Tiểu luận tài chính: MỘT DOANH NGHIỆP NÊN VAY BAO NHIÊU ?

MỘT DOANH NGHIỆP NÊN VAY BAO NHIÊU ?
DANH SÁCH NHÓM 12
STT HỌ TÊN NGÀY SINH Ký tên
   
  !"#$% &' 
&  ()% * 
'  + & 
 ,-./  
 01#2 * 
*  (34  
  56 &*' 
 5789": *' 
 -;(-;-< '* 
  (-6  
 57!" && 
&  -$%  
' 53=8  
 >?(@4$%  
  (53 &* 
GVHD: PGS.TS. TRẦN NGỌC THƠ Trang 1
MỘT DOANH NGHIỆP NÊN VAY BAO NHIÊU ?
MỤC LỤC
LỜI NÓI ĐẦU 3
I. THUẾ THU NHẬP DOANH NGHIỆP 4
  !"#$%&'$
()*
+,-.!/&'01!2*
300 45
II. THUẾ THU NHẬP CÁ NHÂN VÀ THUẾ THU NHẬP DOANH NGHIỆP 7
III. CHI PHÍ KIỆT QUỆ TÀI CHÍNH 11
36789+

3+67:;: 7< =!.:;:'895
4!>?26@A"!&!B
4!>?'24#$%B
4!>?C'24DE CF.G
4!>?2HIA J'G
4!>?K249LCCG
3367:;:'$M1. 89N
3OPQ$!/#N
IV. TRẬT TỰ PHÂN HẠNG CỦA CÁC LỰA CHỌN TÀI TRỢ 20
O4(DC<-+R
O+S  $%JT(DC<-+R
O34' 7+3
OOU>DEVA W!&'' 7+O
O*47AXY'2C9'CZ#'&',1'1A[!+O
GVHD: PGS.TS. TRẦN NGỌC THƠ Trang 2
MỘT DOANH NGHIỆP NÊN VAY BAO NHIÊU ?
LỜI NÓI ĐẦU
5%">?5>A"B"=3C/C>D"AE6"1"FG"H5="E9"IEA
J(C6F$%%)K1"L3MM5%C6NN""G"FH%)$%
"L3(5>OP)F4O"=QR=S"G"F<"J"G2"T.
?5%E"S4"3"1"FG"H5="E9UC<C>D"QV9>5%"
SWQXYTE9":>G5("L3%3SP
CZ"4[\%3SE3F3%2"=3C3C]E)%
"H5="E9"L3%3SPG"H5="E9C>D"C(^3>\_
DS>?C9"L3D`<>OaBDY)<B"KS7>C/E)"KS7
>OC>D"YIC.)5D\%3SPbC4B"=3QRcS
5S4W""H5="E9Y)<"L3Y%3SF3%;;)5D"Wd
E9E3E)E9"KS7P
%)ef1E6"H5="E9"L3MgMB"=3QRF`ZSHNG6ef
1NG"UY $"G""G"h")%3SS4"3"1"FGE9

\"G"i$HP.N.i3\E)ef1>Q3d
• f1GCK5%"H5="E9jk53Ykl%mmk%5n
• f15cVS4<5%E"2N1"G";)5DjkSk"N
%5Yk5k%5n
• f1"SWC<Yjkk"k%5n
• f1Wjko3ek%5n
• f1C6"p(5>Ojk35Nkk%5n
5%NNK52F)B"=QRA&ef1SKF1H5%
%<"C(\"H5="E9e)ef1MgMBef1CGCKBef15cV
S4<P1Sk%CB"=QRDf"%F<"G"S>?SGSC.i$5("H
5="E95%V" i3E"S4W"q#rlqsoE)S4W"N$+"
5$6Z"L3%3SP
GVHD: PGS.TS. TRẦN NGỌC THƠ Trang 3
MỘT DOANH NGHIỆP NÊN VAY BAO NHIÊU ?
I. THUẾ THU NHẬP DOANH NGHIỆP
− )5DD"\eD1i35!Y>A91cSY%3SY%
e/t"hN%GD)\""5$e)\N%$"SWC>D"NH5t
1B5%NC"Kh"E)eDcJe<2NP
− #$P"%3"G"FG%"G%eDh"C?$"L3Y%3S,BN"DBE)
Y%3SB"DE3Bue/QHvP-3C?1"L3W?"L3,
uP4e)H"`1Y%N%$DE3"L3P5V"1"WSL"5$
&v"L3e/t"hN%GD"L3PKeDc)"."5$"%"G"
5G"LE)"KC+\Q9e>DFUEAQ96u)P
#$P%$NH5t1"L3e/t"hN%GDe)+KeDc
".YIC."5$"%"G"5G"LE)"KCP
#G%"G%eDh"
"L3,jun
#G%"G%eDh"
"L3jun
Dc5>A"e/E)1jq#rn P P

/5$"%"G"5G"L  
Dc5>A"1 P 
1EA1QH&v & &
Dc5w"%"KC  
[eDc"%5G"LE)"KC  *
H"`1j%$NH5t1e/tDn  
G"H"`1e)"G")Q$"G5(Px$YTDe)"9C(E)E^E P%3
SQR"\YwE^E "G"Yw6u+PyL5%"L3"G"Yw6)
>OW?5L5%"L3"G")Q$QXYT"%NY%3"L3PG"H"`1
IE)%1QH1E)N$+"L3C<CLeDcC."5$P1QH
1>ONGKC(P)N$+C<eDcCLC."5$e/S$
"`""`\"G"DSefz1N`]Y%3SC/N.E3EAe/
QHvP2EcB"=3"1NH"G"H"`1EA\QH"1NH
>?C9HSP
x$C(5L5%"L3"G"H"`1FU5L5%"L3"G""SW5$e/SGQ53
"G"H"`1)P>Ec3"1NHEA{eve){QHQeDN|E!
k%"7"L3"G")C7>C3`JD"L3Y%3S
5V"1B"WSLG"(&v^3ETDPu"L3P
A$C()BG"L3H"`1C\"ecSEA{QHQeDtD5
Y
P
/E3}{QHQeDN|E!5DaQ96E3}5
Y
a
GVHD: PGS.TS. TRẦN NGỌC THƠ Trang 4
MỘT DOANH NGHIỆP NÊN VAY BAO NHIÊU ?
^sjH"`1nQRHS?1"G"Y%3SNYVC(E3E^
E B31Y%3SN."N$+QXYT"G"H"`15%
>?e3P
1.1. Như vậy, tấm chắn thuế từ lãi chứng khoán nợ đóng góp thế nào vào giá trị

vốn cổ phần của cổ đông?
(C6r"L3MM"i95U~G5("L3\"GFGNI\"
E)%E"C>D""`53>1)%•PGFGe))Q$"L3Y%3SBE)"G"eG
FGe)DE)E9"KS7P1"=3J"GFGNCK2\Ce3D
"^3e)FA\Ce3E9"KS7P
#$PG"F$"4C9N1%G>OE)b5\P5%\F$"4
C9N1%G>OB)Q$C>D"C(GQ31P5%F$"4C9N1%G
b5\B)Q$C>D"C(G5>A"1BE)G5("L35Gi61"L3"WSL
C>D""cSW3FS$"L3F$PG"H"`1e/t"hN%GD"
G5(E2e)$5Gi6"L3"WSLP
Bảng cân đối kế toán thông thường (Giá thị trường)
xG5()Q$jG"L3"G"Yw
6Q31n
D
9"KS7
K)Q$ KDE)E9"KS7
Bảng cân đối kế toán mở rộng (Giá thị trường)
xG5()Q$jG"L3"G"Yw
65>A"1n
D
5Gi6"L3"WSLjG"L3
1>?e3n
9"KS7
K)Q$ KDE)E9"KS7
<F$"4C9N1%Gb5\C/aH\N%$DC9EA)>A"
Ce)N%$61)Y%3SS$5$"%)>A"5%>?e3P.$
N%$D)BY%3SQR"N>ACE3P=")G5(Q31"L3
Y%3SQR+e\N%$FUG"L3H"`1P
.H50?EHC6B"=3QRaka€E"Q`Sa1Se<"H5="E9"L3Mk5"Ng
%S3B\"eA)C<E)WQXYTDP

