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Đánh giá về vai trò của CFO (giám đốc tài chính) trong các doanh nghiệp sự cần thiết của chức danh này trong các doanh nghiệp việt nam en

Đánh giá về vai trò của CFO (giám đốc tài chính) trong các doanh nghiệp.
Sự cần thiết của chức danh này trong các doanh nghiệp Việt Nam
TABLE OF CONTENT

Đánh giá về vai trò của CFO (giám đốc tài chính) trong các
doanh nghiệp. Sự cần thiết của chức danh này trong các doanh
nghiệp Việt Nam.........................................................................1
TABLE OF CONTENT....................................................................1
RESEARCH OF CONTENT.............................................................2
PART 1: FOREWORD..............................................................................................2
1. Role of corporate finance......................................................................................2
2. Goal corporate of finance......................................................................................3
2.1 Objectives raise capital....................................................................................3
2.2 Objectives capital distribution.........................................................................4
2.3 Objectives of the CFO.....................................................................................5
3. Role of the CFO (chief financial officer) in the enterprise....................................5
4. The title necessary CFO (chief financial officer) businesses in Vietnam...............6
PART 2: TEST........................................................................................................... 8

LIST OF REFERENCES................................................................16


1


RESEARCH OF CONTENT
PART 1: FOREWORD
1. Role of corporate finance
Finance is an integral part of the economic activity of enterprises. It has organic
relationship and interaction with other economic activities. The relationship of this
interaction and may reflect the impact sticking out regularly between distributed
manufacturing with product consumption. Distribution reflects both the results of
production and of exchange, the conditions for both the production and exchange can
proceed normally and continuously.
Corporate Finance as financial institutions business has legal personality and is
a stage of financial establishments in the financial system. Because it takes place in
the creation and capital flows associated with the process of production, investment,
consumption and distribution.
Finance we understand at first glance is the currency, as a business would have
to deduct salaries paid to officers and employees. When participating wage
distribution between labor types have different qualifications and different working
conditions. Financial participation of the national product distribution to employees
through the process of forming and using the wage fund and other public welfare. So
between finance and money are two different economic categories.
Finance is not the money, nor the monetary fund. But essentially monetary and
currency funds only form of expression outside of finance, and inside it is the
diversity of economic relations. Humanity has made great inventions which have
included the invention of money, by which it may provide various activities for a
uniform unit of measure, and on that basis can compare , are calculated together. So
money is a means to finance the general operations and financial business activities in
particular. Through this means, enterprises can perform many different activities in all
fields, if we only see from the outside, only to see the activities that each activity
separately, but are actually sticking together in the movements and capital flows, we
calculated and compared with each other in cash.

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2. Goal corporate of finance
2.1 Objectives raise capital
A business can be operated business producing the required capital and the
right to use its funds in cash on a regular basis. However, it is necessary to clarify the


issue: The capital is taken where? How to raise capital?
Earlier this management mechanism centrally planned state budget entire
investment in capital construction for the establishment of state-owned enterprises.
Currently the transition to the market economy with the activities of all businesses in
different economic sectors, many state-owned enterprises has proved his weakness.
That reality poses to the economy in general management and financial management
of a particular problem is: how to bring the loss-making enterprises that escape from
the current situation? It is this instability has not yet created a consistency in the shape
of capital for enterprises in our country.
However, although specific changes matter how it all with all forms of business
ownership in the areas of production, circulation, services may mobilize funds from
the following sources:
-Budget fund state-level or higher for state-owned enterprises are determined
on the basis of written records forwarding capital that businesses have the
responsibility to preserve and develop that capital allocation. When the newly formed
state-level or higher initial capital investment for companies implementing business
suits sizes and industries. This capital is often equal to or greater than the legal capital.
After the operation, if necessary, the state will provide additional capital for
businesses to cater for business development.
Supplemented by themselves capital: the enterprise's internal capital including:
+ The basic capital depreciation leaves businesses
+ Profit after tax has been paid
+ The pre-selling its assets (if any)
Joint venture-capital: it is the contribution of funds or property of other
companies with business to business.
- Loans: mainly bank loans and other credit institutions. In addition to the
aforementioned capital, businesses can raise capital from public officials and
employees will now pay interest on a loan for which the interest rate banks.
3


