Chuong 3 Phan Tich Bao Cao Tai Chinh
Transcript of Chuong 3 Phan Tich Bao Cao Tai Chinh
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
1/100
Chng 3:PHN TCH
BO COTI CHNH
ThS. Nguyn Nh nh 1
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
2/100
Bo co ti chnh
Gm 4 bo co Bng cni k ton Bo cokt qu kinh doanh
Bo colu chuyn tin t Thuyt minh BCTCTp hp 4 bo co ti chnh nu trn phn nhtnh hnh hot ng kinh doanh vv th tichnhca 1 doanhnghip, l c s ngi s dng d bo li nhun vc tc trongtng lai
ThS. Nguyn Nh nh 2
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
3/100
Cung cp thng tin hu ch cho ngi raquyt nh
- Quy m doanhnghip - Doanhnghip cang tng trng? - Doanhnghip ang lm ratin hay haoht tin?
- Doanhnghip ang c c cu ti sn ngn hn, tisn dihn nh th no?- Doanhnghip ch yu ang vayngn hn hay vay
dihn? - Doanh nghip pht hnh tri phiu hay CPmi
trongnm qua?- Chi phs dng vn nhiu hay t?....
ThS. Nguyn Nh nh 3
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
4/100
Bng cn i k ton
Th hin bc tranh v tnh hnh ti chca doanh nghip ti 1 thi im c
ThS. Nguyn Nh nh 4
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
5/100
BNG CN I K TON Ngy 31/12/200X
TI SN M s Thuyt minh
31/12/200X 01/01/200X
A.TI SN NGN HN 1001. Tin 2. u t ti chnhngn hn 3. Cckhon phi thu4. Hngtn kho5. Tisn ngn hn khcB. TISN DI HN 200
1. u t ti chnh dihn 2. Cckhon phi thu dihn 3. Tisn c nh 4. Bt ng sn u t 5. Tisn dihn khc Tng ti sn (270=100+200) 270 5ThS. Nguyn Nh nh
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
6/100
BNG CN I K TON Ngy 31/12/200X
NGUN VN M s Thuyt minh
31/12/200X 01/01/200X
A. N PHI TR 300 II. N ngn hn 1. Vayngn hn 2. Phi tr chongi bn3. Thu phi np NN4. Phi tr cng nhn vin I. N di hn 1. Vay dihn 2. Phi tr dihn khc B.VN CH S HU 4001. Vn u t ca ch s hu 2. Li nhun cha phn phi
Tng ngun vn 430 6ThS. Nguyn Nh nh
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
7/100
Bang can oi ke toan
Tisn ngn hn Tin u t ti chnhngn hn Cckhon phi thu Tn kho TSNH khc
Tisn dihn TSC hu hnh TSDH v hnh
TSDH thu dihn Bt ng sn u t u t ti chnh dihn
Tng ti sn
Ngay 31/12/200X
N phi tr N ngn hn Phi tr chongi bn N tchly Vay ngn hn N ngn hn khc
N dihn Vn ch s hu
Vn u t ca ch s hu
Thng d vn c phn Li nhun li
N v vn ch s hu
ThS. Nguyn Nh nh 7
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
8/100
Cc quyt nh ti chnhv Bang can oi ke toan
Tisn ngn hn Tin u t ti chnhngn hn Cckhon phi thu Tn kho TSNH khc
Tisn dihn TSC hu hnh, v hnh TSDH thu dihn
Bt ng sn u t u t ti chnh dihn
Tng ti sn
Ngay 31/12/200X
N phi tr N ngn hn Cckhon phi tr N tchly Vay ngn hn
N ngn hn khc N dihn Vn ch s hu
Vn u t ca ch SH
Thng d vn c phn
Li nhun li
N v vn ch s hu ThS. Nguyn Nh nh
Q
QTTS
Q T
Q NGUN
VN
Q PHNPHI
LN
8
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
9/100
Bng cn i k ton Phn nh tng gi tr ti sn v tng n v vn ch
huti 1 thi im nht nh.Phng trnh k ton:Tng TS = Tng n + Vn CS BCKT trnh by theo trnh t Tnh thanh khon
gim dn Mt TS c tnh thanh khon l ti sn d chuyn thnh ti Mt khon n c tnh thanh khon: l khon n c u
thanh ton trc
Nguyn tc k ton: Nguyn tc gi gc- Nguyn tc thntrng Qu kh- Tng lai
Gi tr s sch gi th trng ThS. Nguyn Nh nh 9
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
10/100
ThS. Nguyn Nh nh 10
