Khóa luận tốt nghiệp Hiệu quả sử dụng vốn tại Công ty Cổ phần Đầu tư và Phát triển xây dựng Mỹ Đình

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
 N V VHIU QU S DNG VN CA
DOANH NGHIP
1.1. m ca vn trong doanh nghip
1.1.1. m vn
V c c p ki
phc v trong ho ng sn xut kinh doanh nh  c l    trong
n trong hong sn xut kinh doanh tn tc: Vn
n ngn hn n.
1.1.2. m ca vn
- Th nht, vn phi din cho mn nhn
c biu hin b n ha doanh nghip.
- Th hai, vn phi vng sinh lc ma doanh
nghip.
- Th ba, vn ph n mng nh
vy m  n xut kinh doanh.
- Th n phi gn lin vi ch s hu nh ng v
ch 
- Th c quan ni  c bi  
quyn s dn th ng
- Th Ph yu t thi gian cng v
v v mt thi gian. u ki th ng, phi xem
u t thng s bing c, l
cng tin  mi thi k 
- Th by, V c biu bin bng tin ca nhn h
  u hi  ca nh       u, bn
quy, v 
1.2. Phi vn trong doanh nghip

t nhii vc
i v  i
 du qui v
dng nht:
-  i hn, vi: Vn ngn h
vn.
Thang Long University Library
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-   hai ngun: Vn
ch s h phi tr.
-  a tng loi vn ca chu k
sn xui ta chia vi: Vn c 
ng.
1.3. a vn
- Vn cu kit quan
trng nht cho s i, tn tn ca tng loi doanh nghip theo
lunh.
- Vu t quynh m trang thit b k thut, quynh vii
mgh, hin sn xut, ng du mi ca
khoa hn sn xut trong nhng yu t
quyn s a doanh nghip.
- Vt trong nhu ki s dn tin
 sng, ngu r
trin th ng, m ru ki n kinh
doanh, thc hi            ni
cht  kinh t 
kinh t hong.
- n xut kinh doanh vt c  mi
             t li 

   i tr v      n t  y s 
chuyn ca vp thc hic hon xut
n xut m rng c
1.4. Tng quan v hiu qu s dng vn trong DN
1.4.1. m v hiu qu s dng vn
Hiu qu s dng vn th hin kh c hiu qu kinh doanh cao nht,
hay li nhun ln nhng sn xut kinh doanh vi m
h Quan nim v hiu qu s dng vc hinh:
- Vi s vn hi      sn xu  n phm vi cht
ng t nhm mi nhun cho doanh nghip.
- n (m rn xu sao cho t
i nhun l a vn.
Vy hiu qu s dng va
kt qu c vi nh vp b ra trong ho
3

t qu u qu s dng v t
bc:
Hiu qu s dng vn 
Kt qu thu c
n s dng

- Kt qu  ng doanh thu , doanh thu thu
-  d ng v
n c 
1.4.2. u t n hiu qu s dng vn kinh doanh ca doanh nghip
1.4.2.1.  
- :
          t     
nghin sn xut kinh doanh. Bt k mt s 

ng  n doanh nghii vi hiu qu s dng v
 vn, thu   thu nhp doanh nghi 
c gim hiu qu s dng vn ca doanh nghip.
- Bing v th u ra :
Bing v th ng v ng
i v  p ch
p, hc tp kinh nghim sn xuc l 
n lc hu so vi th cnh tranh.
Nhng bi ng v th       ng trc ti n doanh
nghip. Nu nhu cu v sn phi
nhu u qu s dng vc li, nhng bi ng bt li 
git ngt nhu cu, khng hong th m hiu qu s dng vn ca
doanh nghip.
1.4.2.2.  
- Chu k sn xut kinh doanh: Chu k sn xu phn hp
th B phn th nhng thi gian k t khi doanh nghip nhp kho
t lii mua, b phn th 
khong thi gian k t khi doanh nghi  n khi
doanh nghip thu tin v. Chu k kinh doanh gn trc tip vi hiu qu s
dng vn. Nu chu k kinh doanh ngn doanh nghip s thu hi v
 ng sn xu c li, nu chu k 
Thang Long University Library
4