Thereby we imagine, the process of establishing businesses need to have a
minimum amount of capital investment. For now the state capital by the state budget
could be 100% or at least 51%. As for the Corporation, Ltd., company, the initial
capital investment is formed from contributions of capital or capital contribution of
the shareholders in the form of shares. Borrowing rates are defined for each business.
To survive and grow business, in the process of production and business
enterprises must continue the medium and long term investment so businesses can
raise capital within the enterprise as equity funding. If self-funded resource that needs
long-term investors still do not meet the enterprises to seek capital from external
sources such as the forms mentioned above.
With the organization of capital, corporate finance simply not done raising
capital but also to carry out capital distribution so that the authorized capital, own
capital and the capital raising, business able to use them effectively. To do so, in each
period business enterprise needs to determine how much capital and how the structure
is reasonable.
2.2 Objectives capital distribution.
After raising capital and use that capital will gain as a result of consumption of
the commodity business. So now conducting distributed operating results of its
business.
In our country, the economy exists because many components, various forms of
ownership, so the size and distribution methods in the type of business is different.
After each trading period, the amount received by businesses, including cost and
expenses incurred. Therefore, enterprises can distribute in accordance with the
following general form:
Offset costs attributable to goods sold includes:
+ The value of capital goods.
+ Circulation costs and other costs that businesses have spent as bank interest,
transaction costs, bond yields.
+ Depreciation of machinery.
- The remaining after offset costs is called the profit of the business. Profit this
part must be submitted to the state budget in the form of taxes, the rest depends on the

