đánh giá hoạt động đầu tư của công ty cổ phần sữa việt nam vinamilk

LỜI NÓI ĐẦU
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 !"
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8"/#(92:;#,*<=>"2
?52(@A&1%#!BCD6
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5+-#@I1H012K
3212GL!I1H
(5.17M,-.
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C$L#-*328"/#N!17$
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4"8"/#8$*I17\5.]
7M.J/14"8"/#!*N
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*$12_`174$@GJ2&!4

5.>*>'H#HM6@*"&]
74"(E5.I1(_!
1=>"1$'5'>G-
4"321K3
&JP#abĐánh giá hoạt động đầu tư của công ty cổ phần sữa Việt
Nam Vinamilkc
d#-G#%C!5e/*fCUN@61
4^P#3*C6.">*P#
2:2F$5#:>A5
X
CHƯƠNG I.
NHỮNG VẤN ĐỀ LÝ LUẬN CHUNG
1. Khái niệm:
1.1. Khái niệm đầu tư phát triển
<1>@%>GJ1"4g
"!!;#L#=!5G
@M"LL.5G!"#6#:1H
hi3>GM15G@5&
1H3>F3!;#L#
=!5G##6,HG32?#L
3#.5G24#E!5G232"J
*!"#-H5J#E1H4-N<M
">F3-*4.5j$j2!#5_#
>I_=(3>">,41k!,-.
."M1H*_35.!J5G
*;#4*6=L#3#.!J%50,
!>A55GL#3#.J#El.!2O
NJ1
1.2. Khái niệm doanh nghiệp
L&1NJl8"/#L#

ZmmXN175jA>A5P/I*5[ZnXYYZnoUZY*X[
ZXL#XYYZJ2h2pE&ZY
q@4"*IaK"A&2
5G`504IAI17L2\24P
*IJ@;##`M."!24
U!24"."`##5=G
:!J61?5G`5G)#=
&4I`I1H;##`M57
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2. Đặc điểm, vai trò, nội dung của đầu tư phát triển trong doanh nghiệp
2.1. Đặc điểm đầu tư phát triển trong doanh nghiệp
U!1$=#J*5a
so*#:3@1!1
1H 81;#2E-56."
1o*#:1'FGG!*
7\-*4.M5*!2!1(_
G\=+A1>MP1."
1E-#E#
q5j4`4.=>"4.
E#K:*4`!5j4`N
-J#2!I15&?
!-.P1,H!#&$
G10.43b@4.c!1">MG
*4:41T
+ CH2p12i4CH2p1M?220:.
"4.24.1!/3:6
1H12i4`L#K;#2
E56."1-"G
1-2p1>M,.@
4&#?!#`:6G\=+2!

12_`6!7E1-*4.%>G
+ CH@2G12i4CH*M?
241:6!2H!!
G:6/3G1*2G-4,!
lf1t#.Cu@/HqvN0w:#8!q\
C1HC0Cox80#OOTC5
6@G1I5.#=GM.
.J3*.MI2NT
y
sGJ!1#:6
-*4.1H*4`0*%17!4.4
6."191H2p@2G1
IG10J-3.2Ng
s<1JK*#:1H2p
12i4H@2G192i4T
#&JJ!11HwJ14
3*-*-J?M1
1G\2i#175G)#2:!*-T*-
21*"L>5G)#G#:55G
2:!52
2.2. Vai trò và mục tiêu đầu tư phát triển trong doanh nghiệp
2.2.1. Vai trò đầu tư phát triển trong doanh nghiệp
o-M&4J14"
(*;1*I5.H,!J#]
4"<!4.%50@5.HJ>&4
"9G-*4.L'10#5_#_=#*
#>I6!%50@*>I1F
#'4"G>FM5j$<&JI
1HM&6A#J2E2l@
4"GA#%50@2l@*6:"C

G!3!1
o614"$'E
!5G24J4"#=5a
Thứ nhất: C!32"-2GL!J4
"N`3232
#]96#2:?@
[
CI1H*05:J1H
'F4g3%G17#^#N
z4!(86#5G)#4I`
I1H#,!176G&J4-186+
#'F5GG1U!1
J4"17P$172
17!I1HK1!32"-
2GL!J4"
Thứ haia<1!32"-175G)#
/1(N>14">,#a1
15GI14.$TCG"
1*;##`M!#5G)#17#^#Nz
&J1HN"!<3*N17
&#1L#4"#,!3
2I1H6L>GG-175G)#!

