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PHÂN TÍCH CƠ CẤU VỐN TẠI CÔNG TY CỔ PHẦN X20

BO GIAO DVC VA DAO TAO
TRIJIING DAI HQC THANG LONG
---o0o---

KHOA LUAN TOT NGHIEP

BE TAI:

PHAN TICH CAU VON TAI
CONG TY CO PHAN X20

Giao vien h•oug tem
Sinh vien thtyc hien
Ma sinh vien

ThS. Ngo Thi Quyen
Phan] Anh Phtrang
A17058

Chuyin nganh


Tai chinh - Ngfin hang

HA NO1— 2013


LEI CAM ON
Tnrac tien, em mu6n giri 16i cam an chin thanh nhAt den giao vien huang an giang vien Ngo Thi Quyen, ngueri da tin tinh chi bao va huerng din cho em trong su6t
th&i gian thirc hien va hoan thanh khoa luin tot nghiep.
Ben canh do, thong qua khoa luin nay, em ding cam an cac thAy c6 dang giang
day a tnremg Dai hoc Thang Long, nhimg ngueri da mang 14i cho em mOt nen tang kien
thirc can ban nhAt de co the nhin thirc va phan tich dirge nhang vAn de, s6 lieu lien
quan den kinh te, tao nen tang ve chuyen nganh hoc de em co the hoan thanh de tai
nay.
Em cling xin cam an tai dan vi thirc tip, dic biet la cac anh chi trong phong Tai
chinh - ke toan a nhiet tinh giap d6 em trong viec cung cap va Op nhit s6 lieu, thong
tin dm dan vi trong su6t thin gian thtrc hien khoa luin.
Cu6i ding, em chin thanh cam an gia dinh va ban be da Ong vien, tao dieu kien
de em có the hoan thanh khoa luin melt each tot nhAt.
Em xin chant thanh cam an!

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M1VC LUC
CHVONG 1. 1,)? LUAN CO BAN VE CO CAU VON TRONG DN
1.1Co. Ciu von cfia DN
1.1.1 Khai niOn co' cau van
1.1.2 Cac nhan to cat, thanh
1.1.3 Ccic chi lieu phiin anh co' Call von
1.1.4 L.,Pthuy4t ca cat, van tai tru ciia DN
1.1.5 Y nghia ciia vi'ec phan Lich ca cau von
1.2Chi phi von
1.2.1 Chi phi van vay
1.2.1.1 Chi phi van vay NH
1.2.1.2 Chi phi van vay DH
1.2.2 Chi phi van ca phitt tru dai
1.2.3 Chi phi van co phi eu
: thireng
1.2.4 Chi phi van binh quint WA CC
1.3Tac Ong ciia co. ciu von den ty suAt sinh Rri — rfii ro

1.3.1 Don bay tai chink
1.3.1.1 Phan tich diem bang quan EBIT — EPS
1.3.1.2 DO bciy tai chinh
1.3.1.3 DO beiy va rfti ro tai chinh
1.3.1.4 MOt sa phtrang phap do luring rfti ro tai chinh khac.
1.3.2 Ttic &Ong c eta den bay tai chinh cr'
en khii nang sinh
1.4 Tac Ong cfia co ciu von den gia tri DN
1.4.1 Lf, thuy't M& M trong truirng hop khang c6 thui;
1.4.2 Lf, thuA M&M trong Throng hop ce thu' er
1.4.4 Thi truirng khang hotin heio

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CHUONG 2. THUC TRANG CO CAU VON CUA CONG TV CO PHAN X20.16
2.1 Gieri thi'0 cong ty c6 phin X20
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2.1.1 Lich sir hinh thank cong ty
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2.1.2 Dac di'dm nganh nghe kinh doanh ctia cong ty X20
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2.1.3 Co. cat, to chtk caa cong ty co phan X20
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2.1.4 Char ming nhiem vu ctia tirng be) phtin
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2.1.4.1 Bo phOn quan 1j)
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2.1.4.2 BO phOn san zulit kinh doanh
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2.2 Ket qui hoat Ong san xuAt kinh doanh ctia cong ty c6 pha'n X20 nam 2010
— 2012
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2.2.1 Tinh hinh doanh thu — chi phi — loi tthuOn nam 2010 — 2012
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2.2.2 nth hinh tai san — nguan von tram 2010 — 2012 cat] cong ty co phan X20
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2.2.2.1 Tinh hinh tai san 2010 - 2012
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2.2.2.2 Tinh hinh nguan van 2010 - 2012
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2.2.2.3 Chi tieu tai chinh tang h9p
2.2.2.4 Chi tieu kha nang thanh loan
2.3 That trang co. eau von tai cong ty CP X20
2.3.1 No. NH
2.3.1.1 Ca cau na NH
2.3.1.2 Chi phi van NH
2.3.2 N9 DH
2.3.2.1 Ca cau n9 DH
2.3.2.2 Chi phi van DH
2.3.3 Von CSH
2.3.3.1 Ca cau van CSH
2.3.3.2 Chi phi van CSH
2.3.4 Chi phi van binh quan (WACC)
2.4 Tac Ong cua co. cau von den tS, suat sinh liri — rut ro
2.4.1 Anh huang ell(' ca cau van d en
i raj ro tai chink
2.4.1.1 DiAm bang quan EBIT — EPS
2.4.1.2 DO bay tai chinh
2.4.1.3 Ca cau van va rai ro tai chinh
2.4.2 Anh hirong cua ca cau van ign ty suit sinh loti
2.4.2.1 Tac d5ng caa ca cau van len ROE
2.4.2.2 Tdm chdn thuA tit Icii vay
2.5 Dinh gia ve can true von tai cong ty CP X20
2.5.1 Ifu diAm
2.5.2 Nl~ tto.c diAm

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CHUONG 3. DANH GIA VA CIA! PHAP VE CO CAU VON CUA CONG TY
CO PHAN X20
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3.1 Thuan 191, kilo khan trong moi trtro .ng kinh doanh ciia cong ty CP X20
3.1.1 Th ua ~~ 19i
3.1.2 Kith khan
3.2 Dinh htron Oat trier' ciia ding ty
3.3 Giai phi') cho co . cat' yen cfia cong ty X20
3.3.1 Thay dal 1y tryng trong thrinh phan van
3.3.2 TiAl kiem chi phi, tang hieu quo son
kinh doanh
3.3.2.1 Tiet kiAm chi phi
3.3.2.2 Tang hieu qua san xuat kinh doanh
3.4 Milt so kien nghi khac
3.4.1 Quan ly nguon van litu &Ong
3.4.2 Nang cao nh'an Mar vA ca cau van hip ly

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DANH MIX VIET TAT
TS
NH
DH
CSH
DN