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rules of each division that conducts business venture interest, pay dividends,
appropriate funds business career.
2.3 Objectives of the CFO.
It is the objective ability to make use of financial instruments check, money
manager by the use of functional measure of triva means of monetary payment. This
ability is manifested in that, in the process of implementing distribution function, the
test may take the form of: the necessity to consider the scale of the distribution of
financial resources, the effect of the distribution coordinated through monetary funds.
Chief Financial Officer nature comprehensive synthesis, and place themselves
frequently because the CFO is the process of checking and controlling the financial
activities in order to discover the advantages to promote, exists to overcome.
Financial activities take place in all areas of the process of social reproduction
on the macro and micro. In the financial activities that not only reflects the results of
production but also to promote development. Motivation to accelerate social
production depends not only on the equilibrium distribution, and reasonable balance
between the parts, but also directly dependent on the inspection and stringent control
of all financial activities key.
Content is chief financial officer and director of the movement of capital flows
monetary capital efficiency, establish and supervise the observance of the targets, the
financial and economic norms, director formation process and the use of monetary
funds, the process of economic and accounting executive director of the fiscal policy.
Perform financial management has confirmed to perform thorough and efficient
job CFOs need to regularly renew and improve the mechanism of adequate financial
management mechanisms and policies with economic management manufacturing and
business practices. Through the implementation that makes optimal solutions to make
healthy financial situation and improve the production efficiency of an enterprise
business. Target of CFO plays an important role for the development of business in the
future.
3. Role of the CFO (chief financial officer) in the enterprise
Chief Financial Officer - CFO is a very important location for the enterprise,
acting as the driver of the blood vessels - cash flow, going in the right direction and
objectives of the business. They often hold key positions in businesses such as
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financial risk management, design and business communicator for corporate finance,
solved financial relationships inside and outside the enterprise.
The role of the CFO is usually considered in three aspects as follows:
- Considering the enterprise perspective, the role of today's CFO undeniable,
including small and medium enterprise enterprise whether he is successful, flourished.
But not as good as the CFO role, responsibilities or CFO capacity less the enterprise
was able to fall into bankruptcy.
- Considering the professional perspective, a professional CFO, will lead a
"trains" of accounting, corporate finance machinery works well. Previously, in the
context of an economy that was essentially "closed" and our financial system is at the
very low level of development in comparison with the world. Because, today, Vietnam
has been one of deeper integration with the world in all aspects, especially in this
economic integration - financial. Because now, the Vietnamese will have to compete
with the world right in the "house" of her, including the ability to compete on financial
management. And people today do not only financial resources compared to their
peers in the country, but also to compete with their peers around the world,etc,...
Therefore, the role of the CFO is increasingly enhanced contribute to the success and
development of the profession, "chief financial officer".
Considering a macro perspective, vision and financial capacity of international
accounting Vietnam has made great progress compared to the past. This contributes to
strengthening the accounting system in Vietnam, which acts constitute the principles
of financial accounting standards. Chief Financial Officer reinforce Vietnam's
financial system stable.
However, the activity level of the domestic financial system, as well as
financial management capacity of the Vietnamese people in general still exists a gap
over the world really. Therefore, the CFO needs to improve ourselves, to acquire the
methods of financial management in the enterprise world to help better serve the
financial effects of the business.
4. The title necessary CFO (chief financial officer) businesses in Vietnam
As well as ensuring the capital, the organization of capital used sparingly and
effectively be regarded as conditional survival and development of enterprise. In the
conditions of market economy, the requirements of economic rules laid out before all
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the enterprise very strict standards; not produce any cost. In the market economy, all
business operations of the business are reflected in the value targets, financial targets,
using accounting data and summary of assets. With this feature, the financial staff has
the ability to analyze, monitor business activities to one side to preserve capital, on the
other hand measures used to increase the capital turnover, improve profitability of
business capital.
CFO and basic knowledge about finance, it is the skills of reading,
understanding and analyzing financial statements. This is most of the chief accountant
at the company can do. In addition, the CFO needs to have financial management
skills an effective way. The financial management of the company over to CFO is
primarily active in investment planning, investment management and adjusted cash
flows.
The CFO as financial management of the company must be analyzed and given
a raise capital structure optimization for companies in each period. Financial
management should establish a policy divide a reasonable profit for the company and
shareholders and ensure the legitimate benefits to employees; determined to profit
from the distribution of resources is important to allow the company to expand the
business or to invest in new business areas, new products, enabling the company level
high and sustainable growth.
And this is forgotten and faded in the CFO role, especially for manufacturing
enterprises are increasingly faded requirements. The CFO as financial management in
the company is responsible for controlling the use of the assets in the company,
avoiding wasteful use, improper purposes.
The chief financial officer of the company should actively seek access to and
investment in the capital market, financial markets and investment costs must be
considered as part of capital investment efficiency and production business, need to
expand relations with other companies to improve the mechanism of its financial
management.

7


PART 2: TEST
Please choose the most correct answer by circling on the correct answer that you have
selected. Template questions have only one correct answer.
INFORMATION BELOW (TABLE 1) USED FOR ANSWERS FROM QUESTION 1
TO QUESTION 5
Balance Sheet of the Smith Company
Assets:
Cash and securities marketable
Receivables
Inventories
Prepaid expenses
Total Current Assets
Fixed assets
Except: accumulated depreciation
Net fixed assets
Total Assets
Liabilities:
Short-term payables
Negotiable instrument payables
Tax accrual
Total current liabilities
Long-term debt
Equity
Total Long-term debt and Equity

$300.000
2.215.000
1.837.500
24,000
$3.286.500
2.700.000
1.087.500
$1.612.500
$4.899.000
$240.000
825.000
42.500
$1.107.000
975.000
2.817.000
$4.899.000

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Income Statement
Net sales (sell on credit)
Except: Cost of goods sold
Selling expenses & General administration expenses
Depreciation expense
Interest expense
Income before tax
Corporate income tax
Income (profit) net
Common stock dividends
Income (profit) leave
1. Based on the information in Table 1, the current rate is:
A.

