Giải pháp nâng cao hiệu quả sử dụng vốn lưu động tại công ty cổ phần thương mại dược vật tư y tế hà nội

BO MAO DUC DAO TAO
TRU'UNG DAI HQC THANG LONG
-000--

ICHOA LUAN TOT NGHIEP

DE Till:

GIAI PHAP NANG CAO LBW QUA SIY DUNG
VON LI% DQNG TA' CONG TY CO PHAN
THUONG MAI DUVC VAT Ti! Y TE HA NQI

Gino vien hirofng din

: Ths. NO IChinh Huyen

Sinh viten Hwy himn

: Le Thi

Ma sinh viten

: A19136

Chnyen nginh

: Tai chin!

HA NOI — 2015

TAin

BA! IIQC TOANC .LOWS

THU vi ta
MA


Lei CAM ON
DA hoin third' bli kh6a luan tot nghiep niy, 16i diu tien em xin biy to long biet
an chin thinh vi siu sic nhit tai c8 giio huOng din: Tigre sy NO Khinh Huyen di
huffing clan em tan tinh trong St quit trinh trier khai, nghien dm cung nhu thuc hien
de tii.
Em xin chin thanh cam an Ban giam hieu, arc thay di tong khoa xinh 4 - Quin
ly twang Dai hqc Thing Long di trong bi cho em nhftng kien thirc vi kinh nghiem
quy gii trong qui trInh hoc tap Uri trir?mg, tiro dieu kien thuan lqi, glop der em Owe
hien de tii niy.
Em xin chin thinh cam an ban giam dOc cling ty co plitui thuang mai Duqc vat
to y 4 Hi NOi da cho phdp vi to dieu kien thu$n lqi de em duqc tin= tap tai cling ty,
cung cap tai lieu Wei) em hoin thinh kh6a lu$n tot nghiep niy.
CuOi cling, em xin kinh chile quy Thiy, CO &Si dio sue khee vi thinh ding trong
cling viec. Kith chile the CS, Bic, Anh, Chi trong cling ty co phin thuang mai Duqc
vat to y 4 HI NOi luem doi dio sue khee, hanh phec vi dirt duqc nhing thinh c8ng
trong cling viec.
Em xin chin thinh elm an!

Sinh vien thac hien

IA Thj Tim

Thang Long University Library

LMI CAM DOAN
Ted xin cam doan Khoa bon teat nghiep nay la do tg bin than thgc hien c6 sg ho
trq tir giao vien hoeing clan va khong sao chop cfic ding trinh nghien cuu cua nguoi
khk. Ck de lieu thong tin thin cap so clung trong Kh6a luan la c6 ngubn goc vi dont
trich dan it ring.

Toi xin chju hoan tom trich nhiem ye lbi cam doan My!
Sinh vien thgc hien

Thi Tam


MVC LUC
Si MO DAU
CHUONG 1. LX LU4N CHUNG VE VON LUIJ DQNG VA HISU QUA
1
Se DUNG VON Lift DQNG TRONG DOANH NGHIEP
1.1. Khii quit vi van hru dung trong doanh nghilp

1

1.1.1 Khdi niem vi yin va Win luu ding trong doanh nghifp

1

1.1.2 Dec &am vin lint ding

2

1.1.3 Vai tad caa yin km ding
nghiep

Si vet kept ding strut xuAt kink doanh trong doanh
3

1.1.4 Phan lopi vein hru king

4

1.1.5 Kit cite ctia yin lute ding va cdc nit&
deng

ti ink hiring Uri kit cite cats van line
7

1.2. Chinh sich quin Ij van Iva dung trong doanh nghiep

8

1.3. Hieu qui s* dung von hru Ong trong doanh nghiep

10

1.3.1 Khdi Went hieu qua srir ding yin lint ding trong doanh &alp

10

1.3.2 Sp cAn that ph& nang cao hien qua von hru lag

10

1.3.3 Cac chi lieu dank gid hien qua sir dyng min

11

dung

1.4. MOt s6 Outing phip phin tick fink hinh s* dung von hru ding

18

1.4.1 Pinning phap so sank

18

1.4.2 Phirong phtip phlin tick 01

se UM chink

20

1.4.3 Pktron phap phan tick *it With

20

1.5. Clic nhin to inh huoing din hien qui s* clang von lira Ong

20

1.5.1 Nhom San ti khach quan

21

1.5.2 NhOnt nhan

ti chi quan

22

CHUONG 2. THVC TRONG HICU QUA St' DUNG VON LIYU DQNG
TAI CONG TY CO PHAN THUCING MAI DUtiC VAT Ti. Y it HA NQI
24
2.1. Khii quit vi cong ty co phan throng mai Dun vet to y ti Hi NOi

24

2.1.1 Qua trink kink thank va phdt triin ale tong ty

24

2.1.2 Co ciu tel char be may caa ang ty

25

Thang Long University Library


2.2. Hoot dOng sin auk Idnh doanh cis cong ty c6 pith thwang mtd Dave vet hr
y to Hi NOi

26
2.2.1 Ca chu tai san - ngtuin vin caa cong ty

26

2.2.2 MOE si kh qua vi doanh thu — chi phi — ifi nhuen

32

2.3. Thtrc trgng hi§u qui sib (king yen lint Ong tgi cong ty a phin thuung mgi
Duvc vet tu y to Hi NOi
35
2.3.1 Co chu yin haw dOng caa cong ty
Npi

a phin figuring mgi Aspic VP, toy ti Ila

2.3.2 Phan tick ha qua pi dung yin lieu dpng tqi cong ty
Duvc opt toy ti Ha Npi giai dom. 2011-2013

35

a phin thieving mpi

2.3.3 Phan Itch aic chi tieu dank gib idea qua mit dung yin km d4ng cat, tang Of
phin 'Son mpi Dwpc Wit toy ti HI Npi.

45

a

52

2.4. Dinh gift chung vi finis hinh quin It von lint dung tgi cong ty c6 phin thuvng
moi Duvc vet tur y to HI NOi
63
2.4.1 Alpe se kit qud apt (law

63

2.4.2 Nhang mkt cbn hp chi

63

CHIJONG 3. MOT SO GIAI PHAP NANG CAO HItU QUA SIT DUNG
VON LUU HONG TAI CONG TY CO PHAN THRONG MAI DUQC VAT
TU. Y TE HA NOI
65
3.1. Dinh hu6ng phit triers cis cong ty co phin thuung mgi Duvc vitt hr y to HI
N§i
65
3.2. MOt s6 gild phip nhAm ning cao hien qui stir thing von lint dung tgi cong ty
co phin thtrung m0 Dutrc v$t hr y ti Hi Ni
I
66
3.2.1 Nang cao ha qua sok dung tiin mft

67

3.2.2 Tang cuing qudn ay cdc khodn pistil thu.

69

3.2.3 Chu trung cong tdc quart # hang tin kho

71

3.2.4 Mpt a hien phdp khdc

73


DANN MVC VIET TAT

Ky bleu viit tit

Tin diy du

BCTC

Bao cio ad chinh

GVHB

Gift von hang ban

TNDN

Thu nhfsp doanh nghiep

TSLD

TM sin luu dOng

TSNH

TM sin ngin han

TSCD

Titi sin c6 dirt

VLD

Von luu dOng

Thang Long University Library


DAN! MVC BANG BLEU, BLEU DO, SO DO

So. d6 1.1 M6 hinh 3 chinh sick quin It yin Mu dung
So d61.2 M6 hinh tin kho EOQ

8
23

So 46 2.1 Ca ciu t6 chic cia cling ty c6 phin thing myi Ihrqc 4t tir y ti Hi NO
26
Hinh 2.1 M6 hinh (min I* tii sin Int dung cis ding ty giai cloyn 2011 - 2013... 35
Bing 2.1. TS, tryng tali sin cis cling ty giai doyn 2011 — 2013