TM sin

Ngan han
Dai han
Chu sir hiru
Doanh nghi'e'p

DANH MIX BANG BIEU
Bang 2.1 Doanh thu-chi phi-lqi nhu4n nam 2010-2012
Bang 2.2 Tai sin cong ty 2010-2012
Bang 2.3 Ty trong thanh phAn ngtiOn von 2010-2012
Bang 2.4 Nhom chi tieu phan anh kha nang sinh loi
Bang 2.5 Chi tieu kha nang thanh town
Bang 2.6 Co. cAu my NH 2010-2012
Bang 2.7 Chi phi von NH
Bang 2.8 Ty trong nq DH 2010-2012
Bang 2.9 Chi phi vOn DH
Bang 2.10 Ty trong cac thanh phAn vOn CSH 2010-2012
Bang 2.11 Chi phi vOn CSH
Bang 2.12 Chi phi vOn binh quan WACC 2010-2012
Bang 2.13 Thay dOi trong no' DH va von CSH
Bang 2.14 Do !Ay tai chinh DFL 2010-2012
Bang 2.15 Co ciiu von va rui ro tai chinh
Bang 2.16 Cong thin Dupont ciia ROE 2010-2012
Bang 2.17 TAm ctin thue 2010-2012
Bang 3.1 Chi phi Oat hanh co phieu thtr&ng
Bang 3.2 Chi phi vim binh quail WACC khi phat hanh them co phieu
Bang 3.3 Don !Ay tai chinh ciia cac phiron an
Bang 3.4 Chi phi nguyen vat lieu trqc tiep
Bang 3.5 Chi phi quan ly DN
Bang 3.6 Tinh hinh doanh thu- chi phi — lqi nhOn

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DANH M>i1C BIEU DO
Bleu coo 2.1 Doanh thu-chi phi- loi nhuin
Bleu coo 2.2 Ty trong mot so thanh phan tai sin 2010-2012
Bien coo 2.3 Ca can von 2010-2012
Bleu coo 2.4 Chi tieu phin anh co cau von
Bleu coo 2.5 Chi phi von binh quail WACC
Bien (14 2.6 Diem bang quan EBIT - EPS
Bieu coo 2.7 DO bay tai chinh DFL
Bleu dO 2.8 ROE

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DANH Mk1C HINH VE, SO DO
Hinh 1.1 Diem bang quan EBIT - EPS
Hinh 1.2 Chi phi khOn kho tai chinh
So coo 1.1 TO chtrc bO may quin ly cOng ty

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Len Mei DAU
1. Ly do nghien cam
Cac nha dau tir thanh lap DN voi muc Bich la tien hanh san xuat kinh doanh, tao
ra hang hoa djch vu de tien hanh trao 6i vai cac don vj kinh to khac nhim muc tieu
sinh lei. Mu6n nhtr vay, nha dau to can thiet phai co von. VOn &roc dau Pr vao qua
trinh kinh doanh tao co hOi cho DN ma rOng quy mo, nang cao san xuat, tao them
nhi'eu lqi nhuan va tang them gia tri DN. Ben canh dO, co cau v6n va hieu qua sir dung
von la yeti to rat quan trong, quyet djnh den hieu qua san xuat kinh doanh ding nhu str
song con dm DN. Vi vay, viec danh gia, nang cao hieu qua sir dung von ding vai mOt
cau true von t6i tru la rat can thiet va coy nghia trong quan trj tai chinh cua doanh
nghiep. Viec nay del hoi phai danh gia mOt each town dien de tim ra nguyen nhan,
nhang y6u t6 anh htrang tai hieu qua san xuat kinh doanh, tir do dua ra cac chinh sach,
chitin ltroc dung din phat trien DN.
Thtrc to hien nay, v&i sir canh tranh gay git trong nen kinh to thj tn.rang de co
the ton tai va tao chi; dung tren thircrng tn.rang, van 6 Ian dang ducfc dat ra cho cac
DN la nhu cau v'e nguOn von, each quail ly von hieu qua va tim ra mOt co cau von hop
13", sao cho DN co the dat ducc lqi nhuan cao nhAt khi muc phi sir dung thip nhAt.
Tir nhang van de tren, qua qua tranh tim hieu, thtrc tap tai ding ty CP X20, em da
hinh thanh y Wang ve 6 tai khoa luan tot nghiep cua minh: "Phan tich ca eau win
tai ding ty CP X20".
2. Muc tieu nghien ctru
Khoa luan tap trung nghien ciru thtrc tang, phan tich co cau von va chi phi von
cua ding ty CP X20 trong giai doan 2010-2012. Tir do danh gia &roc uu, nhugc diem
va tim cac giai phap nhim nang cao hieu qua sir dung v6n, dua ra m6t co cau hop lY
nhAt dOi voi ding ty.
3. Phtrcrng phip nghien cum.
Phuong phap nghien dru duqc sir dung trong khoa luan la phucmg phap phan
tich, tong hop, khai quat hoa dtra tren co sa cac s8 lieu, thong tin &roc cung cap va
tinh hinh thtrc to cua ding ty.
4. Ket cau khoa Wan
Ngoai phan ma dau va ket luan, danh muc tham khao, khoa luan duoc chia thanh
ba phan chinh.
Phan 1: Ly luan co ban ye co cau von trong DN
Phan 2: ThIrc tang ca cau v6n cua eking ty CP X20.
Phan 3: Danh gia va giai phap ve co cau von cua ding ty CP X20.

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CHVONG 1. LY LUAN CC BAN VE COr CAU VON TRONG DN
1.1 Ccr cAu von ctia DN
I. 1.1 Khdi nrem ca cau van

Trong nen kinh te DN c6 the sir dung nhiEu ngutin von khac nhau de dap rng
nhu cAu vE v6n trong hoat dOng kinh doanh. Tuy nhien, DN phai biet phi hqp, sir
dung cac ngu6n vein de tao ra 1 ca cAu vein hap 1j , dem 14i lqi ich t6i da cho doanh
nghiep.
Ca cAu von la quan he ve t5, trong giea nq va vein CSH (bao g6m vein co phAn uu
dal va vein c6 phAn thuang) trong tong so ngutin vein dm ding ty.
Quyet (firth ve ca cAu ngutm vein la van dE tai chinh het sec quan trong ctia DN.
N6 la mOt trong nhUng yeti to guyet (firth den chi phi von binh quan ti suAt sinh Igi d6i
veri v6n CSH ding nip" rui ro tai chinh dm DN.
1.1.2 Cdc nhan to cau themh
,

,

DN co the huy &Ong v6n cho nhu cAu kinh doanh tir nhieu ngutin khac nhau, tuy
nhien, to c6 the qui ngutin Vein cua DN vE 2 ngutin chinh: Vo'n CSH va ngutin Kr.
Vim CSH
Thy timg loci hinh DN, vein CSH dtrac hinh thanh tir nhiEu nguton khac nhau.
Tuy nhien, cac b0 phan chu yeu la v6n gop ban dAu, lai nhuan de lai va tang nguto
vein bang vi'ec phat hanh c6 phieu doi vai ding ty c6 phAn.
Van gop ban &Ili: La s6 v6n nhAt (firth ma khi mai thanh lap mci DN den can
phai co. Vai cong ty nha nuac, v6n ban dAu la win dAu tu cita nha nuac. ved ding ty
co phAn, vim do cac c6 dung dung gop la yeu to quyet djnh de hinh thanh ding ty.
Trong loci hinh DN khac nhu cong ty co von dau tu nuac ngoai thi ngu6n von ban d'Au
bao g6m: von ctia chu dAti tu, von do cac ben tham gia, cac doi tac gop... Ty le va guy
mo vein gop My thuOc vao dac diem nganh nghe va ca cAu lien doanh cua cong ty.
Lei nhudn cue
Trong qua trinh san xuAt kinh doanh, net' DN hoat dOng hieu
qua thi se co diEu kien thuan lqi de tang ngulin vein hoat dOng, d6 la ngutin v6n tich
ley tir lqi nhuan dtrac sir dung de tai dAu tu, ma rOng san xuAt kinh doanh. Day la
ngutin vein CSH nOi sinh cua ding ty, ngutin v6n nay chi c6 the thkrc hien &Kit ntu
DN da va dang hoat dOng va co 19i nhuan, ducc phep tiep ti gic dAu tu.
Phat hanh ca phiiu: Ngoai viec tang ngu6n vein bang cach ttr tai tra bing 19i
nhuan de 14i, DN can co the phat halal co phieu mai, day duqc coi la hoat dOng tai tra
DH ctia DN. DN co the phat hanh co phieu thtdmg va c6 phieu tru dal.
Ngutm my
Trong qua trinh san xuAt kinh doanh, hAu nhur khong DN nao chi hoat dOng dva
vao ngutin von CSH ma can phai huy dOng nhi&I ngu6n vein khac nhau, va ding ke tai
nhAt la ngu6n ng.
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Ngujn nq NH: la nhang nguan tai trg ding ty có the huy dOng dtra vao sir dung

