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ĐẠI HỌC QUỐC GIA HÀ NỘI KHOA QUẢN TRỊ VÀ KINH DOANH - PHẠM THỊ KIM DUNG WORKING CAPITAL MANAGEMENT AT ADVANCED NETWORKS SYSTEM VIET NAM LIMITED COMPANY QUẢN TRỊ VỐN LƯU ĐỘNG TẠI CÔNG TY TNHH THIẾT BỊ VIỄN THÔNG ANSV LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH HÀ NỘI - 2020 ĐẠI HỌC QUỐC GIA HÀ NỘI KHOA QUẢN TRỊ VÀ KINH DOANH - PHẠM THỊ KIM DUNG WORKING CAPITAL MANAGEMENT AT ADVANCED NETWORKS SYSTEM VIET NAM LIMITED COMPANY QUẢN TRỊ VỐN LƯU ĐỘNG TẠI CÔNG TY TNHH THIẾT BỊ VIỄN THÔNG ANSV Chuyên ngành: Quản trị kinh doanh Mã số: 60 34 01 02 LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH NGƯỜI HƯỚNG DẪN KHOA HỌC: PGS.TS PHẠM THỊ THANH HÒA HÀ NỘI - 2020 DECLARATION The author confirms that the research outcome in the thesis is the result of author‟s independent work during study and research period and it is not yet published in other‟s research and article The other‟s research result and documentation (extraction, table, figure, formula, and other document) used in the thesis are cited properly and the permission (if required) is given The author is responsible in front of the Thesis Assessment Committee, Hanoi School of Business and Management, and the laws for above-mentioned declaration Hanoi, September 3rd, 2019 i ACKNOWLEDGEMENT I would like to take this opportunity to express my deepest gratitude and appreciation to the people who have given me their assistance throughout my studies during the preparation of this thesis They are my teachers, my colleagues, my family and my friends I would like to express my great thanks to all of them First of all, I would especially like to thank my advisor, Assoc Prof Pham Thi Thanh Hoa, for her continuous encouragement and especially for her academic and creative guidance She has been my source for inspiration thoughout my thesis Without her support, I would not be able to complete my thesis And I really appreciate her patience in reading and correcting my thesis I am indebted to all my teachers at Academy of Finance for their guidance and help with valuable lessons thoughout four years of study Moreover, I would also like to thank all of you and your colleagues who have been working at ANSV Co., Ltd, who helped me answer the survey questionnaire as a data source for analyze and produce research results of this graduate thesis Last but not least, many thanks to my family, friends and classmates for their great love and care in both spirit and health during preparation for the undergraduate thesis in Finance Finally, I have to give myself credit because I endured to the end of my thesis instead of giving up, losing my mind or getting sick due to the stress Student Pham Thi Kim Dung ii TABLE OF CONTENTS DECLARATION i ACKNOWLEDGEMENT ii LIST OF ABBREVIATIONS .v LIST OF TABLES vi LIST OF CHARTS vii INTRODUCTION .1 Chapter 1: THEORETICAL BACKGROUND OF WORKING CAPITAL AND WORKING CAPITAL MANAGEMENT 1.1 Working capital and the sources of working capital 1.1.1 Definition and characteristics of working capital 1.1.2 Classification of working capital 1.2 Working capital management of business 1.2.1 Definition and objectives of working capital management 1.2.2 The content of working capital management 1.2.3 The criteria evaluating working capital management of the Company 17 1.2.4 Factors affecting working capital management efficiency 22 Chapter 2: CURRENT SITUATION OF WORKING CAPITAL MANAGEMENT AT ANSV CO., LTD 25 2.1 Overview of ANSV CO., LTD 25 2.1.1 Foundation and development .25 2.1.2 Characteristics of business operations 26 2.1.3 An overview of financial situation .29 2.2 current situation of working capital management at ansv company 41 2.2.1 Determining working capital requirements 41 2.2.3 Current status of working capital financing 48 2.2.4 Cash management 52 2.2.5 Receivables management 61 2.2.6 Inventory management 69 iii 2.2.7 The criteria evaluating the efficiency of working capital management 77 2.3 Evaluating the management of working capital 80 2.3.1 Achievements 80 2.3.2 Shortcomings and reasons 81 2.3.3 Reasons of shortcomings 83 Chapter 3: SOME SOLUTIONS TO IMPROVE EFFICIENCY OF WORKING CAPITAL MANAGEMENT AT ANSV COMPANY .86 3.1 Orientations and objectives for future development at ANSV company 86 3.1.1 Economic-Social context .86 3.1.2 Orientations and objectives for the future development of ANSV company 88 3.2 Some solutions to improve working capital management at ANSV company 89 3.2.1 Determining the right working capital requirements 89 3.2.2 Improving the efficiency of inventory management 90 3.2.3 Improving the efficiency of receivables management 92 3.2.4 Strengthening the management and improvement of personnel organization 96 3.2.5 Improving the management of cost .96 3.2.6 Improving the rotation of working capital by promoting access to new technologies in manufacturing .97 3.3 The conditions for implementing the measures 98 3.3.1 Some proposals to Department of Telecommunications - Ministry of Information and Communications 98 3.3.2 Some proposals to State 99 3.3.3 Some proposals to Commission for the Managenment of State Capital at Enterprises 100 3.3.4 Some proposals to Vietnam Post and Telecommunications Group 101 CONCLUSION, LIMITATION, IMPLICATION 102 REFERENCE 104 iv LIST OF ABBREVIATIONS BEP Basic Earnings Power CA