Thứ ba làa<1!32"G#M5GL7@
t:4"5G24!2:
=#`37@t:{##7@#E'
##3JE2:?L&*#:7@*
17#0
U!1J#]4"M!;#.
"175G24J4"#`!

177@#4"3t7@67M
17!q7@17*#:>04MP
:&a
q7@|KVM
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K*2:!`61J
4"/1#!"G645+3/1
@*1N!32"G#M5GL7@
Thứ tư làa<1A#:"62E2l
@5G5G)#J4"
C32I1H4"::(E
"A#;#-5&!J#68#:
"1J4"15GI<3*l
4"#5_##*#>IA#:"
;#-L5A#5G)#G3J!#^#N
17T
/1@**415.19>NJ#!
2E:"#]4"3@*'J
1:"91"!#*#>I65G
U*21A#:"62E
2l@
Thứ năma<1-17,-.
<!17!"G>&#4"
9962lLC62lLJ
1HG1065G24175G
)#g32"5G1165+
!5G)#17%<1>,#$
!11!>GM*3:-
M5G5&
Đầu tư quyết định sự ra đời, tồn tại và phát triển của doanh nghiệp

<1%505G245.
*5,.0"!4*6L1H#0L.
5G24"J%50/1@*1'
E4"/*I5.H,!J
~
4"v4"#@1G-*4.%
50@O2e@110(!#5L##*#
>I-:•4*6!>61HJ#6
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2EO2e@4gJN1@*4
"#,!17/1'&%
>G(4"."17#`J#61L7
@-I*M
<4":I7€!2:7@
>G-#6•,!4*65.!"5j
$I2p%50@V2e@'G."M
1H*CG$!M*3$!
1
C.N{R34"42:1%
124(_=2:2GL*13
>!244^5G<*@2:J@
J32I1H
2.2.2 Mục tiêu đầu tư phát triển trong doanh nghiệp
U4WPPP#G\4"J1ve
abC>>GGI24#!>-a/1H
E#*5?/1HN!4"P
317!/l>_?!5##E"
#172Gc
<-*#1%2EN17U4WPPP4f!

"(;aC1N*I#`,5
."#EG!17#`C-M
4.s1J4"#`%50@)"
Gb)c*I.E1%4.
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()*L102@4-€#`•ƒG
"-@4-€#`:>;N•#`
1J4"?I1H?2GLJ
\,1724J4"?1H
1%50@4.1J4"
#`5-*a
„v`.M.!7@
#`.!7@1H17#`
EA>
C*25j4`#`*G>GG#M__J
{7@17J4.1L#…*
.=322L2."666JI1H:
:>"4.>M37@`L#5
22L
„v`.!217>I1H
v`*1H174`2*M#`
P7@2:17G#>G__C*#`*9
G#`Mg4177@P1H.
!217>I1H6#&7@M#
5G)#142175G)#>I1H
A7@1793'!0-*4
"G#>G#&*
„.!I5GJJA:MPI1H
C243%>G1724:

:-#7@4!5.AI240-*
5.AI::_3#&JU#`*1H
#-^6#7@6G@#&J
&#&AI
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1Hc*.!II1HJA"61
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2:$#&7@#'G#&J*AIJ
!24J:*86@*:IAI
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„K*65.,!J4"
!#`7@.',!##`&
2:2i#E4*65.,!-4
4"*4.1C1H7*2
4J1%!417#&G#NJ4"37
@G#>G5.-44"'%!*P
7@.!13*%J5G#*
@4`-M*I#4.1
„<1-175G)#a
q-*M2L2GL!
#lI1H3%@22.