trong mOt khoang thtri gian NH, thutmg trong yang mOt nam. ThOng thutmg, ding ty
khO co the sir dung nguan van DH de dAu tu vao tai san ltru dOng vi nhu cau van de
dAu tu vao tai san c6 dinh la rat lan va nguan DH se kho huy &Ong hcm. Do do, nguan
vay NH nay thutmg dung
du tu vao tai san Itru dOng. Tir bang can dai ke toan, to
co the thAy nguan van vay NH thterng bao gam: phai tra ngutri ban, vay NH ngan
hang, cac khoan phai tra va cac khoan vay khac. Lai suAt dm nguan vay nay thutmg
thAp han vay DH.

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Nguijn nq DH: XuAt phat tir nhu cAu dAu tu van vao cac du an dau tu, mua sim

ho4c nang cap tai san ca dinh, cai tien quy trinh san xuAt kinh doanh nham nang cao
chAt lugng san phAm hoAc chi phi... Cac nhu cAu ten du la ke hoach DH can bo van
ra va thu hai ve voi thtri han Ian ham mOt nam. De dap img dugc nhu cAu do, ngoai
van CSH, DN can mOt nguan van dAu tu DH, do la nq vay DH (thtri han tren mOt
nam). Ng vay DH khong chi bao gam nq vay ngan hang ma con bao gam ca ng huy
dOng qua thi tnrimg van dutri hinh attic phat hanh trai phieu. Trai phieu la mOt cam ket
cua cong ty di vay se tra 10i von g6c vao mOt ngay nhAt dinh, thuarng bao gam: so tien
gac, lai suAt, each thirc tra lai, thai han vay va cac diEu khoan phu. Lai suAt vay DH
thutmg cao horn lai suAt vay NH. Tuy dugc khAu trir thud va CO the tan dung lgi the vE
don bAy tai chinh de gia tang lgi nhu'On cho co dong, cac khoan ng vin gay ap luc tai
chinh cho DN, gia tang raj ro va lam he so nq ctia Ong ty x'Au di.
1.1.3 Cdc chi tieu pliiin dnh co. cau von

He song=

Tang ng
Tang tai san (Tang nguan van)

He s6 nay cho biet ng phai tra chiem bao nhieu phAn tram trong tang nguan vein
DN hay trong tang tai san hinh thanh CO bao nhieu phan tram la tir nguan ng phai tra.
He s6 nay the hien mire dO php thuOc tai chinh dm DN. Neu ty s6 ng cao cho thAy dO
phu thuOc ctla DN vao chu ng cang lan, tinh tu chu dm DN cang thAp, trong twang lai
DN se kh6 huy dOng tien vay de kinh doanh. TS , s6 ng thAp cho thAy tinh tu chi' ctia
DN tang len nhung qua do ding nhan thAy rang, DN chtra CO dung kenh huy dOng von
bang ng, tirc chtra khai khac tot don bAy tai chinh.
He so ng tren van CSH =

Tang ng
Van CSH

Chi tieu nay cho biet, dr mOt d'ang tai san tai trg bang van CSH thi Wang ung
vai may d'ang tai trg bang ng phai tra. TS, le tang ng ten van CSH giiip nha dAu tu c6
mOt cai nhin khai quat ve sue mph tai chinh, cAu trim tai chinh dm DN va lam the nao
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DN c6 the chi tra cho cac hoot dOng. Thong thutrng, ndu he s6 nay 16.n han 1, co nghia
la tai san cua DN dugc tai trg chu ydu beri cac khoan ng, con ngtrgc 10i thi tai san dm
DN dirge tai trq chti y6u bori ngu6n von CSH. VE nguyen tic, he s6 nay cang nhe, co
ngliia la ng phai tra chitm t -S, le nho so vai tong tai san hay tong ngu6n Win thi DN it
gap kho khan han trong tai chinh. TS, le nay cang lan thi kha nang gap kho khan trong
viec tra ng hoac pha san cua DN cang km. Tuy nhien, viec sir dung ng ding co mOt tru
didm, do la chi phi lai vay se dugc trfr vao thud thu nhap DN. Do do, DN phai can
nhic dua ra cac quyet dinh hgp 13't.

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VOn CSH

To ng nguson von
He so nay la chi tieu phan ant) kha nang ter bao dam vd mat tai chinh va mire dO
dOc lap vd mat tai chinh dm DN. Chi tieu nay cho bidt, trong tong so ngu6n von tai
trg, ngu6n von CSH chidm may phAn. Tri so cua chi tieu cang lon chirng to kha nang
to bao dam vd mat tai chinh cang cao, mire dO dOc lap vd mat tai chinh cua DN cang
tang. Ngugc 14i, tri so nay thAp thi kha nang tu bao dam cua DN se thAp va mac di) dOc
lap se giam.
Ndu DN co tri s 6. cua he so tai trg thip, he so ng tren von CSH va he so ng cao,
s6 tai trg =

DN se rat kh6 khan khi thuydt phuc cac nha diu to tin dung cho vay. Do vay, DN can
phai co cac giai phap thich hap co mOt ty' le hap nhAt.

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T'Ong TS
V6n CSH
He so nay la chi tieu phan anh mix do dAu to tai san cua DN bang von CSH. Tri
so dm chi tieu nay ndu Lan han 1, chung t6 DN sir dung ca von CSH va ng phai tra de
tai trg tai san. Tri so dm chi tieu cang lan han 1 bao nhieu, mix dO sir dung ng phai tra
de tai trg tai san cang cao biy nhieu va ngugc 14i. Tnrong hap tri so dm chi tieu nh6
han 0, ng phai tra dugc DN sir dung viva dii de bu 18 va vira
trang trai tai san cho
hog dOng.