27

Bing 2.2. TS, tiling ngubn yin cia cling ty giai don 2011 — 2013

29

Bing 2.3 Tinh Minh doanh thu-chi phi-lqi nhu$n cia cing ty giai doyn 2011 - 2013
32
Bing 2.4 Ca an yin Mu dung cia cing ty giai don 2011 - 2013

37

Bing 2.5 Syr biin dOng cia din vi cic khoin twang diming tiers giai doyn 2011 38
2013
Bing 2.6 Sy' Min dung cia hing tin kho giai doyn 2011 - 2013

40

Bing 2.7 Ca ciu nq ngin hyn cis ding ty giai doyn 2011 — 2013

43

Bing 2.8 Khi Wing thanh twin cia cling ty giai doyn 2011 - 2013

45

Bing 2.9 1Chi ning sinh kri cis ding ty giai don 2011 - 2013

49

Bing 2.10 Hifn suit sfi• dyng tang tii sin tyi cling ty giai doyn 2011 - 2013

51

Bing 2.11 Cic chi tiIu phin inh ding hyp hien qui sir dyng yin km dung cia
52
cling ty giai don 2011 - 2013
Bing 2.12 Chi den dinh gii hing tin kho cia ding ty giai don 2011 - 2013

57

Bing 2.13 Chi lift dinh gii cic khoin phii thu cia cing ty giai dotm 2011 — 2013
59
Bing 2.14 Chi tau dinh gii cic khoin phii tri cia cing ty giai doyn 2011 — 2013
60
Bing 2.15 Thbi gian quay Wing tiers curt cling ty giai doyn 2011 — 2013

62

Bing 3.1 Mil hinh cho dam tin dyng di plan Aim cic rili ro

70

Ban di 2.1 'TS, tryng tii sin cia cing ty gist don 2011 — 2013

27

Thin di 2.2. T5' thing nguiln yin cis cling ty glai don 2011 — 2013

29

Win do 2.3 Quy m6 ding truirng doanh dm, GVHB vi lqi nhuen

33

Biiu di 2.4 Ca au yin Iva ding cia cling ty giai doyn 2011 - 2013

41


Bien a 2.5 Khi Ming thanh toin nein hyn cia cfing ty
v4t to y to Hi NOi

c6 plan

Bieu a 2.6 Khi ning thanh toin uhanh cia cling ty
silt to y to HI NOi

c6

thuovg myi Durqc
46

plan thuoug mpi Dirqc
47

Bleu a 2.7 Khi Ming thanh toga tit thbi cia cling ty co plan timing myi Duct
48
it to y to Hi NOi

Bien a 2.8 ROS, ROA, ROE cia cling ty trong giai doyn 2011 - 2013

49

Bleu a 2.9 Hieu suit s* dyng tong tali sin tpi cang ty giai doyn 2011 — 2013

51

Bien d6 2.10 Wong quay van lint Ong tyi ding ty giai doyn 2011 — 2013

53

Eau a 2.11 13 sat sinh Rd trill van lull dung cis Ong ty giai do;n 2011 — 2013
55
Bleu a 2.12 Wing quay hang an kho vi thbi gian lint kho trung binh cis cling ty
58
giai doyn 2011 - 2013

a

2.13 Wing quay clic khoin phii thu vi thbi gian thu nq trung binh cia
Bien
59
c8ng ty giai &tin 2011- 2013
Bieu a 2.14 Wing quay cic khoin phial tri vi thbi gian tri nq trung NMI cia
61
co/kg ty giai doyn 2011 - 2013
Bleu d6 3.1 M8 hinh Miller Orr

Thang Long University Library

67


IA MO DAU
1. Ljr do nghien cern
Bat ky met doanh nghiep nio, mem hoot dOng sin xuat kinh doanh deu khong
the kh8ng c6 vein. Nguen yen la dieu kien tien guy& de thinh lap doanh nghiep va nen
hanh cic hoot dung sin xuAt kinh doanh, the hien trich nhiem phap 15/ elm doanh
nghiep dei vOi tai sin dang quan 1St va sir dung a doanh nghiep.
VOn kinh doanh duge chic lim hai be ph#n gem: phial von co djnh dau to vio tai
sin co djnh gin Niel quyet djnh dau to co ban vi phin vein luu dOng dau to tno ra tai
sin luu dOng nhim phyc cho sv van hinh tai sin Co djnh, dim bito viec kinh doanh
elm doanh nghiep din ra thuong xuyen, lien Mc, vi dot hieu qui cao nhat.

a

Neu coi host dOng cua doanh nghiep to met
may tuan hoan thi von luu dOng
chinh la chat b8i rem khien cho co may Ay 1u8n dirge van hanh lien hie, xuyen su6t.
Von kru Ong c6 mat trong tat ci cic hog dOng ctia doanh nghiep, tir dv MI, san xuat
den luu thong. Neu vim Itru dOng khong Itru thong dirge a bit Icjr met khfiu nio ciing se
anh huang den hoot dOng sin xuAt kinh doanh. Viec ming cao hieu qua sir dung von
luu dOng se 'Sup doanh nghiep vim tiet kiem dugc chi phi trong sin xuat kinh doanh
vim co the nang cao !chi nang sinh lei cho doanh nghiep.
Tuy nhien, do WM dO quan 1E5, cim cic doanh nghiep vi sv bien hea, von dOng
kh6 luting cult von luu dOng khien cho viec sir dung vim Itru dOng a nuac to chua dat
duge hieu quit cao din den hieu qui san xuAt kinh doanh thip. Nhan thAy thin quan
tryng ding nhu tinh cap thiet cim van trong thei gian thvc tap tai ding ty CO phAn
thtrcmg mai Dirge vat to y to Hi N0i, vei sv giop der ton tinh cim cic nhan vien pheng

ke tom tai c4ng ty, clang thei v6n sv hutmg din cea to giao thac sy Ng8 Khinh Huyen,
em da di sau vao nghien ciru de tai: "Gild phap nang cao hieu qua sir dung yen Itru
dOng Mi &mg ty co phin thucmg mai Dirge v#t to y to Hi NOi". Mac de da to nhieu ao
ging, nhung do thei gian to han, trinh dO, Icy nang cita bin than con nhieu han the nen
chic chin de tai khea lu$n tot nghi'ep nay ciut em khong trinh khei nhOng han che,
thieu set. Em rat mong nhan dirge sv deng gap, chi bio, be sung them dm thAy co de
bai khea luan ciut em dirge hoan thin hon.
2. D61 nreyng vi pham vi nghien aro

Phan tich ngu6n von luu dOng tai Gong ty co phin
thucmg mai Dirge v#t tv y to Hi NOi.
Did tuyng nghiin cart:

Phone vi nett& ant Thvc rang quin ljr vi sir dyng yen Itru dOng Mi ding ty co

phin throng mai Dirge v$t toy to Hi NOi tong giai down 2011 — 2013 nhim dua ra
met s6 bien phap nang cao hieu qua quan b, vi sir dung von luu dOng tai cting ty nay.


3. Kip dick nghien cliff
Li nharn lam it filth hinh nguim von lieu dOng tai cong ty, tir do tim ra cic bien
phip nhim nang cao hieu qui quart ly vi sir dung vim lieu dOng. Khea loon se bao gem
ba nOi dung chinh:
—Nghien ciru nlang vin de 15/ lu#n co bin ve vim lieu dOng vi ngutn hinh thinh
von lieu dOng.
—Phan tich awe trong hieu qua sir dung vim lieu dOng tai cong ty c6 phin thucmg
mai Duqc v#t to y 4 Hi NOi trong giai door) 2011 — 2013.