V du: AGFCty xuat khau thuy san An Giang)
Ngy 31/12/2006 Ngy 31/12/2007 VN CH S HU 298.959.746.271 620.611.674.951Trong : 1. Vn ch s hu: - Vn (gp) ca ch s hu 78.875.780.000 128.592.880.000- Thng d vn do pht hnh c
phiu 124.711.953.400 385.506.013.400
- Cc qu 57.279.124.695 82.867.395.446- Li nhun gi li 36.584.160.625 22.136.658.554- Ngun vn u tXDCB 1.508.727.551 1.508.727.551
2. Ngun kinh ph v qu khc: 1.355.855.891 1.129.323.270- Qu khen thng, phc li 1.244.855.891 1.038.197.470- Ngun kinh ph 111.000.000 91.125.800(Ngun: www.hsx.vn)
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
11/100
ThS. Nguyn Nh nh 11
Gia th trng so vi gia so sachcua von chu s hu
S lng c phiu: 12,86 triuGi c phiu (28/12/2007): 83 ngnng Gi th trng (MV):1045 t ng
Gi s sch (BV): 620,61 t ng MV/BV = 1,68 ln
AGF
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
12/100
ThS. Nguyn Nh nh 12
Dien bien gia th trng AGFt 04/12/2007 en 28/12/2007)
AGF
787980818283848586878889
04-12-07 09-12-07 14-12-07 19-12-07 24-12-07 29-12-07
Ngy
G
i c p
h i u
( n g
n
n g
)
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
13/100
Bng cn i k ton
TS ngn hn u t ti chnh ngnhn Gi gc
(D phng gim gi) TS lu ng Tin Phi thu(N phi thu
d phng phi thu khi)
Tn kho(NVL +CCDC + TP + HH + SPd dang D phnggim gi)
TSNH khc
TS di hn u t ti chnh dihn Gi gc
(D phng gim gi) BS u t Nguyn gi (Khu hao ly k)
TS c nh Nguyn gi (Khu hao ly k)
ThS. Nguyn Nh nh
PHN TI SN
13
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
14/100
Bng cn i k ton
N phi tr N ngn hn Cc khon phi tr N tch ly (lng,
BHXH, BHYT,thu) N NH khc
N di hn Vay di hn N di hn khc
Vn ch s hu Vn u t ca ch
s hu
Thng d vn cphn
Li nhun li
ThS. Nguyn Nh nh
PHN NGUN VN
14
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
15/100
Trnh t c BCKT Xem xt ccch tiut tng qutn c th (1) Tng TS, Tng NV, TSNH, TSDH,n ngn
hn, n dihn vvn ch s hu
(2) nh gi khi qutv ti sn v ngun vn: sosnhgia s liu cui k vi u k ca cc ch tiu nu (1)
(3) Xcnh c cu TS vc cu ngun vn (4) Xem xtmi quanh gia TS ngn hn v N
ngn hn
ThS. Nguyn Nh nh 15
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
16/100
Bng cn i k tonXem xt mi lin h gia TS ngn hn v N ngn hn
TSNH NNHTSDH NDH
VTC
TSNH NNHTSDH
NDHVTC
TSNH NNH NDH
VTCTSDH
ThS. Nguyn Nh nh
Yu cu ca nguyn tc cnbng ti chnh: Khi tnhn s n nh trong vic ti tr, nguyn tc cn bng ti chnh
i hi ti sn di hn c titr bi mt phn ca ngun vn di hn v ch mt phn ti sn ngn hn c ti tr bi ngun vn ngn hn.Mt phn ngun vn dihn u t vo TSNHc gi l Vn lunchuyn
16
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
17/100
Bng cn i k tonVn lun chuyn
TSNH
TSDH
NNH
NDHVTC
Vn lunchuyn
ThS. Nguyn Nh nh
VLC = Ngun vn DH Ti sn DH= Ti sn NH Ngun vn NH
17
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
18/100
Bng cn i k tonXem xt mi lin h gia TS ngn hn v N ngn hn
TSNH NNHTSDH NDH
VTC
TSNH NNHTSDH
NDHVTC
TSNH NNH NDH
VTCTSDH
ThS. Nguyn Nh nh
VLC = 0. Tnh hnh titr ca doanhnghip m bo s cn bng nhng cha m bo s n nh. VLC < 0. Tnh hnh titr ca doanh
nghip m bo s cn bng v gi tr, khng m bo s cn bng v thi gian. Tnh hnh titr ca doanhnghip khi l mo him v doanhnghip s dng ngun vn ngn hn ti tr cho tisn dihn. VLC > 0. Tnh hnh titr ca doanhnghip m bo s cn bng v n nh v ti chnh.