He s6 ter tai tro. =

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1.1.4 1.35 thuyit ca cam von tji au cua DN

Lieu ca cAu von co anh htrong tai gia tri DN va !al nhuan cua co dong? Ly thuyEt
ca cAu von toi uu cho rang, ban quan tri ding ty co thd gia tang gia tri cua ding ty
bing each sir dung ty so don bAy tai chinh pha hgp. Vai each nay, cong ty co the h4
thAp chi phi von thong qua viec gia tang sir dung ng boi chi phi sir dung ng thAp han
do c6 khoan tidt kiem thud. Viec sir dung nq nhidu lam gia tang rui ro cong ty, nhung
ty le ng cao not chung dua ddn lgi nhuan kS, vgng cao. Rui ro tang co the lam ha thAp
gia co phidu, nhung lgi nhuan cao 14i co khuynh huorng gia tang gia co phidu cong ty.
Tir do, ca cAu von tdi uu cua DN la ca cAu von can ddi dugc giCra nil ro va lgi nhuan,
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t6i da hoa dugc gia ca c6 phidu ding ty. D61 von gia tri caa DN, ca cau von t6i tru se
co chi phi v6n binh quan thap nhat va se dat dugc gia tri DN la lan &tat.
Nheng nhfin to finh huirng ca au von tiii uu
Rini ro DN: Rai ro phat sinh d6i von tai san caa DN ngay ca khi DN kh6ng star

dung ng. DN nao co red ro DN cang lan thi cang ha thap ty le ng t6i uu.
Thud thu nhdp DN: Chinh sach thud dm nha nuerc ding tic dOng ddn cau trac
vein dm met DN. Trong truerng hgp DN sir dung ng thi phai tra khoan chi phi von vay.
Do lai vay la ydu t6 chi phi truck thud nen sir dung no. gill') DN tiet kiem thud. Tuy
nhien dieu nay se khong cony nghia n6a d6i von nhfkng DN nao dugc un dai hay vi 17
do gi de ma thud suAt thud thu nhap 6 mac thap hoac bang 0.
Si! chit clOng v' tat chinh: Sir dung ng nhieu lam giam di sir chit d6ng ve tai chinh
di3ng that lam xau di tinh hinh bang can d6i tai san khidn cho nh6ng nha cung cap von
ngan ngai cho vay hay du tu von vao ding ty.
HInh dirk so. hfru DN. Su khac biet ve hinh thirc sec hlhi trong cac loai hinh DN
se bi rang bu6c bti nhimg quy (firth do tinh phap 1)" , ve tu cach phap nhan, dieu kien
hoat dOng, ca the van hanh va muc tieu hoot d6ng. Do vay, rnuc dich va kha nang tiep
can ctia cac ngu6n tai trg ten thi truerng tai chinh la khac nhau. Tit do, cac chinh sach
va cau trac v6n dm timg loai hinh DN ding khac nhau.
Phong cach viz thai cid ban quan If) DN: Met so ban giam d6c than trong han
nhftg ngtr6i khac, do do it sir di,mg ng han trong tong ngu6n On DN.
Xu the rphat triin: Xu thd ctia nen kinh to hay lirth vuc ma DN dang hoat d6ng co
tac d'Ong rat lan ddn chitin Itrac phat tridn caa DN. Nen kinh to dang phat trien on dinh
se thac day cac DN ma r'6ng du tu, cat tien ding nghe nham tang sac canh tranh.
Ngugc lai, ndu nen kinh td khung hoang hoac suy thoai, DN ding thu hep san xuat
hoac chuydn linh vuc boat dOng. Dieu do se tic d6ng ddn cau trac von caa DN.
1.1.5 knghia cira vifc phan Itch ca cau van
DN co trach nhiem xac (firth s6 v6n can huy d6ng, ngu6n huy Ong, th6i gian huy
d6ng, chi phi huy dOng, ... sao cho vira dam bao dap ang nhu cau ve v6n cho kinh
doanh, vim Wet kiem chi phi huy d6ng, tiet kiem chi phi vein va bao dam an ninh tai
chinh DN. Vi thd, qua phan tich ca cau nguiin v6n, cac nha quan 1 , nam dugc ca cau
von huy d6ng, biet dugc trach nhiem caa DN d6i vai cac nha cho vay, nha cung cap,
ngu&i lao d6ng, ...ve s6 tai san tai trg bang ngu6n v6n cem hco. Cling qua phan tich ca
cau ngu6n v6n, cac nha quan 15, cling nam dugc mat dO d6c lap ve tai chinh ding nhu xu
huemg bidn d6ng cila ca cau nguiin vein huy Ong.
1.2 Chi phi von
Win la met yeu t6 tien to tien quyet dd DN tien hanh qua trinh san xuAt kinh
doanh. DE co quyen sir dung v6n, DN phai tra cho nha cung cap v6n met khoin thu
4


nhap nhAt dinh, duqc gQi la chi phi hay gia dm quyen sir dung v6n. Ve ban chAt, chi
phi von la chi phi co hOi trong viec sir dung von va dtrgc hinh thanh theo quan he cung
cAu ten thi trutmg. Chi phi von co the &lye xic dinh bang s6 tuyet d6i, bang mot s6
ti&I hoac dirge xac dinh bang so tuang d6i, mot tS, le phAn tram. Thong thuarng, to hay
dung ti le phAn tram.
Tren goc de) ctia nha dAu ttr, chi phi vein la tS , suAt sinh Lori ma nha dAu to doi hoi
khi cap von cho DN. Con d6i vori doanh nghiep, chi phi v6n dtrac coi la tS , suAt sinh
loci t6i thieu can phai dat dtrqc khi sir dung ngu6n tai trq do cho dAu to hay hog dung
kinh doanh de dam bao cho tS, suAt lgi nhuan vein CSH hay thu nhap tren mgt co phieu
khong bi sut giam.
Viec xem xet chi phi von la mot van de quan trong d6i yen cac nha guar' tri. Xem
xet chi phi vein too ra tam nhin cho cac nha quan tri khi xem xet chien lugc huy dOng
von. Ben canh do, do la mgt can cir quan twig cho viec lira chQn du an du ttr, gia
tang gia tri DN.
Sall day la chi phi von ctia tong ngth'in rieng biet.
1.2.1 Chi phi von vay

De dap Ung nhu cAu von trong hoot Ong, DN CO the huy dOng ng duai hinh auk
vay dm cac t6 chirc tin dung, ngan hang thtrang mai hoac co the phat hanh trai phieu.
Chi phi von vay la tS, suAt sinh loci t6i thieu ma DN can dat dugc tir viec sir dung
Win vay de cho tS, suAt lgi nhuan von CSH hay thu nhap ctia mot c6 phAn la kh8ng bi
sut giam. Neu vay t6 chirc tai chinh trung gian thi chi phi sir dung ng chinh la lai suAt
vay. Neu phat hanh trai phieu thi chi phi sir dung ng la lqi suAt dao hp cong ty tra cho
nha d'Au tu.
1.2.1.1 Chi phi van vay NH
Vay NH ngan hang: Day la ngu6n tai trq het sirc quan trQng d6i WA cac DN hien
nay. Dac diem dm viec sir dung vein vay ngan hang (tin dung ngan hang) la phai sir
dung dung muc dich, co hieu qua, co vat to bao dam, co thoi han va phai tra Mi. Vay
NH la cac khoan vay co thin han dtrai 12 thang. Cac hinh thirc chii yeti ngan hang cho
DN vay do la: cho vay tong l'An, cho vay theo han mix tin dung va cho vay theo ke
hooch. De sir dung ngu'on v6n nay, DN can tra lai theo dung quy dinh. TS, le lai suAt
hang nam duqc tinh bai cong thirc:
Lai suAt hang tam truck thue

