Nâng cao hiệu quả sử dụng tài sản ngắn hạn tại công ty cổ phần tư vấn thiết kế công nghệ xây dựng

BO MAO DUC VA DAO TAO
mUtING D4I HQC THANG LONG
—o0o-

lifielA LUAN TOT NGHIEP
DE

NANG CAO HIED QUA St' DUNG
TAI SAN NGAN HAN TAI CONG TY
CO PHAN Tic VAN THAT Kt
CONG NGHe 'ay DUNG
Giing van hang din
Sinh van dna himn
Mi sink vien
Chnyln swish

HA NQI - 2015

: Th.s VII 14 HAng
: Film Thu Hi
: A19000
: TM chinh


Leff CAM ON

WO tinh citm chart thanh, em xin bay to long biit on tea ate thky co gib,
Trubng Dtti hex Titling Long, dic bi4t la gaging vita Th.s VII Li Hing citing clic bac, cis
chfi va anh chi trong COng ty C8 phin to van that ki ding nghe xiy dung da tin tinh
glop da em !loan thinh khoa Mn t6t nghiip My. Em cOng xin cam on clic thiy c8 giao
gaging day tong trubag dit uyin oat cho em nit nhiiu kiin thfrc bis itch di thuc hien

ichod luin vi citing nhu ce duqc hanh trong yang chic cho su nghiep trong Wang lai.
Do giai hp kiin dlik va kha thing If bin cats ban than con nhilu that set va
han chi, kinh mong su chi din vi dang gap ctia citc thEy c8 giao di khoa luin cos em
duqc hoar thin hart.
Ha Ndi, ngdy 30 thong 03 ndm 2015
Sinh vial
Pliant Thu lia

Thang Long University Library


Ltn CAM DOAN
ni 'tin cam down kb& luen bit nghiep nay hl do tkr ban than thqc hien aft sy h8
trq t* gitio vien hurting din va kitting sao chop cic Ong trinh nghien dm dm ngubi
khic. Cac de lieu thong tin thir clip sti dyng trong kW* loin li co ngu4Sn g6c vi &Km
trich din re rang.
Ted sin chin hoin toan tritch nhiem vi ltri cam down nay!
Sinh vien


MVC L1JC
1.1. Ting pan vi doanh nghlep vi Si sin ngin h#n trong doanh nghifp
1
1.1.1. Irk& quit vi doank ngkqp
2
1.1.2. Tii sin ngin kpn cola dank ngkifp
6
1.2. Nei dung quin Si sin ngin hp
6
1.2.1. Quin If tan vi Sc kkotin twang throng Wk..

11
..................
.....
1.2.2. Qua. if Sc Moths pkii
15
L2.3. Quin lit king btu kko.
19
1.3. Hies qui sir dung tii sin ngin lion trong doanh nghilp
19
1.3.1. lath nifm vi kifu quit se dung ttil sin ngin km
20
Null Sing cao kifu gad se dung MI sin ngin bun
1.3.2 Sir cin
21
1.3.3. Cdc chi tifu do &Eng kifu gud se dung Ili sin max kin
28
1.4. Cic akin to ink bitting din hien qui sir (king Si sin ngin holm...... .....
28
L4.L Cdc nkan ti kinick guan
30
L4.2 Cdc nktin ti chi guan
CHVONG 2. THVC TR4NG HIP QUA St DUNG TAI SAN NGAN 114141 T4I
32
CoNG TY CO PHAN TV VAN MIST ICE CONG NGH$ 'ay DUNG
32
2.1. Ting qualm vi Cling ty Ci phin tv vin that kit thug nghe sly dung
32
2.1.L Meng tin ckung vi Cling 0, a plan skint kit cling ngkf
2.1.2 Quit birth kink think ve pktit Min cis Cling 0 , a pkin nr vAn thin ki Sag
32

ngkf Ay dung
33
2.L3. Dfc aim ngink ngki kink doank
33
2.L4. Bj3 nuiy qua 0$ ctia Cling ty ChM& tor win Milt kJ cling nth?* dung
35
21.5. link kink too dfng
2.L6. Tink kink /tout dfng kink doank cola Ong 0 , a pkin tu vein milt kJ cling
ngkf Jay dung glai dogs. 2011- 2013. 35
2.2. Thvc trang hien qui NI dung Hi sin min lion tui CEng ty a phin tir vin
48
that kit cling nghe sly dung
ki Sag ngitf xdy
2.2.1. Co au toll sin ngin kin tool Ong ty ClAkin tw win
48
4788
2.2.2. Cdc chi dim think gid kifu quit dreg tai sin ngin kyr tui CEng 0 , Cl pkin
55
nr yin [kilt ki cling ngkf Ay dung
2.3. Dinh giti hien qui sir dung Si sin ngin lion tvi Con ty a phin for yin that
64
kit ding ugh. sly Living giai dop aim 2011 - 2013
64
23.1. Kit gad dui &pc
65
23.2 Hun chi vd nguyin nkdn

Thang Long University Library

CHUONG 3. GIAI PHAP NANG CAO HIP QUA QUAN LY VI Sid' IN,ING
TAI SAN NGAN H4N T4I CONG TY CO PHAN TU . VAN THAT It CONG
67
NGHt XAY DING
3.1. Cu 60 phit trait cia Cling ty Ca plan kr yin that la thug nglif Ay Am
.67
trong ail gian Si
3.2. Dinh hareng phit kiln trong that gin tot cilia Ong ty C6 plan hr van that
id ding ngh$ Ay dyng.. 68
3.3. Giii phip Wing cao hien qui Ili dyng til sin ngin hyn tyi flag ty C6 plan
69
kr yin that ki ding light Ay dyng
69
3.3.1. X& 4.h mit dr hit ilia
71
3.3.2. Xliy ding them m6 kink Mak diem dm dreg Mich king
74
3.3.3. Quin V chill eke king tin kho..


DANH MVC VAT TAT
Kt hifu vitt tit
CP
GVHB
GTGT
HSSD
TSNH
TNDN

ma)

Tin diy di
c6 phis
Gil von hing bin
Gil try' gia tang
Hieu suit sfr dung
Tii sin ngin hen
Thu nh$p doanh nghiep
Sin xuEt kinh doanh

Thang Long University Library


DANH MVC CAC BANG BLEU
»» 36
Bing 2.1. Bio coo kit qui kith doanh giai don 2011 - 2013
Bing 2.2. Ca tin tai sin - again von tyl Ong ty C6 phin Sr yin that ki can
40
nghi sly dyng
Bing 2.3. CM diu khi ning thanh toin ..............»...»...» 41
44
Bing 2.4. CM diu khi ning quin It spin von...
45
Bing 2.5. CM tile khi sing sinh let.
Bing 2.6. Ca ciu tii sin ngin hgn.....................-- . ........ - ....... --mem-48
Bing 2.7. Ap dyng ma hinh Z - score cho Cling ty C6 phin cc kid sly dyng Dgi
53
M8 nim 2013
56
Bing 2.8. Phan tick hits qui s* dying di sin ngin hon..