1.2.Sắp xếp lại cấu trúc của Merck:
Mk5"Ne)\Y%3SeAB)C<E6"?F$WQXYTDY)<PBảng 15.3a
"%H"G"F$"4C9N1%GG5(QKQG"E)G5((5>OC/C?$3
"L3Mk5"NE)%"9+'Px$C("i1C(E3\{Ce35"?Qb
E^E >C/52F)bS75E)QXYTQ96)C.3e<"KS7P
#$P&3dG"F$"4C9N1%GC/C?$3"L3Mk"5Ng%S3P)
&PP'jC?E(Wd5Ce3n
GVHD: PGS.TS. TRẦN NGỌC THƠ Trang 5
MỘT DOANH NGHIỆP NÊN VAY BAO NHIÊU ?
GIÁ TRỊ SỔ SÁCH
9e4". uP'*& uP' DY)<
u'P& G"^3ETY)<NG"
)Q$Y)< u'P& uP& 9"KS7
K)Q$ uP' uP' KDE)E9"KS7
GIÁ TRỊ THỊ TRƯỜNG
9e4". uP'*& uP' DY)<
u'P& G"^3ETY)<NG"
xG5((5>O"L3"G")Q$
Y)<
uP u'*P' 9"KS7
K)Q$ uP uP KDE)E9"KS7
#$P&FdG"F$"4C9N1%G"L3Mk"5Ng%S3EA{DY)
<31"%E9"9S7"L3"KCjC?E(Wd5Ce3n
GIÁ TRỊ SỔ SÁCH
9e4". uP'*& uP' DY)<
u'P& G"^3ETY)<NG"
)Q$Y)< u'P& uP& 9"KS7
K)Q$ uP' uP' KDE)E9"KS7
GIÁ TRỊ THỊ TRƯỜNG
9e4". uP'*& uP' DY)<

xG5((5>O"L3"G")Q$
Y)<
uP u'P& G"^3ETY)<NG"
sjH"`1n u& u'P* 9"KS7
K)Q$ u&P& u&P& KDE)E9"KS7
#$P&F"%H"G"F$"4C9N1%GAPs7G5(QKQG""p"
{Ce3DY)<E)FA{Ce3E9"KS7P>"G")Q$"L3Mk5"NS$
CGG6?BE23C?1"L3"C/C>D"$&v"%S7e/t
DAP"G"NG"BMk5"N"\3+5%sjH"`1nB"G
5(FU
"
}B&a{}&5Ce3P1ef1"L3MMY%"aka€
1912G5(Y%3SS$+&5)&P&5Ce3P
9"IE9"KS7"L3Mk5"Ne)'P**5Ce3P
#4OF<C/3e<{C;"KS7B>G5(E9"KS7"L3Mk5"NC/QT
$a9"p"w5j'P*z'*P'nP2EcB"G""KC"L3Mk5"NS$
C>D"e/&5Ce3PE"N;"=)%P
1.3 MM và Thuế
=3Et35.N3\SF$A"L3C(C6r"L3MMC>D"~"p•e<C.
S$G1P(C6Ae)d
xG5("L3
Y%3S
}
xG5(Y%3S1C>D"
)5D%)%)FUE9"KS7
• sjH"`1n
5%5>ODSCZ"F"L3DE^E d
GVHD: PGS.TS. TRẦN NGỌC THƠ Trang 6
MỘT DOANH NGHIỆP NÊN VAY BAO NHIÊU ?
xG5("L3

Y%3S
}
xG5(Y%3S1C>D"
)5D%)%)FUE9"KS7
• 
"

h""L3"=3Tf5UBG5("L3Y%3SE))Q$"KC1ST"
+N+PWQG"D9>C>D")‚t"h")e)\G"V"
4e==ds$"+H"$"G"Y%3S)5DFUvDƒ
6")BMMNC5;"=)%P3GSYT"h")EA{e
D"V"C\P>C6)e<N$W"C>D"<Q3%"G"Y%3S>
Mk5"NN"p;<)"w(E>DYINQXYTDPe)F3
i$ef"L3Mk5"NC/F[e„"1$52G.6FWPs$"efY%)%
"hƒ
>Ec":3C/ecSecC.VC>32E)%0"TPp"3e9%Gd
− .aka€C7CL?E691E)1)M…e)\
C.2C.NGSG\FHeD"L31C9EAD7"L3Y%3SBFI
5t"%G"L3H"`1
− ."G"Y%3SE3DG"("G""SWNG"z>"SWSGQ$
"]<BFI5t"%G"L3H"`1
II. THUẾ THU NHẬP CÁ NHÂN VÀ THUẾ THU NHẬP DOANH NGHIỆP
EHC61cS"G4C>D"C>3E)%BT""L3Y%3SN"w
e)9.1cSY%3SP%3S"9`9.3
G"L3H"$"G"N%$1"53teDc"L3Y%3SF3%;"$1
cS"G4)"G"5G"LE)"KC"5$P
-2Y>AC4!3G"C\CwF‚C9EA1cSY%3SE)1
cS"G4PIE)%"H5="E9"L3Y%3SB\Ce3"L3eDc
%<C\QRC>D""5$EA"C\e/t"hN%GD3eDctE9"K
S7P/t"hN%GD"p"(1b"HS"G4PDctE9"KS7

"(1b"$"HS"G4E)Y%3SPB1QH1cS"G
4CG5eDctE9"KS7(T
pE
)".HS?1QH1cS
"G4CG5e/t"hN%GD(T
p
)P-31QH)FU31eD
ctE9"KS7%)%)e)"Kh"P>EcB\Ce3)".5Rk%\
5%3>Ak%2Y>AC4d
GVHD: PGS.TS. TRẦN NGỌC THƠ Trang 7
MỘT DOANH NGHIỆP NÊN VAY BAO NHIÊU ?
MT""L3Y%3Se)Q`Sa1S"H5="E9U9C33eDcQ31P
3DQR9?1z
S
eA?jz
Sq
nPjz
"
n†E)>D"e<PD1>?C9
"L3DQ%EAE9"KS7e)d
Ta có hai trường hợp đặc biệt:
− Thứ nhấtB$YTH"$"G"eDctE9"KS7C6e)"Kh"P="CeD
ctDE)tE9"KS7"("Ih"1cS"G4V"1P
>EA
Sq
}
S
eD1>?C9"pI\"E)%1QH1cS
Y%3Sd
5%5>ODS)".F[i31cS"G4PD1"L3E"Y%3

