Nâng cao hiệu quả sử dụng vốn lưu động tại công ty cổ phần cơ điện và xây dựng việt nam số 5

BO MAO DIJC DAO TAO
TRITONG HAI HQC THANG LONG

a-

KH6A LICAN TOT NGHItP

DE TAI:

NANG CAO MU QUA Sir DUNG VON TAI
CONG TY CO PHAN CO DIEN VA 'ay
DUNG VIET NAM SO 5

Gil() vien higeng din : TS. Nguyen Thi Tilly
Sinh vien time hien
: Nguyen Van TuAn
MA sinh vigil
: A18121
Chuyen nginh
: TM Chinh

HA NQI - 2015


LEI CAM ON
Trtzerc tien, em xin duqc giri 16i cam on chin thank vi sau sic rthit din C8 — TS.
Nguyen Thj They. Trong then gian thot nghien ciru Co di dinh nhieu tam Ric de
htreng dAn chi bio h8 trq em nhttng kiln thtic, tai lieu de em hoar thank dtrqc di tai
Kb& lufm t6t nghiep My. MX lin nita em xin dtrqc cam on Co vi tit ca sq tin toy ala
ngu&i Thay ding nhu nhitng kiln thfrc sau ring ma Co di truyen dat cho em. D6 chic
chin se la nhftng hinh trang de sau My ra trueong em c6 the Ma nhip duqc veto xi Mi.

Qua diy, em Ong xin dtrqc gfri kli cam an den tip the cac qug thity c8 dang
gluing day tai trubng Dai Hoc Thing Lon& nhung ngtriti di trqc tiep truyen d3t vet
trang bj cho em diy de ck kiln that qu, biu ve tai chink, kinh tit. Gitip em ce duqc
mOt nen tan vi chuyen nginh hoc di Man thinh di tai nghien cfru nay.
Ben evil' do, em cling xin chin thanh cam on cac c8, cac chit, cic anh chi thu0c
Cang ty C6 phin Ca dien vi Xiy dung Vi@ Nam s6 5 di h8 trq cung cap s6 lieu,
th8ng tin vi chi bio cho em nheng kiln thtic thqc ti em tong snit tiled gian thqc hien
bid khea luin My.
Em xin chin thanh cam an!

Sinh vien thtrc hien

Nguyen Yin Tan

Thang Long University Library


LOI CAM DOAN
Wu xin cam doan Kheia luen tit nghiep ntly lido to bin than thuc hi'e'n 66 su h6
thy tir giao vien twang din vi kh8ng sao chap cac ding trinh nghien dm dui ngubi
khk. Cac dft lieu th8ng tin thin cap so dung trong Kh6a luan la co ngu6n g6c vi ttuqc
trich din it ring.
Ted xin chju hoin tom trach nhiem ye 16i cam doan My!

Nguyin Van Tan


MVC LVC
CHUONG 1. Lt LIFO CHUNG Vt HISU QUA Sit DUNG VON CIJA
DOANH NGHISP

1
1.1. Lf hien chung ye von cis doanh ngitifp

1

1.1.1. Khdi We* vi yen cue doanh nghilp

1

1.1.2. DtIc diem ciao von

2

1.1.3. Phfin iota vein

3

1.1.4. Vai trd cla von It& vol hogs Ong sin xullt kinh doanh cia doanh nghiep
5
1.2. Hien qui so' dung van cis DN

6

1.2.1. Khdi niem hi& qui srir dung vein cola DN.

6

1.2.2. Th8ng tin sit dung di phan tick ha qua see' dpng
1.2.3. Phtrang pitdp phan tick hieu qui sit dung

vin trong DN.

7

von trong DN.

8

1.2.4.Chl Ulu Binh gid hips qui sir (long win ci DN.

10
1.3. Clic titian to inh hullmg MI hien qui &dung von tai DN.
13

1.3.1. Nhdn tel kilns sodt dugrc

13

1.3.2. Man 51 khong the kiln: sodt apt

15
CHUtiNG 2. PHAN TECH THVC TWIG HI$U QUA SU' DUNG VON TAM
CoNG TY CO PHAN DAU TU. lay DUNG Yin NAM SO 5
18
2.1. Gi61 thien vi Cong ty C6 Olin Ca dien vi fly dung Vitt Nam so 5
18
2.1.1.Khdi quit chung vi Cling ty a ph& Cu Nen vi X11y dung Viet Nam

sei 518

2.1.2. Licit se hinit think:

18

2.1.3. DOc dim nginh nghi kink doanh

19

2.1.4. Cu ciu ti char be nuiy cia Ong ty a plain Co. lien vi X8y dreg Viet
Nam s15
19
2.1.5. 72nit kink hogt gag sin xuit kink doanh cud ang ty giai dogn 20112013
21
2.2. Thuc trang hien qui a* dung von Mi thug ty co plan co diet& vi xiiy dung
viet nam so 5
23
2.2.1. Piton Itch guy m6 cv ctin van cia Ging ty Ci phis. Cu ilien vi Xily dung
Viet Nam si 5
23
2.2.2. Dinh gki Neu qui s• don van cia an 0 , trong giai dogn 2011-2013

Thang Long University Library

33


CHUONG 3. GIAI PHAP NANG CAO MU QUA SlY DUNG VON TAI
CONG TYCO PHAN CO DISN VA XAY KING VItT NAM SO 5
44
3.1. Cac giii phip Sing cao hien qui a* dyng An Ad atm ty CA pun Ca ditn vk

Xiy dyng Viet Nam so 5
44
3.1.1 .Bien phdp ndng cao Neu qua s* dyng Ting win.
45
3.1.2. Bien phdp ndng cao Neu qua sit dyng yin di denh

46

3.1.3. Bien phdp nBng cao bleu qua sir dung vin kw ding
3.2. MO st kiln nghj volf Nhk nark

47
49


DANH MVC CAC BANG, BLEU DO
Bang 2.1. Tinh hinh sin xuat kinh doanh cia c8ng ty CP Ca dien vi Xiy dung Viet
Nam s6 5 giai doan 2011-2013
21
Bing 2.2. Ca ceu sec dvng yen vi nguan von giai don 2011-2013

25

Bing 2.3. He s6 hao men tai sin c6 djnh

27

Bing 2.4. KM niing dim bio von co djnh

28

Bang 2.5. Sv Bien ding cM von Iuu dOng giai don 2011-2013

30

Bang 2.6. Khi nAng dim bio yen Iuu dung

32

Bing 2.7. Hieu suet se dyng vim kinh doanh

34

Bang 2.8. Doanh lqi tong tai sin

34

Bang 2.9. Doanh Ica vOn Chit se, Mu

35

Bleu d6 2.1. Ket cau vOn co djnh giai clop 2011-2013

26

Bieu a 2.2. Ca clu vim giai (top 2011-2013

29

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DANH MVC it VIET TAT
Kf hieu vitt tit

