bao nhieu la hqp Ur de gift kh8ng lam thay d6i s6 Iqi nhufm dinh cho chit set hit cong ty

+ Ca catt tai san &dm Mu to thu the ntlo thl hqp 1ST, mirc dO hien dai so ved doi thu earth tranh den dau

+ Nguttn tai trq dtarc huy dOng tir dau, c6 &to dam lau dai va an tan khong Cac ngulin nay co the la vay tat cac ngan hang thuang mai hoic cac t6 chirc tin dung lchac, Ming co the la huy dOng tir cac co (long

+ Ngoai ra, qua ngiuth nghe kinh doanh, DN con ce the to xac djnh (kw mfrc dO lqi nhuan dat duqc, lcha Ming chi'e'm finh va phat trien thj throng trong Wang lai, sv d6i mai va da clang hem san pham kinh doanh di c6 ke hoach b6 tri nguOn lvc cho phtl hqp

+ Trinh dO tay nghe cua ngtrbi lao gong: The hien a kha nang tim tbi sing tao trong cong viec, tang Ming suit lao dung, ming cao hieu qua sir dung von Cong ty can

dua ra yeu eau vi du nhu tOt nghiep dai hqc hay cao ding, bang 100 gi, hay s6 nim kinh nghiem

- Cung Cmg hang hem: la qui tint' t6 chirc ngtt6n hang cho host dOng ban ra bao

Om hoot &Ong mua vi du Ut

D6 dim bao viec kinh doanh va bleu qua sir dung von, mua hang phi' dim bao chi phi tOi au tut la phai ha thip gii thinh sin pham diu vao Mix tieu chit ltamg trong mua hang la phiti plat hqp voi chi phi be ra va thu eau cua thj trtamg vOi ldul nang thanh toin cua khich hang

Do hot* dOng bin hang Ow thuOc vao doh thbi vu mem tieu dung vi sv bien dOng cua sac mua, clang then trong hottt dOng san xurit kinh doanh luon co nhcrng cu heti

xuit hien mOt cich bat net nen doi heti DN phai luon ce mOt mgt hang dtr Ut thich hqp de dim bao firth lien tic va tenth ling phi trong qui With salt St kinh doanh + Ban hang hay tieu thu sin pham:

La khan guy& djnh den hien qua kith doanh CCM DN trong de viec xac djnh gii ban t6i uu het sirc plarc tap, the hien rat re, tranh dO vi nang lvc t6 clam kinh doanh cim

DN

—Trinh dO quirt 1St vi sir clung nguan van:

Day la titian to firth huirng bye tiep den hieu qui sir dung vim dm DN C8ng cu chit yeu de quan ly cic nguen tai chinh li he dieing ke tom tai chinh

Neu cong tic Ice toil., khong dugc thuc hien tot se din den mit mit chitm dung, sir dung khong dung muc dich gay Bing phi tai sin Han nua viec sir dung vim con dugc the hien thong qua phuong in diu to vi co du vein du hr viec ltra chun khong phit hqp va dau to von vao cic Arc khong hqp 1St se an den tinh trang vim thira lai vita thiau van, gay Ar dung, hao but mit mit lam cho hieu qui sir dung van rat thip

—Mai quan he cha DN:

Mai quan he nay dugc dat tren hat phuung Bien la quan he gifta DN yen khach hang vi mei quan he gifta DN yeti nha cung cap Dieu nay rat quan trQng bin no kilt huong tai nhjp dO sin xuit, khi nang phan phai sin phim, !wog hang hem tieu thu la nhftng yin de truc tiep tic dOng tot lqi &man dm DN Neu DN ce mei quan he tot dei vii khich hang vi nha cung cap thi no se bio dim Prang lai lau dai cho DN bin du vao dugc dim bio dau du vi sin phim lim ra duct tieu thy het De dugc vay, DN an phii c6 ke hooch cu the de duy hi nhftng 13kut hang lau nam tai vim tang cuing them nhemg but hang m6i Bien phap ma mei DN de ra kh8ng giong nhau ma can phu thuOc vao tinh hinh hien tai cua timg DN Mumg chit yeti la the bien phap nhu: din m6i quy trinh thanh town thuan tien, mir rung mpg Wed ban hingvi thu mua nguyen vat lieu, da dung hoa sin phim

Tren day II nhftng nguyen nhan chit yeu lam inh huong ten hieu qui sir dung von

dm DN Ngoid ra con c6 the c6 nhieu nguyen nhan khac tuS , thuOc vao nganh nghe kinh doanh cu the ctla mei DN the DN cli► nghien ciru, xem xet timg nguyen nhan de hkm cht mOt cach tin da nhftng hall qui xiu c6 the xiy ra, dim bio cho viec to chirc huy dOng fitly dit kip alai vim cho nhu car sin xuit kinh doanh ding thin lam cho hieu qui stir dung yen ngay ding tang

1.3.2 Nh fin 14 khOng the kiim so& therm

—M8i truing hr nhien:

LA tan b0 cac yeu to to nhien tic dung den DN nhu khi hau, thin tiet, mei truing Khoa hue cling phit hien thi con nguiri cling nhan dint dirge ring hi, la mOt 130 phan khong the tach red dm to nhien Cic dieu kien lim viec trong moi throng to nhien thich hqp se tang nang suit lao dung vi tang hieu qui cong viec Tinh thin vu, thi'en tai, 10 Wt gay kh6 khan rat 16n cho nhiiu DN Vi du nhu cic DN sin xuit Mi cic Whig hay xiy ra thien ai nhu mien Trung hang nam deu phii dai mat vii nguy cc thiet h3i ve ay so han tang, may m6c