SCE3DC=>MMC/W%GP-3N"7S$$C(N
"1cS"G4Pf1"L3!E6DE)1"pCw[5UDE)E9"K
S7"1QHFU3P
GVHD: PGS.TS. TRẦN NGỌC THƠ Trang 8
Lợi nhuận hoạt động 1$
5$Y>A"C\
e/"hN%GD
5$Y>A"C\eD
ctE9"KS7

"

Bu Bul
"

S

Sq
jl
"
n
Bl
S
Bl
"
l
Sq
jBl
"
n

}jBl
Sq
njBl
"
n
%5G"L %"KC
1cSY%3S
DcQ31cS
Y%3S
1cS"G4
DcQ3H"$1
MỘT DOANH NGHIỆP NÊN VAY BAO NHIÊU ?
− Thứ hai,1cSY%3SE)1cS"G4FIi3QAe<EA
3Be)"%"WQG"DNCZ)EHC6P6)Cw[d
5>ODS)"p".a$5311QH1cSY%3S
"
HS
?1QH1cS"G4
S
E)11QHV"1
Sq
CG5eDc
tE9"KS75HHSP
WYTd
"
d'vB
S
dvB
Sq
dv

Lãi từ chứng
khoán nợ
Lợi nhuận vốn
cổ phần
Dc5>A"1 uB uB
5t1cSY%3S
"
}'v  B'
DcQ31cSY%3S B B'
1cS"G4
S
}vE)
Sq
}v B B'
DcQ3H"$1 0,5 0,496
D1"L3D}0,004$
WYTd
"
d&vB
S
d&BvB
Sq
dvj1QHV"1HS?E21e/E9".
C>D"%/"%C1NFGC>D""KS7nP@€5>ODS\"N"5$
"Kh"BE)E"52%/\S1e/E9C/"`$1QH"G4V"15eD
ctE9"KS7"w
Sq
d'vd
Lãi từ chứng
khoán nợ

Lợi nhuận vốn
cổ phần
Dc5>A"1 uB uB
5t1cSY%3S
"
}&v  B&
DcQ31cSY%3S B B
1cS"G4
S
}&BvE)
Sq
}'v B& B
DcQ3H"$1 0,604 0,559
D1"L3D}0,045$
1"i1C(5$"Kh"vBEcS4X3"L3eDc5E9"KS7
e)"Kh"E)X3N3e)e/E9P"52%/\S1e/E9C/"`$1QH"G
4V"15eDctE9"KS7"w
Sq
d'vP>EcB1QHV"1
CG5eDctE9"KS7e)F2i4"L31QHCG5"Kh"E)5
e/E9E3dj&Bv•'vn}BvPCd
GVHD: PGS.TS. TRẦN NGỌC THƠ Trang 9
MỘT DOANH NGHIỆP NÊN VAY BAO NHIÊU ?
Lãi từ chứng
khoán nợ
Lợi nhuận vốn
cổ phần
Dc5>A"1 uB uB
5t1cSY%3S
"

}&v  B&
DcQ31cSY%3S B B
1cS"G4
S
}&BvE)
Sq
}Bv B& B*'
DcQ3H"$1 0,604 0,476
D1"L3D}0,128$
Nợ và thuế của Merton Miller
H5="E9G"C\1)%C1G5(Y%3SN"G")C7>"1QH
NG"3ƒ=3aka€2"L3Mk5%Meek5P
‡$YTd
− 
Sq
}"%H"$)C7>P
− 1QHCG5e/t"hN%GDI\"E)%N1QH"L3)
C7>d
− G"C("1NS$5$1"%e/t"hN%GDjS}n
− G"5S=jS}Pn
− G")C7>"(15%N%$tjS}lBn
− 1QH1cSY%3S"}'v
− 1_Ce35Rk%/E9"KS7BN""5$1b"HS"G4j
Sq
}
nP>EcB"p"7aka€1cSY%3SB)"=3F15U
e)C\"?<N1NW""G"Y%3SE3DP
− "G""F`C7E3DB!S$1ST"\E))C7>`J
5GS1Y%3S3E2"KS7>OPoRNNN+N1
ST""G")C7>C>D" 1`JDP-!N5$cS"G

4"%5GS13"KS7P>EcBG"C\F3C7"L3DE3e)1N
1cSY%3SE)J"%1cS"G4NCKP
− >N"G"Y%3SE36?B!1ST""G")C7>\"
YS$\S1".t"KS7Q35GS1P2EcB!C>353\N%$
~69e\•Y>A2h"e/QH"3%?"%5GS1"L32PG""
".~9e\•"G")C7>C.".Q35GS1 e)N%$1N
1cSY%3SeA?N%$1cS"G4"L3S$CP
>"G""N""G")%C.~9e\•"G"5S=`J5GS1
"L32P%$1N1cSY%3SN.FIC`SK"%
"G"N%$1cS"G4"3%)"G"5S=)S$\SP>Ec
".t"KS7Q35GS1te<NN%$1N1cS
Y%3SFUN%$1cS"G4S$\SP6)a$53N1
GVHD: PGS.TS. TRẦN NGỌC THƠ Trang 10
MỘT DOANH NGHIỆP NÊN VAY BAO NHIÊU ?
QH1cS"G4
S
"L3)C7>".>AFUEA1QH1
cSY%3S
"
Lợi nhuận còn lại sau tất cả thuế
− Dc"5$>e/t"hN%GDd
l
S
}lB'}0,54$
− Dc"5$>eDcE9"KS7d
jl
Sq
njl
"
n}jlnjlB'n}0,54$

 >EcBueDc%<C\QRQ$QeDcQ3H"$1dB'uBFH
N.Ce3)e/t"hN%GD3eDcE9"KS7
 Thuế ấn định tổng lượng nợ doanh nghiệp chứ không phải số lượng nợ là do
một doanh nghiệp cụ thể nào đó đã phát hành. Nếu thuế suất thuế thu nhập
doanh nghiệp tăng đưa đến tỷ số nợ trên vốn cổ phần cao hơn cho toàn thể doanh
nghiệp. Nếu thuế suất cá nhân tăng, việc chuyển hướng ngược lại, đưa đến tỷ số
nợ trên vốn cổ phần thấp hơn. Nếu thuế suất thu nhập doanh nghiệp và cá nhân
đều tăng một khoản bằng nhau không có chuyển hướng và không có thay đổi.
Kết luận:
M2"L3Meek5!31cSY%3SE)1cS"G4"
."4FUe)"%G5("L3Y%3SC\"ecSEA"H5="E95%C6N

Sq
ˆˆ
S
CLC.FI5tH"`1e/t"hN%GD"L3Y%3SP
III. CHI PHÍ KIỆT QUỆ TÀI CHÍNH
M\efY%eAN1"G"Y%3SN.)5D%)%)FUDE3e)E2B
F"<QVJeDW"H"`1tDBE"QXYT)5DFUD":
SGQ6"SWBC.2He)"G""SWNi)"WP
i)"We)25<Y%3SN.CGSh"G"h3‰EA"L
D3CGSh\"G"NN+PNNi)"WC>3C1SGQ$P
N"p"^3e)C3ZSNN+B5`"59P
\Y%3SE3D")6B"G")C7>QRe%<5UY%3S
".5?E)%25<Ni)"WP%<)C>D"S$G5%G5((
5>O<"L3"hN%G"L3"G"Y%3S"E3DPxG5("L3Y%3
S5%5>ODS)"T.>Q3d
xG5(

