HOÀN THIỆN CẤU TRÚC TÀI CHÍNH TẠI CÔNG TY CỔ PHẦN VINCOM


HỌC VIỆN CÔNG NGHỆ BƯU CHÍNH VIỄN THÔNG

ĐÀO QUANG TUYỀN
HOÀN THIỆN CẤU TRÚC TÀI CHÍNH TẠI
CÔNG TY CỔ PHẦN VINCOM
LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH
HÀ NỘI - NĂM 2014

HỌC VIỆN CÔNG NGHỆ BƯU CHÍNH VIỄN THÔNG

ĐÀO QUANG TUYỀN
HOÀN THIỆN CẤU TRÚC TÀI CHÍNH TẠI
CÔNG TY CỔ PHẦN VINCOM
CHUYÊN NGÀNH: QUẢN TRỊ KINH DOANH
MÃ SỐ: 60.34.01.02
LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH
NGƯỜI HƯỚNG DẪN KHOA HỌC: TS. NGUYỄN THỊ TUYẾT THANH
HÀ NỘI - NĂM 2014
LỜI CAM ĐOAN

 !"#$
%&'()*(+,+-. ./#0
#
Hà Nội, ngày 15 tháng 12 năm 2014
123456789:8
;<=
LỜI CẢM ƠN
>
5?@"&AB#< $(;CDCEFGE
(!!H+I9J(@&KC*$LMNL

O"=C=#$.PICQ*J
.&R+N#$#$(.&'()
;S.!".TU&AVBD8JW$
"+?M'+BKX(NLO'()
Y?&ABN""WPL@9
M'NLO(=Z*!'()
[&A"W(.C.\BLE<&W]
K^<<_FHMQ("NLO?E'L(%
!'()
^SK`M/ V!'()"+(B?(#&)
aC"'()#Z#TUb$a"C$/
+-*aLc@"(.CZ!
%$Ld(/=
[&Ae
G8Q"fgg_>
GE(
;<=
f
MỤC LỤC
h
DANH SÁCH BẢNG
i
DANH SÁCH HÌNH VẼ
j
LỜI MỞ ĐẦU
1. Lý do chọn đề tài
b)%"=#$9!8M&%.$.)@
(B=#a#)"Y+MC+-*LZ
'$(+AZQ'L(B+BLZ"K
!La(U$%EaZa"K!L9!8M

(k*/=Z#l(bUC+A!
BC^QbCQK!L9!8!U
$*NE+Ca(U%$W$#$%&#Ka
%&WIK!L"mZLI/NI
;ZCQ#KK!LC!%&%&
c@L&aV.VbI!W+?"WN
@(=( "#$YKm( -LcI(('"LI/NI
K!Lacn%E%&WK!L8o
,CQLI/NIK!LNL%&ca
+-pq(P%A(=*C/NIK
!L"Zab%$WI$+-+A]$%&L
I/NIaQ/B$!%&%&cLI"
%&c&((!KA/IL`-Lr.rb
m)-'(#ZK!Ls('"(/
=YKmQ/NI-Lc.#a (BK
!L#bC)(!U&%$(/=M
Q/+B
PL@9+-'L)__"CQn
(*I#K./Q&" KW(m()LUgtg
ag$.W"#K#C" K*K Km ( 
!LDA_)CQ"MCK*+-(W$(bV
W+?#K./Q&8+=K!L./Q&
u
#"9L&W*=#a#)"L& S
(B+?#K.$QK*LZ'=#$(
*C);ZoC(LZ"mR+!
(m@9ak*&$"'Km-Lc(!%&
o*K!LZ a-'#K(/
+-KW(m8'+-@%E(/L$(/=C
9"E(M*E=vwG!/NICP