56
Bing 2.9. TIM gian mit %ring quay TSNH.
59
Bing 2.10. Anh Sin cia ROS vi Min snit sir dying TSNH lin ROCA .Bing 2.11. Mir tilt kiim (ling phi) tii sin ngin hgn tgi Cling ty C6 phin to van
60
that id calm ngh% shy dyng.
63
Bing 2.12. Thai gian quay yang din trung Mak
72
Bing 3.1. Dash sick cic nhim Si ro.
Bing 3.2. M8 hinh tinh diim tin dying .................-....-....... ................ ..........— 72
Bing 3.3. Dinh gii diim tin dying dm Con ty CP fly dyng vi Din Sr Throng
mgi Viit - Hin (161 tic chits hryc cia Ong ty Ci phis to yin that id ding nghi
73
sly dying)
Bing 3.4. Bing phin lops tin kho tgi Cling ty Ci pith tw yin that ki Sag ugh,
.76
shy dyng
77
Bing 3.5. Kt hogch quin It hing tin kho.


DANH MVC CAC SO DO, situ DO
6
So* da Li. se di lain chuyin din mit vi cic chug khoin thank khan cao
11
M6 Mull 1.1. M6 blab chink sick bin chinSo di 2.1. So di ti chit Cling ty Ci phis dr vin that ki cOng nese xly dyng— 34
43
Min tai 2.1. Hifn snit sir dyng tong tii sin
49

Min di 21. Ca con TSNH coo Ong ty gild does 2011 — 2013
61
Bin di 2.3. Tic Q kin chuyin king tin kko...
62
BLitt di 2.4. Tic 61) lain chuyin cic kboin pkii dm.
.76
Bilu di 3.1. MO klub ABC

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Lea MO DAU
1.Si tuyng vk phum vi nghl8n cam
Doanh nghiep tong bit cir nginh nghi sin xuit kinh doanh nit) cling cin quip
IS, ngdin lye trong doanh nghiep chit the. Trong su6t qui trinh kinh doanh thl till sin
la nguhn hrc luon chi& mot phin kt quan trqng dung g6p vio su phit then cos
doanh nghiep. Trong do, tai sin ngin hen ala doanh nghiep la nhOng khotin muc c6
tint thanh khoin cao vi li mit xich quan trong trong qui trinh to ra doanh thu. Tuy 111
yeti t6 tin uti trong ngin hen thing nhu ten En nhung neu c6 phit sinh two trk se inh
hubng den qui trInh hoot dOng cult ding ty.
Trong nhOng nam qua, Cong ty C6 phin to vin that Ice ding nghe thy dung di
vi dang het sat quan tim den Ong tic 5* dung di sin ngin hen sao cho det hieu qui
kinh ti nhit. Tuy nhien, trong nin kinh ti 04 tnrbng theo dung nghia ctia no, yeti dieu
kien cenh trash gay git, de ton tai vi phit hien thi khang nhOng CEng ty C6 phalli to
vin thin Ice ding nghe xiy dung mit tit ci oak doanh nghiep Ichic tren 04 truemg buOc
pith luen luton Wing dOng di dm ra thong di rieng cho minh, tim ra con duang den yeti
thin!' c8ng mot each ce hieu qui shit. Sir dung Si sin ngin hen mot ctich c6 hieu qui
la mot trong nhOng con dubng din den thinh ding mot cich chic chin shit.
Chinh vl vey, lim the So de so. dung t6t nhtmg hieu qui duqc tilt sin ngin
}um? Lim the nio di mil ding ma doanh nghiep diu to vio till sin ngin hen cho ra

nhiiu ding doanh thu vi lqi nhutin. Thly chink lil vin de mil cat doanh nghiep dang c6
ging girl; quyet.
Nhen duic dtrqc tim quan tong ctia vin diva c6 ca hOi dugs thuc tip tin CEng
ty C6 phin to von thiet Ice ding nghe xiy dung — mot ding ty Wing dOng, ce quy m8
vita phii vi c6 chi& luqc ph& tan yang chic, di tai "Ming cao hien gnu sir din
MI Mn ngin non tp1 CEng ty Ci phin hr vain that cent ngh# xdy ding" di thrqc
dua ra nghien ciru trong Ich6a Mn.
2. Si tiryng vi phpm vi nghien con
Doi Wong nghien
Hien qui sit dung tilt sin ngin kin tin Cang ty C6 phin
to vin thiit ki ding nghe Ay dung.
Phom vi nghien Su: Hien qua sit dung tilt sin ngin htin tai Cong ty C6 phin to
yin thief Ice thng nghe xiy dung giai doer 2011 — 2013.
3. Pinning phip ngbien eirn
Phuang phip nghien thu dtrqc sfr dung chit yeu trong Ich6a lu#n la phuang
phip phAn doh, so sinh, tong hqp, phtrang phi" Dupont dua tren cic so lieu thu th$p
daqc vi tinhhinh thvc ti tai ding ty.

*1


4. KM clu kb& hien
Ngoii ltri met diu vi Ick luen, nOi dtmg khie lujin tot nghiep bao g6m ba
chucmg:
Chang 1: Ca sir If Ink vi hilu qui sir dying tel sin ngin his cost doauh
nghl$p
Chuang 2: Thr trying Wu qui s* thing di sin ngin him tyi Cling ty a
phis tur vin that ki cong ugh$ xi), dyng
Chuang 3: MO a giii phip ahem sing cao hila qui sir dyng di sin ngin
hyn tyi Cling ty C6 pan hr vin thik hi tong agile xky dyng

Thang Long University Library


CHID CING 1. CO SO Lt LUAN VE HIP QUA sir DUNG TAI SAN NGAN
HAN CUA DOANH NGHISP
1.1. Tong quan vi doanh nghifp vi Iii sin nein lion trong doanh nghilp
1.1.1. NW ruff vi doank ngkqp
Mest ca the song dank nhiiu ti bio de ca du vi hoan thiOn it Wri non kink to
ern vey, new to coi nen kinh to li mOt co the song, thl moi doanh nghiep li mOt to
bio. Sirc 1choe dm nen kinh to phq thuOc vio tinh hlnh host dOng mitt mot to bio Ay.
Xet tren kit Ruth 1Y thuyet tit With, doanh nghiep 11 chi the kinh to dOc lop, ca to
cich phap thin, host dOng kinh doanh tre ► thj trubng nhim lam ting gii tri ala ebb s6
htitu.
(5 Viet Nam, theo luig doanh nghi0p: doanh nghiep la t6 chirc kinh to c6 ten
rieng, to tii sin, c6 try se giao dich 6n djnh, duqc ding kf kinh doanh theo quy djnh
at pluip lu$t nhAm mix dich thyc hien clic host dOng kinh doanh.
Thong nen kink to thi throng, ctic doanh nghiep bao gam aic chit the kink doanh saw
My:
- Kinh doanh el the:
+ Li loci hinh duqc thinh Hp don gib nhilt, khong an OM c6 dieu 10 chinh
thirc vi it su quin 19 ala NM mem.
+ Kh8ng plvii tri thug thu nh9p doanh nghi0p, tit cal lqi nhu0n bi tinh thug thu
nh%p ci than. Chi doanh ng,hi0p chill trach nhiem v8 han d6i vOi cic nghi Ai vi cic
khoin nq, kitting c6 star tech hitt Oa Si slut ci thin vit tai sin ctia doanh nghiep.
+ Thai gian hoot dOng Oa doanh nghiep phq thuOc vtio tu6i thQ dm ngubi chi,
khi Ming thu hit von bi hun chi bei lcha niing ala ngtrbi chit.
- Kinh doanh gap von :
+ Viec thanh lers doanh nghiep nay d ding vi chi phi titbit lep At thip. D6i vat
clic hqp d6ng phirc top can pith duqc via tay. MOt s6 trifling hqp can ca gity phdp

kinh doanh.
+ Cac thinh vien chinh thee to nth nhiem vt, Imn yeti caic khoin nq. M8i thinh
vien to trich nhiem deli WA phin Mang (mg vat phen von g6p. Doanh nghiep tan vO
khi mOt trong cif thinh vien chinh thirc "chit" hay nit von.
+ Khit ning ye von hp chi vi lai Ifs host dOng kinh doanh dm cat thinh vien
phiti chiu thug thu nhep a nhan.
- C8ng ty
+ Quyin sec his c6 the del ding chuyin cho thinh vien mei
+ Su tan tot ala teeing ty Ichong phq thuOc vtlo ssr they d6i s6 Itrqng thank vien