}

xG5(1C>D")
5D%)%)FU
E9"KS7
•
sjH
"`1n
l
sj"SW
Ni)
"Wn
SWNi)"W|\"E)%aG"QHNi)"WE)C\eA"L3"
SWS$G"(1Ni)"Wa$53P
Hình 15.2:xG5((5>O"L3Y%3SFUG5(5%5>ODSC>D")
5D%)%)FUE9"KS7"\EAG"L3H"`15t"%G
GVHD: PGS.TS. TRẦN NGỌC THƠ Trang 11
MỘT DOANH NGHIỆP NÊN VAY BAO NHIÊU ?
"L3"SWNi)"WPxGC9""!{e)%C.9C3%GG5(Y%3
S
=3cH5U"QVCGCKJ3eDW"1E)"SWNi)"WP
#3C7BG"L3H"`1+NY%3SE3DPŠh"D
5F2BaG"QHNi)"WNCGN.G"L3"SWNi
)"W[E)eD11E>D5\P><\C.)%CBaG"QHNi
)"W+3EAE"E3D†"SWNiF`C7"1\e>D
eAG5(Y%3SBeD11"L3Dtt$CE)"9"IF1HP.
9>ef1C<C>D"NG"L3N%$1N1Y%E3DEt3CL
FI5t"%3+5%G"L3"SWNi)"W
k%ef1B"SWNi)"W".S4"353>Q3d
− SWSGQ$dF3%;"G""SW5V"1S"L3SGQ$jh""SWSGSef
E))"WnE)"G""SWG1SS$G"G"NN+5%E"i$
eW\"C3""?SGQ$P

− SWNi)"W>">3SGQ$dF3%;"G"4‹E6
i6eD"L35G"LE)"KC"L3Y%3S5%Ni)"W"
.C>3C1"G"i1C(;E6%<C\E)C7>E)"SWQ%<$%B
N.53BGQGE)V"DSC;DC.+t35w"?)"WP
3.1. Chi phí phá sản
i)"Wbh"C\5!QRY‹C1SGQ$PsGQ$Y%3S
a$53N"G""KC)i6NV"^3ET"L3!P\
Y%3S5?E)%25<NN+B5G"J<"%S€S"G""KC
GVHD: PGS.TS. TRẦN NGỌC THƠ Trang 12
xG5((5>O
xG5(Y%3S"L3MM
Na€C11>">3a€
C1Ni)"W
sjH"`
1n
{eD9>
MỘT DOANH NGHIỆP NÊN VAY BAO NHIÊU ?
Y Y)5OF[Y%3SBC.e<H"$"G"S6Sh""%"LDPG""LD`
J)Q$"L3Y%3SE)5b)"KC\AP>EcBN\Y%3
Se4E)%25<SGQ$3"..e)Y%3SCN"N$
+3%G"G"N%$DC1<P
5%9SGSef"L3"G">A"51A":>b3BH"$"G""K
C5%"G"""KS7VC\C>D">b5G"J<P>$
QX"NC>D">b5G"J<2Q3%ƒ=3/aka€3
Y%3S")Q$E)%<C\NY%393PM_Y%3SC6
"D">33%GE)h3QR%)5$ujE9E)e/n5%+AP>
Y%3  S  "k  kY  >b  5G"    E  <B  "w  Y%3  S  "k
,ekY2"(5G"E<P)$QX5%+AG5()Q$"L33
Y%3S)W?uB"T.e))Q$"L3""pCGGuP5%
5>ODS)B"kkY".NV"^3ET5$D"L32B"G""K

CF[CB"5$"%!FUE)"G"5G"LC>D">b)Q$5(GuP
>"G""KC"L3"k,ekY2S$F[53uC.5$D
Hình 15.3o%QG5G"J<E)E<"%3Y%3S93P
1G5()Q$3Y%3S)W?PuB"G""KC"kkYN
V"^3ETE)"G"5G"L`J)Q$Y%3SPG""KC"L3"k
,ekYE‹J)Q$B>!S$"6=53"5$"%5G"LPK"
5$"%"KCE)5G"L"L33Y%3Se)93P
GVHD: PGS.TS. TRẦN NGỌC THƠ Trang 13
ACE LIMITED
(trách nhiệm hữu hạn)

P
xG5(
)Q$
)Q$
5$"%5G"L
)Q$
P

5$
5$"%5G"L
""L
P

xG5(
)Q$
)Q$
P
)Q$
5$

ACE UNLIMITED
(trách nhiệm vô hạn)
xG5(
)Q$
)Q$

P
5$"%"KC
5$

P
xG5(
)Q$
)Q$
l
lP
P
5$"%"KC


P
5$
MỘT DOANH NGHIỆP NÊN VAY BAO NHIÊU ?
WYT)e)QG[\Q3e7>O3>O`"S$N^C1"G""SW
SGQ$PsGQ$>OC>D""%>\CG3Y%3SPJ>O3
N"j"G""LDE)He)"G""KCn2E)%5<CGF;"L3Y%3
S2P-!^"G""hN%G5>A"C4"L3!CGGF3%BE)F4
O"p"we<FHP-?J3B!"%G5(C/HCe)"SWSGQ$P4e)
\Q3e7PoVQT$G5()Q$e)C6cCG~3N"•P6CN
H1ei32C1EHC6)5DPsGQ$e)\"?"1SGSef"%S€S"G"

"LD`J)Q$NQVQT$5%G5()Q$C>3C1E"NV"
^3ETPPhá sản không phải là nguyên nhân của sự sụt giảm giá trị. Nó là
hậu quả.
5%2P&NH"SWSGQ$P>f"p""kkY".N
V"^3ETE)F9SGQ$P3HBYIa$53C62"%G5()Q$B
K"5$"%5G"LE)"G""KC"L3"kkYE)"k,ekYe)FU
3P%CBKG5((5>O"L33Y%3S)F4Oj+3nS$
93PB"KS7"L3"kkY"G5("3%?"KS7"L3"k
,ekYOi6NV"^3ET"L3"kkYBE)>?h2D
"L3"kkYQR"G5(HS?P
Hình 15.4K"5$"%J>O`J"hN%G"L3"kkYP
"SWSGQ$,o5%5>ODSNV"^3ETjEICcnP
=3F15U52VLT"SGQ$"L3\Y%3S1Qh"Sh"<SE)
9N€P%3SS$OQV_5D"L3"G"ecQ>E)S$5$"G"N%$"SW
"L3%)GPx$QX"SW%)GE)SGSefe),oB"SW)C>D""53tG
5("we<"L3)Q$"L3"kkYB>Ec"G"5G"LC>D">b&,oP
#U"G"SG)D"5L5%B"kkYC/Y)"%9"G"ecQ>E)w3
G\5Gi65Y%3S1Y%3SNV"^3ET
ji6)5(G,o5%EWYTnPxG5((5>O"L3Y%3SF($
\N%$FUG"L35Gi6)P
GVHD: PGS.TS. TRẦN NGỌC THƠ Trang 14
xG5()Q$