15

— Moi throng kinh

Li tic dOng ctla the yeu to nhu tang twang kinh 4, thu nh#p (laic din, lum phit,

that nghiep, 116 suit, ty gii h6i doii den the host dOng kinh doanh dm DN

+ The dO tang trudrng dm nen kinh th:

Do tic dung cita nen kinh 4 tang trading chum nen sue mua cua thj trifling bj giim silt Dieu nay lim inh hirdmg den tinh hinh den thu cua DN, sim phim tits DN

se ldth tieu thu han, doanh thu se it han, lqi nhu#n giim sit vi nhu the se - lim giam hieu qui sir dung von

+ Anh Wing ctia ism phit:

Trong nen kinh to thj trubng, do tic dung ciut lcun phit, sirc mua Gila ding lien bj giim sut dim den sit tang gii ciut cic losi hang hoa, vet tit Tir de lam anh huong den hieu qui sir dung von ctia DN.Trong dieu kien nay, DN an co sit dieu chinh kip thdri, hop ly nham bio town von kinh doanh Vi du nhu atm 2010 ism phit cita nudic to la

11,75% tang 9,19% so vii ram 2009 Milan gii thanh cic loai mat hing deu tang

—MIN truing phip

Li he thong the chit truing, chinh sich, he thong phip lutjt tic (long den host dOng kinh doanh ciut DN

Tren ca so phip lu$t kinh 4 vi the hien phip kinh te, nhi nu& tao moi trubng dieu hinh cho cic DN phit trien sin xuat kinh doanh vi hiding cic host tong de theo

ke hooch vi ma Vdri bit Icy sit thay dui nio trong the do chinh sich hien hail deu chi ph6i the ming host dOng cita DN Cic van bin phip lua‘t ve tai chinh, ve quy the dau

to nhu cic quy djnh ye trich khiu hao, ve ty l'e trich lop cie quy, cic van ban ve thue deu inh huong len tai host dung dm DN

—MI6 trutmg chinh trj, van Ma:

Tat ci moi host dOng cua DN deu larding ten khich hang Do do cie phong toe t$p quin cua khich hang se inh hiking true tiep ten host tong kinh doanh cos DN Neu

DN host dOng trong moi truing van Ma lanh mph, chinh trj On djnh thi hieu qua sin xuat kinh doanh se dirge nang cao

—M8i trubng khoa hoc Gong nghe:

Li sit tic dOng ciia cic yeu to flint tranh dO lien bO ctia MKT, cong nghe

Trong dieu kien hien nay,chenh loch ve tranh dO cong nghe giaa cic nudic rat km

DN mutn kinh doanh co hieu qui thi can phii dim bat duqc cong nghe hien dsi vi cong nghe hien &A se giop DN tang tiling suit, gitun chi phi, ning cao chit luqng sin pham, ning cao tinh csnh tranh

—Moi trubng conh tranh:

Ca the thj truing la ca the col str canh tranh gay git Bit cu DN nio main ten tai

va phat trien cling deu phii dung vfmg trong cunh tranh DN phii sin xuit ra mat hang mat hang phai can cu vao nhu cau hien tai vi tuang lai Sin pham de each truth ph& c6 chat lucmg cao, gia thanh ha, ma dieu nay chi cob nhftng DN nang cao ham lucmg cling nghe, thu3t ciut TSCD Dieu nay dei h6i DN phai c6 ke hooch du tu, cii

Mu to mei tai sin c6 djnh truac mit cling thu Mu dai

+ Su conh tranh cua cac DN vi xu huong phat trier cha ngitnh:

Kish doanh theo ca chi thj truing luem ton tai ithieu thanh phan kinh to tham gia, cac DN luon phii cash tranh quyet lift di ton tai, thi truing tieu thu khong On dinh, sire mua ciut thj truing lai c6 han, rui ro ngity tang tang vi lugs rinh rap DN de dart din nhang rui ro bat thubng trong kinh doanh Dieu nay ash hutting den hieu qui sir dung vim ciut DN

—Nhan t6 gia ci:

Day lit than t48 do DN quyet djnh nhung lai phu thuOc vio mirc chung cua thj twang Khi gia ci tang, the kit qui kinh doanh tang din den hieu qui sir dung An tang, &Mg thoi su bien dOng ye gia ci se lim cho hoot tong cua DN gap ithi'eu kh6 khan gay at luring den hieu qui sir dung von ciia DN

Kit lute chwung 1

Phan tich hieu qui sir dung win dang vai fro quan trung trong phan tich hoot dOng kinh doanh nhAm dish gia tranh dO sir dung An cia DN de dat duqc kit qua cao nhat voi chi phi thap that Thong tin dugc cung cap to ket qui phan tich hieu qui sir dung von mang tinh hau ich kh8ng chi gill!) cho cac nha quail 15, anti gia that tong

va tries yang phat thin An ciut DN, ma di tir da di ra the chinh sach, bien phap thing din, kip thei va hieu qui; mat khic Q6 con la ca str cho the nha dau ttr, cac to chirc tin dung, cac nhi cung cap nhan biet duqc hieu quit sir dung tai sin, ngutin von vi khi pang sixth Itoi cua DN, qua do dua ra cac quyet dinh thu hr co hieu qua Vi the, phan tich hieu qui mi dung von cua DN ding tit non can thiet vi co jr nghia bei no dap ling duqc yeu cat, ciut cac doi tuang quan tarn den tinh hInh tai chinh ciut DN