Tin dAy di

DN

Doanh nghiep

CSH

Chu set him

TSCD

Ili sitn ai dinh

TSLD

TM sin km dung

VCD

Van cii dinh

VLD

V& hit dung

Len MAY DAU
1. Tinh cep that cis di tai
Viet Nam chuyen tir ca chi kinh to ke hoach h6a top trong sang nen kinh to thi
truOng theo djnh hueng xa hOi chit nghia tub nam 1986. Co the m6i da ma ra nhieu co
hOi va nheng thich thirc mei dei *hi nen kinh to Viet Nam not chung vi vOi timg
doanh nghiep n6i rieng. Dec biet trong nen kinh to thi twang nay, de ten With sin
xuAt kinh doanh du dudi hlnh thirc hay quy m8 nio ngtrai to ding an phii o5 met
Itrqng von nhitt djnh. Nhung hoot dung sin xuet Ay c6 dien ra lien tpc, vi m6 rung
duqc pham vi hoot dOng hay 'thong thl demi h6i phii c6 bien phip quan 19 vi sir dung
van c6 hieu qua.
Hieu quit sir dung von duqc ligmg hog thong qua he thong ac chi tieu ye kha
nang hoot dung, khi nang sinh lbri, toe dO luan chuyen van_ NO phan inh quan he
gifta dau ra va dau vio cim quit trinh sin xufit kinh doanh thong qua thudc do tier to
hay cu the la mai quan he gilts ket qui thu duce yen chi phi b6 ra de lien hitnh hoot
dOng sin xuat kinh doanh. Ket quit thu dirge cang cao so yen chi phi van be ra thi hieu
quit sir dung van cang cao.
Do v$y, dinh gii hieu qui hoot dOng sin xuat kinh doanh cua mai don vi la rAt
can thigt vi quan trcmg. Vied dish gia dei hOi phii Wan dien de tam ra nfrimg nguyen
Stan, cic you t6 inh htremg den hieu qui sin 'cat kinh doanh. Tir de, c6 the dtra ra ac
giai phip pha hqp nhilm nang cao hieu qui sir dung van aft DN.
Nhon thtic tinh thiet yen cos van doi v6i DN, qua than gian thqc tap tai Cong ty
CO phan Ca dien va Xay chmg Viet Nam se 5 cling yea sq chi din tan tinh ciut C8 —
TS. Nguygn Thj ThOy, tot (my& djnh chip Di tai: "Meng cao hi a gud sir (long win
tgi Ong 07 plan Co dill. vd Xdy dvng Vift Nam soy 5".
2. Mac On cue de Si
Myc dich nghien cfru as di tai lit nhim phan tich, dinh gia thqc trong ve tinh
hlnh huy dung vi sir dung van, ac chinh sich sir dung van ctia cong ty va dile biet IA
hieu quit sir dung van cim cling ty qua cic nam gen day; xem xet cic than to anh

huang vi phip tich mire dO anh Inamg cua tong nhan to den hieu qua sir dung van dm
o5ng ty; de tfr d6 c6 the cho they dirge bleu qui ola hoot dOng kinh doanh, thong met
ma Gong ty da dot duqc cfmg nhu nhang met o5n ten tai va nguyen than elm nheng
ten tai de. Deng thin, th8ng qua de dim ra mOt so bien phip nhim gOp phiin Ming cao
hieu sir dung van ctia cling ty trong nhCrng nam tel.

Thang Long University Library


3. D6i timing vi phpm vi nghien dru
Doi Mpg nghien dm: Hieu qui sir dung von trong doanh nghiep
Pham vi nghien ciru: Ging ty CO phin Cu dien vi ray dung Viet Nam so 5 giai
dorm 2011-2013
4. Photon phip nghien cfru

Plurcmg phip phan tich: Qua trinh phin tich c6 su dung phuang phap so sanh cac
so lieu, vi cac ti s6 tai chinh; dOng thin lien he v6i tinh hinh hoot dOng kith doanh qua
cac nam de &rill gia. Ngoiii ra, de tai can sir dung phuang phap thay the lien hoan,
phuong phap so chenh leech vi phuang phip Dupont de danh gia mirc d0 anh huong
cult cac nit t6 ce lien quan.
5. Kit cin bii khea hien

Bili ldukt Man &Km chia thinh 3 phin.
Chung 1: Lt hien chung vi hien qui sir dyng von cia doanh ngbitp.
Chasing 2: Thyr trying hien qui sit dyng von tai ang ty CO phin Co. dien
vi fly dierng Viet Nam s6 5.
Chuang 3: ChM phip Ming cao hien quit sir dyng von Ging ty C6 phin Cor
Men vi Xiy dying Viet Nam 36 S.

CHIA:ONG 1. IS LU4N CHUNG VE HI$U QUA Sir DUNG VON CUA
DOANH NGHI$P
1.1. IS luen chung ve van cis doanh nghifp

1.1.1. Mull nifm vi vin nit, doank nghifp
C6 nit nhieu quan niem khic nhau ye von. Vein trong cic DN la mOt quy tier to
dic hiGt. Muc tieu ciut quy la de phuc vu cho sin xuat kinh doanh, tirc la mvc dich tich
lily chuff kh8ng phii mvc dich tieu thing. X& tren cac gec dO khic nhau to c6 cac khii
niem khic nhau ve vOn.
Theo quan diem dm Mark - thin nhon dual g6c des ciia cac yeu t6 sin xuat thi
Ong cho ritng: "Van chinh li to bin, 11 gii tri dem loi gii tri thOng du, 11 mOt du vio
cis qui trinh sin xuat". Tuy nhien, Mark quan niem chi c6 khu we sin xuAt vet chit
mai to ra gii tri tilting du cho ne'n kinh 4. Day II mOt hp the trong quan diem ciut
Mark.
Con Paul A. Samuel, mOt doi dien tieu bieu ciut hqc thuyet kinh 4 hien doi cho
rang: Dat dai vit lao dOng lit cic yeu 4 ban du so khai con van va hang boa wain li yeu
4 ket qui cia qua trinh sin xuAt. V6n bao gam cac looi hang h6a lau ben duqc sin
xuat ra vi duqc sir dung nhu the yeu 4 du vio trong qua trinh sin xuat.
Trong cue& " kinh to hoc" cisa David Begg cho rang " Win duqc phin chia theo
hai birth thai li veal hien vot vi vOn tai chinh". Nhu vey, Ong da clang nhAt von Arai tai
sin ciut DN. Trong de:
- Von hien vet: Li di/ trit cic Wing hem di sin xuat ma sir dung de sin xuat ra cac
hang hoa khac.
- Van tii chinh: Li tien vit Si sari tren gay ciut DN.
Ngoai ra, ce nhieu quan diem khic nhau ve van nhung mqi qua trinh sin xuat
kinh doanh deu c6 the khii quit thanh
T ... H (Tu lieu lao dOng, Tu lieu sin 'cat) ... SX ... H' ... T'
De ce cic yeu t6 du vao (Tu lieu lao dung, Tu lieu sin xuat) phoc Ai cho hoot
dung kinh doanh, DN phii c6 mOt lucong flan ling trtnk, ltrqng tier img tusk nay pi
la van ctla DN.