doanh nghip s  ng v n cho
vay phi tr.
- K thut sn xut: m v k thut tng vi mt s ch 
trng ph u qu s d  s s dng th 
suu k thu   lc hu doanh nghip s g   
ving sn phm, h  cnh tranh v

nghi     c b    n vn g  
c li, nu k thu hii doanh nghip s u ki
cao chng sn phm, gia ch
p s u kin chi ng.
- m v sn phm: m ca sn phm ng t sn
phm, t ng ti li nhun ca doanh nghia vn, nu
sn phn ph nh s i
ng nhanh, thu hi vc li nu sn phi
 thu hi vn chm.
-  qu   i b:   qu    nh
n kt qu, hiu qu hong sn xut kinh doanh. Qum
bn, nh phn
 trong ni b doanh nghip, t  n ch ng ngng vic ca
  t b, tit ki  u t sn xu     n
vn.Mc 
ng hiu qu s dng vn. T n nhng tn t
 dng v xut bii quyt.
-   ng ca doanh nghip:    ng ca doanh nghip
c th hin qua tay ngh, kh  mi, kh 
tc gi n. N cao, tay ngh 
t b c s dng t  
ting doanh nghip pht
chm mng.
1.5. u qu s dng vn trong doanh nghip
1.5.1. 
nh trm ca ch u
c s dng ph bin
 t qunh v ng bing c
  sau: Tt c 
yu t c hii dung ph

5

t kho 
m b t lun c










              




-  thut c thc hin
c:
u dnh t l quan h 
quan gi ng k c -
u dt c
nh t l ng
bi  u
.
 c  
bi ng ci quan h v
 u k (t 

ho cho ta thn cu.
 d dng
li  vi  ng
SXKD ca DN  tri tng th t ch  ch 
ng t bi
Thang Long University Library
6

1.5.2. 
 c thay th lt s liu gc hoc s liu
k hoch bng s liu thc t c nh ng ti mt ch  
  gi  . Thay th    c s
d  ng c t ch 
    thay th   c nh
   gia
c thay th s c mc ng c c
thay th
Gi s  ng c: K = abc

1
 thc t, K
0
k gc. 
1
= a
1
b
1
c
1


0
= a
0
b
0
c
0
K : K = K
1
- K
0
= a
1
b
1
c
1
 a
0
b
0
c
0

Thay th ln 1: Y
a
= a
1
b

0
c
0

 = a
1
b
0
c
0
- a
0
b
0
c
0
= (a
1
- a
0
)b
0
c
0

Thay th ln 2: Y
b
= a
1
b

1
c
0

 = a
1
b
1
c
0
- a
1
b
0
c
0
= a
1
(b
1
- b
0
)c
0

Thay th ln 2: Y
c
= a
1
b

1
c
1


1
b
1
c
1
- a
1
b
1
c
0
= a
1
b
1
(c
1
- c
0
)
 
1.5.3. P
i quan h 
gi  bii mt ch ng h ca mt
lon s. Chng h  s kh i c

 s kh i c ca chu s
i quan h mt thit vi nhau.
ROA 
LNST

DTT
DTT
Tng TS
i ta thy s chng t sc sn xut
c c sinh li ca TS b
ng bi nhng yu t:
- Tn s u
- T , s u
t nh nn t sut sinh li ca DTT, doanh
7

nghip mu sut sinh li c 
gin phi tr.
ROE 
LNST

DTT

Tng TS
DTT
Tng TS
VCSH
y qua khai trin ch  thy ch c cu
i ba yu t i nhu (ROS)n (TAT) 
 (FL)  u qu sn xut kinh doanh (t

 la cht trong ba yu t 
Th nht doanh nghi       nh tranh nh  
ng thi tit gii nhu
Th hai doanh nghi u qu kinh doanh b dng tt
n s
d hip cn to ra nhi nhn s
Th ba doanh nghi u qu kinh doanh b
  u mc li nhun
c vay ti
a doanh nghiu qu.
1.6. Nu qu s dng vn
1.6.1. u vn ca doanh nghip
 trng tng ngun vn so vi tng ngun vn ti 1 thm
gu ngun vn. Mu ngun vn h kt h
gia vn vay vn ch s hu kin nhnh.
Viu vt u v
 dng nhng ngun vm hin ti
i nh ng chin thun
 p vh t hin ti nhu
vn tt cho doanh nghip c
1.6.2.   ngun vn ca doanh nghip
i k y ngun vn ca doanh nghic
  n ca doanh nghip. S   hi
 l gia ngun vc ph
- Tin c nh
sn thit yu ca doanh nghi l vi ngun vn B ch s
hu ca doanh nghip: bng nhau, lc nh 
Thang Long University Library
8