18
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
19/100
Bo co kt qu kinh doanh
ThS. Nguyn Nh nh 19
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
20/100
Bo co kt qu kinh doanh1.Doanh thu
2.Cac khoan giam tr3.Doanh thu thuan4.Gia von hang ban 5.Lai gop
6. Doanh thu H tai chnh7. Chi ph H tai chnh- Chi ph lai vay
8. CP kinh doanh Chi ph ban hang Chi ph quan ly
9. LN t hoat ong SXKD
Nm 200X
10. Doanh thu khac
11. Chi ph khac
12. Li nhuan khac
13. Li nhuan KT trc thue
14. Thue thu nhap15. Li nhuan sau thue
ThS. Nguyn Nh nh 20
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
21/100
Thng tin ti chnh s dng trong phn tchDoanh thu thun (-) Gi vn hng bn (=) Li nhun gp (-) CP hot ngkhng c CP khu hao, li vay (=) EBITDA(-) CP khu hao(=)EBIT
(-) CP li vay(=)EBT(-) Thu TNDN (=) Li rng (EAT)
ThS. Nguyn Nh nh
Ti sao li quantm EBIT?
?
21
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
22/100
Bo co kt qu kinh doanh Phan anh tong doanh thu va chi ph kinh doanhtrong mot ky,
the hien ket qua hoat ong kinh doanh trong ky cua doanhnghiep.
Nguyen tac ke toan
Nguyen tac don tch (k toan theo thc te phat sinh) va ke toantheo tien mat / Nguyen tac phu hp (gia von hang ban, phanbo chi ph, khau hao)
CP lai vay, CP khau hao vaLa chan thue
Khong biet dong tien thu vao, chi ra trong kyLi nhuan ke toan co the b bop meo.
Van e: Lai gia, lo that
ThS. Nguyn Nh nh 22
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
23/100
Mi lin h gia BCKT & BCKQKD
TS = NPT + Vn CSH
Vn gp + LN li
ThS. Nguyn Nh nh
Doanh thu
-
Chi ph-
Thu TNDN
LN sau thu
LN li u k +
LN sau thu -
C tc u i c tc thng
BNG CN I K TON
BO CO KQKD BO CO LN LI
23
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
24/100
Bo co lu chuyn tin t
ThS. Nguyn Nh nh 24
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
25/100
Bo co lu chuyn tin t L 1 trongnhng bo co quantrng nh gi tnh thanhkhon ca doanhnghip.
Mt doanh nghip c th thnh cngv mt kinh t (li nhun cao)nhng li tht bi v mt ti chnh do khngkim sot
v qun l c dngtin
ThS. Nguyn Nh nh 25
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
26/100
Thng tin trn BCLCTT
Cung cp cc thng tin m BCKT v Bo c KQKD cha th hin BCKT th hin gi tr TS v ngun vn ti 1thi im khng xcnh c s liu phtsinh trongk (gi tr TS u t thm, gitr TSthanh l, vay thm bao nhiu, tr n baonhiu?)
BCKQKDth hin kt qu hot ng trong k v vn li gi l tht.
ThS. Nguyn Nh nh 26
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
27/100
Thng tin trn BCLCTT
Gii thchs tng gim tin v cckhon tng ng tin gia cui k v u k trnBCKT
Cung cp thng tinv nhng hot ng to ra tin v nhng hot ng chi tiutin trongk kinh doanh.Ch ra mi quanh gia Li nhun rng v Ngn lu rngnh gikh nng tr n ng hn;
L c s d on dng tin trongtng lai
ThS. Nguyn Nh nh 27
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
28/100
Dng tin trn BCLCTT
Thu: thutin bn hng hadch v, thu khc Chi: chitin mua hng ha,tr cckhon chi ph
kinh doanh,chi tr tin li vay. Lu chuyn tin thun t hot ng kinh doanh
(Thu Chi)
Dngtin t hot ng kinhdoanh
ThS. Nguyn Nh nh 28
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
29/100
Dng tin trn BCLCTT
Thu: thutin thanh lTSC, thu tin thu hi cckhon u t ti chnh (chng khon, lin doanh,u t vo cng ty con, thutin cho vay), thutin li t cc hot ng u t (li c chia, licho vay,)
Chi: chi tin mua TSC, chi tin u t vo cckhon u t ti chnh Lu chuyn tin thun t hot ng u t (Thu Chi)
Dngtin t hot ng u t
ThS. Nguyn Nh nh 29
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
30/100
Dng tin trn BCLCTT
Thu: thutin gpvn, thu doi vay Chi: chitr vn gp cho nhu t, tr n vay
gc, chi tr c tc Lu chuyn tin thun t hot ng ti chnh
(Thu Chi)
Dngtin t hot ng ti chnh(ti tr )
ThS. Nguyn Nh nh 30
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
31/100
Dng tin thun (Lu chuyn tin thun)