V6y: "Vin kink doank mkt DN Id bib kiln bing din cite loin b4) gill tri thi
sin duvc hay Ong, sir dyng vd lima Ong sin nit kink thank nkim myc dick sink
lei."
(Ngudn: Lau Thj Hwang - Gido trinh tat chinh doanh nghiep - trang 57)

1


Nhung tien khong phii la von. NO chi tra thinh vim khi co di ck dieu kien sau:
Thter nhat: Tien phii dai dien cho mOt lacing hing hia nhat djnh, hay pith duqc dim
bio bring mOt lugng hing hia ci that.
Thir hai: Tien phii dugt tich qt vi tap trong den mOt lugng nhit djnh
The ba: Khi c6 di lugng tiin thi pith dugt v#n dung nhiim mac dich sinh
Tir nhUng vin tren ta thiy von ci mOt s6 d#c diem sau:
The nhAt: Von li hang hOa d#c biet vi:
- VOn la hing hia vi ne c6 gii tri vi gii tri sir dung
- Gii tri cua vein duqc the hien o chi phi ma ta ba ra de c6 duqc ni.
- Gii tri sir dung von the hien b viec ta sir dung ne de diu tu vio qua trinh sun xuit
kinh doanh nhu mua may mic, thiet bj, vat tu, hang hia.
- VOn la hing hia dac biet vi ni c6 str tich biet it ring gifra quyen sir dung vi
quyen ser hit no. Khi mua n6 citing ta chi ce the ci quyen sir dung chi khong ce
quyen sa hen vi quyen sec hem vin thuOc ye chi se hitu dm no.
The hai: Von phiti gin lien WA chi sa huru nhit djnh
Thir ba: Vtin phii luon luon van dOng sinh lbi
The hr: Von phii duqc tich ti top trong den mot lugng nhit djnh mai ce the phit huy
tic dung de du tu vio sin xuit kinh doanh.
Tay vio dtic diem sin suit kinh doanh ctia tong doanh nghiep ma ci mOt lugng
vim nhat djnh, khitc nhau gifta cic doanh nghiep. De gip plan !tang cao hieu qui sir
dung yen tai cong ty, ta can phin loci von di c6 bien phip quirt 15, tot hon.
1.1.2. Mic tam cuts vin

Khii niem ve von di duqc neu h phin 1.1.1, toy nhien den kh8ng phii li von. NO
chi ter thinh von khi hOi tu du the dieu kien sau:
The nhit: Von phii dai dien cho mOt ltrqng tai sin &tit djnh. CO nghia la von
phii duqc bieu hien bing gii tri tai sin hOn hinh vi tai sin vo hinh ctia DN nhu nhi
xtring, may mac, dit dai, bin quyen phit minh sing che,...
The hal: Von phiti v#n dung vi sinh lbi. Tien chi li clang tiem ning cia von. Di
bien thinh von thi tiin phii dua vio sin xuit kinh doanh vai muc dich shit kri.
The ba: Von phiii duce tich tu vi tap trung mOt lugng nhat djnh thi mai ci khi
ning phit huy tic dung khi din tu vio catfilth we kinh to dac biet trong linh we kinh
doanh. Do d6, de diu tu vao sin xuAt kinh doanh cic DN khong chi khai thic cic tient
Wing ve yen ma con phii tim citch thu hitt nguk yen nhu keu ggi gip von, him vein,
phit hinh co phieu, lien doanh.
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Thfr tin Win c6 gii tri vie mit thai gian, dieu nay cling co nghia la phai xet tai
yeu to theri gian tha von. Trong dieu Icien kinh to thj twang, do inh huang cum gia ca,
lam phat ne'n sire mua cum &mg tien o can then diem khan nhau cling khan nhau. Chinh
vi v3y khi guy& dinh be von diu to va xic djnh hieu qua do boat dOng diu to mang
lai, can DN phii xem xet den gia tri th6i gian cim von.
Thu. nim: VOn phai gin lien yeti chu so hau nhit djnh, von se khong duqc duo
ra de tau to khi ma ngtrai chu cOa no nghi ve mOt six diu to khing co Iqi nhuin. Vi
viy, khi vim duqc gin vai mOt chi, se Mu nhit dinh thi n6 mei duqc chi tieu hqp ly va
co lieu qua.
Thu. sin: VOn duqc quan them nhu mOt thfr hang hoa va co the duqc coi la the
hang hoa dic biet vi no c6 khining duqc mua bin quyen so hem tren thj truang von,
tren thj twang tai chink

1.1.3. Ph& lopi

win

De quan ly va kiem tra chit the viec thuc hien cac dinh mire chi phi, hieu quit sir
dung yen, tiet kiem chi phi 6 tang khau son xuit va Man doanh nghiep. din phai tien
hank, phan loai von, phan logi win co tic dung kiem tra, phan tich qua trinh phit sinh
nhUmg loai chi phi ma doanh nghiep phai b6 ra de den hanh sin xuAt kinh doanh. CO
nhieu each phan loai von, thy thuOc vim mil g6c dO ma to co cac each phiin loai von
khan nhau.
1.1.3.1 Can cfr theo dpc dam ludn chuyin trio yin

Theo 4c diem ban chuyen cos von thi von cua doanh nghiep bao gem hai loai
la yen km dung va von co djnh:
Von ea dinh: La bieu hien bang tien mkt Si sin co djnh. TSCD dung trong kinh
doanh tham gia hoan toast vao qua trinh kinh doanh niumg ve mat gia tri thi chi co the
thu 101 din sau nhieu chu ky kinh doanh.

VOn co djnh bieu hien dtrai hai hinh thii:
- Binh thtii hifn vet: D6 la Man b0 TSCD dimg trong kinh doanh cua cac doanh

nghiep. NO bao gem nha cira, may mom thiit bj, Ong
- Binh dull din tf: D6 la toast b0 TSCD chua khiu hao va von khith hao khi chin
duqc sir dung de son xuat, TSCD la b0 phin VCD de hoan thimh yang luin chuyen va

tra thanh hinh thai tien to ban diu.
Von km dung: La Neu hien bing tien cis TSCD va VLD. VLD tham gia hoiln
town vao qui thrill kinh doanh va gia tri c6 the tra lai hinh thu ban diu sau mei yang
chu chuyen mkt hang h6a. VLD ling vai loai hinh doanh nghiep khan nhau thi 'chic

3


nhau. DM WA doanh nghiep thuong mat thi VLD bao
khong djnh mac. Trong d6:

VLD djnh mirc vi VLD

— Von lint ilOng gni: mar: Li sty von t61 thieu can thiet cho boat dOng sin xuAt
kinh doanh ctia doanh nghiep trong Icy, n6 bao g6m von du tra vet to hang h6a vi von
phi hang Ma de phuc vu cho hog dung kinh doanh.
— Vin lint ilOng khong dinh mar: Li VLD c6 the phit sinh trong qua trinh kinh
doanh nhung khong c6 c>tn dr de firth toin djnh mac duqc nhtr lien giri ngin hang,
Vet tit,
thanh toin tien tam img .... Doi v6i doanh nghiep sin xuit thi VLD bao
nguyen nhie'n vat lieu, c8ng cu dung cu... li dau vio cho qui trinh sin xuAt kinh doanh
cos doanh nghiep.
1.1.3.2 Phan logi von theo nguan hinh theinh

V6n neu xet tir g6c dO hitt thanh tin tong ngu6n v6n cua doanh nghiep duqc chia
thinh hai log v6n chit sa hCru vi cic khoin nq phii tri:
Von chit sir hen: Li v6n thtujc sa hem cua doanh nghiep (doanh nghiep Nhi
nu& thi chit so hitu li Nhi mac, doanh nghiep to nhan thl chit sa huu la nhung ngueri
g6p v6n). !Chi doanh nghiep mai thinh lap, VCSH hint' thanh v6n dieu le, can e6 met
s6 nguan !chic ding thuOc VCSH nhu: Lqi nhuen khong chia, quy dau to phit then,
quy du phang tii chinh, chech !etch tS, gilt, dinh gilt lai tit sin...
Cic khoin nq cia doanh nghitp: Bao gom von chiem dung vi cic khoin nq
vay. V6n chiem dung the hien thin 130 s6 nq phii tri cho nguai cung cap, s6 phii Op
cho nem sich, s6 phii thanh toin cho an be cling thin vien ... Dec diem ctia log
von nay la doanh nghiep duqc sir dung nhung khong phii tri Ili. Cic khoin my vay

bao Totin 130 vOn vay Ngan hing (nq vay dii han, nq vay ngin han), nq tin phieu
ctia doanh nghiep.
1.1.3.3 Can cu theo Mai gian huy Ong va sir dung win
Can theo that gian huy dOng vi sir dung von thi nguiin von cita doanh nghiep
bao g6m:
NguOn von thireng xuyen: LA ngueon von mi doanh nghiep sir dung de tai try
cho town b .° tai sin co djnh ctia mirth. Nguon vOn niy bao gem von chit slr hUu vrl nq
dii han cunt doanh nghiep. Trong 46:
+ Ng dii ban: Li cic Idwan nq dii hat met nAm ho4c phai tri sau met ky kinh
doanh, khong phan biet 461 tuqng cho vay vi muc dich vay.
+ Nylon von tam that Day li ngu6n von dung de tai try cho tit sin km dOng
tarn that clut doanh nghiep. NguOn von nay bao g6m: Vay ngin hart, tarn (mg.