P
P
j3%G
C/h3EA"G"
5G"Ln
K"SW"%"G"5G
"LE)"KC

SWSGQ$u
5$
MỘT DOANH NGHIỆP NÊN VAY BAO NHIÊU ?
3Y HE"CwF‚)"W3+C/G"C\1)%C1G"L3"SW
Ni)"WP1"kkYE3BY%3SS$h3‰6?
EA"G"5G"LP6)e)+aG"QHNV"^3ETE)+"SW
"L3LT"SGSefP":e)+G"SWNi)"WE)e)$
G(5>O"L3"kP
SWSGQ$59"\"Y%"G""KCG"(PG""LDC%G5>A"QR""
SW)E)"W!QRS$5$GNY%3SNV"^3ETa$53P
2EcB"G""LDCw[C>D"C6FI5>A"Y>A2h""G""5$"3%?N
Y%3S">3HN$+V"^3ETPh"e)!Cw[h"e/QH
h3‰"3%?P6)e)$"G"N%$6"."5$"%"G""KCE)
e)$G5((5>O<"KS7"L3"KCP
%)"G""SW5V"1Sj"SWSGSefE))"WnBSGQ$"w""SWG
1SPSWG1SS$G"G"NN+5%E"C6)\"5%
NC3SGQ$B"G"525E)"G"SGSef"L3E"SGQ$>OSG[KeV"
"L3F3GC9"U+"Z"E"NY%3"L3Y%3SN[;
PG""SW)7>N.C%e>OC>D"B>"=3""G""h
"hQY G1S"%H7i35!"L3"=P
5>ODSSGQ$"L3"C>OQ`skk53eE)%+*e)EWYT"%
HQVNN+5%E"C6)\"C3SGQ$P%"G""LDS$
C9B"N.FGFA\W)Q$C.C\6Ua4YVe<
"G""?QbC.".1ST"%<C\Z"YI!"6%3ak":C3U"OC.
FGQ`ETPAGQ`ETOC.C2"=V"QVe)\[E)P>
"G""LDC/N"%S€SF1)Q$))6ZC.GC7>E)%"?Qb
Ec"H"L3"B5%N"=C3F(awt)P
=3N.F1K"SW5V"1SE)G1S"L3SGQ$eC1F3%
B>"=3F15Ue)\"%Q9CGN.BCZ"FC9EA"G"Y%3
SeA)iG52SGQ$N€%Y)E)Sh"<SPeRFU"h9He)QV

 ">„"L3"G""LD5%E"F\"Y%3SSGQ$P5`"B!
QRNG?1"HYh25<)3E)`J)Q$")QA")9P
3E)%CB"G""LD>OF[i3E"NV"^3ETEAE!
Y>„Y%3S"%i33C%<NN+P-!e)>Ec\S7":
C.5G"SWSGQ$P
-35>ODSSGQ$"L3ka3"%":e)\"h"hE6"SWSGQ$5V"1S
E)G1SP +'Bka3"%C/`skŒ%e5%E"3e<xk•eP
>skŒ%eC/N3ak"%SGE„DSC;"eV"J32E)xkE)
%)GC/C;fE)53eka3"%S$F;>OQ96eC1B{,ojQ9
6F;>ObSQ?‚e)B{,onP ka3"%C/>?e>DEA
skŒ%eB"9`C<C>D"\[3ck%CskŒ%eQRtF[5Gi6"L3
2j)ka3"%C353"/nC.CKeH3%GFU6Z3h"N`"P
"G">?e>D)3E„Bka3"%C/i3Q3w3SGQ$P""F9SG
Q$"L3ka3"%C/e)G5("KS7$C1*5,oPIe="CBG5("K
S7"L3skŒ%e":QT$5,oPK"\7B{,oP
Bảng 15.4 xG5("KS7"L3ka3"%E)skŒ%eQ3Nka3"%F9SGQ$
GVHD: PGS.TS. TRẦN NGỌC THƠ Trang 15
MỘT DOANH NGHIỆP NÊN VAY BAO NHIÊU ?
xG"KS7
o9"KS7
3CK
5%G5(
j5n
h
'*
h
&'*
3CK
ka3"% u&B* uB lu&B&* ' ul*
skŒ%e B **B lB 'B l

K"\ -$1,445
3.2. Chi phí kiệt quệ tài chính khi lâm vào tình trạng kiệt quệ nhưng chưa phá
sản
S$Y%3S)%Ne4E)%25<Ni)"W":Y‹C1
SGQ$P#bE2B e)Y%3S".2CL6C.5$e/t"hN%GDB
Y%3S".%/E"SGQ$e<6+E)"9"I".ST";B5$
1DE)%GC>D""$SGQ$P5%25<NiHB"$5G"LE)"KC
C69Y%3SST";BY%4‹i6eDJ3!C/C>3
C1"G"i1C(;E6%<C\BC7>E))5DP
="FHO"G""KCE2i6eD5<‰S"L32B!C/F("GY_E)V"
"G"~5w"?•C.C‚<E6SW3"G""LDPtCaH"SWG
1S"L3"SWNi)"WBC"We)"SW"L3"G"~5w"?•BE)"SW
G1S)5HNaG"C(P6)QRC>D"!3i3"G"~5w"?•
>Q3d
x$C("5"e35Žek"\"KS7E)\5GS1C3e>)PK
C":"We)GC9""L3"P5G"Le)\>ONG"P
#$"4C9N1%G"L3"jk%G5(QKQG"nd
5"e35ŽekjxG5(QKQG"n
9e4". u u 5GS1C3e>)
)Q$"9C(   KS7>O
K)Q$ u u KDE)E9s
x$QX"E3DiG6jE>Di3S7{eD9>nE)e4E)%25<
Ni)"WP#$"4C9N1%G"L3"jk%G5((5>One=")
>Q3d
5"e35ŽekjxG5((5>On
9e4". u u 5GS1C3e>)
)Q$"9C(   KS7>O
K)Q$ u& u& KDE)E9s
=")B3H;G5((5>O"L3Y%3Sj&unˆG5(D"L3Y%3
Sjun"5"e35ŽekC3e4E)%25<NiE6)"WP

xGC9""jC;Oe)"LY%3SnS$e)2C.=SY%3S
E>Di325<NN+)ƒA$C(e)5GS1"L3Y%3SQRCG%
<5%Ew\+J3E)Y%3S"CL6ZC."N€%Y)%<
C\\+J3P
GVHD: PGS.TS. TRẦN NGỌC THƠ Trang 16
MỘT DOANH NGHIỆP NÊN VAY BAO NHIÊU ?
xGC9"""\E:NWFWcCe)!N.Q%GC7>E)"1e>D"%<
C\"L3"B"w"G""LD2NP
I22DBGC9""QRV""G"5w"?Q3C4d
Trò chơi thứ nhất : Chuyển dịch rủi ro
x$QXY%3S"u6ZB""?\C7>>Q3d
-< %<""."+A
7>u ujaG"QHvn ujaG"QHvn
x$YTYVGC7>)"sFUluPYVG)"s4B>G
C9"Y%3SE‹i1C(V"YVG)BE21YVG)"B"LQb
JjGC9"nQRc71S7%<"P1YVGHF<2"LQbJE‹
NHG2J3E26V"YVGV""He)6"L35G"LjE2
1NV"YVGBY%3S":QRCC1SGQ$nP
#$"4C9N1%GAQ3NV"YVGd
5"e35ŽekjxG5((5>On
9e4". u u 5GS1C3e>)
)Q$"9C(   KS7>O
K)Q$ u u KDE)E9s
3H"QVY("".E9e4".Q3)Q$"9C(P%3SeHu
6ZC.C7>oBYVG)e)$G5(Y%3SuP
>"LQbJC>D"&uE2G5(5GS1C/QT$uP
5w"?5C/!3"%EHC6dKC"L3Y%3S"DE3QR"eD
N5L5%NY%3+P2"G"GC9"Y%3S)C\%)%)E2
i6eD"L3"G""KCQR>"HSc"G"YVG5L5%?e)"G"YVG3
%)Bc"W!"."HSc"G"YVG"s4P"V"5w"?)