1


+ Tnich nhiem alit c6 dOng chi giai hon 6 phin v6n ma thenh vien gap vio ding
ty (trich nhiem Wu hon).
Trong 46, ding ty li tool hinh doanh nghiep ma 6 d6 ca sv kit hqp ba fool lqi
ich: cic thinh vien (66 so lieu), coat hOi dog quin tri vi cOtt cic nil quin 1 9 . Theo
truyin thong, thinh vien kiem soil town bi) phuong hudong, chinh sich vi hoot Ong
cos c8ng ty. Thinh vien biu nen hOi ang quin tri sau 46 hOi ding quin try' Iva chip
ban quan 19. Cic nhi quiin 19 dieu hinh hoot dOng cis Ong ty theo cich tit mang loi
lqi ich tat nhtt cho cic thinh vien.
M8i loci hinh doanh nghiep c6 nhing uu, nhtrqc diem rieng vi phil hqp vei quy
m8, trinh 40 phit trier nhit dinh. Hiu het cic doanh nghiep len hoot ding vOi tu cich
li ding ty. DAy li loci hinh phit trial, nail Gila doanh nghiep.
C6 the not ring tii sin chinh li bieu hien sire monh hien toi vi trong tuang tai
alit doanh nghiep, se kh8ng the c6 doanh nghiep neu clui doanh nghiep kh8ng c6 tel
sin. Theo chuin myc s6 1: Chuin mot chung trong "Chuin nnrc Ke loin Viet Nam"
durqc ban Minh vi c8ng b6 theo Quyet dinh s6 165/2002/QD-BTC ngiy 31 thing 12
rim 2002 colt BO throng BO Tiff chinh di duo ra dinh nghia ve tai sin nhu sau: "Thi
sin 11 ngu6n luc do doanh nghiep kiem soil vi c6 the thu &rot lqi ich kinh to trong

Wong lai". Cin dr vio d3c diem lull, chuyen cilia tang tel sin (hay v6n kinh doanh),
till sin that doanh nghiep duqc chia lim 2 lot& TM sin ngin hon .4 thi sin dii hon. Tiff
sin dii lion phin ink t6ng gii tri cite khoin phii thi dii hon, tii sin c6 dinh, bit dOng
sin diu to vi cic di sin dii hon khic c6 den thiri diem bid cio, boo gem: Cic khoin
phii thu dii hen, tai sin to dinh, bit dOng sin diu tu, cic khoitn diu tu tel chinh dii
lion vi cic di sin dill hon Iduk. 'Chic vei tii sin dii hp, tel sin ngin hon li den, cic
khoin Wong throng din vi cic tel sin !chic c6 the chuyAn 461 thanh tiin, ho#c co the
bin hay stl dung trong yang mOt niim hojc mOt chu 14 kinh doanh binh thubng cat
doanh nghiep. Vi de hieu mOt cich ky Wing hcrn ve tii sin ngin hon vi lam the nio
de su citing tii sin ngin him c6 hieu qui, kh6a lui)n se di trinh bay nhCmg cu s6 1, lutin
ve tai sin ngin lion vi hien qui stl dung tai sin ngin htut trong doanh nghiep.
1.1.2. Tdi sae ngin km cia doanh We
1.1.2.1. /Thai niem tai sOn ngtin him
Di tier hash cic hoot dung sin xuit kinh doanh, doanh nghiep cm phii c6 3
yeu t611: 461 tuung lao dOng, tu lieu lao dOng vi sat lao dOng. Qui trinh sin xuit kinh
doanh li qui trinh ket hqp cic yeu t6 de de too ra sin phim hang h6a lao vv, dick vv.
Mike vei to lieu lao dOng, 461 ttrqng lao dOng(v#t lieu, bin thinh phim...) chi thaw
gia vtlo mOt chu ld sin xuit kinh doanh vi lu8n thay 46i hinh thii v#t chit ban diu, gii
tri cos ne duqc chuyin dich toil, bO mOt lin vio gii tri sin phim vti dirge be dip lchi

2
Thang Long University
Library


gii tri sin phlm duqc thvc hien. Bleu hien dual hinh thii vat chat cos dal tuong lao
dung gqi li tel sin win hon.
Dieu d6 dim to den mOt djnh ughTa day d6 that vi tit sin ngin hin nhu sau:
"TM sin ngan hun (TSNH) li nhttng tel sin thuOc guy& sa frau vi quin 19 cita doanh
nghiep, c6 thbi gian su dung, lufin chuyin, thu hal van trong met chu kk kith doanh

ho#c trong mOt am. Trong bing can d6i ke toin colt doanh nghiep, tel sin ngin hp
dm:fry the hien 6 cic bt) ph$n den mat, cic chong khoin thanh khoin cao, cic khoin
dau tu tai chin!' ngin hp, khoin phii thu, dv trft ten kho vi cic tel sin non hp lchic.
Gii tri cic lotti TSNH mkt doanh nghiep kinh doanh, sin xuat thubng chit= tt Wong
km trong t6ng gii tri tai sin cult chtmg". [4. Tr.214]
TM sin nein lux thubng xuyen Win chuyin trong qui trinh kinh doanh. TM sin
ngin hp lien Mc van gong, chu chuyin trong chu kk kinh doanh nen ne tun toi 6 tit ci
cic qui trinh dv trft, sin xuat vi luu thong. Qui trinh van dung cult tel sin ngan bun
bat dau to viec dung tien te mua sim vet to dv tat cho qui trinh sin xuat, tien hinh sin
xuat, bin sin pham thu ve tan to 6 khan cuoi cilng vai gii tri tang them. Mii Ian von
dung nhu v$y duqc pi li mOt yang kiln chuyin cos tel sin non hun.
Quin 19 sfr dung hqp 1, cic loci tai sin non hp c6 inh hutmg rat quan tong
d61 viec hoin think nhiem At cluing cult doanh nghiep. Mac di hiu het cic vv phi sin
trong kinh doanh la he qui cos nhilu yen tti, chu khong phii chi do quin tri tai sin
ngin bon t6i. Nhtmg cling c6 the they rang sv bat lvc cos mOt sii Ong ty trong vier
hooch djnh vi lam soft mOt cich chat the cic loM tel sin ngan hun vi cic khoin Er
luu dung hau nhu li mOt nguyen nhin din din that bid cuei ctIng curt ho.
1.1.2.2 D4c dam ctia tai san aria ban

TM sin ngin hp li mOt phan kh8ng the thieu vi duct luan chuyen thubng
xuyen trong qui trinh sin xuat kinh doanh, g6p plan duy tri hoot dOng sin xuat kinh
doanh duqc lien tvc, kh8ng 1)1 giiin dour. Chink vi vey mi tai sin ngan hun c6 nhang
dac diem sau:
Thu that, tel sin ngin hun c6 tinh thanh khoin cao nen dip an duct khi rang
thanh toin cia doanh nghiep.
Thir hai, khi tham gia vio sin xuat kinh doanh, tel sin ngan hp luen van hinh,
thay the vi chuyen Ma nhau qua ac c8ng down ctla qui trinh sin xuat kinh doanh.
Thu ba, tai sin ngin hon de ding chuyin Ma to dung vat chit sang tam to a
ding mi Icheong chiu chi phi 16n. Tuy nhien, Qat niy loi gay !chi Ichin cho quin I,
ch6ng that thoit.