Rb = (i. +

Chi phi — Lai ich \ m

Gia tri tai tra rang)
1

Lai suAt hang nam sau time


Ri=Rb

* 1-T)
(

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a

Viec sir dung ngutm vein tin dung ngan hang
tai trg nhu cAu von ltru dOng cita
DN, no c6 tac dung giup DN khic phut kho khan vd von. Tuy nhien, viec sir dung
ngu6n Win nay lam tang he so ng cua DN, lam tang rui ro tai chinh do bit buOc phai
tra lai va hoan tra ng thing han.
Tin dung thucmg mai: Day la mOt hinh thirc tai trg quan trQng dm DN, no dugc
hinh thanh khi DN mua hang hod djch vii dr nha cung cAp song chtra phai tra tin
ngay. Vi vay, DN co the sir dung cac tai san mua dugc dr nha cung cAp nhu mOt ngu6n
von b6 sung dd tai trg cho nhu cAu von Itm dOng NH ctia DN. Chi phi oh khoan tin
dung thucmg mai dugc tinh bed cong thirc:

TS, le chiet khgu
Rb =

360

tg tri ncy—tg hireling CK

1 4- 100% — TS/ le chi& khgu
Viec sir dung tin dung thurcmg mai My co tru didm la don gian va tien Igi trong
kinh doanh nhtmg chi phi sir dung lai cao hcm so yeti tin dung dm ngan hang. Ben canh
do, no ding lam tang he so my, tang nguy ca rill ro vd thanh toan ctia DN. Dd sir dung
nguton tin dung nay mOt cach hieu qua, nha quan tri can thuong xuyen theo dOi chi tit
cac khoan ng cac nha cung cAp
chuin bi nguen tidn dap img nhu cAu thanh toan,
tranh d'd mat uy tin do khong tra ng dung han.
1.2.1.2 Chi phi van vay DH
Vay to chtic tai chinh trung gian: chi phi tra lai vay dugc tinh trir vao loi nhudn
truck khi tinh thud. Vi vay, chi phi sir dung ng ctia cong ty la chi phi da didu chinh
thud. N6 cling dugc coi la mOt la chin thud cho DN. MOt cach tong quat, chi phi sir
dung ng ctia cling ty la:
(

a

RD (1 — IC)

Trong dO:
RD la lai suAt huy dOng ng,
Tc la thud suAt thud thu nh4p cong ty.
Phcit hanh trai phiiu: Ndu cong ty huy Ong ng bing trai phieu, lai suAt huy &Ong
ng la lai sat till phidu khi dao han, (flux xac djnh cilia vao cong thirc:
Pnet=

LV: i (

M

(i+RI p)t +

(1+ RD)''

Trong do:
Pnet : tidn thu do ban trai phidu, bang gia ban trai phieu (P O) trir chi phi phat hanh (F).
I: lai phai tra hang nam
M: menh gia trai phidu.
Phucmg phap nay dugc ap dung ndu cling ty dang phat hanh ng hay gAn day da
phat hanh ng. Ndu ding ty hien dang khong co trai phidu km hanh, hoc trai phidu it

6


duce mua ban tren thj truing, ta có the sir dung chi phi sir dung nq truac thuE cua
nhUng cong ty khac có rtii ro Wang tu.
1.2.2 Chi phi van co phii5u int (IX
Chi phi ma cong ty phai tra cho viec huy dOng v6n•c6 phiEu tru dai &Km goi la
chi phi von c6 phi'Eu tru dai (c6 tire c6 djnh va khong co quyEn biEu quyEt).
Rp = pp/ Pnet
Trong dO:
Pnet: tiEn thu do ban trai phiEu.
Dp: Co tirc tra cho c6 phieu tru dai
Rp: tS, suit sinh lqi yeti cau ctia nha dAu to
Co tirc tru dai khong dtrcc khAu trir thuE khi tinh thu nhap chiu thuE nen chi phi
von khong dtrot diEu chinh thuE. Kern theo do la chi phi phat hinh (F) lam giam thu
nh#p sing dm ding ty khi ban c6 phiEu tru dai nen lam tang chi phi huy dOng von, va
thu?rng cao hurl chi phi von vay.
1.2.3 Chi phi van co phiiu finding
Von c6 phiEu thu6ng bao g6m lqi nhuan dE Lai va von c6 phieu tang them. DE
trac lupng chi phi von c6 phiEu thulyng, ta co the sir dung mo hinh Gordon va mo hinh
dinh gia tai san von CAPM.
MO hinh Gordon
Day la mgt ding dac bit cua mo hinh chiEt khAu c6 tirc, trong do gia dinh t6c dO
tang truing c6 tirc khong d6i. Dora vao mo hinh nay, chung ta co the xac djnh &rot chi
phi von cria chir str htiu nEu biEt gia c6 phiEu, c6 tuc nam vira qua va t6c dO tang
truing c6 tirc.
Chi phi sti dung lei nhuifin del i
D1
Do (1 + g) +g
Rs =
+g=


Chi phi szi- dung khi ph& himh co phiiu thtrang mai
D1
Do (1+ g)
P—F

g

Trong do
Rs: tS, suit sinh lqi yeu cAu can thiEt cua c6 phiEu thtrong
Re : tS, suit sinh lqi yeu au dm nha diu tu. khi Oat hinh them c6 phiEu thtrlyng
P: gia c6 phiEu

Do: c6 tire nam vira qua
Di: c6 tirc nam thir 1
g: ty le tang twang co tire dEu d4n hang nam
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Mo hinh nay tuy don gian, de sir dung nhung kh6ng the hien mtt cach r8 rang
m6i quan he giaa Iqi nhuan va rui ro ding nhu mirc dq dieu chinh rui ro d6i voi ty suit
sinh loi yeu cAu cda tong du an oh DN. Voi cac cong ty kh6ng chia c6 tic thi khong
the ap dung mo hinh nay.
Mo hinh CAPM

M8 hinh dinh gia tai san von the hien moi quan he giira ty' suit sinh 16i ma nha
&Au to doi h6i va mirc bit rid ro.
Mo hinh nay cho ring ty suit sinh loi ki v9ng cita mgt khoan dAu to phu thuOc
vao nhcmg yeu t6 sau:
Lai suit phi rid ro, Rf.
LAi suit den bit rui ro thi tru6ng, (R m-Rf)

Rui ro he thong cua tai san diu to so vii rdi ro binh quan cua thi tnrtmg, ddgc
g9i la he s6 beta.
Neu biet dtruc cac yeu t6 tren, tS , suit sinh l&i yeu ciu cua nha diu to dtrqc xac
dinh theo mo hinh CAPM nhu sau:
Re = Rf (Rm —R6 13
M8 hinh nay cho ta thay dtruc tic dOng ctia rdi ro den chi phi von mOt cach ro
rang, no cling ducrc sir dung rOng rai han vi ap dung &rue cho Ca cong ty tra c6 tirc on
dinh va khong on dinh. Tuy nhien, no del h6i phai dem tinh mirc bit rui ro thi throng va
he s6 rui ro co phieu cua ding ty. Mat khac, de &lc Itrung he s6 (3, ta can vao dir
lieu qua khir de xac dinh tuang lai. Day la mat han the cita mo hinh CAPM.
1.2.4 Chi phi vein binh quan WACC
Sau lchi xac (firth chi phi sir dung tong b8 phan vein, ta co the thay cac bien nay
vao cong thdc tinh chi phi win trung binh co trQng s6 WACC de quyet dinh chi phi
von chung cita du an. Chi phi binh quan nay, duqc sir dung lam tS, suit chit khiu
trong hau het cac mo hinh dinh gia va phan tich tai chinh DN.
WACC = WDRD (1-T) + WsRs WpRp WeRe

Trong do:
WD, WS, Wp, We lin lucrt la ty trung cita v6n vay, lqi nhuan de 14i, v6n c6 phieu
dAi va v6n c6 phieu thtthng.
T: thud suit thud thu nhap cong ty.
RD, Rs, Rp, Re lin hrut la chi phi von vay, lui nhuan de 14i, von c6 phieu tru dai
va von c6 phieu thtrZ:mg.