Lu chuyn tin thun t hot ng kinhdoanhLu chuyn tin thun t hot ng u t Lu chuyn tin thun t hot ng ti ch
ThS. Nguyn Nh nh
Lu chuyn tin thun trongk
+
31
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
32/100
Mi lin h vi Bng cn i k ton
TI SN S CUI K S U K Tin v cckhon tng
ng tin
A B
ThS. Nguyn Nh nh
Bo co LCTTLu chuyn tin thun trongk
A + = B
32
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
33/100
Mt vi hnh thi dng tin 1 2 3 4 5
LC tin thun t hot ng kinh doanh + - - + -LC tin thun t hot ng u t + + - - -
LC tin thun t hot ng ti chnh + + + - -
ThS. Nguyn Nh nh 33
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
34/100
Cch phng php lp BCLCTT
i vi Dngtin t hot ng kinh doanh C 2 phng php Phng phptrc tip
Phng phptrc tip da trns schk tonPhng phptrc tip suydin
Phng php gintip
i vi Dng tin t hot ng u t vDng tin t hot ng ti chnh ch s dng phng phptrc tip
ThS. Nguyn Nh nh 34
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
35/100
Dng tin t hot ng kinh doanhPhng php trc tip da vo s sch k ton
Dng thu Thc thu t vic bn hng Thc thu t cc khon phi thu,
Dng chi Thc chi t vic mua hng Thc chi cc khon chi ph qun l(khng
bao gm chi ph khu hao) Thc chi cc khon thu, li vay,
ThS. Nguyn Nh nh 35
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
36/100
Dng tin t hot ng kinh doanhPhng php trc tip suy din
Suy dinThc thu t doanh thu
ThS. Nguyn Nh nh
Doanh thu BCKQKD
(-) Chnhlch trongkhon phi thu (CK K) BCKT (=)Thc thu t doanh thu
36
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
37/100
Suy dinThc chi cho mua hng
ThS. Nguyn Nh nh
Gi vn hng bn BCKQKD
(+) Chnhlch trongtn kho (CK K) BCKT (=) Gi mua hng trongk (-) Chnhlch khon phi tr ngi bn (CK K) BCKT (=)Thc chi mua hng
Dng tin t hot ng kinh doanhPhng php trc tip suy din
37
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
38/100
Dng tin t hot ng kinh doanhPhng php trc tip suy din
Suy dinThc chi cho chi ph hot ng
ThS. Nguyn Nh nh
Chi ph hot ng kinh doanh (-Khu hao) BCKQKD
(+) Chnhlch trong CPtr trc (CK K) BCKT (-) Chnhlch trong CP phi tr (CK K) BCKT (=)Thc chi cho chi phhot ng
38
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
39/100
Dng tin t hot ng kinh doanhPhng php trc tip suy din
Suy dinThc chi li vay
Thc chi thu TNDN- Tng t li vay
ThS. Nguyn Nh nh
Chi ph li vayphi tr BCKQKD
(-) Chnhlch trong Li vay phi tr (CK K) BCKT (=)Thc chi li vay
39
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
40/100
Dng tin t hot ng kinh doanhPhng php trc tip suy din
T cc kt qu suy dinThc thu t doanh thu (-) Thc chi cho vic mua hng (-) Thc chi cho chi ph hot ng (-) Thc chi li vay (-) Thc np thu
(=) Lu chuyn tin thun t hot ng kinh doa
ThS. Nguyn Nh nh 40
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
41/100
Dng tin t hot ng kinh doanhPhng php gin tip
Ni dung phng php Bt u vi ch tiu Li nhun sau thu trnBCKQKD
iu chnh Cc khon chi ph khng bng tin (khu hao, d phng)
Cc khon li l t hot ng u t, hot ng ti
chnh Cc thayi trongvn lun chuyn (TSL khng bao gm tin mt v cckhon tng ng tin, N ngn hn)
ThS. Nguyn Nh nh 41
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
42/100
Dng tin t hot ng kinh doanhPhng php gin tip
ThS. Nguyn Nh nh
Li nhun sau thu BCKQKD(+) CPkhu hao BCKQKD(+)L do bnTSC c vchng khon dihn BCKQKD(-) Li do bnTSC c vchng khon dihn BCKQKD(-) Chnhlch TSL (khng ctin v cckhon tng ng tin) (CK K)
BCKT
(+) Chnhlch N ngn hn (CK K) BCKT (=)Lu chuyn tin thun t hot ng kinh doanh
42
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
43/100
Nhn xt v 2 phng php
Phng phptrc tip: cungcp thng tinc th, chi tit v dng thu, dng chica hot ng kinh doanh d hiu
Phng php gintip: cho thy mi linh gia LN sau thu v dng tin t hot ng kinh doanh cho thy cht
lng ca li nhun
ThS. Nguyn Nh nh 43
B l h ti t
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
44/100
I. Tien t hoat ong kinh doanh ..
. ..