TM tu, tai sin ngin hp chi tham gia vio mOt chu kt kinh doanh. Clilith d#c
diem niy del hal doanh nghiep phM duy tri mOt lucmg von luu ging nhit djnh de tlau

3


tu, mua ski Si sin ngin hen, dim bio cho host gag sin xuat kinh doanh Quqc file
hinh lien mc.
Thu nam, khong nhu din to vio tii sin eel dinh, cic 'choir) diu tu cho tii sin
ngin hen thubng co the My be bat cif thbi diem nio mi khong phii chin chi phi tan
kern. Dieu Q6 co dirge li do, tii sin ngin hen phii dip ling nhanh chOng sir hien dOng
mkt doanh s6 vi sin xuit. D6i 131, tii sin ngin hen thubng chiu sir le thuOc khi than
vio nhitng dao dung mang tinh mua vµ vi chu kt trong kinh doanh.
Thu Sall, lgi nhuan din to vio tii sin ngan hen 1i lql nhuk giin
1.1.2.1 Phan logi tai min ngan hip

Tii sin ngin him trong doanh nghiep rat da clang vi phong ph& Mii logi c.6
tinh chit vi c8ng ding khic nhau, vi the n6 duvc phin 1o3i khic nhau thy theo muc
(Itch vi tieu chi ip dimg. Ta c6 the phan loci tii sin ngin hen theo vire thaw gia
hub chuyen hoec theo tinh thanh khoin cea tii sin ngin hen.
- Phan logi theo tuih virc than gia luan chuyin

Theo fieu chi niy, tii sin non hen duqc chic thimh ba loei:
+Tii sin nail hen sin xuat bao g6m cic tii sin clir Mt cho qui trinh sin xuat nhu
nguyen lieu, nhien lieu, 4* lieu.... vi tii sin trong sin mat nhu sin pham de dang,
bin thinh pham...
+Tii sin ngin hen luu thong li loin ly0 de tali sin du trft cho qui trinh luu thong
mkt doanh nghiep bao gem: thanh pham, hing gfri bin vi cic tii sin trong qui trinh
luu thong nhu cic khan phii thu, v6n bang tan.
+Tii sin ngin hen tii chinh li nhOng khan diu tu tii chinh luu dOng vol muc

dich sinh Ibi, bao g6m: Qiu tu chung khoin diu tu, diu to lien doanh...
- Phan log! theo tlnh thanh khoin

Day li cich phin loci dim tren khi Wing huy dOng cho vies thanh tom!). Theo
cich phan loei nay till tii sin non hen bao gem: tan vi cic khoin tuung dining tan,
dau tu tii chinh luu gong, cic khoin phii thu, cic khoin ling truer, hang tan kho vi
cic tii sin ngin hen khic.
+ Tien: bao elm an met tei quy, tien gni ngan hing, tien dang chuyen vi cic
khoin tucmg throng tier nhu wing, di qq... Day li di sin e6 tinh thanh khoin cao
nil& tong doanh nghiep, chinh vi vay doanh nghity can duy trl met such hqp
Ichong qui nh6 di dim bio khi Wing thanh Win nhung cling Wing qui lon din din
Ring phi, it (tong v6n cis doanh nghiep.
+ Cic khan du to tai chinh luu ding bao gem cic cluing khoin hru dOng, cic
khoin din to luu dOng khic, cic khoin du phong dau tu luu dOng... Day khoin vita
e6 tinh thanh khoin cao, vita c6 !chi Wing sinh Ibi. Khi c6 nhu cau thanh toin mi filth
IchOng dip (mg de thi doanh nghiep se bin sic chung khoin nay.
4
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+ Cic khoin pith thu (tin dung thuong mai) bao gam cic khoin phii thu khich
hang IA mOt loci tai sin rat quan tong dii vii doanh nghiep, d#c biet li doanh nghiep
thuong mai. Mu6n m6 rang mon lir& lieu thy vi to dung mai lien he Mu dii, doanh
di phit sinh ra cic khoin tin dung
nghiep bin chju cho khich hang, chinh vi
thucrng mai. Tin dung tinning mai co the gifip doanh nghiep ding cao doanh si, a di
tang doanh thu, nhung cling co the day doanh nghiep vio filth tong kh6 khAn khi
doanh nghiep kh8ng the hoec kh6 thu hat no tfr khich Wing.
+ Ck khoin ting tnrac: bao gam cic khoin den ma doanh nghiep di frit twee

cho ngu&i bin, nhi cung cep hors cho cic 661 Wong khic.
+ Ming tin kho: "hing tan kho" trong khii niem nay kh8ng co nghia li hang
hoa bi it dong, !thong bin &roc ma n6 bao gam town ba hang h6a vet lieu, nguyen lieu
dang tan toi 6 cic kho, quiy Wing hoec trong xtemg• Tren thut te, Wing tan kho bao
gam hang trim 1* khic nhau, tuy nhien, c6 the Olen thinh cic nhem chinh sau:
nguyen vet lieu chinh, nguyen vii lieu phu, vet lieu b6 trq, nhien lieu, thinh phim, sin
phim d8 dang vi bin thinh phim, deg cu dung
+ Cic doanh nghiep khic nhau thl cic khoin raw ay co gii tri vi tt tong khic
nhau trong tang tai sin ngin hon. Tuy nhien, doanh nghiep nio ding cen phii ce mOt
the da quin If lchoa hoc vi hop If de Oa dim bio hoot dOng kinh doanh thong suit,
vfra giim duqc flitting chi phi khOng can thiet, tar d6 gitip cho vier quip l vi sar dung
tai sin ngin hon ce hieu qui hon.
+ Tii sin ngin hon ;chic: bao gam cic khoin tom ling, chi phi ch6 ket chuyen...
Tren thuc te, kh8ng phii doanh nghiep nio cling ce du cic khoin muc ten trong bang
can dii ke toin. Thuimg thl trong doanh nghiep chi ce cic khoin chinh nhu: tier,
khoin phii thu, hing tin kho vi tai sin ngin hon khic... fly nen doanh nghiep xic
djnh duqc cich phAn looi phi hop vii mink thl se c6 uu the hon trong viec bio tan,
quin ly vi sar dung di sin ngin hon.
1.1.24. Vai tro aria tai san pagan hgn trong hogt d¢ng san xua zt kinh doanh
Nhu di not i tren, hoot dung cue bit kjr doanh nghiep nio cling khOng the
kh8ng c6 till sin ngin hon. DO de la doanh nghiep sin xuit hay doanh nghiep hoot
Ong trong Cfnh Arc thuong tnoi dich vu thl di sin ngin hon ding vai tr6 khong the
thieu d61 vii cic doanh nghiep.
Tii sin ngin ion giip cho hoot dOng sin xuit kinh doanh caa doanh nghiep
duqc van hinh mOt cich lien tuc, kh8ng bj giin doon. Trong sin xuit, tai sin ngin hon
giap cho doanh nghiep sin xuit thong suit, dim bio quy trinh c8ng nghe, c8ng doon
sin xuit. Trong luu thong, tai sin ngin hip dim bio du tilt thinh pant dip img don
*JO hing mitt khich vi nhu ciu tieu thy nhip nhing.