L@9x='() !L
2. Tổng quan về vấn đề nghiên cứu
/NIK!LLC`L&PZ/N
IK!LSA/o( V=(B%
Q( "L&I-K!L(A/&V=
(B%YKm&"L&(W*QbSZ(
$+-#KK!LGa#"/NI
LC`L&/N&"/No( ( %!b&
(o( K!L
yI/NI(Q&+t
$/NI(CQ#KK!LQ@"
I=&#VLm+-Za($LmL
ZC?Bs*#$%&LI*C/N
IZWbZC"Z$(=&LL!
/NIacn%E%&c(!%&
CQ&/#K")*CK!LaZ#Z
$Q(Lz.Zn(*"LI/N
IK!L+v
FD8J/H{__f|"Phân tích quản trị tài chính"8[H ]"
G8Q
Fy2DD8J9){__f|"Chuyên khảo về báo cáo tài chính và lập, đọc,
kiểm tra, phân tích báo cáo tài chính"8[HI
_
Fy2DD8JW8E}8JW5G{__i|"Phân tích tài
chính"8[H5;Q~[MGQ
FD;$GZ{__i|"Quản trị tài chính Công ty - lý thuyết & ứng dụng"
8[H ]"G8Q
Fy2DD5+WG+A"y2DD9RsG&{_|" Giáo trình Tài chính
doanh nghiệp"8/.&CE]$% K"G8Q
Fy2DD8J 8)yN {_|" Giáo trình Phân tích báo cáo tài

chính"8[H;G]$% K
FH#gG{__j|" Foundations Financial Management ~•d€•K"
^2•~G3•
9='()Cn"!aQ (=LI
I+v
FCGsR{__j|" Phân tích tình hình tài chính của Công ty Cổ phần
Sữa Việt Nam
F8JH&8E{__u|" Phân tích tài chính Công ty Cổ phần Bánh kẹo
Bibica
F< /{_|"Phân tích tình hình tài chính tại Công ty Cổ phần
Thái Bình Dương
- @WH){_| – Phân tích và hoàn thiện cấu trúc tài chính tại Công ty cổ
phần XLTH Bình Định.
$aZa+aQ"
K!(=/NIC#Kn(*./Q
&"mZPL@9;#E@
P%(=/NIPL@9,a+&
LL!%&CQIC
3. Mục đích nghiên cứu
F Về mặt lý luậnv8"! ac'A.&(=/NI(
LI/NIK!L

F Về mặt thực tiễnvyI((=/NIPL@
9"Ata=/Q &LLI! (
!%&r&!/NI?B
4. Đối tượng và phạm vi nghiên cứu
F Đối tượng nghiên cứu: yI(!/NICP
L@9
F Phạm vi nghiên cứu:yI/NICPL@9K*
At !C_~_

5. Phương pháp nghiên cứu
'()MYKmL+ALL+LI"P-L"
a*#$-Lb'&(=c'(*$D
!'()$K*o/L'L+-,
*JCQPL@9Kb! #.o
.I".CQ( ! #
; (BW+-E(LKmL+ALLYc
E"L+ALL #ZW+B" !"%'
#$%&a+-d*?((B C
l .<LIYKmL+ALL"
L+ALL‚ "L+ALLsL(L+ALL$`
(B! Ao".&.ZZ!%&#KP
L@9%a+'W(&LLZ&!/N
I"!%&CQ&/#K
6. Kết cấu luận văn
8L@t@"#$'"Km!#&"QK
'()o+A
Chương 1:5c'(=/NI(LI/NI
K!L
Chương 2:*C/NIPL@9

Chương 3: ^Q &LL!/NICPL@
9

CHƯƠNG 1: CƠ SỞ LÝ LUẬN VỀ CẤU TRÚC TÀI CHÍNH VÀ
PHÂN TÍCH CẤU TRÚC TÀI CHÍNH CỦA DOANH NGHIỆP
Trong chương 1, học viên giới thiệu những vấn đề cơ bản về phân tích cấu
trúc tài chính của doanh nghiệp bao gồm các vấn đề chung về cấu trúc tài chính,
phân tích cấu trúc tài chính, các nhân tố ảnh hưởng tới cấu trúc tài chính doanh
nghiệp, phương pháp và nội dung phân tích cấu trúc tài chính doanh nghiệp.