L u chuy n tin thun t hot ng KII. Tien t hoat ong au t
Mua TSC va chng khoan
Ban TSC va chng khoan .
L u chuy n tin thun t hot ng u t III. Tien t hoat ong tai chnh tai tr)
Phat hanh trai phieu
Phat hanh co phieu Tra co tc
L u chuy n tin thun t hot ng tai chnhL u chuyn tin thun trong k
Bo co lu chuyn tin t
ThS. Nguyn Nh nh 44
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
45/100
Phng php phn tch Xem xt nhng khon mc ring bit trn dtin thu vo v chi ra nh gi chnh sch tchnh ca doanh nghip c mu thun vi nhhay khng?Xem xt cc mi quan h sau nhn din cthng tin cn thit
Dng tin kinh doanh so vi dng tin vo
Dng tin u t so vi dng tin vo Dng tin ti tr so vi dng tin vo Dng tin tr n so vi dng tin vo Dng tin thanh ton c tc so vi dng tin vo
ThS. Nguyn Nh nh 45
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
46/100
Thuyt minh BCTC
ThS. Nguyn Nh nh 46
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
47/100
BN THUYT MINH BO CO TI CHNH NM 200X
I. c im hot ng ca doanhnghip II. Nin k ton,n v tin t s dng trongk ton
III. Ch k ton pdng IV. Tuyn b v vic tunth chun mc k ton
v ch k tonVit NamV. Cc chnh schk ton pdng
VI. Thng tin b sung cho cckhon mc trnh by trongBCKT v BCKQHKD VII. Nhng thng tin khc
47ThS. Nguyn Nh nh
Th
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
48/100
Cung cp s liu, thng tin phn tch,nh gi mt cchc th, chi tit hn v tnh hnh chi ph, thunhp vkt qu hot ng sn xut kinh doanhca doanhnghip.Cung cp s liu, thng tin phn tch,nh gi tnh
hnh tng gim TSC theo tng loi, tng nhm; tnhhnhtng gim vn ch s hu theotng loi ngun vn v phn tchhp l trongvic phn b vn c cu, kh nng ca doanhnghip,
Thng quathuyt minh BCTC m bit c ch k ton pdng ti doanhnghip t m kim tra vic chp hnh cc quinh, th l, ch k ton, phng php k ton m doanhnghip ng k p dng cng nh nhng kin ngh xut ca doanhnghip.
Thuyt minh BCTC
48ThS. Nguyn Nh nh
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
49/100
Phn tch BCTCL qu trnhs dng cc BCTCca doanhnghip phn tch v nh gi tnh hnh ti chnhca doanhnghip, lm c s ra cc quyt nh hp l
ThS. Nguyn Nh nh 49
i h hi
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
50/100
i tng thc hin phn tchBCTC
ThS. Nguyn Nh nh
Bn thn doanh nghip Cc i tng bn ngoi doanh nghip
50
M
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
51/100
Mc tiu ca phn tch
Ch n ngn hn: tnh thanhkhon ca doanhnghip Ch n di hn: kh nng thanh ton dihn v dngtin ca doanhnghip C ng: kh nng sinh li v tnh hnh tichnh dihn ca doanhnghip Nh u t : kh nng sinh li, dng tin vnhng c hi tim n.C quan chnh quyn: kim sot, ngn nga, thcy vh tr
ThS. Nguyn Nh nh
i tng bn ngoi doanh nghip
51
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
52/100
M
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
53/100
Mc tiu ca phn tch
ra quyt nh u t C nnu t khng?Khi no?
Quy m ra sao? ra quyt nh ti tr (ngun vn) Nn vay hay khng?