5

TM sin ngin han glop cho doanh nghiep dim bio duqc khi ning thanh thin,
khi duy tri 6 mot mcrc 40 hcop if ne dem lei cho doanh nghiep nhOng lqi the nhat dish
nhu duqc hubng chiet khiu thuang mei, chiet khan thanh toin... Tir de gitlp doanh
nghiep tiet kiem duqc chi phi, lam tang lqi nhu(in cho doanh nghieep.
TM sin ngin hp &Op doanh nghiep tao dung duqc m6i quan he m$t thiet veri
khich hang, dec bit li khich bring km vi than thuOc thOng qua chinh sick tin dung
thuang mai.
Then gian Min chuyen tai sin ngin hen lOn Ichien cho ding vied quip 1* vi sti
dung tai slut ngin lux loon dila ra dureng =yen, lien Mc. VOi vai fro to len nhu v(ty,
viec tang toe 40 Wan chuyen tii sin ltru dOng, Sag cao hien qui sti dung tel sin ngin
hen trong doanh nghiep li nhu ciu tit yeu.
1.2. NOi dung gain If tel min ngin ban
1.2.1. Ouln 0 din vdi aic Mods twang dining tan
(1) Lain chuyin din met vi cic thing khoin thank khoin cao
Sa d61.1. Sc di loin chuyin din met vi cic cheng khoin thanh khoin cao
Cic chOng khoin
thanh khan cao

Diu Ur tam thei bing rich
mua chimg khoin co tints
thanh khoin cao

L

Deng thu
lien met

d

Bin nhting chi ng khoin
thanh khoin cao de bi
sung cho den met

Tien met

1

Deng chi
tien met
[I, tr.441)

De lira chop duqc phuang tic thu lien t6i int, to an (Unit gii hieu qui mkt cic
phuong thirc thu lien dO, phucmg thee thu den de mitt vi phtrang thirc thu lien hien tai
tree ca se so sink lqi ich sau thug tang them vi chi phi sau thug tang them. Ngoii ra,
di thec diy lien duqc thu h6i nhanh hap, doanh nghiep thueng cung clip chiet khiu
that'll Wan, tang he dO bin !Ling hoec thay 461 phtrang Ugric thu nq,... VOl chiet khiu
thanh tog% gii se doanh nghiep ban Wing voi dieu !chain tin dung 1/10 net 30 thl do
6
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nghia 11 neu khich hing thanh toin trong yang 10 nay se dirge huang chiet khiu
thanh toin 1%, can neu khang thanh toin sem thl khich hang c6 nghia vv tri nq trong
Ong 30 ngly, tO 46 doanh nghiep mua hang se can nhic gift lqi ich vi chi phi de tri
tien hing cho doanh nghiep sao cho c6 lqi nhit Dii vii doanh nghiep bin hitng, khi
dua ra dieu khoin thiet khiu tan m.ft li giim nulc vay itni dung, gia tang diu to Wu
dOng sink kri Rh?, thu duqc tien sem km vi tang truting doanh thu bin bin& vi thvc ra

chi& khiu tien met cling c6 nghia li giim gii.
Con dii yeti quirt 157 chi din, tau khoin chi& khiu den met cling dili yeti clic
khoin thank thin sem cling li mOt dieu khoin thubng g#p trong talc dieu kien mua
hang (vi dv dieu khoin 2/10 net 30). yeti to cith ngutri mua chin, doanh nghiep nen
quyet dinh thanh toin sem de nhen chiet khiu neu chi phi cc hOi set dung v8n mkt
doanh nghiep thip han tk 10 chiet !chin duqc Wong, them chi doanh nghiep ce the di
vay km dung ngin hang de thanh loin grm vi hiding chi& khiu neu tgr 10 lei suit di
vay till) hon tk le chiet khau duct htemg. Neu quyet dinh lch8ng thanh toin sem vi
Ichang huong chiet khiu, doanh nghiep nen tri Win vies thanh togs den cued thin hart
client tri cho phip. Trii 10, thanh loin tri han li dieu nen trinh, nit khi tlnh hinh tai
quan trong li xey
chinh kh8ng cho phip doanh nghiep thanh toin (long han. VA yin
dung quy trinh thanh town hop ty sao cho khong till sau ngiy den lux de gift Wing uy
tin, ding thei tang !thong tri qui s6m lim elm luqng den sin c6 de doanh nghiep
can thvc hien diu ttr, lqi ich vi chi phi cia tit ca cagy phucmg thit thu chi tien deli phii

a

duqc xem 'cit.
Viet quirt 19 thu chi tien met ce van tit quan trong, do de dv trer tien bah nhieu
li di ting hieu qui hoat dOng sin xuit kink doanh la mOt vin de kho. Sau day li

a

cic m8 hinh dv trCt tien:
(2) Qnyet djnh mac dyr lit din di nu
Ilinh 1.1. M8 hInh Baumol

Chi
phi

gift

Ting chi
phi
Chi phi ca Nil

tien
ma
Chi phi giao
djch

Quy m8 tien met

C'
7


Di xic djnh m8 hinh Baumol, to di xem xet ale gill dinh nhu nhu ciu vi din
ctia doanh tighiep la On djnh, kitting c6 dv trft nao cho mvc dich an town va doanh
nghiep chi ce hai plurcmg thtic dip ling nhu au vi lien la den mOt va chimg khoin khi
thi, ding thin viec diu to chimg khoin la kitting c6 red ro.
Nhftng gia djnh nay !thong dims tren thvc ti nal lint hen chi m8 With Baumol
flitting m8 hinh cftng c6 sv ding gip quan tong trong ly thuyit quirt tfi din ma.
Mire tan quy num lieu 11 ten quy ma doanh nghiep hooch dinh luu gift du6i
hinh thftc din (theo nghra ring). Quyit djnh ten quy muc lieu lien quan din viec dish
dii gitta chi phi cc hOi do gift qui nhiiu din veri chi phi giao dich do gift qui it tiro.
C6 hai loci chi phi lien quan UM dv tret din II chi phi cu hOi va chi phi giao dich. Chi
phi co. hOi la chi phi mit di do gift din mOt, khien cho ding din khong dtrqc diu to
vao mvc dich sinh lbi. Chi phi giao dich li chi phi lien quan din chuyin di ifs Si sin
diu to thinh din m#t di sin sang cho chi deu. Neu doanh nghiep gift qui nhau din