Chuang 1 cit.% kh6a luon d>t tranh bay cac nOi dung:

— Khai quit chung ve von

—Cac van de IS, luon ve phan tich hieu qui sir dtmg von trong DN, nhu: cac chi tieu

ve phan tich hieu qui sir dung von; cac phuang phip phan tich cho yeu duqc sir dung cho phan tich hieu qui sir dung vein

Tren ca str chuong 1 de chtrcmg 2 tier hinh thu thop so lieu phan tich vi dash gia that tong hieu qua sir thing von tai Cong ty Co phan Ca then vi Xay dung Viet Nam sot 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 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 Chinh, plurerng Klurcmg Mai, quin D6ng Da, HA NOi

Hinh thirc so httu: Cong ty CO phin

MA s6 thud: 0102912615

Ngued dai dien: Ong DA Minh Vuang la ngueri dai dien phip lust cho Ging ty khi tham gia cic quan he kinh to xi hOi

VOn dieu le: 20.000.000.000 dOng (Hai mirth ti dong chin) to Mm 2010 den nay

2.1.2 Lich sir kink thank:

Cling ty CP Ca dien vi XD Viet Nam s6 5 duqc thinh lap vi host dOng theo Giiy chting nhin ding ki DN s6 0103026753 ngiy 11/09/2008 do Phong Ding Ic9 kinh doanh - SO Ke hoach vi dau to Thinh ph6 Hi NOi cap; ding ki thay dOi lin thir 2 net), 25 thing 10 nim 2010, mit s6 thud DN thay d6i thinh 0102912615 vi von dieu thay d6i to 10.000.000.000 VND len 20.000.000.000 VND

VAn dieu le cia cong ty theo giiy chUng Men dau to moi nigh la 20.000.000.000 VND (Hai mirth t9 dong chk)

Menh gii Co phin: 10.000 dimg

Tong s6 co phin: 2.000.000

Danh sich ca ding sing lip

Tin co` ding S6 c6 phin Gil trI yen

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

Pilling kinh doanh

2.1.3 Dr diem ngdnh nghi kinh doanh

Cic nginh nghe kinh doanh dm tong ty Co phAn Ca Bien vi Xay dvng Viet Nam s6 5 bao Om:

— Xay dvng cic cong trinh dan dvng, cong nghiep, giao thong, thtly lqi, ha tang co

sa, khu do thj, khu du ljch sinh thii, san lip mat bang thi cling;

—ray dtmg throng day, tram bier ip tt7 35KV den 500KV;

—San xuat, mua bin may m6c, phv tang, vet ttr thiet bj may cong nong nghiep vi may xay dvng, phtrcmg tien von tai;

—Sin xuat vi mua bin v#y lieu thy dung;

—Lip d#t cic may m6c this& bi trong nginh xay dvng dan dvng, cong nghiep, giao th8ng thity lqi;

—Cho thug may m6c, thiet bj phuong tien von tai;

Trong cie linh vvc tren thi host dOng dem lai ngulin lqi nhutin chinh cho cong ty

li xay dvng cac cong trinh din dtmg, giao thong, thity lqi vi ha tang co s6, khu do thj Thj trtdmg muc tieu dm cong ty khong chi li nhtmg d6i tic tvi khu vim Hi NOi vi cic tinh mien Bac ma con won xa tai khu vvc mien Nam vi mien Trung Khich hang (chit dAu ttr) chi yeu la cic DN trong firth vvc sin xuat ding nghiep tvi clic khu cong nghiep vi thy dvng thity lqi

(Ngudn: Pheng kinh doanh) 2.1.4 Ca du td char b15 may coo ang ty a pain Ca &in va Xfiy dim Viet Nam

Chet yang nhiem vy cis tang bq phtn:

- De ra phucmg an b6 tri co au to chtic, quy the quan 19 nOi b0 cua cong ty;

- Tuyen dung lao dOng;

- Dua ra mirc lucmg cho nhan vien;

- Xu 19 16 ctia cling ty;

- Doi dien phap ItLit cho cong ty khi tham gia cac quan he kinh to xa hOi

➢ Pho ghim dic

La ngutri trq &up cho giam d6c va duqc giam dec giao chju trach nhiem town m*t duqc giao Phu trach theo dei, dim too, don thic can b0 cong nhan vieenn hart thanh tot cac nhiem vu duqc giao

➢ Phang kinh doanh

Co nhiem vu khai thac tim kiem hqp den Phong kinh doanh trim tiep chju trach nhiem thqc hien cac hog dOng tiep xfic vei khach hang, lop he so du tau, tham dor cac buti than ding nhu 1#p cac hqp ding vii khach hang

Ngoai ra con phai lop ke hooch phat trien kinh doanh va Truing phimg la ngtroi chju trach nhiem trot Gam d6c

➢ Phong hi toin

L#p ke hooch thu, chi tai chinh hang niim cita cling ty;

Chi trl thqc hien nhiem vu thu va chi, kiem tra viec chi tieu cac khoan tien von, sir dung v#t ttr, theo dei dei chieu con nq;