- Nu tin c nh l
ngun vn ch s hu ph  n vn ch s hu ca doanh nghip
 trang trn thit yu ca doanh nghii s dng ngun
vn c thiu vi ro trong kinh doanh.
- Nu tin c nh nh 
hoc bng ngun vn ch s hu phn VCSH ca doanh nghi
sc trang trn thit yu ca doanh nghi trang trn
a doanh nghip hoc b  dng
1.6.3. Ch u qu s dng vn ti doanh nghip
1.6.3.1.  
H s n
H s n 
Doanh thu thun
Vn s d
Ch y hiu sut s dng vn ca doanh nghin quay
 s y doanh nghip s dng vn
hiu qu
Sc sinh li cn (ROA)
T s nh by li nhuc thu) chia
 t ch doanh nghip,  t s ng
i nhun sau thu ch n ng s dng li nhun
c thu i nhun sau thunh t 
ROA 
Li nhun sau thu
 100%
T

ROA 
Li nhun sau thu


Doanh thu thun
Doanh thu thun
T
Ch t c 100 triu n s dn xut kinh doanh
 tng li nhun sau thung t hot
ng kinh doanh ca doanh nghiu qu.
Sc sinh li ca vn ch s hu (ROE)
 c  s quan trng nh s li nhun
ch s hu (ROE). T s c thit k  ng kh i
ng VCSH
9

ROE 
Li nhun sau thu
 100%
Vn ch s h
Sc sinh li ca vn ch s hu pht 100 ng VCSH b ra tc
ng li nhun sau thu.
   i ca vn ch
s hu  doanh nghip chu  ng c      d  
Dupont
H s kh t
TQ
)
H s kh   
chung ca doanh nghip trong k  t vi tn hin
tm trang trn n phi tr 
H s kh 
Tn
N phi tr

H s kh t
H s kh  ngn hn
H s kh  ngn h y kh 
khon n ngn hn ca doanh nghip. N ngn hng khon n
p phmt chu k kinh doanh. V
mt t, nu ch  1 tdoanh nghi kh 
khon n ngn hng hoc kh c li,
nu h s kh  ngn hn < 1 doanh nghim bo
n n ngn hn. Tr s ca ch   
 ca doanh nghip.
H s kh n hn 
n ngn hn
Tng s n ngn hn
H s kh 
Ch t vtr i cn ngn hn (sau khi loi tr 
tr  ph i tin chm nh 
sn ngn hn), doanh nghi  n ngn h
ch  dn hiu qu s dng vn thun
gim, ch  dn doanh nghip b gii th ho
sn. Ch 

Thang Long University Library
10

H s kh 
TSNH   HTK
N ngn hn
Kh   a doanh nghip ch cho bit m  
    khnh doanh nghi
n n  p t 

H s kh   c th  s   t, v ng ti 
n hi n n ngn hc
bi ngn hn h Ch  dn
hiu qu s dng vn gim, ch  thu hi dn
doanh nghip b gii th hon
H s kh c thi c:
T s c thi 
Tin mn
N ngn hn
1.6.3.2. u qu s dng vng
Hiu qu s dng vc biu hin   s 
n vng, sc sinh li cng vn.
T n vng
T n v c s dng
vn hiu qu cng v n lin v: s
 n vng.
S ng
Ch c thc hin trong mt k nh
trong m  ng cho bit v  c my
. Nu s ng t hiu qu s dng v3
c li.
 