1.1. Một số vấn đề chung về cấu trúc tài chính doanh nghiệp
1.1.1. Khái niệm về cấu trúc tài chính doanh nghiệp
/NIK!LLC`L&PZ(=
IK!LSA/o( V=(B%
Q( "L&I-K!L(A/&V
=(B%YKm&"L&(W*QbSZ
($+-#KK!LGa#"/NI
QLC`L&/N&"/No( ( %!b
&(o( K!L
/NI+-ZA/o( K!LQ
Z-&K!L/NI+-+?
%l+l/-{-L&&P&|"l/*-{( 
tbP&|l/-L&&( tb[9,tr.6-7].
/NIQK!L+-dq=aQ
#/NIK!L"A/&L&
YKm( "A/o( L&I(Q
( ^ %!b&(o( ƒZ!$+-YKm( 
K!LIQ"YKm( QK!L"QS
(,L&&@( CQ&/#K"S#"%E
AIa%!*$L$I"$!%&Y
Km( R+bQ*$LB!%&#K(#
KK!L
>
1.1.2. Các nhân tố ảnh hưởng tới cấu trúc tài chính doanh nghiệp
[W+- &+t$/NI(!%&
Iacn U (B%&WIK!L"
=#bNLK!LWQ/N
-LcU!%&IK!L
9=*!"=M+-$ZW
&+t$/NIK!L".o-'")+t

K!L"#K"%K!LaZ#Z$Q
  &+t$/NIK!Lv
/"%K!Lv%K!Lƒ&
+t$(!Q( (YKm( K!L"mZK
!La%BaII(=#$(!
Q-KJKA
"/N&K!LvQK!La‚E
&KCK!LaAQ$/L&Z$L'o( 
."=#$‚ -K!L)"R
ab+?-L$K!La %! (B#
@$/L&RaZ(+--$L'(Bo( .
."!%&CQ#Kv!%&#K+?#&
)?,CQ&/#KK!L"(=Sc$
%&WI.?Ra(=WK!L A
b@+."*./(=#$LI
Q"(('%&Wa+B+YKmo*QC
+BoB$(+-.sa"QK!La!%&C
Q#K(!(-ƒ&KX$&+t$/N
( K!L
+"#Kv]#K=
@+ (BK!L&"Ka#&)$L'o( 
f
./#a#)"(('#Ko( -
K!LQ/L
1.1.3. Ý nghĩa của cấu trúc tài chính doanh nghiệp
GCQIa %!*$L(BCQ#K
8+-C/&CQ#K=a&+t$I
K!Ls('"I /=aQNz
#M (B%#KK!L
 Đối với bản thân doanh nghiệp

8@(=YKm,LIIK!L/
KC(LLNV(B=#!mZ(-I#ZK
!L@L&ZpIZ!%&,CQ"
#&)?"#&)(aZ&Ata"
+B%$WH2 L`-L(B*$K!L"o
?)K*I"#$C('+"#$CQ( 
yI/No( "%&WaZ/+-
IK!LPW"*(.r",aaZ=l/
No( d =#!#K'-
$K!L C!%&I‚/-+!%&
V(B8"/No( RNL%&cV
.V+-(=I-K!L"#.WQ(!
Qo-L@CQ&/#K
K!L
 Đối với chủ thể kinh tế khác
yI/NIUAtZZ#Z"#Z
 (BCQ#KK!L; (B@++P
"aL( K@L&VVI
K!LZ+%$W@+L`-Lr.&&
(LZ( ; (B.Q(K*(LI
h
IE%$+A")/Q"$.Wa"I
(!"I#d+t"$Ql"
8+B#%$WK!L(#
d#&)K!LmZ‚ l
‚/-"U.zI"! #&)saQK
!L Q+-( (,P#L&&.&
@(=#&)9('l l+‚/U.z
I"! #&)"‚/?&„+-@
+dq(+B#a%$W