- De xuAt mpt s6 giii phap chti yeu glop doanh nghiep ning cao hieu qui sir
dung Von lieu dOng tai cong ty c6 phin unsung mai Dtrqc v#t to y 4 Ha NOi.

4. Pining phip nghien elm
Phucmg phap nghien ciru chit yeu duqc sir dung trong kh6a lu#n la: Phuong phap
so sanh, phuong phip phin tich ty s6 tai chinh, phuong phip dinh tinh dua tren cac so
lieu duqc cung cap.
5. KM au khaa lien
Ngoiti phen mer diu vi ket 1uon, kW* luOn bao gem 3 chuong duet be cue nhu
sau:

Chuang 1: U 14n chung vi win lieu d#ng va !lieu qua sir dpng win Wu deng
trong doanh via&
Chuang 2: apt trpng Neu qui sit dung van lieu qng tgi cong ty
durong mpi Dwp'c vet hey ti MIN&

a

a phin

Cluamg 3: Met giai phap Wing hies qua sir dung vin lieu d4ng tgi cang
ai phin phuong mpi Dupc vet toy of Hd Nei

Thang Long University Library

ty


CHUONG 1
Lir LUAINI CHUNG VE VON LUU BONG VA HItU QUA
VON Lilt DQNG THONG DOANH NGHltP

sir DUNG

1.1. Khii quit s4 von luu dOng trong doanh nghib
1.1.1 Kb& nifm vi win vis yin Wu tieing trong doanh nghifp
1.1.1.1 Khcii niem

ve' von

V6n lit mOt pham frit kinh to trong link voc tai chinh, gan lien vai nen san xuat
hang h6a. Du6i gee dO la mOt pham frit kinh to, vim li mOt di'eu kien tien quyet coa bit
cu doanh nghiep nganh kinh te, dich vu, ky thuot nito trong nen kinh to thuoc hinh thirc
sa hilt' Ichac nhau. Trong cac doanh nghiep kinh doanh n6i chung, doanh nghiep y t
nOi rieng, von san xuAt la hinh thai gia tri coa tom!) b0 to lieu san xuAt duce doanh
nghiep sir ding min each hop 15r, c6 ke hooch vao viec san xuAt nhang san phim cim
doanh nghiep.
Theo so phat trien cim lich sir, cac quan diem ve von xuAt hien va ngay cling
hoan thien, tieu bieu c6 cac each hieu ve von nhu sau cim mOt s6 nha kinh to hoc thuOc
the trutmg phai kinh to khic nhau.
Cac nhi kinh to hoc co dien tiep con von yeti gee d0 hien vet. Ho cho ring vim li
mOt trong than yeu t6 du vio trong quit trinh san xuAt kinh doanh. Cach hieu nay
phit hop vOi trinh dO quan 15T kinh to con so khai - giai (loan kinh to hoc mai xuAt hien
vi bit dsu phit then.
Theo David Begg, Standley Fischer, Rudige Darnbusch trong cuOn "Lt' thuyet
Kinh to hoc" [tr.72]: "V6n la min loci hang him nhung dirge sir dung tiep tic vio qui
trinh sin xuAt kinh doanh tiep theo. CO hai loai von la vim hien vot vi von tai chinh.
V6n hien vat la do trA cac loci hang h6a da sin xuat ra cac hang him vi djch vu khic.
VOn tai chinh la tien met, tien giri nga ► hing...DAt dai kh8ng dirge coi la von".
Trong cu6n "Tir dien kinh to hoc hien dai" co giii thick: "Capital - to bitnivon:
mOt tir dung de chi mOt yeu t6 sin xuAt do he thOng kinh to to ra. Hang hem to lieu
vim la hang h6a dirge san xuat de sir di,mg nhu yeti t6 dau vio cho qua trinh san St
sau. Vi vkly, to bin nay c6 the Odin biet duqc v6i dAt dai, sire lao dung, nhitng thin

khong dirge coi la do he thong kinh to tiro ra. Do ban chAt khong dong nhit elm no ma
so do luting to ban to thanh nguyen /Man cim nhieu cuOc tranh cli trong ly thuyet
kinh to." (Tic chin kinh ti hpc hien dpi, NXB Chinh tri quite gia - Ha N0i, 1999, Tr.
129)

1


MOt so quan niOm ye von a tren tiep con dual &tang gec de nghien chu khk
nhau, trong nhftng dieu kien Ijch sir khic nhau nhtmg c6 the hieu met cich khii quit:
V6n lit bleu hien bong flan cua cac di san trong doanh nghiep ton tai duoi cac hinh
thirc khfic nhau nhim mac dich sixth lqi cho doanh nghiep.
1.1.1.2 Khcii Mem ve von luu tong
"Vim luu dOng cua doanh nghiep lit so vim (mg ra de hint' thanh nen tai sin luu
deng nham dim bao cho qua trinh kinh doanh cua doanh nghiep duqc thuc hien
thuerng xuyen, lien tuc. V6n luu Ong chuyen town b0 gii trj cua chting vio luu thong
va tir trong luu thong toitn be giti bi ciut chung duqc hoan loi met In sau met chu kt
kinh doanh." [tr.85]. (Gino trinh Tai chinh doanh nghiep - PGS.TS Nguyin Dinh
Kiem - TS. Bach Mir Han)
Vim luu dOng la bieu hien bang tien cim tai san km (long. Won km dOng dugc sir
ding hoin total trong mai Wong luu chuyen cita su luu thong hing h6a hok bong mai
chu ky san xuit, djch vu phi thuk. Dutri etc de tai san thi vim luu dOng sir dung de
chi nhimg tai sin km deng hay von km dOng chinh la gia hi dm tai salt luu dOng.
Tai sari luu dOng II nhitng tai sin co the bien thinh tien mat trong thud gian neon
va thireng xuyen hub chuyen trong qua trinh kinh doanh.
Trong bang can dOi tai san thi tai san Itru dOng thuong bieu hien duel cac 130
phan la ti'an mat, cac chimg khoan co firth thanh khoin cao, cac lchoan phii thu va der
trit hang ton kho.
Von luu dOng cua doanh nghiep thuong mai g6m co:
VOn bang flan nhtr: Tien mat tai cps', teen gin ngan hang, cac khoin phii thu

khach hang, tien tam (mg mua
Cac tai sin khic nhtr: Bao bi, vet lieu chinh, Vat lieu phi, ding cu, phi tang,
cong cunh6 climg trong kinh doanh...
1.1.2 Dk aim Win btu tang
Do von luu dOng la bieu hien bang den dui TSLD nen von luu dOng bj chi ph6i
bed cac (tic diem du TSLD, co the:
- Von hru dung trong qui trinh chu chuyen luon thay d6i hinh thii bieu hien. Su
vin Ong nay co the duqc bleu hien qua sa d6 sau:
T...H...T' (d6i vai doanh nghiep thucmg moi, djch
T...H...H'...T' (dOi v6i doanh nghiOp san xuat)
Giai (loan 1 (T - H): IQ& dOng Wag tan hoan von luu dOng dual hinh dull den
to duqc &mg de mua sum cac dui tucmg lao dOng, du lift cho qui trinh ski xuat. 093 mtli
2