2,97

B.

1,46.

C.

2,11.

D.

2,23.

$6.375.000
4.312.500
1.387.500
135.000
127.000
$412.500
225.000
$187.500
$97.500
$90.000

2. Based on the information in Table 1, using 360 days / year average collecting
money period:
A.

71 days

B.

84 days

C.

64 days

D.

125 days

3. Based on the information in Table 1, the debt ratio (ratio of liabilities) is:
A.

0,70.

B.

0,20.

C.

0,74.

D.

0,42.

4. Based on the information in Table 1, the net profit margin on sales equal how much:
A.

4,61%.

B.

2,94%.

C.

1,97%.

D.

5,33%.

5. Based on the information in Table 1, the Inventory Turnover Ratio is:
A.

0,29 times

B.

2,35 times
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C.

0,43 times

D.

3,47 times

6. Which is type the following companiesno subjectload limited liability debt?
A)

Private Company

B)

Joint Stock Company

C)

Public company

D)

All the above answers are wrong

7. Calculate the present value (PV) of $ 100,000 received after 5 years from today,
assuming an interest rate of 8% / year?
A)

$60.000,00

B)

$68.058,32

C)

$73.502,99

D)

$82.609,42

8. Calculate the present value (PV) of $ 80,000 received after 10 years from today,
assuming an interest rate of 5% / year?
A)

$38.422,76

B)

$40.000,00

C)

$49.113,06

D)

$76.000,00

9. Calculate the present value (PV) of $ 50,000 received after 20 years from today,
assuming an interest rate of 4% / year?
A)

$5.242,88

B)

$10.000,00

C)

$22. 819,35

D)

$40.000,00

10. Calculate future value (FV) of $ 60,000 in 5 years, assuming the interest rate is 5%
/ year?
A)

$62.500,00

B)

$72.674,86

C)

$75.000,00

D)

$76.576,89

11. The NPV method:
10


A.

Is consistent with the goal of maximizing value for shareholders.

B.

Recognizing the value of money over time.

C.

Use cash flow

D.

All the above answers are correct

12. The NPV method assumes cash flows are reinvested at the:
A.

IRR.

B.

NPV.

C.

The rate of real income.

D.

Weighted Average Cost of Capital (WACC)

13. You are analyzing a proposed project and have the following information:
Year

Cash flow

0

-$135.000

1

$ 28.600

2

$ 65.500

3

$ 71.900

Payback period required

3 years

Income ratio requirements

8,50%

Net Present Value (NPV) of the proposed project is ?
A.

$3.289,86

B.

$3.313,29

C.

$4.289,06

D.

$4.713,71

14. Calculate future value (FV) of $ 10,000 in 8 years, assuming an interest rate of
10% / year?
A)

$16.212,78

B)

$18.000,00

C)

$18.756,22

D)

$21.435,89

15. Calculate future value (FV) of $ 20,000 in 4 years, assuming an interest rate of
12% / year?
A)

$17.096,08

B)

$28.292,66
11


C)

$31.470,39

D)

$32.020,64

16. If $ 15,000 is invested at interest rate of 10% / year, asked how long will the
investment be doubled?
A)

7,3 years

B)

8,4 years

C)

10,6 years

D)

14,8 years

17. If the money is invested at 8% interest rate / year, asked approximately how many
years the interest received will be equal to the original investment?
A)

5 years

B)

6 years

C)

9 years

D)

12 years

18. Sara wants to have $ 500,000 in a savings account when she retired. Ask how
much she must have money in the account now if the interest rate is fixed at 8% / year,
to make sure she will have $ 500,000 in 20 years?
A)

$107.274

B)

$144.616

C)

$180.884

D)

$231.480

19. You are analyzing a proposed project and have the following information:

Payback period required
Income ratio requirements

Year

Cash Flow

0

-$135.000

1

$ 28.600

2

$ 65.500

3

$ 71.900
3 years
8,50%

The payback period using discounted cash flow of the project?
A.