QR49N€"%Y%3SE)"$6N1P
>AQXYT5w"?)<HNN$+NV"^3ET
)"3%P%CB3".ak"G""SW)e)"SW"L3Ni)"WP
Trò chơi thứ hai : Từ chối đóng góp cổ phần
x$QXY%3SSG)"KS1"%"LQbJLC."C>D"
e>D6ujE2Y%3SN.N1536ZnC7>"%\YVG"
GuE)s}•uP
#$"4C9N1%GAQ3NV"YVGd
5"e35ŽekjxG5((5>On
9e4". u u&& 5GS1C3e>)
)Q$"9C(  u KS7>O
K)Q$ u' u' KDE)E9s
GVHD: PGS.TS. TRẦN NGỌC THƠ Trang 17
MỘT DOANH NGHIỆP NÊN VAY BAO NHIÊU ?
KG5(Y%3S+e'uPCG5((5>O5GS1+e
&&ujE25G"LcC>D"e/E9unP%CBaG"aHNV"^3
ETHS?B>"5$"%5G"Le<eA?j5%5>ODSNV"
^3ETnPG5(E9"KS7>ONS$+u)+"p"
*uB"^3)C7>)5DuG5((5>O"L3!"p+*uh"
eDW"C/C>D"".Q3"LDP"1)YVGYI"eD"%Y%3S
E)5G"L>N"eD"%"KCP
>EcB1V"E"CS"KS7AN"eD5"%"KCB
"%YIYVG"3seA?P1"=3J"%5L5%NY%3N
CKBFHN|3+)%G5("L3Y%3SQRC>D""3QRJ35G"LE)"K
CBE"CS"KS7C.C7>"%"G"YVGN"eD5"%"G""K
CQRF(F[i3"%YIYVG"sY>?P
Trò chơi thứ ba : Thu tiền và bỏ chạy
4e)5w"?("C$%t5w"?~t"9CS"KS7•PKC2"G"
5=E953N[Y%3SC3Ni)"W<%5L5%E6SW3"LDP
KC".5=6Y>A2h""Kh"FU6ZP6)Y‹C1G5(

Y%3SF(QT$>$W?Q9"Kh""5$BE2QT$5%G5(
Y%3SC>D""3Q•EA"G""LDP
Trò chơi thứ tư : Kéo dài thời gian
Y%3SC3Ni)"WB"G""LDQR2!"G"F\"Y%3
SS$3%GE)"KC9N€%Y)")e4")9FU6L
cNG"3PWYT>3CK"G"LT"N1%GC."kHh"C\
5!"L3EHC6BH"G"N%$e_B"`FA"G""SWE6F$%52B"hBSG
5.•C.e)"%N1i$NY%35%+3"E•9?Q%EAV"1P.
2>QVNq5%j+n3QVN##<"1j+n•"k
He_e)\"h"%5w"?)P
Trò chơi thứ năm : Thả mồi bắt bóng
5w"?)NS$e=")%":GSYT5%29Ni)"W
>C4e)"G"3"C>3Y%3S3"Q3E)%NiP5w
"?)C>D"V"FU"G"dY%3S"pSG)\e>DA<D
>?C93%)Po3C".CKSG)5H6DPH"$D5L5%
?BGSCZ\e_E9"%"G"5G"L~":•P_E9"L3!"We)e/"KCPo3
CBY%3SHN$+3%GY‹C1SGQ$PLDE21`J
S7eA)Q$"L3Y%3SP
Như vậy chi phí của các trò chơi là gì ?
"V""G"5w"?)3f^3"G"i1C(;E6C7>E)%<
C\PG"i1C(;)e)SWC<Y"L3E"E3DP
%3S")E3D62QVHSY‹E"V"5w"?)")eAP
"G")"%E3":ch"C>D"5U"G"5w"?)"W".
GVHD: PGS.TS. TRẦN NGỌC THƠ Trang 18
MỘT DOANH NGHIỆP NÊN VAY BAO NHIÊU ?
C>D"V"EA5L5%Y%"W!G"("%!C/VF$%E2FU
"G"Cw["G"C6N9?"%2PWYT>dE">?$%\DS
C;D"6EHC6Sh"<S9N€F\""G")"%E3Cw[h"C6FI
"3%?Y>A2h"e/QH"3%?B"G")"%E3"."9`V"\
5w"?"L35!BF\"Y%3SJe<6Z3"G")Q$"5L5%HS

"%YIS$F[i3"G"YVG9•>FSGS)%":""GGS$5$
5"L3B!S$"5$6C.1NC>D"6P
>EcB"G""SWSGQt"G"5w"?)NS$e)[BY%C"G"Y%3
SQRA<E"E3D"L32C.5G25<Ni)"WC.S$
C>3C125<eV3"!"G"5w"?)P
3.3. Chi phí kiệt quệ thay đổi tuỳ theo loại tài sản
9EA"")Q$J2"G5(B>"G"FHC\Q$"G5(>?
<9B".5$i3SGQ$E)GK"h")S7eAG5(NF(QQ.P
5%NQRe)3e_eAHC9EA"")Q$E2`EA22Qh"
N[k"L3Y%3S>\C?E(%<C\)C<>"B;E9
4eV"B2$/P6)"%HN"p^C1aG"QHa$
53Ni)"W"L3E"E3D)/^E6JG5(".F(H
CNe4E)%%)"$NN+P
3.4. Lý thuyết đánh đổi cấu trúc vốn
f1CGCK"L3"H5="E9t3c5U"G"{eDT"".NG"
3J3"G"Y%3S. G""")Q$J23%)E)6
cS"(1"{eDT""3%C.C>D">beDW"tH"`1†
"w"G""")Q$E265L5%YV3E)%)5D"L1tE9"K
S7P
1E"C6"p"H5="E9NSGQ"SW2_Y%3Se
e`E)%{eDT""L32PBY%""G""SW)"QV
52%/5%E"C6"pT"D9>P
5%V"1ef1CGCK"L3"H5="E9C/$W"C>D"QVNG"F
5%"H5="E9J3"G")PWYTd"G""+5>b""3%B"
)Q$5L5%E)71e)E2B>OE3D5HW†5%N"G"/)
N".E3E)>OE35H6E2)Q$"L3!C3S7e))Q$J2
E)>?C93%)P
#"<CBef1CGCK":=S$W"e%<")%~>43•
5%"G"~3ChFUE9E3•j#•nPJ>O))5DS7eAG3
FUDPT""L3"G"1Si$i33ChFUE9E3>Oe)"G"