4

Thang Long University Library


Nhu v(iy, to c6:
TM sin = TSLD + TSCD
= Ng ngin han + Ng dii han + VCSH
= Vtin tam thin + Von thubmg xuyen.
1.1.14 Can cri theo pham vi huy clang sir dung win

Can car theo pham vi huy dOng sir dung von thi ngu6n vOn cua doanh nghiep bao
gem: Nguton von trong doanh nghiep va ngueon vOn ngoati doanh nghiep.
—Ngulin von trong doanh nghitp: la s6 vOn c6 the huy dOng dirge tir hog dOng
cua doanh nghiep nhu: tiers khan hao TSCD, lqi nhufm gitf lgi, cac Ichoan dv trft, chr
phong, khan thu tir thanh ly, nhugng ban TSCD.
—Ngulin von ben ngoli doanh nghifp: Li ngulin vOn ml doanh nghiep co the

huy dOng tir ben ngoli nhAm dip ling nhu au vOn cho hog dOng sin xulit kinh doanh
nhu: vay ngin han, vay ciut the t6 chic kinh to khac. Ngoli ra, doanh nghiep can c6
the c6 the ngutin vOn khac nhu ngu6n vOn FDI, ODA.
1.1.4. Vai trb ctia

win 141 vdi hopt diIng sdn xuilt kink doanh mitt doanh nghifp.

Ngued to thuling nei "Buon tai khong bang dai win" de they dirge tam quan trqng
cua von doi v6i mei doanh nghiep.
Cac doanh nghiep dli hog dOng theo m8 hinh nao, to hay rib!) thi mOt nhu au
kh8ng the thiiu duqc d6i vai ck doanh nghiep d6 la vim. NO la den de cho qua trinh
hinh thanh vi phat triers coa doanh nghiep. CO the thiy r8 dieu nay khi mai bit din
thanh 1#p doanh nghiep, khi di clang Id giiy phep kinh doanh mei doanh nghiep pith
chimg minh dirge s6 von cgs DN c6; khi bit toy vtio sin xuat kinh doanh DN cling an
ce vein de xay dung ca s6 ha tang vi ghat tries quy m8...
Chinh vi tam quang tong cfm von trong DN nen ne dang vai Ire to 16n vi ducyc
the hien qua cic mat sau:
thi dieu kien du den la DN phial ce
Vi m#1 phip
Mgt DN khi mu6n thanh
mOt lugng von What djnh ml hrgng von nay tta thieu pith bAng lugng von phip djnh,
khi da dja vi phap ly caa DN mei dirge xic 14p. Trong trubng hqp qui trinh hog dOng
kinh doanh, von DN khong dot duqc dieu kien ml phap luot quy djnh, thi kinh doanh
d6 se bi cham dirt hoot dOng nhu: Phi sin ho#c sap nhfip DN. Vi du nhu DN c6 s6 von
kh8ng qua 10 tY clang vi s6 lao dung birth quan aim khong qui 300 ngtreci la DN vita
vii nho.
Nhu v$y, c6 the xem von la mOt tong 'thong cc ser quan tong de dam bao sv ton
tai to each phap than caa mOt DN truck phip

5

Trong hoot dOng sin xuAt kinh doanh, von II mot trong tilting
yeu to quyet djnh sv ton tai vi phit trien &a DN. NO khong nhimg dim ha° kha nAng
mua slim may mac thiet bj, cling nghe de phvc vi cho qua tranh sin xuAt ma con dim
bio cho host dOng sin xuAt kinh doanh duct din ra thubng xuyen vi lien tic. Vi dv
Au cong ty xay clang can von de nhon thiu mot dv in mai khi dv in cii chua dupe
quyet toin; neu cong ty kheng di von se ler met ca hOi kinh doanh. Von dim bio cho
qua frith sin xuAt kinh doanh din ra lien tic, gulp DN fling cao khi riling earth tranh
tren thi throng clic biet trong giai (loan hien nay — mOt nen kith to phat trien theo xu
htremg toin ciu h6a, hOi nhop. Dieu niy c6 the thiy TO khi so sinh gitta cic DN mak
ngoii vi cic DN nOi dja. Cac DN nu& ngoii thubng c6 so von Ian hon DN nOi dja rat
nhieu, do de khi earth tranh cling thi DN trong nu& thubng bj yeu the. Ngoii ra, von
con la mot trong nhttng dieu kien de s* ding cic nguOn dem nimg hien co vi ttrcmg lai
sire lao dung, ngu6n hang hOa, mO rung vi phat trien tren thi trutmg, ma tong Iuu
thong vi tien thi hang h6a.
Vi null kink

ve

Trong qua frith sin xuit kinh doanh, vim tham gia vao tit ca cic lchau tir sin
xuAt den tieu thi vi cued cimg ne lai tro ye hinh that ban diu. CO the minh chimg di&
nay trong mot chu frith kinh doanh cia mot sin phim nhu kgo binh. Diu lien DN an
vOn de mua cic nguyen lieu diu vio nhu bOt, trirng„ sia...de sin xuAt ra thinh phim
hoin chinh; trong qua trash sin xuit nay DN cling pith c6 ties de chi trit cho lvc lining
lao dOng; khi DN ban sin phim ra ngoii tin DN lai thu von ve vi ket thitc quy Minh.
Nhu viy, sv lam chuyen vim giip DN thvc hien duqc host dOng tai sin xuAt vi
tai sin xuAt ma rung Goa minh.