Thang Long University Library


giai down nay von luu dOng da tir hinh thai tien to chuyin sang hinh thai von vat to
hang hOa.
Giai do?n 2 (H — SX — H'): doanh nghiep den hkh san xuAt ra san phAm, cac vat
to duct du tit duqc dua din vao sin xurit. Trai qua qua trinh sin xuAt, sin phAm, hang
h6a dtroc do ra. Nhu 4y, a giai (loan nay, von luu dOng da tir hinh thai Win vat to
hang hem chuyen sang hinh thai von ssanr phAm der dang va sau de chuyen sang hinh
thai von thanh phAm.
Giai don 3 (H' — T'): doanh nghiep tien hanh tieu thu sin phi= va thu duce tien
ve. Vein luu dOng da tir hlnh thin von thanh pluim chuyen sang hinh thai von tien to diem xuAt phit cita yang tan hoan. Vang twin hoan ket thac. C6 3 truing hqp xay ra
gift T va T'. Nhung ket qua ma doanh nghiep mong dqi nhAt luon la T'>T. Doanh
nghiep lam An c61an, tiep tic quay yang von de sin mutt kinh doanh. Lam sao de dOng
tien luon sinh lei la mOt bai toan kh6 cho mqi doanh nghiep.
Chu lc, vin dOng dm von km dOng la ca s?r quan tong danh gia hieu qua sir

dung yen Itru dOng trong doanh nghiep.
—VOn luu dOng chi tham gia vao chu trinh host dOng sin xuat kinh doanh mOt
lan duy nhAt, gia tri caa n6 dtroc djch chuyen toan b0 mOt Ian vao gia tri sin phi= va
duqc hoan lui tom by sau khi doanh nghiep tieu thu san phAm hang hea, cung ang
duqc djch vi va thu duqc titan ban hang ye.
—Von luu dOng hoar' thanh mOt yang tan hoan sau mOt chu IcS1 sin St kinh
doanh.
—Phu thuOc vio loci hinh doanh nghiep, chu ky kinh doanh, doanh thu bin hang
cua doanh nghiep ma an s6 Iugng vein luu dOng nhieu hay it.
—Von luu dOng la cong cu danh gilt, phin tich qua trinh vin dOng caa vat ttr.
Vong quay vein luu dOng nhanh hay ch#m phin kb s6 Itrgng vat to trong kho con it
hay nhieu, sir dung c6 lang phi hay khong. Thai gian phin boa khau sin xuAt vi luu
thong da hop lj/ hay chum. Tir da co the dieu chinh chinh skh cua doanh nghiep nham
dap img do, kip thin so Itnyng vat to can ducat, flit kiem, danh gia ltrong san phAm tieu
thy cua doanh nghiep.
Trong cac doanh nghiep thucmg mai OA von luu dOng in& chiem mOt t' lg 16n so
yeti tong s6 von kinh doanh (thutmg chi& kholing 70 — 80% win kinh doanh).
1.1.3 Vai trb cut: von lieu tag ink wki keg den sdn xuIt kink doank trong doank
ngkifp
Vein la dieu kien can thiet dau tien de doanh nghiep hinh thanh vi phat trien. De
tien hanh sin =it, ngoai TSCD nhu may m6c, thiet bi, nha xuemg...doanh nghiep
3


phii b6 ra mOt lugng tien nhat djnh de mua sam nguyen vat lieu, hing hea...phuc vu
cho qui trinh sin xuAt. Nhu vay von luu dOng lit dieu kien dau tien de doanh nghiep di
vio hoat dOng hay nei cach klik vein luu dOng lit dieu kien tien guy& dm qua thrift sin
xuat kinh doanh.
V6n luu dOng ton tai a tat ca ck khau tir du tru, sin xuat den tieu thu. Chinh vi
vy, von luu dOng dam bit° cho qua trinh hoat dOng san xuAt kinh doanh dugc dien ra

thuimg xuyen, lien km. NM Von luu dOng bj thiM se din den chu trinh san xuat kinh
doanh bj u dung vi ngung tre, lam cham qui trinh lieu thu hang h6a, giam lqi nhuM,
inh hang xau teri uy tin Ma doanh nghiep vi khien doanh nghiep kh6 c6 the me rOng
thi twang. Ngugc 13i, neu dip (mg du so vim luu dOng can thiet se khi'en qui trinh sin
xuAt kinh doanh vOn hank tram tru, dat hieu qui kinh to cao.
V6n hm dOng Ia mOt c8ng cu quin ly quan trgng. NO kiem tra, kiem sok, phin
inh tinh chit khkh quan cim hoat dOng tai chinh thong qua do gift') cho citc nhi quin
trj doanh nghiep dinh gii nhemg mOt mph, m0 yeu trong kinh doanh cling film khi
nAng thanh toin, tinh hinh luan chuyen vat tu, hing hint, tien Win tir do co the dim ra
nhang quyet djnh dung din, 4t hieu qui kinh doanh cao that. Von luu dOng cita mOt
doanh nghiep cling giup cho cac co dOng trong cling ty, ck ngan hang, doi tac co
nhCmg danh gii khkh quan ve sirc kh6e ctia doanh nghiep c6 nhUng con duting diu
to dung din, sinh RA.
Vtin luu dOng co kha Ming quyet djnh den quy ma cua doanh nghiep. Tay thuOc
vito s6 VLD ma doanh nghiep co ma doanh nghiep co the quyet djnh ma rOng hay thu
hgp quy m8 Ma minh. MuOn ma Ong quy met thi it ilk& doanh nghiep phii diu tu
mOt lugng von du de 4 trft vat tu, hang h6a.
Von km dOng la tien de cho su tang throng vi phat then cila tic doanh nghiep
4c biet doi vai cic doanh nghiep thuang mai vi doanh nghiep nho. Bei trong cac
doanh nghiep nay, von luu dOng chiem ty trgng lam trong king so von, st; sting con CCM
ck doanh nghiep nay phu thuOc rat nhieu van viec to chirc, quirt 19 vi sir dung von
lint dOng.
Vi v$y, an phii sir dung mOt each hqp 19, dung lac, dung chS, c6 hieu qua sao
cho suit sinh lai ctia dOng von la cao nhAt. Day ding IA ink tieu chu yeu cua doanh
nghiep.

1.1.4 Phlin log! van lieu tong
De quin 1y vi sir dung von Itru dOng c6 hieu qua can phii phan lo3i vOn luu
dOng. Tay theo loci hinh doanh nghiep, muc tieu trong hoat dOng sin xuat kinh doanh
ma moi doanh nghiep phan loci VLD theo tic tieu thirc khic nhau phu hqp voi yeu

cAu quip ly.
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1.1.4. I Can ca vao hinh thcii bieu hi& cia win luu d *Ong
Dya vio hinh thii bleu hien dm VLD, c6 the phan loai VLD thinh: von bang tien
vi cic khoin phii thu, von vat Or hang hoa vi van luu dOng khic.
- Von ',ling tien vi cic khoin phii thu
+ Van biing tien: Tien mkt tgi quy, lien giri ngin hang vi tien dung chuyen. Tien
trong doanh nghiep la mOt lorti tai sin co the de cling chuyen din thinh cac log tai sin
khic hoac de tri nq. Do vay, trong hog dOng kinh doanh sin xuAt, doanh nghiep luon
phii co dy nit met luqng tien nhAt dinh.
+ Cic khoin phii thu: Chit yeu do li cat khoin thu tir khich hing - s6 tien ma
Mt clang nq doanh nghiep (phit kith trong qui trinh bin hung, djch vy dued hinh tittle
bin tra sau ).
- Van vett to hing h6a: bao gam the khoin On luu dOng co hinh thiti bleu hien
bing vat cy the nhu nguyen lieu, val lieu, cong cy, dung cy; sin ph'im der dang, thinh
phim, bin thinh phitm, hang Ma dung cher tieu thy. Chang deu co ten goi chung la
hing tan kho.
- Von luu dOng khic: bao gam cic khoin chi phi tri tritely ngan han, cam ca, 14 ,
, cuqc.
guy,14
Cich phew log von theo lieu chi nay giup doanh nghiep dinh gii mirc tan kho dy
trft, dim Ho hieu qui hog dOng kinh doanh. Doi vOi doanh nghiep sin xutit, t9 trong
von vet to hang Ma thtrang Ion, con din voi doanh nghiep thucmg mai t9 tang von vet
to hang boa li nhe. Mk khic, each phan log nay c6n giup nhi quin 19 biet duqc tic
dyng cua tong be ph#n von, gifip dim Ho vet to cho qui trinh hog dOng kinh doanh
cua doanh nghiep tien hinh lien tyc.