Xay dtmg ke hooch quan 19, khai thac va phat trien vein cfra cong ty, chit tri tham muu trong viec too nguen von, quail 19, phfin b6, dieu chuyen von va hart tra von vay, lai vay trong tan cong ty;

Tham muu giup Giam 46c phan b6 chi tieu ke hooch tai chinh cho cac don vj trqc thu0c;

Trien khai cong tic nghiep vu ke tab tai vu trong tom cong ty;

Thqc hien quyet tan qu9, 6 thing, narn dimg tier dO va tham gia cimg vii phong nghiep vu curt cong ty de hooch tan 16, lai cho tOng don vj trqc thu0c, gulp cho ban Giam dec cong ty nim chic nguon von, lyi nhujn;

Tnic tiep awe hien cac the do, chinh sach tai chinh, ke than, thong ke, cong tic quan ly thu chi tai chinh cua ding ty, thqc hien thanh town tie'n Wong va cac ch'e dO khac cho Can bij caring than vien, khei van phOng theo phe duyet cua Giam dec;

Lap bao cao tai chink, bao do thue theo quy djnh the do tai chinh hien hanh cia Nha nuac phin anh trung thgc ket qui hoot dOng cua ding ty

➢ Phing ky thuat

La not chju trach nhiem c6 del ngfi nhan vien trinh dO cao phg trach giam sit cic dog trinh ma cong ty xly &pg Thuang xuyen theo dOi, hie cao tinh hinh den dO, bao cao chit lugng cong trinh vai giam d6c de c6 nlattng dieu chinh kip thai nhit

Nhan zit:

Mai phong ban deu c6 nhtmg chirc Ming nhiem vg rieng xong deu phii phoi hqp, lien ket chat the v6i nhau huang Val mgc tieu chung la hob Wirth cac ke hooch ma cong ty de de ra

2.1.5 link kink hoot qng sin milk kink doanh can cong ty giai dogn 2011-2013

Tinh hInh kinh to n6i chung va nganh xiy dung mai rieng tir nam 2011 da c6 din hieu phgc h$i, tuy nhien van con gap rat nhieu khe khan

V6i so van ban dAu sau khi di vao hoot dong doanh thu, lgi nhuan va mac clang gap vao nem sach cua Cong ty giai doan 2011-2013 dugc the hien nhu sau:

Bing 2.1 Tinh hinh sin anal kinh doanh cia cong ty CO phin Ca difn vi

Xiy dung Vitt Nam s6 5 giai Boon 2011-2013

Don vi gong

Chenh Itch ( % ) (2012-2011)

Chenh lit (%) (2013-201 Tang doanh

thu 93.724.742.424 115.125.489.762 109323.887.483 22,83 (4,8

Gut von hen

(Ngwin: Nguan so 11014 phdng In loan)

Vs:9i s6 vin ban du sau khi di vao hoot dung doanh thu, lgi nhuan va mac d6ng gOp vao ngfin sich cia Cong ty giai doan 2011-2013 duqc the hien nhu sau:

21

TOng doanh thu:

Nhin chung tinh hinh doanh thu cis cong ty trong giai door' 2011 — 2013 kheng

on dinh Co the, nam 2012, t6ng doanh thu dot mut 115.125.489.762 cling, tang so vai nam 2011, Wang Ong vOi ti le tang 22,83% Nam 2012, v6i tiem loc tai chinh tot, kinh nghiem lau tam thoc hien cac do an ve Only dien nen cong ty da dau thiu thanh cling

do in dilly dien t0i tinh Son La Day chinh la nguyen nhan khien tong (loath thu tang trong nam 2012 Sang den nam 2013, tong doanh thu gut= 4,87% so yea nam 2012, chi dot mfrc 109.523.887.483 Cuing Dieu nay duqc 11 giai btri nam 2013, tinh hinh kinh

to khe khan, cong ty nhfui dugc it do an hurt clang thtri nhang do in nhOri duqc cling ce quy m8 nh6 han nam 2012

T6ng chi phi:

Giai doon 2011 — 2012 cang vei so tang moth ells doanh thu thi tong chi phi cling tang moth 6 mire 19,76% Nam 2011 ding chi phi la 91.435.532.229 d6ng, sang nam 2012 t6ng chi phi tang len 109.503.294.608 dtmg Trong nam gia von hang bin tang moth so v6i tam 2011 len den 93.843.395.866 d6ng, tucmg Ong vai =lc tang 22,55% Chi phi tai chinh ml chi yAu la chi phi lai vay tang tir 10.981.369.538 ang len den 14.441.030.683 d6ng Prong Cmg veri mirc tang 31,50% Voi nhOng you ciu khit khe ve trinh de Id thuth khi lim cac do in len dei hei cling ty phai ce thong bien phip nang cao chat lucmg cac nguyen vat lieu du vio dilng thtri gia nguyen vet lieu

cling c6 xu huOng tang ichiEn gia win Ling trong tam 2012 Ben earth d6 de dip ling

di yeu eau ye von cho nhfmg do an km cong ty s6 dong nq vay hat lchien cho chi phi Ili vay tang &mg ke, keo theo chi phi tai chinh