1.2. Hieu qui sib dung vOn can doanh nghiep.

1.2.1. Mull niem hifis qud sir dang yen ciw doank nghifp.
ViOc sir clang van c6 hieu quit mang lai Iqi fch cho chit diu tu, cho ngtthi lao

dOng vi cho ci xi hOi.
MOt DN sir clang vOn c6 hieu qui tirc la bio toin duqc dong von hien co vi lim
ding
sinh lbi dOng vein Ay. Dieu niy giip DN tao duqc long tin nhim huy dOng vOn
de ma tong sin xuAt, hien dai Ma may mem duet bj, phit trien kinh doanh. Nit da, ttto
ducat cong an viec lam, thu nhip On djnh cho ngutri lao dOng, tang thu cho nein sach
nhA nu6c.

a

Hieu qui sir ding vein thubng bj hieu nhim lit hieu quit kinh doanh nhtmg thvc
chit ne chi la mot met coat hieu qui kinh doanh, song It met quan tang nhit. NO phis
anh frith dO quart lSr vtl sir ding vim trong viec tot da has ket qui lqi ich vi toi thieu
h6a so von vA thei gian std dung, theo cic (Ulu kien ve ngu6n hrc, xac djnh phi hap
vei mvc tieu kinh doanh cita timg DN trong timg thbi IcS , thit djnh.
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Hieu qui sin xuAt kinh doanh ciut DN duqc danh gia thong qua viec luting Ma
cac yeu to diu ra, dau vio vi so sanh quan hg gifra chting. Hay noi cach khac hieu qui
kinh doanh cua DN phii duqc xac djnh bAng thuac do tien te.
Ket qui lqi ich too ra do sir dung yen phai thea man 2 you cau: Dap Ung duqc lqi
ich cim DN, lqi ich cim cac nhi dau to a mirc mong main cao nhAt dong th6i nang
duqc lqi ich ctia nen kinh to xa hOi. Trong nen kinh 4 thj truing hiOn 4i, bat kSr mOt
DN nao hog dOng kinh doanh mang 10 nhieu lqi nhuon cho mirth, nhung 10 lam ton

hai den lqi ich chung cila nen kinh to xa hOi se khang duqc phip hoat dpng. Nguqc 131,
neu DN de hog dOng dem lai lqi ich cho nen kinh te, con bin than bi 16 von se liun
cho DN bi pha sin. Nhu vAy, ket quit to ra do viec sir dung vein phii la ket qua phis
hop von lqi ich cua DN vi lqi ich cua nen kinh to xa hOi.

VAy"Hieu qud sir dpng yin la m(it phpm trio kink ti phtin dish Irish 4, tang
Arc khai fink vd sir dpng yin, tai sdn flea DN vdo hops ding sdn nit, kink doanh
nhtim mpc situ tai da h6a 10 ids vet di than boa chi phL "
(Nguiln: Diu Thi Huang - Tai chinh doanh nghifp - trang 247)
Trong qua trinh sir dung v6n, de dot hieu quit cao, DN an phii giii quyEt mOt so
van de sau:
The nhat: Dim bio tinh tiet kiem, c6 nghia la yen cua DN phii duqc sir dung
hop ly, dung muc dich, tranh lang phi yen hoc di von kh8ng sinh
Thti hai: Phii tien hanh dau tu, phat trien ci chieu sau vi ma rang quy ma sin
xuAt kinh doanh khi can thiet.
7hti. ba: Can phai dot duqc cac muc tieu de ra trong ke hooch sin xuAt kinh
doanh, hieu qui sir dung vein la muc tieu quan tong that ma DN an dot tot
1.2.2. Thong tin sir (king di phan tick hifu gad sir dpng

yin trong doanh nghiep.

Khi phan tich hieu qui sir dung v6n, ngoai viec sir dung cac se lieu tai chinh tir
cac bao cao tai chinh cim DN nhu Bang can din ke toan, Bao cao ket qua hog dpng
sin xuat kinh doanh, Thuyet mirth bao cao tai chinh...cac nha phan tich can can cir
vao cac thong tin tai chink thong tin kinh te, vi thong tin thong
nguen
kirk de ce nhftng Ethan djnh va danh gia chinh xtic ve hieu quit sir dung vein colt DN,
cfmg nhu trinh dO sir dung cac nguan lye cult nha quan ly
Thong tin trong doanh nghitp:

— Bang can del ke twin: lit bao cao tai chinh mo tit firth tong tai chinh ciut mOt
doanh nghiep toi mOt thin diem nhAt djnh

7


- Bao cao kat qua san xuit kinh doanh: la boo cao tai chinh phin anh ket qua host
dOng san xuit kinh doanh cua doanh nghiep. Bao cao kit qua san xuat kinh doanh
dirge lip de tip hop doanh thu, chi phi, xac djnh ket qua kinh doanh dat duqc trong ki.
Bao cao tai chinh dirge trinh doanh bay hit sec tong quit, phin anh mgt each
tang quan nhit ve tinh hinh tai san vi cac khoin ng, nguen hinh thanh van, tinh hinh
tai chinh sung nhu ket qua host dOng kinh doanh trong cac DN. Bao cao tai chinh cung
cap nhftng thong tin kinh to tii chinh chit yeu de danh gii king hqp ket qua kinh
doanh, thuc trong tai chinh cua DN trong cac k9 boat dOng giep cho viec kiem tra,
giam sat tinh hinh se dung van va khi niing huy clang yen vio sin xuit kinh doanh dui
DN.
Thong tin ben ngoii:
- Rang alai coa moi truing kinh to vi m6 xac djnh su lanh manh, thinh wog cith
nen kinh tit, n6 luan gay ra nhang toe dOng den cac DN va cac nganh. Vi the, DN phii
nghien cfru mai twang kinh to de nhin ra cac thay dal, cac khuynh hireng va cac him
chien luqc caa hQ.
- Chinh sach thue dugc dat ra khang chi nhilm mang 1a so thu don than cho ngan
sach ma yeu eau cao hcm la qua thu g6p phin thgc hien chat fling viec hem kit, !dem
soot, quan 19 hueng din vi khuyen khlch phat trier sin xuit, me ring lw thong dOi
yen tit ca cic thinh phin kinh to theo huOng phat trien caa kit hoach nha mac, gap
phin tich cut vio viec dieu chinh cac mat mit can dei I6n trong nen kinh to quk din.
Vi viy, chinh sach thue thay del se anh hi:Ong den cling tic hach town kit tan vi cac
chi tieu kinh to ma don vj dang ap dung.
- Chinh sach ve lai suit: thay del se anh hu?mg den thu nhap tii chinh curt khoin
tier geri ngan hing, met dO thuon lqi hay kh6 khan coa viec vay von, s6 luqng tien

dirge vay nhieu hay it, vi chi phi till chinh caa don vj di vay.
- Nganh nghe kinh doanh: Trong nen kinh to hien nay, nhu eau cua thi throng ve
cac hang ltha dich vu la rat da dang vi phong ph6. San phim san xuit ra muan fieu thy
dirge thi phii dap (mg dirge 3 tieu chi co ban caa thj triamg la chit lucing tot, gia thinh
ha, phi hop v6i thj hieu va thu nhap elm da s6 ngtrtri tieu dung. De dip erg dieu nay
doi hal cic DN phii lira chip &mg nghinh nghe kinh doanh de phat huy the math cell
minh tao sire quill tranh cao trong thi

1.2.3.

Phuong phdp phlin tick hien gud sk dpng win trong doanh ngkifp.

1.2.3.1 Phucmg phap phon tich ti le
Phuong phap nay dua tren chain mire cic t9 li caa dai luqng tai chinh. Ve
nguyen tae phuong phap nay yeu ciu phii xac dinh duqc cic nguang, cac mire de
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nhOn xet, danh gia tinh hinh tai chinh cim DN, tren co ser so sanh cac ts, lg DN yeti cac
ty lg tham chieu.
Trong phan tich hieu qua sir dung von, my theo cach tiep con van de & lchia canh
nao cac tY le &gm phan chia thinh cac nh6m dk trtmg. Trong moi truOng hqp lfithe
nhau, tut' theo g6c do phan tich, ngu&i phin tich lira chun cac muc tieu khac nhau.
trong bai nghien dm nay, cac tY le ye hieu quit sir dung von duqc phan tich thanh ba
thorn la chi tieu lit : Hieu quit slim dung T6ng von; Hieu qua sir dung VCD vi Hieu qua
sir dung VLD.
1.2.3.2 Phurmg phdp so stinh

Ve nguyen tic, voi phucmg phap phan tich tt le, an xac djnh duce cac ngutmg,
cac ts, se tham chieu. DE danh gia tinh tang tai chinh cim mOt DN can so sank can so
sixth cac ty se cua DN yeti cac chi s6 than chieu. Nhu vOy phtrcmg phap so sanh luon
lute duqc kit hqp veri phtrcmg phap phan tich tt le.