Current Assets CL Current Liabilities EOQ Economic Order Quantity JSC Joint Stock Company NWC Net Working Capital ROA Return on Assets ROE Return on Equity VND Viet Nam dong WC Working Capital WCM Working Capital Management WCR Working Capital Requirements CTIN Post and Telecommunication and Informatics Joint Stock Company POT Post and Telecommunication Equipment Joint Stock Company v LIST OF TABLES Table 2.1 The situation of assets in 2016, 2017, 2018 of ANSV Company 32 Table 2.2 The structure of capital sources in 2016, 2017 and 2018 of ANSV Company 35 Table 2.3 INCOME STATEMENT IN 2016, 2017, 2018 OF ANSV COMPANY 38 Table 2.4 Profitability ratios 2016, 2017, 2018 of ANSV company 40 Table 2.5 The actual working capital requirements 2016, 2017, 2018 of ANSV company 42 Table 2.6 The expected working capital requirements determined on the basis of actual net of revenue in 2016, 2017, 2018 of ANSV company 43 Table 2.7 The allocation working capital in 2016, 2017 and 2018 of ANSV company 45 Table 2.8 Working capital resourse of ANSV in 2016, 2017, 2018 48 Table 2.9 The situation of fluctuations by cash of ANSV Company in 2016, 2017 and 2018 54 Table 2.10 Liquidity ratios in 2016, 2017 and 2018 of ANSV company 56 Table 2.11 The indicators for evaluating the situation of managing cash in 2016, 2017 and 2018 of ANSV company 59 Table 2.12 Detail of accounts receivables 2016, 2017, 2018 of ANSV company 63 Table 2.13 The situation of receivables management policy in 2016, 2017 and 2018 of ANSV company 65 Table 2.14 The situation of accounts receivable and payable in 2016, 2017 and 2018 of ANSV company 67 Table 2.15 Inventory structure in 2016, 2017 and 2018 of ANSV company 73 Table 2.16 The efficiency of use inventory in 2016, 2017, 2018 of ANSV company 75 Table 3.1 Table of quality monitoring using inventory, finished products of ANSV Company 91 Table 3.2 ANSV debt monitoring table for age customers 95 vi LIST OF CHARTS Chart 2.1 The structure of capital at end of 2016, 2017, 2018 31 Chart 2.2 The structure of capital sources at end of 2016, 2017, 2018 34 Chart 2.3 Profitability ratios 2016, 2017, 2018 of other telecommunication equipment companies 40 Chart 2.4 Capital financing model of ANSV company at 31/12/2016 48 Chart 2.5 Capital financing model of ANSV company at 31/12/2017 49 Chart 2.6 Capital financing model of ANSV company at 31/12/2018 49 Chart 2.7 Liquidity ratios of other telecommunication equipment company in 2016, 2017, 2018 57 Chart 2.8 Accounts receivable turnover of telecommunication equipment companies in 2016, 2017 and 2018 66 Chart 2.9The efficiency of use inventory of telecommunication equipment companies in 2016, 2017 and 2018 of ANSV company 76 vii INTRODUCTION Rational of the study Nowadays, in our country economic situation, besides the enterprises doing business effectively, many businesses are still confused in capital management Even, many businesses cannot simply reproduce, leading to losing business capital after every business cycle and businesses are always in a lack of capital, lossmaking business situation Those enterprises are always in the risk of bankruptcy There are numerous of reasons for that reality, ineffective capital management is the most indispensable one Capital is not only a category of commodity economy, but also one of the most important factors impacting on the production and good circulation Therefore, it‟s vital for all businesses to pay attention to the working capital management to maximize the company‟s profitability for it‟s survival and development Working capital management plays an important role in operating expense changing, cost of products, then impacts considerably on company‟s profitability Thus, working capital management is a pressing issue for all businesses Advanced Networks System Viet Nam Co., Ltd has precursor which was a joint venture company, so it was provided capital regularly and fully However, after the joint venture‟s revulsion of capital, ANSV transformed into a two-member limited liability company In the process of transition, the Company met many difficulties in working capital management In the process of working at Advanced Networks System Viet Nam Co., Ltd, grasping the situation combined with the studying of basic arguments about working capital and working capital management, the author realized that the working capital management at Advanced Networks System Viet Nam Co., Ltd was really necessary and urgent Therefore, on the basis of the contribution to working capital management of the Company, and the guidance of Assoc Prof Dr Pham Thi Thanh Hoa, the author chose the issue of "Working capital management at Advanced Networks System Viet Nam Co., Ltd" as the subject of the master‟s thesis ... situation of working capital management in ANSV Company in the past time Considering the working capital structure, the organization of working capital and the status of management of working capital. .. current situation of working capital management, then given solutions to improve working capital management at Phu Yen Mineral Joint Stock Company; - Topic "Working capital management at Song Da... trends in economic indicators, systematize, reflect the efficiency of working capital management to evaluate the current status of working capital management at Advanced Networks System Viet Nam