8


1.3 Tac di:mg can ca cAu von den tj, suet sinh kri — rail ro
1.3.1 Den bay till chinh
Don by tai chinh dugc dinh nghia nhu lien quan ddn vidc sir dung cac ngutin tai
trg co chi phi c6 dinh nhu phat hanh trai phidu hay vay t6 chic tin dung. Don by tai
chinh se rat 16n trong cac DN c6 t5/ trgng ng phai tra cao hcm tS , trgng dm vein CSH.
Ngugc 14i, don bAy tai chinh se thAp khi tS , trgng ng phai tra nho han tS, trgng dm von
CSH. Don bAy tai chinh vira la mOt cong cu thiic dAy lgi nhuan sau thud tren mOt ding
von CSH, vim la mOt cong di kim ham su gia tang do. Kha nang gia tang lgi nhuan
cao la didu mong vele dm cac CSH, trong do don bAy tai chinh la mOt cong cu dugc
cac nha quan 1Y, Ira dung.
Trong cac ngutm tai trg ben ngoai thi tai trg bing ng vay luon dugc can nhic vi
ng vay thuimg c6 chi phi thAp hen tai trg bang vein c6 phin. Tuy nhien, don bAy co the
lam cho khoan to dm cling ty tra nen lem hen nhidu so yeti khi kung sir dung don
bAy. Vi vay, tim hidu tac dOng dia don bAy tai chinh len quydt dinh dAu to dugc xem
la mOt van a quan trgng trong tai chinh cong ty.
1.3.1.1 Phan tich diAm bang quan EBIT — EPS
Didm bang quan la didm dm EBIT ma 6 do cac phucmg an tai trg au mang 14i
EPS nhu nhau. Phan tich didm bang quan
thAy dirge sir anh huemg cda nhcmg
phuang an tai trg khac nhau d6i vai EPS.

a

EPS dugc xac dinh boi cong thirc:
(EBIT — 1)(1 — T) — PD
EPS =
NS
Trong do
I: Lai suAt hang nam phai tra
PD: Co tirc hang nam phai tra
T: Thud suAt thud thu nhap citing ty
NS: S6 lugng c6 phAn thong thuemg
Ta se xem xet veri 3 phuang an huy dOng von lin lugs la: Oat hanh c6 phidu
thuemg, phat hanh c6 phidu uu dai va phat hanh trai phidu.
EPS lAn lugt dm timg phuang an la
= (EBIT)(1 — T)
EPS1
NS
(EBIT)(1 — T) — PD
EPS2 =
NS
(EBIT — 1)(1 — T)
EPS3 =
NS

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Tir cong thirc tren, chimg ta co 2 phucmg pilaf) xac dinh diem bang quan: phuang
phap hinh hQc va phucmg phi') dai s6.
De tim diem bang quan, ta 0 thiet lip cac phuang trinh can bang nhu sau:
EPS1 = EPS3
EPS2 = EPS3 <=:), I (1-T) = PD
Nq

EPS

CP tru dai
CP thuong

Diem bang quan
EBIT-EPS

EBIT
EBIT1

FAIT,

Hinh 1.1 Diem bang quan

- EPS

A (EBIT; EPS]) va B (EBIT2; EPS2) duqc goi la diem bang quan.
nghia ctia dam bang quan

D6i voi phucmg an tai trq bang nq va co phieu thuong yen A la diem bang quan,
nett EBIT nam dual diem EBIT, thi EPS dui phucrng an tai trq bang co phi& thterng
0 cao km EPS dm phuang an tai trq bang nq. Nguqc lai, neu EBIT nam tren diem
EBIT 1 thi EPS dm phuang an tai trq bang nq 0 cao hon.
Twang t r , d6i veil 2 phuang an tai trq bang co phieu thuong va co phieu tru dal
veri B la diem bang quan, EBIT nam ben trai diem EBIT2 thi phuang an tai trq bang co
phieu thuong 0 cho EPS cao hon. Nguqc lai, EBIT nam ben phai diem EBIT 2 thi
phucmg an tai trq bang c6 phieu tru dai se too ra EPS cao han.
VAy veri phuang an tai trq khac nhau, EBIT glen nhau nhtmg EPS khic nhau, ta
nen chip phtrcrng an cho EPS cao nhAt.
1.3.1.2 DO bay tai chinh

DO bAy tai chinh la mOt chi tieu djnh luting dung de do luting mfrc d6 bien ding
cua EPS khi EBIT thay di. 6 met ink d6 nao dO, no dtrqc xac djnh nhu la phan tram
thay dOi dm EPS khi EBIT thay dOi 1 phAn tram.
Cong thfrc tinh d6 bay tai chinh

10


Cong thdc rut gon
EBIT

DF L =

I

EBIT

PD

F.1 — 1
Truing hop neu ta dimg 100% c6 phieu thuarng, khi do I = PD = 0, tirc IA khong
&mg don by tai chinh, khi do khong tao dirgc dO bay EPS.
1.3.1.3 DO bely viz rid ro tai chinh
Rai ro tai chinh lA rui ro bien dOng loi nhuAn tren c6 phAn ket hgp yen rui ro mat
kha nang chi tra phat sinh do cong ty sir dung don bay tai chinh. Khi ding ty tang t5 ,
tongu6airchpdntigec6hradticol
vay ding tang len. Xet cong fink tinh dO bAy tai chinh, ta thiy, neu lai vay va chi phi
chi tra c6 tirc tang len thi mau so se giam xuOng va dAy dO bay EPS tang cao hon. Tuy
nhien, chi phi cang tang thi xac suit mat kha nang chi tra tang theo, don bAy tai chinh
cling khien cong ty tang them rui ro.
Don bAy trong tai chinh giOng nhu mOt con dao hai
Neu hoat dung caa ding
ty tot, don bay se khuech dai dieu do len gip nhieu lin. Mit khac, neu hog ding cong
ty ngAy mOt x'Au thi don bAy ding se khuech dai no len gip bOi. Cac nha quan tri can
luu 5, diem nay de co the dua ra nhang lua chon diing din.
1.3.1.4 MOt so phtrcrng phap do I'd:mg rui ro tai chinh khac.
De do ludmg rui ro, ta ding co the dung phan ph6i xac suit vii tham se; do Itromg
phi bien la lqi nhuAn ki vong va dO lech chuin.
Lqi nhu#n ki vong (E(R)): LA lgi nhuAn trung binh co tong so ctia cac lqi
nhuAn co the xay ra, vai tong s6 chinh la xac suit xay ra.
n

