PHÂN TÍCH CƠ CẤU VỐN TẠI CÔNG TY CỔ PHẦN X20

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.. Lei nhudn cue Trong qu

BO GIAO DVC VA DAO TAO TRIJIING DAI HQC THANG LONG

ThS Ngo Thi Quyen Phan] Anh Phtrang A17058

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!

M1VC LUC CHVONG 1 1,)? LUAN CO BAN VE CO CAU VON TRONG DN

1.3Tac Ong ciia co ciu von den ty suAt sinh Rri — rfii ro 9

1.3.1.4 MOt sa phtrang phap do luring rfti ro tai chinh khac 11

1.3.2 Ttic &Ong c eta den bay tai chinh cr'en khii nang sinh 12

1.4.1 Lf, thuy't M& M trong truirng hop khang c6 thui; 13 1.4.2 Lf, thuA M&M trong Throng hop ce thu' re 13

CHUONG 2 THUC TRANG CO CAU VON CUA CONG TV CO PHAN X20.16

2.1.2 Dac di'dm nganh nghe kinh doanh ctia cong ty X20 16

2.2 Ket qui hoat Ong san xuAt kinh doanh ctia cong ty c6 pha'n X20 nam 2010

2.2.1 Tinh hinh doanh thu — chi phi — loi tthuOn nam 2010 — 2012 20 2.2.2 nth hinh tai san — nguan von tram 2010 — 2012 cat] cong ty co phan X20

21

2.2.2.3 Chi tieu tai chinh tang h9p 27

2.4 Tac Ong cua co cau von den tS, suat sinh liri — rut ro 40

2.4.1 Anh huang ell(' ca cau van d ien raj ro tai chink 40

2.4.1.3 Ca cau van va rai ro tai chinh 43

2.4.2.1 Tac d5ng caa ca cau van len ROE 44

3.3 Giai phi') cho co cat' yen cfia cong ty X20 51

3.3.1 Thay dal 1y tryng trong thrinh phan van 51 3.3.2 TiAl kiem chi phi, tang hieu quo son kinh doanh 53

3.3.2.2 Tang hieu qua san xuat kinh doanh 55

3.4.2 Nang cao nh'an Mar vA ca cau van hip ly 57

DANH MIX VIET TAT

Bang 2.3 Ty trong thanh phAn ngtiOn von 2010-2012 25 Bang 2.4 Nhom chi tieu phan anh kha nang sinh loi 27

Bang 2.10 Ty trong cac thanh phAn vOn CSH 2010-2012 36

Bang 2.12 Chi phi vOn binh quan WACC 2010-2012 38

Bang 3.1 Chi phi Oat hanh co phieu thtr&ng 52 Bang 3.2 Chi phi vim binh quail WACC khi phat hanh them co phieu 52

Bang 3.6 Tinh hinh doanh thu- chi phi — lqi nhOn 55

DANH M>i1C BIEU DO

Bleu coo 2.2 Ty trong mot so thanh phan tai sin 2010-2012 23

DANH Mk1C HINH VE, SO DO

So coo 1.1 TO chtrc bO may quin ly cOng ty 18

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 a 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

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

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

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 a 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

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

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

He song=

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 a dua ra cac quyet dinh hgp 13't

s6 tai trg =

To „ ng ngu son 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,

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 a co mOt ty' le hap nhAt

T'Ong TS

He s6 ter tai tro =

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 a trang trai tai san cho hog dOng

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

VOn CSH

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

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

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

Chi phi — Lai ich \ m

Rb = (i +

Gia tri tai tra rang) —

1 Lai suAt hang nam sau time

Viec sir dung ngutm vein tin dung ngan hang a 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:

360

(

TS, le chiet khgu tg tri ncy—tg hireling CK

Rb = 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 a 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:

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:

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

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

Rs = — +g= Do (1 + g) +g

Chi phi szi- dung khi ph& himh co phiiu thtrang mai

1 D1 Do ( + 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

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

EPS3 =

NS (EBIT — 1)(1 — T)

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 a thAy dirge sir anh huemg cda nhcmg phuang an tai trg khac nhau d6i vai EPS

EPS dugc xac dinh boi cong thirc:

EPS = (EBIT — 1)(1 — T) — PD

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

EPS1 = (EBIT)(1 — T)

NS (EBIT)(1 — T) — PD

EPS2 =

NS

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:

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

Cong thdc rut gon

EBIT

DF L =

PD

EBIT I 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 ,

tong ngu6n tai tri co chi phi c6 dinh thi thing tien c6 dinh chi ra de tri c6 tirc hoc lai 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

i=0

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

a

CV =

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 a 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

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

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

Et' Luvrig nc, tói tru

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:

RE 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 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)

Hien gia Li chin thud

Gia trj ctia cong ty theo

MM khi c6 6114 is nq

fi = Vu + Tc13

Hien gii cua chi phi khOn kho tai chinh

V =gia trj thu.c cva cong ty

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

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

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

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:

■ 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

■ 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

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

1 cong ty &roc the hien qua so do

2.1.4 Cluir ming nhic3m 111 (Ala fling bn phdn

2.1.4.1 BO phan quail ly

Doi h§i ding ca (long: Theo luAt DN va Dieu lE Cong ty, Dai hOi (tang Co (long

la col quan quyen lqc cao nhAt cua ding ty Doi hOi clang Co ding guy& dinh to chirc lai va giai the cong ty, dinh Wang phat then cua Ong ty, bo nhiEm, mien nhiEm thinh vien HQi clang Quin tri, thinh vien Ban kiem soar

HOi ding Quin tri: la ca quan quart tri cao nhAt cua cong ty, co dAy du quyen han de thay mat Ong ty guy& dinh cac yin de lien quan den muc tiEu va lqi ich cua cong ty, ngoai trir cac van de thu6c quyen han cua Dai 116i clang Co (long H6i (tang Quart tri do Dai h6i clang CO ding bAu ra

Ban Kiem soit: do Dai h6i clang Co ding bAu ra, la to chirc thay mat ca (long de kiem soat moi hog d'Ong kinh doanh, quart tri va dieu hanh cua cong ty

Ban Giant bao gam Tang giam dac, cac pito Tang giam dac va Gam doe dieu hanh, do H6i clang Quin tri quyet dinh 1)6 nhiEm, mien nhiEm

Tang Giim d6c: IA ngutri dai din theo phap luAt cua cong ty va IA ngtthi dieu hanh cao nhAt trong cong ty, chiu trach nhiEm tru6c NhA nuerc, B6 Quac pheng, Tang cpc HAu can, HOi clang Quart tri va ca (long cua ding ty ye moi hog dOng cua cong ty

Pho Tong Giam dOc va GiAni dac dieu Minh: IA ngtroi &rot Tang Giam dac uS,

quyen hoc phan cong chiu filch nhiEm trong mgt so rinh vqc quart l)"7, chuyen mon, chiu trach nhiEm truerc Ding uSf, Tang Gam d6c, H6i (fang Quin tri, cac ca (long ve ket qua thqc hiEn nhiEm vu dirge giao

Phong Kinh doanh - XuAt nhap khan: la ca quan quart ly va tivc tier) thqc hiEn cac nhiEm vu ve kinh doanh, xuAt nhAp khAu trong toan ding ty Timm muu giup Tang Gam dac xic dinh phuang huong, muc tieu nhiEm vu, chien lucre kinh doanh nhim kh6ng ngimg ma Ong hog d6ng kinh doanh - xuAt nhAp khAu cua cong ty dat hiEu qua kinh to cao

Phong Tai chinh - Ke toin: la ca quan tham muu cho Tang Giam (lac ve cong tac tai chinh, ke toan, dam bao phan Anil kip that chinh xac cac nghiEp vu kinh to ph& sinh, la ca quan sir dung chirc nang phan phi va giam dac clang tien de kiem tra giam sat moi hog dOng kinh to ph& sinh trong Ong ty

2.1.4.2 Bd phdn san xudt kinh doanh

Trung tam dio tao: c6 chirc nang clao tao tay nghe cho lqc luqng lao Ong cac nganh may, theu, dEt, nhuOm cua cong ty Phai hop tham gia sat hach tay nghe thi tuyen dung, thi nang bAc, thi thq giei cua cong ty

Xi nghiOp do may Quail dOi: cho yeu san xuAt quart phuc do may cho can b6, chin si trong Quin d6i

2.2 Ket qua host ding san xtfit kinh doanh ctia eong ty e6 phi') X20 nam

2010 - 2012

2.2.1 Tinh hinh doanh thu - chi phi - hfi nhurin tram 2010 - 2012

Bang 2.1 Doanh thu-chi nhuin [tam 2010-2012

(Dan nghin ding) Chi tieu Nam 2012 Nam 2011 Nam 2010

Doanh thu than ve ban

hang va cung cap dich NT 785.142.130 838.620.615 704.034.968

Gia v6n hang ban 687.008.680 748.996.639 590.762.942

Lai nhuan sau thud TNDN 35.209.281,36 27.465.075,22 47.679.678

(NguOn: Phong tai chinh - ke town)