1.2. Thông tin sử dụng trong đánh giá cấu trúc tài chính doanh nghiệp
1.2.1. Thông tin bên trong doanh nghiệp
H& #$
H& #$.I&CIQ
K!LCQ?Z/Wa;Q.Iac
n/%E (BE +-a%!tb"%!#K
(%!%&c(BK!L[4,tr45].
H#$%&#K
H#$%&CQ#K.IP-L"L&
P%(#$%&#KK!LQ?#0
{%c")|dCCQ"*!n(mK!L
(B+B(=$(#&L&QL#[4,tr48].
8bC$+$W)"$mS.!"(=.&/
#L&K(R#L&LIK!L#
+-L&.#$%&#K.Q#&$ (B
K!L(#&L&QL#+-L&L@*
!n(m(B+B
H+Z=!
i
H+Z=!.KU=SQC.
IZ!KU=(KU=(QPQ#&?
/W{"%c)I|"aL&(!(Y
Km+-=LdCQ##0.K
!L[4,tr55].
H+Z=!acn/B(!/L
%$LIIK!L%.+Z=
!""@+"+B(/LaZ#&)
CKU=,CQK!LZL#WL?
#&--"P"PSQL$+B
;o?"aR %%&cCK!LZa

.!LLI@$"L!
>$.I
$.IQ.QL'! .I
K!L+-'LZ.P$.I(=SZ
CQ"$Q#$LKm"&IQ (/=(=CQ&/
#K(&/K!L#0."LIQ
 lI$"o?#VLmIP-L !Z!
.& #$(.#$%&CQ#K[4,tr57].
%$.I%&cK!L.$+-
$Q#$LKmCK!L,a#Z(!/L
%W"Z!"$Q#$"L+ALLK!L)#cLKm
R+b#$W=/K!L
1.2.2. Các thông tin bên ngoài doanh nghiệp
#$
;(=#$a&+t$CQ&
/#KK!L)D*S)+t
=#$aQCƒ$AQ#K"$*.$Q
&$ @((W+?m&Lz@",aQ$
j
!%&#KK!L#b.$Q
#$./-"aƒ&+t/$#$%&#KK
!LI(('Za+-*#%(I(=
CQK!L"NL&dq&#$.
a%@'Loav$ =)=#$…
+BP(=/N=#$…CL(#&)=l
CL… Q)+t#$…
(=()aMQ
+?()aMQK!L@'L(=K
 …+B.$QK …Q(+B('Q…K+(
+B.$Q…'L(L. 'L+?m…=!L

@BLMQ…KQ"Q"VQ"=()a„
(=IWLL'
8b(=IW('LLa&+t*$L$(!
AQAK!L@'L
$ %Z"W+BmLZMQ;&(+B…
Ql! 'LL…$(.!LLI(=
$…!*.!LLIIM+-LKm(Z#
(*$„
>(=C
(=+?Ca&+t$b
&#K!L'L"#&)K!L+-(
AQ#K+-'-#a#)[4,tr58]@'L
(=+?C" +- C"
C, "+Z+-Z, "$+-C
, „
f(=+?Wc"*
u
@'L+?oa=#!#I'
?$…QPW((bV! W@"I/`(m
?$"SZW„
h(=#
;%E/ (BK!L"%$W*
(L ECQK!L@+-'L
 (B#+ +-#"V((
V…KJ.$c%V„
9!#$-Ld#$`(B(
%#ƒdCQP%(I/(=
IK!Ld#$S.!!
 l.At$Z+?LIaZ
"#$'I(=IK!L