E(R) =

R i )(Pi )
i= 0

Trong do:
Ri: Loi nhuan (mg vii kha nang i
Pr. xac suit xay ra kha nang i
n: S6 kha nang xay ra
DO leek chuin (d): Do ltdmg su sai biet gala loi nhuin so voi lqi nhuAn ki vong
(do luting mire dq khong chic chin dm thu nhap). DO lech chuan cang Ion chtimg to
lqi nhuAn thuc t6 cang xa gia tri ki vong, rui ro cong ty gip phai cang cao.
n

8=

— E(R)12
i=0

11
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He s6 bien d6i (CV): Dimg dE so sdnh mirc d6 rui ro giaa cac du an. CV do
ro tucmg d6i, tirc la do luemg sai bidt tren mgt don vi lqi nhudn.
CV

=

a
E(R)

1.3.2 Tdc d(mg cila don bily tai chink din khd nang sink loti
Cac cong ty sir dung don by tai chinh v6i by vgng la se gia tang duqc lqi nhudn
cho c6 dong thuang. Ndu sir dung phu hqp, cong ty c6 thd dimg cac ngu6n von co chi
phi c6 dinh, bang cach phat hanh trai phidu hoc di vay to ngan hang hodc cac t6 chdc
tin dung khac
tao ra lqi nhudn cao nhat. Didu nay se ducic the hidn re net nhAt khi
phan tich m6i quan he giaa don by tai chinh va t5 , suAt sinh lqi cua von CSH (ROE).
Hay not cac khac, de chinh la ski tac dOng dm don by tai chinh len mire sinh
von CSH.

a

LN sau thug Doanh thu Tong TS LN sau thug
*
Doanh thu Tong TS
CSH
Von CSH
Chi tieu nay cho bidt, cu 1 d6ng von CSH diu to thi tao ra duqc bao nhieu (king
lqi nhudn sau thud thu nhdp DN. Chi tieu nay cang cao, cang bidu hidn xu inking tich
cue. Chi tieu cao thuting &Up cho cac nha quan tri co the di huy dOng v6n mai ten thi
tnremg tai chinh de tai trg cho su tang tnremg ctia DN. Ngtrqc lai ndu chi tieu nay nho
thi hidu qua kinh doanh thap, DN se gdp kho khan trong vidc thu but v6n. Tuy nhien,
sirc sinh 16i dm von CSH cao khong phai luc nao ding thudn lqi vi c6 thd la do anh
inrang ctia don bay tai chinh, khi d6 mirc d6 mao him cang lam. Do vay khi phan tich
chi tieu nay can kdt hap vai ca cau cua von CSH trong tong DN cu the.
1.4 Tac dOng mid ca cau von den gia tri DN
Ly thuyEt M&M do hai nha nghien cdu Franco Modigliani va Merton Miller dua
ra vao nam 1958. M&M cho rang, tong red ro d6i veri nhang nha dau tu chimg khoan
vao mgt cong ty nao d6 se kh6ng bi anh htreing beri sir thay d6i ca cau v6n ctia cong ty.
Do do, tong gia tri cua cong ty van nhu di bat chap ca cau ngu6n tai trg nhu the nao.
Gia dinh cda 15, thuydt M&M la thi truang von hoan hao, ben canh do con bao g6m:
■ 'thong co cac chi phi giao dich khi mua ban chimg khoan.
■ Co did nguoi mua va ngtr6i ban tren thi truting.
■ Tat ca cac nha dau tu co the vay va cho vay vai ding lai suat
■ Ithong co thud thu nhdp DN va thud thu nhdp ca ratan.
■ Thong tin can ming.
Vd n6i dung, 15, thuyEt M&M duqc phat biEu thanh hai indnh dd quan trpng: Gid
ROE —

tri cong ty va chi phi v6n. With de nay duqc xet trong hai tru6ng hap: Co thud va
khong co thud.

12


Vai mot gia djnh, hai cong ty U va L giOng het nhau, ngoai trir U khong vay nq
va L co vay nq. U va L al ding dung tidn tir do hang nam va cang lgi nhuan trtrac lai
vay va thud EBIT.
1.4.1 Lfi thuyet M&M trong truing hop khong c6 thug
Menh de I: Gid tri cong ty
Menh dd I phat bidu nhu sou, trong didu kien khong co thud, gia tri cong ty co
vay nq bang gia trj cong ty vay nq, do d6 ca cau von khong anh htremg gi ddn gia tri
cong ty:
VL = VU
Trong d6:
Vu la gia trj dm cling ty U.
VL la gia tri dm cong ty L, VL = D + E.
Menh de II: Chi phi von
Don by tai chinh co tac dung khudch dal EPS nhtmg d6ng thoi lam cho pham vi
bidn d6ng dm EPS cling 16n han. Didu nay cho thy don by tai chinh lam cho von di
phan troy nen nil ro han. Nhu vay lgi nhuan yeu cau dm von c6 phan phai tang len.
Menh dd M&M so II phat bidu rang: lai nhuan yeu cau tren van ca phan c6 quan he
cling chieu voi =Iv da mu dung don bay tai chinh hay ty so nq. Vd mat toan hoc, menh
dd M&M s6 II co the (lucre bidu din beri ding thirc
RE = Ru + (RU - RD)

* (D/E)

Trong d6:
RE: Lai nhuan yeu cau hay Lai nhuan kj, vong tren Von co phAn
RD: lai suAt vay hay chi phi sir dung nq
Ru : chi phi von ndu cong ty sir dung 100% On c6 phan
D: gia tri dm nq hay trai phidu ctia ding ty phat hanh
E:gia tri dm von c6 phan dm cong ty
Ben canh do, khi tai cau trim von, chi phi von dm DN khong d6i, tirc la Ru= RL.
U kh6ng vay nq, Ru= REu, L sir dung nq va win CSH do do RL dtrac firth beri cong
thirc: RL = RD * DN + RE * EN = WACC.
1.4.2 Lfi thuyet M&M trong trwang hop co thue
M'enh de I: Gid tri cong ty
Trong truimg hop co thud thu nhap cong ty, gia tri cong ty co vay nq bang gia tri
cong ty khong co vay nq cong voi hien gia cita la chin thud. Vd mat toan hoc,
menh a M&M so I trong trtrong hop co thud dtrac din to b6i cong thirc:
VL =Vu + Tc*D.

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L co vay ng D
!Ai suit RD nen hang nam L se tao them mOt khoan dugc goi la
la chin thud cua no vay. Gia tri cua la chin thus chinh bang Tc*D.
Ilrenh (I'd II: Chi phi von

Nhu mSnh a I da neu, vi co su hiSn din cda la chin thus nen moi quan hg gift
lgi nhuAn yeu cau tren vein co phin va mirc d8 sir dung don biy tai chinh dtrgc din to
beci cong thirc:
Ru + (1 — Tc) * (Ru — RD) * (DIE)
Tir do suy ra, Trong truong hop co thud, lqi nhuan you ciu tren von co phin co
quan he cang chidu vei mirc di) sir dung don bAy tai chinh (tS, s6 nq). Ben canh do, khi
tai cAu true von, gia tri cua DN co vay nq tang len bang gia tri hiSn tai cua la chin
RE

thud, chi phi von vay ng se libel han chi phi khong vay ng, Ru > RL, trong do,
RL = RD * (1 t) * DN + RE * EN.
-