2,57 years

B.

2,64 years
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C.

2,87 years

D.

2,94 years

20. Which of the following is not considered as equity in the balance sheet of the
company?
A.

Cash

B.

Paid in capital

C.

Preferred shares

D.

Income leave (profit retention)

E.

Ordinary shares

21. Calculated Yield To Maturity (YTM) of a 5-year bonds, $ 5,000 par value bond
with a 4.5% interest rate and pay interest every 6 months if coupon bond is priced at $
4876?
A)

4.30%

B)

5.07%

C)

6.30%

D)

8.60%

22. Calculated Yield To Maturity (YTM) of a 10-year bonds, $ 1,000 par value bond
with a 5.2 % interest rate and pay interest every 6 months if coupon bond is priced at $
884?
A)

5.02%

B)

6.23%

C)

6.82%

D)

12.46%

23. A bond have 3-year term, Par value of $ 2,000 and have 6.3% interest rate bonds
with coupon rate paid annually (1 year payment 1 times). Ask Yield To Maturity
(YTM) by how much if the bond is priced $ 1,801?
A)

6.30%

B)

8.48%

C)

9.22%

D)

10.32%

24. /One bonds par value $ 1,000 bond with an interest rate of 5.4% / year and coupon
interest paid every 6 months, bonds have 5 year term and Yield To Maturity (YTM) of
13


7.5%. If interest rates rise and Yield To Maturity - YTM rise 7.8%, How are bond
prices affected ?
A)

Decrease $9,82

B)

Decrease $11,59

C)

Increase $12,16

D)

The price of the bond does not change.

25. One bonds par value $ 5,000 bond with an interest rate of 6.4% / year and coupon
interest paid every 6 months, bonds have 4 year term and Yield To Maturity (YTM) of
6.2 %. If interest rates rise and Yield To Maturity - YTM rise 0.8%, How are bond
prices affected ?
A)

Decrease $98,64

B)

Increase $40,49

C)

Increase $84,46

D)

Increase $142,78

26. Calculated bond yields of bonds with a term of 2 years, $ 10,000 par value of the
coupon interest paid every 6 months and the current price of the bond is $ 9,543.45,
Yield To Maturity (YTM) 6.8%?
A)

4,32%

B)

5,60%

C)

6,25%

D)

8,44%

27. In Harry's birth, his father spent on $ 1,000 investment account committed paying
interest of 4% / year. Asked how much money Harry would be have when he is 18
years old?
A)

$1.720

B)

$2.026

C)

$2.804

D)

$4.806

28) Helen's savings to start her business. If she invested $ 10,000 in the account now,
asked how much of the minimum interest rate is to make sure that she has $ 25,000 in
her account in 10 years?
A)

2,5%
14


B)

6,4%

C)

9,6%

D)

10,2%

29. Consider the following chain of cash flows:
0

1

2

3

4

|

|

|

|

|

?

$5000

$6000

$7000

$8000

Year
Cash Flow

If the market interest rate at 8% / year, the present value (PV) of the cash flow chain
will be approximately:
A)

$22.871

B)

$21.211

C)

$24.074

D)

$26.000

30. Consider the following chain of cash flows:
0

1

2

3

4

|

|

|

|

|

$1000

$2000

$3000

$4000

?

Year
Cash Flow

If the market interest rate at 8% / year, the present value (PV) of the cash flow chain
will be approximately:
A)

$11,699

B)

$10,832

C)

$12,635

D)

$10,339

15


LIST OF REFERENCES

1) Curriculum Course in Corporate Finance, Associate Professor, Dr. Nguyen
Huu Anh, 2014.
2) Financial Management curriculum, Nguyen Huu Huong, 2013.
3) The problem in enterprise finance, Le Thanh Mai, 2013.
4) financial and monetary standards, Tran Thu Hang, 2013.
5) the financial structure of enterprise, Tran Nhat Le, 2013.
6) To become a professional CFO, Doan Minh Hue, 2013.

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