Doanh thu thun
Vng 
S n v ng
Ch  hin s n thit cho vc m
Thi gian ca m th hin t n.
S  
360
S 

11

Hiu sut s dng vng
Ch  mng v tng doanh
thu trong k
Hiu sut s d 
Doanh thu thun


ng vng
m nhn vng, ph vng c t
c mng doanh thu trong k. Ch  u qu s dng vn
c li
Mm nh 

Doanh thu thun
Sua vng
  o ca ch c sinh li ca v
 ph vng cn thi to ra mng li nhun.
Su

Li nhun sau thu
Vic s d   hiu qu s dng v   
nghii ht sc thn trng bi nhng ch ng hp. Mi ch 
ng mt hn ch nhnh. V ph la ch  
b sung cho nhau nhng sn xut kinh doanh. T i
tin vic s dng vng.
Hiu qu s dn ca vng
T s hong tn kho
 u qu qun kho ca doanh nghi s dng

t s hong tn kho. T s  ng bng ch  
tn kho m n kho.
- S n kho
Ch n kho cho bi
trong k  to ra doanh thu.
 HTK 


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12

Ch  n kho cho bin kho ca doanh nghip mt
h
S t vng tn kho 
360

K thu ti
T s  ng hiu qu ng qun ph
cho bit bao nhi  thu hi khon phi thu.
- n phi thu
Ch n phi thu cho bin phc
  tn ph
k thu tic li
n phi thu 
Doanh thu thun
 n phi thu
- S a mn phi thu
Ch  a khon phi thu cho bi
nghip mt khon phi thu.
S n phi thu 

360
n phi thu
1.6.3.3. Ch u qu s dng vn c nh
Vn c nh biu hi  bng tin c    n c nh  doanh
nghip, th hia doanh nghin c nh nhing
ng, s du qu u ng trc tin
hong ca doanh nghip.
Hiu sut s dng vn c nh
Hiu sut s dng vn c nh phng vn c nh trong k b ra to
c bao nhng doanh thu thun.
Hiu sut s dng vn c nh 
Doanh thu thun
Vn c 




13

Hiu qu s dng vn c nh
Hiu qu s dng vn c nh phng vn c nh trong k b ra to
ng li nhun sau thu
Hiu qu s dng vn c nh 
Li nhun sau thu
x 100%
Vn c 
H s ng vn c nh
H s ng vn c nh ph vn c nh c c mt
ng doanh thu trong k
H s 


Doanh thu thun
Sun c nh
Sun c nh ph vn c nh cn thi to ra mng li nhun.
Sun c nh 

Li nhun sau thu
H s n c nh
H s n c nh th hin m n c nh ti
thi thu.
H s ng t i mc li,
h s p chng t doanh nghii mi trang thit b

H s  
Mc kh


Thang Long University Library
14



THC TRNG HIU QU S DNG VN C PHN
NG M 
2.1. n c phn
ng M 
2.1.1. Gii thiu chung v  phng M 
 phng M p 
th phn theo gi 0104436908
ca S K ho i.  s ti A6   D

   Th trn Cu Din, huyn T   i. V u l c   
ng (By t  phn
vi mng/ c phn. thit k
ng; khng; thm tra,
thnh d y lu th ng
ca cm hin ti bao gm b phn qu
               
ng, lc, ch tp dng kt
ct mng THCS Cu Giy  
dng ci t rng sn xu ph
vn thm tra d ,
 phi
dng M u c gm th ng ho
thng vn sn xui mi trang thit b
 qu, tay ngh ca k  ng l
i nhu
c s ng vng
ng cnh tranh khc lit ca nin kinh t th n mnh








15

2.1.2. u t chc c phng M 
 2.1: u t ch phng M 

(Ngu ch
Chm v ca tng b phn
Hng qun tr 
  quy nh, thc hi     c    c thm
quyn ci hng c m v: quynh chic, k ho
trin trung h hoch kinh doanh h nhim, min nhim,
ng, chm dt hi vc hoc t
i quu l nh, quynh m
la nhi qu ni din theo u quyn thc hin
quyn s hu c phn hoc phn v nh m
la nh
c ng sn xut kinh doanh cu s
c tip ca Hng qun tr trong vi
 chung, trc tip ch o 
P. T ch xi vic thc hin k ho
  ch. Bn, cung ng
v vt cht cho mi hong c
Hng qun tr
c
P. T chc