Vay bao nhiu?Vay dihn hayngn hn? La chn chnh schc tc? ra quyt nh qun tr ti sn
ThS. Nguyn Nh nh
Bn thn doanh nghip
53
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
54/100
Khun kh phn tch
ThS. Nguyn Nh nh 54
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
55/100
Khun kh phn tch
ThS. Nguyn Nh nh
1. Phn tch nhu cu vn
ca DN2. Phn tch tnh hnh TC,hiu sut s dng TS vkh nng sinh li ca DN
3. Phn tch ri ro kinh doanhca DN
Xc nhnhu cu titr ca DN
Thnglng
vi nhcung
cp vn
55
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
56/100
Khun kh phn tch 1. Phn tch nhu cu vn ca DN Cn bao nhiu vn trong tng lai? Vn c tnh thi v khng? Cng c phn tch -Boco ngun v s dng-Bo co lu chuyn tin t -D ton tin
ThS. Nguyn Nh nh 56
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
57/100
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
58/100
Khun kh phn tch 3. Phn tch ri ro kinh doanh Ri ro kinh doanh: ri ro vn c trong hot nkinh doanh ca DN C th xem xt: - Tnh khng n nh ca doanh thu v chi ph - im ha vn
ThS. Nguyn Nh nh 58
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
59/100
Ni dung phn tch 1. c hiu khi qut cc ni
dung trong BCTC
ThS. Nguyn Nh nh 59
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
60/100
Ni dung phn tch 2. Phn tch kt cu & phn
tch mc bin ng caBCKT, BCKQKD
ThS. Nguyn Nh nh 60
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
61/100
Phn tch theo kt cu Cac ch tieu tai chnh tren BCKT theo ket caco the c trnh bay theo dang % cua tong tasan.Cac ch tieu tren Bang BCKQKD theo ket cau cthe c trnh bay theo dang % cua doanh ththun. Muc ch: so sanh cac ch tieu tai chnh the
thi gian va so sanh vi cac doanh nghiep khac
ThS. Nguyn Nh nh 61
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
62/100
Phn tch mc bin ng
L vic phn tch theo t l % ca BCKT v BCKQKD.Bng cch chn nm no lm nm c s vi t l 100%, ccnm cn li s so snhvi nm c s theo gitr ca chng. Mc ch: phn tchnhng bin ng
ca cckhon mc trn BCTC
ThS. Nguyn Nh nh 62
Ni dung phn tch
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
63/100
Ni dung phn tch 3. Phn tch t s Cc bc phn tcht s Bc 1: Xcnh ng cng thc o lng ch tiu cn phn
tch
Bc 2: Xcnh ng s liu t cc BCTC lp vo cngthc Bc 3: Gii thch ngha ca t s va tnh tonBc 4: nh gi t s va tnh ton (cao,thp hay phhp)
bng cch phn tch xu hng - la chn c s sosnh: (1)t s cc k trc (so snh bn trong); (2) cct s bnh qun ngnhhoc t s ca 1 DN khc trongcng ngnh (so snh bn ngoi)
Bc 5: Rt rakt lun v tnh hnh ti chnhca doanhnghip ThS. Nguyn Nh nh 63
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
64/100
Cc nhm t s ti chnh
T s kh nng thanh ton T s n cn n T s hot ng T s doanh li (TS li nhun)
ThS. Nguyn Nh nh 64
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
65/100
T s kh nng thanh ton
ThS. Nguyn Nh nh 65
T s = a Trung bnh c mi ng N ngn hn ca doanh nghip c n a ng TS ngn hn sn sng chi tr
phn nh kh nng thanh ton n ca DN Nu a1
kh nng thanh ton n vay ca DN tt, DN TS thanh ton n vay khi n hn. a l mt s ln khi so snh vi k trc, vi bnh qun
ngnh l tt? Vi ch n? Vi c ng?
Vn hng tn kho
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
66/100
T s kh nng thanh ton
T s = a a ng TS ngn hn c th thanh lnhanh chng thanh ton 1 ng N ngn hn a > 1a < 1
a ln khi so snh vi k trc, TB ngnh. Tt h xu? Vi ch n? Vi c ng?
ThS. Nguyn Nh nh 66
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
67/100
ThS. Nguyn Nh nh 67
2007 2008
T S THANH TON T s thanh ton hin thi 1,29 3,74
T s thanh ton nhanh 0,75 1,70
?
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
68/100
? ngha Phn tch xu hng cho tng t s
ThS. Nguyn Nh nh
1,5
1,7
1,9
2,1
2,3
2,5
2005 2006 2007
Doanh nghip A
TB ngnh
Bn ngh g khi t s thanh ton hin thi ca DN mnh hn TB ngnh, nhng t s thanhton nhanh ca DN li yu hn TB ngnh?
68
T s n cn n
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
69/100
T s n cn n
T s m bo n = 0,6. ngha? Tng ng vi mi 100ng doch doanhnghip cungcp, ch n cungcp 60ng.
T s cho thy quanh i ng gia vn ca doanhnghip v vn vay. o lng mc m bo thanh tontt c cckhon n, thng dng nh gi kh nng thanh tonn dihn.
ng gc ngn hng 0 T s m bo n 1 T s m bo n > 1
ThS. Nguyn Nh nh 69
Ri ro ca doanh nghip dnht cho ch n!