1.1.4.2 Can cu theo vai tro cats yen kw dang trong qua trinh san xudt kinh doanh
- VLD tong IchAu dy trit sin mutt
+ Nguyen vot lieu chinh hay bin thanh phim mua ngoii: la nhung loai nguyen
vat lieu khi them gia vio sin xuat chfing criu to nen thyc the sin phAm.
+ Nguyen vet lieu phy: ket hqp yen nguyen vet lieu chin!' lam thay din miu sic,
hinh ding ben ngoiti dm sin phan, lim cho sin phArn ter nen dap, hoki thien vi ben
hon.
+ Nhien lieu: li nhftng log dy Ut cho sin xuAt cel tic dyng cung clip nhiet lucmg
cho qui truth sin xuAt nhu than, men, zing diu...

5


+ Vim pho tang thay the: IA gia tri colt nhamg chi tiet, pho tong, linh kien may
nick thiet bj du tra phoc vu cho viec sirs chea hoc thay the nhang b6 philn cita may
mac thiet bj san xuit, phucmg lien van tai ...
+ Van vet lieu (king gai: la nhung vet lieu dung de ding &Si trong quit trinh san
xuit tao nen bao bi ben ngoai cau san phim.
+ C8ng co lao (tong !the c6 the tham gia vao nhieu chu IcST san xuAt kinh doanh
va gilt nguyen hinh thai vot chit nhung gia tri nhe kh8ng dti fieu chuin tai sin c6

Loai van nay dam bao cho host clang sin xuAt cfm doanh nghiep duqc then ra
lien toc.
- VLD trong qua trinh san xuAt
+ Von san xuat dang chit tao (ban third% phim) la gia tri kh6i luqng san pain
dang con trong qua trinh the tao, dang dim tin day chuyen c8ng nghe, da ket tinic
mOt vai quy trinh cht bien nhung can phai the bien trep mai tr6 thanh thanh phim.
+ Vim chi phi tra truck: la nhang chi phi thuc ti di chi ra trong kt, nhung chi
phi nay tuong &Si Ion nen phai phin ha din vim gia titbit san phim nham dam bao
cho gia thanh on djnh nhu: chi phi sera chtta km, nghien cult chit dal san phim, tien

lucmg cling nhin nghi phip, Gong co xat dung...
- VLD trong qua trinh luu thong
+ Van thanh phim: Nhamg thanh phim sin )(at xong nhop kho duqc chr t It cho
qua trinh tieu thu.
+ Van hang hoa: Nhitng hang hoa phai mua tir ben ngoai.
+ Van hang girl ban: Gia tri dm hang hoa, thanh phim dA xat giri cho khach
hang ma chua duqc Ichach hang chip nh#n thank toan.
+ Vim bang tier: Tien met, tien gin nem hang, lien dang chuyen.
+ Von trong thanh tan: la nhOng khoan phai thu tom img phat sinh trong qua
trinh ban hang hoac thanh toan nal bp.
+ Vim din to chting khoan ngin han: Gia tri cac looi chting khoan ngan hon.
Viec phrm tool vim luu clang theo phuang phap nay giup cho doanh nghiep quart
ly duqc nhu cau vim luu dOng trong quy trinh chu chuyen vim mOt cach hgp ly, dieu
chinh kip khi co Wang nhu au bit chat. Ngoai ra, n6 cling gift)) cho nha quan 1S,
tao ra mat kit cau VLD hqp 1±, nAng cao hieu quit sir (long van luu clang cling that
tang kith &Mg corgi tranh cho doanh nghiep.

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M8i each phan loci vein luu dOng theo cac tieu chi !chic nhau deu co nhCmg uu,
nhuqc diem rieng. Mai doanh nghiep se Iva chqn theo each pith hqp veri d#c trtmg host
dOng sin xuAt cart minh sao cho c6 hieu qui vi hqp 19 nhtit.
1.1.4.3 Can cti- veto khd Wing chuyin

thanh tien

Dva vio Ichi nang chuyen hes thinh tien, von Itru dOng bao g6m:

- Vtin bing tien
- Von the khoin phil thu
- Hang ton kho
- Von tai sin luu Ong khic nhu tam ling, chi phi tri truck, the chap, k9 ctrerc, k9
quy ngan hut...
1.1.5 Kit cliu caa yin lieu ding vt) Sc nhdn 14 dish having ten kit eau ctia yen lira
dfing

Ket eau von Itru dOng la t9 frog gilka tang b0 phan von km dOng trong tong so
vOn luu dOng va trong ca t9 le veri the tai san dui doanh nghiep. Viec nghien cfru ket
cAu cua von luu dOng gitip doanh nghiep they duct tinh hinh phan b6 vOn lira dOng vi
t9 trqng cui mai loci vOn trong cac giai doan luau chuyen, tir do xac djnh tang diem
quart ly von luu dOng, nang cao hieu qui sir dung vein luu dOng cho doanh nghiep. Mat
khac, thong qua viec thay d6i ket cAu van luu dOng ctia m8i doanh nghit'p trong tong
theri ki khac nhau co the thAy dirge Siting IA& d6i tich eve ho#c hen the ve mat chit
luqng trong ding tac quart ly von luu dOng cfra tang doanh nghiep
Cic than t6 inh huemg den ket ciu cfra von luu dOng bao g6m:

Nhan to vt mat sin xuat nhu: d.c diim Ong nghe sin xuat cfra doanh nghiep,
mire dO phirc tap curt sin phAm the tao, dO dii cfra chu ki sin St, trinh dt) t6 auk ctia
qua trinh sin xuat. Cac doanh nghiep c6 nheng doc diem nhu tren khic nhau thi ti
tong VLD trong khau san xuAt cling khic nhau.
khoing each giUa doanh nghiep vai nai cung
Nhan to ve cung ling tieu the
cap, khi nang cung cap cua thi twang, ki hart giao hang vi khOi lunng vat to duqc
cung cap m6i lan giao hang, d#c diem then vv cfra chain loco vat to cung cap. Trong
sin xuAt kinh doanh, cac doanh nghiep thutmg can rat nhieu loci vat to do nhieu dam vj
cung cap khac nhau. Beri vay, neu don vj cung ling nguyen vat lieu cang gin thi yen
du trft cing it; neu vi4c cung ling cing chinh 'Lac so voi ke hoach vi ki hart hang den.,
s6 d r tit nguyen vat lieu se cing it di.

