Tỷ số sinh lợi của vốn trong phân tích tài chính doanh nghiệp

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Sf810"A-:n:0:J!K<F
@C9!D:J!KEST!?10:U1/#Y:0/YC:<
"D"fC:<L#!#vC:=":TfC:=
L#!@!/F2["C9!D0/A"=KE`2G1
1<C9!D:J!KFYZ:noH9[)2
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=C:[D!#x="*!=#Y[=<=SG,?L#
!Sf:
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*!/1)#Z/YZn#E,SJe!L#!fEFX
,k1),A!SO9)1-*!/09=W!,XEd?"G9)1-
*!/+09=+/?!s
c:da
N-*!/[#="=!=YZL#90E=K
Q,GEXL#!/L#1!kJ+/[^

O9)1-*!/0k[#=S;:0L#0YW8,`
[F!Q,SJ/L#/GEX[L#2<k[#
6
M#0E2[/k,`H[#="=![#209=u
n[10eW8,`e!9b:0=,[Z1-*!/1)10Ly,?
!*!=9PLQ1)=
N-*!/09=),WhYZ<L#!/F:0/
[*!,?1<,A!S10#09=),WlEW-:n+
09=),W=mM#0EhA:S!_2H)=SG,?
1-*!/09=),W2,Y:0s
r@C:[D!#2C:[D!#9b:0<1-*!/09=),W10
SJ:n
r09=),W+/,U[D!#A?SS,?;,Z
,>T09=),W2EW-:n+09=),WD"21-*!/09=
),W<MSJ:n[/T,A!S<09=),W2EW09=
),WS[D!#9b:0<EW09=),W10:01-*!/0
9=),WD"N1K/gF!1-*!/09=),WYe!n?
E#1,),X:!!/Z1)+/
SCes+/73
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>Sa+ g.
h, Q_ Q <!
@>1)*! '6 $66 6
%7@ 66 '6 &6
 25z '2z 62$'z
%7@V #! 2'z 2$5z 62z
#!V>1) 26' 26& 626&&
Nguồn: Sách phân tch ti chnh doanh nghip – Ths. Ngô Kim Phương
7
{!="D/<M!*!=9PLQ1)!+

/<o25z:F'2z?*!=0/:0L#,X+=
)21o?["1o?[1)4#1T<Mr2866,kL#
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,SJ26',kL#!2<M2X,k1)n#E,SJ26&,k
L#!
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62zEFL#!9b:0#<s62z\26'}62'&z
|=9P!*!=?["[,>2[/<!*!=9P
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2$5}62&z
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*!=?["
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14
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%&< 2z 2z l2zm
E *oe."/ 2 2$ 626'
E #i 25z 2z 2$$z
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Nguồn: Tổng hp BCTC Bidiphar 1 (2012-2013)
NKLQ" !"#Ys
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[‚)2Ys

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MS1K/L#4<6=9#1T<6F,X:0%
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@/9)9PLQ09=<69)9PLQ09=<62
Ys
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MS1K/!9!D9PLQ09=<6<9#1T<6:0#
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<62Ys
62'
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1T<6:02&z
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#m
3g9)%4,SJ":0:#ns
- EPS cơ bản (Basic EPS):IUf=EFX>"?!2,/:0gF!%4
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r3g9)%4#?0,A!S9b,SJSG:J!KEFR>"A:0
#F!3g9)0/0#,SJ,:0)1,Y:0[#=!
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r%40#"=<:d[L#+/0n2[=<
E=>8#

* So sánh ROE v EPS
• Ging nhau:
%10%4,e!W!=SGGg9!D9:;EF09=10,-./
0
• Khác nhau
r%[W!=SGG9):SJ>"?!:S!0E#[,Y%4
W!=SGG9):SJ>"?!:S!0*!
r%4g:!K1TEW9>9X>"?!109!D9:;1)+9GH!
%
O/
19
5;<l%&5mK+F-@kb`
=>?@AB"C
=O 
B-./0Z*!fD!!k1)0/9PLQ,Z0
EJ#09=B-./0,SJZ*!gF![!2a/
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E)sM?!7%„E%9b989:;<=Eo,X:SJ:0
V%l7%rEm
@E#ES;J"0/S;`:0,-./01019PLQ
,-./0Y,U:09Q=C9!D9:;EF1)+9GH!2:c0/
g9)J0#9d9Q=%0:T
SCe1a3YL#"2723a9=\!DX:#n9=".2aX
WES;10,e![)!2g[GfD!1)
rIU9!D1/6z
r@!?@M Mz
M?!L#:J09=EST!?10:U1/:A:SJE#ES;J":0s
r?9!/#sz
rMe[?>,Ws6z
rMe[?<ESGs6z
!
. 8
0 I 
w* S#
$+(
w*# S#
$+(
w*# S#
$+(
w*#
S<E 666 66z 66 6z 6 z
)Q; 6 6 66 6z 56 5z
-. 666 66z 666 66z 666 66z

23
TH1:Nền kinh tế suy thoái BEPR =5%
!
. 8
0 I 
w* S#
$+(
w*# S#
$+(
w*# S#
$+(
w*#
S<E 666 66z 66 6z 6 z
)Q; 6 6z 66 6z 56 5z
2%&5 6265 6 r6265
NT7%„E2,-./02,-./0:09Q=g9)
%+L#"2L#"0#Y9)J0#%0
D"Ic0/%

ƒ%
7
ƒ%
3
TH2: Nền kinh tế ổn định BEPR =10%
!
. 8
0 I 
w* S#
$+(
w*# S#

$+(
w*# S#
$+(
w*#
S<E 666 66z 66 6z 6 z
)Q; 6 6z 66 6z 56 5z
2%&5 6265 6265 6265
NT7%}EL#"Yag9)%L#l7%rEm}62
,-./0["!/,)1T=L#"
TH3: Nền kinh tế tăng trưởng BEPR= 20%
24
!
. 8
0 I 
w* S#
$+(
w*# S#
$+(
w*# S#
$+(
w*#
S<E 666 66z 66 6z 6 z
)Q; 6 6z 66 6z 56 5z
2%&5 62 62 625
NT7%ƒE2,-./0LSf2,-./0YLQ
[!?,ng9)%+L#"2L#"0#Y9)J0
#%0:T
=1#b ?@AB"C"5;<
(QF!:TD+0*!=:_/>"A:0:09#,Z
<,SJ:J!K#>,S;M?!9PLQ"aJ"2">

?D:0?01/J#v"0>"?!S!,U9##n#,SJ
:J!K:Tf"E=#1!/,X1)Y:J8),WA:J
!K-:n9b!X1e>,S;Be!0/ZEi*!1"
)*!H%7@10%4
* Phân tch mi quan h giữa EBIT v EPS
*!%410%7@:0"9d=SG+H
"Sf0EJ[!Ss1/J2"0>"?!S!,U2"0
>"?!S;,)1T:J!KEF>"A
SCe=s3/>"A732Y[?#n[L#S9!
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