1.3. Quy trình đánh giá cấu trúc tài chính doanh nghiệp
</NIK!L'L-L.+B
/NIK!L,'L$N%$W
*!%$WI [10,tr.65].*!CQLI/
NIK!LNLK!LK*+-b(d
q!%&CQ#K",aƒab#$CmZZLU
"&ZbaZ&yI/NIK
!Lƒ/L@"#WL?(*#$
I@$K!L"@+" +-%#
ZNLEab%$WNV#KR+%!
#$<+?o. .+Bv
1.3.1. Thu thập thông tin
†yI/NIYKmEoa#&)c&
($*CCQIK!L"Lm(m%
K*I[10,tr66]. 8a.o&bQ.Q$b
."b#$(b%&c#"b
_
(= +-(Wa#$L&'L
.IK!L"boS.!%
Es('"LI/NI*$LI.
IK!L
1.3.2. Xử lý thông tin
2C$LdLI/NI%Yc
M'L+-[10,tr66]C"+?YKmt
aQ"Km#"aL+ALLYc#
Lm(mmLIMS[Yc%VL$L
dbm/WrI""&I""
W#$%&MC+-Lm(m%K*(
%$W
1.3.3. Dự đoán và quyết định

'L(Ycrz.Wb==(=#!@
$Z+?YKmK*@(+b%$W
IaZamLI/NI+%$W
I; (BK!L"LI/NIr+b
%$W%$mCQK!L)+t"L
Z" -' WK!L
1.4. Phương pháp đánh giá cấu trúc tài chính doanh nghiệp
1.4.1. Phương pháp tỷ số
y+ALLK*cnz*‚ C+-
I%!I9=V"L+ALLUTL&
W+O"WZ,a'q(I
K!LAtl(‚ IK!L(B
‚ $‚ I%+-. Cv
 Các tỷ số về khả năng thanh toán
 Các tỷ số về cơ cấu tài chính
 Các tỷ số về hoạt động
 Các tỷ số về doanh lợi

1.4.2. Phương pháp so sánh
y+ALLL+ALL+-YKmLP.$/L
I#$a"LI/NIa"ZW+B"
Q.$QlLI[9,tr71]9('"Z$"
L&&%$.(/=A.&Wz"=#!"
#‡'
1.4.3. Phương pháp loại trừ
y+ALLC,L+ALLrWQ&+t
, $lLI".r#W*&+t
 C,&+t #[9,tr72]aL+ALLZ!
+v
 Phương pháp thay thế liên hoàn

y+ALL$L+ALLW&+t
, $lLI#&WlUC#
P.r@+-$, ,#0 $#0LI[9,tr72]
AtaP-LQ&+t/&  (B +-

 Phương pháp chênh lệch
y+ALL!+?-LS.!L+ALL$
"LKm# a%!I (BlLI
9B(!LKmL+ALLC,(LIƒNL
LIL! &+t$$ +-
,//+-./--$!CK!LaW+B
LZ+A
1.4.4. Phương pháp phân tích tương quan
y+ALLLI+A%L+ALLLIrW
*oC(KC !bC+-X(LqL
QSƒb %!ayI+A%ƒI

-Lc(=.$QblI"K*l I+-
L`-LA(Lm(mK*.ItK!L[9,tr73]
1.4.5. Phương pháp cân đối liên hệ
y+ALL !L+ALLK`ZWQ&
+t $lLI#bNa %!K+B
KCP"! [9,tr73]s*(b "LI/N
I+?('KmL+ALL !Zdq&+t,
 $.$QlLI
1.4.6. Phương pháp chi tiết
]$%&%&/#K(CQ&/a
K!L+?+-Z!%lP-L"K('Z
aZ'q"QI"p#$%&@(
$ZZS#ƒAd+B+v

F$d.QL'/
F$d#
F$d?
bL+ALLLI+?+-('KmL
I/NI(!*E('KmL+ALLLI
L`-L(BQKl@LILmQ(#
!R+#&)+?*!]$%&LIƒNL(!
%$W#$L`-L(B#KK!L
1.5. Nội dung đánh giá cấu trúc tài chính doanh nghiệp
1.5.1. Cấu trúc tài sản
/N&%!IL&( K
!La(!. I( (,C&"Z!‚E,C&
$P &K!L[10,tr.76]`(="n
(*(#$‚!L.P$ ƒ#/N
&K!L+-*!.rLI(

.$Qb#0LI(B#0 (=‚E,.QL'
&$P&
#$'LlL&/N&v
‚E&{D

|
ˆ
2W@D

‰ __{Š|
P&
fyI‚E=(#&+A+A=
=S(#&+A+A=acn(`%E
K!L=S+-YKmZ&+A"('!"