ye so luqng, ye quy each nguyen vat
Nhan to ve mat thanh man nhu: phuong thirc thanh toan duqc Iva chqn theo the
hqp ding ban hang, this We thanh tok, viec chap hinh ki luOt thanh toin. Sir dung the
thfrc thanh tofin khac nhau thi yen chiem dung trong qui frith thanh toin cling khac
7


nhau. Cho nen viec Iva chun the that thanh toim hqp 19, theo sat va giii guy& kip thin
nhdng van de th6 tic thanh totin, don dac viec chap hash ki luat thanh town c6 anti
huang nhat dinh den viec tang, giam ba phan vOn luu clang bi chiem dung a khau nay.
Ket cau van hit clang trong min doanh nghiep deu chiu tac dang cna ba nhom
nhan to tren. Trong timg giai door, tiny thuac van kha Ming va dieu kien cna minh, mOi
doanh nghiep se Iva chun cho minh kat ciu vOn luu (tang hqp 19 nhat, dam bio hoot
clang san xuat kinh doanh dot hieu qua cao nhat.
1.2. Chinh sich quin 19 von hru dung trong doanh nghib
Van luu dOng c6 vai tra quan trung trong viec hinh thinh va phat trien cua m•foi
doanh nghiep. Chinh vi vay, xac dinh va thvc hien chinh sich quail 19 , von hru clang la
nhiem vi can thiet ma moi doanh nghiep can phii nghien tutu va thvc hien. Chinh sich
quan ly van luu clang chinh la m8 hinh tai trq cho VLD ma doanh nghiep theo duOi.
Tay thuac vio quy mo, 11 h vvc, nglinh nghe hoot ding ma moi doanh nghiep chun
cho minh nhftng chinh sach khic nhau. Chinh sich quim 19 , VLD co the duqc nhOn biet
thong qua m8 hinh quan ly TSLD vi mo hinh quart 19 my ngan han cua doanh nghiep.
Kat hqp gift hai m8 hinh nay to co ba kieu chinh sach: chinh sach quan 19 van cap
tien, chinh sich quan 19 van than trung va chinh sach quan 19 win dung haa.
Su

1.1 MO hinh 3 chinh sich wain 19 von hru dying

Chinh such

Chinh such

Chinh sich

dip tien

thin trying

dung him

TSLD

Nq
nglin
11W1

TSCD

Dai
11011

(Ngutin: Gado trinh tai chinh doanh nghiep hien dal — Doi hoc Kinh to TP
Chinh sich quin 19 von clip du:
Day II chinh sach ma doanh nghiep sir dung mat phin ngu6n von ngin han tin
trq cho tai san did hon. chinh sach quan 19 vOn luu (ging cap lien, hang hru kho va
cac khoan phai thu khich hang gitim nen thbi gian thu niy trung binh, tit gian luau
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chuyen kho trung binh cling giam then ding nghia vii viec thin gian quay yang tien
ngin han. Chu kS, sin xuat kinh doanh duqc rut ngin, then gian thu holii vim nhanh.
Tuy nhien, chinh sich quan If von cep din c6 le rui ro kha cao khi sir dung
nguen yen ngin han tai trq cho nhftng tai sin dii han. Doanh nghiep co the gap phai
nhang tinh huong, rui ro khong the luting truck: tier bi thieu hit khong du de mua
nguyen vet lieu phat sinh them ngoli dtr tan, cite khoin vay ma ngueri cho vay yeu
au tra ngay trtrac than han, mua nhitng hang him khan Mem... khien doanh nghiep b6
16 cac ca hei kinh doanh, giam uy tin truac khich hang cling nhu nhl cung cep.
Usti diem cim chinh sach nay la chi phi huy dOng vim thip han va thi gian quay
yang tier duqc rut ngin. Tuy nhien chinh sich nay lai c6 nturqc diem la MIA nang
thanh tom cim doanh nghiep khong duqc dim &to do nguen yen non han duqc sir
ding nhieu.
Chinh sich quan If von then trong
Thvc hien chinh sach nay, doanh nghiep se sir dung mot phan nguen vim dai han
de tai trq cho tai sin ngin han. Doanh nghiep duy tri mirc von km dOng cao, dam bao
kha nang thanh Wan trong mai trubng hqp khan cep vi ten dung duqc lqi the trong cac
ca hOi kinh doanh.
Doanh nghiep gift luting tier met, tier giri ngen hang, hang dv tra, cac khan
phai thu, tai sin ngin han 6 mirc cao
TS, le tin ro a chinh sich quan if von km dung then tong la thap: Cac khan phai
thu tang d6ng nghia Win viec phai ce cac chi phi quim 1S, ding nhu dv tilt phai thu kho
den cao de kiem sok, duy tri cac khan thu phai 6 mirc cho phep. Nhung doanh nghiep
lai c6 the chap duqc nheng then ca kinh doanh tot, tang uy tin, slit tin Wang cua khich
hing, doi tic, nha cung cep, gin dtmg nhang lqi the thuang mai de cant' tranh yeti cac
d6i thu khk tren thi truemg, c6 slit phat trier xa trong twang lai.
Neu doanh nghiep Iva chan chinh sach then trong thi uu diem chinh la dam bao
duqc kha nang thank toan, tinh On Binh cis nguOn von cao va han the duqc cac nii ro
trong kinh doanh. Doanh nghiep gep it riti ro vi mang lai lqi nhuen thap. Nhtrqc diem
cim chinh sach nay chinh la chi phi sa clung von cao han do lei suit dui han thuong cao

han Ili suit ngin han, theri gian quay vong von
Chinh sich quin If von dung host
Neu doanh nghiep khong mu& qui moo hiem va lqi nhu en qua thip, doanh
nghiep co the chart chinh sich quan If vim dung hem. Chinh sach nay data tren ca set
nguyen tic Wang thich: TSLD duce tai trq bang ngu6n von ngin han va TSCD duqc

9


tai trq bang ngutm dai hart. Hay day la chinh sach ket hop giita quan 15 , tai sin than
tong vei nq cap tien hoac quart 15, tii san cap tien voi nq then trung.

a

Tren thuc te, rat nhieu doanh nghiep mu6n ch9n chinh sach nay
thuc hien
nhtmg cac doanh nghiep chi thuc hien duqc cher% 6 mire dO twang dal. Su bien dOng
thu&ng xuyen cua cac dong tien, th6i gian vi dac diem kith doanh cua doanh nghiep
trong moi giai doan hoat dOng gay kh6 khan khi doanh nghiep mu6n sir dung Bong vein
met each cling nhic dung nhu chinh sach. Un diem ala chinh sach dung Ma la dung
boa dirge lqi ich coa hai chinh sach cep tien va thin trung nen ne chi dem lai nil ro
mire trung binh nhtmg cling vi the ma lqi nhuan mang lai cling khong duqc cao, chi 6
mire trung binh.
Doi yeti cling ty c6 philn vOi nguon huy dOng von d6i dito )(Wit phat tir nhieu
ngu6n nhu: van gap ban du, von tir lqi nhuan khong chia, von di vay vi von tir phat
hanh c6 phieu mai thi ceu true von dm ding ty thu?mg rat linh hoat, dap img duqc nhu
eau da clang cua nha dau tu. Vi vay, chinh sach von ma the cling ty c6 phan sir dung
thiamg 11 chinh sach van than trnng yeti cac d#c diem nhu ngthn v6n dai hart thuong dr
mire cao, tS, le van luu dOng 16n va chi phi huy dOng von cao.
1.3. Hieu qua sir dyng v6n hru d4ng trong doanh nghiep

