Phân tích hiệu quả sử dụng vốn tại các công ty ngành thực phẩm và đồ uống niêm yết trên sàn giao dịch chứng khoán tp.Hồ Chí Minh

VÀ 









U




Chuyên ngành: 
Mã ngành: 60 34 0301







TP. HCM, tháng 04/2014

ii
VÀ 












Chuyên ngành: 
Mã ngành: 60 34 0301







TP.HCM, tháng 4 nm 2014

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
 
công trình nào khác, các 







ii



 - 










Do thi gian có hn và kinh nghim nghiên c khoa hc cha nhiu nên
lun vn còn nhiu thiu sót, rt mong nhn c ý kin góp ý c Thy/Cô và các
anh ch hc viên.
Tp.HCM, tháng 04 nm 2014
Hc viên


Nguyn Thanh Minh

iii





 




chim u th, 


-




 



2


.

s h 

c tài sn doanh

iv
010-2012
      

c tài
sn 

s h 


n 
 nhm 


v

ABSTRACT
Equity is an important factor in the business activities of the enterprise and
how to manage and use capital efficiently is always a primary matter, which was
concerned by businesses, especially in today's competitive economy and
development trend of the industry of food and beverage, analysis efficiency for
using business capital became more important and urgent .
With the trend is expected to develop stable food and beverages markets in

Vietnam is      It created fierce
competition in within all the company of food and beverages. In this competition,
the enterprises can be detected strong growth, which have the best policy in matter
using their capital with high effective. Investigating 26 companies of the food and
beverages posted up a notice on the HCM City Stock Exchange in the period 2010-
2012 with many groups as seafood , sugar, cooking oil , dairy , confectionery and
beverages most of the enterprises were profited but their profits have tended to
rise sharply in 2011 and fell slightly in 2012 . The export seafood companies were
using the greatest leverage and return on capital of these were lower than the food
companies of other groups , whereas the confectionery business groups and milk
companies had debt ratios low and return on capital increases. Through aggregate
ROE of 26 food and beverages companies in 2010 was 26.21 % , 2011 was 21.5 %
and 20.37 % in 2012, we can say that the food and beverage companies used
efficient their capitals but these companies should to find ways to overcome the
declining trend of capital efficiency.
The efficiency of capital (profits on investors' capital) of the company
of food and drinks posted up a notice on the HCM City Stock Exchange in this
threads was defined affecting by many factors as financial capital structure , capital
size , internal capacity , fixed asset structure , the characteristics of each company
and purchasing power of the market. In particular , through data of regression from

vi
2010-2012 of 26 food and beverages companies listed on the HCM City Stock
Exchange showed the efficiency capital of the business were affected by factors as
capital scale , internal capacity , asset structure and characteristics of each business.
However capital structure and the purchasing power of the market are factors
which did not have enough data to find statistical evidence to shows that the impact
of these two factors to effective using their capital through profits on investors'
capital of these companies .
The companies of food and beverage should find solutions to their financial

troubles to help to reduce prime cost, sell fixed assets which are unnecessary,
especially in large companies have much spare money which is bigger than capital
of other company in group, they should examine to invest these in other company to
gain profit or liquidate long term obligation with towards saving costs, profitability.
It is also synonymous with improve efficiency using their capital.

vii

L i
L ii
Tóm t iii
Abstract iv
 vii
 x
 xi
 xiii
 1
1.1  1
1.2  3
1.3  4
1.4  4
1.5  4
1.6  5
 2           
 7
2.1 kinh doanh  7
2.2  7
2 8
2.2.2  9
2.2.3 Các   9

2.2.4   10
 14
2.3.1  14
 23

viii

 24
2.4.1  24
gi
 25
2.4.3 Mô hình 26
2 28
G 3

 29
3.1  29
3.1.1 Khái quát 29
3.1.2 Tình hình  30
3.2. 
 33
3.2.1 kinh doanh 33
3.2.2 
 42
3.2.3  62
3.2.4    
 62
Tóm t3 66
         
 MÔ HÌNH 

  
NIÊ 68
4.1  68
4.2   70
4.2.1 Mô  70

ix
4.2.2  72
4.2.3 

TP.HCM 72
4.2.4 mô hình 

 TP.HCM 80
 82


 83
 83
5.2 G
 86
 90
 91



x


ST
T
T vit tt
Ting Anh
Ting Vit
1
AFTA
Asean free Trading Area

2
ASEAN
Association of South 
East Asian Nation

nam Á.

3
BEP
Break even point

4
BCTC

Báo cáo tài chính
5
BMI
Business Monitor
International
 

6
DSO
Days of sales outstanding

7
DIO
Days Inventory
Outstanding


8
DPO
Days Payable Outstanding

9
EBIT
Earning before interest
and tax
Th
10
EBITDA
Earning before interest,

tax, depreciation and
amortization


11
FTA
Free Trading Area

12
FEM
Fixed Effects Model

13
GDP
Gross Domestic Product

14
NV


15
REM
Random Effects Model

16
ROA
Return on assets

17
ROE

Return on equity


18
ROS
Return on sales


19
R&D
Research & Development

20
TIS
Times interest earn

21
TS


22
TP.HCM






xi


 - .
.
Bng 2.2: Kt qu mô hình nghiên c cNeil Nagy.
3.1 2012
3.2: -
2012
3.3-2012




3.8
3-

3
3.11 & 
3.12: Th 

3.13:  & 
3 & 
3.15 & 
3.16: p k & g thanh toán nhanh
3.17

xii
3.18




hình FEM)