1.4.4 Thj truing khong hoirn hao

Trong tnremg hgp co thud, vori gia dinh la mOt thi truong hoan hao, M&M chi ra rang,
cong ty nen sir dung ng cang nhidu cang tot vi cang vay ng gia tri cong ty cang tang.
Tuy nhien, tren thuc td, khong co thi truemg hoan hao. Nguyen nhan khidn thi truimg
co thd khong hoan hao, ngoai anh hue:mg cila thud ra con co mgt loci chi phi, goi la chi
phi khOn kh6 tai chinh.
,

Gia tri cong
. ty (V)

Gia trj ctia cong ty theo
MM khi c6 6114 is nq

Hien gia Li chin thud

fi

= Vu + Tc13
Hien gii cua chi phi
khOn kho tai chinh

Gia tri
cao that

V =gia trj thu.c cva cong ty

VU = gLi tri tinrc cna cong ty
khi khong co nq

OP Ng, (B)

Et'
Luvrig nc, tói tru

Hinh 1.2 Chi phi khOn kW, tai chinh
Khi cong ty gia tang sir dung ng, rui ro cua cong ty tang them. TS , so ng gia tang
lam phat sinh chi phi khOn khO tai chinh, tic &Ong voti lqi ich cita la chin thud'. Eldn
mgt didm nao do, chi phi kh6n kho tai chinh se lam lgi ich cua la chin thud bi giam,
din di an triSt tieu. Khi Ay, gia, tri cong ty co vay nq bit &Au giam din. Didm do dtrgc
goi la didm ca ciu von tOi tru, gia tri cong ty dat cuc dai va chi phi vein trung binh dat
14


cuc tiSu. Khi cong ty tip Am sir dung nq, cong ty se vuqt qua diSm t6i tru, lqi ich la
chin thus khong du bit dip chi phi kh6n kho tai chinh, gia tri dm cong ty 8 do bit dAu
giam.
Tuy nhien, tren thuc tin rat kho quan sat va xac dinh dtrqc cac loai chi phi lien
quan an chi phi kh6n kh6 tai chinh. Ngtroi to c6 thS li'e't ke va phan loci thanh chi phi
kh6n kh6 truc tiep va gian tiSp. Vii nhang chi phi true tip nhu chi phi tra luAt su, kS
loan, nhan vien quan tri cong ty trong khi theo dOi va giai quyet phi san moi d'S xac
dinh va quan sat, con lai, cac chi phi gian tip khac nhu mat khach hang, nha cung cap,
nhan vien gioi,... rat kh6 xac dinh cu the.

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CHVONG 2. THI)C TRANG CO CAU VON CUA CONG TY CO PHAN X20
2.1 Giai thi0 cong ty co phan X20
Ten giao dich: Cong ty CP X20
Ten giao dich qu6c Gatexco 20 JSC.
Dia chi: S6 35 - Phan Dinh Giot - Phtrang LiEt - Thanh Xuan - HA N6i
MA s6 thue: 0100109339
V6n dieu 1E: 172.500.000.000 diing. (Bing chic mitt trim bay mucri hai ty, nam
tram tri'Eu dUng chin).
Hinh thirc set hau: COng ty CP
2.1.1 Lich sti hinh thalth ding ty
Ngay 18 thang 02 nam 1957, "Xtrang may do hang ky", ggi tat la X20 - tin than
cua Cong ty CP X20 ra dvi. Thang 12 nam 1962, T6ng cvc Hau can giao nhiEm vv cho
X20 theo quy the Xi nghiEp Quik phong. Den thang 4 nam 1968, T6ng cvc Hatt can
ra Quyet dinh s6 136/QD xep hang 5 cong nghiEp nhe cho Xi nghiEp may 20.
Ngay 12 thang 02 nam 1992, Xi nghiEp may 20 dugc chuyen thanh Cong ty may
20. Thang 7 nam 1996, Cong ty may 20 thanh lap Xi nghiEp D'Et kim, cu6i nam 1997
thanh lap Xi nghiEp d'Et vai. Den theri diem nay, C6ng ty co 02 nganh sin xuAt chit yeu
la dEt va may.
Tit ngay 01 thang 01 nam 2009, cong ty chinh thirc hoat dung theo mo hinh CP
vai ten ggi mai cong ty CP X20.
Sau hcm 50 nam hoat Ong, den nay, cong ty vinh der 02 lAn dugc nha nuac
phong Ling danh hiEu Anh himg lao dOng nam 1989 va nam 2001. San phAm cua cong
ty c6 mat tren khip thi truang trong nuac va nhieu nuac ten the giai nhu: Dtic, Anh,
Phap, Ha Lan, My, Nhat Ban... Cac sin phAm cua ding ty da dugc tang thuang nhiEu
giai thuftg cao nhu huy chuszmg yang, bac, bing khen tai cac h6i chg hang cong
nghiEp, h6i chg thoi trang ViEt Nam, lien tvc dat cac giai thuang qu6c to vE chAt
luang, ki thuat, uy tin thuang mai. Cong ty la mitt dia chi tin cay nhAt cua nganh hau
can quan d6i d6i vai cac sin phAm quan trang. Diing thai cong ty cling la ban hang tin
cay, uy tin dm nhiEu d6i tic d6i vai cac san phAm trang phvc nganh, trang phut cong
so, quAn ao dua mo-to, jacket cac loai, comple... C6ng ty sin sang hgp tic, dAu to phat
trien, lien doanh lien ket sin xuAt kinh doanh vai cac DN, ban hang trong nuac va
ngoai nuac trEn nguyen tic hqp tic binh ding ding co lgi.
2.1.2 D'Oc (film nganh ng14 kinh doanh ctia cong ty X20
Theo giAy chimg nhan clang ki kinh doanh va clang ki thue s6 0100109339 do SO
Ke hoach va DAu to Thanh ph6 Ha N6i cap ngay 17 than 5 nam 2010, Cong ty CP
X20 co nhiEm vv:

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■ San xuAt, kinh doanh hang det, nhu6m, may; nguyen phi lieu hang det,
nhu6m, may.
■ Kinh doanh may moc, thik bi, phi tung nginh det, nhu6m, may.
■ Dich vi t• van quail li va kj' thuat trong nganh det, nhu6m, may.
■ Kinh doanh nhien lieu, hoa chAt, thulic nhu6m phic vi san xuAt va tieu dung.
■ Kinh doanh sieu thi, he th6ng cira hang.
■ Dich vi dao tao lao dOng nganh det, nhu6m, may va cung ling lao d6ng.
■ XuAt nhap khAu cac met hang ding ty kinh doanh.
Veci cac nhiem vi san xuAt kinh doanh nhu vey, cling ty c6 phAn X20 co cac san
phAm chinh sau:
■ re phajc, quan phuc, quAn do phvc vu Qu6c phong.
■ Ao so mi, ao vet, trang phuc cling sO.
■ QuAn ao xuAt khAu: do jacket, do dua m8 t6.
■ Vai, bit tat, khan met.
2.1.3 Co cau to chirc act cong ty ca phan X20

Can dr vao ca the quan 13% Nha !mac, Luat DN, DiL le Cling ty va yeu cau quan
1 , trong timg thoi 4, Dal h6i ding c6 dung guy& dinh viec t6 chirc lai cong ty, H6i
ding quan tri quye't dinh ca cau Co chirc cho phi" hap.
Hien tai cong ty &roc t6 chirc theo mo hinh truc tuyen chirc nang. Ca cau dm
cong ty &roc the hien qua so do.1

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18


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