P. K hoch
k thut
n
ng

k 
P. V
thit b
p
p 1
p
p 2
p
p 3
p
i
Thang Long University Library
16

P. K hoch k thut ng c
 v  hoch sn xum bo mn ca
  honh
ng Ph t k
ng m  thc hin.
  c v  c
v cho hom trc tic
v   chc mi th
lic t i sn phm, thc hin hi b, thc hin thu
chi, l    u k 

nh cc.
P. Vthit b c th 
chng loi vt lim, cung cp vt
t li sn xut sn phm
n c v mi hong c
p 1, 2, 3 xng, k thut h tng
ng, cc, v ng, chi li
  ng, cu, c  i; dn dp, to mt b  ng (san lp mt
bng)
i l i cu trt b . Cho
t b phc v ng,
i, ngoi tht
2.1.3.  a  ph
dng M 
Sau thi gian hong doanh thu, li nhu
cc th hi
17

Bng 2.1: Mt s ch 
 Triu ng
Ch 

2012/2011
2013/2012
2011
+/-
%
+/-
%
DTT

12,788.31
23,253.39
181.83
(24,471.29)
(67.90)
GVHB
11,545.74
22,772.66
197.24
(23,820.17)
(69.41)
Li nhun
gp
1,242.58
480.73
38.69
(651.12)
(37.78)
CPQL doanh
nghip
1,227.32
303.21
24.71
(475.19)
(31.05)

0.08
18.14
23,599.24
2,483.99

13,634.93
Thu TNDN
3.31
31.71
956.90
(30.20)
(86.23)
LNST
15.55
131.35
844.93
(2,634.63)
(1,793.57)
(Ngu)
Qua bng s lin thy doanh thu thun cng
i gi
t b o
c nh a k 
ng kinh doanh ct hiu qu, s ng h
  ng sn phn dch v sn xu       c
nhia chn
t 36,041.71 triu 23,253.39 triu ng vi t l
81.83 % so v2011.
Vi vin xu 
303.21 triu ng so v. 
vi so vi ma doanh thu thu
li nhun sau thu c vnh, c th 131.35 triu
ng so vt 146.89 triu ng.
 ng ln ngng
c    ct gim

c doanh thu ch t 11,570.42 triu ng gim 24,471.29 triu ng 
ng gim 67.9 % so v, c th 
Thang Long University Library
18

2,487.74 triu            t nhiu
khon 2,502.21 triu ng.
ng kinh doanh c hiu qu
bng chm t ngt, li nhun sau thu 
i nhiu, . u hiu cho thy hiu qu s dng vn ca
 bi  th hiu qu s dng vn  phn
sau.
2.2. u qu s dng vn c phn
ng M 
2.2.1. n t
Vn cn tc: vn c nh. Vn
ng ch ym bt li lao
ng. Vn c  trang trn c nm trang thit b
n.  tht cu vn
kinh doanh c
Bng 2.2: Kt cu vn c
 Triu ng



2012/2011
2013/2012
2011
+/-
%

+/-
%

11,560.14
4,136.39
35.78
(6,424.43)
(40.93)

1,869.33
458.53
24.53
(581.32)
(24.97)


13,429.47
4,594.93
34.22
(7,005.74)
(38.87)
(Ngu )
Qua kt qu y tng vn kinh doanh cc bin
ng vn c
2012 tng vn ct  ng i
ng vn cm xung hay
ging mc gim tuyng so v
S c ca tng vn kinh doanh ch y i ch yu
ca vng ct 11,560.14  ng, qua
t 15,696.53 ng,  tuyi 4,136.39 

35.78% so vn
ng ci mt s 
sn c nh, thit b phc v 
19

   n  ng c   m, gim so v   t
9,272,104,302 n cho vng cm qua
 yn phn tin
   n kho doanh nghip   ng gi     ng ca
doanh nghip gi.
u ngun vn c
 th n c y t ngu
vit s hiu qu u ngun
vn c
Bng 2.3u ngun v
 ng


2012/2011
2013/2012
2011
+/-
%
+/-
%
(1).NPT
5,911.81
4,448.03
75.24
(4,439.27)

(42.85)

5,611.81
4,748.03
84.61
(4,439.27)
(42.85)