Giai doon 2012 — 2013, tang chi phi giant xthrig chi con 105.399.091.201 (long Wang duong v6i mfrc giam 3,75% Do tinh hinh kinh to khe khan nen doanh thu gig= din den gia von cling giam theo xueing eon 90.776.449.723 clang toll nam 2013 twang Ong voi mit giam 3,27% Ngoai ra chi phi di chinh cling 11 yeu to tic dOng moth den mix gitim tong chi phi cis cong ty.V6i nhOng chinh sach clan li chth the chi phi, cling ty da guy& dinh giam nq vay kW& chi phi tai chinh &am xu6ng con 12.456.333.363 deg nhim giam tong chi phi cling nhu hot the raj ro cho ding ty Lqi nhu4n sau thus:

Nfun 2012 sau khi tang monh so voi 2011 dot 3.312.826.490 ding, nam 2013 lqi sau thus cis cong ty 11 2.578.115.332 ding, giam so WA nam 2012

Theo bao cao via BO xay dong nam 2013 c6 ten 17.000 DN nganh xay (long thus

16 tren tong s6 gAn 56.000 DN clang hoot dOng thi viec hoot dOng c6 lai trong dieu kien

kinh to kh6 khan chung cis nen kinh t6, ninth xay (long da pluli deg mat voi cac van

de nghiem trong d6 11: cac ngu'6'n loc phat trier giant math, niem tin clia thi throng hi

thu hgp, sire mua giim mph, ton kho, my &mg trong dau to xay dung gia tang, thi twang bit dung sin trim ling, nhiu DN phii thu hyp sin xuit, dimg hoot tong ho#c

bj giii the, s6 lucmg viec him cho nguai lao dung suy giam monh thi viec hoot dung

co lai la dieu ding mung 461 veri DN

(Nguan: Lan Hwang - Bcio dign ni Dan In)

Tuy v#y thi viec gram lqi nhu#n sau thug 6 nitm 2013 cling 11 mot dieu ding lo ngoi mi DN cin phii quan tam

Kit 1nets: Qua phan tich a Men ta thiy duce tinh hinh hoot dung kinh doanh colt cong ty nhin chung chua dux su 6n djnh Cac tieu chi tang giiun lien Um De 6n djnh filth hinh cim cong ty hcm 401 Mk lAnh 4o cong ty ding cong than vien trong cong ty phii dua ra chien luqc kinh doanh thong minh, hqp 19 de cong ty co the tan toi vi phit

•

then trong tucmg lai

2.2 Thyme trong hien qui sib dyng van toi cong ty c6 phin ca din vi xay dung viet nam st 5

2.2.1 Piton tick any and ca ciu win cat: Ong ty CA phin Ce dien vu Xdy thin Vast Nam se 5

De dinh gii duqc firth hinh sir clung von dm ding ty thi viec xem xet t6 chirc, b6 tri cc ciu vOn vi nguim von li cin thiet.Th d6 ta c6 the dinh gii duqc ca ciu van d6

dA hqp 15, chua? C6 phit huy duqc tic dung t6i da cua ding von hay khong? Vi inh huemg dm n6 den kit qua kinh doanh 8 DN nhu the nio

— Thvc trong sir thing tang von

Dtra vio bang 2.2 c6 the danh gii khii quit thuc trong sir dung tong von nhu sau:

Nam 2011, tOng vim cim ding ty li 145.144.543.891 &mg Trong 46, duqc chit yeu tai trq bing nq phii trit la 120.963.620.758 dong , chiem 83,34% trong tOng von Day li dieu ding lo d61 v6i cong ty vi phai phy ththc qui nhieu vio cic chit my, the hien tinh On djnh trong tii trq thip, cong ty phii chju nhieu lip lye trong viec tri nct Viec sir dtmg vOn ctia cong ty chit yeu la dAu to vio TSLD (chiem 79,73% trong tOng von) Day li cich diu to von hqp 1y Seri le ban chit la cong ty xay dung nen 'chi thyc hien cic du in cin phii mua slim tit nhieu cic loot nguyen * lieu xay dung cling nhu do tat Chung Ong ty dung s6 von con loi tai trq cho the TSD cin phii c6 nhu may m6c, phuong tien van tai phuc thi cong cac do in, cong trinh, nhim dam bio tien du thi cong, chit lucmg cong trinh

Din nant 2012, t6ng van cilia DN tang len 181.430.885.757 thing Day la mot tin hieu tot trong hoot &ling coa cong ty, dilc biet la nginh xay dung

23

Vein CSH c6 sq tang nhg len 26.269.714.787 dong vao nam 2012 Tuy nhien trong ram nay, nguyen nhan chit yeu lam tang tang Win chinh IA nq phai tra, ml co the han a day la nq ngin han

Khoan vay nay ding ty ding de diu tu vao TSLD cho citing trinh san lip ma bring quy m8 lem a ding trinh thity Bien tai tinh Son La

TSLD duqc diu tu them lam cho quy met sir dung von cilia cling ty cling c6 so thay d6i TSLD tang len 158.166.358.309 deg , chant 87,18% trong tong vim (trong khi d6 nam 2011 chi co 115.729.330.320 deg, Wong duong vai 79,73%) Them vio

46, TSCD gitim tir 29.415.213.571 thing nam 2011 xuting can 23.264.527.448 dOng nem 2012 (chiem tS, frog 12,82%) do Ong ty da nhucmg loi mot s6 may mac khong sir dtmg nut Dieu nay glop Gong ty trainh duqc lang phi von