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
70/100
T s n cn n
T s n = 30% 30% vn dng ti trcho ti sn ca doanh nghip l N phi Phn nhkh nng t ch ti chnhcadoanh nghip 0 T s n < 1 T s n = 1
ThS. Nguyn Nh nh 70
Nu ch n i n cng mt lc? DN s ph sn.
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
71/100
T s n cn n
o lng kh nng thanh ton li vay vhiu qu ca vic s dng n.
ThS. Nguyn Nh nh 71
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
72/100
Tng ti sn
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
73/100
gT s hot ng
Bnh qun mi ng gi tr ti sn ca
doanh nghip to ra c bao nhiung doanh thu.Vng quaytng ti sn cao hay thp ph
thuc voc im ngnh m doanhnghip ang hot ng.
ThS. Nguyn Nh nh 73
TSC
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
74/100
T s hot ng
Bnh qun mi ng gi tr TSC ca doanh
nghip to ra c bao nhiung doanh thu.Phn nh tnh hnhs dng v trnh s dng TSC ca doanhnghip.Hiu sut s dng TSC cao hay thp ph thuc vo c im ngnh m doanhnghip ang hot ng.Vng quaytng TS &Hiu sut s dng TSC
ThS. Nguyn Nh nh 74
Hng tn kho
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
75/100
T s hot ng
ThS. Nguyn Nh nh 75
Vng quay HTK = 11 vng Trung bnh hng tn kho ca doanh nghip quay 11 vng/nm
Vng quay cngnhanh (cng ln)
S ngy tn khocng thp
Hiu qu hotng tn kho tt
Phi thu khch hng
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
76/100
T s hot ng
ThS. Nguyn Nh nh 76
K thu tin bnh qun = 30ngy
Doanh nghip phi mt 30ngy thu hi cc khon
phi thu
Vng quay chm l tt hay xu? Chnh sch bn hng?
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
77/100
ThS. Nguyn Nh nh 77
T S HoT NG 2007 2008Vng quay tng TS 4,86 4,03Hiu sut s dng TSC 7,61 8,82Vng quay khon phi thu 70 16,38K thu tin bnh qun 5,14 21,98Vng quay hng tn kho 31,82 13,64
S ngy tn kho 11,31 26,40
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
78/100
d h l2
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
79/100
T s doanh li
ThS. Nguyn Nh nh 79
T S DOANH LI
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
80/100
ThS. Nguyn Nh nh 80
T l li gp 0,17 0,19H s li nhun hot ng
kinh doanh 0,05 0,07Doanh li tiu th (ROS) 0,03 0,05Doanh li ti sn (ROA) 0,16 0,19Doanh li vn t c (ROE) 0,23 0,22
T h kh 1
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
81/100
T s chng khon
ThS. Nguyn Nh nh 81
Phn nh gi tr s sch ca 1 c phn thng
Phn nh Li nhun sau thu cho 1 c phn thng
T h kh 2
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
82/100
T s chng khon
ThS. Nguyn Nh nh 82
Phn nh tng quan gia gi th trng v li
nhun sau thu ca 1 c phn thng
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
83/100
Ni dung phn tch 4. Phn tch DupontM hnh Dupont chothy mi quan h ln nhauca cc t s lin quann kh nng sinh li ca doanhnghip.
ThS. Nguyn Nh nh 83
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
84/100
ThS. Nguyn Nh nh
ROA S nhn VCSH
ROS Vng quay TS
84
S nhn VCSH
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
85/100
ThS. Nguyn Nh nh
ROS Vng quay TS S nhn VCSH
85
ROS Vng quay TS
Bin ng ca ROE l kt qu ca 3 bin
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
86/100
ThS. Nguyn Nh nh
Bin ng ca ROE l kt qu ca 3 binng:
- Kh nng sinh li trn mt ng doanh thu(ROS)- Kh nng to ra doanh thu trnmt ng vn
(TS) s dng trong kinh doanhca DN (Vngquay TS)
- n cnn ca doanhnghip.
86
ROS & Vng quay ti sn
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
87/100
g q yROS: phn nh kh nng sinh li
Vng quay tisn: phn nh hiu sut s dng tisn. i khi ROS v vng quay TS vn ng ngc chiu nhau Ph thuc voChin lc kinh doanh?Mt ngnh khng
i hi phi u t nhiu vo TS (thch tiu doanhthu/tisn thng cao) thng chp nhn li t (li rng/doanh thuthp).