300.00
(300.00)
(100)
-
-
(2).VCSH
7,517.65
146.89
1.95
(2,566.48)
(33.49)
VCSH
7,500.00
-
0.00
-
-
LNST 

17.65
146.89
832.14

(2,566.48)
(1559.73)

(1) + (2)
13,429.47
4,594.93
34.22
(7,005.74)
(38.87)
(Ngu)
Bng 2.4: T trng ngun v
 


2012/2011
2013/2012
2011
2012
2013
+/-
+/-
(1).NPT
44.02
57.48
53.73
13.46
(3.74)
(2).VCSH
55.98
42.52

46.27
(13.46)
3.74

(1) + (2)
100.00
100.00
100.00
-
-
(Ngu)
N phi tr c  m vay n  ngn hn, phi tr 
i mua tr tic, thu n

Thang Long University Library
20

Qua b, ta thy NPT ti thm cu c
5,911.81           10,359.85   
4,448.03 75.24% so vVCS 146.89
ng so vi   a VCSH nh  a n
phi tr. N phi tr  i gim i vic h s n , kh
 ch gii ro c

 phi tr cng, gim 4,439.27
ng gim 42.85% so v.
y, ta thy ru vn c
tng nhi theo ching
n cn tim n nhiu ri ro, th hin  t trng
 m

57,58 53.73 ch v  ca 
 m            thuc mt n  
. M ph nhn rng t sut n cao s t
khon tin l phc v u cn thit cm hin
ti, y viu qu u qu hong c
ty.

Bng 2.5 ng vn
K 
Ch 
2012/2011
2013/2011
T   ng vn
= (Tng s vn k th i /
Tng s vn k gc ) *100
(%)
134.22 %
82.05 %
Qua kt qu y tng ngun vn c
n ch s hu cm t trng
trong khong mt na t trng tng ngun vn. T   ng vn c 
2013/2011 so v012/2011 gi khon li
nhun sau thu  2,401.93 
gim mc VCSH xu5,098.07   m tng ngun v
11,018.65 ng.
21

2.2.2.   ngun vn ca doanh nghip
 l gia ngun vn ch s hn thit yu ca
doanh nghip:

Bng 2.6:  l gia ngun thit yu ca doanh nghip
 Triu ng







295.99
1,036.40
230.02

10,838.32
7,333.31
3,160.63

910.98
2,081.96
1,554.34

(A)=(1)+(2)+(3)
12,045.29
10,451.67
4,944.98
VCSH (B)
7,517.65
7,664.55
5,098.07
-(B)

4,527.64
2,787.12
(153.09)

A>B
A>B
A<B
(Ngu)
Tng cng (A) bao gm ti
sn c nh. Qua bng ta nhn thy t 1  
t l n vn ch s hu ca doanh nghi trang
trn thit yu ca doanh nghii s dn vn c
doanh nghi thiu vp ri ro trong kinh doanh.  ng vn s
d  nhii v4,527.64 triu 2,787.12
triu i v
n vn ch s hu gi5,098.07 triu n tng
cng A gi 4,944.98 triu m c gim ca c 3
n , h, t. u
n ch s hu  sc trang trn thit yt ca doanh nghi
n phi s dn vn c.
2.2.3. u qu s dng vn t ph
dng M 
2.2.3.1. u qu s dng vn
Hiu qu s dng v t quynh hiu qu hot
u qu s dng v
Thang Long University Library
22

  thc trng vic s dng vn ca doanh nghip t 
u qu s dng vn cho doanh nghip.

 c ch dng vn kinh doanh ci tin
 ng hp phu qu s dng vty
Bng 2.7: Bu qu s dng tng vn c
 ng


2012/2011
2013/2012
2011
+/-
%
+/-
%
(1). DTT
12,788.31
23,253.39
181.83
(24,471.29)
(67.90)
(2). 