Trong thbi diem kinh to kW) khan, tiep c, n veri ding Win la mot viec het six !the khan thi viec diu tu them may mac thiet bj hay thanh ly that bj nham tranh duqc so lang phi IA dieu het sirc dimg luu 5/ DOi yen nhUng may mac chuyen dung chi sir dung trong mot s6 Gong trinh thi DN se di thus hoot dOng, dieu nay se giitp DN khong phii b6 ra luqng von lem de du tu, cling nhu chi phi bito dubng may mac ml van co may mac de thi cong cong trinh

Nhung qua day DN cling cAn het sirc chit y den viec dau tu vio TSCD sao cho hop ly de frank bj thus IO do bin 16 cac TSCD viec yin 15, cling nhu bao duang may mac khong tat co the gay ra hong h6c Ben canh da, deg nghe phat trien ngly mot hien doi lim cho may mac ter nen lot thbi gay ra hao men vo hinh can din viec djnh gia thiet N gitun set

Sang ndm 2013, quy m8 van cat Ong ty loi tiep 0,1C tang len 187.892.357.526 dOng Trong nam nay, luong VCSH c6 gitim di ma luong nh6 xu6ng 25.438.372.987 clang TS, tong cria van CSH litc nay chi can chiem 13,54%

Quy mo win tan lam cho co cAu von co so thay dOi r8 ret, co the 11 t trong nq phiti ft* tang cao Do luong van c6 sq earn nhg, trong khi de) nq phai tra tang cao da din den sq thay dtii co cAu vein cat DN tong nam nay

Co thee, nq ph& tri cat Gong ty tiep ttic tang cao chiem ty tong 86,46% Cling

Ong vat nam 2012, ding ty tiep fix vay van de diu to cho TSLD lchien nq ngAn han cia cong ty tang manh len 148.966.165.628 dOng Nq dili han cia cling ty lie nay chi chiem luong nh6 hon 11 13.487.818.911 ding Quy m8 Win tang nhanh lam cho co au van c6 sq they doi no ret, co the la tj/ tong nq phai tri tang cao

.0 0

oi

In

en

0

Kit 14n: Tuy la cong ty thanh 1#p chua lau, nhtmg luqng nq phai tra cita ding ty kha km Dieu nay cho thiy ban quan tri c6 mai quan he tat, tao duqc long tin dal WA cac chi nq, (rang thbi tao uy tin cho ding ty Viec huy dOng duqc nguan van tot nhu vay glop ding ty c6 nhieu co hoi tau tu de phat trien cong ty, tang ducc doanh thu cling nhu lqi nhuan, dam bao duce cling an viec larncho ngtrai lao dOng

Cai gi cling c6 hai mat, nen nhu my phai tra lien Mc tang thi ap luc tra nq ciut cong ty se la v8 cling len DN da dfing din khi dem nq ngin han diu to vao TSLD, de

c6 the dam bao chrqc kha nang thanh town nhtmg yea dac thu cua cac cling ty lay dung thi yang quay dm cac khoan phi* thu la chant Neu khoan vay la Ian thi kha nang thanh town cling van se gap nhieu kh6 khan Viec tra chom lien tac xay ra thi viec chiem dung van thuang mai hay tiep con cac khoan vay se la v8 cling khe khan

- nut trang sir dung nu c6 dinh

KM can von co dinh giai don 2011-2013

La DN xay dung nen von tau co dinh cua DN tau to Mu hAt vao cac TSCD la cac may m6c, phuong tien von tai phuc vu thi cong cling trinh Xac (firth co cAu VCD hqp 15, se giup DN thoat khei firth tang * keg van va c6 the tai san xuAt m8 rong tau

tu

Bien do 2.1 KM au von co dinh giai dop 2011-2013

Don %

(Nguan: Ngzeon so lieu phong ki totin giai dogn 2011-2013)

Nhin vao Bieu do 2.1, c6 the nh#n ra ring ty trqng VCD dang giant din qua cac atm, tuy nhien mut giam kh8ng len

Cy the, nam 2011 ltrqng VCD chiem 20,27% so yeti tong von Nam 2012 giitm xu6ng con 12,82% va din 2013 thi tS, trong VCD la 10,35%

Hao mon tai sin có dinh giai loan 2011-2013

Bing 2.3 He s6 hao mon tai sin co djnh

Dan vi: trieu thing

Chi Hen Nam

Chenh Itch 2013-2012 'rivet

461

Tung

di (%)

Tuyet

di

Twang

di (%) Nguyen gia

TSCD 43.161 37.268 34.140 (5.893) (15,81) (3.128) (8,39) Gil tri hao

mon ltly Ice 14.514 14.876 14.923 362 2,49 47 0,32

He so

(Nguon: Nguon s6 lieu phong ke tarn)

Trong qua trinh tham gia host dung sin xuAt kinh doanh, TSCD bj hao mon, gia tri cua tai sin cim TSCD chuyin din din tang phin vao gia tri cua sin phAm Theo d6 VCD duct tech thinh hai phin, mOt phin gia nhip vao chi phi sin xuAt( clued hinh thirc chi phi Ich'Au hao) tuong ting vii phin hao mon ctia TSCD Phin con 10 duqc c6 dinh trong TSCD

Danh gift duqc dung mat dO hao mon ginp DN dua ra nhUng bien phap tai sin xuAt hcm 15/

Quan sit bang phan tich he s6 hao mon, to thAy he s6 hao mon cim tong ty dang c6 xu huang tang din len