1.3.1 Rh& nifm hien qua sir dyng win Iwu dfing trong doanh nghifp

Trong qua frith sin xuat kinh doanh cult doanh nghiep, von luu dOng thuong
xuyen van dOng, chuyen h6a qua nhieu hinh elk kink nhau nen viec quan 15, vi sir
dung win lun dOng sao cho hieu quit la v8 cling can thiet khi doanh nghiep mutin nang
cao hieu qui sin xuat kinh doanh.
Trong cu6n "Tie chinh doanh nghiep" (2011) dm tac gia Holing Van Cucmg c6
de cap: "Hieu qua sir dung van luu (long ctia doanh nghiep la chi tieu phin anh kat qua
hoat dOng kinh doanh, duce the hien bIng mai quan he so skill giera kat qui kinh
doanh yeti s6 snarl Itru dO'ng ma doanh nghiep diu to cho boat dOng sin xuat kinh
doanh. Kat qui thu duce cling cao so vei chi phi b6 ra thi hieu qua sir dung v6n cling
cao".
Hieu qua sir dung von km dOng 11 met pham trio UM 4 phan anti trinh dO vi
nAng lye quin Ii von luu dOng cea doanh nghiep, dam bio von luu doing duqc lam
chuyen yeti toe dO cao, dam Ho kha nAng thanh tout cua doanh nghiep luon 6 tinh
tang tot vi mire chi phi von b6 rah) thip nhit.
1.3.2 Sr cAn [hilt plat Wing cao hifu qua vtln btu dfng

Dau tien, xuat phat tir muc dich kinh doanh cila doanh nghiep 11 loon mong mu6n
toi da his lqi nhuan va tOi da hoa gia trj mia doanh nghiep. Gia tri elm m6i doanh
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nghiep dirge hieu la tan bij nhftng mkt citi vat chit tai san cua doanh nghiep b6 ra de
tien hanh hoot dOng sin xuat kinh doanh, gia trj cim doanh nghiep duqc the hien qua
cac chi tieu von chit sec hem Moe tieu cuOi cling ciut cac hoM deng do la tang them vein
chit s6 him vi tang them Jai nhuan nhieu tun. Beci vi lqi nhuan la den bay quan tang
la chi fieu ca bin de danh gia hien quit hoot dOng sin xuat kinh doanh mia doanh

nghiep. Chinh vi moc tieu do, viec nang cao hieu qua sir dung vim kinh doanh nOi
chung va von luu dOng ned rieng la an thiet den veri doanh nghiep. Nang cao hieu quit
sir dung vim luu deng la met trong s6 nhieu bien phip doanh nghiep can phiti dot duqc
thoc hien mvc tieu cua mink.
Thu hai, xuat phat tir ditc diem hoot dOng cim van km deng 11 luan chuyin
nhanh, cho phep s>Sr ding linh hoot trong qua trinh sin xuat kinh doanh tir de too ra met
khoi lugng sin pham lem cho doanh nghiep. Ket qui kinh doanh tot hay x'au phi thuijc
vao ding Mc quan ly vi sir ding von luu dOng. Viec tang cuang quail ly vi nang cao
hieu qua sir dung vein luu dOng dim bio cho hoM dOng sin xuat kinh doanh dugc dien
ra lien tic. VOn luu deng Ming met Ific duqc phan be) Ichip cac giai door 'Wan chuyen
va bieu hien clued nhieu hinh thirc khic nhau, mem cho qua trinh thi sin xuat duqc
lien tic thi doanh nghiep phai co di" von du to khien cho viec chuyen h6a hinh thai
vein dtrqc thuan lqi.
Cued cling, xuat phat tir y nghia cua viec nang cao hieu qua sir dung vim. Diem
quan tang cim von luu dOng la gia trj cim n6 chuyen ngay met Ian vao gia trj sin
pharn. Vi vay viec ding cao hieu qua sir clang vim luu dOng se lam cho viec sir (long
von hqp ly han, yang quay von nhanh han t6c dO chu chuyen von do de tiet kiem duqc
vein luu dOng cho thin be qua trinh sin xuat. Qua trinh sin xuat la mOt qua trinh lien
tic qua nhieu Gong doon khic nhau. Neu von bj Cr clang 6 mOt khau nio do thi se gay
ATM hthang 6 cac ding doon tiep theo vi lim cho qua trinh sin xuat bj chant loi, co the
gay ra so tang phi. Ira& khi tien hanh sin xuat doanh nghiep phai lip ra cac ke hooch
va thoc hien theo ke hooch d6. Viec quitn ly vi nang cao hieu qui sir ding vim luu
Ong chiral 111 met phan dam bio sin xuat theo ke hooch da de ra.
Tem loi, Ming cao hieu quit sir ding von luu dOng la met van de can thiet song

can yeti doanh nghiep neu doanh nghiep mute ton tai vi phat then.
1.3.3 Ctic chi lieu ddnh gid hien gull sir dyng yin leru dpng
1.3.3.1 Chi lieu tang hqp
Chi lieu daub gia khi ning thanh thin
Tinh hinh tai chinh cua mOt doanh nghiep duqc the hien re net qua kha nang

thanh Wan. Neu doanh nghiep ceo kha nang thanh town cao thi firth hinh tai chinh se khi
quan vi nguqc loi. Do vay khi &nth gii khai quit firth hinh tai chinh doanh nghiep
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khong the b6 qua vied xem xet kha rang thanh toan, dac big[ la kha nang thanh toan
ngin han.
- Kha Wing thanh twin ngin ban
Tsang tai sin ngin han
KM nang thanh than ngin
TOng nq ngan han
KM nang thanh toan nglin hen: cho thiy ding ty c6 bao nhieu tai san co the
chuyen bang tien mat de dam bao thanh toan cac khoan my ngin han.
Chi tieu nay cho they kha nang dap img cac khoan nq ngin han cue doanh
nghiep. Neu kha Tiling thanh toan ngin han giam cho they kha nang thanh toan ngan
han giam vi ding IA diu hieu bao tram nhang kh6 than ve tai chinh sip xay ra.
Neu khi fling thanh toan non han cao nghia la cong ty luon sin sang thanh town
cac khoan nq. Tuy nhien, neu kha nang thanh toan ngin han qua cao se lam giam hieu
qua host dOng cue cong ty vi cling ty di dau to qua nhieu vao tai san btu (long hay not
each Ichic la du to vao till san Itru dung khong hieu qua.
- Kha Wing thanh tohn nhanh

Tai sin Itru dOng - Hang ton kho
KM an thanh toan nhanh TOng my ngin han
Kha Hang thanh toan nhanh: phan anh khit Hang tra my ngan han bang cac tai san
co kha nang chuyen thinh tien mot each nhanh nhit, khong tinh den hang ton kho, tirc
lit mot dung my non han duqc dim bao bang bao nhieu dung tai san ngin han c6 tinh
thanh Ichoin cao.
Hg so kha nang thanh toan nhanh la mot &lc trung tai chinh cue doanh nghiep, dg
len Ma no phi,' thuOc vao nganh nghe Unit doanh va kS , han thanh toan cue mot men

nq phai thu, phai tra tong kjt.
- Kha ning thanh bin arc thbi
Tien & cac khofin Wong duong tien
KM Wing thanh toan tirc thbi
TOng nq ngin pan
KM Ming thanh toan tat that cho biet von Mpg tien ma doanh nghiep hien ce,
co dit kha Whig chi tra cho cac khoan my ngan han den han phai tra hay khong. Clic
khoan Wong throng lien bao Om cac khoitn dew to ngin han co then gian thu poi hoac
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Thang Long University Library