De ap dung phuong phap so girth an phiti dam bao cac dieu kien so sanh duqc
cim chi tieu tit chinh (thting rthit ye lchong gian, thin gian, nOi dung, tinh chit vi don
vj tinh va theo muc dich phan tich ma xac djnh g6c so sanh. Gtic so sanh duqc
chun la g6c ve thtri gian, ky phin tich duchy gui la ky bao cao hoc ky k'e hooch, gifi trj
so sanh c6 the do bimg gia trj tuyet doi hok s6 binh quan. NOi dung so sanh gem:

➢ So sanh gigra s6 thtrc hien ky nay veri se thyt hien ky tuft de" thay reS xu huang
thay d6i ve titi chinh DN, dinh gia sir suy giitm hay su giam sat trong hog dOng
san xuit kinh doanh de c6 bien phitp khic phuc trong ky tai.
> So girth gitta se lieu cim DN v6i s6 binh quart cim nganh, coa cac DN khac de
danh gia DN minh tot hay xiu duqc hay khong duqc.
> So sanh chieu cluc de xem xtt ty trong cua trimg chi lieu so yeti ding the, so
sanh chieu ngang ciut nhieu ky de thay duqc st ir bien dOng ca ve s6 twang d6i vit
so tuyet d6i cult mOt chi fieu nito de qua cac lien t10 kt toan lien tiep.
1.2.3.3 Phtaing phtip Dupont

Phucmg phap Dupont la phucmg phap phap tich dua tren mei quan he twang ho
giera cac chi fieu titi chinh de bien doi mOt chi fieu tong hqp thinh mOt ham se cult mot
lost cac bien s6. Ching han: titch chi lieu " He s6 khit &Mg sinh lbi cim VCSH" (ROE)
hay " He s6 kith nAng sinh leri dm di sin" (ROA),...thanh tich so cua chwii cite he s6
co m6i quan he mot thiet yeti nhau.
LNST

DTT

ROA =
DTT

Vag TS
9


Nhin vio ben phii ta they 56 vong quay ciut tai sin cing cao chimg to sire sin
xuit cim cic tii sin cing nhanh, d6 Ii nhin t6 Ling sire sinh ltfi elm tai sin, yang quay
cua tai sin bj kill hterng b?ri nfrang yOu
—TOng doanh thu thuin ding Ion so Wing quay cling nhieu
—TOng tai sin cling nhei , 56 yang quay cing nhieu
Ben trii cho biet nherng ratan t6 Ann htremg den tj , suit sinh 16i cim doanh thu
thuin, DN mu6n Ling tS, suit sinh 16i cua doanh thu thuin thi phii ceo bien phip de
nang cao doanh thu vi giam cac Ichoin phii trir.
LNST

DTT

TOng TS

ROE —
DTT

Tiring TS

VOn CSH

Nhu voy qua khai trim chi tieu ROE chimg ta c6 the they chi tieu nay duqc eau
thinh beri ba ytu to chinh la Iqi nhuon rang bien, Wing quay tii sin vi don biy tai

chinh co nghia la de tang hieu qui sin xuit kinh doanh (tire 11 gia tang ROE) DN co 3
sir Iva chon cu bin li tAng mOt trong ba yeti t6 tren.
Thin nhit DN c6 the gia tang khit nang conh tranh nhim Ming cao doanh thu vi
dOng thin tiet giitm chi phi nhim gia tang lqi nhu$n rang bien.
Thu hai DN c6 the nang cao hieu qui kinh doanh bang cacti sir dung tot hon cic
tii sin sin ce cim minh nhim fling cao Wing quay tii sin. Hay not mOt each de hien
him la DN can too ra nhieu doanh thu hun tfr nheng di sin sin co.
Thir ba DN c6 the nang cao hien qui kinh doanh biing each Tian cao den bay tai
chinh hay not each khic la vay no them von de du tu. Neu mire lqi nhuon trot' ding tii
sin cua DN cao hcm muc lAi suit cho vay thi viec vay tien de du to cim DN la hieu
qui.
(Ngutin: btu Thj Huang - Tai chinh doanh nghidp - trang 54)

1.2.4. CM thu think gib hieu qud sri bung van cria bank ngliiep.
Trong qui trinh sin xuit kinh doanh, mOt DN to ra cic sin phim vi dich vu c6
sire fieu thu 16n, thi tru6ng ngay cing on djnh vi ma rOng, nhu eau elm lchtich Wing
ngity cing 16n thI duong nhien la can nhieu von de phit then kinh doanh. Do 46, neu
cling tic quip tri vi dieu hinh khong tot se inh huOng den hieu qui hoot dOng sin xuit
kinh doanh vi c6 !chi dim DN den chg phi sin. BE dinh gia chinh xic hien quit sir
dung von cos DN ta dua vio cic chi tieu sau:
1.2.4.1 Chi tieu danh gib chung

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- Hieu suit sir diking von kinh doanh
Doanh thu than

Hieu suit sir dung vim

Tong tai sin binh quart
Hieu suet sir dung tong von cho Wit *It d6ng vim durqc DN dau to vao tai sin
dem 10 may d6'ng doanh thu than. Hieu suit sir dung von can 16n, trong cic dieu
Icien khfic kMng d6i co nghia la hieu qui quin ly tan bo tai sin cang cao.
- Doanh Igi von CSH (ROE)
Doanh lqi vim cho sa hfru = Lqi nhu$n sau thue
Von CSH binh quart
Chi tieu nay phin anh mOt thing vim CSH too ra bao nhieu thing lqi nhu$n sau
thug. Chi tieu nay cling cao thi hieu qui sir Mpg von cang cao. Chi tieu nay dirge xac
djnh bang catch chia thu nhOp sau thue cho VCSH. NO dirge cac nha dau to d#c biet
quan tam khi ho guy& djnh bo von diu to vim DN. Tang mire doanh lqi VCSH la mire
tieu quan tong nhit trong hoot dung quan 1, OM chiral DN.
Cfmg nhu
se lei nhu$n tren tai sin, t9 so nay phu thuOc vao theri vu kinh
doanh. Ngoii ra, no con phu thuOc vilo quy m8 vi mire tI0 rui ro cim cong ty. De so
sinh chinh xic, can so sixth t9 s6 nay dm mOt cong ty co phial yeti ty s6 binh wan cis
train nganh, hooc voi t9 s6 cis cong ty Mang dining trong ding nginh.