milt thi chi phi giao dich se nh6, nhung chi phi ca hOi se 16n va ngtrqc lai. Ting chi phi
gift din mOt clfinh la tong con chi phi yr hOi va chi phi giao dich. Mat din dv trft t6i
uu li mirc t#i di tong chi phi cho viec gift din la nh6 nhit.
Chi phi giao dich (Tre - Transaction Cost): duqc xic dinh dva vao so lit doanh
nghiep phai bin chug khoin trong mOt thbi kt (thubng la mOt nam).
Chi phi giao dich = So kin bein ching khan • Phi giao dich ca djnh = (T/C) • F
Trong di: T: Ting nhu ciu vi din Intl mOt thbi kt (thubng la mOt am).
C: Quy m8 mOt lin bin chug khoin.
F: Chi phi c6 djnh curt mOt len bin chug khoin.
T/C: Si lin ml doanh nghiep phii bin chimg khoin mOt dm.
Chi phi ccr hOi (0C - Opportunity Cost): ting chi phi car hOi bang ten quy thing
binh than Arai (Ai suit diu fir clung khoin km dOng:
Chi phi ca hoi = OC = (C/2) * K
Trong di: C/2: Mire dv trft din mot thing Mit
K: Lai suit clung khoin/ thbi kt (thubng la mOt am).
Ting chi phi (TC - Total Cost): Ting chi phi lien quan din ton quy bang chi phi
cc hOi Ong vai chi phi giao dich.
Tong chi phi = TC = TrC + OC = [ (T/C) * F] + [ (C/2) •K]
Mk dint' mot dv trft den t6i uu: tong chi phi se did min tai diem !nit don him
b(ic nhit alit ne theo hien C bing 0.
(3) Quin If host dung thn — chi din nip
Trong quin ly thu chi din milt, mot nguyen tic tit you di chinh la ling thu —
giam chi", tut 11 nha quin ly can tang tic dO thu hid nheng khoin tiin nhen dupe vi
ch(im chi nhang khoan cin phii chi tri. Ting thu la doanh nghiep tich cvc thu hii
8

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duqc cat lcholin nq tfr khich hang de sem c6 yin quay yang diu to vio cak hoot dOng

mkt doanh nghiep, dim bio thong suit qui trinh giao djch kink doanh. Gil= chi li tan
dung thM gian chenh tech mkt the khoin thu, chi, chim tri lucmg de co tang nhieu tien
to sinh
than r6i de
De chip dirge meat phuang thin hien qui, nhil quip 15 , an so sinh gifts lqi ich
vi chi phi tang them cia cic phuang thfrc thu — chi sao cho lqi ich dem lai li lon nhat
d6i vii doanh nghiep. Ta c6 the dua tree co ar dux% day de tun; hien so sank dish gii
cic phuang that:
AB=At*TS*I*(1-1)
AC=(C2-Cr) *(1- T)
Trong d6:
AB: Lqi ich tang them khi io dung phuang attic di mat
AC: Phin chi phi tang them khi 1p dung phuang thtic di xuet
t: S6 ngiy thay d6i khi ip dung phuong thic di xuet
+ flvi voi phteceng this thu tan la so way thew rat ngut
+ DEi yen phteang that chi tiin M sv ngay tang them
TS: Quy m6 chuyen tier
I: Lai suet diu to
T: Thus suet thus TNDN
Cr: Chi phi cis phuang tic dang sfr dung
C2: Chi phi cis phuong they di met
Dua vio ket qui tinh twin theo m6 hinh tren, nha quin ly co the dua ra quyet
djnh nhtr sau:
AB > AC: Chuyen sang phuang tic di xuat vi lqi ich thu duce cao han chi phi
tang them.
AB = AC: Bing quan vii a hai phuong auk do ip dung phuang tart di xuet
kheong dem lai 10 ich tang them cho doanh nghiep.
AB < AC: Gift nguyen phuang tart cfi do phuong Mire mai khong dem lai lqi
ich lin han mi ngtrqc l.i, doanh nghiep can phiti be ra chi phi de bft dip cho hinh
tart nay.

Ngoii yen di tang thu, doanh nghiep con phii duy tri gilun chi, dm 11 nen tri
Mtn viec thanh tolm nhung throng pham vi tai gian cho phip) de ce the tan dung
nhOng lqi ich co tar cic )(holm chum dianh toan nay. Hinh tart thong dung shit dtrqc
tic doanh nghiep stl dung ph6 Bien rung rift di chinh 11 chain tri luang. Cu the han,
doanh nghiep se thiet lap mOt he thing thbi gian tri luang cho tang bet ph$n nhan vien
va tri luang theo thbi gian bieu d6 thay vl tri luang ding thbi tit ci tic nhan vier m0t
16c. Trong lchoing thbi gian chenh tech 46, it nhieu nheng kilo& tiin nay cling 06 the
dem lai lqi nhuin.

9


(4) Mb hinh Miller — On
Ngoil m8 hinh Baumol, DN cOng c6 the sfr dung m8 hinh Miller — On ttle xfc djnh
mire du frit tits v6i cac gia djnh 11: Thu chi tan mat tai DN II nen shies, lu6ng tits
mitt rang bien dung theo phfin ph& chat
DO tit( 1.2. SR yen dOng cast von bing din theo m8 hinh Miller — On
A

SO chi tien mat
A

Giei has tren (Gt)

Muc tieu (C)
d

Gibs ban dtrai (Gd)

B

0

> Thai gian

DO thi ten cho they luqng von bing tien von gong kitting theo quy lu$t cho den
khi 4t duqc gi6i hart tren. Tai diem nay, DN se dang lien mua chting khofin nhiim lam
giant s6 du von bing tier muc tieu. Khi von bing tien muc tieu v#n dung den giai han
dual, Ific nay DN se bin !mug chting !throb' &I de Qua von bing lion len mac muc
lieu. mac von bing den luu gift dad Ong to do trong Hwang giita glen tren va
giai hon dual. Khi d6, DN mua hay ban chitin lchoin de tii 14 mac se vein du bing
flan mong mu6n.
Ong thfrc xic djnh luqng lien mat t6i
Trong 416 Gd

d

GU% his dual

C=G d +-5

Gt : Glen han tren

Gt = Gd +d

D : Khoting dao Ong tien mitt

d= 3 x

3i 3

4

x

82 x F

82 : Phuong sai thu- chi ngfin quy 1 ngly

Lai suit (chi phi cah0i) birth quin 1 ngly
Cie bier phip
quin ly von bang Oen:
- Xac dish mac du tit von lion mot nut each hqp ly. Viec xic dish mac tan du tit
lion mat ce y nghia quan trqng gni') DN trinh rill ro thanh Wan, gift uy tin von she
cung
cep va trio dilu lden cho DN chap duqc ca kinh doanh tot.
- Quin If chat the clic khan phali thu chi bing tits. DN an xfiy dung clic Oki guy,
quy cho vi quilt ly cite khan phai thu chi. Dlic biet la cac khan thu chi bang tits mat
di tech that thoit met mat, lam dung lion ding muu lqi a! nhan.
- Tit ca cite khoin thu chi cila DN diu phiti thong qua quy din mid, !thong duqc
chi lieu ngoai quy. Ngotli ra, DN can phiin Binh r8 ring trong quan ly tits mat glom
nhfin vien ke toms tien mat vi the quy.
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- Tang the qui trinh thu tier vi lam chem di qua trinh chi tien. Mat khic, DN can
pan chat che cic khan tom ling bang an mat.
Quin cdc khodn phil thu