Bleu 2.1 Doanh thu-chi phi- lqi nhu(in

(Dan v': nghin dOng)

• DTT

■ GVHB

LNST

Mini 2012 Nam 2011 Mini 2010

(NguOn: Tac gia tinh town) Doanh thu bung nam 2011, Mir tim kiem vi san xuAt duqc nhi'eu dan hang him, kem theo do la quan tarn nhieu han den chit prang san phim va phuc vp

khach hang, doanh thu than ciia nam la 838.620.615 nghin ding trong khi nam 2010 chi la 704.034.968 nghin eking, riming img tang la 134.585.647 nghin dOng Tuy nhien den nam 2012, doanh thu thuAn giam xuting con 785.142.130.308 ding Trong nam nay, chi phi du vao cua nguyen lieu tang cao khien gia ban san phim tang, an den doanh thu than tut giam Cu the, d6i vii ao sa mi nt7 dai tay, gia ban nam 2011 a mat

217 nghin d6ng/chiec thi den nam 2012 da len den 237 nghin d6ng/chiec, cac b6 quan phtic trung binh a gia 1,1 trieu diing/b6 thi hien tai da a mire 1,25 trieu ding/b6

Gia von hang ban: Gia v6n hang ban nam 2011 IA 748.996.639 nghin d6ng, tang han so vai nam 2010 158.233.696 nghin d6ng, tuy nhien den nam 2012 lai giam xu6ng con 687.008.680 nghin dong, tucmg ling giAm 61.987.959 nghin d6ng Nam 2011, cac chi phi cAu thAnh nen gia thanh san phAm nhu chi phi nguyen vat lieu, chi phi nhan cong, chi phi san xuAt chung deu tang han so vai nam 2010 TS , le tang IA 26,78%, cao horn rat nhieu so vai tS, le tang doanh thu trong nam do IA 19% Den nam 2012, chi phi dau vao co giam nh.mg khong ding ke, tuy nhien ty le giam chi co 8,28% Tir do to co the thAy, cac chi phi dAu vao tac dOng truc tiep len gia v6n hang bin, gay Anh huong tai doanh thu va lcri nhuan cua cong ty

Lgi nhuan sau thue: Nam 2010, lgi nhuan sau thue dm cong ty lA 51.215.416.339 ding nhung den nam 2011 giam xu6ng con 31.710.123.065 d6ng, tuang ling tS, le giam IA 38.08% Lgi nhuan sau thue giam khien gia tri trich lap cac quy giam vi c6 tire chia cho cac c6 dong giam Dieu nay d6ng nglifa vai viec ngu6n de cham lo d6i song cho can b0 cong nhan vien, ngu'on de tai dAu to phat then cong ty cling nhu ngu6n de giam thieu rui ro ve tai chinh cho cong ty giam D6ng that c6 tirc chia cho cac co dong giAm khien niem tin dm Co dong d6i vai cong ty giam, se gay rat nhieu bAt lgi neu cong ty tang du to bang viec phat hanh them c6 phieu Tuy nhien, den nam 2012, mOt s6 chi phi giam manh kern theo do IA sir tang len 6 nguiin thu nhap khac nen lgi nhuan sau thue dm cong ty tang nhe, len 38.635.862.158 d6ng, tang han nam 2011 la 6.925.739.092 dong

2.2.2 Tinh hinh tai srin twain van aim 2010 — 2012 ctia cong ty co phtin X20

2.2.2.1 Tinh hinh thi san 2010 - 2012

Bang 2.2 Thi san cang ty 2010-2012

(Don vi: Nghin d'6ng)

Cac khoan phai thu NH 193.082.712 270.546.170 127.773.384

Phai thu oh khach hang 163.591.521 230.415.819 101.811.585

Tra trtroc cho ngu&i ban 30.035.302 33.261.119 20.368.420

Cac khoan phai thu khac 5.459.575 7.704.383 5.645.579

Du phong cac khoan phai

Hang ton kho 108.640.120 148.179.389 173.286.200

Tai san NH khac 2.485.263 4.181.955 4.609.430

TAI SAN DH 88.930.099 98.496.919 105.805.683

Tai san c6 Binh 87.262.927 96.837.919 104.146.683

Cac khoan dAu to tai chinh

TONG CONG TAI SAN 566.635.037 575.261.606 561.176.508

(Nguon: Phong tai chinh Ice toan)