Ty s6 lqi nhu$n tren vim chi so httu hay dtrqc dem so sanh voi t9 so lqi nhu$n
tren tai sin (ROA). Neu t9 s6 lqi nhu$n tren von chi sec hair Ian hcm ROA thi co nghia
la don biy tai chinh ciut cong ty da co tic dung tich cue, nghia la ding ty di thanh
cong trong viec huy dOng von cua co d8ng de kiem lqi nhu$n voi t9 suit cao hem t9 le
lien lai ma ding ty phai tra cho clic co (long.
- Doanh hyi tong thi sin (ROA)

TS, s6 nay dirge tinh ra bing rich !Ay lqi nhu$n rang (hoirtc lqi nhu$n sau thus)
ciut DN trong ky bao cao (co the lit 1 thing, 1 quy, nits nam, hay mOt nam) chia cho
binh quan tong gia trj tai sin dm DN trong cfing k9. SO lieu ve lqi nhu$n rang hoc lqi

nhu$n tuft thug duce liy tir bao cio kit quit kinh doanh. COn gia trj tai sin duqc lay
tir bang can r161 ke Wan.
Doanh lqi tong tai sin = Lqi nhu$n sau thusva lai vay
Tong tai sin binh quan
11


Neu t9 s6 niy Ian hart 0, thi ce nghia DN lim An co 1M. T9 so cing cao cho thiy
DN lim An cing hieu qui. Con neu t9 so !the hon 0, thi DN lim An thua 16. Mire Ili
hay 16 duqc do bang phin trim ciut gii trj birth quirt tang tii sin cita DN. T9 so cho
biet hieu qui quip 19 vi sir dung tii sin de tao ra thu nhip dm DN.
T9 se lqi nhuin rang tren tii sin php thuOc vio mita vu kinh doanh vi nginh
nghe kinh doanh. Do db, ngubi phan tich tai chinth DN chi sir dung t9 56 niy trong so
sanh DN yeti binh wan thin nginh hoic vii DN khic cling nginh vi so sinh cling mOt
tiled k9.
1.2.4.2 Chi tieu dinh gici hifu quci se dung vein co" djnh
— Hieu suit sir dyng von c6 dinh
Doanh thu thuin
Von co djnh sir dung birth quart trong kt
Chi tieu nay phin inh mOt dOng VCD duqc diu to vio sin xuit kinh doanh dem
lai bao nhieu don vi doanh thu. Chi tieu nay cing len chimg to hieu suit sir dung VCD
can cao.
De dinh gii dung mire ket qui quirt 19 vi sir dung VCD cua timg 1(9, chi tieu
hieu suit sir dung phii duqc xem xet trong mai lien he vii chi tieu hieu suit sir dung
TSCD.
Hieu suit sir dung vent co djnh =

—Hieu suit sir dyng tali sin co dinh
Hieu suit sir dung tii sin co djnh

=

Doanh thu thuin
Nguyen gii TSCD binh qu'i'n
Chi tieu niy phin inh mOt dOng TSCD trong ky tham gia t4to ra bao nhieu dong
doanh thu thuin. Thong qua chi tieu nay cling cho phtp dinh gii trinh dO sir dung
VCD dui DN.
(Nguan: PGS. TS Nguyin Dinh Kifm viz TS. Bach Dec Hiin - Gilt° trinh tai
chinh doanh nghlep - trang 81)
1.2.4.3 Chi tieu dtinh gici hi fu qua su dung von btu dOng
—Wang quay von ku dung
Vong quay van luu dung = Doanh thu thuin
VLD binh quit
Wong quay VLD phin inh trong 1c9 VLD quay dirge may Wing. Neu so yang
quay cing nhieu chimg to hieu qui sir dung VLD cing cao.

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—Hien qui sir titling van luu dOng
Lqi nhuan sau thut
Van luu dOng binh quan
TS, suit Iqi nhuan tren VLD li mOt chi tieu tang hqp phin anh mOt (ging VLD
mang vio sin xuit kinh doanh trong ky se mang 13i bao nhieu dang lqi nhuan. TS, suit
nay citing cao thi hieu qui sir dung VLD cling tot vi ngtrqc lai.
Hi'Ou qui sir dtmg von km dOng =

—Wong quay hing Mn kho

Gii van hing ban
Hang ton kho binh quin
Chi tieu nay phan anh s6 Wong luan chuyen hang tan kho trong mOt that ky nhit
djnh. Qua chi tieu nay gulp nhi quin tri tat chinh xic djnh mirc dtr trft v#t ttr, hang boa
hqp 1St trong chu ky sin xuit kinh doanh. So Wing lukt chuyen cling cao thi vi0c kinh
doanh &Km dmnh gia cling tot.
SO Ong quay hing tan kho =

—V6ng quay cic khoin phai thu
Doanh thu
S6 du birth quan cic khoin phii thu
Vong quay cic khoin phii thu phin tinh tOc do chuyen doi cic khoin phii thu
thinh tien mat ciut DN. Wing quay cling lam, chug to thc d0 thu hat cic khoin thu la
tat.
(Nguiln: Luu Thj Huang — Gitio trinh tat chinh doanh nghlep — trang 249-251)
1.3. Cic nhan to inh hustling tei hieu qui sk dung von tui doanh nghilp.
\fang quay cic khoin phii thu =

1.3.1. Man hi kilin soot dupe
Nhin to nay g6m nhiEu yeu to tic dOng true dip den ket qua cuOi cling dm hogt
dOng kinh doanh ca ve tram mit cling nhu Mu did. Bei vay, vi0c xem x6t, dinh gii vi
ra quyet djnh di vet cic yeu to nay aim Icy quan trong. Th8ng thutmg, trot gec 40
tong quit, ngu&i to xem xet nheng yeu t6 sau:
— Nganli nghe kinh doanh:
Nhin to nay too ra diem xuit phit cho DN cling nhu djnh huong cho n6 trong
snot qua trinh tan tai. Vat mOt ngtinh nghe kinh doanh di duqc chgn, chi DN buOc
phii giii guy& nhitng vim di diu tien ve tui chinh bao
+ Ca du win hqp ly. VI dg nhu mOt Ong ty c6 20% veal 1a VCSH vi 80% von
con lai lii nq phai tri.
13

+ Chi phi von ctia cong ty bao nhieu la hqp Ur de gift kh8ng lam thay d6i s6 Iqi
nhufm dinh cho chit set hit cong ty.
+ Ca catt tai san &dm Mu to thu the ntlo thl hqp 1ST, mirc dO hien dai so ved doi
thu earth tranh den dau.
+ Nguttn tai trq dtarc huy dOng tir dau, c6 &to dam lau dai va an tan khong. Cac
ngulin nay co the la vay tat cac ngan hang thuang mai hoic cac t6 chirc tin dung lchac,
Ming co the la huy dOng tir cac co (long.
+ Ngoai ra, qua ngiuth nghe kinh doanh, DN con ce the to xac djnh (kw mfrc dO
lqi nhuan dat duqc, lcha Ming chi'e'm finh va phat trien thj throng trong Wang lai, sv d6i
mai va da clang hem san pham kinh doanh... di c6 ke hoach b6 tri nguOn lvc cho phtl
hqp.
- Lao dOng:
+ Trinh dO quart 19 dm linh dao: Vast trb cua ngtdri lath dao trong san xuat kinh
doanh la rat quan tong, the hien a sv ket hqp mOt cach tot uu va hai hea gifts the yet]
to cua qua tranh sin xuat kinh doanh, nham giant nhimg chi phi kh8ng an thiet, dong
thOi aim bat nhang ca hOi kinh doanh, dem lai cho DN sv tang ten va phat triin.
Cic v1 tri lanh dao can la ngtari ceo kinh nghiem, biet tao mai tnrong lam viec tOt cho
nhan vien cap dual.
+ Trinh dO tay nghe cua ngtrbi lao gong: The hien a kha nang tim tbi sing tao
trong cong viec, tang Ming suit lao dung, ming cao hieu qua sir dung von. Cong ty can
dua ra yeu eau vi du nhu tOt nghiep dai hqc hay cao ding, bang 100 gi, hay s6 nim
kinh nghiem....
- Cung Cmg hang hem: la qui tint' t6 chirc ngtt6n hang cho host dOng ban ra bao
Om hoot &Ong mua vi du Ut.
D6 dim bao viec kinh doanh va bleu qua sir dung von, mua hang phi' dim bao
chi phi tOi au tut la phai ha thip gii thinh sin pham diu vao. Mix tieu chit ltamg
trong mua hang la phiti plat hqp voi chi phi be ra va thu eau cua thj trtamg vOi ldul
nang thanh toin cua khich hang.