Y%3S"(5>OQ$S‚KC(e4Y)B>"W"G""?\+
5>bEAs"3%P
%)53Bef1)":"7"G"""DE3iGeAN.5$
FU6ZSGQ5%Ew\E)+)SG)"KS7B<"1
"3"h"B%Z"FGFA)Q$C.FGFA6ZUG"4C9"H5="E9P
GVHD: PGS.TS. TRẦN NGỌC THƠ Trang 19
MỘT DOANH NGHIỆP NÊN VAY BAO NHIÊU ?
Bef1CGCKN.$W"\Q95%"G"")"
He<SGC<N"WDPh"e)!C/tF[NQXYTeG"`1e/t
"hN%GDiWGPŠC4Bef1CGCKHF<BE2C/YVFG%>D"e<d
k%ef1CGCKBeDc"3%QR"^3"6N$+E3DE)"
6eDc"(1C>D"NH5tt1E)QR"%{eDT""3%?P
%)53Bef1CGCK":N$W"C>D"<Q3%{eDbC7cS
"p"3%FU{eDbC7cS5%N1QH1cS
5%J+e<5HHS3jFUnP)5%NCB"G"{eDb"G"
i9"3"S3NG"FU3"3%?"G"{eDbM…B)S76
"G"i9"3)""G"9G1j"5$1""3e)3CDd1
"5>A"E)N%$1"WBQRe%<F[G5("L3"G"H"`1e/t
"hN%GDP
JC652F)b5"%Hef1CGCKN.$W"1"G"
5>ODSSGQ5V"1P2EcB"=3QR1ST"2.\ef1
)5D%)%)NG"C.$W"J5>ODS)ef1CGCK"wE>A
`"Pe)ef15cVS4<P
IV. TRẬT TỰ PHÂN HẠNG CỦA CÁC LỰA CHỌN TÀI TRỢ
4.1. Thông tin bất cân xứng
f15cVS4<F`C7EAFH"4ahl\"Tt"p5U
"G"GC9"F16E6"G"6+B5L5%E)"G"G5("L3"2?e)
"G")C7>tF%)P=3"."hC6)FU"G"i3QG
"G"3CKG"KS7Q3"G""F9"L3F3GC9"P\""F9
\QV3+"Kh">OaBG"KS7>O+BE)"G")C7>Y 

Y("E"3+)>\YH>bF3GC9""E6cS
>?e3P
FH"4ahG"C\C1eV3"!J3)5D\F\E))5DtF
%)BE)J3SG)"hN%GDE)"hN%GE9"KS7P6)C>3
A\5cVS4<Bk%CC7>QRC>D")5D5>A"FUE9\F\B
"L1e)eDcGC7>†5;AC1SG)DAE)"9"IFUSG
)"KS7AP
5>A"B3S$.e)1)%FH"4ahe<".F\"GC9")
"WS$SG)D?e)"KS7>OP
4.2. Phát hành nợ và cổ phần thường với thông tin bất cân xứng.
WYT"L3"=3e)3"og%S3E)‘%kQr"PM_"C6
)\Y%3ET)"EA"G""?\+5>b9P$3Y%3ET)
C6"5L5%E)"G")C7>C+!"C>D"Ne)"G"YVN1<
>O9?3aH?PG"YVN1<C(G"KS7"L3_"e)
u"KS7B>G5(V"1"."3%?3HS?P
og% ‘%kQr"
xG5(V""."3%?B"%e)FU u u
GVHD: PGS.TS. TRẦN NGỌC THƠ Trang 20
MỘT DOANH NGHIỆP NÊN VAY BAO NHIÊU ?
’A"W<9H u u
xG5(V"".HS?B"%e)FU u u
x$YT3""7C\E9At"G")C7>C.)5DC7>"?F$P
-!".SG)5GS13"KS7AP-3E(GC9"Q3"3ecSec
NG"3d
− xGC9"d#G"KS7EAGu"KS7PefB_"KS7CGGW
HuP1ecC+505)d"=3QRSG)DB"hNSG)
"KS1Y>AGPsG)DQR1NC>D""SWF3%P
− xGC9"d+C1e="SG)"KS7P=3""G"C7>eA
C3V"Ec<Q3%e<"\9e%"5$D3+E)%"G"9
e%C+"Q“"L3"=3P

^B"G")C7>F%)N.C!"C>D"f^"L3"G"GC9")
"W)P1!F1C>D"B\"KS7".C>D"3%Y("bh"GuE)"K
S7N3buP
<Q3%E(GC9")"We<"i3N>AY‹"G")C7>ƒC"
".FG"KS7EAC6N%$9?E)QRN"eWY%2C.>D?
E9"KS7B3>D"e<P8$cBC6)NY Y)"=)%E)C.1
ST")C7>Cw[S$"\F95W"1"G"N1%<"E)5.E!"L3"
BF3%;F$\F\E6"AB1N1Q$S‚B"G"N1%<"1S(B
•"C>D""G"C6)5H9N€"%"E)":5HifG"%
"G"C9L"<53P
x$YT"h"SG"%FG%"Wd
‘%kQBr"PQRSG)5Ce3D>)C7P
og%C+"F9N1%<")3SG)B5"KS7>OP
YVN1C\5Ce3P
h55NW3"<e)\)C7>DSefB3ecSh"3.C>D"6
C6PhHBGC9")"W"L3‘%kQe)>Oe<"i3E)GC9")"W
"L3oe)>OFi3Ph3BGC9")"W"L3o":Q3e7N
^5U"G")C7>QR5$u_"KS7PW_eV"FG"KS7"%H
e)"KS7"G5(HS?uPo".FG"KS7EAGuB>"`"
"`N.FGEAGuPG"GC9")"WQR^C1C6
)5>A"P)N1i$"$oE)‘%kQC6SG)DBFbe•\_eV"SG)
E9"KS7QRCHG"KS7a9E)e%<F[H"$"G"eD1"L3E"SG)
"KS7P
83"4""L3oE)‘%kQ!3E"FH"4ah>SG
)D?SG)E9"KS7P1"G"GC9""6?"G")
C7>E)"$3C6DSefB2FHN|\")%"N$+E3QRE3
D?e)SG)E9"KS7AP"G"NG"BSG)DQRCh"3%?
5%5cVS4<P
cSec)"E•e%<F[FHN|SG)"KS7>O)%P6)NC=
E2"w"JeV"G"C\NG"%<C\PWYTBoC/E3D6

GVHD: PGS.TS. TRẦN NGỌC THƠ Trang 21
MỘT DOANH NGHIỆP NÊN VAY BAO NHIÊU ?
E)QRe4E)%Ni1E3Be="C"QR"efY%9C.SG)"K
S7>OP
G""""3%+5>b"3%":".e)"G")SG)"KS7
>OCG"cP)Q$"L3"G"")71e)E2BE)E"SGQ$
3Ni)"WCZ"F9N€P6)Cw[S>?h")5DF$%LP
G"YHC.+5>b3)E‹JC>D"\{eDF$%Le)SG
)"KS7>OP1"G")C7>HC>D""G"eWY%)"L3E"SG)
"KS7>OBe%<EHC6)GC9")"W"L3"‘%kQS$C9SQRW
5!?P
AJ%<e5BFH"4ah".$W"QVE>D5\"L3
)5DDQ%EASG)"KS7>O5V"1PsG)D>Oa
5%NSG)"KS7>O
”
1?P
JC65C4NU5U"G"Y%3S"9`C<C>D"
J{eD"3%l)"p99?e)C\E9"KS7FU"G"
GC7>eDc?e)SG)"KS7APV"53B\Y%3S""G"
;E9SGQ\F\N"7S$FG"G"e%<"hN%G)E)>Ec
QR5GC>D"%)%)"G""SWSG)E)"G"EHC6E6P
CÁC HÀM Ý CỦA TRẬT TỰ PHÂN HẠNG
f15cVS4<"L3)5DY%3S>Q3d
P G"Y%3SW")5D\F\?P
P G"Y%3SC6"p>?h"G"{e"5$"Kh"T"k%
"G""?\C7>B5%N5G"G"3CKC\aH5%"Kh"P
&P G""WQG""Kh""h`"B"\EA"G"Y3%C\N.YVC%G
5%N$+QeDE)"G""?\C7>B"^3e)Yw6SGQ\
F\".eA?%Z"[?"G""E9P1eA?BY%3S
3%G1D3C7>E)%(5>O"hN%GP1[?BY%3