■Hang ton kho

(Ngu6n: tac gia tinh town)

Tien va cac khoiin twang throng den: Nam 2010 tien va cac khoan tucrng

dtrcmg tien ctla cong ty la 119.701.811 nghin dong thi den nam 2011 chi con la 53.857.173 nghin d6ng, giam 65.844.639 nghin d6ng, twang img veri tS, re la 55,01%

SO di co sir skit giam manh nhu vay, nguyen nhan chu yeti la do cong ty tap trung dAu

to mot s6 dir an mua sam d6i meri cong nghe, htia hen dem 14i kha nang tang nang suAt lao dOng, giam thieu chi phi, tang kri nhuan cho cong ty trong twang lai Tuy nhien, den nam 2012, khoan rrivc tien ctia cong ty tang manh, vucrt qua ca nam 2010, len den 173.496.843 nghin d6ng, ti le tang so veri nam 2011 la 222,14% Veri nhu cAu cap thiet

ve von de chuAn bi dAu ttr cho cac dkr an lern, ngoai khoan tien vay DH ngan hang, DN con chuyen d6i cac lo4i chimg khoan NH de gitip tang luqng tien mat cho cong ty Ben canh dO, cac khoan phai thu khach hang va khoan thu khac giam so veri nam tnrerc nen khoan mvc tien cua cong ty tang cao

Phil thu khach hang: Nam 2011, phai thu khach hang dia cong ty tang cao,

230.415.819 nghin d6ng, tang dang Ice so vai Mtn 2010, 101.811.585 nghin &Prig,

cong ty khong có du kha nang dE thanh town tin hang cho ding ty CP X20 theo dimg thai han a 14 kEt tren hop ding DiEu nay chting to ding ty bi chiEm dung v6n rat lan Nam 2012, sau khi xem xet nang luc cua d6i tac mai tnrac khi ban hang, ding vii cac chinh sach va diEu khoan hop ly trong chinh sach tin dung, phai thu khach hang

cua cong ty giam xuting con 163.591.521 nghin ding, giam 66.824.298 nghin ding so

tong kh6ng nho trong tong ty tong TSNH Day cling la mOt kho khan khong nho cho cong ty do hang ton kho thuang a Am m6c, kern phAm chAt vt mat hiEn vat, keo theo

do la sir giam gia tri cua hang hoa do

TSCD: TSCD cua cong ty &rot hinh thinh tir TSCD him hinh va TSCD vo hinh (bao g6m quyEn stir dung dAt, phAm mtm ke toan, phAn mEm quan 1)", TSCD) Nam

2010 TSCD cua cong ty la 104.146.683 nghin ding, nam 2011 giam xu6ng muc 96.837.919 nghin ding Nam 2011, tuy cong ty co dAu tu them thiEt bi cong nghE mai nhung den cu6i nam phat sinh them hoot dOng thanh 15/ mOt s6 TSCD him hinh cu nen

su skit giam trong nam nay khong clang kE TiEp tuc ap dung dp dung phucmg phap khAu hao nhanh nham nhanh chong thu h6i von phuc vu dAu tir cho cac nam tiEp theo, gia tri con 14i dm TSCD nam 2012 tiep tuc giam xu6ng con 87.262.927 nghin ding DAu fir tai chinh DH: Khoin muc nay duvc hinh thanh tir hoat d6ng lien doanh,

lien kEt cua ding ty vai cong ty CP 199 Theo GiAy chUng nhan dang ky kinh doanh, Cong ty dau to vao Cling ty Co phAn 199 s6 tiEn 1.659.000 nghin dong, tucmg ducmg 33,4% von diEu 1E Cong ty da gip du v6n cam kEt nen khoin muc nay khong CO biEn dOng trong 3 nam

2.2.2.2Tinh hinh ngujn van 2010 - 2012

Bang 2.3 Ty tryng thank phin nguOn von 2010-2012

(Dan vi: nghin c16ng)

(Ngutm: phOng tai chinh ke toan va tac gia tinh town)