ô hình 3 (mô hình FEM)



FEM



xiii

3.1-
2012
3.2

3.3: So sánh doanh thu -2012 

3.4: -
án TP.HCM
 & v à m
-


1


 
1.1.i
















nh.

n
tr   
ã nhận ra tầm quan trọng của việc phân



 



2
-2


 

Bảng 1.1: Chỉ số tiêu dùng thực phẩm - Số liệu & Dự báo

2010
2011
2012
2013
2014*
2015*
2016*
    
USD)
18,69
19,30
22,10
24,28
26,02
27,61
29,50
    
VND)
357.538
397.546
450.240
480.762

500.915
517.774
538.431
 bình
   
(USD)
212,70
217,30
246,30
267,80
284,20
298,70
316,20
 bình
   
(VND)
4.069.939
4.477.277
5.017.705
5.303.117
5.470.722
5.601.030
5.771.427
   tiêu
   

10,72
11,19
13,25
6,78

4,19
3,37
3,99
*: số liệu dự báo. Nguồn: Tổng Cục Thống Kê Việt Nam, BMI
 
 
ngành thc phm và  ung 
c bit là khi c  ang -.

 
t n


        n       
ng ng
50,11

3






  



thc phm và  ung trong n
 


 

 niêm y
 làm  tài lun vn thc s.
1.2
1.2.1 Mc tiêu tng quát
- Phân tích thc trng v hiu qu s dng vn và tìm gii pháp nâng cao
hiu qu s dng vn ti các công ty ngành thc phm và  ung niêm yt trên sàn
giao dch chng khoán TP.HCM.

-  

- ánh giá hiu qu 
niêm yt trên sàn giao dch chng khoán TP.HCM
- 
niêm yt trên sàn giao dch chng khoán TP.HCM giai 
theo.

4
1.3

- Nhng ch tiêu nên nh giá hi
- Hnim yt
trên sàn giao dch chng khoán TP.HCM nh 
- 
niêm yt trên sàn giao dch chng khoán TP.HCM 
 
1.4


êm yt trên sàn giao dch chng khoán TP.HCM

        gi
26 
và sàn giao dch TP.HCM
V thi gian: Khong thi gian thc hin ly s liu là giai on t 
2010- 2012 .
1.5. Ph
1.5.1 Ph
ng pháp so sánh,

1.5.2 Ph
Trên c  báo cáo tài chính ã 
26 -2012, các
 

 
có liên quan 




5




tata 
S 

1.6

Chng 1: Tng quan v  tài nghiên c
Chng 2: C 
Chng 3: Phân tích 
 niêm yt trên sàn giao dch chng khoán TP.HCM.






-2012
các công ty ngành
thc phm và  ung


Dupont


tích, 






6
Chng 4: Phng pháp nghiên c và k thc nghim mô
hình các nhân t nh hng n hiu qu s dng vn các công ty ngành thc phm
và  ung niêm yt trên sàn giao dch chng khoán TP.HCM.
Chng 5: Gii pháp nâng cao hiu qu s dng vn ti các công ty ngành
thc phm và  ung niêm yt trên sàn giao dch chng khoán TP.HCM
Kt lun

7
 2

2.1 Khái nim v vn kinh doanh ti doanh nghip






Vn kinh doanh là lng tin cn thit mua sm nhng yu tcn thit
cho hot ng kinh doanh. Vn kinh doanh c doanh nghip phi không ngng
c bo toàn, b sung và phát trin sau mi chu k sn xut kinh doanh  doanh
nghip có th thc hin tái sn xut gin n và tái sn xut m rng (Lê Th Mn,
2010).
Vn kinh doanh là biu hin c toàn b tài sn c doanh nghip b ra cho
hot ng kinh doanh nhm mc ch sinh li. Vn kinh doanh c hình thành t
nhiu ngun khác nhau trong  hai ngun hình thành c bn là vn ch s h và
n phi tr.
 là ngun vn do ch doanh nghip t to ra di hình thc
: ch s h ng góp khi thành lp doanh nghip hoc ng góp thêm trong quá
trình kinh doanh, các qu tin t chuyên dùng (qu u t phát trin, qu d phòng
tài chíác khon chên lch nh giá l tài sn, chênh lch t giá hi oái
cha x lý (Lê Th Mn, 2010)
: bao gm các khon vay, n phi tr cho các ch n
nh phi tr nhà cung cp, thu phi np, tin lng cha thanh toán cho ngi lao
ng, tin vay cha tr cho ngân hàng
2 
2.2.1 Khái nim
Hiệu quả sử dụng vốn 
u qu th hin thông qua li
nhun thu c cao nht so vi chi phí b ra thp nht và trong nn kinh t, hiu

8
qu cng gn lin ri ro nên vn c s dng có hiu qu khi trong dài hn li
nhun ti u hoá so vi s lng bin ng r ro (Brendon Tierney, 2009.).
Có th nói    


Phân tích hiệu quả sử dụng vốn 

               
( Josette Peyrard, 2005).  






2.2.2  kinh doanh.
2

u 
 
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