Trong bang tai sin c6a doanh nghiep thi tt cic khoan phii thu 05 the li khic
nhau nhung thong thutmg chimg chum tfr 15% den 20% trong de chu yeu 18 cic
khoin phii thu tar khich hang. TS, le nay neu cao se anh huemg khang nhe den tinh
hinh tai chinh cua doanh nghiep. Do v$y viec thu hai cic khoin nq dung, 46 vi kip
thtri 11 van di het sirc quan tong vi khe khan cho cic doanh nghiep. Bei le viec thu
hai cic khoAn nq ce the se gap rat nhieu nii ro.
Hien nay, doanh nghiep c6 nhieu khoan ding nq din hang chua thu hai, ding
thai tic dO thu hai dog nq d6 rat cham, thtri gian thu hai keo dii 'chi& cho vier quay
yang van cna doanh nghiep gap nhieu kh6 khin.
Deli mat vei hien mpg cong nq Mu ngly khOng thrqc thu hai, phan 16n bi kto
dii, doanh nghiep phii lien hanh tang cubng s* dung cic chinh sich nhim phOng ngfra
nil ro cong nq. Do de, doanh nghiep phii thiet gip nen cic chinh sick tin dung met
cich nghiem Uric, ding thbi nghiem chinh chap hinh chinh sich tin dung trong mqi
hoot dOng kinh doanh de phOng ngIra rill ro tin dung.
doanh nghiep co the sfr dung de
Du& day la met s6 cic hien phip quin
quan 1S, vit kiem scat khoan phia thu, bao gam Ay dung chinh sich bin chiu, tieu
chuin ban chju, thM hp ban chiu vi s>f dung into hinh dip tin dung cho kWh hang.
(1) Chinh sich bin chin
M6 hinh 1.1. M8 hinh chlnh sea bin ch'u
Giim kY thu din

binh quail

•

Gam khoin phil
thu

Rat ngin thfri hail

bin chiu

Tilt kiem chi phi
van khoan phii thu

Tilt kiem chi phi dir be dip

lqi nhuon giim khOng?

Giim doanh thu

Giiun Iqi nhulin

Ra qayit trinh

[7, tr.329]

11


Doi vii doanh nghiep, chinh sach tin dung the hien cu the 6 chinh sach ban chili
cats doanh nghiep, bed vi tin dung doanh nghiep cling cep la tin dung thuong m#i thong
qua ban chill hang h6a. Quyet dinh chinh sach ban chill gin lien v6i danh ai gifts chi
phi lien quan den khoin phai thu va doanh thu tang them do ban chiu hang h6a. Khoim
phiti thu la s6 tiers khach hang nq doanh nghiep do mua chili hang Ma hoec Bich vox
CO the &A hiu het cac doanh nghiep deu phat sinh cac khoin phil thu nhung vii cac
mirc dO Ichtic nhau, tur mirc khang ding ke cho den mirc thong the kiem soat n6i. Kiem
soat khotut phai thu lien quan den viec danh thi gifts lqi nhuan vii chi phi va raj ro.
Neu thong ban chiu hang hem thl se mit di co KA ban hang, do de, mitt di lqi nhuon.
Neu ban chin hang h6a qua SUM thi chi phi cho khan phai thu tang va nguy co phat

sinh cac khan nq kh6 d6i, do d6, r6i ro thong thu hoi duqc can tang. VI vey, doanh
nghiep can 0 chinh sack ban chili phe hqp.
Khoin phai thu cult doanh nghiep phat sinh nhieu hay it phu thuOc vao cac yeu
to nhu firth hinh nen kinh te, gia ca sin phim, chit lucmg sin phim, va chinh sach ban
chiu ctia doanh nghiep. Trong Siang yeu t6 My, chinh sach ban chin anh hueng math
!that den khoan phai thu thong qua su kiem soar ctla giam deoc doanh nghiep. Giam derc
0 the thay dOi mire dO ban chill de kiem wit khan phai thu sao cho ph6 him v6i su
danh doi girra lqi nhuen WA chi phi va nil ro. Hp thip tieu chuin ban chiu c6 the kich
thich duqc nhu ciu din tea gia tang doanh thu va Iqi 'du*, nhung vi ban chill se lam
phat sinh cac khoin phisi thu nen elm Mc can xem xet can then su danh dOi nay. Lien
quan den quyet dinh chinh sach ban chju, doanh nghiep can chit Sr den the quyet *firth
!thy tieu chuin ban chin (credit standards), diet khoin ban chill (credit terms) Ara chinh
sach va quy trinh thu nq (collection policy and procedures).
(2) Thu chump bin chiu
Tieu chuin bin chju la lieu chuin t6i thieu ve met uy tin tin dung dm khach
hang de duqc doanh nghiep chip then bin chit' hang Ma va djch vv. Tieu chuin ban
chit' la mOt b0 phen ciu think chinh sach ban chju cue doanh nghiep va m8i doanh
nghiep deu thiet lap lieu chuin ban chin ala nth chinh thirc hoac thong chinh thirc.
Nei chung, chinh sach bin chili ctla doanh nghiep 0 the chia Mm mOt trong hai
tang thai: chinh sach that chat va chinh sack mb rung. Vol chinh sach that chat, lieu
chum bin chju tr6 nen the khan han, thbi han ban chin ngin han va quy trinh theo dbi
thu hOi nq chat the han. Ngtrqc lei, v6i chinh sach ma rung, lieu chuin ban chin trob
nen cm dang han, thbi han ban chju kdo dii hen va quy trinh theo dei thu nq hang
thoang han. Viec bra chcon chink sach nao, lien quan den su &nit dOi gifts lqi nhu$n vi
nit ro.

Ngoai kinh nghiem, doanh nghiep nen ten dung the manh den tb he thong cac
ngin hang ben nem hang con la net tap trung nhieu thong tin hen doanh nghiep ve Icha
12
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Wing tri nq cis cac doanh nghiep lchac, do de, ngan hang c6 the h6 trq doanh nghiep
trong viec &nth gig va quyet djnh chinh sich bin chit! 461 vii tang lchach hang. Do
v$y, rat an thiet va quan tang neu doanh nghiep c6 the yeu ciu nen hang to van cho
minh ve Ay dung chinh sich bin chju phi hqp.
(3) Thbi bun bin chin
mai him in chju li di) dii thin gian ttl ngay giao hang den ngiy nhon duqc
tier bin hang. Neu (lieu kien bin hang la "2/10 net 40", thi thbi lign bin chju la 40
ngay. Nha quan tri tai chinh c6 the tic dung den doanh s6 bing catch thay 461 thbi han
tin dung.
Khi thbi hp bin chju tang 461 heti doanh nghiep phai diu to 16n han vao cac
ldknin phai thu, nq kh6 din se cao hcrn va chi phi thu hen bin hang cling tang len.
Nhung doanh nghiep se thu hit them duqc nhieu khich hang mai va doanh thu tieu
thu tang len.
1Chi thei hun bin chju bi rat nein glop doanh nghiep tilt ldem duqc mOt ;chain
chi phi cho khoan phai thu, nq lch6 dei se giam. Tuy nhien, viec nit ngin thei hart bin
chju se han chi thu hit them ltrqng khich hang mei, ltrqng khich hang a c6 the bj
Bien mit khien cho doanh thu bi giitm xuttng lam lqi nhuftn giam. Vin de at ra ?r day
la deg ty nen guy& dinh me rung thei han bin chju hay rut ngin thbi hp ban chju
cho khich hang. Dieu nay phu thuOc vim nhihig hoan cinh a; the ding nhu su can
nhic gifts viec dish 461 gifts lqi nhu$n tang them va chi phi lien quan den khoin phai
thu tang them do ma rung thin 1mm bin chin. Tuy nhien, di ra guy& djnh nhu the nit°
thi viec thay 461 thin han tin dung luen la can thiet 461 WA nha quan trj.
(4) M8 birth dip tin dung
Sau khi di thut hien thu thap thong tin tin dung, doanh nghiep se can nhic viec
cung cap tin dung thong qua chi tieu NPV thong qua ba m8 hinh duel day:
- Quyet djnh tin dung khi xem xit mOt phuang in: MO hinh nay so sinh gig tri
hien tai cult lqi kit (gig trj den lien vao hay ding lien sau thug milt cac Elam) va chi