Bieu a 2.3 Ca ciiti von 2010-2012

Trong 3 nam, nq phai tra chiem mOt ty trQng lan trong cAu truc von cua deg ty Trong nam 2012, nq phai tra giam tir 58,26% tai nam 2011 xu6ng can 57,21% nhtmg van chiem han mOt nira trong tang tS, trQng Von CSH khong cb nhieu thay dOi qua cac nam Nam 2011, von CSH giam xuang con 41,74% nhtmg da tang tra loi vao nam

2012, len mirc 42,79% CO mOt su dao d8ng nhg trong tS , trcong ctia 2 thanh phAn nhung phin lan cong ty van sir dung nq nhieu han cho hoot &Ong kinh doanh De di sau vao chi tiet, to se xem xet cac chi tieu dtrai day

Ccic chi lieu phan anh co ctiu von

O—Hfs4 nq —0-He so au try Hg 4, my tren von CSH

(ngtiOn: tac gia tinh town) H§ s6 nq va h§ s6 tai trol Niim 2010 vi 2012, 1 deg von b6 ra ding ty phai vay

nq 0,572 ding (2012), 0,571 dOng ( 2010) va c6 0,428 ding ( nam 2012), 0,429 ding (2010) la tir von CSH Dieu de cho thAy kha Wang to chu v'e tai chinh dia gong ty turn doi On djnh Cong ty CO vay nq nhung khong qua pity thu8c vao chu nq, dieu nay giiip gong ty de dang thuyet phuc cac nha dAu tir de vay van cho hoot dOng sari xuAt kinh doanh trong tuong lai ding Whir fling cao uy tin dm cong ty trong viec tra

nq Nam 2011 CO su thay d6i nhc trong ty trQng giaa 2 thanh phAn: 1 ding von dia ding ty thi nq phai tra chiem 0,583 ding va von CSH chi chiem 0,417 ding SZr di c6 thay dai nho nay la do khoan muc phai tra ngtr&i ban tang len Trong nam 2011, luqng tien mot trong gong ty giam xuting chi con 53.857.173 nghin ding, (nam 2010 la 119.701.811 nghin clOng) de dAu to vao cac trang thiet bj moi va cac du an mai, kern theo d6 phai thu khach hang cim cong ty tang len nen gong ty g4p mOt chtit khe khan trong viec tra nq

Hg so nq teen von CSH: He so nq ten von CSH cua cong ty trong 3 nam au

tan hcm 1 cho thay, tai san cua DN &cc tai trq phAn 16.n tir ngu6n nq Nam 2011 khoan nq phai tra tang len nen he s6 thay (16'i tir 1,331 (2010) len 1,396 Tuy nhien, nam 2012, he s6 nq ten von CSH giam xu6ng con 1,337, khong c6 nhiEu chenh lech

so von nam 2010 lfu diEm dm he s6 nq cao la chi phi !Ai vay se duqc trir vao thud thu nhAp DN, gift]) cong ty giam chi phi, cong vii uu the cua don by tai chinh, gia tang lqi nhuAn cita cong ty Khong chi gia tang lqi nhuAn, don by cling co the khuEch 41 khoan to ne'u cong ty kinh doanh khong hieu qua Khoan nq 16n cling khien cong ty

gAp Ich6 khan trong viec tra nq Vi vay cac nha quart 1S/ can phan tich ki de dui ra mirc sir dung nq hcrp 1Sr

2.2.2.3Chi tieu tai chinh tang hap

Bang 2.4 Nhom chi lieu phan anh kha nang sinh loi

(Dom vi: lin

TS/ suAt sinhltritren

doanh thu than (ROS)

Lqi nhuAn rOng

0,04 0,03 0,07 Doanh thu thuAn

TS/ suit sinh ltri ten king

tai san (ROA)

Lqi nhulan rang

0,06 0,05 0,08 TOng TS

TS, suit sinh 16i ten von

CSH (ROE)

Lai nhuAn rong

0,15 0,11 0,20 Vtin CSH

(Nguon: tic gia tinh loan)