Do hot* dOng bin hang Ow thuOc vao doh thbi vu mem tieu dung vi sv bien dOng
cua sac mua, clang then trong hottt dOng san xurit kinh doanh luon co nhcrng cu heti
xuit hien mOt cich bat net nen doi heti DN phai luon ce mOt mgt hang dtr Ut thich
hqp de dim bao firth lien tic va tenth ling phi trong qui With salt St kinh doanh.
+ Ban hang hay tieu thu sin pham:
La khan guy& djnh den hien qua kith doanh CCM DN trong de viec xac djnh gii
ban t6i uu het sirc plarc tap, the hien rat re, tranh dO vi nang lvc t6 clam kinh doanh cim
DN.
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—Trinh dO quirt 1St vi sir clung nguan van:
Day la titian to firth huirng bye tiep den hieu qui sir dung vim dm DN. C8ng cu
chit yeu de quan ly cic nguen tai chinh li he dieing ke tom tai chinh.
Neu cong tic Ice toil., khong dugc thuc hien tot se din den mit mit chitm dung,
sir dung khong dung muc dich...gay Bing phi tai sin. Han nua viec sir dung vim con
dugc the hien thong qua phuong in diu to vi co du vein du hr. viec ltra chun khong
phit hqp va dau to von vao cic Arc khong hqp 1St se an den tinh trang vim thira
lai vita thiau van, gay Ar dung, hao but mit mit lam cho hieu qui sir dung van rat thip.
—Mai quan he cha DN:
Mai quan he nay dugc dat tren hat phuung Bien la quan he gifta DN yen khach
hang vi mei quan he gifta DN yeti nha cung cap. Dieu nay rat quan trQng bin no kilt
huong tai nhjp dO sin xuit, khi nang phan phai sin phim, !wog hang hem tieu thu...la
nhftng yin de truc tiep tic dOng tot lqi &man dm DN. Neu DN ce mei quan he tot dei
vii khich hang vi nha cung cap thi no se bio dim Prang lai lau dai cho DN bin du
vao dugc dim bio dau du vi sin phim lim ra duct tieu thy het. De dugc vay, DN an
phii c6 ke hooch cu the de duy hi nhftng 13kut hang lau nam tai vim tang cuing them
nhemg but hang m6i. Bien phap ma mei DN de ra kh8ng giong nhau ma can phu

thuOc vao tinh hinh hien tai cua timg DN. Mumg chit yeti la the bien phap nhu: din
m6i quy trinh thanh town thuan tien, mir rung mpg Wed ban hingvi thu mua nguyen
vat lieu, da dung hoa sin phim...
Tren day II nhftng nguyen nhan chit yeu lam inh huong ten hieu qui sir dung von
dm DN. Ngoid ra con c6 the c6 nhieu nguyen nhan khac tuS , thuOc vao nganh nghe
kinh doanh cu the ctla mei DN the DN cli ► nghien ciru, xem xet timg nguyen nhan de
hkm cht mOt cach tin da nhftng hall qui xiu c6 the xiy ra, dim bio cho viec to chirc
huy dOng fitly dit kip alai vim cho nhu car sin xuit kinh doanh ding thin lam cho hieu
qui stir dung yen ngay ding tang.
1.3.2. Nh fin 14 khOng the kiim so& therm
—M8i truing hr nhien:
LA tan b0 cac yeu to to nhien tic dung den DN nhu khi hau, thin tiet, mei
truing. Khoa hue cling phit hien thi con nguiri cling nhan dint dirge ring hi, la mOt 130
phan khong the tach red dm to nhien. Cic dieu kien lim viec trong moi throng to
nhien thich hqp se tang nang suit lao dung vi tang hieu qui cong viec. Tinh thin vu,
thi'en tai, 10 Wt... gay kh6 khan rat 16n cho nhiiu DN. Vi du nhu cic DN sin xuit Mi
cic Whig hay xiy ra thien ai nhu mien Trung hang nam deu phii dai mat vii nguy cc
thiet h3i ve ay so han tang, may m6c...
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— Moi throng kinh
Li tic dOng ctla the yeu to nhu tang twang kinh 4, thu nh#p (laic din, lum phit,
that nghiep, 116 suit, ty gii h6i doii.... den the host dOng kinh doanh dm DN.
+ The dO tang trudrng dm nen kinh th:
Do tic dung cita nen kinh 4 tang trading chum nen sue mua cua thj trifling bj
giim silt. Dieu nay lim inh hirdmg den tinh hinh den thu cua DN, sim phim tits DN
se ldth tieu thu han, doanh thu se it han, lqi nhu#n giim sit vi nhu the se - lim giam
hieu qui sir dung von.
+ Anh Wing ctia ism phit:

Trong nen kinh to thj trubng, do tic dung ciut lcun phit, sirc mua Gila ding lien bj
giim sut dim den sit tang gii ciut cic losi hang hoa, vet tit... Tir de lam anh huong den
hieu qui sir dung von ctia DN.Trong dieu kien nay, DN an co sit dieu chinh kip thdri,
hop ly nham bio town von kinh doanh. Vi du nhu atm 2010 ism phit cita nudic to la
11,75% tang 9,19% so vii ram 2009 Milan gii thanh cic loai mat hing deu tang.
—MIN truing phip
Li he thong the chit truing, chinh sich, he thong phip lutjt tic (long den host
dOng kinh doanh ciut DN.
Tren ca so phip lu$t kinh 4 vi the hien phip kinh te, nhi nu& tao moi trubng
dieu hinh cho cic DN phit trien sin xuat kinh doanh vi hiding cic host tong de theo
ke hooch vi ma. Vdri bit Icy sit thay dui nio trong the do chinh sich hien hail deu chi
ph6i the ming host dOng cita DN. Cic van bin phip lua‘t ve tai chinh, ve quy the dau
to nhu cic quy djnh ye trich khiu hao, ve ty l'e trich lop cie quy, cic van ban ve thue
deu inh huong len tai host dung dm DN.
—MI6 trutmg chinh trj, van Ma:
Tat ci moi host dOng cua DN deu larding ten khich hang. Do do cie phong toe
t$p quin cua khich hang se inh hiking true tiep ten host tong kinh doanh cos DN. Neu
DN host dOng trong moi truing van Ma lanh mph, chinh trj On djnh thi hieu qua sin
xuat kinh doanh se dirge nang cao.
—M8i trubng khoa hoc Gong nghe:
Li sit tic dOng ciia cic yeu to flint tranh dO lien bO ctia MKT, cong nghe.
Trong dieu kien hien nay,chenh loch ve tranh dO cong nghe giaa cic nudic rat km.
DN mutn kinh doanh co hieu qui thi can phii dim bat duqc cong nghe hien dsi vi
cong nghe hien &A se giop DN tang tiling suit, gitun chi phi, ning cao chit luqng
sin pham, ning cao tinh csnh tranh...
—Moi trubng conh tranh:
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