„<1P35-A#:"a#5+
"I1HL#*34"
„<141J:"##0
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„<1G"32"J4">GG#

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3#`,H#`J4"!*A
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3. Nội dung của đầu tư phát triển trong doanh nghiệp
3.1. Đầu tư vào tài sản cố định, đổi mới máy móc thiết bị công nghệ ở
doanh nghiệp
<&*4!'F*91
J!!]&$_I1H6
4"2:'1H2G-175G
)#J#6!-2GL!,HL
L5G:"!4I`
#G#N$'FJI1H3*'F4
"G1A##*#>I:"
8"1A##*#>I:"04"
P#i35a
Thứ nhất làa'HJ#*#>I:"
26J#*#>I:"15a
"L1010>N26E'HJ#*
#>I<A##*#>I:"9GL&'
H**IH#1M7;#G#>G"GJ
,
Thứ hai là:-M#:1H24
O†#*#>I:"J*G@?1
=*:"G-M#:1H
13@*350$>;#5*
:"T !GP#i-M#:1HL
1`@INJ1:"2)
3"MIM51M51%#!

"2!9P#i#2l1k
O†-M#:1H24-J*
2MIN32"._#>_17.!3
20!Q"!#>T
ZZ
O†-M#:1H>
C@6#P#>J!3#.
2GLJE15G)#JE'1
1H4gE5j4`#*#>I:"
Thứ ba làa-M.!>4"
O†-M#-,-.>,#a
sC63"J:-5G.
sC6J>N4!L.N!2l@
O†-MIJ4"I1Ha
s/,M3(\.E#`?G
1g7
sP#i*#:*=#2O2l@J
#]
OhP#i32"3%50!"=>"
>AM7#*#>I:"4.25+.E
Thứ tư là:-M*#*#>I:
"
OhP#i1-4J#*#>I:"G#
>G5.!@=22L-*0!"5j4`#*#
>I21,J
Oq.E#*#>I#4``*5‡1
=17G#>G__`*
Ov*#:"G.E!3,
!5.!$#17:"
GL!J!5*

OhP#i4"2M!22l@J#*#>I
:".E:"M7132"J4
"
ZX
Thứ năm làa-M{""G1A#
#*#>I:"
OWG#>1H:"=E*A%
4"P1LQE*
#:2e@G#QE*32:6"
`
OC%A&91A&5GJ4
"P1EL"G
OG"#:1HP1G#4*2
.!:"5!
3.2. Đầu tư bổ xung hàng dự trữ
U4.$#4"$!2>,#G
@1*">)#)#
„<=#J14.$
OK.$*4!265G
Oo*#:14.$`3-14.
1%`*@4g>"J
#]#=*@4g0H262&5+17G1%
.0264.>
O†`25G5G)#J4"
4"#E#lI1H
O†`#&@#fJ2--1:
"0#>@4.$
OM4.$
„8'J4.$
K`$:35'#'F*2

G#>GM`"GJ5G4g
C#:64.$ˆ‰C€ˆ5#P•{a/4.$@3
4^&EFLM>GG2:"G
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/4.$M2:J*@"5G2:J
>4^!5G24
G->"$4.$!41?&E5G
)#4"
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3.3. Đầu tư phát triển nguồn nhân lực
&#!64"3G-#
61J#68"-#4
"2:{3#=517#-#G#=17•
17G10*#:5GJ4"'
17G101HL58"
L17{>L1*4`!
4!*3C?-.6*3J1H
C32""*34""1
,-.17/,-.4"
>,#a>GM:-5G>&2E
<?!GM5!13G`
1741kS*"&E@T-2"#
6*3
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<1,-.4">_?2-
*1H<-*%5017.17>0@*
2-*1H'FG2_2P)@C*1H
"*'FG!17*1aC6L!$
6MTC6-2GLJ1H
1H*C32"A#"*3:"

"!N17&4`!64"1
86@*"!*:gEg"
2P10A&!3(1HL5*
:"?-L56&2P
1017."04"-
M31710&-M"
:*-T/HM5!3
4"N!17$:2:F
175G249117!J
#6
3.4. Đầu tư vào nghiên cứu và triển khai
<1&2E:"l.12:
17J4"24/&2E
:"(-2GL!J4"
5G24G#>G5&#!IMJ4"
I1H"!911%
v`MJ1%64.wŠK2:{4?!0
4!&&4`&;#L175G)#!
5G)#=#A>@%#'@&6#2#
2e@:"#4"wŠK
2:17!J4"<1
wŠK#$*(:*G#17M
5G24
Z}
„*G10&2J4"
OtGLMJ4"a2GLMJ4
"5iI172GL*#:1&
2J4"
Oo*#:5G244"a*#:5G2
462GL*#:1&2