phi dm viec cap tin dung yeti mOt mtic nil ro cho twat.
CFt
NPV = it— — CF0
CF. = VC * S * (ACP/360)
CFt = [S *(1 — VC) — S * BD — CD1* (1 — T)
Trong 46:
CFt: Deng lien thu duck sau thug trong m6i thei kt
CF0: Deng hen du to via khoin phai thu khich himg k: TS( le thu nh$p theo
yeu du
VC: Luting tier ra Nen d6i, duqc tinh theo tjr le % deng tien vao
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S: Doanh thu du lden trong Wng thbi k9
ACP: Thbi gian thu den trung bInh (ngiy)
BD: T9 1e nq xiu tree doanh thu
CD: Luang lien gia tang cos b0 phin tin dImg
T: Thus suit thus TNDN
Tir kit qui thu duct; nhi quin duo ra quyet (lath dun Iran nguyen tic gii tri
hien tin rang:
+ NPV > 0: cap tin dung
+ NPV = 0: bang quan
+ NPV < 0: khOng cap tin dung
- Quyet (lath cap tin dung gilts phuang in tri tiara ngay va bin tri chant: Tnrac
tier to xem xot mOt si diem khic nhau gilts viec cap tin Mpg vi khang cap tin dung.
+ S6 luqng sin phim bin (Q): Neu coi sip luang sin phim ban tut* khi cung
cap tin dung 11 QO vi s6 luqng sin phim khi cho khich Ming nq li Q1 thi Q1 > QO do
viec cung cap tin dung se tang tinh canh trait cos doanh nghiep trong tieu thu vi lim
tang doanh s6 bin.
+ Gii bin tren mOt sin phim (P): Gii bin sau khi cung cap tin dung thubng cao

hot gii bin tnrac khi cung cap tin dung cho doanh nghiep se dinh d6i rai ro that thoit
van khi cho khich Ming nq yeti lqi nhu$n kiem duce a host dung bin hang.
+ Chi phi binh quit (AC): CM phi caa doanh nghiep se dOi len (AC1 > ACO)
khi doanh nghiep quyet djnh cap tin dung do co nhieu khi Ming se gip phii nhOng
khoin nq xiu vi phii xOa nq hay nal long chin!' sich tin dung, khoin nay duce coi ii
chi phi my xiu vi lam tang chi phi hqp ly cult doanh nghiep.
+ Xic suit thanh toin: khi doanh nghiep kitting cung cap tin dung mi thu tan
ngay thl xic suit thanh toin lac nay II 100%, do tit ci cic lin bin mkt doanh nghiep
deli thu ngay bang tien. Neu pi hl 11 xic suit thanh town cua doanh nghiep cap tin
dung cho khich hang thl xic suit nay se nhe han 100% do khi niing xiy m viec khich
hang khOng thanh thin la rat cao.
+ TWA gian my: Khi doanh nghiep !thong cap tin dung mi thu tier ngay thi thbi
gian cho khich hang nq li bing O. Ngtrqc lai, khi doanh nghiep cap tin dung thi se co
mOt khoing thbi gian t ke ter khi khich hang xic nhan nq cho den khi khich hang
thanh toin khoin nq d6.
+ T9 le chiet khiu: Doi dien cho chi phi ca hOi cua viec diu to vio tai khoin
phiti thu khich hing, la Ili suit duqc htr?mg khi diu to vtlo tai sin sinh lbi khic they vi
bi it dung vin trong khoin phii thu khich Wing. DI dua ra guy& djnh co nen tip tin
dung hay lchang, nhi quin l tai chinh phii so sinh gii tri Men Mi rang catt tang
phucmg
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Thang Long University
Library


NPV. =P.Q. - AC.%
Nnri = 1+Rt

AC1Q1

Trong di:
NPV0 = Gig tri hien tai rang khi chua cep tin dung
NPVI = Gia tri hien tai rang khi dip tin dung
Po, Qo, AC0 : Gii bin, sof, luqng ban vi chi phi sin xuit With wan khi khling cap
tin dung.
PI , (11, AC1: gilt bin, s6 lutyng bin vi chi phi sin xuit binh quirt khi Dip tin
dung.
h: xic suit thanh town
Rt: tjr suit chi& MIL thanh totin
Co soft di ra guy& djnh:
+ NPV1 > NPvo : cap tin dung
+ NPV, = NPV0: bang quan
+ NPVI < NPV0: !thong clip tin dung
- Quyit djnh clip tin dung khi stl dung thong tin du ro, TIM quan 1y ce the diu to
them mat phin chi phi de co them thong tin ve nil ro tin dung sau de mai dua ra quyet
djnh cued can.

NPV2

P1 Q1h

= 1 + Rt AC1Q1 — C

Trong di:
NPV2: gia tri hi@ toe rang khi cep tin dung vi co sir dung den thOng tin rai ro
C: chi phi stl dung th8ng tin nli ro tin dung
Co so de ra guy& djnh:
+ NPV2 > NPV 1 : cep tin dung
+ NPV2 = NPV1 : bang quan
+ NPV2 < NPV1 : Ichang cap tin dung

1.2.3. Quail 0 hang hat kho
Cling nhu cic tai sin khitc, viec du trit hang van kilo li mat quyit dish chi tieu
tier. Hang ban kho 11 mat tit yeu khich quan, !thong the thieu trong hoot dung sin xuit
kinh doanh, nhung tan kho clang nghlit v6i vier "chiem gift von" hoot dOng. Quin tri
hang ton kho vi the co vai fro quan tong trong quirt l9 ngin itru cis Doanh nghiep.
Theo do, mfrc ban kho cling thip thi chug titt kiem von diu to nhung dieu My dei
hang. Tan kho thip co the thieu hang
phii dit hang nitieu lin vi tan kern chi phi
cung cap kip thai vi mit khich hang, nguqc loi nett duy tri mtic ton kho cao se trait
dtrqc khi nling thieu du trO tan kho nhung dei hai nhieu von du tn.

hoe

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