Trong ba nam qua, tong ty kheing chit trong vao viec diu to vao TSCD, bang chting la nguyen gia TSCD nam sau giant xuAng so yin nam tnrdc Nguyen gia TSCD nam 2011, 2012, 2013 lin Itnyt nhu sau: 43.160.596.908 ding, 37.267.670.733 thing

va 34.140.300.684 thing Tuy voy, day chi la mut gam nhe

Nim 2012 gii tri khiu hao TSCD let 14.875.774.747 ding, tang 2,49% so vii nam 2011, trong khi d6 nguyen gift TSCD giam 15,81% day la nguyen night lam cho

he so hao mon tang len 0,06 ve tuy'et did tuong throng vii tang 17,65%

Nam 2013, nguyen gia TSCD tiep tic gam 8,39% so vii 2012 Tuy nhien, khAu hao lei tang len 0,32% dieu nay la nguyen nhin lchien cho he so hao mon tiep tic tang len con so tyet din la 0,04

27

Viec he so hao mon hang nfun Ling len lam cho VCD cua Gong ty ba nitm qua giim xuing Cu the nhu sau: Nim 2011, VCD cita cong ty li 29.415.213.571 ding Nam 2012 giim con 23.264.527.448 ding Den nim 2013, lugng VCD la 19.448.786.330 ding Chi tieu he s6 hao mon TSCD cang gAn tai 1, cluing to TSCD

cua DN di qui eft, DN phii chit trung den viec dig mai vi hien dii hoa TSCD He so hao mon ctia cong ty hien yin nhe hon 1 khi nhieu chfmg td cac TSCDdeu van con

gii trj sir dung liu

Kit luen: Ket qui phin tich ket cau VCD va viec tinh toin khau hao tai cis djnh cho thay viec dau to vio TSCD clic% cong ty la hup ly cho hoit dOng sari xuit kinh doanh ve lau dai Tuy nhien, viec trich khiu hao chua hap lY lam cho he so hao men tang cao lim giam gii trj TSCD cua cong ty Vi voy, lanh duo cong ty phii ce giii

phip hup ly de dieu chinh firth twig nay

KU Ming dim bio von ca djnh

Viec phan tich kha nring dim Ho VCD cho Ed& lirqng vim cong ty diu to vao TSCD la tir ngutm nag, tir d6 c6 the dua ra nhon zit ve kha nang dam bao tai chinh Ha cong ty trong tuang lai

Bing 2.4 Khi fling dim bio van co djnh

Don vi: clang

Von CSH 24.180.923.133 26.269.714.787 25.438.372.987

Kb* ning dim bio VCD (5.234.290.438) 3.005.187.339 5.989.586.657

(Nguo'n: Nguon so lieu phdng ke tocin )

Luang von dau to cho TSCD cua cong ty giam Ltrqng VCD trong 3 nim 2011,

2012, 2013 lin luqt li 24.180.923.133 ding, 23.264.527.448 ding vi 19.448.786.330 ding, trong khi do luqng yen CSH cua ding ty tang giam kh8ng on djnh la

24.180.923.133 ding trong nam 2011, 26/69.714.787 ding niim 2012 vi 25.438.372.987 ding nim 2013 Nim 2011 cong ty Meng co kha ning dam bio VCD

khi ma VCSH kern VCD tbi han 5 ty ding Tuy nhien sang 2012 vi 2013 tinh hinh di duqc ciu thien re ret khi ma khi fling dim bio diu duong va c45 xu Enron tang din Dieu nay cluing to khi riling dam bio ve tai chinh da duqc cong ty chi trung han rit nhieu

— Thvc tr3ng sir dyng von hru dOng

Gi6ng nhu VCD, viec xic dinh duqc co ciu VLD clang vai trd rat quan tong

xic dinh duce tS, tong cim VLD giirp DN thay dugc lieu co eau van nhu hien tai c6 pith hop khong dE co ck bien phip dieu chinh kip then

Bien dó 2.2 Co ciu van giai doan 2011-2013

Dan %

(Ngu an: Ngudn se; lieu phong ke wan giai doan 2011-2013)

Nhin vio bleu 46 c6 thE &gin ra rang, ty tong VLD tat cao va dang tang dan qua the nam T$' tong VLD b ck nam 2011, 2012, 2013 lin ltrot chiem 79,73%, 87,18%

vi 89,65% trong tong v6n VLD tang cao la do Itrong v6n dilu to vao TSLD tang

DE co the thiy duce cu the so biEn dung cim VLD nhu the nao, to hay quan sat bang tinh tam sg bien dung cua VLD trong thin gian nay

+ Von bang tan

Vtn bang den dm Gong ty co xu huOng tang giam kh8ng on trong ba nam

Din wino 2013, Itrung tien Iii gitim 30,78% , chi con I.i 9.460 trieu &Ong, ttrcrng throng vai 5,62% trong tong Wong VLD trong khi no phai tri co xu huang nwly rang cao thi Wong von bang film cita cong ty lei tang gitim that thtrimg, neu thin h3n thanh town nhang mon no ngin h@n nay dang c$n ke ma Itrung von bang tien ciut cling ty kh8ng duy td On dinh thi se AM Wang den lchai Wing thanh Wan cua cling ty