dio hin khong qui 3 tang, dic dang chuyen d6i thanh mOt luqng tiEn xac djnh ma
khong ce rai ro khi chuyen dOi thanh tien ke tir ngay mua khoan dau to de tui thtri
diem bao cao nhu ky phieu ngan hang, tin phieu kho hie, chimg chi tiers giri,..
Neu chi tieu nay cling cao phan ath khi niing thanh town nq cita doanh nghiep la
Mt, neu chi tieu nay ma thip thi kha ang thanh tan nq cua doanh nghiep la chua Mt.
Tuy nhien, kith c6 the nei cao hay thip 6 mire nito la Mt va khong Mt. Vi chi tieu nay
phi thuOc vao cac khoan phiti thu va dg trit ma na phv thuOc vao linh vuc kinh doanh
cita tirng doanh nghiep va ctia ngueri phan tich.
Chi tieu daub gii khi fling sinh
— Ty suit sinh 161 Iran doanh thu (ROS): Li mOt chi tieu tai chinh phan anti
tinh hinh sinh lqi ciut doanh nghiep. NO phim firth quan he gitta lqi nhub rang va
doanh thu cita Gong ty. Chi tieu nay cho biet mOt tram dOng doanh thu thuin thi tao ra
bao nhieu ding lqi nhu#n sau thuE.
Lqi nhujn sau thue
ROS Doanh thu thuin
Chi tieu ty suit sinh Ibi tren doanh thu c6 the thay dOi qua timg thai ky kinh
doanh phv thuOc vao skr thay doi cita doanh thu than va chi phi ban hang. Neu doanh

thu than giam hoc tang kitting thing ke trong khi chi phi ban hang tang vesi tot dO len
se lam giam doanh thu ban hang. Mil d6, doanh nghi4p an c6 thing phuang phap tim
hieu nguyen nhan va dua ra giiti phap khlc phyc. Neu chi tieu nay ducmg c6 nghia lit
doanh nghiep c6 lii, chi tieu nay cling lem thl lii cling ion. Neu chi tieu nay am chinh
to doanh nghiep lam An kinh doanh thua lo. H4 so nay phv thuOc vao d#c diem kinh
doanh cua timg nginh nghe nen de ce danh gia Ichach quan hors, nen so sash he so nay
vOi he s6 birth quan ctia nganh ma ding ty dang kinh doanh.
T5, suit sinh 161 tren ting LC sin (ROA): Chi tieu nay cho bitt mOt trim
-

dOng tai san doanh nghiep to ra duqc bao 'Neu dOng lqi nhuin sau thue. ICha Wing
sinh 16i cita tai sari phan inh hieu qua sir dung tai sin cis doanh nghiEp.
Lqi than sau thue
ROA =
TOng tai sin
ROA cling cao chimg to doanh nghiep di c6 thing chinh sach quin ly va sti
dung mang 13i hiEu quit su (lag tai sin tag lern, d6 lit than t6 giup nha quail tr1 diu to
theo chieu rung nhu xiy nha xueng, mua them may m6c thiet 131. DE ce danh gia khach
quan hors, nen so sinh he so nay v6i he s6 cua doanh nghiep khac cling nganh tong
cling thtri kt.
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—Ty suit sinh 161 train vOn chu sb hfru (ROE): La chi tieu phin anh khai quit
'that hieu qua sir dyng yen cita doanh nghiep. Chi tieu nay cho thAy melt trim thing von
chu sec hfru dau to vao kinh doanh dem lai may dong lqi nhuan sau thue.
Lqi tun* sau thue
ROE =
Von chit se. hitt
Chi tieu nay cling cao the hien viec tien birth diu to vao hog dOng sin xuAt kinh

doanh cita doanh nghiep la hqp li va mang lai lqi nhuon ding thin the hien chinh sach
sir dt► g vein chit so hiu co hieu qui cao. Nguqc lai neu chi tieu nay nho cho thAy
doanh nghiep dang gap Idle khan trong viec huy dOng vein chit so htku.
Tuy nhien, ty suit sinh 16i dm vein chit so Situ cao khong phai 16c nao cling tot vi
co the do anh hitting cis don bay tai chinh khi mire del mao hiem Lein. Do do, khi phin
tich chi tieu nay can ket hop yeti co eau vim chu so' hfru trong timg doanh nghiep cy the
va so sanh hu so nay veil he sO cult ding ty ttrcmg throng cling nganh.
Chi den Minh gii hien suit sir dyng tai sin
—Hieu suit sv dyng tOng tli sin: phin anh thrill del sir dyng tai sin trong doanh
nghi'ep. Qua chi so nay co the biet duce mOt thing di sin tao ra &we bao nhieu dOng
doanh thu. He s6 nay Lein cluing minh duqc ring doanh nghiep di sir dyng tai san mOt
each co hieu qua, to duqc lqi nhutin cho doanh nghiep. Nguqc lai n'eu chi tieu nay
the chimg to doanh nghiep khOng co lii, di sin diu to khong hqp
Doanh thu thuin
Hieu suit sir dyng tOng tai sin
Tong tai sin
1.3.3.2 Clic chi tieu ve tUng by Ain cciu thank von furl Ong
Nham chi tieu phin ink hien qui srr dyng von In ding
—Wong quay von In dung: SO ping quay vOn km dOng phin anh sot' Fin luan
chuyen von km dOng duqc the hien trong mOt thtri ky nhAt dinh thutmg tinh trong *It
nim.
Doanh thu than

Wing quay vOn luu dOng

Icing tai sin km dOng
Day la chi tieu danh gia hieu qua sir thing von km dOng train intoi quan he so sink
gifts ket qui sin xuAt (tong doanh thu than) vi sO Win luu dOng b6 ra trong Icy. SO
yang quay von luu dOng trong ky cling cao thl cling tot.
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Thang Long University Library


— Thai gian hien chuyen van luu dOng:
SO net), trong 14 (360 ngay)
Thai gian lua ► chuyen vein luu dOng =

Wing quay VLD

(Trong de s6 new trong ky thuang duet tinh chin met nfun la 360 ngiy, met
quy li 90 ngiy, mOt thing IA 30 ngiy)
Chi tieu nay n6i len dO dii cua met Ian loan chuyen cita vim km dOng thuc hay se
ngiy can thiet de von luu dOng thuc hien mOt yang quay trong ky. Ngtrqc lai veri chi
tieu se yang quay yen luu dOng trong ky, ky chuyen ca von cing ngAn chimg to
von luu dOng duqc sir dung hieu qui.
— Hg se dim nhiUm mia von luu Ong: phan anh se von km dOng can a de tao
ra 1 deng doanh thu than trong ky. He s6 nay cang nhe thi hieu qua sir dung von lm
dOng cang cao. CEng thirc xac dinh:
VLD trong ky
He so dam nhiem cua yen km dOng =

Doanh thu thuan

Do de qua chi lieu nay, ac nhi quan tri tai chinh xay dung ke hooch vt dau to
yen km dOng met cach hqp ly, gap phi!' nang cao hieu qua kinh doanh.
— Mac flit kiem von Itru dung
Trong mei twang hqp khi ce su tang tOc de chu chuyen von luu d'Ong so vai
truck thi doanh thu deu ce su tiet kiem ye van km dong.
+ Mit flit kitm tuyft d6i: li do tang tec dO luan chuyen yen km dOng nen co

the rat ra ngai lan chuyen mot so von luu dOng !that dinh de sir dung vio viec khic.
Nei met each khic, yeti quy ma von kh8ng thay deli song tec de Ian chuyen nhanh
nen doanh nghiep an met so it han tiet kiem duqc nguen yen km dOng.
Mac tiet kiem tuyet dei =

MO

MO

VI

VO

+ Mit tier kitm immg d6i: 11 do tang tec do loan chuyen yen lm dOng nen ce
the dim bao ma rOng quy m8 tai sari xat nhung khOng tang hac tang kh8ng thing ke
quy m8 VLD.
Marc tiet kiem tuang d6i

=

M1

MI

V1

VO

Trong de:
-MO, Ml: doanh thu thuan ky trtrac, ky nay

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