ROS: Chi tieu nay cho biEt trong 1 dong doanh thu thuAn se thu drat bao nhieu

&Ong lqi nhuAn sau thud ROS !tam 2010 dot mire cao nhA't trong 3 nam, 0,07, tirc la 1 d6ng doanh thu thuAn to ra dugc 0,07 ang lqi nhu4n sau thud Nam 2011 ty so nay giam monk, chi con or mix 0,03 Trong nam nay, doanh thu thuAn va gia win hang ban dong loot tang, tuy nhien, toc d6 tang ctia gia von hang ban la 27%, cao hcm rat nhi'Eu so vtri tOc d'6 tang cila doanh thu thuAn, 19% (tic gia firth toan) Ben conh do, cac khoan chi phi tai chinh, chi phi ban hang ding tang nhe DiL nay cho thAy chi phi trong nam 2011 dang co dAu hieu vugn tam kiEm soat ctia cac nha quan lS/ Nam 2012 ROS co tang nhimg khong

dang ke, len mire 0,04 KEt qua tren the hien hieu qua sir dung chi phi dm cong ty chtra dirge tot NEu nhu muOn phat triEn b'En yang, to sir canh truth a ma r6ng thi trutrng, cac cap quart ly can tang cutrng kiEm soat chi phi hon

ROA: Chi lieu nay danh gia hieu qua sir dung cac tai san da duqc dau to cita cong

ty Nam 2010 van la nam c6 t suAt cao nhAt trong 3 nam, dot mire 0,08, co nghia 1 dOng

tai sin du tu to ra drat 0,08 dting lqi nhuA'n sau thud Nam 2011, kha rang quan ly chi

phi kern, lai suAt cua khoan vay DH tang khiEn khoan lqi nhuAn r6ng skit giam, dOng von

6 mirc 0,06, khong cai thien ro3 r'et nhung ding co dAu hieu tich cuc km so yeti nam tuck

dO T6c dO giam cua gia von hang ban cao hon so voi tic dO giam cua doanh thu cho thAy kha nang quan l , chi phi cua ding ty da co buck cai thien Tuy nhien, tS, suit cua cong ty van 6 mire thAp, chi tir 6%-8%, cong ty can tim bien phap de co the sir dung tai san da dugc dAu to hieu qua ham, qua do m6 rOng quy mo san xuAt cling nhu thi tiding tieu thu

ROE: Day la mOt chi tieu ctrc Id quan tong oh cong ty, no do luting dugc mirc hieu qua sir dung von CSH cho hog dOng sin xuAt kinh doanh (16 tao ra lqi nhuan Nam

2010, ROE dat mix 0,2, nam 2011 giam xu6ng con 0,11 va a tang len den 0,15 vao nam

2012 TS, s6 nay cho biet, 1 ding v6n CSH bo ra thu dugc lAn lugt qua cac nam la 0,2 ding, 0,11 ding va 0,15 ding lqi nhuan sau thue Nam 2010, lei suit vay NH cua cong ty chi 6 mirc 11,7% trong khi do ROE dat mirc 20% cho thAy kha nang can ai giaa vay ng

va sir dung v6n CSH cua cong ty rat tot, lqi nhuan tao ra dugc lam hon nhieu so WA cac khoan lei vay ngan hang Nam 2011, do cling tac quan l)", chi phi kern, khong nhimg khong du de tra lei vay ngan hang, lgi nhuan tao ra ten ding Win CSH giam xu6ng mirc thAp nhit trong 3 nam, 11% ( lei suit ngan hang la 14,69%) ROE da tang ta lai vao nam

2012, 15% cho thAy dugc sq cal thien trong viec sir dung v6n cua cong ty, nang cao kha nang dau tu cua DN

De co the tang truing ben yang, khai thac dugc lqi the canh tranh tir viec huy ding von, tang sirc hAp din a thu but cac ngutm vein dAu to khac, cong ty can co nhieu bien phap manh, sit chat trong viec quan ly chi phi cong via do la cac chin lugc hieu qua, can d6i gitra ng vay va von CSH, sir dung hieu qua don bAy tai chinh, khuech dai loi nhuan cho cong ty

2.2.2.4 Chi lieu kha nang thanh toan

TS, tong cac thanh phin trong tong ngutm vim dm cong ty se gay anh hue:mg den hieu qua hog ding san xuAt, trong dO co kha nang thanh toan Kha nang thanh toan phan anh ro net tinh trang tai chinh hien tai cua cong ty, danh gia dugc lieu cong ty co dang kinh doanh hieu qua hay khong qua viec bao dam thanh toan cac ngustin ng va lei vay Neu cong ty dang a tinh trang xAu, ty' le ng qua cao ma khong co phircrng an tra

ng, khong dam bao kha nang thanh toan se khien uy tin cua cong ty bi ha thAp, anh huang trqc tiep den hoat dOng cua ding ty, co the lam vao tinh trang kh6 khan, them chi phi san