13,429.47
4,594.93
34.22
(7,005.74)
(38.87)
(3). LNST
15.55
131.35

844.93
(2,634.63)
(1793.57)



0.95
1.05
109.99
(0.95)
(47.49)

DTT=(3)/(1)
(%)
0.12
0.29
235.28
(21.91)
(5375.43)
(Ngu 2013 )
c hu sut s dng tng vn c
qua ch  s  thc m s dng vn c
nhng s liu  by rng h s n c
 ln,   ln t.05 ln so v
  vn c
2012 c 2    c
v vi t 181.83c
 % ca tng vu sut s dng vn c
 s n   ln, tc gim 0.95 ln so vi
m t 36,041.71 triu ng xung ch

11,570.42 triu m 67,90%, trong khi tng vn m
38.87% so v  gim ca tng vn nh  gim ca
DTTu sut s dng vn c gi
ng hiu sut s dng vn cc thay
i trong n vng xung quanh  mc 
23

Tip theo, ta s c sinh li c ng
hp quan trng phu qu s dng vn c
n thy rng sc sinh li cc i   C th. sc
sinh li ca DTT  0.12%   
 ca ch gim xung n (21.50)%, gim 21.91% so v
i vic c 100 ng DTT  o
rc 0.12 ng LNST,   tc 0.41 ng LNST, tc
 ng so v   l 21.50
ng.  u bi
kc nhiu hp c doanh thu gim cng vi vic phi chi rt nhiu
kho th  
 2,502.21 triu n  khng l 
li nhun sau thu c c sinh li c
 nh nhng hiu qu s dng
vn cng bip thi trong vic
qu dng vt hiu qu kh 
Phân tích hiệu quả sử dụng vốn chủ sở hữu thông qua mô hình Dupont
Bng 2.8: u qu s dng vn ch s h






(ROS)






(TAT)






(FL)



ROE
(%)

0.12

0.95

1.79

0.2


0.41

2

2.35

1.93

(21.5)

1.05

2.16

(48.76)
ch
12/11
0.29

1.05

0.57

1.73
ch
13/12
(21.91)

(0.95)

(0.19)

(50.69)
(Ngun: )
y ta thy ch i li gim, n
ch tiu ROE c 
 tt v
Thang Long University Library
24

 hi m ca ch  
ng ca t  
-  ng ca  ROS t
ROE
1
= (ROS
2012
 ROS
2011
)  TAT
2011
 FL
2011

= 0.29%  0.95  1.79
= 0.49%
y r
-  ng c AU t2012
ROE
2

= ROS
2012
(TAT
2012
 TAT
2011
)  FL
2011

= 0.41  1.79
= 0.77%
y rng TAT  l%
-  ng c FL t
ROE
3
= ROS
2012
TAT
2012
FL
2012
- FL
2011
)
= 0.41% 
= 0.47%
y rng FL 
Tng h :
ROE = ROE
1

+ ROE
2
+ ROE
3

= 1.73%
y ta thy ch 1.73%, chng t
hiu qu s dng vn ch s h c   t
sut sinh li ca DTT
so v sut sinh li ca DTT 
nm 2011 t s  
gp nhi
i thit, t sut sinh li ciy doanh nghip
ng cu qu, c kit c c
huy.  y 
sn  nh. Nn
 t 0.95 t 

-  ng c ROS t
ROE
1
= (ROS
2013
 ROS
2012
) TAT
2012
FL
2012

25

= -21.91% 
= -102.98
y rng ROS gim 102.98%
-  ng c TAT t
ROE
2
= ROS
2013
TAT
2013
 TAT
2012
) FL
2012

= -21.5% -
= 48
thy rng TAT gi
-  ng c FL t
ROE
3
= ROS
2013
TAT
2013
FL
2013
- FL

2012
)
= -21.5% -0.19
= 4.29
y rng FL gi
Tng h :
ROE = ROE
1
+ ROE
2
+ ROE
3

= -50.69%
T sut sinh li c%, gim 50.69% so v
2012. t qu  y rng s st gim cn
 a ROE
 i s st gim ROE do vi s ng c li nhu
Li nhu
ng kic nhiu hn i nhun sau thu gim
mnh.
Bng 2.9 s kh 
 ng
Ch 

2012/2011
2013/2012
2011
+/-
%

+/-
%
(1). Tng TS
13,429.47
4,594.93
34.22
(7,005.74)
(38.87)
(2). NPT
5,911.81
4,448.03
75.24
(4,439.27)
(42.85)
H s kh

ng

2.27
(0.53)
(23.41)
0.12
6.97
(Nguc)
Thang Long University Library