SQXYTQ9Y>6Z"L325>A"%Z"FG"G""hN%G(
5>OP
'P 1"7C1)5DF%)B"G"Y%3SSG)"hN%G3%)
H5>A"P^3e)SG)5GS1B5;C1"hN%G€S>5G
S1".CKC>D"B"9"Ie)"KS7>OP
5%ef1)BN"_DSDlE9"KS7>OT"C>D"aG"
C(50BFbE2"3e%<E9"KS7>OBt\F\E)tF%)B\bC7E)
\b"9"L35cVS4<PM_{ei3QGC>D""L3_Y%3SS$
G"G""7W"e:"L3Y%3SC9EA)5DtF%)P
f15cVS4<$W"<Q3%"G"Y%3S"N$+QeD
H>OE3W?BNS$E2!"{eDT"HS)E2!N"7
6F%)PG"Y%3S"N$+QeDW?>OSG)DE2
!N""G";E9\F\CL"%">?•C7>E9E)E2)5DDCh
C75%5cVS4<"L3)5DtF%)P
GVHD: PGS.TS. TRẦN NGỌC THƠ Trang 22
MỘT DOANH NGHIỆP NÊN VAY BAO NHIÊU ?
5%ef15cVS4<BQVHSY‹"L3H"`1e+t"hN%GD
C>D""%e)"G"C\<2PG"Y%3S"N$+QeD"3%EA"?
\C7><"1QR"9`C<{eDHSPG"Y%3S""?\C7>eA
?"G";SGQ\F\>OF\"S$E3D)")6P
f1)$W"9>?i3("5%)J3N$+QeDE)
CwF‚)"WPR>OB"G"Y%3S>OC7>k%h"+5>b
"L3)P>EcB"G"{eC7>QR>?V35%"I\)PA{e
"5$"Kh""%Q“E)N.e%<C>D"2"G"Y%3SQeDWH
QR"W;E9\F\?E)QRS$E3>DP
5cVS4<"E•>YVFG%"G"3CK5%{eD"L36Y%3S
b3C%<SG5.F+%w3P{eD"L3"G"Y%3S)+N"G"Y%3
S"4T)"WE)$N"ZY>)"WP
5cVS4<e)ci$"L3FH"4ahPG"GC9"F1E6Y%3
S"L326?"G")C7>F%)P)!5H ">„SG)

"KS7N"%5UGiGHSP-!"9`2OC.SG)N"KS7"
G5(S$"+3C>D"C(G"3%PG")C7>.C6)E)Y Y("
\i1C(SG)"KS7>\h"aHP6)$W"E2Q3%G
"KS7>OQTN\SG)"KS7C>D""F9P
5cVS4<N€)"?5%E"$W""G"NG"F5%{e
DJ3"G")PWYTB{eD"a>AHS5%"G")""3%B
+5>b"3%B3"$N"7E9F%)5HeAPG"))C<BK
C(>)C"W"BYw6Y>t3NC>D"YIC."5$DP3
E)%CB"G"{e"5$"Kh""3%C+C>3Yw65be<"%"G")C7>P
o3C4e)e)N1i$"\"N$%QG"L3ogs5%V"1UN.W
aG"V""L3e>15cVS4<P
Phân loại Nguồn Điểm


&
'


cSJe<
3D5V"1S
D".".CK
KS7>O
KS7>C+N".CK
KS7>C+".CK
B
'B
&B
B'
B
B*

4.3. Thừa thãi tài chính
"G"C6NNG""4FU3BChbC75cVS4<9?b"9
S4<P6)"^3e)t3$)"We)5HifGBCZ"Fe)C9EA
"G""""?\C7>9E)3%)Pt3$)"W^3e)"6ZB
"hN%G(5>OB"G"FHC\Q$Y FGP
6Y)<BG5("L3\Y%3SUb"G"i1C(C7>E9E)N
Y%3?e)bi1C()5DP2EcB"7F$%C$Y%3S"ZY>)
"WBC."Q“)5D3""%"G"C7>9Pt3$)"W"^3e)
"".)5D3""%"G"YVGC7>"sY>?jsdk
GVHD: PGS.TS. TRẦN NGỌC THƠ Trang 23
MỘT DOANH NGHIỆP NÊN VAY BAO NHIÊU ?
s5kQk3ekxG5(<7nP4"We)efY%<Q3%"G"""+
5>b"3%e<W")5DFU\"H5="E9F$%LP
4.4. Dòng tiền tự do và mặt trái của thừa thãi tài chính
t3$)"W":"Z5G"L3Pt3$iG6".N1NW"
"G"GC9""Li3BF)5>A"G"i6eV""L323a4YV\C1"1
FU6)CGeRS$5$e<"%"G""KCP
M"k3e‘kQkC/H<C1a>A"G"GC9""Yw6VY%Y>t3
C7>iG6E)%"G"Y%3ETC7>C/F/%w33"G"3e<Y%>EH;P
5%5>ODS)Btái tư bản hóa bằng vốn vay".=SecSe<5cVS4
<B"G"NG"e)Y%3SQR3+"G"N%$DE3PCBGSeV"e/
E3F\"S$QXYT6ZC."5$e)$FAt3$)"WPD
".GSCZ\NpecC9EA"G"GC9""a>AC7>iG6E)F\"
!S$"$1E6+eV"%<C\P
4.5. Thí dụ minh họa : tái tư bản hóa bằng vốn vay của Sealed Air
+ok3ekY5%5S%53%C/V"\G>F$3FUE9E3P
E36C."5$\"Kh"6ZCZ"F&5,oPCBD"L3
+ee7P9"KS7"L3"QT$t5,oa94
5,oP{5!DK)Q$3+CGN.th"&v+e&vP
Dc"L3ok3ekY"C>D"5HY Y)OE)%"G"SGBQG"1C>D"F$%

EPBN"G"FUQG"11<2QRN5GN[GSeV""<53
t"G"C9LP
>EcBG>F$3C/e)3CK5<"L3B"G"GSeV""<53
5%>?e36?P6)F\""S$"L"9FUFSGSN1
NW"JSGQG<%ABF3%;E"3+i6QbJ"KS7"L3
4EP1i$e)ok3ekY5C/)"BY%3E)eDcC/+e
C6CZB$Se>D6ZY>t3C."5$DE3"L3"PxG"KS7
"L3"C/+F9e75%++Q3NV"G>F$P
GVHD: PGS.TS. TRẦN NGỌC THƠ Trang 24