29

+ Khoin phii thu

Chiem tong 16n nhat trong tong von Khoin phai thu coy nghia v8 cling quan tong d6i yeti filth hinh tai chinh ciut ding ty, va dac biet anh hubng den hieu qui sir ding VLD CO khoan phai thu nghia Ia DN dang bi khach hang chiem dung vein Dieu nay gitip cong ty tao duqc moi quan he vial khach hang tit dO co the c6 them &lieu nhi thou giao thiu cho cac cong birth Tuy vay, dO cling IA mOt con dao hai ludri Khoin phai thu nay co the trey thanh nhUmg khoitn nq xAu nq khe del Viec khong dirqc thanh town khien clang tien kheong duqc hm chuyen anti huong lon den lqi nhuan cua cong ty Viec von bi dcmg lai nhu v#y se giam co hOi dAtt to cilia cong ty vao cac linh v‘rc khic, lam giam lqi ich cilia cong ty Them vao dO, Ong ty con phai mat them Tanen chi phi , th&i gian de dei nq, ma ngubn von ding ty sir ding phAn lem la von di vay, viec nay lthn cho DN phiti Wirth chili Ili

Bing 2.5 Sly Min dung cis von Mu dung giai down 2011-2013

Dan vi: trieu dang

Chenh Itch 2013-2012 Tuyet

di

Twang

di (%)

Tuytt diii

Twang diii (%) Von bang

tien 5.016 13.666 9.460 8.650 172,45 (4.260) (30,78) Khoan

phai thu 67.723 83.944 106.464 16.221 23,95 22.520 26.83 Hang ton

kho 42.853 60.435 51.745 17.582 41,05 (8.690) (14,38) TSNH

T6ng VLD 115.728 158.166 168.444 42.438 36,67 10.278 6,5

(Nguan: Nguan so lieu phong ke Wan giai cloan 2011-2013)

Nhin vio Bang 2.5 0 tren co the they ductc lumig tien cilia khoim phai thu trong tong VLD dang tang din qua cac nam va chiem mOt t9 le cao

Nam 2011, khoan phai thu la 67.723 trieu d6ng

Nam 2012, khoitn phiti thu tang len la 83.944 trieu ang ttrcmg duong vial tang

23,95% Nguyen nhan cilia sv gia Wing trong khoitn phiti thu nay trong nAm 20121a do

trong thang 10/2012, DN c6 thanh 19 mit sift tai sin co djnh cho Cong ty co phAn dau

to Phit Cubing den nay yin chua thu had duqc Mt my

Nam 2013, khoin phii thu cua cong ty tiep tirc tang len 106.464 trieu clang, tang 22.520 trieu clang so voi nam 2012, tucmg ling voi mirc tang 26,83% Dieu nay cho thAy van cita drag ty dang bj chiem dung nhieu, clang thbi cho thAy tinh hinh thu hai

nq cita cong ty can han chi, litm giim hieu qui sir dung VLD nOi rieng vi tong van nOi chung

Trong cic khoin phii thu, hang muc phii thu khich hang tang math qua cic nam

+ Fling tin kho

Do dac diem nginh nghe kinh doanh li cong ty xay clung nen t9 trong hang tin kho cua ding ty la rAt lon

Luqng hing tan kho nom 2011 li 42.853 trieu clang

Sang nom 2012, con so nay tang them 17.582 trieu ding Litc nay, luang hang

tin kho cua cong ty la 60.435 trieu drag

Nam 2013, Iturng hing tin kho lac nay cua cong ty giim nhe so vol 2012 (ttrcmg

duang giim 14,38%) xutrag 51.745 trieu deang

Ly giii cho nhemg con s6 nay, c6 hai 19 do duqc dua ra:

Thu nhdt, firth hinh kinh to bet On, lam phit tang cao len den 2 con s6, de dim bio cho viec sin xuAt kinh doanh, lath dao cong ty da quyet dish du tnt cic nguyen

vat lieu phuc cho viec sin xuAt, thi cong cic Ong trinh xay dung nhu: sit thep,

xi-mttng vi dac biet IA dAu phuc vu cho miy mac thi Ong cOng trinh, do khang muon gia

du yin lim ink hu?mg tai cic chi phi khic

Dieu nay se gifip cling ty chit Ong han trong viec Iciem soft chi phi cling nhu

dim bio tien di thi Ong Ong birth, frith phii chju sir ep gii hay khan hing tfr phis

ngtrai cung cop Tuy nhien van de tro nen ding lo niu nhu luqng hang tin kho qui Ion

se clan den chi phi luu kho tang len cao vi khien doanh thu giim cling nhu cOng ty

kh6 ce the quay \Tang yin cling nhu sin xuttt din tin viec kinh doanh bi ngung tre Thir hai, dac diem chung ciut cic cong ty thuic nginh xay dung Theo so lieu mia http://vietstock.vn/ van ngity 30/6/2013 thi hang tin kho ctia ngiura xay dung tren tang tai sin chiem 27% thi t9 trong hing tin kho 38,55% tren tong tii sin li rAt cao (gip

1.43 Ian so vol trong birth nginh) L9 do quan tong nhAt Ichien cho hing tan kho cim cong ty loon o mac cao, d6 lit cic sin phim do dang, cu the 0 day li nhang drag With thi cong cda cong ty chua duet hoin think Do tinh chit cua nhang con trinh xay dung phii mit nhieu thbri gian thi cling c6 the la tb mit vii thing, mit nam vi co the han

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