O%3A#2l@%a$
3%A#:"2l@'F4"
GM.1&_#>_2IH%3
2l@:"J
t"G1&24"
1H4.#5#5a
C&"G1&2G17P#i
4"3#=M2N#:1H
C&"G1&2?17
17?2:1717K2GJ1
&217"414!"=414!
)pP4.1%6&
C#!1&2'
E!24J4"1%6
4.wŠK_=1724(4"!
17#`_!914!3291G
102
3.5. Đầu tư vào hoạt động nghiên cứu thị trường
Thứ nhất làa1"&I1HJ4"
1&2GL!J4"
Z~
!#=M%>GJI1HJ
4"5+2:I1H2:!#:
1H!G#`J4"1H4g
7@5."MJM#62GL!
,L17*4"`$>1
1H@2
C.*4"24:."2l
L!`!1%!=
14"

2lL*@a
OC!@*M4"
OE17#0:I1%
Oh-*4.."A#5G)##^#N
Oq:6#G#M5G
O•17`5G)#2:2i
Thứ hai làa2&I1H15G:6J
4"G&J1H4g
UJ1H4g.""6#2##5j
4`&>F5G)#4I`#E4.I5+G#N
JE/&J1H4g&
-1*I",
*‹5j4`JE!#`5.4g
o"&1H4g5+5G
$:EE2!5G2G
-*4.17172*#!
Z‚
v`MJ&1H4g``:G
M245G4I`GM#>*-
J1H4gE#>1H1*I#
5j4`2&>F5G)#1?-*4.
17v2P@$#GI1H##5G)#*
#!5G)#/&1H4g17>0
A&v2P>"
C*17#EJ"&
1H4g4"1#M"
&8"&:(4"175G
24(1`5G)#*'
()*32
3.6. Đầu tư vào bí quyết công nghệ

/#*#>I6>M*:"#E
J:"C@5#2:*J21A#:"
#2:(\>M*:"4""*1H
{l##*#>I##>M*:"
M*:"&.G2-:!J
65G1A&7M35G"
M22I1H`5G)#!:
@2!G:"jM#:1H
M6>M*:"'E#
-#4"-#P#i1
4. Các hình thức đầu tư và nguyên tắc quản lý đầu tư ở các doanh nghiệp
4.1. Các hình thức đầu tư
8"5_6&12:MAI#=4g
!*-6&115a
s<1
Zm
<-*6&>F!2;#1!"G
1H91N$1H2:#
.G\!1U!117
"4136&21#AM
<1#!62A>"*4J1
3#.212:32"2GL#1
.
s<1.
<-*#6&1#1H#.
!#G\!1E>417#`MJ
1911%&!J5#E>FU!
1.9417>"4136&217
,4:*A#0LL.5G
s<1.X#1*4I1

a
Z<1*4Il5.*4I1?5G
1H*52G1H2P%I1HJ5G17
*4IU*M5.#!A4"
"*4I*2:G106J4"1
2GL!#L.G\#L.5G#
A4"01"*#6&
1*4I
X<16&1EJ*/1H
1_3!2J1U!1
1H7*;#-L.J%505GP
151717!L.5G#-*6&
5G#096&1E!"#
#5G)##()*2
XY
C1"27$1P35-
33G10"G2J1
<1P35-1"4`2e@5G
#*#>"G%"0]2175G
)#175G)#L1517#
65G^$**M%,H2:#L4"
M5GJ:64"17465G

<1P31#0*#:5G2e
@:"=!19
/1@**;1*1*4I
2:.@,!12:1/17
!1!17*#:5.#J
6&12
C32I1H"*MJ2:=#

6&1>_>#E21/1
G5."IG#>GI1H1g
75.L102'4":G
!17#`17?H2p;#!7M
4"%50-P*_G\1 
4.2. Các nguyên tắc quản lý đầu tư ở các doanh nghiệp
oG\1a#@7$>"J/1*J
1G\612?>1I4.1
>1."1>124.!17$#`M
NI
oG\1J4"G4.#`175G
24J4"0?H2p#``4
4.13;#!177M4"
XZ
1Gg71HJ1g7
@*I1
soG\1J4"GG#>G5G$5G
)#4I`17I1H@3G17&
177MJ4"1H4g#`J
1
soG\1J4"G:4.$2E
J2&35G244.2"#"
@24N172@:5!#
soG\1J4"G*5#E!2?
2@4.1!."@4.1>G
G#5.g7$M4.P\*.G#>G.
"(6.1
5. Những chỉ tiêu đánh giá hoạt động đầu tư, hoạt động tài chính trong
doanh nghiệp
5.1. Các chỉ tiêu đánh giá hiệu quả tài chính gồm:

s•G17€4•L#M#%I1
*4`2p&J4"
{*17I>;"555G17L#
2p&J4"A#&8<C*4`
2p&J4"/>#%I8<C*
4`2p&J4"N!>#&L
J5G172p&J4"
sCQ55H8<C€Q57@8<C•{*17
I>;"557@L#J4"A8<C
*4`2p&J4"/>#
%I1*4`2p&J4"N
!17>7@L#
XX
CI5J{*6"G5j4`8<C†CJ
4"
sU"5*C•<{*17I>;"55
IC•<#L2p&J4"A#&
8<ChK ."2p&J4"=5
A#&8<ChK ."€,#."02p1117*
."2p•{*G#&!172G
J!1A8<ChK ."2p&
=A8<ChK ."J4"
CI5J{*>4"N."
:4&#1:6!G#6!
&E
5.2. Đánh giá hiệu quả KTXH của hoạt động đầu tư trong các doanh
nghiệp
sv&-5L#2p&J
4"58<C*4`2p&J4
"

{*17I>;55A#&
-5L#2p&J4"A#&
1*4`2p&J4"
{*>#%I8<C*4`2p
&J4"N-5#&L#
>
sv&2"#!"L#58<C*4`
2p&J4"
{*17I>;55A5!"2"#
L#2p&J4"A#&1
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8<C*4`2p&J4"P#!#&
!"L#>
sv&@€*31%J1H•L#5
8<C*4`2p&J4"
hI>;"55A@L#2p
&J4">Z%I8<C2p&J4
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s•]#"L#58<C2p&J
4"
hI>;55A5]#"L#2p
&J4"A#&8<C2p&J
4"
>#%I8<C*4`2p&J
4"N!5]#"L#>
CHƯƠNG II: ĐÁNH GIÁ HOẠT ĐỘNG ĐẦU TƯ CỦA
CÔNG TY SỮA VINAMILK VIỆT NAM
1. Tổng quan
1.1 Tổng quan về ngành công nghiệp sữa Việt Nam

/:"5$8"#NL10$
L#*H5.L102*17@?
<,H5.-#&5J8"/#22GLJ
5&"#17:"5GA>5.G"%
50!#2N!32"5.L3M
4!175G175G)#5$175G!8"/#
CA45>#=5$!8"/#XYYrVXYY~€C"Œ•K••.
L10#!J35G)#5$17#7'`
L10#!JWK†5.L4-5@
!17L5.-#*J1H4g3
Xy
7M5&2FPJ5G)#5$d#‰P1M;
AI`5G)#5$L#!8"/#L?ZrrX"
Œ•KL#XYY~2GZmYX"<:veL#XYZZ/$*
*5+5.L2#&4g5$>6-
1H'J8"/#511%-* 
,41-*"#&`5$>6-1H5-•
-Ž _ve?L#XYYrL#XYY~
1.2. Giới thiệu chung về Công ty Cổ phần sữa Việt Nam (công ty sữa
Vinamilk)
:*A5$8"/#€:*=8#2•/5G
5$08"/#3-#4"117A
L#XYYrC?*ZmnYZnXYY}AJ:*17
#  *  !  C  -#    4I  &  2  CUv  <  *
ZYnZYnXYY~II1HJ:*rrYYYQ,
  ZZ~  :  *  #  *  %    50  $  J  8#2    *
rZnZXnXYY},#a/1[YYZ•A:1rmy}•A
:21ZY[r•
U!24MJ8#25G24
>5$@1G25$5$>>441k

5G)#?5$2ƒ24.)#:">I`g
@1*">5G2>>N@G>;
::>'2#2ƒ5G#>17>
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