&"&-"&-$„=SQC&#ZM"
b==SaZ#$K!LSL=9('(! Z
a+-=SK!LQ(!(`%E‹j"hiŒ‚
E=(#&+A+A=+-I.rv
‚E=(#&
+A+A=
ˆ
=(#&+A+A=
‰ __Š
P&
 `Q(%K!L$‚E

B+A+A
(B+-=K*bCK!L="=Z!r'-
(!"@K`V&+=k
#?]K!LK*bQ+-B=#&)'
//KJ&(( #KK!L.WE
1.5.2. Cấu trúc nguồn vốn của doanh nghiệp
/No( K!L %!b-L&&(
o( tb‚E-L&&Po( /N
o( K!LZ!I-K!L"%
$=#IC#%&WI[9,tr83]9!L
IA/o( R$+A*+LIA/&"+B
$@I(*.$Qb#0LI(#0 d
v
‚E,C
o( 
ˆ
2W@,C( 
‰ __{Š|

Po( 
>
]LI/No( K!L%&WI
+-)*IR+QQ'L(=SIK!L"
KaQKLI/No( .oQKv
1.5.2.1. yI‚E-VC
‚E-VCL&Po( K!L!
a+-,-VC($.Š8-VCb
o?YKm#%Q)o(VC"-KC$
C&"L&&+?."+?&=+B"$(#&L&
QL"L&&.Q([9,tr83]„
‚E-
VC
ˆ
8-VC
‰ __{Š|
Po( 
1.5.2.2. yI‚E-KC
‚E-K
C ˆ
8-KC
‰ __{Š|
Po( 
^mI(!YKm‚!-KCPo( Z/
+-Q-.r( (Q+?{%a/+-
(=SIL&W|%(!C.T#&-VC{I
Km+ACLM/(b#&L&&VC|
1.5.2.3. yI‚E-L&&{! -|
QK!L-L&&aQ(U(`%E
8a%$W$#&)?(K!L‚ -L&&

Po( {UE! -|L&Po( 
K!L!a+-,.L@)-[9,tr84]
‚E-
L&&
ˆ
8-L&&
‰ __{Š|
Po( 
1.5.2.4. yI‚E( tb{! *-|
f
‚E( tb{! *-|L&Po( 
( tb$.L@)l Z!#&)*(=
IK!L‚E( tb+-I.rv
G! *- ˆ
9 tb
‰ __{Š|
Po( 
1.5.3. Mối quan hệ giữa cấu trúc tài sản - nguồn vốn
^ %!b&(o( Z!*+A%(=W
&(A/o( K!LCQ&/#K^ 
%! NL%&c'+-*-Lcbo( K
!LQ((!YKmN(!@+V"K*b(YKm
^ %!ƒ+-Z!pA%Q(l Iv
1.5.3.1. G! #&)
G! K`Z+?#&)&#&-VCK
!L+-(#&L&&{.r&VCK!L
+=S"#&L&"o#|
G! VCZ!#&)K!L
VC"a.$Q#&--VC+-
&.r&aZZ=?V

1.5.3.2. G! -P&
G! +-YKmZWn(mK!L (B
-(!aL( "‚ +?QYKm-
(B&"+-I.rv
G! - ˆ
P-L&&
2WP&
G! Z!*./- (B-+Ca-
tb$o( +-YKma#&)-
1.5.3.3. G! -L&&( tb
G! -L&&( tbl L&%I
K!L".$(=l!bo( A.&{-(( t