Mt ngnhi hi phi u t nhiu vo TS (thch tiudoanh thu/tisn thng thp) thng i hi li nhiu (li rng /doanh cao)
ThS. Nguyn Nh nh 87
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
88/100
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
89/100
Ni dung phn tch 5. Phn tch ngun vn v s
dng ngun vn
ThS. Nguyn Nh nh 89
Bo co ngun v s dng
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
90/100
g gngn qu
L mt tm tt v s thay i v th ti chnhca doanh nghip t thi im ny n thi im khc cn c gi l bo co thay i v th ti chnh ca doanh nghip L 1 bo co bt buc trongh s kim tonca doanhnghip t nm 1989 M Nguyntc
ThS. Nguyn Nh nh
Ti sn Ngun vn Ngun - +S dng ngun + -
90
Trong k, DN to ra ngun ngn qu t
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
91/100
Trong k, DN to ra ngun ngn qu tu?
So snhs cui k v s u k trn BCKT ca cc khon mc bn phn TS, nu gim Ngun ngnqu c to ra t vic gim TSSo snhs cui k v s u k trn BCKT ca cc khon mc bn phn NV, nu tng Ngun ngnqu c to ra t vic tng ngun vn
ThS. Nguyn Nh nh 91
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
92/100
Bng cn i k ton
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
93/100
ThS. Nguyn Nh nh 93
Bng cn i k ton
TI SN 2007 2008 N V VN 2007 2008
Tin mt 200
2
Vay ngn hng 250
130
Khon phi thu 100 458 Khon phi tr 152 140
Hng tn kho 220 550 Cng n ngn hn 402 270
Cng ti sn ngn hn 520 1.010 Vn ch s hu 800 1.028
Ti sn c nh (rng) 920 850 Li nhun gi li 238 562
Trong , Cng vn ch shu
1.038 1.590
Nguyn gi (gi gc) 1000 970 Khu hao tch ly -80 -120
Tng cng 1.440 1.860 Tng cng 1.440 1.860
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
94/100
ThS. Nguyn Nh nh 94
TI SN CK-K N/SD N V VN CK-K N/SD Tin mt -198 N Vay ngn hng -120 SD Khon phi thu 358 SD Khon phi tr -12 SD Hng tn kho 330 SD
VnCSH 228 N TSC(rng) LN gi li 324 N Trong ,
Nguyn gi -30 N KHtch ly -40 N
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
95/100
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
96/100
IU CHNH BNG K NGUN V S DNG NGN QU
Ch tiu LN gi li b nh hng bi ch tiLi nhun rng v ch tiu Chia c tc
Cn c vo Bo co Kt qu kinh doanh
ThS. Nguyn Nh nh 96
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
97/100
ThS. Nguyn Nh nh 97
Ngun ngn qu Li nhun rng 354
S dng ngun
Chia c tc 30
Ngun rng
Tng LN li 324
Bng k ngun v s dng ngn qu sau iu chnh
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
98/100
ThS. Nguyn Nh nh 98
Bng k ngun v s dng ngn qu sau iu chnh Ngun ngn qu Gim tin mt tn qu 198 23,29% Khu hao 40 4,71% Gim nguyn gi TSC 30 3,53% Tng vn ch s hu 228 26,82% LN rng 354 41,65% Tng cng 850 S dng ngn qu Tng khon phi thu 358 42,12% Tng hng tn kho 330 38,82%
Gim vay ngn hng 120 14,12% Gim khon phi tr 12 1,41% Chia c tc 30 3,53% Tng cng 850
Y ngha phan tch bang ke
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
99/100
Nguon va s dung ngan quy
-Cho thay mot tam nhn ve cac hoat ong tai chnh e xemxet cac ke hoach m rong trong qua kh va tng lai vatac ong cua chung vi kha nang thanh toan
-anh gia kha nang tai tr, t ben ngoai hay t ben trong.Co the s dung ty so co tc tren thu nhap.
-Phan oan s m rong co nhanh qua hay khong, hay khanang tai tr co b han che hay khong?
-La c s cho viec hoach nh cac ke hoach tai tr trung han va dai han.
TI LiU THAM KHO
-
8/13/2019 Chuong 3 Phan Tich Bao Cao Tai Chinh
100/100
TI LiU THAM KHO
Qun tr ti chnh - TS. Nguyn Vn Thun - NXBThng K,nm 2008Cu hi v bi tp Qun tr ti chnh - TS. Nguyn Vn Thun - NXBThng KQun tr ti chnh ca tc gi Eugene F.Brigham v Houstonn bn nm 2006 - KhoaKinh t - HQG TPHCMdch sang ting Vit, NXB Cengage.Mn hc Phn tch ti chnhca Chng trnhging dy kinht Fulbright.Bi ging Qun tr ti chnhca TS. Nguyn Vn Thun.